Dash125 Owner Manual English Data
Dash125 Owner Manual English Data
Dash125 Owner Manual English Data
&RQJUDWXODWLRQVRQ\RXUSXUFKDVHRIDQHZ ॥ 7KHIROORZLQJFRGHLQWKLVPDQXDO
+RQGDYHKLFOH<RXUVHOHFWLRQRID+RQGD LQGLFDWHVWKHFRXQWU\
PDNHV\RXSDUWRIDZRUOGZLGHIDPLO\RI
VDWLVILHGFXVWRPHUVZKRDSSUHFLDWH+RQGD V &RXQWU\&RGH
UHSXWDWLRQIRUEXLOGLQJTXDOLW\LQWRHYHU\ &RGH &RXQWU\
SURGXFW
$)3&5)
7RHQVXUH\RXUVDIHW\DQGULGLQJSOHDVXUH 0$ 0DOD\VLD
॥ 5HDGWKLVRZQHU VPDQXDOFDUHIXOO\
॥ )ROORZDOOUHFRPPHQGDWLRQVDQG
SURFHGXUHVFRQWDLQHGLQWKLVPDQXDO
॥ 3D\FORVHDWWHQWLRQWRVDIHW\PHVVDJHV
FRQWDLQHGLQWKLVPDQXDODQGRQWKH
YHKLFOH
$)HZ:RUGV$ERXW6DIHW\
<RXUVDIHW\DQGWKHVDIHW\RIRWKHUVLVYHU\
3'$1*(5
LPSRUWDQW2SHUDWLQJWKLVYHKLFOHVDIHO\LVDQ
LPSRUWDQWUHVSRQVLELOLW\ <RX:,//EH.,//('RU6(5,286/<
7RKHOS\RXPDNHLQIRUPHGGHFLVLRQVDERXW +857LI\RXGRQ·WIROORZLQVWUXFWLRQV
VDIHW\ZHKDYHSURYLGHGRSHUDWLQJ
SURFHGXUHVDQGRWKHULQIRUPDWLRQRQVDIHW\ 3:$51,1*
ODEHOVDQGLQWKLVPDQXDO7KLVLQIRUPDWLRQ <RX&$1EH.,//('RU6(5,286/<
DOHUWV\RXWRSRWHQWLDOKD]DUGVWKDWFRXOG +857LI\RXGRQ·WIROORZLQVWUXFWLRQV
KXUW\RXRURWKHUV
2IFRXUVHLWLVQRWSUDFWLFDORUSRVVLEOHWR 3&$87,21
ZDUQ\RXDERXWDOOKD]DUGVDVVRFLDWHGZLWK <RX&$1EH+857LI\RXGRQ·WIROORZ
RSHUDWLQJRUPDLQWDLQLQJDYHKLFOH<RXPXVW LQVWUXFWLRQV
XVH\RXURZQJRRGMXGJHPHQW
<RXZLOOILQGLPSRUWDQWVDIHW\LQIRUPDWLRQLQD 2WKHULPSRUWDQWLQIRUPDWLRQLV
YDULHW\RIIRUPVLQFOXGLQJ SURYLGHGXQGHUWKHIROORZLQJWLWOHV
127,&( ,QIRUPDWLRQWRKHOS\RXDYRLG
॥ 6DIHW\ODEHOVRQWKHYHKLFOH
॥ 6DIHW\0HVVDJHVSUHFHGHGE\DVDIHW\DOHUW GDPDJHWR\RXUYHKLFOHRWKHU
V\PERO DQGRQHRIWKUHHVLJQDOZRUGV SURSHUW\RUWKHHQYLURQPHQW
'$1*(5:$51,1*RU&$87,21
7KHVHVLJQDOZRUGVPHDQ
&RQWHQWV
9HKLFOH6DIHW\ 3 ॥
2SHUDWLRQ*XLGH 3 ।॥
0DLQWHQDQFH 3 ॥६
7URXEOHVKRRWLQJ 3 २३
,QIRUPDWLRQ 3 ३४
6SHFLILFDWLRQV 3 ४६
9HKLFOH6DIHW\
7KLVVHFWLRQFRQWDLQVLPSRUWDQWLQIRUPDWLRQIRUVDIHULGLQJRI\RXUYHKLFOH
3OHDVHUHDGWKLVVHFWLRQFDUHIXOO\
6DIHW\*XLGHOLQHV WKDW\RXDQG\RXUSDVVHQJHUDUHERWKZHDULQJ
DQDSSURYHGKHOPHWDQGSURWHFWLYHDSSDUHO
9HKLFOH6DIHW\
)ROORZWKHVHJXLGHOLQHVWRHQKDQFH\RXUVDIHW\ ,QVWUXFW\RXUSDVVHQJHURQKROGLQJRQWRWKH
॥ 3HUIRUPDOOURXWLQHDQGUHJXODULQVSHFWLRQV JUDEUDLORU\RXUZDLVWOHDQLQJZLWK\RXLQWXUQV
VSHFLILHGLQWKLVPDQXDO DQGNHHSLQJWKHLUIHHWRQWKHIRRWSHJVHYHQ
॥ 6WRSWKHHQJLQHDQGNHHSVSDUNVDQGIODPHV ZKHQWKHYHKLFOHLVVWRSSHG
DZD\EHIRUHILOOLQJWKHIXHOWDQN
॥ 'RQRWUXQWKHHQJLQHLQHQFORVHGRUSDUWO\
HQFORVHGDUHDV&DUERQPRQR[LGHLQ 7DNH7LPHWR/HDUQ 3UDFWLFH
H[KDXVWJDVHVLVWR[LFDQGFDQNLOO\RX (YHQLI\RXKDYHULGGHQRWKHUYHKLFOHVSUDFWLFH
ULGLQJLQDVDIHDUHDWREHFRPHIDPLOLDUZLWK
KRZWKLVYHKLFOHZRUNVDQGKDQGOHVDQGWR
$OZD\V:HDUD+HOPHW EHFRPHDFFXVWRPHGWRWKHYHKLFOH VVL]HDQG
,W VDSURYHQIDFWKHOPHWVDQGSURWHFWLYH ZHLJKW
DSSDUHOVLJQLILFDQWO\UHGXFHWKHQXPEHUDQG
VHYHULW\RIKHDGDQGRWKHULQMXULHV6RDOZD\V
ZHDUDQDSSURYHGKHOPHWDQGSURWHFWLYH 5LGH'HIHQVLYHO\
DSSDUHO2 3 $OZD\VSD\DWWHQWLRQWRRWKHUYHKLFOHVDURXQG
\RXDQGGRQRWDVVXPHWKDWRWKHUGULYHUVVHH
\RX%HSUHSDUHGWRVWRSTXLFNO\RUSHUIRUPDQ
%HIRUH5LGLQJ HYDVLYHPDQHXYHU
0DNHVXUHWKDW\RXDUHSK\VLFDOO\ILWPHQWDOO\
IRFXVHGDQGIUHHRIDOFRKRODQGGUXJV&KHFN
&RQWLQXHG
6DIHW\*XLGHOLQHV
0DNH<RXUVHOI(DV\WR6HH .HHS<RXU+RQGDLQ6DIH&RQGLWLRQ
0DNH\RXUVHOIPRUHYLVLEOHHVSHFLDOO\DWQLJKW ,W VLPSRUWDQWWRNHHS\RXUYHKLFOHSURSHUO\
9HKLFOH6DIHW\
E\ZHDULQJEULJKWUHIOHFWLYHFORWKLQJSRVLWLRQLQJ PDLQWDLQHGDQGLQVDIHULGLQJFRQGLWLRQ
\RXUVHOIVRRWKHUGULYHUVFDQVHH\RXVLJQDOLQJ ,QVSHFW\RXUYHKLFOHEHIRUHHYHU\ULGHDQG
EHIRUHWXUQLQJRUFKDQJLQJODQHVDQGXVLQJ SHUIRUPDOOUHFRPPHQGHGPDLQWHQDQFH1HYHU
\RXUKRUQZKHQQHFHVVDU\ H[FHHGORDGOLPLWV 2 3 DQGGRQRWPRGLI\
\RXUYHKLFOHRULQVWDOODFFHVVRULHVWKDWZRXOG
PDNH\RXUYHKLFOHXQVDIH 2 3
5LGHZLWKLQ<RXU/LPLWV
1HYHUULGHEH\RQG\RXUSHUVRQDODELOLWLHVRU
IDVWHUWKDQFRQGLWLRQVZDUUDQW)DWLJXHDQG ,I<RXDUH,QYROYHGLQD&UDVK
LQDWWHQWLRQFDQLPSDLU\RXUDELOLW\WRXVHJRRG 3HUVRQDOVDIHW\LV\RXUILUVWSULRULW\,I\RXRU
MXGJHPHQWDQGULGHVDIHO\ DQ\RQHHOVHKDVEHHQLQMXUHGWDNHWLPHWR
DVVHVVWKHVHYHULW\RIWKHLQMXULHVDQGZKHWKHULW
LVVDIHWRFRQWLQXHULGLQJ&DOOIRUHPHUJHQF\
'RQ W'ULQNRU8VH'UXJVDQG5LGH DVVLVWDQFHLIQHHGHG$OVRIROORZDSSOLFDEOHODZV
$OFRKRORUGUXJVDQGULGLQJGRQ WPL[(YHQRQH DQGUHJXODWLRQVLIDQRWKHUSHUVRQRUYHKLFOHLV
DOFRKROLFGULQNFDQUHGXFH\RXUDELOLW\WR LQYROYHGLQWKHFUDVK
UHVSRQGWRFKDQJLQJFRQGLWLRQVDQG\RXU
UHDFWLRQWLPHJHWVZRUVHZLWKHYHU\DGGLWLRQDO
GULQN7KHVDPHLVWUXHIRUGUXJXVH'RQ WGULQN
RUXVHDQGULGHDQGGRQ WOHW\RXUIULHQGVGRLW
HLWKHU
6DIHW\*XLGHOLQHV
,I\RXGHFLGHWRFRQWLQXHULGLQJILUVWWXUQWKH 1HYHUUXQ\RXUYHKLFOHLQVLGHDJDUDJHRURWKHU
LJQLWLRQVZLWFKWRWKH 2II SRVLWLRQDQG HQFORVXUH
9HKLFOH6DIHW\
HYDOXDWHWKHFRQGLWLRQRI\RXUYHKLFOH,QVSHFW
IRUIOXLGOHDNVFKHFNWKHWLJKWQHVVRIFULWLFDOQXWV 3:$51,1*
DQGEROWVDQGFKHFNWKHKDQGOHEDUFRQWURO 5XQQLQJWKHHQJLQHRI\RXUYHKLFOH
OHYHUVEUDNHVDQGZKHHOV5LGHVORZO\DQG ZKLOHLQDQHQFORVHGRUHYHQSDUWLDOO\
FDXWLRXVO\ HQFORVHGDUHDFDQFDXVHDUDSLGEXLOG
<RXUYHKLFOHPD\KDYHVXIIHUHGGDPDJHWKDWLV XSRIWR[LFFDUERQPRQR[LGHJDV
QRWLPPHGLDWHO\DSSDUHQW+DYH\RXUYHKLFOH
WKRURXJKO\FKHFNHGDWDTXDOLILHGVHUYLFHIDFLOLW\
%UHDWKLQJWKLVFRORXUOHVVRGRUOHVVJDV
DVVRRQDVSRVVLEOH
FDQTXLFNO\FDXVHXQFRQVFLRXVQHVVDQG
OHDGWRGHDWK
&DUERQ0RQR[LGH+D]DUG
([KDXVWFRQWDLQVSRLVRQRXVFDUERQPRQR[LGHD 2QO\UXQ\RXUYHKLFOH VHQJLQHZKHQLW
FRORXUOHVVRGRUOHVVJDV%UHDWKLQJFDUERQ LVORFDWHGLQDZHOOYHQWLODWHGDUHD
PRQR[LGHFDQFDXVHORVVRIFRQVFLRXVQHVVDQG RXWGRRUV
PD\OHDGWRGHDWK
,I\RXUXQWKHHQJLQHLQDFRQILQHGRUHYHQ
SDUWO\HQFORVHGDUHDWKHDLU\RXEUHDWKHFRXOG
FRQWDLQDGDQJHURXVDPRXQWRIFDUERQ
PRQR[LGH
6DIHW\3UHFDXWLRQV
6DIHW\3UHFDXWLRQV ॥ )DFHVKLHOGZLWKXQREVWUXFWHGILHOGRIYLVLRQ
RURWKHUDSSURYHGH\HSURWHFWLRQ
9HKLFOH6DIHW\
5LGHFDXWLRXVO\DQGNHHS\RXUKDQGVRQWKH
3:$51,1*
॥
KDQGOHEDUDQGIHHWRQWKHIRRWSHJV
॥ ,QVWUXFW\RXUSDVVHQJHUWRNHHSWKHLUKDQGV 1RWZHDULQJDKHOPHWLQFUHDVHVWKH
RQWKHJUDEUDLORU\RXUZDLVWDQGWKHLUIHHW FKDQFHRIVHULRXVLQMXU\RUGHDWKLQD
RQWKHIRRWSHJVZKLOHULGLQJ FUDVK
॥ $OZD\VFRQVLGHUWKHVDIHW\RI\RXUSDVVHQJHU
DVZHOODVRWKHUGULYHUVDQGULGHUV
0DNHVXUHWKDW\RXDQGDQ\SDVVHQJHU
3URWHFWLYH$SSDUHO DOZD\VZHDUDQDSSURYHGKHOPHWDQG
0DNHVXUHWKDW\RXDQGDQ\SDVVHQJHUDUH SURWHFWLYHDSSDUHO
ZHDULQJDQDSSURYHGKHOPHWH\HSURWHFWLRQ
DQGKLJKYLVLELOLW\SURWHFWLYHFORWKLQJ$YRLG # *ORYHV
ZHDULQJORRVHFORWKHVWKDWFRXOGJHWFDXJKWRQ )XOOILQJHUOHDWKHUJORYHVZLWKKLJKDEUDVLRQ
DQ\SDUWRIWKHYHKLFOH5LGHGHIHQVLYHO\LQ UHVLVWDQFH
UHVSRQVHWRZHDWKHUDQGURDGFRQGLWLRQV # %RRWVRU5LGLQJ6KRHV
# +HOPHW 6WXUG\ERRWVZLWKQRQVOLSVROHVDQGDQNOH
6DIHW\VWDQGDUGFHUWLILHGKLJKYLVLELOLW\FRUUHFW SURWHFWLRQ
VL]HIRU\RXUKHDG # -DFNHWDQG7URXVHUV
॥ 0XVWILWFRPIRUWDEO\EXWVHFXUHO\ZLWKWKH 3URWHFWLYHKLJKO\YLVLEOHORQJVOHHYHGMDFNHWDQG
FKLQVWUDSIDVWHQHG GXUDEOHWURXVHUVIRUULGLQJ RUDSURWHFWLYHVXLW
5LGLQJ3UHFDXWLRQV
5LGLQJ3UHFDXWLRQV ॥ ([HUFLVHFDXWLRQRQORZWUDFWLRQVXUIDFHV
u 7KHW\UHVVOLSPRUHHDVLO\RQVXFK
9HKLFOH6DIHW\
5XQQLQJLQ3HULRG VXUIDFHVDQGEUDNLQJGLVWDQFHVDUH
ORQJHU
'XULQJWKHILUVWNP PLOHV RIUXQQLQJ
॥ $YRLGFRQWLQXRXVEUDNLQJ
IROORZWKHVHJXLGHOLQHVWRHQVXUH\RXUYHKLFOH V
u 5HSHDWHGEUDNLQJVXFKDVZKHQ
IXWXUHUHOLDELOLW\DQGSHUIRUPDQFH
GHVFHQGLQJORQJVWHHSVORSHVFDQ
॥ $YRLGIXOOWKURWWOHVWDUWVDQGUDSLG
VHULRXVO\RYHUKHDWWKHEUDNHVUHGXFLQJ
DFFHOHUDWLRQ
WKHLUHIIHFWLYHQHVV8VHHQJLQHEUDNLQJ
॥ $YRLGKDUGEUDNLQJDQGUDSLGGRZQVKLIWV
ZLWKLQWHUPLWWHQWXVHRIWKHEUDNHVWR
॥ 5LGHFRQVHUYDWLYHO\
UHGXFHVSHHG
॥ )RUIXOOEUDNLQJHIIHFWLYHQHVVRSHUDWHERWK
%UDNHV WKHIURQWDQGUHDUEUDNHVWRJHWKHU
2EVHUYHWKHIROORZLQJJXLGHOLQHV
॥ $YRLGH[FHVVLYHO\KDUGEUDNLQJDQG
GRZQVKLIWLQJ
u 6XGGHQEUDNLQJFDQUHGXFHWKHYHKLFOH V
VWDELOLW\
u :KHUHSRVVLEOHUHGXFHVSHHGEHIRUH
WXUQLQJRWKHUZLVH\RXULVNVOLGLQJRXW
&RQWLQXHG
5LGLQJ3UHFDXWLRQV
# (QJLQH%UDNLQJ 3DUNLQJ
(QJLQHEUDNLQJKHOSVVORZ\RXUYHKLFOHGRZQ ॥ 3DUNRQDILUPOHYHOVXUIDFH
9HKLFOH6DIHW\
ZKHQ\RXUHOHDVHWKHWKURWWOH)RUIXUWKHU ॥ ,I\RXPXVWSDUNRQDVOLJKWLQFOLQHRUORRVH
VORZLQJDFWLRQGRZQVKLIWWRDORZHUJHDU8VH VXUIDFHSDUNVRWKDWWKHYHKLFOHFDQQRW
HQJLQHEUDNLQJZLWKLQWHUPLWWHQWXVHRIWKH PRYHRUIDOORYHU
EUDNHVWRUHGXFHVSHHGZKHQGHVFHQGLQJORQJ ॥ 0DNHVXUHWKDWKLJKWHPSHUDWXUHSDUWV
VWHHSVORSHV FDQQRWFRPHLQWRFRQWDFWZLWKIODPPDEOH
PDWHULDOV
# :HWRU5DLQ\&RQGLWLRQV ॥ 'RQRWWRXFKWKHHQJLQHPXIIOHUEUDNHV
5RDGVXUIDFHVDUHVOLSSHU\ZKHQZHWDQGZHW DQGRWKHUKLJKWHPSHUDWXUHSDUWVXQWLOWKH\
EUDNHVIXUWKHUUHGXFHEUDNLQJHIILFLHQF\ FRROGRZQ
([HUFLVHH[WUDFDXWLRQZKHQEUDNLQJLQZHW ॥ 7RUHGXFHWKHOLNHOLKRRGRIWKHIWDOZD\VORFN
FRQGLWLRQV WKHKDQGOHEDUDQGUHPRYHWKHNH\DQGFORVH
,IWKHEUDNHVJHWZHWDSSO\WKHEUDNHVZKLOH WKHVKXWWHUZKHQOHDYLQJWKHYHKLFOH
ULGLQJDWORZVSHHGWRKHOSWKHPGU\ XQDWWHQGHG
8VHRIDQDQWLWKHIWGHYLFHLVDOVR
UHFRPPHQGHG
# 3DUNLQJZLWKWKH6LGH6WDQGRU&HQWUH6WDQG
6WRSWKHHQJLQH
8VLQJWKHVLGHVWDQG
3XVKWKHVLGHVWDQGGRZQ
5LGLQJ3UHFDXWLRQV
6ORZO\OHDQWKHYHKLFOHWRWKHOHIWXQWLOLWV 7XUQWKHKDQGOHEDUIXOO\WRWKHOHIW
ZHLJKWUHVWVRQWKHVLGHVWDQG u 7XUQLQJWKHKDQGOHEDUWRWKHULJKW
9HKLFOH6DIHW\
UHGXFHVVWDELOLW\DQGPD\FDXVHWKH
8VLQJWKHFHQWUHVWDQG YHKLFOHWRIDOO
7RORZHUWKHFHQWUHVWDQGVWDQGRQWKHOHIW 7XUQWKHLJQLWLRQVZLWFKWRWKH /RFN
VLGHRIWKHYHKLFOH SRVLWLRQ 2 3 UHPRYHWKHNH\DQGFORVH
+ROGWKHOHIWKDQGOHJULSDQGWKHJUDEUDLO WKHVKXWWHU 2 3
3UHVVGRZQRQWKHWLSRIWKHFHQWUHVWDQG
ZLWK\RXUULJKWIRRWDQGVLPXOWDQHRXVO\SXOO
XSDQGEDFN 5HIXHOOLQJDQG)XHO*XLGHOLQHV
/HIWKDQGOHJULS )ROORZWKHVHJXLGHOLQHVWRSURWHFWWKHHQJLQH
IXHOV\VWHPDQGFDWDO\WLFFRQYHUWHU
॥ 8VHRQO\XQOHDGHGSHWURO
॥ 8VHWKHUHFRPPHQGHGRFWDQHQXPEHU
8VLQJORZHURFWDQHSHWUROZLOOUHVXOWLQ
&HQWUHVWDQG GHFUHDVHGHQJLQHSHUIRUPDQFH
॥ 'RQRWXVHIXHOVFRQWDLQLQJDKLJK
*UDEUDLO FRQFHQWUDWLRQRIDOFRKRO2 3
॥ 'RQRWXVHVWDOHRUFRQWDPLQDWHGSHWURORU
DQRLOSHWUROPL[WXUH
॥ $YRLGJHWWLQJGLUWRUZDWHULQWKHIXHOWDQN
$FFHVVRULHV 0RGLILFDWLRQV
$FFHVVRULHV 3:$51,1*
0RGLILFDWLRQV
9HKLFOH6DIHW\
,PSURSHUDFFHVVRULHVRUPRGLILFDWLRQV
:HVWURQJO\DGYLVHWKDW\RXGRQRWDGGDQ\ FDQFDXVHDFUDVKLQZKLFK\RXFDQEH
DFFHVVRULHVWKDWZHUHQRWVSHFLILFDOO\GHVLJQHG VHULRXVO\KXUWRUNLOOHG
IRU\RXUYHKLFOHE\+RQGDRUPDNH
PRGLILFDWLRQVWR\RXUYHKLFOHIURPLWVRULJLQDO )ROORZDOOLQVWUXFWLRQVLQWKLVRZQHU V
GHVLJQ'RLQJVRFDQPDNHLWXQVDIH PDQXDOUHJDUGLQJDFFHVVRULHVDQG
0RGLI\LQJ\RXUYHKLFOHPD\DOVRYRLG\RXU PRGLILFDWLRQV
ZDUUDQW\DQGPDNH\RXUYHKLFOHLOOHJDOWR
RSHUDWHRQSXEOLFURDGV%HIRUHGHFLGLQJWR 'RQRWSXOODWUDLOHUZLWKRUDWWDFKDVLGHFDUWR
LQVWDOODFFHVVRULHVRQ\RXUYHKLFOHEHFHUWDLQ \RXUYHKLFOH<RXUYHKLFOHZDVQRWGHVLJQHGIRU
WKHPRGLILFDWLRQLVVDIHDQGOHJDO WKHVHDWWDFKPHQWVDQGWKHLUXVHFDQVHULRXVO\
LPSDLU\RXUYHKLFOH VKDQGOLQJ
/RDGLQJ
/RDGLQJ 3:$51,1*
9HKLFOH6DIHW\
॥ &DUU\LQJH[WUDZHLJKWDIIHFWV\RXUYHKLFOH V 2YHUORDGLQJRULPSURSHUORDGLQJFDQ
KDQGOLQJEUDNLQJDQGVWDELOLW\ FDXVHDFUDVKDQG\RXFDQEHVHULRXVO\
$OZD\VULGHDWDVDIHVSHHGIRUWKHORDG\RX KXUWRUNLOOHG
DUHFDUU\LQJ
॥ $YRLGFDUU\LQJDQH[FHVVLYHORDGDQGNHHS )ROORZDOOORDGOLPLWVDQGRWKHUORDGLQJ
ZLWKLQVSHFLILHGORDGOLPLWV JXLGHOLQHVLQWKLVPDQXDO
0D[LPXPZHLJKWFDSDFLW\0D[LPXP
OXJJDJHZHLJKW2 3
॥ 7LHDOOOXJJDJHVHFXUHO\HYHQO\EDODQFHG
DQGFORVHWRWKHFHQWUHRIWKHYHKLFOH
॥ 'RQRWSODFHREMHFWVQHDUWKHOLJKWVRUWKH
PXIIOHU
%DVLF2SHUDWLRQ)ORZ
# 3UHULGH,QVSHFWLRQ(3)
&DUHIXOO\LQVSHFW\RXUYHKLFOHWRPDNH # $FFHOHUDWLRQ
2SHUDWLRQ*XLGH
VXUHWKDWLWLVVDIHWRULGH $SSO\WKURWWOHJUDGXDOO\
2EH\WKHVSHHGOLPLW
# 6KLIW&KDQJH(3)
# 6WDUWLQJWKH(QJLQH(3)
6WDUWDQGZDUPWKHHQJLQH
$YRLGUHYYLQJWKHHQJLQH
+RZWRXVHEDVLFIHDWXUHV
# 6WDUWLQJWKH9HKLFOH
ܬ,QVWUXPHQWV(3) %HIRUHSXOOLQJDZD\LQGLFDWH
ܬ ,QGLFDWRUV(3) \RXUGLUHFWLRQZLWKWKHWXUQ
VLJQDOVZLWFKDQGFKHFNIRU
ܬ 6ZLWFKHV(3)
RQFRPLQJWUDIILF
ܬ 6WHHULQJ/RFN(3)
ܬ 6KXWWHU(3)
# %UDNLQJ # 3DUNLQJ(3)
&ORVHWKHWKURWWOHDQGDSSO\WKH
IURQWDQGUHDUEUDNHVWRJHWKHU 3DUNRQDILUPOHYHOVXUIDFH
2SHUDWLRQ*XLGH
8VHWKHVWDQGDQGORFNWKH
u 7KHEUDNHOLJKWZLOOLQGLFDWHWKDW
VWHHULQJ
\RXKDYHDSSOLHGWKHEUDNHV
# 6WRSSLQJ
,ISXOOLQJRIIWKHURDGVLJQDOHDUO\
HQRXJKWRVKRZWUDIILFWKDW\RXDUH
SXOOLQJRYHUDQGSXOORYHUVPRRWKO\
# 5HIXHOOLQJ(3)
# 7XUQLQJ&RUQHUV
'R\RXUEUDNLQJ
EHIRUHHQWHULQJ
FRUQHUV
*UDGXDOO\UHDSSO\WKURWWOH
ZKHQH[LWLQJWXUQ
3DUWV/RFDWLRQ
'RFXPHQWEDJ(3)
%DWWHU\(3)
2SHUDWLRQ*XLGH
)XVHER[(3)
)URQWEUDNHIOXLGUHVHUYRLU
(3)
7KURWWOHJULS(3)
+HOPHWKROGHU(3)
(QJLQHRLOILOOFDS
GLSVWLFN(3)
5HDUEUDNHSHGDO
.LFNVWDUWHU(3)
5HDUEUDNHIOXLGUHVHUYRLU(3)
+HOPHWKROGHU(3)
7RRO(3)
2SHUDWLRQ*XLGH
/XJJDJHER[(3)
6HDW(3)
)XHOILOOFDS(3)
'ULYHFKDLQ(3)
6LGHVWDQG(3)
&HQWUHVWDQG(3)
6KLIWOHYHU(3)
,QVWUXPHQWV
6SHHGRPHWHU
2SHUDWLRQ*XLGH
2GRPHWHU
7RWDOGLVWDQFHULGGHQ
)XHOJDXJH
1HHGOHLQWKHUHGPDUNUHPDLQLQJ
IXHODSSUR[LPDWHO\/ 86
JDO,PSJDO
,QGLFDWRUV
,IRQHRIWKHVHLQGLFDWRUVGRHVQRWFRPHRQZKHQLWVKRXOGKDYH\RXUGHDOHUFKHFNIRU
SUREOHPV
+LJKEHDPLQGLFDWRU
2SHUDWLRQ*XLGH
/HIWWXUQVLJQDOLQGLFDWRU
5LJKWWXUQVLJQDOLQGLFDWRU
1HXWUDOLQGLFDWRU
&RPHVRQZKHQWKHWUDQVPLVVLRQ
LVLQ1HXWUDO
*HDUSRVLWLRQLQGLFDWRUV
,QGLFDWHVWWRWKJHDUSRVLWLRQ
6ZLWFKHV
,JQLWLRQVZLWFK
6ZLWFKHVWKHHOHFWULFDOV\VWHPRQ
2SHUDWLRQ*XLGH
RIIORFNVWKHVWHHULQJ
u .H\FDQEHUHPRYHGZKHQLQWKH
2II RU /RFN SRVLWLRQ
6WDUWEXWWRQ 2Q
7XUQVHOHFWULFDOV\VWHP
RQIRUVWDUWLQJULGLQJ
7XUQVLJQDOVZLWFK
2II
u 3UHVVLQJWKHVZLWFKWXUQVWKHWXUQVLJQDORII
7XUQVHQJLQHRII
+RUQEXWWRQ
/RFN
+HDGOLJKWGLPPHUVZLWFK
/RFNVVWHHULQJ
ܬ +LJKEHDP
ܬ /RZEHDP
6WHHULQJ/RFN # /RFNLQJ
/RFNWKHVWHHULQJZKHQSDUNLQJWRKHOS a 7XUQWKHKDQGOHEDUVDOOWKHZD\WRWKHOHIWRU
SUHYHQWWKHIW ULJKW
2SHUDWLRQ*XLGH
$8VKDSHGZKHHOORFNRUVLPLODUGHYLFHLV b 3XVKWKHNH\GRZQDQGWXUQWKHLJQLWLRQ
DOVRUHFRPPHQGHG VZLWFKWRWKH /RFN SRVLWLRQ
u -LJJOHWKHKDQGOHEDUVLIWKHORFNLV
GLIILFXOWWRHQJDJH
c 5HPRYHWKHNH\
a
# 8QORFNLQJ
b 3XVK ,QVHUWWKHNH\SXVKLWLQDQGWXUQWKHLJQLWLRQ
VZLWFKWRWKH 2II SRVLWLRQ
7XUQ
,JQLWLRQNH\
&RQWLQXHG
6ZLWFKHV &RQWLQXHG
6KXWWHU 7KHVKXWWHUZLOODXWRPDWLFDOO\FORVHZKHQ\RX
7KHLJQLWLRQVZLWFKIRUWKLVYHKLFOHLV UHPRYHWKHLJQLWLRQNH\DWWKH /RFN
HTXLSSHGZLWKDQDXWRPDWLFVKXWWHU$IWHU SRVLWLRQ
2SHUDWLRQ*XLGH
SDUNLQJWKHYHKLFOHFORVHWKHVKXWWHUIRUWKHIW $OVR\RXFDQFORVHWKHVKXWWHUPDQXDOO\
SUHYHQWLRQ # &ORVH
a 5HPRYHWKHLJQLWLRQNH\IURPWKHLJQLWLRQ
/RFN VZLWFK
b $OLJQWKHSURMHFWLRQRIWKHVKXWWHUNH\ZLWK
WKHVORWRIWKHVKXWWHUDQGWXUQWKHVKXWWHU
NH\FRXQWHUFORFNZLVH
2SHQ
c 5HPRYHWKHNH\
&ORVH # 2SHQ
$OLJQWKHSURMHFWLRQRIWKHVKXWWHUNH\ZLWK
6KXWWHUNH\ WKHVORWRIWKHVKXWWHUDQGWXUQWKHVKXWWHU
NH\FORFNZLVH
,JQLWLRQ
NH\
6ORW 3URMHFWLRQ
6WDUWLQJWKH(QJLQH
6WDUW\RXUHQJLQHXVLQJWKHIROORZLQJ 127,&(
SURFHGXUHUHJDUGOHVVRIZKHWKHUWKHHQJLQH ܬ,IWKHHQJLQHGRHVQRWVWDUWZLWKLQVHFRQGVWXUQ
LVFROGRUZDUP WKHLJQLWLRQVZLWFKWRWKH 2II SRVLWLRQDQG
ZDLWVHFRQGVEHIRUHWU\LQJWRVWDUWWKHHQJLQH
2SHUDWLRQ*XLGH
b DJDLQWRUHFRYHUEDWWHU\YROWDJH
[( ܬWHQGHGIDVWLGOLQJDQGUHYYLQJWKHHQJLQHFDQ
GDPDJHWKHHQJLQHDQGWKHH[KDXVWV\VWHP
a
' ܬRQRWRSHUDWHWKHNLFNVWDUWHUZKLOHWKHHQJLQHLV
UXQQLQJDVHQJLQHGDPDJHFRXOGUHVXOW'RQRW
DSSO\H[FHVVLYHIRUFHRQWKHNLFNVWDUWHU
d ) ܬROGXSWKHNLFNVWDUWHUDIWHUWKHNLFNVWDUWHULV
c UHWXUQHGWRWKHSHGDOVWRS
&RQVXOW\RXUGHDOHUIRUDGYLFHLI\RXSODQWR
ULGH\RXUYHKLFOHDWDQDOWLWXGHDERYHP
IHHW
127,&(
,IWKHYHKLFOHLVWUDQVSRUWHGWRDSODFHP
IHHW KLJKHURUORZHUWKDQWKHVWDUWSRLQW\RXPD\QRW
EHDEOHWRDFKLHYHVXIILFLHQWHQJLQHSHUIRUPDQFHDW
WKHQHZDOWLWXGH&RQVXOW\RXUGHDOHUEHIRUH
c
WUDQVSRUWLQJ\RXUYHKLFOH
&RQWLQXHG
6WDUWLQJWKH(QJLQH &RQWLQXHG
a 7XUQWKHLJQLWLRQVZLWFKWRWKH 2Q ,I\RXFDQQRWVWDUWWKHHQJLQH
SRVLWLRQ 2SHQWKHWKURWWOHVOLJKWO\ DERXWPP
b 6KLIWWKHWUDQVPLVVLRQWR1HXWUDO 1 LQ ZLWKRXWIUHHSOD\
LQGLFDWRUFRPHVRQ
2SHUDWLRQ*XLGH
c 8VLQJWKHVWDUWEXWWRQ
$ERXWPP LQ ZLWKRXWIUHHSOD\
:LWKWKHWKURWWOHFRPSOHWHO\FORVHG3UHVV
WKHVWDUWEXWWRQ
8VLQJWKHNLFNVWDUWHU
/LJKWO\GHSUHVVWKHNLFNVWDUWHUXQWLO
UHVLVWDQFHLVIHOW
7KHQOHWWKHNLFNVWDUWHUUHWXUQWRWKHWRS
RILWVVWURNH
:LWKWKHWKURWWOHFRPSOHWHO\FORVHG
2SHUDWHWKHNLFNVWDUWHUVWDUWLQJIURPWKH
WRSRIWKHVWURNHNLFNWKURXJKWRWKH
ERWWRPZLWKDUDSLGFRQWLQXRXVPRWLRQ
d :DUPXSWKHHQJLQHE\RSHQLQJDQG
FORVLQJWKHWKURWWOHVOLJKWO\
,IWKHHQJLQHGRHVQRWVWDUW
a 7XUQWKHLJQLWLRQVZLWFKWRWKH 2II
SRVLWLRQ
b 2SHQWKHWKURWWOHIXOO\
2SHUDWLRQ*XLGH
c &UDQNWKHHQJLQHVHYHUDOWLPHVZLWKWKH
NLFNVWDUWHU
d 5HSHDWWKHVWDUWLQJSURFHGXUH
e ,IWKHHQJLQHVWDUWVRSHQWKHWKURWWOHVOLJKWO\
LILGOLQJLVXQVWDEOH
f ,IWKHHQJLQHGRHVQRWVWDUWZDLWVHFRQGV
EHIRUHWU\LQJVWHSVadDJDLQ
# ,I(QJLQH:LOO1RW6WDUW(3)
6KLIWLQJ*HDUV
<RXUYHKLFOHWUDQVPLVVLRQKDVIRXUIRUZDUGJHDUV
7KHJHDUVKLIWRSHUDWLRQGLIIHUVZKHQVWRSSLQJ
DQGZKHQPRYLQJ
2SHUDWLRQ*XLGH
:KHQVWRSSLQJFKDQJHFDQEHPDGHIURPWK
WRQHXWUDOGLUHFWO\ZLWKWKHVWHSURWDU\V\VWHP
:KHQPRYLQJWKHIRUZDUGVWHSUHWXUQ
V\VWHPLVXVHG 6WRSSLQJ
&KDQJHFDQQRWEHPDGHIURPWKWRQHXWUDO
GLUHFWO\
u $OZD\VUHWXUQWKHWKURWWOHJULSILUVWEHIRUH
FKDQJLQJJHDU
u 2SHUDWHOLJKWO\ZLWKWKHWLSVRI\RXUWRHV
XQWLOWKHVKLIWOHYHULVSXVKHGGRZQ
u $YRLGFKDQJLQJJHDUQHHGOHVVO\DQGULGLQJ
ZLWK\RXUIRRWRQWKHVKLIWOHYHUVLQFHWKLV 0RYLQJ
PD\GDPDJHWKHJHDUFKDQJHPHFKDQLVP
DQGFOXWFKPHFKDQLVP
3URSHUVKLIWLQJFDQSUHYHQWGDPDJLQJWKH
HQJLQHDQGWUDQVPLVVLRQ
5HIXHOOLQJ
)XHOW\SH8QOHDGHGSHWURORQO\
)XHORFWDQHQXPEHU<RXUYHKLFOHLV
GHVLJQHGWRXVH5HVHDUFK2FWDQH1XPEHU )XHOILOOFDS
521 RUKLJKHU
2SHUDWLRQ*XLGH
7DQNFDSDFLW\/ 86JDO,PSJDO
/RZHUHGJHRI
# 5HIXHOOLQJDQG)XHO*XLGHOLQHV(3) ILOOHUQHFN $UURZPDUNV
2SHQLQJWKH)XHO)LOO&DS
a 2SHQWKHVHDW(3)
b 7XUQWKHIXHOILOOFDSFRXQWHUFORFNZLVHXQWLOLW
VWRSVDQGUHPRYHWKHIXHOILOOFDS
'RQRWILOOZLWKIXHODERYHWKHORZHUHGJHRI
WKHILOOHUQHFN
&RQWLQXHG
5HIXHOOLQJ &RQWLQXHG
&ORVLQJWKH)XHO)LOO&DS
a ,QVWDOODQGWLJKWHQWKHIXHOILOOFDSILUPO\E\
WXUQLQJLWFORFNZLVH
u 0DNHVXUHWKDWWKHDUURZPDUNVRQWKH
2SHUDWLRQ*XLGH
IXHOILOOFDSDQGIXHOWDQNLVDOLJQHG
b &ORVHWKHVHDW
3:$51,1*
3HWUROLVKLJKO\IODPPDEOHDQG
H[SORVLYH<RXFDQEHEXUQHGRU
VHULRXVO\LQMXUHGZKHQKDQGOLQJIXHO
ܬ6WRSWKHHQJLQHDQGNHHSKHDW
VSDUNVDQGIODPHVDZD\
ܬ2QO\KDQGOHIXHORXWGRRUV
ܬ:LSHXSVSLOOVLPPHGLDWHO\
6WRUDJH(TXLSPHQW
+HOPHWKROGHUV +HOPHW+ROGHU
6HDW 7KHKHOPHWKROGHUVDUHORFDWHGXQGHUWKH
VHDW
2SHUDWLRQ*XLGH
u 8VHWKHKHOPHWKROGHUVRQO\ZKHQSDUNHG
3:$51,1*
5LGLQJZLWKDKHOPHWDWWDFKHGWRWKH
KROGHUFDQLQWHUIHUHZLWK\RXUDELOLW\WR
VDIHO\RSHUDWHWKHYHKLFOHDQGFRXOG
,JQLWLRQNH\ 6HDWORFN OHDGWRDFUDVKLQZKLFK\RXFDQEH
VHULRXVO\KXUWRUNLOOHG
7RRSHQWKHVHDW
,QVHUWWKHLJQLWLRQNH\LQWRWKHVHDWORFNDQG 8VHWKHKHOPHWKROGHURQO\ZKLOH
WXUQLWFORFNZLVHWRXQORFN SDUNHG'RQRWULGHZLWKDKHOPHW
VHFXUHGE\WKHKROGHU
7RFORVHWKHVHDW
&ORVHDQGSXVKGRZQRQWKHUHDURIWKHVHDW
XQWLOLWORFNV0DNHVXUHWKDWWKHVHDWLVORFNHG
VHFXUHO\WRSXOOLWXSOLJKWO\
&RQWLQXHG
6WRUDJH(TXLSPHQW &RQWLQXHG
/XJJDJH%R[ 'RFXPHQW%DJ
1HYHUH[FHHGWKHPD[LPXPZHLJKWOLPLW 7KHGRFXPHQWEDJLVLQWKHGRFXPHQW
0D[LPXP:HLJKWNJ OE FRPSDUWPHQWLQWKHUHYHUVHVLGHRIWKHVHDW
2SHUDWLRQ*XLGH
u 'RQRWVWRUHDQ\LWHPVWKDWDUHIODPPDEOH
RUVXVFHSWLEOHWRKHDWGDPDJH 7RRO
u 'RQRWVWRUHYDOXDEOHVRUIUDJLOHDUWLFOHV 7KHWRROVDUHLQWKHOXJJDJHER[
'RFXPHQWFRPSDUWPHQW 'RFXPHQW
7RROV
EDJ
/XJJDJHER[
0DLQWHQDQFH
3OHDVHUHDG´,PSRUWDQFHRI0DLQWHQDQFHµDQG´0DLQWHQDQFH)XQGDPHQWDOVµFDUHIXOO\
EHIRUHDWWHPSWLQJDQ\PDLQWHQDQFH5HIHUWR´6SHFLILFDWLRQVµIRUVHUYLFHGDWD
,PSRUWDQFHRI0DLQWHQDQFH 0DLQWHQDQFH6DIHW\
.HHSLQJ\RXUYHKLFOHZHOOPDLQWDLQHGLV $OZD\VUHDGWKHPDLQWHQDQFHLQVWUXFWLRQV
DEVROXWHO\HVVHQWLDOWR\RXUVDIHW\DQGWR EHIRUH\RXEHJLQHDFKWDVNDQGPDNHVXUHWKDW
SURWHFW\RXULQYHVWPHQWREWDLQPD[LPXP \RXKDYHWKHWRROVSDUWVDQGVNLOOVUHTXLUHG
SHUIRUPDQFHDYRLGEUHDNGRZQVDQGUHGXFHDLU :HFDQQRWZDUQ\RXRIHYHU\FRQFHLYDEOH
0DLQWHQDQFH
SROOXWLRQ0DLQWHQDQFHLVWKHRZQHU V KD]DUGWKDWFDQDULVHLQSHUIRUPLQJ
UHVSRQVLELOLW\%HVXUHWRLQVSHFW\RXUYHKLFOH PDLQWHQDQFH2QO\\RXFDQGHFLGHZKHWKHURU
EHIRUHHDFKULGHDQGSHUIRUPWKHSHULRGLF QRW\RXVKRXOGSHUIRUPDJLYHQWDVN
FKHFNVVSHFLILHGLQWKH0DLQWHQDQFH6FKHGXOH
2 3 )ROORZWKHVHJXLGHOLQHVZKHQSHUIRUPLQJ
PDLQWHQDQFH
3:$51,1* ॥ 6WRSWKHHQJLQHDQGUHPRYHWKHNH\
,PSURSHUO\PDLQWDLQLQJ\RXUYHKLFOHRU ॥ 3ODFH\RXUYHKLFOHRQDILUPOHYHOVXUIDFH
IDLOLQJWRFRUUHFWDSUREOHPEHIRUH\RX XVLQJWKHVLGHVWDQGFHQWUHVWDQGRUD
ULGHFDQFDXVHDFUDVKLQZKLFK\RXFDQ PDLQWHQDQFHVWDQGWRSURYLGHVXSSRUW
EHVHULRXVO\KXUWRUNLOOHG ॥ $OORZWKHHQJLQHPXIIOHUEUDNHVDQGRWKHU
KLJKWHPSHUDWXUHSDUWVWRFRROEHIRUH
VHUYLFLQJDV\RXFDQJHWEXUQHG
$OZD\VIROORZWKHLQVSHFWLRQDQG
॥ 5XQWKHHQJLQHRQO\ZKHQLQVWUXFWHGDQG
PDLQWHQDQFHUHFRPPHQGDWLRQVDQG
GRVRLQDZHOOYHQWLODWHGDUHD
VFKHGXOHVLQWKLVRZQHU VPDQXDO
0DLQWHQDQFH6FKHGXOH
7KHPDLQWHQDQFHVFKHGXOHVSHFLILHVWKH $OOVFKHGXOHGPDLQWHQDQFHLVFRQVLGHUHGD
PDLQWHQDQFHUHTXLUHPHQWVQHFHVVDU\WRHQVXUH QRUPDORZQHURSHUDWLQJFRVWDQGZLOOEH
VDIHGHSHQGDEOHSHUIRUPDQFHDQGSURSHU FKDUJHGWR\RXE\\RXUGHDOHU5HWDLQDOO
HPLVVLRQFRQWURO UHFHLSWV,I\RXVHOOWKHYHKLFOHWKHVHUHFHLSWV
VKRXOGEHWUDQVIHUUHGZLWKWKHYHKLFOHWRWKH
0DLQWHQDQFHZRUNVKRXOGEHSHUIRUPHGLQ QHZRZQHU
0DLQWHQDQFH
DFFRUGDQFHZLWK+RQGD VVWDQGDUGVDQG
VSHFLILFDWLRQVE\SURSHUO\WUDLQHGDQGHTXLSSHG +RQGDUHFRPPHQGVWKDW\RXUGHDOHUVKRXOG
WHFKQLFLDQV<RXUGHDOHUPHHWVDOORIWKHVH URDGWHVW\RXUYHKLFOHDIWHUHDFKSHULRGLF
UHTXLUHPHQWV.HHSDQDFFXUDWHUHFRUGRI PDLQWHQDQFHLVFDUULHGRXW
PDLQWHQDQFHWRKHOSHQVXUHWKDW\RXUYHKLFOHLV
SURSHUO\PDLQWDLQHG
0DNHVXUHWKDWZKRPHYHUSHUIRUPVWKH
PDLQWHQDQFHFRPSOHWHVWKLVUHFRUG
&RQWLQXHG
0DLQWHQDQFH6FKHGXOH
)UHTXHQF\
3UHULGH
$QQXDO 5HJXODU 5HIHUWR
,WHPV &KHFN ïNP
&KHFN 5HSODFH SDJH
2 3
ïPL
)XHO/LQH ²
)XHO/HYHO ²
7KURWWOH2SHUDWLRQ
0DLQWHQDQFH
$LU&OHDQHU ²
&UDQNFDVH%UHDWKHU
6SDUN3OXJ ²
9DOYH&OHDUDQFH ²
(QJLQH2LO
(QJLQH2LO6WUDLQHU6FUHHQ ²
(QJLQH2LO&HQWULIXJDO)LOWHU ²
(QJLQH,GOH6SHHG ²
'ULYH&KDLQ (YHU\NP PL
0DLQWHQDQFH/HYHO 0DLQWHQDQFH/HJHQG
,QWHUPHGLDWH:HUHFRPPHQGVHUYLFHE\\RXU ,QVSHFW FOHDQDGMXVWOXEULFDWHRUUHSODFHLIQHFHVVDU\
GHDOHUXQOHVV\RXKDYHWKHQHFHVVDU\WRROVDQGDUH &OHDQ
PHFKDQLFDOO\VNLOOHG /XEULFDWH
3URFHGXUHVDUHSURYLGHGLQDQRIILFLDO+RQGD6KRS0DQXDO 5HSODFH
7HFKQLFDO,QWKHLQWHUHVWRIVDIHW\KDYH\RXUYHKLFOH
VHUYLFHGE\\RXUGHDOHU
0DLQWHQDQFH6FKHGXOH
)UHTXHQF\
3UHULGH
$QQXDO 5HJXODU 5HIHUWR
,WHPV &KHFN ïNP
&KHFN 5HSODFH SDJH
2 3
ïPL
%UDNH)OXLG <HDUV
%UDNH3DGV:HDU
%UDNH6\VWHP
0DLQWHQDQFH
%UDNHOLJKW6ZLWFK
+HDGOLJKW$LP ²
/LJKWV+RUQ ²
&OXWFK6\VWHP ²
6LGH6WDQG
6XVSHQVLRQ ²
1XWV%ROWV)DVWHQHUV ²
:KHHOV7\UHV
6WHHULQJ+HDG%HDULQJV ²
1RWHV
$WKLJKHURGRPHWHUUHDGLQJUHSHDWDWWKHIUHTXHQF\LQWHUYDOHVWDEOLVKHGKHUH
6HUYLFHPRUHIUHTXHQWO\ZKHQULGLQJLQXQXVXDOO\ZHWRUGXVW\DUHDV
6HUYLFHPRUHIUHTXHQWO\ZKHQULGLQJLQUDLQRUDWIXOOWKURWWOH
5HSODFHPHQWUHTXLUHVPHFKDQLFDOVNLOO
0DLQWHQDQFH)XQGDPHQWDOV
3UHULGH,QVSHFWLRQ ॥ %UDNHV&KHFNRSHUDWLRQ
)URQWDQG5HDUFKHFNEUDNHIOXLGOHYHODQG
7RHQVXUHVDIHW\LWLV\RXUUHVSRQVLELOLW\WR
SDGVZHDU2 32 3
SHUIRUPDSUHULGHLQVSHFWLRQDQGPDNHVXUH
॥ /LJKWVDQGKRUQ&KHFNWKDWOLJKWV
WKDWDQ\SUREOHP\RXILQGLVFRUUHFWHG$SUH
LQGLFDWRUVDQGKRUQIXQFWLRQSURSHUO\
ULGHLQVSHFWLRQLVDPXVWQRWRQO\IRUVDIHW\EXW
॥ :KHHOVDQGW\UHV&KHFNFRQGLWLRQDLU
0DLQWHQDQFH
EHFDXVHKDYLQJDEUHDNGRZQRUHYHQDIODW
SUHVVXUHDQGDGMXVWLIQHFHVVDU\2 3
W\UHFDQEHDPDMRULQFRQYHQLHQFH
&KHFNWKHIROORZLQJLWHPVEHIRUH\RXJHWRQ
\RXUYHKLFOH
॥ )XHOOHYHO)LOOIXHOWDQNZKHQQHFHVVDU\
2 3
॥ 7KURWWOH&KHFNIRUVPRRWKRSHQLQJDQG
IXOOFORVLQJLQDOOVWHHULQJSRVLWLRQV2 3
॥ (QJLQHRLOOHYHO$GGHQJLQHRLOLIQHFHVVDU\
&KHFNIRUOHDNV2 3
॥ 'ULYHFKDLQ&KHFNFRQGLWLRQDQGVODFN
DGMXVWDQGOXEULFDWHLIQHFHVVDU\2 3
0DLQWHQDQFH)XQGDPHQWDOV
5HSODFLQJ3DUWV %DWWHU\
$OZD\VXVH+RQGD*HQXLQH3DUWVRUWKHLU <RXUYHKLFOHKDVDPDLQWHQDQFHIUHHW\SH
HTXLYDOHQWVWRHQVXUHUHOLDELOLW\DQGVDIHW\ EDWWHU\<RXGRQRWKDYHWRFKHFNWKHEDWWHU\
HOHFWURO\WHOHYHORUDGGGLVWLOOHGZDWHU&OHDQWKH
3:$51,1* EDWWHU\WHUPLQDOVLIWKH\EHFRPHGLUW\RU
0DLQWHQDQFH
,QVWDOOLQJQRQ+RQGDSDUWVPD\PDNH FRUURGHG
\RXUYHKLFOHXQVDIHDQGFDXVHDFUDVKLQ 'RQRWUHPRYHWKHEDWWHU\FDSVHDOV7KHUHLV
ZKLFK\RXFDQEHVHULRXVO\KXUWRU QRQHHGWRUHPRYHWKHFDSZKHQFKDUJLQJ
NLOOHG 127,&(
<RXUEDWWHU\LVDPDLQWHQDQFHIUHHW\SHDQGFDQ
$OZD\VXVH+RQGD*HQXLQH3DUWVRU EHSHUPDQHQWO\GDPDJHGLIWKHFDSVWULSLV
HTXLYDOHQWVWKDWKDYHEHHQGHVLJQHG UHPRYHG
DQGDSSURYHGIRU\RXUYHKLFOH 127,&(
$QLPSURSHUO\GLVSRVHGRIEDWWHU\FDQEH
KDUPIXOWRWKHHQYLURQPHQWDQGKXPDQKHDOWK
$OZD\VFRQILUPORFDOUHJXODWLRQVIRUSURSHU
EDWWHU\GLVSRVDOLQVWUXFWLRQ
&RQWLQXHG
0DLQWHQDQFH)XQGDPHQWDOV
# :KDWWRGRLQDQHPHUJHQF\
,IDQ\RIWKHIROORZLQJRFFXULPPHGLDWHO\VHH
3:$51,1*
\RXUGRFWRU 7KHEDWWHU\JLYHVRIIH[SORVLYH
॥ (OHFWURO\WHVSODVKHVLQWR\RXUH\HV K\GURJHQJDVGXULQJQRUPDORSHUDWLRQ
u :DVK\RXUH\HVUHSHDWHGO\ZLWKFRRO
ZDWHUIRUDWOHDVWPLQXWHV8VLQJZDWHU $VSDUNRUIODPHFDQFDXVHWKHEDWWHU\
0DLQWHQDQFH
XQGHUSUHVVXUHFDQGDPDJH\RXUH\HV WRH[SORGHZLWKHQRXJKIRUFHWRNLOORU
॥ (OHFWURO\WHVSODVKHVRQWR\RXUVNLQ VHULRXVO\KXUW\RX
u 5HPRYHDIIHFWHGFORWKLQJDQGZDVK\RXU
VNLQWKRURXJKO\XVLQJZDWHU
:HDUSURWHFWLYHFORWKLQJDQGDIDFH
॥ (OHFWURO\WHVSODVKHVLQWR\RXUPRXWK
VKLHOGRUKDYHDVNLOOHGPHFKDQLFGR
u 5LQVHPRXWKWKRURXJKO\ZLWKZDWHUDQG
GRQRWVZDOORZ WKHEDWWHU\VHUYLFLQJ
# &OHDQLQJWKH%DWWHU\7HUPLQDOV
5HPRYHWKHEDWWHU\2 3
,IWKHWHUPLQDOVDUHVWDUWLQJWRFRUURGHDQG
DUHFRDWHGZLWKDZKLWHVXEVWDQFHZDVK
ZLWKZDUPZDWHUDQGZLSHFOHDQ
0DLQWHQDQFH)XQGDPHQWDOV
,IWKHWHUPLQDOVDUHKHDYLO\FRUURGHGFOHDQ )XVHV
DQGSROLVKWKHWHUPLQDOVZLWKDZLUHEUXVKRU
)XVHVSURWHFWWKHHOHFWULFDOFLUFXLWVRQ\RXU
VDQGSDSHU:HDUVDIHW\JODVVHV
YHKLFOH,IVRPHWKLQJHOHFWULFDORQ\RXUYHKLFOH
VWRSVZRUNLQJFKHFNIRUDQGUHSODFHDQ\EORZQ
IXVHV2 3
0DLQWHQDQFH
# ,QVSHFWLQJDQG5HSODFLQJ)XVHV
7XUQWKHLJQLWLRQVZLWFKWRWKH 2II SRVLWLRQ
WRUHPRYHDQGLQVSHFWIXVHV,IDIXVHLVEORZQ
UHSODFHZLWKDIXVHRIWKHVDPHUDWLQJ)RUIXVH
$IWHUFOHDQLQJUHLQVWDOOWKHEDWWHU\ UDWLQJVVHH´6SHFLILFDWLRQVµ2 3
7KHEDWWHU\KDVDOLPLWHGOLIHVSDQ&RQVXOW\RXU %ORZQIXVH
GHDOHUDERXWZKHQ\RXVKRXOGUHSODFHWKH
EDWWHU\$OZD\VUHSODFHWKHEDWWHU\ZLWKDQRWKHU
PDLQWHQDQFHIUHHEDWWHU\RIWKHVDPHW\SH
127,&(
,QVWDOOLQJQRQ+RQGDHOHFWULFDODFFHVVRULHVFDQ 127,&(
RYHUORDGWKHHOHFWULFDOV\VWHPGLVFKDUJLQJWKH 5HSODFLQJDIXVHZLWKRQHWKDWKDVDKLJKHU
EDWWHU\DQGSRVVLEO\GDPDJLQJWKHV\VWHP UDWLQJJUHDWO\LQFUHDVHVWKHFKDQFHRIGDPDJHWR
WKHHOHFWULFDOV\VWHP
&RQWLQXHG
0DLQWHQDQFH)XQGDPHQWDOV
,IDIXVHIDLOVUHSHDWHGO\\RXOLNHO\KDYHDQ
7KH-$627VWDQGDUGLVDQLQGH[IRUHQJLQH
HOHFWULFDOIDXOW+DYH\RXUYHKLFOHLQVSHFWHGE\ RLOVIRUVWURNHPRWRUF\FOHHQJLQHV7KHUHDUH
\RXUGHDOHU WZRFODVVHV0$DQG0%)RUH[DPSOHWKH
IROORZLQJODEHOVKRZVWKH0$FODVVLILFDWLRQ
(QJLQH2LO
(QJLQHRLOFRQVXPSWLRQYDULHVDQGRLOTXDOLW\ 2LOFRGH
0DLQWHQDQFH
GHWHULRUDWHVDFFRUGLQJWRULGLQJFRQGLWLRQVDQG
2LOFODVVLILFDWLRQ
WLPHHODSVHG
&KHFNWKHHQJLQHRLOOHYHOUHJXODUO\DQGDGGWKH
UHFRPPHQGHGHQJLQHRLOLIQHFHVVDU\'LUW\RLORU
7KH6$(VWDQGDUGJUDGHVRLOVE\WKHLUYLVFRVLW\
ROGRLOVKRXOGEHFKDQJHGDVVRRQDVSRVVLEOH
7KH$3,FODVVLILFDWLRQVSHFLILHVWKHTXDOLW\DQG
SHUIRUPDQFHUDWLQJRIHQJLQHRLOV8VH6-RUKLJKHU
# 6HOHFWLQJWKH(QJLQH2LO RLOVH[FOXGLQJRLOVPDUNHGDV´(QHUJ\&RQVHUYLQJµ
)RUUHFRPPHQGHGHQJLQHRLOVHH RU´5HVRXUFH&RQVHUYLQJµRQWKHFLUFXODU$3,
´6SHFLILFDWLRQVµ2 3 VHUYLFHV\PERO
,I\RXXVHQRQ+RQGDHQJLQHRLOFKHFNWKH
ODEHOWRPDNHVXUHWKDWWKHRLOVDWLVILHVDOORIWKH
IROORZLQJVWDQGDUGV
॥ -$627VWDQGDUG 0$
॥ 6$(VWDQGDUG :
॥ $3,FODVVLILFDWLRQ 6-RUKLJKHU 1RWUHFRPPHQGHG 5HFRPPHQGHG
0DLQWHQDQFH)XQGDPHQWDOV
%UDNH)OXLG KLJKVSHHGRUULGHZLWKUHSHDWHGIDVW
DFFHOHUDWLRQ2 3
'RQRWDGGRUUHSODFHEUDNHIOXLGH[FHSWLQDQ
HPHUJHQF\8VHRQO\IUHVKEUDNHIOXLGIURPD
,IWKHFKDLQGRHVQRWPRYHVPRRWKO\PDNHV
VHDOHGFRQWDLQHU,I\RXGRDGGIOXLGKDYHWKH
VWUDQJHQRLVHVKDVGDPDJHGUROOHUVKDVORRVH
EUDNHV\VWHPVHUYLFHGE\\RXUGHDOHUDVVRRQDV
SLQVRUKDVNLQNVKDYHWKHFKDLQLQVSHFWHGE\
0DLQWHQDQFH
SRVVLEOH
\RXUGHDOHU
127,&(
%UDNHIOXLGFDQGDPDJHSODVWLFDQGSDLQWHG $OVRLQVSHFWWKHGULYHVSURFNHWDQGGULYHQ
VXUIDFHV VSURFNHW,IHLWKHUKDVZRUQRUGDPDJHGWHHWK
:LSHXSVSLOOVLPPHGLDWHO\DQGZDVKWKRURXJKO\ KDYHWKHVSURFNHWUHSODFHGE\\RXUGHDOHU
5HFRPPHQGHGEUDNHIOXLG
+RQGD'27RU'27%UDNH)OXLGRU
HTXLYDOHQW
1RUPDO :RUQ 'DPDJHG
*22' 5(3/$&( 5(3/$&(
'ULYH&KDLQ
7KHGULYHFKDLQPXVWEHLQVSHFWHGDQG 127,&(
OXEULFDWHGUHJXODUO\,QVSHFWWKHFKDLQPRUH 8VHRIDQHZFKDLQZLWKZRUQVSURFNHWVZLOOFDXVH
IUHTXHQWO\LI\RXRIWHQULGHRQEDGURDGVULGHDW UDSLGFKDLQZHDU
&RQWLQXHG
0DLQWHQDQFH)XQGDPHQWDOV
# &OHDQLQJDQG/XEULFDWLQJ
$IWHULQVSHFWLQJWKHVODFNFOHDQWKHFKDLQDQG
VSURFNHWVZKLOHURWDWLQJWKHUHDUZKHHO8VHD
GU\FORWKZLWKKLJKIODVKSRLQWVROYHQW8VHD
VRIWEUXVKLIWKHFKDLQLVGLUW\
$IWHUFOHDQLQJZLSHGU\DQGOXEULFDWHZLWKWKH
0DLQWHQDQFH
UHFRPPHQGHGOXEULFDQW
5HFRPPHQGHGOXEULFDQW 1HYHUXVHSHWURORUORZIODVKSRLQWVROYHQWVIRU
'ULYHFKDLQOXEULFDQW FOHDQLQJWKHGULYHFKDLQ
,IQRWDYDLODEOHXVH6$(RUJHDURLO $ILUHRUH[SORVLRQFRXOGUHVXOW
$YRLGJHWWLQJOXEULFDQWRQWKHEUDNHVRUW\UHV
$YRLGDSSO\LQJH[FHVVFKDLQOXEULFDQWWRSUHYHQW
VSUD\RQWR\RXUFORWKHVDQGWKHYHKLFOH
0DLQWHQDQFH)XQGDPHQWDOV
&UDQNFDVH%UHDWKHU # ,QVSHFWLQJIRU'DPDJH
6HUYLFHPRUHIUHTXHQWO\ZKHQULGLQJLQUDLQDW ,QVSHFWWKHW\UHVIRU
IXOOWKURWWOHRUDIWHUWKHYHKLFOHLVZDVKHGRU FXWVVOLWVRUFUDFNVWKDW
RYHUWXUQHG6HUYLFHLIWKHGHSRVLWOHYHOFDQEH H[SRVHIDEULFRUFRUGV
VHHQLQWKHWUDQVSDUHQWVHFWLRQRIWKHGUDLQ RUQDLOVRURWKHU
0DLQWHQDQFH
WXEH IRUHLJQREMHFWV
,IWKHGUDLQWXEHRYHUIORZVWKHDLUILOWHUPD\ HPEHGGHGLQWKHVLGH
EHFRPHFRQWDPLQDWHGZLWKHQJLQHRLOFDXVLQJ RIWKHW\UHRUWKHWUHDG
SRRUHQJLQHSHUIRUPDQFH $OVRLQVSHFWIRUDQ\XQXVXDOEXPSVRUEXOJHVLQ
WKHVLGHZDOOVRIWKHW\UHV
7\UHV ,QVSHFWLQJ5HSODFLQJ
# ,QVSHFWLQJIRU$EQRUPDO:HDU
# &KHFNLQJWKH$LU3UHVVXUH ,QVSHFWWKHW\UHVIRU
9LVXDOO\LQVSHFW\RXUW\UHVDQGXVHDQDLU
SUHVVXUHJDXJHWRPHDVXUHWKHDLUSUHVVXUHDW VLJQVRIDEQRUPDOZHDU
OHDVWRQFHDPRQWKRUDQ\WLPH\RXWKLQNWKH RQWKHFRQWDFWVXUIDFH
W\UHVORRNORZ$OZD\VFKHFNDLUSUHVVXUHZKHQ
\RXUW\UHVDUHFROG
&RQWLQXHG
0DLQWHQDQFH)XQGDPHQWDOV
# ,QVSHFWLQJ7UHDG'HSWK
,QVSHFWWKHWUHDGZHDULQGLFDWRUV,IWKH\
3:$51,1*
EHFRPHYLVLEOHUHSODFHWKHW\UHVLPPHGLDWHO\ 5LGLQJRQW\UHVWKDWDUHH[FHVVLYHO\
ZRUQRULPSURSHUO\LQIODWHGFDQFDXVHD
FUDVKLQZKLFK\RXFDQEHVHULRXVO\KXUW
RUNLOOHG
0DLQWHQDQFH
RU7:,
)ROORZDOOLQVWUXFWLRQVLQWKLVRZQHU V
PDQXDOUHJDUGLQJW\UHLQIODWLRQDQG
:HDULQGLFDWRU PDLQWHQDQFH
ORFDWLRQPDUN
0DLQWHQDQFH)XQGDPHQWDOV
+DYH\RXUW\UHVUHSODFHGE\\RXUGHDOHU
)RUUHFRPPHQGHGW\UHVDQGDLUSUHVVXUHVHH
3:$51,1*
´6SHFLILFDWLRQVµ2 3 ,QVWDOOLQJLPSURSHUW\UHVRQ\RXU
)ROORZWKHVHJXLGHOLQHVZKHQHYHU\RXUHSODFH YHKLFOHFDQDGYHUVHO\DIIHFWKDQGOLQJ
W\UHV DQGVWDELOLW\DQGFDQFDXVHDFUDVKLQ
॥ 8VHWKHUHFRPPHQGHGW\UHVRUHTXLYDOHQWV ZKLFK\RXFDQEHVHULRXVO\KXUWRU
0DLQWHQDQFH
RIWKHVDPHVL]HFRQVWUXFWLRQVSHHGUDWLQJ NLOOHG
DQGORDGUDQJH
॥ 'RQRWLQVWDOODWXEHLQVLGHDWXEHOHVVW\UH
$OZD\VXVHWKHVL]HDQGW\SHRIW\UHV
RQWKLVYHKLFOH([FHVVLYHKHDWEXLOGXSFDQ
UHFRPPHQGHGLQWKLVRZQHU VPDQXDO
FDXVHWKHWXEHWREXUVW
॥ 8VHRQO\WXEHOHVVW\UHVRQWKLVYHKLFOH
7KHULPVDUHGHVLJQHGIRUWXEHOHVVW\UHV
DQGGXULQJKDUGDFFHOHUDWLRQRUEUDNLQJD
WXEHW\SHW\UHFRXOGVOLSRQWKHULPDQG
FDXVHWKHW\UHWRUDSLGO\GHIODWH
7RROV
7KHWRROVDUHVWRUHGLQWKHOXJJDJHER[2 3
<RXFDQSHUIRUPVRPHURDGVLGHUHSDLUVPLQRU
DGMXVWPHQWVDQGSDUWVUHSODFHPHQWZLWKWKH
SURYLGHGWRROV
0DLQWHQDQFH
॥ 6WDQGDUG3KLOOLSVVFUHZGULYHU
॥ 6FUHZGULYHUKDQGOH
॥ 6SDUNSOXJZUHQFK
5HPRYLQJ ,QVWDOOLQJ%RG\&RPSRQHQWV
%DWWHU\ # 5HPRYDO
0DNHVXUHWKHLJQLWLRQVZLWFKLVLQWKH
2II SRVLWLRQ
3RVLWLYH 1HJDWLYH
WHUPLQDO WHUPLQDO 2SHQWKHVHDW2 3
5HPRYHWKHEDWWHU\FRYHU2 3
0DLQWHQDQFH
'LVFRQQHFWWKHQHJDWLYH-WHUPLQDOIURP
WKHEDWWHU\
'LVFRQQHFWWKHSRVLWLYH+WHUPLQDOIURP
WKHEDWWHU\
5HPRYHWKHEDWWHU\WDNLQJFDUHQRWWR
GURSWKHWHUPLQDOQXWV
# ,QVWDOODWLRQ
,QVWDOOWKHSDUWVLQWKHUHYHUVHRUGHURI
UHPRYDO$OZD\VFRQQHFWWKHSRVLWLYH+
WHUPLQDOILUVW0DNHVXUHWKDWEROWVDQGQXWV
%DWWHU\ DUHWLJKW
)RUSURSHUKDQGOLQJRIWKHEDWWHU\VHH
´0DLQWHQDQFH)XQGDPHQWDOVµ2 3
´%DWWHU\*RHV'HDGµ2 3
5HPRYLQJ ,QVWDOOLQJ%RG\&RPSRQHQWVu%DWWHU\&RYHU
%DWWHU\&RYHU # 5HPRYDO
2SHQWKHVHDW2 3
6FUHZ 5HPRYHWKHVFUHZ
5HPRYHWKHEDWWHU\FRYHU
0DLQWHQDQFH
# ,QVWDOODWLRQ
,QVWDOOWKHSDUWVLQWKHUHYHUVHRUGHURI
UHPRYDO
%DWWHU\FRYHU
5HPRYLQJ ,QVWDOOLQJ%RG\&RPSRQHQWVu/HJ6KLHOG
/HJ6KLHOG # 5HPRYDO
5HPRYHWKHVFUHZ$DQGVFUHZV%
3URQJ *URPPHW 5HPRYHWKHOHJVKLHOGE\VOLJKWO\UHOHDVLQJ
WKHSURQJIURPWKHJURPPHW
6FUHZV%
0DLQWHQDQFH
# ,QVWDOODWLRQ
,QVWDOODWLRQFDQEHGRQHLQWKHUHYHUVHRUGHU
RIUHPRYDO
6FUHZ$
6FUHZV%
/HJVKLHOG
(QJLQH2LO
&KHFNLQJWKH(QJLQH2LO 2LOILOOFDSGLSVWLFN
8SSHUOHYHO
,IWKHHQJLQHLVFROGLGOHWKHHQJLQHIRU
WRPLQXWHV
7XUQWKHLJQLWLRQVZLWFKWRWKH 2II
0DLQWHQDQFH
SRVLWLRQDQGZDLWIRUWRPLQXWHV
3ODFH\RXUYHKLFOHRQLWVFHQWUHVWDQGRQD
/RZHUOHYHO
ILUPOHYHOVXUIDFH
5HPRYHWKHRLOILOOFDSGLSVWLFNDQGZLSHLW
FOHDQ
,QVHUWWKHRLOILOOFDSGLSVWLFNXQWLOLWVHDWV
EXWGRQ WVFUHZLWLQ
&KHFNWKDWWKHRLOOHYHOLVEHWZHHQWKH
XSSHUOHYHODQGORZHUOHYHOPDUNVRQWKH
RLOILOOFDSGLSVWLFN
6HFXUHO\LQVWDOOWKHRLOILOOFDSGLSVWLFN
(QJLQH2LOu$GGLQJ(QJLQH2LO
$GGLQJ(QJLQH2LO 127,&(
2YHUILOOLQJZLWKRLORURSHUDWLQJZLWKLQVXIILFLHQW
,IWKHHQJLQHRLOLVEHORZRUQHDUWKHORZHU RLOFDQFDXVHGDPDJHWR\RXUHQJLQH'RQRWPL[
OHYHOPDUNDGGWKHUHFRPPHQGHGHQJLQHRLO GLIIHUHQWEUDQGVDQGJUDGHVRIRLO7KH\PD\
DIIHFWOXEULFDWLRQDQGFOXWFKRSHUDWLRQ
2 32 3
0DLQWHQDQFH
5HPRYHWKHRLOILOOFDSGLSVWLFN$GGWKH )RUWKHUHFRPPHQGHGRLODQGRLOVHOHFWLRQ
UHFRPPHQGHGRLOXQWLOLWUHDFKHVWKH JXLGHOLQHVVHH´0DLQWHQDQFH)XQGDPHQWDOVµ
XSSHUOHYHOPDUN 2 3
u 3ODFH\RXUYHKLFOHRQLWVFHQWUHVWDQG
RQDILUPOHYHOVXUIDFHZKHQFKHFNLQJ
WKHRLOOHYHO
u 'RQRWRYHUILOODERYHWKHXSSHUOHYHO
PDUN
u 0DNHVXUHQRIRUHLJQREMHFWVHQWHUWKH
RLOILOOHURSHQLQJ
u :LSHXSDQ\VSLOOVLPPHGLDWHO\
6HFXUHO\UHLQVWDOOWKHRLOILOOFDSGLSVWLFN
%UDNHV
3ODFH\RXUYHKLFOHLQDQXSULJKWSRVLWLRQ
RQDILUPOHYHOVXUIDFH
)URQW &KHFNWKDWWKHEUDNHIOXLGUHVHUYRLU
0DLQWHQDQFH
LVKRUL]RQWDODQGWKDWWKHIOXLGOHYHOLV
DERYHWKH/2:(5OHYHOPDUN
5HDU &KHFNWKDWWKHEUDNHIOXLGUHVHUYRLU
LVKRUL]RQWDODQGWKDWWKHIOXLGOHYHOLV
EHWZHHQWKH/2:(5OHYHODQG833(5 /2:(5OHYHOPDUN
OHYHOPDUNV
,IWKHEUDNHIOXLGOHYHOLQHLWKHUUHVHUYRLULV 5HDU
EHORZWKH/2:(5OHYHOPDUNRUWKHEUDNH 5HDUEUDNHIOXLG
OHYHUDQGSHGDOIUHHSOD\EHFRPHVH[FHVVLYH UHVHUYRLU
LQVSHFWWKHEUDNHSDGVIRUZHDU 833(5OHYHOPDUN
,IWKHEUDNHSDGVDUHQRWZRUQ\RXPRVW
OLNHO\KDYHDOHDN+DYH\RXUYHKLFOH
LQVSHFWHGE\\RXUGHDOHU
/2:(5OHYHOPDUN
%UDNHVu,QVSHFWLQJWKH%UDNH3DGV
,QVSHFWLQJWKH%UDNH3DGV )URQW
%UDNHSDGV
&KHFNWKHFRQGLWLRQRIWKHEUDNHSDGZHDU
LQGLFDWRUV
7KHSDGVQHHGWREHUHSODFHGLIDEUDNHSDG
0DLQWHQDQFH
LVZRUQWRWKHLQGLFDWRU
:HDU
'LVF LQGLFDWRUV
%UDNHVu$GMXVWLQJWKH%UDNHOLJKW6ZLWFK
$GMXVWLQJWKH%UDNHOLJKW6ZLWFK
&KHFNWKHRSHUDWLRQRIWKHEUDNHOLJKWVZLWFK
+ROGWKHEUDNHOLJKWVZLWFKDQGWXUQWKH
DGMXVWLQJQXWLQWKHGLUHFWLRQ$LIWKHVZLWFK
0DLQWHQDQFH
RSHUDWHVWRRODWHRUWXUQWKHQXWLQWKH
GLUHFWLRQ%LIWKHVZLWFKRSHUDWHVWRRVRRQ
$GMXVWLQJQXW
% $
%UDNHOLJKWVZLWFK
6LGH6WDQG
&KHFNLQJWKH6LGH6WDQG
0DLQWHQDQFH
6LGHVWDQG
VSULQJ
&KHFNWKDWWKHVLGHVWDQGRSHUDWHV
VPRRWKO\,IWKHVLGHVWDQGLVVWLIIRU
VTXHDN\FOHDQWKHSLYRWDUHDDQG
OXEULFDWHWKHSLYRWEROWZLWKFOHDQJUHDVH
&KHFNWKHVSULQJIRUGDPDJHRUORVVRI
WHQVLRQ
'ULYH&KDLQ
,QVSHFWLQJWKH'ULYH&KDLQ u 'RQRWULGH\RXUYHKLFOHLIWKHVODFN
H[FHHGVPP LQ
6ODFN
&KHFNWKHGULYHFKDLQVODFNDWVHYHUDOSRLQWV
DORQJWKHFKDLQ,IWKHVODFNLVQRWFRQVWDQWDW
0DLQWHQDQFH
DOOSRLQWVVRPHOLQNVPD\EHNLQNHGDQG
ELQGLQJ
+DYHWKHFKDLQLQVSHFWHGE\\RXUGHDOHU
6KLIWWKHWUDQVPLVVLRQWR1HXWUDO6WRSWKH
HQJLQH
3ODFH\RXUYHKLFOHRQLWVFHQWUHVWDQGRQD
ILUPOHYHOVXUIDFH
0RYHWKHORZHUSDUWRIWKHGULYHFKDLQXS 5RWDWHWKHUHDUZKHHODQGFKHFNWKDWWKH
DQGGRZQWRFKHFNFKDLQVODFNPLGZD\ FKDLQPRYHVVPRRWKO\
EHWZHHQWKHVSURFNHWV ,QVSHFWWKHVSURFNHWV2 3
&OHDQDQGOXEULFDWHWKHGULYHFKDLQ
'ULYHFKDLQVODFN 2 3
PP LQ
7KURWWOH
&KHFNLQJWKH7KURWWOH
:LWKWKHHQJLQHRIIFKHFNWKDWWKHWKURWWOH
URWDWHVVPRRWKO\IURPIXOO\FORVHGWRIXOO\
RSHQLQDOOVWHHULQJSRVLWLRQVDQGWKURWWOH
0DLQWHQDQFH
IUHHSOD\LVFRUUHFW,IWKHWKURWWOHGRHVQRW
PRYHVPRRWKO\FORVHDXWRPDWLFDOO\RULIWKH
FDEOHLVGDPDJHGKDYHWKHYHKLFOHLQVSHFWHG
E\\RXUGHDOHU
)UHHSOD\DWWKHWKURWWOHJULSIODQJH
PP LQ
)UHHSOD\
)ODQJH
7URXEOHVKRRWLQJ
(QJLQH:LOO1RW6WDUW 3२४
:DUQLQJ,QGLFDWRUV2QRU)ODVKLQJ 3२५
3*0), 3URJUDPPHG)XHO,QMHFWLRQ
0DOIXQFWLRQ,QGLFDWRU/DPS 0,/ 3२५
7\UH3XQFWXUH 3२६
(OHFWULFDO7URXEOH 3३ॣ
%DWWHU\*RHV'HDG 3३ॣ
%XUQHGRXW/LJKW%XOE 3३ॣ
%ORZQ)XVH 3३२
8QVWDEOH(QJLQH2SHUDWLRQ2FFXUV
,QWHUPLWWHQWO\ 3३३
(QJLQH:LOO1RW6WDUW
6WDUWHU0RWRU2SHUDWHV%XW 6WDUWHU0RWRU'RHV1RW
(QJLQH'RHV1RW6WDUW 2SHUDWH
&KHFNWKHIROORZLQJLWHPV &KHFNWKHIROORZLQJLWHPV
॥ &KHFNWKHFRUUHFWHQJLQHVWDUWLQJ ॥ &KHFNWKHFRUUHFWHQJLQHVWDUWLQJ
VHTXHQFH2 3 VHTXHQFH2 3
7URXEOHVKRRWLQJ
॥ &KHFNWKDWWKHUHLVSHWUROLQWKHIXHOWDQN ॥ &KHFNIRUDEORZQIXVH2 3
॥ &KHFNLIWKH3*0),PDOIXQFWLRQLQGLFDWRU ॥ &KHFNIRUDORRVHEDWWHU\FRQQHFWLRQ
ODPS 0,/ LVRQ 2 3 RUEDWWHU\WHUPLQDOFRUURVLRQ
u ,IWKHLQGLFDWRUODPSLVRQFRQWDFW 2 3
\RXUGHDOHUDVVRRQDVSRVVLEOH ॥ &KHFNWKHFRQGLWLRQRIWKHEDWWHU\
2 3
,IWKHSUREOHPFRQWLQXHVKDYH\RXUYHKLFOH
LQVSHFWHGE\\RXUGHDOHU
:DUQLQJ,QGLFDWRUV2QRU)ODVKLQJ
3*0), 3URJUDPPHG)XHO
,QMHFWLRQ 0DOIXQFWLRQ
,QGLFDWRU/DPS 0,/
,IWKHLQGLFDWRUFRPHVRQZKLOHULGLQJ\RX
PD\KDYHDVHULRXVSUREOHPZLWKWKH3*0),
7URXEOHVKRRWLQJ
V\VWHP5HGXFHVSHHGDQGKDYH\RXUYHKLFOH
LQVSHFWHGE\\RXUGHDOHUDVVRRQDVSRVVLEOH
7\UH3XQFWXUH
5HSDLULQJDSXQFWXUHRUUHPRYLQJDZKHHO
3:$51,1*
UHTXLUHVVSHFLDOWRROVDQGWHFKQLFDOH[SHUWLVH
:HUHFRPPHQG\RXKDYHWKLVW\SHRIVHUYLFH 5LGLQJ\RXUYHKLFOHZLWKDWHPSRUDU\
SHUIRUPHGE\\RXUGHDOHU W\UHUHSDLUFDQEHULVN\,IWKHWHPSRUDU\
$IWHUDQHPHUJHQF\UHSDLUDOZD\VKDYHWKH UHSDLUIDLOV\RXFDQFUDVKDQGEH
W\UHLQVSHFWHGUHSODFHGE\\RXUGHDOHU VHULRXVO\LQMXUHGRUNLOOHG
,I\RXPXVWULGHZLWKDWHPSRUDU\W\UH
7URXEOHVKRRWLQJ
UHSDLUULGHVORZO\DQGFDUHIXOO\DQGGR
(PHUJHQF\5HSDLU8VLQJD7\UH QRWH[FHHGNPK PSK XQWLOWKH
W\UHLVUHSODFHG
5HSDLU.LW
,I\RXUW\UHKDVDPLQRUSXQFWXUH\RXFDQ
PDNHDQHPHUJHQF\UHSDLUXVLQJDWXEHOHVV
W\UHUHSDLUNLW
)ROORZWKHLQVWUXFWLRQVSURYLGHGZLWKWKH
HPHUJHQF\W\UHUHSDLUNLW
5LGLQJ\RXUYHKLFOHZLWKDWHPSRUDU\W\UH
UHSDLULVYHU\ULVN\'RQRWH[FHHGNPK
PSK +DYHWKHW\UHUHSODFHGE\\RXU
GHDOHUDVVRRQDVSRVVLEOH
(OHFWULFDO7URXEOH
%DWWHU\*RHV'HDG %XUQHGRXW/LJKW%XOE
&KDUJHWKHEDWWHU\XVLQJDPRWRUF\FOH )ROORZWKHSURFHGXUHEHORZWRUHSODFHD
EDWWHU\FKDUJHU EXUQHGRXWOLJKWEXOE
5HPRYHWKHEDWWHU\IURPWKHYHKLFOHEHIRUH 7XUQWKHLJQLWLRQVZLWFKWRWKH 2II RU
FKDUJLQJ /RFN SRVLWLRQ
'RQRWXVHDQDXWRPRELOHW\SHEDWWHU\ $OORZWKHEXOEWRFRROEHIRUHUHSODFLQJLW
7URXEOHVKRRWLQJ
FKDUJHUDVWKHVHFDQRYHUKHDWDPRWRUF\FOH 'RQRWXVHEXOEVRWKHUWKDQWKRVHVSHFLILHG
EDWWHU\DQGFDXVHSHUPDQHQWGDPDJH,IWKH &KHFNWKHUHSODFHPHQWEXOEIRUFRUUHFW
EDWWHU\GRHVQRWUHFRYHUDIWHUUHFKDUJLQJ RSHUDWLRQEHIRUHULGLQJ
FRQWDFW\RXUGHDOHU
127,&( 7KHKHDGOLJKWXVHVVHYHUDO/('V
-XPSVWDUWLQJXVLQJDQDXWRPRELOHEDWWHU\FDQ ,IWKHUHLVDQ/('ZKLFKLVQRWWXUQHGRQVHH
GDPDJH\RXUYHKLFOH VHOHFWULFDOV\VWHPDQGLV
\RXUGHDOHUIRUVHUYLFLQJ
QRWUHFRPPHQGHG
)RUWKHOLJKWEXOEZDWWDJHVHH
´6SHFLILFDWLRQVµ2 3
(OHFWULFDO7URXEOHu%XUQHGRXW/LJKW%XOE
7URXEOHVKRRWLQJ
%XOE
6RFNHW
&RQWLQXHG
(OHFWULFDO7URXEOHu%XUQHGRXW/LJKW%XOE
# %UDNHOLJKW7DLOOLJKW%XOE 7XUQWKHVRFNHWFRXQWHUFORFNZLVHDQGSXOO
2SHQWKHVHDW2 3 LWRXW
5HPRYHWKHEUDNHOLJKWWDLOOLJKWDVVHPEO\ 6OLJKWO\SUHVVWKHEXOEDQGWXUQLW
E\UHPRYLQJWKHVFUHZVDQGFROODUVDQG FRXQWHUFORFNZLVH
UHOHDVLQJWKHSURQJIURPWKHJURPPHW
%XOE
6FUHZV
7URXEOHVKRRWLQJ
&ROODUV
6RFNHW
3URQJ
*URPPHW
%UDNHOLJKW7DLOOLJKWDVVHPEO\ ,QVWDOODQHZEXOEDQGSDUWVLQWKHUHYHUVH
RUGHURIUHPRYDO
&ORVHWKHVHDW
(OHFWULFDO7URXEOHu%XUQHGRXW/LJKW%XOE
# )URQW7XUQ6LJQDO%XOE # 5HDU7XUQ6LJQDO%XOE
5HPRYHWKHOHJVKLHOG2 3
7XUQWKHVRFNHWFRXQWHUFORFNZLVHWKHQ
SXOOLWRXW
6OLJKWO\SUHVVWKHEXOELQDQGWXUQLW
PDUNV
FRXQWHUFORFNZLVH
7URXEOHVKRRWLQJ
6FUHZ
6RFNHW
6RFNHW
%XOE
%XOE
7XUQVLJQDOOHQV
,QVWDOODQHZEXOEDQGSDUWVLQWKHUHYHUVH
RUGHURIUHPRYDO
u 8VHRQO\WKHDPEHUEXOE
&RQWLQXHG
(OHFWULFDO7URXEOHu%XUQHGRXW/LJKW%XOE
5HPRYHWKHVFUHZ # /LFHQVH/LJKW%XOE
5HPRYHWKHWXUQVLJQDOOHQV 5HPRYHWKHVFUHZV
7XUQWKHVRFNHWFRXQWHUFORFNZLVHWKHQ 5HPRYHWKHOLFHQVHOLJKWFRYHUDQGWKH
SXOOLWRXW OHQVSDFNLQJ
3XOORXWWKHEXOEZLWKRXWWXUQLQJLW 3XOORXWWKHEXOEZLWKRXWWXUQLQJLW
,QVWDOODQHZEXOEDQGSDUWVLQWKHUHYHUVH
RUGHURIUHPRYDO %XOE
7URXEOHVKRRWLQJ
u ,QVWDOOWKHVRFNHWE\WXUQLQJLW /LFHQVHOLJKWFRYHU
FORFNZLVH0DNHVXUHWKDWWKH´ µ
PDUNVRQWKHVRFNHWDQGIURQWWXUQ
VLJQDOKRXVLQJDUHDOLJQHG
u 8VHRQO\WKHDPEHUEXOE
/HQVSDFNLQJ 6FUHZV
,QVWDOODQHZEXOEDQGSDUWVLQWKHUHYHUVH
RUGHURIUHPRYDO
(OHFWULFDO7URXEOHu%ORZQ)XVH
# )XVH%R[)XVHV
2SHQWKHVHDW2 3
7URXEOHVKRRWLQJ
5HPRYHWKHEDWWHU\FRYHU2 3
0DLQ
2SHQWKHIXVHER[FRYHUV IXVH
3XOORXWWKHIXVHVRQHE\RQHWRFKHFNIRU
DEORZQIXVH$OZD\VUHSODFHDEORZQIXVH
ZLWKDVSDUHIXVHRIWKHVDPHUDWLQJ
)XVHER[HV
u 6SDUHIXVHVDUHSURYLGHGRQEDFNVLGH
RIWKHEDWWHU\FRYHU
127,&(
&ORVHWKHIXVHER[FRYHUV
,IDIXVHIDLOVUHSHDWHGO\\RXOLNHO\KDYHDQ
,QVWDOOWKHEDWWHU\FRYHU HOHFWULFDOSUREOHP+DYH\RXUYHKLFOHLQVSHFWHG
&ORVHWKHVHDW E\\RXUGHDOHU
8QVWDEOH(QJLQH2SHUDWLRQ2FFXUV,QWHUPLWWHQWO\
,IWKHIXHOSXPSILOWHULVFORJJHGXQVWDEOH
HQJLQHRSHUDWLRQZLOORFFXULQWHUPLWWHQWO\
ZKLOHULGLQJ
(YHQLIWKLVV\PSWRPRFFXUV\RXFDQ
FRQWLQXHWRULGH\RXUYHKLFOH
,IXQVWDEOHHQJLQHRSHUDWLRQRFFXUVHYHQLI
VXIILFLHQWIXHOLVDYDLODEOHKDYH\RXUYHKLFOH
7URXEOHVKRRWLQJ
LQVSHFWHGE\\RXUGHDOHUDVVRRQDVSRVVLEOH
,QIRUPDWLRQ
.H\V 3३५
,QVWUXPHQWV&RQWUROV 2WKHU)HDWXUHV 3३६
&DULQJIRU<RXU9HKLFOH 3४ॣ
6WRULQJ<RXU9HKLFOH 3४०
7UDQVSRUWLQJ<RXU9HKLFOH 3४१
<RX WKH(QYLURQPHQW 3४२
6HULDO1XPEHUV 3४३
)XHOV&RQWDLQLQJ$OFRKRO 3४४
&DWDO\WLF&RQYHUWHU 3४५
.H\V
.H\V
,JQLWLRQ.H\
%HVXUHWRUHFRUGWKHNH\QXPEHUSURYLGHGZLWK
WKHNH\QXPEHUSODWH6WRUHWKHVSDUHNH\DQG
NH\QXPEHULQDVDIHORFDWLRQ
7RPDNHDGXSOLFDWHWDNHWKHVSDUHNH\RUWKH
NH\QXPEHUWR\RXUGHDOHU
,I\RXORVHDOOLJQLWLRQNH\VDQGWKHNH\QXPEHU
,QIRUPDWLRQ
WKHLJQLWLRQVZLWFKDVVHPEO\ZLOOSUREDEO\KDYH
WREHUHPRYHGE\\RXUGHDOHUWRGHWHUPLQHWKH
NH\QXPEHU
$PHWDONH\KROGHUPD\FDXVHGDPDJHWRWKH
DUHDVXUURXQGLQJWKHLJQLWLRQVZLWFK
,QVWUXPHQWV&RQWUROV 2WKHU)HDWXUHV
,QVWUXPHQWV&RQWUROV 'RFXPHQW%DJ
2WKHU)HDWXUHV 7KHRZQHU VPDQXDOUHJLVWUDWLRQDQGLQVXUDQFH
LQIRUPDWLRQFDQEHVWRUHGLQWKHSODVWLF
,JQLWLRQ6ZLWFK GRFXPHQWEDJORFDWHGUHYHUVHVLGHRIWKHVHDW
2 3
/HDYLQJWKHLJQLWLRQVZLWFKLQWKH 2Q SRVLWLRQ
ZLWKWKHHQJLQHVWRSSHGZLOOGUDLQWKHEDWWHU\
'RQRWWXUQWKHNH\ZKLOHULGLQJ
,QIRUPDWLRQ
2GRPHWHU
7KHRGRPHWHUUHVHWVWRZKHQWKHRGRPHWHU
PLOHDJHH[FHHGV
&DULQJIRU<RXU9HKLFOH
&DULQJIRU<RXU9HKLFOH 7KRURXJKO\ULQVH\RXUYHKLFOHZLWKSOHQW\RI
FOHDQZDWHUDQGGU\ZLWKDVRIWFOHDQFORWK
)UHTXHQWFOHDQLQJDQGSROLVKLQJLVLPSRUWDQWWR $IWHUWKHYHKLFOHGULHVOXEULFDWHDQ\PRYLQJ
HQVXUHWKHOLIHRI\RXU+RQGD$FOHDQYHKLFOH SDUWV
PDNHVLWHDVLHUWRVSRWSRWHQWLDOSUREOHPV u 0DNHVXUHWKDWQROXEULFDQWVSLOOVRQWR
,QSDUWLFXODUVHDZDWHUDQGVDOWVXVHGWRSUHYHQW WKHEUDNHVRUW\UHV%UDNHGLVFVSDGV
LFHRQURDGVSURPRWHWKHIRUPDWLRQRI GUXPRUVKRHVFRQWDPLQDWHGZLWKRLOZLOO
FRUURVLRQ$OZD\VZDVK\RXUYHKLFOHWKRURXJKO\ VXIIHUJUHDWO\UHGXFHGEUDNLQJ
DIWHUULGLQJRQFRDVWDORUWUHDWHGURDGV HIIHFWLYHQHVVDQGFDQOHDGWRDFUDVK
,QIRUPDWLRQ
/XEULFDWHWKHGULYHFKDLQLPPHGLDWHO\DIWHU
:DVKLQJ ZDVKLQJDQGGU\LQJWKHYHKLFOH
$OORZWKHHQJLQHPXIIOHUEUDNHVDQGRWKHU $SSO\DFRDWRIZD[WRSUHYHQWFRUURVLRQ
KLJKWHPSHUDWXUHSDUWVWRFRROEHIRUHZDVKLQJ u $YRLGSURGXFWVWKDWFRQWDLQKDUVK
5LQVH\RXUYHKLFOHWKRURXJKO\XVLQJDORZ GHWHUJHQWVRUFKHPLFDOVROYHQWV7KHVH
SUHVVXUHJDUGHQKRVHWRUHPRYHORRVHGLUW FDQGDPDJHWKHPHWDOSDLQWDQGSODVWLF
,IQHFHVVDU\XVHDVSRQJHRUDVRIWWRZHO RQ\RXUYHKLFOH
ZLWKPLOGFOHDQHUWRUHPRYHURDGJULPH .HHSWKHZD[FOHDURIWKHW\UHVDQG
u &OHDQWKHKHDGOLJKWOHQVSDQHOVDQG EUDNHV
RWKHUSODVWLFFRPSRQHQWVZLWKH[WUDFDUH u ,I\RXUYHKLFOHKDVDQ\PDWSDLQWHGSDUWV
WRDYRLGVFUDWFKLQJWKHP GRQRWDSSO\DFRDWRIZD[WRWKHPDW
$YRLGGLUHFWLQJZDWHULQWRWKHDLUFOHDQHU SDLQWHGVXUIDFH
PXIIOHUDQGHOHFWULFDOSDUWV
&DULQJIRU<RXU9HKLFOH
# :DVKLQJ3UHFDXWLRQV ॥ 'RQRWGLUHFWZDWHUDWWKHDLUFOHDQHU
)ROORZWKHVHJXLGHOLQHVZKHQZDVKLQJ u :DWHULQWKHDLUFOHDQHUFDQSUHYHQWWKH
॥ 'RQRWXVHKLJKSUHVVXUHZDVKHUV HQJLQHIURPVWDUWLQJ
u +LJKSUHVVXUHZDWHUFOHDQHUVFDQ ॥ 'RQRWGLUHFWZDWHUQHDUWKHKHDGOLJKW
GDPDJHPRYLQJSDUWVDQGHOHFWULFDO u 7KHKHDGOLJKW VLQVLGHOHQVPD\IRJ
SDUWVUHQGHULQJWKHPLQRSHUDEOH WHPSRUDULO\DIWHUZDVKLQJRUZKLOHULGLQJ
u :DWHULQWKHDLULQWDNHFDQEHGUDZQLQWR LQWKHUDLQ7KLVGRHVQRWLPSDFWWKH
WKHWKURWWOHERG\DQGRUHQWHUWKHDLU KHDGOLJKWIXQFWLRQ
FOHDQHU +RZHYHULI\RXVHHDODUJHDPRXQWRI
,QIRUPDWLRQ
॥ 'RQRWGLUHFWZDWHUDWWKHPXIIOHU ZDWHURULFHDFFXPXODWHGLQVLGHWKH
u :DWHULQWKHPXIIOHUFDQSUHYHQWVWDUWLQJ OHQV HV KDYH\RXUYHKLFOHLQVSHFWHGE\
DQGFDXVHVUXVWLQWKHPXIIOHU \RXUGHDOHU
॥ 'U\WKHEUDNHV ॥ 'RQRWXVHZD[RUSROLVKLQJFRPSRXQGVRQ
u :DWHUDGYHUVHO\DIIHFWVEUDNLQJ PDWSDLQWHGVXUIDFHV
HIIHFWLYHQHVV$IWHUZDVKLQJDSSO\WKH u 8VHDVRIWFORWKRUVSRQJHSOHQW\RI
EUDNHVLQWHUPLWWHQWO\DWORZVSHHGWR ZDWHUDQGDPLOGGHWHUJHQWWRFOHDQPDW
KHOSGU\WKHP SDLQWHGVXUIDFHV'U\ZLWKDVRIWFOHDQ
॥ 'RQRWGLUHFWZDWHUXQGHUWKHVHDW FORWK
u :DWHULQWKHXQGHUVHDWFRPSDUWPHQW
FDQGDPDJH\RXUGRFXPHQWVDQGRWKHU
EHORQJLQJV
&RQWLQXHG
&DULQJIRU<RXU9HKLFOH
$OXPLQLXP&RPSRQHQWV ([KDXVW3LSHDQG0XIIOHU
$OXPLQLXPZLOOFRUURGHIURPFRQWDFWZLWKGLUW ,IWKHH[KDXVWSLSHDQGPXIIOHUDUHSDLQWHGGR
PXGRUURDGVDOW&OHDQDOXPLQLXPSDUWV QRWXVHDFRPPHUFLDOO\DYDLODEOHDEUDVLYH
UHJXODUO\DQGIROORZWKHVHJXLGHOLQHVWRDYRLG NLWFKHQFOHDQLQJFRPSRXQG8VHDQHXWUDO
VFUDWFKHV GHWHUJHQWWRFOHDQWKHSDLQWHGVXUIDFHRQWKH
॥ 'RQRWXVHVWLIIEUXVKHVVWHHOZRRORU H[KDXVWSLSHDQGPXIIOHU,I\RXDUHQRWVXUHLI
FOHDQHUVFRQWDLQLQJDEUDVLYHV \RXUH[KDXVWSLSHDQGPXIIOHUDUHSDLQWHG
॥ $YRLGULGLQJRYHURUVFUDSLQJDJDLQVWFXUEV FRQWDFW\RXUGHDOHU
,QIRUPDWLRQ
3DQHOV
)ROORZWKHVHJXLGHOLQHVWRSUHYHQWVFUDWFKHV
DQGEOHPLVKHV
॥ :DVKJHQWO\XVLQJDVRIWVSRQJHDQGSOHQW\
RIZDWHU
॥ 7RUHPRYHVWXEERUQVWDLQVXVHGLOXWHG
GHWHUJHQWDQGULQVHWKRURXJKO\ZLWKSOHQW\
RIZDWHU
॥ $YRLGJHWWLQJSHWUROEUDNHIOXLGRU
GHWHUJHQWVRQWKHLQVWUXPHQWVSDQHOVRU
KHDGOLJKW
6WRULQJ<RXU9HKLFOH
6WRULQJ<RXU9HKLFOH $IWHUUHPRYLQJ\RXUYHKLFOHIURPVWRUDJH
LQVSHFWDOOPDLQWHQDQFHLWHPVUHTXLUHGE\WKH
,I\RXVWRUH\RXUYHKLFOHRXWGRRUV\RXVKRXOG 0DLQWHQDQFH6FKHGXOH
FRQVLGHUXVLQJDIXOOERG\FRYHU
,I\RXZRQ WEHULGLQJIRUDQH[WHQGHGSHULRG
IROORZWKHVHJXLGHOLQHV
॥ :DVK\RXUYHKLFOHDQGZD[DOOSDLQWHG
VXUIDFHV H[FHSWPDWSDLQWHGVXUIDFHV &RDW
FKURPHSLHFHVZLWKUXVWLQKLELWLQJRLO
,QIRUPDWLRQ
॥ /XEULFDWHWKHGULYHFKDLQ2 3
॥ 3ODFH\RXUYHKLFOHRQLWVFHQWUHVWDQGDQG
SRVLWLRQDEORFNVRWKDWERWKW\UHVDUHRII
WKHJURXQG
॥ $IWHUUDLQUHPRYHWKHERG\FRYHUDQGDOORZ
WKHYHKLFOHWRGU\
॥ 5HPRYHWKHEDWWHU\ 2 3 WRSUHYHQW
GLVFKDUJH)XOO\FKDUJHWKHEDWWHU\DQGWKHQ
SODFHLWLQDVKDGHGZHOOYHQWLODWHGDUHD
u ,I\RXOHDYHWKHEDWWHU\LQSODFH
GLVFRQQHFWWKHQHJDWLYH-WHUPLQDOWR
SUHYHQWGLVFKDUJH
7UDQVSRUWLQJ<RXU9HKLFOH
7UDQVSRUWLQJ<RXU9HKLFOH
,I\RXUYHKLFOHQHHGVWREHWUDQVSRUWHGLW
VKRXOGEHFDUULHGRQDPRWRUF\FOHWUDLOHURUD
IODWEHGWUXFNRUWUDLOHUWKDWKDVDORDGLQJUDPS
RUOLIWLQJSODWIRUPDQGPRWRUF\FOHWLHGRZQ
VWUDSV1HYHUWU\WRWRZ\RXUYHKLFOHZLWKD
ZKHHORUZKHHOVRQWKHJURXQG
127,&(
,QIRUPDWLRQ
7RZLQJ\RXUYHKLFOHZLWKDZKHHORUZKHHOVRQ
WKHJURXQGFDQFDXVHVHULRXVGDPDJHWRWKH
WUDQVPLVVLRQ
<RX WKH(QYLURQPHQW
,QIRUPDWLRQ
\RXUYHKLFOH$YRLGDHURVROVSUD\FOHDQHUVWKDW
FOHDQLQJVROYHQWVFRQWDLQSRLVRQVWKDWFDQKXUW
FRQWDLQFKORURIOXRURFDUERQV &)&V ZKLFK
UHIXVHZRUNHUVDQGFRQWDPLQDWHGULQNLQJZDWHU
GDPDJHWKHDWPRVSKHUH VSURWHFWLYHR]RQH
ODNHVULYHUVDQGRFHDQV
OD\HU
6HULDO1XPEHUV
6HULDO1XPEHUV
)UDPHQXPEHU
7KHIUDPHDQGHQJLQHVHULDOQXPEHUVXQLTXHO\
LGHQWLI\\RXUYHKLFOHDQGDUHUHTXLUHGLQRUGHU
WRUHJLVWHU\RXUYHKLFOH7KH\PD\DOVREH
UHTXLUHGZKHQRUGHULQJUHSODFHPHQWSDUWV
<RXVKRXOGUHFRUGWKHVHQXPEHUVDQGNHHS
WKHPLQDVDIHSODFH
,QIRUPDWLRQ
(QJLQHQXPEHU
)XHOV&RQWDLQLQJ$OFRKRO
)XHOV&RQWDLQLQJ$OFRKRO 7KHXVHRISHWUROFRQWDLQLQJPRUHWKDQ
HWKDQROPD\
6RPHFRQYHQWLRQDOIXHOVEOHQGHGZLWKDOFRKRO ॥ 'DPDJHWKHSDLQWLQJRIWKHIXHOWDQN
DUHDYDLODEOHLQVRPHORFDOHVWRKHOSUHGXFH ॥ 'DPDJHWKHUXEEHUWXEHVRIWKHIXHOOLQH
HPLVVLRQVWRPHHWFOHDQDLUVWDQGDUGV,I\RX ॥ &DXVHFRUURVLRQRIWKHIXHOWDQN
SODQWRXVHEOHQGHGIXHOFKHFNWKDWLWLV ॥ &DXVHSRRUGULYDELOLW\
XQOHDGHGDQGPHHWVWKHPLQLPXPRFWDQH
127,&(
UDWLQJUHTXLUHPHQW
8VHRIEOHQGHGIXHOVFRQWDLQLQJKLJKHUWKDQ
DSSURYHGSHUFHQWDJHVFDQGDPDJHPHWDO
,QIRUPDWLRQ
7KHIROORZLQJIXHOEOHQGVFDQEHXVHGLQ\RXU UXEEHUSODVWLFSDUWVRI\RXUIXHOV\VWHP
YHKLFOH
॥ (WKDQRO HWK\ODOFRKRO XSWRE\YROXPH ,I\RXQRWLFHDQ\XQGHVLUDEOHRSHUDWLQJ
u 3HWUROFRQWDLQLQJHWKDQROPD\EH V\PSWRPVRUSHUIRUPDQFHSUREOHPVWU\D
PDUNHWHGXQGHUWKHQDPH*DVRKRO GLIIHUHQWEUDQGRISHWURO
&DWDO\WLF&RQYHUWHU
&DWDO\WLF&RQYHUWHU )ROORZWKHVHJXLGHOLQHVWRSURWHFW\RXUYHKLFOH V
FDWDO\WLFFRQYHUWHU
7KLVYHKLFOHLVHTXLSSHGZLWKDWKUHHZD\ ॥ $OZD\VXVHXQOHDGHGSHWURO/HDGHGSHWURO
FDWDO\WLFFRQYHUWHU7KHFDWDO\WLFFRQYHUWHU ZLOOGDPDJHWKHFDWDO\WLFFRQYHUWHU
FRQWDLQVSUHFLRXVPHWDOVWKDWVHUYHDVFDWDO\VWV ॥ .HHSWKHHQJLQHLQJRRGUXQQLQJFRQGLWLRQ
LQKLJKWHPSHUDWXUHFKHPLFDOUHDFWLRQVWKDW ॥ +DYH\RXUYHKLFOHVHUYLFHGLI\RXUHQJLQHLV
FRQYHUWK\GURFDUERQV +& FDUERQPRQR[LGH PLVILULQJEDFNILULQJVWDOOLQJRURWKHUZLVH
&2 DQGR[LGHVRIQLWURJHQ 12[ LQWKH QRWUXQQLQJSURSHUO\VWRSULGLQJDQGWXUQ
H[KDXVWJDVHVLQWRVDIHFRPSRXQGV RIIWKHHQJLQH
,QIRUPDWLRQ
$GHIHFWLYHFDWDO\WLFFRQYHUWHUFRQWULEXWHVWRDLU
SROOXWLRQDQGFDQLPSDLU\RXUHQJLQH V
SHUIRUPDQFH$UHSODFHPHQWXQLWPXVWEHDQ
RULJLQDO+RQGDSDUWRUHTXLYDOHQW
6SHFLILFDWLRQV
ଶ 0DLQ&RPSRQHQWV 'LVSODFHPHQW FP FXLQ
2YHUDOOOHQJWK PP LQ %RUH[VWURNH [PP [LQ
2YHUDOOZLGWK PP LQ &RPSUHVVLRQUDWLR
2YHUDOOKHLJKW PP LQ 8QOHDGHGSHWURO
)XHO
:KHHOEDVH PP LQ 5HFRPPHQGHG521RUKLJKHU
0LQLPXPJURXQG )XHOFRQWDLQLQJDOFRKRO (7+$12/XSWRE\YROXPH
PP LQ
FOHDUDQFH 7DQNFDSDFLW\ / 86JDO,PSJDO
&DVWHUDQJOH · <7=9
%DWWHU\
7UDLO PP LQ 9$K +5
&XUEZHLJKW NJ OE VW
0D[LPXPZHLJKW QG
NJ OE *HDUUDWLR
FDSDFLW\ UG
6SHFLILFDWLRQV
0D[LPXPOXJJDJH WK
NJ OE
ZHLJKW
5HGXFWLRQUDWLR
3DVVHQJHUFDSDFLW\ 'ULYHUDQGSDVVHQJHU
SULPDU\ILQDO
0LQLPXPWXUQLQJUDGLXV P IW
,QFOXGLQJULGHUSDVVHQJHUDOOOXJJDJHDQGDFFHVVRULHV
,QFOXGHVWKHZHLJKWRIWKHOXJJDJHDQGDGGHGDFFHVVRULHV
6SHFLILFDWLRQV
ଶ 6HUYLFH'DWD +RQGDVWURNHPRWRUF\FOHRLO$3,6HUYLFH
)URQW 0&3 &ODVVLILFDWLRQ6-RUKLJKHUH[FOXGLQJRLOV
7\UHVL]H 5HFRPPHQGHG
5HDU 0&3 PDUNHGDV´(QHUJ\&RQVHUYLQJµRU´5HVRXUFH
HQJLQHRLO
7\UHW\SH %LDVSO\WXEHOHVV &RQVHUYLQJµ6$(:-$627
'81/2377 VWDQGDUG0$
)URQW $IWHU
5HFRPPHQGHG ,5&1)%< / 86TW,PSTW
7\UH '81/2352$'0$67(577 GUDLQLQJ
5HDU (QJLQHRLOFDSDFLW\
,5&15< $IWHU
/ 86TW,PSTW
'ULYHURQO\ GLVDVVHPEO\
N3D NJIFPSVL 5HFRPPHQGHG
)URQW +RQGD'27RU'27%UDNH)OXLG
'ULYHUDQGSDVVHQJHU EUDNHIOXLG
N3D NJIFPSVL 5HFRPPHQGHG
7\UHDLUSUHVVXUH 'ULYHFKDLQOXEULFDQW
GULYHFKDLQ
6SHFLILFDWLRQV
'ULYHURQO\ ,IQRWDYDLODEOHXVH6$(RUJHDURLO
OXEULFDQW
N3D NJIFPSVL
5HDU 'ULYHFKDLQVODFN PP LQ
'ULYHUDQGSDVVHQJHU
N3D NJIFPSVL ','$'
6WDQGDUGGULYH 5.6/
&35($ 1*.
VWDQGDUG FKDLQ .0&-%
8(35 '(162
1RRIOLQNV
6SDUNSOXJ )RUH[WHQG &35($ 1*.
KLJKVSHHG 6WDQGDUGVSURFNHW 'ULYHVSURFNHW 7
8(35 '(162 VL]H 'ULYHQVSURFNHW 7
ULGLQJ
6SDUNSOXJJDS PP LQ
,GOHVSHHG USP
6SHFLILFDWLRQV
ଶ %XOEV
+HDGOLJKW /('
%UDNHOLJKW7DLOOLJKW 9:
)URQWWXUQVLJQDO 9:ï
5HDUWXUQVLJQDO 9:ï
/LFHQVHSODWHOLJKW 9:
3RVLWLRQOLJKW 9:
ଶ )XVHV
0DLQIXVH $
2WKHUIXVH $
6SHFLILFDWLRQV