$7+,16758&7,216,16,&$58// 7+,68650$18$/258785551
RORU3ODVPDLVSOD\
7KLVVHULDOQXPEHULVORFDWHGRQWKHUHDURIWKHPRQLWRU
3OHDVHNHHSWKLVXVHUPDQXDOIRUIXWXUHUHIHUHQFH
7KDQN\RXIRUSXUFKDVLQJWKH+,7$&+,3ODVPDLVSOD\
3OHDVHUHDGWKLVXVHUPDQXDOFDUHIXOO\EHIRUHRSHUDWLQJ
217176
03257$176$7,16758&7,216
17528&7,21
$ERXW7KLV0DQXDO
7UDGH DUN&UHGLWV
$ERXW6RIWZDUH
$735&$87,216
$ERXWWKH6\ Erov
$735&$87,216FRQWLQXHG
RQRWSODFHDQ\WKLQJKHDY\RQWRSRIWKHXQLW
1HYHUXVHWKLVXQLWLQWKHEDWKURRPRUVKRZHUURRP
7DNHHWUDFDUHZKLOHPRYLQJWKHXQLW
,WPD\FDXVH¿UHHOHFWULFDOVKRFNRUSHUVRQDOLQMXULHV
FRXOGFDXVHPDOIXQFWLRQ
,WFRXOGUHVXOWLQHOHFWULFDOVKRFN
OHDQLQJDQG0DLQWHQDQFH
$%2873/$60$,63/$
DJH5HWHQWLRQRI3ODV DLVSOD\
RQSKHQR HQDRI3ODV DLVSOD\3DQHO
KDUDFWHULVWLFVRI, DJH5HWHQWLRQ
$7856
6833/,$&&6625,6
237,21
$VN\RXUORFDOGHDOHUIRUIXUWKHUGHWDLOV
20321171$06
0DLQ8QLW
URQW3DQHO
5HDU3DQHO
20321171$06&RQWLQXHG
5H RWH&RQWURO
5H RWH&RQWURO%DWWHULHV,QVWDOODWLRQ
353$5$7,21
DXWLRQ KHQ0RYLQJWKH0DLQ8QLW
6DIHW\3UHFDXWLRQRQ0DLQ8QLW,QVWDOODWLRQ
353$5$7,21FRQWLQXHG
$QWL7X EOH0HDVXUHV
7HU LQDO3RVLWLRQV
211&7,21
RQQHFWLQJ3URFHGXUH
211&7,21FRQWLQXHG
RQQHFWLQJ3URFHGXUHFRQWLQXHG
&RQQHFWLQJWRWHUQDOTXLS HQW 7HU LQDOVRQ5HDU
287DPSOH@
,QIRUPDWLRQ
DPSOH@
SULRULW\RYHUWKHDXGLRWHUPLQDO
0LQL6WHUHRSOXJRU
WRWKH3KRWR,QSXWIXQFWLRQVKRZQRQ a
7HU LQDOVRQ6LGH
DPSOH@
&RQQHFWLQJWKHSOXJLQWRWKHZDOOVRFNHW
,QIRUPDWLRQ +RZWRVHFXUHWKHFDEOHV
+RZWRIDVWHQWKHEDQG
7RWLJKWHQ 7RORRVHQ
$6,&235$7,21
3RZHU2Q2II
7RWXUQ2QWKHSRZHURIWKHXQLW
7RWXUQ2IIWKHSRZHURIWKHXQLW
$6,&235$7,21FRQWLQXHG
LUVW7L H6HWXS
9ROX H832
0XWH
QSXW6LJQDO6FUHHQLVSOD\
2IIWLPHU
018235$7,21
+RZWRXVHWKH2Q6FUHHQLVSOD\26V\VWH
DQJXDJH0HQX
%DVLF2SHUDWLRQ
6HWXSKLQW
018235$7,21FRQWLQXHG 6HWXS0HQX79 RGH
,QIRUPDWLRQ
018235$7,21FRQWLQXHG
6HWXS0HQX79 RGHFRQWLQXHG
018235$7,21FRQWLQXHG 6HWXS0HQX$9 RGH
018235$7,21FRQWLQXHG 6HWXS0HQX5*% RGH
RGHFRQWLQXHG
QSXW/HYHO
UHTXHQF\LVSOD\
9HUWLFDOLOWHU
XQFWLRQ0HQX
XQFWLRQ0HQXFRQWLQXHG
018235$7,21FRQWLQXHG 3LFWXUH0HQX79$9 RGH
3LFWXUH0HQX79$9 RGHFRQWLQXHG
RORU7HPS$GMXVW
RORU0DQDJHPHQW
RORUHFRGLQJ
,QIRUPDWLRQ
3LFWXUH0HQX5*% RGH
3LFWXUH HQX5*% RGHFRQWLQXHG
XWRII
RORU7HPS$GMXVW
OXH 2II5HPDLQVDVGHIDXOWVHWWLQJ
$XGLR0HQX
$XGLR0HQXFRQWLQXHG
7L HU0HQX
81&7,21
3RZHU6ZLYHO
$ERXW7HOHWHW
81&7,21FRQWLQXHG
+RZWRRSHUDWHWKH7HOHWHW
6LH6ZLWFKLQJ
79$9VLJQDOLQSXW
6LH6ZLWFKLQJFRQWLQXHG
79$9VLJQDOLQSXW 6LH$GMXVW HQW
8VLQJDZLGHVFUHHQ Rqlwru
%VLJQDOLQSXW
0XOWL3LFWXUH0RGH
7KLVIXQFWLRQLV127DYDLODEOHLQ+0,LQSXW
SLFWXUH RGH
7DEOH0LDQG²0DWFKRIWKH,QSXW0RGHV
RGHFRQWLQXHG
0XOWL3LFWXUH0RGHFRQWLQXHG
SLFWXUH RGH
SLFWXUH RGHFRQWLQXHG
SLFWXUH RGH
$FWLYDWHWKH0XOWL3LFWXUH0RGHLQ5*%0RGH
KHQWKHVSHDNHULFRQLVRQWKH6XEVFUHHQ
&KDQJHFKDQQHOV
7RVKLIWWKHVSHDNHULFRQ SUHVVŻŹEXWWRQV
3LFWXUHUHHLQJ
WKH³UHHH0RGH´IURPXQFWLRQ0HQX
6SOLW
6WUREH
3KRWR,QSXWXQFWLRQ
2SHUDWLQJWKH3KRWR,QSXW
LQGLFDWHGQHDUWKHVORW
HIW6LGH
5RWDWLRQXQFWLRQ
3KRWR,QSXWXQFWLRQFRQWLQXHG
QXPHULFEXWWRQVRIUHPRWHFRQWURO
6HOHFW6OLGH6ZLWFKLQJ0HWKRG
2II 2II1RHIIHFW DGH,Q2XWHIIHFW LSHHIIHFW
6HOHFWSUHIHUUHGLQWHUYDOWLPHV
6HOHFWWKH%DFNJURXQG0XVLF
LVSOD\LQJ0RYLH3LFWXUHLQ0RYLH0RGH
7KX
7KLVIXQFWLRQGRHVQRWVXSSRUWWKHPRYLH
DQG86%FDUGUHDGHUFRQQHFWLRQ
2WKHU
7RHLWIUR 3KRWR,QSXW
26,QIRU Dwlrq
6SHFLÀFDWLRQ
FRQQHFWRU,WFDXVHVWKHPDOIXQFWLRQ
WKHPDOIXQFWLRQ
PXOWLSOHPHPRULHVFDQQRWEHVHHQDWWKHVDPHWLPH
HDFKPRYLH
$XGLR6ZLWFKLQJ
LOLQJXDOXDO6RXQGEURDGFDVW
6WHUHREURDGFDVW
3UHVV EXWWRQWRVZLWFKEHWZHHQVWHUHRDQGPRQRVRXQG
3RZHU6DYH0RGH
KHQ$9LQSXWLVVHOHFWHG
KHQWKH5*%LQSXWLVVHOHFWHG
5HWXUQLQJWRRSHUDWLQJVWDWXV
\SHVDVOLVWHG
6HWXSKLQW
0DNHUVRI67%3OD\HU 6HW0DNHU 6HWW\SH
7528%/6+227,1
SWR
7528%/6+227,1*FRQWLQXHG
\ SWR DQG&KHFN/LVWFRQWLQXHG
QSXWIXQFWLRQ´
DQREOLTXHGLUHFWLRQ
3&LQSXWPRGHRQO\
&KHFNLIWKH³6FUHHQ6DYHU´LV2
3RZHUVXSSO\
3528&763&,,&$7,216
3RZHUFRQVXPSWLRQDWVWDQGE\
3528&763&,,&$7,216FRQWLQXHG
6LJQDO,QSXW
5HFR
LWK+0,LQSXW
LWK5*%LQSXW
RIVWULSHV
3528&763&,,&$7,21FRQWLQXHG
5HFR HQGHG6LJQDO/LVWFRQWLQXHG
LWK0XOWL3LFWXUHXQFWLRQ
LWK3LFWXUHUHHLQJXQFWLRQ