MJ G 1101 Printer Friendly

$FHVDW'DZQ
7DEOHRI&RQWHQWV
,QWURGXFWLRQ
8QLWGDWDFDUGV
0DQHXYHUFDUGV
7XUQRUGHU
*DPHVHWXS
+H[)DFLQJ&KDQJH7DEOH
&RPEDW
7DLOLQJ
6SHFLDOPDQHXYHUV
4XLUNV
2SWLRQDO5XOHV
%XLOGLQJ\RXURZQDLUFUDIW
3ODQH&DOFXODWLRQ:RUNVKHHWV
$OEDWURVV',,
$UPVWURQJ:KLWZRUWK).
$YLDWLN',
%(
%ULVWRO)E
%OpULRW;,
%ULVWRO6FRXW
&DSURQL&D6HULHV
)(
)RNNHU'5,
)RNNHU'9,,
)RNNHU(LQGHFNHU(,,,
+DQULRW+',
+DOEHUVWDGW',,
+DQGOH\3DJH9
+DQVD%UDQGHQEXUJ',
-XQNHUV&/,
1LHXSRUW
1LHXSRUW
3IDO]',,,
3IDO]';,,
3K|QL[',
3RPLOLR3(
5(
6(D
6RSZLWK 6WUXWWHU
6RSZLWK%XOOGRJ
6RSZLWK&DPHO
6RSZLWK'ROSKLQ
6RSZLWK3XS
6RSZLWK6QLSH
6RSZLWK7DEORLG
6RSZLWK7ULSODQH7ULSH
63$'9,,
7DXEH
9LFNHUV)%
%ODQN3ODQH5HFRUG&DUGV
0LVVLRQV
5DZ$LUFUDIW'DWD
,QWURGXFWLRQ
)LQGWKHHQHP\DQGVKRRWKLPGRZQ$Q\WKLQJHOVHLVQRQ
VHQVH
0DQIUHGYRQ5LFKWKRIHQ
,Q$XJXVWRIWKHDLUSODQHKDGEDUHO\PDGHLWVWKDQ
QLYHUVDU\DQGKDGRQO\MXVWEHFRPHDZHDSRQRIZDU7KH
,WDOLDQV KDG XVHG DLU SRZHU LI LW FRXOG EH FDOOHG WKDW LQ
1RUWK$IULFDLQDQG/RXLV%OpULRWVIDPRXVWULSDFURVV
WKH(QJOLVK&KDQQHOZDVVWLOODIUHVKPHPRU\
7KH *UHDW :DU ZDV D WLPH RI KHURHV DQG YLOODLQV D ZDU
ZKHUHHYHU\RQHNQHZZKRZDVJKWLQJZKRPDQGIRUZKDW
FDXVH%RWKVLGHVKDGWKHLUJUHDWYLFWRULHVS\UUKLFGHIHDWV
DQGSOHQW\RIWUHQFKIRRW:KLOHWKLVJDPHLVGHVLJQHGWR
VLPXODWHWKHJUHDWHVWEDWWOHVRYHUWKHWUHQFKHVRIWKH::,
EDWWOHHOGZHVKRXOGQRWIRUJHWWKDWPHQDQGZRPHQGLHG
IRUWKHLUEHOLHIVDQGIRUWKHLUFRXQWULHV+HURHVZHUHERUQ
RIWKLVFRPEDWRQERWKVLGHV
$WQRRWKHUWLPHLQRXUZDUULQJKLVWRU\KDVWKHUHEHHQVXFK
DFKDQJHDVWKHDLUSODQH1RWRQO\GLGFRPEDWFKDQJHIRU
HYHURQFHRXUVROGLHUVZHUHDLUERUQHEXWDZKROHJHQHUD
WLRQEHFDPHHQDPRUHGRIWKLVQHZHVWZHDSRQLQRXUPLOL
WDU\DUVHQDO
(YHQLQWRWKHVW FHQWXU\WKHURPDQFHDQGMR\VRIWKRVH
UVW \HDUV LQ WKH DLU HYRNH WKH GHHSHVW UHVSHFW IRUWKHVH
QHZNQLJKWVWKHVHPHQRIWKHDLUZD\V
$FHVDW'DZQ LVDJDPHRITXDVLKLVWRULFDOFRPEDWLQWKH
VNLHV6HWDWWKHWXUQRIWKHFHQWXU\ $FHVDW'DZQ PRGHOV
WKHPDQWRPDQFRPEDWRIWKH:RUOG:DU,\LQJDFHDQG
KLVGUHDGHGHQHPLHV$VZLWKDOO0DMHVWLF7ZHOYHJDPHV
$FHVDW'DZQ LVIXQDQGHDV\WRSOD\ZRUNVZLWKDQ\OLQH
RIPLQLDWXUHVDQGHQFRXUDJHVSOD\HUVWRXVHWKHLULPDJLQD
WLRQDQGKDYHIXQZKLFKLVWKHZD\ZDUJDPLQJLVVXSSRVHG
WREH
ZZZPMJDPHVFRP
*DPHERDUG
3LORW 6WULFWO\ XVHG WR GLVWLQJXLVK RQH )RNNHU IURP DQRWK

HU2SWLRQDOUXOHVPD\PRGLI\WKHHIIHFWVRIFHUWDLQSLORW
$FHV DW 'DZQ LV QRUPDOO\ SOD\HG RQ D KH[DJRQDO JULG PDQHXYHUVDQGSURFHGXUHVWKHVHZLOOEHLQGLFDWHGRQWKH
DQGVHYHUDOSDJHVRIPDSVDQGFRXQWHUVDUHLQFOXGHGZLWK FDUGDQGPRYHZLWKWKHSLORWIURPSODQHWRSODQH
WKLVVHWRIUXOHV7KHVHERDUGVKDYHEHHQGHVLJQHGWRW
VFDOHPRGHOVEXW\RXFDQXVHDQ\PRGHOV\RXZLVK 3RLQW9DOXH$TXDQWLFDWLRQRIWKHSODQHVFRPEDWHIIHF
$GGLWLRQDOO\ZLWKYHU\PLQRUFKDQJHVWKHVHUXOHVFDQEH WLYHQHVV
XVHGZLWKRXWWKHKH[DJRQDOJULG
)XHO$UHSUHVHQWDWLRQRIWKHVWD\LQJSRZHURIWKHSODQH
(DFKPDQHXYHUKDVDQDVVRFLDWHGIXHOUHTXLUHPHQWVWDWHG
RQWKHPDQHXYHUFDUG
7KHSOD\LQJSLHFHVXVHGLQ $FHVDW'DZQHDFKUHSUHVHQW
DVLQJOHDLUFUDIW,QFOXGHGLQWKHJDPHDUHVHYHUDOSDSHU
DLUFUDIW PRGHOV IURP (UQHVWR7UDPRQWDQD ZKLFK FDQ EH
DVVHPEOHGDQGXVHGLQVWHDGRIWKHFRXQWHUV
0RYHPHQW0YW7KHUVWQXPEHULVWKHPLQLPXPQXPEHU

RI0RYHPHQWSRLQWVDSODQHPXVWVSHQGWKHVHFRQGQXP
EHU LV WKH IXUWKHVW D SODQH PD\ PRYH GXULQJ HDFK PRYH
PHQWSKDVH
6FDOH
7KHUH LV QR VHW VFDOH LQ $FHV DW 'DZQ KRZHYHU LI ZH 7XUQ&ODVV+RZHDV\RUGLIFXOWLWLVWRPDQHXYHUWKHSODQH
ZHUHIRUFHGWRPDNHDGHFLVLRQWKHVFDOHPLJKWEHKH[ LQFRPEDW
HTXDOWR\DUGV7KXVWKHDLUFUDIWGRQRWUHSUHVHQW
*XQV 7KH QXPEHU RI GLFH D SOD\HU UROOV IRU DWWDFN IURP
H[DFWO\WKHVL]HWKDWWKH\VHHPWRRQWKHERDUG
WKDWSODQH
8QLWGDWDFDUGV
'DPDJH WKHQXPEHURIGDPDJHSRLQWVDSODQHFDQZLWK
VWDQGEHIRUHLWLVFRQVLGHUHGGHVWUR\HG
(DFKDLUFUDIWLVFRPSULVHGRIYDULRXVVWDWLVWLFVZKLFKZKHQ
WDNHQDVDZKROHUHSUHVHQWWKHLPSRUWDQWELWVZHUHWU\ 4XLUNV $Q\VSHFLDOTXLUNLQHVVDERXWWKHSODQHRUSLORWZLOO
EHUHFRUGHGKHUH
LQJWRPRGHORQWKHSOD\HOG
7KH3LFWXUH7KHSLFWXUHLVMXVWIRUIXQ
7\SH7KHW\SHRISODQHEHLQJPRGHOHG7KHVHUDQJHIURP
)RNNHU(LQGHFNHUVWR6SDG;,,,V
6DPSOH3ODQH'DWD&DUG
3RLQW9DOXH
6RSZLWK&DPHO

1JMPU 3NOOPY
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT $ECREASED4URN
2ADIUS,EFT
-LP&DOODKDQ
,PDJHFUHGLWZZZWKHDHURGURPHFRP
Q
Q
Q
Q
Q
$FHVDW'DZQ
0DQHXYHUFDUGV
7KH&DUGV
*DPHSOD\LQ$FHVDW'DZQLVJRYHUQHGE\DGHFNRIPDQHX 1RWHWKDWPRGLHUVIRU'HIHQVH5DWLQJ,QLWLDWLYHDQG)XHO
YHUFDUGVWKDWDOORZDSOD\HUWRSRVLWLRQKLVRUKHUSODQHV 8VHDSSHDUXQGHUWKHGHVFULSWLRQVRIWKHPDQHXYHUFDUGV
DSSURSULDWHO\WRGHVWUR\WKHLURSSRQHQWV
7KHVHPRGLHUVDUHDSSOLHGRQWKHJDPHWXUQLQZKLFKWKH
FDUGLVSOD\HG
$Q\PDQHXYHUSHUIRUPHGFDQDOVREHIROORZHGZLWKXSWR
D EDQN$OO WXUQV PXVW EH SUHFHGHG E\ D EDQN RI DW
OHDVW
)RUZDUG0RYHPHQW
7KH SODQH PRYHV IRUZDUG DW

OHDVW WKH PLQLPXP GLVWDQFH
$EDQNLVQRWDVHSDUDWHPDQHXYHUEXWLWLVLQGLFDWHGRQ DQG QR PRUH WKDQ WKH PD[L
WKHERDUG<RXPD\XVHWKH%DQN3RUWDQG%DQN6WEG PXPGLVWDQFHLQGLFDWHGRQLWV
FRXQWHUV WR LQGLFDWH WKH GLUHFWLRQ HDFK SODQH LV EDQNLQJ FDUGVPRYHPHQWUDWLQJ
2ULI\RXDUHXVLQJPLQLDWXUHVZLWKLJKWVWDQGV\RXPD\ ,IWKHSODQHLVEDQNHGEHIRUHH[
VLPSO\ VZLYHO WKH PRGHO VR WKDW LW LV REYLRXVO\ EDQNHG RU HFXWLQJ D )RUZDUG 0RYHPHQW
QRW
LWPXVWPRYHKDOIWKHQXPEHU
RIKH[HVLQWKHGLUHFWLRQRIWKH
1RWH D SODQHV SRUW DQG VWDUERDUG VLGHV QHYHU FKDQJH
HYHQLIWKHSODQHLVXSVLGHGRZQ6WDUERDUGLVWKHQDXWLFDO EDQN VOLS DQG UHPDLQ IDFLQJ
WHUPXVHGRQERDWVDQGVKLSVWKDWUHIHUVWRWKHULJKWVLGH WKHVDPHGLUHFWLRQDVLWIDFHG
RIDYHVVHODVSHUFHLYHGE\DSHUVRQIDFLQJIRUZDUGVWDQG DWWKHEHJLQQLQJRIWKHWXUQ
%DQNLQJ
LQJRQWKHGHFNLHWRZDUGVWKHERZ,IWKHYHVVHORU

DLUFUDIWLQRXUFDVHLVXSVLGHGRZQLQWKHHYHQWRIDORRS
WKHVWDUERDUGVLGHZLOOEHWKHOHIWVLGHRIWKHPRGHO
'HIHQVH5DWLQJ
6LPLODUO\WKHWHUPIRUWKHOHIWVLGHRIWKHYHVVHOSRUWLV
GHULYHG IURP WKH SUDFWLFH RI VDLORUV PRRULQJ RQ WKH OHIW
VLGH LH WKH 3RUWERDUG VLGH DV WR SUHYHQW WKH VWHHULQJ
ERDUGVIURPEHLQJFUXVKHG
)XHO8VH
,QLWLDWLYH
([DPSOHRIIRUZDUGPRYHRI
ZKHQEDQNHGWRWKHSRUW
)DVW7XUQ
7KHSODQHPRYHVIRUZDUGDWOHDVWWKHPLQLPXPGLVWDQFH
DQGQRPRUHWKDQWKHPD[LPXPGLVWDQFHLQGLFDWHGRQLWV
FDUGVPRYHPHQWUDWLQJ
%DQNLQJVHUYHVWKHGXDOSXUSRVHRIORRNLQJFRRORQWKHERDUG
DQGLQGLFDWLQJWR\RXUHQHP\+H\,PJRLQJWKLVZD\QH[W
WLPH,PDQHXYHU7KLVVLPXODWHVWKHRZRIEDWWOHZKHQ 1R SODQH PD\ PDNH D IDVW WXUQ XQOHVV LW ZDV EDQNHG WKH
\LQJ DQG DW WKH VDPH WLPH SURYLGHV WKH QHFHVVDU\ SUH FRUUHFWGLUHFWLRQWKHWXUQEHIRUH
PRYHPHQWWRDWXUQ
7KH SODQH PXVW WXUQ WZR RU WKUHH KH[ VLGHV LQ WKH GLUHF
7XUQ&ODVV&
$VORZWXUQXVLQJ03
$IDVWRUVORZ
WXUQXVLQJ03
7XUQ&ODVV&
$IDVWWXUQXVLQJ03
ZZZPMJDPHVFRP
'LYH
WLRQRIWKHEDQNDQGWKHSODQHPXVWUHGXFHDOWLWXGHEDQG
E\RQH
FDUGVPRYHPHQWUDWLQJ
7KLVDOWLWXGHUHGXFWLRQLVUHTXLUHGIRUDIDVWWXUQDOWKRXJK
LWLVRSWLRQDOIRUDVORZWXUQ
'HIHQVH5DWLQJ
7KHSODQHPD\FKDQJHDOWLWXGHGRZQEDQGIRUHDFK03
VSHQW DQG PD\ LQFUHDVH VSHHG E\ LWV PD[LPXP VSHHG
UDWLQJ
,QLWLDWLYH
)XHO8VH
'HIHQVH5DWLQJ
6ORZ7XUQ
,QLWLDWLYH
7KHSODQHPRYHVIRUZDUGDWOHDVWWKHPLQLPXPGLVWDQFH )XHO8VH
FDUGVPRYHPHQWUDWLQJ
&OLPE
1RSODQHPD\PDNHDVORZWXUQXQOHVVLWZDVEDQNHGWKH
FRUUHFWGLUHFWLRQWKHWXUQEHIRUH
7KHSODQHPXVWWXUQRQHRUWZRKH[VLGHVLQWKHGLUHFWLRQRI FDUGVPRYHPHQWUDWLQJ
WKHEDQNDQGWKHSODQHPD\UHGXFHDOWLWXGHEDQGE\
7KHSODQHPD\FKDQJHDOWLWXGHXSEDQGIRUHDFKWZR03
VSHQW
DQ\ VLQJOH 03 VSHQW LV GLVFDUGHG 7KH SODQH PXVW
7KLVDOWLWXGHUHGXFWLRQLVQRWDUHTXLUHPHQWIRUDVORZWXUQ
UHGXFHVSHHGE\IRUHDFKDOWLWXGHEDQGFKDQJHG
DOWKRXJKLWLVPDQGDWRU\IRUDIDVWWXUQ
'HIHQVH5DWLQJ
'HIHQVH5DWLQJ
,QLWLDWLYH
,QLWLDWLYH
)XHO8VH
)XHO8VH
$FHVDW'DZQ
3OD\LQJ7KH*DPH
LQGLFDWHVKRZPDQ\IDFLQJFKDQJHVPD\EHSHUIRUPHGDQG
ZKHQWKH\PD\EHSHUIRUPHG
7XUQRUGHU
6XESKDVH5HYHDO0DQHXYHU&DUG
6XESKDVH'HWHUPLQHLQLWLDWLYH
+H[IDFLQJFKDQJHVRFFXUDWFHUWDLQSRLQWVGXULQJWKHWXUQ
GHSHQGLQJRQWKHPDQHXYHUDELOLW\RIWKHSODQHLQTXHVWLRQ
$SLORWFDQXVXDOO\PDNHRQO\RQHWXUQGXULQJWKHSODQHV
PRYHPHQWKRZHYHUZKHQDQGKRZIDU DSODQHPD\WXUQ
GHSHQGVRQWKHWXUQFODVVRIWKDWDLUFUDIW3HUIRUPPDQHX
YHUVDFFRUGLQJWRWKHIROORZLQJWDEOH
6XESKDVH3HUIRUPPDQHXYHUV
+H[)DFLQJ&KDQJH7DEOH
3KDVH&DUG6HOHFWLRQSKDVH
3KDVH&RPEDW3KDVH
6XESKDVH&RPEDW
7XUQ&ODVV

KH[IDFH

KH[IDFHV

KH[IDFHV
$Q\
$Q\
$Q\
%XLOGLQJDPDQHXYHUGHFN
$Q\
$Q\
+DOI
%HIRUHSOD\HDFKSOD\HULVJLYHQWZRRIHDFKW\SHRIPD
QHXYHU FDUG )RUZDUG 0RYH )DVW7XUQ 6ORZ7XUQ &OLPE
DQG'LYH7KLVLVWKHSOD\HUV0DQHXYHU'HFN
&
$Q\
+DOI
(QG
'
+DOI
(QG
(QG
3KDVHVDQG5HSHDWSKDVH
3ODQHV GHVLJQDWHG DV ERPEHUV PD\ QRW XVH WKH )DVW 7XUQ
0DQHXYHU
$Q\7KLVPHDQVWKDWWKHDLUFUDIWPD\PDNHWKDWQXPEHURI
KH[IDFLQJFKDQJHVDWDQ\SRLQWGXULQJLWVPRYHPHQW
*DPHVHWXS
+DOI7KLVPHDQVWKDWWKHDLUFUDIWPD\QRWWXUQXQWLOLWKDV
XVHGDWOHDVWKDOILWVPRYHPHQWSRLQWVURXQGXS
(DFKSOD\HUVHOHFWVWKHSDUWLFXODUDLUSODQHVKHRUVKHZLOO
EH XVLQJ GXULQJ WKH FRPEDW 1RUPDO VHWXS IRU WKH JDPH
FDOOVIRUHDFKSOD\HUWRVLWDWWKHORQJHQGRIDE\WDEOH
ZLWKWKHLUSODQHVQRIXUWKHUWKDQKH[HVLQIURPWKHVLGH
+RZHYHUVFHQDULRUXOHVFDQVXSHUFHGHWKLVJHQHULFVHWXS
REYLRXVO\
(QG 7KHDLUFUDIWPD\QRWWXUQXQWLOWKHHQGRILWVPRYH
PHQW
)RUH[DPSOHWKH1LHXSRUWKDVD7XUQ&ODVVRI&,IWKH
SLORWZLVKHVWRPDNHDWXUQWKHQWKHSODQHPD\RQO\
WXUQDWWKHHQGRIWKHPRYHPHQW+RZHYHULIWKHSLORW
ZLVKHVWRPDNHDWXUQWKHQWKHSODQHPD\WXUQDW
DQ\SRLQWDIWHUWKHKDOIZD\PDUNURXQGGRZQ
&DUGVHOHFWLRQSKDVH
(DFKSOD\HUVHOHFWVWKUHHPDQHXYHUFDUGVIURPKLVRUKHU
KDQGWRSOD\DQGSODFHVWKHPIDFHGRZQRQWKHWDEOHLQWKH
RUGHUWKDWWKHSOD\HUZLVKHVWKHPWRRFFXU
&RPEDW
3ODQHVPD\VKRRWDWHQHPLHVWKDWDUHLQWKHIURQWDUF
RIUHVHHGLDJUDP+H[HVZKLFKDUHSDUWLDOO\FRYHUHGDUH
FRQVLGHUHGLQVLGHWKHDUFRIUH
5HYHDOPDQHXYHUFDUGSKDVH
3OD\HUVHDFKUHYHDORQHPDQHXYHUFDUGDWH[DFWO\WKHVDPH
WLPHVWDUWLQJIURPHDFKSOD\HUVOHIW
'HWHUPLQHLQLWLDWLYHSKDVH
(DFKSOD\HUUROOVRQHGLHSHUSODQHDQGDGGVLWWRWKHLQLWLD
WLYHVFRUHSULQWHGRQWKHPDQHXYHUFDUG,QWKHHYHQWRID
WLHWKHSOD\HUZLWKWKHZRUVWWXUQUDWLQJJRHVUVW,QWKH
XQOLNHO\HYHQWRIDIXUWKHUWLHWKHSOD\HUVLWWLQJIXUWKHVW
IURP 'DQ PXVW WDNH KLV RU KHU WXUQ UVW 2SWLRQDOO\ WLHG
SOD\HUVPD\HDFKUROOGLHWRVHHZKRJRHVUVWWKHORZHVW
UROORQGLHEHLQJWKHORVHUPXVWJRUVW
3HUIRUPPDQHXYHUSKDVH
2QFH LQLWLDWLYH KDV EHHQ GHWHUPLQHG SOD\HUV PRYH WKHLU
SODQHV LQ WXUQ 7XUQ FODVV SOD\V D NH\ UROH LQ WKH W\SHV
RIPDQHXYHUVDSODQHPD\SHUIRUP(DFKPDQHXYHUFODVV
)URQW$UF)LULQJ'LDJUDP
ZZZPMJDPHVFRP
7DUJHW1XPEHU
3OD\HUVUROOGLFHHTXDOWRWKHQXPEHURIJXQVRQWKHSODQH
7DUJHW QXPEHU LV WKH UDQJH WDUJHWV GHIHQVH QXP
EHUEDVHGRQWKHPDQHXYHULWSHUIRUPHGWKDWSKDVH)RU
H[DPSOH LI 2VZDOG %RHOFNHV $OEDWURVV KDG D EHDG RQ D
SRRU 6RSZLWK &DPHO KH[HV DZD\ WKDW MXVW SHUIRUPHG D
GLYHWKHWDUJHWQXPEHUZRXOGEHRUDGLIFXOW
VKRW
7DLOLQJ
3LORWVDWWHPSWWRJDLQDQDGYDQWDJHLQDLUFRPEDWE\WDLO
LQJ7KLVDGYDQWDJHLQFUHDVHVZLWKWLPHVSHQWRQWKHHQH
P\VWDLO
5HDU$UF)LULQJ'LDJUDP
%DOORRQ%XVWLQJ
7DLOLQJ LV DFFRPSOLVKHG ZKHQ D SLORWV IURQW DUF LV LQ WKH
UHDUDUFRIDQRWKHUSODQHGXULQJWKHUHYHDOPDQHXYHUFDUGV
SKDVH
$Q\ SODQH PD\ DWWDFN %DOORRQV %DOORRQV XVXDOO\ KDYH D

VLQJOHGDPDJHSRLQWDQGDUHWUHDWHGH[DFWO\OLNHDQ\RWKHU
DLUERUQYHVVHO+RZHYHUEDOORRQVXVXDOO\ZHUHKHDYLO\GH
IHQGHGERWKZLWKDQWLDLUFUDIWDQGRWKHUDLUSODQHV%DOORRQV
KDYHDEDVHGHIHQVHQXPEHURI
)RU HDFK VXEVHTXHQW FRPEDW SKDVH VSHQW LQ WKH HQHP\V

UHDU DUF WKH HQHP\ VXIIHUV D GHIHQVH )RU H[DPSOH
LI %RHOFNH IURP WKH H[DPSOH DERYH KDV VSHQW WKH ODVW
WZRWXUQVWDLOLQJWKH&DPHOLQTXHVWLRQWKHWDUJHWQXPEHU %RPELQJ
ZRXOGEHRUDPXFKHDVLHUVKRWWRPDNH
7KH6RSZLWK&DPHOSLORWKDGEHWWHUWU\VRPHIDQF\PDQHX $Q\SODQHGHVLJQDWHGDVDERPEHUPD\DWWDFNJURXQGWDU
JHWVDQGDLUVKLSV
YHUVWRJHWRXWRI%RHOFNHVULQJDUF
+RZHYHULIDSODQHPRYHVRXWRIWKHIURQWDUFRIWKHWDLOLQJ ,QRUGHUWRDWWDFND%RPEHUPXVWEHRUDOWLWXGHEDQGV
DERYHWKHWDUJHWDQGEH\LQJVWUDLJKWDQGOHYHO
SODQHWKHQDOOERQXVHVIRUWDLOLQJDUHORVW
%RPEDWWDFNVVXFFHHGRQDRU
)LULQJWRWKHUHDUDUF
(DFKERPEHUKDVDERPELQJUDWLQJLQGLFDWHGRQWKHSODQH
FDUG WKXVO\ ;G %RPEV$ SODQH ZLWK WKLV LQGLFDWRU LV DX
WRPDWLFDOO\GHVLJQDWHGDERPEHUDQGLVVXEMHFWWRDOOWKH
ERPEHUSHQDOWLHVDQGEHQHWV
0DQ\ DLUFUDIW KDG D FUHZ PHPEHU VLW EHKLQG RU LQ VRPH
FDVHVLQIURQWRIWKHSLORWLQRUGHUWRPDQH[WUDZHDSRQV
RUHTXLSPHQW7KHVHJXQQHUVXVXDOO\KDGDODUJHUDUFRIUH
WKDQWKHSLORWVHHGLDJUDPEXWZHUHDWWKHZKLPRIWKH
SLORWDVIDUDVZKLFKGLUHFWLRQWKHLUJXQVSRLQWHG
,IWKHERPEHUDOWLWXGHEDQGVDERYHWKHWDUJHWVXEWUDFW
RQHIURPWKHGLHUROO
5HDUULQJZHDSRQVDUHDWWRKLWEHFDXVHWKHDHUREDWLFV
RIWKHSLORWZHUHGLIFXOWWRFRPSHQVDWHIRU
%RPEHUVDUHWKHRQO\DLUFUDIWWKDWFDQEHJLYHQDWXUQFODVV
RI(DWFRQVWUXFWLRQ
$FHVDW'DZQ
$OWLWXGHEDQGV
$OWLWXGH LV GLYLGHG LQWR D QXPEHU RI DOWLWXGH EDQGV ,W
GRHVQWUHDOO\PDWWHUZKDWWKHVFDOHRIDOWLWXGHEDQGVLV
DVORQJDVDOOSOD\HUVDJUHHEHIRUHKDQG2QHHDV\ZD\ZH
UHPHPEHUDOWLWXGHEDQGVLVWRXVHFHQWLPHWHUVRULQFKHVWR
GLVWLQJXLVKDOWLWXGH7KXVDSODQHWKDWLVLQFKHVDERYH
WKHERDUGWKHWKDOWLWXGHEDQGDQGZLVKHVWRFOLPEXV
LQJPRYHPHQWSRLQWVZLOOHQGLWVWXUQRQWKHWKDOWLWXGH
EDQG
(IIHFWRIDOWLWXGHRQFRPEDW
1RSODQHPD\UHDWDQRWKHUSODQHLIWKHGLIIHUHQFHLQDOWL
WXGHLVPRUHWKDQKDOIWKHGLVWDQFHWRWKHSODQH
+LJKHUDOWLWXGHWKDQRSSRQHQWWRFRPEDWDWWDFNUROOV
KDOIORRSXSLIDSOD\HUSOD\VDGLYHFDUGDIWHUWKHGLYH
FOLPEFRPELQDWLRQWKHQWKHSODQHHQGVLWVWXUQLQWKHVDPH
KH[ ULJKW VLGH XS DQG OHYHO EXW DV PDQ\ DOWLWXGH EDQGV
GRZQDVWKHPD[LPXPVSHHGWKHDLUFUDIWFDQ\
/RZHUDOWLWXGHWKDQRSSRQHQWWRFRPEDWDWWDFNUROOV
6SHFLDOPDQHXYHUV
$ KDOIORRS LV D YHU\ LPSRUWDQW VSHFLDO PDQHXYHU LW DO
ORZVWKHSLORWWRFKDQJHDOWLWXGHYHU\TXLFNO\7KHUHDUH
IRXUEDVLFKDOIORRSPDQHXYHUVLQ$FHVDW'DZQWKHKDOI
ORRSXSWKHKDOIORRSGRZQIXOOORRSXSDQGWKHIDPRXV
,PPHOPDQ7XUQ
,PPHOPDQ7XUQGLYHFOLPEIRUZDUGPRYHPHQW,IDSLORW

ZLVKHVWRSHUIRUPDQ,PPHOPDQWXUQWKHFDUGFRPELQDWLRQ
ZRXOGEHGLYHFOLPEIRUZDUGPRYH,QRWKHUZRUGVDKDOI
ORRS XS IROORZHG E\ D IRUZDUG PRYH $W WKH HQG RI WKH
IRUZDUGPRYHWKHSLORWKDVWKHRSWLRQRIEDQNLQJDURXQG
WRVWUDLJKWDQGOHYHOLJKW
1RWH$OOSODQHVXVLQJWKHVHVSHFLDOPDQHXYHUVPXVWEHJLQ
DQGHQGWKHSKDVH\LQJOHYHO7KHSODQHPD\EHXSVLGH
GRZQEXWLWPXVWEHOHYHO
4XLUNV
+DOIORRS XS GLYHFOLPE 2QH PDMRU HIIHFW RI WKH GLYH

PDQHXYHULVDQLQFUHDVHLQDLUVSHHG
&HUWDLQ3ODQHVKDGDFHUWDLQTXLUNLQHVVDERXWWKHP0RVW
SLORWV NQHZ WKLV DQG FRPSHQVDWHG VRPHZKDW WR DYRLG
DFFLGHQWVEHFDXVHRIWKHRGGZD\VVRPHSODQHVKDQGOHG
$ SLORW PD\ SOD\ D GLYH FDUG IROORZHG LPPHGLDWHO\ E\ D

FOLPE FDUG ZLWK D EDQN WR SHUIRUP WKH KDOIORRS XS
PDQHXYHU:KHQWKLVFRPELQDWLRQLVSOD\HGWKHSLORWPD\
RSW WR PRYH WKH SODQH XS ZLWKRXW PRYLQJ WKH SODQH IRU
ZDUG7KHSODQHVVXIIHUVDGHIHQVHDIWHUWKHKDOIORRS
XS
3LORWV ZLWK D ELW RI H[SHULHQFH KRZHYHU FRXOG XVH WKH

LQGLYLGXDO SODQHV TXLUNV WR WKHLU DGYDQWDJH (DFK RI
WKHVHTXLUNVKDVDPXOWLSOLHUDVVRFLDWHGZLWKLW(QWHUWKH
PXOWLSOLHULQWKHIRUPXODIRUFDOFXODWLQJWKHSRLQWYDOXHIRU
WKHSODQH7KDWYDOXHLVLQSDUHQWKHVLVIROORZLQJWKHQDPH
RIWKHTXLUN
7KHKDOIORRSXSPDQHXYHUPD\RQO\EHXVHGLIWKHSODQH
HQGVWKHGLYHPDQHXYHUOHYHOHGRII
&DQQRQ YHU\VKRUWUDQJHGZHDSRQEXWSRZHUIXO7KH
SOD\HUPD\UROORQHDGGLWLRQDOGLHWRKLWSHUFDQQRQ(DFK
FDQQRQKLWGRHVSRLQWVRIGDPDJH
)RU H[DPSOH RXU IULHQG 2VZDOG %RHOFNH LV DWWHPSWLQJ WR

HYDGHD6RSZLWK&DPHOWDLOLQJKLP+LVUVWFDUGUHYHDOHG
LVDGLYH
'HFUHDVHG7XUQ5DGLXV7KH6RSZLWK&DPHOZDVNQRZQ

IRULWVKLJKO\RYHUSRZHUHGHQJLQH%HFDXVHRIWKLVIHDWXUH
WKH 6RSZLWK &DPHO FRXOG PDNH D IDVWHU WXUQ WR WKH ULJKW
WKDQLWFRXOGWRWKHOHIW
+H PRYHV IRUZDUG KH[HV DQG UHGXFHV KLV DOWLWXGH E\

FHQWLPHWHUV7KHQH[WFDUG%RHOFNHSOD\VLVDFOLPEFDUG
+HDQQRXQFHVKLVLQWHQWWRSHUIRUPDKDOIORRSXSPDQHXYHU
DQGPRYHVKLVSODQHXSDOWLWXGHEDQGVWXUQVLWDQGLV
QRZIDFLQJWKHRSSRVLWHGLUHFWLRQDQGLVXSVLGHGRZQ
)RU DQ\ SODQH ZLWK WKLV TXLUN WKH SOD\HU PXVW FKRRVH
ZKHWKHUWXUQLQJZLOOEHHDVLHUWRWKHOHIWRUWRWKHULJKW
7KLVTXLUNPD\EHWDNHQWZLFHIRUDPXOWLSOLHURI
+DOIORRSGRZQFOLPEGLYH7KLVPDQHXYHULVH[DFWO\WKH

VDPH DV WKH KDOIORRS XS EXW LQVWHDG RI WKH GLYHFOLPE
FRPELQDWLRQWKHSLORWPXVWSOD\DFOLPEUVWWKHQDGLYH
7KHSODQHPXVWHQGWKHGLYHPDQHXYHULQDOHYHODQGXS
ULJKWSRVLWLRQEXWHQGXSVLGHGRZQ
([WHQGHG )LHOG RI )LUH H[WHQG WKH IURQW DUF RI WKH
SODQHVHOGRIUHWRDIXOO
)DVW &OLPE $Q\ SODQH ZLWK IDVW FOLPE PXVW VSHQG
RQO\03WRFOLPERQHDOWLWXGHEDQG
)XOOORRSXSGLYHFOLPEGLYH7KLVPDQHXYHUEHJLQVDVD

ZZZPMJDPHVFRP
)DVW'LYH$Q\SODQHZLWKIDVWGLYHPD\GURSRU
UDQJHEDQGVSHUPRYHPHQWSRLQWVSHQW
,QRXUH[DPSOHWKH6RSZLWK&DPHOVIRUPXOD ;

;;;; 7KHVTXDUHURRWRILV
H[DFWO\7KHFRPEDWUDWLQJRID6RSZLWK&DPHOLV
8QVWDEOH &RQVWUXFWLRQ 7KHVH SODQHV ZHUH SURQH

WRPHFKDQLFDOWURXEOHZKLOVWDORIW,IDSODQHZLWKWKLVTXLUN +RZZHFDPHWRFKRRVHWKRVHSDUWLFXODUQXPEHUVIRUWKH
SHUIRUPVWZRGLYHVLQDURZRUDWXUQRUWXUQ &DPHO DUH D FRPELQDWLRQ RI UHDOZRUOG YDOXHV DQG VRPH
UROORQHGLH,IDVL[LVUROOHGPDUNRIIRQHGDPDJH
DUELWUDU\GHFLVLRQV+HUHVKRZZHPDGHWKRVHGHFLVLRQV
)XHO'HFN*HQHUDOO\WKHIXHOGHFNLV;WKHQXPEHURI
KRXUVDSODQHFDQVWD\DORIW
2SWLRQDO5XOHV
7KHVH UXOHV DUH RSWLRQDO DQG PXVW EH DJUHHG XSRQ E\ DOO
SOD\HUVEHIRUHXVLQJ
0RYHPHQW 3ODQHV WRS VSHHG GLYLGHG E\ PLQLPXP

VSHHGLVDJXHVV+RZHYHUPD[LPXPVSHHGPXVWEHDWOHDVW
RQHPRUHWKDQPLQLPXPVSHHG
$FH0DQHXYHULQJ3LORWVZKRKDYHORJJHGRUPRUHNLOOV
DUH FRQVLGHUHG DFHV 7KHVH SLORWV PD\ PDNH RQH KH[
IDFLQJFKDQJHDWDQ\SRLQWGXULQJWKHLUPRYHPHQWSKDVH 7XUQ &ODVV 0RVWO\ GHULYHG IURP GHVFULSWLRQV RI KRZ WKH
1RWH WKLV GRHV QRW DOORZ WKHP WR PDNH DQ (;75$ IDFLQJ SODQHKDQGOHG
FKDQJH7KRVHSLORWVVLPSO\VXSHUFHGHWKHPDQHXYHUDELOLW\ 7XUQFODVVPXOWLSOLHUV
RIWKHSODQH
% & '
$FH 0DUNPDQVKLS 6RPH DFHV ZHUH GHDGO\ ZLWK WKHLU
1R DLUFUDIW PD\ EH JLYHQ D WXUQ FODVV RI ORZHU WKDQ % RU
ZHDSRQV7KHVHSLORWVJDLQDWRDOOFRPEDWUROOV
+LJKHUWKDQ'GXULQJFRQVWUXFWLRQ
%XLOGLQJ\RXURZQDLUFUDIW
&DOFXODWLQJWKHSRLQWYDOXH
'DPDJH7KHGDPDJHYDOXHVDUHWKHPRVWDUELWUDU\RIWKH
ORW 2ULJLQDOO\ WKHUH ZDV JRLQJ WR EH D YHU\ FRPSOLFDWHG
IRUPXOD LQYROYLQJ WKH FXELF \DUGV GLVSODFHPHQW DQG KRZ
PXFKWKHSODQHZHLJKHGHWF:HQDOO\GHFLGHGWREDVH
WKLVRQSOD\WHVWLQJDQGGHULYHLWIURPWKHGHVFULSWLRQVRI
KRZWKHSODQHIDUHGLQFRPEDW
7KHDLUFUDIWSRLQWYDOXHLVFDOFXODWHGDFFRUGLQJWRWKHIRO
ORZLQJIRUPXOD
7KH4XLUNVPXOWLSOLHULVGXHWRWKHH[WUDPDQHXYHUFODVVLI
WKH&DPHOWXUQVWRWKHOHIW
$VSUHDGVKHHWIRUFDOFXODWLQJWKHYDOXHVRIDLUFUDIWFDQEH
IRXQG DW KWWSZZZPMJDPHVFRP VKRXOG \RX ZLVK WR
XVHLW
7KH6TXDUH5RRWRI7KH)XHO'HFN ;PD[VSHHGWKH

GLIIHUHQFH EHWZHHQ WKH PLQVSHHGDQGWKH PD[VSHHG ;
7XUQ &ODVV 0XOWLSOLHU ; JXQV ; 'DPDJH 3RLQWV ; 4XLUNV
0XOWLSOLHUV
6ALUE
&UEL
-OVEMENT
4URN#LASS
'UNS
$AMAGE
1UIRK-ULT

%

%QUATION
6ALUE

MAX
MAX MIN
"
#
$

4OTAL
3QUARE2OOT

-ULTIPLIER
X
X
X
X
X

$FHVDW'DZQ
3ODQH&DOFXODWLRQ:RUNVKHHWV
6ALUE
&UEL
%QUATION
6ALUE
-ULTIPLIER
6ALUE

MAX
MAX MIN
"
#
$
'UNS

$AMAGE
1UIRK-ULT
-OVEMENT
4URN#LASS
6ALUE
&UEL
'UNS

$AMAGE
1UIRK-ULT
4OTAL
4OTAL
3QUARE2OOT
3QUARE2OOT
%QUATION
6ALUE
%QUATION
6ALUE
-ULTIPLIER
6ALUE
'UNS

$AMAGE
1UIRK-ULT
4URN#LASS
4URN#LASS
&UEL
-ULTIPLIER
[
'UNS

$AMAGE
1UIRK-ULT
4URN#LASS
[
4OTAL
4OTAL
3QUARE2OOT
3QUARE2OOT
3HUPLVVLRQLVJUDQWHGWRPDNHFRSLHVRIWKLVSDJHIRUSHUVRQDOXVH

MAX
MAX MIN
"
#
$
-OVEMENT
-ULTIPLIER

MAX
MAX MIN
"
#
$
-OVEMENT

MAX
MAX MIN
"
#
$
-OVEMENT
&UEL
%QUATION
6ALUE
ZZZPMJDPHVFRP
:RUOG:DU,7LPHOLQH

-XQH$UFKGXNH)UDQ])HUGLQDQGDVVDVVLQDWHGLQ
6DUDMHYR
-XO\$XVWULD+XQJDU\GHFODUHVZDURQ5XVVLD
$XJXVW*HUPDQ\GHFODUHVZDURQ5XVVLD
$XJXVW*HUPDQ\GHFODUHVZDURQ)UDQFH
$XJXVW*UHDW%ULWDLQGHFODUHVZDURQ*HUPDQ\
$XJXVW*HUPDQ\LQYDGHVQHXWUDO%HOJLXP
$XJXVW%DWWOHRI7DQQHQEHUJ
$XJXVW%DWWOHRI7RJRODQG
$XJXVW7KH3XUVXLWRIWKH*RHEHQDQGWKH%UHVODX
6HSWHPEHU)LUVW%DWWOHRI$LVQH
6HSWHPEHU%DWWOHRI/HPEHUJ
6HSWHPEHU)LUVW%DWWOHRIWKH0DUQH
2FWREHU1RYHPEHU)LUVW%DWWOHRI<SUHV
1RYHPEHU%DWWOHRI/RG]
'HFHPEHU 8QRIFLDO &KULVWPDV 7UXFH RQ WKH
:HVWHUQ)URQW

-DQXDU\ )LUVW *HUPDQ ]HSSHOLQ DLU UDLG RQ
(QJODQG
)HEUXDU\$Q\VKLSDSSURDFKLQJ%ULWDLQLVFRQVLG
HUHGDOHJLWLPDWHWDUJHWDV*HUPDQ\GHFODUHVDVXEPD
ULQHEORFNDGHRI(QJODQG
)HEUXDU\%DWWOHRI0DVXULD
0DUFK%DWWOHRI1HXYH&KDSHOOH
0DUFK'HFHPEHU %DWWOHV RI $XEHUV 5LGJH DQG
)HVWXEHUW
$SULO0D\6HFRQG%DWWOHRI<SUHV)LUVWXVHRI
FKHPLFDOZHDSRQV
$SULO$OOLHGDVVDXOWRQ*DOOLSROL
0D\/XVLWDQLDVXQN
0D\%DWWOHRI*RUOLFH7DUQRZ
$XJXVW 5HVSRQGLQJ WR $PHULFDQ GHPDQGV
*HUPDQ\VWRSVVLQNLQJVKLSVZLWKRXWZDUQLQJ
6HSWHPEHU 7VDU 1LFKRODV FRPPDQGHU RI 5XVVLDQ
DUPLHV
6HSWHPEHU2FWREHU%DWWOHRI$UWRLV &KDPSDJQH
6HSWHPEHU2FWREHU%DWWOHRI/RRV
'HFHPEHU 'DYLG /OR\G *HRUJH EHFRPHV 3ULPH
0LQLVWHURI%ULWDLQ
'HFHPEHU$OOLHGZLWKGUDZDOIURP*DOOLSROL
'HFHPEHU$SULO6LHJHRI.XW

)HEUXDU\'HFHPEHU%DWWOHRI9HUGXQ
0D\-XQH7UHQWLQR2IIHQVLYH
0D\%DWWOHRI-XWODQG
-XQH7KH%UXVLORY2IIHQVLYH
-XQH0D[,PPHOPDQNLOOHG
2FWREHU2VZDOG%RHOFNHNLOOHGLQDFROOLVLRQZLWK
(UZLQ%|KPH
-XO\1RYHPEHU%DWWOHRIWKH6RPPH
1RYHPEHU:RRGURZ:LOVRQUHHOHFWHG
'HFHPEHU5DVSXWLQPXUGHUHG

)HEUXDU\8QUHVWULFWHGVXEPDULQHZDUIDUHGHFODUHG
E\*HUPDQ\DJDLQ
)HEUXDU\7KH6LQNLQJRIWKH/DFRQLD
0DUFK7VDU1LFKRODVDEGLFDWHV
0DUFK6HSWHPEHU5XVVLDFROODSVHV
$SULO8QLWHG6WDWHVGHFODUHVZDURQ*HUPDQ\
$SULO&KHPLQGHV'DPHV2IIHQVLYH
$SULO%DWWOHRI$UUDV 9LP\5LGJH
$SULO1LYHOOH2IIHQVLYH
-XQH%DWWOHRI0HVVLQHV
-XO\ $TXDED FDSWXUHG E\ $UDEV OHG E\ 7 (
/DZUHQFH
-XO\1RYHPEHU7KLUG%DWWOHRI<SUHV
$XJXVW$OHNVDQGHU)\RGRURYLFK.HUHQVN\DSSRLQW
HG3ULPH0LQLVWHURI5XVVLD
2FWREHU%DWWOHRI&DSRUHWWR
1RYHPEHU.HUHQVN\VJRYHUQPHQWRYHUWKURZQE\
%ROVKHYLNV
1RYHPEHU%ULWLVKUHDFK3DVVFKHQGDHOH
1RYHPEHU%DWWOHRI&DPEUDL
'HFHPEHU*HUPDQ5XVVLDQDUPLVWLFH
'HFHPEHU-HUXVDOHPFDSWXUHGE\%ULWLVK

-DQXDU\3UHVLGHQW:LOVRQSUHVHQWVSRLQWSODQ
0DUFK-XQH/XGHQGRUII2IIHQVLYH
$SULO=HHEUXJJJH5DLG
$SULO0DQIUHG$OEUHFKW)UHLKHUUYRQ5LFKWKRIHQ
NLOOHGE\DPDFKLQHJXQEXOOHWRYHUWKHWUHQFKHV
-XQH-XO\3LDYH2IIHQVLYH
-XO\%ROVKHYLNVPXUGHU7VDU1LFKRODVDQGKLV
IDPLO\
-XO\(G0DFN0DQQRFNNLOOHGQHDUOHVWUHP
$XJXVW$OOLHGFRXQWHURIIHQVLYHVRQWKH6RPPH
6HSWHPEHU$OOLHVEUHDNWKURXJKWKH+LQGHQEHUJ
/LQH
6HSWHPEHU2FWREHU%DWWOHRI0HJLGGR
6HSWHPEHU6W0LKLHO2IIHQVLYH
6HSWHPEHU1RYHPEHU%DWWOHRI0HXVH$UJRQQH
2FWREHU*HUPDQVDLORUVPXWLQ\
1RYHPEHU.DLVHU:LOKHOPDEGLFDWHV
1RYHPEHU*HUPDQUHSXEOLFIRXQGHG
1RYHPEHU$UPLVWLFHVLJQHG

-XQH7UHDW\RI9HUVDLOOHVVLJQHG

$FHVDW'DZQ
3ODQH'DWD&DUGV
$OOLPDJHVWDNHQIURPWKH$HURGURPHKWWSZZZWKHDHURGURPHFRPXVHGZLWKSHUPLVVLRQ
*HUPDQ\
$OEDWURVV',,
3RLQW9DOXH

1JMPU /SWALD"OELCKE
.WU NJONBY

5VSO$MBTT #
'VFM
Q Q Q Q Q Q Q Q QQ
QQ Q Q Q Q Q Q QQ
QQ Q Q Q Q Q Q QQ
$Q\
+DOI
(QG
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ
$UPVWURQJ:KLWZRUWK).
1JMPU #HARLES"ARCLAY
.WU NJONBY

5VSO$MBTT #
8QLWHG.LQJGRP
'VFM
$Q\
+DOI
(QG
3RLQW9DOXH

Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT &RONT
2EAR
%BNBHF Q Q Q Q Q
2VJSLT
-LP&DOODKDQ

ZZZPMJDPHVFRP
$XVWULD+XQJDU\
$YLDWLN',
3RLQW9DOXH

1JMPU *ULIUS!RIGI
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT 5NSTABLE
#ONSTRUCTION
-LP&DOODKDQ
3RLQW9DOXH
%(

1JMPU 'ERALD'IBBS
.WU NJONBY

5VSO$MBTT $
'VFM
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
D2EAR
%BNBHF Q Q Q
2VJSLT &AST#LIMB
-LP&DOODKDQ
3HUPLVVLRQLVJLYHQWRPDNHFRSLHVRIWKLVSDJHIRUSHUVRQDOXVH

$FHVDW'DZQ
3RLQW9DOXH
%OpULRW;,

1JMPU !IM"EAUVAIS
.WU NJONBY

5VSO$MBTT $
'VFM
Q
Q
Q
Q
Q
Q
Q
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q QQ
Q Q Q Q QQ
Q Q Q Q QQ
QQ Q Q QQ
Q Q Q Q QQ
Q Q Q Q QQ
Q Q Q Q QQ
(VOT
%BNBHF Q Q Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
%ULVWRO)E

1JMPU !NDREW-C+EEVER 'VFM

.WU NJONBY

5VSO$MBTT #
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
D2EAR
"OMBS
%BNBHF Q Q Q Q
2VJSLT
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
%ULVWRO6FRXW

1JMPU ,ANOE(AWKER
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
QQ Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
&DSURQL&D6HULHV
1JMPU 2OBERTO6ACCHI
.WU NJONBY

5VSO$MBTT %
(QG
1RQH
1RQH
(VOT D&RONT
D2EAR
"OMBS

'VFM
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q QQ
QQ Q Q QQ
Q Q Q Q QQ
Q Q Q Q QQ
Q Q Q Q QQ
Q Q Q Q Q Q
Q Q Q Q Q Q
%BNBHF Q Q Q Q Q
Q Q Q
2VJSLT
-LP&DOODKDQ

$FHVDW'DZQ
3RLQW9DOXH
)(

1JMPU 6ICTOR(USTON
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q
QQ Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT %XTENDED&IELD
OF&IRE
-LP&DOODKDQ
3RLQW9DOXH
)RNNHU'5,

1JMPU -VON2ICHTHOFEN
.WU NJONBY

5VSO$MBTT "
'VFM
Q Q Q Q Q Q Q Q QQ
Q Q Q Q Q Q Q Q QQ
Q Q Q Q Q Q Q Q QQ
$Q\
$Q\
+DOI
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT &AST#LIMB
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
)RNNHU'9,,

1JMPU 2UDOLF"ERTHOLD
.WU NJONBY

5VSO$MBTT #
'VFM
Q Q Q Q Q Q Q Q QQ
Q Q Q Q Q Q Q Q Q Q
Q Q Q Q Q Q Q Q Q Q
$Q\
+DOI
(QG
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ
3RLQW9DOXH
)RNNHU(LQGHFNHU(,,,

1JMPU -AX)MMELMAN
.WU NJONBY

5VSO$MBTT "
'VFM
Q Q Q Q Q Q Q Q QQ
Q Q Q Q Q Q Q Q QQ
Q Q Q Q Q Q Q Q Q Q
$Q\
$Q\
+DOI
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ

$FHVDW'DZQ
3RLQW9DOXH
+DQULRW+',

1JMPU 7ILLY#OPPENS
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q Q
Q
2VJSLT .ONE
-LP&DOODKDQ
3RLQW9DOXH
+DOEHUVWDGW',,

1JMPU (ANS!CKERMAN
.WU NJONBY

5VSO$MBTT "
'VFM
QQ Q Q Q Q Q Q Q Q
QQ Q Q Q Q Q Q Q Q
Q Q Q Q Q Q Q Q QQ
$Q\
+DOI
(QG
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
+DQGOH\3DJH9
1JMPU
.WU NJONBY

5VSO$MBTT %

'VFM
(QG
1RQH
1RQH
(VOT D&RONT
D2EAR
"OMBS
%BNBHF Q Q Q Q Q
QQ Q QQ
2VJSLT
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
QQ Q
Q Q Q
Q Q Q
Q QQ
Q QQ
Q QQ
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q

Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
-LP&DOODKDQ
3RLQW9DOXH
+DQVD%UDQGHQEXUJ',
1JMPU 'ODWIN
"RUMOWSKI
.WU NJONBY

5VSO$MBTT $
Q
Q
Q
Q
Q
Q
Q
Q

'VFM
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
QQ Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
QQ Q Q Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT 5NSTABLE
#ONSTRUCTION
-LP&DOODKDQ

$FHVDW'DZQ
3RLQW9DOXH
-XQNHUV&/,

1JMPU
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
QQ Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
D2EAR
%BNBHF Q Q Q Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
1LHXSRUW

1JMPU 0HILIP&ULLARD
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
QQ Q Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
1LHXSRUW

1JMPU 0HILIP&ULLARD
.WU NJONBY

5VSO$MBTT #
'VFM
Q Q Q Q Q Q Q Q QQ
Q Q Q Q Q Q Q Q Q Q
Q Q Q Q Q Q Q Q Q Q
$Q\
+DOI
(QG
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ
3RLQW9DOXH
3IDO]',,,

1JMPU &ELIX0UTZKAMMER
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
QQ Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT &AST$IVE
-LP&DOODKDQ

Q
Q
Q
Q
Q
$FHVDW'DZQ
3RLQW9DOXH
3IDO]';,,

1JMPU 2UDOLF7IRT
.WU NJONBY

5VSO$MBTT #
'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q Q
Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
3K|QL[',

1JMPU *OSEPH4OWALCHIK
.WU NJONBY

5VSO$MBTT $
'VFM
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
QQ Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q
2VJSLT
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
3RPLOLR3(

1JMPU !NTONIO&ILLUCCI
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
D2EAR
%BNBHF Q Q Q Q Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
5(

1JMPU 2OSS3MITH
.WU NJONBY

5VSO$MBTT #
$Q\
+DOI
(QG
'VFM
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
D2EAR
%BNBHF Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ

Q
Q
Q
Q
Q
Q
$FHVDW'DZQ
3RLQW9DOXH
6(D

1JMPU 7ILLIAM"ISHOP
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
Q Q Q
QQ Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ
3RLQW9DOXH
6RSZLWK 6WUXWWHU
1JMPU 'EOFFERY#OCK
.WU NJONBY

5VSO$MBTT "

'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
"OMBS
%BNBHF Q Q Q Q
2VJSLT
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
6RSZLWK%XOOGRJ

1JMPU
.WU NJONBY

5VSO$MBTT $
'VFM
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
D2EAR
%BNBHF Q Q Q Q Q
Q
2VJSLT
Q
Q
Q
Q
Q Q Q
QQ Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
-LP&DOODKDQ
3RLQW9DOXH
6RSZLWK&DPHO

1JMPU 3NOOPY
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2ADIUS,EFT
-LP&DOODKDQ

Q
Q
Q
Q
Q
$FHVDW'DZQ
3RLQW9DOXH
6RSZLWK'ROSKLQ
1JMPU &RANCIS'ILLET
.WU NJONBY

5VSO$MBTT #

'VFM
$Q\
+DOI
(QG
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q
QQ Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
6RSZLWK3XS

1JMPU *AMES-C#UDDEN
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q Q
Q Q Q Q QQ
Q Q Q Q QQ
QQ Q Q Q Q
Q Q Q Q Q Q
Q Q Q Q QQ
(VOT D&RONT
%BNBHF Q Q Q Q
,EFT2IGHT
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
6RSZLWK6QLSH

1JMPU 7ILLIAM"ARKER
.WU NJONBY

5VSO$MBTT "
'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT &AST#LIMB
-LP&DOODKDQ
3RLQW9DOXH
6RSZLWK7DEORLG

1JMPU 3EBASTIAN#OLE
.WU NJONBY

5VSO$MBTT $
'VFM
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
QQ Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
(VOT "OMBS
%BNBHF Q Q Q Q
2VJSLT
-LP&DOODKDQ

$FHVDW'DZQ
3RLQW9DOXH
6RSZLWK7ULSODQH7ULSH
1JMPU 2AY#OLLISHAW
.WU NJONBY

5VSO$MBTT "

'VFM
$Q\
$Q\
+DOI
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q Q
QQ Q Q
Q Q Q Q
Q Q Q Q
Q Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q
2VJSLT &AST#LIMB
-LP&DOODKDQ
3RLQW9DOXH
63$'9,,

1JMPU 7ILLIAM#OCHRAN
0ATRICK
.WU NJONBY

5VSO$MBTT #
'VFM
Q Q Q Q QQ Q Q Q Q
QQ Q Q Q Q Q Q Q Q
Q Q Q Q Q Q Q Q QQ
$Q\
+DOI
(QG
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT .ONE
-LP&DOODKDQ

ZZZPMJDPHVFRP
3RLQW9DOXH
7DXEH

1JMPU (EINRICH(IMMEL
.WU NJONBY

5VSO$MBTT $
+DOI
(QG
1RQH
'VFM
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q Q Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q
Q Q
Q Q
Q Q
Q Q
Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT "OMBS
%BNBHF Q Q Q Q Q
Q
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
9LFNHUV)%

1JMPU ,IONEL2EES
.WU NJONBY

5VSO$MBTT $
'VFM
+DOI
(QG
1RQH
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT D&RONT
%BNBHF Q Q Q Q Q
2VJSLT
-LP&DOODKDQ

$FHVDW'DZQ
%ODQN3ODQH5HFRUG&DUGV
3RLQW9DOXH
1JMPU ??????????????? 'VFM ???

.WU NJONBY
???????????????
5VSO$MBTT ???????????????

Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q
Q Q
Q Q
Q Q
Q Q
Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT ???????????????
%BNBHF Q Q Q Q Q
Q Q Q QQ
2VJSLT
-LP&DOODKDQ
3RLQW9DOXH
1JMPU ??????????????? 'VFM ???

.WU NJONBY
???????????????
5VSO$MBTT ???????????????

Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
(VOT ???????????????
%BNBHF Q Q Q Q Q
Q Q Q Q Q
2VJSLT
-LP&DOODKDQ

ZZZPMJDPHVFRP
0LVVLRQV
$LUFUDIW
7KHIROORZLQJPLVVLRQVDUHPHDQWDVDJXLGHOLQHIRUSOD\HUV
$GGLWLRQDOO\WKH\FDQEHXVHGDVDVWDUWLQJSRLQWIRUSOD\
HUV LQ GHVLJQLQJ WKHLU RZQ PLVVLRQV ,I SOD\HUV GR LQGHHG
GHYHORSRULJLQDOPDWHULDOSOHDVHIHHOZHOFRPHWRVXEPLW
LW WR RXU IRUXPV RQ WKH 0DMHVWLF 7ZHOYH ZHEVLWH ZZZ
PMJDPHVFRP
$Q\QXPEHURIDLUFUDIWPD\SDUWLFLSDWHLQWKLVPLVVLRQVR
ORQJDVWKHGLIIHUHQFHLQSRLQWVEHWZHHQWKHWZRVLGHVLVQR
PRUHWKDQRIWKHORZHUWRWDO
$LUFUDIW$OLVWRIWKHDLUFUDIWUHTXLUHGIRUWKHPLVVLRQ
0DS
0DS$Q\ PDSSLQJ UHTXLUHPHQWV ZLOO EH LQGLFDWHG LQ WKLV

VHFWLRQ
7KHUHDUHQRPDSUHTXLUHPHQWVIRUWKLVPLVVLRQ
0LVVLRQ 2EMHFWLYHV $ GHVFULSWLRQ RI WKH UHTXLUHPHQWV WR

EHVXFFHVVIXOLQWKHPLVVLRQ6RPHWLPHVWKHSRLQWVDUHXQ
HTXDO EXW WKH PLVVLRQ REMHFWLYHV ZLOO GHVFULEH KRZ HDFK
VLGHFDQZLQUHJDUGOHVVRIWKHSRLQWEDODQFH
(DFKVLGHHDUQVSRLQWIRUHDFKSODQHVKRWGRZQRUIRUFHG
RIIWKHERDUG
6SHFLDO0LVVLRQ5XOHV2FFDVLRQDOO\WKHPLVVLRQZLOOUHTXLUH
VRPHWKLQJQRWLQWKHPDLQUXOHV7KHVHPLVVLRQUXOHVZLOO
VXSHUVHGHDQ\VWDQGDUGUXOHV
6HWXS
)RU H[DPSOH 'DQ GHFLGHV WKDW KH ZRXOG OLNH WR SOD\ WKH
%ULWLVK XVLQJ WZR 6RSZLWK 6QLSHV DW SRLQWV HDFK IRU D
7KHVH VFHQDULRV PD\ QRW EH HTXDO LQ WHUPV RI SRLQW EDO
WRWDORISRLQWV,I-DQLFHWKH*HUPDQSOD\HUZDQWHG
DQFHEXWKRSHIXOO\WKH\ZLOOEHIXQIRUHLWKHUVLGH,QDQ\
WREULQJWZR3IDO]';,,VZKLFKDUHHDFKZRUWKSRLQWV
FDVH WKH VFHQDULR YLFWRU\ FRQGLWLRQV VKRXOG KHOS WR EDO
VKHFRXOG+RZHYHUVLQFHWKHGLIIHUHQFHEHWZHHQWKHWZR
DQFHRXWWKHSRLQWGLIIHUHQWLDO
VLGHVLVSRLQWVRUPRUHWKDQRIKHUWRWDOVKHFRXOG
EULQJ
DORQJ DQ DGGLWLRQDO (LQGHFNHU ( ,,, WR HYHQ WKLQJV
0LVVLRQ.H\
RXW
6HWXS$EULHIGHVFULSWLRQRIWKHPLVVLRQ7KLVVHFWLRQPD\
FRQWDLQKLVWRULFDOLQIRUPDWLRQDQGLQWHUHVWLQJWLGELWVDERXW ,W LV UHFRPPHQGHG WKDW EHJLQQLQJ SOD\HUV WDNH QR PRUH
WKDQSODQHVRQWKHLUUVWIHZPLVVLRQV
WKHZDU
0LVVLRQ2EMHFWLYHV
0LVVLRQ5HFRQQRLWHUWKH)URQW/LQHV
,QIRUPDWLRQ DERXW WURRS SODFHPHQW DQG VWUHQJWK RIWHQ
PDGHWKHGLIIHUHQFHEHWZHHQOLIHRUGHDWKIRUWKHPHQRQ
WKHOLQHV$UWLOOHU\ERPEDUGPHQWVGHSHQGHGRQWKHUHFRQ
QDLVVDQFHIURPWKHVHPLVVLRQV
0LVVLRQ3DWURO7KH)URQW/LQHV
6HWXS
$LUFUDIW
(DFKVLGHFRPPRQO\HZDORQJWKHIURQWOLQHVORRNLQJIRU
WKHHQHP\2QFHIRXQGWKH\ZRXOGHQJDJHLQDVXQHTXDOD
LJKWDVWKH\FRXOGEULQJWREHDU7KXVPDQ\SLORWVEURXJKW
DORQJVHYHUDOIULHQGVWRWKHPLVVLRQ
$Q\QXPEHURIDLUFUDIWPD\SDUWLFLSDWHLQWKLVVFHQDULRVR
ORQJDVWKHGLIIHUHQFHLQSRLQWVEHWZHHQWKHWZRVLGHVLVQR
PRUHWKDQRIWKHORZHUWRWDO

$FHVDW'DZQ
ZDQWHGWREULQJWZR3IDO]';,,VZKLFKDUHHDFKZRUWK
SRLQWVDQGDSRLQW7DXEHVKHFRXOG6LQFHWKHGLIIHU
)RXUKH[HVPXVWEHLGHQWLHGDVWKHWDUJHWVIRUWKLVPLV HQFHEHWZHHQWKHWZRVLGHVLVRQO\SRLQWVQRDGGLWLRQDO
VLRQ7KHVHKH[HVVKRXOGEHQRPRUHWKDQVL[KH[HVIURP DLUFUDIWDUHQHHGHG
WKHPLGGOHRIWKHERDUGQHDUHUWRWKHSOD\HUZKRLVQRW
FRQGXFWLQJUHFRQQDLVVDQFH$GGLWLRQDOO\WKHVHKH[HVPXVW 0DS
EHDWOHDVWVL[KH[HVIURPHDFKRWKHU
)RXUKH[HVPXVWEHLGHQWLHGDVWKHWDUJHWVIRUWKLVPLV
0DS
VLRQ7KHVHKH[HVVKRXOGEHQRPRUHWKDQVL[KH[HVIURPWKH
PLGGOHRIWKHERDUGQHDUHUWRWKHGHIHQGHU$GGLWLRQDOO\
7KHUHFRQQRLWHULQJVLGHPXVW\VWUDLJKWDQGOHYHOWKURXJK WKHVH KH[HV PXVW EH DW OHDVW VL[ KH[HV IURP HDFK RWKHU
HDFKRIWKHVHKH[HVDWDOWLWXGHRU%RQXVHVDUHJLYHQ )LQDOO\ WZR RI WKH KH[HV PDUNHG LQ VHFUHW PD\ EH GH
WR WKH UHFRQQRLWHULQJ SLORW IRU DQ\ SLFWXUHV WDNHQ RI WKH IHQGHGE\$UFKLH$QWL$LUFUDIW
IURQWOLQHV
0LVVLRQ2EMHFWLYHV
2QHSRLQWLVJLYHQWRWKHUHFRQQRLWHULQJVLGHIRUHDFKSODQH
VKRWGRZQRUIRUFHGWRODQG7KHUHFRQQRLWHULQJSOD\HUDOVR 7KH DWWDFNLQJ VLGH PXVW GHVWUR\ WKH WDUJHW KH[HV XVLQJ
HDUQVRQHSRLQWIRUHDFKKH[KHRUVKHVXFFHVVIXOO\UHFRQ ERPELQJDWWDFNV
QRLWHUV
2QHKDOISRLQWLVJLYHQWRWKHDWWDFNLQJVLGHIRUHDFKSODQH
0LVVLRQ2EMHFWLYHV
7KHVLGHGHIHQGLQJWKHOLQHHDUQVWZRSRLQWVIRUHDFKSODQH VKRWGRZQRUIRUFHGWRODQG7KHDWWDFNLQJVLGHDOVRHDUQV
SRLQWIRUHDFKWDUJHWKH[GHVWUR\HG
VKRWGRZQ
7KHVLGHGHIHQGLQJWKHOLQHHDUQVRQHSRLQWVIRUHDFKSODQH
VKRWGRZQ'HVWUR\LQJWKHERPEHUZLOOHDUQWKHGHIHQGHU
3KRWRJUDSK\ZDVDQLPSRUWDQWSDUWRIWKHJUHDWZDU2QO\ WZRSRLQWV
DIWHUVWXG\LQJWKHLPDJHVEURXJKWEDFNIURPWKHIURQWOLQHV
FRXOG OHDGHUV XQGHUVWDQG ZKHUH WKH HQHP\ ZHDNQHVVHV 6SHFLDO0LVVLRQ5XOHV
ZHUH
%RPELQJ
6SHFLDO0LVVLRQ5XOHV
,IWKHUHFRQQRLWHULQJSLORWZLVKHVWRFDSWXUHSKRWRJUDSKVRI
RQHRIWKHWDUJHWKH[HVKHRUVKHPD\\RYHURQHRIWKH
WDUJHWKH[HVDVHFRQGWLPHDWDOWLWXGHRUDQGVWUDLJKW
DQGOHYHO$VVRRQDVWKHSODQHQLVKHVLWPRYHPHQWIRUWKH
SKDVHWKHSLORWPD\DWWHPSWWRSKRWRJUDSKWKHOLQH
%RPEHUVDWWDFNJURXQGWDUJHWVDQGEDOORRQV%RPEHUVPD\
RQO\GURSERPEVLIWKH\DUHRQHRUWZRDOWLWXGHEDQGVKLJK
HUWKDQWKHWDUJHWWKHJURXQGLVDOWLWXGHEDQG
%RPEHUVPXVW\VWUDLJKWDQGOHYHORYHUWKHWDUJHWKH[RU
VXIIHUDSHQDOW\WRWKHWDUJHWQXPEHU
5ROOGDVXFFHVVIXOSKRWRJUDSKKDVEHHQWDNHQLIHLWKHU
GLHWXUQVXS(DFKVXFFHVVIXOSKRWRHDUQVWKHUHFRQQRL $WWKHHQGRIWKHPRYHPHQWSKDVHGXULQJZKLFKWKHERPE
HU SDVVHG RYHU D WDUJHW KH[ \LQJ OHYHO DQG VWUDLJKW WKH
WHULQJVLGHSRLQW
ERPEHUPD\PDNHDERPELQJDWWDFN
0LVVLRQ%RPEWKH/LQHV
$ERPELQJDWWDFNWDUJHWQXPEHULVWKHPRYHPHQWSRLQWV
VSHQW E\ WKH ERPEHU IRU WKH SHUIRUP PDQHXYHUV SKDVH
DQ\PRGLHUVGXHWRDOWLWXGH
6HWXS
2QFHWKHWURRSSODFHPHQWDQGDUWLOOHU\SRVLWLRQVDUHLGHQ
WLHG SLORWV ZHUH RIWHQ FDOO XSRQ WR GURS JUHQDGHV DQG $UFKLH)LUH
ERPEVRQWKRVHSRVLWLRQV
$QWL$LUFUDIWUHZDVWKHEDQHRIPDQ\SLORWV,WZDVKDUG
HQRXJKWRVWD\DOLYH\LQJWKHWUHQFKHVZLWKXQVWDEOHQ
$LUFUDIW
LFN\DLUFUDIWEXWDGGDEXQFKRIPHDQJX\VRQWKHJURXQG
7KHDWWDFNLQJSOD\HUPXVWWDNHDWOHDVWRQHDLUFUDIWZLWK
ZLWKJXQVDQGWKHLJKWEHFRPHVSRVLWLYHO\KRUULF
ERPEV2WKHUZLVHDQ\QXPEHURIDLUFUDIWPD\SDUWLFLSDWH
LQWKLVPLVVLRQVRORQJDVWKHGLIIHUHQFHLQSRLQWVEHWZHHQ $QWLDLUFUDIWUHLVFRQGXFWHGDVQRUPDOFRPEDWGXULQJWKH
QRUPDO&RPEDWSKDVH$UFKLHKDVDDUFRIUHDQGKLWV
WKHWZRVLGHVLVQRPRUHWKDQRIWKHORZHUWRWDO
RQDWKHPRYHPHQWSRLQWVVSHQWE\WKHWDUJHWDLUFUDIW
)RU H[DPSOH 'DQ GHFLGHV WKDW KH ZRXOG OLNH WR SOD\ WKH
GXULQJWKHSHUIRUPPDQHXYHUVSKDVHWKHGLVWDQFHWRWKH
%ULWLVK XVLQJ WZR 6RSZLWK 6QLSHV DW SRLQWV HDFK IRU D
DLUFUDIW
WRWDORISRLQWV,I-DQLFHWKHDWWDFNLQJ*HUPDQSOD\HU

ZZZPMJDPHVFRP
5DZ$LUFUDIW'DWD
5DZDLUFUDIWGDWDFXOOHGIURPKWWSZZZWKHDHURGURPHFRP
7KHLQIRUPDWLRQLQFOXGHGKHUHLQLVVXSSOLHGDVDEDVLVIRUGHVLJQLQJ\RXURZQDLUFUDIW,WLVPHDQWWREHDJXLGHRQO\DQG
VKRXOGQRWEHXVHGWRGHVLJQDUHDODLUFUDIWQRUKDVLWEHHQDGMXVWHGWRWKHRUWKRJRQDOJULG
1DPH
<HDU
DYDLODEOH
2ULJLQ
+RXUVRI
IXHO
0D[LPXP
6SHHG
%OpULRW;,

)UHQFK

%UHJXHW

)UHQFK

)RUZDUG
*XQV

&DXGURQ*

)UHQFK

+DQULRW+'

)UHQFK

0DXULFH)DUPDQ6

)UHQFK
0RUDQH6DXOQLHU/

)UHQFK

0RUDQH6DXOQLHU1

)UHQFK

0RUDQH6DXOQLHU3
5HDU*XQV
OEERPEV
4XLUNV

)UHQFK
1LHXSRUW

)UHQFK

1LHXSRUW

)UHQFK

1LHXSRUW

)UHQFK
1LHXSRUW

)UHQFK
1LHXSRUW

)UHQFK
1LHXSRUW

)UHQFK

1LHXSRUW

)UHQFK

6DOPVRQ

)UHQFK

63$'9,,

)UHQFK

63$';,,

)UHQFK
63$';,,,

)UHQFK
$(*&,,

*HUPDQ\

$OEDWURV',

*HUPDQ\

$OEDWURV',,

*HUPDQ\

$OEDWURV',,,

*HUPDQ\

$OEDWURV'9

*HUPDQ\

$YLDWLN%,

*HUPDQ\

)RNNHU'9,,

*HUPDQ\

)RNNHU'9,,,

*HUPDQ\

)RNNHU'5,'UHLGHFNHU

*HUPDQ\

)RNNHU(,(LQGHFNHU

*HUPDQ\

)RNNHU(,,(LQGHFNHU

*HUPDQ\

)RNNHU(,,,(LQGHFNHU

*HUPDQ\

*RWKD*9

*HUPDQ\

+DOEHUVWDGW',,

*HUPDQ\

+DQQRYHU&/,,,D

*HUPDQ\

-XQNHUV&/,

*HUPDQ\
-XQNHUV-,

*HUPDQ\

&DQQRQ
/9*&,,

*HUPDQ\

3IDO]',,,

*HUPDQ\

3IDO]';,,

*HUPDQ\

)DVW&OLPE

$FHVDW'DZQ
5DZ$LUFUDIW'DWD
5DZDLUFUDIWGDWDFXOOHGIURPKWWSZZZWKHDHURGURPHFRP
7KHLQIRUPDWLRQLQFOXGHGKHUHLQLVVXSSOLHGDVDEDVLVIRUGHVLJQLQJ\RXURZQDLUFUDIW,WLVPHDQWWREHDJXLGHRQO\DQG
VKRXOGQRWEHXVHGWRGHVLJQDUHDODLUFUDIWQRUKDVLWEHHQDGMXVWHGWRWKHRUWKRJRQDOJULG
1DPH
<HDU
DYDLODEOH
2ULJLQ
+RXUVRI
IXHO
)RUZDUG
*XQV
*HUPDQ\
6LHPHQV6FKXFNHUW',9

*HUPDQ\
7DXEH

*HUPDQ\
$LUFR'+

8.

$LUFR'+

8.

$LUFR'+

8.

$LUFR'+D

8.

$ U P V W U R Q J : K L W Z R U W K
).

8.

$YUR

8.

%(

8.

%(

8.

%ULVWRO)E)LJKWHU

8.

%ULVWRO0F

8.

%ULVWRO6FRXW

8.

)(

8.

+DQGOH\3DJH2

8.

+DQGOH\3DJH9

8.

.HQQHG\*LDQW

8.
0DUWLQV\GH*(OHSKDQW

8.

5(

8.

5(

8.

6(

8.

6RSZLWK6WUXWWHU

8.

6RSZLWK%XOOGRJ

8.

6RSZLWK&DPHO

8.

6RSZLWK'ROSKLQ

8.

6RSZLWK3XS

8.
6RSZLWK6DODPDQGHU

8.
8.

OEERPEV

5HDU*XQV
5XPSOHU&,9
6RSZLWK6QLSH

0D[LPXP
6SHHG

'HFUHDVHG7XUQ5DGLXV

6RSZLWK7DEORLG

8.

6RSZLWK7ULSODQH

8.

9LFNHUV)%

8.

9LFNHUV)%

8.

&XUWLVV-1

86

&DSURQL&D6HULHV

,WDO\

3RPLOLR3(

,WDO\

$YLDWLN',

$XVWULD

+DQVD%UDQGHQEXUJ',

$XVWULD

3K|QL[',

$XVWULD

([WHQGHG)LHOGRI)LUH

4XLUNV

ZZZPMJDPHVFRP
7KHIROORZLQJSDJHVDUHSURYLGHGWRDOORZSOD\VWUDLJKWRXWRI
WKHER[<RXPD\FRS\WKHIROORZLQJSDJHVDQGRUPDNHPXO
WLSOHSULQWRXWVRIWKHPDV\RXUHTXLUH
+RZHYHUZHHQFRXUDJHSOD\HUVWRXVHPLQLDWXUHVRUPRGHODLU
FUDIWLQWKHLUJDPHVDVLWKHOSVEULQJDVHQVHRIUHDOLVPWRWKH
JDPHDQGIRUXVLWJUHDWO\LQFUHDVHVWKHHQMR\PHQWRIVKRRWLQJ
RXUIULHQGVRXWRIWKHVN\
7KHUHDUHPDQ\PLQLDWXUHPDQXIDFWXUHUVEXWZHOLNHWRXVH&
LQ&SURGXFWLRQVVFDOHPLQLV+RZHYHUDQ\VFDOHPLQLD
WXUHZRXOGZRUNQH
,QFOXGHGLQWKHVHSDJHVIROORZLQJDUHDLUFUDIWFRXQWHUVPDQHX
YHUFDUGVDVZHOODVDEODQNKH[JULG
(QMR\

$FHVDW'DZQ

3ULQWVHYHUDORIWKHVHDQGWDSHRUJOXHWKHPWRJHWKHU
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
KL:<
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
9DL
LY
j_
a]
LY
j
9
[`
a]
]
j_
[`
j
9
a]
[`
L
Y
j_
9DL
9DL
9DL
m
<
q
<
e
e
m
LY
j_
<
e
m
LY
j_
. . . . . . . . . . . . .
9DL
- - - - - - - - - - - - -
9DL
, , , , , , , , , , , , ,
9DL
+ + + + + + + + + + + + +
9DL
KL:<
9DL
* * * * * * * * * * * * *
9DL
KL:<
9DL
) ) ) ) ) ) ) ) ) ) ) ) )
KL:<
9DL
HGJL HGJL HGJL HGJL HGJL HGJL HGJL HGJL HGJL HGJL HGJL HGJL HGJL
:9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC
:9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC :9FC
j_
LY
l
]
6ORZ7XUQ
7KH SODQH PRYHV IRUZDUG DW OHDVW
WKH PLQLPXP GLVWDQFH QR PRUH
WKDQ WKH PD[LPXP LQGLFDWHG RQ
LWVFDUG
)XHO&RVW

WKDQ WKH PD[LPXP LQGLFDWHG RQ LWV
FDUG
3ODQH PD\ FKDQJH DOWLWXGH GRZQ
EDQG IRU HDFK 03 VSHQW DQG PD\
LQFUHDVH VSHHG E\ IRU HDFK
DOWLWXGHEDQGFKDQJH
'HIHQVH
,QLWLWDWLYH
)DVW7XUQ
)RUZDUG0RYHPHQW
'LYH
)XHO&RVW

FDUG
3ODQH PD\ FKDQJH DOWLWXGH XS
EDQG IRU HDFK WZR 03 VSHQW DQ\
VLQJOH 03 VSHQW LV GLVFDUGHG 3ODQH
PXVW UHGXFH VSHHG E\ IRU HDFK
DOWLWXGHEDQGFKDQJHG
'HIHQVH
,QLWLWDWLYH
'HIHQVH
,QLWLWDWLYH
)XHO&RVW

FDUG
3ODQH PD\ FKDQJH DOWLWXGH XS
EDQG IRU HDFK WZR 03 VSHQW DQ\
VLQJOH 03 VSHQW LV GLVFDUGHG 3ODQH
PXVW UHGXFH VSHHG E\ IRU HDFK
DOWLWXGHEDQGFKDQJHG
&OLPE
)XHO&RVW

FDUG
3ODQH PD\ FKDQJH DOWLWXGH GRZQ
EDQG IRU HDFK 03 VSHQW DQG PD\
LQFUHDVH VSHHG E\ IRU HDFK
DOWLWXGHEDQGFKDQJH
'HIHQVH
,QLWLWDWLYH
&OLPE
)XHO&RVW
,I WKH SODQH LV EDQNHG EHIRUH

H[HFXWLQJD)RUZDUG0RYHPHQWLW
PXVW PRYH KDOI WKH QXPEHU RI
KH[HVLQWKHGLUHFWLRQRIWKHEDQN
VOLS DQG UHPDLQ IDFLQJ WKH VDPH
GLUHFWLRQ DV LW IDFHG DW WKH
EHJLQQLQJRIWKHWXUQ
'HIHQVH
,QLWLWDWLYH
7KH SODQH PRYHV IRUZDUG DW

OHDVW WKH PLQLPXP GLVWDQFH QR
PRUH WKDQ WKH PD[LPXP
LQGLFDWHGRQLWVFDUG
)XHO&RVW
,I WKH SODQH LV EDQNHG EHIRUH

H[HFXWLQJ D )RUZDUG 0RYHPHQW
LWPXVWPRYHKDOIWKHQXPEHURI
KH[HV LQ WKH GLUHFWLRQ RI WKH
EDQN VOLS DQG UHPDLQ IDFLQJ
WKHVDPHGLUHFWLRQDVLWIDFHGDW
'HIHQVH
,QLWLWDWLYH
'LYH
)XHO&RVW
)XHO&RVW
)RUZDUG0RYHPHQW
6ORZ7XUQ
'HIHQVH
,QLWLWDWLYH

WKHPLQLPXPGLVWDQFHQRPRUHWKDQ
WKHPD[LPXPLQGLFDWHGRQLWVFDUG
1R SODQH PD\ PDNH D IDVW WXUQ
XQOHVV LW ZDV EDQNHG WKH FRUUHFW
GLUHFWLRQWKHWXUQEHIRUH
3ODQH PXVW WXUQ WZR RU WKUHH KH[
VLGHVLQWKHGLUHFWLRQRIWKHEDQNDQG
PXVWUHGXFHDOWLWXGHEDQGE\
'HIHQVH
,QLWLWDWLYH

WKHPLQLPXPGLVWDQFHQRPRUHWKDQ
WKHPD[LPXPLQGLFDWHGRQLWVFDUG
1R SODQH PD\ PDNH D IDVW WXUQ
3ODQH PXVW WXUQ WZR RU WKUHH KH[
VLGHVLQWKHGLUHFWLRQRIWKHEDQNDQG
PXVWUHGXFHDOWLWXGHEDQGE\
)DVW7XUQ
)XHO&RVW

WKDQWKHPD[LPXPLQGLFDWHGRQLWV
FDUG
1R SODQH PD\ PDNH D VORZ WXUQ
7KHSODQHPXVWWXUQRQHRUWZRKH[
VLGHV LQ WKH GLUHFWLRQ RI WKH EDQN
DQGPD\UHGXFHDOWLWXGHEDQGE\
'HIHQVH
,QLWLWDWLYH
)XHO&RVW

WKDQWKHPD[LPXPLQGLFDWHGRQLWV
FDUG
1R SODQH PD\ PDNH D VORZ WXUQ
7KHSODQHPXVWWXUQRQHRUWZRKH[
VLGHV LQ WKH GLUHFWLRQ RI WKH EDQN
DQGPD\UHGXFHDOWLWXGHEDQGE\
'HIHQVH
,QLWLWDWLYH

MJ G 1101 Printer Friendly

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

MJ G 1101 Printer Friendly

Transféré par

Droits d'auteur :

Formats disponibles

$FHVDW'DZQ

3LORW 6WULFWO\ XVHG WR GLVWLQJXLVK RQH )RNNHU IURP DQRWK

0RYHPHQW 0YW 7KHUVWQXPEHULVWKHPLQLPXPQXPEHU

7KH SODQH PRYHV IRUZDUG DW

LQJRQWKHGHFN LHWRZDUGVWKHERZ ,IWKHYHVVHO RU

$Q\ SODQH PD\ DWWDFN %DOORRQV %DOORRQV XVXDOO\ KDYH D

)RU HDFK VXEVHTXHQW FRPEDW SKDVH VSHQW LQ WKH HQHP\V

,PPHOPDQ7XUQ GLYHFOLPEIRUZDUGPRYHPHQW ,IDSLORW

+DOIORRS XS GLYHFOLPE 2QH PDMRU HIIHFW RI WKH GLYH

$ SLORW PD\ SOD\ D GLYH FDUG IROORZHG LPPHGLDWHO\ E\ D

3LORWV ZLWK D ELW RI H[SHULHQFH KRZHYHU FRXOG XVH WKH

)RU H[DPSOH RXU IULHQG 2VZDOG %RHOFNH LV DWWHPSWLQJ WR

'HFUHDVHG7XUQ5DGLXV  7KH6RSZLWK&DPHOZDVNQRZQ

+H PRYHV IRUZDUG  KH[HV DQG UHGXFHV KLV DOWLWXGH E\ 

+DOIORRSGRZQ FOLPEGLYH 7KLVPDQHXYHULVH[DFWO\WKH

)XOOORRSXS GLYHFOLPEGLYH 7KLVPDQHXYHUEHJLQVDVD

,QRXUH[DPSOHWKH6RSZLWK&DPHOVIRUPXOD ; 

8QVWDEOH &RQVWUXFWLRQ   7KHVH SODQHV ZHUH SURQH

0RYHPHQW 3ODQHV WRS VSHHG GLYLGHG E\  PLQLPXP

7KH6TXDUH5RRWRI7KH)XHO'HFN ; PD[VSHHGWKH

1JMPU !NDREW-C+EEVER 'VFM

1JMPU ??????????????? 'VFM ???

1JMPU ??????????????? 'VFM ???

0DS$Q\ PDSSLQJ UHTXLUHPHQWV ZLOO EH LQGLFDWHG LQ WKLV

0LVVLRQ 2EMHFWLYHV $ GHVFULSWLRQ RI WKH UHTXLUHPHQWV WR

7KH SODQH PRYHV IRUZDUG DW OHDVW

7KH SODQH PRYHV IRUZDUG DW OHDVW

7KH SODQH PRYHV IRUZDUG DW OHDVW

7KH SODQH PRYHV IRUZDUG DW OHDVW

,I WKH SODQH LV EDQNHG EHIRUH

7KH SODQH PRYHV IRUZDUG DW

,I WKH SODQH LV EDQNHG EHIRUH

7KH SODQH PRYHV IRUZDUG DW OHDVW

7KH SODQH PRYHV IRUZDUG DW OHDVW

7KH SODQH PRYHV IRUZDUG DW OHDVW

7KH SODQH PRYHV IRUZDUG DW OHDVW

Vous aimerez peut-être aussi

3LORW 6WULFWO\ XVHG WR GLVWLQJXLVK RQH )RNNHU IURP DQRWK

0RYHPHQW0YW7KHUVWQXPEHULVWKHPLQLPXPQXPEHU

LQJRQWKHGHFNLHWRZDUGVWKHERZ,IWKHYHVVHORU

$Q\ SODQH PD\ DWWDFN %DOORRQV %DOORRQV XVXDOO\ KDYH D

,PPHOPDQ7XUQGLYHFOLPEIRUZDUGPRYHPHQW,IDSLORW

+DOIORRS XS GLYHFOLPE 2QH PDMRU HIIHFW RI WKH GLYH

3LORWV ZLWK D ELW RI H[SHULHQFH KRZHYHU FRXOG XVH WKH

)RU H[DPSOH RXU IULHQG 2VZDOG %RHOFNH LV DWWHPSWLQJ WR

'HFUHDVHG7XUQ5DGLXV7KH6RSZLWK&DPHOZDVNQRZQ

+H PRYHV IRUZDUG KH[HV DQG UHGXFHV KLV DOWLWXGH E\

+DOIORRSGRZQFOLPEGLYH7KLVPDQHXYHULVH[DFWO\WKH

)XOOORRSXSGLYHFOLPEGLYH7KLVPDQHXYHUEHJLQVDVD

,QRXUH[DPSOHWKH6RSZLWK&DPHOVIRUPXOD ;

8QVWDEOH &RQVWUXFWLRQ 7KHVH SODQHV ZHUH SURQH

0RYHPHQW 3ODQHV WRS VSHHG GLYLGHG E\ PLQLPXP

7KH6TXDUH5RRWRI7KH)XHO'HFN ;PD[VSHHGWKH

1JMPU !NDREW-C+EEVER 'VFM

1JMPU ??????????????? 'VFM ???

1JMPU ??????????????? 'VFM ???

0DS$Q\ PDSSLQJ UHTXLUHPHQWV ZLOO EH LQGLFDWHG LQ WKLV

0LVVLRQ 2EMHFWLYHV $ GHVFULSWLRQ RI WKH UHTXLUHPHQWV WR