8VHU7UDLQLQJ
$JHQGD
R 7KH$JLOLD5DQJHRI3XPSV
R 2YHUYLHZRIWKH$JLOLD)HDWXUHV
R :KHUH$JLOLDFDQEHXVHG
R 6HWWLQJXS
R 0RQLWRULQJ
R $ODUPVDQGZDUQLQJV
R 6SHFLDOIHDWXUHV
6OLGH
:KDWLV9ROXPDW0&$JLOLD"
9ROXPDW0&$JLOLDLVWKHDGYDQFHGYROXPHWULFSXPSIURP
WKH$JLOLD,QIXVLRQ6\VWHP
9ROXPHWULF3XPSV
6\ULQJH3XPSV
'LVSRVDEOH3URGXFWV
$FFHVVRULHV
9ROXPDW
$JLOLD
9ROXPDW
0&$JLOLD
6OLGH
9ROXPDW0&$JLOLD
$ODUP
VZLWFK
0HQX
2Q2II
&RUUHFWLRQ%DFN
6WRS3DXVH
2.6WDUW(QWHU
)DVW,QFUHPHQW
'RRU/HYHU
'HFUHPHQW
6OLGH
)DVW'HFUHPHQW
:KHQLVD9ROXPDW0&$JLOLDXVHG"
7KH9ROXPDW0&$JLOLDLVXVHGZKHQHYHUD YROXPHWULFSXPSLV
UHTXLUHGWRGHOLYHULQIXVLRQV
)OXLGEDJ
731EDJ
,QIXVLRQ%RWWOH
6OLGH
:KHUHFDQ9ROXPDW0&$JLOLDEHXVHG"
9ROXPDW0&$JLOLDLVDJHQHUDOSXUSRVHLQIXVLRQSXPSGHVLJQHGIRU
JHQHUDOZDUGV
,WVYHUVDWLOLW\PDNHVLWDGDSWDEOHIRUDOOFOLQLFDOSUDFWLFHVDFURVVWKH
KRVSLWDO
*HQHUDO:DUGV
$PEXODWRU\
6OLGH
&ULWLFDO&DUH
3RVLWLRQLQJ9ROXPDW0&$JLOLD
7KDQNVWRLWVVZLQJORFNFODPS
9ROXPDW0&$JLOLDFDQEH
VHFXUHO\IL[HGRQWRDYHUWLFDO
VWDQG
2UDKRUL]RQWDOUDLO
7KHSXPSFDQDOVREHSODFHGRQ
DIODWVXUIDFHIRUXVH
6OLGH
9ROXPDW0&$JLOLD9HUVDWLOLW\
'XHWRLWVKDQGOHDQGORFN9ROXPDW0&$JLOLDPD\EHVHFXUHO\DGDSWHGWR
DOOWUDQVSRUWHQYLURQPHQWV
9ROXPDW0&$JLOLDLVOLJKWZHLJKW
DQGFDQEHHDVLO\WUDQVSRUWHG
9ROXPDW0&$JLOLDFDQEHFRQQHFWHG
WRDQRWKHUSXPSHLWKHU9ROXPDWRU
,QMHFWRPDW$JLOLD
6OLGH
9ROXPDW0&$JLOLDFDQEH
IL[HGWRWKH/LQNDFFHVVRULHV
3RZHULQJWKH9ROXPDW0&$JLOLD
9ROXPDW0&$JLOLDLVSRZHUHGZLWKD
VWDQGDUGFDEOH
:KHQPDQ\$JLOLDGHYLFHVDUH
VWDFNHGWRJHWKHUWKH/LQN$JLOLD
SURYLGHVWKHSRZHUVXSSO\WRDOO
RIWKHP
:KHQWZR$JLOLDGHYLFHVDUH
VWDFNHGWRJHWKHUWKH$JLOLD'XR
FHQWUDOLVHVWKHSRZHUVXSSO\
6OLGH
6HWWLQJXS6ZLWFKLQJRQ
3UHVVWKH2Q2IIEXWWRQ
LIXVLQJEDWWHU\SRZHU
*
6OLGH
9ROXPDW0&$JLOLD
KDVDQLQWHUQDO
EDWWHU\EDFNXSWR
LQVXUHFRQWLQXLW\
RIWKHLQIXVLRQ
6HWWLQJXS,QVWDOODWLRQRIWKH3ULPHG $JLOLD9ROXPDW/LQH
3RVLWLRQWKHEOXH
EOXH
6DIH&OLS LQLWVEOXHVORW
EOXHVORW
DQGWKHQSXVKWKHFODPS
WRORFDWHWKHVSKHULFDO
KLQJHLQWRSODFH
3XVKWKHEOXH
EOXH
OHYHUWRFORVHWKH
GRRU
(QVXUHWKDWWKH
WXEHLVLQWKHOHIWWXEH
JXLGH
6OLGH
8VHWKHDUURZNH\VWRDGMXVW
WKH9
9ROXPH 7R%
R%H
H,,QIXVHG
97%,
GRXEOHDUURZ ODUJH
LQFUHPHQWVGLUHFW
DFFHVVWR FRPPRQ,9
EDJYROXPHV
VLQJOHDUURZ VPDOO
LQFUHPHQWV IRU
SUHFLVHDGMXVWPHQWV
6OLGH
6HWWLQJWKHLQIXVLRQ)ORZUDWHDGMXVWPHQW
"
#
"
$%#
&
'%
#
(
%
#
(
)
3UHVV2.
WRFRQILUP
6OLGH
6WDUWLQJWKHLQIXVLRQ
8VHWKHGRXEOHDUURZ
NH\WRUHVHOHFWD
VHWWLQJEHIRUH\RX
FRPPHQFHWKH
LQIXVLRQ
3UHVVWKHJUHHQNH\
JUHHQNH\ WRVWDUWWKHLQIXVLRQ
<RXDUHQRZFRQILUPLQJWKDWWKHSXPSZLOOGHOLYHUWKHLQIXVLRQ
DVGLVSOD\HG
6OLGH
0RQLWRULQJ
'URSLQGLFDWRULV
GLVSOD\HGLQDQ
LQWXLWLYHPDQQHU
)ORZUDWHLVGLVSOD\HGLQODUJH
FKDUDFWHUVVRWKHPDLQ
LQIRUPDWLRQLVFOHDUO\YLVLEOH
,QGLFDWRU/LJKWV
*UHHQ
,QIXVLRQLQ3URJUHVV
2UDQJH
ZDUQLQJZKLOHLQIXVLRQ
FRQWLQXHV
)ORZLQGLFDWRUOLJKWLVOXPLQRXV
LQGLFDWHVWKHSXPS
VVWDWXVIURPD
GLVWDQFH LQGDUNQHVV
6OLGH
0RQLWRULQJ
9ROXPHOHIWDQGWLPHOHIWDUH
GLVSOD\HGWRLQIRUPWKHQXUVH
DERXWWKHUHPDLQLQJLQIXVLRQ
9ROXPH,QIXVHG 9,LV
GLVSOD\HGFRQWLQXRXVO\
QRQHHGWRFDOOXSWKLV
LQIRUPDWLRQ
6OLGH
5HG
ZDUQLQJDQGWKHLQIXVLRQ
KDVEHHQVWRSSHG
0RQLWRULQJ
'UXJQDPHFDQEH
GLVSOD\HGLQRSWLRQ
0DLQVLQGLFDWRUOLJKW
WRLQIRUPDERXW
FXUUHQWSRZHUVRXUFH
%DWWHU\LQGLFDWRU
LQIRUPVRIUHPDLQLQJ
FKDUJH
6OLGH
&KDQJLQJWKHLQIXVLRQUDWH
,IQHFHVVDU\XVHWKH
DUURZNH\VWRDGMXVW
WKHIORZUDWH
GRXEOHDUURZ
IDVWDGMXVWPHQW
VLQJOH DUURZ
ILQHU DGMXVWPHQW
3UHVV2.NH\WR FRQILUP
6OLGH
([DPSOHRIDODUP
,QWKHHYHQWRIDQDODUPYLVXDODQGVRXQGVLJQDOVDUHHPLWWHG
$FOHDUPHVVDJHLVH[SUHVVHGE\PHDQVRISLFWRJUDPVDQGZRUGV
6OLGH
7URXEOHVKRRWLQJDODUPV2FFOXVLRQ
6OLGH
3UHVVWKH$ODUP6LOHQFH.H\
&KHFNLIWKHLQIXVLRQOLQHLVRFFOXGHG
UHVROYHRFFOXVLRQVLWXDWLRQ
5HVWDUWWKHLQIXVLRQ
7URXEOHVKRRWLQJDODUPV$LUEXEEOH
3UHVVWKH$ODUP6LOHQFH.H\
5HPRYHDLUEXEEOHDFFRUGLQJWR
KRVSLWDOSURWRFRO
5HVWDUWWKHLQIXVLRQ
6OLGH
&OHDULQJ9ROXPH,QIXVHGYLD0HQX.H\
6OLGH
3UHVV0(18NH\
6HOHFW92/80(,1)86('LFRQLQWKH
PHQXRSWLRQV7KLVZLOOVKRZFXUUHQW
9ROXPH,QIXVHG
6HOHFW(17(5WRFRQILUP
&OHDULQJ9ROXPH,QIXVHG
3UHVV2.WRFOHDU
9ROXPH,QIXVHGLVQRZFOHDUHGDQGVFUHHQ
DXWRPDWLFDOO\UHWXUQV
6OLGH
/RFNLQJ&RQWUROVYLD0HQX.H\
6OLGH
3UHVV0(18NH\
6HOHFW.H\ERDUG/RFNHG
6HOHFW(17(5
/RFNLQJNH\V
3UHVVWKH.(<LFRQWRORFN
3UHVV2.WRFRQILUP
1RZNH\VDUHORFNHG
6OLGH
8QORFNLQJ.H\V
6OLGH
3UHVV0(18NH\
6HOHFW/2&.LFRQLQPHQXRSWLRQV
6HOHFW.(<LFRQ
3UHVV2.WRFRQILUP
.H\ERDUGLVQRZXQORFNHG
&KDQJLQJ0DFUR0LFUR0RGHVYLD0HQX.H\
7KLVFDQRQO\EHGRQHZKHQLQIXVLRQLVVWRSSHG
3UHVV6723EXWWRQWRVWRSLQIXVLRQ
6OLGH
&KDQJLQJ0DFUR0LFUR0RGHV
6OLGH
3UHVV0(18NH\
6HOHFW0$&520,&52PRGHLFRQ
&RQILUPE\SUHVVLQJ(17(5
&KDQJLQJ0DFUR0LFUR0RGHV
6HOHFWGHVLUHGPRGHE\SUHVVLQJWKH
XSGRZQNH\V
3UHVV2.WRFRQILUP
6OLGH
&KDQJLQJ0DFUR0LFUR0RGHV
6OLGH
,WZLOODVN\RXWRFRQILUPWKDW
WKHUHLVDCQHZPRGH
3UHVV2.WRFRQILUPRU3UHVVC&
WR
UHWXUQWRSUHYLRXVVFUHHQ
&KDQJLQJ0DFUR0LFUR0RGHV
(QWHU97%,9ROXPH7R%H,QIXVHG
(QWHUIORZUDWHWREHLQIXVHG
3UHVV2.WRFRQILUP
6OLGH
&KDQJLQJ0DFUR0LFUR0RGHV
3UHVV67$57WRVWDUWLQIXVLRQ
6OLGH
6HFRQGDU\0RGH
3UHVV0(18NH\DQGVHOHFWVHFRQGDU\PRGH
&ORVHWKH3ULPDU\/LQH
3UHVV2.WRFRQILUPWKHSDUDPHWHUVRIWKHSULPDU\PRGHDQGDFFHVV
WKHVHFRQGDU\PRGH
6OLGH
6HFRQGDU\0RGH'HILQHLQIXVLRQ
,QWKH95PRGHXVHWKHDUURZVWRVHOHFWWKHVHFRQGDU\9ROXPH7R%H
,QIXVHG97%,
&RQILUPE\SUHVVLQJ2.
8VHWKHDUURZVWRVHOHFWWKHVHFRQGDU\IORZUDWH
&RQILUPE\SUHVVLQJ2.
6OLGH
6HFRQGDU\,QIXVLRQ6WDUW
&KHFNWKDWSULPDU\OLQHLVFORVHG
&KHFNWKDWVHFRQGDU\OLQHLVFRQQHFWHGDQGRSHQHG
3UHVV67$57WRVWDUWLQIXVLQJRU&WRPRGLI\WKH9ROXPH5DWH
VHOHFWLRQ
6OLGH
(QGRI6HFRQGDU\,QIXVLRQ
2QFHWKHVHFRQGDU\LQIXVLRQLVFRPSOHWHGSUHVVWKHVLOHQFHDODUPNH\
6OLGH
(QGRI6HFRQGDU\,QIXVLRQ
3UHVV<(6WRFRQWLQXHDVHFRQGDU\LQIXVLRQq JREDFNWRVWHSRQH
3UHVV12WRJREDFNWRSULPDU\LQIXVLRQ
6OLGH
5HVWDUW3ULPDU\/LQH
&KHFNWKDWWKHVHFRQGDU\OLQHLVFORVHGUHRSHQWKHSULPDU\OLQH
3UHVVWKHNH\WRJREDFNWRWKHODVWSDUDPHWHUVRIWKHSULPDU\LQIXVLRQ
1%q $WWKHHQGRIWKHVHFRQGDU\LQIXVLRQWKHHQGRILQIXVLRQSUHDODUPLVQRWDFWLYDWHG
,WLVWKHUHIRUHUHFRPPHQGHGWRDGMXVWFDUHIXOO\WKH97%,RIWKHVHFRQGDU\OLQH
6OLGH
3URJUDPPHG%ROXV$FFHVVYLD0HQX.H\
3UHVVWKH0(18NH\
6HOHFWC3URJUDPPHG%ROXV
LQWKHPHQX
3UHVV(QWHU
6OLGH
3URJUDPPHG%ROXV8QLW
3UHVVWKHEROXVXQLW
3UHVV2.
6OLGH
3URJUDPPHG%ROXV3DUDPHWHUV
$GMXVWEROXVSDUDPHWHUV
6HOHFWDGRVHWKHQSUHVV2.
6HOHFWWKHIORZUDWHYDOXHPOKWKHQSUHVV2.
6OLGH
3URJUDPPHG%ROXV6WDUW
3UHVV67$57WRVWDUWWKHEROXVRU
3UHVV&WRPRGLI\WKHEROXVYDOXHV
6OLGH
3URJUDPPHG%ROXV,QWHUUXSWLRQ
3UHVVWKH6723NH\WRLQWHUUXSWWKHEROXV
$QVZHUWKHTXHVWLRQC&RQWLQXH"
R ,I\RXSUHVVC1R
WKHEROXVLVGHOHWHG
R ,I\RXSUHVVC6WDUW
WKHEROXVFRQWLQXHV
6OLGH
0DQXDO%ROXV
7RVWDUWD0$18$/EROXVSUHVVWZLFHRQWKHNH\
RQHVKRUWSUHVVDQGWKHQRQHFRQWLQXRXVSUHVV
7RVWRSWKHEROXVUHOHDVHWKHEROXVNH\
6OLGH
3DXVH0RGH
7RSURJUDPDSDXVHSUHVVWKH
NH\WZLFH
,IGHVLUHGSUHVVWKHFKHFNER[EXWWRQWRDFWLYDWH
WKHC6WDUWLQIXVLRQDWSDXVHHQG
RSWLRQIRUDQ
DXWRPDWLFVWDUW
127(,I\RXGRQRWFKHFNWKHC6WDUW
LQIXVLRQDWSDXVHHQG
RSWLRQDQDXGLEOH
DODUPLVJHQHUDWHGDWWKHHQGRIWKH
SDXVHGXUDWLRQ$PDQXDO
PDQXDO VWDUW LV
QHFHVVDU\WRFRQWLQXHWKHLQIXVLRQ
6OLGH
6ZLWFKLQJ2II
3UHVVWKHNH\WRLQWHUUXSWWKHLQIXVLRQ
3UHVV KROGGRZQWKHNH\XQWLOWKHVZLWFKRIIVFUHHQGLVDSSHDUV
6OLGH
)UHVHQLXV.DEL&RQWDFW'HWDLOV
)UHVHQLXV.DEL
)UHVHQLXV.DEL $XVWUDOLD3W\/LPLWHG
3DFLILF+LJKZD\3\PEOH16:$XVWUDOLD
ZZZIUHVHQLXVNDELFRPDX
&XVWRPHU6HUYLFH
3KRQH
)D[
(PDLOFXVWRPHUVHUYLFHDX#IUHVHQLXVNDELFRP
30
6OLGH