You are on page 1of 75

3DJHRI
















92/80(,,,

'3:+0$18$/2)
352&('85(6)257+(
352&85(0(172)
/2&$//<)81'('
,1)5$6758&785(352-(&76
7+528*+38%/,&%,'',1*




2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

92/80(,,,'3:+0$18$/2)352&('85(6)257+(352&85(0(172)

/2&$//<)81'(',1)5$6758&785(352-(&767+528*+

38%/,&%,'',1* 

7$%/(2)&217(176


,1752'8&7,21






 $&521<06$1'$%%5(9,$7,216






 6&23(2)92/80(,,,2)7+(0$18$/




'(),1,7,212)7(506



35(3$5,1*)257+(352&85(0(172),1)5$6758&785(

352-(&76






 35(3$5,1*)257+(352&85(0(172),1)5$6758&785(

352-(&76






 352&85(0(173/$11,1*



 /HJDO5HIHUHQFH 


 3ROLFLHVDQG*XLGHOLQHV 




3XUSRVHDQG6FRSHRI3URFXUHPHQW3ODQQLQJ 




'HWDLOHG(QJLQHHULQJDVD3UHUHTXLVLWHWR%LGGLQJ 




6FRSHRI'HWDLOHG(QJLQHHULQJ 




'HILQLWLRQRI$SSURYHG%XGJHWIRUWKH&RQWUDFW

$%&  




)DFWRUVLQ'HWHUPLQLQJ$%&






 35(3$5,1*7+(%,'',1*'2&80(176



 /HJDO5HIHUHQFH 


 3ROLFLHVDQG*XLGHOLQHV 




3XUSRVHRI%LGGLQJ'RFXPHQWV 




&RQWHQWVRI%LGGLQJ'RFXPHQWV 




$FFRXQWDELOLW\RI%LGGLQJ'RFXPHQWV 




5HDGLQHVVRI%LGGLQJ'RFXPHQWV



 3URFHGXUH 3UHSDULQJWKH%LGGLQJ'RFXPHQWV 






 &21'8&72)7+(35(352&85(0(17&21)(5(1&(



 /HJDO5HIHUHQFH 


 3ROLFLHVDQG*XLGHOLQHV 




3XUSRVHRI3UH3URFXUHPHQW&RQIHUHQFH 




7LPH)UDPHIRU3UH3URFXUHPHQW&RQIHUHQFH 




3DUWLFLSDQWVRI3UH3URFXUHPHQW&RQIHUHQFH 




$JHQGDIRU3UH3URFXUHPHQW&RQIHUHQFH 


 3URFHGXUH &RQGXFWRIWKH3UH3URFXUHPHQW&RQIHUHQFH  




,16758&7,216217+(352&('85$/67(36)257+(

352&85(0(172),1)5$6758&785(352-(&767+528*+

&203(7,7,9(%,'',1*






 &203(7,7,9(%,'',1*



6FRSHRI&RPSHWLWLYH%LGGLQJ

7LPHOLQHIRU&RPSHWLWLYH%LGGLQJ




2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI







































































































67(3$'9(57,6($1'3267$1,19,7$7,2172$33/<)25
(/,*,%,/,7<$1'72%,' ,$(% 
 /HJDO5HIHUHQFH
 3ROLFLHVDQG*XLGHOLQHV


3XUSRVHRI,$(%


&RQWHQWRI,$(%


7LPHDQG3ODFHIRU3RVWLQJ,$(%
 3URFHGXUH $GYHUWLVHDQG3RVWDQ,$(% 

67(35(&(,9(/2,$1'&21'8&7(/,*,%,/,7<&+(&.
 /HJDO5HIHUHQFH
 3ROLFLHVDQG*XLGHOLQHV


6XEPLVVLRQRI/HWWHURI,QWHQW /2, IRU
(OLJLELOLW\


&RQWHQWRI/2,


(OLJLELOLW\5HTXLUHPHQWVRU&ULWHULD


5HJLVWUDWLRQLQWKH'3:+5HJLVWU\RI
&RQWUDFWRUV


'HWHUPLQDWLRQRI(OLJLELOLW\


6DQFWLRQVRQ%$&3HUVRQQHOIRU)DLOXUHWR
5HFRUGDQG7UDQVPLW/2,V


6DQFWLRQVRQ&RQWUDFWRUVIRU1RQ6XEPLWWDORU
:LWKGUDZDORI/2,V


2QHRU1R/2,


5HTXHVWIRU5HFRQVLGHUDWLRQRI,QHOLJLEOH
%LGGHU

 0LVUHSUHVHQWDWLRQRU&KDQJHLQ&DSDELOLW\RI
%LGGHU

 2QHRU1R(OLJLEOH%LGGHU

 3URFHGXUH 5HFHLYH/2,DQG&RQGXFW(OLJLELOLW\&KHFN 

,668(7+(%,'',1*'2&80(176
 /HJDO5HIHUHQFH
 3ROLFLHVDQG*XLGHOLQHV


$YDLODELOLW\RI%LGGLQJ'RFXPHQWV


)HHIRU%LGGLQJ'RFXPHQWV


5HVSRQVLELOLWLHVRI(OLJLEOH%LGGHURQ%LGGLQJ
'RFXPHQWV %'V 
 3URFHGXUH ,VVXHWKH%LGGLQJ'RFXPHQWV 

67(3&$//35(%,'&21)(5(1&($1',)1(&(66$5<,668(
%,'%8//(7,16



 /HJDO5HIHUHQFH
 3ROLFLHVDQG*XLGHOLQHV


3XUSRVHRI3UH%LG&RQIHUHQFH


&RQGLWLRQVIRU+ROGLQJ3UH%LG&RQIHUHQFH


&RQGXFWRI3DUWLFLSDQWVLQ3UH%LG&RQIHUHQFH


&ODULILFDWLRQRI%LGGLQJ'RFXPHQWV
 3URFHGXUH &DOO3UH%LG&RQIHUHQFH$QG,I1HFHVVDU\,VVXH
%LG%XOOHWLQV 

67(35(&(,9($1'23(17+(7(&+1,&$/$1'),1$1&,$/
(19(/23(6
 /HJDO5HIHUHQFH
 3ROLFLHVDQG*XLGHOLQHV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ


























































3DJHRI
























































































'HILQLWLRQDQG&RPSRQHQWVRI%LG
&RQWHQWVRIWKH7HFKQLFDO3URSRVDORIWKH%LG
&RQWHQWVRIWKH)LQDQFLDO3URSRVDORIWKH%LG
'HILQLWLRQRI%LG6HFXULW\
)RUPVDQG$PRXQWVRI%LG6HFXULW\
3HULRGRI9DOLGLW\RI%LGVDQG%LG6HFXULW\
5HWXUQRI%LG6HFXULWLHV
)RUIHLWXUHRI%LG6HFXULW\
7LPH)UDPHIRU5HFHLSWRI%LGV
&KHFNOLVWRI7HFKQLFDODQG)LQDQFLDO3URSRVDOV
IRUWKH%LGV
 2QHRU1R(OLJLEOH%LGGHU
 1RQ&RPSOLDQFHZLWK7HFKQLFDODQG)LQDQFLDO
5HTXLUHPHQWV
 6XEFRQWUDFWLQJ
3URFHGXUH 5HFHLYHDQG2SHQWKH7HFKQLFDODQG)LQDQFLDO
3URSRVDOV 


67(3(9$/8$7(7+(%,'6
 /HJDO5HIHUHQFH
 3ROLFLHVDQG*XLGHOLQHV


3XUSRVHRI%LG(YDOXDWLRQ


&ULWHULDIRU(YDOXDWLRQRI%LGV

7LPH)UDPHIRU%LGV(YDOXDWLRQ



1RQ$FFHSWDQFHRI$ULWKPHWLFDO&RUUHFWLRQVLQ
WKH%LG



1R&RPSO\LQJ%LG

 3URFHGXUH (YDOXDWHWKH%LG 


 67(3326748$/,)<7+(%,''(5:,7+7+(/2:(67
&$/&8/$7('%,'

 /HJDO5HIHUHQFH

 3ROLFLHVDQG*XLGHOLQHV



'HILQLWLRQRI3RVWTXDOLILFDWLRQ



7LPHOLQHIRU3RVWTXDOLILFDWLRQ



)UDXG0LVUHSUHVHQWDWLRQDQG&ROOXVLRQ



)DLOXUHRI%LGGHUZLWK/&%LQ3RVWTXDOLILFDWLRQ



)DLOXUHRI$OO%LGGHUVLQ3RVWTXDOLILFDWLRQ

 3URFHGXUH 3RVWTXDOLI\WKH%LGGHUZLWKWKH/RZHVW
&DOFXODWHG%LG 


 67(3$:$5'7+(&2175$&7

 /HJDO5HIHUHQFH

 3ROLFLHVDQG*XLGHOLQHV



5XOHRQ&RQWUDFW$ZDUG



7LPHOLQHIRU&RQWUDFW$ZDUG



1RQ$FFHSWDQFHE\%LGGHU&RQVLGHUHGIRU
$ZDUG

 3URFHGXUH $ZDUGWKH&RQWUDFW 


 67(3+$9(7+(&2175$&7),1$/,=('6,*1('$1'$33529('
$1',668(7+(127,&(72352&(('

 /HJDO5HIHUHQFH

 3ROLFLHVDQG*XLGHOLQHV


 &RQWUDFW'RFXPHQWVDQG6XSSRUWLQJ'RFXPHQWV


 'HILQLWLRQRI3HUIRUPDQFH6HFXULW\


 5HVSRQVLELOLW\RI3RVWLQJ3HUIRUPDQFH6HFXULW\



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ



























































3DJHRI


































)RUPVDQG$PRXQWVRI3HUIRUPDQFH6HFXULW\
&RQGLWLRQVRI3HUIRUPDQFH6HFXULW\
&KDQJHLQ3HUIRUPDQFH6HFXULW\ZLWK&KDQJHLQ
&RQWUDFW3ULFH


 5HOHDVHRI3HUIRUPDQFH6HFXULW\
 &RQWUDFW6LJQLQJ
 5HIXVDORU,QDELOLW\RI%LGGHUZLWKWR3RVWWKH
3HUIRUPDQFH6HFXULW\DQG6LJQWKH&RQWUDFW


 &RQWUDFW$SSURYDO
 1RWLFHWR3URFHHG
 &RQWUDFW(IIHFWLYLW\

 3URFHGXUH +DYHWKH&RQWUDFW)LQDOL]HG6LJQHGDQG
$SSURYHGDQG,VVXH173 


 5(6(59$7,21&/$86(

 /HJDO5HIHUHQFH

 3ROLFLHVDQG*XLGHOLQHV


 5LJKWRI3URFXULQJ(QWLW\WR5HMHFW%LGV'HFODUH
D)DLOXUHRIELGGLQJRU1RW$ZDUGWKH&RQWUDFW


 ,QVWDQFHVRI%$&1RW)ROORZLQJ3URFHGXUHV


 %,'',1*2)3529,1&,$/352-(&76

 /HJDO5HIHUHQFH

 3ROLFLHVDQG*XLGHOLQHV


 'HILQLWLRQRI3URYLQFLDO3URMHFWV


 5XOHVRQ3URFXULQJ3URYLQFLDO3URMHFWV


 5HTXLUHPHQWIRU$GYHUWLVHPHQWDQG3RVWLQJRI
2SSRUWXQLWLHVIRU3URYLQFLDO3URMHFWV


7$%/(6&+('8/(2)352&85(0(17$&7,9,7,(6)25$1,1)5$6758&785(
&2175$&7:,7+$1$%&2)837230,//,21
),*85(7,0(/,1(2)352&85(0(172)/2&$//<)81'(',1)5$6758&785(
&2175$&76
















2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ







































3DJHRI









6(&7,21

,1752'8&7,21
























2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 $&521<06$1'$%%5(9,$7,216
ABC

Approved Budget for the Contract

ABM

Agency Budget Matrix

APP

Annual Procurement Plan

ARCC

Allowable Range of Contract Cost

BAC

Bids and Awards Committee

BDs

Bidding Documents

BDS

Bid Data Sheet

BER

Bid Evaluation Report

BIR

Bureau of Internal Revenue

BOQ

Bill of Quantities

BS

Bid Security

CAF

Certificate of Availability of Funds

CARI

Contractors All-Risk Insurance

CCASR

Contractors Confidential Application Statement for Registration

cd

calendar days

CO

Central Office, DPWH

CP

Contract Profile for Eligibility Processing

CRC

Contractors Registration Certificate

DBM

Department of Budget and Management

DO

District (Engineering) Office, DPWH

D.O.

Department Order of the DPWH

DOLE

Department of Labor and Employment

DPWH

Department of Public Works and Highways

DTI

Department of Trade and Industry

E.O.

Executive Order

GAA

General Appropriations Act

GCC

General Conditions of Contract

G-EPS

Government Electronic Procurement System

GPPB

Government Procurement Policy Board

HOPE

Head of Procuring Entity

IAEB

Invitation to Apply for Eligibility and to Bid

IRR-A

Implementing Rules and Regulations Part A of R.A. 9184

ITB

Instruction to Bidders

IU

Implementing Unit

JVA

Joint Venture Agreement

LCB

Lowest Calculated Bid

LOI

Letter of Intent for Eligibility



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

MIS

Monitoring and Inormation Service, DPWH

NEDA

National Economic and Development Authority

NFCC

Net Financial Contracting Capacity

NOA

Notice of Award

NOBR

Notification of Bidding Results

NPD

Notice of Postdisqualification

NPQ

Notice of PostqQualification

NTP

Notice to Proceed

OS

Obligation Slip

PAGASA

Philippine Atmospheric, Geophysical and Astronomical Services


Administration

PBC

Pre-Bid Conference

PCAB

Philippine Contractors Accreditation Board

PE

Procuring Entity

PERT/CPM

Program Evaluation and Review Technique/Critical Path Method

PMO

Project Management Office

PPC

Pre-Procurement Conference

PPMP

Project Procurement Management Plan

PQR

Postqualification Report

PS

Performance Security

R.A.

Republic Act

R.A. 9184

Republic Act No. 9184, otherwise known as the Government Procurement


Reform Act of 2003

RO

Regional Office, DPWH

ROW

Right-of-Way

SARO

Special Allotment Release Order

SBDs

Standard Bidding Documents of the DPWH

SCC

Special Conditions of Contract

Sec

Secretariat of the Bids and Awards Committee

TIN

Tax Identification Number

TWG

Technical Working Group of the Bids and Awards Committee





2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 6&23(2)92/80(,,,2)7+(0$18$/


9ROXPH ,,, RI WKH '3:+ 3URFXUHPHQW 0DQXDO '30  VHHNV WR SURYLGH LWV XVHUV FOHDU
FRQFLVH DQG DFFXUDWH LQIRUPDWLRQ RQ WKH SURFHVV IRU WKH SURFXUHPHQW E\ WKH
'HSDUWPHQW RI 3XEOLF :RUNV DQG +LJKZD\V '3:+  WKURXJK SXEOLF ELGGLQJ RI ORFDOO\
IXQGHG LQIUDVWUXFWXUH SURMHFWV LQ WKH PDQQHU SUHVFULEHG E\ 5HSXEOLF $FW 5$  1R
 RWKHUZLVH NQRZQ DV WKH *RYHUQPHQW 3URFXUHPHQW 5HIRUP $FW DQG LWV
,PSOHPHQWLQJ5XOHVDQG5HJXODWLRQV3DUW$ ,55$ 

7KLV9ROXPHFRYHUVDOOVWDJHVRILQIUDVWUXFWXUHSURFXUHPHQWIURPSURFXUHPHQWSODQQLQJ
DQG LVVXDQFH RI WKH ,QYLWDWLRQ WR $SSO\ IRU (OLJLELOLW\ DQG WR %LG WKURXJK WKH DFWXDO
ELGGLQJDFWLYLWLHVXSWRWKHLVVXDQFHRIWKH1RWLFHWR3URFHHGWRWKHZLQQLQJFRQWUDFWRU
)RU HDFK SURFXUHPHQW VWDJH RUVWHS9ROXPH,,,OD\VGRZQ D WKH/HJDO5HIHUHQFH E 
WKH3ROLFLHVDQG*XLGHOLQHVWREHIROORZHGDQG F WKH3URFHGXUHWREHREVHUYHGWKURXJK
D PDWUL[ RI WKH GHWDLOHG DFWLYLWLHV UHVSRQVLEOH SHUIRUPHUV WLPH IUDPHV DQG VSHFLILF
UXOHV

9ROXPH ,,, RI WKH '30 VKDOO EH XVHG WRJHWKHU ZLWK LWV LQWHJUDO SDUWVYL]WKH6WDQGDUG
)RUPV $QQH[$ DQG6WDQGDUG%LGGLQJ'RFXPHQWVRU6%'V $QQH[% 

7KHSURYLVLRQVRI9ROXPH,,,VKDOODSSO\WR D SURMHFWVXQGHUWKHPDQGDWHRIDQGWKXV
GLUHFWO\ILQDQFHGSURFXUHGDQGLPSOHPHQWHGE\WKH'3:+HJQDWLRQDOKLJKZD\VDQG
IORRG FRQWURO SURMHFWV DQG E  SURMHFWV IXQGHG E\ RWKHU GHSDUWPHQWVDJHQFLHV EXW
SURFXUHG DQG LPSOHPHQWHG E\ WKH '3:+ LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI ODZ RU
LQWHUDJHQF\DJUHHPHQWV7KHODWWHULQFOXGHVDPRQJRWKHUVURDGPDLQWHQDQFHSURMHFWV
ILQDQFHGIURPWKH0RWRU9HKLFOH8VHUV&KDUJHVDGPLQLVWHUHGE\WKH5RDG%RDUG XQGHU
5$ VFKRROEXLOGLQJSURMHFWVXQGHUWKH'HSDUWPHQWRI(GXFDWLRQEXGJHWIDUPWR
PDUNHW URDG SURMHFWV IXQGHG E\ WKH 'HSDUWPHQW RI $JULFXOWXUH DQG WKH 'HSDUWPHQW RI
$JUDULDQ5HIRUPDQGEXLOGLQJSURMHFWVRIQRQLQIUDVWUXFWXUHDJHQFLHV























2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 '(),1,7,212)7(506


'3:+ LQIUDVWUXFWXUH SURMHFWV DUH XQGHUWDNLQJV WR FRQVWUXFW LPSURYH UHKDELOLWDWH
GHPROLVK UHSDLU UHVWRUH RU PDLQWDLQ URDGV DQG EULGJHV IORRG FRQWURO DQG GUDLQDJH
VKRUH SURWHFWLRQ ZDWHU VXSSO\ VFKRRO EXLOGLQJV RWKHU SXEOLF EXLOGLQJV FLYLO ZRUNV
FRPSRQHQWV RI LQIRUPDWLRQ WHFKQRORJ\ SURMHFWV DQG RWKHU UHODWHG FRQVWUXFWLRQ SURMHFWV
RI WKH JRYHUQPHQW  8QGHU 5$  DQG LWV ,55$ WKH WHUP LQIUDVWUXFWXUH SURMHFWV
KDV WKH VDPH PHDQLQJ DV DQG LV XVHG LQWHUFKDQJHDEO\ ZLWK WKH WHUP FLYLO ZRUNV RU
ZRUNV ,55$6HFWLRQ>Q@ 

,QDGGLWLRQWKHIROORZLQJWHUPVDUHXVHGDVLQGLFDWHG

D
7KH ELGGHU ZLOO EH UHIHUUHG WR GLIIHUHQWO\ DW GLIIHUHQW VWDJHV RI WKH SURFXUHPHQW
SURFHVVDVIROORZV

 
3URVSHFWLYH ELGGHU IURP WKH SRVWLQJ RI WKH ,QYLWDWLRQ WR $SSO\ IRU
(OLJLELOLW\DQGWR%LGWRWKHUHFHLSWDQGSURFHVVLQJRILWV/HWWHURI,QWHQW

 
(OLJLEOH%LGGHULILWSDVVHVWKHHOLJLELOLW\FKHFNRUVFUHHQLQJ

 
%LGGHUZLWKWKH/RZHVW&DOFXODWHG%LGLIGHWHUPLQHGDVVXFKE\WKH%LGV
DQG$ZDUGV&RPPLWWHHFRQFHUQHGDIWHUWKHHYDOXDWLRQRIELGV

 
%LGGHUZLWKWKH/RZHVW&DOFXODWHG5HVSRQVLYH%LGLIGHWHUPLQHGDVVXFK
E\WKH%$&DIWHUSRVWTXDOLILFDWLRQDQG

E

F

G

H




















 

&RQWUDFWRUDIWHUWKHDSSURYDORIWKH&RQWUDFW

7KHWHUPELGZLOOEHXVHGLQVWHDGRISURSRVDORURIIHU
(OLJLELOLW\&KHFNDQG(OLJLELOLW\6FUHHQLQJZLOOEHXVHGLQWHUFKDQJHDEO\
7KH7HFKQLFDO(QYHORSHFRQWDLQVWKH7HFKQLFDO3URSRVDOFRPSRQHQWRIWKHELG
7KH)LQDQFLDO(QYHORSHFRQWDLQVWKH)LQDQFLDO3URSRVDOFRPSRQHQWRIWKHELG





2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

6(&7,21

35(3$5,1*)25
352&85(0(17































2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 35(3$5,1*)257+(352&85(0(172)
,1)5$6758&785(352-(&76
:KLOH9ROXPH,RIWKH'30FRQWDLQVDQH[WHQVLYHGLVFXVVLRQRI3URFXUHPHQW3ODQQLQJDV
D JHQHUDO FRQFHUQ IRU DOO NLQGV RI JRYHUQPHQW SURFXUHPHQW WKLV 6HFWLRQ RI 9ROXPH ,,,
IRFXVHV PDLQO\ RQ SURFXUHPHQW FRQFHUQV SDUWLFXODU WR ORFDOO\IXQGHG LQIUDVWUXFWXUH
SURMHFWV$VVXFKWKHUHDGHULVDGYLVHGWRUHIHUWRWKHSHUWLQHQWGLVFXVVLRQVLQ9ROXPH,
EHIRUHDQGGXULQJWKHUHDGLQJRIWKLV6HFWLRQ

3UHSDULQJ PDNHVIRUKLJKHUHIILFLHQF\DQGHIILFDF\,WHQDEOHVWKHSURFXUHPHQWRIILFLDOV
FRQFHUQHGWRDQWLFLSDWHWKHRQVHWRIHYHQWVDQGDVDFRQVHTXHQFHEHWWHUFDOLEUDWHWKHLU
UHVSRQVH WR WKHP  +DYLQJ D EHWWHU DSSUHFLDWLRQ RI IRUWKFRPLQJ HYHQWV JLYHV WKHVH
RIILFLDOV WKH RSSRUWXQLW\ WR WHVW D UDQJH RI SRVVLEOH FRXUVHV RI DFWLRQ FKRRVH WKH EHVW
DQGPRVWIHDVLEOHRIWKHVHDQGLGHQWLI\PHDVXUHVWRSXWWKHPLQWRDFWLRQ8OWLPDWHO\LW
ZLOO HQDEOH WKH SURFXULQJ RIILFLDOV WR GHWHUPLQH WKH EHVW PDQQHU E\ ZKLFK WKHVH
PHDVXUHV DUH WR EH LPSOHPHQWHG HQVXULQJ WKDW WKHLU LQGLYLGXDO DQG FROOHFWLYH LPSDFWV
DUHRSWLPL]HGDWWKHOHDVWFRVW

3UHSDULQJ IRU SURFXUHPHQWEDVLFDOO\LQYROYHVWKUHHDFWLYLWLHV D SURFXUHPHQWSODQQLQJ
E  SUHSDUDWLRQ RI WKH %LGGLQJ 'RFXPHQWV DQG F  FRQGXFW RI WKH 3UH3URFXUHPHQW
&RQIHUHQFH





































2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 352&85(0(173/$11,1*


/(*$/5()(5(1&(


6HFWLRQV  DQG  DQG $QQH[ $ RI ,55$ SURYLGH WKH UXOHV LQ UHODWLRQ WR
3URFXUHPHQW3ODQQLQJDQG'HWDLOHG(QJLQHHULQJ

32/,&,(6$1'*8,'(/,1(6

3XUSRVHDQG6FRSHRI3URFXUHPHQW3ODQQLQJ


7KH SXUSRVH RI SURFXUHPHQW SODQQLQJ LV IRU WKH 3URFXULQJ (QWLW\ WR VFKHGXOH LWV
SURFXUHPHQWDFWLYLWLHVLQDGYDQFHFRQVLVWHQWZLWKLWVDSSURYHGEXGJHWDQGWDUJHWGDWHV
RILPSOHPHQWDWLRQ

3URFXUHPHQW SODQQLQJ HQWDLOV HQVXULQJ WKDW GHWDLOHG HQJLQHHULQJ LQYHVWLJDWLRQV DQG
GHVLJQ DUH XQGHUWDNHQ SODQV IRU SURFXUHPHQW DUH OLQNHG WR EXGJHWV SUHSDULQJ WKH
3URMHFW 0DQDJHPHQW DQG 3URFXUHPHQW 3ODQ 3303 DQGFRQVROLGDWLQJDOO3303VLQWRWKH
$QQXDO 3URFXUHPHQW 3ODQ $33   )RUPXODWLQJ WKH 3303 LQYROYHV GHILQLQJ WKH VFRSH RI
ZRUN $SSURYHG %XGJHW IRU WKH &RQWUDFW $%&  DQG LPSOHPHQWDWLRQ VFKHGXOH
GHWHUPLQLQJ LI WKH SUHUHTXLVLWHV IRU SURFXUHPHQW LQ WHUPV RI IXQGLQJ HQJLQHHULQJ
WHFKQLFDOGRFXPHQWVDQGSURMHFWVLWHDUHPHWGHWHUPLQLQJWKHPHWKRGRISURFXUHPHQW
DQGLGHQWLI\LQJWKHPLOHVWRQHDFWLYLWLHV

7KH'3:+3URFXULQJ(QWLW\ &HQWUDO2IILFHRU&25HJLRQDO2IILFHRU52'LVWULFW2IILFHRU
'2 VKDOOXVH)RUP'3:+,1)5LQSUHVHQWLQJWKH3303IRUHDFKFRQWUDFWWREHELG
,WVKDOOXVH)RUP'3:+,1)5LQSUHVHQWLQJWKH$33ZKLFKFRQVROLGDWHVDOO3303V


'HWDLOHG(QJLQHHULQJDV3UHUHTXLVLWHWR%LGGLQJ


7KH3URFXULQJ(QWLW\VKDOOLQLWLDWHSURFXUHPHQWRQO\DIWHUWKHGHWDLOHGHQJLQHHULQJIRUWKH
SURMHFW LQFOXGLQJ WHFKQLFDO LQYHVWLJDWLRQV VXUYH\V DQG GHVLJQV DQG DFTXLVLWLRQ RI WKH
ULJKWRIZD\ 52: KDVEHHQVXIILFLHQWO\FDUULHGRXW7KHGHWDLOHGHQJLQHHULQJPXVWEH
XQGHUWDNHQ LQ DFFRUGDQFH ZLWK WKH VWDQGDUGV DQG VSHFLILFDWLRQV SUHVFULEHG E\ WKH
6HFUHWDU\RIWKH'3:+RUKLVGXO\DXWKRUL]HGUHSUHVHQWDWLYHDQGLQDFFRUGDQFHZLWKWKH
SURYLVLRQV RI $QQH[ $ RI ,55$ 7KH RQO\ H[FHSWLRQV WR WKLV DUH GHVLJQDQGEXLOG
VFKHPHV ZKHUHLQ ELGGHUV DUH DOORZHG WR VXEPLW GHWDLOHG HQJLQHHULQJ GHVLJQV DV SDUW RI
WKHLUELGV ,55$6HFWLRQ 


6FRSHRI'HWDLOHG(QJLQHHULQJ


'HWDLOHGHQJLQHHULQJVKDOOLQFOXGHWKHIROORZLQJDFWLYLWLHV

D
6HWWLQJ RI 'HVLJQ 6WDQGDUGV  'HVLJQ VWDQGDUGV VKDOO EH EDVHG RQ  WKH '3:+
'HVLJQ *XLGHOLQHV &ULWHULD DQG 6WDQGDUGV 2UDQJH %RRN    $PHULFDQ
$VVRFLDWLRQRIWKH6WDWH+LJKZD\DQG7UDQVSRUWDWLRQ2IILFLDOV $$6+72 6WDQGDUG
6SHFLILFDWLRQV IRU +LJKZD\V DQG %ULGJHV ODWHVW HGLWLRQ   $PHULFDQ &RQFUHWH
,QVWLWXWH $&,  6WDQGDUGV ODWHVW HGLWLRQ   7HFKQLFDO 6WDQGDUGV DQG *XLGHOLQHV
IRU 3ODQQLQJ DQG 'HVLJQ RI )ORRG &RQWURO DQG 6DER :RUNV 9ROXPHV , DQG ,,
0DUFK  E\ WKH )ORRG &RQWURO DQG 6DER (QJLQHHULQJ &HQWHU '3:+ DQG  
1DWLRQDO6WUXFWXUH&RGHRIWKH3KLOLSSLQHVWK(GLWLRQ9ROXPH,,DPRQJRWKHUV

E
&RQGXFW RI )LHOG 6XUYH\V DQG ,QYHVWLJDWLRQV  1HFHVVDU\ ILHOG VXUYH\V DQG
LQYHVWLJDWLRQV ZKLFK PD\ LQFOXGH DHULDO WRSRJUDSKLF K\GURJUDSKLF K\GURORJLF
JHRORJLFDOVRLOVDQGPDWHULDOVSDUFHOODU\DQGRWKHUVXUYH\VVKDOOEHFDUULHGRXW


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI


F

G


LQDFFRUGDQFHZLWKWKHJXLGHOLQHVFULWHULDDQGVWDQGDUGVDGRSWHGE\WKH'3:+DV
FLWHGLQLWHPDDERYH$OOVXUYH\DQGLQYHVWLJDWLRQZRUNVVKDOOEHGRQHVRDVWR
SURYLGHLQSXWGDWDIRUWKHGHVLJQDQGSURGXFWLRQRISODQVWKDWZLOOSHUPLWTXDQWLW\
HVWLPDWHV WR EH PDGH ZLWKLQ SOXV RU PLQXV WHQ SHUFHQW   RI WKH ILQDO
TXDQWLWLHVRIWKHFRPSOHWHGVWUXFWXUH
&RQGXFWRI'HVLJQ$QDO\VHVDQG3UHSDUDWLRQRI'HVLJQ3ODQVDQG'HVLJQ5HSRUW
7KHVH VKDOO FRQIRUP WR '3:+ GHVLJQ JXLGHOLQHV FULWHULD DQG VWDQGDUGV FLWHG LQ
LWHPDDERYH
3UHSDUDWLRQ RI &RQWUDFW 3ODQV  3ODQV VKDOO EH SUHSDUHG IRU HDFK FRQVWUXFWLRQ
FRQWUDFW LQ DFFRUGDQFH ZLWK JXLGHOLQHV DQG VWDQGDUGV DGRSWHG E\ WKH '3:+ DV
FLWHGLQLWHPDDERYHLQFRUSRUDWLQJDWOHDVWWKHIROORZLQJ
 

H

I

J


K


L

6LWHGHYHORSPHQWSODQ

 
3ODQVDQGSURILOHVKHHW

 
7\SLFDOVHFWLRQVDQGGHWDLOV

 
6WUXFWXUDO SODQV DW DSSURSULDWH VFDOHV LQGLFDWLQJ DOO GHWDLOV QHFHVVDU\ LQ
RUGHUWKDWWKHFRPSOHWHVWUXFWXUHFDQEHVHWRXWDQGFRQVWUXFWHG

3UHSDUDWLRQRI7HFKQLFDO6SHFLILFDWLRQV7KHVHVKDOODGRSWWKH'3:+
6WDQGDUG 6SHFLILFDWLRQV IRU 3XEOLF :RUNV DQG +LJKZD\V %OXH %RRN 
6XSSOHPHQWDO 6SHFLILFDWLRQV VKDOO EH SUHSDUHG IRU VSHFLILF LWHPV RI ZRUN RU
PHWKRGV RI FRQVWUXFWLRQ PHDVXUHPHQW DQG SD\PHQW ZKLFK DUH QRW FRYHUHG E\
RUZLOOPRGLI\WKH'3:+6WDQGDUG6SHFLILFDWLRQV

3UHSDUDWLRQRI4XDQWLW\(VWLPDWHV$OOFRQVWUXFWLRQTXDQWLWLHVVKDOOEHHVWLPDWHG
ZLWK D GHJUHH RI DFFXUDF\ RI QRW PRUH WKDQ SOXV RU PLQXV WHQ SHUFHQW   RI
WKHILQDOTXDQWLWLHVRIWKHEXLOWVWUXFWXUH
3UHSDUDWLRQRI&RVW(VWLPDWHVDQG$SSURYHG%XGJHWIRUWKH&RQWUDFW8QLWSULFHV
IRUWKHGLIIHUHQWZRUNLWHPVVKDOOEHSUHSDUHGIRUHDFKFRQWUDFWXVLQJFRVWVEDVHG
RQ FXUUHQW  PDUNHW  SULFHV DV SURMHFWHG RYHU WKH SURSRVHG FRQVWUXFWLRQ SHULRG
GLYLGHGLQWRORFDODQGIRUHLJQH[FKDQJHFRVWVDVWKHFDVHPD\EH7KH$SSURYHG
%XGJHWIRUWKH&RQWUDFW $%& VKDOOEHSUHSDUHGE\WKHRIILFLDOGXO\GHVLJQDWHGE\
WKH +HDG RI WKH3URFXULQJ(QWLW\7KH$%&VKDOOEHDSSURYHGE\WKH+HDGRIWKH
3URFXULQJ (QWLW\ RU KLV GXO\ GHVLJQDWHG RIILFLDO  7KH $%& LV IXUWKHU GLVFXVVHG LQ
WKHVXFFHHGLQJSDUWVRIWKLV0DQXDO
3UHSDUDWLRQRI3URJUDPRI:RUNLQFOXGLQJ6FKHGXOH7KHSURJUDPRIZRUNPXVW
LQFOXGH HVWLPDWHV RI WKH ZRUN LWHPV TXDQWLWLHV DQG FRVWV WKH JHQHUDO PHWKRGV
DUUDQJHPHQWV RUGHU DQG WLPLQJ RI WKH SURMHFW DFWLYLWLHV LQFOXGLQJ D 3URJUDP
(YDOXDWLRQ5HYLHZ7HFKQLTXH&ULWLFDO3DWKPHWKRG 3(57&30 GLDJUDPDQGEDU
FKDUWZLWK6FXUYH7KHSURJUDPRIZRUNPXVWFRYHUDWOHDVWDXVDEOHSRUWLRQRI
WKHSURMHFW
'HWHUPLQDWLRQRI&RQWUDFW3DFNDJHV7KHQXPEHUDQGVL]HVRIWKHFRQWUDFWVLQWR
ZKLFKWKHSURMHFWLVWREHSDFNDJHGGHSHQGRQWKHNLQGFRPSOH[LW\PDJQLWXGH
FRVW DQG WLPHWDEOH RI WKH SURMHFW  $ ODUJH LQIUDVWUXFWXUH SURMHFW VD\ FRVWLQJ
3 PLOOLRQ RU PRUH PD\ ZKHUH IHDVLEOH EH SDFNDJHG LQWR VPDOOHU FRQWUDFWV
FRYHULQJ VHSDUDWH VHFWLRQV RU ZRUN FRPSRQHQWV SURYLGHG WKDW WKH WHFKQLFDO
LQWHJULW\ RI WKH VWUXFWXUH LV QRW LPSDLUHG DQG WKDW WKH FRQWUDFWV DUH ZLWKLQ WKH
FDSDELOLWLHV RI )LOLSLQR FRQWUDFWRUV 7KLV LV LQ OLQH ZLWK WKH REMHFWLYH RI ([HFXWLYH
2UGHU (2   VHULHV RI  7KHUH VKDOO EH QR VSOLWWLQJ RI FRQWUDFWV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI


M

N

O

P

Q


R

S

T

KRZHYHU DV GHILQHG LQ (2 $ IRU WKH SXUSRVH RI FLUFXPYHQWLQJ WKH
SURYLVLRQVRIODZDQGH[LVWLQJUXOHVDQGUHJXODWLRQV
3UHSDUDWLRQ RI 6LWH RU 5LJKWRI:D\ 52:  3ODQV 6FKHGXOH RI $FTXLVLWLRQ DQG
5HVHWWOHPHQW$FWLRQ3ODQV7KLVVKDOOEHEDVHGRQSDUFHOODU\VXUYH\VDQGVRFLR
HFRQRPLFVXUYH\VRQKRXVHKROGVDIIHFWHGE\WKHSURMHFW
3UHSDUDWLRQRI8WLOLWLHV5HORFDWLRQ3ODQ$VQHFHVVDU\WKHVHVKDOOLQFOXGHHOHFWULF
ZDWHUVHZHUDJHWHOHSKRQHGUDLQDJHDQGRWKHUXWLOLWLHVWKDWZLOOEHDIIHFWHGE\
WKHSURMHFW
3UHSDUDWLRQRI(QYLURQPHQWDO,PSDFW6WDWHPHQW7KLVVKDOOEHGRQHIRUDFULWLFDO
SURMHFW RU D SURMHFW LQ D FULWLFDO DUHD DV GHILQHG E\ WKH 'HSDUWPHQW RI
(QYLURQPHQWDQG1DWXUDO5HVRXUFHV
3UHSDUDWLRQ RI 0LQLPXP 5HTXLUHPHQWV IRU D &RQVWUXFWLRQ 6DIHW\ DQG +HDOWK
3URJUDP7KHVHVKDOOFRQIRUPWRWKHVWDQGDUGVRIWKH'HSDUWPHQWRI/DERUDQG
(PSOR\PHQW '2/( 
&RQGXFW RI  9DOXH (QJLQHHULQJ 6WXGLHV  9DOXH HQJLQHHULQJ VKDOO EH XQGHUWDNHQ
IRU DOO  SURMHFWV FRVWLQJ 3 PLOOLRQ RU PRUH  9DOXH HQJLQHHULQJ VKDOO DQDO\]H
DOWHUQDWLYH VFKHPHV RI DFKLHYLQJ WKH SURMHFW REMHFWLYHV LQ RUGHU WR GHOHWH RU
UHGXFHWKHQRQHVVHQWLDOIHDWXUHVDQGOHVVHQOLIHF\FOHFRVWVRIWKHSURMHFWZLWKRXW
VDFULILFLQJ WKH TXDOLW\ DQG LQWHJULW\ RI WKH VWUXFWXUH ZKLOH DWWDLQLQJ LWV HVVHQWLDO
IXQFWLRQSHUIRUPDQFHDQGVDIHW\
&RQWUDFW7LPHRU'XUDWLRQ7KHSURSRVHGFRQWUDFWWLPHLQFDOHQGDUGD\VVKDOOEH
FDOFXODWHG E\ ILUVW HVWLPDWLQJ WKH QXPEHU RI ZRUNLQJ GD\V UHTXLUHG WR FRPSOHWH
WKHZRUNVWKURXJKD3(57&30DQDO\VLVRIWKHSURMHFWDFWLYLWLHV7KHQDGGHGWR
WKLV ZLOO EH   WKH QRQZRUNLQJ GD\V 6XQGD\V DQG KROLGD\V  DQG   WKH
HVWLPDWHG QXPEHU RI UDLQ\XQZRUNDEOH GD\V FRQVLGHUHG XQIDYRUDEOH IRU
LPSOHPHQWLQJ WKH ZRUNV DW WKH VLWH EDVHG RQ WKH UHFRUGV RI WKH 3$*$6$ ,WHP
  VKDOO EH PDGH NQRZQ EHIRUH WKH GDWH RI ELGGLQJ WKURXJK WKH ,QVWUXFWLRQV WR
%LGGHUV ,7%  IRU WKH SXUSRVH RI JXLGLQJ ERWK WKH JRYHUQPHQW DQG ZLQQLQJ
FRQWUDFWRULQWDNLQJDFWLRQRQUHTXHVWVIRUWLPHH[WHQVLRQV
:DUUDQW\ 3HULRG  7KLV VKDOO EH VSHFLILHG IURP WZR   WR ILIWHHQ   \HDUV
GHSHQGLQJXSRQWKHW\SHRISURMHFWLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH,55$
RI5$

3UHSDUDWLRQRI%LGGLQJ'RFXPHQWV7KLVLVGLVFXVVHGLQ6HFWLRQ9ROXPH,,,
RIWKLV0DQXDO


7KH DERYH UXOHV VKDOO DSSO\ WR WKH LPSOHPHQWDWLRQ RI LQIUDVWUXFWXUH SURMHFWV XQGHU
QRUPDORURUGLQDU\FRQGLWLRQV8QGHUHPHUJHQF\RUH[WUDRUGLQDU\FDVHVLQYROYLQJPDMRU
FDODPLWLHVDQGGLVDVWHUVDVGHFODUHGE\WKH3UHVLGHQWRIWKH3KLOLSSLQHVZKHUHWLPHLVRI
WKHHVVHQFHWRVDYHOLYHVDQGSURSHUWLHVDQGUHVWRUHGDPDJHGLQIUDVWUXFWXUHVKRZHYHU
GHWDLOHGHQJLQHHULQJPD\EHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVDQGSURFHGXUHV
SUHVFULEHGE\WKH'3:+6HFUHWDU\DQGDSSURYHGE\WKH,QIUDVWUXFWXUH&RPPLWWHHRIWKH
1DWLRQDO (FRQRPLF DQG 'HYHORSPHQW $XWKRULW\ 1('$  %RDUG  7KLV ZLOO HQDEOH TXLFN
UHVSRQVHLQVXFKFDVHVZKLOHPDLQWDLQLQJWKHVDIHW\DQGLQWHJULW\RIWKHVWUXFWXUH

7KH '3:+ VKDOO LPSOHPHQW DW WKH &HQWUDO 5HJLRQDO DQG 'LVWULFW 2IILFHV D V\VWHP IRU
WKH UHYLHZ DQG DVVXUDQFH RI WKH TXDOLW\ RI GHWDLOHG HQJLQHHULQJ RXWSXWV WR HQVXUH WKDW
WKH\FRQIRUPWRWKHSUHVFULEHGGHVLJQVWDQGDUGVDQGZLOODOORZHVWLPDWHVRITXDQWLWLHVWR
EH PDGH ZLWKLQ SOXV RU PLQXV WHQ SHUFHQW   RI WKH ILQDO YDOXHV RI WKH FRPSOHWHG
VWUXFWXUH 7KH VXUYH\ DQG GHVLJQ GDWD RI VWUXFWXUDO FRPSRQHQWV WKDW DUH SURQH WR


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

VLJQLILFDQW RYHUVWDWHPHQW DQG YDULDWLRQ VXFK DV HDUWKZRUNV DQG EDVH FRXUVH VKDOO EH
HVSHFLDOO\VFUXWLQL]HGWRDVVXUHWKHLQWHJULW\RIWKHGHVLJQDQGHVWLPDWHV


'HILQLWLRQRI$SSURYHG%XGJHWIRUWKH&RQWUDFW $%& 


7KH $%& LV WKH EXGJHW IRU WKH FRQWUDFW GXO\ DSSURYHG E\ WKH
+HDGRIWKH3URFXULQJ(QWLW\DVLQFOXGHGLQWKH'3:+%XGJHWUHIOHFWHGLQWKHDSSURYHG
RUSURSRVHG*HQHUDO$SSURSULDWLRQV$FW *$$ 7KH3URFXULQJ(QWLW\VKDOOXVH)RUP6)
,1)5LQSUHVHQWLQJWKH$%&


)DFWRUVLQ'HWHUPLQLQJ$%&


7KH3URFXULQJ(QWLW\VKDOOFRQVLGHUWKHIROORZLQJIDFWRUVLQGHWHUPLQLQJWKH$%&

D
&RPSOHWHDQGDGHTXDWHGHWDLOHGHQJLQHHULQJZKLFKHQDEOHHVWLPDWHVRITXDQWLWLHV
WR EH PDGH ZLWKLQ SOXV RU PLQXV WHQ SHUFHQW   RI WKH ILQDO YDOXH RI WKH
ILQLVKHGZRUNV

E
&RPSOLDQFH ZLWK WKH '3:+ 6WDQGDUG 6SHFLILFDWLRQV IRU 3XEOLF :RUNV DQG
+LJKZD\V 3URMHFWV SDUWLFXODUO\ 9ROXPH ,, IRU +LJKZD\V %ULGJHV DQG $LUSRUWV
 DQG 9ROXPH ,,, IRU %XLOGLQJV )ORRG &RQWURO DQG 'UDLQDJH DQG :DWHU
6XSSO\

F
8VHRIDSSURSULDWHFRQVWUXFWLRQPHWKRGV

G
8VH RI DSSOLFDEOH FRQVWUXFWLRQ LQGXVWU\ QRUPV DQG SUDFWLFHV LQFOXGLQJ PLQLPXP
SURGXFWLRQ UDWHV RI FRQVWUXFWLRQ HTXLSPHQW DQG ODERU DQG FRPSRQHQWV RI GLUHFW
DQGLQGLUHFWFRVWV

H
8VHRILGHQWLILHGIHDVLEOHVRXUFHVRIFRQVWUXFWLRQPDWHULDOV

I
8VHRIPDUNHWSULFHVRIFRPSRQHQWODERUPDWHULDOVDQGHTXLSPHQWDQGPRQLWRUHG
DVEXLOWFRVWVRIFRQWUDFWZRUNLWHPV

J
5HDVRQDEOHULVNVDQGFRQWLQJHQFLHV

K
,QFOXVLRQ RI DOO UHOHYDQW DQG OHJLWLPDWH FRVW LWHPV WR EH LQFXUUHG E\ WKH
FRQWUDFWRU

L
&RPSOLDQFH ZLWK 'HSDUWPHQW 2UGHU '2  1R  VHULHV RI  DV DPHQGHG
UHJDUGLQJWKH$%&

7KH $%& PXVW EH EDVHG RQ WKH GHWDLOHG HQJLQHHULQJ RI WKH SURMHFW ZKLFK SDVVHV WKH
TXDOLW\ DVVXUDQFH V\VWHP IRU GHVLJQ RI WKH 'HSDUWPHQW DQG LV GXO\ DSSURYHG E\
DXWKRUL]HGRIILFLDOV 'LVWULFW(QJLQHHU5HJLRQDO'LUHFWRU6HFUHWDU\RU8QGHUVHFUHWDU\ 

7KH $%& VKDOO FRQVLVW RI WKH IROORZLQJ FRVW HOHPHQWV EDVHG RQ '2 1R  VHULHV RI
DVDPHQGHG

D
'LUHFW&RVW '& 

 
&RVW RI PDWHULDOV  FRVW DW VRXUFH LQFOXGLQJ SURFHVVLQJ  KDXOLQJ
KDQGOLQJVWRUDJHDQGDOORZDQFHIRUZDVWHORVVHVQRWH[FHHGLQJRIWKH
PDWHULDOVUHTXLUHPHQW



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI



E




 

&RVW RI ODERU  VDODULHVZDJHV DQG IULQJH EHQHILWV LQ DFFRUGDQFH ZLWK ODZ
DQG EDVHG RQ PDUNHW UDWHV LQ WKH ORFDOLW\ DQG FRQVLGHULQJ WKH PLQLPXP
SURGXFWLRQUDWHIRUODERUVHWE\WKH'3:+

 

&RVW RI HTXLSPHQW  UHQWDO PRELOL]DWLRQGHPRELOL]DWLRQ FRQVLGHULQJ


PLQLPXPSURGXFWLRQUDWHVIRUHTXLSPHQWVHWE\WKH'3:+

,QGLUHFW&RVW ,& 

 
2YHUKHDG H[SHQVHV  HQJLQHHULQJ DQG DGPLQLVWUDWLYH VXSHUYLVLRQ
WUDQVSRUWDWLRQ DOORZDQFHV RIILFH H[SHQVHV DQG SUHPLXPV RQ
&RPSUHKHQVLYH $OO5LVN ,QVXUDQFH &$5,  DQG :DUUDQW\ 6HFXULW\ QRW
H[FHHGLQJILYHSHUFHQW  WRWHQSHUFHQW  RIWKH(VWLPDWHG'LUHFW
&RVW ('&  IROORZLQJ WKH VFKHGXOH RI RYHUKHDG FRQWLQJHQFLHV DQG
PLVFHOODQHRXV 2&0  H[SHQVHV IRU GLIIHUHQW FRVWV GXUDWLRQDQGZDUUDQW\
SHULRGV VHW E\ WKH '3:+ EDVHG RQ LQGXVWU\ QRUPV DV HPERGLHG LQ D
'HSDUWPHQW2UGHU
 

&RQWLQJHQFLHV  QRW H[FHHGLQJ ILYHWHQWKV SHUFHQW   WR WZR SHUFHQW


 RIWKH('&IROORZLQJWKHVDLGVFKHGXOHRI2&0H[SHQVHV

 

0LVFHOODQHRXV  ODERUDWRU\WHVWVHWFQRWH[FHHGLQJWKUHHWHQWKVSHUFHQW
 WRRQHSHUFHQW  RIWKH('&


 

 

3URILWSHU\HDUQRWH[FHHGLQJ2&& Q PXOWLSOLHGE\WKH('&ZKHUH


2&& LV WKH RSSRUWXQLW\ FRVW RI FDSLWDO LQ WKH 3KLOLSSLQHV LQ SHUFHQW SHU
DQQXP DV GHWHUPLQHG E\ WKH 1('$ SUHVHQWO\ ILIWHHQ SHUFHQW RU  
DQGQLVWKHFRQWUDFWGXUDWLRQLQPRQWKVSURYLGHGWKDWWKHSURILWVKDOOEH
D  DW OHDVW RQHKDOI   RI WKH 2&& PXOWLSOLHG E\ WKH 2&& DQG E  DW
PRVWWZRWKLUGV  RIWKH2&&PXOWLSOLHGE\WKH('&
9DOXH $GGHG 7D[ 9$7   WHQ SHUFHQW   RI ('&  (VWLPDWHG ,& IRU
LWHPV  WR  DERYH 


6LQFHWKHFRQWUDFWFRVWLVIL[HGWKHHVWLPDWHGXQLWSULFHIRUHDFKZRUNLWHPPXVWDOORZ
IRU WKH SURMHFWHG LQIODWLRQ DQG IRUHLJQ H[FKDQJH IOXFWXDWLRQ GXULQJ WKH LPSOHPHQWDWLRQ
SHULRGHVSHFLDOO\IRUFRQVWUXFWLRQZLWKDGXUDWLRQRIPRUHWKDQRQH\HDU7KHHVWLPDWRU
VKDOO UHIHU WR WKH 1('$ IRU HVWLPDWHV RI OLNHO\ LQIODWLRQ UDWHVDQGWRWKH%DQJNR6HQWUDO
QJ3LOLSLQDVIRUHVWLPDWHVRISUREDEOHIRUHLJQH[FKDQJHIOXFWXDWLRQ

,Q SUHSDULQJ UHYLHZLQJ DQG DSSURYLQJ WKH $%& WKH 3URFXULQJ (QWLW\ VKDOO UHIHU WR WKH
FRPSXWHUL]HG '3:+ GDWDEDVH ZKLFK PRQLWRUV DQG SRVWV D  SULFHV RI FRPSRQHQW
PDWHULDOV ODERU DQG HTXLSPHQW EDVHG RQ PDUNHW SULFHV LQ WKH SURMHFW ORFDOLW\ DQG E 
SULFHV RI FRPSOHWHG ZRUN LWHPV LQ SODFH HJ EDVH FRXUVH EDVHG RQ DVEXLOW FRVWV IRU
VLPLODUSURMHFWVLQWKHSURMHFWORFDOLW\














2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 35(3$5,1*7+(%,'',1*'2&80(176


/(*$/5()(5(1&(


,55$ 6HFWLRQ  SURYLGHV WKH UXOHV LQ UHODWLRQ WR WKH SUHSDUDWLRQ RI WKH %LGGLQJ
'RFXPHQWV %'V 


3ROLFLHVDQG*XLGHOLQHV


3XUSRVHRI%LGGLQJ'RFXPHQWV


7KH%'VDUHGRFXPHQWVLVVXHGE\WKH'3:+3URFXULQJ(QWLW\WRSURYLGHWKHSURVSHFWLYH
ELGGHUVDOOWKHQHFHVVDU\LQIRUPDWLRQWKDWWKH\QHHGWRSUHSDUHUHVSRQVLYHELGV ,55$
6HFWLRQ>I@ 7KHVHVKRXOGFOHDUO\DQGDGHTXDWHO\GHILQHDPRQJRWKHUWKLQJV ,55$
6HFWLRQ 

D
WKH VFRSH RI ZRUN DSSURYHG EXGJHW GXUDWLRQ DQG H[SHFWHG RXWSXWV RI WKH
SURSRVHGFRQWUDFW

E
WKH PLQLPXP OHJDO WHFKQLFDO DQG ILQDQFLDO UHTXLUHPHQWV WKDW WKH ELGGHU PXVW
PHHWWREHHOLJLEOHWRELG

G
WKHGRFXPHQWVDQGRWKHUUHTXLUHPHQWVWKDWWKHELGGHUPXVWLQFOXGHLQLWVELGDQ

H
WKH SURFHVV DQG UXOHV IRU WKH VXEPLVVLRQ DQG UHFHLSW RI ELGV HYDOXDWLRQ RI ELGV
SRVWTXDOLILFDWLRQDQGDZDUGRIFRQWUDFWDQG

I
WKH WHUPV DQG FRQGLWLRQV RI WKH FRQWUDFW EHWZHHQ WKH ZLQQLQJ ELGGHU DQG WKH
'3:+LQFOXGLQJWKHLUSURVSHFWLYHREOLJDWLRQV


&RQWHQWVRI%LGGLQJ'RFXPHQWV


7KH%'VIRUWKHVSHFLILFFRQWUDFWWRELGVKDOOFRQVLVWRIWKHIROORZLQJ

3DUW,
6HFWLRQ,,QYLWDWLRQWR$SSO\IRU(OLJLELOLW\DQGWR%LG ,$(% 
6HFWLRQ,,(OLJLELOLW\5HTXLUHPHQWV

3DUW,,
6HFWLRQ,,QVWUXFWLRQVWR%LGGHUV ,7% LQFOXGLQJ'RFXPHQWVFRPSULVLQJWKH%LG
6HFWLRQ,,%LG'DWD6KHHW %'6 
6HFWLRQ,,,*HQHUDO&RQGLWLRQVRI&RQWUDFW *&& 
6HFWLRQ,96SHFLDO&RQGLWLRQVRI&RQWUDFW 6&& 
6HFWLRQ96SHFLILFDWLRQV
6HFWLRQ9,'UDZLQJV
6HFWLRQ9,,%LOORI4XDQWLWLHV %24 
6HFWLRQ9,,,)RUPV

)RU HYHU\ FRQWUDFW WR EH ELG WKH 3URFXULQJ (QWLW\ VKDOO SUHSDUH WKH %'V E\ DGRSWLQJ
XQFKDQJHG WKH 6WDQGDUG %LGGLQJ 'RFXPHQWV 6%'V  VKRZQ LQ $QQH[ %  7KH
3URFXULQJ (QWLW\ KRZHYHU VKDOO LQVHUW LQ WKH 6%'V WKH LQIRUPDWLRQ VSHFLILF WR WKH
FRQWUDFWSDUWLFXODUO\LQWKH,$(%%'66&&6SHFLILFDWLRQV'UDZLQJVDQG%24LQRUGHU
WRSURGXFHWKHFRPSOHWH%'V7KH&HQWUDO%LGVDQG$ZDUGV&RPPLWWHH %$& VKDOOSRVW
WKH 6%'V LQ WKH '3:+ ZHEVLWH IRU HDV\ UHIHUHQFH RI WKH 3URFXULQJ (QWLWLHV DQG
ELGGHUVFRQWUDFWRUV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

7KH VSHFLILFDWLRQV DQG RWKHU WHUPV LQ WKH %'V VKDOO UHIOHFW PLQLPXP UHTXLUHPHQWV  $
ELGGHU PD\ WKHUHIRUH EH DOORZHG WR VXEPLW D VXSHULRU RIIHU  ,Q WKH HYDOXDWLRQ RI WKH
ELGV KRZHYHU QR SUHPLXP RU ERQXV PXVW EH JLYHQ DV D UHVXOW RI WKLV VXSHULRU RIIHU
,55$6HFWLRQ 


 $FFRXQWDELOLW\IRU%LGGLQJ'RFXPHQWV


)RUHDFKFRQWUDFWWREHELGWKHFRQWUDFWVSHFLILFLQIRUPDWLRQWREHLQVHUWHGLQWKH6%'V
WRSURGXFHWKH%'VDVVWDWHGLQ6HFWLRQDERYHVKDOOEHSUHSDUHGE\WKH7HFKQLFDO
ZRUNLQJ *URXS 7:*  LQ FRRUGLQDWLRQ ZLWK WKH,PSOHPHQWLQJ8QLW ,8 FRQFHUQHG HJ
'LVWULFW 2IILFH RU '2 5HJLRQDO 2IILFH RU 52 RU 3URMHFW 0DQDJHPHQW 2IILFH RU 302 
VXEPLWWHG E\ WKH %$& 6HFUHWDULDW DQG DSSURYHG E\ WKH %$& &KDLUPDQ  7KH %$&
&KDLUPDQ VKDOO VXEPLW WR WKH &HQWUDO %$& D VRIW FRS\ RI WKH VDLG FRQWUDFWVSHFLILF
LQIRUPDWLRQ WRJHWKHU ZLWK D FHUWLILFDWLRQ WKDW WKLV LQIRUPDWLRQ KDV EHHQ DSSURYHG E\
KLP

7KH7:*ZLWKWKH,8VKDOOEHUHVSRQVLEOHIRUUHYLHZLQJWKHVDLGLQIRUPDWLRQDVSRVWHGLQ
WKH '3:+ ZHEVLWH DQG IRU SUHSDULQJ WKH QHFHVVDU\ FRUUHFWLRQV DQG SURSRVHG %LG
%XOOHWLQV DQG VXEPLWWLQJ WKHVH WKURXJK WKH %$& 6HFUHWDULDW WR WKH %$& &KDLUPDQ IRU
DSSURYDO7KH%$&&KDLUPDQVKDOOWUDQVPLWWKHDSSURYHGFRUUHFWLRQVDQG%LG%XOOHWLQVWR
WKHZHEVLWHDQGLVVXHWKHPWRWKHFRQFHUQHGELGGHUV

7KH 7:* ZLWK WKH ,8 VKDOO DOVR SUHSDUH WKH FKDQJHV LQ WKH %'V DQG %LG %XOOHWLQV WKDW
PD\ UHVXOW IURP WKH 3UH3URFXUHPHQW &RQIHUHQFH 3UH%LG &RQIHUHQFH DQG DV WKH QHHG
DULVHV  7KHVH VKDOO DOVR EH VXEPLWWHG WKURXJK WKH %$& 6HFUHWDULDW WR WKH %$&
&KDLUPDQ IRU DSSURYDO SRVWLQJ LQ WKH ZHEVLWH DQG LVVXDQFH DV VWDWHG LQ WKH SUHFHGLQJ
SDUDJUDSK


 5HDGLQHVVRI%LGGLQJ'RFXPHQWV


7KH 3URFXULQJ (QWLW\ PXVW FRPSOHWH WKH %'V LQ WLPH IRU SUHVHQWDWLRQ DW WKH 3UH
3URFXUHPHQW &RQIHUHQFH  $IWHU WKH &RQIHUHQFH DQG EHIRUH WKH DGYHUWLVHPHQW DQGRU
SRVWLQJRIWKH,$(%WKH%$&ZLWKWKHDVVLVWDQFHRIWKH%$&6HFUHWDULDWDQGWKH302,8
FRQFHUQHGPXVWILQDOL]HWKH%'V




352&('85( 35(3$5,1*7+(%,'',1*'2&80(176 %' 


$FWLYLW\

5HVSRQVLEOH
3HUIRUPHU
%$&6HFRI
2EWDLQWKH6%'V
3URFXULQJ

(QWLW\ 3( 



,8WRSUHSDUH
3UHSDUHWKHLQIRUPDWLRQ
WKHFRQWUDFW
VSHFLILFWRWKHFRQWUDFWWR
LQIR%$&
EHELGWREHLQVHUWHGLQWR
6HFWR
WKH6%'VIRUPDW
FROODWH%$&

WRDSSURYH



D ,QYLWDWLRQWR$SSO\IRU 
(OLJLELOLW\DQGWR%LG

,$(% 

&RQWUDFW,'QDPH

ORFDWLRQEULHI

GHVFULSWLRQDQGPDMRU 

7LPH
)UDPH
FG



FG










5XOHV
8VH6%'VLQ$QQH[
%DVSRVWHGDW
'3:+ZHEVLWH

GR






6HF9RO
,,,RI'30DQG6HF
3DUW,RI6%'V






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI











E %LG'DWD6KHHW %'6 

&RQWUDFW,' QDPH

)XQGLQJVRXUFH

'DWH SODFHRI3UH

%LG&RQIHUHQFH

$%&

0LQSHUVRQQHO

H[SHULHQFHUHTWV

0LQHTSWUHTWV

%LGYDOLGLW\SHULRG

%LG6HFXULW\YDOLGLW\

SHULRG

'HDGOLQH SODFHIRU

UHFHLSWRIELGV

'DWHWLPH SODFHRI 
RSHQLQJRIELGV



F 6SHFLDO&RQGLWLRQVRI

&RQWUDFW 6&& 

,QWHQGHGFRPSOHWLRQ

GDWH

3URFXULQJ(QWLW\

3URFXULQJ(QWLW\V

5HSUHVHQWDWLYH

6LWHRI:RUNV

6WDUWGDWHRI:RUNV

'HVFULSWLRQRI:RUNV

'DWHRIVLWHGHOLYHU\

'DWHRIGHOLYHU\RI

JRYWPDWHULDOV

.H\SHUVRQQHO

6LWHLQYHVWLJDWLRQ

UHSRUWV

:DUUDQW\SHULRG

'HDGOLQHIRU3URJUHVV 
5HSRUWVYV3(57&30 
'HDGOLQHIRUDVEXLOW 
'UDZLQJV



G 6SHFLILFDWLRQV















H'UDZLQJV

ZRUNLWHPV
$%& VRXUFHRIIXQGV
&RQWUDFWGXUDWLRQ
'HDGOLQHWLPHSODFH
IRU/HWWHURI,QWHQW
LVVXDQFHRI%'V
UHFHLSW RSHQLQJRI
ELGV










6HF,,3DUW,,RI
6%'V















6HF,93DUW,,RI
6%'V




















6HF93DUW,,RI
6%'V8VH'3:+
6WDQGDUG6SHFVIRU
3XEOLF:RUNVDQG
+LJKZD\VDQG
$WWDFK
6XSSOHPHQWDO6SHFV

6HF9,3DUW,,RI



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI





I%LOORI4XDQWLWLHV

3D\,WHP1R

'HVFULSWLRQRI,WHP

8QLWV

4XDQWLWLHV



J)RUPV

4XDOLILFDWLRQVRINH\

SHUVRQQHO PLQUHTWV  
/LVWRIHTXLSPHQW

PLQLPXPUHTWV 



$SSURYHFRQWUDFWVSHFLILF 3(%$&
LQIRUPDWLRQ
&KDLUPDQ

WKUX%$&6HF


 7UDQVPLWVRIWFRS\RI
%$&6HFRI
DSSURYHGFRQWUDFWVSHFLILF 3(
LQIRWR&HQWUDO%$&



 ,QVHUWFRQWUDFWVSHFLILFLQIR &HQWUDO%$&
LQ6%'VWRSURGXFH%'V
6HFZLWK0,6
DQGSRVW%'VDW'3:+

ZHEVLWH



 3UHSDUHKDUGFRSLHVRI%'V %$&6HFRI
EDVHGRQ6%'VZLQVHUWHG 3(
FRQWUDFWVSHFLILFLQIR



















6%'V$WWDFK
DSSURYHG'UDZLQJV

6HF9,,3DUW,,RI
6%'V&RQVLVWHQWZLWK
6SHFLILFDWLRQV
'UDZLQJVDQG$%&


6HF9,,,3DUW,,RI
6%'V








:LWKFHUWLILFDWLRQWKDW
WKH%$&&KDLUPDQKDV
DSSURYHGWKHLQIR

7:*ZLWK,8PXVW
FKHFNLQIRDVSRVWHG






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 &21'8&72)7+(35(352&85(0(17&21)(5(1&(


/(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVDQGJXLGHOLQHVLQUHODWLRQWRWKHFRQGXFWRID3UH
3URFXUHPHQW&RQIHUHQFH 33& 


32/,&,(6$1'*8,'(/,1(6

3XUSRVHRI3UH3URFXUHPHQW&RQIHUHQFH


7KH33&LVWKHIRUXPZKHUHDOO'3:+RIILFLDOVLQYROYHGLQWKHSURFXUHPHQWRIDFRQWUDFW
VKDOO PHHW DQG GLVFXVV DOO DVSHFWV RI WKH WUDQVDFWLRQ DQG FKHFN ZKHWKHU WKH FRQWUDFW LV
UHDG\ IRU SURFXUHPHQW LQ WHUPV RI WKH OHJDO WHFKQLFDO DQG ILQDQFLDO UHTXLUHPHQWV  7KH
33& VKDOO FRQILUP WKH VFRSH RI ZRUN XQGHU WKH SURSRVHG FRQWUDFW HQVXUH WKDW WKH
SURFXUHPHQWLVFRQVLVWHQWZLWKWKH3303DQGWKH$33FKHFNWKHEXGJHWIRUWKHFRQWUDFW
DQG UHYLHZ DQG DSSURYH WKH %LGGLQJ 'RFXPHQWV %'V  PDNLQJ VXUH WKDW WKH\ DUH
FRPSOHWH DQG FRPSO\ ZLWK WKH VHW VWDQGDUGV DQG UXOHV  7KH 33& ZLOO DOVR UHYLHZ WKH
FULWHULD IRU HOLJLELOLW\ VFUHHQLQJ ELG HYDOXDWLRQ SRVWTXDOLILFDWLRQ DQG DZDUG DQG DJUHH
RQWKHPRGHDQGVFKHGXOHRISURFXUHPHQW

)RU HYHU\ LQIUDVWUXFWXUH FRQWUDFW LQYROYLQJ DQ $%& DPRXQWLQJ WR PRUH WKDQ )LYH 0LOOLRQ
3HVRV 30LOOLRQ WKH%$&PXVWFRQGXFWD33&(YHQZKHQWKHFRQWUDFWKDVDQ$%&RI
3PLOOLRQRUOHVVWKH%$&LVHQFRXUDJHGWRFRQGXFWD33&LIWKHFLUFXPVWDQFHVOLNHWKH
FRPSOH[LW\RIWKHWHFKQLFDOVSHFLILFDWLRQVZDUUDQWKROGLQJVXFKDFRQIHUHQFHEHIRUHWKH
3URFXULQJ(QWLW\SURFHHGVZLWKWKHSURFXUHPHQW


7LPH)UDPHIRU3UH3URFXUHPHQW&RQIHUHQFH


7KH %$& PXVW FRQGXFW WKH 33& DW OHDVW WKUHH   GD\V EHIRUH WKH DGYHUWLVHPHQW RU
SRVWLQJ RI WKH ,$(% ,55$ 6HFWLRQ   7KLV ZLOO JLYH WKH WHFKQLFDO VWDII VXIILFLHQW
WLPH WR LQFRUSRUDWHWKHQHFHVVDU\FKDQJHVLQWKH%'VWKDWPD\DULVHIURPWKH33&,Q
QRFDVHVKDOOWKHDGYHUWLVHPHQWRUSRVWLQJRIWKH,$(%EHPDGHXQOHVVDOOVXFKFKDQJHV
LQWKH%'VKDYHEHHQPDGH


3DUWLFLSDQWVRI3UH3URFXUHPHQW&RQIHUHQFH


7KHSDUWLFLSDQWVLQD3UH3URFXUHPHQW&RQIHUHQFHDUH

D
PHPEHUVRIWKH%$&
E
LWV6HFUHWDULDW
F
UHSUHVHQWDWLYHVRIWKH,8
G
PHPEHUV RI WKH 7:* VWDII FRQVXOWDQWV HQGXVHUV DQG RWKHU SHUVRQV ZKR
SUHSDUHGUHYLHZHGRUDSSURYHGWKH%'VRUSDUWVWKHUHRI
H
RWKHURIILFLDOVFRQFHUQHGDVPD\EHUHTXLUHG

7KH%$&&KDLUPDQVKDOOSUHVLGHRYHUWKH33&


$JHQGDIRU3UH3URFXUHPHQW&RQIHUHQFH


,Q FRQGXFWLQJ WKH 33& WKH %$& &KDLUPDQ VKDOO JHQHUDOO\ IROORZ WKH DJHQGD VKRZQ LQ
)RUP '3:+,1)5  7KXV WKH 33& VKRXOG FRYHU WKH IROORZLQJ LWHPV ,55$
6HFWLRQ 

D
&RQILUPWKHGHVFULSWLRQDQGVFRSHRIWKHFRQWUDFW$%&DQGFRQWUDFWGXUDWLRQ


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

E

F







G

H


I

J


(QVXUHWKDWWKHSURFXUHPHQWIRUWKHFRQWUDFWLVLQDFFRUGDQFHZLWKWKH3303DQG
$33
'HWHUPLQH WKH VWDWH RI UHDGLQHVV RI WKH FRQWUDFW IRU SURFXUHPHQW E\ FKHFNLQJ
DPRQJRWKHUWKLQJV
 

WKH FRPSOHWLRQ RI WKH GHWDLOHG HQJLQHHULQJ DFFRUGLQJ WR WKH SUHVFULEHG
VWDQGDUGV

 

WKHFRPSOHWHQHVVRIWKH%'VLQFOXGLQJWKH,$(%(OLJLELOLW\5HTXLUHPHQWV
,7%%'6*&&6&&6SHFLILFDWLRQV'UDZLQJV%24DQG)RUPVDQGWKHLU
DGKHUHQFHWRUHOHYDQWSURFXUHPHQWJXLGHOLQHV

 

WKH LQFOXVLRQ RI WKH FRQWUDFW LQ WKH '3:+ EXGJHW DV UHIOHFWHG LQ WKH
H[LVWLQJRUSURSRVHG*$$RUIXQGHGE\WKH$%06$52DQG

 

WKHDYDLODELOLW\RIULJKWRIZD\ZLWKDWOHDVWDSHUPLWWRHQWHU

5HYLHZ PRGLI\ DQG DJUHH RQ WKH FULWHULD IRU HOLJLELOLW\ FKHFNVFUHHQLQJ
SUHOLPLQDU\ H[DPLQDWLRQ DQG GHWDLOHG HYDOXDWLRQ RI ELGV DQG SRVWTXDOLILFDWLRQ
DQGHQVXUHWKDWWKHVHFULWHULDDUHIDLUUHDVRQDEOHDQGRIWKHSDVVIDLOW\SH
5HYLHZDQGDGRSWWKHSURFXUHPHQWVFKHGXOHLQFOXGLQJWKHGHDGOLQHRUWLPLQJIRU
WKH ,$(% 3UH%LG &RQIHUHQFH 3%&  UHFHLSW DQG SURFHVVLQJ RI /HWWHUV RI ,QWHQW
/2,  IRU (OLJLELOLW\ LVVXDQFH RI %'V UHFHLSW DQG RSHQLQJ RI ELGV HYDOXDWLRQ RI
ELGV SRVWTXDOLILFDWLRQ DZDUG FRQWUDFW SURFHVVLQJ DQG DSSURYDO DQG 1RWLFH WR
3URFHHG
)LQDOL]HDQGDSSURYHWKH,$(%
'LVFXVV RWKHU LPSRUWDQW PDWWHUV VXFK DV HPSKDVL]LQJ WKH QR FRQWDFW UXOH
GXULQJ WKH ELG HYDOXDWLRQ SURFHVV DQG DSSOLFDEOH VDQFWLRQV DQG SHQDOWLHV IRU
YLRODWLRQVRIWKHSURFXUHPHQWUXOHV

 352&('85( &21'8&7 2) 7+( 35(352&85(0(17


&21)(5(1&( 
$FWLYLW\
 3UHSDUHDJHQGDIRUWKH
3UH3URFXUHPHQW
&RQIHUHQFH 33& 


5HVSRQVLEOH
3HUIRUPHU
%$&6HF

















7LPH
)UDPH
FG





5XOHV
8VH)RUP'3:+,1)5
,QFOXGHWKHIROORZLQJ
LWHPVLQWKHDJHQGD
 %DVLF&RQWUDFWGDWD
LQFOXGLQJFRQWUDFW,'
QDPHORFDWLRQ
GHVFULSWLRQ$%&DQG
FRQWUDFWGXUDWLRQ
 &RQVLVWHQF\RI
FRQWUDFWSURFXUHPHQW
ZLWK3303DQG$33
 5HDGLQHVVRIWKH
FRQWUDFWIRU
SURFXUHPHQW
'HWDLOHG
HQJLQHHULQJ
%'V



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI











 ,VVXH1RWLFHIRU33&

%$&&KDLU

 &RQGXFW33&

%$&&KDLU
ZLWK%$&6HF
WRUHFRUG
SURFHHGLQJV
 3UHSDUH0LQXWHVRI33& %$&6HF
 $SSURYH0LQXWHV
 'LVWULEXWH0LQXWHV
 5HYLVH%'VDV
QHFHVVDU\SHU33&







%$&&KDLU
%$&6HF
7:*ZLWK,8
WRSUHSDUH
6HFWR
VXEPLW%$&
&KDLUWR
DSSURYH

FG

FG

FG
FG
FG
FG

,QFOXVLRQRIFRQWUDFW
LQ'3:+EXGJHW
5LJKWRIZD\
 &ULWHULDIRUHOLJLELOLW\
VFUHHQLQJELGV
HYDOXDWLRQSRVW
TXDOLILFDWLRQDQG
DZDUG
 'HDGOLQHVWLPHVDQG
SODFHVIRU,$(%/2,
LVVXDQFHRI%'V3%&
UHFHLSWDQGRSHQLQJ
RIELGVELGV
HYDOXDWLRQHWF
 $SSURYDORI,$(%
 2WKHUPDWWHUV
8VH)RUP'3:+,1)5
IRU1RWLFH,QYLWH%$&
PHPEHUV6HFUHWDULDW,8
7:*PHPEHUVDQG
RWKHUVFRQFHUQHG
%HJXLGHGE\WKHDJHQGD
8VHDXGLRYLGHRUHFRUGV
DQGQRWHVWRUHFRUG
SURFHHGLQJV
8VH)RUP'3:+,1)5


7RDOO33&SDUWLFLSDQWV
%DVHGRQDJUHHPHQWVLQ
33&



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI












6(&7,21

,16758&7,216217+(
352&('85$/67(36)257+(
352&85(0(172)
,1)5$6758&785(352-(&76
7+528*+&203(7,7,9(
%,'',1*




2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 &203(7,7,9(%,'',1*


6&23(2)&203(7,7,9(%,'',1*


&RPSHWLWLYHRU3XEOLF%LGGLQJLVDPHWKRGRISURFXUHPHQWWKDWLVRSHQWRDQ\LQWHUHVWHG
DQG TXDOLILHG SDUW\  ,W LV SUHIHUUHG RYHU RWKHU PHWKRGV RI SURFXUHPHQW  $ 3URFXULQJ
(QWLW\ VKRXOG WKHUHIRUH VHH WR LW WKDW LWV SURFXUHPHQW SURJUDP DOORZV HQRXJK WLPH WR
FRQGXFWVXFK3XEOLF%LGGLQJ ,55$6HFWLRQ 

&RPSHWLWLYH %LGGLQJ FRQVLVWV RI WKH IROORZLQJ SURFHVVHV DGYHUWLVHPHQW HOLJLELOLW\
FKHFNVFUHHQLQJRISURVSHFWLYHELGGHUVZLWKSULRUUHJLVWUDWLRQLQWKH'3:+5HJLVWU\3UH
%LG&RQIHUHQFHUHFHLSWRIELGVRSHQLQJDQGSUHOLPLQDU\H[DPLQDWLRQRIELGVHYDOXDWLRQ
RIELGVSRVWTXDOLILFDWLRQDQGDZDUGRIFRQWUDFW ,55$6HFWLRQ>K@ 


7,0(/,1()25&203(7,7,9(%,'',1*


7KH SURFXUHPHQW SURFHVV WKURXJK FRPSHWLWLYH ELGGLQJ IURP WKH RSHQLQJ RI ELGV XS WR
WKH DZDUG RI FRQWUDFW VKDOO QRW H[FHHG WKUHH   PRQWKV RU D VKRUWHU SHULRG WR EH
GHWHUPLQHGE\WKH'3:+3URFXULQJ(QWLW\FRQFHUQHG ,55$6HFWLRQ 

)RUDW\SLFDOLQIUDVWUXFWXUHFRQWUDFWFRVWLQJ3PLOOLRQRUOHVVWKH3URFXULQJ(QWLW\DQG
WKHELGGHUVVKDOOEHJXLGHGE\WKHVFKHGXOHRISURFXUHPHQWDFWLYLWLHVVKRZQLQ7DEOH
ZKLFKVKRZVWKHHDUOLHVWDQGODWHVWDOORZDEOHWLPHVIRUHDFKDFWLYLW\IURPDGYHUWLVHPHQW
XS WR 1RWLFH WR 3URFHHG 7KH SURFXUHPHQW VFKHGXOH LV DOVR GHSLFWHG E\ WKHEDUFKDUWLQ
)LJXUH

)URPWKHVHLWFDQEHVHHQWKDWWKHHQWLUHSURFXUHPHQWSURFHVVVKRXOGEHFRPSOHWHGLQ
GD\VDWWKHHDUOLHVWDQGGD\VDWWKHODWHVW


















2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

7$%/(6&+('8/(2)352&85(0(17$&7,9,7,(6)25$1
,1)5$6758&785(&2175$&7:,7+$1$%&2)83723
0,//,21

$&7,9,7<
($5/,(67'$<
/$7(67'$<

D$GYHUWLVH,QYLWDWLRQWR$SSO\IRU
(OLJLELOLW\DQGWR%LG ,$(% LQWKH
QHZVSDSHUVW
E$GYHUWLVH,$(%QG
F3RVW,$(%DW'3:+ZHEVLWH

D3RVWLVVXHIRUPVIRU/HWWHURI,QWHQW
/2, IRU(OLJLELOLW\
E5HFHLYH/2,V
F,PSOHPHQWGHDGOLQHIRUUHFHLSWRI
/2,V
G5HFHLYH&RQWUDFWRUV&RQILGHQWLDO
$SSOLFDWLRQ6WDWHPHQWVIRU
5HJLVWUDWLRQ &&$65V 
H3URFHVV&&$65DQGLVVXH
&RQWUDFWRUV&HUWLILFDWHVRI
5HJLVWUDWLRQ &5& 
I&RQGXFWHOLJLELOLW\FKHFNDQGLVVXH
1RWLFHVRI(OLJLELOLW\,QHOLJLELOLW\
D3RVW%LGGLQJ'RFXPHQWVDW'3:+
ZHEVLWH
E,VVXH%LGGLQJ'RFXPHQWV
D&DOO3UH%LG&RQIHUHQFH 3%& 
E,VVXHPLQXWHVRI3%&
F,VVXH%LG%XOOHWLQV
D5HFHLYH%LGV 7HFKQLFDODQG)LQDQFLDO
3URSRVDOV 
E2SHQ%LGV 7HFKQLFDODQG)LQDQFLDO
3URSRVDOV 
(YDOXDWH%LGVDQGGHWHUPLQH/RZHVW
&DOFXODWHG%LG
&RQGXFWSRVWTXDOLILFDWLRQDQG
GHWHUPLQH/RZHVW&DOFXODWHG
5HVSRQVLYH%LG /&5% 
D'UDIW%$&5HVROXWLRQRI$ZDUG
E2EWDLQDSSURYDORI5HVROXWLRQDQG
LVVXH1RWLFHRI$ZDUG 12$ 
F5HFHLYH%LGGHUVFRQIRUPHRQ12$
G3RVWELGGLQJUHVXOWVDWZHEVLWH
D)LQDOL]H&RQWUDFWGRFXPHQWV
E2EWDLQ3HUIRUPDQFH6HFXULW\IURP
WKH%LGGHUZLWK/&5%DQGLWV
VLJQDWXUHRQWKH&RQWUDFW
F2EWDLQ3URFXULQJ(QWLW\RIILFLDOV
VLJQDWXUHRQWKH&RQWUDFW
G2EWDLQ&RQWUDFWDSSURYDO
H,VVXH1RWLFHWR3URFHHG







GD\VEHWZHHQ
DGYHUWLVHPHQWV
VDPHDVD

DGYHUWLVHPHQWV
ZLWKLQPD[RIGD\V
ZLWKLQGD\V
PD[LPXPLQE
GD\VDIWHUEF

VDPHDVD
VDPHDVD
GD\VDIWHUQG
DGYHUWLVHPHQWRI,$(%
(YHQEHIRUHD

GD\VDIWHUEF
VDPHDVE

(YHQEHIRUHD

VDPHDVI

VDPHDVD

GD\VDIWHUE

VDPHDVD

VDPHDVD

VDPHDVI
GD\VDIWHUF
VDPHDVD
GD\DIWHUE
GD\VDIWHU3%&

GD\VDIWHUE
GD\VEHIRUHD
GD\VDIWHUD
GD\VEHIRUHD
GD\VDIWHUE

VDPHDVD

VDPHDVD

VDPHDVD

GD\VDIWHUD

GD\DIWHU

GD\VDIWHU

VDPHDV
GD\DIWHUD

VDPHDV
GD\VDIWHUD

GD\DIWHUE
VDPHDVF
VDPHDVF
GD\DIWHUD

VDPHDVE
VDPHDVF
VDPHDVF
GD\VDIWHUD

VDPHDVE

VDPHDVE

GD\DIWHUF
GD\DIWHUE

GD\VDIWHUF
GD\VDIWHUG

VDPHDVE



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

FIGURE 1 TIMELINE OF PROCUREMENT ACTIVITIES FOR INFRASTRUCTURE CONTRACTS


(WITH AN ESTIMATED COST OF UP TO P 25 M)
In Calendar Days
0

BAC ACTIVITY
1.a. Advertise IAEB-1st

10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140

x
8
x

b. Advertise IAEB-2nd

14
x
14
x

1
x
1
x
1
x

c. Post IAEB in Website


2.a. Post/Issue LOI Forms
b. Receive LOI

11
x

c. Implement LOI Deadline


d. Receive CCASR

17
x
17
x
17
x
17
x
32
x

e. Process CCASR and Issue CRC


f. Conduct Eligibility Check and

1
x

32
x

Issue Notice of Eligibility


3.a. Post Bidding Documents at

1
x

74
x

Website
b. Issue Bidding Documents

44
x

1
x

b.Issue Minutes of PBC


c. Issue Supplemental/Bid Bulletins

62
x

18
x
18
x

4.a. Call a Pre-Bid Conference

65
x
67
x

2
x

5.a. Receive Bids (Technical and

30
x

74
x

30
x
30
x
31
x

74
x

Financial Proposals)
b. Open Bids
6. Evaluate Bids & Determine LCB
7. Conduct Post-Qualification &

89
x
96
x

Determine LCRB
96
x

31
x
32
x

8.a. Draft BAC Resolution for Award


b. Obtain Approval of Resolution &

111
x

Issue Notice of Award


33
x
33
x
33
x
34
x

c. Receive Bidders Conforme on NOA


d. Post Bidding Results at Website
9.a. Finalize Contract Documents
b. Obtain Perf. Security from Bidder

111
x
111
x
111
x
121
x

& its Signature on Contract


34
x

c. Obtain Procuring Entity Officials

121
x

Signature on Contract
35
x
36
x

d. Obtain Contract Approval


e. Issue Notice to Proceed
LEGEND

x Earliest Date
x Latest Date



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

126
x
129
x

3DJHRI

 67(3 $'9(57,6($1'3267$1,19,7$7,2172


$33/<)25(/,*,%,/,7<$1'72%,' ,$(% 


/(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVLQUHODWLRQWRWKHDGYHUWLVLQJDQGSRVWLQJRIWKH
,QYLWDWLRQWR$SSO\IRU(OLJLELOLW\DQGWR%LG ,$(% 


32/,&,(6$1'*8,'(/,1(6


3XUSRVHRI,$(%


7KH ,$(% VHUYHV DV WKH QRWLFH WR LQWHUHVWHG FRQWUDFWRUV DQG WR WKH JHQHUDO SXEOLF DQG
RWKHU LQWHUHVWHG SDUWLHV RI WKH SURSRVHG SURFXUHPHQW IRU D VSHFLILF FRQWUDFW RI WKH
3URFXULQJ (QWLW\ ,W SURYLGHV EDVLF LQIRUPDWLRQ WKDW ZLOO HQDEOH SURVSHFWLYH ELGGHUV WR
GHFLGHZKHWKHURUQRWWRSDUWLFLSDWHLQWKHSURFXUHPHQWDWKDQG

$GYHUWLVLQJ DQG SRVWLQJ WKH ,$(% DQG HQVXULQJ LWV ZLGHVW SRVVLEOH GLVVHPLQDWLRQ ZLOO
LQFUHDVH WKH QXPEHU RI SURVSHFWLYH ELGGHUV DQG LQWHQVLI\ FRPSHWLWLRQ IRU WKH
SURFXUHPHQW DFWLYLW\ RU SURMHFW  ,QWHQVLILHG FRPSHWLWLRQ LQ WXUQ ZLOO HQVXUH WKDW WKH
JRYHUQPHQWLQJHQHUDODQGWKH3URFXULQJ(QWLW\LQSDUWLFXODUZLOOJHWWKHORZHVWSULFHG
ELGVIRUWKHVSHFLILHGZRUNV


&RQWHQWRI,$(%


7KH,$(%PXVWFRQWDLQWKHIROORZLQJ ,55$6HFWLRQ 

D
&RQWUDFW ,' QDPH DQG ORFDWLRQ EULHI GHVFULSWLRQ RI WKH FRQWUDFW $%& DQG
FRQWUDFWGXUDWLRQ

E
6WDWHPHQWWKDWWKHSURFXUHPHQWLVWKURXJKSXEOLFELGGLQJXVLQJWKHUXOHVFULWHULD
DQGSURFHGXUHVLQ5$DQGLWV,55$
F


G

H

I

J

0DMRUHOLJLELOLW\FULWHULDYL]UHJLVWUDWLRQZLWK'3:+DQGOHJDO )LOLSLQRFLWL]HQRU
VHYHQW\ ILYH SHUFHQW   )LOLSLQRRZQHG SDUWQHUVKLS RU FRUSRUDWLRQ ZLWK
DSSOLFDEOH OLFHQVH IURP WKH 3KLOLSSLQH &RQWUDFWRUV $FFUHGLWDWLRQ %RDUG RU 3&$% 
WHFKQLFDO FRPSOHWHG VLPLODU ZRUN FRVWLQJ DW OHDVW ILIW\ SHUFHQW   RI $%& 
DQG ILQDQFLDO FUHGLW OLQH FRPPLWPHQWFDVK GHSRVLW RU 1HW )LQDQFLDO &RQWUDFWLQJ
&DSDFLW\ UHTXLUHPHQWV
5HTXLUHPHQWIRUXQUHJLVWHUHGFRQWUDFWRUVWRILUVWUHJLVWHUZLWKWKH'3:+5HJLVWU\
RI&RQWUDFWRUVIRU&LYLO:RUNVEHIRUHWKHLU/2,VFDQEHSURFHVVHG
6WDWHPHQW WKDW SURVSHFWLYH ELGGHUV PD\ GRZQORDG WKH /2, )RUP DQG %'V IURP
WKH'3:+ZHEVLWH
5HVHUYDWLRQ &ODXVH WR DFFHSWUHMHFW DQ\DOO ELGV RU DQQXO WKH ELGGLQJ SURFHVV
DQG
'DWHVWLPHVRUGHDGOLQHVIRUUHFHLSWRIWKH/2,VIRUHOLJLELOLW\LVVXDQFHRIUHVXOWV
RIHOLJLELOLW\FKHFNLVVXDQFHRI%'V3UH%LG&RQIHUHQFHDQGUHFHLSWDQGRSHQLQJ
RIELGV


7KH3URFXULQJ(QWLW\VKDOOXVH)RUP'3:+,1)5IRUWKH,$(%




2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 7LPHDQG3ODFHIRU3RVWLQJ,$(%


)RU HYHU\ FRQWUDFW ZLWK DQ $%& RI PRUH WKDQ )LYH 0LOOLRQ 3HVRV 3 PLOOLRQ  WKH %$&
PXVW ,55$6HFWLRQ 

D
DGYHUWLVH WKH ,$(% DW OHDVW WZLFH ZLWKLQ D PD[LPXP SHULRG RI IRXUWHHQ  
FDOHQGDU GD\V SUHIHUDEO\ IURP WKH VHYHQWK WK  FDOHQGDU GD\ DIWHU WKH 3UH
3URFXUHPHQW &RQIHUHQFH  ZLWK DW OHDVW VL[   FDOHQGDU GD\V LQ EHWZHHQ
SXEOLFDWLRQV LQ D QHZVSDSHU RI JHQHUDO QDWLRQZLGH FLUFXODWLRQ ZKLFK KDV EHHQ
UHJXODUO\ SXEOLVKHG IRU DW OHDVW WZR   \HDUV EHIRUH WKH GDWH RI WKH
DGYHUWLVHPHQW

E
WKURXJKWKH&HQWUDO%$&6HFUHWDULDWSRVWWKH,$(%FRQWLQXRXVO\RQWKHZHEVLWHRI
WKH '3:+ DW ZZZGSZKJRYSK DQG WKH *(36 GXULQJ WKH PD[LPXP SHULRG RI
IRXUWHHQ  FDOHQGDUGD\VVWDWHGDERYHDQG

F
SRVWWKH,$(%DWDQ\FRQVSLFXRXVSODFHUHVHUYHGIRUWKLVSXUSRVHLQWKHSUHPLVHV
RIWKH3URFXULQJ(QWLW\FRQFHUQHGDVFHUWLILHGE\WKH+HDGRIWKH%$&6HFUHWDULDW
RIWKH3URFXULQJ(QWLW\GXULQJWKHVDPHGD\FDOHQGDUGD\SHULRGVWDWHGDERYH
SRVWWKH,$(%DWWKHFLW\PXQLFLSDOKDOODQGRUSURYLQFLDOFDSLWROZKHUHWKHSURMHFW
LV ORFDWHG DQG VHQG WKH ,$(% WR WKH KHDGV RI FRQWUDFWRUV RUJDQL]DWLRQV LQ WKH
DUHD

)RUHYHU\FRQWUDFWZLWKDQ$%&RI3PLOOLRQRUOHVVWKH%$&VKDOO

D
SRVW WKH ,$(% FRQWLQXRXVO\ RQWKHZHEVLWHRIWKH'3:+DQGWKH*(36GXULQJD
PD[LPXPSHULRGRIIRXUWHHQ  FDOHQGDUGD\V

E
SRVWWKH,$(%DWDQ\FRQVSLFXRXVSODFHUHVHUYHGIRUWKLVSXUSRVHLQWKHSUHPLVHV
RIWKH3URFXULQJ(QWLW\FRQFHUQHGDVFHUWLILHGE\WKH+HDGRIWKH%$&6HFUHWDULDW
RI WKH 3URFXULQJ (QWLW\ IRU WKH VDPH GD\ FDOHQGDU GD\ SHULRG VWDWHG DERYH
SRVWWKH,$(%DWWKHFLW\PXQLFLSDOKDOODQGRUSURYLQFLDOFDSLWROZKHUHWKHSURMHFW
LV ORFDWHG DQG VHQG WKH ,$(% WR WKH KHDGV RI FRQWUDFWRUV RUJDQL]DWLRQV LQ WKH
DUHDDQG

F
LQWKHFDVHRIDSURYLQFLDOSURMHFWDVGHILQHGLQ6HFWLRQRIWKH,55$ 6HFWLRQ
9ROXPH,,,RIWKLV0DQXDO ZLWKDQ$%&RI3PLOOLRQWR3PLOOLRQDGYHUWLVH
WKH,$(%ZLWKLQWKHVDPHFDOHQGDUGD\SHULRGLQDORFDOSURYLQFLDOQHZVSDSHU


352&('85( $'9(57,6($1'3267$1,$(% 



$FWLYLW\


*HW,$(%IRUPDQGILOOLQGDWD
IRUWKHFRQWUDFWWREHELG



6LJQWKH,$(%



6HQGVRIWFRS\RI,$(%E\H
PDLOGLVNHWWHSOXVRQHKDUG
FRS\WR&2%$&6HF

5HVSRQVLEOH
3HUIRUPHU
%$&
6HFUHWDULDW

%$&
&KDLUPDQ
%$&
6HFUHWDULDW

7LPH
5XOHV
)UDPH
FG 8VH)RUP'3:+

,1)5IRUWKH
,$(%5HIHUWRGDWD
IURP3303DQG%LG
'DWD6KHHW
FG

FG

6LJQHG,$(%LVSDUW
RIFRQWUDFWVSHFLILF
LQIRWREHLQVHUWHGLQ
WKH6%'VIRUSRVWLQJ
6HF9RO,,,



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

















3RVW,$(%LQ'3:+ZHEVLWH
DQG*(36


,I$%&LVPRUHWKDQ30
VHQG,$(%WRDQHZVSDSHUIRU
DGYHUWLVHPHQW

&HQWUDO%$&
6HFUHWDULDW


%$&
6HFUHWDULDW

FG

3RVW,$(%LQFRQVSLFXRXV
EXOOHWLQERDUGRI3URFXULQJ
(QWLW\DQGPXQLFLSDOFLW\
SURYLQFLDOKDOOVHQGFRSLHVWR
FRQWUDFWRUVDVVRFLDWLRQV

GR

FG

FG

'30 
3RVWFRQWLQXRXVO\
GXULQJWKHVDPHPD[
SHULRGRIFGDVLQ
$FWLYLW\EHORZ
$GYHUWLVHDWOHDVW
WLPHVZLQDPD[
SHULRGRIFGZDW
OHDVWFGEHWZHHQ
DGYWV1HZVSDSHU
PXVWEHRIQDWLRQDO
FLUFXODWLRQSXEOLVKHG
IRUDWOHDVW\HDUV
3RVWGXULQJWKHVDPH
PD[LPXPSHULRGRI
FGDVLQ$FWLYLW\
DERYH























2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI




 67(35(&(,9(/2,$1'&21'8&7(/,*,%,/,7<
&+(&.
/(*$/5()(5(1&(
,55$ 6HFWLRQ  VSHFLILHV WKH UXOHV LQ UHODWLRQ WR WKH HOLJLELOLW\ FULWHULD DQG
UHTXLUHPHQWV'21RVHULHVRIHQWLWOHGHQWLWOHG*XLGHOLQHVRQWKH(OLJLELOLW\
3URFHVVLQJ RI &RQWUDFWRUV IRU &LYLO :RUNV 3URMHFWV VWDWHV WKDW WKH '3:+ WKURXJK WKH
&HQWUDO %$&7:* KDV LQVWDOOHG D FRPSXWHUL]HG QDWLRQDO '3:+ 5HJLVWU\ RI &RQWUDFWRUV
IRU&LYLO:RUNV3URMHFWVDQGZLOOGRHOHFWURQLFHOLJLELOLW\SURFHVVLQJ

32/,&,(6$1'*8,'(/,1(6


 6XEPLVVLRQRI/HWWHURI,QWHQW /2, IRU(OLJLELOLW\


,Q UHVSRQVH WR WKH ,QYLWDWLRQ ,$(%  IRU D SDUWLFXODU FRQWUDFW D FRQWUDFWRU SURVSHFWLYH
ELGGHU  WKDW GHVLUHV WR SDUWLFLSDWH LQ WKH ELGGLQJ PD\ GRZQORDGWKHIRUPRIWKH/2,IRU
(OLJLELOLW\ )RUP '3:+,1)5$  IURP WKH '3:+ ZHEVLWH RU REWDLQ XSRQSD\PHQW
RI WKH SUHVFULEHG IHH D KDUG FRS\ RI WKH /2, )RUP IURP WKH %$& 6HFUHWDULDW 7KH
SURVSHFWLYHELGGHUVKDOOWKHQSUHSDUHLWV/2,IRU(OLJLELOLW\XVLQJWKHVDLG)RUP'3:+
,1)5 8SRQ SUHVHQWDWLRQ RI LWV RULJLQDO &RQWUDFWRUV 5HJLVWUDWLRQ &HUWLILFDWH &5& 
LVVXHG E\ WKH '3:+ WKH SURVSHFWLYH ELGGHU VKDOO KDYH WKH /2, UHFHLYHG E\ WKH %$& RI
WKH 3URFXULQJ (QWLW\ QRW ODWHU WKDQ WKUHH   FDOHQGDU GD\V DIWHU WKH ODVW GD\ RI WKH
SHULRG IRU SRVWLQJ RI WKH,$(%LHRQWKHWKGD\DIWHUWKHILUVWGD\RIDGYHUWLVHPHQW
DQG SRVWLQJ RI WKH ,$(% ,55$ 6HFWLRQ    3URVSHFWLYH ELGGHUV WKDW GRZQORDG
WKH/2,IRUPVVKDOOSD\WKHIHHWKHUHIRUXSRQVXEPLVVLRQRIWKHLU/2,VWRWKH%$&

,Q FDVH WKH 3URFXULQJ (QWLW\ LV WKH 'LVWULFW 2IILFH DQG LI WKH SURVSHFWLYH ELGGHU ILQGV LW
GLIILFXOW RULQFRQYHQLHQWWRVXEPLWLWV/2,WRWKH'LVWULFW%$&LWPD\VXEPLWLWWRHLWKHU
WKH %$& RI WKH 5HJLRQ ZKHUH WKH FRQWUDFW LV ORFDWHG RU WKH &HQWUDO 2IILFH %$& IRU
SURFHVVLQJ 3URVSHFWLYH ELGGHUV WKDW ZLOO VXEPLW /2,V XVLQJ IRUPV GRZQORDGHG IURP WKH
'3:+ZHEVLWHVKDOOSD\WKHIHHIRUWKH/2,XSRQVXEPLVVLRQRIWKHLU/2,V

/2,V VKDOO EH VLJQHG E\ WKH SHUVRQ DXWKRUL]HG LQ WKH FRQWUDFWRUV /LFHQVH LVVXHG E\ WKH
3&$%  7KH /2,V VKDOO EH VXEPLWWHG E\ WKH DXWKRUL]HG OLDLVRQ RIILFHU DV VSHFLILHG LQ WKH
&RQWUDFWRUV ,QIRUPDWLRQ &,  ZKLFK LV SDUW RI LWV &5& 6XEPLVVLRQ RI /2,V E\ SHUVRQV
ZLWKD6SHFLDO3RZHURI$WWRUQH\VKDOOQRWEHDOORZHG

,I WKH SURVSHFWLYH ELGGHUFRQWUDFWRU GRHV QRW SRVVHVV D&5&LHLWLVVWLOOXQUHJLVWHUHG
ZLWK WKH '3:+ WKHQ LW PXVW ILUVW RIILFLDOO\ UHJLVWHU ZLWK WKH '3:+ 5HJLVWU\ RI
&RQWUDFWRUV IRU &LYLO :RUNV LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV DQG SURFHGXUHV VWDWHG
LQ6HFWLRQ9ROXPH,,,RIWKLV'30DVDSUHUHTXLVLWHWRWKHSURFHVVLQJRILWV/2,
7KH XQUHJLVWHUHG FRQWUDFWRU PD\ VXEPLW LWV /2, VLPXOWDQHRXVO\ ZLWK LWV DSSOLFDWLRQ IRU
UHJLVWUDWLRQ WR WKH %$& EHIRUH WKH GHDGOLQH VHW IRU WKH UHFHLSW RI WKH /2,V EXW WKH
&HQWUDO %$&7:*6HFUHWDULDW ZLOO ILUVW SURFHVV LWV DSSOLFDWLRQ IRU UHJLVWUDWLRQ DQG LVVXH
LWV&5&EHIRUHWKH&HQWUDO5HJLRQDO%$&6HFUHWDULDWSURFHVVHVLWV/2,


&RQWHQWRI/2,


7KHSURVSHFWLYHELGGHUV/2,VKDOOLQGLFDWH D LWVLQWHQWLRQWRDSSO\IRUHOLJLELOLW\IRUWKH
FRQWUDFWWREHELGDQG E LIIRXQGHOLJLEOHLWVFRPPLWPHQWWRVXEPLWDELGDQGSXUFKDVH
WKH%LGGLQJ'RFXPHQWVIRUWKHFRQWUDFW

7KH/2,VKDOOVWDWHWKHIROORZLQJ



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

D 

E 

F 

G 

H 

 I 

J 

K 


7KHSURVSHFWLYHELGGHUKDVWKHNH\SHUVRQQHODYDLODEOHIRUWKHFRQWUDFWLIDZDUGHG
WRLW
,WKDVWKHFRQVWUXFWLRQHTXLSPHQWDYDLODEOHIRUWKHFRQWUDFWLIDZDUGHGWRLW
,WLVQRWLQFOXGHGLQWKHJRYHUQPHQWEODFNOLVWRIFRQWUDFWRUV
,WGRHVQRWIDOOZLWKLQWKHGHJUHHRIUHODWLRQVKLSVZLWK'3:+SHUVRQQHOSURKLELWHG
E\5$
,I LWV 1HW )LQDQFLDO &RQWUDFWLQJ &DSDFLW\ LV OHVV WKDQ WKH $%& LW LV VXEPLWWLQJ D
FUHGLW OLQH FRPPLWPHQW RU FDVK GHSRVLW FHUWLILFDWH IURP D OLFHQVHG EDQN HTXDO WR
DWOHDVWWHQSHUFHQW  RIWKH$%&
,W KDV XSGDWHG LWV &RQWUDFWRUV ,QIRUPDWLRQ &,  LQ WKH '3:+ 5HJLVWU\ RI
&RQWUDFWRUVLQFOXGLQJLWVRQJRLQJSURMHFWV
,I GHHPHG QHFHVVDU\ LW LV QRPLQDWLQJ LWV VXEFRQWUDFWRUV IRU WKH FRQWUDFW
LQGLFDWLQJ WKH SRUWLRQV RI WKH FRQWUDFW ZRUNV WR EH GRQH E\ HDFK VXEFRQWUDFWRU
XVLQJ)RUP'3:+,1)5
,QWKHFDVHRID-RLQW9HQWXUH -9 LWLVVXEPLWWLQJLWV-9$JUHHPHQWDQG6SHFLDO
-9/LFHQVHIURPWKH3&$%

(OLJLELOLW\5HTXLUHPHQWVRU&ULWHULD
$SURVSHFWLYHELGGHUDVLGHIURPEHLQJUHJLVWHUHGZLWKWKH'3:+5HJLVWU\RI&RQWUDFWRUV
IRU&LYLO:RUNV3URMHFWVPXVWPHHWWKHIROORZLQJUHTXLUHPHQWVRUFULWHULDWREHGHFODUHG
E\WKH'3:+DVHOLJLEOHIRUDSDUWLFXODUFRQWUDFWWREHELG ,55$6HFWLRQ 

D
/HJDO5HTXLUHPHQWV

 
&LWL]HQVKLS

7KHSURVSHFWLYHELGGHUPXVWEHHLWKHURIWKHIROORZLQJ

D 
$)LOLSLQRFLWL]HQVROHSURSULHWRUVKLS
E 
$SDUWQHUVKLSGXO\RUJDQL]HGXQGHUWKHODZVRIWKH3KLOLSSLQHVDQG
RIZKLFKDWOHDVWVHYHQW\ILYHSHUFHQW  RIWKHLQWHUHVWEHORQJV
WRFLWL]HQVRIWKH3KLOLSSLQHVRU
F  $FRUSRUDWLRQGXO\RUJDQL]HGXQGHUWKHODZVRIWKH3KLOLSSLQHVDQG
RI ZKLFK DW OHDVW VHYHQW\ ILYH SHUFHQW   RI WKH RXWVWDQGLQJ
FDSLWDOVWRFNEHORQJVWRFLWL]HQVRIWKH3KLOLSSLQHVRU
G 
$ SHUVRQHQWLWLHV IRUPLQJ WKHPVHOYHV LQWR D MRLQW YHQWXUH LH D
JURXS RI WZR  RUPRUHSHUVRQVHQWLWLHVWKDWLQWHQGWREHMRLQWO\
DQG VHYHUDOO\ UHVSRQVLEOH RU OLDEOH IRU D SDUWLFXODU FRQWUDFW
SURYLGHG WKDW LQ DFFRUGDQFH ZLWK /HWWHU RI ,QVWUXFWLRQV 1R 
)LOLSLQR RZQHUVKLS RU LQWHUHVW LQ WKH MRLQW YHQWXUH FRQFHUQHG VKDOO
EHDWOHDVWVHYHQW\ILYHSHUFHQW  RU
H 
$ FRRSHUDWLYH GXO\ UHJLVWHUHG ZLWK &RRSHUDWLYH 'HYHORSPHQW
$XWKRULW\

 
3&$%/LFHQVH

7KHSURVSHFWLYHELGGHUPXVWSRVVHVVDYDOLGOLFHQVHLVVXHGE\WKH3&$%LQ
DFFRUGDQFH ZLWK WKHSURYLVLRQVRI5$ ,55$6HFWLRQ 
IRU WKH $OORZDEOH 5DQJH RI &RQWUDFW &RVW $5&&  DSSOLFDEOH WR WKH W\SH


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

DQG FRVW RI WKH FRQWUDFW WR EH ELG  $FFRUGLQJ WR 3&$% %RDUG 5HVROXWLRQ
1RVHULHVRIDQG*33%5HVROXWLRQ1RWKH$5&&LV
DVIROORZV



&DWHJRU\

6PDOO$
6PDOO%
0HGLXP$
0HGLXP%
/DUJH$
/DUJH%

 

 

 

 


5HJLVWUDWLRQ3DUWLFXODUV
$OORZDEOH5DQJHRI&RQWUDFW&RVW LQ0LOOLRQ3HVRV 
3ULRUDQG
  
XSWR







)RUSURMHFWV )RUSURMHFWV )RUSURMHFWV )RUSURMHFWV
DGYHUWLVHG
DGYHUWLVHG
DGYHUWLVHG
DGYHUWLVHG
IRUELGGLQJ
IRUELGGLQJ
IRUELGGLQJ
IRUELGGLQJ
SULRUDQGWR IURP-XO\ IURP-XO\
IURP-XO\
-XQH
WR-XQH WR-XQH WR-XQH
 
 
 
 
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
8SWR
/HVVWKDQRU /HVVWKDQRU /HVVWKDQRU /HVVWKDQRU
DERYH
DERYH
DERYH
DERYH

%XVLQHVV3HUPLW

7KHSURVSHFWLYHELGGHUPXVWKDYHDYDOLG%XVLQHVV3HUPLWIURPWKH&LW\RU
0XQLFLSDOLW\XVLQJ)RUP'3:+,1)5

%,57D[&OHDUDQFH

7KHSURVSHFWLYHELGGHUPXVWKDYHD%XUHDXRI,QWHUQDO5HYHQXH %,5 7D[
&OHDUDQFH XVLQJ )RUP '3:+,1)5 ZKLFK VKRZV WKDW LW KDV QR WD[
OLDELOLW\  7KH %,5 7D[ &OHDUDQFHDOVRJLYHVWKH7D[,GHQWLILFDWLRQ1XPEHU
7,1 RIWKHSURVSHFWLYHELGGHU

1RQ,QFOXVLRQLQ%ODFNOLVW

7KHSURVSHFWLYHELGGHUPXVWQRWEHEODFNOLVWHGRUEDUUHGIURPELGGLQJE\
WKHJRYHUQPHQWDVVKRZQLQLWV$IILGDYLWXVLQJ)RUP'3:+,1)5

5HVWULFWLRQVRQ5HODWLRQVZLWK'3:+3HUVRQQHO&RQFHUQHG
,Q DFFRUGDQFH ZLWK 6HFWLRQ  RI WKH ,55$ WKH SURVSHFWLYH ELGGHU
VKRXOGQRWEHUHODWHGWRWKH+HDGRIWKH3URFXULQJ(QWLW\E\FRQVDQJXLQLW\
RU DIILQLW\ XS WR WKH WKLUG FLYLO GHJUHH RU WR DQ\ RI WKH  RIILFHUV RU
HPSOR\HHVRIWKH3URFXULQJ(QWLW\KDYLQJGLUHFWDFFHVVWRLQIRUPDWLRQWKDW
PD\VXEVWDQWLDOO\DIIHFWWKHUHVXOWRIWKHELGGLQJVXFKDVEXWQRWOLPLWHG
WR WKH PHPEHUV RI WKH %$& WKH PHPEHUV RI WKH 7:* WKH %$&
6HFUHWDULDWWKHPHPEHUVRIWKH,8DQGWKHGHVLJQHUVRIWKHSURMHFW7KLV
SURKLELWLRQVKDOODSSO\WRWKHIROORZLQJSHUVRQV

D 
,IWKHELGGHULVDQLQGLYLGXDORUDVROHSURSULHWRUVKLSWRWKHELGGHU
KLPVHOI
E 
,IWKHELGGHULVDSDUWQHUVKLSWRDOOLWVRIILFHUVDQGPHPEHUV
F 
,I WKH ELGGHU LV D FRUSRUDWLRQ WR DOO LWV RIILFHUV GLUHFWRUV DQG
FRQWUROOLQJVWRFNKROGHUV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

G 


,I WKH ELGGHU LV D MRLQW YHQWXUH LWHPV D WKURXJK F DERYH IRU HDFK
PHPEHURIWKHMRLQWYHQWXUH

7R HVWDEOLVK WKH QRQH[LVWHQFH RI WKH DERYH UHODWLRQVKLS DQG WR ELQG WKH
%LGGHUV WR LWV UHSUHVHQWDWLRQ UHODWLQJ WR WKH IRUHJRLQJ DOO ELGV PXVW EH
DFFRPSDQLHG E\ D 'LVFORVXUH $IILGDYLW RI WKH ELGGHU WR WKDW HIIHFW XVLQJ
)RUP'3:+,1)5 ,55$6HFWLRQDQG6HFWLRQ% 


7KH LQIRUPDWLRQ DQG GDWD IRU WKH UHTXLUHPHQWV XQGHU LWHPV D WR D DERYH
VKRXOG EH DYDLODEOH LQ WKH &RQWUDFWRUV ,QIRUPDWLRQ &,  VWRUHG LQ WKH
FRPSXWHUL]HG '3:+ 5HJLVWU\ RI &RQWUDFWRUV DQG WKHUHIRUH GR QRW KDYH WR EH
UHVXEPLWWHG E\ WKH SURVSHFWLYH ELGGHU LQ LWV /2,  7KH GRFXPHQWV IRU WKH
UHTXLUHPHQWV XQGHU LWHPV D DQG D DERYH VKDOO EH VXEPLWWHG WR WKH %$& E\
WKHSURVSHFWLYHELGGHUDVSDUWRILWV/2,

7HFKQLFDO5HTXLUHPHQWV

E


:RUN([SHULHQFH

7KH SURVSHFWLYH ELGGHU PXVW KDYH VDWLVIDFWRULO\ FRPSOHWHG D VLQJOH FRQWUDFW
VLPLODU WR WKDW WR EH ELG DQG ZKRVH YDOXH DGMXVWHG WR FXUUHQW SULFHV XVLQJ WKH
FRQVXPHU SULFH LQGLFHV RI WKH 1DWLRQDO 6WDWLVWLFV 2IILFH DYDLODEOH DW WKH *(36
ZHEVLWH LV DW OHDVW ILIW\ SHUFHQW   RI WKH $%& WR EH ELG ,55$ 6HFWLRQ
   6PDOO $ DQG 6PDOO %FRQWUDFWRUVZLWKRXWVLPLODUH[SHULHQFHRQWKH
FRQWUDFWWREHELGKRZHYHUPD\EHDOORZHGWRELGLIWKHFRVWRIVXFKFRQWUDFWLV
QRWPRUHWKDQILIW\SHUFHQW  RIWKHUDQJHRIFRQWUDFWFRVWDOORZHGIRUWKHP
LQWKHLU3&$%OLFHQVH

7KH UHTXLUHG ZRUN H[SHULHQFH FDQEHREWDLQHGE\FRPSXWHUSURFHVVLQJRIWKH&,
DOUHDG\ VWRUHG LQ WKH '3:+ 5HJLVWU\ RI &RQWUDFWRUV DQG WKXV GRHV QRW KDYH WR
EHUHVXEPLWWHGE\WKHSURVSHFWLYHELGGHULQLWV/2,


F

)LQDQFLDO5HTXLUHPHQWV

7KH SURVSHFWLYH ELGGHU PXVW PHHW WKH UHTXLUHPHQW IRU 1HW )LQDQFLDO &RQWUDFWLQJ
&DSDFLW\ 1)&&  LQ LWHP   EHORZ  ,I LWV 1)&& LV QRW VXIILFLHQW WR PHHW WKH
UHTXLUHPHQWLWPXVWPHHWWKHUHTXLUHPHQWIRUHLWKHUWKHFUHGLWOLQHFRPPLWPHQW
LQLWHP  RUWKHFDVKGHSRVLWFHUWLILFDWHLQLWHP  EHORZ

   1HW)LQDQFLDO&RQWUDFWLQJ&DSDFLW\ 1)&& 

7KH SURVSHFWLYH ELGGHU PXVW KDYH DQ 1)&& DW OHDVW HTXDO WR WKH $%& RI
WKHFRQWUDFWWREHELGFDOFXODWHGDVIROORZV ,55$6HFWLRQ 
1)&&  > FXUUHQW DVVHWV PLQXV FXUUHQW OLDELOLWLHV  PXOWLSOLHG E\ .@ PLQXV
WKH YDOXH RI DOO RXWVWDQGLQJ ZRUNV RU SURMHFWV XQGHU RQJRLQJ FRQWUDFWV
LQFOXGLQJDZDUGHGFRQWUDFWV\HWWREHVWDUWHGFRLQFLGLQJZLWKWKHFRQWUDFW
WREHELG

ZKHUH. IRUDFRQWUDFWGXUDWLRQRIRQH\HDURUOHVVIRUDFRQWUDFW
GXUDWLRQ RI PRUH WKDQ RQH \HDU XS WR WZR \HDUV DQG  IRU D FRQWUDFW
GXUDWLRQRIPRUHWKDQWZR\HDUV
([DPSOH
$%&
&XUUHQWDVVHWV
&XUUHQWOLDELOLWLHV

3
3
3



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI



 

 


9DOXHRIRXWVWDQGLQJ 
ZRUNV
3
&RQWUDFWGXUDWLRQ
\HDU
1)&&
> 33 [@
3

33

3
6LQFHWKH1)&&LVPRUHWKDQWKH$%&WKH1)&&LVVXIILFLHQW
&UHGLW/LQH&RPPLWPHQW

7KH SURVSHFWLYH ELGGHU PXVW KDYH D FHUWLILFDWH RI FRPPLWPHQW IURP D
OLFHQVHG EDQN WR H[WHQG WR LW DFUHGLWOLQHZKLFKVKDOOEHXVHGH[FOXVLYHO\
WRILQDQFHWKHFRQWUDFWDWKDQGLIDZDUGHGWRWKHELGGHUDQGZKLFKVKDOO
EH DW OHDVW HTXDO WR WHQ SHUFHQW   RI WKH $%& DV LQGLFDWHG LQ LWV
DFFRPSOLVKHG)RUP'3:+,1)5

&HUWLILFDWHRI&DVK'HSRVLW

7KHSURVSHFWLYHELGGHUPXVWKDYHDFHUWLILFDWHRIFDVKGHSRVLWLVVXHGE\D
OLFHQVHG EDQN ZKLFK VKDOO EH XVHG H[FOXVLYHO\ WR ILQDQFH WKH FRQWUDFW DW
KDQG LI DZDUGHG WR WKH ELGGHU DQG ZKLFK VKDOO EH DW OHDVW HTXDO WR WHQ
SHUFHQW  RIWKH$%&DVLQGLFDWHGLQLWVDFFRPSOLVKHG)RUP'3:+
,1)5

7KHGDWDQHHGHGXQGHULWHP&DERYHWRGHULYHWKH1)&&DUHDOUHDG\LQWKH&,
ILOHG LQ WKH FRPSXWHUL]HG '3:+ 5HJLVWU\ RI &RQWUDFWRUV DQG WKHUHIRUH GR QRW
KDYH WR EH UHVXEPLWWHG E\ WKH SURVSHFWLYH ELGGHU LQ LWV /2, ,I WKH 1)&& LV
LQVXIILFLHQW KRZHYHU WKH GRFXPHQW QHHGHG XQGHU LWHP & RU & VKDOO EH
VXEPLWWHGE\WKHSURVSHFWLYHELGGHUDVSDUWRILWV/2,

(DFK VXEFRQWUDFWRU QRPLQDWHG E\ D SURVSHFWLYH ELGGHU LQ LWV /2, PXVW DOVR PHHW WKH
IRUHJRLQJ HOLJLELOLW\ FULWHULD XQGHU 6HFWLRQ  IRU WKH SRUWLRQV RI WKHFRQWUDFWZRUNV
WR EH GRQH E\ WKDW VXEFRQWUDFWRU 1RWZLWKVWDQGLQJ WKH QRPLQDWLRQ RI LWV VXE
FRQWUDFWRUV KRZHYHU WKH SURVSHFWLYH ELGGHU PXVW PHHW DOO HOLJLELOLW\ FULWHULD IRU WKH
HQWLUH FRQWUDFW ZRUNV DV LI LW ZHUH WR XQGHUWDNH WKH FRQWUDFW E\ LWVHOI ZLWKRXW DQ\ VXE
FRQWUDFWRUV


5HJLVWUDWLRQLQWKH'3:+5HJLVWU\RI&RQWUDFWRUV


7REHUHJLVWHUHGZLWKWKH'3:+5HJLVWU\RI&RQWUDFWRUVIRU&LYLO:RUNV3URMHFWVZKLFKLV
D SUHUHTXLVLWH WR /2, SURFHVVLQJ D FRQWUDFWRUSURVSHFWLYH ELGGHU PXVW VXEPLW WR WKH
&HQWUDO %$& 6HFUHWDULDW LWV &RQWUDFWRUV &RQILGHQWLDO $SSOLFDWLRQ 6WDWHPHQW IRU
5HJLVWUDWLRQRU&&$65 )RUP'3:+,1)5 ZKLFKLQFOXGHVWKH&ODVV$'RFXPHQWV
UHTXLUHGXQGHU,55$6HFWLRQDVIROORZV

D
/HJDO'RFXPHQWV

 
9DOLG3&$%OLFHQVHDQGUHJLVWUDWLRQIRUWKHW\SHDQGFRVWRIFRQWUDFWWREH
ELG 6HH )RUP '3:+,1)5  ,Q WKH FDVH RI D MRLQW YHQWXUH WKH
OLFHQVHDQGUHJLVWUDWLRQPXVWEHWKRVHRIWKHMRLQWYHQWXUHDQGQRWRIDQ\
RILWVPHPEHUV

 
'HSDUWPHQWRI7UDGHDQG,QGXVWU\ '7, EXVLQHVVQDPHUHJLVWUDWLRQLQWKH
FDVH RI D 6LQJOH 3URSULHWRUVKLS 6HH )RUP '3:+,1)5  RU 6(&
UHJLVWUDWLRQFHUWLILFDWHLQWKHFDVHRID3DUWQHUVKLSRU&RUSRUDWLRQ


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI


 

 

E

F


%,5 7D[ &OHDUDQFH SHU (2  6HULHV RI  ZKLFK DOVR FRQWDLQV WKH
7D[SD\HUV,GHQWLILFDWLRQ1XPEHURU7,1 6HH)RUP'3:+,1)5%,5
)RUP1R% 


7HFKQLFDO'RFXPHQWV
 


9DOLG DQG FXUUHQW &LW\0XQLFLSDO %XVLQHVV SHUPLW WR RSHUDWH 6HH )RUP
'3:+,1)5  ,Q WKH FDVH RI D MRLQW YHQWXUH WKH EXVLQHVV SHUPLW RU
PXQLFLSDOOLFHQVHPXVWEHRIWKHMRLQWYHQWXUHQRWDQ\RILWVPHPEHUV

5HFRUG RI WKH SURVSHFWLYH ELGGHUV FRPSOHWHG FRQWUDFWV ERWK JRYHUQPHQW


DQGSULYDWHLQFOXGLQJWKHIROORZLQJLQIRUPDWLRQIRUHDFKFRQWUDFW
D 
E 
F 
G 
H 
I 

 

&RQWUDFW,'QDPHDQGORFDWLRQ
&RQWUDFWVWDUWDQGDFWXDOFRPSOHWLRQGDWHV
2ZQHUVQDPHDQGDGGUHVV
1DWXUHRIZRUNDQGVL]HGLPHQVLRQV
&RQWUDFWRUV UROH ZKHWKHU VROH FRQWUDFWRU VXEFRQWUDFWRU RU
SDUWQHULQDMRLQWYHQWXUH DQGSDUWLFLSDWLRQSHUFHQWDJH
7RWDODVEXLOWFRVWDWFRPSOHWLRQ

5HFRUG RI WKH SURVSHFWLYH ELGGHUV RQJRLQJ FRQWUDFWV LQFOXGLQJ DZDUGHG


EXWQRW\HWVWDUWHGERWKLQJRYHUQPHQWDQGWKHSULYDWHVHFWRULQGLFDWLQJ
WKHIROORZLQJIRUHDFKFRQWUDFW
D 
E 
F 
G 
H 
I 
J 

&RQWUDFW,'QDPHDQGORFDWLRQ
&RQWUDFWVWDUWDQGFRPSOHWLRQGDWH
2ZQHUVQDPHDQGDGGUHVV
1DWXUHRIZRUNDQGVL]HGLPHQVLRQ
&RQWUDFWRUVUROHDQGSDUWLFLSDWLRQSHUFHQWDJH
3HUFHQWDJHZRUNDFFRPSOLVKHG
3HUFHQWDJHWLPHHODSVHG

)LQDQFLDO'RFXPHQW

7KH SURVSHFWLYH ELGGHUV DXGLWHG ILQDQFLDO VWDWHPHQW VWDPSHG UHFHLYHG E\ WKH
%,5 RU LWV GXO\ DFFUHGLWHG DQG DXWKRUL]HG LQVWLWXWLRQV IRU WKH LPPHGLDWHO\
SUHFHGLQJ FDOHQGDU \HDU VKRZLQJ DPRQJ RWKHUV WKH SURVSHFWLYH ELGGHUV WRWDO
DQGFXUUHQWDVVHWVDQGOLDELOLWLHV

3URVSHFWLYH ELGGHUV PD\ REWDLQ KDUG FRSLHV RI WKH &&$65 IRUPV IURP WKH &HQWUDO %$&
6HFUHWDULDWRUGRZQORDGWKHIRUPVIURPWKH'3:+ZHEVLWH

7KH &HQWUDO %$&6HFUHWDULDW VKDOO RQO\ SURFHVV &&$65V ZLWK FRPSOHWH UHJLVWUDWLRQ
UHTXLUHPHQWV  ,W VKDOO UHQWHU WKH GDWD IURP WKH &&$65 LQWR WKH FRPSXWHU DQG UXQ WKH
FRPSXWHUSURJUDPWRJHQHUDWHWKH&5& )RUP'3:+,1)5 DQGWKHDFFRPSDQ\LQJ
&, )RUP '3:+,1)5  7KH &5& ZLOO VWDWH WKDW WKH FRQWUDFWRU LV UHFRJQL]HG WR
XQGHUWDNHVSHFLILFW\SHVRIFLYLOZRUNVSURMHFWVZLWKWKHLUUHVSHFWLYHFRVWUDQJHV7KH&,
ZLOOVKRZSDUWRIWKHHOLJLELOLW\GDWDUHTXLUHGLQWKLV6HFWLRQSDUWLFXODUO\WKHFRQWUDFWRUV
FDSDELOLW\LQWHUPVRILWVOHJDO 3&$%OLFHQVHFODVVLILFDWLRQDQGYDOLGLW\EXVLQHVVSHUPLW
HWF ILQDQFLDO WRWDODQGFXUUHQWDVVHWVDQGOLDELOLWLHVQHWZRUWKDQGDQQXDOWXUQRYHU 
DQGWHFKQLFDO FRPSOHWHGDQGRQJRLQJSURMHFWVZLWKQDWXUHFRVWVDQGVWDWXV DVSHFWV

$W DQ\ WLPH D FRQWUDFWRU PD\ XSGDWH LWV &, E\ VXEPLWWLQJ WKH DSSURSULDWH &&$65
GRFXPHQWV WR WKH %$& FRQFHUQHG  ,W LV WKH UHVSRQVLELOLW\ RI WKDW %$& WR SURPSWO\


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

WUDQVPLW WKH VDLG GRFXPHQWV WR WKH &HQWUDO %$&6HFUHWDULDW ZKLFK VKDOO LPPHGLDWHO\
SURFHVVWKHVDPHDQGLVVXHWKHXSGDWHG&,


'HWHUPLQDWLRQRI(OLJLELOLW\ 


7KH %$& WKDW UHFHLYHV WKH SURVSHFWLYH ELGGHUV /2, VKDOO LPPHGLDWHO\ WUDQVPLW LW WR WKH
5HJLRQDO%$&WKURXJKLWV6HFUHWDULDWIRUSURFHVVLQJLIWKH$%&LV3PLOOLRQRUOHVVRUWR
&HQWUDO %$& WKURXJK LWV 6HFUHWDULDW IRU SURFHVVLQJ LI WKH $%& LV PRUH WKDQ 3 PLOOLRQ
7KH %$& RI WKH 3URFXULQJ (QWLW\ VKDOO DOVR VXEPLW WR WKH 5HJLRQDO %$&6HFUHWDULDW RU
&HQWUDO %$&6HFUHWDULDW  GHSHQGLQJ RQ WKH VDPH FRVW FULWHULRQ  WKH &RQWUDFW 3URILOH
&3  XVLQJ )RUP '3:+,1)5 7KH &3 ZLOO JLYH WKH EDVLF FRQWUDFW GDWD LQFOXGLQJ
WKH$%&ZRUNVVLPLODUWRWKRVHRIWKHFRQWUDFWWREHELGDQGFRQWUDFWGXUDWLRQ

7KH 5HJLRQDO %$&6HFUHWDULDW RU &HQWUDO %$&6HFUHWDULDW DV WKH FDVH PD\ EH VKDOO
HQWHU WKH GDWD IURP WKH /2, DQG &3 LQWR WKH FRPSXWHU DQG UXQ WKH FRPSXWHU SURJUDP
ZKLFK ZLOO FRPELQH WKHVH GDWD ZLWK WKH &, DOUHDG\ VWRUHG LQ WKH FRPSXWHUL]HG '3:+
5HJLVWU\ RI &RQWUDFWRUV  %\ PDWFKLQJ WKH SURVSHFWLYH ELGGHUV FDSDELOLW\ RU HOLJLELOLW\
GDWDLQLWV/2,DQG&,DJDLQVWWKHHOLJLELOLW\UHTXLUHPHQWVIRUWKHFRQWUDFWGHULYHGIURP
WKH &3 WKH FRPSXWHU SURJUDP ZLOO DXWRPDWLFDOO\ GHWHUPLQH ZKHWKHU RU QRW WKH
SURVSHFWLYHELGGHUPHHWVWKHHOLJLELOLW\UHTXLUHPHQWVDQGWKHUHIRUHJHQHUDWHWKH1RWLFH
RI(OLJLELOLW\ )RUP'3:+,1)5 RU1RWLFHRI,QHOLJLELOLW\ )RUP'3:+,1)5 
7KHUHDVRQVIRULQHOLJLELOLW\ZLOODOVREHDXWRPDWLFDOO\VKRZQLQWKH1RWLFHRI,QHOLJLELOLW\

'XULQJ WKH SRVWTXDOLILFDWLRQ RI WKH ELGGHU ZLWK WKH ORZHVW FDOFXODWHG ELG WKH %$& VKDOO
DOVR FRPSOHWH WKH HOLJLELOLW\ VFUHHQLQJ DQG SRVWTXDOLILFDWLRQ RI WKH VXEFRQWUDFWRUV
QRPLQDWHGE\WKDWELGGHULQLWV/2,IROORZLQJWKHVDPHFULWHULDDQGSURFHGXUHGHVFULEHG
DERYH IRU WKH HOLJLELOLW\ VFUHHQLQJ DQG SRVWTXDOLILFDWLRQ RI WKH VDLG ELGGHU 7KH
VXEFRQWUDFWRUV PXVW EH IRXQG HOLJLEOH DQG SRVWTXDOLILHG IRU WKH SRUWLRQV RI WKH FRQWUDFW
ZRUNV WKDW WKH\ ZLOO GR DV D SUHUHTXLVLWH WR DZDUG WR WKH ELGGHU 6KRXOG DQ\
VXEFRQWUDFWRU EH IRXQG LQHOLJLEOH RU SRVWGLVTXDOLILHG WKH VDLG ELGGHU VKDOO GLUHFWO\
XQGHUWDNHWKHSRUWLRQVRIWKHZRUNVLQWHQGHGWREHGRQHE\WKDWVXEFRQWUDFWRU


 6DQFWLRQV RQ %$& 3HUVRQQHO IRU )DLOXUH WR 5HFRUG DQG
7UDQVPLW/2,V

7KH %$& FRQFHUQHG LV REOLJHG WR LPPHGLDWHO\ UHFRUG DOO /2,V DQG WUDQVPLW WKHP WR WKH
5HJLRQDO RU &HQWUDO %$& IRU SURFHVVLQJ LI WKH $%& LV XS WR 3 PLOOLRQ DQG DERYH 3
PLOOLRQ UHVSHFWLYHO\ )DLOXUH RI WKH %$& WR GR VR ZLOO VXEMHFW WKH HUULQJ SHUVRQQHO
FRQFHUQHGLQFOXGLQJWKRVHRIWKH6HFUHWDULDWWRWKHIROORZLQJVDQFWLRQV


D
)RUILUVWRIIHQVH 5HSULPDQG

E
)RUVHFRQGRIIHQVH 6XVSHQVLRQIRUVL[  PRQWKV

F
)RUWKLUGRIIHQVH 'LVPLVVDOIURPWKHVHUYLFH

)RUWKLVSXUSRVHZLWKLQRQH  GD\DIWHUWKHGHDGOLQHVHWIRUWKHUHFHLSWRIWKH/2,VWKH
%$&VKDOOVXEPLWWRWKH+HDGRIWKH3URFXULQJ(QWLW\DUHSRUWXVLQJ)RUP'3:+,1)5
VKRZLQJWKHQDPHVRIWKHFRQWUDFWRUVWKDWKDGWKHLU/2,VUHFHLYHGZLWKGUDZQDQG
WUDQVPLWWHGWRWKH5HJLRQDO&HQWUDO%$&6HFUHWDULDWIRUSURFHVVLQJ


 6DQFWLRQVRQ&RQWUDFWRUVIRU1RQ6XEPLWWDORU:LWKGUDZDO
RI/2,V

,IDFRQWUDFWRUZLWKGUDZVLWV/2,RULIIRXQGHOLJLEOHIDLOVWRVXEPLWDELGRUZLWKGUDZV
LWV ELG RU VXEPLWV DQ LQFRPSOHWH ELG ZLWKRXW D MXVWLILDEOH UHDVRQ LQ WKUHH VHSDUDWH
LQVWDQFHV ZLWKLQ WZHOYH   PRQWKV LQ WKH HQWLUH '3:+ WKDW FRQWUDFWRU VKDOO EHOLDEOH


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

IRU VXVSHQVLRQ IRU RQH   \HDU IRU WKH ILUVW WKUHHWLPH RIIHQVH DQG VXVSHQVLRQ RI WZR
 \HDUVIRUWKHVHFRQGWKUHHWLPHRIIHQVH 6HFWLRQ 


 2QHRU1R/2,


(YHQ LI RQO\ RQH SURVSHFWLYH ELGGHUVXEPLWVDQ/2,WKHELGGLQJSURFHVVVKDOOFRQWLQXH
,IWKDWELGGHULVODWHUGHFODUHGDVHOLJLEOHLWVELGLVIRXQGWREHUHVSRQVLYHWRWKHELGGLQJ
UHTXLUHPHQWV DQG LW SDVVHV WKH SRVWTXDOLILFDWLRQ LWV ELG VKDOO EH GHFODUHG DV WKH 6LQJOH
&DOFXODWHG DQG 5HVSRQVLYH %LG 6&5%  RU ZLQQLQJ ELGGHU DQG FRQVLGHUHG IRU FRQWUDFW
DZDUG ,55$6HFWLRQ 

,IQRSURVSHFWLYHELGGHUVXEPLWVDQ/2,WKH%$&VKDOOGHFODUHWKHELGGLQJDIDLOXUH,W
VKDOO UHYLHZ WKH SURYLVLRQV RI WKH RULJLQDO %'V DQG ZKHUH ZDUUDQWHG PD\ PRGLI\ WKH
VFRSH RI ZRUN VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH %'V DQG
DGMXVWWKHTXDQWLW\DQGFRVWHVWLPDWHVZLWKRXWLQFUHDVLQJWKH$%&,WPXVWWKHQFRQGXFW
DUHELGGLQJLQWKHSURFHVVIRUPXODWLQJDQHZ,$(%DQGDGYHUWLVLQJDQGSRVWLQJWKLVDV
UHTXLUHG$OOELGGHUVWKDWKDYHLQLWLDOO\UHVSRQGHGWRWKH,$(%DQGGHFODUHGHOLJLEOHLQWKH
ILUVW ELGGLQJ VKDOO EH DOORZHG WR VXEPLW QHZ ELGV 7KH %$& VKDOO REVHUYH WKH VDPH
SURFHVV DQG VHW WKH QHZ SHULRGV DFFRUGLQJ WR WKH VDPH UXOHV DV LQ WKH ILUVW ELGGLQJ
,55$6HFWLRQ 

6KRXOG D VHFRQG IDLOXUH RI ELGGLQJ RFFXU WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D
QHJRWLDWHGSURFXUHPHQWDVSURYLGHGIRULQ,55$6HFWLRQ ,55$6HFWLRQ 

5HTXHVWIRU5HFRQVLGHUDWLRQRI,QHOLJLEOH%LGGHU


$SURVSHFWLYHELGGHUWKDWLVIRXQGLQHOLJLEOHKDVVHYHQ  FDOHQGDUGD\VIURPUHFHLSWRI
WKH1RWLFHRI,QHOLJLELOLW\ZLWKLQZKLFKWRILOHDZULWWHQUHTXHVWIRUUHFRQVLGHUDWLRQEHIRUH
WKH %$&  7KH %$& VKDOO UHVROYH VXFK UHTXHVW ZLWKLQ VHYHQ   FDOHQGDU GD\V DIWHU LW
UHFHLYHV LW  ,Q VR GRLQJ LW FDQ UHTXHVW WKH SURVSHFWLYH ELGGHU WR FODULI\ LWV HOLJLELOLW\
GRFXPHQWVLIQHFHVVDU\ ,55$6HFWLRQ 

,ILWVUHTXHVWIRUUHFRQVLGHUDWLRQLVGHQLHGWKHLQHOLJLEOHELGGHUPD\SURWHVWWKHGHFLVLRQ
LQZULWLQJWRWKH+HDGRIWKH3URFXULQJ(QWLW\ZLWKLQVHYHQ  FDOHQGDUGD\VIURPUHFHLSW
RIWKH%$&GHFLVLRQ$SURWHVWPD\EHPDGHE\ILOLQJDYHULILHGSRVLWLRQSDSHUZLWKWKH
+HDG RI WKH 3URFXULQJ (QWLW\ FRQFHUQHG DFFRPSDQLHG E\ WKH SD\PHQW RI D QRQ
UHIXQGDEOH SURWHVW IHH HTXLYDOHQW WR QR OHVV WKDQ RQH SHUFHQW   RI WKH $%& ,55$
6HFWLRQ 

7KH SURWHVWV VKDOO EH UHVROYHG VWULFWO\ EDVHG RQ UHFRUGV RI WKH %$&  7KH +HDG RI WKH
3URFXULQJ (QWLW\ VKDOO UHVROYH D SURWHVW ZLWKLQ VHYHQ   FDOHQGDU GD\V IURP UHFHLSW
WKHUHRI  6XEMHFW WR WKH SURYLVLRQV RI H[LVWLQJ ODZV RQ WKH DXWKRULW\ RI WKH '3:+
6HFUHWDU\ DQG WKH KHDGV RI DJHQFLHV WR DSSURYH FRQWUDFWV WKHGHFLVLRQVRIWKH+HDGRI
WKH 3URFXULQJ (QWLW\ VKDOO EH ILQDO XS WR WKH OLPLW RI KLV FRQWUDFW DSSURYLQJ DXWKRULW\
,55$6HFWLRQ 


0LVUHSUHVHQWDWLRQRU&KDQJHLQ&DSDELOLW\RI%LGGHU


1RWZLWKVWDQGLQJWKHHOLJLELOLW\RIDSURVSHFWLYHELGGHUWKH3URFXULQJ(QWLW\UHVHUYHVWKH
ULJKW WR UHYLHZ LWV TXDOLILFDWLRQV DW DQ\ VWDJH RI WKH SURFXUHPHQW SURFHVV LI LW KDV
UHDVRQDEOH JURXQGV WR EHOLHYH WKDW D PLVUHSUHVHQWDWLRQ KDV EHHQ PDGH E\ WKH VDLG
SURVSHFWLYHELGGHURUWKDWWKHUHKDVEHHQDFKDQJHLQWKHFDSDELOLW\RIWKHSURVSHFWLYH
ELGGHU WR XQGHUWDNH WKH FRQWUDFW IURP WKH WLPH LW VXEPLWWHG LWV HOLJLELOLW\ UHTXLUHPHQWV
6KRXOGVXFKUHYLHZXQFRYHUDQ\PLVUHSUHVHQWDWLRQPDGHLQWKHHOLJLELOLW\UHTXLUHPHQWV
VWDWHPHQWVRUGRFXPHQWVRUDQ\FKDQJHVLQWKHVLWXDWLRQRIWKHSURVSHFWLYHELGGHUWKDW
ZLOO DIIHFW LWV FDSDELOLW\ WR XQGHUWDNH WKH FRQWUDFW VR WKDW LW IDLOV WKH SUHVHW HOLJLELOLW\


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

FULWHULD WKH 3URFXULQJ (QWLW\ VKDOO GHFODUH WKH VDLG SURVSHFWLYH ELGGHU LQHOLJLEOH DQG
GLVTXDOLI\ LW IURP VXEPLWWLQJ D ELG RU IURP REWDLQLQJ DQ DZDUG RU FRQWUDFW ,55$
6HFWLRQ   $ SURVSHFWLYH ELGGHU IRXQG JXLOW\ RI IDOVH LQIRUPDWLRQ IDFHV
LPSULVRQPHQWRIQRWOHVVWKDQVL[  \HDUVDQGRQH  GD\EXWQRWPRUHWKDQ\HDUV
,55$6HFWLRQ 


 2QHRU1R(OLJLEOH%LGGHU


(YHQLIRQO\RQHELGGHUSDVVHVWKHHOLJLELOLW\FKHFNWKHELGGLQJSURFHVVVKDOOFRQWLQXH,I
WKDW ORQH HOLJLEOH ELGGHU VXEPLWV D ELG WKDW LV IRXQG WR EH UHVSRQVLYH WR WKH ELGGLQJ
UHTXLUHPHQWV DQG LW SDVVHV WKH SRVWTXDOLILFDWLRQ LWV ELG VKDOO EH GHFODUHG DV WKH 6&5%
DQGFRQVLGHUHGIRUFRQWUDFWDZDUG ,55$6HFWLRQ 

,I QR SURVSHFWLYH ELGGHU LV IRXQG WR EH HOLJLEOH WKH %$& VKDOO GHFODUH WKH ELGGLQJ D
IDLOXUH  ,W VKDOO UHYLHZ WKH SURYLVLRQV RI WKH RULJLQDO %'V DQG ZKHUH ZDUUDQWHG PD\
PRGLI\ WKH VFRSH RI ZRUN VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH
%'V DQG DGMXVW WKH TXDQWLW\ DQG FRVW HVWLPDWHV ZLWKRXW LQFUHDVLQJ WKH $%&  ,W PXVW
WKHQ FRQGXFW D UHELGGLQJ LQ WKH SURFHVV IRUPXODWLQJ D QHZ ,$(% DQG DGYHUWLVLQJ DQG
SRVWLQJ WKLV DV UHTXLUHG $OO ELGGHUV WKDW KDYH LQLWLDOO\ UHVSRQGHG WR WKH ,$(% DQG
GHFODUHGHOLJLEOHLQWKHILUVWELGGLQJVKDOOEHDOORZHGWRVXEPLWQHZELGV7KH%$&VKDOO
REVHUYHWKHVDPHSURFHVVDQGVHWWKHQHZSHULRGVDFFRUGLQJWRWKHVDPHUXOHVDVLQWKH
ILUVWELGGLQJ ,55$6HFWLRQ 

6KRXOG D VHFRQG IDLOXUH RI ELGGLQJ RFFXU WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D
QHJRWLDWHGSURFXUHPHQWDVSURYLGHGIRULQ,55$6HFWLRQ ,55$6HFWLRQ 


352&('85( 67(35(&(,9(/2,$1'&21'8&7
(/,*,%,/,7<&+(&. 


$FWLYLW\

3HUIRUPHU

3UHSDUH&3IRUHOLJLELOLW\
SURFHVVLQJDQGWUDQVPLWLWWR

D5HJLRQ%$&6HFLI$%&LVXS
WR30

E&HQWUDO%$&6HFLI$%&LV
PRUHWKDQ30

,VVXH/2,IRUPWRSURVSHFWLYH
ELGGHUFRQWUDFWRU


,IFRQWUDFWRULVQRWUHJLVWHUHG
ZLWK'3:+

D,VVXH&&$65IRUPWR
FRQWUDFWRUDSSOLFDQW

E5HFHLYHIURPWKHFRQWUDFWRU
DSSOLFDQWLWVDFFRPSOLVKHG
&&$65

F)RUZDUG&&$65WR&HQWUDO%$&
6HFUHWDULDWIRUHOHFWURQLF

FG









FG
VWDUWLQJ
IURPVW
DGYW






,PPHGLDWHO\
XSRQUHTXHVW


%HIRUH/2,
GHDGOLQH


FG



7LPH
)UDPH

5XOHV

8VH)RUP'3:+,1)5








8VH)RUP'3:+,1)5






8VH)RUP'3:+,1)5


&KHFNWRHQVXUHDFFRPSOLVKHG
&&$65LVFRPSOHWHDVWRLQIR
DQGGRFXPHQWVUHTXLUHG






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

SURFHVVLQJ

G(QWHUGDWDRI&&$65LQWKH
FRPSXWHUDQGHOHFWURQLFDOO\
SURFHVVWKHVDPHWRJHQHUDWH
&5&ZLWK&,


H,VVXH&5&ZLWK&,WR
FRQWUDFWRUWKURXJK%$&
6HFUHWDULDWFRQFHUQHG

I7UDQVPLW&5&ZLWK&,WR
FRQWUDFWRU

5HFHLYHDFFRPSOLVKHG/2,IRUP
IURPSURVSHFWLYHELGGHUXSRQ
SUHVHQWDWLRQRI&5&

7UDQVPLW/2,IRUHOHFWURQLF
SURFHVVLQJWR

D5HJLRQDO%$&6HFLI$%&LV
XSWR30

E&HQWUDO%$&6HFLI$%&LV
PRUHWKDQ30

6XEPLWWRWKH+HDGRI3URFXULQJ
(QWLW\DUHSRUWRQ/2,VUHFHLYHG
DQGWUDQVPLWWHG


(QWHUGDWDIURPUHFHLYHG/2,V
DQG&3LQWRFRPSXWHUSURJUDP
DQGSURFHVVWRGHWHUPLQH
HOLJLELOLW\RUQRQHOLJLELOLW\RI
SURVSHFWLYHELGGHU

D,I$%&LVXSWR30

E,I$%&LVPRUHWKDQ30

,VVXH1RWLFHVRI(OLJLELOLW\DQG
1RWLFHVRI,QHOLJLELOLW\WR
SURVSHFWLYHELGGHUV

D,I$%&LVXSWR30

E,I$%&LVPRUHWKDQ30

6XEPLWWRWKH+HDGRI3URFXULQJ
(QWLW\DUHSRUWRQ/2,VUHFHLYHG
DQGWUDQVPLWWHG



FG





FG




FG



)URPDGYWWR
/2,GHDGOLQH




FG
LPPHGLDWHO\
XSRQUHFHLSW








FGDIWHU
GHDGOLQHIRU
UHFHLSWRI
/2,V



FGDIWHU
UHFHLSW









FGDIWHU
UHFHLYLQJ
1RWLFHVRI
(OLJLELOLW\DQG
,QHOLJLELOLW\





%$&6HFWR



8VHWKHSUHVFULEHG'3:+
FRPSXWHUSURJUDPIRU
HOHFWURQLFSURFHVVLQJRI
&&$652XWSXWZLOOEH&5&
)RUP'3:+,1)5 ZLWK
&, )RUP'3:+,1)5 





















8VH)RUP'3:+,1)5




8VHWKHSUHVFULEHG'3:+
FRPSXWHUSURJUDP2XWSXWZLOO
EH1RWLFHVRI(OLJLELOLW\ )RUP
'3:+,1)5 DQG1RWLFHV
RI,QHOLJLELOLW\ )RUP'3:+
,1)5 










7KUX'LVWULFW%$&LI$%&LVQRW
PRUHWKDQ30


8VH)RUP'3:+,1)5

SUHSDUHDQG
%$&&KDLUWR
VXEPLW




2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 ,668(7+(%,'',1*'2&80(176

/(*$/5()(5(1&(


,55$6HFWLRQVDQGSURYLGHWKHUXOHVLQUHODWLRQWRWKHLVVXDQFHRIWKH%LGGLQJ
'RFXPHQWV %'V 


32/,&,(6$1'*8,'(/,1(6


$YDLODELOLW\RI%LGGLQJ'RFXPHQWV


7KH3URFXULQJ(QWLW\VKDOOLVVXHKDUGFRSLHVRIWKH%'VWRHOLJLEOHELGGHUVXSRQSD\PHQW
RI WKH IHH WKHUHIRU ZLWKLQ WKLUW\   FDOHQGDU GD\V IURP WKH ODVW GD\ RI WKH SHULRG RI
DGYHUWLVLQJ DQGRU SRVWLQJ RI WKH ,$(% ,55$ 6HFWLRQ   7KH ODVW GD\ IRU
LVVXDQFHRI%'VVKDOOEHZLWKLQWKHIROORZLQJSHULRGEHIRUHWKHRSHQLQJRIELGV

0LQLPXP3HULRG%HIRUH%LGV2SHQLQJ
$SSURYHG%XGJHWIRUWKH&RQWUDFW
 &DOHQGDU'D\V 

8SWR30 




$ERYH30XSWR30 


$ERYH30XSWR30 


$ERYH30





7KH 3URFXULQJ (QWLW\ VKDOO DOVR SRVW WKH %'V DW WKH '3:+ ZHEVLWH VWDUWLQJ RQ WKH ILUVW
GD\ RI DGYHUWLVHPHQW DQG SRVWLQJ RI WKH ,$(% 7KXV HOLJLEOH ELGGHUV DV ZHOO DV RWKHU
LQWHUHVWHG SDUWLHV PD\ GRZQORDG WKH %'V IURP WKH '3:+ ZHEVLWH 7KH\ VKDOO SD\ WKH
IHHIRUWKH%'VZKHQWKH\VXEPLWWKHLUELGVWRWKH%$&

%HIRUHWKHLURIILFLDOUHOHDVHWKH%'VDUHVWULFWO\FRQILGHQWLDODQGVKDOOQRWEHGLYXOJHGRU
UHOHDVHG WR DQ\ SHUVRQ H[FHSW WR WKRVH RIILFLDOO\ DXWKRUL]HG LQ WKH KDQGOLQJ RI WKH
GRFXPHQWV  +RZHYHU DIWHU WKHLU RIILFLDO UHOHDVH WKH\ VKDOO EH PDGH DYDLODEOH WR WKH
SXEOLF


)HHIRU%LGGLQJ'RFXPHQWV


7KH%$&VKDOOUHTXLUHHOLJLEOHELGGHUVWKDWREWDLQWKH%'VWRSD\DIHHWKDWZLOOUHFRYHU
WKHFRVWVRISURGXFLQJWKH%'V7KHVHFRVWVPD\LQFOXGHWKHIROORZLQJ

D
'LUHFWFRVWVZKLFKFRQVLVWRIWKHIROORZLQJ

 
'HYHORSPHQWFRVWVLQFXUUHGLQSUHSDULQJWKHFRQWHQWRIWKH%'VLQFOXGLQJ
GHVLJQVGUDZLQJVDQGVSHFLILFDWLRQV7KHGHVLJQFRVWVKDOOEHH[FOXGHGLILW
LV LQFOXGHG LQ WKH FDSLWDOL]HG FRVW RI WKHSURMHFWWREHUHFRYHUHGIURPWKH
XVHRIWKHFRPSOHWHGIDFLOLW\

 
5HSURGXFWLRQ FRVWV FRYHULQJ ODERU VXSSOLHV DQG HTXLSPHQW UHQWDO FRVWV
LQFXUUHGLQUHSURGXFLQJWKHGRFXPHQWV

 
&RPPXQLFDWLRQ FRVWV LQFOXGLQJ FRVWV RI PDLO DGYHUWLVLQJ PHHWLQJV
LQWHUQHWZHE SRVWLQJ DQG RWKHU FRVWV LQFXUUHG LQ GLVVHPLQDWLQJ
LQIRUPDWLRQDERXWWKHELGGLQJ

E
,QGLUHFWFRVWVVXFKDVRYHUKHDGVXSHUYLVLRQDQGDGPLQLVWUDWLYHFRVWVDOORFDWHG
WRWKHELGGLQJDFWLYLWLHV7KLVPD\LQFOXGHKRQRUDULDWR%$&DQG7:*PHPEHUV


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

DXWKRUL]HGXQGHU'%0%XGJHW&LUFXODU1RSXUVXDQWWR6HFWLRQRI5$
 IRU VXFFHVVIXOO\ FRPSOHWHG SURFXUHPHQW SURMHFWV DW WKH UDWHV SURYLGHG
WKHUHLQSURYLGHGWKDWWKHDYHUDJHPRQWKO\KRQRUDULXPRYHURQH\HDUJUDQWHGD
SHUVRQQHOVKDOOQRWH[FHHGWZHQW\ILYHSHUFHQW  RIKLVEDVLFPRQWKO\VDODU\
$JHQFLHV DUH DOORZHG WR UHWDLQ ILIW\ SHUFHQW   RI WKHLU FROOHFWLRQV IURP WKH
VDOHRI%'VWREHXVHGWRSD\VXFKKRQRUDULD


7KHIHHWREHSDLGVKDOOEHFDOFXODWHGE\JHWWLQJWKHVXPRI'LUHFWDQG,QGLUHFW&RVWVDQG
GLYLGLQJWKLVE\WKHH[SHFWHGQXPEHURISURVSHFWLYHELGGHUVWKDWZLOOSXUFKDVHWKH%'V


5HVSRQVLELOLWLHVRI(OLJLEOH%LGGHURQ%LGGLQJ'RFXPHQWV


$QHOLJLEOHELGGHUPXVWEHUHVSRQVLEOHIRUKDYLQJ ,55$6HFWLRQ 

D
H[DPLQHGDOORIWKH%'V

E
DFNQRZOHGJHG DOO FRQGLWLRQV ORFDO RU RWKHUZLVH DIIHFWLQJ WKH LPSOHPHQWDWLRQ RI
WKHFRQWUDFW

F
PDGHDQHVWLPDWHRIWKHIDFLOLWLHVDYDLODEOHDQGQHHGHGIRUWKHFRQWUDFWDQG

G
FRPSOLHGZLWKLWVUHVSRQVLELOLW\XQGHU,55$6HFWLRQZKLFKSURYLGHVWKDW
DOO WKRVH ZKR KDYH REWDLQHG WKH %'V VKDOO EH UHVSRQVLEOH IRU LQTXLULQJ DQG
VHFXULQJ%LG%XOOHWLQV $GGHQGD WKDWPD\EHLVVXHGE\WKH%$&

7KH 3URFXULQJ (QWLW\ VKDOO QRW EH UHVSRQVLEOH IRU DQ\ HUURQHRXV LQWHUSUHWDWLRQ RU
FRQFOXVLRQV E\ WKH SURVSHFWLYH RU HOLJLEOH ELGGHUV RQ WKH GDWD LW IXUQLVKHG ,55$
6HFWLRQ 

(OLJLEOH ELGGHUV DUH GHHPHG WR EH IDPLOLDU ZLWK DOO H[LVWLQJ 3KLOLSSLQH ODZV GHFUHHV
RUGLQDQFHVDFWVDQGUHJXODWLRQVWKDWPD\DIIHFWWKHFRQWUDFWLQDQ\ZD\,IWKHFRQWUDFW
LV DIIHFWHG E\ QHZ ODZV RUGLQDQFHV UHJXODWLRQV RU RWKHU DFWV RI JRYHUQPHQW
SURPXOJDWHGDIWHUWKHGDWHRIWKHELGGLQJDFRQWUDFWSULFHDGMXVWPHQWVKDOOEHPDGHRU
DSSURSULDWH UHOLHI VKDOO EH DSSOLHG RQ D QR ORVVQR JDLQ EDVLV SURYLGHG VXFK LV QRW
FRYHUHGE\WKHFRQWUDFWSURYLVLRQVRQSULFHDGMXVWPHQW ,55$6HFWLRQ 

352&('85( ,668(7+(%,'',1*'2&80(176 










3HUIRUPHU
&HQWUDO
%$&ZLWK
0,6




%$&
,VVXHKDUGFRSLHVRI%'VWR
6HFUHWDULDW
HOLJLEOHELGGHUVXSRQSD\PHQW

RIIHHVDQGLVVXH2IILFLDO


$FWLYLW\
3RVW%'VDW'3:+ZHEVLWHIRU
LQIR RI DQG GRZQORDGLQJ E\
SURVSHFWLYHELGGHUVDQGRWKHU
SDUWLHV 6HH$FWLYLW\LQ6HF
 9RO ,,, '30 RQ
3UHSDULQJWKH%'V 

5HFHLSW





5HFRUGDOOHOLJLEOHELGGHUV
WKDWSXUFKDVHGDQGSDLGIRU
WKH%'V

%$&
6HFUHWDULDW

7LPH)UDPH
)URPVWGD\
RIDGYW
SRVWLQJRI
,$(%XSWR
GHDGOLQHIRU
ELGVUHFHLSW

5XOHV
(OLJLEOHELGGHUVWKDW
GRZQORDGHGWKH%'V
IURPWKHZHEVLWHVKDOO
SD\WKHIHHIRUWKH
%'VZKHQWKH\VXEPLW
WKHELGV.

VWGD\RI
DGYWSRVWLQJ
RI,$(%XSWR
FG
EHIRUHELGV
UHFHLSW

2EVHUYHSUHVFULEHG
SHULRGIRULVVXDQFHRI
%'V 6HF
9RO,,,'30 

GR



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 67(3 &$//35(%,'&21)(5(1&($1',)


1(&(66$5<,668(%,'%8//(7,16
/(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVLQUHODWLRQWRWKHFRQGXFWRID3UH%LG&RQIHUHQFH
3%& 


32/,&,(6$1'*8,'(/,1(6


3XUSRVHRI3UH%LG&RQIHUHQFH


$ 3%& LV WKH LQLWLDO IRUXP ZKHUH WKH UHSUHVHQWDWLYHV RI WKH '3:+ 3URFXULQJ (QWLW\ DQG
WKH HOLJLEOH ELGGHUV GLVFXVV WKH GLIIHUHQW DVSHFWV RI WKH SURFXUHPHQW DW KDQG  7KHVH
LQFOXGHWKHJURXQGUXOHVWKDWZLOOJRYHUQWKHSURFXUHPHQW,QSDUWLFXODUWKHSDUWLFLSDQWV
PD\GLVFXVVWKHWHFKQLFDODQGILQDQFLDOFRPSRQHQWVRIWKHFRQWUDFWWREHELG7KH3%&LV
DOVRDQRSSRUWXQLW\IRUWKHHOLJLEOHELGGHUVWRUHTXHVWFODULILFDWLRQVDERXWWKH%'V$Q\
VWDWHPHQW PDGH DW WKH 3%& KRZHYHU VKRXOG QRW PRGLI\ WKH WHUPV RI WKH %'V XQOHVV
VXFK VWDWHPHQW LV VSHFLILFDOO\ LGHQWLILHG LQ ZULWLQJ DV DQ DPHQGPHQW RI WKH %'V DQG
LVVXHGDVD%LG%XOOHWLQRU$GGHQGXP ,55$6HF 

7KH DJHQGD RI WKH 3%& VKDOO EH EDVHG RQ )RUP '3:+,1)5 DQG LQFOXGH WKH
IROORZLQJLWHPV

D
%DVLFFRQWUDFWGDWD
E
5HTXLUHPHQWVRIWKH%'V
F
'RFXPHQWV WR EH VXEPLWWHG E\ WKH ELGGHU LQFOXGLQJ 7HFKQLFDO DQG )LQDQFLDO
3URSRVDOV 
G
&ULWHULD DQG SURFHGXUHV IRU WKH SUHOLPLQDU\ H[DPLQDWLRQ RI ELGV GHWDLOHG
HYDOXDWLRQRIELGVSRVWTXDOLILFDWLRQDQGDZDUG
H
2WKHUPDWWHUV
I
6XPPDU\RISURFHHGLQJVLQFOXGLQJ%LG%XOOHWLQV $GGHQGD WREHLVVXHG

,WLVLPSRUWDQWWKDWUHVSRQVLEOHDQGNQRZOHGJHDEOHRIILFLDOVDWWHQGWKHFRQIHUHQFH7KH
SHUVRQVZKRDFWXDOO\IRUPXODWHGWKHVFRSHRIZRUNGUDZLQJVSODQVDQGVSHFLILFDWLRQVIRU
WKH SURMHFW VKDOO EH SUHVHQW DPRQJ WKRVH UHSUHVHQWLQJ WKH 3URFXULQJ (QWLW\  (OLJLEOH
ELGGHUV RQ WKH RWKHU KDQG VKRXOG EH HQFRXUDJHG WR VHQG UHSUHVHQWDWLYHV ZKR DUH
OHJDOO\ DQG WHFKQLFDOO\ NQRZOHGJHDEOH DERXW WKH UHTXLUHPHQWV RI WKH SURFXUHPHQW DW
KDQG  ,W LV DOVR LPSRUWDQW WKDW WKH HOLJLEOH ELGGHUV DUH JLYHQ DPSOH WLPH WRUHYLHZWKH
%'VEHIRUHWKH3%&LVKHOG


&RQGLWLRQVIRU+ROGLQJ3UH%LG&RQIHUHQFH


7KH%$&PXVWKROGWKH3%&IRUHYHU\FRQWUDFWZLWKDQ$%&RIDWOHDVW2QH0LOOLRQ3HVRV
3PLOOLRQ )RUDFRQWUDFWZLWKDQ$%&RIOHVVWKDQ3PLOOLRQWKH%$&PD\RUPD\QRW
KROG D 3%&  7KH %$& PD\ DOVR KROG D 3%& XSRQ WKH ZULWWHQ UHTXHVW RI D SURVSHFWLYH
ELGGHU ,55$6HFWLRQ 

7KH 3%& PXVW EH KHOG DW OHDVW WZHOYH   FDOHQGDU GD\V EHIRUH WKH GHDGOLQH IRU WKH
UHFHLSWRIELGV ,55$6HFWLRQ 

&RQGXFWRI3DUWLFLSDQWVLQ3UH%LG&RQIHUHQFH


7KH %$& %$& 6HFUHWDULDW 7:* DQG RWKHU RIILFLDOV LQYROYHG LQ SURFXUHPHQW DUH
H[SHFWHG WR DFW LQ DQ LPSDUWLDO FRXUWHRXV DQG SURIHVVLRQDO PDQQHULQDOOWKHLUGHDOLQJV


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

DQG LQWHUDFWLRQV ZLWK WKH ELGGHUV GXULQJ DOO VWDJHV RI WKH SURFXUHPHQW  7KH
UHSUHVHQWDWLYHV RI WKH ELGGHU DUH OLNHZLVH HQMRLQHG WR DGRSW WKH VDPH SURIHVVLRQDO
PDQQHU LQ WKHLU GHDOLQJV ZLWK WKH RIILFLDOV RI WKH 3URFXULQJ (QWLW\  &RPPXQLFDWLRQV
EHWZHHQ WKH SDUWLHV PXVW DV PXFK DV SRVVLEOH EH PDGH LQ ZULWLQJ H[FHSW GXULQJ WKH
3%& ZKHQ YHUEDO FODULILFDWLRQV PD\ EH DOORZHG NHHSLQJ LQ PLQG KRZHYHU WKDW DQ\
VWDWHPHQW PDGH DW WKH 3%& ZRXOG QRW PRGLI\ WKH WHUPV RI WKH %'V XQOHVV LW LV
VSHFLILFDOO\ZULWWHQDVDQDPHQGPHQWRIWKH%'VDQGLVVXHGDVD%LG%XOOHWLQ

&ODULILFDWLRQRI%LGGLQJ'RFXPHQWV

(OLJLEOH ELGGHUV PD\ UHTXHVW FODULILFDWLRQ RU LQWHUSUHWDWLRQ RI DQ\ SDUW RI WKH %'V
SURYLGHG WKDW WKLV UHTXHVW LV LQ ZULWLQJ DQG VXEPLWWHG WR WKH %$& DW OHDVW WHQ  
FDOHQGDU GD\V EHIRUH WKH GHDGOLQH IRU WKH UHFHLSW RI ELGV  ,Q WKLV FDVH WKH %$& VKDOO
LVVXH LWV UHVSRQVH E\ LVVXLQJ D %LG %XOOHWLQ $GGHQGXP  WR EH PDGH DYDLODEOH WR DOO
WKRVHWKDWKDYHVHFXUHGWKH%'VDWOHDVWVHYHQ  FDOHQGDUGD\VEHIRUHWKHGHDGOLQHIRU
WKHUHFHLSWRIELGV ,55$6HFWLRQ 

7KH %$& PD\ DW LWV RZQ LQLWLDWLYH DOVR LVVXH %LG %XOOHWLQV WR FODULI\ RU PRGLI\ DQ\
SURYLVLRQ RI WKH %'V QRW ODWHU WKDQ VHYHQ   FDOHQGDUGD\VEHIRUHWKHGHDGOLQHIRUWKH
UHFHLSWRIELGV$Q\PRGLILFDWLRQWRWKH%'VPXVWEHLGHQWLILHGDVDQ$0(1'0(17LQ
WKH%LG%XOOHWLQ ,55$6HFWLRQ 

7KH %$& VKDOO WKURXJK WKH &HQWUDO %$& 6HFUHWDULDW DOVR SRVW WKH %LG %XOOHWLQV RQ WKH
'3:+ZHEVLWHDQGRQWKH*(36ZLWKLQWKHVDPHWLPHWDEOH

1RQHWKHOHVVLWVKDOOEHWKHUHVSRQVLELOLW\RIHOLJLEOHELGGHUVWRDVNIRUDQGVHFXUHWKHVH
EXOOHWLQV

$ %LG %XOOHWLQ PXVW FRQWDLQ D EULHI EXW FRPSUHKHQVLYH DQG DFFXUDWH VXPPDU\ RI WKH
LVVXHWKDWWKH%$&ZLVKHVWRDGGUHVV,IDQHOLJLEOHELGGHUUDLVHVWKHLVVXHDGGUHVVHGE\
WKH%XOOHWLQWKHQWKH%XOOHWLQRXJKWWRFRQWDLQDVXPPDU\RIWKHUHTXHVWRIWKDWELGGHU
IRUFODULILFDWLRQRULQWHUSUHWDWLRQZLWKRXWLGHQWLI\LQJWKHELGGHU

%LGGHUV WKDW KDYH VXEPLWWHG ELGV EHIRUH D %LG %XOOHWLQ LV LVVXHG PXVW EH LQIRUPHG LQ
ZULWLQJ E\ WKH %$& RI WKH %XOOHWLQ DQG DOORZHG WR PRGLI\ RU ZLWKGUDZ WKHLU UHVSHFWLYH
ELGV ,55$6HFWLRQ 


352&('85( &$//35(%,'&21)(5(1&($1',)
1(&(66$5<,668(6833/(0(17$/%,'%8//(7,16 
$FWLYLW\



3UHSDUHWKHDJHQGDIRUWKH

3HUIRUPHU

7LPH)UDPH

5XOHV

%$&6HFUHWDULDW

FG

8VH)RUP'3:+,1)5

3UH%LG&RQIHUHQFH 3%& 



,VVXH1RWLFHVIRUWKH3%&

%$&6HFUHWDULDW

FG

ZLWKWKHDJHQGDWRWKH

FGEHIRUH

SDUWLFLSDQWV

8VH)RUP'3:+,1)5
6HQG1RWLFHVWRWKHIROORZLQJ
ZKRPXVWDWWHQGWKH3%&

3%&

D%$&0HPEHUV

E%$&6HFUHWDULDW

F7:*0HPEHUVDQG

&RQVXOWDQWLIDQ\

G,8

6HQG1RWLFHVWRWKHIROORZLQJ

ZKRVHDWWHQGDQFHLVQRW

PDQGDWRU\

D(OLJLEOHELGGHUVDQG

LQHOLJLEOHELGGHUVZLWK

SHQGLQJUHTXHVWVIRU

UHFRQVLGHUDWLRQRU



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

SURWHVWVZLWKWKH+HDG
RIWKH3URFXULQJ(QWLW\
E2EVHUYHUV



%$&&KDLUPDQ

FG

DVVLVWHGE\%$&

FGEHIRUH

6HFUHWDULDW

GHDGOLQHIRU

FRQFHUQHGRIILFLDOV%$&7:*

ELGVUHFHLSW

,8DQG6HFUHWDULDWWRH[SODLQ

FODULI\LWHPVLQWKHDJHQGDDQG

UHVSRQGWRTXHULHVFRPPHQWV

IURPELGGHUV7KH%$&

6HFUHWDULDWZLOOUHFRUGWKH

SURFHHGLQJVE\WDSHUHFRUGHU

YLGHRUHFRUGHUDQGPDQXDOO\

%$&6HFUHWDULDW

FG

8VH)RUP'3:+,1)5

DIWHU3%&

%$&6HFUHWDULDW

FGEHIRUH




&RQGXFWWKH3%&

)ROORZWKHDJHQGD7KH%$&
&KDLUPDQPD\FDOORQDQ\




3UHSDUHWKH0LQXWHVRIWKH

3%&



5HFHLYHZULWWHQUHTXHVWVIRU

FODULILFDWLRQDIWHUWKH3%&IURP

GHDGOLQHIRU

SURVSHFWLYHELGGHUV

ELGVUHFHLSW



3UHSDUHUHSOLHVWRZULWWHQ

UHTXHVWVIRUFODULILFDWLRQ

%$&6HFUHWDULDW

FGDIWHU

ZLWK%$&7:*

UHFHLSWRI

%$&7:*ZLWK,8

FGDIWHU

DQG%$&

3%& FG




UHTXHVW
3UHSDUH%LG%XOOHWLQVLIDQ\




6HFUHWDULDW

EHIRUH

7KHVHDUHLVVXHG D LQ
DFFRUGDQFHZLWK3%&
GLVFXVVLRQV E LQUHVSRQVHWR

GHDGOLQHIRU

ZULWWHQUHTXHVWVIRUFODULILFDWLRQ

ELGVUHFHLSW

DQG F DWWKHLQLWLDWLYHRIWKH

3URFXULQJ(QWLW\WRFODULI\RU

PRGLI\DQ\SURYLVLRQRIWKH%'V

8VH)RUP'3:+,1)5



6LJQWKH0LQXWHVRI3%&

ZLWK%LG%XOOHWLQVDQGUHSOLHV

WRZULWWHQUHTXHVWVIRU

FODULILFDWLRQ

%$&&KDLUPDQ

FGDIWHU

3%&DQGFG
EHIRUH
GHDGOLQHIRU

ELGVUHFHLSW



,VVXHVLJQHG0LQXWHVRI

3%&%LG%XOOHWLQVDQGUHSOLHV

SDUWLFLSDQWVDQGWKHSDUWLHV

WRZULWWHQUHTXHVWVIRU

WKDWVHQWZULWWHQUHTXHVWVIRU

FODULILFDWLRQ



3RVW%LG%XOOHWLQVRQ'3:+

&HQWUDO%$&6HF

8SRQVLJQLQJ

ZHEVLWHDQG*(36

XSRQUHTXHVWRI

XSWR1RWLFHWR

%$&6HFRI

3URFHHG

%$&6HFUHWDULDW

8SRQVLJQLQJ

6HQGWRDOOHOLJLEOHELGGHUV3%&

FODULILFDWLRQ


3URFXULQJ(QWLW\



























2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI












 67(3 5(&(,9(  $1'  23(1  7+( 7(&+1,&$/


$1'),1$1&,$/(19(/23(6
/(*$/5()(5(1&(
,55$6HFWLRQVWRVSHFLI\WKHUXOHVLQUHODWLRQWRWKHVXEPLVVLRQDQGUHFHLSWRI
ELGV

32/,&,(6$1'*8,'(/,1(6
'HILQLWLRQDQG&RPSRQHQWVRI%LG


$%LGUHIHUVWRDVLJQHGRIIHURUSURSRVDOWRXQGHUWDNHDFRQWUDFWVXEPLWWHGE\DELGGHU
LQ UHVSRQVH WR DQG LQ FRQVRQDQFH ZLWK WKH UHTXLUHPHQWV VWDWHG LQ WKH %LGGLQJ
'RFXPHQWV %'V $%LGKDVWZRFRPSRQHQWVWKH7HFKQLFDO3URSRVDODQGWKH)LQDQFLDO
3URSRVDO  7KH 7HFKQLFDO 3URSRVDO DQG )LQDQFLDO 3URSRVDO PXVW HDFK EH FRQWDLQHG LQ
VHSDUDWH VHDOHG ELG HQYHORSHV FDOOHG 7HFKQLFDO (QYHORSH DQG )LQDQFLDO (QYHORSH
UHVSHFWLYHO\

)RUWKHJXLGDQFHRIWKHSURVSHFWLYHELGGHUWKH%$&VKDOOLVVXHWRWKHELGGHUVDVSDUWRI
WKH ,QVWUXFWLRQV WR %LGGHUV LQ WKH %'V D FKHFNOLVW RI LQIRUPDWLRQGRFXPHQWV WKDW PXVW
FRPSULVHWKH7HFKQLFDODQG)LQDQFLDO3URSRVDOVDVVKRZQLQ)RUP'3:+,1)5
7KH HOLJLEOH ELGGHU VKDOO VXEPLW LWV %LG XVLQJ )RUP '3:+,1)5 WRJHWKHU ZLWK LWV
7HFKQLFDODQG)LQDQFLDO3URSRVDOVDVGLVFXVVHGEHORZ


&RQWHQWVRIWKH7HFKQLFDO3URSRVDORIWKH%LG

7KH 7HFKQLFDO 3URSRVDO VKDOO FRQWDLQ WKH IROORZLQJ WHFKQLFDO LQIRUPDWLRQGRFXPHQWV IRU
WKHFRQWUDFWWREHELG
D

E


F

G

H

I

%LG6HFXULW\LQLWVUHTXLUHGIRUPDPRXQWDQGYDOLGLW\SHULRG8VH)RUP'3:+
,1)5IRU,UUHYRFDEOH/HWWHURI&UHGLWRU'3:+,1)5IRU%DQN*XDUDQWHH
$XWKRULW\ RI VLJQLQJ RIILFLDO WR VLJQ RQ EHKDOI RI WKH ELGGHU DOO GRFXPHQWV
SHUWDLQLQJWRWKHELGDQGWKHFRQWUDFWZKLFKPXVWEHFRQWDLQHGLQDQ$IILGDYLWRI
WKH 3URSULHWRU LI WKH ELGGHU LV D VROH SURSULHWRUVKLS XVLQJ )RUP '3:+,1)5
 D%RDUG5HVROXWLRQLIWKHELGGHULVDFRUSRUDWLRQRUFRRSHUDWLYH XVLQJ)RUP
'3:+,1)5 D-RLQW9HQWXUH5HVROXWLRQLIWKHELGGHULVD-RLQW9HQWXUHRUD
3DUWQHUVKLS5HVROXWLRQLIWKHELGGHULVD3DUWQHUVKLS
&RQVWUXFWLRQVFKHGXOHDQG6FXUYHZLWKWKHVFKHGXOHLQWKHIRUPRIDEDUFKDUW
8VH)RUP'3:+,1)5
&RQVWUXFWLRQ PHWKRGV WKURXJK D QDUUDWLYH GHVFULSWLRQ RI KRZWKHFRQWUDFWRUZLOO
XQGHUWDNH WKH ZRUNV XQGHU WKH FRQWUDFW LQFOXGLQJ DUUDQJHPHQWV IRU
VXEFRQWUDFWLQJSRUWLRQVRIWKHZRUNVLIDQ\8VH)RUP'3:+,1)5
2UJDQL]DWLRQDO FKDUW IRU WKH FRQWUDFW WR EH ELG QRW RI WKH ILUP  ZLWK WKH
VXEFRQWUDFWLQJ DUUDQJHPHQWV LI DQ\ WR EH UHIOHFWHG LQ WKLV FKDUW 8VH )RUP
'3:+,1)5

&RQWUDFWRUVFHUWLILFDWLRQRQNH\SHUVRQQHOIRUWKHFRQWUDFW YL]3URMHFW0DQDJHU
3URMHFW(QJLQHHUV0DWHULDOV(QJLQHHUVDQG)RUHPHQ ZLWKWKHLUTXDOLILFDWLRQDQG
H[SHULHQFH UHFRUGV XVLQJ )RUP '3:+,1)5 HQFORVLQJ WKH NH\ SHUVRQQHOV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI


J

K


L

M

N


O


P

Q

$IILGDYLWVRI&RPPLWPHQWWR:RUNRQWKH&RQWUDFWXVLQJ)RUP'3:+,1)5
7KHVH SHUVRQQHO PXVW PHHW WKH PLQLPXP UHTXLUHPHQWV LQ WKH %LG 'DWD 6KHHW
%'6 ZKLFKDUHDOVRLQGLFDWHGLQ)RUP'3:+,1)5
0DQSRZHU XWLOL]DWLRQ VFKHGXOH ZHHNO\ RU PRQWKO\ IRU VNLOOHG DQG XQVNLOOHG
ZRUNHUV LQFOXGLQJ WKH 3URMHFW 0DQDJHU 3URMHFW (QJLQHHUV 0DWHULDOV (QJLQHHUV
DQG)RUHPHQ8VH)RUP'3:+,1)5
/LVW RI FRQWUDFWRUV HTXLSPHQW SOHGJHG WR WKH FRQWUDFW ZKLFK LV RZQHG E\ WKH
ELGGHU VXSSRUWHG E\ SURRIV RI RZQHUVKLS  OHDVHG DQGRU XQGHU SXUFKDVH
DJUHHPHQWV VXSSRUWHG E\ FHUWLILFDWLRQ RI DYDLODELOLW\ RI HTXLSPHQW IURP WKH
HTXLSPHQW OHVVRUYHQGRU  ZLWK FRUUHVSRQGLQJ HQJLQH QXPEHUV FKDVVLV QXPEHUV
DQGRU VHULDO QXPEHUV XVLQJ )RUP '3:+,1)5 7KHVH HTXLSPHQW XQLWV
PXVWPHHWWKHPLQLPXPHTXLSPHQWUHTXLUHPHQWVLQWKH%'6
(TXLSPHQW XWLOL]DWLRQ VFKHGXOH ZHHNO\ RU PRQWKO\ IRU WKH PLQLPXP HTXLSPHQW
UHTXLUHGIRUWKH&RQWUDFW8VH)RUP'3:+,1)5
$IILGDYLWRIVLWHLQVSHFWLRQIURPWKHFRQWUDFWRU8VH)RUP'3:+,1)5
:ULWWHQ FUHGLW OLQH FRPPLWPHQW RU D FHUWLILFDWH RI FDVK GHSRVLW LVVXHG E\ D
OLFHQVHGEDQNWREHXVHGH[FOXVLYHO\WRILQDQFHWKHFRQWUDFWDWKDQGLIDZDUGHG
WRWKHELGGHULQDQDPRXQWDWOHDVWHTXDOWRWHQSHUFHQW  RIWKH$%&XVLQJ
)RUP '3:+,1)5 RU '3:+,1)5 ,I WKH ELGGHU KDV SUHYLRXVO\
VXEPLWWHGWKHRULJLQDORIWKLVGRFXPHQWDVSDUWRILWV/2,IRUWKHFRQWUDFWLWVKDOO
VXEPLWDFHUWLILHGFRS\WKHUHRIDVSDUWRIWKH7HFKQLFDO3URSRVDORILWV%LG
&RQVWUXFWLRQVDIHW\DQGKHDOWKSURJUDPRIWKHFRQWUDFWRUVSHFLILFWRWKHFRQWUDFW
WREHELGLQDFFRUGDQFHZLWK'2/(2UGHU1RXVLQJ)RUP'3:+,1)5
,I DZDUGHG WKH FRQWUDFW WKH ELGGHU VKDOO VXEPLW WKLV SURJUDP WR WKH %XUHDX RI
:RUNLQJ &RQGLWLRQV RI WKH '2/( IRU DSSURYDO EHIRUH FRQVWUXFWLRQ LV DOORZHG WR
VWDUW 
$IILGDYLWRIFRPSOLDQFHZLWKH[LVWLQJODERUODZVDQGVWDQGDUGV8VH)RUP'3:+
,1)5
$IILGDYLW RI FRPSOLDQFH ZLWK UHVSRQVLELOLWLHV XQGHU ,55$ 6HFWLRQ 
SDUWLFXODUO\ WKDW WKH ELGGHU KDV FDUHIXOO\ H[DPLQHG DOO RIWKH%'VDFNQRZOHGJHG
DOO FRQGLWLRQV DIIHFWLQJ WKH LPSOHPHQWDWLRQ RI WKH FRQWUDFW PDGH DQ HVWLPDWH RI
WKH IDFLOLWLHV DYDLODEOH DQG QHHGHG IRU WKH FRQWUDFW DQG FRPSOLHG ZLWK LWV
UHVSRQVLELOLW\RILQTXLULQJIRUDQGVHFXULQJDOO%LG%XOOHWLQVLVVXHGE\WKH%$&8VH
)RUP'3:+,1)5

&RQWHQWVRIWKH)LQDQFLDO3URSRVDORIWKH%LG


7KH)LQDQFLDO3URSRVDOVKDOOFRQWDLQWKHIROORZLQJILQDQFLDOLQIRUPDWLRQGRFXPHQWVIRUWKH
FRQWUDFWWREHELG

D
%LGSULFHVIRUWKH%LOORI4XDQWLWLHVXVLQJ)RUPV'3:+,1)5DQG

E
'HWDLOHG HVWLPDWHV LQFOXGLQJ D VXPPDU\ VKHHW LQGLFDWLQJ WKH XQLW SULFHV RI
FRQVWUXFWLRQ PDWHULDOV ODERU UDWHV DQG HTXLSPHQW UHQWDO DQG WKH GLUHFW DQG
LQGLUHFWFRVWVXVHGLQFRPLQJXSZLWKWKHELG

F
&DVKIORZE\TXDUWHUDQGSD\PHQWVVFKHGXOH8VH)RUP'3:+,1)5



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

'HILQLWLRQRI%LG6HFXULW\


$%LG6HFXULW\LVDJXDUDQWHHWKDWWKHVXFFHVVIXOELGGHUZLOO

D
QRWGHIDXOWRQLWVELGDQG

E
ZLWKLQWHQ  FDOHQGDUGD\VRUOHVVDVLQGLFDWHGLQWKH,7%IURPUHFHLSWRIWKH
1RWLFHRI$ZDUGIXUQLVKWKH3HUIRUPDQFH6HFXULW\SUHVFULEHGLQWKH,7%DQGHQWHU
LQWRFRQWUDFWZLWKWKH3URFXULQJ(QWLW\ ,55$6HFWLRQ 

$ %LG 6HFXULW\ PXVW EH VXEPLWWHG WRJHWKHU ZLWK HYHU\ ELG ,W PXVW EH RSHUDWLYH RQWKH
GDWHRIELGRSHQLQJDQGSD\DEOHWRWKH3URFXULQJ(QWLW\


)RUPVDQG$PRXQWRI%LG6HFXULW\


7KH%LG6HFXULW\VKDOOEHLQDQ\RIWKHIROORZLQJIRUPVZLWKWKHFRUUHVSRQGLQJUHTXLUHG
DPRXQW ,55$6HFWLRQ 

)2502)%,'6(&85,7<
$02817
D&DVKFHUWLILHGFKHFNFDVKLHUVFKHFNPDQDJHUV
RI$%&
FKHFNRUEDQNGUDIWLVVXHGE\DUHSXWDEOHEDQNRU
LUUHYRFDEOHOHWWHURIFUHGLWLVVXHGE\DUHSXWDEOH
EDQN 8VH)RUP'3:+,1)5 
E%DQNJXDUDQWHHFRQILUPHGE\DUHSXWDEOHEDQN
RI$%&
8VH)RUP'3:+,1)5 RU
F$Q\FRPELQDWLRQRIWKHIRUHJRLQJIRUPV
RI$%&


3HULRGRI9DOLGLW\RI%LGVDQG%LG6HFXULW\


%LGV DQG %LG 6HFXULWLHV PXVWEHYDOLGIRUDUHDVRQDEOHSHULRGRIWLPHDVGHWHUPLQHGE\
WKH +HDG RI WKH 3URFXULQJ (QWLW\  7KLV WLPH SHULRG PXVW EH LQGLFDWHG LQ WKH %'V
SDUWLFXODUO\LQWKH%'6EXWLQQRFDVHVKDOOLWH[FHHGRQHKXQGUHGWZHQW\  FDOHQGDU
GD\VIURPWKHGDWHRIWKHRSHQLQJRIELGV ,55$6HFWLRQ 

6KRXOGLWEHFRPHQHFHVVDU\WRH[WHQGWKHYDOLGLW\RIWKHELGVDQGWKH%LG6HFXULWLHVWKH
3URFXULQJ (QWLW\ VKDOO EHIRUH WKH H[SLU\ GDWH WKHUHRI UHTXHVW LQ ZULWLQJ DOO WKRVH ZKR
VXEPLWWHGELGVWRJUDQWVXFKH[WHQVLRQ%LGGHUVVKDOOKDYHWKHULJKWWRUHIXVHWRJUDQW
VXFK H[WHQVLRQ ZLWKRXW IRUIHLWLQJ WKHLU %LG 6HFXULWLHV  7KH %$& VKDOO UHWXUQ WKH %LG
6HFXULWLHV RI ELGGHUV ZKR UHIXVH WR JUDQW VXFK H[WHQVLRQ ,55$ 6HFWLRQ  
+RZHYHU WKH\ DUH GHHPHG WR KDYH ZDLYHG WKHLU ULJKW WR IXUWKHU SDUWLFLSDWH LQ WKH
ELGGLQJ


5HWXUQRI%LG6HFXULWLHV


1R %LG 6HFXULWLHV VKDOO EH UHWXUQHG WR ELGGHUV DIWHU WKH RSHQLQJ RI ELGV DQG EHIRUH
FRQWUDFW VLJQLQJ H[FHSW WR WKRVH WKDW IDLOHG WR FRPSO\ ZLWK DQ\ RI WKH UHTXLUHPHQWV
VXEPLWWHGLQWKH7HFKQLFDO(QYHORSH 7HFKQLFDO3URSRVDO RIWKHELGV:LWKRXWSUHMXGLFH
WR WKH SURYLVLRQV RI WKH ODZ DOORZLQJ IRUIHLWXUH RI %LG 6HFXULWLHV %LG 6HFXULWLHV VKDOO EH
UHWXUQHG RQO\ DIWHU WKH ELGGHU ZLWK WKH /RZHVW &DOFXODWHG 5HVSRQVLYH %LG /&5%  KDV
VLJQHGWKHFRQWUDFWDQGIXUQLVKHGWKH3HUIRUPDQFH6HFXULW\EXWLQQRFDVHODWHUWKDQWKH
H[SLUDWLRQRIWKH%LG6HFXULW\YDOLGLW\SHULRGLQGLFDWHGLQWKH,7% ,55$6HFWLRQ 


)RUIHLWXUHRI%LG6HFXULW\


7KH3URFXULQJ(QWLW\VKDOOIRUIHLWDELGGHUV%LG6HFXULW\ZKHQ



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

D

E

F

G

H


WKHELGGHUZLWKGUDZVLWVELGEH\RQGWKHGHDGOLQHWKHUHIRURU
WKHELGGHUGRHVQRWDFFHSWFRUUHFWLRQVRIDULWKPHWLFDOHUURUVRU
WKHELGGHUEHLQJFRQVLGHUHGIRUDZDUGGRHVQRWDFFHSWWKHDZDUGRUGRHVQRWVLJQ
WKHFRQWUDFWZLWKLQWKHSHULRGSUHVFULEHGLQWKH%'VRU
WKH ELGGHU EHLQJ SRVWTXDOLILHG LV VXVSHQGHG IRU QRW SURYLGLQJ WKH %$& UHTXLUHG
FODULILFDWLRQVZLWKLQWKHSUHVFULEHGSHULRGRU
WKHELGGHULVSURYHQWRFRPPLWDQ\RIWKHDFWVXQGHU6HFWLRQVDQGRI5$
DQGLWV,55$

7LPH)UDPHIRU5HFHLSWRI%LGV


%LGV VKRXOG EH UHFHLYHG E\ WKH %$& RQ RU EHIRUH WKH VSHFLILHG WLPH DQG GDWH RI WKH
GHDGOLQH VWDWHG LQ WKH %'V ,55$ 6HFWLRQ   DQG ZLWKLQ WKH IROORZLQJ SHULRGV IURP
WKHODVWGD\RIWKHLVVXDQFHRIWKH%'V ,55$6HFWLRQ>LL@ 

$SSURYHG%XGJHWIRUWKH&RQWUDFW LQ3HVRV 

8SWRWZHQW\ILYH  PLOOLRQ
$ERYH WZHQW\ ILYH   PLOOLRQ XS WR ILIW\  
PLOOLRQ
$ERYH ILIW\   PLOOLRQ XS WR WZR KXQGUHG  
PLOOLRQ
$ERYHWZRKXQGUHG  PLOOLRQ

3HULRG
WRFDOHQGDUGD\V
WRFDOHQGDUGD\V
WRFDOHQGDUGD\V
WRFDOHQGDUGD\V


,Q FDVH RI VLPSOH RU UHSHWLWLYH RU VWDQGDUGL]HG ZRUNV ZKHUH WLPH LV RI WKH HVVHQFH WKH
+HDGRIWKH3URFXULQJ(QWLW\PD\UHGXFHWKHDERYHVWDWHGSHULRGVRILVVXDQFHWRQRWOHVV
WKDQILIW\SHUFHQW  +RZHYHUWKHSHULRGVIRUFRQGXFWLQJWKHHOLJLELOLW\FKHFNWKH
3UH%LG&RQIHUHQFHDQGWKHLVVXDQFHRI%'VPXVWVWLOOEHIROORZHG

%LGV VXEPLWWHG DIWHU WKH VSHFLILHG GHDGOLQH VKDOO QRW EH UHFHLYHG E\ WKH %$& ,55$
6HFWLRQ 

,Q FDVH WKH GHDGOLQH IRU WKH UHFHLSW RI WKH ELGV IDOOV RQ D 6SHFLDO +ROLGD\ ZKLFK LV QRW
NQRZQ RU GHFODUHG EHIRUH WKH %'V DUH LVVXHG WKH %$& VKDOO UHVHW WKH GHDGOLQH JLYLQJ
WKHELGGHUVDPSOHWLPHWRH[WHQGWKHYDOLGLW\SHULRGVRIWKHLU%LG6HFXULWLHV


&KHFNOLVWRI7HFKQLFDODQG)LQDQFLDO3URSRVDOVIRUWKH
%LGV


,Q WKH 3UHOLPLQDU\ ([DPLQDWLRQ RI %LGV DIWHU WKH\ DUH RSHQHG WKH %$& VKDOO XVH WKH
FKHFNOLVWV IRU WKH 7HFKQLFDO 3URSRVDO DQG )LQDQFLDO 3URSRVDO 5HTXLUHPHQWV JLYHQ LQ
)RUPV '3:+,1)5 DQG '3:+,1)5 UHVSHFWLYHO\ LQ GHWHUPLQLQJ WKH
SUHVHQFHRUDEVHQFHRIWKHUHTXLUHGGRFXPHQWVLQWKHUHVSHFWLYHHQYHORSHV

2QHRU1R(OLJLEOH%LGGHU

(YHQLIRQO\RQHHOLJLEOHELGGHUVXEPLWVDELGWKHELGGLQJSURFHVVVKDOOSURFHHG,IDIWHU
JRLQJ WKURXJK WKH ELG RSHQLQJ HYDOXDWLRQ DQG SRVWTXDOLILFDWLRQ LWV ELG LV IRXQG WR EH
UHVSRQVLYHWRWKHELGGLQJUHTXLUHPHQWVLWVELGZLOOEHGHFODUHGDVWKH6LQJOH&DOFXODWHG
DQG5HVSRQVLYH%LG 6&5% DQGFRQVLGHUHGIRUFRQWUDFWDZDUG ,55$6HFWLRQ 



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

,I QR HOLJLEOH ELGGHU VXEPLWV D ELG WKH %$& VKDOO GHFODUH WKH ELGGLQJ D IDLOXUH ,W VKDOO
UHYLHZWKHSURYLVLRQVRIWKHRULJLQDO%'VDQGZKHUHZDUUDQWHGPD\PRGLI\WKHVFRSH
RI ZRUN VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH %'V DQG DGMXVW
WKHTXDQWLW\DQGFRVWHVWLPDWHVZLWKRXWLQFUHDVLQJWKH$%&,WPXVWWKHQFRQGXFWDUH
ELGGLQJ LQ WKH SURFHVV IRUPXODWLQJ D QHZ ,$(% DQG DGYHUWLVLQJ DQG SRVWLQJ WKLV DV
UHTXLUHG$OOELGGHUVWKDWKDYHLQLWLDOO\UHVSRQGHGWRWKH,$(%DQGGHFODUHGHOLJLEOHLQWKH
ILUVW ELGGLQJ VKDOO EH DOORZHG WR VXEPLW QHZ ELGV 7KH %$& VKDOO REVHUYH WKH VDPH
SURFHVV DQG VHW WKH QHZ SHULRGV DFFRUGLQJ WR WKH VDPH UXOHV DV LQ WKH ILUVW ELGGLQJ
,55$6HFWLRQ 

6KRXOG D VHFRQG IDLOXUH RI ELGGLQJ RFFXU WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D
QHJRWLDWHGSURFXUHPHQWDVSURYLGHGIRULQ,55$6HFWLRQ ,55$6HFWLRQ 


 1RQ&RPSOLDQFHZLWK7HFKQLFDODQG)LQDQFLDO
5HTXLUHPHQWV





$Q HOLJLEOH ELGGHU WKDW KDV IDLOHG WR FRPSO\ ZLWK DQ\ RI WKH 7HFKQLFDO RU )LQDQFLDO
3URSRVDO UHTXLUHPHQWV RI WKH %LG VKDOO EH UDWHG DV QRQFRPSO\LQJ E\ WKH %$& DQG
GLVTXDOLILHG IURP SDUWLFLSDWLQJ WKHUHLQ  6LPLODU WR WKH FDVH RI LQHOLJLEOH ELGGHUV LW PD\
ILOH ZLWK WKH %$& D ZULWWHQ UHTXHVW IRU UHFRQVLGHUDWLRQ ZLWKLQ VHYHQ   FDOHQGDU GD\V
IURPWKHUHFHLSWRIQRWLFHRILWVQRQFRPSOLDQFH ,55$6HFWLRQ 

6XEFRQWUDFWLQJ
$FRQWUDFWRUPD\HQJDJHJHQHUDOVXEFRQWUDFWRUVLQWKHDUHDVRIPDQXDODQGVHPLVNLOOHG
ODERU RU FRQVWUXFWLRQ PDWHULDOV SURYLGHG WKDW WKH FRQWUDFWRU XQGHUWDNHV QRW OHVV WKDQ
ILIW\ SHUFHQW   RI WKH YDOXH RI WKH FRQWUDFWHG ZRUNV $V PHQWLRQHG LQ 6HFWLRQ
 9ROXPH ,,, RI WKLV '30 WKH ELGGHU PXVW KDYH QRPLQDWHG LWV VXEFRQWUDFWRUV DV
SDUWRILWV/2,DQGWKHVXEFRQWUDFWRUVPXVWEHIRXQGGXULQJSRVWTXDOLILFDWLRQE\WKH%$&
DV HOLJLEOH IRU WKH SRUWLRQV RI WKH FRQWUDFW ZRUNV WKDW WKH\ ZLOO XQGHUWDNH EHIRUH EHLQJ
DFWXDOO\HQJDJHGIRUWKHFRQWUDFWZRUNV8QOHVVRWKHUZLVHSURYLGHGE\WKHFRQWUDFWWKH
ELGGHUFDQQRWVXEFRQWUDFWDQ\SDUWRIWKHZRUNVZLWKRXWWKHSULRUFRQVHQWRIWKH+HDGRI
WKH 3URFXULQJ (QWLW\  +RZHYHU VXEFRQWUDFWLQJ VKDOO QRW UHOLHYH WKH FRQWUDFWRU RI DQ\
OLDELOLW\RUREOLJDWLRQXQGHUWKHFRQWUDFW,WVKDOOEHIXOO\UHVSRQVLEOHIRUDQ\DFWGHIDXOW
RUQHJOLJHQFHRIDQ\RILWVVXEFRQWUDFWRUVDJHQWVVHUYDQWVRUZRUNPHQDVLIWKHVDPH
ZDVLWVRZQDFWGHIDXOWRUQHJOLJHQFH

 352&('85( 5(&(,9(  $1'  23(1  7+( 7(&+1,&$/$1'


),1$1&,$/352326$/6 
$FWLYLW\

3HUIRUPHU

7LPH

5XOHV

)UDPH

5HFHLYH%LGV
D

6WDPSUHFHLYHDQGUHFRUGELGVDV
WKH\DUHVXEPLWWHG


%$&

8SWR

6HFUHWDULDW

GHDGOLQHIRU

ELGVGRFXPHQWV

ELGVUHFHLSW

(OLJLEOHELGGHUVPXVWVXEPLWWKHLU

SHU%'V


8VHRIILFLDOORJERRNWRUHFRUG

ELGVVLJQHGE\WKHLUDXWKRUL]HG
VLJQLQJRIILFLDOV VWDWHGLQWKH
7HFKQLFDO3URSRVDO DQGVXEPLWWHG
E\WKHLUDXWKRUL]HGOLDLVRQRIILFHUV
,55$6HFWLRQ LQWZR
VHSDUDWHVHDOHGELGHQYHORSHV
WKHILUVWFRQWDLQLQJWKH7HFKQLFDO
3URSRVDODQGWKHVHFRQG
FRQWDLQLQJWKH)LQDQFLDO3URSRVDO
7KHWZRHQYHORSHVVKDOOEHSODFHG
LQDQRXWHUHQYHORSHRU
DSSURSULDWHFRQWDLQHUZKLFKVKDOO
EHVHDOHGDGGUHVVHGWRWKH%$&
DQGPDUNHGDVVSHFLILHGLQWKH
,7%7KH%$&ZLOOUHFHLYHWKHELGV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

QRWODWHUWKDQWKHWLPHDQGGDWH
DQGDWWKHSODFHVSHFLILHGLQWKH
%'V8SRQUHFHLSWRIWKHELG
HQYHORSHRUFRQWDLQHUFRQWDLQLQJ
WKH7HFKQLFDODQG)LQDQFLDO
3URSRVDOVWKH%$&6HFUHWDULDW
PXVWVWDPSUHFHLYHGRQWKHIDFH
RIWKHRXWHUHQYHORSHFRQWDLQHU
LQGLFDWLQJWKHUHRQWKHGDWHDQG
WLPHRIUHFHLSWDQGKDYHWKH
VWDPSFRXQWHUVLJQHGE\DQ
DXWKRUL]HGUHSUHVHQWDWLYHRIWKH
ELGGHU
E

6WDPSUHFHLYHDQGUHFRUG
PRGLILFDWLRQRIELGVVXEPLWWHG

%$&

GR

6HFUHWDULDW

$ELGGHUPD\PRGLI\LWVELG
SURYLGHGWKDWWKLVLVGRQHEHIRUH
WKHGHDGOLQHIRUWKHUHFHLSWRI
ELGV,IDELGGHUPRGLILHVLWVELG
LWVKDOOQRWEHDOORZHGWRUHWULHYH
LWVRULJLQDOELGEXWVKDOORQO\EH
DOORZHGWRVHQGDQRWKHUELG
HTXDOO\VHDOHGSURSHUO\LGHQWLILHG
OLQNHGRUUHODWHGWRLWVRULJLQDOELG
DQGPDUNHGDVDPRGLILFDWLRQRI
WKHRULJLQDODQGVWDPSHG
UHFHLYHGE\WKH%$& ,55$
6HFWLRQ $Q\GLVFRXQWVKDOO

IRUPSDUWRIWKHELGVXEPLVVLRQLQ
WKH)LQDQFLDO(QYHORSH
F

6WDPSUHFHLYHDQGUHFRUGOHWWHURI
ZLWKGUDZDORIELGV

%$&

GR

6HFUHWDULDW

%HIRUHWKHGHDGOLQHIRUWKHUHFHLSW
RIELGVDELGGHUPD\WKURXJKD
OHWWHUZLWKGUDZLWVELG(IRR-A

Section 26.2),IWKDWELGGHU
ZLWKGUDZVLWVELGZLWKRXWDQ\
MXVWLILDEOHFDXVHLWVKDOOEH
VXEMHFWWRWKHDGPLQLVWUDWLYH
VDQFWLRQVLQ,55$6HFWLRQ

$IWHUWKHGHDGOLQHIRUUHFHLSWRI
ELGVDELGGHUWKDWZLWKGUDZVLWV
ELGVPXVWEHVXEMHFWWRDSSOLFDEOH
VDQFWLRQVLQ,55$6HFWLRQV
DQG


A bidder that withdraws its bid shall


not be permitted to submit another
bid, directly or indirectly, for the
same contract.

G


6WDPSUHFHLYHDQGUHFRUGOHWWHURI
QRQSDUWLFLSDWLRQ

%$&

GR

6HFUHWDULDW

$ELGGHUPD\H[SUHVVLWVLQWHQWLRQ
QRWWRSDUWLFLSDWHLQWKHELGGLQJ

WKURXJKDOHWWHUZKLFKVKRXOG

UHDFKDQGEHVWDPSHG5HFHLYHG

E\WKH%$&EHIRUHWKHGHDGOLQHIRU

WKHUHFHLSWRIELGV

(IRR-A Section 26.2)


H

5HFRUGODWHELGVPRGLILFDWLRQV

OHWWHUVRIZLWKGUDZDODQGOHWWHUVRI

QRQSDUWLFLSDQW

%$&
6HFUHWDULDW

,PPHGLDWHO\
XSRQ
SUHVHQ

WDWLRQ

$OOELGVPRGLILFDWLRQVOHWWHUVRI
ZLWKGUDZDODQGOHWWHUVRIQRQ
SDUWLFLSDWLRQSUHVHQWHGDIWHUWKH
VHWGHDGOLQHVKDOOQRWEH

FRQVLGHUHGEXWVKDOOEHUHFRUGHG

DV/DWHDQGUHWXUQHGXQRSHQHG

VXEMHFWWRDSSURSULDWHVDQFWLRQV


I

SURYLGHGLQ,55$6HFWLRQ
'URSRUVWRUHUHFHLYHGELGV 

PRGLILFDWLRQVLQGHVLJQDWHG%LGV

%R[RU&RQWDLQHUZLWKSDGORFNV

%$&

,PPHGLDWHO\

%LGV%R[RU&RQWDLQHUPXVWEH

6HFUHWDULDW

DIWHUUHFHLSW

VHFXUHGE\E\WZRSDGORFNVZLWK

UHFRUGLQJ

NH\VKHOGE\WKH%$&&KDLUPDQ

DQGWKH&2$UHSUHVHQWDWLYH





2SHQ%LGVDQG&RQGXFW
3UHOLPLQDU\([DPLQDWLRQ

%$&

FG

6HFUHWDULDW



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

D

&RQYHQHRQ%LGV2SHQLQJ'DWH

WKH%$&0HPEHUV2EVHUYHUV

6HFUHWDULDW7:*DQG

UHSUHVHQWDWLYHRIHOLJLEOHELGGHU

%$&&KDLUZLWK

%$&

7KHSUHVHQFHRIWKHPDMRULW\RI
WKH%$&PHPEHUVVKDOOFRQVWLWXWH

6HFUHWDULDW

DTXRUXPSURYLGHGWKDWWKH
&KDLUPDQRUWKH9LFH&KDLUPDQLV

SUHVHQW7KHELGRSHQLQJVKDOOEH
RSHQWRWKHSXEOLF

E

F


5HFRUGDOOSURFHHGLQJVRI%LGV

%$&

2SHQLQJ

8VHWDSHUHFRUGHUYLGHRUHFRUGHU

8VH)RUPV'3:+,1)5DQG

6HFUHWDULDW

3UHSDUH&KHFNOLVWRI%LG

%$&

5HTXLUHPHQWVIRU7HFKQLFDO 

DQGQRWHV

6HFUHWDULDW

'3:+,1)5

)LQDQFLDO(QYHORSHV
G


2SHQ%LGV%R[&RQWDLQHUDQGWDNH

%$&

RXWDOOELGV

7KH%$&VKDOOFKHFNWKHVXEPLWWHG

6HFUHWDULDW


H


2SHQWKH7HFKQLFDO(QYHORSH

%$&

7HFKQLFDO3URSRVDO RIWKHILUVW

6HFUHWDULDW

ELGGHU

I

'HWHUPLQHWKHSUHVHQFHRIHDFKRI

%$&0HPEHUV
DVVLVWHGE\

WKHUHTXLUHGGRFXPHQWVLQWKLV

GRFXPHQWVLQWKH7HFKQLFDO
3URSRVDORIHDFKELGGHUDJDLQVW

%$&

7HFKQLFDO(QYHORSHYVWKH

6HFUHWDULDW

WKHFKHFNOLVWRIWKHUHTXLUHG

GRFXPHQWVLQ)RUP'3:+

,1)5WRDVFHUWDLQLIWKH\DUH

DOOSUHVHQWXVLQJQRQ

GLVFUHWLRQDU\SDVVIDLOFULWHULD

,55$6HFWLRQ 

FKHFNOLVW

 &KHFN%LG6HFXULW\LISUHVHQW

%$&0HPEHUV

LQZLWKDOORZDEOHIRUPDPRXQW

ZLWKDOORZDEOHIRUPDPRXQW

YDOLGLW\SHULRGDQGLQFDVHRID

YDOLGLW\SHULRGDQGLI6XUHW\

VHFXULW\ERQGLIFDOODEOHRQ

%RQGLVFDOODEOHRQGHPDQG

GHPDQG

FRQVLGHUWKH%LG6HFXULW\DV

SDVVHGDQGLQLWLDOLQWKH

DSSURSULDWHER[LQWKHFKHFNOLVW,I

QRWFRQVLGHUWKH%LG6HFXULW\DV

IDLOHGDQGPDUN[LQWKHER[

DQGZULWHUHDVRQIRUIDLOXUH

 &KHFNHDFKRIWKHRWKHU

,IWKH%LG6HFXULW\LVSUHVHQWLQ

%$&0HPEHUV

,IWKHGRFXPHQWLVSUHVHQW

UHTXLUHGGRFXPHQWVLVSUHVHQW

FRQVLGHULWDVSDVVHGDQGLQLWLDO

LQWKHFRUUHVSRQGLQJER[LQWKH

FKHFNOLVW,IQRWFRQVLGHULWDV

IDLOHGDQGPDUN[LQWKHER[

'RQRWFRQVLGHUWKHTXDOLW\RIWKH

GRFXPHQWDWWKLVVWDJHTXDOLW\

ZLOOEHFRQVLGHUHGLQWKHSRVW

TXDOLILFDWLRQRIWKH/RZHVW
&DOFXODWHG%LG


J


'HWHUPLQHLIRYHUDOOWKH7HFKQLFDO

%$&0HPEHUV

&KHFNWKHER[PDUNHG

3URSRVDORIWKHILUVWELGGHU

FRPSO\LQJ LHSDVVHG LIDOO

SDVVHV FRPSO\LQJ RUIDLOV

GRFXPHQWVLQWKHFKHFNOLVW

QRQFRPSO\LQJ 

SDVVHG LHLQLWLDOHGE\WKH%$&
0HPEHUV ,IQRWFKHFNWKHER[
PDUNHGQRQFRPSO\LQJ LH
IDLOHG 

K


5HSHDWWKHSURFHVVYL]DFWLYLWLHV

%$&0HPEHUV

%$&&KDLUPDQ

%$&

,QGLFDWHQRQFRPSO\LQJELGVLQ

HWRJIRUHDFKRIWKHRWKHUELGV

ZLWK%$&
6HFUHWDULDW

L


$QQRXQFHWKHUHVXOWVRIWKH
3UHOLPLQDU\([DPLQDWLRQRIDOO
7HFKQLFDO(QYHORSHVERWK
FRPSO\LQJDQGQRQFRPSO\LQJ

M

5HWXUQWKH7HFKQLFDO(QYHORSHVRI

WKHELGGHUVIRXQGQRQFRPSO\LQJ

LHIDLOHG ZLWKWKH7HFKQLFDO

3URSRVDOUHTXLUHPHQWVWRJHWKHU

ZLWKWKH)LQDQFLDO(QYHORSH


N

6HFUHWDULDW

WKH$EVWUDFWRI%LGVDV5HDG

XQRSHQHG
2SHQWKH)LQDQFLDO(QYHORSH

%$&



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

)LQDQFLDO3URSRVDO RIWKHILUVW

6HFUHWDULDW

ELGGHUWKDWFRPSOLHGZLWKWKH
7HFKQLFDO3URSRVDOUHTXLUHPHQW
O

'HWHUPLQHWKHSUHVHQFHRIHDFKRI

%$&0HPEHUV

8VH)RUP'3:+,1)5

ZLWK%$&

6HFUHWDULDW

FKHFNOLVW

WKHWKUHHUHTXLUHGGRFXPHQWVLQ
WKLV)LQDQFLDO(QYHORSHYVWKH

 &KHFNLIWKHILUVWGRFXPHQW

%$&0HPEHUV

,IWKHSUHVFULEHG%LG)RUPZLWK

LHSUHVFULEHG%LG)RUPZLWKWKH

WKHELGSULFHVLVSUHVHQWDQGLI

ELGSULFHVLQGLFDWHGLQWKH%LOORI

WKH7RWDO%LGSULFHGRHVQRW

4XDQWLWLHVLVSUHVHQWDQGLIWKH

H[FHHGWKH$%&FRQVLGHUWKLV

7RWDO%LG3ULFHGRHVQRWH[FHHGWKH

GRFXPHQWSDVVHGDQGLQLWLDOLQ

$%&

WKHFRUUHVSRQGLQJER[LQWKH

FKHFNOLVW,IQRWFRQVLGHUWKH

GRFXPHQWIDLOHGDQGSXW[LQ

WKHER[

 &KHFNLIWKHWZRRWKHU

%$&0HPEHUV

,ISUHVHQWLQLWLDOLQWKH

GRFXPHQWVYL]'HWDLOHG

DSSURSULDWHER[HVLQWKHFKHFNOLVW

(VWLPDWHVDQG&DVK)ORZDUH

,IQRWSXW[LQWKHER[HV

SUHVHQW

P

'HWHUPLQHLIRYHUDOOWKH)LQDQFLDO

%$&0HPEHUV

&KHFNWKHER[PDUNHG

3URSRVDORIWKHILUVWELGGHU

FRPSO\LQJLIDOOGRFXPHQWVLQ

SDVVHV FRPSO\LQJ RUIDLOV

WKHFKHFNOLVWSDVVHG LH

QRQFRPSO\LQJ 

LQLWLDOHGE\WKH%$&0HPEHUV ,I
QRWFKHFNWKHER[PDUNHGQRQ

FRPSO\LQJ LHIDLOHG 
Q

5HSHDWWKHSURFHVVYL]DFWLYLWLHV

NWRPIRUHDFKRIWKHRWKHUELGGHU

WKDWFRPSOLHGZLWKWKH7HFKQLFDO

3URSRVDOUHTXLUHPHQWV

%$&0HPEHUV

%$&&KDLUPDQ

,QGLFDWHQRQFRPSO\LQJELGVLQ


R

$QQRXQFHWKHUHVXOWVRIWKH

3UHOLPLQDU\([DPLQDWLRQRIWKH

)LQDQFLDO(QYHORSHVERWK

FRPSO\LQJDQGQRQFRPSO\LQJ


S

5HWXUQWKH)LQDQFLDO(QYHORSHVRI

%$&

WKHELGGHUVIRXQGQRQFRPSO\LQJ

6HFUHWDULDW

ZLWKWKH)LQDQFLDO3URSRVDO

UHTXLUHPHQWV

T

6HFXULW\RIWKHELGGHUVIRXQG

FRPSO\LQJZLWKERWK7HFKQLFDO

DQG)LQDQFLDO3URSRVDO

UHTXLUHPHQWVDQGHQWHUWKH

LQIRUPDWLRQLQWKH$EVWUDFWRI%LGV


U

V

%$&

8VH)RUP'3:+,1)5

%$&0HPEHUV

%$&0HPEHUV

2EVHUYHUVPD\VLJQLIWKH\FRQFXU

5HDGWKH7RWDO%LGSULFHVDQG%LG

WKH$EVWUDFWRI%LGVDV5HDG

6HFUHWDULDW

DV5HDG
,QLWLDOHYHU\SDJHRIDOOELGV
UHFHLYHGDQGRSHQHG
6LJQWKH$EVWUDFWRI%LGVDV5HDG

DQG2EVHUYHUV

LQWKHSURFHHGLQJV7KH\VKRXOG

VXEPLWWKHLU3URFXUHPHQW

2EVHUYDWLRQ5HSRUWWRWKH%$&
&KDLUPDQ




3UHSDUH0LQXWHVRIWKH%LG

%$&
6HFUHWDULDW

8VH)RUP'3:+,1)5

2SHQLQJDQGVHQGFRSLHVWR%$&

0HPEHUV2EVHUYHUVELGGHUVDQG

$WWDFK2EVHUYHUV3URFXUHPHQW
2EVHUYDWLRQ5HSRUWV

RWKHULQWHUHVWHGSDUWLHV

&RSLHVRIWKHPLQXWHVVKDOODOVREH

PDGHDYDLODEOHWRWKHSXEOLFXSRQ

ZULWWHQUHTXHVWDQGSD\PHQWRID

VSHFLILHGIHHWRUHFRYHUFRVWRI

PDWHULDOV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 67(3 (9$/8$7(7+(%,'6


/(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVDQGJXLGHOLQHVUHODWLYHWRWKHHYDOXDWLRQRIELGV


32/,&,(6$1'*8,'(/,1(6


3XUSRVHRI%LG(YDOXDWLRQ


7KH %$& VKDOO HYDOXDWH WKH FRPSO\LQJ ELGV WR GHWHUPLQH WKH /RZHVW &DOFXODWHG %LG
/&%  ,55$6HFWLRQ 7KLVLVGRQHE\

D
HVWDEOLVKLQJ WKH FRUUHFW FDOFXODWHG SULFHV RI WKH ELGV WKURXJK D GHWDLOHG
HYDOXDWLRQRIWKH)LQDQFLDO3URSRVDORIWKHELGVDQG

E
UDQNLQJWKHWRWDOELGSULFHVVRFDOFXODWHGIURPWKHORZHVWWRWKHKLJKHVW

7KHELGZLWKWKHORZHVWSULFHVKDOOEHLGHQWLILHGDVWKH/&%


&ULWHULDIRU(YDOXDWLRQRI%LGV


7KH %$& VKDOO DSSO\ QRQGLVFUHWLRQDU\ FULWHULD LQ WKH GHWDLOHG HYDOXDWLRQ RI WKH ELGV
LQFOXGLQJWKHIROORZLQJ

D
7KH ELG PXVW EH FRPSOHWH LH DOO UHTXLUHG LWHPV LQ WKH %LGGLQJ 'RFXPHQWV
%'V  LQFOXGLQJ WKH SD\ LWHPV LQ WKH %LOO RI 4XDQWLWLHV %24  PXVW EH SULFHG
XQOHVVWKH,QVWUXFWLRQVWR%LGGHUV ,7% DOORZSDUWLDOELGV

E
7KH ELG VKDOO EH FRUUHFWHG IRU DQ\ DULWKPHWLFDO HUURUV GLVFUHSDQFLHV RPLVVLRQV
DQGDOORZHGGLVFRXQWVLQRUGHUWRDUULYHDWWKHWRWDOFDOFXODWHGELG

F
:LWK UHJDUG WR GLVFUHSDQFLHV WKH GHFLVLRQ UXOHV VWDWHG LQ LWHP E RI 6HFWLRQ
EVKDOOEHDSSOLHG

F
$Q\WRWDOFDOFXODWHGELGZKLFKH[FHHGVWKH$%&VKDOOEHQRWEHFRQVLGHUHGLHLW
VKDOODXWRPDWLFDOO\EHGLVTXDOLILHG


7LPH)UDPHIRU%LGV(YDOXDWLRQ


$IWHUWKH3UHOLPLQDU\([DPLQDWLRQRIELGVWKH%$&WKURXJKWKH7:*VKDOOLPPHGLDWHO\
FRQGXFW D GHWDLOHG HYDOXDWLRQ RI DOO ELGV UDWHG FRPSO\LQJ ZLWK ERWK WKH 7HFKQLFDO DQG
)LQDQFLDO3URSRVDOVUHTXLUHPHQWV 6WHS 

7KH %$& PXVW FRPSOHWH WKH HQWLUH SURFHVV IRU %LGV (YDOXDWLRQ ZLWKLQ ILIWHHQ   GD\V
IURP WKH GHDGOLQH IRU UHFHLSW RI WKH ELGV ,55$ 6HFWLRQ   +RZHYHU WKH %$&
VKRXOGH[HUWHIIRUWWRFRPSOHWHWKH%LGV(YDOXDWLRQHYHQEHIRUHWKHODSVHRIWKHGD\
SHULRG DV WKLV ZLOO H[SHGLWH WKH SURFXUHPHQW SURFHVV DQG WKXV DOVR WKH SURMHFW
LPSOHPHQWDWLRQ


1RQ$FFHSWDQFHRI$ULWKPHWLFDO&RUUHFWLRQVLQWKH%LG


,I D ELGGHU GRHV QRW DFFHSW WKH DULWKPHWLFDO FRUUHFWLRQV GRQH E\ WKH %$& LQ LWV ELG WKH
%$&PXVWGLVTXDOLI\WKHELGDQGIRUIHLWLWV%LG6HFXULW\



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

/RQHRU1R&RPSO\LQJ%LG


(YHQLIWKHUHLVRQO\RQHFRPSO\LQJELGWKHELGGLQJSURFHVVVKDOOSURFHHG,IWKHELGGHU
ZLWK WKH ORQH FRPSO\LQJ ELG SDVVHV WKH SRVWTXDOLILFDWLRQ LWV ELG ZLOO EH GHFODUHG DV WKH
6LQJOH&DOFXODWHGDQG5HVSRQVLYH%LG 6&5% DQGFRQVLGHUHGIRUFRQWUDFWDZDUG ,55$
6HFWLRQ 


,IQRELGFRPSOLHVZLWKDOOELGUHTXLUHPHQWVWKH%$&VKDOOGHFODUHWKHELGGLQJDIDLOXUH
,WVKDOOUHYLHZWKHSURYLVLRQVRIWKHRULJLQDO%'VDQGZKHUHZDUUDQWHGPD\PRGLI\WKH
VFRSH RI ZRUN VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH %'V DQG
DGMXVWWKHTXDQWLW\DQGFRVWHVWLPDWHVZLWKRXWLQFUHDVLQJWKH$%&,WPXVWWKHQFRQGXFW
DUHELGGLQJLQWKHSURFHVVIRUPXODWLQJDQHZ,$(%DQGDGYHUWLVLQJDQGSRVWLQJWKLVDV
UHTXLUHG$OOELGGHUVWKDWKDYHLQLWLDOO\UHVSRQGHGWRWKH,$(%DQGGHFODUHGHOLJLEOHLQWKH
ILUVW ELGGLQJ VKDOO EH DOORZHG WR VXEPLW QHZ ELGV 7KH %$& VKDOO REVHUYH WKH VDPH
SURFHVV DQG VHW WKH QHZ SHULRGV DFFRUGLQJ WR WKH VDPH UXOHV DV LQ WKH ILUVW ELGGLQJ
,55$6HFWLRQ 

6KRXOG D VHFRQG IDLOXUH RI ELGGLQJ RFFXU WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D
QHJRWLDWHGSURFXUHPHQWDVSURYLGHGIRULQ,55$6HFWLRQ ,55$6HFWLRQ 


352&('85( (9$/8$7(7+(%,' 


$FWLYLW\

 (YDOXDWHWKH
)LQDQFLDO
&RPSRQHQWRIWKH
ILUVWELG

D&KHFNLIWKH
)LQDQFLDO
&RPSRQHQWRIWKH
ELGLVFRPSOHWH









E&KHFNDQG
FRUUHFWDGMXVWWKH
ELGSULFHVIRUDQ\
FRPSXWDWLRQDO
HUURUV
GLVFUHSDQFLHV
RPLVVLRQVRU
GLVFRXQWV






F 'HWHUPLQHWKH
WRWDOFDOFXODWHG
ELGV

5HVSRQVLEOH
3HUIRUPHU
%$&7:*




%$&7:*












%$&7:*













%$&7:*



7LPH
)UDPH
GD\V
IRU
$FWLYLWLHV

































5XOHV





8QOHVVWKH,7%VSHFLILFDOO\DOORZ
SDUWLDOELGVELGVQRWSURYLGLQJDOORI
WKHUHTXLUHGLWHPVLQWKH%'V
LQFOXGLQJZKHUHDSSOLFDEOHWKH%24
VKDOOEHDXWRPDWLFDOO\GLVTXDOLILHG
:KHUHDUHTXLUHGLWHPLVSURYLGHG
EXWQRSULFHLVLQGLFDWHGWKHVDPH
VKDOOEHFRQVLGHUHGDVQRQ
UHVSRQVLYHEXWVSHFLI\LQJD
]HUR IRUWKHVDLGLWHPZRXOGPHDQ
WKDWLWLVRIIHUHGIRUIUHHWRWKH
*RYHUQPHQW

$Q\DGMXVWPHQWVKDOOEHFDOFXODWHGLQ
PRQHWDU\WHUPVWRGHWHUPLQHWKH
FDOFXODWHGSULFHV ,55$6HFWLRQ
>E@ ,QFDVHRIGLVFUHSDQFLHV
EHWZHHQ D ELGSULFHVLQILJXUHVDQG
LQZRUGV E WRWDOSULFHVSHULWHPDQG
XQLWSULFHVDVDSSOLHGWRWKHTXDQWLWLHV
SHULWHP F VWDWHGWRWDOSULFHDQG
DFWXDOVXPRISULFHVRIFRPSRQHQW
LWHPV G XQLWFRVWLQWKHGHWDLOHG
HVWLPDWHDQGXQLWFRVWLQWKH%24
WKHODWWHUVKDOOSUHYDLO ,55$
6HFWLRQV 

7KHVHDUHWKHWRWDOELGSULFHVDIWHU
PDNLQJWKHDERYHFRUUHFWLRQVDQG
DGMXVWPHQWV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI



%$&7:*
G &KHFNLIDQ\WRWDO

FDOFXODWHGELG

H[FHHGVWKH$%&


%$&7:*
H 5DQNWKHWRWDO

FDOFXODWHGELGV

IURPWKHORZHVW

WRWKHKLJKHVW
%$&7:*
 3UHSDUH$EVWUDFWRI
UHYLHZHG
%LGVDV&DOFXODWHG
E\%$&6HF



%$&
6LJQ$EVWUDFWRI

%LGVDV&DOFXODWHG




















%$&7:*
3UHSDUH%LG
WRSUHSDUH
(YDOXDWLRQ5HSRUW
%$&6HFWR
%(5 DQGVXEPLWLW
UHYLHZDQG
WR%$&&KDLUPDQ
VXEPLW




























GD\V
DIWHU
$FWLYLW\


7RWDOFDOFXODWHGELGSULFHVZKLFK
H[FHHGWKH$%&VKDOOEHGLVTXDOLILHG
,55$6HFWLRQV 





8VH)RUP'3:+,1)5



$OO%$&PHPEHUVVKDOOVLJQWKH
$EVWUDFWRI%LGVDV&DOFXODWHGDQG
DWWDFKWKHUHWRDOOWKHELGVZLWKWKHLU
%LG6HFXULWLHVDQGWKHPLQXWHVRU
SURFHHGLQJVRIWKHELGGLQJ ,55$
6HFWLRQ 7KH2EVHUYHUVVKDOO
DOVRVLJQWKH$EVWUDFWLILQWKHLU
REVHUYDWLRQWKHELGGLQJIROORZHGWKH
FRUUHFWSURFHGXUHXQGHU5$
DQGLWV,55$7KH\VKDOOVXEPLWWKHLU
3URFXUHPHQW2EVHUYDWLRQ5HSRUWV

8VH)RUP'3:+,1)5






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 67(3 326748$/,)<7+(%,''(5:,7+7+(


/2:(67&$/&8/$7('%,'
/(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVDQGJXLGHOLQHVIRUWKHFRQGXFWRISRVWTXDOLILFDWLRQ


32/,&,(6$1'*8,'(/,1(6


'HILQLWLRQRI3RVWTXDOLILFDWLRQ


3RVWTXDOLILFDWLRQ LV WKH SURFHVV RI YHULI\LQJ YDOLGDWLQJ DQG DVFHUWDLQLQJ DOO WKH
VWDWHPHQWVPDGHDQGGRFXPHQWVVXEPLWWHGE\WKHELGGHUZLWKWKH/RZHVW&DOFXODWHG%LG
/&%  ZKLFK LQFOXGHVDVFHUWDLQLQJWKHVDLGELGGHUVFRPSOLDQFHZLWKWKHOHJDOILQDQFLDO
DQGWHFKQLFDOUHTXLUHPHQWVRIWKHELG

,ILWVHOLJLELOLW\GRFXPHQWVKDYHEHHQYHULILHGDQGYDOLGDWHGDQGLWVFRPSOLDQFHZLWKWKH
OHJDOILQDQFLDODQGWHFKQLFDOUHTXLUHPHQWVRIWKHELGKDYHEHHQDVFHUWDLQHGWKHELGGHU
VKDOO EH FRQVLGHUHG DV SRVWTXDOLILHG DQG GHFODUHG DV WKH ELGGHU ZLWK WKH /RZHVW
&DOFXODWHG5HVSRQVLYH%LGRU/&5% ,55$6HFWLRQ 


7LPHOLQHIRU3RVWTXDOLILFDWLRQ


7KH %$& PXVW FRQGXFW DQG FRPSHWH WKH SRVWTXDOLILFDWLRQ SURFHVV ZLWKLQ VHYHQ  
FDOHQGDUGD\VIURPWKHGHWHUPLQDWLRQRIWKH/&% ,55$6HFWLRQ 


)UDXG0LVUHSUHVHQWDWLRQDQG&ROOXVLRQ


,IDELGGHULVIRXQGWRKDYHFRPPLWWHGDQDFWWKDWFRQVWLWXWHVIUDXGRUPLVUHSUHVHQWDWLRQ
RU WR KDYH FROOXGHG ZLWK RWKHUV IRU WKH SXUSRVH RI LQIOXHQFLQJ WKH RXWFRPH RI WKH
ELGGLQJVXFKDELGGHUZLOOEHGLVTXDOLILHGE\WKH%$&LWV%LG6HFXULW\IRUIHLWHGDQGXSRQ
FRQYLFWLRQ ZLOO VXIIHU WKH SHQDOW\ RI LPSULVRQPHQW RI QRW OHVV WKDQ VL[   DQG RQH  
GD\ DQG QRW PRUH WKDQ ILIWHHQ   \HDUV ,55$ 6HFWLRQ   ,W ZLOO OLNHZLVHVXIIHU
WKH DGPLQLVWUDWLYH SHQDOWLHV RI VXVSHQVLRQ IRU RQH   \HDU IURP SDUWLFLSDWLRQ LQ
JRYHUQPHQW SURFXUHPHQW IRU WKH ILUVW RIIHQVH DQG VXVSHQVLRQ IRU WZR   \HDUVIRUWKH
VHFRQGRIIHQVH ,55$6HFWLRQ 


)DLOXUHRI%LGGHUZLWK/&%LQ3RVWTXDOLILFDWLRQ


,IWKHELGGHUZLWKWKH/&%IDLOVWRSDVVWKHSRVWTXDOLILFDWLRQWKH%$&VKDOOLPPHGLDWHO\
QRWLI\ WKDW ELGGHU LQ ZULWLQJ RI LWV SRVWGLVTXDOLILFDWLRQ DQG WKH JURXQGV IRU LW 7KH SRVW
GLVTXDOLILHGELGGHUVKDOOKDYHVHYHQ  FDOHQGDUGD\VIURPUHFHLSWRIWKHVDLGQRWLFHWR
UHTXHVWIURPWKH%$&LILWVRZLVKHVDUHFRQVLGHUDWLRQRIWKLVGHFLVLRQ7KH%$&VKDOO
HYDOXDWH WKH UHTXHVW IRU UHFRQVLGHUDWLRQ LI DQ\ XVLQJ WKH VDPH QRQGLVFUHWLRQDU\
FULWHULD DV LQ WKH SRVWTXDOLILFDWLRQ SURFHVV DQG VKDOO LVVXH LWVILQDOGHWHUPLQDWLRQRIWKH
UHTXHVWZLWKLQVHYHQ  FDOHQGDUGD\VIURPUHFHLSWWKHUHRI ,55$ ,QFDVHWKH
%$& GHQLHV LWVUHTXHVWIRUUHFRQVLGHUDWLRQWKHSRVWGLVTXDOLILHGELGGHUPD\ILOHZLWKWKH
+HDGRIWKH3URFXULQJ(QWLW\DSURWHVWZLWKWKHFRUUHVSRQGLQJIHH

,PPHGLDWHO\ DIWHU WKH %$& KDV QRWLILHG WKH ILUVW ELGGHU RI LWV SRVWGLVTXDOLILFDWLRQ DQG
QRWZLWKVWDQGLQJ DQ\ SHQGLQJ UHTXHVW IRU UHFRQVLGHUDWLRQ WKHUHRI WKH %$& VKDOO LQLWLDWH
DQGFRPSOHWHWKHVDPHSRVWTXDOLILFDWLRQSURFHVVRQWKHELGGHUZLWKWKHVHFRQG/&%,I
WKH VHFRQG ELGGHU SDVVHV WKH SRVWTXDOLILFDWLRQ DQG SURYLGHG WKDW WKH UHTXHVW IRU
UHFRQVLGHUDWLRQ RI WKH ILUVW ELGGHU KDV EHHQ GHQLHG WKH %$& VKDOO GHFODUH WKH VHFRQG


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

ELGGHUDVWKHELGGHUZLWKWKH/&5%7KH+HDGRIWKH3URFXULQJ(QWLW\VKDOOWKHQDZDUG
WKHFRQWUDFWWRLW ,55$6HFWLRQ 

,I WKH VHFRQG ELGGHU IDLOV WKH SRVWTXDOLILFDWLRQ KRZHYHU WKH SURFHGXUH IRU SRVW
TXDOLILFDWLRQ VKDOO EH UHSHDWHG IRU WKH ELGGHU ZLWK WKH QH[W /&% DQG VR RQ XQWLO WKH
/&5%LVGHWHUPLQHGIRUDZDUG ,55$6HFWLRQ 


)DLOXUHRI$OO%LGGHUVLQ3RVWTXDOLILFDWLRQ


,I QR ELGGHU SDVVHV WKH SRVWTXDOLILFDWLRQ WKH %$& VKDOO GHFODUH D IDLOXUH RI ELGGLQJ ,W
VKDOO UHYLHZ WKH SURYLVLRQV RI WKH RULJLQDO %'V DQG ZKHUH ZDUUDQWHG PD\ PRGLI\ WKH
VFRSH RI ZRUN VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH %'V DQG
DGMXVWWKHTXDQWLW\DQGFRVWHVWLPDWHVZLWKRXWLQFUHDVLQJWKH$%&,WPXVWWKHQFRQGXFW
DUHELGGLQJLQWKHSURFHVVIRUPXODWLQJDQHZ,$(%DQGDGYHUWLVLQJDQGSRVWLQJWKLVDV
UHTXLUHG$OOELGGHUVWKDWKDYHLQLWLDOO\UHVSRQGHGWRWKH,$(%DQGGHFODUHGHOLJLEOHLQWKH
ILUVW ELGGLQJ VKDOO EH DOORZHG WR VXEPLW QHZ ELGV 7KH %$& VKDOO REVHUYH WKH VDPH
SURFHVV DQG VHW WKH QHZ SHULRGV DFFRUGLQJ WR WKH VDPH UXOHV DV LQ WKH ILUVW ELGGLQJ
,55$6HFWLRQ 

,I D VHFRQG IDLOXUH RI ELGGLQJ RFFXUV WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D QHJRWLDWHG
SURFXUHPHQWDVSURYLGHGXQGHU,55$6HFWLRQ ,55$6HFWLRQ 


 352&('85( 326748$/,)<7+(%,''(5:,7+7+(


/2:(67&$/&8/$7('%,' 


$FWLYLW\

2EWDLQWKH
3RVWTXDOLILFDWLRQ
5HSRUW)RUP
&RQWUDFWRUV
,QIRUPDWLRQ &, /2,
7HFKQLFDO3URSRVDO
DQG)LQDQFLDO3URSRVDO
RIWKHELGGHUZLWKWKH
/&%
9HULI\DQGYDOLGDWHWKH
IROORZLQJLWHPVLQWKH
&,DQGUHFRUGILQGLQJV
LQWKH
3RVWTXDOLILFDWLRQ
5HSRUW)RUP



D/HJDO$VSHFWV

3&$%/LFHQVH


'7,5HJLVWUDWLRQ
LIVLQJOH
SURSULHWRUVKLS
6(&5HJLVWUDWLRQ
LISDUWQHUVKLSRU
FRUSRUDWLRQ
%XVLQHVV3HUPLW

%,57D[&OHDUDQFH

5HVSRQVLEOH
3HUIRUPHU
%$&6HF

7LPH
)UDPH
FG

%$&7:*

FG

5XOHV
8VH)RUP'3:+,1)5
'RZQORDGELGGHUV&,IURP'3:+
5HJLVWU\RI&RQWUDFWRUV

5HIHUWR&,LQWKHFRPSXWHUL]HG
'3:+5HJLVWU\RI&RQWUDFWRUV
(QWHUILQGLQJVLQ)RUP'3:+
,1)5)RUHDFKLWHPEHORZLI
WKHILQGLQJLVIDYRUDEOHRUSRVLWLYH
PDUNSDVVHGLQWKHIRUP,I
DGYHUVHPDUNIDLOHGDQGLQGLFDWH
WKHUHDVRQV



9HULI\ZLWK3&$%LIOLFHQVHLVYDOLG
FXUUHQWDQGDSSOLFDEOHWRWKH
VXEMHFWFRQWUDFW
9HULI\YDOLGLW\ZLWK'7,


9HULI\YDOLGLW\ZLWK6(&


9HULI\YDOLGLW\ZLWK0XQLFLSDO&LW\
*RYHUQPHQW
9HULI\ZLWK%,5 WKURXJKZHEVLWH 



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI


















E7HFKQLFDO$VSHFWV
&RPSOHWHG
SURMHFWVLQFOXGLQJ
ODUJHVWVLPLODU
FRQWUDFW

2QJRLQJSURMHFWV

F)LQDQFLDO$VSHFWV
)LQDQFLDO
6WDWHPHQW
1)&&

 9HULI\DQGYDOLGDWH
WKHIROORZLQJ
LQIRUPDWLRQLQWKH/2,
DQGUHFRUGILQGLQJVLQ
WKH3RVWTXDOLILFDWLRQ
5HSRUW)RUP

D /HJDO$VSHFWV

$IILGDYLWRI1RQ
,QFOXVLRQLQWKH
%ODFNOLVW

$IILGDYLWRI1R
3URKLELWHG
5HODWLRQV

E )LQDQFLDO$VSHFWV

&UHGLWOLQH
FRPPLWPHQWRU
FDVKGHSRVLW
FHUWLILFDWH

 9HULI\DQGYDOLGDWH
LQIRUPDWLRQLQWKH
7HFKQLFDO3URSRVDO
DQGUHFRUGILQGLQJVLQ
WKH3RVWTXDOLILFDWLRQ
5HSRUW)RUP

%$&7:*

FG

%$&7:*






FG









9HULI\ZLWKSURMHFWRZQHULIWKH
ELGGHUVGHFODUHGODUJHVWFRPSOHWHG
VLPLODUSURMHFWLVLQGHHGVLPLODU
ZDVFRPSOHWHGVDWLVIDFWRULO\DQG
ZLWKDVEXLOWFRVWRIDWOHDVWRI
$%&

9HULI\ZLWKSURMHFWRZQHUVDQGE\
LQVSHFWLRQLIDQ\RQJRLQJSURMHFW
KDVDQHJDWLYHVOLSSDJHRIRU
PRUHRULVVXEVWDQGDUGRUWKH
ELGGHUVSHUIRUPDQFHLV
XQVDWLVIDFWRU\WRWKHRZQHU

&KHFNWKHYDOXHRIRWKHUFRQWUDFWV
RIWKHELGGHUWKDWFRLQFLGHZLWKWKH
VXEMHFWFRQWUDFW IRU,WHPFEHORZ 


9HULI\ZLWK$XGLWRUHWDOLIWKHUHDUH
FKDQJHVLQFXUUHQWDVVHWVDQG
OLDELOLWLHV

9HULI\DQGFRPSXWHXSGDWHG1)&&
FRQVLGHULQJFKDQJHVLQFXUUHQW
DVVHWVDQGOLDELOLWLHVDQGLQYDOXHRI
RQJRLQJZRUNVFRLQFLGLQJZLWK
VXEMHFWFRQWUDFW IURP,WHPE
DERYH DQGFKHFNLIDWOHDVWHTXDO
WR$%&
(QWHUILQGLQJVLQ)RUP'3:+
,1)5)RUHDFKLWHPEHORZLI
WKHILQGLQJLVIDYRUDEOHRUSRVLWLYH
PDUNSDVVHGLQWKHIRUP,I
DGYHUVHPDUNIDLOHGDQGLQGLFDWH
WKHUHDVRQV



9HULI\ZLWK*33%%ODFNOLVW WKURXJK
ZHEVLWH 


9HULI\ZLWK'3:+SHUVRQQHOUHFRUGV




&RQILUPZLWKWKHLVVXLQJEDQNWKH
YDOLGLW\RILWVFUHGLWOLQH
FRPPLWPHQWRUFDVKGHSRVLW
FHUWLILFDWHIRUWKHFRQWUDFWRIDW
OHDVWRI$%&
(QWHUILQGLQJVLQ)RUP'3:+
,1)5)RUHDFKLWHPLIILQGLQJ
LVIDYRUDEOHRUSRVLWLYHPDUN
SDVVHGLQWKHIRUP,IDGYHUVH
PDUNIDLOHGDQGLQGLFDWHWKH
UHDVRQV



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI










D %LG6HFXULW\

E $XWKRULW\RI
6LJQLQJ2IILFLDO




F&RQVWUXFWLRQ
6FKHGXOHDQG
6FXUYH

G &RQVWUXFWLRQ
0HWKRGV
H 2UJDQL]DWLRQDO
&KDUWIRUWKH
&RQWUDFW
I&RQWUDFWRUV
FHUWLILFDWLRQRQ
NH\SHUVRQQHOIRU
WKHFRQWUDFW





J0DQSRZHU
8WLOL]DWLRQ
6FKHGXOH

K/LVWRIHTXLSPHQW
SOHGJHGWRWKH
FRQWUDFW






L(TXLSPHQW
XWLOL]DWLRQ
VFKHGXOH

M$IILGDYLWRIVLWH
LQVSHFWLRQ

N&UHGLWOLQH
FRPPLWPHQWRU
FDVKGHSRVLW
FHUWLILFDWH XQOHVV
VXEPLWWHGDVSDUW
RIWKH/2,LQ,WHP
EDERYH 


































































































































9HULI\ZLWKLVVXLQJEDQNFRPSDQ\
2,&DQG'3:+LIEDQNFRPSDQ\LV
QRWEODFNOLVWHGLI%LG6HFXULW\LV
DXWKHQWLFDQGLIWKHIRUPDPRXQW
YDOLGLW\SHULRGDQGWHUPV LQFOXGLQJ
EHLQJFDOODEOHRQGHPDQG DUH
VXIILFLHQW

,IVLQJOHSURSULHWRUVKLSFKHFN
RZQHUVDIILGDYLW,ISDUWQHUVKLS
FKHFNGHVLJQDWLRQRIDXWKRUL]HG
VLJQDWRU\,IFRUSRUDWLRQFKHFN
DXWKRULW\IURPWKH%RDUGRU
FHUWLILFDWLRQRI%RDUG6HFUHWDU\

&KHFNLIFRQVLVWHQWZLWKWKH
SUHVFULEHGFRQWUDFWGXUDWLRQ


&KHFNLIOLQHZLWKDFFHSWHGLQGXVWU\
SUDFWLFHV

&KHFNLIVSHFLILFWRWKHFRQWUDFW



&KHFNLIDOOUHTXLUHGNH\SHUVRQQHO
3URMHFW0DQDJHUHWDO DUH
LGHQWLILHGLQWKH%LG9HULI\LINH\
SHUVRQQHOPHHWWKHPLQLPXP
UHTXLUHPHQWVLQWKH%'V ODUJHVW
VLPLODUSURMHFWKDQGOHG
VDWLVIDFWRULO\ZLWKDVEXLOWFRVWRIDW
OHDVWRI$%& 

&KHFNLIWKHUHDUHRYHUODSVLQ
VFKHGXOHRINH\SHUVRQQHOZLWK
RWKHUSURMHFWV

&KHFNLIFRQWUDFWRUVSOHGJHG
HTXLSPHQWPHHWVWKHPLQLPXP
UHTXLUHPHQWVLQWKH%'V9HULI\
DYDLODELOLW\FRQGLWLRQFDSDFLW\
SURGXFWLRQUDWHRZQHUVKLSDQG
YDOLGLW\RIOHDVHDQGSXUFKDVH
DJUHHPHQWV&RQGXFWDFWXDO
LQVSHFWLRQDVQHFHVVDU\

&KHFNLIWKHUHDUHRYHUODSVZLWK
RWKHUSURMHFWV


&KHFNLISURYLGHG


&RQILUPZLWKWKHLVVXLQJEDQNWKH
YDOLGLW\RILWVLVVXHGFUHGLWOLQH
FRPPLWPHQWRUFDVKGHSRVLW
FHUWLILFDWHIRUWKHVXEMHFWFRQWUDFW
DPRXQWLQJWRDWOHDVWRI$%&






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

O&RQWUDFWRUV
VDIHW\DQGKHDOWK
SURJUDP









%$&7:*















P&HUWLILFDWLRQRI
FRPSOLDQFHZLWK
ODERUODZV

 9HULI\DQGYDOLGDWH
LQIRUPDWLRQLQWKH
)LQDQFLDO3URSRVDODQG
UHFRUGILQGLQJVLQWKH
3RVWTXDOLILFDWLRQ
5HSRUW)RUP

D %LGSULFHVLQWKH
%LOORI4XDQWLWLHV


E'HWDLOHGHVWLPDWHV

F&DVKIORZE\
TXDUWHUDQG
SD\PHQWVFKHGXOH 


%$&7:*
,QGLFDWHRYHUDOO

ILQGLQJVLQ

3RVWTXDOLILFDWLRQ

5HSRUW)RUP












%$&7:*
,IWKHELGGHUKDVD

QRPLQDWHG

VXEFRQWUDFWRULQLWV

/2,FRQGXFWWKH

VDPHSURFHVVLQ

$FWLYLWLHVIRUHDFK

VXEFRQWUDFWRU




%$&7:*
6LJQ3RVWTXDOLILFDWLRQ
ZLWK
5HSRUW 345 DQG
%$&6HF
VXEPLWLWWR%$&

&KDLUPDQ


%$&
5HYLHZ345DQG

GHFODUHELGGHUZLWK

/&%DVSRVWTXDOLILHG

DQGLWVELGDV/&5%

RUGHFODUHWKHELGGHU

DVSRVWGLVTXDOLILHG

DVWKHFDVHPD\EH

DQGVLJQ345




%$&
,IWKHELGGHUZLWK/&%

LVSRVTXDOLILHGDQGLWV

ELGGHFODUHGDV/&5%

VHQG1RWLFHRI3RVW

&KHFNLIWKHILYHLWHPVUHTXLUHGLQ
)RUP'3:+,1)5DUH
SURYLGHG

9HULI\LIFRPSOHWHVLJQHGDQGXQGHU
RDWK


(QWHUILQGLQJVLQ)RUP'3:+
,1)5)RUHDFKLWHPLIWKH
ILQGLQJLVIDYRUDEOHRUSRVLWLYH
PDUNSDVVHGLQWKHIRUP,I
DGYHUVHPDUNIDLOHGDQGLQGLFDWH
WKHUHDVRQV

9HULI\LIFRPSOHWHDQGDULWKPHWLFDOO\
FRUUHFWDQGZLWKRXW
LQFRQVLVWHQFLHV

9HULI\LIFRQVLVWHQWZLWKELGSULFHV

&KHFNLIFRPSOHWH




(QWHUILQGLQJVLQ)RUP'3:+
FG
,1)5,IWKHELGGHUZLWKWKH

/&%SDVVHVDOORIDERYHSRVW

TXDOLILFDWLRQUHTXLUHPHQWVFKHFN

ER[PDUNHGUHVSRQVLYH,IWKH

ELGGHUIDLOVLQRQHRUPRUHRIDERYH

SRVWTXDOLILFDWLRQUHTXLUHPHQWV

FKHFNER[PDUNHGQRQ

UHVSRQVLYH



VDPHDV ,QGLFDWHWKHILQGLQJVLQ)RUP
'3:+,1)5,QFDVHWKH
IRU
VXEFRQWUDFWRULVGHFODUHGLQHOLJLEOH

RUSRVWGLVTXDOLILHGWKHELGGHUZLWK

WKH/&%VKDOOGLUHFWO\XQGHUWDNHWKH

SRUWLRQVRIWKHZRUNVXSSRVHGWREH

GRQHE\WKDWVXEFRQWUDFWRU





8VH)RUP'3:+,1)5
FG








FG D ,I345VKRZVWKDWWKH/&%LV

UHVSRQVLYHGHFODUHLWVELGGHU

DVSRVWTXDOLILHGDQGLWVELGDV

WKH/&5%



E,I345VKRZVWKDWWKH/&%LV

QRQUHVSRQVLYHGHFODUHLWLWV

ELGGHUDVSRVWGLVTXDOLILHG

FLWLQJWKHUHDVRQVWKHUHIRU


FG
8VH)RUP'3:+,1)5














FG


















2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

TXDOLILFDWLRQWRWKDW
ELGGHU


,IWKHELGGHUZLWK/&%
LVSRVWGLVTXDOLILHG
VHQG1RWLFHRI3RVW
GLVTXDOLILFDWLRQ 13' 
WRWKHELGGHU

,QFDVHRI1R
UHSHDWWKHSURFHVVLQ
$FWLYLWLHVIRUWKH
ELGGHUZLWKWKH
VHFRQG/&%DQGVR
RQXQWLOWKH/&5%LV
GHWHUPLQHG

5HFHLYHUHTXHVWIRU
UHFRQVLGHUDWLRQLI
DQ\IURP
SRVWGLVTXDOLILHG
ELGGHU

(YDOXDWHWKHUHTXHVW
IRUUHFRQVLGHUDWLRQ
GHFLGHDQGUHSHDW
DFWLYLWLHV




%$&





%$&7:*
DQG%$&






%$&6HF





%$&




FG





VDPHDV







FG
DIWHU
ELGGHUV
UHFHLSW
RI13'

FG
DIWHU
UHFHLSWRI
UHTXHVW




8VH)RUP'3:+,1)5





VDPHDV













8VHQRQGLVFUHWLRQDU\FULWHULDDQG
GHFLGHEDVHGRQYHULILDEOHIDFWV






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 67(3$:$5'7+(&2175$&7


 /(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVDQGJXLGHOLQHVIRUDZDUGLQJWKHFRQWUDFW



 32/,&,(6$1'*8,'(/,1(6

5XOHRQ&RQWUDFW$ZDUG

7KH 3URFXULQJ (QWLW\ VKDOO DZDUG WKH FRQWUDFW WR WKH ELGGHU ZLWK WKH /RZHVW &DOFXODWHG
5HVSRQVLYH%LG /&5%  RUWKH6LQJOH&DOFXODWHGDQG5HVSRQVLYH%LGRU6&5% LHWKH
ZLQQLQJ ELGGHU DW LWV VXEPLWWHG ELGSULFHRULWVFDOFXODWHGELGSULFHZKLFKHYHULVORZHU
,55$6HFWLRQ 

%HIRUH WKH H[SLUDWLRQ RI WKH SHULRG RI ELG YDOLGLW\ WKH 3URFXULQJ (QWLW\ VKDOO QRWLI\ WKH
ZLQQLQJ ELGGHU LQ ZULWLQJ WKDW LWV ELG KDV EHHQ DFFHSWHG WKURXJK D 1RWLFH RI $ZDUG
12$ UHFHLYHGE\WKHELGGHUSHUVRQDOO\RUE\UHJLVWHUHGPDLORUHOHFWURQLFDOO\,QFDVH
WKH 12$ LV QRW UHFHLYHG SHUVRQDOO\ LWV UHFHLSW PXVW EH FRQILUPHG LQ ZULWLQJ ZLWKLQ WZR
 GD\VE\WKHVXFFHVVIXOELGGHUDQGVXEPLWWHGSHUVRQDOO\RUVHQWE\UHJLVWHUHGPDLORU
HOHFWURQLFDOO\WRWKH3URFXULQJ(QWLW\

7LPHOLQHIRU&RQWUDFW$ZDUG


%DVHG RQ WKH %LG (YDOXDWLRQ 5HSRUW DQG 3RVWTXDOLILFDWLRQ 5HSRUW WKH %$& VKDOO GHFODUH
WKH /&5% DQG UHFRPPHQG WKH DZDUG RI WKH FRQWUDFW WR WKH %LGGHU ZLWK WKH /&5% 7KLV
GHFLVLRQ VKDOO EH HPERGLHG LQ D %$& 5HVROXWLRQ XVLQJ )RUP '3:+,1)5 WR EH
VXEPLWWHGWRWKH+HDGRIWKH3URFXULQJ(QWLW\IRUDSSURYDO

7KH +HDG RI WKH 3URFXULQJ (QWLW\ VKDOO DSSURYH RU GLVDSSURYH WKH VDLG %$& 5HVROXWLRQ
UHFRPPHQGLQJ WKH DZDUG ZLWKLQ ILIWHHQ   FDOHQGDU GD\V IURP WKH GDWH RI WKDW
5HVROXWLRQ ,55$6HFWLRQ 

7KH12$VKDOOEHJLYHQWRWKHELGGHUZLWKWKH/&5% ZLQQLQJELGGHU LPPHGLDWHO\DIWHU
DSSURYDORIWKH%$&5HVROXWLRQIRUDZDUGDQGEHIRUHWKHH[SLUDWLRQRIWKHSHULRGRIELG
YDOLGLW\DVVSHFLILHGLQWKH%'6RIWKH%'V6LPXOWDQHRXVO\DFRS\RIWKH1RWLFHVKDOOEH
IXUQLVKHGWRDOOORVLQJELGGHUVDQGSRVWHGLQWKH'3:+ZHEVLWHDQGWKH*(36


1RQ$FFHSWDQFHE\%LGGHU&RQVLGHUHGIRU$ZDUG


,I WKH ELGGHU ZLWK WKH /&5% UHIXVHV WR DFFHSW WKH 12$ WKH %$& PXVW GLVTXDOLI\ WKDW
ELGGHU DQG IRUIHLW LWV %LG 6HFXULW\  7KH %$& PXVW WKHQ LQLWLDWH DQG FRPSOHWH WKH SRVW
TXDOLILFDWLRQRIWKHELGGHUZLWKWKHVHFRQGORZHVWFDOFXODWHGELG7KLVELGGHUVKDOOWKHQ
EH DZDUGHG WKH FRQWUDFW LI IRXQG WR EH SRVWTXDOLILHG  7KLV SURFHGXUH LV UHSHDWHG XQWLO
WKH/&5%LVGHWHUPLQHG

6KRXOGDOOHOLJLEOHELGGHUVIDLOWKHSRVWTXDOLILFDWLRQWKH%$&PXVWGHFODUHWKHELGGLQJD
IDLOXUH ,W VKDOO UHYLHZ WKH SURYLVLRQV RI WKH RULJLQDO %'V DQG ZKHUH ZDUUDQWHG PD\
PRGLI\ WKH VFRSH RI ZRUN VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH
%'V DQG DGMXVW WKH TXDQWLW\ DQG FRVW HVWLPDWHV ZLWKRXW LQFUHDVLQJ WKH $%&  ,W PXVW
WKHQ FRQGXFW D UHELGGLQJ LQ WKH SURFHVV IRUPXODWLQJ D QHZ ,$(% DQG DGYHUWLVLQJ DQG
SRVWLQJ WKLV DV UHTXLUHG $OO ELGGHUV WKDW KDYH LQLWLDOO\ UHVSRQGHG WR WKH ,$(% DQG
GHFODUHGHOLJLEOHLQWKHILUVWELGGLQJVKDOOEHDOORZHGWRVXEPLWQHZELGV7KH%$&VKDOO
REVHUYHWKHVDPHSURFHVVDQGVHWWKHQHZSHULRGVDFFRUGLQJWRWKHVDPHUXOHVDVLQWKH
ILUVWELGGLQJ ,55$6HFWLRQ 


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

,I D VHFRQG IDLOXUH RI ELGGLQJ RFFXUV WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D QHJRWLDWHG
SURFXUHPHQWDVSURYLGHGXQGHU,55$6HFWLRQ ,55$6HFWLRQ 


5HIXVDO E\ WKH ELGGHU ZLWK WKH /&5% WR DFFHSW DQ DZDUG ZLWKRXW MXVW FDXVH RU IRU WKH
SXUSRVH RI IRUFLQJ WKH 3URFXULQJ (QWLW\ WR DZDUG WKH FRQWUDFW WR DQRWKHU ELGGHU LI
SURYHQ LV PHWHG D SHQDOW\ RI LPSULVRQPHQW RI QRW OHVV WKDQ VL[   \HDUV DQG RQH  
GD\ E\ QRW PRUH WKDQ ILIWHHQ   \HDUV ,55$ 6HFWLRQ   ,Q DGGLWLRQ
DGPLQLVWUDWLYHSHQDOWLHVRIVXVSHQVLRQIRURQH  \HDUIURPSDUWLFLSDWLRQLQJRYHUQPHQW
SURFXUHPHQW IRU WKH ILUVW RIIHQVH DQG VXVSHQVLRQ IRU WZR   \HDUV IRU WKH VHFRQG
RIIHQVHVKDOOEHLPSRVHGRQWKHELGGHU ,55$6HFWLRQ 


352&('85( $:$5'7+(&2175$&7 






$FWLYLW\

2EWDLQ%LG(YDOXDWLRQ5HSRUW
%(5 DQG3RVWTXDOLILFDWLRQ
5HSRUW 345 IRU/&%

3UHSDUH%$&5HVROXWLRQ
GHFODULQJWKH/&5%DQG
UHFRPPHQGLQJDZDUGWKHUHWR
DWWDFK%(5DQG345DQG
VXEPLWWKHVHWRWKH%$&

6LJQWKH%$&5HVROXWLRQDQG
VXEPLWLWWRWKH+HDGRIWKH
3URFXULQJ(QWLW\ +23( 

$SSURYHRUGLVDSSURYHWKH
%$&5HVROXWLRQ




3UHSDUH D 1RWLFHRI$ZDUG
12$ WRWKHZLQQLQJELGGHU
DQG E 1RWLILFDWLRQRI%LGGLQJ
5HVXOWV 12%5 WRWKHORVLQJ
ELGGHUV

6LJQ12$DQG12%5

,VVXH12$WRWKHZLQQLQJ
ELGGHUDQG12%5WRWKHORVLQJ
ELGGHUV



3RVWELGGLQJUHVXOWVLQWKH
'3:+ZHEVLWHDQG*(36

5HVSRQVLEOH
3HUIRUPHU
%$&6HF



%$&6HF





%$&



+23(





%$&6HF
UHYLHZHGE\
%$&&KDLU



+23(

%$&6HF





%$&6HF

7LPH
)UDPH
FG



FG





FG




FG




FG





FG

FG
ZLWKLQ
%LG

5XOHV





8VH)RUP'3:+
,1)5








,QFDVHRIGLVDSSURYDO
+23(VKDOOVWDWHWKH
UHDVRQVDQGLQVWUXFW
WKH%$&RQVXEVHTXHQW
VWHSVWREHWDNHQ

)RU D XVH D )RUP
'3:+,1)5)RU
E XVH E )RUP
'3:+,1)5







YDOLGLW\ 
SHULRG 


FG 8VH)RUP'3:+

,1)5



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 67(3+$9(7+(&2175$&7),1$/,=('6,*1('
$1' $33529(' $1' ,668( 7+( 127,&( 72
352&(('
/(*$/5()(5(1&(


,55$6HFWLRQVSHFLILHVWKHUXOHVUHJDUGLQJFRQWUDFWGRFXPHQWDWLRQVLJQLQJDQG
DSSURYDO


32/,&,(6$1'*8,'(/,1(6


&RQWUDFW'RFXPHQWVDQG6XSSRUWLQJ'RFXPHQWV


7KH3URFXULQJ(QWLW\DQGWKHZLQQLQJELGGHU LHWKHELGGHUZLWKWKHGHFODUHG/&5%RU
6&5%  VKDOO XVH WKH FKHFNOLVW LQ )RUP '3:+,1)5 WR HQVXUH WKH FRPSOHWHQHVV RI
WKHGRFXPHQWVFRPSULVLQJWKH&RQWUDFWDVZHOODVWKHVXSSRUWLQJGRFXPHQWV

D
7KH&RQWUDFWLWVHOIVKDOOFRQVLVWRIWKHIROORZLQJGRFXPHQWV

 
&RQWUDFW$JUHHPHQW 8VH)RUP'3:+,1)5 

 
'RFXPHQWVIRUPLQJSDUWRIWKH&RQWUDFW$JUHHPHQW


D 
%LGGLQJ'RFXPHQWVIRUWKH&RQWUDFW $QQH[$ 


 
*HQHUDO&RQGLWLRQVRI&RQWUDFW *&& 

 
6SHFLDO&RQGLWLRQVRI&RQWUDFW 6&& 

 
'UDZLQJV3ODQV

 
6SHFLILFDWLRQV

 
,QYLWDWLRQWR$SSO\IRU(OLJLELOLW\DQGWR%LG ,$(% 

 
,QVWUXFWLRQVWR%LGGHU ,7% 

 
%LG'DWD6KHHW %'6 

 
%LG%XOOHWLQV $GGHQGD 

E 
&RQWUDFWRUV&DOFXODWHG%LGLQWKH%LG)RUPLQFOXGLQJWKH7HFKQLFDO
DQG)LQDQFLDO3URSRVDOV $QQH[% 

F 
&RQWUDFWRUV /HWWHU RI ,QWHQW /2,  IRU (OLJLELOLW\ DQG &RQWUDFWRUV
,QIRUPDWLRQIURPWKH'3:+5HJLVWU\ $QQH[& 

G 
1RWLFHRI$ZDUGZLWKWKH&RQWUDFWRUV&RQIRUPH $QQH[' 

H 
3HUIRUPDQFH 6HFXULW\ LQ DFFRUGDQFH ZLWK 6HFWLRQ  RI WKLV
'309ROXPH,,, 8VH)RUP'3:+)RUPRUDVDSSOLFDEOH 
$QQH[( 

I 
&UHGLW /LQH 8VH )RUP '3:+,1)5  RU &DVK 'HSRVLW
&HUWLILFDWH 8VH )RUP '3:+,1)5  LQ DQ DPRXQW DW OHDVW
HTXDOWRWHQSHUFHQW  RIWKHWRWDO&RQWUDFWSULFH $QQH[) 

J 
3(57&30GLDJUDPDQGEDUFKDUWZLWK6FXUYH $QQH[* 

7KH GRFXPHQWV LQ LWHPV   DQG   D  WR   F  DERYH VKDOO EH SURYLGHG E\ WKH
3URFXULQJ (QWLW\ 7KH GRFXPHQWV LQ LWHPV   G  WR   J   VKDOO EH VXEPLWWHG E\ WKH


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

ZLQQLQJELGGHUZLWKLQWHQ  FDOHQGDUGD\VIURPWKHGDWHRILWVUHFHLSWRIWKH1RWLFHRI
$ZDUG

E
7KHUHTXLUHGVXSSRUWLQJGRFXPHQWVIRUWKH&RQWUDFWVKDOOFRQVLVWRIWKH
IROORZLQJ

 
$SSURYHG3URJUDPRI:RUN $QQH[, 

 
2EOLJDWLRQ6OLS 26  $QQH[,, 

 
&HUWLILFDWHRI$YDLODELOLW\RI)XQGV &$)  $QQH[,,, 

 
$EVWUDFWRI%LGVDV&DOFXODWHG $QQH[,9 

 
$SSURYHG %$& 5HVROXWLRQ GHFODULQJ WKH /&5% DQG 5HFRPPHQGLQJ $ZDUG
$QQH[9 


'HILQLWLRQRI3HUIRUPDQFH6HFXULW\


$3HUIRUPDQFH6HFXULW\LVDJXDUDQWHHWKDWWKHZLQQLQJELGGHUVKDOOIDLWKIXOO\SHUIRUPLWV
REOLJDWLRQV XQGHU WKH FRQWUDFW SUHSDUHG LQ DFFRUGDQFH ZLWK WKH %LGGLQJ 'RFXPHQWV
,55$6HFWLRQ XSWRWKHHQGRIWKH'HIHFWV/LDELOLW\3HULRG7KH3HUIRUPDQFH
6HFXULW\VKDOODOVRJXDUDQWHHWKHUHFRXSPHQWRIDQ\DGYDQFHSD\PHQWWRWKHFRQWUDFWRU
DV DXWKRUL]HG LQ $QQH[ ( RI WKH ,55$  7KH 3HUIRUPDQFH 6HFXULW\ PXVW EH SRVWHG LQ
IDYRURIWKH3URFXULQJ(QWLW\DQGVKDOOEHIRUIHLWHGLQWKHODWWHUVIDYRULILWLVHVWDEOLVKHG
WKDWWKHZLQQLQJELGGHULVLQGHIDXOWLQDQ\RILWVREOLJDWLRQVXQGHUWKHFRQWUDFW ,55$
6HFWLRQ 


5HVSRQVLELOLW\RI3RVWLQJ3HUIRUPDQFH6HFXULW\


7KH 3HUIRUPDQFH 6HFXULW\ VKDOO EH SRVWHG E\ WKH ELGGHU ZLWK WKH /RZHVW &DOFXODWHG
5HVSRQVLYH %LG /&5%  EHIRUH WKH VLJQLQJ RI WKH FRQWUDFW E\ ERWK SDUWLHV ,55$
6HFWLRQ ,WLVRQHRIWKHUHTXLUHPHQWVWREHVXEPLWWHGE\WKHZLQQLQJELGGHUWR
IRUPSDUWRIWKH&RQWUDFW ,55$6HFWLRQ 


)RUPVDQG$PRXQWVRI3HUIRUPDQFH6HFXULW\


7KH3HUIRUPDQFH6HFXULW\PXVWEHLQDQ\RIWKHIROORZLQJIRUPVZLWKWKHFRUUHVSRQGLQJ
UHTXLUHGDPRXQWV

)2502)3(5)250$1&(6(&85,7<
$02817
D&DVKFHUWLILHGFKHFNFDVKLHUVPDQDJHUVFKHFNRU
RIFRQWUDFWSULFH
EDQNGUDIWLVVXHGE\DUHSXWDEOHEDQNRU
E,UUHYRFDEOHOHWWHURIFUHGLWLVVXHGE\DUHSXWDEOH
RIFRQWUDFWSULFH
EDQN 8VH)RUP'3:+,1)5 RU
F%DQNJXDUDQWHHFRQILUPHGE\DUHSXWDEOHEDQN 8VH RIFRQWUDFWSULFH
)RUP'3:+,1)5 RU
G$Q\FRPELQDWLRQRIWKHIRUHJRLQJIRUPV
RIFRQWUDFWSULFH

7KH UHTXLUHG DPRXQWV RI WKH 3HUIRUPDQFH 6HFXULW\ VWDWHG DERYH VKDOO EH LQFUHDVHG E\
WKHDPRXQWRIDQ\DGYDQFHSD\PHQWQRWH[FHHGLQJILIWHHQSHUFHQW  RIWKHFRQWUDFW
SULFHWKDWWKHFRQWUDFWRUPD\DYDLOLWVHOIRIXQGHUWKHWHUPVRIWKHFRQWUDFW






2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

&RQGLWLRQVRI3HUIRUPDQFH6HFXULW\


7KHZLQQLQJELGGHUVKDOOSRVWD3HUIRUPDQFH6HFXULW\ZKLFKFRPSOLHVZLWKWKHIROORZLQJ
FRQGLWLRQV

D
7KH3HUIRUPDQFH6HFXULW\PXVWEHH[HFXWHGLQWKHIRUPSUHVFULEHGE\WKH
3URFXULQJ(QWLW\LQWKH,7%

E
7KH3HUIRUPDQFH6HFXULW\PXVWDWOHDVWEHFRWHUPLQXVZLWKWKHSHULRGRI
WKHFRQWUDFWXSWRWKHLVVXDQFHRIWKH&HUWLILFDWHRI$FFHSWDQFHDWWKHHQG
RIWKH'HIHFWV/LDELOLW\3HULRG

F
7KHIROORZLQJSURYLVLRQVVKDOOIRUPSDUWRIWKH3HUIRUPDQFH6HFXULW\7KH
ULJKWWRLQVWLWXWHDFWLRQRQWKHSHQDOERQGSXUVXDQWWR$FW1RRIDQ\
LQGLYLGXDO ILUP SDUWQHUVKLS FRUSRUDWLRQ DQG DVVRFLDWLRQ VXSSO\LQJ WKH
&RQWUDFWRU ZLWK ODERU DQG PDWHULDOV IRU WKH SURVHFXWLRQ RI WKH ZRUN LV
KHUHE\DFNQRZOHGJHGDQGFRQILUPHG


&KDQJHLQ3HUIRUPDQFH6HFXULW\ZLWK&KDQJHLQ&RQWUDFW
3ULFH


'XULQJ FRQWUDFW LPSOHPHQWDWLRQ WKH &RQWUDFWRU VKDOO SRVW DQ DGGLWLRQDO 3HUIRUPDQFH
6HFXULW\IROORZLQJWKHVFKHGXOHDERYHWRFRYHUDQ\FXPXODWLYHLQFUHDVHRIPRUHWKDQWHQ
SHUFHQW   RYHU WKH RULJLQDO WRWDO FRQWUDFW SULFH DV D UHVXOW RI 9DULDWLRQ 2UGHUV
FKDQJH RUGHUV RU H[WUD ZRUN RUGHUV  ,55$ 6HFWLRQ   7KH SHUFHQWDJHV LQ WKH
VFKHGXOH DERYH PXVW EH DSSOLHG WR LQFUHDVHV LQ WKH RULJLQDO WRWDO FRQWUDFW SULFH  7KH
&RQWUDFWRU PXVW DOVR FDXVH WKHH[WHQVLRQRIWKHYDOLGLW\RIWKH3HUIRUPDQFH6HFXULW\WR
FRYHUDSSURYHGFRQWUDFWWLPHH[WHQVLRQV

)RUSDUWLDOO\FRPSOHWHGZRUNVXQGHUWKH&RQWUDFWZKLFKDUHXVDEOHDQGDFFHSWHGE\WKH
JRYHUQPHQW DQG WKH XVH RI ZKLFK LQ WKH MXGJPHQW RI WKH 3URFXULQJ (QWLW\ ZLOO QRW
DIIHFW WKH VWUXFWXUDO LQWHJULW\ RI WKH HQWLUH SURMHFW WKH 3URFXULQJ (QWLW\ VKDOO DOORZ D
SURSRUWLRQDO UHGXFWLRQ LQ WKH RULJLQDO 3HUIRUPDQFH 6HFXULW\  +RZHYHU WKLV VKDOO EH
DOORZHGRQO\ZKHQVXFKUHGXFWLRQVDUHPRUHWKDQWHQSHUFHQW  DQGWKHDJJUHJDWH
RI VXFK UHGXFWLRQV LV QRW PRUH WKDQ ILIW\ SHUFHQW   RI WKH RULJLQDO 3HUIRUPDQFH
6HFXULW\ ,55$6HFWLRQ 


5HOHDVHRI3HUIRUPDQFH6HFXULW\


6XEMHFW WR WKH FRQGLWLRQV RI WKH &RQWUDFW WKH 3URFXULQJ (QWLW\ PD\ UHOHDVH WKH
3HUIRUPDQFH 6HFXULW\ WR WKH &RQWUDFWRU DIWHU WKH LVVXDQFH RI WKH &HUWLILFDWH RI
$FFHSWDQFH RI WKH &RQWUDFW ZRUNV DW WKH HQG RI WKH 'HIHFWV /LDELOLW\ 3HULRG SURYLGHG
WKDWWKHUHDUHQRFODLPVIRUODERUDQGPDWHULDOVILOHGDJDLQVWWKHFRQWUDFWRURUWKHVXUHW\
FRPSDQ\ ,55$6HFWLRQ DQGSURYLGHGWKDWLWLVUHSODFHGE\D:DUUDQW\6HFXULW\
DJDLQVWVWUXFWXUDOGHIHFWVDQGIDLOXUHRYHUWKHSUHVFULEHGSHULRGLQDFFRUGDQFHZLWK,55
$6HFWLRQ


&RQWUDFW6LJQLQJ


7KHZLQQLQJELGGHUDQGWKH3URFXULQJ(QWLW\PXVWHQWHULQWRD&RQWUDFWLPPHGLDWHO\DIWHU
WKH IRUPHU KDV VXEPLWWHG DOO GRFXPHQWDU\ UHTXLUHPHQWV WR SHUIHFW WKH FRQWUDFW ZLWKLQ
WKH SHULRG VSHFLILHG LQ WKH ,55$   7KH SDUWLHV PXVW VLJQ WKH &RQWUDFW ZLWKLQ WHQ  
FDOHQGDUGD\VIURPUHFHLSWE\WKHZLQQLQJELGGHURIWKH1RWLFHRI$ZDUG ,55$6HFWLRQ
 



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

7KH DXWKRUL]HG FRQWUDFW VLJQDWRU\ RI WKH 3URFXULQJ (QWLW\ LV HQFRXUDJHG WR VLJQ WKH
&RQWUDFWZLWKLQWKHVDPHGD\DVWKHVLJQLQJE\WKHELGGHUDVWKHUHDUHSHQDOWLHVDJDLQVW
GHOD\LQJ ZLWKRXW MXVWLILDEOH FDXVH WKH DZDUG RI WKH FRQWUDFW ,55$ 6HFWLRQ  
0RUHRYHULWZRXOGEHEHVWIRUWKHZLQQLQJELGGHUDQGWKHDXWKRUL]HGFRQWUDFWVLJQDWRU\
WR VLJQ DQG H[HFXWH WKH &RQWUDFW WRJHWKHU  SURYLGHG WKDW DOO &RQWUDFW GRFXPHQWV DQG
UHTXLUHPHQWVDUHFRPSOHWHVRWKDWERWKPD\SHUVRQDOO\DSSHDUEHIRUHD1RWDU\3XEOLF


 5HIXVDO,QDELOLW\RI%LGGHUWR3RVWWKH3HUIRUPDQFH
6HFXULW\DQG6LJQWKH&RQWUDFW


,I WKH ELGGHU ZLWK WKH /&5% RU 6&5% UHIXVHV WR RU LV XQDEOH WKURXJK LWV RZQ IDXOW WR
SRVWWKH3HUIRUPDQFH6HFXULW\DQGVLJQWKH&RQWUDFWZLWKLQWKHSUHVFULEHGSHULRG

D
LWV%LG6HFXULW\VKDOOEHIRUIHLWHG

E
LWVKDOOEHGLVTXDOLILHGIURPIXUWKHUSDUWLFLSDWLQJLQWKHELGGLQJDWKDQG

F
XSRQFRQYLFWLRQLWV$XWKRUL]HG0DQDJLQJ2IILFHU $02 VKDOOVXIIHUWKHSHQDOW\RI
LPSULVRQPHQWRIQRWOHVVWKDQVL[  DQGRQH  GD\DQGQRWPRUHWKDQILIWHHQ
 \HDUVDQG

G
XSRQ GHWHUPLQDWLRQ RI DGPLQLVWUDWLYH OLDELOLW\ LW VKDOO VXIIHU WKH DGPLQLVWUDWLYH
SHQDOWLHV RI VXVSHQVLRQ IRU RQH   \HDU IURP SDUWLFLSDWLRQ LQ JRYHUQPHQW
SURFXUHPHQWIRUWKHILUVWRIIHQVHDQGVXVSHQVLRQIRUWZR  \HDUVIRUWKHVHFRQG
RIIHQVH

7KH %$& PXVW WKHQ LQLWLDWH DQG FRPSOHWH WKH SRVWTXDOLILFDWLRQ RI WKH ELGGHU ZLWK WKH
VHFRQG/&%7KLVSURFHGXUHPXVWEHUHSHDWHGXQWLOWKH/&5%LVGHWHUPLQHGIRUDZDUG,I
QR ELGGHU SDVVHV SRVWTXDOLILFDWLRQ WKH %$& VKDOO GHFODUH WKH ELGGLQJ D IDLOXUH DQG
FRQGXFW D UHELGGLQJ ZLWK UHSRVWLQJ DQG UHDGYHUWLVHPHQW  ,W VKDOO UHYLHZ WKH
SURYLVLRQV RI WKH RULJLQDO %'V DQG ZKHUH ZDUUDQWHG PD\ PRGLI\ WKH VFRSH RI ZRUN
VSHFLILFDWLRQV WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH %'V DQG DGMXVW WKH
TXDQWLW\ DQG FRVW HVWLPDWHV ZLWKRXW LQFUHDVLQJ WKH $%&  ,W PXVW WKHQ FRQGXFW D UH
ELGGLQJ LQ WKH SURFHVV IRUPXODWLQJ D QHZ ,$(% DQG DGYHUWLVLQJ DQG SRVWLQJ WKLV DV
UHTXLUHG$OOELGGHUVWKDWKDYHLQLWLDOO\UHVSRQGHGWRWKH,$(%DQGGHFODUHGHOLJLEOHLQWKH
ILUVW ELGGLQJ VKDOO EH DOORZHG WR VXEPLW QHZ ELGV 7KH %$& VKDOO REVHUYH WKH VDPH
SURFHVVDQGVHWWKHQHZSHULRGVDFFRUGLQJWRWKHVDPHUXOHVDVLQWKHILUVWELGGLQJ ,55
$6HFWLRQ ,IDVHFRQGIDLOXUHRIELGGLQJRFFXUVWKH3URFXULQJ(QWLW\PD\HQWHULQWR
DQHJRWLDWHGSURFXUHPHQWDVSURYLGHGXQGHU,55$6HFWLRQ ,55$6HFWLRQ 

,IWKHELGGHUWKDWIDLOVWRSRVWWKH3HUIRUPDQFH6HFXULW\DQGVLJQWKHFRQWUDFWLVWKHRQH
ZLWKWKH6&5%WKH%$&PXVWGHFODUHWKHELGGLQJDIDLOXUH,WVKDOOUHYLHZWKHSURYLVLRQV
RIWKHRULJLQDO%'VDQGZKHUHZDUUDQWHGPD\PRGLI\WKHVFRSHRIZRUNVSHFLILFDWLRQV
WHUPV FRQGLWLRQV DQG RWKHU SURYLVLRQV RI WKH %'V DQG DGMXVW WKH TXDQWLW\ DQG FRVW
HVWLPDWHVZLWKRXWLQFUHDVLQJWKH$%&,WPXVWWKHQFRQGXFWDUHELGGLQJLQWKHSURFHVV
IRUPXODWLQJ D QHZ ,$(% DQG DGYHUWLVLQJ DQG SRVWLQJ WKLV DV UHTXLUHG $OO ELGGHUV WKDW
KDYH LQLWLDOO\ UHVSRQGHG WR WKH ,$(% DQG GHFODUHG HOLJLEOH LQ WKH ILUVW ELGGLQJ VKDOO EH
DOORZHG WR VXEPLW QHZ ELGV 7KH %$& VKDOO REVHUYH WKH VDPH SURFHVV DQG VHW WKH QHZ
SHULRGV DFFRUGLQJ WR WKH VDPH UXOHV DV LQ WKH ILUVW ELGGLQJ ,55$ 6HFWLRQ    ,I D
VHFRQG IDLOXUH RI ELGGLQJ RFFXUV WKH 3URFXULQJ (QWLW\ PD\ HQWHU LQWR D QHJRWLDWHG
SURFXUHPHQW DV SURYLGHG XQGHU ,55$ 6HFWLRQ  ,55$ 6HFWLRQ   ,W VKDOO WKHQ
FRQGXFWDUHELGGLQJZLWKUHSRVWLQJDQGUHDGYHUWLVHPHQW

,IKRZHYHUWKHIDLOXUHRIWKHELGGHUZLWKWKH/&5%RU6&5%WRVLJQWKHFRQWUDFWZLWKLQ
WKHSUHVFULEHGSHULRGLVQRWGXHWRLWVIDXOWWKHVDQFWLRQVPHQWLRQHGDERYHVKDOOQRWEH
LPSRVHG ,55$6HFWLRQ 


2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

&RQWUDFW$SSURYDO


:KHQ DIWHU FRQWUDFW VLJQLQJ IXUWKHU DSSURYDO RI D KLJKHU DXWKRULW\ LV UHTXLUHG WKH
DSSURYLQJDXWKRULW\IRUWKHFRQWUDFWRUKLVGXO\DXWKRUL]HGUHSUHVHQWDWLYHVKDOOEHJLYHQ
DPD[LPXPRIWKUHH  FDOHQGDUGD\VLIWKH3URFXULQJ(QWLW\LVD'LVWULFW2IILFHILYH  
FDOHQGDU GD\V LI WKH 3URFXULQJ (QWLW\ LV D 5HJLRQDO 2IILFH DQGWHQ  FDOHQGDUGD\VLI
WKH 3URFXULQJ (QWLW\ LV WKH &HQWUDO 2IILFH IURP UHFHLSW RI WKH VLJQHG FRQWUDFW LQFOXGLQJ
DOOLWVFRPSRQHQWGRFXPHQWVDQGUHTXLUHGVXSSRUWLQJGRFXPHQWV 6HFWLRQ WR
DSSURYHRUGLVDSSURYHLW


1RWLFHWR3URFHHG


7KH 1RWLFH WR 3URFHHG 173  XVLQJ )RUP '3:+,1)5 PXVW EH LVVXHG WRJHWKHU
ZLWKDFRS\RIWKHDSSURYHG&RQWUDFWWRWKHZLQQLQJELGGHU WKH&RQWUDFWRU ZLWKLQWKUHH
 FDOHQGDUGD\VIURPWKHGDWHRIDSSURYDORIWKH&RQWUDFW


&RQWUDFW(IIHFWLYLW\


8QOHVVRWKHUZLVHVSHFLILHGLQWKH&RQWUDFWD&RQWUDFWLVHIIHFWLYHRQWKHGDWHLQGLFDWHGLQ
WKH 173$OOQRWLFHVFDOOHGIRUE\WKHWHUPVRIWKHDSSURYHG&RQWUDFWVKDOOEHHIIHFWLYH
RQO\IURPVXFKHIIHFWLYLW\GDWH ,55$6HFWLRQ 


 352&('85( +$9(7+(&2175$&7),1$/,=('6,*1('


$1'$33529('$1',668(173 


$FWLYLW\

3UHSDUHDFKHFNOLVWRI
&RQWUDFWGRFXPHQWVDQG
VXSSRUWLQJGRFXPHQWV

5HFHLYHGRFXPHQWV G WR
 J LQ6HFWLRQD
DERYHIURPWKHZLQQLQJ
ELGGHU

&RPSLOHDOOGRFXPHQWVDWR
JLQ6HFWLRQD
DERYHWRIRUPWKH&RQWUDFW

7UDQVPLWWKH&RQWUDFW
GRFXPHQWVWRWKH%XGJHW
2IILFHUIRU2EOLJDWLRQ6OLS
26 

,VVXH26IRUWKH&RQWUDFW


7UDQVPLWWKH&RQWUDFW
GRFXPHQWVWRWKH&KLHI
$FFRXQWDQWIRU&$)

,VVXH&$)IRUWKH&RQWUDFW


6XEPLWWKH&RQWUDFW

5HVSRQVLEOH
3HUIRUPHU
,8



,8




,8



,8




&KLHI%XGJHW
2IILFHU

,8



&KLHI
$FFRXQWDQW

,8

7LPH
)UDPH
FG



FG




FG



FG




FG


FG



FG


FG

5XOHV
8VH)RUP'3:+
,1)5






























2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI


GRFXPHQWVZLWKVXSSRUWLQJ



GRFXPHQWVWRWKH&KLHI/HJDO



2IILFHUIRUUHYLHZDQGLQLWLDO






FG
5HYLHZDQGLQLWLDOWKH

&KLHI/HJDO

&RQWUDFWDQGWUDQVPLWWKLVWR

2IILFHU

WKHDXWKRUL]HG'3:+



FRQWUDFWVLJQDWRU\






FG
5HYLHZDQGVLJQWRJHWKHU
'3:+VLJQDWRU\LV
$XWKRUL]HG

ZLWKWKH&RQWUDFWRUWKH
XVXDOO\WKH,8+HDG
VLJQDWRULHVRI

&RQWUDFWDQGVHQGLWWRWKH
IRU&HQWUDO2IILFH
3URF(QWLW\ 

DSSURYLQJDXWKRULW\
$5'IRU5HJLRQDO
&RQWUDFWRU


2IILFHDQG$'(IRU
ZLWQHVVHGE\


'LVWULFW2IILFH
&KLHI$FFW




FG'2 
5HYLHZDQGDSSURYHWKH
+23(
FG52 
&RQWUDFW

 
FG&2






FG 8VH)RUP'3:+
,VVXH1RWLFHWR3URFHHG
+23(RU
IURP
173 WRWKH&RQWUDFWRU
,1)5
DXWKRUL]HG
&RQWUDFW
UHSUHVHQWDWLYH
DSSURYDO



































2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

5(6(59$7,21&/$86(


/(*$/5()(5(1&(


,55$6HFWLRQSURYLGHVWKHUXOHVJRYHUQLQJWKH5HVHUYDWLRQ&ODXVH



32/,&,(6$1'*8,'(/,1(6

5LJKWRI3URFXULQJ(QWLW\WR5HMHFW%LGV'HFODUHD)DLOXUH
RI%LGGLQJRU1RW$ZDUGWKH&RQWUDFW


7KH3URFXULQJ(QWLW\UHVHUYHVWKHULJKWWRUHMHFWDQ\DQGDOOELGVWRGHFODUHDIDLOXUHRI
ELGGLQJRUQRWWRDZDUGWKHFRQWUDFWLQDQ\RIWKHIROORZLQJVLWXDWLRQV


D
,I WKHUH LV SULPD IDFLH HYLGHQFH RI FROOXVLRQ DPRQJ DSSURSULDWH SXEOLF RIILFHUV RU
HPSOR\HHVRIWKH3URFXULQJ(QWLW\RUEHWZHHQWKH%$&DQGDQ\RIWKHELGGHUVRU
DPRQJ WKH ELGGHUV WKHPVHOYHV RU EHWZHHQDELGGHUDQGDWKLUGSDUW\LQFOXGLQJ
DQ\ DFW ZKLFK UHVWULFWV VXSSUHVVHV RU QXOOLILHV RU WHQGV WR UHVWULFW VXSSUHVV RU
QXOOLI\FRPSHWLWLRQ

E
,IWKH%$&LVIRXQGWRKDYHIDLOHGLQIROORZLQJWKHSUHVFULEHGELGGLQJSURFHGXUHV
IRUZKLFKWKHDSSOLFDEOHVDQFWLRQVVKDOOEHDSSOLHGWRWKHHUULQJRIILFHUV

F
,I IRU DQ\ RI WKH IROORZLQJ MXVWLILDEOH DQG UHDVRQDEOH JURXQG WKH DZDUG RI WKH
FRQWUDFWZLOOQRWUHGRXQGWRWKHEHQHILWRIWKH*RYHUQPHQW

 
7KH SK\VLFDO DQG HFRQRPLF FRQGLWLRQVKDYHVLJQLILFDQWO\FKDQJHGVRDVWR
UHQGHUWKHFRQWUDFWZRUNVQRORQJHUHFRQRPLFDOO\ILQDQFLDOO\RUWHFKQLFDOO\
IHDVLEOHDVGHWHUPLQHGE\WKH+HDGRIWKH3URFXULQJ(QWLW\

 
7KHFRQWUDFWZRUNVDUHQRORQJHUQHFHVVDU\DVGHWHUPLQHGE\WKH+HDGRI
WKH3URFXULQJ(QWLW\

 
7KH VRXUFH RI IXQGV IRU WKH FRQWUDFW KDV EHHQ FDQFHOOHG ZLWKKHOG RU
UHGXFHGWKURXJKQRIDXOWRIWKH3URFXULQJ(QWLW\

,I WKH +HDG RI WKH 3URFXULQJ (QWLW\ DEXVHV KLV SRZHU WR UHMHFW DQ\ DQG DOO ELGV DV
SURYLGHG E\ WKH 5HVHUYDWLRQ &ODXVH ZLWK PDQLIHVW SUHIHUHQFH WR DQ\ ELGGHU ZKR LV
FORVHO\ UHODWHG WR KLP LQ DFFRUGDQFH ZLWK ,55$ 6HFWLRQ  RU LI LW LV SURYHQ WKDW KH
H[HUWHG XQGXH LQIOXHQFH RU SUHVVXUH RQ DQ\ PHPEHU RI WKH %$& RU DQ\ RIILFHU RU
HPSOR\HH RI WKH 3URFXULQJ (QWLW\ WR WDNH VXFK DFWLRQ DQG WKH VDPH IDYRUV RU WHQGV WR
IDYRUDSDUWLFXODUELGGHUKHVKDOOEHPHWHGZLWKWKHSHQDOWLHVSURYLGHGLQ,55$6HFWLRQ
 ,55$6HFWLRQ 


,QVWDQFHVRI%$&1RW)ROORZLQJ3URFHGXUHV


7KHIROORZLQJDUHVRPHLQVWDQFHVZKHQD%$&IDLOVWRIROORZSURFHGXUHV

D
3UHVFULELQJDQLQVXIILFLHQWQXPEHURIGD\VLQWKHDGYHUWLVHPHQWDQGRUSRVWLQJRI
WKH,$(%

E
([FHHGLQJ WKH UHTXLUHG SHULRGV IRU HOLJLELOLW\ VFUHHQLQJ ELG HYDOXDWLRQ
SRVWTXDOLILFDWLRQRUDZDUGLQJWKHFRQWUDFWZLWKRXWMXVWLILDEOHFDXVH



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

F

G

H



















&RQGXFWLQJWKH3UH%LG&RQIHUHQFHRULVVXLQJWKH%LGGLQJ'RFXPHQWVLQOHVVWKDW
WKH UHTXLUHG QXPEHU RI GD\V EHIRUH WKH GHDGOLQH IRU WKH UHFHLSW DQG RSHQLQJ RI
ELGV
5HTXLULQJ RU DOORZLQJ D ELGGHU WR VXEPLW DGGLWLRQDO GRFXPHQWV ZKLFK LV
WDQWDPRXQWWRLPSURYLQJLWVELG
$OORZLQJ D ELGGHU WR EH GHFODUHG HOLJLEOH RU SDVV WKH SRVWTXDOLILFDWLRQ ZLWK
LQFRPSOHWHGRFXPHQWV



































2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

%,'',1*2)3529,1&,$/352-(&76


/(*$/5()(5(1&(


,55$ 6HFWLRQV  DQG  SURYLGH WKH UXOHV UHJDUGLQJ WKH ELGGLQJ IRU SURYLQFLDO
SURMHFWV


32/,&,(6$1'*8,'(/,1(6


'HILQLWLRQRI3URYLQFLDO3URMHFWV


3URYLQFLDOSURMHFWVDUHLQIUDVWUXFWXUHSURMHFWVDQGSULRULW\SURJUDPVWKDWDUHORFDWHGLQ
(QJLQHHULQJ 'LVWULFWV DUH IXOO\ IXQGHG E\ WKH JRYHUQPHQW DQG DUH LGHQWLILHG LQ
FRQVXOWDWLRQZLWKWKHFRQFHUQHGPHPEHUVRI&RQJUHVV7KHVHDUHSULRULW\SURJUDPVDQG
LQIUDVWUXFWXUH SURMHFWV WKDW DUH IXQGHG RXW RI WKH DQQXDO *$$ DQG DUH LQWHQGHG IRU
LPSOHPHQWDWLRQZLWKLQWKHSURYLQFH


5XOHVRQ3URFXULQJ3URYLQFLDO3URMHFWV


7KH UXOHV RQ SXEOLF ELGGLQJ DQG SURFXUHPHQW SURFHVVHV SUHVFULEHG LQ 5$  DQG LWV
,55$VKDOODSSO\WRSURYLQFLDOSURMHFWV ,55$6HFWLRQ 
+RZHYHU VSHFLDO SULYLOHJHV DUH JLYHQ WR SURYLQFLDO ELGGHUV ZKLFK DUH GHILQHG DV
FRQWUDFWRUV ZKRVH SULQFLSDO RIILFHV DUH ZLWKLQ WKH SURYLQFH ZKHUH D SURYLQFLDO SULRULW\
SURJUDP RU LQIUDVWUXFWXUH SURMHFW DV GHILQHG DERYH LV EHLQJ LPSOHPHQWHG  0RUH
VSHFLILFDOO\ LQ WKH ELGGLQJ RI VXFK SURYLQFLDO SURMHFWV D SURYLQFLDO ELGGHU LV JLYHQ WKH
SULYLOHJHRIPDWFKLQJWKH/&%RIDELGGHUWKDWLVQRWDSURYLQFLDOELGGHU,QLPSOHPHQWLQJ
WKLVUXOHWKHIROORZLQJVKDOOEHREVHUYHG ,55$6HFWLRQ 
D

7KHVXEMHFWELGGLQJLVGRQHZLWKLQILYH  \HDUVIURPWKHHIIHFWLYLW\RI5$
LHQRWODWHUWKDQ-DQXDU\

E

,I WKH /&% LV VXEPLWWHG E\ D QRQSURYLQFLDO ELGGHU WKH SURYLQFLDO ELGGHU WKDW
VXEPLWV WKH ORZHVW ELG DPRQJ WKH SURYLQFLDO ELGGHUV DOWKRXJK KLJKHU WKDQ WKH
/&%LVJLYHQWKHSULYLOHJHRIPDWFKLQJWKH/&%

F

7KHVDLGSURYLQFLDOELGGHUVKDOOH[HUFLVHWKHSULYLOHJHRIPDWFKLQJWKH/&%ZLWKLQ
IRUW\HLJKW  KRXUVIURPUHFHLSWRIWKHQRWLFHIURPWKH%$&DVNLQJLWWRPDWFK
WKH/&%

G

7KH SURYLQFLDO ELGGHU PXVW DJUHH WR PDWFK WKH /&% LQ ZULWLQJ WKURXJK
DSSURSULDWHDGMXVWPHQWVLQLWVXQLWELGSULFHVZLWKRXWFKDQJLQJWKHVFRSHRIZRUN
DQGZRUNLWHPVSUHVFULEHGE\WKH3URFXULQJ(QWLW\LQWKH%LGGLQJ'RFXPHQWV

H

,IWKHSURYLQFLDOELGGHULVDEOHWRPDWFKWKH/&%ZLWKLQWKHSUHVFULEHGSHULRGDQG
LWSDVVHVWKHSRVWTXDOLILFDWLRQLWZLOOEHDZDUGHGWKHFRQWUDFW,ILWIDLOVWRPDWFK
WKH/&%RUWRSDVVWKHSRVWTXDOLILFDWLRQKRZHYHUWKHFRQWUDFWZLOOEHDZDUGHGWR
WKHQRQSURYLQFLDOELGGHUWKDWVXEPLWWHGWKH/&%VXEMHFWWRSRVWTXDOLILFDWLRQ

7KLVSULYLOHJHJUDQWHGWRSURYLQFLDOFRQWUDFWRUVVKDOOQRWDSSO\WR
D

FRQWUDFWVZKLFKFRYHUVPRUHWKDQRQH  SURYLQFHDQG

E

FRQWUDFWVZLWKLQ0HWUR0DQLOD





2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

3DJHRI

 5HTXLUHPHQWIRU$GYHUWLVHPHQWDQG3RVWLQJRI
2SSRUWXQLWLHVIRU3URYLQFLDO3URMHFWV
7KH 3URFXULQJ (QWLW\ PXVW FRPSO\ ZLWK WKH IROORZLQJ UHTXLUHPHQWV LQ SXEOLVKLQJ RU
SRVWLQJ WKHLQIRUPDWLRQRQWKHUHOHDVHRIIXQGVIRUSURYLQFLDOSURMHFWVGXULQJWKHVDPH
SHULRGIRUWKHDGYHUWLVHPHQWDQGSRVWLQJRIWKH,$(% ,55$6HFWLRQ 
D

7KHQRWLFHVPXVWEHSXEOLVKHGLQDORFDOQHZVSDSHUZLWKZLGHUHJLRQDOFLUFXODWLRQ

E

7KHQRWLFHVPXVWEHSRVWHGDWDQ\FRQVSLFXRXVSODFHUHVHUYHGIRUWKHSXUSRVHLQ
WKHSUHPLVHVRIWKH3URFXULQJ(QWLW\

F

7KHQRWLFHVPXVWEHSRVWHGLQWKHZHEVLWHRIWKH'3:+DQGWKH*(36



2FWREHU'3:+0DQXDORI3URFHGXUHVIRUWKH3URFXUHPHQWRI/RFDOO\)XQGHG,QIUDVWUXFWXUH3URMHFWV
WKURXJK3XEOLF%LGGLQJ

You might also like