3DJHRI


$0
NDPDO
-REOLPFRPOHDUQLQJ&RQQHFWLRQ'B



&211(&7,21'B6LQJOH3ODWH

3ODWH[[*U$
:HOG):WRVXSSRUW%6
 %ROWV[0$371LQFRO





*U6
,3(

%



*U6
+($
&
3ODWHVNJ
%ROWVNJ
  :HOGVNJ

/,0&219^`0$5

&RQQHFWLRQ'B
7\SH6LQJOH3ODWH
&RXQWU\86
8QLWV6,PHWULF
'HVLJQFRGH$16,$,6&/5)'

%HDP0DUN %6HFWLRQ ,3(*UDGH 66SDQ P

G PP5RRWUDG PP)\I 03D
E PP$UHD )\Z 03D
WI PP6[ )X 03D
WZ PP=[ 
6HFWLRQVKHDUVWUHQJWKN1$*
6HFWLRQWHQVLRQVWUHQJWKN1$'
6HFWLRQFRPSUHVVLRQVWUHQJWKN1$(

3ODWH
[[*U)\)X $03D

%ROWV
[0$371LQFROXPQ
%ROWSLWFKVSPP
6XSSRUWWREROWFROXPQVJPP

:HOG
):03DWRVXSSRUW

6XSSRUW0DUN &6HFWLRQ +($*UDGH 6

G PP5RRWUDG PP)\I 03D
E PP$UHD )\Z 03D

/,0&219 (?OLPFRQOHDUQLQJ?OLPFRPOHDUQLQJOPF
 3DJHRI

$0
NDPDO
-REOLPFRPOHDUQLQJ&RQQHFWLRQ'B



WI PP6[ )X 03D

WZ PP=[ 
6HFWLRQFRPSUHVVLRQVWUHQJWKN1$(
&RQQHFWLRQWRFROXPQZHE
8QVSHFLILHGVXSSRUWFRQGLWLRQ

%,//2)0$7(5,$/6
3ODWHV
QR[[*UDGH $NJ
%ROWV
QR0$371[ORQJNJ
:HOGV
PP):IX 03DNJ

0,1,0806+($5)25&(&+(&.
,QSXWGHVLJQDFWLRQVDUHQRWDXWRPDWLFDOO\LQFUHDVHGLIWKH\DUHOHVVWKDQWKHVSHFLILHG
PLQLPXPDFWLRQV0LQLPXPDFWLRQVPD\EHVHWLQDQ\ORDGFDVH7KLVFKHFNZDUQVLIWKH
VKHDUIRUFHLVOHVVWKDQWKHVSHFLILHGPLQLPXPN1IRUDOOORDGFDVHV
 6KHDUIRUFHH[FHHGVVSHFLILHGPLQLPXPLQDWOHDVWRQHORDGFDVH

,1387'(6,*1$&7,216
6KHDU9XN1
$[LDO3XN1

%ROWJURXSHFFHQWULFLW\PP
0D[HFFHQWULFLW\PRPHQWN1P

%($07$%/(6+($5
)RUXQLIRUPORDGRQVLPSO\VXSSRUWHGEHDP
6HFWLRQPRPHQWVWUHQJWKN1P1RWH
6SDQP
0D[WRWDOXQLIRUPORDGN1
6KHDUN1

8VLQJ$,6&6&0WKPRGHO

*(20(75<&+(&.6
&+(&.'HWDLOLQJ5HTXLUHPHQWV
5HI6WHHO&RQVWUXFWLRQ0DQXDOWK(GLWLRQ$,6&6&0
 7KLVLVDQ(;7(1'('&21),*85$7,21FRQQHFWLRQ
3ODWHILOOHWZHOGOHJŠ<HV6&0S
3ODWHOHQJWKŠ<HV6&0S
3ODWHWKLFNQHVVŠ<HV,QIRUPDWLYH
&
SXUHPRPHQWPP6&0S
0PD[N1P6&0S
0D[GXFWLOHSODWHWKLFNQHVVPP6&0S
3ODWHWKLFNQHVV‰<HV

'(6,*1675(1*7+&+(&.6
8WLOL]DWLRQUDWLR¶¶¶¶¶¶¹
5HTXLUHGVWUHQJWK¹·
¸¶'HVLJQVWUHQJWK··5HIHUHQFH
···ÁÁÁÁÁÁÁÁÁÁÁÁÁÁ
&+(&.:HOG
:HOGOHQJWKHDFKVLGHPP
:HOGGHVLJQPRPHQWN1P
:HOGVWUHQJWKHODVWLFŠ9X 3DVV,QIRUPDWLYH
127(:HOGOHJQRWOHVVWKDQRISODWHWKLFNQHVV›FKHFNQRWUHTXLUHG

&+(&.%ROWV
%ROWJURXS[0$371
%ROWJURXSGHVLJQHFFHQWULFLW\PP
%ROWJURXSGHVLJQPRPHQWN1P
6LQJOHEROWVKHDUVWUHQJWKN1$7-
=E
=H
%ROWJURXSVKHDUVWUHQJWKŠ9X 3DVV
3ODWHEHDULQJVWUHQJWKŠ9X 3DVV$-D
:HEEHDULQJVWUHQJWKŠ9X 3DVV$-D
3ODWHYHUWWHDULQJWRSŠ9X 3DVV$-D
:HEYHUWWHDULQJLQWŠ9X 3DVV$-D

/,0&219 (?OLPFRQOHDUQLQJ?OLPFRPOHDUQLQJOPF
 3DJHRI

$0
NDPDO
-REOLPFRPOHDUQLQJ&RQQHFWLRQ'B



3ODWHKRUL]WHDULQJH[WŠ9X 3DVV$-D

:HEKRUL]WHDULQJH[WŠ9X 3DVV$-D

&+(&.3ODWH
3ODWHVKHDU\LHOGVWUHQJWKŠ9X 3DVV$-
3ODWHVKHDUUXSWXUHVWUHQJWKŠ9X 3DVV$-
)OH[XUDO\LHOGVWUHQJWKŠ9X 3DVV$)
)OH[XUDOUXSWXUHVWUHQJWKŠ9X 3DVV6&0,,$
)OH[XUDOVWUHQJWKUHGXFHGIRUVKHDUŠ9X 3DVV6&0S
%ORFNVKHDUVWUHQJWKŠ9X 3DVV$-

&+(&.%HDP6KHDU
6KHDUVWUHQJWKŠ9X 3DVV$*

&+(&.&RSHG%HDP%ORFN6KHDU
%HDPQRWFRSHG›FKHFNQRWUHTXLUHG

&+(&.&RSHG%HDP%HQGLQJ
%HDPQRWFRSHG›FKHFNQRWUHTXLUHG

&+(&.%HDP5RWDWLRQ
5RWDWLRQIRU8'/UDG
5RWDWLRQIRUFRQWDFWUDG
&RQWDFWURWDWLRQVWUHQJWKŠ9X 3DVV
0D[EROWVKHDUGHIRUPDWLRQPP
0D[UHFRPPHQGHGGHIRUPDWLRQPP
6WUHQJWKDWEROWGHIRUPDWLRQOLPLWŠ9X 3DVV,QIRUPDWLYH

&+(&.&RSHG%HDP%XFNOLQJ
%HDPQRWFRSHG›FKHFNQRWUHTXLUHG

&+(&.6XSSRUW0HPEHU
'HSWKRIVKHDUVXUIDFHPP
&ROXPQZHEORFDOVKHDUVWUHQJWKŠ9X 3DVV3S
0D[SODWHWKLFNQHVVSXQFKLQJPP
3ODWHWKLFNQHVV‰<HV
,QIRUPDWLYHFKHFNVIRUGRXEOHVLGHGFRQQHFWLRQ
/RFDOVKHDUVWUHQJWKIRUEHDPERWKVLGHVŠ9X 3DVV

127(6
)OH[XUDO\LHOGFDSDFLW\LJQRULQJVHFWLRQVOHQGHUQHVV

&5,7,&$//,0,767$7(3ODWHYHUWWHDULQJWRS
87,/,=$7,215$7,2
675(1*7+5$7,23DVV

/,0&219 (?OLPFRQOHDUQLQJ?OLPFRPOHDUQLQJOPF