GE - General Electric GE 30" Free-Standing Gas Range JGB428SER2SS

Product's Documents

Below are documents related to this product, you can read online or download:

User Manual

This is the main product document for model JGB428SER2SS.

The file format is pdf, 52 pages, you can download this manual here .

background

GEAppliances.com
Write the model and serial
numbers here:
Model # ____________________
Serial # _____________________




Safety Instructions. 2–7
Operating Instructions
Aluminum.Foil. 13
Clock.and.Timer. 15,.16
Oven. 10–25
..Baking.and.Roasting. 13
..Broiling,.Broiling.Guide. 14
..Oven.Control. 10,.11
..Power.Outage. 12,.16
..Preheating. 13
..Sabbath.Feature. 19,.20
..Self-Cleaning. 22,.23
..Special.Features. 18
..Thermostat.Adjustment. 21
..Timed.Baking..
..and.Roasting. 17
Surface.Cooking. 8,.9
Care and Cleaning
Burner.Assembly. 24–26
Burner.Grates. 26
Control.Panel.and.Knobs. 30
Cooktop.Surface. 26-28
Door.Removal. 29
Oven.Bottom. 29
Oven.Light.Replacement. 30
Oven.Vents. 29
Self-Cleaning. 22,.23
Racks. 30
Stainless.Steel.Surfaces. 26
Storage.Drawer. 28
Installation
Instructions. 31–43
Air.Adjustment. 42
Anti-Tip.Device. 43
Checking.Burner.Ignition. 41,42
Connecting.the.Range..
to.Gas.. 35-38
Dimensions.and.Clearances. 33,34
Electrical.Connections . 39,.40
Leveling.the.Range. 42
Location . 36
LP. 43
Troubleshooting
Tips. 4548
Accessories. 49
Consumer Support
Consumer..
Support. Back.Cover
Warranty.for.Customers..
in.Canada. 51
Warranty.for.Customers..
in.the.USA.. 50
Ranges

Owner’s Manual
& Installation
Instructions
Self-Cleaning Gas


background
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
³ 'RQRWVWRUHRUXVHJDVROLQHRURWKHU
IODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\
RIWKLVRUDQ\RWKHUDSSOLDQFH
³
:+$772'2,)<28
60(//*$6
'RQRWWU\WROLJKWDQ\DSSOLDQFH
 'RQRWWRXFKDQ\HOHFWULFDOVZLWFK
GRQRWXVHDQ\SKRQHLQ\RXUEXLOGLQJ
 ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHUIURP
DQHLJKERU·VSKRQH)ROORZWKHJDV
VXSSOLHU·VLQVWUXFWLRQV
 ,I\RXFDQQRWUHDFK\RXUJDVVXSSOLHU
FDOOWKHILUHGHSDUWPHQW
³ ,QVWDOODWLRQDQGVHUYLFHPXVWEHSHUIRUPHG
E\DTXDOLILHGLQVWDOOHUVHUYLFHDJHQF\RUWKH
JDVVXSSOLHU
:$51,1* ,IWKHLQIRUPDWLRQLQ
WKLVPDQXDOLVQRWIROORZHGH[DFWO\DILUH
RUH[SORVLRQPD\UHVXOWFDXVLQJSURSHUW\
GDPDJHSHUVRQDOLQMXU\RUGHDWK
:$51,1*
)RU\RXUVDIHW\WKHLQIRUPDWLRQLQWKLVPDQXDOPXVWEHIROORZHGWRPLQLPL]HWKHULVNRIILUHRUH[SORVLRQHOHFWULFVKRFNRU
WRSUHYHQWSURSHUW\GDPDJHSHUVRQDOLQMXU\RUORVVRIOLIH
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJHPXVWEHVHFXUHG
E\DSURSHUO\LQVWDOOHGDQWLWLSEUDFNHW6HHLQVWDOODWLRQLQVWUXFWLRQV
VKLSSHGZLWKWKHEUDFNHWIRUFRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJWR
LQVWDOO
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\FDUHIXOO\
WLSWKHUDQJHIRUZDUG7KHEUDFNHWVKRXOGVWRSWKHUDQJHZLWKLQ
LQFKHV,ILWGRHVQRWWKHEUDFNHWPXVWEHUHLQVWDOOHG,IWKHUDQJHLV
SXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLVSURFHGXUH
WRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
)RUIUHHVWDQGLQJRUVOLGHLQUDQJHVQHYHUFRPSOHWHO\UHPRYHWKH
OHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHGWRWKHDQWLWLSGHYLFH
SURSHUO\
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVH
FDOOWRUHFHLYHRQHDWQRFRVWLQ&DQDGDFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW
*($SSOLDQFHVFRPLQ&DQDGD*($SSOLDQFHVFD
$17,7,3'(9,&(
6$9(7+(6(,16758&7,216
background
*($SSOLDQFHVFRP
:$51,1*
+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\
JURXQGHGE\DTXDOLILHGLQVWDOOHULQ
DFFRUGDQFHZLWKWKH,QVWDOODWLRQ,QVWUXFWLRQV
$Q\DGMXVWPHQWDQGVHUYLFHVKRXOGEH
SHUIRUPHGRQO\E\TXDOLILHGJDVUDQJH
LQVWDOOHUVRUVHUYLFHWHFKQLFLDQV
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\
SDUWRI\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\
UHFRPPHQGHGLQWKLVPDQXDO$OORWKHUVHUYLFH
VKRXOGEHUHIHUUHGWRDTXDOLILHGWHFKQLFLDQ
3OXJ\RXUUDQJHLQWRDYROWJURXQGHG
RXWOHWRQO\'RQRWUHPRYHWKHURXQG
JURXQGLQJSURQJIURPWKHSOXJ,ILQGRXEW
DERXWWKHJURXQGLQJRIWKHKRPHHOHFWULFDO
V\VWHPLWLV\RXUSHUVRQDOUHVSRQVLELOLW\
DQGREOLJDWLRQWRKDYHDQXQJURXQGHG
RXWOHWUHSODFHGZLWKDSURSHUO\JURXQGHG
WKUHHSURQJRXWOHWLQDFFRUGDQFHZLWKWKH
1DWLRQDO(OHFWULFDO&RGH'RQRWXVHDQ
H[WHQVLRQFRUGZLWKWKLVDSSOLDQFH
+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKHUDQJHJDVVKXWRIIYDOYHDQGKRZWRVKXWLWRIILIQHFHVVDU\
6$)(7<35(&$87,216
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWRSXEOLVK
DOLVWRIVXEVWDQFHVNQRZQWRWKHVWDWHWRFDXVHELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQGUHTXLUHV
EXVLQHVVHVWRZDUQFXVWRPHUVRISRWHQWLDOH[SRVXUHWRVXFKVXEVWDQFHV
*DVDSSOLDQFHVFDQFDXVHPLQRUH[SRVXUHWRIRXURIWKHVHVXEVWDQFHVQDPHO\EHQ]HQHFDUERQPRQR[LGH
IRUPDOGHK\GHDQGVRRWFDXVHGSULPDULO\E\WKHLQFRPSOHWHFRPEXVWLRQRIQDWXUDOJDVRU/3IXHOV3URSHUO\
DGMXVWHGEXUQHUVLQGLFDWHGE\DEOXLVKUDWKHUWKDQD\HOORZIODPHZLOOPLQLPL]HLQFRPSOHWHFRPEXVWLRQ
([SRVXUHWRWKHVHVXEVWDQFHVFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQ
RUKRRG
6$9(7+(6(,16758&7,216
background
/RFDWHWKHUDQJHRXWRINLWFKHQWUDIILFSDWK
DQGRXWRIGUDIW\ORFDWLRQVWRSUHYHQWSRRUDLU
FLUFXODWLRQ
%HVXUHDOOSDFNDJLQJPDWHULDOVDUHUHPRYHG
IURP
WKHUDQJHEHIRUHRSHUDWLQJLWWRSUHYHQW
ILUHRUVPRNHGDPDJHVKRXOGWKHSDFNDJLQJ
PDWHULDOLJQLWH

%HVXUH\RXUUDQJHLVFRUUHFWO\DGMXVWHGE\D
TXDOLILHGVHUYLFHWHFKQLFLDQRULQVWDOOHUIRUWKH
W\SHRIJDVQDWXUDORU/3WKDWLVWREHXVHG<RXU
UDQJHFDQEHFRQYHUWHGIRUXVHZLWKHLWKHUW\SH
RIJDV6HHWKH,QVWDOODWLRQRIWKHUDQJH VHFWLRQ
:$51,1*7KHVHDGMXVWPHQWV
PXVWEHPDGHE\DTXDOLILHGVHUYLFHWHFKQLFLDQ
LQDFFRUGDQFHZLWKWKHPDQXIDFWXUHU·V
LQVWUXFWLRQVDQGDOOFRGHVDQGUHTXLUHPHQWV
RIWKHDXWKRULW\KDYLQJMXULVGLFWLRQ)DLOXUHWR
IROORZWKHVHLQVWUXFWLRQVFRXOGUHVXOWLQVHULRXV
LQMXU\RUSURSHUW\GDPDJH7KHTXDOLILHGDJHQF\
SHUIRUPLQJWKLVZRUNDVVXPHVUHVSRQVLELOLW\IRU
WKHFRQYHUVLRQ
$IWHUSURORQJHGXVHRIDUDQJHKLJKIORRU
WHPSHUDWXUHVPD\UHVXOWDQGPDQ\IORRU
FRYHULQJVZLOOQRWZLWKVWDQGWKLVNLQGRIXVH
1HYHULQVWDOOWKHUDQJHRYHUYLQ\OWLOHRUOLQROHXP
WKDWFDQQRWZLWKVWDQGVXFKW\SHRIXVH1HYHU
LQVWDOOLWGLUHFWO\RYHULQWHULRUNLWFKHQFDUSHWLQJ
'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHG
ZKHUHDUDQJHLVKRWRULQRSHUDWLRQ7KH\FRXOG
EHVHULRXVO\EXUQHG
'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJRQ
WKHRYHQGRRUVWRUDJHGUDZHUZDUPLQJGUDZHU
RUFRRNWRS7KH\FRXOGGDPDJHWKHUDQJHDQG
HYHQWLSLWRYHUFDXVLQJVHYHUHSHUVRQDOLQMXU\

&$87,21,WHPVRILQWHUHVWWR
FKLOGUHQVKRXOGQRWEHVWRUHGLQFDELQHWV
DERYHDUDQJHRURQWKHEDFNVSODVKRID
UDQJH³FKLOGUHQFOLPELQJRQWKHUDQJHWR
UHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWV
ZKLOHXVLQJWKHDSSOLDQFH%HFDUHIXOZKHQ
UHDFKLQJIRULWHPVVWRUHGLQFDELQHWVRYHUWKH
UDQJH)ODPPDEOHPDWHULDOFRXOGEHLJQLWHG
LIEURXJKWLQFRQWDFWZLWKIODPHRUKRWRYHQ
VXUIDFHVDQGPD\FDXVHVHYHUHEXUQV
'RQRWVWRUHIODPPDEOHPDWHULDOVLQDQRYHQ
DUDQJHVWRUDJHGUDZHUDZDUPLQJGUDZHURU
QHDUDFRRNWRS
'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOV
JDVROLQHRURWKHUIODPPDEOHYDSRUVDQGOLTXLGV
LQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOH
PDWHULDOVDFFXPXODWHLQRUQHDUWKHUDQJH
'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXS
DIODPLQJSDQ7XUQWKHFRQWUROVRII6PRWKHU
DIODPLQJSDQRQDVXUIDFHEXUQHUE\FRYHULQJ
WKHSDQFRPSOHWHO\ZLWKDZHOOILWWLQJOLGFRRNLH
VKHHWRUIODWWUD\8VHDPXOWLSXUSRVHGU\
FKHPLFDORUIRDPW\SHILUHH[WLQJXLVKHU
)ODPLQJJUHDVHRXWVLGHDSDQFDQEHSXWRXW
E\FRYHULQJLWZLWKEDNLQJVRGDRULIDYDLODEOH
E\XVLQJDPXOWLSXUSRVHGU\FKHPLFDORU
IRDPW\SHILUHH[WLQJXLVKHU
)ODPHLQWKHRYHQRUZDUPLQJGUDZHUFDQEH
VPRWKHUHGFRPSOHWHO\E\FORVLQJWKHRYHQ
GRRUDQGWXUQLQJWKHFRQWUROWRRIIRUE\XVLQJ
DPXOWLSXUSRVHGU\FKHPLFDORUIRDPW\SHILUH
H[WLQJXLVKHU
/HWWKHEXUQHUJUDWHVDQGRWKHUVXUIDFHVFRRO
EHIRUH
WRXFKLQJWKHPRUOHDYLQJWKHPZKHUH
FKLOGUHQFDQUHDFKWKHP
1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKH
UDQJH
7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDW
DUHQHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\
ZLWKFRUUHFWFRPEXVWLRQ$LURSHQLQJVDUH
ORFDWHGDWWKHUHDURIWKHFRRNWRSDWWKHWRS
DQGERWWRPRIWKHRYHQGRRUDQGDWWKHERWWRP
RIWKHUDQJHXQGHUWKHZDUPLQJGUDZHUNLFN
SDQHORUVWRUDJHGUDZHU
/DUJHVFUDWFKHVRULPSDFWVWRJODVVGRRUVFDQ
OHDGWREURNHQRUVKDWWHUHGJODVV
6$)(7<35(&$87,216
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*1(9(5XVHWKLV
DSSOLDQFHDVDVSDFHKHDWHUWRKHDWRUZDUP
WKHURRP'RLQJVRPD\UHVXOWLQFDUERQ
PRQR[LGHSRLVRQLQJDQGRYHUKHDWLQJRIWKH
RYHQ
6$9(7+(6(,16758&7,216
background
685)$&(%851(56
8VHSURSHUSDQVL]H³DYRLGSDQVWKDWDUHXQVWDEOHRUHDVLO\WLSSHG6HOHFWFRRNZDUHKDYLQJIODWERWWRPV
ODUJHHQRXJKWRFRYHUEXUQHUJUDWHV7RDYRLGVSLOORYHUVPDNHVXUHFRRNZDUHLVODUJHHQRXJKWRFRQWDLQ
WKHIRRGSURSHUO\7KLVZLOOERWKVDYHFOHDQLQJWLPHDQGSUHYHQWKD]DUGRXVDFFXPXODWLRQVRIIRRGVLQFH
KHDY\VSDWWHULQJRUVSLOORYHUVOHIWRQUDQJHFDQLJQLWH8VHSDQVZLWKKDQGOHVWKDWFDQEHHDVLO\JUDVSHG
DQGUHPDLQFRRO
*($SSOLDQFHVFRP
:$51,1*
6$9(7+(6(,16758&7,216
$OZD\VXVHWKH/,7( SRVLWLRQZKHQLJQLWLQJWKH
WRSEXUQHUVDQGPDNHVXUHWKHEXUQHUVKDYH
LJQLWHG
1HYHUOHDYHWKHVXUIDFHEXUQHUVXQDWWHQGHGDW
KLJKIODPHVHWWLQJV%RLORYHUVFDXVHVPRNLQJ
DQGJUHDV\VSLOORYHUVWKDWPD\FDWFKRQILUH
$GMXVWWKHWRSEXUQHUIODPHVL]HVRLWGRHV
QRWH[WHQGEH\RQGWKHHGJHRIWKHFRRNZDUH
([FHVVLYHIODPHLVKD]DUGRXV
8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRW
KROGHUVRQKRWVXUIDFHVPD\UHVXOWLQEXUQV
IURPVWHDP'RQRWOHWSRWKROGHUVFRPHQHDU
RSHQIODPHVZKHQOLIWLQJFRRNZDUH'RQRWXVH
DWRZHORURWKHUEXON\FORWKLQSODFHRIDSRW
KROGHU
:KHQXVLQJJODVVFRRNZDUHPDNHVXUHLWLV
GHVLJQHGIRUWRSRIUDQJHFRRNLQJ
7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWXUQFRRNZDUH
KDQGOHVWRZDUGWKHVLGHRUEDFNRIWKHUDQJH
ZLWKRXWH[WHQGLQJRYHUDGMDFHQWEXUQHUV
&DUHIXOO\ZDWFKIRRGVEHLQJIULHGDWDKLJKIODPH
VHWWLQJ
$OZD\VKHDWIDWVORZO\DQGZDWFKDVLWKHDWV
'RQRWOHDYHDQ\LWHPVRQWKHFRRNWRS7KHKRW
DLU
IURPWKHYHQWPD\LJQLWHIODPPDEOHLWHPV
DQGZLOOLQFUHDVHSUHVVXUHLQFORVHGFRQWDLQHUV
ZKLFKPD\FDXVHWKHPWREXUVW
,IDFRPELQDWLRQRIRLOVRUIDWVZLOOEHXVHGLQ
IU\LQJVWLUWRJHWKHUEHIRUHKHDWLQJRUDVIDWVPHOW
VORZO\
8VHDGHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOH
WR
SUHYHQWRYHUKHDWLQJIDWEH\RQGWKHVPRNLQJ
SRLQW
8VHWKHOHDVWSRVVLEOHDPRXQWRIIDWIRUHIIHFWLYH
VKDOORZRUGHHSIDWIU\LQJ)LOOLQJWKHSDQWRRIXOO
RIIDWFDQFDXVHVSLOORYHUVZKHQIRRGLVDGGHG
'RQRWIODPHIRRGVRQWKHFRRNWRS,I\RXGRIODPH
IRRGVXQGHUWKHKRRGWXUQWKHIDQRQ
'RQRWXVHDZRNRQWKHFRRNLQJVXUIDFHLIWKH
ZRNKDVDURXQGPHWDOULQJWKDWLVSODFHGRYHU
WKHEXUQHUJUDWHWRVXSSRUWWKHZRN7KLVULQJ
DFWVDVDKHDWWUDSZKLFKPD\GDPDJHWKH
EXUQHUJUDWHDQGEXUQHUKHDG$OVRLWPD\FDXVH
WKHEXUQHUWRZRUNLPSURSHUO\7KLVPD\FDXVH
DFDUERQPRQR[LGHOHYHODERYHWKDWDOORZHGE\
FXUUHQWVWDQGDUGVUHVXOWLQJLQDKHDOWKKD]DUG
)RRGVIRUIU\LQJVKRXOGEHDVGU\DVSRVVLEOH
)URVWRQIUR]HQIRRGVRUPRLVWXUHRQIUHVKIRRGV
FDQFDXVHKRWIDWWREXEEOHXSDQGRYHUWKH
VLGHVRIWKHSDQ
1HYHUWU\WRPRYHDSDQRIKRWIDWHVSHFLDOO\D
GHHSIDWIU\HU:DLWXQWLOWKHIDWLVFRRO
'RQRWOHDYHSODVWLFLWHPVRQWKHFRRNWRS³WKH\
PD\PHOWLIOHIWWRRFORVHWRWKHYHQW
.HHSDOOSODVWLFVDZD\IURPWKHVXUIDFHEXUQHUV
7RDYRLGWKHSRVVLELOLW\RIDEXUQDOZD\VEH
FHUWDLQWKDWWKHFRQWUROVIRUDOOEXUQHUVDUHDW
WKH2))SRVLWLRQDQGDOOJUDWHVDUHFRROEHIRUH
DWWHPSWLQJWRUHPRYHWKHP
,IUDQJHLVORFDWHGQHDUDZLQGRZGRQRWKDQJ
ORQJFXUWDLQVWKDWFRXOGEORZRYHUWKHVXUIDFH
EXUQHUVDQGFUHDWHDILUHKD]DUG
,I\RXVPHOOJDVWXUQRIIWKHJDVWRWKHUDQJH
DQGFDOODTXDOLILHGVHUYLFHWHFKQLFLDQ1HYHUXVH
DQRSHQIODPHWRORFDWHDOHDN
$OZD\VWXUQWKHVXUIDFHEXUQHUFRQWUROVRII
EHIRUHUHPRYLQJFRRNZDUH
'RQRWOLIWWKHFRRNWRSRQVHDOHGEXUQHUPRGHOV
/LIWLQJWKHFRRNWRSFDQOHDGWRGDPDJHDQG
LPSURSHURSHUDWLRQRIWKHUDQJH
'RQRWXVHDOXPLQXPIRLOWRFRYHUWKHJUDWHVRU
OLQHDQ\SDUWRIWKHFRRNWRS'RLQJVRPD\UHVXOW
LQFDUERQPRQR[LGHSRLVRQLQJRYHUKHDWLQJRI
WKHFRRNWRSVXUIDFHVRUDSRWHQWLDOILUHKD]DUG
background
&22.0($7$1'328/75<7+2528*+/<«
&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ,17(51$/WHPSHUDWXUHRI)DQGSRXOWU\
WRDWOHDVWDQ,17(51$/WHPSHUDWXUHRI)&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVW
IRRGERUQHLOOQHVV
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
$YRLGVFUDWFKLQJWKHJODVVFRRNWRSVXUIDFH7KH
JODVVVXUIDFHFDQEHVFUDWFKHGZLWKLWHPVVXFK
DVVKDUSLQVWUXPHQWVULQJVRURWKHUMHZHOU\DQG
ULYHWVRQFORWKLQJ
'RQRWRSHUDWHWKHFRRNWRSLIWKHJODVVLV
EURNHQ6SLOORYHUVRUFOHDQLQJVROXWLRQPD\
SHQHWUDWHDEURNHQFRRNWRSDQGFUHDWHDULVNRI
HOHFWULFDOVKRFN&RQWDFWDTXDOLILHGWHFKQLFLDQ
LPPHGLDWHO\VKRXOG\RXUJODVVFRRNWRSVXUIDFH
EHFRPHEURNHQ
1HYHUXVHWKHJODVVFRRNWRSVXUIDFHDVD
FXWWLQJERDUG
'RQRWSODFHRUVWRUHLWHPVWKDWFDQPHOWRU
FDWFKILUHRQWKHJODVVFRRNWRSVXUIDFHHYHQ
ZKHQLWLVQRWEHLQJXVHG
%HFDUHIXOZKHQSODFLQJVSRRQVRURWKHUVWLUULQJ
XWHQVLOVRQJODVVFRRNWRSVXUIDFHZKHQLWLVLQ
XVH7KH\PD\EHFRPHKRWDQGFRXOGFDXVH
EXUQV
'RQRWSODFHRUVWRUHLWHPVWKDWFDQPHOWRU
FDWFKILUHRQWKHJUDWHVHYHQZKHQWKHFRRNWRS
LVQRWEHLQJXVHG
&OHDQWKHFRRNWRSVXUIDFHZLWKFDXWLRQ,IDZHW
VSRQJHRUFORWKLVXVHGWRZLSHVSLOOVRQDKRW
VXUIDFHEHFDUHIXOWRDYRLGVWHDPEXUQV6RPH
FOHDQHUVFDQSURGXFHQR[LRXVIXPHVLIDSSOLHG
WRDKRWVXUIDFH
127(:HUHFRPPHQGWKDW\RXDYRLGZLSLQJ
DQ\VXUIDFHDUHDVXQWLOWKH\KDYHFRROHG6XJDU
VSLOOVDUHWKHH[FHSWLRQWRWKLV3OHDVHVHH
&OHDQLQJWKHJODVVFRRNWRSVXUIDFHVHFWLRQ
:KHQWKHFRRNWRSVXUIDFHLVFRROXVHRQO\
&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUDQG
WKH&(5$0$%5<7(
&OHDQLQJ3DGWRFOHDQWKH
FRRNWRS
7RDYRLGSRVVLEOHGDPDJHWRWKHFRRNLQJ
VXUIDFHGRQRWDSSO\FOHDQLQJFUHDPWRWKH
JODVVVXUIDFHZKHQLWLVKRW
$IWHUFOHDQLQJXVHDGU\FORWKRUSDSHUWRZHOWR
UHPRYHDOOFOHDQLQJFUHDPUHVLGXH
5HDGDQGIROORZDOOLQVWUXFWLRQVDQGZDUQLQJV
RQWKHFOHDQLQJFUHDPODEHOV
1HYHUSODFHXVHRUVHOIFOHDQWKHORZHURYHQ
GUDZHUSDQLQWKHXSSHURYHQ
*/$66&22.723685)$&(RQVRPHPRGHOV
6$9(7+(6(,16758&7,216
background
'RQRWXVHWKHRYHQIRUDVWRUDJHDUHD,WHPV
VWRUHGLQWKHRYHQFDQLJQLWH
.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS
3ODFHWKHRYHQUDFNVLQWKHGHVLUHGSRVLWLRQ
ZKLOHWKHRYHQLVFRRO
3XOOLQJRXWWKHUDFNWRWKHVWRSORFNLVD
FRQYHQLHQFHLQOLIWLQJKHDY\IRRGV,WLVDOVRD
SUHFDXWLRQDJDLQVWEXUQVIURPWRXFKLQJKRW
VXUIDFHVRIWKHGRRURURYHQZDOOV7KHORZHVW
SRVLWLRQLVQRWGHVLJQHGWRVOLGH
'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUH
FRXOGEXLOGXSDQGWKHFRQWDLQHUFRXOGEXUVW
FDXVLQJDQLQMXU\
'RQRWXVHDOXPLQXPIRLODQ\ZKHUHLQWKHRYHQ
H[FHSWDVGHVFULEHGLQWKLVPDQXDO0LVXVHFRXOG
UHVXOWLQDILUHKD]DUGRUGDPDJHWRWKHUDQJH
:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKH
RYHQIROORZWKHPDQXIDFWXUHU·VGLUHFWLRQV
'RQRWXVH\RXURYHQWRGU\QHZVSDSHUV,I
RYHUKHDWHGWKH\FDQFDWFKILUH
8VHRQO\JODVVFRRNZDUHWKDWLVUHFRPPHQGHG
IRUXVHLQJDVRYHQV
$OZD\VUHPRYHDQ\EURLOHUSDQIURPUDQJHDV
VRRQDV\RXILQLVKEURLOLQJ*UHDVHOHIWLQWKHSDQ
FDQFDWFKILUHLIRYHQLVXVHGZLWKRXWUHPRYLQJ
WKHJUHDVHIURPWKHEURLOHUSDQ
:KHQEURLOLQJLIPHDWLVWRRFORVHWRWKHIODPH
WKHIDWPD\LJQLWH7ULPH[FHVVIDWWRSUHYHQW
H[FHVVLYHIODUHXSV
0DNHVXUHDQ\EURLOHUSDQLVLQSODFHFRUUHFWO\WR
UHGXFHWKHSRVVLELOLW\RIJUHDVHILUHV
,I\RXVKRXOGKDYHDJUHDVHILUHLQDEURLOHUSDQ
WRXFKWKH&OHDU2IISDGDQGNHHSWKHRYHQGRRU
FORVHGWRFRQWDLQILUHXQWLOLWEXUQVRXW
)RUVDIHW\DQGSURSHUFRRNLQJSHUIRUPDQFH
DOZD\VEDNHDQGEURLOZLWKWKHRYHQGRRUFORVHG
6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHGRRURIDKRWRYHQ7KHKRWDLUDQGVWHDPWKDWHVFDSHFDQ
FDXVHEXUQVWRKDQGVIDFHDQGH\HV
29(1
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
6$9(7+(6(,16758&7,216
%HVXUHWRZLSHRIIH[FHVVVSLOODJHEHIRUHVHOI
FOHDQLQJRSHUDWLRQ
%HIRUHVHOIFOHDQLQJWKHRYHQUHPRYHWKHUDFNV
DQ\EURLOHUSDQJULGDQGRWKHUFRRNZDUH
'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDO
IRUDJRRGVHDO&DUHVKRXOGEHWDNHQ
QRWWRUXEGDPDJHRUPRYHWKHJDVNHW
&OHDQRQO\SDUWVOLVWHGLQWKLV2ZQHU·V0DQXDO
,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKH
RYHQ
RIIDQGGLVFRQQHFWWKHSRZHUVXSSO\+DYH
LWVHUYLFHGE\DTXDOLILHGWHFKQLFLDQ
'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQ
FOHDQHURURYHQOLQHURIDQ\NLQGVKRXOGEHXVHG
LQRUDURXQGDQ\SDUWRIWKHRYHQ5HVLGXHIURP
RYHQFOHDQHUVZLOOGDPDJHWKHLQVLGHRIWKHRYHQ
ZKHQWKHVHOIFOHDQF\FOHLVXVHG
6(/)&/($1,1*29(1
*($SSOLDQFHVFRP
:$51,1*1(9(5FRYHUDQ\
VORWVKROHVRUSDVVDJHVLQWKHRYHQERWWRP
RUFRYHUDQHQWLUHUDFNZLWKPDWHULDOVVXFK
DVDOXPLQXPIRLO'RLQJVREORFNVDLUIORZ
WKURXJKWKHRYHQDQGPD\FDXVHFDUERQ
PRQR[LGHSRLVRQLQJ$OXPLQXPIRLOOLQLQJV
PD\DOVRWUDSKHDWFDXVLQJDILUHKD]DUG
background
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
3XVKWKHFRQWURONQRELQDQGWXUQLW
WRWKH/,7(SRVLWLRQ
+RZWR/LJKWD*DV6XUIDFH%XUQHU
0DNHVXUHDOOWKHVXUIDFHEXUQHUVDUHSODFHGLQ
WKHLUUHVSHFWLYHSRVLWLRQV
3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7(
SRVLWLRQ
<RXZLOOKHDUDOLWWOHFOLFNLQJQRLVH³WKHVRXQG
RIWKHHOHFWULFVSDUNLJQLWLQJWKHEXUQHU
7XUQWKHNQREWRDGMXVWWKHIODPHVL]H,IWKH
NQREVWD\VDW/,7( LWZLOOFRQWLQXHWRFOLFN
:KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH
EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOH
RUFOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHU
EXUQHULVRQ$QHOHFWULFVKRFNPD\UHVXOWZKLFK
FRXOGFDXVH\RXWRNQRFNRYHUKRWFRRNZDUH
8VLQJWKHJDVVXUIDFHEXUQHUV
+RZWR6HOHFW)ODPH6L]H
)RUVDIHKDQGOLQJRIFRRNZDUHQHYHUOHWWKH
IODPHVH[WHQGXSWKHVLGHVRIWKHFRRNZDUH
:DWFKWKHIODPHQRWWKHNQREDV\RXUHGXFH
KHDW:KHQIDVWKHDWLQJLVGHVLUHGWKHIODPH
VL]HRQDJDVEXUQHUVKRXOGPDWFKWKH
FRRNZDUH\RXDUHXVLQJ
)ODPHVODUJHUWKDQWKHERWWRPRIWKHFRRNZDUH
ZLOOQRWUHVXOWLQIDVWHUKHDWLQJRIWKHFRRNZDUH
DQGFRXOGEHKD]DUGRXV
%HIRUH/LJKWLQJD*DV%XUQHU
0DNHVXUHDOOEXUQHUVDUHLQSODFH
0DNHVXUHDOOJUDWHVRQWKHUDQJHDUH
SURSHUO\SODFHGEHIRUHXVLQJDQ\EXUQHU
$IWHU/LJKWLQJD*DV%XUQHU
'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG
SHULRGRIWLPHZLWKRXWFRRNZDUHRQWKH
JUDWH7KHILQLVKRQWKHJUDWHPD\FKLS
ZLWKRXWFRRNZDUHWRDEVRUEWKHKHDW
%HVXUHWKHEXUQHUVDQGJUDWHVDUHFRRO
EHIRUH\RXSODFH\RXUKDQGDSRWKROGHU
FOHDQLQJFORWKVRURWKHUPDWHULDOVRQWKHP
6HDOHG*DV%XUQHUV
<RXUJDVUDQJHFRRNWRSKDVIRXUVHDOHGJDV
EXUQHUV7KH\RIIHUFRQYHQLHQFHFOHDQDELOLW\
DQGIOH[LELOLW\WREHXVHGLQDZLGHUDQJHRI
FRRNLQJDSSOLFDWLRQV
7KHVPDOOHVWEXUQHULQWKHULJKWUHDUSRVLWLRQLV
WKHVLPPHUEXUQHU7KLVEXUQHUFDQEHWXUQHG
GRZQWR/2IRUDYHU\ORZVLPPHUVHWWLQJ
,WSURYLGHVSUHFLVHFRRNLQJSHUIRUPDQFHIRU
GHOLFDWHIRRGVVXFKDVVDXFHVRUIRRGVWKDW
UHTXLUHORZKHDWIRUDORQJFRRNLQJWLPH
7KHPHGLXPOHIWUHDUDQGWKHODUJHOHIWIURQW
EXUQHUVDUHWKHSULPDU\EXUQHUVIRUPRVW
FRRNLQJ7KHVHJHQHUDOSXUSRVHEXUQHUVFDQEH
WXUQHGGRZQIURP+,WR/2WRVXLWDZLGHUDQJH
RIFRRNLQJQHHGV
7KHH[WUDODUJHEXUQHUULJKWIURQWLVWKH
PD[LPXPRXWSXWEXUQHU/LNHWKHRWKHUWKUHH
EXUQHUVLWFDQEHWXUQHGGRZQIURP+,WR/2IRU
DZLGHUDQJHRIFRRNLQJDSSOLFDWLRQVKRZHYHU
WKLVEXUQHULVGHVLJQHGWRTXLFNO\EULQJODUJH
DPRXQWVRIOLTXLGWRDERLO
0HGLXP
/DUJH
([WUD/DUJH
6PDOO
background
*($SSOLDQFHVFRP
8VHDIODWERWWRPHGZRN
7RSRI5DQJH&RRNZDUH
$OXPLQXP 0HGLXPZHLJKWFRRNZDUHLV
UHFRPPHQGHGEHFDXVHLWKHDWVTXLFNO\
DQGHYHQO\0RVWIRRGVEURZQHYHQO\LQDQ
DOXPLQXPVNLOOHW8VHVDXFHSDQVZLWKWLJKW
ILWWLQJOLGVZKHQFRRNLQJZLWKPLQLPXP
DPRXQWVRIZDWHU
&DVW,URQ,IKHDWHGVORZO\PRVWVNLOOHWVZLOO
JLYHVDWLVIDFWRU\UHVXOWV
(QDPHOZDUH 8QGHUVRPHFRQGLWLRQVWKH
HQDPHORIVRPHFRRNZDUHPD\PHOW)ROORZ
FRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQV
IRUFRRNLQJPHWKRGV
*ODVV 7KHUHDUHWZRW\SHVRIJODVVFRRNZDUH³
WKRVHIRURYHQXVHRQO\DQGWKRVHIRUWRSRI
UDQJHFRRNLQJVDXFHSDQVFRIIHHDQGWHDSRWV
*ODVVFRQGXFWVKHDWYHU\VORZO\
+HDWSURRI*ODVV&HUDPLF &DQEHXVHGIRU
HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV
KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN
FRRNZDUHPDQXIDFWXUHU·VGLUHFWLRQVWREHVXUH
LWFDQEHXVHGRQJDVUDQJHV
6WDLQOHVV6WHHO 7KLVPHWDODORQHKDVSRRU
KHDWLQJSURSHUWLHVDQGLVXVXDOO\FRPELQHG
ZLWKFRSSHUDOXPLQXPRURWKHUPHWDOVIRU
LPSURYHGKHDWGLVWULEXWLRQ&RPELQDWLRQPHWDO
VNLOOHWVXVXDOO\ZRUNVDWLVIDFWRULO\LIWKH\DUH
XVHGZLWKPHGLXPKHDWDVWKHPDQXIDFWXUHU
UHFRPPHQGV
6WRYH7RS*ULOOVRQPRGHOVZLWKVHDOHGEXUQHUV
'RQRWXVHVWRYHWRSJULOOVRQ\RXUVHDOHGJDV
EXUQHUV,I\RXXVHWKHVWRYHWRSJULOORQWKH
VHDOHGJDVEXUQHULWZLOOFDXVHLQFRPSOHWH
FRPEXVWLRQDQGFDQUHVXOWLQH[SRVXUHWR
FDUERQPRQR[LGHOHYHOVDERYHDOORZDEOH
FXUUHQWVWDQGDUGV
7KLVFDQEHKD]DUGRXVWR\RXUKHDOWK
:RN7KLV:D\RQPRGHOVZLWKVHDOHGEXUQHUV
:HUHFRPPHQGWKDW\RXXVHDµRUVPDOOHU
IODWERWWRPHGZRN0DNHVXUHWKHZRNERWWRP
VLWVIODWRQWKHJUDWH7KH\DUHDYDLODEOHDW\RXU
ORFDOUHWDLOVWRUH
2QO\DIODWERWWRPHGZRNVKRXOGEHXVHG
'RQRWXVHDIODWERWWRPHGZRNRQDVXSSRUW
ULQJ3ODFLQJWKHULQJRYHUWKHEXUQHURUJUDWH
PD\FDXVHWKHEXUQHUWRZRUNLPSURSHUO\
UHVXOWLQJLQFDUERQPRQR[LGHOHYHOVDERYH
DOORZDEOHVWDQGDUGV7KLVFRXOGEHGDQJHURXV
WR\RXUKHDOWK
,Q&DVHRI3RZHU)DLOXUH
,QFDVHRIDSRZHUIDLOXUH\RXFDQOLJKWWKHJDV
VXUIDFHEXUQHUVRQ\RXUUDQJHZLWKDPDWFK
+ROGDOLWPDWFKWRWKHEXUQHUWKHQSXVKLQDQG
WXUQWKHFRQWURONQREWRWKH/,7(SRVLWLRQ8VH
H[WUHPHFDXWLRQZKHQOLJKWLQJEXUQHUVWKLVZD\
6XUIDFHEXUQHUVLQXVHZKHQDQHOHFWULFDO
SRZHUIDLOXUHRFFXUVZLOOFRQWLQXHWRRSHUDWH
QRUPDOO\
background
2YHQ&RQWURO&ORFNDQG7LPHU)HDWXUHVDQG6HWWLQJVRQVRPHPRGHOV
%DNH7HPS5HFDOO3DG
7RXFKWKLVSDGWRVHOHFWWKHEDNHIXQFWLRQ
%DNH/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKH
RYHQWHPSHUDWXUHDWWKLVSRLQW*ORZVZKHQWKH
RYHQLVLQEDNHPRGH
6WDUW2Q3DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
'LVSOD\
6KRZVWKHWLPHRIGD\RYHQWHPSHUDWXUH
ZKHWKHUWKHRYHQLVLQWKHEDNHEURLORUVHOI
FOHDQLQJPRGHDQGWKHWLPHVVHWIRUWKHWLPHURU
DXWRPDWLFRYHQRSHUDWLRQV7KHGLVSOD\ZLOOVKRZ
35(ZKLOHSUHKHDWLQJ:KHQWKHRYHQUHDFKHVWKH
VHOHFWHGWHPSHUDWXUHWKHRYHQFRQWUROZLOOEHHS
DQGWKHGLVSOD\ZLOOVKRZWKHRYHQWHPSHUDWXUH
,I´)²µDQGDQXPEHURUOHWWHUIODVKLQWKHGLVSOD\DQGWKH
RYHQFRQWUROVLJQDOVWKLVLQGLFDWHVDIXQFWLRQHUURUFRGH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGD
SRZHURXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHG
IXQFWLRQVPXVWEHUHVHW
7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH5HVHWWKHFORFN
,IWKHIXQFWLRQHUURUFRGHDSSHDUVGXULQJWKHVHOIFOHDQLQJ
F\FOHFKHFNWKHRYHQGRRUODWFK7KHODWFKKDQGOHPD\
KDYHEHHQPRYHGHYHQLIRQO\VOLJKWO\IURPWKHODWFKHG
SRVLWLRQ0DNHVXUHWKHODWFKLVPRYHGWRWKHULJKWDVIDU
DVLWZLOOJR
7RXFKWKH&OHDU2IISDG$OORZWKHRYHQWRFRROIRURQH
KRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ,IWKHIXQFWLRQ
HUURUFRGHUHSHDWVGLVFRQQHFWWKHSRZHUWRWKHUDQJH
DQGFDOOIRUVHUYLFH
.LWFKHQ7LPHU2Q2II3DG
7RXFKWKLVSDGWRVHOHFWWKHWLPHUIHDWXUH
7KHQSUHVVWKHDQG²SDGVWRDGMXVWWKHWLPHU
7LPHU/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKHVHW
WLPHDWWKLVSRLQW*ORZVZKHQWKHWLPHUKDVEHHQ
DFWLYDWHG)ODVKHVDJDLQZKHQWKHWLPHKDVUXQRXW
XQWLOWKHFRQWUROLVUHVHW
&ORFN3DG
7RVHWWKHFORFNSUHVVWKLVSDGWZLFHDQGWKHQ
SUHVVWKHDQG²SDGV7KHWLPHRIGD\ZLOOIODVK
LQWKHGLVSOD\ZKHQWKHRYHQLVILUVWWXUQHGRQ
6WDUW7LPH3DGRQVRPHPRGHOV
8VHDORQJZLWKWKH&RRNLQJ7LPHRU6HOI
&OHDQSDGVWRVHWWKHRYHQWRVWDUWDQGVWRS
DXWRPDWLFDOO\DWDWLPH\RXVHW
6WDUW7LPH/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKH
VWDUWWLPHDWWKLVSRLQW*ORZVZKHQWKHIXQFWLRQKDV
EHHQDFWLYDWHG
&RRNLQJ7LPH3DGRQVRPHPRGHOV
7RXFKWKLVSDGDQGWKHQWRXFKWKHRU²SDGV
WRVHWWKHDPRXQWRIWLPH\RXZDQW\RXUIRRG
WRFRRN7KHRYHQZLOOVKXWRIIZKHQWKHFRRNLQJ
WLPHKDVUXQRXW
&RRNLQJ7LPH/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJHWKH
VHWWLPHDWWKLVSRLQW*ORZVZKHQWKHIXQFWLRQKDV
EHHQDFWLYDWHG)ODVKHVDJDLQZKHQWKHWLPHKDV
UXQRXWXQWLOWKHFRQWUROLVUHVHW
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
8VLQJWKHRYHQFRQWUROV

background

*($SSOLDQFHVFRP
2YHQ&RQWURO&ORFNDQG7LPHU)HDWXUHVDQG6HWWLQJVRQVRPHPRGHOV
$XWRPDWLF2YHQ/LJKWRQVRPHPRGHOV
7KLVOLJKWVDQ\WLPHWKHRYHQKDVEHHQ
SURJUDPPHGXVLQJWKH&RRNLQJ7LPHRU6WDUW
7LPHIXQFWLRQV
2YHQ/LJKW2Q2II3DG
7RXFKWKLVSDGWRWXUQWKHRYHQOLJKWRQRURII
²3DG
6KRUWWDSVWRWKLVSDGZLOOGHFUHDVHWKHWLPH
RUWHPSHUDWXUHE\VPDOODPRXQWV7RXFK
DQGKROGWKHSDGWRGHFUHDVHWKHWLPH
RUWHPSHUDWXUHE\ODUJHUDPRXQWV
3DG
6KRUWWDSVWRWKLVSDGZLOOLQFUHDVHWKHWLPH
RUWHPSHUDWXUHE\VPDOODPRXQWV7RXFK
DQGKROGWKHSDGWRLQFUHDVHWKHWLPH
RUWHPSHUDWXUHE\ODUJHUDPRXQWV
6HOI&OHDQ3DG
7RXFKWKLVSDGWRVHOHFWWKHVHOIFOHDQLQJIXQFWLRQ
6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQ VHFWLRQ
&OHDQ/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQFKDQJH
WKHOHQJWKRIWLPHIRUWKHVHOIFOHDQF\FOHDWWKLV
SRLQW*ORZVZKHQWKHRYHQLVLQWKHVHOIFOHDQ
F\FOH$IWHUWKHVHOIFOHDQF\FOHWKHOLJKWZLOO
WXUQRII8QODWFKWKHGRRU
&OHDU2II3DG
7RXFKWKLVSDGWRFDQFHO$//RYHQRSHUDWLRQV
H[FHSWWKHFORFNDQGWLPHU
%URLO+L/R3DG
7RXFKWKLVSDGWRVHOHFWWKHEURLOIXQFWLRQ
%URLO/LJKW
)ODVKHVZKLOHLQHGLWPRGH³\RXFDQVZLWFKIURP+L
WR/R%URLODWWKLVSRLQW*ORZVZKHQWKHRYHQLVLQ
EURLOPRGH
,QGLFDWRU/LJKWVRQVRPHSDGV
(',7PRGHODVWVVHYHUDOVHFRQGVDIWHUWKHODVW
SDGSUHVV6WDUW7LPHDQG&RRNLQJ7LPHZLOO
EHWKHRQO\SDGVOLWLIHLWKHURIWKHVHRSWLRQVLV
VHOHFWHG([DPSOH6WDUW7LPHLVVHOHFWHGZLWK
%DNH³WKH6WDUW7LPHSDGZLOOUHPDLQOLWXQWLOWKH
FORFNUHDFKHVWKHSURJUDPPHGWLPHDWZKLFK
SRLQWLWZLOOWXUQRIIDQGWKH%DNH7HPS5HFDOO
SDGOLJKWZLOOOLJKWXS
background

7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
3ODVWLFLWHPVRQWKHFRRNWRSPD\
PHOWLIOHIWWRRFORVHWRWKHYHQW
9HQWDSSHDUDQFHDQGORFDWLRQYDU\
2YHQ9HQW
<RXURYHQLVYHQWHGWKURXJKGXFWVDWWKH
UHDURIWKHUDQJH'RQRWEORFNWKHVHGXFWV
ZKHQFRRNLQJLQWKHRYHQ³LWLVLPSRUWDQW
WKDWWKHIORZRIKRWDLUIURPWKHRYHQDQG
IUHVKDLUWRWKHRYHQEXUQHUEHXQLQWHUUXSWHG
$YRLGWRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\
VXUIDFHVGXULQJRYHQRUEURLOHURSHUDWLRQ³
WKH\PD\EHFRPHKRW
+DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS
PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW
'RQRWOHDYHSODVWLFRUIODPPDEOHLWHPVRQ
WKHFRRNWRS³WKH\PD\PHOWRULJQLWHLIOHIW
WRRFORVHWRWKHYHQW
'RQRWOHDYHFORVHGFRQWDLQHUVRQWKH
FRRNWRS7KHSUHVVXUHLQFORVHGFRQWDLQHUV
PD\LQFUHDVHZKLFKPD\FDXVHWKHPWR
EXUVW
0HWDOLWHPVZLOOEHFRPHYHU\KRWLIWKH\DUH
OHIWRQWKHFRRNWRSDQGFRXOGFDXVHEXUQV
8VLQJWKHRYHQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSORFNVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHUDFNVXSSRUWV$WKURXJK(
WKH\ZLOOVWRSEHIRUHFRPLQJFRPSOHWHO\RXW
DQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
UDFNRXWWRWKHEXPSRQWKHUDFNVXSSRUW
7RUHPRYHDUDFNSXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFH SODFHWKHHQGRIWKHUDFNVWRS
ORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHUDFNLQ
127(7KHUDFNLVQRWGHVLJQHGWRVOLGHRXW
DWWKHVSHFLDOORZUDFN5SRVLWLRQ
7KHRYHQKDVUDFNSRVLWLRQV
,WDOVRKDVDVSHFLDOORZUDFN
SRVLWLRQ5IRUH[WUDODUJHLWHPV
VXFKDVDODUJHWXUNH\
3RZHU2XWDJH
&$87,21'RQRWPDNHDQ\
DWWHPSWWRRSHUDWHWKHHOHFWULFLJQLWLRQRYHQ
GXULQJDQHOHFWULFDOSRZHUIDLOXUH
7KHRYHQRUEURLOHUFDQQRWEHOLWGXULQJ
DSRZHUIDLOXUH*DVZLOOQRWIORZXQOHVV
WKHJORZEDULVKRW
,IWKHRYHQLVLQXVHZKHQDSRZHUIDLOXUH
RFFXUVWKHRYHQEXUQHUVKXWVRIIDQGFDQQRW
EHUHOLWXQWLOSRZHULVUHVWRUHG7KLVLVEHFDXVH
WKHIORZRIJDVLVDXWRPDWLFDOO\VWRSSHG
DQGZLOOQRWUHVXPHZKHQSRZHULVUHVWRUHG
XQWLOWKHJORZEDUKDVUHDFKHGRSHUDWLQJ
WHPSHUDWXUH
2YHQ/LJKWRQVRPHPRGHOV
7RXFKWKH2YHQ/LJKW2Q2IISDGRQ
WKHXSSHUFRQWUROSDQHOWRWXUQWKHOLJKW
RQRURII
2YHQ/LJKWRQVRPHPRGHOV
3UHVVWKH2YHQ/LJKW2Q2IISDGRQWKH
ORZHUFRQWUROSDQHOWRWXUQWKHOLJKWRQRURII
background
2YHQ0RLVWXUH
$V\RXURYHQKHDWVXSWKHWHPSHUDWXUHFKDQJH
RIWKHDLULQWKHRYHQPD\FDXVHZDWHUGURSOHWV
WRIRUPRQWKHGRRUJODVV7KHVHGURSOHWV
DUHKDUPOHVVDQGZLOOHYDSRUDWHDVWKHRYHQ
FRQWLQXHVWRKHDWXS

,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJEDNLQJRUURDVWLQJ7KHODWFKLVXVHG
IRUVHOIFOHDQLQJRQO\
8VLQJWKHXSSHURYHQ *($SSOLDQFHVFRP
+RZWR6HWWKH8SSHU2YHQIRU%DNLQJRU5RDVWLQJ
<RXURYHQLVQRWGHVLJQHGIRURSHQGRRU
FRRNLQJ
7RXFKWKH%$.( SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH67$57SDG
7KHZRUG21 DQG ZLOOEHGLVSOD\HG$V
WKHRYHQKHDWVXSWKHGLVSOD\ZLOOVKRZWKH
FKDQJLQJWHPSHUDWXUH:KHQWKHRYHQUHDFKHV
WKHWHPSHUDWXUH\RXVHWDWRQHZLOOVRXQG
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJ%$.(
F\FOHSUHVVWKH%$.(SDGDQGWKHQWKHQXPEHU
SDGVWRJHWWKHQHZWHPSHUDWXUH
&KHFNIRRGIRUGRQHQHVVDWPLQLPXPWLPH
RQUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH&/($52)) SDGZKHQFRRNLQJ
LVFRPSOHWH
3UHKHDWLQJDQG3DQ3ODFHPHQW
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW
7RSUHKHDWVHWWKHRYHQDWWKHFRUUHFW
WHPSHUDWXUH3UHKHDWLQJLVQHFHVVDU\ZKHQ
FRQYHFWLRQEDNLQJDQGIRUJRRGUHVXOWVZKHQ
EDNLQJFDNHVFRRNLHVSDVWU\DQGEUHDGV
%DNLQJUHVXOWVZLOOEHEHWWHULIIRRGVDUH
FHQWHUHGLQWKHRYHQDVPXFKDVSRVVLEOH3DQV
VKRXOGQRWWRXFKHDFKRWKHURUWKHZDOOVRIWKH
RYHQ
)RUEHVWUHVXOWVZKHQEDNLQJIRXUFDNHOD\HUV
DWDWLPHXVHUDFNV%DQG'3ODFHWKHORZHU
SDQVDWWKHEDFNRIWKHUDFNDQGWKHXSSHU
SDQVDWWKHIURQWRIWKHUDFNDVVKRZQVRWKDW
RQHSDQLVQRWGLUHFWO\DERYHDQRWKHUOHDYLQJ
DSSUR[LPDWHO\ļEHWZHHQSDQVIURPWKH
IURQWEDFNDQGVLGHVRIWKHZDOOV
7KHRYHQKDVDVSHFLDOORZUDFN
5SRVLWLRQMXVWDERYHWKHRYHQ
ERWWRP8VHLWZKHQH[WUDFRRNLQJ
VSDFHLVQHHGHGIRUH[DPSOHZKHQ
FRRNLQJDODUJHWXUNH\7KHUDFN
LVQRWGHVLJQHGWRVOLGHRXWDWWKLV
SRVLWLRQ
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV
7KHIRLOZLOOWUDSKHDWEHORZDQGXSVHWWKH
SHUIRUPDQFHRIWKHRYHQ)RLOFDQPHOWDQG
SHUPDQHQWO\GDPDJHWKHRYHQERWWRP
'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV
QRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
7\SHRI)RRG 5DFN3RVLWLRQ
$QJHOIRRGFDNH $RU&
%XQGWRUSRXQGFDNHV $RU&
%LVFXLWVPXIILQVEURZQLHV &
FRRNLHVFXSFDNHV
OD\HUFDNHVSLHV
&DVVHUROHV %RU&
3LHV²2QFRRNLHVKHHW %RU&
5RDVWLQJ 5RU$
/D\HUFDNHV %'
:KHQEDNLQJRQDVLQJOHUDFNXVH
WKHUDFNSRVLWLRQIURPWKHFKDUWIRU
\RXUW\SHRIIRRG%DNLQJUHVXOWV
ZLOOEHEHWWHULIEDNLQJSDQVDUH
FHQWHUHGLQWKHRYHQDVPXFKDV
SRVVLEOH
:KHQEDNLQJIRXUFDNHOD\HUVDWD
WLPHXVHUDFNV%DQG'3ODFHWKH
ORZHUSDQVDWWKHEDFNRIWKHUDFN
DQGWKHXSSHUSDQVWRWKHIURQWRI
WKHUDFNVKRZQVRWKDWRQHSDQLV
QRWGLUHFWO\DERYHDQRWKHU
background

8VLQJWKHRYHQ
%URLOLQJ*XLGH
+RZWR6HWWKH8SSHU2YHQIRU%URLOLQJ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQ
)ROORZVXJJHVWHGVKHOISRVLWLRQVLQWKH
%URLOLQJ*XLGH
7KHRYHQGRRUPXVW EHFORVHGGXULQJ
EURLOLQJ
7RXFKWKH%URLO+L/R SDGRQFHIRU+L
%URLO
7RFKDQJHWR/R%URLO WRXFKWKH%URLO+L
/RSDGDJDLQ
7RXFKWKH6WDUW SDG
)RURSWLPDOVHDULQJSUHKHDWWKHRYHQ
IRUPLQXWHVEHIRUHDGGLQJIRRG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH&OHDU
2IISDG
6HUYHWKHIRRGLPPHGLDWHO\DQGOHDYHWKHSDQ
RXWVLGHWKHRYHQWRFRROGXULQJWKHPHDOIRU
HDVLHVWFOHDQLQJ
8VH/R%URLOWRFRRNIRRGVVXFKDVSRXOWU\
RUWKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXWRYHU
EURZQLQJWKHP
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUHDQG
\RXUSUHIHUHQFHRIGRQHQHVV
ZLOODIIHFWEURLOLQJWLPHV7KLV
JXLGHLVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
7KH86'HSDUWPHQWRI
$JULFXOWXUHVD\V´5DUHEHHILV
SRSXODUEXW\RXVKRXOGNQRZWKDW
FRRNLQJLWWRRQO\)PHDQV
VRPHIRRGSRLVRQLQJRUJDQLVPV
PD\VXUYLYHµ6RXUFH6DIH)RRG
%RRN<RXU.LWFKHQ*XLGH86'$
5HY-XQH
7KHRYHQKDVVKHOISRVLWLRQV
,I\RXUPRGHOKDVDGRRUODWFKGRQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJEURLOLQJ
7KHODWFKLVXVHGIRUVHOIFOHDQLQJRQO\
&ORVHWKHGRRU$OZD\VEURLOZLWK
WKHGRRUFORVHG
,QJHQHUDOKLJKHUUDFNSRVLWLRQV
\LHOGGDUNHUH[WHUQDOVHDULQJ
DQGORZHUSRVLWLRQV\LHOGPRUH
GRQHQHVV
'XHWRWKHYDULHW\RIPHDWVDQGFXWVDYDLODEOH\RXPD\VHOHFWDOWHUQDWHUDFNSRVLWLRQVEDVHGRQSHUVRQDO
SUHIHUHQFHRIGRQHQHVVDQGH[WHUQDOVHDULQJ6HHLOOXVWUDWLRQIRUGHVFULSWLRQRIUDFNSRVLWLRQV
)RRG 'RQHQHVV
7\SHRU
7KLFNQHVV
%URLO
6HWWLQJ
5DFN
3RVLWLRQ
&RPPHQWV
%HHI 5DUH0HGLXP
5DUH
))
6WHDNV
µWKLFN
+L ( 6WHDNVOHVVWKDQµ
WKLFNDUHGLIILFXOWWR
FRRNUDUH7KH\PD\
FRRNWKURXJKEHIRUH
EURZQLQJ
7RDYRLGFXUOLQJVODVK
IDWDWµLQWHUYDOV
0HGLXP
)
6WHDNV
µWRµWKLFN
+L '(
:HOO'RQH
)
6WHDNV
µWRµWKLFN
+L '
0HGLXP
)
*URXQG%HHI
3DWWLHV
µWRµWKLFN
+L '(
:HOO'RQH
)
*URXQG%HHI
3DWWLHV
µWRµWKLFN
+L '
&KLFNHQ %UHDVWERQHOHVV /R % %URLOVNLQVLGHGRZQ
ILUVW
%UHDVWERQHLQ /R %
)LVKILOOHWV µWRµWKLFN +L ' +DQGOHDQGWXUQYHU\
FDUHIXOO\
/R '
3RUN
FKRSV
:HOO'RQH
)
µWKLFN +L ' 7RDYRLGFXUOLQJVODVK
IDWDWµLQWHUYDOV
background
1RWDOOIHDWXUHVDUHRQDOOPRGHOV
7KHWLPHULVDPLQXWHWLPHURQO\
7KH&OHDU2IISDGGRHVQRWDIIHFW
WKHWLPHU
7R6HWWKH7LPHU
7KHWLPHUGRHVQRWFRQWURORYHQRSHUDWLRQV7KH
PD[LPXPVHWWLQJRQWKHWLPHULVKRXUVDQG
PLQXWHV
7RXFKWKH.LWFKHQ7LPHU2Q2IISDG
7RXFKWKHRU²SDGVXQWLOWKHDPRXQWRI
WLPH\RXZDQWVKRZVLQWKHGLVSOD\7KH
PD[LPXPWLPHWKDWFDQEHHQWHUHGLQ
PLQXWHVLV7LPHVPRUHWKDQPLQXWHV
VKRXOGEHFKDQJHGWRKRXUVDQGPLQXWHV
,I\RXPDNHDPLVWDNHWRXFKWKH.LWFKHQ7LPHU
2Q2IISDGDQGEHJLQDJDLQ
7RXFKWKH6WDUW2QSDG7KHWLPH
ZLOOVWDUWFRXQWLQJGRZQDOWKRXJK
WKHGLVSOD\GRHVQRWFKDQJHXQWLO
RQHPLQXWHKDVSDVVHG
:KHQWKHWLPHUUHDFKHVWKHFRQWURO
ZLOOEHHSWLPHVIROORZHGE\RQHEHHS
HYHU\VHFRQGVXQWLOWKH.LWFKHQ7LPHU
2Q2IISDGLVWRXFKHG
8VLQJWKHFORFNDQGWLPHURQVRPHPRGHOV *($SSOLDQFHVFRP
7R6HWWKH&ORFN
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZRUN
SURSHUO\7KHWLPHRIGD\FDQQRWEHFKDQJHG
GXULQJDGHOD\HGFRRNLQJRUDGHOD\HGVHOI
FOHDQLQJF\FOH
7RXFKWKH&ORFNSDGWZLFH
7RXFKWKHRU²SDGV
,IWKHRU²SDGVDUHQRWWRXFKHGZLWKLQRQH
PLQXWHDIWHU\RXWRXFKWKH&ORFN SDGWKH
GLVSOD\UHYHUWVWRWKHRULJLQDOVHWWLQJ,IWKLV
KDSSHQVWRXFKWKH&ORFN SDGWZLFHDQG
UHHQWHUWKHWLPHRIGD\
7RXFKWKH6WDUW2QSDGXQWLOWKHWLPHRI
GD\VKRZVLQWKHGLVSOD\7KLVHQWHUVWKH
WLPHDQGVWDUWVWKHFORFN
7RFKHFNWKHWLPHRIGD\ZKHQWKHGLVSOD\LV
VKRZLQJRWKHULQIRUPDWLRQVLPSO\WRXFKWKH
&ORFNSDG7KHWLPHRIGD\VKRZVXQWLODQRWKHU
SDGLVWRXFKHG
0DNHVXUHWKHFORFNLVVHWWRWKH
FRUUHFWWLPHRIGD\

7R7XUQ2IIWKH&ORFN'LVSOD\
,I\RXKDYHVHYHUDOFORFNVLQ\RXUNLWFKHQ\RX
PD\ZLVKWRWXUQRIIWKHWLPHRIGD\FORFN
GLVSOD\RQ\RXUUDQJH
7RXFKWKH&ORFNSDGRQFHWRWXUQRIIWKH
WLPHRIGD\GLVSOD\$OWKRXJK\RXZLOOQRW
EHDEOHWRVHHLWWKHFORFNPDLQWDLQVWKH
FRUUHFWWLPHRIGD\
7RXFKWKH&ORFNSDGWZLFHWRUHFDOO
WKHFORFNGLVSOD\
background

1RWDOOIHDWXUHVDUHRQDOOPRGHOV
8VLQJWKHFORFNDQGWLPHURQVRPHPRGHOV
7R5HVHWWKH7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH.LWFKHQ
7LPHU2Q2IISDGDQGWKHQWRXFKLQJWKHRU
²SDGVXQWLOWKHWLPH\RXZDQWDSSHDUVLQWKH
GLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\FORFN
VWDUWWLPHRUFRRNLQJWLPHDUHLQWKHGLVSOD\
UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJWKH
.LWFKHQ7LPHU2Q2IISDGDQGWKHQWRXFKLQJ
WKHRU²SDGVWRHQWHUWKHQHZWLPH\RXZDQW
7R&DQFHOWKH7LPHU
7RXFKWKH.LWFKHQ7LPHU2Q2IISDGWZLFH
(QGRI&\FOH7RQHVRQVRPHPRGHOV
&OHDUWKHWRQHVE\SUHVVLQJWKHSDGRIWKH
IXQFWLRQ\RXDUHXVLQJ
3RZHU2XWDJH
,IDIODVKLQJWLPHLVLQWKHGLVSOD\\RXKDYH
H[SHULHQFHGDSRZHUIDLOXUH5HVHWWKHFORFN
7RUHVHWWKHFORFNWRXFKWKH&ORFNSDG(QWHU
WKHFRUUHFWWLPHRIGD\E\WRXFKLQJWKHRU²
SDGV7RXFKWKH6WDUW2QSDG
RU
background
'RQRWORFNWKHRYHQGRRUZLWKWKHODWFKGXULQJWLPHGFRRNLQJ7KHODWFKLVXVHGIRUVHOIFOHDQLQJRQO\
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRU
PRUHWKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDW
WKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVRQVRPHPRGHOV *($SSOLDQFHVFRP
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRNIRUD
VHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKHFRRNLQJ
WLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
7RXFKWKH%DNHSDG
7RXFKWKHRU²SDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPH SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHRU²SDGVWRVHWWKHEDNLQJ
WLPH
7KHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
GLVSOD\HG,I\RXVHOHFW&RRNLQJ7LPHILUVWDQG
WKHQDGMXVWWKH%DNH7HPSHUDWXUHWKHRYHQ
WHPSHUDWXUHZLOOEHGLVSOD\HGLQVWHDG
7RXFKWKH6WDUW2Q SDG
7KHGLVSOD\VKRZVHLWKHUWKHRYHQWHPSHUDWXUH
WKDW\RXVHWRUWKHFRRNLQJWLPHFRXQWGRZQ
7KHGLVSOD\VWDUWVZLWK35(LIVKRZLQJWKHRYHQ
WHPSHUDWXUH
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQWXUQRII
DXWRPDWLFDOO\
7RXFKWKH&OHDU2IISDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\
5HPRYHWKHIRRGIURPWKHRYHQ5HPHPEHU
HYHQWKRXJKWKHRYHQVKXWVRIIDXWRPDWLFDOO\
IRRGVFRQWLQXHFRRNLQJDIWHUFRQWUROVDUHRII
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQDWWKHWLPHRIGD\\RXVHW
FRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQWXUQ
RIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH%DNHSDG
7RXFKWKHRU²SDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH&RRNLQJ7LPH SDG
7RXFKWKHRU²SDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH6WDUW7LPHSDG
7RXFKWKHRU²SDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
7RXFKWKH6WDUW2QSDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWWRXFKWKH6WDUW
2QSDG
127(,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RX
KDYHVHWWRXFKWKH6WDUW7LPHSDGWRFKHFNWKH
VWDUWWLPH\RXKDYHVHWRUWRXFKWKH&RRNLQJ
7LPHSDGWRFKHFNWKHOHQJWKRIFRRNLQJWLPH
\RXKDYHVHW
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\
\RXKDYHVHWWKHGLVSOD\ZLOOVKRZ35(XQWLOLW
UHDFKHVWKHVHOHFWHGWHPSHUDWXUHDQGWKHQLW
ZLOOGLVSOD\WKHRYHQWHPSHUDWXUH
$WWKHHQGRIFRRNLQJWLPHWKHRYHQZLOOWXUQRII
DQGWKHHQGRIF\FOHWRQHZLOOVRXQG
7RXFKWKH&OHDU2IISDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\
5HPRYHWKHIRRGIURPWKHRYHQ5HPHPEHU
HYHQWKRXJKWKHRYHQVKXWVRIIDXWRPDWLFDOO\
IRRGVFRQWLQXHFRRNLQJDIWHUFRQWUROVDUHRII

background

<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH
6WDUW2QSDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUH
127(7KH6DEEDWKIHDWXUHDQGWKH7KHUPRVWDW$GMXVWPHQWIHDWXUHDUHDOVR6SHFLDO)HDWXUHVEXWWKH\DUHDGGUHVVHG
VHSDUDWHO\LQWKHIROORZLQJVHFWLRQV
6SHFLDOIHDWXUHVRI\RXURYHQFRQWURORQVRPHPRGHOV
+RXU6KXW2II
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYH
WKHRYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\
WXUQRIIWKHRYHQDIWHUKRXUVGXULQJEDNLQJ
IXQFWLRQVRUDIWHUKRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZWKH
VWHSVEHORZ
7RXFKWKH%DNHDQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&ORFNSDG7KHGLVSOD\ZLOOVKRZ
21KRXUVKXWRII7RXFKWKH&ORFNSDG
UHSHDWHGO\XQWLOWKHGLVSOD\VKRZV2))QR
VKXWRII
7RXFKWKH6WDUW2QSDGWRDFWLYDWH
WKHQRVKXWRIIDQGOHDYHWKHFRQWUROVHWLQ
WKLVVSHFLDOIHDWXUHVPRGH
background

7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUEURLOLQJVHOIFOHDQLQJRUGHOD\VWDUW
FRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\RQVRPHPRGHOVZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQ
WKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HHWKH2YHQ/LJKW5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQ
WKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ³,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
127(7RXQGHUVWDQGKRZWKHRYHQFRQWUROZRUNV
SUDFWLFHXVLQJUHJXODUQRQ6DEEDWK,PPHGLDWH6WDUW
DQG$XWRPDWLF6WRSEHIRUHHQWHULQJWKH6DEEDWK
PRGH
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH%DNH DQG%URLO+L/R
SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV
6)
7DSWKH&ORFN SDGXQWLO6$EDSSHDUVLQWKH
GLVSOD\
7RXFKWKH6WDUW2Q SDGDQGZLOODSSHDULQ
WKHGLVSOD\
7RXFKWKH&RRNLQJ7LPH SDG
7RXFKWKHRU²SDGVWRVHWWKHGHVLUHGOHQJWK
RIFRRNLQJWLPHEHWZHHQPLQXWHDQGKRXUV
DQGPLQXWHV7KHFRRNLQJWLPHWKDW\RX
HQWHUHGZLOOEHGLVSOD\HG
7RXFKWKH6WDUW2Q SDG
7RXFKWKH%DNHSDG1RVLJQDOZLOOEHJLYHQ
7KHSUHVHWVWDUWLQJWHPSHUDWXUHZLOO
DXWRPDWLFDOO\EHVHWWR7DSWKHRU²
SDGVWRLQFUHDVHRUGHFUHDVHWKHWHPSHUDWXUH
LQLQFUHPHQWV7KHWHPSHUDWXUHFDQEHVHW
EHWZHHQDQG1RVLJQDORU
WHPSHUDWXUHZLOOEHJLYHQ
7RXFKWKH6WDUW2Q SDG
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJWKDWWKHRYHQLV
EDNLQJ
URDVWLQJ
,IGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%DNHSDG
DQGWDSWKHRU²SDGVWRLQFUHDVHRUGHFUHDVHWKH
WHPSHUDWXUHLQLQFUHPHQWV7RXFKWKH6WDUW2Q
SDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJH
IURPWRLQGLFDWLQJWKDWWKHRYHQKDVWXUQHG
2))EXWLVVWLOOVHWLQ6DEEDWK5HPRYHWKHFRRNHG
IRRG
8VLQJWKH6DEEDWKIHDWXUHRQVRPHPRGHOV
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\V *($SSOLDQFHVFRP
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
127(7RXQGHUVWDQGKRZWKHRYHQFRQWUROZRUNV
SUDFWLFHXVLQJUHJXODUEDNLQJQRQ6DEEDWKEHIRUH
HQWHULQJ6DEEDWKPRGH
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH%DNH DQG%URLO+L/R
SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV
6)
7DSWKH&ORFN SDGXQWLO6$EDSSHDUVLQWKH
GLVSOD\
7RXFKWKH6WDUW2Q SDGDQGZLOODSSHDULQ
WKHGLVSOD\
7RXFKWKH%DNH SDG1RVLJQDOZLOOEHJLYHQ
7KHSUHVHWVWDUWLQJWHPSHUDWXUHZLOO
DXWRPDWLFDOO\EHVHWWR7DSWKHRU²
SDGVWRLQFUHDVHRUGHFUHDVHWKHWHPSHUDWXUH
LQLQFUHPHQWV7KHWHPSHUDWXUHFDQEHVHW
EHWZHHQDQG1RVLJQDORU
WHPSHUDWXUHZLOOEHJLYHQ
7RXFKWKH6WDUW2Q SDG
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWHZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJWKDWWKHRYHQLV
EDNLQJ
URDVWLQJ
,IGRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%DNHSDG
DQGWDSWKHRU²SDGVWRLQFUHDVHRUGHFUHDVHWKH
WHPSHUDWXUHLQLQFUHPHQWV7RXFKWKH6WDUW2Q
SDG
127(7KH&OHDU2IIDQG&RRNLQJ7LPHSDGVDUH
DFWLYHGXULQJWKH6DEEDWKIHDWXUH
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZVWKHRYHQLV
EDNLQJURDVWLQJ
background

8VLQJWKH6DEEDWKIHDWXUHRQVRPHPRGHOV
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\V
+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH&OHDU2IISDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\LVLQWKHGLVSOD\
7RXFKDQGKROGERWKWKH%DNH DQG%URLO+L/R
SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\VKRZV
6)
7DSWKH&ORFNSDGXQWLO21RU2))DSSHDUV
LQWKHGLVSOD\21LQGLFDWHVWKDWWKHRYHQZLOO
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV2))
LQGLFDWHVWKDWWKHRYHQZLOOQRWDXWRPDWLFDOO\
WXUQRII6HHWKH6SHFLDOIHDWXUHVVHFWLRQIRUDQ
H[SODQDWLRQRIWKH+RXU6KXW2IIIHDWXUH
7RXFKWKH6WDUW2Q SDG
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW
background
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ
7KHVHWKHUPRPHWHUVPD\YDU\²GHJUHHV
127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJRUWKHVHOIFOHDQLQJWHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHG
LQPHPRU\DIWHUDSRZHUIDLOXUH
$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI *($SSOLDQFHVFRP
7R$GMXVWWKH7KHUPRVWDWRQVRPHPRGHOV
7RXFKWKH%DNHDQG%URLO+L/RSDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH%DNHSDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHGXS
WR)KRWWHURU²)FRROHU7RXFK
WKHSDGWRLQFUHDVHWKHWHPSHUDWXUHLQ
GHJUHHLQFUHPHQWV
7RXFKWKH²SDGWRGHFUHDVHWKH
WHPSHUDWXUHLQGHJUHHLQFUHPHQWV
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH6WDUW2Q SDGWRJREDFNWRWKH
WLPHRIGD\GLVSOD\8VH\RXURYHQDV\RX
ZRXOGQRUPDOO\
127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJ
RUVHOIFOHDQLQJWHPSHUDWXUHV,WZLOOEHUHWDLQHG
LQPHPRU\DIWHUDSRZHUIDLOXUH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
)HGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHUKDQG
FRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV)RUEHVW
UHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH

background
1HYHUIRUFHWKHODWFKKDQGOH)RUFLQJWKHKDQGOHZLOOGDPDJHWKHGRRUORFNPHFKDQLVP
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
8VLQJWKHVHOIFOHDQLQJRYHQ
)RUWKHILUVWVHOIFOHDQF\FOHZHUHFRPPHQG
YHQWLQJ\RXUNLWFKHQZLWKDQRSHQZLQGRZRU
XVLQJDYHQWLODWLRQIDQRUKRRG
5HPRYHWKHUDFNVDQ\EURLOHUSDQEURLOHUJULG
DOOFRRNZDUHDQGDQ\DOXPLQXPIRLOIURPWKH
RYHQ
7KHRYHQUDFNVFDQEHVHOIFOHDQHG
EXWWKH\ZLOOGDUNHQORVHWKHLUOXVWHU
DQGEHFRPHKDUGWRVOLGH
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVRURYHQ
SURWHFWRUVLQRUQHDUWKHVHOIFOHDQLQJRYHQ
$FRPELQDWLRQRIDQ\RIWKHVHSURGXFWVSOXVWKH
KLJKFOHDQF\FOHWHPSHUDWXUHVPD\GDPDJH
WKHSRUFHODLQILQLVKRIWKHRYHQ
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQGRXWVLGH
WKHJDVNHWRQWKHGRRUZLOOQHHG
WREHFOHDQHGE\KDQG&OHDQWKHVHDUHDVZLWK
KRWZDWHUVRDSILOOHGVFRXULQJSDGV
RUFOHDQVHUVVXFKDV6RIW6FUXE
 5LQVH
ZHOOZLWKFOHDQZDWHUDQGGU\
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVVPDWHULDO
RIWKHRYHQGRRUJDVNHWFDQQRWZLWKVWDQG
DEUDVLRQ,WLVHVVHQWLDOIRUWKHJDVNHWWRUHPDLQ
LQWDFW,I\RXQRWLFHLWEHFRPLQJZRUQRUIUD\HG
UHSODFHLW
:LSHXSDQ\KHDY\VSLOORYHUVRQWKHRYHQ
ERWWRP
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFH
DQGWKHRYHQOLJKWLVRII
&$87,217KHJUDWHVDQGGULS
SDQVLIVRHTXLSSHGVKRXOGQHYHUEHFOHDQHG
LQWKHVHOIFOHDQLQJRYHQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVRURYHQ
SURWHFWRUVLQRUQHDUWKHVHOIFOHDQLQJRYHQ$
FRPELQDWLRQRIDQ\RIWKHVHSURGXFWVSOXVWKH
KLJKFOHDQF\FOHWHPSHUDWXUHVPD\GDPDJH
WKHSRUFHODLQILQLVKRIWKHRYHQ
,03257$177KHKHDOWKRIVRPHELUGVLV
H[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQRII
GXULQJWKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH
0RYHELUGVWRDQRWKHUZHOOYHQWLODWHGURRP
%HIRUHD&OHDQ&\FOH
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
+RZWR6HWWKH2YHQIRU&OHDQLQJ
)ROORZWKHGLUHFWLRQVLQWKH%HIRUHD&OHDQ&\FOH
VHFWLRQ
/DWFKWKHGRRU
127(1HYHUIRUFHWKHODWFK,IWKHRYHQLVWRR
KRW\RXZLOOQRWEHDEOHWRVOLGHWKHODWFK$OORZ
WKHRYHQWRFRRO
7RXFKWKH6HOI&OHDQ SDG
7RXFKWKHRU²SDGVXQWLOWKHGHVLUHG
&OHDQ7LPHLVGLVSOD\HG
7KH&OHDQ7LPHLVQRUPDOO\KRXUVDQG
PLQXWHV<RXFDQFKDQJHWKH&OHDQ7LPHWRDQ\
WLPHEHWZHHQDQGKRXUVGHSHQGLQJRQWKH
DPRXQWRIVRLOLQ\RXURYHQ
7RXFKWKH6WDUW2Q SDG
7KHVHOIFOHDQF\FOHZLOODXWRPDWLFDOO\EHJLQ
DIWHU&/($1 LVGLVSOD\HGDQGWKHWLPH
FRXQWGRZQDSSHDUVLQWKHGLVSOD\
:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQWRXFK
WKH&ORFNSDGWRGLVSOD\WKHWLPHRIGD\7R
UHWXUQWRWKHFOHDQFRXQWGRZQWRXFKWKH6HOI
&OHDQSDG
7KHRYHQVKXWVRIIDXWRPDWLFDOO\ZKHQWKH
FOHDQF\FOHLVFRPSOHWHDQGZLOOIODVKLQ
WKHGLVSOD\
6OLGHWKHODWFKKDQGOHWRWKHOHIWDVIDUDVLW
ZLOOJRDQGRSHQWKHGRRU

background
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
$IWHUD&OHDQ&\FOHRQVRPHPRGHOV
<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLO
WKHRYHQLVFRROHQRXJKIRUWKHGRRUWREH
XQODWFKHG
<RXPD\QRWLFHVRPHZKLWHDVKLQWKHRYHQ
:LSHLWXSZLWKDGDPSFORWKDIWHUWKHRYHQ
FRROV
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWKD
VRDSILOOHGVFRXULQJSDGDQGULQVHWKRURXJKO\
ZLWKDYLQHJDUDQGZDWHUPL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQF\FOH
UHSHDWWKHF\FOH
<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH
RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN
 :KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQ
WRXFKWKH&ORFN SDGWRGLVSOD\WKHWLPHRI
GD\7RUHWXUQWRWKHFOHDQFRXQWGRZQWRXFK
WKH&RRNLQJ7LPHSDG
,IWKHUDFNVEHFRPHKDUGWRVOLGHDSSO\D
VPDOODPRXQWRIYHJHWDEOHRLORUFRRNLQJRLO
WRDSDSHUWRZHODQGZLSHWKHHGJHVRIWKH
RYHQUDFNVZLWKWKHSDSHUWRZHO
*($SSOLDQFHVFRP
+RZWR'HOD\WKH6WDUWRI&OHDQLQJRQVRPHPRGHOV
<RXFDQVHWWKHRYHQFRQWUROWRGHOD\VWDUWWKH
RYHQFOHDQIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQ
WXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
)ROORZWKHGLUHFWLRQVLQWKH%HIRUHD&OHDQ&\FOH
VHFWLRQ
/DWFKWKHGRRU
127(1HYHUIRUFHWKHODWFK,IWKHRYHQLVWRR
KRW\RXZLOOQRWEHDEOHWRVOLGHWKHODWFK$OORZ
WKHRYHQWRFRRO
7RXFKWKH6HOI&OHDQSDG
7RXFKWKHRU² SDGVWRVHWWKH&OHDQ
7LPH
7KH&OHDQ7LPHLVSUHVHWIRUKRXUVDQG
PLQXWHV<RXFDQFKDQJHWKH&OHDQ7LPHWRDQ\
WLPHEHWZHHQDQGKRXUVGHSHQGLQJRQWKH
DPRXQWRIVRLOLQ\RXURYHQ,IDGLIIHUHQW&OHDQ
7LPHLVGHVLUHGWRXFKWKHRU²SDGVXQWLOWKH
GHVLUHG&OHDQ7LPHLVGLVSOD\HG
7RXFKWKH6WDUW7LPHSDG
&KDQJHWKH6WDUW7LPHE\WRXFKLQJWKHRU²
SDGV7KHVWDUWWLPHZLOODSSHDULQWKHGLVSOD\
7RXFKWKH6WDUW2Q SDG
7KHVHOIFOHDQF\FOHZLOODXWRPDWLFDOO\EHJLQDW
WKHWLPHVHW
:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQWRXFK
WKH&ORFNSDGWRGLVSOD\WKHWLPHRIGD\7R
UHWXUQWRWKHFOHDQFRXQWGRZQWRXFKWKH6HOI
&OHDQSDG
7KHRYHQVKXWVRIIDXWRPDWLFDOO\ZKHQWKH
FOHDQF\FOHLVFRPSOHWHDQGZLOOIODVKLQ
WKHGLVSOD\
6OLGHWKHODWFKKDQGOHWRWKHOHIWDVIDUDVLW
ZLOOJRDQGRSHQWKHGRRU
7R6WRSD&OHDQ&\FOHRQVRPHPRGHOV
7RXFKWKH&OHDU2IISDG
:DLWXQWLOWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUHWRXQODWFKWKHGRRU<RX
ZLOOQRWEHDEOHWRRSHQWKHGRRUULJKWDZD\
XQOHVVWKHRYHQKDVFRROHGEHORZWKHORFNLQJ
WHPSHUDWXUH

background
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEHVXUHWKHDQWLWLSGHYLFHLV
UHHQJDJHGSURSHUO\ZKHQWKHUDQJHLVUHSODFHG)DLOXUHWRWDNHWKLVSUHFDXWLRQFRXOGUHVXOW
LQWLSSLQJRIWKHUDQJHDQGFDXVHLQMXU\

6HDOHG%XUQHU$VVHPEOLHV
7XUQDOOFRQWUROV2)) EHIRUHUHPRYLQJWKH
EXUQHUSDUWV
7KHEXUQHUJUDWHVFDSVDQGEXUQHUKHDGV
FDQEHOLIWHGRIIPDNLQJWKHPHDV\WRFOHDQ
7KHEXUQHUEDVHVDQGHOHFWURGHVDUHQRW
UHPRYDEOH
&$87,21'RQRWRSHUDWHWKHFRRNWRS
ZLWKRXWDOOEXUQHUSDUWVDQGJUDWHVLQSODFH
*UDWH
%XUQHUKHDG
%XUQHUFDS
(OHFWURGH
%XUQHUEDVH
&DUHDQGFOHDQLQJRIWKHUDQJH
:KHQRQHEXUQHULVWXUQHGWR/,7(
DOOWKHEXUQHUVVSDUN'RQRWDWWHPSW
WRGLVDVVHPEOHRUFOHDQDURXQGDQ\
EXUQHUZKLOHDQRWKHUEXUQHULVRQ$Q
HOHFWULFVKRFNPD\UHVXOWZKLFKFRXOG
FDXVH\RXWRNQRFNRYHUKRWFRRNZDUH
(OHFWURGH
background

%XUQHU&DSVDQG+HDGV
127(%HIRUHUHPRYLQJWKHEXUQHUFDSVDQGKHDGV
UHPHPEHUWKHLUVL]HDQGORFDWLRQ5HSODFHWKHPLQ
WKHVDPHORFDWLRQDIWHUFOHDQLQJ7KHWRSVLGHVRIWKH
5LJKW)URQW5LJKW5HDUDQG/HIW)URQWEXUQHUKHDGVDUH
PDUNHGZLWKWKHOHWWHUV´5)µ´55µDQG´/)µUHVSHFWLYHO\
WRDLGUHDVVHPEO\
%XUQHUFDSV
/LIWRIIZKHQFRRO:DVKEXUQHUFDSVLQKRWVRDS\ZDWHU
DQGULQVHZLWKFOHDQZDWHU<RXPD\VFRXUZLWKDSODVWLF
VFRXULQJSDGWRUHPRYHEXUQHGRQIRRGSDUWLFOHV
%XUQHUKHDGV
7KHVOLWVLQWKHEXUQHUKHDGVRI\RXUFRRNWRSPXVWEH
NHSWFOHDQDWDOOWLPHV
&ORJJHGRUGLUW\EXUQHUSRUWVRUHOHFWURGHVZLOOQRWDOORZ
WKHEXUQHUWRRSHUDWHSURSHUO\
$Q\VSLOORQRUDURXQGDQHOHFWURGHPXVWEHFDUHIXOO\
FOHDQHG7DNHFDUHWRQRWKLWDQHOHFWURGHZLWKDQ\WKLQJ
KDUGRULWFRXOGEHGDPDJHG
<RXVKRXOGFOHDQWKHEXUQHUFDSVEXUQHUKHDGVDQG
EXUQHUEDVHVURXWLQHO\HVSHFLDOO\DIWHUEDGVSLOORYHUV
ZKLFKFRXOGFORJWKHRSHQLQJVLQWKHEXUQHUKHDGV/LIW
RIIZKHQFRRO
7RUHPRYHEXUQHGRQIRRGVRDNWKHEXUQHUKHDGVLQD
VROXWLRQRIPLOGOLTXLGGHWHUJHQWDQGKRWZDWHUIRU²
PLQXWHV)RUPRUHVWXEERUQVWDLQVXVHDWRRWKEUXVK
$IWHUFOHDQLQJ
%HIRUHSXWWLQJWKHEXUQHUFDSVDQGKHDGVEDFNVKDNH
RXWH[FHVVZDWHUDQGWKHQ
GU\WKHPWKRURXJKO\E\VHWWLQJLQDZDUPRYHQIRU
PLQXWHV
127('RQRWXVHVWHHOZRRORUVFRXULQJSRZGHUVWRFOHDQ
WKHEXUQHUVRUHOHFWURGHV7KLVFDQGDPDJHWKHEXUQHUVDQG
HOHFWULFDOO\VKRUWWKHHOHFWURGHV
5HSODFHPHQW
7KHWRSVLGHVRIWKH5LJKW)URQW5LJKW5HDUDQG/HIW
)URQWEXUQHUKHDGVDUHPDUNHGZLWKWKHOHWWHUV´5)µ
´55µDQG´/)µUHVSHFWLYHO\WRDLGUHDVVHPEO\
:KHQUHSODFLQJPDNHVXUHWKHORFDWRUSLQVLQWKHEXUQHUKHDGDUH
VHDWHGLQWKHSLQVORWVRIWKHEXUQHUEDVH5RWDWHWKHEXUQHUKHDG
DURXQGWKHEXUQHUEDVHXQWLOLWLVOHYHODQGVHFXUHO\VHDWHG
5HSODFHWKHEXUQHUKHDGVRQWKHEDVHVPDWFKLQJWKH
OHWWHUV5HSODFHWKHFDSVRQWKHKHDGV0DNHVXUH
WKDWWKHFDSVDQGKHDGVDUHUHSODFHGLQWKHFRUUHFW
ORFDWLRQ7KHUHLVRQHVPDOORQHPHGLXPRQHODUJH
DQGRQHH[WUDODUJHKHDGDQGFDS
/RFDWRU
SLQV
3LQVORWV
)URQWRI
UDQJH
0HGLXPKHDG
QRWPDUNHG
DQGFDS
6PDOOKHDG
DQGFDS
/DUJH
KHDGDQG
FDS
([WUDODUJH
KHDGDQG
FDS
/)
55
5)
*($SSOLDQFHVFRP
background

&DUHDQGFOHDQLQJRIWKHUDQJH
<RXUUDQJHKDVWKUHHSURIHVVLRQDOVW\OHGRXEOH
JUDWHV7KHVHJUDWHVDUHSRVLWLRQVSHFLILF)RU
PD[LPXPVWDELOLW\WKHVHJUDWHVVKRXOGRQO\EH
XVHGLQWKHLUSURSHUSRVLWLRQWKH\FDQQRWEH
LQWHUFKDQJHGOHIWWRULJKW
RUIURQWWREDFN)RUFRQYHQLHQFHWKH
XQGHUVLGHVRIWKHOHIWDQGULJKWJUDWHVDUH
PDUNHG´/()7)5217µDQG´5,*+7)5217µ
0DNHVXUHWKHIURQWSRUWLRQRIERWKJUDWHVLV
LQIURQW7KHPLGGOHJUDWHKDVDERZLQIURQW
0DNHVXUHWKHERZHGSRUWLRQLVWRZDUGVWKH
IURQWRIWKHUDQJH
&OHDQLQJ
/LIWRXWZKHQFRRO*UDWHVVKRXOGEHZDVKHG
UHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV:DVK
WKHPLQKRWVRDS\ZDWHUDQGULQVHZLWKFOHDQ
ZDWHU:KHQUHSODFLQJWKHJUDWHVEHVXUH
WKH\DUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV
5HSODFHWKHJUDWHVVRWKDWFRQWLQXRXVDUFVDUH
IRUPHGZLWKWKHFHQWHUULEVRIDOOWKUHHJUDWHV
'RQRWRSHUDWHDEXUQHUIRUDQH[WHQGHGSHULRG
RIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH7KH
ILQLVKRQWKHJUDWHPD\FKLSZLWKRXWFRRNZDUH
WRDEVRUEWKHKHDW
7RJHWULGRIEXUQHGRQIRRGSODFHWKHJUDWHV
LQDFRYHUHGFRQWDLQHU$GGFXSDPPRQLD
DQGOHWWKHPVRDNVHYHUDOKRXUVRURYHUQLJKW
:DVKULQVHZHOODQGGU\
$OWKRXJKWKH\DUHGXUDEOHWKHJUDWHVZLOO
JUDGXDOO\ORVHWKHLUVKLQHUHJDUGOHVVRIWKH
EHVWFDUH\RXFDQJLYHWKHP7KLVLVGXHWRWKHLU
FRQWLQXDOH[SRVXUHWRKLJKWHPSHUDWXUHV<RX
ZLOOQRWLFHWKLVVRRQHUZLWKOLJKWHUFRORUJUDWHV
127('RQRWFOHDQWKHJUDWHVLQDVHOIFOHDQLQJ
RYHQ
&RRNWRS6XUIDFHRQSRUFHODLQFRRNWRSPRGHOV
7RDYRLGGDPDJLQJWKHSRUFHODLQHQDPHO
VXUIDFHRIWKHFRRNWRSDQGWRSUHYHQWLW
IURPEHFRPLQJGXOOFOHDQXSVSLOOVULJKWDZD\
)RRGVZLWKDORWRIDFLGWRPDWRHVVDXHUNUDXW
IUXLWMXLFHVHWFRUIRRGVZLWKKLJKVXJDU
FRQWHQWFRXOGFDXVHDGXOOVSRW
LIDOORZHGWRVHW
:KHQWKHVXUIDFHKDVFRROHGZDVKDQGULQVH
)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVHWF
ZDVKZLWKVRDSDQGZDWHURQFHWKHVXUIDFH
KDVFRROHG7KHQULQVHDQGSROLVKZLWKDGU\
FORWK
127('RQRWOLIWWKHFRRNWRS/LIWLQJWKHFRRNWRS
FDQOHDGWRGDPDJHDQGLPSURSHURSHUDWLRQRI
WKHUDQJH
7KHJUDWHVPD\EHFOHDQHGLQD
GLVKZDVKHU
$SSHDUDQFHPD\YDU\
6WDLQOHVV6WHHO6XUIDFHV
RQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFK
WKHVXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVH
ZDUPVXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHU
RUSROLVK$OZD\VZLSHWKHVXUIDFHLQWKH
GLUHFWLRQRIWKHJUDLQ)ROORZWKHFOHDQHU
LQVWUXFWLRQVIRUFOHDQLQJWKHVWDLQOHVVVWHHO
VXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHUQHDUHVW\RXSOHDVHFDOORXU
WROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU86
&DQDGD
ZZZJHDSSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
/HIW)URQW
5LJKW)URQW
&HQWHU
$UFV
127('RQRWVWRUHIODPPDEOHPDWHULDOV
LQDQXSSHURYHQRUORZHURYHQGUDZHU
RUQHDUWKHFRRNWRS'RQRWVWRUHRUXVH
FRPEXVWLEOHPDWHULDOVJDVROLQHRURWKHU
IODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\
RIWKLVRUDQ\RWKHUDSSOLDQFH
%XUQHU*UDWHV
background
*($SSOLDQFHVFRP

21/<XVH&(5$0$%5<7(
&HUDPLF&RRNWRS
&OHDQHURQWKHJODVVFRRNWRS2WKHUFUHDPV
PD\QRWEHDVHIIHFWLYH
7RPDLQWDLQDQGSURWHFWWKHVXUIDFHRI\RXU
JODVVFRRNWRSIROORZWKHVHVWHSV
%HIRUHXVLQJWKHFRRNWRSIRUWKHILUVWWLPH
FOHDQLWZLWK&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHU7KLVKHOSVSURWHFWWKH
WRSDQGPDNHVFOHDQXSHDVLHU
'DLO\XVHRI&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUZLOOKHOSNHHSWKH
FRRNWRSORRNLQJQHZ
5HPRYHWKHEXUQHUJUDWHV
6KDNHWKHFOHDQLQJFUHDPZHOO$SSO\D
IHZGURSVRI&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUGLUHFWO\WRWKHFRRNWRS
8VHDSDSHUWRZHORU&(5$0$%5<7(
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVWR
FOHDQWKHHQWLUHFRRNWRSVXUIDFH
8VHDGU\FORWKRUSDSHUWRZHOWRUHPRYH
DOOFOHDQLQJUHVLGXH1RQHHGWRULQVH%H
VXUHQRH[FHVVUHVLGXHLVOHIWRQWKH
HOHFWURGHVRUEXUQHUSDUWV
127(,WLVYHU\LPSRUWDQWWKDW\RX'2127
KHDWWKHFRRNWRSXQWLOLWKDVEHHQFOHDQHG
WKRURXJKO\
%XUQHG2Q5HVLGXH
:$51,1*'$0$*(WR\RXUJODVVVXUIDFHPD\
RFFXULI\RXXVHVFUXESDGVRWKHUWKDQWKRVH
UHFRPPHQGHG
$OORZWKHFRRNWRSWRFRRO
5HPRYHWKHEXUQHUJUDWHV6SUHDG
DIHZGURSVRI&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUWRWKHHQWLUHEXUQHG
UHVLGXHDUHD
8VLQJWKHLQFOXGHG&(5$0$%5<7(
&OHDQLQJ3DGIRU&HUDPLF&RRNWRSVUXE
WKHUHVLGXHDUHDDSSO\LQJSUHVVXUHDV
QHHGHG
,IDQ\UHVLGXHUHPDLQVUHSHDWWKHVWHSV
OLVWHGDERYHDVQHHGHG
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOOUHVLGXH
KDVEHHQUHPRYHGSROLVKWKHHQWLUH
VXUIDFHZLWK&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUDQGDSDSHUWRZHO
&OHDQ\RXUFRRNWRS
DIWHUHDFKVSLOO8VH
&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHU
7KH&(5$0$%5<7(
&HUDPLF
&RRNWRS6FUDSHUDQGDOO
UHFRPPHQGHGVXSSOLHVDUH
DYDLODEOHWKURXJKRXU3DUWV
&HQWHU6HHLQVWUXFWLRQVXQGHU´7R
2UGHU3DUWVµVHFWLRQRQQH[WSDJH
127('RQRWXVHDGXOORUQLFNHG
EODGH
+HDY\%XUQHG2Q5HVLGXH
$OORZWKHFRRNWRSWRFRRO
5HPRYHWKHEXUQHUJUDWHV
8VHDVLQJOHHGJHUD]RUEODGHVFUDSHUDW
DSSUR[LPDWHO\DDQJOHDJDLQVWWKH
JODVVVXUIDFHDQGVFUDSHWKHVRLO
,WZLOOEHQHFHVVDU\WRDSSO\SUHVVXUH
WRWKHUD]RUVFUDSHULQRUGHUWRUHPRYH
WKHUHVLGXH
$IWHUVFUDSLQJZLWKWKHUD]RUVFUDSHU
VSUHDGDIHZGURSVRI&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHUWRWKHHQWLUH
EXUQHGUHVLGXHDUHD8VHWKH
&(5$0$%5<7(
&OHDQLQJ3DGWRUHPRYH
DQ\UHPDLQLQJUHVLGXH
)RUDGGLWLRQDOSURWHFWLRQDIWHUDOOUHVLGXH
KDVEHHQUHPRYHGSROLVKWKHHQWLUH
VXUIDFHZLWK&(5$0$%5<7(
&HUDPLF
&RRNWRS&OHDQHUDQGDSDSHUWRZHO
8VHD&(5$0$%5<7(
&OHDQLQJ
3DGIRU&HUDPLF&RRNWRSVRUD
6FRWFK%ULWH

0XOWL3XUSRVH1R
6FUDWFKEOXHVFUXESDG
background
5HPRYDEOH6WRUDJH'UDZHURQVRPHPRGHOV
7KHVWRUDJHGUDZHULVDJRRGSODFHWRVWRUH
FRRNZDUHDQGEDNHZDUH'RQRWVWRUHSODVWLFV
DQGIODPPDEOHPDWHULDOLQWKHGUDZHU
7KHVWRUDJHGUDZHUPD\EHUHPRYHGIRU
FOHDQLQJXQGHUWKHUDQJH&OHDQWKHVWRUDJH
GUDZHUZLWKDGDPSFORWKRUVSRQJH1HYHUXVH
KDUVKDEUDVLYHVRUVFRXULQJSDGV
7RUHPRYHVWRUDJHGUDZHU
3XOOGUDZHUVWUDLJKWRXWXQWLOLWVWRSV
7LOWWKHIURQWRIWKHGUDZHUXSDQGIUHHRI
WKHUDQJH
7RUHSODFHVWRUDJHGUDZHU
6HWWKHVWRSVRQWKHEDFNRIWKHGUDZHU
RYHUWKHVWRSVLQWKHUDQJH
6OLGHGUDZHUHYHQO\DQGVWUDLJKWEDFNVR
WKDWWKHUDLOVLQWKHUDQJHDUHHQJDJHG
7KHVWRUDJHGUDZHUPD\EH
UHPRYHGIRUFOHDQLQJXQGHUWKH
UDQJH

7XUQRIIDOOVXUIDFHEXUQHUVDQGZLWKDQ
RYHQPLWWUHPRYHKRWSDQVDQGJUDWHV
:HDULQJDQRYHQPLWW
D8VHDVLQJOHHGJHUD]RUEODGHVFUDSHU
&(5$0$%5<7(
&HUDPLF&RRNWRS
6FUDSHUWRPRYHWKHVSLOOWRDFRRODUHD
RQWKHFRRNWRS
E5HPRYHWKHVSLOOZLWKSDSHUWRZHOV
$Q\UHPDLQLQJVSLOORYHUVKRXOGEHOHIWXQWLO
WKHVXUIDFHRIWKHFRRNWRSKDVFRROHG
'RQ·WXVHWKHVXUIDFHXQLWVDJDLQXQWLODOO
RIWKHUHVLGXHKDVEHHQFRPSOHWHO\
UHPRYHG
127(,ISLWWLQJRULQGHQWDWLRQLQWKHJODVV
VXUIDFHKDVDOUHDG\RFFXUUHGWKHFRRNWRSJODVV
ZLOOKDYHWREHUHSODFHG,QWKLVFDVHVHUYLFHZLOO
EHQHFHVVDU\
'DPDJHIURP6XJDU\6SLOOVDQG0HOWHG3ODVWLF
7RRUGHU&(5$0$%5<7(
&HUDPLF&RRNWRS
&OHDQHUDQGWKHFRRNWRSVFUDSHUSOHDVHFDOO
RXUWROOIUHHQXPEHU
1DWLRQDO3DUWV
&HQWHU 86
&DQDGD
&(5$0$%5<7(
&HUDPLF&RRNWRS&OHDQHU:;;
&(5$0$%5<7(
&HUDPLF&RRNWRS6FUDSHU:;;
.LW:%;
.LWLQFOXGHVFUHDPDQGUD]RUVFUDSHU
&(5$0$%5<7(
&OHDQLQJ3DGV
IRU&HUDPLF&RRNWRSV :;;
7R2UGHU3DUWV
&OHDQLQJWKHJODVVFRRNWRSRQVRPHPRGHOV
*ODVVVXUIDFH³SRWHQWLDOIRUSHUPDQHQWGDPDJH
2XUWHVWLQJVKRZVWKDWLI
\RXDUHFRRNLQJKLJKVXJDU
PL[WXUHVVXFKDVMHOO\RU
IXGJHDQGKDYHDVSLOORYHU
LWFDQFDXVHSHUPDQHQW
GDPDJHWRWKHJODVV
VXUIDFHXQOHVVWKHVSLOORYHU
LVLPPHGLDWHO\UHPRYHG
7RFOHDQWKHFRRNWRSVHDODURXQGWKHHGJHV
RIWKHJODVVOD\DZHWFORWKRQLWIRUDIHZ
PLQXWHVWKHQZLSHFOHDQZLWKQRQDEUDVLYH
FOHDQHUV
&RRNWRS6HDO
background
*($SSOLDQFHVFRP
/LIW2II2YHQ'RRU
7KHRYHQGRRULVUHPRYDEOHEXWLWLVKHDY\<RX
PD\QHHGKHOSUHPRYLQJDQGUHSODFLQJWKHGRRU
7RUHPRYHWKHGRRU RSHQLWDIHZLQFKHVWR
WKHVSHFLDOVWRSSRVLWLRQWKDWZLOOKROGWKHGRRU
RSHQ*UDVSILUPO\RQHDFKVLGHDQGOLIWWKHGRRU
VWUDLJKWXSDQGRIIWKHKLQJHV
127(%HFDUHIXOQRWWRSODFHKDQGVEHWZHHQ
WKHKLQJHDQGWKHRYHQGRRUIUDPHVLQFHWKH
KLQJHFRXOGVQDSEDFNDQGSLQFKILQJHUV
7RUHSODFHWKHGRRU PDNHVXUHWKHKLQJHVDUH
LQWKHVSHFLDOVWRSSRVLWLRQ3RVLWLRQWKHVORWV
LQWKHERWWRPRIWKHGRRUVTXDUHO\RYHUWKH
KLQJHV7KHQORZHUWKHGRRUVORZO\DQGHYHQO\
RYHUERWKKLQJHVDWWKHVDPHWLPH,IWKHKLQJHV
VQDSEDFNDJDLQVWWKHRYHQIUDPHSXOOWKHP
EDFNRXW
7RFOHDQWKHLQVLGHRIWKHGRRU
'RQRWDOORZH[FHVVZDWHUWRUXQLQWRDQ\
KROHVRUVORWVLQWKHGRRU
%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLVFOHDQHG
GXULQJWKHVHOIFOHDQF\FOH\RXGRQRWQHHG
WRFOHDQWKLVE\KDQG$Q\VRDSOHIWRQWKH
OLQHUFDXVHVDGGLWLRQDOVWDLQVZKHQWKHRYHQ
LVKHDWHG
7KHDUHDRXWVLGHWKHJDVNHWFDQEHFOHDQHG
ZLWKDVRDSILOOHGVFRXULQJSDG
7RFOHDQWKHRXWVLGHRIWKHGRRU
8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH
WRSVLGHVDQGIURQWRIWKHRYHQGRRU5LQVH
ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR
FOHDQWKHJODVVRQWKHRXWVLGHRIWKHGRRU
6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ
DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOGEH
ZLSHGXSLPPHGLDWHO\:KHQWKHVXUIDFHLV
FRROFOHDQDQGULQVH
'RQRWXVHRYHQFOHDQHUVFOHDQVLQJSRZGHUV
RUKDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU
2YHQ%RWWRP
7KHRYHQERWWRPKDVDSRUFHODLQHQDPHOILQLVK
7RPDNHFOHDQLQJHDVLHUSURWHFWWKHRYHQ
ERWWRPIURPH[FHVVLYHVSLOORYHUVE\SODFLQJD
FRRNLHVKHHWRQWKHUDFNEHORZWKHUDFN\RXDUH
FRRNLQJRQ7KLVLVSDUWLFXODUO\LPSRUWDQWZKHQ
EDNLQJDIUXLWSLHRURWKHUIRRGVZLWKDKLJKDFLG
FRQWHQW+RWIUXLWILOOLQJVRURWKHUIRRGVWKDWDUH
KLJKO\DFLGLFVXFKDVWRPDWRHVVDXHUNUDXWDQG
VDXFHVZLWKYLQHJDURUOHPRQMXLFHPD\FDXVH
SLWWLQJDQGGDPDJHWRWKHSRUFHODLQHQDPHO
VXUIDFHDQGVKRXOGEHZLSHGXSLPPHGLDWHO\
DIWHURYHQFRROV
7RFOHDQXSVSLOORYHUVXVHVRDSDQGZDWHUDQ
DEUDVLYHFOHDQHURUVRDSILOOHGVFRXULQJSDG
5LQVHZHOOWRUHPRYHDQ\VRDSEHIRUHVHOI
FOHDQLQJ
/LIWWKHGRRUVWUDLJKWXSDQGRII
WKHKLQJHV
7KHJDVNHWLVGHVLJQHGZLWKDJDS
DWWKHERWWRPWRDOORZIRUSURSHU
DLUFLUFXODWLRQ
'RQRWUXERUFOHDQWKHGRRU
JDVNHW³LWKDVDQH[WUHPHO\ORZ
UHVLVWDQFHWRDEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJ
ZRUQIUD\HGRUGDPDJHGLQDQ\
ZD\RULILWKDVEHFRPHGLVSODFHG
RQWKHGRRU\RXVKRXOGKDYHLW
UHSODFHG

2YHQ$LU9HQWV
1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKH
UDQJH7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDW
DUHQHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\
ZLWKFRUUHFWFRPEXVWLRQ
$LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKH
FRRNWRSDWWKHWRSDQGERWWRPRIWKHRYHQ
GRRUDQGDWWKHERWWRPRIWKHUDQJHXQGHUWKH
ZDUPLQJGUDZHUVWRUDJHGUDZHURUNLFNSDQHO
GHSHQGLQJRQWKHPRGHO
9HQWDSSHDUDQFHDQGORFDWLRQ
YDU\
background
:LUHFRYHUKROGHU
2YHQ5DFNV
&OHDQWKHUDFNVZLWKDQDEUDVLYHFOHDQVHURU
VFRXULQJSDG$IWHUFOHDQLQJULQVHWKHUDFNV
ZLWKFOHDQZDWHUDQGGU\ZLWKDFOHDQFORWK
,IWKHUDFNVHYHUEHFRPHKDUGWRVOLGHZLSH
WKHUDFNHGJHVRURYHQUDFNVXSSRUWVZLWK
YHJHWDEOHRLO
127(7DNHWKHUDFNVRXWRIWKHRYHQEHIRUH\RX
EHJLQWKHVHOIFOHDQF\FOHRUWKH\PD\GLVFRORU
2YHQ/LJKW5HSODFHPHQW
&$87,21%HIRUHUHSODFLQJ\RXU
RYHQOLJKWEXOEGLVFRQQHFWWKHHOHFWULFDOSRZHU
WRWKHUDQJHDWWKHPDLQIXVHRUFLUFXLWEUHDNHU
SDQHO%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7KHRYHQOLJKWEXOELVFRYHUHGZLWKDUHPRYDEOH
JODVVFRYHUWKDWLVKHOGLQSODFHZLWKD
EDLOVKDSHGZLUH5HPRYHWKHRYHQGRRULI
GHVLUHGWRUHDFKFRYHUHDVLO\
7RUHPRYH
+ROGDKDQGXQGHUWKHFRYHUVRLWGRHVQ·W
IDOOZKHQUHOHDVHG:LWKILQJHUVRIWKH
VDPHKDQGILUPO\SXVKEDFNWKHZLUH
FRYHUKROGHU/LIWRIIWKHFRYHU
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKH
FRYHU
'RQRWWRXFKKRWEXOEZLWKDZHWFORWK
5HSODFHEXOEZLWKDZDWWKRXVHKROG
DSSOLDQFHEXOE
7RUHSODFHFRYHU
3ODFHLWLQWRWKHJURRYHRIWKHOLJKW
UHFHSWDFOH3XOOWKHZLUHIRUZDUGWRWKH
FHQWHURIWKHFRYHUXQWLOLWVQDSVLQWRSODFH
:KHQLQSODFHWKHZLUHKROGVWKHFRYHU
ILUPO\%HFHUWDLQWKHZLUHLVLQWKH
GHSUHVVLRQLQWKHFHQWHURIWKHFRYHU
&RQQHFWHOHFWULFDOSRZHUWRWKHUDQJH

&DUHDQGFOHDQLQJRIWKHUDQJH
/RZHU&RQWURO3DQHO)URQW0DQLIROG3DQHODQG.QREV
,W·VDJRRGLGHDWRZLSHWKHFRQWUROSDQHODIWHU
HDFKXVHRIWKHRYHQ8VHDGDPSFORWKWR
FOHDQRUULQVH)RUFOHDQLQJXVHPLOGVRDSDQG
ZDWHURUDVROXWLRQRIYLQHJDUDQGZDWHU
)RUULQVLQJXVHFOHDQZDWHU3ROLVKGU\ZLWKD
VRIWFORWK
'RQRWXVHDEUDVLYHFOHDQVHUVVWURQJOLTXLG
FOHDQHUVSODVWLFVFRXULQJSDGVRURYHQFOHDQHUV
RQWKHFRQWUROSDQHO³WKH\ZLOOGDPDJHWKH
ILQLVK
'RQRWEHQGNQREVE\SXOOLQJWKHPXSRUGRZQ
RUE\KDQJLQJDWRZHORURWKHUVXFKORDGV7KLV
FDQGDPDJHWKHJDVYDOYHVKDIW
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQV
DQGSXOOWKHPVWUDLJKWRIIWKHVWHPVIRU
FOHDQLQJ
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURU
WKH\PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU
0DNHVXUHWKHLQVLGHVRIWKHNQREVDUHGU\
EHIRUHUHSODFLQJ
5HSODFHWKHNQREVLQWKH2))SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW
0HWDOSDUWVFDQEHFOHDQHGZLWKVRDSDQG
ZDWHU'RQRWXVHVWHHOZRRODEUDVLYHV
DPPRQLDDFLGVRUFRPPHUFLDORYHQFOHDQHUV
'U\ZLWKDVRIWFORWK
3XOOWKHNQREVWUDLJKWRIIWKHVWHP
+HDY\'XW\2YHQ5DFNVRQVRPHPRGHOV
&OHDQWKHUDFNVZLWKDQDEUDVLYHFOHDQVHU
7KHRYHQUDFNVPD\EHFOHDQHGLQWKHVHOI
FOHDQLQJRYHQ+RZHYHUWKHUDFNVZLOOGDUNHQLQ
FRORUORVHWKHLUOXVWHUDQGEHFRPHKDUGWRVOLGH
LIFOHDQHGGXULQJWKHVHOIFOHDQLQJF\FOH
7RPDNHWKHUDFNVVOLGHPRUHHDVLO\DSSO\D
VPDOODPRXQWRIYHJHWDEOHRLORUFRRNLQJRLOWR
DSDSHUWRZHODQGZLSHWKHHGJHVRIWKHRYHQ
UDFNVZLWKWKHSDSHUWRZHO
background
,QVWDOODWLRQ,QVWUXFWLRQV
5DQJH
,I\RXKDYHTXHVWLRQVFDOO*(&$5(6RUYLVLWRXU:HEVLWHDW*($SSOLDQFHVFRP
%()25(<28%(*,1
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,QVWDOODWLRQRIWKLVUDQJHPXVWFRQIRUPZLWKORFDO
FRGHVRULQWKHDEVHQFHRIORFDOFRGHVZLWKWKH
1DWLRQDO)XHO*DV&RGH$16,=1)3$ODWHVW
HGLWLRQ,Q&DQDGDLQVWDOODWLRQPXVWFRQIRUPZLWK
WKHFXUUHQW1DWXUDO*DV,QVWDOODWLRQ&RGH&$1
&*$%RUWKHFXUUHQW3URSDQH,QVWDOODWLRQ
&RGH&$1&*$%DQGZLWKORFDOFRGHVZKHUH
DSSOLFDEOH7KLVUDQJHKDVEHHQGHVLJQFHUWLILHG
E\&6$,QWHUQDWLRQDODFFRUGLQJWR$16,=ODWHVW
HGLWLRQDQG&DQDGLDQ*DV$VVRFLDWLRQDFFRUGLQJ
WR&$1&*$ODWHVWHGLWLRQ
$VZLWKDQ\DSSOLDQFHXVLQJJDVDQGJHQHUDWLQJKHDW
WKHUHDUHFHUWDLQVDIHW\SUHFDXWLRQV\RXVKRXOGIROORZ
<RXZLOOILQGWKHVHSUHFDXWLRQVLQWKH,PSRUWDQW6DIHW\
,QIRUPDWLRQVHFWLRQLQWKHIURQWRIWKLVPDQXDO5HDG
WKHPFDUHIXOO\
,03257$17²6DYHWKHVHLQVWUXFWLRQV
IRUORFDOHOHFWULFDOLQVSHFWRU·VXVH
,03257$17²2EVHUYHDOOJRYHUQLQJFRGHV
DQGRUGLQDQFHV
1RWHWR,QVWDOOHU²%HVXUHWROHDYHWKHVH
LQVWUXFWLRQVZLWKWKH&RQVXPHU
1RWHWR&RQVXPHU².HHSWKHVHLQVWUXFWLRQV
IRUIXWXUHUHIHUHQFH
1RWH²7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG
6HUYLFHU²7KHHOHFWULFDOGLDJUDPLVLQDQHQYHORSH
DWWDFKHGWRWKHEDFNRIWKHUDQJH
6NLOOOHYHO²,QVWDOODWLRQRIWKLVDSSOLDQFHUHTXLUHVEDVLF
PHFKDQLFDOVNLOOV
3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU
3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRWFRYHUHG
XQGHUWKH:DUUDQW\
)25<2856$)(7<
'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOVJDVROLQHRU
RWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\RIWKLV
RUDQ\RWKHUDSSOLDQFH
,I\RXVPHOOJDV
2SHQZLQGRZV
'RQ·WWRXFKHOHFWULFDOVZLWFKHV
([WLQJXLVKDQ\RSHQIODPH
,PPHGLDWHO\FDOO\RXUJDVVXSSOLHU
722/6<28:,//1(('
0$7(5,$/6<280$<1(('
*DVOLQHVKXWRIIYDOYH
3LSHMRLQWVHDODQWRU8/DSSURYHGSLSHWKUHDGWDSH
ZLWK7HIORQWKDWUHVLVWVDFWLRQRIQDWXUDODQG/3JDVHV
)OH[LEOHPHWDODSSOLDQFHFRQQHFWRUļ,'
$IRRWOHQJWKLVUHFRPPHQGHGIRUHDVHRILQVWDOODWLRQ
EXWRWKHUOHQJWKVDUHDFFHSWDEOH1HYHUXVHDQROG
FRQQHFWRUZKHQLQVWDOOLQJDQHZUDQJH
)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRJDVVXSSO\OLQH
ļRUļ137[ļ,'
)ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRSUHVVXUHUHJXODWRU
RQUDQJHļ137[ļ,'
/LTXLGOHDNGHWHFWRURUVRDS\ZDWHU
/DJEROWRUļ2'VOHHYHDQFKRUIRUFRQFUHWHIORRUV
RQO\
7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
)ODWEODGHVFUHZGULYHU
3LSHZUHQFKHV
RQHIRUEDFNXS
3KLOOLSVVFUHZGULYHU
2SHQHQGRU
DGMXVWDEOHZUHQFK
3HQFLODQGUXOHU
/HYHO
,QWKH&RPPRQZHDOWKRI0DVVDFKXVHWWV
7KLVSURGXFWPXVWEHLQVWDOOHGE\DOLFHQVHGSOXPEHU
RUJDVILWWHU
:KHQXVLQJEDOOW\SHJDVVKXWRIIYDOYHVWKH\VKDOO
EHWKH7KDQGOHW\SH
$IOH[LEOHJDVFRQQHFWRUZKHQXVHGPXVWQRWH[FHHG
IHHW
'ULOODZORUQDLO
3$57,1&/8'('
$QWL7LSEUDFNHWNLW

background
,QVWDOODWLRQ,QVWUXFWLRQV
:$51,1*
,167$//$7,216$)(7<
,16758&7,216
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,PSURSHULQVWDOODWLRQDGMXVWPHQWDOWHUDWLRQVHUYLFH
RUPDLQWHQDQFHFDQFDXVHLQMXU\RUSURSHUW\GDPDJH
5HIHUWRWKLVPDQXDO)RUDVVLVWDQFHRUDGGLWLRQDO
LQIRUPDWLRQFRQVXOWDTXDOLILHGLQVWDOOHUVHUYLFHDJHQF\
PDQXIDFWXUHUGHDOHURUWKHJDVVXSSOLHU
1HYHUUHXVHROGIOH[LEOHFRQQHFWRUV7KHXVHRIROGIOH[LEOH
FRQQHFWRUVFDQFDXVHJDVOHDNVDQGSHUVRQDOLQMXU\$OZD\V
XVH1(: IOH[LEOHFRQQHFWRUVZKHQLQVWDOOLQJ
DJDVDSSOLDQFH
,03257$17²5HPRYHDOOSDFNLQJPDWHULDO
DQGOLWHUDWXUHIURPRYHQEHIRUHFRQQHFWLQJJDVDQG
HOHFWULFDOVXSSO\WRUDQJH
&$87,21²'RQRWDWWHPSWWRRSHUDWH
WKHRYHQRIWKLVUDQJHGXULQJDSRZHUIDLOXUH(OHFWULF
,JQLWLRQPRGHOVRQO\
+DYH\RXUUDQJHLQVWDOOHGE\DTXDOLILHGLQVWDOOHU
<RXUUDQJHPXVWEHHOHFWULFDOO\JURXQGHGLQDFFRUGDQFH
ZLWKORFDOFRGHVRULQWKHDEVHQFHRIORFDOFRGHVLQ
DFFRUGDQFHZLWKWKH1DWLRQDO(OHFWULFDO&RGH$16,1)3$
ODWHVWHGLWLRQ,Q&DQDGDHOHFWULFDOJURXQGLQJPXVW
EHLQDFFRUGDQFHZLWKWKHFXUUHQW&6$&&DQDGLDQ
(OHFWULFDO&RGH3DUWDQGRUORFDOFRGHV6HH(OHFWULFDO
&RQQHFWLRQVLQWKLVVHFWLRQ
%HIRUHLQVWDOOLQJ\RXUUDQJHRQOLQROHXPRUDQ\RWKHU
V\QWKHWLFIORRUFRYHULQJPDNHVXUHWKHIORRUFRYHULQJ
FDQZLWKVWDQG)ZLWKRXWVKULQNLQJZDUSLQJRU
GLVFRORULQJ'RQRWLQVWDOOWKHUDQJHRYHUFDUSHWLQJ
XQOHVVDVKHHWRIļWKLFNSO\ZRRGRUVLPLODULQVXODWRU
LVSODFHGEHWZHHQWKHUDQJHDQGFDUSHWLQJ
0DNHVXUHWKHZDOOFRYHULQJVDURXQGWKHUDQJHFDQ
ZLWKVWDQGKHDWJHQHUDWHGE\WKHUDQJHXSWR)
$YRLGSODFLQJFDELQHWVDERYHWKHUDQJH7RUHGXFH
WKHKD]DUGFDXVHGE\UHDFKLQJRYHUWKHRSHQIODPHV
RIRSHUDWLQJEXUQHUVLQVWDOODYHQWLODWLRQKRRGRYHUWKH
UDQJHWKDWSURMHFWVIRUZDUGDWOHDVWļEH\RQGWKHIURQW
RIWKHFDELQHWV
7KHYHQWLODWLQJKRRGPXVWEHFRQVWUXFWHGRIVKHHWPHWDO
QRWOHVVWKDQļWKLFN,QVWDOODERYHWKHFRRNWRS
ZLWKDFOHDUDQFHRIQRWOHVVWKDQļEHWZHHQWKH
KRRGDQGWKHXQGHUVLGHRIWKHFRPEXVWLEOHPDWHULDORU
PHWDOFDELQHW7KHKRRGPXVWEHDWOHDVWDVZLGHDVWKH
DSSOLDQFHDQGFHQWHUHGRYHUWKHDSSOLDQFH&OHDUDQFH
EHWZHHQWKHFRRNLQJVXUIDFHDQGWKHYHQWLODWLRQKRRG
VXUIDFH08671(9(5%(/(667+$1,1&+(6
(;&(37,21,QVWDOODWLRQRIDOLVWHGPLFURZDYHRYHQ
RUFRRNLQJDSSOLDQFHRYHUWKHFRRNWRSVKDOOFRQIRUP
WRWKHLQVWDOODWLRQLQVWUXFWLRQVSDFNHGZLWKWKDWDSSOLDQFH
,IFDELQHWVDUHSODFHGDERYHWKHUDQJHDOORZDPLQLPXP
FOHDUDQFHRIļEHWZHHQWKHFRRNLQJVXUIDFHDQGWKH
ERWWRPRIXQSURWHFWHGFDELQHWV
,IDļFOHDUDQFHEHWZHHQFRRNLQJVXUIDFHDQG
RYHUKHDGFRPEXVWLEOHPDWHULDORUPHWDOFDELQHWVFDQQRW
EHPDLQWDLQHGSURWHFWWKHXQGHUVLGHRIWKHFDELQHWV
DERYHWKHFRRNWRSZLWKQRWOHVVWKDQļLQVXODWLQJ
PLOOERDUGFRYHUHGZLWKVKHHWPHWDOQRWOHVVWKDQ
ļWKLFN&OHDUDQFHEHWZHHQWKHFRRNLQJVXUIDFH
DQGSURWHFWHGFDELQHWV08671(9(5%(/(667+$1
,1&+(6
7KHYHUWLFDOGLVWDQFHIURPWKHSODQHRIWKHFRRNLQJ
VXUIDFHWRWKHERWWRPRIDGMDFHQWRYHUKHDGFDELQHWV
H[WHQGLQJFORVHUWKDQļWRWKHSODQHRIWKHUDQJHVLGHV
PXVWQRWEHOHVVWKDQļ6HHWKH'LPHQVLRQVDQG
&OHDUDQFHV LOOXVWUDWLRQLQWKLVVHFWLRQ
&$87,21²,WHPVRILQWHUHVWWRFKLOGUHQ
VKRXOGQRWEHVWRUHGLQFDELQHWVDERYHDUDQJHRURQWKH
EDFNVSODVKRIDUDQJH³FKLOGUHQFOLPELQJRQWKHUDQJH
WRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG

,03257$17
5HPRYHDOOWDSHDQGSDFNDJLQJ0DNHVXUHWKHEXUQHUV
DUHSURSHUO\VHDWHGDQGOHYHO
/LIWXSWKHFRRNWRSRQPRGHOVZLWKVWDQGDUGWZLQ
EXUQHUVDQGUHPRYHDQ\SDFNLQJPDWHULDOXQGHULW
7DNHWKHDFFHVVRU\SDFNRXWRIWKHRYHQDQGRUGUDZHU
&KHFNWREHVXUHWKDWQRUDQJHSDUWVKDYHFRPHORRVH
GXULQJVKLSSLQJ
background

,QVWDOODWLRQ,QVWUXFWLRQV
',0(16,216$1'&/($5$1&(6
3URYLGHDGHTXDWHFOHDUDQFHVEHWZHHQWKHUDQJHDQGDGMDFHQWFRPEXVWLEOHVXUIDFHV7KHVHGLPHQVLRQVPXVWEHPHWIRUVDIH
XVHRI\RXUUDQJH7KHORFDWLRQRIWKHHOHFWULFDORXWOHWDQGSLSHRSHQLQJVHH*DV3LSHDQG(OHFWULF2XWOHW/RFDWLRQVPD\EH
DGMXVWHGWRPHHWVSHFLILFUHTXLUHPHQWV
7KHUDQJHPD\EHSODFHGZLWKļFOHDUDQFHIOXVKDWWKHEDFNZDOO
7RFDELQHWV
EHORZFRRNWRS
DQGDWWKH
UDQJHEDFN
µ
µ
µ
µ
0LQLPXP
µ
7RZDOORQHLWKHUVLGH
VWDQGDUGEXUQHUPRGHOV
7RZDOORQHLWKHUVLGH
VHDOHGEXUQHUPRGHOV
0D[LPXP
GHSWKIRU
FDELQHWVDERYH
FRXQWHUWRSV
)URQWHGJHRI
WKHUDQJHVLGH
SDQHOIRUZDUG
IURPFDELQHW
µ
µ0LQLPXP
µ
0LQLPXP
0LQLPXP
WRFDELQHWV
RQHLWKHU
VLGHRIWKH
UDQJH
µ
7RFDELQHWVEHORZ
FRRNWRSDQGDW
WKHUDQJHEDFN
µ
µ
µ
0LQLPXP
µ
0LQLPXP
FOHDUDQFH
WRULJKWZDOO
0D[LPXP
GHSWKIRU
FDELQHWVDERYH
FRXQWHUWRSV
)URQWHGJHRI
WKHUDQJHVLGH
SDQHOIRUZDUG
IURPFDELQHW
µ
µ0LQLPXP
µ
0LQLPXP
0LQLPXP
WRFDELQHWV
RQHLWKHU
VLGHRIWKH
UDQJH
µ
µ
0LQLPXP
FOHDUDQFH
WROHIWZDOO
background
,QVWDOODWLRQ,QVWUXFWLRQV

:$51,1*$17,7,3'(9,&(
7RUHGXFHWKHULVNRIWLSSLQJWKHUDQJHWKHUDQJHPXVW
EHVHFXUHGE\DSURSHUO\LQVWDOOHGDQWLWLSEUDFNHW6HH
LQVWDOODWLRQLQVWUXFWLRQVVKLSSHGZLWKWKHEUDFNHWIRU
FRPSOHWHGHWDLOVEHIRUHDWWHPSWLQJWRLQVWDOO
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\
FDUHIXOO\WLSWKHUDQJHIRUZDUG7KHEUDFNHWVKRXOGVWRS
WKHUDQJHZLWKLQLQFKHV,ILWGRHVQRWWKHEUDFNHWPXVW
EHUHLQVWDOOHG,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\
UHDVRQDOZD\VUHSHDWWKLVSURFHGXUHWRYHULI\WKHUDQJH
LVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
)RUIUHHVWDQGLQJRUVOLGHLQUDQJHVQHYHUFRPSOHWHO\
UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXU
SXUFKDVHFDOOWRUHFHLYHRQHDWQR
FRVWLQ&DQDGDFDOO)RULQVWDOODWLRQ
LQVWUXFWLRQVRIWKHEUDFNHWYLVLW*($SSOLDQFHVFRP
LQ&DQDGD*($SSOLDQFHVFD
)RU\RXUVDIHW\QHYHUXVH\RXUUDQJHIRUZDUPLQJ
RUKHDWLQJWKHURRP<RXURYHQDQGFRRNWRSDUHQRW
GHVLJQHGWRKHDW\RXUNLWFKHQ7RSEXUQHUVVKRXOG
QRWEHRSHUDWHGZLWKRXWFRRNZDUHRQWKHJUDWH6XFK
DEXVHFRXOGUHVXOWLQILUHDQGGDPDJHWR\RXUUDQJH
DQGZLOOYRLG\RXUZDUUDQW\
'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOVJDVROLQHRU
RWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\RI
WKLVRUDQ\RWKHUDSSOLDQFH([SORVLRQVRUILUHVFRXOG
UHVXOW
'RQRWXVHRYHQIRUDVWRUDJHDUHD,WHPVVWRUHG
LQWKHRYHQFDQLJQLWH
'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOH
PDWHULDOVDFFXPXODWHLQRUQHDUWKHUDQJH
µWR
øµ
'HSWKZLWKGRRUFORVHGLQFOXGHVGRRUKDQGOH
'HSWKYDULHVGHSHQGLQJRQPRGHO
6HHVSHFLILFDWLRQVVKHHWIRU\RXUPRGHO
µ

øµøµ
'HSWKZLWKGRRURSHQ

øµ
+HLJKW

øµ
background

,QVWDOODWLRQ,QVWUXFWLRQV
/2&$7,21
'RQRWORFDWHWKHUDQJHZKHUHLWPD\EHVXEMHFWWR
VWURQJGUDIWV$Q\RSHQLQJVLQWKHIORRURUZDOOEHKLQG
WKHUDQJHVKRXOGEHVHDOHG0DNHVXUHWKHRSHQLQJV
DURXQGWKHEDVHRIWKHUDQJHWKDWVXSSO\IUHVKDLU
IRUFRPEXVWLRQDQGYHQWLODWLRQDUHQRWREVWUXFWHGE\
FDUSHWLQJRUZRRGZRUN
<RXUUDQJHOLNHPDQ\RWKHUKRXVHKROGLWHPVLVKHDY\DQG
FDQVHWWOHLQWRVRIWIORRUFRYHULQJVVXFKDVFXVKLRQHGYLQ\O
RUFDUSHWLQJ8VHFDUHZKHQPRYLQJWKHUDQJHRQWKLVW\SH
RIIORRULQJ,WLVUHFRPPHQGHGWKDWWKHIROORZLQJVLPSOHDQG
LQH[SHQVLYHLQVWUXFWLRQVEHIROORZHGWRSURWHFW\RXUIORRU
7KHUDQJHVKRXOGEHLQVWDOOHGRQDVKHHWRISO\ZRRG
RUVLPLODUPDWHULDO:KHQWKHIORRUFRYHULQJHQGVDW
WKHIURQWRIWKHUDQJHWKHDUHDWKDWWKHUDQJHZLOOUHVW
RQVKRXOGEHEXLOWXSZLWKSO\ZRRGWRWKHVDPHOHYHO
RUKLJKHUWKDQWKHIORRUFRYHULQJ
7KLVZLOODOORZWKHUDQJHWREHPRYHGIRUFOHDQLQJ
RUVHUYLFLQJ$OVRPDNHVXUH\RXUIORRUFRYHULQJZLOO
ZLWKVWDQG)6HHWKH,QVWDOODWLRQ6DIHW\,QVWUXFWLRQV
VHFWLRQ
0DNHVXUHWKHZDOOFRYHULQJVDURXQG\RXUUDQJHFDQ
ZLWKVWDQGWKHKHDWJHQHUDWHGXSWR)E\WKHUDQJH
6HHWKH,QVWDOODWLRQ6DIHW\,QVWUXFWLRQV VHFWLRQ
3529,'($'(48$7(*$66833/<
7KLVUDQJHLVGHVLJQHGIRUDQRSHUDWLQJPDQLIROG
SUHVVXUHRIµRUµZDWHUFROXPQ:&RQQDWXUDOJDV
VHHUDWLQJODEHORQSURGXFWRUµ:&RQ/3JDV
7KLVUDQJHFRPHVIURPWKHIDFWRU\VHWIRUXVHRQQDWXUDO
JDVEXWLWLVFRQYHUWLEOHIRUXVHRQ/3JDV,I\RXGHFLGH
WRXVHWKLVUDQJHRQ/3JDVFRQYHUVLRQPXVWEHPDGHE\
DTXDOLILHG/3LQVWDOOHUEHIRUHDWWHPSWLQJWRRSHUDWHWKH
UDQJH
)RUSURSHURSHUDWLRQWKHLQOHWSUHVVXUHWRWKHUHJXODWRU
VKRXOGEHDWOHDVWµ:&DERYHWKHRSHUDWLQJPDQLIROG
SUHVVXUHEXWPXVWQRWH[FHHGµ:&
7KHSUHVVXUHUHJXODWRUORFDWHGDWWKHLQOHWRIWKHUDQJH
PDQLIROGPXVWUHPDLQLQWKHVXSSO\OLQHUHJDUGOHVVRI
ZKHWKHUQDWXUDORU/3JDVLVEHLQJXVHG:KHQFKHFNLQJ
IRUSURSHURSHUDWLRQRIWKHUHJXODWRUWKHLQOHWSUHVVXUH
PXVWEHDWOHDVWµJUHDWHUWKDQWKHRSHUDWLQJPDQLIROG
SUHVVXUH
$IOH[LEOHPHWDODSSOLDQFHFRQQHFWRUXVHGWRFRQQHFWWKH
UDQJHWRWKHJDVVXSSO\OLQHVKRXOGKDYHDQ,'RIòµ
DQGEHIHHWLQOHQJWKIRUHDVHRILQVWDOODWLRQ,Q&DQDGD
IOH[LEOHFRQQHFWRUVPXVWEHVLQJOHZDOOPHWDOFRQQHFWRUVQR
ORQJHUWKDQIHHWLQOHQJWK
&211(&77+(5$1*(72*$6
6KXWRIIWKHPDLQJDVVXSSO\YDOYHEHIRUHGLVFRQQHFWLQJ
WKHROGUDQJHDQGOHDYHLWRIIXQWLOWKHQHZKRRNXSKDV
EHHQFRPSOHWHG'RQ·WIRUJHWWRUHOLJKWWKHSLORWRQRWKHU
JDVDSSOLDQFHVZKHQ\RXWXUQWKHJDVEDFNRQ
%HFDXVHKDUGSLSLQJUHVWULFWVPRYHPHQWRIWKHUDQJH
WKHXVHRID&6$,QWHUQDWLRQDOFHUWLILHGIOH[LEOHPHWDO
DSSOLDQFHFRQQHFWRULVUHFRPPHQGHGXQOHVVORFDOFRGHV
UHTXLUHDKDUGSLSHGFRQQHFWLRQ
1HYHUXVHDQROGFRQQHFWRUZKHQLQVWDOOLQJDQHZUDQJH
,IWKHKDUGSLSLQJPHWKRGLVXVHG\RXPXVWFDUHIXOO\DOLJQ
WKHSLSHWKHUDQJHFDQQRWEHPRYHGDIWHUWKHFRQQHFWLRQ
LVPDGH
7RSUHYHQWJDVOHDNVSXWSLSHMRLQWFRPSRXQGRQRUZUDS
SLSHWKUHDGWDSHZLWK7HIORQDURXQGDOOPDOHH[WHUQDO
SLSHWKUHDGV
$,QVWDOODPDQXDOJDVOLQHVKXWRIIYDOYHLQWKHJDVOLQH
LQDQHDVLO\DFFHVVHGORFDWLRQRXWVLGHRIWKHUDQJH
0DNHVXUHHYHU\RQHRSHUDWLQJWKHUDQJHNQRZVZKHUH
DQGKRZWRVKXWRIIWKHJDVVXSSO\WRWKHUDQJH
%,QVWDOOPDOHļIODUHXQLRQDGDSWHUWRWKHļ137
LQWHUQDOWKUHDGDWLQOHWRIUHJXODWRU8VHDEDFNXSZUHQFK
RQWKHUHJXODWRUILWWLQJWRDYRLGGDPDJH
%:KHQLQVWDOOLQJWKHUDQJHIURPWKHIURQWUHPRYHWKH
HOERZIRUHDVLHULQVWDOODWLRQ
&,QVWDOOPDOHļRUļIODUHXQLRQDGDSWHUWRWKH137
LQWHUQDOWKUHDGRIWKHPDQXDOVKXWRIIYDOYHWDNLQJFDUH
WREDFNXSWKHVKXWRIIYDOYHWRNHHSLWIURPWXUQLQJ
'&RQQHFWIOH[LEOHPHWDODSSOLDQFHFRQQHFWRUWR
WKHDGDSWHURQWKHUDQJH3RVLWLRQUDQJHWRSHUPLW
FRQQHFWLRQDWWKHVKXWRIIYDOYH
(:KHQDOOFRQQHFWLRQVKDYHEHHQPDGHPDNHVXUH
DOOUDQJHFRQWUROVDUHLQWKHRIISRVLWLRQDQGWXUQRQ
WKHPDLQJDVVXSSO\YDOYH8VHDOLTXLGOHDNGHWHFWRU
DWDOOMRLQWVDQGFRQQHFWLRQVWRFKHFNIRUOHDNVLQ
WKHV\VWHP
:KHQXVLQJWHVWSUHVVXUHVJUHDWHUWKDQSVLJWR
SUHVVXUHWHVWWKHJDVVXSSO\V\VWHPRIWKHUHVLGHQFH
GLVFRQQHFWWKHUDQJHDQGLQGLYLGXDOVKXWRIIYDOYHIURP
WKHJDVVXSSO\SLSLQJ:KHQXVLQJWHVWSUHVVXUHVRI
SVLJRUOHVVWRWHVWWKHJDVVXSSO\V\VWHPVLPSO\LVRODWH
WKHUDQJHIURPWKHJDVVXSSO\V\VWHPE\FORVLQJWKH
LQGLYLGXDOVKXWRIIYDOYH
7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW
:$51,1*'212786($)/$0(
72&+(&.)25*$6/($.6
background
*$63,3($1'(/(&75,&$/287/(7/2&$7,216IRUPRGHOVZLWK6HDOHG%XUQHUV
7KLVDUHDDOORZVIRUIOXVKUDQJH
LQVWDOODWLRQZLWKWKURXJKWKHZDOO
FRQQHFWLRQRISLSHVWXEVKXWRIIYDOYH
DQGUHDUZDOO9RXWOHW
7KLVDUHDDOORZVIRUIOXVKUDQJH
LQVWDOODWLRQZLWKWKURXJKWKHIORRU
FRQQHFWLRQRISLSHVWXEVKXWRIIYDOYH
6KRUWHVWFRQQHFWLRQIURP
KDUGSLSHVWXEORFDWLRQWR
UDQJHKRRNXS
*$63,3($1'(/(&75,&$/287/(7/2&$7,216IRUPRGHOVZLWK6WDQGDUG7ZLQ%XUQHUV
7KLVDUHDDOORZVIRUIOXVKUDQJH
LQVWDOODWLRQZLWKWKURXJKWKHIORRU
FRQQHFWLRQRISLSHVWXEVKXWRIIYDOYH
6KRUWHVWFRQQHFWLRQIURP
KDUGSLSHVWXEORFDWLRQWR
UDQJHKRRNXS
7KLVDUHDDOORZVIRUIOXVKUDQJH
LQVWDOODWLRQZLWKWKURXJKWKHZDOO
FRQQHFWLRQRISLSHVWXEVKXWRIIYDOYH
DQGUHDUZDOO9RXWOHW

,QVWDOODWLRQ,QVWUXFWLRQV
background

,QVWDOODWLRQ,QVWUXFWLRQV
5,*,'3,3(+22.83237,216IRUPRGHOVHTXLSSHGZLWK6HDOHG%XUQHUV
)/(;,%/(&211(&725+22.83IRUPRGHOVHTXLSSHGZLWK6HDOHG%XUQHUV
3UHVVXUH
UHJXODWRU
*DV)ORZLQWR5DQJH
)OH[
FRQQHFWRU
IWPD[
$GDSWHU
,QVWDOOHU,QIRUP
WKHFRQVXPHURI
WKHORFDWLRQRIWKH
JDVVKXWRIIYDOYH
ļRUļ
*DVSLSH
$GDSWHU
*DV
VKXWRII
YDOYH
3UHVVXUH
UHJXODWRU
(OERZ
1LSSOH
8QLRQ
(OERZ
%ODFN
LURQSLSH
8QLRQ
1LSSOH
*DV
VKXWRII
YDOYH
ļRUļ
*DVSLSH
*DV)ORZLQWR5DQJH
,QVWDOOHU,QIRUP
WKHFRQVXPHURI
WKHORFDWLRQRIWKH
JDVVKXWRIIYDOYH
*DV)ORZLQWR5DQJH
*DV
VKXWRII
YDOYH
ļRUļ
*DVSLSH
3UHVVXUH
UHJXODWRU
1LSSOH
(OERZ
(OERZ
$GDSWHU
$GDSWHU
(OERZ
4XLFNFRQQHFW
RUXQLRQ
,QVWDOOHU,QIRUPWKH
FRQVXPHURIWKHORFDWLRQ
RIWKHJDVVKXWRIIYDOYH
$OWHUQDWH+RRNXS
1LSSOH
1LSSOH

(OERZ
background
5,*,'3,3(+22.83IRUPRGHOVHTXLSSHGZLWK6WDQGDUG7ZLQ%XUQHUV
)/(;,%/(&211(&725+22.83IRUPRGHOVHTXLSSHGZLWK6WDQGDUG7ZLQ%XUQHUV
$GDSWHU
$GDSWHU
)OH[FRQQHFWRU
IWPD[
0DQLIROGSLSH
3UHVVXUHUHJXODWRU
*DVVKXWRIIYDOYH
8QLRQ1LSSOH
0DQLIROGSLSH
3UHVVXUHUHJXODWRU
ļRUļ*DVSLSH
*DVVKXWRIIYDOYH
1LSSOH
8QLRQ
%ODFNLURQSLSH
(OERZ

,QVWDOODWLRQ,QVWUXFWLRQV
,QVWDOOHU,QIRUP
WKHFRQVXPHURI
WKHORFDWLRQRIWKH
JDVVKXWRIIYDOYH
,QVWDOOHU,QIRUP
WKHFRQVXPHURI
WKHORFDWLRQRIWKH
JDVVKXWRIIYDOYH
*DV)ORZLQWR5DQJH
*DV)ORZLQWR5DQJH
ļRUļ*DVSLSH
background
,QVWDOODWLRQ,QVWUXFWLRQV

(/(&75,&$/&211(&7,216
(OHFWULFDO5HTXLUHPHQWV
YROW+HUW]SURSHUO\JURXQGHGEUDQFKFLUFXLW
SURWHFWHGE\DDPSRUDPSFLUFXLWEUHDNHU
RUWLPHGHOD\IXVH
([WHQVLRQ&RUG&DXWLRQV
%HFDXVHRISRWHQWLDOVDIHW\KD]DUGVDVVRFLDWHGZLWKFHUWDLQ
FRQGLWLRQVZHVWURQJO\UHFRPPHQGDJDLQVWWKHXVHRI
DQH[WHQVLRQFRUG+RZHYHULI\RXVWLOOHOHFWWRXVHDQ
H[WHQVLRQFRUGLWLVDEVROXWHO\QHFHVVDU\WKDWLWEHD
8/OLVWHGZLUHJURXQGLQJW\SHDSSOLDQFHH[WHQVLRQFRUG
DQGWKDWWKHFXUUHQWFDUU\LQJUDWLQJRIWKHFRUGLQDPSHUHV
EHHTXLYDOHQWWRRUJUHDWHUWKDQWKHEUDQFKFLUFXLWUDWLQJ
*URXQGLQJ
,03257$17³3OHDVHUHDGFDUHIXOO\
)253(5621$/6$)(7<7+,6$33/,$1&(0867
%(3523(5/<*5281'('
7KHSRZHUFRUGRIWKLVDSSOLDQFHLVHTXLSSHGZLWKD
SURQJJURXQGLQJSOXJZKLFKPDWHVZLWKDVWDQGDUG
SURQJJURXQGLQJZDOOUHFHSWDFOHWRPLQLPL]HWKH
SRVVLELOLW\RIHOHFWULFVKRFNKD]DUGIURPWKLVDSSOLDQFH
7KHFXVWRPHUVKRXOGKDYHWKHZDOOUHFHSWDFOHDQGFLUFXLW
FKHFNHGE\DTXDOLILHGHOHFWULFLDQWRPDNHVXUHWKH
UHFHSWDFOHLVSURSHUO\JURXQGHG
:KHUHDVWDQGDUGSURQJZDOOUHFHSWDFOHLVHQFRXQWHUHG
LWLVWKHSHUVRQDOUHVSRQVLELOLW\DQGREOLJDWLRQRIWKH
FXVWRPHUWRKDYHLWUHSODFHGZLWKDSURSHUO\JURXQGHG
SURQJZDOOUHFHSWDFOH
'212781'(5$1<&,5&8067$1&(6&87255(029(
7+(7+,5'*5281'3521*)5207+(32:(5&25'
$ZRUGDERXW*)&,V²*)&,VDUHQRWUHTXLUHGRU
UHFRPPHQGHGIRUJDVUDQJHUHFHSWDFOHV
*URXQG)DXOW&LUFXLW,QWHUUXSWHUV*)&,VDUHGHYLFHVWKDW
VHQVHOHDNDJHRIFXUUHQWLQDFLUFXLWDQGDXWRPDWLFDOO\
VZLWFKRIISRZHUZKHQDWKUHVKROGOHDNDJHOHYHOLVGHWHFWHG
7KHVHGHYLFHVPXVWEHPDQXDOO\UHVHWE\WKHFRQVXPHU
7KH1DWLRQDO(OHFWULFDO&RGHUHTXLUHVWKHXVHRI*)&,VLQ
NLWFKHQUHFHSWDFOHVLQVWDOOHGWRVHUYHFRXQWHUWRSVXUIDFHV
3HUIRUPDQFHRIWKHUDQJHZLOOQRWEHDIIHFWHGLIRSHUDWHG
RQD*)&,SURWHFWHGFLUFXLWEXWRFFDVLRQDOQXLVDQFHWULSSLQJ
RIWKH*)&,EUHDNHULVSRVVLEOH

(/(&75,&$/&211(&7,216&217
$8VDJH6LWXDWLRQV:KHUH$SSOLDQFH3RZHU&RUG:LOO
%H'LVFRQQHFWHG,QIUHTXHQWO\
$QDGDSWHUPD\EHXVHGRQO\RQDDPSFLUFXLW
'RQRWXVHDQDGDSWHURQDDPSFLUFXLW:KHUHORFDO
FRGHVSHUPLWD7(0325$5<&211(&7,21 PD\EH
PDGHWRDSURSHUO\JURXQGHGSURQJZDOOUHFHSWDFOHE\
WKHXVHRID8/OLVWHGDGDSWHUDYDLODEOHDWPRVWKDUGZDUH
VWRUHV7KHODUJHUVORWLQWKHDGDSWHUPXVWEHDOLJQHG
ZLWKWKHODUJHUVORWLQWKHZDOOUHFHSWDFOHWRSURYLGH
SURSHUSRODULW\LQWKHFRQQHFWLRQRIWKHSRZHUFRUG
:KHQGLVFRQQHFWLQJWKHSRZHUFRUGIURPWKHDGDSWHU
DOZD\VKROGWKHDGDSWHUZLWKRQHKDQG,IWKLVLVQRW
GRQHWKHDGDSWHUJURXQGWHUPLQDOLVYHU\OLNHO\WREUHDN
ZLWKUHSHDWHGXVH6KRXOGWKLVKDSSHQ'212786(
WKHDSSOLDQFHXQWLODSURSHUJURXQGKDVDJDLQEHHQ
HVWDEOLVKHG
3UHIHUUHG0HWKRG
(QVXUHSURSHUJURXQG
H[LVWVEHIRUHXVH
7HPSRUDU\0HWKRG
$GDSWHUSOXJVQRWSHUPLWWHGLQ&DQDGD
(QVXUHSURSHUJURXQG
DQGILUPFRQQHFWLRQ
EHIRUHXVH
$OLJQODUJHSURQJV
VORWV
&$87,21$WWDFKLQJWKHDGDSWHUJURXQG
WHUPLQDOWRWKHZDOOUHFHSWDFOHFRYHUVFUHZGRHVQRW
JURXQGWKHDSSOLDQFHXQOHVVWKHFRYHUVFUHZLVPHWDO
DQGQRWLQVXODWHGDQGWKHZDOOUHFHSWDFOHLVJURXQGHG
WKURXJKWKHKRXVHZLULQJ7KHFXVWRPHUVKRXOGKDYH
WKHFLUFXLWFKHFNHGE\DTXDOLILHGHOHFWULFLDQWRPDNH
VXUHWKHUHFHSWDFOHLVSURSHUO\JURXQGHG
background

(/(&75,&$/&211(&7,216&217
%8VDJH6LWXDWLRQV:KHUH$SSOLDQFH3RZHU&RUG:LOO
%H'LVFRQQHFWHG)UHTXHQWO\
'RQRWXVHDQDGDSWHUSOXJLQWKHVHVLWXDWLRQVEHFDXVH
GLVFRQQHFWLQJRIWKHSRZHUFRUGSODFHVXQGXHVWUDLQRQ
WKHDGDSWHUDQGOHDGVWRHYHQWXDOIDLOXUHRIWKHDGDSWHU
JURXQGWHUPLQDO7KHFXVWRPHUVKRXOGKDYHWKHSURQJ
ZDOOUHFHSWDFOHUHSODFHGZLWKDSURQJJURXQGLQJ
UHFHSWDFOHE\DTXDOLILHGHOHFWULFLDQEHIRUHXVLQJWKH
DSSOLDQFH
KHLQVWDOODWLRQRIDSSOLDQFHVGHVLJQHGIRUPRELOH
KRPHLQVWDOODWLRQPXVWFRQIRUPZLWKWKH0DQXIDFWXUHG
+RPH&RQVWUXFWLRQDQG6DIHW\6WDQGDUG7LWOH&)5
3DUWIRUPHUO\WKH)HGHUDO6WDQGDUGIRU0RELOH+RPH
&RQVWUXFWLRQDQG6DIHW\7LWOH+8'3DUWRU
ZKHQVXFKVWDQGDUGLVQRWDSSOLFDEOHWKH6WDQGDUG
IRU0DQXIDFWXUHG+RPH,QVWDOODWLRQVODWHVWHGLWLRQ
0DQXIDFWXUHG+RPH6LWHV&RPPXQLWLHVDQG6HW8SV$16,
$ODWHVWHGLWLRQRUZLWKORFDOFRGHV,Q&DQDGDPRELOH
KRPHLQVWDOODWLRQPXVWEHLQDFFRUGDQFHZLWKWKHFXUUHQW
&$1&6$=0+0RELOH+RPH,QVWDOODWLRQ&RGH
(OHFWULF'LVFRQQHFW
/RFDWHGLVFRQQHFWSOXJRQWKHUDQJHEDFN
3LQFKVLGHVRIFRQQHFWRUDQGSXOORXWRIUDQJHEDFN
6($/7+(23(1,1*6
6HDODQ\RSHQLQJVLQWKHZDOOEHKLQGWKHUDQJHDQG
LQWKHIORRUXQGHUWKHUDQJHZKHQKRRNXSVDUHFRPSOHWHG

,QVWDOODWLRQ,QVWUXFWLRQV
$66(0%/(685)$&(%851(56
$VVHPEOHWKHEXUQHUVDVVKRZQ
7KHWRSVLGHVRIWKH5LJKW)URQW5LJKW5HDUDQG/HIW
)URQWEXUQHUKHDGVDUHPDUNHGZLWKWKHOHWWHUV´5)µ
´55µDQG´/)µUHVSHFWLYHO\WRDLGDVVHPEO\
*UDWH
%XUQHUKHDG
%XUQHUFDS
(OHFWURGH
%XUQHUEDVH
&$87,21'RQRWRSHUDWHWKHEXUQHU
ZLWKRXWDOOEXUQHUSDUWVLQSODFH
)URQWRI
UDQJH
0HGLXPKHDG
QRWPDUNHG
DQGFDS
6PDOOKHDG
DQGFDS
/DUJH
KHDGDQG
FDS
([WUDODUJH
KHDGDQG
FDS
/)
55
5)
background
,QVWDOODWLRQ,QVWUXFWLRQV
&+(&.,*1,7,212)29(1%851(56
$5HPRYHRYHQERWWRP5HPRYHWKHVFUHZVDWWKHUHDURIWKH
RYHQERWWRP*UDVSWKHRYHQERWWRPDWVORWVRQHDFKVLGH/LIW
WKHUHDUHQRXJKWRFOHDUWKHOLSRIWKHUDQJHIUDPHSXVKLWEDFN
DQGWKHQSXOOLWXSDQGRXW
&+(&.23(5$7,212)685)$&(
%851(56
2SHUDWLRQRIDOOFRRNWRSDQGRYHQEXUQHUVVKRXOGEHFKHFNHG
DIWHUWKHUDQJHDQGJDVVXSSO\OLQHVKDYHEHHQFDUHIXOO\
FKHFNHGIRUOHDNV
/LJKWLQJWKH%XUQHUV
6HOHFWDWRSEXUQHUNQREDQGVLPXOWDQHRXVO\SXVKLQDQGWXUQ
WR/,7( SRVLWLRQ<RXZLOOKHDUDFOLFNLQJVRXQGLQGLFDWLQJSURSHU
RSHUDWLRQRIWKHVSDUNPRGXOH2QFHWKHDLUKDVEHHQSXUJHG
IURPWKHVXSSO\OLQHVEXUQHUVVKRXOGOLJKWZLWKLQVHFRQGV
$IWHUEXUQHUOLJKWVURWDWHNQRERXWRIWKH/,7(SRVLWLRQ7U\
HDFKEXUQHULQVXFFHVVLRQXQWLODOOEXUQHUVKDYHEHHQFKHFNHG
4XDOLW\RI)ODPHV
7KHFRPEXVWLRQTXDOLW\RIEXUQHUIODPHVQHHGVWREH
GHWHUPLQHGYLVXDOO\
,IEXUQHUIODPHVORRNOLNH$FDOOIRUVHUYLFH1RUPDOEXUQHU
IODPHVVKRXOGORRNOLNH%RU&GHSHQGLQJRQWKHW\SHRIJDV
\RXXVH
:LWK/3JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHVLVQRUPDO
2YHQERWWRP

$66(0%/(685)$&(%851(56
&217
3ODFHWKHEXUQHUKHDGVRQWKHEDVHVPDWFKLQJWKH
OHWWHUV3ODFHWKHFRUUHFWVL]HFDSVRQWKHKHDGV0DNH
VXUHWKDWWKHFDSVDQGKHDGVDUHSODFHGLQWKHFRUUHFW
ORFDWLRQ7KHUHLVRQHVPDOORQHPHGLXPRQHODUJH
DQGRQHH[WUDODUJHKHDGDQGFDS
:KHQSODFLQJPDNHVXUHWKHORFDWRUSLQVLQWKH
EXUQHUKHDGDUHVHDWHGLQWKHSLQVORWVRIWKHEXUQHU
EDVH5RWDWHWKHEXUQHUKHDGDURXQGWKHEXUQHUEDVH
XQWLOLWLVOHYHODQGVHFXUHO\VHDWHG
/RFDWRU
SLQV
3LQVORWV
&6RIWEOXH
IODPHV³1RUPDO
IRUQDWXUDOJDV
%<HOORZWLSV
RQRXWHUFRQHV³
1RUPDOIRU/3JDV
$<HOORZIODPHV³
&DOOIRUVHUYLFH
background

,QVWDOODWLRQ,QVWUXFWLRQV
&+(&.,*1,7,212)29(1%851(56
&217
%7RRSHUDWHWKH%DNHEXUQHUSUHVVWKH%DNHSDGDQGWKHQ
SUHVVWKHQXPEHUSDGVXQWLODSSHDUVLQWKHGLVSOD\3UHVV
WKH6WDUW2QSDG$IWHUWRVHFRQGVWKHEXUQHUZLOOLJQLWH
)ODPHVVKRXOGEHVWHDG\DSSUR[LPDWHO\µEOXHFRQHVDQGLI
UDQJHLVVXSSOLHGZLWKQDWXUDOJDVVKRXOGEXUQZLWKQR\HOORZ
WLSV:LWKPRVW/3JDVVPDOO\HOORZWLSVDWWKHHQGRIRXWHUJDV
FRQHVDUHQRUPDO7KHLQQHUFRQHRIWKHIODPHVKRXOGEHòµWR
ôµORQJIRUHLWKHUJDV
&3HUIRUPWKHVDPHFKHFNRQWKHEURLOEXUQHUE\WRXFKLQJWKH
%URLO+L/RSDGDQGWKHQWKH6WDUW2QSDG
/(9(/,1*7+(5$1*(
$,QVWDOOWKHRYHQUDFNVLQWKHRYHQDQGSRVLWLRQ
WKHUDQJHZKHUHLWZLOOEHLQVWDOOHG
%&KHFNIRUOHYHOQHVVE\SODFLQJDVSLULWOHYHORUDFXS
SDUWLDOO\ILOOHGZLWKZDWHURQRQHRIWKHRYHQUDFNV
,IXVLQJDVSLULWOHYHOWDNHWZRUHDGLQJV³ZLWKWKHOHYHO
SODFHGGLDJRQDOO\ILUVWLQRQHGLUHFWLRQDQGWKHQ
WKHRWKHU
&5HPRYHWKHVWRUDJHGUDZHURUNLFNSDQHO6HHWKH&DUH
DQGFOHDQLQJRIWKHUDQJHVHFWLRQ7KHIURQWOHYHOLQJOHJV
FDQEHDGMXVWHGIURPWKHERWWRPDQGWKHUHDUOHJVFDQ
EHDGMXVWHGIURPWKHWRSRUWKHERWWRP
'8VHDQRSHQHQGRUDGMXVWDEOHZUHQFKWRDGMXVW
WKHOHYHOLQJOHJVXQWLOWKHUDQJHLVOHYHO
($IWHUWKHUDQJHLVOHYHOVOLGHWKHUDQJHDZD\IURP
WKHZDOOVRWKDWWKH$QWL7LSGHYLFHFDQEHLQVWDOOHG
$'-8677+(%$.($1'%52,/
%851(5$,56+877(56
,)1(&(66$5<
:KDWDGMXVWPHQWWRPDNH
$,IWKHIODPHVDUH\HOORZRSHQWKHDLUVKXWWHUPRUHWKDQ
WKHRULJLQDOVHWWLQJ
%,IWKHIODPHVEORZDZD\RUIOXWWHUIURPWKHEXUQHUFORVH
WKHDLUVKXWWHUPRUHWKDQWKHRULJLQDOVHWWLQJ
0DNLQJWKHDGMXVWPHQW
$/RFDWHWKH$LU6KXWWHU
7KHDLUVKXWWHUIRUWKHEDNHEXUQHULVQHDUWKH
EDFNZDOOEHKLQGWKHVWRUDJHGUDZHUZDUPLQJ
GUDZHURUNLFNSDQHO5HPRYHWKHGUDZHURU
SDQHO6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJH
VHFWLRQ
$'-8677+(%$.($1'%52,/
%851(5$,56+877(56
,)1(&(66$5<
&217
7KHDLUVKXWWHUIRUWKHEURLOEXUQHULVDFFHVVLEOHLQWKHWRS
UHDURIWKHRYHQ
%8VLQJDVFUHZGULYHUORRVHQWKHDLUVKXWWHUDGMXVWPHQW
VFUHZ
&0DNHWKHDLUVKXWWHUDGMXVWPHQW
'5HWLJKWHQWKHDLUVKXWWHUVFUHZ
(&KHFNWKDWWKHLQQHUFRQHRIWKHIODPHLVEHWZHHQòµ
DQGôµPPDQGPPORQJ
$IWHUFRQILUPLQJFRUUHFWEXUQHURSHUDWLRQ
UHSODFHDOOSDUWV
/HJ
OHYHOHU
/RZHU
UDQJH
5DLVH
UDQJH
RQVRPHPRGHOV
5DLVH
UDQJH
/RZHU
UDQJH
RQVRPHPRGHOV
/RRVHQ
$LU
DGMXVWPHQWVKXWWHU
$LUDGMXVWPHQW
VKXWWHU
/RRVHQ
1/2" TO 3/4"
CONO INTERIOR
DE LLAMA
QUEMADOR PARA
HORNEAR/ASAR
2YHQEURLOHUEXUQHU
,QQHUFRQH
RIIODPH
µWRµPPWRPP
background

,167$//,1*7+($17,7,3'(9,&(
$0DUNWKHZDOOZKHUHWKH5,*+7('*( RIWKHUDQJH
LVWREHORFDWHG%HVXUHWRDOORZIRUWKHFRXQWHUWRS
RYHUKDQJLI\RXLQWHQGWRLQVWDOOWKHUDQJHQH[WWR
FDELQHWV
%/RFDWHWKHRXWVLGHHGJHRIWKHGHYLFH
øļWRZDUG
WKHFHQWHURIWKHUDQJHIURPWKHPDUNHGHGJHRI
WKHUDQJH
&8VLQJWKHGHYLFHDVDWHPSODWHPDUNWKHSRVLWLRQ
RIWKHKROHIRUWKHVFUHZ
')RUZRRGFRQVWUXFWLRQGULOODSLORWKROHDWDQDQJOH
RIGHJUHHVIURPWKHKRUL]RQWDO$QDLORUDZO
PD\EHXVHGLIDGULOOLVQRWDYDLODEOH
0RXQWWKH$QWL7LSGHYLFHZLWKWKHVFUHZSURYLGHG
)RUFHPHQWRUFRQFUHWHFRQVWUXFWLRQ\RXZLOOQHHG
Dļ[
øļODJEROWDQGDļ2'VOHHYHDQFKRUZKLFK
DUHQRWSURYLGHG'ULOOWKHUHFRPPHQGHGVL]HKROHIRU
WKHKDUGZDUH

,167$//,1*7+($17,7,3'(9,&(
&217
,QVWDOOWKHVOHHYHDQFKRULQWRWKHGULOOHGKROHDQGWKHQLQVWDOO
WKHODJEROWWKURXJKWKHGHYLFH7KHEROWVPXVWEHSURSHUO\
WLJKWHQHGDVUHFRPPHQGHGIRUWKHKDUGZDUH
(6OLGHWKHUDQJHDJDLQVWWKHZDOODQGFKHFNIRUSURSHU
LQVWDOODWLRQE\JUDVSLQJWKHIURQWHGJHRIWKHFRRNWRS
DQGFDUHIXOO\DWWHPSWLQJWRWLOWWKHUDQJHIRUZDUG
7KHEUDFNHWVKRXOGVWRSWKHUDQJHZLWKLQLQFKHV
,ILWGRHVQRWWKHEUDFNHWPXVWEHUHLQVWDOOHG
:+(1$//+22.836$5(&203/(7('
0DNHVXUHDOOFRQWUROVDUHOHIWLQWKHRIISRVLWLRQ
0DNHVXUHWKHIORZRIFRPEXVWLRQDQGYHQWLODWLRQ
DLUWRWKHUDQJHLVXQREVWUXFWHG
:$51,1*
5DQJHPXVWEHVHFXUHGZLWKDQDSSURYHG$QWL7LS
GHYLFH
8QOHVVSURSHUO\LQVWDOOHGWKHUDQJHFRXOGEHWLSSHG
E\\RXRUDFKLOGVWDQGLQJVLWWLQJRUOHDQLQJRQ
DQRSHQGRRU
$IWHULQVWDOOLQJWKH$QWL7LSGHYLFHYHULI\WKDW
LWLVLQSODFHE\FDUHIXOO\DWWHPSWLQJWRWLOWWKHUDQJH
IRUZDUG
7KLVUDQJHKDVEHHQGHVLJQHGWRPHHWDOO
UHFRJQL]HGLQGXVWU\WLSVWDQGDUGVIRUDOOQRUPDO
FRQGLWLRQV
7KHXVHRIWKLVGHYLFHGRHVQRWSUHFOXGHWLSSLQJ
RIWKHUDQJHZKHQQRWSURSHUO\LQVWDOOHG
,IWKH$QWL7LS'HYLFHVXSSOLHGZLWKWKHUDQJHGRHV
QRWILWWKLVDSSOLFDWLRQXVHWKH$QWL7LS'HYLFH
:%;
&219(57,1*72/3*$6RUFRQYHUWLQJEDFN
WRQDWXUDOJDVIURP/3
7KLVUDQJHOHDYHVWKHIDFWRU\VHWIRUXVHZLWKQDWXUDO
JDV,I\RXZDQWWRFRQYHUWWR/3JDVWKHFRQYHUVLRQ
PXVWEHSHUIRUPHGE\DTXDOLILHG/3JDVLQVWDOOHU
7KHFRQYHUVLRQLQVWUXFWLRQVDQG/3RULILFHVFDQEHIRXQG
DWWDFKHGWRWKHUDQJHQH[WWRWKHSUHVVXUHUHJXODWRU
.HHSWKHVHLQVWUXFWLRQVDQGWKHRULILFHVLQFDVH\RXZDQW
WRFRQYHUWEDFNWRQDWXUDOJDV
%DFNRIUDQJH
:DOOERDUG
:RRGVFUHZ
$QWL7LS
GHYLFH

,QVWDOODWLRQ,QVWUXFWLRQV
$QWL7LS
GHYLFH
6ORWWHGKHDG
VFUHZ
$SSUR[
øļ
:DOOSODWH
0DUNHGHGJH
RIUDQJH
background
1RWHV

background

%HIRUH\RXFDOOIRUVHUYLFH« *($SSOLDQFHVFRP
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
7RSEXUQHUVGRQRWOLJKW 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
RUGRQRWEXUQHYHQO\ LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
7KHIURQWULJKWEXUQHU %XUQHUKROHRUVOLWVRQWKHVLGH  5HPRYHWKHEXUQHUVRQPRGHOVZLWKVWDQGDUGWZLQ
LVGHVLJQHGWRKDYH RIWKHEXUQHUPD\EHFORJJHG EXUQHUVRUEXUQHUKHDGVDQGFDSVRQPRGHOVZLWK
VOLJKWO\VPDOOHUIODPHV VHDOHGEXUQHUVDQGFOHDQWKHPZLWKDVHZLQJQHHGOH
EHWZHHQWKHDQG RUWZLVWWLH0DNHVXUH\RXGRQRWHQODUJHWKHKROHV
2QVHDOHGEXUQHUPRGHOVFKHFNDQGFOHDQWKHHOHFWURGH
DUHDIRUEXUQHGRQIRRGRUJUHDVH
,PSURSHUEXUQHUDVVHPEO\  0DNHVXUHWKHEXUQHUSDUWVDUHLQVWDOOHGFRUUHFWO\
6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
%XUQHUIODPHVYHU\ ,PSURSHUDLUWRJDVUDWLR  ,IUDQJHLVFRQQHFWHGWR/3JDVFRQWDFWWKHSHUVRQ
ODUJHRU\HOORZ ZKRLQVWDOOHG\RXUUDQJHRUPDGHWKHFRQYHUVLRQ
6XUIDFHEXUQHUVOLJKW 7KHRYHQJDVVKXWRIIYDOYH  7RFKHFNWKHRYHQJDVVKXWRIIYDOYHRQVHDOHGEXUQHU
EXWRYHQGRHVQRW PD\KDYHDFFLGHQWDOO\EHHQ PRGHOVUHPRYHWKHZDUPLQJGUDZHUVWRUDJHGUDZHURU
PRYHGGXULQJFOHDQLQJRU NLFNSDQHOVHHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
PRYLQJ
DQGORRNIRUWKHJDVVKXWRIIOHYHUDWWKHEDFNRIWKHUDQJH
 
 7RFKHFNWKHRYHQJDVVKXWRIIYDOYHRQVWDQGDUGWZLQ
EXUQHUPRGHOVUDLVHWKHFRRNWRSDQGORRNIRUWKHJDV
VKXWRIIOHYHUDWWKHH[WUHPHULJKWUHDUFRUQHU)ROORZ
WKHGLUHFWLRQVLQER[$RU%WKDWPDWFK\RXUUHJXODWRU
 W\SH
 
6FUDWFKHVPD\DSSHDU ,QFRUUHFWFOHDQLQJ  6FUDWFKHVDUHQRWUHPRYDEOH7LQ\VFUDWFKHVZLOOEHFRPH
DVFUDFNVRQFRRNWRS PHWKRGVEHLQJXVHG OHVVYLVLEOHLQWLPHDVDUHVXOWRIFOHDQLQJ
JODVVVXUIDFH
&RRNZDUHZLWKURXJKERWWRPV  7RDYRLGVFUDWFKHVXVHWKHUHFRPPHQGHGFOHDQLQJ
EHLQJXVHGRUFRDUVHSDUWLFOHV SURFHGXUHV0DNHVXUHERWWRPVRIFRRNZDUHDUHFOHDQ
VDOWRUVDQGZHUHEHWZHHQ EHIRUHXVHDQGXVHFRRNZDUHZLWKVPRRWKERWWRPV
WKHFRRNZDUHDQGWKHVXUIDFH
RIWKHFRRNWRS
&RRNZDUHKDVEHHQVOLG
DFURVVWKHFRRNWRSVXUIDFH
/HYHULV
VKRZQFORVHG
38//7223(1
6HDOHGEXUQHUPRGHOV
/HYHULVVKRZQFORVHG
38//7223(1
6WDQGDUGWZLQEXUQHUPRGHOV
/HYHULVVKRZQFORVHG
38//7223(1
6WDQGDUGWZLQEXUQHUPRGHOV
$
%
7RSEXUQHUVGRQRWOLJKW
RUGRQRWEXUQHYHQO\
7KHIURQWULJKWEXUQHU
LVGHVLJQHGWRKDYH
VOLJKWO\VPDOOHUIODPHV
EHWZHHQWKHDQG
R·FORFNSRVLWLRQV7KLV
LVQRUPDO
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
$UHDVRIGLVFRORUDWLRQ )RRGVSLOORYHUVQRWFOHDQHG  6HHWKH&OHDQLQJWKHJODVVFRRNWRSVHFWLRQ
RQWKHJODVVFRRNWRS EHIRUHQH[WXVH
VXUIDFH
+RWVXUIDFHRQDPRGHOZLWK  7KLVLVQRUPDO7KHFRRNLQJ]RQHVPD\FKDQJHFRORU
DOLJKWFRORUHGJODVVFRRNWRS ZKHQKRWRUFRROLQJGRZQ7KLVLVWHPSRUDU\DQG
ZLOOGLVDSSHDUDVWKHJODVVFRROVWRURRPWHPSHUDWXUH
3ODVWLFPHOWHG +RWFRRNWRSFDPHLQWR  6HHWKH*ODVVVXUIDFH³3RWHQWLDOIRUSHUPDQHQWGDPDJH
WRWKHJODVVFRRNWRS FRQWDFWZLWKSODVWLFSODFHG 6HFWLRQLQWKH&OHDQLQJWKHJODVVVXUIDFHVHFWLRQ
VXUIDFH RQWKHKRWFRRNWRS

3LWWLQJRULQGHQWDWLRQ +RWVXJDUPL[WXUHVSLOOHG  &DOODTXDOLILHGWHFKQLFLDQIRUUHSODFHPHQW
RIWKHFRRNWRS RQWKHFRRNWRS
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHRYHQVHFWLRQ
RUURDVWSURSHUO\
5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH8VLQJWKHRYHQVHFWLRQ
,QFRUUHFWFRRNZDUHRUFRRNZDUH  6HHWKH8VLQJWKHRYHQVHFWLRQ
RILPSURSHUVL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV  6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOIVHFWLRQ
DGMXVWPHQW
&ORFNQRWVHWFRUUHFWO\  6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
RQVRPHPRGHOV
$OXPLQXPIRLOXVHGLPSURSHUO\  6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
LQWKHRYHQ
2YHQERWWRPQRWVHFXUHO\  6HHWKH,QVWDOODWLRQRIWKHUDQJH VHFWLRQ
VHDWHGLQSRVLWLRQ
)RRGGRHVQRW 2YHQFRQWUROVLPSURSHUO\VHW  2QPRGHOVZLWKWRXFKSDGVPDNHVXUH\RXWRXFK
EURLOSURSHUO\ WKH%URLO+L/R SDG2QPRGHOVZLWKDQ29(17(03
NQREPDNHVXUHLWLVVHWDW%52,/
2YHQGRRUQRWFORVHG  6HHWKH8VLQJWKHRYHQVHFWLRQ
,PSURSHUUDFNSRVLWLRQ  6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
)RRGEHLQJFRRNHGLQDKRWSDQ  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
0DNHVXUHLWLVFRRO
&RRNZDUHQRWVXLWHGIRUEURLOLQJ  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
2YHQERWWRPQRWVHFXUHO\  6HHWKH,QVWDOODWLRQRIWKHUDQJH VHFWLRQ
VHDWHGLQSRVLWLRQ
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUDEDNH  7RXFKWKH%DNHSDGDQGGHVLUHGWHPSHUDWXUH
HQWHULQJFRRNLQJWLPHRU WHPSHUDWXUHRUFOHDQLQJWLPH RUWKH6HOI&OHDQSDGDQGGHVLUHGFOHDQWLPH
VWDUWWLPHRQVRPHPRGHOV
%HIRUH\RXFDOOIRUVHUYLFH«

7URXEOHVKRRWLQJ7LSV
background

*($SSOLDQFHVFRP
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
&ORFNDQGWLPHU 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYH
GRQRWZRUN LQVHUWHGLQWKHHOHFWULFDORXWOHW SURSHUO\JURXQGHGRXWOHW
RQVRPHPRGHOV
$IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHUWULSSHG

2YHQFRQWUROVLPSURSHUO\VHW  6HHWKH8VLQJWKHFORFNDQGWLPHU VHFWLRQ
2YHQWHPSHUDWXUH 2YHQWKHUPRVWDW  6HHWKH$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOIVHFWLRQ
WRRKRWRUWRRFROG QHHGVDGMXVWPHQW
2YHQOLJKWGRHVQRWZRUN /LJKWEXOELVORRVHRUGHIHFWLYH  7LJKWHQRUUHSODFHWKHEXOE
3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
2YHQZLOOQRWVHOIFOHDQ 7KHRYHQWHPSHUDWXUHLVWRR $OORZWKHUDQJHWRFRROWRURRPWHPSHUDWXUHDQG
KLJKWRVHWDVHOIFOHDQRSHUDWLRQ UHVHWWKHFRQWUROV
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
2QPRGHOVZLWKDGRRUODWFK  0DNHVXUH\RXPRYHWKHGRRUODWFKKDQGOHDOOWKHZD\
WKHRYHQGRRULVQRWLQWKH WRWKHULJKW
ORFNHGSRVLWLRQ
´&UDFNOLQJµRU 7KLVLVWKHVRXQGRIWKH  7KLVLVQRUPDO
´SRSSLQJµVRXQG PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ ([FHVVLYHVRLO  2QPRGHOVZLWKWRXFKSDGVWRXFKWKH&OHDU2II SDG
2QPRGHOVZLWKDQ29(17(03NQREWXUQLWWR2))
2SHQWKHZLQGRZVWRULGWKHURRPRIVPRNH:DLWXQWLO
WKH6(/)&/($1OLJKWJRHVRII:LSHXSWKHH[FHVVVRLO
DQGUHVHWWKHFOHDQF\FOH
2YHQGRRUZLOOQRWRSHQ 2YHQWRRKRW  $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
DIWHUDFOHDQF\FOH
2YHQQRWFOHDQDIWHU 2YHQFRQWUROVQRWSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQ VHFWLRQ
DFOHDQF\FOH
2YHQZDVKHDYLO\VRLOHG  &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQF\FOH
+HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQDJDLQRUIRU
DORQJHUSHULRGRIWLPH
2YHQGRRUZLOOQRW 2YHQLVWRRKRW  $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
XQORFNRQPRGHOV 'RQRWORFNWKHGRRUZLWKWKHGRRUODWFKH[FHSWZKHQ
ZLWKDGRRUODWFK XVLQJWKHVHOIFOHDQIHDWXUH
6HOIFOHDQOLJKWRQ 7KH29(17(03NQREKDVQRW 6HWWKH29(17(03NQREWR&/($16HHWKH8VLQJWKH
VRPHPRGHOVEOLQNV EHHQVHWWR&/($1ZKHQWKH VHOIFOHDQLQJRYHQVHFWLRQ
ZKHQWU\LQJWRVHWD ODWFKZDVPRYHGWRWKHULJKW
VHOIFOHDQF\FOH
7KHODWFKZDVQRWPRYHGWRWKH 0RYHWKHODWFKWRWKHULJKWDVIDUDVLWZLOOJR6HHWKH
ULJKWZKHQWKH29(17(03NQRE 8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
ZDVVHWWR&/($1
6HOIFOHDQOLJKWRQ $SRZHULQWHUUXSWLRQRFFXUUHG 7XUQWKH29(17(03NQREWR2))DQGPRYHWKHODWFK
VRPHPRGHOVEOLQNV WRWKHOHIWDVIDUDVLWZLOOJR5HVHWWKHUDQJHFRQWUROV
GXULQJVHOIFOHDQF\FOH WRWKHGHVLUHGVHWWLQJV6HHWKH8VLQJWKHVHOIFOHDQLQJ
 RYHQVHFWLRQ
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
´'RRUµDSSHDUVLQWKH 6HOIFOHDQLQJF\FOHKDVEHHQ  0RYHWKHODWFKKDQGOHDOOWKHZD\WRWKHULJKW
GLVSOD\RQVRPHPRGHOV VHOHFWHGEXWWKHODWFKKDQGOH
ZDVQRWPRYHGDOOWKHZD\
WRWKHULJKW
/DWFKKDQGOHZDVPRYHGWRWKH  0RYHWKHODWFKKDQGOHWRWKHULJKWRQO\ZKHQVHWWLQJ
ULJKWEXWDSURJUDPRWKHUWKDQ WKHVHOIFOHDQLQJF\FOH
VHOIFOHDQLQJZDVVHOHFWHG
´)³µDQGDQXPEHURU 2QPRGHOVZLWKDGRRUODWFK  7KHODWFKPD\KDYHEHHQPRYHGHYHQLIRQO\VOLJKWO\
OHWWHUIODVKLQWKHGLVSOD\ LIDIXQFWLRQHUURUFRGHDSSHDUV IURPWKHORFNHGSRVLWLRQ0DNHVXUHWKHODWFKLVPRYHG
RQVRPHPRGHOV GXULQJWKHVHOIFOHDQLQJF\FOH WRWKHULJKWDVIDUDVLWZLOOJR
FKHFNWKHRYHQGRRUODWFK
<RXKDYHDIXQFWLRQHUURUFRGH  7RXFKWKH&OHDU2II SDG$OORZWKHRYHQWRFRROIRU
RQHKRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ
,IWKHIXQFWLRQFRGHUHSHDWV  'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUPLQXWHV
DQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQHUURU
FRGHUHSHDWVFDOOIRUVHUYLFH
'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\EH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
RQVRPHPRGHOV
EORZQRUWKHFLUFXLWEUHDNHUWULSSHG
7KHFORFNLVWXUQHGRIIVRWKDWLW  6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
GRHVQRWVKRZLQWKHGLVSOD\
'LVSOD\IODVKHV 3RZHUIDLOXUH  5HVHWWKHFORFN
RQVRPHPRGHOV
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH 7KH%DNH DQG%URLO+L/RSDGVPXVWEHWRXFKHGDW
GLVSOD\WRVKRZ´6)µ QRWWRXFKHGSURSHUO\ WKHVDPHWLPHDQGKHOGIRUVHFRQGV
RQVRPHPRGHOV
3RZHURXWDJH 3RZHURXWDJHRUVXUJH  5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
FORFNIODVKHV LWE\WRXFKLQJWKH&OHDU2IISDGVHWWLQJWKHFORFNDQG
RQVRPHPRGHOV UHVHWWLQJDQ\FRRNLQJIXQFWLRQ
´%XUQLQJµRU´RLO\µRGRU 7KLVLVQRUPDOLQDQHZRYHQ  7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD
HPLWWLQJIURPWKHYHQW DQGZLOOGLVDSSHDULQWLPH PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ
 RYHQVHFWLRQ
6WURQJRGRU $QRGRUIURPWKHLQVXODWLRQ  7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKHRYHQ
LVQRUPDOIRUWKHILUVWIHZWLPHV
WKHRYHQLVXVHG
)DQQRLVH $FRROLQJIDQPD\DXWRPDWLFDOO\  7KLVLVQRUPDO7KHFRROLQJIDQZLOOWXUQRIIDQGRQ
WXUQRQDQGRIIWRFRROLQWHUQDOSDUWV

'UDZHUGRHVQRWVOLGH 7KHGUDZHULVRXWRIDOLJQPHQW  )XOO\H[WHQGWKHGUDZHUDQGSXVKLWDOOWKHZD\LQVPRRWKO\RU
GUDJV 6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJHVHFWLRQ
'UDZHULVRYHUORDGHGRUORDG  5HGXFHZHLJKW5HGLVWULEXWHGUDZHUFRQWHQWV
LVXQEDODQFHG

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
background

/RRNLQJ)RU6RPHWKLQJ0RUH"1RWDOODDFFHVVRULHVDUHDYDLODEOHIRUDOOPRGHOV
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86
RUZZZ*($SSOLDQFHVFD&DQDGDRUFDOO86RU&DQDGD
GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHVEDFRQFKRSVDQGVRPXFK
PRUH7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
*HQXLQH*(3DUW
(DV\7R&OHDQ
2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
6PDOO /DUJH ;/
863DUW :%; :%; :%;
&DQDGD3DUW '* '* 1$
'LPHQVLRQV µ:[µ+[µ' µ:[µ+[µ' µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
6XUIDFH(OHPHQWVDQG'ULS3DQV
*UDWHV 6XUIDFH%XUQHU+HDGVDQG&DSV
2YHQ(OHPHQWV /LJKW%XOEV
.QREV
2YHQ5DFNV
:;;*&6
:;;
:;;
30;
&HUDPLF
&RRNWRS
&OHDQLQJ.LW
,QFOXGHVFOHDQHU
VFUDSHUDQGSDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
RU
*ULGGOH
$FFHVVRULHV
*($SSOLDQFHVFRP
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
%URLOHU3DQ2UGHU)RUP
4XDQWLW\BBBBBBBBBBBBBBBBBBBB 3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQG BBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB 0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
background

6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLW
EUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW*(:LOO1RW&RYHU
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRU
KRPHXVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULV
QRWDYDLODEOH\RXPD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ
$XWKRUL]HG*(6HUYLFH/RFDWLRQIRUVHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOV
WR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\
JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZ
ZKDW\RXUOHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
)URPWKHGDWHRIWKH OLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
RULJLQDOSXUFKDVH WRUHSODFHWKHGHIHFWLYHSDUW
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQWKH8QLWHG6WDWHV
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOH
VHUYLFHYLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO
*(&$5(63OHDVHKDYHVHULDOQXPEHU
DQGPRGHOQXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHG
LQWKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\
RUILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
background

$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ)RUVHUYLFH
FDOO3OHDVHKDYHVHULDOQXPEHUDQGPRGHO
QXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLW
EUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW0DEH:LOO1RW&RYHU
)RU7KH3HULRG2I 0DEH:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
)URPWKHGDWHRIWKH OLPLWHGRQH\HDUZDUUDQW\0DEHZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFH
RULJLQDOSXUFKDVH WRUHSODFHWKHGHIHFWLYHSDUW
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHG
LQWKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\
RUILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGLQ
&DQDGDIRUKRPHXVHZLWKLQ&DQDGD,QKRPHZDUUDQW\VHUYLFHZLOOEHSURYLGHGLQDUHDVZKHUHLWLVDYDLODEOH
DQGGHHPHGUHDVRQDEOHE\0DEHWRSURYLGH
6RPHSURYLQFHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYH
H[FOXVLRQPD\QRWDSSO\WR\RX7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHU
ULJKWVZKLFKYDU\IURPSURYLQFHWRSURYLQFH7RNQRZZKDW\RXUOHJDOULJKWVDUHLQ\RXUSURYLQFHFRQVXOW
\RXUORFDOSURYLQFLDOFRQVXPHUDIIDLUVRIILFH
:DUUDQWRU0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
background
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH ,QWKH86*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH,Q&DQDGDZZZ*($SSOLDQFHVFD
6FKHGXOH6HUYLFH ,QWKH86*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW\RXU
FRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
,Q&DQDGDFDOO
5HDO/LIH'HVLJQ6WXGLR ,QWKH86*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\SHRSOHRI
DOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQGPHQWDODELOLWLHV
DQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQLGHDVIRUSHRSOHZLWK
GLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''*($&
,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
([WHQGHG:DUUDQWLHV ,QWKH86*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\LVVWLOO
LQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV*(&RQVXPHU+RPH
6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV,Q&DQDGDFDOO
3DUWVDQG$FFHVVRULHV ,QWKH86*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV9,6$
0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\FDXVH
XQVDIHRSHUDWLRQ
&XVWRPHUVLQ&DQDGDVKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO
&RQWDFW8V ,QWKH86*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOVLQFOXGLQJ
\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR 'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWHU<RXU$SSOLDQFH ,QWKH86*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO,Q&DQDGDZZZ*($SSOLDQFHVFD
3ULQWHGLQ0H[LFR
7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU

Specifications

Indexed Terms: Gas Range, Free Standing

GE - General Electric JGB428SER2SS Questions and Answers

Questions and Answers

Related Products