2QOLQHDXWRWXQLQJ
2QOLQHDXWRWXQLQJ2QOLQHDXWRWXQLQJ
2QOLQHDXWRWXQLQJ
2QOLQHDXWRWXQLQJ
2QOLQHDXWRWXQLQJ2QOLQHDXWRWXQLQJ
2QOLQHDXWRWXQLQJ
3DUDPHWHUV
3DUDPHWHUV3DUDPHWHUV
3DUDPHWHUV
)RUWKHPRWRUZLWK3/*VHWLQ3URQOLQHDXWRWXQLQJVHOHFWLRQ
3U VWDUWWLPHWXQLQJ
3U VWDUWWLPHWXQLQJ3U VWDUWWLPHWXQLQJ
3U VWDUWWLPHWXQLQJ
7KH FXUUHQW DW D VWDUW LV GHWHFWHG WR FRPSHQVDWH IRU WKH VHFRQGDU\ UHVLVWDQFH RI WKH PRWRU VR WKDW H[FHOOHQW
FKDUDFWHULVWLFVDUHSURYLGHGUHJDUGOHVVRIWKHFKDQJHLQYDOXHRIWKHVHFRQGDU\UHVLVWDQFHRIWKHPRWRUZLWKWKHULVH
RIWKHPRWRUWHPSHUDWXUH
3U QRUPDOWXQLQJDGDSWLYHPDJQHWLFIOX[REVHUYHU
3U QRUPDOWXQLQJDGDSWLYHPDJQHWLFIOX[REVHUYHU3U QRUPDOWXQLQJDGDSWLYHPDJQHWLFIOX[REVHUYHU
3U QRUPDOWXQLQJDGDSWLYHPDJQHWLFIOX[REVHUYHU
7KLVIXQFWLRQLVHIIHFWLYHIRUWRUTXHDFFXUDF\LPSURYHPHQWZKHQXVLQJWKHPRWRUZLWK3/*
7KHFXUUHQWIORZLQJLQWKHPRWRUDQGWKHLQYHUWHURXWSXWYROWDJHDUHXVHGWRHVWLPDWHREVHUYHWKHPDJQHWLFIOX[LQ
WKHPRWRU
7KHPDJQHWLFIOX[RIWKHPRWRULVDOZD\VGHWHFWHGZLWKKLJKDFFXUDF\VRWKDWH[FHOOHQWFKDUDFWHULVWLFVDUHSURYLGHG
UHJDUGOHVVRIWKHFKDQJHLQWKHWHPSHUDWXUHRIWKHVHFRQGDU\UHVLVWDQFH
6HWZKHQH[HUFLVLQJ3/*YHFWRUFRQWURO
([FHOOHQWWRUTXHDFFXUDF\LVSURYLGHGE\WHPSHUDWXUHFRPSHQVDWLRQHYHQLIWKHVHFRQGDU\UHVLVWDQFHYDOXHRI
WKHPRWRUYDULHVZLWKWKHULVHLQWKHPRWRUWHPSHUDWXUH
3DUDPHWHU
3DUDPHWHU3DUDPHWHU
3DUDPHWHU 1DPH
1DPH1DPH
1DPH )DFWRU\6HWWLQJ
)DFWRU\6HWWLQJ)DFWRU\6HWWLQJ
)DFWRU\6HWWLQJ 6HWWLQJ5DQJH
6HWWLQJ5DQJH6HWWLQJ5DQJH
6HWWLQJ5DQJH 5HPDUNV
5HPDUNV5HPDUNV
5HPDUNV
2QOLQHDXWRWXQLQJVHOHFWLRQ
1RRQOLQHDXWRWXQLQJ
6WDUWWLPHWXQLQJDWVWDUWXS
$GDSWLYHPDJQHWLFIOX[REVHUYHUQRUPDO
&$87,21
&$87,21&$87,21
&$87,21
3HUIRUPRIIOLQHDXWRWXQLQJLQWKHPRGHZLWKURWDWLRQEHIRUHSHUIRUPLQJVWDUWWLPHWXQLQJRIWKHRQOLQH
3HUIRUPRIIOLQHDXWRWXQLQJLQWKHPRGHZLWKURWDWLRQEHIRUHSHUIRUPLQJVWDUWWLPHWXQLQJRIWKHRQOLQH3HUIRUPRIIOLQHDXWRWXQLQJLQWKHPRGHZLWKURWDWLRQEHIRUHSHUIRUPLQJVWDUWWLPHWXQLQJRIWKHRQOLQH
3HUIRUPRIIOLQHDXWRWXQLQJLQWKHPRGHZLWKURWDWLRQEHIRUHSHUIRUPLQJVWDUWWLPHWXQLQJRIWKHRQOLQH
DXWRWXQLQJ
DXWRWXQLQJDXWRWXQLQJ
DXWRWXQLQJ
)RURIIOLQHDXWRWXQLQJUHIHUWR
)RURIIOLQHDXWRWXQLQJUHIHUWR)RURIIOLQHDXWRWXQLQJUHIHUWR
)RURIIOLQHDXWRWXQLQJUHIHUWRSDJH
SDJHSDJH
SDJH
)RUXVLQJVWDUWWLPHWXQLQJLQYHUWLFDOOLIWDSSOLFDWLRQVH[DPLQHWKHXWLOL]DWLRQRIDEUDNHVHTXHQFHIRU
)RUXVLQJVWDUWWLPHWXQLQJLQYHUWLFDOOLIWDSSOLFDWLRQVH[DPLQHWKHXWLOL]DWLRQRIDEUDNHVHTXHQFHIRU)RUXVLQJVWDUWWLPHWXQLQJLQYHUWLFDOOLIWDSSOLFDWLRQVH[DPLQHWKHXWLOL]DWLRQRIDEUDNHVHTXHQFHIRU
)RUXVLQJVWDUWWLPHWXQLQJLQYHUWLFDOOLIWDSSOLFDWLRQVH[DPLQHWKHXWLOL]DWLRQRIDEUDNHVHTXHQFHIRU
WKHEUDNHRSHQLQJWLPLQJDWDVWDUW7KRXJKWKHWXQLQJHQGVLQDERXWDPD[LPXPRIPVDIWHUD
WKHEUDNHRSHQLQJWLPLQJDWDVWDUW7KRXJKWKHWXQLQJHQGVLQDERXWDPD[LPXPRIPVDIWHUDWKHEUDNHRSHQLQJWLPLQJDWDVWDUW7KRXJKWKHWXQLQJHQGVLQDERXWDPD[LPXPRIPVDIWHUD
WKHEUDNHRSHQLQJWLPLQJDWDVWDUW7KRXJKWKHWXQLQJHQGVLQDERXWDPD[LPXPRIPVDIWHUD
VWDUWWRUTXHLVQRWSURYLGHGIXOO\GXULQJWKDWSHULRG7KHUHIRUHQRWHWKDWWKHUHPD\EHDSRVVLELOLW\RI
VWDUWWRUTXHLVQRWSURYLGHGIXOO\GXULQJWKDWSHULRG7KHUHIRUHQRWHWKDWWKHUHPD\EHDSRVVLELOLW\RIVWDUWWRUTXHLVQRWSURYLGHGIXOO\GXULQJWKDWSHULRG7KHUHIRUHQRWHWKDWWKHUHPD\EHDSRVVLELOLW\RI
VWDUWWRUTXHLVQRWSURYLGHGIXOO\GXULQJWKDWSHULRG7KHUHIRUHQRWHWKDWWKHUHPD\EHDSRVVLELOLW\RI
JUDYLW\GURS
JUDYLW\GURSJUDYLW\GURS
JUDYLW\GURS
&$87,21
&$87,21&$87,21
&$87,21
,IDQ\RWKHUPDQXIDFWXUHUVPRWRULVXVHGSHUIRUPRIIOLQHDXWRWXQLQJ3U ZLWKPRWRUDORQH
,IDQ\RWKHUPDQXIDFWXUHUVPRWRULVXVHGSHUIRUPRIIOLQHDXWRWXQLQJ3U ZLWKPRWRUDORQH,IDQ\RWKHUPDQXIDFWXUHUVPRWRULVXVHGSHUIRUPRIIOLQHDXWRWXQLQJ3U ZLWKPRWRUDORQH
,IDQ\RWKHUPDQXIDFWXUHUVPRWRULVXVHGSHUIRUPRIIOLQHDXWRWXQLQJ3U ZLWKPRWRUDORQH
WR UXQ WKH PRWRU EHIRUH SHUIRUPLQJ RQOLQH DXWR WXQLQJ 7KH PRWRU ZLWK LQHUWLD ORDG FDQ EH FRQ
WR UXQ WKH PRWRU EHIRUH SHUIRUPLQJ RQOLQH DXWR WXQLQJ 7KH PRWRU ZLWK LQHUWLD ORDG FDQ EH FRQWR UXQ WKH PRWRU EHIRUH SHUIRUPLQJ RQOLQH DXWR WXQLQJ 7KH PRWRU ZLWK LQHUWLD ORDG FDQ EH FRQ
WR UXQ WKH PRWRU EHIRUH SHUIRUPLQJ RQOLQH DXWR WXQLQJ 7KH PRWRU ZLWK LQHUWLD ORDG FDQ EH FRQ
QHFWHG
QHFWHGQHFWHG
QHFWHG
)RUWKH6)7+<6)9+6)/+$ZLWK3/*RU6)/+&$ZLWK3/*%OXH0D[
)RUWKH6)7+<6)9+6)/+$ZLWK3/*RU6)/+&$ZLWK3/*%OXH0D[)RUWKH6)7+<6)9+6)/+$ZLWK3/*RU6)/+&$ZLWK3/*%OXH0D[
)RUWKH6)7+<6)9+6)/+$ZLWK3/*RU6)/+&$ZLWK3/*%OXH0D[
1$YHUVLRQLWLV
1$YHUVLRQLWLV1$YHUVLRQLWLV
1$YHUVLRQLWLV
QRWQHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJWRVHOHFWDGDSWLYHPDJQHWLFIOX[REVHUYHU1RWHWKDWLWLV
QRWQHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJWRVHOHFWDGDSWLYHPDJQHWLFIOX[REVHUYHU1RWHWKDWLWLVQRWQHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJWRVHOHFWDGDSWLYHPDJQHWLFIOX[REVHUYHU1RWHWKDWLWLV
QRWQHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJWRVHOHFWDGDSWLYHPDJQHWLFIOX[REVHUYHU1RWHWKDWLWLV
QHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJQRQURWDWLRQPRGHIRUWKHZLULQJOHQJWKUHVLVWDQFHWREH
QHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJQRQURWDWLRQPRGHIRUWKHZLULQJOHQJWKUHVLVWDQFHWREHQHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJQRQURWDWLRQPRGHIRUWKHZLULQJOHQJWKUHVLVWDQFHWREH
QHFHVVDU\WRSHUIRUPRIIOLQHDXWRWXQLQJQRQURWDWLRQPRGHIRUWKHZLULQJOHQJWKUHVLVWDQFHWREH
UHIOHFWHGRQWKHFRQWUROZKHQWKHZLULQJOHQJWKLVORQJP
UHIOHFWHGRQWKHFRQWUROZKHQWKHZLULQJOHQJWKLVORQJPUHIOHFWHGRQWKHFRQWUROZKHQWKHZLULQJOHQJWKLVORQJP
UHIOHFWHGRQWKHFRQWUROZKHQWKHZLULQJOHQJWKLVORQJPIHHW
IHHWIHHW
IHHWRUORQJHUDVUHIHUHQFH
RUORQJHUDVUHIHUHQFHRUORQJHUDVUHIHUHQFH
RUORQJHUDVUHIHUHQFH
)RURIIOLQHDXWRWXQLQJUHIHUWR
)RURIIOLQHDXWRWXQLQJUHIHUWR)RURIIOLQHDXWRWXQLQJUHIHUWR
)RURIIOLQHDXWRWXQLQJUHIHUWRSDJH
SDJHSDJH
SDJH
5(0$5.6
5(0$5.65(0$5.6
5(0$5.6
2QOLQHDXWRWXQLQJRIWKHVWDUWWLPHWXQLQJGRHVQRWRSHUDWHLIWKH056LVLQSXWLIWKHSUHVHWVSHHGLVOHVVWKDQWKHVWDUWLQJ
VSHHG3URULIWKHVWDUWLQJFRQGLWLRQVRIWKHLQYHUWHUDUHQRWVDWLVILHGHJLQYHUWHUHUURU
2QOLQHDXWRWXQLQJRIWKHVWDUWWLPHWXQLQJGRHVQRWRSHUDWHGXULQJGHFHOHUDWLRQRUDWDUHVWDUWGXULQJ'&EUDNHRSHUDWLRQ
,QYDOLGIRUMRJRSHUDWLRQ
7KH581VLJQDOLVQRWRXWSXWGXULQJRQOLQHDXWRWXQLQJRIWKHVWDUWWLPHWXQLQJ7KH581VLJQDOWXUQVRQDWDVWDUW
,IWKHSHULRGIURPDQLQYHUWHUVWRSWRDUHVWDUWLVZLWKLQVRQOLQHDXWRWXQLQJRIWKHVWDUWWLPHWXQLQJLVSHUIRUPHGEXWWKH
WXQLQJUHVXOWVDUHQRWUHIOHFWHG
$XWRPDWLFUHVWDUWDIWHULQVWDQWDQHRXVSRZHUIDLOXUHRYHUULGHVZKHQDXWRPDWLFUHVWDUWDIWHULQVWDQWDQHRXVSRZHUIDLOXUHLV
VHOHFWHG
=HURFXUUHQWGHWHFWLRQDQGRXWSXWFXUUHQWGHWHFWLRQDUHYDOLGGXULQJRQOLQHDXWRWXQLQJ