;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH ( *% ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
3UHSDUHG E\ 7KH 'RFXPHQW &RPSDQ\ ;HUR[ *.
&RQWHQW $ERXW 7KLV *XLGH &RQYHQWLRQV 2ULHQWDWLRQ %UDFNHW WH[W W\SHIDFH ,WDOLF W\SHIDFH
0RGHV )HDWXUHV EXWWRQ -RE 6WDWXV EXWWRQ 0DFKLQH 6WDWXV EXWWRQ 6\VWHP FRQWUROV
-RE $VVHPEO\ &RS\ %XLOG -RE 6WRUHG -REV 0DQDJLQJ &RS\ -REV 3ULQW 4XHXH
2ULJLQDO 7\SH 6LGHV 6FDQQHG 'LDOOLQJ 0RUH )D[ )HDWXUHV 6HUYHU )D[ /LJKWHU 'DUNHU
'RFXPHQW 1DPH /RJLQ 1DPH 3DVVZRUG ,I )LOH $OUHDG\ ([LVWV 'RFXPHQW 0DQDJHPHQW )LHOGV $XWKHQWLFDWLRQ 0RGH 1HWZRUN 6FDQQLQJ /RJLQ *XHVW $FFHVV
7RZHU 0DLOER[ 0DQDJLQJ 3ULQW -REV 3ULQW 4XHXH &RPSOHWHG 3ULQW -REV 4XHXH ,QWHUQHW 6HUYLFHV 6WDQGDUG )HDW
0HGLD 8VHV DQG 6SHFLDO &RQVLGHUDWLRQV 6HWXSV 6HWXS 3URFHGXUHV .
6HUYHU )D[ 6HWXSV (PEHGGHG )D[ )D[ 7HUPLQDO 6HWXSV $FFHVV )D[ 7HUPLQDO 6HWXSV )D[ 3ULQWLQJ 2SWLRQV )D[ 5HSRUW 2S
,QVHUWLQJ WKH QHZ &RS\ 3ULQW &DUWULGJH /RDGLQJ 6WDSOHV )LQLVKHU RSWLRQDO &RQYHQLHQFH 6WDSOHU RSWLRQDO 3UREOHP 6ROYLQJ )DXOW &OHDUDQFH 3URFHGXUH
3DJH [ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
$ERXW 7KLV *XLGH :HOFRPH WR WKH ;HUR[ IDPLO\ RI 'RFXPHQW &HQWUH SURGXFWV 7KLV 8VHU *XLGH SURYLGHV GHWDLOHG LQIRUPDWLRQ WHFKQLFDO VSHFLILFDWLRQV DQG SURFHGXUDO VWHSV ZKHQ XVLQJ WKH LQWHJUDWHG IHDWXUHV RI WKH PDFKLQH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH $ERXW 7KLV *XLGH
;HUR[ :HOFRPH &HQWUH ,I DIWHU SURGXFW LQVWDOODWLRQ IXUWKHU DVVLVWDQFH LV UHTXLUHG SOHDVH FDOO RXU H[SHUWV XVLQJ WKH ;HUR[ :HOFRPH &HQWUH WHOHSKRQH QXPEHU :KHQ WHOHSKRQLQJ SOHDVH TXRWH WKH PDFKLQH VHULDO QXPEHU ZKLFK PD\ EH ZULWWHQ LQ WKH VSDFH EHORZ 7KH VHULDO QXPEHU LV ORFDWHG EHKLQG WKH OHIW KDQG IURQW FRYHU DV VKRZQ 6HULDO QXPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7KH ;HUR[ :HOFRPH &HQWUH WHOHSKRQH QXPEHU LV SURYLGHG DW WKH WLPH RI SURGXFW LQVWDOODWLRQ )RU FRQYHQLHQFH DQG IXWXUH
7KURXJKRXW WKLV 8VHU *XLGH \RX ZLOO ILQG WKDW VRPH WHUPV DUH XVHG LQWHUFKDQJHDEO\ ½ ½ ½ ½ 3DSHU LV V\QRQ\PRXV ZLWK PHGLD 'RFXPHQW LV V\QRQ\PRXV ZLWK RULJLQDO 3DJH LV V\QRQ\PRXV ZLWK VKHHW 'RFXPHQW &HQWUH '& LV V\QRQ\PRXV ZLWK WKH PDFKLQH 2ULHQWDWLRQ 2ULHQWDWLRQ LV XVHG WR PHDQ WKH GLUHFWLRQ RI LPDJHV RQ WKH SDJH :KHQ WKH LPDJH LV XSULJKW WKH SDSHU RU RWKHU PHGLD FDQ EH RQH RI WZR ZD\V /RQJ (GJH )HHG /() 3RUWUDLW :KHQ REVHUYHG IURP WKH IURQW RI WKH PDFKLQH SDSHU RU RULJ
%UDFNHW WH[W W\SHIDFH 7KH >%UDFNHW 7H[W@ W\SHIDFH LV XVHG WR HPSKDVLVH WKH VHOHFWLRQ RI D IHDWXUH PRGH RU EXWWRQ )RU H[DPSOH ½ ½ ½ 6HOHFW >,PDJH 4XDOLW\@ $SSO\ WKH QHZ VHWWLQJV 6HOHFW >6DYH@ ,WDOLF W\SHIDFH 7KH ,WDOLF W\SHIDFH LV XVHG WR HPSKDVLVH D ZRUG RU SKUDVH ,Q DGGLWLRQ UHIHUHQFHV WR RWKHU FKDSWHUV DQG SXEOLFDWLRQV DUH GLVSOD\HG LQ ,WDOLF W\SHIDFH )RU H[DPSOH $OZD\V IROORZ VDIHW\ SURFHGXUHV ZKHQ RSHUDWLQJ WKH HTXLSPHQW 5HIHU WR ³0DLQWHQDQFH´ RQ SDJH IRU LQIRUPDWLRQ DERXW
1RWHV DUH VWDWHPHQWV WKDW SURYLGH DGGLWLRQDO LQIRUPDWLRQ )RU H[DPSOH 127( ,I WKH '& GRHV QRW LQFOXGH WKH )LQLVKHU DQG RU +LJK &DSDFLW\ )HHGHU LJQRUH WKH ILUVW VWHS +LQWV +LQWV KHOS XVHUV SHUIRUP D WDVN )RU H[DPSOH +,17 6HOHFW WKH ; < GLVSOD\ DUHDV WR GLVSOD\ D SRS XS NH\SDG ZKLFK FDQ EH XVHG WR HQWHU DQG VDYH WKH YDOXHV &DXWLRQV &DXWLRQV DUH VWDWHPHQWV WKDW VXJJHVW PHFKDQLFDO GDPDJH DV D UHVXOW RI DQ DFWLRQ )RU H[DPSOH &$87,21 :KHQ FOHDQLQJ WKH '& GR QRW XVH RUJ
5HODWHG ,QIRUPDWLRQ 6RXUFHV ,QIRUPDWLRQ DYDLODEOH IRU WKH 'RFXPHQW &HQWUH FRQVLVWV RI 7KLV 8VHU *XLGH 7KH 2Q OLQH +HOS V\VWHP 7KH 'RFXPHQW &HQWUH 67 6\VWHP $GPLQLVWUDWLRQ *XLGH 7KH ;HUR[ &HQWUH:DUH &XVWRPHU 'RFXPHQWDWLRQ 127( 3OHDVH QRWH WKDW WKH VFUHHQV VKRZQ LQ WKLV XVHU JXLGH DSSO\ WR D IXOO\ FRQILJXUHG '& DQG WKHUHIRUH PD\ QRW H[DFWO\ UHSUHVHQW WKH FRQILJXUDWLRQ EHLQJ XVHG 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
8VH RI DQ H[WHQVLRQ FRUG ZLWK WKLV SURGXFW LV QRW UHFRPPHQGHG RU DXWKRULVHG 8VHUV VKRXOG FKHFN EXLOGLQJ FRGHV DQG LQVXUDQFH UHTXLUHPHQWV LI D SURSHUO\ HDUWKHG H[WHQVLRQ FRUG LV WR EH XVHG (QVXUH WKDW WKH WRWDO DPSHUH UDWLQJV RI WKH SURGXFWV SOXJJHG LQWR WKH H[WHQVLRQ FRUG GR QRW H[FHHG WKH H[WHQVLRQ FRUG DPSHUH UDWLQJ $OVR PDNH VXUH WKDW WKH WRWDO DPSHUDJH RI DOO SURGXFWV SOXJJHG LQWR WKH ZDOO RXWOHWV GRHV QRW H[FHHG WKH RXWOHW UDWLQJ 'LVFRQQHFW 'HYLFH IRU WKLV SURGXFW LV WKH SRZHU FRUG 7R UHP
1HYHU GHIHDW LQWHUORFN VZLWFKHV 0DFKLQHV DUH GHVLJQHG WR UHVWULFW RSHUDWRU DFFHVV WR XQVDIH DUHDV &RYHUV JXDUGV DQG LQWHUORFN VZLWFKHV DUH SURYLGHG WR HQVXUH WKDW WKH PDFKLQH ZLOO QRW RSHUDWH ZLWK FRYHUV RSHQHG 'R QRW SXW \RXU KDQGV LQWR WKH IXVHU DUHD ORFDWHG MXVW LQVLGH WKH H[LW WUD\ DUHD DV \RX PD\ EH EXUQHG 4XDOLW\ 6WDQGDUGV 7KH SURGXFW LV PDQXIDFWXUHG XQGHU D UHJLVWHUHG ,62 4XDOLW\ V\VWHP ,I \RX QHHG DGGLWLRQDO VDIHW\ LQIRUPDWLRQ FRQFHUQLQJ WKH SURGXFW RU ;HUR[ VXSSOLHG PDWHULDOV \
5HJXODWRU\ ,QIRUPDWLRQ 7KH &( PDUNLQJ DSSOLHG WR WKLV SURGXFW V\PEROLVHV ;HUR[ /LPLWHG 'HFODUDWLRQ RI &RQIRUPLW\ ZLWK WKH IROORZLQJ DSSOLFDEOH 'LUHFWLYHV RI WKH (XURSHDQ 8QLRQ DV RI WKH GDWHV LQGLFDWHG -DQXDU\ &RXQFLO 'LUHFWLYH ((& DPHQGHG E\ &RXQFLO 'LUHFWLYH ((& DSSUR[LPDWLRQ RI WKH ODZV RI WKH PHPEHU VWDWHV UHODWHG WR ORZ YROWDJH HTXLSPHQW -DQXDU\ &RXQFLO 'LUHFWLYH ((& DSSUR[LPDWLRQ RI WKH ODZV RI WKH PHPEHU VWDWHV UHODWHG WR HOHFWURPDJQHWLF FRPSDWLELOLW\
:$51,1* 7KLV LV D &ODVV $ SURGXFW LQ D GRPHVWLF HQYLURQPHQW 7KLV SURGXFW PD\ FDXVH UDGLR IUHTXHQF\ LQWHUIHUHQFH LQ ZKLFK FDVH WKH XVHU PD\ EH UHTXLUHG WR WDNH DGHTXDWH PHDVXUHV :$51,1* 6KLHOGHG FDEOHV PXVW EH XVHG ZLWK WKLV HTXLSPHQW WR PDLQWDLQ FRPSOLDQFH ZLWK &RXQFLO 'LUHFWLYH ((& )D[ $SSURYDOV DQG &HUWLILFDWLRQ (PEHGGHG )D[ 5DGLR (TXLSPHQW 7HOHFRPPXQLFDWLRQV 7HUPLQDO (TXLSPHQW 'LUHFWLYH (& 7KH ;HUR[ ID[ RSWLRQV IRU WKH 'RFXPHQW &HQWUH KDYH EHHQ VHOI FHUWLILHG E\ ;HUR[ IRU SDQ
7KH ID[ RSWLRQV KDYH EHHQ WHVWHG WR DQG DUH FRPSOLDQW ZLWK 7%5 D WHFKQLFDO VSHFLILFDWLRQ IRU WHUPLQDO HTXLSPHQW XVHG RQ DQDORJXH VZLWFKHG WHOHSKRQH QHWZRUNV LQ WKH (XURSHDQ (FRQRPLF $UHD 7KH ID[ RSWLRQV PD\ EH FRQILJXUHG WR EH FRPSDWLEOH ZLWK RWKHU FRXQWU\ QHWZRUNV 3OHDVH FRQWDFW WKH ;HUR[ UHSUHVHQWDWLYH LI WKH 'RFXPHQW &HQWUH QHHGV WR EH UHFRQQHFWHG WR DQRWKHU FRXQWU\¶V QHWZRUN 7KHUH DUH QR XVHU DGMXVWDEOH VHWWLQJV LQ WKH ID[ RSWLRQV 127( $OWKRXJK WKH ID[ RSWLRQV FDQ XVH HLWKHU ORRS GLVFRQQ
$OO ;HUR[ HTXLSPHQW KDV EHHQ GHVLJQHG WR H[DFWLQJ VDIHW\ VWDQGDUGV DQG KDV XQGHUJRQH D YDULHW\ RI VWULQJHQW VDIHW\ WHVWV LQFOXGLQJ HDUWK ERQG LQVXODWLRQ UHVLVWDQFH DQG HOHFWULFDO VWUHQJWK WHVWV ;HUR[ /LPLWHG PDQXIDFWXULQJ SODQWV KDYH EHHQ DZDUGHG ,62 TXDOLW\ FHUWLILFDWLRQ DQG DUH VXEMHFW WR UHJXODU DXGLWV E\ WKH %ULWLVK 6WDQGDUGV ,QVWLWXWLRQ RU HTXLYDOHQW QDWLRQDO VWDQGDUGV ERG\ ;HUR[ HTXLSPHQW ZKLFK KDV EHHQ SURSHUO\ DQG UHJXODUO\ VHUYLFHG DQG PDLQWDLQHG VKRXOG QRW KDYH WR XQGHUJR DGGLWLRQDO
7KH UHJXODWLRQ GRHV QRW LPSRVH RQ DPRQJVW RWKHUV PDQXIDFWXUHUV RU VXSSOLHUV RI VXFK HOHFWULFDO V\VWHPV +RZHYHU UHVW DVVXUHG WKDW DOO ;HUR[ HTXLSPHQW ZKLFK ;HUR[ /LPLWHG DQG LWV DXWKRULVHG GLVWULEXWRUV VXSSOLHV WR FXVWRPHUV FRQIRUPV ZLWK DOO WKH UHOHYDQW VDIHW\ OHJLVODWLRQ DQG VWDQGDUGV 48(67,21 ,V ;HUR[ HTXLSPHQW VDIH" $16:(5 $OO ;HUR[ HTXLSPHQW VXSSOLHG E\ ;HUR[ /LPLWHG DQG WKHLU DXWKRULVHG GLVWULEXWRUV FRQIRUPV WR DOO UHOHYDQW VDIHW\ OHJLVODWLRQ DQG VWDQGDUGV 48(67,21 ,V WKH ;HUR[ HTXLSP
48(67,21 , ZRXOG OLNH WR FDUU\ RXW P\ RZQ VDIHW\ WHVWV RQ WKH ;HUR[ HTXLSPHQW LQ P\ SUHPLVHV $16:(5
(QYLURQPHQWDO &RPSOLDQFH (QHUJ\ 6WDU ;HUR[ &RUSRUDWLRQ GHVLJQHG WKLV SURGXFW WR FRPSO\ ZLWK WKH JXLGHOLQHV RI WKH (1(5*< 67$5 SURJUDP RI WKH (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ $V DQ (1(5*< 67$5 3DUWQHU ;HUR[ KDV GHWHUPLQHG WKDW WKLV SURGXFW PHHWV WKH (1(5*< 67$5 JXLGHOLQHV IRU HQHUJ\ HIILFLHQF\
,I D IDXOW LV GHWHFWHG LQ WKH SRZHU VXSSO\ WR WKH 'RFXPHQW &HQWUH D *URXQG )DXOW ,QWHUUXSWHU *), GHYLFH RQ WKH PDFKLQH DXWRPDWLFDOO\ UHPRYHV DOO HOHFWULFDO SRZHU ,I SRZHU LV LQWHUUXSWHG ORFDWH WKH *), RQ WKH ULJKW VLGH RI WKH PDFKLQH WRZDUGV WKH EDFN ,I WKH *), KDV EHHQ DFWLYDWHG WKH VZLWFK ZLOO EH LQ WKH OHIW SRVLWLRQ )OLS WKH VZLWFK WR UHVWRUH SRZHU WR WKH PDFKLQH ,I WKH *), LQWHUUXSWV SRZHU WR WKH PDFKLQH DJDLQ RU LI SRZHU KDV QRW EHHQ UHVWRUHG E\ WKLV SURFHGXUH FDOO \RXU ;H
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
3URGXFW 2YHUYLHZ 7KH 'RFXPHQW &HQWUH LV QRW VLPSO\ D FRQYHQWLRQDO FRSLHU ,W LV D GLJLWDO GHYLFH FDSDEOH RI EHLQJ XVHG IRU FRS\LQJ ID[LQJ SULQWLQJ DQG VFDQQLQJ GHSHQGHQW RQ WKH FRQILJXUDWLRQ )RU PRUH LQIRUPDWLRQ RQ DYDLODEOH RSWLRQV FRQWDFW WKH ORFDO ;HUR[ UHSUHVHQWDWLYH 7KH JUDSKLF UHSUHVHQWDWLRQV RI WKH WRXFK VFUHHQ WKURXJKRXW WKLV 8VHU *XLGH DUH EDVHG RQ D IXOO\ FRQILJXUHG 'RFXPHQW &HQWUH ZLWK WKH &RS\ PRGH DV WKH GHIDXOW 7KH DSSHDUDQFH RI WKH WRXFK VFUHHQV PD\ GLIIH
,GHQWLI\LQJ WKH PDFKLQH FRPSRQHQWV 7KH IROORZLQJ SDJHV SURYLGH LQIRUPDWLRQ DERXW WKH 'RFXPHQW &HQWUH FRPSRQHQWV DQG FRQWURO SDQHO EXWWRQV DV ZHOO DV D GHVFULSWLRQ RI WKH VHUYLFHV DQG PRGHV DYDLODEOH &RQWDFW WKH ORFDO ;HUR[ 5HSUHVHQWDWLYH IRU PRUH LQIRUPDWLRQ 7RXFK 6FUHHQ 'RFXPHQW )HHGHU 'RFXPHQW *ODVV XQGHU WKH GRFXPHQW IHHGHU &RQWURO 3DQHO /HIW 7UD\ &HQWUH 7UD\ %\SDVV 7UD\ 'XSOH[ 0RGXOH /HIW )URQW &RYHU 3DSHU 7UD\V 2Q 2II 6ZLWFK 127( 7KH 'RFXPHQW &HQWUH 'LJLWDO &RSLHU LV DOVR DY
7KH JUDSKLF EHORZ VKRZV VRPH RI WKH RSWLRQDO FRPSRQHQWV DYDLODEOH 'HSHQGLQJ RQ WKH 'RFXPHQW &HQWUH FRQILJXUDWLRQ WKH IROORZLQJ PD\ EH DOUHDG\ EH DYDLODEOH )LQLVKHU +LJK &DSDFLW\ )HHGHU +&) 'XSOH[ PRGXOH '& 'XSOH[ 0RGXOH 3DSHU 7UD\V 0DNHV WZR VLGHG FRSLHV IURP RQH VLGHG DQG RU WZR VLGHG GRFXPHQWV 5HIHU WR SDJH IRU PRUH LQIRUPDWLRQ 127( 7KH 'XSOH[ 0RGXOH LV QRW DQ RSWLRQDO FRPSRQHQW RQ WKH '& VLQJOH VLGHG FRQILJXUDWLRQ 3DSHU 7UD\V '& 6LPLODU WR 7UD\ WKHV
(QYHORSH 7UD\ +LJK &DSDFLW\ )HHGHU +&) )LQLVKHU (QDEOHV WKH SULQWLQJ RI DGGUHVVHV RQ HQYHORSHV DV DQ DOWHUQDWLYH WR XVLQJ ODEHOV ,W FDQ KROG D PD[LPXP RI HQYHORSHV RI J P SDSHU DW RQH WLPH 7KH HQYHORSH WUD\ FDQ RQO\ EH XVHG LQ SODFH RI WUD\ 5HIHU WR ³3DSHU DQG RWKHU PHGLD´ RQ SDJH IRU PRUH LQIRUPDWLRQ 7KLV WUD\ LV ORFDWHG RQ WKH OHIW VLGH RI WKH PDFKLQH XQGHU WKH %\SDVV 7UD\ DQG )LQLVKHU RU /HIW 7UD\ 7KH WUD\ FDQ KROG D PD[LPXP RI VKHHWV RI J P SDSHU $ ORQJ HGJH IHH
3RZHULQJ 2Q (QVXUH WKDW WKH '& LV FRQQHFWHG WR D VXLWDEOH SRZHU VXSSO\ DQG WKDW WKH SRZHU FRUG LV IXOO\ SOXJJHG LQ WR WKH HOHFWULFDO RXWOHW )RU GHWDLOHG WHFKQLFDO LQIRUPDWLRQ UHIHU WR ³6SHFLILFDWLRQV´ RQ SDJH 7KH '& WDNHV DSSUR[LPDWHO\ PLQXWHV WR SRZHU 21 DQG FRPSOHWH D VHOI WHVW 7KH SRZHU VZLWFK LV ORFDWHG RQ WKH WRS RI WKH SULQWHU RQ WKH ULJKW KDQG VLGH ½ /RFDWH WKH 21 2)) VZLWFK ½ 6ZLWFK WR , WR WXUQ WKH PDFKLQH RQ 7KH '& GLJLWDO FRSLHU Z
3RZHULQJ 2II :KHQ SRZHULQJ RII WKH '& WKH PDFKLQH UHPDLQV RQ IRU DSSUR[LPDWHO\ VHFRQGV EHIRUH WKH SRZHU LV WHUPLQDWHG 7KH PDFKLQH LV VWRULQJ ILOHV DQG SUHSDULQJ IRU WKH VKXWGRZQ &$87,21 )DLOXUH WR OHDYH DW OHDVW VHFRQGV EHWZHHQ UHSHDWHG SRZHU RII RQ FDQ UHVXOW LQ GDPDJH WR WKH '& KDUG GULYH 127( ,I WKH 3ULQWHU RSWLRQ LV LQVWDOOHG DQG WKH SRZHU LV WXUQHG RII WKH '& ZLOO UHPDLQ RQ IRU DSSUR[LPDWHO\ VHFRQGV EHIRUH WKH SRZHU LV WHUPLQDWHG 3DJH ;HU
7KH '& KDV HQHUJ\ VDYHU IHDWXUHV ZKLFK VLJQLILFDQWO\ UHGXFH WKH SRZHU FRQVXPSWLRQ GXULQJ SHULRGV RI LQDFWLYLW\ 7KH 3RZHU 6DYHU ,QGLFDWRU LV D OLJKW ORFDWHG RQ WKH ORZHU OHIW SRUWLRQ RI WKH FRQWURO SDQHO 7KH 3RZHU 6DYHU IHDWXUH RSHUDWHV LQ WKUHH PRGHV 6WDQG E\ /RZ 3RZHU 3RZHU 6DYH 127( 7KH EHKDYLRXU RI WKHVH PRGHV ZLOO GHSHQG RQ WKH FRQILJXUDWLRQ RI WKH PDFKLQH 3RZHU 6DYHU ,QGLFDWRU OLJKW ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 3URGXFW 2YHUYLHZ 3RZHU 6DYH 0RGH
6WDQG E\ 0RGH 3ULRU WR HQWHULQJ /RZ 3RZHU RU 3RZHU 6DYH WKH PDFKLQH LV LQ 6WDQG E\ 0RGH ZKHQHYHU LW LV QRW FRS\LQJ ID[LQJ VFDQQLQJ RU SULQWLQJ D MRE 7KH WRXFK VFUHHQ LV YLVLEOH DQG UHDG\ WR EH SURJUDPPHG /RZ 3RZHU 0RGH $V GHOLYHUHG WKH PDFKLQH DXWRPDWLFDOO\ VZLWFKHV LQWR /RZ 3RZHU 0RGH PLQXWHV DIWHU WKH ODVW FRS\ SULQW RXW ,Q WKLV PRGH WKH WRXFK VFUHHQ LV EODQN DQG WKH 3RZHU 6DYH OLJKW LV RQ 7KH PDFKLQH LV UH DFWLYDWHG LI WKH WRXFK VFUHHQ RU DQ\ EXWWRQ RQ WKH FRQWURO SDQHO LV WRXFKHG WKH
7KH IDFWRU\ GHIDXOW VHWWLQJ RI PLQXWHV LV FXVWRPHU FKDQJHDEOH ZLWKLQ WKH UDQJH RI WR PLQXWHV GHSHQGLQJ RQ ZRUN SDWWHUQ &KDQJLQJ WKH 'HIDXOW 7LPH 6HWWLQJV ½ 6HOHFW >$FFHVV@ WKH FRQWURO SDQHO RQ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 3URGXFW 2YHUYLHZ 127( 7KH PDFKLQH ZLOO QRW H[LW SRZHU VDYH PRGH LI D ID[ MRE DUULYHV DQG WKH ID[ HQDEOHG WUD\V DUH HPSW\ 7KH MRE ZLOO EH KHOG LQ PHPRU\ XQWLO HLWKHU WKH FRQWURO SDQHO LV WRXFKHG RU SDSHU LV ORDGHG
½ (QWHU WKH SDVVZRUG XVLQJ WKH NH\SDG DQG VHOHFW >(QWHU@ 127( 8VHU DFFHVV WR 6HWXSV LV SDVVZRUG SURWHFWHG 3OHDVH FRQWDFW WKH .
6HOHFW WKH RSWLRQ UHTXLUHG ½ 7KH WRXFK VFUHHQ GLVSOD\V WKH FXUUHQW WLPHU YDOXH 8VH WKH VFUROO EXWWRQV WR DSSO\ WKH QHZ VHWWLQJ DQG VHOHFW >6DYH@ ½ ½ 6HOHFW >&ORVH@ 3URGXFW 2YHUYLHZ ½ 6HOHFW >([LW@ 7KH WRXFK VFUHHQ GLVSOD\V µ3OHDVH ZDLW H[LW URXWLQH LQ SURJUHVV¶ $IWHU D IHZ VHFRQGV WKH VFUHHQ UHYHUWV WR WKH VWDQGDUG GLVSOD\ 7KH WLPHU VHWWLQJV KDYH QRZ EHHQ FKDQJHG 5HF\FOHG 3DSHU 7KH '& KDV HVWDEOLVKHG SHUIRUPDQFH ZLWK WKH XVH RI UHF\FOHG SDSHU ZLWK LWV FRQVHTXHQW EHQ
;HUR[ UHFRPPHQGV ;HUR[ SDUW QXPEHU 5 $ VL]H VWRFN J P VKHHWV D UHF\FOHG SDSHU ZLWK SRVW FRQVXPHU FRQWHQW WKDW FDQ EH REWDLQHG ERWK WKURXJK ;HUR[ DQG PDQ\ RWKHU RIILFH VXSSOLHUV 7KH IROORZLQJ SDSHU LV DOVR DYDLODEOH 5 $ VL]H J P VKHHWV SRVW FRQVXPHU FRQWHQW 5 $ VL]H J P VKHHWV SRVW FRQVXPHU FRQWHQW 5 $ VL]H J P VKHHWV SRVW FRQVXPHU FRQWHQW 7KH DERYH LV D VPDOO VHOHFWLRQ IURP D UDQJH RI UHF\FOHG PHGLD DYDLOD
3URGXFW 2YHUYLHZ 0RGHV 7KHUH DUH WKUHH PRGHV DYDLODEOH RQ WKH PDFKLQH )HDWXUHV -RE 6WDWXV 0DFKLQH 6WDWXV 7KH PRGH EXWWRQV DFFHVV WKH VFUHHQV ZKLFK HQDEOH XVHUV WR VHOHFW IHDWXUHV PRQLWRU WKH VWDWXV RI MREV RQ WKH PDFKLQH DQG REWDLQ JHQHUDO LQIRUPDWLRQ DERXW WKH '& 127( 7KH IHDWXUHV DYDLODEOH ZLOO GHSHQG RQ WKH PDFKLQH FRQILJXUDWLRQ )HDWXUHV EXWWRQ -RE 6WDWXV EXWWRQ 0DFKLQH 6WDWXV EXWWRQ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
)HDWXUHV EXWWRQ 6HOHFW WKLV EXWWRQ WR DFFHVV WKH IHDWXUH VFUHHQV (DFK ³VFUHHQ´ LV DFFHVVHG E\ D WDE 7KH ILUVW VFUHHQ IRU HDFK WDEEHG IHDWXUH FRQWDLQV DOO WKH EDVLF VHWWLQJV UHTXLUHG IRU HDFK IHDWXUH )RU H[DPSOH WKH ILUVW &RS\ VFUHHQ HQDEOHV SURJUDPPLQJ WR PDNH D FRS\ DQG WKH ILUVW )D[ VFUHHQ WR VHQG D ID[ 7KH DGGLWLRQDO VFUHHQV SURYLGH VHWWLQJV WR DOORZ IXUWKHU SURJUDPPLQJ VHOHFWLRQV 7KH '& PDFKLQHV FRQQHFWHG WR WKH QHWZRUN DUH DEOH WR VXSSRUW WZR W\SHV RI ZDON XS ID[ (PEHGGHG )D[
½ 6HOHFW >$OO 6HUYLFHV@ 7KH SRS XS ZLQGRZ ZLOO EH GLVSOD\HG ½ 6HOHFW WKH )HDWXUH RSWLRQ UHTXLUHG RU VHOHFW >&ORVH@ WR FDQFHO 3URGXFW 2YHUYLHZ -RE 6WDWXV EXWWRQ 8VH -RE 6WDWXV WR FKHFN RQ WKH SURJUHVV RI D MRE DQG LI QHFHVVDU\ WR FKDQJH LWV SRVLWLRQ LQ D TXHXH ½ 6HOHFW >-RE 6WDWXV@ RQ WKH FRQWURO SDQHO 7KH 3ULQW 4XHXH LV WKH GHIDXOW VHWWLQJ DQG ZLOO EH DXWRPDWLFDOO\ GLVSOD\HG ½ 6HOHFW >2WKHU 4XHXHV@ WR GLVSOD\ WKH TXHXHV DYDLODEOH 127( 7KH TXHXHV DYDLODEOH DUH GHSHQGHQW RQ WKH
VFDQ MREV IRU GHOD\HG (PEHGGHG )D[ MREV LQFOXGLQJ VHQG 0DLO%R[ DQG SROOLQJ UHVHUYDWLRQ 2QO\ RXWJRLQJ 6HUYHU )D[ MREV ZLOO EH GLVSOD\HG LQ WKLV TXHXH &RPSOHWHG )D[ -REV 4XHXH 0DLQWDLQV DOO )D[ MREV WKDW KDYH EHHQ VXFFHVVIXOO\ FRPSOHWHG FDQFHOOHG E\ D XVHU RU FDQFHOOHG GXH WR D IDXOW &HUWDLQ IDLOHG ID[ MREV ZLOO EH PDLQWDLQHG LQ WKH PDFKLQH PHPRU\ DQG DYDLODEOH IRU UH VXEPLVVLRQ ,QERXQG 6HUYHU )D[ MREV GR QRW DSSHDU LQ WKH TXHXH 6FDQ 4XHXH 0DLQWDLQV DOO DFWLYH DQG SHQGLQJ 1HWZRUN 6FDQQLQJ DQG
'LVSOD\V WKH &XVWRPHU 6XSSRUW 1XPEHU 0DFKLQH 6HULDO 1XPEHU DQG 6RIWZDUH OHYHOV 3DSHU 6XSSO\ 6WDWXV 'LVSOD\V WKH VWDWXV RI HDFK SDSHU WUD\ WKH E\SDVV WUD\ DQG WKH RSWLRQDO KLJK FDSDFLW\ IHHGHU ,W DOVR GLVSOD\V WKH VL]H W\SH DQG FRORXU RI WKH PHGLD LQ HDFK WUD\ DQG ZKHWKHU RU QRW HPEHGGHG ID[ SULQWLQJ LV HQDEOHG IRU HDFK WUD\ LI HPEHGGHG ID[ LV LQVWDOOHG 7KH .
)DXOWV 'LVSOD\V D OLVW RI WKH VL[ PRVW UHFHQW IDXOWV WKH GDWH DQG WLPH RI WKH FRGH DQG WKH VWDWXV DFWLYH RU FOHDUHG 6HOHFW WKH )DXOW &OHDUDQFH ,QVWUXFWLRQV EXWWRQ IRU DVVLVWDQFH ZKHQ FOHDULQJ DQ DFWLYH IDXOW 5HSRUWV DQG &RXQWHUV 3ULQW 5HSRUWV $FFHVVHV WKH YDULRXV UHSRUWV DYDLODEOH IRU SULQWLQJ 3HQGLQJ -REV 5HSRUW OLVWV WKH MREV WKDW DUH VWLOO LQ PHPRU\ DQG WKH DYDLODEOH PHPRU\ 3ULQWHU &RQILJXUDWLRQ OLVWV WKH VWDWXV RI WKH SULQWHU RSWLRQV LQVWDOOHG RSWLRQV 3&/ RSWLRQV 3RVW6FULSW RSW
3RVW6FULSW )RQW /LVW OLVWV WKH DYDLODEOH 3RVW6FULSW IRQWV IRU WKH SULQWHU 3&/ )RQW /LVW OLVWV WKH DYDLODEOH 3&/ IRQWV IRU WKH SULQWHU $FFRXQW ,QIRUPDWLRQ :KHQ WKH $XGLWURQ LV HQDEOHG XVH WKLV VFUHHQ WR UHYLHZ WKH OLPLW DQG FXUUHQW FRXQW IRU \RXU DFFRXQW QXPEHU &RXQWHUV 'LVSOD\V WKH WRWDO QXPEHU RI SULQWV PDGH RQ WKH PDFKLQH 8VHUV FDQ DOVR UHYLHZ WKH FRXQWHU IRU LQGLYLGXDO PRGHV KRZHYHU LI D PRGH LV QRW LQVWDOOHG RQ WKH PDFKLQH WKH FRXQWHUV EXWWRQ IRU WKDW PRGH ZLOO QRW EH GLVSOD\HG IRU
½ ½ 6HOHFW >0DFKLQH 6WDWXV@ ½ 6HOHFW >&RXQWHUV@ ½ 7KH µ7RWDO 3DJHV 3ULQWHG¶ ELOOLQJ FRXQWHU IRU WKH PDFKLQH ZLOO EH GLVSOD\HG (QWHU WKLV QXPEHU RQ WKH PHWHU UHDGLQJ FDUG ½ 7R UHYLHZ WKH FRXQWHU IRU DQ LQGLYLGXDO PRGH VHOHFW WKH UHTXLUHG IHDWXUH EXWWRQ 6HOHFW >5HSRUWV &RXQWHUV@ 127( ,I DYDLODEOH VHOHFW >$GGLWLRQDO &RXQWHUV@ WR DFFHVV PRUH PRGH EXWWRQV ½ ½ 6HOHFW >([LW@ 7R H[LW >0DFKLQH 6WDWXV@ VHOHFW HLWKHU >-RE 6WDWXV@ RU >)HDWXUHV@ 127( 7KH 6HUYLFHV EXWWRQ GLVSOD\V WK
$FFHVV EXWWRQ +HOS " EXWWRQ DFFHVVHV DGGLWLRQDO LQIRUPDWLRQ DERXW D VSHFLILF WDVN /DQJXDJH EXWWRQ FKDQJHV WKH WH[W WR DQ DOWHUQDWLYH ODQJXDJH ZKHQ DYDLODEOH GLVSOD\V D SRS XS ORJLQ ZLQGRZ WR DFFHVV WKH 6HW XS 7RROV XVHG WR DGMXVW WKH GHIDXOWV RI WKH PDFKLQH ,QWHUUXSW EXWWRQ WHPSRUDULO\ LQWHUUXSWV D MRE WR HQDEOH D SULRULW\ MRE WR EH SURJUDPPHG DVWHULVN EXWWRQ XVHG WR LQGLFDWH WKH GLDOOLQJ FKDUDFWHU $OVR XVHG DV D ZLOGFDUG VSHHG GLDO FKDUDFWHU 3RZHU 6DYH ,QGLF
-RE ,QWHUUXSW -RE ,QWHUUXSW LV XVHG WR WHPSRUDULO\ VXVSHQG WKH FXUUHQW FRS\LQJ SULQWLQJ WR DOORZ DQ XUJHQW FRS\ MRE WR EH FRPSOHWHG :KHQ XVLQJ MRE LQWHUUXSW RQO\ D OLPLWHG UDQJH RI IHDWXUHV ZLOO EH DYDLODEOH IRU SURJUDPPLQJ 7KH 6\VWHP $GPLQLVWUDWRU FDQ VHW XS -RE ,QWHUUXSW DV IROORZV ,QWHUUXSW RQ 6HW %RXQGDU\ ,QWHUUXSW RQ 3DJH %RXQGDU\ ½ WKH PDFKLQH ZLOO ILQLVK SULQWLQJ WKH FXUUHQW VHW WKH PDFKLQH ZLOO ILQLVK SULQWLQJ WKH FXUUHQW SDJH 6HOHFW >-RE ,QWHUUXSW@ 7KH LQGLFDWRU OLJKW ZLOO EH OLW 12
7KH $XGLWURQ LV D IHDWXUH RI WKH PDFKLQH ZKLFK DXWRPDWLFDOO\ WUDFNV XVDJH ,I $XGLWURQ LV HQDEOHG DQ DFFRXQW QXPEHU PXVW EH HQWHUHG )RU DFFRXQW QXPEHU DOORFDWLRQ RU IXUWKHU LQIRUPDWLRQ DERXW WKH $XGLWURQ SOHDVH FRQWDFW WKH .
,QIRUPDWLRQ 6RXUFHV ,Q DGGLWLRQ WR WKH JUDSKLF DQG PHVVDJH GLVSOD\ WKH IROORZLQJ LQIRUPDWLRQ VRXUFHV DUH GHVLJQHG WR SURYLGH JXLGDQFH DQG LQIRUPDWLRQ ZKHQ PDNLQJ FRSLHV 8VLQJ WKH +HOS " EXWWRQ 7KH +HOS " EXWWRQ RQ WKH FRQWURO SDQHO SURYLGHV DGGLWLRQDO LQIRUPDWLRQ DERXW D VSHFLILF WDVN 7KH +HOS V\VWHP DOVR SURYLGHV FRQWH[W VHQVLWLYH KHOS VSHFLILF LQIRUPDWLRQ WR WKH WDVN EHLQJ FDUULHG RXW 7KH KHOS VFUHHQV FDQ EH UHYLHZHG LQ )HDWXUHV -RE 6WDWXV DQG 0DFKLQH 6WDWXV PRGHV ½ 6HOHFW >+HOS@ DW
/RFDWHG RQ WKH PDFKLQH DW SRLQW RI QHHG WKURXJKRXW WKH PDFKLQH ODEHOV SURYLGH JXLGDQFH ZKHQ IRU H[DPSOH FOHDULQJ SDSHU MDPV RU ORDGLQJ GRFXPHQWV 8VHU 'RFXPHQWDWLRQ 7KHUH DUH ERRNV DYDLODEOH ZKLFK IXOO\ GHVFULEH WKH RSHUDWLRQ RI WKH V\VWHP 8VHU *XLGH $OO RSHUDWLRQDO PDLQWHQDQFH DQG PDFKLQH VHWXS SURFHGXUHV '& 67 6\VWHP $GPLQLVWUDWLRQ *XLGH ,QIRUPDWLRQ RQ 1HWZRUN LQVWDOODWLRQ DQG VHWXS SURFHGXUHV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 3URGXFW 2YHUYLHZ /DEH
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
&RS\ &RS\ 7KLV FKDSWHU FRQWDLQV LQIRUPDWLRQ DERXW WKH &RS\ VFUHHQ DQG WKH IHDWXUHV DYDLODEOH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
&RS\LQJ SURFHGXUH 4XLFN 3DWKZD\ ½ /RDG GRFXPHQWV ½ 3UHVV >)HDWXUHV@ ½ ,I QHFHVVDU\ VHOHFW >&RS\@ ½ 6HOHFW WKH &RS\ %HIRUH PDNLQJ FRSLHV RQ WKH '& LGHQWLI\ ZKDW LV WR EH FRSLHG DQG WKH QXPEHU RI FRSLHV UHTXLUHG 8VH WKH IROORZLQJ VWHSV WR PDNH D FRS\ XVLQJ WKH 'RFXPHQW &HQWUH 127( ,I WKH $XGLWURQ KDV EHHQ HQDEOHG RQ WKH PDFKLQH DQ DFFRXQW QXPEHU PD\ EH UHTXLUHG EHIRUH SURJUDPPLQJ FDQ FRPPHQFH )RU DFFRXQW DOORFDWLRQ RU IXUWKHU LQIRUPDWLRQ DERXW WKH $XGLWURQ SOHDVH FRQWDFW WKH .
'RFXPHQWV VKRXOG EH J P DQG $ WR $ ORQJ HGJH IHHG RU $ WR $ VKRUW HGJH IHHG 7KH 'RFXPHQW )HHGHU VHQVHV RQO\ VWDQGDUG VL]HV ,I WKH GRFXPHQWV LQFOXGH QRQ VWDQGDUG VL]HV FRS\ WKHP IURP WKH 'RFXPHQW *ODVV ,I WKH VHQVRU FDQQRW GHWHFW WKH VL]H LW VFDQV WKH HQWLUH JODVV DUHD DQG SULQWV RQ $ SDSHU ,PDJH ORVV PLJKW RFFXU LI WKH RULJLQDO LV ODUJHU WKDQ $ 127( ,I IHHGLQJ &RPSXWHU )DQ )ROG WKURXJK WKH 'RFXPHQW )HHGHU DOZD\V UHPRYH WKH SHUIRUDWHG IHHG HGJH ILUVW 127( )RU LQIRUPDWLRQ DERXW FRS
½ %HIRUH SODFLQJ WKH GRFXPHQWV LQWR WKH GRFXPHQW IHHGHU UHPRYH DOO VWDSOHV DQG SDSHU FOLSV ½ ,QVHUW WKH GRFXPHQWV QHDWO\ LQWR WKH GRFXPHQW IHHGHU IDFH XS 7KH ILUVW SDJH VKRXOG EH RQ WRS ZLWK WKH KHDGLQJV WRZDUGV WKH EDFN RU OHIW RI WKH PDFKLQH ½ $OLJQ WKH VWDFN ZLWK WKH OHIW DQG UHDU HGJHV RI WKH GRFXPHQW IHHGHU WUD\ DQG SRVLWLRQ WKH JXLGH WR MXVW WRXFK WKH HGJH RI WKH GRFXPHQWV ½ &KHFN WKH JUHHQ OLJKW RQ WKH WRS UHDU RI WKH GRFXPHQW IHHGHU :KHQ WKH GRFXPHQWV DUH SRVLWLRQHG FR
½ &RS\ 5DLVH WKH GRFXPHQW IHHGHU RU WKH GRFXPHQW JODVV FRYHU LI ILWWHG 3LF RI GRFXPHQW IHHGHU EHLQJ UDLVHG ½ 3ODFH WKH GRFXPHQW IDFH GRZQ RQWR WKH GRFXPHQW JODVV DOLJQHG ZLWK WKH WLS RI WKH UHJLVWUDWLRQ DUURZ QHDU WKH WRS OHIW RI WKH GRFXPHQW JODVV ½ /RZHU WKH GRFXPHQW IHHGHU ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
&RQVWDQW 9HORFLW\ 7UDQVSRUW *ODVV 7KH &RQVWDQW 9HORFLW\ 7UDQVSRUW &97 JODVV LV WKH QDUURZ VWULS RI JODVV ORFDWHG DW WKH OHIW KDQG VLGH RI WKH GRFXPHQW JODVV :KHQ GRFXPHQWV DUH IHG IURP WKH GRFXPHQW IHHGHU WKH &97 JODVV DXWRPDWLFDOO\ VFDQV WKH LPDJHV LQWR PHPRU\ DQG GRHV QRW DSSO\ WR GRFXPHQWV SODFHG RQ WKH JODVV &RQVWDQW 9HORFLW\ 7UDQVSRUW *ODVV 6HOHFW WKH )HDWXUHV EXWWRQ ½ 6HOHFW >)HDWXUHV@ ORFDWHG RQ WKH OHIW RI WKH QXPHULF NH\SDG (QVXUH WKDW WKH ILUVW &RS\ VFUHHQ LV GLVSOD\HG 3D
&RS\ ½ 6HOHFW >&OHDU $OO@ RQFH WR FDQFHO DQ\ SUHYLRXV VFUHHQ SURJUDPPLQJ VHOHFWLRQV 127( 6HOHFWLQJ &OHDU $OO WZLFH ZLOO FOHDU DOO WKH SURJUDPPLQJ SDWKZD\V DQG UHWXUQ WKH PDFKLQH WR LWV GHIDXOW VWDWXV )HDWXUHV %XWWRQ &OHDU $OO %XWWRQ 6HOHFW WKH IHDWXUHV 7KH IHDWXUHV DYDLODEOH RQ WKH ILUVW &RS\ VFUHHQ DUH WKRVH XVHG PRVW RIWHQ 0DQ\ RI WKH IHDWXUHV FRQWDLQ D VHOHFWLRQ FDOOHG 2WKHU 6HOHFW WKLV RSWLRQ WR DFFHVV DGGLWLRQDO SURJUDPPLQJ RSWLRQV 127( 2QO\ WKRVH IHDWXUHV UHOHYDQW WR WKH PDFKL
)RU D PRUH GHWDLOHG H[SODQDWLRQ RI WKH VWDQGDUG IHDWXUHV DYDLODEOH RQ WKH WRXFK VFUHHQ SOHDVH UHIHU WR WKH IROORZLQJ SDJHV 2XWSXW SDJH 6LGHV ,PDJHG SDJH 5HGXFH (QODUJH SDJH 3DSHU 6XSSO\ SDJH ,PDJH 4XDOLW\ SDJH (QWHU WKH TXDQWLW\ 7KH PD[LPXP FRS\ TXDQWLW\ LV ½ 8VH WKH QXPHULF NH\SDG WR HQWHU WKH QXPEHU RI FRSLHV UHTXLUHG 7KH QXPEHU HQWHUHG LV GLVSOD\HG LQ WKH WRS ULJKW KDQG FRUQHU RI WKH WRXFK VFUHHQ 7R FDQFHO DQ LQFRUUHFW HQWU\ VHOHFW >
½ &RS\ 6HOHFW 6WDUW 6HOHFW >6WDUW@ (DFK GRFXPHQW LV VFDQQHG RQFH RQO\ 7KH VL]H DQG RULHQWDWLRQ DUH GLVSOD\HG LQ WKH XSSHU OHIW KDQG FRUQHU RI WKH WRXFK VFUHHQ ,I D UHVRXUFH SUREOHP RU SURJUDPPLQJ FRQIOLFW SUHYHQWV WKH MRE FRPSOHWLQJ D PHVVDJH ZLOO EH GLVSOD\HG )ROORZ WKH PHVVDJH WR UHVROYH WKH SUREOHP 2Q FRPSOHWLRQ UHPRYH WKH VFDQQHG GRFXPHQWV IURP XQGHU WKH GRFXPHQW IHHGHU RU IURP WKH GRFXPHQW JODVV 6WDUW EXWWRQ ,GHQWLI\ WKH FRS\ MRE LQ WKH 3ULQW 4XHXH ½ 6HOHFW >-RE 6WDWXV
6WDQGDUG )HDWXUHV &RS\ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ 8VH WKH ILUVW &RS\ VFUHHQ WR VHOHFW WKH VWDQGDUG IHDWXUHV IRU D FRS\ MRE )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ WKH FRQWURO SDQHO 2XWSXW SDJH >&RS\@ 5HGXFH (QODUJH SDJH ½ ,I QHFHVVDU\ VHOHFW 6LGHV ,PDJHG SDJH ½ 6HOHFW WKH IHDWXUHV 3DSHU 6XSSO\ SDJH DYDLODEOH RQ WKH ILUVW >&RS\@ VFUHHQ ,PDJH 4XDOLW\ SDJH 127( 2QO\ WKRVH IHDWXUHV UHOHYDQW WR WKH PDFKLQH
2XWSXW ,FRQ +,17 8VH WKH 2XWSXW ,FRQ ORFDWHG RQ WKH ORZHU OHIW KDQG VLGH RI WKH VFUHHQ WR TXLFNO\ DQG HDVLO\ VZLWFK IURP WKH &HQWUH 7UD\ WR WKH /HIW 7UD\ &ROODWHG 7KLV RSWLRQ GHOLYHUV WKH VSHFLILHG QXPEHU RI FRS\ VHWV WR WKH &HQWUH 7UD\ LQ WKH VDPH RUGHU DV WKH GRFXPHQWV ,I VHOHFWLQJ WZR FRSLHV RI D WKUHH SDJH GRFXPHQW WKH RUGHU RI WKH RXWSXW ZLOO EH SDJHV 8QFROODWHG 7KLV RSWLRQ GHOLYHUV WKH FRSLHV WR WKH &HQWUH 7UD\ LQ WKH RUGHU EDVHG RQ WKH WR
6WDSOHG RSWLRQDO ,I WKH )LQLVKHU KDV EHHQ ILWWHG WKH 6WDSOHG RSWLRQ ZLOO EH DYDLODEOH 127( 7KH )LQLVKHU LV QRW DYDLODEOH RQ WKH '& VLQJOH VLGHG FRQILJXUDWLRQ 7KH )LQLVKHU FDQ VWDSOH HLWKHU $ RU $ LQ VHWV RI WR VKHHWV RI J P SDSHU HLWKHU DXWRPDWLFDOO\ RU PDQXDOO\ 7KH VWDSOH FDUWULGJH KROGV VWDSOHV 127( 8QFROODWHG LV QRW DYDLODEOH IRU VWDSOHG FRSLHV $XWRPDWLF 6WDSOLQJ XVLQJ WKH )LQLVKHU $XWRPDWLF VWDSOLQJ RFFXUV ZKHQ WKH VWDSOHG RSWLRQ KDV EHHQ VHOHFWHG RQ WKH WRXFK VF
3ODFH WKH GRFXPHQWV IDFH GRZQ DQG ORQJ HGJH IHHG RYHU WKH JUHHQ UHFWDQJOH ZLWK WKH OHIW HGJH RI WKH GRFXPHQWV DJDLQVW WKH WDE RI WKH 6WDSOH &DUWULGJH 'RRU ½ 6OLGH WKH GRFXPHQWV IRUZDUG XQWLO \RX KHDU WKH FOLFN RI WKH VWDSOH EHLQJ LQVHUWHG 7KH VWDSOH LV LQVHUWHG LQ WKH XSSHU OHIW FRUQHU RI WKH GRFXPHQWV ½ 5HPRYH WKH VWDSOHG VHW IURP WKH )LQLVKHU &RS\ ½ &RQYHQLHQFH 6WDSOHU RSWLRQDO 7KH &RQYHQLHQFH 6WDSOHU LV DQ RSWLRQDO H[WUD DQG FDQ EH LQVWDOOHG LI WKH &RQYHQLHQFH 6KHOI LV ILWWHG ,W
½ :LWK WKH GRFXPHQWV IDFH XS VOLGH WKH FRUQHU WR EH VWDSOHG LQWR WKH VWDSOHU ½ 7KH VWDSOHU ZLOO DXWRPDWLFDOO\ VWDSOH WKH GRFXPHQWV 'XULQJ VWDSOLQJ WKH LQGLFDWRU OLJKW RQ WKH OHIW KDQG VLGH RI WKH VWDSOHU ZLOO EH OLW ½ 5HPRYH WKH VWDSOHG VHW IURP WKH &RQYHQLHQFH 6WDSOHU 6LGHV ,PDJHG 8S WR GRXEOH VLGHG FRSLHV UDQJLQJ LQ VL]H IURP $ WR $ FDQ EH PDGH DXWRPDWLFDOO\ IURP RQH RU WZR VLGHG GRFXPHQWV VLQJOH VLGHG FRSLHV IURP VLQJOH VLGHG GRFXPHQWV GRXEOH VLGHG FRSLH
&RS\ 127( 7KH VLGHG RSWLRQV DUH QRW DYDLODEOH RQ WKH '& VLQJOH VLGHG FRQILJXUDWLRQ 2ULHQWDWLRQ 6HOHFW WKH 2WKHU RSWLRQ WR DFFHVV WKH 2ULHQWDWLRQ IHDWXUHV 6HOHFW WKH 2WKHU RSWLRQ DQG WKHQ HLWKHU DQG WR DFFHVV WKH IROORZLQJ RULHQWDWLRQ RSWLRQV DYDLODEOH +HDG WR +HDG²WKH RXWSXW ZLOO EH WKH VDPH RULHQWDWLRQ DV WKH GRFXPHQWV +HDG WR 7RH²WKH RXWSXW ZLOO EH URWDWHG R RQ WKH VHFRQG VLGH 3RUWUDLW²WKH LPDJH DSSHDUV LQ WKH SRUWUDLW RULHQWDWLRQ /DQGVFDSH²WKH LPDJH DSSHDUV LQ
3RUWUDLW ,PDJHV /DQGVFDSH ,PDJHV +HDG WR +HDG IRU ELQGLQJ RQ WKH ORQJ HGJH +HDG WR +HDG IRU ELQGLQJ RQ WKH VKRUW HGJH $ $ % +HDG WR 7RH IRU ELQGLQJ RQ WKH VKRUW HGJH % +HDG WR 7RH IRU ELQGLQJ RQ WKH ORQJ HGJH $ $ % % 127( ,QVHUWV FDQ QRW EH SURJUDPPHG ZLWK %RXQG 2ULJLQDOV DQG %XLOG -RE DUH QRW DYDLODEOH ZLWK VHOHFWHG ZKHQ XVLQJ WKH GRFXPHQW JODVV 7DEEHG VWRFN HQYHORSHV DQG WUDQVSDUHQFLHV ZLOO QRW IHHG WKURXJK WKH 'XSOH[ 0RGXOH 5HGXFH (QODUJH ,Q DGGLWLRQ WR VL]H IRU VL]
&RS\ ½ 6HOHFW >$XWR@ RU RQH RI WKH SUHVHWV RSWLRQV 5HGXFH (QODUJH RSWLRQV VL]H IRU VL]H FRSLHV $XWR DXWRPDWLFDOO\ UHGXFHV HQODUJHV D GRFXPHQW WR ILW RQ WKH SDSHU VL]H VHOHFWHG 127( :KHQ $XWR 5HGXFH (QODUJH LV VHOHFWHG WKH PDFKLQH DXWRPDWLFDOO\ VHOHFWV $ ORQJ HGJH IHHG SDSHU ,I VHOHFWLQJ $XWR 5HGXFH (QODUJH DQG $ ORQJ RU VKRUW HGJH SDSHU VXSSO\ WKH PDFKLQH DXWRPDWLFDOO\ URWDWHV WKH LPDJH WR PDWFK WKH RULHQWDWLRQ RI WKH $ GRFXPHQWV DQG SULQWV RQ WR $ ORQJ HGJH IHHG SDSHU
+,17 7R VDYH WLPH XVH WKH SRS XS NH\SDG RQ WKH WRXFK VFUHHQ LQVWHDG RI WKH VFUROO EXWWRQV WR LQVHUW YDOXHV 6HOHFW WKH GLVSOD\ ER[ IRU WKH VL]H VHOHFWLRQV WKH VPDOO UHFWDQJOH WR WKH OHIW RI WKH VFUROO EXWWRQV DQG D NH\SDG ZLOO EH GLVSOD\HG (QWHU WKH YDOXHV DQG VHOHFW 6DYH &XVWRP ² XVHG WR UHGXFH RU HQODUJH D GRFXPHQW LQ QRQ HTXDO SURSRUWLRQV $JDLQ DQG $XWR DUH DYDLODEOH WR UHVHW WKH PDJQLILFDWLRQ DIWHU XVLQJ D FXVWRP VHWWLQJ +,17 :KHQ &XVWRP 5HGXFH (QODUJH LV VHOHFWHG WKH PDFKLQH GRH
2SHQ WKH SDSHU WUD\ 7KH WUD\ DWWULEXWHV ZLQGRZ LV GLVSOD\HG ½ ½ /RDG WKH WUD\ ½ 6HOHFW >&RQILUP@ WR FDUU\ RQ ZLWK WKH MRE &RS\ ½ ,I WKH SDSHU W\SH RU FRORXU KDV EHHQ FKDQJHG VHOHFW >&KDQJH 7\SH RU &RORXU@ DQG SURJUDPPH WKH QHZ VHWWLQJV 6HOHFW >6DYH@ 127( 7KH VL]H DQG RULHQWDWLRQ LV GHWHUPLQHG IRU DOO WUD\V H[FHSW WKH %\SDVV 7UD\ 3DSHU 6XSSO\ RSWLRQV $XWR 3UHVHWV 2WKHU DFFHSWV WKH GHIDXOW VHWWLQJ VWDQGDUG ZKLWH SDSHU IRU WKH SDSHU VXSSO\ ,I D VSHFLILF SDSHU VL]H LV QRW VHOHFWH
,PDJH 4XDOLW\ 8VH WKH LPDJH TXDOLW\ VHWWLQJV WR DGMXVW WKH TXDOLW\ RI WKH RXWSXW ,PDJH 4XDOLW\ RSWLRQV 7H[W XVHG IRU VFDQQLQJ WH[W VROLGV OLQH DUW DQG KDOIWRQHV $XWR DXWRPDWLFDOO\ DGMXVWV WKH LPDJH TXDOLW\ EDVHG RQ WKH DWWULEXWHV RI WKH GRFXPHQW $XWR FDQ DOVR EH XVHG WR PDNH FRSLHV RI GRFXPHQWV WKDW FRQWDLQ KDOIWRQHV DQG GLIIHUHQW LPDJHV 3KRWR XVHG IRU VFDQQLQJ FRQWLQXRXV WRQH SKRWRJUDSKV DQG KLJK TXDOLW\ KLJK IUHTXHQF\ KDOIWRQHV +,17 )RU EHVW UHVXOWV FRS\ D PD[LPXP RI SKRWRJUDSKV LQ
\ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO ½ ,I QHFHVVDU\ VHOHFW >&RS\@ &RS\ $GGHG )HDWXUHV &RS\ 7KH $GGHG )HDWXUHV WDE RIIHUV DGGLWLRQDO SURJUDPPLQJ IHDWXUHV IRU D FRS\ MRE :KHQ VHOHFWHG D VHULHV RI WDEV LV GLVSOD\HG ,PDJH $GMXVWPHQW SDJH 2XWSXW )RUPDW SDJH -RE $VVHPEO\ SDJH ½ 6HOHFW >$GGHG )HDWXUHV@ 127( 2QO\ WKRVH IHDWXUHV UHOHYDQW WR WKH PDFKLQH FRQILJXUDWLRQ ZLOO EH DYDLODEOH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
,PDJH $GMXVWPHQW WDE &RS\ )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ 2ULJLQDO 6L]H SDJH %RXQG 2ULJLQDOV SDJH ,PDJH 6KLIW SDJH ([SHUW ,PDJH 4XDOLW\ SDJH (UDVH SDJH (GLW RSWLRQDO SDJH ½ 6HOHFW >$GGHG )HDWXUHV@ 7KH ,PDJH $GMXVWPHQW VFUHHQ ZLOO EH GLVSOD\HG 2ULJLQDO 6L]H 8VH WKLV IHDWXUH WR FRS\ DQG RU PDQLSXODWH QRQ VWDQGDUG VL]H GRFXPHQWV IURP WKH 'RFXPHQW )HHGHU DQG 'RFXPHQW *ODVV 8VH WKH IROORZLQJ VWHSV WR VHOHFW WKLV IHDW
$XWR 2ULJLQDO 6L]H &RS\ 2ULJLQDO 6L]H 2SWLRQV DXWRPDWLFDOO\ GHWHUPLQHV WKH VL]H RI WKH GRFXPHQW EHLQJ FRSLHG DQG VHOHFWV D SDSHU VXSSO\ VRXUFH RI WKH VDPH VL]H 7KH PDFKLQH FDQQRW VHQVH WKH VL]H RI QRQ VWDQGDUG GRFXPHQWV LQGLFDWHV WKH GRFXPHQW VL]H RU WKH VL]H \RX ZDQW WKH 'RFXPHQW &HQWUH WR VFDQ LI WKH GRFXPHQW LV D QRQ VWDQGDUG VL]H &KRRVH IURP WKH SUHVHW VL]HV OLVWHG RU XVLQJ WKH VFUROO DUURZV HQWHU WKH ; DQG < YDOXHV 7KLV IHDWXUH FDQ EH XVHG ZLWK WKH 'RFXPHQW )HHGHU RU WKH 'RFXPHQW *ODVV
7R SURGXFH UHGXFHG HQODUJHG FRSLHV ½ ½ ½ ½ ½ ½ /RDG WKH GRFXPHQWV 6HOHFW WKH SDSHU VL]H UHTXLUHG 6HOHFW >$GGHG )HDWXUHV@ 6HOHFW >2ULJLQDO 6L]H@ 6HOHFW >0L[HG 6L]H@ DQG VHOHFW >6DYH@ (QWHU WKH TXDQWLW\ DQG VHOHFW >6WDUW@ 127( ,QVHUWV %RRNOHW &UHDWLRQ DQG 1 8S FDQQRW EH XVHG ZLWK 0L[HG 6L]H 2ULJLQDOV %RXQG 2ULJLQDOV 6HOHFW %RXQG 2ULJLQDOV WR PDNH FRSLHV RI SDJHV IURP ERXQG GRFXPHQWV RU PDJD]LQHV XVLQJ WKH 'RFXPHQW *ODVV ½ 3ODFH WKH ERXQG GRFXPHQW IDFH GRZQ RQ WR WKH GRFXPHQW JODVV &ORV
6HOHFW WKH IHDWXUHV UHTXLUHG ½ ½ 6HOHFW >6DYH@ &RS\ ½ ½ ½ 6HOHFW >$GGHG )HDWXUHV@ 6HOHFW >%RXQG 2ULJLQDOV@ DQG VHOHFW WKH IHDWXUHV UHTXLUHG 6HOHFW >6WDUW@ %RXQG 2ULJLQDOV RSWLRQV 2II WKH IHDWXUH LV QRW DYDLODEOH 6LGH FRSLHV RQO\ WKH SDJH RQ WKH OHIW ZKHQ ORRNLQJ DW WKH RSHQ ERRN IDFH XS 6LGH FRSLHV RQO\ WKH SDJH RQ WKH ULJKW ZKHQ ORRNLQJ DW WKH RSHQ ERRN IDFH XS DQG FRSLHV ERWK SDJHV RI DQ RSHQ ERRN DQG SODFHV HDFK SDJH RQ D VHSDUDWH VKHHW RI SDSHU %RRN VL]H XVH WKLV
*XWWHU (UDVH HUDVHV XS WR PP IURP WKH JXWWHU DUHD GRZQ WKH FHQWUH RI D ERXQG GRFXPHQW :KHQ WKH DQG RSWLRQ LV VHOHFWHG DQ\ DPRXQW IURP PP FDQ EH HQWHUHG ,PDJH 6KLIW 8VH WKLV IHDWXUH WR FKDQJH WKH SRVLWLRQ RI WKH LPDJH RQ D SDJH ½ ½ 6HOHFW WKH IHDWXUHV UHTXLUHG ½ ½ 6HOHFW >$GGHG )HDWXUHV@ ½ 6HOHFW >6DYH@ DQG >6DYH@ DJDLQ ½ (QWHU WKH TXDQWLW\ DQG VHOHFW >6WDUW@ /RDG WKH GRFXPHQW (QVXUH WKDW WKH GRFXPHQWV DUH LQ WKH VDPH RULHQWDWLRQ DV WKH PHGLD ORDGHG LQ WKH SDSHU WUD\V
,QGHSHQGHQW 8VH WKLV WR VHW GLIIHUHQW LPDJH SODFHPHQW RSWLRQV IRU VLGH RI WKH GRFXPHQWV 0LUURU 6LGH VHWV WKH LPDJH VKLIW VHOHFWLRQV IRU VLGH WKH VDPH DV WKRVH HQWHUHG IRU VLGH ([SHUW ,PDJH 4XDOLW\ 8VH WKLV IHDWXUH ZKHQ GRFXPHQWV UHTXLUH PRUH WKDQ WKH EDVLF LPDJH TXDOLW\ DGMXVWPHQW ½ ½ 6HOHFW WKH IHDWXUHV UHTXLUHG ½ ½ 6HOHFW >$GGHG )HDWXUHV@ ½ 6HOHFW >6DYH@ DQG >6DYH@ DJDLQ ½ (QWHU WKH TXDQWLW\ DQG VHOHFW >6WDUW@ /RDG WKH GRFXPHQW (QVXUH WKDW WKH GRFXPHQWV DUH LQ WKH VDPH R
([SHUW ,PDJH 4XDOLW\ RSWLRQV 6KDUSQHVV DGMXVWV WKH VKDUSQHVV RI WKH LPDJH 7KLV IHDWXUH LV XVHG WR LQFUHDVH WKH VKDUSQHVV RI ILQH OLQHV DQG GHWDLOV RU WR GHFUHDVH WKH VKDUSQHVV IRU D VPRRWK XQLIRUP DSSHDUDQFH +RZHYHU LW LV DGYLVDEOH QRW WR GHFUHDVH WKH VKDUSQHVV WRR PXFK WKH FRS\ PLJKW DSSHDU GLVWRUWHG 1RUPDO LV WKH GHIDXOW VHWWLQJ $XWR ([SRVXUH ZKHQ FRS\LQJ WH[W LPDJHV IURP FRORXUHG SDSHU GRFXPHQWV WKLV IHDWXUH HQDEOHV XVHUV WR REWDLQ D FRS\ ZLWK D FOHDQ ZKLWH EDFNJURXQG (UDVH 8VH WKLV
2II %RUGHU (UDVH (GJH (UDVH &RS\ (UDVH RSWLRQV WKH IHDWXUH LV QRW DYDLODEOH WR HUDVH HTXDO DPRXQWV IURP DOO HGJHV XS WR PP WR HUDVH D VSHFLILF DPRXQW IURP HDFK HGJH RI WKH FRS\ 8S WR PP FDQ EH DSSOLHG WR HDFK HGJH (GLW RSWLRQDO 8VH WKH (GLWLQJ .
$UHD (GLW ½ 7R SURWHFW WKH GRFXPHQW PDNH D FRS\ ILUVW ½ 8VH WKH RUDQJH HGLWLQJ PDUNHU GUDZ DURXQG WKH DUHDV WR EH SULQWHG RU GUDZ D WKLFN OLQH WKURXJK WKH DUHDV 3UHVV ILUPO\ RQ WKH HGLW PDUNHU 7KH OLQH LQGLFDWLQJ WKH DUHD WR EH SULQWHG PXVW EH GDUN ZLWKRXW DQ\ EUHDNV 127( 7KHUH LV QR OLPLW WR WKH QXPEHU RI PDUNLQJV ½ 3ODFH WKH PDUNHG FRS\ RQ WR WKH 'RFXPHQW *ODVV ½ 6HOHFW >$GGHG )HDWXUHV@ DQG WKHQ >,PDJH $GMXVWPHQW@ ½ 6HOHFW >(GLW@ ½ ½ 6HOHFW >$UHD (GLW@ ½ 6HOHFW >6WD
2II 'HOHWH ,QVLGH 'HOHWH 2XWVLGH &RS\ $UHD (GLW RSWLRQV WKH IHDWXUH LV QRW DYDLODEOH VFDQV HYHU\WKLQJ RXWVLGH WKH RUDQJH OLQHV DQG LJQRUHV HYHU\WKLQJ LQVLGH 7KH FHQWUH DUHD ZLOO EH EODQN VFDQV HYHU\WKLQJ LQVLGH WKH RUDQJH OLQHV DQG LJQRUHV HYHU\WKLQJ RXWVLGH 7KH RXWVLGH DUHD ZLOO EH EODQN &HQWULQJ FHQWUHV WKH LPDJH IURP LQVLGH WKH PDUNHU DUHD RQWR WKH RXWSXW SDSHU $UHDV RXWVLGH WKH PDUNHU DUHD DUH GHOHWHG ,QYHUVLRQ FKDQJHV DOO WKH EODFN LPDJHV ZLWKLQ WKH PDUNHU DUHD WR ZKLWH DQG DOO WKH ZKL
3DJH (GLW RSWLRQV 2II 3DJH WKH IHDWXUH LV QRW DYDLODEOH 0LUURULQJ D PLUURU LPDJH RI WKH GRFXPHQW LV FUHDWHG ,QYHUVLRQ FKDQJHV DOO WKH EODFN LPDJHV RQ WKH SDJH WR ZKLWH DQG DOO WKH ZKLWH LPDJHV WR EODFN ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ EXWWRQ RQ WKH FRQWURO SDQHO ½ ,I QHFHVVDU\ VHOHFW >&RS\@ ½ 6HOHFW >$GGHG )HDWXUHV@ ½ 6HOHFW >2XWSXW &RS\ 2XWSXW )RUPDW &RS\ 6HOHFW WKH IHDWXUHV DYDLODEOH RQ WKH 2XWSXW )RUPDW VFUHHQ WR HQKDQFH WKH DSSHDUDQFH RI D FRS\ MRE )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ 7UDQVSDUHQFLHV SDJH 1 8S SDJH $QQRWDWLRQ SDJH ,QVHUWV SDJH %RRNOHW &UHDWLRQ SDJH &RYHUV SDJH )RUPDW@ 7UDQVSDUHQFLHV 7
½ /RDG WKH GRFXPHQWV LQ WKH GRFXPHQW IHHGHU ½ 0DNH WKH UHTXLUHG IHDWXUH VHOHFWLRQV ½ ½ 6HOHFW >2XWSXW )RUPDW@ ½ ½ /RDG WKH WUDQVSDUHQF\ VWRFN 6HOHFW >7UDQVSDUHQFLHV@ )ROORZLQJ WKH LQVWUXFWLRQV VHOHFW WKH RSWLRQ UHTXLUHG 3URJUDPPH >&KDQJH 7UD\ $WWULEXWHV@ 6HOHFW >7\SH@ 8VH WKH XS GRZQ VFUROO DUURZV WR GLVSOD\ WKH WUDQVSDUHQF\ RSWLRQ 6HOHFW >7UDQVSDUHQF\@ DQG VHOHFW >6DYH@ 6HOHFW >&RORXU@ WKHQ >&OHDU@ DQG WKHQ >6DYH@ ½ 6HOHFW >6WDUW@ 127( $ PD[LPXP TXDQWLW\ RI FD
2II %ODQN 'LYLGHUV &RS\ 7UDQVSDUHQF\ RSWLRQV WKH IHDWXUH LV QRW DYDLODEOH SODFHV D EODQN VKHHW RI SDSHU EHWZHHQ HDFK WUDQVSDUHQF\ 1R 'LYLGHUV SULQWV WUDQVSDUHQFLHV ZLWK QR GLYLGHUV &RS\ 6HWV FDQ VWLOO EH VHOHFWHG 3ULQWHG 'LYLGHUV DQ DGGLWLRQDO SDSHU FRS\ LV DXWRPDWLFDOO\ LQVHUWHG DIWHU HDFK WUDQVSDUHQF\ &RS\ 6HWV SULQWV DGGLWLRQDO SDSHU VHWV RI WKH WUDQVSDUHQFLHV 6HOHFW &RS\ 6HWV DQG XVH WKH QXPEHU NH\SDG WR HQWHU WKH TXDQWLW\ UHTXLUHG +,17 ,I D SDSHU WUD\ KDV EHHQ ORDGHG DQG WKH WUD\ DWW
½ /RDG WKH GRFXPHQWV LQ WKH GRFXPHQW IHHGHU 'RFXPHQWV PXVW EH ORDGHG ORQJ HGJH IHHG ½ 0DNH WKH UHTXLUHG IHDWXUH VHOHFWLRQV IRU WKH MRE 6HOHFW >3DSHU 6XSSO\@ DQG WKH SDSHU VL]H UHTXLUHG ½ 6HOHFW >$GGHG )HDWXUHV@ DQG WKHQ >2XWSXW )RUPDW@ ½ ½ ½ 6HOHFW >1 8S@ ½ ½ (QWHU WKH TXDQWLW\ 6HOHFW HLWKHU > 8S@ RU > 8S@ 6HOHFW ODQGVFDSH RU SRUWUDLW DQG WKHQ >6DYH@ 6HOHFW >6WDUW@ $QQRWDWLRQ 8VH WKLV IHDWXUH WR DGG WKH GDWH SDJH QXPEHUV DQG D FRPPHQW WR WKH FRS\ RXWSXW 3DJH ;HUR[ '
½ ½ /RDG WKH GRFXPHQWV ½ ½ ½ 6HOHFW >$GGHG )HDWXUHV@ ½ 6HOHFW WKH RSWLRQ UHTXLUHG DQG IROORZ WKH LQVWUXFWLRQV GLVSOD\HG RQ WKH VFUHHQ ½ 6HOHFW >6DYH@ 0DNH WKH UHTXLUHG IHDWXUH VHOHFWLRQV 6HOHFW >2XWSXW )RUPDW@ 6HOHFW >$QQRWDWLRQ@ 7KH $QQRWDWLRQ RSWLRQV ZLOO EH GLVSOD\HG $QQRWDWLRQ RSWLRQV 'DWH SULQWV WKH FXUUHQW GDWH EDVHG RQ WKH PDFKLQH VHWWLQJV 7KH GDWH LV DGGHG WR WKH WRS RU ERWWRP RI D SDJH RQ WKH OHIW ULJKW RU FHQWUH 3DJH 1XPEHULQJ SULQWV SDJH QXPEHUV 7KH SDJH QXPEHU L
)RUPDW WKHUH DUH WKUHH RSWLRQV DYDLODEOH (DFK RSWLRQ LV DYDLODEOH ZLWK DQ\ RQH RI WKH DQQRWDWLRQV RULHQWDWLRQ LQIRUPV WKH PDFKLQH RI WKH RULHQWDWLRQ ODQGVFDSH RU SRUWUDLW RI WKH GRFXPHQW 7KH PDFKLQH WKHQ XVHV WKLV LQIRUPDWLRQ WR GHWHUPLQH ZKHUH WR SODFH WKH DQQRWDWLRQ IRQW VL]H RIIHUV D FKRLFH RI WZR IRQWV 6PDOO IRQW VL]H LV VHW DW GRWV DQG WKH ODUJH IRQW VL]H LV VHW DW GRWV SHU LQFK ZULWH PRGH SULQWV WKH DQQRWDWLRQ RQ WR WKH SDJH DV HLWKHU WUDQVSDUHQW RU RSDTXH 6HOHFWLQJ 7UDQV
,I 2II LV VHOHFWHG VHOHFW FRPPHQW DQG WKH 'RFXPHQW &HQWUH ZLOO GLVSOD\ WKH OLVW ½ 6HOHFW DQ HPSW\ VORW LQ WKH &RPPHQW /LVW ½ 6HOHFW >(QWHU@ ½ 8VH WKH SRS XS NH\SDG WR HQWHU D QHZ FRPPHQW 6HOHFW >0RUH &KDUDFWHUV@ WR XVH DGGLWLRQDO FKDUDFWHUV &RS\ ½ ,I DQ LQFRUUHFW HQWU\ LV PDGH VHOHFW WKH EXWWRQ WR EDFNVSDFH ½ 6HOHFW >6DYH@ ½ 7KH FRPPHQW ZLOO EH GLVSOD\HG LQ WKH OLVW ,QVHUWV 7KLV IHDWXUH HQDEOHV D GLIIHUHQW W\SH RI VWRFN WR EH DXWRPDWLFDOO\ LQVHUWHG ZLWKLQ D VHW 8S WR
7ZR LQVHUW WUD\V DUH DYDLODEOH IRU SURJUDPPLQJ 7KH SDSHU WUD\ V VHOHFWHG PXVW PDWFK LQ VL]H DQG RULHQWDWLRQ ZLWK WKH SDSHU WUD\ EHLQJ XVHG IRU WKH PDLQ ERG\ RI WKH MRE 127( ½ /RDG WKH LQVHUW VWRFN LQWR WKH UHTXLUHG SDSHU WUD\ ½ 3URJUDPPH WKH 7UD\ $WWULEXWHV ZLQGRZ DQG VHOHFW >6DYH@ ½ ½ 6HOHFW WKH IHDWXUHV UHTXLUHG ½ ½ 6HOHFW >,QVHUWV@ DQG FDQQRW EH XVHG ZLWK ,QVHUWV 6HOHFW >$GGHG )HDWXUHV@ DQG WKHQ >2XWSXW )RUPDW@ 6HOHFW WKH RSWLRQ UHTXLUHG 3DJH ;HUR[ 'RFXPHQW &
:RUNLQJ IURP WKH EHJLQQLQJ RI WKH GRFXPHQW VHW FRXQW WKURXJK WR WKH ILUVW LQVHUW ½ 8VLQJ WKH DUURZ EXWWRQV VFUROO WKURXJK WR WKH UHTXLUHG SDJH QXPEHU &RS\ ½ 127( ,I WKH LQVHUW LV WR EH EODQN DGG D EODQN VKHHW WR WKH GRFXPHQW VHW )RU SULQWHG LQVHUWV HQWHU WKH SDJH QXPEHU RI WKH SDJH DV LW DSSHDUV LQ WKH GRFXPHQWV ½ 6HOHFW >$GG ,QVHUW@ 7KH LQVHUW SURJUDPPHG ZLOO DSSHDU LQ WKH UHYLHZ ZLQGRZ 7R FRUUHFW DQ HUURU VHOHFW >'HOHWH /DVW ,QVHUW@ ½ ,I QHFHVVDU\ VHOHFW WKH SDSHU WUD\
½ $IWHU WKH ODVW HQWU\ KDV EHHQ PDGH VHOHFW >6DYH@ ½ /RDG WKH GRFXPHQWV LQWR WKH GRFXPHQW IHHGHU DQG VHOHFW >6WDUW@ 127( :KHQ LV VHOHFWHG WKH LQVHUW SDJH UDQJH LQFUHDVHV IURP WR 7KLV LV EHFDXVH HDFK VLGHG SDJH FRXQWV DV SDJHV %RRNOHW &UHDWLRQ :KHQ WKLV IHDWXUH LV VHOHFWHG WKH '& ZLOO SULQW WZR SDJHV VLGH E\ VLGH RQ ERWK VLGHV RI HDFK SDJH 7R FUHDWH D ERRNOHW IROG WKH FRSLHV LQ KDOI 7KH SDJHV ZLOO DSSHDU LQ WKH FRUUHFW RUGHU +,17 ,I WKH QXPEHU RI GRFXPH
/RDG WKH GRFXPHQWV LQ WKH 'RFXPHQW )HHGHU ORQJ HGJH IHHG DQG LQ RUGHU ZLWK WKH ILUVW SDJH RQ WRS ½ 6HOHFW >%RRNOHW &UHDWLRQ@ LQ >2XWSXW )RUPDW@ ½ ½ 6HOHFW >2Q@ &RS\ ½ (QWHU WKH TXDQWLW\ UHTXLUHG DQG VHOHFW >6WDUW@ 127( ,I WKH GRFXPHQW LV $ DQG $ SDSHU LV VHOHFWHG DV WKH RXWSXW WKH '& SULQWV WKH ERRNOHW DW ,I D SDSHU VL]H LV QRW VHOHFWHG WKH PDFKLQH GHIDXOWV WR WKH VDPH VL]H SDSHU DV WKH GRFXPHQW DQG UHGXFHV WKH LPDJHV WR ILW &RYHUV 7KLV IHDWXUH HQDEOHV SDSHU RU F
½ 6HOHFW HLWKHU >)URQW 2QO\@ RU >)URQW DQG %DFN@ ½ 6HOHFW >%ODQN &RYHUV@ RU >3ULQWHG &RYHUV@ ½ 6HOHFW WKH FRYHU VWRFN WUD\ 6HOHFW >6DYH@ ½ /RDG WKH GRFXPHQWV DQG VHOHFW >6WDUW@ 127( :KHQ XVLQJ FRYHUV ZLWK LQVHUWV WKH FRYHU WUD\ FDQ EH WKH VDPH WUD\ DV RQH RI WKH LQVHUWV WUD\ 7KH FRYHU VWRFN PXVW EH WKH VDPH VL]H DQG RULHQWDWLRQ DV WKH ERG\ RI WKH GRFXPHQW &RYHUV RSWLRQV 2II WKH &RYHUV IHDWXUH LV QRW DYDLODEOH )URQW RQO\ WKH PDFKLQH DXWRPDWLFDOO\ DGGV D FRYHU SDJH WR WKH IURQW RI W
;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH &RS\ 127( %XLOG -RE 8QFROODWHG 7UDQVSDUHQFLHV (QYHORSH 7UD\ %RRNOHW &UHDWLRQ DQG 0L[HG 6L]H 2ULJLQDOV LI $36 $XWR 3DSHU 6HOHFW LV VHOHFWHG FDQQRW EH XVHG ZLWK WKH &RYHUV IHDWXUH ,I $QQRWDWLRQ LV VHOHFWHG ZLWK 3ULQWHG &RYHUV WKH DQQRWDWLRQ SURJUDPPHG ZLOO DSSHDU RQ WKH EDFN FRYHU
-RE $VVHPEO\ &RS\ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO ½ ,I QHFHVVDU\ VHOHFW 8VH WKH SURGXFWLYLW\ IHDWXUHV DYDLODEOH LQ WKH -RE $VVHPEO\ WDE WR SURJUDPPH D MRE )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ %XLOG -RE SDJH 6WRUHG -REV SDJH >&RS\@ ½ 6HOHFW >$GGHG )HDWXUHV@ ½ 6HOHFW >-RE $VVHPEO\@ %XLOG -RE 8VH WKLV IHDWXUH WR EXLOG D MRE WKDW UHTXLUHV GLIIHUHQW VHWWLQJV IRU HDFK SDJH )RU H[DPSOH LI D VHW RI GRFXPHQWV FRQVLVWV RI
6SOLW WKH GRFXPHQWV LQWR VHFWLRQV IRU LQGLYLGXDO SURJUDPPLQJ ½ 6HOHFW >%XLOG -RE@ DQG WKHQ >2Q@ ½ 3URJUDPPH WKH MRE UHTXLUHPHQWV IRU WKH ILUVW VHFWLRQ RI WKH MRE ½ /RDG RQO\ WKH ILUVW VHFWLRQ LQ WR WKH GRFXPHQW IHHGHU RU SODFH WKH GRFXPHQW RQ WKH JODVV ½ 6HOHFW >6WDUW@ &RS\ ½ 127( ,I PRUH WKDQ D TXDQWLW\ RI KDV EHHQ VHOHFWHG WKH PDFKLQH GHSHQGLQJ RQ WKH IHDWXUHV SURJUDPPHG ZLOO FRS\ VHW RI HDFK VHFWLRQ 7KH UHPDLQLQJ VHWV ZLOO EH FRSLHG DW WKH HQG RI WKH MRE ½ :KHQ W
127( ,QVHUWV RU ,QWHUUXSW FDQQRW EH XVHG ZLWK %XLOG -RE 7KH %XLOG -RE 6LGHG VHOHFWLRQ ZLOO RQO\ FRS\ 3RUWUDLW GRFXPHQWV LQ +HDG WR +HDG RU +HDG WR 7RH RULHQWDWLRQ +,17 ,I D PHPRU\ IDXOW RFFXUV LW LV DGYLVDEOH WR UHGXFH WKH QXPEHU RI RULJLQDOV IURP WR 7KH QXPEHU RI RULJLQDOV WKDW FDQ EH VFDQQHG GHSHQGV RQ WKH FRPSOH[LW\ RI WKH GRFXPHQW EHLQJ VFDQQHG 6WRUHG -REV 8S WR FRPELQDWLRQV RI IHDWXUH VHOHFWLRQV FDQ EH UHWDLQHG LQ WKH PDFKLQH PHPRU\ DV VWRUHG MREV 7KH PDFKLQH VWRUHV RQO\ WKH S
,I UHTXLUHG XVH WKH VFUROO DUURZV WR VHOHFW DQ HPSW\ MRE LQ WKH 6WRUH -RE OLVW ½ ½ 6HOHFW >6WRUH@ ½ ,I DGGLWLRQDO FKDUDFWHUV DUH UHTXLUHG VHOHFW >0RUH &KDUDFWHUV@ ,I DQ LQFRUUHFW HQWU\ LV PDGH VHOHFW WKH EXWWRQ WR EDFNVSDFH ½ 6HOHFW >6DYH@ WR VWRUH WKH QDPH RU >&DQFHO@ WR H[LW ½ 7KH MRE ZLOO DSSHDU LQ WKH -RE /LVW ½ 6HOHFW >&ORVH@ &RS\ ½ 8VLQJ WKH NH\SDG RQ WKH WRXFK VFUHHQ HQWHU D QDPH IRU WKH MRE ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
7R UHWULHYH D VWRUHG MRE ½ 6HOHFW >$GGHG )HDWXUHV@ DQG WKHQ >-RE $VVHPEO\@ ½ ½ 6HOHFW >6WRUHG -RE@ 6HOHFW WKH UHTXLUHG MRE LQ WKH OLVW DQG VHOHFW >5HWULHYH@ $ FRQILUPDWLRQ PHVVDJH ZLOO EH GLVSOD\HG LQ WKH PHVVDJH DUHD ½ 6HOHFW >&ORVH@ 5HYLHZ WKH SURJUDPPLQJ RU FKDQJH DQ\ RI WKH RSWLRQV EHIRUH VHOHFWLQJ >6WDUW@ $Q\ FKDQJHV ZLOO QRW EH VDYHG RQ FRPSOHWLRQ RI WKH MRE ½ /RDG WKH GRFXPHQWV DQG VHOHFW >6WDUW@ 7R GHOHWH D VWRUHG MRE ½ 6HOHFW >$GGHG )HDWXUHV@ DQG WKHQ >-RE $VVHPEO\@
4XLFN 3DWKZD\ ½ 6HOHFW >-RE 6WDWXV@ RQ WKH FRQWURO SDQHO ½ 7KH 3ULQW 4XHXH ZLOO EH &RS\ 0DQDJLQJ &RS\ -REV -RE PDQDJHPHQW FDQ EH FDUULHG RXW RQ HDFK LQGLYLGXDO MRE FRQWDLQHG ZLWKLQ WKH 3ULQW 4XHXH 7KH 3ULQW 4XHXH PDLQWDLQV DOO SHQGLQJ DQG DFWLYH MREV WKDW DUH WR EH SULQWHG 3DXVHG MREV DUH FRQVLGHUHG DFWLYH MREV 7KHVH LQFOXGH QHWZRUN SULQW MREV )D[ SULQW MREV UHSRUW MREV DQG FRS\ MREV GLVSOD\HG ½ 7R GLVSOD\ WKH &RPSOHWHG 3ULQW -RE 4XHXH VHOHFW >2WKHU 4XHXHV@ DQG >&RPSOHWHG 3ULQW -RE
1DPH WKH QDPH RI WKH MRE )RU FRS\ MREV D GHIDXOW QDPH µORFDO¶ LV XVHG )RU QHWZRUN SULQW MREV DQG UHSRUWV WKH QDPH RI WKH ILOH LV XVHG )RU ID[HV UHFHLYHG WKH QDPH LV W\SLFDOO\ WKH UHPRWH ID[ ,' QXPEHU 127( 'HSHQGLQJ RQ WKH 7KLUG 3DUW\ 6HUYHU GLIIHUHQW HQWULHV PLJKW EH GLVSOD\HG IRU 6HUYHU )D[ MREV 7\SH WKH W\SH RI MRE )RU H[DPSOH &RS\ )D[ 3ULQW RU 3URRI 3ULQW 127( 6HUYHU )D[ SULQW MREV ZLOO EH UHSRUWHG DV )D[ 5HFHLYH 2ZQHU LI WKLV IHDWXUH LV HQDEOHG WKH FROXPQ ZLOO VKRZ WKH QDPH RI W
UHPRYHV WKH VHOHFWHG MRE IURP PHPRU\ DQG FRPSOHWHV LW DV LQVWUXFWHG -REV DUH KHOG GXH WR PLVVLQJ UHVRXUFHV )RU H[DPSOH HPEHGGHG ID[ SULQW VDPSOH VHW GHOD\HG SULQW DQG VHFXUH SULQW MREV (PEHGGHG )D[ MREV FDQ EH ODEHOOHG DV +HOG GXH WR LQFRUUHFW SDSHU VL]H WKH SDSHU VL]H UHTXLUHG LV QRW DYDLODEOH 5HOHDVLQJ D ID[ MRE IRUFHV WKH PDFKLQH WR SULQW WKH ID[ RQ DQ\ DYDLODEOH SDSHU ZKLFK PLJKW UHTXLUH D UHGXFWLRQ RU RWKHU PRGLILFDWLRQ ,W LV KHOG LQ PHPRU\ XQWLO WKH SUREOHP LV UHVROYHG $ SDVVZRUG L
&RPSOHWHG 3ULQW -REV 4XHXH 0DLQWDLQV FRPSOHWHG SULQW MREV LQFOXGLQJ 6HUYHU )D[ UHFHLYHG MREV -REV DUH FRQVLGHUHG FRPSOHWH ZKHQ WKH\ DUH VXFFHVVIXOO\ SULQWHG RU WHUPLQDWHG GXH WR XVHU UHTXHVW RU D IDXOW 7KH TXHXH FRQWDLQV WKH ODVW FRPSOHWHG SULQW MREV -REV DUH PDLQWDLQHG RQ D ILUVW LQ ILUVW RXW EDVLV DQG RUJDQLVHG LQ RUGHU RI FRPSOHWLRQ 8VH WKH VFUROO EXWWRQV WR PRYH WKURXJK WKH MREV LQ WKH TXHXH ,WHP 1DPH 7\SH WKH QXPEHU LQ VHTXHQFH IRU WKH MRE WKH QDPH RI WKH GRFXPHQW RU WKH UHPRWH WHUP
)D[ )D[ 6HQGLQJ DQG UHFHLYLQJ D IDFVLPLOH ID[ LV DQ RSWLRQDO IHDWXUH RQ WKH 'RFXPHQW &HQWUH 3OHDVH UHIHU WR WKH IROORZLQJ IRU PRUH LQIRUPDWLRQ (PEHGGHG )D[ :DON XS ID[ RQ WKH 'RFXPHQW &HQWUH SURYLGHG E\ D EXLOW LQ HPEHGGHG ID[ GHYLFH ZLWKLQ WKH PDFKLQH 8VHUV PXVW VHOHFW WKH )D[ WDE WR DFFHVV WKH (PEHGGHG )D[ IHDWXUHV 6HUYHU )D[ :DON XS ID[ DYDLODEOH RQ D 'RFXPHQW &HQWUH OLQNHG WR D QHWZRUN 7KH GRFXPHQW LV VFDQQHG DQG WKHQ VDYHG LQ D ORFDWLRQ IURP ZKLFK D 7KLUG 3DUW\ 6HUYHU
(PEHGGHG )D[ 3URFHGXUH 4XLFN 3DWKZD\ ½ /RDG GRFXPHQWV ½ 3UHVV >)HDWXUHV@ ½ ,I QHFHVVDU\ VHOHFW >$OO 3OHDVH UHIHU WR WKH IROORZLQJ VWHSV RQ KRZ WR VHQG D µTXLFN¶ ID[ IURP WKH 'RFXPHQW &HQWUH XVLQJ WKH VWDQGDUG IHDWXUHV DYDLODEOH ZLWKLQ (PEHGGHG )D[ 6HUYLFHV@ ½ 6HOHFW >)D[@ ½ 6HOHFW WKH IHDWXUHV UHTXLUHG 6HQGLQJ D )D[ XVLQJ (PEHGGHG )D[ 6HOHFW )HDWXUHV ½ ,I QHFHVVDU\ VHOHFW >)HDWXUHV@ WR GLVSOD\ WKH IHDWXUH PRGHV ½ 6HOHFW >&OHDU $OO@ RQFH WR FDQFHO DQ\ SUHYLRXV VFUHHQ SURJUDPPLQJ
,I QHFHVVDU\ VHOHFW >$OO 6HUYLFHV@ ½ 6HOHFW >)D[@ ½ 7KH ILUVW )D[ VFUHHQ ZLOO EH GLVSOD\HG )D[ ½ /RDG WKH GRFXPHQWV ½ /RDG GRFXPHQWV IDFH XS LQ WR WKH 'RFXPHQW )HHGHU RU IDFH GRZQ RQ WKH 'RFXPHQW *ODVV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
'LDO WKH QXPEHU ½ 8VLQJ WKH QXPHULF NH\SDG HQWHU WKH ID[ QXPEHU ,I D FKDUDFWHU LV QRUPDOO\ GLDOOHG EHIRUH WKH WHOHSKRQH QXPEHU IRU H[DPSOH IRU DQ RXWVLGH OLQH D SDXVH PLJKW QHHG WR EH HQWHUHG DIWHU WKLV FKDUDFWHU VHOHFW >'LDO 3DXVH@ RQ WKH FRQWURO SDQHO EHIRUH FRQWLQXLQJ WR HQWHU WKH ID[ QXPEHU 127( 'LDO 3DXVH LV GLVSOD\HG DV D GDVK :KHQ XVLQJ PDQXDO GLDOOLQJ WKH 'LDO 3DXVH FKDUDFWHU LV QRW UHTXLUHG LQVWHDG ZDLW IRU WKH RXWVLGH OLQH GLDO WRQH EHIRUH SURFHHGLQJ 'LDO 3DXVH EXW
)D[ 7KH ID[ MRE HQWHUV WKH ID[ TXHXH ½ 5HPRYH WKH GRFXPHQWV ,I HQDEOHG WKH PDFKLQH ZLOO SULQW D WUDQVPLVVLRQ UHSRUW RQFH WKH ID[ KDV EHHQ VHQW )RU PRUH LQIRUPDWLRQ DERXW WKH MRE VHOHFW >-RE 6WDWXV@ 127( 5HIHU WR ³0DQDJLQJ )D[ -REV´ RQ SDJH IRU PRUH GHWDLOHG LQIRUPDWLRQ 7R KHOS LGHQWLI\ WKH VWDWXV ZKHQ VHQGLQJ DQ HPEHGGHG ID[ WKH IROORZLQJ V\PEROV ZLOO DSSHDU LQ WKH ULJKW KDQG FRUQHU RI WKH WRXFK VFUHHQ )D[ 6WDWXV 'RFXPHQW LQ 0HPRU\ WKH PDFKLQH FRQWDLQV RQH RU PRUH FRS\ RU ID[ M
7KH VWDQGDUG PHPRU\ LQ WKH ID[ PDFKLQH LV PHJDE\WHV :KHQ PHPRU\ ILOOV XS WKH '& VZLWFKHV WR ,PPHGLDWH 6HQG 0RGH ,Q WKLV FDVH WKH LPDJH IURP HDFK SDJH LV LPPHGLDWHO\ WUDQVPLWWHG DQG WKHQ GHOHWHG WR PDNH URRP IRU WKH QH[W SDJH 127( ,I ,PPHGLDWH 6HQG 0RGH LV LQ XVH DQG WKH ID[ GRFXPHQWV H[FHHG WKH DYDLODEOH PHPRU\ RQ WKH WUDQVPLWWLQJ PDFKLQH D PHVVDJH ZLOO EH GLVSOD\HG ³GHOHWH WKH MRE RU VHOHFW 5HVXPH WR VHQG GRFXPHQWV DOUHDG\ VFDQQHG´ ,I UHVXPH LV VHOHFWHG DQRWKHU PHVVDJH ZLOO DS
4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ 7KH ILUVW )D[ VFUHHQ RIIHUV DFFHVV WR WKH IHDWXUHV UHTXLUHG WR VHQG D ID[ )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ WKH FRQWURO SDQHO 5HVROXWLRQ SDJH >)D[@ 6LGHV 6FDQQHG SDJH ½ ,I QHFHVVDU\ VHOHFW 2ULJLQDO 7\SH SDJH ½ 6HOHFW WKH IHDWXUHV 'LDOOLQJ SDJH DYDLODEOH RQ WKH ILUVW )D[ VFUHHQ )D[ 6WDQGDUG )HDWXUHV (PEHGGHG )D[ 127( (PEHGGHG )D[ DQG 6HUYHU )D[ FDQ EH LQVWDOOHG RQ WKH 'RFXPHQW &HQ
6XSHU )LQH [ GSL UHFRPPHQGHG IRU SKRWRV DQG KDOIWRQHV RU LPDJHV WKDW KDYH JUH\ WRQHV ,W UHTXLUHV PRUH FRPPXQLFDWLRQ WLPH EXW SURGXFHV WKH EHVW LPDJH TXDOLW\ 2ULJLQDO 7\SH 8VH WKLV IHDWXUH WR LGHQWLI\ WKH W\SH RI GRFXPHQW EHLQJ VFDQQHG IRU WUDQVPLVVLRQ 3DJH 7H[W XVH WKLV VHWWLQJ IRU WH[W OLQH DUW DQG GRFXPHQWV ZLWK ODUJH VROLG DUHDV ,W SURGXFHV VKDUS WH[W LPDJHV EXW PLJKW UHGXFH WKH TXDOLW\ RI KDOIWRQH RU SKRWRJUDSKLF LPDJHV 7KLV LV WKH IDFWRU\ GHIDXOW VHWWLQJ $XWR VHQVHV
)D[ 6LGHV 6FDQQHG 7KLV LV XVHG WR VSHFLI\ ZKHWKHU WKH GRFXPHQWV DUH VLQJOH VLGHG RU GRXEOH VLGHG DQG LQ VRPH LQVWDQFHV WKH RULHQWDWLRQ LV DOVR UHTXLUHG ½ 6HOHFW >6LGHV 6FDQQHG@ WR DFFHVV WKH RSWLRQV DYDLODEOH 7KH IROORZLQJ RSWLRQV DUH DYDLODEOH 6LGHG HDFK GRFXPHQW LV VLQJOH VLGHG 6LGHG HDFK GRFXPHQW LV GRXEOH VLGHG WKH ILUVW SDJH RI WKH VHW RI GRFXPHQWV LV VLQJOH VLGHG DQG WKH UHVW RI WKH GRFXPHQW LV GRXEOH VLGHG ,I WKH GRFXPHQW LV GRXEOH VLGHG VSHFLI\ WKH W\SH RI GRF
'LDOOLQJ 5HIHU WR WKH IROORZLQJ SDJHV IRU LQIRUPDWLRQ DERXW WKH 'LDOOLQJ RSWLRQV 1H[W 'HVWLQDWLRQ 8VH WKLV IHDWXUH WR VHQG D ID[ WR PRUH WKDQ RQH ORFDWLRQ 6SHHG GLDO QXPEHUV IXOO QXPEHUV JURXS QXPEHUV RU D PL[WXUH XS WR D PD[LPXP RI HQWULHV DQG GHVWLQDWLRQV YLD VSHHG GLDO QXPEHUV DQG YLD IXOO GLDO QXPEHUV FDQ EH HQWHUHG ½ (QWHU WKH ILUVW ID[ QXPEHU XVLQJ WKH NH\SDG VSHHG GLDO HWF ½ 6HOHFW >1H[W 'HVWLQDWLRQ@ WKH WRXFK VFUHHQ GLVSOD\V WKH 'LDO 'LUHFWRU\ ½ (QWHU WKH QH[W
6HOHFW >1H[W 'HVWLQDWLRQ@ 7KH QXPEHU DSSHDUV LQ WKH OLVW ½ 5HSHDW VWHSV DQG XQWLO DOO WKH QXPEHUV KDYH EHHQ HQWHUHG ½ 6HOHFW >6DYH@ )D[ ½ 127( ,I HQWHULQJ PRUH WKDQ QXPEHUV WKH PHVVDJH ,QSXW OLPLW H[FHHGHG LV GLVSOD\HG DQG WKH DGGLWLRQDO QXPEHUV DUH LJQRUHG +,17 7R FDQFHO WKH MRE DQG DOO VHOHFWHG GHVWLQDWLRQV VHOHFW 6WRS 'LDOOLQJ &KDUDFWHUV 'LDOOLQJ FKDUDFWHUV DUH VSHFLDO FKDUDFWHUV WKDW DUH XVHG IRU HQWHULQJ ID[ QXPEHUV 6RPH FKDUDFWHUV DUH XVHG RQO\ ZKHQ DXWR GLDOOLQJ V
'LDO SDXVH > @ WR SDXVH EHWZHHQ QXPEHUV 7KLV SDXVH JLYHV WKH '& WLPH WR VZLWFK IURP DQ LQVLGH OLQH WR DQ RXWVLGH OLQH GXULQJ DXWRPDWLF GLDOOLQJ 7KLV LV VLPLODU WR XVLQJ D WHOHSKRQH H[FHSW GLDO SDXVH LV DXWRPDWLFDOO\ HQWHUHG ZKHQ RU DQRWKHU GHVLJQDWHG QXPEHU LV GLDOOHG WR JHW DQ RXWVLGH OLQH 2Q WKH 'RFXPHQW &HQWUH 'LDO 3DXVH LV GLVSOD\HG DV D GDVK IRU H[DPSOH )RU DGGLWLRQDO SDXVH WLPH DGG PXOWLSOH SDXVHV +RZHYHU GR QRW DGG SDXVHV XQOHVV D GHOD\ LV H[SHFWHG ,I X
:DLW IRU QHWZRUN WRQH GHWHFWLRQ > @ /RFDO ,' > @ FKDUDFWHU FKHFN > @ /RFDO ,' >VSDFH@ FKDUDFWHU FKHFN > @ WR VXVSHQG GLDOOLQJ XQWLO DQ H[SHFWHG QHWZRUN WRQH LV GHWHFWHG 2U LW FDQ EH XVHG WR GHWHFW D VSHFLILF WRQH ZKHQ DFFHVVLQJ DQ RXWVLGH OLQH RU RWKHU VHUYLFHV UHTXLUHG DV SDUW RI VRPH LQWHUQDWLRQDO WHOHSKRQH QXPEHUV LQ SODFH RI WR LPSURYH UHDGDELOLW\ )RU H[DPSOH DGGLQJ VSDFHV WR D WHOHSKRQH QXPEHU DV LQVWHDG RI 7HOHSKRQH 0DQXDO RU 2Q KRRN GLDOOLQJ LV OLNH XVLQJ D WHO
/LQH VHOHFW WKLV RSWLRQ LI /LQH LV UHTXLUHG /LQH VHOHFW WKLV RSWLRQ LI /LQH LV UHTXLUHG $IWHU VHOHFWLQJ RQH RI WKH DERYH RSWLRQV RU LI RQO\ RQH WHOHSKRQH OLQH LV DYDLODEOH VHOHFW 6HQG RU 5HFHLYH WR WHOO WKH PDFKLQH WKH W\SH RI MRE (QWHU WKH SKRQH QXPEHU DQG VHOHFW 6WDUW 127( :KHQ ERWK ID[ OLQHV DUH LQVWDOOHG EXW RQH LV VHW WR UHFHLYH RQO\ SRUW OLQH GHVLJQDWLRQ LV QRW DYDLODEOH 7KH VHOHFWLRQ RI ! RU ! ZLOO QRW EH DYDLODEOH LQ WKH GLDOOLQJ FKDUDFWHUV OLVW 7KH '& GRH
)D[ .
'LDO 'LUHFWRU\ 7KH 'LDO 'LUHFWRU\ FRQWDLQV IUHTXHQWO\ XVHG ID[ QXPEHUV ,W DOVR FRQWDLQV 6SHHG 'LDO DQG *URXS 'LDO QXPEHUV 1DPHV DQG QXPEHUV FDQ EH DGGHG WR WKH 'LDO 'LUHFWRU\ E\ XVLQJ 'LDO 'LUHFWRU\ 6HWXS RQ WKH 5HSRUWV 6HWXSV WDE 5HIHU WR ³'LDO 'LUHFWRU\ 6HWXS´ RQ SDJH IRU PRUH LQIRUPDWLRQ :KHQ D QDPH LV VHOHFWHG IURP WKH OLVW WKH '& DXWRPDWLFDOO\ HQWHUV WKH FRUUHVSRQGLQJ QXPEHU RU JURXS RI QXPEHUV 6SHHG 'LDO QXPEHUV DUH DW WKH EHJLQQLQJ RI WKH OLVW DQG *URXS 'LDO QXPEHUV DU
(DFK VSHHG GLDO ID[ QXPEHU FDQ KDYH D VSHFLILF VHWXS DQG FRYHU OHWWHU 0RUH WKDQ RQH QXPEHU FDQ EH VHOHFWHG LI VHQGLQJ D ID[ WR PRUH WKDQ RQH UHFLSLHQW 7KH 'LDO 'LUHFWRU\ FDQ VWRUH D PD[LPXP RI QXPEHUV (DFK VSHHG GLDO WHOHSKRQH QXPEHU FDQ FRQWDLQ D PD[LPXP RI FKDUDFWHUV GLJLWV VSDFHV DQG SDXVHV ,Q DGGLWLRQ D WHOHSKRQH QXPEHU IURP WKH GLDOOLQJ NH\SDG FDQ DOVR EH HQWHUHG 8VH WKLV LV DQ DOWHUQDWLYH WR VHOHFWLQJ D VSHHG GLDO QXPEHU IURP WKH GLDO GLUHFWRU\ 8S WR GLJLWV RU VSHFLDO FK
0RUH )HDWXUHV (PEHGGHG )D[ 4XLFN 3DWKZD\ :KHQ WKH 0RUH )HDWXUHV WDE LV VHOHFWHG DGGLWLRQDO WDEV DUH GLVSOD\HG )RU PRUH LQIRUPDWLRQ SOHDVH UHIHU WR ½ 6HOHFW >)HDWXUHV@ $GYDQFHG )HDWXUHV SDJH ½ ,I QHFHVVDU\ VHOHFW 127( ,I )D[ LV WKH GHIDXOW VFUHHQ WKLV WDE ZLOO EH FDOOHG $GGHG )HDWXUHV 2Q VHOHFWLRQ LW ZLOO FKDQJH WR 0RUH )HDWXUHV EXWWRQ RQ WKH FRQWURO SDQHO >)D[@ 5HSRUWV DQG 6HWXSV SDJH ½ 6HOHFW >0RUH )HDWXUHV@ 7KLV WDE FRQWDLQV VSHFLILF IHDWXUHV WR PRGLI\ D ID[ )RU PRU
)D[ &RYHU /HWWHU &RYHU 3DJH 8VH WKLV IHDWXUH WR DXWRPDWLFDOO\ JHQHUDWH D &RYHU /HWWHU IRU DQ RXW JRLQJ ID[ ½ 6HOHFW >0RUH )HDWXUHV@ DQG WKHQ >&RYHU /HWWHU@ ½ 6HOHFW >2Q@ 7KH >&RPPHQW /LVW@ ZLOO EH GLVSOD\HG ½ 6HOHFW >7R &RPPHQW@ DQG VHOHFW WKH UHFLSLHQWV QDPH IURP WKH OLVW 7KH QDPH DSSHDUV XQGHU 7R &RPPHQW ½ 6HOHFW >)URP &RPPHQW@ DQG WKHQ WKH VHQGHUV QDPH IURP WKH OLVW 7KH QDPH DSSHDUV XQGHU WKH )URP &RPPHQW ½ 6HOHFW >6DYH@ 7KH &RYHU /HWWHU FRQWDLQV WKH IROORZLQJ LQIRUPDWLRQ
7KH GDWH PRQWK GD\ DQG \HDU DQG WLPH KRXUV DQG PLQXWHV 7UDQVPLVVLRQ 5HSRUW :KHQ VHOHFWHG WKLV IHDWXUH SULQWV D FRQILUPDWLRQ RI WKH WUDQVPLVVLRQ IRU HDFK ID[ VHQW IURP WKH PDFKLQH 7KH WUDQVPLVVLRQ UHSRUW FRQWDLQV GHWDLOV DERXW WKH ID[ DQG D UHGXFHG FRS\ RI WKH LPDJH IURP WKH ILUVW SDJH RI WKH ID[ :KHQ VHQGLQJ D ID[ WR PXOWLSOH UHFLSLHQWV EURDGFDVW RQH WUDQVPLVVLRQ UHSRUW ZLOO EH SULQWHG OLVWLQJ DOO RI WKH UHFLSLHQWV ½ ½ ½ /RDG WKH GRFXPHQW ½ ½ 6HOHFW >2Q@ 6HOHFW >0RUH )HDWXUHV@
)D[ &RPPXQLFDWLRQ 0RGH 2Q WKH '& WKLV IHDWXUH DOORZV VHOHFWLRQ RI WKH FRPPXQLFDWLRQ PRGH XVHG IRU WUDQVPLVVLRQ WR D UHPRWH ID[ PDFKLQH ½ ½ ½ /RDG WKH GRFXPHQW ½ ½ 6HOHFW WKH UHTXLUHG RSWLRQ 6HOHFW >0RUH )HDWXUHV@ 6HOHFW >&RPPXQLFDWLRQV 0RGH@ 6HOHFW >6DYH@ DQG WKHQ >6WDUW@ 7KH IROORZLQJ RSWLRQV DUH DYDLODEOH 6XSHU * * )RUFHG ESV GHWHUPLQHV WKH FRPPXQLFDWLRQ PRGH WR EH XVHG EDVHG RQ WKH PD[LPXP FDSDELOLWLHV RI WKH UHPRWH ID[ PDFKLQH 7KLV PRGH PLQLPLVHV GDWD WUDQVPLVVL
'HOD\HG 6WDUW 'HOD\HG 6WDUW LV PDLQO\ XVHG WR WUDQVPLW ID[HV GXULQJ RII SHDN KRXUV ZKHQ WHOHSKRQH FKDUJHV DUH ORZHU RU ZKHQ VHQGLQJ WR DQRWKHU FRXQWU\ WLPH ]RQH 8VH 'HOD\HG 6WDUW WR WUDQVPLW D GRFXPHQW WR D VLQJOH GHVWLQDWLRQ RU XVH D EURDGFDVW VHQG RU SROOLQJ RSHUDWLRQ 8S WR GHOD\HG VHQG MREV FDQ EH SURJUDPPHG DW RQH WLPH GHSHQGLQJ RQ WKH VL]H RI WKH GRFXPHQWV DQG WKH DYDLODEOH PHPRU\ 2QO\ RQH GHOD\HG SROO FDQ EH VDYHG DW D WLPH 8VH WKH )D[ -RE 0RQLWRU IHDWXUH WR FKHFN WKH DYDLODEOH PHPR
)D[ 6HQG 3ULRULW\ 8VH WKLV IHDWXUH WR FKRRVH HLWKHU D KLJK RU QRUPDO SULRULW\ IRU D ID[ MRE ,I 1RUPDO LV VHOHFWHG WKH MRE ZLOO QRW EH VHQW XQWLO DOO WKH KLJK SULRULW\ MREV KDYH EHHQ VHQW 127( 6HQG 3ULRULW\ FDQ EH XVHG ZLWK 'HOD\HG 6WDUW ½ ½ ½ ½ 6HOHFW >0RUH )HDWXUHV@ 6HOHFW >6HQG 3ULRULW\@ 6HOHFW HLWKHU >1RUPDO@ RU >+LJK@ 6HOHFW >6DYH@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
$GYDQFHG )HDWXUHV (PEHGGHG )D[ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ 7KH $GYDQFHG )HDWXUHV WDE RIIHUV DGGLWLRQDO SURJUDPPLQJ IHDWXUHV WKDW FDQ EH DSSOLHG ZKHQ VHQGLQJ D ID[ )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ WKH FRQWURO SDQHO %XLOG -RE SDJH >)D[@ 6WRUH IRU 3ROOLQJ SDJH ½ ,I QHFHVVDU\ VHOHFW 3ROO 5HPRWH )D[ SDJH ½ 6HOHFW >0RUH )D[ 0DLOER[ SDJH )HDWXUHV@ ½ 6HOHFW >$GYDQFHG 2ULJLQDO 6L]H SDJH )HDWXUHV@ ½ ½ 6HO
)D[ %XLOG -RE 8VH %XLOG -RE ZKHQ ERWK WKH 'RFXPHQW )HHGHU DQG WKH 'RFXPHQW *ODVV DUH UHTXLUHG ZLWKLQ WKH VDPH MRE RU LI GLIIHUHQW SURJUDPPLQJ VHOHFWLRQV DUH UHTXLUHG IRU SDJHV RU VHFWLRQV RI WKH MRE ½ /RDG WKH ILUVW VHFWLRQ RI WKH GRFXPHQW VHW ½ 6HOHFW WKH IHDWXUHV IRU WKH ILUVW SDUW RI WKH MRE ½ 6HOHFW >%XLOG -RE@ DQG WKHQ >2Q@ ½ 6HOHFW >6WDUW@ WKH GRFXPHQWV ZLOO EH VFDQQHG 7KH >%XLOG -RE@ IHDWXUH VHOHFWLRQ VFUHHQ ZLOO DSSHDU RQ WKH WRXFK VFUHHQ ½ 0DNH DQ\ SURJUDPPLQJ FKDQJHV
127( %XLOG -RE FDQQRW EH XVHG ZLWK 3ROO 5HPRWH )D[ RU LI WKH 7HOHSKRQH EXWWRQ KDV EHHQ VHOHFWHG $OVR ,QWHUUXSW &OHDU $OO $FFHVV )HDWXUHV -RE 6WDWXV DQG 0DFKLQH 6WDWXV ZLOO QRW EH DYDLODEOH ZKHQ %XLOG -RE LV LQ XVH 3ROO 5HPRWH )D[ 3ROOLQJ PHDQV UHWULHYLQJ D GRFXPHQW IURP D UHPRWH PDFKLQH 7KH '& RIIHUV VHYHUDO W\SHV RI SROOLQJ (DFK PHWKRG SURPSWV VSHFLILF VHOHFWLRQV ,I WKH '& GRHV QRW FRQQHFW ZLWK WKH UHPRWH PDFKLQH ZKHQ SROOLQJ LW UHGLDOV WKH QXPEHU +RZHYHU LI LW
)D[ 6WRUH IRU 3ROOLQJ 7KLV IHDWXUH VWRUHV GRFXPHQWV LQ WKH '& PHPRU\ ZKHUH WKH\ FDQ EH UHWULHYHG E\ D UHPRWH ID[ PDFKLQH (DFK WLPH D VWRUH IRU SROOLQJ MRE LV VWDUWHG WKH QHZ GRFXPHQWV DUH DGGHG WR DQ\ GRFXPHQWV DOUHDG\ VWRUHG 7KHUH DUH WZR PHWKRGV DYDLODEOH )UHH SROOLQJ 6HFXUH SROOLQJ WKH GRFXPHQW LV LPPHGLDWHO\ VHQW ZKHQ SROOHG ,I GRFXPHQWV DUH VWRUHG IRU VHFXUH SROOLQJ DQG 6WRUH IRU IUHH SROOLQJ LV VHOHFWHG WKH SROOLQJ SDVVZRUGV VWRUHG ZLOO EH GHOHWHG $ FRQILUPDWLRQ SRS XS ZLQG
6HFXUH 3ROOLQJ ½ ½ /RDG WKH GRFXPHQW ½ ½ 6HOHFW >0RUH )HDWXUHV@ ½ ½ 6HOHFW >6WRUH IRU 3ROOLQJ@ ½ 6HOHFW >6WDUW@ (QWHU WKH ID[ QXPEHU IRU WKH UHPRWH PDFKLQH 6HOHFW >$GYDQFHG )HDWXUHV@ 6HOHFW >3ROOLQJ 3DVVZRUGV@ DQG VHOHFW WKH SDVVZRUG IURP WKH OLVW DQG VHOHFW >&ORVH@ 127( ,I WKH '& ¶V PHPRU\ LV IXOO ZKHQ WU\LQJ WR VWRUH D GRFXPHQW IRU VHFXUH SROOLQJ FDQFHO WKH RSHUDWLRQ DQG WU\ DJDLQ ODWHU ZKHQ PRUH PHPRU\ LV DYDLODEOH 3ROOLQJ 3DVVZRUG %XWWRQ ,I WKHUH DUH QR SDVVZRUGV L
)D[ 'HOHWH GRFXPHQWV 7KLV RSWLRQ LV XVHG WR GHOHWH DOO RI WKH HOHFWURQLF ID[ GRFXPHQWV VWRUHG IRU SROOLQJ %HIRUH GHOHWLQJ GRFXPHQWV D FRQILUPDWLRQ PHVVDJH ZLOO DSSHDU RQ WKH WRXFK VFUHHQ 3ULQW GRFXPHQWV 8VHG WR SULQW WKH HOHFWURQLF GRFXPHQWV VWRUHG IRU SROOLQJ ,I WKH '& LV FRQILJXUHG E\ WKH .
6WRUH WR 0DLOER[ ½ ½ 6HOHFW >0RUH )HDWXUHV@ ½ ½ ½ 6HOHFW >)D[ 0DLOER[@ ½ ½ /RDG WKH GRFXPHQWV 6HOHFW >$GYDQFHG )HDWXUHV@ 6HOHFW >6WRUH WR 0DLOER[@ 8VLQJ WKH NH\SDG RQ WKH FRQWURO SDQHO HQWHU WKH PDLOER[ QXPEHU 6HOHFW >6WDUW@ 127( 0DLOER[ QXPEHUV DUH GLJLWV IURP 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
½ ½ 6HOHFW >0RUH )HDWXUHV@ ½ ½ ½ 6HOHFW >)D[ 0DLOER[@ ½ 8VLQJ WKH NH\SDG RQ WKH FRQWURO SDQHO HQWHU WKH IRXU GLJLW PDLOER[ SDVVZRUG 7KH SDVVZRUG ZLOO EH GLVSOD\HG DV ½ 6HOHFW >(QWHU@ )D[ 3ULQW IURP 0DLOER[ 6HOHFW >$GYDQFHG )HDWXUHV@ 6HOHFW >3ULQW IURP 0DLOER[@ 8VLQJ WKH NH\SDG RQ WKH FRQWURO SDQHO HQWHU WKH PDLOER[ QXPEHU $IWHU WKH GRFXPHQW LV SULQWHG LW LV GHOHWHG ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
'HOHWH 0DLOER[ &RQWHQWV ½ ½ 6HOHFW >0RUH )HDWXUHV@ ½ ½ 6HOHFW >)D[ 0DLOER[@ ½ 8VLQJ WKH NH\SDG RQ WKH FRQWURO SDQHO HQWHU WKH PDLOER[ QXPEHU ½ 8VLQJ WKH NH\SDG RQ WKH FRQWURO SDQHO HQWHU WKH IRXU GLJLW PDLOER[ SDVVZRUG 7KH SDVVZRUG ZLOO EH GLVSOD\HG DV ½ 6HOHFW >(QWHU@ 6HOHFW >$GYDQFHG )HDWXUHV@ 6HOHFW >'HOHWH 0DLOER[ &RQWHQWV@ 7KH '& FRQILUPV GHOHWLRQ DIWHU WKH PDLOER[ QXPEHU DQG SDVVZRUG KDYH EHHQ HQWHUHG 3DJH ;HUR[ 'RFXPHQW &HQWUH
)D[ 2ULJLQDO 6L]H 7KH 'RFXPHQW &HQWUH FDQ DXWRPDWLFDOO\ VHQVH PL[HG VL]H RULJLQDOV 8VH WKLV IHDWXUH WR ID[ D VHW RI PL[HG VL]H GRFXPHQWV XVLQJ WKH 'RFXPHQW )HHGHU ½ /RDG WKH GRFXPHQWV IDFH XS LQ WR WKH GRFXPHQW IHHGHU ½ ½ 6HOHFW >0RUH )HDWXUHV@ ½ ½ ½ 6HOHFW >2ULJLQDO 6L]H@ 6HOHFW >$GYDQFHG )HDWXUHV@ 6HOHFW >6DYH@ 6HOHFW >6WDUW@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
5HSRUWV 6HWXSV (PEHGGHG )D[ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO )D[ 5HSRUWV SDJH >)D[@ 'LDO 'LUHFWRU\ 6HWXS SDJH ½ ,I QHFHVVDU\ VHOHFW WKH $QVZHU 0RGH SDJH ½ 6HOHFW >0RUH )HDWXUHV@ ½ 6HOHFW >5HSRUWV &RPPHQW 6HWXS SDJH 6HWXSV@ ½ ½ 8VH WKH 5HSRUWV DQG 6HWXSV WDE WR SULQW YDULRXV UHSRUWV VHW XS GLUHFWRULHV VWRUH FRPPHQWV DQG RWKHU VSHFLILFDWLRQV )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ 7UDQVPLW +HDGHU
)D[ )D[ 5HSRUWV 7KH IROORZLQJ UHSRUWV DUH DYDLODEOH RQ WKH PDFKLQH )D[ 5HSRUW 2SWLRQV $FWLYLW\ 5HSRUW FRQWDLQV LQIRUPDWLRQ DERXW WKH ODVW FRPPXQLFDWLRQV FRPSOHWHG RQ WKH PDFKLQH DQG FDQ HLWKHU PDQXDOO\ RU DXWRPDWLFDOO\ SULQW D UHSRUW RI WKH WHOHSKRQH OLQH DFWLYLW\ IRU ERWK UHFHLYLQJ DQG WUDQVPLWWLQJ MREV 7KLV UHSRUW GRHV QRW FRXQW WKH FRYHU SDJH DV D WUDQVPLWWHG SDJH EXW LW GRHV FRXQW WKH UHFHLSW RI D FRYHU SDJH LI FUHDWHG E\ WKH PDFKLQH DV D UHFHLYHG SDJH 3HQGLQJ -REV 5HSRUW FRQWDLQV LQI
$QVZHU 0RGH 7KHUH DUH WZR DQVZHULQJ RU UHFHLYLQJ PRGHV $XWR DQG 0DQXDO ½ ½ 6HOHFW >$QVZHU 0RGH@ 6HOHFW WKH RSWLRQ UHTXLUHG $XWR $QVZHU 0DQXDO $QVZHU 3DJH WKH '& DXWRPDWLFDOO\ DQVZHUV WKH WHOHSKRQH 7KH .
)D[ 'LDO 'LUHFWRU\ 6HWXS 7KH '& HQDEOHV SURJUDPPLQJ RI QXPEHUV IRU LQGLYLGXDOV DQG JURXSV %HJLQ E\ SURJUDPPLQJ LQGLYLGXDO QXPEHUV 7KHQ FRPELQH QXPEHUV WKDW DUH WR EH LQFOXGHG LQ D JURXS ,QGLYLGXDO 8VH WKLV IHDWXUH WR HQWHU QXPEHUV LQ WR WKH 'LDO 'LUHFWRU\ ½ ½ ½ 6HOHFW >0RUH )HDWXUHV@ ½ ½ 6HOHFW >,QGLYLGXDO@ ½ 6HOHFW >1H[W@ ½ 8VLQJ WKH NH\SDG RQ WKH FRQWURO SDQHO HQWHU WKH ID[ WHOHSKRQH QXPEHU IRU WKH LQGLYLGXDO ½ 6HOHFW >1H[W@ 6HOHFW >5HSRUWV 6HWXSV@ 6HOHFW >'LDO
½ 8VH WKH VRIW NH\SDG WR HQWHU WKH QDPH RI WKH UHFLSLHQW XS WR FKDUDFWHUV ,I DQ LQFRUUHFW HQWU\ LV PDGH VHOHFW WKH EXWWRQ WR EDFNVSDFH ½ 6HOHFW >1H[W@ ½ 6HOHFW WKH GHVLUHG GHIDXOW VHWWLQJV IRU WKH ID[HV WR EH VHQW WR WKLV UHFLSLHQW 5HVROXWLRQ &RPPXQLFDWLRQ 0RGH DQG 0D[LPXP 6WRUDJH :LGWK ½ 6HOHFW >1H[W@ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
7KH >&RYHU /HWWHU@ VFUHHQ ZLOO DSSHDU ½ 6HOHFW HLWKHU >2Q@ RU >2II@ ,I >2II@ LV VHOHFWHG 6HOHFW >1H[W@ ½ ,I >2Q@ LV VHOHFWHG VHOHFW WKH µ7R¶ &RPPHQW ½ 6HOHFW D FRPPHQW IURP WKH &RPPHQW /LVW ½ ½ 6HOHFW WKH µ)URP¶ &RPPHQW¶ ½ 6HOHFW >1H[W@ WKH 'HOD\HG 6WDUW RSWLRQV VFUHHQ ZLOO EH GLVSOD\HG ½ 6HOHFW >6DYH@ 25 VHOHFW >2Q@ DQG XVH WKH VFUROO DUURZV WR LQGLFDWH WKH KRXU DQG PLQXWHV ZKHQ WKH ID[ LV WR EH WUDQVPLWWHG ½ 6HOHFW >6DYH@ DQG WKHQ >&ORVH@ )D[ ½ 6HOHFW D FRPPHQW IUR
0D[LPXP 6WRUH :LGWK GHWHUPLQHV WKH VL]H RI WKH LPDJH VWRUHG LQ PHPRU\ $Q $ GRFXPHQW FDQ EH VWRUHG DV DQ $ GRFXPHQW WR VDYH PHPRU\ 7KLV DOVR GHSHQGV RQ WKH DELOLW\ RI WKH UHFLSLHQW WR UHFHLYH ODUJH GRFXPHQWV ,I WKH UHPRWH ID[ PDFKLQH FDQQRW UHFHLYH GRFXPHQWV ODUJHU WKDQ $ VDYH LW DV DQ $ GRFXPHQW 6DYLQJ LW DV DQ $ GRFXPHQW XVHV DGGLWLRQDO PHPRU\ QHHGOHVVO\ ,Q WKLV FDVH WKH GRFXPHQW ZLOO EH VWRUHG DV DQ $ GRFXPHQW EDVHG RQ WKH UHTXLUHPHQWV RI WKH UHPRWH ID[ PDFKLQH 'HOHWLQJ D QXPEHU IU
)ROORZLQJ WKH VDPH VWHSV XVHG WR HQWHU D QDPH LQ WKH ,QGLYLGXDO 'LUHFWRU\ UHIHU WR ³'LDO 'LUHFWRU\ 6HWXS´ RQ SDJH HQWHU D JURXS QDPH LQ WKH *URXS 'LUHFWRU\ ½ &KRRVH D JURXS QXPEHU QDPH WKH JURXS DQG VDYH ½ )URP WKH 'LDO 'LUHFWRU\ VHOHFW WKH LQGLYLGXDO QDPHV DQG QXPEHUV WKDW DUH WR EH LQFOXGHG LQ WKH JURXS ½ $IWHU HDFK QDPH DQG QXPEHU VHOHFW $GG WR DGG LW WR WKH JURXS ½ 7R GHOHWH D JURXS VHOHFW WKH JURXS QXPEHU DQG VHOHFW >'HOHWH@ ½ 7KH PDFKLQH DXWRPDWLFDOO\ VHOHFWV
7R VHQG D *URXS )D[ ½ ½ 6HOHFW >'LDO 'LUHFWRU\@ ½ (QWHU WR JR WR WKH WRS RI WKH OLVW ½ 6HOHFW WKH UHTXLUHG QXPEHU GHWDLOV DSSHDU LQ WKH GLVSOD\ ZLQGRZ ½ 6HOHFW >1H[W@ WR DGG WKH VHOHFWLRQ WR WKH FXUUHQW GLDO OLVW ½ 7R HQWHU DGGLWLRQDO ORFDWLRQV UHSHDW VWHSV DQG 8VH WKH XS DQG GRZQ NH\V WR ORFDWH WKH GLUHFWRU\ QXPEHU UHTXLUHG *URXSV ZLOO EH DW WKH ERWWRP RI WKH OLVW &RPPHQW 6HWXS &RPPHQWV DUH XVHG LQ WKH 7R DQG )URP OLQHV RQ D FRYHU SDJH 5HIHU WR ³&RYHU /HWWHU &RYH
6HOHFW >1H[W @ WR GLVSOD\ WKH NH\SDG ,I DQ LQFRUUHFW HQWU\ LV PDGH VHOHFW WKH EXWWRQ WR EDFNVSDFH ½ ½ (QWHU WKH FRPPHQW V )D[ ½ 6HOHFW >6DYH@ DQG WKHQ >6DYH@ DJDLQ 7UDQVPLW +HDGHU 3ULQW 7KH 'RFXPHQW &HQWUH ZLOO DXWRPDWLFDOO\ SULQW WKH IROORZLQJ LQIRUPDWLRQ RQ WKH WRS RI HDFK SDJH RI DQ RXWJRLQJ ID[ 0DFKLQH ,' QXPEHU &RPSDQ\ ORJR 'HVWLQDWLRQ QDPH 'DWH 7LPH DQG 3DJH QXPEHU 8VH WKH IROORZLQJ VWHSV WR VZLWFK WKLV IHDWXUH RQ ½ 6HOHFW >7UDQVPLW +HDGHU 3ULQW@ IHDWXUH LQ 5HSRUWV
6HUYHU )D[ 3URFHGXUH 4XLFN 3DWKZD\ ½ /RDG GRFXPHQWV ½ 3UHVV >)HDWXUHV@ ½ ,I QHFHVVDU\ VHOHFW >$OO 6HUYLFHV@ ½ 6HOHFW >)D[@ 6HUYHU )D[ GRHV QRW KDYH DQ\ WHOHSKRQ\ FDSDELOLWLHV GRFXPHQWV DUH VFDQQHG DQG ILOHG WR D GHILQHG ORFDWLRQ ZKHUH D 7KLUG 3DUW\ )D[ 6HUYHU UHWULHYHV WKH GRFXPHQW DQG IRUZDUGV LW WR LWV ILQDO GHVWLQDWLRQ 6HUYHU )D[ LV EDVHG RQ WKH 1HWZRUN 6FDQQLQJ IHDWXUH SOHDVH UHIHU WR ³1HWZRUN 6FDQQLQJ´ RQ SDJH IRU PRUH LQIRUPDWLRQ 127( 7KH 6\VWHP $GPLQLVWUDWRU FDQ UHVWULFW XVHU D
)D[ 6HQGLQJ D )D[ XVLQJ 6HUYHU )D[ 6HOHFW )HDWXUHV ½ ,I QHFHVVDU\ VHOHFW >)HDWXUHV@ WR GLVSOD\ WKH IHDWXUH PRGHV ½ 6HOHFW >&OHDU $OO@ RQFH WR FDQFHO DQ\ SUHYLRXV VFUHHQ SURJUDPPLQJ VHOHFWLRQV 6HOHFWLQJ >&OHDU $OO@ WZLFH FOHDUV DOO WKH SURJUDPPLQJ SDWKZD\V DQG UHWXUQV WKH PDFKLQH WR LWV GHIDXOW VWDWXV )HDWXUHV %XWWRQ &OHDU $OO ½ ,I QHFHVVDU\ VHOHFW >$OO 6HUYLFHV@ ½ 6HOHFW >)D[@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
½ 7KH ILUVW )D[ VFUHHQ ZLOO EH GLVSOD\HG /RDG WKH GRFXPHQWV ½ /RDG GRFXPHQWV IDFH XS LQ WKH 'RFXPHQW )HHGHU RU IDFH GRZQ RQ WKH 'RFXPHQW *ODVV 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
½ )D[ 'LDO WKH QXPEHU 8VLQJ WKH QXPHULF NH\SDG HQWHU WKH ID[ QXPEHU 6HOHFW 6WDUW ½ 6HOHFW >6WDUW@ 7KH ID[ MRE HQWHUV WKH ID[ TXHXH ½ 5HPRYH WKH GRFXPHQWV ,I HQDEOHG E\ WKH 6\VWHP $GPLQLVWUDWRU D &RQILUPDWLRQ 5HSRUW ZLOO EH SULQWHG DW WKH PDFKLQH WR FRQILUP WKDW WKH ID[ KDV EHHQ VFDQQHG DQG ILOHG VXFFHVVIXOO\ RU LI QRW WKH UHSRUW ZLOO DOVR GLVSOD\ DQ\ HUURUV WKDW PD\ KDYH RFFXUUHG ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
6WDQGDUG )HDWXUHV 6HUYHU )D[ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ 7KH ILUVW )D[ VFUHHQ RIIHUV DFFHVV WR WKH IHDWXUHV UHTXLUHG WR VHQG D ID[ )RU PRUH LQIRUPDWLRQ DERXW WKH IHDWXUHV DYDLODEOH UHIHU WR WKH IROORZLQJ WKH FRQWURO SDQHO 5HVROXWLRQ SDJH 6HUYLFHV@ 6LGHV 6FDQQHG SDJH ½ ,I QHFHVVDU\ VHOHFW >$OO 2ULJLQDO 7\SH SDJH ½ 6HOHFW >)D[@ ½ 6HOHFW WKH IHDWXUHV 'LDOOLQJ SDJH DYDLODEOH RQ WKH ILUVW )D[ VFUHHQ 5HVROXWLRQ 7KH UHVROXWLRQ DIIHFWV WKH DSSHDUDQFH RI
)D[ 2ULJLQDO 7\SH 8VH WKLV IHDWXUH WR LGHQWLI\ WKH W\SH RI GRFXPHQW EHLQJ VFDQQHG 7H[W XVH WKLV VHWWLQJ IRU WH[W OLQH DUW DQG GRFXPHQWV ZLWK ODUJH VROLG DUHDV ,W SURGXFHV VKDUS WH[W LPDJHV EXW PLJKW UHGXFH WKH TXDOLW\ RI KDOIWRQH RU SKRWRJUDSKLF LPDJHV 7KLV LV WKH GHIDXOW VHWWLQJ $XWR XVH WKLV VHWWLQJ IRU FRPELQDWLRQV RI WH[W DQG SKRWRV RU WH[W DQG JUDSKLFV 3KRWR XVH WKLV VHWWLQJ IRU SKRWRJUDSKV DQG LPDJHV WKDW KDYH D FRQWLQXRXV WRQH +RZHYHU LW PLJKW UHGXFH WKH VKDUSQHVV RI WKH WH[W
6LGHV 6FDQQHG 7KLV LV XVHG WR VSHFLI\ ZKHWKHU WKH GRFXPHQWV DUH VLQJOH VLGHG RU GRXEOH VLGHG )RU GRXEOH VLGHG GRFXPHQWV WKH LPDJH RULHQWDWLRQ FDQ DOVR EH SURJUDPPHG ½ 6HOHFW >6LGHV 6FDQQHG@ WR DFFHVV WKH RSWLRQV DYDLODEOH 7KH IROORZLQJ RSWLRQV DUH DYDLODEOH 6LGHG HDFK GRFXPHQW LV VLQJOH VLGHG 6LGHG HDFK GRFXPHQW LV GRXEOH VLGHG 6LGHG QG VLGH URWDWHG 3DJH HDFK GRFXPHQW LV GRXEOH VLGHG ZLWK HDFK VHFRQG VLGH URWDWHG E\ WKH ILUVW SDJH RI WKH VHW RI GRFXPHQWV LV
)D[ 'LDOOLQJ )RXU GLDOOLQJ RSWLRQV DUH DYDLODEOH ZLWKLQ WKH 6HUYHU )D[ VFUHHQ 6HQG /LVW 3KRQHERRN 7KH 6HQG /LVW DQG 3KRQHERRN IHDWXUHV HQDEOH XVHUV WR FUHDWH D OLVW RI ID[ UHFLSLHQW QXPEHUV IRU D FXUUHQW ID[ MRE RU DOWHUQDWLYHO\ VWRUH UHJXODUO\ XVHG QXPEHUV RQ WKH PDFKLQH 6HQG /LVW DQG 3KRQHERRN IHDWXUHV VKDUH WKH VDPH WRXFK VFUHHQ :KLFKHYHU IHDWXUH LV VHOHFWHG WKH VDPH WRXFK VFUHHQ ZLOO EH GLVSOD\HG )D[ QXPEHUV FDQ EH DGGHG WR ERWK DUHDV 127( :KHQ PRYLQJ WKURXJK WKH ID[ GHIDXOW VFUHHQ WKH I
3KRQHERRN WKLV LV D OLVW RI VDYHG ID[ QXPEHUV 2QFH DGGHG 3KRQHERRN HQWULHV FDQ RQO\ EH HGLWHG E\ VHOHFWLQJ >$GG WR 3KRQHERRN@ RU >'HOHWH@ 5HIHU WR WKH IROORZLQJ VWHSV IRU PRUH LQIRUPDWLRQ ½ 6HOHFW >3KRQHERRN@ RU >6HQG /LVW@ ½ (QWHU D ID[ QXPEHU XVLQJ WKH QXPHULF NH\SDG 25 VHOHFW WKH QXPEHU IURP HLWKHU OLVW ½ ,I UHTXLUHG VHOHFW >'LDOOLQJ &KDUV@ DQG DGG WKH FKDUDFWHUV WR EH VWRUHG ZLWK WKH ID[ QXPEHU ½ 6HOHFW >$GG WR 3KRQHERRN@ WR VWRUH WKH QXPEHU IRU IXWXUH XVH 25 >$GG WR 6HQG /LVW
'LDOOLQJ &KDUDFWHUV 'LDOOLQJ FKDUDFWHUV DUH VSHFLDO FKDUDFWHUV WKDW DUH XVHG IRU HQWHULQJ ID[ QXPEHUV 'LDOOLQJ FKDUDFWHUV DUH HQWHUHG DV SDUW RI WKH ID[ QXPEHU WKLV IHDWXUH FDQ EH VHOHFWHG IURP WKH 6HUYHU )D[ PDLQ VFUHHQ RU IURP WKH 6HQG /LVW 3KRQHERRN IHDWXUH ½ ½ ½ 6HOHFW WKH FKDUDFWHU UHTXLUHG ½ 6HOHFW >(QWHU@ WR H[LW 6HOHFW >$GG@ 5HSHDW WKH DERYH VWHSV IRU HDFK FKDUDFWHU 5HIHU WR WKH IROORZLQJ IRU PRUH LQIRUPDWLRQ 127( 3OHDVH FKHFN ZLWK WKH 7KLUG 3DUW\ 9HQGRU DV WR ZKHWKHU WKH IROO
FKDUDFWHU DJDLQ WR WXUQ RII 0DVN 'DWD 7KH FKDUDFWHUV RU QXPEHUV HQWHUHG EHWZHHQ WKH VODVK FKDUDFWHUV DUH GLVSOD\HG DV DVWHULVNV 3DVVZRUG &KHFN 6ZLWFK >6@ 3XOVH WR 7RQH 6ZLWFK > @ IRU UHPRWH WHUPLQDO LGHQWLILFDWLRQ 7KLV FKDUDFWHU YHULILHV WKDW WKH FRUUHFW QXPEHU KDV EHHQ GLDOOHG ZKLFK LV YHU\ LPSRUWDQW LI VHQGLQJ D FRQILGHQWLDO GRFXPHQW $ SDVVZRUG LV UHTXLUHG EHIRUH WUDQVPLVVLRQ WR D UHPRWH PDFKLQH )RU H[DPSOH 6 ZKHUH DV LV WKH WHOHSKRQH QXPEHU DQG DIWHU WKH
4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ )D[ 0RUH )D[ )HDWXUHV 6HUYHU )D[ :KHQ WKH 0RUH )D[ )HDWXUHV WDE LV VHOHFWHG WKH IROORZLQJ IHDWXUHV ZLOO EH DYDLODEOH /LJKWHU 'DUNHU SDJH EXWWRQ RQ WKH FRQWURO SDQHO 2ULJLQDO ,QSXW 6L]H SDJH >)D[@ 127( ,I )D[ LV WKH GHIDXOW VFUHHQ WKLV WDE ZLOO EH FDOOHG $GGHG )HDWXUHV 2Q VHOHFWLRQ LW ZLOO FKDQJH WR 0RUH )D[ )HDWXUHV ½ ,I QHFHVVDU\ VHOHFW ½ 6HOHFW >0RUH )D[ )HDWXUHV@ 'HOD\HG 6WDUW SDJH /LJKWHU 'DUNHU $GMXVWV WKH LPDJH TXDOLW\
2ULJLQDO ,QSXW 6L]H $OORZV D XVHU WR PDQXDOO\ VHOHFW WKH VL]H RI WKH GRFXPHQW ZKHQ WKH PDFKLQH LV XQDEOH WR GHWHFW WKH GRFXPHQW VL]H IRU H[DPSOH ZKHQ D GRFXPHQW KDV D EODFN ERUGHU $XWR 6L]H 'HWHFWLRQ LV WKH GHIDXOW VHWWLQJ 127( $XWR 6L]H 'HWHFWLRQ ZRUNV ZLWK ERWK WKH GRFXPHQW IHHGHU DQG WKH GRFXPHQW JODVV 6WDQGDUG DQG &XVWRP VL]HV ZRUN ZLWK WKH SODWHQ JODVV RQO\ $ PHVVDJH ZLOO RQO\ EH GLVSOD\HG ZKHQ WKH PDFKLQH KDV GHWHFWHG WKH GRFXPHQW VL]H ½ ½ ½ 6HOHFW >2ULJLQDO 6L]H@ 6HOHFW WKH RSWLRQ UH
)D[ 'HOD\HG 6WDUW 7KLV IHDWXUH DOORZV D XVHU WR FKRRVH D WLPH ZLWKLQ WKH QH[W KRXUV DW ZKLFK D ID[ ZLOO EH VHQW ,03257$17 7KH WLPH WR VHQG LV DGGHG WR WKH MRE LQIRUPDWLRQ VHQW WR WKH )D[ 6HUYHU ZLWK WKH VFDQQHG LPDJH 7KH 7KLUG 3DUW\ )D[ 6HUYHU UHWDLQV WKH ID[ IRU VHQGLQJ DW WKLV WLPH ½ ½ ½ ½ /RDG WKH GRFXPHQW 6HOHFW >0RUH )D[ )HDWXUHV@ 6HOHFW >'HOD\HG 6WDUW@ 6HOHFW >21@ WKH RSWLRQV ZLOO EH GLVSOD\HG ½ 8VH WKH XS GRZQ VFUROO DUURZV WR LQGLFDWH WKH VWDUW KRXU VWDUW PLQXWHV DQG $0
$XWKHQWLFDWLRQ 0RGH 6HUYHU )D[ $XWKHQWLFDWLRQ LV XVHG E\ WKH 6\VWHP $GPLQLVWUDWRU WR UHVWULFW XVHU DFFHVV WR WKH IHDWXUHV ZLWKLQ ( PDLO 1HWZRUN 6FDQQLQJ DQG 6HUYHU )D[ 127( ,I $XWKHQWLFDWLRQ KDV EHHQ HQDEOHG LW ZLOO EH HQDEOHG IRU DOO WKUHH VHUYLFHV 7KH IROORZLQJ VWHSV PD\ YDU\ GHSHQGLQJ RQ WKH DXWKHQWLFDWLRQ PRGH VHW XS E\ WKH 6\VWHP $GPLQLVWUDWRU 3OHDVH FRQWDFW WKH 6\VWHP $GPLQLVWUDWRU IRU IXUWKHU DVVLVWDQFH /RJLQ *XHVW $FFHVV $ ORJLQ SDVVFRGH LV UHTXLUHG ½ 8VLQJ WKH FRQWURO SDQHO NH
)D[ /RJLQ 1HWZRUN $XWKHQWLFDWHG $FFHVV $ ORJLQ QDPH DQG SDVVZRUG DUH UHTXLUHG ½ 6HOHFW >(QWHU@ ½ 8VLQJ WKH NH\ERDUG HQWHU WKH QHWZRUN XVHU QDPH 127( 6HOHFW >0RUH &KDUDFWHUV@ LI UHTXLUHG ½ 6HOHFW >(QWHU@ ½ (QWHU WKH QHWZRUN SDVVZRUG 127( 6HOHFW >0RUH &KDUDFWHUV@ LI UHTXLUHG ½ 6HOHFW >(QWHU@ $ SRS XS PHVVDJH ZLOO EH GLVSOD\HG 7KH PDFKLQH LV QRZ SURFHVVLQJ WKH ORJ LQ UHTXHVW 7KH PDFKLQH ZLOO QRZ DWWHPSW WR DXWKHQWLFDWH WKH XVHU RQ WKH QHWZRUN ;HUR[ 'RFXPHQW &HQWUH
/RJLQ *XHVW $FFHVV DQG 1HWZRUN $XWKHQWLFDWHG $FFHVV %RWK *XHVW $FFHVV DQG 1HWZRUN $XWKHQWLFDWHG $FFHVV FDQ EH HQDEOHG WRJHWKHU 7KLV DOORZV XVHUV WR VHOHFW KRZ WKH\ ZLVK WR ORJLQ ½ 6HOHFW >1HWZRUN $XWKHQWLFDWHG $FFHVV@ DQG WKHQ VHOHFW >(QWHU@ ½ (QWHU WKH UHTXLUHG ORJLQ GHWDLOV 25 ½ ½ 6HOHFW >*XHVW $FFHVV@ ½ 6HOHFW >(QWHU@ 8VLQJ WKH FRQWURO SDQHO NH\SDG HQWHU \RXU SDVVFRGH &KDQJLQJ WKH $XWKHQWLFDWLRQ 6HUYLFH ,I SUHYLRXVO\ FRQILJXUHG E\ WKH 6\VWHP $GPLQLVWUDWRU XVHUV PD\ VHOHFW DOWH
6HOHFW WKH UHTXLUHG QHWZRUN HQYLURQPHQW ½ ½ 6HOHFW >(QWHU@ WR FRQWLQXH )D[ ½ &RPSOHWH ORJLQ WR 8VHU 1DPH DQG 3DVVZRUG ,I UHTXLUHG SOHDVH FRQWDFW WKH 6\VWHP $GPLQLVWUDWRU IRU IXUWKHU DVVLVWDQFH /RJJLQJ 2II ½ 6HOHFW >$FFHVV@ $ ZDUQLQJ PHVVDJH ZLOO EH GLVSOD\HG ½ 6HOHFW >2.
/$1 )D[ /RFDO $UHD 1HWZRUN )D[ :KHQ WKH 'RFXPHQW &HQWUH LV FRQQHFWHG WR D QHWZRUN ID[HV FDQ EH VHQW IURP D :RUNVWDWLRQ GLUHFWO\ WR WKH 'RFXPHQW &HQWUH WR EH IRUZDUGHG RQ WR WKH GHVWLQDWLRQ PDFKLQH $V ZLWK ID[HV VFDQQHG LQ DW WKH 'RFXPHQW &HQWUH ID[HV VHQW RYHU WKH QHWZRUN ZLOO EH SODFHG LQ WKH )D[ 4XHXH EHIRUH EHLQJ VHQW RQ WR WKH ILQDO GHVWLQDWLRQ 127( /$1 )D[ DQG 6HUYHU )D[ FDQQRW EH LQVWDOOHG DW WKH VDPH WLPH /$1 )D[ )HDWXUHV 7R VHQG ID[HV RYHU WKH QHWZRUN XVHUV PXVW VHOHFW WKH 'RFXPHQW
4XLFN 3DWKZD\ ½ 6HOHFW >-RE 6WDWXV@ RQ WKH FRQWURO SDQHO ½ 6HOHFW >2WKHU 4XHXHV@ ½ 6HOHFW >)D[ 4XHXH@ RU >&RPSOHWHG )D[ -REV 4XHXH@ )D[ 0DQDJLQJ )D[ -REV 0DQDJLQJ WKH )D[ TXHXHV FRQVLVWV RI PDLQWDLQLQJ HDFK MRE ZLWKLQ WKH TXHXH -RE PDQDJHPHQW LV SHUIRUPHG RQ HDFK LQGLYLGXDO MRE FRQWDLQHG ZLWKLQ WKH TXHXH &RQWUROOLQJ MREV LQFOXGHV RUJDQL]LQJ DGYDQFLQJ DQG LQLWLDWLQJ MREV EDVHG RQ WKHLU FKDUDFWHULVWLFV 7KH )D[ 4XHXH DQG WKH &RPSOHWHG )D[ -REV 4XHXH ZLOO RQO\ EH DYDLODEOH LQ -RE 6WDWXV DIWHU
OLQH LV FRQVLGHUHG DFWLYH DQG LV GLVSOD\HG RQ HLWKHU WKH WRS OLQH RU WRS WZR OLQHV GHSHQGLQJ RQ WKH QXPEHU RI ID[ OLQHV DYDLODEOH 6FUROO WR VHH LQIRUPDWLRQ DERXW HDFK ID[ MRE LQ WKH TXHXH :KHQ VHQGLQJ D ID[ WR PXOWLSOH UHFLSLHQWV EURDGFDVW WKH )D[ 4XHXH GLVSOD\V WKH QXPEHU RI WKH ILUVW UHFLSLHQW ZKHQ WKH MRE LV DFWLYHO\ EHLQJ VHQW WR WKDW UHFLSLHQW 7KHQ LW GLVSOD\V WKH VHFRQG QXPEHU LQ SODFH RI WKH ILUVW QXPEHU DQG VR RQ DV HDFK QXPEHU LV GLDOOHG $ VWDWXV RI &RPSOHWHG LQ WKH )D[ 4XHXH PHDQV W
DOORZV D SHQGLQJ ID[ VHQG MRE WR EH SURPRWHG WR WKH WRS RI WKH TXHXH 2QFH SURPRWHG WKH '& PDQDJHV WKH SULRULWLVDWLRQ RI WKH MREV LQ WKH TXHXH 'HOHWH GHOHWHV WKH VHOHFWHG DFWLYH RU SHQGLQJ MRE $ SRS XS ZLQGRZ HQDEOHV FRQILUPDWLRQ RU FDQFHOODWLRQ RI WKH UHTXHVW ,I DQ DFWLYH MRE LV GHOHWHG FRPPXQLFDWLRQ VWRSV LPPHGLDWHO\ 7KH MRE LV UHPRYHG IURP WKH )D[ 4XHXH DQG SODFHG LQ WKH &RPSOHWHG )D[ 4XHXH ZLWK DQ HUURU FRGH LQ WKH 6WDWXV FROXPQ ,I D SHQGLQJ MRE LV GHOHWHG LW LV UHPRYHG IURP
7\SH WKH MRE FDWHJRU\ VXFK DV UHFHLYH EURDGFDVW LPPHGLDWH /$1 ID[ PDLOER[ SROOHG PDLOER[ SROOLQJ PDLOER[ UHFHLYH PDLOER[ VHQG PDQXDO SROO SROOHG SROOLQJ VHQG DQG XQNQRZQ SRZHU LQWHUUXSWLRQ 2ZQHU WKH SHUVRQ ZKR VXEPLWWHG WKH MRE )RU /$1 ID[ MREV WKLV LV WKH QDPH RI WKH SHUVRQ VXEPLWWLQJ WKH MRE )RU ID[ VHQG EURDGFDVW PDLOER[ VHQG DQG SROOLQJ UHVHUYDWLRQ MREV WKH RZQHU LV GLVSOD\HG DV ORFDO 6WDWXV LQIRUPDWLRQ DERXW WKH SURJUHVV RI WKH MRE VXFK DV FRPSOHWH RU DQ HUURU LQGLFD
7KH ;HUR[ '& LV FDSDEOH RI ZRUNLQJ DW D PD[LPXP VSHHG RI .
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
0HGLD 3ULQW 0HGLD 3ULQW 0HGLD 3ULQW DOORZV D ZDON XS XVHU WR SULQW D ILOH IURP D IORSS\ GLVN ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
8VLQJ 0HGLD 3ULQW 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO $6&,, 7H[W 3RVWVFULSW 3&/ 7,)) 7DJJHG ,PDJH )LOH )RUPDW DQG 3') 3RUWDEOH 'RFXPHQW )RUPDW ILOH IRUPDWV FDQ EH SULQWHG RQ WKH '& 8VH WKH IROORZLQJ VWHSV WR PDNH SULQWV XVLQJ 0HGLD 3ULQW ½ 6HOHFW >0HGLD 3ULQW@ ½ 0DNH VXUH WKH GLVN LV '26 IRUPDWWHG ½ $W WKH ZRUNVWDWLRQ VHOHFW >3ULQW WR )LOH@ DQG VHOHFW WKH RSWLRQV UHTXLUHG IRU WKH MRE 3ULQW WKH ILOHV WR WKH IRUPDW UHTXLUHG DQG FRS\ WKHP RQ WR D IORS
6HOHFW >0HGLD 3ULQW@ ½ 6HOHFW >5HDG 'LVN@ WKH ILOHV DQG GLUHFWRULHV FRQWDLQHG RQ WKH GLVNHWWH ZLOO EH GLVSOD\HG 0HGLD 3ULQW ½ 7KH ILOHV DQG GLUHFWRULHV ZLOO EH GLVSOD\HG LQ WKH 'LUHFWRU\ /LVW 6FUROO WKURXJK WKH OLVW WR ILQG WKH ILOH WR EH SULQWHG ,I WKH ILOH LV LQVLGH D VXEGLUHFWRU\ VHOHFW WKH VXEGLUHFWRU\ WR GLVSOD\ WKH OLVW RI ILOHV ½ 7R H[LW WKH VXEGLUHFWRU\ VHOHFW >&ORVH 'LUHFWRU\@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
½ 6HOHFW WKH ILOH WR EH SULQWHG 7KH ILOH QDPH LV DXWRPDWLFDOO\ DGGHG WR WKH 3ULQW /LVW 6HOHFW WKH QDPH DJDLQ WR UHPRYH LW IURP WKH OLVW ½ :KHQ DOO RI WKH ILOHV UHTXLUHG DSSHDU LQ WKH 3ULQW /LVW VHOHFW >6WDUW@ 7KH V\VWHP UHDGV WKH VHOHFWHG ILOHV DQG VXEPLWV WKHP IRU SULQWLQJ 6HOHFW >3ULQW 4XHXH@ LQ -RE 6WDWXV WR UHYLHZ WKH MRE ½ 2Q FRPSOHWLRQ UHPRYH WKH GLVN IURP WKH IORSS\ GULYH 127( 7KH GLVN PXVW UHPDLQ LQ WKH IORSS\ GULYH XQWLO WKH V\VWHP KDV ILQLVKHG UHDGLQJ WKH ILOHV 3DJH
1HWZRUN 6FDQQLQJ 7KH 1HWZRUN 6FDQQLQJ RSWLRQ ZLOO EH DYDLODEOH RQ WKH '& LI WKH PDFKLQH LV FRQQHFWHG WR WKH QHWZRUN DQG WKH RSWLRQDO ( PDLO DQG 1HWZRUN 6FDQQLQJ NLW KDV EHHQ LQVWDOOHG ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 1HWZRUN 6FDQQLQJ
1HWZRUN 6FDQQLQJ 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO ½ LI QHFHVVDU\ VHOHFW >$OO 6HUYLFHV@ ½ 6HOHFW >1HWZRUN 6FDQQLQJ@ ½ 6HOHFW WKH 7HPSODWH UHTXLUHG 1HWZRUN 6FDQQLQJ HQDEOHV WKH FUHDWLRQ RI DQ HOHFWURQLF LPDJH ILOH E\ VFDQQLQJ DQ RULJLQDO GRFXPHQW 7KH LPDJH ILOH LV SODFHG LQWR D QHWZRUN ILOLQJ ORFDWLRQ VSHFLILHG LQ D 7HPSODWH $ WHPSODWH VWRUHV WKH XVHU¶V SUHIHUUHG QHWZRUN VFDQQLQJ RSWLRQV 127( 7\SLFDO QHWZRUN VFDQQLQJ RSWLRQV LQFOXGH WKH ILOLQJ GHVWLQDWLRQ RI WKH LPD
1HWZRUN 6FDQQLQJ 6XPPDU\ %R[ )HDWXUHV 'LUHFWRU\ 'RFXPHQW )ROGHU 1DPH ,PDJH 4XDOLW\ 2ULJLQDO 6L]H 6LGHV ,PDJHG 6FDQ 5HVROXWLRQ WKH GLUHFWRU\ SDWK ZKHUH WKH ILOH EHLQJ VFDQQHG ZLOO EH VWRUHG WKH QDPH RI WKH IROGHU LQ ZKLFK WKH LPDJH ZLOO EH VWRUHG DQ\ DGMXVWPHQWV UHTXLUHG IRU VSHFLILF W\SHV RI RULJLQDOV 7H[W 3KRWR $XWR WKH VL]H RI WKH RULJLQDO GRFXPHQW VHOHFWV RU VLGHG VFDQQLQJ [ GSL [ GSL [ GSL [ GSL RU [ GSL 7HPSODWHV DQG WHPSODWH OLVW 7KH WHPSOD
127( 5HIHU WR WKH &HQWUH:DUH &XVWRPHU 'RFXPHQWDWLRQ IRU PRUH LQIRUPDWLRQ RQ &HQWUH:DUH 6FDQ 6HUYLFHV WHPSODWHV 7KH WHPSODWH #GHIDXOW ZLOO EH DXWRPDWLFDOO\ VHOHFWHG RQ HQWHULQJ 1HWZRUN 6FDQQLQJ IRU WKH ILUVW WLPH ,I PRUH WKDQ WHPSODWHV DUH DYDLODEOH WKH VFUROO EXWWRQV DUH XVHG WR PRYH GRZQ WKURXJK WKH OLVW +,17 2QO\ RQH WHPSODWH FDQ EH VHOHFWHG DW D WLPH ,W LV SRVVLEOH WKDW WKH WHPSODWHV GLVSOD\HG PD\ QRW EH WKH ODWHVW YHUVLRQ RU WKDW WKH OLVW GRHV QRW FRQWDLQ QHZO\ FUHDWHG WHPSODWHV 6HOHFW
½ /RDG WKH GRFXPHQWV LQ WKH 'RFXPHQW )HHGHU RU SODFH RQ WKH 'RFXPHQW *ODVV ½ 6HOHFW >$OO 6HUYLFHV@ DQG WKHQ >1HWZRUN 6FDQQLQJ@ ½ 6HOHFW >5HIUHVK /LVW@ WR XSGDWH WKH WHPSODWH OLVW ½ 6HOHFW WKH WHPSODWH UHTXLUHG +,17 7KH 6XPPDU\ %R[ RQ WKH ULJKW KDQG VLGH RI WKH VFUHHQ GLVSOD\V LQIRUPDWLRQ DERXW WKH WHPSODWH 5HIHU WR ,I WKH WHPSODWH KDV EHHQ SDJH IRU PRUH LQIRUPDWLRQ FRQILJXUHG ZLWK D 3XEOLF 5HSRVLWRU\ ½ 6HOHFW >6WDUW@ 7KH MRE ZLOO EH VFDQQHG DQ HOHFWURQLF ILOH FUHDWHG DQG WK
,I WKH WHPSODWH KDV EHHQ VHW XS ZLWK D 3ULYDWH 5HSRVLWRU\ ½ 6HOHFW >6WDUW@ $ SRS XS ZLQGRZ ZLOO EH GLVSOD\HG DVNLQJ IRU D SDVVZRUG WR EH HQWHUHG ½ ½ 6HOHFW >2XWSXW )RUPDW@ ½ ½ 6HOHFW >3DVVZRUG@ ½ ½ 6HOHFW >6DYH@ WZLFH 6HOHFW >/RJLQ 1DPH 3DVVZRUG@ (QWHU WKH SDVVZRUG WR DFFHVV WKH ILOLQJ ORFDWLRQ 6HOHFW >6WDUW@ WR VFDQ WKH MRE +,17 ,I LW LV NQRZQ WKDW WKH WHPSODWH FRQWDLQV D SULYDWH ILOLQJ ORFDWLRQ LW LV SRVVLEOH WR VHOHFW WKDW WHPSODWH DQG WKHQ HQWHU WKH SDVVZRUG EHIRUH VHOHFW
4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ 8VH WKH IHDWXUHV DYDLODEOH LQ ,PDJH $GMXVWPHQW WR WHPSRUDULO\ DSSO\ FKDQJHV WR D WHPSODWH ½ 6HOHFW >1HWZRUN 127( ,I 1HWZRUN 6FDQQLQJ LV WKH GHIDXOW VFUHHQ WKLV WDE ZLOO EH FDOOHG $GGHG )HDWXUHV 2Q VHOHFWLRQ LW ZLOO FKDQJH WR ,PDJH $GMXVWPHQW ½ 6HOHFW >,PDJH 5HIHU WR WKH IROORZLQJ IRU PRUH LQIRUPDWLRQ WKH FRQWURO SDQHO 6FDQQLQJ@ $GMXVWPHQW@ 2ULJLQDO 6L]H SDJH %DVLF ,PDJH 4XDOLW\ SDJH 6LGHV ,PDJHG SDJH 5HGXFH (QODUJH SDJH 6
2ULJLQDO 6L]H 8VH WR HQWHU WKH VL]H RI WKH GRFXPHQW ZKHQ VFDQQLQJ IURP WKH 'RFXPHQW *ODVV RU WKH 'RFXPHQW )HHGHU 7KH '& XVHV WKLV LQIRUPDWLRQ WR FDOFXODWH WKH VHWWLQJV IRU WKH RULJLQDO VL]H WKDW \RX VSHFLI\ 127( $XWR LV WKH GHIDXOW VHWWLQJ ½ ½ ½ 6HOHFW >2ULJLQDO 6L]H@ 6HOHFW WKH RSWLRQV UHTXLUHG 6HOHFW >6DYH@ 2ULJLQDO 6L]H 2SWLRQV $XWR &XVWRP 6WDQGDUG 3DJH DFFHSWV WKH PDFKLQH¶V DXWRPDWLF VL]H VHQVLQJ 7KH VL]H GHWHFWHG ZLOO EH PDWFKHG WR D VWDQGDUG VL]H SDSHU DOORZV D QRQ VW
7KLV IHDWXUH DGMXVWV WKH LPDJH TXDOLW\ VHWWLQJV DSSOLHG WR WKH VFDQQHG GRFXPHQW ½ 6HOHFW >%DVLF ,PDJH 4XDOLW\@ ½ ½ 6HOHFW WKH RSWLRQV UHTXLUHG 6HOHFW >6DYH@ %DVLF ,PDJH 4XDOLW\ 2SWLRQV 7KH IROORZLQJ RSWLRQV DUH XVHG WR GHILQH ZKDW W\SH RI RULJLQDO LV EHLQJ XVHG IRU VFDQQLQJ 7H[W²XVHG IRU VFDQQLQJ WH[W VROLGV OLQH DUW DQG KDOIWRQHV $XWR ²XVHG WR VFDQ GRFXPHQWV WKDW FRQWDLQ KDOIWRQHV DQG LPDJHV RU SKRWRJUDSKV 3KRWR²XVHG IRU VFDQQLQJ FRQWLQXRXV WRQH SKRWRJUDSKV +,17 )RU EHVW UHVXOWV V
6LGHV ,PDJHG 7KLV IHDWXUH HQDEOHV XVHUV WR VFDQ VLQJOH VLGHG RU GRXEOH VLGHG GRFXPHQWV 127( $OO VFDQ MREV DUH VWRUHG DV VLQJOH VLGHG LPDJHV ½ ½ ½ 6HOHFW >6LGHV ,PDJHG@ 6HOHFW WKH RSWLRQV UHTXLUHG 6HOHFW >6DYH@ 6LGHV ,PDJHG 2SWLRQV 6LGHG VFDQV VLGH RQH RI WKH GRFXPHQW 6LGHG VFDQV ERWK VLGHV RI WKH GRFXPHQW 6LGHG 6LGH LV 5RWDWHG ,PDJH 2ULHQWDWLRQ VFDQV ERWK VLGHV RI WKH GRFXPHQW WKH VHFRQG VLGH LPDJH LV URWDWHG VHOHFW WKLV IHDWXUH WR LGHQWLI\ WKH RULHQWDWLRQ RI WKH LPDJH DV
$GMXVWV WKH PDJQLILFDWLRQ VL]H RI WKH VWRUHG LPDJH ILOH ½ ½ ½ 6HOHFW >5HGXFH (QODUJH@ 6HOHFW WKH RSWLRQV UHTXLUHG 6HOHFW >6DYH@ 5HGXFH (QODUJH 2SWLRQV 1RUPDO UHGXFHV HQODUJHV WKH GLPHQVLRQV RI WKH VWRUHG LPDJH ILOH LQ HTXDO SURSRUWLRQV &XVWRP UHGXFHV RU HQODUJHV WKH GLPHQVLRQV RI WKH GRFXPHQW LQ QRQ HTXDO SURSRUWLRQV %\ VHWWLQJ WKH ; DQG < FRRUGLQDWHV WKH OHQJWK DQG ZLGWK RI WKH VWRUHG LPDJH ILOH FDQ EH DGMXVWHG VHSDUDWHO\ $XWR VHWV WKH PDJQLILFDWLRQ WR VL]H IRU VL]H UHGXF
6WRUHG ,PDJH 6HWWLQJV 'HILQHV WKH LPDJH RXWSXW UHTXLUHPHQWV ½ 6HOHFW >6WRUHG ,PDJH 6HWWLQJV@ ½ ½ 6HOHFW WKH RSWLRQV UHTXLUHG 6HOHFW >6DYH@ 6WRUHG ,PDJH 6HWWLQJV 2SWLRQV 5HVROXWLRQ GHILQHV WKH UHVROXWLRQ DW ZKLFK WKH RULJLQDO ZLOO EH VFDQQHG DQG WKH LPDJH VWRUHG 6HOHFW IURP [ GSL [ GSL [ GSL [ GSL RU [ GSL 127( 7KH JUHDWHU WKH UHVROXWLRQ VHOHFWHG WKH ODUJHU WKH VL]H RI WKH VWRUHG LPDJH ILOH 7KLV ZLOO UHVXOW LQ PRUH WLPH EHLQJ UHTXLUHG WR FRPSOHWH
8VHG WR HUDVH XQZDQWHG PDUNV IURP WKH VFDQQHG GRFXPHQW ½ ½ ½ 6HOHFW >(UDVH@ 6HOHFW WKH RSWLRQ UHTXLUHG 6HOHFW >6DYH@ (UDVH 2SWLRQV 2II %RUGHU (UDVH (GJH (UDVH VFDQQLQJ LV HGJH WR HGJH HUDVHV HTXDO DPRXQWV ± PP IURP WKH WRS ERWWRP DQG ERWK VLGHV RI WKH GRFXPHQW HUDVHV DPRXQWV ± PP VSHFLILHG IURP WKH WRS ERWWRP DQG ERWK VLGHV LQGHSHQGHQWO\ RI HDFK RWKHU ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 1HWZRUN 6FDQQLQJ (UDVH
2XWSXW )RUPDW 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO ½ 6HOHFW >6FDQ@ ½ 6HOHFW >2XWSXW )RUPDWV@ 7KLV VFUHHQ GLVSOD\V WKH QHWZRUN ORFDWLRQ IRU 1HWZRUN 6FDQQLQJ MREV WKDW DUH SURJUDPPHG LQ WKH VHOHFWHG WHPSODWH 7KHVH VHWWLQJV PD\ EH DOWHUHG DQG DSSOLHG WR WKH VFDQ MRE 5HIHU WR WKH IROORZLQJ IRU PRUH LQIRUPDWLRQ 6HUYHU ,3 $GGUHVV 6HUYHU 1DPH SDJH 'RFXPHQW 3DWK 9ROXPH SDJH 'RFXPHQW 1DPH SDJH /RJLQ 1DPH 3DVVZRUG SDJH ,I )LOH $OUHDG\ ([LVWV SDJH 'RF
)RU 7&3 ,3 HQWHU WKH VHUYHU ,3 DGGUHVV )RU 1HW:DUH HQWHU WKH VHUYHU QDPH WUHH DQG FRQWH[W 127( 7UHH DQG &RQWH[W DUH UHTXLUHG IRU 1HW:DUH 1'6 HQYLURQPHQWV )RU 7&3 ,3 XVHUV PD\ VSHFLI\ DQ RSWLRQDO SRUW QXPEHU ZLWK WKH ILOLQJ ORFDWLRQ ,3 DGGUHVV )RU H[DPSOH WR VSHFLI\ ILOLQJ WR DQ ,3 SRUW RI HQWHU 127( 7KH )73 VHUYHU ZKHUH WKH ILOLQJ RFFXUV ZLOO QHHG WR EH FRQILJXUHG WR DFFHSW WKLV MRE RYHU SRUW IRU WKLV VFDQ WR EH VXFFHVVIXO +,17 )RU VFDQ MREV RYHU 7&3 ,3 WK
'RFXPHQW 3DWK 9ROXPH 7KLV IHDWXUH VSHFLILHV WKH ORFDWLRQ RI WKH GLUHFWRU\ SDWK ZKHUH WKH VFDQQHG GRFXPHQW ZLOO EH SODFHG )RU 7&3 ,3 HQWHU WKH 'RFXPHQW 3DWK )RU 1HW:DUH HQWHU WKH 'RFXPHQW 3DWK DQG 9ROXPH 'RFXPHQW 1DPH 7KLV IHDWXUH DOORZV XVHUV WR FKDQJH WKH GHIDXOW 'RFXPHQW 1DPH )RU VLQJOH SDJH 7,)) WKH 'RFXPHQW 1DPH GHILQHV WKH QDPH RI WKH IROGHU ZKHUH WKH LPDJH ILOHV DUH SODFHG )RU 0XOWLSDJH 7,)) 3') WKH 'RFXPHQW 1DPH GHILQHV WKH QDPH RI WKH LPDJH ILOH VWRUHG 127( ,I WKH VHWWLQJ ,I )LOH
7KLV IHDWXUH LV XVHG WR HQWHU WKH ORJLQ QDPH DQG SDVVZRUG RI WKH ILOLQJ ORFDWLRQ WKDW WKH VFDQQHG LPDJH ILOH ZLOO EH VWRUHG LQ 127( 8VH WKLV IHDWXUH LI ILOLQJ WR D SULYDWH ILOLQJ ORFDWLRQ RU LI WKHUH LV D QHHG WR FKDQJH WKH ORJLQ LQIRUPDWLRQ IRU WKH VFDQQHG MRE ,I )LOH $OUHDG\ ([LVWV 7KLV IHDWXUH GHWHUPLQHV KRZ WKH VFDQQHG ILOH ZLOO EH VWRUHG LQ WKH UHSRVLWRU\ 7KH GHIDXOW VHWWLQJ FDQ EH FKDQJHG DQG DSSOLHG WR D VFDQ MRE ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 1HWZRUN 6FDQQLQJ
7KHUH DUH IRXU RSWLRQV DYDLODEOH )LOLQJ 3ROLF\ 'HVFULSWLRQ 5HQDPH 1HZ )LOH WKH 'RFXPHQW &HQWUH DXWRPDWLFDOO\ QDPHV GRFXPHQWV EHLQJ VFDQQHG 'R 1RW 6DYH WKH 'RFXPHQW &HQWUH QDPHV GRFXPHQWV EHLQJ VFDQQHG XVLQJ D YDOXH GHILQHG E\ WKH XVHU ,I D ILOH RU IROGHU ZLWK WKH VDPH QDPH DOUHDG\ H[LVWV DW WKH ILOLQJ ORFDWLRQ LW ZLOO QRW EH RYHUZULWWHQ E\ WKH GHYLFH DQG WKH VFDQ MRE LV DERUWHG 2YHUZULWH ([LVWLQJ )LOH WKH 'RFXPHQW &HQWUH QDPHV GRFXPHQWV EHLQJ VFDQQHG XVLQJ D YDOXH GHILQHG E\ WKH XVHU
'RFXPHQW 0DQDJHPHQW )LHOGV DOORZ LQIRUPDWLRQ WR EH VWRUHG ZLWK WKH VFDQQHG ILOHV 7KLV LQIRUPDWLRQ FDQ EH DFFHVVHG E\ WKLUG SDUW\ DSSOLFDWLRQV WR UHWULHYH RU URXWH WKH VWRUHG LPDJHV $ PD[LPXP RI HQWULHV FDQ EH GLVSOD\HG IRU HGLWLQJ DW WKH 'RFXPHQW &HQWUH 8VHUV PD\ EH RIIHUHG GHIDXOW YDOXHV IRU DQ HQWU\ DQG WKLV YDOXH FDQ EH WHPSRUDULO\ DOWHUHG IRU WKH MRE EHLQJ VFDQQHG 'RFXPHQW 0DQDJHPHQW )LHOGV LQIRUPDWLRQ LV VWRUHG LQ WKH MRE ORJ [VW ILOH DORQJ ZLWK WKH VFDQQHG LPDJH ILOH 8VLQJ D WHPSODWH
½ 3ODFH D GRFXPHQW RQ WKH 'RFXPHQW *ODVV RU LQ WKH 'RFXPHQW )HHGHU ½ ½ ½ 6HOHFW >$OO 6HUYLFHV@ 6HOHFW >1HWZRUN 6FDQQLQJ@ 6HOHFW WKH UHTXLUHG WHPSODWH FRQWDLQLQJ 'RFXPHQW 0DQDJHPHQW )LHOGV GDWD 7KH 'RFXPHQW 0DQDJHPHQW )LHOGV GDWD FRQWDLQHG LQ WKH WHPSODWH ZLOO EH GLVSOD\HG RQ WKH WRXFK VFUHHQ 5HIHU WR WKH IROORZLQJ WR DOWHU DQ HQWU\ ½ ½ 6HOHFW WKH UHTXLUHG ILHOG RQ WKH WRXFK VFUHHQ (QWHU WKH LQIRUPDWLRQ UHTXLUHG XVLQJ WKH GLVSOD\HG NH\ERDUG 6HOHFW >6DYH@ 25 ½ 6HOHFW >(GLW 1H[W 9DOXH
6HOHFW >1HWZRUN 6FDQQLQJ@ ½ ½ ,I UHTXLUHG VHOHFW DQG FKDQJH WKH RSWLRQV 6HOHFW >2XWSXW )RUPDW@ 6HOHFW >'RFXPHQW 0DQDJHPHQW )LHOGV@ 7KH FXUUHQW VDYHG VHWWLQJ ZLOO EH GLVSOD\HG 6HOHFW >6DYH@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 1HWZRUN 6FDQQLQJ ½ ½ ½
$XWKHQWLFDWLRQ 0RGH 1HWZRUN 6FDQQLQJ $XWKHQWLFDWLRQ LV XVHG E\ WKH 6\VWHP $GPLQLVWUDWRU WR UHVWULFW XVHU DFFHVV WR WKH IHDWXUHV ZLWKLQ ( PDLO 1HWZRUN 6FDQQLQJ DQG 6HUYHU )D[ 6HUYLFHV 127( ,I $XWKHQWLFDWLRQ KDV EHHQ HQDEOHG LW ZLOO EH HQDEOHG IRU DOO WKUHH VHUYLFHV 7KH IROORZLQJ VWHSV PD\ YDU\ GHSHQGLQJ RQ WKH DXWKHQWLFDWLRQ PRGH VHW XS E\ WKH 6\VWHP $GPLQLVWUDWRU 3OHDVH FRQWDFW WKH 6\VWHP $GPLQLVWUDWRU IRU IXUWKHU DVVLVWDQFH /RJLQ *XHVW $FFHVV $ ORJLQ SDVVFRGH LV UHTXLUHG ½ 8VLQJ WKH
1HWZRUN 6FDQQLQJ /RJLQ 1HWZRUN $XWKHQWLFDWHG $FFHVV $ ORJLQ QDPH DQG SDVVZRUG DUH UHTXLUHG ½ 6HOHFW >(QWHU@ ½ 8VLQJ WKH NH\ERDUG HQWHU WKH QHWZRUN XVHU QDPH 127( 6HOHFW >0RUH &KDUDFWHUV@ LI UHTXLUHG ½ 6HOHFW >(QWHU@ ½ (QWHU WKH QHWZRUN SDVVZRUG 127( 6HOHFW >0RUH &KDUDFWHUV@ LI UHTXLUHG ½ 6HOHFW >(QWHU@ $ SRS XS PHVVDJH ZLOO EH GLVSOD\HG 7KH PDFKLQH LV QRZ SURFHVVLQJ WKH ORJ LQ UHTXHVW ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
/RJLQ *XHVW $FFHVV DQG 1HWZRUN $XWKHQWLFDWHG $FFHVV %RWK *XHVW $FFHVV DQG 1HWZRUN $XWKHQWLFDWHG $FFHVV FDQ EH HQDEOHG WRJHWKHU 7KLV DOORZV XVHUV WR VHOHFW KRZ WKH\ ZLVK WR ORJLQ ½ 6HOHFW >1HWZRUN $XWKHQWLFDWHG $FFHVV@ DQG WKHQ VHOHFW >(QWHU@ ½ (QWHU WKH UHTXLUHG ORJLQ GHWDLOV 25 ½ ½ 6HOHFW >*XHVW $FFHVV@ ½ 6HOHFW >(QWHU@ 8VLQJ WKH FRQWURO SDQHO NH\SDG HQWHU \RXU SDVVFRGH &KDQJLQJ WKH $XWKHQWLFDWLRQ 6HUYLFH ,I SUHYLRXVO\ FRQILJXUHG E\ WKH 6\VWHP $GPLQLVWUDWRU XVHUV PD\ VHOHFW DOWH
6HOHFW WKH UHTXLUHG QHWZRUN HQYLURQPHQW ½ ½ 6HOHFW >(QWHU@ WR FRQWLQXH 1HWZRUN 6FDQQLQJ ½ &RPSOHWH ORJLQ WR 8VHU 1DPH DQG 3DVVZRUG ,I UHTXLUHG SOHDVH FRQWDFW WKH 6\VWHP $GPLQLVWUDWRU IRU IXUWKHU DVVLVWDQFH /RJJLQJ 2II ½ 6HOHFW >$FFHVV@ $ ZDUQLQJ PHVVDJH ZLOO EH GLVSOD\HG ½ 6HOHFW >2.
0DQDJLQJ 6FDQ -REV 4XLFN 3DWKZD\ ½ 6HOHFW >-RE 6WDWXV@ RQ WKH FRQWURO SDQHO ½ 6HOHFW >2WKHU 4XHXHV@ ½ 6HOHFW >6FDQ 4XHXH@ RU >&RPSOHWHG 6FDQ -REV 4XHXH@ 0DQDJLQJ WKH 6FDQ TXHXHV FRQVLVWV RI PDLQWDLQLQJ HDFK MRE ZLWKLQ WKH TXHXH -RE PDQDJHPHQW LV SHUIRUPHG RQ HDFK LQGLYLGXDO MRE FRQWDLQHG ZLWKLQ WKH TXHXH &RQWUROOLQJ MREV LQFOXGHV RUJDQLVLQJ DGYDQFLQJ DQG LQLWLDWLQJ MREV EDVHG RQ WKHLU FKDUDFWHULVWLFV 7KH 6FDQ 4XHXH DQG WKH &RPSOHWHG 6FDQ -REV 4XHXH ZLOO RQO\ EH DYDLODEOH LQ -RE 6WDWXV DIWH
7\SH WKLV LV WKH GHVWLQDWLRQ IROGHU IRU WKH MRE WKH W\SH RI MRE EDVHG RQ WKH QHWZRUN VHWXS 2ZQHU WKH QDPH RI WKH WHPSODWH RZQHU DV GHILQHG LQ WKH WHPSODWH ILOH 6WDWXV LQIRUPDWLRQ DERXW WKH SURJUHVV RI D MRE VXFK DV DFWLYH RU IDXOWHG 6FDQQHG )LOHG 'LVSOD\ WKH QXPEHU RI VKHHWV VFDQQHG DQG ILOHG IRU DFWLYH MREV GLVSOD\V LQIRUPDWLRQ RQ WKH MREV FRQWDLQHG LQ WKH 6FDQ TXHXH 8VH WKH WRROEDU DFURVV WKH WRS RI WKH 6FDQ 4XHXH WR PDQDJH WKH MREV 'HOHWH GHOHWHV WKH VHOHFWHG MRE 'HWDLOV GLVSOD\V
8VH WKH VFUROO EXWWRQV WR PRYH WKURXJK WKH MREV LQ WKH TXHXH 'HVWLQDWLRQ 7\SH WKLV LV WKH GHVWLQDWLRQ IROGHU IRU WKH MRE GLVSOD\V WKH ILOLQJ SURWRFRO XVHG HLWKHU 7&3 ,3 RU 1HW:DUH 2ZQHU WKH QDPH RI WKH WHPSODWH RZQHU DV GHILQHG LQ WKH WHPSODWH ILOH 6WDWXV LQIRUPDWLRQ DERXW D MRE VXFK DV DFWLYH RU IDXOWHG 6FDQQHG )LOHG 'LVSOD\ WKH QXPEHU RI VKHHWV VFDQQHG DQG WKH WRWDO QXPEHU RI SDJHV DOUHDG\ VXFFHVVIXOO\ VWRUHG DW WKH UHPRWH ORFDWLRQ GLVSOD\V LQIRUPDWLRQ RQ WKH MREV FRQWDLQHG LQ WKH &RPSOH
( PDLO ( PDLO 7KH ( PDLO RSWLRQ ZLOO RQO\ EH DYDLODEOH RQ WKH '& LI WKH PDFKLQH LV FRQQHFWHG WR WKH QHWZRUN DQG WKH RSWLRQDO ( PDLO DQG 1HWZRUN 6FDQQLQJ NLW KDV EHHQ LQVWDOOHG 8VLQJ WKH ( PDLO IHDWXUH XVHUV DUH DEOH WR VHQG VFDQQHG LPDJHV DV H PDLO DWWDFKPHQWV 8VHUV FDQ DOVR DGG DQG UHPRYH UHFLSLHQWV FKDQJH WKH )URP H PDLO DGGUHVV DQG HGLW WKH 6XEMHFW OLQH RI WKH H PDLO PHVVDJH 127( 5HIHU WR WKH &HQWUH:DUH &XVWRPHU 'RFXPHQWDWLRQ IRU PRUH LQIRUPDWLRQ ;HUR[ 'RFXPHQW &HQWUH
6WDQGDUG )HDWXUHV 4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO ½ ,I QHFHVVDU\ >$OO 6HUYLFHV@ ½ 6HOHFW >( PDLO@ 8VHUV FDQ VHOHFW WKH IHDWXUHV DYDLODEOH ZLWKLQ WKH ( PDLO VFUHHQ WR HQWHU WKH 6073 6LPSOH 0DLO 7UDQVIHU 3URWRFRO H PDLO DGGUHVVHV RU VHDUFK WKH LQWHUQDO SXEOLF DGGUHVV ERRNV WR VHOHFW WKH DGGUHVV LQIRUPDWLRQ WR EXLOG WKH DGGUHVV OLVW IRU D MRE 8S WR UHFLSLHQW DGGUHVVHV FDQ EH HQWHUHG LQ WR WKH OLVW 7KH ( PDLO VFUHHQ FDQ EH VHW XS DV WKH GHIDXOW RQ VHOHFWLRQ RI WK
8VLQJ WKH WRXFK VFUHHQ NH\SDG XVHUV DUH DEOH WR HQWHU H PDLO DGGUHVVHV PDQXDOO\ RQ WKH 'RFXPHQW &HQWUH ½ /RDG GRFXPHQW LQWR WKH 'RFXPHQW )HHGHU RU SODFH LW RQ WKH 'RFXPHQW *ODVV ½ ½ 6HOHFW >( PDLO@ ½ 8VLQJ WKH NH\SDG HQWHU WKH UHFLSLHQW GHWDLOV 6HOHFW >7R@ 127( 8VH WKH EXWWRQV DORQJ WKH WRS WR DFFHVV IXUWKHU RSWLRQV ½ 6HOHFW >(QWHU@ 7KH DGGUHVV ZLOO DSSHDU LQ WKH $GGUHVV /LVW UHIHU WR H[DPSOH ½ 5HSHDW WKH DERYH VWHSV DV UHTXLUHG IRU &F %FF )URP DQG (GLW 6XEMHFW 127( 7
2QFH DQ HQWU\ DSSHDUV LQ WKH $GGUHVV /LVW XVHUV DUH DEOH WR VHOHFW 'HWDLOV WR GLVSOD\ WKH UHFLSLHQW DGGUHVV GHWDLOV DQG )URP DGGUHVVHV 127( 7KH $GGUHVV LQIRUPDWLRQ GLVSOD\HG LV GHWHUPLQHG E\ KRZ WKH DGGUHVV ZDV RULJLQDOO\ DGGHG WR WKH $GGUHVV /LVW IURP WKH ,QWHUQDO $GGUHVV %RRN 3XEOLF $GGUHVV %RRN RU HQWHUHG PDQXDOO\ 5HIHU WR ³8VLQJ WKH $GGUHVV %RRNV´ RQ SDJH IRU PRUH LQIRUPDWLRQ DERXW $GGUHVV %RRNV +,17 :KHQ VHOHFWLQJ D )URP HQWU\ D XVHU FDQ VHOHFW WKH 5HSO\ WR EXWWRQ WR HGLW WKH 5HSO\
( PDLO 3XEOLF $GGUHVV %RRN 6WRUHV H[WHUQDO FRPSDQ\ DGGUHVVHV RQ WKH PDFKLQH &UHDWHG E\ WKH 6\VWHP $GPLQLVWUDWRU ZLWKLQ ,QWHUQHW 6HUYLFHV 7KH '& ZLOO DFFHSW D 3XEOLF $GGUHVV %RRN ILOH WKDW FRQWDLQV D OLVW RI XVHU QDPHV DQG WKHLU H PDLO DGGUHVVHV 7KLV ILOH PXVW EH RI WKH &69 &RPPD 6HSDUDWHG 9DOXHV IRUPDW IRU WKH GHYLFH WR EH DEOH WR UHDG WKH ILOH FRQWHQWV 127( 7KH PDMRULW\ RI ZRUG SURFHVVLQJ SDFNDJHV ZLOO DOORZ \RX WR FUHDWH D &69 ILOH $ VHOHFWLRQ RI H PDLO DSSOLFDWLRQV ZLOO DOVR D
,QWHUQDO $GGUHVV %RRN 2WKHUZLVH NQRZQ DV WKH /'$3 /LJKWZHLJKW 'LUHFWRU\ $FFHVV 3URWRFRO VWRUHV LQWHUQDO FRPSDQ\ DGGUHVVHV RQ WKH FRPSDQ\ QHWZRUN 7KH ,QWHUQDO $GGUHVV %RRN LV FUHDWHG E\ WKH 6\VWHP $GPLQLVWUDWRU 7KH 'RFXPHQW &HQWUH ZLOO GLVSOD\ VHDUFK UHVXOWV IRU WKH ,QWHUQDO $GGUHVV %RRN DV GHILQHG E\ WKH /'$3 FRQILJXUDWLRQ )RU H[DPSOH DQ /'$3 VHUYHU FDQ UHWXUQ D VHDUFK HQTXLU\ $QG DV $QGUHZ 6PLWK ZKHQ WKH UHVXOW $QGUHZV -DPHV PD\ KDYH EHHQ H[SHFWHG 7KH ODVWQDPH ILUVWQDPH! RU ILUVWQ
4XLFN 3DWKZD\ ½ 6HOHFW >)HDWXUHV@ RQ 8VH WKH ,PDJH $GMXVWPHQW IHDWXUHV WR DSSO\ FKDQJHV WR WKH GRFXPHQW EHLQJ VFDQQHG WKH FRQWURO SDQHO 127( ,I ( PDLO LV WKH GHIDXOW VFUHHQ WKLV WDE ZLOO EH FDOOHG $GGHG )HDWXUHV 2Q VHOHFWLRQ LW ZLOO FKDQJH WR ,PDJH $GMXVWPHQW $GMXVWPHQW@ 5HIHU WR WKH IROORZLQJ IRU PRUH LQIRUPDWLRQ ½ 6HOHFW >( PDLO@ ½ 6HOHFW >,PDJH 2ULJLQDO 6L]H SDJH %DVLF ,PDJH 4XDOLW\ SDJH 6LGHV ,PDJHG SDJH 6WRUHG ,PDJH 6HWWLQJV SDJH (UDVH SDJH ;HUR[ 'RF
2ULJLQDO 6L]H 8VHG WR HQWHU WKH VL]H RI WKH GRFXPHQW ZKHQ VFDQQLQJ IURP WKH 'RFXPHQW *ODVV RU WKH 'RFXPHQW )HHGHU ½ ½ ½ 6HOHFW >2ULJLQDO 6L]H@ 6HOHFW WKH RSWLRQ UHTXLUHG 6HOHFW >6DYH@ 2ULJLQDO 6L]H 2SWLRQV $XWR DFFHSWV WKH PDFKLQH¶V DXWRPDWLF VL]H VHQVLQJ 'R QRW XVH $XWR IRU QRQ VWDQGDUG VL]HV 7KH PDFKLQH FDQQRW VHQVH WKH VL]H RI QRQ VWDQGDUG GRFXPHQWV 127( $XWR LV WKH GHIDXOW VHWWLQJ 0L[HG 6L]H 2ULJLQDOV LV DOZD\V HQDEOHG WR $XWR &XVWRP 6WDQGDUG 3DJH WR GHILQH WKH VL]H E\ SURJUDP
( PDLO %DVLF ,PDJH 4XDOLW\ $GMXVWV WKH VHWWLQJV IRU WKH RXWSXW ½ 6HOHFW >%DVLF ,PDJH 4XDOLW\@ ½ ½ 6HOHFW WKH RSWLRQ UHTXLUHG 6HOHFW >6DYH@ %DVLF ,PDJH 4XDOLW\ 2SWLRQV 7H[W XVHG IRU VFDQQLQJ WH[W VROLGV OLQH DUW DQG KDOIWRQHV $XWR XVHG WR VFDQ GRFXPHQWV WKDW FRQWDLQ KDOIWRQHV DQG PL[HG LPDJHV 3KRWR XVHG IRU VFDQQLQJ FRQWLQXRXV WRQH SKRWRJUDSKV DQG KLJK TXDOLW\ KDOIWRQHV $XWR ([SRVXUH HQKDQFHV GRFXPHQWV WKDW KDYH FRORXUHG EDFNJURXQGV /LJKWHU 'DUNHU DGMXVWV WKH GHQVLW\ RI FRSLHV
6LGHV ,PDJHG 7KLV IHDWXUH HQDEOHV XVHUV WR VFDQ D VLQJOH VLGHG RU GRXEOH VLGHG MRE ½ ½ ½ 6HOHFW >6LGHV ,PDJHG@ 6HOHFW WKH RSWLRQ UHTXLUHG 6HOHFW >6DYH@ 6LGHV ,PDJHG 2SWLRQV 6LGHG VFDQV WKH GRFXPHQW DV D VLQJOH VLGHG MRE 7KLV LV WKH GHIDXOW VHWWLQJ RQ WKH PDFKLQH 6LGHG VFDQV WKH GRFXPHQW DV D KHDG WR KHDG GRXEOH VLGHG MRE 6LGHG 6LGH LV 5RWDWHG VFDQV WKH GRFXPHQW DV D KHDG WR WRH GRXEOH VLGHG MRE 127( 7KH 'RFXPHQW )HHGHU PXVW EH XVHG ZKHQ VFDQQLQJ VLGHG GRFXPHQWV ,PDJH 2ULHQW
'HILQHV WKH UHVROXWLRQ DQG WKH ILOH IRUPDW LQ ZKLFK WR VHQG VFDQQHG LPDJHV ½ 6HOHFW >6WRUHG ,PDJH 6HWWLQJV@ ½ ½ 6HOHFW WKH RSWLRQ UHTXLUHG 6HOHFW >6DYH@ 6WRUHG ,PDJH 6HWWLQJV 2SWLRQV 5HVROXWLRQ 2XWSXW ,PDJH )RUPDW GHILQHV WKH VFDQ UHVROXWLRQ RSWLRQV 6HOHFW IURP [ GSL [ GSL [ GSL [ GSL RU [ GSL VHWV WKH IRUPDW IRU VFDQQHG LPDJHV WR 7LII 0XOWLSDJH 7LII RU 3') ILOHV 127( 7KH 6\VWHP $GPLQLVWUDWRU VHWV XS WKH GHIDXOW VHWWLQJV IRU 5HVROXWLRQ DQG 2X
+,17 0XOWL SDJH DQG 6LQJOH SDJH 7,)) ILOHV DUH IRUPDWWHG ZLWK WKH 7,) H[WHQVLRQ 3') ILOHV DUH IRUPDWWHG ZLWK WKH 3') ILOH H[WHQVLRQ (UDVH (UDVHV XQZDQWHG PDUNV IURP WKH HGJHV RI D VFDQQHG GRFXPHQW ½ ½ ½ 6HOHFW >(UDVH@ 6HOHFW WKH RSWLRQ UHTXLUHG 6HOHFW >6DYH@ (UDVH 2SWLRQV 2II %RUGHU (UDVH (GJH (UDVH 3DJH VFDQQLQJ LV HGJH WR HGJH HUDVHV HTXDO DPRXQWV ± PP IURP WKH WRS ERWWRP DQG ERWK VLGHV RI WKH GRFXPHQW HUDVHV DPRXQWV ± PP VSHFLILHG IURP WKH WRS ERWWRP DQG ERWK VLG
4XLFN 3DWKZD\ 6HOHFW WKLV WDE WR HQWHU DGGLWLRQDO SURJUDPPLQJ IRU WKH IROORZLQJ ½ 6HOHFW >)HDWXUHV@ RQ WKH FRQWURO SDQHO ½ 6HOHFW >( PDLO@ ½ 6HOHFW >2XWSXW )RUPDW@ 5HSO\ WR 8VHG WR HQWHU D UHSO\ WR H PDLO DGGUHVV RU WR VHDUFK D FRQILJXUHG DGGUHVV ERRN 127( 7KLV IHDWXUH FDQ DOVR EH DFFHVVHG IURP WKH 5HSO\ WR EXWWRQ RQ WKH )URP GHWDLOV VFUHHQ ½ ½ 6HOHFW >5HSO\ WR@ ½ 6HOHFW >(QWHU@ (QWHU WKH H PDLO DGGUHVV XVLQJ WKH NH\SDG RQ WKH WRXFK VFUHHQ ;HUR[ 'RFXPHQW &HQWUH 8VHU
$XWKHQWLFDWLRQ 0RGH ( PDLO $XWKHQWLFDWLRQ LV XVHG E\ WKH 6\VWHP $GPLQLVWUDWRU WR UHVWULFW XVHU DFFHVV WR WKH IHDWXUHV ZLWKLQ ( PDLO 1HWZRUN 6FDQQLQJ DQG 6HUYHU )D[ 6HUYLFHV 127( ,I $XWKHQWLFDWLRQ KDV EHHQ HQDEOHG LW ZLOO EH HQDEOHG IRU DOO WKUHH VHUYLFHV 7KH IROORZLQJ VWHSV PD\ YDU\ GHSHQGLQJ RQ WKH DXWKHQWLFDWLRQ PRGH VHW XS E\ WKH 6\VWHP $GPLQLVWUDWRU 3OHDVH FRQWDFW WKH 6\VWHP $GPLQLVWUDWRU IRU IXUWKHU DVVLVWDQFH /RJLQ *XHVW $FFHVV $ ORJLQ SDVVFRGH LV UHTXLUHG ½ 8VLQJ WKH FRQWURO S
( PDLO /RJLQ 1HWZRUN $XWKHQWLFDWHG $FFHVV $ ORJLQ QDPH DQG SDVVZRUG DUH UHTXLUHG ½ 6HOHFW >(QWHU@ ½ 8VLQJ WKH NH\ERDUG HQWHU WKH QHWZRUN XVHU QDPH 127( 6HOHFW >0RUH &KDUDFWHUV@ LI UHTXLUHG ½ 6HOHFW >(QWHU@ ½ ½ (QWHU WKH QHWZRUN SDVVZRUG 6HOHFW >(QWHU@ 127( 6HOHFW >0RUH &KDUDFWHUV@ LI UHTXLUHG $ SRS XS PHVVDJH ZLOO EH GLVSOD\HG 7KH PDFKLQH LV QRZ SURFHVVLQJ WKH ORJ LQ UHTXHVW ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
/RJLQ *XHVW $FFHVV DQG 1HWZRUN $XWKHQWLFDWHG $FFHVV %RWK *XHVW $FFHVV DQG 1HWZRUN $XWKHQWLFDWHG $FFHVV FDQ EH HQDEOHG WRJHWKHU 7KLV DOORZV XVHUV WR VHOHFW KRZ WKH\ ZLVK WR ORJLQ ½ 6HOHFW >1HWZRUN $XWKHQWLFDWHG $FFHVV@ DQG WKHQ VHOHFW >(QWHU@ ½ (QWHU WKH UHTXLUHG ORJLQ GHWDLOV 25 ½ ½ 6HOHFW >*XHVW $FFHVV@ ½ 6HOHFW >(QWHU@ 8VLQJ WKH FRQWURO SDQHO NH\SDG HQWHU \RXU SDVVFRGH 127( 7KH )URP DGGUHVV FDQQRW EH FKDQJHG LI ( PDLO KDV EHHQ DFFHVVHG YLD WKH $XWKHQWLFDWLRQ 0RGH 3DJH ;H
,I SUHYLRXVO\ FRQILJXUHG E\ WKH 6\VWHP $GPLQLVWUDWRU XVHUV PD\ VHOHFW DOWHUQDWLYH DXWKHQWLFDWLRQ HQYLURQPHQWV ½ ,I QHFHVVDU\ VHOHFW >1HWZRUN $XWKHQWLFDWHG $FFHVV@ ½ 6HOHFW >(QWHU@ 7KH HQYLURQPHQW QDPH WKDW DSSHDUV LQ WKH >&KDQJH@ EXWWRQ ZLOO YDU\ GHSHQGLQJ RQ WKH QHWZRUN 7KH H[DPSOH VKRZQ UHIHUV WR D '16 'RPDLQ ½ 6HOHFW >&KDQJH '16 'RPDLQ@ ½ 6HOHFW WKH UHTXLUHG QHWZRUN HQYLURQPHQW ½ ½ 6HOHFW >(QWHU@ WR FRQWLQXH &RPSOHWH ORJLQ WR 8VHU 1DPH DQG 3DVVZRUG ,I UHTXLUHG SOHDVH FRQ
/RJJLQJ 2II ½ 6HOHFW >$FFHVV@ $ ZDUQLQJ PHVVDJH ZLOO EH GLVSOD\HG ½ 6HOHFW >2.
4XLFN 3DWKZD\ ½ 6HOHFW >-RE 6WDWXV@ RQ WKH FRQWURO SDQHO ½ 6HOHFW >2WKHU 4XHXHV@ ½ 6HOHFW >6FDQ 4XHXH@ RU >&RPSOHWHG 6FDQ -REV 4XHXH@ 0DQDJLQJ WKH 6FDQ TXHXHV FRQVLVWV RI PDLQWDLQLQJ HDFK MRE ZLWKLQ WKH TXHXH -RE PDQDJHPHQW LV SHUIRUPHG RQ HDFK LQGLYLGXDO MRE FRQWDLQHG ZLWKLQ WKH TXHXH &RQWUROOLQJ MREV LQFOXGHV RUJDQLVLQJ DGYDQFLQJ DQG LQLWLDWLQJ MREV EDVHG RQ WKHLU FKDUDFWHULVWLFV 7KH 6FDQ 4XHXH DQG WKH &RPSOHWHG 6FDQ -REV 4XHXH ZLOO RQO\ EH DYDLODEOH LQ -RE 6WDWXV DIWHU ( PDLO DQG 1HWZRU
'HVWLQDWLRQ 7\SH WKLV LV WKH GHVWLQDWLRQ IROGHU IRU WKH MRE WKH W\SH RI MRE EDVHG RQ WKH QHWZRUN VHWXS 2ZQHU WKH QDPH RI WKH WHPSODWH RZQHU DV GHILQHG LQ WKH WHPSODWH ILOH 6WDWXV LQIRUPDWLRQ DERXW WKH SURJUHVV RI D MRE VXFK DV DFWLYH RU IDXOWHG 6FDQQHG )LOHG WKH QXPEHU RI VKHHWV VFDQQHG DQG ILOHG IRU DFWLYH MREV 8VH WKH WRROEDU DFURVV WKH WRS RI WKH 6FDQ 4XHXH WR PDQDJH WKH MREV 'HOHWH GHOHWHV WKH VHOHFWHG MRE 'HWDLOV GLVSOD\V DGGLWLRQDO LQIRUPDWLRQ DERXW D MRE LQ WKH 6FDQ 4XHXH 2WK
7\SH WKLV LV WKH GHVWLQDWLRQ IROGHU IRU WKH MRE GLVSOD\V WKH ILOLQJ SURWRFRO XVHG HLWKHU 7&3 ,3 RU 1HW:DUH 2ZQHU WKH QDPH RI WKH WHPSODWH RZQHU DV GHILQHG LQ WKH WHPSODWH ILOH 6WDWXV LQIRUPDWLRQ DERXW D MRE VXFK DV DFWLYH RU IDXOWHG 6FDQQHG )LOHG WKH QXPEHU RI VKHHWV VFDQQHG DQG WKH WRWDO QXPEHU RI SDJHV DOUHDG\ VXFFHVVIXOO\ VWRUHG DW WKH UHPRWH ORFDWLRQ 8VH WKH WRROEDU DFURVV WKH WRS RI WKH &RPSOHWHG 6FDQ -REV 4XHXH WR PDQDJH WKH MREV 'HWDLOV 2WKHU 4XHXHV GLVSOD\V DGGLWLRQDO LQIRUPDWLR
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
3ULQW 3ULQW :KHQ WKH 'RFXPHQW &HQWUH LV FRQQHFWHG WR WKH QHWZRUN HOHFWURQLF MREV WKDW UHTXLUH SULQWLQJ FDQ EH VHQW IURP D ZRUNVWDWLRQ GLUHFWO\ WR WKH PDFKLQH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
3ULQW 'ULYHU )HDWXUHV :KHQ VHOHFWLQJ WKH '& DV WKH SULQWHU WKH DVVRFLDWHG SULQW VFUHHQ ZLOO EH GLVSOD\HG RQ WKH ZRUNVWDWLRQ 6HOHFW >3ULQW@ IURP WKH WRROEDU LQ WKH VRIWZDUH SURJUDP WR GLVSOD\ WKH SULQW VFUHHQ 7KH IROORZLQJ SDJHV GHVFULEH WKH RSWLRQV WKDW PD\ EH DYDLODEOH RQ WKH SULQW GULYHU $ERXW WDE 8VHU 3UHIHUHQFHV WDE 6\VWHP &RQILJXUDWLRQ WDE )RQWV 3DSHU 2XWSXW WDE SURYLGHV WKH VRIWZDUH YHUVLRQ QXPEHU DQG FRS\ULJKW LQIRUPDWLRQ VHOHFWV 'RFXPHQW 0RQLWRU WR YLHZ VWDWXV RI SULQW DQG I
-REV FDQ EH UHOHDVHG HLWKHU ORFDOO\ RU UHPRWHO\ SULRU WR WKH VSHFLILHG WLPH 7R UHOHDVH D MRE VHOHFW WKH MRE LQ WKH 3ULQW 4XHXH DQG VHOHFW 5HOHDVH 7KH MRE ZLOO EH SODFHG DW WKH HQG RI WKH SHQGLQJ MREV LQ WKH 3ULQW 4XHXH DQG SURFHVVHG QRUPDOO\ 6HFXUH 3ULQW² HQDEOHV D SDVVZRUG WR EH HQWHUHG WR SURWHFW D MRE 7KH MRE ZLOO EH KHOG LQ D TXHXH DQG QRW SULQWHG XQWLO WKH VDPH SDVVZRUG LV HQWHUHG DW WKH '& 7R SULQW WKH MRE VHOHFW WKH MRE LQ WKH 3ULQW 4XHXH DQG SUHVV WKH 5HOHDVH EXWWRQ 7K
'RFXPHQW 2SWLRQV WDE ,PDJH 2SWLRQV WDE XVH WR VHOHFW D QHJDWLYH LPDJH PLUURU LPDJH RU ELWPDS VPRRWKLQJ IRU D GRFXPHQW 7KLV IHDWXUH FDQ DOVR EH XVHG WR DGMXVW WKH EULJKWQHVV FRQWUDVW UHVROXWLRQ DQG PDJQLILFDWLRQ 'UDIW 0RGH SULQWLQJ HQDEOHV WKH GRFXPHQW WR EH SULQWHG LQ D UHGXFHG TXDOLW\ PRGH ZKLFK XVHV OHVV WRQHU *UDSKLFV PRGH VHOHFWV VSHFLILF RSWLRQV ZKHQ SULQWLQJ JUDSKLFV IRU H[DPSOH UDVWHU RU YHFWRU 3RVW6FULSW WDE XVH WKLV VFUHHQ WR VHOHFW WKH SRVWVFULSW RXWSXW RSWLRQV DQG WR FRPSUH
3ULQW 7RZHU 0DLOER[ ,I WKH 7RZHU 0DLOER[ LV ILWWHG SULQW MREV FDQ EH VHQW WR D PDLOER[ ELQ 0DLOER[HV DUH QRUPDOO\ DVVLJQHG E\ WKH 6\VWHP $GPLQLVWUDWRU 7KH PDLOER[ FRQWDLQV ELQV 2Q WKH '& HDFK ELQ FDQ DFFRPPRGDWH $ $ ORQJ HGJH IHHG RU $ VKRUW HGJH IHHG SDSHU VL]HV DQG FDQ KROG DSSUR[LPDWHO\ VKHHWV RI J P (DFK ELQ FRQWDLQV D %LQ )XOO VHQVRU WKDW LQGLFDWHV ZKHQ WKH ELQ LV IXOO DQG D PHVVDJH ZLOO DSSHDU RQ WKH ZRUNVWDWLRQ VFUHHQ 2XWSXW LV GHOLYHUHG IDFH GRZQ LQ WKH ELQV
0DQDJLQJ 3ULQW -REV 4XLFN 3DWKZD\ ½ 6HOHFW >-RE 6WDWXV@ RQ WKH FRQWURO SDQHO ½ 7KH 3ULQW 4XHXH ZLOO EH -RE PDQDJHPHQW FDQ EH FDUULHG RXW RQ HDFK LQGLYLGXDO MRE FRQWDLQHG ZLWKLQ WKH 3ULQW 4XHXH 7KH 3ULQW 4XHXH PDLQWDLQV DOO SHQGLQJ DQG DFWLYH MREV WKDW DUH WR EH SULQWHG 3DXVHG MREV DUH FRQVLGHUHG DFWLYH MREV 7KHVH LQFOXGH QHWZRUN SULQW MREV )D[ SULQW MREV UHSRUW MREV DQG FRS\ MREV GLVSOD\HG ½ 7R GLVSOD\ WKH &RPSOHWHG 3ULQW -RE 4XHXH VHOHFW >2WKHU 4XHXHV@ DQG >&RPSOHWHG 3ULQW -REV 4XHX
WKH QDPH RI WKH MRE )RU FRS\ MREV WKH GHIDXOW QDPH ORFDO LV XVHG )RU QHWZRUN SULQW MREV DQG UHSRUWV WKH QDPH RI WKH ILOH LV XVHG )RU ID[HV UHFHLYHG WKH QDPH LV W\SLFDOO\ WKH UHPRWH ID[ ,' QXPEHU 127( 'HSHQGLQJ RQ WKH 7KLUG 3DUW\ 6HUYHU GLIIHUHQW HQWULHV PLJKW EH GLVSOD\HG IRU 6HUYHU )D[ MREV 7\SH WKH W\SH RI MRE )RU H[DPSOH &RS\ )D[ 3ULQW RU 3URRI 3ULQW 127( 6HUYHU )D[ SULQW MREV ZLOO EH UHSRUWHG DV )D[ 5HFHLYH 2ZQHU LI WKLV IHDWXUH LV HQDEOHG WKH FROXPQ ZLOO VKRZ WKH QDPH RI WKH SH
5HOHDVH UHPRYHV WKH VHOHFWHG MRE IURP PHPRU\ DQG FRPSOHWHV LW DV LQVWUXFWHG -REV DUH KHOG GXH WR PLVVLQJ UHVRXUFHV IRU H[DPSOH HPEHGGHG ID[ SULQW VDPSOH VHW GHOD\HG SULQW DQG VHFXUH SULQW MREV (PEHGGHG )D[ MREV FDQ EH ODEHOOHG DV +HOG GXH WR LQFRUUHFW SDSHU VL]H WKH GRFXPHQW VL]H UHTXLUHG LV QRW DYDLODEOH 5HOHDVLQJ D ID[ MRE IRUFHV WKH PDFKLQH WR SULQW WKH ID[ RQ DQ\ DYDLODEOH SDSHU ZKLFK PLJKW UHTXLUH D UHGXFWLRQ RU RWKHU PRGLILFDWLRQ LW LV KHOG LQ PHPRU\ XQWLO WKH SUREOHP LV UHVROYHG $
0DLQWDLQV FRPSOHWHG SULQW MREV LQFOXGLQJ 6HUYHU )D[ UHFHLYHG MREV -REV DUH FRQVLGHUHG FRPSOHWH ZKHQ WKH\ DUH VXFFHVVIXOO\ SULQWHG RU WHUPLQDWHG DW WKH XVHU¶V UHTXHVW RU GXH WR D IDXOW 7KH TXHXH FRQWDLQV WKH ODVW FRPSOHWHG SULQW MREV -REV DUH PDLQWDLQHG RQ D ILUVW LQ ILUVW RXW EDVLV DQG RUJDQL]HG LQ RUGHU RI FRPSOHWLRQ 8VH WKH VFUROO EXWWRQV WR PRYH WKURXJK WKH MREV LQ WKH TXHXH ,WHP 1DPH 7\SH WKH QXPEHU LQ VHTXHQFH IRU WKH MRE WKH QDPH RI WKH GRFXPHQW RU WKH UHPRWH WHUPLQDO WKH W\SH RI
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
,QWHUQHW 6HUYLFHV ,QWHUQHW 6HUYLFHV XWLOL]HV WKH HPEHGGHG :HE 8VHU ,QWHUIDFH ZKLFK HQDEOHV FRPPXQLFDWLRQ EHWZHHQ WKH +773 VHUYHU DQG WKH '& ,QWHUQHW 6HUYLFHV FDQ EH XVHG LQ FRQMXQFWLRQ ZLWK VFDQQLQJ H PDLOLQJ SULQWLQJ DQG ID[LQJ 127( 7KLV IHDWXUH PXVW EH LQVWDOOHG DQG VHW XS E\ WKH 6\VWHP $GPLQLVWUDWRU SULRU WR XVH $IWHU LQVWDOODWLRQ VRPH RI WKH ,QWHUQHW 6HUYLFHV IHDWXUHV ZLOO KDYH UHVWULFWHG DFFHVV &RQWDFW WKH 6\VWHP $GPLQLVWUDWRU IRU IXUWKHU DVVLVWDQFH LI UHTXLUHG ;HUR[ 'RFXPHQ
6WDQGDUG )HDWXUHV ,QWHUQHW 6HUYLFHV %\ HQWHULQJ WKH ,3 $GGUHVV RI WKH '& DV WKH 85/ 8QLYHUVDO 5HVRXUFH /RFDWRU LQ WKH %URZVHU GLUHFW DFFHVV WR WKH '& LV DYDLODEOH 127( 0LFURVRIW ,QWHUQHW ([SORUHU YHUVLRQ [ RU ODWHU RU 1HWVFDSH 1DYLJDWRU [ RU ODWHU VKRXOG EH XVHG 2WKHU EURZVHUV PD\ ZRUN EXW FRXOG SURGXFH XQH[SHFWHG UHVXOWV :KHQ DFFHVVHG WKH +RPH 3DJH IRU WKH :HE 8, GLVSOD\V ZLWK WKH IROORZLQJ RSWLRQV ½ ½ ½ ½ ½ ½ 6HUYLFHV 4XHXH 6WDWXV 3URSHUWLHV 0DLQWHQDQFH $VVLVW
,QWHUQHW 6HUYLFHV )XQFWLRQ $FWLRQ 6HUYLFHV 7DE 5DGLR %XWWRQV $FFHVVHV WKH -RE 6XEPLVVLRQ RU 6WRUHG 7HPSODWH VHUYLFH DUHD SDJH $SSO\ QHZ VHWWLQJV VHWWLQJV $SSOLHV FKDQJHV &DQFHO ([LWV WKH SDJH ZLWKRXW XSGDWLQJ 'HYLFH ,QGH[ $FFHVVHV ,QWHUQHW 6HUYLFHV LQGH[ IRU WKH 'RFXPHQW &HQWUH +HOS &RQWH[W VHQVLWLYH +HOS LV SURYLGHG ZLWK ,QWHUQHW 6HUYLFHV 8VH WKH +HOS EXWWRQV DQG PHQXV WR DFFHVV IXUWKHU LQIRUPDWLRQ 3ULQW )D[ 6XEPLVVLRQ 6XEPLWV D MRE IRU SULQWLQJ RU ID[LQJ 5HIUHVK VWDWXV QRZ
6HUYLFHV 7DE 7KHUH DUH WZR RSWLRQV DYDLODEOH ZLWKLQ 6HUYLFHV ½ -RE 6XEPLVVLRQ LV XVHG WR VXEPLW SULQW UHDG\ MREV WR WKH 'RFXPHQW &HQWUH ½ 6WRUHG 7HPSODWHV FRQWDLQV WKH WHPSODWHV FUHDWHG LQ ,QWHUQHW 6HUYLFHV IRU FRQWUROOLQJ 6FDQ WR )LOH MREV 127( 3ULQW ILOHV VKRXOG QRW EH ODUJHU WKDQ 0% -RE 6XEPLVVLRQ ½ ½ 6HOHFW >6HUYLFHV@ 6HOHFW >-RE 6XEPLVVLRQ@ -RE $WWULEXWHV ZLOO EH GLVSOD\HG ,I UHTXLUHG ½ ½ ½ 7\SH LQ WKH QXPEHU RI FRSLHV ½ 6HOHFW WKH RQ VFUHHQ JUHHQ >6WDUW@ EXWWRQ WR VXEPLW WKH
6WRUHG 7HPSODWHV DOORZV XVHUV WR FUHDWH PRGLI\ DQG UHPRYH 6FDQ WR )LOH WHPSODWHV WKDW UHVLGH RQ WKH 'RFXPHQW &HQWUH 7KH WHPSODWH LWVHOI GHWHUPLQHV WKH VHWWLQJV VSHFLILF WR WKDW 6FDQ MRE 7KLV RSWLRQ ZLOO RQO\ EH DYDLODEOH LI 1HWZRUN 6FDQQLQJ KDV EHHQ HQDEOHG RQ WKH 'RFXPHQW &HQWUH ½ ½ ½ 6HOHFW >6HUYLFHV@ 6HOHFW >6WRUHG 7HPSODWHV@ 6HOHFW WKH VSHFLILF VWRUHG WHPSODWH UHTXLUHG IRU WKH MRE ,I QHFHVVDU\ XVH WKH QHZ GHOHWH RU FRS\ EXWWRQV ORFDWHG DW WKH WRS RI WKH VFUHHQ WR FUHDWH UHPRYH RU FRS\ D
4XHXH 7DE 7KH 4XHXH WDE HQDEOHV XVHUV WR SURPRWH GHOHWH RU UHOHDVH D MRE LQ WKH 'RFXPHQW &HQWUH SULQW TXHXH 127( 7KHUH LV D WLPH GHOD\ LQ UHIUHVKLQJ WKH WUXH VWDWXV RI GHOHWHG DQG SURPRWHG MREV 6HOHFW 5HIUHVK -RE DIWHU GHOHWLQJ RU SURPRWLQJ D TXHXHG SULQW MRE ½ 6HOHFW >4XHXH@ 7KH 'RFXPHQW &HQWUH TXHXH LQIRUPDWLRQ ZLOO EH GLVSOD\HG ½ ½ 6HOHFW >5HIUHVK -REV@ WR XSGDWH WKH MRE OLVW 6HOHFW WKH UHTXLUHG MRE DQG WKHQ VHOHFW HLWKHU >3URPRWH@ WR SURFHVV WKH MRE EHIRUH SURFHVVLQJ RWKHU MREV LQ
7KH 6WDWXV WDE DOORZV XVHUV WR UHYLHZ WKH FXUUHQW VWDWXV RI WKH LQSXW DQG RXWSXW WUD\V DYDLODEOH RQ WKH 'RFXPHQW &HQWUH ½ 6HOHFW >6WDWXV@ 7KH VWDWXV RI WKH 'RFXPHQW &HQWUH GLVSOD\V LQ WKH OHIW IUDPH 7KH WUD\ VWDWXV LQFOXGLQJ WKH VL]H FRORXU DQG W\SH RI PHGLD WUD\ DYDLODELOLW\ DQG RXWSXW WUD\ LV GLVSOD\HG LQ WKH ULJKW IUDPH 8VH WKH VFUROO EDUV WR YLHZ PRUH LQIRUPDWLRQ ½ ½ 6HOHFW >5HIUHVK 6WDWXV@ WR XSGDWH WKH LQIRUPDWLRQ 6HOHFW >5HERRW 0DFKLQH@ WR UHPRWHO\ UHERRW WKH PDFKLQH 127( 7KH 5H
3URSHUWLHV 7DE 3URSHUWLHV DUH WKH VHWWLQJV WKDW FRQWURO WKH 'RFXPHQW &HQWUH DQG KRZ LW RSHUDWHV 7KH VHWWLQJV FRQWDLQHG ZLWKLQ WKH 3URSHUWLHV WDE FDQ RQO\ EH PRGLILHG E\ 6\VWHP $GPLQLVWUDWRUV ½ ½ 6HOHFW >3URSHUWLHV@ 6HOHFW WKH RSWLRQ UHTXLUHG 5HIHU WR WKH IROORZLQJ WDEOH IRU PRUH LQIRUPDWLRQ DERXW WKH RSWLRQV DYDLODEOH 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
)HDWXUH 1DPH $FWLRQ *HQHUDO 6HWXS 6\VWHP &RQWDLQV WKH MRE RSWLRQ GHIDXOWV DQG WKH DFWXDO ORFDWLRQ RI WKH 'RFXPHQW &HQWUH -RE 0DQDJHPHQW 3URYLGHV WKH 6\VWHP $GPLQLVWUDWRU ZLWK WKH DELOLW\ WR VHW SHUPLVVLRQV IRU WKH FDWHJRU\ RI XVHU ZKR PD\ GHOHWH MREV IURP WKH 4XHXH 0HGLD 6L]H &RQYHUVLRQ 8VHG IRU WKH FRQYHUVLRQ RI $ $ DQG OHWWHU OHGJHU VL]H SDSHU IRU SULQWLQJ :KHQ HQDEOHG WKH 'RFXPHQW &HQWUH ZLOO FKHFN WKH VWDWXV RI WKH SDSHU WUD\V IRU WKH SDSHU VL]H UHTXLUHG IRU SULQWLQJ ,I D WUD\ LV QRW F
)HDWXUH 1DPH 6HUYLFHV 3DJH $FWLRQ $OORZV 6\VWHP $GPLQLVWUDWRUV WR YLHZ RU VHW SDUDPHWHUV IRU VWRUHG WHPSODWHV VHW XS UHSRVLWRULHV WHPSODWH SRROV PRGLI\ WKH GHIDXOW WHPSODWH DQG PRGLI\ SULQWHU VHWWLQJV ,QWHUQHW 0HVVDJLQJ 7KH 6\VWHP $GPLQLVWUDWRU XVHV WKLV IHDWXUH WR VHW XS GHIDXOW H PDLO IHDWXUHV DQG IXQFWLRQDOLW\ 7KLV IHDWXUH ZLOO RQO\ EH DYDLODEOH RQFH ( PDLO KDV EHHQ LQVWDOOHG RQ WKH PDFKLQH *HQHUDO WKLV LV ZKHUH WKH WUDQVPLVVLRQ GHWDLOV DUH VHW XS IRU RXWJRLQJ PHVVDJHV ( PDL
$FWLRQ 6HUYLFHV FRQW 2YHUZULWH ([LVWLQJ )LOH WKH VFDQQHG GRFXPHQW RYHUZULWHV WKH SUHYLRXVO\ VFDQQHG ILOHV XQGHU WKH VSHFLILHG GRFXPHQW IROGHU 'R 1RW 6DYH ZKHQ VFDQQLQJ WR ILOH WKH QHZO\ VFDQQHG ILOHV DUH FUHDWHG XQGHU D QHZ GRFXPHQW IROGHU WKDW PDWFKHV WKH GRFXPHQW QDPH VSHFLILHG LQ WKH WHPSODWH¶V )LOH VHUYLFH 5HQDPH 1HZ )LOH ZKHQ VFDQQLQJ WR ILOH WKH QHZ GRFXPHQW LV JLYHQ D JHQHUDWHG QDPH WKDW LV GHULYHG IURP WKH GDWH DQG WLPH VWDPS RI WKH ILOH VHUYHU 5HSRVLWRU\ 6HWXS 6HOHFWV
)HDWXUH 1DPH 3RUWIROLR 3DJH $FWLRQ &RQWDLQV WKH 'RFXPHQW &HQWUH VHUYLFH LQIRUPDWLRQ ;HUR[ DQG V\VWHP FRQWDFW LQIRUPDWLRQ WKH 'RFXPHQW &HQWUH SURILOH IDXOW KLVWRU\ DQG ELOOLQJ PHWHUV DUH DOVR LQFOXGHG KHUH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
0DLQWHQDQFH SURYLGHV D ZD\ WR YLHZ DQG WHVW SULQWHU IXQFWLRQV RQ WKH 'RFXPHQW &HQWUH ½ 6HOHFW >0DLQWHQDQFH@ DQG WKH RSWLRQ UHTXLUHG )RQW /LVWLQJ GLVSOD\V D OLVWLQJ RI 3&/ DQG 3RVW6FULSW IRQWV 3ULQW 7HVW 3DJH HQDEOHV D WHVW SDJH WR EH SULQWHG DW WKH PDFKLQH 5HSRUWV GLVSOD\V D OLVW RI WKH UHSRUWV WKDW DUH DYDLODEOH IRU SULQWLQJ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH ,QWHUQHW 6HUYLFHV 0DLQWHQDQFH 7DE
$VVLVWDQFH 7DE 8VH $VVLVWDQFH WR DFFHVV WKH LQWHUQHW OLQNV IRU VRIWZDUH EURZVHU DQG ;HUR[ VXSSRUW ½ ½ 6HOHFW >$VVLVWDQFH@ 6HOHFW WKH RSWLRQ UHTXLUHG WR DFFHVV WKH UHOHYDQW LQIRUPDWLRQ 127( 7KH &XVWRPHU 6XSSRUW DQG 6HUYLFH QXPEHUV HQWHUHG KHUH ZLOO DOVR EH GLVSOD\HG RQ WKH '& 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
7KLV VHFWLRQ H[SODLQV WKH FRPSRQHQWV IXQFWLRQV DQG SURFHGXUHV IRU 1HWZRUN 6FDQQLQJ RU 6FDQ WR )LOH 5HIHU WR WKH 'RFXPHQW &HQWUH 6\VWHP $GPLQLVWUDWLRQ *XLGH &KDSWHU RI WKLV 8VHU *XLGH DQG WKH &HQWUH:DUH GRFXPHQWDWLRQ IRU PRUH LQIRUPDWLRQ 3XEOLF DQG 3ULYDWH 5HSRVLWRULHV 5HSRVLWRULHV DUH GLUHFWRULHV RU ILOLQJ GHVWLQDWLRQV VHW XS RQ D VHUYHU ZKHUH ILOHV DQG VDYHG GRFXPHQWV FUHDWHG E\ VFDQQLQJ DUH KHOG 'RFXPHQWV FDQ EH VFDQQHG WR HLWKHU D SXEOLF RU SULYDWH UHSRVLWRU\ 3XEOLF UHSRVLWRU
7HPSODWH 3RROV 7HPSODWH SRROV DUH GLUHFWRULHV ZKHUH VFDQQLQJ WHPSODWHV UHVLGH :LWK ,QWHUQHW 6HUYLFHV DQ H[LVWLQJ GLUHFWRU\ RQ D ILOH VHUYHU FDQ EH GHVLJQDWHG DV D SRRO IRU '& WHPSODWHV 7HPSODWH 0DQDJHPHQW 7HPSODWHV DUH XVHG IRU VFDQQLQJ ID[LQJ RU SULQWLQJ MREV DW WKH '& FRQWURO SDQHO 8VHUV FDQ VHOHFW D WHPSODWH WR XVH ³DV LV ´ RU XVH ,QWHUQHW 6HUYLFHV WR FUHDWH D EUDQG QHZ RQH RU PRGLI\ DQ H[LVWLQJ RQH 7KH IROORZLQJ WKUHH EXWWRQV DUH XVHG WR PDQDJH WHPSODWHV LQ 6HUYLFHV
6HUYLFHV SURYLGH WKH ILOH ID[ SULQW DQG VFDQ SDUDPHWHUV IRU WHPSODWH RSHUDWLRQ 7KHVH DUH GHILQHG E\ WKH 6\VWHP $GPLQLVWUDWRU RQ WKH GHIDXOW WHPSODWH EXW XVHUV FDQ FKDQJH WKH SDUDPHWHUV RI D WHPSODWH LQ 6WRUHG 7HPSODWHV E\ FUHDWLQJ D QHZ WHPSODWH RU PRGLI\LQJ DQ H[LVWLQJ WHPSODWH )RU H[DPSOH D SULYDWH UHSRVLWRU\ FDQ EH GHILQHG LQ D )LOH 6HUYLFH IRU D VSHFLILF VFDQQLQJ WHPSODWH 7KH PLQLPXP UHTXLUHPHQW LV WKDW HLWKHU )LOH RU )D[ 6HUYLFH QHHGV WR EH VSHFLILHG IRU D WHPSODWH 7KH IROORZLQJ WDEOH V
6HUYLFHV )D[ 3DJH 3DUDPHWHUV 'HVFULSWLRQ /RJLQ 1DPH /RJLQ QDPH XVHG WR DFFHVV WKH )LOLQJ ORFDWLRQ 3DWK WR 'RFXPHQW 1HW:DUH 'LUHFWRU\ 3DWK 7&3 ,3 7KLV LV WKH ORFDWLRQ ZKHUH ILOHV ZLOO EH WUDQVIHUUHG WR RQ WKH VHUYHU )RU 1HWZDUH WKLV FDQ LQFOXGH DQ DEVROXWH RU UHODWLYH 1'6 &RQWH[W LQ DGGLWLRQ WR D YROXPH QDPH DQG GLUHFWRU\ SDWK LI WKH SDWK WR ZKHUH WKH ILOHV DUH WR EH WUDQVIHUUHG LV LQ D GLIIHUHQW 1'6 &RQWH[W WKDQ WKH 1'6 &RQWH[W RI WKH 1HWZDUH ORJLQ )LOLQJ 3ROLF\ 'HILQHV KRZ WR
3ULQW /RFDO &RS\ 3DUDPHWHUV 1XPEHU RI &RSLHV 'HVFULSWLRQ 'HILQHV KRZ PDQ\ FRSLHV WR SULQW 6WDSOH LI )LQLVKHU RSWLRQ LV 6WDSOHV WKH SULQWHG RXWSXW DYDLODEOH 6FDQ %DVLF 6HOHFWV VFDQQHG LQSXW DQG RXWSXW GRFXPHQW VHWWLQJV 2ULJLQDO 7\SH 7\SH RI GRFXPHQW WKDW LV EHLQJ VFDQQHG 6HOHFWLRQV DUH $XWR WKH 'RFXPHQW &HQWUH DXWRPDWLFDOO\ GHWHUPLQHV WKH W\SH RI LQSXW GRFXPHQW 7H[W LQSXW GRFXPHQWV WKDW DUH SULPDULO\ FRPSRVHG RI WH[W OLQH DUW RU VROLG DUHDV 3KRWR LQSXW GRFXPHQWV SULPDULO\ F
6HUYLFHV 3DJH 3DUDPHWHUV 'HVFULSWLRQ 6KDUSQHVV 6HOHFWV WKH VKDUSQHVV DQG FODULW\ RI WKH LPDJHV RQ WKH GRFXPHQW EHLQJ VFDQQHG ,PDJH 6L]H 6HWV WKH SDJH GLPHQVLRQV IRU WKH LQSXW DQG VFDQQHG GRFXPHQW ILOH 2ULJLQDO 6L]H 6HOHFW WKH GLPHQVLRQV RI WKH LQSXW GRFXPHQW 7KH RULJLQDO VL]H FDQ EH GHWHFWHG DV DXWR SUH VHW RU FXVWRP 6WRUHG 6L]H 6HW WKH GLPHQVLRQV RI WKH RXWSXW GRFXPHQW 6DPH DV 2ULJLQDO GHIDXOW DXWRPDWLFDOO\ FUHDWHV DQ RXWSXW LPDJH ZKLFK PDWFKHV WKH GLPHQVLRQV RI WKH VFD
3DUDPHWHUV 'HVFULSWLRQ 5HGXFH (QODUJH 6HWV UHGXFWLRQ RU HQODUJHPHQW 6HOHFWLRQV DUH $XWR DXWRPDWLFDOO\ FRPSXWHV WKH SURSHU VL]H RI WKH VFDOHG LPDJH VR WKDW LW FDQ ILW ZLWKLQ WKH RXWSXW GRFXPHQW GLPHQVLRQV ZLWKRXW FURSSLQJ 1RUPDO HQDEOHV WKH 6FDOH 3UHVHUYLQJ $VSHFW 5DWLR ILHOG ZKLFK HQDEOHV UHGXFWLRQ RU HQODUJHPHQW RI DQ LPDJH SURSRUWLRQDWHO\ 7\SH WKH SHUFHQW UHTXLUHG WR UHGXFH RU HQODUJH WKH LPDJH &XVWRP HQDEOHV WKH 6FDOH :LWKRXW 3UHVHUYLQJ $VSHFW 5DWLR ILHOG ZKLFK HQ
'RFXPHQW 0DQDJHPHQW )LHOGV 7KH 'RFXPHQW 0DQDJHPHQW )LHOGV IHDWXUH DOORZV XVHUV WR LQFOXGH YDULDEOH SURJUDPPDEOH GDWD ZLWK D MRE ZKHQ LW LV EHLQJ VFDQQHG WR D UHSRVLWRU\ 7KH VFDQQHG MRE ZLOO EH VWRUHG ZLWK WKLV LQIRUPDWLRQ LQ WKH -RE /RJ 7KH -RE /RJ FDQ WKHQ EH DFFHVVHG E\ WKLUG SDUW\ VRIWZDUH DQG WKH 'RFXPHQW 0DQDJHPHQW LQIRUPDWLRQ UHWULHYHG ZLWK WKH VFDQQHG ILOH 7KH IROORZLQJ GHVFULEHV WKH RSWLRQV DYDLODEOH ZKHQ FUHDWLQJ D WHPSODWH ZLWK 'RFXPHQW 0DQDJHPHQW )LHOGV LQIRUPDWLRQ )LHOG 1DPH GHILQHV
2QFH D 6\VWHP $GPLQLVWUDWRU KDV GHILQHG WKH UHSRVLWRULHV DQG GHIDXOW WHPSODWHV WKH WHPSODWHV DUH DYDLODEOH IRU XVH 8VHUV FDQ DFFHVV DQG PRGLI\ WHPSODWHV ZLWKLQ 6WRUHG 7HPSODWHV 5HIHU WR WKH IROORZLQJ IRU LQIRUPDWLRQ RQ FUHDWLQJ FRS\LQJ DQG PRGLI\LQJ D WHPSODWH 127( 7KH GHIDXOW WHPSODWH FDQQRW EH GHOHWHG &UHDWLQJ D QHZ WHPSODWH ½ ½ 6HOHFW >6WRUHG 7HPSODWHV@ ½ ½ (QWHU WKH WHPSODWH GHWDLOV 6HOHFW >1HZ@ 7KH 'HIDXOW 7HPSODWH¶V VHWWLQJV DUH XVHG WR FUHDWH WKH QHZ WHPSODWH 6HOHFW D VHUYLFH I
½ 7R UHWXUQ WKH WHPSODWH WR LWV ODVW VDYHG YDOXHV VHOHFW >5HVWRUH 6HWWLQJV@ 127( 8VH WKH $GG (GLW RU 'HOHWH EXWWRQV WR FUHDWH PRGLI\ RU GHOHWH D 'RFXPHQW 0DQDJHPHQW )LHOG HQWU\ &RS\LQJ D WHPSODWH ½ ½ ½ 6HOHFW >6WRUHG 7HPSODWHV@ ½ (QWHU D QHZ QDPH IRU WKH WHPSODWH DQ RSWLRQDO WHPSODWH GHVFULSWLRQ DQG LI UHTXLUHG WKH RZQHU RI WKH WHPSODWH ½ 6HOHFW >$SSO\@ $Q H[DFW FRS\ RI WKH RULJLQDO WHPSODWH DOO VHUYLFH SDUDPHWHUV UHPDLQ ZLWK WKH QHZ QDPH ZLOO DSSHDU LQ WKH OHIW IUDPH ½ 6HOHFW
6FDQQLQJ WR D SXEOLF UHSRVLWRU\ ½ &UHDWH D VFDQ WHPSODWH IRU 6FDQ DQG )LOH 6HUYLFHV 5HIHU WR ³7HPSODWH 2SHUDWLRQV´ RQ SDJH IRU LQIRUPDWLRQ RQ FUHDWLQJ D WHPSODWH ½ 6HOHFW WKH WHPSODWH ,Q WKH WHPSODWH¶V )LOH VHUYLFH VHOHFW >3XEOLF@ DV WKH 5HSRVLWRU\ DQG FKRRVH D SDWK IURP RQH RI WKH SUH GHILQHG UHSRVLWRU\ VHUYHUV ½ ½ 6HOHFW WKH WHPSODWH DW WKH 'RFXPHQW &HQWUH FRQWURO SDQHO 6FDQ WKH GRFXPHQW DW WKH 'RFXPHQW &HQWUH 7KH GRFXPHQW LV VFDQQHG WR WKH SXEOLF UHSRVLWRU\ 7R VFDQ WR D SULYDWH
7R HGLW DQ HOHFWURQLF ILOH ILUVW VFDQ WKH GRFXPHQW WKHQ UHWULHYH LW LQ D 7,)) HGLWLQJ DSSOLFDWLRQ VXFK DV 3DSHU3RUW ½ &UHDWH D VFDQ WHPSODWH IRU 6FDQ DQG )LOH 6HUYLFHV 5HIHU WR ³7HPSODWH 2SHUDWLRQV´ RQ SDJH IRU LQIRUPDWLRQ RQ FUHDWLQJ D WHPSODWH 2U ½ 6HOHFW >6FDQ WR 3DSHU3RUW@ LQ WKH ,QWHUQHW 6HUYLFHV WHPSODWH ½ ½ 6HOHFW WKH WHPSODWH DW WKH 'RFXPHQW &HQWUH ½ $FFHVV >3DSHU3RUW@ DQG UHWULHYH WKH VFDQQHG GRFXPHQW ILOH ZLWKLQ 3DSHU3RUW 6FDQ WKH GRFXPHQW 7KH GRFXPHQW LV VFDQQHG WR
7R VDYH WLPH ZKHQ VHQGLQJ ID[HV XVHUV FDQ VHW XS 6FDQ WR )D[ WHPSODWHV XVLQJ ,QWHUQHW 6HUYLFHV ½ &UHDWH D WHPSODWH IRU )D[ 6HUYLFHV 5HIHU WR ³7HPSODWH 2SHUDWLRQV´ RQ SDJH IRU LQIRUPDWLRQ RQ FUHDWLQJ D WHPSODWH ½ (QWHU WKH UHFLSLHQW¶V ID[ QXPEHU $ PD[LPXP RI FKDUDFWHUV FDQ EH HQWHUHG 127( 6HOHFW $GG WR DGG WKH QXPEHU WR WKH SKRQH OLVW RU KLJKOLJKW D QXPEHU LQ WKH OLVW DQG VHOHFW 'HOHWH WR UHPRYH WKH QXPEHU IURP WKH OLVW ½ ½ 6HOHFW WKH ID[ WHPSODWH DW WKH 'RFXPHQW &HQWUH 6FDQ W
3UREOHP 6ROYLQJ 5HIHU WR WKH IROORZLQJ TXHVWLRQV LI H[SHULHQFLQJ D SUREOHP XVLQJ ,QWHUQHW 6HUYLFHV )RU IXUWKHU DVVLVWDQFH FRQWDFW WKH 6\VWHP $GPLQLVWUDWRU ½ ½ $UH \RX XVLQJ WKH FRUUHFW EURZVHU YHUVLRQ" ½ ½ ½ ,V WKH 'RFXPHQW &HQWUH ILOWHUHG RU EORFNHG RQ WKH QHWZRUN" 'LG \RX HQWHU WKH FRUUHFW ,3 DGGUHVV IRU WKH 'RFXPHQW &HQWUH LQ WKH EURZVHU" ,V WKH 'RFXPHQW &HQWUH LQVLGH D ILUHZDOO" ,V WKH 'RFXPHQW &HQWUH FRQILJXUHG IRU +773" 127( ,I WKH QHWZRUN LV H[SHULHQFLQJ FRQQHFWLRQ SHUIRUPDQFH SUREOHPV
7KH '& LV GHVLJQHG WR XVH D YDULHW\ RI W\SHV RI SDSHU DQG RWKHU PHGLD 7KLV FKDSWHU RIIHUV LQIRUPDWLRQ DERXW ORDGLQJ SDSHU DQG RWKHU W\SHV RI PHGLD LQWR WKH '& DV ZHOO DV UHFRPPHQGLQJ WKH GLIIHUHQW W\SHV RI SDSHU DQG PHGLD WKDW FDQ EH ORDGHG LQ WR WKH YDULRXV SDSHU WUD\V RQ WKH PDFKLQH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 3DSHU DQG RWKHU PHGLD 3DSHU DQG RWKHU PHGLD
/RDGLQJ SDSHU :KHQ D SDSHU WUD\ LV RSHQHG WKH '& DVVXPHV PRUH SDSHU LV WR EH ORDGHG 7KH WRXFK VFUHHQ GLVSOD\V D SRS XS ZLQGRZ JLYLQJ WKH RSWLRQ WR FKDQJH WKH SDSHU DQG LWV DWWULEXWHV RU ORDG PRUH RI WKH VDPH SDSHU 3OHDVH UHIHU WR SDJH IRU PRUH LQIRUPDWLRQ DERXW SURJUDPPLQJ WKH SDSHU WUD\ DWWULEXWHV 3UHSDULQJ SDSHU IRU ORDGLQJ %HIRUH ORDGLQJ SDSHU LQWR WKH SDSHU WUD\V IDQ WKH HGJHV 7KLV SURFHGXUH VHSDUDWHV DQ\ VKHHWV RI SDSHU WKDW DUH VWXFN WRJHWKHU DQG UHGXFHV WKH SRVVLELOLW\
3XOO RXW WKH SDSHU WUD\ WRZDUGV \RX ½ 7KH 7UD\ $WWULEXWHV ZLQGRZ ZLOO EH GLVSOD\HG RQ WKH WRXFK VFUHHQ 3DSHU DQG RWKHU PHGLD ½ +,17 7R DYRLG MDPV DQG PLVIHHGV GR QRW ORDG SDSHU RQ WRS RI SDSHU WKDW PD\ VWLOO EH LQ WKH WUD\ 5HPRYH WKH SDSHU DQG UHORDG LW RQ WRS RI WKH QHZ VWRFN ORDGHG ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
½ ,I UHTXLUHG PRYH WKH SDSHU WUD\ JXLGHV WR DFFRPPRGDWH WKH QHZ SDSHU VL]H 7R DGMXVW WKH VLGH JXLGH OLIW WKH JXLGH DQG VOLGH WKH JXLGH WR LWV QHZ SRVLWLRQ ,I QRW SRVLWLRQHG FRUUHFWO\ WKH JXLGH ZLOO QRW VORW LQWR SODFH 7R UHOHDVH WKH UHDU JXLGH SXVK GRZQ RQ WKH WDE DQG VOLGH WKH JXLGH WR LWV QHZ SRVLWLRQ 7KH WDE ZLOO UHVHW RQFH WKH JXLGH LV FRUUHFWO\ LQ SODFH ½ 0DNH VXUH WKDW WKH JXLGHV ORFN WLJKWO\ LQWR SODFH ,I WKH SDSHU LV QRW ILUPO\ DJDLQVW WKH VLGHV RI WKH SDSHU WUD\ DQG W
5HIHUULQJ WR WKH WUD\ ODEHOV ORDG WKH SDSHU QHDWO\ LQWR WKH WUD\ $Q DUURZ LV LPSULQWHG LQ WKH OHIW IURQW FRUQHU RI HDFK SDSHU WUD\ 3ODFH RQH FRUQHU RI WKH VWDFN RI SDSHU WLJKWO\ LQWR WKH FRUQHU RI WKH WUD\ FRYHULQJ WKH DUURZ ½ 7DNH FDUH QRW WR ILOO DERYH WKH PD[LPXP ILOO OLQH ½ ,I WKH SDSHU WUD\ JXLGHV KDYH EHHQ PRYHG VOLGH WKH JXLGHV VR WKDW WKH\ DUH MXVW WRXFKLQJ WKH SDSHU ORDGHG LQ WKH WUD\ ½ ½ &ORVH WKH SDSHU WUD\ 3DSHU DQG RWKHU PHGLD ½ 6HOHFW >&RQILUP@ LQ WKH 7UD\ $WWULEX
3DSHU FDQ EH ORDGHG HLWKHU VKRUW HGJH IHHG RU ORQJ HGJH IHHG KRZHYHU WKH GHIDXOW RULHQWDWLRQ LV ORQJ HGJH IHHG /RQJ (GJH )HHG /() 6KRUW (GJH )HHG 6() 127( 0L[LQJ SDSHU VWDQGDUGV FDQ OHDG WR LPDJH ORVV 7KH %\SDVV 7UD\ 7KH %\SDVV 7UD\ FDQ EH XVHG IRU D YDULHW\ RI GLIIHUHQW PHGLD VWRFN 5HIHU WR WKH WDEOH RQ SDJH IRU PRUH LQIRUPDWLRQ 7KH %\SDVV 7UD\ LV ORFDWHG RQ WKH OHIW KDQG VLGH RI WKH PDFKLQH $ WUD\ H[WHQVLRQ WR DFFRPPRGDWH ODUJHU SDSHU LV SURYLGHG $IWHU ORDGLQJ PHGLD VWRFN LQ WKH
½ )ROORZLQJ WKH FRSLHU ODEHOV ORDG WKH SDSHU QHDWO\ LQWR WKH E\SDVV WUD\ HQVXULQJ WKDW WKH SDSHU VWDFN LV UHJLVWHUHG WR WKH IURQW ULJKW KDQG FRUQHU 7DNH FDUH QRW WR ILOO WKH WUD\ DERYH WKH ILOO OLQH ½ 6OLGH WKH UHDU JXLGH WRZDUGV WKH SDSHU XQWLO LW LV MXVW WRXFKLQJ WKH HGJH RI WKH VWDFN 3DSHU DQG RWKHU PHGLD %\SDVV 7UD\ ZLWK WKH /HIW 7UD\ %\SDVV 7UD\ ZLWK WKH +LJK &DSDFLW\ 7UD\ DQG )LQLVKHU ½ 6OLGH WKH +LJK &DSDFLW\ )HHGHU DQG )LQLVKHU XQLW DZD\ IURP WKH PDFKLQH ½ /RDG WKH %\SDV
+,17 ,I XQZUDSSLQJ D QHZ SDFNHW RI SDSHU ZLWK WKH VHDP VLGH RI WKH SDFNHW IDFH XS WXUQ WKH SDSHU RYHU ZKHQ ORDGLQJ LW LQ WR WKH %\SDVV 7UD\ 7KLV SUHYHQWV FXUOHG RXWSXW 7KH (QYHORSH 7UD\ RSWLRQDO 7KH (QYHORSH 7UD\ RQO\ ILWV LQ WKH 7UD\ SRVLWLRQ $ PD[LPXP RI HQYHORSHV RI J Pð ZHLJKW DQG DQ\ VL]H HQYHORSH EHWZHHQ [ PP DQG [ PP FDQ EH ORDGHG 0DLOLQJ HQYHORSHV PXVW EH DW OHDVW PP ZLGH DQG EHWZHHQ DQG PP ORQJ 5HOLDEOH HQYHORSH VL]HV LQFOXGH '/ DQG & 5HOLDEOH HQYH
½ 3XOO RSHQ WUD\ DQG KROGLQJ WKH WUD\ RQ HLWKHU VLGH JHQWO\ OLIW WKH WUD\ DQG UHPRYH LW IURP WKH PDFKLQH ½ ,QVHUW WKH HQYHORSH WUD\ 3DSHU DQG RWKHU PHGLD /RDGLQJ WKH (QYHORSH 7UD\ 127( :KHQ WKH HQYHORSH WUD\ LV LQVHUWHG WKH WRXFK VFUHHQ FKDQJHV WR GLVSOD\ (QYHORSH 7UD\ $WWULEXWHV 6HOHFW &RQILUP WR DFFHSW WKH VL]H VKRZQ RU VHOHFW &KDQJH (QYHORSH 6L]H WR FKDQJH WKH VL]H ½ $GMXVW WKH JXLGHV LQ WKH WUD\ WR DFFRPPRGDWH WKH VL]H RI WKH HQYHORSHV ½ /RDG ODUJH HQYHORSHV ORQJ HGJH IH
7KH +LJK &DSDFLW\ )HHGHU RSWLRQDO 7KH +LJK &DSDFLW\ )HHGHU LV DQ RSWLRQ RQ WKH '& $OWKRXJK WKH +LJK &DSDFLW\ )HHGHU LV GHVLJQHG WR DFFHSW WR J Pð SDSHU LW FDQ KROG VKHHWV RI J PðSDSHU 127( 7R HQVXUH PD[LPXP SHUIRUPDQFH ZKHQ ORDGLQJ VWRFN RI J Pð RU KHDYLHU LW LV UHFRPPHQGHG WKDW WKH +HDY\ZHLJKW RSWLRQ LV VHOHFWHG DV WKH 7\SH LQ WKH 7UD\ $WWULEXWHV VFUHHQ /RDGLQJ WKH +LJK &DSDFLW\ )HHGHU ½ 8VH WKH KDQGOH RQ WKH IURQW WR SXOO RSHQ WKH +LJK &DSDFLW\ )HHGHU 7KH H
7KLV IHDWXUH KDV WR EH HQDEOHG RQ WKH PDFKLQH &RQWDFW WKH .
6WRULQJ DQG +DQGOLQJ 3DSHU $OZD\V XVH KLJK TXDOLW\ [HURJUDSKLF JUDGH SDSHU LQ WKH '& 'DPDJHG FXUOHG RU GDPS SDSHU FDQ FDXVH MDPV DQG LPDJH TXDOLW\ SUREOHPV )ROORZ WKHVH VLPSOH UXOHV WR VWRUH SDSHU 6WRUH SDSHU LQ GU\ FRQGLWLRQV DZD\ IURP H[WUHPH KHDW RU FROG VXFK DV UDGLDWRUV RU RSHQ ZLQGRZV 6WRUH SDSHU IODW RQ D VKHOI RU SDOOHW DERYH IORRU OHYHO /HDYH WKH SDSHU ZUDSSHG DQG ER[HG XQWLO UHDG\ WR EH XVHG 5H ZUDS SDUWO\ XVHG SDFNDJHV RI SDSHU 127( 3DSHU VKRXOG QRW EH VWRUHG
$ YDULHW\ RI PHGLD W\SHV FDQ EH XVHG LQ WKH '& &KHFN WKH IROORZLQJ WDEOH IRU VSHFLDO FRQVLGHUDWLRQV 127( $OWKRXJK J Pð ERQG SDSHU LV DQ DFFHSWDEOH ZHLJKW WKH PDFKLQH PLJKW H[SHULHQFH D SUREOHP ZLWK SDSHU FXUO ZKHQ IHHGLQJ OLJKWZHLJKW SDSHU :KHQHYHU SRVVLEOH XVH J Pð ERQG SDSHU 0HGLD 8VHV DQG 6SHFLDO &RQVLGHUDWLRQV 0HGLD 8VH 6SHFLILFDWLRQV 3RVWFDUGV VPDOO IRUPV 7UD\V GR QRW XVH LQ WKHVH WUD\V 127( $ SDSHU %\SDVV 7UD\ ORDG 6() VKRXOG QRW EH IHG WR
0HGLD 8VH 6SHFLILFDWLRQV $ /HWWHU 3DSHU 6WDQGDUG GRFXPHQWV OHWWHUV IRUPV 7UD\V ORDG 6() RU /() VKHHWV PD[LPXP J Pð SDSHU %\SDVV 7UD\ ORDG 6() RU /() VKHHWV PD[LPXP J Pð SDSHU $ 6() SDSHU FDQQRW EH IHG IURP WKH E\SDVV WUD\ ZKHQ SULQWLQJ QHWZRUN MREV +LJK &DSDFLW\ )HHGHU ORDG /() VKHHWV PD[LPXP J Pð SDSHU $ 5HF\FOHG 3DSHU 6WDQGDUG GRFXPHQWV 7UD\V ORDG 6() RU /() VKHHWV PD[LPXP J Pð SDSHU %\SDVV 7UD\ ORDG 6
8VH 6SHFLILFDWLRQV 2YHU VL]HG RU HQODUJHG 7UD\V ORDG 6() $ WKH '& UHTXLUHV 0% RI GRFXPHQWV OHGJHUV VKHHWV J Pð SDSHU PHPRU\ RWKHUZLVH WKH %\SDVV 7UD\ ORDG 6() PDFKLQH ZLOO QRW SULQW VKHHWV J Pð SDSHU RQ WKHVH VL]HV +LJK &DSDFLW\ )HHGHU GR QRW XVH LQ WKLV WUD\ $ 'ULOOHG 3DSHU DQG ULQJ ELQGHUV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 7UD\V ORDG /() ZLWK KROHV RQ WKH OHIW IRU GXSOH[LQJ ORDG ZLWK WKH KROHV
0HGLD 8VH 6SHFLILFDWLRQV 3UHSULQWHG SDSHU /HWWHUKHDG %XVLQHVV FRPPXQLFD WLRQ PDLOLQJV DQG DGYHUWLVLQJ PDWHULDOV 7DEEHG SDSHU 7UD\V GR QRW XVH 3DJHV WKDW KDYH H[WHQGHG WDEV WR VHSD LQ WKHVH WUD\V %\SDVV 7UD\ ORDG D UDWH SDJHV PD[LPXP RI WDEEHG VKHHWV /() ZLWK WKH WDEV RQ WKH RXWVLGH +LJK &DSDFLW\ )HHGHU GR QRW XVH LQ WKLV WUD\ (QYHORSHV )RU PDLOLQJV 5HIHU WR SDJH IRU PRUH LQIRUPDWLRQ 3DJH 7UD\V ORDG 6() RU /() IDFH XS IRU GXSOH[
8VH ,QVHUWV FRORXUHG VWRFN 'LYLGHUV VWDQGDUG VL]H DQG XS ;HUR[ ODEHOV XS ODEHOV PD\ QRW JLYH PD[LPXP SHUIRUPDQFH DQG DUH QRW UHFRPPHQGHG 6SHFLILFDWLRQV 7UD\V ORDG 6() RU /() VKHHWV PD[LPXP J Pð SDSHU %\SDVV 7UD\ ORDG 6() RU /() VKHHWV PD[LPXP J Pð SDSHU +LJK &DSDFLW\ )HHGHU ORDG /() VHDP VLGH GRZQ 6HOI DGKHVLYH ODEHOV IRU 7UD\V ORDG /() RU HQYHORSHV DQG SDFNDJ 6() IDFH XS LQJ %\SDVV 7UD\ ORDG /() RU 6() IDFH GRZ
0HGLD &DUG VWRFN W\SLFDOO\ J Pð 8VH &RYHUV VLJQV EXVLQHVV FDUGV 6SHFLILFDWLRQV 7UD\V GR QRW XVH LQ WKHVH WUD\V %\SDVV 7UD\ ORDG /() RU 6() IDFH XS 0D[LPXP SHUIRUPDQFH PD\ QRW EH DFKLHYHG ZKHQ IHHGLQJ J Pð J Pð 6() VWRFN +LJK &DSDFLW\ )HHGHU ORDG /() IDFH GRZQ 127( 7R HQVXUH PD[LPXP SHUIRUPDQFH ZKHQ ORDGLQJ VWRFN RI J Pð RU KHDYLHU LQWR WKH %\SDVV 7UD\ RU +LJK &DSDFLW\ )HHGHU LW LV UHFRPPHQGHG WKDW WKH +HDY\ZHLJKW RSWLRQ LV VHOHFWHG DV WKH 7
8VH 7UDQVSDUHQFLHV FOHDU 3UHVHQWDWLRQV DQG RYHUKHDG SURMHFWLRQ UHPRYDEOH VWULS DQG GDWD SDSHUEDFNHG 3DSHUEDFNHG WUDQVSDUHQFLHV FDQ EH XVHG EXW PD\ QRW JLYH PD[LPXP SHUIRUPDQFH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 6SHFLILFDWLRQV 7UD\V ORDG /() RU 6() ZLWK WKH UHPRYDEOH VWULS GRZQ DQG RQ WKH OHIW 3DSHUEDFNHG WUDQVSDUHQFLHV VKRXOG QRW EH IHG IURP WKHVH WUD\V %\SDVV 7UD\ ORDG /() RU 6() SDSHU RU UHPRYDEOH VWULS XS $OZD\V IHHG SDSHUEDFNHG WUDQVSDUHQFLHV OR
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
6HWXSV 6HWXSV 7KH '& LV GHVLJQHG WR HQDEOH PDFKLQH DQG IHDWXUH GHIDXOW VHWWLQJV WR EH FXVWRPLVHG WR PHHW ORFDO UHTXLUHPHQWV 7KLV FKDSWHU FRQWDLQV DQ H[SODQDWLRQ DQG VWHS E\ VWHS LQVWUXFWLRQV IRU FXVWRPL]LQJ WKH YDULRXV GHIDXOWV DYDLODEOH RQ WKH PDFKLQH SOXV JHQHUDO LQIRUPDWLRQ UHJDUGLQJ WKH SURFHGXUHV 7KLV FKDSWHU LV IRU WKH 2ZQHU .
6HWXS 3URFHGXUHV 'XULQJ PDQXIDFWXUH FHUWDLQ VHWWLQJV IRU IHDWXUHV DQG IXQFWLRQV RI WKH '& DUH SURJUDPPHG LQWR WKH PDFKLQH 2QFH WKH PDFKLQH LV LQVWDOOHG WKH 6HWXS 7RROV FDQ EH XVHG WR FKDQJH WKHVH VHWWLQJV WR VXLW WKH XVHU¶V HQYLURQPHQW 7R FKDQJH WKH VHWWLQJV D XVHU HQWHUV D 3,1 3HUVRQDO ,GHQWLILFDWLRQ 1XPEHU 'HSHQGLQJ RQ WKH DFFHVV ULJKWV DVVLJQHG WR WKH 3,1 DQ\ RU DOO RI WKH IROORZLQJ WRROV FDQ EH DFFHVVHG WR DOORZ WKH YDULRXV VHWWLQJV WR EH FKDQJHG 127( ,W LV UHFRPPHQGHG WKDW 6
HQDEOH WKH )D[ VSHFLILF GHIDXOW VHWWLQJV WR EH FKDQJHG RU VHW XS 5HIHU WR ³)D[ 6HWXSV´ RQ SDJH IRU IXUWKHU LQIRUPDWLRQ 6\VWHP $GPLQLVWUDWRU 7RROV ,I D 3,1 LV HQWHUHG WKDW KDV EHHQ DVVLJQHG µ6\VWHP $GPLQLVWUDWRU¶ DFFHVV ULJKWV WKH XVHU FDQ VHW XS RU FKDQJH WKH VHWWLQJV IRU WKH 1HWZRUN 6FDQQLQJ ( PDLO )D[ DQG 3ULQW IHDWXUHV 5HIHU WR ³6\VWHP $GPLQLVWUDWRU 7RROV´ RQ SDJH RU WKH '& 6\VWHP $GPLQLVWUDWLRQ *XLGH IRU IXUWKHU LQIRUPDWLRQ $XGLWURQ $GPLQLVWUDWRU 7RROV ,I D 3,1 LV H
2ZQHU 7RROV ,I D 3,1 LV HQWHUHG WKDW KDV EHHQ DVVLJQHG µ2ZQHU¶ DFFHVV ULJKWV WKH XVHU FDQ VHW XS RU FKDQJH $FFHVV 5LJKWV WKH DOORFDWLRQ RI .
½ 6HOHFW WKH EXWWRQ IRU WKH VHWXSV WR EH FKDQJHG 127( ,I QHFHVVDU\ VHOHFW $GGLWLRQDO 6HWXSV WR DFFHVV WKH 6HWXS IHDWXUH UHTXLUHG ½ ½ 6HOHFW >6DYH@ RU >&DQFHO@ 6HOHFW >([LW@ WR UHWXUQ WR WKH :DONXS 6FUHHQ )RU PRUH LQIRUPDWLRQ DERXW 1HWZRUN 6FDQQLQJ DQG 3ULQW 6HWXS LQVWUXFWLRQV SOHDVH UHIHU WR WKH '& 6\VWHP $GPLQLVWUDWLRQ *XLGH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 6HWXSV 7KH IROORZLQJ 6FUHHQ LV GLVSOD\HG DQG FRQWDLQV EXWWRQV IRU WKH W\SHV RI VHWXSV DYDLODE
0DFKLQH 6HWXSV 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO 0DFKLQH 6HWXSV FRQWDLQV WKH SURFHGXUHV IRU FKDQJLQJ WKH GHIDXOW VHWWLQJV IRU WKH 'RFXPHQW &HQWUH 5HIHU WR WKH IROORZLQJ SDJHV IRU PRUH LQIRUPDWLRQ 3DSHU 7UD\V SDJH ½ (QWHU .
½ 6HOHFW >$FFHVV@ WKH &RQWURO 3DQHO 6HWXSV $FFHVV WKH 0DFKLQH 6HWXSV RQ $ SRS XS ZLQGRZ ZLOO EH GLVSOD\HG RQ WKH 7RXFK 6FUHHQ ½ 6HOHFW > @ DQG XVH WKH QXPEHU NH\SDG WR HQWHU D .
3DSHU 7UD\ 6HWXSV ½ ½ 6HOHFW >3DSHU 7UD\V@ ½ ½ 0DNH FKDQJHV DV UHTXLUHG 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV 6HOHFW >6DYH@ 'HIDXOW 7UD\ 6HOHFW WKH VFUROO EXWWRQV WR VHOHFW WKH SDSHU VXSSO\ GHIDXOW VHWWLQJ WKH OLVW FRQWDLQV RQO\ WKH SDSHU WUD\V DYDLODEOH ZLWK WKH PDFKLQH FRQILJXUDWLRQ 7KH FKRVHQ VHWWLQJ ZLOO EH GLVSOD\HG SULRU WR RWKHU VHOHFWLRQV PDGH E\ WKH XVHU ,I $XWR LV VHOHFWHG DV WKH GHIDXOW VHWWLQJ WKH SDSHU WUD\ LV VHOHFWHG DXWRPDWLFDOO\ WR PDWF
6HWXSV 'DWH 7LPH 6HWXS 'DWH ½ ½ 6HOHFW >'DWH 7LPH@ ½ 6HOHFW WKH VFUROO EXWWRQV WR VHOHFW WKH SUHIHUUHG GLVSOD\ IRUPDW IRU H[DPSOH WKH GG PP \\ IRUPDW ZRXOG GLVSOD\ IRU D FXUUHQW GDWH RI WK -XQH ½ 8VH WKH VFUROO EXWWRQV WR VHOHFW WKH FXUUHQW PRQWK PP GD\ GG DQG \HDU \\ ½ 6HOHFW >6DYH@ 6HOHFW >'DWH 6HWXS@ 127( 7KH FXUUHQW GDWH LV GLVSOD\HG RQ ID[ GRFXPHQWV FRQILUPDWLRQ SDJHV DQG DFWLYLW\ UHSRUWV ,W LV DOVR GLVSOD\HG ZKHQ XVHUV VHOHFW $QQRWDWLRQ DQG 'DWH IRU W
7LPH ½ 6HOHFW >7LPH 6HWXS@ ½ 6HOHFW WKH SUHIHUUHG GLVSOD\ IRUPDW RU +RXU IRU H[DPSOH HOHYHQ R¶FORFN DW QLJKW ZRXOG HLWKHU EH GLVSOD\HG DV RU KRXUV ½ 8VH WKH VFUROO EXWWRQV WR VHOHFW WKH FXUUHQW WLPH LQ KRXUV DQG PLQXWHV ½ 6HOHFW >6DYH@ DQG >&ORVH@ 3DJH 127( 7KH FXUUHQW WLPH LV GLVSOD\HG RQ ID[ GRFXPHQWV FRQILUPDWLRQ SDJHV DQG DFWLYLW\ UHSRUWV ,W LV DOVR GLVSOD\HG ZKHQ XVHUV VHOHFW $QQRWDWLRQ DQG 7LPH IRU WKHLU FRSLHV ;HUR[ 'RFXPHQW &HQWUH 8VHU *
6HWXSV :DONXS 6FUHHQ 7R FKDQJH WKH GHIDXOW GLVSOD\ IRU WKH 7RXFK 6FUHHQ ½ ½ 6HOHFW >:DONXS 6FUHHQ@ ½ 6HOHFW >6DYH@ 6HOHFW WKH SUHIHUUHG GHIDXOW VFUHHQ 7KH VFUHHQ VHOHFWHG ZLOO EH GLVSOD\HG ZKHQ WKH PDFKLQH LV 127( 7KH EXWWRQV DYDLODEOH ZLOO GHSHQG RQ WKH PDFKLQH VZLWFKHG 21 ZKHQ FRQILJXUDWLRQ SURJUDPPLQJ RU MRE WLPH RXW RFFXUV RU ZKHQ &OHDU $OO LV VHOHFWHG 7LPHUV ½ ½ 6HOHFW >7LPHUV@ ½ ½ 0DNH FKDQJHV DV UHTXLUHG 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK
$XWR &OHDU :LWK WKH $XWR &OHDU IHDWXUH HQDEOHG WKH PDFKLQH UHWXUQV WR WKH GHIDXOW VHWWLQJV DIWHU WKH VSHFLILHG WLPH ½ ½ ½ 6HOHFW >$XWR &OHDU@ 6HOHFW >2Q@ RU >2II@ ,I >2Q@ LV VHOHFWHG XVH WKH VFUROO EXWWRQV WR VHW WKH WLPHRXW SHULRG /RZ 3RZHU /RZ 3RZHU 0RGH EHFRPHV DFWLYH DIWHU WKH VSHFLILHG WLPH RI PDFKLQH QRQ XVH :KHQ DFWLYDWHG WKH 7RXFK 6FUHHQ LV EODQN DQG WKH 3RZHU 6DYHU OLJKW LV RQ :KHQ WKH &RQWURO 3DQHO RU 7RXFK 6FUHHQ LV VHOHFWHG RU WKH 3ODWHQ FRYHU OLIWHG WKH PDFKLQH UHVSRQGV ZLW
7KLV IXQFWLRQ LV GHSHQGDQW RQ WKH PDFKLQH FRQILJXUDWLRQ 3RZHU 6DYH 6OHHS 0RGH $XWR 2II 6OHHS ½ 6HOHFW >3RZHU 6DYH@ RU >$XWR 2II@ ½ 8VH WKH VFUROO EXWWRQV WR VHOHFW WKH GHVLUHG WLPHRXW SHULRG ½ 6HOHFW >6DYH@ PLQXWHV DIWHU WKH ODVW FRS\ RU SULQW RXW WKH PDFKLQH ZLOO DXWRPDWLFDOO\ VZLWFK LQWR 3RZHU 6DYH 6OHHS $XWR 2II 0RGH 127( ,I /RZ 3RZHU LV VHW KLJKHU WKDQ 3RZHU 6DYH $XWR 2II WKH PDFKLQH GLVSOD\V D PHVVDJH WKDW /RZ 3RZHU FDQQRW H[FHHG 3RZHU 6DYH $XWR 2II &RQWHQWLRQ 6HOHFW &RQW
,QWHUUXSW %XWWRQ 7KH ,QWHUUXSW IHDWXUH HQDEOHV WKH FXUUHQW MRE WR EH VWRSSHG DQG KHOG LQ PHPRU\ ZKLOH DQRWKHU MRE LV FRPSOHWHG :KHQ HQDEOHG WKH .
½ ,I QHFHVVDU\ VHOHFW >$GGLWLRQDO 6HWXSV@ ½ 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV ½ ½ 0DNH FKDQJHV DV UHTXLUHG 6HWXSV $GGLWLRQDO 6HWXSV 6HOHFW >6DYH@ 5HSRUW /DQJXDJHV 9DULRXV ODQJXDJH RSWLRQV FDQ EH PDGH DYDLODEOH IRU SULQWHG UHSRUWV 3OHDVH FRQWDFW WKH ;HUR[ UHSUHVHQWDWLYH IRU IXUWKHU LQIRUPDWLRQ 127( 7KLV RSWLRQ ZLOO QRW EH DYDLODEOH RQ 'LJLWDO &RSLHU FRQILJXUDWLRQV ½ ½ 6HOHFW >5HSRUW /DQJXDJHV@ ½ 6HOHFW >&ORVH@ 6HOHFW WKH ODQJXDJH WR XVH I
7RXFK 6FUHHQ &RQWUDVW ½ 6HOHFW >7RXFK 6FUHHQ &RQWUDVW@ ½ 8VH WKH XS GRZQ DUURZV WR VHOHFW D FRQWUDVW OHYHO EHWZHHQ DQG $OWHUQDWLYHO\ VHOHFW WKH GLVSOD\ ZLQGRZ WR FKDQJH WKH VHWWLQJ XVLQJ WKH SRS XS NH\SDG 7KH IDFWRU\ GHIDXOW LV ½ 6HOHFW >6DYH@ &XVWRPHU 6XSSRUW 1XPEHU :KHQ 0DFKLQH 6WDWXV LV VHOHFWHG WKH PDFKLQH GLVSOD\V WKH ;HUR[ FXVWRPHU VXSSRUW WHOHSKRQH QXPEHU 7\SLFDOO\ WKH FRUUHFW QXPEHU LV HQWHUHG E\ D ;HUR[ UHSUHVHQWDWLYH ZKHQ WKH PDFKLQH LV ILUVW LQVWDOOHG ,I LW LV
½ ½ 6HOHFW >3DSHU 6L]HV@ ½ 6HOHFW >6DYH@ 6HWXSV 3DSHU 6L]HV 6HOHFW WKH SUHIHUUHG VHOHFWLRQ RI SDSHU VL]HV 0DFKLQH 6HULDO 1XPEHU 7KH PDFKLQH GLVSOD\V WKH PDFKLQH VHULDO QXPEHU ZKHQ 0DFKLQH 6WDWXV LV VHOHFWHG 7KLV QXPEHU LV UHTXLUHG ZKHQ FDOOLQJ IRU FXVWRPHU VXSSRUW ½ 6HOHFW >0DFKLQH 6HULDO 1XPEHU@ ½ 8VH WKH NH\SDG RQ WKH VFUHHQ WR HQWHU WKH 0DFKLQH 6HULDO QXPEHU LI QHFHVVDU\ VHOHFW 0RUH &KDUDFWHUV WR GLVSOD\ DQ DOWHUQDWLYH NH\SDG ½ 6HOHFW >6DYH@ +,17 7KH 0DFKLQH VHULDO QXPEHU
;HUR[ 6XSSOLHV 1XPEHU 6XSSOLHV 7HO 1XPEHU 7KH PDFKLQH GLVSOD\V WKH ;HUR[ VXSSOLHV WHOHSKRQH QXPEHU ZKHQ 0DFKLQH 6WDWXV LV VHOHFWHG 127( 7KH QXPEHU HQWHUHG KHUH ZLOO DOVR EH GLVSOD\HG ZLWKLQ WKH :HE8, ½ 6HOHFW >;HUR[ 6XSSOLHV 1XPEHU@ RU >6XSSOLHV 7HO 1XPEHU@ ½ 8VH WKH QXPHULF NH\SDG RQ WKH VFUHHQ WR HQWHU WKH ;HUR[ 6XSSOLHV WHOHSKRQH QXPEHU ½ ½ 6HOHFW >6DYH@ DQG >&ORVH@ 6HOHFW DQRWKHU 6HWXS RU VHOHFW >([LW@ WR H[LW WKH VHWXS VFUHHQV 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VH
:KHQ D IDXOW RFFXUV RQ WKH '& WKH 7RXFK 6FUHHQ GLVSOD\V VWHS E\ VWHS LQVWUXFWLRQV IRU WKH ZDONXS XVHU WR FOHDU WKH IDXOW 7KH LQVWUXFWLRQV LQFOXGH FRQWDFWLQJ WKH .H\ 2SHUDWRU LI WKH IDXOW FDQQRW EH FOHDUHG ,Q WKLV LQVWDQFH WKH .
8QDYDLODEOH )HDWXUHV 6RPH W\SHV RI MREV ZLOO QRW SULQW LI WKH GLVDEOHG FRPSRQHQW LV UHTXLUHG IRU D GHIDXOW VHWXS ,Q WKLV FDVH WKH PDFKLQH GLVSOD\V D SURPSW WR FKHFN WKH VHWXSV 7KH IROORZLQJ WDEOH FRQWDLQV GHWDLOV DERXW VSHFLILF IHDWXUHV WKDW DUH XQDYDLODEOH ZKHQ D FRPSRQHQW LV GLVDEOHG 'LVDEOHG &RPSRQHQW 3DJH 6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW 'RFXPHQW )HHGHU &RS\ 8S %RRNOHW &UHDWLRQ 6LGHV ,PDJHG Å RU Å RU 0L[HG 6L]H 2ULJLQDOV LQ WKH '$') 'RFXPHQW )HHGHU )D[
6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW 'XSOH[ 0RGXOH ,Q )D[ 6HWXSV 7KH PDFKLQH ZLOO (PEHGGHG )D[ QRW SULQW ID[ MREV LI WKH 'XSOH[ 0RGXOH LI ERWK )D[ LV GLVDEOHG DQG LI RSWLRQV DUH WKH GHIDXOW HQDEOHG VHWWLQJV DUH 7HUPLQDO 'XSOH[ 3ULQWLQJ 6HWXSV )D[ $OO 6LGHG RU 3ULQWLQJ 2SWLRQV 'XSOH[ 3ULQWLQJ $OO 6LGHG DQG 'XSOH[ 0RGXOH ,Q 3ULQW 6HWXSV 7KH PDFKLQH ZLOO 3ULQWHU 6HWXSV QRW SULQW MREV LI WKH -RE 6HWWLQJV 'XSOH[ 0RGXOH LV 6LGHV 3ULQWHG GLVDEOH
'LVDEOHG &RPSRQHQW 3DJH 6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW )LQLVKHU ,Q )D[ 6HWXSV 6HUYHU )D[ 6HWXSV 2XWSXW 7UD\ 2SWLRQV ,I VWDSOHG LV VHOHFWHG DQG WKH )LQLVKHU LV QRW LQVWDOOHG 6HUYHU )D[ SULQWV DUH VHQW WR WKH /HIW 7UD\ )LQLVKHU ,Q )D[ 6HWXSV 7KH PDFKLQH ZLOO (PEHGGHG )D[ QRW SULQW )D[ MREV LI WKH )LQLVKHU LV LI ERWK )D[ GLVDEOHG DQG WKH RSWLRQV DUH HQDEOHG )D[ GHIDXOW LV WKH /HIW 7UD\ 7HUPLQDO 6HWXSV )D[ 3ULQWLQJ 2SWLRQV 2XWSXW 6HOHFWLRQ /HIW 7UD\ )
6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW )LQLVKHU ,Q )D[ 6HWXSV )D[ 7HUPLQDO 6HWXSV )D[ 3ULQWLQJ 2SWLRQV 2XWSXW 6HOHFWLRQ /HIW 7UD\ 7KH PDFKLQH ZLOO QRW SULQW )D[ MREV LI WKH )LQLVKHU LV GLVDEOHG DQG WKH GHIDXOW RXWSXW LV WKH /HIW 7UD\ )LQLVKHU ,Q 3ULQW 6HWXSV 7KH PDFKLQH ZLOO 3ULQWHU 6HWXSV QRW SULQW 3ULQW MREV 7UD\ 6HWWLQJV LI WKH )LQLVKHU LV GLVDEOHG DQG WKH 'HVWLQDWLRQ 7UD\ /HIW 7UD\ GHIDXOW LV WKH /HIW 7UD\ )LQLVKHU ,Q &RS\ 6HWXSV 2XWSXW &ROODWHG /HIW 7UD\
'LVDEOHG &RPSRQHQW 6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW )RUHLJQ ,QWHUIDFH 'HYLFH ,Q WKH &RS\ IHDWXUH ZLWK )RUHLJQ ,QWHUIDFH 'HYLFH 7KH &RS\ IHDWXUH LV GLVDEOHG )RUHLJQ ,QWHUIDFH 'HYLFH ,Q WKH &RS\ IHDWXUH ZLWK )RUHLJQ ,QWHUIDFH 'HYLFH DQG ,QWHUQDO $XGLWURQ &RQWURO 7KH &RS\ IHDWXUH LV HQDEOHG RQO\ IRU ,QWHUQDO $XGLWURQ &RQWURO )RUHLJQ ,QWHUIDFH 'HYLFH )RU &RS\ ZLWK D ,Q 6HWXSV )RUHLJQ ,QWHUIDFH $XGLWURQ 'HYLFH WKH 6HWXSV PDFKLQH ZLOO QRW ([WHUQDO &RQWURO 'HYLFH
6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW )RUHLJQ ,QWHUIDFH 'HYLFH ,Q WKH &RS\ IHDWXUH ZLWK )RUHLJQ ,QWHUIDFH 'HYLFH 7KH &RS\ IHDWXUH LV GLVDEOHG +LJK &DSDFLW\ )HHGHU &RS\ +LJK &DSDFLW\ 7UD\ +LJK &DSDFLW\ )HHGHU 7KH +LJK &DSDFLW\ )HHGHU 7KH PDFKLQH ZLOO QRW SULQW &RS\ RU )D[ MREV LI WKH GLVDEOHG WUD\ LV WKH GHIDXOW WUD\ 7KH 3DSHU 6XSSO\ EXWWRQ ZLOO QRW EH GLVSOD\HG RQ WKH &RS\ VFUHHQ 3ULQW (QJLQH ,Q 6FDQ 6HWXSV )LOLQJ 6HWXSV 3URRI %HIRUH 6HQG 3URRI %HIRUH 6HQGLQJ PLJ
'LVDEOHG &RPSRQHQW 3DJH 6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW 3ULQW 4XHXH 3ULQW 1HWZRUN 3ULQW &RQWUROOHU MREV DUH WHPSRUDULO\ UHPRYHG IURP WKH 3ULQW 4XHXH :KHQ WKH IDXOW LV FOHDUHG WKH PDFKLQH DWWHPSWV WR UHFRYHU WKH MREV 7RZHU 0DLOER[ ,Q 3ULQW 6HWXSV 7KH PDFKLQH ZLOO 3ULQWHU 6HWXSV QRW SULQW 3ULQW MREV 7UD\ 6HWWLQJV LI WKH 7RZHU 0DLOER[ LV 'HVWLQDWLRQ GLVDEOHG DQG WKH 7UD\ 7RZHU 0DLOER[ %LQV GHIDXOW LV DQ\ %LQ ± ± 3DSHU 7UD\ ,Q 0DFKLQH VHWXSV 3DS
6HUYLFH )HDWXUH 'LVDEOHG )HDWXUH 5HVXOW 3DSHU 7UD\ ,Q 0DFKLQH 6HWXSV 3DSHU 7UD\V 'HIDXOW 7UD\ 7KH PDFKLQH ZLOO QRW SULQW &RS\ RU )D[ MREV LI WKH GLVDEOHG WUD\ LV WKH GHIDXOW WUD\ 7KH 3DSHU 6XSSO\ EXWWRQ ZLOO QRW EH GLVSOD\HG RQ WKH &RS\ VFUHHQ 3DSHU 7UD\ ,Q 0DFKLQH 6HWXSV 3DSHU 7UD\V 'HIDXOW 7UD\ 7KH PDFKLQH ZLOO QRW SULQW &RS\ RU )D[ MREV LI WKH GLVDEOHG WUD\ LV WKH GHIDXOW WUD\ 7KH 3DSHU 6XSSO\ EXWWRQ ZLOO QRW EH GLVSOD\HG RQ WKH &RS\ VFUHHQ 3DSHU 7UD\ ,Q 0DF
&RS\ 6HWXSV 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO 5HIHU WR WKH IROORZLQJ SDJHV IRU WKH SURFHGXUHV IRU &RS\ 6HWXSV ZKLFK LQFOXGHV SURJUDPPLQJ WKH GHIDXOW VHWWLQJV IRU WKH IROORZLQJ IHDWXUHV 5HGXFH (QODUJH SDJH ½ (QWHU .
6HWXSV ½ 6HOHFW >&RS\ 6HWXSV@ 5HGXFH (QODUJH ½ 6HOHFW >5HGXFH (QODUJH@ 'HIDXOWV ½ ½ 6HOHFW >'HIDXOWV@ 8VH WKH DUURZ EXWWRQV WR VHOHFW WKH GHIDXOW PDJQLILFDWLRQ VHWWLQJ 7KH GHIDXOW PDJQLILFDWLRQ ZLOO DXWRPDWLFDOO\ EH VHOHFWHG ZKHQ WKH PDFKLQH LV VZLWFKHG 21 ZKHQ SURJUDPPLQJ RU MRE WLPHRXW RFFXUV RU ZKHQ &OHDU $OO LV VHOHFWHG ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
1RUPDO :KHQ XVHUV VHOHFW 1RUPDO LQ WKH 5HGXFH (QODUJH FROXPQ RQ WKH 7RXFK 6FUHHQ D VHOHFWLRQ RI SUHVHW VL]HV LV GLVSOD\HG 7KH GHIDXOW YDOXH RI WKHVH SUHVHWV FDQ EH FXVWRPLVHG WR PHHW ORFDO UHTXLUHPHQWV 7KH IDFWRU\ GHIDXOW SUHVHWV DUH $ WR [ PP $ WR $ [ PP WR $ $ WR $ ½ ½ 6HOHFW >1RUPDO@ 8VH WKH DUURZ EXWWRQV WR VHOHFW D YDOXH IRU HDFK PDJQLILFDWLRQ SUHVHW &XVWRP 7KH &XVWRP VHWWLQJV DUH XVHG WR UHGXFH RU HQODUJH QRQ VWDQGDUG GRFXPHQW VL]HV RQWR VWDQGD
½ ½ 6HOHFW >,PDJH 4XDOLW\@ ½ 6HW WKH GHIDXOW OHYHO RI GDUNQHVV RU OLJKWQHVV UHTXLUHG IRU HDFK RULJLQDO W\SH ½ 6HOHFW >6DYH@ 6HWXSV ,PDJH 4XDOLW\ 8VH WKH VFUROO EXWWRQV WR VHOHFW WKH >2ULJLQDO 7\SH@ DFFRUGLQJ WR WKH GRFXPHQW W\SH XVHG PRVW IUHTXHQWO\ 6HH EHORZ IRU DQ H[SODQDWLRQ RI HDFK 7H[W IRU GRFXPHQWV WKDW FRQWDLQ OLQH DUW DQG ORZ TXDOLW\ KDOIWRQHV &RORXUHG EDFNJURXQGV DUH DXWRPDWLFDOO\ VXSSUHVVHG 7KLV LV WKH IDFWRU\ GHIDXOW $XWR IRU GRFXPHQWV WKDW FRQWDLQ WH[W SKRWR DQG
2XWSXW ½ ½ 6HOHFW >2XWSXW@ 8VH WKH VFUROO EXWWRQV WR VHOHFW WKH GHIDXOW RXWSXW RSWLRQ UHTXLUHG 6WDSOHG 8QFROODWHG /HIW 7UD\ &ROODWHG /HIW 7UD\ 8QFROODWHG &HQWUH 7UD\ RU &ROODWHG &HQWUH 7UD\ 127( 7KH RSWLRQV DYDLODEOH ZLOO EH GHSHQGHQW RQ WKH PDFKLQH FRQILJXUDWLRQ 7KH IDFWRU\ GHIDXOW LV &ROODWHG &HQWUH 7UD\ ½ 6HOHFW >6DYH@ +,17 7\SLFDOO\ WKH &HQWUH 7UD\ LV XVHG IRU FRS\ RXWSXW DQG WKH /HIW 7UD\ LV XVHG IRU ID[ RXWSXW 6LGHV ,PDJHG ½ ½ 6HOHFW >6LGHV ,PDJH@ ½ 6HOHFW >6DYH@ 6H
6LGHG VLQJOH VLGHG FRSLHV IURP VLQJOH VLGHG RULJLQDOV 6LGHG VLQJOH VLGHG FRSLHV IURP GRXEOH VLGHG RULJLQDOV 6LGHG GRXEOH VLGHG FRSLHV IURP VLQJOH VLGHG RULJLQDOV 6LGHG GRXEOH VLGHG FRSLHV IURP GRXEOH VLGHG RULJLQDOV 6HWXSV )RU 6LGHG RSWLRQV DOVR VHOHFW WKH RULHQWDWLRQ +HDG WR +HDG WKH WRS RI WKH GRFXPHQW RQ HDFK VLGH LV DW WKH WRS RI WKH SDJH 7KLV LV WKH IDFWRU\ GHIDXOW VHWWLQJ +HDG WR 7RH WKH LPDJH RQ WKH VHFRQG VLGH RI HDFK SDJH LV URWDWHG WKHUHIR
([SHUW ,PDJH 4XDOLW\ ½ 6HOHFW >([SHUW ,PDJH 4XDOLW\@ ½ 6HOHFW WKH GHIDXOW UHTXLUHG D GHVFULSWLRQ RI HDFK IROORZV ½ 6HOHFW >6DYH@ 6KDUSQHVV DGMXVWV WKH VKDUSQHVV RI WKH LPDJH VHOHFW WKH SUHIHUUHG VHWWLQJ $XWR ([SRVXUH VHOHFW D GHIDXOW VHWWLQJ RI 2Q WR HQKDQFH GRFXPHQWV ZLWK FRORXUHG EDFNJURXQGV RU 2II WR GLVDEOH WKLV IHDWXUH 0DUJLQ 6KLIW 3URJUDPPHV WKH GHIDXOW DPRXQW RI 0DUJLQ 6KLIW WR PRYH WKH LPDJH XS GRZQ RU VLGH WR VLGH RQ RQH RU ERWK VLGHV RI D SDJH 0DUJLQ 6KLIW FDQ EH DSSOL
3URJUDPPHV WKH GHIDXOW VHWWLQJV IRU WKH (GJH (UDVH DQG %RUGHU (UDVH IHDWXUHV 7KH IDFWRU\ GHIDXOW LV RII IRU DOO WKH HUDVH IHDWXUHV ZLWK WKH HUDVH YDOXHV VHW WR PP ½ ,I QHFHVVDU\ VHOHFW >$GGLWLRQDO 6HWXSV@ ½ ½ 6HOHFW >(UDVH@ ½ ½ 0DNH FKDQJHV DV UHTXLUHG 6HOHFW >%RUGHU (UDVH@ RU >(GJH (UDVH@ WR FKDQJH WKH VHWWLQJV D GHVFULSWLRQ RI HDFK IROORZV RU VHOHFW >2II@ WR WXUQ WKLV IHDWXUH RII 6HOHFW >6DYH@ %RUGHU (UDVH ½ ½ 6HOHFW >%RUGHU (UDVH@ ½ 6HOHFW >6DYH@ 8VH WKH VFUROO EXWWRQV
(GJH (UDVH ½ ½ 6HOHFW >(GJH (UDVH@ ½ ½ 6HOHFW >6DYH@ 8VH WKH VFUROO EXWWRQV WR VHW WKH GHIDXOW (GJH (UDVH VHWWLQJV 6HOHFW >&ORVH@ WR H[LW &RS\ 6HWXSV 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ (QWHU .
½ 6HOHFW >)D[ 6HWXSV@ 127( ,I RQO\ 6HUYHU )D[ RU (PEHGGHG )D[ LV LQVWDOOHG RQ VHOHFWLRQ RI )D[ 6HWXSV WKH UHOHYDQW VHWXS VFUHHQ ZLOO DXWRPDWLFDOO\ EH GLVSOD\HG ½ ,I QHFHVVDU\ VHOHFW WKH )D[ RSWLRQ UHTXLUHG 127( 7KLV VFUHHQ ZLOO RQO\ EH GLVSOD\HG LI ERWK (PEHGGHG )D[ DQG 6HUYHU )D[ DUH LQVWDOOHG RQ WKH PDFKLQH 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ (QWHU .
(PEHGGHG )D[ 5HIHU WR WKH IROORZLQJ SDJHV IRU WKH SURFHGXUHV IRU FKDQJLQJ WKH GHIDXOW (PEHGGHG )D[ IHDWXUHV (PEHGGHG )D[ 6HWXSV LV GLYLGHG LQWR WZR DUHDV )D[ 7HUPLQDO 6HWXSV WR VHW DQG FKDQJH WKH GHIDXOWV IRU WKH DYDLODEOH ID[ RSWLRQV VXFK DV SDSHU VL]H DQG W\SH UHVROXWLRQ DQG PDLOER[ RSWLRQV )D[ &RPPXQLFDWLRQ 6HWXSV WR VHW RSWLRQV WKDW DIIHFW LQFRPLQJ DQG RXWJRLQJ ID[ GRFXPHQWV VXFK DV UH GLDOOLQJ DQG SUHYHQWLQJ WKH UHFHLSW RI MXQN ID[ GRFXPHQWV )D[ 7HUPLQDO 6HWXSV 7KLV VHFWLRQ FRQWDLQV
6HWXSV $FFHVV )D[ 7HUPLQDO 6HWXSV )D[ 7HUPLQDO 2SWLRQV ½ 6HOHFW >)D[ 7HUPLQDO 2SWLRQV@ ½ 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV ½ ½ 0DNH FKDQJHV DV UHTXLUHG 6HOHFW >6DYH@ 127( 2QO\ WKRVH VHOHFWLRQV UHOHYDQW WR WKH PDFKLQH FRQILJXUDWLRQ ZLOO EH DYDLODEOH /RFDO ,' $FFRUGLQJ WR WKH /DZ RI PRVW FRXQWULHV WKH '& PXVW EH SURJUDPPHG ZLWK DQ LGHQWLILFDWLRQ QXPEHU 7KH LGHQWLILFDWLRQ QXPEHU RU /RFDO ,' LV WKH WHOHSKRQH QXPEHU IRU WKH PDFKLQH ,I W
½ 6HOHFW >/RFDO ,'@ ,I PRUH WKDQ OLQH LV FRQQHFWHG VHOHFW WKH OLQH WR VHW WKH ORFDO ,' ½ (QWHU WKH WHOHSKRQH QXPEHU RI WKH '& XVLQJ WKH NH\SDG RQ WKH VFUHHQ XS WR FKDUDFWHUV LQFOXGLQJ VSDFHV ½ 6HOHFW >6DYH@ /RFDO 1DPH 7KH /RFDO 1DPH LV WKH QDPH DOORFDWHG WR WKLV SDUWLFXODU PDFKLQH )RU H[DPSOH LW FRXOG LQGLFDWH WKH ORFDWLRQ RI WKH PDFKLQH IRU H[DPSOH µ&RSLHU :HVW¶ RU EH WKH &RPSDQ\ QDPH ½ 6HOHFW >/RFDO 1DPH@ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU
6HOHFW WKH VHFRQG >/RFDO 1DPH@ RQ WKH ULJKW RI WKH VFUHHQ ½ 8VH WKH NH\SDG RQ WKH VFUHHQ WR HQWHU WKH /RFDO 1DPH RI WKH '& XS WR FKDUDFWHUV LQFOXGLQJ VSDFHV ½ 6HOHFW >6DYH@ 6HWXSV ½ &RPSDQ\ /RJR &RPSDQ\ /RJR LV XVHG WR LGHQWLI\ WKH RUJDQL]DWLRQ VHQGLQJ WKH ID[ LQ WKH KHDGHU RI WKH WUDQVPLVVLRQ UHSRUW DQG LQ WKH FRYHU OHWWHU IRU ID[ GRFXPHQWV ½ 6HOHFW >&RPSDQ\ /RJR@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
½ 6HOHFW WKH VHFRQG >&RPSDQ\ /RJR@ RQ WKH ULJKW RI WKH VFUHHQ ½ 8VH WKH NH\SDG RQ WKH VFUHHQ WR HQWHU WKH &RPSDQ\ /RJR XS WR FKDUDFWHUV LQFOXGLQJ VSDFHV ½ 6HOHFW >6DYH@ +,17 6HOHFW &KDQJH .
7KLV IHDWXUH DOORZV WKH .
½ 6HOHFW >'LDOOLQJ 'LJLWV 5HSRUWLQJ@ ½ ½ 6HOHFW WKH SUHIHUUHG RSWLRQ 6HOHFW >6DYH@ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
½ $FFHVV )D[ 7HUPLQDO 6HWXSV DV GHVFULEHG RQ ³)D[ 7HUPLQDO 6HWXSV´ RQ SDJH ½ 6HOHFW >)D[ 3ULQWLQJ 2SWLRQV@ 5HFHLYH 5HGXFWLRQ :LWK WKLV IHDWXUH HQDEOHG WKH '& DXWRPDWLFDOO\ GHWHUPLQHV WKH UHTXLUHG UHGXFH HQODUJH UDWLR IRU SULQWLQJ RQ WKH VHOHFWHG SDSHU ½ ½ 6HOHFW >5HFHLYH 5HGXFWLRQ@ 6HOHFW >$XWR@ RU >2II@ DV UHTXLUHG 3DJH 0DUJLQ 7KLV IHDWXUH GHILQHV WKH PD[LPXP DPRXQW RI VSDFH EHWZHHQ WKH OHQJWK RI DQ LQFRPLQJ ID[ DQG WKH OHQJWK RI WKH SDSHU RQ ZKLFK WKH ID[ LV WR EH SULQ
'XSOH[ 3ULQWLQJ 7KLV IHDWXUH VHWV WKH GHIDXOW VLGHG SULQWLQJ VHWWLQJ IRU LQFRPLQJ ID[ GRFXPHQWV DQG UHSRUWV 127( 'XSOH[ 3ULQWLQJ IHDWXUHV ZLOO GHSHQG RQ SURGXFW FRQILJXUDWLRQ ½ ½ 6HOHFW >'XSOH[ 3ULQWLQJ@ 0DNH VHOHFWLRQV DV UHTXLUHG VHH EHORZ $OO 6LGHG LV WKH IDFWRU\ GHIDXOW )RU '& GXSOH[ RSWLRQV DOVR VHOHFW HLWKHU 3RUWUDLW RU /DQGVFDSH RXWSXW DQG ZKHWKHU SULQWLQJ VKRXOG EH +HDG WR +HDG RU +HDG WR 7RH $OO 6LGHG SULQWV ID[ GRFXPHQWV DQG UHSRUWV VLQJOH VLGHG $OO 6LGHG SUL
3URJUDPPHV WKH GHIDXOW W\SHV FRORXUV DQG VL]HV RI SDSHU RQ ZKLFK ID[ GRFXPHQWV DQG UHSRUWV FDQ EH SULQWHG ½ ½ 6HOHFW >3DSHU $WWULEXWHV@ ½ 6HOHFW >6DYH@ 6HOHFW WKH EXWWRQV RQ WKH ULJKW RI WKH VFUHHQ WR VHOHFW WKH W\SHV FRORXUV DQG VL]HV RI SDSHU RQ ZKLFK LQFRPLQJ ID[ GRFXPHQWV DQG UHSRUWV ZLOO EH SULQWHG PRUH WKDQ RQH W\SH FDQ EH VHOHFWHG 2XWSXW 6HOHFWLRQ 3URJUDPPHV WKH RXWSXW WUD\ IRU LQFRPLQJ ID[ GRFXPHQWV 127( 2XWSXW 6HOHFWLRQ IHDWXUHV ZLOO GHSHQG RQ SURGXFW FRQILJXUDWLRQ ½ ½
)D[ 5HSRUW 2SWLRQV ½ $FFHVV )D[ 7HUPLQDO 6HWXSV DV GHVFULEHG RQ ³)D[ 7HUPLQDO 6HWXSV´ RQ SDJH ½ 6HOHFW >)D[ 5HSRUW 2SWLRQV@ $FWLYLW\ 5HSRUW 3URJUDPPHV WKH PDFKLQH WR DXWRPDWLFDOO\ SULQW D UHSRUW RI SKRQH OLQH DFWLYLW\ ½ ½ 6HOHFW >$FWLYLW\ 5HSRUW@ 6HOHFW WKH GHIDXOW RSWLRQ UHTXLUHG VHH GHVFULSWLRQ EHORZ >$XWR 3ULQW@ LV WKH IDFWRU\ GHIDXOW $XWR 3ULQW SULQWV DQ $FWLYLW\ 5HSRUW ZKHQ WKH QXPEHU RI RXWJRLQJ DQG LQFRPLQJ FDOOV UHDFKHV 2QO\ FDOOV WKDW ZHUH QRW SULQWHG RQ WKH ODVW
6HOHFW >%URDGFDVW DQG 0XOWL 3ROO 5HSRUWV@ ½ 6HOHFW >$XWR 3ULQW@ WR KDYH WKLV UHSRUW SULQW DXWRPDWLFDOO\ RU >2II@ WR WXUQ WKH IHDWXUH RII >$XWR 3ULQW@ LV WKH IDFWRU\ GHIDXOW 6HWXSV ½ 7UDQVPLVVLRQ 5HSRUW 3URJUDPPHV WKH PDFKLQH WR SULQW WKH VWDWXV RI HDFK WUDQVPLVVLRQ DQG GLVSOD\V D UHGXFHG LPDJH RI WKH ILUVW SDJH RI WKH RULJLQDO GRFXPHQW DIWHU HDFK WUDQVPLVVLRQ LV FRPSOHWHG ½ 6HOHFW >7UDQVPLVVLRQ 5HSRUW@ ½ 6HOHFW WKH RSWLRQ UHTXLUHG >$OZD\V 3ULQW@ DXWRPDWLFDOO\ SULQWV D UHSRUW IRU
0DLOER[ 5HSRUW 3URJUDPPHV WKH PDFKLQH WR DXWRPDWLFDOO\ SULQW D UHSRUW LQIRUPLQJ WKH PDLOER[ RZQHU HDFK WLPH D ID[ LV UHFHLYHG ½ ½ 6HOHFW >0DLOER[ 5HSRUW@ ½ 6HOHFW >6DYH@ 6HOHFW WKH GHIDXOW RSWLRQ UHTXLUHG )D[ 3DQHO 'HIDXOWV ½ $FFHVV )D[ 7HUPLQDO 6HWXSV DV GHVFULEHG RQ ³)D[ 7HUPLQDO 6HWXSV´ RQ SDJH ½ 6HOHFW >)D[ 3DQHO 'HIDXOWV@ 5HVROXWLRQ 6HWV RQH RI WKUHH UHVROXWLRQV DV WKH GHIDXOW VHWWLQJ IRU RXWJRLQJ ID[ GRFXPHQWV 7KH GHIDXOW VHOHFWHG GHSHQGV RQ WKH W\SHV RI GRFXPHQWV XVHUV VH
)LQH [ 6XSHU )LQH [ UHGXFHV FRPPXQLFDWLRQ WLPH XVH IRU WH[W GRFXPHQWV FRPELQHV WKH IHDWXUHV RI VWDQGDUG DQG VXSHU ILQH UHVROXWLRQ XVH IRU PRVW ID[ GRFXPHQWV DQG IRU EODFN DQG ZKLWH JUDSKLFV LPSURYHV LPDJH TXDOLW\ DQG UHQGLWLRQ XVH IRU SKRWRV KDOIWRQHV DQG LPDJHV ZLWK JUH\ WRQHV /LJKWHU 'DUNHU ½ ½ 6HOHFW >/LJKWHU 'DUNHU@ 8VH WKH VFUROO EXWWRQV WR VHOHFW WKH GHIDXOW RSWLRQ UHTXLUHG 2ULJLQDO 7\SH ½ ½ 6HOHFW >2ULJLQDO 7\SH@ 6HOHFW WKH GHIDXOW RSWLRQ UHTXLUHG D GHVFU
&RPPXQLFDWLRQ 0RGH 7KLV IHDWXUH VHWV WKH GHIDXOW FRPPXQLFDWLRQ PRGH WR EH XVHG IRU WUDQVPLVVLRQ WR D UHPRWH ID[ PDFKLQH ½ 6HOHFW >&RPPXQLFDWLRQV 0RGH@ ½ 6HOHFW WKH GHIDXOW RSWLRQ UHTXLUHG D GHVFULSWLRQ RI HDFK IROORZV ½ 6HOHFW >6DYH@ 6XSHU * DXWRPDWLFDOO\ GHWHUPLQHV WKH FRPPXQLFDWLRQ PRGH WR EH XVHG EDVHG RQ WKH PD[LPXP FDSDELOLWLHV RI WKH UHPRWH ID[ PDFKLQH 7KLV PRGH PLQLPLVHV WKH GDWD WUDQVPLVVLRQ HUURUV E\ XVLQJ (UURU &RUUHFWLRQ 0RGH (&0 ,QLWLDO FRPPXQLFDWLRQ VSHHG LV %L
)D[ 0DLOER[HV DUH XVHG WR HOHFWURQLFDOO\ VWRUH FRQILGHQWLDO LQFRPLQJ ID[ GRFXPHQWV IRU UHWULHYDO DQG SULQW DW D FRQYHQLHQW WLPH 8VH WKLV RSWLRQ WR FUHDWH DVVLJQ PRGLI\ DQG GHOHWH HOHFWURQLF ID[ PDLOER[HV $ PD[LPXP RI PDLOER[HV DUH DYDLODEOH ½ ½ 6HOHFW >)D[ 0DLOER[HV@ ½ )ROORZ WKH LQVWUXFWLRQV EHORZ WR GHOHWH HGLW RU DGG D PDLOER[ 6HOHFW D PDLOER[ LQ WKH OLVW WR VHOHFW LW 6HOHFW WKH VFUROO EXWWRQV WR PRYH XS DQG GRZQ WKH OLVW 7R $GG RU (GLW D 0DLOER[ ½ ,Q WKH 0DLOER[ /LVW V
½ 8VH WKH NH\SDG RQ WKH &RQWURO 3DQHO WR HQWHU D IRXU GLJLW SDVVZRUG ½ 6HOHFW >6DYH@ ½ ½ 6HOHFW >0DLOER[ 1DPH@ ½ ½ 6HOHFW >6DYH@ ½ 8VH WKH NH\SDG RQ WKH 7RXFK 6FUHHQ WR HQWHU D QDPH RI XS WR FKDUDFWHUV 6HOHFW >1H[W 0DLOER[@ WR SURJUDPPH DQRWKHU PDLOER[ 6HOHFW >3UHYLRXV 0DLOER[@ WR UHWXUQ WR D SUHYLRXV PDLOER[ 6HOHFW >6DYH@ DQG WKHQ >&ORVH@ +,17 6HOHFW &KDQJH .
½ 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV ½ ½ 0DNH FKDQJHV DV UHTXLUHG ½ $FFHVV )D[ 7HUPLQDO 6HWXSV DV GHVFULEHG RQ ³)D[ 7HUPLQDO 6HWXSV´ RQ SDJH ½ 6HOHFW >)D[ )LOH 0DQDJHPHQW@ 6HOHFW >6DYH@ 0DLOER[ )LOHV 'LVSOD\V D OLVW RI ID[ MREV WKDW ZHUH XQVXFFHVVIXO DIWHU DWWHPSWLQJ WR VHQG WKH MRE D VSHFLILHG QXPEHU RI WLPHV GHSHQGLQJ RQ FXUUHQW VHWWLQJV ½ ½ 6HOHFW >0DLOER[ )LOHV@ 6HOHFW WKH UHTXLUHG GHIDXOW VHWWLQJ 5HIHU WR WKH IROORZLQJ GHVFULSWLRQV I
)LOHV IRU 3ROOLQJ &RQWDLQV GDWD IRU GRFXPHQWV VFDQQHG DQG VWRUHG LQ PHPRU\ LQ RUGHU WR VHQG WKHP WR D UHPRWH WHUPLQDO ZKHQ SROOHG 5HIHU WR WKH IROORZLQJ GHVFULSWLRQ IRU PRUH LQIRUPDWLRQ ½ ½ 6HOHFW >)LOHV IRU 3ROOLQJ@ ½ 6HOHFW >6DYH@ 6HOHFW >&ORVH@ 6HOHFW WKH UHTXLUHG GHIDXOW VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV $XWR 'HOHWH .
½ ½ 6HWXSV $FFHVV )D[ &RPPXQLFDWLRQ 6HWXSV 6HOHFW >)D[ 6HWXSV@ 6HOHFW >)D[ &RPPXQLFDWLRQ 6HWXSV@ 127( 2QO\ WKRVH VHOHFWLRQV UHOHYDQW WR WKH SURGXFW FRQILJXUDWLRQ ZLOO EH DYDLODEOH 2XWJRLQJ )D[ 2SWLRQV ½ 6HOHFW >2XWJRLQJ )D[ 2SWLRQV@ ½ 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV ½ ½ 0DNH FKDQJHV DV UHTXLUHG 6HOHFW >6DYH@ 'LDOOLQJ 7\SH 7KLV VHWWLQJ SURJUDPPHV D WRQH RU SXOVH GLDOOLQJ 127( 7KLV IHDWXUH LV UHVWULFWHG LQ VRPH DUHDV 7RQH 336 SXOVH S
½ ½ 6HOHFW >'LDOOLQJ 7\SH@ ½ ½ 6HOHFW WKH GHVLUHG RSWLRQ ,I QHFHVVDU\ VHOHFW >/LQH @ RU >/LQH @ 6HOHFW >6DYH@ 3DXVH 7LPH 7KLV IHDWXUH VHWV WKH DPRXQW RI WLPH IRU GLDO SDXVHV ½ ½ 6HOHFW >3DXVH 7LPH@ 6HOHFW WKH VFUROO EXWWRQV WR VHOHFW D SDXVH WLPH LQ VHFRQGV 5HGLDO 0DQDJHPHQW 5HGLDO &RXQW 5HGLDO ,QWHUYDO VHWV WKH QXPEHU RI WLPHV WKH PDFKLQH ZLOO DXWRPDWLFDOO\ DWWHPSW D UHGLDO LI D FRQQHFWLRQ FDQQRW EH PDGH VHWV WKH WLPH LQWHUYDOV LQ PLQXWHV EHWZHHQ UHGLDOV 127( 7KLV IHDWXUH LV UHV
6HOHFW >5HGLDO 0DQDJHPHQW@ ½ ½ 6HOHFW >5HGLDO &RXQW@ ½ 6HOHFW >6DYH@ ½ ½ 6HOHFW >5HGLDO ,QWHUYDO@ ½ 6HOHFW >6DYH@ 6HWXSV ½ 6HOHFW WKH VFUROO EXWWRQV WR VHOHFW WKH QXPEHU RI UHGLDO DWWHPSWV 6HOHFW WKH VFUROO EXWWRQV WR VHOHFW WKH HODSVHG WLPH LQ PLQXWHV EHWZHHQ UHGLDOV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
/LQH 0RQLWRU /LQH 0RQLWRU ½ ½ 6HOHFW >/LQH 0RQLWRU@ ½ 6HOHFW >6DYH@ WR FRQWLQXH DXGLEO\ PRQLWRUV D WUDQVPLVVLRQ WKURXJK WKH LQWHUQDO VSHDNHU XQWLO D FRQQHFWLRQ LV PDGH $IWHU FRQQHFWLRQ WKH OLQH PRQLWRU LV UHPRYHG 6HOHFW >2Q@ WR HQDEOH WKLV IHDWXUH RU >2II@ WR VZLWFK WKLV IHDWXUH RII /LQH 0RQLWRU 9ROXPH ½ ,I >/LQH 0RQLWRU@ LV VHW WR >2Q@ VHOHFW >/LQH 0RQLWRU 9ROXPH@ ½ 6HOHFW WKH YROXPH VHWWLQJ UHTXLUHG ½ 6HOHFW >6DYH@ 3DJH VHWV D GHIDXOW YROXPH IRU OLQH PRQLWRULQJ DV +L
7UDQVPLWV VHYHUDO SHQGLQJ GRFXPHQWV WR RQH GHVWLQDWLRQ GXULQJ D VLQJOH SKRQH FDOO ½ ½ 6HOHFW >%DWFK 6HQG@ 6HOHFW >2Q@ WR HQDEOH WKLV IHDWXUH RU >2II@ WR VZLWFK WKLV IHDWXUH RII 5HVHQG &RXQW 6HWV WKH QXPEHU RI DWWHPSWV WKDW FDQ EH PDGH WR DXWRPDWLFDOO\ UH WUDQVPLW D IDLOHG SDJH LI D SDJH HUURU RFFXUV ½ ½ 6HOHFW >5HVHQG &RXQW@ ½ 6HOHFW >6DYH@ 6HOHFW WKH QXPEHU RI DWWHPSWV WKH PDFKLQH VKRXOG PDNH WR VHQG D IDLOHG SDJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 6HWXSV %DW
,QFRPLQJ )D[ 2SWLRQV ½ 6HOHFW DQ\ EXWWRQ WR FKDQJH WKH VHWWLQJ D GHVFULSWLRQ RI HDFK IROORZV ½ ½ 0DNH FKDQJHV DV UHTXLUHG ½ $FFHVV )D[ &RPPXQLFDWLRQ 6HWXSV DV GHVFULEHG RQ ³)D[ &RPPXQLFDWLRQ 6HWXSV´ RQ SDJH ½ 6HOHFW >,QFRPLQJ )D[ 2SWLRQV@ 6HOHFW >6DYH@ $XWR $QVZHU 'HOD\ 6HWV WKH GHOD\ LQ VHFRQGV EHIRUH LQFRPLQJ FDOOV DUH DXWRPDWLFDOO\ DQVZHUHG 127( 7KLV IHDWXUH LV UHVWULFWHG LQ VRPH DUHDV ½ ½ 6HOHFW >$XWR $QVZHU 'HOD\@ 6HOHFW WKH VFUROO EXWWRQV WR VHW WKH WLPH GHOD\ EHIRUH
½ ½ 6HWXSV 5LQJ 9ROXPH 6HOHFW >5LQJ 9ROXPH@ 6HOHFW >+LJK@ >1RUPDO@ RU >/RZ@ DV WKH GHIDXOW ULQJ YROXPH -XQN )D[ 3UHYHQWLRQ 7KLV IHDWXUH SURJUDPPHV WKH PDFKLQH WR RQO\ DFFHSW LQFRPLQJ ID[ GRFXPHQWV IURP UHPRWH PDFKLQHV ZKRVH /RFDO ,' QXPEHUV DUH SURJUDPPHG LQWR WKH 'LDO 'LUHFWRU\ $OO RWKHU ID[ GRFXPHQWV DUH UHMHFWHG WKHUHE\ HQVXULQJ MXQN ID[ GRFXPHQWV VXFK DV DGYHUWLVHPHQWV DQG FLUFXODUV DUH QRW UHFHLYHG ½ 6HOHFW >-XQN )D[ 3UHYHQWLRQ@ ½ 6HOHFW >2Q@ WR HQDEOH WKLV IHDWXUH DQG >2II@ WR VZ
5HFHLYH +HDGHU 3ULQW :KHQ HQDEOHG WKH PDFKLQH DXWRPDWLFDOO\ SULQWV LQIRUPDWLRQ DERXW WKH WUDQVPLWWLQJ PDFKLQH RQ WKH WRS RI HDFK SDJH ½ 6HOHFW >5HFHLYH +HDGHU 3ULQW@ ½ 6HOHFW >2Q@ RU >2II@ 6HFXUH )D[ 5HFHLYH 7KLV IHDWXUH HQVXUHV WKDW LQFRPLQJ ID[HV DUH WUHDWHG DV VHFXUH ID[HV ½ 6HOHFW >6HFXUH )D[ 5HFHLYH@ ½ 6HOHFW >2Q@ RU >2II@ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
:KHUH PRUH WKDQ RQH OLQH LV FRQQHFWHG WR WKH '& WKLV IHDWXUH HQDEOHV RQH OLQH WR EH UHVHUYHG IRU LQFRPLQJ ID[ GRFXPHQWV 127( ,W LV UHFRPPHQGHG WKDW /LQH LV XVHG WR UHFHLYH ID[HV DQG /LQH VHW WR WUDQVPLW DQG UHFHLYH ID[HV ½ 6HOHFW >/LQH 8VH 5HVWULFWLRQ@ ½ ½ 6HOHFW >/LQH @ RU >/LQH @ ½ $OWHUQDWLYHO\ VHOHFW >7UDQVPLW DQG 5HFHLYH@ WR HQDEOH WKH FKRVHQ OLQH WR DFFHSW LQFRPLQJ DQG RXWJRLQJ ID[ GRFXPHQWV ½ 6HOHFW >6DYH@ DQG WKHQ >&ORVH@ 6HOHFW >5HFHLYH 2QO\@ WR UHVHUYH
$XGLWURQ 6HWXSV 7KH $XGLWURQ IHDWXUH HQDEOHV PDFKLQH XVDJH WR EH WUDFNHG DQG RU FRQWUROOHG SUHYHQWLQJ XQDXWKRULVHG DFFHVV WR WKH PDFKLQH DQG HQDEOLQJ UHFKDUJHV IRU SULQWV WR EH DSSOLHG 7KH RSWLRQV DYDLODEOH DUH GHVFULEHG EHORZ WKH FKRVHQ RSWLRQ PXVW LQLWLDOO\ EH HQDEOHG E\ WKH ;HUR[ 6HUYLFH UHSUHVHQWDWLYH 127( 7KH GHIDXOW SDVVZRUG LV ZKLFK PD\ EH XVHG LI 3,1V KDYH QRW \HW EHHQ DVVLJQHG 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ RQ WKH FRQWURO SDQHO ½ (QWHU
$FFHVV $XGLWURQ 6HWXSV ½ 6HOHFW >$FFHVV@ WKH &RQWURO 3DQHO RQ $ SRS XS ZLQGRZ ZLOO EH GLVSOD\HG RQ WKH 7RXFK 6FUHHQ ½ 6HOHFW > @ RQ WKH &RQWURO 3DQHO DQG XVH WKH QXPEHU NH\SDG WR HQWHU DQ $XGLWURQ $GPLQLVWUDWRU 3,1 ½ 6HOHFW >(QWHU@ LQ WKH SRS XS ZLQGRZ ½ 6HOHFW >$XGLWURQ 6HWXSV@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 6HWXSV )RU IXUWKHU LQIRUPDWLRQ DERXW SULYLOHJHV SOHDVH UHIHU WR ³$FFHVV 5LJKWV´ RQ SDJH
½ 6HOHFW WKH RSWLRQ UHTXLUHG )RU ,QWHUQDO $XGLWURQ UHIHU WR ³,QWHUQDO $XGLWURQ´ RQ SDJH )RU ([WHUQDO &RQWURO 'HYLFH UHIHU WR ³)RUHLJQ ,QWHUIDFH 'HYLFH´ RQ SDJH )RU ([WHUQDO $FFRXQWLQJ UHIHU WR ³-RE %DVHG $FFRXQWLQJ RSWLRQDO ´ RQ SDJH ,QWHUQDO $XGLWURQ ,QWHUQDO $XGLWURQ VHWXSV FRYHUV WKH IROORZLQJ WRSLFV 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH $XGLWURQ (QDEOH 6HWXSV²WR VHW XS WKH $XGLWURQ IRU RQH RU PRUH VHUYLFHV
6HWXSV ½ $FFHVV $XGLWURQ 6HWXSV 127( 7KH VFUHHQ PD\ VKRZ PRUH RSWLRQV GHSHQGHQW RQ FRQILJXUDWLRQ ½ 6HOHFW >,QWHUQDO $XGLWURQ@ ½ 6HOHFW >$XGLWURQ (QDEOH 6HWXSV@ ½ 6HOHFW WKH VHUYLFHV WR EH HQDEOHG RU GLVDEOHG IRU WKH $XGLWURQ VHH EHORZ ½ 6HOHFW >6DYH@ &RS\ )D[ HQDEOHV GLVDEOHV $XGLWURQ IRU &RS\ MREV HQDEOHV GLVDEOHV $XGLWURQ IRU )D[ MREV 127( 7KH FKRLFH DYDLODEOH ZLOO GHSHQG RQ WKH PDFKLQH FRQILJXUDWLRQ IRU H[DPSOH LI WKH PDFKLQH GRHV QRW KDYH )D[ FDSDELOLW\ WKHQ WKH )D[ R
½ ½ ½ 6HOHFW >,QWHUQDO $XGLWURQ@ ½ 6HOHFW >6DYH@ 6HOHFW >$FFRXQW 6HWXSV@ 0DNH VHOHFWLRQV DV UHTXLUHG VHH EHORZ IRU D GHVFULSWLRQ RI HDFK $GG 0RGLI\ $FFRXQWV 7R DGG DQ DFFRXQW ½ ½ 6HOHFW >$GG $FFRXQW@ ½ 6HOHFW >6DYH@ (QWHU WKH DFFRXQW QXPEHU EHWZHHQ DQG GLJLWV ORQJ XVLQJ WKH VFUHHQ NH\SDG 7R PRGLI\ DQ DFFRXQW ½ 6HOHFW WKH DFFRXQW QXPEHU DQG VHOHFW >0RGLI\ $FFRXQW@ ½ 6HOHFW WKH VHUYLFHV DQG FRS\ OLPLWV IRU WKH VHOHFWHG DFFRXQW ½ 6HOHFW >6DYH@ 3DJH ;HUR
XVH WKH SRSXS NH\SDG WR HQWHU D OLPLW LQ XQLWV RI WR UHVWULFW WKH QXPEHU RI SULQWV ZKLFK FDQ EH DVVLJQHG WR WKLV DFFRXQW IRU DOO WKH VHUYLFHV VHOHFWHG &KDQJH /LPLW XVH WKH SRSXS NH\SDG WR HQWHU D OLPLW LQ XQLWV RI WR UHVWULFW WKH QXPEHU RI SULQWV ZKLFK FDQ EH DVVLJQHG WR WKLV DFFRXQW IRU HDFK VHUYLFH VHOHFWHG 1R /LPLW 1RW $OORZHG VHOHFW WKLV EXWWRQ WR DVVLJQ QR UHVWULFWLRQ RQ WKH QXPEHU RI SULQWV IRU WKLV DFFRXQW IRU HDFK VHUYLFH VHOHFWHG D YDOXH RI ZLOO EH GLVSOD\HG 1R SULQWV FDQ EH
5HVHW $OO &RXQWHUV ½ 7R UHVHW WKH FRXQWHUV IRU $// $&&28176 WR ]HUR VHOHFW >5HVHW $OO &RXQWHUV@ DW WKH WRS RI WKH VFUHHQ ½ ½ 6HOHFW >&RQILUP@ 6HOHFW >&ORVH@ WR FRQWLQXH 5HVHW $OO /LPLWV ½ 7R UHVHW WKH OLPLWV IRU $// $&&28176 WR ]HUR VHOHFW WKH >5HVHW $OO /LPLWV@ ½ ½ 6HOHFW >&RQILUP@ 6HOHFW >&ORVH@ 'HOHWH $OO $FFRXQWV ½ 7R GHOHWH $// $&&28176 VHOHFW >'HOHWH $OO $FFRXQWV@ ½ ½ 6HOHFW >&RQILUP@ 6HOHFW >&ORVH@ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
7KLV IHDWXUH VHWV PDFKLQH EHKDYLRXU ZKHQ WKH XVHU¶V DFFRXQW OLPLW KDV EHHQ UHDFKHG :KHQ WKH OLPLW LV UHDFKHG WKH PDFKLQH ZLOO HLWKHU VWRS WKH FXUUHQW MRE LPPHGLDWHO\ RU OHW WKH MRE ILQLVK DQG JR RYHU WKH OLPLW ½ ½ ½ 6HOHFW >-RE /LPLW 3ROLF\@ ½ 6HOHFW >6DYH@ 6HOHFW >,QWHUQDO $XGLWURQ@ 6HOHFW WKH SUHIHUUHG RSWLRQ VHH EHORZ IRU D GHVFULSWLRQ RI HDFK 7HUPLQDWH ,PPHGLDWHO\ WKH PDFKLQH ZLOO VWRS WKH MRE DV VRRQ DV WKH DFFRXQW OLPLW KDV EHHQ UHDFKHG )RU WKH &RS\ IHDWXUH DQ\ SDJHV FRPPLWWH
½ ½ 6HOHFW >$FFRXQW 6XPPDU\@ 0DNH VHOHFWLRQV DQG FKDQJHV DV UHTXLUHG 6HH WKH IROORZLQJ SDJH IRU GHWDLOV 6FUROO /LVW 6HDUFK &RXQWHUV DQG /LPLWV 'LVSOD\ &OHDU &RXQWHUV XVH WKH VFUROO EXWWRQV WR DFFHVV HDFK DFFRXQW WR UHYLHZ WKH FRXQWHUV DVVRFLDWHG ZLWK WKDW DFFRXQW 7KH VFUROO OLVW GLVSOD\V DOO DFFRXQWV LQ QXPHULFDO RUGHU ZLWK WKH ORZHVW DFFRXQW QXPEHU DSSHDULQJ DW WKH WRS RI WKH OLVW WR DFFHVV D SDUWLFXODU DFFRXQW VHOHFW >6HDUFK@ HQWHU WKH DFFRXQW QXPEHU DQG VHOHFW >6DYH@ WKLV GLVSOD\ SURYL
7R GRZQORDG DFFRXQW LQIRUPDWLRQ VHOHFW >'RZQORDG $OO $FFRXQWV@ $ PHVVDJH ZLOO DSSHDU FRQILUPLQJ WKDW WKH GRZQORDG LV LQ SURJUHVV ½ 2Q FRPSOHWLRQ D FRQILUPDWLRQ PHVVDJH ZLOO EH GLVSOD\HG ½ 6HOHFW >&ORVH@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 6HWXSV ½ 3DJH
-RE %DVHG $FFRXQWLQJ RSWLRQDO 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH &RQWURO 3DQHO ½ (QWHU $XGLWURQ $GPLQLVWUDWRU 3,1 VHH 127( ½ 6HOHFW >$XGLWURQ 6HWXSV@ ½ 6HOHFW >([WHUQDO $FFRXQWLQJ@ -RE %DVHG $FFRXQWLQJ LV DQ RSWLRQDO H[WHUQDO DFFRXQWLQJ V\VWHP LQVWDOOHG YLD D IORSS\ GLVF DQG VHW XS E\ WKH 6\VWHP $GPLQLVWUDWRU ,W FDQ EH XVHG IRU &RS\ (PEHGGHG )D[ /DQ)D[ 6HUYHU )D[ ( PDLO 3ULQW DQG 6FDQ MREV 127( 7KH VHW RI GDWD FROOHFWHG IRU DFFRXQ
6HWXSV (QDEOH WKH VRIWZDUH XVLQJ WKH IORSS\ GLVF &RQILJXUH WKH 7KLUG 3DUW\ $FFRXQWLQJ 6\VWHP $W WKH PDFKLQH HQDEOH -RE %DVHG $FFRXQWLQJ ½ ½ $FFHVV $XGLWURQ 6HWXSV 6HOHFW >([WHUQDO $FFRXQWLQJ@ 0DNH VHOHFWLRQV DV UHTXLUHG D GHVFULSWLRQ RI HDFK IROORZV (QDEOH 'LVDEOH HQDEOHV GLVDEOHV -RE %DVHG $FFRXQWLQJ 8VHU ,' 'LVSOD\ GLVSOD\V WKH XVHU ,' 7KLV FDQ EH VHW DV 2SHQ 7H[W RU 6HFXUH ,I 6HFXUH LV VHOHFWHG WKH FKDUDFWHUV HQWHUHG ZLOO EH GLVSOD\HG DV $FFRXQW ,' 'LVSOD\ GLVSOD\V
)RUHLJQ ,QWHUIDFH 'HYLFH 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH $ )RUHLJQ ,QWHUIDFH 'HYLFH PLJKW EH D FRLQ RSHUDWHG GHYLFH D ELOO DFFHSWRU D FDUG UHDGHU RU D QHWZRUN FRQWUROOHG WUDFNLQJ V\VWHP LQVWDOOHG RQ WKH V\VWHP 7KH GHYLFH PXVW LQLWLDOO\ EH HQDEOHG E\ WKH ;HUR[ UHSUHVHQWDWLYH 7KLV GHYLFH FRQWUROV &RSLHU SULQW VHUYLFHV RQO\ &RQWURO 3DQHO ½ $FFHVV $XGLWURQ 6HWXSV 5HIHU WR ³$FFHVV $XGLWURQ 6HWXSV´ RQ SDJH IRU PRUH LQIRUPDWLRQ $GPLQL
0RQLWRU ZLWK OLPLWV WR VHW WKH GHYLFH WR WUDFN WKH XVDJH RI WKH PDFKLQH EXW QRW WR OLPLW XVHUV WR D QXPEHU RI FRSLHV RU SULQWV WR VHW WKH GHYLFH WR WUDFN WKH XVDJH RI WKH PDFKLQH EXW OLPLW XVHUV WR D QXPEHU RI FRSLHV RU SULQWV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 6HWXSV 0RQLWRU ZLWKRXW OLPLWV
$FFHVV 5LJKWV 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH &RQWURO 3DQHO ½ (QWHU 2ZQHU 3,1 VHH 127( ½ 6HOHFW >$GGLWLRQDO 6HWXSV@ LI QHFHVVDU\ ½ 6HOHFW >$FFHVV 5LJKWV 6HWXSV@ 3HUVRQDO ,GHQWLILFDWLRQ 1XPEHUV 3,1V DQG SULYLOHJHV DUH DVVLJQHG WR XVHUV ZKR QHHG WR DFFHVV WKH 6HWXS 7RROV 8S WR 3,1V HDFK EHWZHHQ DQG GLJLWV ORQJ PD\ EH DVVLJQHG 7KHUH DUH GLIIHUHQW OHYHOV RI SULYLOHJHV GHSHQGLQJ RQ PDFKLQH FRQILJXUDWLRQ .
.H\ 2SHUDWRU 6\VWHP $GPLQLVWUDWRU $XGLWURQ $GPLQLVWUDWRU 2ZQHU 0DFKLQH 6HWXSV
3,1 .
½ 6HOHFW >$FFHVV@ WKH &RQWURO 3DQHO 6HWXSV $VVLJQ 3ULYLOHJHV RQ $ SRS XS ZLQGRZ ZLOO EH GLVSOD\HG RQ WKH 7RXFK 6FUHHQ ½ 6HOHFW > @ RQ WKH &RQWURO 3DQHO DQG HQWHU D 3,1 ZLWK 2ZQHU 3ULYLOHJHV ½ 6HOHFW >(QWHU@ LQ WKH SRS XS ZLQGRZ 127( 7KH IDFWRU\ GHIDXOW SDVVZRUG LV 7KLV SDVVZRUG LV XVHG LQLWLDOO\ SULRU WR QHZ 3,1V EHLQJ DVVLJQHG 7R SUHYHQW XQDXWKRULVHG DFFHVV LW LV UHFRPPHQGHG \RX FKDQJH WKLV SDVVZRUG 3OHDVH FRQWDFW \RXU ;HUR[ 6HUYLFH 5HSUHVHQWDWLYH IRU IXUWKHU DVVLVW
$GG 3LQ ½ ½ 6HOHFW >$GG 3LQ@ ½ 6HOHFW >6DYH@ 8VLQJ WKH SRS XS NH\SDG HQWHU D QXPEHU EHWZHHQ DQG GLJLWV 6HW 8VHU 3ULYLOHJHV ½ 8VH WKH VHDUFK IDFLOLW\ RU VFUROO EXWWRQV WR VHOHFW WKH XVHU SLQ QXPEHU IRU WKH XVHU ZKRVH SULYLOHJHV DUH WR EH VHW RU PRGLILHG ½ 6HOHFW WKH GHVLUHG EXWWRQ V WR DGG RU UHPRYH SULYLOHJHV 5HIHU WR SDJH IRU D GHVFULSWLRQ RI HDFK ½ 6HOHFW >&RQILUP@ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
½ 8VH WKH VHDUFK IDFLOLW\ RU VFUROO EXWWRQV WR VHOHFW WKH 8VHU 3,1 QXPEHU WR EH GHOHWHG ½ ½ 6HOHFW >'HOHWH 3,1@ 6HWXSV 'HOHWH 3,1 6HOHFW >&RQILUP@ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
6HUYLFH $FFHVV &RQWURO $XWKHQWLFDWLRQ 0RGH 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH &RQWURO 3DQHO ½ (QWHU WKH 6\VWHP $GPLQLVWUDWRU 3,1 ½ 6HOHFW >$GGLWLRQDO $XWKHQWLFDWLRQ LV DQ RSWLRQDO IHDWXUH DYDLODEOH RQ D QHWZRUN FRQQHFWHG '& $XWKHQWLFDWLRQ UHVWULFWV DFFHVV WR 6HUYHU )D[ 1HWZRUN 6FDQQLQJ DQG ( PDLO 8VHUV ZLOO EH UHTXLUHG WR HQWHU D QDPH DQG RU SDVVZRUG WR DFFHVV WKHVH VFUHHQV 127( ,I D XVHU LV ORJJHG RQ WR 1HWZRUN $FFRXQWLQJ R
4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH &RQWURO 3DQHO 1HWZRUN 6FDQQLQJ LV DQ RSWLRQDO IHDWXUH DYDLODEOH RQ D QHWZRUN FRQQHFWHG '& :KHQ HQDEOHG WKLV IHDWXUH DOORZV XVHUV WR VFDQ KDUG FRS\ GRFXPHQWV DW WKH '& DQG VWRUH WKH LPDJHV RQ D 1HW:DUH RU 7&3 ,3 ILOH VHUYHU 127( 5HIHU WR WKH '& 6\VWHP $GPLQLVWUDWLRQ *XLGH IRU PRUH LQIRUPDWLRQ ½ (QWHU WKH 6\VWHP $GPLQLVWUDWRU 3,1 ½ 6HOHFW >1HWZRUN 6FDQQLQJ@ -RE 7HPSODW
,I )LOH $OUHDG\ ([LVWV $OORZV WKH 6\VWHP $GPLQLVWUDWRU WR VHOHFW WKH )LOLQJ 3ROLF\ FRQWDLQHG LQ WKH GHIDXOW WHPSODWH 7KH )LOLQJ 3ROLF\ GHWHUPLQHV KRZ WKH VFDQQHG ILOH ZLOO EH VWRUHG LQ WKH UHSRVLWRU\ DQG LV UHIHUUHG WR µ,I )LOH $OUHDG\ ([LVWV¶ RQ WKH 'RFXPHQW &HQWUH &RQILUPDWLRQ 6KHHW 7KH &RQILUPDWLRQ 6KHHW SULQWV D VXPPDU\ RI GHWDLOV DVVRFLDWHG ZLWK WKH VFDQQLQJ DQG GLVWULEXWLRQ RI D 1HWZRUN 6FDQQLQJ MRE 8SGDWH $OO 7HPSODWHV $SSOLHV WKH FKDQJHV WR DOO WKH WHPSODWHV 3XEOLF 5HSRVLWRU\ 8S
4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH 3ULQW 6HWXSV RSWLRQV DUH VHW XS E\ WKH 6\VWHP $GPLQLVWUDWRU 7KHVH VHWXSV DQG GHIDXOWV DUH UHOHYDQW WR WKH '& DV D IXOO\ QHWZRUNHG SULQWHU 127( 5HIHU WR WKH '& 6\VWHP $GPLQLVWUDWLRQ *XLGH IRU PRUH LQIRUPDWLRQ &RQWURO 3DQHO ½ (QWHU WKH 6\VWHP $GPLQLVWUDWRU 3,1 ½ 6HOHFW >3ULQW 6HWXSV@ 3RUW 6HWXSV VHW XS WKH UHTXLUHG SRUW RQ WKH V\VWHP (WKHUQHW 3DUDOOHO 3RUW RU 7RNHQ 5LQJ DUH WKH
3ULQWHU 6HWXSV 6HWV XS WKH IROORZLQJ RSWLRQV RQ WKH PDFKLQH %DQQHU 6KHHW D FRYHU VKHHW WKDW LV SULQWHG ZLWK WKH MRE 6WDUW 3DJH VSHFLILHV ZKHWKHU RU QRW D VWDUWXS SDJH LV DXWRPDWLFDOO\ SULQWHG HDFK WLPH WKH PDFKLQH LV SRZHUHG RQ -RE 6HWWLQJV FXVWRPLVHV WKH 1XPEHU RI &RSLHV &ROODWHG 6HWV 6LGHV 3ULQWHG RU ,PDJH 4XDOLW\ IHDWXUHV 7UD\ 6HWWLQJV XVHG WR DVVLJQ WKH GHIDXOW 7UD\ 3ULRULW\ HQDEOH RU GLVDEOH $XWR 7UD\ 6ZLWFKLQJ DQG VSHFLI\ WKH 'HVWLQDWLRQ 7UD\ 127( 7KLV IHDWXUH LV QRW DYD
$OORZV XVHUV WR EH DVVLJQHG WR D VSHFLILHG ELQ 7KHUH DUH ELQV DYDLODEOH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 6HWXSV 7RZHU 0DLOER[ 6HWXSV
( PDLO 6HWXSV 4XLFN 3DWKZD\ ½ 6HOHFW >$FFHVV@ RQ WKH &RQWURO 3DQHO ½ 6HOHFW > @ EXWWRQ RQ WKH &RQWURO 3DQHO ½ (QWHU WKH 6\VWHP ( PDLO LV DQ RSWLRQDO IHDWXUH DYDLODEOH RQ D QHWZRUN FRQQHFWHG '& :KHQ HQDEOHG WKLV IHDWXUH DOORZV XVHUV WR H PDLO WR VFDQ DQ RULJLQDO GRFXPHQW FRQYHUW WKH VFDQQHG GRFXPHQW WR DQ HOHFWURQLF IRUPDW DQG WKHQ VHQG WKDW LQIRUPDWLRQ WR RQH RU PRUH H PDLO DGGUHVV GHVWLQDWLRQV 127( 5HIHU WR WKH '& 6\VWHP $GPLQLVWUDWLRQ *XLGH IRU PRUH LQIRUPDWLRQ
0DLQWHQDQFH 0DLQWHQDQFH 7KHUH ZLOO EH WLPHV ZKHQ WKH PDFKLQH ZLOO UHTXLUH PDLQWHQDQFH WDVNV WR EH FDUULHG RXW ,QIRUPDWLRQ FRQWDLQHG LQ WKLV FKDSWHU ZLOO DVVLVW LQ WKHVH WDVNV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
2UGHULQJ 6XSSOLHV $ YDULHW\ RI VXSSOLHV VXFK DV WKH &RS\ 3ULQW &DUWULGJH FOHDQLQJ VROXWLRQV HGLWLQJ PDUNHUV DQG VWDSOHV DUH DYDLODEOH IRU WKH '& 7R REWDLQ VXSSOLHV FRQWDFW WKH ORFDO ;HUR[ RIILFH JLYLQJ WKH FRPSDQ\ QDPH WKH SURGXFW QXPEHU DQG LW¶V VHULDO QXPEHU 8VH WKH VSDFH EHORZ WR UHFRUG WKH WHOHSKRQH QXPEHU 6XSSOLHV 7HOHSKRQH 1XPEHU 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
3URSHU PDLQWHQDQFH LV LPSRUWDQW IRU WKH VPRRWK RSHUDWLRQ RI DQ\ HTXLSPHQW &$87,21 :KHQ FOHDQLQJ WKH '& GR QRW XVH RUJDQLF RU VWURQJ FKHPLFDO VROYHQWV RU DHURVRO FOHDQHUV 'R QRW SRXU IOXLGV GLUHFWO\ RQWR DQ\ DUHD $YRLG VXSSOLHV WKDW DUH QRW VSHFLILFDOO\ OLVWHG DV DSSURYHG LQ WKLV GRFXPHQWDWLRQ WKH\ FDQ FDXVH SRRU SHUIRUPDQFH DQG FUHDWH D GDQJHURXV FRQGLWLRQ 8VH VXSSOLHV DQG FOHDQLQJ PDWHULDOV RQO\ DV GLUHFWHG LQ WKLV GRFXPHQWDWLRQ .
½ 7R FOHDQ WKH JODVV DUHDV XVH D OLQW IUHH FORWK OLJKWO\ GDPSHQHG ZLWK ZDWHU RU ;HUR[ /HQV DQG 0LUURU &OHDQHU ½ &OHDQ WKH ZKLWH WDEV ORFDWHG RQ WKH XQGHU VLGH RI WKH 'RFXPHQW &RYHU DQG LQ WKH 'RFXPHQW )HHGHU WR UHPRYH WRQHU VPXGJHV DQG RWKHU PDUNV 7KH &RQWURO 3DQHO DQG 7RXFK 6FUHHQ 5HJXODU FOHDQLQJ NHHSV WKH WRXFK VFUHHQ DQG &RQWURO 3DQHO IUHH IURP GXVW DQG GLUW 7R UHPRYH ILQJHU SULQWV DQG VPXGJHV FOHDQ WKH FRQWURO SDQHO DQG WRXFK VFUHHQ ZLWK D VRIW OLQW IUHH FORWK OLJKWO\ GDPSHQHG
7KH &RS\ 3ULQW &DUWULGJH LV D FXVWRPHU UHSODFHDEOH XQLW 7KLV DVVHPEO\ KROGV WKH WRQHU IRU WKH '& $IWHU DSSUR[LPDWHO\ FRSLHV SULQWV WKH WRXFK VFUHHQ ZLOO GLVSOD\ D PHVVDJH WKDW LW LV WLPH WR RUGHU D QHZ FDUWULGJH :KHQ WKLV PHVVDJH DSSHDUV PDNH VXUH WKDW D QHZ FDUWULGJH LV RUGHUHG 'R QRW UHSODFH WKH FDUWULGJH DW WKLV SRLQW ZDLW XQWLO WKH UHSODFH FDUWULGJH PHVVDJH DSSHDUV &$87,21 :KHQ RUGHULQJ D QHZ &RS\ 3ULQW &DUWULGJH PDNH VXUH WKH FRUUHFW FDUWULGJH LV RUGHUHG IRU WKH 'RFXPH
½ 6OLGH WKH )LQLVKHU DQG RU +LJK &DSDFLW\ )HHGHU DZD\ IURP WKH PDFKLQH ½ 7R RSHQ WKH 'XSOH[ 0RGXOH GRRU UHOHDVH WKH OHYHU ORFDWHG DW WKH IURQW RI WKH 'XSOH[ 0RGXOH RSWLRQDO RQ WKH '& 127( 7KH 'XSOH[ 0RGXOH ZLOO QRW EH DYDLODEOH RQ WKH '& FDELQHW FRQILJXUDWLRQ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
5HOHDVH WKH KDQGOH WR RSHQ WKH 8SSHU /HIW 'RRU ½ 3XOO WKH /HIW )URQW &RYHU RSHQ WRZDUGV \RX ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 0DLQWHQDQFH ½ 3DJH
½ +ROGLQJ WKH FRORXUHG OHYHU DV VKRZQ VOLGH WKH FDUWULGJH RXW XQWLO \RX FDQ WDNH KROG RI WKH KDQGOH RQ WRS RI WKH FDUWULGJH ½ 8VLQJ WKH KDQGOH OLIW WKH FDUWULGJH RXW RI WKH PDFKLQH &$87,21 +ROG WKH HPSW\ &RS\ 3ULQW &DUWULGJH DZD\ IURP \RX WR DYRLG VSLOOLQJ DQ\ WRQHU UHVLGXH 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
7KH 3ULQW &RS\ &DUWULGJH LV GHVLJQHG WR EH UH PDQXIDFWXUHG +RZHYHU UHILOOLQJ WKH FDUWULGJH LV QRW UHFRPPHQGHG EHFDXVH FULWLFDO FRPSRQHQWV PD\ QHHG UHSODFLQJ 7R UHF\FOH XVHG 3ULQW &RS\ &DUWULGJHV UHWXUQ WKHP WR ;HUR[ LQ WKH RULJLQDO SDFNDJLQJ 5HWXUQ ODEHOV DUH LQFOXGHG ZLWK HDFK QHZ FDUWULGJH ,QVHUWLQJ WKH QHZ &RS\ 3ULQW &DUWULGJH ½ 5HPRYH WKH QHZ &RS\ 3ULQW &DUWULGJH IURP WKH ER[ 9LJRURXVO\ VKDNH WKH FDUWULGJH IURP VLGH WR VLGH EHIRUH UHPRYLQJ LW IURP WKH EDJ ½ 5HPRYH WKH SDSHU VWULS S
½ +ROGLQJ WKH FDUWULGJH E\ LWV KDQGOH VOLGH LW LQWR WKH IUDPH LQ WKH PDFKLQH /HW JR RI WKH KDQGOH DV \RX VOLGH WKH &RS\ 3ULQW &DUWULGJH DOO WKH ZD\ WR WKH EDFN RI WKH IUDPH ,W PXVW FOLFN LQWR SODFH ½ 3XOO WKH FRORXUHG WDE WR UHPRYH WKH VHDOLQJ WDSH IURP WKH FDUWULGJH ,W LV ORFDWHG RQ WKH IURQW RI WKH FDUWULGJH &$87,21 7R DYRLG VSLOOV GR QRW UHPRYH WKH VHDOLQJ WDSH XQWLO WKH &RS\ 3ULQW &DUWULGJH LV FRPSOHWHO\ LQ SODFH ½ &ORVH WKH /HIW )URQW &RYHU 127( 7KH /HIW )URQW &RYHU ZLOO Q
;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 0DLQWHQDQFH &$87,21 2FFDVLRQDOO\ DIWHU WKH &RS\ 3ULQW &DUWULGJH LV UHSODFHG WKH ILUVW SDJH SULQWHG LV EODQN 7KLV LV EHFDXVH WKH UROOHU KDV QRW \HW WXUQHG RYHU WR GLVWULEXWH IUHVK WRQHU ,I WKLV KDSSHQV UHSULQW WKH MRE
/RDGLQJ 6WDSOHV )LQLVKHU RSWLRQDO 7KH )LQLVKHU FRQWDLQV DQ DXWRPDWLF VWDSOHU 6WDSOH FDUWULGJHV FRQWDLQ VWDSOHV 7R UHSODFH WKH FDUWULGJH ½ 3UHVV DQG KROG WKH EXWWRQ RQ WRS RI WKH )LQLVKHU WR ORZHU WKH )LQLVKHU 7UD\ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
7KH VWDSOH FDUWULGJH LV ORFDWHG LQVLGH WKH VPDOO GRRU ZKLFK KDV D VWDSOH LPSULQWHG RQ WKH RXWVLGH 3XOO RSHQ WKH GRRU WRZDUGV \RX ½ 7DNH KROG RI WKH FDUWULGJH DV VKRZQ ½ *HQWO\ SXOO RXW WKH FDUWULGJH DQG GLVSRVH RI WKH XQLW ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 0DLQWHQDQFH ½ 3DJH
½ 8QSDFN WKH QHZ VWDSOHU FDUWULGJH ½ 6OLGH WKH QHZ FDUWULGJH LQWR SODFH ½ &ORVH WKH VWDSOH FDUWULGJH GRRU ½ ,I WKH )LQLVKHU WUD\ GRHV QRW ULVH DXWRPDWLFDOO\ SUHVV DQG UHOHDVH WKH EXWWRQ RQ WRS RI WKH )LQLVKHU WR UHWXUQ WKH )LQLVKHU 7UD\ WR LWV RSHUDWLQJ SRVLWLRQ 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
½ 0DLQWHQDQFH &RQYHQLHQFH 6WDSOHU RSWLRQDO :KHQ WKH VWDSOH FDUWULGJH QHHGV UHSODFLQJ RU D VWDSOH MDP RFFXUV WKH LQGLFDWRU OLJKW RQ WKH ULJKW KDQG VLGH RI WKH &RQYHQLHQFH 6WDSOHU ZLOO EH OLW $ FDUWULGJH FRQWDLQV VWDSOHV ,QGLFDWRU OLJKW ½ +ROGLQJ WKH VLGHV RI WKH &RQYHQLHQFH 6WDSOHU GRRU JHQWO\ SXOO WKH GRRU RSHQ WRZDUGV \RX ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
½ 7R UHPRYH WKH XVHG FDUWULGJH KROG WKH VLGHV DQG VOLGH WKH VWDSOH FDUWULGJH VWUDLJKW RXW RI WKH VWDSOHU GR QRW VOLGH DW DQ DQJOH ½ 'LVSRVH RI WKH XVHG FDUWULGJH ½ ½ 8QSDFN WKH QHZ FDUWULGJH ½ 6OLGH WKH QHZ FDUWULGJH LQWR WKH VWDSOHU DQG FORVH WKH VWDSOHU GRRU %HIRUH UHSODFLQJ WKH QHZ FDUWULGJH FKHFN WKH SRVLWLRQ RI WKH ILUVW VWDSOH 7KH VWDSOH VKRXOG EH OD\LQJ IODW DJDLQVW WKH PHWDO VWULNLQJ SODWH ,I WKH VWDSOH LV QRW LQ WKLV SRVLWLRQ RU DSSHDUV GDPDJHG PDQXDOO\ UHPRYH WKH
7KH '& KDV EXLOW LQ LQIRUPDWLRQ WR KHOS LGHQWLI\ DQG PDQDJH HUURU PHVVDJHV DQG SUREOHPV ,W DOVR FRQWDLQV WURXEOHVKRRWLQJ DQG SUREOHP VROYLQJ SURFHGXUHV WR KHOS TXLFNO\ UHVROYH WKH SUREOHP 5HIHU WR WKH LQIRUPDWLRQ FRQWDLQHG LQ WKLV FKDSWHU WR UHVROYH DQ\ SUREOHP VROYLQJ LVVXHV ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 3UREOHP 6ROYLQJ 3UREOHP 6ROYLQJ
)DXOW &OHDUDQFH 3URFHGXUH ,I D IDXOW RU SUREOHP RFFXUV WKHUH DUH VHYHUDO ZD\V LQ ZKLFK WKH W\SH RI IDXOW FDQ EH LGHQWLILHG 2QFH D IDXOW RU SUREOHP LV LGHQWLILHG HVWDEOLVK WKH SUREDEOH FDXVH DQG DSSO\ WKH DSSURSULDWH VROXWLRQ ,I D IDXOW RFFXUV UHIHU WR WKH VFUHHQ PHVVDJHV DQG DQLPDWHG JUDSKLFV DQG FOHDU WKH IDXOW LQ WKH RUGHU VSHFLILHG ,I WKH SUREOHP LV QRW VROYHG E\ IROORZLQJ WKH VFUHHQ PHVVDJHV DQG JUDSKLFV UHIHU WR WKH SUREOHP VROYLQJ WDEOHV RQ WKH IROORZLQJ SDJHV DQG DSSO\ WKH DSSURSULD
0HGLD MDPV KDSSHQ IRU D YDULHW\ RI UHDVRQV &KHFN WKH JXLGHOLQHV EHORZ WR UHGXFH WKH SRWHQWLDO IRU MDPV LQ WKH '& 8VH RQO\ UHFRPPHQGHG PHGLD 5HIHU WR ³3DSHU DQG RWKHU PHGLD´ RQ SDJH DQG ³6SHFLILFDWLRQV´ RQ SDJH IRU D OLVW RI UHFRPPHQGHG PHGLD W\SHV 6WRUH PHGLD DW D WHPSHUDWXUH EHWZHHQ DQG )DKUHQKHLW DQG &HOVLXV 3URWHFW XQXVHG PHGLD E\ VWRULQJ LW LQ LWV ZUDSSHU RQ D IODW VXUIDFH 7KH RULHQWDWLRQ RI WKH PHGLD LQ WKH SDSHU WUD\ PXVW PDWFK WKH RULHQWDWLRQ
3UREOHP 6ROYLQJ 7DEOHV ,I \RX DUH H[SHULHQFLQJ GLIILFXOW\ XVLQJ WKH '& FKHFN WKH VXJJHVWLRQV LQ WKH IROORZLQJ WDEOHV IRU SUREOHP VROYLQJ DGYLFH 6\PSWRP 5HFRPPHQGDWLRQ ½ ½ &KHFN WKH SRZHU FRUG LQVWDOODWLRQ ½ &KHFN WR VHH LI WKH $& RXWOHW LV UHFHLYLQJ YROWDJH &RQQHFW DQRWKHU DSSOLDQFH WR WKH RXWOHW WR YHULI\ WKH YROWDJH 7KH PDFKLQH PDNHV D VTXHDOLQJ QRLVH DIWHU LW SRZHUV 2)) ½ WR PLQXWHV DIWHU SRZHULQJ 2)) WKH PDFKLQH PLJKW PDNH D VTXHDOLQJ QRLVH 7KLV LV D QRUPDO RFFXUUH
5HFRPPHQGDWLRQ ½ 6OLGH WKH )LQLVKHU +LJK &DSDFLW\ )HHGHU DZD\ IURP WKH SULQWHU ½ 2SHQ WKH ORZHU OHIW GRRU DQG WKHQ FORVH LW (QVXUH WKH GRRU LV ODWFKHG VHFXUHO\ LQ SODFH EHIRUH VOLGLQJ WKH )LQLVKHU +LJK &DSDFLW\ )HHGHU EDFN ½ &KHFN WR VHH LI DQ\ SDSHU WUD\V DUH RSHQ ,I D WUD\ LV DMDU WKH PDFKLQH FDQQRW VHQVH LWV FRQQHFWLRQ ½ 2SHQ DQG FORVH HDFK SDSHU WUD\ DQG WKH +LJK &DSDFLW\ )HHGHU SRZHU 2)) WKH PDFKLQH DQG WKHQ SRZHU 21 WKH PDFKLQH 7KH WRXFK VFUHHQ GRHV QRW GLVSOD\ WKH )LQLVKH
6\PSWRP 5HFRPPHQGDWLRQ ½ $ SDSHU FDQ RQO\ EH ORDGHG LQ WKH WUD\V VKRUW HGJH IHHG /RDG WKH $ GRFXPHQW VKRUW HGJH IHHG 7KH PDFKLQH FDQQRW URWDWH DQ LPDJH RQ $ SDSHU ,W RQO\ URWDWHV LPDJHV RQ WR $ ORQJ HGJH IHHG SDSHU ½ 6HOHFW D SHUFHQWDJH IRU HQODUJHPHQW ½ ½ 2SHQ WKH SDSHU WUD\ ½ 0RYH WKH SDSHU WUD\ JXLGHV DJDLQVW WKH SDSHU VR WKDW WKH\ DUH MXVW WRXFKLQJ WKH SDSHU ½ 3RZHU WKH PDFKLQH 2II DQG WKHQ 2Q ½ &KHFN WR VHH LI 7UDQVSDUHQFLHV LV VHOHFWHG RQ WKH WRXFK VFUHHQ 7KH PDFKLQ
5HFRPPHQGDWLRQ 'ULOOHG SDSHU KROHV DUH RQ WKH ZURQJ VLGH ½ )RU WZR VLGHG FRS\LQJ XVLQJ GULOOHG SDSHU ORDG WKH SDSHU WKH RSSRVLWH RI WKH VLQJOH VLGHG FRS\LQJ LQVWUXFWLRQV RQ WKH WUD\ 7KLV LV EHFDXVH WKH PDFKLQH FRSLHV WKH VHFRQG VLGH RI D GRFXPHQW ILUVW %ODQN RXWSXW ½ &KHFN WR VHH LI WKH GRFXPHQW LV ORDGHG IDFH XS LQ WKH 'RFXPHQW )HHGHU ½ ,I WKH &RS\ 3ULQW &DUWULGJH LV QHZ WKH WRQHU PLJKW QRW EH GLVSHQVHG 5HSHDW WKH MRE ½ &KHFN WR VHH LI WKH VHDO WDSH LV UHPRYHG IURP WKH QHZ &RS\ 3UL
6\PSWRP 8VLQJ WKH (GLW IHDWXUH FDXVHV WKH PDFKLQH WR GLVSOD\ D IDXOW 3DJH 5HFRPPHQGDWLRQ ½ 3UHVV ILUPO\ ZKHQ XVLQJ WKH PDUNHU WR HQVXUH WKDW WKH PDFKLQH FDQ GHWHFW WKH HGLW PDUNV ½ 'R QRW VHOHFW ,QWHUUXSW RU 3DXVH ZKHQ XVLQJ (GLW ½ .
6WUHDNV OLQHV VSRWV 25 EODFN VROLG GRWWHG OLQHV RQ HYHU\ RWKHU FRS\ 2XWSXW LV WRR OLJKW RU WRR GDUN ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 5HFRPPHQGDWLRQ ½ &OHDQ WKH 'RFXPHQW *ODVV &97 *ODVV DUHDV XQGHU WKH 3ODWHQ &RYHU WKH 'RFXPHQW )HHGHU DQG WKH SDSHU JXLGHV ½ ,I WKH PDFKLQH KDV EHHQ LGOH IRU DQ H[WHQGHG SHULRG RI WLPH RU LI WKH &RS\ 3ULQW &DUWULGJH LV QHZ EHJLQ WKH MRE DJDLQ ½ ½ ½ 5XQ WKH MRE IURP WKH 'RFXPHQW *ODVV ½ ½ /RDG IUHVK SDSHU ½ ½ ½ /RDG IUHVK SDSHU 5HLQ
6\PSWRP 5HFRPPHQGDWLRQ ½ ,I WKH &RS\ 3ULQW &DUWULGJH LV QHZ WKH WRQHU PD\ QRW EH GLVSHQVHG ½ 5XQ RII PRUH SULQWV XQWLO WKH FRS\ TXDOLW\ KDV LPSURYHG ½ 6HW WKH ,PDJH 4XDOLW\ IHDWXUH WR D GDUNHU VHWWLQJ 8QHYHQ SULQW ½ 5HSODFH WKH &RS\ 3ULQW &DUWULGJH %OXUUHG LPDJHV ½ ½ /RDG IUHVK SDSHU ½ 5HSODFH WKH &RS\ 3ULQW &DUWULGJH ½ ½ /RDG IUHVK SDSHU ½ ½ &KHFN WKH TXDOLW\ RI WKH GRFXPHQWV /LJKW FRSLHV ZKHQ VFDQQLQJ JORVV\ VKLQ\ RU FRDWHG GRFXPHQWV WKURXJK WKH 'RFXPHQW )HHGHU ½ 8VH
:DVKRXW 6ROLG GHQVLW\ YDULDWLRQV 5HFRPPHQGDWLRQ ½ ½ &KHFN WKH TXDOLW\ RI WKH GRFXPHQWV ½ 5HSODFH WKH &RS\ 3ULQW &DUWULGJH ½ ½ &KHFN WKH TXDOLW\ RI WKH GRFXPHQWV ,I WKH LPDJH LV OLJKWHU QHDU WKH ERUGHUV VHOHFW D GDUNHU ,PDJH 4XDOLW\ VHWWLQJ RQ WKH WRXFK VFUHHQ 6HOHFW /LJKWHU RU 'DUNHU RQ WKH WRXFK VFUHHQ ½ 5HSODFH WKH &RS\ 3ULQW &DUWULGJH ½ :KHQ FRS\LQJ D GRFXPHQW IURP D ODUJHU SDSHU VL]H WR D VPDOOHU VL]H UHGXFH WKH LPDJH WR ILW RQWR WKH VPDOOHU SDSHU VL]H ½ ,I \RX DUH XVLQJ $
6\PSWRP 0LVIHHGV LQ WKH %\SDVV 7UD\ -DPV LQ WKH 'RFXPHQW )HHGHU 3DJH 5HFRPPHQGDWLRQ ½ 5HPRYH WKH SDSHU DQG UHORDG WKH WUD\ 'R QRW DGG SDSHU WR WKH WUD\ ZKHQ SDSHU LV DOUHDG\ ORDGHG ,QVWHDG UHPRYH WKH SDSHU FRPELQH WKH DGGLWLRQDO SDSHU ZLWK WKH SDSHU IURP WKH WUD\ DQG UHORDG WKH WUD\ ½ &KHFN WKH JXLGHV DUH FRUUHFWO\ SRVLWLRQHG DURXQG WKH SDSHU ORDGHG LQ WKH WUD\ ½ :KHQ ORDGLQJ SDSHU LQ WKH %\SDVV 7UD\ WKH &KDQJH $WWULEXWHV ER[ LV GLVSOD\HG ,I \RX FKDQJH WKH PHGLD %87 GR QRW F
5HFRPPHQGDWLRQ -DPV LQ WKH VWDSOHU ½ 5HPRYH WKH VWDSOH FDUWULGJH IURP WKH VWDSOHU DQG FKHFN WKH SRVLWLRQ RI WKH ILUVW VWDSOH 7KH VWDSOH VKRXOG EH O\LQJ IODW DJDLQVW WKH PHWDO VWULNLQJ SODWH ,I WKH VWDSOH LV QRW LQ WKLV SRVLWLRQ RU DSSHDUV GDPDJHG PDQXDOO\ UHPRYH WKH VWDSOH 5HILW WKH VWDSOH FDUWULGJH DQG WU\ DJDLQ LI WKH SUREOHP SHUVLVWV UHSODFH WKH VWDSOH FDUWULGJH 3DSHU MDPV ½ &KHFN WR VHH LI WKH SDSHU LV ORDGHG FRUUHFWO\ )OLS WKH SDSHU RYHU LQ WKH SDSHU WUD\ ½ &KHFN WR VHH LI WKH
6\PSWRP 5HFRPPHQGDWLRQ &DQ¶W VWRUH D GRFXPHQW IRU VHFXUH SROOLQJ GXH WR PHPRU\ IXOO ½ &DQFHO WKH RSHUDWLRQ DQG WU\ DJDLQ ODWHU ZKHQ DGGLWLRQDO PHPRU\ LV DYDLODEOH 7KH ID[ FRPPXQLFDWLRQ ILQLVKHV ZLWK DQ HUURU PHVVDJH ½ 6HOHFW 0DFKLQH 6WDWXV DQG FKHFN WKH OLVW RI )DLOHG )D[ -REV RQ WKH WRXFK VFUHHQ IRU WKH HUURU FRGH DQG WKH PHVVDJH 8VH WKH GHVFULSWLRQ DQG FRUUHFWLYH DFWLRQ LQ WKH 7DEOH RI )DXOW &RGHV DW WKH HQG RI WKLV FKDSWHU 7KH PDFKLQH ZLOO QRW DQVZHU LQFRPLQJ FDOOV ½ 6HW WKH PDFKLQH
5HFHLYHG ID[ DQG UHSRUW GRFXPHQWV ZLOO QRW SULQW $ ID[ ZLOO QRW SULQW LW LV PDUNHG +HOG LQ WKH )D[ 4XHXH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 5HFRPPHQGDWLRQ ½ &KHFN WKH ID[ HQDEOHG SDSHU WUD\V LQ 0DFKLQH 6WDWXV
)DXOW &RGHV DQG 0HVVDJHV 'XULQJ D IDXOW WKH WRXFK VFUHHQ GLVSOD\V D PHVVDJH RQ KRZ WR FOHDU WKH IDXOW 6RPH IDXOWV LQGLFDWH FXVWRPHU PDLQWHQDQFH ZKLOH RWKHUV UHTXLUH WKH DWWHQWLRQ RI WKH .
3UREOHP 6ROYLQJ &RGH 'HVFULSWLRQ DQG &RUUHFWLYH $FWLRQ ± $ FRPPXQLFDWLRQ HUURU RFFXUUHG &KHFN WKH WHOHSKRQH OLQH VHOHFW >)RUFHG @ DQG EHJLQ DJDLQ 0HPRU\ EHFDPH IXOO GXULQJ FRPPXQLFDWLRQ &KHFN WKH DYDLODEOH PHPRU\ 'HOHWH WKH MRE GLYLGH LW LQWR VPDOOHU MREV DQG EHJLQ DJDLQ &± ' $ FRPPXQLFDWLRQ HUURU RFFXUUHG %HJLQ DJDLQ ( &KHFN WKH SDVVZRUG IRU WKH UHPRWH PDFKLQH DQG EHJLQ DJDLQ ± $ FRPPXQLFDWLRQ HUURU RFFXUUHG &KHFN WKH DYDLODEOH PHPRU\ 9HULI\ WK
&RGH 3DJH 'HVFULSWLRQ DQG &RUUHFWLYH $FWLRQ ± & (LWKHU D GLDO WRQH ZDV QRW GHWHFWHG RU WKH WHOHSKRQH FLUFXLW ZDV EXV\ &KHFN WKH WHOHSKRQH OLQH DQG EHJLQ DJDLQ ' 7KH UHPRWH PDFKLQH GLG QRW DQVZHU &RQWDFW WKH UHPRWH RSHUDWRU DQG EHJLQ DJDLQ ( 7KH KDQGVHW LV RII WKH KRRN 5HVHW WKH KDQGVHW DQG EHJLQ DJDLQ ) $ FRPPXQLFDWLRQ HUURU RFFXUUHG &KHFN WKH WHOHSKRQH OLQH DQG EHJLQ DJDLQ &KHFN WKH ,' RI WKH UHPRWH PDFKLQH DQG EHJLQ DJDLQ ± $ (LWKHU WKH GLDO WRQ
9DULRXV VLWXDWLRQV FDQ DIIHFW WKH TXDOLW\ RI WKH RXWSXW &KHFN WKH IROORZLQJ FRQGLWLRQV WR HQVXUH RSWLPXP FRS\ SHUIRUPDQFH ,I \RX VWLOO FDQQRW UHVROYH WKH SUREOHP FRQWDFW WKH .
&DOO IRU 6HUYLFH SURFHGXUH ,I WKH GLIILFXOW\ SHUVLVWV FRQWDFW WKH ;HUR[ :HOFRPH &HQWUH ;HUR[ :HOFRPH &HQWUH 7HOHSKRQH 1XPEHU 7KH WHOHSKRQH QXPEHU RI WKH ;HUR[ :HOFRPH &HQWUH LV SURYLGHG DW WKH WLPH RI SURGXFW LQVWDOODWLRQ )RU FRQYHQLHQFH DQG IXWXUH UHIHUHQFH SOHDVH UHFRUG WKH WHOHSKRQH QXPEHU LQ WKH VSDFH EHORZ :HOFRPH &HQWUH 7HOHSKRQH 1XPEHU 3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
7KH '& DGKHUHV WR VWULFW VSHFLILFDWLRQV DSSURYDOV DQG FHUWLILFDWLRQV 7KHVH VSHFLILFDWLRQV DUH GHVLJQHG WR SURYLGH IRU WKH VDIHW\ RI XVHUV DQG WR HQVXUH WKDW WKH PDFKLQH RSHUDWHV LQ D IXOO\ IXQFWLRQDO VWDWH 8VH WKH VSHFLILFDWLRQV OLVWHG LQ WKLV FKDSWHU WR TXLFNO\ LGHQWLI\ WKH FDSDELOLW\ RI WKH PDFKLQH ,I IXUWKHU VSHFLILFDWLRQ LQIRUPDWLRQ LV UHTXLUHG SOHDVH FRQWDFW \RXU ;HUR[ 5HSUHVHQWDWLYH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH 6SHFLILFDWLRQV 6SHFLILFDWLRQV
0DFKLQH 6SHFLILFDWLRQV +DUGZDUH &RQILJXUDWLRQ 6LPSOH[ '& FDELQHW FRQILJXUDWLRQ SURFHVVRU & UDFN ZLWK VFDQQHU FDELQHW ZLWK WUD\ DQG D %\SDVV 7UD\ 'XSOH[ SURFHVVRU & UDFN ZLWK 'RFXPHQW )HHGHU DQG VFDQQHU GXSOH[ PRGXOH SDSHU WUD\V VWDQG DQG D %\SDVV 7UD\ 127( 7KH DERYH KDUGZDUH FRQILJXUDWLRQV DUH IRU WKH VWDQGDUG PDFKLQH FRQILJXUDWLRQ 6SDFH 5HTXLUHPHQWV '& ZLWK 'XSOH[ 0RGXOH 'XSOH[ &DWFK 7UD\ PP' [ PP: '& ZLWK +LJK &DSDFLW\ )HHGHU PP' [ PP: '&
6SHFLILFDWLRQV &RSLHU 6SHHG IURP SDSHU WUD\ '& 2QH VLGHG $ /() FSP $ 6() FSP '& 2QH VLGHG $ /() FSP $ 6() FSP '& 2QH VLGHG $ /() FSP $ 6() FSP )LUVW &RS\ 2XW 7LPH &HQWUH 7UD\ XVLQJ WKH 'RFXPHQW )HHGHU VHFRQGV &HQWUH 7UD\ XVLQJ WKH 3ODWHQ *ODVV VHFRQGV /HIW 7UD\ DIWHU WKH MRE LV VFDQQHG :DUP XS 7LPH &ROG 6WDUW DSSUR[LPDWHO\ PLQXWHV '& 'LJLWDO &RSLHU VHFRQGV 'RFXPHQW )HHGHU &DSDFLW\ VKHHWV 3DSHU VL]HV $ /() WR $ 6
3DSHU 6XSSO\ 7UD\V &DSDFLW\ VKHHWV RI J P SHU WUD\ 3DSHU :HLJKWV J P 3DSHU 6L]HV $ /() WUD\ RQO\ $ 6() $ /() $ 6() $XWR 6L]H 6HQVLQJ VL]HV IURP WUD\ VL]HV IURP WUD\V DQG 6LPSOH[ 'XSOH[ )HHG IURP DOO WUD\V 0HGLD 7\SH %RQG ,QGH[ &RYHUV /DEHOV 7UDQVSDUHQFLHV 'ULOOHG 6WDQGDUG 3UHSULQWHG 5HF\FOHG %\SDVV 7UD\ &DSDFLW\ VKHHWV RI J P SHU WUD\ 3DSHU :HLJKWV J P 3DSHU 6L]HV $ 6() WR $ 6() $XWR 6L]H 6HQVLQJ VL]HV SU
6SHFLILFDWLRQV &HQWUH 7UD\ &DSDFLW\ DSSUR[LPDWHO\ VKHHWV 3DSHU 6L]HV $ 6() WR $ 6() 3DSHU :HLJKWV J P 'HOLYHU\ IDFH GRZQ LQ RUGHU ZLWK RIIVHWWLQJ /HIW 7UD\ &DSDFLW\ VKHHWV 3DSHU 6L]HV $ 6() WR $ 6() 3DSHU :HLJKWV J P 'HOLYHU\ IDFH XS LQ RUGHU ZLWKRXW RIIVHWWLQJ )LQLVKHU RSWLRQDO &DSDFLW\ VKHHWV RI J P SDSHU 3DSHU 6L]HV $ WR $ 3DSHU :HLJKWV J P 6HW 6L]H VKHHWV RI J P SDSHU 6WDSOHV SHU FDUWULGJH 6WDSOHV VKHHWV RI J
3DSHU 6L]HV $ $ /() DQG $ 6() 3DSHU :HLJKWV J P 'HOLYHU\ IDFH GRZQ 127( (QYHORSHV VKRXOG QRW EH IHG WR WKH )LQLVKHU (OHFWULFDO 6SHFLILFDWLRQV )UHTXHQF\ += (OHFWULFDO 9ROWDJH ± 9$& 3RZHU &RQVXPSWLRQ 0D[LPXP DYHUDJH .
)D[ 7UDQVPLVVLRQ 6SHHG .ESV ZLWK DXWRPDWLF IDOOEDFN .ESV DQG ESV RSHUDWRU VHOHFWDEOH 3DJH 7UDQVPLVVLRQ 7LPH ,78 1R GRFXPHQW .
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
*ORVVDU\ *ORVVDU\ 7KLV FKDSWHU FRQWDLQV D OLVW RI WHUPV XVHG LQ WKH 8VHU *XLGH (DFK WHUP KDV D FRUUHVSRQGLQJ GHILQLWLRQ WKDW UHIOHFWV WKH PHDQLQJ RI WKH WHUP DV LW LV XVHG LQ WKLV *XLGH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH 3DJH
7HUPV 'HILQHG 8VH WKH GHILQLWLRQV EHORZ WR OHDUQ PRUH DERXW WKH PHDQLQJV RI WHUPV XVHG LQ WKLV *XLGH $FWLYLW\ 5HSRUW D UHSRUW WKDW FRQWDLQV LQIRUPDWLRQ DERXW MREV VHQW DQG UHFHLYHG $QQRWDWLRQ D QRWH RU FRPPHQW DGGHG WR D GRFXPHQW 7KLV IHDWXUH DGGV WKH GDWH SDJH QXPEHUV DQG D FRPPHQW WR WKH GRFXPHQW $36 $XGLWURQ $XWR $QVZHU 0RGH D WUDFNLQJ V\VWHP ZKLFK LV EXLOW LQWR WKH '&
&RPPXQLFDWLRQ 0RGH &RQWUDVW &RS\ 3ULQW &DUWULGJH &RS\ 6HWV &RYHUV 7R DQG )URP OLQHV RQ D ID[ FRYHU SDJH RU DQ DQQRWDWLRQ RQ D FRS\ MRE VHOHFWV WKH FRPPXQLFDWLRQ PRGH XVHG IRU WUDQVPLVVLRQ WR D UHPRWH ID[ PDFKLQH IRU H[DPSOH 6XSHU * * RU )RUFHG ESV WKH LQWHQVLW\ RI WKH GLVSOD\ RI DQ LPDJH RU WKH GHJUHH RI GLIIHUHQFH EHWZHHQ WKH JUH\ WRQHV RQ D GRFXPHQW SDJH 6HH DOVR +DOIWRQH DQG 3KRWR D FXVWRPHU UHSODFHDEOH XQLW WKDW FRQWDLQV [HURJUDSKLF HOHPHQWV IRU WKH PDFKLQH JURXSV RI FRSLHV RI D
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
+HDG WR +HDG +HDG WR 7RH ,QSXW ,QVHUWV ,3 -RE %DVHG $FFRXQWLQJ -%$ -RE 0RQLWRU .H\ 2SHUDWRU .
/RQJ (GJH )HHG /() /RZ 3RZHU 0RGH 0DLOER[ 0DLOER[ 3ROOLQJ 0DQXDO $QVZHU 0RGH D 3RZHU 6DYHU 0RGH WKDW UHGXFHV SRZHU FRQVXPSWLRQ ZKHQ WKH PDFKLQH LV QRW LQ XVH D VWRUDJH DUHD LQ WKH PDFKLQH¶V PHPRU\ ZKHUH ID[ GRFXPHQWV DUH VWRUHG UHWULHYHV D GRFXPHQW IURP WKH PDLOER[ RI D UHPRWH PDFKLQH D VHOHFWLRQ WKDW SUHYHQWV WKH PDFKLQH IURP DXWRPDWLFDOO\ DQVZHULQJ WKH WHOHSKRQH 0DVN 'DWD SULYDWH GDWD WKDW WKH PDFKLQH FRQFHDOV ZKHQ WKH IRUZDUG VODVK NH\ LV VHOHFWHG E\ GLVSOD\LQJ VSHFLDO FKDUDFWHUV LQ WKH
WKH URXWH RU WKH EXWWRQV D XVHU LV UHTXLUHG WR VHOHFW WR GLVSOD\ D IHDWXUH VXFK DV &RS\ RU )D[ 3&/ )LOHV 3ULQWHU &RQWURO /DQJXDJH ILOH WKH FRPPDQG ODQJXDJH IRU WKH +3 /DVHU-HW SULQWHUV 3') 3HHU WR 3HHU 3HQGLQJ -REV 5HSRUW 3KRWR 3RUWDEOH 'RFXPHQW )LOH D QHWZRUN HQYLURQPHQW LQ ZKLFK WKH QRGHV FRPPXQLFDWH GLUHFWO\ ZLWK RWKHU QRGHV D UHSRUW WKDW OLVWV WKH MREV WKDW DUH LQ PHPRU\ DQG WKH DPRXQW RI DYDLODEOH PHPRU\ HQKDQFH SKRWRJUDSKV 3ROOLQJ UHWULHYHV D GRFXPHQW IURP D UHPRWH PDFKLQH 3RUWUDL
)LUVW 7RXFK 6FUHHQ 5HSRVLWRU\ 5HPRWH 7HUPLQDO 5HVROXWLRQ 6$3 VWRUHV HOHFWURQLF GRFXPHQWV WKH WHUPLQDO DW WKH RWKHU HQG RI WKH WHOHSKRQH OLQH WKH DPRXQW RI VSDFH EHWZHHQ HDFK OLQH WKH PDFKLQH VFDQV 6HOHFW WKH VWDQGDUG VHWWLQJ IRU QRUPDO GRFXPHQWV DQG ILQH DQG VXSHUILQH VHWWLQJV IRU GRFXPHQWV ZLWK PRUH GHWDLO 6HUYLFH $GYHUWLVLQJ 3URWRFRO 6FDQ VHQVLQJ RU UHDGLQJ D SDSHU GRFXPHQW DQG FRQQHFWLQJ WKH RSWLFDO LPDJH RI WKH GRFXPHQW WR DQ HOHFWURQLF LPDJH RI WKH GRFXPHQW 6HJPHQW D VLQJOH SDJH VFDQ IU
WR VWRUH D GRFXPHQW LQ PHPRU\ XQWLO LW LV UHWULHYHG E\ D UHPRWH ID[ PDFKLQH 6\VWHP $GPLQLVWUDWRU D GHVLJQDWHG XVHU ZKR VHWV DQG PDLQWDLQV WKH QHWZRUN VHWWLQJV RQ WKH PDFKLQH 7&3 ,3 7,)) 7UDQVPLVVLRQ 5HSRUW 7UDQVPLW 8QFROODWHG 7UDQVPLVVLRQ &RQWURO 3URWRFRO ,QWHUQHW 3URWRFRO 7DJJHG ,PDJH )LOH )RUPDW D UHSRUW WKDW FRQILUPV WKH VWDWXV RI D ID[ GRFXPHQW WR VHQG RXWSXW SURJUDPPLQJ ZKHUHDV WKH VSHFLILHG QXPEHU RI FRSLHV IRU HDFK SDJH LQ D FRS\ VHW LV GHOLYHUHG LQ WKH RUGHU WKH GRFXPHQWV ZHUH SODFHG LQ
3DJH ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH
,QGH[ ,QGH[ $ % DERXW WKLV JXLGH DFFHVV EXWWRQ DFFHVV ID[ FRPPXQLFDWLRQ VHWXS DFFHVV ULJKWV VHWXS DFFRXQW LQIRUPDWLRQ PDFKLQH VWDWXV DFFRXQW VHWXSV DFFRXQW VXPPDU\ DFWLYLW\ UHSRUW VHWXS DGG PRGLI\ DFFRXQWV VHWXS DGGHG IHDWXUHV FRS\ DGGHG IHDWXUHV VFDQ DGGLWLRQDO VHWXSV DGPLQLVWUDWRU SULYLOHJHV 3,1 VHWXS DQQRWDWLRQ RSWLRQV FRS\ DQQRWDWLRQ FRS\ DQVZHU PRGH ID[ DUHD HGLW RSWLRQV FRS\ DVVLVWDQFH WDE L
GRFXPHQW JODVV RXWSXW WUD\ WKH PDFKLQH FOHDU DOO EXWWRQ FOHDU EXWWRQ FOHDULQJ MDPV FROODWHG RXWSXW FRS\ FRPPHQW VHWXS ID[ FRPPXQLFDWLRQ PRGH VHWXS FRPPXQLFDWLRQ PRGH ID[ FRPSDQ\ QDPH VHWXS FRPSOHWHG ID[ MREV TXHXH FRPSOHWHG SULQW MRE TXHXH FRS\ FRPSOHWHG SULQW MREV TXHXH FRPSOHWHG VFDQ MREV TXHXH FRQILUPDWLRQ VKHHW VHWXS FRQWHQWLRQ VHWXS FRQYHQLHQFH VWDSOHU ORDGLQJ VWDSOHV FRQYHQLHQFH VWDSOHU VSHFLILFDWLRQV
GRFXPHQW QDPH QHWZRUN VFDQQLQJ GRFXPHQW SDWK YROXPH QHWZRUN VFDQQLQJ GRFXPHQWDWLRQ LQIRUPDWLRQ VRXUFHV GXSOH[ SULQWLQJ VHWXS ( HGJH HUDVH VHWXS HOHFWULFDO VSHFLILFDWLRQV IUHTXHQF\ SRZHU FRQVXPSWLRQ YROWDJH HOHFWULFLW\ DW ZRUN UHJXODWLRQ 8.
H PDLO VHWXSV H PDLO FRPSOHWHG VFDQ MREV TXHXH HPEHGGHG ID[ VHWXSV HPEHGGHG ID[ DGYDQFHG IHDWXUHV HPEHGGHG ID[ VWDQGDUG IHDWXUHV (QHUJ\ HQHUJ\ VWDU HQYHORSH WUD\ ORDGLQJ HQYHORSH WUD\ SDSHU VXSSO\ VSHFLILFDWLRQV HQYLURQPHQWDO FRPSOLDQFH HUDVH RSWLRQV FRS\ HUDVH RSWLRQV H PDLO HUDVH RSWLRQV QHWZRUN VFDQQLQJ HUDVH FRS\ HUDVH H PDLO HUDVH QHWZRUN VFDQQLQJ H[SHUW LPDJH TXDOLW\ RSWLRQV FRS\ H[SHUW LPDJH TXDOLW\
* JORVVDU\ JORVVDU\ WHUPV GHILQHG JURXQG IDXOW LQWHUUXSWHU *), JURXS GLDO GLUHFWRU\ ID[ + KDVK EXWWRQ KHOS " EXWWRQ KLJK FDSDFLW\ IHHGHU ORDGLQJ KLJK FDSDFLW\ IHHGHU +&) KLJK FDSDFLW\ IHHGHU VSHFLILFDWLRQV KLQWV FRQYHQWLRQV , LI ILOH DOUHDG\ H[LVWV VHWXS LI ILOH DOUHDG\ H[LVWV QHWZRUN VFDQQLQJ LPDJH DGMXVWPHQW FRS\ ;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH LPDJH DGMXVWPHQW QHWZRUN VFDQQLQJ LPDJH TXDOLW\ RSWLRQV
LWDOLF W\SHIDFH FRQYHQWLRQV MDPV FOHDUDQFH MRE DVVHPEO\ FRS\ MRE OLPLW SROLF\ VHWXS MRE VXEPLVVLRQ LQWHUQHW VHUYLFHV MRE WHPSODWH SRRO VHWXS MXQN ID[ SUHYHQWLRQ VHWXS .
QH[W GHVWLQDWLRQ ID[ QRWHV FRQYHQWLRQV 1 2 ,QGH[ PRUH ID[ IHDWXUHV VHUYHU ID[ PRUH IHDWXUHV ID[ Q XS FRS\ RUGHULQJ VXSSOLHV QHWZRUN VFDQQLQJ RULHQWDWLRQ FRQYHQWLRQV DXWKHQWLFDWLRQ PRGH RULHQWDWLRQ VLGHV LPDJHG FRS\ EDVLF LPDJH TXDOLW\ RULJLQDO LQSXW VL]H VHUYHU ID[ RSWLRQV RULJLQDO VL]H RSWLRQV FRS\ GRFXPHQ WQDPHU GRFXPHQW PDQDJHPHQW ILHOGV RULJLQDO VL]H RSWLRQV H PDLO GRFXPHQW SDWK YROXPH RULJLQDO VL
SDSHU VXSSO\ VSHFLILFDWLRQV SDSHU VXSSO\ VWDWXV PDFKLQH VWDWXV SDSHU VXSSO\ FRS\ SDSHU WUD\ VHWXSV SDSHUSRUW LQWHUQHW VHUYLFHV SDXVH VWRS EXWWRQ SDXVH WLPH VHWXS SFO VHWXSV SODFLQJ GRFXPHQWV GRFXPHQW JODVV SROO UHPRWH ID[ ID[ SROOLQJ SDVVZRUG EXWWRQ ID[ SRUW VHWXS SRVWVFULSW VHWXSV SRZHU RQ RII SRZHU VDYH LQGLFDWRU OLJKW SRZHU VDYH PRGH SRZHU VDYH PRGH VHWXS SRZHU VDYH PRGHV FKDQJLQJ WKH GHIDXOW WLPH VHWWLQJV
VHOHFW IHDWXUHV ORDG WKH GRFXPHQWV GLDO WKH QXPEHU VHOHFW VWDUW VLGHV VFDQQHG VWDQGDUG IHDWXUHV 6 VHUYHU ID[ VHWXSV VHUYHU ID[ VHWXSV VHWXSV VDIHW\ QRWHV VHUYHU ,3 DGGUHVV VHUYHU QDPH QHWZRUN VFDQ VFDQQLQJ DGGHG IHDWXUHV VHUYLFHV WDE LQWHUQHW VHUYLFHV VFDQ TXHXH VHW XVHU SULYLOHJHV VFDQ WR ID[ LQWHUQHW VHUYLFHV VHWXS VFDQ WR ILOH LQWHUQHW VHUYLFHV ORQJ GRFXPHQW VFDQ ZLWK ORFDO FRS\ LQWHUQHW VH
GDWH GDWH WLPH GHIDXOW UHSRVLWRU\ GHOD\HG VWDUW WLPH GHOHWH DFFRXQW GHOHWH DOO DFFRXQWV GLDOOLQJ GLJLWV UHSRUWLQJ GXSOH[ SULQWLQJ HGJH HUDVH HPEHGGHG ID[ HUDVH H[SHUW LPDJH TXDOLW\ IDXOW RYHUULGH ID[ FRPPXQLFDWLRQ VHWXSV ID[ ILOH PDQDJHPHQW ID[ PDLOER[HV ID[ SDQHO GHIDXOWV ID[ SULQWLQJ RSWLRQV ID[ UHSRUW RSWLRQV ID[ VHWXSV ID[ WHUPLQDO RSWLRQV ILOHV IRU SROOLQJ LI ILOH DOUHDG\
;HUR[ 'RFXPHQW &HQWUH 8VHU *XLGH VWDQG E\ PRGH VWDSOLQJ DXWRPDWLF VWDSOLQJ ILQLVKHU FRQYHQLHQFH VWDSOHU PDQXDO VWDSOLQJ ILQLVKHU VWDSOLQJ FRS\ VWDUW EXWWRQ VWDWXV WDE LQWHUQHW VHUYLFHV VWRUH IRU SROOLQJ ID[ VWRUH WR PDLOER[ ID[ VWRUHG LPDJH VHWWLQJ RSWLRQV H PDLO VWRUHG LPDJH VHWWLQJ RSWLRQV QHWZRUN VFDQQLQJ VWRUHG LPDJH VHWWLQJV H PDLO VWRUHG LPDJH VHWWLQJV QHWZRUN VFDQQLQJ VWRUHG MREV FRS\ VWRULQJ D
WLPH VHWXS WLPHUV VHWXS WRROV DFFHVV VHWXSV DXGLWURQ DGPLQLVWUDWRU FKDQJLQJ WKH VHWWLQJV NH\ RSHUDWRU RZQHU V\VWHP DGPLQLVWUDWRU WRXFK VFUHHQ FRQWUDVW VHWXS WRZHU PDLOER[ WRZHU PDLOER[ VHWXSV WRZHU PDLOER[ VSHFLILFDWLRQV WUDQVPLVVLRQ UHSRUW VHWXS WUDQVPLVVLRQ UHSRUW ID[ WUDQVSDUHQFLHV FRS\ WUDQVSDUHQF\ RSWLRQV FRS\ 3DJH 8 XQFROODWHG RXWSXW FRS\ XSGDWH DOO WHPSODWHV VHWXS XVHU GRFXPHQWDWLRQ XVLQJ
