,1',$1,1&2 0(7$;5(7851
)250 )RULQGLYLGXDOVDQG+8)VKDYLQJLQFRPHIURPSURILWVDQGJDLQVRIEXVLQH VVRU $VVH VVPH QW<H DU
,75 SURIHVVLRQ 
3OH DVH VH H UXOH RIWKH ,QFRPH WD[5XOH V 
      
3OH DVH UH IH ULQVWUXFWLRQV 


3DUW$*(1 *(1(5$/

$ )LUVWQDPH  $ 0LGGOHQDPH $ /DVWQDPH $ 3$1

         

$ )ODW'RRU%ORFN1R $ 1DPH2I3UHPLVHV%XLOGLQJ9LOODJH $ 6WDWXV 7LFN ì

3(5621$/,1)250$7,21

R,QGLYLGXDOR+8)

$ 5RDG6WUHHW3RVW2IILFH $ 'DWHRI%LUWK)RUPDWLRQ ''00<<<<  $ 'DWHRI&RPPHQFHPHQWRI

 %XVLQHVV ''00<<<< 

$ $UHDORFDOLW\ $ $DGKDDU1XPEHU GLJLW $DGKDDU(QUROPHQW,G GLJLW  LIHOLJLEOHIRU

$DGKDDU 

 

$ 7RZQ&LW\'LVWULFW $ 6WDWH $ 3,1FRGH =,3FRGH 

$ &RXQWU\      

$ 5H VLGHQWLDO2IILFH3KRQH1XPEHUZLWK67'FRGH 0RELOH  0RELOH 1R

1R

               

$ (PDLO$GGUHVV VHOI  (PDLO$GGUHVV



'XH'DWHIRUILOLQJUHWXUQRILQFRPH >'URSGRZQWREH SURYLGH G@ 


$  


VW-XO\
DL 
VW2FWREHU
WK1RYHPEHU

$    2QRU%HIRUHGXHGDWH   $IWHUGXHGDWH   5HYLVHG

)LOHGXV 7LFN >3OHDVHVHHLQVWUXFWLRQ@
DLL  5HWXUQ &'0RGLILHGUH WXUQ   E DIWHUFRQGRQDWLRQRIGHOD\

 2 U)LOHGLQUHVSRQVHWRQRWLFHXV        &

),/,1*67$786

D+DYH \RXH [HUFLVHGWKHRSWLRQXV%$&  RI2SWLQJRXWRIQHZWD[UHJLPH"  GHIDXOWLV³ 1R´  1R <HVZLWKLQWKHGXH

GDWH <HVEXWEH\RQGWKHGXHGDWH ,IRSWLRQRWKHUWKDQµ1R¶LVVHOHFWHGSOHDVHIXUQLVKGDWHRIILOLQJDQG$FNQRZOHGJHPHQW
QXPEHURIIRUP,($ 
E
1RWH )RU2SWLQJRXWRSWLRQVKRXOGEHH[HUFLVHGLQIRUP ,($RQRUEHIRUHWKHGXHGDWHIRUILOLQJUHWXUQXV   


$UH \RXILOLQJUHWXUQRILQFRPHXQGHUVHYHQWKSURYLVRWR6HFWLRQ  EXWRWKHUZLVHQRWUHTXLUHGWRIXUQLVKUHWXUQRI

LQFRPH"± 7LFN  †<HV †1R
F ,I\H VSOHDVHIXUQLVKIROORZLQJLQIRUPDWLRQ
>1RWH 7REH ILOOHGRQO\LIDSHUVRQLVQRWUHTXLUHGWRIXUQLVKDUHWXUQRILQFRPHXQGHUVHFWLRQ  EXWILOLQJUH WXUQRI


LQFRPHGXHWRIXOILOOLQJRQHRUPRUHFRQGLWLRQVPHQWLRQHGLQWKHVHYHQWKSURYLVRWRVHFWLRQ  @ 

+DYH\RXGHSRVLWHGDPRXQWRUDJJUHJDWHRIDPRXQWVH[FHHGLQJ5V&URUHLQ
FL  $PRXQW 5V  ,I<HV 
RQH RUPRUHFXUUHQWDFFRXQWGXULQJWKHSUHYLRXV\HDU" <HV1R 
 +DYH\RXLQFXUUHGH[SHQGLWXUHRIDQDPRXQWRUDJJUHJDWHRIDPRXQW
FLL  H[FHHGLQJ5VODNKIRUWUDYHOWRDIRUHLJQFRXQWU\IRU\RXUVHOIRUIRUDQ\ $PRXQW 5V  ,I<HV 
RWKH USH UVRQ" <HV1R 

+DYH \RXLQFXUUHGH [SHQGLWXUHRIDPRXQWRUDJJUHJDWHRIDPRXQWH[FHHGLQJ

FLLL  $PRXQW 5V  ,I<HV 
5VODNKRQFRQVXPSWLRQRIHOHFWULFLW\GXULQJWKHSUHYLRXV\HDU" <HV1R 

$UH \RXUH TXLUHGWRILOHDUHWXUQDVSHURWKHUFRQGLWLRQVSUHVFULEHGXQGHU

FODXVH LY RIVHYHQWKSURYLVRWRVHFWLRQ   ,I\HVSOHDVHVHOHFWWKHUHOHYDQW
FLY  7LFN R<HVR1R
FRQGLWLRQIURPWKHGURSGRZQPHQX 


,IUH YLVHG'HIHFWLYH0RGLILHGWKHQHQWHU5H FH LSW               

G 1R DQG 'DWH RI ILOLQJ RULJLQDO UH WXUQ 
''00<<<< 

,IILOH GLQUHVSRQVHWRDQRWLFHXV    &RURUGH UXV  E H QWH U

XQLTXH
H  8QLTXH1XPEHU'RFXPHQW,GHQWLILFDWLRQ1XPEHUDQGGDWHRIVXFKQRWLFHRUGHURULIILOHG 
QXPEHU 
XV&'H QWH UGDWH RIDGYDQFH SULFLQJDJUH H PH QW 

 I  5H VLGHQWLDO $5H VLGHQW R<RXZHUHLQ,QGLDIRUGD\VRUPRUHGXULQJWKHSUHYLRXV\HDU>VHFWLRQ  D @ 

6WDWXVLQ,QGLD
R<RXZHUHLQ,QGLDIRUGD\VRUPRUHGXULQJWKHSUHYLRXV\HDUDQGKDYHEHHQLQ
IRULQGLYLGXDOV 
,QGLDIRUGD\VRUPRUHZLWKLQWKHSUHFHGLQJ\HDUV>VHFWLRQ   F @>ZKHUH
7LFNDSSOLFDEOH
([SODQDWLRQLVQRWDSSOLFDEOH@
RSWLRQ 
R <RX DUH D FLWL]HQ RI,QGLDZKROHIW,QGLDIRUWKHSXUSRVHRIHPSOR\PHQWDVD
PHPEHURIWKHFUHZRIDQ,QGLDQVKLSDQGZHUHLQ,QGLDIRUGD\VRUPRUHGXULQJWKH
SUHYLRXV\HDUDQGGD\VRUPRUHZLWKLQWKHSUHFHGLQJ\HDUV>([SODQDWLRQ D RI
VHFWLRQ   F @

†<RXDUHDFLWL]HQRI,QGLDRUDSHUVRQRI,QGLDQRULJLQDQGKDYHFRPHRQDYLVLWWR
,QGLDGXULQJWKHSUHYLRXV\HDUDQGZHUHLQ,QGLDIRU
D   GD\V RU PRUH GXULQJ WKH SUHYLRXV \HDU DQG  GD\V RU PRUH ZLWKLQ WKH
SUHFHGLQJ\HDUVRU
E   GD\V RU PRUH GXULQJ WKH SUHYLRXV \HDU DQG  GD\V RU PRUH ZLWKLQ WKH
SUHFHGLQJ\HDUVLIWKHWRWDOLQFRPHRWKHUWKDQLQFRPHIURPIRUHLJQVRXUFHVH[FHHGV
5VODNK>([SODQDWLRQ E RIVHFWLRQ   F @

%5H VLGHQWEXWQRW R<RXKDYHEHHQDQRQUHVLGHQWLQ,QGLDLQRXWRISUHFHGLQJ\HDUV>VHFWLRQ  D @

2 UGLQDULO\5HVLGHQW
R<RXKDYHEHHQLQ,QGLDIRUGD\VRUOHVVGXULQJWKHSUHFHGLQJ\HDUV>VHFWLRQ
  D @

<RXDUHDFLWL]HQRI,QGLDRUSHUVRQRI,QGLDQRULJLQZKRFRPHVRQDYLVLWWR,QGLD
KDYLQJWRWDOLQFRPHRWKHUWKDQWKHLQFRPHIURPIRUHLJQVRXUFHVH[FHHGLQJ5VODNK
DQGKDYHEHHQLQ,QGLDIRUGD\VRUPRUHEXWOHVVWKDQGD\VGXULQJWKHSUHY LRXV
\HDU>VHFWLRQ  F @

<RXDUHDFLWL]HQRI,QGLDKDYLQJWRWDOLQFRPHRWKHUWKDQWKHLQFRPHIURPIRUHLJQ
VRXUFHVH[FHHGLQJ5VODNKGXULQJWKHSUHYLRXV\HDUDQGQRWOLDEOHWRWD[LQDQ\
RWKHUFRXQWU\RUWHUULWRU\E\UHDVRQRI\RXUGRPLFLOHRUUHVLGHQFHRUDQ\RWKHUFULWHU LD
RIVLPLODUQDWXUH>VHFWLRQ  G UZV $ @


&1RQUHVLGHQW †<RXZHUHDQRQUHVLGHQWGXULQJWKHSUHYLRXV\HDU
L 3OHDVHVSHFLI\WKHMXULVGLFWLRQ V RIUHVLGHQFHGXULQJWKHSUHYLRXV\HDU

61R -XULVGLFWLRQRIUHVLGHQFH 7 D[SD\HU,GHQWLILFDWLRQ1XPEHU

   

   

 LL ,QFDVH\RXDUHD&LWL]HQRI,QGLDRUD3HUVRQRI,QGLDQ2ULJLQ 32, SOHDVHVSHFLI\



    7 RWDOSHULRGRIVWD\LQ,QGLDGXULQJWKHSUHYLRXV 7 RWDOSHULRGRIVWD\LQ,QGLDGXULQJ
\HDU LQGD\V  WKHSUHFHGLQJ\HDUV LQGD\V 

  


  5H VLGHQWLDO R5H VLGH QWR5H VLGH QWEXWQRW2 UGLQDULO\5H VLGH QWR1RQUHVLGHQW
6WDWXVLQ,QGLD
IRU+8) 
7LFNDSSOLFDEOH
RSWLRQ 

 J  'R\RXZDQWWRFODLPWKHEHQHILWXQGHUVHFWLRQ+" DSSOLFDEOHLQFDVHRIUHVLGHQW  R<H VR1R

 K  $UH \RXJRYHUQHGE\3RUWXJXHVH&LYLO&RGHDVSHUVHFWLRQ$"7LFN ìR<HVR1R ,I³<(6´SOHDVHILOO6FKHGXOH$ 

 L  :KHWKHUWKLVUHWXUQLVEHLQJILOHGE\DUHSUHVHQWDWLYHDVVHVVHH" 7LFN ìR<HVR1R,I\HVIXUQLVKIROORZLQJLQIRUPDWLRQ

  1DPH RIWKHUHSUHVHQWDWLYHDVVHVVHH

  &DSDFLW\RIWKH5HSUHVHQWDWLYH GURSGRZQWREHSURYLGHG 

  $GGUHVVRIWKHUHSUHVHQWDWLYHDVVHVVHH

  3H UPDQHQW$FFRXQW1XPEHU 3$1 $DGKDDU1RRIWKHUHSUHVHQWDWLYHDVVHVVHH


 :KHWKH U\RXZH UH 'LUH FWRULQDFRPSDQ\DWDQ\WLPH GXULQJWKH SUH YLRXV\H DU" 7LFN ;
; †<H V†1R
M  ,I\H VSOHDVHIXUQLVKIROORZLQJLQIRUPDWLRQ

 :KHWKHULWVVKDUHV
7\SH RI 'LUHFWRU,GHQWLILFDWLRQ1XPEHU ',1 
1DPH RI&RPSDQ\ 3$1 DUH OLVWH GRU
&RPSDQ\
 XQOLVWH G
 
    

 :KHWKHU\RXDUH3DUWQHULQDILUP" 7LFN ;
; †<HV†1R,I\H VSOHDVHIXUQLVKIROORZLQJLQIRUPDWLRQ
N 

 
1DPH RI)LUP 3$1

 
 

 :KHWKHU\RXKDYHKHOGXQOLVWHGHTXLW\VKDUHVDWDQ\WLPHGXULQJWKHSUHYLRXV\HDU" 7LFN ;
;†<HV† 1R
O  ,I\HVSOHDVHIXUQLVKIROORZLQJLQIRUPDWLRQLQUHVSHFWRIHTXLW\VKDUHV

 6KDUHVWUDQVI HUUHG &ORVLQJ 

 2SHQLQJEDODQFH 6KDUHVDFTXLUHGGXULQJWKH\HDU
GXULQJWKH\HDU EDODQFH

 ,VVXH
SULFH 3XUFKDVHSULFH
1DPHRI  7\SH RI  )DFH SHU SHUVKDUH LQ
3$1 'DWHRI 
FRPSDQ\ &RPSDQ\
1RRI  &RVWRI  1RRI  YDOXH VKDUH FDVHRI  1RRI  6DOH 1RRI 
 VKDUHV DFTXLVLWLRQ VKDUHV
VXEVFULSWLRQ
SHU LQ SXUFKDVHI URP VKDUHV FRQVLGHUDWLRQ VKDUHV
SXUFKDVH
VKDUH FDVHRI  H[LVWLQJ

I UHVK VKDUHKROGHU 
LVVXH 

               

               
               

  ,QFDVH RIQRQUHVLGHQWLVWKHUHDSH UPDQHQWHVWDEOLVKPHQW 3( LQ,QGLD" 7LFN ;

;†<HV†1R
P
 ,QWKH FDVHRIQRQUHVLGHQWLVWKHUHD6LJQLILFDQW(FRQRPLF3UHVHQFH 6(3 LQ,QGLD 7LFN R
R<HVR1R
SOH DVHSURYLGHGHWDLOVRI
D DJJUHJDWHRISD\PHQWVDULVLQJIURPWKHWUDQVDFWLRQRUWUDQVDFWLRQVGXULQJWKHSUHYLRXV\HDUDVUHIHUUHGLQ([SODQDWLRQ$ D WR
Q 
6HFWLRQ  L 
E QXPEHURIXVHUVLQ,QGLDDVUHIHUUHGLQ([SODQDWLRQ$ E WR6HFWLRQ  L 

 :KHWKHUDVVHVVHHKDVDXQLWLQDQ,QWHUQDWLRQDO)LQDQFLDO6HUYLFHV&HQWUHDQGGH ULYHVLQFRPHVROHO\LQFRQYHUWLEOHIRUHLJQH[FKDQJH"
R  † <HV† 1R
 :KHWKHU\RXDUHDQ)3,"<HV1R,I\H VSOHDVHSURYLGH6(%,5H JQ1R
S

 /H JDO(QWLW\,GHQWLILHU /(, GH WDLOV PDQGDWRU\LIUHIXQGLV&URUHVRUPRUH 

T

 
 /(, 1XPEHU  9DOLGXSWRGDWH 


D  $UH \RXOLDEOHWRPDLQWDLQDFFRXQWVDVSHUVHFWLRQ$$" 7LFN ;
;†<HV†1R
D  :KHWKHUDVVHVVHHLVGHFODULQJLQFRPHRQO\XQGHUVHFWLRQ$(%%%$'$'$%%$†
†<HV† 1R
,I1RZKH WKHUGXULQJWKH\HDU7RWDOVDOHVWXUQRYHUJURVVUHFHLSWVRIEXVLQHVVLVEH WZHHQ5VFURUH DQG5VFURUHV" † 
DL
<H V† 1RWXUQRYH UGRH VQRWH [FH H GFURUH † 1RWXUQRYHUH[FHHGVFURUHV 
,I<H VLVVHOHFWHGDWDLZKHWKHUDJJUHJDWHRIDOODPRXQWVUHFHLYHGLQFOXGLQJDPRXQWUHFHLYHGIRUVDOHVWXUQRYHURUJURVV
DLL UH FH LSWVRURQFDSLWDODFFRXQWOLNHFDSLWDOFRQWULEXWLRQVORDQVH WFGXULQJWKHSUHYLRXV\HDULQFDVK QRQDFSD\HH
FKH TXH''GRHVQRWH [FHHGILYH SHUFHQWRIVDLGDPRXQW"† †<HV† 1R
,I<H VLVVHOHFWHGDWDLZKHWKHUDJJUHJDWHRIDOOSD\PHQWVPDGHLQFOXGLQJDPRXQWLQFXUUHGIRUH[SHQGLWXUHRURQFDSLWDO
DLLL DFFRXQWVXFKDVDVVHWDFTXLVLWLRQUHSD\PHQWRIORDQVHWFLQFDVK QRQDFSD\HHFKHTXH''GXULQJWKHSUHYLRXV\HDUGRHV
QRWH [FHHGILYHSHUFHQWRIWKHVDLGSD\PHQW"† † <HV† 1R
$8',7,1)250$7,21

E $UH \RXOLDEOHIRUDXGLWXQGHUVHFWLRQ$%" 7LFN ; ;†<HV†1R

 ,I<H VLVVHOHFWHGDW E PHQWLRQE\YLUWXHRIZKLFKRIWKHIROORZLQJFRQGLWLRQV
EL  6DOHVWXUQRYHURUJURVVUHFHLSWVH [FHHGVWKHOLPLWVVSHFLILHGXQGHUVHFWLRQ$% 7LFN ;
;
$VVH VVHHIDOOLQJXV$'$'$$(%%EXWQRWRIIHULQJLQFRPHRQSUH VXPSWLYHEDVLV 7LFNDSSOLFDEOHVHFWLRQ ;
ELL  
 $' $'$ $( %%
ELLL  2 WKHUV 7LFN ; ;
,I E LV<H VZKHWKHUWKHDFFRXQWVKDYHEH HQDXGLWHGE\DQDFFRXQWDQW" 7LFN ;
;†<HV†1R
F
,I<H VIXUQLVKWKHIROORZLQJLQIRUPDWLRQEHORZ
  'DWH RIIXUQLVKLQJRIWKHDXGLWUHSRUW ''00<<<< 

  1DPH RIWKHDXGLWRUVLJQLQJWKHWD[DXGLWUHSRUW 

   0H PEHUVKLS1RRIWKHDXGLWRU 
  1DPH RIWKHDXGLWRU SURSULHWRUVKLSILUP  
  3URSULHWRUVKLSILUPUHJLVWUDWLRQQXPEHU 
  3H UPDQHQW$FFRXQW1XPEHU 3$1 $DGKDDU1RRIWKHSURSULHWRUVKLSILUP 



    'DWH RIUHSRUWRIWKHDXGLW 
    $FNQRZOHGJHPHQWQXPEHURIWKHDXGLWUHSRUW 
    8',1 


 
GL  $UH \RXOLDEOHIRU$XGLWXV("R<HVR1R 

 ,I GL LV<HV:KHWKHUWKHDFFRXQWVKDYH EH H QDXGLWH GXV <H V  'DWH RIIXUQLVKLQJWKHDXGLW $FNQRZOHGJHPHQW
GLL 
(" 1R UHSRUW"''00<< QXPEHU
 ,IOLDEOHWRIXUQLVKRWKHUDXGLWUHSRUWPHQWLRQZKHWKHUKDYH\RXIXUQLVKHGVXFKUHSRUW,I\HVSOHDVH SURYLGH WKH GH WDLOVD V
GLLL 
XQGHU 3OHDVHVHH,QVWUXFWLRQ 
 

                     
  6O1R 6HFWLRQ&RGH  'DWH  ''00<<<<  $FNQRZOHGJHPHQWQXPEHU
    
 ,IOLDEOHWRDXGLWXQGHUDQ\$FWRWKHUWKDQWKH,QFRPHWD[DFWPHQWLRQWKH $FWVH FWLRQDQGGDWH RIIXUQLVKLQJWKHDXGLW
H 
UH SRUW"
 $FWDQGVH FWLRQ  ''00<<  $FWDQGVHFWLRQ  ''00<< 

    










 1$785( 2 )%86,1(662 5352 )(66,2 1,)02 5(7+$12 1(%86,1(662 5352 )(66,2 1,1',&$7(
1$785( 2 )
7+( 7+5(( 0$,1 $&7,9,7,(6 352 '8&76 2 7+(5 7+$1 7+2 6( '(&/$5,1* ,1&2 0( 81'(5
%86,1(66
6(&7,2 16$'$'$$1'$( 
&RGH  7UDGHQDPHRIWKH
61R 'H VFULSWLRQ
>3OHDVHVHHLQVWUXFWLRQ@ SURSULH WRUVKLSLIDQ\
L    


LL    
LLL    

%$/$1&(6+((7$62 1 67'$<2)0$5&+2 )7+(352 35,(72 5<%86,1(662 5352 )(66,2 1 ILOO
3DUW$%6
LWHPVEHORZLQDFDVHZKHUHUHJXODUERRNVRIDFFRXQWDUHPDLQWDLQHGRWKHUZLVHILOOLWHP 
 3URSULHWRU¶VIXQG 
D 3URSULH WRU¶VFDSLWDO  D 
E 5H VHUYHVDQG6XUSOXV 
L 5HYDOXDWLRQ5HVHUYH EL 
LL &DSLWDO5HVHUYH ELL 

 LLL 6WDWXWRU\5HVHUYH ELLL
LY $Q\RWKHU5HVHUYH ELY
Y 7RWDO ELELLELLLELY  EY 
F 7RWDOSURSULHWRU¶VIXQG DEY  F 
 /RDQIXQGV 
D 6H FXUHGORDQV
6285&(62))81'6

L )RUH LJQ&XUUHQF\/RDQV DL 

LL 5XSH H/RDQV
$ )URP%DQNV LL$

 % )URPRWKHUV LL%
&7RWDO LL$LL%  LL&

LLL 7RWDO DLLL&  DLLL
E 8QVH FXUHGORDQV LQFOXGLQJGHSRVLWV  
L )URP%DQNV EL 
 LL )URPRWKHUV ELL 
LLL 7RWDO ELELL  ELLL
F 7RWDO/RDQ)XQGV DLLLELLL  F 
 'HIHUUHGWD[OLDELOLW\  
 $GYDQFH V 
)URPSH UVRQVVSHFLILHGLQVHFWLRQ$  E RIWKH,7
 L L 
$FW
 LL )URPRWKHUV LL 
 LLL 7RWDO$GYDQFHV LLL  LLL
 6RXUFHVRIIXQGV FFLLL   
 )L[HGDVVHWV 
D *URVV%ORFN D 
E 'H SUH FLDWLRQ E 
 F 1H W%ORFN D±E  F 
G &DSLWDOZRUNLQSURJUHVV G 
H  7RWDO FG  H  
 ,QYHVWPHQWV 
$33/,&$7,212))81'6

 D /RQJWHUPLQYHVWPHQWV
 L *RYH UQPHQWDQGRWKHU6HFXULWLHV4 XRWHG DL 
 LL *RYH UQPHQWDQGRWKHU6HFXULWLHV±8QTXRWHG DLL 
 LLL 7RWDO DLDLL  DLLL
 E 6KRUWWHUPLQYHVWPHQWV 
 L (TXLW\6KDUHVLQFOXGLQJVKDUHDSSOLFDWLRQPRQH\ EL 
 LL 3UH IHUHQFH6KDUHV ELL 
 LLL 'H EH QWXUHV ELLL


 LY 7RWDO ELELLELLL  ELY
 

 F 7RWDOLQYHVWPHQWV DLLLELY  F

 &XUUHQWDVVHWVORDQVDQGDGYDQFHV
D &XUUHQWDVVHWV 

 L ,QYHQWRULHV
 6WRUHVFRQVXPDEOHVLQFOXGLQJSDFNLQJ
$ L$ 
PDWH ULDO
% 5DZPDWHULDOV L% 

&6WRFNLQSURFHVV L& 
' )LQLVKHG*RRGV7UDGHG*RRGV L' 
( 7RWDO L$L%L&L'    L( 
LL 6XQGU\'HEWRUV DLL 
LLL &DVKDQG%DQN%DODQFHV 
$ &DVKLQKDQG LLL$
 % %DODQFHZLWKEDQNV LLL%
&7RWDO LLL$LLL%  LLL&
LY 2 WKHU&XUUHQW$VVHWV DLY 
Y 7RWDOFXUUHQWDVVHWV L(DLLLLL&DLY  DY 
E /RDQVDQGDGYDQFHV 
$GYDQFH VUHFRYHUDEOHLQFDVKRULQNLQGRUIRU
L EL 
YDOXHWREHUHFHLYHG
'HSRVLWVORDQVDQGDGYDQFHVWRFRUSRUDWHVDQG
 LL ELL 
RWKH UV
LLL %DODQFHZLWK5HYHQXH$XWKRULWLHV ELLL
LY 7RWDO ELELLELLL  ELY 
F 7RWDORIFXUUHQWDVVHWVORDQVDQGDGYDQFHV DYELY  F 
G &XUUHQWOLDELOLWLHVDQGSURYLVLRQV 
L &XUUHQWOLDELOLWLHV
$ 6XQGU\&UHGLWRUV L$ 
% /LDELOLW\IRU/H DVHG$VVHWV L% 
 &,QWH UHVW$FFUXHGRQDERYH L& 
' ,QWH UHVWDFFUXHGEXWQRWGXHRQORDQV L' 
( 7RWDO L$L%L&L'  L( 
 LL 3URYLVLRQV 
$ 3URYLVLRQIRU,QFRPH7D[ LL$
3URYLVLRQIRU/HDYH
% LL%
 H QFDVKPHQW6XSHUDQQXDWLRQ*UDWXLW\
&2 WKHU3URYLVLRQV LL&
'7RWDO LL$LL%LL&  LL'
LLL 7RWDO L(LL'  GLLL
H  1H WFXUUHQWDVVHWV F±GLLL  H  
 D 0LVFH OODQHRXVH[SHQGLWXUHQRWZULWWHQRIIRUDGMXVWHG D  
E 'H IH UUHGWD[DVVHW E 
 F 3URILWDQGORVVDFFRXQW$FFXPXODWHGEDODQFH F 
G 7RWDO DEF  G 
 7RWDODSSOLFDWLRQRIIXQGV HFHG   
12$&&2817

 ,QDFDVH ZKHUHUHJXODUERRNVRIDFFRXQWRIEXVLQHVVRUSURIHVVLRQDUHQRWPDLQWDLQHG IXUQLVK

WKHIROORZLQJLQIRUPDWLRQDVRQVWGD\RI0DUFKLQUHVSHFWRIEXVLQHVVRUSURIHVVLRQ 
&$6(

D $PRXQWRIWRWDOVXQGU\GHEWRUV D 
E $PRXQWRIWRWDOVXQGU\FUHGLWRUV E 
F $PRXQWRIWRWDOVWRFNLQWUDGH F 
G $PRXQWRIWKHFDVKEDODQFH G 

3DUW$0DQXIDFWXULQJ 0DQXIDFWXULQJ$FFRXQWIRUWKHILQDQFLDO\HDU ILOOLWHPVWRLQDFDVHZKHUHUHJXODUERRNVRIDFFRXQW
$FFRXQW DUHPDLQWDLQHGRWKHUZLVHILOOLWHPVWRDVDSSOLFDEOH 

 'H ELWVWRPDQXIDFWXULQJDFFRXQW


 2 SHQLQJ,QYHQWRU\

$ L 2 SHQLQJVWRFNRIUDZPDWHULDO L 

LL 2 SHQLQJVWRFNRI:RUNLQSURJUHVV LL 

$LLL
 LLL 7RWDO LLL 



% 
% 3XUFKDVH V QH WRIUH IXQGVDQGGXW\RUWD[LIDQ\ 
& 
& 'LUH FWZDJH V
' 
' 'LUH FWH [SH QVH V 'L'LL'LLL 


 
L &DUULDJH LQZDUG L 

LL 3RZH UDQGIXH O LL 

 LLL 2 WKH UGLUH FWH [SH QVH V LLL 

( )DFWRU\2 YH UKH DGV

, ,QGLUHFWZDJHV L 

LL )DFWRU\UH QWDQGUDWHV LL 

LLL )DFWRU\,QVXUDQFH LLL 

 LY )DFWRU\IXHODQGSRZHU LY 

Y )DFWRU\JHQHUDOH[SHQVHV Y 

YL 'H SUH FLDWLRQRIIDFWRU\PDFKLQHU\ YL 

(YLL
YLL 7RWDO LLLLLLLYYYL 
) 
) 7RWDORI'HELWVWR0DQXIDFWXULQJ$FFRXQW $LLL%&'(YLL 

 &ORVLQJ6WRFN

L 5DZPDWHULDO L 

 LL :RUNLQSURJUHVV LL 

 
7RWDO LLL 

 &RVWRI*RRGV3URGXFHG±WUDQVIHUUHGWR7UDGLQJ$FFRXQW )  

3DUW$7UDGLQJ 7UDGLQJ$FFRXQWIRUWKHILQDQFLDO\HDU ILOOLWHPVWRLQDFDVHZKHUHUHJXODUERRNVRIDFFRXQWDUHPDLQWDLQHG
$FFRXQW RWKHUZLVHILOOLWHPVWRDVDSSOLFDEOH 
 5H YH QXHIURPRSHUDWLRQV 
$ 6DOHV*URVVUHFHLSWVRIEXVLQHVV QHWRIUHWXUQVDQGUHIXQGVDQGGXW\RUWD[LIDQ\ 
L 6DOHRIJRRGV L 
LL 6DOHRIVHUYLFHV LL 
2 WKH U RSH UDWLQJ UH YH QXH V VSHFLI\ QDWXUH DQG
LLL DPRXQW  

&5(',767275$',1*$&&2817

D  LLLD 
 E  LLLE 
F 7RWDO LLLDLLLE  LLLF 
 LY 7RWDO LLLLLLF  $LY
% *URVVUH FH LSWVIURP3URIH VVLRQ  % 
 'XWLHVWD[HVDQGFH VVUHFH LYH GRUUH FH LYDEOH LQUH VSH FWRIJRRGVDQGVH UYLFH VVROGRU
&
VXSSOLHG
L 8QLRQ([FLVHGXWLHV L 
LL 6H UYLFHWD[ LL 
LLL 9$76DOHVWD[ LLL 
LY &HQWUDO*RRGV 6HUYLFH7D[ &*67  LY 
 Y 6WDWH*RRGV 6HUYLFHV7D[ 6*67  9 
YL ,QWHJUDWHG*RRGV 6HUYLFHV7D[ ,*67  YL 
YLL 8QLRQ7H UULWRU\*RRGV 6HUYLFHV7D[ 87*67  YLL 
YLLL$Q\RWKHUGXW\WD[DQGFHVV YLLL 
L[ 7RWDO LLLLLLLYYYLYLLYLLL  &L[
' 7RWDO5HYHQXHIURPRSHUDWLRQV $LY%&L[  ' 
 &ORVLQJ6WRFNRI)LQLVKHG*RRGV  
  7RWDORIFUH GLWVWR7UDGLQJ$FFRXQW '   
 2 SH QLQJ6WRFNRI)LQLVKHG*RRGV  
'(%,767275$',1*

 3XUFKDVHV QHWRIUHIXQGVDQGGXW\RUWD[LIDQ\   
 'LUHFW([SHQVHV LLLLLL   
$&&2817

L &DUULDJHLQZDUG L  

LL 3RZH UDQGIXHO LL 
2 WKHUGLUHFWH[SHQVHV
 LLL 1RWH 5RZFDQEHDGGHGDVSHUWKHQDWXUHRI'LUHFW LLL 
([SH QVHV
 'XWLHVDQGWD[HVSDLGRUSD\DEOHLQUH VSHFWRIJRRGVDQGVHUYLFHVSXUFKDVHG
L &XVWRPGXW\ L 
 LL &RXQWHUYH LOLQJGXW\ LL 
LLL 6SH FLDODGGLWLRQDOGXW\ LLL 
LY 8QLRQH[FLVHGXW\ LY 
Y 6H UYLFHWD[ Y 
YL 9$76DOHVWD[ YL 
YLL &HQWUDO*RRGV 6HUYLFH7D[ &*67  YLL 
YLLL6WDWH*RRGV 6HUYLFHV7D[ 6*67  YLLL 
L[ ,QWHJUDWHG*RRGV 6HUYLFHV7D[ ,*67  L[ 
[ 8QLRQ7H UULWRU\*RRGV 6HUYLFHV7D[ 87*67  [ 
[L $Q\RWKHUWD[SDLGRUSD\DEOH [L 
[LL7RWDO LLLLLLLYYYLYLLYLLLL[[[L  [LL
 &RVWRIJRRGVSURGXFHG±7UDQVIHUUHGIURP0DQXIDFWXULQJ$FFRXQW  
 *URVV3URILWIURP%XVLQHVV3URIHVVLRQWUDQVIHUUHGWR3URILWDQG/RVVDFFRXQW [LL   
D7XUQRYH UIURP,QWUDGD\7UDGLQJ D

E,QFRPHIURP,QWUDGD\7UDGLQJWUDQVIHUUHGWR3URILWDQG/RVVDFFRXQW E


3URI LWDQG/RVV$FFRXQWI RUWKHI LQDQFLDO\HDU  ILOOLWHPVWRLQDFDVHZKHUHUHJXODUERRNVRIDFFRXQWDUHPDLQWDLQHGRWKHUZLVH
3DUW$3  /
ILOOLWHPVWRDVDSSOLFDEOH 

* URVVSURI LWWUDQVI HUUHGI URP7UDGLQJ$FFRXQW E   

2WKHULQFRPH

L 5HQW L

LL &RPPLVVLRQ LL

LLL 'LYLGHQG LQFRPH LLL

LY ,QWHUHVWLQFRPH LY

&5(',7672352),7$1'/266$&&2817

Y 3URI LWRQVDOHRI I L[HGDVVHWV Y

3URI LW RQ VDOH RI  LQYHVWPHQW EHLQJ VHFXULWLHV FKDUJHDEOH WR 6HFXULWLHV
YL YL
7UDQVDFWLRQ7D[ 677 

YLL 3URI LWRQVDOHRI RWKHULQYHVWPHQW YLL

 YLLL * DLQ ORVV RQDFFRXQWRI I RUHLJQH[FKDQJHI OXFWXDWLRQXV$$ YLLL

3URI LWRQFRQYHUVLRQRI LQYHQWRU\LQWRFDSLWDODVVHWXV YLD 

L[ L[
)DLU0DUNHW9DOXHRI LQYHQWRU\DVRQWKHGDWHRI FRQYHUVLRQ 

[ $JULFXOWXUDOLQFRPH [

[L $Q\RWKHULQFRPH VSHFLI\QDWXUHDQGDPRXQW  

D  [LD

 E  [LE

F 7RWDO [LD[LE  [LF

[LL 7RWDORI RWKHULQFRPH LLLLLLLYYYLYLLYLLLL[[[LF  [LL

 7RWDORI FUHGLWVWRSURI LWDQGORVVDFFRXQW [LL   

)UHLJKWRXWZDUG  
'(%,7672352),7$1'/266

&RQVXPSWLRQRI VWRUHVDQGVSDUHSDUWV  

3RZHU DQGI XHO  

$&&2817

5HQWV  

5HSDLUVWREXLOGLQJ  

5HSDLUVWRPDFKLQHU\  

&RPSHQVDWLRQWRHPSOR\HHV


 L 6DODULHVDQGZDJHV L 

LL % RQXV LL 

LLL 5HLPEXUVHPHQWRI PHGLFDOH[SHQVHV LLL 

LY /HDYHHQFDVKPHQW LY 

Y /HDYHWUDYHOEHQHI LWV Y 

YL &RQWULEXWLRQWRDSSURYHGVXSHUDQQXDWLRQI XQG YL 

 YLL &RQWULEXWLRQWRUHFRJQLVHGSURYLGHQWI XQG YLL 

YLLL &RQWULEXWLRQWRUHFRJQLVHGJUDWXLW\I XQG YLLL 

L[ &RQWULEXWLRQWRDQ\RWKHUI XQG L[ 

$Q\RWKHUEHQHI LWWRHPSOR\HHVLQUHVSHFWRI ZKLFKDQH[SHQGLWXUH KDVEHHQ

[ [ 
LQFXUUHG

[L 7RWDOFRPSHQVDWLRQWRHPSOR\HHV WRWDORI LWR[  [L 

[LL :KHWKHU DQ\FRPSHQVDWLRQLQFOXGHGLQ[LSDLGWRQRQUHVLGHQWV [LLD <HV1R

 ,I <HVDPRXQWSDLGWRQRQUHVLGHQWV [LLE 

,QVXUDQFH

L 0HGLFDO,QVXUDQFH L 

LL /LI H,QVXUDQFH LL 

 LLL .H\PDQ¶V,QVXUDQFH LLL 

LY 2WKHU,QVXUDQFHLQFOXGLQJI DFWRU\RI I LFHFDUJRRGVHWF LY 

Y 7RWDOH[SHQGLWXUH RQLQVXUDQFH LLLLLLLY  Y 

:RUNPHQDQGVWDI I ZHOI DUHH[SHQVHV  

(QWHUWDLQPHQW   

+RVSLWDOLW\  

&RQI HUHQFH  

6DOHVSURPRWLRQLQFOXGLQJSXEOLFLW\ RWKHUWKDQDGYHUWLVHPHQW   

$GYHUWLVHPHQW  

&RPPLVVLRQ

3DLGRXWVLGH,QGLDRUSDLGLQ,QGLDWRDQRQUHVLGHQWRWKHUWKDQD
L L 
FRPSDQ\RUDI RUHLJQFRPSDQ\

 LL 7RRWKHUV LL 

LLL 7RWDO LLL  LLL 

5R\DOW\

3DLGRXWVLGH,QGLDRUSDLGLQ,QGLDWRDQRQUHVLGHQWRWKHUWKDQD
L L 
FRPSDQ\RUDI RUHLJQFRPSDQ\

 LL 7RRWKHUV LL 

LLL 7RWDO LLL  LLL 

3URI HVVLRQDO&RQVXOWDQF\I HHV)HHI RUWHFKQLFDOVHUYLFHV 

 3DLGRXWVLGH,QGLDRUSDLGLQ,QGLDWRDQRQUHVLGHQWRWKHUWKDQD
L L 
FRPSDQ\RUDI RUHLJQFRPSDQ\

 LL 7RRWKHUV LL 

LLL 7RWDO LLL  LLL 

+RWHOERDUGLQJDQG/RGJLQJ  

7UDYHOLQJH[SHQVHVRWKHUWKDQRQI RUHLJQWUDYHOLQJ   

)RUHLJQWUDYHOOLQJH[SHQVHV  

&RQYH\DQFH H[SHQVHV  

7HOHSKRQHH[SHQVHV  

* XHVW+RXVHH[SHQVHV  

&OXEH[SHQVHV  

)HVWLYDOFHOHEUDWLRQH[SHQVHV  

6FKRODUVKLS  

* LI W  

'RQDWLRQ  

5DWHVDQGWD[HVSDLGRUSD\DEOHWR* RYHUQPHQWRUDQ\ORFDOERG\ H[FOXGLQJWD[HVRQLQFRPH 

L 8QLRQH[FLVHGXW\  L 

LL 6HUYLFHWD[ LL 

LLL 9$76DOHVWD[ LLL 

LY &HVV LY 


Y &HQWUDO* RRGV 6HUYLFH7D[ &* 67  Y 

YL 6WDWH* RRGV 6HUYLFHV7D[ 6* 67  YL 

YLL ,QWHJUDWHG* RRGV 6HUYLFHV7D[ ,* 67  YLL 

YLLL 8QLRQ7HUULWRU\* RRGV 6HUYLFHV7D[ 87* 67  YLLL 

L[ $Q\RWKHUUDWHWD[GXW\ RUFHVVLQFO677DQG&77 L[ 

[ 7RWDOUDWHVDQGWD[HVSDLGRUSD\DEOH LLLLLLLYYYLYLLYLLLL[  [ 

$XGLWI HH  

2WKHUH[SHQVHV VSHFLI\QDWXUHDQGDPRXQW 

L  L

 LL  LL

LLL 7RWDO LLL  LLL 

% DGGHEWV VSHFLI\3$1$DGKDDU1RRIWKHSHUVRQLIDYDLODEOHIRUZKRP%DG'HEWIRUDPRXQWRI5VODNKRUPRUHLVFODLPHG

DQGDPRXQW 

L          L

 L          L

L          L


 L 5RZVFDQEHDGGHGDVUHTXLUHG7RWDO LLL  L 

2WKHUV PRUHWKDQ5VODNK ZKHUH3$1$DGKDDU1RLV

LL LL 
QRWDYDLODEOH SURYLGHQDPHDQGFRPSOHWHDGGUHVV 

LLL 2WKHUV DPRXQWVOHVVWKDQ5VODNK  LLL

LY 7RWDO% DG'HEW LLLLLL  LY 

3URYLVLRQI RUEDGDQGGRXEWI XOGHEWV  

2WKHUSURYLVLRQV  

3URI LWEHI RUHLQWHUHVWGHSUHFLDWLRQDQGWD[HV>± WR[LYWRLLLLLLLLLWR[ 

 
LLLLY @

,QWHUHVW

3DLGRXWVLGH,QGLDRUSDLGLQ,QGLDWRDQRQUHVLGHQWRWKHUWKDQDFRPSDQ\
L L
RUDI RUHLJQFRPSDQ\

 LL 7RRWKHUV LL

LLL 7RWDO LLL  LLL 

 'HSUHFLDWLRQDQGDPRUWL]DWLRQ  

1HWSURI LWEHI RUHWD[HV ±LLL±   

3URYLVLRQI RUFXUUHQWWD[  

3529,6,2163529,6,21)257$;


3URYLVLRQI RU'HI HUUHG7D[ 
$1'$335235,$7,216

3URI LWDI WHUWD[    

% DODQFHEURXJKWI RUZDUGI URPSUHYLRXV\HDU  


$PRXQWDYDLODEOHI RUDSSURSULDWLRQ   

7UDQVI HUUHGWRUHVHUYHVDQGVXUSOXV  

% DODQFHFDUULHGWREDODQFHVKHHWLQSURSULHWRU¶VDFFRXQW ±   

&20387$7,212) 35(68037,9( % 86,1(66,1&20(81'(56(&7,21$' 

35(68037,9(,1&20(&$6(6

 6512 1DPHRI % XVLQHVV % XVLQHVVFRGH 'HVFULSWLRQ

   

   

L  * URVV7XUQRYHURU* URVV5HFHLSWV L$L% L&  LOLPLWHGWR5V&URUHVKRZHYHULI L% LVOHVVWKDQRUHTXDOWR  L 

RI LWKHQWKHOLPLWXQGHULLVH[WHQGHGWR5V&URUHV  

 $ 7KURXJK DFSD\HHFKHTXHRUDFSD\HHEDQNGUDI WRUEDQN HOHFWURQLFFOHDULQJ L$  

V\VWHPUHFHLYHG RURWKHUSUHVFULEHGHOHFWURQLFPRGHVEHI RUHVSHFLI LHGGDWH

% 5HFHLSWVLQ&DVK L%  

 & $Q\PRGHRWKHUWKDQ$DQG%  L&  

 LL  3UHVXPSWLYH ,QFRPHXQGHUVHFWLRQ$' LL$LL%  LL 

 $  RI L$RUWKHDPRXQWFODLPHGWRKDYHEHHQHDUQHGZKLFKHYHU LVKLJKHU LL$  

%   RI  L% L& RUWKHDPRXQWFODLPHGWRKDYHEHHQHDUQHGZKLFKHYHULV LL%  

KLJKHU

127(²,ILQFRPHLVOHVVWKDQWKHDERYHSHUFHQWDJHRI*URVV5HFHLSWV7XUQRYHULWLVPDQGDWRU\WRPDLQWDLQERRNVRIDFFRXQWDQGKDYHDWD[DXGLWXQGHU
 VHFWLRQ$%

&20387$7,212) 35(68037,9( ,1&20()520 352)(66,216 81'(56(&7,21$'$ 

 6512 1DPHRI % XVLQHVV % XVLQHVVFRGH 'HVFULSWLRQ

   

   
 L  * URVV5HFHLSWV LOLPLWHGWR5V/DNKKRZHYHULI L% LVOHVVWKDQRUHTXDOWR RILWKHQOLPLWXQGHULLV L 
H[WHQGHG WR5V/DNK 
 $ 7KURXJKDFSD\HHFKHTXHRUDFSD\HHEDQNGUDI WRUEDQNHOHFWURQLFFOHDULQJV\VWHPUHFHLYHGRUSUHVFULEHGHOHFWURQLF L$
PRGHVUHFHLYHGEHI RUHVSHFLI LHGGDWH
 % 5HFHLSWVLQ&DVK L% 

& $Q\PRGHRWKHUWKDQ$DQG%  L&

 LL  3UHVXPSWLYH ,QFRPHXQGHUVHFWLRQ$'$  RI LRUWKHDPRXQWFODLPHGWRKDYHEHHQHDUQHGZKLFKHYHU LVKLJKHU LL 


127(²,I LQFRPHLVOHVVWKDQRI*URVV5HFHLSWVLWLVPDQGDWRU\WRPDLQWDLQERRNVRIDFFRXQWDQGKDYHDWD[DXGLWXQGHUVHFWLRQ $%

&20387$7,212) 35(68037,9( ,1&20()520 * 22'6&$55,$* (681'(56(&7,21$( 

 6512 1DPHRI % XVLQHVV % XVLQHVVFRGH 'HVFULSWLRQ


   

   

  5HJLVWUDWLRQ1R :KHWKHU 7RQQDJH 1XPEHURI PRQWKVI RU 3UHVXPSWLYH LQFRPHXV$(I RUWKH

RI JRRGV RZQHGOHDVHGKLUHG FDSDFLW\RI  ZKLFKJRRGVFDUULDJHZDV JRRGVFDUULDJH
FDUULDJH JRRGVFDUULDJH RZQHGOHDVHGKLUHGE\ &RPSXWHG#5VSHUWRQSHU
LQ07  DVVHVVHH PRQWKLQFDVHWRQQDJHH[FHHGV 07RU
HOVH#5VSHUPRQWK RUWKH
DPRXQWFODLPHGWRKDYHEHHQDFWXDOO\
HDUQHGZKLFKHYHU LVKLJKHU

L     

D    

E    

$GGURZRSWLRQVDVQHFHVVDU\ $WDQ\WLPHGXULQJWKH\HDUWKHQXPEHURI YHKLFOHVVKRXOGQRWH[FHHG YHKLFOHV 

  7RWDO   
 LL  7RWDOSUHVXPSWLYHLQFRPHI URPJRRGVFDUULDJHXV$(>WRWDORI FROXPQ  RI WDEOH L @  LL 
 127(²,IWKHSURILWVDUHORZHUWKDQSUHVFULEHGXQGHU6$(RUWKHQXPEHURIJRRGVFDUULDJHRZQHGOHDVHGKLUHGDWDQ\WLPHGXULQJWKH\HDUH[FHHGV 
WKHQLWLVPDQGDWRU\WRPDLQWDLQERRNVRIDFFRXQWDQGKDYHDWD[DXGLWXQGHUVHFWLRQ$%


 ,)5(*8/$5%2 2.62)$&&2 8172 )%86,1(662 5352 )(66,2 1$5(12 70$,17$,1(' 
IXUQLVKWKHIROORZLQJLQIRUPDWLRQIRUSUHYLRXV\H DU LQUH VSH FWRIEXVLQH VVRUSURIH VVLRQ

 L  )RUDVVH VVH H FDUU\LQJRQ%XVLQH VV 

D *URVVUHFHLSWV DD  LD 

  7KURXJKDFSD\HHFKHTXHRUDFSD\HHEDQNGUDIWRUEDQNHOHFWURQLF D 
FOH DULQJV\VWHPUHFHLYHGRURWKHUSUHVFULEHGHOHFWURQLFPRGHVEH IRUH 
VSHFLILHGGDWH 

 $Q\RWKH UPRGH  D 

12$&&2817&$6(

E *URVVSURILW LE 

F ([SH QVH V LF 

G 1H WSURILW L 
LL  )RUDVVH VVH H FDUU\LQJRQ3URIH VVLRQ  

D *URVVUHFHLSWV DD  LLD 

  7KURXJKDFSD\HHFKHTXHRUDFSD\HHEDQNGUDIWRUEDQNHOHFWURQLF D 
FOH DULQJV\VWHPUHFHLYHGRURWKHUSUHVFULEHGHOHFWURQLFPRGHVEH IRUH 
VSHFLILHGGDWH 

 $Q\RWKH UPRGH  D 

E *URVVSURILW LLE 

F ([SH QVH V LLF 

G 1H WSURILW LL 

LLL  7RWDOSURILW LLL  LLL 

  L 7XUQRYH UIURPVSH FXODWLYH DFWLYLW\ L 

  LL *URVV3URILW LL 


  LLL ([SHQGLWXUHLIDQ\ LLL 

 LY 1HWLQFRPHIURPVSHFXODWLYHDFWLYLW\ LL LLL  LY 

3DUW$2 , 2 WKHU,QIRUPDWLRQ PDQGDWRU\LIOLDEOHIRUDXGLWXQGHUVHFWLRQ$%IRURWKHUVILOOLIDSSOLFDEOH 
 0H WKRGRIDFFRXQWLQJHPSOR\HGLQWKHSUHYLRXV\HDU 7LFN ;
;†PH UFDQWLOH†FDVK 

 ,VWKH UHDQ\FKDQJHLQPHWKRGRIDFFRXQWLQJ 7LFN ;

; †<HV†1R

,QFUH DVHLQWKHSURILWRUGH FUH DVH LQORVVEH FDXVH RIGH YLDWLRQLIDQ\DVSH U,QFRPH 

D &RPSXWDWLRQ'LVFORVXUH6WDQGDUGVQRWLILHGXQGHUVHFWLRQ  >FROXPQ;,  RI6FKHGXOH D 
,&'6@

'H FUH DVHLQWKHSURILWRULQFUH DVH LQORVVEH FDXVH RIGH YLDWLRQLIDQ\DVSH U,QFRPH 

E &RPSXWDWLRQ'LVFORVXUH6WDQGDUGVQRWLILHGXQGHUVHFWLRQ  >FROXPQ;,  RI6FKHGXOH E 
,&'6@

 0H WKRGRIYDOXDWLRQRIFORVLQJVWRFNHPSOR\HGLQWKHSUHYLRXV\HDU

D 5DZ0DWH ULDO LIDWFRVWRUPDUNHWUDWHVZKLFKHYHULVOHVVZULWHLIDWFRVWZULWHLIDWPDUNHWUDWHZULWH  

E )LQLVKHGJRRGV LIDWFRVWRUPDUNHWUDWHVZKLFKHYHULVOHVVZULWHLIDWFRVWZULWHLIDWPDUNHWUDWHZULWH  

F ,VWKHUHDQ\FKDQJHLQVWRFNYDOXDWLRQPHWKRG 7LFN ;
; †<HV†1R

G ,QFUH DVHLQWKHSURILWRUGHFUHDVHLQORVVEHFDXVHRIGHYLDWLRQLIDQ\IURPWKH PH WKRG 
G
RIYDOXDWLRQVSH FLILH GXQGH UVH FWLRQ$

H  'H FUH DVHLQWKHSURILWRULQFUHDVHLQORVVEHFDXVHRIGH YLDWLRQLIDQ\IURPWKHPHWKRGRI 

H 
YDOXDWLRQVSH FLILH GXQGH UVH FWLRQ$

 $PRXQWVQRWFUHGLWHGWRWKHSURILWDQGORVVDFFRXQWEH LQJ 

 D WKH LWHPVIDOOLQJZLWKLQWKHVFRSHRIVHFWLRQ D 

E WKH SURIRUPDFUHGLWVGUDZEDFNVUHIXQGRIGXW\RI 
27+(5,1)250$7,21

FXVWRPVRUH [FLVHRUVHUYLFHWD[RUUHIXQGRIVDOH V WD[

RU YDOXH DGGH GWD[RUUH IXQGRI*67ZKH UH VXFK E
FUH GLWVGUDZEDFNVRUUHIXQGVDUHDGPLWWH GDVGXH E\
WKHDXWKRULWLHVFRQFHUQHG

F H VFDODWLRQFODLPVDFFHSWHGGXULQJWKHSUHYLRXV\HDU F 

G DQ\RWKHULWHPRILQFRPH G 

H  FDSLWDOUHFHLSWLIDQ\ H  

I 7RWDORIDPRXQWVQRWFUHGLWHGWRSURILWDQGORVVDFFRXQW DEFGH  I 

$PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKHH[WHQWGLVDOORZDEOHXQGHUVHFWLRQ 

GXHWRQRQIXOILOPHQWRIFRQGLWLRQVVSHFLILHGLQUHOHYDQWFODXVHV

 3UH PLXPSDLGIRULQVXUDQFHDJDLQVWULVNRIGDPDJHRU 
D D
GH VWUXFWLRQRIVWRFNVRUVWRUH >  L @

3UH PLXP SDLG IRU LQVXUDQFH  RQ WKH  KH DOWK RI 

E E
H PSOR\H H V>  LE @

$Q\VXPSDLGWRDQHPSOR\HHDVERQXVRUFRPPLVVLRQ 
F IRUVHUYLFHVUHQGHUHGZKHUHVXFKVXPZDVRWKHUZLVH  F
SD\DEOH WRKLPDVSURILWVRUGLYLGHQG>  LL @

$Q\DPRXQWRILQWHUHVWSDLGLQUH VSH FWRIERUURZH G 

G G
FDSLWDO>  LLL @

$PRXQW RI GLVFRXQW RQ D ]HURFRXSRQ ERQG 

H H 
>  LLLD @

$PRXQWRIFRQWULEXWLRQVWRDUH FRJQLVH GSURYLGH QW 

I I
IXQG>  LY @

$PRXQW RI FRQWULEXWLRQV WR DQ DSSURYH G 

J J
VXSHUDQQXDWLRQIXQG>  LY @

$PRXQWRIFRQWULEXWLRQWRDSHQVLRQVFKHPHUHIH UUH G 
K K
WRLQVHFWLRQ&&'>  LYD @
 $PRXQWRIFRQWULEXWLRQVWRDQDSSURYHGJUDWXLW\IXQG 
L L
>  Y @

M $PRXQWRIFRQWULEXWLRQVWRDQ\RWKHUIXQG M 

$Q\VXPUHFHLYHGIURPH PSOR\HHVDVFRQWULEXWLRQWR 
DQ\SURYLGHQWIXQGRUVXSHUDQQXDWLRQIXQGRUDQ\
IXQGVHWXSXQGHU(6,$FWRUDQ\RWKH UIXQGIRUWKH 
N N
ZH OIDUHRIH PSOR\HHVWRWKHH [WHQWQRWFUHGLWHGWRWKH 
H PSOR\H H V DFFRXQW RQ RU EH IRUH  WKH  GXH  GDWH 
>  YD @

O $PRXQWRIEDGDQGGRXEWIXOGH EWV>  YLL @ O 

P 3URYLVLRQIRUEDGDQGGRXEWIXOGH EWV>  YLLD @ P 

Q $PRXQWWUDQVIHUUHGWRDQ\VSHFLDOUHVHUYH>  YLLL @ Q 

([SH QGLWXUHIRUWKHSXUSRVH VRISURPRWLQJIDPLO\ 

R R
SODQQLQJDPRQJVWHPSOR\HHV>  L[ @

$PRXQWRIVHFXULWLHVWUDQVDFWLRQSDLGLQUH VSH FWRI 

S WUDQVDFWLRQLQVHFXULWLHVLIVXFKLQFRPHLVQRWLQFOXGHG S
LQEXVLQHVVLQFRPH>  [Y @

0DUNH G WRPDUNH WORVVRURWKH UH [SH FWH GORVVDV 

T FRPSXWHGLQDFFRUGDQFHZLWKWKH ,&'6QRWLILH GXV T
  >  [YLLL @

U $Q\RWKHUGLVDOORZDQFH U 

V 7RWDODPRXQWGLVDOORZDEOHXQGHUVHFWLRQ WRWDORIDWRU  V 

 $PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKHH[WHQWGLVDOORZDEOHXQGHUVHFWLRQ 

 D ([SH QGLWXUHRIFDSLWDOQDWXUH>  @ D 


E ([SH QGLWXUHRISH UVRQDOQDWXUH>  @ E 

 ([SH QGLWXUHODLGRXWRUH[SHQGHGZKROO\DQGH[FOXVLYH O\ 
 F F
12 7IRUWKHSXUSRVHRIEXVLQH VVRUSURIH VVLRQ>  @

 ([SH QGLWXUHRQDGYHUWLVHPHQWLQDQ\VRXYHQLUEURFKXUH 
 G WUDFWSDPSKOHWRUWKHOLNHSXEOLVKHGE\DSROLWLFDOSDUW\ G
> % @

([SH QGLWXUHE\ZD\RISH QDOW\RUILQHIRUYLRODWLRQRIDQ\ 

H H 
ODZIRUWKH WLPH EH LQJLQIRUFH 

I $Q\RWKH USH QDOW\RUILQH  I 

([SH QGLWXUH  LQFXUUH G IRU DQ\ SXUSRVH  ZKLFK LVDQ 

J J
RIIH QFH RUZKLFKLVSURKLELWH GE\ODZ

K $PRXQWRIDQ\OLDELOLW\RIDFRQWLQJHQWQDWXUH K 
L $Q\RWKHUDPRXQWQRWDOORZDEOHXQGHUVHFWLRQ L 

M 7RWDODPRXQWGLVDOORZDEOHXQGHUVHFWLRQ WRWDORIDWRL  M 

 $PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKHH[WHQWGLVDOORZDEOHXQGHUVHFWLRQ 
$


 $PRXQWGLVDOORZDEOHXQGHUVHFWLRQ D L RQ 
D DFFRXQWRIQRQFRPSOLDQFHZLWKWKHSURYLVLRQVRI $D
&KDSWHU;9,,%

$PRXQWGLVDOORZDEOHXQGHUVHFWLRQ D LD RQ 
 E DFFRXQWRIQRQFRPSOLDQFHZLWKWKHSURYLVLRQVRI $E
&KDSWHU;9,,%

$PRXQWGLVDOORZDEOHXQGHUVHFWLRQ D LE RQ 
F DFFRXQWRIQRQFRPSOLDQFHZLWKWKHSURYLVLRQVRI $F
&KDSWHU9,,,RIWKH)LQDQFH$FW



 $PRXQWGLVDOORZDEOHXQGHUVHFWLRQ D LLL RQ 
G DFFRXQWRIQRQFRPSOLDQFHZLWKWKHSURYLVLRQVRI $G
&KDSWHU;9,,%

$PRXQWRIWD[RUUDWHOHYLHGRUDVVHVVHGRQWKHEDVLV 
H $H 
RISURILWV> D LL @

I $PRXQWSDLGDVZHDOWKWD[> D LLD @ $I 

$PRXQWSDLGE\ZD\RIUR\DOW\OLFHQVHIHHVHUYLFHIHH 
J $J
H WFDVSHUVHFWLRQ D LLE 

$PRXQWRILQWHUHVWVDODU\ERQXVFRPPLVVLRQRU 
K UH PXQHUDWLRQSDLGWRDQ\SDUWQHURUPHPEHU $K
LQDGPLVVLEOHXQGHUVHFWLRQ> E  ED @

L $Q\RWKHUGLVDOORZDQFH $L 

M 7RWDODPRXQWGLVDOORZDEOHXQGHUVHFWLRQ WRWDORI$DWR$L  $M 

$Q\DPRXQWGLVDOORZHGXQGHUVHFWLRQLQDQ\SUHFHGLQJSUHYLRXV\HDUEXWDOORZDEOH 
% %
GXULQJWKHSUHYLRXV\HDU

 $PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKHH[WHQWGLVDOORZDEOHXQGHUVHFWLRQ$ 

 D $PRXQWVSDLGWRSHUVRQVVSHFLILHGLQVHFWLRQ$  E  D 

$PRXQWSDLGRWKHUZLVHWKDQE\DFFRXQWSD\H H FKH TXH RU 

DFFRXQWSD\HHEDQNGUDIWRUXVH RIH OH FWURQLFFOH DULQJ
E V\VWHPWKURXJKDEDQNDFFRXQWRUWKURXJKVXFKHOHFWURQLF E
PRGH DVPD\EH SUHVFULEHGGLVDOORZDEOH XQGH UVH FWLRQ
$  

F 3URYLVLRQIRUSD\PHQWRIJUDWXLW\>$  @ F 

$Q\VXPSDLGE\WKHDVVHVVHHDVDQH PSOR\HUIRUVHWWLQJXS 
G RUDVFRQWULEXWLRQWRDQ\IXQGWUXVWFRPSDQ\$2 3RU G
%2 ,RUVRFLH W\RUDQ\RWKH ULQVWLWXWLRQ>$  @

H  $Q\RWKHUGLVDOORZDQFH H  

I 7RWDODPRXQWGLVDOORZDEOHXQGHUVHFWLRQ$ WRWDORIDWRH  I 

$Q\DPRXQWGLVDOORZHGXQGHUVHFWLRQ%LQDQ\SUHFHGLQJSUHYLRXV\HDUEXWDOORZDEOH 

GXULQJWKHSUHYLRXV\HDU

 $Q\VXPLQWKHQDWXUHRIWD[GXW\FHVVRUIHHXQGHUDQ\ 
D D
ODZ

$Q\VXPSD\DEOHE\ZD\RIFRQWULEXWLRQWRDQ\SURYLGHQW 
E IXQGRUVXSHUDQQXDWLRQIXQGRUJUDWXLW\IXQGRUDQ\RWKHU E
IXQGIRUWKHZHOIDUHRIHPSOR\HHV

$Q\VXPSD\DEOHWRDQH PSOR\HHDVERQXVRUFRPPLVVLRQ 
F F
IRUVH UYLFHVUHQGHUHG
$Q\VXPSD\DEOHDVLQWHUHVWRQDQ\ORDQRUERUURZLQJ 
G IURPDQ\SXEOLFILQDQFLDOLQVWLWXWLRQRUD6WDWHILQDQFLDO G
FRUSRUDWLRQRUD6WDWH,QGXVWULDOLQYHVWPHQWFRUSRUDWLRQ

$Q\VXPSD\DEOHDVLQWH UH VWRQDQ\ORDQRUERUURZLQJ 
IURPVXFKFODVVRIQRQEDQNLQJILQDQFLDOFRPSDQLH VDV
GD PD\EH QRWLILHGE\WKH&HQWUDO*RYHUQPHQWLQDFFRUGDQFH  GD
ZLWKWKHWHUPVDQGFRQGLWLRQVRIWKHDJUHHPHQWJRYH UQLQJ
VXFKORDQRUERUURZLQJ

$Q\VXPSD\DEOHDVLQWH UH VWRQDQ\ORDQRUERUURZLQJ 
IURPDQ\VFKHGXOHGEDQNRUDFRRSHUDWLYHEDQNRWKHUWKDQ
H H 
DSULPDU\DJULFXOWXUDOFUH GLWRUDSULPDU\FRRSH UDWLYH 
DJULFXOWXUDODQGUXUDOGHYHORSPHQWEDQN

I $Q\VXPSD\DEOHWRZDUGVOHDYHHQFDVKPHQW I 

$Q\VXPSD\DEOHWRWKH,QGLDQ5DLOZD\VIRUWKHXVHRI  
J J
UDLOZD\DVVHWV

 $Q\VXPSD\DEOHWRDPLFURRUVPDOOH QWHUSULVHEH \RQGWKH 
K WLPHOLPLWVSHFLILHGLQVHFWLRQRIWKH0LFUR6PDOODQG K
0H GLXP(QWHUSULVHV'HYHORSPHQW$FW

L 7RWDODPRXQWDOORZDEOHXQGHUVHFWLRQ% WRWDORIDWRK  L 

$Q\DPRXQWGHELWHGWRSURILWDQGORVVDFFRXQWRIWKHSUHYLRXV\HDUEXWGLVDOORZDEOH XQGH U 

VHFWLRQ%

 $Q\VXPLQWKHQDWXUHRIWD[GXW\FHVVRUIHHXQGHUDQ\ 
D D
ODZ

$Q\VXPSD\DEOHE\ZD\RIFRQWULEXWLRQWRDQ\SURYLGHQW 
E IXQGRUVXSHUDQQXDWLRQIXQGRUJUDWXLW\IXQGRUDQ\RWKHU E
IXQGIRUWKHZHOIDUHRIHPSOR\HHV

$Q\VXPSD\DEOHWRDQH PSOR\HHDVERQXVRUFRPPLVVLRQ 
F F
IRUVHUYLFHVUHQGHUHG

$Q\VXPSD\DEOHDVLQWHUHVWRQDQ\ORDQRUERUURZLQJ 
G IURPDQ\SXEOLFILQDQFLDOLQVWLWXWLRQRUD6WDWHILQDQFLDO G
FRUSRUDWLRQRUD6WDWH,QGXVWULDOLQYHVWPHQWFRUSRUDWLRQ

$Q\VXPSD\DEOHDVLQWHUHVWRQDQ\ORDQRUERUURZLQJ 
IURPVXFKFODVVRIQRQEDQNLQJILQDQFLDOFRPSDQLHVDV
GD PD\EH QRWLILHGE\WKH&HQWUDO*RYHUQPHQWLQDFFRUGDQFH GD
ZLWKWKHWHUPVDQGFRQGLWLRQVRIWKHDJUHHPHQWJRYHUQLQJ
VXFKORDQRUERUURZLQJ
$Q\VXPSD\DEOHDVLQWH UH VWRQDQ\ORDQRUERUURZLQJ 
IURPDQ\VFKHGXOHGEDQNRUDFRRSHUDWLYHEDQNRWKHUWKDQ
H H 
DSULPDU\DJULFXOWXUDOFUH GLWVRFLH W\RUDSULPDU\FR 
RSHUDWLYHDJULFXOWXUDODQGUXUDOGHYH ORSPH QWEDQN 

I $Q\VXPSD\DEOHWRZDUGVOHDYHHQFDVKPHQW I 

$Q\VXPSD\DEOHWRWKH ,QGLDQ5DLOZD\VIRUWKH XVH RI

J J 
UDLOZD\DVVH WV

$Q\VXPSD\DEOHWRDPLFURRUVPDOOH QWHUSULVHEH \RQGWKH 

K WLPHOLPLWVSHFLILHGLQVHFWLRQRIWKH0LFUR6PDOODQG K 
0H GLXP(QWHUSULVHV'HYHORSPHQW$FW

L 7RWDODPRXQWGLVDOORZDEOHXQGHU6HFWLRQ% WRWDORIDWRK  L 

 $PRXQWRIFUHGLWRXWVWDQGLQJLQWKHDFFRXQWVLQUHVSHFWRI 

D 8QLRQ([FLVH'XW\ D 

E 6H UYLFHWD[ E 

F 9$7VDOH VWD[ F 


G &HQWUDO*RRGV 6HUYLFH7D[ &*67  G 

 H  6WDWH*RRGV 6HUYLFHV7D[ 6*67  H  

I ,QWHJUDWHG*RRGV 6HUYLFHV7D[ ,*67  I 

J 8QLRQ7H UULWRU\*RRGV 6HUYLFHV7D[ 87*67  J 

K $Q\RWKHUWD[ K 

L 7RWDODPRXQWRXWVWDQGLQJ WRWDORIDWRK  L 

 $PRXQWVGHHPHGWREHSURILWVDQGJDLQVXQGHUVHFWLRQ$%RU$%$  

 $Q\DPRXQWRISURILWFKDUJHDEOHWRWD[XQGHUVHFWLRQ  

$PRXQWRILQFRPHRUH[SHQGLWXUHRISULRUSHULRGFUHGLWHGRUGHELWHGWRWKHSURILWDQGORVV 
 
DFFRXQW QHW 

 $PRXQWRIH[SHQGLWXUHGLVDOORZHGXV$  



:KHWKHUDVVHVVHHLVH[HUFLVLQJRSWLRQXQGHUVXEVHFWLRQ$RIVHFWLRQ&(7LFN ;
;†<HV 
 †1R 
>,I\HVSOHDVHILOOVFKHGXOH736$@



 
3DUW$±4 ' 4 XDQWLWDWLYH GHWDLOV PDQGDWRU\LIOLDEOHIRUDXGLWXQGHUVHFWLRQ$% 
D ,QWKH FDVHRIDWUDGLQJFRQFHUQ 
 2 SHQLQJVWRFN  

 3XUFKDVHGXULQJWKHSUHYLRXV\HDU  

  6DOHVGXULQJWKHSUHYLRXV\HDU  

 &ORVLQJVWRFN  
 6KRUWDJHH[FHVVLIDQ\  

E ,QWKH FDVHRIDPDQXIDFWXULQJFRQFHUQ

 5DZPDWHULDOV
48$17,7$7,9('(7$,/6

D 2 SHQLQJVWRFN D 

E 3XUFKDVHVGXULQJWKHSUHYLRXV\HDU E 

F &RQVXPSWLRQGXULQJWKHSUHYLRXV\HDU F 

G 6DOHVGXULQJWKHSUHYLRXV\HDU G 

H  &ORVLQJVWRFN H  

I <LH OGILQLVKHGSURGXFWV I 

J 3HUFHQWDJHRI\LHOG J 

K 6KRUWDJHH[FHVVLIDQ\ K 

 )LQLVKHGSURGXFWV%\SURGXFWV 

D RSHQLQJVWRFN D 

E SXUFKDVHGXULQJWKHSUHYLRXV\HDU E 

F TXDQWLW\PDQXIDFWXUHGGXULQJWKHSUHYLRXV\HDU F 

G VDOHVGXULQJWKHSUHYLRXV\HDU G 

H  FORVLQJVWRFN H  

I VKRUWDJHH[FHVVLIDQ\ I 

6&+('8/(672 7+(5(7851)2 50 ),//$6$33/,&$%/( 

6FKHGXOH6 'H WDLOVRI,QFRPHIURP6DODU\

1DPH RI(PSOR\HU 1DWXUHRIHPSOR\HU 7LFN ;

; 7$1RI(PSOR\HU PDQGDWRU\LIWD[LV
'URSGRZQWREHSURYLGHG GHGXFWHG 

         

$GGUHVVRIHPSOR\HU 7RZQ&LW\ 6WDWH 3LQFRGH=LSFRGH

     

 *URVV6DODU\ DEFGHI   
6$/$5,(6

D 6DODU\DVSHUVHFWLRQ   GURSGRZQWREHSURYLGHG  D  

9DOXHRISH UTXLVLWHVDVSHUVHFWLRQ   GURSGRZQWREH 

E E
SURYLGHG 

3URILWLQOLHXRIVDODU\DVSHUVHFWLRQ   GURSGRZQWREH 
 F F
SURYLGHG 

,QFRPHIURPUHWLUHPHQWEHQHILWDFFRXQWPDLQWDLQHGLQD 
G G
QRWLILHGFRXQWU\XV$

,QFRPHIURPUHWLUHPHQWEHQHILWDFFRXQWPDLQWDLQHGLQD 
H H 
FRXQWU\µRWKHUWKDQQRWLILHGFRXQWU\¶XV$
 ,QFRPHWD[DEOHGXULQJWKHSUHYLRXV\HDURQZKLFKUHOLHIXV  
 I I
$ZDVFODLPHGLQDQ\H DUOLHUSUHYLRXV\HDU

 $GGPXOWLSOHURZVIRU*URVV6DODU\LQFDVHRIPRUHWKDQRQHHPSOR\HU   

 7RWDO*URVV6DODU\ IURPDOOHPSOR\HUV   

D ,QFRPHFODLPHGIRUUHOLHIIURPWD[DWLRQXV$ D 

/H VVDOORZDQFHVWRWKHH [WHQWH[HPSWXV 
 GURSGRZQWREHSURYLGHGLQHILOLQJXWLOLW\  SOHDVHUHIHULQVWUXFWLRQV  
1RWH (QVXUHWKDWLWLVLQFOXGHGLQ7RWDO*URVVVDODU\LQ  DERYH 

 1HW6DODU\ ±D   

 'HGXFWLRQXV DEF   

D 6WDQGDUGGHGXFWLRQXV LD  D  

 E (QWH UWDLQPHQWDOORZDQFHXV LL  E 

F 3URIH VVLRQDOWD[XV LLL  F 

 ,QFRPHFKDUJHDEOHXQGHUWKH+HDGµ6DODULHV¶    



'H WDLOVRI,QFRPHIURP+RXVH3URSHUW\ 3OHDVHUHIHULQVWUXFWLRQV  'URSGRZQWREHSURYLGHGLQGLFDWLQJRZQHUVKLSRI
6FKHGXOH+3
SURSHUW\ 
$GGUH VVRISURSHUW\ 7RZQ&LW\ 6WDWH &RXQWU\ 3,1&RGH =LS&RGH
  
   

,VWKH SURSHUW\FRRZQHG"R<HVR1R LI³<(6´SOHDVHH QWHUIROORZLQJGHWDLOV 

<RXUSH UFHQWDJHRIVKDUHLQWKHSURSHUW\  

1DPH RI&RRZQHU V  3$1$DGKDDU1RRI&RRZQHU V  3H UFHQWDJH6KDUHLQ3URSHUW\

,  

,,  

>7LFN;
; WKHDSSOLFDEOH 1DPH V RI 3$1$DGKDDU1RRI7HQDQW V  3OHDVHVHH 3$17$1$DGKDDU1RRI7HQDQW V  LI
+286(3523(57<

RSWLRQ@ 7H QDQW V  LIOHW QRWH  7 '6FUHGLWLVFODLPHG 

† /HWRXW RXW 
† 6H OIRFFXSLHG
,          
R'HH PHGOHWRXW         
 ,,

D *URVVUHQWUHFHLYHGRUUHFHLYDEOHRUOHWWDEOHYDOXH D 

E 7KH DPRXQWRIUHQWZKLFKFDQQRWEHUH DOL]HG E

F 7D[SDLGWRORFDODXWKRULWLHV F  

G 7RWDO EF  G

H  $QQXDOYDOXH D±G  QLOLIVHOIRFFXSLHGHWFDVSHUVHFWLRQ  RIWKH$FW  H  
I $QQXDOYDOXHRIWKHSURSHUW\RZQHG RZQSHUFHQWDJHVKDUH[H  I 
J RII J

K ,QWH UHVWSD\DEOHRQERUURZHGFDSLWDO K
L 7RWDO JK  L 
M $UUH DUV8QUHDOLVHGUHQWUHFHLYHGGXULQJWKH\HDUOHVV M 
N ,QFRPHIURPKRXVHSURSHUW\ I±LM  N
  ILOOXSGHWDLOVVHSDUDWHO\IRUHDFKSURSHUW\   


   3DVVWKURXJKLQFRPH/RVVLIDQ\   

 ,QFRPHXQGHUWKHKHDG³,QFRPHIURPKRXVHSURSHUW\´ N 
  
LIQHJDWLYHWDNHWKHILJXUHWRLRIVFKHGXOH&</$ 
3OHDVHLQFOXGHWKHLQFRPHRIWKHVSHFLILHGSHUVRQVUHIHUUHGWRLQ6FKHGXOH63,DQG3DVVWKURXJKLQFRPHUHIHUUHGWRLQVFKHGXOH37,ZKLOH
127(Ź
FRPSXWLQJWKHLQFRPHXQGHUWKLVKHDG
)XUQLVKLQJRI3$1$DGKDDU1RRIWHQDQWLVPDQGDWRU\LIWD[LVGHGXFWHGXQGHUVHFWLRQ ,%
127(Ź
)XUQLVKLQJRI7$1RIWHQDQWLVPDQGDWRU\LIWD[LVGHGXFWHGXQGHUVHFWLRQ ,


6FKHGXOH%3 &RPSXWDWLRQRILQFRPHIURPEXVLQHVVRUSURIHVVLRQ
$ )URPEXVLQHVVRUSURIHVVLRQRWKHUWKDQVSHFXODWLYHEXVLQHVVDQGVSHFLILHGEXVLQHVV 
  3URILWEHIRUHWD[DVSH USURILWDQGORVVDFFRXQW LWHP LL  LL  LL  LLL DQG LY RI3 /   

1H WSURILWRUORVVIURPVSHFXODWLYHEXVLQHVVLQFOXGHGLQ HQWHU 
D ±YHVLJQLQFDVHRIORVV >6OQRERI7UDGLQJDFFRXQW6OQR D
LYRI6FKHGXOH3 /@

1H WSURILWRU/RVVIURP6SHFLILHG%XVLQHVVXV$'LQFOXGHGLQ 
E E
 H QWHU±YHVLJQLQFDVHRIORVV 

D 6DODULHV D

E +RXVHSURSHUW\ E

F &DSLWDOJDLQV F

G 2 WKHUVRXUFHV G
,QFRPHUHFHLSWVFUHGLWHGWRSURILW
DQGORVVDFFRXQWFRQVLGHUHGXQGH U GL 'LYLGHQGLQFRPH GL
,1&20()520%86,1(6625352)(66,21

RWKH U KH DGV RI LQFRPH  RU


FKDUJH DEOH  XV %%) RU RWKH UWKDQ'LYLGHQG 
FKDUJH DEOH  XV %%* RU GLLLQFRPH GLL
FKDUJH DEOH XV%%+ 

H  XV%%) H 

I XV%%* I 

XV%%+ QHWRI  
J J
&RVWRI$FTXLVLWLRQ  ,WHP1R$RI6FKHGXOH9'$ 

3URILWRUORVVLQFOXGHGLQZKLFKLVUHIH UUH GWRLQVH FWLRQ 

D $'$'$$(%%%%%$'$ GURSGRZQWREH D
SURYLGHG

3URILWIURPDFWLYLWLHVFRYHUHGXQGHUUXOH $%  % $  

E DQG 'URSGRZQWREHSURYLGHGDQGFDSWXUHDVLQGLYLGXDOOLQH  E
LWH P  

 ,QFRPHFUHGLWHGWR3URILWDQG/RVVDFFRXQW LQFOXGHGLQ ZKLFKLVH [HPSW

D 6KDUHRILQFRPHIURPILUP V  D   

E 6KDUHRILQFRPHIURP$23%2, E  

$Q\RWKHUH[HPSWLQFRPH VSHFLI\ 
F 
QDWXUHDQGDPRXQW 
 L  FL  

 LL  FLL   

LLL7RWDO FLFLL  FLLL 

G 7RWDOH [HPSWLQFRPH DEFLLL  G  

 %DODQFH ±D±E±DE±FG±HIJ±DE±G  

 



D 6DODULHV D  

E +RXVHSURSHUW\ E  

F &DSLWDOJDLQV F  
([SH QVH V GH ELWH G WR SURILW DQGORVV
 
DFFRXQWFRQVLGHUHGXQGHURWKH UKH DGV G 2 WKHUVRXUFHV G
 RILQFRPHUHODWHGWRLQFRPHFKDUJHDEOH
H  XV%%) H   
XV %%) RU XV %%*  RU XV 
%%+  
I XV%%* I

XV%%+ RWKHU  
 WKDQ&RVWRI
J
J $FTXLVLWLRQXV
%%+ 
([SH QVHVGHELWHGWRSURILWDQGORVVDFFRXQWZKLFKUHODWHWR  
D D
H[H PSWLQFRPH

([SH QVHVGHELWHGWRSURILWDQGORVVDFFRXQWZKLFKUHODWHWR  
E  E
H[HPSWLQFRPHDQGGLVDOORZHGXV$ RI3DUW$2, 

 7RWDO DEFGH IJDE     

 $GMXVWHGSURILWRUORVV    

 'HSUHFLDWLRQDQGDPRUWL]DWLRQGHELWHGWRSURILWDQGORVVDFFRXQW  

 'H SUH FLDWLRQDOORZDEOHXQGHU,QFRPHWD[$FW

 L 'H SUH FLDWLRQDOORZDEOHXQGHUVHFWLRQ  LL DQG  

L
  LLD  LWHPRI6FKHGXOH'(3  
LL 'H SUH FLDWLRQDOORZDEOHXQGHUVHFWLRQ  L   
0DNH\RXURZQFRPSXWDWLRQUHIHU$SSHQGL[,$RI,7 LL
5XOHV 

LLL 7RWDO LLL  LLL

  3URILWRUORVVDIWHUDGMXVWPHQWIRUGH SUHFLDWLRQ ±LLL   
$PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKH   
 
H[WHQWGLVDOORZDEOHXQGHUVHFWLRQ VRI3DUW$2 , 

$PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKH   
 
H [WHQWGLVDOORZDEOHXQGHUVHFWLRQ -RI3DUW$2 , 

$PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKH   
 
H[WHQWGLVDOORZDEOHXQGHUVHFWLRQ $MRI3DUW$2, 

$PRXQWVGHELWHGWRWKHSURILWDQGORVVDFFRXQWWRWKH   
 H [WHQWGLVDOORZDEOHXQGHUVH FWLRQ$ )RI3DUW$ 
 2, 

$Q\DPRXQWGHELWHGWRSURILWDQGORVVDFFRXQWRIWKH   
 SUH YLRXV\HDUEXWGLVDOORZDEOHXQGHUVHFWLRQ% L 
RI3DUW$2 , 

 ,QWH UHVWGLVDOORZDEOHXQGHUVH FWLRQRIWKH 0LFUR  

 6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW 


 'HHPH GLQFRPH XQGH UVH FWLRQ   

'HH PHGLQFRPHXQGHUVHFWLRQ$'$%$%$  
 
$%$$%%$ $ $++' ,$


  'HHPH GLQFRPH XQGH UVH FWLRQ&$   

 $Q\RWKHULWHPRIDGGLWLRQXQGHUVHFWLRQWR'$   

$Q\RWKH ULQFRPH QRWLQFOXGH GLQSURILWDQGORVV  

DFFRXQWDQ\RWKHUH [SHQVHQRWDOORZDEOH  LQFOXGLQJ
 LQFRPHIURPVDODU\FRPPLVVLRQERQXVDQGLQWH UH VW 
IURPILUPVLQZKLFKLQGLYLGXDO+8)SURSFRQFHUQLVD
SDUWQH U 

,QFUH DVHLQSURILWRUGH FUH DVH LQORVVRQDFFRXQWRI  

 ,&'6 DGMXVWPH QWV DQG GH YLDWLRQ LQ PHWKRG RI  
YDOXDWLRQRIVWRFN &ROXPQDGRI3DUW$2 , 

 7RWDO    

 'HGXFWLRQDOORZDEOHXQGHUVHFWLRQ  LLL    

$PRXQWRIGHGXFWLRQXQGHUVHFWLRQRU&&&RU  
&&'LQH [FHVVRIWKHDPRXQWGHELWH GWRSURILWDQG
ORVV DFFRXQW LWHP[  RI6FKHGXOH(65  LIDPRXQW
 
GHGXFWLEOHXQGHUVHFWLRQRU&&&RU&&'LVORZHU
WKDQDPRXQWGHELWHGWR3 /DFFRXQWLWZLOOJRWRLWHP
 

$Q\ DPRXQW GLVDOORZH G XQGH UVH FWLRQLQDQ\  

 SUH FH GLQJSUHYLRXV\H DUEXWDOORZDEOH GXULQJWKH  
SUH YLRXV\H DU %RI3DUW$2 ,  
$Q\DPRXQWGLVDOORZH GXQGH UVH FWLRQ%LQDQ\  
 SUH FH GLQJSUHYLRXV\H DUEXWDOORZDEOH GXULQJWKH  
SUH YLRXV\H DU LRI3DUW$2 , 

  
$Q\RWKHUDPRXQWDOORZDEOHDVGHGXFWLRQ


 
'H FUH DVHLQSURILWRULQFUH DVH LQORVVRQDFFRXQWRI 
 
 ,&'6DGMXVWPHQWVDQGGHYLDWLRQLQPHWKRGRIYDOXDWLRQ
RIVWRFN &ROXPQEH RI3DUW$2 , 

 7RWDO    

 ,QFRPH    

 3URILWVDQGJDLQVRIEXVLQHVVRUSURIHVVLRQGHHPHGWREHXQGHU

 L 6H FWLRQ$'  LL RIVFKHGXOH3 /  L  

LL 6H FWLRQ$'$  LL RIVFKHGXOH3 /  LL  

LLL 6H FWLRQ$(  LL RIVFKHGXOH3 /  LLL  


LY 6H FWLRQ% LY  

Y 6H FWLRQ%% Y  

YL 6H FWLRQ%%$ YL  

YLL 6H FWLRQ'$ YLL LWHPRI)RUP&( 

YLLL 7RWDO LWRYLL  YLLL

1H WSURILWRUORVVIURPEXVLQHVVRUSURIHVVLRQRWKHUWKDQVSHFXODWLYH DQGVSH FLILH GEXVLQH VV   


YLLL 

1H W3URILWRUORVVIURPEXVLQHVVRUSURIHVVLRQRWKHUWKDQVSHFXODWLYHEXVLQHVVDQGVSHFLILHGEXVLQH VV 
 DIWH UDSSO\LQJUXOH$%RULIDSSOLFDEOH ,IUXOH$%RULVQRWDSSOLFDEOHHQWHUVDPHILJXUHDV $
LQ  ,IORVVWDNHWKHILJXUHWRLRILWHP(  DEFGH I 

  D ,QFRPH FKDUJH DEOH XQGH U5XOH  D  

 E 'H H PH GLQFRPH FKDUJH DEOH XQGH U5XOH $ E 

F 'H H PH GLQFRPH FKDUJH DEOH XQGH U5XOH %   F 

G 'H H PHGLQFRPH FKDUJH DEOH XQGH U5XOH % $  G 

H  'H H PH GLQFRPH FKDUJH DEOH XQGH U5XOH   H  

I ,QFRPHRWKHUWKDQ5XOH $%  ,WHP1R  I 

  %DODQFHRILQFRPHGHHPHGWREH IURPDJULFXOWXUHDIWHUDSSO\LQJ5XOH$%  % $ DQG5XOH 

 IRUWKH SXUSRVHRIDJJUHJDWLRQRILQFRPHDVSHU)LQDQFH$FW 
>E DEFGH @
% &RPSXWDWLRQRILQFRPHIURPVSHFXODWLYH EXVLQHVV 

 1HWSURILWRUORVVIURPVSH FXODWLYH EXVLQH VVDVSH USURILWRUORVVDFFRXQW ,WHP1RD   

$GGLWLRQVLQDFFRUGDQFH ZLWKVH FWLRQWR'$ 

 


 'H GXFWLRQVLQDFFRUGDQFH ZLWKVH FWLRQWR'$   

 ,QFRPHIURPVSHFXODWLYHEXVLQHVV ±  LIORVVWDNHWKHILJXUHWR[YLRIVFKHGXOH&)/  %

& &RPSXWDWLRQRILQFRPH IURPVSH FLILH GEXVLQH VVXQGH UVH FWLRQ$'  

 1HWSURILWRUORVVIURPVSH FLILH GEXVLQH VVDVSH USURILWRUORVVDFFRXQW   

 $GGLWLRQVLQDFFRUGDQFH ZLWKVH FWLRQWR'$  


'H GXFWLRQVLQDFFRUGDQFHZLWKVHFWLRQWR'$ RWKHUWKDQGHGXFWLRQXQGHUVHFWLRQ L $' LL  
 
 RURQZKLFKGHGXFWLRQXV$'LVFODLPHG 

 3URILWRUORVVIURPVSH FLILH GEXVLQH VV    

 'H GXFWLRQVLQDFFRUGDQFH ZLWKVH FWLRQ$'    

 ,QFRPH IURP6SH FLILH G%XVLQH VV   LIORVVWDNHWKHILJXUHWR[YLRIVFKHGXOH&)/  &

5HOHYDQWFODXVHRIVXEVHFWLRQ  RIVHFWLRQ$'ZKLFKFRYHUVWKHVSHFLILHGEXVLQH VV WREHVHOHFWHG 

  &
IURPGURSGRZQPHQX 

  ' 
' '
,QFRPHFKDUJHDEOHXQGHUWKHKHDGµ3URILWVDQGJDLQVIURPEXVLQHVVRUSURIHVVLRQ¶$%& 

 ( ,QWUDKHDGVHWRIIRIEXVLQHVVORVVRIFXUUHQW\HDU 
,QFRPHRIFXUUHQW\HDU )LOOWKLVFROXPQRQO\LI%XVLQHVVORVVVH W %XVLQH VVLQFRPH 
6O 7\SHRI%XVLQHVVLQFRPH  ILJXUH LV] H URRUSRVLWLYH  RII UHPDLQLQJDIWHUVH WRII
        ±  

/RVVWREH VHWRII )LOOWKLVURZRQO\

L  $  
LIILJXUHLVQHJDWLYH 
 
LL ,QFRPHIURPVSHFXODWLYHEXVLQH VV %   

LLL ,QFRPHIURPVSHFLILHGEXVLQHVV  &   

LY 7RWDOORVVVHWRII LLLLL  


Y /RVVUH PDLQLQJDIWH UVH WRII L±LY  
127(3OHDVHLQFOXGHWKHLQFRPHRIWKHVSHFLILHGSHUVRQVUHIHUUHGWRLQ6FKHGXOH63,ZKLOHFRPSXWLQJWKHLQFRPHXQGHUWKLVKHDG









 'H SUH FLDWLRQRQ3ODQWDQG0DFKLQHU\ 2WKHUWKDQDVVHWVRQZKLFKIXOOFDSLWDOH [SH QGLWXUH LVDOORZDEOH DV 
6FKHGXOH'30
GHGXFWLRQXQGHUDQ\RWKH UVH FWLRQ 

'(35(&,$7,21 %ORFNRIDVVHWV 3ODQWDQGPDFKLQH U\

213/$17$1'
0$&+,1(5<
5DWH       

L  LL  LLL  LY 

D:ULWWHQGRZQYDOXHRQWKHILUVWGD\RI   
SUH YLRXV\HDU

E$GMXVWPHQWDVSHUVHFRQGSURYLVRWR    
VXEVHFWLRQ  RIVHFWLRQ%$&
5H IHUWRUXOH 

7RWDO DE     

$GGLWLRQVIRUDSHULRGRIGD\VRU    
PRUH LQWKHSUHYLRXV\HDU

&RQVLGHUDWLRQRURWKHUUHDOL]DWLRQ    
GXULQJWKHSUHYLRXV\HDURXWRIRU

$PRXQWRQZKLFKGH SUH FLDWLRQDW

IXOO UDWH WR EH DOORZHG      
HQWHULIUHVXOWLVQHJDWLYH 

$GGLWLRQVIRUDSHULRGRIOHVVWKDQ    
GD\VLQWKHSUHYLRXV\HDU

&RQVLGHUDWLRQRURWKHUUHDOL]DWLRQV    
GXULQJWKH\HDURXWRI

$PRXQWRQZKLFKGH SUH FLDWLRQDW    

KDOIUDWHWREH DOORZHG   HQWHU
LIUHVXOWLVQHJDWLYH 

'H SUH FLDWLRQRQDWIXOOUDWH    

'H SUH FLDWLRQRQDWKDOIUDWH    

$GGLWLRQDOGHSUHFLDWLRQLIDQ\RQ    

$GGLWLRQDOGHSUHFLDWLRQLIDQ\RQ    

$GGLWLRQDOGHSUHFLDWLRQUHODWLQJWR    
LPPHGLDWHO\SUHFHGLQJ\HDURQDVVHW
SXWWRXVH IRUOH VVWKDQGD\V 

7RWDOGH SUHFLDWLRQ     

 'H SUH FLDWLRQGLVDOORZHGXQGHUVHFWLRQ   
  RIWKH,7$FW RXWRIFROXPQ

1H WDJJUHJDWHGHSUHFLDWLRQ      

3URSRUWLRQDWHDJJUHJDWHGHSUHFLDWLRQ   
DOORZDEOHLQWKHHYHQWRIVXFFHVVLRQ
DPDOJDPDWLRQGHPHUJHUH WF RXWRI
FROXPQ 

([SH QGLWXUHLQFXUUHGLQFRQQHFWLRQ    
ZLWKWUDQVIHURIDVVHWDVVHWV

&DSLWDOJDLQVORVVXQGHUVHFWLRQ    
  HQWHUQHJDWLYHRQO\
LIEORFNFHDVHVWRH[LVW 

:ULWWHQGRZQYDOXHRQWKHODVWGD\RI   
SUH YLRXV\HDU   HQWHULI
UHVXOWLVQHJDWLYH 


6FKHGXOH'2$ 'H SUH FLDWLRQRQRWKHUDVVHWV 2WKHUWKDQDVVHWVRQZKLFKIXOOFDSLWDOH [SHQGLWXUHLVDOORZDEOHDVGHGXFWLRQ 
 %ORFNRIDVVHWV /DQG %XLOGLQJ QRWLQFOXGLQJODQG )XUQLWXUH DQG ,QWDQJLEOH  6KLSV
ILWWLQJV DVVH WV
 5DWH    1LO      

L  LL  LLL  LY  Y YL  YLL 

 :ULWWHQGRZQYDOXHRQWKHILUVWGD\RI   
SUHYLRXV\H DU

 $GGLWLRQVIRUDSHULRGRIGD\VRU   
PRUHLQWKH SUH YLRXV\H DU
'(35(&,$7,212127+(5$66(76

 &RQVLGHUDWLRQRURWKH UUH DOL] DWLRQ   

GXULQJWKHSUHYLRXV\HDURXWRIRU

 $PRXQWRQZKLFKGH SUHFLDWLRQDWIXOO   
UDWH WREHDOORZHG   HQWHULI
UHVXOWLVQHJDWLYH 

 $GGLWLRQVIRUDSHULRGRIOHVVWKDQ      
GD\VLQWKH SUH YLRXV\H DU

 &RQVLGHUDWLRQRURWKH UUH DOL] DWLRQV   

GXULQJWKH \H DURXWRI
 $PRXQWRQZKLFKGH SUHFLDWLRQDWKDOI   
UDWH  WR EH  DOORZH G   HQWHU  LI
UHVXOWLVQHJDWLYH 

 'HSUH FLDWLRQRQDWIXOOUDWH   

 'HSUH FLDWLRQRQDWKDOIUDWH   

 7RWDOGH SUH FLDWLRQ     

 'HSUH FLDWLRQGLVDOORZHGXQGHUVHFWLRQ      

  RIWKH,7$FW RXWRIFROXPQ 

 1H WDJJUH JDWH GH SUH FLDWLRQ     


  3URSRUWLRQDWHDJJUHJDWHGHSUHFLDWLRQ      
DOORZDEOHLQWKHHYHQWRIVXFFHVVLRQ
DPDOJDPDWLRQGH PH UJH UH WF RXWRI
FROXPQ 

 ([SH QGLWXUHLQFXUUH GLQFRQQH FWLRQ   

ZLWKWUDQVIH URIDVVH WDVVH WV 

 &DSLWDOJDLQVORVVXQGH UVH FWLRQ   

  HQWHUQHJDWLYHRQO\LI
EORFNFHDVHVWRH[LVW 

 :ULWWHQGRZQYDOXHRQWKHODVWGD\RI   
SUHYLRXV \H DU     HQWHU  LI
UHVXOWLVQHJDWLYH 

6XPPDU\RIGHSUHFLDWLRQRQDVVHWV 2WKHUWKDQDVVHWVRQZKLFKIXOOFDSLWDOH[SHQGLWXUHLVDOORZDEOHDVGHGXFWLRQXQGHU
6FKHGXOH'(3
DQ\RWKHUVHFWLRQ 
 3ODQWDQGPDFKLQH U\ 
 D %ORFNH QWLWOH GIRUGH SUH FLDWLRQ#SH UFH QW D 
6FKHGXOH'30LRULDVDSSOLFDEOH 

E %ORFNH QWLWOH GIRUGH SUH FLDWLRQ# E 

SH UFH QW
6FKHGXOH'30LLRULLDVDSSOLFDEOH 
6800$5<2)'(35(&,$7,2121$66(76

F %ORFNH QWLWOH GIRUGH SUH FLDWLRQ#SH UFH QW F 

6FKHGXOH'30LLLRULLLDVDSSOLFDEOH 

G %ORFNH QWLWOH GIRUGH SUH FLDWLRQ#SH UFH QW G 

6FKHGXOH'30LYRULYDVDSSOLFDEOH 

H  7RWDOGH SUHFLDWLRQRQSODQWDQGPDFKLQHU\ DEFG  H  

 %XLOGLQJ QRWLQFOXGLQJODQG  

 D %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SH UFHQW D 

6FKHGXOH'2$LLRULLDVDSSOLFDEOH 

% %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW E 

6FKHGXOH'2$LLLRULLLDVDSSOLFDEOH 

F %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW F 

6FKHGXOH'2$LYRULYDVDSSOLFDEOH 

G 7RWDOGH SUHFLDWLRQRQEXLOGLQJ WRWDORIDEF  G 

 )XUQLWXUHDQGILWWLQJV 6FKHGXOH'2$YRUYDVDSSOLFDEOH   

 ,QWDQJLEOHDVVHWV 6FKHGXOH'2$YLRUYLDVDSSOLFDEOH   

 6KLSV 6FKHGXOH'2$YLLRUYLLDVDSSOLFDEOH   
 7RWDOGH SUHFLDWLRQ HG   

6FKHGXOH'&* 'H H PHG&DSLWDO*DLQVRQVDOHRIGHSUHFLDEOHDVVHWV
 3ODQWDQGPDFKLQHU\
 D %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW 6FKHGXOH D 
 '30L 
'((0('&$3,7$/*$,16

 E %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW E 

 6FKHGXOH'30±LL 
 F %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW F 
 6FKHGXOH'30LLL 
 G %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW G 
6FKHGXOH'30LY 
H  7RWDO DEFG  H  
 %XLOGLQJ QRWLQFOXGLQJODQG 
 D %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SH UFHQW D 
6FKHGXOH'2$LL 
E %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW E 
6FKHGXOH'2$LLL 
 F %ORFNHQWLWOHGIRUGH SUHFLDWLRQ#SHUFHQW 6FKHGXOH F 
'2$LY 
G 7RWDO DEF   G 
 )XUQLWXUHDQGILWWLQJV 6FKHGXOH'2$Y   
 ,QWDQJLEOHDVVHWV 6FKHGXOH'2$YL   
 6KLSV 6FKHGXOH'2$YLL   
 7RWDO HG   


6FKHGXOH(65 ([SH QGLWXUHRQVFLHQWLILF5H VHDUFKH WF 'HGXFWLRQXQGHUVHFWLRQRU&&&RU&&' 

 6O1R([SH QGLWXUHRIWKHQDWXUH $PRXQWLIDQ\GH ELWH GWR$PRXQWRIGHGXFWLRQDOORZDEOH $PRXQWRIGHGXFWLRQLQH [FHVVRIWKH 
 UH IH UUH GWRLQVH FWLRQ  SURILWDQGORVVDFFRXQW  DPRXQWGH ELWH GWRSURILWDQGORVV
      DFFRXQW
      
L   L    

LL   LL    

LLL   LLD    

LY   LLL    

9   LY    

YL  $$    

YLL  $%    

YLLL &&&    
 L[ &&'   
 ; 7RWDO   
 ,QFDVH DQ\GHGXFWLRQLVFODLPHGXQGHUVHFWLRQV  LL RU  LLD RU  LLL RU $$ SOHDVHSURYLGHWKHGHWDLOVDVSHU
12 7(
6FKHGXOH5$

6FKHGXOH&* &DSLWDO*DLQV
$ 6KRUWWHUP&DSLWDO*DLQV 67&*  6XELWHPVDQGDUHQRWDSSOLFDEOHIRUUHVLGHQWV  
 )URPVDOHRIODQGRUEXLOGLQJRUERWK ILOOXSGHWDLOVVHSDUDWHO\IRUHDFKSURSHUW\ 
'DWH RISXUFKDVH ''00<<<< 'DWHRIVDOHWUDQVIHU ''00<<<<


DFTXLVLWLRQ
 D L )XOOYDOXHRIFRQVLGHUDWLRQUHFHLYHGUHFHLYDEOH DL 
LL 9DOXHRISURSHUW\DVSH UVWDPSYDOXDWLRQDXWKRULW\ DLL 
)XOOYDOXHRIFRQVLGHUDWLRQDGRSWHGDVSH UVH FWLRQ&IRUWKH 

LLL SXUSRVHRI&DSLWDO*DLQV >LQFDVH  DLL GRH VQRWH [FH H G DLLL
WLPH V DL WDNH WKLVILJXUH DV DL RUH OVH WDNH  DLL @ 
E 'H GXFWLRQVXQGHUVHFWLRQ
6KRUWWHUP&DSLWDO*DLQV

 L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
&$3,7$/*$,16

LL &RVWRI,PSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 

LLL ([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWKWUDQVIHU ELLL
LY 7RWDO ELELLELLL  ELY 
F %DODQFH DLLL±ELY  F 
'H GXFWLRQXQGHUVHFWLRQ%**$ 6SHFLI\GHWDLOVLQLWHP' 
G G
EHORZ 
H  6KRUWWHUP&DSLWDO*DLQVRQ,PPRYDEOHSURSHUW\ FG  $H 
I ,QFDVHRIWUDQVIHURILPPRYDEOHSURSHUW\SOHDVHIXUQLVKWKHIROORZLQJGHWDLOV VHHQRWH 
$GGUH VV
RI
3$1$DGKDDU
1DPH RI SURSH UW\ 3LQ
61R 1RRI 3H UFHQWDJHVKDUH$PRXQW 6WDWH 
 EX\H U V  &RXQWU\ FRGH 
EX\H U V 
FRGH =LS
FRGH 
       


   )XUQLVKLQJRI3$1$DGKDDU1RLVPDQGDWRU\LIWKHWD[LVGHGXFHGXQGHUVHFWLRQ 
,$RULVTXRWH GE\EX\H ULQWKH GRFXPH QWV
 127(Ź
,QFDVH RIPRUHWKDQRQHEX\HUSOHDVHLQGLFDWHWKHUHVSHFWLYHSH UFHQWDJHVKDUHDQG
DPRXQW
  )URPVOXPSVDOH
 D L )DLUPDUNHWYDOXHDVSHU5XOH8$(   DL


 LL )DLUPDUNHWYDOXHDVSHU5XOH8$(   DLL



 LLL )XOOYDOXHRIFRQVLGHUDWLRQ KLJKHURIDLRUDLL  DLL



E 1H WZRUWKRIWKHXQGHUWDNLQJRUGLYLVLRQ E
 H RI)RUP&($ 

F 6KRUWWHUPFDSLWDOJDLQVIURPVOXPSVDOH DLLLE 
$F 

)URPVDOHRIHTXLW\VKDUHRUXQLWRIHTXLW\RULHQWHG0XWXDO)XQG 0) RUXQLWRIDEXVLQHVVWUXVW

RQZKLFK677LVSDLGXQGHUVHFWLRQ$RU$'  LL SURYLVR IRU),, 
D )XOOYDOXHRIFRQVLGHUDWLRQ D 
E 'H GXFWLRQVXQGHUVHFWLRQ
 L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
LL &RVWRI,PSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 
LLL ([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWKWUDQVIHU ELLL
LY 7RWDO ELELLELLL  ELY 


F %DODQFH D±ELY  F 

/RVV WR EH  GLVDOORZH G XV    RU    IRU H [DPSOH LIDVVH W 
ERXJKWDFTXLUH G ZLWKLQ  PRQWKV SULRU WR UH FRUG GDWH  DQG
G G
GLYLGH QGLQFRPHERQXVXQLWVDUHUHFHLYHGWKHQORVVDULVLQJRXWRIVDOH
RIVXFKDVVHWWREHLJQRUHG (QWH USRVLWLYH YDOXH RQO\ 
H  6KRUWWHUPFDSLWDOJDLQRQHTXLW\VKDUHRUHTXLW\RULHQWHG0) 677SDLG  FG  $H 
 )RU12 15(6,'(17QRWEH LQJDQ),,IURPVDOHRIVKDUHVRUGHEHQWXUHVRIDQ,QGLDQFRPSDQ\

WREHFRPSXWHGZLWKIRUHLJQH[FKDQJHDGMXVWPHQWXQGHUILUVWSURYLVRWRVHFWLRQ 
 D 67&*RQWUDQVDFWLRQVRQZKLFKVHFXULWLHVWUDQVDFWLRQWD[ 677 LVSDLG $D
E 67&*RQWUDQVDFWLRQVRQZKLFKVHFXULWLHVWUDQVDFWLRQWD[ 677 LVQRWSDLG $E
)RU12 15(6,'(176IURPVDOHRIVHFXULWLHV RWKHUWKDQWKRVHDW$DERYH E\DQ),,DVSH U 

VH FWLRQ$'
 D L ,QFDVH VHFXULWLHVVROGLQFOXGH VKDUH VRIDFRPSDQ\RWKH UWKDQ
TXRWH GVKDUH VH QWH UWKH IROORZLQJGH WDLOV 
  D )XOOYDOXHRIFRQVLGHUDWLRQUH FH LYH GUH FH LYDEOH LQ LD 
UHVSHFWRIXQTXRWHGVKDUH V 
E )DLUPDUNHWYDOXHRIXQTXRWHGVKDUHVGH WH UPLQH GLQ  LE 
WKH SUH VFULEH GPDQQH U
F )XOOYDOXHRIFRQVLGH UDWLRQLQUH VSH FWRIXQTXRWH G LF 
VKDUHVDGRSWHGDVSHUVHFWLRQ&$IRUWKHSXUSRVH RI
&DSLWDO*DLQV KLJKHURIDRUE 
LL )XOOYDOXHRIFRQVLGHUDWLRQLQUH VSH FWRIVH FXULWLH VRWKH U LL 
WKDQXQTXRWHGVKDUHV
LLL7RWDO LFLL  DLLL 
E 'H GXFWLRQVXQGHUVHFWLRQ 
 L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
LL &RVWRILPSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 
LLL ([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWK 
ELLL
WUDQVIHU
LY 7RWDO ELELLELLL  ELY 
F %DODQFH DLLL±ELY  F 
 /RVVWREHGLVDOORZHGXV  RU  IRUH[DPSOHLIVHFXULW\ 
ERXJKWDFTXLUHGZLWKLQPRQWKVSULRUWRUH FRUGGDWH DQG
G G
GLYLGH QGLQFRPHERQXVXQLWVDUHUHFHLYHGWKHQORVVDULVLQJRXW
RIVDOHRIVXFKVHFXULW\WREHLJQRUHG (QWHUSRVLWLYHYDOXHRQO\ 
6KRUWWHUPFDSLWDOJDLQRQVDOHRIVHFXULWLHV RWKHUWKDQWKRVHDW$DERYH E\DQ),, F 
H $H 
G 
 )URPVDOHRIDVVHWVRWKHUWKDQDW$RU$RU$RU$RU$DERYH 
 ,QFDVH DVVHWVVROGLQFOXGHVKDUHVRIDFRPSDQ\RWKHUWKDQTXRWHG 
D L
VKDUH VH QWH UWKH IROORZLQJGH WDLOV 
D )XOOYDOXHRIFRQVLGHUDWLRQUHFHLYHGUHFHLYDEOHLQUHVSHFW  
RIXQTXRWHGVKDUHV
E )DLUPDUNHWYDOXHRIXQTXRWHGVKDUHVGHWHUPLQHGLQWKH   
 SUH VFULEH GPDQQH U
F )XOOYDOXHRIFRQVLGHUDWLRQLQUHVSHFWRIXQTXRWHGVKDUHV LF 

DGRSWH GDVSHUVHFWLRQ&$IRUWKHSXUSRVHRI&DSLWDO
*DLQV KLJKHURIDRUE 
LL )XOOYDOXHRIFRQVLGHUDWLRQLQUHVSHFWRIDVVH WVRWKH UWKDQ  
XQTXRWHGVKDUHV
LLL 7RWDO LFLL  DLLL 
E 'H GXFWLRQVXQGHUVHFWLRQ 
L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
LL &RVWRI,PSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 
 LLL ([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWK 
ELLL
WUDQVIHU
LY 7RWDO ELELLELLL  ELY 
F %DODQFH DLLL±ELY  F 
,QFDVH RIDVVHW VHFXULW\XQLW ORVVWREHGLVDOORZHGXV  RU 
  IRUH[DPSOHLIDVVHWERXJKWDFTXLUHGZLWKLQPRQWKVSULRU
G WRUHFRUGGDWHDQGGLYLGHQGLQFRPHERQXVXQLWVDUHUHFHLYHG G
WKH QORVVDULVLQJRXWRIVDOHRIVXFKDVVH WWREH LJQRUH G (QWH U
SRVLWLYH YDOXH RQO\ 
'H H PHGVKRUWWHUPFDSLWDOJDLQVRQGH SUH FLDEOH DVVH WV RI  
H H 
VFKHGXOH '&* 
I 'H GXFWLRQXQGHUVHFWLRQ**$ I  
J 67&*RQDVVHWVRWKHUWKDQDW$RU$RU$RU$RU$DERYH FGHI  $J
  $PRXQWGHHPHGWREHVKRUWWHUPFDSLWDOJDLQV
D :KHWKHUDQ\DPRXQWRIXQXWLOL]HGFDSLWDOJDLQRQDVVHWWUDQVIHUUHGGXULQJWKHSUHYLRXV\HDUV
VKRZQEHORZZDVGHSRVLWHGLQWKH&DSLWDO*DLQV$FFRXQWV6FKHPHZLWKLQGXHGDWHIRUWKDW\HDU" 
R<H VR1RR1RWDSSOLFDEOH,I\H VWKHQSURYLGHWKHGHWDLOVEHORZ
 6O 3UH YLRXV\HDULQ 6HFWLRQXQGH U 1HZDVVHWDFTXLUHGFRQVWUXFWHG $PRXQWQRW
ZKLFKDVVHW ZKLFKGH GXFWLRQ 3UH YLRXV\H DULQ XVH GIRUQH Z
WUDQVIH UUH G FODLPH GLQWKDWZKLFKDVVHWDFTXLUH G DVVH WRU
$PRXQWXWLOL] H G
\H DU FRQVWUXFWH G UH PDLQH G
RXWRI&DSLWDO 
  XQXWLOL]HGLQ
*DLQVDFFRXQW
 &DSLWDOJDLQV
 DFFRXQW ; 
L  **$   
 LL  %**$   
 LLL  %**$   
E $PRXQWGHHPHGWREHVKRUWWHUPFDSLWDOJDLQVXV%**$RWKHUWKDQDW

µD¶
 7RWDODPRXQWGHHPHGWREHVKRUWWHUPFDSLWDOJDLQV ;L;LL;LLLE  $ 
  3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI6KRUW7HUP&DSLWDO*DLQ )LOOXSVFKHGXOH37,  $D 
 $
$E$F 


   3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI6KRUW7HUP&DSLWDO*DLQ
 D $D
FKDUJHDEOH#
 3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI6KRUW7HUP&DSLWDO*DLQ
 E $E 
FKDUJH DEOH #
 3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI6KRUW7HUP&DSLWDO*DLQ
 F $F
FKDUJH DEOH DWDSSOLFDEOH UDWHV
 $PRXQWRI67&*LQFOXGHGLQ$$EXWFODLPHGDVQRWFKDUJHDEOHWRWD[RUFKDUJHDEOHDWVSHFLDO
  
UDWHVDVSHU'7$$
,WHP1R 5DWH DVSHU
:KHWKH U
$PRXQW $WR$ &RXQWU\ 7UH DW\ 5DWHDV $SSOLFDEOH 
6O $UWLFOHRI 75& 6H FWLRQRI
RI DERYH LQ QDPH   HQWHU1,/ SH U,7 UDWH >ORZHU
1R '7$$ REWDLQH G ,7$FW
LQFRPH  ZKLFK &RGH  LIQRW $FW RI  RU  @
<1 
 LQFOXGHG FKDUJHDEOH   
                    
,         
,, 
       
 
D 7RWDODPRXQWRI67&*FODLPHGDVQRWFKDUJHDEOHWRWD[DVSH U'7$$ $D
E 7RWDODPRXQWRI67&*FODLPHGDVFKDUJHDEOHWRWD[DWVSHFLDOUDWHVDVSHU'7$$ $E
  7RWDO6KRUWWHUP&DSLWDO*DLQ $H$F$H$D$E$H$J$$ ±$D  $
% /RQJWHUPFDSLWDOJDLQ /7&*  6XELWHPV DUHQRWDSSOLFDEOHIRUUHVLGHQWV  
 )URPVDOHRIODQGRUEXLOGLQJRUERWK ILOOXSGHWDLOVVHSDUDWHO\IRUHDFKSURSHUW\  
'DWH RISXUFKDVH ''00<<<< 'DWHRIVDOHWUDQVIHU ''00<<<<


DFTXLVLWLRQ
 D L )XOOYDOXHRIFRQVLGHUDWLRQUHFHLYHGUHFHLYDEOH DL
LL 9DOXHRISURSHUW\DVSH UVWDPSYDOXDWLRQDXWKRULW\ DLL
)XOOYDOXHRIFRQVLGHUDWLRQDGRSWHGDVSH UVH FWLRQ&IRU

LLL WKH SXUSRVHRI&DSLWDO*DLQV>LQFDVH DLL GRH VQRWH [FH H G DLLL
WLPHV DL WDNHWKLVILJXUH DV DL RUH OVH WDNH  DLL @ 
E 'H GXFWLRQVXQGHUVHFWLRQ
 L &RVWRIDFTXLVLWLRQ EL
 LLD &RVWRIDFTXLVLWLRQZLWKLQGH[DWLRQ ELLD
%
/RQJWHUP&DSLWDO*DLQV

LLE 7RWDOFRVWRILPSURYHPHQWZLWKLQGH[DWLRQ
LLE
 D &RVWRILPSURYHPHQW 
  E <H DURILPSURYHPHQW 
 F &RVWRI,PSURYHPHQWZLWKLQGH[DWLRQ 
 $GGURZ 
([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWK
LLL ELLL
WUDQVIHU
LY 7RWDO ELLDELLEELLL  ELY
F %DODQFH DLLL±ELY  F
'H GXFWLRQXQGHUVHFWLRQ%'(&)**$ 6SHFLI\
G G
GHWDLOVLQLWHP'EHORZ 
H  /RQJWHUP&DSLWDO*DLQVRQ,PPRYDEOHSURSHUW\ FG  %H 
I ,QFDVH RIWUDQVIHURILPPRYDEOHSURSHUW\SOHDVHIXUQLVKWKHIROORZLQJGHWDLOV VHHQRWH 
 $GGUH VVRI
3$1$DGKDDU SURSH UW\ 3LQFRGH 
61R1DPH RIEX\HU V  3H UFHQWDJHVKDUH$PRXQW 
1RRIEX\HU V  &RXQWU\FRGH DQGVWDWH 
=LSFRGH 
      
  )XUQLVKLQJRI3$1$DGKDDU1RLVPDQGDWRU\LIWKHWD[LVGHGXFHGXQGHUVHFWLRQ,$
127( RULVTXRWH GE\EX\H ULQWKH GRFXPH QWV



Ź ,QFDVH RIPRUHWKDQRQHEX\HUSOHDVHLQGLFDWHWKHUHVSHFWLYHSH UFHQWDJHVKDUHDQG
DPRXQW
)URPVOXPSVDOH
 


L )DLUPDUNHWYDOXHDVSHU5XOH8$(   DL 
 


D LL )DLUPDUNHWYDOXHDVSHU5XOH8$(   DLL

 


LLL )XOOYDOXHRIFRQVLGHUDWLRQ KLJKHURIDLRUDLL  DLL



E 1H WZRUWKRIWKHXQGHUWDNLQJRUGLYLVLRQ E
 H RI)RUP&($ 



F %DODQFH DLLL±E  F

G 'H GXFWLRQXV(&) 6SHFLI\GHWDLOVLQLWHP'EHORZ  G 

/RQJWH UPFDSLWDOJDLQVIURPVOXPSVDOH FG  %H
  H




   )URPVDOHRIERQGVRUGHEHQWXUH RWKHUWKDQFDSLWDOLQGH[HGERQGVLVVXHGE\*RYHUQPHQW  
 D )XOOYDOXHRIFRQVLGHUDWLRQ D  
E 'HGXFWLRQVXQGHUVHFWLRQ 
L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
LL &RVWRILPSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 
 ([SHQGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWK 
 LLL ELLL
WUDQVIHU
LY 7RWDO ELELLELLL  ELY 

F %DODQFH D±ELY  F 
G 'HGXFWLRQXQGHUVHFWLRQ) 6SHFLI\GHWDLOVLQLWHP'EHORZ  G 
H  /7&*RQERQGVRUGHEHQWXUH F±G  %H  
)URPVDOHRI L OLVWHGVHFXULWLHV RWKHUWKDQDXQLW RU]HURFRXSRQERQGVZKHUHSURYLVR

XQGHUVHFWLRQ  LVDSSOLFDEOH LL *'5RIDQ,QGLDQFRPSDQ\UHIHUUHGLQVHF$&$
 D )XOOYDOXHRIFRQVLGHUDWLRQ D 
E 'HGXFWLRQVXQGHUVHFWLRQ 
  L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
LL &RVWRILPSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 
 
LLL ([SHQGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWKWUDQVIHU ELLL
LY 7RWDO ELELLELLL  ELY 
  F %DODQFH D±ELY  F 
 G 'HGXFWLRQXQGHUVHFWLRQ) 6SHFLI\GHWDLOVLQLWHP'EHORZ  G 
H  /RQJWHUP&DSLWDO*DLQVRQDVVHWVDW%DERYH F ±G  %H  
  )URPVDOHRIHTXLW\VKDUHLQDFRPSDQ\RUXQLWRIHTXLW\RULHQWHGIXQGRUXQLWRIDEXVLQH VVWUXVWRQ

ZKLFK677LVSDLGXQGH UVH FWLRQ$ 

  D /7&*XV$ FROXPQRI6FKHGXOH$  D 
E 'H GXFWLRQXQGHUVHFWLRQV) 6SHFLI\GHWDLOVLQLWHP'EHORZ  E 
F /RQJWHUP&DSLWDO*DLQVRQVDOHRIFDSLWDODVVHWVDW%DERYH D±E  %F 
 )RU 1215(6 ,'(176  IURP VDOH RI VKDUHV RU GHEHQWXUH RI ,QGLDQ FRPSDQ\ WR EH

FRPSXWHGZLWKIRUHLJQH[FKDQJHDGMXVWPHQWXQGHUILUVWSURYLVRWRVHFWLRQ  

 D /7&*FRPSXWHGZLWKRXWLQGH[DWLRQEHQHILW D 
E 'HGXFWLRQXQGHUVHFWLRQV) 6SHFLI\GHWDLOVLQLWHP'EHORZ  E 
F /7&*RQVKDUHRUGHEHQWXUH DE  F 


  )RU1215(6 ,'(176 IURPVDOHRI L XQOLVWHGVHFXULWLHVDVSHUVHF  F  LL ERQGV
  RU*'5DVUHIHUUHGLQVHF$& LLL VHFXULWLHVE\),,DVUHIHUUHGWRLQVHF$' RWKHU 
WKDQVHFXULWLHVUHIHUUHGWRLQVHFWLRQ$IRUZKLFKFROXPQ%LVWREHILOOHGXS 
  ,QFDVHVHFXULWLHVVROGLQFOXGHVKDUHVRIDFRPSDQ\RWKHUWKDQTXRWHG 
 $ L 
VKDUHVHQWHUWKHIROORZLQJGHWDLOV

  D )XOOYDOXHRIFRQVLGHUDWLRQUHFHLYH GUH FH LYDEOH LQUH VSH FWRI 

 LD 
XQTXRWHGVKDUHV

  E )DLUPDUNHWYDOXH RIXQTXRWH GVKDUH VGH WH UPLQH GLQWKH  

 LE 
 SUH VFULEH GPDQQH U

  F )XOOYDOXHRIFRQVLGH UDWLRQLQUH VSH FWRIXQTXRWH GVKDUH V 


 DGRSWH GDVSHUVHFWLRQ&$IRUWKHSXUSRVHRI&DSLWDO*DLQV LF 
KLJKH URIDRUE 

  LL )XOOYDOXHRIFRQVLGHUDWLRQLQUHVSHFWRIVHFXULWLHVRWKHUWKDQ 
 DLL
XQTXRWHGVKDUHV


   LLL 7RWDO LFLL  DLLL 

   % 'H GXFWLRQVXQGHUVHFWLRQ 


  L &RVWRIDFTXLVLWLRQZLWKRXWLQGH[DWLRQ EL 
LL &RVWRILPSURYHPHQWZLWKRXWLQGH[DWLRQ ELL 

LLL ([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWKWUDQVIHU ELLL

 LY 7RWDO ELELLELLL  ELY
F %DODQFH DLLL±ELY  F 
G 'H GXFWLRQXQGHUVHFWLRQV) 6SHFLI\GHWDLOVLQLWHP'EHORZ  G 
H  /RQJWHUP&DSLWDO*DLQVRQDVVHWVDWDERYHLQFDVHRI1215(6,'(17 F±G  %H 
 )RU12 15(6,'(176)URPVDOHRIHTXLW\VKDUHLQDFRPSDQ\RUXQLWRIHTXLW\ RULHQWHGIXQGRU

XQLWRIDEXVLQH VVWUXVWRQZKLFK677LVSDLGXQGH UVH FWLRQ$ 

  D /7&*XV$>&ROXPQRI$'  E LLL SURYLVR@ D
 E 'H GXFWLRQXQGHUVHFWLRQV) 6SHFLI\GHWDLOVLQLWHP'EHORZ  E
 F /RQJWHUP&DSLWDO*DLQVRQVDOHRIFDSLWDODVVHWVDW%DERYH D±E  %F 
  )URPVDOHRIIRUHLJQH [FKDQJHDVVHWE\1215(6,'(17,1',$1 ,IRSWHGXQGHUFKDSWHU;,,$ 
 D 
D /7&*RQVDOHRIVSHFLILHGDVVHW FRPSXWHGZLWKRXWLQGH[DWLRQ  
 
 E /H VVGH GXFWLRQXQGHUVHFWLRQ) 6SHFLI\GHWDLOVLQLWHP'EHORZ  E 
F %DODQFH/7&*RQVDOHRIVSHFLILHGDVVHW DE  %F 
/7&*RQVDOHRIDVVHWRWKHUWKDQVSHFLILHGDVVHW 
G G
FRPSXWHGZLWKRXWLQGH[DWLRQ   
 H  /H VVGH GXFWLRQXQGHUVHFWLRQ) 6SHFLI\GHWDLOVLQLWHP'EHORZ  H  
 I %DODQFH/7&*RQVDOHRIDVVHWRWKHUWKDQVSHFLILHGDVVHW GH  %I
  )URPVDOHRIDVVHWVZKHUH%WR%DERYHDUHQRWDSSOLFDEOH 
D ,QFDVH DVVHWVVROGLQFOXGHVKDUHVRIDFRPSDQ\RWKH UWKDQTXRWH G
L
 VKDUH VH QWH UWKH IROORZLQJGH WDLOV 

 D )XOOYDOXHRIFRQVLGHUDWLRQUHFHLYHGUHFHLYDEOHLQUHVSHFWRI LD 

XQTXRWHGVKDUHV
 E )DLUPDUNHWYDOXHRIXQTXRWHGVKDUHVGHWHUPLQHGLQWKH LE 
SUH VFULEHGPDQQHU
F )XOOYDOXHRIFRQVLGHUDWLRQLQUHVSHFWRIXQTXRWHGVKDUHV LF 
DGRSWH GDVSHUVHFWLRQ&$IRUWKHSXUSRVHRI&DSLWDO*DLQV
KLJKHURIDRUE 
LL )XOOYDOXHRIFRQVLGHUDWLRQLQUHVSHFWRIDVVHWVRWKHUWKDQ DLL 
XQTXRWHGVKDUHV
LLL 7RWDO LFLL  DLLL
E 'H GXFWLRQVXQGHUVHFWLRQ
 L &RVWRIDFTXLVLWLRQZLWKLQGH[DWLRQ EL 
LL &RVWRILPSURYHPHQWZLWKLQGH[DWLRQ ELY
LLL ([SH QGLWXUHZKROO\DQGH[FOXVLYHO\LQFRQQHFWLRQZLWKWUDQVIHU EY 
LY 7RWDO ELELLELLL  EYL
F %DODQFH DLLL±ELY  F
G 'H GXFWLRQXQGHUVHFWLRQ')**$ 6SHFLI\GHWDLOVLQLWHP'  
EHORZ  G
H  /RQJWHUP&DSLWDO*DLQVRQDVVHWVDW%DERYH FG  %H 
 $PRXQWGHHPHGWREHORQJWHUPFDSLWDOJDLQV

:KHWKHU DQ\DPRXQWRI XQXWLOL]HGFDSLWDOJDLQRQDVVHWWUDQVI HUUHGGXULQJWKHSUHYLRXV\HDUVKRZQEHORZZDVGHSRVLWHGLQWKH &DSLWDO* DLQV

D $FFRXQWV6FKHPHZLWKLQGXHGDWHI RUWKDW\HDU"

R<HVR1RR1RWDSSOLFDEOH,I \HVWKHQSURYLGHWKHGHWDLOVEHORZ

6O 3UHYLRXV 6HFWLRQXQGHU ZKLFK 1HZDVVHWDFTXLUHGFRQVWUXFWHG $PRXQWQRWXVHGI RUQHZ

  \HDULQ GHGXFWLRQFODLPHGLQ 3UHYLRXV\HDULQZKLFKDVVHW $PRXQWXWLOL]HGRXWRI &DSLWDO* DLQVDFFRXQW DVVHWRUUHPDLQHG

ZKLFK WKDW\HDU DFTXLUHGFRQVWUXFWHG XQXWLOL]HGLQ&DSLWDOJDLQV

DVVHW DFFRXQW ;  
WUDQVI HUUH

 G

L  ')* *$  

 LL % ')*

   
* $* %

 LLL % ')*

   
* $

 E $PRXQWGHHPHGWREHORQJWHUPFDSLWDOJDLQVRWKHUWKDQDWµD¶  

 7RWDODPRXQWGHHPHGWREHORQJWHUPFDSLWDOJDLQV ;L;LL;LLLE  % 

 3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI /RQJ7HUP&DSLWDO* DLQ )LOOXSVFKHGXOH37,  % D% D% E  % 

 D % D
3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI /RQJ 7HUP&DSLWDO* DLQFKDUJHDEOH#  
 

  D 3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI /RQJ7HUP&DSLWDO* DLQFKDUJHDEOH# XQGHU % D 


 VHFWLRQVRWKHUWKDQXV$ 

 E3DVV7KURXJK,QFRPH/RVVLQWKHQDWXUHRI /RQJ 7HUP&DSLWDO* DLQFKDUJHDEOH#  % E

 $PRXQWRI /7&* LQFOXGHGLQLWHPV% WR% EXWFODLPHGDVQRWFKDUJHDEOHWRWD[RUFKDUJHDEOHDWVSHFLDOUDWHVLQ,QGLDDVSHU'7$$   


,WHP1R 5DWH
5DWHDVSHU
$PRXQ % WR%  &RXQWU\ $UWLFOH DV
6O 7UHDW\ :KHWKHU 75&REWDLQHG 6HFWLRQRI ,7 $SSOLFDEOHUDWH
WRI  DERYHLQ QDPH  RI  SHU
1R HQWHU1,/ LI <1  $FW >ORZHURI  RU  @
LQFRPH ZKLFK &RGH '7$$ ,7
QRWFKDUJHDEOH   
 LQFOXGHG $FW

          

,         

,,         

D 7RWDODPRXQWRI /7&* FODLPHGDVQRWFKDUJHDEOHWRWD[DVSHU'7$$  % D


 E 7RWDODPRXQWRI /7&* FODLPHGDVFKDUJHDEOHWRWD[DWVSHFLDOUDWHVDVSHU'7$$  % E

 7RWDOORQJWHUPFDSLWDOJDLQFKDUJHDEOHXQGHU,7$FW %H%H%H%H%I%F%H%I%F%I %H%%±%D  % 

& 
 6XPRI &DSLWDO* DLQ,QFRPHV LLLLLLYYYLYLLYLLLRI WDEOH(EHORZ  &


& 
 ,QFRPHI URPWUDQVI HURI 9LUWXDO'LJLWDO$VVHWV ,WHP1R% RI6FKHGXOH9'$  &


& 
 ,QFRPHFKDUJHDEOHXQGHUWKHKHDG³&$3,7$/* $,16´ &&  &


 ',QI RUPDWLRQDERXWGHGXFWLRQFODLPHGDJDLQVW&DSLWDO* DLQV 

 ,QFDVHRI GHGXFWLRQXV% '(&)**$)JLYHI ROORZLQJGHWDLOV  

 D 'HGXFWLRQFODLPHGXV

 L 'DWHRI WUDQVI HURI RULJLQDODVVHW DL GGPP\\\\


  LL &RVWRI QHZUHVLGHQWLDOKRXVH DLL 
 
 LLL 'DWHRI SXUFKDVHFRQVWUXFWLRQRI QHZUHVLGHQWLDOKRXVH DLLL GGPP\\\\

 LY $PRXQWGHSRVLWHGLQ&DSLWDO* DLQV$FFRXQWV6FKHPHEHI RUHGXHGDWH DLY 

  LYD 'DWHRI GHSRVLW LYE $FFRXQWQXPEHU LYF ,)6FRGH

   
  GGPP\\\\ 

  Y $PRXQWRI GHGXFWLRQFODLPHG DY  

 E 'HGXFWLRQFODLPHGXV% 

 L 'DWHRI WUDQVI HURI RULJLQDODVVHW EL GGPP\\\\

 
 LL &RVWRI QHZDJULFXOWXUDOODQG ELL 
 
 LLL 'DWHRI SXUFKDVHRI QHZDJULFXOWXUDOODQG ELLL GGPP\\\\

 LY $PRXQWGHSRVLWHGLQ&DSLWDO* DLQV$FFRXQWV6FKHPHEHI RUHGXHGDWH ELY 

  LYD 'DWHRI GHSRVLW LYE $FFRXQWQXPEHU LYF ,)6FRGH

   
  GGPP\\\\  

  Y $PRXQWRI GHGXFWLRQFODLPHG EY  

 F 'HGXFWLRQFODLPHGXV' 

 L 'DWHRI DFTXLVLWLRQRI RULJLQDODVVHW FL GGPP\\\\

 
 LL &RVWRI SXUFKDVHFRQVWUXFWLRQRI QHZODQGRUEXLOGLQJI RULQGXVWULDOXQGHUWDNLQJ  FLL 
 
 LLL 'DWHRI SXUFKDVHRI QHZODQGRUEXLOGLQJ FLLL GGPP\\\\

 LY $PRXQWGHSRVLWHGLQ&DSLWDO* DLQV$FFRXQWV6FKHPHEHI RUHGXHGDWH FLY 

  LYD 'DWHRI GHSRVLW LYE $FFRXQWQXPEHU LYF ,)6FRGH

   
  GGPP\\\\  

  Y $PRXQWRI GHGXFWLRQFODLPHG FY  

 G 'HGXFWLRQFODLPHGXV(& 

 L 'DWHRI WUDQVI HURI RULJLQDODVVHW GL GGPP\\\\

$PRXQWLQYHVWHGLQVSHFLI LHGQRWLI LHGERQGV

QRWH[FHHGLQJILIW\ODNKUXSHHV 
 LL GLL 
  


 
 LLL 'DWHRI LQYHVWPHQW GLLL GGPP\\\\

 LY $PRXQWRI GHGXFWLRQFODLPHG GLY 

 H 'HGXFWLRQFODLPHGXV) 

 L 'DWHRI WUDQVI HURI RULJLQDODVVHW HL GGPP\\\\

 LL &RVWRI QHZUHVLGHQWLDOKRXVH HLL 

 
 LLL 'DWHRI SXUFKDVHFRQVWUXFWLRQRI QHZUHVLGHQWLDOKRXVH HLLL GGPP\\\\

 LY $PRXQWGHSRVLWHGLQ&DSLWDO* DLQV$FFRXQWV6FKHPHEHI RUHGXHGDWH HLY 

  LYD 'DWHRI GHSRVLW LYE $FFRXQWQXPEHU LYF ,)6FRGH

   
  GGPP\\\\  
  Y $PRXQWRI GHGXFWLRQFODLPHG HY  

 I 'HGXFWLRQFODLPHGXV* 

 L 'DWHRI WUDQVI HURI RULJLQDODVVHWI URPXUEDQDUHD I L GGPP\\\\

 
 LL &RVWDQGH[SHQVHVLQFXUUHGI RUSXUFKDVHRUFRQVWUXFWLRQRI QHZDVVHW I LL 
 
 LLL 'DWHRI SXUFKDVHFRQVWUXFWLRQRI QHZDVVHWLQDQDUHDRWKHUWKDQXUEDQDUHD  I LLL GGPP\\\\

 LY $PRXQWGHSRVLWHGLQ&DSLWDO* DLQV$FFRXQWV6FKHPHEHI RUHGXHGDWH I LY 

  LYD 'DWHRI GHSRVLW LYE $FFRXQWQXPEHU LYF ,)6FRGH

   
  GGPP\\\\  

    Y $PRXQWRI GHGXFWLRQFODLPHG I Y  

 J 'HGXFWLRQFODLPHGXV*$ 

 L 'DWHRI WUDQVI HURI RULJLQDODVVHWI URPXUEDQDUHD JL GGPP\\\\

   LL &RVWDQGH[SHQVHVLQFXUUHGI RUSXUFKDVHRUFRQVWUXFWLRQRI QHZDVVHW JLL 

 
 LLL 'DWHRI SXUFKDVHFRQVWUXFWLRQRI QHZDVVHWLQ6(=  JLLL GGPP\\\\

 LY $PRXQWGHSRVLWHGLQ&DSLWDO* DLQV$FFRXQWV6FKHPHEHI RUHGXHGDWH JLY 

  LYD 'DWHRI GHSRVLW LYE $FFRXQWQXPEHU LYF ,)6FRGH

        

  GGPP\\\\  

  Y $PRXQWRI GHGXFWLRQFODLPHG JY  

 K 'HGXFWLRQFODLPHGXV) IRU1RQ5HVLGHQW,QGLDQV  

 L 'DWHRI WUDQVI HURI RULJLQDOIRUHLJQH[FKDQJHDVVHW KL GGPP\\\\

   LL $PRXQWLQYHVWHGLQQHZ VSHFLI LHGDVVHWRUVDYLQJVFHUWLI LFDWH KLL 

 
 LLL 'DWHRI LQYHVWPHQW KLLL GGPP\\\\

 LY $PRXQWRI GHGXFWLRQFODLPHG KLY 

 L 7RWDOGHGXFWLRQFODLPHG DEFGHI JK  L  

 (6HWRI I RI FXUUHQW\HDUFDSLWDOORVVHVZLWKFXUUHQW\HDUFDSLWDOJDLQV H[FOXGLQJDPRXQWVLQFOXGHGLQ$D %DZKLFKLVFKDUJHDEOHXQGHU'7$$ 

&XUUHQW

\HDU¶V

FDSLWDO

JDLQV

UHPDLQLQ
&DSLWDO* DLQRI 
 6KRUWWHUPFDSLWDOORVV /RQJWHUPFDSLWDOORVV JDI WHU
FXUUHQW\HDU )LOOWKLV
VHWRI I 
FROXPQRQO\LI 

6O7\SH RI &DSLWDO* DLQ FRPSXWHGI LJXUHLV
 
SRVLWLYH 




'7$ '7$

      DSSOLFDEOHUDWH $     $ 

UDWHV UDWHV


        



%H 
&DSLWDO/RVVWREHVHWRI I  $H %H %F
%H %H %F
 )LOO WKLV URZ RQO\ LI  $H $D $  $H $F $E $J $ $ %H 
 L  $E %I  %E
I LJXUH FRPSXWHG LV D  $E F  %F 
%H % 
QHJDWLYH   %F 
%E 
%D 

 LL 6KRUW   $H $D $D     

WHUP  
 LLL   $H $E     
FDSLWDO


 JDLQ $H $F $E $
 LY DSSOLFDEOHUDWH    
J $ $F 

 Y '7$$UDWHV $E      

%H %F %H 

 YL         
%F %F %D 
/RQJ
%H 
WHUP
%H %H %F 
 YLLFDSLWDO         
%I %H % 
JDLQ
%E 

 YLLL '7$$UDWHV %E       

 L[7RWDOORVVVHWRI I  LLLLLLYYYLYLLYLLL       

 [ /RVVUHPDLQLQJDI WHUVHWRI I LL[       

7KH I LJXUHV RI  67&*  LQ WKLV WDEOH $H HWF DUHWKHDPRXQWVRI 67&* FRPSXWHGLQUHVSHFWLYHFROXPQ $ $ DVUHGXFHGE\WKHDPRXQWRI 67&* QRW
 
FKDUJHDEOHWRWD[RUFKDUJHDEOHDWVSHFLDOUDWHVDVSHU'7$$ZKLFKLVLQFOXGHGWKHUHLQLI DQ\ 

7KHI LJXUHVRI /7&* LQWKLVWDEOH % H HWF DUHWKHDPRXQWVRI /7&* FRPSXWHGLQUHVSHFWLYHFROXPQ %  %  DVUHGXFHGE\WKHDPRXQWRI /7&* QRW
 
FKDUJHDEOHWRWD[RUFKDUJHDEOHDWVSHFLDOUDWHVDVSHU'7$$ZKLFKLVLQFOXGHGWKHUHLQLI DQ\

 ) ,QI RUPDWLRQDERXWDFFUXDOUHFHLSWRI FDSLWDOJDLQ

 8SWR WR WR WR WR

  7\SH RI &DSLWDOJDLQ'DWH
L LL  LLL  LY  Y

6KRUWWHUPFDSLWDOJDLQVWD[DEOHDWWKHUDWHRI      
 
(QWHUYDOXHIURPLWHPYLRIVFKHGXOH%)/$ LIDQ\ 

6KRUWWHUPFDSLWDOJDLQVWD[DEOHDWWKHUDWHRI      
 
(QWHUYDOXHIURPLWHPYLLRIVFKHGXOH%)/$ LIDQ\ 

6KRUWWHUPFDSLWDOJDLQVWD[DEOHDWDSSOLFDEOHUDWHV    
 
(QWHUYDOXHIURPLWHPYLLLRIVFKHGXOH%)/$LIDQ\ 

6KRUWWHUPFDSLWDOJDLQVWD[DEOHDW'7$$UDWHV    
  
(QWHUYDOXHIURPLWHPL[RIVFKHGXOH%)/$ LIDQ\

/RQJWHUPFDSLWDOJDLQVWD[DEOHDWWKHUDWHRI      
 
(QWHUYDOXHIURPLWHP[RIVFKHGXOH%)/$ LIDQ\ 

/RQJWHUPFDSLWDOJDLQVWD[DEOHDWWKHUDWHRI      
 
(QWHUYDOXHIURPLWHP[LRIVFKHGXOH%)/$ LIDQ\ 

/RQJ WHUP FDSLWDO JDLQV WD[DEOH DW WKH UDWH '7$$ UDWHV   
 
(QWHUYDOXHIURPLWHP[LLRIVFKHGXOH%)/$LIDQ\

 &DSLWDOJDLQVRQWUDQVI HURI 9LUWXDO'LJLWDO$VVHWWD[DEOHDWWKH   

  UDWHRI  

(QWHUYDOXHIURPLWHP%RIVFKHGXOH6, LIDQ\

3OHDVHLQFOXGHWKHLQFRPHRIWKHVSHFLILHGSHUVRQV UHIHUUHGWRLQ6FKHGXOH63,ZKLOHFRPSXWLQJWKHLQFRPHXQGHUWKLVKHDG
127( Ź

6FKHGXOH$ )URPVDOHRIHTXLW\VKDUHLQDFRPSDQ\RUXQLWRIH TXLW\ RULH QWH GIXQGRUXQLWRIDEXVLQH VVWUXVWRQZKLFK677LVSDLGXQGH UVH FWLRQ$ 
 6O 6KDUH8QLW ,6,1 1DPHRI 1RRI 6DOHSULFH )XOOYDOXHRI &RVWRI &RVWRI ,IWKH ORQJ )DLU0DUNHW 7RWDO ([SH QGLWXUH 7RWDO %DODQFH 
1R $FTXLUHG &RGH WKH 6KDUHV8QLWV SH U FRQVLGHUDWLRQ DFTXLVLWLRQ DFTXLVLWLRQ WH UP 9DOXH SH U )DLU ZKROO\DQG GH GXFWLRQV  ,WHP
6KDUH8QLW 6KDUH8QLW ,IVKDUHVDUH  ZLWKRXW FDSLWDO VKDUHXQLWDV 0DUNH W H [FOXVLYH O\    D RI
DFTXLUH GRQ LQGH [DWLRQ DVVHWZDV RQ VW 9DOXH RI LQ /7&*
RUEH IRUH  KLJKHURI DFTXLUH G -DQXDU\ FDSLWDO FRQQHFWLRQ 6FKHGXOHRI
 RU  EH IRUH  DVVHWDV ZLWK ,75
  SH U WUDQVIH U
7RWDO6DOH  /RZHURI VHFWLRQ
9DOXH     DQG   DF 
   
,IVKDUHVDUH
$FTXLUH G
DIWHU VW
-DQXDU\
±3OHDVHHQWHU
)XOO9DOXHRI
&RQVLGHUDWLRQ
 &RO &ROD  &RO &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO 
   
               

               

               

               

 $GGURZV              
 7RWDO         

 


6FKHGXOH$'  E LLL  )RU12 15(6,'(176±)URPVDOHRIHTXLW\VKDUHLQDFRPSDQ\RUXQLWRIHTXLW\ RULHQWHGIXQGRUXQLWRIDEXVLQHVVWUXVWRQZKLFK677LVSDLGXQGH UVH FWLRQ$ 
SURYLVR
 6O 6KDUH8QLW ,6,1 1DPHRI 1RRI 6DOHSULFH )XOOYDOXHRI &RVWRI &RVWRI ,IWKH ORQJ )DLU0DUNHW 7RWDO ([SH QGLWXUH 7RWDO %DODQFH 
1R $FTXLUHG &RGH WKH 6KDUHV8QLWV SH U FRQVLGHUDWLRQ DFTXLVLWLRQ DFTXLVLWLRQ WH UP 9DOXH SH U )DLU ZKROO\DQG GH GXFWLRQV  
6KDUH8QLW 6KDUH8QLW  ZLWKRXW FDSLWDO VKDUHXQLWDV 0DUNH W H [FOXVLYH O\   ,WH P D 
VW
,IVKDUHVDUH  LQGH [DWLRQ DVVHWZDV RQ  9DOXH RI LQ RI/7&*
DFTXLUH GRQ KLJKHURI DFTXLUH G -DQXDU\ FDSLWDO FRQQHFWLRQ 6FKHGXOHRI
RUEH IRUH  RU  EH IRUH  DVVHWDV ZLWK ,75
  SH U WUDQVIH U
 /RZH URI VHFWLRQ
7RWDO6DOH  DQG   DF 
9DOXH       

,IVKDUHVDUH
$FTXLUH G
DIWHU VW
-DQXDU\
±3OHDVHHQWHU
)XOO9DOXHRI
&RQVLGHUDWLRQ
 &RO &ROD  &RO &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO  &RO 
   
               

               

               

               

 $GGURZV              

 7RWDO         


 

6FKHGXOH9'$ ,QFRPHIURPWUDQVIHURI9LUWXDO'LJLWDO$VVHWV
1RWH'HWDLOVRIHYHU\WUDQVDFWLRQDUHWREHILOOHGZKHUHLQHYHU\µWUDQVIHU¶LVDWUDQVDFWLRQ 
6O1R 'DWHRI$FTXLVLWLRQ 'DWHRI7 UDQVIHU +HDG XQGHU ZKLFK &RVWRI$FTXLVLWLRQ ,QFDVHRIJLIW &RQVLGHUDWLRQ ,QFRPHIURPWUDQVIHURI9LUWXDO
LQFRPH WR EH WD[HG D(QWHUWKHDPRXQWRQZKLFKWD[LV 5HFHLYHG 'LJLWDO$VVHWV HQWHUQLOLQFDVH
%XVLQHVV&DSLWDO*DLQ  SDLGXV  [ LIDQ\ RIORVV  &RO±&RO 
E ,Q DQ\ RWKHU FDVH FRVW WR
SUHYLRXVRZQHU 
&RO  &RO  &RO  &RO  &RO  &RO  &RO 
      
      
      
$GG5RZV      
$ 7RWDO 6XPRIDOO3RVLWLYH,QFRPHVRI%XVLQHVV,QFRPHLQ&RO  ,WH P 1R $J RI6FKH GXOH 
%3 
% 7RWDO 6XPRIDOO3RVLWLYH,QFRPHVRI&DSLWDO*DLQLQ&RO  ,WH P1R&RI6FKHGXOH&* 




6FKHGXOH
,QFRPHIURPRWKHUVRXUFHV
2 6
*URVVLQFRPHFKDUJHDEOHWRWD[DWQRUPDODSSOLFDEOHUDWHV DEFGH   
 D'LYLGH QGV*URVV D
L 'LYLGHQGLQFRPHRWKHUWKDQLL DL 
 
LL 'LYLGHQGLQFRPHXV  H  DLL 
E,QWH UHVW*URVV ELELLELLLELYEYEYLEYLLEYLLLEL[  E
L )URP6DYLQJV%DQN EL 

LL )URP'H SRVLWV %DQN3RVW2 IILFH &R RSH UDWLYH 6RFLH W\  ELL 

LLL )URP,QFRPHWD[5HIXQG ELLL


LY ,QWKH QDWXUHRI3DVVWKURXJKLQFRPH/RVV ELY
,QWH UHVWDFFUXHGRQFRQWULEXWLRQVWRSURYLGHQWIXQGWRWKHH [WHQW
Y EY 
27+(56285&(6

WD[DEOHDVSH UILUVWSURYLVRWRVHFWLRQ  
,QWH UHVWDFFUXHGRQFRQWULEXWLRQVWRSURYLGHQWIXQGWRWKHH [WHQW
 YL WD[DEOHDVSH U6HFRQGSURYLVRWRVHFWLRQ   EYL  


 ,QWH UHVWDFFUXHGRQFRQWULEXWLRQVWRSURYLGHQWIXQGWRWKHH [WHQW

YLL EYLL 
WD[DEOHDVSH UILUVWSURYLVRWRVHFWLRQ  

,QWH UHVWDFFUXHGRQFRQWULEXWLRQVWRSURYLGHQWIXQGWRWKHH [WHQW

YLLL EYLLL 
WD[DEOHDVSH UVHFRQGSURYLVRWRVHFWLRQ  

L[ 2 WKHUV EL[ 

F 5H QWDOLQFRPHIURPPDFKLQHU\SODQWVEXLOGLQJVH WF*URVV F
,QFRPHRIWKHQDWXUHUHIHUUHGWRLQVHFWLRQ  [ ZKLFKLVFKDUJHDEOHWRWD[  G
G
GLGLLGLLLGLYGY 
L $JJUH JDWH YDOXH RIVXPRIPRQH \UH FH LYH GZLWKRXWFRQVLGH UDWLRQ  GL

LL ,QFDVH LPPRYDEOHSURSHUW\LVUHFHLYHGZLWKRXWFRQVLGHUDWLRQVWDPSGXW\YDOXH RISURSH UW\ GLL

,QFDVH LPPRYDEOHSURSHUW\LVUHFHLYH GIRULQDGH TXDWH FRQVLGH UDWLRQVWDPSGXW\YDOXH RI

   LLL GLLL
SURSHUW\LQH[FHVVRIVXFKFRQVLGHUDWLRQ 
  LY ,QFDVH DQ\RWKHUSURSHUW\LVUHFHLYHGZLWKRXWFRQVLGH UDWLRQIDLUPDUNH WYDOXH RISURSH UW\  GLY

,QFDVH DQ\RWKHUSURSHUW\LVUH FH LYH GIRULQDGH TXDWH FRQVLGH UDWLRQIDLUPDUNH W YDOXH RI

Y GY
 SURSHUW\LQH[FHVVRIVXFKFRQVLGHUDWLRQ 
H  $Q\RWKHULQFRPH SOHDVHVSHFLI\QDWXUH  H 
 6O 1DWXUH  $PRXQW
 1 )DPLO\3HQVLRQ 

  ,QFRPHIURPUHWLUHPHQWEHQHILWDFFRXQWPDLQWDLQHGLQDQRWLILHGFRXQWU\XV$ 

,QFRPHIURPUHWLUHPHQWEHQHILWDFFRXQWPDLQWDLQHGLQDFRXQWU\RWKHUWKDQQRWLILHGFRXQWU\XV
  
 $

,QFRPHWD[DEOHGXULQJWKHSUHYLRXV\HDURQZKLFKUHOLHIXV$ZDVFODLPHGLQDQ\HDUOLHU
  
SUH YLRXV\HDU
$Q\VSHFLILHGVXPUHFHLYHGE\DXQLWKROGHUIURPDEXVLQHVVWUXVWGXULQJWKHSUHYLRXV\HDU
  
UH IH UUHGWRLQVHFWLRQ  [LL 
$Q\VXPLVUH FHLYHGLQFOXGLQJWKHDPRXQWDOORFDWHGE\ZD\RIERQXVDWDQ\WLPHGXULQJD
  
SUH YLRXV\HDUXQGHUDOLIHLQVXUDQFHSROLF\UHIHUUHGWRLQVHFWLRQ  [LLL 
 5RZVFDQEHDGGHGDVUHTXLUHG 
,QFRPHFKDUJHDEOHDWVSHFLDOUDWHV DLDLLEFGHIUH ODWHGWR6O1R   

  DL :LQQLQJVIURPORWWHULHVFURVVZRUGSX]]OHVUDFHVFDUGJDPHVHWFFKDUJHDEOHXV%% DL

   DLL,QFRPHE\ZD\RIZLQQLQJVIURPRQOLQHJDPHVFKDUJHDEOHXV%%- DLL

  E ,QFRPHFKDUJHDEOHXV%%( ELELLELLLELYEYEYL  E

 L &DVKFUHGLWVXV EL 

LL 8QH [SODLQHGLQYHVWPHQWVXV ELL  
  
LLL 8QH [SODLQHGPRQH\H WFXV$ ELLL 


 LY 8QGLVFORVHGLQYHVWPHQWVHWFXV% ELY 
Y 8QH [SODLQHGH[SHQGLWXUHHWFXV& EY 
YL $PRXQWERUURZHGRUUHSDLGRQKXQGLXV EYL 
'
F $FFXPXODWHGEDODQFHRIUHFRJQLVHGSURYLGHQWIXQGWD[DEOHXV F
61R $VVHVVPHQW<HDU ,QFRPH EH QH ILW 7D[EH QH ILW
 L  LL  LLL  LY  
   
G $Q\RWKH ULQFRPH FKDUJH DEOH DWVSHFLDOUDWH  WRWDORIGLWRG[[  G
'LYLGH QGVUHFHLYHGE\QRQUHVLGHQW QRWEH LQJFRPSDQ\ RU GL
IRUH LJQFRPSDQ\FKDUJH DEOH XV$  D L RWKH UWKDQ
L SURYLVRWRVH FWLRQ$  D $  

'LYLGH QGUHFHLYHGE\QRQUHVLGHQW QRWEH LQJFRPSDQ\ RU GLD

IRUHLJQFRPSDQ\IURPDXQLWLQDQ,QWH UQDWLRQDO)LQDQFLDO
LD 6H UYLFHV&HQWUHDVUHIHUUHGWRLQVXEVHFWLRQ $ RIVH FWLRQ 
/$FKDUJHDEOH XQGH USURYLVRWRVH FWLRQ$  D $ 

,QWH UHVWUHFHLYHGIURP*RYH UQPH QWRU,QGLDQFRQFH UQRQ GLL

LL IRUH LJQFXUUH QF\GH EWVFKDUJH DEOH XV$  D LL  

,QWH UHVWUHFHLYHGIURP,QIUDVWUXFWXUH'HEW)XQGFKDUJH DEOH  GLLL

LLL 
XV$  D LLD 
,QWH UHVWUHIHUUH GWRLQVH FWLRQ/&  FKDUJH DEOH XV GLY
LY 
$  D LLDD #
 Y ,QWH UH VW UH IH UUH G WR LQ VH FWLRQ /'  FKDUJH DEOH  XV GY

$  D LLDE 
'LVWULEXWHGLQFRPH EH LQJLQWH UH VWUH IH UUH GWRLQVH FWLRQ GYL
YL 
/%$FKDUJH DEOH XV$  D LLDF 
,QFRPHIURPXQLWVRI87,RURWKHU0XWXDO)XQGVVSHFLILHGLQ GYLL 
YLL VH FWLRQ ' SXUFKDVHGLQ)RUHLJQ&XUUHQF\FKDUJHDEOH  
XV$  D LLL 
,QFRPHIURPUR\DOW\RUIHHVIRUWHFKQLFDOVH UYLFH VUH FH LYH G GYLLL
YLLLIURP *RYH UQPH QW RU ,QGLDQ FRQFH UQ  FKDUJH DEOH  XV 
$  E $  $  E % 
,QFRPHE\ZD\RILQWHUHVWRQERQGVSXUFKDVH GLQIRUH LJQ GL[
L[ FXUUH QF\E\QRQ UH VLGH QWVFKDUJH DEOH XV$&  

,QFRPHE\ZD\RIGLYLGHQGRQ*'5VSXUFKDVH GLQIRUH LJQ G[

[ FXUUH QF\E\QRQ UH VLGH QWVFKDUJH DEOH XV$&  

,QFRPHE\ZD\RIGLYLGHQGVIURP*'5VSXUFKDVHGLQIRUHLJQ G[L
[L FXUUH QF\E\UH VLGH QWVFKDUJH DEOH XV$&$ 

,QFRPH RWKHUWKDQGLYLGHQG UHFHLYHGE\DQ),,LQUHVSH FWRI G[LL

[LL VH FXULWLHV RWKHUWKDQXQLWVUHIH UUHGWRLQVH FWLRQ$%  
FKDUJH DEOH XV$'  L 
,QFRPHE\ZD\RILQWH UH VWUH FH LYH GE\DQ),,RQERQGVRU G[LLL

[LLL*RYHUQPHQW VHFXULWLHV UHIHUUHG WR LQ VHFWLRQ /' ± 
FKDUJH DEOH DVSH USURYLVRWRVH FWLRQ$'  L 
,QFRPH  UH FH LYH G E\QRQ UH VLGH QWVVSRUWVPH QRUVSRUWV G[LY
[LY 
DVVRFLDWLRQVFKDUJHDEOHXV%%$
    $QRQ\PRXV 'RQDWLRQV LQ FH UWDLQ FDVH V FKDUJH DEOH  
[Y  
 XV%%& G[Y
[YL ,QWH UHVWUHIHUUHGWRLQ3URYLVRWRVHFWLRQ/&  FKDUJHDEOH G[YL
  
XV$  D LLDD #
,QFRPH  E\ ZD\ RI UR\DOW\ IURP SDWH QW GH YH ORSH G DQG G[YLL
  [YLL 
UH JLVWH UH GLQ,QGLDFKDUJH DEOHXV%%)
  [YLLL
,QFRPHE\ZD\RIWUDQVIHURIFDUERQFUHGLWVFKDUJH DEOH XV G[YLLL
 
%%*
,QFRPH  EH LQJ GLYLGH QG UH FH LYH G E\ DQ ),,LQUH VSH FWRIG[L[
    [L[VH FXULWLHV RWKHUWKDQXQLWVUHIH UUHGWRLQVH FWLRQ$%  
FKDUJH DEOH XV$'  L 


 ,QYH VWPHQW,QFRPHRID1RQ5HVLGHQW,QGLDQFKDUJHDEOHXVG[[
    [[ 
(
3DVVWKURXJKLQFRPHLQWKHQDWXUHRILQFRPHIURPRWKHUVRXUFHVFODLPHGDVFKDUJH DEOH DWVSH FLDOUDWH V GURS
  H H  
GRZQWREHSURYLGHG 

$PRXQWLQFOXGHGLQDQGDERYHZKLFKLVFODLPHGDVFKDUJHDEOHDWVSHFLDOUDWHVLQ,QGLDDVSH U'7$$ WRWDORI
I I 
  FROXPQ  RIWDEOHEHORZ 
6O1R $PRXQW ,WHP &RXQWU\ $UWLFOHRI 5DWHDVSHU :KH WKH U 6H FWLRQRI 5DWHDV $SSOLFDEOH
RILQFRPH 1RDLE QDPH   '7$$ 7UH DW\ 75& ,7$FW SH U,7 UDWH >ORZHU
WRG  &RGH  HQWHU1,/ REWDLQH G $FW RI  RU
LQZKLFK LIQRW <1   @
LQFOXGHG FKDUJHDEOH 


  
                   
,         
,,         

'H GXFWLRQVXQGHUVHFWLRQ RWKHUWKDQWKRVHUHODWLQJWRLQFRPHFKDUJHDEOHDWVSHFLDOUDWHVXQGHUD
 
EGH I 
([SH QVHV'H GXFWLRQVRWKHUWKDQHQWHUHGLQ³&´ LQ 
  D L  D L 
FDVH RIRWKH UWKDQIDPLO\SH QVLRQ 
  D LL 'H GXFWLRQXV LLD  LQFDVHRIIDPLO\SH QVLRQRQO\  D LL 
'H SUH FLDWLRQ DYDLODEOHRQO\LILQFRPHRIIHUHGLQ& 
E E
RI6FKHGXOH26 

,QWH UHVWH[SHQGLWXUHRQGLYLGHQGXV  $YDLODEOH 
& F
  RQO\LILQFRPHRIIHUHGLQD 
(OLJLEOH,QWHUHVWH [SHQGLWXUHXV  ±FRPSXWHG 
FL FL
YDOXH
G 7RWDO G 
 $PRXQWVQRWGHGXFWLEOHXV  

 3URILWVFKDUJHDEOHWRWD[XV  
D ,QFRPHFODLPHGIRUUHOLHIIURPWD[DWLRQXV$ D 
 1H W,QFRPHIURPRWKHUVRXUFHVFKDUJHDEOHDWQRUPDODSSOLFDEOHUDWHV  DIWHUUHGXFLQJLQFRPH  
UH ODWHGWR'7$$SRUWLRQ ±D  ,IQHJDWLYHWDNHWKHILJXUHWRLRIVFKHGXOH&</$ 
 ,QFRPHIURPRWKHUVRXUFHV RWKHUWKDQIURPRZQLQJUDFHKRUVHV    HQWHUDVQLOLIQHJDWLYH   
 ,QFRPHIURPWKHDFWLYLW\RIRZQLQJDQGPDLQWDLQLQJUDFHKRUVHV
D 5H FH LSWV D

'H GXFWLRQVXQGHUVHFWLRQLQUHODWLRQWRUHFHLSWV 
E E
DWDRQO\

F $PRXQWVQRWGHGXFWLEOHXV F 
G 3URILWVFKDUJHDEOHWRWD[XV G 
H  %DODQFH DEFG  LIQHJDWLYHWDNHWKHILJXUHWR[YLRI6FKHGXOH&)/  H  
 ,QFRPHXQGHUWKHKHDG³,QFRPHIURPRWKHUVRXUFHV´ H  WDNHHDVQLOLIQHJDWLYH   
  ,QIRUPDWLRQDERXWDFFUXDOUHFHLSWRILQFRPHIURP2WKHU6RXUFHV 
)URP)URPWR )URPWR)URPWR
 61R 2 WKHU6RXUFH,QFRPH  8SWR
WR   
   L  LL  LLL  LY  Y
,QFRPH  E\ ZD\ RI
ZLQQLQJVIURPORWWH ULH V
FURVVZRUGSX]]OHVUDFHV
      
JDPHVJDPEOLQJEHWWLQJ
H WFUH IHUUHGWRLQVHFWLRQ
  L[ 
,QFRPH  E\ ZD\ RI
 
  ZLQQLQJV IURPRQOLQH     
JDPH VXV%%-
'LYLGHQG ,QFRPH
      
UH IH UUHGLQ6O1RD L 
'LYLGHQG ,QFRPH XV
$  D L RWKH UWKDQ
  SURYLVR WR VH FWLRQ     
$  D $ #
,QFOXGLQJ37,,QFRPH 
       
 'LYLGH QGLQFRPH XQGH U
SURYLVR WR VH FWLRQ
      
$  D $  # 
,QFOXGLQJ37,,QFRPH 
'LYLGHQG ,QFRPH XV
  $&#     
,QFOXGLQJ37,,QFRPH 
'LYLGHQG ,QFRPH XV
  $&$  D  #      
,QFOXGLQJ37,,QFRPH 
'LYLGHQG,QFRPH RWKHU
WKDQXQLWVUHIHUUHGWRLQ
  VH FWLRQ $%  XV     
$'  L  # 
,QFOXGLQJ37,,QFRPH 
,QFRPHIURPUHWLUHPH QW
EHQHILW DFFRXQW
PDLQWDLQHGLQDFRXQWU\
        
VSH FLILHGXV$EXWQRW
FODLPHGIRUUH OLH IIURP
WD[DWLRQXV$
'LYLGHQG LQFRPH
   FKDUJH DEOH  DW '7$$      
5DWH V
3OHDVHLQFOXGHWKHLQFRPHRIWKHVSHFLILHGSHUVRQV VSRXVHPLQRUFKLOGHWF UHIHUUHGWRLQ6FKHGXOH63,ZKLOHFRPSXWLQJWKHLQFRPH
127(Ź
XQGHUWKLVKHDG


6FKHGXOH&</$ 'H WDLOVRI,QFRPHDIWHUVHWRIIRIFXUUHQW\HDUVORVVHV
6O1R +H DG6RXUFH RI,QFRPH  ,QFRPHRIFXUUH QW +RXVH SURSH UW\ %XVLQH VV/RVV 2 WKHUVRXUFH VORVV &XUUHQW\HDU¶V
\HDU ORVVRIWKHFXUUH QW RWKHUWKDQ RWKHUWKDQORVV ,QFRPH 
)LOOWKLVFROXPQ \H DUVH WRII VSH FXODWLRQORVV IURPRZQLQJUDFH  UH PDLQLQJDIWHU
RQO\LILQFRPH LV RUVSH FLILH G KRUVH V RIWKH  VH WRII
] H URRUSRVLWLYH  EXVLQHVVORVV RI FXUUH QW\HDUVH WRII
WKH FXUUHQW\HDU
VH WRII
      
/RVVWREH VHWRII  
YRILWHP(RI
L )LOOWKLVURZRQO\LIFRPSXWHG RI6FKHGXOH±+3 RI6FKHGXOH26 
6FKHGXOH%3 
&855(17<($5/266$'-8670(17

ILJXUHLVQHJDWLYH 
LL 6DODULHV RI6FKHGXOH6     

LLL +RXVHSURSHUW\ RI6FKHGXOH+3    

LY ,QFRPH IURP %XVLQHVV   
H [FOXGLQJVSH FXODWLRQSURILW $RI6FKHGXOH

DQG LQFRPH  IURP VSHFLILHG %3 
EXVLQHVV RUSURIHVVLRQ 
LLRILWHP(RI  
Y 6SHFXODWLYH,QFRPH  
6FKHGXOH%3 
LLLRILWHP(RI  
YL 6SHFLILHG%XVLQHVV,QFRPH  
6FKHGXOH%3 
6KRUWWHUPFDSLWDOJDLQWD[DEOH  LLRILWHP(RI   
YLL 
# 6FKHGXOH&* 
6KRUWWHUPFDSLWDOJDLQWD[DEOH  LLLRILWHP(RI   
YLLL 
# 6FKHGXOH&* 
6KRUWWHUPFDSLWDOJDLQWD[DEOH  LYRILWHP(RI   
L[ 
DWDSSOLFDEOH UDWH V 6FKHGXOH&* 
6KRUWWHUPFDSLWDOJDLQWD[DEOH    
YRILWHP(RI
[ DWVSH FLDOUDWHVLQ,QGLDDVSH U 
6FKHGXOH&* 
'7$$
/RQJWH UPFDSLWDOJDLQWD[DEOH  YLRILWHP(RI   
[L 
# 6FKHGXOH&* 
/RQJWH UPFDSLWDOJDLQWD[DEOH  YLLRILWHP(RI   
[LL 
# 6FKHGXOH&* 


 /RQJWH UPFDSLWDOJDLQVWD[DEOH    
YLLLRILWHP(RI
[LLL DWVSH FLDOUDWHVLQ,QGLDDVSH U 
6FKHGXOH&* 
 '7$$
1H WLQFRPHIURPRWKHUVRXUFH V   
[LY FKDUJHDEOHDWQRUPDODSSOLFDEOH RI6FKHGXOH26  
UDWH V
3URILW IURP WKH  DFWLYLW\ RI   
HRI6FKHGXOH26


[Y RZQLQJDQGPDLQWDLQLQJUDFH 
KRUVHV
,QFRPH  IURP RWKH U VRXUFH V   
IRI6FKHGXOH26


[YL WD[DEOHDWVSHFLDOUDWHVLQ,QGLD 
DVSH U'7$$
  


[YLL 7RWDOORVVVHWRII 
 


[YLLL /RVVUHPDLQLQJDIWHUVHWRII L±[YLL  

6FKHGXOH%)/$ 'H WDLOVRI,QFRPHDIWHU6HWRIIRI%URXJKW)RUZDUG/RVVHVRIHDUOLHU\HDUV
6O +H DG6RXUFH RI,QFRPH  ,QFRPHDIWHUVHWRII %URXJKWIRUZDUGORVV %URXJKW %URXJKWIRUZDUG &XUUH QW
1R LIDQ\RIFXUUH QW VH WRII IRUZDUG DOORZDQFHXQGH U \H DU¶VLQFRPH 
\H DU¶VORVVHVDVSHU GH SUH FLDWLRQ VH FWLRQ  VH W UH PDLQLQJ
RI6FKHGXOH &</$  VH WRII RII DIWH UVHWRII
    
LLRI6FKHGXOH
L 6DODULHV  
&</$ 
LLLRI6FKHGXOH %IKRXVHSURSHUW\ 
LL +RXVHSURSHUW\  
&</$  ORVV 
%IEXVLQHVVORVVRWKHU 1RWH%)
WKDQVSHFXODWLRQRU GHSUHFLDWLRQVHW
VSHFLILHGEXVLQHVVORVV  RIIZLOOEH
%XVLQHVV H[FOXGLQJVSHFXODWLRQ
LYRI6FKHGXOH 1RWH%)ORVVVHWRII UHVWULFWHGWR
LLL LQFRPHDQGLQFRPHIURP  
&</$  ZLOOEHUHVWULFWHGWR EXVLQHVVLQFRPH
VSHFLILHGEXVLQHVV 
EXVLQHVVLQFRPH H[FOXGLQJ
H[FOXGLQJLQFRPHXV LQFRPHXV
%%  %% 
%528*+7)25:$5'/266$'-8670(17

YRI6FKHGXOH %IQRUPDOEXVLQHVVRU
LY 6SHFXODWLRQ,QFRPH   
&</$  VSHFXODWLRQORVV 
YLRI6FKHGXOH %IQRUPDOEXVLQHVVRU
Y 6SHFLILHG%XVLQHVV,QFRPH   
&</$  VSHFLILHGEXVLQHVVORVV 
6KRUWWHUPFDSLWDOJDLQWD[DEOH  YLLRI6FKHGXOH %IVKRUWWHUPFDSLWDO
YL   
# &</$  ORVV 
6KRUWWHUPFDSLWDOJDLQWD[DEOH  YLLLRI6FKHGXOH %IVKRUWWHUPFDSLWDO
YLL   
# &</$  ORVV 
6KRUWWHUPFDSLWDOJDLQWD[DEOH  L[RI6FKHGXOH %IVKRUWWHUPFDSLWDO
YLLL   
DWDSSOLFDEOH UDWH V &</$  ORVV 
6KRUWWHUPFDSLWDOJDLQWD[DEOH 
[RI6FKHGXOH %IVKRUWWHUPFDSLWDO
L[ DWVSH FLDOUDWHVLQ,QGLDDVSH U    
&</$  ORVV 
'7$$
/RQJWHUPFDSLWDOJDLQWD[DEOH  [LRI6FKHGXOH %IVKRUWWHUPRUORQJ
[   
# &</$  WHUPFDSLWDOORVV 
/RQJWH UPFDSLWDOJDLQWD[DEOH  [LLRI6FKHGXOH %IVKRUWWHUPRUORQJ
[L   
# &</$  WHUPFDSLWDOORVV 
/RQJWH UPFDSLWDOJDLQVWD[DEOH 
[LLLRI6FKHGXOH %IVKRUWWHUPRUORQJ
[LL DWVSH FLDOUDWHVLQ,QGLDDVSH U    
&</$  WHUPFDSLWDOORVV 
'7$$
1H WLQFRPHIURPRWKH UVRXUFH V
[LYRI6FKHGXOH
[LLL FKDUJHDEOHDWQRUPDODSSOLFDEOH    
&</$ 
UDWH V
3URILWIURPRZQLQJDQG [YRI6FKHGXOH %IORVVIURPKRUVH 
[LY  
PDLQWDLQLQJUDFHKRUVHV &</$  UDFHV 
,QFRPH  IURP RWKH U VRXUFH V 
[YLRI6FKHGXOH
[Y LQFRPHWD[DEOHDWVSH FLDOUDWH V   
&</$ 
LQ,QGLDDVSH U'7$$
7RWDORIEURXJKWIRUZDUGORVVVHWRII LLLLLLY 
[YL   
YYLYLLYLLLL[[[L[LL[LY 
 &XUUHQW\HDU¶VLQFRPHUHPDLQLQJDIWHUVHWRII7RWDORI LLLLLLLYYYLYLLYLLLL[[[L 
[YLL [LL[LLL[LY[Y 

6FKHGXOH&)/ 'H WDLOVRI/RVVHVWREHFDUULHGIRUZDUGWRIXWXUH\HDUV
6O $VVHVVPHQW 'DWHRI)LOLQJ +RXVH /RVVIURPEXVLQHVVRWKH UWKDQ /RVVIURP /RVV 6KRUWWHUP /RQJ /RVVIURP
1R <H DU ''00<<<<  SURSHUW\ ORVVIURPVSHFXODWLYH EXVLQH VV VSH FXODWLYH IURP FDSLWDOORVV WHUP RZQLQJDQG
ORVV DQGVSH FLILH GEXVLQH VV EXVLQH VV VSHFLILHG  &DSLWDO PDLQWDLQLQJ
 %URXJKW $PRXQWDV %URXJKW EXVLQHVV ORVV UDFH KRUVHV
IRUZDUG DGMXVWH GRQ IRUZDUG
%XVLQHVV DFFRXQWRI %XVLQHVV
/RVV WD[DWLRQXV /RVV
%$& $  DYDLODEOH
IRUVHW
RII
&$55<)25:$5'2)/266

GXULQJ
WKH \HDU
E F D  
    D   
E
L           

LL    
  
LLL 
LY   

Y   

YL   
YLL         
YLLL        

L[         

[         

[L           

[LL           

[LLL          


[LY           


7RWDORI         
[Y H DUOLHU\HDU
ORVVHVEI
$GMXVWPHQW  
RIDERYH  LLRI LLLRI LYRI YRI [LYRI
[YL ORVVHVLQ 6FKHGXOH  6FKHGXOH 6FKHGXOH 6FKHGXOH 6FKHGXOH
6FKHGXOH %)/$  %)/$  %)/$  %)/$  %)/$ 
%)/$
 [YLLLRI  [YLLLRI %RI &RI [[[ [[ HRI
&XUUHQW 6FKHGXOH 6FKHGXOH 6FKHGXOH 6FKHGXOH [ RILWHP( [ RI 6FKHGXOH


\HDUORVVHV &</$  &</$  %3LI±YH  %3LI± RI6FKHGXOH LWHP(RI 26LI±YH 

[YLL
WREH  YH  &*  6FKHGXOH
FDUULHG &* 
IRUZDUG 
7RWDOORVV        
&DUULHG
[YLLL IRUZDUGWR
IXWXUH
\HDUV


 
6FKHGXOH8' 8QDEVRUEHGGHSUHFLDWLRQDQGDOORZDQFHXQGHUVHFWLRQ  
6O1R $VVH VVPHQW<HDU 'H SUHFLDWLRQ $OORZDQFH XQGH UVH FWLRQ  
  $PRXQWRI $PRXQWDV $PRXQWRI %DODQFH  $PRXQWRI $PRXQWRI %DODQFH 
EURXJKW DGMXVWH GRQ GH SUH FLDWLRQ FDUULH G EURXJKWIRUZDUGDOORZDQFH VH WRII &DUULHG
IRUZDUG DFFRXQWRI VH WRIIDJDLQVWIRUZDUGWRWKH XQDEVRUEH G DJDLQVWWKHFXUUHQW IRUZDUGWR
XQDEVRUEHG RSWLQJIRU WKH FXUUH QW QH [W\H DU DOORZDQFH  \H DULQFRPH  WKHQH[W\HDU
GH SUHFLDWLRQ WD[DWLRQXV \H DULQFRPH 
%$& $ 
      D           
&XUUHQW$VVHVVPHQW    
L
<H DU
LL       
LLL       
LY       
Y 7RWDO  [YLRI%)/$    [YLRI%)/$  


6FKHGXOH,&'6 (IIH FWRI,QFRPH&RPSXWDWLRQ'LVFORVXUH6WDQGDUGVRQSURILW
,QFUH DVHLQ 'H FUH DVHLQ 1HWHIIH FW
6O1R ,&'6
SURILW 5V  SURILW 5V  5V 
         
, $FFRXQWLQJ3ROLFLHV   
9DOXDWLRQRI,QYHQWRULHV RWKHUWKDQWKHHIIHFWRIFKDQJHLQPHWKRGRIYDOXDWLRQXV$LI
,,   
WKHVDPHLVVHSDUDWHO\UHSRUWHGDWFROGRUHRI3DUW$2, 
,,, &RQVWUXFWLRQ&RQWUDFWV   
,9 5HYHQXH5HFRJQLWLRQ   
9 7 DQJLEOH)L[HG$VVHWV   
9, &KDQJHVLQ)RUHLJQ([FKDQJH5DWHV   
9,, *RYHUQPHQW*UDQWV   
6HFXULWLHV RWKHUWKDQWKHHIIHFWRIFKDQJHLQPHWKRGRIYDOXDWLRQXV$LIWKHVDPHLV
9,,,   
VHSDUDWHO\UHSRUWHGDWFROGRUHRI3DUW$2, 
,; %RUURZLQJ&RVWV   
; 3URYLVLRQV&RQWLQJHQW/LDELOLWLHVDQG&RQWLQJHQW$VVHWV   
7RWDOHIIHFWRI,&'6DGMXVWPHQWVRQSURILW ,,,,,,,999,9,,9,,,,;;  
;,   



6FKHGXOH$$ 'H GXFWLRQXQGHUVHFWLRQ$$
'HGXFWLRQVLQUHVSHFWRIXQLWVORFDWHGLQ6SHFLDO(FRQRPLF=RQH
'('8&7,2186$$

$VVHVVPHQW\HDULQZKLFKXQLWEH JLQVWR
6O 8QGH UWDNLQJ 6O $PRXQWRIGH GXFWLRQ 
PDQXIDFWXUH SURGXFH SURYLGH VH UYLFH V 
 LWHPRI$QQH[XUH$RI)RUP
D 8QGHUWDNLQJ1R D
)IRU8QGHUWDNLQJ 
 LWHPRI$QQH[XUH$RI)RUP
E 8QGHUWDNLQJ1R E
)IRU8QGHUWDNLQJ 
F 
F 7RWDOGH GXFWLRQXQGHUVHFWLRQ$$ DE 


6FKHGXOH* 'H WDLOVRIGRQDWLRQVHQWLWOHGIRUGHGXFWLRQXQGHUVHFWLRQ*
'RQDWLRQVH QWLWOHGIRUGH GXFWLRQZLWKRXW 
$
TXDOLI\LQJOLPLW
 '(7$,/62)'21$7,216

 3$1RI (OLJLEOH $PRXQWRI

1DPH DQGDGGUHVVRIGRQH $PRXQWRIGRQDWLRQ 
'RQHH  GRQDWLRQ
'RQDWLRQ
'RQDWLRQ 7RWDO
  LQRWKH U 
LQFDVK 'RQDWLRQ
PRGH 
L      
LL      


 LLL 7RWDO     
'RQDWLRQV H QWLWOH G IRUGH GXFWLRQZLWKRXW 
%
TXDOLI\LQJOLPLW
3$1RI (OLJLEOH $PRXQWRI
1DPH DQGDGGUHVVRIGRQH $PRXQWRIGRQDWLRQ 
'RQHH  GRQDWLRQ
 'RQDWLRQ 
'RQDWLRQ 7RWDO
 LQRWKH U
LQFDVK 'RQDWLRQ
 PRGH 
L      

LL      

LLL 7RWDO     
'RQDWLRQVH QWLWOHGIRUGH GXFWLRQVXEMHFWWR 
&
TXDOLI\LQJOLPLW
 3$1RI (OLJLEOH $PRXQWRI
1DPH DQGDGGUHVVRIGRQH $PRXQWRIGRQDWLRQ 
 'RQHH  GRQDWLRQ
  'RQDWLRQ 
'RQDWLRQ 7RWDO
  LQRWKH U
LQFDVK 'RQDWLRQ
 PRGH 
L      

LL      
LLL 7RWDO     
'RQDWLRQVH QWLWOH GIRUGH GXFWLRQVXEMHFWWR 
'
TXDOLI\LQJOLPLW
 $51
(OLJLEOH 
3$1RI 'RQDWLRQ
1DPH DQGDGGUHVVRIGRQHH $PRXQWRIGRQDWLRQ  $PRXQWRI
'RQHH  5HIHUHQFH
GRQDWLRQ
1XPEHU 
'RQDWLRQ 
'RQDWLRQ 7RWDO
   LQRWKH U
LQFDVK 'RQDWLRQ
PRGH 
L       

LL       

6FKHGXOH**$ 'HWDLOVRIGRQDWLRQVIRUVFLHQWLILFUHVHDUFKRUUXUDOGHYHORSPHQW
DSSOLFDEOHLQWKHFDVHRID
SDUWQHURIILUPGHULYLQJ
RQO\SURILWIURPWKHILUP 
5H OHYDQWFODXVHXQGHUZKLFK 1DPH DQG 3$1RI $PRXQWRIGRQDWLRQ 
6 (OLJLEOH$PRXQW
 GHGXFWLRQLVFODLPHG GURS DGGUH VVRI 'RQHH 
1R RIGRQDWLRQ
 GRZQWREHSURYLGHG  'RQHH  
 'RQDWLRQLQFDVK  'RQDWLRQLQ 7RWDO
    
  RWKH UPRGH  'RQDWLRQ
 L      
 LL      
 7RWDOGRQDWLRQ     

'H WDLOVRIFRQWULEXWLRQVPDGHWRSROLWLFDOSDUWLHV
6FKHGXOH**&
$PRXQWRIFRQWULEXWLRQ  (OLJLEOHDPRXQW 7UDQVDFWLRQ5H IH UH QFH  ,)6FRGH RI%DQN 
61R 'DWH 
 RIFRQWULEXWLRQQXPEHUIRU83,WUDQVIHURU 
 &RQWULEXWLRQ&RQWULEXWLRQ &KHTXH 
7RWDO
   LQFDVK LQRWKHU QXPEHU,0361()757*6
&RQWULEXWLRQ
  PRGH 
 L       

 DGGURZV       

7RWDO      

FRQWULEXWLRQ

*>6FKHGXOH Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability
80DD
Nature of Type of dependent PAN of the Aadhaar of the Date of filing Ack. No. of UDID Number Amount (Rs.)
disability dependent dependent of Form Form 10IA (If available)
10IA filed
1.Dependent 1. Spouse
person 2. Son
with 3. Daughter

_________________________
* Corrected vide Corrigendum GSR 120(E) [No. 22/2024/F.No. 370142/47/2023-TPL], dated 21-2-2024. 
 disability 4. Father
2.Dependent 5. Mother
person 6. Brother
7. Sister
with
8. Member of the
severe HUF (in case of
disability +8) @

*[6FKHGXOH8 Details of deduction in case of a person with disability

Nature of disability Date of filing of Ack. No. of Form 10IA UDID Number (If Amount (Rs.)
Form 10IA filed available)
1. Self with disability
2. 6HOIZLWKVHYHUHGLVDELOLW\]


'H WDLOVRIGRQDWLRQVWRUHVHDUFKDVVRFLDWLRQVHWF>GHGXFWLRQXQGHUVHFWLRQV  LL RU  LLD RU  LLL RU $$ @
6FKHGXOH5$
 (OLJLEOH $PRXQWRI
1DPH DQGDGGUHVVRIGRQH 3$1RI'RQH H  $PRXQWRIGRQDWLRQ 
 GRQDWLRQ
 'RQDWLRQ
'RQDWLRQ 7RWDO
   LQRWKH U 
LQFDVK 'RQDWLRQ
 PRGH 
      
L
    
LL
7RWDO    
LLL

6FKHGXOH,$ 
 8QGH UWDNLQJ1R LWHPRI)RUP&&%RIWKH
D
'H GXFWLRQLQUH VSHFWRISURILWVRIDQXQGHUWDNLQJUHIHUUHGWRLQVHFWLRQ  XQGHUWDNLQJ 
D 
,$  LY >3RZHU@ 8QGH UWDNLQJ1R LWHPRI)RUP&&%RIWKH
D
 XQGHUWDNLQJ 
 E 7RWDOGH GXFWLRQVXQGHUVHFWLRQ,$ DD  E
 

6FKHGXOH,% 'H GXFWLRQVXQGHUVHFWLRQ,%
  

  
RI)RUP&&%RI
'HGXFWLRQLQWKHFDVHRIXQGHUWDNLQJZKLFKEH JLQV D 8QGH UWDNLQJQR
WKHXQGHUWDNLQJ 
D FRPPHUFLDOSURGXFWLRQRUUHILQLQJRIPLQHUDORLO>6HFWLRQ
RI)RUP&&%RI
,%  @ D 8QGH UWDNLQJQR
WKHXQGHUWDNLQJ 
RI)RUP&&%RI
E 8QGH UWDNLQJQR
'HGXFWLRQLQWKHFDVHRIDQXQGHUWDNLQJGH YHORSLQJDQG WKHXQGHUWDNLQJ 
E
EXLOGLQJKRXVLQJSURMHFWV>6HFWLRQ,%  @ RI)RUP&&%RI
E 8QGH UWDNLQJQR 
WKHXQGHUWDNLQJ 
'HGXFWLRQLQWKHFDVHRIDQXQGHUWDNLQJH QJDJHGLQ RI)RUP&&%RI
F 8QGH UWDNLQJQR
SURFHVVLQJSUHVHUYDWLRQDQGSDFNDJLQJRIIUXLWV WKHXQGHUWDNLQJ 
F
YH JH WDEOHVPHDWPHDWSURGXFWVSRXOWU\PDULQHRUGDLU\ RI)RUP&&%RI
F 8QGH UWDNLQJQR
SURGXFWV>6HFWLRQ,% $ @ WKHXQGHUWDNLQJ 
RI)RUP&&%RI
'HGXFWLRQLQWKHFDVHRIDQXQGHUWDNLQJH QJDJHGLQ G 8QGH UWDNLQJQR
WKHXQGHUWDNLQJ 
G LQWHJUDWHGEXVLQHVVRIKDQGOLQJVWRUDJHDQG
RI)RUP&&%RI
WUDQVSRUWDWLRQRIIRRGJUDLQV>6HFWLRQ,% $ @ G 8QGH UWDNLQJQR
WKHXQGHUWDNLQJ 
 H  7RWDOGH GXFWLRQXQGHUVHFWLRQ,% 7RWDORIDWRG  H 







_______________________

* Corrected vide Corrigendum GSR 120(E) [No. 22/2024/F.No. 370142/47/2023-TPL], dated 21-2-2024.
6FKHGXOH,&RU,( 'H GXFWLRQVXQGHUVHFWLRQ,&RU,(
RI)RUP&&%RIWKH
D 8QGH UWDNLQJQR
XQGHUWDNLQJ 
D 'H GXFWLRQLQUH VSHFWRIXQGHUWDNLQJORFDWHGLQ6LNNLP
RI)RUP&&%RIWKH
D 8QGH UWDNLQJQR
XQGHUWDNLQJ 
RI)RUP&&%RIWKH
E 8QGH UWDNLQJQR
XQGHUWDNLQJ 
E 'H GXFWLRQLQUH VSHFWRIXQGHUWDNLQJORFDWHGLQ+LPDFKDO3UDGHVK
RI)RUP&&%RIWKH
E 8QGH UWDNLQJQR
XQGHUWDNLQJ 
RI)RUP&&%RIWKH
F 8QGH UWDNLQJQR
XQGHUWDNLQJ 
F 'H GXFWLRQLQUH VSHFWRIXQGHUWDNLQJORFDWHGLQ8WWDUDQFKDO
RI)RUP&&%RIWKH
F 8QGH UWDNLQJQR
XQGHUWDNLQJ 
G 'H GXFWLRQLQUH VSHFWRIXQGHUWDNLQJORFDWHGLQ1RUWK(DVW 
 GD RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GD $VVDP
GD RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GE RI)RUP&&%RIWKH
'('8&7,2186,&

8QGHUWDNLQJQR
$UXQDFKDO XQGHUWDNLQJ 
GE
3UDGH VK GE RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GF RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GF 0DQLSXU
GF RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GG RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GG 0L] RUDP
GG RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GH  RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GH  0H JKDOD\D
GH  RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GI RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GI 1DJDODQG
GI RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GJ RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GJ 7ULSXUD
GJ RI)RUP&&%RIWKH
8QGHUWDNLQJQR
XQGHUWDNLQJ 
GK 7RWDOGH GXFWLRQIRUXQGHUWDNLQJVORFDWHGLQ1RUWKHDVW WRWDORIGDWRGJ  GK 
H  7RWDOGH GXFWLRQXQGHUVHFWLRQ,&RU,( DGFGK  H 




6FKHGXOH9,$ 'H GXFWLRQVXQGHU&KDSWHU9,$

 3DUW%'H GXFWLRQLQUHVSHFWRIFH UWDLQSD\PHQWV 

D &  E &&& 
727$/'('8&7,216

F &&'    G &&' %  

' 'HWDLOVDUHWREHILOOHG
H  &&'    I LQWKHGURSGRZQWREH 

SURYLGHGLQHILOLQJXWLOLW\ 

''% 'HWDLOVDUHWREH
ILOOHGLQWKHGURSGRZQWR
J ''  K 
EHSURYLGHGLQHILOLQJ
XWLOLW\ 


 L (  M (( 

N (($  O ((% 

P *  Q ** 

R **$  R L **& 

7RWDO'H GXFWLRQXQGHU3DUW% WRWDORIDWRR L    

 3DUW& 'HGXFWLRQLQUHVSHFWRIFHUWDLQLQFRPHV 

S ,$ ERI6FKHGXOH,$  T ,$% 

U ,% (RI6FKHGXOH,%  V ,%$ 

W ,&,( HRI6FKHGXOH,&,(  X --$ 


>6OQR, HLY ,,RI
Y --$$ Z 44%
$QQH[XUHWR)RUP'$@

[ 55%   

7RWDO'H GXFWLRQXQGHU3DUW& WRWDORISWRZ   

 3DUW&$DQG''HGXFWLRQLQUHVSHFWRIRWKHULQFRPHVRWKHUGHGXFWLRQ

L 77$  LL 77% 

LLL 8  LY &&+

$Q\RWKHU

'H GXFWLRQDV
Y     
SH UWKHH 
ILOLQJXWLOLW\

7RWDO'H GXFWLRQXQGHU3DUW&$DQG' WRWDORILLLLLLLYDQGY   

 7RWDOGH GXFWLRQVXQGHU&KDSWHU9,$    


6FKHGXOH$07 &RPSXWDWLRQRI$OWHUQDWH0LQLPXP7D[SD\DEOHXQGHUVHFWLRQ-&

  7RWDO,QFRPHDVSHULWHPRI3$57%7,  

 $GMXVWPHQWDVSHUVHFWLRQ-&   
'H GXFWLRQFODLPHGXQGHUDQ\VHFWLRQLQFOXGHGLQ D
 
D &KDSWHU9,$XQGHUWKHKHDGLQJ³&²
 'H GXFWLRQVLQUHVSHFWRIFH UWDLQLQFRPHV´
E 'H GXFWLRQFODLPHGXV$$ E
'H GXFWLRQFODLPHGXV$'DVUHGXFHGE\WKH 
F DPRXQWRIGHSUHFLDWLRQRQDVVHWVRQZKLFKVXFK F
GH GXFWLRQLVFODLPHG
G 7RWDO$GMXVWPHQW DEF  G

 $GMXVWHG7RWDO,QFRPHXQGHUVHFWLRQ-&   G    
$GMXVWHG7RWDO,QFRPHXV-&IURPXQLWVORFDWHG
 D D 
LQ,)6&LIDQ\
$GMXVWHG7RWDO,QFRPHXV-&IURPRWKHU8QLWV
 E E
D 

 7D[SD\DEOHXQGHUVHFWLRQ-&> RI D RI E @ LILVJUHDWHUWKDQ5VODNK   





 6FKHGXOH$07&  &RPSXWDWLRQRIWD[FUHGLWXQGHUVHFWLRQ-'
  7D[XQGH UVHFWLRQ-&LQDVVHVVPHQW\HDU GRI3DUW%77,   
 7D[XQGH URWKHUSURYLVLRQVRIWKH$FWLQDVVHVVPHQW\HDU LRI3DUW%77,   
 $PRXQWRIWD[DJDLQVWZKLFKFUHGLWLVDYDLODEOH>HQWHU ± LILVJUHDWHUWKDQRWKHUZLVHHQWHU  
@
 8WLOL]DWLRQRI$07FUH GLW$YDLODEOH 6XPRI$07FUH GLWXWLOL]HGGXULQJWKHFXUUHQW\H DULVVXEMH FWWRPD[LPXPRIDPRXQW
PHQWLRQH GLQDERYH DQGFDQQRWH [FH HGWKH VXPRI$07&UH GLW%URXJKW)RUZDUG 
6 $VVHVVPHQW<HDU $07 &UHGLW $07 &UHGLW %DODQFH$07&UHGLW
1R $ *URVV 6H WRIILQHDUOLHU %DODQFH EURXJKW 8WLOL] H GGXULQJ &DUULH G)RUZDUG
%  DVVH VVPH QW IRUZDUGWRWKH WKH &XUUH QW '  % ± & 
\H DUV FXUUH QWDVVHVVPHQW$VVH VVPH QW<H DU
%  \H DU & 
%   % ± % 
L     
LL     
LLL     
LY     
Y      
YL     
YLL     
YLLL     
L[     
[     
[L    
&XUUHQW$< HQWHU  
[LL
LI!H OVHHQWHU 
[LLL 7RWDO     
 $PRXQWRIWD[FUHGLWXQGHUVHFWLRQ-'XWLOL]HGGXULQJWKH\HDU>WRWDORILWHPQR & @   
 $PRXQWRI$07OLDELOLW\DYDLODEOHIRUFUHGLWLQVXEVHTXHQWDVVHVVPHQW\HDUV>WRWDORI ' @   


6FKHGXOH63, ,QFRPHRIVSHFLILH GSH UVRQV VSRXVH PLQRUFKLOGH WF LQFOXGDEOH LQLQFRPH RIWKH DVVH VVH H DVSH UVH FWLRQ
 6O1R 1DPH RISH UVRQ  3$1$DGKDDU1RRISHUVRQ 5H ODWLRQVKLS $PRXQW 5V  +H DGRI,QFRPH LQ
RSWLRQDO  ZKLFKLQFOXGH G
              
              
               

6FKHGXOH6,
6O1R 6HFWLRQ ;  6SH FLDOUDWH ,QFRPH L  7D[WKHUHRQ
 LL 
 $FFXPXODWHGEDODQFHRIUHFRJQLVH GSURYLGH QWIRUSULRU\H DUV   FLLLRI6FKHGXOH FLYRI6FKHGXOH
26  26 
 $RU6HFWLRQ$'  E LL 3URYLVR 67&*RQVKDUH VXQLWVRQ †  SDUWRIYLRI 
ZKLFKZKH UH 677SDLG  6FKHGXOH%)/$ 
 $' 67&*IRU),,VRQVH FXULWLH VZKH UH 677QRWSDLG  †  SDUWRIYLLRI 
6FKHGXOH%)/$ 
 SURYLVR /7&*RQOLVWHGVHFXULWLH VXQLWVZLWKRXWLQGH [DWLRQ †  SDUWRI[RI 
63(&,$/5$7(

6FKHGXOH%)/$ 
   F LLL  /7&*IRUQRQ UHVLGHQWRQXQOLVWH GVH FXULWLH V  †  SDUWRI[RI 
6FKHGXOH%)/$ 
 $& /7&*IRUQRQ UHVLGHQWRQERQGV*'5  †  SDUWRI[RI 
6FKHGXOH%)/$ 
D $& ,QFRPHE\ZD\RILQWHUHVWUH FH LYH GE\QRQ UH VLGH QWRQ †  SDUWRIGRI 
ERQGVSXUFKDVH GLQIRUH LJQFXUUH QF\  6FKHGXOH26 
E $& ,QFRPHE\ZD\RI'LYLGHQGUHFHLYHGE\QRQUHVLGHQWIURP †  SDUWRIGRI 
*'5SXUFKDVH GLQIRUH LJQFXUUH QF\  6FKHGXOH26 
 $&$ /7&*IRUDQHPSOR\HHRIVSHFLILHGFRPSDQ\RQ*'5 †  SDUWRI[RI 
6FKHGXOH%)/$ 
 $' /7&*IRU),,VRQVH FXULWLH V  †  SDUWRI[RI 
6FKHGXOH%)/$ 
 ( /7&*IRUQRQ UH VLGH QW,QGLDQRQVSH FLILH GDVVH W  †  SDUWRI[RI 
6FKHGXOH%)/$ 


   /7&*RQRWKHUV  †  [LRI6FKHGXOH 
%)/$ 
 $RUVHFWLRQ$'  E LLL SURYLVR /7&*RQVDOHRIVKDUH VRU †   [ RI6FKHGXOH 
XQLWVRQZKLFK677LVSDLG  %)/$ 
 67&*&KDUJH DEOH DWVSH FLDOUDWH VLQ,QGLDDVSH U'7$$ †  SDUWRIL[RI 
6FKHGXOH%)/$ 
  /7&*&KDUJH DEOH DWVSH FLDOUDWH VLQ,QGLDDVSH U'7$$ †  SDUWRI[LLRI 
6FKHGXOH%)/$ 
D %% :LQQLQJVIURPORWWH ULH VSX] ] OH VUDFH VJDPH VH WF  †  DLRI6FKHGXOH 
26 
E %%- :LQQLQJIURPRQOLQH JDPH V  †  DLLRI6FKHGXOH 
26 
 %%( ,QFRPH XQGH UVH FWLRQ$%&RU'  †  ERI6FKHGXOH26 
 %%+ 7D[RQLQFRPH IURPYLUWXDOGLJLWDODVVH W     
 $ ,QFRPHXQGHUKHDGEXVLQH VVRUSURIH VVLRQ  †  $JRI6FKHGXOH 
%3 
 % ,QFRPH XQGHUKHDG&DSLWDO*DLQ  †  &RI6FKHGXOH 
&* 
 %%) 7D[RQLQFRPH IURPSDWH QW     
 $ ,QFRPHXQGHUKHDGEXVLQH VVRUSURIH VVLRQ  †  HRI6FKHGXOH%3 
% ,QFRPH XQGH UKH DGRWKH UVRXUFH V  †  GRI6FKHGXOH26 
 %%* 7D[RQLQFRPH IURPWUDQVIH URIFDUERQFUH GLWV     
 $ ,QFRPHXQGHUKHDGEXVLQH VVRUSURIH VVLRQ  †  IRI6FKHGXOH%3 
% ,QFRPH XQGH UKH DGRWKH UVRXUFH V  †  GRI6FKHGXOH26 
 $  E $  $  E %  ,QFRPH RIDQRQUH VLGH QWIURP †  SDUWRIGRI 
5R\DOW\  6FKHGXOH26 
 ,QFRPHIURPRWKHUVRXUFHVFKDUJHDEOHDWVSHFLDOUDWHVLQ,QGLDDVSH U †  SDUWRIIRI 
'7$$ 6FKHGXOH26 
 3DVV7KURXJK,QFRPHLQWKH QDWXUH RI6KRUW7H UP&DSLWDO*DLQ †  SDUWRIYLRI 
FKDUJHDEOH# 6FKHGXOH%)/$ 
 3DVV7KURXJK,QFRPHLQWKH QDWXUH RI6KRUW7H UP&DSLWDO*DLQ †  SDUWRIYLLRI 
FKDUJH DEOH # 6FKHGXOH%)/$ 
 3DVV7KURXJK,QFRPHLQWKH QDWXUH RI/RQJ7HUP&DSLWDO*DLQ †  SDUWRI[RI 
FKDUJH DEOH #XV$ 6FKHGXOH%)/$ 
 3DVV7KURXJK,QFRPHLQWKH QDWXUH RI/RQJ7HUP&DSLWDO*DLQ   SDUWRI[RI 
FKDUJH DEOH #XVRWKH UWKDQVH FWLRQ$ 6FKHGXOH%)/$
 3DVV7KURXJK,QFRPHLQWKH QDWXUH RI/RQJ7HUP&DSLWDO*DLQ †  SDUWRI[LRI 
FKDUJHDEOH# 6FKHGXOH%)/$ 
 3DVVWKURXJKLQFRPHLQWKH QDWXUH RILQFRPH IURPRWKH UVRXUFH  †  HRI6FKHGXOH26 
FKDUJHDEOHDWVSHFLDOUDWHV 'URSGRZQWREHSURYLGHGLQHILOLQJXWLOLW\ 
 $Q\RWKH ULQFRPH FKDUJH DEOH DWVSHFLDOUDWH  'URSGRZQWREH †  GRI6FKHGXOH26 
SURYLGHGLQHILOLQJXWLOLW\ 
 7RWDO  



6FKHGXOH,) ,QIRUPDWLRQUHJDUGLQJSDUWQHUVKLSILUPVLQZKLFK\RXDUHSDUWQHU
1XPEHURIILUPVLQZKLFK\RXDUHSDUWQHU
:KH WKH U &DSLWDOEDODQFH
:KHWKH UWKH  VH FWLRQ( 3H UFH QWDJH  $PRXQWRIVKDUH  RQ VW0DUFK
),506,1:+,&+

LQWKH SURILW
 1DPH RIWKH  3$1RIWKHILUP ILUPLVOLDEOH  LV 6KDUH  LQWKH ILUP
6O1R )LUP IRUDXGLW" DSSOLFDEOH  LQWKHSURILW LL
3$571(5

L
<H V1R  WRILUP" RIWKH ILUP
<HV1R 
       
       
       
 7RWDO  

6FKHGXOH(, 'H WDLOVRI([H PSW,QFRPH ,QFRPHQRWWREHLQFOXGHGLQ7RWDO,QFRPH RUQRWFKDUJHDEOHWRWD[ 
 ,QWHUHVWLQFRPH   
,1&20(
(;(037

*URVV$JULFXOWXUDOUHFHLSWV RWKHUWKDQLQFRPHWREH H[FOXGHGXQGHU

 L L 
UXOH $%RURI,75XOH V 
L ([SH QGLWXUH LQFXUUH GRQDJULFXOWXUH  LL 

LLL8QDEVRUEHGDJULFXOWXUDOORVVRISUHYLRXVH LJKWDVVH VVPH QW\H DUV LLL
 $JULFXOWXUDOLQFRPHSRUWLRQUHODWLQJWR5XOH$%  % $ 
LY LY 
DQG IURP6O1RRI6FK%3 
Y 1H W$JULFXOWXUDOLQFRPH IRUWKH \H DU L±LL±LLLLY  HQWHUQLOLIORVV   
,QFDVH WKHQHWDJULFXOWXUDOLQFRPHIRUWKH\HDUH[FHHGV5VODNKSOHDVHIXUQLVKWKHIROORZLQJ
YL
GHWDLOV )LOOXSGHWDLOVVHSDUDWHO\IRUHDFKDJULFXOWXUDOODQG 
D 1DPHRIGLVWULFWDORQJZLWKSLQFRGHLQZKLFKDJULFXOWXUDOODQGLVORFDWHG 
E 0HDVXUHPHQWRIDJULFXOWXUDOODQGLQ$FUH 

F :KHWKHUWKHDJULFXOWXUDOODQGLVRZQH GRUKH OGRQOH DVH  GURSGRZQWREHSURYLGHG 
G :KH WKH UWKH DJULFXOWXUDOODQGLVLUULJDWH GRUUDLQ IH G GURSGRZQWREHSURYLGHG 
 2 WKHUH[HPSWLQFRPH  LQFOXGLQJH[HPSWLQFRPHRIPLQRUFKLOG  SOHDVHVSHFLI\   
 ,QFRPH FODLPH GDVQRWFKDUJH DEOHWRWD[DVSH U'7$$
6O$PRXQWRILQFRPH 1DWXUH RI &RXQWU\QDPH $UWLFOHRI +HDGRI :KHWKHU75&
1R LQFRPH  &RGH  '7$$ ,QFRPH  REWDLQH G
<1 
 ,      
,,      
,,,7RWDO,QFRPH IURP'7$$FODLPH GDVQRWFKDUJH DEOH WRWD[  

 3DVVWKURXJKLQFRPH FODLPH GDVQRWFKDUJH DEOH WRWD[ 6FKHGXOH37,   

 7RWDO    

6FKHGXOH37, 3DVV7KURXJK,QFRPH GH WDLOVIURPEXVLQH VVWUXVWRULQYH VWPH QWIXQGDVSH UVH FWLRQ8$8% 
6O ,QYHVWPHQW 1DPH RI 3$1RI 6O +HDGRILQFRPH   6KDUH RI  7'6RQ
H QWLW\FRYHUHG EXVLQHVVWUXVW WKH &XUUHQW FXUUH QW 1HW VXFK
E\VH FWLRQ LQYHVWPHQW EXVLQH VV <HDU \H DUORVV ,QFRPH DPRXQW
8$8% IXQG WUXVW LQFRPH  GLVWULEXWH G /RVV LIDQ\
LQYHVWPHQW E\  
IXQG ,QYH VWPHQW
IXQG

                 
 GURSGRZQWR   L +RXVH SURSH UW\    
EH SURYLGH G 
LL &DSLWDO*DLQV
 D 6KRUWWH UP    
D 6H FWLRQ$    
E /RQJWH UP    
 E 6H FWLRQ$    
3$667+528*+,1&20(

 % 6H FWLRQV    
RWKH U WKDQ
$
LLL 2 WKHU6RXUFHV    
 D 'LYLGH QG   
 E 2 WKHUV   
LY ,QFRPHFODLPHGWREHH[HPSW
 $ XV    
 )%% 
% XV   
««««
& XV««««   
    L +RXVH SURSH UW\    
LL &DSLWDO*DLQV
 $ 6KRUWWH UP    
D 6H FWLRQ$    
% /RQJWH UP    
 E 6H FWLRQ$    
 E 6H FWLRQV    
RWKH U WKDQ
$


 LLL 2 WKH U6RXUFH V    
  'LYLGHQG   
  2 WKH UV   
LY ,QFRPHFODLPHGWREHH[HPSW
 D XV    
 )%% 
E XV   
««««
F XV««««   
127(Ź 3OH DVHUH IHUWRWKHLQVWUXFWLRQVIRUILOOLQJRXWWKLVVFKHGXOH


6FKHGXOH736$ 'H WDLOVRI7D[RQVHFRQGDU\DGMXVWPHQWVDVSHUVHFWLRQ&( $ DVSH UWKHVFKHGXOHSURYLGHGLQH ILOLQJXWLOLW\
$PRXQWRISULPDU\DGMXVWPHQWVRQZKLFKRSWLRQXV&( $ LVH[HUFLVHG VXFK
7$;216(&21'$5<$'-8670(176$63(56(&7,21&( $ 

 H[FH VVPRQH\KDVQRWEHHQUHSDWULDWHGZLWKLQWKHSUHVFULEHGWLPH SOHDVHLQGLFDWHWKH 

WRWDORIDGMXVWPHQWVPDGHLQUHVSHFWRIDOOWKH$<V 
D $GGLWLRQDO,QFRPHWD[SD\DEOH#RQDERYH 
E 6XUFKDUJH#RQ³D´ 

F +HDOWK (GXFDWLRQFHVVRQ DE  
G 7RWDO$GGLWLRQDOWD[SD\DEOH DEF  
 7D[H VSDLG 
 1H WWD[SD\DEOH G  
'DWH V RI 'DWH  'DWH 'DWH 'DWH 'DWH 'DWH
GH SRVLWRI
WD[RQ ''00<<< ''00<<< ''00<<< ''00<<< ''00<<< ''00<<<
VHFRQGDU\ < < < < < <
 DGMXVWPHQW
VDVSHU
VHFWLRQ
&( $ 
1DPH RI     
 %DQNDQG 
%UDQFK
 %65&RGH      
6HULDO
 QXPEHURI      
FKDOODQ
$PRXQW
 GH SRVLWHG      


6FKHGXOH)6, 'H WDLOVRI,QFRPHIURPRXWVLGH,QGLDDQGWD[UHOLHI DYDLODEOHRQO\LQFDVHRIUHVLGHQW 

6O&RXQWU\ 7D[SD\H U 6O+HDGRILQFRPH  ,QFRPH IURP 7D[SDLG 7D[SD\DEOH  7D[UH OLH I 5H OHYDQWDUWLFOH RI
&RGH  ,GH QWLILFDWLRQ RXWVLGH ,QGLD RXWVLGH  RQVXFK DYDLODEOH LQ '7$$LIUHOLH I
GURSGRZQ1XPEHU LQFOXGH GLQ ,QGLD LQFRPHXQGH U ,QGLD FODLPH GXVRU
WREH  3$57%7,  QRUPDO H  F RU G  $
SURYLGH G SURYLVLRQVLQ ZKLFKH YH ULV
LQWKHH ,QGLD ORZH U
,1&20()5202876,'(,1',$

ILOLQJ
D  E F G H  I
XWLOLW\ 
   L 6DODU\    
LL +RXVH3URSHUW\    
%XVLQHVVRU
LLL    
3URIHVVLRQ
LY &DSLWDO*DLQV    
Y 2 WKHUVRXUFHV    
7RWDO    
   L 6DODU\    
 LL +RXVH3URSHUW\    
%XVLQHVVRU   
LLL 
3URIHVVLRQ
LY &DSLWDO*DLQV    
Y 2 WKHUVRXUFHV    
7RWDO    
127(Ź 3OHDVHUHIHUWRWKHLQVWUXFWLRQVIRUILOOLQJRXWWKLVVFKHGXOH
 6FKHGXOH75 6XPPDU\RIWD[UHOLHIFODLPHGIRUWD[HVSDLGRXWVLGH,QGLD DYDLODEOHRQO\LQFDVHRIUH VLGHQW 
 'HWDLOVRI7D[UH OLHIFODLPHG
 &RXQWU\&RGH  7D[SD\H U 7RWDOWD[H VSDLGRXWVLGH ,QGLD 7RWDOWD[UH OLH IDYDLODEOH  6H FWLRQXQGH UZKLFK
7$;5(/,())257$;3$,'2876,'(,1',$
,GH QWLILFDWLRQ WRWDORI F RI6FKH GXOH )6,LQ WRWDORI H RI6FKHGXOH)6,LQ UH OLH IFODLPH G
1XPEH U UH VSH FWRIH DFKFRXQWU\  UH VSH FWRIH DFKFRXQWU\  VSH FLI\$RU 
D  E F G H 
    
    
    
    
7RWDO   
7RWDO7D[UH OLHIDYDLODEOHLQUHVSHFWRIFRXQWU\ZKHUH'7$$LVDSSOLFDEOH VHFWLRQ$  3DUWRI
  
WRWDORI G 
7RWDO7D[UH OLHIDYDLODEOHLQUHVSHFWRIFRXQWU\ZKHUH'7$$LVQRWDSSOLFDEOH VHFWLRQ  3DUWRIWRWDO
  
RI G 
:KHWKHUDQ\WD[SDLGRXWVLGH,QGLDRQZKLFKWD[UHOLHIZDVDOORZHGLQ,QGLDKDVEHHQ
  <HV1R
UH IXQGHGFUHGLWHGE\WKHIRUHLJQWD[DXWKRULW\GXULQJWKH\HDU",I\HVSURYLGHWKHGH WDLOVEH ORZ
 D $PRXQWRIWD[UHIXQGHG E $VVH VVPHQW\HDULQZKLFKWD[UHOLHIDOORZHGLQ,QGLD 
127(Ź 3OHDVHUHIHUWRWKHLQVWUXFWLRQVIRUILOOLQJRXWWKLVVFKHGXOH



6FKHGXOH)$ 'H WDLOVRI)RUH LJQ$VVH WVDQG,QFRPH IURPDQ\VRXUFH RXWVLGH ,QGLD 
$ 'H WDLOVRI)RUHLJQ'HSRVLWRU\$FFRXQWVKHOG LQFOXGLQJDQ\EHQHILFLDOLQWHUHVW DWDQ\WLPHGXULQJWKHFDOHQGDU\H DUH QGLQJD V
'(7$,/62))25(,*1$66(76

RQ VW'H FH PEH U

6O &RXQWU &RXQWU\ 1DPH RI $GGUH VV =,3FRGH $FFRXQW 6WDWXV $FFRXQW 3H DN &ORVLQJ *URVV
1R \QDPH  FRGH  ILQDQFLDO RI QXPEHU RSH QLQJGDWH  EDODQFH  EDODQFH LQWH UH VW
LQVWLWXWLRQILQDQFLDO GXULQJWKH SDLGFUHGLW
LQVWLWXWLR SH ULRG H GWRWKH 
Q DFFRXQW
GXULQJWKH 
SH ULRG
                       
L            
LL            
 $ 'H WDLOVRI)RUHLJQ&XVWRGLDO$FFRXQWVKHOG LQFOXGLQJDQ\EHQHILFLDOLQWHUHVW DWDQ\WLPHGXULQJWKHFDOHQGDU\HDUHQGLQJD VRQ
 VW'H FH PEH U
6O &RXQW &RXQWU\ 1DPH RI $GGUH VVRI =,3 $FFRXQ 6WDWXV $FFRXQW 3H DN &ORVLQJ *URVVDPRXQW
1R U\ FRGH  ILQDQFLDO ILQDQFLDO FRGH  W RSH QLQJ EDODQFH  EDODQFH  SDLGFUH GLWH GWRWKH 
QDPH  LQVWLWXWLRQ LQVWLWXWLRQ QXPEH GDWH  GXULQJ DFFRXQWGXULQJWKH 
U WKH SH ULRG
SH ULRG GURSGRZQWREHSURYLGHG
VSHFLI\LQJQDWXUHRI
DPRXQWYL]
LQWHUHVWGLYLGHQGSURFHHGV
IURPVDOHRUUHGHPSWLRQRI
ILQDQFLDODVVHWVRWKHU
LQFRPH 
                       
L            
LL            
 $ 'H WDLOVRI)RUHLJQ(TXLW\DQG'HEW,QWHUHVWKHOG LQFOXGLQJDQ\EHQHILFLDOLQWHUHVW LQDQ\HQWLW\DWDQ\WLPHGXULQJWKHFDOHQGDU
\H DUH QGLQJDVRQ VW'H FH PEH U
6O &RXQW &RXQWU\FRGH  1DPH RI $GGUH V =,3 1DWXUH 'DWHRI ,QLWLDO 3H DN &ORVLQ 7RWDOJURVV 7RWDOJURVV
1R U\ H QWLW\ VRI FRGH  RI DFTXLULQ YDOXH RI YDOXH RI JYDOXH DPRXQW SURFH HGV
QDPH  H QWLW\ HQWLW\ JWKH  WKH LQYH VWPH SDLGFUHGLWH IURPVDOH RU
LQWHUH VW LQYH VWPH QWGXULQJ GZLWK UH GH PSWLRQ
QW WKH UHVSHFWWR RILQYHVWPHQW
SH ULRG WKH KROGLQJ GXULQJWKH 
GXULQJWKH  SH ULRG
SH ULRG


                          
L             
LL             
$ 'HWDLOVRI)RUHLJQ&DVK9DOXH,QVXUDQFH&RQWUDFWRU$QQXLW\&RQWUDFWKHOG LQFOXGLQJDQ\EH QH ILFLDOLQWH UH VW DWDQ\WLPH 
GXULQJWKH FDOH QGDU\H DUH QGLQJDVRQ VW'H FH PEH U
6O &RXQW &RXQWU\FRGH  1DPH RIILQDQFLDO $GGUH VVRI =,3FRGH  'DWHRI 7KH FDVKYDOXH RU 7RWDOJURVVDPRXQW
1R U\ LQVWLWXWLRQLQ ILQDQFLDO FRQWUDF VXUUHQGHUYDOXH RI SDLGFUH GLWH GZLWK
QDPH  ZKLFKLQVXUDQFH  LQVWLWXWLRQ W WKH FRQWUDFW UHVSHFWWRWKH 
FRQWUDFWKH OG FRQWUDFWGXULQJWKH
SH ULRG
                 
L         
LL         

 % 'H WDLOVRI)LQDQFLDO,QWHUHVWLQDQ\(QWLW\KHOG LQFOXGLQJDQ\EHQHILFLDOLQWHUHVW DWDQ\WLPHGXULQJWKHFDOHQGDU\HDUHQGLQJDV

RQW'H FH PEH U
6O1R&RX =LS 1DWXUH RI 1DPH  1DWXUHRI 'DWH 7RWDO ,QFRPH  1DWXUH ,QFRPHWD[DEOHDQGRIIHUHGLQ
QWU\ &RGH  H QWLW\ DQG ,QWH UH VW VLQFH  ,QYH VWPHQW DFFUXH G RI WKLVUHWXUQ
1DP  $GGUH VV 'LUH FW%HQHILFLDO KH OG DWFRVW  LQIURPVXFK ,QFRPH  $PRXQW 6FKHGXO ,WH P
HDQG RIWKH  RZQH U UXSHHV  ,QWH UH VW H ZKH UH QXPEHU
FRGH  (QWLW\ %HQHILFLDU\ RIIHUHG RI
 VFKHGXOH
   D   E                    
L             
LL             
& 'HWDLOVRI,PPRYDEOH3URSHUW\KHOG LQFOXGLQJDQ\EHQHILFLDOLQWHUHVW DWDQ\WLPHGXULQJWKHFDOHQGDU\H DUH QGLQJDVRQ VW
'H FH PEH U
6O1R&RXQWU\ =,3 $GGUH VV 2 ZQHUVKLS 'DWHRI 7RWDO ,QFRPH  1DWXUHRI ,QFRPHWD[DEOHDQGRIIHUHGLQ
1DPH  &RGH  RIWKH  'LUH FW DFTXLVLWLRQ,QYH VWPH QW DW GH ULYH G ,QFRPH  WKLVUHWXUQ
DQGFRGH  3URSH UW\%HQHILFLDO FRVW  LQUXSHHV  IURPWKH $PRXQW 6FKHGXO ,WH P
RZQH U SURSH UW\ H ZKH UH QXPEHU
%HQHILFLDU\ RIIHUHG RI
VFKHGXOH
  D  E                   
L            
LL            
' 'H WDLOVRIDQ\RWKHU&DSLWDO$VVHWKHOG LQFOXGLQJDQ\EHQHILFLDOLQWHUHVW DWDQ\WLPHGXULQJWKHFDOHQGDU\HDUHQGLQJDVRQ VW
'H FH PEH U
6O1R&RXQWU\ =,3 1DWXUH RI 2 ZQHUVKLS 'DWHRI 7RWDO ,QFRPH  1DWXUHRI ,QFRPHWD[DEOHDQGRIIHUHGLQ
 1DPH  &RGH $VVHW 'LUH FW DFTXLVLWLRQ,QYH VWPH QW DW GH ULYH G ,QFRPH  WKLVUHWXUQ
DQGFRGH   %HQHILFLDO FRVW  LQUXSHHV  IURPWKH $PRXQ 6FKH GXOH  ,WH P
 RZQH U DVVH W W ZKH UH  QXPEHU
%HQHILFLDU\ RIIHUHG RI
VFKHGXOH
  D  E                   
L            
LL            
( 'HWDLOVRIDFFRXQW V LQZKLFK\RXKDYHVLJQLQJDXWKRULW\KHOG LQFOXGLQJDQ\EH QH ILFLDOLQWH UH VW DWDQ\WLPH GXULQJWKH 
FDOH QGDU\H DUH QGLQJDVRQ VW'H FH PEH UDQGZKLFKKDVQRWEH H QLQFOXGH GLQ$WR'DERYH 
 6O1R1DPH RIWKH $GGUH VV &RXQWU =,3 1DPHRI $FFRXQW3HDN%DODQFH :KH WKH U ,I  LV ,I  LV\HV,QFRPH RIIH UHGLQ
 ,QVWLWXWLRQ RIWKH  \1DPH &RG WKH 1XPEHU ,QYH VWPH QW LQFRPH  \H V WKLVUHWXUQ
 LQZKLFKWKH ,QVWLWXWLR DQG H  DFFRXQW  GXULQJWKH  DFFUXH GLV ,QFRPH $PRXQW6FKHGXO ,WH PQXPEHU
DFFRXQWLV Q &RGH  KROGH U \H DU LQ WD[DEOH LQ DFFUXHG H ZKH UH RIVFKH GXOH 
KHOG UXSHHV  \RXU LQWKH  RIIHUHG
KDQGV" DFFRXQW
  D  E  D  E                 
L             
LL             

 ) 'H WDLOVRIWUXVWVFUHDWHGXQGHUWKH ODZVRIDFRXQWU\RXWVLGH ,QGLDLQZKLFK\RXDUH DWUXVWH H EH QH ILFLDU\RUVH WWORU 

 6O &RXQW =,3 1DPH DQG 1DPH  1DPH  1DPHDQG 'DWH :KH WKH U ,I  LV\HV,I  LV\H V,QFRPH RIIH UH GLQ
1R U\ &RG DGGUH VVRI DQG DQG DGGUH VVRI VLQFH  LQFRPHGHULYHG ,QFRPH  WKLVUHWXUQ
1DPH  H  WKH WUXVW DGGUHVV DGGUH VV %H QHILFLDUL SRVLWLRQ LVWD[DEOH LQ GH ULYH G $PRXQW 6FKHGXO ,WHPQXPEHU
DQG RI RI H V KH OG \RXUKDQGV" IURPWKH H ZKHUH RIVFKHGXOH 
FRGH  WUXVWHHV 6H WWORU WUXVW RIIHUHG
  D  E                     
L             
LL             
 * 'H WDLOVRIDQ\RWKHULQFRPHGH ULYHGIURPDQ\VRXUFHRXWVLGH,QGLDZKLFKLVQRWLQFOXGH GLQ  L LWH PV$WR)DERYH DQG LL 
LQFRPH XQGH UWKH KH DGEXVLQH VVRUSURIH VVLRQ 
 6O &RXQWU\  1DPH DQG ,QFRPH  1DWXUHRI :KH WKH UWD[DEOH LQ ,I  LV\HV,QFRPHRIIHUHGLQ
1R 1DPH  DGGUH VVRIWKH  GH ULYH G LQFRPH  \RXUKDQGV" WKLVUHWXUQ
DQGFRGH =,3&RGH  SH UVRQIURP $PRXQ 6FKHGXO ,WHPQXPEHU
ZKRPGH ULYH G W H ZKHUH RIVFKHGXOH 
RIIHUHG
   D  E               
 L          
 LL          
127(Ź 3OHDVHUHIHUWRLQVWUXFWLRQVIRUILOOLQJRXWWKLVVFKHGXOH,QFDVHRIDQLQGLYLGXDOQRWEHLQJDQ,QGLDQFLWL]HQZKRLVLQ,QGLDRQD
EXVLQHVVHPSOR\PHQWRUVWXGHQWYLVDDQDVVHWDFTXLUHGGXULQJDQ\SUHYLRXV\HDULQZKLFKKHZDVQRQUHVLGHQWLVQRWPDQGDWRU\WR
EHUHSRUWHGLQWKLVVFKHGXOHLIQRLQFRPHLVGHULYHGIURPWKDWDVVHWGXULQJWKHFXUUHQWSUHYLRXV\HDU


6FKHGXOH$ ,QIRUPDWLRQUHJDUGLQJDSSRUWLRQPHQWRILQFRPHEHWZHHQVSRXVHVJRYHUQHGE\3RUWXJXHVH&LYLO&RGH 
1DPH RIWKHVSRXVH
3$1$DGKDDU1RRIWKHVSRXVH
:KHWKHUERRNVRIDFFRXQWRIVSRXVHLVDXGLWHGXV$%"RU:KHWKHU\RXUVSRXVHLVDSDUWQH URIDILUP<HV1R
ZKRVHDFFRXQWVDUH UH TXLUH GWREH DXGLWH GXV$%XQGH UWKLV$FW" 
:KHWKHUERRNVRIDFFRXQWRIVSRXVHLVDXGLWHGXV("RU:KHWKHU\RXUVSRXVH LVDSDUWQH URIDILUP <HV1R
ZKRVHDFFRXQWVDUH UH TXLUH GWREH DXGLWH GXV(XQGH UWKLV$FW"
 +HDGVRI,QFRPH  5H FH LSWVUHFH LYH G$PRXQWDSSRUWLRQHGLQWKH $PRXQWRI7'6GH GXFWHGRQ 7'6DSSRUWLRQH GLQWKH 
XQGHUWKHKHDG KDQGVRIWKH VSRXVH  LQFRPH DW LL  KDQGVRIVSRXVH 


 L  LL  LLL  LY  Y
 +RXVH 3URSH UW\    
 %XVLQHVVRUSURIHVVLRQ    
 &DSLWDOJDLQV    
 2 WKH UVRXUFH V    
 7RWDO    

$VVH WVDQG/LDELOLWLHVDWWKHHQGRIWKH\HDU RWKHUWKDQWKRVHLQFOXGHGLQ3DUW$%6  DSSOLFDEOH LQDFDVH ZKH UH WRWDO
6FKHGXOH$/
LQFRPH H [FH H GV5VODNK 
$ 'H WDLOVRILPPRYDEOHDVVHWV
6O 'H VFULSWLRQ $GGUH VV 3LQFRGH  $PRXQW FRVW LQ5V
1R
         
'(7$,/62)$66(76$1'/,$%,/,7,(6

L     

LL     
% 'HWDLOVRIPRYDEOHDVVHWV
6O 'H VFULSWLRQ $PRXQW FRVW LQ5V
1R
     

L  -HZHOOHU\EXOOLRQHWF 

LL  $UFKDHRORJLFDOFROOHFWLRQVGUDZLQJVSDLQWLQJVFXOSWXUH RUDQ\ZRUNRIDUW 
LLL  9HKLFOH V\DFKWVERDWVDQGDLUFUDIWV  

LY  )LQDQFLDODVVHWV $PRXQW FRVW LQ5V

D  %DQN LQFOXGLQJDOOGHSRVLWV 

 E  6KDUH VDQGVH FXULWLH V

F  ,QVXUDQFH SROLFLH V


 G /RDQVDQGDGYDQFH VJLYH Q 
H  &DVKLQKDQG
& ,QWH UHVWKHOGLQWKHDVVHWVRIDILUPRUDVVRFLDWLRQRISH UVRQV $23 DVDSDUWQHURUPHPEHUWKHUHRI 
6O 1DPHDQGDGGUHVVRIWKHILUP V  3$1RIWKH ILUP$2 3 $VVH VVHH¶VLQYHVWPHQWLQWKHILUP$23RQFRVW
1R $2 3 V  EDVLV
       
L  
LL  

' /LDELOLWLHVLQUHODWLRQWR$VVHWVDW $%&  

127(Ź 3OHDVHUHIHUWRLQVWUXFWLRQVIRUILOOLQJRXWWKLVVFKHGXOH


6FKHGXOH*67 ,1)2 50$7,2 15(*$5',1*78512 9(5*52 665(&(,375(32 57(')2 5*67
6O1R *67,11R V  $QQXDOYDOXHRIRXWZDUGVXSSOLH VDVSH UWKH *67UH WXUQ V ILOH G
/6 2)
'(7$,

     
*67

  
127(Ź 3OHDVHIXUQLVKWKHLQIRUPDWLRQDERYHIRUHDFK*67,11RVHSDUDWHO\


6FKHGXOH7D[
,QIRUPDWLRQUHODWHGWR7D[GH IHUUHGUH ODWDEOHWRLQFRPHRQSHUTXLVLWHVUHIHUUHGLQVHFWLRQ  YL UHFHLYHGIURP
GHIHUUHG RQ
H PSOR\HUEH LQJDQHOLJLEOHVWDUWXSUHIHUUHGWRLQVHFWLRQ,$&
(62 3
3$1 RI WKH H PSOR\H U EH LQJ DQ

H OLJLEOH VWDUWXS
'3,,7UH JLVWUDWLRQQXPEH URIWKH 

HPSOR\HU
+DVDQ\RIWKHIROORZLQJH YHQWVRFFXUUH GGXULQJWKH SUH YLRXV

\H DUUH OH YDQWWRFXUUH QWDVVH VVPH QW\H DU
6XFKVSHFLILHGVHFXULW\ &HDVHG WR EH WKH )RUW\HLJKWPRQWKV
RUVZHDWHTXLW\VKDUHV HPSOR\HH RI WKH KDYH H[SLUHG
$PRXQW RI %DODQFHDPRXQW
ZHUH VROG HPSOR\HU ZKR IURPWKHHQGRIWKH
WD[ SD\DEOH RIWD[GHIHUUHG
L )XOO\ DOORWWHG RU UHOHYDQW
$PRXQW LQWKHFXUUHQW WREHFDUULHG
LL 3DUWO\ WUDQVIHUUHG VXFK DVVHVVPHQW\HDULQ
RI 7 D[ $VVHVVPHQW IRUZDUGWREH
'(7$,/6

6O $VVHVVPHQW LLL 1RW VROG VSHFLILHG VHFXULW\ ZKLFK VSHFLILHG

GHIHUUHG <HDU QH[W
1R <HDU  RU VZHDW HTXLW\ VHFXULW\ RU VZHDW
EURXJKW  $VVHVVPHQW
6SHFLI\ WKH GDWH DQG VKDUH" HTXLW\ VKDUHV
IRUZDUG WR EH \HDUV
DPRXQW RI WD[ R <HV R 1R UHIHUUHG WR LQ WKH
SRSXODWHG 
DWWULEXWHGWRVXFKVDOH  VDLG FODXVH ZHUH
IURPFRORU &RO  
RXWRI&RO ,I\HVVSHFLI\GDWH DOORWWHG ,I \HV
 DVWKHFDVH
 VSHFLI\GDWH
PD\EH 
'HWDLOVWREHSURYLGHG
DVSHUXWLOLW\ 
       
6O1R
RI
6FKHGXOH
     
(623
IRU ODVW
\HDU


6O1R
7 R EH HQDEOHG
RI
IURP$<
6FKHGXOH
     3D\PHQW WR EH  
(623
PDGHLQ)<
IRU ODVW
 
\HDU
6O1R
RI
6FKHGXOH
     
(623
IRU ODVW
\HDU


       




 3$57%

3DUW%±7, &RPSXWDWLRQRIWRWDOLQFRPH
 6DODULHV RI6FKHGXOH6   
 ,QFRPHIURPKRXVHSURSHUW\ RI6FKHGXOH+3  HQWHUQLOLIORVV   
 3URILWVDQGJDLQVIURPEXVLQHVVRUSURIHVVLRQ 
 3URILWDQGJDLQVIURPEXVLQHVVRWKHUWKDQVSHFXODWLYH
L EXVLQHVVDQGVSHFLILHGEXVLQHVV $RI6FKHGXOH%3  L 
HQWHUQLOLIORVV 
3URILWDQGJDLQVIURPVSHFXODWLYHEXVLQHVV  LL RI7DEOH(
LL RI6FKHGXOH%3  HQWHUQLOLIORVVDQGWDNHWKHILJXUHWR LL 
VFKHGXOH&)/ 
3URILWDQGJDLQVIURPVSHFLILHGEXVLQHVV  LLL RI7DEOH(
LLL RI6FKHGXOH%3  HQWHUQLOLIORVVDQGWDNHWKHILJXUHWR LLL
VFKHGXOH&)/ 
,QFRPHFKDUJHDEOHWRWD[DWVSHFLDOUDWHV HI JRI
LY LY
6FKHGXOH%3 
Y 7RWDO LLLLLLLY  HQWHUQLOLIYLVDORVV  Y
 &DSLWDOJDLQV
D 6KRUWWHUP
6KRUWWHUPFKDUJHDEOH# LLRILWHP(RIVFKHGXOH
L DL 
&* 
6KRUWWHUPFKDUJHDEOH# LLLRILWHP(RIVFKHGXOH
LL DLL 
&* 
 LLL 6KRUWWHUPFKDUJHDEOHDWDSSOLFDEOHUDWH LYRILWHP(RI DLLL 
VFKHGXOH&* 
6KRUWWHUPFKDUJHDEOHDWVSHFLDOUDWHVLQ,QGLDDVSH U
LY DLY 
'7$$ YRILWHP(RI6FKHGXOH&* 

Y 7RWDO6KRUWWHUP DLDLLDLLLDLY  HQWHUQLOLIORVV  DY
727$/,1&20(


E /RQJWHUP
/RQJWHUPFKDUJHDEOH# YLRILWHP(RIVFKHGXOH
L EL 
&* 
/RQJWHUPFKDUJHDEOH# YLLRILWHP(RIVFKHGXOH
LL ELL 
&* 

/RQJWHUPFKDUJHDEOHDWVSHFLDOUDWHVLQ,QGLDDVSHU
LLL ELLL 
'7$$ YLLLRILWHP(RIVFKHGXOH&* 

LY 7RWDO/RQJWHUP ELELLELLL  HQWHUQLOLIORVV  
ELY
F 6XPRI6KRUWWHUP/RQJWHUPFDSLWDOJDLQV DYELY  HQWHUQLOLIORVV  F 
 G &DSLWDOJDLQFKDUJHDEOH#XV%%+ &RIVFKHGXOH&*  G 
 H  7RWDOFDSLWDOJDLQV FG  H  
 ,QFRPHIURPRWKHUVRXUFHV
D 1H WLQFRPHIURPRWKHUVRXUFHVFKDUJHDEOHWRWD[DWQRUPDO D

DSSOLFDEOHUDWHV RI6FKHGXOH26  HQWHUQLOLIORVV 

E ,QFRPHFKDUJHDEOHWRWD[DWVSHFLDOUDWHV RI6FKHGXOH26  E 

F ,QFRPHIURPWKHDFWLYLW\RIRZQLQJDQGPDLQWDLQLQJUDFH  F

KRUVHV HRI6FKHGXOH26  HQWHUQLOLIORVV 
G 7RWDO DEF  H QWHUQLOLIORVV  G 
 7RWDORIKHDGZLVHLQFRPH YH G   
 /RVVHVRIFXUUHQW\HDUWREHVHWRIIDJDLQVW WRWDORI[YLL[YLLDQG[YLLRI6FKHGXOH&</$   
%DODQFHDIWHUVHWRIIFXUUHQW\HDUORVVHV ±  WRWDORIVHULDOQXPEHU LL WR [Y FROXPQRI
  
6FKHGXOH&</$ELY 
 %URXJKWIRUZDUGORVVHVWREHVHWRIIDJDLQVW WRWDORI[YL[YLDQG[YLRI6FKHGXOH%)/$   
 *URVV7RWDOLQFRPH   DOVRWRWDORIVHULDOQR L WR [LY RIFROXPQRI6FKHGXOH%)/$ELY  
 ,QFRPHFKDUJHDEOHWRWD[DWVSHFLDOUDWHXQGHUVHFWLRQ$$HWFLQFOXGHGLQ 
 'H GXFWLRQVXQGHU&KDSWHU9,$ 
3DUW%&$DQG'RI&KDSWHU9,$>  RI6FKHGXOH9,$DQGOLPLWHGXSWR WRWDORILLLLLL
 D D
LYYYLLL[LLL[LY RIFROXPQRI%)/$@


 E 3DUW&RI&KDSWHU9,$> RI6FKHGXOH9,$@ E
F 7RWDO DE >OLPLWHGXSWR  @ F
 'HGXFWLRQXV$$ FRI6FK$$   
 7RWDOLQFRPH F   
 ,QFRPHZKLFKLVLQFOXGHGLQDQGFKDUJHDEOHWRWD[DWVSHFLDOUDWHV WRWDORI L RIVFKHGXOH6,  
 1H WDJULFXOWXUDOLQFRPHDQ\RWKHULQFRPHIRUUDWHSXUSRVH YRI6FKHGXOH(,  
$JJUH JDWHLQFRPH  >DSSOLFDEOHLI  H[FHHGVPD[LPXPDPRXQWQRWFKDUJHDEOHWR
  
WD[@
 /RVVHVRIFXUUHQW\HDUWREHFDUULHGIRUZDUG WRWDORIURZ[YLRI6FKHGXOH&)/   
  'H H PHGLQFRPHXQGHUVHFWLRQ-& RI6FKHGXOH$07   


3DUW%±77, &RPSXWDWLRQRIWD[OLDELOLW\RQWRWDOLQFRPH
 D 7D[SD\DEOHRQGHHPHGWRWDOLQFRPHXQGHUVHFWLRQ-& RI6FKHGXOH$07  D 
E 6XUFKDUJHRQ D  LIDSSOLFDEOH  E 
 F +H DOWKDQG(GXFDWLRQ&HVV#RQ DE DERYH F 
G 7RWDO7D[3D\DEOHRQGHHPHGWRWDOLQFRPH DEF  G 
 7D[SD\DEOHRQWRWDOLQFRPH 
D 7D[DWQRUPDOUDWHVRQRI3DUW%7, D  

E 7D[DWVSH FLDOUDWHV WRWDORIFRO LL RI6FKHGXOH6,  E  

5H EDWHRQDJULFXOWXUDOLQFRPH>DSSOLFDEOHLI  RI  
F F
3DUW%7,H[FHHGVPD[LPXPDPRXQWQRWFKDUJHDEOHWRWD[@
G 7D[3D\DEOHRQ7RWDO,QFRPH DE±F  G 
H  5H EDWHXQGHUVHFWLRQ$ H  
I 7D[SD\DEOHDIWHUUHEDWH G±H  I 
6XUFKDUJH 
6XUFKDUJH DIWH U
J 6XUFKDUJH FRPSXWHGEHIRUH
PDUJLQDOUH OLH I
 PDUJLQDOUH OLH I
&20387$7,212)7$;/,$%,/,7<

L #RI LL RI6FKHGXOH6, JL  LD



J LL    
LL #RUDVDSSOLFDEOH 5HIHU JLL  LLD
  ,QVWUXFWLRQV 
LLL2 Q> I ± LL RI6FKHGXOH6,WD[RQ JLLL
LQFRPHUHIHUUHGLQ* LL DERYH @@
LY 7RWDO LDLLD  JLY
+ +H DOWKDQG(GXFDWLRQ&HVV#RQ )*LLL  +
, *URVVWD[OLDELOLW\ )*LY+  , 
 *URVVWD[SD\DEOH KLJKHURIGDQG,   
7D[RQLQFRPHZLWKRXWLQFOXGLQJLQFRPHRQSHUTXLVLWHVUHIHUUHGLQVHFWLRQ  YL UH FH LYH G 
D D
IURPH PSOR\H UEH LQJDQH OLJLEOH VWDUWXSUH IH UUH GWRLQ VH FWLRQ,$& E 
7D[GHIH UUHGUHODWDEOHWRLQFRPHRQSHUTXLVLWHVUHIHUUHGLQVHFWLRQ  YL UH FH LYH GIURP 
E E
HPSOR\H UEH LQJDQH OLJLEOH VWDUWXSUH IHUUH GWRLQ VH FWLRQ,$&
7D[GHIH UUHGIURPHDUOLHU\HDUVEXWSD\DEOHGXULQJFXUUHQW$< WRWDORIFRORIVFKHGXOH7D[
F F
GH IH UUHGRQ(623 
&UH GLWXQGHUVHFWLRQ-'RIWD[SDLGLQH DUOLHU\HDUV DSSOLFDEOHLI,LVPRUHWKDQG  RI 
 
6FKHGXOH$07& 
 7D[SD\DEOHDIWHUFUHGLWXQGHUVHFWLRQ-' DF   
 7D[UH OLHI 
6H FWLRQ 3OHDVHH QVXUHWRVXEPLW)RUP(WRFODLP 
D D
WKLVUHOLHI 

 E 6H FWLRQ$ RI6FKHGXOH75  E 

F 6H FWLRQ RI6FKHGXOH75  F 
G 7RWDO DEF  G 
 1HWWD[OLDELOLW\ ±G  HQWHU]HURLIQHJDWLYH   
 ,QWHUHVWDQGIHHSD\DEOH 
 D ,QWH UHVWIRUGHIDXOWLQIXUQLVKLQJWKHUHWXUQ VHFWLRQ$   D
E ,QWH UHVWIRUGHIDXOWLQSD\PHQWRIDGYDQFHWD[ VHFWLRQ%  E
 F ,QWH UHVWIRUGHIHUPHQWRIDGYDQFHWD[ VHFWLRQ&  F
G )H H IRUGH IDXOWLQIXUQLVKLQJUHWXUQRILQFRPH VHFWLRQ)  G
H  7RWDO,QWHUHVWDQG)H H3D\DEOH DEFG  H  
 $JJUH JDWHOLDELOLW\ H   
 7D[HV3DLG 

D $GYDQFH 7D[ IURPFROXPQRI$  D

7$;(63$,'

E 7'6 WRWDORIFROXPQRI%DQGFROXPQRI&  E

 F 7&6 FROXPQ L RI'  F
G 6H OI$VVHVVPHQW7D[ IURPFROXPQRI$  G
H  7RWDO7D[H V3DLG DEFG  H 
 $PRXQWSD\DEOH (QWHULILVJUHDWHUWKDQHHOVHHQWHU   
 5HIXQG ,IHLVJUHDWHUWKDQ  5HIXQGLIDQ\ZLOOEHGLUHFWO\FUHGLWHGLQWRWKHEDQNDFFRXQW   


6H OH FW<H VRU1R
'R\RXKDYHDEDQNDFFRXQWLQ,QGLD 1RQ5HVLGHQWVFODLPLQJUHIXQGZLWKQREDQNDFFRXQWLQ,QGLDPD\VHOHFW
 
%$1.$&&2817

1R 

L D 'HWDLOVRIDOO%DQN$FFRXQWVKHOGLQ,QGLDDWDQ\WLPHGXULQJWKHSUHYLRXV\HDU H[FOXGLQJGRUPDQWDFFRXQWV 
6O ,)6&RGHRIWKH%DQNLQFDVHRI 1DPHRIWKH%DQN  $FFRXQW1XPEH U 7\SH RIDFFRXQW 'URSGRZQ
%DQN$FFRXQWVKHOGLQ,QGLD   WREHSURYLGHGE\HILOLQJ
 XWLOLW\ 
,    
  ,,    
  1RWH  $OOEDQNDFFRXQWVKHOGDWDQ\WLPHDUHWREHUHSRUWHGH [FHSWGRUPDQW$F 
 ,QFDVHRIPXOWLSOHDFFRXQWVWKHUHIXQGZLOOEHFUHGLWHGWRRQHRIWKHYDOLGDWHGDFFRXQWVDIWHUSURFHVVLQJWKHUHWXUQ
  5RZVFDQEHDGGHGDVUHTXLUHG 
 LL E 1RQUHVLGHQWVZKRDUHFODLPLQJLQFRPHWD[UHIXQGDQGQRWKDYLQJEDQNDFFRXQWLQ,QGLDPD\DWWKHLURSWLRQIXUQLVKWKH
GHWDLOVRIRQHIRUHLJQEDQNDFFRXQW
  6O1R 6:,)7&RGH  1DPH RIWKH%DQN &RXQWU\RI/RFDWLRQ  ,%$1
      
  'R\RXDWDQ\WLPHGXULQJWKHSUHYLRXV\HDU
L KROGDVEHQHILFLDORZQHUEHQHILFLDU\RURWKHUZLVHDQ\DVVHW LQFOXGLQJILQDQFLDOLQWHUHVWLQDQ\HQWLW\ 
ORFDWHGRXWVLGH,QGLDRU
R<H VR1R
LL KDYHVLJQLQJDXWKRULW\LQDQ\DFFRXQWORFDWHGRXWVLGH,QGLDRU
LLL KDYHLQFRPHIURPDQ\VRXUFHRXWVLGH,QGLD"
>DSSOLFDEOHRQO\LQFDVHRIDUHVLGHQW@>(QVXUH6FKHGXOH)$LVILOOHGXSLIWKHDQVZHULV<HV@ 

 ,IWKH UH WXUQKDVEHHQSUHSDUHGE\D7D[5HWXUQ3UHSDUHU 753 JLYHIXUWKHUGHWDLOVEHORZ
,GH QWLILFDWLRQ1RRI753 1DPH RI753 &RXQWHU6LJQDWXUHRI753
          
,I753LVH QWLWOHGIRUDQ\UHLPEXUVHPHQWIURPWKH*RYHUQPHQWDPRXQWWKHUHRI   
 7$; 3$<0(176
$ 'HWDLOVRISD\PHQWVRI$GYDQFH7D[DQG6HOI$VVHVVPHQW7D[
6O %65&RGH  'DWH RI'HSRVLW ''00<<<<  6H ULDO1XPEH URI $PRXQW 5V 
$66(660(177$;

1R &KDOODQ
$'9$1&(6(/)

         
L                            
LL                            
LLL                            
LY                            
127(Ź (QWHUWKHWRWDOVRI$GYDQFHWD[DQG6HOI$VVHVVPHQWWD[LQ6O1RD GRI3DUW%77,
% 'H WDLOVRI7D['H GXFWHGDW6RXUFHIURP6DODU\>$VSHU)RUPLVVXHGE\(PSOR\HU V @
6O 7D['H GXFWLRQ$FFRXQW1XPEH U 1DPHRIWKH(PSOR\HU ,QFRPH FKDUJH DEOH XQGH U6DODULH V  7RWDOWD[
6$/$5<
7'621

1R 7$1 RIWKH (PSOR\H U GH GXFWH G

         
,    


    
        
,,    
         
127(Ź 3OHDVHHQWHUWRWDORIFROXPQLQERI3DUW%77,

& 'HWDLOVRI 7D['HGXFWHG DW6RXUFH 7'6  RQ,QFRPH>$VSHU)RUP$LVVXHGRU)RUP% &'(I XUQLVKHGE\'HGXFWRU V @

6O 7'6 3$1$DGKDDU 7$1RI  8QFODLPHG7'6 7'6RI WKHFXUUHQW 7'6FUHGLWEHLQJFODLPHGWKLV<HDU &RUUHVSRQGLQJ 7'6
1R FUHGLW 1RRI 2WKHU WKH EURXJKW )LQDQFLDO<HDU 7'6 RQO\LI FRUUHVSRQGLQJLQFRPHLV 5HFHLSWZLWKGUDZDOV FUHGLW
UHODWLQJWR 3HUVRQ LI 7'6 'HGXFWRU I RUZDUG EI  'HGXFWHG GXULQJWKH)< EHLQJRI I HUHGI RUWD[WKLV\HDUQRW RI I HUHG EHLQJ
VHOI RWKHU FUHGLWUHODWHG 3$1   DSSOLFDEOHLI 7'6LVGHGXFWHGXV FDUULHG
SHUVRQ WRRWKHU $DGKDDU 1  I RUZDUG
>VSRXVHDV SHUVRQ  1RRI 
SHU 7HQDQW
VHFWLRQ % X\HU
$RWKHU
SHUVRQDV
SHUUXOH
% $  @
    )LQ<HDU 7'6 'HGXFWHG 'HGXFWHGLQ &ODLPHG *URVV +HDGRI
LQZKLFK EI LQRZQ WKHKDQGVRI LQRZQ $PRXQW ,QFRPH
&ODLPHGLQWKHKDQGVRI
GHGXFWHG KDQGV VSRXVHDVSHU KDQGV 
VSRXVHDVSHUVHFWLRQ$
VHFWLRQ$RU
RUDQ\RWKHUSHUVRQDVSHU
DQ\RWKHU
UXOH%$   LI
SHUVRQDVSHU
DSSOLFDEOH 
UXOH%$  
LIDSSOLFDEOH 
                

       ,QFRPH 7'6  ,QFRPH 7'6 3 $1   

$DGKDDU
1R
L               

 127(Ź3 OHDVHHQWHUWRWDORIFROXPQLQERI3 DUW%77,

' 'HWDLOVRI 7D[&ROOHFWHGDW6RXUFH 7&6 >$VSHU)RUP'LVVXHGE\WKH&ROOHFWRU V @

6O 7&6FUHGLW 7D['HGXFWLRQDQG 3$1RI  8QFODLPHG7&6EURXJKW 7&6RI WKHFXUUHQW I LQ 7&6FUHGLWEHLQJ 7&6FUHGLW
1R UHODWLQJWR 7D[&ROOHFWLRQ RWKHU I RUZDUG EI  <HDU FODLPHGWKLV<HDU EHLQJFDUULHG
VHOI RWKHU $FFRXQW1XPEHURI WKH 3HUVRQ LI  )LQ<HDULQ $PRXQWEI  &ROOHFWHG &ROOHFWHGLQ I RUZDUG
SHUVRQ &ROOHFWRU 7&6FUHGLW ZKLFK LQRZQ WKHKDQGVRI 
>VSRXVHDV UHODWHGWR FROOHFWHG KDQGV VSRXVHDV
&ODLPHGLQ
SHUVHFWLRQ RWKHU SHUVHFWLRQ
WKHKDQGVRI 
$RWKHU SHUVRQ  $RUDQ\
VSRXVHDV
SHUVRQDV RWKHU
&ODLPHG SHUVHFWLRQ
SHUUXOH SHUVRQDV
7&6

LQRZQ $RUDQ\
L  @ SHUUXOH
KDQGVRWKHUSHUVRQ
L   LI 
DVSHUUXOH
DSSOLFDEOH 
L   LI 
DSSOLFDEOH 
 L  LL     L  LL   L   LL  
         7&6 3$1 
L           
127( Ź3OHDVHHQWHUWRWDORIFROXPQ  L LQFRI3DUW% 77,

9(5,),&$7,2 1


,VRQGDXJKWHURIVROHPQO\GHFODUHWKDWWRWKH
EHVWRIP\NQRZOHGJHDQGEHOLHIWKHLQIRUPDWLRQJLYHQLQWKHUHWXUQDQGVFKHGXOHVWKHUHWRLVFRUUHFWDQGFRPSOHWHDQGLVLQDFFRUGDQFHZLWKWKH
SURYLVLRQVRIWKH,QFRPHWD[$FW
,IXUWKHUGHFODUHWKDW,DPPDNLQJUHWXUQVLQP\FDSDFLW\DVBBBBBBBBBBB GURSGRZQWREHSURYLGHG DQG,DPDOVRFRPSHWHQWWRPDNHWKLVUHWXUQ
DQGYHULI\LW,DPKROGLQJSHUPDQHQWDFFRXQWQXPEHU LIDOORWWHG  3OHDVHVHHLQVWUXFWLRQ ,IXUWKHUGHFODUHWKDWWKHFULWLFDO
DVVXPSWLRQV VSHFLILHG LQ WKH DJUHHPHQW KDYH EHHQ VDWLVILHG DQGDOOWKHWHUPVDQGFRQGLWLRQVRIWKHDJUHHPHQWKDYHEHHQFRPSOLHGZLWK
$SSOLFDEOHLQDFDVHZKHUHUHWXUQLVIXUQLVKHGXQGHUVHFWLRQ&' 

'DWH  3ODFH   6LJQKHUHÎ Î