
(1*/,6+
0LFURLURPDWLFIRU6XSHUFKLOOHUFRGUHY
)5((&22/,1*9$/9(81,7
7KLV YDOXH LQGLFDWHV WKH RSHQLQJ RI WKH )UHHFRROLQJ 9DOYH ,Q )& FRQGLWLRQ LW QRUPDOO\ RSHQV %XW LI WKH RXWOHW
WHPSHUDWXUHLVWRRORZLWVWDUWVFORVLQJLQVWHSVRI
&,5&8,781,7
6HPLKHUPHWLF FRPSUHVVRUVVW YDOXH LV WKH FRPSUHVVRU
QG
YDOXH LV WKH SDU]LDOLVDWLRQ )XOO KHUPHWLF RU 6FUROO (DFK
LQGLFDWLRQUHSUHVHQWVRQHFRPSUHVVRUVHFRQGRQHQRWXVHGLQXQLWVZLWKFRPSUHVVRUV
*/<&2/35(6685(81,7
'LVSOD\WKHDFWXDO:DWHU3UHVVXUH2SWLRQDORQO\LIWKHVHQVRULVSUHVHQWDQGWKH8VHU,QSXWSDUDLQ8QLW&RQILJLV
VHWWR:DWHU3UHVVXUH7KHLQSXWKDVWREHVHWXSLQWKH&DOLEUDWLRQ:LQGRZSDUDVDQG
6(783
7KLV:LQGRZDOORZVWRVHOHFWWKH/DQJXDLURPDWLFDVZHOODVWRVHWWKH7LPHDQGWKH'DWH1RWH1R3DVVZRUGLV
QHFHVVDU\WRVHW'DWH 7LPH
:25.,1*+2856
$FWXDOKRXUVWKHFRXQWHGKRXUVRIWKHFRPSRQHQWFDQEHUHVHWWR:DUQLQJKRXUVWKHVHDUHWKHWKUHVKROG/HYHOVIRUWKH
:DUQLQJ1RWHWKH:DUQLQJGRHVQRWHIIHFWWKH2SHUDWLRQRIWKHFRPSRQHQW
287/(76(732,1763
7KLVLVWKHVWDQGDUG6HWSRLQWRIWKH2XWOHWWHPSHUDWXUH,QVWDQGDUG 2SHUDWLQJ PRGH WKH XQLW ZLOO NHHS WKH :DWHU 2XWOHW
WHPSHUDWXUHDFFRUGLQJWKLVVHWWLQJ
287/(76(732,1763
QG6HWSRLQW&DQEHDFWLYDWHGE\8VHU,QSXW,I$0%RU92/7VKLIWLQJLVUHTXHVWHGWKHVHWSRLQWFDQEHVKLIWHGEHWZHHQ
63DQG63
%5,1(6(732,17
&DQEHDFWLYDWHGE\8VHU,QSXW127(%ULQH0RGHFDQEHXVHGRQO\LIWKH8QLWLVHTXLSSHGZLWKWKH%ULQH0RGHVSHFLDOV
7RUXQDVWDQGDUG8QLWLQ%ULQH0RGHFDQGHVWUR\WKHPDFKLQHRUSDUWVRILW
63$7$0%/2:(5
7KLVDFWLYDWHVWKH$0%VKLIWLQJ,IWKH$PELHQWWHPSLVORZHUWKDQWKHVHWWLQJWKHXQLWZLOORSHUDWHRQ63,IWKH$PELHQW
WHPSLVKLJKHUWKDQWKHVHWWLQJWKH6HWSRLQWZLOOFRQWLQXRXVO\PRYHWRWKH63YDOXH
63$7$0%+,*+(5
7KLVDFWLYDWHVWKH$0%VKLIWLQJ,IWKH$PELHQWWHPSLVKLJKHUWKDQWKHVHWWLQJWKHXQLWZLOORSHUDWHRQ63,IWKH$PELHQW
WHPSLVORZHUWKDQWKHVHWWLQJWKH6HWSRLQWZLOOFRQWLQXRXVO\PRYHWRWKH63YDOXH
7(03(5$785(:$51,1*6
7KH :DUQLQJ WKUHVKROGV DUH DFWLYH PLQXWHV DIWHU VWDUW RI WKH SXPSV 7KH :DUQLQJ LV DQ ,QIRUPDWLRQ RQO\ QR RWKHU
$FWLYLWLHVDUHSHUIRUPHG
7(03(5$785($/$506
7KH$ODUPWKUHVKROGVDUHDFWLYHPLQXWHVDIWHUVWDUWRIWKHSXPSV7KH$ODUPVZLOOIRUFHDVWDQGE\URWDWLRQLIDVWDQGE\
XQLWLVDYDLODEOH$ODUPVGRQRWVZLWFKRIIWKHXQLWLIQRVWDQGE\XQLWLVDYDLODEOH
9$5,286:$$/
7KH*O\FRO3UHVVXUH6HQVRULISUHVHQWJHQHUDWHVHLWKHUD:DUQLQJRUDQ$ODUPLQFDVHWKDWWKHDFWXDO3UHVVXUHLVORZHUWKDQ
WKHVHWWLQJ:DUQLQJLV,QIRUPDWLRQRQO\LI$ODUPLVVHWWKHXQLWZLOOVWRS
180%(52)81,76
7KLVLVWKHQXPEHURI&KLOOHUVZKLFKDUHFRQQHFWHGWRJHWKHULUREXV
7($0:25.
7KH7HDPZRUNKDVWREHDFWLYDWHGLIDOOXQLWVDUHVXSSO\LQJWRWKHVDPHZDWHUV\VWHP0RVWRIWKHSDUDPHWHUVDUHVKDUHGLQ
WKLVRSHUDWLQJPRGH,IWKHXQLWVDUHZRUNLQJLQGLIIHUHQWV\VWHPVWKH7HDPZRUN3DUDPHWHUPXVWEHVHWWR12
&20081,&$7,213$5$0(7(56
2QO\IRU+LUROLQNFRQQHFWLRQ,'QXPEHUKDVWREHXQLTXHLURPDWLFLQWKH1HWZRUN%DXGUDWHPXVWEH
FKDQJHZLWKMXPSHURQWKHEDF0&RPPHQDEOHG<(65HDGDQG:/12UHDGRQO\
$XWRUHVWDUW
7LPHWRVWDUWWKH3XPSDIWHU3RZHU2Q1RWHWKH0LFURIDFHPXOWLSOLHVLWV,'1XPEHUZLWKWKLVWLPH([DPSOH6HWWLQJ
6HFRQGV0)ZLOOVWDUWDIWHUVHFRQGV
+0212))(1$%/('
(QDEOHV RU 'LVDEOHV WKH +LURPDWLF 212)) SXVK EXWWRQ 7KLV SDUDPHWHU FDQ EH VHW IRU HDFK XQLW LQ WKH 1HWZRUN
LQGLYLGXDOO\
81,7&2'(
7KLVSDUDPHWHULVUHDGRQO\KH8QLW&RGHFDQEHVHWLQWKH8QLW&RQILJXUDWLRQ:LQGRZ
67$1'$5'6(77,1*6
7KLV3DUDPHWHUKDVWREHVHWWR<(6HDFKWLPHWKH8QLW&RGHZDVFKDQJHGRULIDQHZ(SURPZDVLQVHUWHGLQWKH0)$IWHU
WKDWWKHLQGLFDWLRQMXPSVEDFNWR12DOOVHWWLQJVKDYHWREHFKHFNHG
9$/9(5817,0(
7KLVLVWKHWLPHWKH)&YDOYHQHHGVWRPRYHIURPWRRSHQLQJDQGYLFHYHUVD,IQRODEHOVDUHRQWKHYDOYHVDFWXDWRU
SOHDVHRSHQWKHYDOYHLQ0DQXDO0RGHDQGPHDVXUHWKHWLPH
81,7'(/7$7
7KLVVSHFLILHVWKH7HPSHUDWXUH'LIIHUHQFHEHWZHHQ,QOHWDQG2XWOHWZKHQDOOFRPSUHVVRUVDUHLQRSHUDWLRQ7RILQGFRUUHFW
VHWWLQJUXQDOOFRPSUHVVRUVLQPDQXDOPRGHDQGZDLWXQWLOWKHWHPSHUDWXUHLVFORVHWRWKHVHWSRLQW