You are on page 1of 34





6566HULHV
656656656656 
'LJLWDO&RQWUROOHU
,QVWUXFWLRQ0DQXDO 'HWDLOHG9HUVLRQ 


7KDQN\RXIRUSXUFKDVLQJD6KLPDGHQSURGXFW$IWHUPDNLQJVXUHWKHSURGXFWILWVWKHGHVLUHG
GHVFULSWLRQ\RXVKRXOGFDUHIXOO\UHDGWKHLQVWUXFWLRQPDQXDODQGJHWDJRRGXQGHUVWDQGLQJRI
WKHFRQWHQWVEHIRUHDWWHPSWLQJWRRSHUDWHWKHGHYLFH

5HTXHVW
7KHLQVWUXFWLRQPDQXDOVKRXOGEHNHSWLQDKDQG\SODFHZKHUHWKHHQGXVHUFDQUHIHUWRLWZKHQQHFHVVDU\

3UHIDFH
7KLVLQVWUXFWLRQPDQXDO GHWDLOHGYHUVLRQ ZDVZULWWHQIRUWKRVHZKRSHUIRUPZLULQJLQVWDOODWLRQRSHUDWLRQDQGURXWLQH
PDLQWHQDQFHIRUWKH656 656656656656 6HULHV
7KLVPDQXDOFRQWDLQVDGHVFULSWLRQRIWKHRSHUDWLQJPHWKRGIXQFWLRQVZLULQJPRXQWLQJPHWKRGDQGSUHFDXWLRQV
ZKHQKDQGOLQJWKH656 656656656656 6HULHV KHUHLQDIWHUUHIHUUHGWRDVWKH6566HULHVXQOHVVDVHSDUDWH
GHVFULSWLRQLVUHTXLUHG <RXVKRXOGWKHUHIRUHNHHSLWKDQG\WRUHIHUWRLWZKHQRSHUDWLQJDQGKDQGOLQJWKHGHYLFH
%HVXUHWRREVHUYHDOOSUHFDXWLRQVDQGDGKHUHWRWKHSURFHGXUHVSURYLGHGKHUHLQ






































0656() 
0DU
&RQWHQWV



5HTXHVW ([SODQDWLRQRIIXQFWLRQV

3UHIDFH (YHQWV
 $ODUPDFWLRQ
6DIHW\UXOHV  (YHQWVWDQGE\DFWLRQVHOHFWLRQ
 (YHQWVHOHFWLRQDODUPDFWLRQGLDJUDPV
,QWURGXFWLRQ  &RQWURORXWSXWLQYHUWHGRXWSXW
 (YHQWVWDWXVRXWSXWDFWLRQ
3UHOLPLQDU\FKHFN
 0RGHOFRGHFKHFN 3,'
 $FFHVVRULHVFKHFN  3 SURSRUWLRQDODFWLRQ 
 , LQWHJUDOWLPH 
1RWHVRQXVH
 ' GHULYDWLYHWLPH 
 05 PDQXDOUHVHW 
,QVWDOODWLRQDQGZLULQJ
 6) WDUJHWYDOXHIXQFWLRQ 
,QVWDOODWLRQVLWH HQYLURQPHQWDOFRQGLWLRQV 
&RQWURORXWSXW
0RXQWLQJ  /RZHUOLPLWDQGKLJKHUOLPLWOLPLWHUVHWWLQJ
([WHUQDOGLPHQVLRQVDQGSDQHOFXWRXW  3URSRUWLRQDOF\FOH
 &RQWURORXWSXWFKDUDFWHULVWLFV
:LULQJ  7ZRSRVLWLRQDFWLRQ
7HUPLQDOOD\RXW ([WHUQDOFRQWUROLQSXW ', 
7HUPLQDODUUDQJHPHQWWDEOH  &RQWUROOHUDFWLRQH[HFXWLRQ 581 
 &RQWUROOHUDFWLRQH[HFXWLRQ 581 
2SHUDWLRQSUHSDUDWLRQV  0DQXDORXWSXW 0$1 
 $XWRWXQLQJH[HFXWLRQ $7 
1DPHVDQGIXQFWLRQVRISDUWVRQIURQWSDQHO  69VHOHFWLRQ 69 
 2XWSXWFKDUDFWHULVWLF $&7 
3DUDPHWHUGLDJUDPDQGVHWWLQJ  3URJUDP 352* 
3DUDPHWHUGLDJUDP  +ROGVLJQDO +/' 
 $GYDQFH $'9 
'LVSOD\ZKHQSRZHULVDSSOLHG  7RWDOXQODWFKLQJ /B56 
6ZLWFKLQJVFUHHQV &KDQJHLQSRVLWLRQRIGHFLPDOSRLQW
 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS  &KDQJHLQSRVLWLRQRIGHFLPDOSRLQWIRUOLQHDULQSXW
 6ZLWFKLQJEHWZHHQVFUHHQJURXSDQGVFUHHQJURXS  &KDQJHLQSRVLWLRQRIGHFLPDOSRLQWRI7&57'UDQJH
 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
 6ZLWFKLQJWRVFUHHQJURXS 6WDUW69
 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS  :KHQVWDUW69IXQFWLRQLVLQYDOLG
 6ZLWFKLQJWRVFUHHQJURXS  :KHQVWDUW69IXQFWLRQLVYDOLG
 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS  :KHQVWDUW69IXQFWLRQLVYDOLGDQGVWDUWVWHSLVVNLSSHG
 6ZLWFKLQJWRVFUHHQJURXS
*XDUDQWHHVRDN *8$ 
 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
 6ZLWFKLQJWRVFUHHQJURXS  :KHQ2))
 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS  :KHQJXDUDQWHHVRDN]RQHLVVHW
 6HWGDWDPRGLILFDWLRQ
&DXVHVDQGUHPHG\RIWURXEOHDQGHUURUV
$XWRUHWXUQIXQFWLRQ
&DXVHVDQGUHPHG\RIWURXEOH
6FUHHQJURXSVHWWLQJ
&DXVHVDQGUHPHG\RIHUURUV
 6HWWLQJWDUJHWVHWYDOXHV 69 
 0DQXDOVHWWLQJRIFRQWURORXWSXW  $EQRUPDOPHDVXUHGLQSXW
 $XWRWXQLQJ $7 
3DUDPHWHUVHWWLQJUHFRUG
 5HVHW 567 UXQ 581 
 (YHQWVHWWLQJ
6SHFLILFDWLRQV
 0XOWL69 WDUJHWVHWYDOXHV 

6FUHHQH[SODQDWLRQDQGVHWWLQJLWHPV 

0HDVXULQJUDQJHFRGHV
 


6DIHW\UXOHV

6DIHW\UXOHVSUHFDXWLRQVFRQFHUQLQJHTXLSPHQWGDPDJHDGGLWLRQDOLQVWUXFWLRQVDQGQRWHVDUHZULWWHQEDVHGRQ 
WKHIROORZLQJKHDGLQJV

· :$51,1* 0DWWHUVWKDWFRXOGUHVXOWLQLQMXU\RUGHDWKLILQVWUXFWLRQVDUHQRWIROORZHG
· &$87,21  0DWWHUVWKDWFRXOGUHVXOWLQHTXLSPHQWGDPDJHLILQVWUXFWLRQVDUHQRWIROORZHG
1RWH   $GGLWLRQDOLQVWUXFWLRQVRUQRWHV


 
 · :$51,1*
7KH6566HULHVGLJLWDOFRQWUROOHUVDUHFRQWUROLQVWUXPHQWVGHVLJQHGIRULQGXVWULDOXVHWRFRQWUROWHPSHUDWXUH
KXPLGLW\DQGRWKHUSK\VLFDOYDOXHV
<RXVKRXOGHLWKHUWDNHDSSURSULDWHVDIHW\PHDVXUHVRUDYRLGXVLQJIRUFRQWUROWKDWFRXOGKDYHDVHULRXVHIIHFWRQ
KXPDQOLIH
7KHPDQXIDFWXUHUVKDOOQRWEHOLDEOHIRUDQDFFLGHQWWKDWUHVXOWVLIXVHGZLWKRXWWDNLQJDSSURSULDWHVDIHW\PHDVXUHV

Ɣ7KHGLJLWDOFRQWUROOHUVKRXOGEHXVHGVRWKHWHUPLQDOHOHPHQWVLQWKHFRQWUROER[HWFDUHQRWWRXFKHGE\KXPDQV
Ɣ'RQRWUHPRYHWKHFRQWUROOHUIURPLWVFDVHRULQVHUW\RXUILQJHUVRUHOHFWULFFRQGXFWRUVLQVLGHWKHFDVH 
'RLQJVRFRXOGUHVXOWLQHOHFWULFVKRFNDFFLGHQWLQYROYLQJGHDWKRUVHULRXVLQMXU\
Ɣ%HVXUHWRWXUQRIISRZHUZKLOHSHUIRUPLQJZLULQJ)DLOXUHWRGRVRFRXOGUHVXOWLQHOHFWULFVKRFN
Ɣ$IWHUZLULQJGRQRWWRXFKWHUPLQDOHOHPHQWVRURWKHUFKDUJHGSDUWVZKLOHWKH\DUHFRQGXFWLQJHOHFWULFLW\ 
)DLOXUHWRGRVRFRXOGUHVXOWLQHOHFWULFVKRFN



· &$87,21
 

,IWKHUHLVGDQJHURIGDPDJHWRDQ\SHULSKHUDOGHYLFHRUHTXLSPHQWGXHWRIDLOXUHRIWKHFRQWUROOHU
\RXVKRXOGWDNHDSSURSULDWHVDIHW\PHDVXUHVVXFKDVPRXQWLQJDIXVHRURYHUKHDWLQJSUHYHQWLRQGHYLFH
7KHPDQXIDFWXUHUVKDOOQRWEHOLDEOHIRUDQDFFLGHQWWKDWUHVXOWVLIXVHGZLWKRXWWDNLQJDSSURSULDWHVDIHW\PHDVXUHV

Ɣ&RQWUROOHUODEHOVDQGDOHUWPDUN ·
$OHUWPDUNV · DUHSULQWHGRQWKHWHUPLQDOODEHORIWKHFDVH<RXFRXOGEHVKRFNHGLI\RXWRXFKFKDUJHG
SDUWV7KHDOHUWPDUNVDUHSURYLGHGWRFDOO\RXUDWWHQWLRQWRWKLV

Ɣ3URYLGHDVZLWFKRUEUHDNHUDVDPHDQVRIFXWWLQJRIISRZHUIRUH[WHUQDOSRZHUFLUFXLWFRQQHFWHGWRWKHSRZHU
WHUPLQDORIWKHFRQWUROOHU0RXQWDVZLWFKRUEUHDNHUQHDUWKHFRQWUROOHUZKHUHWKHRSHUDWRUFDQJHWWRLWHDVLO\DQG
ODEHOLWDVDQHOHFWULFDOEUHDNHUIRUWKHFRQWUROOHU8VHDVZLWFKRUEUHDNHUWKDWFRQIRUPVWRUHTXLUHPHQWVRI
,(&

Ɣ)XVHV
7KHFRQWUROOHUGRHVQRWKDYHDEXLOWLQIXVH%HVXUHWRPRXQWDIXVHRQWKHSRZHUFLUFXLWFRQQHFWHGWR 
WKHSRZHUWHUPLQDO
3URYLGHDIXVHEHWZHHQWKHVZLWFKRUEUHDNHUDQGWKHFRQWUROOHU0RXQWRQWKH/VLGHRIWKHSRZHUWHUPLQDO
 )XVHUDWLQJFKDUDFWHULVWLFV9$&$PHGLXPWLPHODJJHGW\SHRUWLPHODJJHGW\SH
 8VHDIXVHWKDWFRQIRUPVWRUHTXLUHPHQWVRI,(&

Ɣ9ROWDJHFXUUHQWRIORDGFRQQHFWHGWRWKHRXWSXWWHUPLQDODQG(9WHUPLQDOVKRXOGEHZLWKLQWKHUDWLQJ
8VLQJYROWDJHFXUUHQWWKDWH[FHHGVWKHUDWLQJFRXOGVKRUWHQWKHOLIHRIWKHFRQWUROOHUE\UDLVLQJWKHWHPSHUDWXUH
DQGFRXOGUHVXOWLQHTXLSPHQWIDLOXUH)RUUDWLQJVHH³6SHFLILFDWLRQV´ 
&RQQHFWHTXLSPHQWWKDWFRQIRUPVWRUHTXLUHPHQWVIRU,(&WRWKHRXWSXWWHUPLQDO

Ɣ'RQRWDSSO\YROWDJHFXUUHQWRWKHUWKDQUDWHGLQSXWWRWKHLQSXWWHUPLQDO'RLQJVRFRXOGVKRUWHQSURGXFWOLIHDQG
OHDGWRHTXLSPHQWIDLOXUH)RUUDWLQJVHH³6SHFLILFDWLRQV´ 
,IWKHLQSXWLVYROWDJHRUFXUUHQWFRQQHFWHTXLSPHQWWKDWFRQIRUPVWR,(&WRWKHLQSXWWHUPLQDO
7KHUHDUHGUDIWKROHVLQWKHFRQWUROOHUIRUKHDWWRHVFDSHIURP'RQRWDOORZIRUHLJQPDWWHUVXFKDVPHWDOWRJHW
LQWRWKHKROHV'RLQJVRFRXOGUHVXOWLQHTXLSPHQWIDLOXUHRUILUH

Ɣ'RQRWDOORZWKHGUDIWKROHVWREHFRPHFORJJHGZLWKGXVWHWF
'RLQJVRFRXOGVKRUWHQWKHOLIHRIWKHSURGXFWGXHWRWHPSHUDWXUHULVHRULQVXODWLRQGHWHULRUDWLRQDQGFRXOGUHVXOW
LQHTXLSPHQWIDLOXUHRUILUH)RUVSDFHEHWZHHQLQVWUXPHQWVVHH³([WHUQDOGLPHQVLRQVDQGSDQHOFXWRXW´

Ɣ5HSHDWLQJHQGXUDQFHWHVWVVXFKDVGLHOHFWULFVWUHQJWKQRLVHUHVLVWDQFHDQGVXUJHUHVLVWDQFHFRXOGQHJDWLYHO\
DIIHFWWKHFRQWUROOHU

Ɣ7KHXVHUVKRXOGDEVROXWHO\QRWPRGLI\RUXVHWKHFRQWUROOHURWKHUWKDQWKHZD\LWZDVLQWHQGHG

Ɣ,WWDNHVPLQXWHVWRGLVSOD\WKHFRUUHFWWHPSHUDWXUHDIWHUDSSO\LQJSRZHUWRWKHGLJLWDOFRQWUROOHU 
7KHUHIRUHWXUQWKHSRZHURQPRUHWKDQPLQXWHVSULRUWRWKHRSHUDWLRQ 

Ɣ7RHQVXUHVDIHW\DQGPDLQWDLQWKHIXQFWLRQVRIWKLVGHYLFHGRQRWGLVDVVHPEOHWKLVGHYLFH 
,IWKLVGHYLFHPXVWEHGLVDVVHPEOHGIRUUHSODFHPHQWRUUHSDLUFRQWDFW\RXUGHDOHU
 


,QWURGXFWLRQ
3UHOLPLQDU\FKHFN
7KHFRQWUROOHUKDVXQGHUJRQHVXIILFLHQWTXDOLW\FRQWUROLQVSHFWLRQVEXW\RXVKRXOGFKHFNWKHVSHFLILFDWLRQ
FRGHDSSHDUDQFHDQGPDNHVXUH\RXKDYHDOOWKHDFFHVVRULHVWRPDNHVXUHQRWKLQJLVPLVVLQJRUGDPDJHG
&RPSDUHWKHVSHFLILFDWLRQFRGHRQWKHFDVHZLWKWKHIROORZLQJWRPDNHVXUHLWLVWKHSURGXFW\RXRUGHUHG

 0RGHOFRGHFKHFN
,WHP &RGH 6SHFLILFDWLRQ
6HULHV 656 î',1VL]HGLJLWDOFRQWUROOHU
656 î',1VL]HGLJLWDOFRQWUROOHU
656 î',1VL]HGLJLWDOFRQWUROOHU
656 î',1VL]HGLJLWDOFRQWUROOHU
&RQWURORXWSXW < &RQWDFW  9$&  $
, &XUUHQW  ±P$  PD[ȍ
3 665GULYHYROWDJH  9'&  P$
9 9ROWDJH  ±9  PD[P$
3URJUDP 1 1RQH
3 SDWWHUQ  VWHSV
(YHQW  SRLQWV  9$&  $  &RPPRQ
5HPDUN  :LWKRXW
 9ROWDJH LQSXW 9
 :LWK

 $FFHVVRULHVFKHFN
,QVWUXFWLRQPDQXDO $VL]HSDSHUî     FRS\

1RWH,QWKHHYHQW\RXZDQWWRLQTXLUHDERXWDSURGXFWGHIHFWPLVVLQJDFFHVVRU\RURWKHUPDWWHUSOHDVHFRQWDFW\RXU
QHDUHVW6KLPDGHQDJHQW

1RWHVRQXVH 
'RQRWSUHVVIURQWSDQHONH\VZLWKDKDUGRUSRLQWHGREMHFW3UHVVOLJKWO\ZLWK\RXUILQJHUWLSV
7RFOHDQZLSHOLJKWO\ZLWKDGU\FORWK'RQRWXVHVROYHQWVVXFKDVWKLQQHU

,QVWDOODWLRQDQGZLULQJ
,QVWDOODWLRQVLWH HQYLURQPHQWDOFRQGLWLRQV 
 
(QYLURQPHQWDOFRQGLWLRQVIRURSHUDWLRQV · &$87,21
7KHFRQWUROOHULVGHVLJQHGWREHXVHGXQGHUWKH 'RQRWXVHWKHFRQWUROOHULQWKHIROORZLQJORFDWLRQV
IROORZLQJFRQGLWLRQV2EVHUYHWKHIROORZLQJ 'RLQJVRFRXOGOHDGWRHTXLSPHQWIDLOXUHGDPDJHRUILUH
HQYLURQPHQWDOFRQGLWLRQVZKHQXVLQJ 
 Ɣ3ODFHVH[SRVHGWRIODPPDEOHRUFRUURVLYHJDVHVRLOPLVWRU
 0XVWEHXVHGLQGRRUV H[FHVVLYHGXVWWKDWFRXOGFDXVHLQVXODWLRQWRGHWHULRUDWH
 0D[HOHYDWLRQP Ɣ3ODFHVVXEMHFWWRYLEUDWLRQRULPSDFW
 $PELHQWWHPSHUDWXUH±ƒ& Ɣ3ODFHVQHDUVWURQJHOHFWULFFLUFXLWRUSODFHVVXEMHFWWR
 $PELHQWKXPLGLW\0D[5+QRGHZ LQGXFWLYHLQWHUIHUHQFH
FRQGHQVDWLRQ Ɣ3ODFHVH[SRVHGWRZDWHUGULSSLQJRUGLUHFWVXQOLJKW
 7UDQVLHQWRYHUYROWDJHFDWHJRU\,, Ɣ3ODFHVZKHUHWKHFRQWUROOHULVVWUXFNGLUHFWO\E\DLUIURP
 3ROOXWLRQFODVV ,(&   KHDWHURUDLUFRQGLWLRQHU

0RXQWLQJ


· &$87,21 

,QRUGHUWRPDLQWDLQVDIHW\DQGIXQFWLRQGRQRWUHPRYHWKHFDVHIURPWKHFRQWUROOHU
,IWKHFDVHRIWKHFRQWUROOHUKDVWREHUHPRYHGIRUUHSODFHPHQWUHSDLUFRQWDFW\RXUQHDUHVW6KLPDGHQDJHQW


 &XWDKROHIRUPRXQWLQJWKHFRQWUROOHULQWKHSDQHOE\UHIHUULQJWR³([WHUQDOGLPHQVLRQVDQGSDQHOFXWRXW´
 7KHSDQHOWKLFNQHVVVKRXOGEH±PP
 7KHFRQWUROOHULVSURYLGHGZLWKWDEVIRUPRXQWLQJ,QVHUWDVLVIURPWKHIURQWVXUIDFHRIWKHSDQHO
 &RQWUROOHUVRIWKH6566HULHVDUHGHVLJQHGIRUPRXQWLQJRQWKHSDQHO%HVXUHWRPRXQWRQWKHSDQHO
 ,IPRXQWHGLQVHULHVSURYLGHYHQWLODWLRQVRDPELHQWWHPSHUDWXUHGRHVQRWH[FHHGƒ&GXHWRWHPSHUDWXUHULVHFDXVHG
E\KHDWJHQHUDWLRQ 




([WHUQDOGLPHQVLRQVDQGSDQHOFXWRXW

3DQHOFXWRXW
  656

 î1 








 


0LQ
,IPRXQWHGKRUL]RQWDOO\
1 1XPEHURIXQLWV
 8QLWPP


  656
3DQHOFXWRXW
0LQ




0LQ

 

 8QLWPP


  656
3DQHOFXWRXW


î1 








0LQ

,IPRXQWHGKRUL]RQWDOO\
1 1XPEHURIXQLWV


 8QLWPP

  656
0LQ


 

0LQ

 


 8QLWPP
 


:LULQJ

· :$51,1*
 

Ɣ%HVXUHWRWXUQRIISRZHUEHIRUHZLULQJ)DLOXUHWRGRVRFRXOGUHVXOWLQHOHFWULFVKRFN
Ɣ$IWHUZLULQJGRQRWWRXFKWHUPLQDOHOHPHQWVRURWKHUFKDUJHGSDUWVZKLOHFRQGXFWLQJHOHFWULFLW\ 
)DLOXUHWRGRVRFRXOGUHVXOWLQHOHFWULFVKRFN


7DNHWKHIROORZLQJSUHFDXWLRQVZKHQZLULQJ

 :LUHLQDFFRUGDQFHZLWKWKHWHUPLQDOOD\RXWRIVHFWLRQDQGWKHWHUPLQDODUUDQJHPHQWWDEOHRIVHFWLRQ 
$IWHUZLULQJFKHFNDQGPDNHVXUHWKHZLULQJLVFRUUHFW
 &ULPSW\SHWHUPLQDOVILW0VFUHZV8VHFULPSW\SHWHUPLQDOVWKDWDUHQRZLGHUWKDQPP
 )RUWKHUPRFRXSOHLQSXWXVHDFRPSHQVDWLQJFRQGXFWRUWKDWPDWFKHVWKHW\SHRIWKHUPRFRXSOH
 )RU57'LQSXWUHVLVWDQFHIRUOHDGZLUHVVKRXOGEHDPD[LPXPRIȍSHUZLUH 
$OOZLUHVVKRXOGKDYHWKHVDPHUHVLVWDQFH
 ,QSXWVLJQDOZLUHVPXVWQRWEHDFFRPPRGDWHGZLWKDVWURQJHOHFWULFFLUFXLWLQWKHVDPHFRQGXLWRUGXFW
 8VLQJVKLHOGHGZLULQJ VLQJOHSRLQWJURXQGLQJ LVHIIHFWLYHIRUVWDWLFLQGXFWLRQQRLVH
 0DNLQJLQSXWZLULQJVKRUWDQGWZLVWLQJDWUHJXODULQWHUYDOVLVHIIHFWLYHIRUHOHFWURPDJQHWLFLQGXFWLRQQRLVH
 )RUSRZHUVXSSO\XVHZLULQJRUFDEOHZLWKVHFWLRQDODUHDRIDWOHDVWPPðWKDWRIIHUVWKHVDPHSHUIRUPDQFHDV9
YLQ\OLQVXODWHGZLULQJ
 6HFXUHO\IDVWHQWKHWHUPLQDOHOHPHQWVFUHZ)DVWHQLQJWRUTXH1āP NJIāFP 
 &RXQWHUPHDVXUHDJDLQVWOLJKWQLQJVXUJHZLOOEHUHTXLUHGIRUVLJQDOOLQHRYHUP
 ,IWKHLQVWUXPHQWDSSHDUVWREHHDVLO\DIIHFWHGE\SRZHUVXSSO\QRLVHXVHDQRLVHILOWHUWRSUHYHQWPDOIXQFWLRQLQJ 
0RXQWWKHQRLVHILOWHURQWKHJURXQGHGSDQHODQGPDNHWKHZLUHFRQQHFWLRQEHWZHHQWKHQRLVHILOWHURXWSXWDQGSRZHU
OLQHWHUPLQDOVRIWKHFRQWUROOHUDVVKRUWDVSRVVLEOH
 0DNHWKLVZLUHVKRUW
 1RLVHILOWHU &RQWUROOHU

 5HFRPPHQGHGQRLVHILOWHU ±9 
 7'.56(/: ±9
$& ,1 287
$&
 +]


*URXQG

7HUPLQDOOD\RXW

:LUHLQDFFRUGDQFHZLWKWKHIROORZLQJWHUPLQDOOD\RXWDQGWHUPLQDODUUDQJHPHQWWDEOH

656             656656656
















7HUPLQDODUUDQJHPHQWWDEOH
1DPHRI 7HUPLQDO1R 
'HVFULSWLRQ 1RWH:LWKWKHUPRFRXSOHYROWDJH
WHUPLQDO 656 656
LQSXWGRQRWFRQQHFWDQ\WKLQJWR
±9$&   656WHUPLQDOQRU656
3RZHUVXSSO\
±9$&   WHUPLQDODVGRLQJVRZLOOFDXVH
57'$WKHUPRFRXSOHYROWDJH   DQHUURU 
,QSXW 57'%WKHUPRFRXSOHYROWDJH   
57'E   
&RQWURO  &RQWDFW 12665GULYHYROWDJHYROWDJHFXUUHQW   
RXWSXW &RQWDFW12665GULYHYROWDJHYROWDJHFXUUHQW  
&20  
(YHQWRXWSXW (9  
(9  
([WHUQDO &20  
FRQWUROLQSXW', ',  
 


2SHUDWLRQSUHSDUDWLRQV
%HIRUHRSHUDWLQJWKHFRQWUROOHU\RXVKRXOGILUVWFKHFNWKHZLULQJDQGFDUU\RXWWKHIROORZLQJE\VFUHHQJURXSVHWWLQJ
PHWKRG
7KHUHLVKRZHYHUQRQHHGWRFKDQJHWKHVHWWLQJVWKDWKDYHEHHQVHWDWWKHIDFWRU\RUDOUHDG\EHHQPDGHE\WKH
PDQXIDFWXUHU


:LULQJFKHFN
0DNHVXUHWKHZLULQJWRWKHFRQQHFWLRQWHUPLQDOVLVFRUUHFW,QFRUUHFWZLULQJFRXOGUHVXOWLQEXUQRXW


3RZHU21
7XUQRQWKHRSHUDWLQJSRZHU7KHGLVSOD\VHWFOLJKWZKHQSRZHULVVXSSOLHGWRWKHFRQWUROOHU

0HDVXULQJUDQJHVHWWLQJ
6HOHFWFRGHIURP0HDVXULQJ5DQJH&RGHVRI³0HDVXULQJUDQJHFRGHVVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHU

,QSXWWHPSHUDWXUHXQLWVHWWLQJ
)RU7&3WLQSXWVHOHFWWHPSHUDWXUHXQLWRI³,QSXWWHPSHUDWXUHXQLWVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHU

,QSXWVFDOLQJVHWWLQJ 
6HWLQSXWVFDOLQJRQ³DQG,QSXWVFDOLQJORZHUKLJKHUOLPLWYDOXHVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHU
6FDOHRYHUSRLQWVFDQEHVHWZLWKJLYHQVHWYDOXHV 

)RUP99LQSXWVHWORZHUDQGKLJKHUOLPLWYDOXHVRIGLVSOD\FRQWHQWVIRULQSXWVLJQDORQ³DQG'LVSOD\VFDOLQJ
ORZHUKLJKHUOLPLWYDOXHVHWWLQJVFUHHQ´RIVFUHHQJURXS6HWWKHSRVLWLRQRIDGHFLPDOSRLQWIRUVDLGGLVSOD\FRQWHQWV
RQ³'HFLPDOSRLQWSRVLWLRQVHWWLQJVFUHHQ´RIVFUHHQJURXS 

&RQWUROPRGH 3,' VHWWLQJ
)RU212)) SRVLWLRQ DFWLRQVHOHFW2))E\³2XWSXW3,'SURSRUWLRQDOEDQGVHWWLQJVFUHHQ´RIVFUHHQJURXS
DQGHQWHU6HWVK\VWHUHVLVE\³2XWSXW3,'K\VWHUHVLVVHWWLQJVFUHHQ´,IXVLQJDXWRWXQLQJ $7 ZLWKRWKHUWKDQ21
2))K\VWHUHVLVWKLVVHWWLQJRSHUDWLRQLVQRWUHTXLUHG

&RQWURORXWSXWFKDUDFWHULVWLFVVHWWLQJ
6HOHFW5$ IRUKHDWLQJ RU'$ IRUFRROLQJ DFFRUGLQJWRRXWSXWVSHFLILFDWLRQ KHDWLQJFRROLQJ RQ³2XWSXW
FKDUDFWHULVWLFVVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHU

(YHQWW\SHVHWWLQJ
6HOHFWW\SHVRIHYHQWRQ³DQG(YHQWW\SHVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHU6HWWKHHYHQW
RFFXUUHQFHOHYHORQ³DQG),;HYHQW (9(9 VHWYDOXHVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHU

&RQWUROH[HFXWLRQ
6HOHFW581RQ³5HVHWDFWLRQVHWWLQJVFUHHQ´RIVFUHHQJURXSDQGHQWHUWRVWDUWFRQWURO

$XWRWXQLQJH[HFXWLRQ
,IQRW212))DFWLRQVHOHFW21RQ³$XWRWXQLQJ $7 DFWLRQFRQWUROVFUHHQ´RIVFUHHQJURXSDQGHQWHUWR
H[HFXWHDXWRWXQLQJ

1RWH 
3UHFDXWLRQFRQFHUQLQJLQLWLDOL]DWLRQE\GDWDPRGLILFDWLRQ
0RGLI\LQJPHDVXULQJUDQJHFRGHRUW\SHRIHYHQWLQLWLDOL]HVUHODWHGVHWWLQJYDOXHV GDWD 7KHGDWDPXVWWKHUHIRUHEHVHW
DJDLQ
  


1DPHVDQGIXQFWLRQVRISDUWVRQIURQWSDQHO



 0HDVXUHGYDOXH 39 GLVSOD\


 7DUJHWVHWYDOXH 69 GLVSOD\


 $FWLRQGLVSOD\

 2SHUDWLQJNH\V




1DPH )XQFWLRQ
 0HDVXUHGYDOXHGLVSOD\/(' UHG 
 0HDVXUHGYDOXH 39 GLVSOD\ Ɣ'LVSOD\VFXUUHQWPHDVXUHGYDOXH 39 RQEDVLFVFUHHQ VFUHHQ 
Ɣ'LVSOD\VW\SHRISDUDPHWHURQHDFKUHVSHFWLYHSDUDPHWHUGLVSOD\VFUHHQ

 7DUJHWYDOXHGLVSOD\/(' JUHHQ 
 7DUJHWVHWYDOXH 69 GLVSOD\ Ɣ'LVSOD\VFXUUHQWWDUJHWVHWYDOXH 69 RQEDVLFVFUHHQ VFUHHQ 
Ɣ'LVSOD\VVHWWLQJYDOXHVRQHDFKUHVSHFWLYHSDUDPHWHUVHWWLQJVFUHHQ

 'LVSOD\VVWDWXVRIFRQWUROOHU
 $FWLRQGLVSOD\ Ɣ581$FWLRQGLVSOD\/(' JUHHQ 
 2II  &RQWUROKDOWVWDWXV VWDQGE\RUUHVHW 
 2Q  5XQQLQJE\IL[HGYDOXHFRQWUROVWDWXV ),; 
 )ODVKLQJ 5XQQLQJE\SURJUDPFRQWUROVWDWXV 581 
Ɣ287&RQWURORXWSXW JUHHQ 
 )RURXWSXWE\FRQWDFWRU665GULYHYROWDJH
 2II  2XWSXWLV2))
 2Q  2XWSXWLV21
 )RUYROWDJHFXUUHQWRXWSXW
 2IIZKHQRXWSXWLVDQG2QZKHQRXWSXWLV 
 ,QRWKHUFDVHVIODVKHVDWLQWHUYDOVRIVHFRQGV PXOWLSOHVRIVHF 
Ɣ$7$XWRWXQLQJ/(' JUHHQ 
 2II  $XWRWXQLQJQRWH[HFXWHG
 2Q  $XWRWXQLQJVWDQGE\
 )ODVKLQJ $XWRWXQLQJEHLQJH[HFXWHG
Ɣ0$10DQXDOFRQWURO/(' JUHHQ 
 2II  $XWRPDWLFFRQWURORSHUDWLQJVWDWXV
 )ODVKLQJ 0DQXDOFRQWURORSHUDWLQJVWDWXV
Ɣ(9(YHQWRXWSXW RUDQJH 
Ɣ(9(YHQWRXWSXW RUDQJH 
 2II  (YHQWRXWSXWLV2))
 2Q  (YHQWRXWSXWLV21
 Ɣ  3DUDPHWHUNH\
 2SHUDWLQJNH\V  'LVSOD\VWKHQH[WVFUHHQLQYDULRXVVFUHHQJURXSV
Ɣ  'RZQNH\
 'HFUHPHQWVVHWWLQJYDOXHV
Ɣ  8SNH\
 ,QFUHPHQWVVHWWLQJYDOXHV
Ɣ(17 (QWHUNH\
 (QWHUVVHWWLQJYDOXHV
 'LVSOD\VYDULRXVVFUHHQJURXSVLIQR69YDOXHVDUHEHLQJPRGLILHGRQ 
 WKHEDVLFVFUHHQ
 


3DUDPHWHUGLDJUDPDQGVHWWLQJ
3DUDPHWHUGLDJUDP
7KHRYHUYLHZRIWKHSDUDPHWHUGLDJUDPLVDVIROORZV7KHZLQGRZVRIWKHYDULRXVVFUHHQVDUHGLYLGHGDVIROORZV 
7KHQXPEHUDWWKHWRSOHIWRIWKHZLQGRZLVWKHVFUHHQ1R



6FUHHQDOZD\VGLVSOD\HGE\NH\ 
6FUHHQGLVSOD\HGZKHQFRQFHUQHGRSWLRQDOLWHPLVDGGHG

  
6FUHHQWREHVKRZQRUKLGGHQDFFRUGLQJWRWKHVHWWLQJ

0RQLWRUVFUHHQ ZLWKRXWPLQXWHVDXWRUHWXUQ 

VFUHHQJURXS VFUHHQJURXS  VFUHHQJURXS VFUHHQJURXS VFUHHQJURXS  VFUHHQJURXS

    
  
     
),;LQLWLDO 3,'LQLWLDO 352* (9', 
  ,1,7

  
 jm “ ‡“‘ ‡™—€ ~Œ‘“ “–“š
%DVLFVFUHHQ

    
VFUHHQ LQLWLDOVFUHHQ LQLWLDOVFUHHQ
 
  h  ‰~š  ‰~š VFUHHQ  ‰~š  ‰~š LQLWLDOVFUHHQ  ‰~š
ģ ģ ģ ģ ģ ģ
 Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ  Ğ ģ䠇Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ
 
   
 jm
 5HVHWDFWLRQVHWWLQJ

  “
),;212))
‡i  3URSRWLRQDO ‰š‰Œ 6WDUW ~i¦•
(9PRGH
…—„
.H\ORFN

       
 ™‰š   —– uh EDQG    h 69YDOXH   ‘  —
 Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ
 jm
 0RQLWRULQJ 
 ‰Œ–— 691R 
 ‘i
+\VWHUHVLV 
~–‘
(QGVWHS
~i¦‘ (9 
 —¦} 3URSRWLRQDO

        
©mrh RXWSXW    i VHWWLQJ jh   ih   jh K\VWHUHVLV   kh F\FOHWLPH
 Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ
 jm
 0RQLWRULQJSURJUDP
 ‰Œi 69VHWWLQJ
 “i  ,QWHJUDO ‡–š 1XPEHURI  ~i¦“

(9VWDQGE\ |š 2XWSXW

        
‰šhi H[HFXWLRQVWHS1R    h YDOXH  ijh WLPH    i SDWWHUQH[HFXWLRQV  — DFWLRQ   ™| FKDUDFWHULVWLF
Ğ Ğ ģ䠇Ğ ģ䠇Ğ Vģ䠇Ğ
  Ğ ģ䠇Ğ   Ğ  Ğ ģ䠇Ğ  Ğ
 jm
 0RQLWRULQJUHPDLQLQJ
 ‰Œj 69VHWWLQJ
 ‘i  'HULYDWLYH ‰¦•‘
6WDUWPRGH
~i¦| (9RXWSXW 
 ‘•‘ +\VWHUHVLV

    
YDOXH
   
hhhh WLPHRISURJUDPVWHS    h   kh WLPH   ‰Œ   –— FKDUDFWHULVWLFV ~–š PRGH
 Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ


 jm 0RQLWRULQJQXPEHURI
 ™‡¦› 5DPS  •™i 0DQXDO €‹|Ž *XDUDQWHH ~i‘… (9 
 ‰Œ¦… 69OLPLWHUORZHU

        
   i SURJUDPSDWWHUQV  — LQFUHPHQWDOYDOXH   rh UHVHW  — VRDN]RQH  — GHOD\WLPH h OLPLWYDOXH
 Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ

    
 jm
 0RQLWRULQJSURJUDP
 ™‡¦‘ 5DPS 
 ‰i 7DUJHWYDOXH ‡i‘ 3DWWHUQ (9 ~i¦…
(9ODWFKLQJ
‰Œ¦ 69OLPLWHUKLJKHU

        
‡¦¦i H[HFXWLRQ3,'1R  — GHFUHPHQWDOYDOXH  rlh IXQFWLRQ jhhh OHYHOYDOXH  — ikŠh OLPLWYDOXH

 Ğ Ğ ģ䠇Ğ  Ğ ģ䠇Ğ Ğ ģ䠇Ğ  Ğ ģ䠇Ğ Ğ ģ䠇Ğ



 


™|•‡
 5DPSSURFHVV 

  ™‡›–
5DPSXQLW —¦…i /RZHUOLPLW ‡j…‘ 3DWWHUQ(9 ~j¦•
(9PRGH
‡Œ¦ 39ELDV

       
 ™›– KDOWLQJ  ‰~   rh OLPLWHU  qqq OHYHOYDOXH   …‘   h YDOXH
 Ğ Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ

  
…‘

3URJUDPKROG
 — H[HFXWLRQVHWWLQJ  ™‡¦™
5DPSUDWLR
—¦i +LJKHUOLPLW ‰¦hi 6WHS ~j¦‘ (9 
K\VWHUHVLV  ‡Œ¦‰
39UDPS

     
OLPLWHU 69YDOXH

  i ihrh    h   jh shhh
 Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ

Ğ Ģ䠇Ğ
|‘Œ
 3URJUDPDGYDQFH
,QLWLDOVFUHHQ
‡j  3URSRWLRQDO š¦hi
6WHS WLPH
~j¦“

(9VWDQGE\ ‡Œ¦
39ILOWHUWLPH

   
H[HFXWLRQVHWWLQJ


 —   uh EDQG hዸ hh  — DFWLRQ   h

 Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ


~i‘
 ),;HYHQW ‘j
+\VWHUHVLV
‡¦hi 6WHS ~j¦| (9RXWSXW 
 ™|–€ 0HDVXULQJ


(9VHWWLQJ  UDQJHFRGH
  
jhhh jh    h 3,'1R   –— FKDUDFWHULVWLFV  hm
 Ğ  Ğ ģ䠇Ğ Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ
~j…‘
 ),;HYHQW “j  ,QWHJUDO ~j‘… (9 
 ‹–“š ,QSXW 

 
(9VHWWLQJ  WHPSHUDWXUHXQLW


WLPH GHOD\WLPH

 qqq  ijh  —   
Ğ  Ğ ģ䠇Ğ Ğ ģ䠇Ğ Ğ ģ䠇Ğ

   
|š 
 $7DFWLRQFRQWURO ‘j  'HULYDWLYH ‰¦ih 6WHS ~j¦…
(9ODWFKLQJ
“–¦… ,QSXWVFDOLQJ

   
 —   kh WLPH    h 69YDOXH  —   h ORZHUOLPLWYDOXH

 Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ  Ğ ģ䠇Ğ


…|’
 /DWFKLQJUHOHDVH •™j 0DQXDO š¦ih
6WHSWLPH
‘“ 
',PRGH  “–¦ ,QSXWVFDOLQJ

 
UHVHW

ikoh KLJKHUOLPLWYDOXH


™‰ši   rh hዸ hh  –—–
Ğ

 Ğ ģ䠇Ğ  Ğ ģ䠇Ğ Ğ Ģ䠇Ğ  Ğ ģ䠇Ğ
%DVLFVFUHHQ ‰j 7DUJHWYDOXH ‡¦ih 6WHS ,QLWLDOVFUHHQ ‰¦… 'LVSOD\VFDOLQJ
ORZHUOLPLWYDOXH

 
 rlh IXQFWLRQ    h 3,'1R  h

 Ğ ģ䠇Ğ Ğ Ģ䠇Ğ  Ğ ģ䠇Ğ


1RWH$OOVFUHHQVRIWKHVFUHHQJURXSVZLWFKWRQH[W —¦…j /RZHUOLPLW ,QLWLDOVFUHHQ ‰¦ 'LVSOD\VFDOLQJ


VFUHHQZKHQWKH Ğ㻌 NH\LVSUHVVHG KLJKHUOLPLWYDOXH

 
  rh OLPLWHU ikoh

 Ğ ģ䠇Ğ  Ğ ģ䠇Ğ


1RWH$OOVFUHHQVRIDQGVFUHHQJURXSVVZLWFK —¦j ‘‡  'HFLPDOSRLQW
+LJKHUOLPLW
WRQH[WVFUHHQZKHQWKH Ğ NH\LVSUHVVHGDQGUHWXUQ


ihrh OLPLWHU   h SRVLWLRQ
LPPHGLDWHO\WRWKHSUHFHGLQJVFUHHQZKHQWKH ģ㻌 㻌 Ğ
Ğ Ģ䠇Ğ  Ğ ģ䠇Ğ
NH\VDUHSUHVVHG+RZHYHUSUHVVWKH Ģ㻌  Ğ㻌 NH\VIRU
,QLWLDOVFUHHQ š¦›–

FXUUHQWVFUHHQJURXS


VZLWFKLQJIURPWKHLQLWLDOVFUHHQWRWKHILQDOVFUHHQZLWKLQWKH


  •

 Ğ
7LPHXQLW

ģ䠇Ğ
~“ ),;XSRQ352*
1RWH)RUVZLWFKLQJDPRQJDQGVFUHHQ
 — HQGDQGVHWWLQJ
JURXSVSUHVVWKH ģ㻌 NH\RQHDFKLQLWLDOVFUHHQWRVZLWFKWR
WKHLQLWLDOVFUHHQRIWKHQH[WVFUHHQJURXS Ğ Ģ䠇Ğ
,QLWLDOVFUHHQ


'LVSOD\ZKHQSRZHULVDSSOLHG
:KHQSRZHULVDSSOLHGWKHLQLWLDOVFUHHQGLVSOD\VHDFKVFUHHQIRUDERXWVHFDQGVZLWFKHVWRWKHEDVLFVFUHHQRIVFUHHQ
JURXSDVVKRZQLQWKHIROORZLQJILJXUH


  ‰™‰i  6HULHVQDPH ‰™‰i ‰™‰k ‰™‰l ‰™‰m 


    š  ,QSXWW\SH šWKHUPRFRXSOH ‡š57' •Œ9ROWDJH>P9@ࠊŒ㸸9ROWDJH>9@ 


  —›š   ,QGLFDWHVFRQWURORXWSXW
       287RXWSXWW\SH &RQWDFW ‡665GULYHYROWDJH Œ9ROWDJH “&XUUHQW  


     h  /RZHUOLPLWYDOXHRIVHOHFWHGPHDVXULQJUDQJH
  ikoh  +LJKHUOLPLWYDOXHRIVHOHFWHGPHDVXULQJUDQJH 



    jm  EDVLFVFUHHQVFUHHQJURXSIURPKHUH
  0HDVXUHGYDOXH 39 6ZLWFKHVWRVFUHHQIRUVHWWLQJYDULRXVIXQFWLRQVE\RSHUDWLRQNH\IURP³%DVLFVFUHHQ´
     h  7DUJHWVHWYDOXH 69 )RUVFUHHQVHTXHQFHVHHSDUDPHWHUGLDJUDPRQSUHYLRXVSDJH 

6ZLWFKLQJVFUHHQV
6FUHHQJURXS6FUHHQJURXSSULPDULO\VHWE\HQGXVHUV
6FUHHQJURXS7DUJHWVHWYDOXHVHWWLQJVFUHHQJURXS PXOWL69 
6FUHHQJURXS6FUHHQJURXSWKDWVHWV3,'FRQVWDQW
6FUHHQJURXS'LVSOD\HGLIHTXLSSHGZLWKSURJUDPPLQJIXQFWLRQ RSWLRQDO 
6FUHHQJURXS6FUHHQJURXSWKDWVHWVHYHQWDQG',IXQFWLRQV
6FUHHQJURXS,QLWLDOVHWWLQJVFUHHQJURXS

 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
(DFKWLPHWKH Å NH\LVSUHVVHGWKHVFUHHQGLVSOD\VZLWFKHVWRWKHQH[WVFUHHQ 
,ISUHVVHGZKHQWKHODVWVFUHHQLVGLVSOD\HGUHWXUQVWRWKH³%DVLFVFUHHQ´

         %DVLFVFUHHQ          5HVHWDFWLRQVHWWLQJ     0RQLWRULQJRXWSXW             /DWFKLQJUHOHDVH


    Å     jm
    jm jm         Å    …|
      Å    Å         'LVSOD\HGZKHQHYHQWODWFKLQJIXQFWLRQLVHQDEOHG 

      h  
         ™›–  ©mrh ™‰ši



 6ZLWFKLQJEHWZHHQVFUHHQJURXSDQGVFUHHQJURXS
3UHVVLQJWKH ģ NH\RQWKHEDVLFVFUHHQRIVFUHHQJURXSVZLWFKHVWR³),;LQLWLDOVFUHHQ´RIVFUHHQJURXS

         VFUHHQJURXS                         VFUHHQJURXS
         %DVLFVFUHHQ                       ),;LQLWLDOVFUHHQ
  
     jm
        ģ NH\  “
     h    ‰~š


 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
(DFKWLPHWKH Å NH\LVSUHVVHGRQWKH³),;LQLWLDOVFUHHQ´LQVFUHHQJURXSWKHVFUHHQGLVSOD\VZLWFKHVWRWKHQH[W
VFUHHQ,ISUHVVHGZKHQWKHODVWVFUHHQLVGLVSOD\HGUHWXUQVWRWKH³),;LQLWLDOVFUHHQ´
:LWKVFUHHQJURXSHDFKWLPHWKH ģ Å NH\V Ģ Å NH\VRQO\RQWKHLQLWLDOVFUHHQ DUHSUHVVHGWKHVFUHHQLV
VZLWFKHGLQWKHUHYHUVHGLUHFWLRQ


       ),;LQLWLDOVFUHHQ                       ),;212))                            5DPSUDWLRVFUHHQ


  “         Å    Å
        Å     “
 ™‡¦™

  ‰~š
           ģÅ       —–
    ģÅ   ģÅ    i
     ĢÅ                            Å


 6ZLWFKLQJWRVFUHHQJURXS
3UHVVLQJWKH ģ NH\RQWKH³),;LQLWLDOVFUHHQ´VZLWFKHVWRWKH³3,'LQLWLDOVFUHHQ´RIVFUHHQJURXS


          VFUHHQJURXS                  VFUHHQJURXS                 VFUHHQJURXS


         %DVLFVFUHHQ                ),;LQLWLDOVFUHHQ               3,'LQLWLDOVFUHHQ

     jm
           ģ      “
              ģ  ‡“‘
     h    ‰~š   ‰~š


 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
(DFKWLPHWKH Å NH\LVSUHVVHGWKHVFUHHQGLVSOD\VZLWFKHVIURPWKHYDULRXVLQLWLDOVFUHHQVWRWKHQH[WVFUHHQ,ISUHVVHG
ZKHQWKHODVWVFUHHQLVGLVSOD\HGUHWXUQVWRWKH³3,'LQLWLDOVFUHHQ´:LWKVFUHHQJURXSHDFKWLPHWKH ģ  Å NH\V 
Ģ  Å NH\VRQO\RQWKHLQLWLDOVFUHHQ DUHSUHVVHGWKHVFUHHQLVVZLWFKHGLQWKHUHYHUVHGLUHFWLRQ 

        3,'LQLWLDOVFUHHQ               3URSRUWLRQDOEDQG            +\VWHUHVLV
        Å      ‡i
  ‡“‘         Å  ‘i

   jh
   ‰~š
      ģÅ       —
      ģÅ
     ĢÅ                    ģÅ     Å

Å
 6ZLWFKLQJWRVFUHHQJURXS
6FUHHQJURXSLVWKHSURJUDPVFUHHQJURXS,WLVQRWGLVSOD\HGXQOHVVLWLVVHWDVDQRSWLRQDOLWHP
3UHVVLQJWKH ģ NH\RQWKH³3,'LQLWLDOVFUHHQ´VZLWFKHVWRWKH³352*LQLWLDOVFUHHQ´RIVFUHHQJURXS

          VFUHHQJURXS                 VFUHHQJURXS                VFUHHQJURXS                 VFUHHQJURXS
          %DVLFVFUHHQ              ),;LQLWLDOVFUHHQ               3,'LQLWLDOVFUHHQ                 352*LQLWLDOVFUHHQ
    jm
      ģ      “
       ģ     ‡“‘
       ģ  ‡™—€
     h   ‰~š   ‰~š   ‰~š

 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
(DFKWLPHWKH Å NH\LVSUHVVHGWKHVFUHHQGLVSOD\VZLWFKHVIURPWKHYDULRXVLQLWLDOVFUHHQVWRWKHQH[WVFUHHQ,ISUHVVHG
ZKHQWKHODVWVFUHHQLVGLVSOD\HGUHWXUQVWRWKH³352*LQLWLDOVFUHHQ´:LWKVFUHHQJURXSHDFKWLPHWKH ģ  Å
NH\V Ģ  Å NH\VRQO\RQWKHLQLWLDOVFUHHQ DUHSUHVVHGWKHVFUHHQLVVZLWFKHGLQWKHUHYHUVHGLUHFWLRQ 

      352*LQLWLDOVFUHHQ                 6WDUW69YDOXH               (QGVWHS
        Å      ‰š‰Œ
  ‡™—€         Å  ~–‘


      ģÅ         h
   ‰~š      ģÅ    ih
     ĢÅ                   ģÅ      Å


Å
 6ZLWFKLQJWRVFUHHQJURXS
3UHVVLQJWKH ģ NH\RQWKH³352*LQLWLDOVFUHHQ´VZLWFKHVWRWKH³(9',LQLWLDOVFUHHQ´RIVFUHHQJURXS

         VFUHHQJURXS          VFUHHQJURXS           VFUHHQJURXS            VFUHHQJURXS              VFUHHQJURXS
        %DVLFVFUHHQ        ),;LQLWLDOVFUHHQ      3,'LQLWLDOVFUHHQ       352*LQLWLDOVFUHHQ    (9',LQLWLDOVFUHHQ
    jm
    ģ    “
      ģ   ‡“‘        ģ
      ģ    ‡™—€  ~Œ‘“
     h   ‰~š   ‰~š   ‰~š   ‰~š

 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
(DFKWLPHWKH Å NH\LVSUHVVHGWKHVFUHHQGLVSOD\VZLWFKHVIURPWKHYDULRXVLQLWLDOVFUHHQVWRWKHQH[WVFUHHQ,ISUHVVHG
ZKHQWKHODVWVFUHHQLVGLVSOD\HGUHWXUQVWRWKH³(9',LQLWLDOVFUHHQ´:LWKVFUHHQJURXSHDFKWLPHWKH ģ  Å
NH\V Ģ  Å NH\VRQO\RQWKHLQLWLDOVFUHHQ DUHSUHVVHGWKHVFUHHQLVVZLWFKHGLQWKHUHYHUVHGLUHFWLRQ

       (9',LQLWLDOVFUHHQ                (9PRGH               (9K\VWHUHVLV
        Å      ~i¦•
  ~Œ‘“         Å
~i¦• ~i¦‘


      ģÅ         ‘
   ‰~š ‘
     ģÅ jh
     ĢÅ                   ģÅ      Å

Å
 6ZLWFKLQJWRVFUHHQJURXS
6FUHHQJURXSLVWKHLQLWLDOVHWWLQJVFUHHQJURXS9DULRXVVHWWLQJVDUHPDGHSULRUWRXVLQJWKHFRQWUROOHU3UHVVLQJWKH ģ NH\RQ
WKH³(9',LQLWLDOVFUHHQ´VZLWFKHVWR³,1,7LQLWLDOVFUHHQ´RIVFUHHQJURXS)XUWKHUSUHVVLQJWKH ģ NH\VZLWFKHVWRWKH
EDVLFVFUHHQ

          VFUHHQJURXS     VFUHHQJURXS        VFUHHQJURXS       VFUHHQJURXS      VFUHHQJURXS       VFUHHQJURXS
         %DVLFVFUHHQ     ),;LQLWLDOVFUHHQ    3,'LQLWLDOVFUHHQ   352*LQLWLDOVFUHHQ  (9',LQLWLDOVFUHHQ   ,1,7LQLWLDOVFUHHQ
   ģ   “
    jm      ģ    ‡“‘
     ģ    ‡™—€
     ģ    ~Œ‘“
    ģ  “–“š
     h   ‰~š   ‰~š   ‰~š   ‰~š   ‰~š


 6ZLWFKLQJVFUHHQVZLWKLQVFUHHQJURXS
(DFKWLPHWKH Å NH\LVSUHVVHGWKHVFUHHQGLVSOD\VZLWFKHVIURPWKHYDULRXVLQLWLDOVFUHHQVWRWKHQH[WVFUHHQ,ISUHVVHG
ZKHQWKHODVWVFUHHQLVGLVSOD\HGUHWXUQVWRWKH³,1,7LQLWLDOVFUHHQ´:LWKVFUHHQJURXSHDFKWLPHWKH ģ  Å
NH\V Ģ  Å NH\VRQO\RQWKHLQLWLDOVFUHHQ DUHSUHVVHGWKHVFUHHQLVVZLWFKHGLQWKHUHYHUVHGLUHFWLRQ

       ,1,7LQLWLDOVFUHHQ                  .H\ORFN             3URSRUWLRQDOF\FOHWLPH
  “–“š
        Å     …—„
        Å  —¦}

   kh
   ‰~š
      ģÅ      —
       ģÅ
     ĢÅ                   ģÅ      Å


 6HWGDWDPRGLILFDWLRQ
'DWDLVPRGLILHGRQWKHYDULRXVVFUHHQVE\SUHVVLQJWKH Ģ RU ġ NH\7KHPRGLILHGGDWDLVHQWHUHGE\SUHVVLQJ 
WKH ģ NH\

$XWRUHWXUQIXQFWLRQ
,IQRNH\RSHUDWLRQLVFRQGXFWHGIRUPLQXWHVRQWKHYDULRXVVFUHHQV ZLWKWKHH[FHSWLRQRIWKH³2XWSXWPRQLWRULQJ
VFUHHQ´³([HFXWLRQVWHS1RPRQLWRULQJVFUHHQ´³5HPDLQLQJWLPHRISURJUDPVWHSPRQLWRULQJVFUHHQ´³
1XPEHURISDWWHUQH[HFXWLRQVPRQLWRULQJVFUHHQ´RU³([HFXWLRQ3,'1RPRQLWRULQJVFUHHQ´ WKHPRGHDXWRPDWLFDOO\
UHWXUQVWRWKH³%DVLFVFUHHQ´RIVFUHHQJURXS DXWRUHWXUQ 

6FUHHQJURXSVHWWLQJ
7KHIORZLVJLYHQLQ³6FUHHQH[SODQDWLRQDQGVHWWLQJLWHPV´7KLVVHFWLRQKRZHYHUSULPDULO\FRQWDLQVDGHVFULSWLRQRIKRZ
WRPDNHVHWWLQJV

$VIRUWKHNH\RSHUDWLRQPHWKRGWKH Å NH\VZLWFKHVWRWKHQH[WVFUHHQ7KHVHWWLQJVDUHVHOHFWHGZLWKWKH Ģ NH\RU ġ
NH\RQWKHYDULRXVVHWWLQJVFUHHQVDQGHQWHUHGZLWKWKH ģ NH\
3UHVVLQJWKH ģ NH\LVKRZHYHUQRWUHTXLUHGIRUPRGLI\LQJRXWSXWYDOXHVRQWKHRXWSXWPRQLWRULQJVFUHHQIRUPDQXDO
DGMXVWPHQW

 6HWWLQJWDUJHWVHWYDOXHV 69 
7RVHWWDUJHWVHWYDOXHV 69 SUHVVDQGKROGWKH Ģ NH\RU ġ NH\RQWKH³%DVLFVFUHHQ´WRFDXVHDOO69ODPSVWR
IODVK7KHQSUHVVWKH Ģ NH\RU ġ NH\WRLQFUHPHQWRUGHFUHPHQWWKH69YDOXH 3UHVVLQJDQGKROGLQJFDXVHVWKH69
YDOXHWRLQFUHDVHRUGHFUHDVHFRQWLQXRXVO\ZLWKDFFHOHUDWLQJVSHHGRIFKDQJH :KHQWKHGHVLUHGWDUJHWVHWYDOXHLV
UHDFKHGHQWHUE\SUHVVLQJWKH ģ NH\
:KHQWKHVHWWLQJLVHQWHUHGWKH69ODPSVRIWKHWDUJHWVHWYDOXHVWRSIODVKLQJ7DUJHWYDOXHVFDQQRWEHVHWZKLOHDXWR
WXQLQJ $7 LVEHLQJH[HFXWHG7RVHWWDUJHWYDOXHV\RXPXVWILUVWFDQFHODXWRWXQLQJ

([DPSOH6HWWDUJHWVHWYDOXHWRƒ&

             %DVLFVFUHHQ        

  jm    jm    jm    jm
                        Ģ NH\                  Ģ NH\                      ģ NH\
   
   h
 
  lqo   mhh
 3UHVVDQGKROG Ä                 3UHVV Ä                      
 Ä 
  mhh
                                 $OO69ODPSVIODVK       $OO69ODPSVIODVK       $OO69ODPSVVWRSIODVKLQJ   (QWHU

 0DQXDOVHWWLQJRIFRQWURORXWSXW
   2XWSXWPRQLWRULQJVFUHHQ 287 DQGVZLWFKLQJDQGVHWWLQJDXWRPDWLFPDQXDORXWSXW
7RWRJJOHEHWZHHQDXWRPDWLFDQGPDQXDOSUHVVDQGKROGWKH ģ NH\DWOHDVWVHFRQGVRQWKH³2XWSXWPRQLWRULQJ
VFUHHQ´RUSUHVVWKH ģ DQG Ģ NH\VVLPXOWDQHRXVO\
'XULQJPDQXDORXWSXWWKH0$1ODPSIODVKHVDQGLWJRHVRIIGXULQJWKHDXWRPDWLFRXWSXWRSHUDWLRQ
3UHVVLQJWKH Ģ NH\RU ġ NH\RQWKHRXWSXWPRQLWRULQJVFUHHQGXULQJPDQXDORXWSXWHQDEOHV\RXWRVHWWKHPDQXDO 
RXWSXWYDOXHV
7RUHWXUQWRDXWRPDWLFRXWSXWSUHVVDQGKROGWKH ģ NH\DWOHDVWVHFRQGVRUSUHVVWKH ģ DQG Ģ NH\VVLPXOWDQHRXVO\ 


               $XWRPDWLFRXWSXW         0DQXDORXWSXW           0DQXDORXWSXW           $XWRPDWLFRXWSXW


                 0RQLWRULQJRXWSXW

   ģ NH\  VHF     jm
                   jm
   jm
       Ģ NH\             ģ NH\  VHF    jm

      ģ㸩Ģ NH\V    ©mrh
                ©mrh  ©owh
         3UHVV Ä              ģ㸩Ģ NH\V  ©owh

               0$1ODPSRII          0$1ODPSIODVKHV             0$1ODPSIODVKHV             0$1ODPSRII


,IRXWSXWYDOXHLV ©q{q LVGLVSOD\HGRQWKHRXWSXWPRQLWRULQJVFUHHQDQGWKHGHFLPDOSRLQWRI © IODVKHV


,IRXWSXWLVFRQWDFWRU665GULYHYROWDJHDQGWKHSURSRUWLRQDOEDQG 3 VHWWLQJLV2))WKHRXWSXWYDOXHLVRU

,IRXWSXWLVYROWDJHRUFXUUHQWDQGWKHSURSRUWLRQDOEDQG 3 VHWWLQJLV2))WKHRXWSXWYDOXHLVWKHORZHUOLPLWYDOXHRU
KLJKHUOLPLWYDOXHRIWKHRXWSXWOLPLWHUVHW
1RWH0DQXDORXWSXWFDQQRWEHVHOHFWHGZKLOHDXWRPDWLFWXQLQJ $7 LVEHLQJH[HFXWHG7RVHOHFWPDQXDORXWSXW\RX
PXVWILUVWFDQFHO$7
1RWH,I0$1LVVHOHFWHGLQ³',PRGHVHWWLQJVFUHHQ´H[WHUQDOFRQWUROLQSXW ', KDVDSULRULW\DQGPDQXDORXWSXW
FKDQJHFDQQRWEHFRQGXFWHGLQVFUHHQ
   6XSSOHPHQWDU\H[SODQDWLRQIRUXVHRIPDQXDOFRQWURORXWSXW

7KHFRUUHODWLRQRIWKH³2XWSXWPRQLWRULQJVFUHHQ´DQGDXWRPDWLFPDQXDORXWSXWLVDVIROORZV

2XWSXWZKHQDXWRPDWLFRXWSXWLVFKDQJHGWRPDQXDOLVEDODQFHOHVVEXPSOHVVDFWLRQDQGWKHRXWSXWYDOXHSULRUWRWKH
FKDQJHLVGLVSOD\HG:KHQPDQXDOLVFKDQJHGWRDXWRPDWLFLWEHFRPHVEXPSOHVVDFWLRQH[FHSWLIPHDVXUHGYDOXH 39 
LVRXWVLGHWKHSURSRUWLRQDOEDQG
,ISRZHUVXSSO\LVFXWRIIDQGWXUQHGEDFNRQFRQWURORXWSXWDFWLRQFRQWLQXHVLQDXWRPDWLFRUPDQXDOPRGHZKLFKHYHU
ZDVVHWZKHQWKHSRZHUZDVVKXWRII 
1RWH<RXFDQVZLWFKWRDQRWKHUVFUHHQLQWKHPDQXDOPRGHDVZHOOEXW\RXVKRXOGQRWHWKDWFRQWURORXWSXWLVDOVR
PDQXDOPRGH:KHQWKH0$1/('ODPSLVIODVKLQJWKHFRQWUROOHULVLQPDQXDORXWSXWPRGH 0$1 
0DQXDORXWSXW 0$1 LVFDQFHOHGLI581LVVZLWFKHGWR567
 0$1RSHUDWLRQLVSRVVLEOHRQO\LQ581PRGH



 $XWRWXQLQJ $7 
)XQFWLRQWKDWDXWRPDWLFDOO\SURFHVVHVDQGVHWVSDUDPHWHU3,'IRU3,'FRQWURO3URFHVVLQJWLPHYDULHVDFFRUGLQJ 
WRFRQWURO
   $7H[HFXWLRQ
3UHVVLQJWKH Ģ NH\RQWKH³$7DFWLRQFRQWUROVFUHHQ´FDXVHVWKH — GLVSOD\DWWKHERWWRPWRFKDQJHWR —–
DQGDOO69ODPSVWRIODVK
3UHVVLQJWKH ģ NH\WKHQH[HFXWHV$7$OO69ODPSVOLJKWDQGWKH$7ODPSIODVKHV
:KHQ$7LVH[HFXWHG212))RXWSXWDFWLRQLVUHSHDWHGVHYHUDOWLPHVDFFRUGLQJWRLQFUHPHQWRUGHFUHPHQWRIPHDVXUHG
YDOXHVWRZDUGWDUJHWVHWYDOXH7KH3,'YDOXHLVVDYHGLQWKHLQWHUQDOPHPRU\DQGWKHDFWLRQHQGV&RQWUROEDVHGRQWKH
3,'YDOXHLQWKHPHPRU\VLPXOWDQHRXVO\VWDUWVDQGWKH$7ODPSOLJKWVRXW

                   $7DFWLRQFRQWURO
                       |š           ģ NH\        |š
                Ģ NH\       |š    

                     —
              Ä           Ä         —–
   —–                

                                                   $OO69ODPSVIODVK            $OO69ODPSVOLJKW     $7H[HFXWLRQ        
                                                         $7ODPSIODVKHV

   &DQFHOODWLRQRI$7
7RFDQFHO$7EHIRUHLWILQLVKHVVHOHFW — ZLWKWKH ġ NH\RQWKH³$7DFWLRQFRQWUROVFUHHQ´:KHQWKH ģ NH\LV
SUHVVHG$7LVFDQFHOOHG$OO69ODPSVOLJKWDQGWKH$7ODPSWKHQOLJKWVRXW

                   $7DFWLRQFRQWURO

          ġ NH\        |š
                  |š         ģ NH\  |š 
                    —–
       Ä    —         Ä   —


                             $7H[HFXWLRQ   $OO69ODPSVIODVK            $OO69ODPSVOLJKW  $7FDQFHOOHG


                  $7ODPSIODVKHV              $7ODPSIODVKHV            $7ODPSOLJKWVRXW

1RWH,I$7LVFDQFHOHGEHIRUHFRPSOHWLRQ3,'YDOXHLVQRWFKDQJHG

   $7FDQQRWEHH[HFXWHG
$7FDQQRWEHH[HFXWHGXQGHUDQ\RIWKHIROORZLQJFRQGLWLRQV

&RQWURORXWSXWLVPDQXDO $7VFUHHQQRWGLVSOD\HG 
6WDQGE\ $7VFUHHQQRWGLVSOD\HG 
0HDVXUHGYDOXH 39 LVVFDOHRYHU $7VFUHHQQRWGLVSOD\HG 
&RQWURORXWSXWSURSRUWLRQDOEDQG 3 LV2)) $7VFUHHQQRWGLVSOD\HG 
,IORFN1RRULVVHWRQWKHNH\ORFNVFUHHQ 1RWSRVVLEOHRQ$7VFUHHQEXWSRVVLEOHZLWK', 
   $7FDQFHOODWLRQGXULQJH[HFXWLRQ
$7LVFDQFHOHGGXULQJH[HFXWLRQXQGHUDQ\RIWKHIROORZLQJFRQGLWLRQV

,IFRQWLQXRXVPLQXWHVHODSVHZKLOHRXWSXWYDOXHLVRU
:KHQ39LVVFDOHRYHU
:KHQVZLWFKHGWRVWDQGE\DFWLRQ
   $7ZKHQLQSURJUDPPRGH
$7LVQRWH[HFXWHGGXULQJUDPSVWHSH[HFXWLRQXQOHVVWKHUDPSVWHSLVH[HFXWHGLQWKHKROGDFWLRQPRGH
$7HQGVZKHQWKHILQDOVWHSLVFRPSOHWHGHYHQLIWKHVHWQXPEHURIH[HFXWLQJSURJUDPLVRUPRUH 
$7HQGVZKHQDOO$7DFWLRQVEDVHGRQ3,'1RDUHFRPSOHWHGEHIRUHWKHILQDOVWHSHQGV

 5HVHW 567 UXQ 581 


7KHFRQWUROOHULVHTXLSSHGZLWKUHVHWPRGHIRUWHPSRUDULO\KDOWLQJFRQWUROOHUH[HFXWLRQ
7KLVRSHUDWLRQPRGHLVVZLWFKHGRQWKH³6WDQGE\VHWWLQJVFUHHQ´RUE\',RSHUDWLRQ

,I581RU581LVVHOHFWHGRQWKH³',PRGHVHWWLQJVFUHHQ´H[WHUQDOFRQWUROLQSXW ', LVJLYHQ
SULRULW\DQGVHWWLQJVFDQQRWEHPDGHRQWKHVFUHHQ

7KH581ODPSLVOLWJUHHQZKLOHWKHFRQWUROOHULVRSHUDWLQJDQGJRHVRIIXSRQHQWHULQJWKHUHVHWPRGH
&RQWUROOHURXWSXWIRUUHVHWLV
:KHQUHVHWLVH[HFXWHGGXULQJDXWRWXQLQJ $7 WKHDXWRWXQLQJLVFDQFHOHG
:KHQUHVHWLVH[HFXWHGLQWKHPDQXDORXWSXWPRGHWKHPDQXDORXWSXWPRGHLVFDQFHOHG
:KHQWKHSRZHULVWXUQHGRIIZKLOHWKHFRQWUROOHULVLQUHVHWPRGHUHVHWPRGHFRQWLQXHVZKHQWKHSRZHULVWXUQHGEDFNRQ
,IHYHQWVWDQGE\DFWLRQLVVSHFLILHGZKHQVZLWFKLQJWRUXQPRGH 581 IURPUHVHWPRGH 567 WKHVSHFLILHGVWDQGE\
DFWLRQLVH[HFXWHG
,IHYHQWODWFKLQJLVQRWHQJDJHGLQWKHUHVHWPRGHDODUPV +G/GRGLG+$/$ DUHQRWRXWSXW
  


 (YHQWVHWWLQJ
7\SHVRIHYHQWPXVWEHVHWEHIRUHVHWWLQJHYHQWYDOXHV
0RGLI\LQJWKHHYHQWW\SHFRGHVKRZHYHULQLWLDOL]HVVHWWLQJYDOXHV GDWD UHODWHGWRHYHQWV
   7\SHVRIHYHQW DODUPW\SH VHWWLQJ
6HOHFWHYHQWW\SHFRGHIURPDPRQJQRQ+G/GRGLG+$/$6RUXQURW6W363WQ6(QG6+R/G3UR*XB6/
GB6/RU*8$RQWKH³(9W\SHVHWWLQJVFUHHQ´RIVFUHHQJURXSZLWKWKH Ģ NH\RU ġ NH\DQGHQWHUWKHHYHQWW\SH
ZLWK 
WKH ģ NH\ 
6HWHYHQWW\SHRI(9RQWKH³(9W\SHVHWWLQJVFUHHQ´LQWKHVDPHPDQQHU7KHW\SHVRIHYHQWIRUZKLFKHYHQWYDOXHV
FDQEHVHWDUHWKHIROORZLQJW\SHV

(YHQWW\SH DODUPW\SH FRGH   ‘KLJKHUOLPLWGHYLDWLRQ      …‘ORZHUOLPLWGHYLDWLRQ 
    —‘RXWVLGHKLJKHUORZHUOLPLWGHYLDWLRQ  “‘LQVLGHKLJKHUORZHUOLPLWGHYLDWLRQ 
    |KLJKHUOLPLWDEVROXWHYDOXH    …|ORZHUOLPLWDEVROXWHYDOXH

,IDQHYHQWW\SH DODUPW\SH FRGHRWKHUWKDQWKHDERYHLVVHOHFWHGHYHQWYDOXHVFDQQRWEHVHW
   (YHQWYDOXHVVHWWLQJ
(YHQWYDOXHVDUHVHWRQWKH³),;(9VHWYDOXHVVHWWLQJVFUHHQ´DQG³),;(9VHWYDOXHVVHWWLQJVFUHHQ´ 
(YHQWYDOXHVDUHGLVSOD\HGZKHQRQHRIWKHSUHYLRXVO\PHQWLRQHGW\SHVRIHYHQWVLVVHOHFWHG
(YHQWYDOXHVDUHVHWZLWKLQWKHIROORZLQJVHWWLQJUDQJHE\SUHVVLQJWKH Ģ NH\RU ġ NH\RQWKHRUVFUHHQ
:KHQWKHHYHQWYDOXHVHWWLQJKDVEHHQGHFLGHGHQWHUE\SUHVVLQJWKH ģ NH\DQGDOO69ODPSVOLJKW

6HWWLQJUDQJH  +LJKHUOLPLWGHYLDWLRQRUORZHUOLPLWGHYLDWLRQ     ±GLJLWV
  2XWVLGHRULQVLGHKLJKHUORZHUOLPLWGHYLDWLRQ     ±GLJLWV
  +LJKHUOLPLWDEVROXWHYDOXHRUORZHUOLPLWDEVROXWHYDOXH  :LWKLQPHDVXULQJUDQJH


1RWH'HILQLWLRQRIGLJLW

8VHGDVDPLQLPXPXQLWIRULQGXVWULDODPRXQWVVXFKDVƒ&DQG5+
,ILQSXWWHPSHUDWXUHUDQJHLV±GLJLW ƒ&
,ILQSXWWHPSHUDWXUHUDQJHLV±GLJLW ƒ&


(YHQWYDOXHVFDQQRWEHVHWGXULQJDXWRWXQLQJ $7 H[HFXWLRQ$7PXVWILUVWEHFDQFHOHG㻌 㻌

         ),;HYHQW (9VHWWLQJ          

               Ģ NH\      ~i‘
                 ~i‘        ģ NH\  ~i‘

                   3UHVV Ä      jrh
    rm       Ä   jrh

                                    'XULQJPRGLILFDWLRQ        (QWHU
                              $OO69ODPSVIODVK         $OO69ODPSVOLJKW

 0XOWL69 WDUJHWVHWYDOXHV 
   0XOWL69
<RXFDQVHWW\SHVRIWDUJHWVHWYDOXHV 69  6969 
69YDOXHVDUHVHWRQWKH³),;FRQWURO69VHWWLQJVFUHHQ´DQG³),;FRQWURO69VHWWLQJVFUHHQ´DQGH[HFXWLRQ69
1RLVVHOHFWHGRQWKH³([HFXWLRQ691RVHOHFWLRQVFUHHQ´
3,'1RGXULQJPXOWL69LV693,'DQG693,'
   ([WHUQDOVHOHFWLRQVZLWFKLQJRIPXOWL69
,IHTXLSSHGZLWKH[WHUQDOFRQWUROLQSXW',ZKHQ69LVDOORFDWHGWR',H[HFXWLRQ69FDQEHVHOHFWHGIURP69RU69E\',LQSXW
8VLQJSRLQWRI',69LVDOORFDWHGRQWKH³',PRGHVHWWLQJVFUHHQ´
3OHDVHUHIHUWRWKH³([WHUQDOFRQWUROLQSXW ', ´





6FUHHQH[SODQDWLRQDQGVHWWLQJLWHPVӨ

%DVLFVFUHHQ 
            
  jm 
           ģ ÄG 
    h 
,QLWLDOYDOXHV  RUPHDVXULQJUDQJHORZHUOLPLWYDOXHV

6HWWLQJUDQJH  :LWKLQPHDVXULQJUDQJH ZLWKLQ69OLPLWHU 
 
0HDVXUHGYDOXH 39 LVGLVSOD\HGDWWKHWRSDQGWDUJHWVHWYDOXH 69 LV ,QLWLDOVFUHHQ  ,QLWLDOVFUHHQ  ,QLWLDOVFUHHQ  ,QLWLDOVFUHHQ
GLVSOD\HGPRGLILHGRQWKHERWWRP      ģ ‡“‘
“     ģ ‡™—€  GGG ~Œ‘“
Å )RUGHWDLOVVHHVHFWLRQ  
G   ‰~š   ‰~š   ‰~š   ‰~š

 
5HVHWDFWLRQVHWWLQJVFUHHQ G G G G G G G G ģ
               ,QLWLDOVFUHHQ
   jm
,QLWLDOYDOXH  U6W ™‰š                   “–“š
          ģ 
  ™‰š 6HWWLQJUDQJH  U6WUXQ ™›– 

   ‰~š
'LVSOD\RQO\LIWKH³',PRGHVHWWLQJVFUHHQ´LVVHWWR581RU 
Å
581 
U6W UHVHW $FWLRQVWRSUXQ UXQ 6HOHFWVH[HFXWLRQDFWLRQ ),;HYHQWYDOXHVVHWWLQJ
)RUUHVHWDFWLRQVHHVHFWLRQ  
 
 ),;HYHQWLVDQHYHQWRIIL[HGYDOXHFRQWURO ),;PRGH 
2XWSXW 287 PRQLWRULQJVFUHHQ 3URJUDPFRQWUROHYHQWYDOXHVDUHVHWE\WKHSURJUDP 
VFUHHQJURXS
  jm 
'LVSOD\VPHDVXUHGYDOXH 39 RQWKHWRSDQGFRQWURORXWSXWYDOXHRI 
©mrh RXWSXWRQWKHERWWRP ),;HYHQW (9 VHWYDOXHVHWWLQJVFUHHQ
2XWSXWLVPRQLWRUHGZKHQLQDXWRPDWLFPRGHDQGVHWWLQJLVPRGLILHG  ~i‘ 
ZKHQLQPDQXDOPRGH (YHQW1RDQGW\SHRIHYHQWDUHGLVSOD\HGRQWKHWRS
0DQXDORXWSXWVHWWLQJUDQJH±   jhhh ,QLWLDOYDOXH
  +LJKHUOLPLWGHYLDWLRQDODUP +G  GLJLW 
Å 2XWSXWPRQLWRULQJVFUHHQV 287 DQGDXWRPDWLFPDQXDORXWSXW  /RZHUOLPLWGHYLDWLRQDODUP /G  GLJLW 
Ɣ<RXFDQWRJJOHEHWZHHQDXWRPDWLFDQGPDQXDOE\SUHVVLQJDQG  2XWVLGHKLJKHUORZHUOLPLWGHYLDWLRQDODUP RG  GLJLW 
KROGLQJWKH ģ NH\IRUDWOHDVWVHFRQGVRQWKHRXWSXWVFUHHQRU  ,QVLGHKLJKHUORZHUOLPLWGHYLDWLRQDODUP LG  GLJLW 
\RXFDQSUHVVWKH ģDQG Ģ NH\VVLPXOWDQHRXVO\  +LJKHUOLPLWDEVROXWHYDOXHDODUP +$ 0HDVXULQJUDQJHKLJKHUOLPLWYDOXH
Ɣ7KH0$1ODPSIODVKHVGXULQJPDQXDORXWSXW   /RZHUOLPLWDEVROXWHYDOXHDODUP /$ 0HDVXULQJUDQJHORZHUOLPLW
)RUGHWDLOVVHHVHFWLRQ   Å YDOXH
 6HWWLQJUDQJH
  +LJKHUORZHUOLPLWGHYLDWLRQDODUP± GLJLW 
([HFXWLRQVWHS1RPRQLWRULQJVFUHHQ  2XWVLGHRULQVLGHKLJKHUORZHUOLPLWGHYLDWLRQDODUP± GLJLW 
 +LJKHUORZHUOLPLWDEVROXWHYDOXHDODUP:LWKLQPHDVXULQJUDQJH
   jm  
'LVSOD\VH[HFXWLRQVWHS1RGXULQJSURJUDPRSHUDWLRQ
 ‰šhi 69GHFLPDOSRLQWIODVKHVZKHQLQKROG +/' PRGH 'LVSOD\HGZKHQ(9DODUPFRGH+G±/$DUHDVVLJQHG 
 DQGDFWLRQSRLQWRIDOORFDWHGDODUPW\SHLVVHW 
Å  )RUGHWDLOVVHHVHFWLRQ  
5HPDLQLQJWLPHRIVWHSPRQLWRULQJVFUHHQ 7KHVFUHHQVDUHPDVNHGLQWKHSURJUDPPRGH ),;2)) 

   jm  
'LVSOD\VUHPDLQLQJWLPHRIVWHSGXULQJSURJUDPRSHUDWLRQ
 hዸ hh 69GHFLPDOSRLQWIODVKHVZKHQLQKROG +/' PRGH ),;HYHQW (9 VHWYDOXHVHWWLQJVFUHHQ
  ~j…‘ 
Å 6DPHDVVFUHHQDERYHH[FHSW(9LQVWHDGRI(9

  qqq 7KHVFUHHQVDUHPDVNHGLQWKHSURJUDPPRGH ),;2))  
1XPEHURISDWWHUQH[HFXWLRQVPRQLWRULQJVFUHHQ

   jm  Å

'LVSOD\VQXPEHURISDWWHUQVH[HFXWHGGXULQJSURJUDP
    i RSHUDWLRQ $XWRWXQLQJ $7 DFWLRQFRQWUROVFUHHQ
Å 69GHFLPDOSRLQWIODVKHVZKHQLQKROG +/' PRGH  |š 
 ,QLWLDOYDOXH  R))

  — 6HWWLQJUDQJH  R))RQ
([HFXWLRQ3,'1RPRQLWRULQJ 
$7LVH[HFXWHGE\RQVHOHFWLRQDQGLVFDQFHOHGE\R))VHOHFWLRQ
   jm  Å 7KLVVFUHHQLVQRWGLVSOD\HGIRUPDQXDORXWSXWRUIRURXWSXW
'LVSOD\V3,'1REHLQJH[HFXWHG
 ‡¦¦i 'LVSOD\HGRQO\LQ581PRGH SURSRUWLRQDOEDQG 3 2))VHWWLQJ
1RWGLVSOD\HGLI67$1'%<LVVHWIRUVWDQGE\DFWLRQVHWWLQJ
Å 69GHFLPDOSRLQWIODVKHVZKHQLQKROG +/' PRGH
VFUHHQ'XULQJ$7H[HFXWLRQNH\RSHUDWLRQRWKHUWKDQ$7

FDQFHODQGNH\ORFNVHWWLQJLVQRWDFFHSWHG 

)RU$7DFWLRQVHHVHFWLRQ  
5DPSSURFHVVKDOWLQJVFUHHQ 
 ™|•‡  
,QLWLDOYDOXH  UXQ /DWFKLQJUHOHDVHVFUHHQ
  ™›– 6HWWLQJUDQJH  6WR3UXQ
1RWH'LVSOD\HGGXULQJUDPSSURFHVV  …|’ 
Å ,QLWLDOYDOXH  U6W
  ™‰ši 6HWWLQJUDQJH  U6WU6W$//
™‰ši
+DOWVUDPSSURFHVV
1RWH'LVSOD\HGRQO\ZKHQHYHQWODWFKLQJLVVHOHFWHG
1RWH)RULQIRUPDWLRQRQUDPSYDOXHVHWWLQJVHH±VFUHHQV
Å 

,IHYHQWODWFKLQJLV21HYHQLIHYHQWFRQGLWLRQVQRORQJHUH[LVW

DIWHUHYHQWDFWLRQWKHHYHQWFRQWLQXHVWREHRXWSXW (YHQWVHOIKROG 
+ROGH[HFXWLRQVHWWLQJVFUHHQ &DQFHOVVHOIKROGRIWKHHYHQW

 …‘ 6HWWLQJDQGFRUUHVSRQGLQJHYHQW1R
<RXFDQWXUQKROG212))GXULQJSURJUDPRSHUDWLRQ U6W(9U6W(9
  — 7KHSURJUDPLVWHPSRUDULO\KDOWHGE\KROG21 $//(9(9DQGDOO
 ,IODWFKLQJFDQEHFDQFHOHGDOO69ODPSVRQWKHFRQFHUQHGVHWWLQJ
Å  VFUHHQIODVK3UHVVLQJWKH ģ NH\FDQFHOVWKHFRQFHUQHGHYHQW
$GYDQFHH[HFXWLRQVHWWLQJVFUHHQ 
 |‘Œ  
<RXFDQH[HFXWHDGYDQFHGXULQJSURJUDPRSHUDWLRQ 7R%DVLFVFUHHQ
 — ,I21LVVHOHFWHGWKHVWHSFXUUHQWO\EHLQJH[HFXWHGLVFRPSOHWHGDQG
 
WKHSURJUDPIRUFLEO\MXPSVWRWKHQH[WVWHS 
Å


),;FRQWURO IL[HGYDOXHFRQWURO VHWWLQJ 
 3,'VHWWLQJ
%DVLFVFUHHQ 
6HWWLQJUHODWHGWRPXOWL69 WDUJHWVHWYDOXHV IRUIL[HGYDOXHFRQWURO 
ģ 3,'VHWWLQJVFUHHQJURXS

),;VHWWLQJLQLWLDOVFUHHQ :LWKWKH6566HULHV\RXFDQKDYHW\SHVRI3,'FRQVWDQWV
 ,QWKHFDVHRIIL[HGYDOXHFRQWURO ),; WDUJHWVHWYDOXHV69DQG
 “ 69FRUUHVSRQGWR3,'DQG3,'UHVSHFWLYHO\
'LVSOD\HGE\SUHVVLQJWKH ģ NH\RQWKHEDVLFVFUHHQ
  ‰~š )L[HGYDOXHIRUQRSURJUDPPLQJIXQFWLRQ ,QWKHFDVHRISURJUDPFRQWURODQH[HFXWLRQ3,'1RLVDOORFDWHGWR
7KLVVHWWLQJLVGRQHZKHQXVLQJPXOWLSOHWDUJHWVHWYDOXHV PXOWL69 HDFKVWHS
IL[HGYDOXHFRQWURO  
 
ÅģÅ  ),;VHWWLQJLQLWLDOVFUHHQ
),;FRQWURO212))VZLWFKLQJVFUHHQ 3UHVVLQJWKH ģ NH\RQWKHVFUHHQVZLWFKHVWRWKH3,'VHWWLQJ
 VFUHHQ
 “ 'LVSOD\HGRQO\ZKHQHTXLSSHGZLWKSURJUDPPLQJIXQFWLRQ ģ 
   —– &DQEHVZLWFKHGWRIL[HGYDOXHFRQWURO 
,QLWLDOYDOXH  RQ 3,'LQLWLDOVFUHHQ
6HWWLQJUDQJH  RQR)) 
ÅģÅ 2QIL[HGYDOXHFRQWUROR))3URJUDPFRQWURO  ‡“‘ 7KHUHDUHQRVHWWLQJLWHPVIRUWKLVVFUHHQ3UHVVLQJWKH Å NH\
   ‰~š GLVSOD\VWKHLQLWLDOVHWWLQJVFUHHQ³2XWSXW3,'SURSRUWLRQDOEDQG
 3 VHWWLQJVFUHHQ´
([HFXWLRQ691RVHWWLQJVFUHHQ 3UHVVLQJWKH Ģ  Å NH\VGLVSOD\VWKHODVWVFUHHQ³2XWSXW
 ‰Œ–—  3,'KLJKHUOLPLWRXWSXWOLPLWHUVHWWLQJVFUHHQ´
'LVSOD\VH[HFXWLRQ691RXVHGE\IL[HGYDOXHFRQWURO ÅģÅ 
    i ,QLWLDOYDOXH   
6HWWLQJUDQJH  ± 2XWSXW3,'SURSRUWLRQDOEDQG 3 VHWWLQJVFUHHQ
 
ÅģÅ
  ‡i
,QLWLDOYDOXH    
7DUJHWVHWYDOXHV69VHWWLQJVFUHHQ   uh 6HWWLQJUDQJH  R))±  
 ‰Œi  
6HWVWDUJHWVHWYDOXHVXVHGE\IL[HGYDOXHFRQWURO ÅģÅ 7KHUHLVEDVLFDOO\QRQHHGWRVHWLIDXWRWXQLQJ $7 LVH[HFXWHG
    h ,QLWLDOYDOXH   )RULQIRUPDWLRQRQSURSRUWLRQDOEDQGVHHVHFWLRQ   
6HWWLQJUDQJH  :LWKLQ69OLPLWHUUDQJH ,IR))LVVHW212)) SRVLWLRQ DFWLRQLVVHW
ÅģÅ  
 
7DUJHWVHWYDOXHV69VHWWLQJVFUHHQ 2XWSXW3,'K\VWHUHVLV G) VHWWLQJVFUHHQ
 ‰Œj  
6DPHDVVFUHHQDERYHH[FHSW69LQVWHDGRI69
 ‘i
,QLWLDOYDOXH   GLJLW 
    h 6HWVWDUJHWVHWYDOXHVXVHGE\IL[HGYDOXHFRQWURO    jh 6HWWLQJUDQJH  ± GLJLW 
 
ÅģÅ  6HWV³K\VWHUHVLV´IRU21±2))DFWLRQ
 ÅģÅ 'LVSOD\HGLI3 R))LVVHWRQVFUHHQ 
5DPSKLJKHUOLPLWYDOXHVHWWLQJVFUHHQ 

™‡¦›  2XWSXW3,'LQWHJUDOWLPH , VHWWLQJVFUHHQ
6HWVLQFUHPHQWDOUDPSYDOXH 5$038S 
 — ,QLWLDOYDOXH  R)) 
 “i
6HWWLQJUDQJH  R))±GLJLWV ,QLWLDOYDOXH   VHFRQGV 
   ijh 6HWWLQJUDQJH  R))± VHFRQGV 
ÅģÅ 6HWVYDULDWLRQ LQFUHPHQWDOYDOXH VRWKDWFKDQJLQJ691RGRHVQRW 
FDXVHDVXGGHQFKDQJHRIORDGDQGJUDGXDOO\FKDQJHVWKHWDUJHWYDOXH 7KHUHLVEDVLFDOO\QRQHHGWRVHWLIDXWRWXQLQJ $7 LVH[HFXWHG
 ÅģÅ )RULQIRUPDWLRQRQLQWHJUDOWLPHVHHVHFWLRQ  
 7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R))
5DPSORZHUOLPLWYDOXHVHWWLQJVFUHHQ 

™‡¦‘  2XWSXW3,'GHULYDWLYHWLPH ' VHWWLQJVFUHHQ
6HWVGHFUHPHQWDOUDPSYDOXH 5$03'RZQ 
 — ,QLWLDOYDOXH  R)) 
6HWWLQJUDQJH  R))±GLJLWV
 ‘i ,QLWLDOYDOXH   VHFRQGV 
    kh 6HWWLQJUDQJH  R))± VHFRQGV 
ÅģÅ 6HWVYDULDWLRQ GHFUHPHQWDOYDOXH VRWKDWFKDQJLQJ691RGRHVQRW 
FDXVHDVXGGHQFKDQJHRIORDGDQGJUDGXDOO\FKDQJHVWKHWDUJHWYDOXH ÅģÅ 7KHUHLVEDVLFDOO\QRQHHGWRVHWLIDXWRWXQLQJ $7 LVH[HFXWHG
 7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R))
 )RULQIRUPDWLRQRQGHULYDWLYHWLPHVHHVHFWLRQ  
5DPSXQLWVHWWLQJVFUHHQ 

™‡›–  2XWSXW3,'PDQXDOUHVHW 05 VHWWLQJVFUHHQ
6HWVUDPSYDOXHXQLW
 m~ ,QLWLDOYDOXH  6(F  •™i 
6HWWLQJUDQJH  6(FPLQ ,QLWLDOYDOXH    
ÅģÅ     rh 6HWWLQJUDQJH  ±  
 
5DPSUDWLRVHWWLQJVFUHHQ &RQGXFWVRIIVHWFRUUHFWLRQIRUZKHQ, R)) 33'DFWLRQ 
 ™‡¦™  ÅģÅ 7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R))
6HWVUDPSUDWLR )RULQIRUPDWLRQRQPDQXDOUHVHWVHHVHFWLRQ  
   i ,QLWLDOYDOXH  î 
6HWWLQJUDQJH  î i î ri  
 2XWSXW3,'WDUJHWVHWYDOXHIXQFWLRQ 6) VHWWLQJ
ÅĢÅ  VFUHHQ

 ‰i ,QLWLDOYDOXH  
7R,QLWLDOVFUHHQ   rlh 6HWWLQJUDQJH  R))±

8VHGIRUVXSSUHVVLQJRYHUVKRRWDQGXQGHUVKRRWIRUH[SHUW3,'
ÅģÅ 2YHUVKRRWIRU6) LVPLQLPDO:LWK6) R))WKHUHLV
RUGLQDU\3,'DFWLRQZLWKRXWH[SHUW3,'7KLVVFUHHQLVQRW
GLVSOD\HGZKHQ3 R))
)RULQIRUPDWLRQRQWDUJHWVHWYDOXHIXQFWLRQ 6) VHHVHFWLRQ  

7RVFUHHQ
 


2XWSXW3,'ORZHUOLPLWRXWSXWOLPLWHUVHWWLQJVFUHHQ 
 —¦…i  3URJUDPVHWWLQJ
,QLWLDOYDOXH    
   rh 6HWWLQJUDQJH  ±   
 3,'LQLWLDOVFUHHQ
6HWVFRQWURORXWSXWORZHUOLPLWYDOXH ģ 3UHVVLQJWKH ģ NH\RQWKHVFUHHQVZLWFKHVWRWKHSURJUDPLQLWLDO
)RULQIRUPDWLRQRQRXWSXWOLPLWHUVHHVHFWLRQ   VFUHHQ
 
ÅģÅ
 3URJUDPLQLWLDOVFUHHQ
2XWSXW3,'KLJKHUOLPLWRXWSXWOLPLWHUVHWWLQJVFUHHQ  ‡™—€ 
 7KHUHDUHQRVHWWLQJLWHPVIRUWKLVVFUHHQ3UHVVLQJWKH Å NH\
 —¦i   ‰~š GLVSOD\VWKHLQLWLDOVHWWLQJVFUHHQ³6WDUW69VHWWLQJVFUHHQ´
,QLWLDOYDOXH    
 ihrh 6HWWLQJUDQJH  RB/VHWYDOXH ±   3UHVVLQJWKH Ģ  Å NH\VGLVSOD\VWKHODVWVFUHHQ³6WHS3,'
 ÅģÅ 1RVHWWLQJVFUHHQ´
ÅģÅ 6HWVFRQWURORXWSXWKLJKHUOLPLWYDOXH 
 
 
2XWSXW3,'SURSRUWLRQDOEDQG 3 VHWWLQJVFUHHQ 6WDUW69VHWWLQJVFUHHQ
 ‡j     ‰š‰Œ 
,QLWLDOYDOXH     ,QLWLDOYDOXH  
   uh 6HWWLQJUDQJH  R))±       h 6HWWLQJUDQJH  :LWKLQ69OLPLWHU
 
ÅģÅ 6DPHDVRXWSXWSURSRUWLRQDOEDQGVHWWLQJVFUHHQ ÅģÅ 6HWV69YDOXHZKHUHSURJUDPVWDUWV
 ,I69OLPLWHULVFKDQJHGDQGH[FHHGVWKH69OLPLWHUUDQJHWKH69YDOXH
 FRQIRUPVWRWKH69OLPLWHUYDOXH
2XWSXW3,'K\VWHUHVLV G) VHWWLQJVFUHHQ 
 
 ‘j  )LQDOVWHSVHWWLQJVFUHHQ
,QLWLDOYDOXH   GLJLW 
   jh 6HWWLQJUDQJH  ± GLJLW   ~–‘ 
 ,QLWLDOYDOXH  
6HWV³K\VWHUHVLV´IRU21±2))DFWLRQ    ih 6HWWLQJUDQJH  ±
ÅģÅ 'LVSOD\HGLI3 R))LVVHWRQVFUHHQ 
 ÅģÅ :KHQWKHILQDOVWHS1RLVFKDQJHGDQGIDOOVEHORZWKHVWHS1REHLQJ
 H[HFXWHGWKHSURJUDPHQGVRUVZLWFKHVWRWKHLQLWLDOVWHSXSRQWKH
2XWSXW3,'LQWHJUDOWLPH , VHWWLQJVFUHHQ FRPSOHWLRQRIWKHVWHSEHLQJH[HFXWHG
 
 “j   1XPEHURISDWWHUQH[HFXWLRQVVHWWLQJVFUHHQ
,QLWLDOYDOXH   VHFRQGV 
  ijh 6HWWLQJUDQJH  R))± VHFRQGV   ‡–š 
 ,QLWLDOYDOXH  
ÅģÅ 6DPHDVRXWSXWLQWHJUDOWLPHVHWWLQJVFUHHQ    i 6HWWLQJUDQJH  ±
7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R)) 
 6HWVQXPEHURIWLPHVFRQFHUQHGSDWWHUQLVH[HFXWHG
 ÅģÅ :KHQWKHQXPEHULVFKDQJHGDQGIDOOVEHORZWKHFXUUHQWQXPEHURIWKH
2XWSXW3,'GHULYDWLYHWLPH ' VHWWLQJVFUHHQ SURJUDPEHLQJH[HFXWHGWKHSURJUDPHQGVDIWHUFRPSOHWLRQRI 
 WKHILQDOVWHS
 ‘j   ,QLWLDOYDOXH   VHFRQGV  

  kh 6HWWLQJUDQJH  R))± VHFRQGV 
 6WDUWPRGHVHWWLQJVFUHHQ
ÅģÅ 6DPHDVRXWSXWGHULYDWLYHWLPHVHWWLQJVFUHHQ  ‰¦•‘ 
7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R)) ,QLWLDOYDOXH  69
    ‰Œ 6HWWLQJUDQJH  6939
 
2XWSXW3,'PDQXDOUHVHW 05 VHWWLQJVFUHHQ 6HWVSURJUDPVWDUWPRGH
ÅģÅ 6HWWLQJWKHPRGHWR69OHDGVWRWKHSURJUDPVWDUWLQJIURPWKHVWDUW69
 •™j   YDOXH6HWWLQJWKHPRGHWR39XQGHUFHUWDLQFRQGLWLRQVOHDGVWRWKH39
,QLWLDOYDOXH    
   rh 6HWWLQJUDQJH  ±   VWDUWIXQFWLRQDFWLYDWLRQDQGHOLPLQDWHVZDVWHRIWLPH
 )RUGHWDLOVUHIHUWR³6WDUW69´  
&RQGXFWVRIIVHWFRUUHFWLRQIRUZKHQ, R)) 33'DFWLRQ  

ÅģÅ 7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R))
)RULQIRUPDWLRQRQPDQXDOUHVHWVHHVHFWLRQ   *XDUDQWHHVRDN]RQHVHWWLQJVFUHHQ
  €‹|Ž 
 ,QLWLDOYDOXH  R))
2XWSXW3,'WDUJHWVHWYDOXHIXQFWLRQVHWWLQJVFUHHQ   — 6HWWLQJUDQJH  R))±GLJLW
 
 ‰j  6HWVJXDUDQWHHVRDN]RQH
,QLWLDOYDOXH  
 rlh 6HWWLQJUDQJH  R))± ÅģÅ 6HWWLQJWKH]RQHWRR))GLVDEOHVWKHJXDUDQWHHVRDN 
 )RUGHWDLOVUHIHUWR³*XDUDQWHHVRDN´  

ÅģÅ 6DPHDVRXWSXWWDUJHWVHWYDOXHIXQFWLRQVHWWLQJVFUHHQ
7KLVVFUHHQLVQRWGLVSOD\HGZKHQ3 R)) 
 ±3DWWHUQHYHQWOHYHOYDOXHVHWWLQJVFUHHQ
 
2XWSXW3,'ORZHUOLPLWRXWSXWOLPLWHUVHWWLQJVFUHHQ  ‡i‘ ,QLWLDOYDOXH
 —¦…j   jhhh  +LJKHUOLPLWGHYLDWLRQDODUP +G  GLJLW 
,QLWLDOYDOXH      /RZHUOLPLWGHYLDWLRQDODUP /G  GLJLW 
   rh 6HWWLQJUDQJH  ±    ‡j…‘  2XWVLGHKLJKHUORZHUOLPLWGHYLDWLRQDODUP RG  GLJLW 
  ,QVLGHKLJKHUORZHUOLPLWGHYLDWLRQDODUP LG  GLJLW 
ÅģÅ 6HWVFRQWURORXWSXWORZHUOLPLWYDOXH   qqq  +LJKHUOLPLWDEVROXWHYDOXHDODUP +$ 0HDVXULQJUDQJHKLJKHUOLPLWYDOXH
  /RZHUOLPLWDEVROXWHYDOXHDODUP /$ 0HDVXULQJUDQJHORZHUOLPLW
 ÅģÅ YDOXH
2XWSXW3,'KLJKHUOLPLWRXWSXWOLPLWHUVHWWLQJVFUHHQ 6HWWLQJUDQJH
  +LJKHUORZHUOLPLWGHYLDWLRQDODUP± GLJLW 
 —¦j ,QLWLDOYDOXH      2XWVLGHRULQVLGHKLJKHUORZHUOLPLWGHYLDWLRQDODUP± GLJLW 
 +LJKHUORZHUOLPLWDEVROXWHYDOXHDODUP:LWKLQPHDVXULQJUDQJH
 ihrh 6HWWLQJUDQJH  RB/VHWYDOXH ±  


ÅĢÅ 6HWVFRQWURORXWSXWKLJKHUOLPLWYDOXH 'LVSOD\HGZKHQDQDODUPLVDVVLJQHGWRWKHFRQFHUQHGHYHQWFRGHDQG
 VHWVSURJUDPRSHUDWLRQHYHQWDFWLRQSRLQWV
 7KLVVFUHHQLVQRWGLVSOD\HGZKHQQRDODUPLVDVVLJQHG
7RVFUHHQ 

7RVFUHHQ
 


6WHS69VHWWLQJVFUHHQ  
     (YHQWW\SHFRGHWDEOH XVHGE\DQG 
 ‰¦hi 
,QLWLDOYDOXH  
&RGH (YHQWDFWLRQW\SH 5HPDUN
    h 6HWWLQJUDQJH  :LWKLQ69OLPLWHU
 –—– QRQ 1RVHOHFWLRQ 
ÅĢÅ 6HWV69YDOXHRIWKHFRQFHUQHGVWHS ‘ +G +LJKHUOLPLWGHYLDWLRQDODUP (9LQLWLDOYDOXH
7KHGLVSOD\FKDQJHVIURP>‰¦hi@WR>‰¦ih@DFFRUGLQJWRWKHVWHS
…‘ /G /RZHUOLPLWGHYLDWLRQDODUP (9LQLWLDOYDOXH
XSWRWKHILQDOVWHS 
,I69OLPLWHULVFKDQJHGDQGH[FHHGVWKH69OLPLWHUUDQJHWKH69YDOXH —‘ RG 2XWVLGHKLJKHUORZHUOLPLW  
FRQIRUPVWRWKH69OLPLWHUYDOXH  GHYLDWLRQDODUP 

“‘ LG ,QVLGHKLJKHUORZHUOLPLW  

6WHSWLPHVHWWLQJVFUHHQ  GHYLDWLRQDODUP

 | +$ +LJKHUOLPLWDEVROXWHYDOXHDODUP 
 š¦hi
,QLWLDOYDOXH   …| /$ /RZHUOLPLWDEVROXWHYDOXHDODUP 
 hዸ hh 6HWWLQJUDQJH  ±
‰— 6R 6FDOHRYHU 

™›– UXQ 581VLJQDO 
ÅĢÅ 6HWVGXUDWLRQRIWKHFRQFHUQHGVWHS
7KHGLVSOD\FKDQJHV>š¦hi@WR>š¦ih@DFFRUGLQJWRWKHVWHS XS ™—ši URW &RQWURORXWSXWLQYHUWHGRXWSXW )RUFRQWURORXWSXW<RQO\
FRQWDFWRQO\  
WRWKHILQDOVWHS  
7KHXQLWRIWKHGXUDWLRQLVVHWRQWKH³7LPHXQLWVHWWLQJVFUHHQ´ ‰š‡‰ 6W36 6WHSVLJQDO )RUSURJUDPFRQWURORQO\
 ‡š–‰ 3WQ6 3DWWHUQVLJQDO )RUSURJUDPFRQWURORQO\

~–‘‰ (QG6 3URJUDPHQGVLJQDO )RUSURJUDPFRQWURORQO\
6WHS3,'1RVHWWLQJVFUHHQ 
—…‘ +R/G +ROGVLJQDO )RUSURJUDPFRQWURORQO\
 ‡¦hi 
,QLWLDOYDOXH   ‡™—€ 3UR* 3URJUDPVLJQDO )RUSURJUDPFRQWURORQO\
    h 6HWWLQJUDQJH  ± ›¦‰… XB6/ 8SVORSHVLJQDO )RUSURJUDPFRQWURORQO\

‘¦‰… GB6/ 'RZQVORSHVLJQDO )RUSURJUDPFRQWURORQO\
ÅĢÅ 6HWV3,'1RRIWKHFRQFHUQHGVWHS
7KHGLVSOD\FKDQJHVIURP>‡¦hi@WR>‡¦ih@DFFRUGLQJWRWKH €‹| *8$ *XDUDQWHHVRDN )RUSURJUDPFRQWURORQO\
VWHS XSWRWKHILQDOVWHS   
6HWWLQJWKH3,'1RWRLQKHULWVWKHQXPEHUXVHGLQWKHSUHYLRXVVWHS
(YHQWVWDQGE\DFWLRQFRGHVHWWLQJVFUHHQ
:KHQVWHSLVDVVLJQHGWKHSURJUDPRSHUDWHVDW3,'1R 
 ~i¦“ 
&RQWLQXHVWRWKH³6WHS3,'1RVHWWLQJVFUHHQ´ ,QLWLDOYDOXH  R))

— 6HWWLQJUDQJH  R))
 
6WHS3,'1RVHWWLQJVFUHHQ 6HWVW\SHRIVWDQGE\DFWLRQIRUHYHQWIURPFRGHWDEOH
ÅģÅ 'LVSOD\HGZKHQHYHQWW\SHFRGHLV+G/GRGLG+$RU/$
 ‡¦ih 
          6WDQGE\DFWLRQFRGHWDEOH XVHGE\ 
    h 

&RGH 'HVFULSWLRQRIVWDQGE\DFWLRQ

ÅĢÅ — 1RQVWDQGE\

i :KHQSRZHULVDSSOLHG:KHQ567Ѝ581
 :KHQSRZHULVDSSOLHG:KHQ567Ѝ581
 j :KHQ69LVPRGLILHG
7RVFUHHQ k &RQWUROPRGH QRQVWDQGE\ 
 
 (YHQWRXWSXWFKDUDFWHULVWLFVVHWWLQJVFUHHQ
(YHQW (9 ',VHWWLQJV ~i¦| 
 ,QLWLDOYDOXH  QR
)RULQIRUPDWLRQRQVWDQGE\DFWLRQVHHVHFWLRQ   –— 6HWWLQJUDQJH  QRQF
QR1RUPDOO\RSHQ RXWSXWFRQGXFWLYLW\IRUHYHQW21 

QF1RUPDOO\FORVHG RXWSXWFRQGXFWLYLW\IRUHYHQW2)) 
352*LQLWLDOVFUHHQ 
ģ 3UHVVLQJWKH ģ NH\RQWKHVFUHHQVZLWFKHVWRWKHHYHQW (9 ',
ÅģÅ 6HOHFWVZKHWKHUFRQWDFWRXWSXWIRUHYHQWDFWLRQLVFRQGXFWLYHRU
LQLWLDOVFUHHQ QRQFRQGXFWLYH
 (YHQWRXWSXWIRUSRZHU2))LVQRQFRQGXFWLYHIRUERWKQRDQGQF
(YHQW (9 ',LQLWLDOVFUHHQ 

 ~Œ‘“  (YHQWGHOD\WLPHVHWWLQJVFUHHQ
7KHUHDUHQRVHWWLQJLWHPVZLWKWKLVVFUHHQ3UHVVLQJWKH Å NH\ 
  ‰~š GLVSOD\VWKHLQLWLDOVHWWLQJVFUHHQ³(YHQW (9 W\SHVHWWLQJ ~i‘…
,QLWLDOYDOXH  R))
VFUHHQ´ — 6HWWLQJUDQJH  R))± VHFRQGV 
DQGSUHVVLQJWKH Ģ Å NH\VGLVSOD\VWKHODVWVFUHHQ³',  
PRGHVHWWLQJVFUHHQ´ 2XWSXWVDODUPDIWHUVHWWLPHKDVHODSVHGIURPZKHQHYHQWIDFWRU

ÅģÅ ÅģÅ RFFXUUHG
 'LVSOD\HGZKHQHYHQWW\SHFRGHLV+G/GRGLG+$RU/$
(YHQW (9 W\SHVHWWLQJVFUHHQ 
~i¦•  (YHQWODWFKLQJVHWWLQJVFUHHQ
,QLWLDOYDOXH  +G KLJKHUOLPLWGHYLDWLRQ  
‘ 6HWWLQJUDQJH  QRQ+G/GRGLG+$/$6RUXQURW6W363WQ6 ~i¦…
,QLWLDOYDOXH  R))
   (QG6+R/G3UR*XB6/GB6/*8$ — 6HWWLQJUDQJH  R))RQ
 R))/DWFKLQJIXQFWLRQXQDEOHG
6HOHFWHGW\SHVRIHYHQWDUHVHWLQDFFRUGDQFHZLWKWKHHYHQWW\SHFRGH RQ/DWFKLQJIXQFWLRQHQDEOHG
ÅģÅ WDEOHRI 
±VFUHHQVDUHGLVSOD\HGZKHQDODUPW\SHFRGHLV+G/GRGLG
ÅģÅ :LWKWKHHYHQWODWFKLQJIXQFWLRQWKHDODUPFRQWLQXHVWREH
+$RU/$ RXWSXWHYHQLIWKHUHDUHQRHYHQWFRQGLWLRQVDIWHUHYHQWDFWLRQ
 (YHQWVHOIKROG 
 'LVSOD\HGZKHQHYHQWW\SHFRGHLV+G/GRGLG+$RU/$
(YHQWK\VWHUHVLVVHWWLQJVFUHHQ 

~i¦‘  (YHQW (9 W\SHVHWWLQJVFUHHQ


,QLWLDOYDOXH   GLJLW  
jh 6HWWLQJUDQJH  ± GLJLW  ~j¦•
,QLWLDOYDOXH  /G ORZHUOLPLWGHYLDWLRQYDOXH 
 …‘ 6HWWLQJUDQJH  QRQ+G/GRGLG+$/$6RUXQURW6W363WQ6 
6HWV212))K\VWHUHVLVIRUHYHQW    (QG6+R/G3UR*XB6/GB6/*8$
ÅģÅ 'LVSOD\HGZKHQHYHQWW\SHFRGHLV+G/GRGLG+$RU/$ 

ÅģÅ 7\SHVRIHYHQWVVHOHFWHGIRU(9DUHVHWIURPWKHHYHQWW\SH
 FRGHWDEOHRIMXVWDVZLWK(9
7RVFUHHQ ±VFUHHQVDUHGLVSOD\HGZKHQDODUPW\SHFRGHLV+G/GRG
LG+$RU/$
7RVFUHHQ
 

(YHQWDFWLRQK\VWHUHVLVVHWWLQJVFUHHQ 
.H\ORFNVHWWLQJVFUHHQ
~j¦‘ 
,QLWLDOYDOXH   GLJLW  
jh 6HWWLQJUDQJH  ± GLJLW   …—„ ,QLWLDOYDOXH  R))
   — 6HWWLQJUDQJH  R))
6HWV212))K\VWHUHVLVRI(9MXVWOLNH(9 
ÅģÅ 'LVSOD\HGZKHQDODUPW\SHFRGHLV+G/GRGLG+$RU/$ /RFNVLWHPV\RXGRQ¶WZDQWWREHPRGLILHG
 7RXQORFNVHOHFWR))
 ÅģÅ 'DWDFDQQRWEHFKDQJHGIRUDORFNHGVFUHHQ
(YHQWVWDQGE\DFWLRQFRGHVHWWLQJVFUHHQ 
/RFN1RDQGORFNHGUDQJHDUHDVIROORZV
~j¦“ 
,QLWLDOYDOXH  R)) /RFN1R /RFNHGUDQJH
— 6HWWLQJUDQJH  R)) — 8QORFN DOOGDWDFDQEHPRGLILHG 

i $OOGDWDORFNHGH[FHSWVFUHHQJURXSDQG69
6HWVW\SHRIVWDQGE\DFWLRQIRU(9IURPWKHVWDQGE\DFWLRQ
FRGHWDEOHRIMXVWOLNH(9 j $OOGDWDORFNHGH[FHSW69
ÅģÅ 'LVSOD\HGZKHQHYHQWW\SHFRGHLV+G/GRGLG+$RU/$ k 2QO\NH\ORFNVHWWLQJFDQEHPRGLILHG
 7KH³/DWFKLQJUHOHDVHVFUHHQ´FDQQRWEHNH\ORFNHG
 
(YHQWRXWSXWFKDUDFWHULVWLFVVHWWLQJVFUHHQ 3URSRUWLRQDOF\FOHWLPHVHWWLQJVFUHHQ
 ~j¦| 
 —¦} 
,QLWLDOYDOXH  QR ,QLWLDOYDOXH  &RQWDFWRXWSXW     VHFRQGV 
   –— 6HWWLQJUDQJH  QRQF    kh    665GULYHYROWDJHRXWSXW   VHFRQGV 
 6HWWLQJUDQJH  ± VHFRQGV 
6HWMXVWOLNH(9 
ÅģÅ  6HWVFRQWURORXWSXWSURSRUWLRQDOF\FOHWLPH

ÅģÅ 1RWGLVSOD\HGZKHQRXWSXWW\SHLVYROWDJHRUFXUUHQW
(YHQWGHOD\WLPHVHWWLQJVFUHHQ )RULQIRUPDWLRQRQSURSRUWLRQDOF\FOHWLPHVHHVHFWLRQ  
 ~j‘…  
,QLWLDOYDOXH  R)) 2XWSXWFKDUDFWHULVWLFVVHWWLQJVFUHHQ
  — 6HWWLQJUDQJH  R))± VHFRQGV  
  |š ,QLWLDOYDOXH  U$ ™| 
6HWMXVWOLNH(9
   ™| 6HWWLQJUDQJH  U$G$ ‘| 
ÅģÅ  
 6HWVFKDUDFWHULVWLFVRIFRQWURORXWSXW
(YHQWODWFKLQJVHWWLQJVFUHHQ U$  5HYHUVHFKDUDFWHULVWLFV IRUKHDWLQJ 
 ~j¦…
~j¦…  ÅģÅ G$  'LUHFWFKDUDFWHULVWLFV IRUFRROLQJ 
,QLWLDOYDOXH  R)) )RULQIRUPDWLRQRQFRQWURORXWSXWFKDUDFWHULVWLFVVHHVHFWLRQ  
  —
— 6HWWLQJUDQJH  R))RQ 
 +\VWHUHVLVPRGH
6HWMXVWOLNH(9 

‘•‘
ÅģÅ 6HWVK\VWHUHVLVPRGHZKHQ212))DFWLRQLVVHOHFWHG
 ~–š 7KHVHWPRGHZLOOEHUHIOHFWHGLQ2873,'±

',PRGHVHWWLQJVFUHHQ ,QLWLDOYDOXH  &(17 ~–š 
‘“  ÅģÅ 6HWWLQJUDQJH  &(17692) ‰Œ— 6921 ‰Œ—– 
,QLWLDOYDOXH  QRQ 
  –—– 6HWWLQJUDQJH  QRQUXQUXQP$Q$W69U$P3$&W/BU6
&(170RGHIRUPDNLQJWKHFHQWHUSRVLWLRQRIK\VWHUHVLV69YDOXH
692)0RGHIRUPDNLQJWKHRXWSXW2))SRVLWLRQRIK\VWHUHVLV69YDOXH
3UR* 
69210RGHIRUPDNLQJWKHRXWSXW21SRVLWLRQRIK\VWHUHVLV69YDOXH
   +/G$G9


ÅĢÅ 6HOHFWVHWDFFRUGLQJWRXVDJHREMHFWLYHRIH[WHUQDOLQSXW ',  69OLPLWHUORZHUOLPLWYDOXHVHWWLQJVFUHHQ

            ',PRGHDOORFDWLRQW\SHFRGH ‰Œ¦… 
,QLWLDOYDOXH  /RZHUOLPLWYDOXHRIPHDVXULQJUDQJH
 &RGH ([WHUQDOFRQWUROLQSXWDOORFDWLRQW\SH 'HWHFWLRQ    h 6HWWLQJUDQJH  /RZHUOLPLWYDOXHRIPHDVXULQJUDQJHWRKLJKHUOLPLW 
 –—– 1RVHOHFWLRQ     YDOXHRIPHDVXULQJUDQJHGLJLW
 
™›–i 581567 /HYHO
6HWVORZHUOLPLWYDOXHWRPDNHVHWWLQJUDQJHRIWDUJHWYDOXHIDOOZLWKLQ

™›–j 581567 (GJH ÅģÅ PHDVXULQJUDQJH
 $EOHWRSUHYHQWLQFRUUHFWVHWWLQJLQGDQJHUUDQJHHWF 
•|– 0$10DQXDORXWSXW /HYHO
 
|š $7$XWRWXQLQJH[HFXWLRQ (GJH
 69OLPLWHUKLJKHUOLPLWYDOXHVHWWLQJVFUHHQ
‰Œ 69([WHUQDOVHOHFWLRQ /HYHO
 ‰Œ¦ 
™|•‡ 5DPSSURFHVVKDOWLQJ /HYHO
 ,QLWLDOYDOXH  +LJKHUOLPLWYDOXHRIPHDVXULQJUDQJH
|}š 2XWSXWRXWSXWFKDUDFWHULVWLFV 5$'$  /HYHO ikoh 6HWWLQJUDQJH  /RZHUOLPLWYDOXHRI69OLPLWHUGLJLWWR
    KLJKHUOLPLWYDOXHRIPHDVXULQJUDQJH
…¦™‰ /BU67RWDOXQODWFKLQJ (GJH
 
 ‡™—€ 3UR*3URJUDP /HYHO 6HWVKLJKHUOLPLWYDOXHWRPDNHVHWWLQJUDQJHRIWDUJHWYDOXHIDOOZLWKLQ
 …‘ +/G+ROGVLJQDO /HYHO ÅģÅ PHDVXULQJUDQJH
$EOHWRSUHYHQWLQFRUUHFWVHWWLQJLQGDQJHUUDQJHHWF 

|‘Œ $G9$GYDQFH (GJH

1RWH)RU69OLPLWHUVHWWLQJWKHORZHUOLPLWYDOXHLVJLYHQSUHIHUHQFHWR

HQVXUHWKDWORZHUOLPLWYDOXHLVOHVVWKDQKLJKHUOLPLWYDOXH&RQVHTXHQWO\

 KLJKHUOLPLWYDOXHFDQQRWEHVHWOHVVWKDQORZHUOLPLWYDOXHGLJLW


7RVFUHHQ

,I6FB/6FB+LQB/RULQB+LVFKDQJHGWKHUHVSHFWLYHYDOXHVDUHVHW
IRU
 69B/69B+
,QLWLDOVHWWLQJV 


39ELDVYDOXHVHWWLQJVFUHHQ
(YHQW (9 ',LQLWLDOVFUHHQ  ‡Œ¦ 
,QLWLDOYDOXH   GLJLW 
ģ 3UHVVLQJWKH ģ NH\RQWKHVFUHHQVZLWFKHVWR³,1,7LQLWLDO    h 6HWWLQJUDQJH  ± GLJLW 
VFUHHQ´ 
 8VHGIRUFRPSHQVDWLQJLQSXWHUURURIVHQVRUVHWF
,1,7LQLWLDOVFUHHQ ÅģÅ :KHQELDVLVDSSOLHGFRQWUROLVDOVRH[HFXWHGDFFRUGLQJWRWKHELDV

 “–“š
7KHUHDUHQRVHWWLQJLWHPVZLWKWKLVVFUHHQ3UHVVLQJWKH Å NH\ 39UDPSVHWWLQJVFUHHQ
  ‰~š GLVSOD\VWKHLQLWLDOVHWWLQJVFUHHQ³.H\ORFNVHWWLQJVFUHHQ´ 
‡Œ¦‰
DQGSUHVVLQJWKH Ģ Å NH\VGLVSOD\VWKHILQDOVFUHHQ³),; ,QLWLDOYDOXH   WLPHV 
XSRQ352*HQGDQGVHWWLQJVFUHHQ´ shhh 6HWWLQJUDQJH  ± WLPHV 
ÅģÅ  
ÅģÅ 6HWV39UDPS
7RVFUHHQ
 
7RVFUHHQ

39ILOWHUWLPHVHWWLQJVFUHHQ 
‡Œ¦  'LVSOD\VFDOLQJORZHUOLPLWYDOXHVHWWLQJVFUHHQ
,QLWLDOYDOXH   VHFRQGV  
   h 6HWWLQJUDQJH  ± VHFRQGV 
 ‰¦…
,QLWLDOYDOXH   GLJLW 
8VHGWRDOOHYLDWHWKHHIIHFWLILQSXWYDULHVUDGLFDOO\RUQRLVHLV    h 6HWWLQJUDQJH  ± GLJLW 
VXSHULPSRVHG 
ÅģÅ )LOWHUGRHVQRWIXQFWLRQLIVHWWRVHFRQGV 6HWVGLVSOD\VFDOLQJORZHUOLPLWYDOXHIRUOLQHDULQSXW P99 

ÅģÅ &DQQRWEHVHWE\PRQLWRULQJVFUHHQIRUVHQVRULQSXW
 
0HDVXULQJUDQJHFRGHVHWWLQJVFUHHQ 

 ™|–€  'LVSOD\VFDOLQJKLJKHUOLPLWYDOXHVHWWLQJ 
,QLWLDOYDOXH  0XOWL VFUHHQ
   hm 6HWWLQJUDQJH  6HOHFWHGIURP³0HDVXULQJUDQJHFRGHV´
 ‰¦ 
,QLWLDOYDOXH   GLJLW 
&RPELQDWLRQRILQSXWW\SHDQGPHDVXULQJUDQJHLVVHWE\WKHFRGH ikoh 6HWWLQJUDQJH  6FB/VHWYDOXH WR 6FB/VHWYDOXH 
6HWWLQJFDQQRWEHFKDQJHGGXULQJFRQWURODFWLRQ

ÅģÅ 
6HWVGLVSOD\VFDOLQJKLJKHUOLPLWYDOXHIRUOLQHDULQSXW P99 
1RWH6WRSFRQWURODFWLRQWRFKDQJHVHWWLQJRQ±VFUHHQ
ÅģÅ &DQQRWEHVHWE\PRQLWRULQJVFUHHQIRUVHQVRULQSXW
&KDQJLQJWKHVHWWLQJLQLWLDOL]HVUHODWHGSDUDPHWHUVVRWKH

SDUDPHWHUVQHHGWREHUHFRQILJXUHG

 'HFLPDOSRLQWSRVLWLRQVHWWLQJVFUHHQ

‘‡ 
,QSXWWHPSHUDWXUHXQLWVHWWLQJVFUHHQ ,QLWLDOYDOXH  1RGHFLPDOSRLQW  
 ‹–“š     h 6HWWLQJUDQJH 
,QLWLDOYDOXH  F     )RUOLQHDULQSXW
     6HWWLQJUDQJH  F)       1RGHFLPDOSRLQW  WRGLJLWVIROORZLQJGHFLPDO 
     SRLQW  
7HPSHUDWXUHXQLWIRUVHQVRULQSXWLVVHWWRF ƒ& RU) ƒ)    2WKHUV
1RWGLVSOD\HGLIOLQHDULQSXW P99 LVVHOHFWHG     1RGHFLPDOSRLQW  WRGLJLWIROORZLQJGHFLPDO 
ÅģÅ . „ LVGLVSOD\HGLIPHDVXULQJUDQJHFRGHLV± LQNHOYLQ      SRLQW  
 
 6HWVGHFLPDOSRLQWSRVLWLRQIRUGLVSOD\VFDOLQJ
,QSXWVFDOLQJORZHUOLPLWYDOXHVHWWLQJVFUHHQ ÅģÅ 5DQJHZLWKQRGHFLPDOSRLQWFDQQRWEHVHWE\PRQLWRUDORQH

“–¦… 

,QLWLDOYDOXH   GLJLW 
   h 6HWWLQJUDQJH  7LPHXQLWVHWWLQJVFUHHQ
 )RUOLQHDUUDQJH  š¦›– 'LVSOD\HGRQO\ZKHQSURJUDPPLQJIXQFWLRQLVVHOHFWHG 
    6HOHFWHGIURPWKHLQSXWW\SHVVKRZQLQWKHPHDVXULQJ  ,QLWLDOYDOXH  +P • 
    UDQJHFRGHWDEOH    • 6HWWLQJUDQJH  +PP6 •‰ 
 2WKHUV 
    6HOHFWHGIURPWKHPHDVXULQJUDQJHVVKRZQLQWKH  6HWVWLPHXQLWXVHGE\SURJUDPPLQJIXQFWLRQ
    PHDVXULQJUDQJHFRGHWDEOH  ÅģÅ +P+RXUPLQXWHP60LQXWHVHFRQG
 
ÅģÅ 

,QSXWVFDOLQJKLJKHUOLPLWYDOXHVHWWLQJVFUHHQ ),;XSRQ352*HQGDQGVHWWLQJVFUHHQ
“–¦   ~“ 'LVSOD\HGRQO\ZKHQSURJUDPPLQJIXQFWLRQLVVHOHFWHG 
,QLWLDOYDOXH   GLJLW  ,QLWLDOYDOXH  R))
ikoh    — 6HWWLQJUDQJH  R))R1
6HWWLQJUDQJH  
 )RUOLQHDUUDQJH ÅģÅ 6HWVZKHWKHUWRSURFHHGWRWKH),;PRGHXSRQSURJUDPFRPSOHWLRQ
   6HOHFWHGIURPLQSXWW\SHVVKRZQLQWKHPHDVXULQJ  
   UDQJHFRGHWDEOH 
 2WKHUV 7RVFUHHQ
0LQLPXPVHWWLQJLVGLJLW0D[LPXPVHWWLQJLVZLWKLQ
PHDVXULQJUDQJH

   6HOHFWHGIURPPHDVXULQJUDQJHVVKRZQLQWKH 
   PHDVXULQJUDQJHFRGHWDEOH 
ÅģÅ 
6HWWLQJWKHLQSXWUDQJHDOVROLPLWVWKHPHDVXULQJUDQJHRI 
WKHVHOHFWHGUDQJH



7RVFUHHQ


6HWWLQJ([DPSOH

,QSXWVFDOLQJ 'LVSOD\VFDOLQJ
'LVSOD\UDQJH
5DQJHWREHPHDVXUHG 5DQJHFRGH0HDVXULQJUDQJH     

/RZHUOLPLWYDOXH +LJKHUOLPLWYDOXH /RZHUOLPLWYDOXH +LJKHUOLPLWYDOXH

WRƒ& hm WRƒ&   8QVHWWDEOH WRƒ&


WRP9 oj WRP9     WR
WR9 pn WR9     WR
WRP$ pn WR9     WR
WRP$ pn WR9     WR
 )RUFXUUHQWLQSXWLQVWDOOLQSXWWHUPLQDOVRIWKHVSHFLILHGUHFHLYLQJLPSHGDQFH ȍ DQGXVHFRGH WR9 
 7KHGLVSOD\UDQJHRIVHQVRULQSXWZLOOEHWKHKLJKHUOLPLWYDOXHIURPWKHORZHUOLPLWYDOXHRIWKHLQSXWVFDOLQJ

 


0HDVXULQJUDQJHFRGHV

6HOHFWPHDVXULQJUDQJHIURPWKHIROORZLQJWDEOH

1RWH&KDQJLQJWKHFRGHLQLWLDOL]HVDOOGDWDUHODWHGWRPHDVXULQJUDQJH&KDQJHVHWWLQJDIWHUVZLWFKLQJ 
WRUHVHWPRGHIURPWKHVFUHHQ

,QSXWW\SH &RGH 0HDVXULQJUDQJH ƒ& 0HDVXULQJUDQJH ; 
 % hi   ±ƒ& ± ;
 5 hj   ±ƒ& ± ;
 6 hk   ±ƒ& ± ;
hl   ±ƒ& ± ;
 .
7KHUPRFRXSOH

hm ±ƒ& ± ;


 ( hn ±ƒ& ± ;
 - ho   ±ƒ& ± ;
 7 hp   ±ƒ& ± ;
0XOWLLQSXW

 1 hq   ±ƒ& ± ;


 3/OO ih   ±ƒ& ± ;
 & :5H  ii ±ƒ& ± ;
 8 ij   ±ƒ& ± ;
 / ik ±ƒ& ± ;
  . il   ±.
.HOYLQ
 $X)H&U im   ±.
kk ±ƒ& ± ;
57'  3W
kl ±ƒ& ± ;
P9  ±P9 oj 'LVSOD\VFDOLQJUDQJH±GLJLW
9ROWDJH 9    ±9 pn 6SDQGLJLW

'LVSOD\DFFXUDF\ 7&“ )6GLJLWƒ& 
                 3W“ )6GLJLWƒ& 
                 P99“ )6GLJLW 

$FFXUDF\JXDUDQWHHLVQRWDSSOLFDEOHWRƒ& ƒ) RUEHORZ 
$FFXUDF\RILQGLFDWHGYDOXHVLV±ƒ& ±ƒ) LV“ )6GLJLWƒ& 
$FFXUDF\RILQGLFDWHGYDOXHVEHORZƒ& ƒ) LV“ )6GLJLWƒ& 
$FFXUDF\RILQGLFDWHGYDOXHV“ )6GLJLWƒ& 
$FFXUDF\WHPSHUDWXUHUDQJH 
 ±.“ )6GLJLWƒ& 
 ±.“ )6GLJLWƒ& 
 ±.“ )6GLJLWƒ& 
$FFXUDF\RILQGLFDWHGYDOXHVLV“ )6GLJLWƒ& 
$FFXUDF\RILQGLFDWHGYDOXHVEHORZƒ& ƒ) LV“ )6GLJLWƒ& 
1RWH7&7HPSHUDWXUHVEHORZƒ& ƒ) RU57'7HPSHUDWXUHVEHORZƒ& ƒ) DUHVXEMHFW 
WRVFDOHRYHUGLVSOD\
7KHUPRFRXSOH:LWKRUZLWKRXWDGHFLPDOSRLQWLVVHOHFWDEOHIRU7&DQG3W

1RWH8QOHVVRWKHUZLVHGHVLJQDWHGWKHIDFWRU\GHIDXOWVHWWLQJVDUHDVIROORZV

,QSXWUDQJH &RGH 0HDVXULQJUDQJH
0XOWLLQSXW hm . ±ƒ&
9ROWDJHLQSXW pn ±9
  


([SODQDWLRQRIIXQFWLRQV

7KLVVHFWLRQFRQWDLQVDGHVFULSWLRQRIRSHUDWLRQQRWFRYHUHGLQ³6FUHHQJURXSVHWWLQJ´

(YHQWV
 $ODUPDFWLRQ
   'HYLDWLRQDODUP
6HWVDODUPDFWLRQSRLQWVIRUGHYLDWLRQRIPHDVXUHGYDOXHV 39 IURPWDUJHWVHWYDOXHV 69 
)RUH[DPSOHWRWULJJHUDQDODUPZKHQPHDVXUHGYDOXH 39 LVƒ&RUPRUHDQGWDUJHWVHWYDOXHLVƒ&WKHKLJKHUOLPLW
GHYLDWLRQDODUPLVVHWWRƒ&
2UWRWULJJHUDQDODUPZKHQPHDVXUHGYDOXH 39 LVƒ&RUOHVVDQGWDUJHWVHWYDOXHLVƒ&WKHORZHUOLPLWGHYLDWLRQ
DODUPLVVHWWRƒ&
7KLVLVFRQYHQLHQWLI\RXZDQWDODUPDFWLRQSRLQWWREHLQDFFRUGDQFHZLWKGHYLDWLRQIURPWDUJHWVHWYDOXHV7KHVHWWLQJ
UDQJHLV±GLJLWV
   $EVROXWHYDOXHDODUP
6HWVDODUPDFWLRQSRLQWE\DEVROXWHYDOXH+LJKHUOLPLWDEVROXWHYDOXHDODUPDQGORZHUOLPLWDEVROXWHYDOXHDODUPFDQEH
VHWDWDQ\SRLQWZLWKLQPHDVXULQJUDQJH
)RUH[DPSOHWRWULJJHUDQDODUPZKHQPHDVXUHGYDOXHUHDFKHVƒ&RUKLJKHUVHWWKHKLJKHUOLPLWDEVROXWHYDOXHDODUPWRƒ&
2UWRWULJJHUDQDODUPZKHQPHDVXUHGYDOXHUHDFKHVƒ&RUORZHUVHWWKHORZHUOLPLWDEVROXWHYDOXHDODUPWRƒ&
   6WDQGE\DFWLRQ
,IHYHQWVWDQGE\DFWLRQLVVHWWR RU DQHYHQWLVQRWRXWSXWHYHQLIWKHPHDVXUHGYDOXHLVLQWKHDODUPDFWLRQDUHD 21
DUHD ZKHQSRZHULVDSSOLHGVWDQGE\LVFDQFHOHGRUWDUJHWVHWYDOXHLVFKDQJHG
2QFHRXWVLGHWKHDODUPDFWLRQDUHD 2))DUHD DQGVWDQGE\DFWLRQLVFDQFHOHGDQHYHQWLVRXWSXWZKHQLWRQFHDJDLQ
HQWHUVWKHDODUPDFWLRQDUHD
   1RQVWDQGE\DFWLRQ
,IHYHQWVWDQGE\DFWLRQLVVHWWR2))DQGDQHYHQWLVDOZD\VRXWSXWZKHQWKHPHDVXUHGYDOXHLVZLWKLQWKHDODUPDFWLRQ
DUHD
   &RQWUROPRGH
,IVWDQGE\DFWLRQLVVHWWRDODUPLVQRWWULJJHUHGZKHQVFDOHRYHURFFXUV

 (YHQWVWDQGE\DFWLRQVHOHFWLRQ
7KHIROORZLQJDUHVXSSOHPHQWDU\H[SODQDWLRQVRIRSHUDWLRQZLWK³DQG(YHQWVWDQGE\DFWLRQFRGHVHWWLQJ
VFUHHQ´RIVFUHHQJURXS

,IXVLQJHYHQWRXWSXWDVDQDODUPVHWIURPRURIVWDQGE\DFWLRQFRGHWDEOH
,IXVLQJHYHQWRXWSXWIRUFRQWUROVHW FRQWUROPRGH ,ILVVHWKRZHYHUHYHQWRXWSXWUHPDLQV2))IRUDEQRUPDOLQSXW
,IVHWWRVWDQGE\DFWLRQIXQFWLRQVZKHQSRZHULVDSSOLHGRUVWDQGE\LVFDQFHOOHG
,IVHWWRVWDQGE\DFWLRQIXQFWLRQVZKHQSRZHULVDSSOLHGZKHQVWDQGE\LVFDQFHOHGDQGZKHQH[HFXWLRQ69LVFKDQJHG

1RWH6WDQGE\DFWLRQLVFDQFHOHGLPPHGLDWHO\LIFKDQJHGWR2))RUGXULQJVWDQGE\DFWLRQ
1RWH:KHQVFDOHRYHURFFXUVVWDQGE\DFWLRQLVFDQFHOHG

 (YHQWVHOHFWLRQDODUPDFWLRQGLDJUDPV
7KHIROORZLQJGLDJUDPVGHVFULEHDODUPDFWLRQVVHOHFWHGIRUHYHQW (9(9 
  䕧69YDOXH
  ‫ڸ‬$ODUPDFWLRQSRLQWVHWWLQJYDOXH


‘+LJKHUOLPLWGHYLDWLRQDODUP …‘/RZHUOLPLWGHYLDWLRQDODUP —‘2XWVLGHKLJKHUORZHU  “‘,QVLGHKLJKHUORZHU 
 OLPLWGHYLDWLRQDODUP OLPLWGHYLDWLRQDODUP

 $FWLRQ21 $FWLRQ21 $FWLRQ21 $FWLRQ21

 +\VWHUHVLV $FWLRQ21
+\VWHUHVLV




|+LJKHUOLPLWDEVROXWHYDOXHDODUP …|/RZHUOLPLWDEVROXWHYDOXHDODUP ‰—6FDOHRYHU

 $FWLRQ21 $FWLRQ21 $FWLRQ21 $FWLRQ21



   ĸ39YDOXHĺ  
  


 &RQWURORXWSXWLQYHUWHGRXWSXW
,IHTXLSSHGZLWKFRQWDFWRXWSXWIRUFRQWURORXWSXWLQYHUWHGRXWSXWFDQEHH[HFXWHGIRUFRQWURORXWSXWE\VHOHFWLQJ ™—ši
FRQWURORXWSXWLQYHUWHGRXWSXW IRUWKHHYHQWFRGH2XWSXWLVKRZHYHU2))IRUERWKFRQWURORXWSXWDQGHYHQWZKHQ 
WKHSRZHULVRII
$OVRLQYHUWHGRXWSXWIRUFRQWURORXWSXWFDQEHH[HFXWHGDVZHOOGXULQJVWDQGE\




 2XWSXW
69
 +\VWHUHVLV


 39

 287


 (YHQW



 (YHQWVWDWXVRXWSXWDFWLRQ
  ™›–   581   581VLJQDO    2XWSXWGXULQJSURJUDPPRGHZKHQWKHSURJUDPLVFRQWUROOHGE\IL[HG 
            YDOXHFRQWURO ),;PRGH DFWLRQ
  ‰š‡‰  6736   6WHSVLJQDO     2XWSXWIRUVHFRQGHDFKWLPHVWHSLQSURJUDPFRQWUROH[HFXWLRQ 
            LVFRPSOHWHG
  ‡š–‰  3716   3DWWHUQVLJQDO    2XWSXWIRUVHFRQGHDFKWLPHSDWWHUQLQSURJUDPFRQWUROH[HFXWLRQ 
            LVFRPSOHWHG
  ~–‘‰  (1'6   3URJUDPHQGVLJQDO  2XWSXWIRUVHFRQGZKHQSURJUDPFRQWUROH[HFXWLRQLVFRPSOHWHG 
            2XWSXWHYHQLISURJUDPLVIRUFLEO\FRPSOHWHGKDOIZD\ 
  —…‘  +2/'   +ROGVLJQDO    2XWSXWZKHQKROGLQJ WHPSRUDU\KDOWRISURJUDP GXULQJSURJUDPFRQWURO
  ‡™—€  352*  3URJUDPVLJQDO    2XWSXWZKHQVHWWRSURJUDPPRGH
  ›¦‰…  8B6/   8SVORSHVLJQDO    2XWSXWGXULQJXSVORSHVWHSH[HFXWLRQGXULQJSURJUDPFRQWURO
  ‘¦‰…  'B6/   'RZQVORSHVLJQDO   2XWSXWGXULQJGRZQVORSHVWHSH[HFXWLRQGXULQJSURJUDPFRQWURO
  €‹|   *8$   *XDUDQWHHVRDNVLJQDO 2XWSXWZKHQJXDUDQWHHVRDNLVHQJDJHG

3,'
 3 SURSRUWLRQDODFWLRQ 
6HWVSHUFHQWDJHDWZKLFKFRQWURORXWSXWYDULHVIRUPHDVXULQJUDQJH7KHVL]HRIFRQWURORXWSXWYDULHVLQSURSRUWLRQWRWKH
GLIIHUHQFHEHWZHHQ39YDOXHDQG69YDOXH
7KHVOLJKWHUWKHSURSRUWLRQDOEDQGLVWKHPRUHLQWHQVHRXWSXWYDULDWLRQDQGSURSRUWLRQDODFWLRQDUH,ILWLVWRRVOLJKWFRQWURO
YLEUDWHVDQGWKHUHVXOWVRIFRQWURODUHVLPLODUWR212))DFWLRQ 

 , LQWHJUDOWLPH 
)XQFWLRQWKDWFRUUHFWVRIIVHW FRQVWDQWGHYLDWLRQ SURGXFHGE\SURSRUWLRQDOEDQG7KHORQJHUWKHLQWHJUDOWLPHWKHZHDNHU
WKHFRUUHFWLYHDFWLRQDQGWKHVKRUWHUWKHWLPHWKHVWURQJHUWKHDFWLRQLVEXWFRQWUROPD\YLEUDWHGXHWRLQWHJUDOKXQWLQJ

 ' GHULYDWLYHWLPH 
(QKDQFHVVWDELOLW\E\HVWLPDWLQJFKDQJHLQFRQWURORXWSXWDQGVXSSUHVVLQJLQWHJUDORYHUVKRRW
7KHORQJHUWKHGHULYDWLYHWLPHWKHVWURQJHUGHULYDWLYHDFWLRQLVEXWFRQWUROUHVXOWVPD\EHVLPLODUWRYLEUDWLRQ

 05 PDQXDOUHVHW 
'XULQJ3,'DFWLRQRIIVHWLVDXWRPDWLFDOO\FRUUHFWHGE\LQWHJUDWLRQ ³,´ EXWLI³,´LV2))RIIVHWLVQRWFRUUHFWHG,IVRRIIVHW
FDQEHFRUUHFWHGE\PDQXDOO\LQFUHDVLQJGHFUHDVLQJRXWSXW7KLVLVFDOOHG³PDQXDOUHVHW´

 6) WDUJHWYDOXHIXQFWLRQ 
7KLVIXQFWLRQGHWHUPLQHVWKHVWUHQJWKRIWKHRYHUVKRRWSUHYHQWLQJIXQFWLRQZKHQRSHUDWLQJH[SHUW3,'
([SHUW3,'VXSSUHVVHVRYHUVKRRWE\FRQGXFWLQJRSHUDWLRQIRUSUHGLFWLQJDQGFDQFHOLQJWKHDPRXQWRIRYHUVKRRWE\
UHIHUULQJWRYDOXHVVXFKDVWKH3,'YDOXHDQGWKHYDULDWLRQRI39YDOXHXQWLOWKHWDUJHWVHWYDOXH 69  RUWKHSURSRUWLRQDO
EDQG LVUHDFKHG7DUJHWYDOXHIXQFWLRQLVHIIHFWLYHRQO\ZKHQWKHUHLVDQLQWHJUDORSHUDWLRQ 3,3,'RSHUDWLRQ 
6) 2))   ([SHUW3,'GRHVQRWIXQFWLRQDQGQRUPDO3,'RSHUDWHV
6)    0LQLPL]HRYHUVKRRWIRUH[SHUW3,'FRQWURO
6)ĺ6PDOO  2YHUVKRRWSUHYHQWLQJIXQFWLRQZRUNVOLPLWHGO\
6)ĺ/DUJH
  2YHUVKRRWSUHYHQWLQJIXQFWLRQZRUNVIXOO\



&RQWURORXWSXW
 /RZHUOLPLWDQGKLJKHUOLPLWOLPLWHUVHWWLQJ
 2XWSXWOLPLWHUOLPLWVPLQLPXPDQGPD[LPXPYDOXHVRIFRQWURORXWSXWDQGKHOSVVHFXUHPLQLPXPWHPSHUDWXUHVXSSUHVV
FRQWURORYHUVKRRWDQGDFKLHYHRWKHUREMHFWLYHV
 /RZHUOLPLWYDOXHLVJLYHQSULRULW\IRURXWSXWOLPLWHUVHWWLQJ,IPLQLPXPYDOXHLVVHWDERYHWKHKLJKHUOLPLWYDOXHWKH
KLJKHUOLPLWYDOXHIRUFLEO\EHFRPHVWKHORZHUOLPLWYDOXH 
+LJKHUOLPLWYDOXHFDQQRWEHVHWOHVVWKDQORZHUOLPLWYDOXH

 3URSRUWLRQDOF\FOH
7KHFRUUHODWLRQEHWZHHQSURSRUWLRQDOF\FOHWLPHDQGFRQWURORXWSXWDUHDVVKRZQLQWKHIROORZLQJILJXUH
7KLVILJXUHLOOXVWUDWHVWKHFDVHRIKHDWDFWLRQ 

 2XWSXW
  
'XULQJWKHWLPHHTXLYDOHQWWR
 2XWSXW21 ZKHQSURSRUWLRQDOF\FOHWLPHLV
 RXWSXWLV21DQGLV2))IRUWKHWLPH
 2XWSXW2)) HTXLYDOHQWRIWKHUHPDLQLQJ

3URSRUWLRQDOF\FOHWLPH

 2XWSXW
  
'XULQJWKHWLPHHTXLYDOHQWWR

2XWSXW21 ZKHQSURSRUWLRQDOF\FOHWLPHLV

2XWSXW2))
RXWSXWLV21DQGLV2))IRUWKHWLPH
 HTXLYDOHQWRIWKHUHPDLQLQJ
 3URSRUWLRQDOF\FOHWLPH


 &RQWURORXWSXWFKDUDFWHULVWLFV
)RUKHDWLQJVHWWR5$ UHYHUVHDFWLRQ DQGIRUFRROLQJVHWWR'$ GLUHFWDFWLRQ 

 7ZRSRVLWLRQDFWLRQ
:KHQFRQGXFWLQJWZRSRVLWLRQDFWLRQIUHTXHQWVZLWFKLQJRIRXWSXW212))LVSUHYHQWHGE\XWLOL]LQJK\VWHUHVLV

 +\VWHUHVLVPRGHLV&(17 ~–š 

         5$DFWLRQ                                     '$DFWLRQ
 2XWSXW21
2XWSXW21

      ‫ڹ‬69YDOXH                                     ‫ڹ‬69YDOXH

      ')+\VWHUHVLV                                ')+\VWHUHVLV


 䕧 䕧
 ') ')

 +\VWHUHVLVPRGHLV692) ‰Œ— 

         5$DFWLRQ                                     '$DFWLRQ
 2XWSXW21 2XWSXW21


      ‫ڹ‬69YDOXH                                     ‫ڹ‬69YDOXH

      ')+\VWHUHVLV                                ')+\VWHUHVLV

 䕧 䕧
 ') ')

 +\VWHUHVLVPRGHLV6921 ‰Œ—– 

         5$DFWLRQ                        '$DFWLRQ

2XWSXW21 2XWSXW21

               
      ‫ڹ‬69YDOXH                                     ‫ڹ‬69YDOXH

      ')+\VWHUHVLV                                ')+\VWHUHVLV

 䕧 䕧
 ')
')


([WHUQDOFRQWUROLQSXW ', 
,QSXWPXVWEHUHWDLQHGIRUDWOHDVWPVWRUHFHLYHH[WHUQDOFRQWUROLQSXWRIWKH6566HULHV
$VVLJQPHQWRIIXQFWLRQVE\',LQSXWLVFRQGXFWHGRQWKH³',PRGHVHWWLQJVFUHHQ´
)XQFWLRQDVVLJQHGWR',FDQQRWEHFRQGXFWHGE\NH\RSHUDWLRQ ',LQSXWLVSULRULWL]HG 
+RZHYHU$7DQGXQODWFKLQJFDQEHFRQGXFWHGE\NH\RSHUDWLRQHYHQLIDVVLJQHGWR',

 &RQWUROOHUDFWLRQH[HFXWLRQ 581 
<RXFDQWRJJOHEHWZHHQFRQWUROOHUDFWLRQH[HFXWLRQVWRS/HYHODFWLRQ

 ',LQSXW2)) 6ZLWFKHVWRWKHUHVHW VWRS PRGH656VWRSVDFWLRQ
 ',LQSXW21  6ZLWFKHVWRWKH581 H[HFXWLRQ PRGH3,'RSHUDWLRQFRQWUROLVH[HFXWHG SURJUDPFRQWURO 
      H[HFXWLRQ 

 1RWH,I',LV21ZKHQSRZHULVDSSOLHGVZLWFKHVLPPHGLDWHO\WRWKH581 H[HFXWLRQ PRGH

 &RQWUROOHUDFWLRQH[HFXWLRQ 581 
 7KH581 H[HFXWLRQ DQGUHVHW VWRS PRGHVDUHVZLWFKHGHDFKWLPH',LQSXWLVWXUQHG21 HGJHDFWLRQ 

 1RWH,I',LV21ZKHQSRZHULVDSSOLHGGRHVQRWVZLWFKLPPHGLDWHO\WRWKH581 H[HFXWLRQ PRGH

 0DQXDORXWSXW 0$1 
6ZLWFKHVWRPDQXDORXWSXW/HYHODFWLRQ

 ',LQSXW2)) 2UGLQDU\IHHGEDFNFRQWURODFWLRQLVH[HFXWHG
 ',LQSXW21  &RQWURORXWSXWLVH[HFXWHGPDQXDOO\IHHGEDFNFRQWUROLVQRWH[HFXWHG

 $XWRWXQLQJH[HFXWLRQ $7 
$XWRWXQLQJFDQEHH[HFXWHGIURPRXWVLGH(GJHDFWLRQ

2QFH',LQSXWLVWXUQHG21DXWRWXQLQJLVH[HFXWHG
,I691RLVVZLWFKHGE\',GXULQJ$7H[HFXWLRQLWLVQRWDSSOLHGXQWLO$7LVILQLVKHG
$7LQWKH581 H[HFXWLRQ PRGHFDQQRWEHUHOHDVHGE\',)URQWNH\LVXVHGIRUUHOHDVLQJ$7LQWKH581 H[HFXWLRQ 
PRGH VFUHHQ 

 69VHOHFWLRQ 69 
6HWYDOXHVRI69±69FDQEHVZLWFKHGWRH[HFXWLRQ69',LVOHYHODFWLRQ 


', 6HOHFWHG691R
 
 

([HFXWLRQ691RDQGH[HFXWLRQ3,'1RFRUUHVSRQGZLWKHDFKRWKHUDV693,'DQG693,'

 2XWSXWFKDUDFWHULVWLF $&7 
6ZLWFKHVRXWSXWFKDUDFWHULVWLFVRIFRQWURORXWSXW 5$'$ 

 :KHQ',LQSXW2))  5$ KHDWLQJ 
 :KHQ',LQSXW21  '$ FRROLQJ 

 3URJUDP 352* 
6ZLWFKHV),; IL[HGYDOXHFRQWURO DQG352* SURJUDP PRGHV/HYHODFWLRQ

 ',LQSXW2))   )L[HGYDOXHFRQWURO ),;PRGH 
 ',LQSXW21    3URJUDP 352* PRGH

 +ROGVLJQDO +/' 
3URJUDPH[HFXWLRQFDQEHKDOWHGIURPRXWVLGH/HYHODFWLRQ
 ',LQSXW21    6WRSVSURJUDPVWHSWLPH

 $GYDQFH $'9 
'XULQJSURJUDPFRQWUROH[HFXWLRQRQFH',LQSXWLVWXUQHG21WKHFXUUHQWVWHSLVFRPSOHWHGDQGRSHUDWLRQIRUFLEO\
DGYDQFHVWRWKHQH[WVWHS HGJHDFWLRQ  

 7RWDOXQODWFKLQJ /B56 
(YHQWVFDQEHXQODWFKHGIURPRXWVLGH(GJHDFWLRQ
2QFH',LVWXUQHG21DOOHYHQWRXWSXWLVXQODWFKHG(YHQWRXWSXWLVKRZHYHUQRWXQODWFKHGLIHYHQWRXWSXWFRQGLWLRQVKDYH
EHHQVDWLVILHG


&KDQJHLQSRVLWLRQRIGHFLPDOSRLQW
3RVLWLRQRIGHFLPDOSRLQWFDQEHFKDQJHGIRUOLQHDULQSXWDQGIRU7&DQG57'UDQJHZLWKGHFLPDOSRLQW
<RXVKRXOGNHHSLQPLQGWKDWRSHUDWLRQGLIIHUVIRU7&DQG57'UDQJHZKHQXVLQJOLQHDULQSXW

 &KDQJHLQSRVLWLRQRIGHFLPDOSRLQWIRUOLQHDULQSXW
6HWVSRVLWLRQRIGHFLPDOSRLQWWREHGLVSOD\HG
,IFKDQJLQJSRVLWLRQRIGHFLPDOSRLQWIURPWRGLVSOD\VFDOLQJFKDQJHVIURP±WR±

 &KDQJHLQSRVLWLRQRIGHFLPDOSRLQWRI7&57'UDQJH
'LVSOD\RISODFHVEHORZWKHGHFLPDOSRLQWFDQEHVZLWFKHGWRGLVSOD\RUPDVN
,IFKDQJLQJSRVLWLRQRIGHFLPDOSRLQWIURPWRWKHSODFHVEHORZWKHGHFLPDOSRLQWDUHURXQGHGRIIEHIRUHEHLQJ
PDVNHG

,IFKDQJLQJSRVLWLRQRIGHFLPDOSRLQWIURPWRWKHSODFHVEHORZWKHGHFLPDOSRLQWDUHGLVSOD\HGDJDLQ
7KLQJVUHTXLULQJVSHFLDODWWHQWLRQ
 Ɣ3DUDPHWHUYDOXHVDIIHFWHGE\UDQJHFKDQJH GLJLW DOVRFKDQJHVLPLODUO\
  ([DPSOH,IUDQJHLV³´ 39ELDV 
                    >3RVLWLRQRIGHFLPDOSRLQW@Ѝ&KDQJHЍ>3RVLWLRQRIGHFLPDOSRLQW@Ѝ&KDQJHDJDLQЍ>3RVLWLRQRIGHFLPDOSRLQW@
  0HDVXULQJUDQJHORZHUOLPLWYDOXH                                                                
  0HDVXULQJUDQJHKLJKHUOLPLWYDOXH                                                               
  39ELDV                                                                                           


  1RWH$VGHVFULEHGDERYHDIWHUFKDQJLQJWKHSRVLWLRQRIWKHGHFLPDOSRLQWWKHYDOXHPD\QRWUHYHUWWRWKHRULJLQDOYDOXH
       ZKHQWKHSRVLWLRQRIWKHGHFLPDOSRLQWLVFKDQJHGEDFN
 Ɣ:KHQPHDVXUHPHQWUDQJHLVFKDQJHGWKHSRVLWLRQRIWKHGHFLPDOSRLQWUHWXUQVWRWKHGHIDXOWSRVLWLRQ
 Ɣ,ISRVLWLRQRIGHFLPDOSRLQWLVGLVSOD\DFFXUDF\LVQRWJXDUDQWHHG

6WDUW69
:KHQWKHVWDUWVWHSRIWKHSURJUDPRSHUDWLRQLVFRQWUROOHGE\UDPSFRQWUROLIWKHVWDUW69YDOXHJUHDWO\GLIIHUVIURP39YDOXH
WKHDFWLRQWLPHPD\EHZDVWHG7RSUHYHQWWKLVWKHVWDUW69YDOXHPD\FRQIRUPWRWKH39YDOXHZKHQVWDUWLQJWKHRSHUDWLRQ

 :KHQVWDUW69IXQFWLRQLVLQYDOLG
:KHQ39YDOXHGRHVQRWIDOOEHWZHHQVWDUW69YDOXH 669 DQGWDUJHWVWHS69YDOXH 69 

  39”669”69  39•669•69

39

669
 6969



 669 6969
 39
 673 673 673 673

 :KHQVWDUW69IXQFWLRQLVYDOLG
:KHQ39YDOXHIDOOVEHWZHHQVWDUW69YDOXH 669 DQGWDUJHWVWHS69YDOXH 69 

  66939”69  669!39•69


 6969 669
7 7

39 39

 7 7
669 6969

 673 673 673 673
 7%\HOLPLQDWLQJWKLVGXUDWLRQVWDUWVIURP39YDOXH
 76WHSH[HFXWLQJGXUDWLRQ

 :KHQVWDUW69IXQFWLRQLVYDOLGDQGVWDUWVWHSLVVNLSSHG
:KHQ39YDOXHH[FHHGVWDUJHWVWHS69YDOXH 69 


 6696939  669!69!39

 39
 6969 669


 669 6969
  39
673 673 673 673


*XDUDQWHHVRDN *8$ 
:KHQWKHRSHUDWLRQVZLWFKHVIURPUDPSVWHSWRIODWVWHSLI39GHYLDWHVIURPWKHGHVLJQDWHGJXDUDQWHHVRDN]RQHWKH
QH[WVWHSGRHVQRWVWDUW7KLVIXQFWLRQJXDUDQWHHVDVXIILFLHQWGXUDWLRQGXULQJZKLFKWKHIODWVWHSLVH[HFXWHG


 :KHQ2))
(YHQZKHQ39KDV\HWWRUHDFK69WKHRSHUDWLRQVZLWFKHVWRVWHSDIWHUWKHVWHSGXUDWLRQKDVHODSVHG



6969








 669
 673 673


 :KHQJXDUDQWHHVRDN]RQHLVVHW
   :KHQWKHGLVFUHSDQF\EHWZHHQ69UDPSDQG39LVVPDOO 
2QO\ZKHQ39IDOOVZLWKLQWKHJXDUDQWHHVRDN]RQHWKHRSHUDWLRQVZLWFKHVWRVWHSDIWHUWKHVWHSGXUDWLRQKDVHODSVHG



 6969

 *XDUDQWHHVRDN]RQH








669

673 673

   :KHQWKHGLVFUHSDQF\EHWZHHQ69UDPSDQG39LVODUJH
:KHQ39KDV\HWWRUHDFKWKHJXDUDQWHHVRDN]RQHDIWHUWKHVWHSGXUDWLRQKDVHODSVHGJXDUDQWHHVRDN
*8$ LVH[HFXWHGXQWLOWKH39UHDFKHVWKH]RQH



 6969
 *XDUDQWHHVRDN]RQH



 673VWDUW


*8$

669

 673 673


1RWH*XDUDQWHHVRDN *8$ LVH[HFXWHGHYHQZKHQVWHSLVIODW 669 69 DVZHOODVZKHQVWHSGXUDWLRQLVVHWWR
XQGHUFHUWDLQUHTXLUHGFRQGLWLRQV
 


&DXVHVDQGUHPHG\RIWURXEOHDQGHUURUV
&DXVHVDQGUHPHG\RIWURXEOH
3UREOHP &DXVH 5HPHG\
 (UURUPHVVDJHLV
6HH³&DXVHVDQGUHPHG\RIHUURUV´ 6HH³&DXVHVDQGUHPHG\RIHUURUV´
GLVSOD\HG
 6HWPHDVXULQJUDQJHFRGHLVGLIIHUHQW
 'LVSOD\HGPHDVXUHG  &KHFNLIVHWPHDVXULQJUDQJHFRGHLVWKH
IURPWKDWRILQSXWVHQVRULQSXWVLJQDO
YDOXH 39 VHHPVWREH VDPHDVLQSXWVLJQDO
 (UURQHRXVZLULQJWRLQSXWWHUPLQDOVRI
LQFRUUHFW  &KHFNZLULQJWRLQSXWWHUPLQDOVRIVHQVRU 
VHQVRU
 3UREOHPZLWKSRZHUVXSSO\DQGRU
 ,QVSHFWSRZHUVXSSO\ZLULQJFRQQHFWLRQVDQG
 )URQWSDQHOGLVSOD\JRHV ZLULQJFRQQHFWLRQ
FKHFNZLULQJ
RIIDQGGRHVQRWIXQFWLRQ  6RPHWKLQJLVZURQJZLWKWKH
 ,QVSHFWUHSDLURUUHSODFHWKHLQVWUXPHQW 
LQVWUXPHQW 
 &DQFHONH\ORFN
 .H\ORFNLVLQHIIHFW
 6WRSWKHRSHUDWLRQ 567 RQVFUHHQWR
 2SHUDWLRQLVEHLQJH[HFXWHG
 .H\VGRQRWZRUN FKDQJHSDUDPHWHUVWKDWFDQQRWEHPRGLILHG
 6RPHWKLQJLVZURQJZLWKWKH
GXULQJRSHUDWLRQH[HFXWLRQ 581 
LQVWUXPHQW
 ,QVSHFWUHSDLURUUHSODFHWKHLQVWUXPHQW
 212))DFWLRQRIFRQWURO  212))³K\VWHUHVLVUDQJH´LVWRR
 :LGHQ212))³K\VWHUHVLVUDQJH´
RXWSXWLVWRRIDVW  QDUURZ


&DXVHVDQGUHPHG\RIHUURUV 
 $EQRUPDOPHDVXUHGLQSXW
6FUHHQ
3UREOHP &DXVH 5HPHG\
GLVSOD\
 +LJKHUOLPLWVFDOHRYHU  %UHDNLQWKHUPRFRXSOHLQSXWZLULQJ  &KHFNWKHUPRFRXSOHLQSXWZLULQJIRU
++++   %UHDNLQ57'LQSXW$ZLULQJ SRVVLEOHEUHDN,IWKHUHLVQRWKLQJ
 ,QSXWPHDVXUHGYDOXHH[FHHGHGKLJKHU ZURQJZLWKZLULQJUHSODFH
OLPLWRIPHDVXULQJUDQJHE\ WKHUPRFRXSOH
 &KHFN57'LQSXW$WHUPLQDOZLULQJIRU
SRVVLEOHEUHDN,IWKHUHLVQRWKLQJ
ZURQJZLWKZLULQJUHSODFH57'
 )RUYROWDJHRUFXUUHQWLQSXWFKHFNWKH
PHDVXUHPHQWVLJQDOWUDQVPLVVLRQXQLW
&KHFNLIVHWPHDVXULQJUDQJHFRGHLV
WKHVDPHDVLQSXWVLJQDO
 &KHFNLILQSXWVFDOLQJVHWWLQJLV
DGHTXDWH
………… /RZHUOLPLWVFDOHRYHU  ,QSXWPHDVXUHGYDOXHIHOOEHORZORZHUOLPLW  &KHFNIRUPHDVXUHPHQWLQSXWZLULQJIRU
////  RIPHDVXULQJUDQJHE\ UHYHUVHSRODULW\RUSRVVLEOHEUHDN
 &KHFNLILQSXWVFDOLQJVHWWLQJLV
DGHTXDWH
žžž %UHDNLQ57'LQSXW  %UHDNLQ%ZLULQJ &KHFN57'LQSXW$%%WHUPLQDOZLULQJIRU
E  ZLULQJ  0XOWLSOHEUHDNLQ$%%ZLULQJ SRVVLEOHEUHDN,IWKHUHLVQRWKLQJZURQJ
ZLWKZLULQJUHSODFH57' 
}ƒ +LJKHUOLPLWVFDOHRYHU $PELHQWWHPSHUDWXUHKDVH[FHHGHGƒ&  5HGXFHDPELHQWWHPSHUDWXUHWRWKH
&-++  RIFROGMXQFWLRQ &-  OHYHOSURYLGHGLQWKHHQYLURQPHQW
RIWKHUPRFRXSOHLQSXW FRQGLWLRQVIRUWKHSURGXFW
 ,IDPELHQWWHPSHUDWXUHKDVQRW
H[FHHGHGƒ&H[DPLQHWKH
LQVWUXPHQW
}ƒ…… /RZHUOLPLWVFDOHRYHU $PELHQWWHPSHUDWXUHKDVIDOOHQEHORZ  5DLVHDPELHQWWHPSHUDWXUHWRWKHOHYHO
&-//  RIFROGMXQFWLRQ &-  ƒ& SURYLGHGLQWKHHQYLURQPHQWFRQGLWLRQV
RIWKHUPRFRXSOHLQSXW IRUWKHSURGXFW
 ,IDPELHQWWHPSHUDWXUHKDVQRWIDOOHQ
EHORZƒ&H[DPLQHWKHLQVWUXPHQW 




:KHQWKHFRQWUROOHUGRHVQRWRSHUDWHDVLQWHQGHGDQG\RXVXVSHFWLWPD\EHEURNHQUHDGWKHLQVWUXFWLRQ
PDQXDODQGLQVSHFWRQFHDJDLQ 



,IWKHUHLVVRPHWKLQJZURQJZLWKWKHFRQWUROOHURUWKHUHLVVRPHWKLQJ\RXGRQRWXQGHUVWDQGFRQWDFW\RXU

QHDUHVW6KLPDGHQGHDOHU



 




3DUDPHWHUVHWWLQJUHFRUG

)RUWKHVDNHRIFRQYHQLHQFH\RXVKRXOGUHFRUG\RXUVHWWLQJVDQGVHOHFWLRQV
,QLWLDOYDOXHVIRUFRGH . DUHJLYHQKHUH 

6FUHHQ1R 3DUDPHWHU LWHP VFUHHQ ,QLWLDOYDOXH 6HWWLQJVHOHFWLRQ 5HFRUG
 %DVLFVFUHHQ 69   h  h  
 5HVHWDFWLRQVHWWLQJVFUHHQ  ™‰š  
 2XWSXWPRQLWRULQJ   
 ([HFXWLRQVWHS1RPRQLWRULQJ   
5HPDLQLQJWLPHRIVWHS
   
PRQLWRULQJ
1XPEHURISDWWHUQH[HFXWLRQV
   
PRQLWRULQJ
 3,'H[HFXWLRQPRQLWRULQJ   
 5DPSSURFHVVKDOW U$P3 ™|•‡  ™›–  
 +ROG +/G …‘  —  
 $GYDQFH $G9 |‘Œ  —  
 ),;HYHQWVHWYDOXHVHWWLQJ (+G ~i‘  jhhh  
 ),;HYHQWVHWYDOXHVHWWLQJ (/G ~j…‘   qqq  
 $7DFWLRQ $W |š  —  
 /DWFKLQJUHOHDVH /$FK …|’  ™‰ši  
    
 ),;LQLWLDOVFUHHQ )L; “  ‰~š  
 ),;212)) )L; “  —–  
 691R 691R ‰Œ–—  i  
 69VHWWLQJ 69 ‰Œi  h  
 69VHWWLQJ 69 ‰Œj  h  
 5DPSLQFUHPHQWDOYDOXH U3BX ™‡¦›  —  
 5DPSORZHUOLPLWYDOXH U3BG ™‡¦‘  —  
 5DPSXQLW U3XQ ™‡›–  ‰~  
 5DPSUDWLR U3BU ™‡¦™  i  
    
 ,QLWLDOVFUHHQ 3LG ‡“‘  ‰~š  
 2873,'3 3 ‡i  uh  
 2873,'K\VWHUHVLV G) ‘i  jh  
 2873,', L “i  ijh  
 2873,'' G ‘i  kh  
 2873,'PDQXDOUHVHW PU •™i  rh  
 2873,'WDUJHWYDOXHIXQFWLRQ 6) mi  rlh  
 2873,'ORZHUOLPLWOLPLWHU RB/ —¦…i  rh  
 2873,'KLJKHUOLPLWOLPLWHU RB+ —¦i  ihrh  
 2873,'3 S ‡j  uh  
 2873,'K\VWHUHVLV G) ‘j  jh  
 2873,', L “j  ijh  
 2873,'' G ‘j  kh  
 2873,'PDQXDOUHVHW PU •™j  rh  
 2873,'WDUJHWYDOXHIXQFWLRQ 6) mj  rlh  
 2873,'ORZHUOLPLWOLPLWHU RB/ —¦…j  rh  
 2873,'KLJKHUOLPLWOLPLWHU RB+ —¦j  ihrh  
    
 ,QLWLDOVFUHHQ 3UR* ‡™—€  ‰~š  
 6WDUW69YDOXH 6W69 ‰š‰Œ  h  
 (QGVWHS (QG ~–‘  ih  
 1XPEHURISDWWHUQH[HFXWLRQV 3FQW ‡–š  i  
 6WDUWPRGH 6BPG ‰¦•‘  ‰Œ  
 *XDUDQWHHVRDN *8$= €‹|Ž  —  
 3DWWHUQ(9OHYHOYDOXH 3+G ‡i‘  jhhh  
 3DWWHUQ(9OHYHOYDOXH 3/G ‡j…‘   qqq  
 6WHS69YDOXH 6B ‰¦hi  h  
 6WHSWLPH WB š¦hi  h hh  
 6WHS3,'1R 3B ‡¦hi  h  
 6WHS69YDOXH 6B ‰¦hj  h  
 6WHSGXUDWLRQ WB š¦hj  h hh  
 6WHS3,'1R 3B ‡¦hj  h  
 6WHS69YDOXH 6B ‰¦hk  h  
 6WHSWLPH WB š¦hk  h hh  
 6WHS3,'1R 3B ‡¦hk  h  
 6WHS69YDOXH 6B ‰¦hl  h  
 6WHSWLPH WB š¦hl  h hh  
 6WHS3,'1R 3B ‡¦hl  h  
 6WHS69YDOXH 6B ‰¦hm  h  
 6WHSWLPH WB š¦hm  h hh  
 6WHS3,'1R 3B ‡¦hm  h  
 6WHS69YDOXH 6B ‰¦hn  h  
 6WHSWLPH WB š¦hn  h hh  
 6WHS3,'1R 3B ‡¦hn  h  
 


6FUHHQ1R 3DUDPHWHU LWHP VFUHHQ ,QLWLDOYDOXH 6HWWLQJVHOHFWLRQ 5HFRUG
 6WHS69YDOXH 6B ‰¦ho  h  
 6WHSWLPH WB š¦ho  h hh  
 6WHS3,'1R 3B ‡¦ho  h  
 6WHS69YDOXH 6B ‰¦hp  h  
 6WHSWLPH WB š¦hp  h hh  
 6WHS3,'1R 3B ‡¦hp  h  
 6WHS69YDOXH 6B ‰¦hq  h  
 6WHSWLPH WB š¦hq  h hh  
 6WHS3,'1R 3B ‡¦hq  h  
 6WHS69YDOXH 6B ‰¦ih  h  
 6WHSWLPH WB š¦ih  h hh  
 6WHS3,'1R 3B ‡¦ih  h  
    
 ,QLWLDOVFUHHQ (9GL ~Œ‘“  ‰~š  
 (YHQWW\SH (BP ~i¦•  ‘  
 (YHQWK\VWHUHVLV (BG ~i¦‘  jh  
 (YHQWVWDQGE\DFWLRQ (BL ~i¦“  —  
 (YHQWRXWSXWFKDUDFWHULVWLFV (B$ ~i¦|  –—  
 (YHQWGHOD\WLPH (G/ ~i‘…  —  
 (YHQWODWFKLQJ (B/ ~i¦…  —  
 (YHQWW\SH (P ~j¦•  …‘  
 (YHQWK\VWHUHVLV (G ~j¦‘  jh  
 (YHQWVWDQGE\DFWLRQ (, ~j¦“  —  
 (YHQWRXWSXWFKDUDFWHULVWLFV (B$ ~j¦|  –—  
 (YHQWGHOD\WLPH (G/ ~j‘…  —  
 (YHQWODWFKLQJ (B/ ~j¦…  —  
 ',PRGH 'L ‘“  –—–  
    
 ,QLWLDOVFUHHQ LQLW “–“š  ‰~š  
 .H\ORFNVHWWLQJ /RF. …—„  —  
 3URSRUWLRQDOF\FOHWLPH RB& —¦}  <kh  3k  
 2XWSXWFKDUDFWHULVWLFV $FW |š  ™|  
 +\VWHUHVLVPRGH G)0G ‘•‘  ~–š  
 69OLPLWHUORZHUOLPLWYDOXH 69B/ ‰Œ¦…  h  
 69OLPLWHUKLJKHUOLPLWYDOXH 69B+ ‰Œ¦  ikoh  
 39ELDVYDOXH 39BE ‡Œ¦  h  
 39UDPS 39B6 ‡Œ¦‰  shhh  
 39ILOWHUWLPH 39B) ‡Œ¦  h  
 0HDVXULQJUDQJHFRGH U$Q* ™|–€  0XOWL      hm  
 ,QSXWWHPSHUDWXUHXQLW 8QLW ‹–“š    
 ,QSXWVFDOLQJORZHUOLPLWYDOXH LQB/ “–¦…  h  
 ,QSXWVFDOLQJKLJKHUOLPLWYDOXH LQB+ “–¦  ikoh  
 'LVSOD\VFDOLQJORZHUOLPLWYDOXH 6FB/ ‰¦…  h  
 'LVSOD\VFDOLQJKLJKHUOLPLWYDOXH 6FB+ ‰¦  ikoh  
 'HFLPDOSRLQWSRVLWLRQ G3 ‘‡  h  
 7LPHXQLW WB8Q š¦›–  •  
7UDQVLWLRQWR),;XSRQ352*
 ()L; ~“  —  
HQGDQGVHWWLQJ

 


6SHFLILFDWLRQV

Ŷ'LVSOD\
 'LJLWDOGLVSOD\   0HDVXUHGYDOXH 39     VHJPHQWUHG/('GLJLWV
    7DUJHWVHWYDOXH 69    VHJPHQWJUHHQ/('GLJLWV
    $FWLRQGLVSOD\      /('ODPSGLVSOD\               &RORU
       $XWRWXQLQJ $7      /LJKWVGXULQJVWDQGE\ IODVKHVGXULQJH[HFXWLRQ         *UHHQ
       $FWLRQGLVSOD\ 581     /LJKWVGXULQJIL[HGYDOXHFRQWURORSHUDWLRQ ),;         *UHHQ
               )ODVKHVGXULQJSURJUDP581SURJUDPFRQWURORSHUDWLRQ 581     *UHHQ
       &RQWURORXWSXW 287     /LJKWVGXULQJFRQWDFWRU665GULYHYROWDJHRXWSXW       *UHHQ
               )RUYROWDJHFXUUHQWRXWSXWOLJKWVZKHQRXWSXWLV
               ,QRWKHUFDVHVIODVKHVDWLQWHUYDOVRIVHF PXOWLSOHVRIVHF 
       0DQXDOFRQWURORXWSXW 0$1   )ODVKHVGXULQJPDQXDORXWSXWLV21          *UHHQ
       (YHQW (9(9      /LJKWVGXULQJHYHQWRXWSXW             2UDQJH
 'LVSOD\UHVROXWLRQ   'LIIHUVDFFRUGLQJWRLQSXWUDQJH  
 'LVSOD\DFFXUDF\   7&  “ )6GLJLWƒ& 
    3W  “ )6GLJLWƒ& 
    P9  “ )6GLJLW 
    9   “ 㸣)6GLJLW 
 'LVSOD\F\FOH    PV


Ŷ6HWWLQJ
 6HWWLQJPHWKRG   %\RSHUDWLQJIURQWSDQHONH\V      (17
   
 ,QSXWUDQJHVHWWLQJ  ,QSXWUDQJHXVHGZLWKLQPHDVXULQJUDQJHLVVHWWDEOHE\JLYHQLQSXWVFDOLQJ
 69OLPLWHU     6HWWDEOHZLWKLQERWKLQSXWVFDOLQJUDQJHDQGGLVSOD\VFDOLQJUDQJH
 6HWWLQJORFN     2))VWDJHVHWWLQJ ± 


Ŷ,QSXW
Ɣ,QSXWFRPPRQVSHFLILFDWLRQ
 ,QSXWW\SH    0XOWLUDQJHLQSXW
 ,QSXWVFDOLQJ    6HWWDEOHZLWKLQPHDVXULQJUDQJH 7KHPLQLPXPLQSXWVSDQLVGLJLWV 
 'HFLPDOSRLQWSRVLWLRQ  :LWKRXWVHWWDEOHIURPRU :LWKRUZLWKRXWDGHFLPDOSRLQWLVVHOHFWDEOHIRU7&DQG3W 
 39ELDV    ±GLJLWV
 39UDPS     ±WLPHVLQSXWYDOXH
 39ILOWHU    2))±VHF
 6FDOHRYHUGLVSOD\   ////++++
 ,VRODWLRQ    8QLQVXODWHGIURPV\VWHPDQG',EXWLQVXODWHGIURPRWKHULQSXW
Ɣ7KHUPRFRXSOHLQSXW 7& 
 ,QSXWW\SH     %56.(-713/OO& :5H $X)H&U^8/ ',1 `
 'LVSOD\UDQJH   :LWKLQLQSXWVFDOLQJUDQJH SURYLGHGWKDWPLQLPXPWHPSHUDWXUHGRHVQRWIDOOEHORZƒ&  
    :LWKRUZLWKRXWDGHFLPDOSRLQWLVVHOHFWDEOH
 ,QSXWUHVLVWDQFH   NȍRUDERYH
 &ROGMXQFWLRQ 
 FRPSHQVDWLRQ   ,QWHUQDO
 ,QWHUQDOFROGMXQFWLRQ 
 FRPSHQVDWLRQDFFXUDF\“ƒ& ±ƒ& 
 %XUQRXWIXQFWLRQ   2QO\XSVFDOH
 ([WHUQDOUHVLVWDQFH 
 WROHUDEOHUDQJH   ȍRUEHORZ
Ɣ57'LQSXW
 ,QSXWW\SH     3WZLUHW\SH
 'LVSOD\UDQJH   :LWKLQLQSXWUDQJHVHWWLQJ SURYLGHGWKDWPLQLPXPWHPSHUDWXUHGRHVQRWIDOOEHORZƒ& 
    :LWKRUZLWKRXWDGHFLPDOSRLQWLVVHOHFWDEOH
 /HDGZLUHWROHUDEOH 
 UHVLVWDQFHUDQJH   %HORZȍZLUH $OOZLUHVVKRXOGKDYHWKHVDPHUHVLVWDQFH 
 0HDVXUHGFXUUHQW   $SSUR[P$
Ɣ9ROWDJHLQSXW
 ,QSXWW\SH     ±P9'&9'&
 'LVSOD\VFDOLQJUDQJH ±GLJLWV
 'LVSOD\VFDOLQJVSDQ ±GLJLWVG
 ,QSXWUHVLVWDQFH   NȍRUDERYH


Ŷ&RQWUROPRGH
 ([SHUW3,'FRQWUROZLWKDXWRWXQLQJIXQFWLRQ 
 1RRI69     
 1RRI3,'     FODVVHV
 3URSRUWLRQDOEDQG   2))± 21±2))DFWLRQZKHQ2)) 
 ,QWHJUDOWLPH     2))±VHF 3RU3'DFWLRQZKHQ2)) 
 'HULYDWLYHWLPH   2))±VHF 3RU3,DFWLRQZKHQ2)) 
 0DQXDOUHVHW    ± 9DOLGZKHQ, 2)) 
 212))K\VWHUHVLV  ±GLJLWV 9DOLGZKHQ3 2)) 
 3URSRUWLRQDOF\FOH   ±VHFVHFVWHS
 &RQWURORXWSXW 
 FKDUDFWHULVWLFV   5HYHUVHGLUHFWVHOHFWDEOH
 0DQXDORXWSXW   ±VWHS
 2XWSXWXSGDWHF\FOH  PV
 0DQXDOFRQWURO   %DODQFHOHVVEXPSOHVVDFWLRQ VZLWFKWKURXJKIURQWSDQHONH\VZLWFKRUH[WHUQDOFRQWUROLQSXW>',@ 
 2XWSXWVHWWLQJUDQJH  ±
 6HWWLQJUHVROXWLRQ    


Ŷ&RQWURORXWSXW
 &RQWDFW <     &RQWDFW D 9$&$5HVLVWLYHORDG$,QGXFWLYHORDG
 665GULYHYROWDJH 3   9“9'& PD[ORDGFXUUHQWP$ 
 &XUUHQW ,     ±P$PD[ORDGUHVLVWDQFHȍ
 9ROWDJH 9     ±9PD[FXUUHQWP$
 2XWSXWUHVROXWLRQ   GLJLWV


Ŷ(YHQWRXWSXW (9 
 1RRIRXWSXW    6WDQGDUGSRLQWV (9±(9 
 &RQVWDQWUDWLQJ   &RQWDFW D 9$&$5HVLVWLYHORDG FRPPRQ 
 )XQFWLRQ     'LVSOD\  $FWLRQ
       +G   +LJKHUOLPLWGHYLDWLRQYDOXHDFWLRQ
       /G   /RZHUOLPLWGHYLDWLRQYDOXHDFWLRQ
       RG   2XWVLGHKLJKHUORZHUOLPLWGHYLDWLRQDFWLRQ
       LG   ,QVLGHKLJKHUORZHUOLPLWGHYLDWLRQDFWLRQ
       +$   +LJKHUOLPLWDEVROXWHYDOXHDFWLRQ
       /$   /RZHUOLPLWDEVROXWHYDOXHDFWLRQ
       62   6FDOHRYHU
       581   &RQWUROH[HFXWLRQ
       527  &RQWURORXWSXWLQYHUWHGRXWSXW FRQWDFWRXWSXWRQO\ 
       6736   6WHSVLJQDO
       3716  3DWWHUQVLJQDO
       (1'6  3URJUDPHQGVLJQDO
       +2/'  +ROGVLJQDO
       352*  3URJUDPVLJQDO
       8B6/   8SVORSHVLJQDO
       'B6/   'RZQVORSHVLJQDO
       *8$   *XDUDQWHHVRDN
Ɣ6HWWLQJUDQJH
 $EVROXWHYDOXH   :LWKLQERWKPHDVXULQJUDQJHDQG39OLPLWHU ERWKKLJKHUDQGORZHUOLPLW 
 'HYLDWLRQ     ±GLJLWV ERWKKLJKHUDQGORZHUOLPLW 
 +LJKHUORZHUGHYLDWLRQ ±GLJLWV ERWKLQVLGHDQGRXWVLGH 
 $FWLRQ     212))DFWLRQ
 +\VWHUHVLV    ±GLJLWV
 $FWLRQGHOD\WLPH   2))±VHF
 6WDQGE\DFWLRQ   6HSDUDWHVHWWLQJ VHSDUDWHRXWSXW VHOHFWDEOHIURPDQ\RIW\SHVEHORZ
        :LWKRXW
        6WDQGE\ ZKHQVWDUWLQJSRZHUZKHQ56721ĺ2)) 
        6WDQGE\ ZKHQVWDUWLQJSRZHUZKHQ56721ĺ2))ZKHQH[HFXWLRQ69LVFKDQJHG 
        6WDQGE\ 'RHVQRWRXWSXWZKHQWKHUHLVLQSXWDEQRUPDOLW\ 
 /DWFKLQJ     6HOHFWLRQIURP<HV1R
 2XWSXWFKDUDFWHULVWLFV  6HOHFWLRQIURP121&
 2XWSXWXSGDWHF\FOH  PV
 ,VRODWLRQ     ,QVXODWHGIURPDOOLQSXWDQGRXWSXW XQLQVXODWHGZLWKLQ(9 


Ŷ([WHUQDOFRQWUROLQSXW ', 
 1RRILQSXW    6WDQGDUGSRLQW
 ,QSXWW\SH    /HYHOLQSXWHGJHLQSXW
 ,QSXWUDWLQJ    9ROWDJH9'& P$LQSXW 
 ,QSXWDFWLRQ    1RQYROWDJHFRQWDFWRURSHQFROOHFWRU
 ,QSXWKROGLQJWLPH   PV
 )XQFWLRQ     'LVSOD\  $FWLRQ      ,QSXWW\SH
       581  6WDUWVFRQWUROZKHQ21  /HYHO
       581  6WDUWVFRQWUROZKHQ21  (GJH
       0$1   0DQXDOFRQWURORXWSXWPRGH /HYHO
       $7   $7H[HFXWLRQ     (GJH
       69   69VZLWFK      /HYHO
       5$03  5DPSKDOW     /HYHO
       $&7   2XWSXWFKDUDFWHULVWLFV   /HYHO
       /B56   (YHQWODWFKLQJUHOHDVH   (GJH
       352*  3URJUDPVZLWFK    /HYHO
       +/'   +ROGVLJQDO     /HYHO
       $'9   $GYDQFHVLJQDO    (GJH


Ŷ3URJUDP RSWLRQ 
 1RRISDWWHUQ    
 1RRIVWHS    
 3RZHUIDLOXUH 
 FRPSHQVDWLRQ   :LWKRXW
 *XDUDQWHHVRDN]RQH   R))±GLJLWV
 7LPHDFFXUDF\   6HWYDOXHî
 


Ŷ*HQHUDOVSHFLILFDWLRQV
 'DWDVWRUDJH    %\QRQYRODWLOHPHPRU\ ((3520 
Ɣ2SHUDWLQJDPELHQW
 $PELHQWWHPSHUDWXUH  ±ƒ& 
 +XPLGLW\UDQJH   %HORZ5+ QRFRQGHQVDWLRQ 
       'HUDWLQJIURPƒ&
 6WRUDJHWHPSHUDWXUH  ±ƒ&
 2YHUYROWDJHFDWHJRU\  OO
 (OHYDWLRQ     0D[P
 3ROOXWLRQFODVV    ,(& 

 6XSSO\YROWDJH   ±9$&“ +] 
Ɣ3RZHUFRQVXPSWLRQ   9$
Ɣ,QSXWQRLVHUHPRYDOUDWLR  1RUPDOPRGHG%RUDERYH +] 
    &RPPRQPRGHG%RUDERYH +] 
Ɣ&RPPRQPRGH     G%RUDERYH +] 
Ɣ$SSOLFDEOHVWDQGDUG   6DIHW\ ,(&DQG(1
      ,(&DQG(1
    (0&  (1
Ɣ3RZHUVXSSO\ 
VKRUWEUHDNWLPH    :LWKLQPVQRUPDODFWLRQFRQWLQXDWLRQ ZKHQ9 
Ɣ,QVXODWLRQUHVLVWDQFH   ,QSXWRXWSXWWHUPLQDODQGSRZHUWHUPLQDOLQWHUYDO9'&0ȍRUDERYH
Ɣ'LHOHFWULFVWUHQJWK   ,QSXWRXWSXWWHUPLQDODQGSRZHUWHUPLQDOLQWHUYDO9$&PLQ
Ɣ0DWHULDORIFDVH    5HVLQPROG 8/9HTXLYDOHQW 
Ɣ([WHUQDOGLPHQVLRQV   656+î:î'PPSDQHOGHSWKPP
    656+î:î'PPSDQHOGHSWKPP
    656+î:î'PPSDQHOGHSWKPP
    656+î:î'PPSDQHOGHSWKPP
Ɣ0RXQWLQJ    3DQHOIOXVKPRXQWLQJ
Ɣ$SSOLFDEOHSDQHOWKLFNQHVV ±PP
Ɣ3DQHOFXWRXW    656+î:PP
    656+î:PP
    656+î:PP
    656+î:PP
Ɣ:HLJKW    656$SSUR[J
    656$SSUR[J
    656$SSUR[J
    656$SSUR[J
































 





































































:LWKUHJDUGWRWKHWHFKQLFDOGHWDLOVRISURGXFWVSOHDVHFRQWDFW\RXUQHDUHVW6KLPDGHQGHDOHU


7KHFRQWHQWVRIWKLVPDQXDODUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH

7HPSHUDWXUHDQG+XPLGLW\&RQWURO6SHFLDOLVWV
 

 +HDG2IILFH.LWDPDFKL1HULPDNX7RN\R-DSDQ
3KRQH  )D[
 (0$,/H[SGHSW#VKLPDGHQFRMS85/KWWSZZZVKLPDGHQFRMS
35,17(',1-$3$1



You might also like