/3&RQYHUVLRQ,QVWUXFWLRQV
$'-8677+(/2:)/$0(6,00(5
6(77,1*
7KHWRSEXUQHUYDOYHVKDYHORZIODPHVLPPHU
DGMXVWPHQWVFUHZVDFFHVVLEOHWKURXJKWKH
YDOYHVZLWFKHV$VPDOOWKLQEODGHVFUHZGULYHU
DSSUR[LPDWHO\µEODGHZLGWKLVQHHGHGWRDFFHVV
WKHVFUHZ
$
/LJKWWZRRWKHUEXUQHUVDQGVHWWKHNQREVWRD
PHGLXPWRKLJKVHWWLQJ
%
/LJKWWKHEXUQHUWREHDGMXVWHGDQGWXUQWKHNQREWR
/2
RU
6,00(5
&
7RPDNHDGMXVWPHQWUHPRYHWKHFRQWURONQREV,QVHUW
DVFUHZGULYHUWKURXJKWKHDFFHVVKROHLQWKHYDOYH
VZLWFK(QJDJHWKHDGMXVWPHQWVFUHZLQWKHYDOYH
,IWKHIODPHVZHUHWRR
VPDOORUIOXWWHUHGRSHQ
WKHYDOYHPRUHWKDQWKH
RULJLQDOVHWWLQJ
,IWKHIODPHVDUHWRRODUJH
FORVHWKHYDOYHPRUHWKDQ
WKHRULJLQDOVHWWLQJ
'
0DNHWKHDGMXVWPHQWE\
VORZO\WXUQLQJWKHVFUHZ
XQWLOWKHIODPHDSSHDUDQFHLVFRUUHFW)RUWKHOHIWVLGH
LQVWDOOWKHJULOOEXUQHUIRUWKHDGMXVWPHQW7KHOHIWVLGH
FDQQRWEHWXUQHGGRZQDVORZDVWKHULJKWVLGHLIWKH
JULOOEXUQHULVWREHXVHG
$GMXVWWKHORZIODPHVHWWLQJXVLQJWKHYDOYHE\SDVV
VFUHZDVIROORZV
/RZVHWWLQJDGMXVWPHQWVPXVWEHPDGHZLWKWZRRWKHU
EXUQHUVLQRSHUDWLRQRQDPHGLXPVHWWLQJ7KLVSUHYHQWV
WKHORZIODPHIURPEHLQJVHWWRRORZUHVXOWLQJLQWKH
IODPHEHLQJH[WLQJXLVKHGZKHQRWKHUEXUQHUVDUHWXUQHG
RQ
(
7HVWLQJ)ODPH6WDELOLW\
7HVW7XUQWKHNQREIURP
+,
WR
/2
RU
6,00(5
TXLFNO\,IWKH
/2
RU
6,00(5
IODPHJRHVRXW
LQFUHDVHWKHIODPHVL]HDQGWHVWDJDLQ
7HVW:LWKWKHEXUQHURQWKH
/2
RU
6,00(5
VHWWLQJ
RSHQDQGFORVHWKHFDELQHWGRRUXQGHUWKH
FRRNWRS,IWKHIODPHLVH[WLQJXLVKHGE\WKH
DLUFXUUHQWVFUHDWHGE\WKHGRRUPRYHPHQW
LQFUHDVHWKHIODPHKHLJKWDQGWHVWDJDLQ
7HVW:LWKWKHEXUQHURQWKH
/2
RU
6,00(5
VHWWLQJ
WXUQWKHGRZQGUDIWYHQWIDQWRWKH
+,
SRVLWLRQ
,IWKHIODPHLVH[WLQJXLVKHGE\WKHDLUFXUUHQWV
FUHDWHGE\WKHGRZQGUDIWYHQWIDQLQFUHDVH
WKHIODPHVL]HDQGWHVWDJDLQ
&219(57,1*%$&.721$785$/*$6
7RFRQYHUWWKHFRRNWRSEDFNWRQDWXUDOJDVUHYHUVHWKH
VWHSVWDNHQWRFRQYHUWWR/3
2QFHWKHFRQYHUVLRQLVFRPSOHWHDQGFKHFNHG2.ILOO
RXWWKH/3VWLFNHUDQGLQFOXGH\RXUQDPHRUJDQL]DWLRQ
DQGGDWHFRQYHUVLRQZDVPDGH$SSO\WKHVWLFNHUQHDU
WKHFRRNWRSJDVLQOHWRSHQLQJWRDOHUWRWKHUVLQWKH
IXWXUHWKDWWKLVDSSOLDQFHKDVEHHQFRQYHUWHGWR/3
JDV,IFRQYHUWLQJEDFNWRQDWXUDOJDVIURP/3SOHDVH
UHPRYHWKHVWLFNHUVRRWKHUVNQRZWKHDSSOLDQFHLVVHW
WRXVHQDWXUDOJDV
127(
)RURSHUDWLRQDWHOHYDWLRQVDERYHIW
PHTXLSPHQWUDWLQJVVKDOOEHUHGXFHGDWDUDWHRI
IRUHDFKIWPDERYHVHDOHYHOEHIRUH
VHOHFWLQJDSSURSULDWHO\VL]HGHTXLSPHQWLH8VH
VPDOOHURULILFHV
1DWXUDO*DVµ:&3
%XUQHU2XWSXW5DWLQJLQ%78+5
/RFDWLRQ
%78V
2ULILFH6L]H
(QJUDYLQJ
/HIW5HDU/5
1$7
/HIW)URQW/)
1$7
5LJKW5HDU55
1$7
5LJKW)URQW5)
1$7
$'-8677+(/2:)/$0(6,00(5
6(77,1*
FRQW
)
)ODPH5HFKHFN
5HSHDWWKHDGMXVWPHQWIRUHDFKEXUQHU$IWHUWKH
DGMXVWPHQWLVPDGHWXUQDOOEXUQHUVRII,JQLWH
HDFKEXUQHULQGLYLGXDOO\2EVHUYHWKHIODPHDWWKH
+,
SRVLWLRQ5RWDWHWKHYDOYHWRWKH
/2
RU
6,00(5
SRVLWLRQDQGEHVXUHWKDWWKHIODPHVL]HGHFUHDVHV
DVWKHYDOYHLVURWDWHGFRXQWHUFORFNZLVH