RPHWHURGRPHWHUFDOLEUDWLRQDQGFOHDUDQFHEH
WZHHQWKHERG\DQGWLUHV,WDOVRPD\EHGDQJHU
RXVDQGOHDGWRORVVRIYHKLFOHFRQWURO
y WLRQKDQGOLQJDQGEUDNLQJSHUIRUPDQFHLQ\HDUURXQG
GULYLQJ,QZLQWHULWPD\EHSRVVLEOHWRHQKDQFHSHU
IRUPDQFHWKURXJKXVHRIWLUHVGHVLJQHGVSHFLILFDOO\IRU
ZLQWHUGULYLQJFRQGLWLRQV
,I\RXFKRRVHWRLQVWDOOZLQWHUWLUHVRQ\RXUYHKLFOHEH
VXUHWRXVHWKHFRUUHFWWLUHVL]HDQGW\SH 5HPHPEHUWRGULYHZLWKFDUHDWDOOWLPHVUHJDUGOHVVRI
WKHW\SHRIWLUHVRQ\RXUYHKLFOH
5HFRPPHQGHGZLQWHUVQRZWLUHVL]H
356WXGOHVV
'ULYLQJWLSV
7LUHFKDLQV
7LUHFKDLQVFDQQRWEHXVHGRQWLUHVOLVWHGEHORZ
EHFDXVHRIODFNRIFOHDUDQFHEHWZHHQWKHWLUHV
DQGYHKLFOHERG\
y 35WLUHV
y 35ZLQWHUVQRZWLUHV
'ULYLQJRQVQRZ\JUDGHVRULF\URDGVPD\UHTXLUHWKH
XVHRIWLUHFKDLQVLQZKLFKFDVHSXWWKHFKDLQVRQWKH
IURQWZKHHOVRQO\8VHRQO\6$(FODVV6W\SHFKDLQV
WKDWDUHRIWKHFRUUHFWVL]HIRU\RXUWLUHVVRDVQRWWR
GDPDJHWKHYHKLFOHERG\RUVXVSHQVLRQ
:KHQ GULYLQJ ZLWKWLUH FKDLQVGULYHDWVSHHGV EHORZ
PSKNPK:KHQDWHPSRUDU\VSDUHWLUHLVRQ
DIURQWZKHHOUHSODFHWKHWHPSRUDU\VSDUHWLUHZLWKWKH
UHDUWLUHRQWKHVDPHVLGHRIWKHYHKLFOHDQGWKHQILW
FKDLQVRQWKHIURQWWLUHV
$OZD\V XVH WKH XWPRVW FDUH ZKHQ GULYLQJ ZLWK WLUH
FKDLQV±RYHUFRQILGHQFHEHFDXVH\RXDUHGULYLQJZLWK
WLUHFKDLQVFRXOGHDVLO\OHDGWRDVHULRXVDFFLGHQW
5RFNLQJWKHYHKLFOH
,I\RXPXVWURFNWKHYHKLFOHWRIUHHLWIURPVQRZVDQG
±&217,18('±
'ULYLQJWLSV
RU PXG GHSUHVV WKH DFFHOHUDWRU SHGDO VOLJKWO\ DQG
PRYH WKH VHOHFWRU OHYHU EDFN DQG IRUWK EHWZHHQ ³'´
DQG ³5´ UHSHDWHGO\ 'R QRW UDFH WKH HQJLQH )RU WKH
EHVWSRVVLEOHWUDFWLRQDYRLGVSLQQLQJWKHZKHHOVZKHQ
WU\LQJWRIUHHWKHYHKLFOH
:KHQWKHURDGVXUIDFHLVH[WUHPHO\VOLSSHU\\RXFDQ
REWDLQ EHWWHU WUDFWLRQ E\ VWDUWLQJ WKH YHKLFOH ZLWK WKH
WUDQVPLVVLRQLQQGWKDQVWERWKIRU07DQG$7
5HIHUWRWKH³$XWRPDWLFWUDQVPLVVLRQ´VHFWLRQLQFKDS
WHUIRULQIRUPDWLRQRQKROGLQJWKHWUDQVPLVVLRQLQQG
SRVLWLRQ
/RDGLQJ\RXUYHKLFOH
1HYHU DOORZ SDVVHQJHUV WR ULGH RQ WKH IROGHG
UHDUVHDWEDFNRULQWKHFDUJREHG'RLQJVRPD\
UHVXOWLQVHULRXVLQMXU\
HS8005BA
y 1HYHU VWDFN OXJJDJH RU RWKHU FDUJR KLJKHU
WKDQ WKH WRS RI WKH VHDWEDFN EHFDXVH LW FRXOG
WXPEOH IRUZDUG DQG LQMXUH SDVVHQJHUV LQ WKH
HYHQWRIDVXGGHQVWRS RU DFFLGHQW.HHS OXJ
JDJHRUFDUJRORZDVFORVHWRWKHIORRUDVSRV
VLEOH
y :KHQ\RXFDUU\VRPHWKLQJLQVLGHWKHYHKLFOH
VHFXUHLW ZKHQHYHU \RX FDQ WR SUHYHQW LW IURP
EHLQJWKURZQDURXQGLQVLGHWKHYHKLFOHGXULQJ
VXGGHQVWRSVVKDUSWXUQVRULQDQDFFLGHQW
y 'R QRW SLOH KHDY\ ORDGV RQ WKH URRI 7KHVH
ORDGV UDLVH WKH YHKLFOH¶V FHQWHU RI JUDYLW\ DQG
PDNHLWPRUHSURQHWRWLSRYHU
y 6HFXUH OHQJWK\ LWHPV SURSHUO\ WR SUHYHQW
WKHPIURPVKRRWLQJIRUZDUGDQGFDXVLQJVHUL
RXVLQMXU\GXULQJDVXGGHQVWRS
y 1HYHUH[FHHGWKHPD[LPXPORDGOLPLW,I\RX
GRVRPHSDUWVRQ\RXUYHKLFOHFDQEUHDNRULW
FDQFKDQJHWKHZD\\RXUYHKLFOHKDQGOHV7KLV
FRXOG UHVXOW LQ ORVV RI FRQWURO DQG FDXVH SHU
VRQDOLQMXU\$OVRRYHUORDGLQJFDQVKRUWHQWKH
OLIHRI\RXUYHKLFOH
y &DUJRVKRXOGEHHYHQO\GLVWULEXWHGRYHUWKH
FDUJR EHG .HHS KHDYLHU LWHPV DV ORZ DQG IDU
IRUZDUG DV SRVVLEOH /RDGLQJ WKH YHKLFOH LP
SURSHUO\ FDQ GHWHULRUDWH KDQGOLQJ FDSDELOLW\
DQGFRQWULEXWHWRORVVRIYHKLFOHFRQWURO
y %HVXUHWKHFDUJRLVVHFXUHGSURSHUO\8QVH
FXUHG FDUJR LQ WKH FDUJR EHG FDQ EH WKURZQ
DURXQGGXULQJVXGGHQEUDNLQJLQDVKDUSWXUQ
'ULYLQJWLSV
RU GXULQJ UDSLG DFFHOHUDWLRQ ZKLFK FRXOG FUH
DWHDGDQJHURXVURDGKD]DUG
'RQRWFDUU\VSUD\FDQVFRQWDLQHUVZLWKIODP
PDEOHRUFRUURVLYHOLTXLGVRUDQ\RWKHUGDQJHU
RXVLWHPVLQVLGHWKHSDVVHQJHUFRPSDUWPHQW
127(
)RU EHWWHU IXHO HFRQRP\ GR QRW FDUU\ XQQHHGHG
FDUJR
±&217,18('±
7KH ORDG FDSDFLW\ RI \RXU YHKLFOH LV GHWHUPLQHG E\
ZHLJKWQRWE\DYDLODEOHFDUJRVSDFH7KHWRWDOZHLJKW
\RXFDQFDUU\LQ\RXUYHKLFOHLVVKRZQRQWKHYHKLFOH
SODFDUGDWWDFKHGWRWKHGULYHU¶VVLGHGRRUMDPE/RFDWH
WKHVWDWHPHQW³7KHFRPELQHGZHLJKWRIRFFXSDQWVDQG
FDUJR VKRXOG QHYHU H[FHHG ;;; NJ RU ;;; OEV´ RQ
\RXU YHKLFOH¶V SODFDUG ,W LQFOXGHV WKH WRWDO ZHLJKW RI
GULYHU DQG DOO SDVVHQJHUV DQG WKHLU EHORQJLQJV DQ\
RSWLRQDOHTXLSPHQWVXFKDVDWUDLOHUKLWFKURRIUDFNRU
ELNHFDUULHUHWFDQGWKHWRQJXHORDGRIDWUDLOHU
'ULYLQJWLSV
9HKLFOHFDSDFLW\ZHLJKW
UB8031BA
UB8053BA
*9:5DQG*$:5*URVV9HKLFOH
:HLJKW5DWLQJDQG*URVV$[OH:HLJKW
5DWLQJ
UB8043BA
7KH FHUWLILFDWLRQ ODEHO DWWDFKHG WR WKH GULYHU¶V VLGH
GRRU VKRZV *9:5 *URVV 9HKLFOH :HLJKW 5DWLQJ
DQG*$:5*URVV$[OH:HLJKW5DWLQJ
7KH*9:*URVV9HKLFOH:HLJKWPXVWQHYHUH[FHHG
WKH*9:5*9:LVWKHFRPELQHGWRWDORIZHLJKWRIWKH
YHKLFOHIXHOGULYHUDOOSDVVHQJHUVOXJJDJHDQ\RS
WLRQDO HTXLSPHQW DQG WUDLOHU WRQJXH ORDG 7KHUHIRUH
WKH*9:FKDQJHVGHSHQGLQJRQWKHVLWXDWLRQ
,Q DGGLWLRQ WKH WRWDO ZHLJKW DSSOLHG WR HDFK D[OH
*$:PXVWQHYHUH[FHHGWKH*$:57KHIURQWDQG
'ULYLQJWLSV
UHDU*$:VFDQEHDGMXVWHGE\UHORFDWLQJOXJJDJHLQ
VLGHWKHYHKLFOH
(YHQLIWKHWRWDOZHLJKWRI\RXUOXJJDJHLVORZHUWKDQ
WKHYHKLFOHFDSDFLW\ZHLJKWHLWKHUIURQWRUUHDU*$:
PD\H[FHHGWKH*$:5GHSHQGLQJRQWKHGLVWULEXWLRQ
RIWKHOXJJDJH
,I\RXFDUU\KHDY\ORDGVLQWKHYHKLFOH\RXVKRXOGFRQ
ILUPWKDW*9:DQGIURQWDQGUHDU*$:VDUHZLWKLQWKH
*9:5DQG*$:5E\SXWWLQJ\RXUYHKLFOHRQDYHKL
FOHVFDOHIRXQGDWDFRPPHUFLDOZHLJKLQJVWDWLRQ
'RQRWXVHUHSODFHPHQWWLUHVZLWKDORZHUORDGUDQJH
WKDQWKHRULJLQDOVEHFDXVHWKH\PD\ORZHUWKH*9:5
±&217,18('±
'ULYLQJWLSV
7UDLOHUKLWFKLIHTXLSSHG
WULEXWLQJKLWFK
7KH WUDLOHU KLWFK LV GHVLJQHG WR WRZ D &ODVV UDWHG
ORDG$PD[LPXPRIOEVNJJURVVWUDLOHU
ZHLJKW DQG D PD[LPXP RI OEV NJ JURVV
WRQJXHZHLJKWDUHSHUPLVVLEOHIRUWKHWUDLOHUKLWFK
:KHQ \RX WRZ D WUDLOHU IROORZ WKH LQVWUXFWLRQV LQ WKH
QH[WVHFWLRQ³7UDLOHUWRZLQJ´
&RQQHFWLQJDWUDLOHU
UB8047BA
y 1HYHUH[FHHGWKHPD[LPXPZHLJKWVSHFLILHG
IRU WKH WUDLOHU KLWFK ([FHHGLQJ WKH PD[LPXP
ZHLJKWFRXOGFDXVHDQDFFLGHQWUHVXOWLQJLQVH
ULRXV SHUVRQDO
LQMXULHV 3HUPLVVLEOH WUDLOHU
ZHLJKWFKDQJHVGHSHQGLQJRQWKHVLWXDWLRQ5H
IHUWRWKHQH[WVHFWLRQ³7UDLOHUWRZLQJ´IRUSRV
VLEOHUHFRPPHQGDWLRQVDQGOLPLWDWLRQV
y 7UDLOHU EUDNHV DUH UHTXLUHG ZKHQ WKH WRZLQJ
ORDG H[FHHGV OEV NJ %H VXUH \RXU
WUDLOHU KDV VDIHW\ FKDLQV DQG WKDW HDFK FKDLQ
ZLOO KROG WKH WUDLOHU¶V PD[LPXP JURVV ZHLJKW
7RZLQJWUDLOHUVZLWKRXWVDIHW\FKDLQVFRXOGFUH
DWHDWUDIILFVDIHW\KD]DUGLIWKHWUDLOHUVHSDUDWHV
IURPWKHKLWFKGXHWRFRXSOLQJGDPDJHRUKLWFK
EDOOGDPDJH
y %HVXUHWRFKHFNWKHKLWFKSLQDQGVDIHW\SLQ
IRUSRVLWLYHORFNLQJSODFHPHQWEHIRUHWRZLQJD
WUDLOHU,IWKHEDOOPRXQWFRPHVRIIWKHKLWFKUH
FHLYHUWKHWUDLOHUFRXOGJHWORRVHDQGFUHDWHD
WUDIILFVDIHW\KD]DUG
y 8VH RQO\ WKH EDOO PRXQW VXSSOLHG ZLWK WKLV
KLWFK 8VH WKH KLWFK RQO\ DV D ZHLJKW FDUU\LQJ
KLWFK 'R QRW XVH ZLWK DQ\ W\SH RI ZHLJKW GLV
7KHOLFHQVHSODWHEUDFNHWZLOOKLWWKHKLWFKEDOO
DQG PD\ EH GDPDJHG LI WKH WDLOJDWH LVRSHQHG
DQGWKHOLFHQVHSODWHEUDFNHWLVDWWKHORZHUHG
RSHQSRVLWLRQ&ORVHWKHWDLOJDWHDQGUHWXUQWKH
OLFHQVH SODWH EUDFNHW WR LWV QRUPDO SRVLWLRQ
IOXVK DJDLQVW WKH WDLOJDWH LWVHOI ZKHQHYHU \RX
WRZDWUDLOHURUZKHQHYHUDWUDLOHULVKLWFKHGWR
WKHYHKLFOH
%HIRUH FRQQHFWLQJ WKH EDOO PRXQW WR WKH KLWFK UH
FHLYHUFORVHWKHWDLOJDWHDQGUHWXUQWKHOLFHQVHSODWH
EUDFNHWWRLWVQRUPDOUHWUDFWHGSRVLWLRQXSDJDLQVWWKH
WDLOJDWH 5HIHU WR ³/LFHQVH SODWH EUDFNHW´ XQGHU WKH
KHDGLQJ³7DLOJDWH´LQFKDSWHUIRUPRUHLQIRUPDWLRQRQ
WKHIXQFWLRQRIWKHOLFHQVHSODWHEUDFNHW
5HPRYHWKHUHFHLYHUFRYHUIURPWKHKLWFKUHFHLYHU
WXEH7KHQLQVHUWWKHEDOOPRXQWLQWRWKHKLWFKUHFHLYHU
WXEH
'ULYLQJWLSV
,QVHUWWKHKLWFKSLQLQWRWKHKROHRQWKHKLWFKUHFHLY
HUWXEHVRWKDWWKHSLQSDVVHVWKURXJKWKHEDOOPRXQW
UB8018BA
±&217,18('±
'ULYLQJWLSV
HS8012BA
UB8020BB
,QVHUWWKHVDIHW\SLQLQWRWKHKLWFKSLQVHFXUHO\
3XOOWKHEDOOPRXQWWRPDNHVXUHLWGRHVQRWFRPH
RIIWKHKLWFKUHFHLYHU
+LWFKEDOOLQVWDOODWLRQSRLQW
+RRNVIRUVDIHW\FKDLQV
8VHRQO\DKLWFKEDOOWKDWLVDSSURSULDWHIRUWKHEDOO
PRXQWDQG\RXUWUDLOHU7KHKLWFKEDOOPXVWEHVHFXUHO\
LQVWDOOHGRQWKHEDOOPRXQW
&RQQHFW\RXUWUDLOHUWRWKHKLWFKEDOO
&RQQHFWWKHWUDLOHUDQGWKHKLWFKZLWKVDIHW\FKDLQV
WKDWZLOOKROGWKHWUDLOHU¶VPD[LPXPJURVVZHLJKW7KH
FKDLQVVKRXOGFURVVXQGHUWKHWUDLOHUWRQJXHWRSUHYHQW
WKH WRQJXH IURP GURSSLQJ RQWR WKH JURXQG LQ FDVH LW
VKRXOGGLVFRQQHFWIURPWKHKLWFKEDOO$OORZVXIILFLHQW
VODFNLQWKHFKDLQVWDNLQJWLJKWWXUQVLWXDWLRQVLQWRDF
FRXQWKRZHYHUEHFDUHIXOQRWWROHWWKHPGUDJRQWKH
JURXQG
'ULYLQJWLSV
UG8034BA
+LWFKKDUQHVVFRQQHFWRU
HS8015BA
'RQRWFRQQHFWVDIHW\FKDLQVWRSDUWRIWKHYH
KLFOHRWKHUWKDQWKHVDIHW\FKDLQKRRNV
&RQQHFW WKH KLWFK ZLUH KDUQHVV¶V EODFN IRXUSLQ
ZLUHFRQQHFWRUWRWKHWRZLQJWUDLOHU¶VZLUHKDUQHVV
&RQILUP SURSHU IXQFWLRQ RI WKH KLWFK ZLUH KDUQHVV
E\ LQGLYLGXDOO\ DFWLYDWLQJ WKH EUDNH ULJKW WXUQ VLJQDO
OHIWWXUQVLJQDOVWRSDQGSDUNLQJOLJKWVRQWKHWUDLOHU
127(
$OZD\VGLVFRQQHFWWKHWUDLOHUZLUHKDUQHVVEHIRUH
ODXQFKLQJRUUHWULHYLQJDZDWHUFUDIW
±&217,18('±
'ULYLQJWLSV
:KHQ\RXGRQRWWRZDWUDLOHU
7UDLOHUWRZLQJ
5HPRYHWKHEDOOPRXQWIURPWKHKLWFKUHFHLYHU
WXEHZKHQWKHWDLOJDWHLVRSHQDQGWKHEHGH[
WHQGHULVXVHG7KHUHDUOLFHQVHSODWHZLOOQRWEH
YLVLEOH EHFDXVH WKH OLFHQVH SODWH EUDFNHW FDQ
QRWEHXVHGDWWKHORZHUHGRSHQSRVLWLRQZKHQ
WKHEDOOPRXQWLVFRQQHFWHG
,QDGGLWLRQWKHOLFHQVHSODWHEUDFNHWZLOOKLWWKH
KLWFKEDOODQGPD\EHGDPDJHGLIWKHWDLOJDWHLV
RSHQHG DQG WKH OLFHQVH SODWH EUDFNHW LV DW WKH
ORZHUHGRSHQSRVLWLRQ
y 5HPRYHWKHEDOOPRXQWIURPWKHKLWFKUHFHLYHUWXEH
DQG LQVHUW WKH UHFHLYHU FRYHU RQWR WKH KLWFK UHFHLYHU
WXEH
y 3ODFHWKHGXVWFDSRYHUWKHIRXUSLQFRQQHFWRURIWKH
KLWFKZLUHKDUQHVVWRSURWHFWDJDLQVWSRVVLEOHGDPDJH
y 2FFDVLRQDOO\OXEULFDWHWHUPLQDOVRIWKHIRXUSLQFRQ
QHFWRU XVLQJWKH WHUPLQDOJUHDVH DQGFRYHUZLWKWKH
DWWDFKHGUXEEHUFDS
:DUUDQWLHVDQGPDLQWHQDQFH
68%$58ZDUUDQWLHVGRQRWDSSO\WRYHKLFOHGDPDJH
RUPDOIXQFWLRQFDXVHGE\WUDLOHUWRZLQJ,I\RXXVH\RXU
YHKLFOHWRWRZDWUDLOHUPRUHIUHTXHQWPDLQWHQDQFHZLOO
EHUHTXLUHGGXHWRWKHDGGLWLRQDOORDG5HIHUWR³0DLQ
WHQDQFHVFKHGXOHXQGHUVHYHUHGULYLQJFRQGLWLRQV´LQ
WKH³:DUUDQW\DQG0DLQWHQDQFH%RRNOHW´
8QGHUQRFLUFXPVWDQFHVVKRXOGDWUDLOHUEHWRZHGZLWK
D QHZ YHKLFOH RU D YHKLFOH ZLWK DQ\ QHZ SRZHUWUDLQ
FRPSRQHQW HQJLQH WUDQVPLVVLRQ GLIIHUHQWLDO ZKHHO
EHDULQJVHWFIRU WKHILUVW PLOHVNPRI
GULYLQJ
0D[LPXPORDGOLPLWV
1HYHU H[FHHG WKH PD[LPXP ORDG OLPLWV H[
SODLQHG EHORZ ([FHHGLQJ WKH PD[LPXP ORDG
OLPLWVFRXOGFDXVHSHUVRQDOLQMXU\DQGRUYHKL
FOHGDPDJH
y $GHTXDWH VL]H WUDLOHU EUDNHV DUH UHTXLUHG
ZKHQWKHWUDLOHUDQGLWVFDUJRH[FHHGOEV
NJWRWDOZHLJKW
y %HIRUHWRZLQJDWUDLOHUFKHFNWKHWUDLOHUWRWDO
ZHLJKW *9: *$:V DQG WRQJXH ORDG 0DNH
VXUHWKHORDGDQGLWVGLVWULEXWLRQLQ\RXUYHKLFOH
'ULYLQJWLSV
DQGWUDLOHUDUHDFFHSWDEOH
T 7RWDOWUDLOHUZHLJKW
HS8016AA
7RWDOWUDLOHUZHLJKW
7KH WRWDO WUDLOHU ZHLJKW WUDLOHU ZHLJKW SOXV LWV FDUJR
ORDGPXVWQHYHUH[FHHGWKHPD[LPXPZHLJKWVKRZQ
LQWKHIROORZLQJWDEOH
±&217,18('±
T *URVV9HKLFOH:HLJKW*9:DQG*URVV9HKLFOH
:HLJKW5DWLQJ*9:5
'ULYLQJWLSV
0RGHO
&RQGLWLRQV
07PRGHOV :KHQWRZLQJDWUDLOHUZLWK
RXWEUDNHV
0D[LPXP
WRWDOWUDLOHU
ZHLJKW
OEV
NJ
:KHQWRZLQJDWUDLOHUZLWK
EUDNHV
OEV
NJ
$7PRGHOV :KHQWRZLQJDWUDLOHUZLWK
RXWEUDNHV
OEV
NJ
:KHQWRZLQJDWUDLOHUZLWK
EUDNHV
OEV
NJ
:KHQWRZLQJDWUDLOHURQD
ORQJXSKLOOJUDGHFRQWLQX
RXVO\IRURYHUPLOHVNP
ZLWKDQRXWVLGHWHPSHUDWXUH
RI°)°&RUDERYH
OEV
NJ
*URVV9HKLFOH:HLJKW
UB8038BA
7KH*URVV9HKLFOH:HLJKW*9:PXVWQHYHUH[FHHG
WKH*URVV9HKLFOH:HLJKW5DWLQJ*9:5
*URVV9HKLFOH:HLJKW*9:LVWKHFRPELQHGWRWDORI
WKHZHLJKWRIWKHYHKLFOHGULYHUSDVVHQJHUVOXJJDJH
WUDLOHUKLWFKWUDLOHUWRQJXHORDGDQGDQ\RWKHURSWLRQDO
HTXLSPHQW LQVWDOOHG RQ \RXU YHKLFOH 7KHUHIRUH WKH
*9:FKDQJHVGHSHQGLQJRQWKHVLWXDWLRQ'HWHUPLQH
WKH*9:HDFKWLPHEHIRUHJRLQJRQDWULSE\SXWWLQJ
\RXUYHKLFOHDQGWUDLOHURQDYHKLFOHVFDOH
*9:5LVVKRZQ RQWKHFHUWLILFDWLRQODEHO ORFDWHG RQ
WKHGULYHU¶VGRRURI\RXUYHKLFOH
UB8043BA
'ULYLQJWLSV
T *URVV$[OH:HLJKW*$:DQG*URVV$[OH
:HLJKW5DWLQJ*$:5
UB8039BA
*URVV$[OH:HLJKW
7KHWRWDOZHLJKWDSSOLHGWRHDFKD[OH*$:PXVWQHY
HUH[FHHGWKH*URVV$[OH:HLJKW5DWLQJ*$:57KH
IURQW DQG UHDU *$:V FDQ EH DGMXVWHG E\ UHORFDWLQJ
SDVVHQJHUVDQGOXJJDJHLQVLGHWKHYHKLFOH
±&217,18('±
'ULYLQJWLSV
T 7RQJXHORDG
UB8043BA
7KHIURQWDQGUHDU*$:5DUHDOVRVKRZQRQWKHFHU
WLILFDWLRQODEHO
7RFKHFNERWK*9:5DQG*$:5DQGWRFRQILUPWKDW
WKHWRWDOZHLJKWDQGZHLJKWGLVWULEXWLRQDUHZLWKLQVDIH
GULYLQJOLPLWV\RXVKRXOGKDYH\RXUYHKLFOHDQGWUDLOHU
ZHLJKHGDWDFRPPHUFLDOZHLJKLQJVWDWLRQ
%H VXUH WKDW DOO FDUJR LV ILUPO\ VHFXUHG WR SUHYHQW D
FKDQJHLQZHLJKWGLVWULEXWLRQZKLOHGULYLQJ
7RQJXHORDG
HS8019AA
,I WKH WUDLOHU LV ORDGHG ZLWK PRUH ZHLJKW LQ WKH
EDFNRIWUDLOHU¶VD[OHWKDQLQWKHIURQWWKHORDG
LVWDNHQRIIWKHUHDUD[OHRIWKHWRZLQJYHKLFOH
7KLVPD\FDXVHWKHUHDUZKHHOVWRVNLGHVSH
FLDOO\GXULQJEUDNLQJRUZKHQYHKLFOHVSHHGLV
UHGXFHG GXULQJ FRUQHULQJ UHVXOWLQJ LQ RYHU
VWHHUVSLQRXWDQGRUMDFNNQLILQJ
(QVXUHWKDWWKHWUDLOHUWRQJXHORDGLVIURPWRSHU
FHQWRIWKHWRWDOWUDLOHUZHLJKWDQGGRHVQRWH[FHHGWKH
PD[LPXPYDOXHRIOEVNJ
60%
40%
50% 50%
'ULYLQJWLSV
UB8040BB
-DFN
%DWKURRPVFDOH
7KH WRQJXH ORDG FDQ EH ZHLJKHG ZLWK D EDWKURRP
VFDOHDVVKRZQLQWKHLOOXVWUDWLRQEHORZ:KHQZHLJK
LQJWKHWRQJXHORDGEHVXUHWRSRVLWLRQWKHWRZLQJFRX
SOHU DW WKH KHLJKW DW ZKLFK LW ZRXOG EH GXULQJ DFWXDO
WRZLQJXVLQJDMDFNDVVKRZQ
HS8021BB
) )URQW
7KHWRQJXHORDGFDQEHDGMXVWHGE\SURSHUGLVWULEXWLRQ
RI WKH ORDG LQ WKH WUDLOHU 1HYHU ORDG WKH WUDLOHU ZLWK
PRUHZHLJKWLQWKHEDFNWKDQLQWKHIURQWDSSUR[LPDWH
O\SHUFHQWRIWKHWUDLOHUORDGVKRXOGEHLQWKHIURQW
DQGDSSUR[LPDWHO\SHUFHQWLQWKHUHDU$OVRGLVWULE
XWHWKHORDGDVHYHQO\DVSRVVLEOHRQERWKWKHOHIWDQG
ULJKWVLGHV
%H VXUH WKDW DOO FDUJR LV ILUPO\ VHFXUHG WR SUHYHQW D
FKDQJHLQZHLJKWGLVWULEXWLRQZKLOHGULYLQJ
±&217,18('±
'ULYLQJWLSV
7UDLOHUKLWFKHV
1HYHUGULOOWKHIUDPHRUXQGHUERG\RI\RXUYH
KLFOHWRLQVWDOODFRPPHUFLDOWUDLOHUKLWFK,I\RX
GRGDQJHURXVH[KDXVWJDVZDWHURUPXGPD\
HQWHUWKHSDVVHQJHUFRPSDUWPHQWWKURXJKWKH
GULOOHGKROH([KDXVWJDVFRQWDLQVFDUERQPRQ
R[LGH D FRORUOHVV DQG RGRUOHVV JDV ZKLFK LV
GDQJHURXVRUHYHQOHWKDOLILQKDOHG$OVRGULOO
LQJ WKH IUDPH RU XQGHUERG\ RI \RXU YHKLFOH
FRXOG FDXVH GHWHULRUDWLRQ RI VWUHQJWK RI \RXU
YHKLFOHDQGFDXVHFRUURVLRQDURXQGWKHGULOOHG
KROH
y 'R QRW PRGLI\ WKH YHKLFOH H[KDXVW V\VWHP
EUDNHV\VWHPRURWKHUV\VWHPVZKHQLQVWDOOLQJ
DKLWFKRURWKHUWUDLOHUWRZLQJHTXLSPHQW
y 'RQRWXVHD[OHPRXQWHGKLWFKHVDVWKH\FDQ
FDXVHGDPDJHWRWKHD[OHKRXVLQJZKHHOEHDU
LQJVZKHHOVRUWLUHV
7KHXVHRIDJHQXLQH68%$58WUDLOHUKLWFKLVUHFRP
PHQGHG $ JHQXLQH 68%$58 KLWFK LV DYDLODEOH IURP
\RXU68%$58GHDOHU
,IXVHRIDQRQJHQXLQHKLWFKLVXQDYRLGDEOHEHVXUH
WKHKLWFKLVVXLWHGWR\RXUYHKLFOHDQGWUDLOHU&RQVXOW
ZLWK D SURIHVVLRQDO KLWFK VXSSOLHU WR DVVLVW \RX LQ
FKRRVLQJDQDSSURSULDWHKLWFKIRU\RXUYHKLFOH%HVXUH
WRIROORZDOORIWKHKLWFKPDQXIDFWXUHU¶VLQVWUXFWLRQVIRU
LQVWDOODWLRQDQGXVH
1HYHUXVHDKLWFKWKDWPRXQWVRQO\WRWKHUHDUEXPSHU
7KH EXPSHU LV QRW GHVLJQHG WR KDQGOH WKDW W\SH RI
ORDG
)RUDOOW\SHVRIKLWFKHVUHJXODUO\FKHFNWKDWWKHKLWFK
PRXQWLQJEROWVDQGQXWVDUHWLJKW
&RQQHFWLQJDWUDLOHU
T 7UDLOHUEUDNHV
y $GHTXDWH VL]H WUDLOHU EUDNHV DUH UHTXLUHG
ZKHQWKHWUDLOHUDQGLWVFDUJRH[FHHGOEV
NJWRWDOZHLJKW
y 'RQRWGLUHFWO\FRQQHFW\RXUWUDLOHU¶VK\GUDX
OLFEUDNHV\VWHPWRWKHK\GUDXOLFEUDNHV\VWHP
LQ\RXUYHKLFOH'LUHFWFRQQHFWLRQZRXOGFDXVH
WKHYHKLFOH¶VEUDNHSHUIRUPDQFHWRGHWHULRUDWH
'ULYLQJWLSV
ORRVHDQGFUHDWHDWUDIILFVDIHW\KD]DUG
)RU VDIHW\ DOZD\V FRQQHFW WKH WRZLQJ YHKLFOH DQG
WUDLOHUZLWKWUDLOHUVDIHW\FKDLQV3DVVWKHFKDLQVFURVV
LQJHDFKRWKHUXQGHUWKHWUDLOHUWRQJXHWRSUHYHQWWKH
WUDLOHUIURPGURSSLQJRQWRWKHJURXQGLQFDVHWKHWUDLOHU
WRQJXH VKRXOG GLVFRQQHFW IURP WKH KLWFK EDOO $OORZ
VXIILFLHQWVODFNLQWKHFKDLQVWDNLQJWLJKWWXUQVLWXDWLRQV
LQWRDFFRXQWKRZHYHUEHFDUHIXOQRWWROHWWKHPGUDJ
RQWKHJURXQG
)RUPRUHLQIRUPDWLRQDERXWWKHVDIHW\FKDLQFRQQHF
WLRQUHIHUWRWKHLQVWUXFWLRQVIRU\RXUKLWFKDQGWUDLOHU
T 6LGHPLUURUV
DQGFRXOGOHDGWRDQDFFLGHQW
,I\RXUWUDLOHU¶VWRWDOZHLJKWWUDLOHUZHLJKWSOXVLWVFDUJR
ZHLJKW H[FHHGV OEV NJ WKH WUDLOHU LV UH
TXLUHGWREHHTXLSSHGZLWKLWVRZQEUDNHV\VWHP(OHF
WULF EUDNHV RU VXUJH EUDNHV DUH UHFRPPHQGHG DQG
PXVW EH LQVWDOOHG SURSHUO\ &KHFN WKDW \RXU WUDLOHU¶V
EUDNHV FRQIRUP ZLWK )HGHUDO VWDWHSURYLQFH DQGRU
RWKHU DSSOLFDEOH UHJXODWLRQV T 7UDLOHUVDIHW\FKDLQV
$OZD\VXVHVDIHW\FKDLQVEHWZHHQ\RXUYHKLFOH
DQG WKH WUDLOHU 7RZLQJ WUDLOHU ZLWKRXW VDIHW\
FKDLQVFRXOGFUHDWHDWUDIILFVDIHW\KD]DUGLIWKH
WUDLOHUVHSDUDWHVIURPWKHKLWFKGXHWRFRXSOLQJ
GDPDJHRUKLWFKEDOOGDPDJH
,QFDVHWKHWUDLOHUKLWFKFRQQHFWRURUKLWFKEDOOVKRXOG
EUHDN RU EHFRPH GLVFRQQHFWHG WKH WUDLOHU FRXOG JHW
$IWHUKLWFKLQJDWUDLOHUWR\RXUYHKLFOHFKHFNWKDWWKH
UB8041BA
±&217,18('±
'ULYLQJWLSV
VWDQGDUGVLGHPLUURUVSURYLGHDJRRGUHDUZDUGILHOGRI
YLHZZLWKRXWVLJQLILFDQWEOLQGVSRWV,IVLJQLILFDQWEOLQG
VSRWV RFFXU ZLWK WKH YHKLFOH¶V VWDQGDUG VLGH PLUURUV
XVH WRZLQJ PLUURUV WKDW FRQIRUP ZLWK )HGHUDO VWDWH
SURYLQFHDQGRURWKHUDSSOLFDEOHUHJXODWLRQV
WLUHLVXVHG7KHWHPSRUDU\VSDUHWLUHLVQRWGH
VLJQHG WR VXVWDLQ WKH WRZLQJ ORDG 8VH RI WKH
WHPSRUDU\VSDUHWLUHZKHQWRZLQJFDQUHVXOWLQ
IDLOXUHRIWKHVSDUHWLUHDQGRUOHVV VWDELOLW\RI
WKHYHKLFOH
T 7UDLOHUOLJKWV
0DNHVXUHWKDWDOOWKHWLUHVRQ\RXUYHKLFOHDUHSURSHUO\
LQIODWHG
7KHUHFRPPHQGHGFROGWLUHSUHVVXUHLVVKRZQRQWKH
YHKLFOHSODFDUGDWWDFKHGWRWKHGULYHU¶VVLGHGRRUMDPE
7UDLOHUWLUHFRQGLWLRQVL]HORDGUDWLQJDQGSURSHULQIOD
WLRQSUHVVXUHVKRXOGEHLQDFFRUGDQFHZLWKWKHWUDLOHU
PDQXIDFWXUHU¶VVSHFLILFDWLRQV
,QWKHHYHQW\RXUYHKLFOHJHWVDIODWWLUHZKHQWRZLQJD
WUDLOHUDVNDFRPPHUFLDOURDGVHUYLFHWRUHSDLUWKHIODW
WLUH
,I\RXFDUU\DUHJXODUVL]HVSDUHWLUHLQ\RXUYHKLFOHRU
WUDLOHU DV D SUHFDXWLRQ DJDLQVW JHWWLQJ D IODW WLUH EH
VXUHWKDWWKHVSDUHWLUHLVILUPO\VHFXUHG
'LUHFWVSOLFLQJRURWKHULPSURSHUFRQQHFWLRQRI
WUDLOHUOLJKWVPD\GDPDJH\RXUYHKLFOH¶VHOHFWUL
FDOV\VWHPDQGFDXVHDPDOIXQFWLRQRI\RXUYH
KLFOH¶VOLJKWLQJV\VWHP
&RQQHFWLRQRIWUDLOHUOLJKWVWR\RXUYHKLFOH¶VHOHFWULFDO
V\VWHPUHTXLUHVPRGLILFDWLRQVWRWKHYHKLFOH¶VOLJKWLQJ
FLUFXLWWRLQFUHDVHLWVFDSDFLW\DQGDFFRPPRGDWHZLU
LQJFKDQJHV7RHQVXUHWKHWUDLOHUOLJKWVDUHFRQQHFWHG
SURSHUO\SOHDVHFRQVXOW\RXU68%$58GHDOHU&KHFN
IRU SURSHU RSHUDWLRQ RI WKH WXUQ VLJQDOV WKH EUDNH
OLJKWVDQGSDUNLQJOLJKWVHDFKWLPH\RXKLWFKXS
T 7LUHV
1HYHU WRZ D WUDLOHU ZKHQ WKH WHPSRUDU\ VSDUH
7UDLOHUWRZLQJWLSV
y 1HYHUH[FHHGPSKNPKZKHQWRZLQJ
DWUDLOHULQKLOO\FRXQWU\RQKRWGD\V
y :KHQ WRZLQJ D WUDLOHU VWHHULQJ VWDELOLW\
VWRSSLQJ GLVWDQFH DQG EUDNLQJ SHUIRUPDQFH
ZLOO EH GLIIHUHQW IURP QRUPDO RSHUDWLRQ )RU
VDIHW\¶VVDNH\RXVKRXOGHPSOR\H[WUDFDXWLRQ
ZKHQ WRZLQJ D WUDLOHU DQG \RX VKRXOG QHYHU
VSHHG T %HIRUHVWDUWLQJRXWRQDWULS
y &KHFNWKDWWKHYHKLFOHDQGYHKLFOHWRKLWFKPRXQW
LQJDUHLQJRRGFRQGLWLRQ,IDQ\SUREOHPVDUHDSSDU
HQWGRQRWWRZWKHWUDLOHU
y &KHFNWKDWWKHYHKLFOHVLWVKRUL]RQWDOO\ZLWKWKHWUDLO
HUDWWDFKHG,IWKHYHKLFOHLVWLSSHGVKDUSO\XSDWWKH
IURQW DQG GRZQ DW WKH UHDU FKHFN WKH WRWDO WUDLOHU
ZHLJKW*9:*$:VDQGWRQJXHORDGDJDLQWKHQFRQ
ILUPWKDWWKHORDGDQGLWVGLVWULEXWLRQDUHDFFHSWDEOH
y &KHFNWKDWWKHWLUHSUHVVXUHVDUHFRUUHFW
y &KHFN WKDW WKH YHKLFOH DQG WUDLOHU DUH FRQQHFWHG
SURSHUO\&RQILUPWKDW
'ULYLQJWLSV
± WKH WUDLOHU WRQJXH LV FRQQHFWHG SURSHUO\ WR WKH
KLWFKEDOO
± WKHWUDLOHUOLJKWVFRQQHFWRULVFRQQHFWHGSURSHUO\
DQG WUDLOHU¶V EUDNH OLJKWV LOOXPLQDWH ZKHQ WKH YHKL
FOH¶V EUDNH SHGDO LV SUHVVHG DQG WKDW WKH WUDLOHU¶V
WXUQVLJQDOOLJKWVIODVKZKHQWKHYHKLFOH¶VWXUQVLJQDO
OHYHULVRSHUDWHG
± WKHVDIHW\FKDLQVDUHFRQQHFWHGSURSHUO\
± DOOFDUJRLQWKHWUDLOHULVVHFXUHGVDIHW\LQSRVLWLRQ
± WKHVLGHPLUURUVSURYLGHDJRRGUHDUZDUGILHOGRI
YLHZZLWKRXWDVLJQLILFDQWEOLQGVSRW
y 6XIILFLHQWWLPHVKRXOGEHWDNHQWROHDUQWKH³IHHO´RI
WKHYHKLFOHWUDLOHUFRPELQDWLRQEHIRUHVWDUWLQJRXWRQD
WULS,QDQDUHDIUHHRIWUDIILFSUDFWLFHWXUQLQJVWRSSLQJ
DQGEDFNLQJXS
T 'ULYLQJZLWKDWUDLOHU
y
'ULYLQJWLSV
PDO WXUQLQJ UDGLXV EHFDXVH WKH WUDLOHU ZKHHOV ZLOO EH
FORVHUWKDQWKHYHKLFOHZKHHOVWRWKHLQVLGHRIWKHWXUQ
,QDWLJKWWXUQWKHWUDLOHUFRXOGKLW\RXUYHKLFOH
y &URVVZLQGV ZLOO DGYHUVHO\ DIIHFW WKH KDQGOLQJ RI
\RXU YHKLFOH DQG WUDLOHU FDXVLQJ VZD\ &URVVZLQGV
FDQ EH GXH WR ZHDWKHU FRQGLWLRQV RU WKH SDVVLQJ RI
ODUJHWUXFNVRUEXVHV,IVZD\LQJRFFXUVILUPO\JULSWKH
VWHHULQJZKHHODQGVORZGRZQLPPHGLDWHO\EXWJUDGX
DOO\
y :KHQ SDVVLQJ RWKHU YHKLFOHV FRQVLGHUDEOH GLV
WDQFH LV UHTXLUHG EHFDXVH RI WKH DGGHG ZHLJKW DQG
OHQJWKFDXVHGE\DWWDFKLQJWKHWUDLOHUWR\RXUYHKLFOH
HS8023BB
/HIWWXUQ
5LJKWWXUQ
y %DFNLQJXSZLWKDWUDLOHULVGLIILFXOWDQGWDNHVSUDF
WLFH:KHQEDFNLQJXSZLWKDWUDLOHUQHYHUDFFHOHUDWH
RUVWHHUUDSLGO\:KHQWXUQLQJEDFNJULSWKHERWWRPRI
WKHVWHHULQJZKHHOZLWKRQHKDQGDQGWXUQLWWRWKHOHIW
IRUDOHIWWXUQDQGWXUQLWWRWKHULJKWIRUDULJKWWXUQ
y ,IWKH$%6ZDUQLQJOLJKWLOOXPLQDWHVZKLOHWKHYHKLFOH
LV LQ PRWLRQ VWRS WRZLQJ WKH WUDLOHUDQG KDYH UHSDLUV
SHUIRUPHGLPPHGLDWHO\E\WKHQHDUHVW68%$58GHDO
HU
T 'ULYLQJRQJUDGHV
y %HIRUHJRLQJGRZQDVWHHSKLOOVORZGRZQDQGVKLIW
LQWRORZHUJHDULIQHFHVVDU\XVHVWJHDULQRUGHUWR
XWLOL]HWKHHQJLQHEUDNLQJHIIHFWDQGSUHYHQWRYHUKHDW
LQJ RI \RXU YHKLFOH¶V EUDNHV 'R QRW PDNH VXGGHQ
GRZQVKLIWV
y :KHQGULYLQJXSKLOOLQKRWZHDWKHUWKHDLUFRQGLWLRQ
HUPD\WXUQRIIDXWRPDWLFDOO\WRSURWHFWWKHHQJLQHIURP
RYHUKHDWLQJ
y :KHQGULYLQJXSKLOOLQKRWZHDWKHUSD\DWWHQWLRQWR
WKHZDWHUWHPSHUDWXUHJDXJHSRLQWHUIRUDOOYHKLFOHV
DQG$72,/7(03ZDUQLQJOLJKWIRU$7YHKLFOHVVLQFH
WKH HQJLQH DQG WUDQVPLVVLRQ DUH UHODWLYHO\ SURQH WR
RYHUKHDWLQJXQGHUWKHVHFRQGLWLRQV,IWKHZDWHUWHP
SHUDWXUH JDXJH SRLQWHU DSSURDFKHV WKH 29(5+($7
RYHUKHDWLQJ´ VHFWLRQ LQ FKDSWHU DQG³:DUQLQJ DQG
LQGLFDWRUOLJKWV´VHFWLRQLQFKDSWHU
y ,I\RXUYHKLFOHKDVDQDXWRPDWLFWUDQVPLVVLRQDYRLG
XVLQJ WKH DFFHOHUDWRU SHGDO WR VWD\ VWDWLRQDU\ RQ DQ
XSKLOOVORSHLQVWHDGRIXVLQJWKHSDUNLQJEUDNHRUIRRW
EUDNH7KDWPD\FDXVHWKHWUDQVPLVVLRQIOXLGWRRYHU
KHDW$OVRLI\RXUYHKLFOHLVHTXLSSHGZLWKDQDXWRPDW
LFWUDQVPLVVLRQDYRLGGULYLQJZLWKWKHJHDUVHOHFWRUOH
YHULQ³'´ZKHQWRZLQJDKHDY\WUDLOHUWRSUHYHQWIOXLG
RYHUKHDWLQJ$ORZHUJHDUVKRXOGEHXVHG
T 3DUNLQJRQDJUDGH
$OZD\VEORFNWKHZKHHOVXQGHUERWKYHKLFOHDQGWUDLOHU
ZKHQ SDUNLQJ $SSO\ WKH SDUNLQJ EUDNH ILUPO\ 'ULYLQJWLSV
±&217,18('±
,QFDVHRIHPHUJHQF\
,I\RXSDUN\RXUYHKLFOHLQDQHPHUJHQF\
-DFNDQGWRROV
/RFDWLRQRIMDFNDQGWRROV
5HPRYLQJMDFNDQGWRROEDJ
5HVWRULQJMDFNDQGWRROV
6SDUHWLUH
5HPRYLQJWKHVSDUHWLUH
5HVWRUDJHRIVSDUHWLUH
7HPSRUDU\VSDUHWLUH
)ODWWLUHV
-XPSVWDUWLQJ
(QJLQHRYHUKHDWLQJ
&KDQJLQJDIODWWLUH
+RZWRMXPSVWDUW
8VLQJWKHWHPSRUDU\VSDUHWLUH
,IVWHDPLVFRPLQJIURPWKHHQJLQH
FRPSDUWPHQW
,IQRVWHDPLVFRPLQJIURPWKHHQJLQH
FRPSDUWPHQW
7RZLQJ
7RZLQJDQGWLHGRZQKRRNV
8VLQJDIODWEHGWUXFN
7RZLQJZLWKDOOZKHHOVRQWKHJURXQG
0RRQURRI±LIWKHPRRQURRIFDQQRWEH
FORVHG
,QFDVHRIHPHUJHQF\
,QFDVHRIHPHUJHQF\
,I\RXSDUN\RXUYHKLFOHLQDQHPHU
JHQF\
127(
:KHQ WKH KD]DUG ZDUQLQJ IODVKHU LV RQ WKH WXUQ
VLJQDOVGRQRWZRUN
UB8002BA
7KHKD]DUGZDUQLQJIODVKHUVKRXOGEHXVHGLQGD\RU
QLJKWWRZDUQRWKHUGULYHUVZKHQ\RXKDYHWRSDUN\RXU
YHKLFOHXQGHUHPHUJHQF\FRQGLWLRQV
$YRLGVWRSSLQJRQWKHURDG,WLVEHVWWRVDIHO\SXOORII
WKHURDGLIDSUREOHPRFFXUV
7KHKD]DUGZDUQLQJIODVKHUFDQEHDFWLYDWHGUHJDUG
OHVVRIWKHLJQLWLRQVZLWFKSRVLWLRQ
7XUQ RQ WKH KD]DUG ZDUQLQJ E\ SXVKLQJ WKH KD]DUG
ZDUQLQJ IODVKHU VZLWFK 7XUQ LW RII E\ SXVKLQJ WKH
VZLWFKDJDLQ
-DFNDQGWRROV
7KHMDFNVXSSOLHGZLWKWKHYHKLFOHLVGHVLJQHGRQO\IRU
FKDQJLQJDWLUH
%HIRUHXVLQJWKHMDFNVHHWKH³)ODWWLUHV´VHFWLRQLQWKLV
FKDSWHUIRULQVWUXFWLRQVDQGSUHFDXWLRQV
/RFDWLRQRIMDFNDQGWRROV
7KHMDFNDQGWRROEDJDUHORFDWHGLQWKHOHIWVLGHUHDU
TXDUWHUSRFNHWDWWKHEDFNVLGHRIWKHUHDUVHDWEDFN
UBF053BA
,QFDVHRIHPHUJHQF\
$ZKHHOQXWZUHQFKMDFNGULYHWXEHWLUHKROGLQJURG
WLUH KROGLQJ UHWDLQHU VFUHZGULYHU PRRQURRI ZUHQFK
DQGWZREHOWVDUHLQFOXGHGLQWKHWRROEDJ
UB9079AA
±&217,18('±
,QFDVHRIHPHUJHQF\
5HPRYLQJMDFNDQGWRROEDJ
5HG
$ /2&.
% 81/2&.
UB1109BB
2SHQWKHOHIWKDQGSRFNHWOLGE\WXUQLQJWKHNQRE
7DNHWKHWRROEDJRXWRIWKHSRFNHW
UB9074BA
3XOOWKHUHDUVHDWEDFNORFNVXSDQGIROGGRZQWKH
UHDUVHDWEDFNWRJDLQDFFHVVWRWKHUHDUTXDUWHUSRFN
HWVDWERWKVLGHV
,QFDVHRIHPHUJHQF\
5HVWRULQJMDFNDQGWRROV
UB9075BA
/RRVHQWKHMDFNKROGLQJVFUHZE\WXUQLQJFRXQWHU
FORFNZLVHDQGUHPRYHWKHMDFNIURPWKHSRFNHW
127(
y %HFDUHIXOQRWWRORVHWKHMDFNKROGLQJVFUHZDI
WHUUHPRYLQJLW
y 0DNHVXUHWKHMDFNLVZHOOOXEULFDWHGEHIRUHXV
LQJLW
UB9082BA
6WUDS WKH ZKHHO QXW ZUHQFK MDFN GULYH WXEH DQG
WLUHKROGLQJURGWRJHWKHUXVLQJWKHWZREHOWVWKHQUH
WXUQWKHPWRWKHWRROEDJWRJHWKHUZLWKWKHRWKHUWRROV
&RQWUDFWWKHMDFNE\WXUQLQJWKHMDFNVFUHZFRXQWHU
FORFNZLVHWRWKHHQG
±&217,18('±
6HFXUHO\IL[WKHMDFNZLWKWKHMDFNKROGLQJVFUHZE\
WXUQLQJLWFORFNZLVH
,QVWDOOWKHOHIWKDQGSRFNHWOLGDQGORFNLWE\WXUQLQJ
WKHNQRE
127(
&RQILUP QR ORRVHQHVV H[LVWV DIWHU VHFXULQJ WKH
MDFN/RRVHQHVVPD\FDXVHDUDWWOHZKLOHWKHYHKL
FOHLVPRYLQJ
$IWHU WKH MDFN DQG WKH WRRO EDJ KDYH EHHQ UH
VWRUHG LQ WKH UHDU TXDUWHU SRFNHW PDNH VXUH
WKDW WKH UHDU VHDWEDFN KDV EHHQ VHFXUHO\
ORFNHG :KHQ VHFXUHO\ ORFNHG WKH UHG PDUNV
RQWKHORFNLQJNQREVDUHQRORQJHUYLVLEOH
,QFDVHRIHPHUJHQF\
3ODFHWKHMDFNRQWRWKHEUDFNHWLQWKHSRFNHW
UB9076BA
UB9075CA
6SDUHWLUH
,QFDVHRIHPHUJHQF\
5HPRYLQJWKHVSDUHWLUH
7DNHWKHZKHHOQXWZUHQFKRXWRIWKHWRROEDJ5H
IHUWRWKH³-DFNDQGWRROV´VHFWLRQLQWKLVFKDSWHUIRULWV
VWRUDJHORFDWLRQ
UB9053BA
7KHVSDUHWLUHLVVWRUHGLQWKHVSDUHWLUHKROGHUORFDWHG
XQGHUWKHUHDURIWKHFDUJREHG
7KHVSDUHWLUHKROGHUKDVDKRLVWPHFKDQLVPWKDWFDQ
ORZHU DQG UDLVH WKH VSDUH WLUH HDVLO\ 7KH VSDUH WLUH
KROGHULVGHVLJQHGWRFDUU\RQO\WKHWHPSRUDU\VSDUH
WLUHWKDWFRPHVZLWK\RXUYHKLFOH
%HIRUHXVLQJWKHWHPSRUDU\VSDUHWLUHVHHWKH³7HP
SRUDU\ VSDUH WLUH´ VHFWLRQ LQ WKLV FKDSWHU IRU LQVWUXF
WLRQVDQGSUHFDXWLRQV
UB9054BA
2SHQWKHWDLOJDWHDQGUHPRYHWKHUXEEHUFDSIURP
WKHFDUJREHG3XOOXSWKH³5(/($6(´SRUWLRQRIWKH
FDSZKHQUHPRYLQJLW
/RFDWH WKH KH[KHDGHG KRLVW VKDIW HQG LQVLGH WKH
KROH
±&217,18('±
,QFDVHRIHPHUJHQF\
UB9055BA
UB9056AA
7XUQWKHKRLVWVKDIWHQGFRXQWHUFORFNZLVHZLWKWKH
ZKHHOQXWZUHQFKXQWLOWKHWHPSRUDU\VSDUHWLUHLVRQ
WKHJURXQGZLWKHQRXJKFDEOHVODFNWRDOORZ\RXWRSXOO
LWRXWIURPXQGHUWKHYHKLFOH
'RQRWSXW\RXUILQJHUVLQWRWKHFHQWHUKROHRI
WKHWHPSRUDU\VSDUHWLUHZKLOH\RXSXOOLQJLWRXW
EHFDXVHWKH\PLJKWEHSLQFKHGLQEHWZHHQWKH
ZKHHODQGWKHUHWDLQHU
7LOWWKHUHWDLQHUDWWKHHQGRIWKHFDEOHDQGSXOOLW
WKURXJKWKHFHQWHURIWKHWHPSRUDU\VSDUHWLUH
$IWHUWKHWHPSRUDU\VSDUHWLUHLVUHPRYHGIURPWKH
FDEOHWKHFDEOHPXVWEHZRXQGXSFRPSOHWHO\E\WXUQ
LQJWKHKRLVWQXWVKDIWFORFNZLVHXQWLO\RXKHDUDFOLFN
LQJVRXQG$OVRYLVXDOO\LQVSHFWWKHFDEOHWRPDNHFHU
WDLQWKDWWKHUHLVQRORQJHUDQ\VODFNSUHVHQW
y :KHQXVLQJWKHVSDUHWLUHKRLVW
$IWHUWKHWHPSRUDU\VSDUHWLUHLVUHPRYHGIURP
WKH FDEOH ZLQG WKH FDEOH XS FRPSOHWHO\ XQWLO
WKHUHWDLQHUDWHQGRIWKHFDEOHVLWVDJDLQVWWKH
XQGHUVLGHRIWKHYHKLFOH'ULYLQJZLWKWKHFDEOH
QRWUHWUDFWHGIXOO\FRXOGUHVXOWLQGDPDJHWRWKH
DGMDFHQWXQGHUIORRUSDUWVDQGOHDGWRDVHULRXV
DFFLGHQW
y 7KH VSDUH WLUH KROGHU LV GHVLJQHG WR FDUU\
RQO\ WKH VPDOOHU WHPSRUDU\ VSDUH WLUH 1HYHU
VWRUH D IXOO VL]H WLUH IODW RU RWKHUZLVH LQ WKH
VSDUH WLUH KROGHU 'RLQJ VR FDQ UHVXOW LQ GDP
DJHWRDGMDFHQWXQGHUIORRUSDUWVDQGFDQOHDG
WRDVHULRXVDFFLGHQW
:KHQXVLQJWKHVSDUHWLUHKRLVW
'RQRWXVHDLUWRROVRUSRZHUWRROVWRWXUQWKH
VSDUHWLUHKRLVWVKDIWHQG,I\RXGRLWFRXOGUH
VXOWLQVHYHUHPHFKDQLFDOGDPDJHWRWKHVSDUH
WLUHKRLVW
5HVWRUDJHRIVSDUHWLUH
7XUQ WKH VSDUH WLUH KRLVW VKDIW HQG FRXQWHUFORFN
ZLVH ZLWK WKH ZKHHO QXW ZUHQFK WR ORRVHQ WKH FDEOH
VXIILFLHQWO\HQRXJKWRDOORZWKHFDEOHHQGUHWDLQHUJR
WKURXJKFHQWHUKROHRIWKHWHPSRUDU\VSDUHWLUH
,QVHUW WKH UHWDLQHU WKURXJK WKH FHQWHU KROH RI WKH
,QFDVHRIHPHUJHQF\
WHPSRUDU\WLUHZLWKWKHRXWVLGHRIWKHWLUHIDFLQJXS
7XUQWKHKRLVWVKDIWHQGFORFNZLVHZLWKWKHZKHHO
QXWZUHQFKWRZLQGWKHFDEOHXSFRPSOHWHO\XQWLO\RX
KHDUDIHZFOLFNLQJVRXQGV&RQILUPWKDWWKHWHPSRUDU\
VSDUHWLUHKROGLQJFDEOHKDVEHHQZRXQGXSFRPSOHWH
O\E\VKDNLQJWKHWHPSRUDU\WLUH
,IWKHWHPSRUDU\VSDUHWLUHLVQRWVWRUHGVHFXUH
O\LWFRXOGGDPDJHDGMDFHQWDUHDVRIWKHYHKL
FOHDQGPDNHDQDEQRUPDOQRLVH
3XWWKHUXEEHUFDSRQWKHKRLVWVKDIWHQGKROH
3ODFHWKHZKHHOQXWZUHQFKEDFNLQWRWKHWRROEDJ
DQGVWRUHWKHMDFNDQGWRROEDJLQWKHLUVWRUDJHORFD
WLRQV
±&217,18('±
&KHFN WKH LQIODWLRQ SUHVVXUH RI WKH WHPSRUDU\ VSDUH
WLUHSHULRGLFDOO\WRNHHSWKHWLUHUHDG\IRUXVH7KHFRU
UHFWSUHVVXUHLVSVLN3DNJIFP
:KHQXVLQJWKHWHPSRUDU\VSDUHWLUHQRWHWKHIROORZ
LQJ
y 'RQRWH[FHHGPSKNPK
y 'RQRWSXWDWLUHFKDLQRQWKHWHPSRUDU\VSDUHWLUH
%HFDXVHRIWKHVPDOOHUWLUHVL]HDWLUHFKDLQZLOOQRWILW
SURSHUO\
y 'RQRWXVHWZRRUPRUHWHPSRUDU\VSDUHWLUHVDWWKH
VDPHWLPH
y 'RQRWGULYHRYHUREVWDFOHV7KLVWLUHKDVDVPDOOHU
GLDPHWHUVRURDGFOHDUDQFHLVUHGXFHG
,QFDVHRIHPHUJHQF\
7HPSRUDU\VSDUHWLUH
8VLQJWKHWHPSRUDU\VSDUHWLUH
1HYHU WRZ D WUDLOHU ZKHQ WKH WHPSRUDU\ VSDUH
WLUHLVXVHG7KHWHPSRUDU\VSDUHWLUHLVQRWGH
VLJQHG WR VXVWDLQ WKH WRZLQJ ORDG 8VH RI WKH
WHPSRUDU\VSDUHWLUHZKHQWRZLQJFDQUHVXOWLQ
IDLOXUH RI WKHVSDUH WLUH DQGRU OHVVVWDELOLW\RI
WKHYHKLFOHDQGPD\OHDGWRDQDFFLGHQW
1HYHUXVHDQ\WHPSRUDU\VSDUHWLUHRWKHUWKDQ
WKHRULJLQDO8VLQJRWKHUVL]HVPD\UHVXOWLQVH
YHUH PHFKDQLFDO GDPDJH WR WKH GULYH WUDLQ RI
\RXUYHKLFOH
7KHWHPSRUDU\VSDUHWLUHLVVPDOOHUDQGOLJKWHUWKDQD
FRQYHQWLRQDOWLUHDQGLVGHVLJQHGIRUHPHUJHQF\XVH
RQO\5HPRYH WKH WHPSRUDU\ VSDUH WLUHDQG UHLQVWDOO
WKHFRQYHQWLRQDOWLUHDVVRRQDVSRVVLEOHEHFDXVHWKH
VSDUHWLUHLVGHVLJQHGRQO\IRUWHPSRUDU\XVH
2
UG0106
7UHDGZHDULQGLFDWRUEDU
,QGLFDWRUORFDWLRQPDUN
6SDUHIXVH
):'FRQQHFWRU
,QFDVHRIHPHUJHQF\
UB8003BC
y :KHQWKHZHDULQGLFDWRUDSSHDUVRQWKHWUHDGUH
SODFHWKHWLUH
127(
>$XWRPDWLF WUDQVPLVVLRQ YHKLFOHV H[FHSW 7XUER
YHKLFOH@%HIRUHGULYLQJ\RXUYHKLFOHZLWKWKHWHP
SRUDU\VSDUHWLUHSXWDVSDUHIXVHLQVLGHWKH):'
FRQQHFWRUORFDWHGLQWKHHQJLQHFRPSDUWPHQWDQG
FRQILUP WKDW WKH )URQWZKHHO GULYH ZDUQLQJ OLJKW
FRPHVRQ7KHDOOZKHHOGULYHFDSDELOLW\RIWKHYH
KLFOHKDVQRZEHHQGHDFWLYDWHG$IWHUUHLQVWDOOLQJ
WKHFRQYHQWLRQDOWLUHUHPRYHWKHVSDUHIXVHIURP
WKH):'FRQQHFWRULQRUGHUWRUHDFWLYDWHDOOZKHHO
GULYH
±&217,18('±
,QFDVHRIHPHUJHQF\
)ODWWLUHV
,I\RXJHWDIODWWLUHZKLOHGULYLQJQHYHUEUDNHVXGGHQ
O\NHHSGULYLQJVWUDLJKWDKHDGZKLOHJUDGXDOO\UHGXF
LQJVSHHG7KHQVORZO\SXOORIIWKHURDGWRDVDIHSODFH
&KDQJLQJDIODWWLUH
y 'RQRWMDFNXSWKHYHKLFOHRQDQLQFOLQHRUD
ORRVH URDG VXUIDFH 7KH MDFN FDQ FRPH RXW RI
WKH MDFNLQJ SRLQW RU VLQN LQWR WKH JURXQG DQG
WKLVFDQUHVXOWLQDVHULRXVDFFLGHQW
y 8VHRQO\WKHMDFNSURYLGHGZLWK\RXUYHKLFOH
7KHMDFNVXSSOLHGZLWKWKHYHKLFOHLVGHVLJQHG
RQO\IRUFKDQJLQJDWLUH1HYHUJHWXQGHUWKHYH
KLFOH ZKLOH VXSSRUWLQJ WKH YHKLFOH ZLWK WKLV
MDFN
y $OZD\VWXUQWKHHQJLQHRIIEHIRUHUDLVLQJWKH
IODW WLUH RII WKH JURXQG XVLQJ WKH MDFN 1HYHU
VZLQJ RU SXVK WKH YHKLFOH VXSSRUWHG ZLWK WKH
MDFN7KHMDFNFDQFRPHRXWRIWKHMDFNLQJSRLQW
GXHWRDMROWDQGWKLVFDQUHVXOWLQDVHULRXVDF
FLGHQW
y 1HYHUSODFHDWLUHRUWLUHFKDQJLQJWRROVLQWKH
SDVVHQJHU
FKDQJLQJ
FRPSDUWPHQW
DIWHU
ZKHHOV ,Q D VXGGHQ VWRS RU FROOLVLRQ ORRVH
HTXLSPHQW FRXOG VWULNH RFFXSDQWV DQG FDXVH
LQMXU\6WRUHWKHWLUHDQGDOOWRROVLQWKHSURSHU
SODFH
3DUNRQDKDUGOHYHOVXUIDFHZKHQHYHUSRVVLEOH
WKHQVWRSWKHHQJLQH
6HWWKHSDUNLQJEUDNHVHFXUHO\DQGVKLIWDPDQXDO
WUDQVPLVVLRQ YHKLFOH LQWR UHYHUVH RU DQ DXWRPDWLF
WUDQVPLVVLRQYHKLFOHLQWRWKH³3´3DUNSRVLWLRQ
7XUQ RQ WKH KD]DUG ZDUQLQJ IODVKHU DQGKDYH HY
HU\RQHJHWRXWRIWKHYHKLFOH
3XWZKHHOEORFNVDWWKHIURQWDQGUHDURIWKHWLUHGL
HS9003BA
,QFDVHRIHPHUJHQF\
DJRQDOO\RSSRVLWHWKHIODWWLUH
7DNHRXWWKHVSDUHWLUHMDFNDQGZKHHOQXWZUHQFK
EXWGRQRWUHPRYHWKHQXWV
5HIHUWRWKHVHFWLRQV³6SDUHWLUH´DQG³-DFNDQGWRROV´
LQWKLVFKDSWHUIRUWKHLUORFDWLRQLQVWUXFWLRQVDQGSUH
FDXWLRQV
$IWHUWKHVSDUHWLUHLVUHPRYHGIURPWKHVSDUHWLUHKROG
HUWKHFDEOHPXVWEHZRXQGXSFRPSOHWHO\E\WXUQLQJ
WKHKRLVWQXWVKDIWFORFNZLVHXQWLO\RXKHDUDFOLFNLQJ
VRXQG$OVRYLVXDOO\LQVSHFWWKHFDEOHWRPDNHFHUWDLQ
WKDWWKHUHLVQRORQJHUDQ\VODFNSUHVHQW
T 5HPRYLQJWKHIODWWLUHDQGLQVWDOOLQJWKHVSDUH
WLUH
/RRVHQWKHZKHHOQXWVXVLQJWKHZKHHOQXWZUHQFK
US9008BA
-DFNXSSRLQWPDUN
3ODFHWKHMDFNXQGHUWKHVLGHVLOODWWKHIURQWRUUHDU
MDFNXSSRLQWFORVHVWWRWKHIODWWLUH-DFNXSSRLQWVDUH
UB9088BB
±&217,18('±
,QFDVHRIHPHUJHQF\
LQGLFDWHG E\ DUURZ PDUNV RQ WKH VLGH RI WKH VLGH VLOO
VNLUW
7XUQWKHMDFNVFUHZE\KDQGXQWLOWKHJURRYHRIWKH
MDFNKHDGHQJDJHVILUPO\LQWRWKHMDFNXSSRLQW
UB9089BA
UB9060BA
,QVHUWWKHMDFNGULYHWXEHLQWRWKHMDFNVFUHZDQGDW
WDFKWKHZKHHOQXWZUHQFKLQWRWKHMDFNGULYHWXEHDQG
WXUQWKHKDQGOHXQWLOWKHWLUHFOHDUVWKHJURXQG'RQRW
UDLVHWKHYHKLFOHKLJKHUWKDQQHFHVVDU\
5HPRYHWKHZKHHOQXWVDQGWKHIODWWLUH
,QFDVHRIHPHUJHQF\
VXUIDFHRIWKHZKHHODQGKXEZLWKDFORWK
3XW RQ WKH VSDUH WLUH 5HSODFH WKH ZKHHO QXWV
7LJKWHQWKHPE\KDQG
'RQRWXVHRLORUJUHDVHRQWKHZKHHOVWXGVRU
QXWVZKHQWKHVSDUHWLUHLVLQVWDOOHG7KLVFRXOG
FDXVHWKHQXWVWREHFRPHORRVHDQGOHDGWRDQ
DFFLGHQW
HS9011BA
7XUQWKHMDFNKDQGOHFRXQWHUFORFNZLVHWRORZHUWKH
YHKLFOH
%HIRUHSXWWLQJWKHVSDUHWLUHRQFOHDQWKHPRXQWLQJ
HS9012AA
UB9078BB
±&217,18('±
,QFDVHRIHPHUJHQF\
EDJ
8VHWKHZKHHO QXW ZUHQFK WR VHFXUHO\ WLJKWHQ WKH
ZKHHOQXWVWRWKHVSHFLILHGWRUTXHIROORZLQJWKHWLJKW
HQLQJRUGHULQWKHLOOXVWUDWLRQ7KHWRUTXHIRUWLJKWHQLQJ
WKHQXWVLVWROEIÂIWWR1ÂPWRNJIÂP
7KLVWRUTXHLVHTXLYDOHQWWRDSSO\LQJDERXWWR
OEVWRNJDWWKHWRSRIWKHZKHHOQXWZUHQFKSUR
YLGHGWR\RXUYHKLFOH1HYHUXVH\RXUIRRWRQWKHZKHHO
QXWZUHQFKRUDSLSHH[WHQVLRQRQWKHZUHQFKEHFDXVH
\RXPD\H[FHHGWKHVSHFLILHGWRUTXH+DYHWKHZKHHO
QXWWRUTXHFKHFNHGDWWKHQHDUHVWDXWRPRWLYHVHUYLFH
IDFLOLW\
T 6WRUDJHRIWKHIODWWLUH
5HPRYHWKHUXEEHUFDSIURPWKHFDUJREHG6WRUH
WKH UXEEHU FDS LQ D VDIH SODFH 3D\ DWWHQWLRQ QRW WR
ORVHWKHUXEEHUFDSDIWHUUHPRYDO
UB9077BA
y 6HFXUHWKHIODWWLUHLQWKHFDUJREHGZLWKWKH
RXWHUVLGHRIWKHZKHHOIDFLQJXSE\XVLQJWKH
GHVLJQDWHGWLUHKROGLQJURGDQGUHWDLQHU,IWKH
IODWWLUHLVQRWSURSHUO\VHFXUHGLWPD\IDOORXW
DQGFUHDWHDGDQJHURXVURDGKD]DUGWKDWFRXOG
OHDGWRDVHULRXVDFFLGHQW
y 'RQRWVWRUHWKHIODWWLUHXQGHUWKHIORRU'R
LQJVRFRXOGGDPDJHWKHXQGHUVLGHRIWKHYHKL
FOH
7DNHWKHWLUHKROGLQJURGDQGUHWDLQHURXWRIWKHWRRO
,QFDVHRIHPHUJHQF\
UB9062BB
UB9063BA
+ROGLQJURG
5HWDLQHU
3ODFH WKH IODW WLUH LQ WKH FDUJR EHG ZLWK WKH RXWHU
VLGHRIWKHZKHHOIDFLQJXS)RUDQDOXPLQXPZKHHO
UHPRYH WKH FHQWHU FDS EHIRUH SODFLQJ LW LQ WKH FDUJR
EHG
3ODFHWKHUHWDLQHURQWKHFHQWHUKROHRIWKHZKHHO
DVLOOXVWUDWHGDQGSXWWKHWLUHKROGLQJURGLQWRWKHUH
WDLQHU
,IWKHIODWWLUHLVVHSDUDWHGIURPLWVZKHHOFRPSOHWHO\
WKH UHWDLOHU VKRXOG EH SODFHG XSVLGH GRZQ RQ WKH
ZKHHO
6HFXUHWKHIODWWLUHE\WLJKWHQLQJWKHWLUHKROGLQJURG
7KHWLUHKROGLQJURGDQGUHWDLQHUDUHGHVLJQHGVROHO\
WRVHFXUHDIODWWLUHLQHPHUJHQF\'RQRWXVHWKHPIRU
DQRWKHUSXUSRVHVXFKDVVHFXULQJFDUJR
6WRUHWKHMDFNDQGZKHHOQXWZUHQFKLQWKHLUVWRU
DJHORFDWLRQV
3XWWKHUXEEHUFDSEDFNLQLWVRULJLQDOSRVLWLRQDIWHU
HYHU\WKLQJKDVEHHQUHVWRUHG
T 'ULYLQJZLWKWKHWHPSRUDU\VSDUHWLUH
,QFDVHRIHPHUJHQF\
WLRQV DQG SUHFDXWLRQV GHVFULEHG LQ WKH ³7HPSRUDU\
VSDUHWLUH´VHFWLRQLQWKLVFKDSWHU
5HSODFHWKHWHPSRUDU\VSDUHWLUHZLWKDFRQYHQWLRQDO
WLUHDVVRRQDV\RXFDQ
-XPSVWDUWLQJ
y %DWWHU\IOXLGLV68/)85,&$&,''RQRWOHWLW
FRPHLQFRQWDFWZLWKWKHH\HVVNLQFORWKLQJRU
WKHYHKLFOH
,IEDWWHU\IOXLGJHWVRQ\RXWKRURXJKO\IOXVKWKH
H[SRVHGDUHDZLWKZDWHULPPHGLDWHO\*HWPHG
LFDOKHOSLIWKHIOXLGKDVHQWHUHG\RXUH\HV
,IEDWWHU\IOXLGLVDFFLGHQWDOO\VZDOORZHGLPPH
GLDWHO\ GULQN D ODUJH DPRXQW RI PLON RU ZDWHU
DQGREWDLQLPPHGLDWHPHGLFDOKHOS
.HHS HYHU\RQH LQFOXGLQJ FKLOGUHQ DZD\ IURP
WKHEDWWHU\
y 7KHJDVJHQHUDWHGE\DEDWWHU\H[SORGHVLID
IODPHRUVSDUNLVEURXJKWQHDULW'RQRWVPRNH
RUOLJKWDPDWFKZKLOHMXPSVWDUWLQJ
y 1HYHUDWWHPSWMXPSVWDUWLQJLIWKHGLVFKDUJHG
EDWWHU\ LV IUR]HQ ,W FRXOG FDXVH WKHEDWWHU\ WR
EXUVWRUH[SORGH
y :KHQHYHUZRUNLQJRQRUDURXQGDEDWWHU\DO
ZD\VZHDUVXLWDEOHH\HSURWHFWRUVDQGUHPRYH
PHWDO REMHFWV VXFK DV ULQJV EDQGV RU RWKHU
PHWDOMHZHOU\
y %H VXUH WKH MXPSHU FDEOHV DQG FODPSV RQ
WKHPGRQRWKDYHORRVHRUPLVVLQJLQVXODWLRQ
'RQRWMXPSVWDUWXQOHVVFDEOHVLQVXLWDEOHFRQ
GLWLRQDUHDYDLODEOH
y $ UXQQLQJ HQJLQH FDQ EH GDQJHURXV .HHS
\RXU ILQJHUV KDQGV FORWKLQJ KDLU DQG WRROV
DZD\IURPWKHFRROLQJIDQEHOWVDQGDQ\RWKHU
PRYLQJHQJLQHSDUWV5HPRYLQJULQJVZDWFKHV
DQGWLHVLVDGYLVDEOH
:KHQ\RXUYHKLFOHGRHVQRWVWDUWGXHWRDUXQGRZQ
GLVFKDUJHGEDWWHU\WKHYHKLFOHPD\EHMXPSVWDUWHG
E\FRQQHFWLQJ\RXUEDWWHU\WRDQRWKHUEDWWHU\FDOOHG
WKHERRVWHUEDWWHU\ZLWKMXPSHUFDEOHV
-XPSVWDUWLQJLVGDQJHURXVLILWGRQHLQFRUUHFWO\,I\RX
DUHXQVXUHDERXWWKHSURSHUSURFHGXUHIRUMXPSVWDUW
LQJFRQVXOWDFRPSHWHQWPHFKDQLF
+RZWRMXPSVWDUW
0DNHVXUHWKHERRVWHUEDWWHU\LVYROWVDQGWKH
QHJDWLYHWHUPLQDOLVJURXQGHG
,IWKHERRVWHUEDWWHU\LVLQDQRWKHUYHKLFOHGRQRWOHW
WKHWZRYHKLFOHVWRXFK
7XUQRIIDOOXQQHFHVVDU\OLJKWVDQGDFFHVVRULHV
&RQQHFWWKHMXPSHUFDEOHVH[DFWO\LQWKHVHTXHQFH
LOOXVWUDWHG
,QFDVHRIHPHUJHQF\
±&217,18('±
,QFDVHRIHPHUJHQF\
&RQQHFWRQHMXPSHUFDEOHWRWKH
SRVLWLYH WHUPLQDO RQ WKH GLV
FKDUJHGEDWWHU\
&RQQHFW WKH RWKHU HQG RI WKH
MXPSHUFDEOHWRWKHSRVLWLYHWHU
PLQDORIWKHERRVWHUEDWWHU\
&RQQHFW RQH HQG RI WKH RWKHU
FDEOH WR WKH QHJDWLYH ± WHUPLQDO
RIWKHERRVWHUEDWWHU\
&RQQHFWWKHRWKHUHQGRIWKHFD
EOHWRWKHHQJLQHOLIWLQJEUDFNHW
0DNHVXUHWKDWWKHFDEOHVDUHQRW
QHDUDQ\PRYLQJSDUWVDQGWKDWWKH
FDEOH FODPSV DUH QRW LQ FRQWDFW
ZLWKDQ\RWKHUPHWDO
UB8007BC
$ %RRVWHUEDWWHU\
% (QJLQHOLIWLQJEUDFNHW
6WDUWWKHHQJLQHRIWKHYHKLFOHZLWKWKHERRVWHUEDW
WHU\DQGUXQLWDWPRGHUDWHVSHHG7KHQVWDUWWKHHQ
JLQHRIWKHYHKLFOHWKDWKDVWKHGLVFKDUJHGEDWWHU\
:KHQ ILQLVKHG FDUHIXOO\ GLVFRQQHFW WKH FDEOHV LQ
H[DFWO\WKHUHYHUVHRUGHU
,QFDVHRIHPHUJHQF\
(QJLQHRYHUKHDWLQJ
1HYHUDWWHPSWWRUHPRYHWKHUDGLDWRUFDSXQWLO
WKH HQJLQH KDV EHHQ VKXW RII DQG KDV IXOO\
FRROHGGRZQ:KHQWKHHQJLQHLVKRWWKHFRRO
DQWLVXQGHUSUHVVXUH5HPRYLQJWKHFDSZKLOH
WKHHQJLQHLVVWLOOKRWFRXOGUHOHDVHDVSUD\RI
ERLOLQJKRWFRRODQWZKLFKFRXOGEXUQ\RXYHU\
VHULRXVO\
,I WKH HQJLQH RYHUKHDWV SXOO RII WKH URDG VDIHO\ DQG
VWRSWKHYHKLFOHLQDVDIHSODFH
,IVWHDPLVFRPLQJIURPWKHHQJLQH
FRPSDUWPHQW
7XUQWKHHQJLQHRIIDQGJHWHYHU\RQHDZD\IURPWKH
YHKLFOHXQWLOLWFRROVGRZQ
,IQRVWHDPLVFRPLQJIURPWKHHQJLQH
FRPSDUWPHQW
.HHSWKHHQJLQHUXQQLQJDWLGOLQJVSHHG
2SHQ WKH KRRG WR YHQWLODWH WKH HQJLQH FRPSDUW
PHQW
±&217,18('±
,QFDVHRIHPHUJHQF\
&RQILUPWKDWWKHFRROLQJIDQLVWXUQLQJ,IWKHIDQLVQRW
WXUQLQJ LPPHGLDWHO\ WXUQ WKH HQJLQH RII DQG FRQWDFW
\RXUDXWKRUL]HGGHDOHUIRUUHSDLU
$IWHUWKHHQJLQHFRRODQWWHPSHUDWXUHKDVGURSSHG
WXUQRIIWKHHQJLQH
,I WKH WHPSHUDWXUH JDXJH VWD\V DW WKH RYHUKHDWHG
]RQHWXUQWKHHQJLQHRII
$IWHUWKHHQJLQHKDVIXOO\FRROHGGRZQFKHFNWKH
FRRODQWOHYHOLQWKHUHVHUYHWDQN
,IWKHFRRODQWOHYHOLVEHORZWKH³0,1´PDUNDGGFRRO
DQWXSWRWKH³0$;´PDUN
,IWKHUHLVQRFRRODQWLQWKHUHVHUYHWDQNDGGFRRO
DQWWRWKHUHVHUYHWDQN7KHQUHPRYHWKHUDGLDWRUFDS
DQGILOOWKHUDGLDWRUZLWKFRRODQW
,I\RXUHPRYHWKHUDGLDWRUFDSIURPDKRWUDGLDWRUILUVW
ZUDSDWKLFN FORWK DURXQGWKHUDGLDWRU FDS WKHQ WXUQ
WKH FDS FRXQWHUFORFNZLVH VORZO\ ZLWKRXW SUHVVLQJ
GRZQXQWLOLWVWRSV5HOHDVHWKHSUHVVXUHIURPWKHUD
GLDWRU$IWHUWKHSUHVVXUHKDVEHHQIXOO\UHOHDVHGUH
PRYHWKHFDSE\SUHVVLQJGRZQDQGWXUQLQJLW
7RZLQJ
1HYHUWRZ$:'YHKLFOHVERWK$7DQG07ZLWK
WKHIURQWZKHHOVUDLVHGRIIWKHJURXQGZKLOHWKH
UHDUZKHHOVDUHRQWKHJURXQGRUZLWKWKHUHDU
ZKHHOV UDLVHG RII WKH JURXQG ZKLOH WKH IURQW
ZKHHOV DUH RQ WKH JURXQG 7KLV ZLOO FDXVH WKH
YHKLFOHWRVSLQDZD\GXHWRWKHRSHUDWLRQRUGH
WHULRUDWLRQRIWKHFHQWHUGLIIHUHQWLDO
,IWRZLQJLVQHFHVVDU\LWLVEHVWGRQHE\\RXU68%$58
UB9064BA
GHDOHU RU D FRPPHUFLDO WRZLQJ VHUYLFH 2EVHUYH WKH
IROORZLQJSURFHGXUHVIRUVDIHW\
7RZLQJDQGWLHGRZQKRRNV
7KHWRZLQJKRRNVVKRXOGEHXVHGRQO\LQDQHPHUJHQ
F\ HJ WR IUHH D VWXFN YHKLFOH IURP PXG VDQG RU
VQRZ
y 8VH RQO\ VSHFLILHG WRZLQJ KRRNV DQG WLH
GRZQ KRRNV 1HYHU XVH VXVSHQVLRQ SDUWV RU
RWKHUERG\SDUWVIRUWRZLQJRUWLHGRZQSXUSRV
HV
y 1HYHU XVH WKH WLHGRZQ KRRN FORVHVW WR WKH
PXIIOHUXQGHUWKHYHKLFOHIRUWRZLQJSXUSRVHV
y 7R SUHYHQW GHIRUPDWLRQ WR WKH IURQW EXPSHU
DQG WKH WRZLQJ KRRN GR QRW DSSO\ H[FHVVLYH
ODWHUDOORDGWRWKHWRZLQJKRRNV
,QFDVHRIHPHUJHQF\
UB9065BB
7RZLQJKRRNFRYHU
7RZLQJKRRN
7KHIURQWWRZLQJKRRNLVORFDWHGRQWKHLQVLGHRIWKH
WRZLQJKRRNFRYHUEHORZWKHULJKWKDQGKHDGOLJKW
±&217,18('±
,QFDVHRIHPHUJHQF\
UB9070BB
7LHGRZQKRRN
7LHGRZQKRRN
7RZLQJDQGWLHGRZQKRRN
UB9066CB
1
UB9010BB
9HKLFOHZLWKWUDLOHUKLWFKLIHTXLSSHG
7LHGRZQKRRN
,QFDVHRIHPHUJHQF\
T 7RZLQJKRRNFRYHUUHPRYDOSURFHGXUH
7KHWRZLQJKRRNFRYHULVVHFXUHGE\WDEVWKDWILWLQWR
FRUUHVSRQGLQJVORWVLQWKHYHKLFOHERG\
7RUHPRYHWKHFRYHU
)UHH WKH WDEV RQ WKH WRZLQJ KRRN FRYHU E\ ILUPO\
SUHVVLQJWKHSRLQWLQGLFDWHGE\DQDUURZZLWKWKHSDOP
RI\RXUKDQG
UB9083BA
±&217,18('±
,QFDVHRIHPHUJHQF\
T 7RZLQJKRRNFRYHULQVWDOODWLRQSURFHGXUH
3XOORIIWKHWRZLQJKRRNFRYHU
UB9084BA
UB9069BA
7RUHLQVWDOOWKHWRZLQJKRRNFRYHUSXVKLWLQRQERWK
VLGHV ZKLOH SXVKLQJ LW EDFN WR LWV RULJLQDO SRVLWLRQ
0DNHFHUWDLQWKDWWKHWDEVDWWKHHQGRIWKHFRYHUDUH
VHFXUHO\ LQVHUWHG LQWR WKH FRUUHVSRQGLQJ VORWV LQ WKH
YHKLFOH¶VERG\
8VLQJDIODWEHGWUXFN
7RZLQJZLWKDOOZKHHOVRQWKHJURXQG
,QFDVHRIHPHUJHQF\
UB9072AA
UB9071AA
7KLVLVWKHEHVWZD\WRWUDQVSRUW\RXUYHKLFOH8VHWKH
IROORZLQJSURFHGXUHVWRHQVXUHVDIHWUDQVSRUWDWLRQ
6KLIWWKHVHOHFWRUOHYHULQWRWKH³3´SRVLWLRQIRUDX
WRPDWLF WUDQVPLVVLRQ YHKLFOHV RU ³VW´ IRU PDQXDO
WUDQVPLVVLRQYHKLFOHV
3XOOXSWKHSDUNLQJEUDNHOHYHUILUPO\
6HFXUH WKH YHKLFOH RQWR WKH FDUULHU SURSHUO\ ZLWK
VDIHW\ FKDLQV (DFK VDIHW\ FKDLQ VKRXOG EH HTXDOO\
WLJKWHQHGDQGFDUHPXVWEHWDNHQQRWWRSXOOWKHFKDLQV
VRWLJKWO\WKDWWKHVXVSHQVLRQERWWRPVRXW
y 1HYHUWXUQWKHLJQLWLRQVZLWFKWRWKH³/2&.´
SRVLWLRQ ZKLOH WKH YHKLFOH LV EHLQJ WRZHG EH
FDXVH WKH VWHHULQJ ZKHHO DQG WKH GLUHFWLRQ RI
WKHZKHHOVZLOOEHORFNHG
y 5HPHPEHUWKDWWKHEUDNHERRVWHUDQGSRZHU
VWHHULQJGRQRWIXQFWLRQZKHQWKHHQJLQHLVQRW
UXQQLQJ%HFDXVHWKHHQJLQHLVWXUQHGRIILWZLOO
WDNH JUHDWHU HIIRUW WR RSHUDWH WKH EUDNH SHGDO
DQGVWHHULQJZKHHO
±&217,18('±
,QFDVHRIHPHUJHQF\
y ,IWUDQVPLVVLRQIDLOXUHRFFXUVWUDQVSRUW\RXU
YHKLFOHRQDIODWEHGWUXFN
y 'RQRWUXQWKHHQJLQHZKLOHWKHYHKLFOHLVEH
LQJ WRZHG XVLQJ WKLV PHWKRG 7UDQVPLVVLRQ
GDPDJHFRXOGUHVXOWLIWKHYHKLFOHLVWRZHGZLWK
WKHHQJLQHUXQQLQJ
y )RU YHKLFOHV ZLWK DXWRPDWLF WUDQVPLVVLRQ
WKHWUDYHOLQJVSHHGPXVWEHOLPLWHGWROHVVWKDQ
PSKNPKDQGWKHWUDYHOLQJGLVWDQFHWR
OHVVWKDQPLOHVNP)RUJUHDWHUVSHHGV
DQGGLVWDQFHVWUDQVSRUW\RXUYHKLFOHRQDIODW
EHGWUXFN
&KHFN WKH WUDQVPLVVLRQ DQG GLIIHUHQWLDO RLO OHYHOV
DQGDGGRLOWREULQJLWWRWKHXSSHUOHYHOLIQHFHVVDU\
5HOHDVH WKH SDUNLQJ EUDNH DQG SXW WKH WUDQVPLV
VLRQLQQHXWUDO
7KHLJQLWLRQVZLWFKVKRXOGEHLQWKH³$&&´SRVLWLRQ
ZKLOHWKHYHKLFOHLVEHLQJWRZHG
7DNHXSVODFNLQWKHWRZOLQHVORZO\WRSUHYHQWGDP
DJHWRWKHYHKLFOH
0RRQURRI±LIWKHPRRQURRIFDQQRWEH
FORVHG
,I WKH PRRQURRI FDQQRW EH FORVHG ZLWK WKH PRRQURRI
VZLWFK\RXFDQFORVHWKHPRRQURRIPDQXDOO\
7DNH RXW WKH PRRQURRI ZUHQFK DQG VFUHZGULYHU
IURPWKHWRROEDJ
UB9006BA
,QFDVHRIHPHUJHQF\
UB9007BB
UB9008BA
6FUHZV
5HPRYH WKH PDS OLJKW OHQV E\ SU\LQJ WKH HGJH RI
WKH OHQVZLWKDUHJXODUVFUHZGULYHUWKHQ UHPRYH WKH
VZLWFKERG\UHWDLQLQJVFUHZVDQGWDNHRIIWKHPRRQ
URRIVZLWFK
,QVHUWWKHZUHQFKLQWKHHQGRIWKHPRWRUVKDIW
y 7RORZHUWKHPRRQURRIWXUQWKHZUHQFKFORFNZLVH
y 7R FORVH WKH PRRQURRI WXUQ WKH ZUHQFK FRXQWHU
FORFNZLVH
+DYH\RXUYHKLFOHFKHFNHGE\DQDXWKRUL]HG68%$58
±&217,18('±
$SSHDUDQFHFDUH
0RVWFRPPRQFDXVHVRIFRUURVLRQ
7RKHOSSUHYHQWFRUURVLRQ
:DVKLQJ
:D[LQJDQGSROLVKLQJ
&OHDQLQJDOXPLQXPZKHHOV
&OHDQLQJIRJOLJKWOHQV
([WHULRUFDUH
&RUURVLRQSURWHFWLRQ
&OHDQLQJWKHLQWHULRU
6HDWIDEULF
/HDWKHUVHDWPDWHULDOV
6\QWKHWLFOHDWKHUXSKROVWHU\
&OLPDWHFRQWUROSDQHODXGLRSDQHOLQVWUXPHQW
SDQHOFRQVROHSDQHOVZLWFKHVFRPELQDWLRQ
PHWHUDQGRWKHUSODVWLFVXUIDFHV
$SSHDUDQFHFDUH
$SSHDUDQFHFDUH([WHULRUFDUH
:DVKLQJ
y :KHQ ZDVKLQJ WKH YHKLFOH WKH EUDNHV PD\
JHW ZHW $V D UHVXOW WKH EUDNH VWRSSLQJ GLV
WDQFHZLOOEHORQJHU7RGU\WKHEUDNHVGULYHWKH
YHKLFOH DW D VDIH VSHHG ZKLOH OLJKWO\ SUHVVLQJ
WKHEUDNHSHGDOWRKHDWXSWKHEUDNHV
y 'RQRWZDVKWKHHQJLQHFRPSDUWPHQWDQGDU
HDVDGMDFHQWWRLW,IZDWHUHQWHUVWKHHQJLQHDLU
LQWDNHHOHFWULFDOSDUWVRUWKHSRZHUVWHHULQJIOX
LG UHVHUYRLU LW ZLOO FDXVH HQJLQH WURXEOH RU
IDXOW\SRZHUVWHHULQJUHVSHFWLYHO\
7KHEHVWZD\WRSUHVHUYH\RXUYHKLFOH¶VEHDXW\LVIUH
TXHQW ZDVKLQJ :DVK WKH YHKLFOH DW OHDVW RQFH D
PRQWKWRDYRLGFRQWDPLQDWLRQE\URDGJULPH
:DVK GLUW RII ZLWK D ZHW VSRQJH DQG SOHQW\ RI OXNH
ZDUPRUFROGZDWHU'RQRWZDVKWKHYHKLFOHZLWKKRW
ZDWHUDQGLQGLUHFWVXQOLJKW
6DOWFKHPLFDOVLQVHFWVWDUVRRWDQGELUGGURSSLQJV
VKRXOGEHZDVKHGRIIE\XVLQJDOLJKWGHWHUJHQWDVUH
TXLUHG,I\RXXVHDOLJKWGHWHUJHQWPDNHFHUWDLQWKDW
LW LV D QHXWUDO GHWHUJHQW 'R QRW XVH VWURQJ VRDS RU
FKHPLFDO GHWHUJHQWV $OO FOHDQLQJ DJHQWV VKRXOG EH
SURPSWO\IOXVKHGIURPWKHVXUIDFHDQGQRWDOORZHGWR
GU\WKHUH5LQVHWKHYHKLFOHWKRURXJKO\ZLWKSOHQW\RI
OXNHZDUPZDWHU:LSHWKHUHPDLQLQJZDWHURIIZLWKD
FKDPRLVRUVRIWFORWK
127(
y %HIRUHKDYLQJ\RXUYHKLFOH ZDVKHGLQDQDXWR
PDWLFFDUZDVKUHWUDFWWKHSLOODUPRXQWHGDQWHQQD
RUUHPRYHUKHURRIPRXQWHGDQWHQQDWRSUHYHQWLW
IURPEHLQJGDPDJHG
y :KHQ KDYLQJ \RXU YHKLFOH ZDVKHG LQ DQ DXWR
PDWLFFDUZDVKPDNHVXUHEHIRUHKDQGWKDWWKHFDU
ZDVKLVRIVXLWDEOHW\SH,IWKHYHKLFOHLVHTXLSSHG
ZLWKDUHDUURRIVSRLOHULWPD\EHGDPDJHGE\FDU
ZDVKEUXVKHVRURWKHUHTXLSPHQW
T :DVKLQJWKHXQGHUERG\
&KHPLFDOVVDOWVDQGJUDYHOXVHGIRUGHLFLQJURDGVXU
IDFHVDUHH[WUHPHO\FRUURVLYHDFFHOHUDWLQJWKHFRUUR
VLRQRIXQGHUERG\FRPSRQHQWVVXFKDVWKHH[KDXVW
V\VWHPIXHODQGEUDNHOLQHVEUDNHFDEOHVIORRUSDQ
DQGIHQGHUVDQGVXVSHQVLRQ
7KRURXJKO\ IOXVK WKH XQGHUERG\ DQG LQVLGH RI WKH
IHQGHUVZLWKOXNHZDUPRUFROGZDWHUDWIUHTXHQWLQWHU
YDOVWRUHGXFHWKHKDUPIXOHIIHFWVRIVXFKDJHQWV
0XGDQGVDQGDGKHULQJWRWKHXQGHUERG\FRPSRQHQWV
PD\DFFHOHUDWHWKHLUFRUURVLRQ
$IWHUGULYLQJRIIURDGRUPXGG\RUVDQG\URDGVZDVK
WKHPXGDQGVDQGRIIWKHXQGHUERG\
&DUHIXOO\IOXVKWKHVXVSHQVLRQDQGD[OHSDUWVDVWKH\
DUHSDUWLFXODUO\SURQHWRPXGDQGVDQGEXLOGXS'RQRW
XVHDVKDUSHGJHGWRROWRUHPRYHFDNHGPXG
127(
%HFDUHIXOQRWWRGDPDJHEUDNHKRVHVVHQVRUKDU
QHVVHV DQG RWKHU SDUWV ZKHQ ZDVKLQJ VXVSHQ
VLRQFRPSRQHQWV
T 8VLQJDZDUPZDWHUZDVKHU
y .HHSDJRRGGLVWDQFHRILQFPRUPRUHEH
WZHHQWKHZDVKHUQR]]OHDQGWKHYHKLFOH
y 'RQRWZDVKWKHVDPHDUHDFRQWLQXRXVO\
y ,I D VWDLQ ZLOO QRW FRPH RXW HDVLO\ ZDVK E\ KDQG
6RPHZDUPZDWHUZDVKHUVDUHRIWKHKLJKWHPSHUD
WXUHKLJKSUHVVXUHW\SHDQGWKH\FDQGDPDJHRUGH
IRUPWKHUHVLQSDUWVVXFKDVPRXOGLQJVRUFDXVHZD
WHUWROHDNLQWRWKHYHKLFOH
:D[LQJDQGSROLVKLQJ
$OZD\V ZDVK DQG GU\ WKH YHKLFOH EHIRUH ZD[LQJ DQG
SROLVKLQJ
8VHDJRRGTXDOLW\SROLVKDQGZD[DQGDSSO\WKHPDF
$SSHDUDQFHFDUH
FRUGLQJWRWKHPDQXIDFWXUHU¶VLQVWUXFWLRQV:D[RUSRO
LVKZKHQWKHSDLQWHGVXUIDFHLVFRRO
%HVXUHWRSROLVKDQGZD[WKHFKURPHWULPDVZHOODV
WKHSDLQWHGVXUIDFHV/RVVRIZD[RQDSDLQWHGVXUIDFH
OHDGVWRORVVRIWKH RULJLQDO OXVWHU DQG DOVR TXLFNHQV
WKH GHWHULRUDWLRQ RI WKH VXUIDFH ,W LV UHFRPPHQGHG
WKDWDFRDWRIZD[EHDSSOLHGDWOHDVWRQFHDPRQWKRU
ZKHQHYHUWKHVXUIDFHQRORQJHUUHSHOVZDWHU
,I WKH DSSHDUDQFH RI WKH SDLQW KDV GLPLQLVKHG WR WKH
SRLQW ZKHUH WKH OXVWHU RU WRQH FDQQRW EH UHVWRUHG
OLJKWO\ SROLVK WKH VXUIDFH ZLWK D ILQHJUDLQHG FRP
SRXQG1HYHUSROLVKMXVWWKHDIIHFWHGDUHDEXWLQFOXGH
WKH VXUURXQGLQJ DUHD DV ZHOO $OZD\V SROLVK LQ RQO\
RQHGLUHFWLRQ$1RJUDLQFRPSRXQGLVUHFRP
PHQGHG 1HYHU XVH D FRDUVHJUDLQHG FRPSRXQG
&RDUVHUJUDLQHGFRPSRXQGVKDYHDVPDOOHUJUDLQVL]H
QXPEHU DQG FRXOG GDPDJH WKH SDLQW $IWHU SROLVKLQJ
ZLWKDFRPSRXQGFRDWZLWKZD[WRUHVWRUHWKHRULJLQDO
OXVWHU)UHTXHQWSROLVKLQJZLWKDFRPSRXQGRUDQLQ
FRUUHFWSROLVKLQJWHFKQLTXHZLOOUHVXOWLQUHPRYLQJWKH
SDLQW OD\HU DQG H[SRVLQJ WKH XQGHUFRDW :KHQ LQ
GRXEWLWLVDOZD\VEHVWWRFRQWDFW\RXU68%$58GHDO
HURUDQDXWRSDLQWVSHFLDOLVW
127(
%HFDUHIXOQRWWRGDPDJHEUDNHKRVHVVHQVRUKDU
QHVVHV DQG RWKHU SDUWV ZKHQ ZDVKLQJ VXVSHQ
±&217,18('±
$SSHDUDQFHFDUH
VLRQFRPSRQHQWV
&OHDQLQJDOXPLQXPZKHHOV
y 3URPSWO\ ZLSH WKH DOXPLQXP ZKHHOV FOHDQ RI DQ\
NLQGRIJULPHRUDJHQW,IGLUWLVOHIWRQWRRORQJLWPD\
EHGLIILFXOWWRFOHDQRII
y 'RQRWXVHVRDSFRQWDLQLQJJULWWRFOHDQWKHZKHHOV
%HVXUHWRXVHDQHXWUDOFOHDQLQJDJHQWDQGODWHUULQVH
WKRURXJKO\ZLWKZDWHU'RQRWFOHDQWKHZKHHOVZLWKD
VWLII EUXVK RU H[SRVH WKHP WR D KLJKVSHHG ZDVKLQJ
GHYLFH
y &OHDQWKHYHKLFOHLQFOXGLQJWKHDOXPLQXPZKHHOV
ZLWK ZDWHU DV VRRQ DV SRVVLEOH ZKHQ LW KDV EHHQ
VSODVKHGZLWKVHDZDWHUH[SRVHGWRVHDEUHH]HVRU
GULYHQRQURDGVWUHDWHGZLWKVDOWRURWKHUDJHQWV
&OHDQLQJIRJOLJKWOHQV
6WRSWKHYHKLFOHLQDVDIHSODFH
6WRSWKHHQJLQHDQGWXUQRIIWKHIRJOLJKWV
UBA017BB
&RXQWHUFORFNZLVH
/LJKWOHQVKRUL]RQWDOFHQWHUOLQH
&KHFNWKDWWKHIRJOLJKWVDUHQRWKRW7KHQJUDVS
WKH SURWHFWRU DQG WXUQ LW DSSUR[LPDWHO\ ° FRXQWHU
FORFNZLVH
3XOOWKHSURWHFWRURIIWKHIRJOLJKW
:DVKWKHOHQVZLWKZDWHU
$SSO\ WKH SURWHFWRU WR WKH OHQV DW DQ DQJOH RI DS
SUR[LPDWHO\ °IURP WKH IRJOLJKW¶VKRUL]RQWDO FHQWHU
OLQH 7KHQ WXUQWKH SURWHFWRU FORFNZLVHXQWLOLWVWRSV
)LQDOO\FKHFNWKDWWKHSURWHFWRU¶VKRUL]RQWDOEDUVDUH
SDUDOOHOZLWKWKHIRJOLJKW¶VKRUL]RQWDOFHQWHUOLQH
$SSHDUDQFHFDUH
&RUURVLRQSURWHFWLRQ
SURSHUYHQWLODWLRQ
0RVWFRPPRQFDXVHVRIFRUURVLRQ
7KHPRVWFRPPRQFDXVHVRIFRUURVLRQDUH
7KHDFFXPXODWLRQRIPRLVWXUHUHWDLQLQJGLUWDQGGH
EULVLQERG\SDQHOVHFWLRQVFDYLWLHVDQGRWKHUDUHDV
'DPDJH WR SDLQW DQG RWKHU SURWHFWLYH FRDWLQJV
FDXVHGE\JUDYHODQGVWRQHFKLSVRUPLQRUDFFLGHQWV
&RUURVLRQLVDFFHOHUDWHGRQWKHYHKLFOHZKHQ
,WLVH[SRVHGWRURDGVDOWRUGXVWFRQWUROFKHPLFDOV
RUXVHGLQFRDVWDODUHDVZKHUHWKHUHLVPRUHVDOWLQWKH
DLURULQDUHDVZKHUHWKHUHLVFRQVLGHUDEOHLQGXVWULDO
SROOXWLRQ
,W LV GULYHQ LQ DUHDV RI KLJK KXPLGLW\ HVSHFLDOO\
ZKHQWHPSHUDWXUHVUDQJHMXVWDERYHIUHH]LQJ
'DPSQHVV LQ FHUWDLQ SDUWV RI WKH YHKLFOH UHPDLQV
IRUDORQJWLPHHYHQWKRXJKRWKHUSDUWVRIWKHYHKLFOH
PD\EHGU\
+LJKWHPSHUDWXUHVZLOOFDXVHFRUURVLRQWRSDUWVRI
WKH YHKLFOH ZKLFK FDQQRW GU\ TXLFNO\ GXH WR ODFN RI
7RKHOSSUHYHQWFRUURVLRQ
:DVKWKHYHKLFOHUHJXODUO\WRSUHYHQWFRUURVLRQRIWKH
ERG\DQGVXVSHQVLRQFRPSRQHQWV$OVRZDVKWKHYH
KLFOHSURPSWO\DIWHUGULYLQJRQDQ\RIWKHIROORZLQJVXU
IDFHV
y URDGV WKDW KDYH EHHQ VDOWHG WR SUHYHQW WKHP IURP
IUHH]LQJLQZLQWHU
y PXGVDQGRUJUDYHO
y FRDVWDOURDGV
$IWHUWKHZLQWHUKDVHQGHGLWLVUHFRPPHQGHGWKDWWKH
XQGHUERG\EHJLYHQDYHU\WKRURXJKZDVKLQJ
%HIRUHWKHEHJLQQLQJRIZLQWHUFKHFNWKHFRQGLWLRQRI
XQGHUERG\FRPSRQHQWVVXFKDVWKHH[KDXVWV\VWHP
IXHODQGEUDNHOLQHVEUDNHFDEOHVVXVSHQVLRQVWHHU
LQJV\VWHPIORRUSDQDQGIHQGHUV,IDQ\RIWKHPDUH
IRXQGWREHUXVWHGWKH\VKRXOGEHJLYHQDQDSSURSUL
DWH UXVW SUHYHQWLRQ WUHDWPHQW RU VKRXOG EH UHSODFHG
&RQWDFW\RXU68%$58GHDOHUWRSHUIRUPWKLVNLQGRI
PDLQWHQDQFHDQGWUHDWPHQWLI\RXQHHGDVVLVWDQFH
5HSDLUFKLSVDQGVFUDWFKHVLQWKHSDLQWDVVRRQDV\RX
ILQGWKHP
&KHFNWKHLQWHULRURIWKHYHKLFOHIRUZDWHUDQGGLUWDF
±&217,18('±
$SSHDUDQFHFDUH
FXPXODWLRQ XQGHU WKH IORRU PDWV EHFDXVH WKDW FRXOG
FDXVH FRUURVLRQ 2FFDVLRQDOO\FKHFNXQGHUWKH PDWV
WRPDNHVXUHWKHDUHDLVGU\
.HHS\RXUJDUDJHGU\'RQRWSDUN\RXUYHKLFOHLQD
GDPSSRRUO\YHQWLODWHGJDUDJH,QVXFKDJDUDJHFRU
URVLRQFDQEHFDXVHGE\GDPSQHVV,I\RXZDVKWKH
YHKLFOHLQWKHJDUDJHRUSXWWKHYHKLFOHLQWRWKHJDUDJH
ZKHQZHWRUFRYHUHGZLWKVQRZWKDWFDQFDXVHGDPS
QHVV
,I\RXUYHKLFOHLVRSHUDWHGLQFROGZHDWKHUDQGRULQDU
HDVZKHUHURDGVDOWVDQGRWKHUFRUURVLYHPDWHULDOVDUH
XVHG WKH GRRU KLQJHV DQG ORFNV WUXQN OLG ORFN DQG
KRRGODWFKVKRXOGEHLQVSHFWHGDQGOXEULFDWHGSHULRG
LFDOO\
&OHDQLQJWKHLQWHULRU
8VHDYDFXXPFOHDQHUWRJHWULGRIWKHGXVWDQGGLUW
:LSHWKHYLQ\ODUHDVZLWKDFOHDQGDPSFORWK
6HDWIDEULF
5HPRYH ORRVH GLUW GXVW RU GHEULV ZLWK D YDFXXP
FOHDQHU,IWKHGLUWLVFDNHGRQWKHIDEULFRUKDUGWRUH
PRYH ZLWK D YDFXXP FOHDQHU XVH D VRIW EOXVK WKHQ
YDFXXPLW
:LSHWKHIDEULFVXUIDFHZLWKDWLJKWO\ZUXQJFORWKDQG
GU\WKHVHDWIDEULFWKRURXJKO\,IWKHIDEULFLVVWLOOGLUW\
ZLSHXVLQJDVROXWLRQRIPLOGVRDSDQGOXNHZDUPZDWHU
WKHQGU\WKRURXJKO\
,I WKH VWDLQ GRHV QRW FRPH RXW WU\ D FRPPHUFLDOO\
DYDLODEOHIDEULFFOHDQHU8VHWKHFOHDQHURQDKLGGHQ
SODFHDQGPDNHVXUHLWGRHVQRWDIIHFWWKHIDEULFDG
YHUVHO\8VHWKHFOHDQHUDFFRUGLQJWRLWVLQVWUXFWLRQV
/HDWKHUVHDWPDWHULDOV
7KHOHDWKHUXVHGE\68%$58LVDKLJKTXDOLW\QDWXUDO
SURGXFWZKLFKZLOOUHWDLQLWVGLVWLQFWLYHDSSHDUDQFHDQG
IHHOIRUPDQ\\HDUVZLWKSURSHUFDUH
$OORZLQJGXVWRUURDGGLUWWREXLOGXSRQWKHVXUIDFHFDQ
FDXVHWKHPDWHULDOWREHFRPHEULWWOHDQGWRZHDUSUH
PDWXUHO\5HJXODUFOHDQLQJZLWKDVRIWPRLVWQDWXUDO
ILEHUFORWKVKRXOG EH SHUIRUPHG PRQWKO\ WDNLQJ FDUH
QRWWRVRDNWKHOHDWKHURUDOORZZDWHUWRSHQHWUDWHWKH
VWLWFKHGVHDPV
$PLOGGHWHUJHQWVXLWDEOHIRUFOHDQLQJZRROHQIDEULFV
PD\EHXVHGWRUHPRYHGLIILFXOWGLUWVSRWVUXEELQJZLWK
DVRIWGU\FORWKDIWHUZDUGVWRUHVWRUHWKHOXVWHU,I\RXU
68%$58LVWREHSDUNHGIRUDORQJWLPHLQEULJKWVXQ
OLJKWLWLVUHFRPPHQGHGWKDWWKHVHDWVDQGKHDGUHVWV
EHFRYHUHGRUWKHZLQGRZVVKDGHGWRSUHYHQWIDGLQJ
RUVKULQNDJH
0LQRUVXUIDFHEOHPLVKHVRUEDOGSDWFKHVPD\EHWUHDW
HGZLWKDFRPPHUFLDOOHDWKHUVSUD\ODFTXHU 6\QWKHWLFOHDWKHUXSKROVWHU\
7KHV\QWKHWLFOHDWKHUPDWHULDO XVHGRQWKH68%$58
$SSHDUDQFHFDUH
127(
6WURQJ FOHDQLQJ DJHQWV VXFK DV VROYHQWV SDLQW
WKLQQHUVZLQGRZFOHDQHURUJDVROLQHPXVWQHYHU
EHXVHGRQOHDWKHURUV\QWKHWLFLQWHULRUPDWHULDOV
&OLPDWHFRQWUROSDQHODXGLRSDQHOLQ
VWUXPHQWSDQHOFRQVROHSDQHOVZLWFK
HVFRPELQDWLRQPHWHUDQGRWKHUSODV
WLFVXUIDFHV
*HQWO\ ZLSH DZD\ FRQWDPLQDWLRQ XVLQJ D FOHDQ VRIW
FORWKPRLVWHQHGZLWKFROGRUOXNHZDUPZDWHU
127(
'R QRW XVH RUJDQLF VROYHQWV VXFK DV SDLQW WKLQ
QHUV RU JDVROLQH RU VWURQJ FOHDQLQJ DJHQWV WKDW
FRQWDLQWKRVHVROYHQWV
±&217,18('±
0DLQWHQDQFHVFKHGXOH
0DLQWHQDQFHSUHFDXWLRQV
%HIRUHFKHFNLQJRUVHUYLFLQJLQWKHHQJLQH
FRPSDUWPHQW
:KHQ\RXGRFKHFNLQJRUVHUYLFLQJLQWKH
HQJLQHFRPSDUWPHQWZKLOHWKHHQJLQHLV
UXQQLQJ
(QJLQHKRRG
(QJLQHFRPSDUWPHQWRYHUYLHZ
1RQWXUERPRGHOV
7XUERPRGHOV
(QJLQHRLO
&KHFNLQJWKHRLOOHYHO
&KDQJLQJWKHRLODQGRLOILOWHU
5HFRPPHQGHGJUDGHDQGYLVFRVLW\
5HFRPPHQGHGJUDGHDQGYLVFRVLW\XQGHU
VHYHUHGULYLQJFRQGLWLRQV
&RROLQJV\VWHP
+RVHDQGFRQQHFWLRQV
(QJLQHFRRODQW
$LUFOHDQHUHOHPHQW
5HSODFLQJWKHDLUFOHDQHUHOHPHQW
6SDUNSOXJV
5HFRPPHQGHGVSDUNSOXJV
'ULYHEHOWV
0DQXDOWUDQVPLVVLRQRLO
&KHFNLQJWKHRLOOHYHO
5HFRPPHQGHGJUDGHDQGYLVFRVLW\
$XWRPDWLFWUDQVPLVVLRQIOXLG
0DLQWHQDQFHDQGVHUYLFH
&KHFNLQJWKHIOXLGOHYHO
5HFRPPHQGHGIOXLG
)URQWGLIIHUHQWLDOJHDURLO$7YHKLFOHV
&KHFNLQJWKHRLOOHYHO
5HFRPPHQGHGJUDGHDQGYLVFRVLW\
5HDUGLIIHUHQWLDOJHDURLO
&KHFNLQJWKHJHDURLOOHYHO
5HFRPPHQGHGJUDGHDQGYLVFRVLW\
3RZHUVWHHULQJIOXLG
&KHFNLQJWKHIOXLGOHYHO
5HFRPPHQGHGIOXLG
%UDNHIOXLG
&KHFNLQJWKHIOXLGOHYHO
5HFRPPHQGHGEUDNHIOXLG
&OXWFKIOXLG07YHKLFOHV
&KHFNLQJWKHIOXLGOHYHO
5HFRPPHQGHGFOXWFKIOXLG
%UDNHERRVWHU
%UDNHSHGDO
&KHFNLQJWKHEUDNHSHGDOIUHHSOD\
&KHFNLQJWKHEUDNHSHGDOUHVHUYHGLVWDQFH
&OXWFKSHGDO0DQXDOWUDQVPLVVLRQ
YHKLFOHV
&KHFNLQJWKHFOXWFKIXQFWLRQ
&KHFNLQJWKHFOXWFKSHGDOIUHHSOD\
5HSODFHPHQWRIEUDNHSDGDQGOLQLQJ
%UHDNLQJLQRIQHZEUDNHSDGVDQGOLQLQJV
3DUNLQJEUDNHVWURNH
7LUHVDQGZKHHOV
0DLQWHQDQFHDQGVHUYLFH
7\SHVRIWLUHV
7LUHLQVSHFWLRQ
7LUHSUHVVXUHVDQGZHDU
:KHHOEDODQFH
:HDULQGLFDWRUV
7LUHURWDWLRQ
7LUHUHSODFHPHQW
:KHHOUHSODFHPHQW
$OXPLQXPZKHHOV
:LQGVKLHOGZDVKHUIOXLG
5HSODFHPHQWRIZLQGVKLHOGZLSHUEODGHV
%DWWHU\
)XVHV
0DLQIXVH
,QVWDOODWLRQRIDFFHVVRULHV
5HSODFLQJEXOEV
+HDGOLJKW
)URQWIRJOLJKW
)URQWWXUQVLJQDOOLJKWSDUNLQJOLJKWDQG
VLGHPDUNHUOLJKW
5HDUFRPELQDWLRQOLJKWV
7DLOOLJKWRQWKHWDLOJDWH
/LFHQVHSODWHOLJKW
0DSOLJKWGRPHOLJKWDQGGRRUVWHSOLJKW
+LJKPRXQWVWRSDQGFDUJROLJKWDVVHPEO\
6SRUWDFWLYLW\OLJKWVLIHTXLSSHG
0DLQWHQDQFHDQGVHUYLFH0DLQWHQDQFHVFKHGXOH
0DLQWHQDQFHSUHFDXWLRQV
7KHVFKHGXOHGPDLQWHQDQFHLWHPVUHTXLUHGWREHVHU
YLFHGDWUHJXODULQWHUYDOVDUHVKRZQLQWKH³:DUUDQW\
DQG0DLQWHQDQFH%RRNOHW´
:KHQPDLQWHQDQFHDQGVHUYLFHDUHUHTXLUHGLWLVUHF
RPPHQGHG WKDW DOO ZRUN EH GRQH E\ DQ DXWKRUL]HG
68%$58GHDOHU
0DLQWHQDQFHDQGVHUYLFH
)RU GHWDLOV RI \RXU PDLQWHQDQFH VFKHGXOH UHDG WKH
VHSDUDWH³:DUUDQW\DQG0DLQWHQDQFH%RRNOHW´
,I \RX SHUIRUP PDLQWHQDQFH DQG VHUYLFH E\ \RXUVHOI
\RX VKRXOG IDPLOLDUL]H \RXUVHOI ZLWK WKH LQIRUPDWLRQ
SURYLGHGLQWKLVVHFWLRQRQJHQHUDOPDLQWHQDQFHDQG
VHUYLFHIRU\RXU68%$58
,QFRUUHFWRULQFRPSOHWHVHUYLFHFRXOGFDXVHLPSURSHU
RUXQVDIHYHKLFOHRSHUDWLRQ$Q\SUREOHPVFDXVHGE\
LPSURSHUPDLQWHQDQFHDQGVHUYLFHSHUIRUPHGE\\RX
DUHQRWHOLJLEOHIRUZDUUDQW\FRYHUDJH
y 7HVWLQJ RI DQ $OO:KHHO 'ULYH YHKLFOH PXVW
1(9(5EHSHUIRUPHGRQDVLQJOHWZRZKHHOG\
QDPRPHWHURUVLPLODUDSSDUDWXV$WWHPSWLQJWR
GRVRZLOOUHVXOWLQWUDQVPLVVLRQGDPDJHDQGLQ
XQFRQWUROOHGYHKLFOHPRYHPHQWDQGPD\FDXVH
DQDFFLGHQWRULQMXULHVWRSHUVRQVQHDUE\
y $OZD\V VHOHFW D VDIH DUHD ZKHQ SHUIRUPLQJ
PDLQWHQDQFHRQ\RXUYHKLFOH
y $OZD\VEH YHU\FDUHIXOWRDYRLGLQMXU\ZKHQ
ZRUNLQJRQWKHYHKLFOH5HPHPEHUWKDWVRPHRI
±&217,18('±
0DLQWHQDQFHDQGVHUYLFH
WKHPDWHULDOVLQWKHYHKLFOHPD\EHKD]DUGRXVLI
LPSURSHUO\ XVHG RU KDQGOHG IRU H[DPSOH EDW
WHU\DFLG
y
PD\DFWLYDWHWKHV\VWHPRULWFDQUHQGHULWLQRS
HUDWLYH 7KH ZLULQJ DQG FRQQHFWRUV RI WKHVH
V\VWHPVDUH\HOORZIRUHDV\LGHQWLILFDWLRQ1(9
(5XVHDFLUFXLWWHVWHUIRUWKHVHZLULQJ
,I \RXU 656 DLUEDJ RU VHDWEHOW SUHWHQVLRQHU
QHHGV VHUYLFH FRQVXOW \RXU QHDUHVW 68%$58
%HIRUHFKHFNLQJRUVHUYLFLQJLQWKHHQ
JLQHFRPSDUWPHQW
y $OZD\V VWRS WKH HQJLQH DQG VHW WKH SDUNLQJ
EUDNH ILUPO\ WR SUHYHQW WKH YHKLFOH IURP PRY
LQJ
y $OZD\V OHW WKH HQJLQH FRRO GRZQ (QJLQH
SDUWVEHFRPHYHU\KRWZKHQWKHHQJLQHLVUXQ
QLQJDQGUHPDLQKRWIRUVRPHWLPHDIWHUWKHHQ
JLQHLVVWRSSHG
y 'RQRWVSLOOHQJLQHRLOHQJLQHFRRODQWEUDNH
IOXLG RU DQ\ RWKHU IOXLG RQ KRW HQJLQH FRPSR
QHQWV7KLVPD\FDXVHDILUH
y $OZD\V UHPRYH WKH NH\ IURP WKH LJQLWLRQ
VZLWFK:KHQWKHLJQLWLRQVZLWFKLVLQWKH³21´
SRVLWLRQWKHFRROLQJIDQPD\RSHUDWHVXGGHQO\
HYHQZKHQWKHHQJLQHLVVWRSSHG
(QJLQHKRRG
0DLQWHQDQFHDQGVHUYLFH
DQG*$:5OLPLWDWLRQV5HSODFHPHQWWLUHVZLWKDKLJK
HU ORDG UDQJH WKDQ WKH RULJLQDOV GR QRW LQFUHDVH WKH
*9:5DQG*$:5OLPLWDWLRQV
]RQH RU WKH $7 2,/ 7(03 ZDUQLQJ OLJKW LOOXPLQDWHV
LPPHGLDWHO\VZLWFKRIIWKHDLUFRQGLWLRQHUDQGVWRSWKH
YHKLFOHDWWKHQHDUHVWVDIHSODFH5HIHUWRWKH³(QJLQH
GHDOHU
PD\EHFOHDQHGXVLQJPLOGVRDSRUGHWHUJHQWDQGZD
WHUDIWHUILUVWYDFXXPLQJRUEUXVKLQJDZD\ORRVHGLUW
$OORZWKHVRDSWRVRDNLQIRUDIHZPLQXWHVDQGZLSH
RII ZLWK D FOHDQ GDPS FORWK &RPPHUFLDO IRDPW\SH
FOHDQHUV VXLWDEOH IRU V\QWKHWLF OHDWKHU PDWHULDOV PD\
EHXVHGZKHQQHFHVVDU\
GHDOHU