)RUP 1R 2 6QRZWKURZHU :KHHO +RUVHX IRU &ODVVLF *DUGHQ 7UDFWRUV ³ 8S 2SHUDWRU·V 0DQXDO 'RPHVWLF (QJOLVK (1
&RQWHQWV ,QWURGXFWLRQ 6DIHW\ *HQHUDO 6QRZWKURZHU 6DIHW\ 3UHSDUDWLRQ 2SHUDWLRQ 0DLQWHQDQFH DQG 6WRUDJH 7RUR 6QRZWKURZHU 6DIHW\ 6DIHW\ DQG ,QVWUXFWL
6DIHW\ $GMXVW WKH DXJHU KRXVLQJ KHLJKW WR FOHDU JUDYHO RU FUXVKHG URFN VXUIDFH ,PSURSHU XVH RU PDLQWHQDQFH E\ WKH RSHUDWRU RU RZQHU FDQ UHVXOW LQ LQMXU\ 7R UHGXFH WKH SRWHQWLDO IRU LQMXU\ FRPSO\ ZLWK WKH VDIHW\ LQVWUXFWLRQV LQ WKH WUDFWLRQ XQLW RSHUDWRU·V PDQXDO DQG DOZD\V SD\ DWWHQWLRQ WR WKH VDIHW\ DOHUW V\PERO ZKLFK PHDQV &$87,21 :$51,1* RU '$1*(5³´SHUVRQDO VDIHW\ LQVWUXFWLRQ µ )DLOXUH WR FRPSO\ ZLWK WKH LQVWUXFWLRQ PD\ UHVXOW LQ SHUVRQDO LQMXU\ RU GHDWK 1HYHU DWWHPSW WR PDNH DQ\ DGMXVWPHQW
DZD\ IURP WKH SOXJ V WR SUHYHQW VRPHRQH IRUP DFFLGHQWDOO\ VWDUWLQJ WKH HQJLQH ,I PDMRU UHSDLUV DUH HYHU QHHGHG FRQWDFW \RXU $XWKRUL]HG 7RUR 6HUYLFH 'HDOHU 1HYHU GLUHFW GLVFKDUJH DW E\VWDQGHUV RU DOORZ DQ\RQH LQ IURQW RI WKH XQLW 'LVHQJDJH SRZHU WR WKH DXJHU LPSHOOHU ZKHQ WKH VQRZWKURZHU LV WUDQVSRUWHG RU QRW LQ XVH 7R HQVXUH WKH EHVW SHUIRUPDQFH DQG VDIHW\ SXUFKDVH RQO\ JHQXLQH 7RUR UHSODFHPHQW SDUWV DQG DFFHVVRULHV WR NHHS WKH 7RUR DOO 7RUR 'R QRW XVH ´:LOO )LWµ UHSODFHPHQW SDUWV DQG DFFHVV
6DIHW\ DQG ,QVWUXFWLRQ 'HFDOV 6DIHW\ GHFDOV DQG LQVWUXFWLRQV DUH HDVLO\ YLVLEOH WR WKH RSHUDWRU DQG DUH ORFDWHG QHDU DQ\ DUHD RI SRWHQWLDO GDQJHU 5HSODFH DQ\ GHFDO WKDW LV GDPDJHG RU ORVW 21 %$&. 2) +286,1* /()7 6,'( 3DUW 1R 21 %$&. 2) +286,1* 3DUW 1R 21 %$&. 2) &+87( /()7 $1' 5,*+7 6,'( 3DUW 1R 21 %$&.
,QVWDOODWLRQ /RRVH 3DUWV 1RWH 8VH WKH FKDUW EHORZ WR LGHQWLI\ SDUWV XVHG IRU DVVHPEO\ '(6&5,37,21 47< +RXVLQJ )UDPH ZLWK LGOHUV %ROW [ µ /RFNQXW µ 3XOOH\ 6HW VFUHZ [ µ .
'(6&5,37,21 47< 6QRZWKURZHU DVVHPEO\ /LIW WXEH /LIW URG 6SDFHU ZDVKHU µ :DVKHU µ +DLUSLQ FRWWHU ODUJH /LIW DVVLVW VSULQJ (\HEROW /RFNQXW µ %HOW &UDQN KDQGOH +DQGOH VXSSRUW +DLUSLQ FRWWHU VPDOO 86( 0RXQW VQRZWKURZHU WR WUDFWRU $VVHPEOH +RXVLQJ 7LS KRXVLQJ RQWR IURQW DQG LQVHUW IUDPH LQWR VQRZWKURZHU ZLWK DQJOH EHQG XS )LJ )DVWHQ IUDPH ZLWK [ µ EROWV KHDGV WR WKH RXWVLGH DQG µ ORFNQXWV ,QVWDOO SX
)LJXUH 7RS SODWH /RFNQXW µ &DUULDJH EROW [ µ 6LGH SODWH :DVKHU µ &XWWLQJ HGJH )LJXUH $VVHPEOH XSSHU GLVFKDUJH FKXWH VHFWLRQ RXWVLGH DQG RQ WRS RI ORZHU VHFWLRQ [ µ ZLWK EROWV KHDGV RQ LQVLGH µ ZDVKHUV DQG µ ORFNQXWV )LJ 'LVFKDUJH FKXWH :DVKHU µ 'HIOHFWRU VKLHOG /RFNQXW µ &DUULDJH EROW [ µ ,QVWDOO GLVFKDUJH FKXWH URWDWRU DVVH
,QVWDOOLQJ 6QRZWKURZHU WR 7UDFWRU 'DQJHU :KHQ VQRZWKURZHU LV DWWDFKHG WR WKH WUDFWRU ZLWKRXW DGGLWLRQDO ZHLJKW WKH WUDFWRU PD\ EHFRPH XQVWDEOH )LJXUH 1(9(5 RSHUDWH WUDFWRU HTXLSSHG ZLWK VQRZWKURZHU XQOHVV OE UHDU ZKHHO ZHLJKWV DUH LQVWDOOHG 0RXQWLQJ IUDPH )URQW KLWFK 6HW 'LDO $ +HLJKW WR WKH 0RXQWLQJ 3RVLWLRQ DQG ORZHU DWWDFKPHQW OLIW DOO WKH ZD\ UHIHU WR $GMXVWLQJ 'LDO $ +HLJKW ,QVWDOO OLIW WXEH WR KRXVLQJ ZLWK µ IODW ZDVKHU DQG KDLUSLQ FRWWHU )LJ
5HPRYH KDLUSLQ FRWWHUV IURP WUXQQLRQ DQG ERWWRP RI \RNH )LJ 2SHQ PLG KLWFK DQG LQVWDOO KDQGOH VXSSRUW )LJ $OLJQ QRWFK RQ KDQGOH ZLWK KLWFK URG VR LW GRHV QRW URWDWH 8QODWFK DQG UHPRYH FOHYLV SLQ WKDW VHFXUHV \RNH DVVHPEO\ WR FOXWFK VKDIW 3LYRW \RNH RXW DQG IRUZDUG WR UHPRYH IURP FOXWFK VKDIW DQG HQJDJHPHQW SODWH )LJ 3ODFH EHOW LQ RXWHU SXOOH\ JURRYH )LJ $VVHPEOH \RNH DQG HQJDJHPHQW SODWH DQG DWWDFK FOHYLV SLQ WUXQQLRQ DQG KDLUSLQ FRWWHUV WR VHFXUH )LJ
5HPRYH KDLUSLQ FRWWHU DW 8 MRLQW DQG VOLGH FUDQN KDQGOH RXW RI VXSSRUW )LJ P )LJXUH 2XWHU JURRYH RI 372 SRZHU WDNH RII )LJXUH &UDQN KDQGOH 8 MRLQW 6XSSRUW +DLUSLQ FRWWHU VPDOO %HOW JXLGH 6QRZWKURZHU SXOOH\ ,GOHU SXOOH\ 5HPRYH KDLUSLQ FRWWHUV IURP WUXQQLRQ DQG ERWWRP RI \RNH )LJ 2SHQ PLG KLWFK DQG UHPRYH KDQGOH VXSSRUW )LJ 8QODWFK DQG UHPRYH FOHYLV SLQ WKDW VHFXUHV \RNH DVVHPEO\ WR FOXWFK VK
)LJXUH P )LJXUH +DLUSLQ FRWWHU
2SHUDWLRQ 3XVK WKH SRZHU WDNH RII 372 OHYHU IRUZDUG WR HQJDJH )LJ 'DQJHU :KHQ VQRZWKURZHU LV DWWDFKHG WR WKH WUDFWRU ZLWKRXW DGGLWLRQDO ZHLJKW WKH WUDFWRU PD\ EHFRPH XQVWDEOH 1(9(5 RSHUDWH WUDFWRU HTXLSSHG ZLWK VQRZWKURZHU XQOHVV OE UHDU ZKHHO ZHLJKWV DUH LQVWDOOHG P 'DQJHU )LJXUH &RQWDFW ZLWK URWDWLQJ DXJHU DQG WKURZQ GHEULV FDQ FDXVH VHYHUH LQMXU\ RU GHDWK 6WD\ DZD\ IURP WKH GLVFKDUJH DQG DXJHU RSHQLQJV ZKLOH RSHUDWLQJ WKH VQRZWKURZHU .
P P )LJXUH /LIW OHYHU %XWWRQ )LJXUH 'LDO $ +HLJKW /LIW OHYHU 83 /LIW OHYHU '2:1 $GMXVWLQJ 'LDO $ +HLJKW $WWDFKPHQW 3RZHU /LIW 7KH 'LDO $ +HLJKW FRQWURO )LJ LV XVHG WR OLPLW WKH GRZQZDUG WUDYHO RI WKH DWWDFKPHQW 7KH 'LDO $ +HLJKW NQRE LV URWDWHG WR FKDQJH WKH ORFDWLRQ RI WKLV VWRS XS RU GRZQ 7KH DWWDFKPHQW SRZHU OLIW )LJ LV XVHG WR UDLVH DQG ORZHU DWWDFKPHQWV 5DLVLQJ 6QRZWKURZHU 5DLVH WKH DWWDFKPHQW OLIW 5HIHU WR 5DLVLQJ $WWDF
$GMXVWLQJ 'LVFKDUJH &KXWH 5HPRYH VQRZ DV VRRQ DV SRVVLEOH DIWHU LW IDOOV 7KLV SURGXFHV EHVW VQRZ UHPRYDO UHVXOWV $GMXVW VNLGV WR PDWFK WKH W\SH RI VXUIDFH EHLQJ FOHDQHG UHIHU WR $GMXVWLQJ 6NLGV 'DQJHU 7KH VQRZWKURZHU LV GHVLJQHG WR FOHDQ VQRZ GRZQ WR WKH FRQWDFW VXUIDFH EXW WKHUH DUH WLPHV ZKHQ WKH IURQW RI WKH VQRZWKURZHU PD\ WHQG WR ULGH XS ,I WKLV KDSSHQV UHGXFH IRUZDUG VSHHG &RQWDFW ZLWK URWDWLQJ DXJHU DQG WKURZQ GHEULV FDQ FDXVH VHYHUH LQMXU\ RU GHDWK 6WD\ DZD\ IURP WKH GLVFKDUJH DQG DXJ
0DLQWHQDQFH 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 0DLQWHQDQFH 6HUYLFH ,QWHUYDO 0DLQWHQDQFH 3URFHGXUH +RXUV *UHDVH GULYH VKDIW EHDULQJV 2LO GULYH FKDLQ 6WRUDJH *UHDVH GULYH VKDIW EHDULQJV 2LO GULYH FKDLQ %HOW FKHFN IRU ZHDU FUDFNV &KLSSHG 6XUIDFHV SDLQW 6FUDSHU FKHFN IRU ZHDU )DOO 6HUYLFH *UHDVH GULYH VKDIW EHDULQJV 2LO GULYH FKDLQ %HOW FKHFN IRU ZHDU FUDFNV 6FUDSHU FKHFN IRU ZHDU &DXWLRQ ,I \RX OHDYH WKH NH\ LQ WKH LJQLWLRQ VZLWFK VRPHRQH FRXOG DFFLGHQWO\ VWDUW WKH
2LO 'ULYH &KDLQ 1RWH 2Q VPRRWK SDYHG VXUIDFHV VFUDSHU EODGH FDQ EH FORVH WR WKH VXUIDFH 2Q XQHYHQ JUDYHO RU FUXVKHG URFN VXUIDFHV DGMXVW VNLGV WR UDLVH VFUDSHU WR SUHYHQW FDWFKLQJ RU SLFNLQJ XS URFNV 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW WKH SDUNLQJ EUDNH DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 5HPRYH WKH NH\ &RDW WKH HQWLUH FKDLQ ZLWK RLO DQG DOORZ WR SHQHWUDWH HDFK UROOHU )LJ 3ODFH D IHZ GURSV RI RLO RQ GLVFKDUJH FKXWH URWDWRU VKDIW DQG GLVFKDUJH FKXWH PRXQW
D )LJXUH 1XW &DUULDJH EROW :DVKHU 6FUDSHU EODGH )LJXUH $GMXVWLQJ 'ULYH &KDLQ 7HQVLRQ ,GOHU VSURFNHW $GMXVWPHQW VORW 6WRUDJH &KHFN WKH GULYH FKDLQ WHQVLRQ DIWHU HYHU\ RSHUDWLQJ KRXUV RU RQFH D \HDU ZKLFKHYHU RFFXUV ILUVW $GMXVWPHQW DV QHFHVVDU\ WR PDLQWDLQ SURSHU WHQVLRQ %HIRUH ORQJ WHUP VWRUDJH ZDVK WKH PDFKLQH ZLWK PLOG GHWHUJHQW DQG ZDWHU WR UHPRYH GLUW DQG JULPH IURP WKH HQWLUH PDFKLQH 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW
352%/(0 $XJHU GRHV QRW URWDWH $EQRUPDO YLEUDWLRQ 3266,%/( &$86(6 &255(&7,9( $&7,21 6QRZ IUR]HQ WR DXJHU RU KRXVLQJ 6FUDSH VQRZ RII ZLWK D VWLFN 'ULYH EHOW WHQVLRQ ORZ $GMXVW EHOW WHQVLRQ 'ULYH EHOW LV ZRUQ ORRVH RU EURNHQ ,QVWDOO QHZ GULYH EHOW 'ULYH EHOW LV RII SXOOH\ ,QVWDOO EODGH GULYH EHOW DQG FKHFN LGOHU SXOOH\ DQG EHOW JXLGHV IRU FRUUHFW SRVLWLRQ 'ULYH FKDLQ EURNHQ 5HSODFH RU UHSDLU FKDLQ 6QRZ IUR]HQ WR DXJHU 6FUDSH VQRZ RII ZLWK VWLFN
