
'LVWDQFH
,WPD\DOVREHWKDWWKHGLVWDQFHEHWZHHQWKHWUDQVPLWWHUDQGWKH
UHFHLYHULVWRRJUHDWRUKDVWRRPDQ\REVWDFOHVEHWZHHQWKHXQLWVWRDOORZ
WKHVLJQDOWRUHDFKWKHWUDQVPLWWHU
7KHPD[LPXPWUDQVPLVVLRQUDQJHLVIHHWLQDVWUDLJKWOLQHOLQHRI
VLJKW7UHHVZDOOVZLQGRZVDQGREVWUXFWLRQVZLOOUHGXFHWUDQVPLVVLRQ
UDQJHE\DVPXFKDVKDOI$QREVWUXFWLRQZRXOGLQFOXGHDQ\WKLQJWKDWLVLQ
WKHOLQHRIVLJKWOLNHDURRIZDOOVIORRUVFHLOLQJVWUHHVHWF&HUWDLQ
EXLOGLQJPDWHULDOVVXFKDVJODVVVWXFFRDQGPHWDOIUDPHZRUNRUVLGLQJ
FDQJUHDWO\UHGXFHWKHUDQJH
,QRUGHUWRJHWDQDFFXUDWHUHDGLQJDQGWRSURORQJWKHOLIHRI\RXUVHQVRU
ZHUHFRPPHQGWKDW\RXSODFHWKHVHQVRULQDVKHOWHUHGDUHDRXWRIWKHVXQ
DQGGLUHFWUDLQ)RJDQGPLVWZLOOQRWDIIHFWWKHVHQVRUEXWDVRDNLQJLQ
ZDWHUPD\
6HQVRULVZHW
,I\RXUVHQVRUEHFRPHVVRDNHGEULQJWKHXQLWLQVLGH
UHPRYHWKHEDWWHULHVDQGDOORZWKHXQLWWRGU\RYHUQLJKWWKHQUHVWDUWWKH
VWDWLRQXVLQJWKH3URSHU5HVWDUWLQVWUXFWLRQV<RXFDQPRXQWWKHVHQVRU
RXWVLGHXQGHUDQHDYHRI\RXUKRXVHRUDQ\RWKHUVXLWDEOHSODFHWKDWZLOO
NHHSLWRXWRIWKHVXQDQGUDLQ'RQRWZUDSWKHVHQVRULQSODVWLFRUVHDOLWLQ
DSODVWLFEDJ<RXPD\DOVRSXWLWLQDWZRVLGHGELUGIHHGHUZLWKDURRI
5HVWDUW5HPRYHEDWWHULHVIURPDOOXQLWVDQGIROORZWKHGLUHFWLRQVLQWKH
3URSHU5HVWDUWVHFWLRQDERYH
2XWGRRU7HPSXPLGLW\LV,QDFFXUDWH
%DWWHULHV
%HVXUH\RXKDYHJRRGDONDOLQHEDWWHULHVIRUERWKWKHVHQVRU
DQGWKHEDVHVWDWLRQ
3ODFHPHQW
7KHVHQVRUZLOOPHDVXUHWKHWHPSHUDWXUHLQWKHORFDWLRQ
ZKHUHLWLVSODFHG$JRRGORFDWLRQLVXQGHUWKHHDYHVRQWKHQRUWKVLGHRI
WKHKRXVH<RXFDQDOVREXLOGDVPDOOURRIRUER[IRULWLI\RXGRQRWKDYHDQ
RYHUKDQJ3OHDVHEHVXUHLWLVZHOOYHQWHG
:RUQRXW
$OVR\RXUWUDQVPLWWHUPD\EHGHIHFWLYHRUZRUQRXWGXHWRDJH
RUZHDWKHUFRQGLWLRQV,I\RXFRQWLQXHWRKDYHSUREOHPVSOHDVHFDOOIRU
WHFKQLFDOVXSSRUW
2XWGRRU7HPSXPLGLW\'LVSOD\VDV2)/
%DWWHULHV
%HVXUH\RXKDYHJRRGDONDOLQHEDWWHULHVIRUERWKWKHVHQVRU
DQGWKHEDVHVWDWLRQ
,IWKHGLVSOD\VKRZV2)/\RXUEDWWHULHVPD\EHZHDNRUGHDG)ROORZWKH
³3URSHU5HVWDUW´LQVWUXFWLRQV,I\RXFRQWLQXHWRKDYHSUREOHPVSOHDVHFDOO
IRUWHFKQLFDOVXSSRUW
2XWGRRU5HDGLQJVDUH7RWDOO\%ODQN
,IRQO\WKH2XWGRRU5HDGLQJVSRUWLRQVRIWKHLQGRRUXQLWDUHWRWDOO\EODQN
QRWVKRZLQJGDVKHVRU2)/WKLVPD\DSUREOHPZLWKWKHLQGRRUXQLWRUWKH
EDWWHULHV5HPRYHDOOEDWWHULHVIURPDOOXQLWVDQGIROORZWKHGLUHFWLRQVLQ
WKH3URSHU5HVWDUWVHFWLRQDERYHXVLQJIUHVKEDWWHULHV,IWKHSUREOHP
FRQWLQXHVFRQWDFW&XVWRPHU6XSSRUWIRUIXUWKHULQVWUXFWLRQV
±0LQLPXPDQG0D[LPXP5HFRUGV
7KH:HDWKHU&HQWHUZLOOUHFRUGWKH
0LQLPXPDQG0D[LPXP
YDOXHRI,QGRRU
DQG2XWGRRU7HPSHUDWXUHZLWK7LPHDQG'DWHRIUHFRUGLQJDXWRPDWLFDOO\
7RYLHZ,QGRRU0LQ0D[WHPSHUDWXUHVSUHVVWKH,1EXWWRQ7RYLHZ2XWGRRU
0LQ0D[WHPSHUDWXUHVSUHVVDQGUHOHDVHWKH287EXWWRQWRWRJJOH
EHWZHHQPLQLPXPDQGPD[LPXPWHPSHUDWXUHV3UHVVWKH6122=(&+
EXWWRQWRYLHZWKHPLQLPXPRUPD[LPXPRQGLIIHUHQWFKDQQHOV
7RUHVHWDQ\PLQLPXPRUPD[LPXPWHPSHUDWXUHSUHVVWKHDSSURSULDWH
EXWWRQ,1RU287WRYLHZDPLQPD[YDOXH5HOHDVHWKHEXWWRQWKHQSUHVV
DQGKROGWKH6(7EXWWRQXQWLOWKHYDOXHUHVHWWRFXUUHQWWHPSHUDWXUHDQG
WLPHDQGGDWH<RXZLOOQHHGWRUHVHWHDFKPLQLPXPDQGHDFKPD[LPXP
YDOXHLQGHSHQGHQWO\
$ODUP
6HWWLQJ7KH7LPH$ODUP
3UHVVDQGKROG$/$50EXWWRQIRUDERXWVHFRQGVXQWLOWKHDODUPWLPH
VKRZVLQWKHGDWHDUHD
3UHVVDQGKROGWKH$/0'$7(EXWWRQXQWLOWKH$ODUPWLPHIODVKHV8VHWKH
,1EXWWRQWRXUDQGWKH$/0'$7(EXWWRQWRVHWWKH0LQXWHV
3UHVV$/0'$7(EXWWRQZKHQGRQHWRVDYHWKHVHWWLQJ<RXZLOOVHHDQ
$ODUP,FRQƔVKRZLQJDERYHWKHDODUPWLPH7KLVLQGLFDWHVWKHWLPH
DODUPLV21
7RWXUQWKHDODUP2))SUHVVWKH$/0'$7(EXWWRQRQFHDQGWKHLFRQƔ
ZLOOGLVDSSHDU:KHQWKHDODUPLV21\RXFDQQRWYLHZWKH'DWH
)RUHFDVW,FRQV
)RUHFDVW,FRQ6KRZV,QFRUUHFW&RQGLWLRQV
7KLVIHDWXUHLQGLFDWHVZKDWWKHZHDWKHUPD\EHOLNHKRXUVLQWRWKHIXWXUH
DQGQRWZKDWLVKDSSHQLQJULJKWQRZ7KHZHDWKHUIRUHFDVWLQJIHDWXUHLV
HVWLPDWHGWREHDFFXUDWH7KHZHDWKHUIRUHFDVWLVEDVHGVROHO\XSRQ
WKHFKDQJHRIDLUSUHVVXUHRYHUWLPHFUHDWLQJDQHFHVVLW\WRGLVUHJDUGDOO
ZHDWKHUIRUHFDVWLQJIRUDERXWKRXUVDIWHUWKHXQLWKDVEHHQVHWXS
UHVHWRUPRYHGIURPRQHDOWLWXGHWRDQRWKHULHIURPRQHIORRURID
EXLOGLQJWRDQRWKHUIORRU,QDUHDVZKHUHWKHZHDWKHULVQRWDIIHFWHGE\WKH
FKDQJHRIDLUSUHVVXUHWKLVIHDWXUHZLOOEHOHVVDFFXUDWH7RDGMXVWIRUHFDVW
VHWWLQJVVHHVHFWLRQ
:KDW'RWKH6XQ&ORXGV5DLQ,FRQV,QGLFDWH"
7KHUHDUHWKUHHSRVVLEOHZHDWKHULFRQVWKDWZLOOEHGLVSOD\HG
6XQQ\
LQGLFDWHVWKDWWKHZHDWKHULVH[SHFWHGWRLPSURYHQRWWKDWWKH
ZHDWKHUZLOOEHVXQQ\
6XQZLWK&ORXGV
LQGLFDWHVWKDWWKHZHDWKHULVH[SHFWHGWREHIDLUQRWWKDW
WKHZHDWKHUZLOOEHVXQQ\ZLWKFORXGV
&ORXGVZLWK5DLQ
LQGLFDWHVWKDWWKHZHDWKHULVH[SHFWHGWRJHWZRUVHQRW
WKDWWKHZHDWKHUZLOOEHUDLQ\
)RUHFDVW,FRQLV%OLQNLQJ
2FFDVLRQDOO\WKHXSRUGRZQDUURZDQGWKHFORXGVRUVXQZLOOEHFRPH
DQLPDWHG7KLVLVDYLVXDOLQGLFDWLRQWKDWWKHUHKDVEHHQDUHFHQWVXGGHQ
FKDQJHLQWKHZHDWKHUFRQGLWLRQV*HQHUDOO\WKLVLVWKHUHVXOWRIDIDVWORZ
IURQWFRPLQJLQ
3UHVVXUH*UDSK
7KHSUHVVXUHJUDSKZLOOFRQWLQXDOO\VFUROOWRSUHYHQW/&'EXUQRXW
±'LVSOD\,QIRUPDWLRQ
(QWLUH'LVSOD\LV%ODQN
%DWWHULHV
,I\RXUZHDWKHUVWDWLRQKDVDEODQNGLVSOD\LWLVJHQHUDOO\D
SRZHULVVXH3OHDVHEHVXUH\RXDUHXVLQJJRRGDONDOLQHEDWWHULHVGDWHGDW
OHDVWVL[\HDUVLQDGYDQFH5HPRYHWKHEDWWHULHVIURPWKHXQLWSUHVVWKH
6(7EXWWRQWLPHVWRFOHDUDQ\HOHFWULFLW\DQGLQVWDOOJRRGDONDOLQH
EDWWHULHV
6HJPHQWHG1XPEHUV
,I\RXUZHDWKHUVWDWLRQKDVPLVVLQJVHJPHQWVRQQXPEHUVRUOHWWHUVLWLV
JHQHUDOO\DSRZHULVVXH3OHDVHEHVXUH\RXDUHXVLQJJRRGDONDOLQH
EDWWHULHVGDWHGDWOHDVWVL[\HDUVLQDGYDQFH5HPRYHWKHEDWWHULHVIURP
WKHXQLWSUHVVWKH6(7EXWWRQWLPHVWRFOHDUDQ\HOHFWULFLW\ZDLW
PLQXWHVZLWKEDWWHULHVRXW7KHQLQVWDOOJRRGDONDOLQHEDWWHULHV
%DFNOLJKW'RHV1RW6WD\/LJKWHG
7KHEDFNOLJKWLVDFWLYDWHGIRUVHFRQGVE\SUHVVLQJDQ\EXWWRQ7KH
EDFNOLJKWLVQRWGHVLJQHGWREHFRQWLQXDOO\OLJKWHG
'LVSOD\+DV%ODFN³LQNEORE´RQLW
,I\RXUVFUHHQKDVEODFNRQLWWKDWPD\ORRNOLNHDQGLQNEOREWKLVLVOLNHO\GR
WRWKHGLVSOD\XQLWIDOOLQJRUEHLQJLPSDFWHGLQVRPHZD\8QIRUWXQDWHO\WKLV
LVQRWDZDUUDQW\LVVXH
±3RZHU6RXUFH
%DWWHU\/HDNDJH
%DWWHU\OHDNDJHLVQRWDZDUUDQW\LVVXH:HUHFRPPHQG\RXFRQWDFWWKH
EDWWHU\PDQXIDFWXUHULIWKLVRFFXUV
3UHYHQWLRQ
%HDZDUHRIH[SLUDWLRQGDWHV'RQRWPL[ROGDQGQHZ
EDWWHULHV
6WRUHEDWWHULHVDWURRPWHPSHUDWXUHRUDOORZFRPLQJEDFNWRURRP
WHPSHUDWXUHEHIRUHXVLQJ
5HPRYHZHDNEDWWHULHVIURP\RXGHYLFHWRSUHYHQWOHDNDJH
$OOULJKWVUHVHUYHG7KLVKDQGERRNPXVWQRWEHUHSURGXFHGLQDQ\IRUPHYHQLQ
H[FHUSWVRUGXSOLFDWHGRUSURFHVVHGXVLQJHOHFWURQLFPHFKDQLFDORUFKHPLFDO
SURFHGXUHVZLWKRXWZULWWHQSHUPLVVLRQRIWKHSXEOLVKHU
7KLVKDQGERRNPD\FRQWDLQPLVWDNHVDQGSULQWLQJHUURUV7KHLQIRUPDWLRQLQWKLV
KDQGERRNLVUHJXODUO\FKHFNHGDQGFRUUHFWLRQVPDGHLQWKHQH[WLVVXH:HDFFHSWQR
OLDELOLW\IRUWHFKQLFDOPLVWDNHVRUSULQWLQJHUURUVRUWKHLUFRQVHTXHQFHV$OOWUDGHPDUNV
DQGSDWHQWVDUHDFNQRZOHGJHG