' '0LQLDWXUHV

6HW*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUV
&RPSLOHGE\0HUULF%ODFNPDQ PHUULFE#UGHGLWLRQRUJ

%URQ]H:\UPOLQJ :DUIRUJHG)LJKWHU
8QFRPPRQ/*SWV 8QFRPPRQ/*SWV
/9/63')$&+3 /9/63'$&+3
0HOHH$WWDFN  0HOHH$WWDFN  PDJLF
5DQJHG$WWDFN  5DQJHG$WWDFN 
7\SH 6PDOO'UDJRQ 7\SH &RQVWUXFW /LYLQJ
6SHFLDO$ELOLWLHV)OLJKW%UHDWK:HDSRQ>@ 5HSODFHV 6SHFLDO$ELOLWLHV $GDPDQWLQH/DFHG 0HOHHDQG
DWWDFNVOLQHHOHFWULFLW\GDPDJH'& UDQJHGDWWDFNVGHDOOHVVGDPDJHWRWKLVFUHDWXUH 
%UHDWK:HDSRQ>@ 5HSODFHVDWWDFNVFRQHOLYLQJ /LYLQJ&RQVWUXFW
FUHDWXUHVLPPHGLDWHO\PRYHDVWKRXJKURXWLQJ
WKHQWKHHIIHFWHQGV'& ,PPXQH(OHFWULFLW\ :DUPDJH
8QFRPPRQ/*SWV
'ZDUI6HUJHDQW /9/63'$&+3
8QFRPPRQ&RPPDQGHU/*SWV 0HOHH$WWDFN  
/9/63'$&+3 5DQJHG$WWDFN 
0HOHH$WWDFN   7\SH +XPDQRLG +XPDQ
5DQJHG$WWDFN  6SHOOV6RUFHUHU6SHOOVVW>@>@>@>@OHVVHUVRQLFRUE UDQJH
7\SH +XPDQRLG 'ZDUI VRQLFGDPDJHLJQRUH6SHOO5HVLVWDQFH 
&RPPDQG(IIHFW'ZDUIIROORZHUVJDLQ$&RU QG>@>@ILUHEXUVW HDFKDGMDFHQWFUHDWXUHILUH
$&DJDLQVW*LDQWV GDPDJHFDQFDVWZKLOHDGMDFHQWWRHQHP\'& 
6SHFLDO$ELOLWLHV $&DJDLQVW*LDQWV6DYH 0HOI VDFLGDUURZ VLJKWDFLGGDPDJHLJQRUH6SHOO
5HVLVWDQFH VFRUFKLQJUD\ UDQJHILUHGDPDJH
6WDQGDUGEHDUHU
8QFRPPRQ/*SWV <RXQJ0DVWHU
/9/63'$&+3 5DUH&RPPDQGHU/*SWV
0HOHH$WWDFN   /9/63'$&+3
5DQJHG$WWDFN  0HOHH$WWDFN  PDJLF
7\SH +XPDQRLG +XPDQ 5DQJHG$WWDFN 
6SHFLDO$ELOLWLHV &RXQWHUVRQJ5HOD\2UGHUV 7KLV 7\SH+XPDQRLG +XPDQ
FUHDWXUHJDLQVWKHKLJKHVW&RPPDQGHUUDWLQJDQGHDFK &RPPDQGHU(IIHFW)ROORZHUVJDLQDWWDFNDQG
&RPPDQGHU(IIHFWRIFUHDWXUHVWKDWKDYHLWXQGHU GDPDJHZKHQXVLQJ6WXQQLQJ$WWDFN
FRPPDQG 6DYH 6SHFLDO$ELOLWLHV 'HIOHFW$UURZV $&DJDLQVWUDQJHG
6SHOOV VWFXUHOLJKWZRXQGV >@ WRXFKKHDOKS DWWDFNV (YDGH'DPDJH ,IWKLVFUHDWXUHVVXFFHVVIXOO\
VDYHVDJDLQVWDGDPDJLQJVSHOORUVSHFLDODELOLW\LWWDNHV
6WRQH*ROHP QRGDPDJH 0RELOLW\ $&DJDLQVWDWWDFNVRI
RSSRUWXQLW\ 6DYH6WXQQLQJ$WWDFN>@>@ '& 
5DUH/*SWV
:KROHQHVVRI%RG\>@ 5HSODFHVDWWDFNVVHOIKHDO
/9/63'$&+3
KS
0HOHH$WWDFN  
5DQJHG$WWDFN 
7\SH /DUJH&RQVWUDFW $UDPLO$GYHQWXUHU
6SHFLDO$ELOLWLHV&RPPDQG'HSHQGHQW 7KLVFUHDWXUH 8QFRPPRQ/*&*SWV
KDVVSHHGLILWDFWLYDWHVZKHQRXWRIFRPPDQG '5 /9/63'$&+3
0HOHH5HDFK6ORZ(IIHFW (QHPLHVWKDWDUHDGMDFHQW 0HOHH$WWDFN  
WRWKLVFUHDWXUHZKHQWKH\DFWLYDWHFDQ WPDNHPRUHWKDQ 5DQJHG$WWDFN  
RQHUDQJHGRUPHOHHDWWDFNWKLVWXUQ'& 6SHOO 7\SH +XPDQRLG (OI
5HVLVWDQFH$OO 6SHFLDO$ELOLWLHV8QLTXH
6SHOOV6RUFHUHU6SHOOVVW>@>@>@PDJHDUPRU 6HOI
6ZRUGRI*ORU\ $& PDJLFPLVVLOH VLJKWGDPDJH UD\RI
HQIHHEOHPHQW UDQJHDWWDFNGDPDJH
8QFRPPRQ/*SWV
>PLQLPXP @
/9/63'$&+3
0HOHH$WWDFN  
5DQJHG$WWDFN 
7\SH +XPDQRLG +XPDQ

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30

(EHUN$GYHQWXUHU )LUH*HQDVL'HUYLVK
8QFRPPRQ/*&*SWV 5DUH&*SWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN   0HOHH$WWDFN  PDJLF
5DQJHG$WWDFN  5DQJHG$WWDFN 
7\SH+XPDQRLG 'ZDUI 7\SH 2XWVLGHU
6SHFLDO$ELOLWLHV 8QLTXH6DYH7XUQ8QGHDG>@ 6SHFLDO$ELOLWLHV 'XDO$FWLYDWLRQ WKLVFUHDWXUHFDQWDNH
6SHOOVVWFXUHOLJKWZRXQGV >@>@ WRXFKKHDOKS  WZRWXUQVLQHDFKURXQGHDFKWXUQFRXQWVDVRQHRI\RXU
PDJLFZHDSRQ >@ WRXFKDWWDFNLJQRUH'5 QG DFWLYDWLRQVLQWKDWSKDVH 0RELOLW\
GLYLQHSURWHFWLRQ >@ \RXUZDUEDQG$&VDYH 
VSLULWXDOZHDSRQ >@ VLJKWPHOHHDWWDFNDWDJDLQVW *LWK\DQNL5HQHJDGH
WDUJHWFUHDWXUHZKHQHYHULWDFWLYDWHVGDPDJH
5DUH&*SWV
/9/63'$&+3
3URWHFWDU 0HOHH$WWDFN  PDJLF
8QFRPRQ/*&*SWV 5DQJHG$WWDFN  PDJLF
/9/63')$&+3 7\SH+XPDQRLG ([WUDSODQDU
0HOHH$WWDFN   6SHFLDO$ELOLWLHV 0RELOLW\ $&DJDLQVWDWWDFNVRI
5DQJHG$WWDFN RSSRUWXQLW\ 6SHOO5HVLVWDQFH6SULQJ$WWDFN
7\SH2XWVLGHU :KLUOZLQG$WWDFN RQLWVWXUQLIWKLVFUHDWXUHPRYHVQR
6SHFLDO$ELOLWLHV )OLJKW PRUHWKDQVTXDUHLWFDQPDNHRQHPHOHHDWWDFN
6SHOOVVWFXUHOLJKWZRXQGV>@>@>@ WRXFKKHDOKS  DJDLQVWHYHU\HQHP\FUHDWXUHLWWKUHDWHQV 
6SHOOVQGEOXU >@ WRXFKWDUJHWFUHDWXUHJDLQV&RQFHDO
5HGJDU$GYHQWXUHU  WKGLPHQVLRQGRRU >@ VHOISODFHWKLVFUHDWXUHLQDQ\
VSDFHLWFDQVHHDWOHDVWSDUWRI
8QFRPPRQ/*&*&RPPDQGHUSWV
/9/63'$&+3
0HOHH$WWDFN   +DOI*LDQW3V\FKLF:DUULRU
5DQJHG$WWDFN   5DUH&*SWV
7\SH+XPDQRLG +XPDQ /9/63'$&+3
&RPPDQGHU(IIHFW 8QLTXHIROORZHUVJDLQDWWDFN 0HOHH$WWDFN PDJLF
DQG6DYH:$5%$1'%8,/',1*8QLTXH&* 5DQJHG$WWDFN 
FUHDWXUHVDQG8QLTXH/*FUHDWXUHVDUHOHJDOLQ\RXU 7\SH*LDQW
ZDUEDQG 6SHFLDO$ELOLWLHV&OHDYH*KRVW7RXFK WKLVFUHDWXUH V
6SHFLDO$ELOLWLHV8QLTXH&OHDYH PHOHHDWWDFNVLJQRUHLQFRUSRUHDO
6SHOOV 3VLRQLFVSSELRIHHGEDFN SS VHOIJDLQ'5
%DVLOLVN  GLVVROYLQJZHDSRQ SS VHOIGDPDJHDFLGQH[W
8QFRPPRQ&*SWV DWWDFN KXVWOH SS VHOIVSHHGWKLVWXUQVZLIWDFWLRQ
/9/63'$&+3
0HOHH$WWDFN  ,QVSLULQJ0DUVKDO
5DQJHG$WWDFN  5DUH&*&RPPDQGHUSWV
7\SH0DJLFDO%HDVW /9/63'$&+3
6SHFLDO$ELOLWLHV'LIILFXOW%OLQG)LJKW*D]H$WWDFN 0HOHH$WWDFN  PDJLF
5HSODFHVDWWDFNVUDQJHGHVWUR\VQHDUHVWOLYLQJWDUJHW 5DQJHG$WWDFN 
FUHDWXUHDQGWXUQVLWLQWRDVWDWXH'& 7\SH6PDOO+XPDQRLG +XPDQ
&RPPDQGHU(IIHFW )ROORZHUVJDLQDWWDFNRQDWWDFNV
'HHSVKDGRZ(OI RIRSSRUWXQLW\)ROORZHUVZLWKUDQJHGDWWDFNVJDLQ
8QFRPPRQ&*SWV UDQJHGDWWDFN
/9/63'$&+3 6SHFLDO$ELOLWLHV *UDQW0RYH$FWLRQ>@ 5HSODFHV
0HOHH$WWDFN PDJLF DWWDFNVDFWLYHIROORZHUVWKDWDUHXQGHUFRPPDQGPD\
5DQJHG$WWDFN  PRYHXSWRWKHLUVSHHGDVDQLPPHGLDWHDFWLRQ
7\SH+XPDQRLG (OI
6SHFLDO$ELOLWLHV(YDGH'DPDJH ,IWKLVFUHDWXUH /LGGD$GYHQWXUHU
VXFFHVVIXOO\VDYHVDJDLQVWDGDPDJLQJVSHOORUVSHFLDO
DELOLW\LWWDNHVQRGDPDJH 6QHDN$WWDFN 8QFRPPRQ&*SWV
/9/63'$&+3
0HOHH$WWDFN  
5DQJHG$WWDFN  
7\SH6PDOO+XPDQRLG +DOIOLQJ
6SHFLDO$ELOLWLHV 8QLTXH+LGH0RELOLW\ $&DJDLQVW
DWWDFNVRIRSSRUWXQLW\ 6QHDN$WWDFN

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30

0HGLXP$VWUDO&RQVWUXFW 0RUGHQNDLQHQWKH0DJH
&RPPRQ&*SWV 5DUH$Q\&RPPDQGHUSWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN  0HOHH$WWDFN  PDJLF
5DQJHG$WWDFN  5DQJHG$WWDFN 
7\SH&RQVWUXFW 7\SH+XPDQRLG +XPDQ
6SHFLDO$ELOLWLHV 5HTXLUHV&RPPDQGHU &RPPDQGHU(IIHFW0RUGHQNDLQHQ V)DLWKIXO+RXQG
(QHPLHVORVH&RQFHDODQGWDNHPDJLFGDPDJH
:DU&KDQWHU ZKHQHYHUWKH\DFWLYDWH 
6SHFLDO$ELOLWLHV8QLTXH5HVLVW)LUH6SHOO
5DUH&*&RPPQGHUSWV
3HQHWUDWLRQ 5ROOWZLFHWRRYHUFRPH6SHOO5HVLVWDQFH 
/9/63'$&+3
6XGGHQ(PSRZHU>@ 'DPDJHVSHOOWKDWGHDOV
0HOHH$WWDFN  PDJLFPDJLF
GDPDJH
5DQJHG$WWDFN 
6SHOOVVW0RUGHQNDLQHQ VEX]]LQJEHH>@>@>@ VLJKW
7\SH +XPDQRLG +XPDQ
WDUJHWQRQFRPPDQGHUFUHDWXUHFDQ WEHSXWXQGHU
&RPPDQGHU(IIHFW)ROORZHUVJDLQ6DYH
FRPPDQGDQGFDQ WFDVWVSHOOV'& QGVFRUFKLQJ
6SHFLDO$ELOLWLHV,PSURYHG&RXQWHU6RQJ
UD\ >@>@>@ UDQJHILUHGDPDJH UGOLJKWQLQJEROW
6SHOOV 6RUFHUHU6SHOOVVW>@>@>@FXUHOLJKWZRXQGV
>@>@ OLQH(OHFULFLW\GDPDJH'&  WKFRQHRI
WRXFKKHDOKS 7DVKD VKLGHRXVODXJKWHU VLJKW6WXQ
FROG >@ FRQHFROGGDPDJH'& 
'&

;HSK6RXONQLIH 2W\XJK
5DUH&*&(SWV
8QFRPPRQ&*SWV
/9/63'$&+3
/9/63'$&+3
0HOHH$WWDFN  &RQVWULFW
0HOHH$WWDFN  PDJLF
5DQJHG$WWDFN 
5DQJHG$WWDFN UDQJH PDJLF
7\SH /DUJH$EHUUDWLRQ
7\SH +XPDQRLG ;HSK
6SHFLDO$ELOLWLHV 'LIILFXOW&RQVWULFW VPDOOHUFUHDWXUH
6SHFLDO$ELOLWLHV 6PLWH>@
VNLSVQH[WWXUQ'&QHJDWHV 0HOHH5HDFK
:DQGHULQJ0RQVWHU
&LW\*XDUG
&RPPRQ/*/(SWV %ODGHOLQJ)LJKWHU
/9/63'$&+3
&RPPRQ/(SWV
0HOHH$WWDFN  
/9/63'$&+3
5DQJHG$WWDFN 
7\SH 2XWVLGHU
7\SH +XPDQRLG +XPDQ
0HOHH$WWDFN  
5DQJHG$WWDFN 
&UXFLDQ 6SHFLDO$ELOLWLHV '5,PPXQH$FLG5D]RU6WRUP>@
8QFRPPRQ/*/(SWV 5HSODFHVDWWDFNVFRQHGDPDJH'&WKHQ
/9/63'$&+3 %ODGHOLQJ)LJKWHUJDLQV±$& 5HVLVW&ROG)LUH
0HOHH$WWDFN   +XPDQRLG 5HSWLOLDQ
5DQJHG$WWDFN  %OXH
&RPPRQ /(SWV
'LUH:ROI /9/63'$&+3
5DUH$Q\SWV 0HOHH$WWDFN  
/9/63'$&+3 5DQJHG$WWDFN 
0HOHH$WWDFN   7\SH 6PDOO+XPDQRLG *REOLQRLG3VLRQLF
5DQJHG$WWDFN 6SHOOV3VLRQLFV SSPLQGWKUXVWSS VLJKWGDPDJH
7\SH/DUJH$QLPDO '&QHJDWHV SVLRQLFFKDUP SS UDQJH &RQIXVLRQ
6SHFLDO$ELOLWLHV'LIILFXOW6WXQQLQJ$WWDFN>@ 6WXQ +XPDQRLGRQO\HQGVDIWHUWDUJHWFUHDWXUH VQH[WWXUQ
'& '&

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30

'LUH5DW /HPXUH
&RPPRQ/(SWV &RPPRQ/(SWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN   0HOHH$WWDFN  
5DQJHG$WWDFN  5DQJHG$WWDFN 
7\SH 6PDOO$QLPDO 7\SH2XWVLGHU
6SHFLDO$ELOLWLHV'LIILFXOW3DFN$WWDFN 7KLV 6SHFLDO$ELOLWLHV'LIILFXOW'5)HDUOHVV,PPXQH
FUHDWXUHJDLQVDWWDFNIRUHDFKDOOLHG'LUH5DWDGMDFHQW &RQIXVLRQ'RPLQDWH)LUH,QFLWH3RLVRQ6OHHS5HVLVW
WRWDUJHWRIWKLVFUHDWXUH VDWWDFN 3DFN+XQWHU 7UHDW $FLG&ROG
WKLVFUHDWXUHDVXQGHUFRPPDQGLILWKDVOLQHRIVLJKWWR
RWKHU'LUH5DWV /L]DUGIRON5RJXH
&RPPRQ/(SWV
)LUH*LDQW /9/63'$&+3
5DUH/(SWV 0HOHH$WWDFN 
/9/63'$&+3 5DQJHG$WWDFN
0HOHH$WWDFN   7\SH+XPDQRLG 5HSWLOLDQ
5DQJHG$WWDFN  6SHFLDO$ELOLWLHV6QHDN$WWDFN
7\SH /DUJH*LDQW
6SHFLDO$ELOLWLHV &OHDYH,PPXQH)LUH0HOHH5HDFK  /RUG6RWK
3RZHUIXO&KDUJH6DYH 9XOQHUDEOH&ROG
5DUH&RPPDQGHU/(SW
/9/63'$&+3
+REJREOLQ6HUJHDQW 0HOHH$WWDFN  PDJLF
&RPPRQ&RPPDQGHU/(SWV 5DQJHG$WWDFN 
/9/63'$&+3 7\SH 8QGHDG
0HOHH$WWDFN  PDJLF &RPPDQGHU(IIHFW )ROORZHUVWKDWFDXVHDFUHDWXUHWR
5DQJHG$WWDFN UDQJH>@  URXWZLWKDPHOHHDWWDFNFDQPDNHDQLPPHGLDWHDWWDFN
7\SH +XPDQRLG *REOLQRLG RIRSSRUWXQLW\DJDLQVWWKDWURXWLQJFUHDWXUH
&RPPDQGHU(IIHFW )ROORZHUVJDLQPHOHHDWWDFNIRU 6SHFLDO$ELOLWLHV 8QLTXH$E\VVDOEODVW>@ VLJKWUDGLXV
HDFKDFWLYHFUHDWXUH\RXFRQWURODGMDFHQWWRWKH ILUHGDPDJH'& $XUDRI)HDU%OLQG6LJKW
IROORZHU VWDUJHW &OHDYH'5,PPXQH&ROG(OHFWULFLW\6SHOO
6SHFLDO$ELOLWLHV%OLQG)LJKW 5HVLVWDQFH

.LQJ6QXUUH 0DQWLFRUH
5DUH/(&RPPDQGHUSWV 5DUH/(SWV
/9/63'$&+3 /9/63')$&+3
0HOHH$WWDFN PDJLFILUH 0HOHH$WWDFN  
5DQJHG$WWDFN  5DQJHG$WWDFN 
7\SH/DUJH*LDQW 7\SH/DUJH0DJLFDO%HDVW
&RPPDQGHU(IIHFW )ROORZHUVJDLQ3XVKEDFN :KHQWKLV 6SHFLDO$ELOLWLHV'LIILFXOW)OLJKW6SLNH9ROOH\>@
FUHDWXUH VPHOHHDWWDFNGHDOVGDPDJHWRDVPDOOHU 5HSODFH$WWDFNVVLJKWUDGLXVGDPDJH'&
FUHDWXUHLWPD\SXVKWKHVPDOOHUFUHDWXUHRQHVTXDUH 
:$5%$1'%8,/',1*&(*LDQWVDUHOHJDOLQ\RXU 5DNVKDVD
ZDUEDQG
5DUH/(&RPPQGHUSWV
6SHFLDO$ELOLWLHV 8QLTXH&OHDYH,PPXQH)LUH0HOHH
/9/63'$&+3
5HDFK3XVKEDFN :KHQWKLVFUHDWXUH VPHOHHDWWDFN
0HOHH$WWDFN  
GHDOVGDPDJHWRDVPDOOHUFUHDWXUHLWPD\SXVKWKH
5DQJHG$WWDFN 
VPDOOHUFUHDWXUHRQHVTXDUH 6DYH 
7\SH2XWVLGHU
.LQJ6QXUUHLVKLJKHUOHYHORQWKH' '4XLFN
&RPPDQGHU(IIHFW )ROORZHUVEHQHILWIURPWKH
5HIHUHQFHVLGH
&RPPDQGHU(IIHFWVRIHYHU\HQHP\FRPPDQGHUWKLV
FUHDWXUHFDQVHH
6SHFLDO$ELOLWLHV '56SHOO5HVLVWDQFH
6SHOOV 6RUFHUHU6SHOOVVW>@>@VOLGH UDQJHVOLGHWDUJHW
FUHDWXUHVTXDUH QG>@>@%LJE\ VVODSSLQJKDQG VLJKW
WDUJHWFUHDWXUHSURYRNHVDWWDFNVRIRSSRUWXQLW\IURPDOO
FUHDWXUHVWKDWWKUHDWHQLWVVTXDUH'& UG>@>@KROG
SHUVRQ VLJKW3DUDO\VLV+XPDQRLGVRQO\'&

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30

6FDUOHW%URWKHUKRRG0RQN 'URZ)LJKWHU
8QFRPPRQ/(SWV 8QFRPPRQ&(SWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN PDJLF3RLVRQ 0HOHH$WWDFN  
7\SH +XPDQRLG +XPDQ 5DQJHG$WWDFN 
6SHFLDO$ELOLWLHV 'HIOHFW$UURZV $&DJDLQVWUDQJHG 7\SH +XPDQRLG (OI
DWWDFNV 3RLVRQ GDPDJHZKHQHYHUSRLVRQHGFUHDWXUH 6SHFLDO$ELOLWLHV 6SHOO5HVLVWDQFH
DFWLYDWHV'& 3RZHUIXO&KDUJH6DYH
'URZ5RJXH
=RPELH 8QFRPPRQ&(SWV
&RPPRQ/(&(SWV /9/63'$&+3
/9/63'$&+3 0HOHH$WWDFN  PDJLF
0HOHH$WWDFN   5DQJHG$WWDFN
5DQJHG$WWDFN 7\SH +XPDQRLG (OI
7\SH8QGHDG 6SHFLDO$ELOLWLHV &RQFHDO6QHDN$WWDFN6SHOO
5HVLVWDQFH
%OXH6ODDG
5DUH&(SWV (WWHUFDS
/9/63'$&+3 &RPPRQ&(SWV
0HOHH$WWDFN   /9/63'$&+3
5DQJHG$WWDFN  0HOHH$WWDFN  3RLVRQ
7\SH/DUJH2XWVLGHU 5DQJHG$WWDFN 
6SHFLDO$ELOLWLHV'LIILFXOW,PPXQH6RQLF0HOHH 7\SH $EHUUDWLRQ
5HDFK0RELOLW\5HVLVW$FLG&ROG(OHFWULFLW\)LUH 6SHFLDO$ELOLWLHV 'LIILFXOW0RUDOH6DYH3RLVRQ 
6SHOOV WKFKDRVKDPPHU >@ VLJKWUDGLXVODZIXO GDPDJHZKHQHYHUSRLVRQHGFUHDWXUHDFWLYDWHV'& 
FUHDWXUHVWDNHGDPDJH'& :HE 5HSODFHDWWDFNVUDQJH(QWDQJOH'&

)URVW*LDQW
%XJEHDU)RRWSDG 5DUH&(SWV
&RPPRQ&(SWV /9/63'$&+3
/9/63'$&+3 0HOHH$WWDFN  
0HOHH$WWDFN  PDJLF 5DQJHG$WWDFN 
5DQJHG$WWDFN UDQJH  7\SH /DUJH*LDQW
7\SH+XPDQRLG *REOLQRLG 6SHFLDO$ELOLWLHV&OHDYH,PPXQH&ROG0HOHH5HDFK
6SHFLDO$ELOLWLHV+LGH6QHDN$WWDFN 6DYH 9XOQHUDEOH)LUH

'LVSODFHU6HUSHQW *KDVW
&RPPRQ &(SWV &RPPRQ&(SWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN   0HOHH$WWDFN  3DUDO\VLV
5DQJHG$WWDFN  5DQJHG$WWDFN 
7\SH 0DJLFDO%HDVW 7\SH 8QGHDG
6SHFLDO$ELOLWLHV'LIILFXOW&RQFHDO 6SHFLDO$ELOLWLHV 'LIILFXOW3DUDO\VLV '& 6WHQFK
$GMDFHQWOLYLQJFUHDWXUHVJDLQDWWDFNVDYHDQG
'ULGHU6RUFHUHU $& 
5DUH&(SWV
/9/63'$&+3 *QROO6HUJHDQW
0HOHH$WWDFN  3RLVRQ 8QFRPPRQ&RPPDQGHU&(SWV
5DQJHG$WWDFN   /9/63'$&+3
7\SH /DUJH$EHUUDWLRQ 0HOHH$WWDFN  PDJLF
6SHFLDO$ELOLWLHV &RQFHDO3RLVRQ GDPDJH 5DQJHG$WWDFN 
ZKHQHYHUSRLVRQHGFUHDWXUHGDFWLYDWHV'&  7\SH +XPDQRLG *QROO
6SHOO5HVLVWDQFH &RPPDQGHU(IIHFW)ROORZHUVJDLQPHOHHGDPDJH
6SHOOV 6RUFHUHU6SHOOVQG>@>@>@EDOHIXOWUDQVSRVLWLRQ DJDLQVWZRXQGHGFUHDWXUHV
UDQJHDQ\WZRFUHDWXUHVVZLWFKSRVLWLRQ'& EOXU 6SHFLDO$ELOLWLHV +\HQDPDVWHU $V%HDVWPDVWHUEXW
WRXFKWDUJHWFUHDWXUHJDLQV&RQFHDO UG>@>@>@ +\HQDVRQO\
OLJKWQLQJEROW OLQHHOHFWULFLW\'&

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30

*ULFN 2UF%UXWH
&RPPRQ&(SWV &RPPRQ&(SWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN  PDJLF 0HOHH$WWDFN  
5DQJHG$WWDFN  7\SH+XPDQRLG 2UF
7\SH$EHUUDWLRQ 6SHFLDO$ELOLWLHV'LIILFXOW
6SHFLDO$ELOLWLHV 'LIILFXOW'55DYHQRXV+XQJHU
:KHQWKLVFUHDWXUHGHVWUR\VDOLYLQJHQHP\LWVVSHHGLV 4XDVLW
UHGXFHGWR :DQGHULQJ0RQVWHU ,QVWHDGRISODFLQJ
8QFRPPRQ&(SWV
WKLVFUHDWXUHRQ\RXUDVVHPEO\WLOHDWWKHVWDUWRIWKH
/9/63')$&+3
EDWWOHSODFHLWRQDUDQGRPIHDWXUHWLOH
0HOHH$WWDFN  3RLVRQ
5DQJHG$WWDFN
/DUHWKWKH%HDXWLIXO 7\SH7LQ\2XWVLGHU
5DUH&(&RPPDQGHUSWV 6SHFLDO$ELOLWLHV)OLJKW&RQFHDO'5,PPXQH
/9/63'$&+3 3RLVRQ3RLVRQ GDPDJHZKHQHYHUSRLVRQHGFUHDWXUH
0HOHH$WWDFN  PDJLF DFWLYDWHV'& 5HVLVW)LUH7LQ\5HDFK &DQ W
5DQJHG$WWDFN  PDNHDWWDFNVRIRSSRUWXQLW\
7\SH+XPDQRLG +XPDQ 6SHOOV VWIHDUFRQH>@ FRQHFUHDWXUHVRIOHYHORU
&RPPDQGHU(IIHFW $YDWDURI&KDRV )ROORZHUVDQG EHORZPDNHDPRUDOHVDYH
HQHPLHVWDNHPDJLFGDPDJHZKHQHYHUWKH\PDNHDQ
DWWDFNUROORIQDWXUDO7KH\GHDOWULSOHGDPDJHLQVWHDG 5HG:\UPOLQJ
RIGRXEOHGDPDJHRQDFULWLFDOKLW 
5DUH&(SWV
6SHFLDODELOLWLHV 8QLTXH
/9/63')$&+3
6SHOOVVWFDXVHIHDU >@>@>@UGVHDULQJOLJKW >@>@>@
0HOHH$WWDFN  
WKFRQIXVLRQ>@ VLJKWUDGLXV&RQIXVLRQVDYHDWWKH
5DQJHG$WWDFN 
HQGRIHDFKDIIHFWHGFUHDWXUH VWXUQ'&
7\SH 'UDJRQ
6SHFLDO$ELOLWLHV 'LIILFXOW)OLJKW%UHDWK:HDSRQ>@
/LFK1HFURPDQFHU 5HSODFHVDWWDFNV&RQHILUHGDPDJH'& 
5DUH&(&RPPDQGHU3WV &OHDYH,PPXQH)LUH9XOQHUDEOH&ROG
/9/63'$&+3
0HOHH$WWDFN  PDJLF3DUDO\VLV 7DQDUXNN
5DQJHG$WWDFN 
&RPPRQ&(SWV
7\SH8QGHDG
/9/63'$&+3
&RPPDQGHU(IIHFW:KHQHYHUDOLYLQJHQHP\LV
0HOHH$WWDFN 
GHVWUR\HGUHSODFHLWZLWKDQXQGHDGFUHDWXUHXQGHU\RXU
5DQJHG$WWDFN 
FRQWUROZLWKFRVWRUOHVV
7\SH 2XWVLGHU
6SHFLDO$ELOLWLHV '5$XUDRI)HDU (QHPLHVLQ
6SHFLDO$ELOLWLHV 'LIILFXOW5HVLVW)LUH6SHOO
VTXDUHVWKUHDWHQHGE\WKLVFUHDWXUHJDLQ0RUDOH6DYH 
5HVLVWDQFH
,PPXQH&ROG(OHFWULFLW\3DUDO\VLV '&
6SHOOVQGFRPPDQGXQGHDG>@>@>@ UDQJHWDNHV
FRQWURORIHQHP\8QGHDGFUHDWXUH'&  :HUHZROI
UGHPSRZHUHGPDJLFPLVVLOH >@>@>@ VLJKWGDPDJH  8QFRPPRQ&(SWV
WKKROGPRQVWHU >@>@ VLJKW3DUDO\VLV'& /9/63'$&+3
0HOHH$WWDFN  
0LQRWDXU 5DQJHG$WWDFN 
7\SH+XPDQRLG +XPDQ6KDSHFKDQJHU
5DUH&(SWV
6SHFLDO$ELOLWLHV 'LIILFXOW%OLQG)LJKW'5
/9/63'$&+3
0HOHH$WWDFN  
5DQJHG$WWDFN  +XJH*ROG'UDJRQ
7\SH /DUJH0RQVWURXV+XPDQRLG 5DUH+XJH/*SWV
6SHFLDO$ELOLWLHV 'LIILFXOW3RZHUIXO&KDUJH /9/63')$&+3
PHOHHGDPDJHZKHQFKDUJLQJ 0HOHH5HDFK 0HOHH$WWDFN  PDJLFPDJLF
PDJLF
0LQRWDXU6NHOHWRQ 5DQJHG$WWDFN 
7\SH+XJH'UDJRQ
5DUH &(SWV
6SHFLDO$ELOLWLHV ,QGHSHQGHQW)OLJKW$XUDRI)HDU
/9/63'$&+3
%UHDWK:HDSRQ>@ 5HSODFHVDWWDFNVFRQHILUH
0HOHH$WWDFN  
GDPDJH'& %UHDWK:HDSRQ>@ 5HSODFHVDWWDFNV
5DQJHG$WWDFN 
FRQHDIIHFWHGFUHDWXUHVJDLQDWWDFNGDPDJH'&
7\SH /DUJH8QGHDG
 '5,PPXQH)LUH0HOHH5HDFK6DYH 6SHOO
6SHFLDO$ELOLWLHV ,PPXQH&ROG3RZHUIXO&KDUJH
5HVLVWDQFH9XOQHUDEOH&ROG
0HOHH5HDFK
*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30
&ORXG*LDQW %HKLU
8QFRPPRQ+XJH&RPPDQGHU/*/(SWV 5DUH+XJH&*&(SWV
/9/63'$&+3 /9/63'$&+3
0HOHH$WWDFN   0HOHH$WWDFN  &RQVWULFW
5DQJHG$WWDFN >@  5DQJHG$WWDFN 
7\SH +XJH*LDQW 7\SH +XJH0DJLFDO%HDVW
&RPPDQGHU(IIHFW)ROORZHUVJDLQDWWDFNDJDLQVW 6SHFLDO$ELOLWLHV 'LIILFXOW%UHDWK:HDSRQ>@
VPDOOHUFUHDWXUHV 5HSODFHVDWWDFNVOLQHHOHFWULFLW\GDPDJH'& 
6SHFLDO$ELOLWLHV&OHDYH0HOHH5HDFK3XVKEDFN &RQVWULFW VPDOOHUFUHDWXUHVNLSVQH[WWXUQDQGWDNHV
:KHQWKLVFUHDWXUH VPHOHHDWWDFNGHDOVGDPDJHWRD GDPDJH'&QHJDWHV ,PPXQH(OHFWULFLW\0HOHH
VPDOOHUFUHDWXUHLWPD\SXVKWKHVPDOOHUFUHDWXUHRQH 5HDFK
VTXDUH 6DYH 
%XOHWWH
6WRUP*LDQW 8QFRPPRQ+XJH/(&(SWV
5DUH+XJH&*SWV /9/63'$&+3
/9/63'$&+3 0HOHH$WWDFN  
0HOHH$WWDFN   5DQJHG$WWDFN 
5DQJHG$WWDFN  7\SH +XJH0DJLFDO%HDVW
7\SH+XJH*LDQW 6SHFLDO$ELOLWLHV 'LIILFXOW%XUURZ/HDS>@
6SHFLDO$ELOLWLHV &OHDYH,PPXQH(OHFWULFLW\0HOHH 5HSODFHDWWDFNVDWWDFNGDPDJH 0HOHH5HDFK
5HDFK3XVKEDFN :KHQWKLVFUHDWXUH VPHOHHDWWDFN 
GHDOVGDPDJHWRDVPDOOHUFUHDWXUHLWPD\SXVKWKH
VPDOOHUFUHDWXUHRQHVTXDUH 6DYH  )LHQGLVK7\UDQQRVDXUXV
8QFRPPRQ+XJH&(SWV
7UHDQW /9/63'$&+3
8QFRPPRQ+XJH&*SWV 0HOHHDWWDFN  PDJLF&KRPS
/9/63'$&+3 5DQJHG$WWDFN 
0HOHH$WWDFN  7\SH+XJH0DJLFDO%HDVW
5DQJHG$WWDFN 6SHFLDO$ELOLWLHV 'LIILFXOW&KRPS 6PDOOHU
7\SH+XJH3ODQW FUHDWXUHVWDNHGDPDJH'&QHJDWHV '5
6SHFLDO$ELOLWLHV '50HOHH5HDFK7UDPSOH 0HOHH5HDFK5HVLVW&ROG)LUH6DYH 6PLWH
WKLVFUHDWXUHFDQPRYHWKURXJKDVPDOOHUHQHP\ VVSDFH *RRG>@6SHOO5HVLVWDQFH
WRGHDOGDPDJH'& 9XOQHUDEOH)LUH
)RPRULDQ
:DUIRUJHG7LWDQ 8QFRPPRQ+XJH&(SWV
5DUH+XJH/*/(SWV /9/63'$&+3
/9/63'$&+3 0HOHH$WWDFN 
0HOHH$WWDFN  5DQJHG$WWDFN 
5DQJHG$WWDFN  7\SH+XJH*LDQW
7\SH +XJH&RQVWUXFW 6SHFLDO$ELOLWLHV'LIILFXOW&OHDYH'50HOHH
6SHFLDO$ELOLWLHV $GDPDQWLQH/DFHG 0HOHHDQG 5HDFK6DYH 
UDQJHGDWWDFNVGHDOOHVVGDPDJHWRWKLVFUHDWXUH 
&OHDYH'50HOHH5HDFK3RZHUIXO&KDUJH *ODEUH]X
3XVKEDFN :KHQWKLVFUHDWXUH VPHOHHDWWDFNGHDOV
GDPDJHWRDVPDOOHUFUHDWXUHLWPD\SXVKWKHVPDOOHU 5DUH+XJH&(SWV
FUHDWXUHRQHVTXDUH 5HVLVW$FLG&ROG(OHFWULFLW\ /9/63'$&+3
)LUH6RQLF6DYH 7UDPSOH WKLVFUHDWXUHFDQ 0HOHH$WWDFN  
PRYHWKURXJKDVPDOOHUHQHP\ VVSDFHWRGHDO 5DQJHG$WWDFN 
GDPDJH'& 7\SH +XJH2XWVLGHU
6SHFLDO$ELOLWLHV &OHDYH&RQFHDO'5,PPXQH
(OHFWULFLW\3RLVRQ0HOHH5HDFK5HVLVW$FLG
&ROG)LUH6SHOO5HVLVWDQFH7UXH6HHLQJ ,JQRUH
&RQFHDO 6DYH 
6SHOOVWKFKDRVKDPPHU>@>@ 6LJKWUDGLXVODZIXO
FUHDWXUHVWDNHGDPDJH'& GLPHQVLRQGRRU>@>@
VHOISODFHWKLVFUHDWXUHLQDQ\VSDFHLWFDQVHHDWOHDVW
SDUWRI XQKRO\EOLJKW>@>@ VLJKWUDGLXV*RRG
FUHDWXUHVWDNHGDPDJHDQGJDLQDWWDFN'&

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30

+XJH5HG'UDJRQ
5DUH+XJH&(SWV
/9/63')$&+3
0HOHH$WWDFN  PDJLFPDJLF
PDJLF
5DQJHG$WWDFN 
7\SH +XJH'UDJRQ
6SHFLDO$ELOLWLHV ,QGHSHQGHQW)OLJKW$XUDRI)HDU
%UHDWK:HDSRQ>@ 5HSODFHVDWWDFNV&RQHILUH
GDPDJH'& ,PPXQH)LUH0HOHH5HDFK
6DYH 6SHOO5HVLVWDQFH9XOQHUDEOH&ROG

1LJKWZDONHU
8QFRPPRQ+XJH&(SWV
/9/63'$&+3
0HOHH$WWDFN  PDJLF
5DQJHG$WWDFN 
7\SH +XJH8QGHDG
6SHFLDO$ELOLWLHV %OLQGVLJKW&OHDYH&RQFHDO'5 
,PPXQH&ROG0HOHH5HDFK6DYH 6SHOO
5HVLVWDQFH
6SHOOV WKTXLFNHQHGXQKRO\EOLJKW >@ VLJKWUDGLXV
JRRGFUHDWXUHVWDNHGDPDJHDQGJDLQDWWDFNVZLIW
DFWLRQ'& WKFRQHRIFROG >@ FRQHFROG
GDPDJH'& WKILQJHURIGHDWK>@ UDQJHGHVWUR\
OLYLQJFUHDWXUHGDPDJHLQVWHDGRQVXFFHVVIXOVDYH
'&

7KLVOLVWLVEDVHGRQWKH' '0LQLDWXUHVJDPHFUHDWHGE\
:L]DUGVRIWKH&RDVW

7KLVLVDQXQRIILFLDOOLVW±YLVLWWKH:L]DUGVZHEVLWHIRURIILFLDOOLVWV
DQGLQIRUPDWLRQDERXWWKHJDPH
KWWSZZZZL]DUGVFRPPLQLDWXUHV

9LVLWP\XQRIILFLDO' '0LQLDWXUHVLQIRUPDWLRQSDJHIRUWKHPRVW
UHFHQWHGLWLRQRIWKLVVSRLOHUOLVWDQGRWKHUQHZVDERXWWKHJDPH
KWWSZZZUGHGLWLRQRUJPHUULFEPLQLKWP

,I\RXVHHDQ\HUURUVLQWKLVVSRLOHUOLVWSOHDVHFRQWDFWPHDW
PHUULFE#UGHGLWLRQRUJ

*LDQWVRI/HJHQG XQRIILFLDOVSRLOHUVY 3DJH RI /DVWXSGDWHG6DWXUGD\-XQH30