You are on page 1of 129

/6&5(:,1*

75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

*0'66
6WXGHQWV+DQGERRN

5LJD



/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

35()$&(
&KDSWHU%$6,&&21&(372)7+(*/2%$/0$5,7,0(',675(66$1'6$)(7<6<67(0
*0'66  
,QWURGXFWLRQ
)XQFWLRQVRIWKH*0'66
ƒ ‡$OHUWLQJ 
ƒ 6$5FRRUGLQDWLQJFRPPXQLFDWLRQV
ƒ 2QVFHQHFRPPXQLFDWLRQV 
ƒ ‡/RFDWLQJVLJQDOV 
ƒ 'LVVHPLQDWLRQRI0DULQH6DIHW\,QIRUPDWLRQ 
ƒ ‡*HQHUDOUDGLRFRPPXQLFDWLRQ
ƒ %ULGJHWREULGJHFRPPXQLFDWLRQV
&RPPXQLFDWLRQVV\VWHPVIRUXVHLQWKH*0'66 
ƒ 6DWHOOLWHFRPPXQLFDWLRQV 
ƒ ‡7HUUHVWULDOFRPPXQLFDWLRQV 
ƒ &RPPXQLFDWLRQVIRUGLVVHPLQDWLRQRI0DULQH6DIHW\,QIRUPDWLRQ
6KLSHTXLSPHQWFDUULDJHUHTXLUHPHQWV
ƒ ‡%DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$ 
ƒ %DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$ 
ƒ ‡%DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$ 
ƒ ‡%DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$ 
ƒ $LUFUDIWVWDWLRQV 
ƒ 0DULWLPH5HVFXH&RRUGLQDWLRQ&HQWUH
7\SHVRIFRPPXQLFDWLRQV 
ƒ 'LVWUHVV8UJHQF\DQG6DIHW\&RPPXQLFDWLRQV 
ƒ ‡7KH&RDVW6WDWLRQ 
ƒ 6DWHOOLWHVWDWLRQV
ƒ ‡3LORWDQG3RUWVWDWLRQV
ƒ $LUFUDIWVWDWLRQV 
ƒ 0DULWLPH5HVFXH&RRUGLQDWLRQ&HQWUH
7\SHVRIFRPPXQLFDWLRQV 
ƒ ‡'LVWUHVV8UJHQF\DQG6DIHW\&RPPXQLFDWLRQV 
ƒ 3XEOLFFRUUHVSRQGHQFH 
ƒ 3RUW2SHUDWLRQV6HUYLFH 
ƒ ,QWHUVKLS&RPPXQLFDWLRQV
ƒ 2QERDUG&RPPXQLFDWLRQV
ƒ ‡7KHFRQFHSW RIIUHTXHQFLHV 
ƒ 7KHUHODWLRQVKLSEHWZHHQ
IUHTXHQF\
DQG
ZDYHOHQJWK

ƒ )UHTXHQF\GHVLJQDWLRQV
5DGLR:DYHV
ƒ ‡3URSDJDWLRQRI5DGLR:DYHV 
ƒ ‡7KH,RQLVHG/D\HUV
ƒ 7KH)/D\HU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 7KH(/D\HU
ƒ 7KH'/D\HU
ƒ ‡7KH7\SHVRI3URSDJDWHG:DYHV
ƒ ‡6NLS=RQHDQG6NLS'LVWDQFH
ƒ ‡)DGLQJ 
ƒ ‡3URSDJDWLRQRI0)VLJQDOV
ƒ ‡3URSDJDWLRQRI+)VLJQDOV 
ƒ 7URSRVSKHULF6FDWWHUSURSDJDWLRQ 
0RGHVRI&RPPXQLFDWLRQ 
ƒ 0RUVH 
ƒ 5DGLRWHOHSKRQ\
ƒ 1DUURZ%DQG'LUHFW3ULQWLQJ 
ƒ )DFVLPLOH
ƒ ‡'LJLWDO6HOHFWLYH&DOOLQJ '6& 
ƒ ‡'DWD
0RGXODWLRQDQG&ODVVHVRI(PLVVLRQ
ƒ ‡ 0RGXODWLRQ
ƒ $PSOLWXGH0RGXODWLRQ 
ƒ ‡6LQJOH6LGH%DQG 66% 
ƒ )UHTXHQF\0RGXODWLRQ 
ƒ 7HOHJUDSK\ 
&RPPXQLFDWLRQ&KDQQHOV
ƒ ‡6LPSOH[
ƒ ‡'XSOH[ 
ƒ ‡6HPL'XSOH[
6XUYLYDO&UDIW5DGLR(TXLSPHQW
ƒ ‡3RUWDEOHWZRZD\9+)UDGLRWHOHSKRQHHTXLSPHQW 
ƒ ‡6$57
ƒ (3,5%
&KDSWHU5(*8/$7,216$1'352&('85(6
*HQHUDO5HJXODWLRQ
ƒ ,/LFHQFH 
ƒ 0DVWHUV
$XWKRULW\ 
ƒ ,QVSHFWLRQDQG6XUYH\RI5DGLR6WDWLRQV
ƒ 6HFUHF\RIFRUUHVSRQGHQFH
ƒ ‡,GHQWLILFDWLRQRI6WDWLRQV
ƒ ‡2SHUDWRUV
&HUWLILFDWHV 
ƒ ‡2UGHURI3ULRULW\RI&RPPXQLFDWLRQ 
ƒ ‡'RFXPHQWVWREHFDUULHG
ƒ 8QDXWKRULVHGWUDQVPLVVLRQVDQGEURDGFDVWV 
5DGLRWHOHSKRQ\*HQHUDO3URFHGXUHV 
ƒ ‡3UHOLPLQDU\2SHUDWLRQV 
ƒ ‡&DOOE\5DGLRWHOHSKRQ\ 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ ‡7UDIILF5HSRUW 75  
ƒ ‡0HWKRGVRIFDOOLQJUHSO\WRFDOOVDQGVLJQDOSUHSDUDWRU\WRWKHH[FKDQJHRIWUDIILF 
ƒ (VWDEOLVKLQJFRQWDFWXVLQJ'LVWUHVVDQG&DOOLQJIUHTXHQF\
ƒ 'LUHFWFDOOLQJ RQZRUNLQJFKDQQHOV 
ƒ &RQWURORIZRUNLQJ 
ƒ 'LIILFXOWLHVLQHVWDEOLVKLQJFRQWDFW
ƒ ‡'LIILFXOW\LQUHFHSWLRQ 
ƒ ‡([FKDQJHRIWUDIILF5DGLRWHOHSKRQHFDOOV
ƒ ‡$FNQRZOHGJHPHQWRI5HFHLSW 
ƒ ‡)UHTXHQFLHVWREHXVHGIRUFDOOLQJDQGIRUSUHSDUDWRU\VLJQDOV
ƒ ‡)UHTXHQF\WREHXVHGIRUUHSO\WRFDOOV 
ƒ 7HVWLQJRIHTXLSPHQW 
7HVWLQJRI*0'665DGLR(TXLSPHQW
0RQLWRULQJRI'LVWUHVV)UHTXHQFLHV
*0'665DGLR/RJERRN 
6LOHQFH3HULRGV 
7LPH.HHSLQJ
&ORVXUHRI5DGLR6WDWLRQ
&KDSWHU',675(6685*(1&< 6$)(7< 
&20081,&$7,216 
*HQHUDO5HJXODWLRQV 
'LVWUHVV)UHTXHQFLHV 
2SHUDWLRQDOSURFHGXUHV
'LVWUHVV$OHUW5HOD\ 
$FNQRZOHGJLQJUHFHLSWRI'LVWUHVV$OHUW E\VKLSVWDWLRQ
$FNQRZOHGJHPHQWRIUHFHLSWRI'LVWUHVV$OHUW 
ƒ ,5DGLRWHOHSKRQ\ 
ƒ 5DGLRWHOH[ 
,10$56$7$'LVWUHVVSURFHGXUH
ƒ 5DGLRWHOHSKRQHPRGH
ƒ ,10$56$57$7HOH[PRGH 
,10$56$7&SURFHGXUH 
6LOHQFHLPSRVHGGXULQJ'LVWUHVVZRUNLQJ 
6((/21&(0$<'$<
([DPSOHE\UDGLRWHOHSKRQH
&RPPXQLFDWLRQVDWWKHVFHQHRIDGLVWUHVV
/RFDWLQJDQGKRPLQJVLJQDOVXVHGGXULQJ6$5RSHUDWLRQV
ƒ )XOO'LVWUHVV$OHUWRQWKH'6&HQFRGHU
7KH5DGLRWHOHSKRQH$ODUP6LJQDO 
8UJHQF\FRPPXQLFDWLRQV
ƒ ‡5DGLRWHOHSKRQ\
ƒ 5DGLRWHOH[ 
6DIHW\FRPPXQLFDWLRQV
ƒ ‡5DGLRWHOHSKRQ\
ƒ ‡7HOH[ 
&KDSWHU',*,7$/6(/(&7,9(&$// 
'6& 
'6&URXWLQHFDOO 
0DULWLPH0RELOH6HUYLFH,GHQWLWLHV 006, 
'LVWUHVV'6&SURFHGXUHVIRU9+)0) 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 7UDQVPLVVLRQRI'6&'LVWUHVV$OHUW
ƒ ‡$FNQRZOHGJHPHQWRID'6&'LVWUHVV$OHUW 
ƒ 'LVWUHVV7UDIILF
ƒ 7UDQVPLVVLRQRID'LVWUHVV5HOD\$OHUW 
$FNQRZOHGJHPHQWRID'6&'LVWUHVV5HOD\$OHUW 
8UJHQF\
ƒ ‡7UDQVPLVVLRQRI8UJHQF\0HVVDJH 
ƒ 5HFHSWLRQRIDQ8UJHQF\0HVVDJH
6DIHW\
ƒ ‡7UDQVPLVVLRQRI6DIHW\0HVVDJH 
ƒ 5HFHSWLRQRID6DIHW\0HVVDJH 
3XEOLF&RUUHVSRQGHQFH 
ƒ 9+)
ƒ 0)
ƒ ‡7UDQVPLVVLRQRID'6&&DOOIRU3XEOLFWRD&RDVW6WDWLRQRUDQRWKHU6KLS
ƒ ‡5HSHDWLQJD&DOO 
ƒ $FNQRZOHGJHPHQWRID&DOODQGSUHSDUDWLRQIRUUHFHLYLQJD7UDIILF 
ƒ ‡5HFHSWLRQRI$FNQRZOHGJHPHQWDQGIXUWKHUDFWLRQ 
ƒ 7HVWLQJWKH(TXLSPHQWXVHGIRU 'LVWUHVVDQG6DIHW\ 
3URFHGXUHVIRU'6&&RPPXQLFDWLRQVRQ+)
ƒ 7UDQVPLVVLRQRI'6&'LVWUHVV$OHUW 
ƒ 3UHSDULQJIRUWKHVXEVHTXHQW'LVWUHVV7UDIILF
ƒ 'LVWUHVVWUDIILF
ƒ 8UJHQF\7UDQVPLVVLRQ 
ƒ ‡7UDQVPLVVLRQRIWKH8UJHQF\0HVVDJH
ƒ 6DIHW\ 
ƒ ‡3XEOLFFRUUHVSRQGHQFHRQ+)
ƒ ‡7HVWLQJWKHHTXLSPHQWXVHGIRU'LVWUHVVDQG6DIHW\RQ+)
&KDSWHU7+(,10$56$76$7(//,7(&20081,&$7,2166<67(06
,QWURGXFWLRQ 
7KH6SDFH6HJPHQW 
&RDVW(DUWK 6WDWLRQV &(6  
1HWZRUN&RRUGLQDWLRQ6WDWLRQ
6KLS(DUWK6WDWLRQ
&KDSWHU,10$56$7$6$7(//,7(&20081,&$7,2166<67(0
6HUYLFHVDYDLODEOHIURP,10$56$7$/(6 
6KLS(DUWK6WDWLRQ 6(6  
ƒ ‡$ERYHGHFNHTXLSPHQW 
ƒ 6FKHPDWLFGLDJUDPRI,QPDUVDW$WHUPLQDOIURP-5& 
ƒ %HORZGHFNHTXLSPHQW
ƒ ‡$QWHQQDGLUHFWLRQWUDFNLQJ 
'LVWUHVV&RPPXQLFDWLRQ
ƒ ‡'LVWUHVVSULRULW\ 
8UJHQF\DQG6DIHW\SULRULW\
,10$56$77HOHSKRQH6HUYLFHV
ƒ 6HUYLFHVDYDLODEOHWRWKH,10$56$7$XVHUV 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ (VWDEOLVKLQJD7HOHSKRQH&DOOYLD6DWHOOLWH
,10$56$7$7HOH[6HUYLFH 
'DWD&RPPXQLFDWLRQVRYHU,10$56$7$
)DFVLPLOHRYHU,10$56$7$ 
,QWURGXFWLRQ 
6\VWHPRSHUDWLRQ
,10$56$7&6HUYLFHV 
ƒ ‡'LVWUHVVDQG6DIHW\ 
ƒ 6WRUHDQGIRUZDUG0HVVDJLQJ6HUYLFHV 
ƒ (QKDQFHG*URXS&DOO 
ƒ ‡'DWD5HSRUWLQJ3ROOLQJDQG6&$'$ 6XSHUYLVRU\&RQWURODQG'DWD$FTXLVLWLRQ 
ƒ ‡2SHUDWRU$VVLVWHGDQG9DOXHDGGHG6HUYLFHV 
,10$56$7&(TXLSPHQW 
7KH,10$56$7&V\VWHP 
,10$56$70RELOH1XPEHU 
1HWZRUN&RRUGLQDWLQJ6WDWLRQV 1&6  
/2**,1*,1WRWKH1&6LQ\RXU2FHDQ5HJLRQ 
+RZWRVHQGDVWRUHDQGIRUZDUGPHVVDJHIURPD6(6WRDGHVWLQDWLRQYLDWKHLQWHUQDWLRQDO
WHOHFRPPXQLFDWLRQQHWZRUNV 
,10$56$7&WHOH[VHUYLFHDEEUHYLDWHGFRGHV
&KDSWHU7(/(;29(55$',2
,QWURGXFWLRQ 
7KH6\VWHP
7KH0RGHP
ƒ 7KH0RGHP 
ƒ ‡&RQWUROVZLWFKHV/('
V 
ƒ ,QGLFDWLQJODPSV/('
V
0RGXODWLRQ 
7HOH[IUHTXHQFLHV 
ƒ 7HOH[)UHTXHQFLHV
ƒ 'LVWUHVV)UHTXHQFLHV
ƒ )UHTXHQF\SURWHFWLRQ‡
ƒ 7HVW7UDQVPLVVLRQ
$54
)RUZDUG(UURU&RUUHFWLRQ 
6HOHFWLYH)(& 
7HOH[DQVZHUEDFN
3URFHGXUHIRULQLWLDWLQJD5DGLR7HOH[FDOO
/LVWRI$EEUHYLDWLRQVDVXVHGLQ$XWRPDWLF5DGLR7HOH[V\VWHP 
0DULWH[ 
ƒ 0DULWH[QHWZRUNGHVLJQ
ƒ 7UDIILFVKRUHWRVKLS 
ƒ 7UDIILFVKLSWRVKRUH 
ƒ ‡0DULWH[V\VWHPVHUYLFHV
&KDSWHU1$97(; 
,QWURGXFWLRQ 
7KH1$97(;6\VWHP
1$9$5($V 
7KH1$97(;0HVVDJH 
1DWLRQDO1$97(;6HUYLFH 
ƒ 1DYDUHDVZRUOGZLGH 
ƒ 1DYWH[VWDWLRQVLQ1DYDUHD,


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
(*6 6DIHW\1(76HUYLFH 
+LJKIUHTXHQF\06,
7KH1$97(;UHFHLYHU 
&KDSWHU(3,5% (0(5*(1&<326,7,21,1',&$7,1*5$',2%($&21 
ƒ ,QWURGXFWLRQ
ƒ 0LVVLRQ&RQWURO&HQWUHV
ƒ ‡6SDFHVHJPHQW
&263$66$56$7(3,5%
ƒ ‡$FWLYDWLRQRIWKH%HDFRQ 
ƒ 0DLQWHQDQFHRIWKH%HDFRQ
7KH,10$56$7((3,5% 
9+3(PHUJHQF\%HDFRQ 
&KDSWHU 6$57 6($5&+$1'5(6&8(75$16321'(5 
,QWURGXFWLRQ 
5DQJHSHUIRUPDQFH 
&DWHJRULHVRI6$57 
7HVWSURFHGXUH 
6SHFLILFDWLRQV 
&KDSWHU32:(56833/,(6 
5DGLREDWWHULHV 
/HDGEDWWHULHV 
&KDUJLQJDQG0DLQWHQDQFH 
%DWWHU\FDSDFLW\ 
&DSDFLW\UHTXLUHPHQWV
&KDSWHU0$5,7,0(02%,/(75$)),&&+$5*(6
5DGLRWHOHSKRQHFDOOV 
5DGLRWHOHJUDPV 
5DGLRWHOH[RQWKH0)DQG+)EDQGV
7HOHSKRQHDQGWHOH[YLD,10$56$7$
7HOH[YLD,10$56$7& 
$SSHQGL[,7(672)*0''6(48,30(17 6$,/25  
$SSHQGL[,,$%%5(9,$7,216 
$SSHQGL[,,,'6&)5(48(1&< 


$SSHQGL[,9 6(/(&7('0,'&28175<&2'(6 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

35()$&(
:RUN RQ WKH GHYHORSPHQW RI D QHZ JOREDO V\VWHP IRU GLVWUHVV DQG VDIHW\
FRPPXQLFDWLRQVZDVLQLWLDWHGWHQ\HDUVDJRE\,02WKH,QWHUQDWLRQDO0DULWLPH2UJDQL]DWLRQ
7KHUHDVRQVIRUGHYHORSLQJDQHZV\VWHPZHUHDPRQJVWRWKHUWKLQJV
D 7KHLQDGHTXDF\RIH[LVWLQJGLVWUHVVDQGVDIHW\V\VWHPV
E 0RGHUQWHKQRORJ\ZDVDOUHDG\EHLQJXVHGWRLQFUHDVHWKHHIILFLHQF\RIFRPPHUFLDO
WUDIILFZKLOHGLVWUHVVDQGVDIHW\FRPPXQLFDWLRQVZHUHVWLOOXVLQJROGWHFKQRORJ\DQG
ROGIDVKLRQHG V\VWHPV 7KH VXEVHTXHQW SURFHVV RI GHYHORSPHQW UHVXOWHG LQ WKH
*OREDO 0DULWLPH 'LVWUHVV DQG 6DIHW\ 6\VWHP *0'66  ZKLFK WKH VKLSSLQJ
LQGXVWU\ZDVDEOHWRSXWLQWRXVHRQ)HEUXDU\
7KH SXUSRVH RI WKLV ERRN LV WR SURYLGH D WKHRUHWLFDO GHVFULSWLRQ RI DQG WKHUHE\
NQRZOHGJHDERXWWKHEDVLFIHDWXUHVRIWKH0DULWLPH0RELOH6HUYLFHVDQGWKH0DULWLPH0RELOH
6DWHOOLWH 6HUYLFHV 7KH REMHFW LV DOVR WR PHHW WKH UHTXLUHPHQWV PDGH LQ WKH  ([DPLQDWLRQ
6\OODEXV IRU *HQHUDO 2SHUDWRU
V &HUWLILFDWH *2&   LVVXHG E\ WKH &(37 55 3URMHFW 7HDP 
ZKLFKSURYLGHVGHWDLOHGRYHUYLHZRIWKHWKHRUHWLFDOVNLOOVZKLFKPXVWEHDWWDLQHGE\VWXGHQWV
GXULQJD*0'66*2&WUDLQLQJFRXUVH
7KH ERRN SURYLGHV DQ LQWURGXFWLRQ WR HDFK LQGLYLGXDO V\VWHP XVHG RQ ERDUG YHVVHOV
HTXLSSHGLQDFFRUGDQFHZLWK*0'66UHTXLUHPHQWV)XUWKHUPRUHLWVHHNVWRSRLQWRXWWRXVHUV
RI*0'66HTXLSPHQWWKHYLWDOLPSRUWDQFHRIXQGHUVWDQGLQJWKHOLPLWDWLRQVDQGSRVVLELOLWLHVRI
WKHGLIIHUHQWV\VWHPVZLWKUHJDUGWRUDQJHDQGFRYHUDJH
<RX ZLOO QRW ILQG DOO WKH DQVZHUV LQ *0'66 2SHUDWRUV &RXUVH EXW XVLQJ WKH ERRN
WRJHWKHUZLWKHTXLSPHQWPDQXDOVDQG,78SXEOLFDWLRQVVKRXOGHQDEOH\RXWRGHDOZLWKPRVWRI
WKHSUREOHPVWKDWZLOODULVHGXULQJD*0'66FRXUVH
7KLV ERRN LV LQWHQGHG IRU D ZLGH UDQJH RI UHDGHUV LQWHUHVWHG LQ PDULWLPH UDGLR
FRPPXQLFDWLRQVVXFKDV
1DYLJDWRUVDQGUDGLRRIILFHUVUHTXLULQJWKHFHUWLILFDWLRQ
SURYLGHGE\DQDGGLWLRQDO*0'66FRXUVH
*0'66LQVWUXFWRUVDWQDYLJDWLRQDOFROOHJHVDQGWUDLQLQJ
FHQWUHV
7KHERRNLVDOVRLQWHQGHGWREHXVHGDVDWHDFKLQJDLGDW*0'66WUDLQLQJFHQWUHVDQG
QDYLJDWLRQDODFDGHP\
, KDYH VRXJKW WR EXLOG XS WKH FRQWHQWV RI WKLV ERRN E\ IROORZLQJ D QDWXUDO SURJUHVVLRQ
LQYROYLQJ VHSDUDWH FKDSWHUV FRQFOXGHG E\ UHOHYDQW SLFWXUHV ZKLFK DOORZ VWXGHQWV HDV\ WR
XQGHUVWDQGWKHPRVWLPSRUWDQWSRLQWVRIWKHVXEMHFWGHDOWLQHDFKFKDSWHU7KHERRNLVVXLWDEOH
IRU VHOIWXLWLRQDQGVKRXOGEHUHDGSULRUWRWDNLQJD*0'66WUDLQLQJFRXUVH,QP\H[SHULHQFH
SUHOLPLQDU\VWXGLHVZLOOVXEVWDQWLDOO\LQFUHDVHXQGHUVWDQGLQJRIWKHYDULRXV*0'66V\VWHPV
WKHUHE\LQFUHDVLQJWKHEHQHILWRIWKH*0'66FRXUVH
VKRXOGOLNHWRRIIHUVSHFLDOWKDQNVWR0U(*UDPDWQLHNV6HQLRU,QVWUXFWRU3HUVRQQHO
7UDLQLQJ &HQWUH IRU *0'66 RI /DWYLDQ 6KLSSLQJ &RPSDQ\  FROOHDJXH WR ZKRP WKH\ DUH
JUDWHIXOIRUKLVKHOSIXOFRPPHQWVDQGIRUSURRIUHDGLQJWKHILQDOZRUN,DOVRZLVKWRWKDQNWKH
SURGXFHUVRI*0'66HTXLSPHQWIRUDOORZLQJWKHXVHDQGUHSURGXFWLRQRILOOXVWUDWLRQVXVHGLQ
WKHLUEURFKXUHVDQGGDWDVKHHWV
7KHDXWKRUZLVKWRGHGLFDWHWKLVERRNWRDOO*0'665DGLR2SHUDWRUVLQWKHKRSHWKDWLW
ZLOODVVLVWLQPDLQWDLQLQJWKH6DIHW\RI/LIHDW6HD

,QWHU&HUW*0'66,QVWUXFWRU
VW&ODVV5DGLR(OHFWURQLF 1*RUHOLNRY


&KDSWHU%$6,&&21&(37
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

2)7+(*/2%$/0$5,7,0(
',675(66$1'6$)(7<
6<67(0 *0'66 
,QWURGXFWLRQ
7KHEDVLFFRQFHSWRIWKHV\VWHP VKRZQLQILJXUHRQWKHQH[WSDJH LVWKDWVHDUFKDQG
UHVFXHDXWKRULWLHVDVKRUHDVZHOODVVKLSSLQJLQWKHLPPHGLDWHYLFLQLW\RIWKHVKLSLQGLVWUHVV
ZLOO EH UDSLGO\ DOHUWHG WR D GLVWUHVV LQFLGHQW VR WKH\ FDQ DVVLVW LQ D FRRUGLQDWHG VHDUFK DQG
UHVFXHRSHUDWLRQZLWKWKHPLQLPXPGHOD\7KHV\VWHPZLOODOVRSURYLGHIRUXUJHQF\DQGVDIHW\
FRPPXQLFDWLRQV DQG WKH GLVVHPLQDWLRQ RI PDULQH VDIHW\ LQIRUPDWLRQ LQFOXGLQJ QDYLJDWLRQDO
DQG PHWHRURORJLFDOZDUQLQJV,QRWKHUZRUGVHYHU\VKLSZLOOEHDEOHLUUHVSHFWLYHRIWKHDUHDLQ
ZKLFKLWRSHUDWHVWR SHUIRUPWKRVHFRPPXQLFDWLRQIXQFWLRQVFRQVLGHUHGHVVHQWLDOIRUWKHVDIHW\
RIWKHVKLSLWVHOIDQGRIRWKHUVKLSVRSHUDWLQJLQWKHVDPHDUHD
5HFRJQLVLQJWKDWWKHGLIIHUHQWUDGLRVXEV\VWHPVLQFRUSRUDWHGLQWKHJOREDOV\VWHPKDYH
LQGLYLGXDO OLPLWDWLRQV ZLWK UHVSHFW WR WKH JHRJUDSKLFDO FRYHUDJH DQG VHUYLFHV SURYLGHG WKH
HTXLSPHQWUHTXLUHGWREHFDUULHGE\DVKLSZLOOEHGHWHUPLQHGLQSULQFLSOHE\WKHVKLS
VDUHDRI
RSHUDWLRQZKLFKKDVEHHQGHVLJQDWHGDVIROORZV
$UHD$,  ZLWKLQWKHUDGLRWHOHSKRQHFRYHUDJHRIDWOHDVWRQH9+)FRDVWVWDWLRQLQZKLFK
FRQWLQXRXV'6&DOHUWLQJLVDYDLODEOH PLOHV 
$UHD$ ZLWKLQWKHUDGLRWHOHSKRQHFRYHUDJHRIDWOHDVWRQH0)FRDVWVWDWLRQLQ
ZKLFKFRQWLQXRXV'6&DOHUWLQJLVDYDLODEOH ([FOXGLQJVHDDUHD$,  PLOHV
$UHD$  ZLWKLQWKHFRYHUDJHRIDQ,10$56$7LQZKLFKFRQWLQXRXVDOHUWLQJLV
YDULDEOH H[FOXGLQJVHDDUHDV$,$  DSSUR[LPDWHO\EHWZHHQ1DQG6 
$UHD$  WKHUHPDLQLQJVHDDUHDRXWVLGHDUHDV$,$DQG$


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

)XQFWLRQVRIWKH*0'66
7KHV\VWHPUHTXLUHPHQWVDQGGHVLJQPD\EHFRQVLGHUHGXQGHUWKHIROORZLQJIXQFWLRQV
ZKLFKVKRXOGEHSHUIRUPHGHIILFLHQWO\

ƒ ‡$OHUWLQJ
'LVWUHVV DOHUWLQJ LV WKH UDSLG DQG VXFFHVVIXO UHSRUWLQJ RI D GLVWUHVV LQFLGHQW WR D XQLW
ZKLFK FDQ SURYLGH RU FRRUGLQDWH DVVLVWDQFH 7KLV ZRXOG EH DQRWKHU VKLS LQ WKH YLFLQLW\ RU D
5HVFXH &RRUGLQDWLRQ &HQWUH 5&&  :KHQ DQ DOHUW LV UHFHLYHG E\ DQ 5&& QRUPDOO\ YLD D
&RDVWVWDWLRQRU&RDVW(DUWKVWDWLRQWKH5&&ZLOOUHOD\WKHDOHUWWR6$5XQLWVDQGWRVKLSVLQ
WKHYLFLQLW\RIWKHGLVWUHVVLQFLGHQW$GLVWUHVVDOHUWVKRXOGLQGLFDWHWKHLGHQWLILFDWLRQDQGSRVLWLRQ
RIWKHGLVWUHVVDQGZKHUHSUDFWLFDEOHLWVQDWXUHDQGRWKHU,QIRUPDWLRQZKLFKFRXOGEHXVHG
IRUUHVFXHRSHUDWLRQV
7KH FRPPXQLFDWLRQ DUUDQJHPHQWV DUH GHVLJQHG WR HQDEOH GLVWUHVV DOHUWLQJ WR EH
SHUIRUPHGLQDOOWKUHHGLUHFWLRQVVKLSWRVKRUHVKLSWRVKLSDQGVKRUHWRVKLSLQDOOVHDDUHDV
7KH SUREDELOLW\ RI D VXFFHVVIXO DOHUW ZLOO EH KLJK DQG DV WKH DOHUWLQJ WXQH LV H[SHFWHG WR EH
VKRUW UHVSRQVH VKRXOG EH UDSLG WKHUHE\ LQFUHDVLQJ WKH OLNHOLKRRG RI VXFFHVVIXO UHVFXH
+RZHYHUVKLSWRVKLSDOHUWLQJLVGHVLJQHGWREHHIIHFWLYHDWGLVWDQFHVRIXSWRDERXWPLOHV
:KHQWKHUHLVQRVKLSZLWKLQDERXWPLOHVRIWKHVKLSLQGLVWUHVVWKHV\VWHPLVGHVLJQHGWR
HQDEOH DVVLVWDQFH WR EH SURYLGHG WKURXJK DUUDQJHPHQW PDGH IURP WKH VKRUH XVLQJ HLWKHU
VDWHOOLWHRU+)FRPPXQLFDWLRQVRUDFRPELQDWLRQRIERWK
6KLSVVDLOLQJLQDUHDV$DQG$ZLOOWUDQVPLWDVKLSWRVKLSDOHUWRQN+]DQGD
VKLSWRVKRUH DOHUWE\ D 6KLS (DUWKVWDWLRQ+)'6&FRPPXQLFDWLRQVRUDVDWHOOLWH(3,5%DV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
DSSURSULDWH 6KLSV VDLOLQJ LQ DUHD $ ZLOO WUDQVPLW D VKLSWRVKLS DQG D VKLSWRVKRUH DOHUWRQ
N+]DQGVKLSVVDLOLQJLQDUHD$OZLOOWUDQVPLWDVKLSWRVKLSDQGVKLSWRVKRUHDOHUWRQ
 0+] XVLQJ '6& $ GLVWUHVV DOHUW ZLOO QRUPDOO\ EH LQLWLDWHG PDQXDOO\ DQG DOO GLVWUHVV
DOHUWV ZLOO EH DFNQRZOHGJHG PDQXDOO\ :KHQ D VKLS VLQNV D IORDWIUHH VDWHOOLWH (3,5% LV
DXWRPDWLFDOO\DFWLYDWHG

7KHUHOD\LQJRIDGLVWUHVVDOHUWIURPDQ5&&WRVKLSVLQWKHYLFLQLW\RIDGLVWUHVVLQFLGHQW
ZLOO EH PDGH E\ VDWHOOLWH FRPPXQLFDWLRQ WR VKLS HDUWK VWDWLRQV DQG E\ WHUUHVWULDO
FRPPXQLFDWLRQVXVLQJDSSURSULDWHIUHTXHQFLHV
7R DYRLG DOO VKLSV LQ D ODUJH VHD DUHD EHLQJ DOHUWHG DQ DUHD FDOO ZLOOQRUPDOO\ EH
WUDQVPLWWHGVRWKDWRQO\WKRVHVKLSVLQWKHYLFLQLW\RIWKHGLVWUHVVLQFLGHQWDUHDOHUWHG2QUHFHLSW
RIDUHOD\HGGLVWUHVVDOHUWVKLSVLQWKHDUHDDGGUHVVHGVKRXOGHVWDEOLVKFRPPXQLFDWLRQZLWKWKH
5&&FRQFHUQHGWRHQDEOHWKHDVVLVWDQFHWREHFRRUGLQDWHG

ƒ 6$5FRRUGLQDWLQJFRPPXQLFDWLRQV
,Q JHQHUDO WKHVH DUH WKH FRPPXQLFDWLRQV QHFHVVDU\ IRU WKH FRRUGLQDWLRQ RI VKLSVDQG
DLUFUDIW SDUWLFLSDWLQJ LQ D VHDUFK UHVXOWLQJ IURP D GLVWUHVV DOHUW DQG LQFOXGH FRPPXQLFDWLRQV
EHWZHHQ5&&VDQGDQ\RQVFHQH FRPPDQGHURUFRRUGLQDWRUVXUIDFHVHDUFKLQWKHDUHDRI
WKHGLVWUHVVLQFLGHQW
)RU 6$5 RSHUDWLRQV LW VKRXOG EH SRVVLEOH WR WUDQVPLW PHVVDJHV LQ ERWK GLUHFWLRQV DV
GLVWLQFW IURP DOHUWLQJ ZKLFK LV JHQHUDOO\ WKH WUDQVPLVVLRQ RI D VSHFLILF PHVVDJH LQ RQH
GLUHFWLRQRQO\DQGGLVWUHVVDQGVDIHW\WUDIILFE\UDGLRWHOHSKRQ\DQGUDGLRWHOH[ZLOOQRUPDOO\EH
XVHGIRUSDVVLQJVXFKPHVVDJHV
7KHWHFKQLTXHVZKLFKZLOOXQGHUWKHJOREDOV\VWHPEHDYDLODEOHIRUGLVWUHVVDQGVDIHW\
WUDIILFZLOOEHUDGLRWHOHSKRQ\RUUDGLRWHOH[RUERWK7KHVHFRPPXQLFDWLRQVZLQEHFDUULHGRXWE\
WHUUHVWULDORUVDWHOOLWHPHDQVGHSHQGHQWXSRQWKHHTXLSPHQWILWWHGRQWKHVKLSDQGWKHDUHDLQ
ZKLFKWKHLQFLGHQWRFFXUV

ƒ 2QVFHQHFRPPXQLFDWLRQV
2QVFHQHFRPPXQLFDWLRQVZLOOQRUPDOO\WDNHSODFHLQWKH0)DQG9+3EDQGVRQIUHTXHQFLHV
GHVLJQDWHGIRUGLVWUHVVDQGVDIHW\WUDIILFE\UDGLRWHOHSKRQ\RUUDGLRWHOH[7KHVH
FRPPXQLFDWLRQVZLOOEHEHWZHHQWKHVKLSLQGLVWUHVVDQGDVVLVWLQJXQLWVDQGZLOOUHODWHWRWKH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
SURYLVLRQRIDVVLVWDQFHWRWKHVKLSRU WRWKHUHVFXHRIVXUYLYRUV
:KHQDLUFUDIWDUHLQYROYHGLQRQVFHQHFRPPXQLFDWLRQVWKH\ZLOOQRUPDOO\EHDEOHWRXVH
  DQG  N+] ,Q DGGLWLRQ 6$5 DLUFUDIW VKRXOG EH SURYLGHG ZLWK HTXLSPHQW WR
FRPPXQLFDWH RQ  N+] RU  0+] RU ERWK DV ZHOO DV RQ RWKHU PDULWLPH PRELOH
IUHTXHQFLHV

ƒ ‡/RFDWLQJVLJQDOV
/RFDWLQJVLJQDOVDUHWUDQVPLVVLRQVLQWHQGHGWRIDFLOLWDWHWKHILQGLQJRIDVKLSLQGLVWUHVV
RURIWKHORFDWLRQRIVXUYLYRUV7KLVZLOOEHEDVHGRQWKHXVHRI6$5*+]WUDQVSRQGHUVDWWKH
VFHQHLQFRQMXQFWLRQZLWKWKHDVVLVWLQJXQLW
V*+]UDGDU

ƒ 'LVVHPLQDWLRQRI0DULQH6DIHW\,QIRUPDWLRQ
3URYLVLRQ KDV EHHQ PDGH IRU VKLSV WR EH DGYLVHG RI QDYLJDWLRQDO DQG PHWHRURORJLFDO
ZDUQLQJV DQG XUJHQW LQIRUPDWLRQ WR VKLSSLQJ $W 0) WKH IUHTXHQF\ N+] KDV EHHQ PDGH
DYDLODEOH IRU EURDGFDVWV E\ PHDQV RI 1DUURZ %DQG 'LUHFW 3ULQWLQJ WHOHJUDSK\ XVLQJ )RUZDUG
(UURU&RUUHFWLRQ6LPLODUO\WKHLQIRUPDWLRQZLOOEHEURDGFDVWYLD,10$56$7DQGDOVRSRVVLEO\
RQ +) 7KH QHZ V\VWHP LV LQWHQGHG WR SURYLGH IXOO\ DXWRPDWLF UHFHSWLRQ RIDOO0DULQH6DIHW\
,QIRUPDWLRQ 06, LQFOXGLQJQDYLJDWLRQDODQGPHWHRURORJLFDOZDUQLQJVDQGRWKHU8UJHQW6DIHW\
,QIRUPDWLRQ

ƒ ‡*HQHUDOUDGLRFRPPXQLFDWLRQ
*HQHUDO UDGLRFRPPXQLFDWLRQV LQ WKH *0'66 DUH WKRVH FRPPXQLFDWLRQV EHWZHHQ VKLS
VWDWLRQV DQG VKRUHEDVHG FRPPXQLFDWLRQ QHWZRUNV ZKLFK FRQFHUQ WKH PDQDJHPHQW DQG
RSHUDWLRQRIWKHVKLSDQGPD\KDYHDQLPSDFWRQLWVVDIHW\
7KHVHFRPPXQLFDWLRQVPD\EHFRQGXFWHGRQDQ\DSSURSULDWHFKDQQHOLQFOXGLQJWKRVH
XVHG IRU SXEOLF FRUUHVSRQGHQFH ([DPSOHV DUH RUGHUV IRU SLORW DQG WXJ VHUYLFHV FKDUW
UHSODFHPHQWDQGUHSDLUVHWF


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ %ULGJHWREULGJHFRPPXQLFDWLRQV
%ULGJHWREULGJHFRPPXQLFDWLRQVDUHLQWHUVKLS9+3UDGLRWHOHSKRQHFRPPXQLFDWLRQVIRU
WKHSXUSRVHRIDVVLVWLQJWKHVDIHPRYHPHQWRIVKLSV
 &RPPXQLFDWLRQVV\VWHPVIRUXVHLQWKH*0'66

ƒ 6DWHOOLWHFRPPXQLFDWLRQV
7KHXVHRIVDWHOOLWHFRPPXQLFDWLRQVWRLPSURYHPDULWLPHVDIHW\LVSDUWLFXODUO\LPSRUWDQW
IRU WKH LQWURGXFWLRQ RI WKH *0'66 DQG IRU HVWDEOLVKLQJ D UHOLDEOH FRPPXQLFDWLRQ QHWZRUN
6DWHOOLWHFRPPXQLFDWLRQVZLOOEHXVHGLQERWKVKLSWRVKRUHDQGVKRUHWRVKLSGLUHFWLRQV7KH
,10$56$7 VDWHOOLWH V\VWHP ZKLFK HPSOR\V JHRVWDWLRQDU\ VDWHOOLWHV DQG RSHUDWHV LQ WKH 
DQG*+]IUHTXHQF\EDQGVZLOOSURYLGHDPHDQVRIDOHUWLQJIURPVKLSVE\XVLQJVKLSHDUWK
VWDWLRQVRUVDWHOOLWH(3,5%VDQGDFDSDELOLW\IRUWZRZD\FRPPXQLFDWLRQVXVLQJUDGLRWHOH[DQG
RSWLRQDOO\UDGLRWHOHSKRQH
%URDGFDVWVRI0DULQH6DIHW\,QIRUPDWLRQWRVKLSVXVLQJUDGLRWHOH[ZLOODOVREHSURYLGHG
WKURXJK WKH ,10$56$7 V\VWHP XVLQJ HLWKHU D VWDQGDUG VKLS HDUWK VWDWLRQ DQG DVVRFLDWHG
HTXLSPHQWRUGHGLFDWHGIDFLOLWLHV
$ QHDU SRODURUELWLQJ VDWHOOLWH (3,5% VHUYLFH &263$66$56$7 V\VWHP  RSHUDWLQJLQ
WKH    0+] IUHTXHQF\ EDQG ZLOO SURYLGH D PDLQ PHDQV RI GLVWUHVV DOHUWLQJ DQG
GHWHUPLQLQJWKHORFDWLRQRIIORDWIUHHVDWHOOLWH(3,5%VRSHUDWLQJWKURXJKWKHV\VWHP
7ZRW\SHVRIVKLSERUQHHTXLSPHQWZLOOEHXVHGIRUVDWHOOLWHFRPPXQLFDWLRQV
x VKLSHDUWKVWDWLRQVDSSURYHGE\,10$56$7
x VDWHOOLWH(3,5%VFDSDEOHRIEHLQJDFWLYDWHGPDQXDOO\DQGRIEHLQJ
DFWLYDWHGRQIORDWLQJIUHHIURPDVLQNLQJVKLS

ƒ ‡7HUUHVWULDOFRPPXQLFDWLRQV
/RQJUDQJHVHUYLFH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
+) ZLOO SURYLGH ORQJUDQJH VHUYLFH IRU XVH LQ WKH VKLSWRVKRUH DQG VKRUHWRVKLS
GLUHFWLRQV ,Q DUHDV FRYHUHG E\ ,10$56$7 LW FDQ EH XVHG DV DQ DOWHUQDWLYH WR VDWHOOLWH
FRPPXQLFDWLRQV DQG RXWVLGH WKHVH DUHDV LW ZLOO SURYLGH WKH RQO\ ORQJUDQJH FRPPXQLFDWLRQV
FDSDELOLW\
)UHTXHQFLHV KDYH EHHQ GHVLJQDWHG LQ WKH    DQG  0+] EDQGV IRU SURYLGH
PHDQV IRU WUDQVPLWWLQJ DQG UHFHLYLQJGLVWUHVVDOHUWVDQGVDIHW\FDOOVDQGIRUSDVVLQJGLVWUHVV
DQGVDIHW\WUDIILF
'LJLWDO6HOHFWLYH&DOOLQJ '6& ZLOOIRUPWKHEDVLVIRUGLVWUHVVDOHUWLQJDQGVDIHW\FDOOLQJ
&RDVW VWDWLRQV SDUWLFLSDWLQJ LQ WKH +) GLVWUHVV DQG VDIHW\ ZDWFKNHHSLQJ QHWZRUN ZLOO QHHG WR
FKRRVHIURPWKHILYHDYDLODEOHIUHTXHQF\EDQGVUHOD\LQJDQDOHUW7KHFKRLFHZLOOGHSHQGRQWKH
SRVLWLRQRIWKHVKLSLQGLVWUHVVWKHJHRJUDSKLFDODUHDWREHDOHUWHGDQGWKHFXUUHQWSURSDJDWLRQ
FKDUDFWHULVWLFV,WLVHQYLVDJHGWKDWVKLSVHTXLSSHGZLWKWKH+) RSWLRQZLOOPDLQWDLQDZDWFKRQ
WKH0+]DOHUWLQJIUHTXHQF\DQGRQHRIWKHRWKHUGHGLFDWHG+)IUHTXHQFLHV7KHODWWHUZLOOEH
WKHIUHTXHQF\PRVWDSSURSULDWHWRWKHDUHDLQZKLFKWKHVKLSLVVDLOLQJ
'LVWUHVV DQG VDIHW\ FRPPXQLFDWLRQV IROORZLQJ '6& FDOOLQJ ZLOO EH SHUIRUPHG E\
UDGLRWHOHSKRQ\RU1DUURZ%DQG'LUHFW3ULQWLQJ 1%'3 RUERWK
0HGLXPUDQJHVHUYLFH
$PHGLXPUDQJHVHUYLFHZLOOEHSURYLGHGRQIUHTXHQFLHVLQWKH0+]EDQG,QWKHVKLS
WRVKRUHVKLSWRVKLSDQGVKRUHWRVKLSGLUHFWLRQVN+]ZLOOEHXVHGIRUGLVWUHVVDOHUWV
DQG VDIHW\ FDOOV E\ '6& DQG  N+] ZLOO EH XVHG IRU GLVWUHVV DQG VDIHW\ WUDIILF E\
UDGLRWHOHSKRQ\LQFOXGLQJ6$5FRRUGLQDWLQJIXQFWLRQVDQGRQVFHQHFRPPXQLFDWLRQV
N+]ZLOOEHXVHGIRUGLVWUHVVDQGVDIHW\WUDIILFE\UDGLRWHOH[ 1%'3 
)UHTXHQFLHVQHDUN+]ZLOOEHXVHGLQWKHVKRUHWRVKLSGLUHFWLRQ7KHIUHTXHQF\
N+]ZLOOEHXVHGWRWUDQVPLWQDYLJDWLRQDODQGPHWHRURORJLFDOZDUQLQJVLQWKH1$97(;V\VWHP
6KRUWUDQJHVHUYLFH
9+3ZLOOSURYLGHDVKRUWUDQJHVHUYLFHRQWKHIROORZLQJIUHTXHQFLHV
x 0+] &KDQQHO IRUGLVWUHVVDOHUWVDQGVDIHW\FDOOVE\'6&
x 0+] &KDQQHO IRUGLVWUHVVDQGVDIHW\WUDIILFE\UDGLRWHOHSKRQ\
LQFOXGLQJ6$5FRRUGLQDWLQJIXQFWLRQVDQGRQVFHQHFRPPXQLFDWLRQV

ƒ &RPPXQLFDWLRQVIRUGLVVHPLQDWLRQRI0DULQH6DIHW\,QIRUPDWLRQ
7KHVH FRPPXQLFDWLRQV ZLOO SURYLGH IRU WKH FROOHFWLRQ DQG GLVVHPLQDWLRQ RI LQIRUPDWLRQ
ZKLFK PLJKW HLWKHU KHOS LQ SUHYHQWLQJ DQ DFFLGHQW RU UHGXFLQJ LWV HIIHFW RU ZKHQ D GLVWUHVV
RFFXUV WR H[SHGLWH WKH 6$5 RSHUDWLRQV 7KH\ LQFOXGH VKLS SRVLWLRQ DQG PRYHPHQW UHSRUWV
QDYLJDWLRQDODQGPHWHRURORJLFDOZDUQLQJVDQGDOORWKHUXUJHQF\DQGVDIHW\PHVVDJHV
6XFK FRPPXQLFDWLRQV ZLOO LQFOXGH PHVVDJHV RQ GLVWUHVV DQG VDIHW\ WUDIILF IUHTXHQFLHV
DQGEURDGFDVWLQJPHVVDJHVIURPVKRUHWRVKLSE\1$97(;RQN+]DQGE\,10$56$7
(QKDQFHG*URXS&DOOVHUYLFHRUE\+)ZKLFKVHUYLFHVDUHH[SHFWHGWREHLQWHJUDWHGLQDFR
RUGLQDWHGV\VWHPIRUWKHSURPXOJDWLRQRI0DULWLPH6DIHW\,QIRUPDWLRQ
6KLSHTXLSPHQWFDUULDJHUHTXLUHPHQWV
6RPH RI WKH LPSRUWDQW
 JHQHUDO SULQFLSOHV EHLQJ XVHG WR IRUPXODWH WKH JOREDO FDUULDJH
UHTXLUHPHQWVIRUVKLSVVXEMHFWWRWKH62/$6&RQYHQWLRQDUHDVIROORZV
x ‡HYHU\VKLSVKDOOEHSURYLGHGZLWKHTXLSPHQWFDSDEOHRISHUIRUPLQJHDFK
RIWKHIXQFWLRQVGHVFULEHGHDUOLHUDVDSSURSULDWHLWVDUHDRIRSHUDWLRQXVLQJ
DWOHDVWRQHRIWKHSUHVFULEHGUDGLRFRPPXQLFDWLRQWHFKQLTXHV
x ‡HYHU\VKLSVKDOOEHSURYLGHGZLWKDWOHDVWWZRVHSDUDWHDQGLQGHSHQGHQW
UDGLRFRPPXQLFDWLRQV\VWHPWRSHUIRUPWKHDOHUWLQJIXQFWLRQ
x ‡H[FHSWDVGHVFULEHGDERYHDQLWHPRIHTXLSPHQWILWWHGWRDVKLSPD\
SHUIRUPPRUHWKDQRQHIXQFWLRQDQGPD\EHDVVRFLDWHGZLWKPRUHWKDQ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
RQHUDGLRFRPPXQLFDWLRQV\VWHP
x ‡HTXLSPHQWWREHFDUULHGRQVKLSVZLOOEHVLPSOHWRRSHUDWHDQGZKHUHYHU
DSSURSULDWHEHGHVLJQHGIRUXQDWWHQGHGRSHUDWLRQ
x ‡VXUYLYDOFUDIWVKDOOEHSURYLGHGZLWKD*+]6$5UDGDUWUDQVSRQGHU
x ‡VXUYLYDOFUDIWVKDOOEHSURYLGHGZLWKHTXLSPHQWFDSDEOHRISHUIRUPLQJWKH
RQVFHQHFRPPXQLFDWLRQVIXQFWLRQE\9+3UDGLRWHOHSKRQ\
3URYLVLRQDOFDUULDJHUHTXLUHPHQWVIRUVKLSVVDLOLQJ,Q*0'66DUHDVFDQEHVXPPDULVHG
DVIROORZV
x ‡DUHD$OVKLSVZLOOFDUU\9+3HTXLSPHQW
x ‡DUHD$VKLSVZLOOFDUU\9+3DQG0)HTXLSPHQW
x ‡DUHD$VKLSVZLOOFDUU\9+30)DQGHLWKHU+3RUVDWHOOLWHHTXLSPHQW
x ‡DUHD$VKLSVZLOOFDUU\9+30)DQG+3HTXLSPHQW
x ‡DOODUHD$$DQG$VKLSVZLOOFDUU\DVDWHOOLWH(3,5%
x ‡DOODUHD$OVKLSVZLOOFDUU\HLWKHUDVDWHOOLWH(3,5%RUD9+3(3,5%DQG
x ‡DQVKLSVRSHUDWLQJLQDUHDVZKHUH1$97(; VHUYLFHLVSURYLGHGZLOO
FDUU\D1$97(;UHFHLYHU

ƒ ‡%DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$

:DWFKNHHSLQJ$UHD$O
:DWFKNHHSLQJ$OHUWLQJ
N+]1DYWH[5HFHLYHU&+9+)'6&
N+]/RXGVSHDNHU:DWFK5HFHLYHU(3,5%DFWLYDWHG
&+9+35DGLRWHOHSKRQ\
&+9+3'LJLWDO6HOHFWLYH&DOOLQJ
6KLSVLQDUHD$WUDQVPLWDVKLSVKRUHDQGDVKLSVKLSDOHUWRQ&+9+3XVLQJWKH'6&7KHGLVWUHVV
PHVVDJHZKLFKIROORZVZRXOGE\WUDQVPLWWHGE\ UDGLRWHOHSKRQ\RQ&+9+3 0+] 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ %DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$

7KH(3,5%HLWKHU0+]&RVSDV 6DUVDWRU,10$56$7W\SH
:DWFKNHHSLQJ$UHD$
:DWFKNHHSLQJ$OHUWLQJ
N+]1DYWH[5HFHLYHU 57WZRWRQHDODUP N+]
N+]/RXGVSHDNHU:DWFK5HFHLYHUN+]'6&
N+]0)'LJLWDO6HOHFWLYH&DOOLQJ&+'6&
&+9+35DGLRWHOHSKRQ\(3,5%DFWLYDW HG
&+9+3'LJLWDO6HOHFWLYH&DOOLQJ
6KLSVLQDUHD$WUDQVPLWWKHLUDOHUWRQN+]

ƒ ‡%DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$

:DWFKNHHSLQJ$UHD$
:DWFKNHHSLQJ$OHUWLQJ
N+]1DYWH[5HFHLYHU57WZRWRQHDODUP N+]
N+]/RXGVSHDNHU:DWFK5HFHLYHUN+]0)'6& VKLSVKLS
N+]0)'6&N+]+)'6& RURWKHU+)'6&


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

N+]+)'6&SOXVRWKHU'6&IUHTRU
RU,10$56$7&(6HLWKHU$RU&,10$56$7&(6HLWKHU$RU&&+9+3'6&
VQLSVKLS &+9+35DGLRWHOHSKRQ\(3,5%DFWLYDWHG&+9+3'LJLWDO
6HOHFWLYH&DOOLQJ

ƒ ‡%DVLF&DUULDJH5HTXLUHPHQWVIRU*0'66LQ$UHD$

:DWFKNHHSLQJ$UHD$
:DWFKNHHSLQJ$OHUWLQJ
N+]1DYWH[5HFHLYHU57WZRWRQHDODUP N+]
N+]/RXGVSHDNHU:DWFK5HFHLYHUN+]0)'6& VKLSVKLS
N+]0)'6&N+]+)'6& RURWKHU+)'6&
N+]+)'6& SOXVRQHRWKHU &+9+3'6& VKLSVKLS
&+9+35DGLRWHOHSKRQ\ (3,5%DFWLYDWHG
&+9+)'LJLWDO6HOHFWLYH&DOOLQJ
)RUVKLSVLQDUHDV$DQG$PDNLQJVKLSVKRUHDOHUWVDFKRLFHLVDYDLODEOH
GHSHQGLQJRQ
L WKHHTXLSPHQWILWWHG
LL WKHHTXLSPHQWVRSHUDWLRQDODELOLW\
LLL WKHH[LVWLQJSURSDJDWLRQFRQGLWLRQV
7KXVIRUH[DPSOH
D $Q,10$56$7&(6FRXOGEHDOHUWHG
E $FRDVWVWDWLRQFRXOGEHDOHUWHGE\XVLQJ+)UDGLRWHOHSKRQ\ZLWK'6&
F $FRDVWVWDWLRQFRXOGEHDOHUWHGE\XVLQJ+)UDGLRWHOH[
G $VDWHOOLWH(3,5%FRXOGEHDFWLYDWHG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

(TXLSPHQW/LVWIRU*0'66VHD$UHDV$$

(TXLSPHQW $UHD$ $UHD$ $UHD$ $UHD$


9+)ZLWK'6& ; ; ; ;
6$57  ; ; ; ;
1$97(; ; ; ; ;
(3,5% ; ; ; ;
9+33RUWDEOH  
; ; ; ;

0)57'6& 
; ; ;
7HOH[
3OXV
,10$56$7$
RU,10$56$7&
RU,10$56$7$
DQG&
RU,10$56$7$
RU
0)+)57DQG
7HOH[
RU,10$56$7&
0)+)57DQG
7HOH[
0)+)57ZLWK
RU ;
'6&5WO[

$WOHDVWWKUHHWZRZD\9+3UDGLRWHOHSKRQHDSSDUDWXVVKDOOEHSURYLGHGRQHYHU\SDVVHQJHU
VKLSDQGRQHYHU\FDUJRVKLSRIWRQVJURVVWRQQDJHDQGXSZDUGV$WOHDVWWZRWZRZD\9+3
UDGLRWHOHSKRQHDSSDUDWXVVKDOOEHSURYLGHGRQHYHU\FDUJRVKLSRIWRQVJURVVWRQQDJHDQG
XSZDUGEXWOHVVWKDQWRQVJURVVWRQQDJH6XFKDSSDUDWXVVKDOOFRQIRUPWRSHUIRUPDQFH
VWDQGDUGVQRWLQIHULRUWRWKRVHDGRSWHGE\WKH2UJDQL]DWLRQ
5DGDUWUDQVSRQGHUV
$WOHDVWRQHUDGDUWUDQVSRQGHUVKDOOEHFDUULHGRQHDFKVLGHRIHYHU\SDVVHQJHUVKLSDQGRI
HYHU\FDUJRVKLSRIWRQVJURVVWRQQDJHDQGXSZDUG$WOHDVWRQHUDGDUWUDQVSRQGHUVKDOOEH
FDUULHGRQHYHU\FDUJRVKLSRIWRQVJURVVWRQQDJHDQGXSZDUGEXWOHVVWKDQWRQVJURVV
WRQQDJH6XFKUDGDUWUDQVSRQGHUVVKDOOFRQIRUPWRSHUIRUPDQFHVWDQGDUGVQRWLQIHULRUWRWKRVH
DGRSWHGE\WKH2UJDQL]DWLRQ

ƒ $LUFUDIWVWDWLRQV
$OWKRXJK VKLSV GR QRW LQ JHQHUDO FRPPXQLFDWH ZLWK DLUFUDIW DV SDUW RI WKHLU GDLO\ VHD
JRLQJURXWLQH ZLWKWKHH[FHSWLRQRIPLOLWDU\YHVVHOVHQJDJHGLQIO\LQJRSHUDWLRQV WKH\PD\EH
UHTXLUHGWRGRVRZKHQHQJDJHGLQVHDUFKDQGUHVFXHRSHUDWLRQVUHVXOWLQJIURPDGLVWUHVVRU
VLPLODU VLWXDWLRQV $V ZLWK D VKLS DLUFUDIW KDYH UDGLR FRPPXQLFDWLRQ IDFLOLWLHV RQ ERDUG DQG
FHUWDLQIUHTXHQFLHVUDGLRFKDQQHOVKDYHEHHQDOORFDWHGWRERWKVKLSVDQGDLUFUDIWWRSURYLGHD
UDGLROLQNXQGHUVXFKFLUFXPVWDQFHV

ƒ 0DULWLPH5HVFXH&RRUGLQDWLRQ&HQWUH
7KHUROHRIWKH05&&LVWRDFWDVWKHFRQWUROFHQWUHIRUFRPPXQLFDWLRQVUHVXOWLQJIURP
GLVWUHVVRUXUJHQF\VLWXDWLRQV7KH05&&LVOLQNHGWRERWKWHUUHVWULDO
&RDVW6WDWLRQV
 9+3
0) DQG +)  DQG VDWHOOLWH /(6
V $OO UDGLR FRPPXQLFDWLRQV ZKLFK UHODWH WR IRU H[DPSOH D
GLVWUHVV VLWXDWLRQ ZLOO EH URXWHG WR WKH 05&& HLWKHU IURP &RDVW 6WDWLRQV /(6
V WKH &RDVW
*XDUGVWDWLRQVHWF7KH05&&FDQWKHQFRPPXQLFDWHZLWKRWKHUVKLSVWDWLRQVDLUFUDIWOLIHERDW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
VHUYLFHVHWFLQRUGHUWRHIIHFWUHVFXHDWWKHVFHQHRIWKHLQFLGHQW
7\SHVRIFRPPXQLFDWLRQV

ƒ 'LVWUHVV8UJHQF\DQG6DIHW\&RPPXQLFDWLRQV
0DULQHUDGLRFRPPXQLFDWLRQVDUHRUJDQLVHGZLWKDQRUGHURISULRULW\
$WWKH
WRSRIWKHSLOH
VRWRVSHDNLV'LVWUHVVDQGDOOUDGLRFRPPXQLFDWLRQVDVVRFLDWHG
ZLWK WKH LQFLGHQW $IWHU  'LVWUHVV   LV   WKH   8UJHQF\   FDWHJRU\   IROORZHG  E\  6DIHW\
FRPPXQLFDWLRQV
'LVWUHVVFRPPXQLFDWLRQVDUHWKRVHUHODWLQJWRWKHVDIHW\RIDSHUVRQRUWKDWRIWKHVKLS
DQGKHUFUHZ
8UJHQF\ FRPPXQLFDWLRQV FRYHU VXFK LQFLGHQWV DV
PDQRYHUERDUG
 XUJHQW PHGLFDO
DGYLFHDQGRWKHUW\SHVRIDVVLVWDQFHZKLFKXQOHVVSURFXUHGTXLFNO\PD\UHVXOWLQDQ8UJHQF\
VLWXDWLRQWXUQLQJLQWRD'LVWUHVV

ƒ ‡7KH&RDVW6WDWLRQ
7KH SULPDU\ IXQFWLRQ RI D FRDVW VWDWLRQ LV WR SURYLGH WKH
VKRUH HQG
 RI VKLSVKRUH
FRPPXQLFDWLRQV7KHPDMRULW\RIFRDVWVWDWLRQVLQDGGLWLRQWRWKHLUUROHRISURYLGLQJDVDIHW\RI
OLIHDWVHDVHUYLFHDOVRRIIHUFRPPHUFLDOFRPPXQLFDWLRQVIDFLOLWLHVE\ZD\RIWHOHSKRQHWHOH[
WHOHJUDPVHWFIRUERWKSULYDWH SHUVRQDO DQGVKLSV
EXVLQHVVFRPPXQLFDWLRQV
&RDVW VWDWLRQV IDOO LQWR WKUHH FDWHJRULHV GHWHUPLQHG ERWK E\ WKHLU VHUYLFH DUHD
GLVWDQFH IURP WKH VKRUH RXW WR VHD  DQG WKH DVVRFLDWHG IUHTXHQF\ EDQGV XVHG IRU WKHLU
WUDQVPLVVLRQV
x ‡8SWRPLOHVIURPWKHFRDVWFDQEHFRYHUHGE\9+)
x ‡8SWRPLOHVIURPWKHFRDVWFDQEHFRYHUHGE\0)
x ‡%H\RQGPLOHVLVFRYHUHGE\+)
9+) 9HU\+LJK)UHTXHQF\
7KHEDQGRIIUHTXHQFLHVEHWZHHQ0+]
0) 0HGLXP)UHTXHQF\
7KHEDQGRIIUHTXHQFLHVEHWZHHQN+]XSWR0+]
+) +LJK)UHTXHQF\
7KHEDQGRIIUHTXHQFLHVEHWZHHQ0+]XSWR0+]
0) DQG 9+) VHUYLFHV DUH SURYLGHG E\ FRDVW VWDWLRQV ORFDWHG DW LQWHUYDOV DORQJ ZLWK
VKRUHOLQHKHQFHWKHQDPH
FRDVWVWDWLRQ6XFKVWDWLRQVSURYLGHVKLSVKRUHFRPPXQLFDWLRQV
XSWRDSSUR[LPDWHO\PLOHVIURPWKHFRDVW
+) VHUYLFHV ZKLFK SURYLGH ZRUOGZLGH ORQJUDQJH VKLSVKRUH FRPPXQLFDWLRQV DUH
RSHUDWHG IURP D QXPEHU RI VSHFLDOLVHG UDGLR VWDWLRQV (DFK PDMRU GHYHORSHG FRXQWU\ ZKLFK
KDVDYHVWHGLQWHUHVWLQVKLSVKRUHFRPPXQLFDWLRQVZLOOKDYHDVDPLQLPXPRQHVXFKVWDWLRQ
+)VWDWLRQVGRQRWDVDUXOHRSHUDWH0)RU9+)VHUYLFHV,QWKHFRQWH[WRI*0'66
x ‡WKH9+)VHUYLFHDUHDLVGHILQHGDV
6HDDUHD$7
x ‡WKH0)VHUYLFHDUHDLVGHILQHGDV
6HDDUHD$

ƒ 6DWHOOLWHVWDWLRQV
/DQG(DUWK6WDWLRQ /(6 
$
/DQG(DUWK6WDWLRQ
LVWKHVKRUHEDVHGWHUPLQDORIWKHVKLS VKRUH
VDWHOOLWHVHUYLFH
0RELOH(DUWK6WDWLRQ 0(6 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$VKLSZKLFKLVHTXLSSHGZLWKVDWHOOLWHFRPPXQLFDWLRQHTXLSPHQW
6DWFRP LVFDOOHGD
0RELOH(DUWK6WDWLRQ

&RPPXQLFDWLRQVEHWZHHQD0(6DQGD/(6DUHDFKLHYHGWKURXJKDVDWHOOLWHRUELWLQJLQ
GHHSVSDFHZKLFKDFWVDVDUDGLRUHOD\VWDWLRQ7KHVDWHOOLWHVDUHNHSWLQ
JHRVWDWLRQDU\
RUELW
WKDWLVWRVD\WKH\RUELWDURXQGWKHHDUWKZLWKDYHORFLW\VXFKWKDWZKHQYLHZHGIURPDSRLQWRQ
WKHHDUWK
VVXUIDFHWKH\DSSHDUWRUHPDLQVWDWLRQDU\7KHVDWHOOLWHVRUELWDWDKHLJKWRI
NPDERYHWKHHDUWKDQGDUHFDSDEOHRISURYLGLQJFRYHUDJHEHWZHHQWKHOLPLWVRIƒ1RUWKDQG
ƒ6RXWK
7KH VDWHOOLWHV RI ZKLFK WKHUH DUH IRXU  ORFDWHG RYHU WKH $WODQWLF 2FHDQ  RYHU WKH
,QGLDQ 2FHDQ DQG  RYHU WKH 3DFLILF 2FHDQ DUH RSHUDWHG E\ ,10$56$7 WKH ,QWHUQDWLRQDO
0DULWLPH6DWHOOLWH2UJDQLVDWLRQ
,QWKHFRQWH[WRI*0'66
7KHFRYHUDJH SURYLGHGE\,10$56$7VDWHOOLWHVEHWZHHQWKHOLPLWVRIƒ1DQGƒ6
LVGHILQHGDV
6HDDUHD$

6HDDUHD$
WKHSRODUH[WUHPLWLHVDERYHƒ1DQGEHORZƒ6FDQEHFRYHUHGE\
WHUUHVWULDO+)UDGLR

ƒ ‡3LORWDQG3RUWVWDWLRQV
$V WKHLU QDPH VXJJHVWV WKHVH DUH UDGLR VWDWLRQV ZKLFK DUH GHGLFDWHG WR SURYLGLQJ
VHUYLFHWRVKLSVLQUHODWLRQWRSURFXULQJWKHVHUYLFHRISLORWVZKHQHQWHULQJRUOHDYLQJSRUWRUWR
WKH UHTXLUHPHQWV PRYHPHQW DQG KDQGOLQJ RI VKLSV ZLWKLQ D SRUW 7KH VHUYLFH SURYLGHG LV
UHVWULFWHGWRVXSSRUWLQJWKHVHIDFLOLWLHVDQGFDQQRWEHXVHGIRUSXEOLFFRUUHVSRQGHQFH

ƒ $LUFUDIWVWDWLRQV
$OWKRXJK VKLSV GR QRW LQ JHQHUDO FRPPXQLFDWH ZLWK DLUFUDIW DV SDUW RI WKHLU GDLO\ VHD
JRLQJURXWLQH ZLWKWKHH[FHSWLRQRIPLOLWDU\YHVVHOVHQJDJHGLQIO\LQJRSHUDWLRQV WKH\PD\EH
UHTXLUHGWRGRVRZKHQHQJDJHGLQVHDUFKDQGUHVFXHRSHUDWLRQVUHVXOWLQJIURPDGLVWUHVVRU
VLPLODU VLWXDWLRQV $V ZLWK D VKLS DLUFUDIW KDYH UDGLR FRPPXQLFDWLRQ IDFLOLWLHV RQ ERDUG DQG
FHUWDLQIUHTXHQFLHVUDGLRFKDQQHOVKDYHEHHQDOORFDWHGWRERWKVKLSVDQGDLUFUDIWWRSURYLGHD
UDGLROLQNXQGHUVXFKFLUFXPVWDQFHV

ƒ 0DULWLPH5HVFXH&RRUGLQDWLRQ&HQWUH
7KHUROHRIWKH05&&LVWRDFWDVWKHFRQWUROFHQWUHIRUFRPPXQLFDWLRQVUHVXOWLQJIURP
GLVWUHVVRUXUJHQF\VLWXDWLRQV7KH05&&LVOLQNHGWRERWKWHUUHVWULDO
&RDVW6WDWLRQV
 9+30)
DQG+) DQGVDWHOOLWH/(6
V$OOUDGLRFRPPXQLFDWLRQVZKLFKUHODWHWRIRUH[DPSOHDGLVWUHVV
VLWXDWLRQ ZLOO EH URXWHG WR WKH 05&& HLWKHU IURP &RDVW 6WDWLRQV /(6
V WKH &RDVW *XDUG
VWDWLRQV HWF 7KH 05&& FDQ WKHQ FRPPXQLFDWH ZLWK RWKHU VKLS VWDWLRQV DLUFUDIW OLIHERDW
VHUYLFHVHWFLQRUGHUWRHIIHFWUHVFXHDWWKHVFHQHRIWKHLQFLGHQW
7\SHVRIFRPPXQLFDWLRQV

ƒ ‡'LVWUHVV8UJHQF\DQG6DIHW\&RPPXQLFDWLRQV
0DULQHUDGLRFRPPXQLFDWLRQVDUHRUJDQLVHGZLWKDQRUGHURI
SULRULW\
$WWKH
WRSRIWKHSLOH VRWRVSHDNLV'LVWUHVVDQGDOOUDGLR
FRPPXQLFDWLRQVDVVRFLDWHGZLWKWKHLQFLGHQW
$IWHU'LVWUHVVLVWKH8UJHQF\FDWHJRU\IROORZHGE\6DIHW\
FRPPXQLFDWLRQV
'LVWUHVVFRPPXQLFDWLRQVDUHWKRVHUHODWLQJWRWKHVDIHW\RID
SHUVRQRUWKDWRIWKHVKLSDQGKHUFUHZ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
8UJHQF\FRPPXQLFDWLRQVFRYHUVXFKLQFLGHQWVDV
PDQRYHUERDUG

XUJHQWPHGLFDODGYLFHDQGRWKHUW\SHVRIDVVLVWDQFHZKLFKXQOHVV
SURFXUHGTXLFNO\PD\UHVXOWLQDQ8UJHQF\VLWXDWLRQ WXUQLQJLQWRD'LVWUHVV
6DIHW\ FRPPXQLFDWLRQVLQYROYHURXWLQHZHDWKHULQIRUPDWLRQJDOHDQGVWRUPZDUQLQJV
QDYLJDWLRQDOZDUQLQJV

ƒ 3XEOLFFRUUHVSRQGHQFH
3XEOLF FRUUHVSRQGHQFH LV WKH URXWLQH VKLSVKRUHFRPPXQLFDWLRQVLQZKLFKERWKSULYDWH
DQG RIILFLDO VKLSV
 EXVLQHVV WUDIILF LV LQYROYHG ,W FDQ WDNH WKH IRUP RI WHOHSKRQH FDOOV UDGLR
WHOH[OHWWHUV 57/ RUWHOHJUDPVZKLFKPD\EHWUDQVPLWWHGHLWKHUE\&RDVW6WDWLRQVHTXLSSHG
WRKDQGOHVXFKWUDIILFRUE\,10$56$7VDWHOOLWH

ƒ 3RUW2SHUDWLRQV6HUYLFH
7KH SRUWRSHUDWLRQVVHUYLFHLVFRQILQHGWRZLWKLQWKHSRUWOLPLWVDQGLVKDQGOHGE\9+3
6KLSVHQWHULQJRUOHDYLQJSRUWPDQRHXYULQJZLWKLQSRUWRUUHTXLULQJDVVLVWDQFH LQ
FDVHRIHPHUJHQF\ VKLSILUHHWF FDQFRQWDFWSRUWRSHUDWLRQVE\9+3
3XEOLFFRUUHVSRQGHQFHFDQQRWEHKDQGOHGE\D3RUW2SHUDWLRQV6WDWLRQ

ƒ ,QWHUVKLS&RPPXQLFDWLRQV
,QWHUVKLSFRPPXQLFDWLRQVDUHVKLSVKLSUDGLRFRPPXQLFDWLRQVSULPDULO\LQWHQGHGIRU
VDIHQDYLJDWLRQSXUSRVHV,QVRPHH[WUHPHFDVHVLQWHUVKLSFRPPXQLFDWLRQVFDQ EHH[WHQGHG
WRVKLSV
RIILFLDOEXVLQHVVRUHYHQSHUVRQDOUDGLRWHOHSKRQHFDOOVWRSDUWLHVEHWZHHQVKLSV
,QWHUVKLS FRPPXQLFDWLRQV DUH QRUPDOO\ FRQGXFWHG E\ 9+3 RQ FKDQQHOV DVVLJQHG IRU
LQWHUVKLSFRPPXQLFDWLRQV

ƒ 2QERDUG&RPPXQLFDWLRQV
2QERDUGFRPPXQLFDWLRQVDUHWKRVHFDUULHGRXWE\UDGLR ZDONLHWDONLH XVLQJFKDQQHOV
LQ WKH 9+3 EDQG RI IUHTXHQFLHV DQG ZKLFK DUH LQWHQGHG WR DVVLVW LQ PRRULQJ RSHUDWLRQV RU
ZKHQ WKH VKLS LV DSSURDFKLQJ DQ DQFKRUDJH 7KH XVH RI SRUWDEOH UDGLR HTXLSPHQW FDQ EH
H[WHQGHGWRFDUJRKDQGOLQJRSHUDWLRQVRUIRUXVHGXULQJ
ERDWGULOO DQGVLPLODUH[HUFLVHV

)UHTXHQFLHVDQG)UHTXHQF\%DQGV 
ƒ ‡7KHFRQFHSWRIIUHTXHQFLHV
5DGLRWUDQVPLVVLRQVDUHPDGHRQ
UDGLRIUHTXHQFLHV
7KHZRUG
IUHTXHQF\
GHVFULEHVWKH
UHFXUUHQWSHULRGRIRVFLOODWLRQIRUH[DPSOHDFORFNSHQGXOXPZLOOVZLQJWRDQGIURPLQDWLPH
SHULRGZKLFKSUHVFULEHVDRQHVHFRQGWLPHLQWHUYDO,WV
IUHTXHQF\
LVWKHUHIRUHVDLGWREHRQH
VHFRQG,QUDGLRDQGHOHFWURQLFHQJLQHHULQJZHGHVFULEHHOHFWULFDORVFLOODWLRQVLQDFLUFXLWXVLQJ
WKHVDPHWHUPLQRORJ\(OHFWULFDORVFLOODWLRQVZKLFKRFFXUVD\WLPHVSHUVHFRQGZRXOGKDYH
DIUHTXHQF\RIF\FOHVSHUVHFRQG
2EVROHWHWHUPLQRORJ\ZRXOGUHIHUWRNLORF\FOHVDQG0HJDF\FOHVWKHSUHIL[
NLOR DQG
0HJD
 EHLQJ PXOWLSOHV RI RQHWKRXVDQG DQG RQHPLOOLRQ UHVSHFWLYHO\ 7KXV 2QH NLORF\FOH
PHDQW
RQHWKRXVDQG F\FOHV
 RIRVFLOODWLRQSHUVHFRQGDQG2QH0HJDF\FOHZRXOGEH
RQH
PLOOLRQF\FOHV
RIRVFLOODWLRQSHUVHFRQG
7RGD\ ZH JLYH DFNQRZOHGJHPHQW WR RQH RI UDGLR
V SLRQHHUV +HUW] DQG UHIHU WR
NLOR
+HUW]
 N+] DQG0HJD+HUW]
 0+] ZKHQUHIHUULQJWRIUHTXHQFLHV
$
UDGLRIUHTXHQF\
LVGHHPHGWREHDIUHTXHQF\JUHDWHUWKDQN+]EXWOHVVWKDQWKDWRI
WKH LQIUDUHG VSHFWUXP


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

$VVRFLDWHG ZLWK
IUHTXHQF\
 LV
:DYHOHQJWK
 ZH FDQ VWDQG RQ WKH HQG RI D SLHU DW WKH
VHDVLGHDQGZDWFKWKHPRWLRQRIWKHZDYHV,IZHFRXQWHGWKHUDWHDWZKLFKWKHFUHVWRIWKH
ZDYHV SDVVHG E\ ZH FRXOG GHWHUPLQH WKH IUHTXHQF\ 6LPLODUO\ LI ZH PHDVXUHG WKH GLVWDQFH
EHWZHHQ WKH FUHVW RIRQH ZDYH DQG WKDW RI WKH QH[W ZH FRXOG PHDVXUH
ZDYHOHQJWK
 5DGLR
ZDYHVWUDYHODWDSSUR[LPDWHO\WKHVSHHGRIOLJKWPHWUHVVHF

ƒ 7KHUHODWLRQVKLSEHWZHHQ
IUHTXHQF\
DQG
ZDYHOHQJWK

7KHUHODWLRQVKLSEHWZHHQ
ZDYHOHQJWK
DQG
IUHTXHQF\
LVJLYHQE\WKHH[SUHVVLRQ
ZDYHOHQJWK>PHWUHV@ 9HORFLW\RI3URSDJDWLRQ
)UHTXHQF\ZKHUH
YHORFLW\ RI SURSDJDWLRQ  PHWUHVVHFRQG  IUHTXHQF\ LQ +] F\FOHV SHU
VHFRQG 
7KHZDYHOHQJWKRIDWUDQVPLVVLRQRQN+] +] ZRXOGEH
 PHWUHV
6RPHUDGLREURDGFDVWLQJVWDWLRQVHJ%%&TXRWH
ZDYHOHQJWK
UDWKHUWKDQ
IUHTXHQF\

ZKHQWDONLQJDERXWWKHLUWUDQVPLVVLRQVWKLVLVSXUHO\IRUWKHFRQYHQLHQFHRIWKHJHQHUDOSXEOLF
ZKR YHU\ RIWHQ KDYH JURZQ XS ZLWK WKH FRQFHSW RI ZDYHOHQJWK RQ WKH WXQLQJ GLDO RI WKHLU
UHFHLYHUV

ƒ )UHTXHQF\GHVLJQDWLRQV
5DGLRIUHTXHQFLHVDUHXVXDOO\TXRWHGLQWHUPVRI
NLOR+HUW]

0HJD+HUW]
HWF
 NLOR+HUW]     >N+]@   +]  0HJD+HUW] >0+]@   +]  *LJD+HUW]
>*+]@ +]
)RU WKH SXUSRVH RI UDGLR FRPPXQLFDWLRQV IUHTXHQFLHV DUH JURXSHG LQWR
EDQGV
 DV
VKRZQEHORZ
‡9HU\/RZ)UHTXHQF\ 9/) N+]N+]
‡/RZ)UHTXHQF\ /) N+]N+]
‡0HGLXP)UHTXHQF\ 0) N+]N+]
‡+LJK)UHTXHQF\ +) 0+] 0+]
‡9HU\+LJK)UHTXHQF\ 9+3 0+] 0+]
‡8OWUD+LJK)UHTXHQF\ 8+) 0+] *+]


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
‡6XSHU+LJK)UHTXHQF\ 6+) *+] *+]
/) /RQJZDYH0) 0HGLXPZDYH+) 6KRUWZDYH
0DULQHDSSOLFDWLRQV
7KH 0) EDQG VXSSRUWV UDGLRORFDWLRQ  ')  EHDFRQV 1$97(; '6& URXWLQH DQG
GLVWUHVV WHOH[DQGUDGLRWHOHSKRQ\ URXWLQJDQGGLVWUHVV VKLSVKLSDQGVKLSVKRUH
7KH+)EDQGVXSSRUWV'6& URXWLQHDQGGLVWUHVV WHOH[IDFVLPLOHDQGUDGLRWHOHSKRQ\
VKLSVKRUHDQGVKLSDLUFUDIW7KH9+)EDQGVXSSRUWV'6&UDGLRWHOHSKRQ\VKLSVKLSDQGVKLS
VKRUHDQGVKLSDLUFUDIW(3,5%V
7KH8+)EDQGVXSSRUWV&263$66$56$7(3,5%
V,10$56$7VKLSVDWHOOLWHOLQNV
7KH6+)EDQGVXSSRUWV,10$56$7VKRUHVDWHOOLWHOLQNV6$57
VDQGFP5DGDU
5HPDUN7KHFP5DGDUEDQG*+]VSDQVERWK8+)DQG6+3EDQGV
7KHSURSDJDWLRQDODVSHFWVRIWKHIUHTXHQF\EDQGVLVFRYHUHGLQDVHSDUDWHVHFWLRQRI
WKHVHQRWHVZKLFKZLOOEHVXSSRUWHGE\DOHFWXUHGHGLFDWHGWRWKLVLVVXH

5DGLR:DYHV

ƒ ‡3URSDJDWLRQRI5DGLR:DYHV
7KH UDGLDWLRQ IURP DQ DQWHQQD PRYHV RXWZDUGV DW D FRQVWDQW YHORFLW\ LQ FRQFHQWULF
FLUFOHV RI LQFUHDVLQJ UDGLL $ UDGLR ZDYH EH YLVXDOLVHG DV KDYLQJ DQ HOHFWULF ILHOG ZLWK DQ
DVVRFLDWHGDQGLQVHSDUDEOHPDJQHWLFILHOGDWULJKWDQJOHVWRLW
7KHPDJQHWLFILHOGDQGHOHFWULFILHOGVDUHDOZD\VLQSKDVHDQGDUHDWULJKWDQJOHVWRHDFK
RWKHU
5DGLR ZDYHV PD\ EH UHIOHFWHG UHIUDFWHG DQG DEVRUEHG DV LQ WKH FDVH RI OHQJKW
5HIUDFWLRQUHIOHFWLRQDQGDEVRUSWLRQLQWKHUDQJHWR0+]RFFXUVLQDUHJLRQDERYHWKH
VXUIDFHRIWKHHDUWKNQRZQDVWKH,RQRVSKHUH7KLVH[WHQGVIURPDQDOWLWXGHRIDERXW.PWR
DURXQG.P
,QWKH,RQRVSKHUHDLUPROHFXOHVDUHLRQLVHGGXHWRWKHLQIOXHQFHRIXOWUDYLROHWUDGLDWLRQ
IURP WKH VXQ 7KH DLU PROHFXOHV VLPSO\ EUHDN XS LQWR IUHH HOHFWURQV DQG SRVLWLYH LRQV 7KH
LRQLVHGUHJLRQVVRIRUPHGKDYHWKHSURSHUW\RIUHIUDFWLQJUDGLRZDYHVEDFNWRZDUGVWKHHDUWK
DQGDVDFRQVHTXHQFHIRUPDQHVVHQWLDOSDUWRIJOREDOWHUUHVWULDOFRPPXQLFDWLRQV

ƒ ‡7KH,RQLVHG/D\HUV
7KHLRQLVHGJDVHVIRUP LQWROD\HUVZKLFKYDU\LQKHLJKWDQGGHQVLW\IURPGD\WRQLJKW
DQG IURP VXPPHU WR ZLQWHU DV VKRZQ EHORZ

$VPD\EHVHHQIURPWKHGLDJUDPWKHUHDUHWKUHHGD\WLPHLRQLVHGOD\HUVZKLFKDUHRI


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
FRQFHUQWRWKRVHSHRSOHDWWHPSWLQJWRFRPPXQLFDWHYLD+)UDGLRFRPPXQLFDWLRQVUHGXFLQJWR
WZRDWQLJKW7KHOD\HUVDUHODEHOOHGZLWKOHWWHUVRIWKHDOSKDEHWDVIROORZV'OD\HU(OD\HU)O
DQG)OD\HUVIURPWKHHDUWKRXWZDUGVLQWRVSDFH

ƒ 7KH)/D\HU
'XULQJWKHGD\WLPHWKH)OD\HUVHSDUDWHVLQWRWKH),DQG)OD\HUV$WQLJKWDQGLQZLQWHU
WKHWZRUHFRPELQHLQWRWKHVLQJOH)OD\HUEXWDWDORZHUDOWLWXGH,QWKHDEVHQFHRIVXQOLJKW
UHFRPELQDWLRQRILRQVDQGHOHFWURQVVORZO\RFFXUVDQGLQWKH)OD\HULRQLVDWLRQLVDWDPLQLPXP
MXVWEHIRUHGDZQ

ƒ 7KH(/D\HU
7KH( OD\HUUHJLRQUHPDLQVDWDSSUR[LPDWHO\WKHVDPHDOWLWXGHWKURXJKRXWWKHSHULRG
EXWWKHLQWHQVLW\RILRQLVDWLRQ DQGKHQFHLWVUHIOHFWLYHSURSHUWLHV LQFUHDVHVZLWKWKHSUHVHQFH
RI VXQOLJKW WR UHDFK DW PD[LPXP DW DERXW QRRQ ,Q WKH DEVHQFH RI VXQOLJKW UHFRPELQDWLRQ
FRPPHQFHVUDSLGO\EXWDFHUWDLQOHYHORILRQLVDWLRQSHUVLVWV

ƒ 7KH'/D\HU
7KHOHYHORILRQLVDWLRQLQWKH'OD\HULVGHSHQGHQWXSRQWKHGLVWDQFHRIWKHVXQIURP‡WKH
HDUWK
V VXUIDFH 7KLV FDXVHV ERWK DEVRUSWLRQ DQG UHIOHFWLRQ HIIHFWV 7KH OD\HU GLVDSSHDUV DW
QLJKWDQGWKHPHFKDQLVPRIIRUPDWLRQDQGGLVSHUVDOLVQRWIXOO\XQGHUVWRRG
5HIOHFWLRQ FDSDELOLWLHV RI WKH YDULRXV OD\HUV GHSHQG QRW RQO\ XSRQ WKH LQWHQVLW\ RI WKH
LRQLVDWLRQ EXW DOVR RQ WKH DQJOH DW ZKLFK WKH ZDYH DUULYHV DQG LWV IUHTXHQF\ $ KLJKHU
IUHTXHQF\ZDYHUHTXLUHVDJUHDWHUGHJUHHRILRQLVDWLRQRIWKHOD\HUWRFDXVHUHIUDFWLRQ

ƒ ‡7KH7\SHVRI3URSDJDWHG:DYHV

)URPWKHGLDJUDP
:DYH D LVWKHJURXQGZDYHVRPHWLPHVFDOOHGWKHVXUIDFHZDYH$VWKHQDPHVXJJHVWV
WKLV UDGLR ZDYH IROORZV WKH HDUWK
V
 FRQWRXU DQG LV HYHQWXDOO\ DWWHQXDWHG WR ]HUR E\ JURXQG
DEVRUSWLRQ
:DYH E LVWKHVN\ZDYH7KHVN\ZDYHLVWKDWSDUWRIWKHHQHUJ\IURPWKHWUDQVPLWWHU
ZKLFKLVUHWXUQHGWRHDUWKE\WKHLRQLVHGOD\HUVDQGSURYLGHVJOREDOFRPPXQLFDWLRQV
:DYH F  LVWKHHVFDSHZDYH)RUDJLYHQIUHTXHQF\WKHUHLVDQDVVRFLDWHGPD[LPXP
DQJOH RI WUDQVPLVVLRQ DERYH ZKLFK WKH WUDQVPLWWHG ZDYH ZLOO QR ORQJHU EH UHIUDFWHG E\ WKH
LRQRVSKHUHEXWZLOOSHQHWUDWHWKHOD\HUVDQGFRQWLQXHRXWLQWRVSDFH 
:DYHWKHVSDFHZDYH7KLVUDGLRZDYHWUDYHOVLQDVWUDLJKWOLQHDQGIRUPVWKHUDGLROLQN
IRU9+)DQG8+)FRPPXQLFDWLRQV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ ‡6NLS=RQHDQG6NLS'LVWDQFH
%HWZHHQ WKH HQG RI WKH JURXQG ZDYH DQG WKH SRLQW DW ZKLFK WKH VN\ ZDYH UHWXUQV WR
HDUWKLVWKHUHJLRQNQRZQDVWKH6NLS=RQH:LWKLQWKLVUHJLRQWKHWUDQVPLVVLRQVIURP7[ UHIHU
WRWKHSUHYLRXVGLDJUDP FDQQRWEHUHFHLYHG

ƒ ‡)DGLQJ
)DGLQJLVRQHRIWKHPRVWXQSUHGLFWDEOHSKHQRPHQRQFRQFHUQLQJUDGLRFRPPXQLFDWLRQV
3URSDJDWLRQ FRQGLWLRQV UDUHO\ DUH VWDWLF DQG IOXFWXDWLRQV RI WKH UHFHLYHG VLJQDO
FRPPRQO\FDOOHGIDGLQJRFFXUVIRUDYDULHW\RIUHDVRQV
,IWKHVLJQDOIURPDWUDQVPLWWHUDUULYHVDWDUHFHLYHUE\PRUHWKDQRQHSDWKWKHUHODWLYH
SKDVH YDULDWLRQV FDQ UHLQIRUFH RU FDQFHO RQH DQRWKHU FDXVLQJ UDSLGDQGVHYHUHIDGLQJ7KLV
HIIHFW LV FRXQWHUDFWHG WR VRPH H[WHQW LQ WKH UHFHLYHU E\ WKH XVH RI $XWRPDWLF *DLQ FRQWURO
$*& 

7KHGLVWDQFHEHWZHHQ7DQGWKHQHDUHVWSRLQWDWZKLFKWKHVN\ZDYHLV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

UHFHLYHGLVNQRZQDVWKH 6NLS'LVWDQFHRURFFDVLRQDOO\RQHKRS

$QWHQQDV DW FRDVWDO UDGLR VWDWLRQVWHQGWREHFRQVLGHUDEO\KLJKHUWKDQWKRVHRQVKLSV


DQG WKHUHIRUH JRRG 9+3 FRPPXQLFDWLRQ UDQJH SRVVLEOH +RZHYHU \RXU 9+) UDGLR UDQJH LV
VHYHUHO\UHVWULFWHGLI\RXDUHFRPPXQLFDWLQJIURP\RXUVKLSZLWKDSHUVRQLQWKHZDWHURULQD
OLIHFUDIWGXULQJGLVWUHVVRSHUDWLRQVDVWKHUXOHVRISK\VLFVZLOOVWLOODSSO\

ƒ ‡3URSDJDWLRQRI0)VLJQDOV
7KHPHGLXPZDYHEDQGFRQVLVWVRIIUHTXHQFLHVEHWZHHQDQGN+]7KLVEDQG
LVFDOOHGWKHFRDVWWHOHSKRQ\EDQG
,QWKHGD\WLPHWKHUDGLRZDYHVDUHSURSDJDWHGRQO\DORQJWKHVXUIDFHRIWKHHDUWKDV
JURXQGZDYHV7KHVDIHFRPPXQLFDWLRQUDQJHLVDERXWQP

$W QLJKW WKH UDGLR ZDYHV DUHPRUHRUOHVVUHIUDFWHGE\WKH'OD\HUDQGWKHUDQJHZLOO


LQFUHDVHFRQVLGHUDEO\7KHLQWHQVLW\RIWKHOD\HUVLVGHSHQGRQWKHUDGLDWLRQRIHQHUJ\IURPWKH
VXQWKHUHIRUHWKHLRQRVSKHUH
VUHIUDFWLRQDELOLW\ZLOOYDU\IURPGD\WRQLJKWWLPH

ƒ ‡3URSDJDWLRQRI+)VLJQDOV

+LJKIUHTXHQF\FRPPXQLFDWLRQLVEDVHGRQWKHUHIUDFWLRQRIVLJQDOV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
LQ)OD\HURIWKHLRQRVSKHUH
+)FRPPXQLFDWLRQVLVDOVRFDOOHGVN\ZDYHFRPPXQLFDWLRQV
6N\ ZDYHV DUH WKRVH ZDYHV UDGLDWHG IURP WKH WUDQVPLWWLQJ DQWHQQD LQ D GLUHFWLRQ WKDW
SURGXFHV D ODUJH DQJOH LQ UHODWLRQ WR WKH HDUWK $ VN\ ZDYH KDV WKH DELOLW\ WR VWULNH WKH
LRQRVSKHUH  EH UHIUDFWHG EDFN WR WKH JURXQG VWULNH WKH JURXQG  EH UHIUDFWHG EDFN WR WKH
LRQRVSKHUHDQGVRRQ7KHUHIUDFWLRQDQGUHIOHFWLQJDFWLRQRIWKHLRQRVSKHUHDQGWKHJURXQGLV
FDOOHGVNLSSLQJ

ƒ 7URSRVSKHULF6FDWWHUSURSDJDWLRQ

7KHGLDJUDPDERYHLOOXVWUDWHVDW\SLFDOWURSRVSKHULFVFDWWHUFRPPXQLFDWLRQVOLQN,QWKLV
V\VWHP D YHU\ KLJKSRZHUHG 8+) WUDQVPLWWHU XVHV D GLUHFWLRQDO DQWHQQD WR WUDQVPLW HQHUJ\
EH\RQG WKH KRUL]RQ ZKHUH WKH HQHUJ\ LV VFDWWHUHG VRPH RI ZKLFK UHDFKHV WKH UHFHLYLQJ
DQWHQQD
7KH UHDVRQ ZK\ VFDWWHU RFFXUV LV QRW IXOO\ XQGHUVWRRG EXW QHYHU WKH OHVV WKH V\VWHP
ZRUNVDQGSURYLGHVUHOLDEOHFRPPXQLFDWLRQVRYHUWKHKRUL]RQWRRLOULJVLQWKH1RUWK6HD
'LVDGYDQWDJHVZLWKWKHV\VWHPDUHWKDWH[SHQVLYHDQWHQQDVQHHGWREHXVHGDQGWKH
YHU\KLJKSRZHUWUDQVPLWWHGFDQFDXVHLQWHUIHUHQFHWRRWKHUVWDWLRQVLQWKHYLFLQLW\
0RGHVRI&RPPXQLFDWLRQ
7KHUHDUHPRGHVRIFRPPXQLFDWLRQFXUUHQWO\LQXVHLQWKH0DULWLPH0RELOHVHUYLFH

ƒ 0RUVH
7KHXVHRI0RUVHFRGHZDVWKHYHU\ILUVWPRGHRIFRPPXQLFDWLRQLQWKHPDULQHILHOG,W
KDVVHYHUDODGYDQWDJHVEXWWZRPDMRUGLVDGYDQWDJHVQDPHO\LWUHTXLUHVDVNLOOHGRSHUDWRUDQG
VHFRQGO\LWLVDYHU\VORZPHWKRGRIFRPPXQLFDWLRQ

ƒ 5DGLRWHOHSKRQ\
7KLVKDVEHHQHVWDEOLVKHGDVDPRGHRIFRPPXQLFDWLRQVLQFHWKH
VDQGFRQWLQXHV
WREHDVXFFHVVIXOPHWKRGRIFRPPXQLFDWLRQHQDEOLQJUHPRWHSDUWLHVWRVSHDNWRHDFKRWKHU
5DGLRWHOHSKRQ\ZLOOUHPDLQDQDFWLYHHOHPHQWLQWKH*0'66V\VWHP

ƒ 1DUURZ%DQG'LUHFW3ULQWLQJ
7KLVLVEHWWHUNQRZQDV
WHOH[
7HOH[FDQEHXVHGWRSURYLGHDZULWWHQ KDUGFRS\ DWD
UHPRWH ORFDWLRQ HLWKHU PDQXDOO\ WZR SDUWLHV LQ D FRQYHUVDWLRQDO PRGH  RU DXWRPDWLFDOO\
3URYLVLRQLVPDGHIRUWHOH[LQWKH0)+)EDQGVDQGE\,10$56$7VDWHOOLWHVIRUXUJHQWDQG
QRQXUJHQWFRPPXQLFDWLRQ7HOH[ZLOOUHPDLQSDUWRIWKH*0'66V\VWHP1DUURZ%DQG'LUHFW
3ULQWLQJ LV DOVR XVHG WR SURYLGH WKH 1$97(; VHUYLFH IURP VKRUHVKLS IRU WKH WUDQVPLVVLRQ RI
ZHDWKHUQDYLJDWLRQDODQGXUJHQWWUDIILF

ƒ )DFVLPLOH
)DFVLPLOH )D[  V\VWHPV HQDEOH ZKROH GRFXPHQWV SLFWXUHV GUDZLQJV ZULWWHQ ZRUGV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
HWF  WR EH WUDQVPLWWHG E\ UDGLR )DFVLPLOH LQ WKH PDULQH ILHOG ZDV RULJLQDOO\ FRQILQHG WR WKH
WUDQVPLVVLRQRIZHDWKHUPDSVDQGEXOOHWLQVIURPVKRUHVWDWLRQV DIDFLOLW\ZKLFKZLOOUHPDLQLQ
WKH *0'66 V\VWHP 7KH XVH RI )DFVLPLOH KDV GXULQJ WKH ODVW GHFDGH EHHQ H[WHQGHG WR
HQDEOH VKLSV WR WUDQVPLW GRFXPHQWV WR UHFLSLHQWV DVKRUH DV SDUW RI WKH VKLSV
 URXWLQH WUDIILF
KDQGOLQJ D IDFLOLW\ ZKLFK KDV EHHQ IRXQG WR EH RI JUHDW YDOXH ZKHQ GLVFXVVLQJ RQERDUG
WHFKQLFDOSUREOHPVZLWKVKRUHWHFKQLFLDQV

ƒ ‡'LJLWDO6HOHFWLYH&DOOLQJ '6& 
'6& IRUPV D PDMRU SDUW RI WKH *0'66 V\VWHP IRU ERWK XUJHQW DQG URXWLQH
FRPPXQLFDWLRQV '6& LV D IRUP RI PHGLXPVSHHG GDWD WUDQVPLVVLRQ LQ ZKLFK LQIRUPDWLRQ LV
LQSXWWHGWRDQHQFRGHUZKLFKFRQYHUWVLWLQWRDGDWDIRUPDWSULRUWRWUDQVPLVVLRQZKLFKFDQEH
GHFRGHGE\DGLVWDQWPDFKLQHRQUHFHSWLRQ
*0'66ILWWHGVKLSVDUHDOORFDWHGDXQLTXHGLJLW0DULWLPH0RELOH6WDWLRQ,GHQWLILFDWLRQ
QXPEHU 006, DQGVLPLODUO\&RDVW6WDWLRQDOVRKDYHDXQLTXHGLJLW006,
6KLSVFDQFDOORWKHUVWDWLRQVE\SURJUDPPLQJWKHFDOOHGVWDWLRQV006,LQWRWKHHQFRGHU
WKHWUDQVPLWWHGGDWDEHLQJUHFRJQLVHGE\WKHGHFRGHUSURJUDPPHGWRUHVSRQGWRWKDWGLJLW
QXPEHU 6KLSV LQ GLVWUHVV FDQ FRQWDFW RWKHU VWDWLRQV E\ WUDQVPLWWLQJ D
GLVWUHVV DOHUW D FDOO
ZKLFKZLOOEHUHFRJQLVHGE\DOORWKHUGHFRGHUVZKLFKUHFHLYHWKHWUDQVPLVVLRQ
'6& LV FRYHUHG LQ GHWDLO LQ WKH UHJXODWLRQV VHFWLRQ RI WKHVH QRWHV 9+3 0) DQG +)
EDQGVDUHXVHGWRVXSSRUW'6&

ƒ ‡'DWD
'DWDFDQEHWUDQVPLWWHGIURPVXLWDEO\HTXLSSHGVKLSVWRFRDVWVWDWLRQVHLWKHUE\VDWHOOLWH
RU E\ WHUUHVWULDO UDGLR OLQNV 7KH WUDQVPLVVLRQ RI ORZ DQG KLJKVSHHG GDWD LV SRVVLEOH 
GHSHQGLQJRQWKHPRGHPVDQGV\VWHPXVHG+\GURJUDSKLFDQGVHLVPRJUDSKLFYHVVHOVXVHWKLV
IRUPRIFRPPXQLFDWLRQH[WHQVLYHO\DVGRRLOSURGXFWLRQDQGH[SORUDWLRQSODWIRUPV
0RGXODWLRQDQG&ODVVHVRI(PLVVLRQ

ƒ ‡0RGXODWLRQ
0RGXODWLRQLVWKHSURFHVVLQZKLFKWKH
LQWHOOLJHQFH WREHFRQYH\HGE\UDGLRLVDGGHGWR
DUDGLRIUHTXHQF\
FDUULHU
7KH
LQWHOOLJHQFH
LVWKHLQIRUPDWLRQZKLFK\RXZDQWWRVHQGEHLW
YRLFH RU GDWDWKHUDGLRIUHTXHQF\
FDUULHU
LVWKDWIUHTXHQF\WRZKLFK\RXWXQH\RXUUHFHLYHU
DQGWUDQVPLWWHU7KHPRGXODWLRQSURFHVVFDQEHFDUULHGRXWLQPDQ\GLIIHUHQWZD\VZLWKHDFK
EHLQJJLYHQLWVRZQWHUPLQRORJ\

ƒ $PSOLWXGH0RGXODWLRQ
$V WKH WLWOH VXJJHVWV ZLWK WKLV PHWKRG RI PRGXODWLRQ LW LV WKH DPSOLWXGH RI WKH UDGLR
IUHTXHQF\FDUULHUZKLFKLVFKDQJHGE\WKHLQIRUPDWLRQ\RXZLVKWRWUDQVPLW$OVRIURPWKHWLWOH
FRPHV WKH ZHOONQRZQ DEEUHYLDWLRQ $0 $0 LV RQH RI WKH PRGXODWLRQ PHWKRGV XVHG IRU WKH
WUDQVPLVVLRQRI
VSHHFK
$0KDVWZRVXEGLYLVLRQV
'RXEOH6LGH%DQG '6% 
6LQJOH6LGH%DQG 66% 
'RXEOH6LGH%DQGLVXVHGE\EURDGFDVWLQJVWDWLRQ LH%%&HWF IRU/RQJ0HGLXPDQG
6KRUWZDYHEDQGVDQGLVJHQHUDOO\UHIHUUHGWRDV
$0
6LQJOH 6LGHEDQG 66%  LV WKH VWDQGDUG IRUPDW IRU PDULWLPH UDGLR WUDQVPLVVLRQV LQ WKH
0HGLXPDQG+LJKIUHTXHQF\EDQGVIRUERWKVKLSVKRUHDQGVKRUHVKLS
'6% DQG 66% HDFKKDYH WKHLU UHODWLYH DGYDQWDJHV DQG GLVDGYDQWDJHV ZKLFK LQ WXUQ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
GLFWDWHWKHLUXVDJH
'6%WUDQVPLVVLRQVFDQEHSLFNHGXSE\WKHVLPSOHVWZD\OHDVWH[SHQVLYHRIUHFHLYHUV
KHQFHLWVGRPHVWLFXVH+RZHYHU'6%LVYHU\LQHIILFLHQWLQWHUPVRIWUDQVPLWWHUSRZHUDQGWKH
WUDQVPLVVLRQ
EDQGZLGWKUHTXLUHG
66%RQWKHRWKHUKDQGLVPRUHHIILFLHQWLQERWKWUDQVPLWWHUSRZHU
DQGEDQGZLGWKEXWGRHVUHTXLUHGDPRUHVRSKLVWLFDWHGUHFHLYHUDQG
LVWKHUHIRUHZHOOVXLWHGWRPDULQHDSSOLFDWLRQV
7RIXOO\DSSUHFLDWHWKHWUDQVPLWWHUHIILFLHQF\DQGEDQGZLGWKLVVXHV
UHODWHGWR66% DPSOLWXGH PRGXODWLRQLWLVQHFHVVDU\WRORRNDW
WKHPRGXODWLRQSURFHVVLWVHOI

ƒ ‡6LQJOH6LGH%DQG 66% 
$WUDQVPLWWHUUDGLDWLQJDQXQPRGXODWHGUDGLRIUHTXHQF\FDUULHUZLOOEHUDGLDWLQJSRZHU
LQWKH IRUPRIHOHFWURPDJQHWLFZDYHV WKHFDUULHUIUHTXHQF\ZLOORFFXS\DVORWRQWKHUDGLR
IUHTXHQF\VSHFWUXP
:KHQ WKH FDUULHU LV DPSOLWXGH PRGXODWHG WKH WRWDO SRZHU UDGLDWHG ZLOO LQFUHDVH ZKHQ
FRPSDUHGWRWKHRULJLQDOXQPRGXODWHGFRQGLWLRQ E\DQDPRXQW GHWHUPLQHGE\WKHDPSOLWXGHRI
WKH DXGLR PRGXODWLQJVLJQDO
7KH DGGLWLRQDO SRZHU UDGLDWHG E\ WKH WUDQVPLWWHU LV GLVWULEXWHG LQ WKH IRUP RI RWKHU
DGGLWLRQDOIUHTXHQFLHVZKLFKDUHSURGXFHGDWHLWKHUVLGHRIWKHFDUULHUIUHTXHQF\7KXVZKHQ
PRGXODWHG WKH FDUULHU ZLOO RFFXS\ D VLJQLILFDQW SRUWLRQ RI WKH UDGLR IUHTXHQF\ VSHFWUXP  WKH

EDQGZLGWK
RIWKHWUDQVPLVVLRQ
7KHDPSOLWXGHPRGXODWLRQSURFHVVSURGXFHVWZRLGHQWLFDOEDQGVRIIUHTXHQFLHVZKLFK
DUHORFDWHGV\PPHWULFDOO\DWHLWKHUVLGHRIWKHFDUULHU IUHTXHQF\7KH\DUHFDOOHG
VLGHEDQGV

IRUREYLRXVUHDVRQVDQGEHFDXVHWZRRIWKHPDUHSURGXFHGWKHWUDQVPLVVLRQLVUHIHUUHGWRDV
'RXEOH6LGH%DQG
$'RXEOH6LGH%DQGWUDQVPLVVLRQLVJLYHQWKHRIILFLDOGHVLJQDWRU\OHWWHUV$(
+RZHYHUERWKRIWKH
VLGHEDQGV
FRQWDLQLGHQWLFDOLQIRUPDWLRQ UDWKHUOLNHSODFLQJDWRS
DQGFDUERQFRS\RIDOHWWHULQWRWKHVDPHHQYHORSH 
%\UHPRYLQJRQHRIWKHVLGHEDQGVWKHVDPHLQIRUPDWLRQFDQEHWUDQVPLWWHGEXWLQRQO\
KDOIRIWKHEDQGZLGWK7KHWUDQVPLVVLRQLVQRZFDOOHG6LQJOH6LGH%DQG 66% 
7KLV ZLOO DOORZ WZLFH DV PDQ\ 66% XVHUV RQWR WKH VDPH VSHFWUXP DOORFDWLRQ DV ZDV
SUHYLRXVO\SRVVLEOHZKHQ'6%ZDVXVHG,QDGGLWLRQE\QRWKDYLQJWRUDGLDWHWZRVLGHEDQGVRI
IUHTXHQFLHVWKHWUDQVPLWWHUSRZHUSUHYLRXVO\XVHGE\WKHGLVFDUGHGVLGHEDQGFDQQRZEHJLYHQ
RYHUWRWKHUHPDLQLQJVLQJOHVLGHEDQG$VLWLVWKHVLGHEDQGZKLFKFDUULHVWKHLQIRUPDWLRQ\RX
ZDQWWRWUDQVPLWLQWKHILUVWSODFHWKLVVHHPVOLNHDJRRGLGHD
,IWKHWRWDOWUDQVPLWWHGSRZHUFRPSULVHVRIWKHIXOOFDUULHUSRZHUSOXVWKDWFRQWDLQHGLQWKH
RQHVLGHEDQGWKHWUDQVPLVVLRQLVJLYHQWKHRIILFLDOGHVLJQDWRU\OHWWHUV+( ZKROHRIWKHFDUULHU
VLGHEDQG +( 
,IWKHFDUULHUSRZHUZDVUHGXFHGDGGLWLRQDOSRZHUFDQEHDGGHGWRWKHVLGHEDQGPDNLQJ
LWHYHQVWURQJHU,WZLOOLPSURYHWKHVLJQDOQRLVHUDWLRDWWKHUHFHLYLQJHQGRIWKHUDGLROLQN7KH
WUDQVPLVVLRQLVJLYHQWKHRIILFLDOGHVLJQDWRU\OHWWHUV5( 
5HGXFHGFDUULHUSRZHUVLGHEDQG
5( 
%\ UHPRYLQJ WKH FDUULHU DOWRJHWKHU DQG OHDYLQJ MXVW WKH VLGH EDQG ZLOO HQDEOH DOO WKH
WUDQVPLWWHUSRZHUWREHJLYHQRYHUWRWKHVLGHEDQG7KLVJLYHVWKHWKLUGDQGILQDO66%PRGHRI
HPLVVLRQ-( -XVWWKHVLGHEDQG -( 

ƒ )UHTXHQF\0RGXODWLRQ
$ VHFRQG PRGXODWLRQ PHWKRG FXUUHQWO\ XVHG LV WR FDXVH WKH IUHTXHQF\ RI WKH UDGLR
IUHTXHQF\FDUULHUWRFKDQJHLQV\PSDWK\ZLWKWKHPRGXODWLQJVLJQDO LQWKLVFDVHWKHDPSOLWXGH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
UHPDLQVXQFKDQJHG )UHTXHQF\0RGXODWLRQ )0 LVXVHGZLWK9+3HTXLSPHQW )(*(

ƒ 7HOHJUDSK\
%\ WUDGLWLRQ WHOHJUDSK\ ZDV WKH QDPH JLYHQ WR 0RUVH FRGH WUDQVPLVVLRQV 7RGD\ WKH
ZRUG WHOHJUDSK\ LV XVHG LQ D PXFK ZLGHU FRQWH[W DQG FRYHUV VHYHUDO PDULQH FRPPXQLFDWLRQ
V\VWHPV ZKHQ XVHG LQ DVVRFLDWLRQ ZLWK PRUVH WHOHJUDSK\ WKH H[SUHVVLRQ &:VWDQGLQJ IRU
&RQWLQXRXV:DYH WKHNH\LQJRQRIIRIWKHUDGLRIUHTXHQF\FDUULHUE\DPRUVHNH\LQRUGHUWR
FRQYH\LQIRUPDWLRQ ZDVXVHGLQWXUQLWZDVJLYHQWKHGHVLJQDWLRQ$$
0RUVHWUDQVPLVVLRQVZLOOFHDVHZLWKWKHIXOOLPSOHPHQWDWLRQRIWKH*0'66V\VWHPEXW
WHOHJUDSK\DVDPRGHRIFRPPXQLFDWLRQZLOOUHPDLQ
7HOH[  7/;  RU WR JLYH LW LWV FRUUHFW WLWOH 1DUURZ %DQG 'LUHFW 3ULQWLQJ 7HOHJUDSK\ 
1%'3 LVDIRUPRIWHOHJUDSK\ZKLFKXVHVIUHTXHQF\PRGXODWLRQWRSURYLGHLQWHOOLJHQFHWRWKH
UDGLRIUHTXHQF\FDUULHU,WLVJLYHQWKHGHVLJQDWRU\OHWWHUV),%
1$97(; WKH V\VWHP XVHG IRU WKH WUDQVPLVVLRQ RI QDYLJDWLRQDO DQG PHWHRURORJLFDO
ZDUQLQJVDQGXUJHQWLQIRUPDWLRQWRVKLSVXVHV1%'3WHFKQLTXHV
)DFVLPLOH  )$;  LV \HW DQRWKHU IRUP RI WHOHJUDSK\ ZKLFK HQDEOHV IL[HG LPDJHV WR EH
UHSURGXFHG DWDGLVWDQWUHFHLYLQJVWDWLRQ
&RPPXQLFDWLRQ&KDQQHOV
$ UDGLR FRPPXQLFDWLRQ FKDQQHO FDQ EH WKRXJKW RI DV WKH XVH RI D UDGLR IUHTXHQF\ WR
FRQYH\LQIRUPDWLRQIURPDWUDQVPLWWHUWRDGLVWDQWUHFHLYHU

ƒ ‡6LPSOH[
$VLWVQDPHLPSOLHV
6LPSOH[
LVWKHVLPSOHVWIRUPRIDUDGLRRSHUDWLQJV\VWHP
,QDVLPSOH[V\VWHPRQHVLQJOHIUHTXHQF\LVXVHGDWERWKWKHWUDQVPLWWLQJHQGRIWKH
OLQNDQGDWWKHUHFHLYLQJHQGIRUERWKWKHWUDQVPLVVLRQDQGUHFHSWLRQRILQIRUPDWLRQ
,QDVLPSOH[V\VWHPFRPPXQLFDWLRQWDNHVSODFHDOWHUQDWHO\EHWZHHQWKHXVHUVDWHDFK
HQGXVLQJWKHVLQJOHIUHTXHQF\FRPPXQLFDWLRQFKDQQHO

ƒ ‡'XSOH[
$'XSOH[V\VWHPRIIHUVWKHXVHUVDVLPXOWDQHRXVWZRZD\FRPPXQLFDWLRQFKDQQHODV
SHUWKHGRPHVWLFVXEVFULEHUWHOHSKRQHV\VWHP
7R IDFLOLWDWH WKLV  WZR UDGLR IUHTXHQFLHV DUH XVHG DW HDFK HQG RI WKH FRPPXQLFDWLRQ
FKDQQHOWKHWUDQVPLWWLQJIUHTXHQF\DWRQHHQG RIWKHFKDQQHOEHLQJWKDWXVHGIRUUHFHSWLRQDW
WKHRWKHUHQGRIWKHFKDQQHODQGYLFHYHUVD

ƒ ‡6HPL'XSOH[
7KLV LV D V\VWHP ZKLFK HPSOR\V VLPSOH[ RSHUDWLRQ DW RQH HQG RI WKH FRPPXQLFDWLRQ
FKDQQHODQGGXSOH[RSHUDWLRQDWWKHRWKHUHQG
6XUYLYDO&UDIW5DGLR(TXLSPHQW
7R GDWH VXUYLYDO FUDIW  OLIHERDW OLIHUDIW  UDGLR HTXLSPHQW KDV FRQVLVWHG RI HLWKHU
SHUPDQHQWO\ILWWHGRUSRUWDEOHHTXLSPHQWFDSDEOHRIFRPPXQLFDWLRQRQN+]DQGN+]
E\0RUVHWHOHJUDSK\DQGRQN+]E\YRLFH
7KHLQWURGXFWLRQRI*0'66ZLOOUHQGHUWKLVHTXLSPHQWZLOOEHWDNHQE\WKUHHVHSDUDWH
SLHFHVRIHTXLSPHQW
x ‡SRUWDEOHWZRZD\9+3UDGLRWHOHSKRQH
x ‡6$57
x ‡(3,5%


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ ‡3RUWDEOHWZRZD\9+)UDGLRWHOHSKRQHHTXLSPHQW
7KLVZLOOEHLQWKHIRUPRIFRQYHQWLRQDOPDULQHZDONLHWDONLHHTXLSPHQWSRZHUHGIURP
UHFKDUJHDEOHEDWWHULHVDQGRSHUDWLQJRQ&KDQQHO 'LVWUHVVDQGFDOOLQJFKDQQHO DQG 
3ULPDU\LQWHUVKLSDQGVKLSDLUFUDIWGXULQJ6HDUFKDQG5HVFXHRSHUDWLRQV

$VZLWKVKLSERDUG9+)WKHPD[LPXPUDQJHRIWKHHTXLSPHQWZLOOEHGHWHUPLQHGE\WKH
KHLJKWRIWKHDQWHQQD WKHKLJKHULWLVWKHJUHDWHUZLOOEHWKHUDQJH WKLVZLOOQRWEHDSUREOHP
ZKHQ\RXDUHLQFRPPXQLFDWLRQZLWKADLUFUDIWHQJDJHGLQ6$5RSHUDWLRQV )RUWKLVUHDVRQWKH
SRUWDEOH9+)VKRXOGEHXVHGDVKLJKDERYHWKHVXUIDFHRIWKHVHDDV
LVSUDFWLFDO3RZHUGRHV
QRWKDYHDVLJQLILFDQWLQIOXHQFHRIWKHUDQJHRID9+)WUDQVFHLYHU

ƒ ‡6$57
6$57 LV WKH DEEUHYLDWLRQ RI 6HDUFK $QG 5HVFXH 5DGDU 7UDQVSRQGHU ZLOO WUDQVPLW
KRPLQJDQGORFDWLQJVLJQDOVIRUYHVVHOVHQJDJHGLQWKHVHDUFKIRUVXUYLYDOFUDIW DQGVXUYLYRUV 
$VZLWKWKHSRUWDEOH9+)HTXLSPHQWWKHUDQJHRIWKH6$57WUDQVPLVVLRQVLVGLUHFWO\UHODWHGWR
LWV KHLJKW 6$57
V DUH VXSSOLHG ZLWK D PRXQWLQJ SROH WKLV KDV EHHQ FRQIXVHG ZLWK WKH
DQWHQQDUHVXOWLQJLQWKH6$57EHLQJRSHUDWHGXSVLGHGRZQ7KH6$57PRXQWHGRQWKHWRS
RIWKHSROHWRJLYHLWDKHLJKWDGYDQWDJHVKRXOGLISRVVLEOHEHKHOGDORIWWKXVIXUWKHULQFUHDVLQJ
LWVKHLJKW8QGHUVXFKFRQGLWLRQVLWZLOOKDYHDQHIIHFWLYHUDQJHRIDSSUR[LPDWHO\QP
9HVVHOV HQJDJHG LQ 6$5 RSHUDWLRQV VKRXOG VZLWFK WR WKHLU  FP UDGDU V\VWHP ZKHQ
DSSURDFKLQJWKHVFHQHRIWKHLQFLGHQW7KH6$57UHVSRQVHDWDSSUR[LPDWHO\PLOHVZLOOWDNH
WKHIRUPRIDUDGLDOOLQHRIGRWVRQWKHUDGDUVFUHHQ$VWKH6$57LVDSSURDFKHGWKHOLQHRI
GRWV ZLOO H[WHQG LQWR DUFV ZKLFK ZLOO ZLGHQ DQG VXEVHTXHQWO\ PHUJH LQWR D
EXOOVH\H
 SDWWHUQ
ZKHQDORQJVLGHWKH6$57ORFDWLRQ

ƒ (3,5%
7KH(PHUJHQF\3RVLWLRQ,QGLFDWLQJ5DGLR%HDFRQ (3,5% ZLOOSURYLGHWKHVXUYLYDOFUDIW
ZLWK D PHDQV RI FRPPXQLFDWLQJ WKH VXUYLYRUV SOLJKW WR WKH ZRUOG VKRXOG FLUFXPVWDQFHV KDYH
SUHYHQWHGWKHWUDQVPLVVLRQRID'LVWUHVV$OHUWIURPWKHSDUHQWFUDIW
(3,5%
VRIWKH&263$66$56$7V\VWHPUDGLDWHVLJQDOVRQ0+]ZKLFKFDQEH
SLFNHGXS E\ GHGLFDWHG VDWHOOLWHV ORFNHG LQ SRODU RUELW $Q\ VXFK VDWHOOLWH ZKLFK UHFHLYHV DQ
(3,5% WUDQVPLVVLRQ ZLOO DXWRPDWLFDOO\ FRPSXWH WKH SRVLWLRQ RI WKH (3,5% RQ WKH HDUWK
V
VXUIDFH DQG FRPPXQLFDWH WKLV LQIRUPDWLRQ GRZQ WR D FRQWURO VWDWLRQ RQ HDUWK 7KH
FRUUHVSRQGLQJ05&&FDQWKHQDOHUWYHVVHOVDQGDLUFUDIWLQWKHYLFLQLW\RIWKH(3,5%
VORFDWLRQ
6XUYLYDOFUDIWLQWKH*0'66V\VWHPZLOOWKHUHIRUHEHHTXLSSHGZLWK
x ‡ DPHDQVRIGLVWUHVVDOHUWLQJ (3,5% 
x ‡DVRXUFHRIORFDWLQJDQGKRPLQJVLJQDOV 6$57 
x ‡DQGDPHDQVRIWZRZD\YRLFHFRPPXQLFDWLRQEHWZHHQVKLSV
DLUFUDIW RURWKHUVXUYLYDOFUDIW 


&KDSWHU5(*8/$7,216
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

$1'352&('85(6
*HQHUDO5HJXODWLRQ

ƒ ,/LFHQFH
%HIRUHDQ\UDGLRHTXLSPHQWLVLQVWDOOHGRUXVHGRQERDUGDVKLSD/LFHQFHLVVXHGE\WKH
FRUUHVSRQGLQJDXWKRULW\LQDFFRUGDQFHZLWK,QWHUQDWLRQDO5HJXODWLRQVPXVWEHREWDLQHG
7KH/LFHQFHVKRZV
x ‡WKHVKLSVQDPH
x ‡WKHUDGLRFDOOVLJQ
x ‡ WKHSXEOLFFRUUHVSRQGHQFHFDWHJRU\
x ‡WKHW\SHRIWUDQVPLWWHUHTXLSPHQW
x ‡WKHFODVVRIHPLVVLRQRIWKHWUDQVPLVVLRQV
x ‡WKHPD[LPXPSRZHUOHYHOVZKLFKPD\EHWUDQVPLWWHG
7KH/LFHQFHPXVWEHNHSWLQVXFKDZD\WKDWLWFDQSURGXFHGXSRQUHTXHVWIRULQVSHFWLRQ
E\WKHFRPSHWHQWDXWKRULWLHVLQSRUWVDWZKLFKWKHVKLSFDOOV

ƒ 0DVWHUV
$XWKRULW\
7KH UDGLR VHUYLFH RI D VKLS LV SODFHG XQGHU WKH VXSUHPH DXWKRULW\ RI WKH 0DVWHU  RU
SHUVRQUHVSRQVLEOHIRUVKLS

ƒ ,QVSHFWLRQDQG6XUYH\RI5DGLR6WDWLRQV
5DGLRLQVWDOODWLRQVDUHVXUYH\HGDQQXDOO\E\5DGLR6XUYH\RUWRUHQHZWKH6DIHW\5DGLR
&HUWLILFDWH
7KH6KLS/LFHQFH,QVSHFWLRQWRDVFHUWDLQWKDWWKHOLFHQFHFRQGLWLRQVDUHEHLQJPHWDQG
WKH 6DIHW\ 5DGLR &HUWLILFDWH 6XUYH\ LV XVXDOO\ FDUULHG RXW DW WKH VDPH WLPH E\ WKH 5DGLR
6XUYH\RU
7KH5DGLR6XUYH\RUVPD\LQVSHFWWKHUDGLRVWDWLRQLQDQ\SRUWDURXQGWKH:RUOGZLWKRXW
SULRUQRWLILFDWLRQ

ƒ 6HFUHF\RIFRUUHVSRQGHQFH
7KHKROGHURIWKH5DGLR/LFHQFHLVUHTXLUHGWRSUHVHUYHWKHVHFUHF\RIFRPPXQLFDWLRQV
7KH LQWHUFHSWLRQ RI FRPPXQLFDWLRQV RWKHU WKDQ WKRVH ZKLFK WKH VWDWLRQ LV OLFHQVHG WR
UHFHLYH LV IRUELGGHQ ,I VXFK FRPPXQLFDWLRQV DUH UHFHLYHG LQYROXQWDULO\ WKH\ PXVW QRW EH
UHSURGXFHGLQZULWLQJFRPPXQLFDWHGWRRWKHUSHUVRQVRUXVHGIRUDQ\SXUSRVHZKDWVRHYHU

ƒ ‡,GHQWLILFDWLRQRI6WDWLRQV
&RDVW6WDWLRQV
1RUPDOO\ LGHQWLI\ WKHPVHOYHV XVLQJ WKHLU JHRJUDSKLFDO ORFDWLRQ IROORZHG E\ WKH ZRUG
5$',2HJ1LWRQ5DGLR6\GQH\5DGLR6LQJDSRUH5DGLRHWF
6KLS6WDWLRQV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
6KLSVXVLQJUDGLRWHOHSKRQ\VKRXOGLGHQWLI\WKHPVHOYHVE\WKHXVHRI
x ‡WKHVKLSVQDPHDQGRU
x ‡WKH,QWHUQDWLRQDOUDGLR&DOO6LJQDVVLJQHGWRLWRU
x ‡WKHVHOHFWLYHFDOOQXPEHURUVLJQDO
6KLSVXVLQJ'LJLWDO6HOHFWLYH&DOOLQJ '6& 
x ‡WKH6KLS
V0DULWLPH0RELOH6HUYLFH,GHQWLW\QXPEHU6KLS(DUWK6WDWLRQV
x ‡WKHRUGLJLW,10$56$7LGQXPEHU
1RWUDQVPLVVLRQVPD\EHPDGHZLWKRXWDQLGHQWLILFDWLRQ

ƒ ‡2SHUDWRUV
&HUWLILFDWHV
7KHUDGLRLQVWDOODWLRQPD\RQO\EHXVHGE\KROGHUVRIWKHDSSURSULDWH
FHUWLILFDWHRIFRPSHWHQF\2WKHUSHUVRQVPD\XVHWKHHTXLSPHQWXQGHU
WKHVXSHUYLVLRQRIWKH&HUWLILFDWHKROGHU

ƒ ‡2UGHURI3ULRULW\RI&RPPXQLFDWLRQ
'LVWUHVV
8UJHQF\
6DIHW\
&RPPXQLFDWLRQVUHODWLQJWRWKHPRYHPHQWRIWKHVKLS
2IILFLDO VKLSVEXVLQHVV WUDIILF
3ULYDWHWUDIILF

ƒ ‡'RFXPHQWVWREHFDUULHG
*0'66ILWWHGVKLSVPXVWFDUU\
x ‡6KLS
V/LFHQFH
x ‡WKH*0'665DGLR/RJERRN
x ‡WKHFHUWLILFDWHVRI*0'66RSHUDWRUV
x ‡,78/LVWRI&DOOVLJQVDQGRU1XPHULFDOWDEOHRI,GHQWLWLHV6WDWLRQV
x ‡,78/LVWRI6KLSV6WDWLRQV
x ‡,78/LVWRI&RDVW6WDWLRQV
x ‡,78/LVWRI5DGLRGHWHUPLQDWLRQDQG6SHFLDO6HUYLFH
x 6WDWLRQV
x ‡WKH0DQXDOIRU8VHE\WKH0DULWLPH0RELOHDQG0DULWLPH0RELOH6DWHOOLWH
6HUYLFHV
x ‡0DVWHU3ODQIRU*0'66
D WKHOLVWRI9+)FRDVWVWDWLRQVIRUVHD$UHD
E WKHOLVWRI0)FRDVWVWDWLRQVIRUVHD$UHD
F WKHOLVWRI+)FRDVWVWDWLRQVIRUVHD$UHDVDQG
G WKHOLVWRI,10$56$7&(6V
H WKHOLVWRI&263$66$56$70&&V
I RSHUDWLRQDODQGSODQQHG1$97(;VHUYLFHV
J GLVWUHVVPHVVDJHURXWLQHLQWKH,10$56$75&&


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
VKLSVKRUHGLVWUHVVDOHUWLQJQHWZRUNV
K 6(6VFRPPLVVLRQHGIRU5&&RSHUDWLRQV
L +)1%'306,EURDGFDVWVFKHGXOH
M WKHOLVWRISURSRVHGDQGRSHUDWLRQDO6DIHW\1(7
N PDULWLPH6$5UHJLRQVDQG5&&V
 ,QIRUPDWLRQRQVKRUHEDVHGIDFLOLWLHVLQWKH*0*66
DQGRSWLRQDO
x ‡,02*0'66 +DQGERRN
x ‡62/$6
x ‡,026$5
x ‡0(56$5

ƒ 8QDXWKRULVHGWUDQVPLVVLRQVDQGEURDGFDVWV
x ‡WUDQVPLVVLRQVZLWKRXWLGHQWLILFDWLRQ
x ‡WUDQVPLVVLRQVZLWKIDOVHLGHQWLILFDWLRQ
x ‡WUDQVPLVVLRQRIIDOVHRUGHFHSWLYHGLVWUHVVXUJHQF\VDIHW\PHVVDJHV
x ‡EURDGFDVWLQJRIPXVLFHQWHUWDLQPHQWHWF
x ‡XQQHFHVVDU\DQGVXSHUIOXRXVVLJQDOOLQJ H[FHVVLYHFDOOLQJHWF
x ‡XQDXWKRULVHGXVHRIUDGLRHTXLSPHQWIRUWKHWUDQVPLVVLRQRUUHFHSWLRQRI
SULYDWHFRUUHVSRQGHQFH
5DGLRWHOHSKRQ\*HQHUDO3URFHGXUHV
7KH IROORZLQJ SURFHGXUHV DSSO\ H[FHSW LQ WKH FDVH RI 'LVWUHVV 8UJHQF\ RU 6DIHW\
FRPPXQLFDWLRQV

ƒ ‡3UHOLPLQDU\2SHUDWLRQV
%HIRUHWUDQVPLWWLQJ\RXPXVWHQVXUHWKDW\RXUWUDQVPLVVLRQVZLOOQRWLQWHUIHUHZLWKDQ\
RWKHU WUDQVPLVVLRQV DOUHDG\ LQ SURJUHVV OLVWHQ RQ WKH IUHTXHQF\ ZKLFK \RX DUH JRLQJ WR
WUDQVPLWRQEHIRUHRSHUDWLQJRUWXQLQJ\RXUWUDQVPLWWHU
,IWKHIUHTXHQF\LVLQXVHZDLWIRUDQDSSURSULDWHEUHDN
,IKDYLQJWDNHQWKHVHSUHFDXWLRQV\RXUWUDQVPLVVLRQVGRHVFDXVHLQWHUIHUHQFHWRRWKHU
VWDWLRQVWKHIROORZLQJUXOHVDSSO\ 
,QWHUIHULQJ ZLWK VKLSFRDVW VWDWLRQ FRPPXQLFDWLRQV  <RX PXVW FHDVH WUDQVPLVVLRQ
LPPHGLDWHO\ZKHQUHTXHVWHGE\WKHFRDVWVWDWLRQ
,QWHUIHULQJ ZLWK VKLSVKLS FRPPXQLFDWLRQV <RX PXVW FHDVH WUDQVPLVVLRQ LPPHGLDWHO\
ZKHQUHTXHVWHGE\HLWKHURIWKHRWKHUVKLSV
7KHVWDWLRQZKLFKUHTXLUHV\RXWRVWRSWUDQVPLWWLQJZLOOLQGLFDWHWKHDSSUR[LPDWHZDLWLQJ
WLPHEHIRUH\RXFDQUHFRPPHQFH

ƒ ‡&DOOE\5DGLRWHOHSKRQ\
,WLVWKHUHVSRQVLELOLW\RIWKHVKLSRSHUDWRUWRHVWDEOLVKFRQWDFWZLWKWKHFRDVWVWDWLRQ
6KLSVVKRXOGRQO\DWWHPSWWRFRQWDFWWKHFRDVWVWDWLRQZKHQLWLVZLWKLQWKHVHUYLFHDUHD
RIWKHFRDVWVWDWLRQLQYROYHG
‡PLOHVIURPWKHFRDVWVWDWLRQRQ9+3
‡PLOHVIURPWKHFRDVWVWDWLRQRQ0)
&RDVWVWDWLRQVKROGLQJWUDIILFIRUDVKLSZLOOFDOOWKHVKLSLILWKDVUHDVRQWREHOLHYHWKDWWKH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
VKLSLVZLWKLQLWVVHUYLFHDUHD7KLVLQIRUPDWLRQLVREWDLQHGIURPWKHVKLSVWUDIILFUHSRUW
7UDIILF/LVWV
&RDVW VWDWLRQV ZLOO WUDQVPLW
WUDIILF OLVWV
 LQ WKH IRUP RI DQ DOSKDEHWLFDO OLVW RI VKLS
QDPHVFDOOVLJQVRIVKLSVIRUZKLFKLWKROGVWUDIILF
7UDIILFOLVWGHWDLOV WLPHIUHTXHQF\ FDQEHIRXQGLQ/LVWRI&RDVW6WDWLRQVSXEOLVKHGE\
,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQV 8QLRQ  ,78   *HQHYD RU DOWHUQDWLYHO\ 9ROXPH , RI WKH
$GPLUDOW\/LVWRI5DGLR6LJQDOV $/56 
7UDIILFOLVWVDUHDQQRXQFHGRQWKH,QWHUQDWLRQDO'LVWUHVVDQG&DOOLQJ)UHTXHQFLHV 
N+]0)&KDQQHO 0+] 9+) SULRUWRWKHEURDGFDVWRQDZRUNLQJIUHTXHQF\
([DPSOH
2QN+]
$//6+,36$//6+,36$//6+,367+,6,6
%(515$',2%(515$',2%(515$',275$)),&/,67/,67(1>N+@
WKHQRQN+]
$//6+,36$//6+,36$//6+,36
7+,6,6
%(515$',2%(515$',2%(515$',2
,+$9(75$)),&21+$1')257+()2//2:,1*
6+,3685,+%/)6$5,1(+%')
6KLSV VKRXOG DV IDU DV LW LV SUDFWLFDEOH OLVWHQ WR WUDIILF OLVWV WUDQVPLWWHG E\ &RDVW
6WDWLRQV
2Q KHDULQJ WKHLU QDPHFDOO LQ WKH WUDIILF OLVW WKH VKLSV PXVW UHVSRQG LPPHGLDWHO\ DV
LQVWUXFWHGE\WKHFRDVWVWDWLRQ LHOLVWHQLQJIRUFDOOVRQN+]HWF WRUHWULHYHWKHWUDIILF

ƒ ‡7UDIILF5HSRUW 75 
6KLSVVKRXOGVHQGWUDIILFUHSRUWVWRFRDVWVWDWLRQV
x ‡ZKHQOHDYLQJSRUW
x ‡ZKHQWUDQVIHUULQJIURPRQHFRDVWVWDWLRQVHUYLFHDUHDWRWKDWRIDQRWKHU
x ‡ZKHQHQWHULQJSRUWDQGFORVLQJGRZQWKHUDGLRVWDWLRQ
x 7KHWUDIILFUHSRUWFRQVLVWVRI
x ‡75
x ‡6KLSVQDPH&DOOVLJQ
x ‡&XUUHQWSRVLWLRQ
x ‡1H[WSRUWRIFDOO
([DPSOH7585,+%/)/($9,1*./$,3('$%281'5,*$
$WUDIILFUHSRUWKDVDKLJKHUSULRULW\WKDQRIILFLDOVKLSEXVLQHVVWUDIILFRUSULYDWHWUDIILFDQG
PXVWWKHUHIRUHEHVHQWEHIRUHVXFKWUDIILF

ƒ ‡0HWKRGVRIFDOOLQJUHSO\WRFDOOVDQGVLJQDOSUHSDUDWRU\WRWKHH[FKDQJHRI
WUDIILF
7KHFDOOFRQVLVWVRI
x ‡WKHQDPHFDOOVLJQRIWKHFDOOHGVWDWLRQ QRWPRUHWKDQWKUHHWLPHV 
x ‡7+,6,6
x ‡WKHQDPHFDOOVLJQRIWKHFDOOLQJVWDWLRQ QRWPRUHWKDQWKUHHWLPHV 
([DPSOH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
%(515$',2%(515$',2%(515$',2
7+,6,6
6$5,1(6$571(6$5,1(
,WLVKHOSIXOWRDWWDFKWKHVKLSVFDOOVLJQHVSHFLDOO\ZKHQWKHVKLSVQDPHLVFRPSOH[LH
*HQHUDO6HPHQ%RURGRYFDOOVLJQ=2//
2Q9+3ZKHQFRQGLWLRQVDUH JRRGWKHFDOORQWKHZRUNLQJFKDQQHOPD\EHDEEUHYLDWHG
WR
‡WKHQDPHFDOOVLJQRIWKHFDOOHGVWDWLRQ
‡7+,6,6
‡WKHQDPHFDOOVLJQRIWKHFDOOLQJVWDWLRQ
:KHQ WKH VKLS KDV PRUH WKDQ RQH WHOHJUDPWHOHSKRQH FDOO RU RWKHU WUDIILF WR FOHDU
WKURXJKWKHFRDVWVWDWLRQWKLVIDFWPXVWLQFOXGHGLQWKHLQLWLDOFDOO
([DPSOH,+$9($75$1'7:2/,1.&$//6
5DGLRWHOHSKRQHFDOOVDUHNQRZQDVOLQNFDOOV DUDGLROLQNEHWZHHQVKLSDQGVKRUH

ƒ (VWDEOLVKLQJFRQWDFWXVLQJ'LVWUHVVDQG&DOOLQJIUHTXHQF\
&RDVW 6WDWLRQV ZKLFK GR QRW NHHS FRQWLQXRXV OLVWHQLQJ ZDWFK RQ WKHLU ZRUNLQJ
IUHTXHQFLHVFKDQQHOVKDYHWREHFRQWDFWHGXVLQJWKH
'LVWUHVVDQG&DOOLQJIUHTXHQF\FKDQQHORIWKHDSSURSULDWHEDQG N+]0)&KDQQHO
9+3 
7KHFDQLQJIRUPDWLVWKDWDOUHDG\H[SODLQHGLQWKLV6HFWLRQEXWLQDGGLWLRQWRLQGLFDWLQJ
WKH W\SH DQG TXDQWLW\ RI WUDIILF RQ KDQG WKH VKLS ZLOO DOVR KDYH WR QRPLQDWH D
ZRUNLQJ
IUHTXHQF\
 RQWR ZKLFK LW ZLOO WUDQVIHU DIWHU HVWDEOLVKLQJ FRQWDFW WR FOHDU LWV WUDIILF 7KH FRDVW
VWDWLRQLQUHSO\ZLOODOVRVSHFLI\WKH
ZRUNLQJIUHTXHQF\
LWZLOOXVH
$OWKRXJK WKH VKLS ZLOO QRPLQDWH D
ZRUNLQJ IUHTXHQF\
 WKH ILQDO GHFLVLRQ UHVWV ZLWK WKH
FRDVW VWDWLRQ DV WR ZKHWKHU RU QRW LW LV DFFHSWDEOH ,I LW LV DFFHSWDEOH DJUHHPHQW ZLOO EH
LQGLFDWHGE\WKHXVHRIWKHZRUG52*(5 520(2 
,ILWLVQRWDFFHSWDEOHWKH&RDVW6WDWLRQZLOOQRPLQDWHDVXLWDEOHIUHTXHQF\ZKLFKWKHVKLS
FDQXVH
([DPSOH
&DOOIURPVKLSPDGHRQN+]
%(515$',2%(515$',2%(515$',2
7+,6,6
6$5,1(6$5,1(6$5,1(*2/)%5$92'(/7$.,/2
,+$9($75$)),&5(3257$1'21(/,1.&$//
29(5
5HSO\IURP&RDVW6WDWLRQPDGHRQN+]
6$5,1(6$5,1(6$5,1(
7+,6,6
%(515$',2%(515$',2%(515$',2
52*(5
:,//75$160,721.+=
/,67(1)250(21.+=
$IWHU WKLV EULHI H[FKDQJHRILQIRUPDWLRQWKHVKLSZRXOGUHWXQHKLVWUDQVPLWWHUWR
N+]DQGKLVUHFHLYHUWRN+]LQUHDGLQHVVWRH[FKDQJHWUDIILF
,WVKRXOGEHQRWHGWKDW ZLWKWKHH[FHSWLRQRI'LVWUHVVRU8UJHQF\ FDOOVPDGHRQ
N+] DQG&KDQQHO9+3 VKRXOGQRWH[FHHG PLQXWHGXUDWLRQ
:KHQFRQWDFWLVHVWDEOLVKHGXVLQJ9+3WKHVDPHURXWLQHLVDGRSWHGWKHRQO\GLIIHUHQFH
EHLQJWKHTXRWLQJRIFKDQQHOQXPEHUVUDWKHUWKDQIUHTXHQFLHV
2QFH HVWDEOLVKHG RQ ZRUNLQJ IUHTXHQFLHV VWDWLRQV QHHG RQO\ JLYH WKHLU FDOO VLJQ RQFH
ZLWKHYHU\H[FKDQJH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 'LUHFWFDOOLQJRQZRUNLQJFKDQQHOV
6RPH FRXQWULHV RSHUDWH D GLUHFW FDOOLQJ V\VWHP 6KLS RSHUDWRUV VKRXOG ILUVW OLVWHQ WR
HQVXUH WKH FKDQQHO LV QRW HQJDJHG ,I LW LV HQJDJHG \RX ZLOO KHDU HLWKHU D VHULHV RI
SLSV
 
FKDQQHOHQJDJHGVLJQDO RUDFRQYHUVDWLRQWDNLQJSODFH,IWKHFKDQQHOLVIUHHVKLSVFDQFDOO
WKHFRDVWVWDWLRQZLWKRXWWKHQHFHVVLW\WRILUVWFDOORQN+]RU&KDQQHO

ƒ &RQWURORIZRUNLQJ
6KLS 6KRUH
:KHQVHYHUDOVKLSVFDOODFRDVWVWDWLRQVLPXOWDQHRXVO\WKHFRDVWVWDWLRQZLOOGHFLGHRQ
WKHRUGHULQZKLFKWKHVKLSVZLOOEHZRUNHG7KHGHFLVLRQZLOOEHPDGHRQSULRULW\RIWKHWUDIILF
DQGWKHQXPEHURIWHOHJUDPVWHOHSKRQHFDOOVLQRUGHUWRDOORZPD[LPXPWLPHIRUHDFKVKLS
,QDGGLWLRQWKH&RDVW6WDWLRQDOVRFRQWUROVWKHWLPHGXUDWLRQRIUDGLRWHOHSKRQHFDOOVIRU
FKDUJLQJ SXUSRVHV $W WKH HQG RI HDFK WHOHSKRQH FDOO WKH FRDVW VWDWLRQ RSHUDWRU ZLOO DGYLVH
HLWKHUPLQLPXPFKDUJH PLQXWHVLVWKHPLQLPXP RUZLOODGYLFHWKHWLPHLQPLQXWHV7KDW
ZDVDILYHPLQXWHFDOOHWF
6KLS 6KLS
,Q WKH FDVH RI LQWHUVKLS FRPPXQLFDWLRQV LW LV WKH FDOOHG VKLS ZKLFK FRQWUROV WKH
FRPPXQLFDWLRQV LW PD\ EH FRQYHQLHQW IRUWKHFDOOLQJVKLSWRFRQWDFW\RXEXWLWPD\QRWEH
FRQYHQLHQWIRUWKHFDOOHGVKLSWRKDQGOHWRFDOOWKHQDQGWKHUH 

ƒ 'LIILFXOWLHVLQHVWDEOLVKLQJFRQWDFW
:KHQFDOOLQJDVWDWLRQZKLFKGRHVQRWUHSO\LPPHGLDWHO\WKHFDOOPD\EHUHSHDWHGDWWZR
PLQXWHLQWHUYDOVXSWRDPD[LPXPRIWKUHHFRQVHFXWLYHFDOOV
$IWHU WKLV D WKUHH PLQXWH JDS VKRXOG HODSVH EHIRUH UHFRPPHQFLQJ ZLWK WKH FDOO
+RZHYHUEHIRUHUHQHZLQJWKHFDOOLQJWKHVKLSRSHUDWRUPXVWDVFHUWDLQWKDWIXUWKHUFDOOLQJZLOO
QRWFDXVHLQWHUIHUHQFHWRRWKHUFRPPXQLFDWLRQV
:KHQZDLWLQJWRFDOODFRDVWVWDWLRQRQDZRUNLQJIUHTXHQF\ DVVXPLQJWUDIILFLVEHLQJ
H[FKDQJHG RQ WKH IUHTXHQF\  WKH VKLS WUDQVPLWWHU PXVW EH SODFHG RQ
VWDQGE\ VR WKDW QR
VLJQDOVZKLFKFRXOGFDXVHLQWHUIHUHQFHDUHUDGLDWHG

ƒ ‡'LIILFXOW\LQUHFHSWLRQ
,IWKHVWDOOLRQFDOOHGLVXQDEOHWRDFFHSWVWUDIILFLPPHGLDWHO\LWZLOOUHVSRQGZLWK:$,7
0,187(6 LH :$,7 21(  ,I WKH SUREDEOH GHOD\ LV OLNHO\ WR EH LQ H[FHVV RI  PLQXWHV D
UHDVRQIRUWKHGHOD\ZLOOEHJLYHQ
,IWKHFDOOHGVWDWLRQUHFHLYHVDFDOOEXWLVQRWFHUWDLQWKDWWKHFDOOLVLQWHQGHGIRULWWKH
VWDWLRQVKRXOGGRQRWKLQJXQWLOWKHFDOOKDVEHHQUHSHDWHGDQGXQGHUVWRRG
:KHQ D VWDWLRQ UHFHLYHV D FDOO ZKLFK LV LQWHQGHG IRU LW EXW LV XQFHUWDLQ RI WKH
LGHQWLILFDWLRQRIWKHFDOOLQJVWDWLRQLWVKRXOGUHSO\LPPHGLDWHO\RQWKHDSSURSULDWHIUHTXHQF\
ZLWK
67$7,21&$//,1* \RXUQDPHFDOOVLJQ
3/($6(5(3($7<285&$//

ƒ ‡([FKDQJHRIWUDIILF5DGLRWHOHSKRQHFDOOV
2QWKHZRUNLQJIUHTXHQF\FKDQQHOWKHIROORZLQJSURFHGXUHZLOOEHDGRSWHG
6KLS &RDVW6WDWLRQ
,+$9(21(/,1.&$//*2,1*725,*$
&RDVW 6WDWLRQ 6KLS52*(567$1'%<
&RDVWVWDWLRQRSHUDWRUGLDOVQXPEHUWKHQUHVSRQGVZLWK<28$5(7+528*+
*2$+($'


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KH SDUW\ RQ ERDUG VKLS VSHDNV WR WKH FDOOHG SDUW\ DVKRUH 7KH FDOO LV FRQVLGHUHG
WHUPLQDWHGZKHQWKHVKRUHVXEVFULEHUUHSODFHVWKHWHOHSKRQHKDQGVHWLQWKHFUDGOH
7KHFRDVWVWDWLRQRSHUDWRUWKHQUHVSRQGVZLWK7+$7:$6$0,187(&$//
,IQHLWKHUVKLSQRUFRDVWVWDWLRQKDYHDQ\PRUHWUDIILFWRH[FKDQJHWKHOLQNZLOOEHFORVHG
DVIROORZV
6KLS &RDVW6WDWLRQ
52*(5,+$9(127+,1*)857+(5)25<28287
&RDVW6WDWLRQ 6KLS
52*(5287
5DGLRWHOHJUDPV
:KHQ UDGLRWHOHJUDPV KDYH WR EH WUDQVPLWWHG E\ WHOHSKRQ\ WKH IROORZLQJ SURFHGXUH
VKRXOGEHDGRSWHG
([WUDFWVIURPWKH5DGLR5HJXODWLRQV
%7UDQVPLVVLRQRI5DGLRWHOHJUDPV
†  7KHWUDQVPLVVLRQRIDUDGLGWHOHJUDPVKRXOGEH
PDGHDVIROORZV
 UDGLRWHOHJUDPEHJLQVIURP QDPHRIVKLSRUDLUFUDIW 
 QXPEHU VHULDOQXPEHURIUDGLRWHOHJUDP 
 QXPEHURIZRUGV
 GDWH
 OLPH WLPHUDGLRWHOHJUDPZDVKDQGHGLQDERDUGVKLSRUDLUFUDIW 
 VHUYLFHLQGLFDWRUV LIDQ\ 
 DGGUHVV
 WH[W
 VLJQDWXUH LIDQ\ 
 UDGLRWHOHJUDPHQGVRYHU
  $V
DJHQHUDOUXOHUDGLRWHOHJUDPVRIDOONLQGVWUDQVPLWWHGE\
VKLSVWDWLRQVVKDOOEHQXPEHUHGLQDGDLO\VHULHVQXPEHUVKDOOEH
JLYHQWRWKHILUVWUDGLRWHOHJUDPVHQWHDFKGD\WRHDFKVHSDUDWHVWDWLRQ
  $VHULHVRIQXPEHUVZKLFKKDVEHJXQLQUDGLRWHOHJUDSK\
VKRXOGEHFRQWLQXHGLQUDGLRWHOHSKRQ\DQGYLFHYHUVD
  (DFKUDGLRWHOHJUDPVKRXOGEHWUDQVPLWWHGRQFHRQO\E\WKH
VHQGLQJVWDWLRQ+RZHYHULWPD\ZKHQQHFHVVDU\EHUHSHDWHGLQIXOO
RULQSDUWE\WKHUHFHLYLQJRUWKHVHQGLQJVWDWLRQ
  ,QWUDQVPLWWLQJJURXSVRIILJXUHVHDFKILJXUHVKDOOEHVSRN HQ
VHSDUDWHO\DQGWKHWUDQVPLVVLRQRIHDFKJURXSRUVHULHVRIJURXSV
VKDOOEHSUHFHGHGE\WKHZRUGVLQILJXUHV
  1XPEHUVZULWWHQLQOHWWHUVVKDOOEHVSRNHQDVWKH\DUH
BBBBBBZULWWHQWKHLUWUDQVPLVVLRQEHLQJSUHFHGHGE\WKHZRUGVLQ
OHWWHUV
7KHWHOHJUDPLVPDGHXSRIIRXUSDUWV
x ‡WKHSUHDPEOH
x ‡WKHDGGUHVV
x ‡WKHWH[W


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡WKHVLJQDWXUH RSWLRQDO 
7KHSUHDPEOHLVPDGHXSRI
x ‡3UHIL[
x ‡2IILFHRI2ULJLQ
x ‡6HULDOQXPEHU
x ‡1XPEHURIZRUGV
x ‡'DWH
x ‡7LPH
x ‡6HUYLFH,QVWUXFWLRQV
3UHIL[
7KLVLVUHODWHVDUULYDOGHWHUPLQHGE\WKHWH[WRIWKHWHOHJUDP,WWKHWH[WWRVKLSV
RIILFLDO
EXVLQHVV HJUHTXLUHRQDUULYDOWRQQHVEXQNHUVHWF WKHSUHIL[ZLOOEH06*
2IILFHRI2ULJLQ
7KHSODFHZKHUHWKHWHOHJUDPRULJLQDWHV2QDVKLSWKLVZLOO
EHWKHVKLSVQDPHHJ$EDYD
6HULDO1XPEHU
$FRQVHFXWLYHQXPEHULQJV\VWHPIRUDOOWHOHJUDPV7KHQXPEHULQJVWDUWVDW7DWPLGQLJKW
87&HDFKGD\ZLWKDVHSDUDWHQXPEHULQJVHTXHQFHIRUHDFKFRDVWVWDWLRQZRUNHG
1XPEHURIZRUGV
7KLVVKRZVERWKWKH
FKDUJHDEOH
QXPEHURIZRUGVDQGWKH
DFWXDO QXPEHURIZRUGVLQ
WKHWHOHJUDP 7KLVLQFOXGHVDOOZRUGVLQWKHDGGUHVVWH[WDQGVLJQDWXUH 
)RUFKDUJLQJSXUSRVHVDZRUGFRPSULVHVFKDUDFWHUV OHWWHUVQXPHUDOVSXQFWXDWLRQ
PDUNVHWF $Q\ZRUGKDYLQJPRUHWKDQFKDUDFWHUVZLOOEHFKDUJHGDVWZRZRUGVXSWRD
PD[LPXPRIFKDUDFWHUV,IWKHZRUGKDVFKDUDFWHUVLWZLOOEHFKDUJHGDVWKUHHZRUGVHWF
([DPSOH
127,)<  &KDUDFWHUV   DFWXDO ZRUG   FKDUJHDEOH ZRUG 5(*8/$7,216 
&KDUDFWHUV DFWXDOZRUGFKDUJHDEOHZRUG
7KHFKDUJHDEOHQXPEHURIZRUGVLVJLYHQILUVWLHFKDUJHDEOHZRUGVDFWXDO
ZULWWHQZRUGV
'DWH
7KHGDWHRIRULJLQRIWKHWHOHJUDP*LYHQDVWKHQXPEHURIWKHGD\
LQWKHPRQWKLHHWF
7LPH
7KHWLPHRIRULJLQRIWKHWHOHJUDP WKDWZKHQLWLVEDQGHGLQIRUWUDQVPLVVLRQ)RXUGLJLW
 KRXU FORFN UHSUHVHQWDWLRQ XVHV 87&  8QLYHUVDO &RRUGLQDWHG 7LPH IRUPDOO\ NQRZQ DV
*07 LH
6HUYLFH,QVWUXFWLRQV
7KLVVKRZVWKH$FFRXQWLQJ$XWKRULW\,QGLFDWLQJ&RGH $$,& ZKLFKLQIRUPVWKHFRDVW
VWDWLRQZKHUHWRVHQGWKHELOO7KH$$-&LVLQWKHIRUPRIWZROHWWHUVIROORZHGE\WZRGLJLWVLH
/9
:KHQWUDQVPLWWLQJDWHOHJUDPE\WHOHSKRQHWKHRSHUDWRUKDVWRLQGLFDWHWKHVWDUWRIWKH
WHOHJUDPE\VD\LQJ0(66$*(%(*,16DQGWKHHQGRIWKHWHOHJUDPE\VD\LQJ0(66$*(
(1'67KHSUHDPEOHLVGHOLYHUHGE\ UHDGLQJWKHFROXPQKHDGLQJIROORZHGE\WKHZRUGV
XQGHUWKHKHDGLQJ 2)),&(2)25,*,1$%$9$HWF ([DPSOH
0(66$*(%(*,16
35(),;06*
2)),&(2)25,*,1$%$9$
6(5,$/180%(5


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
180%(52):25'6
'$7(
7,0(
6(59,&(,16758&7,216/9
$''5(66%(*,16 DGGUHVVQRZGLFWDWHG
7(;7%(*,16 WH[WQRZGLFWDWHG
6,*1$785( VLJQDWXUHQRZGLFWDWHG
0(66$*((1'
(DFKZRUGVKRXOGEHVSRNHQ VORZO\DQGSURQRXQFHGGLVWLQFWO\
,IDZRUGLVWREHVSHOWSKRQHWLFDOO\LWVKRXOGEHSUHFHGHGE\WKHZRUGV,63(//,
63(//8VHRIWKHSKRQHWLFDOSKDEHWREYLDWHVDQ\PLVWDNHVGXULQJWUDQVPLVVLRQRIFRPSOH[
ZRUGLQJ
:KHQ QXPHUDOV DUH HQFRXQWHUHG WKH ZRUGV $6 $ 180%(5  VKRXOG SUHIL[ WKH
QXPHUDOLH$6$180%(5
:KHQJURXSVRIOHWWHUVQXPHUDOVDUHHQFRXQWHUHGWKH\VKRXOGEHSUHIL[HGE\WKHZRUGV
$6$*5283IRUHDFKVHSDUDWHJURXSLQWKHPHVVDJH

ƒ ‡$FNQRZOHGJHPHQWRI5HFHLSW
1R WHOHJUDP FDQ EH FRQVLGHUHG DV
FOHDUHG
 XQOHVV WKH FRDVW VWDWLRQ JLYHV D IRUPDO
DFNQRZOHGJHPHQWRIUHFHLSWIRUWKHPHVVDJH7KHJHQHUDOIRUPDWIRUWKLVZRXOGEH
$%$9$
7+,6,65,*$5$',2
<2850(66$*(180%(5
5(&(,9('
(QGRIZRUNEHWZHHQWKHWZRVWDWLRQVZRXOGEHLQGLFDWHGE\WKHXVHRIWKHZRUG
287

DVSHUWKHUDGLRWHOHSKRQHFDOOH[DPSOH

ƒ ‡)UHTXHQFLHVWREHXVHGIRUFDOOLQJDQGIRUSUHSDUDWRU\VLJQDOV
0)%$1' 0+]&DOOLQJIUHTXHQFLHV
6KLSVFDOOLQJFRDVWVWDWLRQVVKRXOGXVHIRUWKHFDOOLQRUGHURISUHIHUHQFH
‡N+]
‡DZRUNLQJIUHTXHQF\RQZKLFKWKHFRDVWVWDWLRQLVNHHSLQJZDWFK6KLSFDOOLQJDQRWKHU
VKLSVKRXOGXVHIRUWKHFDOO
‡aN+]
‡DQLQWHUVKLSIUHTXHQF\LISULRUDUUDQJHPHQWVFDQEHPDGH
:RUNLQJIUHTXHQFLHV
:RUNLQJIUHTXHQFLHVDUHDOORFDWHGWRVKLSVDFFRUGLQJWRWKHFDWHJRU\RIWKHVKLS 
ILVKLQJYHVVHOSDVVHQJHUVKLS 7KHIUHTXHQFLHVDUHGHVLJQDWHGIRUXVHHLWKHUVKLSVKRUHRU
VKLSVKLS7KHVSHFLILFIUHTXHQFLHVZLOOEHGHWDLOHGRQWKHVKLSVOLFHQFH
$GGLWLRQDOO\IRUVKLSVHQJDJHGRQLQWHUQDWLRQDOYR\DJHVWKHIROORZLQJKDYHDOVREHHQ
DVVLJQHG
6KLS VKRUH
‡N+]6KLS VKLS
‡N+]
+)%$1'0+] 0+]
&DQLQJDQGZRUNLQJIUHTXHQFLHVLQWKH+)EDQGVDUHQRUPDOO\
SDLUHG
'HWDLOVRIWKHVH
PD\EHIRXQGLQYROXPH,RIWKH$GPLUDOW\/LVWRI5DGLR6LJQDOV
9+)%$1'0+] 0+]3URYLVLRQRI9+)FKDQQHOV
$OOVKLSVZKLFKRSHUDWHD9+)VHUYLFHPXVW KDYH
‡&KDQQHO 0+]  'LVWUHVVDQGFDOOLQJFKDQQHO
‡&KDQQHO 0+]  3ULPDU\LQWHUVKLSFKDQQHO


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
‡&KDQQHO 0+] ,QWHUVKLS1DYLJDWLRQDOVDIHW\
‡$OORWKHUFKDQQHOVQHFHVVDU\IRUWKHLUVHUYLFH
&DOOLQJFKDQQHOV
,QWHUVKLSDQGVKRUHVKLSFDOOLQJVKRXOGEHPDGHRQ0+]
&KO
6KLSVKRUHFDOOLQJVKRXOGEHPDGHRQZRUNLQJFKDQQHOVRIWKHFRDVWVWDWLRQ

ƒ ‡)UHTXHQF\WREHXVHGIRUUHSO\WRFDOOV
0)
,QWHU VKLS
&DOOVPDGHRQN+]VKRXOGEHUHSOLHGWRXVLQJN+]
6KLSVKRUH
&DOOVPDGHRQN+]ZLOOEHUHSOLHGWRRQN+]XQOHVVVRPHRWKHUIUHTXHQF\LV
QRPLQDWHGLQWKHFDOO /LVWHQLQJIRUUHSO\RQN+]HWF
&DOOV PDGH GLUHFWO\ RQ ZRUNLQJ IUHTXHQFLHV ZLOO EH UHSOLHG WR RQ WKH FRDVW VWDWLRQV

SDLUHG
ZRUNLQJIUHTXHQF\LH&KDQQHO
8
6KLSWUDQVPLWVRQN+]&RDVW6WDWLRQUHSOLHV
RQN+]
‡9+)VLPSOH[DQGGXSOH[FKDQQHOV

$EULHIH[FKDQJHRIWUDIILFQRWWRH[FHHGRQHPLQXWHFRQFHUQLQJWKHVDIHW\RIQDYLJDWLRQ
PD\EHWUDQVPLWWHGRQWKHGLVWUHVVDQGFDOOLQJIUHTXHQF\ZKHQLWLVLPSRUWDQWWKDWDOOVKLSVLQ
WKHLPPHGLDWHYLFLQLW\UHFHLYHWKHLQIRUPDWLRQLHWKHVLJKWLQJRIDIORDWLQJPLQH

ƒ 7HVWLQJRIHTXLSPHQW
7HVWRIUDGLRWUDQVPLWWHUVPXVWODVWIRUQRORQJHUWKDQVHFRQGVDQGPXVWLQFOXGHWKH
QDPHFDOOVLJQRIWKHVWDWLRQPDNLQJWKHWHVW
:KHQHYHUSUDFWLFDEOHWHVWVVKRXOGEHFDUULHGRXWRQDUWLILFLDODQWHQQDVRUZLWKUHGXFHG
SRZHU:KHQLWLVQHFHVVDU\IRUDVKLSWRVHQGVLJQDOVIRUWHVWLQJRUDGMXVWPHQWZKLFKDUHOLDEOH
WR FDXVH LQWHUIHUHQFH WR RWKHU VWDWLRQV SHUPLVVLRQ PXVW EH VRXJKW IURP WKH RWKHU VWDWLRQV
LQYROYHG
7HVWLQJRI*0'665DGLR(TXLSPHQW
'$,/<7(67
x ‡)XQFWLRQWHVWRI'6&HTXLSPHQW ZLWKRXWUDGLDWLRQRI
x VLJQDOV
x ‡%DWWHULHV WHVWDQGFKDUJHDVUHTXLUHG
x ‡3ULQWHU V  WRHQVXUHDGHTXDWHVXSSO\RISDSHU
:((./<7(67
x ‡)XQFWLRQWHVWRI'6&HTXLSPHQWE\PHDQVRIDWHVWFDOO
x WRDFRDVWVWDWLRQ
x ‡7HVWRI5HVHUYH6RXUFHRI(QHUJ\ ZKHQQRWDEDWWHU\ HJPRWRU
JHQHUDWRU
x ‡6XUYLYDOFUDIW9+)UDGLR
VRQDZRUNLQJFKDQQHO QRWRQ&KO 
0217+/<7(67
x ‡(DFK(3,5%XVLQJEXLOWLQPHDQV
x ‡&KHFN HDFK6$57IRUVHFXULW\DQGVLJQVRIGDPDJH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡$OOEDWWHULHVSURYLGLQJHQHUJ\IRUDQ\SDUWRIDUDGLRLQVWDOODWLRQ&KHFN
RIVHFXULW\DQGFRQGLWLRQ&RQQHFWLRQVDQGFRPSDUWPHQWWREHFKHFNHG
0RQLWRULQJRI'LVWUHVV)UHTXHQFLHV
8QWLO WKH IXOO LPSOHPHQWDWLRQ RI *0'66 RQ  -DQXDU\  DOO YHVVHOV VXLWDEO\
HTXLSSHGVKDOOZKHQDWVHDNHHSDFRQWLQXRXVOLVWHQLQJZDWFKRQN+]DQG&KDQQHO
9+3 IURP WKH SRVLWLRQ QRUPDOO\ XVHG WR QDYLJDWH WKH VKLS &KDQQHO  9+3 VKRXOG DOVR EH
PRQLWRUHG QDYLJDWLRQVDIHW\LQWHUVKLSEULGJHEULGJH 
$IWHUVW RI)HEUXDU\DOOVKLSVZLOOPRQLWRU
x ‡&KDQQHO 9+3'6&GLVWUHVVVDIHW\DQGFDOOLQJ
x ‡N+] 0)'6&GLVWUHVVDQGVDIHW\
x ‡N+] +)'6&GLVWUHVVDQGVDIHW\
x ‡3OXVDWOHDVWRQHRIWKH+)'6&GLVWUHVVDQGVDIHW\IUHTXHQFLHV
N+]N+]N+]N+]DVDSSURSULDWHWRWKHWLPHRIGD\DQG
WKHJHRJUDSKLFDOSRVLWLRQRIWKHVKLS7KLVPD\EHGRQHE\WKHXVHRIDVFDQQLQJUHFHLYHU
x ‡N+]WKHFXUUHQW1$97(;IUHTXHQF\ZLOODOVREHPRQLWRUHGIRUWKH
DXWRPDWLFUHFHSWLRQRIPHWHRURORJLFDODQGQDYLJDWLRQZDUQLQJV
x ‡(*& +)RU6DIHW\1(7 IRU0DULWLPH6DIHW\,QIRUPDWLRQ
*0'665DGLR/RJERRN
7KHUDGLR/RJERRNLVNHSWRQWKHQDYLJDWLQJEULGJHFRQYHQLHQWWRWKHUDGLRLQVWDOODWLRQ,W
FRQWHQWV6HFWLRQ
x ‡VKLS
VQDPH
x ‡FDOOVLJQ006,
x ‡SRUWRIUHJLVWU\
x ‡JURVVWRQQDJH
x ‡,02QXPEHU
x ‡VHDDUHDVLQZKLFKVKLSLVDXWKRULVHGWRRSHUDWH
x ‡PHWKRGXVHGWRHQVXUHDYDLODELOLW\RIHTXLSPHQW
GXSOLFDWLRQRIHTXLSPHQW '2(
VKRUHEDVHGPDLQWHQDQFH 6%0
DWVHDPDLQWHQDQFH $60
x QDPHDQGDGGUHVVRIRZQHUPDQDJLQJRZQHURUDJHQW
6HFWLRQ,,
x ‡QDPHV V 
x ‡GDWHVRQERDUG
x ‡FHUWLILFDWHQXPEHU V 
x ‡FODVVRIFHUWLILFDWH V 
x ‡QDPHRISHUVRQGHVLJQDWHGIRUUDGLRFRPPXQLFDWLRQVGXULQJ
HPHUJHQFLHV
x ‡QDPHRISHUVRQQRPLQDWHGWRFDUU\RXWDSSURSULDWHWHVWVDQGFKHFNV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
DQGORJHQWULHV
7KH*0'66UDGLRORJERRNZLOOUHFRUGWKHIROORZLQJDVWKH\RFFXUWRJHWKHUZLWKWKHWLPH
WKDWWKH\RFFXU
x ‡DVXPPDU\RIFRPPXQLFDWLRQVUHODWLQJWRGLVWUHVVXUJHQF\DQGVDIHW\
WUDIILF
x ‡DUHFRUGRILPSRUWDQWLQFLGHQWVFRQQHFWHGZLWKWKHUDGLRVHUYLFH
x ‡ZKHUHDSSURSULDWHWKHSRVLWLRQRIWKHVKLSDWOHDVWRQFHSHUGD\
6LOHQFH3HULRGV
8QWLO WKH IXOO LPSOHPHQWDWLRQRI *0'66 ,Q  6LOHQFH SHULRGV ZLOO EH NHSW RQ WKH
,QWHUQDWLRQDO 'LVWUHVV DQG &DOOLQJ IUHTXHQFLHV 7KH SXUSRVH RI 6LOHQFH SHULRGV LV WR HQDEOH
YHVVHOVLQGLVWUHVVRUIRUVXUYLYRUVXVLQJSRUWDEOHVXUYLYDOFUDIWUDGLRHTXLSPHQWWRKDYHWKH
RSWLPXPFKDQFHRIEHLQJKHDUGRQIUHTXHQFLHVZKLFKDUHQRUPDOO\EXV\ZLWKURXWLQHFDOOLQJ
6LOHQFH3HULRGVODVWIRUPLQXWHVDQGRFFXUWZLFHSHUKRXURQWKHKRXUIRUPLQXWHV
DQGRQWKHKDOIKRXUIRUPLQXWHVWKURXJKRXWWKHKRXUGD\LH
x ‡ 
x ‡ 
x ‡
x ‡HWF
7LPH.HHSLQJ
)RU DOO UDGLR FRPPXQLFDWLRQV ORJ NHHSLQJ DQG PHVVDJH WLPLQJ SXUSRVHV 8QLYHUVDO
&RRUGLQDWHG 7LPH  87&  SUHYLRXVO\ *07  LV XVHG 7KH DFFXUDF\ RI WKH UDGLR URRP FORFN
VKRXOGEHFKHFNHGDWOHDVWRQFHSHUGD\E\WKHUHFHSWLRQRIWLPHVLJQDOV
&ORVXUHRI5DGLR6WDWLRQ
6KLSUDGLRVWDWLRQZDWFKNHHSLQJKRXUVDUHFDWHJRULVHGDV
x ‡+ KRXUSHUGD\PDQXDOZDWFKNHHSLQJZKHQDWVHD
x ‡+,KRXUVSHUGD\PDQXDOZDWFKNHHSLQJKRXUVSHUGD\E\
DXWRPDWLFDODUPUHFHLYHU
x ‡+ KRXUVSHUGD\PDQXDOZDWFKNHHSLQJKRXUVSHUGD\E\
DXWRPDWLFDODUPUHFHLYHU
x ‡+; 1RIL[HGKRXUVRIVHUYLFH
6KLSVRWKHUWKDQWKRVHLQWKH+FDWHJRU\PXVWQRWFORVHGRZQWKHLUVHUYLFHEHIRUH
x ‡)LQLVKLQJDOORSHUDWLRQVUHVXOWLQJIURPD'LVWUHVV8UJHQF\RU6DIHW\
VLJQDO
x ‡([FKDQJLQJ ZKHQSUDFWLFDEOH DOOPHVVDJHVWRDQGIURPVKLSDQGFRDVW

&KDSWHU',675(66
VWDWLRQVZLWKLQWKHLUDUHD

85*(1&< 6$)(7<


&20081,&$7,216
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

*HQHUDO5HJXODWLRQV
6KLSVHTXLSSHGIRUDQGRSHUDWLQJXQGHU*0'66FRQGLWLRQVDUHREOLJHGWRFRPSO\ZLWK
FKDSWHU 1,; RI WKH ,78 5DGLR 5HJXODWLRQV $OWKRXJK WKH SURFHGXUHV DUH REOLJDWRU\ WKH\ GR
DOORZVKLSVLQGLVWUHVVWRXVHDQ\PHDQVDWWKHLUGLVSRVDOWRDWWUDFWDWWHQWLRQPDNHNQRZQWKHLU
SRVLWLRQDQGREWDLQKHOS
1RUHJXODWLRQVLQWKHLQVWUXFWLRQVPDQXDOVKDOOSUHYHQWDPRELOHVWDWLRQLQGLVWUHVVIURP
XVLQJDQ\PHDQVDYDLODEOHWRDWWUDFWDWWHQWLRQJLYHLWVSRVLWLRQDQGUHFHLYHDVVLVWDQFH
'LVWUHVVVLJQDOVDQGGLVWUHVVPHVVDJHVPXVWRQO\EHWUDQVPLWWHGRQWKHGLUHFWRUGHUVRI
WKHPDVWHURUWKHRIILFHULQFKDUJH
'LVWUHVV)UHTXHQFLHV
7KH IROORZLQJ IUHTXHQFLHV KDYH EHHQ VSHFLILFDOO\DOORFDWHGIRUGLVWUHVVFRPPXQLFDWLRQ
7KH\ VKRXOG EH XVHG IRU GLVWUHVV FDOO GLVWUHVV WUDIILF DQG IRU FDOOV SUHFHGHG E\ HLWKHU WKH
XUJHQF\VLJQDORUWKHVDIHW\VLJQDO
)UHTXHQFLHVDUHDVVLJQHGLQ
x 0) 0+]%DQG
x +)0+]%DQG
x 0+]%DQG
x 0+]%DQG
x 0+]%DQG
x 0+]%DQG

'6& 5DGLRWHOHSKRQH 7HOH[


N+] N+] N+]
N+] N+] N+]
N+] N+] N+]
N+] N+] N+]
N+] N+] N+]
N+] N+] N+]
&K9+) &K9+) 
PD\EHXVHGE\DLUFUDIWLQ6$5RSHUDWLRQV
$HURQDXWLFDOIUHTXHQFLHVEHORZDUHXVHGIRULQWHUFRPPXQLFDWLRQEHWZHHQ6$5DLUFUDIW
DQGSDUWLFLSDWLQJODQGVWDWLRQV
x ‡N+]
x ‡N+]
0DULWLPH6DIHW\,QIRUPDWLRQ 06, LVWUDQVPLWWHGRQ
x ‡N+]
x ‡N+]
x ‡(*& +)RU6DIHW\1(7
$IWHUVHFRQGODQJXDJHEURDGFDVWVRI1$97(;ZLOODOVREHPDGHRQN+]
7KH$HURQDXWLFDO9+3HPHUJHQF\IUHTXHQF\LV0+]7KLVIUHTXHQF\PD\DOVREH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
XVHG E\ VXUYLYDO FUDIW DQG E\ (3,5%
V 7KH DX[LOLDU\ IUHTXHQF\  0+] PD\ EH XVHG IRU
6$5RSHUDWLRQV
9+)&KDQQHOV
x ‡&KDQQHO IRUFRPPXQLFDWLRQEHWZHHQVKLSVDQGDLUFUDIWIRUFR
RUGLQDWHG6$5DQGIRUVDIHW\SXUSRVHV
x ‡&KDQQHO IRUVKLSVKLSFRPPXQLFDWLRQVUHODWLQJWRVDIHW\RI
QDYLJDWLRQ
x ‡&KDQQHO IRUGLVWUHVVDQGVDIHW\WUDIILFRQ57
x ‡&KDQQHO '6&
6DWHOOLWHV
x ‡0+] (3,53
V
x ‡*+] VXEEDQGVVHWDVLGHIRUGLVWUHVVDQGVDIHW\
FRPPXQLFDWLRQVDQG(3,5%
V
2SHUDWLRQDOSURFHGXUHV
'LVWUHVVDOHUWVDUHWUDQVPLWWHGHLWKHU
x ‡YLDVDWHOOLWH
x ‡XVLQJ'6&RQWKHDSSURSULDWHIUHTXHQFLHVLQWKH
'LVWUHVV$OHUWLQJ
$GLVWUHVVDOHUWLPSOLHVWKDWDPRELOHXQLW VKLSDLUFUDIWRURWKHUYHKLFOH RUDSHUVRQLVLQ
GLVWUHVVRULPPLQHQWGDQJHUDQGUHTXLUHVLPPHGLDWHDVVLVWDQFH
7LOHGLVWUHVVDOHUWPXVWLQFOXGH
x ‡WKHLGHQWLILFDWLRQRIWKHVWDWLRQLQGLVWUHVV
x ‡LWVSRVLWLRQ
2WKHULQIRUPDWLRQZKLFKPD\IDFLOLWDWHDUHVFXHPD\EHLQFOXGHG
x ‡QDWXUHRIGLVWUHVV
x ‡W\SHRIDVVLVWDQFHUHTXLUHG
x ‡DQ\WKLQJHOVHZKLFKPD\IDFLOLWDWHUHVFXH
$FRDVWVWDWLRQRUDQ5&&ZKLFKUHFHLYHVDGLVWUHVVDOHUWVKDOOLQLWLDWHWUDQVPLVVLRQRID
VKRUHWRVKLSGLVWUHVVUHOD\XVLQJWHUUHVWULDORUVDWHOOLWHPHDQV
'LVWUHVV$OHUW5HOD\
:KHUHDVWDWLRQOHDUQVDQRWKHUPRELOHXQLWLVLQGLVWUHVVLWPXVWWUDQVPLWDGLVWUHVVDOHUW
ZKHQ
x ‡WKHYHVVHOLQGLVWUHVVLVQRWLQDSRVLWLRQWRWUDQVPLWWKHGLVWUHVVDOHUW
LWVHOI
x ‡RUWKHPDVWHURUSHUVRQUHVSRQVLEOHIRUWKHVKLSQRWLQGLVWUHVVRUWKH
SHUVRQUHVSRQVLEOHIRUWKHODQGVWDWLRQFRQVLGHUVIXUWKHUKHOSLVUHTXLUHG
$VWDWLRQWUDQVPLWWLQJDGLVWUHVVDOHUWUHOD\PXVHPDNHLWYHU\FOHDUWKDWLWLVQRWLWVHOILQ
GLVWUHVV
$FNQRZOHGJLQJUHFHLSWRI'LVWUHVV$OHUWE\VKLSVWDWLRQ
$Q\VKLSLQUHFHLSWRIDGLVWUHVVVKDOODVVRRQDVSRVVLEOHLQIRUPWKH0DVWHURUSHUVRQ
UHVSRQVLEOHIRUWKHVKLSRIFRQWHQWVRIWKH'LVWUHVVPHVVDJH
,Q DUHDV ZKHUH UHOLDEOH FRPPXQLFDWLRQ ZLOOV D FRDVW VWDWLRQ LV SRVVLEOH VKLSV VKRXOG
GHOD\DFNQRZOHGJHPHQWIRUDVKRUWSHULRGWRSHUPLWWKHFRDVWVWDWLRQVWRDFNQRZOHGJHILUVW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
&RDVWVWDWLRQVFDQLQVWLJDWHVHDUFKDQGUHVFXHRSHUDWLRQPRUHHIIHFWLYHO\WKDQDVLQJOH
VKLSGXHWRGLUHFWOLQNVZLWKVKRUHEDVHGOLIHERDWVHUYLFHFRDVWJXDUGVKHOLFRSWHUDQGDLUIRUFH
EDVHVDQGKRVSLWDOPHGLFDOIDFLOLWLHV
,IWKHGLVWUHVVSRVLWLRQLVZLWKRXWGRXEWLQ\RXULPPHGLDWHYLFLQLW\DQGQHLWKHURI\RXDUH
LQDQDUHDVHUYHGE\9+)0)FRDVWVWDWLRQVUHSO\LPPHGLDWHO\ XVLQJWKHIRUPDWVKRZQEHORZ
DQGDVVRRQDVLVSRVVLEOHFRQWDFWDFRDVWVWDWLRQRU5HVFXH&RRUGLQDWLRQ&HQWUHE\HLWKHU
+)RUVDWHOOLWH
,IWKH'LVWUHVVLVQRWLQ\RXULPPHGLDWHO\YLFLQLW\ DV
DVFHUWDLQHGIURPWKHGLVWUHVVDQG\RXURZQUHVSHFWLYHSRVLWLRQV ZDLWEULHIO\WRDOORZ
RWKHU VKLSV ZKR PD\ EH FORVH WR WKH GLVWUHVV SRVLWLRQ WKH RSSRUWXQLW\ WR DFNQRZOHGJH WKH
GLVWUHVVEHIRUH\RX
,IDQ+)GLVWUHVVDOHUWLVUHFHLYHGGRQRWDFNQRZOHGJHEXWVHW
ZDWFKRQWKHDSSURSULDWH57DQG7HOH[IUHTXHQFLHV,IWKHDOHUWLVQRWDFNQRZOHGJHGE\D
FRDVWVWDWLRQZLWKLQPLQXWHVWKHUHFHLYLQJVWDWLRQPXVWUHOD\WKHGLVWUHVVDOHUW
,IWKH'6&'LVWUHVV$OHUWLVUHFHLYHGRQHLWKHUWKH0+]%DQG‡ N+] RU9+3 
&KDQQHO    0+]  LW LV OLNHO\ WKDW WKH VFHQH RI WKH GLVWUHVV FRXOG EH ZLWKLQ D
PD[LPXPRIDPLOHUDGLXV 0+]EDQGRQ9+3DPLOHUDGLXVZRXOGEHPRUHUHDOLVWLF 
6KLSV VKRXOG WUDQVIHU WR WKH FRUUHVSRQGLQJ UDGLR WHOHSKRQH IUHTXHQF\FKDQQHO 
N+]RU&KDQQHO DQGDFNQRZOHGJHWKHGLVWUHVVDOHUWE\YRLFHDVGHVFULEHGEHORZ
$FNQRZOHGJHPHQWRIUHFHLSWRI'LVWUHVV$OHUW

ƒ ,5DGLRWHOHSKRQ\
0$<'$<
1$0(&$//6,*12)6+,3,1',675(66 WLPHV
7+,6,6
1$0(2)6+,3$&.12:/('*,1*7+(',675(66
WLPHV
5(&(,9('0$<'$<
([DPSOH
0$<'$<
$%$9$$%$9$$%$9$
7+,6,6581'$/(581'$/(581'$/(
5(&(,9(50$<'$<

ƒ 5DGLRWHOH[
0$<'$<
1$0(&$//6,*12)6+,3,1',675(66
'(
1$0(2)6+,3$&.12:/('*,1*7+(',675(66
555
0$<'$<
([DPSOH
0$<'$<
$%$9$ $%$9$$%$9$
'(581'$/(581'$/(581'$/(
5550$<'$<


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

,10$56$7$'LVWUHVVSURFHGXUH

ƒ 5DGLRWHOHSKRQHPRGH
3URFHGXUH
x ‡6HOHFWWHOHSKRQHPRGH
x ‡6HOHFW&RDVW(DUWK6WDWLRQ,GHQWLILFDWLRQ&RGH
x ‡6HOHFW
'LVWUHVV3ULRULW\

x ‡,QLWLDWHWKHFDOO
DQGZKHQOLQNLV HVWDEOLVKHG
0$<'$< WLPHV
1$0(&$//6,*12)67$7,21,1',675(66326,7,21
1$785(2)',675(66$66,67$1&(5(48,5('
$1<$'',7,21$/,1)250$7,21:+,&+0$<$66,67
5(6&8(5629(5
ƒ ,10$56$57$7HOH[PRGH
3URFHGXUH
x ‡6HOHFW7HOH[0RGH
x ‡6HOHFW&RDVW(DUWK6WDWLRQ,GHQWLILFDWLRQFRGH
x ‡6HOHFW
'LVWUHVV3ULRULW\

x ‡,QLWLDWHWKHFDOODQGZKHQOLQNLVHVWDEOLVKHG
626 WLPHV
6+,361$0(&$//6,*1
326,7,21
1$785(2)',675(66
$66,67$1&(5(48,5('
$1<27+(5$'',7,21$/,1)250$7,21:+,&+
0$<$66,675(6&8(56
,10$56$7&SURFHGXUH
x ‡HQVXUH0(6LVORJJHGLQIRUWKHDSSURSULDWHRFHDQUHJLRQ
x ‡FRPSRVHGLVWUHVVPHVVDJHXVLQJWKHGLVWUHVVDOHUWPHQX
x ‡VHOHFW'LVWUHVVSULRULW\
x ‡VHQGWKHDOHUW
x ‡ZDLWIRUDFNQRZOHGJHPHQWIURP/(6
x ‡UHSHDWPHVVDJHLIQRUHSO\ZLWKLQPLQXWHV
6LOHQFHLPSRVHGGXULQJ'LVWUHVVZRUNLQJ
5DGLRWHOHSKRQ\
'LVWUHVVFDOOVPHVVDJHVDQGVXEVHTXHQWZRUNLQJZLOOQRPLQDOO\WDNHSODFHRQHLWKHU
I N+] RU &KDQQHO    0+]  7KHVH WZR IUHTXHQFLHV DUH GHVLJQDWHG
'LVWUHVV DQG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
FDOOLQJ IUHTXHQFLHV
 DQG DV VXFK DUH XVHG IRU JHQHUDO VKLSVKRUH VKRUHVKLS DQG LQWHUVKLS
FDOOLQJSXUSRVHV
:KHQWKHVHIUHTXHQFLHVDUHEHLQJXVHGIRUGLVWUHVVLWLVLPSHUDWLYHWKDWQRUPDOFDOOLQJ
RSHUDWLRQVOLNHO\WRFDXVHLQWHUIHUHQFHZLWKWKHGLVWUHVVWUDIILFDUHWHPSRUDULO\VXVSHQGHGZLWK

VLOHQFH
EHLQJLPSRVHG
6LOHQFHPD\EHLPSRVHGE\HLWKHU
x ‡7KH5HVFXH&RRUGLQDWLRQ&HQWUH
x ‡7KH2QVFHQHFRPPDQGHU
x ‡&RRUGLQDWRU6XUIDFH6HDUFK
x ‡7KH&RDVWVWDWLRQLQYROYHG
7KHH[SUHVVLRQXVHGE\WKHDERYHLV
6((/21&(0$<'$<
7KHH[SUHVVLRQIRUPVSDUWRIDPHVVDJHEURDGFDVWDV
0$<'$<
$//67$7,216$//67$7,216$//67$7,216
7+,6,6
1$0(&$//6,*12)67$7,21,0326,1*6,/(1&(
7,0(2325,*,1237+(0(66$*(1$0(&$//6,*1
2367$7,21,1',675(667+((;35(66,21

6((/21&(0$<'$< 
7KHH[SUHVVLRQ6,/(1&(0$<'$<LVXVHGLQSODFHRIVHHORQFHPD\GD\
([DPSOHE\UDGLRWHOHSKRQH
0$<'$<
$//67$7,216 WLPHV 7+,6,65,*$5$',2
$%$9$</&+6((/21&(0$<'$<
+RZHYHU LW LV SRVVLEOH IRU RWKHU VWDWLRQV HLWKHUPRQLWRULQJRULQYROYHGLQWKH'LVWUHVV
PD\LPSRVHVLOHQFHRQWKHIUHTXHQF\E\XVHRIWKHH[SUHVVLRQ

6((/21&(',675(66
 7KLVH[SUHVVLRQZRXOGIRUPDEURDGFDVWPHVVDJHLGHQWLFDO
WRWKHH[DPSOHVKRZQDERYHZLWKWKHH[FHSWLRQ
VHHORQFHPD\GD\
ZRXOGEHUHSODFHGZLWK

VHHORQFH GLVWUHVV 6XFK IXUWKHU LPSRVLWLRQ RI VLOHQFH PD\ ZHOO H[WHQG WKH DUHD LQ ZKLFK
VLOHQFH KDV EHHQ LPSRVHG EH\RQG WKDW ZKLFK LV WUXO\ QHFHVVDU\ 7KLV H[SUHVVLRQ DQG WKH
LPSRVLWLRQRIVLOHQFHVKRXOGRQO\EHXVHGZKHQDEVROXWHO\HVVHQWLDO
:KHQWKHGLVWUHVVWUDIILFLVZHOOHVWDEOLVKHGDQGWKHUHVFXHRSHUDWLRQLVXQGHUZD\WKH
FRQWUROOLQJVWDWLRQPD\UHOHDVHWKHVLOHQFHLPSRVLWLRQWRDOORZ
UHVWULFWHGZRUNLQJ
 WKHFDOOLQJRI
QHLJKERXULQJFRDVWVWDWLRQVQRWKDQGOLQJWKHGLVWUHVVWUDIILFIRUXUJHQWWUDIILFIRUH[DPSOH 
7KHH[SUHVVLRQXVHGLV
758'21&(
 6WDWLRQVKHDULQJWKLVH[SUHVVLRQ DVSDUWRIEURDGFDVWPHVVDJHDVSHU
H[DPSOHZLWKWKHH[SUHVVLRQ
SUXGHQFH
LQSODFHRI
VHHORQFHPD\GD\
 PXVWEHDZDUHRIWKH
IDFWWKDWWKHGLVWUHVVLVVWLOOLQRSHUDWLRQDQGPXVWWDNHDOOSUHFDXWLRQWRHQVXUHWKDWWKH\GRQRW
LQWHUIHUHZLWKGLVWUHVVWUDIILF
:KHQ GLVWUHVV RSHUDWLRQV KDYH ILQLVKHG WKH VWDWLRQ ZKLFK LPSRVHG UDGLR VLOHQFH ZLOO
UHOHDVHWKHVLOHQFHLPSRVLWLRQE\PHDQVRIWKHH[SUHVVLRQ

6((/21&( )((1((
  6WDWLRQV KHDULQJ WKLV H[SUHVVLRQ  DV SDUW RI EURDGFDVW
PHVVDJH DV SHU H[DPSOH EXW ZLWK WKH H[SUHVVLRQ
VHHORQFH IHH QHH
 LQ SODFH RI
VHHORQFH
PD\GD\
 PD\UHVXPH
QRUPDOZRUNLQJ
 QRUPDOFDOODQGUHSO\RSHUDWLRQV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

([DPSOHE\UDGLRWHOHSKRQH
0$<'$<
$//67$7,216 WLPHV 
7+,6,65,*$5$',2
$%$9$</&+
6((/216()((1((

&RPPXQLFDWLRQVDWWKHVFHQHRIDGLVWUHVV
&RPPXQLFDWLRQV DW WKH VFHQH RI D GLVWUHVV FRPH XQGHU WKH FRQWURO RI WKH
RQVFHQH
FRPPDQGHU
7KLVPD\EHDSHUVRQRQWKHVKLSLQGLVWUHVVLIFRQGLWLRQVDOORZRUWKHODQGEDVHG
5HVFXH&RRUGLQDWLRQ
&HQWUH
6XFK D SHUVRQ ZLOO GHFLGH RQ WKH IUHTXHQF\ RQ ZKLFK DOO FRPPXQLFDWLRQV DUH WR EH
PDGH DQG WKH IRUP RI FRPPXQLFDWLRQV  UDGLR WHOHSKRQH RU WHOH[  IRU VKLSV DQG DLUFUDIW
LQYROYHGLQ6HDUFKDQG5HVFXHRSHUDWLRQV
5DGLRWHOHSKRQH
x ‡6LPSOH[PRGHLVWREHXVHG
x ‡N+]RU&KDQQHO9+3DUHWKHSUHIHUUHG57IUHTXHQFLHV
)RUFRPPXQLFDWLRQVEHWZHHQVKLSVDULGDLUFUDIW
x ‡N+]Q

x ‡N+]
x ‡N+]
x ‡0+]
x ‡0+] &KDQQHO9+3
PD\EHXVHG
 WKLV 9+3 IUHTXHQF\FDQQRWEHREWDLQHGIURPDVWDQGDUGPDULQHEDQG 0+] 
WUDQVFHLYHU
7HOH[
x ‡7HOH[PD\EHVORZHUWKDQ57EXWGRHVKDYHWKHDGYDQWDJHWKDWD
ZULWWHQXQDPELJXRXVFRS\LVSURGXFHGREYLDWLQJDQ\YHUEDO
PLVXQGHUVWDQGLQJ
x ‡,ILWXVHGDVWKHPRGHRIFRPPXQLFDWLRQVRQ0)+)IUHTXHQFLHVWKH
)(&PRGHVKRXOGEHXVHGVRDVWRDOORZDOOSDUWLFLSDWLQJVWDWLRQVWRUHFHLYH
LQIRUPDWLRQ
/RFDWLQJDQGKRPLQJVLJQDOVXVHGGXULQJ6$5RS HUDWLRQV
6XUYLYRUV IURP D GLVWUHVV PD\ EH DEOH WR WUDQVPLW ORFDWLQJ VLJQDOV PDUNLQJ WKHLU
ORFDWLRQVDQGZKLFKHQDEOHVKLSVDQGDLUFUDIWHQJDJHGLQVHDUFKDQGUHVFXH 6$5 RSHUDWLRQV
WRKRPHLQRQWKHWUDQVPLVVLRQDQGSURFHHGUHVFXH
6LJQDOVPD\EHWUDQVPLWWHGIURP(PHUJHQF\3RVLWLRQ,QGLFDWLQJ5DGLR%HDFRQV (3,5%
RU6HDUFK$QG5HVFXH5DGDU7UDQVSRQGHUV 6$57 
(3,5%
7KH(3,5%VLJQDOLQGLFDWHV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
‡2QHRUPRUHSHUVRQVDUHLQGLVWUHVV
‡7KH\PD\QRORQJHUDERDUGWKHLUVKLSDLUFUDIW
‡7KH\PD\ QRWKDYHUHFHLYLQJIDFLOLWLHV
(PHUJHQF\SRVLWLRQLQGLFDWLQJUDGLREHDFRQVWDNHVHYHUDOIRUPVIURPVPDOOKDQGKHOG
GHYLFHVWRODUJHIORDWIUHHEHDFRQVHPSOR\LQJDK\GURVWDWLFUHOHDVHPHFKDQLVP
7KHVPDOOHU(3,5%
VRSHUDWHRQ
‡0+] $LUFUDIWGLVWUHVVIUHTXHQF\
‡0+]$LUFUDIWGLVWUHVVIUHTXHQF\
7KHODUJHUIORDWIUHH(3,5%
VRSHUDWHRQ
   0+] DV SDUW RI WKH &263$66$56$7 V\VWHP 7KH 9+) FKDQQHO 
(3(5%XVLQJWKH9+3'6&FKDQQHO7KH
/%DQG
,10$56$7V\VWHPLVHTXLSSHGWRSLFN
XSSRVLWLRQLQGLFDWLQJVLJQDOVIURP(3,5%
VGHVLJQHGWRRSHUDWHRQWKHVHIUHTXHQFLHV
&263$66$56$7V\VWHP
3RODU RUELWLQJ VDWHOOLWHV RSHUDWHG DQG PRQLWRUHG E\ D 5XVVLDQ)UHQFK FRQVRUWLXP
PRQLWRU WKH  0+] EDQG OLVWHQLQJ IRU (3,5% VLJQDOV 2Q SLFNLQJ XS VXFK VLJQDOV WKH
VDWHOOLWHVGHWHUPLQHWKHORFDWLRQRIWKHEHDFRQXVLQJDFRPELQDWLRQRI'RSSOHUVKLIWDQGNQRZQ
VDWHOOLWHSRVLWLRQ,QIRUPDWLRQUHODWLQJWKHFRRUGLQDWHVRIWKHEHDFRQDUHWKHPWUDQVPLWWHGGRZQ
WR JURXQG PRQLWRULQJ VWDWLRQV ZKR LQ WXUQ SDVV WKLV LQIRUPDWLRQ WR 5HVFXH &RRUGLQDWLRQ
&HQWUHV

x ‡WKHSRVLWLRQRIYHVVHOLQ/DWLWXGHDQG/RQJLWXGH
x ‡WKHIDFWWKDWWKHVKLSLVLQD'LVWUHVVVLWXDWLRQ
x ‡LQVWUXFWLRQVWRUHFLSLHQWVZLWKUHJDUGWRWKHIUHTXHQF\WREHXVHGIRU
DFNQRZOHGJHPHQWDQGWKHPRGHRIHPLVVLRQ

ƒ )XOO'LVWUHVV$OHUWRQWKH'6&HQFRGHU
x ‡3UHVV626
x ‡3UHVV(17WRDOORZHGLWLQJRIWKHLQIRUPDWLRQ7KHGLVSOD\GHIDXOWVWRWKH
0+]0)EDQGIUHTXHQF\RIN+],IWKLVLVWKHEDQG\RXQHHGSUHVV
(17,I\RXZDQWWRWUDQVPLWRQ+)SUHVV&/5WRFOHDUWKLVHQWU\WKHQSUHVV
1(;7(DFKWLPH\RXSUHVV1(;7\RXVFUROOWKURXJKWKH+)EDQGV0+]
0+]0+]0+]RU0+]VKRZLQJWKHFRUUHFWIUHTXHQF\IRUHDFK
EDQG:KHQWKHGHVLUHGEDQGKDVEHHQVHOHFWHGSUHVV(17
x ‡WKHGLVSOD\GHIDXOWVWR6(/(&71$785(2)',675(66
81'(56,*1$7('7RVHOHFWWKHDSSURSULDWHQDWXUHRIGLVWUHVVSUHVV
1(;7(DFKWLPH\RXSUHVV1(;7WKHVFUHHQVFUROOVWKURXJKILUH
H[SORVLRQIORRGLQJFROOLVLRQJURXQGLQJGDQJHURIFDSVL]LQJVLQNLQJ
GLVDEOHGDQGDGULIWDEDQGRQLQJVKLS:KHQWKHDSSURSULDWHQDWXUHRI
GLVWUHVVKDVEHHQVHOHFWHGSUHVV(17
x ‡WKHGLVSOD\GHIDXOWVWR12326,7,21(',7&/5$&&(37(17,I


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
WKHHQFRGHULVLQWHUIDFHGWRWKH6DWQDYWKLVGRHVQRWSUHVHQWDSUREOHPWKH
SRVLWLRQLQ/DWLWXGHDQG/RQJLWXGHDQGWKHWLPHLQ87&ZLOOEHGLVSOD\HG,Q
WKLVFDVHVLPSO\SUHVV
(17
+RZHYHUWRHQWHUSRVLWLRQDQGWLPHSUHVV
&/5XVHWKHNH\SDGWRHQWHUWKHSRVLWLRQDQGWLPHZKHQFRPSOHWHGSUHVV
(17
x ‡3UHVV&$//WR WUDQVPLWWKHGLVWUHVVDOHUW,IWKHHQFRGHULVLQWHUIDFHGWR
DQDXWRPDWLFDOO\WXQHGWUDQVFHLYHUWKLVLVWKHHQGRIWKHRSHUDWLRQVZKHQ
WKHHQFRGHULVQRWLQWHUIDFHGWRWKHWUDQVFHLYHUWKHGLVSOD\ZLOOGHIDXOWWR
0$18$/721(7+(1(17:KHQWKHWUDQVPLWWHUKDVEHHQWXQHGSUHVV
(17
7KH5DGLRWHOHSKRQH$ODUP6LJQDO
7KHSXUSRVHRIWKLVVLJQDOLV
x ‡WRDWWUDFWWKHDWWHQWLRQRIWKHSHUVRQRQZDWFK
x ‡WRDFWXDWHDXWRPDWLFDODUPGHYLFHVDQGVRXQGDQDODUP
x ‡WRDFWLYDWHDPXWHGN+]ZDWFKNHHSLQJUHFHLYHUIRUWKHFDOODQG
PHVVDJHZKLFKZLOOIROORZ
7KHVLJQDOPXVWRQO\EHXVHGWRDQQRXQFH
x ‡WKDWDGLVWUHVVFDOORUPHVVDJHLVDERXWWRIROORZ
x ‡DQXUJHQWF\FORQHZDUQLQJ SUHFHGHGE\WKHVDIHW\VLJQDO LVDERXWWR
EHWUDQVPLWWHGE\DFRDVWVWDWLRQ 
x ‡WKHORVVRIDSHUVRQRUSHUVRQVRYHUERDUG RUJUDYHDQGLPPLQHQW
GDQJHUWKUHDWHQLQJDSHUVRQRUSHUVRQV ,QWKLVFDVHWKHVLJQRI
0D\GD\RQO\EHXVHGZKHQWKHDVVLVWDQFHRIRWKHUVKLSVFDQQRWEH
REWDLQHGE\WKHXVHRIWKH8UJHQF\VLJQDODORQH
2WKHUVWDWLRQVVKDOOQRWUHSHDWWKHDODUPVLJQDO7KHPHVVDJHZLOOEHSUHFHGHGE\WKH
8UJHQF\VLJQDO
7KH$ODUPVLJQDOFRQVLVWVRI

x ‡WZRDXGLRWRQHV+]DQG+]
x ‡WUDQVPLWWHGDOWHUQDWHO\
x ‡HDFKODVWLQJIRU$VHFRQG
x ‡WKHZKROHDODUPVLJQDOODVWLQJIRUEHWZHHQ
VHFRQGVXSWRPLQXWH
FRQWLQXRXVGXUDWLRQ

8UJHQF\FRPPXQLFDWLRQV
7KH XVH RI WKH 8UJHQF\ FDOOIRUPDWLPSOLHVWKDWWKHVWDWLRQPDNLQJWKHFDOOKDVDYHU\
XUJHQWPHVVDJHWRWUDQVPLWFRQFHUQLQJWKHVDIHW\RIWKHPRELOHXQLWRUSHUVRQ
7KH XUJHQF\ VLJQDO RU XUJHQF\ FDOO IRUPDW PXVW RQO\ EH VHQW RQ WKH DXWKRULW\ RI WKH
PDVWHURUSHUVRQUHVSRQVLEOHIRUWKHPRELOHXQLWRUE\DODQGHDUWKVWDWLRQRUFRDVWVWDWLRQZLWK
DSSURYDORIWKHUHVSRQVLEOHDXWKRULW\
7KHXUJHQF\VLJQDODQGPHVVDJHPXVWEHWUDQVPLWWHGRQRQHRUPRUHRIWKHDXWKRULVHG
GLVWUHVVDQGVDIHW\IUHTXHQFLHVRUYLDWKH,10$56$7V\VWHP
7KHDQQRXQFHPHQWPXVWEHPDGHE\'6&XVLQJWKHXUJHQF\FDOOIRUPDW
%\VDWHOOLWHDQ85*(17<35,25,7<FDOOVKRXOGEHPDGH

ƒ ‡5DGLRWHOHSKRQ\


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KHXUJHQF\VLJQDOFRQVLVWVRIWKHZRUGV
3$13$1
7KHXUJHQF\PHVVDJHPXVWEHSUHFHGHGE\WKHXUJHQF\VLJQDOVHQWWKUHHWLPHVWRJHWKHU
ZLWKWKHLGHQWLILFDWLRQRIWKHWUDQVPLWWLQJVWDWLRQ
([DPSOH
3$13$13$13$13$13$1
$//67$7,216$//67$7,216$//67$7,216
7+,6,6
85,85,85,
3$13$1
85,+27(/%5$92/,0$)2.67527
326,7,21
%($5,1*21(1,1(=(52)5207$5,)$32,17
',67$1&(),9(0,/(6
/2673523(//(5
5(48,5(72:
29(5
,IWKHUHTXLUHGDVVLVWDQFHZDVUHFHLYHGWKHPY85-PXVWFDQFHOKHU3$1PHVVDJH
([DPSOH
$//6+,36$//6+,36$//6+,36
7+,6,6
85-85,85,
&$//6,*1+27(/%5$92/,0$)2.67527
3/($6(&$1&(/0<3$10(66$*(
9(66(/:$672:('726(87$3257
7+$1.<28
287
$FNQRZOHGJHPHQWRI3$1PHVVDJH
([DPSOH
3$13$1
85,+27(/%5$92/,0$)2.67527
7+,6,6
6$5,1(+27(/%5$92'(/7$%5$92
3$13$15(&(,9('29(5

ƒ 5DGLRWHOH[
7KHXUJHQF\PHVVDJHPXVWEHSUHFHGHGE\WKHXUJHQF\VLJQDODQGWKHLGHQWLILFDWLRQRI
WKHWUDQVPLWWLQJVWDWLRQ
([DPSOH3$13$1'(+%/)
6DIHW\FRPPXQLFDWLRQV
7KH 6DIHW\ FDOO IRUPDW LPSOLHV WKDW WKH VWDWLRQ PDNLQJ WKH FDOO KDV DQ LPSRUWDQW
QDYLJDWLRQDORUPHWHRURORJLFDOZDUQLQJWRWUDQVPLW
7KHDQQRXQFHPHQWRIWKHVDIHW\PHVVDJHPXVWEHPDGHRQRQHRUPRUHRIWKHGLVWUHVV
DQGFDOOLQJIUHTXHQFLHVXVLQJ'6&
7KHVDIHW\VLJQDODQGPHVVDJHPXVWEHWUDQVPLWWHGRQRQHRUPRUHRIWKHDXWKRULVHG
GLVWUHVVDQGVDIHW\IUHTXHQFLHVRUYLDVDWHOOLWH
6DIHW\PHVVDJHVDUHGLYLGHGLQWRWKUHHFDWHJRULHV
x ‡YLWDO
x ‡LPSRUWDQW
x ‡URXWLQH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ ‡5DGLRWHOHSKRQ\
7KHVDIHW\VLJQDOFRQVLVWVRIWKH ZRUG
6(&85,7(  SURQRXQFHG 6$<&85((7$<  WKH PHVVDJH PXVW EH SUHFHGHG E\ WKH
VDIHW\VLJQDOVHQWWKUHHWLPHVDQGWKHLGHQWLILFDWLRQRIWKHWUDQVPLWWLQJVWDWLRQ
([DPSOH
6(&85,7( WLPHV
$//67$7,216 WLPHV
7+,6,6
5,*$5$',2 WLPHV
6(&85,7(
5,*$5$',2
1$9,*$7,21,1)250$7,21'(&&$:$51,1*
6:,7&+729+)&+$11(/21(7+5((
29(5

ƒ ‡7HOH[
7KH VDIHW\ PHVVDJH PXVW EH SUHFHGHG E\ WKH VDIHW\ VLJQDO DQG WKH LG RI WKH
WUDQVPLWWLQJVWDWLRQ
([DPSOH6(&85,7('(+%/)


&KDSWHU',*,7$/
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

6(/(&7,9(&$//
'6&
7KHSUHVHQWV\VWHPKDVIXQGDPHQWDOGLVDGYDQWDJHVZKLFKKDYHSURYLGHGWKHUHDVRQV
IRUGHYHORSLQJWKHQHZFDOOLQJV\VWHP'6&ZKLFKLVDYHU\HVVHQWLDOSDUWRIWKH*0'66
'6&LVDV\VWHPXVHGIRUFDOOLQJ
x ‡DSDUWLFXODUVKLS
x ‡DSDUWLFXODUFRDVWVWDWLRQ
x ‡DJURXSRIVKLSV
x ‡DOOVKLSV
x ‡VKLSVLQDFHUWDLQJHRJUDSKLFDODUHD
7KHV\VWHPFDQEHXVHGIURP
x ‡VKLSWRVKRUH
x ‡VKRUHWRVKLS
x ‡VKLSWRVKLS
7KHVKLSVPXVWEHILWWHGZLWKPDQGDWRU\'6&HTXLSPHQW
DSSOLFDEOHWRWKHVHDDUHDVLQZKLFKWKH\VDLO
7KHYDULRXVGLIIHUHQW'6&UHTXLUHPHQWVDUHOLVWHGEHORZ
9+3'6&
$OO*0'66VKLSVPXVWEHILWWHGZLWK9+3'6&&KDQQHOIRUGLVWUHVVDQGVDIHW\FDOOV
IURPVKLSWRVKLS
,QVHDDUHD$OVKLSVPXVWDOVREHDEOHWRH[HFXWHGLVWUHVVDQGVDIHW\FDOOVWRDFRDVW
VWDWLRQ
0)'6&
$Q*0'66VKLSVVDLOLQJLQVHDDUHDV$$DQG$PXVWEHILWWHGWRDFFRPPRGDWH
WKHN+]IUHTXHQF\IRUGLVWUHVVDQGVDIHW\FDOOVIURPVKLSWRVKLS

)RUPDWVSHFLILHU
&DOO6SHFLILFDWLRQV
x ‡'LVWUHVVFDOO
x ‡$OOVKLSVFDOO

x ‡&DOOIRUVSHFLILFJURXSVRIVKLSV
x ‡6HOHFWLYHFDOOLQJWRRQHVSHFLILFVKLS
x ‡&DOOWRVKLSVLQDFHUWDLQJHRJUDSKLFDODUHD
x ‡'LDOSKRQHFDOOIRUGLUHFWDFFHVVWRWKHVXEVFULEHU QHWZRUN
$GGUHVV
7KH006,QXPEHURIWKH VKLSRUWKHFRDVWVWDWLRQZKLFKLVEHLQJFDOOHG([HPSWLRQVDUH
PDGHIRUDFFLGHQWVRUGLVWUHVVDOHUWLQJDQGDOOVKLSVFDOOV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
&DWHJRU\
7KHW\SHRIFDOOVXFKDV
x ‡'LVWUHVV
x ‡8UJHQF\
x ‡6DIHW\
x ‡,PSRUWDQWVKLSVWUDIILF
x ‡5RXWLQH
6HOILGHQWLILFDWLRQ
7KHVKLSVRZQ006,QXPEHU
0HVVDJH
7KHQXPEHURI0HVVDJHVPD\YDU\DFFRUGLQJWRGLIIHUHQWNLQGVRIWUDIILF7KLVHOHPHQW
ZLOOEHIXUWKHUH[DPLQHGXQGHUGLVWUHVVDQGURXWLQHFDOOV
0HVVDJH
0HVVDJHGHVFULEHVWKHGLVWUHVVVLWXDWLRQ
x ‡)LUH H[SORVLRQ
x ‡)ORRGLQJ
x ‡&ROOLVLRQ
x ‡*URXQGLQJ
x ‡/LVWLQJGDQJHURIFDSVL]LQJ
x ‡6LQNLQJ
x ‡'LVDEOHGDQGDGULIW
x ‡8QGHVLJQDWHGGLVWUHVV
x ‡$EDQGRQLQJVKLS
x ‡(3,5%HPLVVLRQ
0HVVDJH
0HVVDJHGHVFULEHVWKHGLVWUHVVSRVLWLRQE\PHDQVRIGLJLWV
x ‡4XDGUDQWVSHFLILFDWLRQ,GLJLW 1RUWK(DVW
 1RUWK:HVW
 6RXWK(DVW
 6RXWK:HVW
x ‡7KHQH[WIRXUGLJLWVGHQRWHWKHODWLWXGHLQGHJUHHVDQGPLQXWHV
x ‡7KHQH[WILYHGLJLWVGHQRWHWKHORQJLWXGHLQGHJUHHVDQGPLQXWHV
127(,IGLVWUHVVSRVLWLRQLVQRWVWDWHGWKHGLJLWLVWUDQVPLWWHGWLPHV
0HVVDJH
0HVVDJHSURYLGHVWKHSRLQWLQWLPHZKHQWKHSRVLWLRQZDVFRUUHFW,WLVJLYHQLQ87&
WLPHE\PHDQVRIIRXUGLJLWV
x ‡'LJLWVDQGGHQRWH+2856
x ‡'LJLWVDQGGHQRWH0,187(6 
127(,IWKHSRLQWLQWLPHLVQRWVWDWHGWKHGLJLWLVWUDQVPLWWHGWLPHV
0HVVDJH
0HVVDJHGHVFULEHVWKHNLQGRIFRPPXQLFDWLRQGHVLUHGIRUWKH
A


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
GLVWUHVVWUDIILF QRUPDOO\YRLFHFRPPXQLFDWLRQ ZKLFKZLOOIROORZ
(QGRIVHTXHQFH
1RZDQHQGPHVVDJHLVWUDQVPLWWHGWRLQGLFDWH
‡ZKHWKHUWKHFDOOUHTXLUHVDFNQRZOHGJHPHQW
‡ZKHWKHUWKHFXUUHQWPHVVDJHLVDUHSO\WRDFDOO
(UURUFKHFNFKDUDFWHU
$QHUURUFKHFNFKDUDFWHULVWUDQVPLWWHGDVDFRQWUROELWIRUWKHHQWLUHFDOO
'6&URXWLQHFDOO
$'6&URXWLQHFDOOLQFOXGHVWKHVDPHHOHPHQWVDVGHVFULEHGDERYHH[FHSWWKDWLWXVHV
RQO\0HVVDJHDQG0HVVDJH7KHVHWZRHOHPHQWVDUHGHVFULEHGEHORZ
0HVVDJH
0HVVDJHLQGLFDWHVZKHWKHUFRQQHFWLRQLVWREHPDGHE\PHDQVRIWHOHSKRQ\WHOH[RU
GDWDWUDQVPLVVLRQ
0HVVDJH
0HVVDJHLQGLFDWHVWKHIUHTXHQF\FKDQQHOIRUWKH
IROORZLQJFRPPXQLFDWLRQ
0DULWLPH0RELOH6HUYLFH,GHQWLWLHV 006,
006, RI WKH VKLS VWDWLRQ FRQVLVWV RI  GLJLWV 0,' ;;; ;;; 0,' LV WKH 0DULWLPH
,GHQWLILFDWLRQ'LJLWVADQGLGHQWLI\WKHQDWLRQDOLW\RIWKHVKLSDQG;LVDQ\ILJXUHIURPWR
*URXS VKLS VWDWLRQ FDOO LGHQWLWLHV IRU FDOOLQJ VLPXOWDQHRXVO\ PRUH WKDQ RQH VKLS DUH
IRUPHGDVIROORZV20,';;;;;ZKHUHWKHILUVWILJXUHLV]HURDQG;LVDQ\ILJXUHIURPWR
&RDVWVWDWLRQLGHQWLWLHVDUHIRUPHGDVIROORZV220,';;;;ZKHUHWKHILUVWWZRILJXUHV
DUH]HURVDQG;LVDQ\ILJXUHIURPWR
'LVWUHVV'6&SURFHGXUHVIRU9+) 0)

ƒ 7UDQVPLVVLRQRI'6&'LVWUHVV$OHUW
$GLVWUHVVDOHUWVKRXOGEHWUDQVPLWWHGZKHQLQWKHRSLQLRQRIWKH0DVWHUWKHVKLSRUD
SHUVRQRUSHUVRQVRQLWLVLQGLVWUHVVDQGUHTXLULQJLPPHGLDWHDVVLVWDQFH
:KHUHYHU SRVVLEOH D '6& GLVWUHVV DOHUW VKRXOG LQFOXGH WKH VKLS
V ODVW NQRZQ SRVLWLRQ
DQGWKHWLPH LQ87& ZKHQLWZDVYDOLG7KHSRVLWLRQDQGWLPHPD\EHLQFOXGHGDXWRPDWLFDOO\
E\WKHVKLS
VQDYLJDWLRQDOHTXLSPHQWRUPD\EHLQVHUWHGPDQXDOO\
'6&GLVWUHVVDOHUWVDUHWUDQVPLWWHGDVIROORZV
7XQHWKHWUDQVPLWWHUWRWKH'6&GLVWUHVVFKDQQHO N+]RQ0)&KDQQHORQ
9+3

7LPHSHUPLWWLQJW\SHRUVHOHFWIURPWKH'6&HTXLSPHQWNH\ERDUG
x ‡WKHQDWXUHRIGLVWUHVV
x ‡WKHVKLS
VODVWNQRZQSRVLWLRQ ODWLWXGHDQGORQJLWXGH 
x ‡WKHWLPH LQ87& ZKHQWKHSRVLWLRQZDVYDOLG
x ‡W\SHRIVXEVHTXHQWGLVWUHVVFRPPXQLFDWLRQ WHOHSKRQ\ LQDFFRUGDQFH
ZLWKWKH'6&HTXLSPHQWPDQXIDFWXUHU
VLQVWUXFWLRQV
7UDQVPLWWKH'6&GLVWUHVVDOHUW
 3UHSDUH IRU WKH VXEVHTXHQW GLVWUHVV WUDIILF E\ WXQLQJ WKH WUDQVPLWWHU DQG WKH
UDGLRWHOHSKRQ\UHFHLYHUWRWKHGLVWUHVVWUDIILFFKDQQHORQWKHVDPHZDYHEDQGLHN+]RQ
0)FKDQQHORQ9+3ZKLOHZDLWLQJIRUWKH'6&GLVWUHVVDFNQRZOHGJHPHQW

ƒ ‡$FNQRZOHGJHPHQWRID'6&'LVWUHVV$OHUW
6KLSVUHFHLYLQJD'6&GLVWUHVVDOHUWIURPDQRWKHUVKLSVKRXOGGHIHUDFNQRZOHGJHPHQWRI
WKHGLVWUHVVDOHUWIRUDVKRUWLQWHUYDOZKHQWKHVKLSLVORFDWHGZLWKLQDQDUHDFRYHUHGE\RQHRU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
PRUH FRDVW VWDWLRQV 7KLV LV WR JLYH WKH FRDVW VWDWLRQ WLPH WR DFNQRZOHGJH WKH '6& GLVWUHVV
DOHUWILUVW
$VKLSUHFHLYLQJD'6&GLVWUHVVDOHUWIURPDQRWKHUVKLSVKDOO
 3UHSDUH WR UHFHLYH WKH VXEVHTXHQW GLVWUHVV FRPPXQLFDWLRQ E\ WXQLQJ WKH
UDGLRWHOHSKRQ\ UHFHLYHU WR WKH GLVWUHVV WUDIILF IUHTXHQF\ RQ WKH VDPH EDQG WKDW WKH '6&
GLVWUHVVDOHUWZDVUHFHLYHGLHN+]RQ0)FKDQQHORQ9+)
 $FNQRZOHGJH UHFHLSW RI WKH GLVWUHVV DOHUW E\ WUDQVPLWWLQJ WKH IROORZLQJ E\
UDGLRWHOHSKRQ\RQWKHGLVWUHVVWUDIILFIUHTXHQF\RIWKHVDPHEDQGWKDWWKH'6&GLVWUHVVDOHUW
ZDVUHFHLYHGLH
N+]RQ0)FKDQQHORQ9+3
0$<'$<


WKHGLJLWLGHQWLW\RIWKHVKLSLQGLVWUHVVUHSHDWHGWLPHV
7+,6,6
WKHGLJLWLGHQWLW\RUWKHFDOOVLJQRURWKHULGHQWLILFDWLRQRI
RZQVKLSUHSHDWHGWLPHV


‡

5(&(,9('0$<'$<
$FNQRZOHGJHPHQW RI D '6& GLVWUHVV DOHUW E\ '6& LV QRUPDOO\ RQO\ PDGH E\ FRDVW
VWDWLRQV2QO\LQFDVHVZKHUHQRRWKHUVWDWLRQVHHPV WRKDYHUHFHLYHGWKH'6&GLVWUHVVDOHUW
DQGWKHWUDQVPLVVLRQRIWKH'6&GLVWUHVVDOHUWFRQWLQXHVVKRXOGDVKLSDFNQRZOHGJHWKH'6&
GLVWUHVVDOHUWE\XVLQJ'6&WRWHUPLQDWHWKHFDOO7KHVKLSVKRXOGWKHQLQIRUPDFRDVWVWDWLRQRU
DFRDVWHDUWKVWDWLRQE\ DQ\SUDFWLFDEOHPHDQV

ƒ 'LVWUHVV7UDIILF
2QUHFHLSWRID'6&GLVWUHVVDFNQRZOHGJHPHQWWKHVKLSLQGLVWUHVVVKRXOGFRPPHQFH
WKHGLVWUHVVWUDIILFE\UDGLRWHOHSKRQ\RQWKHGLVWUHVVWUDIILFIUHTXHQF\ N+]RQ0)FKDQQHO
RQ9+3 DVIROORZV
0$<'$<
7+,6 ,6

WKHGLJLWLGHQWLW\DQGWKHFDOOVLJQRURWKHULGHQWLILFDWLRQRI
WKHVKLSU
WKHVKLS
VSRVLWLRQLIQRWLQFOXGHGLQWKH'6&GLVWUHVVDOHUW
WKHQDWXUHRIGLVWUHVVDQGDVVLVWDQFHUHTXLUHG
DQ\RWKHULQIRUPDWLRQZKLFKPLJKWIDFLOLWDWHWKHUHVFXH

ƒ 7UDQVPLVVLRQRID'LVWUHVV5HOD\$OHUW
$VKLSNQRZLQJWKDWDQRWKHUVKLSLVLQGLVWUHVVVKDOOWUDQVPLWD'6&GLVWUHVVUHOD\DOHUWLI
x ‡WKHVKLSLQGLVWUHVVLVQRWLWVHOIDEOHWRWUDQVPLWWKHGLVWUHVVDOHUW
x ‡WKHPDVWHURIWKHVKLSFRQVLGHUVWKDWIXUWKHUKHOSLVQHFHVVDU\
7KH'6&GLVWUHVVUHOD\DOHUWLVWUDQVPLWWHGDVIROORZV
7XQHWKHWUDQVPLWWHUWRWKH'6&GLVWUHVVFKDQQHO N+]RQ0)FKDQQHORQ
9+3 
6HOHFWWKHGLVWUHVVUHOD\FDOOIRUPDWRQWKH'6&HTXLSPHQW
7\SHLQRUVHOHFWIURPWKH'6&HTXLSPHQWNH\ERDUG
x ‡$OO6KLSV&DOORUWKHGLJLWLGHQWLW\RIWKHDSSURSULDWHFRDVWVWDWLRQ
x ‡WKHGLJLWLGHQWLW\RIWKHVKLSLQGLVWUHVVLINQRZQ
x ‡WKHQDWXUHRIGLVWUHVV
x ‡WKHODWHVWSRVLWLRQRIWKHVKLSLQGLVWUHVVLINQRZQ
x ‡WKHWLPH LQ87& ZKHQWKHSRVLWLRQZDVYDOLG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡7UDQVPLWWKH'6&GLVWUHVVUHOD\FDOO
$FNQRZOHGJHPHQWRID'6&'LVWUHVV5HOD\$OHUW
)URPD&RDVW6WDWLRQ
$IWHU KDYLQJ UHFHLYHG DQG DFNQRZOHGJHG D '6& GLVWUHVV DOHUW FRDVW VWDWLRQV ZLOO
QRUPDOO\UHWUDQVPLWWKHLQIRUPDWLRQUHFHLYHGDVD'6&GLVWUHVVUHOD\FDOODGGUHVVHGWR
x ‡DOOVKLSV
x ‡DOOVKLSVLQDVSHFLILFJHRJUDSKLFDODUHD
x ‡DJURXSRIVKLSV
x ‡DVSHFLILFVKLS
6KLSVUHFHLYLQJDGLVWUHVVUHOD\FDOOWUDQVPLWWHGE\DFRDVWVWDWLRQVKRXOGDFNQRZOHGJH
WKHUHFHLSWRIWKHFDOOE\UDGLRWHOHSKRQ\RQWKHGLVWUHVVWUDIILFFKDQQHORQWKHVDPHZDYHEDQG
RQZKLFKWKHUHOD\FDOOZDVUHFHLYHGLHN+]RQ0)FKDQQHORQ9+3
7KHDFNQRZOHGJHPHQWLVWUDQVPLWWHGDVIROORZV
0$<'$<
WKHGLJLWLGHQWLW\RUWKHFDOOVLJQRURWKHULGHQWLILFDWLRQRI
WKHFDOOLQJFRDVWVWDWLRQ
7+,6,6
WKHGLJLWLGHQWLW\FDOOVLJQRURWKHULGHQWLILFDWLRQRIRZQ
VKLS
5(&(,9('0$<'$<
)URPDQRWKHU6KLS
6KLSVUHFHLYLQJDGLVWUHVVUHOD\DOHUWIURPDQRWKHUVKLSVKDOOIROORZ
WKHVDPHSURFHGXUHDVIRUDFNQRZOHGJHPHQWRIDGLVWUHVVDOHUW
8UJHQF\

ƒ ‡7UDQVPLVVLRQRI8UJHQF\0HVVDJH
7KHWUDQVPLVVLRQRIXUJHQF\PHVVDJHVVKRXOGEHFDUULHGRXWLQWZRVWHSV
x ‡$QQRXQFHPHQWRIWKHXUJHQF\PHVVDJH
x ‡7UDQVPLVVLRQRIWKHXUJHQF\ PHVVDJH
7KH DQQRXQFHPHQW LV FDUULHG RXW E\ WUDQVPLVVLRQ RI D '6& XUJHQF\ FDOO RQ WKH '6&
GLVWUHVV FDOOLQJ FKDQQHO  N+] RQ 0) FKDQQHO  RQ 9+3  7KH XUJHQF\ PHVVDJH LV
WUDQVPLWWHGRQWKHGLVWUHVVWUDIILFFKDQQHO N+]RQ0)FKDQQHORQ9+) 
7KH '6& XUJHQF\ FDOO PD\ EH DGGUHVVHG WR DOO VWDWLRQV RU WR D VSHFLILF VWDWLRQ7KH
IUHTXHQF\ RQ ZKLFK WKH XUJHQF\ PHVVDJH ZLOO EH WUDQVPLWWHG VKDOO EH LQFOXGHG LQ WKH '6&
XUJHQF\FDOO
7KHWUDQVPLVVLRQRIDQXUJHQF\PHVVDJHLVWKXVFDUULHGRXWDVIROORZV
$QQRXQFHPHQW
O7XQHWKHWUDQVPLWWHUWRWKH'6&GLVWUHVVFDOOLQJFKDQQHO N+]RQ0)FKDQQHO
RQ9+3 
QDFFRUGDQFHZLWKWKH'6&HTXLSPHQWPDQXIDFWXUHU
VLQVWUXFWLRQVW\SHLQRUVHOHFW
IURPWKH'6&HTXLSPHQWNH\ERDUG
x ‡$OO6KLSV&DOORUWKHGLJLWLGHQWLW\RIWKHVSHFLILFVWDWLRQ
x ‡WKHFDWHJRU\RIWKHFDOO XUJHQF\ 
x ‡WKHIUHTXHQF\RUFKDQQHORQZKLFKWKHXUJHQF\PHVVDJHZLOOEH
WUDQVPLWWHG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡WKHW\SHRIFRPPXQLFDWLRQE\ZKLFKWKHXUJHQF\PHVVDJHZLOOEH
WUDQVPLWWHG UDGLRWHOHSKRQ\ 
7UDQVPLWWKH'6&XUJHQF\FDOO7UDQVPLVVLRQRIWKHXUJHQF\PHVVDJH
7XQHWKHWUDQVPLWWHUWRWKHIUHTXHQF\RUFKDQQHOLQGLFDWHGE\WKH'6&XUJHQF\FDOO
O7UDQVPLWWKHXUJHQF\PHVVDJHDVIROORZV3$13$1 WLPHV 
$//67$7,216RUFDOOHGVWDWLRQ WLPHV 7+,6,6
WKHGLJLWLGHQWLW\DQGWKHFDOOVLJQRURWKHULGHQWLILFDWLRQRIRZQVKLSWKHDFWXDOXUJHQF\
PHVVDJH

ƒ 5HFHSWLRQRIDQ8UJHQF\0HVVDJH
6KLSVUHFHLYLQJD'6&XUJHQF\FDOODQQRXQFLQJDQXUJHQF\PHVVDJHDGGUHVVHGWRDOO
VKLSVVKRXOG127DFNQRZOHGJHWKHUHFHLSWRIWKH'6&FDOOEXWVKRXOGWXQHWKHUDGLRWHOHSKRQ\
UHFHLYHUWRWKHIUHTXHQF\LQGLFDWHGE\WKHFDOODQGOLVWHQWRWKHXUJHQF\
PHVVDJH
6DIHW\

ƒ ‡7UDQVPLVVLRQRI6DIHW\0HVVDJH
7KHWUDQVPLVVLRQRIVDIHW\PHVVDJHVVKDOOEH FDUULHGRXW
,QWZRVWHSV
x ‡$QQRXQFHPHQWRIWKHVDIHW\PHVVDJH
x ‡7UDQVPLVVLRQRIWKHVDIHW\PHVVDJH
7KHDQQRXQFHPHQWLVFDUULHGRXWE\WUDQVPLWWLQJD'6&VDIHW\FDOORQWKH'6&GLVWUHVV
FDOOLQJFKDQQHO N+]RQ0)FKDQQHORQ9+3 
7KHVDIHW\PHVVDJHLVQRUPDOO\WUDQVPLWWHGRQWKHGLVWUHVVDQGVDIHW\WUDIILFFKDQQHORQ
WKHVDPHZDYHEDQGDVWKH'6&FDOOZDVVHQWLHN+]RQ0)FKDQQHORQ9+3
7KH'6&VDIHW\FDOOPD\EHDGGUHVVHGWRDOOVKLSVDOOVKLSVLQDVSHFLILFJHRJUDSKLFDO
DUHDRUWRDVSHFLILFVWDWLRQ
7KHIUHTXHQF\RQZKLFKWKHVDIHW\PHVVDJHZLOOEHWUDQVPLWWHG
VKDOOEHLQFOXGHGLQWKH'6&FDOO
7KHWUDQVPLVVLRQRIDVDIHW\PHVVDJHLVWKXVFDUULHGRXWDVIROORZV
$QQRXQFHPHQW
7XQHWKHWUDQVPLWWHUWRWKH'6&GLVWUHVVFDOOLQJFKDQQHO N+]RQ0)FKDQQHO
RQ9+) 
 6HOHFW WKH DSSURSULDWH FDOOLQJ IRUPDW RQ WKH '6& HTXLSPHQW DOO VKLSV DUHD FDOO RU
LQGLYLGXDOFDOO
,QDFFRUGDQFHZLWKWKH'6&HTXLSPHQWPDQXIDFWXUHU
VLQVWUXFWLRQVW\SHLQRUVHOHFW
IURPWKH'6& HTXLSPHQWNH\ERDUG
x ‡VSHFLILFDUHDRUWKHVSHFLILFVWDWLRQ
VGLJLWLGHQWLW\
x ‡WKHFDWHJRU\RIWKHFDOO VDIHW\ 
x ‡WKHIUHTXHQF\RUFKDQQHORQZKLFKWKHVDIHW\PHVVDJHZLOOEH
WUDQVPLWWHG
x ‡WKHW\SHRIFRPPXQLFDWLRQE\ZKLFKWKHVDIHW\PHVVDJHZLOOEH
WUDQVPLWWHG UDGLRWHOHSKRQ\ 
7UDQVPLWWKH'6&VDIHW\FDOO
7UDQVPLVVLRQRIWKHVDIHW\PHVVDJH
7XQHWKHWUDQVPLWWHUWRWKHIUHTXHQF\RUFKDQQHOLQGLFDWHGE\WKH'6&VDIHW\FDOO
7UDQVPLWWKHVDIHW\PHVVDJHDVIROORZV
6(&85,7( WLPHV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$//67$7,216RUFDOOHGVWDWLRQ WLPHV
7+,6,6
WKHGLJLWLGHQWLW\DQGWKHFDOOVLJQRURWKHULGHQWLILFDWLRQRI
RZQVKLS
WKHDFWXDOVDIHW\PHVVDJH

ƒ 5HFHSWLRQRID6DIHW\0HVVDJH
6KLSVUHFHLYLQJD'6&VDIHW\FDOODQQRXQFLQJDVDIHW\PHVVDJHDGGUHVVHGWRDOOVKLSV
VKRXOG127DFNQRZOHGJHWKHUHFHLSWRIWKH'6&VDIHW\FDOOEXWVKRXOGWXQHWKHUDGLRWHOHSKRQ\
UHFHLYHUWRWKHIUHTXHQF\LQGLFDWHGLQWKHFDOODQGOLVWHQWRWKHVDIHW\PHVVDJH
3XEOLF&RUUHVSRQGHQFH

ƒ 9+)
7KH9+)'6&FKDQQHOLVXVHGIRU'6&VIRUGLVWUHVVDQGVDIHW\SXUSRVHVDVZHOODV
'6&VIRUSXEOLFFRUUHVSRQGHQFH

ƒ 0)
$SDUW IURP WKH '6& GLVWUHVV DQG VDIHW\ FDOOLQJ FKDQQHO RQ  N+] QDWLRQDO DQG
LQWHUQDWLRQDO '6& FKDQQHOV DUH XVHG LQ GLJLWDO VHOHFWLYH FDOOLQJ RQ 0) IRU SXEOLF
FRUUHVSRQGHQFH
6KLSVFDOOLQJDFRDVWVWDWLRQE\'6&RQ0)IRUSXEOLFFRUUHVSRQGHQFHVKRXOGSUHIHUDEO\
XVHWKHFRDVWVWDWLRQ
VQDWLRQDO'6&FKDQQHO
7KH LQWHUQDWLRQDO '6& FKDQQHO IRU SXEOLF FRUUHVSRQGHQFH PD\ DV D JHQHUDO UXOH EH
XVHG EHWZHHQ VKLSV DQG FRDVW VWDWLRQV RI GLIIHUHQW QDWLRQDOLWLHV 7KH VKLS
V WUDQVPLWWLQJ
IUHTXHQF\LVN+]DQGWKHUHFHLYLQJIUHTXHQF\LVN+]
7KH  N+] IUHTXHQF\ LV DOVR XVHG LQ GLJLWDO VHOHFWLYH FDOOLQJ EHWZHHQ VKLSV IRU
JHQHUDOFRPPXQLFDWLRQ

ƒ ‡7UDQVPLVVLRQRID'6&&DOOIRU3XEOLFWRD&RDVW6WDWLRQRUDQRWKHU6KLS
$'6&FDQIRUSXEOLFFRUUHVSRQGHQFHZLWKDFRDVWVWDWLRQRUDQRWKHUVKLSLVWUDQVPLWWHG
DVIROORZV
7XQHWKHWUDQVPLWWHUWRWKHUHOHYDQW'6&FKDQQHO
6HOHFWWKHIRUPDWIRUFDOOLQJDVSHFLILFVWDWLRQRQWKH'6&HTXLSPHQW
,QDFFRUGDQFHZLWKWKH'6&HTXLSPHQW PDQXIDFWXUHU
VLQVWUXFWLRQVW\SHLQRU
VHOHFWIURPWKH'6&HTXLSPHQWNH\ERDUG
x ‡WKHGLJLWLGHQWLW\RIWKHVWDWLRQWREHFDOOHG
x ‡WKHFDWHJRU\RIWKHFDOO URXWLQH 
x ‡WKHW\SH RIVXEVHTXHQWFRPPXQLFDWLRQ QRUPDOO\UDGLRWHOHSKRQ\ 
x ‡DSURSRVHGZRUNLQJFKDQQHOLIFDOOLQJDQRWKHUVKLS$SURSRVHGZRUNLQJ
FKDQQHOVKRXOG127EHLQFOXGHGLQFDOOVWRDFRDVWVWDWLRQWKHFRDVWVWDWLRQ
ZLOOLQLWV'6&DFNQRZOHGJHPHQWLQGLFDWHDYDFDQW ZRUNLQJFKDQQHO
7UDQVPLWWKH'6&FDOO

ƒ ‡5HSHDWLQJD&DOO
,I QR DFNQRZOHGJHPHQW LV UHFHLYHG ZLWKLQ  PLQXWHV D '6& &DOO IRU SXEOLF
FRUUHVSRQGHQFHPD\EHUHSHDWHGHLWKHURQWKHVDPH'6&FKDQQHORURQDQRWKHU
,IDFNQRZOHGJHPHQWLVVWLOOQRWUHFHLYHG IXUWKHUDWWHPSWVVKRXOGEHGHOD\HGDWOHDVW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
PLQXWHV

ƒ $FNQRZOHGJHPHQWRID&DOODQGSUHSDUDWLRQIRUUHFHLYLQJD7UDIILF
2QUHFHLSWRID'6&FDOOIURPDFRDVWVWDWLRQRUDQRWKHUVKLSD'6&DFNQRZOHGJHPHQW
LVWUDQVPLWWHGDVIROORZV
7XQHWKHWUDQVPLWWHUWRWKHWUDQVPLWWLQJIUHTXHQF\RIWKH'6&FKDQQHORQZKLFKWKH
FDOOZDVUHFHLYHG
6HOHFWWKHDFNQRZOHGJHPHQWIRUPDWXVLQJWKH'6&HTXLSPHQW
7UDQVPLWDQDFNQRZOHGJHPHQWLQGLFDWLQJZKHWKHUWKHVKLSLVDEOHWRFRPPXQLFDWHDV
SURSRVHGLQWKHFDOO W\SHRIFRPPXQLFDWLRQDQGZRUNLQJIUHTXHQF\ 
 ,I DEOH WR FRPPXQLFDWH DV LQGLFDWHG WXQH WKH WUDQVPLWWHU DQG WKH UDGLR WHOHSKRQ\
UHFHLYHUWRWKHLQGLFDWHGZRUNLQJFKDQQHODQGSUHSDUHWRUHFHLYHWKHWUDIILF

ƒ ‡5HFHSWLRQRI$FNQRZOHGJHPHQWDQGIXUWKHUDFWLRQ
:KHQ UHFHLYLQJ DQ DFNQRZOHGJHPHQW LQGLFDWLQJ WKDW WKH VWDWLRQ \RX FDOOHG LV DEOH WR
UHFHLYHWKHWUDIILFSUHSDUHWRWUDQVPLWWKHWUDIILFDVIROORZV
7XQHWKHWUDQVPLWWHUDQGUHFHLYHUWRWKHLQGLFDWHGZRUNLQJFKDQQHO
&RPPHQFHFRPPXQLFDWLRQ RQWKHZRUNLQJFKDQQHOE\WUDQVPLWWLQJ
x ‡WKHGLJLWLGHQWLW\RUFDOOVLJQRURWKHULGHQWLILFDWLRQRIWKHVWDWLRQEHLQJ
FDOOHG
x ‡7+,6,6
x ‡WKHGLDLWLGHQWLW\RUFDOOVLJQRURWKHULGHQWLILFDWLRQRIRZQVKLS
6KRXOGDFNQRZOHGJHPHQWIURPWKHFRDVWVWDWLRQLQGLFDWHWKDWLWLVQRWDEOHWRUHFHLYHWKH
WUDIILFLPPHGLDWHO\LWZLOOQRUPDOO\UHVWZLWKWKHVKLSFDOOLQJWKHFRDVWVWDWLRQWRFDOODJDLQDOLWWOH
ODWHU
,QFDVHVZKHUHRQHVKLSFDOOVDQRWKHUVKLSDQGUHFHLYHVDQDFNQRZOHGJHPHQWLQGLFDWLQJ
WKDWWKHFDOOHGVKLSLVQRWDEOHWRUHFHLYHWKHWUDIILFLPPHGLDWHO\LWZLOOQRUPDOO\UHVWZLWKWKH
VKLSEHLQJFDOOHGWRWUDQVPLWDFDOOWRWKHFDOOLQJVKLSZKHQUHDG\WRUHFHLYHWKHWUDIILF

ƒ 7HVWLQJWKH(TXLSPHQWXVHGIRU'LVWUHVVDQG6DIHW\
7HVWLQJ RQWKHH[FOXVLYH'6&GLVWUHVVDQGVDIHW\FDOOLQJIUHTXHQF\N+]VKRXOG
EH DYRLGHG DV IDU DV SRVVLEOH E\ XVLQJ DOWHUQDWLYH PHWKRGV 7HVW WUDQVPLVVLRQVPXVWQRWEH
PDGHRQ9+3'6&FDOOLQJFKDQQHO
7HVW FDOOV VKRXOG EH WUDQVPLWWHG E\ WKH VKLS VWDWLRQ DQG DFNQRZOHGJHG E\ WKH FRDVW
VWDWLRQWKDWKDVEHHQFDOOHG1RUPDOO\WKHUHZLOOEHQRIXUWKHUFRPPXQLFDWLRQEHWZHHQWKHWZR
VWDWLRQVLQYROYHG
6KRXOGDWHVWFDOOWRDFRDVWVWDWLRQSURYHQHFHVVDU\LWVKRXOGEHWUDQVPLWWHGDVIROORZV
7XQHWKHWUDQVPLWWHUWRWKH'6&GLVWUHVVDQGVDIHW\FDOOLQJIUHTXHQF\N+]
7\SHLQRUVHOHFWWKHIRUPDWIRUWKHWHVWFDOOIURPWKH'6&HTXLSPHQWLQDFFRUGDQFH
ZLWKWKH'6&HTXLSPHQWPDQXIDFWXUHU
VLQVWUXFWLRQV
7\SHLQWKHGLJLWLGHQWLW\RIWKHFRDVWVWDWLRQWREHFDOOHG
7UDQVPLWWKH'6&FDOODIWHUFKHFNLQJDVIDUDVSRVVLEOHWKDWQRFDOOVDUHLQSURJUHVV
RQWKHIUHTXHQF\
:DLWIRUDFNQRZOHGJHPHQW
3URFHGXUHVIRU'6&&RPPXQLFDWLRQVRQ+)
7KH SURFHGXUHV IRU '6& FRPPXQLFDWLRQ RQ +) DUH HTXLYDOHQW WR WKH FRUUHVSRQGLQJ
SURFHGXUHV IRU '6& FRPPXQLFDWLRQV RQ 0)9+) EXW VRPH VSHFLDO FRQGLWLRQV ZLOO EH
GHVFULEHGEHORZ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 7UDQVPLVVLRQRI'6&'LVWUHVV$OHUW
'6&GLVWUHVVDOHUWVVKRXOGEHVHQWWRFRDVWVWDWLRQV HJLQ$DQG$VHDDUHDVRQ+) 
DQG RQ0)DQGRU9+3 WRRWKHUVKLSV
7KH'6&GLVWUHVVDOHUWVKRXOGDVIDUDVSRVVLEOHLQFOXGHWKHVKLS
VODVWNQRZQSRVLWLRQ
DQGWKHWLPH LQ87& ZKHQLWZDVYDOLG,IWKHSRVLWLRQDQGWLPHDUHQRWLQVHUWHGDXWRPDWLFDOO\
IURPWKHVKLS
VQDYLJDWLRQDOHTXLSPHQWWKH\VKRXOGEHLQVHUWHGPDQXDOO\
6KLSWRVKRUH'LVWUHVV$OHUW
3URSDJDWLRQFKDUDFWHULVWLFVRI+)UDGLRZDYHVIRUWKHDFWXDOVHDVRQDQGWLPHRIWKHGD\
VKRXOGEHWDNHQLQWRDFFRXQWZKHQFKRRVLQJ+)EDQGVIRUWUDQVPLVVLRQRID'6&GLVWUHVVDOHUW
$VDJHQHUDOUXOHWKH'6&GLVWUHVVFKDQQHORQWKH0+]PDULWLPHEDQG N+] 
PD\EHDQDSSURSULDWHILUVWFKRLFH7UDQVPLVVLRQRIWKH'6&GLVWUHVVDOHUWRQPRUHWKDQRQH
+) EDQG ZLOO QRUPDOO\ LQFUHDVH WKH SUREDELOLW\ RI VXFFHVVIXO UHFHSWLRQ RI WKH DOHUW E\FRDVW
VWDWLRQV
$'6&GLVWUHVVDOHUWPD\EHVHQWRQDQXPEHURI+)EDQGVLQWZRGLIIHUHQWZD\V
%\ WUDQVPLWWLQJ WKH '6& GLVWUHVV DOHUW RQ RQH SDUWLFXODU +) EDQG ZDLWLQJ D IHZ
PLQXWHV WR UHFHLYH DFNQRZOHGJHPHQW E\ D FRDVW VWDWLRQ DQG LI QR DFNQRZOHGJHPHQW LV
UHFHLYHG ZLWKLQ  PLQXWHV UHSHDWLQJ WKH SURFHVV E\ WUDQVPLWWLQJ WKH '6& GLVWUHVV DOHUW RQ
DQRWKHUDSSURSULDWH+)EDQG DQGVRRQ 
 %\ WUDQVPLWWLQJ WKH '6& GLVWUHVV DOHUW RQ D QXPEHU RI +) EDQGV ZLWK QR LQWHUYDOV
EHWZHHQWKHFDOOVRURQO\YHU\VKRUWRQHVDQGZLWKRXWZDLWLQJIRUDFNQRZOHGJHPHQWEHWZHHQ
WKHFDOOV
3URFHGXUHLVUHFRPPHQGHGLQDOOFDVHVZKHUHWLPHSHUPLWVLW7KLVZLOOPDNHLWHDVLHU
WRFKRRVHWKHDSSURSULDWH+)EDQGIRUFRPPHQFHPHQWRIWKHVXEVHTXHQWFRPPXQLFDWLRQZLWK
WKHFRDVWVWDWLRQRQWKHFRUUHVSRQGLQJGLVWUHVVWUDIILFFKDQQHO
7UDQVPLWWLQJWKH'6&DOHUW
7XQH WKH WUDQVPLWWHU WR WKH FKRVHQ +) '6& GLVWUHVV FKDQQHO  
N+] 
)ROORZWKHLQVWUXFWLRQVIRUW\SLQJLQRUVHOHFWLQJUHOHYDQWLQIRUPDWLRQIURPWKH'6&
HTXLSPHQWNH\ERDUG
7UDQVPLWWKH'6&GLVWUHVVDOHUW
5HPDUN  6KLSWRVKLS GLVWUHVV DOHUW WUDQVPLVVLRQV VKRXOG QRUPDOO\ EH PDGH RQ 0)
DQGRU 9+) XVLQJ WKH SURFHGXUHV IRU WUDQVPLVVLRQ RI '6& GLVWUHVV DOHUW RQ 0)9+)  ,Q
VSHFLDOFDVHVIRUH[DPSOHLQWURSLFDO]RQHVWUDQVPLVVLRQRI'6&GLVWUHVVDOHUWVRQ+)PD\LQ
DGGLWLRQWRVKLSWRVKRUHDOHUWLQJDOVREHXVHIXOIRUVKLSWRVKLSDOHUWLQJ

ƒ 3UHSDULQJIRUWKHVXEVHTXHQW'LVWUHVV7UDIILF
$IWHUKDYLQJWUDQVPLWWHGWKH'6&GLVWUHVVDOHUWRQDSSURSULDWH'6&
GLVWUHVVFKDQQHOV +)0)DQGRU9+) SUHSDUHIRUWKHVXEVHTXHQW
GLVWUHVVWUDIILFE\WXQLQJWKHUDGLRFRPPXQLFDWLRQVHW V  +)0)
DQGRU9+)DVDSSURSULDWH WRWKHFRUUHVSRQGLQJGLVWUHVVWUDIILF
FKDQQHOV 
,IPHWKRG GHVFULEHGDERYH KDVEHHQXVHGIRUWUDQVPLVVLRQRI
WKH'6&GLVWUHVVDOHUWRQDQXPEHURI+)EDQGV
 7DNH LQWR DFFRXQW RQ ZKLFK +) EDQG V  DFNQRZOHGJHPHQW KDV EHHQ VXFFHVVIXOO\
UHFHLYHGIURPDFRDVWVWDWLRQ
,IDFNQRZOHGJHPHQWVKDYHEHHQUHFHLYHGRQPRUHWKDQRQH+)EDQGFRPPHQFHWKH
WUDQVPLVVLRQ RI GLVWUHVV WUDIILF RQ RQH RI WKHVH EDQGV EXW LI QR UHVSRQVH LV UHFHLYHG IURP D
FRDVWVWDWLRQWKHQWKHRWKHUEDQGVVKRXOGEHXVHGLQWXUQ

ƒ 'LVWUHVVWUDIILF


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KHSURFHGXUHVGHVFULEHGDERYHDUHXVHGZKHQWKHGLVWUHVV WUDIILFRQ0)+)LVFDUULHG
RXW E\ UDGLRWHOHSKRQ\ 7KH IROORZLQJ SURFHGXUHV VKDOO EH XVHG LQ FDVHV ZKHUH WKH GLVWUHVV
WUDIILFRQ0)+)LVFDUULHGRXWE\UDGLRWHOH[
x ‡7KH)RUZDUG(UURU&RUUHFWLQJ )(& PRGHVKDOOEHXVHGXQOHVV
VSHFLILFDOO\UHTXHVWHGWRGRRWKHUZLVH
x ‡$OOPHVVDJHVVKDOOEHSUHFHGHGE\
 DWOHDVWRQHFDUULDJHUHWXUQ
 OLQHIHHG
 RQHOHWWHUVKLIW
 WKHGLVWUHVVVLJQDO0$<'$<
x ‡7KHVKLSLQGLVWUHVVVKRXOGFRPPHQFHWKHGLVWUHVVWHOH[WUDIILFRQWKH
DSSURSULDWHGLVWUHVVWHOH[WUDIILFFKDQQHODVIROORZV
 FDUULDJHUHWXUQOLQHIHHGOHWWHUVKLIW
 WKHGLVWUHVVVLJQDO0$<'$<
 WKHZRUGV7+,,6
 WKHGLJLWLGHQWLW\DQGFDOOVLJQRURWKHULGHQWLILFDWLRQRIWKHVKLS
 WKHVKLS
VSRVLWLRQLIQRWLQFOXGHGLQWKH'6&GLVWUHVVDOHUW
 WKHQDWXUHRIGLVWUHVV
 DQ\RWKHULQIRUPDWLRQZKLFKPLJKWIDFLOLWDWHWKHUHVFXH
6KLSVUHFHLYLQJD'6&GLVWUHVVDOHUWRQ+)IURPDQRWKHUVKLSVKRXOGQRWDFNQRZOHGJH
WKHDOHUWEXWVKRXOG
:DWFKIRUWKHUHFHSWLRQRID'6&GLVWUHVVDFNQRZOHGJHPHQWIURPFRDVWVWDWLRQ
 :KLOH ZDLWLQJ IRU WKH UHFHSWLRQ RI D '6& GLVWUHVV DFNQRZOHGJHPHQW IURP D FRDVW
VWDWLRQWKH\VKRXOGSUHSDUHIRUUHFHSWLRQRIWKHVXEVHTXHQWGLVWUHVVFRPPXQLFDWLRQE\WXQLQJ
WKH +) UDGLR FRPPXQLFDWLRQ VHW WUDQVPLWWHU DQG UHFHLYHU  WR WKH UHOHYDQW GLVWUHVV WUDIILF
FKDQQHORQWKHVDPH+)EDQGRQZKLFKWKH'6&GLVWUHVVDOHUWZDVUHFHLYHG7KLVVKRXOGEH
GRQHZKLOHREVHUYLQJWKHIROORZLQJFRQGLWLRQV
D ,IUDGLRWHOHSKRQ\PRGHZDVLQGLFDWHGLQWKH'6&DOHUWWKH+)UDGLRFRPPXQLFDWLRQ
VHW VKRXOGEHWXQHGWRWKHUDGLRWHOHSKRQ\GLVWUHVVWUDIILFFKDQQHORQWKH+)EDQGFRQFHUQHG
E ,IWHOH[PRGHZDVLQGLFDWHGLQWKH'6&DOHUWWKH+)UDGLRFRPPXQLFDWLRQVHWVKRXOG
EHWXQHGWRWKHUDGLRWHOH[GLVWUHVVWUDIILFFKDQQHORQWKH+)EDQGLQTXHVWLRQ6KLSVDEOHWRGR
VRVKRXOGDGGLWLRQDOO\ZDWFKWKHFRUUHVSRQGLQJUDGLRWHOHSKRQ\GLVWUHVVFKDQQHO
F  ,I WKH '6& GLVWUHVV DOHUW ZDV UHFHLYHG RQ PRUH WKDQ RQH +) EDQG WKH UDGLR
FRPPXQLFDWLRQ VHW VKRXOG EH WXQHG WR WKH UHOHYDQW GLVWUHVV WUDIILF FKDQQHO RQWKH +) EDQG
FRQVLGHUHG WR EH WKH EHVW RQH IRU WKH FDVH DW KDQG ,I WKH '6& GLVWUHVV DOHUW ZDV UHFHLYHG
VXFFHVVIXOO\RQWKH0+]EDQGWKLVEDQGPD\LQPDQ\FDVHVEHDQDSSURSULDWHILUVWFKRLFH
G ,IQRGLVWUHVVWUDIILFLVUHFHLYHGRQWKH+)FKDQQHOZLWKLQ,WRPLQXWHVWXQHWKH+)
UDGLRFRPPXQLFDWLRQVHWWRWKHUHOHYDQWGLVWUHVVWUDIILFFKDQQHORQDQRWKHU+)EDQGGHHPHG
DSSURSULDWHIRUWKHFDVHDWKDQG
H  ,I QR '6& GLVWUHVV DFNQRZOHGJHPHQW LV UHFHLYHG IURP D FRDVW VWDWLRQ ZLWKLQ 
PLQXWHVDQGQRGLVWUHVVFRPPXQLFDWLRQLVREVHUYHGJRLQJRQEHWZHHQDFRDVWVWDWLRQDQGWKH
VKLSLQGLVWUHVVWUDQVPLWD'6&GLVWUHVVUHOD\DOHUWDQGLQIRUPD5&&E\PHDQVRIDSSURSULDWH
UDGLRFRPPXQLFDWLRQV

ƒ 8UJHQF\7UDQVPLVVLRQ
8UJHQF\7UDQVPLVVLRQRI8UJHQF\PHVVDJHVRQ+) VKRXOGQRUPDOO\EHDGGUHVVHGHLWKHU
WRDOOVKLSVZLWKLQDVSHFLILHGJHRJUDSKLFDODUHDRUWRDVSHFLILFFRDVWVWDWLRQ
$QQRXQFHPHQW RI WKH XUJHQF\ PHVVDJH LV FDUULHG RXW E\ WUDQVPLVVLRQ RI DQ XUJHQF\
FDWHJRU\'6&RQWKHDSSURSULDWH'6&GLVWUHVVFKDQQHO
7KHWUDQVPLVVLRQRIWKHXUJHQF\PHVVDJHLWVHOIRQ+)LVFDUULHGRXWE\UDGLRWHOHSKRQ\RU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
UDGLR WHOH[ RQ WKH DSSURSULDWH GLVWUHVV WUDIILF FKDQQHO RQ WKH VDPH EDQG RQ ZKLFK WKH '6&
DQQRXQFHPHQWZDVWUDQVPLWWHG
7UDQVPLVVLRQRID'6&8UJHQF\0HVVDJH$QQRXQFHPHQWRQ+)
 &KRRVH WKH +) EDQG FRQVLGHUHG WR EH WKH PRVW DSSURSULDWH WDNLQJ LQWR DFFRXQW
SURSDJDWLRQFKDUDFWHULVWLFVRI+)UDGLRZDYHVIRUWKHFXUUHQWVHDVRQDQGWLPHRIGD\7KH
0+]EDQGPD\LQPDQ\FDVHVEHDQDSSURSULDWHILUVWFKRLFH
7XQHWKH+)WUDQVPLWWHUWRWKH'6&GLVWUHVVFKDQQHORQWKHVHOHFWHG+)EDQG
7\SHLQRUVHOHFWFDOOIRUPDWIRUHLWKHUJHRJUDSKLFDODUHDFDOORULQGLYLGXDOFDOOIURP
WKH'6&HTXLSPHQWDVDSSURSULDWH
)RUDUHDFDOOVW\SHLQVSHFLILFDWLRQRIWKHUHOHYDQWJHRJUDSKLFDODUHD
 )ROORZ WKH LQVWUXFWLRQV IRU W\SLQJ LQ RU VHOHFWLQJ UHOHYDQW LQIRUPDWLRQ IURP WKH '6&
HTXLSPHQWNH\ERDUGLQFOXGLQJW\SHRIFRPPXQLFDWLRQLQZKLFKWKHXUJHQF\PHVVDJHZLOOEH
WUDQVPLWWHG UDGLRWHOHSKRQ\RUUDGLRWHOH[ 
7UDQVPLWWKH'6&FDOO
 ,I WKH '6& FDOO LV DGGUHVVHG WR D VSHFLILF FRDVW VWDWLRQ ZDLW IRU '6&
DFNQRZOHGJHPHQW IURP WKH FRDVW VWDWLRQ ,I DFNQRZOHGJHPHQW LV QRW UHFHLYHG ZLWKLQ D IHZ
PLQXWHVUHSHDWWKH'6&FDOORQDQRWKHUDSSURSULDWH+)IUHTXHQF\

ƒ ‡7UDQVPLVVLRQRIWKH8UJHQF\0HVVDJH
7XQHWKH+)WUDQVPLWWHUWRWKHGLVWUHVVWUDIILFFKDQQHO WHOHSKRQ\RUWHOH[ LQGLFDWHGLQ
WKH'6&DQQRXQFHPHQW
,IWKHXUJHQF\PHVVDJHLVWREHWUDQVPLWWHGXVLQJUDGLRWHOHSKRQ\IROORZWKHSURFHGXUH
GHVFULEHGDERYH
 ,I WKH XUJHQF\ PHVVDJH LV WR EH WUDQVPLWWHG E\ UDGLR WHOH[ XVH WKH IROORZLQJ
SURFHGXUH
x ‡8VHWKH)RUZDUG(UURU&RUUHFWLQJ )(& PRGHXQOHVVWKHPHVVDJHLV
DGGUHVVHGWRDVLQJOHVWDWLRQZKRVHUDGLRWHOH[LGHQWLW\QXPEHULVNQRZQ
x ‡&RPPHQFHWKHWHOH[PHVVDJHE\
‡DWOHDVWRQHFDUULDJHUHWXUQOLQHIHHGRQHOHWWHUVKLIW
‡WKHXUJHQF\VLJQDO3$13$1
‡WKHZRUGV7+,6,6
‡WKHGLJLWLGHQWLW\RIWKHVKLSDQGWKHFDOOVLJQRURWKHULGHQWLILFDWLRQRIWKHVKLS
‡WKHDFWXDOXUJHQF\PHVVDJH
$QQRXQFHPHQW DQG WUDQVPLVVLRQ RI XUJHQF\ PHVVDJHV DGGUHVVHG WR DOO +) HTXLSSHG
VKLSVZLWKLQDVSHFLILHGDUHDPD\EHUHSHDWHGRQDQXPEHURI+)EDQGVDVZDUUDQWHGE\WKH
FXUUHQWVLWXDWLRQ
6KLSV UHFHLYLQJ D '6& XUJHQF\ FDOO DQQRXQFLQJ DQ XUJHQF\ PHVVDJH VKDOO 127
DFNQRZOHGJHUHFHLSWRIWKH'6&FDOOEXWVKRXOGWXQHWKHUDGLRFRPPXQLFDWLRQUHFHLYHUWRWKH
IUHTXHQF\DQGFRPPXQLFDWLRQPRGHLQGLFDWHGLQWKH'6&FDOOLQRUGHUWRUHFHLYHWKHPHVVDJH

ƒ 6DIHW\
7KH SURFHGXUHV IRU WUDQVPLVVLRQ RI '6& VDIHW\ DQQRXQFHPHQWV DQG VDIHW\ PHVVDJHV
DUHWKHVDPHDVWKRVHIRUXUJHQF\PHVVDJHVGHVFULEHGLQVHFWLRQDERYHH[FHSWWKDWWKH'6&
DQQRXQFHPHQWVKDOOLQFOXGHWKHFDWHJRU\6$)(7<DQGWKHVDIHW\PHVVDJHVKDOOLQFOXGHWKH
VDIHW\VLJQDO6(&85,7(LQVWHDGRIWKHXUJHQF\VLJQDO3$13$1

ƒ ‡3XEOLFFRUUHVSRQGHQFHRQ+)
7KHSURFHGXUHVIRUSXEOLFFRUUHVSRQGHQFH'6&FRPPXQLFDWLRQVRQ+)DUHWKHVDPH
DV WKRVHIRU0)3URSDJDWLRQFKDUDFWHULVWLFVVKRXOGEHWDNHQLQWRDFFRXQWZKHQWUDQVPLWWLQJ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
'6&FRPPXQLFDWLRQVRQ+)7KHQDWLRQDODQGLQWHUQDWLRQDO+)'6&FKDQQHOV XVHGIRU'6&
IRUSXEOLFFRUUHVSRQGHQFHGLIIHUIURPWKRVHXVHGIRU'6&IRUGLVWUHVVDQGVDIHW\SXUSRVHV
6KLSVFDOOLQJDQ+)FRDVWVWDWLRQE\'6&IRUSXEOLFFRUUHVSRQGHQFHVKRXOGSUHIHUDEO\XVHWKHFRDVWVWDWLRQ
V
QDWLRQDO'6&FDOOLQJFKDQQHO

ƒ ‡7HVWLQJ WKHHTXLSPHQWXVHGIRU'LVWUHVVDQG6DIHW\RQ+)
3URFHGXUHVIRUWHVWLQJWKHVKLS
VHTXLSPHQWXVHGIRU'6&GLVWUHVVXUJHQF\DQGVDIHW\
FDOOVRQ+)E\WUDQVPLWWLQJ'6&WHVWFDOOVRQ+)'6&GLVWUHVVFKDQQHOVDUHWKHVDPHDVWKRVH
XVHGIRUWHVWLQJRQWKH0)'6&GLVWUHVVIUHTXHQF\N+]
$FWLRQSODQIRU'6&DOHUWVHQWIURPVKLSLQGLVWUHVV

,IWKH+)EDQGVDUHUHTXLUHGWKHJHQHUDOSURFHGXUHLVWKHVDPH7KH'6&WUDQVPLVVLRQ
IUHTXHQF\LVVHOHFWHGIURP
N+]
N+]N+]
N+]N+]


&KDSWHU7+(,10$56$7
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

6$7(//,7(
&20081,&$7,216
6<67(06
,QWURGXFWLRQ
6DWHOOLWH FRPPXQLFDWLRQ IDFLOLWLHV DUH SURYLGHG E\ WKH ,QWHUQDWLRQDO 0DULWLPH 6DWHOOLWH
2UJDQLVDWLRQ ,10$56$7 7KHRUJDQLVDWLRQZDVIRXQGHGRQ6HSWHPEHUDQGWRGD\LW
QXPEHUVPHPEHUFRXQWULHVZLWKPRUHFRXQWULHVLQWKHSURFHVVRIMRLQLQJ,10$56$7KDV
EHHQLQJOREDORSHUDWLRQVLQFH
7KH RUJDQLVDWLRQ
V PDLQ WDVN LV WR SURYLGH VDWHOOLWHEDVHG VHUYLFHV IRU PDULWLPH
FRPPXQLFDWLRQDQGWRLPSURYHGLVWUHVVDQGVDIHW\VHUYLFHV,10$56$7KDVH[SDQGHGDQG
WRGD\ WKH\DOVRRIIHUVHUYLFHVIRUPRELOHODQGEDVHGXVHUVDQGDHURQDXWLFDOXVHUV$WRWDORI
QHDUO\,10$56$7$WHUPLQDOVDUHQRZLQXVHZRUOGZLGHDQGWKHQXPEHULVLQFUHDVLQJ

7KHVHUYLFHVDYDLODEOHIURP,10$56$7V\VWHP
‡,10$56$7$Y
'LVWUHVVFRPPXQLFDWLRQV WHOH[RIWHOHSKRQH
$XWRPDWLFGLDOOLQJKLJKTXDOLW\WHOHSKRQHFDOOV
7HOH[FDOOV
)DFVLPLOH
'DWD
‡,10$56$7%
'LVWUHVVFRPPXQLFDWLRQ WHOH[RUWHOHSKRQH
+LJKTXDOLW\WHOHSKRQH GXSOH[RUVLPSOH[ 
7HOH[LQFOXGLQJVKLSVJURXSFDOO
)DFVLPLOH
'DWD
*URXSFDOOYLDYRLFHGDWDRUIDFVLPLOH
‡,10$56$7&
'LVWUHVVFRPPXQLFDWLRQV .H\ERDUGHQWU\
(OHFWURQLFPDLO
6KLSWRVKRUHID[
0DULWLPHVDIHW\PHVVDJHV LQFOXGLQJZHDWKHU
'DWDWUDQVPLVVLRQWRDQGIURPVKLSVJURXS
WUDQVPLVVLRQWRVSHFLILHGJURXSVRIVKLSV
7HOH[PHVVDJHVHUYLFH 6WRUHDQGIRUZDUG 
‡,10$56$70
'LVWUHVVFRPPXQLFDWLRQV YRLFH
7HOHSKRQHFDOOV
)DFVLPLOH
'DWD
*URXSFDOOYLDYRLFHGDWDRUIDFVLPLOH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
‡,10$56$7(
6DWHOOLWH(3,5%V\VWHPRQO\
7KH,10$56$7VDWHOOLWHFRPPXQLFDWLRQVV\VWHPFRYHUVWKHZRUOGIURPƒ1RUWKWRƒ
6RXWK SURYLGLQJ FRPPXQLFDWLRQV VHUYLFHV YLD WKH VDWHOOLWH DQG WHUUHVWULDO ODQG OLQHV IURP
DQ\ZKHUHRQWKHJOREHWRDQ\RWKHUSDUW RIWKHZRUOG
7KH,10$56$7V\VWHPFRPSULVHV
x ‡7KHVKLSERDUGHTXLSPHQW
 0RELOH(DUWK6WDWLRQ 0(6 
 6KLS(DUWK6WDWLRQ 6(6 
x ‡)RXU6DWHOOLWHUHJLRQV
x ‡6KRUHEDVHGVDWHOOLWHVWDWLRQV
 &RDVW(DUWK6WDWLRQV &(6 
 /DQG(DUWK6WDWLRQ /(6 
x ‡2QH1HWZRUN&RRUGLQDWLRQVWDWLRQ 1&6 LQHDFKRFHDQUHJLRQ
x ‡,10$56$7KHDGTXDUWHUVLQ/RQGRQ

)RUGHWDLOVRIWKHVHUYLFHSURYLGHGE\&(6VHHWDEOHRQWKHQH[WSDJH
7KH KHDUW RI WKH V\VWHP LV WKH 1(7:25. &21752/ &(175( 1&&  ORFDWHG DW
,10$56$7KHDGTXDUWHUVLQ/RQGRQ2SHUDWLQJKRXUVDGD\LWPRQLWRUVFRRUGLQDWHVDQG
FRQWUROVWKHRSHUDWLRQDODFWLYLWLHVRIDOOWKHVDWHOOLWHVLQWKHQHWZRUN7KH1&&DOVRDUUDQJHVWKH
FRPPXQLFDWLQJRIWKHVKLSHDUWKVWDWLRQVXSRQDSSOLFDWLRQIURPWKHVKLSRZQHU
$W SUHVHQW WKHUH DUH )285 6DWHOOLWHV SOXV VWDQGE\ VDWHOOLWHV  DQG  /DQG EDVHG
VWDWLRQV /(6RU&(6 HDFK&(6KDVDFFHVVWRRQHRUWZRVDWHOOLWHV
7KH UDQJHRIVHUYLFHVDYDLODEOHGHSHQGVXSRQWKHHTXLSPHQWSURYLGHGDWWKHWHUPLQDO
LQVWDOODWLRQZKLFKLQWXUQZLOOUHIOHFWWKHUHTXLUHPHQWVRIWKHSDUWLFXODUVKLSRURZQHU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

9LHZRIWKH6DWHOOLWHLQJHRVWDWLRQDU\RUELW

:
,10$56$7$DQG,10$56$7&FRPPXQLFDWLRQVQHWZRUNVXVHWKHVDPHVDWHOOLWHVDQG
LQJHQHUDOWKHVDPH&(6
7KHEDVLFGLIIHUHQFHVEHWZHHQWRWZRV\VWHPVDUHWKDW,10$56$7$ ZKLFKSURYLGHVD
KLJKTXDOLW\WHOHSKRQHVHUYLFH UHTXLUHVDKLJKJDLQVWHHUDEOHDQWHQQDZKHUHDVWKH,10$56$7
&V\VWHP OLPLWHGWRGDWDWUDQVPLVVLRQ UHTXLUHVRQO\DVPDOOIL[HGDQWHQQDDQGLVDPXFKOHVV
H[SHQVLYHLQVWDOODWLRQ$FRPSOHWH,10$56$7&LQVWDOODWLRQPD\ZHLJKOHVVWKDQ.J
7KH6SDFH6HJPHQW
7KH VDWHOOLWHV DUH LGHQWLILHG E\ WKH SULPDU\ RFHDQ DUHD ZKLFK WKH\ VHUYH 7KH FXUUHQW
)285VDWHOOLWHVDUHSRVLWLRQHGRYHUWKHHTXDWRUDW
x ‡$WODQWLF RFHDQ5HJLRQ(DVW ƒ:HVW
x ‡$WODQWLFRFHDQ5HJLRQ:HVW ƒ:HVW
x ‡3DFLILF2FHDQ5HJLRQ ƒ(DVW
x ‡,QGLDQ2FHDQ5HJLRQ ƒ(DVW
&RYHUDJHRIWKHVDWHOOLWH"LV
OLQHRIVLJKW DQGEHLQJLQDJHRVWDWLRQDU\RUELWWKHVDWHOOLWHV
SURYLGH FRQWLQXRXV FRYHUDJH DW ƒ HOHYDWLRQ IURP ƒ1 WR ƒ6 QRUPDOO\ D ƒHOHYDWLRQ LV
UHTXLUHGIRUUHOLDEOHFRPPXQLFDWLRQ
,WLVDUHTXLUHPHQWWKDWWKHDQWHQQDVKRXOG
VHH
WKHVDWHOOLWHLQWHUYHQLQJVKLSVWUXFWXUH
FDQ GHJUDGH WKH VLJQDO WR WKH H[WHQW RI WRWDO ORVV RI WKH VLJQDO LI VLJQLILFDQW SDUWV RI WKH
VXSHUVWUXFWXUHLQWUXGHLQWRWKHVLJQDOSDWK
7KHUDGLRVLJQDOEDQGVXVHGE\WKHVDWHOOLWHDUH
6(6 6DWHOOLWH /%DQG&(6YLDVDWHOOLWHWR1&6 &%DQG
:KHQ RSHUDWLRQDO EXW LQ WKH LGOH VWDWH WKH 6(6ZLOODOZD\VEHPRQLWRULQJD&RPPRQ
VLJQDOOLQJ&KDQQHOLQLWLDOFRQWDFWZLWKWKH1&6LVPDGHRQWKLVFKDQQHORSHUDWLRQDOFKDQQHOV
ZLOOEHDOORFDWHGE\WKH1&6WRERWK6(6DQG&(6 WKLVDFWLYLW\LVWUDQVSDUHQWWRWKHVKLSERDUG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
RSHUDWRU DV FRQWURO RI WKH WUDQVPLWWHU DQG UHFHLYHU IUHTXHQFLHV LV FDUULHG RXW IURP WKH HDUWK
VWDWLRQVYLDWKHVDWHOOLWH
(DFKVDWHOOLWHKDVRQH1&6DQGDQXPEHURI&(6WKHPRELOHVWDWLRQVKLSLQGLFDWHVLQ
WKHLQLWLDOFRQWDFWZLWK1&6WKHUHTXLUHG&(6DQGWKH1&6DOORFDWHVWKHFKDQQHOVIRUXVHE\
ERWKWKH6(6DQG&(6 WKHUHDIWHUWKH&(6DFWVDVWKHJDWHZD\LQWRWKHQDWLRQDOLQWHUQDWLRQDO
WHOHFRPPXQLFDWLRQVQHWZRUN
7KHLQWHUQDWLRQDOWHOHFRPPXQLFDWLRQVODQJXDJHLV(1*/,6+ WKLVLQFOXGHV'LVWUHVV 

&RDVW(DUWK6WDWLRQV &(6 
7KHWHUP&(6LVLQFOXGHGLQWKHJHQHULFFDWHJRU\/$1'($57+67$7,21 /(6 ZKLFK
DSSOLHVWRHDUWKVWDWLRQVXVHGIRUHLWKHUPDULWLPHRUODQGEDVHGFRPPXQLFDWLRQ
,W LV WKH V\VWHP QDPH JLYHQ WR WKH ,10$56$7 HDUWK VWDWLRQV ORFDWHG LQ GLIIHUHQW
FRXQWULHV WKURXJKRXW WKH ZRUOG WKURXJK ZKLFK VKLSHDUWK VWDWLRQV FDQ URXWH WKHLU

WUDIILF


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

(DFK&(6DFWVDVWKHFRPPXQLFDWLRQJDWHZD\EHWZHHQWKH,10$56$7QHWZRUNDQGWKH
,QWHUQDWLRQDO7HOHFRPPXQLFDWLRQ1HWZRUN
$WSUHVHQWWKHUHDUH&(6LQH[LVWHQFHZRUOGZLGH7KHVHDUHRZQHGDQGRSHUDWHGE\
WKH UHVSHFWLYH FRXQWULHV
 SXEOLF WHOHFRPPXQLFDWLRQ DXWKRULWLHV $ W\SLFDO &(6 FRQVLVWV RI D
SDUDEROLFGLVKDQWHQQDZLWKDGLDPHWHUIURPWRPHWHUVZKLFKLVXVHGIRUWKHWUDQVPLVVLRQ
RI VLJQDOV WR WKH VDWHOOLWH RQ  *+]DQG UHFHSWLRQ IURP WKH VDWHOOLWH RQ  *+] 7KH VDPH
DQWHQQDRUDQRWKHUGHGLFDWHGRQHLVXVHGIRUWKHWUDQVPLVVLRQRQ*+]DQGUHFHSWLRQRQ
*+] /EDQG RIQHWZRUNFRQWUROVLJQDOV$VDPLQLPXPHDFK&(6SURYLGHVGLVWUHVVWHOH[
DQGWHOHSKRQHVHUYLFHV
1HWZRUN&RRUGLQDWLRQ6WDWLRQ
1HWZRUN &RRUGLQDWLQJ 6WDWLRQ 1&6  7KHUH DUH WZR 1HVV DOWRJHWKHU DQG WKHVH DUH
ORFDWHGLQ6RXWKEXU\86$DQG<DPDJXFKL-DSDQ
7KH1&6DFWVDVDW\SHRIVZLWFKRSHUDWRUDVVLJQLQJFRQWUROOLQJDQGPRQLWRULQJDOORI
WKHWHOHSKRQHDQGWHOH[FKDQQHOVEHWZHHQWKH6(6DQGWKH&(6LQWKHLURZQRFHDQUHJLRQV
6RXWKEXU\1&6FRQWUROVWKH$25:DQG$25(UHJLRQVDQG<DPDJXFKLFRQWUROVWKH,25DQG
)25UHJLRQV
6KLS(DUWK6WDWLRQ
6(6DUHQRZPRUHFRPPRQO\UHIHUUHGWRDV0RELOH(DUWK6WDWLRQ 0(6 VLQFHDLUFUDIW
DQGODQGPRELOHXVHUVDOVRDFFHVVWKH,10$56$7V\VWHP
6KLS(DUWK6WDWLRQVVKDOODOZD\VPRQLWRUWKH&RPPRQ6LJQDOOLQJ&KDQQHO 7'02 LQ
RUGHU WR UHFHLYH DQGWUDQVPLWFKDQQHODVVLJQPHQWV$VHFRQG&RPPRQ6LJQDOOLQJ&KDQQHO 
7'0  DYDLODEOH LQ DOO IRXU RFHDQ UHJLRQV ZDV LQWURGXFHG LQ -XO\ 7KLVVHFRQGFKDQQHO
7'0,ZLOOLPSURYHDFFHVVWLPHSDUWLFXODUO\GXULQJSHDNKRXUV
6(6VZLWKDQHYHQIRUWKGLJLWLQWKHLUPDLQ,01 ,10$56$7
0RELOH1XPEHU VKDOOPRQLWRU7'02
6(6VZLWKDQRGGIRXUWKGLJLWLQWKHLUPDLQ,01VKDOOPRQLWRU
7'0
7KHLOOXVWUDWLRQVKRZVWKH,10$56$7QHWZRUN


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH


&KDSWHU,10$56$7$
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

6$7(//,7(
&20081,&$7,2166<67(0

6HUYLFHVDYDLODEOHIURP,10$56$7$/(6
7KH FRPPXQLFDWLRQ VHUYLFHV DYDLODEOH GHSHQG PDLQO\ RQ WKH W\SH RI WHUPLQDO XVHG
+RZHYHUWKHIROORZLQJLVDUHSUHVHQWDWLYHVHOHFWLRQRIVHUYLFHVDYDLODEOHRQ,10$56$7$
x ‡GLVWUHVVFRPPXQLFDWLRQ
x ‡DXWRPDWLFGLDOWLSWHOHSKRQHFDOOV
x ‡DXWRPDWLFGLDOXSWHOH[FDOOV
x ‡DXWRPDWLFGLDOXSIDFVLPLOHFDOOV
,QDGGLWLRQWKHUHDUHRWKHUVHUYLFHVVXFKDV
x ‡PHGLXPVSHHGGDWDWUDQVPLVVLRQ  ESV 
x ‡KLJKVSHHGGDWDWUDQVPLVVLRQ RUNESV 
x ‡PDULWLPHDVVLVWDQFH
x ‡PHGLFDODVVLVWDQFH
x ‡WHFKQLFDODVVLVWDQFH
x ‡DGYLFHRIWLPHDQGGXUDWLRQIRUFDOO
x ‡VORZVFDQWHOHYLVLRQ
x ‡LQWHUQDWLRQDOSDFNHWVZLWFKLQJ
x ‡SHUVRQWRSHUVRQFROOHFWRUFUHGLWFDUGFDOOV
x ‡QDWLRQDORULQWHUQDWLRQDORSHUDWRUDVVLVWDQFHFRPPXQLFDWLQJWHVWV
<RXZLOOILQGGHWDLOVRIWKHVHVHUYLFHVLQWKH,10$56$7$0DULWLPH8VHU
V0DQXDO
:KHQ XVLQJ ,10$56$7 $ VHUYLFHV WR HVWDEOLVK D FRPPXQLFDWLRQ FKDQQHO SOHDVH
FRQVXOWWKHPDQXIDFWXUHU
VKDQGERRNIRUVSHFLILFGHWDLOVRQPDNLQJFDOOVIURP\RXURZQ6KLS
(DUWK6WDWLRQ
6KLS(DUWK6WDWLRQ 6(6 
7KHWHUP6(6 LVLQFOXGHGLQWKHJHQHULFFDWHJRU\02%,/(($57+67$7,21 0(6 
ZKLFKDSSOLHVWRDOO,10$56$7WHUPLQDOV$VPHQWLRQHGHDUOLHUWKH,10$56$7$WHUPLQDOLV
XVHGIRUWKHWUDQVPLVVLRQDQGUHFHSWLRQRIGLVWUHVVWUDIILFWHOH[WHOHSKRQHDQGIDFVLPLOH
%HIRUH DQ,10$56$7$6(6FDQEHXVHGLQWKH,10$56$7V\VWHPLWPXVWKDYHEHHQ
SURSHUO\ LQVWDOOHG DQG FRPPLVVLRQHG 2QO\ DIWHU VXFFHVVIXO FRPPLVVLRQLQJ ZLOO ,10$56$7
SHUPLWWKH6(6WRDFFHVVWKHV\VWHP
$OO 6(6V DUH DVVLJQHG DQ ,10$56$7 0RELOH 1XPEHU ,01  DVDQ LGHQWLW\ QXPEHU
7KLVQXPEHUFRQVLVWVRIVHYHQGLJLWV ,10$56$7$WHUPLQDOV $ERXWRIYHVVHOVILWWHGZLWK


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
,10$56$7 $ WHUPLQDOV PD\ KDYH WZR ,01V GHSHQGLQJ RQ ZKLFK 6(6 PRGHO WKH VKLS LV
HTXLSSHG ZLWK 7KH VHFRQG ,01 FDQ RQO\ EH XVHG IRU YRLFH DQG YRLFH DQG ID[ EDQG GDWD
PRGHPV7KHVHFRQG,10$56$7$6(6QXPEHUPD\EHFRQQHFWHGWRWKHVKLS
VID[PDFKLQH
VR WKDW ZKHQ WKLV QXPEHU LV GLDOOHG RQO\ WKH ID[ PDFKLQH DQVZHUV ZLWKRXW WKH LQWHUYHQWLRQ
UDGLRRSHUDWRURQERDUG DXWRDQVZHUPRGH ,IDGXDO,10$56$7$WHUPLQDOLVRSHUDWHGZLWK
RQO\ RQH VDWHOOLWH FKDQQHO WKHQ RQO\ RQH ,01 FDQ EH XVHG DW DQ\ JLYHQ WLPH 0XOWLFKDQQHO
,10$56$7$WHUPLQDOVZLWKGXDO,01VDUHDYDLODEOHIURPVHYHUDOPDQXIDFWXUHUVHQDEOLQJWKH
VKLSWRXVHERWK,01VVLPXOWDQHRXVO\ ZKHQVHQGLQJDQGUHFHLYLQJWUDIILF
7KHFRPSOHWH,10$56$7$VWDWLRQFRQVLVWVRIWZRSDUWV
x ‡$ERYHGHFNHTXLSPHQW $'( DQG
x ‡%HORZGHFNHTXLSPHQW %'( 

ƒ ‡$ERYHGHFNHTXLSPHQW
$ERYHGHFNHTXLSPHQWLQFOXGHVDSDUDEROLFDQWHQQDZLWKDGLDPHWHURIWRPHWHU
7KH DQWHQQD LV PRXQWHG RQ D SODWIRUP DQG VWDELOLVHG VR WKDW WKH DQWHQQD UHPDLQV
SRLQWHG WRZDUGV WKH VDWHOOLWH UHJDUGOHVV RI WKH VKLS
V PRWLRQ RU FKDQJH RI FRXUVH ,W DOVR
LQFOXGHVDQ5)XQLW WUDQVPLWWHUDQGUHFHLYHU DQGDSRZHUFRQWUROXQLW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 6FKHPDWLFGLDJUDPRI,QPDUVDW$WHUPLQDOIURP-5&

,10$56$7$J\URVWDELOLVHGDQWHQQD


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

6WDELOLVHGDQWHQQDZLWK5)XQLWSRZHUVXSSO\DQGFRQWUROXQLW7KHDQWHQQDLVSURWHFWHGZLWKD
UDGRPH,GHDOO\WKHDQWHQQDPXVWKDYHIUHHYLVLELOLW\LQDOOGLUHFWLRQVRYHUDQHOHYDWLRQRI
GHJUHHV7KHDQWHQQDPXVWWKHUHIRUHEHSODFHGDVKLJKDVSRVVLEOHWRDYRLGEOLQG VHFWRUV

ƒ %HORZGHFNHTXLSPHQW
%HORZ GHFN HTXLSPHQW FRQVLVWV RI DQ DQWHQQD FRQWURO XQLW FRPPXQLFDWLRQ HOHFWURQLFV
XVHG IRU WUDQVPLVVLRQ UHFHSWLRQ DFFHVV FRQWURO DQG VLJQDOOLQJ DQG WHOHSKRQH DQG WHOH[
HTXLSPHQW
2UGLQDU\WHOH[HTXLSPHQWFRQVLVWVRID&57VFUHHQDKDUGFRS\SULQWHUDQGDNH\ERDUG
%\ PHDQV RI WKLV HTXLSPHQW PHVVDJHV FDQ EH HGLWHG DQG WUDQVPLWWHG GLUHFWO\ WR WKH
WHOH[VXEVFULEHURU WKHPHVVDJHFDQEHVWRUHGIRUODWHUWUDQVPLVVLRQ

ƒ ‡$QWHQQDGLUHFWLRQWUDFNLQJ
7KHDQWHQQDLVYHU\VHQVLWLYHDQGPXVWEHSRLQWHGGLUHFWO\WRZDUGVWKHVDWHOOLWHLQRUGHU
WRREWDLQPD[LPXPUHFHSWLRQDQGWUDQVPLWWLQJFRQGLWLRQV'XULQJQRUPDORSHUDWLRQWKHDQWHQQD
LVORFNHGWRWKHVDWHOOLWHDXWRPDWLFDOO\ DXWRWUDFNLQJ 
7RGD\QHZWHUPLQDOVDUHILWWHGZLWKDXWRPDWLFDQWHQQDVFDQQLQJDOORZLQJWKHHTXLSPHQW
WRDXWRPDWLFDOO\VHDUFKIRUDQGILQGWKH7'0VLJQDOIURPWKHVDWHOOLWHWKHUHE\HOLPLQDWLQJWKH
QHHG IRU PDQXDO LQSXW RI WKH D]LPXWK DQG HOHYDWLRQ DQJOHV IRU DQWHQQD SRLQWLQJ (YHQ LI WKH
VLJQDOLVWHPSRUDULO\EORFNHG PDVWVWDFNHWF WKHV\VWHPZLOODXWRPDWLFDOO\UHFRYHU
:KHQVHDUFKLQJPDQXDOO\IRUWKHVDWHOOLWHWKHIROORZLQJLQIRUPDWLRQLVQHHGHG
x ‡7KHVKLS
VSORWWHGSRVLWLRQ
x ‡7KHVKLS
VKHDGLQJ *\UR 
x ‡$]LPXWKDQJOHIRUWKHSORWWHGSRVLWLRQ
x ‡(OHYDWLRQDQJOHIRUWKHSORWWHGSRVLWLRQ
7RGHWHUPLQHWKHFRUUHFWSRLQWLQJDQJOH D]LPXWKDQGHOHYDWLRQ RIWKHDQWHQQDHLWKHU
FKDUWOHWVRUWDEOHVFDQEHXVHG
8VLQJ&KDUWOHWV
7KHVHDUHDYDLODEOHIRUDOOVDWHOOLWHVWKHD]LPXWKDQGHOHYDWLRQFDQEHUHDGRIIGLUHFWO\
IRULQSXWWRWKH$QWHQQDFRQWURO
8VLQJ7DEOHV
7KHUHDUH)285WDEOHVZKLFKDUHFRPPRQWRDOOVDWHOOLWHV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡9HVVHO1RUWKDQG(DVW RIWKH6DWHOOLWH
x ‡9HVVHOVRXWKDQG(DVWRIWKH6DWHOOLWH
x ‡9HVVHO6RXWKDQG:HVWRIWKH6DWHOOLWH
x ‡9HVVHO1RUWKDQGZHVWRIWKHVDWHOOLWH
7KHPHWKRGLVUHODWLYHO\VLPSOH+DYLQJVHOHFWHGWKHPRVWDSSURSULDWHVDWHOOLWH
)LQGWKHGLIIHUHQFHLQ/RQJLWXGHEHWZHHQVKLSDQGVDWHOOLWH5HIXQGRIIWKLVGLIIHUHQFH
WRWKHQHDUHVWƒ
5RXQGRIIWKHVKLSV/DWLWXGHWRWKHQHDUHVWƒ
)URPWKHVKLSVSRVLWLRQGHWHUPLQHWKHTXDGUDQWUHODWLYHWRWKHVDWHOOLWH 1(6(6:
1: 
5HDGRIIWKH$]LPXWK DQG(OHYDWLRQIURPWKHDSSURSULDWHTXDGUDQWWDEOH
+DYLQJ SRLQWHG WKH DQWHQQD WRZDUGV WKH VDWHOOLWH D VLJQDO ZLOO EH UHFHLYHG  WKH 0$;
VLJQDO LV REWDLQHG E\ PDQXDO RU DXWRPDWLF DFTXLVLWLRQ DQG WKH VWDELOLVDWLRQ RI WKH DQWHQQD 
ZKHQVZLWFKHGWRDXWRPDWLFZLOOPDLQWDLQWKHVLJQDODWPD[LPXPGHVSLWHDFKDQJHRIFRXUVH
RUUROOLQJDQGSLWFKLQJRIWKHYHVVHO
'LVWUHVV&RPPXQLFDWLRQ
7KH'LVWUHVV8UJHQF\DQG6DIHW\VHUYLFHVDUHSURYLGHGWRDLGWKHVDIHW\RIOLIHDWVHD
DQGVKRXOGEHXVHGLQVWULFWDFFRUGDQFHZLWKWKH,785DGLR5HJXODWLRQV&DOOVDQGPHVVDJHV
VKRXOGRQO\EHWUDQVPLWWHGRQWKHDXWKRULW\RIWKHPDVWHURUWKHSHUVRQUHVSRQVLEOHIRUWKHVKLS
7HOH[ PRGH VKRXOG EH XVHG WR DYRLG DQ\ PLVXQGHUVWDQGLQJV WKDW PLJKW DULVH IURP
PLVLQWHUSUHWHG YRLFH FRPPXQLFDWLRQV 7KH (QJOLVK ODQJXDJH PXVW EH XVHG IRU DOO GLVWUHVV
FRPPXQLFDWLRQV

ƒ ‡'LVWUHVVSULRULW\
7KH,10$56$7V\VWHPJLYHVGLVWUHVVFDOOVSULRULW\7KLVSULRULW\VKRXOGRQO\EHXVHG
IRU
x ‡0DNLQJDGLVWUHVVFDOOE\WHOH[RUWHOHSKRQH 0D\GD\ 
x ‡ 0DNLQJDFDOOE\WHOH[RUWHOHSKRQHZKHQOLIHLVLQLPPLQHQWGDQJHU
127(6RPH&(6VZLOODXWRPDWLFDOO\URXWHDOOFDOOVGLUHFWO\WRDQDVVRFLDWHG5&&ZLWK
RWKHUVLWLVQHFHVVDU\WRGLDO WHOHSKRQH RUW\SHLQ WHOH[ WKHUHTXLUHG5&&QXPEHU
&(6V LQ WKH 86$ ZLOO SURYLGH RSHUDWRU LQWHUFHSW DQG DVVLVWDQFH IRU GLVWUHVV PHVVDJH
KDQGOLQJLIWKHGLDOOLQJLVLQFRPSOHWH
)XUWKHUPRUHWKH1&6LQ\RXU2FHDQ5HJLRQZLOOLQWHUFHSWWKHFDOOLI\RXKDYHLQFRUUHFWO\
VSHFLILHGD&(6 HJVHOHFWHGD&(6QRWRSHUDWLQJLQ \RXU2FHDQ5HJLRQ RUGLUHFWWKHFDOOWR
DQDVVRFLDWHG5&&
:KHQ FRQWDFW LV HVWDEOLVKHG WKH GLVWUHVV PHVVDJH PXVW EH WUDQVPLWWHG DV IROORZV LQ
FRPSOLDQFHZLWK,785DGLR5HJXODWLRQV
x ‡7KHGLVWUHVVVLJQDO0$<'$<IRUWHOHSKRQHWHOH[
x ‡7KHQDPHFDOOVLJQRURWKHULGHQWLILFDWLRQRIWKHYHVVHO
x ‡7KHSRVLWLRQLQODWLWXGHDQGORQJLWXGH
x ‡7KHQDWXUHRIGLVWUHVV
x ‡7\SHRIDVVLVWDQFHUHTXLUHG
x ‡$Q\RWKHULQIRUPDWLRQZKLFKPLJKWKHOSWKHUHVFXHDXWKRULWLHV
8UJHQF\DQG6DIHW\SULRULW\


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KHSULRULW\XVHGIRUXUJHQF\DQGVDIHW\WHOH[WHOHSKRQHFDOOVLVSULRULW\ ]HUR 
0HGLFDODGYLFHPHGLFDODVVLVWDQFHDQGPDULWLPHDVVLVWDQFHFDQEHREWDLQHGIURPVRPH
&(6VE\XVLQJWKHWZRGLJLWFRGHVIRUWKHVHVHUYLFHV
0HGLFDO$GYLFH
:KHQ XVLQJ WKH WZRGLJLW FRGHVRPH&(6VZLOODXWRPDWLFDOO\FRQQHFWWKHFDOOWRD
ORFDOKRVSLWDOVRWKDWDGYLFHPD\EHTXLFNO\REWDLQHG
0HGLFDO$VVLVWDQFH
:KHQ XVLQJ WKH WZRGLJLW FRGH  VRPH RI WKH &(6V ZLOO FRQQHFW WKH FDOOV GLUHFWO\WR
DVVRFLDWHG5&&VVRWKH\FDQEHGHDOWZLWKLPPHGLDWHO\
7KLV FRGH VKRXOG RQO\ EH XVHG ZKHQ LPPHGLDWH PHGLFDO DVVLVWDQFH VXFK DV WKH
HYDFXDWLRQRIDVLFNRULQMXUHGSHUVRQLVUHTXLUHG
0DULWLPH$VVLVWDQFH
:KHQXVLQJWKHWZRGLJLWFRGHVRPH&(6VZLOOFRQQHFWWKHFDOOGLUHFWO\WRDVVRFLDWHG
5&&V
7KLVFRGHVKRXOGRQO\EHXVHGZKHQLPPHGLDWHDVVLVWDQFHLVUHTXLUHGIRUVXFKWKLQJVDV
VWHHULQJJHDUIDLOXUHPDQRYHUERDUGRLOSROOXWLRQHWF
,10$56$77HOHSKRQH6HUYLFHV
7KH,10$56$7$6KLS(DUWKVWDWLRQFDQFRPPXQLFDWHZLWKDQ\WHOHSKRQHVXEVFULEHULQ
WKH ZRUOG YLD RQH RI WKH VDWHOOLWHV DQG WKH ,QWHUQDWLRQDO 7HOHSKRQH QHWZRUN $GGLWLRQDO KRSV
PD\ EH YLD DQRWKHU WHOHFRP VDWHOOLWH +) 9+3 8+) RU 0LFURZDYH 5DGLR OLQN  /DQG OLQH RU
6XEPDULQHFDEOHDVDSSURSULDWH 
,QWKHWHOHSKRQHPRGHWKHIROORZLQJWHOHSKRQHVHUYLFHVDUHDYDLODEOH DVVXPLQJWKDWWKH
FRUUHFWHTXLSPHQWLVDYDLODEOH 
x ‡6KLSWR6KRUHWHOHSKRQHFDOOV
x ‡6KLSWR6KRUH)D[
x ‡6KLSWR6KRUH9RLFHEDQGGDWD
x ‡6KLSWR6KLSWHOHSKRQHFDOOV
x ‡6KLSWR6KLS)D[
x ‡6KLSWR6KLS9RLFHEDQGGDWD
7KHSULPDU\DGYDQWDJHVRI6DWHOOLWHFRPPXQLFDWLRQVDUH
x ‡5DSLGFRQQHFWLRQZRUOGZLGH QRUPDOO\ 
x ‡)UHHGRPIURPLQWHUIHUHQFH
x ‡,QGHSHQGHQWRIWHUUHVWULDOUDGLRFRPPXQLFDWLRQSURSDJDWLRQFRQGLWLRQV
x ‡+LJKTXDOLW\DQGVHFXULW\


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 6HUYLFHVDYDLODEOHWRWKH,10$56$7$XVHUV
6HUYLFH 6HUYLFH 5HPDUNV
&RGH

 $XWRPDWLF ,QWHUQDWLRQDO&DOOVXVLQJ,'' ,QWHUQDWLRQDO'LUHFW'LDO &RGHV

 ,QWHUQDWLRQDO ,QIRUPDWLRQIURPWKH,QWHUQDWLRQDO2SHUDWRULQWKH&RXQWU\ZLWKLQ
2SHUDWRU ZKLFKWKH&(6LVORFDWHG

 ,QWHUQDWLRQDO ,QIRUPDWLRQDERXWVXEVFULEHUVORFDWHGLQFRXQWULHVRWKHUWKDQWKDW
,QIRUPDWLRQ LQZKLFKWKH&(6LVORFDWHG

 7RREWDLQDVVLVWDQFHLQFRQQHFWLRQWRVXEVFULEHUVZLWKLQWKH
1DWLRQDO2SHUDWRU FRXQWU\LQZKLFKWKH&(6LVORFDWHG

 ,QIRUPDWLRQDERXWVXEVFULEHUVZLWKLQWKHFRXQWU\LQZKLFKWKH&(6
1DWLRQDO2SHUDWRU LVORFDWHG

 3HUVRQWR3HUVRQ 9LDWKH2SHUDWRU
&DOOV
 &ROOHFW&DOO 9LDWKH2SHUDWRU
9LDWKHRSHUDWRUWRFKDUJHDFDOOWRDFUHGLWRUFKDUJHFDUG
 &UHGLW&DUG&DOO

LQVHUWHG%()25( DXWRPDWLF WRREWDLQWLPHDQGFKDUJHRI



7LPHDQG&KDUJHV DFDOO DGYLFHHLWKHUE\FDOOEDFNIURPRSHUDWRURUDVKRUW7HOH[
PHVVDJH

 6SHFLDOHQTXLULHVUHJDUGLQJVKLSORFDWLRQ$XWKRULVDWLRQHWF
0DULWLPH(QTXLULHV

 0HGLFDO$GYLFH :KHQDYDLODEOH&(6ZLOOFRQQHFWGLUHFWO\WRORFDOKRVSLWDOPHGLFDO
SUDFWLWLRQHUHWF
 7HFKQLFDO 7HFKQLFDOVWDIIDW&(6ZLOOQRUPDOO\RIIHUDVVLVWDQFH
DVVLVWDQFH
85*(17PHGLFDODVVLVWDQFH WRHYDFXDWHDQLQMXUHGSHUVRQRU
 0HGLFDO$VVLVWDQFH REWDLQWKHVHUYLFHVRIDGRFWRURQERDUGWKHYHVVHO

 0DULWLPHDVVLVWDQFHHJUHTXLUHVDWRZ2LOSROOXWLRQRWKHU
0DULWLPH$VVLVWDQFH DVVLVWDQFH

 1DYLJDWLRQDO )RUWUDQVPLVVLRQWRDQDXWKRULW\RI1DYLJDWLRQDO+D]DUGV
+D]DUGV
 6KLSSRVLWLRQ 09(5HWF
UHSRUWV
127(WKHLQWHUYHQWLRQRIDQRSHUDWRUZLOOLQFUHDVHWKHFRVWRIDFDOO
2WKHUVHUYLFHVDUHDYDLODEOH VHHXSWRGDWHOLVWVDVWKHIDFLOLWLHVDUHFRQVWDQWO\EHLQJ
XSJUDGHG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ (VWDEOLVKLQJD7HOHSKRQH&DOOYLD6DWHOOLWH
7RVHWXSDWHOHSKRQHFDOOYLDVDWHOOLWHLVDWZRVWDJHRSHUDWLRQV
6HWWLQJXSDFRPPXQLFDWLRQFKDQQHOYLDWKHVDWHOOLWHWRWKH&(6
 (VWDEOLVKLQJ FRPPXQLFDWLRQV IURP &(6 WR WKH VXEVFULEHU XVLQJ WKH QDWLRQDO RU
LQWHUQDWLRQDOWHOHSKRQHQHWZRUN
7RHVWDEOLVKFRPPXQLFDWLRQZLWKWKH&(6YLDWKHVDWHOOLWH
 6HOHFW URXWLQH SULRULW\ DQG FKDQQHO W\SH   QRUPDOO\ XVHG  IRU WHOHSKRQH
FRPPXQLFDWLRQDQG IRUYRLFHEDQG'$7$VHUYLFHV 
 6HOHFWWKH&(6VWDWLRQDVDSSURSULDWHWR\RXU SRVLWLRQDQGWKHVXEVFULEHUDVKRUH(DFK
&RDVW (DUWK 6WDWLRQ KDV DQ DOORFDWHG ,' QXPEHU XVH WKLV ,' WR LQLWLDWH WKH FDOO 0HWKRG
GHSHQGVXSRQWKHHTXLSPHQWXVHG
HJ*RRQKLOO\ 8. YLD$25:VDWHOOLWH,'LV
(ON 1RUZD\ YLD$25(VDWHOOLWH,'LV
-HGGDK 6DXGL$UDELD YLD,25VDWHOOLWH,'LV
:LWKLQDERXWVHFRQGVWKH&(6VKRXOGKDYHFRPSOHWHGWKHFKDQQHODVVLJQPHQWDQG

KDQGVKDNLQJ
FKHFNV7KH
GLDOWRQH
ZLOOEHUHFHLYHG *$IRU7HOH[
6HWWLQJXSWKHOLQNIURPWKH&(6WRWKHVXEVFULEHU
2QUHFHLSWRIWKHGLDOWRQH 376WRQH IURPWKH&(6FRPSRVHWKHVXEVFULEHU¶VQXPEHU
6HUYLFH&RGH&RXQWU\&RGH6XEVFULEHUQXPEHU(QG1XPEHU&RGH  
7KH6HUYLFHFRGHLVWKHGLJLWFRGH
7KH&RXQWU\&RGHZLOOEH UHSODFHGE\D0DULWLPH$FFHVV&RGHIRU6KLSWR6KLSFDOOV
7KH0DULWLPHDFFHVV&RGHVIRUVKLSVLQHDFKRFHDQUHJLRQDUH
x ‡$2((
x ‡$25:
x ‡)25
x ‡,25
7KHVXEVFULEHUQXPEHUZRXOGEHUHSODFHGE\WKHVKLS,'IRU6KLSWR6KLSFDOOV
,10$56$7$7HOH[6HUYLFH
7KHXVHRI7HOH[KDVDGYDQWDJHVRYHUYRLFHFRPPXQLFDWLRQ
x ‡7KHPHVVDJHPD\EHSUHSDUHGLQDGYDQFH QRGHWDLOVIRUJRWWHQGXULQJ
WKHFDOO
x ‡/HJDOO\DWHOH[PHVVDJHPD\EHUHJDUGHGDVDZULWWHQGRFXPHQW
x ‡([FKDQJHRIDQVZHUEDFNDFWVDVFRQILUPDWLRQRIGHOLYHU\
x ‡0HVVDJHVFDQEHUHFHLYHGDWDQ\WLPH ZLWKRXWWKHVHUYLFHRIDQ
RSHUDWRU
x ‡6HUYLFHVDYDLODEOHDVKRUHLQFOXGH
6WRUHDQG)RUZDUGLQJZKHUHE\D
VLQJOHPHVVDJHFDQEHOHIWRQFRPSXWHUIRUIRUZDUGLQJWRVLQJOHRUPXOWLSOH
DGGUHVVHVDWDVXLWDEOHWLPH
x ‡)RUYHVVHOQRWHTXLSSHGZLWKVDWHOOLWHFRPPXQLFDWLRQVD&(6PD\
DFFHSWDVDWHOOLWH7HOH[IRURQZDUGWUDQVPLVVLRQE\UDGLRWHOHJUDP
$VZLWKWHOHSKRQHVHUYLFHV 6HHDERYH WKHUHDUHQXPHURXV7HOH[VHUYLFH LQDOOFDVHV
ZKHUH WKH VHUYLFH LV WKH VDPH WKH 6HUYLFH &RGH LV DOVR WKH VDPH  WKHUH DUH VRPH RI WKH
DGGLWLRQDO7HOH[6HUYLFHVVXFKDV5DGLRWHOHJUDP6HUYLFH  6WRUHDQG)RUZDUG  
7HOH[/HWWHUVHUYLFH  HWF
,W LV SRVVLEOH DQG QRUPDO WR SUHSDUH D 7HOH[ PHVVDJH LQ DGYDQFH E\ W\SLQJ WKH
PHVVDJHLQWRPHPRU\RQDFRPSXWHUWHUPLQDO


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$VZLWKWHOHSKRQHFRPPXQLFDWLRQWKHVHWWLQJXSRID7HOH[OLQNLV
DWZRVWDJHSURFHGXUH LGHQWLFDOWRWKDWGHVFULEHGIRUWHOHSKRQH
FRPPXQLFDWLRQ
2QUHFHLSWRI WKH*$IURPWKH&(6\RXPXVWLPPHGLDWHO\VHOHFW
WKHUHTXLUHGVHUYLFH
7HOH[6HUYLFH&RGH'HVWLQDWLRQ6XEVFULEHU1XPEHU(QG1XPEHU  
7KH'HVWLQDWLRQ&RGHLVWKHDFFHVVFRGHIRUWKHFDOOHGSDUW`
LWPD\EHHLWKHUD
&RXQWU\
$FFHVV&RGH
IRU DODQGEDVHGVXEVFULEHURUD
0DULWLPH&RGH
IRUDQRWKHU6(6
7KH &RXQWU\ DFFHVV FRGHV DUH WKH 7(/(; &2'(6  QRW WKH VDPH DV WHOHSKRQH
,QWHUQDWLRQDO'LDOOLQJ&RGHVHJ/LWKXDQLD7HOH[LV QRW 
7KH0DULWLPHDFFHVVFRGHVDUH
x $2((
x $25:
x )25
x ,25
'DWD&RPPXQLFDWLRQVRYHU,10$56$7$
7KH0(6QHHGVWREHFRQQHFWHGWRYRLFHEDQGGDWDRUIDFVLPLOHHTXLSPHQW$QRUPDO
WHOHSKRQHFKDQQHOLVXVHGIRUWKHFRPPXQLFDWLRQVOLQNEHWZHHQWKH0(6DQGGLVWDQWGDWDRU
IDFVLPLOHWHUPLQDO,10$56$7$DOVRRIIHUV+LJK6SHHG'DWD +6' DQG'XSOH[+LJK6SHHG
'DWD '+6' VHUYLFHV
8VHRIGDWDFRPPXQLFDWLRQVJLYHVDFFHVVWRZLGHUDQJHRILQIRUPDWLRQGDWDEDVHVVXFK
DVZHDWKHUEXOOHWLQVPDULQHFKDUWFRUUHFWLRQVWHFKQLFDOPDLQWHQDQFHHWF
7KHUH DUH XVXDOO\ RQO\ DYDLODEOH RQ D VXEVFULSWLRQ EDVLV 5HPRWH PRQLWRULQJ RI VKLS
V
SRVLWLRQFRXUVHVSHHGIXHOFRQVXPSWLRQFDUJRFRQGLWLRQHQJLQHURRPSDUDPHWHUVHWFLV
DOVRSRVVLEOH
)DFVLPLOHRYHU,10$56$7$
6XLWDEO\HTXLSPHQWVKLSVFDQVHQGIDFVLPLOHPHVVDJHVYLDWKHQDWLRQDODQGLQWHUQDWLRQDO
WHOHSKRQHQHWZRUNVDQGWRRWKHUVXLWDEOHHTXLSSHG0(6V
7KHSURFHGXUHVIRUHVWDEOLVKLQJDIDFVLPLOHFDOODUHWKHVDPHDVWKRVHIRUDWHOHSKRQH
FDOODVGHWDLOHGDERYH
:KHQWRQHVIURPWKHUHPRWHIDFVLPLOHHTXLSPHQWDUHUHFHLYHGSUHVVWKH67$57EXWWRQ
WR FRPPHQFH WUDQVPLVVLRQ ,I VRPHRQH DQVZHUV WKH WHOHSKRQH LQVWHDG RI KHDULQJ WRQHV
RSHUDWRUVVKRXOGLQIRUPWKHSHUVRQWRWUDQVIHUWRWKHLUIDFVLPLOHHTXLSPHQW:KHQWKHWRQHV
DUHUHFHLYHGSUHVVWKH67$57EXWWRQ
&KDSWHU,10$56$7&6$7(//,7(&20081,&$7,2166<67(0
,QWURGXFWLRQ
7RFRPSOHPHQWWKH,10$56$7$V\VWHPWKH,10$56$7&V\VWHPZDVLQWURGXFHGLQ
7KLVV\VWHPSURYLGHVORZFRVWJOREDOFRPPXQLFDWLRQXVLQJDVPDOOOLJKWZHLJKWWHUPLQDO
7KH V\VWHP DOVR SURYLGHV D ZLGH UDQJHRIFRPPXQLFDWLRQVHUYLFHVLQFOXGLQJWZRZD\VWRUH
DQGIRUZDUG PHVVDJLQJ GLVWUHVV DOHUWLQJ (*& EURDGFDVWLQJ DQG GDWD UHSRUWLQJ SROOLQJ DQG
6&$'$
7KH ,10$56$7 & V\VWHP DOVR FRPSOLHV ZLWK WKH *0'66 ZKLFK LV EHFRPLQJ D
PDQGDWRU\UHTXLUHPHQWIRUPDQ\YHVVHOV7KHWRWDOQXPEHURI,10$56$7&WHUPLQDOVLQXVH
WRGD\H[FHHGVDQGLVJURZLQJUDSLGO\,10$56$7H[SHFWVWKHILQDOQXPEHUVWRH[FHHG
XQLWV
6\VWHPRSHUDWLRQ
7KH,10$56$7&V\VWHPSURYLGHVWH[WDQGGDWDFRPPXQLFDWLRQWRDQGIURPVKLSVYLD
WKH,10$56$7VDWHOOLWHV\VWHP7KLVV\VWHPLVEDVHGRQGLJLWDOWHFKQRORJ\ZKLFKPHDQVWKDW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
DQ\WKLQJWKDWFDQEHHQFRGHGLQWRGLJLWDOGDWDZKHWKHULWLVWH[WW\SHGLQQXPHULFGDWDUHDG
IURPLQVWUXPHQWV RURWKHULQIRUPDWLRQLQGLJLWDOIRUPFDQEHWUDQVPLWWHGDQGUHFHLYHGE\WKH
V\VWHP 7KH,10$56$7$V\VWHPLVEDVHGRQDQDORJWHFKQRORJ\ 
7KHEDVLFWHFKQLTXHXVHGIRUVHQGLQJDPHVVDJHYLD,10$56$7&LVFDOOHGVWRUHDQG
IRUZDUGPHVVDJLQJ7KLVPHDQVWKDWWKHPHVVDJHVWRRUIURPVKLSVDUHUHFHLYHGDQGVWRUHGDW
WKH &(6 EHIRUH EHLQJ DXWRPDWLFDOO\ WUDQVPLWWHG WR D VKLS RU WR D WHOH[GDWDSDNIDFVLPLOH
VXEVFULEHU7KHUHLVQRGLUHFWFRQQHFWLRQEHWZHHQWKHVKLSDQGWKHFDOOHGVXEVFULEHU
7KHPHVVDJHLVHQFRGHG DQGVHQWLQDVHULHVRIGDWDSDFNHWVWRDQ,10$56$7&&(6
7KH &(6 DFWV DV DQ LQWHUIDFH EHWZHHQ WKH VDWHOOLWH OLQN DQG WKH QDWLRQDOLQWHUQDWLRQDO
WHOHFRPPXQLFDWLRQQHWZRUN
7KH &(6 VWRUHV WKH PHVVDJH EULHIO\ EHIRUH IRUZDUGLQJ LW 7KH WLPH D VKLSWRVKRUHRU
VKRUHWRVKLSPHVVDJHUHTXLUHVIURPEHLQJWUDQVPLWWHGWREHLQJUHFHLYHGDWLWVILQDOGHVWLQDWLRQ
LVW\SLFDOO\PLQXWHV,IWKH&(6UHFHLYHVDQ\HUURUVLQWKHGDWDSDNVLWVLJQDOVEDFNWRWKH
6(6WRUHWUDQVPLWWKHSDFNHWVLQTXHVWLRQDQGWKHSURFHGXUHUHSHDWVLWVHOIXQWLOWKH&(6KDV
UHFHLYHGWKHFRPSOHWHPHVVDJHZLWKRXWWKHHUURUV
,10$56$7&6HUYLFHV

ƒ ‡'LVWUHVVDQG6DIHW\
'LVWUHVV SULRULW\ PHVVDJHV FDQ EH VHQW DQG URXWHG DXWRPDWLFDOO\ WR WKH QHDUHVW 5&&
ZKLFKZLOOWDNHWKHQHFHVVDU\DFWLRQWR LQIRUP5HVFXHVHUYLFHVDQGRWKHUVKLSVDQGDLUFUDIWLQ
\RXUYLFLQLW\8VLQJWKH6(6\RXFDQPDNHWZRGLIIHUHQWW\SHVRI'LVWUHVV&DOO
'LVWUHVV$OHUW
&RQWDLQV OLPLWHG LQIRUPDWLRQ DERXW WKH YHVVHO LQ GLVWUHVV 6RPH RI WKH LQIRUPDWLRQ LV
REWDLQDEOHIURPRQERDUGVHQVRUVRWKHULQIRUPDWLRQLVLQVHUWHGPDQXDOO\
x ‡6(6,01 DXWRPDWLFHQWU\E\6(6
x ‡&(6,GHQWLW\ VHOHFWQHDUHVW&(6
x ‡6KLSSRVLWLRQ DXWRPDWLFDOO\RUPDQXDOO\
x ‡'DWHDQG7LPH DXWRPDWLFDOO\RUPDQXDOO\
x ‡1DWXUHRI'LVWUHVV HQWHURQHRIWKHRSWLRQ
 8QVSHFLILHG
 )LUH([SORVLRQ
 )ORRGLQJ
 &ROOLVLRQ
 *URXQGLQJ
 /LVWLQJ
 6LQNLQJ
 'LVDEOHDQG$GULIW
 $EDQGRQLQJVKLS
 $VVLVWDQFHUHTXLUHG
x ‡6KLSVFRXUVH DXWRPDWLFDOO\RUPDQXDOO\
x ‡6KLSVVSHHG DXWRPDWLFDOO\RUPDQXDOO\
,I\RXGRQRWUHFHLYHDFNQRZOHGJHPHQWZLWKLQPLQXWHVUHSHDWWKH'LVWUHVV$OHUW
'LVWUHVV3ULRULW\0HVVDJH
$OORZV\RXWRVHQGDFRPSOHWHWH[WPHVVDJHJLYLQJGHWDLOVRIWKH
HPHUJHQF\DQGKHOS\RXUHTXLUHG
7KHPHVVDJHVKRXOGFRQWDLQVLPLODULQIRUPDWLRQWRWKH'LVWUHVV
$OHUW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡6HWWKH3ULRULW\WR'LVWUHVV
x ‡6HOHFWWKHQHDUHVW&(6
x ‡&RQILUPWKDW\RXZDQWWRVHQGD'LVWUHVV3ULRULW\PHVVDJH
x ‡:DLWIRUDFNQRZOHGJHPHQWIURP&(6
,I\RXGRQRWUHFHLYHDFNQRZOHGJHPHQWZLWKLQPLQXWHV VHQG WKHPHVVDJHDJDLQ

ƒ 6WRUHDQGIRUZDUG0HVVDJLQJ6HUYLFHV
7HOH[0HVVDJHV
0HVVDJHV FDQ EH VHQW WR DQG IURP DQ\ WHOH[ WHUPLQDO FRQQHFWHG WR WKH QDWLRQDO DQG
LQWHUQDWLRQDOWHOH[QHWZRUN
(OHFWURQLF0DLO
(PDLOFDQEHVHQWWRDQGIURPDQ\FRPSXWHUWHUPLQDOZKLFKLVFRQQHFWHGWRWKHQDWLRQDO
DQGLQWHUQDWLRQDO36'1VDQG3671V
6KLSWRVKRUHID[
0HVVDJHV FDQ EH VHQW IURP \RXU VKLSWRDID[WHUPLQDOFRQQHFWHGWRWKHQDWLRQDODQG
LQWHUQDWLRQDOWHOHSKRQHQHWZRUNV)D[PHVVDJHVFDQQRWEHVHQWLQWKHGLUHFWLRQVKRUHWRVKLS
DWSUHVHQW
6KLSWRVKLS
'DWD FDQ EH VHQW EHWZHHQ ,10$56$7 $ DQG ,10$56$7 & WHUPLQDOV RQ RWKHU VKLSV
ZLWKLQWKHIRXURFHDQUHJLRQV

ƒ (QKDQFHG*URXS&DOO
,10$56$7 &   0(6V PD\ KDYH (*6 UHFHLYH IDFLOLWLHV HQDEOLQJ WKH UHFHSWLRQ RI
EURDGFDVWVWR VHOHFWHGVKLSVRUDUHDV
%DVLFFRQFHSWRIWKH(*&V\VWHP

$ 6HOHFWHGVKLSV
% )OHHW
& $UHD
' )ODJ
( $OOVKLSV
7KH V\VWHP JLYHV VKLSV DFFHVV WR GLIIHUHQW ZDUQLQJV IRUHFDVWV VKRUHWRVKLS GLVWUHVV
DOHUWVQHZVDQGRWKHUQHFHVVDU\LQIRUPDWLRQ,QDGGLWLRQWRFRYHULQJWKHPLGRFHDQDUHDVWKH
(*& V\VWHP FDQ RIIHU DXWRPDWLF VHUYLFHV LQ FRDVWDO ZDWHUV ZKHUH LW PD\ QRW EH SRVVLEOH WR


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
HVWDEOLVKWKH1$97(;VHUYLFH$VSHFLDOIHDWXUHRIWKLVV\VWHPLVWKHSRVVLELOLW\RIGLUHFWLQJD
FDOOWRDJLYHQJHRJUDSKLFDODUHD7KHDUHDFDQEHGHILQHGDVD1$9$5($DZHDWKHUIRUHFDVW
DUHDRUPD\EHXQLTXHO\GHILQHG7KLVIHDWXUHRIWKH(*&V\VWHPLVXVHIXOIRUVXFKWKLQJVDV
ORFDO VWRUP ZDUQLQJV RU VKRUHWRVKLS DOHUWV UHJDUGLQJ ZKLFK LW LV LQDSSURSULDWH WR DOHUW DOO
VKLSVLQDQRFHDQUHJLRQ
7KH6DIHW\1HW6HUYLFH
7KH 6DIHW\1HW VHUYLFH DOORZV DQ ,QIRUPDWLRQ 3URYLGHU VXFK DV D PHWHRURORJLFDO RU
K\GURJUDSKLF RIILFH WR EURDGFDVW 0DULWLPH 6DIHW\ ,QIRUPDWLRQ 06,  DGGUHVVHG WR DOO RU
VHOHFWHG6(6VZLWKLQDQRFHDQUHJLRQ
7KHIROORZLQJW\SHVRIPHVVDJHDUHEURDGFDVWHGYLDWKH(*&6DIHW\1HW
x ‡1DYLJDWLRQDOZDUQLQJV
x ‡0HWHRURORJLFDOZDUQLQJV
x ‡:HDWKHUIRUHFDVWV
x ‡6KRUHWRVKLSGLVWUHVVDOHUWV
x ‡,PSRUWDQWPHVVDJHVLQJHQHUDO
7KH)OHHW1HW6HUYLFH
7KH )OHHW1HW VHUYLFH DOORZV DQ ,QIRUPDWLRQ 3URYLGHU VXFK DV D VKLSSLQJ FRPSDQ\ RU
JRYHUQPHQW WR EURDGFDVW LQIRUPDWLRQ VXFK DV FRPSDQ\ QHZV RU JRYHUQPHQW LQIRUPDWLRQ WR
VHOHFWHG6(6VEHORQJLQJWRDFORVHGQHWZRUN
7R UHFHLYH D )OHHW1HW PHVVDJH D 6(6 PXVW KDYHGRZQORDGHG WKH DSSURSULDWH (1,'
FRGHDQGEH V\QFKURQLVHGWRWKHDSSURSULDWH1&6&RPPRQ&KDQQHO (1,' (*&1HWZRUN
,GHQWLILFDWLRQ
'LIIHUHQWW\SHVRIPHVVDJHVZKLFKPD\EHEURDGFDVWHGYLDWKH(*&)OHHW1HW
x ‡1HZV
x ‡1DWLRQDORUJRYHUQPHQWLQIRUPDWLRQ
x ‡,QIRUPDWLRQWRDJURXSRIVKLSVHJVKLSVEHORQJLQJWRRQHFRPSDQ\

ƒ ‡'DWD5HSRUWLQJ3ROOLQJDQG6&$'$ 6XSHUYLVRU\&RQWURODQG'DWD
$FTXLVLWLRQ
'DWDUHSRUWLQJDOORZVWKH6(6WRVHQGVKRUWGDWDUHSRUWVFROOHFWHGIURPLQVWUXPHQWVRU
LQSXWPDQXDOO\ WRDQRSHUDWLRQDOFHQWUHIRUDQDO\VLV7KHQXPEHURI,10$56$7&&(6VZKLFK
VXSSRUW GDWD UHSRUWLQJ DQG WKH UHODWHG DSSOLFDWLRQ RI 6&$'$ LV OLPLWHG $V WKH V\VWHP
GHYHORSVKRZHYHUPRUH&(6VLVH[SHFWHGWRVXSSRUWWKHVHVHUYLFHV
7KH6(6PXVWEHUHJLVWHUHGLQDGDWDUHSRUWLQJFORVHGQHWZRUNDWWKHRSHUDWLRQDOFHQWUH
7KHFHQWUHDUUDQJHVIRUWKH&(6WRGRZQORDGQHWZRUNLGHQWLILFDWLRQYLDWKH,10$56$7
& V\VWHP IRU VWRUDJH LQ WKH &(6 7KLV QHWZRUN LQIRUPDWLRQ FRPSULVHV RI D XQLTXH 'DWD
UHSRUWLQJ 1HWZRUN ,GHQWLILFDWLRQ '1,'  FRGH SOXV D 0HPEHU 1XPEHU IRU WKH6(6ZLWKLQWKH
QHWZRUN
$W\SLFDOVKLSUHSRUWPLJKWEHDVIROORZV
x ‡6DLOLQJSODQ
x ‡3RVLWLRQUHSRUW
x ‡'HYLDWLRQUHSRUW
x ‡$UULYDOUHSRUW
x ‡'HSDUWXUHUHSRUWDQGVRRQ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ ‡2SHUDWRU$VVLVWHGDQG9DOXHDGGHG6HUYLFHV
$QH[DPSOHRIRSHUDWRUDVVLVWHGVHUYLFHVPLJKWEHDVKRUHEDVHGRSHUDWRUUHFHLYLQJD
PHVVDJHIURPD6(6WHUPLQDODQGIRUZDUGLQJLWDVDYRLFHPHVVDJHWRDWHOHSKRQHRUDVD
OHWWHUWRDVSHFLILHGDGGUHVV
2WKHUH[DPSOHVRIRSHUDWRUDVVLVWHG VHUYLFHVDUHWKHWUDQVPLVVLRQRIWKHGHOLYHU\VWDWXV
RIPHVVDJHVGLUHFWRU\VHUYLFHVWUDQVODWLRQVHUYLFHVDQGDFFHVVWRGDWDEDVHV
9DOXHDGGHGVHUYLFHVDUH(PDLOVHUYLFHVRUURXWLQJDUUDQJHPHQWVSURYLGHGWRHQDEOH
VXEVFULEHUV WR VHQG PHVVDJHV WR 6(6V IURP FRXQWULHV ZKLFK GR QRW VXSSRUW GLUHFW GLDOOLQJ
DFFHVVWRWKH,10$56$7&V\VWHP
2WKHU YDOXHDGGHG VHUYLFHV DUH ID[ EXUHDX VHUYLFHV DQG WZRGLJLW FRGH VHUYLFHV 7KH
WZRGLJLWFRGHVHUYLFHLVXQGHUJRLQJFRQWLQXDOGHYHORSPHQWDWVHYHUDO&(6VDQGLVQRW\HWIXOO\
DYDLODEOHIRUSXEOLFXVH
,10$56$7&WZRGLDLWVHUYLFHFRGHV
&RGH 6HUYLFHDFFHVVHG

 $XWRPDWLFDOO\FRQQHFWHGFDOOV
 0DULWLPHHQTXLUHV
 5HTXHVWIRUPHGLFDODGYLFH
 5HTXHVWIRUWHFKQLFDODVVLVWDQFH
 $GYLFHRIWLPHDQGFKDUJHV IRUDFDOO
 5HTXHVWIRUPHGLFDODVVLVWDQFH
 5HTXHVWIRUPDULWLPHDVVLVWDQFH
 6HQGLQJZHDWKHUGDQJHUDQGQDYLJDWLRQDOUHSRUWV
 3RVLWLRQUHSRUWVWRVKRUHDXWKRULWLHV
,10$56$7&(TXLSPHQW
7KHLQVWDOODWLRQVFRQVLVWRIDQRPQLGLUHFWLRQDODQWHQQDSODFHGDERYHGHFN7KHDQWHQQD
PXVWEHPRXQWHGDVKLJKDQGIUHHDVSRVVLEOHWRSURYLGHLWZLWKDQXQREVWUXFWHGYLHZIURPWKH
VN\WRWKHKRUL]RQLQDOOGLUHFWLRQV,WPXVWDOVREHDEOHWRPDLQWDLQOLQHRIVLJKWFRPPXQLFDWLRQ
ZLWKWKHVHOHFWHGVDWHOOLWH 7KLVW\SHRIDQWHQQDKDVQRPRYLQJSDUWVXQOLNHWKHPXFKODUJHU
,10$56$7 $ DQWHQQD 7KH DQWHQQD
V YLHZ WR D VDWHOOLWH LV QRW DIIHFWHG E\ DWPRVSKHULF
FRQGLWLRQVVXFKDVUDLQRUFORXGV 
7KH EHORZGHFN HTXLSPHQW FRQVLVWV RI D WUDQVFHLYHU D 3HUVRQDO &RPSXWHU 3&  D
SULQWHUDQGDSRZHUVXSSO\
,I WKH VKLS LV ILWWHG ZLWK D *36 QDYLJDWRU RU RWKHU QDYLJDWLRQDO HTXLSPHQW LW LV
UHFRPPHQGHGWKDWWKHQDYLJDWRULVLQWHUIDFHGWRWKH,10$56$7&WHUPLQDO
7KXVWKHSRVLWLRQRIWKHVKLSLVDOZD\VXSGDWHG6KLSVODFNLQJWKHSRVVLELOLW\RIDXWRPDWLF
SRVLWLRQXSGDWLQJVKRXOGXSGDWHWKHSRVLWLRQPDQXDOO\DWOHDVWRQFHHYHU\IRXUKRXUV
,QPDUVDW &FRPPXQLFDWLRQVV\VWHP


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

,QPDUVDW &VKLSHDUWKVWDWLRQ

7KH,10$56$7&V\VWHP
$Q\RIWKHIROORZLQJGHYLFHVPD\EHODQGEDVHGVXEVFULEHUVFRQQHFWHGYLDWKHQDWLRQDO
RULQWHUQDWLRQDOWHOHFRPPXQLFDWLRQQHWZRUN
x ‡DWHOH[FRQQHFWHGWRWKHLQWHUQDWLRQDOWHOH[QHWZRUN
x ‡DFRPSXWHUFRQQHFWHGWRWKHLQWHUQDWLRQDOGDWDQHWZRUNV 36'1 RUWKH
[RU[QHWZRUNV
x ‡DFRPSXWHUFRQQHFWHGWRWKHLQWHUQDWLRQDOWHOHSKRQHQHWZRUNV 3671
SXEOLFVZLWFKHGWHOHSKRQHQHWZRUN 
x ‡DIDFVLPLOHWHUPLQDOFRQQHFWHGWR3671ODQGOLQHV 7KH6(6FDQVHQGD
PHVVDJHWRDVKRUHEDVHGID[WHUPLQDOEXWWKH,10$56$7&V\VWHPGRHV
QRWDOORZDVKRUHEDVHGID[WHUPLQDOWRVHQGPHVVDJHVGLUHFWO\WRD6(6 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡GHGLFDWHGHTXLSPHQWVXFKDVGDWDSURFHVVLQJV\VWHPV
,10$56$70RELOH1XPEHU
$Q ,10$56$7 0RELOH 1XPEHU LV WKH QXPEHU DVVLJQHG E\ WKH 1DWLRQDO 5RXWLQJ
2UJDQLVDWLRQWRDQ,10$56$7& 6(6DVLWVLGHQWLW\QXPEHU7KHQXPEHULVGHULYHGIURPWKH
YHVVHO
V006,QXPEHUDQGFRQVLVWVRIFKDUDFWHUV
7KHIRUPDWLV;;;;;;;;
1HWZRUN&RRUGLQDWLQJ6WDWLRQV 1&6 
7KH 1&6 WUDQVPLWV FRQWLQXRXVO\ RQ WKH 1&6 &RPPRQ &KDQQHO WKLV FKDQQHO KDV
VHYHUDO,10$56$7&IXQFWLRQVWZRRIZKLFKDUH
x ‡6HQGLQJ(*6PHVVDJHVWR6(6
x ‡6HQGLQJ3ROOLQJRU&RQWURO&RPPDQGVWRD6(6
)RUWKLVIXQFWLRQVWREHFDUULHGRXWFRUUHFWO\LWLVQHFHVVDU\IRUWKH6(6WR/2*,1WRWKH
1&6IRUWKH6DWHOOLWH2FHDQUHJLRQLQZKLFKWKHYHVVHOLVRSHUDWLQJ
1HWZRUN&RQWURO&HQWUH 1&& 
7KH ,10$56$7 1&& LV VLWXDWHG LQ /RQGRQ DQG FRQWURO WKH ORDGLQJ RQ WKH (17,5(
6DWHOOLWHQHWZRUNWRDFKLHYHWKLVWKHUHLVDZRUOGZLGHWHOHFRPPXQLFDWLRQVQHWZRUNEHWZHHQ
1&&DQGWKH1&6VLQHDFKRIWKHIRXUUHJLRQV
6DWHOOLWH&RQWURO&HQWUH 6&& 
7KH6&&LVDOVRORFDWHGLQ/RQGRQDQGKDVWKHIXQFWLRQRI
KRXVHNHHSLQJ
WKHVDWHOOLWHV
LQWKHQHWZRUN VWDWLRQNHHSLQJWHOHPHWU\WUDFNLQJDQGFRPPDQG
/2**,1*,1WRWKH1&6LQ\R XU2FHDQ5HJLRQ
2QFH D 6(6 KDG EHHQ FRPPLVVLRQHG VXFFHVVIXOO\ LW LV SRVVLEOH WR DFFHVV WKH
,10$56$7&VHUYLFHVKRZHYHUWKHUHFHLYHURQWKH6(6PXVWEHV\QFKURQLVHGWRWKH1&6
&RPPRQ&KDQQHODQGWKH6(6/RJJHG,QWRLWV2FHDQ5HJLRQ
,QVWUXFWLRQIRU/RJJLQJ,QZLOOEHJLYHQLQWKHHTXLSPHQWKDQGERRN2QFHORJJHGLQ6(6
QRUPDOO\UHPDLQ/RJJHGRQIRUWKHSHULRGRIWLPHWKH\DUHLQDVSHFLILF2FHDQ5HJLRQ
+RZHYHULILWLVQHFHVVDU\WRVZLWFKRIIWKH6(6 HJWRVDYHRQSRZHUFRQVXPSWLRQ 
WKH6(6VKRXOG/RJ2IIZLWKWKH1&6
6LPLODUO\LIPRYLQJIURPRQH2FHDQ5HJLRQWRDQRWKHULWZLOOEHQHFHVVDU\WR/RJ,QWR
WKHQHZ2FHDQ5HJLRQ1&6DQGRIFRXUVHVHOHFWDQHZ&(6IRU\RXUFRPPXQLFDWLRQV
5HPHPEHU DOZD\V/2*287EHIRUHVZLWFKLQJRII
 +RZ WR VHQG D VWRUHDQGIRUZDUG PHVVDJH IURP D 6(6 WR D
GHVWLQDWLRQYLDWKHLQWHUQDWLRQDOWHOHFRPPXQLFDWLRQQHWZRUNV
7HOH[
7HOH[FRXQWU\FRGHQDWLRQDOWHOH[QXPEHU
7HOH[ ,7$ RUELWVSDFNHGEDVHGRQWKHELWFRGHJHQHUDOO\
XVHGIRUWHOH[PHVVDJHV
$6&,, ,$ EDVHGRQELWFRGHLVJHQHUDOO\XVHGIRUVHQGLQJWH[W
PHVVDJHVWRDFRPSXWHURUID[WHUPLQDO
'$7$ELWFRGHELQDU\'$7$RYHU36'1ODQGOLQHV
)DFVLPLOH
7HOHSKRQHFRXQWU\FRGHWKHID[WHUPLQDO
VQDWLRQDOWHOHSKRQH
QXPEHU
6HOHFWWKHWUDQVPLVVLRQW\SHDV)$;DQGWKHIRUPDW$6&,, ELW 
&RPSXWHURQ3671ODQGOLQHV
7HOHSKRQHFRXQWU\FRGHWKHFRPSXWHU
VQDWLRQDOWHOHSKRQH
QXPEHU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
6HOHFWWKHWUDQVPLVVLRQW\SHDV3671DQGWKHIRUPDW$6&,, ELW
RU'$7$GHSHQGLQJRQZKHWKHUWKHPHVVDJHWREHVHQWFRPSULVHV
RIWH[WRUELQDU\HQFRGHGGDWD
&RPSXWHURQLQWHUQDWLRQDO36'1 ; ODQGOLQHV
7KHLQWHUQDWLRQDOGLDOOLQJQXPEHU ;DGGUHVV DOVRNQRZQDV
WKH18$ 1HWZRUN8VHU$GGUHVV RU'1,& 'DWD1HWZRUN
,GHQWLILFDWLRQ&RGH 
6HOHFWWUDQVPLVVLRQW\SHDV36'1 ; DQGIRUPDW$6&,,RU
'$7$
7RDQRWKHU6(6
7HOH[RFHDQUHJLRQDFFHVVFRGH,01 ,10$56$70RELOH1XPEHU 
,10$56$7&WHOH[VHUYLFHDEEUHYLDWHGFRGHV
$%6$EVHQWVXEVFULEHU7KHPRELOHWHUPLQDOLVQRWORJJHGLQWRWKHRFHDQUHJLRQ
$&%$FFHVVEHUUHG
$'5$GGUHVVHHUHIXVHVWRDFFHSWPHVVDJH
$;8'HOHWHG7KHPHVVDJHKDVQRWEHHQGHOLYHUHGZLWKLQDQKRXUDQGLVWKHUHIRUH
GHOHWHG
$7'$WWHPSWLQJWRGHOLYHUWKHPHVVDJH
%.        0HVVDJH DERUWHG ,V XVHG ZKHQ D ID[ RU 3671FRQQHFWLRQ LV FOHDUHG
DEQRUPDOO\
%86%XV\
&&'&DOOFXWRUGLVFRQQHFWHG
&,&RQYHUVDWLRQLPSRVVLEOH
&,(      7KH &(6 UDQ RXW RI SURFHVVLQJ  FRPPXQLFDWLRQV FDSDFLW\ WR SURFHVV \RXU
PHVVDJH
&16&DOOQRWVWDUWHG
'7(      'DWD WHUPLQDO HTXLSPHQW 8VHG ZKHQ DQ ; VXEVFULEHU KDV FOHDUHG WKH
FRQQHFWLRQGXULQJWKHFDOODWWHPSW
(55(UURU
)$8)DXOW\
)07)RUPDWHUURU
)6$)DVWVHOHFWDFFHSWDQFHQRWVXEVFULEHG
,$%,QYDOLGDQVZHUEDFNIURPGHVWLQDWLRQ
,$0:DVXQDEOHWRSURFHVVWKHDGGUHVVLQIRUPDWLRQLQWKHIROORZLQJPHVVDJH
,'6,QYDOLGGDWDIURPVKLS
,'7,QSXWGDWDWLPHRXW
,)5,QYDOLGIDFLOLW\UHTXHVW
,060HVVDJHVL]HLVLQYDOLGFKDUDFWHUVPD[LPXP
,1',QFRPSDWLEOHGHVWLQDWLRQ
,1+:DVXQDEOHWRHVWDEOLVKWKHW\SHRIPHVVDJHIURPWKHIROORZLQJKHDGHU
,19,QYDOLG
,65,QYDOLGVKLSUHTXHVW
/'(0D[LPXPDFFHSWDEOHPHVVDJHOHQJWKRUGXUDWLRQKDVEHHQH[FHHGHG
/()/RFDOHTXLSPHQWIDLOXUH
/3(/RFDOSURFHGXUHHUURU
0%%0HVVDJHEURNHQE\KLJKHUSULRULW\
0&&0HVVDJHFKDQQHOFRQJHVWLRQ
0&)0HVVDJHFKDQQHOIDLOXUH
0.20HVVDJHNLOOHGE\RSHUDWRU
0620DFKLQHVZLWFKHGRII
1$&RUUHVSRQGHQFHZLWKWKLVVXEVFULEHULVQRWDGPLWWHG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
1$/1RDGGUHVVOLQHLVSUHVHQW
1&1RFLUFXLW
1&+6XEVFULEHU
VQXPEHUKDVEHHQFKDQJHG
1'$7KHUHZDVQRGHOLYHU\DWWHPSWHG
1)$1RILQDODQVZHUEDFN
1,$1RLQLWLDODQVZHUEDFN
12%1RREWDLQDEOH
12&1RFRQQHFWLRQ
131RSDUW\7KHFDOOHGSDUW`
LVQRWRULVQRORQJHUDVXEVFULEHU
17&1HWZRUNFRQJHVWLRQ
2$%2SHUDWRUDERUWHG
2&&6XEVFULEHULVRFFXSLHG
2222XWRIRUGHU
3$'3DFNHWDVVHPEOHUGLVDVVHPEOHU
35&3UHPDWXUHFOHDULQJ
35)3URWRFROIDLOXUH
5&$5HYHUVHFKDUJLQJDFFHSWDQFHQRWVXEVFULEHG
5()7KHUHZDVDIDLOXUHLQWKHUHPRWHHTXLSPHQW
5/(5HVRXUFHOLPLWH[FHHGHG
53(5HPRWHSURFHGXUHHUURU
532532$RXWRIRUGHU
6&&&DOOFRPSOHWHGVXFFHVVIXOO\
6+(6(6KDUGZDUHHUURU
61)7KHVDWHOOLWHQHWZRUNKDVIDLOHG
63(6(6SURWRFROHUURU
68&7HVWUHVXOWVEHLQJGHOLYHUHG
7%<7UXQNVEXV\
7*57'0JURXSUHVHW
7,07LPHRXW
70'7RRPDQ\GHVWLQDWLRQV
81.8QNQRZQ,VXVHGZKHQQRRWKHUIDLOXUHFRGHVDUHVXLWDEOH
:)$:URQJILQDODQVZHUEDFN
:,$:URQJLQLWLDODQVZHUEDFN


&KDSWHU7(/(;29(5
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

5$',2
,QWURGXFWLRQ
7KHUDGLRWHOH[WHFKQLTXHLVEXLOWXSRQH[SHULHQFHJDWKHUHGIURPWKHGHVLJQRIWKHODQG
WHOH[ QHWZRUN %\ PHDQV RI UDGLR WHOH[ D VKLS VWDWLRQ LV JLYHQ WKH SRVVLELOLW\ RI VHQGLQJ
PHVVDJHVIURPWKHVKLSWRWKHLQWHUQDWLRQDOWHOH[QHWZRUN7KHDEEUHYLDWLRQ1%'3RIWHQXVHG
LQUDGLRWHUPLQRORJ\,WVWDQGVIRU1DUURZ%DQG'LUHFW3ULQWLQJ
7KH6\VWHP
:KHQDVKLSKDVWUDIILFRQKDQGLWZLOOHVWDEOLVKDUDGLRWHOH[FRQQHFWLRQRQWKHUDGLR
IUHTXHQFLHVDVVLJQHGIRUWHOH[SXUSRVH7KHVHIUHTXHQFLHVDUHOLVWHGLQWKH,78SXEOLFDWLRQ/LVW
RI &RDVW 6WDWLRQV 7KH VKLS VWDWLRQ FRQVLVWV RI D WUDQVPLWWHU D UHFHLYHU D VSHFLDO DGDSWHU
FDOOHGD02'(0 02GXODWRU'(0RGXODWRU DQGDWHOHSULQWHU
&RUUHVSRQGLQJHTXLSPHQWFDQEHIRXQGRQODQG&RDVWVWDWLRQVDQGLQDGGLWLRQGDWD
EDVHVDUHXVHGIRUKDQGOLQJODUJHTXDQWLWLHVRIWUDIILF
5DGLRWHOH[FRQQHFWLRQEHWZHHQWZRUDGLRVWDWLRQV

0RGHUQ WHOH[ HTXLSPHQW XVXDOO\ FRQVLVWV RI D NH\ERDUG FRQQHFWHG WR D VFUHHQ HJD
ODSWRS 3&  D KDUG FRS\ SULQWHU D PRGHP D WUDQVPLWWHU DQG D UHFHLYHU 7KH V\VWHP DOORZV
PHVVDJHVWREHHGLWHGDQGVWRUHG
7KH0RGHP

ƒ 7KH0RGHP
7KHPRGHPKDVDYHU\LPSRUWDQWIXQFWLRQLQWKHUDGLRWHOH[V\VWHP:LWKRXWDPRGHP
WKHV\VWHPZRXOGQRWEHDEOHWRIXQFWLRQ7KHPRGHPWDNHVFDUHRIWKHDGMXVWPHQWRIVLJQDOV
IURPWKHWH[WHGLWLQJHTXLSPHQWWRWKHUDGLRWUDQVPLWWHUDQGYLFHYHUVD
7KHPRGHPDOVRKDVVRPHDGGLWLRQDOIXQFWLRQVVXFKDV
x ‡$XWRPDWLFHUURUFRUUHFWLRQ $54 
x ‡&KDQJLQJWKHWUDQVPLWWLQJGLUHFWLRQ
x ‡3URJUDPPLQJVHOHFWLYHFDOOQXPEHUV
x ‡&DOOLQJ
7KHPRGHPLVDOVRILWWHGZLWK/('
V OLJKWHPLWWLQJ GLRGHV LQGLFDWLQJWKHGLIIHUHQWVWDJHV
RIWKHUDGLRWHOH[FRPPXQLFDWLRQ
:KHQ WKH WHOH[ FRPPXQLFDWLRQ LV HVWDEOLVKHG WKH GLIIHUHQW FDWHJRULHV RI WUDIILF VWDWXV
FDQEHVXSHUYLVHG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ ‡&RQWUROVZLWFKHV/('
V
2QRII
3RZHU VXSSO\ VZLWFK ,I ORVV RI PDLQV DQ LQWHUQDO EDWWHU\ ZLOO HQVXUH WKDW VWRUHG
PHVVDJHVLQPHPRU\DUHQRWORVW
2YHU
,IWKHVWDWLRQLVLQWUDQVPLWWLQJPRGHDFKDQJHRIWUDQVPLVVLRQGLUHFWLRQZLOORFFXULIWKH
RYHUEXWWRQLVSUHVVHGIRUDVKRUWWLPH$FRQWLQXRXVSXVKRIDWOHDVWVHFRQGVZLOOFDXVHDQ
LPPHGLDWHFKDQJHLQWUDQVPLVVLRQGLUHFWLRQ
%UHDN&ORVHGRZQWKHWHOH[FRQQHFWLRQ

ƒ ,QGLFDWLQJODPSV/('
V
/RFN
7KH PRGHP LV ORFNHG WR DQRWKHU VWDWLRQ 7KH PRGHP FDQ EH ORFNHG IRU WKH IROORZLQJ
UHDVRQV
x ‡7KHPRGHPKDVHVWDEOLVKHGDFRQQHFWLRQRQ$54
x ‡7KHPRGHPLVUHFHLYLQJDQ)(&
x ‡7KHPRGHPLVUHFHLYLQJD)UHH6LJQDO
3RZHU
,QGLFDWHVWKDWWKHSRZHUKDVEHHQVZLWFKHGRQ
&RQQHFW
7KHPRGHPLVFRQQHFWHGWRDQRWKHUVWDWLRQHLWKHUDQ$54FRQQHFWLRQRUDQ)(&
6HQG
'DWD WUDQVPLVVLRQ LV LQ SURJUHVV 7KH /(' ZLOO VWDUW IODVKLQJ ZKHQ WUDQVPLVVLRQ KDV
ILQLVKHG
5HSHDW
(UURUVLQGDWDUHFHLYHGRUWUDQVPLWWHG
0RGXODWLRQ
,Q PDULWLPH FRPPXQLFDWLRQV WKH XSSHU VLGH EDQG 86(  LV XVHG IRU DOO NLQGV RI
FRPPXQLFDWLRQ
$YRLFHFKDQQHO WHOHSKRQ\ LVPRGXODWHGLQWKHIUHTXHQF\UDQJHIURP+]XSWR
+]
0RGXODWLRQRQ5DGLRWHOH[

2QDWHOH[FKDQQHOWKHFHQWUHIUHTXHQF\LVSODFHGLQWKHPLGGOHRIWKHXSSHUVLGHEDQG
DW+]
7KHPHWKRGRIPRGXODWLRQXVHGE\UDGLRWHOH[FDOOHG)UHTXHQF\6KLIW.H\LQJ )6. 
7KHWHFKQLFDOWHUPLQXVHLV),%7KLVWHUPLVXVHGLQWKH,78SXEOLFDWLRQ/LVWRI&RDVW
6WDWLRQVWRFKDUDFWHULVHDOOUDGLRWHOH[FKDQQHOV)UHTXHQF\VKLIWNH\LQJLVDFKLHYHGZKHQWKH
WUDQVPLWWHG VLJQDO DOWHUQDWHV EHWZHHQ WZR GLIIHUHQW IUHTXHQFLHV 7KHVH WZR IUHTXHQFLHV DUH
UHIHUUHGWRDVWKH0$5.DQGWKH63$&(IUHTXHQF\


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
:KHQVWXG\LQJWKHILJXUHDERYHRQHFDQVHHWKDWWKHIUHTXHQFLHV)ODQG)DUHHTXDOO\
VSDFHGIURPWKH)DIUHTXHQF\ZKLFKLVNQRZQDVWKH$66,*1(')5(48(1&<
7KHDVVLJQHGIUHTXHQF\LVQRUPDOO\ORFDWHG+]RYHUWKHFDUULHUIUHTXHQF\ )F 
,QVRPHHTXLSPHQWWKHDVVLJQHGIUHTXHQF\FDQEH +]RU+]RYHUWKHFDUULHU
IUHTXHQF\
,Q PRGHUQ WUDQVFHLYHUV WKH WUDQVPLWWHU DQG WKH UHFHLYHU IUHTXHQF\ DUH VHW WR WKH
DVVLJQHG IUHTXHQF\ DQG WKH HTXLSPHQW ZLOO DXWRPDWLFDOO\ VKLIW WR FDUULHU IUHTXHQF\ LQ WHOH[
PRGH,QROGHUHTXLSPHQWWKHFDUULHUIUHTXHQF\PXVWEHVHWPDQXDOO\WRRU
+]XQGHUWKHDVVLJQHGIUHTXHQF\

$VIDUDVWHOH[PRGH ),% LVFRQFHUQHGWKHIUHTXHQFLHVOLVWHGLQWKHFKDQQHOOLVWRULQ


WKH/LVWRI&RDVW6WDWLRQVDUHDOZD\VWKHDVVLJQHGIUHTXHQF\
7HOH[IUHTXHQFLHV
$OOUDGLRWHOH[IUHTXHQFLHVTXRWHGLQWKLVERRNDUHWKHDVVLJQHGIUHTXHQFLHV2SHUDWRUV
VKRXOGUHIHUWRHTXLSPHQWPDQXIDFWXUHU
VRSHUDWLQJLQVWUXFWLRQVWRGHWHUPLQHLIDQRIIVHWRI
N+]  N+] RU  N+] VKRXOG EH VXEWUDFWHG IURP WUDQVPLWWHU DQG UHFHLYHU DVVLJQHG
IUHTXHQFLHVEHIRUHDWWHPSWLQJWRUHFHLYHRUVHQGWHOH[VLJQDOV
0RUHPRGHUQPLFURSURFHVVRUFRQWUROOHGWUDQVFHLYHUVPLJKWDXWRPDWLFDOO\DSSO\
WKLVRIIVHWZKHQWHOH[PRGHLVVHOHFWHG1RWH 7KHPRGHPRIIVHWIUHTXHQF\LQPRVWFRPPRQ
XVHLVN+]

ƒ 7HOH[)UHTXHQFLHV
N+]
$IWHU IXQ LPSOHPHQWDWLRQ RI *0'66  N+] ZLOO EH XVHG H[FOXVLYHO\ IRU WKH
WUDQVPLVVLRQ E\ FRDVW VWDWLRQV RI PHWHRURORJLFDO DQG QDYLJDWLRQDO ZDUQLQJV DQG XUJHQW
LQIRUPDWLRQWRVKLSVE\PHDQVRIWHOH[
N+]
,QWKH0)PDULWLPHPRELOHVHUYLFHN+]LVXVHGH[FOXVLYHO\IRUWKHWUDQVPLVVLRQE\
FRDVWVWDWLRQVRIPHWHRURORJLFDODQGQDYLJDWLRQDOZDUQLQJVDQGXUJHQWLQIRUPDWLRQWRVKLSVE\
WHOH[ LQWHUQDWLRQDO1$97(;V\VWHP 
N+]
([FOXVLYHO\UHVHUYHGIRUGLVWUHVVDQGVDIHW\WUDIILFXVLQJWHOH[LQ0)EDQG,WVKRXOGEH
XVHGIRUVKLSWRVKLSRQVFHQHFRPPXQLFDWLRQVLQ)(&PRGH
N+]
,QWKH+)PDULWLPHPRELOHVHUYLFHN+]LVXVHGH[FOXVLYHO\IRUWKHWUDQVPLVVLRQ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
E\FRDVWVWDWLRQVRIPHWHRURORJLFDODQGQDYLJDWLRQDOZDUQLQJVDQGXUJHQWLQIRUPDWLRQWRVKLSV
E\1$97(;W\SHWUDQVPLVVLRQ
N+]N+]"N+]N+]N+]
,QWKH+)PDULWLPHPRELOHEDQGVWKHVHIUHTXHQFLHVDUHUHVHUYHGH[FOXVLYHO\IRUGLVWUHVV
DQGVDIHW\XVLQJWHOH[
N+]N+]N+]N+]N+]N+]N+]
,Q WKH +) PDULWLPH PRELOH EDQGV WKHVH IUHTXHQFLHV DUH UHVHUYHG H[FOXVLYHO\ IRU WKH
WUDQVPLVVLRQE\FRDVWVWDWLRQVRIPDULWLPHVDIHW\LQIRUPDWLRQE\WHOH[LQ)(&PRGH

ƒ 'LVWUHVV)UHTXHQFLHV
$OO VKLS VWDWLRQV XVLQJ WHOH[ VKDOO EH DEOH WR VHQG DQG UHFHLYH RQ WKH IUHTXHQF\
GHVLJQDWHGIRUGLVWUHVVDQGVDIHW\WUDIILFLQWKHEDQGLQZKLFKWKH\DUHRSHUDWLQJ

ƒ )UHTXHQF\SURWHFWLRQ‡
$Q\ HPLVVLRQ FDSDEOH RI FDXVLQJ KDUPIXO LQWHUIHUHQFH WR GLVWUHVV DODUP XUJHQF\ RU
VDIHW\ FRPPXQLFDWLRQV RQ DQ\ RI WKH WHOH[ IUHTXHQFLHV OLVWHG LQ WKH SUHFHGLQJ VHFWLRQV LV
SURKLELWHG

ƒ 7HVW7UDQVPLVVLRQ
7HVWWUDQVPLVVLRQVVKRXOGEHNHSWWRDPLQLPXPRQWKHGLVWUHVVDQGVDIHW\IUHTXHQFLHV
LGHQWLILHGLQWKHSUHFHGLQJVHFWLRQVDQGVKRXOGZKHUHYHUSUDFWLFDEOHEHFDUULHGRXWRQDUWLILFLDO
DQWHQQDHRUZLWKUHGXFHGSRZHU
$54
2UGLQDU\ ODQG WHOH[ XVHV DQ DOSKDEHW FRQVLVWLQJ RI  FKDUDFWHUV $54 V\VWHPV
GHVLJQHGIRUUDGLRWHOH[XVHDQDOSKDEHWFRQVLVWLQJRIFKDUDFWHUV
$54 $XWRPDWLF5HSHWLWLRQUH4XHVW LVXVHGLQWZRZD\FRPPXQLFDWLRQ
7KH$54XQLWLVDEOHWRHQVXUHWKDWHYHU\FKDUDFWHUUHFHLYHGKDVWKHFRUUHFWSURSRUWLRQ
RIWR
7KH$54XQLWHQVXUHVWKDWDOOFKDUDFWHUVUHFHLYHGKDYHWKHSURSRUWLRQRIWREHWZHHQ
0DUNDQG6SDFH,IWKHSURSRUWLRQLVZURQJWKH$54ZLOOUHTXHVWDUHSHWLWLRQ
2QUDGLRWHOH[EORFNVFRQVLVWLQJRIFKDUDFWHUVDUHWUDQVPLWWHGLQDVHTXHQFHDQGLQ
RUGHUWREHUHFRJQLVHGDOOEORFNVPXVWKDYHWKHSURSRUWLRQRIWREHWZHHQ0DUNDQG6SDFH
,IWKHEORFNLVDSSURYHG FKDUDFWHUV WKH$54ZLOOWUDQVPLWDUHFRJQLWLRQWRWKHWUDQVPLWWLQJ
VWDWLRQDQGWKHQH[WEORFNZLOOEHWUDQVPLWWHG:KHQDQHUURULVUHFHLYHGWKH$54ZLOODVNIRU
UHSHWLWLRQ2QUDGLRWHOH[LWLVSRVVLEOHWRUHSHDWDEORFNXSWRWLPHV
5DGLR7HOH[7UDQVPLVVLRQ6\VWHP
7UDQVPLVVLRQPRGHLV$54ZLWKXQLW725FRGH7UDQVPLVVLRQVSHHGLVEDXG


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KH WDEOH EHORZ VKRZV WKDW HYHU\ FKDUDFWHU FRQVLVWV RI %V DQG <V ZKHUH % LV WKH
KLJKHVWWUDQVPLWWHGIUHTXHQF\ 0$5; DQG<LVWKHORZHVWWUDQVPLWWHGIUHTXHQF\ 63$&( 
7UDIILF,QIRUPDWLRQ6LJQDOV
/HWWHUV)LJXUHV ,QWHUQDWLRQDO&RGH1R (PLWWHGVLJQDOV

 $ B ==$$$ %%%<<<%

 % " =$$== <%<<%%%

 &
$===$ %<%%%<<

 ' :58 =$$=$ %%<<%<%

 (  =$$$$ <%%<%<%

 ) =$==$ %%<%%<<
 * $=$== %<%<%%<

 + $$=$= %<<%<%%

 ,  $==$$ %<%%<<%

 - %(// ==$=$ %%%<%<<

 . ====$ <%%%%<<

 / $=$$= %<%<<%%

 0 $$=== %<<%%%<

 1 ` $$==$ %<<%%<%

   $$$== %<<<%%%

 3  $==$= %<%%<%<

 4  ===$= <%%%<%<

 5  $=$=$ %<%<%<%

 6 W
=$=$$ %%<%<<%

 7  $$$$= <<%<%%%

 8  ===$$ <%%%<<%

 9 $==== <<%%%%<

 Z  ==$$= %%%<<%<

 ;  =$=== <%<%%%<


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

 <  =$=$= %%<%<%<

 ] ‡  =$$$= %%<<<%%

 &DUULDJH5HWXUQ $$$=$ <<<%%%%

 /LQHIHHG $=$$$ <<%%<%%

 /HWWHUVKLIW ===== <%<%%<%

 )LJXUHVKLIW ==$== <%%<%%<

 6SDFH $$=$$ <<%%%<%

 8QSHUIRUPHG7DSH $$$$$ <%<%<%%

6HUYLFH,QIRUPDWLRQ6LJQDOV
0RGH$ $54 (PLWWHGVLJQDO 0RGH% EURDGFDVW

&RQWUROVLJQDO %<%<<%%

&RQWUROVLJQDO <%<%<%%

&RQWUROVLJQDO %<<%%<%

,GOHWLPHE %%<<%%< ,GOHVLJQDO VHO

,GOHWLPHD %%%%<<< 3KDVLQJVLJQDO D

6LJQDOUHSHWLWLRQ 54 <%<<%% 3KDVLQJVLJQDO 

)RUZDUG(UURU&RUUHFWLRQ
%URDGFDVWLQJLVDQRWKHUZD\RIWUDQVPLWWLQJUDGLRWHOH[FRPPXQLFDWLRQV7KLVV\VWHPLV
XVHGIRUGLVWUHVVFRPPXQLFDWLRQ1$97(;WUDIILFOLVWVQHZVEXOOHWLQVHWF(UURUFRUUHFWLRQLV
DFKLHYHG E\ XVLQJ )(&  (YHU\ FKDUDFWHU LV WUDQVPLWWHG WZLFH ZLWK DQ LQWHUYDO RI 
PLOOLVHFRQGV EHWZHHQ WKH GLUHFW DQG WKH UHSHDWHG WUDQVPLVVLRQ ,I WKH FKDUDFWHU LV UHFHLYHG
JDUEOHGLWZLOOEHSULQWHGRXWDVDVWDURURQO\DVSDFHDWWKHUHFHLYLQJVWDWLRQ,QVHOHFWLYH
)(& WKH WUDQVPLWWHG VLJQDOV DUH FHGHG WKXV DOORZLQJ RQO\ WKH FDOOHG VWDWLRQ WR UHFHLYH WKH
VLJQDOVFRUUHFWO\
%HORZLVDQH[DPSOHRID1$97(;PHVVDJHUHFHLYHGLQ)(&PRGH1RWHWKDWJDUEOHG
FKDUDFWHUVDUHSULQWHGRXWDVDVWDU
]F]F*$
:=
5,*$5$' 2:51 
%$/7,&6 $$3352 &+( 72./$,3 '$),6+,1*1( 6,1326,7,216 1 
( 1 ('$1*(5 286)251$9,*$7,21
1111
6HOHFWLYH)(&
2QHDGGLWLRQDOV\VWHPLVSURYLGHGIRU7KLVLV6HOHFWLYH)(& 6(/)(& ZKLFKLVVLPLODU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
LQ RSHUDWLRQ WR WKH QRUPDO )(& LH D RQHZD\ EOLQG WUDQVPLVVLRQ  EXW LV SUHIL[HG E\ D
VHOHFWLYH FDOO ZKLFK FDQ RQO\ EH GHFRGHG ZLWK WKDW LGHQWLW\  7KLV DOORZV IRU PHVVDJHV WR EH
WUDQVPLWWHG EOLQG WR D VKLS ZRUNLQJ KD]DUGRXV FDUJR RU LQ D SRUW ZKHUH WUDQVPLVVLRQ LV
SURKLELWHG1RRWKHUVWDWLRQZLOOFRS\WKHWUDIILF
7HOH[DQVZHUEDFN
7RHQVXUHWKDWDQRSHUDWRUKDVEHHQFRQQHFWHGWRWKHFRUUHFWFRDVWUDGLRVWDWLRQVKLS
VWDWLRQRUWHOH[VXEVFULEHUDVKRUHLWLVQRUPDOWRH[FKDQJHDQVZHUEDFNDWWKHFRPPHQFHPHQW
RIDWHOH[OLQN
(DFKWHOH[LQVWDOODWLRQKDVDXQLTXHDQVZHUEDFNWRLGHQWLI\LWVHOIDQGWKLVLVSURJUDPPHG
LQWR WKH HTXLSPHQW :KHQ IRU H[DPSOH WKH DXWRPDWLF UDGLR WHOH[ IDFLOLW\ FRQWUROOHG E\
3RUWLVKHDGUDGLRLVDFFHVVHGWKHIROORZLQJDQVZHUEDFNZLOOEHUHFHLYHG
$872*
:KHUH 3RUWLVKHDGUDGLR
VVHOFDOOQXPEHU
$872 LQGLFDWHVWKDWWKHDXWRPDWLFWHOH[IDFLOLW\KDV
EHHQDFFHVVHG* LQGLFDWHVWKHFRXQWU\ 8. 
$VKLS
VDQVZHUEDFNPLJKWEH
+%/);
:KHUH   LQGLFDWHV WKH VKLS
V VHOFDOO QXPEHU *)&9  WKH VKLS
V LQWHUQDWLRQDO
FDOOVLJQ
; LQGLFDWHVWKDWLWLVDPDULWLPHPRELOHVWDWLRQ
7HOH[VXEVFULEHUVDVKRUHKDYHDQVZHUEDFNVZKLFKLQFOXGHWKHLUWHOH[QXPEHUIROORZHG
E\ D VKRUW ZRUG RU JURXS RI OHWWHUV LQGLFDWLQJ WKH QDPH RI WKH FRPSDQ\ RU RUJDQLVDWLRQ DQG
ILQDOO\WKHFRXQWU\LGHQWLILHUHJ
//2<'6*
3URFHGXUHIRULQLWLDWLQJD5DGLR7HOH[FDOO
5HIHUWR,78/LVWRI&RDVW6WDWLRQVIRUSDUWLFXODUVRIFRDVWVWDWLRQWHOH[IUHTXHQFLHV
'HFLGHZKLFKWHOH[FKDQQHOWRXVHE\WXQLQJWKHUHFHLYHUWRWKHFRDVWVWDWLRQWUDQVPLW
IUHTXHQFLHV 6RPH FRDVW VWDWLRQV HPLW FKDQQHO IUHH VLJQDOV IROORZHG E\ WKHLU FDOOVLJQ LQ
0RUVH ,IVWURQJVLJQDOVDUHKHDUGWKHRSHUDWRUFDQSUHVXPHWKDWWKHFRDVWVWDWLRQZLOOKHDUWKH
FDOO
 ,I FHUWDLQ WKDW WKH FKDQQHO LV IUHHNH\ LQ WKH VHOFDOO QXPEHU RI WKH UHFHLYLQJ VWDWLRQ
WXQHWKHWUDQVPLWWHUWRWKHDSSURSULDWHSDLUHGVKLSVWDWLRQWUDQVPLWIUHTXHQF\DQGVWDUWWKHFDOO
LQ$54PRGH
,IWKHFDOOLVKHDUGDUHVSRQVHZLOOEHUHFHLYHGHJZKHQFRQWDFWLQJ3RUWLVKHDG5DGLR
$872*ZLOODSSHDURQWKHPRQLWRUDQGRUSULQWHU
.H\LQWKHFRGHIRUWKHVHUYLFHUHTXLUHGHJ',57/;,
 :KHQ FRQQHFWHG WR WKH GLVWDQW VXEVFULEHU H[FKDQJH DQVZHUEDFN FRGHV WKHQ
SURFHHGWRH[FKDQJHWUDIILF
:KHQILQLVKHGZLWKWKDWVXEVFULEHUVHQG....ZKLFKGLVFRQQHFWVWKHFLUFXLW$GDWH
DQGWLPHJURXSZLOOEHLVVXHGIROORZHGE\GXUDWLRQRIWKHFDOODQGWKHLQYLWDWLRQWRSURFHHGZLWK
WKHQH[WFDOORUWHOH[IDFLOLW\ *$ 1RWHWKLV GRHVQRWEUHDNWKHUDGLROLQNZLWKWKHFRDVWVWDWLRQ

:KHQDOOWUDIILFKDVEHHQFRPSOHWHGVHQGLQJ%5.EUHDNVWKHUDGLROLQNZLWKWKHFRDVW
VWDWLRQ DQG WKH WHOH[ HTXLSPHQW VKRXOG EH VZLWFKHG EDFN WR WKH 6WDQGE\ FRQGLWLRQ
LPPHGLDWHO\ RWKHUZLVH WKDW WHOH[ FKDQQHO ZLOO EH EORFNHG DQG SUHYHQW RWKHU XVHUV IURP
DFFHVVLQJLW
/LVWRI$EEUHYLDWLRQVDVXVHGLQ$XWRPDWLF5DGLR7HOH[V\VWHP
$%66XEVFULEHUDEVHQW LHVXEVFULEHUHTXLSPHQWVZLWFKHGRIIRUIDXOW\
$0(1'&KDQJHSUHYLRXVZDWFKNHHSLQJLQVWUXFWLRQVJLYHQLQD)5(4PHVVDJH
$18/'HOHWH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$906KLS
VSRVLWLRQUHSRUWZKLFKLVURXWHGWR86&*1HZ<RUN
%5.%UHDN WHUPLQDWH UDGLRFLUFXLW%.,FDWRII
&$1&(/8VHGWRFDQFHOSUHYLRXVZDWFKNHHSLQJLQVWUXFWLRQVLQD)5(4PHVVDJH
&)03OHDVHFRQILUPFRQILUP
&,&RQYHUVDWLRQLPSRVVLEOH
&2/&ROODWLRQSOHDVHFROODWH
&59'R\RXUHFHLYHZHOO"UHFHLYHZHOO
'(52XWRIRUGHULIWHOH[VXEVFULEHUHTXLSPHQWIDLOVWRUHVSRQGWR:58UHTXHVW
')<RXDUHLQFRPPXQLFDWLRQZLWKWKHFDOOHGVXEVFULEHU
',57/;   5HTXHVW IRU GLUHFW FRQQHFWLRQ WR D VSHFLILF WHOH[ VXEVFULEHU $OO RYHUVHDV
QXPEHUV DUH WR EH SUHFHGHG ZLWK  IROORZHG E\ WKH WHOH[ FRXQWU\ FRGH DQG WKHQ WKH
VXEVFULEHU
VQXPEHUHJ
',57/;2
ZKHUH UHTXHVWVLQWHUQDWLRQDOFDOO UHTXHVWV86$FRXQWU\FRGH WKH
VXEVFULEHU
VQXPEHU
(5525,QFRUUHFWZDWFKNHHSLQJLQVWUXFWLRQUHFHLYHGZLWKLQD)5(4PHVVDJH
)$;7HOH[PHVVDJHVFDQEHGHOLYHUHGWRDID[QXPEHUE\NH\LQJLQ)$;IROORZHGE\
WHOHSKRQHFRXQWU\FRGH IRURYHUVHDVFDOOV DQGRUDUHDFRGHDQGID[QXPEHUWHUPLQDWHGZLWK
7KLVLVDYDLODEOHRQO\LQWKHVKLSWRVKRUHGLUHFWLRQ
)5(4 7R DGYLVHV &RDVW 5DGLR 6WDWLRQ RI \RXU ZDWFKNHHSLQJ DUUDQJHPHQWV 7KLV
HQDEOHV&RDVW5DGLR6WDWLRQWRFRQWDFW\RXRQUHFHLSWRIDPHVVDJHDQGHIIHFWGHOLYHU\WR\RXU
VKLSZLWKPLQLPXPGHOD\6HQGLQJVXFKZDWFKNHHSLQJLQVWUXFWLRQVPHDQVWKDW\RXGRQRW
KDYHWRZDLWIRUWUDIILFOLVWVLQRUGHUWRUHFHLYHPHVVDJHV
<RXFDQOHDYH\RXUWHOH[HTXLSPHQWIRUXQDWWHQGHGRSHUDWLRQ8SWRHYHQWVSHUGD\
IRUDPD[LPXPRI@GD\VFDQEHHQWHUHG
([DPSOHIRU3RUWLVKHDG5DGLR
(3()[[A
ZKHUH WKHGDWH
( PHDQVIURPKRXUV$54RQ*.((3 PHDQVIURPKRXUV$54RQ
*.3() PHDQVIURPKRXUV)(&RQ*.([[ PHDQVVWRSDWKRXUV
,IRQO\RQHGD\
VLQVWUXFWLRQVDUHHQWHUHGDVDERYHWKHQWKHVDPHLQVWUXFWLRQVZLOOODVW
IRUVXFFHVVLYHGD\VXQOHVVDPHQGHGRUFDQFHOOHGE\WKHVKLS
)07)RUPDWHUURU
*$
,QYLWDWLRQWRVRDKHDG
*7/[    *UHHWLQJV WHOH[  7KH PHVVDJH LV VHQW RQ D VHOHFWHG JUHHWLQJ FDUG 7KH [
LQGLFDWHVWKHW\SHRIJUHHWLQJVFDUG*HQHUDOIRUPDWLVVDPHDVIRUDQ57/DVGHWDLOHGEHORZ
+(/36KLS
VKHOSILOH&RDVW5DGLR6WDWLRQVHQGVRSHUDWRULQIRUPDWLRQDWJXLGDQFH$W
WKH HQG \RX ZLOO UHFHLYH *$  ZKLFK LQYLWHV \RX WR VHOHFW D WHOH[ IDFLOLW\ IURP WKRVH OLVWHG
EHORZ
,1)         'DWDEDQN LQIRUPDWLRQ VXFK DV VKRUWFRGHVWDULIIV 1RUWK $WODQWLF DQG
0HGLWHUUDQHDQ ZHDWKHU 2SWLPXP WUDQVPLWWLQJ IUHTXHQF\ 273  JXLGH 1DYDUHD , ZDUQLQJV
LQWHUQDWLRQDOWHOH[QXPEHUVDQGFKDQJHVFXUUHQF\H[FKDQJHUDWHVSULQWWHVW 4XLFNEURZQIR[ 
1RWH VRPHRIWKHVHIDFLOLWLHVDUHFKDUJHG
,7/,WUDQVPLWODWHU
-)(2IILFHFORVHGEHFDXVHRIKROLGD\
....(QG RIIDFLOLW\,QLWLDWHVGDWHDQGWLPHJURXSDQGGXUDWLRQODVWFDOOWREHLVVXHG
/,675HTXHVWIRUDSULQWRXWRISUHYLRXVZDWFKNHHSLQJLQVWUXFWLRQJLYHQLQD)5(4
PHVVDJH
0(',QVWDQWO\FRQQHFWV\RXZLWKPDQXDODVVLVWDQFHSRLQWD
&RDVW5DGLR6WDWLRQZKHQ\RXUHTXLUHPHGLFDODVVLVWDQFHDWVHD
0160LQXWHV0203OHDVHZDLW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
06* ,I&RDVW5DGLR6WDWLRQKDVWHOH[WUDIILFIRURZQVKLSWKHZRUGV75$)).+(/'
*$"ZLOOEH UHFHLYHG7RREWDLQWKDWWUDIILFWKHRSHUDWRUVKRXOGNH\06*DQGWKHWUDIILFZLOO
DXWRPDWLFDOO\EHVHQW
08/)$; )RU GHOLYHULQJ WHOH[ WR PRUH WKDQ RQH ID[ QXPEHU %DG QXPEHU VKRXOG EH
VHSDUDWHGE\DQGODVWQXPEHUWHUPLQDWHGZLWK
08/7/;)RUVHQGLQJWKHVDPHWH[WWRPXOWLSOHDGGUHVVHV(DFKWHOH[QXPEHUVKRXOGEH
VHSDUDWHGE\DQREOLTXHVWURNHDQGRYHUVHDVQXPEHUVVKRXOGEHSUHIL[HGZLWKDDQGWKHQWKH
DSSURSULDWHFRXQWU\FRGHHJ
08/7/;
)LUVWWHOH[LVFKDUJHGDWIXOOUDWHDQGVXEVHTXHQWQXPEHUHGKDOIQRUPDOUDWH
08/7$5HTXHVWIRUDGYLFHRIGHOLYHU\RIPXOWLDGGUHVVIDFLOLW\
1$&RUUHVSRQGHQFHQRWDGPLWWHG
1&1RFLUFXLW
1&56XEVFULEHU
VQXPEHUKDVEHHQFKDQJHG
1,1ROLQHLGHQWLILFDWLRQDYDLODEOH5LJD
137HOH[QXPEHUQRWFRQQHFWHG151XPEHU
2%66KLS
VZHDWKHUUHSRUWZKLFKLVDXWRPDWLFDOO\URXWHGWR0HWHRURORJLFDO2IILFH
%UDFNQHOO
2&&7HOH[QXPEHUHQJDJHG
2.,QGLFDWHV)5(4LQVWUXFWLRQVDFFHSWHGE\FRPSXWHU
235&RQQHFWVVKLSWRDQRSHUDWRUDW&RDVW5DGLR6WDWLRQIRUDVVLVWDQFHRIDJHQHUDO
QDWXUHHJLIDWHOH[PHVVDJHLVWREHVHQWWRDFRXQWU\QRWKDYLQJGLUHFWGLDOOLQJIDFLOLWLHV
326 9ROXQWDU\UHSRUWLQJRIVKLS
VSRVLWLRQZKLFKLVVWRUHGDQGXVHGWRLPSURYHVDIHW\
RIOLIHDWVHD
55HFHLYHG
5$3,VKDOOFDOO\RXEDFN
5375HSHDWUHSHDW
56%$5HWUDQVPLVVLRQVWLOOEHLQJDWWHPSWHG
57/5DGLR7HOH[/HWWHUZKLFKLVUHFHLYHGDWWKHFRDVWVWDWLRQE\UDGLRWHOH[DQGWKHQ
VHQWWRWKHGHVWLQDWLRQE\ILUVWFODVVSRVWZLWKLQWKH8QLWHG.LQJGRPRUHOVHZKHUHLQWKHZRUOG
7KLV LV DQ LQH[SHQVLYH ZD\ RI VHQGLQJ D PHVVDJH DVKRUH $Q 57/ VKRXOG DOZD\V EH LQ WKH
IROORZLQJIRUPDW
‡VKLS
VQDPHFDOOVLJQGDWHDQGWLPHRIEDQGLQJLQ
‡57/
‡QDPHRIDGGUHVVHH
‡IXOO3RVWDO$GGUHVVLQFOXGLQJSRVWFRGHDQGFRXQWU\LIQHFHVVDU\
‡WH[W
‡....
6766KLSWRVKLSWHOH[IDFLOLW\.H\LQ676ZKHUH
LVWKHVHOFDOOQXPEHURIWKHVKLSWRZKLFK\RXZLVKWRVHQGWUDIILF
69& 7RVHQGXQSDLGVHUYLFHLQIRUPDWLRQWR3RUWLVKHDG5DGLRHJWRDFNQRZOHGJH
UHFHLSWRID6(/)(&EURDGFDVW
,6933OHDVH
7$;:KDWLVFKDUJH"7KHFKDUJHLV7(6706*3OHDVHVHQGDWHVWPHVVDJH
7*0)URPVKLSWHOHJUDPIRUGHOLYHU\E\DIXOOUDWHWHOHJUDPWRRYHUVHDVGHVWLQDWLRQV
7+58<RXDUHLQFRPPXQLFDWLRQZLWKDWHOH[SRVLWLRQ
7/;:KHUHWKHVXEVFULEHU
VQXPEHUVKRXOGEHLQVHUWHGLQSODFHRIWKHGRWV5HTXHVW
IRUVWRUHDQGIRUZDUGIDFLOLW\2ZQVKLS
VWHOH[PHVVDJHZLOOEHHOHFWURQLFDOO\VWRUHGDW&RDVW
5DGLR6WDWLRQ$WVRPHODWHUWLPHLWZLOOEHVHQWWRWKHWHOH[VXEVFULEHU
VQXPEHU7KLVIDFLOLW\LV
XVHIXOLIWKHGLVWDQWWHOH[PDFKLQHLVXQPDQQHGRUWHPSRUDULO\QRWDYDLODEOH HJHQJDJHG ,I
WKHPHVVDJHFDQQRWEHVHQWZLWKLQKRXUVDVHUYLFHPHVVDJHZLOOEHUHFHLYHGFDQFHOOLQJWKH
RULJLQDOWHOH[PHVVDJH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7357HOHSULQWHU
75$)),&7HOH[WUDIILFRQKDQGIRURZQVKLSDW&RDVW5DGLR6WDWLRQ
7776WRS\RXUWUDQVPLVVLRQ WREHUHSHDWHGXQWLOWUDQVPLVVLRQLVVWRSSHG
85*    ,QVWDQWO\FRQQHFWVVKLSZLWKPDQXDODVVLVWDQFHSRLQWDW&RDVW5DGLR6WDWLRQ
ZKHQXUJHQWDVVLVWDQFHUHJDUGLQJVDIHW\RIOLIHDWVHDLVUHTXLUHG
::RUGV
:58:KRDUH\RX";;;;;(UURU
"0HDQVRYHU,WSODFHVWKHRWKHUVWDWLRQLQWKHWUDQVPLWPRGHDQGSXWVRZQVWDWLRQLQ
UHFHLYHPRGH
0DULWH[
(DUOLHU ZH KDYH OHDUQHG WKDW FRDVW VWDWLRQV KDQGOH ODUJH DPRXQWV RI WUDIILF 2Q VKRUH
FRPSXWHULVHG WUDIILF KDQGOLQJ LV FRPPRQ DQG FRDVW VWDWLRQV RIWHQ XVH GDWD EDVHV WR UHOD\
WUDIILF WR VKLS VWDWLRQV 0DULWH[ LV D JOREDO FRPSXWHULVHG DQG DXWRPDWLF QHWZRUN IRU PDULWLPH
UDGLRWHOH[
7KH0DULWH[V\VWHPLVRSHUDWHGE\WKH1RUGLFFRXQWULHVDQGWKH6ZHGLVKFRPSDQ\7HOLD
0RELWHO $% DFWV DV ([HFXWLYH &RPSDQ\ UHVSRQVLEOH IRU WHFKQLFDO RSHUDWLRQ DQG WUDIILF
PDQDJHPHQW

ƒ 0DULWH[QHWZRUN GHVLJQ
7KH &HQWUDO FRPSXWHU V\VWHP LV ORFDWHG LQ *RWKHQEXUJ DQG DFWV DV WKH KHDUW RI WKH
0DULWH[ V\VWHP 7KLV V\VWHP LV QRW LQFOXGLQJ LQ WKH *0'66 V\VWHP 7R REWDLQ PD[LPXP
VHFXULW\WKHV\VWHPLVUXQZLWKDKLJKWHFKQRORJ\GXDOFRPSXWHUFRQILJXUDWLRQ
7KHFHQWUDOFRPSXWHUV\VWHPLVLQIXOOUHPRWHFRQWURORIWUDQVPLWWHUVDQGUHFHLYHUVDQG
$54PRGHPVLQVWDOOHGDWVXEVWDWLRQVLQ6ZHGHQ1RUZD\3DQDPD$UJHQWLQDDQGLQ0DQLOD
%\ VXFK DQ DUUDQJHPHQW 0DULWH[ KDV PDQDJHG WR E\SDVV WKH ODZV RI QDWXUH WKDW UHVWULFW
SHUIRUPDQFHRQ0)+)EDQGV
7KH&HQWUDOV\VWHPLQ*RWKHQEXUJGRHVDOOWKHPHVVDJHVZLWFKLQJDQGFRRUGLQDWHVDOO
VXEVWDWLRQ UHVRXUFHV 6HHQ IURP D VKLS DOO UDGLR FKDQQHOV EHKDYH LGHQWLFDOO\ UHJDUGOHVV RI
JHRJUDSKLFDOORFDWLRQ)URPODQGWKHV\VWHPZRUNVLGHQWLFDOO\DQGVXEVFULEHUVRQO\QHHGWR
NQRZWKH6ZHGLVKWHOH[QXPEHUIRUWKHVKLSWKH\ZDQWWRDGGUHVVWUDIILFWR

ƒ 7UDIILFVKRUHWRVKLS
$OO 0DULWH[ VKLSV DUH DVVLJQHG LQGLYLGXDO WHOH[ QXPEHUV IURP WKH RUGLQDU\ 6ZHGLVK
QXPEHULQJVHULHVDQGIURPWKHVHULHV7KLVDOORZVDOOODQGEDVHG
VXEVFULEHUV ZRUOGZLGH WR XVH QRUPDO SURFHGXUHV IRU LQWHUQDWLRQDO WHOH[ WUDIILF ZKHQ URXWLQJ
WUDIILFWRD0DULWH[YHVVHO:KHQWKH0DULWH[V\VWHPUHFHLYHVDWHOH[IURPDVKRUHWKHV\VWHP
ZLQLPPHGLDWHO\JHQHUDWHDVHULHVRIVHOHFWLYHFDOOVRQDQXPEHURISUHGHWHUPLQHGUDGLRWHOH[
FKDQQHOV 7KHVH UDGLR WHOH[ FKDQQHOV DUH SUHVHQW LQ VKLSERDUG HTXLSPHQW IRU FRQWLQXRXV
DXWRPDWLFVFDQQLQJ
$ FDOO ZKLFK LV VXFFHVVIXOO\ UHFHLYHG ZLOO DFWLYDWH WKH HTXLSPHQW RQ ERDUG DQG WKH
PHVVDJHZLOOEHSULQWHGRXWRUVWRUHGZLWKRXWWKHSUHVHQFHRIDUDGLRRSHUDWRU0DULWH[VKLSV
WUDQVPLWUHJXODUSRVLWLRQUHSRUWVWRWKH&HQWUDOV\VWHP*XLGHGE\WKHVKLSV
SRVLWLRQUHSRUWV
0DULWH[ZLOOXVHWKHPRVWVXLWDEOHVXEVWDWLRQDQGWUDQVPLWWLQJUHFHLYLQJDQWHQQDWRREWDLQWKH
EHVWSRVVLEOHFLUFXLWTXDOLW\

ƒ 7UDIILFVKLSWRVKRUH
:KHQD0DULWH[FKDQQHOLVDYDLODEOHIRUDVKLSWRVKRUHFDOOWKLVLVLQGLFDWHGE\)UHH
6LJQDOHPLVVLRQIURPWKH&HQWUDOV\VWHP7KH)UHHVLJQDOLVGHWHFWHGDQGUHFRJQLVHGE\WKH
$54PRGHP SURYLGLQJ SHUPLVVLRQ WR VWDUW WKH WUDQVPLVVLRQ ,Q WKLV ZD\ WKH 0DULWH[ V\VWHP
SUHYHQWVLQWHUIHUHQFHZLWKRQJRLQJWUDIILFIURPRWKHUVKLSV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KHUDGLRRSHUDWRURQERDUGFDQPDQXDOO\LQLWLDWHDFDOOE\DVLPSOHNH\ERDUGFRPPDQG
RUKHFDQFKRRVHDQDXWRPDWLFDOO\FRQGXFWHGFDOOYLDWKHVKLS
VWHUPLQDO,QWKHVKLSWRVKRUH
GLUHFWLRQ 0DULWH[ RIIHUV PDQ\ GLIIHUHQW VHUYLFHV ZKLFK DUH GHVFULEHG LQ WKH 0DULWH[ 7UDIILF
0DQXDO

ƒ ‡0DULWH[V\VWHPVHUYLFHV
6WRUHDQGIRUZDUG
6WRUHDQGIRUZDUGWHOH[ 7/; LVVWRUHGLQWKH&HQWUDOV\VWHPDQGGHOLYHUHGWRWKHILQDO
GHVWLQDWLRQDIWHUDIHZ PLQXWHV

'LUHFWGLDOOLQJ
7KH',57/;IDFLOLW\SURYLGHVGLUHFWFRQWDFWZLWKVXEVFULEHU KDQGVKDNH DQGFDQDOVREH
XVHGIRUGLDORJXH
0XOWLDGGUHVV
7KHVKLSKDVRQHVWDQGDUGPHVVDJHWRVHYHUDOGLIIHUHQWVXEVFULEHUV7KURXJKDVLQJOH
UDGLRWUDQVPLVVLRQWKHVKLSFDQRUGHUFRSLHVWREHVHQWWRDQXQOLPLWHGQXPEHURIVXEVFULEHUV
6HPL)D[
7KH 6HPL )D[ IDFLOLW\ HQDEOHV WKH VKLS WR RUGHU D PHVVDJH WR EH WUDQVPLWWHGDVDID[
IURPWKH&HQWUDOV\VWHPWRDGHVWLQDWLRQDVKRUHXVLQJWKHLQWHUQDWLRQDOWHOHSKRQHQHWZRUN

0DULWH[QHWZRUNFRQILJXUDWLRQ


&KDSWHU1$97(;
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

,QWURGXFWLRQ
7KH *OREDO 0DULWLPH 'LVWUHVV DQG 6DIHW\ 6\VWHP PDNHV VSHFLILF UHTXLUHPHQWV ZLWK
UHJDUGWRUDGLRHTXLSPHQWDQGVKLSVPXVWEHDEOHWRFDUU\RXWVHYHUDOGLIIHUHQWIXQFWLRQVRQH
RIZKLFKLVWKHDELOLW\WR75$160,7DQG5(&(,9(0DULWLPH6DIHW\,QIRUPDWLRQ 06, 
7KH1$97(;6\VWHP
1$97(; 1$9LJDWLRQDO7HO(; LVDQLQWHUQDWLRQDOWHOH[V\VWHPDQGLVRQHRIWKHPRVW
LPSRUWDQWHOHPHQWVRIWKH*0'667KHV\VWHPPDNHVLWSRVVLEOHIRUVKLSVVDLOLQJLQFRDVWDO
ZDWHUVWRUHFHLYHVDIHW\PHVVDJHVDWGLVWDQFHVRIXSWRQDXWLFDOPLOHVRIIVKRUH
06,PHVVDJHVFDQEHWUDQVPLWWHGE\WKH1$97(;V\VWHPWKH,10$56$7(*&V\VWHP
RUVKRUWZDYH +) WHOH[QDUURZEDQGGLUHFWSULQWLQJ 1%'3 
7KHGHGLFDWHGWUDQVPLWWLQJIUHTXHQF\RIWKH1$97(;V\VWHPLVN+]
7KHV\VWHPXVHVRQO\RQHVLQJOHIUHTXHQF\7RDYRLGPXWXDOLQWHUIHUHQFHERWKOLPLWHG
WUDQVPLWWHU SRZHU DQG IUHTXHQF\ WLPHVKDULQJ LV UHTXLUHG &DUHIXO FRRUGLQDWLRQ RI EURDGFDVW
VFKHGXOHV LV LPSHUDWLYH DQG JLYHV URRP IRU XS AWR  VWDWLRQV LQ RQH 1$9$5($ 7KHVH 
VWDWLRQVDUHGLYLGHGLQWRJURXSVFRQVLVWLQJRIWUDQVPLWWLQJVWDWLRQV(YHU\JURXSLVDOORZHG
RQH KRXU RI WUDQVPLVVLRQ WLPH DQG WKLV PHDQV WKDW HYHU\ VWDWLRQ FDQ EH RQ WKH DLU IRU 
PLQXWHVHYHU\IRXUKRXUV$UHDVZLWKIHZVWDWLRQVZLOODOORZORQJHUWUDQVPLWWLQJWLPHV
1$9$5($V
7KHUH DUH  RI GLIIHUHQW 1$9$5($ DUHDV 7KH 1$97(; VWDWLRQV DUH JHRJUDSKLFDOO\
VHSDUDWHG $=  DQG WKH VWDWLRQV KDYH WKHLU RZQ KRXUV RI GXW\ :LWKLQ WKH GLIIHUHQW
1$9$5($V HYHU\ 1$97(; VWDWLRQ KDV LWV RZQ LGHQWLILFDWLRQ FKDUDFWHU 7KLV FKDUDFWHU LV
DOZD\VDSDUWRIWKHSUHDPEOHWRWKHPHVVDJH
7KH1$97(;FRRUGLQDWRU


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

7KH1$97(;0HVVDJH
7KH GHGLFDWHG 1$97(; UHFHLYHU KDV WKH DELOLW\ WR VHOHFW ZKLFK PHVVDJHV DUH WR EH
SULQWHGRXWDFFRUGLQJWR
x ‡$IRXUFKDUDFWHUWHFKQLFDOFRGH %,%%% ZKLFKDSSHDUVLQWKH
SUHDPEOHRIHDFKPHVVDJH
x ‡:KHWKHURUQRWWKHSDUWLFXODUPHVVDJHKDVDOUHDG\EHHQSULQWHG
&HUWDLQ HVVHQWLDO FODVVHV RI VDIHW\ LQIRUPDWLRQ VXFK DV QDYLJDWLRQDO ZDUQLQJV
PHWHRURORJLFDO ZDUQLQJV DQG 6$5 LQIRUPDWLRQ DUH QRQUHMHFWDEOH WR HQVXUH WKDW VKLSV XVLQJ
1$97(;DOZD\VUHFHLYHWKHPRVWLPSRUWDQWLQIRUPDWLRQ
%O WKHWHFKQLFDOFRGHZKLFKDVLQJOHFKDUDFWHULGHQWLILFDWLRQDVVLJQHGXQLTXHO\WRHDFK
VWDWLRQLQDUHJLRQ 1$9$5($ DOORZLQJWKHQDYLJDWRUWRVHOHFWRQO\EURDGFDVWLQJVWDWLRQ V 
VHUYLQJWKH UHJLRQRILQWHUHVW
% FKDUDFWHULGHQWLILHVWKHGLIIHUHQWFODVVHVRIPHVVDJHVDVLGHQWLILHGEHORZLQRUGHU
WKDWWKHXVHUPD\UHMHFWWKRVHZKLFKKHGRHVQRWUHTXLUH
7KHVXEMHFWLQGLFDWRUVLQXVHDUH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$ 1DYLJDWLRQDOZDUQLQJV
% 0HWHRURORJLFDOZDUQLQJV
& ,FHUHSRUWV
' 6HDUFKDQG5HVFXH,QIRUPDWLRQ
( 0HWHRURORJLFDOIRUHFDVWV
) 3LORWVHUYLFHPHVVDJHV
* 'HFFDPHVVDJHV
+ /RUDQPHVVDJHV
, 2PHJDPHVVDJHV
- 6DWQDYPHVVDJHV
. 2WKHUHOHFWURQLFQDYDLGVPHVVDJHV
/ 1DYLJDWLRQDO ZDUQLQJV DGGLWLRQDOWROHWWHU$
9:;<  6SHFLDO VHUYLFHV  WULDO DOORFDWLRQV IRU VSHFLDO SXUSRVHV H J 1$17(;
WUDQVPLVVLRQVLQDQDWLRQDOODQJXDJH
= 1RPHVVDJHVRQKDQG
5HPDUNV  &DQQRWEHUHMHFWHGE\WKHUHFHLYHU
 0HVVDJHVFRQFHUQLQJUDGLRQDYLJDWLRQVHUYLFHV
 6KRXOGQRWEHUHMHFWHGE\WKHUHFHLYHU
7KH%DQG%FKDUDFWHUVRIWKHWHFKQLFDOFRGHQXPEHUWKHPHVVDJHVIURPWRLQ
RUGHURIUHFHLSWE\WKHVHQGHUZLWKWKHQXPEHULQJPDLQWDLQHGVHSDUDWHO\IRUHDFKEURDGFDVW
VWDWLRQ%DQGVXEMHFWFODVV%7KHQXPEHULQJVWDUWVRYHUDJDLQXVLQJWKHQXPEHUVRIH[SLUHG
PHVVDJHVDIWHUQXPEHUKDVEHHQDVVLJQHG
&DWHJRULHV % DQG %
V XVH RI 22 ]HUR  DFWV WR HQVXUH WKDW UHJDUGOHVV RI
EURDGFDVWLQJVWDWLRQ %O RUZKDWHYHUKDVDOUHDG\EHHQUHFHLYHGE\WKHVWDWLRQLQFRUUHFWIRUP
WKHPHVVDJHZLOOEHSULQWHGRXWE\DOOUHFHLYHUVZLWKLQUDQJHRIWKHWUDQVPLWWLQJVWDWLRQ
7\SH'PHVVDJHV 6$5LQIRUPDWLRQ ZLOODOZD\VEHQXPEHUHG
([DPSOH1$97(;SUHDPEOH
=&=&7$
ZKHUH=&=& 6WDUWRIPHVVDJH
7 ,GHQWLILFDWLRQFKDUDFWHUFRDVWVWDWLRQ$ 7\SHRIPHVVDJH 6HULDOQXPEHU
1DWLRQDO1$97(;6HUYLFH
(DUOLHULQWKLVFKDSWHUZHORRNHGDWWKH,QWHUQDWLRQDO1$97(;VHUYLFH7KHV\VWHPXVHV
WKH(QJOLVKODQJXDJHDQGLV EXLOWXSLQWKHVDPHZD\DOORYHUWKHZRUOG
1DWLRQDO WUDQVPLVVLRQV KRZHYHU XVH WKH QDWLRQDO ODQJXDJH EXW WKH SUHDPEOH RI WKH
PHVVDJHKDVWKHVDPHIRUPDWDVUHTXLUHGE\LQWHUQDWLRQDODJUHHPHQW)UHTXHQFLHVDOORFDWHG
DUHN+]DQGN+]


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

ƒ 1DYDUHDVZRUOGZLGH

ƒ 1DYWH[VWDWLRQVLQ1DYDUHD,
&RDVWVWDWLRQ ,GHQWLW\ 7UDQVPLWWLQJWLPHV 87&

+DPRVDQG +      

%RGR %      

1LWRQ 6      

7DOOLQQ 8      

&XOOHUFRDWV *      

%UHVW )      

5RJDODQG /      

9DUGD 9      

2RVWHQGH 7      

6WRFNKROP -      

5H\NMDYLN 5      

6FKHYHQLQJHQ 3      

(*6 6DIHW\1(76HUYLFH
7R DFKLHYH FRPSOHWH FRYHUDJH RI RFHDQ DUHDV RXWVLGH 1$97(; DUHDV 06,
WUDQVPLVVLRQV DUH VHQW YLD ,10$56$7 (*& 7KH V\VWHP SURYLGHV WKH SRVVLELOLW\ RI VHQGLQJ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
06,PHVVDJHVWRDOOVKLSVZLWKLQDFHUWDLQDUHD7KH(*&V\VWHPLVGHVFULEHGLQWKHFKDSWHU
FRYHULQJ,10$56$7&
+LJKIUHTXHQF\06,
7KH *0'66 DOVR DOORZV WKH UHFHSWLRQ RI 06, YLD +) WHOH[ :DUQLQJV IRU WKH GLIIHUHQW
1$9$5($V DUH WUDQVPLWWHG DW IL[HG WLPHV DQG IUHTXHQFLHV 7KH /LVW RI 5DGLRGHWHUPLQDWLRQ
DQG6SHFLDO6HUYLFH6WDWLRQVSURYLGHVWUDQVPLVVLRQWLPHVIUHTXHQFLHVDQGFRDVWVWDWLRQVIRU
WKHGLIIHUHQW1$9$5($V6WXGHQWVVKRXOGDOVRVWXG\WKH/LVWRI&RDVW6WDWLRQV$QQH[,,3DUW
&ZKLFKJLYHVSDUWLFXODUVRIFRDVWVWDWLRQVWUDQVPLWWLQJ06,PHVVDJHVWRVKLSVE\PHDQVRI
1%'3WHFKQLTXHV
,Q DFFRUGDQFH ZLWK WKH *0'66HTXLSPHQWUHTXLUHPHQWVVKLSVDUHDOORZHGWRFKRRVH
EHWZHHQ +) UDGLRWHOH[ DQG WKH ,10$56$7 (**V\VWHP ZKHQ LW FRPHV WR WKH UHFHSWLRQ RI
06,PHVVDJHV
7KH1$97(;UHFHLYHU
1HZHU1$97(;UHFHLYHUVDUHYHU\FRPSDFWDQGDUHHTXLSSHGZLWKDEXLOWLQKDUGFRS\
SULQWHU $V D UHVXOW RI PRGHP WHFKQRORJ\ WKH VKLS LV DEOH WR UHFHLYH DXWRPDWHG EURDGFDVW
PHVVDJHV 06, RQDKRXUEDVLV7KHPHVVDJHVUHFHLYHGDUHVWRUHGDQGSULQWHGRXWE\WKH
EXLOWLQSULQWHU7KHPLFURSURFHVVRUSUHYHQWVPRUHWKDQRQHSULQWRXWSHUPHVVDJH
7KH 1$97(; UHFHLYHU LV RI UHODWLYHO\ VPDOO VL]H DQG WKHUHIRUH FRQVWLWXWHV YHU\ XVHIXO
DGGLWLRQDOHTXLSPHQWIRUVPDOOHUILVKLQJYHVVHOVDQG\DFKWV

7HFKQLFDOVSHFLILFDWLRQV
,QWHUQDWLRQDO5;IUHT1DWLRQDO5;IUHT5HFHSWLRQPRGH5DQJH
N+]
N+]
),%)RUZDUG(UURU&RUUHFWLRQ
 QDXWLFDOPLOHV


&KDSWHU(3,5%
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

(0(5*(1&<326,7,21
,1',&$7,1*5$',2
%($&21
ƒ ,QWURGXFWLRQ
7KLVLVDQLQWHUQDWLRQDOVDWHOOLWHDLGHGVHDUFKDQGUHVFXHV\VWHPGHVLJQHGWRORFDWHWKUHH
W\SHVRIGLVWUHVVEHDFRQV7KHV\VWHPRSHUDWHVRQWZRIUHTXHQFLHV0+]DQG0+]
DQGUHOLFVRQORZDOWLWXGHVDWHOOLWHVLQQHDUSRODURUELWVWRSURYLGHJOREDOFRYHUDJH
%DVLFFRQFHSWRI&263$66$56$7V\VWHP

/87 /RFDO8VHU7HUPLQDO
5&& 5HVFXH&RRUGLQDWLRQ&HQWUH
0&& 0LVVLRQ&RQWURO&HQWUH
(/7 (PHUJHQF\/RFDWRU7UDQVPLWWHU
3/% 3HUVRQD@/RFDWRU7UDQVPLWWHU
6$5 6HDUFKDQG5HVFXH
(3,5% (PHUJHQF\3RVLWLRQ,QGLFDWLQJ5DGLR%HDFRQ
7KH VDWHOOLWHV FDQ FRPPXQLFDWH ZLWK D QHWZRUN RI HDUWK VWDWLRQV NQRZQDV/RFDO8VHU
7HUPLQDOV /87V  ZKR FDQ SDVV GLVWUHVV DOHUWV DQG ORFDWLRQ GDWD WR UHVFXH DXWKRULWLHV YLD
0LVVLRQ&RQWURO&HQWUHV 0&&V 
7KH6$5DXWKRULWLHVUHFHLYLQJWKLVLQIRUPDWLRQPD\EHORFDWHGDWD5HVFXH&RRUGLQDWLRQ
&HQWUH 5&& RUDWD6HDUFKDQG5HVFXH3RLQWRI&RQWDFW 632& EXWLQDQ\HYHQWZLOOKDYH
WKHIDFLOLWLHVWRLPSOHPHQWUHVFXHSURFHGXUHV
7KH VLJQLILFDQFH RI WKH SRODU RUELW LV WKDW DV WKH HDUWK URWDWHV WKH SDWK RI WKH RUELWLQJ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
VDWHOOLWHZLOOSDVVRYHUDGLIIHUHQWSDUWRIWKHHDUWKHDFKWLPH7KXVZLWKRQO\RQHVDWHOOLWHIXOO
HDUWKFRYHUDJHLVREWDLQHGDVWKHUHDUHWZRVHSDUDWHURWDWLRQVWKHVDWHOOLWHZLWKLWVSRODUQRUWK
VRXWKRUELWDQGWKHHDUWK
VURWDWLRQDOVSLQZHVWHDVW
7KLV XQLTXH FRYHUDJH LV H[SORLWHG LQ WKH &263$66$56$7 V\VWHP E\ KDYLQJVHYHUDO
VDWHOOLWHVLQSRODURUELWVLQGLIIHUHQWRUELWDOSODQHV7KXVWKHWLPHEHWZHHQVDWHOOLWHVSDVVHVDW
DQ\IL[HGSRLQWRQHDUWKLVGHFUHDVHGFRPSDUHGWRWKHVLQJOHVDWHOOLWHPRGHO7KLVUHGXFHVWKH
QRWLILFDWLRQWLPHIRUDGLVWUHVVDOHUWLHWKHWLPHLQWHUYDOEHWZHHQDFWLYDWLRQRIWKH(3,5% LWV
ILUVWWUDQVPLVVLRQ DQGWKHUHFHSWLRQRIDQDOHUWPHVVDJHE\WKHDSSURSULDWH5&&7KHV\VWHP
WKXVSURYLGHVDFRPSOHWHZRUOGZLGHGLVWUHVVDOHUWPRQLWRULQJIDFLOLW\
7KHWKUHHW\SHVRIEHDFRQXVHGDUH
x ‡(PHUJHQF\3RVLWLRQ,QGLFDWLQJ5DGLREHDFRQ (3,5% XVHGE\VKLSV
x ‡(PHUJHQF\/RFDWRU7UDQVPLWWHUV (/7 XVHGE\DLUFUDIW
x ‡3HUVRQDO/RFDWRU%HDFRQV 3/% XVHGLQYDULRXVODQGRSHUDWLRQV
:KHQDFWLYDWHGWKHEHDFRQVWUDQVPLWDGLVWUHVVVLJQDOZKLFKLVUHFHLYHGE\WKHRUELWLQJ
VDWHOOLWHZKLFKUHOD\VWKHVLJQDOEDFNWRDQHDUWKVWDWLRQ7KLVVWDWLRQWKH/87SURFHVVHVWKH
UHFHLYHGVLJQDODQGWKHQGHWHUPLQHVWKHEHDFRQ
VORFDWLRQ7KH/87WKHQDOHUWVWKH5&& YLD
WKH0&& HQDEOLQJ6$5RSHUDWLRQVWREHLPSOHPHQWHG
7KHRYHUDOOV\VWHPDOUHDG\KDV/87VLQRSHUDWLRQORFDWHGLQFRXQWULHVDIXUWKHU
 /87V DUH SODQQHG &XUUHQWO\ 'HFHPEHU   0&&V DUH RSHUDWLRQDO ZLWK QLQH PRUH
XQGHUWHVWRUSODQQHGWRFRPHLQWRVHUYLFHLQ
,02 KDYH GHFLGHG WKDW IORDWIUHH VDWHOOLWH (3,5%V ZLOO EH D PDQGDWRU\ FDUULDJH
UHTXLUHPHQWXQGHU*0'66UXOHV7UDQVPLVVLRQVIURP0+]EHDFRQVFRQWDLQLGHQWLILFDWLRQ
FRGHV DQG E\ HPSOR\LQJ *DSSLHU VKLIW PHDVXUHPHQW WHFKQLTXHV WKH /87 FDQ GHWHUPLQH WKH
EHDFRQ
VORFDWLRQ7KXVLGHQWLW\DQGSRVLWLRQRIEHDFRQVFDQEHSDVVHGWRWKH5&&

ƒ 0LVVLRQ&RQWURO&HQWUHV
$Q PLVVLRQ FRQWURO FHQWUHV LQ WKH &263$66$56$7 V\VWHP LV LQWHUFRQQHFWHG XVLQJ
LQWHUQDWLRQDOWHOHSKRQHWHOH[RUGDWDWUDQVPLVVLRQQHWZRUNV7KHSULPDU\IXQFWLRQRIHDFK0&&
LVWR
x ‡FROOHFWVWRUHDQGVRUWGDWDIURP/87VDQGRWKHU0&&V
x ‡VXSSO\H[FKDQJHRIGDWDZLWKLQWKHV\VWHP
x ‡SURYLGH5&&VRU632&VZLWKDOHUWDQGORFDWLRQGDWD
x ‡SURYLGHV\VWHPLQIRUPDWLRQWRWKH/87
7R HQVXUH WKH RSHUDWLRQDO SHUIRUPDQFH RI WKH V\VWHP ZRUOGZLGH H[HUFLVHV DUH KHOG
RFFDVLRQDOO\

ƒ ‡6SDFHVHJPHQW
7KH VSDFH VHJPHQW RI WKH V\VWHP FRQVLVWV RI D FRQVWHOODWLRQ RI IRXU VDWHOOLWHV WZR
SURYLGHGE\&263$6 FDOOHG1DGH]KGD DQGWZRE\6$56$7 FDOOHG12$$ $OOVDWHOOLWHVDUH
HTXLSSHG ZLWK WKH QHFHVVDU\ FRPPXQLFDWLRQ HTXLSPHQW IRU RSHUDWLQJ DW  0+] DQG
0+]
7KHVDWHOOLWHVDUHODXQFKHGLQWRSRODURUELWVDWDQDOWLWXGHRINPVWRNPVDERYH
WKHHDUWKDQGWKHLUURXQGWULSWLPHLVDERXWKRXUDQGPLQXWHV$VWKHVDWHOOLWHVRUELWWKH
HDUWKHDFKVDWHOOLWHYLHZVDVHJPHQWRIWKHHDUWKRYHUNPZLGHJLYLQJDILHOGRIYLHZ
DERXWWKHVL]HRIDFRQWLQHQW
7KHUHDUHFXUUHQWO\IRXUVDWHOOLWHVLQIXOORSHUDWLRQZLWKWZRPRUHLQSDUWLDOXVHDQGVHYHQ
UHSODFHPHQWVDWHOOLWHVEHLQJEXLOW


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

&263$66$56$7(3,5%
7KHEHDFRQFRQVLVWVRI
x ‡GLJLWDOORJLFXQLW
x ‡WUDQVPLWWHU
x ‡DQWHQQD
x ‡EDWWHU\XQLWU
7KHVLJQDOVWUDQVPLWWHGDUHGLJLWDOPHVVDJHVFRQWDLQLQJWKHVKLSV
LGHQWLW\DQGQDWLRQDOLW\
$VLQWHUQDWLRQDOO\DJUHHGWKHPHVVDJHIURPWKHEHDFRQPXVWEH
JLYHQDVDFHUWDLQQXPEHURIILJXUHV7KLVQXPEHULVNQRZQDVWKH
0$5,7,0(02%,/(6(59,&(,'(17,7<RUWKH006,
QXPEHU

(3,5%ZLWKIORDWIUHHEUDFNHW
7UDQVPLVVLRQRQ0+]
7KH EHDFRQ WUDQVPLWV EXUVWV RI LQIRQQDWLRQ HYHU\  VHFRQGV ZLWK D GXUDWLRQ RI RQO\
VHFRQGV5DGLDWHGSRZHULVDSSUR[LPDWHO\ZDWWV7KLVEHDFRQKDVZRUOGZLGHFRYHUDJH
7UDQVPLVVLRQRQ0+]
7KHEHDFRQWUDQVPLWVDFRQWLQXRXVVZHHSWRQHPRGXODWHGVLJQDOZLWKUDGLDWHGSRZHURI
DERXWP:7KHEHDFRQFRYHUDJHDUHDLVQRWFRPSOHWHO\ZRUOGZLGHEXWGRHVFRYHUPRVW
FRDVWDODUHDVDQGWKH\DUHXVHGIRUHPHUJHQF\FRPPXQLFDWLRQVLQWKHDHURQDXWLFDOVHQGHH
,QFUHDVHGIUHTXHQF\VWDELOLW\DQGUDGLDWHGSRZHUPDNHVWKH0+](3,5%XSWR
WLPHVDVDFFXUDWHDVWKH0+] (3,5%
7KH DFFXUDF\ RI ORFDWLRQ RI EHDFRQV E\ PHDVXUHPHQW RI 'RSSOHU HIIHFW E\ /87V LV
W\SLFDOO\EHWWHUWKDQNPIRU
0+]EHDFRQVDQGNPIRU0+]EHDFRQV

ƒ ‡$FWLYDWLRQRIWKH%HDFRQ


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KHEHDFRQVFDQEHDFWLYDWHGLQWKUHHGLIIHUHQWZD\V0DQXDOO\
7KHVHDOPXVWEHEURNHQDQGWKHVZLWFKVHWWR75$160,7 RU21
$XWRPDWLFDOO\
:KHQWKHUHOHDVHPHFKDQLVPLVVXEPHUJHGLQWRZDWHU PHWHU WKHEHDFRQZLOOIORDW
IUHHDQGVWDUWWRWUDQVPLWEHFDXVHRIFRQGXFWLRQEHWZHHQWKHVHDZDWHUFRQWDFWV
5HPRWHDFWLYDWLRQ
6RPH EHDFRQV DUH ILWWHG ZLWK D UHPRWH DFWLYDWLRQ VZLWFK ZKLFK DOORZV WKH EHDFRQ WR
VWDUWWUDQVPLVVLRQHYHQZKHQWKHUHOHDVHPHFKDQLVPKDVQRWEHHQDFWLYDWHG

ƒ 0DLQWHQDQFHRIWKH%HDFRQ
7KH&263$66$56$7V\VWHPFRQVLVWVRIVHYHUDOOLQNV ,IWKHGLVWUHVVDOHUWV\VWHPLVWR
RSHUDWH LQ D GLVWUHVV VLWXDWLRQDOOOLQNVPXVWIXQFWLRQFRUUHFWO\7KHUHIRUHWKHIROORZLQJUXOHV
PXVWEHIROORZHG
 7KH (3,5% PXVW EH SODFHG FRUUHFWO\ LQ WKH EUDFNHW ,I WKH (3,5% LV RI D W\SH WKDW
QHHGVWREHVZLWFKHGRQWKHVZLWFKPXVWEHVHWWRWKH$50('SRVLWLRQ
 ,Q WKH HYHQW RI PHFKDQLFDO GDPDJH FUDFNV LQ WKH SDO\FDUERQDWH PDWHULDO 
UHSODFHPHQWLVUHTXLUHG
,IEDWWHU\GDWHKDVH[SLUHGUHSODFHPHQWLVUHTXLUHG 'RQRWWU\WRFKDQJHWKHEDWWHU\
\RXUVHOIDVWKHXQLWPXVWEHNHSWWRWDOO\ZDWHUSURRI 
 &KHFN WKH PDUNLQJ RI WKH EHDFRQ 7KH VKLS
V FDOOVLJQ DQG 006, QXPEHU PXVW EH
SHUPDQHQWO\PDUNHGRQWKHEHDFRQ
7KHEHDFRQRUWKHUHOHDVLQJPHFKDQLVPPXVWQRWEHSDLQWHGRYHU
&KHFNWKHK\GURVWDWLFUHOHDVHULIWKHUHOHDVLQJPHFKDQLVPLVILWWHGZLWKRQH5HOHDVHU
OLIHLVXVXDOO\\HDUV

.(<),*85(6&263$66$56$7


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

7KH,10$56$7((3,5%
7KLVLVDVDWHOOLWH(3,5%V\VWHPZKLFKLVGHVLJQHGWRLQGLFDWHWKHSRVLWLRQRIDGLVWUHVV
VLWXDWLRQYLDDQ\RQHRIWKHIRXURFHDQUHJLRQVDWHOOLWHV
7KLV (3,5% XVHV WKH  *+] RU /%DQG IRU WUDQVPLVVLRQ RI GLVWUHVV VLJQDOV YLD
,10$56$7 JHRVWDWLRQDU\ VDWHOOLWHV 7KLV W\SH RI (3,5% FDQEHILWWHGLQSODFHRID0+]
&263$66$56$7(3,5%IRUVKLSVVDLOLQJLQ DUHDV$,$DQG$6KLSVVDLOLQJLQDUHD$
PXVWFDUU\D0+](3,5%VLQFHWKH,10$56$7V\VWHPGRHVQRWUHDFKYHVVHOVVDLOLQJLQ
WKHVHKLJKODWLWXGHV6KLSERDUGHTXLSPHQWFDQEHHLWKHU
x ‡IORDWIUHH(3,5%


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

x ‡SRUWDEOH(3,5%
%DVLFFRQFHSWRIWKH/EDQGVDWHOOLWH(3,5%V\VWHP

:KHQ DQ (3,5% LV DFWLYDWHG LW VHQGV D GLVWUHVV DOHUW ZKLFK FRQWDLQV WKH IROORZLQJ
LQIRUPDWLRQ
x ‡VKLS
VLGHQWLW\ QLQHGLJLW006,QXPEHU 
x ‡VKLS
VSRVLWLRQ WDNHQDXWRPDWLFDOO\IURPHOHFWURQLFQDYLJDWRUVXFKDV
*36 
x ‡WLPHRISRVLWLRQXSGDWH
x ‡QDWXUHRIGLVWUHVV
x ‡VKLS
VFRXUVH
x ‡VKLS
VVSHHG
x ‡WLPHRIWUDQVPLVVLRQ
x ‡HUURUFRUUHFWLRQELWV
6SHFLDOWUDQVPLVVLRQDQGUHFHSWLRQWHFKQLTXHVDUHHPSOR\HGLQRUGHUWRPLQLPLVH(3,5%
SRZHU FRQVXPSWLRQ 7KH PHVVDJH LV UHSHDWHG  WLPHV LQ HDFK PLQXWH RYHU D ILYH PLQXWH
SHULRGRIWUDQVPLVVLRQ7KHILYHPLQXWHWUDQVPLVVLRQLVUHSHDWHGWLPHVRYHUDSHULRGRI
KRXUVDIWHUDFWLYDWLRQ
7KH ILUVW IRXU WUDQVPLVVLRQV DUH VHQW ZLWKLQ WKH ILUVW IRXU KRXUV DQG WKH UHPDLQLQJ
WUDQVPLVVLRQV DUH VHQW DW IRXU KRXU LQWHUYDOV 'LJLWDO HTXLSPHQW LQ WKH /(6 SURFHVVHV WKH
GLVWUHVVDOHUWDQGDXWRPDWLFDOO\IRUZDUGVLWWRWKHDSSURSULDWH5&&
9+3(PHUJHQF\%HDFRQ
9HVVHOVWUDGLQJH[FOXVLYHO\LQ$ODUHDVZLOOEHDEOHWRXVH(3,5%VRSHUDWLQJRQ9+3 &KDQQHODVDQ
DOWHUQDWLYHWRHLWKHUD&263$6 6$56$7RU,10$56$7((3,5%7KLV9+3(3,5%WUDQVPLWVRQO\006,QXPEHU
DQGLWPXVWEHFRPELQHGZLWK6$57IRUORFDOLVLQJ


&KDSWHU 6$57 6($5&+
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

$1'5(6&8(
75$16321'(5
,QWURGXFWLRQ
7KH6$57LVDUDGDUWUDQVSRQGHUGHVLJQHGIRUVHDUFKDQGUHVFXHRSHUDWLRQVKHOSLQJWR
ORFDOLVHOLIHUDIWVDQGOLIHERDWVDIWHUGDPDJHDWVHDRUVKLSZUHFN
7KH6$57LVGHVLJQHGWREHSXWRQVWDQGE\RQWKHUHPRYDORIDVZLWFKEORFNDQGWR
DXWRPDWLFDOO\UHVSRQGRQO\ZKHQLQWHUURJDWHGIURPD*+]UDGDU [EDQGUDGDURUFPUDGDU 
:KHQDFWLYDWHGE\DUDGDUWKH6$57WUDQVPLWVVZHSWIUHTXHQF\VLJQDOVZKLFKDUH
GLVSOD\HGDVDOLQHRIEOLSVRQWKHUDGDUVFUHHQ7KHEOLSOLQHH[WHQGVRYHUQDXWLFDOPLOHV
RXWZDUGIURP6$57SRVLWLRQFOHDUO\LGHQWLI\LQJWKHVXUYLYDOFUDIW
5DQJHSHUIRUPDQFH
7KH6$57RSHUDWHVFRUUHFWO\ZKHQLQWHUURJDWHGE\QDYLJDWLRQDOUDGDUVZLWKDQDQWHQQD
KHLJKWRIPHWHUVDWDGLVWDQFHRIDWOHDVWQDXWLFDOPLOHV
:KHQLQWHUURJDWHGE\DLUERUQHUDGDUVZLWKSHDNSRZHURIDWOHDVW.ZDQGDQDOWLWXGH
RIPWKHGLVWDQFHLVLQFUHDVHGWRQDXWLFDOPLOHV
2QERDUGWKHVXUYLYDOFUDIWWKHVXUYLYRUVZLOOUHFHLYHDQDXGLEOHDQGYLVXDOVLJQDOIURP
WKH6$57LQGLFDWLQJWKDWWKHLU6$57VLJQDOVKDYHEHHQUHFHLYHGE\DQDSSURDFKLQJYHVVHO
&DWHJRULHVRI6$57
5DGDUWUDQVSRQGHUVDUHJURXSHGLQWRWKUHHFDWHJRULHV
x ‡6$57IRUIL[HGLQVWDOODWLRQLQOLIHERDWUDIWRURZQYHVVHO
x ‡3RUWDEOH6$57
x ‡6$57PRXQWHGLQUHOHDVHPHFKDQLVPDQGRUFRPELQHGZLWKIORDWIUHH
(3,5%
7HVWSURFHGXUH
6HWUDGDUUDQJHWRDSSUR[LPDWHO\QDXWLFDOPLOHV
2EVHUYHWKHUDGDUVFUHHQ
$FWLYDWHWKHUDGDUWUDQVSRQGHUE\VZLWFKLQJWR7(67SRVLWLRQ
&KHFNWKHUDGDUGLVSOD\WRHQVXUHWKDWRUULQJVDUHREVHUYHG
7KH WUDQVSRQGHU UHVSRQGV ZLWK D FRQWLQXDO WRQH DQG WKH /(' LQGLFDWRU VKLQHV
FRQWLQXRXVO\
6SHFLILFDWLRQV
7KH 6$57 PXVW EH GHVLJQHG WR FRQIRUP WR DOO DSSOLFDEOH UHJXODWLRQV DQG VWDQGDUGV
LQFOXGLQJ,02SHUIRUPDQFHVWDQGDUGV5DGLR5HJXODWLRQV&&,55HFRPPHQGDWLRQVDQG,(&
VWDQGDUGV
)UHTXHQF\UDQJH  0+]
%DWWHU\FDSDFLW\ KRXUVLQVWDQGE\DQGKRXUVLQWUDQVSRQGPRGH
3RODULVDWLRQ +RUL]RQWDO5HVSRQVHVLJQDOVZHHSV2XWSXWSRZHU 1RWOHVVWKDQ
P:
7KH 6$57 PXVW EH SHUPDQHQWO\ PDUNHG ZLWK PDNH W\SH DQG VHULDO QXPEHU 7KH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
PDUNLQJVPXVWDOVRLQFOXGHRSHUDWLRQLQVWUXFWLRQVEDWWHU\H[SLUHGDWHDQGYHVVHOLGHQWLILFDWLRQ

%DVLFFRQFHSWRIWKH6$57


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

&KDSWHU32:(5
6833/,(6
5DGLREDWWHULHV
%DWWHULHV IRU XVH LQ UDGLR LQVWDOODWLRQV RQ ERDUG VKLSV PXVW EH RI VXIILFLHQW TXDOLW\ WR
VXVWDLQHQYLURQPHQWDOVWUHVVVXFKDVYLEUDWLRQVDQGWHPSHUDWXUHFKDQJHV
7KHEDWWHULHVPXVWDOVRVXVWDLQFKDUJLQJDQGGLVFKDUJLQJDVZHOODVFRQWLQXRXVYROWDJH
FKDUJLQJ
/HDGEDWWHULHV
7KH PRVW FRPPRQ DFFXPXODWRUV DUH OHDG EDWWHULHV 7KH\ FRQVLVW LQ SULQFLSOH RI WZR
VSHFLDOO\SUHSDUHGSODWHVRIOHDGSODFHGLQDYHVVHOFRQWDLQLQJWKLQQHGVXOSKXULFDFLG
7KLVYHVVHOLVFDOOHGDEDWWHU\FHOODQGWKHWZRSODWHVRIOHDGFRQVWLWXWHDSRVLWLYHDQGD
QHJDWLYHSROH:KHQWKHDFFXPXODWRULVFKDUJHGWKHYROWDJHRYHUWKHSROHVLVDERXWYROWV
/HDG EDWWHU\ FKDUJHV DUH PHDVXUHG E\ PHDQV RI DQ DFLG PHWHU ,Q IXOO\ FKDUJHG
FRQGLWLRQWKHVSHFLILFJUDYLW\LVQRUPDOO\ DWDWHPSHUDWXUHRIGHJUHHV&HOVLXV
+RZHYHUWKHVSHFLILFJUDYLW\YDULHVDFFRUGLQJWRFKDQJHVLQWHPSHUDWXUH
6SHFJUDYLW\DWƒ&FRUUHVSRQGVWRDWƒ&6SHFJUDYLW\DWƒ&
FRUUHVSRQGVWRDWƒ&6SHFJUDYLW\DWƒ&FRUUHVSRQGVWRDWƒ&
7KH IROORZLQJ WDEOH VKRZV WKH UHODWLRQVKLS EHWZHHQ VSHFLILF JUDYLW\ DQG FDSDFLW\ $K 
FDOFXODWHGDVDSHUFHQWDJH
&RQGLWLRQ 6SHFJUDYLW\ &DSDFLW\
)XOO\FKDUJHG  
1HDUO\IXOO\FKDUJHG  
+DOIFKDUJHG  
1HDUO\GLVFKDUJHG  
&KDUJLQJDQG0DLQWHQDQFH
7RHQVXUHWKDWWKHEDWWHULHVDUHIXOO\FKDUJHGWKH\PXVWEHFKHFNHGUHJXODUO\E\PHDQV
RIDQDFLGPHWHUDQGYROWPHWHU:KHQWKHEDWWHU\LVQRWLQXVHFHOOYROWDJHLVEHWZHHQ
 YROW :KHQ WKH YROWDJH UHDFKHV D OHYHO RI DERXW  YROW WKHFHOOVVWDUWSURGXFLQJJDV
YLJRURXVO\
7KLVJDVLVYHU\H[SORVLYHDQGDOOXVHRIRSHQILUHLVKD]DUGRXV$OOEDWWHU\URRPVPXVW
WKHUHIRUHEHSURSHUO\YHQWLODWHG
7KHVXUIDFHRIWKHEDWWHU\PXVWEHFOHDQHGUHJXODUO\WRSUHYHQWFXUUHQWOHDNDJHEHWZHHQ
WKHFHOOV7KHSROHVPXVWDOVREHSURWHFWHGZLWKQRQ DFLGYDVHOLQHWRHQVXUHJRRGFRQWDFW7KH
EDWWHU\ FHOOV PXVW EH UHILOOHG UHJXODUO\ ZLWK GLVWLOOHG ZDWHU /HDG EDWWHULHV UHTXLUH D PLQLPXP
FKDUJLQJFXUUHQWLQDFFRUGDQFHZLWKWKHIROORZLQJIRUPXOD
[FDSDFLW\LQ$KDWKRXUVGLVFKDUJLQJWLPH
ZKHUH $K DPSHUHKRXUV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$$KEDWWHU\UHTXLUHVDFKDUJLQJFXUUHQWRIDWOHDVWDPSHUHV
2YHUFKDUJLQJDVZHOODVXQGHUFKDUJLQJLVKDUPIXOWROHDG
EDWWHULHVDVLWFDXVHVLQFUHDVHGGHSRVLWVDQGVXOSKDWLQJWKXV
UHGXFLQJWKHEDWWHU\
VFDSDFLW\DQGOLIHWLPH
0DULQHOHDGEDWWHULHVKDYHDQDSSUR[LPDWHOLIHWLPHRI\HDUV
GHSHQGLQJRQPDLQWHQDQFHDQGTXDOLW\
/HDGEDWWHULHVDQG1L&G 1LFNHO&DGPLXP EDWWHULHVPXVWQRWEH
NHSWLQWKHVDPHURRPDVWKHDFLGDLUJDVHVPD\PXWXDOO\QHXWUDOLVH
WKHDFWLYHHOHPHQWRIWKHLQGLYLGXDOEDWWHU\WKXVUHGXFLQJWKH
FDSDFLW\DQGOLIHWLPHRIWKHEDWWHULHV
%DWWHU\FDSDFLW\
%DWWHULHVRIGLIIHUHQWVL]HVKDYHGLIIHUHQWFDSDFLWLHV/DUJHEDWWHULHVKDYHODUJHUFDSDFLW\
WKDQVPDOOHUEDWWHULHV7KHFDSDFLW\LVLQGLFDWHGE\WKHQXPEHUVRI$PSHUHKRXUV $K 
([DPSOHV
,IZHKDYHDEDWWHU\ZLWKDWRWDOFDSDFLW\RI$KDQGWKHUDGLRVWDWLRQFRQVXPHV
DPSHUHV $ WKLVPHDQVWKDWWKHVWDWLRQFDQUXQIRUKRXUV
%DWWHULHVFRXSOHGLQVHULHVZLOOLQFUHDVHWKHLUWRWDOYROWDJHEXWWKHLUFDSDFLW\ZLOOUHPDLQ
WKHVDPH
:KHQWZRYROWEDWWHULHVZLWKDQLQGLYLGXDOFDSDFLW\RI$KDUHFRXSOHGLQVHULHV
WKHUHVXOWZLOOEHDEDWWHU\ZLWKDWRWDOYROWDJHRIYROWVDQGDWRWDOFDSDFLW\RI$K
3DUDOOHOFRXSOHGEDWWHULHVZLOONHHSYROWDJHDWWKHVDPHOHYHOEXWFDSDFLW\ZLOOLQFUHDVH
:KHQWZRYROWEDWWHULHVZLWKDQLQGLYLGXDOFDSDFLW\RI$KDUHFRXSOHGLQSDUDOOHO
WKHUHVXOWZLOOEHDWRWDOYROWDJHRIYROWDQGDWRWDOFDSDFLW\RI$K
&DSDFLW\UHTXLUHPHQWV
7KHIROORZLQJUHTXLUHPHQWVDSSO\WRWKHRSHUDWLRQWLPHRIUHVHUYHVRXUFHVRIHQHUJ\
x ‡2QVKLSVZLWKDQHPHUJHQF\HQHUJ\VRXUFHWKDWPHHWVFDSDFLW\
UHTXLUHPHQWV,KRXU
x ‡2QVKLSVZLWKRXWDQHPHUJHQF\HQHUJ\VRXUFHRUZLWKDQHPHUJHQF\
HQHUJ\VRXUFHZKLFKGRHVQRWPHHWWKHFDSDFLW\UHTXLUHPHQWVKRXUV
&DSDFLW\ UHTXLUHPHQWV DUH FDOFXODWHG RQ WKH EDVLV RI WKH UDGLR HTXLSPHQW
V DYHUDJH
FRQVXPSWLRQLHWKHVXPWRWDORIXVHLQWUDQVPLWWLQJ PRGHDQGVWDQGE\PRGHGLYLGHGE\
(PHUJHQF\OLJKWVLQGHSHQGHQWUHFHLYHUVDQGRWKHUORDGVDUHDGGHGWRWKLVVXP
$VDJHQHUDOUXOHWKHFDSDFLW\RIRUGLQDU\OHDGEDWWHULHVLVJLYHQIRU DGLVFKDUJLQJWLPH
RIKRXUV
x ‡7KHFDSDFLW\DWKRXUVGLVFKDUJHWLPHLVDSSUR[RIWKHFDSDFLW\DW
KRXUVGLVFKDUJHWLPH
x ‡7KHFDSDFLW\DW,KRXUGLVFKDUJHWLPHLVDSSUR[RIWKHFDSDFLW\DW
KRXUVGLVFKDUJHWLPH


&KDSWHU0$5,7,0(
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

02%,/(75$)),&&+$5*(6

5DGLRWHOHSKRQHFDOOV
7KHFKDUJHIRUUDGLRWHOHSKRQHFDOOVFRQVLVWVRI
x ‡&RDVWFKDUJHODQGVWDWLRQFKDUJH WKHFKDUJHIRUXVLQJWKHFRDVW
VWDWLRQLQYROYHGLQKDQGOLQJWKHWUDIILF
x ‡/DQGOLQHFKDUJH WKHFKDUJHIURPWKHFRDVWVWDWLRQWRWKHVXEVFULEHU
x ‡&KDUJHIRUVSHFLDOVHUYLFHV OLNHSHUVRQDOFDOOVFROOHFWFDOOVGLUHFWRU\
LQTXLULHVHWF
7KH FRDVW FKDUJHV GLIIHU ZLWK UHJDUG WR WKH W\SH RI UDGLR FRPPXQLFDWLRQ HTXLSPHQW LQ
XVHVXFKDV9+30)DQG+)
7KHFKDUJHVIRUGLIIHUHQWFRDVWVWDWLRQVFDQEHIRXQGLQWKH,78SXEOLFDWLRQ/LVWRI&RDVW
6WDWLRQV SDUW ,9 7KH FKDUJHV DUH TXRWHG LQ 6'5 6SHFLDO 'UDZLQJ 5LJKWV 23 *IU *ROG
)UDQF  6'.
V DUH FRQYHUWLEOH WR DOO FXUUHQFLHV E\ XVLQJ WKH FXUUHQW UDWH EHWZHHQ 6'5 DQG
WKHVH FXUUHQFLHV 7KLV UDWH LV IL[HG RQ D GDLO\ EDVLV DQG LV DQQRXQFHG WRJHWKHU ZLWK WKH
H[FKDQJHUDWHRIRWKHUFXUUHQFLHV 6'5  4)
([DPSOH
$ UDGLR WHOHSKRQH FDOO IURP WKH 85,  +%/) WR D VXEVFULEHU LQ +DPEXUJ *HUPDQ\
ODVWLQJPLQXWHV7KHFDOO KDVWDNHQSODFHRQ+)YLD1RUGHLFK5DGLR*HUPDQ\
&KDUJHV
<RX ZLOO ILQG WKH FKDUJH IRU +) UDGLRWHOHSKRQH FDOOV LQ SDUW ,9 RI WKH /LVW RI &RDVW
6WDWLRQV
&DOFXODWLRQ
/DQGVWDWLRQFKDUJH 6'.YPLQ[PLQ 6'5/DQGOLQHFKDUJH 
6'5PLQ[PLQ 6'5
727$/ 6'5
5DGLRWHOHJUDPV
5DGLRWHOHJUDPVDUHEDQGHGLQDWRUDGGUHVVHGWRDVKLSVWDWLRQDQGIXOO\RUSDUWO\VHQW
YLD PDULWLPH PRELOH VHUYLFH UDGLR FRPPXQLFDWLRQV 5DGLRWHOHJUDPV FDQ EH WUDQVPLWWHG E\
WHOHSKRQ\WHOHJUDSK\RUE\UDGLRWHOH[
5DGLRWHOHJUDPFKDUJHVDUHFRPSRVHGRI
x ‡%DVLFFKDUJH IL[HGFKDUJH SHUWHOHJUDP
x ‡&RDVWFKDUJH WKHFKDUJHIRUWKHFRDVWVWDWLRQLQYROYHG
x ‡/DQGOLQHFKDUJH WKHFKDUJHIURPFRDVWVWDWLRQWRGHVWLQDWLRQ
7KH FKDUJHV FDQ EH IRXQG LQ WKH /LVW RI &RDVW 6WDWLRQV DQG DUH QRUPDOO\ TXRWHG LQ
6'5
$ UDGLRWHOHJUDP LV FKDUJHG SHU ZRUG FRXQWHG IURP WKH DGGUHVVHH WR WKH VLJQDWXUH
:RUGVZLWKWHQRUPRUHFKDUDFWHUVDUHFRXQWHGDVGRXEOHZRUGV
([DPSOH


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
$UDGLRWHOHJUDPIURPWKH85-+%/)WR6HDWHF/RQGRQVHQWYLD3RUWLVKHDG5DGLRE\
WHOHSKRQ\
&KDUJHV
<RXZLOOILQGWKHFKDUJHVIRUWKHUDGLRWHOHJUDPLQWKH/LVWRI&RDVW6WDWLRQV5HPHPEHU
WKDW FKDUJHV DUH DUULYHG DW E\ FRXQWLQJ HDFK ZRUG IURP WKH DGGUHVVHH WR WKH VLJQDWXUH
UHJDUGOHVV RI ZKHWKHU WKH UDGLRWHOHJUDP LV VHQW E\ 9+3 0) RU +) WHOHSKRQ\ WHOHJUDSK\ RU
UDGLRWHOH[
&DOFXODWLRQ
&RDVWVWDWLRQFKDUJH ZRUGV[)5ZRUG )5/DQGOLQHFKDUJH 
ZRUGV[)5ZRUG )5
727$/ )5
5DGLRWHOH[RQWKH0)DQG+)EDQGV
5DGLR WHOH[ RQ WKH 0) DQG +) EDQGV 7HOH[ PHVVDJHV DUH FKDUJHG LQ WKH VDPH ZD\
ZKHWKHUWKH\DUHVHQWYLD0DULWH[RURWKHUFRDVWVWDWLRQV
([DPSOH
$ UDGLR WHOH[ PHVVDJH IURP WKH 85,  +%/) WR D WHOH[ VXEVFULEHU LQ /RQGRQ YLD
3RUWLVKHDG5DGLR8.VHQWRQWKH0+]EDQGGXUDWLRQPLQXWHV
&KDUJHV
<RXFDQIRXQGLQWKH/LVWRI&RDVW6WDWLRQVSDUW,9
&DOFXODWLRQ
/DQGVWDWLRQFKDUJH/DQGOLQHFKDUJH
PLQ[*IUPLQ *IU
*IU727$/U *IU
7HOHSKRQHDQGWHOH[YLD,10$56$7$
%HORZWKHUHDUHH[DPSOHVRIWKHWDEOHVZKLFKVKRXOGEHXVHGZKHQ\RXFDOFXODWHWKH
FKDUJHVIRUWHOH[DQGWHOHSKRQHYLD,10$56$7$XVLQJ6WDWLRQVDWHOOLWHFRPPXQLFDWLRQV
V\VWHP
&RXQWU\FRGHVIRUWHOHSKRQHDQGWHOH[LQFOXGLQJWDULIIEDQG
'HVWLQDWLRQ 7DULII%DQG 7HO&RGH 7HOH[&RGH

/DWYLD   

5XVVLD   
*HUPDQ\   
DQGVRRQ
9RLFHGDWDDQGID[ 6'5PLQ 
0RELOHWRIL[HG
SHDN RIISHDN

%DQG2  

EDQG  


EDQG  
EDQG  


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

0RELOHWRPRELOH

SHDN RIISHDN

,QPDUVDW$WR$  

,QPDUVDW$WR%  

,QPDUVDW$WR0  

7HOH[

EDQG2 
EDQG 
EDQG 
EDQG 

,QPDUVDW$WR$ 
,QPDUVDW$WR% 
,QPDUVDW$WR& 

5HPDUN$OOFKDUJHVDUHJLYHQLQ6'5SHUPLQXWH 6'5PLQ
([DPSOH
$WHOH[PHVVDJHIURPPY85,WR/DWYLDYLD%XUXP/(6GXUDWLRQPLQ
&KDUJHV
&KDUJHV \RX FDQ IRXQG LQ VSHFLDO ERRN  ,10$56$7 &KDUJHV ([DPSOH RI WKH
H[WUDFWVRIWKLVERRNZDVVKRZQDERYH 
&DOFXODWLRQ
/DWYLD EDQG
&KDUJHPLQ[6'5 6'5
5HPDUNWKHFKDUJHVIRUWHOHSKRQHFDOODUHFDOFXODWHGWKHVDPHZD\DVDWHOH[FKDUJH
7HOH[YLD,10$56$7&
7KH/(6JHQHUDOO\DSSOLHVD6(59,&(&+$5*(IRUDVWRUHDQGIRUZDUGWHOH[SHUNLORELW
RUTXDUWHURIDNLORELW
NLORELWELWV
NLORELW ELWV
2QERDUGWKHVKLSWKHVL]HRIWKHPHVVDJHLVJLYHQRQWKH,10$56$7&VFUHHQDVD
QXPEHURIELWVRUDVDQXPEHURIFKDUDFWHUVE\WHV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
7KHGLIIHUHQWXQLWVDUHGHILQHGDVVXFK
FKDUDFWHU E\WHNLORELW ELWV
ELWV
E\WHVFKDUDFWHUV
7R ILQG RXW ZKLFK PHWKRG RI FDOFXODWLRQ D /(6 LV XVLQJ RQH PXVW FRQWDFW WKH /(6
&XVWRPHU6HUYLFH3RLQW 5HW,10$56$7&8VHU
V0DQXDO 
$V H[DPSOH ZH JLYH FDOFXODWLRQ RI WKH FKDUJHV IRU XVHU RI 6WDWLRQ  VDWHOOLWH
FRPPXQLFDWLRQV\VWHP
&RXQWU\FRGHVIRUWHOHSKRQHDQGWHOH[LQFOXGLQJWDULIIEDQG 
'HVWLQDWLRQ 7DULII%DQG 7HO&RGH 7HOH[&RGH

/DWYLD   


5XVVLD   
*HUPDQ\   
DQGVRRQ
7HOH[DQGID[ 6'5ELWV 0RELOHWRIL[HG0RELOHWRPRELOH
DGGUHVV QG DGGUHVV

EDQG2  


EDQG  
EDQG  
EDQG  

,QPDUVDW&WR& $2((,25$25: 

,QPDUVDW&WR& )25 

,QPDUVDW&WR$ 

,QPDUVDW&WR% 

,QPDUVDW&WR0 

)L[HGWRPRELOH3XEOLFDFFHVVIURPWKH1HWKHUODQGV
$25(,25$25: '/)

)25 '/)

$FFHVVIRUUHJLVWHUHGXVHUV DOOFRXQWULHV
$25(,25$25: 


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

([DPSOH
$VWDQGDUGELWVWHOH[PHVVDJHVWRUHDQGIRUZDUGWR/DWYLDYLD%XUXP/(6
FRQVLVWLQJRIFKDUDFWHUV
&KDUJHV
/DWYLD EDQG
&RQYHUVLRQIRUPXOD
&KDUJLQJEORFNV QXPEHURIFKDUDFWHUV[ELWVSHUFKDUDFWHU

&DOFXODWLRQ
FKDUDFWHUV[ELWV [ 6'5


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

$SSHQGL[,7(672)*0''6


(48,30(17 6$,/25 
9+3WHVW
6HOHFWFKDQQHO0DNHDFDOOWRDORFDOFRDVWVWDWLRQ&KHFNWKHVSHDFKTXDOLW\6HOHFW
D'XSOH[FKDQQHO&KHFNWKHVSHDFKTXDOLW\
'RWKLVIRUDOO9+)VRQERDUG
9+3'6&WHVW
3UHVV)81&7,21
8VHULJKWDUURZXQWLO7(67LVIODVKLQJ
3UHVV1(;7
'LVSOD\VKRZV/RRSEDFNWHVWLQSURJUHVVIRUDSSUR[VHF
,IWKHWHVWLV2. WKHGLVSOD\VKRZV&DOOWUDQVPLWWHGDQGUHFHLYHGFRUUHFW
,IQRWWKHGLVSOD\VKRZV7HVWIDLOHG
3UHVV&$//
&KRRVHDORFDO'6&FRDVWVWDWLRQHJ/\QJE\
SUHVV1(;7
20,7LVIODVKLQJ
3UHVV1(;7
'LVSOD\VKRZV3UHVV6(1'IRUFDOO
3UHVV6(1'
7KH'6&FDOOLVQRZWUDQVPLWWHG
:DUWIRUDFNQRZOHGJHIURPWKHFRDVWVWDWLRQ $OORZPLQIRUWLPHRXW
:KHQ\RXUHFHLYHWKHDFNQRZOHGJHWKH9+3ZLOODXWRPDWLFFKDQJHWRWKHFKDQQHOZKLFK
LV
VSHFLILHGE\WKHFRDVWVWDWLRQ
7DNHWKHKDQGVHWDQGVSHDNZLWKWKHFRDVWVWDWLRQ
8VHWKLVSURFHGXUHIRUERWK9+3'6&
V
7HVWRI,10$56$7&
3UHVV(6&0RYHWKHFXUVRUWR237,21
3UHVV(17(5
0RYHWKHFXUVRUWR/,1.7(67
3UHVV(17(5WZLFH
1RZWKH/,1.7(67 ZLOOVWDUW
'RQ
WGRDQ\WKLQJGXULQJWKHWHVWHYHQLI\RXDUHDVNHGIRUD'LVWUHVV7HVW
7KLVWHVWLVUXQDXWRPDWLFO\
$IWHUPLQ\RXZLOOJHWDSULQWRXWZLWKWKHUHVXOW
7KH,10$56$7WHVWLVQRZILQLVKHG
7HVWDW&5HPRWHDODUP
3UHVV/$037(67
&KHFN7KDW
',675(66
85*(1&< DQG
6(1' OLJKWVXSIRU
9+3'6&

0)+)'6& RU
6(6
3UHVV6281'7(67
&KHFNWKDWWKHORXGVSHDNHULVELEELQJ
3UHVV5(6(7
&KHFNWKDWDOOODPSVLQWKHGLVSOD\LVWXUQHGRII


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

6(6 OLJKWVXSDJDLQDIWHUDSSUR[VHF
9+3'6& DQG
0)+)'6& OLJKWVDJDLQDIWHUDSSUR[VHF
1RZLWLVWHVWHGWKDW&FDQFRPPXQLFDWHZLWKDOOXQLWV
7HVWRI0)+)'6&50
3UHVV)81&7,21
8VHULJKWDUURZXQWLO7(67 LVIODVKLQJ
3UHVV1(;7
,17(51$/LVIODVKLQJ
3UHVV1(;7
'LVSOD\VKRZV7(67,1*
&5HPRWHDODUPELEEHVDIHZWLPHVDQGGLVSOD\VKRZV
7(673$66(' 2QO\50
50VKRZV$/$5081,7(5525
7KLVLVEHFDXVHLWLVRQO\50DQGQRW50ZKLFKLVFRQQHFWHG
WR&DODUPXQLW
7KHQFKRRVH(;7(51$/
3UHVV1(;7
3UHVV'6&1RIRUDFRDVWVWDWLRQHJIRU/\QJE\
3UHVV1(;7
7KH'6&FDOOLVQRZVWDUWHG:KHQWKHFDOOLVWUDQVPLWWHGWKH
GLVSOD\VKRZV3$66('WRWHOO\RXWKDWWKHFDOOLVWUDQVPLWWHGFRUUHFW
:DLWDSSUR[PLQIRUWKHDFNQRZOHGJH
:KHQ\RXUHFHLYHWKHDFNQRZOHGJHIURPWKHFRDVWVWDWLRQWKH5(ZLOODXWRPDWLFO\
VHWXSWKHYRLFHIUHTXHQFLHVLIWKHFRDVWVWDWLRQVKDYHVSHFLILHGWKHVH
,I5(KDYHVHWXSYRLFHIUTMXVWWDNHWKHKDQGVHWIRU5(
DQGFDOOWKHFRDVWVWDWLRQ
,IQRIUTLVVHWXSWKHWHVWLV ILQLVKHG
7HVWRI5(7;5;DQG5GXSOH[UHFHLYHU
3UHVV7;DQG'800</2$'
3UHVV7(67$/$501RZ\RXZLOOKHDUWKHDODUPVLJQDOLQWKHORXGVSHDNHU
3UHVV 6(1' $/$50 DQG 7(67 $/$50 DW WKH VDPH WLPH 1RZ \RX ZLOO KHDU WKH
DODUP
VLJQDOLQWKHKDQGVHW$IWHUDSSUR[VHFSUHVV6723
1RZ\RXKDYHWHVWHGWKHDODUPIXQFWLRQ
3UHVV
3LFNXSWKHKDQGVHWDQGSUHVVWKHKDQGVHWNH\VKRUWO\RQHWLPH
:DLWXQWLOWKHWXQHODPSJRHVRII
7KHWUDQVPLWWHULVQRZUHDG\RQ
&DOODFRDVWVWDWLRQ
$IWHUDVKRUWYRLFHWHVWRQDVNIRUDZRUNLQJFKDQQHO
 .H\ LQ WKH IUT SDLU ZKLFK LV VSHFLILHG E\ WKH FRDVWVWDWLRQ 3UHVV 5; (J 
(173UHVV7;(J(17
25
,ID,78FKDQQHOLVJLYHQ3UHVV&+(J(173UHVV5;)UTLVQRZVKRZQLQ
WKHGLVSOD\
6SHDNZLWKWKHFRDVWVWDWLRQ
3UHVV&+
1RZ\RXVSHDN'83/(;ZLWKWKHFRDVWVWDWLRQ 2QO\LI5LVLQVWDOOHG
6WRSWKHYRLFHFDOO
7;5;V\VWHPLVQRZWHVWHG
7HVWDW50UDGLRWHOH[
3UHVV)


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
0RYHWR:$7&+.((3,1*3UHVV(17(5
0DNHVXUHWKDW:$7&+$54)5(48(1&,(6LVPDUNHG
,IQRWGRWKLVE\XVLQJDUURZDQGHQWHUEXWWRQ
0RYHWR:$7&+.((3,1*7$%/(3UHVV(17(5
&XUVHULVQRZRQ,16(573UHVV(17(5
%\XVLQJWKHDUURZNH\VFKRRVHDFRDVWVWDWLRQHJ/<1*%<3UHVV(17(5
1RZWKHUHFHLYHULVVFDQQLQJ/<1*%<
3UHVV(6&WZLFH
0RYHWR',5(&7&$//3UHVV(17(5
0RYHWR&200$1'63UHVV(17(5
0DNHVXUHWKDW6$9(7235,17(5LVPDUNHG
,IQRWGRWKLVE\XVLQJDUURZDQGHQWHUEXWWRQ
0RYHWR&$//3UHVV(17(5WZLFH
3UHVV$/7)6WDWLRQVUHJLVWHUVKRZVXS
&KRRVH/<1*%<E\XVLQJDUURZNH\V3UHVV(17(5
,WLVQRWQHFHVVDU\WRVHOHFWIUTEHFDXVHWKHV\VWHPZLOOVFDQ
DQGILQGDIUTZLWKDIUHHVLJQDO
3UHVV(17(5WZLFH
7KHV\VWHPZLOOQRZZDLWIRUDIUHHVLJQDOIURP/<1*%<
:KHQWKHFRQQHFWLRQLVUHDG\MXVWIROORZWKHQRUPDOSURFHGXUHIRU/<1*%<
:KHQWKHFRPPXQLFDWLRQLVILQLVKHGSUHVV:-(WRVWRSWUDQVPLVVLRQ
7KHWHOH[V\VWHPLVQRZWHVWHG


$SSHQGL[,,
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

$%%5(9,$7,216
$$,& $FFRXQWLQJ$XWKRULW\,GHQWLILFDWLRQ&RGH
$'( $ERYH'HFN(TXLSPHQW
$& $OWHUQDWLQJ&XUUHQW
$0 $PSOLWXGH0RGXODWLRQ
$25( $WODQWLF2FHDQ5HJLRQ(DVW
$25: $WODQWLF2FHDQ5HJLRQ:HVW
$54 $XWRPDWLF5HSHWLWLRQ5HTXHVW
$6&,, $PHULFDQ6WDQGDUG&RGHIRU,QIRUPDWLRQ,QWHUFKDQJH
%'( %HORZ'HFN(TXLSPHQW
ESV %LWVSHUVHFRQG
&&,5 ,QWHUQDWLRQDO5DGLR&RQVXOWDWLYH&RPPLWWHH
&(6 &RDVW(DUWK6WDWLRQ
'& 'LUHFW&XUUHQW
'&( 'DWD&LUFXLW7HUPLQDWLRQ(TXLSPHQW
'1,& 'DWD1HWZRUN,GHQWLILFDWLRQ&RGH
'1,' 'DWDUHSRUWLQJ1HWZRUN,GHQWLILFDWLRQFRGH
'6& 'LJLWDO6HOHFWLYH&DOO
'7( 'DWD7HUPLQDO(TXLSPHQW
(*& (QKDQFHG*URXS&DOO
(/7 (PHUJHQF\/RFDWRU7UDQVPLWWHU $LUERUQH
(3,5% (PHUJHQF\3RVLWLRQ,QGLFDWLQJ5DGLR%HDFRQ
)$; $EEUHYLDWLRQIRUIDFVLPLOH
)(&  )RUZDUG(UURU&RUUHFWLRQ
)6. )UHTXHQF\6KLIW.H\LQJ
*)5 *ROG)UDQF
*0'66 *OREDO0DULWLPH'LVWUHVV$QG6DIHW\6\VWHP
*2& *HQHUDO2SHUDWRU
V&HUWLILFDWH
*36 *OREDO3RVLWLRQLQJ6\VWHP
+) +LJK)UHTXHQF\
,$ ,QWHUQDWLRQDO$OSKDEHW $6&,, ELWVFRGHV
,7$ ,QWHUQDWLRQDO7HOHJUDSK$OSKDEHWELWVFRGHV
,02 ,QWHQWLRQDO0DULWLPH2UJDQLVDWLRQ
,25 ,QGLDQ2FHDQ5HJLRQ
,78 ,QWHUQDWLRQDO7HOHFRPPXQLFDWLRQV8QLRQ
.ESV .LORELWVSHUVHFRQG ELWVVHFRQG
/(6 /RFDO(DUWK6WDWLRQ
/87 /RFDO8VHU7HUPLQDO
0&& 0LVVLRQ&RQWURO&HQWUH
0(6 0RELOH(DUWK6WDWLRQ
0) 0HGLXP)UHTXHQF\
0,' 0DULWLPH,GHQWLILFDWLRQ'LJLW
006, 0DULWLPH0RELOH6HUYLFH,GHQWLWLHV
05&& 0DULWLPH5HVFXH&RRUGLQDWLQJ&HQWUH
06, 0DULWLPH6DIHW\,QIRUPDWLRQ
1$8 1HWZRUN8VHU$GGUHVV


/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH
1%'3 1DUURZ%DQG'LUHFW3ULQWLQJ
1&6 1HWZRUN&RRUGLQDWLQJ6WDWLRQ
3/% 3HUVRQDO/RFDWRU%HDFRQ /DQG
36'1 3XEOLF6ZLWFKHG'DWD1HWZRUN
3671 3XEOLF6ZLWFKHG7HOHSKRQH1HWZRUN
3& 3HUVRQDO&RPSXWHU
325 3DFLILF2FHDQ5HJLRQ
5&& 5HVFXH&RRUGLQDWLQJ&HQWUH
5; 5HFHLYHU
6$5 6HDUFK$QG5HVFXH
6$57 6HDUFK$QG5HVFXH7UDQVSRQGHU
6&$'$ 6XSHUYLVRU\&RQWURODQG'DWD$FTXLVLWLRQ
6'5 6SHFLDO'UDZLQJ5LJKWV
6(6 6KLS(DUWK6WDWLRQ
62/$6 6DIHW\RI/LIHDW6HD
7; 7UDQVPLWWHU
7'0 7LPH'LYLVLRQ0XOWLSOH[
86% 8SSHU6LGH%DQG
87& 8QLYHUVDO7LPH&RRUGLQDWHG
9+3 9HU\+LJK)UHTXHQF\


$SSHQGL[,,,'6&
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

)5(48(1&<
)UHTXHQF\
%DQG
0),
0),,
+)0+]
8VH
,QWHUQDWLRQDOFDOOLQJ
6KLSWUDQVPLWN+]
+)0+]
+)0+]
'LVWUHVVVDIHW\
,QWHUVKLSFDOOLQJ
,QWHUQDWLRQDOFDOOLQJ
'LVWUHVVVDIHW\,QWHUQDWLRQDOFDOOLQJ

'LVWUHVVVDIHW\,QWHUQDWLRQDOFDOOLQJ

'LVWUHVVVDIHW\,QWHUQDWLRQDOFDOOLQJ

+)O0+]'LVWUHVVVDIHW\,QWHUQDWLRQDOFDOOLQJ

+)O0+]'LVWUHVVVDIHW\
,QWHUQDWLRQDOFDOOLQJ




+)O60+],QWHUQDWLRQDOFDOOLQJ

+)0+],QWHUQDWLRQDOFDOOLQJ

+)0+],QWHUQDWLRQDOFDOOLQJ

9+)'LVWUHVVDQG&KDQQHOLQWHUQDWLRQDOFDOOLQJ
6KRUHWUDQVPLWN+]











/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH






















&KDQQHO


$SSHQGL[,9 6(/(&7('0,'
/6&5(:,1* 75$,1,1*&203$1</7' 7UDLQLQJ&HQWUH

&28175<&2'(6
0,'E\FRXQWU\
%HOJLXP'HQPDUN(VWRQLD)LQODQG)UDQFH*HUPDQ\
*HUPDQ\
*LEUDOWDU
*UHHFH*UHHFH*UHHQODQG,FHODQG,UHODQG,VUDHO,WDO\
/DWYLD/LWKXDQLD/X[HPERXUJ
0DGHLUD
0DOWD0RQDFR
1HWKHUODQGV
1HWKHUODQGV
1HWKHUODQGV
1RUZD\
1RUZD\3RODQG3RUWXJDO5XVVLDQ)HG6SDLQ6ZHGHQ
6ZLW]HUODQG7XUNH\
8.
8.
<XJRVODYLD
0,'E\QXPEHU
%HOJLXP*HUPDQ\
*HUPDQ\
'HQPDUN6SDLQ)UDQFH)LQODQG
8.
8.
*LEUDOWDU
*UHHFH*UHHFH
1HWKHUODQGV
1HWKHUODQGV
1HWKHUODQGV
,WDO\
,UHODQG
,FHODQG
/X[HPERXUJ
0RQDFR
0DGHLUD
0DOWD
1RUZD\
1RUZD\3RODQG3RUWXJDO6ZHGHQ6ZLW]HUODQG7XUNH\
5XVVLDQ)HG
/DWYLD
(VWRQLD
/LWKXDQLD<XJRVODYLD*UHHQODQG,VUDHO



You might also like