6 WDQGDUG(&0$ -XQH
6 W D Q G D U G L ] L Q J , Q I R U P D W L R Q D Q G & R P P X Q L F D W L R Q 6 \ V W H P V
&RUSRUDWH7HOHFRPPXQLFDWLRQ 1HWZRUNV± 6LJQDOOLQJ,QWHUZRUNLQJEHWZHHQ 46,*DQG+± *HQHULF)XQFWLRQDO3URWRFROIRUWKH 6XSSRUWRI6XSSOHPHQWDU\6HUYLFHV
Phone: +41 22 849.60.00 - Fax: +41 22 849.60.01 - URL: http://www.ecma.ch - Internet: [email protected]
6 WDQGDUG(&0$ -XQH
6 W D Q G D U G L ] L Q J , Q I R U P D W L R Q D Q G & R P P X Q L F D W L R Q 6 \ V W H P V
&RUSRUDWH7HOHFRPPXQLFDWLRQ 1HWZRUNV± 6LJQDOOLQJ,QWHUZRUNLQJEHWZHHQ 46,*DQG+± *HQHULF)XQFWLRQDO3URWRFROIRUWKH 6XSSRUWRI6XSSOHPHQWDU\6HUYLFHV
Phone: +41 22 849.60.00 - Fax: +41 22 849.60.01 - URL: http://www.ecma.ch - Internet: [email protected] IW
ECMA-307.DOC
04-07-00 12,23
%ULHI+LVWRU\
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
7KLV(&0$6WDQGDUGKDVEHHQDGRSWHGE\WKH*HQHUDO$VVHPEO\RI-XQH
L
7DEOHRIFRQWHQWV
6FRSH
&RQIRUPDQFH
5HIHUHQFHV
'HILQLWLRQV ( [ WH U Q D O G H I LQ LWLR Q V 2WKHUGHILQLWLRQV &D O O % D V L F F D O O &R U S R U D WH WH OH F R PPX Q LF D WLR Q 1 H WZ R U N &1 *DWHZD\ , 3 Q H WZ R U N 3 U LY D WH , Q WH J U D WH G 6 H U Y LF H V 1 H WZ R U N 3 , 6 1 5H F H L Y L Q J V L G H 6 H Q G LQ J V LG H 6 LG H
$FURQ\PV
6HUYLFHGHVFULSWLRQ 7 K H D U F K L WH F WX U H R I WK H WZ R Q H WZ R U N V *HQHULFSURFHGXUHV&DSDELOLWLHV 3 U R WR F R O PR G H O , Q WH U Z R U N LQ J R I V X S S OH PH Q WD U \ V H U Y LF H V
3URWRFROLQWHUZRUNLQJ±0HVVDJHVDQGLQIRUPDWLRQHOHPHQWV
3URWRFROLQWHUZRUNLQJ±&RQWHQWRILQIRUPDWLRQHOHPHQWV &R Q WH Q W PD S S LQ J I U R P 4 6 , * WR + &R Q WH Q W PD S S LQ J I U R P + WR 4 6 , * 0D S S LQ J R I J H Q H U LF H OH PH Q WV 0D S S LQ J R I D G G U H V V LQ J H OH PH Q WV I U R P 4 6 , * WR + 0D S S LQ J R I D G G U H V V LQ J H OH PH Q WV I U R P + WR 4 6 , * 0D S S LQ J R I H PE H G G H G LQ I R U PD WLR Q H OH PH Q WV 0D S S LQ J R I PD Q X I D F WX U H U V S H F LI LF LQ I R U PD WLR Q I U R P 4 6 , * WR + 0D S S LQ J R I PD Q X I D F WX U H U V S H F LI LF LQ I R U PD WLR Q I U R P + WR 4 6 , * 0D S S LQ J R I Q D PH V I U R P 4 6 , * WR + 0D S S LQ J R I Q D PH V I U R P + WR 4 6 , * + D Q G OLQ J R I 52 6 ( $ 3 ' 8 V
$QQH[$,&63URIRUPD
LL
6FRSH 7KLV6WDQGDUGVSHFLILHVVLJQDOOLQJLQWHUZRUNLQJEHWZHHQ³46,*´DQG³+´LQVXSSRUWRIJHQHULFIXQFWLRQDO SURFHGXUHVIRUVXSSOHPHQWDU\VHUYLFHVZLWKLQD&RUSRUDWHWHOHFRPPXQLFDWLRQ1HWZRUN &1 ³46,*´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³+´LVDVHWRIVLJQDOOLQJSURWRFROVIRUWKHVXSSRUWRIYRLFHRUPXOWLPHGLDFRPPXQLFDWLRQZLWKLQDSDFNHW QHWZRUN LQ SDUWLFXODU D SDFNHW QHWZRUN WKDW XVHV WKH ,QWHUQHW 3URWRFRO ,3 DV LWV QHWZRUN OD\HU SURWRFRO ,3 QHWZRUN +VLJQDOOLQJSURWRFROVRSHUDWHEHWZHHQHQGSRLQWVLQDQ,3QHWZRUNHLWKHULQGLUHFWO\YLDRQHRU PRUH JDWHNHHSHUV RU GLUHFWO\ $Q HQGSRLQW FDQ EH D WHUPLQDO RU D JDWHZD\ WR DQRWKHU QHWZRUN + LV DQ ³XPEUHOOD´ UHFRPPHQGDWLRQ UHIHUULQJ WR YDULRXV ,787 UHFRPPHQGDWLRQV LQ SDUWLFXODU 5HFRPPHQGDWLRQV + DQG + EDVLF FRPPXQLFDWLRQ FDSDELOLWLHV DQG 5HFRPPHQGDWLRQ + JHQHULF IXQFWLRQDO SURWRFROIRUWKHVXSSRUWRIVXSSOHPHQWDU\VHUYLFHV 127( +DSSOLHVWRWKHYHUVLRQRI+ DOVRNQRZQDV+YHUVLRQ DQGWRODWHUYHUVLRQV ,QWHUZRUNLQJEHWZHHQ46,*DQG+SHUPLWVDFDOORULJLQDWLQJDWDXVHURID3,61WRWHUPLQDWHDWDXVHURI DQ,3QHWZRUNRUDFDOORULJLQDWLQJDWDXVHURIDQ,3QHWZRUNWRWHUPLQDWHDWDXVHURID3,61,QDGGLWLRQWKLV 6WDQGDUGHQDEOHVWKHSDUWLFLSDQWVRIDFDOOWRH[FKDQJHVXSSOHPHQWDU\VHUYLFHFRQWUROLQIRUPDWLRQLQDJHQHULF ZD\ 7KH PRUH VSHFLILF DVSHFWV RI LQWHUZRUNLQJ SDUWLFXODU VXSSOHPHQWDU\ VHUYLFHV DUH VSHFLILHG LQ RWKHU (&0$6WDQGDUGV 7KLV 6WDQGDUG LV DSSOLFDEOH WR DQ\ LQWHUZRUNLQJ XQLW WKDW FDQ DFW DV D JDWHZD\ EHWZHHQ D 3,61 HPSOR\LQJ 46,*DQGDQ,3QHWZRUNHPSOR\LQJ+
&RQIRUPDQFH ,QRUGHUWRFRQIRUPWRWKLV6WDQGDUGDJDWHZD\VKDOOVDWLVI\WKHUHTXLUHPHQWVLGHQWLILHGLQWKH,PSOHPHQWDWLRQ &RQIRUPDQFH6WDWHPHQW ,&6 SURIRUPDLQDQQH[$
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
3ULYDWH ,QWHJUDWHG 6HUYLFHV 1HWZRUN 3,61 5HIHUHQFH &RQILJXUDWLRQ IRU 3,61 ([FKDQJHV 3,1; ,QWHUQDWLRQDO6WDQGDUG,62,(&
(&0$
3ULYDWH ,QWHJUDWHG 6HUYLFHV 1HWZRUN 3,61 &LUFXLW 0RGH %HDUHU 6HUYLFHV ,QWHU ([FKDQJH6LJQDOOLQJ3URFHGXUHVDQG3URWRFRO ,QWHUQDWLRQDO6WDQGDUG,62,(&
(&0$
3ULYDWH ,QWHJUDWHG 6HUYLFHV 1HWZRUN 3,61 *HQHULF )XQFWLRQDO 3URWRFRO IRU WKH 6XSSRUW RI 6XSSOHPHQWDU\ 6HUYLFHV ,QWHU([FKDQJH 6LJQDOOLQJ 3URFHGXUHV DQG 3URWRFRO ,QWHUQDWLRQDO6WDQGDUG,62,(&
,7875HF+
&DOOVLJQDOOLQJSURWRFROVDQGPHGLDVWUHDPSDFNHWL]DWLRQIRUSDFNHWEDVHGPXOWLPHGLD FRPPXQLFDWLRQV\VWHPV RUODWHU
,7875HF+
&RQWUROSURWRFROIRUPXOWLPHGLDFRPPXQLFDWLRQ RUODWHU
,7875HF+
3DFNHWEDVHGPXOWLPHGLDFRPPXQLFDWLRQVV\VWHPV RUODWHU
,7875HF+
*HQHULFIXQFWLRQDOSURWRFROIRUWKHVXSSRUWRIVXSSOHPHQWDU\VHUYLFHVLQ+
'HILQLWLRQV )RUWKHSXUSRVHVRIWKLV6WDQGDUGWKHIROORZLQJGHILQLWLRQVDSSO\
([WHUQDOGHILQLWLRQV 7KLV6WDQGDUGXVHVWKHIROORZLQJWHUPVGHILQHGLQRWKHUGRFXPHQWV ± (QGSRLQW
,7875HF+
± *DWHNHHSHU
,7875HF+
± 3ULYDWH,QWHJUDWHGVHUYLFHV1HWZRUNH;FKDQJH 3,1;
(&0$
± 6ZLWFKHG&LUFXLW1HWZRUN 6&1
,7875HF+
$GGLWLRQDOO\WKHGHILQLWLRQVRI(&0$DQGRI,7875HF+VKDOODSSO\DVDSSURSULDWH
2WKHUGHILQLWLRQV
&DOO%DVLFFDOO $ FDOO LQ WKH VHQVH RI 46,* VHH (&0$ DQG D SRLQWWRSRLQW FRQIHUHQFH LQ WKH VHQVH RI + VHH,7875HF+ 127( $ ³FDOO´ LQ WKH VHQVH RI + LV WKDW VHJPHQW RI D SRLQWWRSRLQW FRQIHUHQFH ZKLFK EHORQJV WR WKH +GRPDLQ,QDPXOWLSRLQWFRQIHUHQFHWKH+VHJPHQWRIHDFKFRQIHUHQFHOHJLVDVHSDUDWHFDOO
&RUSRUDWHWHOHFRPPXQLFDWLRQ1HWZRUN &1 6HWV RI HTXLSPHQW >&XVWRPHU 3UHPLVHV (TXLSPHQW DQGRU &XVWRPHU 3UHPLVHV 1HWZRUNV@ ZKLFK DUH ORFDWHG DW JHRJUDSKLFDOO\ GLVSHUVHG ORFDWLRQV DQG DUH LQWHUFRQQHFWHG WR SURYLGH WHOHFRPPXQLFDWLRQ VHUYLFHVWRDGHILQHGJURXSRIXVHUV 127( $&1FDQFRPSULVHD3,61DSULYDWH,3QHWZRUN LQWUDQHW RUDFRPELQDWLRQRIWKHWZR
*DWHZD\ $ JDWHZD\ DV GHILQHG LQ + KHUH VSHFLILFDOO\ IRU WKH SXUSRVH RI LQWHUZRUNLQJ ZLWK D QHWZRUN HPSOR\LQJ46,*
,3QHWZRUN $SXEOLFRUSULYDWHQHWZRUNRIIHULQJFRQQHFWLRQOHVVSDFNHWPRGHVHUYLFHVEDVHGRQWKH,QWHUQHW3URWRFRO ,3 DVWKHQHWZRUNOD\HUSURWRFRO
3ULYDWH,QWHJUDWHG6HUYLFHV1HWZRUN 3,61 $SULYDWHVZLWFKHGFLUFXLWQHWZRUN 6&1
5HFHLYLQJVLGH :LWKLQ WKH FRQWH[W RI D VLQJOH LQIRUPDWLRQ H[FKDQJH WKURXJK D JDWHZD\ WKH VLGH RI WKH JDWHZD\ ZKHUH WKHLQIRUPDWLRQDUULYHV
6HQGLQJVLGH :LWKLQ WKH FRQWH[W RI D VLQJOH LQIRUPDWLRQ H[FKDQJH WKURXJK D JDWHZD\ WKH VLGH RI WKH JDWHZD\ ZKHUH WKHLQIRUPDWLRQLVWUDQVPLWWHG
6LGH $VLQJOHSURWRFROVWDFN 46,*RU+ ZLWKLQDJDWHZD\
$FURQ\PV $3'8
$SSOLFDWLRQ3URWRFRO'DWD8QLW
$6(
$SSOLFDWLRQ6HUYLFH(OHPHQW
&1
&RUSRUDWHWHOHFRPPXQLFDWLRQ1HWZRUN
*)7
*HQHULF)XQFWLRQDO7UDQVSRUW
*.
*DWH.HHSHU
,&6
,PSOHPHQWDWLRQ&RQIRUPDQFH6WDWHPHQW
,(
,QIRUPDWLRQ(OHPHQW
,3
,QWHUQHW3URWRFRO
,3/
,QWHU3,1;/LQN
,:)
,QWHU:RUNLQJ)XQFWLRQ
/$1
/RFDO$UHD1HWZRUN
0&8
0XOWLSRLQW&RQWURO8QLW
3,1;
3ULYDWH,QWHJUDWHGVHUYLFHV1HWZRUNH;FKDQJH
3,61
3ULYDWH,QWHJUDWHG6HUYLFHV1HWZRUN
526(
5HPRWH2SHUDWLRQV6HUYLFH(OHPHQW
6&0
6LJQDOOLQJ&DUULDJH0HFKDQLVP
6&1
6ZLWFKHG&LUFXLW1HWZRUN
66
6XSSOHPHQWDU\6HUYLFH
7&3
7UDQVPLVVLRQ&RQWURO3URWRFRO
7(
7HUPLQDO(TXLSPHQW
8'3
8VHU'DWDJUDP3URWRFRO
6HUYLFHGHVFULSWLRQ 7KHDUFKLWHFWXUHRIWKHWZRQHWZRUNV $Q + DUUDQJHPHQW FRQVLVWV RI WZR RU PRUH + HQGSRLQWV FRQQHFWHG WR DQ ,3 QHWZRUN HJ D ORFDO DUHD QHWZRUN /$1 + HQGSRLQWV DUH WHUPLQDOV JDWHZD\V RU PXOWLSRLQW FRQWURO XQLWV 0&8 7KH DUUDQJHPHQW PD\ DOVR FRQWDLQ RQH RU PRUH JDWHNHHSHUV *. 7KH XQGHUO\LQJ QHWZRUN¶V FRPSRQHQWV URXWHUVHWF KRZHYHUDUHRIQRFRQFHUQZLWKUHJDUGWR+ $JDWHZD\SHUPLWVLQWHUZRUNLQJZLWKVZLWFKHGFLUFXLWQHWZRUNV 6&1 HJD3,61
*DWHNHHSHU
*DWHZD\ 6&1
/$1
7HUPLQDO
7HUPLQDO
) L J X U H ( [ D P S O H R I D Q + D U U D Q J H P H Q W $ 3ULYDWH ,QWHJUDWHG 6HUYLFHV 1HWZRUN 3,61 FRQVLVWV RI RQH RU PRUH QHWZRUN H[FKDQJHV 3,1; ZLWK DWWDFKHGWHUPLQDOV 7( 3,1;VDUHLQWHUFRQQHFWHGE\LQWHU3,1;OLQNV ,3/V &RPPXQLFDWLRQUHTXLUHVD SDWKWREHVHWXSEHWZHHQWZR7(VYLD3,1;VDQG,3/V
3,1;$
3,1;% ,3/
7( ,3/
,3/
3,1;' 3,1;&
,3/ 7(
) L J X U H ( [ D P S O H R I D 3 , 6 1 F R Q Q H F W L R Q E H W Z H H Q W Z R W H U P L Q D O V &RPSDULQJWKHWZRVFHQDULRVWKHPRVWVLJQLILFDQWGLIIHUHQFHLVWKHDEVHQFHRIQRGDO HQWLWLHV LQ WKH + FDVH &RPPXQLFDWLRQ LV DQ H[FKDQJH RI LQIRUPDWLRQ SDFNHWV GLUHFWO\ EHWZHHQ WZR RU PRUH HQGSRLQWV $ JDWHNHHSHU LI SUHVHQW KDV FHUWDLQ DVVLVWLQJ WDVNV EXW GRHV QRW µVZLWFK¶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±7(HQG3,1;WUDQVLW3,1;GRHVQRWH[LVWLQDSXUH +FRQYHUVDWLRQ
7KHVHVWUXFWXUDOGLIIHUHQFHVEHWZHHQ+DQG3,61ZLOOLQPDQ\FDVHVUHVXOWLQDGLIIHUHQWDOORFDWLRQRI VXSSOHPHQWDU\VHUYLFHIXQFWLRQDOLW\LQWKHWZRHQYLURQPHQWV7KHSRVVLEO\GLIIHUHQWIXQFWLRQVSOLWPXVWEH WDNHQLQWRDFFRXQWZKHQLQGLYLGXDOVXSSOHPHQWDU\VHUYLFHVDUHLQWHUZRUNHG
*HQHULFSURFHGXUHV&DSDELOLWLHV *HQHULF SURFHGXUHV SURYLGH WKH WUDQVSRUW SURWRFRO IRU VXSSOHPHQWDU\ VHUYLFH FRQWURO LQIRUPDWLRQ 6XSSOHPHQWDU\VHUYLFHFRQWUROSURWRFROVDUHEDVHGRQUHPRWHRSHUDWLRQV 526( DVGHILQHGLQ,7875HF ;; EOXHERRN DQG;VHULHV *HQHULFSURFHGXUHVIRU3,61V 46,**) DUHVSHFLILHGLQ(&0$)RUWKH+HQYLURQPHQWJHQHULF SURFHGXUHVDUHVSHFLILHGLQ,7875HF+ 7KHIROORZLQJWDEOHFRPSDUHVWKHFDSDELOLWLHVRI46,**)DQG+ 7 D E O H & D S D E L O L W L H V &DSDELOLW\
46,**)
+
&DOOUHODWHGWUDQVSRUW
'
'
&DOOLQGHSHQGHQWFRQQHFWLRQ RULHQWHGWUDQVSRUW
'
'
&DOOLQGHSHQGHQWFRQQHFWLRQOHVV WUDQVSRUW
'
&XUUHQWO\QRWXVHGE\VWDQGDUGL]HG 46,*VXSSOHPHQWDU\VHUYLFHV
1HWZRUN)DFLOLW\([WHQVLRQ 1)(
'
'
([WHQGHGDGGUHVVLQJFDSDELOLWLHVLQ +
,QWHUSUHWDWLRQ$3'8
'
'
526($3'8VDQGSURFHGXUHV
;
;VHULHV
,QSUDFWLFHQRUHOHYDQWGLIIHUHQFH
2WKHU$3'8VDQGSURFHGXUHV '6( GLDORJXHSURFHGXUHV $&6(
'
&XUUHQWO\QRWXVHGE\VWDQGDUGL]HG 46,*VXSSOHPHQWDU\VHUYLFHV
0DQXIDFWXUHUVSHFLILFLQIRUPDWLRQ
'
'
DOWHUQDWLYHFRQWDLQHUVLQ+
1RWLILFDWLRQV
'
0HVVDJHV
5HPDUNV
$/(57,1*
$/(57,1* 7KHVH46,*PHVVDJHVDUHGHILQHG &$//352& LQ(&0$ &211(&7 &211(&7 $OOPHVVDJHVIRU+WUDQVSRUW ',6&211(&7 DUHGHILQHGLQ+ 352*5(66 352*5(66 5(/($6( 5(/&203 5(/&203 6(783 6(783 )$&,/,7< 127,)<
)$&,/,7<
7KHVH46,*PHVVDJHVDUHGHILQHG LQ(&0$
,QIRUPDWLRQHOHPHQWV
)DFLOLW\ 1RWLILFDWLRQ LQGLFDWRU
8VHUXVHU LQIRUPDWLRQ
(OHPHQW+6XSSOHPHQWDU\ 6HUYLFH$3'8ZLWKLQ8VHUXVHU LQIRUPDWLRQLVWKHHTXLYDOHQWRI LQIRUPDWLRQHOHPHQW)DFLOLW\
$61HQFRGLQJUXOHV
; ;%(5
;VHULHV ;3(5 %$9
%(5±%DVLF(QFRGLQJ5XOHV 3(5±3DFNHG(QFRGLQJ5XOHV %$9±EDVLFDOLJQHGYDULDQW
7DEOHVKRZVWKDWWKHFDSDELOLWLHVFXUUHQWO\XVHGE\VWDQGDUGL]HGVXSSOHPHQWDU\VHUYLFHVDUHVXSSRUWHGLQ ERWK HQYLURQPHQWV H[FHSWLRQ 1RWLILFDWLRQV DUH FXUUHQWO\ QRW XVHG LQ + +RZHYHU LQ PDQ\ FDVHV DQ
HTXLYDOHQW RSHUDWLRQ H[LVWV LQ DQ + VXSSOHPHQWDU\ VHUYLFH $Q LQWHUZRUNLQJ RU PDSSLQJ LV WKHUHIRUH JHQHUDOO\SRVVLEOHDOWKRXJKGHWDLOVPD\EHGLIIHUHQW 127( 7KH127,)<PHVVDJHLVRSWLRQDOLQ+DQGPD\EHSDVVHGRQE\DJDWHZD\WRWKH+VLGHEXWLWV SURFHVVLQJ LV XQVSHFLILHG ± LW PD\ EH PHDQLQJOHVV ,Q WKH RWKHU GLUHFWLRQ FXUUHQW +[ VHUYLFHV GR QRW JHQHUDWHQRWLILFDWLRQV
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
6 6 & R Q WUR O
& D OO & R Q WUR O
• • • •
& R R UG LQ D WLR Q ) X Q F WLR Q
6 6 & R Q WUR O Q 52 6(
* ) 7 & R Q WUR O
3 UR WR F R O & R Q WUR O
6 LJ Q D OOLQ J & D UULD J H 0 H F K D Q LVP 6 & 0
) L J X U H 3 U R W R F R O P R G H O
,QWHUZRUNLQJRIVXSSOHPHQWDU\VHUYLFHV 7KH LQWHUZRUNLQJ IXQFWLRQ ,:) VLWV DERYH WKH DSSOLFDWLRQ VHUYLFH HOHPHQWV $6( ZKLFK FRPSULVH WKH FRRUGLQDWLRQ IXQFWLRQ 526( DQG 66 &RQWURO 7KH JDWHZD\ KDV WR VXSSRUW ERWK SURWRFRO YHUVLRQV RI WKH VXSSOHPHQWDU\VHUYLFHV\QWDFWLFDOO\DQGVHPDQWLFDOO\,WUHSUHVHQWVRQHDFKVLGHRQHRIWKHIXQFWLRQDOUROHV VSHFLILHG IRU WKH VXSSOHPHQWDU\ VHUYLFH XVXDOO\ D GLIIHUHQW RQH RQ HDFK VLGH − IRU H[DPSOH WKH JDWHZD\ PD\ORRNOLNHWKHWHUPLQDWLQJ3,1;RQLWV3,61VLGHDQGOLNHWKHRULJLQDWLQJHQGSRLQWRQLWV+VLGH 'HSHQGLQJ RQ WKH LQGLYLGXDO VXSSOHPHQWDU\ VHUYLFH WKH JDWHZD\ PD\ KDYH WR SURYLGH IXQFWLRQV WKDW DUH LQWHUZRUNLQJVSHFLILFLQDGGLWLRQWRWKHSURFHGXUHVVSHFLILHGE\WKHVXSSOHPHQWDU\VHUYLFHLWVHOI
7KLV 6WDQGDUG VSHFLILHV JHQHULF UHTXLUHPHQWV IRU WKH ,:) )RU D JLYHQ VXSSOHPHQWDU\ VHUYLFH DGGLWLRQDO UHTXLUHPHQWVRIWKH,:)FDQEHVSHFLILHGVHSDUDWHO\HJLQDQRWKHUVWDQGDUG
* D WHZ D \
3 ,1 ;
+ 7 HU P LQ D O
,Q WHU Z RU N LQ J ) X Q FWLRQ ,: ) 6 6 & RQ WURO 5 2 6 ( & RRU G ) X Q FWLRQ
$ 6(
$ 6(
6 6 & RQ WURO 5 2 6 ( & RRU G ) X Q FWLRQ
$ 6(
6 6 & RQ WU RO 5 2 6 ( & RRU G ) X Q FWLRQ
$ 6(
6 6 & RQ WU RO 5 2 6 ( & RRU G ) X Q FWLRQ
4 6 ,* * ) 7 & RQ WURO
4 6 ,* * ) 7 & RQ WURO
+ * ) 7 & RQ WU RO
+ * ) 7 & RQ WU RO
4 6 ,* 3 URWRFRO& RQ WURO
4 6 ,* 3 URWRFRO& RQ WURO
+ 3 U RWRFRO& RQ WURO
+ 3 U RWRFRO& RQ WURO
6 LJ Q D OOLQ J & D U U LD J H 0 HFK D Q LVP 6 & 0
6 LJ Q D OOLQ J & D U U LD J H 0 HFK D Q LVP 6 & 0
,3 6 WD FN
,3 6 WD FN
)LJXUH,QWHUZRUNLQJ
3URWRFROLQWHUZRUNLQJ±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•
LIWKHFRQWHQWHJ$3'8 V RIVXSSOHPHQWDU\VHUYLFHRSHUDWLRQ V RIDUHFHLYHGPHVVDJHLVXQGHUVWRRG DQG FDQ EH SDVVHG RQ LQ WKH IRUP RI HTXLYDOHQW LQIRUPDWLRQ EHKDYH LQ DFFRUGDQFH ZLWK WKH UXOHV RI WDEOH E\ FDUU\LQJ RXW WKH UHTXLUHG DFWLRQ ZKHQ D JLYHQ FRQGLWLRQ RFFXUV (DFK FRQGLWLRQ DSSOLHV WR HLWKHUWKHUHFHLSWRIDQ+PHVVDJHIURPDQHQWLW\LQWKH,3QHWZRUNRUWKHUHFHLSWRID46,*PHVVDJH IURPD3,1;
•
LIWKHFRQWHQWLVXQGHUVWRRGEXWFDQQRWEHSDVVHGRQGLVFDUGWKHLQIRUPDWLRQDQGDFWLQDFFRUGDQFHZLWK WKHUXOHVRIWKHVXSSOHPHQWDU\VHUYLFHFRQFHUQHG
•
LI DQ LQYRNH $3'8 RI DQ XQUHFRJQLVHG RSHUDWLRQ LV HQFRXQWHUHG DFW DFFRUGLQJ WR WKH LQWHUSUHWDWLRQ $3'8LQWKHDEVHQFHRIDQLQWHUSUHWDWLRQ$3'8VHQGEDFNDUHMHFW$3'8µXQUHFRJQLVHG2SHUDWLRQ¶
127( 7KHUXOHVEHORZFRYHUERWKFDOOUHODWHGDQGFDOOLQGHSHQGHQWVLJQDOOLQJ 127( ,WLVUHFRPPHQGHGWKDWVXSSOHPHQWDU\VHUYLFHVSHFLILFLQWHUZRUNLQJVWDQGDUGVWDNHWKHVHUXOHVDVDEDVLVDQG PRGLI\WKHPRUDGGWRWKHPRQO\ZKHQQHFHVVDU\ 127( ,W LV QRW SUHFOXGHG WKDW DQ LPSOHPHQWDWLRQ KDQGOHV DGGLWLRQDO FDVHV E\ UHILQLQJ WKHVH UXOHV HJ VHQGLQJ D )$&,/,7<PHVVDJHLIWKHLQWHQGHGEDVLFFDOOFRQWUROPHVVDJHLVQRWDSSURSULDWHDWWKHWLPH6XFKEHKDYLRXU LVRXWVLGHWKHVFRSHRIWKLV6WDQGDUG
7 D E O H ± * H Q H U L F 0 H V V D J H D Q G $ 3 ' 8 K D Q G O L Q J U H T X L U H P H Q W V 5XOH
&RQGLWLRQ
5HTXLUHGDFWLRQ
5HFHLSW RI DQ + $/(57,1* &211(&7 RU 352*5(66 PHVVDJH FRQWDLQLQJ RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH$3'8 V ZLWKLQWKH 8VHUXVHULQIRUPDWLRQHOHPHQW
,I D 46,* $/(57,1* &211(&7 RU 352*5(66 PHVVDJH LV WR EH WUDQVPLWWHG LQFOXGH LQ WKLV 46,* PHVVDJH RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH +6XSSOHPHQWDU\6HUYLFH$3'8 V
5HFHLSW RI DQ + 6(783 PHVVDJH FRQWDLQLQJ RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH $3'8 V ZLWKLQ WKH 8VHUXVHU LQIRUPDWLRQ HOHPHQW
,I D 46,* 6(783 PHVVDJH LV WR EH WUDQVPLWWHG LQFOXGH LQ WKLV 46,* PHVVDJH RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RIWKH+6XSSOHPHQWDU\6HUYLFH$3'8 V
5HFHLSW RI DQ + &$// 352&((',1* PHVVDJH FRQWDLQLQJ RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH$3'8 V ZLWKLQWKH 8VHUXVHULQIRUPDWLRQHOHPHQW
7UDQVPLW D 46,* )$&,/,7< PHVVDJH FRQWDLQLQJ RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH +6XSSOHPHQWDU\6HUYLFH $3'8 V LIWKH46,*FDOOVWDWHSHUPLWV
5HFHLSW RI DQ + 5(/($6( &203/(7( PHVVDJH FRQWDLQLQJ RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH$3'8 V ZLWKLQWKH 8VHUXVHULQIRUPDWLRQHOHPHQW
,IFOHDULQJLVQRWDOUHDG\LQSURJUHVVRQWKH46,*VLGH WUDQVPLW D 46,* ',6&211(&7 5(/($6( RU 5(/($6( &203/(7( PHVVDJH ZKLFKHYHU LV DSSURSULDWH IRU WKH 46,* FDOO VWDWH FRQWDLQLQJ RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH +6XSSOHPHQWDU\6HUYLFH $3'8 V
5HFHLSW RI DQ + )$&,/,7< PHVVDJH FRQWDLQLQJ RQH RU PRUH +6XSSOHPHQWDU\ 6HUYLFH $3'8 V ZLWKLQ WKH 8VHUXVHU LQIRUPDWLRQHOHPHQW
7UDQVPLW D 46,* )$&,/,7< PHVVDJH FRQWDLQLQJ RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH +6XSSOHPHQWDU\6HUYLFH $3'8 V LIWKH46,*FDOOVWDWHSHUPLWV
5HFHLSW RI D 46,* $/(57,1* &211(&7 RU 352*5(66 PHVVDJH FRQWDLQLQJ RQH RU PRUH )DFLOLW\LQIRUPDWLRQHOHPHQW V
,I DQ + $/(57,1* &211(&7 RU 352*5(66 PHVVDJH LV WR EH WUDQVPLWWHG LQFOXGH ZLWKLQ WKH 8VHU XVHU LQIRUPDWLRQ HOHPHQW LQ WKLV PHVVDJH RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH $3'8 V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V
5HFHLSW RI D 46,* 6(783 PHVVDJH FRQWDLQLQJ RQHRUPRUH)DFLOLW\LQIRUPDWLRQHOHPHQW V
,I DQ + 6(783 PHVVDJH LV WR EH WUDQVPLWWHG LQFOXGH ZLWKLQ WKH 8VHUXVHU LQIRUPDWLRQ HOHPHQW LQ WKLV PHVVDJH RQH RU PRUH +6XSSOHPHQWDU\ 6HUYLFH$3'8 V ZLWKFRQWHQWHTXLYDOHQWWRWKDWRIWKH )DFLOLW\LQIRUPDWLRQHOHPHQW V
5HFHLSWRID46,*',6&211(&75(/($6(RU 5(/($6( &203/(7( PHVVDJH FRQWDLQLQJ RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V DV WKH ILUVWFDOOFOHDULQJPHVVDJH
,I FOHDULQJ KDV QRW DOUHDG\ WDNHQ SODFH RQ WKH + VLGH WUDQVPLW DQ + 5(/($6( &203/(7( PHVVDJH FRQWDLQLQJ ZLWKLQ WKH 8VHUXVHU LQIRUPDWLRQ HOHPHQW RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH $3'8 V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH )DFLOLW\LQIRUPDWLRQHOHPHQW V
5HFHLSW RI D 46,* 5(/($6( RU 5(/($6( &203/(7( PHVVDJH FRQWDLQLQJ RQH RU PRUH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V DV D VXEVHTXHQW FDOOFOHDULQJPHVVDJH
,JQRUH
5HFHLSW RI D 46,* )$&,/,7< PHVVDJH FRQWDLQLQJDFDOOUHIHUHQFH RWKHU WKDQ WKH GXPP\ FDOO UHIHUHQFH DQG RQH RU PRUH )DFLOLW\ LQIRUPDWLRQHOHPHQW V
7UDQVPLW DQ + )$&,/,7< PHVVDJH FRQWDLQLQJ ZLWKLQWKH8VHUXVHULQIRUPDWLRQHOHPHQW RQH RU PRUH +6XSSOHPHQWDU\6HUYLFH $3'8 V ZLWK FRQWHQW HTXLYDOHQW WR WKDW RI WKH )DFLOLW\ LQIRUPDWLRQ HOHPHQW V LIWKH+FDOOVWDWHSHUPLWV
5HFHLSW RI D 46,* )$&,/,7< PHVVDJH FRQWDLQLQJWKHGXPP\FDOOUHIHUHQFH
,JQRUH
5HFHLSWRID46,*127,)<PHVVDJH
,JQRUH
5HFHLSWRID46,*PHVVDJHRWKHUWKDQ127,)< FRQWDLQLQJ D 1RWLILFDWLRQ LQGLFDWRU LQIRUPDWLRQ HOHPHQW
,JQRUH WKH 1RWLILFDWLRQ LQGLFDWRU LQIRUPDWLRQ HOHPHQW IXUWKHUDFWLRQVWREHWDNHQDUHWKRVHUHTXLUHGE\EDVLF FDOOLQWHUZRUNLQJUXOHVRUE\UXOHVWKURXJKDERYH
5HFHLSW RI DQ + 6(783 PHVVDJH IRU D FDOO LQGHSHQGHQWVLJQDOOLQJFRQQHFWLRQ
7UDQVPLW D 46,* 6(783 PHVVDJH IRU D FDOO LQGHSHQGHQW VLJQDOOLQJ FRQQHFWLRQ LI SRVVLEOH UXOH DSSOLHV LI VXSSOHPHQWDU\ VHUYLFH LQIRUPDWLRQ LV SUHVHQW
5HFHLSW RI D 46,* 6(783 PHVVDJH IRU D FDOO LQGHSHQGHQWVLJQDOOLQJFRQQHFWLRQ
7UDQVPLW DQ + 6(783 PHVVDJH IRU D FDOO LQGHSHQGHQW VLJQDOOLQJ FRQQHFWLRQ LI SRVVLEOH UXOH DSSOLHV LI VXSSOHPHQWDU\ VHUYLFH LQIRUPDWLRQ LV SUHVHQW
3URWRFROLQWHUZRUNLQJ±&RQWHQWRILQIRUPDWLRQHOHPHQWV
&RQWHQWPDSSLQJIURP46,*WR+ 8QOHVV D VSHFLILF VXSSOHPHQWDU\ VHUYLFH LQWHUZRUNLQJ VWDQGDUG PDQGDWHV D GLIIHUHQW PDSSLQJ D JDWHZD\ ZKHQ WUDQVPLWWLQJ DQ +6XSSOHPHQWDU\6HUYLFH $3'8 ZLWKLQ WKH 8VHUXVHU LQIRUPDWLRQ HOHPHQW DV D UHVXOWRIUHFHLYLQJD46,*)DFLOLW\LQIRUPDWLRQHOHPHQWVKDOOPDSHOHPHQWVLQDFFRUGDQFHZLWKWDEOHE\ FDUU\LQJRXWWKHUHTXLUHGDFWLRQZKHQDJLYHQFRQGLWLRQRFFXUV ,Q WKH WDEOH ³ 0 ´ GHQRWHV D PDQGDWRU\ HOHPHQW DQG ³ & ´ GHQRWHV D FRQGLWLRQDOO\ PDQGDWRU\ HOHPHQW PHDQLQJ WKDW WKH HOHPHQW LV SDUW RI DQRWKHU RSWLRQDO HOHPHQW RI W\SH 6(48(1&( RU 6(7 DQG VKDOO EH LQFOXGHGLIWKHHQFORVLQJHOHPHQWLVLQFOXGHG 127( 7KH 46,* )DFLOLW\ LQIRUPDWLRQ HOHPHQW DGKHUHV WR WKH 4 FRGLQJ UXOHV RI VHSDUDWH RFWHW JURXSV ZLWK VRPH RFWHW JURXSV EHLQJ $61 HQFRGHG ZKHUHDV WKH +6XSSOHPHQWDU\6HUYLFH $3'8 LV D VLQJOH VWUXFWXUHIXOO\GHILQHGLQ$61
7 D E O H 0 D S S L Q J I U R P 4 6 , * ) D F L O L W \ L Q I R U P D W L R Q H O H P H Q W W R + +6XSSOHPHQWDU\6HUYLFH$3'8 46,*HOHPHQWQDPH
+HOHPHQWQDPH
0DSSLQJUHTXLUHPHQW
1HWZRUN)DFLOLW\([WHQVLRQ
QHWZRUN)DFLOLW\([WHQVLRQ
1RWH
VRXUFH(QWLW\ & HQG3,1; DQ\7\SH2I3,1;
VRXUFH(QWLW\ & HQGSRLQW DQ\(QWLW\
*HQHUDWH DV UHTXLUHG RU PDS ZLWKRXW FKDQJH W\SH (180(5$7(' YV W\SH &+2,&( ZLWK DOWHUQDWLYHV RIW\SH18//
VRXUFH(QWLW\$GGUHVV
VRXUFH(QWLW\$GGUHVV
*HQHUDWH DV UHTXLUHG RU PDS IURP W\SH 3DUW\1XPEHU WR W\SH $OLDV$GGUHVVSDUW\1XPEHU DFFRUGLQJWRWDEOH
GHVWLQDWLRQ(QWLW\ & HQG3,1; DQ\7\SH2I3,1;
GHVWLQDWLRQ(QWLW\ & HQGSRLQW DQ\(QWLW\
*HQHUDWH DV UHTXLUHG RU PDS ZLWKRXW FKDQJH W\SH (180(5$7(' YV W\SH &+2,&( ZLWK DOWHUQDWLYHV RIW\SH18//
GHVWLQDWLRQ(QWLW\$GGUHVV
GHVWLQDWLRQ(QWLW\$GGUHVV
*HQHUDWH DV UHTXLUHG RU PDS IURP W\SH 3DUW\1XPEHU WR W\SH $OLDV$GGUHVVSDUW\1XPEHU DFFRUGLQJWRWDEOH
1HWZRUN3URWRFRO3URILOH
1RPDSSLQJUHTXLUHG'LVFDUGZKROH)DFLOLW\,(
,QWHUSUHWDWLRQ$3'8
LQWHUSUHWDWLRQ$SGX
*HQHUDWH DV UHTXLUHG RU PDS ZLWKRXW FKDQJH W\SH (180(5$7(' YV W\SH &+2,&( ZLWK DOWHUQDWLYHV RIW\SH18//
6HUYLFH$3'8 V 0
VHUYLFH$SGX 0
0DSHYHU\526($3'8VHSDUDWHO\DFFRUGLQJWRWKH UHVSHFWLYH LQWHUZRUNLQJ VWDQGDUG 'LVFDUG $3'8V IRU ZKLFK QR PDSSLQJ UXOHV DUH DYDLODEOH 'LVFDUG ZKROH)DFLOLW\,(LIQR $3'8V DUH PDSSDEOH LH LI VHUYLFH$SGXZRXOGEHFRPHDQHPSW\6(48(1&(
127( 7KH1)(VKDOOEHSURFHVVHGRQWKHUHFHLYLQJVLGHDVVSHFLILHGLQ(&0$$Q1)(VKDOOEHLQVHUWHGRQWKHVHQGLQJ VLGHDFFRUGLQJWRWKHUHTXLUHPHQWVRIWKHUHVSHFWLYHVXSSOHPHQWDU\VHUYLFHSURWRFRO8VXDOO\QRPDSSLQJZLOORFFXU
&RQWHQWPDSSLQJIURP+WR46,* 8QOHVV D VSHFLILF VXSSOHPHQWDU\ VHUYLFH LQWHUZRUNLQJ VWDQGDUG PDQGDWHV D GLIIHUHQW PDSSLQJ D JDWHZD\ ZKHQ WUDQVPLWWLQJ D 46,* )DFLOLW\ LQIRUPDWLRQ HOHPHQW DV D UHVXOW RI UHFHLYLQJ DQ +6XSSOHPHQWDU\6HUYLFH $3'8 ZLWKLQ WKH 8VHUXVHU LQIRUPDWLRQ HOHPHQW VKDOO PDS HOHPHQWV LQ DFFRUGDQFHZLWKWDEOHE\FDUU\LQJRXWWKHUHTXLUHGDFWLRQZKHQDJLYHQFRQGLWLRQRFFXUV ,Q WKH WDEOH ³ 0 ´ GHQRWHV D PDQGDWRU\ HOHPHQW DQG ³ & ´ GHQRWHV D FRQGLWLRQDOO\ PDQGDWRU\ HOHPHQW PHDQLQJ WKDW WKH HOHPHQW LV SDUW RI DQRWKHU RSWLRQDO HOHPHQW RI W\SH 6(48(1&( RU 6(7 DQG VKDOO EH LQFOXGHGLIWKHHQFORVLQJHOHPHQWLVLQFOXGHG 127( 7KH +6XSSOHPHQWDU\6HUYLFH $3'8 LV D VLQJOH VWUXFWXUH IXOO\ GHILQHG LQ $61 ZKHUHDV WKH 46,* )DFLOLW\ LQIRUPDWLRQ HOHPHQW DGKHUHV WR WKH 4 FRGLQJ UXOHV RI VHSDUDWH RFWHW JURXSV ZLWK VRPH RFWHW JURXSVEHLQJ$61HQFRGHG
7 D E O H 0 D S S L Q J I U R P + + 6 X S S O H P H Q W D U \ 6 H U Y L F H $ 3 ' 8 W R 46,*)DFLOLW\LQIRUPDWLRQHOHPHQW +HOHPHQWQDPH
46,*HOHPHQWQDPH
0DSSLQJUHTXLUHPHQW
QHWZRUN)DFLOLW\([WHQVLRQ
1HWZRUN)DFLOLW\([WHQVLRQ
1RWH
VRXUFH(QWLW\ & HQGSRLQW DQ\(QWLW\
VRXUFH(QWLW\ & HQG3,1; DQ\7\SH2I3,1;
*HQHUDWH DV UHTXLUHG RU PDS ZLWKRXW FKDQJH W\SH &+2,&( ZLWK DOWHUQDWLYHV RI W\SH 18// YV W\SH (180(5$7('
VRXUFH(QWLW\$GGUHVV
VRXUFH(QWLW\$GGUHVV
*HQHUDWH DV UHTXLUHG RU PDS IURP W\SH $OLDV$GGUHVVSDUW\1XPEHU RU $OLDV$GGUHVVH WR W\SH 3DUW\1XPEHU DFFRUGLQJ WR WDEOH 'R QRW PDS RWKHUDOWHUQDWLYHVRI&+2,&(W\SH$OLDV$GGUHVV
GHVWLQDWLRQ(QWLW\ & HQGSRLQW DQ\(QWLW\
GHVWLQDWLRQ(QWLW\ & HQG3,1; DQ\7\SH2I3,1;
*HQHUDWH DV UHTXLUHG RU PDS ZLWKRXW FKDQJH W\SH &+2,&( ZLWK DOWHUQDWLYHV RI W\SH 18// YV W\SH (180(5$7('
GHVWLQDWLRQ(QWLW\$GGUHVV
GHVWLQDWLRQ(QWLW\$GGUHVV
*HQHUDWH DV UHTXLUHG RU PDS IURP W\SH $OLDV$GGUHVVSDUW\1XPEHU RU $OLDV$GGUHVVH WR W\SH 3DUW\1XPEHU DFFRUGLQJ WR WDEOH 'R QRW PDS RWKHUDOWHUQDWLYHVRI&+2,&(W\SH$OLDV$GGUHVV
LQWHUSUHWDWLRQ$SGX
,QWHUSUHWDWLRQ$3'8
*HQHUDWH DV UHTXLUHG RU PDS ZLWKRXW FKDQJH W\SH &+2,&( ZLWK DOWHUQDWLYHV RI W\SH 18// YV W\SH (180(5$7('
VHUYLFH$SGX 0
6HUYLFH$3'8 V 0
0DSHYHU\526($3'8VHSDUDWHO\DFFRUGLQJWRWKH UHVSHFWLYH LQWHUZRUNLQJ VWDQGDUG 'LVFDUG $3'8V IRU ZKLFK QR PDSSLQJ UXOHV DUH DYDLODEOH 'LVFDUG ZKROH +6XSSOHPHQWDU\6HUYLFH $3'8 LI QR $3'8VDUHPDSSDEOH
127( 7KH1)(VKDOOEHSURFHVVHGRQWKHUHFHLYLQJVLGHDVVSHFLILHGLQ,7875HF+$Q1)(VKDOOEHLQVHUWHGRQ WKH VHQGLQJ VLGH DFFRUGLQJ WR WKH UHTXLUHPHQWV RI WKH UHVSHFWLYH VXSSOHPHQWDU\ VHUYLFH SURWRFRO 8VXDOO\ QR PDSSLQJZLOORFFXU
0DSSLQJRIJHQHULFHOHPHQWV 0DSSLQJRIDGGUHVVLQJHOHPHQWVIURP46,*WR+ $ JDWHZD\ VKDOO PDS DQ DGGUHVVLQJ HOHPHQW UHFHLYHG ZLWKLQ DQ $3'8 RI D 46,* RSHUDWLRQ WR DQ DGGUHVVLQJ HOHPHQW RI WKH $3'8 RI WKH HTXLYDOHQW + RSHUDWLRQ LI VXFK DQ HOHPHQW LV DYDLODEOH LQ WKLV $3'8 E\ FKRRVLQJ RQH RI WKH DOWHUQDWLYHV JLYHQ LQ WDEOH :KLFK DOWHUQDWLYH LV WR EH FKRVHQ GHSHQGVRQWKHVSHFLILF+RSHUDWLRQ 127( $WWKHWLPHRISXEOLFDWLRQRIWKLV6WDQGDUGQRWDOODOWHUQDWLYHVOLVWHGLQWDEOHDUHXVHGE\VWDQGDUGL]HG RSHUDWLRQV
7 D E O H 0 D S S L Q J Z L W K L Q 5 2 6 ( $ 3 ' 8 V I U R P 4 6 , * D G G U H V V H O H P H Q W W R + D G G U H V V H O H P H Q W 46,*HOHPHQW $61W\SH
+HOHPHQW $61W\SH
0DSSLQJUHTXLUHPHQW
$GGUHVV
$GGUHVV
0DSZLWKRXWFKDQJH
3DUW\1XPEHU
$OLDV$GGUHVVSDUW\1XPEHU
0DS ZLWKRXW FKDQJH WR DOWHUQDWLYH SDUW\1XPEHU RI&+2,&(W\SH$OLDV$GGUHVV
(QGSRLQW$GGUHVV GHVWLQDWLRQ$GGUHVV
0DS ZLWKRXW FKDQJH WR DOWHUQDWLYH SDUW\1XPEHU RI &+2,&( W\SH $OLDV$GGUHVV LQ FRPSRQHQW GHVWLQDWLRQ$GGUHVV RI (QGSRLQW$GGUHVV 7KLV PDSSLQJVKDOOEHWKHGHIDXOWDOWHUQDWLYH 1RWH
(QGSRLQW$GGUHVV UHPRWH([WHQVLRQ$GGUHVV
0DS ZLWKRXW FKDQJH WR DOWHUQDWLYH SDUW\1XPEHU RI &+2,&( W\SH $OLDV$GGUHVV LQ FRPSRQHQW UHPRWH([WHQVLRQ$GGUHVV RI (QGSRLQW$GGUHVV 1RWH
3DUW\6XEDGGUHVV
3DUW\6XEDGGUHVV
0DSZLWKRXWFKDQJH
3UHVHQWDWLRQ$OORZHG,QGLFDWRU
3UHVHQWDWLRQ$OORZHG,QGLFDWRU
0DSZLWKRXWFKDQJH
3UHVHQWHG$GGUHVV6FUHHQHG
3UHVHQWHG$GGUHVV6FUHHQHG
0DSZLWKRXWFKDQJH
(QGSRLQW$GGUHVV
0DS 3DUW\1XPEHU LI SUHVHQW WR GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ$GGUHVV DV VSHFLILHG DERYH 0DS 6FUHHQLQJ,QGLFDWRU ZLWKRXW FKDQJH 'LVFDUG 3DUW\6XEDGGUHVV LI SUHVHQW 2SWLRQDOO\ LQFOXGH 3UHVHQWDWLRQ,QGLFDWRU PDQGDWRU\ LI QXPEHU LV UHVWULFWHG RU QRW DYDLODEOH 1RWH
3UHVHQWHG$GGUHVV8QVFUHHQHG
0DSZLWKRXWFKDQJH
(QGSRLQW$GGUHVV
0DS 3DUW\1XPEHU LI SUHVHQW WR GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ$GGUHVV DV VSHFLILHG DERYH 'LVFDUG 3DUW\6XEDGGUHVV LI SUHVHQW 2SWLRQDOO\ LQFOXGH 3UHVHQWDWLRQ,QGLFDWRU PDQGDWRU\ LI QXPEHU LV UHVWULFWHG RU QRW DYDLODEOH 1RWH
3UHVHQWHG1XPEHU6FUHHQHG
0DSZLWKRXWFKDQJH
(QGSRLQW$GGUHVV
0DS 3DUW\1XPEHU LI SUHVHQW WR GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ$GGUHVV DV VSHFLILHG DERYH 0DS 6FUHHQLQJ,QGLFDWRU ZLWKRXW FKDQJH 2SWLRQDOO\ LQFOXGH 3UHVHQWDWLRQ,QGLFDWRU PDQGDWRU\ LI QXPEHU LV UHVWULFWHGRUQRWDYDLODEOH 1RWH
3UHVHQWHG1XPEHU8QVFUHHQHG
0DSZLWKRXWFKDQJH
(QGSRLQW$GGUHVV
0DS 3DUW\1XPEHU LI SUHVHQW WR GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ$GGUHVV DV VSHFLILHG DERYH 2SWLRQDOO\ LQFOXGH 3UHVHQWDWLRQ,QGLFDWRU PDQGDWRU\ LI QXPEHU LV UHVWULFWHGRUQRWDYDLODEOH 1RWH
3UHVHQWHG$GGUHVV8QVFUHHQHG
3UHVHQWHG1XPEHU6FUHHQHG
3UHVHQWHG1XPEHU8QVFUHHQHG
127( ,I WKH JDWHZD\ ZDQWV WR LQFOXGH DQ DGGLWLRQDO DGGUHVV HJ LWV RZQ WKHQ WKLV DGGUHVV VKDOO EH LQFOXGHG LQ GHVWLQDWLRQ$GGUHVV DQG 3DUW\1XPEHU VKDOO EH PDSSHG WR UHPRWH([WHQVLRQ$GGUHVV 2WKHUZLVH 3DUW\1XPEHU VKDOO EHPDSSHGWRGHVWLQDWLRQ$GGUHVV 127( 7KH DGGLWLRQDO HOHPHQWV UHTXLUHG IRU WKLV PDSSLQJ DUH VSHFLILHG LQ WKH ³,PSOHPHQWHUV *XLGH IRU + + ++++6HULHVDQG+5HFRPPHQGDWLRQV´SXEOLVKHGE\,787 7KHVHHOHPHQWVZLOO EHLQFOXGHGLQWKHQH[WHGLWLRQRI5HFRPPHQGDWLRQ+
0DSSLQJRIDGGUHVVLQJHOHPHQWVIURP+WR46,* $ JDWHZD\ VKDOO PDS DQ DGGUHVVLQJ HOHPHQW UHFHLYHG ZLWKLQ DQ $3'8 RI DQ + RSHUDWLRQ WR DQ DGGUHVVLQJHOHPHQWRIWKH$3'8RIWKHHTXLYDOHQW46,*RSHUDWLRQLIVXFKDQHOHPHQWLVDYDLODEOHLQWKLV $3'8E\FKRRVLQJRQHRIWKH DOWHUQDWLYHV JLYHQ LQ WDEOH :KLFK DOWHUQDWLYH LV WR EH FKRVHQ GHSHQGV RQWKHVSHFLILF46,*RSHUDWLRQ 127( $WWKHWLPHRISXEOLFDWLRQRIWKLV6WDQGDUGQRWDOODOWHUQDWLYHVOLVWHGLQWDEOHDUHXVHGE\VWDQGDUGL]HG RSHUDWLRQV
7 D E O H 0 D S S L Q J Z L W K L Q 5 2 6 ( $ 3 ' 8 V I U R P + D G G U H V V H O H P H Q W W R 4 6 , * D G G U H V V H O H P H Q W +HOHPHQW $61W\SH
46,*HOHPHQW $61W\SH
0DSSLQJUHTXLUHPHQW
$GGUHVV
$GGUHVV
0DSZLWKRXWFKDQJH
$OLDV$GGUHVVH
3DUW\1XPEHU
0DS DV DQ H[SOLFLW QXPEHU W\SH RI QXPEHU ( RU 313 LI SRVVLEOH HOVH DV DQ LPSOLFLW QXPEHU W\SH RI QXPEHU XQNQRZQ LI SRVVLEOH LHQXPHULFVWULQJZKRVHOHQJWKGRHVQRWH[FHHG WKH46,*OLPLW RWKHUZLVHGLVFDUG
$OLDV$GGUHVVSDUW\1XPEHU
3DUW\1XPEHU
0DSZLWKRXWFKDQJH
$OLDV$GGUHVV
2WKHU DOWHUQDWLYHV RI $OLDV$GGUHVV DUH QRW PDSSDEOH
(QGSRLQW$GGUHVV
3DUW\1XPEHU
0DS GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ $GGUHVV 1RWH DV VSHFLILHG IRU $OLDV$GGUHVV DERYH
3UHVHQWHG$GGUHVV6FUHHQHG
0DS GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ $GGUHVV 1RWH WR3DUW\1XPEHUDVVSHFLILHGIRU $OLDV$GGUHVV DERYH WDNLQJ LQWR DFFRXQW WKH 3UHVHQWDWLRQ,QGLFDWRU LI DYDLODEOH 1RWH 0DS WR QXPEHU1RW$YDLODEOH'XH7R,QWHUZRUNLQJ LI QRQH RI WKH $OLDV$GGUHVV HOHPHQWV LV D QXPEHU 6HW 6FUHHQLQJ,QGLFDWRU WR XVHU3URYLGHG1RW 6FUHHQHG LI QRW FRQWDLQHG LQ (QGSRLQW$GGUHVV 1RWH RWKHUZLVHPDSZLWKRXWFKDQJH
3UHVHQWHG$GGUHVV8QVFUHHQHG
0DS GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ $GGUHVV 1RWH WR3DUW\1XPEHUDVVSHFLILHGIRU $OLDV$GGUHVV DERYH WDNLQJ LQWR DFFRXQW WKH 3UHVHQWDWLRQ,QGLFDWRU LI DYDLODEOH 1RWH 0DS WR QXPEHU1RW$YDLODEOH'XH7R,QWHUZRUNLQJ LI QRQHRIWKH$OLDV$GGUHVVHOHPHQWVLVDQXPEHU
3UHVHQWHG1XPEHU6FUHHQHG
0DS GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ $GGUHVV 1RWH WR3DUW\1XPEHUDVVSHFLILHGIRU $OLDV$GGUHVV DERYH WDNLQJ LQWR DFFRXQW WKH 3UHVHQWDWLRQ,QGLFDWRU LI DYDLODEOH 1RWH 0DS WR QXPEHU1RW$YDLODEOH'XH7R,QWHUZRUNLQJ LI QRQH RI WKH $OLDV$GGUHVV HOHPHQWV LV D QXPEHU 6HW 6FUHHQLQJ,QGLFDWRU WR XVHU3URYLGHG1RW 6FUHHQHG LI QRW FRQWDLQHG LQ (QGSRLQW$GGUHVV 1RWH RWKHUZLVHPDSZLWKRXWFKDQJH
3UHVHQWHG1XPEHU8QVFUHHQHG
0DS GHVWLQDWLRQ$GGUHVV RU UHPRWH([WHQVLRQ $GGUHVV 1RWH WR3DUW\1XPEHUDVVSHFLILHGIRU $OLDV$GGUHVV DERYH WDNLQJ LQWR DFFRXQW WKH 3UHVHQWDWLRQ,QGLFDWRU LI DYDLODEOH 1RWH 0DS WR QXPEHU1RW$YDLODEOH'XH7R,QWHUZRUNLQJ LI QRQHRIWKH$OLDV$GGUHVVHOHPHQWVLVDQXPEHU
3DUW\6XEDGGUHVV
3DUW\6XEDGGUHVV
0DSZLWKRXWFKDQJH
3UHVHQWDWLRQ$OORZHG,QGLFDWRU
3UHVHQWDWLRQ$OORZHG,QGLFDWRU
0DSZLWKRXWFKDQJH
3UHVHQWHG$GGUHVV6FUHHQHG
3UHVHQWHG$GGUHVV6FUHHQHG
0DSZLWKRXWFKDQJH
3UHVHQWHG$GGUHVV8QVFUHHQHG
3UHVHQWHG$GGUHVV8QVFUHHQHG
0DSZLWKRXWFKDQJH
3UHVHQWHG1XPEHU6FUHHQHG
3UHVHQWHG1XPEHU6FUHHQHG
0DSZLWKRXWFKDQJH
3UHVHQWHG1XPEHU8QVFUHHQHG
3UHVHQWHG1XPEHU8QVFUHHQHG
0DSZLWKRXWFKDQJH
127( ,I SUHVHQW UHPRWH([WHQVLRQ$GGUHVV VKDOO EH FKRVHQ IRU PDSSLQJ ,Q WKLV FDVH GHVWLQDWLRQ$GGUHVV FRQWDLQV WKH DGGUHVVRIDQHWZRUNHQWLW\HJDJDWHZD\WKDW³UHSUHVHQWV´WKLVUHPRWHH[WHQVLRQLQWKH+GRPDLQ 127( 7KHVH DGGLWLRQDO HOHPHQWV DUH VSHFLILHG LQ WKH ³,PSOHPHQWHUV *XLGH IRU + + + + + +6HULHVDQG+5HFRPPHQGDWLRQV´SXEOLVKHGE\,787 7KH\ZLOOEHLQFOXGHGLQWKHQH[WHGLWLRQRI 5HFRPPHQGDWLRQ+
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
0DSSLQJRIPDQXIDFWXUHUVSHFLILFLQIRUPDWLRQIURP46,*WR+ $ JDWHZD\ VKDOO LQFOXGH DQ\ PDQXIDFWXUHU VSHFLILF LQIRUPDWLRQ 06, UHFHLYHG ZLWKLQ DQ $3'8 RI D 46,*RSHUDWLRQLQWKH$3'8RIWKHHTXLYDOHQW+RSHUDWLRQDFFRUGLQJWRWDEOH 7 D E O H 0 D S S L Q J R I H [ W H Q V L R Q V I U R P 4 6 , * W R +
46,*06, $61W\SH
+06, $61W\SH
0DSSLQJUHTXLUHPHQW
([WHQVLRQ
([WHQVLRQ
0DSZLWKRXWFKDQJH
0 D S S L Q J R I P D Q X I D F W X U H U V S H F L I L F L Q I R U P D W L R Q I U R P + W R 4 6 , * $ JDWHZD\ VKDOO LQFOXGH DQ\ PDQXIDFWXUHU VSHFLILF LQIRUPDWLRQ 06, UHFHLYHG ZLWKLQ DQ $3'8 RI DQ +RSHUDWLRQLQWKH$3'8RIWKHHTXLYDOHQW46,*RSHUDWLRQDFFRUGLQJWRWDEOH 7 D E O H 0 D S S L Q J R I H [ W H Q V L R Q V I U R P + W R 4 6 , *
+06, $61W\SH
46,*06, $61W\SH
0DSSLQJUHTXLUHPHQW
([WHQVLRQ
([WHQVLRQ
0DSZLWKRXWFKDQJH
1RQ6WDQGDUG3DUDPHWHU
'LVFDUG
0DSSLQJRIQDPHVIURP46,*WR+ $JDWHZD\VKDOOPDSDQDPHHOHPHQWUHFHLYHGZLWKLQDQ$3'8RID46,*RSHUDWLRQWRDFKDUDFWHUVWULQJ HOHPHQW RI WKH $3'8 RI WKH HTXLYDOHQW + RSHUDWLRQ LI VXFK DQ HOHPHQW LV DYDLODEOH LQ WKLV $3'8 DFFRUGLQJWRWDEOH 7 D E O H 0 D S S L Q J R I Q D P H V I U R P 4 6 , * W R +
46,*HOHPHQW W\SH
+HOHPHQW W\SH
0DSSLQJUHTXLUHPHQW
1DPH
%036WULQJ
0DS FRQWHQW RI 1DPH'DWD LI SUHVHQW DQG QRW SUHVHQWDWLRQUHVWULFWHG LQWHUSUHWHG DFFRUGLQJ WR WKH DSSOLFDEOH FKDUDFWHU VHW WR WKH HTXLYDOHQW %03 LHXQLFRGH VWULQJ
0 D S S L Q J R I Q D P H V I U R P + W R 4 6 , * $ JDWHZD\ VKDOO PDS D FKDUDFWHU VWULQJ HOHPHQW UHFHLYHG ZLWKLQ DQ $3'8 RI DQ + RSHUDWLRQ WR D QDPH HOHPHQW RI WKH $3'8 RI WKH HTXLYDOHQW 46,* RSHUDWLRQ LI VXFK DQ HOHPHQW LV DYDLODEOH LQ WKLV $3'8DFFRUGLQJWRWDEOH 7 D E O H 0 D S S L Q J R I Q D P H V I U R P + W R 4 6 , *
+HOHPHQW W\SH
46,*HOHPHQW W\SH
0DSSLQJUHTXLUHPHQW
%036WULQJ
1DPH
0DS FRQWHQW WR HOHPHQW 1DPH6HWQDPH'DWD RI W\SH1DPH3UHVHQWDWLRQ$OORZHGDFFRUGLQJWRRQH RI WKH VXSSRUWHG FKDUDFWHU VHWV DQG LQGLFDWH WKH FKRVHQ FKDUDFWHU VHW LQ HOHPHQW 1DPH6HWFKDUDFWHU6HW $OWHUQDWLYHO\ LI FKDUDFWHU VHW ,62 LV XVHG PDS WR DOWHUQDWLYH 1DPH'DWD RI W\SH 1DPH3UHVHQWDWLRQ$OORZHG 7UXQFDWH LI WKH + HOHPHQW LV ORQJHU WKDQ FKDUDFWHUV
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
:KHQVHQGLQJDUHWXUQUHVXOWRUUHWXUQHUURU$3'8WKHJDWHZD\VKDOOIROORZQRUPDO526(SURFHGXUHVLH LQFOXGHWKHVDPHLQYRNHLGHQWLILHUDVUHFHLYHGLQWKHLQYRNH$3'8WRZKLFKWKLVUHVSRQVHUHODWHV7KLVUXOH VKDOODOVRDSSO\WRUHMHFW$3'8VZLWKDQRQHPSW\LQYRNHLGHQWLILHU 127( *HQHUDWLRQ RI D UHMHFW $3'8 ZLWK HPSW\ LQYRNH LGHQWLILHU RQ WKH 46,* VLGH RI WKH JDWHZD\ LV RXWVLGH WKH VFRSHRIWKLV6WDQGDUG
$QQH[$ Q R U PD WLY H
,&63URIRUPD
$
,QWURGXFWLRQ 7KHVXSSOLHURIDQLPSOHPHQWDWLRQZKLFKLVFODLPHGWRFRQIRUPWRWKLV6WDQGDUGVKDOOFRPSOHWHWKHIROORZLQJ ,PSOHPHQWDWLRQ&RQIRUPDQFH6WDWHPHQW ,&6 SURIRUPD $ FRPSOHWHG ,&6 SURIRUPD LV WKH ,&6 IRU WKH LPSOHPHQWDWLRQ LQ TXHVWLRQ 7KH ,&6 LV D VWDWHPHQW RI ZKLFK FDSDELOLWLHVDQGRSWLRQVKDYHEHHQLPSOHPHQWHGIRUDJLYHQVSHFLILFDWLRQ 7KH,&6FDQKDYHDQXPEHURIXVHVLQFOXGLQJXVH
$
E\ WKH LPSOHPHQWRU DV D FKHFN OLVW IRU LPSOHPHQWDWLRQV WR UHGXFH WKH ULVN RI XQLQWHQGHG QRQ FRQIRUPDQFHHJWKURXJKRYHUVLJKW
E\WKH VXSSOLHU DQG DFTXLUHU RU SRWHQWLDO DFTXLUHU RI WKH LPSOHPHQWDWLRQ DV D GHWDLOHG LQGLFDWLRQ RI WKH FDSDELOLWLHVRIWKHLPSOHPHQWDWLRQVWDWHGUHODWLYHWRWKHFRPPRQEDVLVIRUXQGHUVWDQGLQJSURYLGHGE\WKH 6WDQGDUG V,&6SURIRUPD
E\ WKH XVHU RU SRWHQWLDO XVHU RI WKH LPSOHPHQWDWLRQ DV D EDVLV IRU LQLWLDOO\ FKHFNLQJ WKH SRVVLELOLW\ RI LQWHUZRUNLQJ ZLWK DQRWKHU LPSOHPHQWDWLRQ ZKLOH LQWHUZRUNLQJ FDQ QHYHU EH JXDUDQWHHG IDLOXUH WR LQWHUZRUNFDQRIWHQEHSUHGLFWHGIURPLQFRPSDWLEOH,&6
E\DWHVWHUDVWKHEDVLVIRUVHOHFWLQJDSSURSULDWHWHVWVDJDLQVWZKLFKWRDVVHVVWKHFODLPIRUFRQIRUPDQFH RIWKHLPSOHPHQWDWLRQ
,QVWUXFWLRQVIRUFRPSOHWLQJWKH,&6SURIRUPD
$
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³6WDWXV´ FROXPQ LQGLFDWHV ZKHWKHU DQ LWHP LV DSSOLFDEOH DQG LI VR ZKHWKHU VXSSRUW LV PDQGDWRU\ RU RSWLRQDO7KHIROORZLQJWHUPVDUHXVHG ,
LUUHOHYDQW RU RXWRIVFRSH WKLV FDSDELOLW\ LV RXWVLGH WKH VFRSH RI WKH VWDQGDUG WR ZKLFK WKLV,&6SURIRUPDDSSOLHVDQGLVQRWVXEMHFWWRFRQIRUPDQFHWHVWLQJLQWKLVFRQWH[W
0
PDQGDWRU\ WKHFDSDELOLW\LVUHTXLUHGIRUFRQIRUPDQFHWRWKHVWDQGDUG
1$
QRWDSSOLFDEOHLQWKHJLYHQFRQWH[WLWLVLPSRVVLEOHWRXVHWKHFDSDELOLW\QRDQVZHULQ WKHVXSSRUWFROXPQLVUHTXLUHG
2
RSWLRQDO WKH FDSDELOLW\ LV QRW UHTXLUHG IRU FRQIRUPDQFH WR WKH VWDQGDUG EXW LI WKH FDSDELOLW\LVLPSOHPHQWHGLWLVUHTXLUHGWRFRQIRUPWRWKHVSHFLILFDWLRQLQWKLV6WDQGDUG
2Q!
TXDOLILHGRSWLRQDOLQWKLVFDVHQ!LVDQLQWHJHUWKDWLGHQWLILHVDXQLTXHJURXSRIUHODWHG RSWLRQDO LWHPV LI QR DGGLWLRQDO TXDOLILFDWLRQ LV LQGLFDWHG WKH VXSSRUW RI DW OHDVW RQH RI WKH RSWLRQDO LWHPV LV UHTXLUHG IRU FRQIRUPDQFH WR WKLV 6WDQGDUG RWKHUZLVH WKH TXDOLILFDWLRQ DQG ORJLF RI WKH VHOHFWLRQ DPRQJ WKH RSWLRQDO LWHPV LV GHILQHG EHORZ WKH WDEOHH[SOLFLWO\
;
H[FOXGHG RU SURKLELWHG WKHUH LV D UHTXLUHPHQW QRW WR XVH WKLV FDSDELOLW\ LQ D JLYHQ FRQWH[W
$QVZHUV WR WKH TXHVWLRQQDLUH LWHPV DUH WR EH SURYLGHG LQ WKH ³6XSSRUW´ FROXPQ E\ VLPSO\ PDUNLQJ DQ DQVZHUWRLQGLFDWHDUHVWULFWHGFKRLFH <HV1RRU1$ ,QVSHFLILFFDVHVWKHLQGLFDWLRQRIH[SOLFLWYDOXHV PD\EHUHTXHVWHG:KHUHDVXSSRUWFROXPQER[LVOHIWEODQNQRDQVZHULVUHTXLUHG ,I D SUHUHTXLVLWH OLQH VHH EHORZ LV XVHG DIWHU D VXEFODXVH KHDGLQJ RU WDEOH WLWOH DQG LWV SUHGLFDWH LV IDOVHQRDQVZHULVUHTXLUHGIRUWKHZKROHVXEFODXVHRUWDEOHUHVSHFWLYHO\
$
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
$
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
$
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
$
,GHQWLILFDWLRQRIWKH,PSOHPHQWDWLRQ
$
,PSOHPHQWDWLRQ,GHQWLILFDWLRQ 6XSSOLHU 1RWH &RQWDFWSRLQWIRUTXHULHVDERXWWKH,&6 1RWH ,PSOHPHQWDWLRQ1DPH V DQG9HUVLRQ V 1RWH1RWH 2WKHULQIRUPDWLRQQHFHVVDU\IRUIXOO LGHQWLILFDWLRQHJQDPH V DQGYHUVLRQ V IRU PDFKLQHVDQGRURSHUDWLQJV\VWHPV6\VWHP QDPH V 127( 2QO\ WKH ILUVW WKUHH LWHPV DUH UHTXLUHG IRU DOO LPSOHPHQWDWLRQV RWKHU LQIRUPDWLRQ PD\ EH FRPSOHWHG DV DSSURSULDWHLQPHHWLQJWKHUHTXLUHPHQWIRUIXOOLGHQWLILFDWLRQ 127( 7KH WHUPV 1DPH DQG 9HUVLRQ VKRXOG EH LQWHUSUHWHG DSSURSULDWHO\ WR FRUUHVSRQG ZLWK D VXSSOLHUV WHUPLQRORJ\ HJ7\SH6HULHV0RGHO
$
6SHFLILFDWLRQIRUZKLFKWKLV,&6DSSOLHV 7LWOH
&RUSRUDWH WHOHFRPPXQLFDWLRQ QHWZRUNV 6LJQDOOLQJ LQWHUZRUNLQJ EHWZHHQ 46,* DQG + *HQHULF IXQFWLRQDO SURWRFRO IRU WKH VXSSRUW RI VXSSOHPHQWDU\VHUYLFHV
9HUVLRQ
&RUULJHQGD,PSOHPHQWHG LIDSSOLFDEOH $GGHQGD,PSOHPHQWHG LIDSSOLFDEOH $PHQGPHQWV,PSOHPHQWHG LIDSSOLFDEOH +DYHDQ\H[FHSWLRQLWHPVEHHQUHTXLUHG"
1R>@<HV>@ 7KHDQVZHU<HVPHDQVWKDWWKHLPSOHPHQWDWLRQ GRHVQRWFRQIRUPWRWKLV6WDQGDUG 1RWH
'DWHRI6WDWHPHQW 127(,QWKLVFDVHDQH[SODQDWLRQVKDOOEHJLYHQRIWKHQDWXUHRIQRQFRQIRUPDQFHHLWKHUEHORZRU RQDVHSDUDWHVKHHWRISDSHU 1DWXUHRIQRQFRQIRUPDQFH LIDSSOLFDEOH
$
0DMRUFDSDELOLWLHV 7DEOH$0DMRUFDSDELOLWLHV
,WHP
4XHVWLRQ 'RHVWKHLPSOHPHQWDWLRQ
0&
&RQGLWLRQV IRUVWDWXV
6WDWXV
5HIHUHQFH
6XSSRUW
VXSSRUW46,*FDOOUHODWHGJHQHULF SURFHGXUHV
2
(&0$
>@<HV>@1R
0&
VXSSRUW46,*FDOOLQGHSHQGHQW FRQQHFWLRQRULHQWHGJHQHULFSURFHGXUHV
2
(&0$
>@<HV>@1R
0&
VXSSRUW46,*FDOOLQGHSHQGHQW FRQQHFWLRQOHVVJHQHULFSURFHGXUHV
2
(&0$
>@<HV>@1R
0&
VXSSRUW46,*QRWLILFDWLRQSURFHGXUHV
2
(&0$
>@<HV>@1R
0&
VXSSRUW+JHQHULFSURFHGXUHV
0
+
>@<HV
0&
VXSSRUWSURWRFROLQWHUZRUNLQJ
0
>@<HV
26XSSRUWRIDWOHDVWRQHRIWKHVHFDSDELOLWLHVLVUHTXLUHG &RPPHQWV
$
0HVVDJHDQGLQIRUPDWLRQHOHPHQWKDQGOLQJ 7DEOH$0HVVDJHDQGLQIRUPDWLRQHOHPHQWKDQGOLQJ
,WHP
4XHVWLRQ 'RHVWKHLPSOHPHQWDWLRQ
0,
EHKDYHLQDFFRUGDQFHZLWKUXOHVWR
0,
EHKDYHLQDFFRUGDQFHZLWKUXOH
0,
EHKDYHLQDFFRUGDQFHZLWKUXOHVDQG
0,
6WDWXV
5HIHUHQFH
6XSSRUW
0
>@<HV
0& 1270&
0 1$
>@<HV >@1$
0& 1270&
0 1$
>@<HV >@1$
EHKDYHDFFRUGLQJWRWKHLQWHUSUHWDWLRQ $3'8ZKHQDQXQUHFRJQLVHGLQYRNH $3'8LVHQFRXQWHUHG
0
>@<HV
0,
GLVFDUGLQIRUPDWLRQWKDWFDQQRWEH SDVVHGRQ
0
>@<HV
0,
EHKDYHLQDFFRUGDQFHZLWKUXOHVDQG
0 1$
>@<HV >@1$
&RPPHQWV
&RQGLWLRQV IRUVWDWXV
0& 1270&
$
0DSSLQJFRQWHQWRILQIRUPDWLRQHOHPHQWV
$
0DSSLQJFRQWHQWRIHOHPHQWVIURP46,*WR+ 7DEOH$&RQWHQWPDSSLQJIURP46,*WR+
,WHP
4XHVWLRQ 'RHVWKHLPSOHPHQWDWLRQ
&04
&RQGLWLRQV IRUVWDWXV
6WDWXV
5HIHUHQFH
6XSSRUW
PDS)DFLOLW\LQIRUPDWLRQHOHPHQWVWR +6XSSOHPHQWDU\6HUYLFH$3'8V
0
>@<HV
&04
PDSDGGUHVVLQJHOHPHQWVIURP46,*WR +
0
>@<HV
&04
PDSHPEHGGHGLQIRUPDWLRQHOHPHQWV IURP46,*WR+
0
>@<HV
&04
PDSH[WHQVLRQVIURP46,*WR+
0
>@<HV
&04
PDSHPEHGGHGQDPHVIURP46,*WR +VWULQJV
0
>@<HV
&04
PDS526($3'8VIURP46,*WR+
0
>@<HV
6WDWXV
5HIHUHQFH
6XSSRUW
&RPPHQWV
$
0DSSLQJFRQWHQWRIHOHPHQWVIURP+WR46,* 7DEOH$&RQWHQWPDSSLQJIURP+WR46,*
,WHP
4XHVWLRQ 'RHVWKHLPSOHPHQWDWLRQ
&0+
PDS +6XSSOHPHQWDU\6HUYLFH$3'8VWR )DFLOLW\LQIRUPDWLRQHOHPHQWV
0
>@<HV
&0+
PDSDGGUHVVLQJHOHPHQWVIURP+WR 46,*
0
>@<HV
&0+
PDSHPEHGGHGLQIRUPDWLRQHOHPHQWV IURP+WR46,*
0
>@<HV
&0+
PDSH[WHQVLRQVIURP+WR46,*
0
>@<HV
&0+
PDSHPEHGGHGVWULQJVIURP+WR 46,*QDPHV
0
>@<HV
&0+
PDS526($3'8VIURP+WR46,*
0
>@<HV
&RPPHQWV
&RQGLWLRQV IRUVWDWXV
)UHHSULQWHGFRSLHVFDQEHRUGHUHGIURP (&0$ 5XHGX5K{QH &+*HQHYD 6ZLW]HUODQG )D[ (PDLO
GRFXPHQWV#HFPDFK
)LOHVRIWKLV6WDQGDUGFDQEHIUHHO\GRZQORDGHGIURPWKH(&0$ZHEVLWH ZZZHFPDFK 7KLVVLWHJLYHVIXOO LQIRUPDWLRQRQ(&0$(&0$DFWLYLWLHV(&0$6WDQGDUGVDQG7HFKQLFDO5HSRUWV
(&0$ 5XHGX5K{QH &+*HQHYD 6ZLW]HUODQG 6HHLQVLGHFRYHUSDJHIRUREWDLQLQJIXUWKHUVRIWRUKDUGFRSLHV