)URP 6(/)-())5(<

7R E
6XEMHFW 5H)HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

'DWH 7KXUVGD\-XQH30

LI\RXZDQWDVNWKHPWRVHQGWKHPWR\RXWKHQGRVR\RXUFDOO

-HII

2ULJLQDO0HVVDJH
)URPE
7R6(/)-())5(<'
6HQW7KX-XQ
6XEMHFW5()HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

-HII
,NQRZWKH\6%,DUHFRPSO\LQJZLWKWKHGLUHFWLYHWRNHHS2%3LQIRUPHGEXW,DPQRWVXUHZK\\RXDUH
JHWWLQJWKHVHORZOHYHOUHTXHVWVIRUVLWHYLVLWVVHQW72\RX,ZLOOKDYHWKHFKDQJHPDGHWRFF\RXDW
PRVW0\ZRUU\LVWKDWVRPHRQHWKDWGRHVQ
WNQRZEHWWHUZLOOVHQGLWWR\RXDQGH[SHFWWKDWLWWKH
UHJXODUFKDLQIRUVLWHYLVLWV1RELJJLH$WOHDVW\RXDQVZHUVRPHERG\
VHPDLOV
E


2ULJLQDO0HVVDJH
)URP6(/)-())5(<'
6HQW7KXUVGD\-XQH$0
7RE
&F E

6XEMHFW5H)HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

*X\V

6:%LVJRRGZLWKWKLVE SOHDVHJHWZLWK6:%DQGDVNWKDWWKH\FRRUGLQDWHWKLVZLWKWKH6HFWRU

-HII

2ULJLQDO0HVVDJH
)URPE
7RE 6(/)-())5(<'
&F E

6HQW7KX-XQ
6XEMHFW):)HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

*HQWOHPHQ

$WWDFKHGLVDVLWHYLVLWIRUPSHUWLQHQWWRWKH7H[DV0RELOH3URMHFWDQG)HQFHODESOHDVHDGYLVH
DQ\LVVXHVDQG\RXUDSSURYDORIVDPH

9U

E
6%,3020(

E

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URPE
6HQW7KXUVGD\-XQH$0
7R E

&F E

6XEMHFW5()HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

E

/HW¶VVKRRWIRU-XO\QGDQGRUUG<RXJHQWOHPHQDUHZHOFRPHWRVWD\KHUHZLWKXVDVORQJDV\RX
ZRXOGOLNHEXW,FDQVKRZ\RXWKRVHVHFWLRQVHDVLO\LQKRXUV,I\RXSODQRQWDNLQJ
PHDVXUHPHQWVLWZRXOGWDNHDOLWWOHORQJHUEXW,FDQ¶WLPDJLQHLWWDNLQJORQJHUWKDQRQHGD\,IRQHGD\
VRXQGVIHDVLEOHWDNH\RXUSLFNRIWKHQGRUUGDQGZHZLOOPDNHLWKDSSHQ

7DNH&DUHE 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URPE
6HQW7KXUVGD\-XQH$0
7RE

&F E

6XEMHFW5()HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

E

E E DQG,KDYHFRRUGLQDWHGRXUZRUNDQGWUDYHOVFKHGXOHVZKLOHZHDUHVWLOOKHUH
DW&%3LQ:DVKLQJWRQZHFRXOGPHHWZLWK\RXRQ0RQ7XHVWKHQGDQGUGRI-XO\RU0RQ7XHVWKH
WKDQGWKRI-XO\

3OHDVHOHWLVNQRZLIHLWKHURIWKHVHGDWHVZRXOGZRUNIRU\RX"

7KDQNVIRUJHWWLQJEDFNZLWKXVVRTXLFNO\ZHORRNIRUZDUGWRPHHWLQJZLWK\RXDQGEHJLQQLQJWKLV
SURFHVV
6LQFHUHO\

E

$FWLYH'HQLDODQG5HVSRQVH'HSDUWPHQW

6DQGLD1DWLRQDO/DERUDWRULHV

(XEDQN%OYG6(

.LUWODQG$)%

$OEXTXHUTXH10

E

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URPE
6HQW:HGQHVGD\-XQH30
7RE
&F E

6XEMHFW5()HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

E

52(VZLOOQRWEHDSUREOHPIRUWKHVHDUHDV<RXDUHFRUUHFWPRVWODQGLVIHGHUDOSURSHUW\

E DQGE ,I\RXJHQWOHPHQFRXOGDJUHHRQDIHZGDWHVLQWKHQHDUIXWXUH
WKDWZLOOZRUNIRUDOORI\RXDQGJLYHPHDFDOOZHZLOOUHDFKDQDJUHHPHQWDQGJODGO\DFFRPPRGDWHWKH
YLVLW0\FRQWDFWLQIRUPDWLRQLVLQWKHFORVLQJ,ORRNIRUZDUGWRKHDULQJIURP\RX

7DNH&DUH

E

6SHFLDO2SHUDWLRQV6XSHUYLVRU

(O3DVR6HFWRU

0RQWDQD$YHQXH
(O3DVR7H[DV

E

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URPE
6HQW:HGQHVGD\-XQH30
7RE
&F E

6XEMHFW)HQFH/DE6ROXWLRQVIRU7;0RELOH6LWH9LVLWWR7;0RELOH$25

E

E KDVWDVNHGERWKE 3URMHFW0DQDJHUIRU)HQFH/DEDQG,WRFRRUGLQDWHDQG
LGHQWLI\SRWHQWLDO)HQFH/DEVROXWLRQVIRUWKH3)IHQFHDUHDVZLWKLQWKH7;0RELOH$257KHVSHFLILF
ODWORQJVIRUHDFKVHJPHQWDUHLGHQWLILHGLQWKH([FHODWWDFKPHQW

$VWKHIHQFHODEVROXWLRQVPD\RUPD\QRWEHVXLWDEOHIRUHDFKVHJPHQWZHZRXOGOLNHWRNLQGO\DVNLI
\RXFRXOGKRVWDVLWHYLVLWE\WKHWKUHHSULPDU\WHFKQLFDOH[SHUWVIURPWKH)HQFH/DE3URJUDPVRWKH\
FDQVXUYH\WKHWHUUDLQDQGJHQHUDOHQYLURQPHQWDQGXVHWKLVLQIRUPDWLRQWRLGHQWLI\ZKLFK)HQFH/DE
VROXWLRQVDUHVXLWDEOHIRUHDFKVHJPHQW7KLVLQIRZLOOWKHQEHEXLOWLQWRDEULHILQJEDFNWRE
DQGWKH6%,/HDGHUVKLSDVDILUVWVWHSWRVROLFLWIHHGEDFNDQGGLUHFWLRQRQKRZWRSURFHHG

7KH)HQFH/DE7HFKQLFDO([SHUWVDUHWKHIROORZLQJE RI6DQGLD1DWLRQDO/DERUDWRULHV
DQGE DQGE RIWKH7H[DV7UDQVSRUWDWLRQ,QVWLWXWH7KH\DUHFF
HGDQG,
KDYHDVNHGWKHPWRFRRUGLQDWHZLWK\RXGLUHFWO\WRDUUDQJHDGDWHFRQYHQLHQWWRDOO$OVRDV,
XQGHUVWDQGLWWKHLUVXUYH\ZLOOEHPRVWO\YLVXDOEXWDJDLQWKH\DUHFF
HGIRUWKHLUGLUHFWFRRUGLQDWLRQ
ZLWK\RXWRLGHQWLI\ZKDWFDQEHGRQHEDODQFLQJH[SHGLHQF\ZLWKDQ\DFFHVVLVVXHV:LWKUHVSHFWWR
DFFHVVLVVXHVZHORRNHGDWWKHPDWUL[RIWKHWKUHHVHJPHQWVDQGLWLVOLVWHGWKDWDOOWKUHHDUHRQ
)HGHUDOODQGDQGWKHUHIRUHZHWHQGWREHOLHYH5LJKWVRI(QWU\52(VVKRXOGQRWEHDSUREOHP0D\,
NLQGO\DV\RXWRYHULI\WKLV",IWKLVLVQRWWKHFDVHSOHDVHOHWXVNQRZZKDW52(
VDUHQHHGHGDQG
ZKHWKHURUQRW\RXDUHKDSS\WRSURFHHGLQIRUPDOO\ZLWKIRUPDO52(VWRIROORZ:HZLOOIROORZ\RXU
OHDG

)LQDOO\,KDYHILOOHGRXWDVLWHYLVLWIRUPZKLFKRQO\QHHGVWKHDJUHHGWRGDWHILOOHGLQSULRUWREHLQJ
UHWXUQHGWRE IRUKLVVWDIILQJDQGFRRUGLQDWLRQSULRUWRWKHLUYLVLW0D\,NLQGO\DVN\RXWR
ILQDOLVHZLWK\RXUDJUHHGGDWHVDQGUHWXUQWRE +HLVFF
HG

,DSRORJLVHIRUWKHEXUGHQ

EHVWUHJDUGV

E

3URMHFW0DQDJHU7H[DV0RELOH

6HFXUH%RUGHU,QLWLDWLYH
86&XVWRPVDQG%RUGHU3URWHFWLRQ

E