Professional Documents
Culture Documents
Ontario Handbook - Mobile PDF
Ontario Handbook - Mobile PDF
Ontario Handbook - Mobile PDF
V
+DQGERRN
7KLVKDQGERRNLVRQO\DJXLGH)RURIILFLDO
SXUSRVHVSOHDVHUHIHUWRWKH+LJKZD\7UDIILF$FW
WKH0RWRUL]HG6QRZ9HKLFOHV$FWDQGWKH2II5RDG
9HKLFOHV$FWRI2QWDULR
,I\RX
UHWDNLQJEHJLQQHUGULYHUHGXFDWLRQPDNH
VXUHLW
VIURPDPLQLVWU\DSSURYHGVFKRRO<RXFDQ
ILQGWKHPDW
ZZZPWRJRYRQFDHQJOLVKGDQGYGULYHUJUDGXDS
SURYHVKWPO
)RUPRUHLQIRUPDWLRQDERXWGULYHUOLFHQVLQJYLVLW
ZZZPWRJRYRQFD
7RUHTXHVWDFRS\RIWKLVERRNLQDQDOWHUQDWH
IRUPDWFRQWDFW3XEOLFDWLRQV2QWDULRDW
RURUYLVLW
ZZZSXEOLFDWLRQVVHUYLFHRQWDULRFD
'ULYLQJLVDSULYLOHJHQRWD
ULJKW
,QWKLVFKDSWHU
,QWURGXFWLRQ
,QWURGXFWLRQ
2QWDULRLVDURDGVDIHW\OHDGHULQ&DQDGDDQG
1RUWK$PHULFD7KH0LQLVWU\RI7UDQVSRUWDWLRQKDV
LQWURGXFHGDUDQJHRIPHDVXUHVWRPDLQWDLQWKLV
UHFRUGDQGWRLPSURYHWKHEHKDYLRXURIDOOGULYHUV
0RVWFROOLVLRQVDUHFDXVHGE\GULYHUHUURURU
EHKDYLRXUVVXFKDVIROORZLQJWRRFORVHO\VSHHGLQJ
IDLOXUHWR\LHOGWKHULJKWRIZD\LPSURSHUWXUQV
UXQQLQJUHGOLJKWVDQGIUHTXHQWO\FKDQJLQJODQHV
7KHUHDUHDOVRGULYHUVZKRLQWHQWLRQDOO\SXWRWKHUV
DWULVNWKURXJKVXFKUHFNOHVVEHKDYLRXU6WDWLVWLFV
VKRZWKDWQHZGULYHUVRIDOODJHVDUHIDUPRUHOLNHO\
WKDQH[SHULHQFHGGULYHUVWREHLQYROYHGLQVHULRXV
RUIDWDOFROOLVLRQV
3URYLQFLDOFDPSDLJQVSURPRWLQJWKHFRUUHFWXVHRI
VHDWEHOWVDQGFKLOGFDUVHDWVDQGLQIRUPLQJSHRSOH
DERXWGULQNLQJDQGGULYLQJDQGDJJUHVVLYHGULYLQJ
DUHPDNLQJDGLIIHUHQFH2QWDULR
V*UDGXDWHG
/LFHQVLQJ6\VWHP*/6ZKLFKOHWVQHZGULYHUV
JDLQVNLOOVDQGH[SHULHQFHLQORZULVNHQYLURQPHQWV
LVDOVRKHOSLQJWRGHYHORSEHWWHUVDIHUGULYHUV
7KLVKDQGERRNJLYHVQHZGULYHUVWKHEDVLF
LQIRUPDWLRQWKH\QHHGDERXWOHDUQLQJWRGULYHLQ
2QWDULRWKHUXOHVRIWKHURDGVDIHGULYLQJSUDFWLFHV
DQGKRZWRJHWDOLFHQFHWRGULYHDFDUYDQRU
VPDOOWUXFN7KHPLQLVWU\UHFRPPHQGVWKDWDOO
GULYHUVZRXOGEHQHILWIURPWDNLQJDQDGYDQFHG
FRXUVHLQGULYHUWUDLQLQJ
$V\RXUHDGUHPHPEHUWKDWWKLVKDQGERRNLVRQO\
DJXLGH)RURIILFLDOGHVFULSWLRQVRIWKHODZVORRNLQ
WKH+LJKZD\7UDIILF$FWRI2QWDULRDQGLWV
5HJXODWLRQVDYDLODEOHDWZZZHODZVJRYRQFD
,QIRUPDWLRQRQKRZWRJHWOLFHQFHVWRGULYHRWKHU
W\SHVRIYHKLFOHVLVDYDLODEOHLQ3DUW7ZRRIWKLV
KDQGERRNWKH2IILFLDO0720RWRUF\FOH+DQGERRN
WKH2IILFLDO0727UXFN+DQGERRNWKH2IILFLDO072
%XV+DQGERRNDQGWKH2IILFLDO072$LU%UDNH
+DQGERRN
*HWWLQJ<RXU'ULYHU
V
/LFHQFH
7KLVFKDSWHUWHOOV\RXZKDWOLFHQFH\RXQHHGWR
GULYHLQ2QWDULRDQGKRZWRJHWLWZKHWKHU\RXDUH
DQHZGULYHUDYLVLWRURUDQHZUHVLGHQWLQ2QWDULR
,I\RXDUHDSSO\LQJIRU\RXUILUVWOLFHQFHWKLV
FKDSWHUH[SODLQVWKHJUDGXDWHGOLFHQVLQJV\VWHP
KRZWRDSSO\IRUDOLFHQFHWKHWHVWV\RXZLOOKDYH
WRSDVVDQGWKHGULYLQJSULYLOHJHV\RXZLOOKDYHDW
HDFKOLFHQFHOHYHO
,QWKLVFKDSWHU
5HTXLUHPHQWVIRUGULYLQJLQ2QWDULR
'ULYHU
V/LFHQFH&ODVVLILFDWLRQ&KDUW
:KDWNLQGRIOLFHQFH"
*UDGXDWHGOLFHQVLQJ
$SSO\LQJIRUDOLFHQFH
$GGLWLRQDOGRFXPHQWV
3URRIRIOHJDOQDPH
'HFODUDWLRQIURPD*XDUDQWRU
*UDGXDWHGOLFHQVLQJUHTXLUHPHQWV
)DLOXUHWRDWWHQGURDGWHVWRUVKRUWQRWLFHFDQFHOODWLRQ
2XWRIRUGHUURDGWHVW
1HZ2QWDULRUHVLGHQWV
0RWRUF\FOHOLFHQFHH[FKDQJHV
&RXOG<RX3DVV"
&KRRVLQJDGULYLQJVFKRRO
6XPPDU\
5HTXLUHPHQWVIRUGULYLQJLQ
2QWDULR
,I\RXOLYHLQ2QWDULR\RXPXVWEHDWOHDVW\HDUV
ROGDQGKDYHDYDOLG2QWDULRGULYHU
VOLFHQFHWR
GULYHLQWKLVSURYLQFH
,I\RXDUHDYLVLWRUWR2QWDULRDQGZDQWWRGULYH
ZKLOH\RXDUHKHUH\RXPXVWEHDWOHDVW\HDUV
ROGDQGKDYHDYDOLGGULYHU
VOLFHQFHIURP\RXURZQ
SURYLQFHVWDWHRUFRXQWU\,I\RXDUHIURPDQRWKHU
FRXQWU\DQGYLVLWLQJ2QWDULRIRUPRUHWKDQWKUHH
PRQWKV\RXQHHGDQ,QWHUQDWLRQDO'ULYHU
V3HUPLW
IURP\RXURZQFRXQWU\,I\RXDUHWDNLQJXS
UHVLGHQFH\RXPXVWJHWDQ2QWDULRGULYHU
VOLFHQFH
,I\RXDUHDQHZUHVLGHQWLQ2QWDULRDQGKDYHD
YDOLGGULYHU
VOLFHQFHIURPDQRWKHUSURYLQFHVWDWH
RUFRXQWU\\RXFDQXVHLWIRUGD\VDIWHU\RX
PRYHWR2QWDULR,I\RXEHFRPHDUHVLGHQWRI
2QWDULR\RXPXVWJHWDQ2QWDULRGULYHU
VOLFHQFH
2QWDULRKDVOLFHQFHH[FKDQJHDJUHHPHQWVZLWK
HYHU\&DQDGLDQSURYLQFHDQGWHUULWRU\LQFOXGLQJ
&DQDGLDQ)RUFHV(XURSH$OVRZLWK$XVWUDOLD
$XVWULD%HOJLXP)UDQFH*HUPDQ\*UHDW%ULWDLQ
WKH,VOHRI0DQ-DSDQ1RUWKHUQ,UHODQG.RUHD
6ZLW]HUODQGDQGWKH8QLWHG6WDWHV
'ULYHU
V/LFHQFH
&ODVVLILFDWLRQ&KDUW
&ODVV$
$OORZHGWRGULYHDQ\WUDFWRUWUDLOHU 'LDJUDPD
FRPELQDWLRQ
0D\DOVRGULYHLQFODVV'DQG*
&ODVV%
$OORZHGWRGULYHDQ\VFKRRO 'LDJUDPD
SXUSRVHVEXV0D\DOVRGULYHLQ
FODVV&'()DQG*
&ODVV&
$OORZHGWRGULYHDQ\UHJXODUEXV 'LDJUDPD
0D\DOVRGULYHYHKLFOHVLQFODVV'
)DQG*
&ODVV'
$PRWRUYHKLFOHH[FHHGLQJ 'LDJUDPD
NLORJUDPVJURVVZHLJKWRU
UHJLVWHUHGJURVVZHLJKWRUDQ\
WUXFNRUFRPELQDWLRQSURYLGHGWKH
WRZHGYHKLFOHLVQRWRYHU
NLORJUDPV
0D\DOVRGULYHLQFODVV*
&ODVV(
'LDJUDPD
$OORZHGWRGULYHDQ\VFKRRO
SXUSRVHVEXVPD[LPXPRI
SDVVHQJHUFDSDFLW\
0D\DOVRGULYHLQFODVV)DQG*
&ODVV)
'LDJUDPD
$OORZHGWRGULYHDQ\UHJXODUEXV
PD[LPXPRISDVVHQJHU
FDSDFLW\DQGDPEXODQFHV
0D\DOVRGULYHLQFODVV*
&ODVV*
$OORZHGWRGULYHDQ\FDUYDQRU
VPDOOWUXFNRUFRPELQDWLRQRI
YHKLFOHDQGWRZHGYHKLFOHXSWR 'LDJUDPE
NLORJUDPVSURYLGHGWKH
YHKLFOHWRZHGLVQRWRYHU
NLORJUDPV$SLFNXSWUXFNWRZLQJD
KRXVHWUDLOHUH[FHHGV
NLORJUDPVEXWWKHWRWDOFRPELQHG
ZHLJKWRIWKHWUXFNDQGWUDLOHUGRHV
QRWH[FHHGNLORJUDPVLV
GHHPHGD&ODVV*YHKLFOH$
&ODVV*YHKLFOHKDVDPD[LPXP
FDSDFLW\RISDVVHQJHUV
&ODVV*
/HYHO2QHRIJUDGXDWHGOLFHQVLQJ+ROGHUVPD\
GULYH&ODVV*YHKLFOHVZLWKDQDFFRPSDQ\LQJIXOO\
OLFHQVHGGULYHUZLWKDWOHDVWIRXU\HDUVGULYLQJ
H[SHULHQFH6XEMHFWWRFHUWDLQFRQGLWLRQV
&ODVV*
/HYHO7ZRRIJUDGXDWHGOLFHQVLQJ+ROGHUVPD\
GULYH&ODVV*YHKLFOHVZLWKRXWDFFRPSDQ\LQJ
GULYHUEXWDUHVXEMHFWWRFHUWDLQFRQGLWLRQV
&ODVV0
'LDJUDPE
$OORZHGWRGULYHDQ\PRWRUF\FOHV
LQFOXGLQJPRWRUWULF\FOHVOLPLWHG
VSHHGPRWRUF\FOHVPRWRU
VFRRWHUVDQGPRWRUDVVLVWHG
ELF\FOHVPRSHGV+ROGHUVPD\
DOVRGULYHD&ODVV*YHKLFOHXQGHU
WKHFRQGLWLRQVWKDWDSSO\WRD
&ODVV*OLFHQFHKROGHU
&ODVV0
/HYHO2QHRIJUDGXDWHGOLFHQVLQJIRUPRWRUF\FOHV
LQFOXGLQJPRWRUWULF\FOHVOLPLWHGVSHHG
PRWRUF\FOHVPRWRUVFRRWHUVDQGPRWRUDVVLVWHG
ELF\FOHVPRSHGV+ROGHUVPD\GULYHDPRWRUF\FOH
XQGHUFHUWDLQFRQGLWLRQV
&ODVV0
/HYHO7ZRRIJUDGXDWHGOLFHQVLQJIRUPRWRUF\FOHV
LQFOXGLQJPRWRUWULF\FOHVOLPLWHGVSHHG
PRWRUF\FOHVPRWRUVFRRWHUVDQGPRWRUDVVLVWHG
ELF\FOHVPRSHGV+ROGHUVPD\GULYHDPRWRUF\FOH
EXWRQO\ZLWKD]HUREORRGDOFRKROOHYHO+ROGHUV
PD\DOVRGULYHD&ODVV*YHKLFOHXQGHUWKH
FRQGLWLRQVWKDWDSSO\WRD&ODVV*OLFHQFHKROGHU
&ODVV0ZLWK/FRQGLWLRQ
+ROGHUVPD\RSHUDWHDOLPLWHG
VSHHGPRWRUF\FOHRUPRSHGRQO\ 'LDJUDPE
&ODVV0ZLWK/FRQGLWLRQ
+ROGHUVPD\RSHUDWHDOLPLWHG
VSHHGPRWRUF\FOHRUPRSHGRQO\
&ODVV0ZLWK0FRQGLWLRQ
+ROGHUVPD\RSHUDWHDPRWRU
WULF\FOHRQO\ 'LDJUDPE
&ODVV0ZLWK0FRQGLWLRQ
+ROGHUVPD\RSHUDWHDPRWRU
WULF\FOHRQO\
1RWH$=DLUEUDNHHQGRUVHPHQWLVUHTXLUHGRQD
GULYHU
VOLFHQFHWRRSHUDWHDQ\DLUEUDNHHTXLSSHG
PRWRUYHKLFOH
:KDWNLQGRIOLFHQFH"
,Q2QWDULRWKHUHDUHGLIIHUHQWFODVVHVRI
OLFHQFHV(DFKRQHTXDOLILHV\RXWRGULYHDGLIIHUHQW
W\SHRIYHKLFOH7KHFODVVRIOLFHQFH\RXKDYHPXVW
PDWFKWKHW\SHRIYHKLFOH\RXDUHGULYLQJ<RX
QHHGD&ODVV*OLFHQFHWRGULYHDFDUYDQRUVPDOO
WUXFN<RXPXVWKDYHD&ODVV*OLFHQFHEHIRUH\RX
FDQEHOLFHQVHGWRGULYHDQ\RWKHUW\SHRIYHKLFOH
7KHRQO\H[FHSWLRQLVPRWRUF\FOHV<RXPD\JHWD
PRWRUF\FOHOLFHQFH&ODVV0ZLWKRXWILUVWJHWWLQJD
&ODVV*OLFHQFH7KH'ULYHU
V/LFHQFH
&ODVVLILFDWLRQ&KDUWVKRZV\RXZKDWFODVVRI
OLFHQFH\RXQHHGWRGULYHGLIIHUHQWYHKLFOHV
)RULQIRUPDWLRQRQWKHVNLOOVDQGNQRZOHGJH\RX
OO
QHHGWRJHWD&ODVV0PRWRUF\FOHOLFHQFHVWXG\
WKH2IILFLDO0720RWRUF\FOH+DQGERRN<RXFDQ
JHWLQIRUPDWLRQRQRWKHUNLQGVRIOLFHQFHVFODVVHV
$%&'(DQG)LQWKH2IILFLDO0727UXFN
+DQGERRNDQGWKH2IILFLDO072%XV+DQGERRN,I
\RXZDQWWRGULYHDYHKLFOHHTXLSSHGZLWKDLU
EUDNHVWKH2IILFLDO072$LU%UDNH+DQGERRNWHOOV
\RXKRZWRTXDOLI\
6RPHUHFUHDWLRQDOYHKLFOHVKDYHVSHFLDOOLFHQFH
UHTXLUHPHQWV,I\RXSODQWRGULYHDQRIIURDG
YHKLFOHRUVQRZPRELOHUHDGWKH2II5RDG9HKLFOHV
VHFWLRQLQWKLVKDQGERRN
<RXGRQRWQHHGDOLFHQFHWRULGHDELF\FOHLQ
2QWDULRKRZHYHUELF\FOHVDUHGHILQHGDVYHKLFOHV
LQWKH+LJKZD\7UDIILF$FWDQGELF\FOLVWVKDYHULJKWV
DQGUHVSRQVLELOLWLHVVLPLODUWRRWKHUYHKLFOH
RSHUDWRUVXQGHUWKH$FW,QIRUPDWLRQRQVDIH
F\FOLQJFDQEHIRXQGLQWKH0LQLVWU\RI
7UDQVSRUWDWLRQSXEOLFDWLRQV&\FOLQJ6NLOOVDQGWKH
<RXQJ&\FOLVW*XLGH
*UDGXDWHGOLFHQVLQJ
1HZGULYHUVDSSO\LQJIRUWKHLUILUVWFDURU
PRWRUF\FOHOLFHQFHHQWHU2QWDULR
VJUDGXDWHG
OLFHQVLQJV\VWHP*UDGXDWHGOLFHQVLQJOHWVQHZ
GULYHUVJHWGULYLQJH[SHULHQFHDQGVNLOOVJUDGXDOO\
7KHWZRVWHSOLFHQVLQJSURFHVVWDNHVDWOHDVW
PRQWKVWRFRPSOHWH
7RDSSO\IRUDOLFHQFH\RXPXVWEHDWOHDVW
\HDUVROGSDVVDYLVLRQWHVWDQGSDVVDWHVWRI\RXU
NQRZOHGJHRIWKHUXOHVRIWKHURDGDQGWUDIILFVLJQV
$IWHU\RXSDVVWKHVHWHVWV\RXZLOOHQWHU/HYHO
2QHDQGJHWD&ODVV*OLFHQFH
<RXPXVWSDVVWZRURDGWHVWVWREHFRPHIXOO\
OLFHQVHG3DVVLQJWKHILUVWURDGWHVWOHWV\RXPRYH
WR/HYHO7ZR&ODVV*DQGWKHVHFRQGRQHJLYHV
\RXIXOO&ODVV*GULYLQJSULYLOHJHV
$SSO\LQJIRUDOLFHQFH
7RDSSO\IRUDOLFHQFH\RXPXVWVKRZSURRIRI\RXU
OHJDOQDPHGDWHRIELUWKVKRZLQJGD\PRQWKDQG
\HDURIELUWKDQGVLJQDWXUH'RFXPHQWVPXVWEH
RULJLQDODQGYDOLG3KRWRFRSLHVDQGH[SLUHG
GRFXPHQWVDUHQRWDFFHSWDEOH$Q\RQHRIWKH
IROORZLQJGRFXPHQWVPD\EHXVHGWRVDWLVI\WKH
UHTXLUHPHQWWRSURYLGHSURRIRIOHJDOQDPH
FRPSOHWHGDWHRIELUWKDQGVLJQDWXUH
3DVVSRUW&DQDGLDQRUIRUHLJQ
&DQDGLDQ&LWL]HQVKLS&DUGZLWKSKRWR
3HUPDQHQWLPPLJUDWLRQGRFXPHQWV
3HUPDQHQW5HVLGHQW&DUG35&
5HFRUGRI/DQGLQJ)RUP
&RQILUPDWLRQRI3HUPDQHQW5HVLGHQFH)RUP
,00
7HPSRUDU\LPPLJUDWLRQGRFXPHQWV
6WXGHQW$XWKRUL]DWLRQ,00
(PSOR\PHQW$XWKRUL]DWLRQ,00
9LVLWRU5HFRUG,00
7HPSRUDU\5HVLGHQW
V3HUPLW,00
5HIXJHH6WDWXV&ODLP,00
$FNQRZOHGJHPHQWRI,QWHQWWR&ODLP5HIXJHH
6WDWXV,00ZLWKSKRWR
5HSRUW3XUVXDQWWRWKH,PPLJUDWLRQ$FW,00
ZLWKSKRWR
$GGLWLRQDOGRFXPHQWV
$GGLWLRQDOGRFXPHQWVDUHUHTXLUHGLIWKHGRFXPHQW
SUHVHQWHGIURPWKHSUHYLRXVOLVWGRHVQRWLQGLFDWH
WKHOHJDOQDPHFRPSOHWHGDWHRIELUWKGD\PRQWK
\HDURUVLJQDWXUH7KHDGGLWLRQDOGRFXPHQWVPXVW
SURYLGHSURRIRIWKHPLVVLQJRULQFRPSOHWH
LQIRUPDWLRQ
7KHIROORZLQJGRFXPHQWVDUHDFFHSWDEOHDVSURRI
RIGDWHRIELUWKDQGOHJDOQDPH
&DQDGLDQRU86%LUWK&HUWLILFDWH
7KHIROORZLQJGRFXPHQWVDUHDFFHSWDEOHDVSURRI
RIVLJQDWXUH
'ULYHU
V/LFHQFH&DQDGLDQDQG86RQO\
,GHQWLW\&DUGZLWKVLJQDWXUHLVVXHGE\&DQDGLDQ
SURYLQFHWHUULWRU\RU86VWDWHDXWKRULW\
&DQDGLDQ&HUWLILFDWHRI,QGLDQ6WDWXV
2QWDULR6WXGHQW&DUGZLWKVLJQDWXUH
2QWDULRKHDOWKFDUGZLWKDSSOLFDQW
VVLJQDWXUH
&OLHQWVPD\FKRRVHWRSURGXFHWKHLU2QWDULR
KHDOWKFDUGIRUSURRIRIVLJQDWXUH7KHKHDOWK
FDUGDQGKHDOWKQXPEHUZLOOQRWEHUHFRUGHGRU
SKRWRFRSLHG
3URRIRIOHJDOQDPH
,IDGGLWLRQDOGRFXPHQWVSUHVHQWHGWRSURYHGDWHRI
ELUWKRUVLJQDWXUHGRQRWLQGLFDWHWKHDSSOLFDQW
V
OHJDOQDPHIRUH[DPSOHWKHQDPHKDVEHHQ
FKDQJHGRULVGLIIHUHQWRQWKHWZRGRFXPHQWV
SUHVHQWHGWKHDSSOLFDQWZLOOEHUHTXLUHGWRSURYLGH
DGGLWLRQDOGRFXPHQWVDVSURRIRIOHJDOQDPH7KH
IROORZLQJDGGLWLRQDOGRFXPHQWVDUHDFFHSWDEOHDV
SURRIRIOHJDOQDPH
0DUULDJHFHUWLILFDWH&DQDGLDQRUIRUHLJQ
JRYHUQPHQWLVVXHG
&KDQJHRIQDPHFHUWLILFDWH
&RXUWRUGHUIRUDGRSWLRQFKDQJHRIQDPHRU
GLYRUFHPXVWEHDUOHJDOQDPHGDWHRIELUWKDQG
FRXUWVHDO
7RFRQILUPFRPSOHWHGDWHRIELUWKZKHUHQRRURQO\
SDUWLDOGDWHRIELUWKLVDYDLODEOH
6ZRUQDIILGDYLWVWDWLQJUHDVRQZK\SDUWLDORUQR
GDWHLVDYDLODEOHZLWKVXSSRUWLQJGRFXPHQWV
3OHDVHFRQWDFW6HUYLFH2QWDULRDW
RUWROOIUHHDW&DQDGDZLGHIRU
IXUWKHULQIRUPDWLRQ
1RWH'LUHFWLGHQWLILFDWLRQE\DSDUHQWRUJXDUGLDQ
LVQRWDFFHSWDEOH7KHDSSOLFDQWLVUHTXLUHGWR
SUHVHQWDQDFFHSWDEOHGRFXPHQWZLWKKLVRUKHU
RZQVLJQDWXUH
'HFODUDWLRQIURPD
JXDUDQWRU
,IDQDSSOLFDQWLVXQDEOHWRSUHVHQWRQHRIWKH
DERYHGRFXPHQWVDVSURRIRIVLJQDWXUHWKH\PD\
SUHVHQWDQRULJLQDOFRPSOHWHGGHFODUDWLRQIURPD
JXDUDQWRUIRUPDWWHVWLQJWRWKHLUVLJQDWXUH
$SSOLFDQWVPXVWILUVWHQVXUHWKDWQRRWKHU
DFFHSWDEOHGRFXPHQWVIRUVLJQDWXUHDUHDYDLODEOH
IURPWKHOLVWLGHQWLILHGSUHYLRXVO\7RREWDLQD
JXDUDQWRUIRUP
'RZQORDGWKHGHFODUDWLRQIURPDJXDUDQWRUIRUP
IURPWKH0LQLVWU\RI7UDQVSRUWDWLRQ
VZHEVLWHDW
ZZZPWRJRYRQFDRUWKH'ULYH7HVWZHEVLWHDW
ZZZGULYHWHVWFDRU
5HTXHVWDFRS\RIWKHIRUPDWDQ\'ULYH7HVW
&HQWUH
%ULQJWKHGRFXPHQWVWRD'ULYH7HVW&HQWUHRU
7UDYHO3RLQWDWHPSRUDU\'ULYH7HVW&HQWUHZKHUH
WKHUHLVQRUHJLRQDOFHQWUH3KRQHDKHDGWRILQG
RXWZKHUHWKHQHDUHVW7UDYHO3RLQWLVDQGZKHQLWLV
RSHQ<RXFDQDOVRILQGLWRQWKH,QWHUQHWDW
ZZZGULYHWHVWFD
<RXPXVWSD\DIHHZKHQ\RXDSSO\7KLVIHH
LQFOXGHVWKHFRVWRIWKHNQRZOHGJHWHVW\RXUILUVW
URDGWHVWDQGDILYH\HDUOLFHQVLQJIHH7KHUHDUH
PRUHFKDUJHVIRU\RXUVHFRQGURDGWHVWDQGIRU
DQ\UHWHVWV\RXPD\QHHGWRWDNH,QRUGHUWR
VFKHGXOHDURDGWHVWDSSRLQWPHQW\RXPXVW
SUHSD\WKHURDGWHVWIHH
:KHQ\RXDSSO\IRU\RXUOLFHQFH\RXZLOOEHDVNHG
TXHVWLRQVDERXW\RXUKHDOWK3HRSOHZLWKFHUWDLQ
SK\VLFDORUPHGLFDOFRQGLWLRQVDUHQRWDOORZHGWR
GULYHIRUVDIHW\UHDVRQV,I\RXUSK\VLFDORUPHGLFDO
FRQGLWLRQPHDQV\RXFDQQRWEHOLFHQVHG\RXZLOO
EHWROGZKHQ\RXDSSO\
2QFH\RXKDYHDOLFHQFH\RXVKRXOGUHSRUWDQ\
FKDQJHLQ\RXUPHGLFDOFRQGLWLRQWKDWPD\DIIHFW
\RXUDELOLW\WRGULYHVDIHO\%\ODZGRFWRUVDQG
RSWRPHWULVWVPXVWUHSRUWWKHQDPHDQGDGGUHVVRI
DQ\RQHRYHUZKRKDVDFRQGLWLRQWKDWPD\
PDNHLWXQVDIHIRUKLPRUKHUWRGULYH
)RUIXUWKHUGHWDLOVRQDSSO\LQJIRUDOLFHQFHYLVLW
WKH0LQLVWU\RI7UDQVSRUWDWLRQZHEVLWHDW
ZZZPWRJRYRQFD
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
+HUHDUHWKHUXOHV\RXPXVWIROORZDWHDFKOHYHO
/HYHO2QH&ODVV*
*NQRZOHGJHWHVWFKHFNOLVW
*H[LWWHVWFKHFNOLVW
/HYHO7ZR&ODVV*
5RDGWHVWV
*H[LWWHVWFKHFNOLVW
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
/HYHO2QH&ODVV*
/HYHO2QHODVWVPRQWKV7KH0LQLVWU\RI
7UDQVSRUWDWLRQHQFRXUDJHVDOOQHZGULYHUVWRWDNH
DQDSSURYHGGULYHUHGXFDWLRQFRXUVHWRKHOSOHDUQ
WKHSURSHUGULYLQJVNLOOVDQGNQRZOHGJH<RX
VKRXOGEHJLQ\RXUWUDLQLQJDVVRRQDV\RXEHFRPH
D/HYHO2QHGULYHUVR\RXFDQJHWDVPXFKGULYLQJ
H[SHULHQFHDVSRVVLEOH,I\RXSDVVDQDSSURYHG
FRXUVH\RXFDQFRPSOHWH/HYHO2QHLQHLJKW
PRQWKV:KLOHDW/HYHO2QHWKHIROORZLQJUXOHV
DSSO\
<RXPXVWQRWGULYHLI\RXKDYHEHHQGULQNLQJ
DOFRKRO<RXUEORRGDOFRKROOHYHOPXVWEH]HUR
<RXPXVWQRWGULYHDORQHDQDFFRPSDQ\LQJ
GULYHUPXVWVLWLQWKHIURQWSDVVHQJHUVHDW7KLV
LVWKHRQO\SHUVRQZKRFDQEHLQWKHIURQWVHDW
ZLWK\RXZKLOH\RXGULYH7KHDFFRPSDQ\LQJ
GULYHUPXVWKDYHDYDOLG&ODVV*RUKLJKHU
OLFHQFHDWOHDVWIRXU\HDUVRIGULYLQJH[SHULHQFH
DQGDEORRGDOFRKROOHYHORIOHVVWKDQSHU
FHQWZKHQDFFRPSDQ\LQJ\RX7LPHVSHQWDWWKH
&ODVV*OHYHODVORQJDVWKH*OLFHQFHZDV
YDOLGQRWVXVSHQGHGGRHVFRXQWWRZDUGWKH
DFFRPSDQ\LQJGULYHU
VIRXU\HDUVRIH[SHULHQFH
7KHDFFRPSDQ\LQJGULYHU
VOLFHQFHPD\KDYH
GHPHULWSRLQWVEXWLWFDQQRWEHVXVSHQGHG
(DFKSHUVRQLQWKHYHKLFOHPXVWKDYHDZRUNLQJ
VHDWEHOW
<RXPXVWQRWGULYHRQVHULHVKLJKZD\VZLWK
DSRVWHGVSHHGOLPLWRYHUNPK$OVR\RX
PXVWQRWGULYHRQFHUWDLQKLJKVSHHGURDGV
LQFOXGLQJWKH4XHHQ(OL]DEHWK:D\'RQ9DOOH\
3DUNZD\DQGWKH*DUGLQHU([SUHVVZD\LQWKH
*UHDWHU7RURQWR$UHDWKH(&5RZ([SUHVVZD\
LQ:LQGVRUDQGWKH&RQHVWRJD3DUNZD\LQ
.LWFKHQHU:DWHUORR+RZHYHULI\RXU
DFFRPSDQ\LQJGULYHULVDGULYLQJLQVWUXFWRU\RX
PD\GULYHRQDQ\URDG
<RXPXVWQRWGULYHEHWZHHQPLGQLJKWDQGDP
<RXPXVWSDVVDURDGWHVWRI\RXUGULYLQJVNLOOVWR
PRYHWR/HYHO7ZR$WWKLVWLPH\RXZLOOEHJLYHQD
&ODVV*OLFHQFH
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
*NQRZOHGJHWHVWFKHFNOLVW
%HIRUHWDNLQJWKH*NQRZOHGJHWHVWPDNHVXUH
\RXKDYHVWXGLHGWKH2IILFLDO072'ULYHU
V
+DQGERRN
%ULQJWKHIROORZLQJLWHPVWRWKHWHVW
7ZRSLHFHVRILGHQWLILFDWLRQ
0RQH\IRUWHVWIHHVFDVKGHELWRUFUHGLWFDUG
*ODVVHVRUFRQWDFWOHQVHVLI\RXQHHGWRZHDU
WKHPWRGULYH
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
*H[LWWHVWFKHFNOLVW
%HIRUHWDNLQJWKH*H[LWWHVWPDNHVXUH\RXKDYH
VWXGLHGWKH2IILFLDO072'ULYHU
V+DQGERRN
%ULQJWKHIROORZLQJLWHPVWRWKHWHVW
9HKLFOHLQJRRGZRUNLQJRUGHU
0RQH\IRUWHVWIHHVLIDSSOLFDEOH
*ODVVHVRUFRQWDFWOHQVHVLI\RXQHHGWRZHDU
WKHPWRGULYH
$UULYHDWOHDVWPLQXWHVEHIRUH5RDG7HVW
DSSRLQWPHQW
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
/HYHO7ZR&ODVV*
/HYHO7ZRODVWVDWOHDVWPRQWKV$WWKLVOHYHO
\RXKDYHPRUHSULYLOHJHVEHFDXVHRI\RXUGULYLQJ
H[SHULHQFH
$W/HYHO7ZR
<RXPXVWQRWGULYHLI\RXKDYHEHHQGULQNLQJ
DOFRKRO<RXUEORRGDOFRKROOHYHOPXVWEH]HUR
(DFKSHUVRQLQWKHYHKLFOHPXVWKDYHDZRUNLQJ
VHDWEHOW
,QDGGLWLRQWKHIROORZLQJUHVWULFWLRQVDSSO\EHWZHHQ
WKHKRXUVRIPLGQLJKWDQGDPWR*GULYHUV
DJHG\HDUVDQGXQGHU
,QWKHILUVWVL[PRQWKVDIWHUUHFHLYLQJ\RXU*
OLFHQFH\RXDUHDOORZHGWRFDUU\RQO\RQH
SDVVHQJHUDJHGRUXQGHU
$IWHUVL[PRQWKVZLWK\RXU*OLFHQFHDQGXQWLO
\RXREWDLQ\RXUIXOO*OLFHQFHRUWXUQ\RXDUH
DOORZHGWRFDUU\XSWRWKUHHSDVVHQJHUVDJHG
RUXQGHU
([HPSWLRQV7KHSDVVHQJHUUHVWULFWLRQVIRU*
GULYHUVDJHGDQGXQGHUGRQRWDSSO\LI\RXDUH
DFFRPSDQLHGE\DIXOO\OLFHQVHGGULYHULQWKHIURQW
SDVVHQJHUVHDWRULIWKHSDVVHQJHUVDUHPHPEHUV
RI\RXULPPHGLDWHIDPLO\DJXDUGLDQRUWKRVH
UHODWHGWR\RXE\EORRGPDUULDJHFRPPRQODZ
UHODWLRQVKLSRUDGRSWLRQ
$IWHUPRQWKVDW/HYHO7ZR\RXPD\WDNHDURDG
WHVWWRTXDOLI\IRUIXOOOLFHQFHSULYLOHJHV<RXPXVW
SDVVWKLVWHVWWRJHWD&ODVV*OLFHQFH
1RWH,WLVQRZODZWKDWDOO\RXQJGULYHUVDQG
XQGHUUHJDUGOHVVRIOLFHQFHFODVVPXVWKDYHD
EORRGDOFRKROOHYHORI]HUR
1RWH$UHVWULFWHG&ODVV0OLFHQFHIRUOLPLWHG
VSHHGPRWRUF\FOHDQGPRSHGGULYHUVDOORZV
OLFHQFHKROGHUVWRGULYHRQO\DOLPLWHGVSHHG
PRWRUF\FOHDQGPRSHG<RXDUHQRWSHUPLWWHGWR
GULYHDOLPLWHGVSHHGPRWRUF\FOHRUPRSHGRQDQ\
GULYHU
VOLFHQFHRWKHUWKDQDFODVV0OLFHQFH
LQFOXGLQJ00/00/RU0)RUPRUH
LQIRUPDWLRQRQKRZWRREWDLQDUHVWULFWHG&ODVV0
OLFHQFHWRGULYHDPRSHGDQGJUDGXDWHGOLFHQVLQJ
UHTXLUHPHQWVSOHDVHUHDGWKH2IILFLDO072
0RWRUF\FOH+DQGERRN
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
5RDGWHVWV
5RDGWHVWVFKHFN\RXUGULYLQJVNLOOVLQWKHYHKLFOH
DQGLQWUDIILF<RXZLOOEHWHVWHGRQ\RXUDELOLW\WR
IROORZWKHUXOHVRIWKHURDGDQGVDIHGULYLQJ
SUDFWLFHV
7KH/HYHO2QHURDGWHVWGHDOVZLWKEDVLFGULYLQJ
VNLOOV7KH/HYHO7ZRURDGWHVWGHDOVZLWKPRUH
DGYDQFHGNQRZOHGJHDQGGULYLQJVNLOOV<RXU
SHUIRUPDQFHLQHDFKRIWKHWHVWVZLOOWHOO\RX
ZKHWKHU\RXQHHGPRUHWUDLQLQJRUSUDFWLFH
:KHQ\RXIHHOTXDOLILHGWRGULYHVDIHO\DQG
FRQILGHQWHQRXJKWRWDNH\RXUURDGWHVWFRQWDFW
WKH5RDG7HVW%RRNLQJ&DOO&HQWUHDW
RURUJRRQOLQHWR
ZZZPWRJRYRQFDWRVFKHGXOHDQDSSRLQWPHQW,I
\RXDUHXQDEOHWRNHHSWKHDSSRLQWPHQWFDOOWKH
5RDG7HVW%RRNLQJ&DOO&HQWUHRUJRRQOLQHWR
FDQFHO\RXUWHVW,I\RXIDLOWRDWWHQGRU\RXFDQFHO
\RXUDSSRLQWPHQWZLWKRXWSURYLGLQJDWOHDVW
KRXUVQRWLFH\RXUSUHSDLGURDGWHVWIHHZLOOQRWEH
UHIXQGHG
<RXPXVWEULQJWKHDSSURSULDWHYHKLFOHWRHDFKRI
\RXUURDGWHVWV0DNHVXUHLWLVLQJRRGZRUNLQJ
RUGHUDQG\RXIHHOFRPIRUWDEOHGULYLQJLW%ULQJ\RXU
FXUUHQWOLFHQFHWRWKHDSSRLQWPHQW,I\RXDUHD
/HYHO2QHGULYHUDQDFFRPSDQ\LQJGULYHUPXVW
FRPHZLWK\RXWRWKHWHVWFHQWUH,I\RXDUHD/HYHO
7ZRGULYHUSOHDVHEHSUHSDUHGWRWDNHDOWHUQDWH
WUDQVSRUWDWLRQKRPHLQFDVH\RXIDLO\RXUURDGWHVW
DQGDUHXQTXDOLILHGWRGULYH
1RSHWVRUSDVVHQJHUVRWKHUWKDQWKHGULYHU
H[DPLQHUDUHDOORZHGLQWKHYHKLFOHGXULQJDURDG
WHVW
$OOURDGWHVWVKDYHDVHWWLPHIUDPH%HIRUH\RX
EHJLQ\RXUWHVWWKHH[DPLQHUZLOOLQIRUP\RXRIWKH
DPRXQWRIWLPH\RXKDYHWRFRPSOHWHWKHWHVW<RX
ZLOOQRWEHDVNHGWRGRDQ\WKLQJLOOHJDOGXULQJWKH
URDGWHVW7KHH[DPLQHUZLOOH[SODLQWKHWHVWDQG
\RXVKRXOGIROORZKHURUKLVLQVWUXFWLRQV7KH
H[DPLQHULVQRWDOORZHGWRFRDFK\RXGXULQJWKH
WHVWVRLI\RXKDYHDQ\TXHVWLRQVDVNWKHPEHIRUH
\RXEHJLQ
:KLOHWKH/HYHO2QHURDGWHVWFKHFNV\RXUEDVLF
GULYLQJVNLOOVWKH/HYHO7ZRURDGWHVWLVPXFKPRUH
GHPDQGLQJ<RXVKRXOGOHDUQWKHSURSHUGULYLQJ
VNLOOVDVVRRQDV\RXEHFRPHD/HYHO2QHGULYHU
VR\RXFDQJHWDVPXFKGULYLQJH[SHULHQFHDV
SRVVLEOHEHIRUHWDNLQJWKH/HYHO7ZRWHVW
)RUWKH/HYHO7ZRWHVW\RXPXVWGHPRQVWUDWHD
KLJKOHYHORIGULYLQJVNLOODQGNQRZOHGJH<RXZLOO
DOVRKDYHWRVKRZWKDW\RXFDQGULYHZHOORQD
IUHHZD\RUKLJKVSHHGKLJKZD\
:KLOH\RXDUHWDNLQJWKHWHVWWKHH[DPLQHUZLOOEH
ZDWFKLQJWRVHHKRZZHOO\RXFRQWURO\RXUYHKLFOH
DQGSHUIRUPVXFKGULYLQJWDVNVDVVWDUWLQJ
VWRSSLQJWXUQLQJSDUDOOHOSDUNLQJDQGWKUHHSRLQW
WXUQLQJ7KHH[DPLQHUZLOOFKHFN\RXUREVHUYDWLRQ
VNLOOVLQFOXGLQJZKHQDQGKRZRIWHQ\RXXVHWKH
PLUURUVZKHUH\RXORRNDQGKRZ\RXUHVSRQGWR
WUDIILFVLJQVSDYHPHQWPDUNLQJVDQGSRVVLEOH
KD]DUGV
<RXZLOOEHWHVWHGRQKRZZHOO\RXPDQDJHWKH
VSDFHDURXQG\RXUYHKLFOH\RXUDELOLW\WRPDNH
VDIHODQHFKDQJHVDQGKRZFORVHO\\RXIROORZDQG
VWRSEHKLQGRWKHUYHKLFOHV+RZ\RXFRPPXQLFDWH
ZLWKRWKHUURDGXVHUVXVLQJWXUQVLJQDOVDQGEUDNH
OLJKWVDQGPDNLQJH\HFRQWDFWZLWKRWKHUGULYHUV
DQGSHGHVWULDQVZLOODOVREHQRWHGDVZHOODVWKH
FRUUHFWQHVVRI\RXUGULYLQJGHFLVLRQVVXFKDV
NQRZLQJZKHQWR\LHOGWKHULJKWRIZD\)RUPRUH
LQIRUPDWLRQRQWKH/HYHO7ZRURDGWHVWFOLFNKHUH
$WWKHHQGRIHDFKWHVWWKHH[DPLQHUZLOOJLYH\RX
DFRPSOHWHUHSRUWRI\RXUVNLOOVDQGH[SODLQDQ\
PLVWDNHV\RXKDYHPDGH,I\RXIDLOWKHWHVWWKH
UHSRUWZLOOVKRZ\RXZKHUH\RXQHHGWRLPSURYH
:KHQ\RXKDYHKDGPRUHSUDFWLFH\RXFDQPDNH
DQDSSRLQWPHQWWRWDNHWKHWHVWDJDLQ<RXPXVW
ZDLWDWOHDVWGD\VEHWZHHQWHVWV$SSOLFDEOH
URDGWHVWVIHHVZLOOEHSD\DEOH
*UDGXDWHGOLFHQVLQJ
UHTXLUHPHQWV
*H[LWWHVWFKHFNOLVW
<RXPXVWKDYHKLJKZD\GULYLQJH[SHULHQFH
H[SHULHQFHGULYLQJRQKLJKZD\VZLWKVSHHGOLPLWV
RIDWOHDVWNPKEHIRUHWDNLQJWKH*H[LWWHVW
<RXPXVWFRPSOHWHD'HFODUDWLRQRI+LJKZD\
'ULYLQJ([SHULHQFHIRUPGHVFULELQJWKHKLJKZD\
GULYLQJH[SHULHQFH\RXKDYHEHIRUHWDNLQJWKH
URDGWHVW%ULQJWKHIROORZLQJLWHPVWRWKHWHVW
9HKLFOHLQJRRGZRUNLQJRUGHU
0RQH\IRUWHVWIHHVLIDSSOLFDEOH
*ODVVHVRUFRQWDFWOHQVHVLI\RXQHHGWRZHDU
WKHPWRGULYH
$UULYHDWOHDVWPLQXWHVEHIRUH5RDG7HVW
DSSRLQWPHQW
)DLOXUHWRDWWHQGURDGWHVW
RUVKRUWQRWLFHFDQFHOODWLRQ
,I\RXFDQFHORUUHVFKHGXOH\RXUURDGWHVW
DSSRLQWPHQWZLWKOHVVWKDQKRXUVQRWLFHRULI
\RXIDLOWRDWWHQG\RXUDSSRLQWPHQW\RXUSUHSDLG
URDGWHVWIHHZLOOQRWEHUHIXQGHG8QGHUFHUWDLQ
H[WHQXDWLQJFLUFXPVWDQFHVRQO\VXFKDVDGHDWKLQ
\RXULPPHGLDWHIDPLO\WKHURDGWHVWIHHZLOO
UHPDLQDVDFUHGLWRQ\RXUGULYLQJUHFRUG
2XWRIRUGHUURDGWHVW
,I\RXUYHKLFOHGRHVQRWPHHWPLQLVWU\VWDQGDUGVIRU
WKHSXUSRVHRIDURDGWHVWRULIWKHUHLVDQRQ
YHKLFOHUHODWHGUHDVRQIRUZKLFKWKHH[DPLQHU
GHWHUPLQHVWKDWWKHURDGWHVWFDQQRWEHFRPSOHWHG
WKHH[DPLQHUGHFODUHVWKHURDGWHVWRXWRIRUGHU,I
\RXUURDGWHVWLVGHFODUHGRXWRIRUGHU\RXORVH
SHUFHQWRI\RXUURDGWHVWIHH7KHRWKHUSHU
FHQWRIWKHIHHUHPDLQVDVDFUHGLWRQ\RXUGULYLQJ
UHFRUGDQGPD\EHDSSOLHGZKHQERRNLQJDQHZ
URDGWHVW,QRUGHUWRERRNWKHQHZURDGWHVW\RX
ZLOOKDYHWRSD\WKHSHUFHQWRIWKHIHHGHGXFWHG
GXHWRWKHRXWRIRUGHU
,I\RXKDYHDQ\FRQFHUQVWKDW\RXUURDGWHVWPD\
EHGHFODUHGRXWRIRUGHUFRQWDFWWKH'ULYH7HVW
&HQWUHEHIRUH\RXUVFKHGXOHGWHVWWRGLVFXVVLW
1HZ2QWDULRUHVLGHQWV
,I\RXDUHDQHZUHVLGHQWRI2QWDULRDQGKDYHD
YDOLGGULYHU
VOLFHQFHIURPDQRWKHUSURYLQFHRU
FRXQWU\\RXFDQXVHWKDWOLFHQFHIRUGD\VLQ
2QWDULR,I\RXZDQWWRFRQWLQXHWRGULYHDIWHU
GD\V\RXPXVWJHWDQ2QWDULRGULYHU
VOLFHQFH
(IIHFWLYH0D\OLFHQVHG
GULYLQJH[SHULHQFHIRURXWRI
FRXQWU\DSSOLFDQWVZLOOEH
FUHGLWHGDVIROORZV
5HTXLUHPHQWVIRUDOOGULYHU
VOLFHQFH
DSSOLFDQWV
$OODSSOLFDQWVIRUDQ2QWDULRGULYHU
VOLFHQFHDUH
UHTXLUHGWRSUHVHQWDYDOLGIRUHLJQGULYHU
V
OLFHQFHLILWLVQRWLQ(QJOLVKRU)UHQFKLWLVWREH
DFFRPSDQLHGE\DZULWWHQWUDQVODWLRQIURPD
TXDOLILHGWUDQVODWRUSDVVDYLVLRQWHVWDQGD
ZULWWHQNQRZOHGJHWHVWUHJDUGLQJ2QWDULR
VWUDIILF
UXOHVSD\DOODSSOLFDEOHIHHVDQGSURYLGH
DFFHSWDEOHSURRIRILGHQWLW\
$SSOLFDQWVZKRIXOILOOWKHVHUHTXLUHPHQWVFDQ
REWDLQD*OLFHQFH
$OODSSOLFDQWVPXVWGHFODUHWKHLUOLFHQVHGGULYLQJ
H[SHULHQFHRQWKHGULYHU
VOLFHQFHDSSOLFDWLRQ
IRUP
$SSOLFDQWVDUHUHTXLUHGWRSURYLGHDGHTXDWH
SURRIRIIRUHLJQOLFHQVHGGULYLQJH[SHULHQFH
+RZHYHULIWKDWLVQRWSRVVLEOHWKHPLQLVWU\ZLOO
DFFHSWDQDSSOLFDQW
VGHFODUDWLRQRIWKHLUIRUHLJQ
OLFHQVHGGULYLQJH[SHULHQFHRQWKHGULYHU
V
OLFHQFHDSSOLFDWLRQIRUXSWRDPD[LPXPRI
PRQWKVOLFHQVHGH[SHULHQFH
7KLVSROLF\RQO\DSSOLHVWRDSSOLFDQWVIRU&ODVV*
OLFHQFHV
$SSOLFDQWVGHFODULQJOHVVWKDQ
PRQWKVOLFHQVHGGULYLQJH[SHULHQFH
ZLWKLQWKHSUHFHGLQJWKUHH\HDUV
$SSOLFDQWVDUHFUHGLWHGZLWKWKHDPRXQWRI
OLFHQVHGGULYLQJH[SHULHQFHGHFODUHGRQWKH
GULYHU
VOLFHQFHDSSOLFDWLRQ
$SSOLFDQWVPXVWKDYHPRQWKOLFHQVHGGULYLQJ
H[SHULHQFHEHIRUHDWWHPSWLQJWKH*URDGWHVW
,IDQDSSOLFDQWVXFFHVVIXOO\FRPSOHWHVDPLQLVWU\
DSSURYHGEHJLQQHUGULYHUHGXFDWLRQFRXUVHWKH
PDQGDWRU\ZDLWLQJWLPHSULRUWRWDNLQJWKH*
URDGWHVWZLOOEHUHGXFHGIURPWRHLJKW
PRQWKV
7KHHLJKWWRPRQWKVPD\EHDFRPELQDWLRQRI
OLFHQVHGGULYLQJH[SHULHQFHLQWKHIRUHLJQ
MXULVGLFWLRQDQGOLFHQVHGH[SHULHQFHLQ2QWDULR
$SSOLFDQWVGHFODULQJPRUHWKDQ
PRQWKVOLFHQVHGGULYLQJH[SHULHQFHEXW
OHVVWKDQPRQWKVZLWKLQWKH
SUHFHGLQJWKUHH\HDUV
$SSOLFDQWVZLOOEHFUHGLWHGZLWKPRQWK
YHKLFOHV
OLFHQVHGGULYLQJH[SHULHQFHDQGPD\
SURFHHGWRWDNHWKH*URDGWHVWZLWKRXWKDYLQJ
WRIXOILOOWKHPDQGDWRU\PRQWK*ZDLWSHULRG
,IWKHDSSOLFDQWSDVVHVWKH*URDGWHVWWKH\ZLOO
EHLVVXHGD*OLFHQFHDQGZLOOQRWEHVXEMHFWWR
WKHVL[UHVWULFWLRQVRIWKH*OLFHQFHLQFOXGLQJ
WKHUHTXLUHPHQWWRKDYHDIXOO\OLFHQVHGGULYHU
DFFRPSDQ\WKHPLQWKHYHKLFOHDQGSURKLELWLRQ
IURPGULYLQJRQVHULHVH[SUHVVZD\V
7RREWDLQFUHGLWIRUPRUHWKDQPRQWKV
OLFHQVHGGULYLQJH[SHULHQFHDSSOLFDQWVDUH
UHTXLUHGWRREWDLQZULWWHQDXWKHQWLFDWLRQRIWKHLU
IRUHLJQOLFHQVHGGULYLQJH[SHULHQFHIURPWKH
RULJLQDWLQJOLFHQVLQJDJHQF\RUIURPWKH
HPEDVV\FRQVXODWHRUKLJKFRPPLVVLRQHUV
RIILFHVUHSUHVHQWLQJWKHMXULVGLFWLRQ7KH
DXWKHQWLFDWLRQOHWWHUPXVWEHRQRIILFLDO
OHWWHUKHDGDQGEHZULWWHQLQHLWKHU(QJOLVKRU
)UHQFK
$SSOLFDQWVZLOOEHFUHGLWHGZLWKWKHLUIRUHLJQ
OLFHQVHGGULYLQJH[SHULHQFHDVFHUWLILHGRQWKH
DXWKHQWLFDWLRQOHWWHU
&UHGLWHGOLFHQVHGGULYLQJH[SHULHQFHZLOOEH
DSSOLHGWRZDUGWKH*PRQWKZDLWLQJSHULRG
SULRUWRWDNLQJWKH*URDGWHVW
,IDSSOLFDQWVGRQRWSURYLGHDOHWWHURI
DXWKHQWLFDWLRQDSSOLFDQWVPXVWIXOILOOWKH
PRQWKPDQGDWRU\ZDLWLQJSHULRGSULRUWRWDNLQJ
WKH*URDGWHVW
$SSOLFDQWVGHFODULQJDPLQLPXPRI
PRQWKVOLFHQVHGGULYLQJH[SHULHQFH
ZLWKLQWKHSUHFHGLQJWKUHH\HDUV
7RREWDLQFUHGLWIRUPRUHWKDQPRQWKV
OLFHQVHGGULYLQJH[SHULHQFHDSSOLFDQWVDUH
UHTXLUHGWRREWDLQZULWWHQDXWKHQWLFDWLRQRIWKHLU
IRUHLJQOLFHQVHGGULYLQJH[SHULHQFHIURPWKH
RULJLQDWLQJOLFHQVLQJDJHQF\RUIURPWKH
HPEDVV\FRQVXODWHRUKLJKFRPPLVVLRQHUV
RIILFHVUHSUHVHQWLQJWKHMXULVGLFWLRQ7KH
DXWKHQWLFDWLRQOHWWHUPXVWEHRQRIILFLDO
OHWWHUKHDGDQGEHZULWWHQLQHLWKHU(QJOLVKRU
)UHQFK
$SSOLFDQWVZLOOEHFUHGLWHGZLWKWKHLUIRUHLJQ
OLFHQVHGGULYLQJH[SHULHQFHDVFHUWLILHGRQWKH
DXWKHQWLFDWLRQOHWWHU
$SSOLFDQWVKDYHSHQGLQJDOHWWHURI
DXWKHQWLFDWLRQRIDPLQLPXPRIPRQWKVRI
IRUHLJQOLFHQVHGGULYLQJH[SHULHQFHWKHRSWLRQRI
DWWHPSWLQJWKH*RU*H[LWURDGWHVWV
PDQGDWRU\ZDLWLQJWLPHVDUHZDLYHG
,IWKHDSSOLFDQWFKRRVHVWRDWWHPSWWKH*URDG
WHVWDQGVXFFHVVIXOO\FRPSOHWHVLWWKH\ZLOOWKHQ
EHHOLJLEOHWRDWWHPSWWKH*URDGWHVW
8SRQVXFFHVVIXOO\SDVVLQJWKH*H[LWURDGWHVW
DSSOLFDQWVZLOOEHLVVXHGD*OLFHQFH
,IDSSOLFDQWVGRQRWSURYLGHDOHWWHURI
DXWKHQWLFDWLRQWKH\PXVWSDVVWKH*URDGWHVW
DQGIXOILOOWKHPRQWKZDLWLQJSHULRGSULRUWR
WDNLQJWKH*URDGWHVW
:KRGRHVWKHSROLF\DIIHFW"
7KHSROLF\DSSOLHVWRDOODSSOLFDQWVFRPLQJIURP
HLWKHUDIRUHLJQMXULVGLFWLRQWKDWGRHVQRWKDYHD
GULYHU
VOLFHQFHUHFLSURFDODJUHHPHQWZLWK2QWDULR
RUD86VWDWHWKDWLVQRWSDUWRIWKH,QWHUSURYLQFLDO
5HFRUG([FKDQJH
7KLVSROLF\GRHVQRWDSSO\WRGULYHUVIURPWKH
IROORZLQJMXULVGLFWLRQV
&DQDGLDQSURYLQFHVDQGWHUULWRULHV
&DQDGLDQ)RUFHV(XURSH
86VWDWHV
$XVWUDOLD$XVWULD%HOJLXP)UDQFH*UHDW
%ULWDLQ*HUPDQ\,VOHRI0DQ-DSDQ.RUHDDQG
6ZLW]HUODQG
0RWRUF\FOHOLFHQFH
H[FKDQJHV
([FKDQJHDJUHHPHQWVDSSO\WROLFHQVHG
PRWRUF\FOHGULYHUVIURP&DQDGDWKH8QLWHG6WDWHV
$XVWUDOLDDQG6ZLW]HUODQG,I\RXKDYHOHVVWKDQ
WZR\HDUVRIGULYLQJH[SHULHQFH\RXPD\JHWFUHGLW
IRU\RXUH[SHULHQFHDQGHQWHU/HYHO7ZRRIWKH
JUDGXDWHGOLFHQVLQJV\VWHP2QFH\RXKDYHDWRWDO
RIWZR\HDUVRIGULYLQJH[SHULHQFH\RXPD\WDNH
WKH/HYHO7ZRURDGWHVWWRHDUQIXOOGULYLQJ
SULYLOHJHV
7KHUHLVQRH[FKDQJHDJUHHPHQWIRUPRWRUF\FOH
GULYHUVIURP$XVWULD%HOJLXP)UDQFH*HUPDQ\
*UHDW%ULWDLQWKH,VOHRI0DQ-DSDQDQG.RUHD
+RZHYHUFUHGLWIRUKROGLQJDPRWRUF\FOHOLFHQFH
IURPRQHRIWKHVHFRXQWULHVZLOOEHJUDQWHGIRU
SUHYLRXVPRWRUF\FOHH[SHULHQFHZKHQDSSO\LQJIRU
D&ODVV0PRWRUF\FOHOLFHQFHLQ2QWDULR
,I\RXKROGDPRWRUF\FOHOLFHQFHIURPDQRWKHU
&DQDGLDQMXULVGLFWLRQWKDWLVHTXLYDOHQWWR2QWDULR
V
UHVWULFWHG&ODVV0OLFHQFH\RXZLOOEHDEOHWR
H[FKDQJH\RXUOLFHQFHIRUDUHVWULFWHG&ODVV0
2QWDULROLFHQFH
'ULYLQJFXVWRPVYDU\IURPSODFHWRSODFH7KDWLV
ZK\H[SHULHQFHGGULYHUVIURPRWKHUFRXQWULHV
VKRXOGIDPLOLDUL]HWKHPVHOYHVZLWK2QWDULR
VODZV
7KH2IILFLDO072'ULYHU
V+DQGERRNDQGWKH
0LQLVWU\RI7UDQVSRUWDWLRQZHEVLWHDUHJRRG
UHVRXUFHV
&RXOG<RX3DVV"
7KHUHVWRIWKLVKDQGERRNJLYHV\RXLQIRUPDWLRQ
\RXQHHGWRSDVV\RXUWHVWVDQGWRNHHS\RXU
GULYLQJSULYLOHJHVRQFH\RXJHW\RXUOLFHQFH7KH
ZULWWHQWHVWPD\DVN\RXDERXW
6HDWEHOWV
7UDIILFVLJQVDQGOLJKWV
(PHUJHQF\YHKLFOHV
+RZWRXVHKHDGOLJKWV
6SHHGOLPLWV
*HWWLQJRQRURIIDIUHHZD\
:KDWGULYHUVPXVWGRZKHQWKH\PHHWVWUHHWFDUV
DQGVFKRROEXVHV
'ULYHUOLFHQFHVXVSHQVLRQV
7KHGHPHULWSRLQWV\VWHP
3DVVLQJRWKHUYHKLFOHV
&ROOLVLRQUHSRUWLQJ
6KDULQJWKHURDGZLWKRWKHUURDGXVHUV
5XOHVRIWKHURDG
7KHURDGWHVWVZLOOWHVWKRZZHOO\RXXVH\RXU
NQRZOHGJHZKLOHGULYLQJ<RXZLOOEHWHVWHGRQ
6WDUWLQJVWRSSLQJDQGWXUQLQJ
7UDIILFVLJQVDQGOLJKWV
3DVVLQJYHKLFOHVLQFOXGLQJELF\FOHVDQGGULYLQJ
LQSDVVLQJODQHV
7UDYHOOLQJWKURXJKFRQWUROOHGDQGXQFRQWUROOHG
LQWHUVHFWLRQV
3DUDOOHOSDUNLQJDQGUHYHUVLQJ
)RUHVHHLQJKD]DUGRXVFRQGLWLRQVDQGEHLQJ
UHDG\IRUWKHP
2WKHUVDIHGULYLQJSUDFWLFHV
0DNHVXUH\RXNQRZWKHLQIRUPDWLRQLQWKLV
KDQGERRNEHIRUH\RXWDNHWKHVHWHVWV7RVHH
VDPSOHWHVWTXHVWLRQVWKDWFRXOGDSSHDURQWKH
NQRZOHGJHWHVWFOLFNKHUH
&KRRVLQJDGULYLQJVFKRRO
$VDQHZGULYHU\RXUFKRLFHRISURIHVVLRQDOGULYLQJ
LQVWUXFWLRQPD\EHWKHEHVWZD\WRSXW\RXUVHOI
VDIHO\LQWKHGULYHU
VVHDW
$VZHOODVWHDFKLQJWKHEDVLFVGULYHUWUDLQLQJ
HPSKDVL]HVVWUDWHJLFGULYLQJWHFKQLTXHVSRVLWLYH
GULYLQJDWWLWXGHVDQGEHKDYLRXUDYRLGLQJGULYHU
GLVWUDFWLRQVULVNSHUFHSWLRQDQGPDQDJHPHQW
IUHHZD\GULYLQJQLJKWGULYLQJDQGGULYLQJLQ
DGYHUVHFRQGLWLRQV0RVWSURJUDPVDUHGHVLJQHG
IRUQHZGULYHUVEXWPDQ\GULYLQJVFKRROVDOVR
SURYLGHFRXUVHVDQGVHUYLFHVWRXSJUDGH\RXU
VNLOOV
,I\RXJUDGXDWHIURPDQDSSURYHG%'(FRXUVHWKLV
ZLOOEHQRWHGLQ\RXUGULYHU
VOLFHQFHKLVWRU\DQG
ZLOOUHGXFHWKHWLPH\RXPXVWVSHQGDW/HYHOE\
IRXUPRQWKV,WPD\DOVREULQJ\RXVDYLQJVRQ\RXU
FDULQVXUDQFH
$OOPLQLVWU\OLFHQFHGGULYLQJVFKRROVRIIHULQFODVV
DQGLQFDUWUDLQLQJIRUDIHH$OOOHVVRQVDUHWDXJKW
E\DPLQLVWU\OLFHQVHGGULYLQJLQVWUXFWRU
0LQLVWU\DSSURYHG%'(FRXUVHVRIIHUHGE\GULYLQJ
VFKRROVPXVWODVWDPLQLPXPRIKRXUV7KLV
PD\FRQVLVWRIDWOHDVWKRXUVLQFODVVKRXUV
LQYHKLFOHDQGKRXUVRIIOH[LEOHLQVWUXFWLRQWKDW
PD\LQFOXGHWKHIROORZLQJ
&ODVVURRPGULYLQJLQVWUXFWLRQ
&RPSXWHUEDVHGLQVWUXFWLRQ
,QYHKLFOHLQVWUXFWLRQ
'ULYLQJVLPXODWRULQVWUXFWLRQ
+RPHOLQNVKRPHZRUN
7KHPLQLVWU\OLFHQVHVDOOGULYLQJVFKRROVRIIHULQJD
%'(FRXUVHLQ2QWDULR/LFHQFHVDUHUHQHZHG
HYHU\WKUHH\HDUVLIGULYLQJVFKRROVFRQWLQXHWR
PHHWOHJLVODWLYHDQGSURJUDPUHTXLUHPHQWV2QO\
OLFHQVHGLQVWUXFWRUVZRUNLQJIRUOLFHQVHGVFKRROV
FDQWHDFKWKH%'(FRXUVH
$OOPLQLVWU\DSSURYHGGULYLQJVFKRROVDUHOLVWHGRQ
WKHPLQLVWU\
VZHEVLWHXQGHU
ZZZPWRJRYRQFDHQJOLVKGDQGYGULYHUJUDGXDS
SURYHVKWPO
1RWH7KHPLQLVWU\DOVROLVWVUHYRNHGGULYLQJ
VFKRROVWKDWDUHQRWRQWKHOLVWRIDSSURYHG
VFKRROV*RWR
ZZZPWRJRYRQFDHQJOLVKGDQGYGULYHUJUDGXUHY
RNHGVKWPO
/RRNDWWKHZHEVLWHIRUDQDFWLYHPLQLVWU\DSSURYHG
GULYLQJVFKRROWKDWRIIHUVKLJKTXDOLW\LQVWUXFWLRQ
DQGDFRPIRUWDEOHOHDUQLQJHQYLURQPHQW3OHDVH
PDNHVXUHWKHVFKRRORIIHUVDPLQLVWU\DSSURYHG
%'(FRXUVHRIDPLQLPXPRIKRXUV7KHVFKRRO
VKRXOGDOVREHHTXLSSHGZLWKXSWRGDWH
YLGHRWDSHV'9'VSURMHFWRUVRYHUKHDGV
FRPSXWHUVDQGRWKHUDXGLRYLVXDODLGV
7RKHOS\RXFKRRVHWKHEHVWGULYLQJVFKRRODQG
FRXUVHIRU\RXSOHDVHXVHWKHIROORZLQJFKHFNOLVW
&RXUVHLQIRUPDWLRQSDFNDJH
3HUVRQDOL]HGSURJUDP
$GHTXDF\RIFODVVURRPIDFLOLWLHVDQGUHODWHG
DPHQLWLHV
/RZVWXGHQWWHDFKHUUDWLR
$XGLRYLVXDOHTXLSPHQW
,QFODVVWRSLFVFRYHUHG
,QYHKLFOHWRSLFVFRYHUHG
)OH[LEOHLQVWUXFWLRQFRYHUHG
,QVWUXFWRUTXDOLILFDWLRQVDQGH[SHULHQFH
5HJXODULQVWUXFWRUXSJUDGLQJ
6WXGHQWSURJUHVVDQGHYDOXDWLRQUHSRUWV
0LQLPXPKRXUVRIFODVVURRPLQVWUXFWLRQ
KRXUVEHKLQGWKHZKHHOLQVWUXFWLRQDQGKRXUV
RIIOH[LEOHLQVWUXFWLRQ
0RGHUQWUDLQLQJPDWHULDOV
8VHRIYHKLFOHIRUURDGWHVW
7XLWLRQUHFHLSWV
&OHDUVFKRROFRQWUDFWVWDWHPHQWVUHJDUGLQJWKH
FRVWRIHYHU\DVSHFWRIWKHFRXUVHLQFOXGLQJXVH
RIYHKLFOHIRUURDGWHVWDQGDQ\VXEVHTXHQWURDG
WHVW
7HVWLPRQLDOVUHIHUHQFHVKLVWRU\RIH[FHOOHQW
WHDFKLQJSURSHUWUHDWPHQWDQGUHVSHFWRIDOO
VWXGHQWVZLWKQRGLVFULPLQDWLRQRIDQ\W\SHVHH
WKH2QWDULR+XPDQ5LJKWV&RGH
1XPEHURI\HDUVLQEXVLQHVV
&RQVXPHUSURWHFWLRQLQVXUDQFH
&KDSWHU6XPPDU\
%\WKHHQGRIWKLVFKDSWHU\RXVKRXOGNQRZ
7KHOHJDOUHTXLUHPHQWV\RXPXVWPHHWWRREWDLQ
DGULYHU
VOLFHQFH
7KHGLIIHUHQWOLFHQFHFODVVLILFDWLRQVDQGZKDW
W\SHRIYHKLFOHWKH\SHUPLW\RXWRGULYH
7KHLGHQWLILFDWLRQ\RXQHHGWRSURYLGHZKHQ
DSSO\LQJIRUDGULYHU
VOLFHQFH
7KHUHVWULFWLRQVDQGWHVWLQJUHTXLUHPHQWVXQGHU
WKHJUDGXDWHGOLFHQVLQJV\VWHP
6DIHDQG5HVSRQVLEOH
'ULYLQJ
%HLQJDVDIHDQGUHVSRQVLEOHGULYHUWDNHVD
FRPELQDWLRQRINQRZOHGJHVNLOODQGDWWLWXGH
7REHJLQ\RXPXVWNQRZWKHWUDIILFODZVDQG
GULYLQJSUDFWLFHVWKDWKHOSWUDIILFPRYHVDIHO\
%UHDNLQJWKHVHUXOHVRIWKHURDGLVWKHPDMRU
FDXVHRIFROOLVLRQV
7UDIILFODZVDUHPDGHE\IHGHUDOSURYLQFLDODQG
PXQLFLSDOJRYHUQPHQWVDQGSROLFHIURPHDFKOHYHO
FDQHQIRUFHWKHP,I\RXEUHDNDWUDIILFODZ\RX
PD\EHILQHGVHQWWRMDLORUORVH\RXUGULYHU
V
OLFHQFH,I\RXJHWFDXJKWGULYLQJZKLOH\RXUOLFHQFH
LVVXVSHQGHG\RXUYHKLFOHPD\EHLPSRXQGHG
%XW\RXQHHGWRGRPRUHWKDQMXVWREH\WKHUXOHV
<RXPXVWFDUHDERXWWKHVDIHW\RIRWKHUVRQWKH
URDG(YHU\RQHLVUHVSRQVLEOHIRUDYRLGLQJ
FROOLVLRQV(YHQLIVRPHRQHHOVHGRHVVRPHWKLQJ
ZURQJ\RXPD\EHIRXQGUHVSRQVLEOHIRUD
FROOLVLRQLI\RXFRXOGKDYHGRQHVRPHWKLQJWRDYRLG
LW
%HFDXVHGULYHUVKDYHWRFRRSHUDWHWRNHHSWUDIILF
PRYLQJVDIHO\\RXPXVWDOVREHSUHGLFWDEOHGRLQJ
ZKDWRWKHUSHRSOHXVLQJWKHURDGH[SHFW\RXWRGR
$QG\RXPXVWEHFRXUWHRXV&RXUWHRXVGULYLQJ
PHDQVJLYLQJRWKHUGULYHUVVSDFHWRFKDQJHODQHV
QRWFXWWLQJWKHPRIIDQGVLJQDOOLQJ\RXUWXUQVDQG
ODQHFKDQJHVSURSHUO\
<RXPXVWEHDEOHWRVHHGDQJHURXVVLWXDWLRQV
EHIRUHWKH\KDSSHQDQGWRUHVSRQGTXLFNO\DQG
HIIHFWLYHO\WRSUHYHQWWKHP7KLVLVFDOOHGGHIHQVLYH
RUVWUDWHJLFGULYLQJ7KHUHDUHFROOLVLRQDYRLGDQFH
FRXUVHVDYDLODEOHZKHUH\RXFDQSUDFWLFHWKHVH
WHFKQLTXHV
'HIHQVLYHGULYLQJLVEDVHGRQWKUHHLGHDVYLVLELOLW\
VSDFHDQGFRPPXQLFDWLRQ
9LVLELOLW\LVDERXWVHHLQJDQGEHLQJVHHQ<RX
VKRXOGDOZD\VEHDZDUHRIWUDIILFLQIURQWEHKLQG
DQGEHVLGH\RX.HHS\RXUH\HVFRQVWDQWO\
PRYLQJVFDQQLQJWKHURDGDKHDGDQGWRWKHVLGH
DQGFKHFNLQJ\RXUPLUURUVHYHU\ILYHVHFRQGVRU
VR7KHIDUWKHUDKHDG\RXORRNWKHOHVVOLNHO\\RX
ZLOOEHVXUSULVHGDQG\RXZLOOKDYHWLPHWRDYRLG
DQ\KD]DUGV0DNHVXUHRWKHUGULYHUVFDQVHH\RX
E\XVLQJ\RXUVLJQDOOLJKWVDVUHTXLUHG
0DQDJLQJWKHVSDFHDURXQG\RXUYHKLFOHOHWV\RX
VHHDQGEHVHHQDQGJLYHV\RXWLPHDQGVSDFHWR
DYRLGDFROOLVLRQ/HDYHDFXVKLRQRIVSDFHDKHDG
EHKLQGDQGWRERWKVLGHV%HFDXVHWKHJUHDWHVW
ULVNRIDFROOLVLRQLVLQIURQWRI\RXVWD\ZHOOEDFN
&RPPXQLFDWHZLWKRWKHUURDGXVHUVWRPDNHVXUH
WKH\VHH\RXDQGNQRZZKDW\RXDUHGRLQJ0DNH
H\HFRQWDFWZLWKSHGHVWULDQVF\FOLVWVDQGGULYHUVDW
LQWHUVHFWLRQVDQGVLJQDOZKHQHYHU\RXZDQWWR
VORZGRZQVWRSWXUQRUFKDQJHODQHV,I\RXQHHG
WRJHWDQRWKHUSHUVRQ
VDWWHQWLRQXVH\RXUKRUQ
,QWKLVFKDSWHU
*HWWLQJUHDG\WRGULYH
'ULYLQJDORQJ
6KDULQJWKHURDGZLWKRWKHUURDGXVHUV
'ULYLQJWKURXJKLQWHUVHFWLRQV
6WRSSLQJ
&KDQJLQJGLUHFWLRQV
&KDQJLQJSRVLWLRQV
3DUNLQJDORQJURDGZD\V
)UHHZD\GULYLQJ
'HDOLQJZLWKSDUWLFXODUVLWXDWLRQV
'ULYLQJDWQLJKWDQGLQEDGZHDWKHU
'HDOLQJZLWKHPHUJHQFLHV
'ULYLQJHIILFLHQWO\
,*HWWLQJUHDG\WRGULYH
%HIRUH\RXGULYHPDNHVXUH\RXDUHFRPIRUWDEOH
ZLWK\RXUSK\VLFDOPHQWDODQGHPRWLRQDOVWDWH
\RXUYHKLFOHDQGWKHFRQGLWLRQVLQZKLFK\RXZLOOEH
GULYLQJ,I\RXKDYHGRXEWVDERXWDQ\RIWKHPGRQ
W
GULYH
<RXUDELOLW\WRGULYHFDQFKDQJHIURPRQHGD\WR
WKHQH[W,OOQHVVIDWLJXHSUHVFULSWLRQDQGRYHUWKH
FRXQWHUGUXJVVWUHVVDQG\RXUPHQWDORUHPRWLRQDO
VWDWHFDQJUHDWO\GLPLQLVK\RXUDELOLW\WRRSHUDWHD
PRWRUYHKLFOH<RXVKRXOGFRQVLGHUWKHVHIDFWRUV
EHIRUH\RXEHJLQGULYLQJDQG\RXVKRXOGQRW
RSHUDWHDPRWRUYHKLFOHZKHQ\RXDUHQRWILWWRGR
VR
,*HWWLQJUHDG\WRGULYH
%HSK\VLFDOO\DQGPHQWDOO\DOHUW
<RXPXVWEHLQJRRGSK\VLFDODQGPHQWDOFRQGLWLRQ
WRGULYH'RQ
WGULYHZKHQ\RXDUHVLFNRULQMXUHGRU
ZKHQ\RXKDYHEHHQGULQNLQJDOFRKRORUWDNLQJDQ\
GUXJRUPHGLFDWLRQWKDWPD\UHGXFH\RXUDELOLW\WR
GULYH
'RQ
WGULYHZKHQ\RXDUHWLUHG<RXPLJKWIDOO
DVOHHSDWWKHZKHHOULVNLQJWKHOLYHVRIRWKHUVRQ
WKHURDG(YHQLI\RXGRQ
WIDOODVOHHSIDWLJXH
DIIHFWV\RXUGULYLQJDELOLW\<RXUWKLQNLQJVORZV
GRZQDQG\RXPLVVVHHLQJWKLQJV,QDQ
HPHUJHQF\\RXPD\PDNHWKHZURQJGHFLVLRQRU
\RXPD\QRWPDNHWKHULJKWGHFLVLRQIDVWHQRXJK
'RQ
WGULYHZKHQ\RXDUHXSVHWRUDQJU\6WURQJ
HPRWLRQVFDQUHGXFH\RXUDELOLW\WRWKLQNDQGUHDFW
TXLFNO\
,*HWWLQJUHDG\WRGULYH
.QRZ\RXUYHKLFOH
*HWWRNQRZ\RXUYHKLFOHEHIRUH
\RXGULYHLW7KHUHDUHPDQ\W\SHV
RIYHKLFOHVDYDLODEOHWRGD\ZLWK
PDQ\GLIIHUHQWFKDUDFWHULVWLFV
LQFOXGLQJIXHOLJQLWLRQV\VWHPV 'LDJUDP
DQWLORFNEUDNHVIRXUZKHHOGULYH
DQGV\VWHPVIRUWUDFWLRQFRQWURO
DQGVWDELOLW\FRQWURO&KHFNWKH
YHKLFOHRZQHU
VPDQXDO)RU
GULYLQJLQGLIILFXOWVLWXDWLRQVDQG
FRQGLWLRQVVHHWKHVHFWLRQRQ
GHDOLQJZLWKSDUWLFXODUVLWXDWLRQV
0DNHVXUH\RXNQRZZKHUHDOOWKH
FRQWUROVDQGLQVWUXPHQWVDUHDQG
ZKDWWKH\GR&KHFNWKDWDOO
ZDUQLQJOLJKWVDQGJDXJHVZRUN
:DWFKIRUDZDUQLQJOLJKWWKDW
VWD\VRQDIWHU\RXGULYHDZD\LW
FRXOGPHDQDVHULRXVSUREOHP
ZLWK\RXUYHKLFOH
*HWWRNQRZWKHFRQWUROVZHOO
HQRXJKWRWXUQRQZLSHUVDQG
ZDVKHUVKHDGOLJKWVKLJKEHDPV
KHDWHUDQGGHIURVWHUZLWKRXW
KDYLQJWRORRN/HDUQLQJWRXVH
WKHVHHVVHQWLDOFRQWUROVZLWKRXW
WDNLQJ\RXUH\HVRIIWKHURDGLVDQ
LPSRUWDQWSDUWRIGULYLQJ
,*HWWLQJUHDG\WRGULYH
*HWLQWRSRVLWLRQ
0DNHVXUH\RXVLWSURSHUO\EHKLQG
WKHZKHHO<RXVKRXOGVLWKLJK
HQRXJKLQWKHGULYHU
VVHDWWRVHH
RYHUWKHVWHHULQJZKHHODQGKRRG
<RXVKRXOGEHDEOHWRVHHWKH
JURXQGIRXUPHWUHVLQIURQWRIWKH
YHKLFOH8VHDILUPFXVKLRQLI
QHHGHG
%HVXUHWKDW\RXDUHVLWWLQJ 'LDJUDP
VWUDLJKWXSULJKWLQWKHVHDWZLWK
\RXUHOERZVVOLJKWO\EHQW$GMXVW
WKHVHDWVR\RXUIHHWUHDFKWKH
SHGDOVHDVLO\7RFKHFN\RXU
SRVLWLRQWU\SODFLQJ\RXUIHHWIODW
RQWKHIORRUXQGHUWKHEUDNHSHGDO
,I\RXFDQGRWKLVZLWKRXW
VWUHWFKLQJ\RXDUHVHDWHG
SURSHUO\7KLVNHHSV\RXLQWKH
SURSHUXSULJKWVLWWLQJSRVLWLRQDQG
JLYHV\RXPRUHVWDELOLW\ZKHQ
PDQRHXYULQJ\RXUYHKLFOH
,I\RXUYHKLFOHKDVDQDGMXVWDEOH
KHDGUHVW\RXVKRXOGPDNHVXUHLW
LVDWWKHULJKWKHLJKW7KHEDFNRI
\RXUKHDGVKRXOGEHGLUHFWO\LQ
IURQWRIWKHPLGGOHRIWKHKHDGUHVW
WRSURWHFW\RXLQDFROOLVLRQ
&KHFNWKDW\RXKDYHHQRXJKURRP
LQWKHIURQWVHDWWRGULYHSURSHUO\
DQGVDIHO\'RQRWRYHUFURZG\RXU
GULYLQJVSDFHZLWKSDVVHQJHUVRU
SURSHUW\
,*HWWLQJUHDG\WRGULYH
.HHSDFOHDUYLHZ
.HHSDFOHDUYLHZZKHQGULYLQJ'RQRWSXW
DQ\WKLQJLQ\RXUZLQGRZVWKDWZLOOEORFN\RXUYLHZ
7KHZLQGRZVRI\RXUYHKLFOHPXVWQRWEHFRDWHG
ZLWKDQ\PDWHULDOWKDWNHHSV\RXIURPVHHLQJRXWLQ
DQ\GLUHFWLRQ1HLWKHUVKRXOGWKHZLQGVKLHOGRU
IURQWGRRUZLQGRZVEHFRDWHGWRNHHSVRPHRQH
IURPVHHLQJLQVLGHWKHYHKLFOH
,*HWWLQJUHDG\WRGULYH
)LQG\RXUEOLQGVSRWV
&KHFNDQGDGMXVW\RXUPLUURUVDQG
ILQG\RXUEOLQGVSRWVWKHDUHDRQ
HDFKVLGHRI\RXUYHKLFOHZKHUH
\RXFDQQRWVHH<RXPD\QRWVHH
SHRSOHRUF\FOLVWVZKHQWKH\DUHLQ
WKHVHVSRWV2QVRPHYHKLFOHVWKH 'LDJUDP
EOLQGVSRWLVVRODUJHWKDWDYHKLFOH
FRXOGEHWKHUHDQG\RXZRXOGQRW
VHHLW
$GMXVW\RXUPLUURUVVRWKDWWKHUH
DUHDVIHZEOLQGVSRWVDVSRVVLEOH
%OLQGVSRWVLQPRVWYHKLFOHVDUHWR
WKHEDFNOHIWDQGEDFNULJKWRIWKH
YHKLFOH7RUHGXFHWKHEOLQGVSRWV
HYHQPRUHSRVLWLRQWKHLQWHULRU
PLUURUVRWKDWWKHFHQWUHRIWKH
PLUURUVKRZVWKHFHQWUHRIWKHUHDU
ZLQGRZ<RXVKRXOGEHDEOHWR
VHHGLUHFWO\EHKLQGWKHFDUZKHQ
WKHLQWHULRUPLUURULVSURSHUO\
DGMXVWHG3RVLWLRQWKHOHIWRXWVLGH
PLUURUE\OHDQLQJWRZDUGVWKH
ZLQGRZDQGPRYLQJWKHPLUURUVR
WKDW\RXFDQMXVWVHHWKHUHDURI
\RXUFDU3RVLWLRQWKHULJKWRXWVLGH
PLUURUE\OHDQLQJWRWKHFHQWUHRI
WKHYHKLFOHDQGPRYLQJWKHPLUURU
VRWKDW\RXFDQDJDLQMXVWVHHWKH
UHDURI\RXUFDU$YRLGRYHUODSLQ
ZKDW\RXFDQVHHLQ\RXUPLUURUV
%HFDXVH\RXUVLGHPLUURUVVKRZ
RQO\QDUURZDQJOHVRIYLHZWXUQLQJ
\RXUKHDGWRGRVKRXOGHUFKHFNV
LVWKHRQO\ZD\WRPDNHVXUHWKHUH
LVQRWKLQJLQ\RXUEOLQGVSRWV
<RXVKRXOGNQRZWKHEOLQGVSRWV
RQ\RXURZQYHKLFOH<RXFDQ
OHDUQZKHUHDQGKRZODUJHWKH\
DUHE\KDYLQJVRPHRQHZDON
DURXQG\RXUFDUDQGZDWFKLQJWKH
SHUVRQLQWKHPLUURUV
,*HWWLQJUHDG\WRGULYH
)DVWHQ\RXUVHDWEHOW
7KHSURSHUXVHRIDVHDWEHOWFDQ
VDYH\RXUOLIH(YHQDVPDOO
LQFUHDVHLQWKHQXPEHURISHRSOH
ZKRZHDUWKHLUVHDWEHOWVFDQVDYH
PDQ\OLYHV
<RXPXVWXVH\RXUVHDWEHOWHYHU\
WLPH\RXWUDYHOLQDQ\YHKLFOH
HTXLSSHGZLWKVHDWEHOWV$OO
SDVVHQJHUVPXVWEHEXFNOHGXSLQ
WKHLURZQVHDWEHOWFKLOGFDUVHDW
RUERRVWHUVHDW
'ULYHUVZKRGRQRWEXFNOHXSFDQ 'LDJUDP
EHILQHGXSWRDQGZLOOEH
JLYHQWZRGHPHULWSRLQWV'ULYHUV
PD\DOVREHILQHGDQGUHFHLYH
GHPHULWSRLQWVLIWKH\IDLOWRHQVXUH
WKDWDOOSDVVHQJHUVXQGHU\HDUV
RIDJHDUHSURSHUO\EXFNOHGLQD
VHDWEHOWFKLOGFDUVHDWRUERRVWHU
VHDW/HYHO2QH*GULYHUVDUH
RQO\DOORZHGWRKDYHKLVRUKHU
DFFRPSDQ\LQJGULYHUDVDIURQW
VHDWSDVVHQJHUDQGPXVWKDYHD
VHDWEHOWIRUKLPRUKHU1RYLFH
GULYHUVPXVWKDYHDVHDWEHOWIRU
HYHU\SDVVHQJHU'ULYHUVZKRGR
QRWHQVXUHWKHUHLVDZRUNLQJ
VHDWEHOWIRUHYHU\SDVVHQJHUFDQ
ORVHWKHLUOLFHQFHIRUDWOHDVW
GD\V
6HDWEHOWVVKRXOGEHZRUQVQXJO\
HQRXJKWRNHHS\RXLQ\RXU
VHDWGXULQJDFROOLVLRQ1HYHUSXW
PRUHWKDQRQHSHUVRQLQWRD
VHDWEHOWWKLVFDQFDXVHVHULRXV
LQMXU\RUHYHQGHDWKLQDFROOLVLRQ
:HDUWKHVKRXOGHUVWUDSRYHU\RXU
VKRXOGHUQHYHUXQGHU\RXUDUPRU
EHKLQG\RXUEDFN7KHODSEHOW
VKRXOGEHZRUQORZRYHUWKHKLSV
QRWDJDLQVWWKHVWRPDFK
8VH\RXUVHDWEHOWDOZD\VHYHQ
ZKHQ\RXDUHVLWWLQJLQDSRVLWLRQ
ZLWKDQDFWLYHDLUEDJ$LUEDJVGR
QRWUHSODFHVHDWEHOWV,QD
FROOLVLRQ\RXUVHDWEHOWZLOONHHS
\RXLQSRVLWLRQVRWKDWWKHDLUEDJ
FDQSURWHFW\RX
1RWH7KHVDIHVWSODFHD
SDVVHQJHUFDQWUDYHOLVLQVLGHD
YHKLFOHSURSHUO\EXFNOHGLQ,WLV
QRWVDIHWRWUDYHORXWVLGHDYHKLFOH
VXFKDVLQWKHEDFNRIDSLFNXS
WUXFNRULQDWUDLOHUWKDWLVEHLQJ
WRZHG,WLVLPSRUWDQWIRU
SDVVHQJHUVWREHVHFXUHGZLWKLQD
WRDYRLGEHLQJWKURZQIURPWKH
YHKLFOHGXULQJDFROOLVLRQ
)RUPRUHLQIRUPDWLRQRQVHDWEHOWV
YLVLWZZZRQWDULRFD
,*HWWLQJUHDG\WRGULYH
&KLOGVDIHW\
7REHVDIHO\SURWHFWHGLQD
YHKLFOHFKLOGUHQPXVWEHSURSHUO\
VHFXUHGLQDFKLOGFDUVHDW
ERRVWHUVHDWRUVHDWEHOW
GHSHQGLQJRQWKHLUKHLJKWZHLJKW
DQGRUDJH5HVHDUFKVKRZVWKDW
DFRUUHFWO\XVHGFKLOGFDUVHDWFDQ
UHGXFHWKHOLNHOLKRRGRILQMXU\RU
GHDWKE\SHUFHQW
$VDGULYHU\RXDUHUHVSRQVLEOH
IRUHQVXULQJWKDWDOOSDVVHQJHUV
XQGHU\HDUVRIDJHDUHSURSHUO\ 'LDJUDP
EXFNOHGLQWRDVHDWEHOWFKLOGFDU
VHDWRUERRVWHUVHDW7KHILQHIRU
QRWXVLQJDFKLOGFDUVHDWRU
ERRVWHUVHDWDVUHTXLUHGE\ODZLV
XSWRSOXVWZRGHPHULW
SRLQWVRQFRQYLFWLRQ,Q2QWDULRDOO
GULYHUVDUHUHTXLUHGWRXVHSURSHU
FKLOGFDUVHDWVDQGERRVWHUVHDWV
ZKHQWUDQVSRUWLQJ\RXQJFKLOGUHQ
&KLOGFDUVHDWVPXVWPHHW
&DQDGLDQ0RWRU9HKLFOH6DIHW\
6WDQGDUGV%XFNOHVDQGVWUDSV
PXVWEHIDVWHQHGDFFRUGLQJWRWKH
PDQXIDFWXUHU
VLQVWUXFWLRQV1HZHU
YHKLFOHVWKDWFRPHHTXLSSHGZLWK
DORZHUXQLYHUVDODQFKRUDJH
V\VWHP8$6IRUVHFXULQJDFKLOG
FDUVHDWGRQRWUHTXLUHWKHXVHRI
DVHDWEHOW$ERRVWHUVHDWUHTXLUHV
DODSDQGVKRXOGHUEHOW
FRPELQDWLRQ
,QIDQWVZKRZHLJKOHVVWKDQ
NLORJUDPVOEVPXVWEH
EXFNOHGLQWRDUHDUIDFLQJFKLOGFDU
VHDWDWWDFKHGWRWKHYHKLFOHE\D
VHDWEHOWRUWKH8$6VWUDS$UHDU
IDFLQJFKLOGFDUVHDWLVDOZD\VEHVW
LQVWDOOHGLQWKHEDFNVHDW1HYHU
SXWDUHDUIDFLQJFKLOGFDUVHDWLQD
VHDWLQJSRVLWLRQWKDWKDVDQDFWLYH
DLUEDJ,IWKHDLUEDJLQIODWHVLW
FRXOGVHULRXVO\LQMXUHWKHFKLOG
7RGGOHUVWRNLORJUDPVWR
OEVPXVWEHEXFNOHGLQWRD
FKLOGFDUVHDWDWWDFKHGWRWKH
YHKLFOHE\DVHDWEHOWRUD8$6
VWUDSWKHVHDW
VWHWKHUVWUDSPXVW
DOVREHDWWDFKHGWRWKHYHKLFOH
V
WHWKHUDQFKRU&KLOGUHQZHLJKLQJ
PRUHWKDQNLORJUDPVOEV
PD\UHPDLQLQDUHDUIDFLQJFKLOG
FDUVHDWLILWLVGHVLJQHGWR
DFFRPPRGDWHWKHFKLOG
VKHLJKW
DQGZHLJKW$OZD\VIROORZWKH
PDQXIDFWXUHU
VLQVWUXFWLRQVZKHQ
LQVWDOOLQJDFKLOGFDUVHDWLQ\RXU
YHKLFOH
%RRVWHUVHDWVSURYLGHSHUFHQW
PRUHSURWHFWLRQWKDQVHDWEHOWV
DORQH7KHVHPXVWEHXVHGE\
SUHVFKRRODQGSULPDU\JUDGH
DJHGFKLOGUHQZKRKDYHRXWJURZQ
WKHLUIRUZDUGIDFLQJFKLOGFDUVHDW
DUHXQGHUWKHDJHRIHLJKWDQG
ZHLJKNLORJUDPVOEVRU
PRUHEXWOHVVWKDQNLORJUDPV
OEVDQGZKRDUHOHVVWKDQ
FHQWLPHWUHVIHHWLQFKHV
WDOO%RRVWHUVHDWVUDLVHDFKLOGVR
WKDWWKHDGXOWVHDWEHOWZRUNVPRUH
HIIHFWLYHO\7KHFKLOG
VKHDGPXVW
EHVXSSRUWHGE\WKHWRSRIWKH
ERRVWHUYHKLFOHVHDWRUKHDGUHVW
<RXPXVWXVHDERRVWHUVHDWZLWK
DODSVKRXOGHUEHOW7KH
ODSVKRXOGHUEHOWVKRXOGEHZRUQ
VRWKDWWKHVKRXOGHUEHOWILWV
FORVHO\DJDLQVWWKHERG\RYHUWKH
VKRXOGHUDQGDFURVVWKHFHQWUHRI
WKHFKHVWDQGWKHODSEHOWVLWV
ILUPO\DJDLQVWWKHERG\DQGDFURVV
WKHKLSV$OZD\VIROORZWKH
PDQXIDFWXUHU
VLQVWUXFWLRQVZKHQ
LQVWDOOLQJDERRVWHUVHDWLQ\RXU
YHKLFOHDQGVHFXUHWKHERRVWHU
VHDWZLWKDVHDWEHOWZKHQDFKLOGLV
QRWWUDYHOOLQJLQLWRUUHPRYHLW
IURPWKHYHKLFOH
,I\RXUYHKLFOHKDVODSEHOWVRQO\
VHFXUHWKHFKLOGE\WKHODSEHOW
RQO\1HYHUXVHDODSEHOWDORQH
ZLWKDERRVWHUVHDW
&KLOGUHQPD\EHJLQZHDULQJD
VHDWEHOWRQFHWKH\DUHDEOHWR
ZHDULWSURSHUO\DODSEHOWIODW
DFURVVWKHKLSVVKRXOGHUEHOW
DFURVVWKHFHQWUHRIWKHFKHVWDQG
RYHUWKHVKRXOGHUDQGLIDQ\RQH
RIWKHIROORZLQJFULWHULDLVPHW
7KHFKLOGWXUQVHLJKW\HDUVROG
7KHFKLOGZHLJKVNLORJUDPV
OEVRUPRUH
7KHFKLOGLVFHQWLPHWUHV
IHHWLQFKHVWDOORUWDOOHU
'RQRWSODFHDFKLOGLQDVHDWLQJ
SRVLWLRQLQIURQWRIDQDLUEDJWKDW
LVQRWWXUQHGRII7KHVDIHVWSODFH
IRUDFKLOGXQGHUDJHLVLQWKH
EDFNVHDW
$OZD\VVHFXUHORRVHREMHFWVLQWKH
YHKLFOHZLWKFDUJRQHWVRUVWUDSV
RUPRYHWKHPWRWKHWUXQNWR
SUHYHQWWKHPIURPLQMXULQJ
SDVVHQJHUVLQDFROOLVLRQRU
VXGGHQVWRS
&RUUHFWLQVWDOODWLRQRIDFKLOGFDU
VHDWLVLPSRUWDQWIRUHQVXULQJD
FKLOG
VVDIHW\<RXUORFDOSXEOLF
KHDOWKXQLWLVDJRRGUHVRXUFHIRU
ILQGLQJRXWKRZWRSURSHUO\LQVWDOOD
FKLOGFDUVHDWRUYLVLWDORFDOFDU
VHDWFOLQLFZKHUHFHUWLILHG
WHFKQLFLDQVZLOOKHOS\RXLQVWDOOWKH
VHDW
)RUPRUHLQIRUPDWLRQRQFKLOGFDU
VHDWVYLVLW
ZZZRQWDULRFDWUDQVSRUWDWLRQ
1RWH%HFDUHIXOLIEX\LQJDXVHG
FKLOGFDUVHDW&RQVLGHUDWLRQV
VKRXOGLQFOXGHHQVXULQJWKHFKLOG
FDUVHDWFRPHVZLWKFRPSOHWH
PDQXIDFWXUHU
VLQVWUXFWLRQVDQGDOO
QHFHVVDU\HTXLSPHQWGRHVQRW
VKRZVLJQVRIGHWHULRUDWLRQRU
GDPDJHKDVQHYHUEHHQLQD
FROOLVLRQLVQRWXQGHUUHFDOODQG
KDVQRWH[FHHGHGLWVXVHIXOOLIH
H[SHFWDQF\DVGHWHUPLQHGE\WKH
PDQXIDFWXUHU
6HDWEHOWVDQGFKLOGFDU
VHDWVVDYHOLYHV
6HDWEHOWVDQGFKLOGFDUVHDWV
UHGXFHWKHULVNRILQMXU\RUGHDWKLQ
FROOLVLRQV
6HDWEHOWVKHOSNHHS\RXLQVLGH
DQGLQFRQWURORIWKHYHKLFOH
GXULQJDFROOLVLRQ3HRSOHZKR
DUHWKURZQIURPDYHKLFOHKDYH
DPXFKORZHUFKDQFHRI
VXUYLYLQJDFROOLVLRQ
6HDWEHOWVNHHS\RXUKHDGDQG
ERG\IURPKLWWLQJWKHLQVLGHRI
WKHYHKLFOHRUDQRWKHUSHUVRQLQ
WKHYHKLFOH:KHQDYHKLFOHKLWV
DVROLGREMHFWWKHSHRSOHLQVLGH
NHHSPRYLQJXQWLOVRPHWKLQJ
VWRSVWKHP,I\RXDUHQRW
ZHDULQJ\RXUVHDWEHOWWKH
VWHHULQJZKHHOZLQGVKLHOG
GDVKERDUGRUDQRWKHUSHUVRQ
PLJKWEHZKDWVWRSV\RX7KLV
KXPDQFROOLVLRQRIWHQFDXVHV
VHULRXVLQMXU\
)LUHRUVLQNLQJLQZDWHULVUDUHLQ
FROOLVLRQV,ILWGRHVKDSSHQ
VHDWEHOWVKHOSNHHS\RX
FRQVFLRXVJLYLQJ\RXDFKDQFH
WRJHWRXWRIWKHYHKLFOH
,QDVXGGHQVWRSRUVZHUYHQR
RQHFDQKROGRQWRDFKLOGZKRLV
QRWLQDVHDWEHOWRUFKLOGFDU
VHDW,QIDQWVRUFKLOGUHQZKRDUH
QRWSURSHUO\UHVWUDLQHGFDQEH
WKURZQDJDLQVWWKHYHKLFOH
V
LQWHULRUFROOLGHZLWKRWKHUSHRSOH
RUEHHMHFWHG
:KHQXVLQJDFKLOGFDUVHDW
PDNHVXUHWKDWWKHVHDWLVWLJKWO\
VHFXUHGE\WKHYHKLFOHVHDWEHOW
RUE\WKHXQLYHUVDODQFKRUDJH
V\VWHP8$6VWUDSDQGIRUD
IRUZDUGIDFLQJFDUVHDWHQVXUH
WKHWHWKHUVWUDSLVDOVRXVHG
:KHQLQVWDOOLQJWKHFKLOGFDU
VHDWSUHVVRQHNQHHLQWRWKH
VHDWDQGXVH\RXUERG\ZHLJKW
WRSXVKLWLQWRWKHYHKLFOHVHDW
WKHQWLJKWHQWKHVHDWEHOWRUWKH
FDUVHDW8$6VWUDSDVPXFKDV
SRVVLEOH7KHLQVWDOOHGFKLOGFDU
VHDWVKRXOGPRYHQRPRUHWKDQ
FHQWLPHWUHVLQFKZKHUH
WKHVHDWEHOWRU8$6VWUDSLV
URXWHGWKURXJKWKHFKLOGFDU
VHDW
8VHDORFNLQJFOLSZKHUHQHHGHG
WRHQVXUHWKHVHDWEHOWVWD\V
ORFNHGLQWRSRVLWLRQDQGZLOOQRW
ORRVHQGXULQJDFROOLVLRQ5HIHU
WR\RXUYHKLFOHRZQHU
VPDQXDO
WRVHHLI\RXZLOOQHHGWRXVHD
ORFNLQJFOLS
,IDUHDUIDFLQJFKLOGFDUVHDW
GRHVQRWUHVWDWWKHSURSHU
GHJUHHDQJOH\RXFDQSURSXS
WKHEDVHRIWKHVHDWZLWKDWRZHO
RUD6W\URIRDPEDUSRRO
QRRGOH(LJKW\SHUFHQWRIWKH
EDVHRIDIRUZDUGIDFLQJFDU
VHDWVKRXOGEHILUPO\VXSSRUWHG
E\WKHYHKLFOHVHDW
,*HWWLQJUHDG\WRGULYH
7XUQRQKHDGOLJKWVDWQLJKWDQGLQSRRU
FRQGLWLRQV
+HDGOLJKWVHQDEOH\RXWRVHHWKH
URDGZD\LQIURQWRI\RXUYHKLFOH
ZKHQYLVLELOLW\LVSRRUDVZHOODV
PDNLQJ\RXUYHKLFOHYLVLEOHWR
RWKHUV<RXUYHKLFOH
VKHDGOLJKWV
PXVWVKLQHDZKLWHOLJKWWKDWFDQ
EHVHHQDWOHDVWPHWUHVLQ
IURQWDQGLVVWURQJHQRXJKWROLJKW 'LDJUDP
XSREMHFWVPHWUHVDZD\<RX +LJKEHDPV
PXVWDOVRKDYHUHGUHDUOLJKWVWKDW
FDQEHVHHQPHWUHVDZD\DQG
DZKLWHOLJKWOLJKWLQJWKHUHDU
OLFHQFHSODWHZKHQKHDGOLJKWVDUH
RQ+HDGOLJKWVDUHHTXLSSHGZLWK
WKHRSWLRQWRXVHDKLJKEHDPWR
HQKDQFHYLVLRQIXUWKHUGRZQWKH
URDGZD\DQGWKHXVHRIDORZ
EHDPZKHQ\RXDUHQHDURWKHU
YHKLFOHVWRPLQLPL]HWKHJODUHRI
\RXUKHDGOLJKWVRQWRRWKHUV:KHQ
\RXXVHKLJKEHDPKHDGOLJKWV
UHPHPEHUWRVZLWFKWRORZEHDPV
ZLWKLQPHWUHVRIDQRQFRPLQJ
YHKLFOH8VH\RXUORZEHDPVZKHQ
\RXDUHOHVVWKDQPHWUHV
EHKLQGDQRWKHUYHKLFOHXQOHVV\RX
DUHSDVVLQJLW7KHVHUXOHVDSSO\
WRDOOURDGVLQFOXGLQJGLYLGHG
RQHV
7XUQLQJ\RXUKHDGOLJKWVRQ
DFWLYDWHVRWKHUUHTXLUHGOLJKW
V\VWHPVVXFKDV\RXUSDUNLQJ
OLJKWVWDLOOLJKWVDQGUHDUOLFHQFH
SODWHOLJKW'D\WLPHUXQQLQJOLJKWV
ZKLFKDUHRIWHQDQRWKHUPRGHRI
\RXUKHDGOLJKWVRUFDQEHD
VHSDUDWHOLJKWLQJV\VWHPDUH
VSHFLILFDOO\GHVLJQHGWRPDNH\RXU
YHKLFOHPRUHYLVLEOHGXULQJWLPHV
RIJRRGOLJKWFRQGLWLRQVDQGDUH
DXWRPDWLFDOO\DFWLYDWHGZKHQ\RXU
YHKLFOHLVLQRSHUDWLRQDQG\RXU
KHDGOLJKWVZLWFKLVWXUQHGWRRII
:KHQGULYLQJ\RXUYHKLFOH
KHDGOLJKWVDUHUHTXLUHGWREH
WXUQHGRQEHWZHHQRQHKDOIKRXU
EHIRUHVXQVHWDQGRQHKDOIKRXU
DIWHUVXQULVHDQGDQ\RWKHUWLPH
RISRRUOLJKWFRQGLWLRQVVXFKDV
IRJVQRZRUUDLQZKLFKNHHSV\RX
IURPFOHDUO\VHHLQJSHRSOHRU
YHKLFOHVOHVVWKDQPHWUHV
DZD\3OHDVHVHHWKHVHFWLRQRQ
GULYLQJDWQLJKWDQGLQEDG
ZHDWKHU'RQ
WGULYHZLWKRQO\RQH
KHDGOLJKWRUZLWKOLJKWVWKDWDUHQRW
DLPHGSURSHUO\+DYH\RXUIXOO
OLJKWLQJV\VWHPFKHFNHGUHJXODUO\
NHHSWKHPFOHDQDQGUHSODFH
EXUQHGRXWEXOEVDVVRRQDV
SRVVLEOH
3DUNLQJOLJKWVDUHRQO\IRUSDUNLQJ
,QORZOLJKWXVH\RXUKHDGOLJKWV
QRWSDUNLQJOLJKWV
<RXUGD\WLPHUXQQLQJOLJKWVDUH
QRWWREHXVHGDVKHDGOLJKWV
GXULQJSRRUOLJKWLQJFRQGLWLRQV
7KH\SURYLGHDQLQDSSURSULDWH
IRUPRIOLJKWWKDWPD\FDVWJODUH
RQWRRWKHUVRUGHDFWLYDWHRWKHU
UHTXLUHGOLJKWV\VWHPVVXFKDVWDLO 'LDJUDP
OLJKWV'D\WLPHUXQQLQJOLJKWVDUH /RZEHDPV
RQO\WREHXVHGGXULQJJRRGOLJKW
FRQGLWLRQVWRHQKDQFHWKHYLVLELOLW\
RI\RXUYHKLFOH,I\RXUYHKLFOHLV
QRWHTXLSSHGZLWKGD\WLPHUXQQLQJ
OLJKWV\RXVKRXOGWXUQ\RXU
KHDGOLJKWVRQWRSURYLGHVLPLODU
YLVXDOHQKDQFHPHQW
'ULYLQJZLWK\RXUYHKLFOH
VIXOO
OLJKWLQJV\VWHPVHWWRDXWRPDWLFLV
UHFRPPHQGHGLI\RXUYHKLFOHLV
HTXLSSHGZLWKWKLVRSWLRQ7KLVZLOO
EHWWHUHQVXUHWKDWWKHDSSURSULDWH
OLJKWLQJV\VWHPLVEHLQJXVHG<RX
VKRXOGDOVRPRQLWRUWKHDFWLYDWLRQ
DQGRSHUDWLRQRI\RXUYHKLFOH
VIXOO
OLJKWLQJV\VWHPDWDOOWLPHVWR
HQVXUHWKDWDSSURSULDWHOLJKWLQJLV
EHLQJSURYLGHG
,*HWWLQJUHDG\WRGULYH
&KDSWHUVHFWLRQ,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHFRQFHSWVRIVDIHDQGUHVSRQVLEOHDQG
GHIHQVLYHGULYLQJ
)DFWRUVWKDWPD\DIIHFW\RXUSK\VLFDODQGPHQWDO
UHDGLQHVVWRGULYH
+RZWRIDPLOLDUL]H\RXUVHOIZLWK\RXUYHKLFOH
V
FRQWUROVDQGKRZWRVHW\RXUVHDWLQJSRVLWLRQ
7KHOHJDOUHTXLUHPHQWVVXUURXQGLQJVHDWEHOWV
ERRVWHUVHDWVDQGFKLOGFDUVHDWV
+RZDQGZKHQWRXVH\RXUYHKLFOH
VOLJKWLQJ
V\VWHP
,,'ULYLQJDORQJ
$OZD\VEHDZDUHRIWUDIILFDURXQG\RXDV\RXGULYH
'HYHORSDURXWLQHIRUORRNLQJDKHDGEHKLQGDQG
IURPVLGHWRVLGH&KHFN\RXUPLUURUVHYHU\ILYH
VHFRQGVRUVRDQGFKHFN\RXUEOLQGVSRWVE\
WXUQLQJ\RXUKHDGWRORRNRYHU\RXUVKRXOGHU.HHS
RWKHUGULYHUVRXWRI\RXUEOLQGVSRWE\FKDQJLQJ
\RXUVSHHGDQGGRQ
WGULYHLQRWKHUYHKLFOHV
EOLQG
VSRWV7KLVLVHVSHFLDOO\WUXHZKHQGULYLQJDURXQG
ODUJHFRPPHUFLDOYHKLFOHVDVWKH\W\SLFDOO\KDYH
ODUJHEOLQGVSRWVWRWKHVLGHVDQGEDFN%HH[WUD
FDUHIXODWGXVNDQGGDZQZKHQHYHU\RQHKDV
GLIILFXOW\DGMXVWLQJWRWKHFKDQJLQJOLJKW
.HHSDFXVKLRQRIVSDFHDURXQG\RXUYHKLFOHDQG
EHSUHSDUHGIRUWKHXQH[SHFWHG$QWLFLSDWHRWKHU
GULYHUVPRYHPHQWVDQGPDNHDOORZDQFHVIRUHYHU\
SRVVLEOHHUURU/RRNZHOODKHDGDQGZDWFKIRU
SHRSOHLQSDUNHGYHKLFOHVWKH\PD\EHDERXWWR
SXOORXWLQIURQWRI\RXRUWRRSHQDGRRU:DWFKIRU
VPDOOHUYHKLFOHVELF\FOHVDQGSHGHVWULDQV
,,'ULYLQJDORQJ
6WHHUVPRRWKO\
$OOVWHHULQJVKRXOGEHVPRRWKDQGSUHFLVH<RX
VKRXOGGRPRVWVWHHULQJDQGODQHFKDQJHVZLWKRXW
WDNLQJHLWKHUKDQGRIIWKHZKHHO<RXPXVWEHDEOH
WRVWHHULQDVWUDLJKWOLQHZKLOHVKLIWLQJJHDUV
DGMXVWLQJFRQWUROVRUFKHFNLQJ\RXUEOLQGVSRW
3LFWXUHWKHVWHHULQJZKHHODVDFORFNDQGSODFH
\RXUKDQGVDWQLQHR
FORFNDQGWKUHHR
FORFN
,,'ULYLQJDORQJ
8VHRIWXUQVLJQDOVDQGEUDNHOLJKWV
6LJQDOVWHOORWKHUGULYHUVZKDW\RX
ZDQWWRGRDOHUWLQJWKHPWR\RXU
LQWHQWLRQWRWXUQRUVWRS
8VH\RXUWXUQVLJQDOVDQGEUDNH
OLJKWVWRVLJQDOEHIRUHVWRSSLQJ
VORZLQJGRZQWXUQLQJFKDQJLQJ
ODQHVOHDYLQJWKHURDGRUPRYLQJ
RXWIURPDSDUNHGSRVLWLRQ*LYH
WKHFRUUHFWVLJQDOZHOOEHIRUH
WDNLQJWKHDFWLRQDQGPDNHVXUH 'LDJUDP
RWKHUGULYHUVFDQVHHLW&KHFN
WKDWWKHZD\LVFOHDUEHIRUH\RX
DFWMXVWVLJQDOOLQJLVQRWHQRXJK
)ROORZWKHUXOHVIRUWXUQVZKHWKHU
OHIWRUULJKWRQODQHFKDQJHVDQG
RQ\LHOGVWRRWKHUYHKLFOHVDQG
SHGHVWULDQV
,I\RXUWXUQVLJQDOVDQGEUDNH
OLJKWVDUHQRWZRUNLQJXVHKDQG
DQGDUPVLJQDOV7KHSLFWXUHVRQ
WKHSUHYLRXVSDJHVKRZKRZWR
PDNHKDQGDQGDUPVLJQDOV
:KHQZDWFKLQJIRUVLJQDOVPDGH
E\RWKHUVUHPHPEHUWKDWF\FOLVWV
PD\VLJQDOULJKWWXUQVE\KROGLQJ
WKHLUULJKWDUPVVWUDLJKWRXW
$IWHUVLJQDOOLQJPRYHRQO\ZKHQLW
LVVDIHWRGRVR
,,'ULYLQJDORQJ
.HHSULJKW
.HHSWRWKHULJKWRIWKHURDGRULQWKHULJKWKDQG
ODQHRQPXOWLODQHURDGVXQOHVV\RXZDQWWRWXUQ
OHIWRUSDVVDQRWKHUYHKLFOH7KLVLVHVSHFLDOO\
LPSRUWDQWLI\RXDUHGULYLQJPRUHVORZO\WKDQRWKHU
YHKLFOHV
,,'ULYLQJDORQJ
2EH\VSHHGOLPLWV
2EH\WKHPD[LPXPVSHHGOLPLWSRVWHGRQVLJQV
DORQJWKHURDGEXWDOZD\VGULYHDWDVSHHGWKDWZLOO
OHW\RXVWRSVDIHO\7KLVPHDQVGULYLQJEHORZWKH
PD[LPXPVSHHGLQEDGZHDWKHULQKHDY\WUDIILFRU
LQFRQVWUXFWLRQ]RQHV6FKRRO]RQHVDQG
FRQVWUXFWLRQ]RQHVRIWHQKDYHORZHUVSHHGOLPLWVWR
SURWHFWFKLOGUHQDQGWKRVHZKRZRUNRQRUQHDUWKH
URDG
:KHUHWKHUHDUHQRSRVWHGVSHHGOLPLWVWKH
PD[LPXPVSHHGLVNPKLQFLWLHVWRZQVDQG
YLOODJHVDQGNPKHOVHZKHUH
&UXLVHFRQWUROLVDGULYHUDLGWKDWFDQLPSURYHIXHO
HFRQRP\DQGSUHYHQW\RXIURPLQDGYHUWHQWO\
H[FHHGLQJWKHVSHHGOLPLW+RZHYHUWKHUHDUH
VRPHFLUFXPVWDQFHVLQZKLFKFUXLVHFRQWUROVKRXOG
QRWEHXVHGVXFKDVDGYHUVHGULYLQJFRQGLWLRQV
ZHWLF\RUVOLSSHU\URDGVLQKHDY\WUDIILFRUZKHQ
\RXDUHIHHOLQJIDWLJXHG
6SHHGPHDVXULQJZDUQLQJGHYLFHVDUHLOOHJDO,I
\RXJHWFDXJKWGULYLQJZLWKVXFKDGHYLFH\RXZLOO
EHILQHGDQGDFFXPXODWHGHPHULWSRLQWV
,,'ULYLQJDORQJ
2EH\SROLFH
:KHQSROLFHRIILFHUVDUHGLUHFWLQJWUDIILF\RXPXVW
IROORZWKHLUGLUHFWLRQVHYHQLIWKHGLUHFWLRQVDUH
GLIIHUHQWIURPWUDIILFOLJKWVRUVLJQV
:KHQDSROLFHRIILFHUVLJQDOV\RXWRSXOO\RXU
YHKLFOHRYHU\RXPXVWSXOORYHUDVIDUWRWKHULJKW
DV\RXVDIHO\FDQDQGFRPHWRDFRPSOHWHVWRS
6WD\LQ\RXUYHKLFOHDQGZDLWIRUWKHSROLFHRIILFHU
<RXPXVWLPPHGLDWHO\XSRQWKHSROLFHRIILFHU
V
UHTXHVWVXUUHQGHU\RXUGULYHU
VOLFHQFHYHKLFOH
SHUPLWRUFRS\DQGLQVXUDQFH&RQWUDU\WRSRSXODU
EHOLHI\RXGRQRWKDYHKRXUVWRSUHVHQWWKHVH
GRFXPHQWV,I\RXGRQRWREH\DSROLFHRIILFHU
V
GLUHFWLRQWRSXOORYHU\RXULVNEHLQJILQHGXSWR
KDYLQJ\RXUOLFHQFHVXVSHQGHGRUHYHQ
VHUYLQJWLPHLQSULVRQ
,,'ULYLQJDORQJ
0DLQWDLQLQJVSDFH
$VDJHQHUDOUXOHGULYHDWWKHVDPHVSHHGDV
WUDIILFDURXQG\RXZLWKRXWJRLQJRYHUWKHVSHHG
OLPLW/HDYHDFXVKLRQRIVSDFHDURXQG\RXUYHKLFOH
WROHWRWKHUGULYHUVVHH\RXDQGWRDYRLGDFROOLVLRQ
:KHQHYHU\RXIROORZDQRWKHUYHKLFOH\RXQHHG
HQRXJKVSDFHWRVWRSVDIHO\LIWKHRWKHUYHKLFOH
EUDNHVVXGGHQO\$VDIHIROORZLQJGLVWDQFHLVDW
OHDVWWZRVHFRQGVEHKLQGWKHYHKLFOHLQIURQWRI
\RX7KLVOHWV\RXVHHDURXQGWKHYHKLFOHDKHDG
DQGJLYHV\RXHQRXJKGLVWDQFHWRVWRSVXGGHQO\
'RQRWEORFNWKHQRUPDODQGUHDVRQDEOHPRYHPHQW
RIWUDIILF
'LDJUDP
7RJLYH\RXUVHOIDWZRVHFRQGVSDFHIROORZWKHVH
VWHSV
3LFNDPDUNHURQWKHURDGDKHDGVXFKDVD
URDGVLJQRUWHOHSKRQHSROH
:KHQWKHUHDURIWKHYHKLFOHDKHDGSDVVHVWKH
PDUNHUFRXQWRQHWKRXVDQGDQGRQHRQH
WKRXVDQGDQGWZR
:KHQWKHIURQWRI\RXUYHKLFOHUHDFKHVWKH
PDUNHUVWRSFRXQWLQJ,I\RXUHDFKWKHPDUNHU
EHIRUH\RXFRXQWRQHWKRXVDQGDQGWZR\RX
DUHIROORZLQJWRRFORVHO\
5HPHPEHUWKDWWKHWZRVHFRQGUXOHJLYHVD
PLQLPXPIROORZLQJGLVWDQFH,WDSSOLHVRQO\WRLGHDO
GULYLQJFRQGLWLRQV<RXZLOOQHHGH[WUDVSDFHLQ
FHUWDLQVLWXDWLRQVVXFKDVEDGZHDWKHUZKHQ
IROORZLQJPRWRUF\FOHVRUODUJHWUXFNVRUZKHQ
FDUU\LQJDKHDY\ORDG
,,'ULYLQJDORQJ
&KDSWHUVHFWLRQ,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
+RZWRVWHHUDQGXVH\RXUYHKLFOH
VVLJQDOOLQJ
V\VWHPDQGKDQGVLJQDOV
7KHLPSRUWDQFHRIPDLQWDLQLQJVSDFHDQGKRZWR
PHDVXUHIROORZLQJGLVWDQFH
:KHUHWRSRVLWLRQ\RXUYHKLFOHRQWKHURDGDQG
WRREH\VSHHGOLPLWVDQGSROLFH
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
2QWDULR
VURDGVDFFRPPRGDWHDYDULHW\RIURDG
XVHUVLQFOXGLQJSHGHVWULDQVPRWRUF\FOHVOLPLWHG
VSHHGPRWRUF\FOHVPRSHGVELF\FOHVODUJHWUXFNV
EXVHVDQGIDUPPDFKLQHU\%HDZDUHRIRWKHUURDG
XVHUVWKHVSHHGDWZKLFKWKH\WUDYHODQGWKH
VSDFHWKH\RFFXS\RQWKHURDG
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKSHGHVWULDQV
3D\VSHFLDODWWHQWLRQWRSHGHVWULDQVZKHWKHUWKH\
DUHFURVVLQJURDGVLQWUDIILFZDONLQJRUMRJJLQJ
DORQJVLGHURDGVRUXVLQJFURVVZDONVRUFURVVRYHUV
JHQHUDOO\NQRZQDVFURVVLQJV:DWFKIRUFKLOGUHQ
'ULYHVORZO\DQGFDXWLRXVO\WKURXJKVFKRRO]RQHV
UHVLGHQWLDODUHDVDQGDQ\RWKHUDUHDZKHUH
FKLOGUHQPD\EHZDONLQJRUSOD\LQJ<RXQHYHU
NQRZZKHQDFKLOGPLJKWGDUWRXWIURPEHWZHHQ
SDUNHGFDUVRUWU\WRFURVVDVWUHHWZLWKRXW
FKHFNLQJIRURQFRPLQJWUDIILF%HH[WUDFDXWLRXVDW
WZLOLJKWZKHQFKLOGUHQPD\VWLOOEHSOD\LQJRXWVLGH
EXWDUHYHU\GLIILFXOWWRVHH:DWFKRXWIRU
&RPPXQLW\6DIHW\=RQHVLJQVDVWKH\LQGLFDWH
DUHDVZKHUHWKHFRPPXQLW\KDVLGHQWLILHGWKDW
WKHUHLVDVSHFLDOULVNWRSHGHVWULDQV
6HQLRUVRUSHGHVWULDQVZLWKGLVDELOLWLHVQHHGH[WUD
FDXWLRQDQGFRXUWHV\IURPGULYHUVDVWKH\PD\EH
VORZLQFURVVLQJWKHURDG%HDOHUWIRUSHGHVWULDQV
ZKRDUHEOLQGZLWKDYLVXDORUKHDULQJGLVDELOLW\
SHRSOHZKRXVHZKHHOFKDLUVRUSHRSOHZDONLQJ
VORZO\GXHWRVRPHRWKHUSK\VLFDOGLVDELOLWLHVDQG
JLYHWKHPDSSURSULDWHFRQVLGHUDWLRQ3HGHVWULDQV
ZKRDUHEOLQGRUZLWKDYLVXDOGLVDELOLW\PD\XVHD
ZKLWHFDQHRUJXLGHGRJWRKHOSWKHPWUDYHOVDIHO\
DORQJVLGHZDONVDQGDFURVVLQWHUVHFWLRQV'ULYHUV
RIK\EULGYHKLFOHVVKRXOGEHDZDUHWKDWYLVLRQ
LPSDLUHGSHUVRQVRIWHQUHO\RQKHDULQJWKHVRXQG
RIDQHQJLQHEHIRUHHQWHULQJDQLQWHUVHFWLRQ%H
DZDUHWKDWZKHQ\RXDUHVORZLQJRUVWRSSLQJ\RXU
YHKLFOHPDNHVOLWWOHRUQRGLVFHUQLEOHQRLVHH[WUD
FDXWLRQLVUHTXLUHG&DXWLRQVLJQVDUHSRVWHGLQ
VRPHDUHDVZKHUHWKHUHLVDVSHFLDOQHHGIRU
GULYHUVWREHDOHUW
3HRSOHRSHUDWLQJPRELOLW\GHYLFHVPRWRUL]HG
ZKHHOFKDLUDQGPHGLFDOVFRRWHUVDUHWUHDWHGWKH
VDPHZD\DVSHGHVWULDQV8VXDOO\WKHVHRSHUDWRUV
ZLOOWUDYHODORQJDVLGHZDONEXWLIWKHUHLVQR
VLGHZDONDYDLODEOHSHUVRQVXVLQJDPRELOLW\GHYLFH
VKRXOGWUDYHOOLNHSHGHVWULDQVDORQJWKHOHIW
VKRXOGHURIWKHURDGZD\IDFLQJRQFRPLQJWUDIILF
6RPHVWUHHWFDUVWRSVKDYHDVSHFLDOVDIHW\LVODQG
RU]RQHIRUSDVVHQJHUVJHWWLQJRQDQGRII3DVV
WKHVHVDIHW\LVODQGVDQG]RQHVDWDUHDVRQDEOH
VSHHG$OZD\VEHUHDG\LQFDVHSHGHVWULDQVPDNH
VXGGHQRUXQH[SHFWHGPRYHV
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKF\FOLVWV
%LF\FOHVDQGPRSHGVWUDYHOOLQJDWDORZHUVSHHG
WKDQRWKHUWUDIILFDUHH[SHFWHGWRULGHDERXWRQH
PHWUHIURPWKHFXUERUSDUNHGFDUVRUDVFORVHDV
SUDFWLFDOWRWKHULJKWKDQGHGJHRIWKHURDGZKHQ
WKHUHLVQRFXUE+RZHYHUWKH\FDQXVHDQ\SDUWRI
WKHODQHLIQHFHVVDU\IRUVDIHW\VXFKDVWR
$YRLGREVWDFOHVVXFKDV
SXGGOHVLFHVDQGGHEULV
UXWWHGRUJURRYHGSDYHPHQW
'LDJUDP
SRWKROHVDQGVHZHUJUDWHV
&URVVUDLOZD\RUVWUHHWFDUWUDFNV
DWDDQJOH
'LVFRXUDJHSDVVLQJZKHUHWKH
ODQHLVWRRQDUURZWREHVKDUHG
VDIHO\
$ELNHODQHPD\H[LVWDGMDFHQW
WRSDUNLQJED\V6HH'LDJUDP
&\FOLVWVDUHQRWUHTXLUHGWRULGHFORVHWRWKHULJKW
HGJHRIWKHURDGZKHQWKH\DUHWUDYHOOLQJDWRU
IDVWHUWKDQWKHQRUPDOVSHHGRIWUDIILFDWWKDWWLPH
DQGSODFHRUZKHQWKH\DUHWXUQLQJOHIWRUJHWWLQJ
LQSRVLWLRQWRWXUQOHIW&\FOLVWVDUHSHUPLWWHGWR
PDNHDOHIWWXUQIURPDOHIWWXUQODQHZKHUHRQHLV
DYDLODEOH
:KHQSDVVLQJDF\FOLVWGULYHUVRI
PRWRUYHKLFOHVDUHUHTXLUHGWR
PDLQWDLQDPLQLPXPGLVWDQFHRI
RQHPHWUHZKHUHSUDFWLFDO
EHWZHHQWKHLUYHKLFOHDQGWKH 'LDJUDP
F\FOLVW6HHÆ'LDJUDP
)DLOXUHWRGRVRPD\UHVXOWLQD
ILQHLQWKHUDQJHRIWR
DQGDQDGGLWLRQDOWZRGHPHULW
SRLQWVRQWKHGULYHU¶VUHFRUG
:KHQHYHUSRVVLEOH\RXVKRXOG
FKDQJHODQHVWRSDVV
'RQRWIROORZWRRFORVHO\EHKLQG
F\FOLVWV7KH\GRQRWKDYHEUDNH
OLJKWVWRZDUQ\RXZKHQWKH\DUH
VORZLQJRUVWRSSLQJ
,QWHUVHFWLRQV7RDYRLGFROOLVLRQV
ZLWKELF\FOLVWVDWLQWHUVHFWLRQV
UHPHPEHUWKHIROORZLQJ
:KHQWXUQLQJULJKWVLJQDODQGFKHFN\RXU
PLUURUVDQGWKHEOLQGVSRWWR\RXUULJKWWRPDNH
VXUH\RXGRQRWFXWRIIDF\FOLVW
:KHQWXUQLQJOHIW\RXPXVWVWRSDQGZDLWIRU
RQFRPLQJELF\FOHVWRSDVVEHIRUHWXUQLQJ
:KHQGULYLQJWKURXJKDQLQWHUVHFWLRQEHFDUHIXO
WRVFDQIRUF\FOLVWVZDLWLQJWRWXUQOHIW
'RQRWVRXQG\RXUKRUQ
XQQHFHVVDULO\ZKHQ\RXDUH
RYHUWDNLQJDF\FOLVW,WPD\IULJKWHQ
WKHPDQGFDXVHWKHPWRORVH
FRQWURO,I\RXIHHOWKDW\RXPXVW
XVH\RXUKRUQWDSLWTXLFNO\DQG
OLJKWO\ZKLOH\RXDUHVWLOOVRPH
GLVWDQFHDZD\IURPWKHF\FOLVW 'LDJUDP
%LNHODQHVDUHUHVHUYHGIRU
F\FOLVWV7KH\DUHW\SLFDOO\PDUNHG
E\DVROLGZKLWHOLQH6RPHWLPHV
\RXZLOOQHHGWRHQWHURUFURVVD
ELNHODQHWRWXUQULJKWDWDFRUQHU
RUGULYHZD\6HH'LDJUDP
7DNHH[WUDFDUHZKHQ\RXGRWKLV
(QWHUWKHELNHODQHRQO\DIWHU
HQVXULQJWKDW\RXFDQGRVR
VDIHO\DQGWKHQPDNHWKHWXUQ
:DWFKIRUF\FOLVWV
KDQGVLJQDOV$
F\FOLVWPD\LQGLFDWHDULJKWKDQG
WXUQE\H[WHQGLQJWKHLUULJKWDUP
7U\WRPDNHH\HFRQWDFWZKHQ
SRVVLEOHZLWKF\FOLVWV
%LNHER[HVKHOSSUHYHQWFROOLVLRQV
EHWZHHQPRWRULVWVDQGELF\FOHVDW
LQWHUVHFWLRQV,WLVW\SLFDOO\D
SDLQWHGER[RQWKHURDGZLWKD 'LDJUDP
ZKLWHELF\FOHV\PEROLQVLGH
%LF\FOHODQHVDSSURDFKLQJDQG
OHDYLQJWKHER[PD\DOVREH
SDLQWHG$VDGULYHU\RXPXVWVWRS
IRUDWUDIILFVLJQDOEHKLQGWKHELNH
ER['RQRWVWRSLQWKHER[6HH
'LDJUDP
6KDUURZV$ELF\FOHVKDUURZWZR
FKHYURQVSDLQWHGDERYHDELF\FOH
V\PERORQWKHURDGLQGLFDWHVWKH
ODQHLVVKDUHG9HKLFOHRUELF\FOH
WUDIILFPD\EHLQWKHODQH$OWKRXJK
\RXVKRXOGDOZD\VNHHSRQWKH
ORRNRXWIRUELF\FOLVWVWKLVVHUYHV
DVDQDGGLWLRQDOZDUQLQJWRZDWFK
IRUWKHPLQWKHODQH6HH'LDJUDP
&KLOGUHQULGLQJELF\FOHVRQWKH
VWUHHWPD\ODFNWKHQHFHVVDU\
WUDLQLQJDQGVNLOOVIRUVDIHF\FOLQJ 'LDJUDP
7KH\PD\QRWEHDZDUHRIDOOWKH
GDQJHUVRUWKHUXOHVRIWKHURDG
:DWFKIRUFKLOGUHQRQRYHUVL]HG
ELF\FOHVDVWKH\PD\QRWKDYHWKH
DELOLW\WRFRQWUROLW:KHQSDUNHG
RQWKHVLGHRIWKHURDGZD\ORRN
EHKLQG\RXDQGFKHFN\RXUPLUURUV
DQGEOLQGVSRWVIRUDSDVVLQJ
F\FOLVWEHIRUHRSHQLQJDGRRU
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKPRWRUF\FOHVDQG
OLPLWHGVSHHGPRWRUF\FOHV
0RWRUF\FOHVOLPLWHGVSHHGPRWRUF\FOHVPRSHGV
DQGELF\FOHVDUHKDUGHUWRVHHEHFDXVHRIWKHLU
VL]H'ULYHUVRIWKHVHYHKLFOHVPD\PDNHVXGGHQ
PRYHVEHFDXVHRIXQHYHQURDGVXUIDFHVRUSRRU
ZHDWKHUFRQGLWLRQV%HFDXVHWKH\DUHOHVV
SURWHFWHGWKH\DUHPRUHOLNHO\WREHLQMXUHGLQD
FROOLVLRQ
0RWRUF\FOHVXVHDIXOOODQHWUHDWWKHPOLNHRWKHU
YHKLFOHVZKHQGULYLQJ6LQFHPDQ\PRWRUF\FOHWXUQ
VLJQDOVGRQRWDXWRPDWLFDOO\VKXWRIIEHFDUHIXO
ZKHQWXUQLQJOHIWLQIURQWRIDQRQFRPLQJ
PRWRUF\FOHZLWKLWVWXUQVLJQDORQ0DNHVXUHWKH
PRWRUF\FOLVWLVDFWXDOO\WXUQLQJKHRUVKHPD\KDYH
MXVWIRUJRWWHQWRVZLWFKRIIWKHWXUQVLJQDO
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKODUJHFRPPHUFLDO
YHKLFOHV
,WLVH[WUHPHO\LPSRUWDQWWRNQRZKRZWRGULYH
VDIHO\ZKHQVKDULQJWKHURDGZLWKODUJHFRPPHUFLDO
YHKLFOHVVXFKDVWUDFWRUWUDLOHUVDQGEXVHV5HFHQW
GDWDVKRZWKDWWKHPDMRULW\RIIDWDOLWLHVUHVXOWLQJ
IURPFROOLVLRQVLQYROYLQJODUJHFRPPHUFLDOWUXFNV
DUHQRWWKHUHVXOWRIWKHWUXFNGULYHU
VDFWLRQVEXWRI
WKHRWKHUGULYHU
VDFWLRQV7KHUHIRUHVKDULQJWKH
URDGZLWKODUJHFRPPHUFLDOYHKLFOHVPHDQV\RX
PXVWDOZD\VEHDZDUHRIDODUJHYHKLFOH
V
FDSDELOLWLHVDQGOLPLWDWLRQVVXFKDVRIWKH
IROORZLQJ
%OLQG6SRWV/DUJHFRPPHUFLDOYHKLFOHVKDYH
ELJEOLQGVSRWVRQERWKVLGHV$YRLGWDLOJDWLQJD
ODUJHYHKLFOH7KHGULYHUFDQQRWVHH\RXLI\RXDUH
GLUHFWO\EHKLQG,IWKHYHKLFOHVWRSVVXGGHQO\\RX
KDYHQRSODFHWRJR5HPHPEHUWKDWLI\RXFDQ
W
VHHWKHGULYHU
VIDFHLQWKHODUJHYHKLFOH
VVLGHYLHZ
PLUURUWKHGULYHUFDQQRWVHH\RX
'LDJUDP
6WRSSLQJ'LVWDQFH/DUJHFRPPHUFLDOYHKLFOHV
UHTXLUHDPXFKORQJHUGLVWDQFHWRVWRSWKDQ
VPDOOHUYHKLFOHV:KHQSDVVLQJDODUJHYHKLFOHGR
QRWFXWLQIURQWFORVHO\1RWRQO\LVWKLV
GLVFRXUWHRXVLWLVGDQJHURXVLWUHGXFHVWKHVSDFH
FXVKLRQODUJHYHKLFOHVUHTXLUHLQRUGHUWRVWRS
VDIHO\$OORZPRUHURRPZKHQSDVVLQJDODUJH
YHKLFOH
'LDJUDP
:LGH7XUQV:KHQPDNLQJDULJKWWXUQDODUJH
YHKLFOHPD\QHHGWRILUVWVZLQJZLGHWRWKHOHIWDQG
DURXQGLQRUGHUWRDYRLGKLWWLQJWKHULJKWFXUE,ID
ODUJHYHKLFOHLQIURQWRI\RXLVPDNLQJDULJKWWXUQ
GRQRWPRYHXSLQWRWKHVSDFHWKDWRSHQVXSLQWKH
ULJKWODQH\RXDUHSXWWLQJ\RXUVHOILQWRDYHU\
GDQJHURXVSRVLWLRQ2QFHWKHIURQWRIWKHYHKLFOH
KDVFOHDUHGWKHFRUQHUWKHUHVWZLOOPRYHSDUWLDOO\
EDFNLQWRWKHULJKWODQH,I\RXDUHLQWKDWODQH\RXU
YHKLFOHZLOOEHVTXHH]HGEHWZHHQWKHWUDLOHUDQG
WKHFXUE6WD\ZHOOEDFNXQWLOWKHWUXFNKDV
FRPSOHWHO\FOHDUHGWKHODQH
7KLVVLWXDWLRQFDQRFFXURQH[SUHVVZD\RIIUDPSV
WKDWKDYHWZROHIWWXUQLQJODQHV'RQRWGULYHXS
LQWRWKHOHIWODQHZKHQDODUJHYHKLFOHLVPDNLQJD
OHIWWXUQLQIURQWRI\RX6WD\ZHOOEDFNXQWLOWKH
WUXFNKDVFOHDUHGWKHOHIWWXUQRUHOVH\RXPD\JHW
VTXHH]HGEHWZHHQWKHWUXFNDQGWKHFXUE
5ROOLQJ%DFN/HDYHSOHQW\RIURRPLI\RXDUH
VWRSSHGEHKLQGDODUJHYHKLFOH:KHQWKHGULYHURI
DODUJHYHKLFOHUHOHDVHVWKHEUDNHVDIWHUEHLQJ
VWRSSHGWKHYHKLFOHPD\UROOEDFN
6SUD\,QEDGZHDWKHUODUJHYHKLFOHVDUH
FDSDEOHRIVSUD\LQJXSODUJHDPRXQWVRIPXG
VQRZDQGGHEULVZKLFKFRXOGODQGRQ\RXU
ZLQGVKLHOGDQGWHPSRUDULO\EORFN\RXUYLVLRQ
7XUEXOHQFH'XHWRYDULRXVIDFWRUVVXFKDVDLU
SUHVVXUHDQGDLUIORZDODUJHYHKLFOHFDQFUHDWH
KHDY\DLUWXUEXOHQFH7KLVPD\DIIHFW\RXUDELOLW\WR
FRQWURO\RXUYHKLFOHZKHQSDVVLQJDODUJHRQH
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKPXQLFLSDOEXVHV
0DQ\PXQLFLSDOURDGZD\VKDYHVSHFLDOLQGHQWHG
VWRSSLQJDUHDVIRUPXQLFLSDOEXVHVFDOOHGEXV
ED\VZKHUHSDVVHQJHUVFDQJHWRQDQGRII7KHUH
DUHWKUHHW\SHVRIEXVED\V
0LGEORFNLQGHQWHGED\V
,QGHQWDWLRQVLPPHGLDWHO\EHIRUHDQGDIWHU
LQWHUVHFWLRQV
%XVVWRSDUHDVEHWZHHQWZRGHVLJQDWHGSDUNLQJ
DUHDV
:KHQDEXVLQDEXVED\EHJLQVIODVKLQJLWVOHIW
WXUQVLJQDOVLQGLFDWLQJWKDWLWLVUHDG\WROHDYHWKH
EXVED\DQG\RXDUHDSSURDFKLQJLQWKHODQH
DGMDFHQWWRWKHEXVED\\RXPXVWDOORZWKHEXVWR
UHHQWHUWUDIILF
$0LGEORFNLQGHQWHGED\V
%$QLQGHQWDWLRQEHIRUHDQ
LQWHUVHFWLRQ 'LDJUDP
&$QLQGHQWDWLRQDIWHUDQ
LQWHUVHFWLRQ
'%XVVWRSVEHWZHHQOHJDOO\
SDUNHGFDUV
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKIDUPPDFKLQHU\
)DUPPDFKLQHU\PRYHVTXLWHVORZO\FRPSDUHGWR
RWKHUURDGXVHUV0RVWWUDFWRUVDQGFRPELQHVKDYH
DPD[LPXPVSHHGRINPKEXWWUDYHODWOHVV
WKDQNPKZKHQWRZLQJLPSOHPHQWVRUZDJRQV
)DUPPDFKLQHU\LVRIWHQRYHUVL]HGZLGHRUORQJRU
ERWKPDNLQJLWGLIILFXOWIRUWKHGULYHUWRVHHYHKLFOHV
FRPLQJXSIURPEHKLQG)DUPHUVRIWHQWXUQGLUHFWO\
LQWRILHOGVUDWKHUWKDQURDGVRUODQHVRUPRYHIURP
ODQHWRODQH5HPHPEHUWKDWLWLVFRPPRQIRU
IDUPHUVWREHRQWKHURDGVDIWHUGDUNGXULQJSHDN
SODQWLQJDQGKDUYHVWLQJVHDVRQV
)DUPPDFKLQHU\RQWKHURDGPXVWGLVSOD\DQ
RUDQJHDQGUHGVORZPRYLQJVLJQRQWKHUHDURIWKH
YHKLFOH7KHVLJQZDUQVRWKHUGULYHUVWKDWWKHLV
WUDYHOOLQJDWNPKRUOHVV,I\RXVHHRQHRI
WKHVHVLJQVVORZGRZQDQGEHFDXWLRXV6WD\ZHOO
EDFNDQGGRQRWSDVVXQWLOLWLVVDIHWRGRVR
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
6KDULQJWKHURDGZLWKKRUVHGUDZQ
YHKLFOHV
+RUVHGUDZQYHKLFOHVDUHRQHRIWKHVORZHVW
PRYLQJRIDOOURDGXVHUV7KHVHYHKLFOHVUDQJH
IURPWZRSHUVRQFDUWVWRRSHQRUFORVHGEXJJLHV
FDUU\LQJXSWRHLJKWSHRSOHDQGODUJHZLGHIDUP
ZDJRQVXVHGWRFDUU\FURSVHTXLSPHQWDQGRWKHU
JRRGV7KHVHYHKLFOHVZLOOWUDYHOSULPDULO\RQWKH
VKRXOGHURIURDGZD\VEXWPD\VWUDGGOHRUHQWHU
WKHSDYHGODQHZKHUHVKRXOGHUVDUHQDUURZRUQR
VKRXOGHUH[LVWVVXFKDVEULGJHFURVVLQJV
5HPHPEHUWKDWLWLVFRPPRQWRVHHKRUVHGUDZQ
YHKLFOHVWKURXJKRXWVRXWKZHVWHUQ2QWDULRDQG
LQFUHDVLQJO\LQHDVWHUQDQGQRUWKHUQ2QWDULR
+RUVHGUDZQYHKLFOHVRQWKHURDGPXVWGLVSOD\DQ
RUDQJHDQGUHGVORZPRYLQJVLJQRQWKHUHDURIWKH
EXJJ\,QDGGLWLRQPDQ\EXJJLHVKDYHKLJKO\
UHIOHFWLYHWDSHDIIL[HGWRWKHVLGHDQGUHDURIWKH
YHKLFOH7KHVLJQZDUQVRWKHUGULYHUVWKDWWKLV
YHKLFOHLVWUDYHOOLQJDWNPKRUOHVVDQGWKH
UHIOHFWLYHWDSHLOOXPLQDWHVDVKHDGOLJKWVKLWWKH
EXJJ\,I\RXVHHDKRUVHGUDZQYHKLFOHVORZ
GRZQDQGEHYHU\FDXWLRXV0DLQWDLQDVDIH
IROORZLQJGLVWDQFHDQGRQO\SDVVZKHQLWLVVDIHWR
GRVR:KHQDSSURDFKLQJDKRUVHGUDZQYHKLFOH
WUDYHOOLQJLQWKHRSSRVLWHGLUHFWLRQPRYHWRWKHIDU
ULJKWRI\RXUODQH:KHQSDVVLQJJLYHDVPXFK
GLVWDQFHEHWZHHQ\RXDQGWKHPDVSRVVLEOH
3DVVLQJWRRFORVHO\FRXOGVFDUHRUVWDUWOHWKH
KRUVHFDXVLQJLWWRFKDQJHGLUHFWLRQVXGGHQO\RQ
WKHURDGZD\
,,,6KDULQJWKHURDGZLWK
RWKHUURDGXVHUV
&KDSWHUVHFWLRQ,,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHLPSRUWDQFHRIVKDULQJWKHURDGZLWKRWKHU
URDGXVHUVHVSHFLDOO\ODUJHYHKLFOHVF\FOLVWV
DQGSHGHVWULDQV
+RZWRVKDUHWKHURDGZLWKRWKHUURDGXVHUV
VDIHO\DQGDSSURSULDWHO\
,9'ULYLQJWKURXJK
LQWHUVHFWLRQV
%HDOHUWDV\RXFRPHWR
LQWHUVHFWLRQVDQGORRNFDUHIXOO\IRU
SHGHVWULDQVF\FOLVWVRWKHUPRWRU
YHKLFOHV\LHOGVLJQVVWRSVLJQV
DQGWUDIILFOLJKWV%HVXUHWRVFDQ 'LDJUDP
DQ\VLGHZDONVDQGSDWKVWUDLOVDV
ZHOODVWKHURDGZD\V%HDULQ
PLQGWKDWFKLOGUHQDUHRIWHQ
XQDZDUHRIWUDIILFODZVDQGDOVR
WKDWF\FOLQJRQWKHVLGHZDONPD\
EHSHUPLWWHGE\ORFDOE\ODZ
7KHUHDUHWZRPDLQW\SHVRI
LQWHUVHFWLRQVFRQWUROOHGDQG
XQFRQWUROOHG
,9'ULYLQJWKURXJK
LQWHUVHFWLRQV
&RQWUROOHGLQWHUVHFWLRQV
&RQWUROOHGLQWHUVHFWLRQVKDYH
WUDIILFOLJKWV\LHOGVLJQVRUVWRS
VLJQVWRFRQWUROWUDIILF'LDJUDP
$WDFRQWUROOHGLQWHUVHFWLRQZKHUH
\RXIDFHDJUHHQOLJKWGULYH
'LDJUDP
FDUHIXOO\WKURXJKWKHLQWHUVHFWLRQ
DWDVWHDG\VSHHG,IWKHOLJKWKDV
EHHQJUHHQIRUDZKLOHEH
SUHSDUHGWRVWRSZKHQLWWXUQV
\HOORZ+RZHYHULI\RXDUH
DOUHDG\VRFORVHWKDW\RXFDQQRW
VWRSVDIHO\GULYHWKURXJKWKH
LQWHUVHFWLRQZLWKFDXWLRQ:KHUH
\RXIDFHDUHGOLJKWFRPHWRD
FRPSOHWHVWRSDQGZDLWXQWLOWKH
OLJKWWXUQVJUHHQ
:KHQ\RXDSSURDFKDQLQWHUVHFWLRQRQDPDLQ
URDGDQGWKHLQWHUVHFWLRQLVEORFNHGZLWKWUDIILF
VWRSEHIRUHHQWHULQJWKHLQWHUVHFWLRQDQGZDLWXQWLO
WKHWUDIILFDKHDGPRYHVRQ7KLVGRHVQRWDSSO\LI
\RXDUHWXUQLQJOHIWRUULJKW
$WDFRQWUROOHGLQWHUVHFWLRQZKHUH\RXIDFHD\LHOG
VLJQVORZGRZQRUVWRSLIQHFHVVDU\DQGZDLWXQWLO
WKHZD\LVFOHDUEHIRUHGULYLQJWKURXJKWKH
LQWHUVHFWLRQ
$WDFRQWUROOHGLQWHUVHFWLRQZKHUH\RXIDFHDVWRS
VLJQFRPHWRDFRPSOHWHVWRS'ULYHWKURXJKWKH
LQWHUVHFWLRQRQO\ZKHQWKHZD\LVFOHDU'LDJUDP
,9'ULYLQJWKURXJK
LQWHUVHFWLRQV
8QFRQWUROOHGLQWHUVHFWLRQV
8QFRQWUROOHGLQWHUVHFWLRQVKDYHQRVLJQVRUWUDIILF
OLJKWV7KH\DUHXVXDOO\IRXQGLQDUHDVZKHUHWKHUH
LVQRWPXFKWUDIILF%HH[WUDFDUHIXODURXQGWKHVH
LQWHUVHFWLRQV,IWZRYHKLFOHVFRPHWRDQ
XQFRQWUROOHGLQWHUVHFWLRQIURPGLIIHUHQWURDGVDWWKH
VDPHWLPHWKHGULYHURQWKHOHIWPXVWOHWWKHGULYHU
RQWKHULJKWJRILUVW7KLVLVFDOOHG\LHOGLQJWKHULJKW
RIZD\
,9'ULYLQJWKURXJK
LQWHUVHFWLRQV
<LHOGLQJWKHULJKWRIZD\
7KHUHDUHWLPHVZKHQ\RXPXVW
\LHOGWKHULJKWRIZD\7KLVPHDQV
\RXPXVWOHWDQRWKHUGULYHUJRILUVW
+HUHDUHVRPHUXOHVDERXWZKHQ
\RXPXVW\LHOGWKHULJKWRIZD\ 'LDJUDP
$WDQLQWHUVHFWLRQZLWKRXWVLJQVRU
OLJKWV\RXPXVW\LHOGWKHULJKWRI
ZD\WRDYHKLFOHDSSURDFKLQJWKH
LQWHUVHFWLRQEHIRUH\RXDQGLI\RX
DUULYHDWWKHVDPHWLPHWKH
YHKLFOHDSSURDFKLQJIURPWKHULJKW
KDVWKHULJKWRIZD\'LDJUDP
$WDQLQWHUVHFWLRQZLWKVWRSVLJQV
DWDOOFRUQHUV\RXPXVW\LHOGWKH
ULJKWRIZD\WRWKHILUVWYHKLFOHWR
FRPHWRDFRPSOHWHVWRS,IWZR
YHKLFOHVVWRSDWWKHVDPHWLPHWKH 'LDJUDP
YHKLFOHRQWKHOHIWPXVW\LHOGWRWKH
YHKLFOHRQWKHULJKW'LDJUDP
$WDQ\LQWHUVHFWLRQZKHUH\RX
ZDQWWRWXUQOHIWRUULJKW\RXPXVW
\LHOGWKHULJKWRIZD\,I\RXDUH
WXUQLQJOHIW\RXPXVWZDLWIRU
'LDJUDP
DSSURDFKLQJWUDIILFWRSDVVRUWXUQ
DQGIRUSHGHVWULDQVLQRU
DSSURDFKLQJ\RXUSDWKWRFURVV,I
\RXDUHWXUQLQJULJKW\RXPXVW
ZDLWIRUSHGHVWULDQVWRFURVVLIWKH\
DUHLQRUDSSURDFKLQJ\RXUSDWK
'LDJUDP<RXVKRXOGDOVR
FKHFN\RXUEOLQGVSRWIRUF\FOLVWV
DSSURDFKLQJIURPEHKLQG
SDUWLFXODUO\LQDELNHODQHWR\RXU
ULJKWRQDVLGHZDONRUDWUDLO$
\LHOGVLJQPHDQV\RXPXVWVORZ
GRZQRUVWRSLIQHFHVVDU\DQG
\LHOGWKHULJKWRIZD\WRWUDIILFLQ
WKHLQWHUVHFWLRQRURQWKH
LQWHUVHFWLQJURDG
:KHQHQWHULQJDURDGIURPD
SULYDWHURDGRUGULYHZD\\RXPXVW
\LHOGWRYHKLFOHVRQWKHURDGDQG
SHGHVWULDQVRQWKHVLGHZDON
'LDJUDP
'LDJUDP
<RXPXVW\LHOGWKHULJKWRIZD\
DQGZDLWIRUSHGHVWULDQVWR
FRPSOHWHO\FURVVWKHURDGDW
VSHFLDOO\PDUNHGSHGHVWULDQ
'LDJUDP
FURVVLQJVRUFURVVRYHUV'LDJUDP
DQGVFKRROFURVVLQJVZLWK
FURVVLQJJXDUGV
5HPHPEHUVLJQDOOLQJGRHVQRW
JLYH\RXWKHULJKWRIZD\<RX
PXVWPDNHVXUHWKHZD\LVFOHDU
,9'ULYLQJWKURXJK
LQWHUVHFWLRQV
&KDSWHUVHFWLRQ,96XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHGLIIHUHQFHEHWZHHQFRQWUROOHGDQG
XQFRQWUROOHGLQWHUVHFWLRQVDQGKRZWRVDIHO\
QDYLJDWHWKHP
7KHFRQFHSWRIULJKWRIZD\DQGFRPPRQ
VLWXDWLRQVZKHUH\RXPXVW\LHOGWRRWKHUURDG
XVHUV
96WRSSLQJ
.QRZLQJKRZWRVWRSVDIHO\DQGSURSHUO\LVDQ
LPSRUWDQWGULYLQJVNLOO6DIHDQGUHVSRQVLEOHGULYHUV
VHHVWRSVDKHDGFKHFNWKHLUPLUURUVEHJLQEUDNLQJ
HDUO\DQGVWRSVPRRWKO\%UDNLQJLVHDVLHUZKHQ
\RXVLWSURSHUO\8VH\RXUULJKWIRRWIRUERWKEUDNH
DQGJDVSHGDOVVR\RXZRQ
WVWHSRQERWKSHGDOVDW
WKHVDPHWLPHRUDFWLYDWH\RXUEUDNHOLJKWV
XQQHFHVVDULO\3UHVVWKHEUDNHSHGDOILUPO\DQG
HYHQO\
,QDYHKLFOHZLWKPDQXDOWUDQVPLVVLRQWU\VKLIWLQJ
LQWRDORZHUJHDUJRLQJGRZQORQJVWHHSKLOOV7KLV
ZLOOKHOSFRQWURO\RXUVSHHGDQG\RXZRQ
WKDYHWR
EUDNHDVVKDUSO\'RZQVKLIWEHIRUHVWDUWLQJ
GRZQKLOOVLQFHLWPD\QRWEHSRVVLEOHRQFH\RXDUH
JRLQJGRZQKLOO$VDJXLGH\RXVKRXOGEHLQWKH
VDPHJHDUJRLQJGRZQKLOODVXSKLOO
<RXPXVWFRPHWRDFRPSOHWHVWRS
IRUDOOVWRSVLJQVDQGUHGWUDIILF
OLJKWV6WRSDWWKHVWRSOLQHLILWLV
PDUNHGRQWKHSDYHPHQW
'LDJUDP
'LDJUDP
,IWKHUHLVQRVWRSOLQHVWRSDWWKH
FURVVZDONPDUNHGRUQRW,IWKHUH
LVQRFURVVZDONVWRSDWWKHHGJH
RIWKHVLGHZDON,IWKHUHLVQR 'LDJUDP
VLGHZDONVWRSDWWKHHGJHRIWKH
LQWHUVHFWLRQ'LDJUDP:DLW
XQWLOWKHZD\LVFOHDUEHIRUH
HQWHULQJWKHLQWHUVHFWLRQ
96WRSSLQJ
6WRSSLQJDWUDLOZD\FURVVLQJV
$OOUDLOZD\FURVVLQJVRQSXEOLFURDGVLQ2QWDULRDUH
PDUNHGZLWKODUJHUHGDQGZKLWH;VLJQV:DWFK
IRUWKHVHVLJQVDQGEHSUHSDUHGWRVWRS<RXPD\
DOVRVHH\HOORZDGYDQFHZDUQLQJVLJQVDQGODUJH
;SDYHPHQWPDUNLQJVDKHDGRIUDLOZD\FURVVLQJV
6RPHUDLOZD\FURVVLQJVKDYHIODVKLQJVLJQDOOLJKWV
DQGVRPHXVHJDWHVRUEDUULHUVWRNHHSGULYHUV
IURPFURVVLQJWKHWUDFNVZKHQDWUDLQLVFRPLQJ
6RPHOHVVWUDYHOOHGFURVVLQJVKDYHVWRSVLJQV
SRVWHG5HPHPEHULWFDQWDNHXSWRWZRNLORPHWUHV
IRUDWUDLQWRVWRSXQGHUIXOOHPHUJHQF\EUDNLQJ2Q
SULYDWHURDGVUDLOZD\FURVVLQJVPD\QRWEH
PDUNHGVRZDWFKFDUHIXOO\
'LDJUDP
:KHQ\RXFRPHWRDUDLOZD\FURVVLQJUHPHPEHU
6ORZGRZQOLVWHQDQGORRNERWKZD\VWRPDNH
VXUHWKHZD\LVFOHDUEHIRUHFURVVLQJWKHWUDFNV
,IDWUDLQLVFRPLQJVWRSDWOHDVWILYHPHWUHVIURP
WKHQHDUHVWUDLORUJDWH'RQRWFURVVWKHWUDFN
XQWLO\RXDUHVXUHWKHWUDLQRUWUDLQVKDYHSDVVHG
1HYHUUDFHDWUDLQWRDFURVVLQJ
,IWKHUHDUHVLJQDOOLJKWVZDLWXQWLOWKH\VWRS
IODVKLQJDQGLIWKHFURVVLQJKDVDJDWHRUEDUULHU
ZDLWXQWLOLWULVHVEHIRUH\RXFURVVWKHWUDFNV
1HYHUGULYHDURXQGXQGHURUWKURXJKDUDLOZD\
JDWHRUEDUULHUZKLOHLWLVGRZQEHLQJORZHUHGRU
EHLQJUDLVHG,WLVLOOHJDODQGGDQJHURXV
$YRLGVWRSSLQJLQWKHPLGGOHRIUDLOZD\WUDFNVIRU
H[DPSOHLQKHDY\WUDIILFPDNHVXUH\RXKDYH
HQRXJKURRPWRFURVVWKHWUDFNVFRPSOHWHO\
EHIRUH\RXEHJLQ
$YRLGVKLIWLQJJHDUVZKLOHFURVVLQJWUDFNV
,I\RXJHWWUDSSHGRQDFURVVLQJLPPHGLDWHO\JHW
HYHU\RQHRXWDQGDZD\IURPWKHYHKLFOH0RYH
WRDVDIHSODFHDQGWKHQFRQWDFWDXWKRULWLHV
0RVWEXVHVDQGRWKHUSXEOLFYHKLFOHVDUH
UHTXLUHGWRVWRSDWUDLOZD\FURVVLQJVWKDWDUHQRW
SURWHFWHGE\JDWHVVLJQDOOLJKWVRUDVWRSVLJQ
6FKRROEXVHVPXVWVWRSDWUDLOZD\FURVVLQJV
ZKHWKHURUQRWWKH\DUHSURWHFWHGE\JDWHVRU
VLJQDOOLJKWV:DWFKIRUWKHVHEXVHVDQGEH
SUHSDUHGWRVWRSEHKLQGWKHP
,I\RXDUHDSSURDFKLQJDUDLOZD\FURVVLQJZLWKD
VWRSVLJQ\RXPXVWVWRSXQOHVVRWKHUZLVH
GLUHFWHGE\DIODJPDQ
96WRSSLQJ
6WRSSLQJDWVFKRROFURVVLQJV
:KHUHDVFKRROFURVVLQJJXDUG
GLVSOD\VDUHGDQGZKLWHVWRSVLJQ
\RXPXVWVWRSEHIRUHUHDFKLQJWKH
FURVVLQJDQGUHPDLQVWRSSHGXQWLO
DOOSHRSOHLQFOXGLQJWKHVFKRRO
FURVVLQJJXDUGKDYHFOHDUHGWKH
HQWLUHURDGZD\DQGLWLVVDIHWR
SURFHHG,I\RXKDYHDQ\GRXEWV
DERXWZKHQLWLVVDIHWRGULYH 'LDJUDP
IRUZDUGZDLWXQWLODOOWKHFKLOGUHQ
DQGWKHJXDUGKDYHFOHDUHGWKH
FURVVLQJ'ULYHUVZKRGRQ
WIROORZ
WKHVWRSSLQJUHTXLUHPHQWVPD\
UHFHLYHDVXEVWDQWLDOILQHDQGJHW
WKUHHGHPHULWSRLQWV
96WRSSLQJ
6WRSSLQJIRUVFKRROEXVHV
6FKRROEXVHVLQ2QWDULRFRPHLQDUDQJHRIVL]HV
$OODUHFKURPH\HOORZDQGGLVSOD\WKHZRUGV
6FKRRO%XV
<RXPXVWVWRSZKHQHYHU\RXDSSURDFKDVWRSSHG
VFKRROEXVZLWKLWVXSSHUDOWHUQDWLQJUHGOLJKWV
IODVKLQJUHJDUGOHVVRIZKHWKHU\RXDUHEHKLQGWKH
EXVRUDSSURDFKLQJLWIURPWKHIURQW:KHQ
DSSURDFKLQJWKHEXVIURPWKHIURQWVWRSDWDVDIH
GLVWDQFHIRUFKLOGUHQWRJHWRIIWKHEXVDQGFURVV
WKHURDGLQIURQWRI\RX,I\RXDUHFRPLQJIURP
EHKLQGWKHEXVVWRSDWOHDVWPHWUHVDZD\'R
QRWJRXQWLOWKHEXVPRYHVRUWKHOLJKWVKDYH
VWRSSHGIODVKLQJ
'LDJUDP
'LDJUDP
,I\RXDUHRQDURDGZLWKDPHGLDQVWULSRQO\
YHKLFOHVFRPLQJIURPEHKLQGWKHEXVPXVWVWRS$
PHGLDQLVDSK\VLFDOEDUULHUVXFKDVDUDLVHG
ORZHUHGHDUWKRUSDYHGVWULSFRQVWUXFWHGWR
VHSDUDWHWUDIILFWUDYHOOLQJLQGLIIHUHQWGLUHFWLRQV
9HKLFOHVFDQQRWFURVVRYHUDPHGLDQVWULS
<RXPXVWREH\WKHVFKRROEXVODZRQDQ\URDGQR
PDWWHUKRZPDQ\ODQHVRUZKDWWKHVSHHGOLPLW%H
SUHSDUHGWRVWRSIRUDVFKRROEXVDWDQ\WLPHQRW
MXVWZLWKLQVFKRROKRXUV
$VZHOODVWKHXSSHUDOWHUQDWLQJUHGIODVKLQJOLJKWV
VFKRROEXVHVXVHDVWRSVLJQDUPRQWKHGULYHU
V
VLGHRIWKHEXV7KLVDUPDVWDQGDUGVWRSVLJQZLWK
DOWHUQDWLQJIODVKLQJUHGOLJKWVDWWRSDQGERWWRP
VZLQJVRXWDIWHUWKHXSSHUDOWHUQDWLQJUHGOLJKWV
EHJLQWRIODVK5HPDLQVWRSSHGXQWLOWKHDUPIROGV
DZD\DQGDOOOLJKWVVWRSIODVKLQJ
1RWH,WLVLOOHJDOWRIDLOWRVWRSIRUDVWRSSHGVFKRRO
EXVWKDWKDVLWVUHGOLJKWVIODVKLQJ,I\RXGRQ
WVWRS
\RXFDQEHILQHGWRDQGJHWVL[
GHPHULWSRLQWVIRUDILUVWRIIHQFH,I\RXDUH
FRQYLFWHGDVHFRQGWLPHZLWKLQILYH\HDUVWKH
SHQDOW\LVDILQHRIWRDQGVL[
GHPHULWSRLQWV<RXFRXOGDOVRJRWRMDLOIRUXSWR
VL[PRQWKV,Q2QWDULRVFKRROEXVGULYHUVDQG
RWKHUZLWQHVVHVFDQUHSRUWYHKLFOHVWKDWKDYH
LOOHJDOO\SDVVHGDVFKRROEXV,I\RXDUHWKH
YHKLFOH
VUHJLVWHUHGRZQHUWKHVHVDPHILQHVEXW
QRWGHPHULWSRLQWVRUMDLOWLPHPD\EHDSSOLHGWR
\RX
:DWFKIRUVFKRROEXVHVQHDUUDLOZD\FURVVLQJV$OO
VFKRROEXVHVPXVWVWRSDWDOOUDLOZD\FURVVLQJV
7KHXSSHUDOWHUQDWLQJUHGOLJKWVDUHQRWXVHGIRU
WKHVHVWRSVVREHDOHUW
96WRSSLQJ
6WRSSLQJIRUSHGHVWULDQFURVVRYHUV
'LDJUDP
3HGHVWULDQFURVVRYHUVDOVRFRPPRQO\FDOOHG
FURVVZDONVDUHGHVLJQDWHGDUHDVWKDWDOORZ
SHGHVWULDQVWRVDIHO\FURVVURDGVZKHUHWKHUHDUH
QRWUDIILFOLJKWV$OZD\VZDWFKIRUSHGHVWULDQVDQG
SHRSOHXVLQJZKHHOFKDLUVDWWKHVHFURVVLQJV
3HGHVWULDQVPD\SXVKDEXWWRQWRPDNHWKH
RYHUKHDG\HOORZOLJKWVIODVKWRZDUQGULYHUVWKDW
WKH\ZLOOEHFURVVLQJ3HGHVWULDQVVKRXOGSRLQWRU
PDNHDQLQGLFDWLRQWRGULYHUVWKDWWKH\ZDQWWR
FURVVEHIRUHHQWHULQJWKHURDGZD\WU\PDNLQJH\H
FRQWDFWZKHQSRVVLEOH'ULYHUVLQFOXGLQJF\FOLVWV
PXVW\LHOGWKHULJKWRIZD\WRSHGHVWULDQVLQWKH
FURVVRYHU2QFHSHRSOHKDYHFOHDUHGWKHHQWLUH
URDGZD\DQGQRRWKHUSHGHVWULDQVDUH
DSSURDFKLQJ\RXPD\SURFHHGZLWKFDXWLRQZKHQ
LWLVVDIH<RXPXVWQRWSDVVDQ\YHKLFOHZLWKLQ
PHWUHVRIDSHGHVWULDQFURVVRYHU
96WRSSLQJ
&KDSWHUVHFWLRQ96XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
:KHUHWRSRVLWLRQ\RXUYHKLFOHZKHQVWRSSLQJDW
VWRSOLJKWVDQGVWRSVLJQV
7KHLPSRUWDQFHRIVWRSSLQJDWUDLOZD\FURVVLQJV
DQGKRZWRSRVLWLRQ\RXUYHKLFOHWRVWRSIRUWKHP
+RZDQGZKHQWRVWRSIRUVFKRROFURVVLQJVDQG
VFKRROEXVHV
+RZDQGZKHQWRVWRSIRUSHGHVWULDQFURVVRYHUV
9,&KDQJLQJGLUHFWLRQV
%HIRUH\RXWXUQDFRUQHUEDFNXSFKDQJHODQHVRU
WXUQDURXQG\RXQHHGWRNQRZZKDWLVEHVLGHDQG
EHKLQG\RX$OZD\VFKHFN\RXUPLUURUVDQGRYHU
\RXUVKRXOGHUWRPDNHVXUHWKHZD\LVFOHDUDQG
\RXKDYHHQRXJKVSDFHWRFRPSOHWHWKHPRYH
VDIHO\
9,&KDQJLQJGLUHFWLRQV
7XUQLQJDFRUQHU
7RWXUQDFRUQHUVLJQDOZHOOEHIRUHWKHWXUQ:KHQ
WKHZD\LVFOHDUPRYHLQWRWKHSURSHUODQHHLWKHU
WKHIDUULJKWODQHIRUDULJKWWXUQRUWKHIDUOHIWODQH
LQ\RXUGLUHFWLRQIRUDOHIWWXUQ6LJQDO\RXUWXUQDQG
ORRNIURPVLGHWRVLGHDQGFKHFN\RXUEOLQGVSRWVWR
PDNHVXUHWKHZD\LVFOHDU
6ORZGRZQEHIRUH\RXHQWHUWKHWXUQWKHVKDUSHU
WKHWXUQWKHVORZHU\RXVKRXOGJR7RNHHSIXOO
FRQWURORIWKHYHKLFOHILQLVKEUDNLQJEHIRUH\RXWXUQ
WKHVWHHULQJZKHHO
)RUDVKDUSWXUQWXUQWKHVWHHULQJZKHHOZLWKRQH
KDQGDQGFURVVWKHRWKHUKDQGRYHULW*ULSWKH
ZKHHORQWKHRWKHUVLGHDQGFRQWLQXHWXUQLQJ7KLV
LVFDOOHGKDQGRYHUKDQGVWHHULQJ:KHQ\RX
KDYHFRPSOHWHGWKHWXUQUHOD[\RXUJULSRQWKH
VWHHULQJZKHHODQGOHWLWVOLSRUJHQWO\IHHGLW
WKURXJK\RXUKDQGVWRUHWXUQWRWKHVWUDLJKWDKHDG
SRVLWLRQ'RQRWWXUQWKHVWHHULQJZKHHOZLWKRQH
ILQJHURUWKHIODWSDOPRI\RXUKDQG*UDGXDOO\
LQFUHDVHVSHHGDV\RXFRPSOHWHWKHWXUQ
5HPHPEHUGULYHUVRIWHQORVHFRQWURORIYHKLFOHV
DQGVNLGEHFDXVHWKH\WU\WRGRPRUHWKDQRQH
WKLQJDWDWLPH7U\QRWWREUDNHDQGVWHHUDWWKH
VDPHWLPH
9,&KDQJLQJGLUHFWLRQV
5LJKWWXUQV
8QOHVVVLJQVRUSDYHPHQW
PDUNLQJVWHOO\RXQRWWRDOZD\V
EHJLQDQGHQGDULJKWWXUQFORVHWR
WKHULJKWVLGHRIWKHURDG
7RPDNHDULJKWWXUQVLJQDOZHOO 'LDJUDP
EHIRUHWKHWXUQDQGPRYHLQWRWKH
ULJKWKDQGODQHZKHQWKHZD\LV
FOHDU,IWKHULJKWKDQGODQHLVQRW
PDUNHGNHHSDVIDUWRWKHULJKWRI
WKHURDGDVSRVVLEOH/RRNDKHDG
OHIWULJKWDQGOHIWDJDLQEHIRUH
VWDUWLQJWRWXUQ,I\RXKDYHQRW
VHHQDQ\VPDOOHUYHKLFOHVRU
SHGHVWULDQVFKHFN\RXUULJKWUHDU
EOLQGVSRW/HWF\FOLVWVOLPLWHG
VSHHGPRWRUF\FOHVRUPRSHG
ULGHUVJRWKURXJKWKHLQWHUVHFWLRQ
EHIRUH\RXWXUQ:KHQLWLVVDIH
FRPSOHWH\RXUWXUQLQWRWKHULJKW
KDQGODQHRIWKHURDG\RXDUH
HQWHULQJ
9,&KDQJLQJGLUHFWLRQV
5LJKWWXUQRQDUHGOLJKW
8QOHVVDVLJQWHOOV\RXQRWWR\RXPD\PDNHD
ULJKWWXUQIDFLQJDUHGOLJKWDVORQJDV\RXILUVW
FRPHWRDFRPSOHWHVWRSDQGZDLWXQWLOWKHZD\LV
FOHDU5HPHPEHUWRVLJQDO\RXUWXUQDQG\LHOGWR
SHGHVWULDQVDQGRWKHUVXVLQJWKHURDG
9,&KDQJLQJGLUHFWLRQV
/HIWWXUQV
8QOHVVVLJQVRUSDYHPHQWPDUNLQJVWHOO\RXQRWWR
DOZD\VEHJLQDQGHQGDOHIWWXUQLQWKHIDUOHIWODQH
LQ\RXUGLUHFWLRQ
7RPDNHDOHIWWXUQVLJQDOZHOOEHIRUHWKHWXUQDQG
PRYHLQWRWKHIDUOHIWODQHZKHQWKHZD\LVFOHDU
/RRNDKHDGEHKLQGOHIWULJKWDQGOHIWDJDLQDQG
FKHFN\RXUEOLQGVSRWV0DNH\RXUWXUQZKHQWKH
ZD\LVFOHDU
:KHQ\RXDUHVWRSSHGDWDQLQWHUVHFWLRQZDLWLQJ
IRUDSSURDFKLQJWUDIILFWRFOHDUGRQ
WWXUQ\RXU
VWHHULQJZKHHOWRWKHOHIWXQWLO\RXFDQFRPSOHWH
WKHWXUQ:LWK\RXUZKHHOVWXUQHGWRWKHOHIW\RXU
YHKLFOHFRXOGEHSXVKHGLQWRWKHSDWKRIRQFRPLQJ
WUDIILF
:KHQWZRYHKLFOHVFRPLQJIURPRSSRVLWHGLUHFWLRQV
PHHWLQDQLQWHUVHFWLRQZDLWLQJWRWXUQOHIWHDFK
VKRXOGWXUQWRWKHOHIWRIWKHRWKHUDIWHU\LHOGLQJWKH
ULJKWRIZD\WRSHGHVWULDQVDQGRQFRPLQJWUDIILF
0RWRUF\FOHVELF\FOHVOLPLWHGVSHHGPRWRUF\FOHV
DQGPRSHGVWXUQOHIWDWLQWHUVHFWLRQVLQWKHVDPH
ZD\DVODUJHUYHKLFOHV,I\RXDUHPDNLQJDOHIWWXUQ
EHKLQGRQHRIWKHVHYHKLFOHVGRQRWSXOOXSEHVLGH
LWWRPDNH\RXUWXUQDWWKHVDPHWLPH6WD\EHKLQG
DQGWXUQZKHQWKHZD\LVFOHDU:DLWIRUWKHVPDOOHU
YHKLFOHWRPRYHULJKWEHIRUH\RXSDVV
7KHIROORZLQJGLDJUDPVVKRZ\RXWKHFRUUHFWZD\
WRWXUQOHIWRQGLIIHUHQWW\SHVRIURDGV
'LDJUDP7ZRZD\
URDGWRDWZRZD\URDG
7XUQIURPWKHODQHFORVHVWWRWKH
FHQWUHOLQHWRWKHODQHULJKWRIWKH 'LDJUDP
FHQWUHOLQHIROORZLQJDVPRRWKDUF
7KHQZKHQ\RXFDQPRYHLQWR
WKHULJKWFXUEODQH
'LDJUDP7ZRZD\
URDGWRDRQHZD\URDG 'LDJUDP
7XUQIURPWKHODQHFORVHVWWRWKH
FHQWUHOLQHWRWKHOHIWFXUEODQH
'LDJUDP2QHZD\
URDGWRDWZRZD\URDG 'LDJUDP
7XUQIURPWKHOHIWFXUEODQHWRWKH
ODQHMXVWULJKWRIWKHFHQWUHOLQH
7KHQZKHQ\RXFDQPRYHLQWR
WKHULJKWFXUEODQH
'LDJUDP2QHZD\
URDGWRDRQHZD\URDG 'LDJUDP
7XUQIURPWKHOHIWFXUEODQHWRWKH
OHIWFXUEODQH
9,&KDQJLQJGLUHFWLRQV
/HIWWXUQODQHV
6RPHURDGVKDYHVSHFLDOODQHVIRU
YHKLFOHVWXUQLQJOHIW'LDJUDP
$WDQLQWHUVHFWLRQZKHUHOHIW
WXUQODQHVDUHPDUNHGRQWKH
SDYHPHQWPDNH\RXUWXUQIURP 'LDJUDP
WKHPDUNHGODQH.HHSWKLVODQH
SRVLWLRQDV\RXWXUQRQWRWKHRWKHU
URDG
7KHFHQWUHODQHRIVRPHURDGVLV
XVHGDVDWZRZD\OHIWWXUQODQH
'LDJUDP7KLVOHWVOHIW
WXUQLQJYHKLFOHVIURPERWK
GLUHFWLRQVZDLWIRUDFKDQFHWRWXUQ
ZLWKRXWKROGLQJXSWUDIILF7RXVHD
WZRZD\OHIWWXUQODQHIROORZ
WKHVHVWHSV
6LJQDODQGPRYHLQWRWKHFHQWUH
ODQHVKRUWO\EHIRUH\RXUWXUQ 'LDJUDP
6ORZGRZQ
&DUHIXOO\PRYHIRUZDUGWRDVSRW
RSSRVLWHWKHURDGRUGULYHZD\
ZKHUH\RXZDQWWRWXUQ
0DNH\RXUWXUQZKHQWKHZD\LV
FOHDU
5HPHPEHUWKDWYHKLFOHVIURPWKH
RSSRVLWHGLUHFWLRQDOVRXVHWKLV
ODQHWRWXUQOHIW$VWKH\ZDLWLQ
IURQWRI\RXLWPD\EHKDUGIRU\RX
WRVHHRQFRPLQJWUDIILF2QO\JR
ZKHQ\RXDUHVXUHWKHZD\LV
FOHDU7KHVHOHIWWXUQODQHVDUHQRW
WREHXVHGIRUSDVVLQJ
9,&KDQJLQJGLUHFWLRQV
/HIWWXUQRQDUHGOLJKW
<RXPD\WXUQOHIWIURPDRQHZD\URDGWRDRQH
ZD\URDGRQDUHGOLJKWDIWHUFRPLQJWRDFRPSOHWH
VWRSDQGPDNLQJVXUHWKHZD\LVFOHDU<LHOGWR
SHGHVWULDQVDQGWUDIILF
9,&KDQJLQJGLUHFWLRQV
'ULYLQJWKURXJKURXQGDERXWV
'LDJUDP
$SSURDFKLQJ
$V\RXDSSURDFKWKH
URXQGDERXWORRNIRUVLJQDJHWR
FKRRVH\RXUH[LW&KRRVHZKLFK
ODQHWRXVHDV\RXZRXOGIRUDQ\
RWKHULQWHUVHFWLRQ6HH'LDJUDP
8VHWKHOHIWODQHWRWXUQ
OHIWRUWRJRVWUDLJKW8VHWKH
ULJKWODQHWRWXUQULJKWRUWRJR 'LDJUDP
VWUDLJKW6HH'LDJUDP
'RQRWHQWHUDURXQGDERXWIURP
WKHULJKWODQHLI\RXZDQWWRWXUQ
OHIW&\FOLVWVJHQHUDOO\NHHSWR
WKHFHQWUHRIWKHDSSURSULDWH
ODQHRUGLVPRXQWDQGXVHWKH
URXQGDERXWDVDSHGHVWULDQ
ZRXOG6HH'LDJUDP
6ORZGRZQDQGZDWFKIRU
SHGHVWULDQVRQWKHDSSURDFKWR
WKH\LHOGOLQHDWWKHHQWUDQFHRI
WKHURXQGDERXW6WD\LQ\RXU
ODQH
(QWHULQJ
9LVXDOFKHFNV'RYLVXDO
FKHFNVRIDOOYHKLFOHVDOUHDG\LQ
WKHURXQGDERXWDQGWKRVH
ZDLWLQJWRHQWHULQFOXGLQJ
F\FOLVWV
/RRNOHIW7UDIILFLQWKH
'LDJUDP
URXQGDERXWKDVWKHULJKWRIZD\
:KHQSUHSDULQJWRHQWHUWKH
URXQGDERXWSD\VSHFLDO
DWWHQWLRQWRWKHYHKLFOHVWR\RXU
OHIW$GMXVW\RXUVSHHGRUVWRSDW
WKH\LHOGVLJQLIQHFHVVDU\
$GHTXDWHJDS:DWFKIRUD
VDIHRSSRUWXQLW\WRHQWHUWKH
URXQGDERXW(QWHUZKHQWKHUHLV
DQDGHTXDWHJDSLQWKH
FLUFXODWLQJWUDIILFIORZ'RQ
W
HQWHUGLUHFWO\EHVLGHDQRWKHU
DOUHDG\LQWKHURXQGDERXWDV
WKDWPD\EHH[LWLQJDWWKHQH[W
H[LW
7UDYHOFRXQWHUFORFNZLVH
2QFHLQWKHURXQGDERXWDOZD\V
NHHSWRWKHULJKWRIWKHFHQWUDO
LVODQGDQGWUDYHOLQDFRXQWHU
FORFNZLVHGLUHFWLRQ
.HHSPRYLQJ2QFH\RXDUHLQ
WKHURXQGDERXWGRQRWVWRS
H[FHSWWRDYRLGDFROOLVLRQ\RX
KDYHWKHULJKWRIZD\RYHU
HQWHULQJWUDIILF'RQRWFKDQJH
ODQHVZKLOHLQWKHURXQGDERXW,I
LQWKHLQVLGHODQHDQG\RXPLVV
\RXUH[LW\RXPXVWFRQWLQXH
DURXQGXQWLO\RXPHHW\RXUH[LW
DJDLQ
([LWLQJ
6LJQDO%HVXUHWRVLJQDO\RXU
H[LWDQGZDWFKIRUSHGHVWULDQV
0DLQWDLQ\RXUODQH6WD\WRWKH
OHIWLI\RXHQWHUHGIURPWKHOHIW
ODQHRUVWD\WRWKHULJKWLI\RX
HQWHUHGIURPWKHULJKWODQH 'LDJUDP
0DLQWDLQ\RXUSRVLWLRQ
0DLQWDLQ\RXUSRVLWLRQUHODWLYHWR
RWKHUYHKLFOHV
6LJQDOLQWHQWWRH[LW2QFH\RX
KDYHSDVVHGWKHH[LWEHIRUHWKH
RQH\RXZDQWXVH\RXUULJKW
WXUQVLJQDO
/HIWODQHH[LW,IH[LWLQJIURPWKH
OHIWODQHZDWFKRXWIRUYHKLFOHV
RQWKHULJKWWKDWFRQWLQXHWR
FLUFXODWHDURXQGWKH
URXQGDERXW
9,&KDQJLQJGLUHFWLRQV
'HDOLQJZLWKSDUWLFXODUVLWXDWLRQVDWD
URXQGDERXW
&RQVLGHUODUJHYHKLFOHV
$OORZH[WUDURRPDORQJVLGHODUJH
YHKLFOHVWUXFNVDQGEXVHV/DUJH
YHKLFOHVPD\KDYHWRVZLQJZLGH
RQWKHDSSURDFKRUZLWKLQWKH 'LDJUDP
URXQGDERXW*LYHWKHPSOHQW\RI
URRP6HH'LDJUDP
3XOORYHUIRUHPHUJHQF\YHKLFOHV
,I\RXDUHLQDURXQGDERXWZKHQDQHPHUJHQF\
YHKLFOHDSSURDFKHVH[LWDW\RXULQWHQGHGH[LWDQG
SURFHHGEH\RQGWKHWUDIILFLVODQGEHIRUHSXOOLQJ
RYHU,I\RXKDYHQRWHQWHUHGWKHURXQGDERXW\HW
SXOORYHUWRWKHULJKWLISRVVLEOHDQGZDLWXQWLOWKH
HPHUJHQF\YHKLFOHKDVSDVVHG
'ULYLQJDODUJHYHKLFOHLQDURXQGDERXW
$GULYHUQHJRWLDWLQJDURXQGDERXWLQDODUJHYHKLFOH
VXFKDVDWUXFNRUEXVPD\QHHGWRXVHWKHIXOO
ZLGWKRIWKHURDGZD\LQFOXGLQJWKHDSURQD
PRXQWDEOHSRUWLRQRIWKHFHQWUHLVODQGDGMDFHQWWR
WKHURDGZD\LISURYLGHG3ULRUWRHQWHULQJWKH
URXQGDERXWWKHYHKLFOHPD\QHHGWRRFFXS\ERWK
ODQHV*LYHODUJHYHKLFOHVSOHQW\RIURRPWR
PDQRHXYUH
1RWH,QVRPHDUHDVRI2QWDULRROGHUWUDIILF
FLUFOHVH[LVW7KH\DUHODUJHUWKDQURXQGDERXWV
DOORZLQJKLJKHUVSHHGVDQGIRUFHWUDIILFWRPHUJH
DQGZHDYH0RGHUQURXQGDERXWVKDYHDVPDOOHU
LQVFULEHGFLUFOHGLDPHWHUDQGXVHVSOLWWHULVODQGVWR
GHIOHFWWUDIILFDWWKHHQWU\SRLQWVWRVORZWUDIILF
VSHHGVRUWRSURYLGHSHGHVWULDQUHIXJH7KHHQWU\
LVDOVRFRQWUROOHGE\WKH\LHOGWRWKHOHIWSULQFLSOH
IRUH[DPSOHFDUVFLUFXODWLQJZLWKLQWKHURXQGDERXW
KDYHWKHULJKWRIZD\RYHUHQWHULQJYHKLFOHV
9,&KDQJLQJGLUHFWLRQV
%DFNLQJXS
7DNHH[WUDFDUHDQGPRYHVORZO\ZKHQEDFNLQJXS
UHYHUVLQJ\RXUYHKLFOH%HIRUH\RXEHJLQFKHFN
WKDWWKHZD\LVFOHDUEHKLQG\RX%HHVSHFLDOO\
FDUHIXOWRORRNIRUFKLOGUHQDQGF\FOLVWV
:KLOHILUPO\KROGLQJWKHVWHHULQJ
ZKHHOSXWWKHJHDUVHOHFWRULQ
UHYHUVHDQGWXUQVLGHZD\VLQ\RXU
VHDWWRORRNRYHU\RXUVKRXOGHULQ
WKHGLUHFWLRQ\RXDUHPRYLQJ,I 'LDJUDP
\RXDUHUHYHUVLQJVWUDLJKWEDFNRU
WRWKHULJKWWXUQ\RXUERG\DQG
KHDGWRWKHULJKWDQGORRNEDFN
RYHU\RXUULJKWVKRXOGHU'LDJUDP
,I\RXDUHUHYHUVLQJWRWKHOHIWWXUQ
\RXUERG\DQGKHDGWRWKHOHIWDQG
ORRNRYHU\RXUOHIWVKRXOGHU
'LDJUDP$OZD\VFKHFNWKH
RSSRVLWHVKRXOGHUDVZHOO,I\RX 'LDJUDP
DUHWXUQLQJDV\RXUHYHUVHFKHFN
WKDWWKHIURQWHQGRI\RXUYHKLFOH
GRHVQRWKLWDQ\WKLQJ
<RXGRQ
WKDYHWRZHDUDVHDWEHOW
ZKLOHEDFNLQJXS,I\RXQHHGWR
UHPRYH\RXUVHDWEHOWWRWXUQ\RXU
ERG\WRVHHSURSHUO\ZKHQ
UHYHUVLQJGRVR%XWGRQ
WIRUJHW
WREXFNOHXSDJDLQEHIRUHPRYLQJ
IRUZDUG
,WLVLOOHJDOWRGULYHLQUHYHUVHRQDGLYLGHGURDGWKDW
KDVDVSHHGOLPLWRIPRUHWKDQNPK7KLV
DSSOLHVWRWKHWUDYHOOHGVHFWLRQRIWKHURDGDQGWKH
VKRXOGHU7KHRQO\H[FHSWLRQWRWKLVUXOHLVLI\RX
DUHWU\LQJWRKHOSVRPHRQHLQWURXEOH
9,&KDQJLQJGLUHFWLRQV
7XUQLQJDURXQG
<RXPD\QHHGWRWXUQDURXQGZKHQGULYLQJLI\RX
PLVVDWXUQRUJRWRRIDUDORQJDURDG7KHUHDUH
VHYHUDOZD\VWRGRWKLVVDIHO\
7KHVLPSOHVWDQGVDIHVWZD\LVWRGULYHDURXQGWKH
EORFNEXWWKHUHPD\EHWLPHVZKHQWKLVLVQRW
SRVVLEOH,QVXFKFDVHVD8WXUQRUDWKUHHSRLQW
WXUQPD\EHQHFHVVDU\
9,&KDQJLQJGLUHFWLRQV
8WXUQ
%HIRUH\RXPDNHD8WXUQFKHFNWRPDNHVXUH
WKHUHLVQRVLJQVD\LQJQRWWR
7RPDNHD8WXUQVDIHO\\RXPXVWEHDEOHWRVHH
ZHOOLQERWKGLUHFWLRQV,WLVLOOHJDOWRPDNHD8WXUQ
RQDFXUYHLQWKHURDGRQRUQHDUDUDLOZD\
FURVVLQJRUKLOOWRSRUQHDUDEULGJHRUWXQQHOWKDW
EORFNV\RXUYLHZ1HYHUPDNHD8WXUQXQOHVV\RX
FDQVHHDWOHDVWPHWUHVLQERWKGLUHFWLRQV
7RPDNHD8WXUQVLJQDOIRUDULJKWWXUQFKHFN
\RXUPLUURUDQGRYHU\RXUVKRXOGHUDQGSXOORYHUWR
WKHULJKWVLGHRIWKHURDG6WRS6LJQDODOHIWWXUQ
DQGZKHQWUDIILFLVFOHDULQERWKGLUHFWLRQVPRYH
IRUZDUGDQGWXUQTXLFNO\DQGVKDUSO\LQWRWKH
RSSRVLWHODQH&KHFNIRUWUDIILFDV\RXWXUQ
9,&KDQJLQJGLUHFWLRQV
7KUHHSRLQWWXUQ
2QQDUURZURDGV\RXQHHGWR
PDNHDWKUHHSRLQWWXUQWRFKDQJH
GLUHFWLRQV$VVKRZQLQ'LDJUDP
DWKUHHSRLQWWXUQVWDUWVIURP
WKHIDUULJKWVLGHRIWKHURDG0DNH
VXUH\RXGRQRWPDNHDWKUHH
SRLQWWXUQRQDFXUYHLQWKHURDG
RQRUQHDUDUDLOZD\FURVVLQJRU
KLOOWRSRUQHDUDEULGJHRUWXQQHO
WKDWEORFNV\RXUYLHZ
6LJQDOIRUDOHIWWXUQ:KHQWKH
'LDJUDP
ZD\LVFOHDULQERWKGLUHFWLRQV
PRYHIRUZDUGWXUQLQJWKHVWHHULQJ
ZKHHOVKDUSO\OHIWWRZDUGVWKHFXUE
RQWKHIDUVLGHRIWKHURDG:KHQ
\RXKDYHUHDFKHGWKHOHIWVLGHRI
WKHURDGVWRS6KLIWWKHYHKLFOH
LQWRUHYHUVH6LJQDODULJKWWXUQ
$IWHUFKHFNLQJWKDWWKHZD\LVVWLOO
FOHDUWXUQWKHVWHHULQJZKHHO
VKDUSO\WRWKHULJKWZKLOHEDFNLQJ
XSVORZO\WRWKHRWKHUVLGHRIWKH
URDG6WRS6KLIWWRIRUZDUGJHDU
DQGFKHFNWUDIILF:KHQWKHZD\LV
FOHDUGULYHIRUZDUG
9,&KDQJLQJGLUHFWLRQV
&KDSWHU6HFWLRQ9,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
+RZWRSURSHUO\WXUQOHIWRUULJKWDWLQWHUVHFWLRQV
7KHUXOHVVXUURXQGLQJWXUQVRQWRDQGIURPRQH
ZD\VWUHHWV
+RZWRQDYLJDWHDURXQGDERXW
:KHUHWRORRNDQGKRZWRPDQRHXYUH\RXU
YHKLFOHZKHQEDFNLQJXS
0HWKRGVRIWXUQLQJ\RXUYHKLFOHDURXQGWRWUDYHO
EDFNLQWKHRSSRVLWHGLUHFWLRQ8WXUQVWKUHH
SRLQWWXUQV
9,,&KDQJLQJSRVLWLRQV
&KDQJLQJ\RXUSRVLWLRQRQWKHURDGLQYROYHV
FKDQJLQJODQHVRURYHUWDNLQJDQGSDVVLQJDQRWKHU
YHKLFOH%HIRUHEHJLQQLQJEHVXUH\RXKDYH
HQRXJKVSDFHDQGWLPHWRFRPSOHWHWKHPRYH
VDIHO\
9,,&KDQJLQJSRVLWLRQV
&KDQJLQJODQHV
&KDQJLQJODQHVLVDPRYHPHQW
IURPRQHODQHWRDQRWKHURQURDGV
ZLWKWZRRUPRUHODQHVLQWKH
VDPHGLUHFWLRQ<RXPD\KDYHWR
FKDQJHODQHVWRRYHUWDNHDQRWKHU
YHKLFOHWRDYRLGDSDUNHGYHKLFOH
RUZKHQWKHYHKLFOHDKHDGVORZV
WRWXUQDWDQLQWHUVHFWLRQ
1HYHUFKDQJHODQHVZLWKRXWJLYLQJ
WKHSURSHUVLJQDODQGORRNLQJWR 'LDJUDP
PDNHVXUHWKHPRYHFDQEHPDGH
VDIHO\
+HUHDUHWKHVWHSVIRUPDNLQJD
ODQHFKDQJH
&KHFN\RXUPLUURUVIRUD
VSDFHLQWUDIILFZKHUH\RXFDQ
HQWHUVDIHO\
&KHFN\RXUEOLQGVSRWE\
ORRNLQJRYHU\RXUVKRXOGHULQ
WKHGLUHFWLRQRIWKHODQH
FKDQJH%HHVSHFLDOO\FDUHIXO
WRFKHFNIRUELF\FOHVDQG
RWKHUVPDOOYHKLFOHV6LJQDO
WKDW\RXZDQWWRPRYHOHIWRU
ULJKW
&KHFNDJDLQWRPDNHVXUHWKH
ZD\LVFOHDUDQGWKDWQRRQH
LVFRPLQJWRRIDVWIURPEHKLQG
RUIURPWZRODQHVRYHURQD
PXOWLODQHURDG
6WHHUJUDGXDOO\LQWRWKHQHZ
ODQH'RQRWVORZGRZQ
PDLQWDLQWKHVDPHVSHHGRU
JHQWO\LQFUHDVHLW
1HYHUPDNHVXGGHQODQHFKDQJHV
E\FXWWLQJLQIURQWRIDQRWKHU
YHKLFOHLQFOXGLQJELF\FOHV2WKHU
GULYHUVH[SHFW\RXWRVWD\LQWKH
ODQH\RXDUHDOUHDG\LQ(YHQLI
\RXVLJQDOWKH\H[SHFW\RXWR
\LHOGWKHULJKWRIZD\
$YRLGXQQHFHVVDU\ODQHFKDQJHV
RUZHDYLQJIURPODQHWRODQH<RX
DUHPRUHOLNHO\WRFDXVHD
FROOLVLRQHVSHFLDOO\LQKHDY\WUDIILF
RUEDGZHDWKHU'RQ
WFKDQJH
ODQHVLQRUQHDUDQLQWHUVHFWLRQ
5HPHPEHUWKDWVSHQGLQJDIHZ
VHFRQGVEHKLQGDQRWKHUYHKLFOHLV
RIWHQVDIHUWKDQJRLQJDURXQGLW
9,,&KDQJLQJSRVLWLRQV
3DVVLQJ
3DVVLQJLVFKDQJLQJODQHVWRPRYHSDVWDVORZHU
YHKLFOH:KLOHDOOSXEOLFURDGVKDYHVSHHGOLPLWV
QRWDOOYHKLFOHVWUDYHODWWKHVDPHVSHHG)RU
H[DPSOHF\FOLVWVURDGVHUYLFHYHKLFOHVDQGGULYHUV
DKHDGWKDWDUHSUHSDULQJWRWXUQDUHXVXDOO\VORZHU
WKDQWKHWKURXJKWUDIILF<RXPD\ZDQWWRSDVV
VRPHVORZPRYLQJYHKLFOHVZKHQ\RXDUHIROORZLQJ
WKHP
1HYHURYHUWDNHDQGSDVVDQRWKHUYHKLFOHXQOHVV
\RXDUHVXUH\RXFDQGRVRZLWKRXWGDQJHUWR
\RXUVHOIRURWKHUV'RQ
WSDVVPRYLQJVQRZSORZV
XQGHUDQ\FRQGLWLRQV,ILQGRXEWGRQRWSDVV
+HUHDUHWKHVWHSVIRUSDVVLQJD
YHKLFOH
8VH\RXUOHIWWXUQVLJQDOWRVKRZ
WKDW\RXZDQWWRSDVVDQGFKHFN
WKDWWKHZD\LVFOHDUDKHDGDQG
EHKLQGEHIRUHPRYLQJLQWRWKH
SDVVLQJODQH
:DWFKIRUELF\FOHVDQGVPDOO
YHKLFOHVWKDWPD\EHKLGGHQ
IURPYLHZLQIURQWRIWKHYHKLFOH
\RXDUHDERXWWRSDVV$OVR
ZDWFKIRUYHKLFOHVWKDWPD\EH
WXUQLQJOHIWLQIURQWRI\RXDQG
YHKLFOHVRUSHGHVWULDQVHQWHULQJ
WKHURDGIURPDQRWKHUURDGRU
GULYHZD\
&KDQJHODQHVRQO\DIWHU
VLJQDOOLQJ$IWHURYHUWDNLQJ 'LDJUDP
VLJQDOWKDW\RXZDQWWRPRYH
EDFNLQWRWKHODQH\RXVWDUWHG
IURPDQGZKHQ\RXFDQVHHWKH
HQWLUHIURQWRIWKHYHKLFOH\RX
DUHSDVVLQJLQ\RXULQVLGH
PLUURUPDNHWKHODQHFKDQJH
%HFDUHIXOQRWWRFXWRIID
YHKLFOHE\VXGGHQO\PRYLQJLQ
IURQWRILW
,IWKHYHKLFOH\RXDUHSDVVLQJ
VSHHGVXSGRQRWUDFH*R
EDFNWR\RXURULJLQDOODQH$QG
GRQRWVSHHGXSZKHQDQRWKHU
GULYHULVWU\LQJWRSDVV\RX,WLV
XQODZIXODQGGDQJHURXV
3DVVLQJZLWKLQPHWUHVRID
SHGHVWULDQFURVVRYHULVQRW
SHUPLWWHG3DVVLQJOHIWRID
FHQWUHOLQHLVQRWSHUPLWWHG
PHWUHVIURPDEULGJHYLDGXFWRU
WXQQHO'RQ
WDWWHPSWWRSDVVZKHQ
DSSURDFKLQJWKHFUHVWRIDKLOORU
RQDFXUYHZKHUH\RXUYLVLRQRI
RQFRPLQJWUDIILFLVREVWUXFWHGDQG
WKHUHLVQRWHQRXJKFOHDUGLVWDQFH
DKHDGWRSDVVLQVDIHW\
:KHQSDVVLQJSDUNHGYHKLFOHV
ZDWFKFDUHIXOO\IRUSHRSOH
VXGGHQO\RSHQLQJGRRUVRUIRU
GRRUVRSHQHGWRORDGDQGXQORDG
'LDJUDP
0RWRUF\FOHVELF\FOHVOLPLWHG
VSHHGPRWRUF\FOHVDQGPRSHGV
RIWHQQHHGWRSXOOWRWKHOHIWRU
ULJKWVLGHRIWKHLUODQHWRDYRLG
GDQJHURXVURDGFRQGLWLRQVRUWR
EHVHHQE\RWKHUGULYHUV'RQRW
WDNHWKLVDVDQLQYLWDWLRQWRSDVVLQ
WKHVDPHODQH,I\RXGRZDQWWR
SDVVWKHVHYHKLFOHVGRVRE\
FKDQJLQJODQHV
:KHQIDVWHUWUDIILFZDQWVWRSDVV
\RXPRYHWRWKHULJKWDQGOHWLW
SDVVLQVDIHW\:KHQEHLQJ
SDVVHGRQDQXQGLYLGHGURDG
ZKHUHWKHSDVVLQJGULYHUKDV
SXOOHGLQWRWKHRSSRVLWHODQHSD\
DWWHQWLRQWRRQFRPLQJWUDIILFDQG
PRYHFORVHUWRWKHULJKWVLGHRIWKH
ODQH%HSUHSDUHGWRVORZGRZQWR
OHWWKHSDVVLQJGULYHUJHWLQIURQWRI
\RXPRUHTXLFNO\WRSUHYHQWD
FROOLVLRQ
2QPDQ\KLJKVSHHGURDGVZLWK
WKUHHRUPRUHODQHVLQHDFK
GLUHFWLRQWUXFNVDUHQRWDOORZHGWR
GULYHLQWKHIDUOHIWKDQGODQH7KLV
PHDQVWKDWWKHODQHQH[WWRLWLV
WKHWUXFNSDVVLQJODQH,I\RXDUH
LQWKLVODQHDQGDWUXFNZDQWVWR
SDVVPRYHLQWRWKHULJKWKDQG
ODQHDVVRRQDV\RXFDQ
9,,&KDQJLQJSRVLWLRQV
3DVVLQJDWQLJKW
%HYHU\FDUHIXOZKHQ\RXSDVVRWKHUYHKLFOHVDW
QLJKW,I\RXKDYHWRSDVVDQGWKHZD\LVFOHDU
IROORZWKHVHVWHSV
6ZLWFK\RXUKHDGOLJKWVWRORZEHDPVDV\RX
DSSURDFKDYHKLFOHIURPEHKLQG
6LJQDOFKHFN\RXUPLUURUVDQGEOLQGVSRWDQG
SXOORXWWRSDVV$V\RXPRYHDORQJVLGHWKH
YHKLFOH\RXDUHSDVVLQJVZLWFKRQ\RXUKLJK
EHDPV7KLVZLOOOHW\RXVHHPRUHRIWKHURDG
DKHDG
:KHQ\RXFDQVHHDOORIWKHIURQWRIWKH
YHKLFOH\RXDUHSDVVLQJLQ\RXUUHDUYLHZ
PLUURU\RXDUHIDUHQRXJKDKHDGWRSXOOEDFN
LQWRWKHULJKWODQH5HPHPEHUWRVLJQDO
9,,&KDQJLQJSRVLWLRQV
3DVVLQJDQGFOLPELQJODQHV
'LDJUDP
6RPHURDGVKDYHVSHFLDOSDVVLQJRUFOLPELQJ
ODQHV7KHVHODQHVOHWVORZHUYHKLFOHVPRYHLQWR
WKHULJKWKDQGODQHVRWKDWIDVWHURQHVFDQSDVV
VDIHO\LQWKHOHIWODQH
$QDGYDQFHVLJQWHOOVGULYHUVWKH\ZLOOVRRQKDYHD
FKDQFHWRSDVV$QRWKHUVLJQZDUQVZKHQWKHODQH
LVHQGLQJVRGULYHUVLQWKHULJKWKDQGODQHFDQ
EHJLQWRPHUJHVDIHO\ZLWKWUDIILFLQWKHOHIWKDQG
ODQH
9,,&KDQJLQJSRVLWLRQV
3DVVLQJRQWKHVKRXOGHU
<RXPD\GULYHRQWKHULJKWVKRXOGHURQO\WRSDVVD
YHKLFOHWXUQLQJOHIWDQGRQO\LIWKHVKRXOGHULV
SDYHG<RXPD\QRWSDVVRQWKHOHIWVKRXOGHU
SDYHGRUQRW
9,,&KDQJLQJSRVLWLRQV
3DVVLQJRQWKHULJKW
0RVWSDVVLQJLVGRQHRQWKHOHIW<RXPD\SDVVRQ
WKHULJKWRQPXOWLODQHRURQHZD\URDGVDQGZKHQ
RYHUWDNLQJDVWUHHWFDURUDOHIWWXUQLQJYHKLFOH
3DVVLQJRQWKHULJKWFDQEHPRUHGDQJHURXVWKDQ
SDVVLQJRQWKHOHIW,I\RXDUHGULYLQJLQWKHOHIW
PRVWODQHZLWKDVORZHUYHKLFOHLQIURQWRI\RXZDLW
IRUWKHYHKLFOHWRPRYHWRWKHULJKW'RQRW
VXGGHQO\FKDQJHODQHVDQGSDVVRQWKHULJKWWKH
GULYHULQIURQWPD\UHDOL]H\RXZDQWWRSDVVDQG
PRYHWRWKHULJKWDWWKHVDPHWLPH\RXGR
&KDQJLQJSRVLWLRQV
3DVVLQJVWUHHWFDUV
'LDJUDP
<RXPXVWSDVVVWUHHWFDUVRQWKHULJKWXQOHVV\RX
DUHGULYLQJRQDRQHZD\URDG
$WVWUHHWFDUVWRSVVWD\DWOHDVWWZRPHWUHVEHKLQG
WKHUHDUGRRUVZKHUHSDVVHQJHUVDUHJHWWLQJRIIRU
RQ7KLVUXOHGRHVQRWDSSO\DWVWRSVZKHUHDQ
DUHDKDVEHHQVHWDVLGHIRUVWUHHWFDUSDVVHQJHUV
$OZD\VSDVVWKHVHDUHDVDWDUHDVRQDEOHVSHHG
DQGEHSUHSDUHGIRUSHGHVWULDQVWRPDNHVXGGHQ
RUXQH[SHFWHGPRYHV
9,,&KDQJLQJSRVLWLRQV
&KDSWHUVHFWLRQ9,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHVDIHW\FRQVLGHUDWLRQVDQGWKHVHTXHQFHRI
VWHSVWRIROORZZKHQFKDQJLQJODQHVRUSDVVLQJ
+RZWRGHDOZLWKVSHFLILFVLWXDWLRQVZKHQ
SDVVLQJIRUH[DPSOHDWQLJKWVWUHHWFDUV
9,,,3DUNLQJDORQJ
URDGZD\V
6LQFHSDUNLQJUXOHVFKDQJHIURPURDGWRURDGDQG
SODFHWRSODFHDOZD\VZDWFKIRUDQGREH\VLJQV
WKDWVD\\RXPD\QRWVWRSRUOLPLWVWRSSLQJ
VWDQGLQJRUSDUNLQJ%HDZDUHWKDWQRWDOOSDUNLQJ
E\ODZVDUHSRVWHGRQVLJQV
+HUHDUHVRPHEDVLFSDUNLQJUXOHV
1HYHUSDUNRQWKHWUDYHOOHGSDUWRIDURDG'ULYH
RIIWKHURDGRQWRWKHVKRXOGHULI\RXPXVWVWRS
IRUVRPHUHDVRQ
1HYHUSDUNRQDFXUYHKLOORUDQ\ZKHUH\RXGR
QRWKDYHDFOHDUYLHZIRUDWOHDVWPHWUHVLQ
ERWKGLUHFWLRQV
'RQRWSDUNZKHUH\RXZLOOEORFNDYHKLFOH
DOUHDG\SDUNHGRUZKHUH\RXZLOOEORFND
VLGHZDONFURVVZDONSHGHVWULDQFURVVLQJRUURDG
HQWUDQFH
'RQRWSDUNZLWKLQWKUHHPHWUHVRIDILUHK\GUDQW
RQRUZLWKLQPHWUHVRIDEULGJHRUZLWKLQVL[
PHWUHVRIDSXEOLFHQWUDQFHWRDKRWHOWKHDWUHRU
SXEOLFKDOOZKHQLWLVRSHQWRWKHSXEOLF
'RQRWSDUNZLWKLQQLQHPHWUHVRIDQLQWHUVHFWLRQ
RUZLWKLQPHWUHVLILWLVFRQWUROOHGE\WUDIILF
OLJKWV
'RQRWSDUNZLWKLQPHWUHVRIWKHQHDUHVWUDLO
RIDOHYHOUDLOZD\FURVVLQJ
'RQRWSDUNZKHUH\RXZLOOJHWLQWKHZD\RI
WUDIILFRUVQRZFOHDULQJ
1HYHURSHQWKHGRRURI\RXUSDUNHGYHKLFOH
ZLWKRXWILUVWPDNLQJVXUHWKDW\RXZLOOQRW
HQGDQJHUDQ\RWKHUSHUVRQRUYHKLFOHRULQWHUIHUH
ZLWKWUDIILF*HQHUDOO\DJRRGSUDFWLFHLVWRRSHQ
WKHGULYHU
VGRRUZLWK\RXUULJKWKDQGDVWKLVZLOO
IRUFHDVKRXOGHUFKHFNDWWKHVDPHWLPH7DNH
H[WUDSUHFDXWLRQVWRDYRLGRSHQLQJDGRRULQWKH
SDWKRIF\FOLVWVZKRRIWHQULGHFORVHWRSDUNHG
FDUV'LDJUDP:KHQ\RXPXVWRSHQD
GRRUQH[WWRWUDIILFNHHSLWRSHQRQO\ORQJ
HQRXJKWRORDGRUXQORDGSDVVHQJHUV
'LDJUDP
$IWHUSDUNLQJ\RXUYHKLFOHDOZD\VWXUQRIIWKH
LJQLWLRQDQGWKHOLJKWVUHPRYHWKHNH\DQGORFNWKH
GRRUWRGHWHUWKHIW'RQRWOHDYHFKLOGUHQRU
DQLPDOVLQWKHYHKLFOH
%HIRUHPRYLQJIURPDSDUNHGSRVLWLRQDOZD\V
VLJQDODQGFKHFNIRUWUDIILFSXOOLQJRXWRQO\ZKHQLW
LVVDIHWRGRVR
9,,,3DUNLQJDORQJ
URDGZD\V
3DUNLQJIRUSHRSOHZLWKGLVDELOLWLHV
'LDJUDP
7KH$FFHVVLEOH3DUNLQJ3HUPLWIRUPHUO\NQRZQDV
WKH'LVDEOHG3HUVRQ3DUNLQJ3HUPLWLVDODPLQDWHG
FDUGWKDWPD\EHGLVSOD\HGRQWKHGDVKERDUGRU
WXUQHGGRZQVXQYLVRURIDQ\YHKLFOHLQZKLFKD
SHUVRQZLWKDGLVDELOLW\LVWUDYHOOLQJ7KHSHUPLW
HQWLWOHVWKHYHKLFOHLQZKLFKWKHSHUVRQQDPHGRQ
WKHSHUPLWLVWUDYHOOLQJWRSDUNLQGHVLJQDWHG
GLVDEOHGSDUNLQJVWDQGLQJDQGVWRSSLQJDUHDV7KH
SHUPLWLVLVVXHGWRWKHSHUPLWKROGHUQRWDVSHFLILF
YHKLFOH
3HRSOHZKRKDYHWKHROGYHUVLRQRIWKHSHUPLWWKH
'LVDEOHG3HUVRQ3DUNLQJ3HUPLWPD\FRQWLQXHWR
XVHWKLVSHUPLWXQWLOLWH[SLUHV8SRQLWVH[SLU\DQ\
QHZSHUPLWLVVXHGZLOOEHWKH$FFHVVLEOH3DUNLQJ
3HUPLW
7KH$FFHVVLEOH3DUNLQJ3HUPLWLVLVVXHGIUHHRI
FKDUJHWRTXDOLILHGLQGLYLGXDOV7RTXDOLI\IRUDQ
$FFHVVLEOH3DUNLQJ3HUPLWDOLFHQVHGSK\VLFLDQ
FKLURSUDFWRUQXUVHSUDFWLWLRQHUH[WHQGHGFODVV
SK\VLRWKHUDSLVWRURFFXSDWLRQDOWKHUDSLVWPXVW
FHUWLI\WKDWWKHDSSOLFDQWKDVRQHRUPRUHRIWKH
FRQGLWLRQVGHWDLOHGRQWKH$FFHVVLEOH3DUNLQJ
3HUPLWDSSOLFDWLRQIRUP
7KHUHDUHIRXUW\SHVRI$FFHVVLEOH3DUNLQJ
3HUPLWV
0LVXVHRUDEXVHRIDQ$FFHVVLEOH3DUNLQJ3HUPLW
VKRXOGEHUHSRUWHGWRWKHSROLFH0LVXVHRIDQ
$FFHVVLEOH3DUNLQJ3HUPLWZLOOUHVXOWLQILQHVDQG
UHYRNHGSULYLOHJHV$FFHVVLEOH3DUNLQJ3HUPLW
DSSOLFDWLRQVDUHDYDLODEOHDWDQ\6HUYLFH2QWDULR
&HQWUHRUE\VHQGLQJDUHTXHVWWRWKHPLQLVWU\DW
WKHIROORZLQJDGGUHVV
6HUYLFH2QWDULR
/LFHQFH5HQHZDOV8QLW
32%R[
.LQJVWRQ21./1
1HYHUSDUNLQDVSDFHGHVLJQDWHGIRUSHRSOHZLWK
GLVDELOLWLHVXQOHVV\RXGLVSOD\DQ$FFHVVLEOH
3DUNLQJ3HUPLWLQWKHZLQGVKLHOGRI\RXUYHKLFOH
7KHSHUPLWPXVWEHORQJWR\RXRURQHRI\RXU
SDVVHQJHUV7KLVDOVRDSSOLHVWRVWDQGLQJRU
VWRSSLQJDWFXUEDUHDVUHVHUYHGIRUSLFNLQJXSDQG
GURSSLQJRIISDVVHQJHUVZLWKGLVDELOLWLHV
9,,,3DUNLQJDORQJ
URDGZD\V
3DUDOOHOSDUNLQJ
3DUDOOHOSDUNLQJPHDQVSDUNLQJDYHKLFOHZLWKLWV
ZKHHOVSDUDOOHODQGQH[WWRWKHFXUERUVLGHRIWKH
URDG3DUNSDUDOOHOWRWKHFXUERQURDGVZKHUH
SDUNLQJLVDOORZHGXQOHVVWKHUHDUHVLJQVVD\LQJ
WKDWYHKLFOHVVKRXOGEHSDUNHGDWDQDQJOH3DUN
RQWKHULJKWVLGHRIWKHURDGLQWKHGLUHFWLRQRI
WUDIILF8QOHVVWKHUHDUHVLJQVVD\LQJRWKHUZLVH
\RXFDQSDUDOOHOSDUNRQERWKVLGHVRIDRQHZD\
URDG
'LDJUDP
7RSDUDOOHOSDUNRQWKHULJKWKDQGVLGHRIWKHURDG
ILQGDVSDFHWKDWLVDERXWRQHDQGRQHKDOIWLPHV
ORQJHUWKDQ\RXUYHKLFOH&KHFNWKHWUDIILFEHVLGH
DQGEHKLQGDQGVLJQDO\RXUZLVKWRSXOORYHUDQG
VWRS'ULYHDORQJVLGHRUSDUDOOHOWRWKHYHKLFOH
DKHDGRIWKHHPSW\VSDFHOHDYLQJDERXWDPHWUH
EHWZHHQWKHYHKLFOHV6WRSZKHQ\RXUUHDUEXPSHU
LVLQOLQHZLWKWKHRWKHUYHKLFOH)ROORZWKHVHVWHSV
6ORZO\DQGFDUHIXOO\UHYHUVHLQWRWKHVSDFH
WXUQLQJWKHVWHHULQJZKHHOIXOO\WRZDUGWKH
FXUE
:KHQ\RXFDQVHHWKHRXWVLGHUHDUFRUQHURI
WKHLQIURQWRI\RXUVSDFHVWUDLJKWHQ\RXU
ZKHHOVDV\RXFRQWLQXHWRUHYHUVH
7XUQWKHVWHHULQJZKHHOIXOO\WRZDUGWKHURDG
WREULQJ\RXUYHKLFOHLQOLQHZLWKWKHFXUE
,I\RXUYHKLFOHLVQRWSDUDOOHOWRWKHFXUEGULYH
IRUZDUGWRVWUDLJKWHQ
:KHQ\RXDUHSURSHUO\SDUNHGVHWWKHSDUNLQJ
EUDNHDQGPRYHWKHJHDUVHOHFWRULQWRSDUNRU
VKLIWLQWRILUVWRUUHYHUVHJHDULI\RXUYHKLFOH
KDVDPDQXDOWUDQVPLVVLRQ
7XUQRIIWKHHQJLQH5HPHPEHUWRUHPRYHWKH
NH\IURPWKHLJQLWLRQ&KHFNWUDIILFEHIRUH
RSHQLQJ\RXUGRRU/RFN\RXUYHKLFOH
9,,,3DUNLQJDORQJ
URDGZD\V
3DUNLQJRQDKLOO
:KHQSDUNLQJIDFLQJGRZQKLOOWXUQ
\RXUIURQWZKHHOVWRZDUGVWKHFXUE
RUULJKWVKRXOGHU7KLVZLOONHHS
WKHYHKLFOHIURPUROOLQJLQWRWUDIILFLI
WKHEUDNHVEHFRPHGLVHQJDJHG
'LDJUDP$
7XUQWKHVWHHULQJZKHHOWRWKHOHIW
VRWKHZKHHOVDUHWXUQHGWRZDUGV
WKHURDGLI\RXDUHIDFLQJXSKLOO 'LDJUDP
ZLWKDFXUE7KHWLUHVZLOOFDWFKWKH
FXUELILWUROOVEDFNZDUG'LDJUDP
%
:KHQIDFLQJXSKLOOZLWKRXWDFXUE
WXUQWKHZKHHOVVKDUSO\WRWKH
ULJKW,IWKHYHKLFOHUROOVLWZLOOJR
RIIWKHURDGUDWKHUWKDQLQWRWUDIILF
'LDJUDP&
:KHQSDUNLQJRQDKLOODOZD\VVHW
WKHSDUNLQJEUDNHDQGPRYHWKH
JHDUVHOHFWRULQWRSDUNRUVKLIWLQWR
ILUVWRUUHYHUVHJHDULI\RXUYHKLFOH
KDVDPDQXDOWUDQVPLVVLRQ7XUQ
RIIWKHHQJLQHDQGUHPRYHWKHNH\
&KHFNIRUWUDIILFEHIRUHRSHQLQJ
WKHGRRUDQGUHPHPEHUWRORFN
\RXUYHKLFOH
9,,,3DUNLQJDORQJ
URDGZD\V
5RDGVLGHVWRS
:KHQ\RXQHHGWRVWRSE\WKHVLGHRIWKHURDGIRU
DVKRUWWLPHWRFKHFNVRPHWKLQJRXWVLGH\RXU
YHKLFOHRUWRORRNIRUGLUHFWLRQVRQDPDSIRU
H[DPSOHIROORZWKHVHGLUHFWLRQV
%HIRUHVORZLQJGRZQFKHFN\RXUPLUURUVDQG
EOLQGVSRWWRVHHZKHQWKHZD\LVFOHDU
7XUQRQ\RXUVLJQDOEHIRUHVORZLQJGRZQ
XQOHVVWKHUHDUHYHKLFOHVZDLWLQJWRHQWHUWKH
URDGIURPVLGHURDGVRUGULYHZD\VEHWZHHQ
\RXDQGWKHSRLQWZKHUH\RXLQWHQGWRVWRS
:DLWXQWLO\RXKDYHSDVVHGWKHVHHQWUDQFHVVR
WKDWGULYHUVZLOOQRWWKLQN\RXDUHWXUQLQJ
EHIRUHWKHVWRSSLQJSRLQW
6WHHUWRWKHVLGHRIWKHURDGVWHDGLO\UHGXFLQJ
VSHHGDQGVWRSSDUDOOHOWRWKHFXUERUHGJHRI
WKHURDG<RXVKRXOGQRWEHPRUHWKDQDERXW
FHQWLPHWUHVDZD\IURPLW'RQRWVWRS
ZKHUH\RXZLOOEORFNDQHQWUDQFHRURWKHU
WUDIILF
7XUQRII\RXUVLJQDODQGWXUQRQ\RXUKD]DUG
OLJKWV
,I\RXUYHKLFOHKDVDQDXWRPDWLFWUDQVPLVVLRQSXW
WKHJHDUVHOHFWRULQSDUNDQGVHWWKHSDUNLQJEUDNH
,I\RXUYHKLFOHKDVDPDQXDOWUDQVPLVVLRQVHWWKH
SDUNLQJEUDNHDQGVKLIWLQWRQHXWUDOLIQRWWXUQLQJRII
WKHHQJLQHRUVKLIWLQWRORZRUUHYHUVHLIWXUQLQJRII
WKHHQJLQH:KHQSDUNLQJRQDKLOOWXUQ\RXU
ZKHHOVLQWKHDSSURSULDWHGLUHFWLRQWRNHHS\RXU
YHKLFOHIURPUROOLQJ
9,,,3DUNLQJDORQJ
URDGZD\V
3XOOLQJRXWIURPDURDGVLGHVWRS
:KHQSXOOLQJRXWIURPDURDGVLGHVWRSGRWKH
IROORZLQJ
5HOHDVHWKHSDUNLQJEUDNHDQGPRYHWKHJHDU
VHOHFWRUWRGULYHRUVKLIWLQWRILUVWJHDU
7XUQRII\RXUIODVKHUVDQGWXUQRQ\RXUOHIWWXUQ
VLJQDO
-XVWEHIRUHSXOOLQJDZD\IURPWKHVWRSFKHFN
\RXUPLUURUVDQGEOLQGVSRWWRPDNHVXUHWKH
ZD\LVFOHDURIYHKLFOHVDQGF\FOLVWV
5HWXUQWRQRUPDOWUDIILFVSHHGE\DFFHOHUDWLQJ
VPRRWKO\WREOHQGZLWKWKHWUDIILFDURXQG\RX
,QOLJKWWUDIILFDFFHOHUDWHPRGHUDWHO\,Q
KHDYLHUWUDIILF\RXPD\KDYHWRDFFHOHUDWH
PRUHTXLFNO\,QDYHKLFOHZLWKPDQXDOWUDQV
PLVVLRQVKLIWJHDUVDV\RXLQFUHDVHVSHHG
7XUQRII\RXUOHIWWXUQVLJQDODVVRRQDV\RX
DUHEDFNRQWKHURDG
9,,,3DUNLQJDORQJ
URDGZD\V
&KDSWHUVHFWLRQ9,,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
%DVLFSDUNLQJUXOHVWKDWPD\QRWDSSHDURQ
SRVWHGVWUHHWVLJQV
:KDWDQ$FFHVVLEOH3DUNLQJ3HUPLWLVDQGZKR
LVHOLJLEOHWRSDUNLQVSDFHVGHVLJQDWHGIRU
SHRSOHZLWKGLVDELOLWLHV
:KDWSDUDOOHOSDUNLQJLVDQGZKDWVWHSVWRIROORZ
WRFRPSOHWHLWVXFFHVVIXOO\
+RZWRVDIHO\SXOORYHU\RXUYHKLFOHIRUD
URDGVLGHVWRSDQGUHHQWHUWUDIILF
,;)UHHZD\GULYLQJ
$IUHHZD\DOVRFDOOHGDQH[SUHVVZD\LVDKLJK
VSHHGPXOWLODQHURDG2QDIUHHZD\WUDIILFJRLQJ
LQHDFKGLUHFWLRQLVVHSDUDWHGDQGUDPSVOHW
YHKLFOHVHQWHUDQGH[LW9HKLFOHVSHHGLVKLJKHURQ
DIUHHZD\WKDQRQRWKHUURDGVVRGULYLQJFDQEH
PRUHGHPDQGLQJDQGGLIILFXOW+RZHYHUEHFDXVH
WKHUHDUHQRLQWHUVHFWLRQVELF\FOHVRUSHGHVWULDQV
IUHHZD\GULYLQJFDQEHVDIHUIRUH[SHULHQFHG
GULYHUV
1HZODQHVFDOOHG+LJK2FFXSDQF\9HKLFOH+29
ODQHVDUHWREHXVHGIRUYHKLFOHVFDUU\LQJDVHW
PLQLPXPQXPEHURISHRSOH<RXZLOOQHHGWROHDUQ
KRZWRUHFRJQL]HPDUNLQJVDQGVLJQVIRUWKHVH
ODQHVDQGWKHUXOHVIRUXVLQJWKHP
1HZGULYHUVQHHGWROHDUQKRZWRGULYHZLWKRWKHU
YHKLFOHVDURXQGWKHPDWORZVSHHGVEHIRUHWU\LQJ
IUHHZD\GULYLQJ&ODVV*GULYHUVPD\RQO\GULYH
RQIUHHZD\VZLWKDOLFHQVHGGULYLQJLQVWUXFWRU
,;)UHHZD\GULYLQJ
(QWHULQJDIUHHZD\
7KHUHDUHXVXDOO\WZRSDUWVWRDIUHHZD\HQWUDQFH
DQHQWUDQFHUDPSDQGDQDFFHOHUDWLRQODQH
$V\RXPRYHDORQJWKHIUHHZD\HQWUDQFHUDPS
ORRNDKHDGDQGFKHFN\RXUPLUURUVDQGEOLQGVSRWV
WRDVVHVVWKHWUDIILFWRVHHZKHUH\RXZLOOPRYH
LQWRWKHQHDUHVWIUHHZD\ODQH
$V\RXOHDYHWKHUDPS\RXHQWHUWKHDFFHOHUDWLRQ
ODQH,QWKHDFFHOHUDWLRQODQHGULYHUVLQFUHDVHWKHLU
VSHHGWRWKHVSHHGRIWUDIILFRQWKHIUHHZD\EHIRUH
WKH\PHUJHZLWKLW6LJQDODQGLQFUHDVH\RXUVSHHG
WRPHUJHVPRRWKO\ZLWKWUDIILF)UHHZD\GULYHUV
VKRXOGPRYHRYHULILWLVVDIHWRGRVROHDYLQJ
URRPIRUPHUJLQJYHKLFOHV
$IHZHQWUDQFHUDPSVMRLQWKHIUHHZD\RQWKHOHIW
7KLVPHDQV\RXHQWHUWKHIDVWHVWODQHRIWUDIILFILUVW
8VHWKHDFFHOHUDWLRQODQHWRPDWFK\RXUVSHHGWR
WKHWUDIILFLQFUHDVLQJ\RXUVSHHGPRUHTXLFNO\
'LDJUDP
,;)UHHZD\GULYLQJ
'ULYLQJDORQJDIUHHZD\
2QFHRQWKHIUHHZD\DVDIHGULYHUWUDYHOVDWD
VWHDG\VSHHGORRNLQJIRUZDUGDQGDQWLFLSDWLQJ
ZKDW
VJRLQJWRKDSSHQRQWKHURDGDKHDG7UDIILF
VKRXOGNHHSWRWKHULJKWXVLQJWKHOHIWODQHVIRU
SDVVLQJ
$VLQFLW\GULYLQJ\RXUH\HVVKRXOGEHFRQVWDQWO\
PRYLQJVFDQQLQJWKHURDGDKHDGWRHDFKVLGHDQG
EHKLQG/RRNDKHDGWRZKHUH\RXDUHJRLQJWREH
LQWKHQH[WWRVHFRQGVRUDVIDUDKHDGDV
\RXFDQVHHZKHQ\RXWUDYHODWIDVWHUVSHHGV
5HPHPEHUWRNHHSVFDQQLQJDQGFKHFN\RXU
PLUURUVIUHTXHQWO\
6WD\FOHDURIODUJHYHKLFOHV%HFDXVHRIWKHLUVL]H
WKH\EORFN\RXUYLHZPRUHWKDQRWKHUYHKLFOHV
/HDYHVSDFHDURXQG\RXUYHKLFOH7KLVZLOOOHW\RX
VHHFOHDUO\LQHYHU\GLUHFWLRQDQGZLOOJLYH\RXWLPH
DQGVSDFHWRUHDFW&OLFNKHUHIRUIROORZLQJ
GLVWDQFHV
%HFDUHIXOQRWWRFXWRIIDQ\YHKLFOHODUJHRUVPDOO
ZKHQPDNLQJDODQHFKDQJHRUMRLQLQJWKHIORZRI
WUDIILF,WLVGDQJHURXVDQGLOOHJDOIRUDVORZHU
PRYLQJYHKLFOHWRFXWLQIURQWRIDIDVWHUPRYLQJ
YHKLFOH
8VHWKHIDUOHIWODQHRIDPXOWLODQHIUHHZD\WRSDVV
WUDIILFPRYLQJVORZHUWKDQWKHVSHHGOLPLWEXWGRQ
W
VWD\WKHUH'ULYHLQWKHULJKWKDQGODQHZKHQ
SRVVLEOH2QPDQ\IUHHZD\VZLWKWKUHHRUPRUH
ODQHVLQHDFKGLUHFWLRQODUJHWUXFNVFDQQRWWUDYHO
LQWKHIDUOHIWODQHDQGPXVWXVHWKHODQHWRWKH
ULJKWIRUSDVVLQJ*HWLQWRWKHKDELWRIGULYLQJLQWKH
ULJKWODQHOHDYLQJWKHRWKHUODQHVFOHDUIRUSDVVLQJ
,;)UHHZD\GULYLQJ
/HDYLQJDIUHHZD\
7KHUHDUHXVXDOO\WKUHHSDUWVWRDIUHHZD\H[LWD
GHFHOHUDWLRQODQHIRUVORZLQJGRZQWKDWOHDGV
GULYHUVRXWRIWKHPDLQIORZRIWUDIILFDQH[LWUDPS
DQGDQLQWHUVHFWLRQZLWKDVWRSVLJQ\LHOGVLJQRU
WUDIILFOLJKW:KHQOHDYLQJWKHIUHHZD\VLJQDOWKDW
\RXZDQWWRPRYHLQWRWKHGHFHOHUDWLRQODQHEXW
GRQRWVORZGRZQ:KHQ\RXDUHLQWKHODQH
UHGXFH\RXUVSHHGJUDGXDOO\WRWKHVSHHGVKRZQ
IRUWKHH[LWUDPS&KHFN\RXUVSHHGRPHWHUWR
PDNHVXUH\RXDUHJRLQJVORZO\HQRXJK<RXPD\
QRWUHDOL]HKRZIDVW\RXDUHJRLQJEHFDXVH\RXDUH
XVHGWRWKHKLJKVSHHGRIWKHIUHHZD\/RVLQJ\RXU
DELOLW\WRMXGJH\RXUVSHHGDFFXUDWHO\LVVRPHWLPHV
FDOOHGVSHHGDGDSWDWLRQRUYHORFLWL]DWLRQ,WLVD
VSHFLDOGDQJHUZKHQOHDYLQJDIUHHZD\%H
SUHSDUHGWRVWRSDWWKHHQGRIWKHH[LWUDPS
6LJQVWHOOLQJ\RXWKDWWKHUHDUHIUHHZD\H[LWVDKHDG
DUHIDUHQRXJKLQDGYDQFHIRU\RXWRPDNHDQ\
ODQHFKDQJHVVDIHO\,I\RXPLVVDQH[LWGRQRW
VWRSRUUHYHUVHRQWKHIUHHZD\7DNHWKHQH[WH[LW
'LDJUDP
,;)UHHZD\GULYLQJ
+LJK2FFXSDQF\9HKLFOH+29/DQH
$+LJK2FFXSDQF\9HKLFOH+29ODQHLVD
VSHFLDOO\GHVLJQHGODQHWKDWLVGHVLJQDWHGIRUXVH
E\FHUWDLQW\SHVRIYHKLFOHVZLWKDVSHFLILHG
QXPEHURIRFFXSDQWV,WFDQRIIHUWUDYHOWLPH
VDYLQJVWRWKRVHZKRFKRRVHWRFDUSRRORUWDNH
WUDQVLW+29ODQHVFDQPRYHDJUHDWHUQXPEHURI
SHRSOHWKDQDJHQHUDOWUDIILFODQHDQGHQFRXUDJH
FDUSRROLQJDQGWUDQVLWXVHE\SURYLGLQJWUDYHOWLPH
VDYLQJVDQGDPRUHUHOLDEOHWULSWLPH+29ODQHV
DUHRSHQKRXUVDGD\VHYHQGD\VDZHHN
+29ODQHVEHQHILWDOOGULYHUVQRWRQO\WKRVHZKR
FDUSRROLQWKHIROORZLQJZD\V
,PSURYHVKLJKZD\LQIUDVWUXFWXUHE\PRYLQJPRUH
SHRSOHLQIHZHUFDUV
5HGXFHVWKHQXPEHURIYHKLFOHVRQWKHURDG
5HGXFHVRYHUDOOHPLVVLRQVDQGLPSURYHVDLU
TXDOLW\
+29ODQHVRQSURYLQFLDOKLJKZD\VDUHUHVHUYHGIRU
YHKLFOHVFDUU\LQJDWOHDVWWZRSHRSOHIRUH[DPSOH
DGULYHUSOXVDWOHDVWRQHSDVVHQJHULQDQ\RIWKH
IROORZLQJSDVVHQJHUYHKLFOHVFDUVPLQLYDQV
PRWRUF\FOHVSLFNXSWUXFNVDQGEXVHV
7KH+29ODQHLVVHSDUDWHGIURPWKHRWKHU
JHQHUDOWUDIILFODQHVE\DVWULSHGEXIIHU]RQH,WLV
LOOHJDODQGXQVDIHWRFURVVWKHVWULSHGEXIIHU
SDYHPHQWPDUNLQJV
&HUWDLQYHKLFOHVDUHH[HPSWIURPWKH+29ODQH
UXOHV%XVHVFDQXVHDQ+29ODQHDWDQ\WLPH
UHJDUGOHVVRIWKHQXPEHURIRFFXSDQWV
(PHUJHQF\YHKLFOHVVXFKDVSROLFHILUHDQG
DPEXODQFHDUHDOVRH[HPSWIURPWKHUHVWULFWLRQV
,I\RXXVHWKH+29ODQHVLPSURSHUO\\RXFDQEH
VWRSSHGDQGWLFNHWHGE\DSROLFHRIILFHU<RXZLOO
EHUHTXLUHGWRUHHQWHUWKHJHQHUDOODQHVDWWKH
QH[WHQWU\H[LW]RQH
&RPPHUFLDOPRWRUYHKLFOHVPXVWKDYHWZRRU
PRUHSHUVRQVLQWKHYHKLFOHDQGEHOHVVWKDQ
PHWUHVLQWRWDOOHQJWKWREHLQWKH+29ODQH
6LQJOHRFFXSDQWWD[LVDQGDLUSRUWOLPRXVLQHVDUH
SHUPLWWHGLQWKH+29ODQHXQWLO-XQH
9HKLFOHVZLWKWKH*UHHQOLFHQFHSODWHDUH
SHUPLWWHGLQWKH+29ODQHZLWKDQ\QXPEHURI
RFFXSDQWVXQWLO-XQH*UHHQSODWHVDUH
DYDLODEOHIRUHOLJLEOHSOXJLQK\EULGHOHFWULF
YHKLFOHVDQGIXOOEDWWHU\HOHFWULFYHKLFOHV3OHDVH
FRQVXOWWKH0LQLVWU\RI7UDQVSRUWDWLRQZHEVLWHIRU
PRUHGHWDLOV
,;)UHHZD\GULYLQJ
&KDSWHUVHFWLRQ,;6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
:KDWDIUHHZD\LVDQGZKLFKURDGXVHUVFDQDQG
FDQQRWXVHWKHP
6DIHSUDFWLFHVWRIROORZZKHQHQWHULQJGULYLQJ
DORQJRUH[LWLQJDIUHHZD\
:KDWSURYLQFLDOIUHHZD\+29ODQHVDUHDQGZKR
FDQXVHWKHP
'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
6DQFWLRQVGDQJHURXVEHKDYLRXUV
1RYLFHGULYHUHVFDODWLQJVDQFWLRQV
$JJUHVVLYHGULYLQJDQGURDGUDJH
6WUHHWUDFLQJ
'URZV\GULYLQJ
:RUNHUVRQWKHURDG
$QLPDOVRQWKHURDG
&HOOXODUSKRQHV
'ULYHUGLVWUDFWLRQV
(PHUJHQF\YHKLFOHV
5HDFWLQJWRDQDSSURDFKLQJHPHUJHQF\YHKLFOH
5HDFWLQJWRDVWRSSHGHPHUJHQF\YHKLFOHRUWRZ
WUXFN
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
6DQFWLRQVGDQJHURXVEHKDYLRXUV
2XUJRYHUQPHQWLVFRPPLWWHGWRSURWHFWLQJ
2QWDULDQVIURPLQGLYLGXDOVZKRFKRRVHWRHQJDJH
LQVWUHHWUDFLQJGULYLQJFRQWHVWVRUGULYLQJVWXQWV
'ULYHUVZKRDUHLQYROYHGLQVWUHHWUDFLQJRU
DJJUHVVLYHGULYLQJEHKDYLRXUVFDQIDFHWRXJK
VDQFWLRQV
$QLPPHGLDWHVHYHQGD\OLFHQFHVXVSHQVLRQDQG
VHYHQGD\YHKLFOHLPSRXQGPHQWDWURDGVLGH
ZKHQDSROLFHRIILFHUKDVUHDVRQDEOHDQG
SUREDEOHJURXQGVWREHOLHYHWKHRIIHQFHZDV
FRPPLWWHG
,IFRQYLFWHG
)LQHVIURPWR
&RXUWVFDQLPSRVHDGULYHUOLFHQFHVXVSHQVLRQ
RIXSWR\HDUVIRUDVHFRQGFRQYLFWLRQZLWKLQ
\HDUV
7KHDFFXPXODWLRQRIVL[GHPHULWSRLQWVD
PD[LPXPOLFHQFHVXVSHQVLRQRIWZR\HDUVIRUD
ILUVWFRQYLFWLRQDQGDPD[LPXPVL[PRQWKVLQMDLO
7KHXVHRIDFRQQHFWHGQLWURXVR[LGHV\VWHPZKLOH
GULYLQJRQDKLJKZD\LVSURKLELWHGDQGWKH
GHILQLWLRQRIDVWXQWLQFOXGHVVSHHGLQJDWNPK
RUPRUHDERYHWKHSRVWHGOLPLW
7KHULVNRIDIDWDOLW\RUVHULRXVLQMXU\LVDOPRVWILYH
WLPHVJUHDWHUIRUYHKLFOHVFUDVKLQJDWNPKRU
PRUHDERYHWKHSRVWHGOLPLWRQDKLJKZD\ZLWKD
SRVWHGOLPLWRINPK7KHLQFUHDVHLQULVNLV
HYHQJUHDWHURQURDGVZLWKORZHUSRVWHGOLPLWV)RU
H[DPSOHRQURDGVZLWKDSRVWHGOLPLWRINPKRU
OHVVWKHULVNRIDIDWDOLW\RUVHULRXVLQMXU\LVDOPRVW
HLJKWWLPHVJUHDWHUIRUYHKLFOHVFROOLGLQJDWNPK
RUPRUHDERYHWKHSRVWHGOLPLW
2WKHUGDQJHURXVEHKDYLRXUVDUHDOVRQRZGHILQHG
DVVWXQWVGULYLQJLQVXFKDZD\WKDWSUHYHQWV
DQRWKHUYHKLFOHIURPSDVVLQJLQWHQWLRQDOO\FXWWLQJ
RIIDQRWKHUYHKLFOHRULQWHQWLRQDOO\GULYLQJWRRFORVH
WRDQRWKHUYHKLFOHSHGHVWULDQRUIL[HGREMHFW
)RULQIRUPDWLRQRQWKHUHJXODWLRQ\RXFDQYLVLWWKH
IROORZLQJZHEVLWHZZZVHDUFKHODZVJRYRQFDHQ
DQGVHDUFKXQGHUFXUUHQWFRQVROLGDWHGODZIRU
+LJKZD\7UDIILF$FW25HJ
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
1RYLFHGULYHUHVFDODWLQJVDQFWLRQV
(VFDODWLQJVDQFWLRQVIRUQRYLFHGULYHUVZRXOGDSSO\
LIDQ\RIWKHIROORZLQJRFFXUUHQFHVKDYHWDNHQ
SODFHZLWKLQDILYH\HDUSHULRG
$Q\FRPELQDWLRQRIUHSHDWYLRODWLRQVRI
**00UHVWULFWLRQV
&RQYLFWLRQVIRULQGLYLGXDO+7$RIIHQFHVFDUU\LQJ
IRXURUPRUHGHPHULWSRLQWV
&RXUWRUGHUHGOLFHQFHVXVSHQVLRQVIRU+7$
FRQYLFWLRQVWKDWZRXOGKDYHRWKHUZLVHUHVXOWHGLQ
IRXURUPRUHGHPHULWSRLQWV
(VFDODWLQJVDQFWLRQVIRUK\EULGGULYHUVZRXOGDSSO\
LIWKHUHLVDQ\FRPELQDWLRQRIUHSHDWYLRODWLRQVRI
WKHLUQRYLFHOLFHQFH**00FRQGLWLRQV
ZLWKLQDILYH\HDUSHULRG
7KHSHQDOWLHVXQGHUHVFDODWLQJVDQFWLRQVIRU
QRYLFHDQGK\EULGGULYHUVDUH
GD\OLFHQFHVXVSHQVLRQIRUWKHILUVW
RFFXUUHQFH
GD\OLFHQFHVXVSHQVLRQIRUWKHVHFRQG
RFFXUUHQFH
/LFHQFHFDQFHOODWLRQDQGDUHTXLUHPHQWWRUH
DSSO\IRUD*0DIWHUWKHWKLUGRFFXUUHQFH$Q\
IHHVSDLGFUHGLWUHFHLYHGIRUWLPHVSHQWLQWKH
SURJUDPRU%'(FUHGLWZRXOGEHIRUIHLWHGZKHQ
WKHOLFHQFHLVFDQFHOOHG3OHDVHQRWHWKDWLQWKH
FDVHRIDK\EULGGULYHURQO\WKHQRYLFHFODVV
OLFHQFHLVFDQFHOOHGRQWKHWKLUGRFFDVLRQWKHLU
IXOOFODVVOLFHQFHLVPDLQWDLQHG
$UHLQVWDWHPHQWIHHLVDOVRLPSRVHGRQILUVWDQG
VHFRQGRFFXUUHQFHGULYHUV
1RWH(VFDODWLQJVDQFWLRQVGRQRWDSSO\LQ
VLWXDWLRQVZKHUHDGULYHULVFRQYLFWHGRIDQRIIHQFH
UHVXOWLQJLQIRXURUPRUHGHPHULWSRLQWVRUUHFHLYHV
DFRXUWRUGHUHGVXVSHQVLRQIRUDQRIIHQFHWKDW
ZRXOGKDYHUHVXOWHGLQIRXURUPRUHGHPHULWSRLQWV
DQGKDVRQHRIWKHIROORZLQJK\EULGOLFHQFH
FRPELQDWLRQV
D$*RU*ZLWKD&ODVV0OLFHQFH
E$Q0RU0ZLWKD&ODVV$%&'()RU*
OLFHQFH
)RUIHLWHG)HHV
,I\RXSUHSDLGDQ\H[DPLQDWLRQIHHVDQGDUH
FRQYLFWHGIRUDWKLUGRFFXUUHQFHXQGHUHVFDODWLQJ
VDQFWLRQVDOO\RXUSUHSDLGIHHVZLOOEHORVW<RXZLOO
EHUHTXLUHGWRSD\DOOIHHVRQFH\RXUHHQWHULQWR
WKH*/6SURJUDP
1RWH,I\RXDUHDQRYLFHGULYHUDQGDUHFRQYLFWHG
RIYLRODWLQJDQ\QRYLFHFRQGLWLRQDQRIIHQFHWKDWLV
DVVRFLDWHGZLWKRUPRUHGHPHULWSRLQWVRUUHFHLYH
DFRXUWRUGHUHGVXVSHQVLRQIRUDQRIIHQFHWKDW
ZRXOGKDYHUHVXOWHGLQRUPRUHGHPHULWSRLQWV
\RXZLOOUHFHLYHWKHDSSURSULDWHSHQDOW\DQGQRYLFH
GULYHUHVFDODWLQJVDQFWLRQOLFHQFHVXVSHQVLRQ
+RZHYHUWKHGHPHULWSRLQWVZLOOEHUHFRUGHGDV
]HURRQ\RXUUHFRUGDQGZLOOQRWEHFRXQWHG
WRZDUGVWKHDFFXPXODWHGGHPHULWSRLQWV\VWHP
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
$JJUHVVLYHGULYLQJDQGURDGUDJH
$JJUHVVLYHGULYLQJEHKDYLRXUVVXFKDVWDLOJDWLQJ
VSHHGLQJIDLOLQJWR\LHOGWKHULJKWRIZD\DQG
FXWWLQJLQIURQWRIVRPHRQHWRRFORVHO\PD\FDXVH
RWKHUGULYHUVWREHFRPHIUXVWUDWHGDQGDQJU\DQG
OHDGWRDURDGUDJHFRQIOLFWEHWZHHQGULYHUV$Q
DQJU\GULYHUPD\DWWHPSWGDQJHURXVUHWDOLDWRU\
DFWLRQ$YRLGEHFRPLQJDQJU\RQWKHURDGE\
IROORZLQJWKHVHWLSV
.QRZWKHZDUQLQJVLJQVRIVWUHVVDQGFRPEDW
WKHPE\JHWWLQJIUHVKDLUEUHDWKLQJGHHSO\DQG
VORZO\DQGOLVWHQLQJWRUHOD[LQJPXVLF
0DNHDFRQVFLRXVGHFLVLRQQRWWRWDNH\RXU
SUREOHPVZLWK\RXZKHQGULYLQJ
,I\RXDUHRQDORQJWULSWDNHDEUHDNIURP
GULYLQJHYHU\IHZKRXUV
'RQ
WFRPSHWHZLWKDQRWKHUGULYHURUUHWDOLDWHIRU
ZKDW\RXEHOLHYHWREHLQFRQVLGHUDWHEHKDYLRXU
,IVRPHRQHHOVH
VGULYLQJDQQR\V\RXGRQ
WWU\WR
HGXFDWHWKHSHUVRQ/HDYHWUDIILFHQIRUFHPHQW
WRWKHSROLFH
'RQ
WWDNHRWKHUGULYHUV
PLVWDNHVRUEHKDYLRXUV
SHUVRQDOO\
$YRLGKRQNLQJ\RXUKRUQDWRWKHUGULYHUVXQOHVV
DEVROXWHO\QHFHVVDU\$OLJKWWDSRQWKHKRUQLV
XVXDOO\VXIILFLHQW
5HPHPEHUWKDWLI\RXGULYHUHVSRQVLEO\DQG
FRXUWHRXVO\\RXDUHOHVVOLNHO\WRVSDUNDURDG
UDJHVLWXDWLRQ
3ODQ\RXUURXWHLQDGYDQFH6RPHRIWKHPRVW
HUUDWLFDQGLQFRQVLGHUDWHGULYLQJRFFXUVZKHQD
GULYHULVORVW
'ULYHLQDFRXUWHRXVDQGFRQVLGHUDWHPDQQHU
<LHOGWKHULJKWRIZD\ZKHQLWLVFRXUWHRXVWRGR
VR
%HSROLWHDQGOHWRWKHUGULYHUVLQIURQWRI\RX
ZKHQWKH\DUHVLJQDOOLQJWKDWWKH\ZRXOGOLNHWR
GRVR
,I\RXPDNHDPLVWDNHZKLOHGULYLQJLQGLFDWHWKDW
\RXDUHVRUU\$QDSRORJ\FDQJUHDWO\UHGXFHWKH
ULVNRIFRQIOLFW
'RQ
WUHWXUQDJJUHVVLRQ$YRLGH\HFRQWDFWDQG
GRQRWJHVWXUHEDFN.HHSDZD\IURPHUUDWLF
GULYHUV
,I\RXDUHLQDVLWXDWLRQLQZKLFK\RXIHHO
WKUHDWHQHGE\DQRWKHUGULYHUGRWKHIROORZLQJ
6WD\LQ\RXUYHKLFOHDQGORFNWKHGRRUV
,I\RXKDYHDFHOOSKRQHFDOOSROLFH
8VH\RXUKRUQDQGVLJQDOVWRDWWUDFWDWWHQWLRQ
,I\RXEHOLHYH\RXDUHEHLQJIROORZHGGRQRW
GULYHKRPH'ULYHWRDSROLFHVWDWLRQRUDEXV\
SXEOLFSODFH
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
6WUHHWUDFLQJ
6WUHHWUDFLQJLVRQHRIWKHPRVWVHULRXVDQG
UHFNOHVVIRUPVRIDJJUHVVLYHGULYLQJ,WVKRZVD
FDOORXVGLVUHJDUGIRURWKHUGULYHUVDQGURDGXVHUV
DQGLWSXWVHYHU\RQHRQWKHURDGDWVHULRXVULVNRI
LQMXU\RUGHDWK6WUHHWUDFHUVUXQWKHULVNRIEHLQJ
FKDUJHGXQGHUWKH&ULPLQDO&RGHRI&DQDGD
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
'URZV\GULYLQJ
'URZVLQHVVKDVEHHQLGHQWLILHGDVDFDXVDOIDFWRU
LQDJURZLQJQXPEHURIFROOLVLRQVUHVXOWLQJLQLQMXU\
DQGIDWDOLW\7LUHGGULYHUVFDQEHDVLPSDLUHGDV
GUXQNGULYHUV7KH\KDYHDVORZHUUHDFWLRQWLPH
DQGDUHOHVVDOHUW
6WXGLHVKDYHVKRZQWKDWFROOLVLRQVLQYROYLQJ
GURZVLQHVVWHQGWRRFFXUGXULQJODWHQLJKWHDUO\
PRUQLQJKRXUVEHWZHHQDPDQGDPRUODWH
DIWHUQRRQEHWZHHQSPDQGSP6WXGLHV
DOVRLQGLFDWHWKDWVKLIWZRUNHUVSHRSOHZLWK
XQGLDJQRVHGRUXQWUHDWHGVOHHSGLVRUGHUVDQG
FRPPHUFLDOYHKLFOHRSHUDWRUVDUHDWJUHDWHUULVN
IRUVXFKFROOLVLRQV
$OZD\VDYRLGGULYLQJZKHQ\RXDUHIHHOLQJGURZV\
6FLHQWLILFUHVHDUFKFRQILUPVWKDW\RXFDQIDOODVOHHS
ZLWKRXWDFWXDOO\EHLQJDZDUHRILW+HUHDUHHLJKW
LPSRUWDQWZDUQLQJVLJQVWKDW\RXUGURZVLQHVVLV
VHULRXVHQRXJKWRSODFH\RXDWULVN
<RXKDYHGLIILFXOW\NHHSLQJ\RXUH\HVRSHQ
<RXUKHDGNHHSVWLOWLQJIRUZDUGGHVSLWH\RXU
HIIRUWVWRNHHS\RXUH\HVRQWKHURDG
<RXUPLQGNHHSVZDQGHULQJDQG\RXFDQ
WVHHP
WRFRQFHQWUDWH
<RX\DZQIUHTXHQWO\
<RXFDQ
WUHPHPEHUGHWDLOVDERXWWKHODVWIHZ
NLORPHWUHV\RXKDYHWUDYHOOHG
<RXDUHPLVVLQJWUDIILFOLJKWVDQGVLJQDOV
<RXUYHKLFOHGULIWVLQWRWKHQH[WODQHDQG\RX
KDYHWRMHUNLWEDFNLQWR\RXUODQH
<RXKDYHGULIWHGRIIWKHURDGDQGQDUURZO\
DYRLGHGDFUDVK
,I\RXKDYHRQHRIWKHVHV\PSWRPV\RXPD\EHLQ
GDQJHURIIDOOLQJDVOHHS3XOORIIWKHURDGDQGSDUN
\RXUYHKLFOHLQDVDIHVHFXUHSODFH8VHZHOOOLW
UHVWVWRSVRUWUXFNVWRSVRQEXV\URDGV/RFN\RXU
GRRUVUROOXS\RXUZLQGRZVDQGWDNHDQDS
6WLPXODQWVDUHQHYHUDVXEVWLWXWHIRUVOHHS'ULQNV
FRQWDLQLQJFDIIHLQHFDQKHOS\RXIHHOPRUHDOHUW
EXWLI\RXDUHVOHHSGHSULYHGWKHHIIHFWVZHDURII
TXLFNO\7KHVDPHLVWUXHRIWXUQLQJXSWKHYROXPH
RI\RXUUDGLRRU&'SOD\HUDQGRSHQLQJWKH
ZLQGRZ<RXFDQQRWWULFN\RXUERG\LQWRVWD\LQJ
DZDNH\RXQHHGWRVOHHS5HPHPEHUWKHRQO\
VDIHGULYHULVDZHOOUHVWHGDOHUWGULYHU
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
:RUNHUVRQWKHURDG
%HH[WUDFDUHIXOZKHQGULYLQJWKURXJKFRQVWUXFWLRQ
]RQHVDQGDUHDVZKHUHSHRSOHDUHZRUNLQJRQRU
QHDUWKHURDG
:KHQDSSURDFKLQJDFRQVWUXFWLRQ]RQHSURFHHG
ZLWKFDXWLRQDQGREH\DOOZDUQLQJVLJQVSHRSOH
DQGRUGHYLFHVWKDWDUHGLUHFWLQJWUDIILFWKURXJKWKH
DUHD2IWHQORZHUVSHHGOLPLWVDUHSRVWHGWR
LQFUHDVHZRUNHUVDIHW\DQGUHIOHFWLQFUHDVHGURDG
KD]DUGVVXFKDVFRQVWUXFWLRQYHKLFOHVLQWKHDUHD
XQHYHQRUJUDYHOVXUIDFHVQDUURZHGODQHVDQGVR
RQ,QWKHFRQVWUXFWLRQ]RQHGULYHFDUHIXOO\DQG
DGMXVW\RXUGULYLQJWRVXLWWKHFRQGLWLRQVGRQRW
FKDQJHODQHVEHUHDG\IRUVXGGHQVWRSVDQG
ZDWFKIRUZRUNHUVDQGUHODWHGFRQVWUXFWLRQYHKLFOHV
DQGHTXLSPHQWRQWKHURDG
2WKHUW\SHVRIZRUNHUVDQGYHKLFOHVPD\DOVREH
SUHVHQWRQWKHURDGDQGSRVHDKD]DUGVXFKDV
URDGVLGHDVVLVWDQFHDQGGLVDEOHYHKLFOHV
VXUYH\RUVURDGPDLQWHQDQFHRUXWLOLW\ZRUNHUV
$OZD\VVORZGRZQDQGSDVVZLWKFDXWLRQWR
SUHYHQWDFROOLVLRQ,IVDIHWRGRVRPRYHRYHUD
ODQHWRLQFUHDVHWKHVSDFHEHWZHHQ\RXUYHKLFOH
DQGWKHKD]DUG
7UDIILFFRQWUROZRUNHUVGLUHFWYHKLFOHWUDIILFLQZRUN
]RQHVDQGSUHYHQWFRQIOLFWVEHWZHHQFRQVWUXFWLRQ
DFWLYLW\DQGWUDIILF:KHWKHU\RXDUHGULYLQJGXULQJ
WKHGD\RUDWQLJKWZDWFKIRUWUDIILFFRQWUROSHRSOH
DQGIROORZWKHLULQVWUXFWLRQV
7UHDWSHRSOHZRUNLQJRQURDGVZLWKUHVSHFWDQG
EHSDWLHQWLIWUDIILFLVGHOD\HG6RPHWLPHVWUDIILFLQ
RQHGLUHFWLRQPXVWZDLWZKLOHYHKLFOHVIURPWKH
RWKHUGLUHFWLRQSDVVWKURXJKDGHWRXU,I\RXUODQH
LVEORFNHGDQGQRRQHLVGLUHFWLQJWUDIILF\LHOGWR
WKHGULYHUFRPLQJIURPWKHRSSRVLWHGLUHFWLRQ
:KHQWKHZD\LVFOHDUPRYHVORZO\DQGFDUHIXOO\
DURXQGWKHREVWDFOH
5HFHQWFKDQJHVWRWKH+LJKZD\7UDIILF$FWKDYH
UHVXOWHGLQGRXEOHGILQHVIRUVSHHGLQJLQD
FRQVWUXFWLRQ]RQHZKHQZRUNHUVDUHSUHVHQW,WLV
DOVRDQRIIHQFHWRGLVREH\6723RU6/2:VLJQV
GLVSOD\HGE\DWUDIILFFRQWUROSHUVRQRUILUHILJKWHU
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
$QLPDOVRQWKHURDG
&UDVKHVLQYROYLQJDQLPDOVPDLQO\PRRVHDQG
GHHUDUHDJURZLQJSUREOHP0RWRUYHKLFOHZLOG
DQLPDOFROOLVLRQVLQFUHDVHGIURPLQWR
FROOLVLRQVLQ7KLVUHSUHVHQWVDQ
LQFUHDVHRISHUFHQWRYHUD\HDUSHULRG
0DQ\RIWKHVHFROOLVLRQVJRXQUHSRUWHG
<RXPD\HQFRXQWHUGRPHVWLFIDUPRUZLOGDQLPDOV
RQWKHURDGDQ\ZKHUHLQ2QWDULR6FDQWKHURDG
DKHDGIURPVKRXOGHUWRVKRXOGHU,I\RXVHHDQ
DQLPDORQRUQHDUWKHURDGVORZGRZQDQGSDVV
FDUHIXOO\DVWKH\PD\VXGGHQO\EROWRQWRWKHURDG
0DQ\DUHDVRIWKHSURYLQFHKDYHDQLPDOFURVVLQJ
VLJQVZKLFKZDUQGULYHUVRIWKHGDQJHURIODUJH
DQLPDOVVXFKDVPRRVHGHHURUFDWWOHFURVVLQJ
WKHURDG%HFDXWLRXVZKHQ\RXVHHWKHVHVLJQV
HVSHFLDOO\GXULQJGXVNWRGDZQKRXUVZKHQZLOG
DQLPDOVDUHPRVWDFWLYH
7RUHGXFH\RXUFKDQFHVRIKLWWLQJDQDQLPDO
5HGXFHVSHHGLQGDUNQHVVUDLQDQGIRJ7KHVH
FRQGLWLRQVFDQUHGXFH\RXUDELOLW\WRVHHDQ
DQLPDORQRUQHDUWKHURDG
7UDYHODWDVDIHVSHHGDQGVWD\DOHUW'ULYHU
LQDWWHQWLRQDQGVSHHGDUHFRPPRQIDFWRUVLQ
DQLPDOYHKLFOHFUDVKHV
:DWFKIRUVKLQLQJH\HVDWWKHURDGVLGH,I\RXGR
VHHVKLQLQJH\HVVORZGRZQDQGEHUHDG\WR
VWRS
.HHS\RXUZLQGVKLHOGFOHDQDQGKHDGOLJKWV
SURSHUO\DGMXVWHG
8VHKLJKEHDPVZKHQHYHUSRVVLEOHDQGVDIHWR
GRVRDQGVFDQERWKVLGHVRIWKHURDGDKHDG
,I\RXVHHDQDQLPDO
6ORZGRZQDQGVRXQG\RXUKRUQ
%HDOHUWIRURWKHUDQLPDOVWKDWPD\EHZLWKWKH
RQH\RX
YHVHHQ
'RQ
WWU\WRGULYHDURXQGWKHDQLPDO$QLPDO
PRYHPHQWVDUHXQSUHGLFWDEOH
,I\RXZLVKWRZDWFKDQDQLPDOILQGDVDIHSODFH
WRSXOOFRPSOHWHO\RIIWKHURDGDQGSDUNILUVW'R
QRWSDUNRQWKHVKRXOGHURIWKHURDGDVRWKHU
GULYHUVPD\EHGLVWUDFWHGE\WKHDQLPDODQGKLW
\RXUYHKLFOH
6WD\LQ\RXUYHKLFOHJHWWLQJRXWLQFUHDVHV\RXU
FKDQFHRIEHLQJKLWE\DQRWKHUYHKLFOH
,I\RXKLWDGHHURUPRRVHUHSRUWLWWRWKHORFDO
SROLFHVHUYLFHRUWKH0LQLVWU\RI1DWXUDO
5HVRXUFHV'RQRWWU\WRPRYHDQLQMXUHGDQLPDO
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
&HOOXODUSKRQHV
&HOOXODUSKRQHVFDQEHDQLPSRUWDQWVDIHW\DLGIRU
GULYHUVEXWXVLQJDFHOOXODUSKRQHZKLOHGULYLQJ
WDNHVDGULYHU¶VDWWHQWLRQDZD\IURPWKHWDVNRI
GULYLQJDQGLQFUHDVHVWKHULVNRIFROOLVLRQ9LHZLQJ
GLVSOD\VFUHHQVXQUHODWHGWRGULYLQJVXFKDVODSWRS
FRPSXWHUVDQGSRUWDEOH'9'SOD\HUVLVSURKLELWHG
ZKLOHGULYLQJÆ'LVWUDFWHGGULYHUVDUHPRUHOLNHO\WR
PDNHPLVWDNHVRUUHDFWWRRVORZO\Æ7KDW¶VZK\DV
RI6HSWHPEHULIFRQYLFWHGDÆIXOO\
OLFHQVHGGULYHUÆKROGHURI&ODVV$%&'()
*RUDÆK\EULGGULYHUÆKROGHURIDIXOOFODVV
OLFHQFHDQGDQRYLFHOLFHQFHVXFKDV&ODVV*DQG
0ZKRWDONVWH[WVW\SHVGLDOVRUHPDLOVXVLQJ
KDQGKHOGFHOOXODUSKRQHVDQGRWKHUKDQGKHOG
FRPPXQLFDWLRQVDQGHQWHUWDLQPHQWGHYLFHVIDFH
ILQHVRIXSWRDQGWKUHHGHPHULWSRLQWV
DSSOLHGWRWKHLUGULYHU¶VUHFRUGXQGHU2QWDULR¶V
GLVWUDFWHGGULYLQJODZ$ÆQRYLFHGULYHUVXEMHFWWR
WKHJUDGXDWHGOLFHQVLQJSURJUDPFRQYLFWHGRI
GLVWUDFWHGGULYLQJZLOOEHVXEMHFWWRHVFDODWLQJ
VDQFWLRQVGD\OLFHQFHVXVSHQVLRQIRUDILUVW
RFFXUUHQFHGD\VIRUDVHFRQGRFFXUUHQFHDQG
OLFHQFHFDQFHOODWLRQDQGUHPRYDOIURPWKH
*UDGXDWHG/LFHQVLQJ6\VWHPIRUDWKLUG
RFFXUUHQFH
3ROLFHFDQDOVRFKDUJHGULYHUVZLWKFDUHOHVVGULYLQJ
RUHYHQGDQJHURXVGULYLQJDFULPLQDORIIHQFHLI
WKH\GRQRWSD\IXOODWWHQWLRQWRWKHGULYLQJWDVN,I
\RXDUHFRQYLFWHGRIFDUHOHVVGULYLQJ\RXZLOOJHW
VL[GHPHULWSRLQWVDQGFDQEHILQHGXSWR
DQGVHQWHQFHGWRXSWRVL[PRQWKVLQMDLO,QVRPH
FDVHV\RXUOLFHQFHPD\EHVXVSHQGHGIRUXSWR
WZR\HDUV
0DNHLWDKDELWWRSXOORYHUDQGSDUNWRXVH\RXU
FHOOSKRQHRUKDYHDSDVVHQJHUWDNHWKHFDOORUOHW
LWJRWRYRLFHPDLO,I\RXPXVWXVHDFHOOXODUSKRQH
ZKHQGULYLQJ\RXPXVWXVHLWKDQGVIUHH
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
'ULYHUGLVWUDFWLRQV
'ULYLQJLVDMREWKDWUHTXLUHV\RXUIXOODWWHQWLRQ
HYHU\WLPH\RXJHWEHKLQGWKHZKHHO$Q\
VHFRQGDU\DFWLYLW\ZLOOGHWUDFWIURP\RXUDELOLW\WR
GULYHSURSHUO\DQGVDIHO\<RXPXVWUHGXFH
GLVWUDFWLRQVDQGIRFXVRQ\RXUGULYLQJ
7KHUHDUHDQXPEHURISRVVLEOHGULYHUGLVWUDFWLRQV
LQFOXGLQJ
8VLQJGHYLFHVVXFKDV*36V\VWHPVVWHUHRV
&'DQG'9'SOD\HUVUDGLRVFHOOSKRQHV
ODSWRSV3'$VDQG03SOD\HUV
5HDGLQJPDSVGLUHFWLRQVRURWKHUPDWHULDO
*URRPLQJFRPELQJKDLUSXWWLQJRQPDNHXSRU
VKDYLQJ
(DWLQJRUGULQNLQJ
7DNLQJQRWHV
7DONLQJZLWKSDVVHQJHUV
7HQGLQJWRFKLOGUHQRUSHWV
$GMXVWLQJWKHFRQWUROVLQ\RXUYHKLFOHUDGLR&'
SOD\HURUFOLPDWHFRQWURO
9LVXDOGLVWUDFWLRQVRXWVLGH\RXUYHKLFOHVXFKDV
FROOLVLRQVRUSROLFHDFWLYLW\
&DUHOHVVGULYLQJLVDVHULRXVRIIHQFH3ROLFHFDQ
FKDUJHGULYHUVZLWKFDUHOHVVGULYLQJLIGULYHUVGRQRW
SD\IXOODWWHQWLRQWRWKHLUGULYLQJ,I\RXDUH
FRQYLFWHGRIFDUHOHVVGULYLQJ\RXZLOOJHWVL[
GHPHULWSRLQWVDQGFDQEHILQHGXSWRDQG
VHQWHQFHGWRXSWRVL[PRQWKVLQMDLO,QVRPH
FDVHV\RXUOLFHQFHPD\EHVXVSHQGHGIRUXSWR
WZR\HDUV
7LSVWRUHGXFHGULYHUGLVWUDFWLRQV
$WWHQGWRSHUVRQDOJURRPLQJDQGSODQ\RXUURXWH
EHIRUH\RXOHDYH
,GHQWLI\DQGSUHVHW\RXUYHKLFOH
VFOLPDWHFRQWURO
UDGLRDQG&'SOD\HU
0DNHLWDKDELWWRSXOORYHUDQGSDUNWRXVH\RXU
FHOOSKRQHRUKDYHDSDVVHQJHUWDNHWKHFDOORU
OHWLWJRWRYRLFHPDLO
3XWUHDGLQJPDWHULDOLQWKHWUXQNLI\RXDUH
WHPSWHGWRUHDG
'RQRWHQJDJHLQHPRWLRQDORUFRPSOH[
FRQYHUVDWLRQV6WUHVVFDQDIIHFW\RXUGULYLQJ
SHUIRUPDQFH
:KHQ\RXDUHKXQJU\RUWKLUVW\WDNHDEUHDN
IURPGULYLQJ
5HPHPEHUWRIRFXVRQ\RXUGULYLQJDWDOOWLPHV$
VSOLWVHFRQGGLVWUDFWLRQEHKLQGWKHZKHHOFDQUHVXOW
LQDFROOLVLRQ
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
(PHUJHQF\YHKLFOHV
(PHUJHQF\YHKLFOHVSROLFHILUHDPEXODQFHDQG
SXEOLFXWLOLW\HPHUJHQF\YHKLFOHVDUHHDVLO\
LGHQWLILHGZKHQUHVSRQGLQJWRDQHPHUJHQF\
WKURXJKWKHLUXVHRIIODVKLQJUHGOLJKWVSROLFHPD\
DOVRXVHUHGDQGEOXHIODVKLQJOLJKWVDVLUHQRU
EHOORUDOWHUQDWLQJIODVKHVRIZKLWHOLJKWIURPWKHLU
KHDGODPSKLJKEHDPV$OVREHDZDUHWKDWSROLFH
ILUHDQGDPEXODQFHVHUYLFHVXVHPDQ\GLIIHUHQW
W\SHVRIYHKLFOHVLQFOXGLQJELF\FOHVVQRZPRELOHV
DOOWHUUDLQYHKLFOHVPRWRUF\FOHVEXVHVDQGWUXFNV
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
5HDFWLQJWRDQDSSURDFKLQJHPHUJHQF\
:KHQDQHPHUJHQF\YHKLFOHLVDSSURDFKLQJ\RXU
YHKLFOHIURPDQ\GLUHFWLRQZLWKLWVIODVKLQJUHGRU
UHGDQGEOXHOLJKWVRUVLUHQRUEHOOVRXQGLQJ\RX
DUHUHTXLUHGWREULQJ\RXUYHKLFOHWRDQLPPHGLDWH
VWRS
:KHQEULQJLQJ\RXUYHKLFOHWRDVWRS\RXDUH
UHTXLUHGWREULQJ\RXUYHKLFOHDVQHDUDVLV
SUDFWLFDOWRWKHULJKWKDQGFXUERUHGJHRIWKH
URDGZD\:KHQRQDRQHZD\URDGRUGLYLGHG
KLJKZD\KDYLQJPRUHWKDQWZRODQHVRIWUDIILF
PRYHWRWKHFORVHVWFXUERUHGJHRIWKHURDGZD\
<RXUYHKLFOHVKRXOGEHSDUDOOHOWRWKHURDGZD\DQG
FOHDURIDQ\LQWHUVHFWLRQVLQFOXGLQJKLJKZD\RQRII
UDPSV'RQRWPRYHRQWRRUVWRSRQWKHVKRXOGHU
RIWKHURDGZD\DVHPHUJHQF\YHKLFOHVPD\EH
WUDYHOOLQJDORQJLW
8VHH[WUHPHFDXWLRQZKHQVWRSSLQJ\RXUYHKLFOH
EHFDXVHRWKHUGULYHUVPD\QRW\HWEHDZDUHRIRU
DUHDOUHDG\UHDFWLQJWRWKHDSSURDFKLQJHPHUJHQF\
YHKLFOH/RRNWRWKHIURQWERWKVLGHVDQGWRZDUG
WKHUHDURI\RXUYHKLFOHVLJQDO\RXULQWHQWLRQWRSXOO
RYHUZHOOLQDGYDQFHDQGEHJLQWRDGMXVW\RXU
YHKLFOH
VVSHHGWRPHUJHZLWKDQ\WUDIILFWRWKHVLGH
\RXDUHSXOOLQJWR2QFH\RXKDYHPRYHG\RXU
YHKLFOHWRWKHVLGHEUDNHJUDGXDOO\DVUHTXLUHGDQG
EULQJ\RXUYHKLFOHWRDVDIHVWRS$YRLGDQ\VXGGHQ
FKDQJHVLQGLUHFWLRQRUH[FHVVLYHEUDNLQJDQGEH
DZDUHRIDQ\YHKLFOHVDSSURDFKLQJIDVWWRWKHUHDU
RI\RXUYHKLFOH
,I\RXDUHLQDQLQWHUVHFWLRQDQGSUHSDULQJWRPDNH
DWXUQZKHQDQHPHUJHQF\YHKLFOHLVDSSURDFKLQJ
\RXVKRXOGDEDQGRQWKHWXUQDQGFOHDUWKH
LQWHUVHFWLRQE\SURFHHGLQJVWUDLJKWZKHQVDIHWRGR
VRWKHQSXOOWRWKHULJKWDQGVWRS7KLVZLOOFOHDU
WKHLQWHUVHFWLRQDQGPLQLPL]HWKHSRVVLELOLW\RID
FROOLVLRQZLWKWKHHPHUJHQF\YHKLFOHVKRXOGLWEH
SDVVLQJ\RXRQWKHVLGH\RXLQWHQGHGWRWXUQ
WRZDUGV
:KHQWKHHPHUJHQF\YHKLFOHKDVSDVVHGFKHFNWR
PDNHVXUHWKHZD\LVFOHDUDQGVLJQDOEHIRUH
PHUJLQJEDFNLQWRWUDIILF5HPDLQYLJLODQWIRU
DGGLWLRQDOHPHUJHQF\YHKLFOHVDQGUHPHPEHULWLV
LOOHJDOWRIROORZZLWKLQPHWUHVRIDILUHYHKLFOH
UHVSRQGLQJWRDQDODUP
1RWH6RPHILUHILJKWHUVDQGYROXQWHHUPHGLFDO
UHVSRQGHUVPD\GLVSOD\DIODVKLQJJUHHQOLJKW
ZKHQXVLQJWKHLURZQYHKLFOHVWRUHVSRQGWRDILUH
RUPHGLFDOHPHUJHQF\3OHDVH\LHOGWKHULJKWRI
ZD\WRKHOSWKHPUHVSRQGWRDQHPHUJHQF\FDOO
TXLFNO\DQGVDIHO\
3ROLFHRURWKHUHQIRUFHPHQWRIILFHUVPD\UHTXLUH
\RXWRSXOORYHUDQGEULQJ\RXUYHKLFOHWRDQ
LPPHGLDWHVWRS7\SLFDOO\WKHRIILFHUPD\VLJQDO
WKLVUHTXLUHPHQWE\GULYLQJWKHLUYHKLFOHZLWKLWV
HPHUJHQF\OLJKWVIODVKLQJDQGRUVLUHQRQEHKLQG
\RXUYHKLFOHRUE\XVLQJKDQGJHVWXUHVIURPWKH
VLGHRIWKHURDG:KHQVWRSSLQJ\RXUYHKLFOH
IROORZWKHSUHYLRXVSURFHGXUHVH[FHSWWKDW\RX
VKRXOGEULQJ\RXUYHKLFOHWRDVWRSRXWVLGHRIWUDIILF
ODQHVDQGRQWRWKHVKRXOGHURIWKHURDGZD\ZKHUH
SRVVLEOHRUWXUQDQGVWRSRQDVLGHVWUHHWZLWKOHVV
WUDIILFLILQWKHLPPHGLDWHYLFLQLW\,IWKHRIILFHUJLYHV
GLUHFWLRQDVWRZKHUHWRVWRSIROORZWKHRIILFHU
V
GLUHFWLRQV
6WD\DOHUW
:KHQ\RXVHHDQDSSURDFKLQJHPHUJHQF\YHKLFOH
ZLWKLWVOLJKWVRUVLUHQRQSUHSDUHWRFOHDUWKHZD\
5HDFWTXLFNO\EXWFDOPO\'RQ
WVODPRQWKH
EUDNHVRUSXOORYHUVXGGHQO\8VH\RXUVLJQDOVWR
DOHUWRWKHUGULYHUV\RXLQWHQGWRSXOORYHU
&KHFN\RXUUHDUYLHZPLUURUV/RRNLQIURQWDQG
RQERWKVLGHVRI\RXUYHKLFOH$OORZRWKHU
YHKLFOHVWRDOVRSXOORYHU3XOOWRWKHULJKWDQG
JUDGXDOO\FRPHWRDVWRS
:DLWIRUWKHHPHUJHQF\YHKLFOHWRSDVVDQG
ZDWFKIRURWKHUHPHUJHQF\YHKLFOHVWKDWPD\EH
UHVSRQGLQJWRWKHVDPHFDOO&KHFNWRPDNHVXUH
WKHZD\LVFOHDUDQGVLJQDOEHIRUHPHUJLQJEDFN
LQWRWUDIILF
'RQ
WGULYHRQRUEORFNWKHVKRXOGHURQIUHHZD\V
(PHUJHQF\YHKLFOHVZLOOXVHWKHVKRXOGHURIWKH
URDGLIDOOODQHVDUHEORFNHG
'LDJUDP
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
5HDFWLQJWRDVWRSSHGHPHUJHQF\
YHKLFOHRUWRZWUXFN
'LDJUDP
:KHQDSSURDFKLQJDQ\HPHUJHQF\YHKLFOHWKDWLV
VWRSSHGZLWKLWVUHGRUUHGDQGEOXHOLJKWVIODVKLQJ
RUDWRZWUXFNZLWKLWVDPEHUOLJKWVIODVKLQJLQWKH
VDPHGLUHFWLRQRI\RXUWUDYHO\RXDUHUHTXLUHGWR
UHGXFHWKHVSHHGRI\RXUYHKLFOHDQGSURFHHGZLWK
FDXWLRQ
,I\RXUYHKLFOHKDVDPDQXDOWUDQVPLVVLRQLWLV
UHFRPPHQGHGWKDW\RXXVH\RXUEUDNHVYHUVXV
VKLIWLQJGRZQWRDORZHUJHDULQRUGHUWRDFWLYDWH
\RXUUHDUEUDNHOLJKWVDQGLQGLFDWHWRRWKHUGULYHUV
WKDW\RXDUHVORZLQJGRZQ
:KHQWKHURDGZD\KDVWZRRUPRUHODQHVRIWUDIILF
LQWKHVDPHGLUHFWLRQRI\RXUWUDYHO\RXDUH
UHTXLUHGWRPRYHLQWRDODQHDZD\IURPWKH
HPHUJHQF\YHKLFOHRUWRZWUXFNLIVDIHWRGRVRLQ
DGGLWLRQWRUHGXFLQJWKHVSHHGRI\RXUYHKLFOHDQG
SURFHHGLQJZLWKFDXWLRQ6LPLODUWRWKHSURFHGXUHV
QRWHGDERYHZKHQVORZLQJGRZQDQGPRYLQJRYHU
ORRNLQIURQWDQGRQERWKVLGHVRI\RXUYHKLFOHDQG
FKHFN\RXUUHDUYLHZPLUURUVWRGHWHUPLQHWKH
VSHHGRIWKHWUDIILFDURXQG\RXDQGFRQGLWLRQRIWKH
URDGZD\3URFHHGWRGHFUHDVH\RXUVSHHGVLPLODU
WRVXUURXQGLQJWUDIILFVSHHGXVH\RXUWXUQVLJQDO
SULRUWRPDNLQJWKHODQHFKDQJHDQGGRXEOHFKHFN
\RXUUHDUYLHZPLUURUVDQGVKRXOGHUFKHFN\RXU
EOLQGVSRWVWRHQVXUHQRRWKHUYHKLFOHVDUHPRYLQJ
LQWRRUDSSURDFKLQJWKDWODQHWRRIDVW:KHQVDIHWR
GRVRFKDQJHODQHVZHOOLQDGYDQFHRIDQ
HPHUJHQF\YHKLFOHRUDVWRSSHGWRZWUXFNZLWKLWV
IODVKLQJDPEHUOLJKWV2QFHLQWKHODQHEUDNH
JUDGXDOO\DQGFRQWLQXHWRUHGXFHWKHVSHHGRI\RXU
YHKLFOHZKHQVDIHWRGRVR%HDZDUHRIDQ\
YHKLFOHVDSSURDFKLQJIDVWWRWKHUHDURI\RXU
YHKLFOH
7LSVWRUHPHPEHU
6WD\DOHUW$YRLGGLVWUDFWLRQV.HHSWKHQRLVH
OHYHOGRZQLQ\RXUYHKLFOH
5HPDLQFDOPDQGGRQRWPDNHVXGGHQODQH
FKDQJHVRUEUDNHH[FHVVLYHO\
%HIRUHFKDQJLQJGLUHFWLRQRUVSHHGFRQVLGHU
URDGFRQGLWLRQVFKHFNVXUURXQGLQJWUDIILFXVH
\RXUPLUURUVORRNWREOLQGVSRWVDQGVLJQDODQG
EUDNHHDUO\
.HHSURDGZD\VKRXOGHUVLQWHUVHFWLRQVDQG
KLJKZD\UDPSVFOHDUIRUHPHUJHQF\YHKLFOHXVH
,I\RXUYHKLFOHLVEHLQJSXOOHGRYHULQWKLV
LQVWDQFHEULQJLWWRDVDIHVWRSRQWKHVKRXOGHU
RIWKHURDGZD\DZD\IURPWUDIILFIROORZLQJDQ\
GLUHFWLRQVIURPWKHRIILFHU
)DLOLQJWRUHVSRQGWRDQHPHUJHQF\
YHKLFOH
7DNHHPHUJHQF\IODVKLQJOLJKWVDQGVLUHQV
VHULRXVO\3URFHHGZLWKFDXWLRQFOHDUWKHZD\DQG
EULQJ\RXUYHKLFOHWRDVWRSZKHUHUHTXLUHG,W
VWKH
ODZ3HQDOWLHVDQGILQHVUHJDUGLQJUHDFWLQJWRDQ
DSSURDFKLQJRUVWRSSHGHPHUJHQF\YHKLFOH
LQFOXGH
)LUVW2IIHQFHWRSOXVWKUHHGHPHULW
SRLQWVXSRQFRQYLFWLRQ
;'HDOLQJZLWKSDUWLFXODU
VLWXDWLRQV
&KDSWHUVHFWLRQ;6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
+RZWRPDQRHXYUH\RXUYHKLFOHWKURXJK
FRQVWUXFWLRQ]RQHV
:KDWWRGRLI\RXHQFRXQWHUDQLPDOVRQWKHURDG
7KLQJVWKDWPD\GLVWUDFW\RXZKHQGULYLQJDQG
KRZWRPLQLPL]HWKRVHGLVWUDFWLRQV
:KDWWRGRZKHQ\RXHQFRXQWHUDQHPHUJHQF\
YHKLFOH
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
$WQLJKWDQGLQZHDWKHUFRQGLWLRQVVXFKDVUDLQ
VQRZRUIRJ\RXFDQQRWVHHDVIDUDKHDGHYHQ
ZLWKKHDGOLJKWV6ORZGRZQZKHQGULYLQJDWQLJKW
HVSHFLDOO\RQXQOLWURDGVDQGZKHQHYHUZHDWKHU
FRQGLWLRQVUHGXFH\RXUYLVLELOLW\
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
2YHUGULYLQJ\RXUKHDGOLJKWV
<RXDUHRYHUGULYLQJ\RXUKHDGOLJKWVZKHQ\RXJR
VRIDVWWKDW\RXUVWRSSLQJGLVWDQFHLVIDUWKHUWKDQ
\RXFDQVHHZLWK\RXUKHDGOLJKWV7KLVLVD
GDQJHURXVWKLQJWRGREHFDXVH\RXPD\QRWJLYH
\RXUVHOIHQRXJKURRPWRPDNHDVDIHVWRS
5HIOHFWLYHURDGVLJQVFDQPLVOHDG\RXDVZHOO
PDNLQJ\RXEHOLHYH\RXFDQVHHIDUWKHUWKDQ\RX
UHDOO\FDQ7KLVPD\FDXVH\RXWRRYHUGULYH\RXU
KHDGOLJKWVLI\RXDUHQRWFDUHIXO'LDJUDP
'LDJUDP
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
*ODUH
*ODUHLVGD]]OLQJOLJKWWKDWPDNHVLWKDUGIRU\RXWR
VHHDQGEHDZDUHZKDWRWKHUVDURXQG\RXDUH
GRLQJ,WFDQEHDSUREOHPRQERWKVXQQ\DQG
RYHUFDVWGD\VGHSHQGLQJRQWKHDQJOHRIWKHVXQ
V
UD\VDQG\RXUVXUURXQGLQJV*ODUHFDQDOVREHD
SUREOHPDWQLJKWZKHQ\RXIDFHEULJKWKHDGOLJKWVRU
VHHWKHPUHIOHFWHGLQ\RXUUHDUYLHZPLUURU
:KHQPHHWLQJRQFRPLQJYHKLFOHVZLWKEULJKW
KHDGOLJKWVDWQLJKWORRNXSDQGEH\RQGDQGVOLJKWO\
WRWKHULJKWRIWKHRQFRPLQJOLJKWV,QGD\WLPHJODUH
XVH\RXUVXQYLVRURUNHHSDSDLURIJRRGTXDOLW\
VXQJODVVHVLQ\RXUYHKLFOH:KHQ\RXHQWHUD
WXQQHORQDEULJKWGD\VORZGRZQWROHW\RXUH\HV
DGMXVWWRWKHUHGXFHGOLJKW5HPRYH\RXU
VXQJODVVHVDQGWXUQRQ\RXUKHDGOLJKWV
&XWGRZQJODUHDWQLJKWE\IROORZLQJWKHUXOHVRIWKH
URDGIRUYHKLFOHOLJKWV8VH\RXUORZEHDP
KHDGOLJKWVZLWKLQPHWUHVRIDQRQFRPLQJ
YHKLFOHRUZKHQIROORZLQJDYHKLFOHZLWKLQ
PHWUHV2QFRXQWU\URDGVVZLWFKWRORZEHDPV
ZKHQ\RXFRPHWRDFXUYHRUKLOOWRSVR\RXFDQ
VHHRQFRPLQJKHDGOLJKWVDQGZRQ
WEOLQGRQFRPLQJ
GULYHUV,I\RXFDQ
WVHHDQ\KHDGOLJKWVVZLWFKEDFN
WRKLJKEHDPV
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
)RJ
)RJLVDWKLQOD\HURIFORXGUHVWLQJRQWKHJURXQG
)RJFDQUHGXFHYLVLELOLW\IRUGULYHUVUHVXOWLQJLQ
GLIILFXOWGULYLQJFRQGLWLRQV
7KHEHVWWKLQJWRGRLVWRDYRLGGULYLQJLQIRJ
&KHFNZHDWKHUIRUHFDVWVDQGLIWKHUHLVDIRJ
ZDUQLQJGHOD\\RXUWULSXQWLOLWFOHDUV,IWKDWLVQRW
SRVVLEOHRU\RXJHWFDXJKWGULYLQJLQIRJWKHUHDUH
DQXPEHURIVDIHGULYLQJWLSV\RXVKRXOGIROORZ,I
YLVLELOLW\LVGHFUHDVLQJUDSLGO\PRYHRIIWKHURDG
DQGLQWRDVDIHSDUNLQJDUHDWRZDLWIRUWKHIRJWR
OLIW
7LSVIRUGULYLQJVDIHO\LQIRJ
%HIRUH\RXGULYHDQGGXULQJ\RXUWULSFKHFN
ZHDWKHUIRUHFDVWV,IWKHUHLVDIRJZDUQLQJGHOD\
\RXUWULSXQWLOLWFOHDUV,I\RXDUHFDXJKWGULYLQJLQ
IRJIROORZWKHVHVDIHGULYLQJWLSV
'2
6ORZGRZQJUDGXDOO\DQGGULYHDWDVSHHGWKDW
VXLWVWKHFRQGLWLRQV
0DNHVXUHWKHIXOOOLJKWLQJV\VWHPRI\RXUYHKLFOH
LVWXUQHGRQ
8VH\RXUORZEHDPKHDGOLJKWV+LJKEHDPV
UHIOHFWRIIWKHPRLVWXUHGURSOHWVLQWKHIRJ
PDNLQJLWKDUGHUWRVHH
,I\RXKDYHIRJOLJKWVRQ\RXUYHKLFOHXVHWKHP
LQDGGLWLRQWR\RXUORZEHDPV
%HSDWLHQW$YRLGSDVVLQJFKDQJLQJODQHVDQG
FURVVLQJWUDIILF
8VHSDYHPHQWPDUNLQJVWRKHOSJXLGH\RX8VH
WKHULJKWHGJHRIWKHURDGDVDJXLGHUDWKHUWKDQ
WKHFHQWUHOLQH
,QFUHDVH\RXUIROORZLQJGLVWDQFH<RXZLOOQHHG
H[WUDGLVWDQFHWREUDNHVDIHO\
/RRNDQGOLVWHQIRUDQ\KD]DUGVWKDWPD\EH
DKHDG
5HGXFHWKHGLVWUDFWLRQVLQ\RXUYHKLFOH)RU
H[DPSOHWXUQRIIWKHFHOOSKRQH<RXUIXOO
DWWHQWLRQLVUHTXLUHG
:DWFKIRUDQ\HOHFWURQLFDOO\RSHUDWHGZDUQLQJ
VLJQV
.HHSORRNLQJDVIDUDKHDGDVSRVVLEOH
.HHS\RXUZLQGRZVDQGPLUURUVFOHDQ8VH\RXU
GHIURVWHUDQGZLSHUVWRPD[LPL]H\RXUYLVLRQ
,IWKHIRJLVWRRGHQVHWRFRQWLQXHSXOO
FRPSOHWHO\RIIWKHURDGDQGWU\WRSRVLWLRQ\RXU
YHKLFOHLQDVDIHSDUNLQJDUHD7XUQRQ\RXU
HPHUJHQF\IODVKHUVLQDGGLWLRQWRNHHSLQJRQ
\RXUORZEHDPKHDGOLJKWV
'21
7
'RQ
WVWRSRQWKHWUDYHOOHGSRUWLRQRIWKHURDG
<RXFRXOGEHFRPHWKHILUVWOLQNLQDFKDLQ
UHDFWLRQFROOLVLRQ
'RQ
WVSHHGXSVXGGHQO\HYHQLIWKHIRJVHHPV
WREHFOHDULQJ<RXFRXOGILQG\RXUVHOIVXGGHQO\
EDFNLQIRJ
'RQ
WVSHHGXSWRSDVVDYHKLFOHPRYLQJVORZO\
RUWRJHWDZD\IURPDYHKLFOHWKDWLVIROORZLQJWRR
FORVHO\
5(0(0%(5
:DWFK\RXUVSHHG<RXPD\EHJRLQJIDVWHUWKDQ
\RXWKLQN,IVRUHGXFHVSHHGJUDGXDOO\
/HDYHDVDIHEUDNLQJGLVWDQFHEHWZHHQ\RXDQG
WKHYHKLFOHDKHDG
5HPDLQFDOPDQGSDWLHQW'RQ
WSDVVRWKHU
YHKLFOHVRUVSHHGXSVXGGHQO\
'RQ
WVWRSRQWKHURDG,IYLVLELOLW\LVGHFUHDVLQJ
UDSLGO\SXOORIIWKHURDGLQWRDVDIHSDUNLQJDUHD
DQGZDLWIRUWKHIRJWROLIW
8VH\RXUORZEHDPOLJKWV
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
5DLQ
5DLQPDNHVURDGVXUIDFHV
VOLSSHU\HVSHFLDOO\DVWKHILUVW
GURSVIDOO:LWKPRUHUDLQWLUHV
PDNHOHVVFRQWDFWZLWKWKHURDG,I
WKHUHLVWRRPXFKZDWHURULI\RX 'LDJUDP
DUHJRLQJWRRIDVW\RXUWLUHVPD\
ULGHRQWRSRIWKHZDWHUOLNHZDWHU
VNLV7KLVLVFDOOHGK\GURSODQLQJ
:KHQWKLVKDSSHQVFRQWURO
EHFRPHVYHU\GLIILFXOW0DNHVXUH
\RXKDYHJRRGWLUHVZLWKGHHS
WUHDGDQGVORZGRZQZKHQWKH
URDGLVZHW
5DLQDOVRUHGXFHVYLVLELOLW\'ULYH
VORZO\HQRXJKWREHDEOHWRVWRS
ZLWKLQWKHGLVWDQFH\RXFDQVHH
0DNHVXUH\RXUZLQGVKLHOGZLSHUV
DUHLQJRRGFRQGLWLRQ,I\RXUZLSHU
EODGHVGRQRWFOHDQWKHZLQGVKLHOG
ZLWKRXWVWUHDNLQJUHSODFHWKHP
,QUDLQWU\WRGULYHRQFOHDU
VHFWLRQVRIURDG/RRNDKHDGDQG
SODQ\RXUPRYHPHQWV6PRRWK
VWHHULQJEUDNLQJDQGDFFHOHUDWLQJ
ZLOOUHGXFHWKHFKDQFHRIVNLGV
/HDYHPRUHVSDFHEHWZHHQ\RX
DQGWKHYHKLFOHDKHDGLQFDVH\RX
KDYHWRVWRS7KLVZLOODOVRKHOS
\RXWRDYRLGVSUD\IURPWKH
YHKLFOHDKHDGWKDWFDQPDNHLW
HYHQKDUGHUWRVHH
$YRLGGULYLQJLQSXGGOHV$SXGGOH
FDQKLGHDODUJHSRWKROHWKDWFRXOG
GDPDJH\RXUYHKLFOHRULWV
VXVSHQVLRQRUIODWWHQDWLUH7KH
VSUD\RIZDWHUFRXOGREVWUXFWWKH
YLVLRQRIDGMDFHQWPRWRULVWVDQG
UHVXOWLQDFROOLVLRQFDXVHKDUPWR
QHDUE\SHGHVWULDQVRUGURZQ\RXU
HQJLQHFDXVLQJLWWRVWDOO:DWHU
FDQDOVRPDNH\RXUEUDNHVOHVV
HIIHFWLYH
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
)ORRGHGURDGV
$YRLGGULYLQJRQIORRGHGURDGVZDWHUPD\SUHYHQW
\RXUEUDNHVIURPZRUNLQJ,I\RXPXVWGULYH
WKURXJKDIORRGHGVWUHWFKRIURDGWHVW\RXUEUDNHV
DIWHUZDUGWRGU\WKHPRXW7HVW\RXUEUDNHVZKHQLW
LVVDIHWRGRVRE\VWRSSLQJTXLFNO\DQGILUPO\DW
NPK0DNHVXUHWKHYHKLFOHVWRSVLQDVWUDLJKWOLQH
ZLWKRXWSXOOLQJWRRQHVLGH7KHEUDNHSHGDOVKRXOG
IHHOILUPDQGVHFXUHQRWVSRQJ\WKDW
VDVLJQRI
WURXEOH,I\RXVWLOOIHHODSXOOLQJWRRQHVLGHRUD
VSRQJ\EUDNHSHGDOHYHQDIWHUWKHEUDNHVDUHGU\
\RXVKRXOGWDNHWKHYHKLFOHLQIRUUHSDLU
LPPHGLDWHO\
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
6NLGV
$VNLGPD\KDSSHQZKHQRQHRUPRUHWLUHVORVH
WKHLUJULSZLWKWKHURDG
VVXUIDFH6NLGVPRVWRIWHQ
KDSSHQRQDVOLSSHU\VXUIDFHVXFKDVDURDGWKDW
LVZHWLF\RUFRYHUHGZLWKVQRZJUDYHORUVRPH
RWKHUORRVHPDWHULDO0RVWVNLGVUHVXOWIURPGULYLQJ
WRRIDVWIRUURDGFRQGLWLRQV+DUGEUDNLQJDQG
RYHUO\DJJUHVVLYHWXUQLQJRUDFFHOHUDWLQJFDQ
FDXVH\RXUYHKLFOHWRVNLGDQGSRVVLEO\JRRXWRI
FRQWURO
7RDYRLGDVNLGRQDVOLSSHU\URDGGULYHDWD
UHGXFHGVSHHGDQGRSHUDWHWKHYHKLFOH
VFRQWUROV
LQDVPRRWKDQGFRQVWUDLQHGPDQQHU,QFUHDVLQJ
WLUHIRUFHVVXFKDVE\EUDNLQJRUDFFHOHUDWLQJZKLOH
VWHHULQJPD\SXVKWLUHVHYHQFORVHUWRDVNLG
FRQGLWLRQ,W
VHVVHQWLDOWKDWWKHYHKLFOH
VVSHHGEH
PDLQWDLQHGDWDVDIHOHYHODQGWKDWWXUQVEHPDGH
JHQWO\
,I\RXUYHKLFOHEHJLQVWRVNLGWU\QRWWRSDQLFLWLV
SRVVLEOHWRPDLQWDLQFRQWURORI\RXUYHKLFOHHYHQLQ
DVNLG(DVHRIIRQWKHDFFHOHUDWRURUEUDNHDQGRQ
DYHU\VOLSSHU\VXUIDFHVOLSWKHWUDQVPLVVLRQLQWR
QHXWUDOLI\RXFDQ&RQWLQXHWRVWHHULQWKHGLUHFWLRQ
\RXZLVKWRJR%HFDUHIXOQRWWRRYHUVWHHU2QFH
\RXUHJDLQFRQWURO\RXFDQEUDNHDVQHHGHGEXW
YHU\JHQWO\DQGVPRRWKO\
$QWLORFNEUDNLQJV\VWHPV$%6
,I\RXUYHKLFOHLVHTXLSSHGZLWKDQWLORFNEUDNHV
SUDFWLVHHPHUJHQF\EUDNLQJWRXQGHUVWDQGKRZ
\RXUYHKLFOHZLOOUHDFW,WLVDJRRGLGHDWRSUDFWLVH
GRLQJWKLVXQGHUFRQWUROOHGFRQGLWLRQVZLWKD
TXDOLILHGGULYLQJLQVWUXFWRU
$%6LVGHVLJQHGWRVHQVHWKHVSHHGRIWKHZKHHOV
RQDYHKLFOHGXULQJEUDNLQJ$QDEQRUPDOGURSLQ
ZKHHOVSHHGZKLFKLQGLFDWHVSRWHQWLDOZKHHOORFN
FDXVHVWKHEUDNHIRUFHWREHUHGXFHGWRWKDW
ZKHHO7KLVLVKRZ$%6SUHYHQWVWLUHVNLGDQGWKH
DFFRPSDQ\LQJORVVRIVWHHULQJFRQWURO7KLV
LPSURYHVYHKLFOHVDIHW\GXULQJKHDY\EUDNHXVHRU
ZKHQEUDNLQJZLWKSRRUWUDFWLRQ
$OWKRXJKDQWLORFNEUDNLQJV\VWHPVKHOSWRSUHYHQW
ZKHHOORFN\RXVKRXOGQRWH[SHFWWKHVWRSSLQJ
GLVWDQFHIRU\RXUYHKLFOHWREHVKRUWHQHG
'ULYHUVXQIDPLOLDUZLWKDQWLORFNEUDNLQJPD\EH
VXUSULVHGE\WKHSXOVDWLRQVWKDWWKH\PD\IHHOLQ
WKHEUDNHSHGDOZKHQWKH\EUDNHKDUG0DNHVXUH
\RXNQRZZKDWWRH[SHFWVR\RXZLOOQRWEH
GLVWUDFWHGE\WKHSXOVDWLRQRUWHPSWHGWRUHOHDVH
WKHSHGDOGXULQJHPHUJHQF\EUDNLQJPDQRHXYUHV
7KUHVKROGEUDNLQJ
7KUHVKROGEUDNLQJVKRXOGEULQJ\RXWRD
UHDVRQDEO\TXLFNFRQWUROOHGVWRSLQ\RXURZQODQH
HYHQLQVOLSSHU\FRQGLWLRQV7KLVWHFKQLTXHLV
JHQHUDOO\SUDFWLVHGLQDYHKLFOHWKDWLVQRWHTXLSSHG
ZLWK$%6%UDNHDVKDUGDV\RXFDQXQWLODZKHHO
EHJLQVWRORFNXSWKHQUHOHDVHSUHVVXUHRQWKH
SHGDOVOLJKWO\WRUHOHDVHWKHZKHHO3UHVVGRZQRQ
WKHEUDNHSHGDODSSO\LQJDVPXFKEUDNLQJIRUFHDV
SRVVLEOHZLWKRXWLQGXFLQJDVNLG,I\RXIHHODQ\RI
WKHZKHHOVEHJLQWRORFNXSUHOHDVHWKHEUDNH
SUHVVXUHVOLJKWO\DQGUHDSSO\'RQ
WSXPSWKH
EUDNHV&RQWLQXHEUDNLQJWKLVZD\XQWLO\RXKDYH
VORZHGWKHYHKLFOHWRWKHGHVLUHGVSHHG
9HKLFOHVHTXLSSHGZLWK$%6VKRXOGSURYLGH
FRQWUROOHGEUDNLQJRQVOLSSHU\VXUIDFHV
DXWRPDWLFDOO\3UHVVWKHEUDNHSHGDOKDUGDQG
DOORZWKHV\VWHPWRFRQWUROZKHHOORFNXS
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
6QRZ
6QRZPD\EHKDUGSDFNHGDQGVOLSSHU\DVLFH
UXWWHGIXOORIKDUGWUDFNVDQGJXOOLHVRUVPRRWK
DQGVRIW/RRNDKHDGDQGDQWLFLSDWHZKDW\RXPXVW
GREDVHGRQWKHFRQGLWLRQV6ORZGRZQRQUXWWHG
VQRZ\URDGV$YRLGVXGGHQVWHHULQJEUDNLQJRU
DFFHOHUDWLQJWKDWFRXOGFDXVHDVNLG'RQRWXVH
FUXLVHFRQWUROGXULQJWLPHVRIVQRZDQGRWKHU
LQFOHPHQWZHDWKHU
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
:KLWHRXWV
%ORZLQJVQRZPD\FUHDWHZKLWHRXWVZKHUHVQRZ
FRPSOHWHO\EORFNV\RXUYLHZRIWKHURDG:KHQ
EORZLQJVQRZLVIRUHFDVWGULYHRQO\LIQHFHVVDU\
DQGZLWKH[WUHPHFDXWLRQ
7LSVIRUGULYLQJLQEORZLQJVQRZDQG
ZKLWHRXWFRQGLWLRQV
%HIRUH\RXGULYHDQGGXULQJ\RXUWULSFKHFN
ZHDWKHUIRUHFDVWVDQGURDGUHSRUWV,IWKHUHLVD
ZHDWKHUZDUQLQJRUUHSRUWVRISRRUYLVLELOLW\DQG
GULYLQJFRQGLWLRQVGHOD\\RXUWULSXQWLOFRQGLWLRQV
LPSURYHLISRVVLEOH,I\RXJHWFDXJKWGULYLQJLQ
EORZLQJVQRZRUDZKLWHRXWIROORZWKHVHVDIH
GULYLQJWLSV
'2
6ORZGRZQJUDGXDOO\DQGGULYHDWDVSHHGWKDW
VXLWVWKHFRQGLWLRQV
0DNHVXUHWKHIXOOOLJKWLQJV\VWHPRI\RXUYHKLFOH
LVWXUQHGRQ
8VH\RXUORZEHDPKHDGOLJKWV+LJKEHDPV
UHIOHFWRIIWKHLFHSDUWLFOHVLQWKHVQRZPDNLQJLW
KDUGHUWRVHH,I\RXKDYHIRJOLJKWVRQ\RXU
YHKLFOHXVHWKHPLQDGGLWLRQWR\RXUORZEHDPV
%HSDWLHQW$YRLGSDVVLQJFKDQJLQJODQHVDQG
FURVVLQJWUDIILF
,QFUHDVH\RXUIROORZLQJGLVWDQFH<RXZLOOQHHG
H[WUDVSDFHWREUDNHVDIHO\
6WD\DOHUW.HHSORRNLQJDVIDUDKHDGDV
SRVVLEOH
5HGXFHWKHGLVWUDFWLRQVLQ\RXUYHKLFOH<RXUIXOO
DWWHQWLRQLVUHTXLUHG
.HHS\RXUZLQGRZVDQGPLUURUVFOHDQ8VH
GHIURVWHUDQGZLSHUVWRPD[LPL]H\RXUYLVLRQ
7U\WRJHWRIIWKHURDGZKHQYLVLELOLW\LVQHDU
]HUR3XOOLQWRDVDIHSDUNLQJDUHDLISRVVLEOH
'21
7
'RQ
WVWRSRQWKHWUDYHOOHGSRUWLRQRIWKHURDG
<RXFRXOGEHFRPHWKHILUVWOLQNLQDFKDLQ
UHDFWLRQFROOLVLRQ
'RQ
WDWWHPSWWRSDVVDYHKLFOHPRYLQJVORZO\RU
VSHHGXSWRJHWDZD\IURPDYHKLFOHWKDWLV
IROORZLQJWRRFORVHO\
5(0(0%(5
:DWFK\RXUVSHHG<RXPD\EHJRLQJIDVWHUWKDQ
\RXWKLQN,IVRUHGXFHVSHHGJUDGXDOO\
/HDYHDVDIHEUDNLQJGLVWDQFHEHWZHHQ\RXDQG
WKHYHKLFOHDKHDG
6WD\DOHUWUHPDLQFDOPDQGEHSDWLHQW
,IYLVLELOLW\LVGHFUHDVLQJUDSLGO\GRQRWVWRSRQ
WKHURDG/RRNIRUDQRSSRUWXQLW\WRSXOORIIWKH
URDGLQWRDVDIHSDUNLQJDUHDDQGZDLWIRU
FRQGLWLRQVWRLPSURYH
,I\RXEHFRPHVWXFNRUVWUDQGHGLQVHYHUH
ZHDWKHUVWD\ZLWK\RXUYHKLFOHIRUZDUPWKDQG
VDIHW\XQWLOKHOSDUULYHV2SHQDZLQGRZVOLJKWO\
IRUYHQWLODWLRQ5XQ\RXUPRWRUVSDULQJO\8VH
\RXUHPHUJHQF\IODVKHUV
%HSUHSDUHGDQGFDUU\DZLQWHUGULYLQJVXUYLYDO
NLWWKDWLQFOXGHVLWHPVVXFKDVZDUPFORWKLQJ
QRQSHULVKDEOHHQHUJ\IRRGVIODVKOLJKWVKRYHO
DQGEODQNHW
,WLVLPSRUWDQWWRORRNDKHDGDQGZDWFKIRUFOXHV
WKDWLQGLFDWH\RXQHHGWRVORZGRZQDQG
DQWLFLSDWHVOLSSHU\URDGFRQGLWLRQV
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
,FH
$VWHPSHUDWXUHVGURSEHORZIUHH]LQJZHWURDGV
EHFRPHLF\6HFWLRQVRIURDGLQVKDGHGDUHDVRU
RQEULGJHVDQGRYHUSDVVHVIUHH]HILUVW,WLV
LPSRUWDQWWRORRNDKHDGVORZGRZQDQGDQWLFLSDWH
LFH,IWKHURDGDKHDGORRNVOLNHEODFNDQGVKLQ\
DVSKDOWEHVXVSLFLRXV,WPD\EHFRYHUHGE\DWKLQ
OD\HURILFHNQRZQDVEODFNLFH*HQHUDOO\DVSKDOW
LQWKHZLQWHUVKRXOGORRNJUD\ZKLWHLQFRORXU,I\RX
WKLQNWKHUHPD\EHEODFNLFHDKHDGVORZGRZQDQG
EHFDUHIXO
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
6QRZSORZV
6QRZUHPRYDOYHKLFOHVRQSXEOLFURDGZD\VDUH
HTXLSSHGZLWKIODVKLQJEOXHOLJKWVWKDWFDQEHVHHQ
IURPPHWUHV
)ODVKLQJEOXHOLJKWVZDUQ\RXRIZLGHDQGVORZ
PRYLQJYHKLFOHVVRPHVQRZSORZVKDYHDZLQJ
WKDWH[WHQGVDVIDUDVWKUHHPHWUHVWRWKHULJKWRI
WKHYHKLFOH2QIUHHZD\VVHYHUDOVQRZSORZVPD\
EHVWDJJHUHGDFURVVWKHURDGFOHDULQJDOOODQHVDW
WKHVDPHWLPHE\SDVVLQJDULGJHRIVQRZIURP
SORZWRSORZ'RQRWWU\WRSDVVEHWZHHQWKHP
7KLVLVH[WUHPHO\GDQJHURXVEHFDXVHWKHUHLVQRW
HQRXJKURRPWRSDVVVDIHO\DQGWKHULGJHRIZHW
VQRZFDQWKURZ\RXUYHKLFOHRXWRIFRQWURO
;,'ULYLQJDWQLJKWDQGLQ
EDGZHDWKHU
&KDSWHUVHFWLRQ;,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
+RZWRLGHQWLI\DQGPDQDJHVLWXDWLRQVZKHUH
\RXUYLVLELOLW\PD\EHUHGXFHG
+RZZHDWKHUFRQGLWLRQVVXFKDVUDLQIORRGHG
URDGVVQRZDQGLFHPD\DIIHFW\RXUYHKLFOHDQG
\RXUDELOLW\WRFRQWUROLW
:KDWWRGRLI\RXUYHKLFOHVNLGVRULI\RX
HQFRXQWHUKHDY\VQRZZKLWHRXWVRUEODFNLFH
+RZWRUHFRJQL]HDQGVKDUHWKHURDGZLWKVQRZ
UHPRYDOYHKLFOHV
;,,'HDOLQJZLWK
HPHUJHQFLHV
,I\RXGULYHRIWHQRUWUDYHODORQH\RXQHHGWREH
UHDG\WRGHDOZLWKHPHUJHQFLHV+HUHDUHVRPH
VXJJHVWLRQVIRUFRSLQJZLWKVRPHFRPPRQURDG
HPHUJHQFLHV
;,,'HDOLQJZLWK
HPHUJHQFLHV
,I\RXUEUDNHVIDLO
7U\SXPSLQJWKHEUDNHSHGDOWRWHPSRUDULO\UHVWRUH
K\GUDXOLFEUDNHSUHVVXUH,IWKLVGRHVQRWZRUN
DSSO\WKHSDUNLQJEUDNHJHQWO\EXWILUPO\ZKLOH
KROGLQJWKHUHOHDVHEXWWRQ,WLVDJRRGLGHDIRUQHZ
GULYHUVWRSUDFWLFHDSDUNLQJEUDNHHPHUJHQF\VWRS
XQGHUFRQWUROOHGFRQGLWLRQVZLWKDTXDOLILHGGULYLQJ
LQVWUXFWRU7RWDOEUDNHIDLOXUHLVYHU\UDUHRQ
PRGHUQYHKLFOHV,I\RXUEUDNHVGRIDLODQG\RX
PDQDJHWRVWRSGRQRWGULYHDZD\&DOOIRUKHOS
;,,'HDOLQJZLWK
HPHUJHQFLHV
,I\RXUJDVSHGDOVWLFNV
)LUVWWU\WROLIWWKHSHGDOE\VOLSSLQJ\RXUIRRWXQGHU
LW'RQRWUHDFKGRZQZLWK\RXUKDQGVZKLOHWKH
YHKLFOHLVPRYLQJ,IWKLVGRHVQRWZRUNWXUQRQ
\RXUKD]DUGOLJKWVVKLIWWRQHXWUDODQGVWRSDVVRRQ
DV\RXVDIHO\FDQSUHIHUDEO\RIIWKHURDG7XUQRII
WKHLJQLWLRQDQGGRQRWGULYHDZD\&DOOIRUKHOS
;,,'HDOLQJZLWK
HPHUJHQFLHV
,I\RXUKHDGOLJKWVJRRXW
&KHFNWKHVZLWFKLPPHGLDWHO\,IWKHOLJKWVVWD\RXW
WXUQRQ\RXUKD]DUGOLJKWVDQGEULQJ\RXUYHKLFOHWR
DVDIHVWRSRIIWKHURDG&DOOIRUKHOS,WLV
GDQJHURXVDQGLOOHJDOWRGULYHDWQLJKWZLWKRXW
OLJKWV
;,,'HDOLQJZLWK
HPHUJHQFLHV
,I\RXKDYHWURXEOHRQDIUHHZD\
$WWKHILUVWVLJQRIWURXEOHEHJLQWRSXOORYHU'R
QRWZDLWIRU\RXUYHKLFOHWRVWDOORQWKHIUHHZD\
&KHFN\RXUPLUURUVSXWRQ\RXUKD]DUGOLJKWVWDNH
\RXUIRRWRIIWKHJDVSHGDODQGSXOORYHUWRWKH
QHDUHVWVKRXOGHUDVTXLFNO\DVSRVVLEOH1HYHU
VWRSLQWKHGULYLQJODQHV
%HFDUHIXOJHWWLQJRXWRI\RXUYHKLFOH,ISRVVLEOH
OHDYHWKURXJKWKHGRRUDZD\IURPWUDIILF'RQRW
UDLVHWKHKRRG
:KLOH\RXZDLWIRUKHOSVWD\LQ\RXUYHKLFOHZLWK
WKHGRRUVORFNHG,IVRPHRQHVWRSVWRKHOSDVN
WKHPWRFDOOWKHSROLFHRUDXWRPRELOHFOXEIRU\RX,I
\RXKDYHDFHOOXODUSKRQHFDOOIRUKHOS\RXUVHOI
7KH4XHHQ(OL]DEHWK:D\WKHVHULHV
IUHHZD\VDQGPDQ\RWKHUKLJKVSHHGURDGVDUH
SDWUROOHGE\WKH2QWDULR3URYLQFLDO3ROLFH6WD\ZLWK
\RXUYHKLFOHDQGKHOSZLOODUULYHVKRUWO\
;,,'HDOLQJZLWK
HPHUJHQFLHV
,I\RXUZKHHOVJRRIIWKHSDYHPHQW
'RQ
WSDQLF*ULSWKHVWHHULQJZKHHOILUPO\7DNH
\RXUIRRWRIIWKHJDVSHGDOWRVORZGRZQ$YRLG
KHDY\EUDNLQJ:KHQWKHYHKLFOHLVXQGHUFRQWURO
VWHHUWRZDUGWKHSDYHPHQW%HSUHSDUHGWRFRUUHFW
\RXUVWHHULQJDQGLQFUHDVHVSHHGZKHQ\RXU
ZKHHOVDUHIXOO\EDFNRQWKHSDYHPHQW
;,,'HDOLQJZLWK
HPHUJHQFLHV
,IDWLUHEORZVRXW
%ORZRXWVFDQFDXVHWUHPHQGRXVVWHHULQJDQG
ZKHHOYLEUDWLRQEXWGRQ
WEHDODUPHG7DNH\RXU
IRRWRIIWKHJDVSHGDOWRVORZGRZQDQGVWHHUWKH
YHKLFOHILUPO\LQWKHGLUHFWLRQ\RXZDQWWRJR%ULQJ
WKHYHKLFOHWRDVWRSRIIWKHURDG
;,,'HDOLQJZLWK
HPHUJHQFLHV
,QDFROOLVLRQZKHUHVRPHRQHLVLQMXUHG
6W-RKQ$PEXODQFHUHFRPPHQGVWKDWDOOGULYHUV
FDUU\DZHOOVWRFNHGILUVWDLGNLWDQGNQRZKRZWR
XVHLW&RQVLGHUUHDGLQJDERRNDERXWILUVWDLGRU
VLJQXSIRUDILUVWDLGFRXUVH,WFRXOGPHDQWKH
GLIIHUHQFHEHWZHHQOLIHDQGGHDWKLQDFROOLVLRQ
(YHU\GULYHULQYROYHGLQDFROOLVLRQPXVWVWD\DWWKH
VFHQHRUUHWXUQWRLWLPPHGLDWHO\DQGJLYHDOO
SRVVLEOHDVVLVWDQFH,I\RXDUHQRWSHUVRQDOO\
LQYROYHGLQDFROOLVLRQ\RXVKRXOGVWRSWRRIIHUKHOS
LISROLFHRURWKHURIILFLDOVKDYHQRWDUULYHG
,QDFROOLVLRQZLWKLQMXULHVSRVVLEOHIXHOOHDNVRU
VHULRXVYHKLFOHGDPDJHVWD\FDOPDQGIROORZ
WKHVHVWHSV
&DOOIRUKHOSRUKDYHVRPHRQHHOVHFDOO%\ODZ
\RXPXVWUHSRUWDQ\FROOLVLRQWRWKHSROLFHZKHQ
WKHUHDUHLQMXULHVRUGDPDJHWRYHKLFOHVRURWKHU
SURSHUW\H[FHHGLQJ
7XUQRIIDOOHQJLQHVDQGWXUQRQHPHUJHQF\
IODVKHUV6HWXSZDUQLQJVLJQDOVRUIODUHVRU
KDYHVRPHRQHZDUQDSSURDFKLQJGULYHUV
'RQRWOHWDQ\RQHVPRNHOLJKWDPDWFKRUSXW
IODUHVQHDUDQ\YHKLFOHLQFDVHRIDIXHOOHDN,ID
YHKLFOHLVRQILUHJHWWKHSHRSOHRXWDQGPDNH
VXUHHYHU\RQHLVZHOORXWRIWKHZD\,IWKHUHLV
QRGDQJHURIILUHRUH[SORVLRQOHDYHLQMXUHG
SHRSOHZKHUHWKH\DUHXQWLOWUDLQHGPHGLFDOKHOS
DUULYHV
,I\RXDUHWUDLQHGLQILUVWDLGWUHDWLQMXULHVLQWKH
RUGHURIXUJHQF\ZLWKLQWKHOHYHORI\RXUWUDLQLQJ
)RUH[DPSOHFOHDUWKHSHUVRQ
VDLUZD\WRUHVWRUH
EUHDWKLQJJLYHUHVFXHEUHDWKLQJRUVWRSEOHHGLQJ
E\DSSO\LQJSUHVVXUHZLWKDFOHDQFORWK
,I\RXDUHQRWWUDLQHGLQILUVWDLGXVHFRPPRQ
VHQVH)RUH[DPSOHSHRSOHLQFROOLVLRQVRIWHQJR
LQWRVKRFN&RYHUWKHSHUVRQZLWKDMDFNHWRU
EODQNHWWRUHGXFHWKHHIIHFWVRIVKRFN
6WD\ZLWKLQMXUHGSHRSOHXQWLOKHOSDUULYHV
'LVDEOHGYHKLFOHVRQWKHURDGPD\EHDGDQJHU
WR\RXDQGRWKHUGULYHUV'RZKDW\RXFDQWR
PDNHVXUHHYHU\RQHLQYROYHGLQDFROOLVLRQLV
NHSWVDIH
;,,'HDOLQJZLWK
HPHUJHQFLHV
,QDFROOLVLRQZKHUHQRRQHLVLQMXUHG
)ROORZWKHVHVWHSVLQDFROOLVLRQZKHUHWKHUHDUHQR
LQMXULHV
,IWKHYHKLFOHVDUHGULYDEOHPRYHWKHPDVIDU
RIIWKHURDGDVSRVVLEOHDVWKLVVKRXOGQRW
DIIHFWWKHSROLFHRIILFHU
VLQYHVWLJDWLRQ7KLVLV
HVSHFLDOO\LPSRUWDQWRQEXV\RUKLJKVSHHG
URDGVZKHUHLWPD\EHGDQJHURXVWROHDYH
YHKLFOHVLQWKHGULYLQJODQHV6RLQDPLQRU
FROOLVLRQZLWKQRLQMXULHVLI\RXFDQ6WHHULW
&OHDULW,I\RXFDQQRWPRYHWKHYHKLFOHVRII
WKHURDGVHWXSZDUQLQJVLJQDOVRUIODUHVIDU
HQRXJKDZD\WRJLYHRWKHUWUDIILFWLPHWRVORZ
GRZQRUVWRS
&DOOSROLFHSURYLQFLDORUORFDOGHSHQGLQJRQ
ZKHUHWKHFROOLVLRQWDNHVSODFH%\ODZ\RX
PXVWUHSRUWDQ\FROOLVLRQWRWKHSROLFHZKHQ
WKHUHDUHLQMXULHVRUGDPDJHWRYHKLFOHVRU
SURSHUW\H[FHHGLQJ
*LYHDOOSRVVLEOHKHOSWRSROLFHRUDQ\RQH
ZKRVHYHKLFOHKDVEHHQGDPDJHG7KLV
LQFOXGHVJLYLQJSROLFH\RXUQDPHDQGDGGUHVV
WKHQDPHDQGDGGUHVVRIWKHUHJLVWHUHGRZQHU
RIWKHYHKLFOHWKHYHKLFOHSODWHDQGSHUPLW
QXPEHUDQGWKHOLDELOLW\LQVXUDQFHFDUG
*HWWKHQDPHVDGGUHVVHVDQGSKRQH
QXPEHUVRIDOOZLWQHVVHV
,IGDPDJHLVOHVVWKDQ\RXDUHVWLOO
UHTXLUHGE\ODZWRH[FKDQJHLQIRUPDWLRQZLWK
DQ\RQHZKRVHYHKLFOHKDVEHHQGDPDJHG
+RZHYHUWKHFROOLVLRQGRHVQRWKDYHWREH
UHSRUWHGWRWKHSROLFH
,I\RXKDYHDFDPHUDRUFHOOSKRQHZLWKD
FDPHUDDQGLWLVVDIHWRGRVRWDNHSKRWRVRI
WKHFROOLVLRQVFHQH
,I\RXUYHKLFOHPXVWEHWRZHGJHWWKHQDPH
DQGOLFHQFHQXPEHURIWKHWRZWUXFNRSHUDWRU
DQGRUFRPSDQ\0DNHVXUH\RXXQGHUVWDQG
ZKHUH\RXUYHKLFOHLVEHLQJWRZHG
&RQWDFW\RXULQVXUDQFHFRPSDQ\DVVRRQDV
SRVVLEOHLI\RXLQWHQGWRPDNHDFODLP
;,,'HDOLQJZLWK
HPHUJHQFLHV
&KDSWHUVHFWLRQ;,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
:KDWWRGRLQHPHUJHQF\VLWXDWLRQVVXFKDV
YHKLFOHFRPSRQHQWIDLOXUHGULYLQJRIIWKH
SDYHPHQWRUYHKLFOHWURXEOHRQDIUHHZD\
7KHVWHSVWRWDNHLI\RXDUHLQYROYHGLQD
FROOLVLRQZLWKRUZLWKRXWLQMXULHV
;,,,'ULYLQJHIILFLHQWO\
9HKLFOHVSRZHUHGE\JDVROLQHDQGGLHVHOJLYHRII
DLUSROOXWDQWVDQGJDVHVVXFKDVR[LGHVRIFDUERQ
QLWURJHQDQGVXOSKXUK\GURFDUERQVDQGVRRW
7KHVHSROOXWDQWVDIIHFWWKHTXDOLW\RIWKHDLUZH
EUHDWKHRXUKHDOWKFURS\LHOGVDQGHYHQWKH
JOREDOFOLPDWH
+\GURFDUERQVDQGR[LGHVRIQLWURJHQUHDFWLQ
VXQOLJKWWRIRUPJURXQGOHYHOR]RQHEHWWHUNQRZQ
DVVPRJ6PRJLVDPDMRUKHDOWKKD]DUG
UHVSRQVLEOHIRUUHVSLUDWRU\DLOPHQWVDQGRWKHU
LOOQHVVHV2[LGHVRIVXOSKXUDQGQLWURJHQFRPELQH
ZLWKZDWHUYDSRXUWRIRUPDFLGUDLQZKLFK
GDPDJHVRXUODNHVIRUHVWVDQGFURSV
*OREDOZDUPLQJLVWKHUHVXOWRIWRRPXFKFDUERQ
GLR[LGHDQGRWKHUJDVHVWUDSSLQJKHDWLQRXU
DWPRVSKHUH*OREDOZDUPLQJFRXOGFDXVHDYHUDJH
WHPSHUDWXUHVWRULVHFDXVLQJGURXJKWVFURS
IDLOXUHVORZHUZDWHUOHYHOVDQGPRUHIUHTXHQWDQG
VHYHUHVWRUPV
$FDUJLYHVRIIOHVVFDUERQGLR[LGHWKDQDODUJHU
YHKLFOHVXFKDVDQDLUSODQHWUXFNEXVRUWUDLQ
GRHV+RZHYHUEHFDXVHVRPDQ\SHRSOHRZQFDUV
DQGGULYHWKHPVRRIWHQFDUVDUHUHVSRQVLEOHIRU
QHDUO\KDOIWKHFDUERQGLR[LGHSURGXFHGE\DOO
IRUPVRIWUDQVSRUWDWLRQ9HKLFOHVWKDWFDUU\ODUJH
QXPEHUVRISDVVHQJHUVVXFKDVEXVHVSURGXFH
OHVVFDUERQGLR[LGHSHUSDVVHQJHUWKDQFDUV
$VDGULYHU\RXFDQKHOSWRSURWHFWWKH
HQYLURQPHQWIURPWKHKDUPIXOHIIHFWVRIGULYLQJE\
IROORZLQJWKHVHVXJJHVWLRQV0DQ\RIWKHPFDQ
DOVRVDYH\RXPRQH\)RUIXUWKHULQIRUPDWLRQYLVLW
ZZZIOHHWVPDUWJFFD
;,,,'ULYLQJHIILFLHQWO\
%HIRUH\RXGULYH
3ODQDKHDG&RPELQHVHYHUDOHUUDQGVLQWRRQH
WULS
$YRLGGULYLQJGXULQJUXVKKRXUV'ULYLQJLQRII
SHDNWLPHVWDNHVOHVVWLPHXVHVOHVVIXHODQG
UHOHDVHVIHZHUHPLVVLRQV
3D\DWWHQWLRQWRVPRJDOHUWV,WLVHVSHFLDOO\
LPSRUWDQWWRIROORZWKHVHVXJJHVWLRQVRQGD\V
ZKHQVPRJLVEDG
)RUVKRUWWULSVFRQVLGHUZDONLQJRUF\FOLQJ
)RUORQJHUWULSVSXEOLFWUDQVLWLVDQ
HQYLURQPHQWDOO\IULHQGO\DOWHUQDWLYHWRGULYLQJ
DORQH
&DUSRROZKHQHYHUSRVVLEOH,I\RXZDQWWRPHHW
DWDFHQWUDOORFDWLRQWKHUHDUHIUHHFDUSRROORWVLQ
PDQ\SDUWVRIWKHSURYLQFH
;,,,'ULYLQJHIILFLHQWO\
:KLOHGULYLQJ
$YRLGVWDUWLQJ\RXUYHKLFOHXQQHFHVVDULO\$
ODUJHEXUVWRISROOXWDQWVLVHPLWWHGZKHQDFROG
HQJLQHLVVWDUWHG
7XUQRII\RXUYHKLFOHLISDUNHGPRUHWKDQ
VHFRQGV(YHQLQFROGZHDWKHUYHKLFOHHQJLQHV
ZDUPXSZLWKLQVHFRQGV
2EH\WKHVSHHGOLPLWV'ULYLQJDWKLJKVSHHG
XVHVPRUHIXHODQGLQFUHDVHV\RXUFKDQFHVRID
VHULRXVFROOLVLRQ
2QWKHIUHHZD\XVH\RXUYHKLFOH
VRYHUGULYH
JHDUDQGFUXLVHFRQWUROIRUEHWWHUIXHOHIILFLHQF\
5HPRYHXQQHFHVVDU\ZHLJKWIURP\RXUYHKLFOH
VXFKDVKHDY\EDJJDJHZHWVQRZDQGZLQWHU
VDQGRUVDOW
0DLQWDLQ\RXUYHKLFOH
VDHURG\QDPLFV5HPRYH
URRIUDFNVDQGFRPSDUWPHQWVZKHQQRWLQXVH
$WKLJKVSHHGVXVH\RXUYHQWVLQVWHDGRI
RSHQLQJWKHZLQGRZV
8VH\RXUYHKLFOH
VDLUFRQGLWLRQLQJZLVHO\8VH
\RXUZLQGRZVDQGYHQWVLQFLW\DQGVWRSDQGJR
WUDIILF$WKLJKVSHHGVXVLQJ\RXUDLU
FRQGLWLRQLQJLVXVXDOO\PRUHIXHOHIILFLHQWWKDQ
RSHQLQJ\RXUZLQGRZVDQGUHGXFLQJWKHYHKLFOH
V
DHURG\QDPLFV
'RQ
WWRSRIIWKHWDQNZKHQUHIXHOLQJ6SLOOHG
IXHOUHOHDVHVKDUPIXOYDSRXUV
;,,,'ULYLQJHIILFLHQWO\
$WWKHJDUDJH
5HJXODUPDLQWHQDQFHZLOONHHS\RXUYHKLFOH
UXQQLQJDWPD[LPXPHIILFLHQF\UHGXFLQJWKH
IXHO\RXQHHGWREX\DQGWKHSROOXWDQWV\RXU
YHKLFOHHPLWV
.HHS\RXUYHKLFOH
VHQJLQHZHOOWXQHG:RUQ
VSDUNSOXJVGUDJJLQJEUDNHVORZWUDQVPLVVLRQ
IOXLGRUDWUDQVPLVVLRQQRWJRLQJLQWRKLJKJHDU
FDQLQFUHDVHIXHOFRQVXPSWLRQVXEVWDQWLDOO\
)ROORZWKHUHFRPPHQGHGPDLQWHQDQFHVFKHGXOH
LQ\RXUYHKLFOHRZQHU
VPDQXDOWRPD[LPL]HIXHO
HIILFLHQF\
+DYHDQ\IOXLGOHDNVFKHFNHGE\DVSHFLDOLVWWR
DYRLGHQJLQHGDPDJHDQGKDUPLQJWKH
HQYLURQPHQW
.HHS\RXUWLUHVSURSHUO\LQIODWHGWRUHGXFH\RXU
IXHOELOOHPLVVLRQVDQGWLUHZHDU
+DYH\RXUYHKLFOH
VDOLJQPHQWFKHFNHGUHJXODUO\
WRUHGXFHXQHYHQWLUHZHDUDQGIXHO
FRQVXPSWLRQ
)RUPRUHLQIRUPDWLRQRQGULYLQJHIILFLHQWO\VHHWKH
VHFWLRQRQPDLQWDLQLQJ\RXUYHKLFOHFOLFNKHUH
;,,,'ULYLQJHIILFLHQWO\
7RSFRQWULEXWLQJIDFWRUVWR
FROOLVLRQVRQ2QWDULRURDGV
7KHODUJHPDMRULW\RIFROOLVLRQVDUHFDXVHGE\D
GULYHU
VFRQGLWLRQRUDFWLRQ%HORZLVDOLVWRIWKHWRS
KXPDQIDFWRUVWKDWFRQWULEXWHWRFROOLVLRQVRQ
2QWDULRURDGV7KHOLVWLVGLYLGHGLQWRWKHWRSILYH
GULYHUFRQGLWLRQVDQGDFWLRQV
7RSILYHGULYHUFRQGLWLRQV
,QDWWHQWLYHGULYLQJ
'ULQNLQJDQGGULYLQJ
'ULYHUIDWLJXH
0HGLFDOSK\VLFDOGLVDELOLW\
'UXJVDQGGULYLQJ
7RSILYHGULYHUDFWLRQV
)DLOXUHWR\LHOGWKHULJKWRIZD\
)ROORZLQJWRRFORVHO\
/RVLQJFRQWURORIYHKLFOH
6SHHGLQJ
'LVREH\LQJWUDIILFFRQWUROV
'ULYHUVDUHUHPLQGHGWKDWPDQ\FROOLVLRQVRFFXU
ZKHQWKHGULYLQJHQYLURQPHQWLVOHVVWKDQRSWLPDO
:KHWKHUGULYLQJDWQLJKWGXULQJWLPHVRIUHGXFHG
YLVLELOLW\RUZKHQURDGFRQGLWLRQVDUHZHWDQG
VOLSSHU\GULYHUVDUHHQFRXUDJHGWRXVHWKH
DSSURSULDWHVDIHGULYLQJWLSVSURYLGHGLQWKLV
KDQGERRN
;,,,'ULYLQJHIILFLHQWO\
ZD\V\RXFDQKHOSPDNH2QWDULR
V
URDGVWKHVDIHVWLQ1RUWK$PHULFD
'RQ
WGULQNDQGGULYH'RQ
WGULYHZKHQ\RX
UH
WDNLQJPHGLFDWLRQWKDWZLOODIIHFW\RXUGULYLQJ
$OZD\VZHDU\RXUVHDWEHOWDQGPDNHVXUH
SDVVHQJHUVDUHXVLQJWKHDSSURSULDWHFKLOGFDU
VHDWERRVWHUVHDWRUVHDWEHOW
2EH\WKHVSHHGOLPLWV6ORZGRZQZKHQURDG
DQGZHDWKHUFRQGLWLRQVDUHSRRU
'RQ
WWDNHULVNVGRQ
WFXWSHRSOHRIILQWUDIILF
PDNHVXGGHQODQHFKDQJHVRUUXQ\HOORZ
OLJKWV
'RQ
WGULYHZKHQ\RX
UHWLUHGXSVHWRUVLFN
,I\RX
UHLQGRXEWOHWWKHRWKHUGULYHUJRILUVW
\LHOGWKHULJKWRIZD\
.HHSDWOHDVWDWZRVHFRQGVSDFHEHWZHHQ
\RXUYHKLFOHDQGWKHRQHDKHDG7RFKHFN
\RXUGLVWDQFHVWDUWFRXQWLQJZKHQWKHYHKLFOH
DKHDGSDVVHVDIL[HGREMHFWVWRSFRXQWLQJ
ZKHQ\RXUYHKLFOHUHDFKHVWKHVDPHVSRW
&XWWKHGLVWUDFWLRQVGRQ
WRYHUFURZGWKH
YHKLFOHRUSOD\ORXGPXVLF
$OZD\VFKHFN\RXUEOLQGVSRWORRNLQ\RXU
PLUURUDQGRYHU\RXUVKRXOGHUEHIRUH\RX
FKDQJHODQHV
&KHFNWUDIILFLQDOOGLUHFWLRQVLQFOXGLQJDQ\
VLGHZDONVDQGSDWKVWUDLOVEHIRUHHQWHULQJDQ
LQWHUVHFWLRQ
;,,,'ULYLQJHIILFLHQWO\
&KDSWHUVHFWLRQ;,,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
+RZSDVVHQJHUYHKLFOHVDIIHFWWKHHQYLURQPHQW
:D\VWRUHGXFHWKHDPRXQW\RXGULYH
:D\VWRFRQVHUYHIXHODQGUHGXFHHPLVVLRQV
ZKHQ\RXGULYH
7UDIILF6LJQVDQG/LJKWV
7UDIILFODZVLQFOXGHWKHWUDIILFVLJQVDQGOLJKWV
SHGHVWULDQVLJQDOVDQGSDYHPHQWPDUNLQJVWKDWWHOO
GULYHUVDQGRWKHUURDGXVHUVZKDWWKH\PXVWGRLQ
FHUWDLQVLWXDWLRQV7KLVFKDSWHUVKRZV\RXZKDW
PDQ\RIWKRVHVLJQVOLJKWVDQGPDUNLQJVORRNOLNH
DQGH[SODLQVZKDWWKH\PHDQWRGULYHUV
,QWKLVFKDSWHU
6LJQV
7UDIILFOLJKWV
3HGHVWULDQVLJQDOV
3DYHPHQWPDUNLQJV
,6LJQV
7UDIILFVLJQVJLYH\RXLPSRUWDQWLQIRUPDWLRQDERXW
WKHODZZDUQ\RXDERXWGDQJHURXVFRQGLWLRQVDQG
KHOS\RXILQG\RXUZD\6LJQVXVHGLIIHUHQW
V\PEROVFRORXUVDQGVKDSHVIRUHDV\
LGHQWLILFDWLRQ
+HUHDUHVRPHRIWKHPDQ\VLJQV\RXZLOOVHHRQ
2QWDULRURDGV
$VWRSVLJQLVHLJKWVLGHGDQGKDV
DUHGEDFNJURXQGZLWKZKLWH
OHWWHUV,WPHDQV\RXPXVWFRPHWR
DFRPSOHWHVWRS6WRSDWWKHVWRS
OLQHLILWLVPDUNHGRQWKH
SDYHPHQW,IWKHUHLVQRVWRSOLQH
VWRSDWWKHFURVVZDON,IWKHUHLVQR
FURVVZDONVWRSDWWKHHGJHRIWKH
VLGHZDON,IWKHUHLVQRVLGHZDON
VWRSDWWKHHGJHRIWKH
LQWHUVHFWLRQ:DLWXQWLOWKHZD\LV
FOHDUEHIRUHHQWHULQJWKH
LQWHUVHFWLRQ
$VFKRRO]RQHVLJQLVILYHVLGHG
DQGKDVDIOXRUHVFHQW
\HOORZJUHHQEDFNJURXQGZLWK
EODFNV\PEROV,WZDUQVWKDW\RX
DUHFRPLQJWRDVFKRRO]RQH6ORZ
GRZQGULYHZLWKH[WUDFDXWLRQDQG
ZDWFKIRUFKLOGUHQ
$\LHOGVLJQLVDWULDQJOHZLWKD
ZKLWHEDFNJURXQGDQGDUHG
ERUGHU,WPHDQV\RXPXVWOHW
WUDIILFLQWKHLQWHUVHFWLRQRUFORVH
WRLWJRILUVW6WRSLIQHFHVVDU\DQG
JRRQO\ZKHQWKHZD\LVFOHDU
$UDLOZD\FURVVLQJVLJQLV;
VKDSHGZLWKDZKLWHEDFNJURXQG
DQGUHGRXWOLQH,WZDUQVWKDW
UDLOZD\WUDFNVFURVVWKHURDG
:DWFKIRUWKLVVLJQ6ORZGRZQ
DQGORRNERWKZD\VIRUWUDLQV%H
SUHSDUHGWRVWRS
7KHUHDUHIRXURWKHUNLQGVRI
VLJQVUHJXODWRU\ZDUQLQJ
WHPSRUDU\FRQGLWLRQVDQG
LQIRUPDWLRQDQGGLUHFWLRQ
,6LJQV
5HJXODWRU\VLJQV
7KHVHVLJQVJLYHDGLUHFWLRQWKDWPXVWEHREH\HG
7KH\DUHXVXDOO\UHFWDQJXODURUVTXDUHZLWKDZKLWH
RUEODFNEDFNJURXQGDQGEODFNZKLWHRUFRORXUHG
OHWWHUV$VLJQZLWKDJUHHQFLUFOHPHDQV\RXPD\
RUPXVWGRWKHDFWLYLW\VKRZQLQVLGHWKHULQJ$UHG
FLUFOHZLWKDOLQHWKURXJKLWPHDQVWKHDFWLYLW\
VKRZQLVQRWDOORZHG
+HUHDUHVRPHFRPPRQUHJXODWRU\VLJQV
7KLVURDGLVDQRIILFLDOELF\FOH
URXWH:DWFKIRUF\FOLVWVDQGEH
SUHSDUHGWRVKDUHWKHURDGZLWK
WKHP
<RXPD\SDUNLQWKHDUHDEHWZHHQ
WKHVLJQVGXULQJWKHWLPHVSRVWHG
8VHGLQSDLUVRUJURXSV
6QRZPRELOHVPD\XVHWKLVURDG
'RQRWHQWHUWKLVURDG
'RQRWVWRSLQWKHDUHDEHWZHHQ
WKHVLJQV7KLVPHDQV\RXPD\
QRWVWRS\RXUYHKLFOHLQWKLVDUHD
HYHQIRUDPRPHQW8VHGLQSDLUV
RUJURXSV
'RQRWVWDQGLQWKHDUHDEHWZHHQ
WKHVLJQV7KLVPHDQV\RXPD\
QRWVWRS\RXUYHKLFOHLQWKLVDUHD
H[FHSWZKLOHORDGLQJRUXQORDGLQJ
SDVVHQJHUV8VHGLQSDLUVRU
JURXSV
'RQRWSDUNLQWKHDUHDEHWZHHQ
WKHVLJQV7KLVPHDQV\RXPD\
QRWVWRS\RXUYHKLFOHH[FHSWWR
ORDGRUXQORDGSDVVHQJHUVRU
PHUFKDQGLVH8VHGLQSDLUVRU
JURXSV
'RQRWWXUQOHIWDWWKHLQWHUVHFWLRQ
'RQRWGULYHWKURXJKWKH
LQWHUVHFWLRQ
'RQRWWXUQWRJRLQWKHRSSRVLWH
GLUHFWLRQ8WXUQ
'RQRWWXUQULJKWZKHQIDFLQJDUHG
OLJKWDWWKHLQWHUVHFWLRQ
'RQRWWXUQOHIWGXULQJWKHWLPHV
VKRZQ
7KLVSDUNLQJVSDFHLVRQO\IRU
YHKLFOHVGLVSOD\LQJDYDOLG
$FFHVVLEOH3DUNLQJ3HUPLW
1RELF\FOHVDOORZHGRQWKLVURDG
1RSHGHVWULDQVDOORZHGRQWKLV
URDG
.HHSWRWKHULJKWRIWKHWUDIILF
LVODQG
6SHHGOLPLWFKDQJHVDKHDG
'RQRWSDVVRQWKLVURDG
6ORZWUDIILFRQPXOWLODQHURDGV
PXVWNHHSULJKW
,QGLFDWHVDUHDVZKHUHWKH
FRPPXQLW\KDVLGHQWLILHGWKDW
WKHUHLVDVSHFLDOULVNWR
SHGHVWULDQV7UDIILFUHODWHG
RIIHQFHVFRPPLWWHGZLWKLQWKH
]RQHDUHVXEMHFWWRLQFUHDVHG
ILQHV
7KHVSHHGOLPLWLQWKLV]RQHLV
ORZHUGXULQJVFKRROKRXUV
2EVHUYHWKHVSHHGOLPLWVKRZQ
ZKHQWKH\HOORZOLJKWVDUH
IODVKLQJ
6WRSIRUVFKRROEXVZKHQVLJQDOV
DUHIODVKLQJ
7KLVVLJQLVLQVWDOOHGRQPXOWLODQH
KLJKZD\VZLWKQRFHQWUHPHGLDQ
GLYLGHU,WLQIRUPVGULYHUV
DSSURDFKLQJIURPERWKGLUHFWLRQV
WKDWWKH\PXVWVWRSIRUDVFKRRO
EXVZKHQLWVVLJQDOOLJKWVDUH
IODVKLQJ
7KHVHVLJQVDERYHWKHURDGRURQ
WKHSDYHPHQWEHIRUHDQ
LQWHUVHFWLRQWHOOGULYHUVWKH
GLUHFWLRQWKH\PXVWWUDYHO)RU
H[DPSOHWKHGULYHULQODQHRQH
PXVWWXUQOHIWWKHGULYHULQODQH
WZRPXVWWXUQOHIWRUJRVWUDLJKW
DKHDGDQGWKHGULYHULQODQHWKUHH
PXVWWXUQULJKW
7UDIILFPD\WUDYHOLQRQHGLUHFWLRQ
RQO\
7KLVLVDSHGHVWULDQFURVVRYHU%H
SUHSDUHGWRVWRSDQG\LHOGULJKWRI
ZD\WRSHGHVWULDQV
7KLVVLJQDERYHWKHURDGRURQ
WKHJURXQGPHDQVWKHODQHLVRQO\
IRUWZRZD\OHIWWXUQV
7KLVVLJQUHVHUYHVFXUEDUHDIRU
YHKLFOHVGLVSOD\LQJDYDOLG
$FFHVVLEOH3HUVRQ3DUNLQJ3HUPLW
SLFNLQJXSDQGGURSSLQJRII
SDVVHQJHUVZLWKGLVDELOLWLHV
7KHVHVLJQVPHDQODQHVDUHRQO\
IRUVSHFLILFW\SHVRIYHKLFOHV
HLWKHUDOOWKHWLPHRUGXULQJFHUWDLQ
KRXUV'LIIHUHQWV\PEROVDUHXVHG
IRUWKHGLIIHUHQWW\SHVRIYHKLFOHV
7KH\LQFOXGHEXVHVWD[LV
YHKLFOHVZLWKWKUHHRUPRUHSHRSOH
DQGELF\FOHV
.HHSWRWKHULJKWODQHH[FHSWZKHQ
SDVVLQJRQWZRODQHVHFWLRQV
ZKHUHFOLPELQJRUSDVVLQJODQHV
DUHSURYLGHG
7KLVVLJQRQWKHEDFNRIWUDQVLW
EXVHVVHUYHVDVDUHPLQGHUWR
PRWRULVWVRIWKHODZUHTXLULQJ
YHKLFOHVDSSURDFKLQJDEXV
VWRSSHGDWDGHGLFDWHG%XV6WRS
WR\LHOGWRWKHEXVRQFHWKHEXV
KDVVLJQDOOHGLWVLQWHQWWRUHWXUQWR
WKHODQH
5RDGIRUNVWRWKHULJKW
0DUNVD]RQHZLWKLQZKLFKVFKRRO
EXVHVORDGRUXQORDGSDVVHQJHUV
ZLWKRXWXVLQJWKHUHGDOWHUQDWLQJ
OLJKWVDQGVWRSDUP
,6LJQV
+LJK2FFXSDQF\9HKLFOH+29VLJQV
2QO\SXEOLFYHKLFOHVVXFKDV
EXVHVRUSDVVHQJHUYHKLFOHV
FDUU\LQJDVSHFLILHGPLQLPXP
QXPEHURISDVVHQJHUVPD\XVH
WKLVODQH
9HKLFOHVFDQQRWFKDQJHODQHVLQWR
RURXWRIDKLJKRFFXSDQF\YHKLFOH
ODQHLQWKLVDUHD
,6LJQV
:DUQLQJVLJQV
7KHVHVLJQVZDUQRIGDQJHURXVRUXQXVXDO
FRQGLWLRQVDKHDGVXFKDVDFXUYHWXUQGLSRU
VLGHURDG7KH\DUHXVXDOO\GLDPRQGVKDSHGDQG
KDYHD\HOORZEDFNJURXQGZLWKEODFNOHWWHUVRU
V\PEROV
+HUHDUHVRPHFRPPRQZDUQLQJVLJQV
1DUURZEULGJHDKHDG
5RDGEUDQFKLQJRIIDKHDG
,QWHUVHFWLRQDKHDG7KHDUURZ
VKRZVZKLFKGLUHFWLRQRIWUDIILF
KDVWKHULJKWRIZD\
5RXQGDERXW$KHDG5HGXFH
6SHHG7KHFRXQWHUFORFNZLVH
DUURZVVKRZWKHGLUHFWLRQRI
YHKLFOHWUDIILFZLWKLQWKH
URXQGDERXW
'ULYHUVRQWKHVLGHURDGDWWKH
LQWHUVHFWLRQDKHDGGRQ
WKDYHD
FOHDUYLHZRIWUDIILF
3DYHPHQWQDUURZVDKHDG
6OLJKWEHQGRUFXUYHLQWKHURDG
DKHDG
3RVWHGXQGHUDFXUYHZDUQLQJWKLV
VLJQVKRZVWKHPD[LPXPVDIH
VSHHGIRUWKHFXUYH
6KDUSEHQGRUWXUQLQWKHURDG
DKHDG
:LQGLQJURDGDKHDG
7KHEULGJHDKHDGOLIWVRUVZLQJVWR
OHWERDWVSDVV
3DYHGVXUIDFHHQGVDKHDG
%LF\FOHFURVVLQJDKHDG
6WRSVLJQDKHDG6ORZGRZQ
6KDUHWKHURDGZLWKRQFRPLQJ
WUDIILF
7KHVKDUHWKHURDGVLJQLVXVHGWR
ZDUQPRWRULVWVWKDWWKH\DUHWR
SURYLGHVDIHVSDFHRQWKHURDGIRU
F\FOLVWVDQGRWKHUYHKLFOHV7KLV
VLJQDOVRZDUQVPRWRULVWVDQG
F\FOLVWVWRH[HUFLVHDGGLWLRQDO
FDXWLRQRQWKHXSFRPLQJVHFWLRQ
RIURDG
3DYHPHQWLVVOLSSHU\ZKHQZHW
6ORZGRZQDQGGULYHZLWKFDXWLRQ
+D]DUGFORVHWRWKHHGJHRIWKH
URDG7KHGRZQZDUGOLQHVVKRZ
WKHVLGHRQZKLFK\RXPD\VDIHO\
SDVV
'LYLGHGKLJKZD\EHJLQVWUDIILF
WUDYHOVLQERWKGLUHFWLRQVRQ
VHSDUDWHGURDGVDKHDG.HHSWR
WKHULJKWKDQGURDG(DFKURDG
FDUULHVRQHZD\WUDIILF
5LJKWODQHHQGVDKHDG,I\RXDUH
LQWKHULJKWKDQGODQH\RXPXVW
PHUJHVDIHO\ZLWKWUDIILFLQWKHODQH
WRWKHOHIW
7UDIILFOLJKWVDKHDG6ORZGRZQ
6WHHSKLOODKHDG<RXPD\QHHGWR
XVHDORZHUJHDU
7ZRURDGVJRLQJLQWKHVDPH
GLUHFWLRQDUHDERXWWRMRLQLQWRRQH
'ULYHUVRQERWKURDGVDUHHTXDOO\
UHVSRQVLEOHIRUVHHLQJWKDWWUDIILF
PHUJHVVPRRWKO\DQGVDIHO\
6QRZPRELOHVFURVVWKLVURDG
'LYLGHGKLJKZD\HQGVWUDIILF
WUDYHOVLQERWKGLUHFWLRQVRQWKH
VDPHURDGDKHDG.HHSWRWKH
ULJKWKDQGURDG
8QGHUSDVVDKHDG7DNHFDUHLI
\RXDUHGULYLQJDWDOOYHKLFOH6LJQ
VKRZVKRZPXFKURRP\RXKDYH
%XPSRUXQHYHQSDYHPHQWRQWKH
URDGDKHDG6ORZGRZQDQGNHHS
FRQWURORI\RXUYHKLFOH
5DLOZD\FURVVLQJDKHDG%HDOHUW
IRUWUDLQV7KLVVLJQDOVRVKRZVWKH
DQJOHDWZKLFKWKHUDLOZD\WUDFNV
FURVVWKHURDG
6KDUSWXUQRUEHQGLQWKHURDGLQ
WKHGLUHFWLRQRIWKHDUURZ7KH
FKHFNHUERDUGERUGHUZDUQVRI
GDQJHU6ORZGRZQEHFDUHIXO
'HHUUHJXODUO\FURVVWKLVURDGEH
DOHUWIRUDQLPDOV
7UXFNHQWUDQFHRQWKHULJKWVLGHRI
WKHURDGDKHDG,IWKHVLJQVKRZV
WKHWUXFNRQWKHOHIWWKHHQWUDQFH
LVRQWKHOHIWVLGHRIWKHURDG
6KRZVPD[LPXPVDIHVSHHGRQ
UDPS
:DWFKIRUSHGHVWULDQVDQGEH
SUHSDUHGWRVKDUHWKHURDGZLWK
WKHP
:DWFKIRUIDOOHQURFNDQGEH
SUHSDUHGWRDYRLGDFROOLVLRQ
7KHUHPD\EHZDWHUIORZLQJRYHU
WKHURDG
7KLVVLJQZDUQV\RXWKDW\RXDUH
FRPLQJWRDKLGGHQVFKRROEXV
VWRS6ORZGRZQGULYHZLWKH[WUD
FDXWLRQZDWFKIRUFKLOGUHQDQGIRU
DVFKRROEXVZLWKIODVKLQJUHG
OLJKWV
,QGLFDWHVDQXSFRPLQJEXV
HQWUDQFHRQWKHULJKWDQGYHKLFOHV
VKRXOGEHSUHSDUHGWR\LHOGWR
EXVHVHQWHULQJWKHURDGZD\
,QGLFDWHVDQXSFRPLQJILUHWUXFN
HQWUDQFHRQWKHULJKWDQGYHKLFOHV
VKRXOGEHSUHSDUHGWR\LHOGWRILUH
WUXFNVHQWHULQJWKHURDGZD\
7KHVHVLJQVZDUQRIDVFKRRO
FURVVLQJ:DWFKIRUFKLOGUHQDQG
IROORZWKHGLUHFWLRQVRIWKH
FURVVLQJJXDUGRUVFKRROVDIHW\
SDWUROOHU
,6LJQV
7HPSRUDU\FRQGLWLRQVLJQV
7KHVHVLJQVZDUQRIXQXVXDOWHPSRUDU\FRQGLWLRQV
VXFKDVURDGZRUN]RQHVGLYHUVLRQVGHWRXUVODQH
FORVXUHVRUWUDIILFFRQWUROSHRSOHRQWKHURDG7KH\
DUHXVXDOO\GLDPRQGVKDSHGZLWKDQRUDQJH
EDFNJURXQGDQGEODFNOHWWHUVRUV\PEROV
+HUHDUHVRPHFRPPRQWHPSRUDU\FRQGLWLRQVLJQV
&RQVWUXFWLRQZRUNRQHNLORPHWUH
DKHDG
5RDGZRUNDKHDG
6XUYH\FUHZZRUNLQJRQWKHURDG
DKHDG
7UDIILFFRQWUROSHUVRQDKHDG'ULYH
VORZO\DQGZDWFKIRULQVWUXFWLRQV
<RXDUHHQWHULQJDFRQVWUXFWLRQ
]RQH'ULYHZLWKH[WUDFDXWLRQDQG
EHSUHSDUHGIRUDORZHUVSHHG
OLPLW
7HPSRUDU\GHWRXUIURPQRUPDO
WUDIILFURXWH
)ODVKLQJOLJKWVRQWKHDUURZVVKRZ
WKHGLUHFWLRQWRIROORZ
3DYHPHQWKDVEHHQPLOOHGRU
JURRYHG<RXUYHKLFOH
VVWRSSLQJ
DELOLW\PD\EHDIIHFWHGVRREH\WKH
VSHHGOLPLWDQGGULYHZLWKH[WUD
FDXWLRQ0RWRUF\FOLVWVPD\
H[SHULHQFHUHGXFHGWUDFWLRQRQ
WKHVHVXUIDFHV
/DQHDKHDGLVFORVHGIRU
URDGZRUN2EH\WKHVSHHGOLPLW
DQGPHUJHZLWKWUDIILFLQWKHRSHQ
ODQH
&ORVHGODQH$GMXVWVSHHGWR
PHUJHZLWKWUDIILFLQODQHLQGLFDWHG
E\DUURZ
'RQRWSDVVWKHSLORWYHKLFOHRU
SDFHYHKLFOHEHDULQJWKLVVLJQ
5HGXFHVSHHGDQGEHSUHSDUHGWR
VWRS
)ROORZGHWRXUPDUNHUXQWLO\RX
UHWXUQWRUHJXODUURXWH
(QIRUFHVGRXEOLQJWKH+7$ILQHV
IRUVSHHGLQJLQDGHVLJQDWHG
FRQVWUXFWLRQ]RQHZKHQWKHUHDUH
ZRUNHUVSUHVHQW
,6LJQV
,QIRUPDWLRQDQGGLUHFWLRQVLJQV
7KHVHVLJQVWHOO\RXDERXWGLVWDQFHVDQG
GHVWLQDWLRQV7KH\DUHXVXDOO\UHFWDQJXODUZLWKD
JUHHQEDFNJURXQGDQGZKLWHOHWWHUV2WKHUVLJQV
ZLWKGLIIHUHQWFRORXUVJXLGH\RXWRIDFLOLWLHV
VHUYLFHVDQGDWWUDFWLRQV
+HUHDUHVRPHFRPPRQLQIRUPDWLRQDQGGLUHFWLRQ
VLJQV
6KRZVGLUHFWLRQVWRQHDUE\WRZQV
DQGFLWLHV
6KRZVWKHGLVWDQFHVLQNLORPHWUHV
WRWRZQVDQGFLWLHVRQWKHURDG
9DULRXVH[LWVLJQVDUHXVHGRQ
IUHHZD\V,QXUEDQDUHDVPDQ\
H[LWUDPSVKDYHPRUHWKDQRQH
ODQH2YHUKHDGDQGJURXQG
PRXQWHGVLJQVKHOSGULYHUV
FKRRVHWKHFRUUHFWODQHWRH[LWRU
VWD\RQWKHIUHHZD\
$GYDQFHVLJQVXVHDUURZVWRVKRZ
ZKLFKODQHVOHDGRIIWKHIUHHZD\
6LJQVDUHDOVRSRVWHGDWWKHH[LW
6RPHWLPHVRQHRUPRUHODQHV
PD\OHDGRIIWKHIUHHZD\7KH
DUURZVPDWFKLQJWKHH[LWODQHVDUH
VKRZQRQWKHDGYDQFHVLJQLQD
\HOORZER[ZLWKWKHZRUGk¼×H[LW
XQGHUWKHP
)UHHZD\LQWHUFKDQJHVRUH[LWV
KDYHQXPEHUVWKDWFRUUHVSRQGWR
WKHGLVWDQFHIURPWKHEHJLQQLQJRI
WKHIUHHZD\)RUH[DPSOH
LQWHUFKDQJHQXPEHURQ
+LJKZD\LVNLORPHWUHV
IURP:LQGVRUZKHUHWKHIUHHZD\
EHJLQV'LVWDQFHVFDQEH
FDOFXODWHGE\VXEWUDFWLQJRQH
LQWHUFKDQJHQXPEHUIURPDQRWKHU
7KHWHUP
9,$
LVXVHGWRGHVFULEH
WKHURDGVWKDWPXVWEHIROORZHGWR
UHDFKDGHVWLQDWLRQ
6KRZVWKHXSFRPLQJURXQGDERXW
H[LVWVDQGZKHUHWKH\ZLOOWDNH
\RX
7KHVHVLJQVFKDQJHDFFRUGLQJWR
WUDIILFFRQGLWLRQVWRJLYHGULYHUV
FXUUHQWLQIRUPDWLRQRQGHOD\VDQG
ODQHFORVXUHVDKHDG
6KRZVRIIURDGIDFLOLWLHVVXFKDV
KRVSLWDOVDLUSRUWVXQLYHUVLWLHVRU
FDUSRROORWV
6KRZVURXWHWRSDVVHQJHUUDLOZD\
VWDWLRQ
6KRZVURXWHWRDLUSRUW
6KRZVIDFLOLWLHVWKDWDUH
DFFHVVLEOHE\ZKHHOFKDLU
'VLJQ2YHUVL]HORDG
,6LJQV
2WKHUVLJQV
+HUHDUHVRPHRWKHUFRPPRQ
VLJQV
7KHVORZPRYLQJYHKLFOHVLJQLV
DQRUDQJHWULDQJOHZLWKDUHG
ERUGHU,WDOHUWVRWKHUGULYHUVWKDW
WKHYHKLFOHDKHDGZLOOEHWUDYHOOLQJ
DWNPKRUOHVV:KHQRQD
URDGIDUPWUDFWRUVIDUP
LPSOHPHQWVPDFKLQHU\DQG
YHKLFOHVQRWFDSDEOHRIVXVWDLQLQJ
VSHHGVRYHUNPKPXVWGLVSOD\
WKHVORZPRYLQJYHKLFOHVLJQ
:DWFKIRUWKHVHVORZPRYLQJ
YHKLFOHVDQGUHGXFH\RXUVSHHG
DVQHFHVVDU\
('5VLJQVDUHXVHGGXULQJWKH
XQVFKHGXOHGFORVXUHRID
SURYLQFLDOKLJKZD\ZKHQ233
GHWRXUDOOWUDIILFRIIWKHKLJKZD\
7KH('5PDUNHUVDUHORFDWHG
DORQJDOWHUQDWLYHURXWHVDQG
SURYLGHGLUHFWLRQWRPRWRULVWV
DURXQGWKHFORVXUHDQGEDFNRQWR
WKHKLJKZD\
/RQJFRPPHUFLDOYHKLFOH/&9
7KLVSODFDUGLQGLFDWHVDORQJ
FRPPHUFLDOYHKLFOHZKLFKLVD
GRXEOHWUDLOHUDQGFDQEHXSWR
PHWUHVLQOHQJWK,WLVLPSRUWDQWWR
EHDEOHWRUHFRJQL]HDQ/&9RQ
WKHKLJKZD\EDVHGRQUHDU
VLJQDJHDQGDQWLFLSDWHERWKWKH
H[WHQGHGOHQJWKDQGOLPLWHGVSHHG
ZKHQSUHSDULQJWRSDVVRQHRQWKH
KLJKZD\
,6LJQV
(PHUJHQF\UHVSRQVHVLJQV
6RPHLQIRUPDWLRQVLJQVLQFOXGHD
QXPEHULQJV\VWHPDORQJWKH
ERWWRPRIWKHVLJQWRDVVLVW
HPHUJHQF\YHKLFOHVDQGGULYHUVLQ
GHWHUPLQLQJDQDSSURSULDWHURXWH
,6LJQV
%LOLQJXDOVLJQV
:DWFKIRUWKHVHVLJQVZKHQ
GULYLQJLQGHVLJQDWHGELOLQJXDO
DUHDV5HDGWKHPHVVDJHVLQWKH
ODQJXDJH\RXXQGHUVWDQGEHVW
%LOLQJXDOPHVVDJHVPD\EH
WRJHWKHURQWKHVDPHVLJQRU
VHSDUDWHZLWKDQ(QJOLVKVLJQ
LPPHGLDWHO\IROORZHGE\D)UHQFK
VLJQ
,6LJQV
&KDSWHUVHFWLRQ,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHGLIIHUHQFHEHWZHHQUHJXODWRU\ZDUQLQJ
WHPSRUDU\FRQGLWLRQDQGLQIRUPDWLRQGLUHFWLRQ
VLJQV
+RZWRUHDGWKHV\PEROVDQGPHVVDJHVRIVRPH
FRPPRQVLJQVLQHDFKFDWHJRU\
,,7UDIILFOLJKWV
7UDIILFOLJKWVWHOOGULYHUVDQGSHGHVWULDQVZKDWWKH\
PXVWGRDWLQWHUVHFWLRQVDQGDORQJURDGV7KH\WHOO
URDGXVHUVZKHQWRVWRSDQGJRZKHQDQGKRZWR
WXUQDQGZKHQWRGULYHZLWKH[WUDFDXWLRQ
,,7UDIILFOLJKWV
*UHHQOLJKW
$JUHHQOLJKWPHDQV\RXPD\WXUQ
OHIWJRVWUDLJKWRUWXUQULJKWDIWHU
\LHOGLQJWRYHKLFOHVDQG
SHGHVWULDQVDOUHDG\LQWKH
LQWHUVHFWLRQ:KHQWXUQLQJOHIWRU
ULJKW\RXPXVW\LHOGWKHULJKWRI
ZD\WRSHGHVWULDQVFURVVLQJWKH
LQWHUVHFWLRQ
,,7UDIILFOLJKWV
<HOORZOLJKW
$\HOORZRUDPEHUOLJKWPHDQV
WKHUHGOLJKWLVDERXWWRDSSHDU
<RXPXVWVWRSLI\RXFDQGRVR
VDIHO\RWKHUZLVHJRZLWKFDXWLRQ
,,7UDIILFOLJKWV
5HGOLJKW
$UHGOLJKWPHDQV\RXPXVWVWRS
%ULQJ\RXUYHKLFOHWRDFRPSOHWH
VWRSDWWKHVWRSOLQHLILWLVPDUNHG
RQWKHSDYHPHQW,IWKHUHLVQR
VWRSOLQHVWRSDWWKHFURVVZDON
PDUNHGRUQRW,IWKHUHLVQR
FURVVZDONVWRSDWWKHHGJHRIWKH
VLGHZDON,IWKHUHLVQRVLGHZDON
VWRSDWWKHHGJHRIWKH
LQWHUVHFWLRQ
:DLWXQWLOWKHOLJKWFKDQJHVWR
JUHHQDQGWKHLQWHUVHFWLRQLVFOHDU
EHIRUHPRYLQJWKURXJKLW
8QOHVVDVLJQWHOOV\RXQRWWR\RX
PD\WXUQULJKWRQDUHGOLJKWRQO\
DIWHUFRPLQJWRDFRPSOHWHVWRS
DQGZDLWLQJXQWLOWKHZD\LVFOHDU
<RXPD\DOVRWXUQOHIWRQDUHG
OLJKWLI\RXDUHPRYLQJIURPDRQH
ZD\URDGRQWRDRQHZD\URDGEXW
\RXPXVWFRPHWRDFRPSOHWHVWRS
ILUVWDQGZDLWXQWLOWKHZD\LVFOHDU
,,7UDIILFOLJKWV
/LJKWVDQGDUURZVWRKHOSWXUQLQJ
YHKLFOHV
)ODVKLQJJUHHQOLJKWVDQGJUHHQ
DUURZVGLUHFWGULYHUVZKRDUH
WXUQLQJ
,,7UDIILFOLJKWV
$GYDQFHJUHHQOLJKWRUDUURZ
:KHQ\RXIDFHDIODVKLQJJUHHQ
OLJKWRUDOHIWSRLQWLQJJUHHQDUURZ
DQGDJUHHQOLJKW\RXPD\WXUQ
OHIWJRVWUDLJKWDKHDGRUWXUQULJKW
IURPWKHSURSHUODQH7KLVLVFDOOHG
DQDGYDQFHGJUHHQOLJKWEHFDXVH
RQFRPLQJWUDIILFVWLOOIDFHVDUHG
OLJKW
3HGHVWULDQVPXVWQRWFURVVRQD
IODVKLQJJUHHQOLJKWXQOHVVD
SHGHVWULDQVLJQDOWHOOVWKHPWR
,,7UDIILFOLJKWV
6LPXOWDQHRXVOHIWWXUQ
:KHQDOHIWWXUQJUHHQDUURZLV
VKRZQZLWKDUHGOLJKW\RXPD\
WXUQOHIWIURPWKHOHIWWXUQODQH
9HKLFOHVWXUQLQJOHIWIURPWKH
RSSRVLWHGLUHFWLRQPD\DOVREH
PDNLQJOHIWWXUQVEHFDXVHWKH\WRR
IDFHDOHIWWXUQJUHHQDUURZ
$IWHUWKHOHIWWXUQJUHHQDUURZD
\HOORZDUURZPD\DSSHDU7KLV
PHDQVWKHJUHHQOLJKWLVDERXWWR
DSSHDUIRUWUDIILFLQRQHRUERWK
GLUHFWLRQV'RQRWVWDUW\RXUOHIW
WXUQ6WRSLI\RXFDQGRVRVDIHO\
RWKHUZLVHFRPSOHWH\RXUWXUQZLWK
FDXWLRQ
<RXFDQVWLOOWXUQOHIWZKHQWKH
OLJKWLVJUHHQEXWRQO\ZKHQWKH
ZD\LVFOHDURIWUDIILFDQG
SHGHVWULDQV,IWKHOLJKWWXUQVUHG
ZKHQ\RXDUHLQWKHLQWHUVHFWLRQ
FRPSOHWH\RXUWXUQZKHQLWLVVDIH
3HGHVWULDQVPXVWQRWFURVVRQDOHIWWXUQJUHHQ
DUURZXQOHVVDSHGHVWULDQVLJQDOWHOOVWKHPWR
,,7UDIILFOLJKWV
7UDQVLWSULRULW\VLJQDOV
7UDIILFDQGSHGHVWULDQVPXVW\LHOG
WRSXEOLFWUDQVLWYHKLFOHVDWD
WUDQVLWSULRULW\VLJQDO7KHURXQG
VLJQDOLVRQWRSRIDUHJXODUWUDIILF
VLJQDODQGVKRZVDZKLWHYHUWLFDO
EDURQDGDUNEDFNJURXQG7KLV
DOORZVWUDQVLWYHKLFOHVWRJR
WKURXJKWXUQULJKWRUOHIWZKLOHDOO
FRQIOLFWLQJWUDIILFIDFHVDUHGOLJKW
,,7UDIILFOLJKWV
)XOO\SURWHFWHGOHIWWXUQ
6RPHLQWHUVHFWLRQVKDYHVHSDUDWHWUDIILFOLJKWVIRU
OHIWWXUQLQJWUDIILFDQGIRUWUDIILFJRLQJWKURXJKWKH
LQWHUVHFWLRQRUWXUQLQJULJKW
:KHQDOHIWWXUQJUHHQDUURZ
DSSHDUVIRUWUDIILFLQWKHOHIWWXUQ
ODQHWUDIILFJRLQJVWUDLJKWDKHDGRU
WXUQLQJULJKWZLOOXVXDOO\VHHDUHG
OLJKW<RXPD\WXUQOHIWIURPWKH
OHIWWXUQODQHZKHQ\RXIDFHD
JUHHQDUURZ9HKLFOHVIURPWKH
RSSRVLWHGLUHFWLRQPD\DOVREH
WXUQLQJOHIW
$IWHUWKHOHIWWXUQJUHHQDUURZD
\HOORZOLJKWDSSHDUVIRUOHIWWXUQLQJ
YHKLFOHVRQO\
$IWHUWKH\HOORZOLJKWDUHGOLJKW
DSSHDUVIRUOHIWWXUQLQJYHKLFOHV
RQO\7UDIILFJRLQJVWUDLJKWDKHDG
RUWXUQLQJULJKWZLOOIDFHDJUHHQ
OLJKWRUJUHHQDUURZVSRLQWLQJ
VWUDLJKWDKHDGDQGWRWKHULJKW
,QWKHVHLQWHUVHFWLRQV\RXPD\QRWEHJLQWXUQLQJ
OHIWDIWHUWKHJUHHQOLJKWDSSHDUVIRUWUDIILFJRLQJ
VWUDLJKWDKHDGRUWXUQLQJULJKW,IWKHOLJKWWXUQV
\HOORZZKLOH\RXDUHLQWKHLQWHUVHFWLRQFRPSOHWH
\RXUWXUQZLWKFDXWLRQ
,,7UDIILFOLJKWV
)ODVKLQJUHGOLJKW
<RXPXVWFRPHWRDFRPSOHWHVWRS
DWDIODVKLQJUHGOLJKW0RYH
WKURXJKWKHLQWHUVHFWLRQRQO\ZKHQ
LWLVVDIH
,,7UDIILFOLJKWV
)ODVKLQJ\HOORZOLJKW
$IODVKLQJ\HOORZOLJKWPHDQV\RX
VKRXOGGULYHZLWKFDXWLRQZKHQ
DSSURDFKLQJDQGPRYLQJWKURXJK
WKHLQWHUVHFWLRQ
,,7UDIILFOLJKWV
%ODQNWUDIILFOLJKWV
'XULQJDQHOHFWULFDOSRZHUORVV
WUDIILFOLJKWVDWLQWHUVHFWLRQVZLOOQRW
ZRUN<LHOGWKHULJKWRIZD\WR
YHKLFOHVLQWKHLQWHUVHFWLRQDQGWR
YHKLFOHVHQWHULQJWKHLQWHUVHFWLRQ
IURP\RXUULJKW*RFDXWLRXVO\DQG
XVHWKHLQWHUVHFWLRQWKHVDPHZD\
\RXZRXOGXVHDQLQWHUVHFWLRQZLWK
DOOZD\VWRSVLJQV
,,7UDIILFOLJKWV
7UDIILFEHDFRQV
$WUDIILFEHDFRQLVDVLQJOHIODVKLQJOLJKWKXQJRYHU
DQLQWHUVHFWLRQRUSODFHGRYHUVLJQVRURQ
REVWDFOHVLQWKHURDG
)ODVKLQJUHGEHDFRQ
$IODVKLQJUHGEHDFRQDERYHDQ
LQWHUVHFWLRQRUVWRSVLJQPHDQV
\RXPXVWFRPHWRDFRPSOHWH
VWRS0RYHWKURXJKWKH
LQWHUVHFWLRQRQO\ZKHQLWLVVDIHWR
GRVR
)ODVKLQJ\HOORZEHDFRQ
$IODVKLQJ\HOORZEHDFRQDERYHDQ
LQWHUVHFWLRQDERYHDZDUQLQJVLJQ
RURQDQREVWUXFWLRQLQWKHURDG
ZDUQV\RXWRGULYHZLWKFDXWLRQ
,,7UDIILFOLJKWV
&KDSWHUVHFWLRQ,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHGLIIHUHQWFRORXUVDQGV\PEROVWKDWDSSHDU
RQWUDIILFOLJKWVDQGZKDWWKRVHPHDQ
+RZWRQDYLJDWHWXUQVXVLQJDGYDQFHGJUHHQ
OLJKWVDQGDUURZV
+RZWRSURFHHGZKHQDSSURDFKLQJIODVKLQJ
DPEHURUUHGOLJKWV
:KDWWRGRLQVLWXDWLRQVZKHUHWKHWUDIILFOLJKWV
DUHQRWRSHUDWLQJ
,,,3HGHVWULDQVLJQDOV
3HGHVWULDQVLJQDOVKHOS
SHGHVWULDQVFURVVDWLQWHUVHFWLRQV
ZLWKWUDIILFOLJKWV7KHVLJQDOIRU
SHGHVWULDQVWRZDONLVDZKLWH
ZDONLQJV\PERO$IODVKLQJRU
VWHDG\RUDQJHKDQGV\PERO
PHDQVSHGHVWULDQVPXVWQRWEHJLQ
WRFURVV
$SHGHVWULDQIDFLQJDZDONVLJQDO
PD\FURVVWKHURDGLQWKHGLUHFWLRQ
RIWKHVLJQDO:KLOHFURVVLQJ
SHGHVWULDQVKDYHWKHULJKWRIZD\
RYHUDOOYHKLFOHV
$SHGHVWULDQIDFLQJDIODVKLQJRU
VWHDG\KDQGV\PEROVKRXOGQRW
EHJLQWRFURVVWKHURDG
3HGHVWULDQVZKRKDYHDOUHDG\
EHJXQWRFURVVZKHQWKHKDQG
VLJQDODSSHDUVVKRXOGJRDV
TXLFNO\DVSRVVLEOHWRDVDIHDUHD
:KLOHWKH\DUHFURVVLQJ
SHGHVWULDQVVWLOOKDYHWKHULJKWRI
ZD\RYHUYHKLFOHV
$WLQWHUVHFWLRQVZLWKWUDIILFOLJKWVZKHUHWKHUHDUH
QRSHGHVWULDQVLJQDOVSHGHVWULDQVIDFLQJDJUHHQ
OLJKWPD\FURVV3HGHVWULDQVPD\QRWFURVVRQD
IODVKLQJJUHHQOLJKWRUDOHIWWXUQJUHHQDUURZ
,,,3HGHVWULDQVLJQDOV
,QWHUVHFWLRQSHGHVWULDQVLJQDOV
:KHUHWKHUHDUHSHGHVWULDQSXVKEXWWRQVD
SHGHVWULDQPXVWXVHWKHEXWWRQWREULQJRQWKHZDON
VLJQDO3HGHVWULDQVLJQDOVJLYHSHRSOHPRUHWLPHWR
FURVVWKDQUHJXODUWUDIILFOLJKWV2QDEXV\PDLQ
URDGDQLQWHUVHFWLRQSHGHVWULDQVLJQDOKHOSV
SHRSOHWRFURVVWKHURDGVDIHO\E\VLJQDOOLQJWUDIILF
WRVWRS7KHLQWHUVHFWLRQSHGHVWULDQVLJQDOKDVRQH
RUPRUHFURVVZDONVSHGHVWULDQZDONDQGGRQ
W
ZDONVLJQDOVSXVKEXWWRQVIRUSHGHVWULDQVDQG
WUDIILFVLJQDOOLJKWVRQWKHPDLQURDGRQO\6WRS
VLJQVFRQWUROWUDIILFRQWKHVPDOOHUOHVVEXV\
FURVVURDG
<RXPXVWREVHUYHREH\WKHWUDIILFUXOHVDQGXVH
VDIHGULYLQJVNLOOVWRGULYHWKURXJKWKHVH
LQWHUVHFWLRQV6HHDOVRWKHVHFWLRQRQGULYLQJ
WKURXJKLQWHUVHFWLRQV
,,,3HGHVWULDQVLJQDOV
&KDSWHUVHFWLRQ,,,6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
:KDWWKHV\PEROVRQSHGHVWULDQVLJQDOVLQGLFDWH
:KDWDQLQWHUVHFWLRQSHGHVWULDQVLJQDOLVDQG
ZKDWWRGRLI\RXHQFRXQWHURQH
,93DYHPHQWPDUNLQJV
3DYHPHQWPDUNLQJVFRPELQHZLWKURDGVLJQVDQG
WUDIILFOLJKWVWRJLYH\RXLPSRUWDQWLQIRUPDWLRQDERXW
WKHGLUHFWLRQRIWUDIILFDQGZKHUH\RXPD\DQGPD\
QRWWUDYHO3DYHPHQWPDUNLQJVGLYLGHWUDIILFODQHV
VKRZWXUQLQJODQHVPDUNSHGHVWULDQFURVVLQJV
LQGLFDWHREVWDFOHVDQGWHOO\RXZKHQLWLVQRWVDIH
WRSDVV
<HOORZOLQHVVHSDUDWHWUDIILF
WUDYHOOLQJLQRSSRVLWHGLUHFWLRQV
:KLWHOLQHVVHSDUDWHWUDIILF
WUDYHOOLQJLQWKHVDPHGLUHFWLRQ
'LDJUDP
$VROLGOLQHDWWKHOHIWRI\RXUODQH
PHDQVLWLVXQVDIHWRSDVV
$
VKRXOGQRWSDVV
'LDJUDP
$EURNHQOLQHDWWKHOHIWRI\RXU
ODQHPHDQV\RXPD\SDVVLIWKH
ZD\LVFOHDU
$
PD\SDVVLIWKHUH
DUHHQRXJKEURNHQOLQHVDKHDGWR
FRPSOHWHWKHSDVVVDIHO\
'LDJUDP
%URNHQOLQHVWKDWDUHZLGHUDQGFORVHUWRJHWKHU
WKDQUHJXODUEURNHQOLQHVDUHFDOOHGFRQWLQXLW\
OLQHV:KHQ\RXVHHFRQWLQXLW\OLQHVRQ\RXUOHIW
VLGHLWJHQHUDOO\PHDQVWKHODQH\RXDUHLQLV
HQGLQJRUH[LWLQJDQGWKDW\RXPXVWFKDQJHODQHVLI
\RXZDQWWRFRQWLQXHLQ\RXUFXUUHQWGLUHFWLRQ
&RQWLQXLW\OLQHVRQ\RXUULJKWPHDQ\RXUODQHZLOO
FRQWLQXHXQDIIHFWHG
'LDJUDP
$VWRSOLQHLVDVLQJOHZKLWHOLQH
SDLQWHGDFURVVWKHURDGDWDQ
LQWHUVHFWLRQ,WVKRZVZKHUH\RX
PXVWVWRS,IWKHUHLVQRVWRSOLQH
PDUNHGRQWKHURDGVWRSDWWKH
FURVVZDONPDUNHGRUQRW,IWKHUH 'LDJUDP
LVQRFURVVZDONVWRSDWWKHHGJH
RIWKHVLGHZDON,IWKHUHLVQR
VLGHZDONVWRSDWWKHHGJHRIWKH
LQWHUVHFWLRQ
$FURVVZDONLVPDUNHGE\WZR
SDUDOOHOZKLWHOLQHVSDLQWHGDFURVV
WKHURDG+RZHYHUFURVVZDONVDW
LQWHUVHFWLRQVDUHQRWDOZD\V
PDUNHG,IWKHUHLVQRVWRSOLQH
VWRSDWWKHFURVVZDON,IWKHUHLVQR 'LDJUDP
FURVVZDONVWRSDWWKHHGJHRIWKH
VLGHZDON,IWKHUHLVQRVLGHZDON
VWRSDWWKHHGJHRIWKH
LQWHUVHFWLRQ
$ZKLWHDUURZSDLQWHGRQDODQH
PHDQV\RXPD\PRYHRQO\LQWKH
GLUHFWLRQRIWKHDUURZ
'LDJUDP
$SHGHVWULDQFURVVRYHULVPDUNHG
E\WZRZKLWHGRXEOHSDUDOOHOOLQHV
DFURVVWKHURDGZLWKDQ;LQHDFK
ODQHDSSURDFKLQJLWDQGRYHUKHDG
\HOORZOLJKWV6WRSEHIRUHWKHOLQH
DQG\LHOGWRSHGHVWULDQV 'LDJUDP
7ZRVROLGOLQHVSDLQWHGRQWKHSDYHPHQWJXLGH
WUDIILFDZD\IURPIL[HGREMHFWVVXFKDVEULGJHSLHUV
RUFRQFUHWHLVODQGV<HOORZDQGEODFNPDUNLQJVDUH
DOVRSDLQWHGRQWKHREMHFWVWKHPVHOYHVDV
ZDUQLQJV
'LDJUDP
,93DYHPHQWPDUNLQJV
&KDSWHUVHFWLRQ,96XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
+RZSDYHPHQWPDUNLQJVDUHXVHGWRFRQWURO
WUDIILF
:KDWWKHGLIIHUHQWFRORXUVDQGW\SHVRIPDUNLQJV
DUHXVHGWRLQGLFDWH
.HHSLQJ<RXU'ULYHU
V
/LFHQFH
2QWDULRKDVDRQHSLHFHGULYHU
VOLFHQFH7KH
OLFHQFHFDUGKDVDSKRWRJUDSKDQGVLJQDWXUHRIWKH
GULYHU$OOGULYHUVLQ2QWDULRVKRXOGKDYHDRQH
SLHFHOLFHQFHFDUG
<RXPXVWFDUU\\RXUOLFHQFHZLWK\RXZKHQHYHU
\RXGULYH
,QWKLVFKDSWHU
5HQHZLQJ\RXUOLFHQFH
6HQLRUGULYHUVDJHRUROGHU
*UDGXDWHGOLFHQVLQJUHTXDOLILFDWLRQ
&KDQJLQJ\RXUQDPHRUDGGUHVV
'ULYHU
VOLFHQFHODZV
7KHGHPHULWSRLQWV\VWHP
7DEOHRIRIIHQFHV
2WKHUZD\VWRORVH\RXUOLFHQFH
5HQHZLQJ\RXUOLFHQFH
<RXZLOOJHWDUHQHZDODSSOLFDWLRQIRUPLQWKHPDLO
7DNHWKHIRUPLQWRDQ\6HUYLFH2QWDULR&HQWUHLQ
WKHSURYLQFH7KH\DUHDOOHTXLSSHGWRWDNH
SKRWRJUDSKV<RXZLOOEHDVNHGWRVLJQWKHIRUP
VKRZLGHQWLILFDWLRQSD\DIHHDQGKDYH\RXU
SKRWRJUDSKWDNHQ<RXZLOOJHWDWHPSRUDU\OLFHQFH
RQWKHVSRWLI\RXUDSSOLFDWLRQDQGGRFXPHQWVDUH
LQRUGHUDQG\RXUSHUPDQHQWRQHZLOOEHPDLOHGWR
\RX<RXPXVWFDUU\LWZLWK\RXZKHQHYHU\RXGULYH
DQGSURGXFHLWZKHQDSROLFHRIILFHUUHTXHVWVLW
,I\RXGRQRWJHWDUHQHZDODSSOLFDWLRQIRUPLQWKH
PDLOZKHQ\RXUOLFHQFHLVGXHIRUUHQHZDOFDOOWKH
0LQLVWU\RI7UDQVSRUWDWLRQ<RXDUHUHVSRQVLEOHIRU
PDNLQJVXUH\RXKDYHDYDOLGGULYHU
VOLFHQFH<RX
FDQUHQHZDQH[SLUHGFDURUPRWRUF\FOHGULYHU
V
OLFHQFHZLWKLQRQH\HDUZLWKRXWWDNLQJDQ\WHVWV
,I\RXUOLFHQFHKDVEHHQVXVSHQGHGFDQFHOOHGRU
H[SLUHGIRUPRUHWKDQWKUHH\HDUV\RXZLOOEH
UHTXLUHGWRUHDSSO\IRUDOLFHQFHLQ2QWDULRDQG
PHHWDOOWKHUHTXLUHPHQWVRIJUDGXDWHGOLFHQVLQJ
LQFOXGLQJSDVVLQJDOOWKHUHTXLUHGWHVWV
6HQLRUGULYHUVDJHRU
ROGHU
/LFHQVLQJ
,I\RXDUH\HDUVRIDJHRUROGHU\RXDUH
UHTXLUHGWRUHQHZ\RXUGULYHU¶VOLFHQFHHYHU\WZR
\HDUV7KLVUHQHZDOSURFHVVKHOSVNHHSVHQLRUV
PRELOHDQGLQGHSHQGHQWORQJHUZKLOHKHOSLQJWR
HQVXUHWKDWXQVDIHGULYHUVDUHLGHQWLILHGDQG
DSSURSULDWHDFWLRQVDUHWDNHQ
<RXQHHGWRXQGHUJRDGULYLQJUHFRUGUHYLHZ
FRPSOHWHDYLVLRQWHVWDQGSDUWLFLSDWHLQD
PLQXWHJURXSHGXFDWLRQVHVVLRQIROORZHGE\DQLQ
FODVVVFUHHQLQJFRPSRQHQW7KHLQFODVVVFUHHQLQJ
FRPSRQHQWZLOOKHOSEHWWHUDVVHVV\RXUILWQHVVWR
GULYH
<RXPD\EHUHTXLUHGWRSDVVDURDGWHVWEHIRUH
EHLQJDEOHWRUHQHZ\RXUOLFHQFHRU\RXPD\EH
DEOHWRUHQHZEXWZLOOKDYHWRIROORZXSDQGVXEPLW
PHGLFDOLQIRUPDWLRQ7KHGULYHULPSURYHPHQW
FRXQVHOORUDWWKHJURXSHGXFDWLRQVHVVLRQZLOO
GLVFXVVWKLVZLWK\RX
7KHUHLVQRFKDUJHIRUDQ\RIWKHOLFHQFHUHQHZDO
UHTXLUHPHQWV<RXRQO\KDYHWRSD\WKHOLFHQFH
UHQHZDOIHH
0RUHLQIRUPDWLRQWKDWVSHFLILFDOO\DGGUHVVHVWKH
FRQFHUQVRIVHQLRUGULYHUVFDQEHIRXQG
DWÆ2QWDULRFDVHQLRUGULYHU<RXFDQDOVRFDOOWKH
'ULYHUDQG9HKLFOH/LFHQVLQJ&RQWDFW&HQWUHDW
ÆRUÆ
+RZDJLQJDIIHFWVGULYLQJVDIHW\
5HGXFHGYLVLRQHVSHFLDOO\DWQLJKW
'LIILFXOW\MXGJLQJGLVWDQFHDQGVSHHG
/LPLWHGPRYHPHQWDQGUDQJHRIPRWLRQ
6ORZHUUHDFWLRQWLPH
'LIILFXOW\IRFXVLQJDWWHQWLRQIRUORQJSHULRGVRI
WLPH
(DVLO\GLVWUDFWHG
0RUHWLPHQHHGHGWRXQGHUVWDQGZKDW\RXVHH
DQGKHDU
0RUHXVHRISUHVFULSWLRQDQGRURYHUWKHFRXQWHU
GUXJVWKDWPD\LPSDLU\RXUGULYLQJDELOLW\
:KDW\RXFDQGRWRPDNH\RXUGULYLQJ
VDIHU
<RXUKHDOWKLVDNH\IDFWRULQ\RXUDELOLW\WRGULYH
7RKHOS\RXKDQGOHWKHGHPDQGVRIVDIHGULYLQJ
&KHFNZLWK\RXUGRFWRURUSKDUPDFLVWWRPDNH
VXUHFXUUHQWDQGQHZPHGLFDWLRQVZLOOQRW
QHJDWLYHO\DIIHFW\RXUDELOLW\WRGULYH2YHUWKH
FRXQWHUGUXJVDQGFRPELQDWLRQVRIGUXJVFDQ
DOVRLPSDLU\RXUGULYLQJ
5HSRUWWR\RXUGRFWRU
YLVLRQFKDQJHVXQH[SODLQHGGL]]LQHVVRU
IDLQWLQJVSHOOV
IUHTXHQWFKURQLFRUVHYHUHSDLQ
$YRLGGULYLQJLI\RX
UHH[SHULHQFLQJSDLQ,WFDQ
GHFUHDVH\RXUDELOLW\WRFRQFHQWUDWHDQGOLPLW
\RXUPRYHPHQWEHKLQGWKHZKHHO
+DYH\RXUKHDULQJDQGH\HVFKHFNHGUHJXODUO\
3HULSKHUDOYLVLRQDQGGHSWKSHUFHSWLRQWHQGWR
GHFOLQHRYHUWKH\HDUV
<RXUGRFWRUFDQUHFRPPHQGDQH[HUFLVH
SURJUDPWRLPSURYHIOH[LELOLW\DQGPDLQWDLQ
VWUHQJWKZKLFKFDQKHOS\RXUDELOLW\WRGULYH
VDIHO\
&RQVLGHUWDNLQJDGULYHU
VFRXUVHWRUHIUHVK\RXU
NQRZOHGJHRIWKHUXOHVRIWKHURDGDQGVDIH
GULYLQJSUDFWLFHV
$VN\RXUVHOI+RZ
VP\GULYLQJ"
7DNHWKLVWHVWDQGDVN\RXUVHOIWKHVHTXHVWLRQV
$P,H[SHULHQFLQJDQLQFUHDVLQJQXPEHURIQHDU
FROOLVLRQV"
+DYH,EHHQGLUHFWO\LQYROYHGLQPLQRUFROOLVLRQV"
'R,KDYHGLIILFXOW\GULYLQJWKURXJKLQWHUVHFWLRQV
MXGJLQJGLVWDQFHRUVHHLQJSHGHVWULDQVURDG
VLJQVRURWKHUYHKLFOHV"
'R,KDYHGLIILFXOW\FRQFHQWUDWLQJZKLOHGULYLQJ"
'R,JHWORVWRUGLVRULHQWHGRQIDPLOLDUURDGV"
'R,KDYHGLIILFXOW\FRRUGLQDWLQJKDQGDQGIRRW
PRYHPHQWV"
$P,H[SHULHQFLQJYLVLRQSUREOHPVHVSHFLDOO\DW
QLJKW"
'R,JHWQHUYRXVEHKLQGWKHZKHHO"
'RRWKHUPRWRULVWVIUHTXHQWO\KRQNDWPH"
'RIDPLO\PHPEHUVH[SUHVVFRQFHUQDERXWP\
GULYLQJDELOLW\"
+RZLPSRUWDQWLVGULYLQJWRPH"
<RXUDQVZHUVWRWKHVHTXHVWLRQVFDQKHOS\RX
GHFLGHZKHWKHUWRFRQWLQXHWRGULYHFXWEDFNWR
FHUWDLQWLPHVVXFKDVGD\OLJKWKRXUVRUVWRSGULYLQJ
DOWRJHWKHU,I\RXKDYHFKHFNHGRQHRUPRUHRIWKH
ZDUQLQJVLJQVDQGDUHFRQFHUQHGDERXW\RXU
GULYLQJDELOLW\WDONWR\RXUGRFWRURUIDPLO\DQGJHW
WKHLURSLQLRQV
$WWKHJURXSHGXFDWLRQVHVVLRQ\RXZLOOOHDUQPRUH
DERXWWKHVHWRSLFVRQVHQLRUGULYHUVDIHW\
*UDGXDWHGOLFHQVLQJ
UHTXDOLILFDWLRQ
8QGHUJUDGXDWHGOLFHQVLQJQRYLFHGULYHUV&ODVV
**0DQG0SURJUHVVWKURXJKDWZRVWHS
OLFHQVLQJSURFHVVE\FRPSOHWLQJWKHPDQGDWRU\
WLPHSHULRGVIRUHDFKOHYHODQGSDVVLQJWKH
UHTXLUHGURDGWHVWV([FHSWIRU&ODVV0QRYLFH
GULYHUVKDYHILYH\HDUVWRFRPSOHWHWKHJUDGXDWHG
OLFHQVLQJSURFHVV+RZHYHULI\RXU&ODVV**
RU0OLFHQFHLVDERXWWRH[SLUHDQG\RXKDYHQRW
FRPSOHWHGWKHSURFHVV\RXFDQUHJDLQRUUHWDLQ
WKHVDPHFODVVRIOLFHQFHE\SDVVLQJDWHVWDQG
SD\LQJWKHILYH\HDUOLFHQVLQJIHH7KLVLVFDOOHG
UHTXDOLILFDWLRQ$QRWLFHLVVHQWWR&ODVV**
DQG0GULYHUVEHIRUHWKHLUOLFHQFHH[SLU\GDWHWR
LQIRUPWKHPRIWKHLURSWLRQV,I\RXGRQRWFRPSOHWH
WKHJUDGXDWHGOLFHQVLQJSURFHVVRUUHTXDOLI\EHIRUH
\RXU**RU0OLFHQFHH[SLUHV\RXZLOOQRW
KDYHDOLFHQFHWRGULYHDQG\RXPXVWUHDSSO\IRUD
/HYHO2QHOLFHQFH
&KDQJLQJ\RXUQDPHRU
DGGUHVV
<RXPXVWWHOOWKH0LQLVWU\RI7UDQVSRUWDWLRQZLWKLQ
VL[GD\VRIFKDQJLQJ\RXUQDPHRUDGGUHVV
<RXZLOOQHHGDQHZOLFHQFHZKHQ\RXFKDQJH\RXU
DGGUHVV<RXFDQFKDQJH\RXUDGGUHVVRQWKH
6HUYLFH2QWDULRZHEVLWHDWZZZVHUYLFHRQWDULRFD
RU\RXFDQWDNHWKHFKDQJHRILQIRUPDWLRQWRD
'ULYHUDQG9HKLFOH/LFHQFH,VVXLQJ2IILFHRUPDLOLW
WRWKH0LQLVWU\RI7UDQVSRUWDWLRQ32%R[
.LQJVWRQ21./.7KHPLQLVWU\ZLOOVHQG\RX
DQHZOLFHQFH:KHQ\RXJHWLWGHVWUR\\RXUROG
OLFHQFHDQGFDUU\WKHQHZRQHZLWK\RXZKHQHYHU
\RXGULYH
:KHQ\RXUQDPHFKDQJHV\RXQHHGDQHZ
OLFHQFH7DNHWKHGRFXPHQWV\RXPXVWVKRZVHH
WKHFKDUWRQWKLVSDJHDQG\RXUFXUUHQWOLFHQFHWR
D'ULYHUDQG9HKLFOH/LFHQFH,VVXLQJ2IILFH$QHZ
SKRWRJUDSKZLOOEHWDNHQ<RXZLOOJHWDWHPSRUDU\
OLFHQFHWRXVHXQWLO\RXUSHUPDQHQWOLFHQFHLV
PDLOHGWR\RX&DUU\LWZLWK\RXZKHQHYHU\RX
GULYH
7KHUHLVQRFKDUJHIRUJHWWLQJDQHZOLFHQFH
EHFDXVH\RXFKDQJH\RXUQDPHRUDGGUHVV
7KHFKDUWRQWKLVSDJHVKRZVWKHGRFXPHQWV\RX
ZLOOQHHGWRFKDQJHWKHQDPHRQ\RXUGULYHU
V
OLFHQFH
'ULYHU
VOLFHQFHODZV
,WLVLOOHJDOWR
/HQG\RXUOLFHQFH
/HWVRPHRQHHOVHXVHLW
8VHDQDOWHUHGOLFHQFH
8VHDQRWKHUOLFHQFHDV\RXURZQ
+DYHPRUHWKDQRQH2QWDULRGULYHU
VOLFHQFH
8VHDILFWLWLRXVRULPLWDWLRQOLFHQFH
7KHGHPHULWSRLQWV\VWHP
7KHGHPHULWSRLQWV\VWHPHQFRXUDJHVGULYHUVWR
LPSURYHWKHLUEHKDYLRXUDQGSURWHFWVSHRSOHIURP
GULYHUVZKRDEXVHWKHSULYLOHJHRIGULYLQJ'ULYHUV
FRQYLFWHGRIGULYLQJUHODWHGRIIHQFHVKDYHGHPHULW
SRLQWVUHFRUGHGRQWKHLUUHFRUGV'HPHULWSRLQWV
VWD\RQ\RXUUHFRUGIRUWZR\HDUVIURPWKHGDWHRI
WKHRIIHQFH,I\RXDFFXPXODWHWRRPDQ\GHPHULW
SRLQWV\RXUGULYHU
VOLFHQFHFDQEHVXVSHQGHG
1HZGULYHUVGHPHULWSRLQWV\VWHPIRU/HYHO
2QHDQG/HYHO7ZRGULYHUV
7ZRRUPRUHSRLQWV
<RXZLOOUHFHLYHDZDUQLQJOHWWHU
6L[SRLQWV
<RXPD\KDYHWRDWWHQGDQLQWHUYLHZWRGLVFXVV
\RXUUHFRUGDQGJLYHUHDVRQVZK\\RXUOLFHQFH
VKRXOGQRWEHVXVSHQGHG,I\RXGRQRWJRWRWKH
LQWHUYLHZ\RXUOLFHQFHPD\EHVXVSHQGHG
1LQHRUPRUHSRLQWV
<RXUOLFHQFHZLOOEHVXVSHQGHGIRUGD\VIURP
WKHGDWH\RXVXUUHQGHULWWRWKH0LQLVWU\RI
7UDQVSRUWDWLRQ<RXFDQORVH\RXUOLFHQFHIRUXSWR
WZR\HDUVLI\RXIDLOWRVXUUHQGHU\RXUOLFHQFH$IWHU
WKHVXVSHQVLRQWKHQXPEHURISRLQWVRQ\RXU
UHFRUGZLOOEHUHGXFHGWRIRXU$Q\H[WUDSRLQWV
FRXOGDJDLQEULQJ\RXWRWKHLQWHUYLHZOHYHO,I\RX
UHDFKQLQHSRLQWVDJDLQ\RXUOLFHQFHPD\EH
VXVSHQGHGIRUVL[PRQWKV
$VD/HYHO2QHRU/HYHO7ZRGULYHU\RXZLOOKDYH
\RXUOLFHQFHVXVSHQGHGLI\RXDFFXPXODWHQLQHRU
PRUHGHPHULWSRLQWVGXULQJDWZR\HDUSHULRG
1RWH,I\RXDUHDQRYLFHGULYHUDQGDUHFRQYLFWHG
RIYLRODWLQJDQ\QRYLFHFRQGLWLRQDQRIIHQFHWKDWLV
DVVRFLDWHGZLWKIRXURUPRUHGHPHULWSRLQWVRU
UHFHLYHDFRXUWRUGHUHGVXVSHQVLRQIRUDQRIIHQFH
WKDWZRXOGKDYHUHVXOWHGLQIRXURUPRUHGHPHULW
SRLQWV\RXZLOOUHFHLYHWKHDSSURSULDWHSHQDOW\DQG
1RYLFH'ULYHU(VFDODWLQJ6DQFWLRQOLFHQFH
VXVSHQVLRQ+RZHYHUWKHGHPHULWSRLQWVZLOOEH
UHFRUGHGDV]HURRQ\RXUUHFRUGDQGZLOOQRWEH
FRXQWHGWRZDUGVWKHDFFXPXODWHGGHPHULWSRLQW
V\VWHP
)XOO\OLFHQVHGGULYHUVGHPHULWSRLQWV\VWHP
IRUIXOO\OLFHQVHGGULYHUV
6L[SRLQWV
<RXZLOOUHFHLYHDZDUQLQJOHWWHUUHFRPPHQGLQJ
WKDW\RXLPSURYH\RXUGULYLQJVNLOOV
1LQHSRLQWV
<RXPD\KDYHWRJRWRDQLQWHUYLHZWRGLVFXVV\RXU
UHFRUGDQGJLYHUHDVRQVZK\\RXUOLFHQFHVKRXOG
QRWEHVXVSHQGHG<RXPD\DOVRKDYHWRFRPSOHWH
DGULYHUUHH[DPLQDWLRQ,I\RXIDLOWKLVWHVW\RXU
OLFHQFHFDQEHFDQFHOOHG,I\RXIDLOWRDWWHQGDQ
LQWHUYLHZRUIDLOWRJLYHJRRGUHDVRQVIRUNHHSLQJ
\RXUOLFHQFH\RXUOLFHQFHPD\EHVXVSHQGHG
SRLQWV
<RXUOLFHQFHZLOOEHVXVSHQGHGIRUGD\VIURP
WKHGDWH\RXKDQGRYHU\RXUOLFHQFHWRWKH0LQLVWU\
RI7UDQVSRUWDWLRQ<RXFDQORVH\RXUOLFHQFHIRUXS
WRWZR\HDUVLI\RXIDLOWRVXUUHQGHULW$IWHUWKH
VXVSHQVLRQWKHQXPEHURISRLQWVRQ\RXUGULYHU
V
UHFRUGZLOOEHUHGXFHGWRVHYHQ$Q\H[WUDSRLQWV
FRXOGDJDLQEULQJ\RXWRWKHLQWHUYLHZOHYHO,I\RX
UHDFKSRLQWVDJDLQ\RXUOLFHQFHZLOOEH
VXVSHQGHGIRUVL[PRQWKV
7DEOHRIRIIHQFHV
+HUHDUHWKHGHPHULWSRLQWVIRUGULYLQJRIIHQFHV
6HYHQSRLQWV
)DLOLQJWRUHPDLQDWWKHVFHQHRIDFROOLVLRQ
)DLOLQJWRVWRSIRUSROLFH
6L[SRLQWV
&DUHOHVVGULYLQJ
5DFLQJ
([FHHGLQJWKHVSHHGOLPLWE\NPKRUPRUH
)DLOLQJWRVWRSIRUDVFKRROEXV
)LYHSRLQWV
'ULYHURIEXVIDLOLQJWRVWRSDWXQSURWHFWHG
UDLOZD\FURVVLQJ
)RXUSRLQWV
([FHHGLQJWKHVSHHGOLPLWE\WRNPK
)ROORZLQJWRRFORVHO\
7KUHHSRLQWV
([FHHGLQJWKHVSHHGOLPLWE\WRNPK
'ULYLQJWKURXJKDURXQGRUXQGHUDUDLOZD\
FURVVLQJEDUULHU
'ULYLQJZKLOHKROGLQJRUXVLQJDKDQGKHOG
ZLUHOHVVFRPPXQLFDWLRQVHQWHUWDLQPHQWGHYLFH
RUYLHZLQJDGLVSOD\VFUHHQXQUHODWHGWRWKH
GULYLQJWDVN
)DLOLQJWR\LHOGWKHULJKWRIZD\
)DLOLQJWRREH\DVWRSVLJQWUDIILFOLJKWRUUDLOZD\
FURVVLQJVLJQDO
)DLOLQJWRREH\WUDIILFFRQWUROVWRSVLJQ
)DLOLQJWRREH\WUDIILFFRQWUROVORZVLJQ
)DLOLQJWRREH\VFKRROFURVVLQJVWRSVLJQ
)DLOLQJWRREH\WKHGLUHFWLRQVRIDSROLFHRIILFHU
'ULYLQJWKHZURQJZD\RQDGLYLGHGURDG
)DLOLQJWRUHSRUWDFROOLVLRQWRDSROLFHRIILFHU
,PSURSHUGULYLQJZKHUHURDGLVGLYLGHGLQWRODQHV
&URZGLQJWKHGULYHU
VVHDW
*RLQJWKHZURQJZD\RQDRQHZD\URDG
'ULYLQJRURSHUDWLQJDYHKLFOHRQDFORVHGURDG
&URVVLQJDGLYLGHGURDGZKHUHQRSURSHU
FURVVLQJLVSURYLGHG
)DLOLQJWRVORZDQGFDUHIXOO\SDVVDVWRSSHG
HPHUJHQF\YHKLFOH
)DLOLQJWRVWRSDWDSHGHVWULDQFURVVLQJ
)DLOLQJWRPRYHZKHUHSRVVLEOHLQWRDQRWKHU
ODQHZKHQSDVVLQJDVWRSSHGHPHUJHQF\YHKLFOH
'ULYLQJDYHKLFOHWKDWLVHTXLSSHGZLWKRU
FDUU\LQJDVSHHGPHDVXULQJZDUQLQJGHYLFH
VXFKDVDUDGDUGHWHFWRU
,PSURSHUXVHRIDKLJKRFFXSDQF\YHKLFOH+29
ODQH
7ZRSRLQWV
)DLOLQJWRORZHUKHDGOLJKWEHDP
,PSURSHURSHQLQJRIDYHKLFOHGRRU
3URKLELWHGWXUQV
7RZLQJSHRSOHRQWRERJJDQVELF\FOHVVNLVIRU
H[DPSOH
)DLOLQJWRREH\VLJQV
)DLOLQJWRVKDUHWKHURDG
,PSURSHUULJKWWXUQ
,PSURSHUOHIWWXUQ
)DLOLQJWRVLJQDO
8QQHFHVVDU\VORZGULYLQJ
5HYHUVLQJRQDKLJKZD\
'ULYHUIDLOLQJWRZHDUDVHDWEHOW
'ULYHUIDLOLQJWRHQVXUHLQIDQWSDVVHQJHULV
VHFXUHG
'ULYHUIDLOLQJWRHQVXUHWRGGOHUSDVVHQJHULV
VHFXUHG
'ULYHUIDLOLQJWRHQVXUHFKLOGLVVHFXUHG
'ULYHUIDLOLQJWRHQVXUHSDVVHQJHUXQGHU
\HDUVLVZHDULQJVHDWEHOW
'ULYHUIDLOLQJWRHQVXUHSDVVHQJHUXQGHU
\HDUVLVRFFXS\LQJDSRVLWLRQZLWKDVHDWEHOW
2WKHUZD\VWRORVH\RXU
OLFHQFH
<RXUOLFHQFHPD\DOVREHVXVSHQGHGIRUWKH
IROORZLQJUHDVRQV
(VFDODWLQJVDQFWLRQV
=HUR%ORRG$OFRKRO&RQFHQWUDWLRQ%$&IRU
QRYLFHDQG\RXQJGULYHUV
0HGLFDOVXVSHQVLRQ
'LVFUHWLRQDU\+7$VXVSHQVLRQV
0DQGDWRU\+7$VXVSHQVLRQV
$GPLQLVWUDWLYHGULYHU
VOLFHQFHVXVSHQVLRQ
$'/6
:DUQUDQJHVXVSHQVLRQ
1RYLFHGULYHUYLRODWLRQV
2WKHUZD\VWRORVH\RXU
OLFHQFH
(VFDODWLQJVDQFWLRQV
(VFDODWLQJVDQFWLRQVIRUQRYLFHGULYHUVZRXOGDSSO\
LIDQ\RIWKHIROORZLQJRFFXUUHQFHVKDYHWDNHQ
SODFHZLWKLQD\HDUSHULRG
$Q\FRPELQDWLRQRIUHSHDWYLRODWLRQVRI
**00UHVWULFWLRQV
&RQYLFWLRQVIRULQGLYLGXDO+7$RIIHQFHVFDUU\LQJ
IRXURUPRUHGHPHULWSRLQWV
&RXUWRUGHUHGOLFHQFHVXVSHQVLRQVIRU+7$
FRQYLFWLRQVWKDWZRXOGKDYHRWKHUZLVHUHVXOWHGLQ
IRXURUPRUHGHPHULWSRLQWV
(VFDODWLQJVDQFWLRQVIRUK\EULGGULYHUVZRXOGDSSO\
LIWKHUHLVDQ\FRPELQDWLRQRIUHSHDWYLRODWLRQVRI
WKHLUQRYLFHOLFHQFH**00FRQGLWLRQV
ZLWKLQD\HDUSHULRG
7KHSHQDOWLHVXQGHUHVFDODWLQJVDQFWLRQVIRU
QRYLFHDQGK\EULGGULYHUVDUH
GD\OLFHQFHVXVSHQVLRQIRUWKHILUVW
RFFXUUHQFH
GD\OLFHQFHVXVSHQVLRQIRUWKHVHFRQG
RFFXUUHQFH
/LFHQFHFDQFHOODWLRQDQGDUHTXLUHPHQWWRUH
DSSO\IRUD*0DIWHUWKHWKLUGRFFXUUHQFH$Q\
IHHVSDLGFUHGLWUHFHLYHGIRUWLPHVSHQWLQWKH
SURJUDPRU%'(FUHGLWZRXOGEHIRUIHLWHGZKHQ
WKHOLFHQFHLVFDQFHOOHG3OHDVHQRWHWKDWLQWKH
FDVHRIDK\EULGGULYHURQO\WKHQRYLFHFODVV
OLFHQFHLVFDQFHOOHGRQWKHWKLUGRFFDVLRQWKHLU
IXOOFODVVOLFHQFHLVPDLQWDLQHG
$UHLQVWDWHPHQWIHHLVDOVRLPSRVHGRQILUVWDQG
VHFRQGRFFXUUHQFHGULYHUV
2WKHUZD\VWRORVH\RXU
OLFHQFH
=HUR%ORRG$OFRKRO&RQFHQWUDWLRQ
%$&IRUQRYLFHDQG\RXQJGULYHUV
$OOGULYHUVZKRDUHDQGXQGHUUHJDUGOHVVRI
OLFHQFHFODVVPXVWKDYHD%$&OHYHORI]HURZKHQ
RSHUDWLQJDPRWRUYHKLFOH
,I\RXDUHDQRYLFHGULYHUDQGDUHFDXJKWZLWKDQ\
DPRXQWRIDOFRKROLQ\RXUEORRG\RXZLOOUHFHLYHDQ
LPPHGLDWHKRXUURDGVLGHGULYHUOLFHQFH
VXVSHQVLRQDQGLIFRQYLFWHGFRXOGIDFHDILQHRI
XSWRDQGUHFHLYHDWOHDVWDGD\OLFHQFH
VXVSHQVLRQXQGHUWKHQRYLFHGULYHUHVFDODWLQJ
VDQFWLRQVSURJUDP
,I\RXDUHDIXOO\OLFHQVHGGULYHUZKRLV\HDUV
DQGXQGHUDQG\RXDUHFDXJKWZLWKDOFRKROLQ\RXU
EORRG\RXZLOOUHFHLYHDKRXUURDGVLGHGULYHU
OLFHQFHVXVSHQVLRQ,IFRQYLFWHG\RXFRXOGIDFHD
ILQHDQGDGD\OLFHQFHVXVSHQVLRQ
2WKHUZD\VWRORVH\RXU
OLFHQFH
0HGLFDOVXVSHQVLRQ
%\ODZDOOGRFWRUVPXVWUHSRUWWKHQDPHVDQG
DGGUHVVHVRIHYHU\RQH\HDUVRUROGHUZKRKDV
DFRQGLWLRQWKDWPD\DIIHFWWKHLUDELOLW\WRGULYH
VDIHO\)RUH[DPSOHDGGLFWLRQWRDOFRKRORUGUXJV
DUHFRQGLWLRQVWKDWDIIHFW\RXUDELOLW\WRGULYH
'RFWRUVUHSRUWWKLVLQIRUPDWLRQWRWKH0LQLVWU\RI
7UDQVSRUWDWLRQDQGLWLVQRWJLYHQWRDQ\RQHHOVH
<RXUGULYHU
VOLFHQFHPD\EHVXVSHQGHGXQWLOQHZ
PHGLFDOHYLGHQFHVKRZVWKDWWKHFRQGLWLRQGRHV
QRWSRVHDVDIHW\ULVN
2WKHUZD\VWRORVH\RXU
OLFHQFH
'LVFUHWLRQDU\+7$VXVSHQVLRQV
<RXUOLFHQFHPD\EHVXVSHQGHGE\FRXUWRUGHU
IROORZLQJFRQYLFWLRQIRUWKHIROORZLQJ
,I\RXGRQ
WWHOOWKHWUXWKLQDQDSSOLFDWLRQ
GHFODUDWLRQDIILGDYLWRUSDSHUUHTXLUHGE\WKH
+LJKZD\7UDIILF$FWLWVUHJXODWLRQVRUWKH
0LQLVWU\RI7UDQVSRUWDWLRQ
,I\RXGRQ
WWHOOWKHWUXWKDERXWYHKLFOHOLDELOLW\
LQVXUDQFH
,I\RXIDLOWRLQVXUH\RXUYHKLFOH
,I\RXDUHFRQYLFWHGRIVRPHGULYLQJRIIHQFHV
LQFOXGHGFDUHOHVVGULYLQJDQGGULYLQJNPKRU
PRUHRYHUWKHVSHHGOLPLW
,I\RXUHSHDWHGO\WUDYHODWNPKRUPRUHRYHU
WKHVSHHGOLPLW
'ULYHUVFDQEHVXVSHQGHGIRUXSWRGD\VIRUD
ILUVWRIIHQFHXSWRGD\VIRUDVHFRQGRIIHQFH
DQGXSWRRQH\HDUIRUDWKLUGRUVXEVHTXHQW
RIIHQFHZLWKLQDILYH\HDUSHULRG
2WKHUZD\VWRORVH\RXU
OLFHQFH
0DQGDWRU\+7$VXVSHQVLRQV
<RXUOLFHQFHZLOOEHVXVSHQGHG
,I\RXDUHFRQYLFWHGRIIDLOLQJWRVWRSIRUDSROLFH
RIILFHUDQGWKHFRXUWEHOLHYHV\RXZLOIXOO\DYRLGHG
SROLFHGXULQJSXUVXLWWKDW\RXWULHGWRHVFDSH
WKHSROLFHD&ULPLQDO&RGHRIIHQFHZLWKD
OLFHQFHVXVSHQVLRQIRUDPLQLPXPRIILYH\HDUV
,I\RXGRQ
WSD\DWUDIILFILQHZKHQRUGHUHGE\WKH
FRXUW
2WKHUZD\VWRORVH\RXU
OLFHQFH
$GPLQLVWUDWLYHGULYHU
VOLFHQFH
VXVSHQVLRQ$'/6
<RXUOLFHQFHZLOOEHVXVSHQGHGLPPHGLDWHO\IRU
GD\V
,I\RXU%$&LVPRUHWKDQPLOOLJUDPVLQ
PLOOLOLWUHVRIEORRG
,I\RXIDLORUUHIXVHWRJLYHDEUHDWKEORRGRUDO
IOXLGRUXULQHVDPSOHZKHQDVNHGE\SROLFH
,I\RXIDLORUUHIXVHWRSHUIRUPSK\VLFDOFR
RUGLQDWLRQWHVWVRUWRVXEPLWWRDGUXJHYDOXDWLRQ
ZKHQUHTXLUHGE\SROLFH
7KLVVXVSHQVLRQWDNHVHIIHFWZKLOH\RXDUHVWLOODW
WKHURDGVLGHRUDWWKHSROLFHVWDWLRQ,WLVDQ
DGPLQLVWUDWLYHVXVSHQVLRQDQGLVVHSDUDWHIURP
DQ\FULPLQDOFKDUJHVRUSURVHFXWLRQWKDWPD\DOVR
WDNHSODFH
$QDGPLQLVWUDWLYHPRQHWDU\SHQDOW\LVDOVR
LPSRVHGRQGULYHUVZKRUHFHLYHDQ$'/6
2WKHUZD\VWRORVH\RXU
OLFHQFH
:DUQUDQJHVXVSHQVLRQ
'ULYHUVZKRUHJLVWHUDEORRGDOFRKROFRQFHQWUDWLRQ
LQWKHZDUQUDQJHRIWRSRVHDQLPPHGLDWH
GDQJHUWRWKHPVHOYHVDQGRWKHUURDGXVHUV,I
FDXJKWGULYLQJLQWKHZDUQUDQJH\RXZLOOUHFHLYH
DQLPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQDWWKH
URDGVLGH
)RUWKUHHGD\VIRUDILUVWRFFXUUHQFH
)RUVHYHQGD\VIRUDVHFRQGRFFXUUHQFHDQG\RX
PXVWXQGHUJRDUHPHGLDODOFRKROHGXFDWLRQ
SURJUDP
)RUGD\VIRUDWKLUGRUVXEVHTXHQWRFFXUUHQFH
LQDILYH\HDUSHULRGDQG\RXPXVWXQGHUJRD
UHPHGLDODOFRKROWUHDWPHQWSURJUDPDQGKDYHDQ
LJQLWLRQLQWHUORFNFRQGLWLRQSODFHGRQ\RXUOLFHQFH
IRUVL[PRQWKV,I\RXFKRRVHQRWWRLQVWDOODQ
LJQLWLRQLQWHUORFNGHYLFH\RXPXVWQRWGULYHXQWLO
WKHFRQGLWLRQLVUHPRYHGIURP\RXUOLFHQFH
$QDGPLQLVWUDWLYHPRQHWDU\SHQDOW\LVDOVR
LPSRVHGRQGULYHUVVXVSHQGHGIRUUHJLVWHULQJLQ
WKHZDUQUDQJH
2WKHUZD\VWRORVH\RXU
OLFHQFH
1RYLFHGULYHUYLRODWLRQV
'ULYHUVKROGLQJ**0RU0OLFHQFHVPXVW
IROORZWKHVSHFLILFUXOHVIRUWKHLUFODVVRIOLFHQFH,I
\RXYLRODWHDQ\RIWKHJUDGXDWHGOLFHQVLQJ
FRQGLWLRQVIRU\RXUFODVVRIOLFHQFH\RXUOLFHQFH
ZLOOEHVXVSHQGHGIRUGD\V7KLVVXVSHQVLRQ
WDNHVHIIHFWIURPWKHWLPH\RXVXUUHQGHU\RXU
OLFHQFHRQRUDIWHUWKHGDWHRIWKHVXVSHQVLRQ<RX
FDQORVH\RXUOLFHQFHIRUXSWRWZR\HDUVLI\RXIDLO
WRKDQGRYHU\RXUOLFHQFH
2WKHUZD\VWRORVH\RXU
OLFHQFH
<RXUOLFHQFHZLOOEHFDQFHOOHG
,I\RXIDLODGULYHU
VUHH[DPLQDWLRQ
,I\RXGRQ
WSD\\RXUUHLQVWDWHPHQWIHHRU
DGPLQLVWUDWLYHPRQHWDU\SHQDOW\IROORZLQJD
VXVSHQVLRQ
,I\RXUFKHTXHIRUOLFHQFHIHHVLVQRWKRQRXUHG
E\\RXUEDQN
,I\RXYROXQWDULO\VXUUHQGHU\RXUGULYHU
VOLFHQFH
WRWKH0LQLVWU\RI7UDQVSRUWDWLRQRULWLV
VXUUHQGHUHGRUUHWXUQHGE\DQRWKHUMXULVGLFWLRQ
2WKHUZD\VWRORVH\RXU
OLFHQFH
&ULPLQDO&RGHVXVSHQVLRQV
<RXZLOOUHFHLYHDRQH\HDUOLFHQFHVXVSHQVLRQWKH
ILUVWWLPH\RXDUHFRQYLFWHGRID&ULPLQDO&RGH
RIIHQFH
,I\RXDUHFRQYLFWHGRIDVHFRQG&ULPLQDO&RGH
RIIHQFH\RXUOLFHQFHZLOOEHVXVSHQGHGIRUWKUHH
\HDUV$WKLUG&ULPLQDO&RGHRIIHQFHZLOOJHW\RXD
OLIHWLPHVXVSHQVLRQIURPGULYLQJZLWKWKHSRVVLELOLW\
RIUHLQVWDWHPHQWDIWHU\HDUVRQO\LI\RXIXOILOO
FHUWDLQUHTXLUHPHQWV)RXUWKWLPHRIIHQGHUV
FRQYLFWHGRID&ULPLQDO&RGHRIIHQFHDUH
VXVSHQGHGIURPGULYLQJIRUOLIHZLWKQRSRVVLELOLW\RI
UHLQVWDWHPHQW
&RQYLFWLRQVZLOOUHPDLQRQ\RXUGULYHU
VUHFRUGIRUD
PLQLPXPRI\HDUV7KHFRXUWFDQRUGHUDORQJHU
VXVSHQVLRQLILWEHOLHYHVWKDWNHHSLQJ\RXRIIWKH
URDGZLOOLPSURYHVDIHW\
<RXUOLFHQFHZLOOEHVXVSHQGHGLI\RXDUHFRQYLFWHG
RIDQ\RIWKHIROORZLQJ&ULPLQDO&RGHRIIHQFHV
'ULYLQJRUKDYLQJFDUHDQGFRQWURORIDYHKLFOH
ZKLOH\RXUDELOLW\LVLPSDLUHGE\DOFRKRORUGUXJV
5HIXVLQJWRVXEPLWWRDEUHDWKWHVWIRUDOFRKRO
)DLOLQJRUUHIXVLQJWRSURYLGHDEUHDWKVDPSOHIRU
URDGVLGHWHVWLQJ
'ULYLQJRUKDYLQJFDUHDQGFRQWURORIDYHKLFOH
ZKHQ\RXUEORRGDOFRKROFRQFHQWUDWLRQLVPRUH
WKDQPLOOLJUDPVSHUPLOOLOLWUHVRIEORRG
'ULYLQJRUKDYLQJFDUHDQGFRQWURORIDERDW
PRWRUL]HGRUQRWZKHQ\RXUEORRGDOFRKRO
FRQFHQWUDWLRQLVPRUHWKDQPLOOLJUDPVSHU
PLOOLOLWUHVRIEORRG
)DLOLQJWRUHPDLQDWWKHVFHQHRIDFROOLVLRQWR
HVFDSHFULPLQDORUFLYLOOLDELOLW\
'DQJHURXVGULYLQJ
&DXVLQJERGLO\KDUPE\FULPLQDOQHJOLJHQFH
&DXVLQJGHDWKE\FULPLQDOQHJOLJHQFH
)DLOLQJWRVWRSIRUSROLFH
2WKHUZD\VWRORVH\RXU
OLFHQFH
5HPHGLDOPHDVXUHV
7KHUHDUHVHYHUDOW\SHVRIUHPHGLDOPHDVXUHV7KH
PDQGDWRU\%DFNRQ7UDFNSURJUDPLVIRUDOOGULYHUV
FRQYLFWHGRILPSDLUHGGULYLQJUHODWHG&ULPLQDO&RGH
RIIHQFHV)RUGULYHUVZKRUHSHDWHGO\EORZLQWKH
ZDUQUDQJHRIWRWKHUHLVDPDQGDWRU\
DOFRKROHGXFDWLRQIRUDVHFRQGVXVSHQVLRQZKLFK
PXVWEHFRPSOHWHGZLWKLQGD\VRIWKH
VXVSHQVLRQRUDQDOFRKROWUHDWPHQWSURJUDPIRUD
WKLUGRUVXEVHTXHQWVXVSHQVLRQ7KLVPXVWEH
FRPSOHWHGZLWKLQGD\VRIWKHVXVSHQVLRQ$
GULYHULPSURYHPHQWLQWHUYLHZLVUHTXLUHGIRUGULYHUV
FRQYLFWHGRIQRQLPSDLUHGGULYLQJUHODWHG&ULPLQDO
&RGHRIIHQFHV,I\RXUGULYHU
VOLFHQFHKDVEHHQ
VXVSHQGHGEHFDXVHRID&ULPLQDO&RGHFRQYLFWLRQ
\RXUOLFHQFHZLOOUHPDLQVXVSHQGHGXQWLO\RXKDYH
FRPSOHWHGWKHUHPHGLDOUHTXLUHPHQWV
2WKHUZD\VWRORVH\RXU
OLFHQFH
'ULYLQJXQGHUVXVSHQVLRQ
<RXPD\QRWGULYHXQGHUDQ\FLUFXPVWDQFHVZKHQ
\RXUOLFHQFHLVVXVSHQGHG,I\RXDUHFRQYLFWHGRI
GULYLQJZKLOH\RXUOLFHQFHLVVXVSHQGHGIRUDQ+7$
RIIHQFH\RXZLOOKDYHWRSD\DILQHRIWR
IRUDILUVWRIIHQFHDQGWRIRU
DVXEVHTXHQWRIIHQFH$VXEVHTXHQWRIIHQFHLV
ZKHQ\RXDUHFRQYLFWHGDJDLQZLWKLQILYH\HDUV
7KHFRXUWFDQRUGHU\RXWRVSHQGXSWRVL[PRQWKV
LQMDLORU\RXPD\KDYHWRSD\DILQHRUGRERWK6L[
PRQWKVZLOOEHDGGHGWR\RXUFXUUHQWVXVSHQVLRQ
DVZHOO
,I\RXDUHIRXQGJXLOW\RIGULYLQJZKLOH\RXUOLFHQFH
LVVXVSHQGHGIRUD&ULPLQDO&RGHRIIHQFH\RXIDFH
DILQHRIWRIRUDILUVWRIIHQFHDQG
WRIRUDVXEVHTXHQWRIIHQFH
ZLWKLQILYH\HDUV<RXDOVRIDFHDQDGGLWLRQDO
VXVSHQVLRQRQH\HDUIRUDILUVWRIIHQFHWZR\HDUV
IRUDVXEVHTXHQWRIIHQFHXQGHUWKH+7$DQGXSWR
WZR\HDUVLQSULVRQDQGDWKUHH\HDUOLFHQFH
VXVSHQVLRQXQGHUWKH&ULPLQDO&RGH
2WKHUZD\VWRORVH\RXU
OLFHQFH
'ULYLQJZKLOHSURKLELWHG
7KLVLVDSURKLELWLRQRUGHUXQGHUWKH&ULPLQDO&RGH
FRQYLFWLRQ:KHQFRQYLFWHGRIYLRODWLRQRIWKH
RUGHU\RXZLOOJHWDVXVSHQVLRQRIRQH\HDUIRUD
ILUVWRIIHQFHRUWZR\HDUVIRUDVXEVHTXHQWRIIHQFH
&RXUWVFDQRUGHUORQJHUSURKLELWLRQZKLFKZLOOEH
PDWFKHGLQOHQJWKE\DVXVSHQVLRQXQGHUWKH
+LJKZD\7UDIILF$FW
1RWH6XVSHQGHGGULYHUVPXVWSD\WRKDYH
WKHLUOLFHQFHUHLQVWDWHG7KLVIHHGRHVQRWDSSO\WR
UHLQVWDWHPHQWIROORZLQJDPHGLFDORUDGPLQLVWUDWLYH
VXVSHQVLRQRI\RXUGULYHU
VOLFHQFH
2WKHUZD\VWRORVH\RXU
OLFHQFH
9HKLFOH,PSRXQGPHQW3URJUDP
7RFRXQWHUWKHGDQJHURXVEHKDYLRXUVRILPSDLUHG
DQGVXVSHQGHGGULYLQJ2QWDULRODZLQFOXGHV
VHYHQGD\YHKLFOHLPSRXQGPHQWVIRU
'ULYHUVRSHUDWLQJDYHKLFOHZKLOHXQGHUD
+LJKZD\7UDIILF$FWOLFHQFHVXVSHQVLRQ
H[FOXGLQJVXVSHQVLRQVIRUGHIDXOWHGILQHVRU
PHGLFDOFRQGLWLRQV
'ULYHUVUHTXLUHGWRKDYHDYHKLFOHLJQLWLRQ
LQWHUORFNGHYLFHDQGDUHFDXJKWGULYLQJZLWKRXW
VXFKDGHYLFH
$OOGULYHUVFDXJKWZLWKDEORRGDOFRKRO
FRQFHQWUDWLRQRYHURUZKRIDLOUHIXVHWR
FRPSO\ZLWKDGHPDQGPDGHE\DSROLFHRIILFHU
XQGHUWKH&ULPLQDO&RGHRI&DQDGD
,I\RXDUHFDXJKWGULYLQJZKLOH\RXUOLFHQFHLV
VXVSHQGHGIRUD&ULPLQDO&RGHRIIHQFHWKHYHKLFOH
\RXDUHGULYLQJZLOOEHLPSRXQGHGIRUDPLQLPXPRI
GD\V7KHVHYHKLFOHLPSRXQGPHQWVDSSO\
UHJDUGOHVVRIZKHWKHUWKHYHKLFOHLVERUURZHGIURP
DIULHQGRUIDPLO\PHPEHUXVHGIRUEXVLQHVVRU
HPSOR\PHQWSXUSRVHVUHQWHGRUOHDVHG7KH
RZQHURIWKHYHKLFOHPXVWSD\WKHWRZLQJDQG
VWRUDJHFRVWVEHIRUHWKHYHKLFOHZLOOEHUHOHDVHG
7KLVSURJUDPDSSOLHVWRDOOPRWRUYHKLFOHV
LQFOXGLQJSDVVHQJHUYHKLFOHVPRWRUF\FOHVWUXFNV
DQGEXVHV
7KH9HKLFOH,PSRXQGPHQW3URJUDPPDNHVYHKLFOH
RZQHUVUHVSRQVLEOHIRUHQVXULQJWKDWDQ\RQH
GULYLQJWKHLUYHKLFOHVLVQRWVXVSHQGHG3HRSOH
ORDQLQJRUUHQWLQJWKHLUYHKLFOHVFDQYHULI\WKDWD
GULYHU
VOLFHQFHLVYDOLGE\SKRQHDW
RURQOLQHDWZZZPWRJRYRQFD<RXFDQ
DOVRJHWDGULYHU
VDEVWUDFWDWDQ\6HUYLFH2QWDULR
FHQWUH7KHUHLVDQRPLQDOIHHIRUHDFKOLFHQFH
FKHFNHG
2WKHUZD\VWRORVH\RXU
OLFHQFH
,PSDLUHGGULYLQJ
,PSDLUHGGULYLQJZKLFKPHDQVGULYLQJZKHQ\RXU
DELOLW\LVDIIHFWHGE\DOFRKRORUDGUXJLVDFULPHLQ
&DQDGD<RXUYHKLFOHGRHVQRWHYHQKDYHWREH
PRYLQJ\RXFDQEHFKDUJHGLI\RXDUHLPSDLUHG
EHKLQGWKHZKHHOHYHQLI\RXKDYHQRWVWDUWHGWR
GULYH
2WKHUZD\VWRORVH\RXU
OLFHQFH
$OFRKRO
7KHSROLFHFDQVWRSDQ\GULYHUWR
GHWHUPLQHLIDOFRKRORUGUXJWHVWLQJ
LVUHTXLUHG7KH\PD\DOVRGR
URDGVLGHVSRWFKHFNV:KHQ
VWRSSHGE\WKHSROLFH\RXPD\EH
WROGWREORZLQWRDPDFKLQHWKDW 'LDJUDP
WHVWV\RXUEUHDWKIRUDOFRKROD
URDGVLGHVFUHHQLQJGHYLFHRU
SHUIRUPSK\VLFDOFRRUGLQDWLRQ
WHVWV,I\RXIDLORUUHIXVHWR
SURYLGHDEUHDWKVDPSOHRUWR
SHUIRUPWKHSK\VLFDOFRRUGLQDWLRQ
WHVWV\RXZLOOEHFKDUJHGXQGHU
WKH&ULPLQDO&RGH
,I\RXFDQQRWJLYHDEUHDWKVDPSOH
RULWLVLPSUDFWLFDOWRREWDLQD
VDPSOHRIEUHDWKWKHSROLFHRIILFHU
FDQUHTXLUH\RXWRSURYLGHDEORRG
VDPSOHLQVWHDG
,IWKHSROLFHEHOLHYHWKDWDGULYHULV
LPSDLUHGEHFDXVHRIWKH
FRQVXPSWLRQRIDGUXJRUD
FRPELQDWLRQRIDOFRKRODQGDGUXJ
WKH\FDQDOVRUHTXLUHDGULYHUWR
VXEPLWWRDGUXJHYDOXDWLRQDQG
WKHQUHTXLUHDGULYHUWRSURYLGH
EORRGRUDOIOXLGRUXULQHVDPSOHV
,I\RXIDLORUUHIXVHWRFRPSO\ZLWK
DQ\RIWKHVHGHPDQGV\RXZLOOEH
FKDUJHGXQGHUWKH&ULPLQDO&RGH
'ULYLQJLPSDLUHGRUZLWKPRUHWKDQ
PLOOLJUDPVRIDOFRKROLQ
PLOOLOLWUHVRIEORRGLVDQ
RIIHQFHXQGHUWKH&ULPLQDO&RGH
(YHQLI\RXUEORRGDOFRKRO
FRQFHQWUDWLRQLVOHVVWKDQ\RX
FDQVWLOOEHFKDUJHGZLWKLPSDLUHG
GULYLQJXQGHUWKH&ULPLQDO&RGH
<RXZLOOUHFHLYHDQLPPHGLDWH
GD\DGPLQLVWUDWLYHGULYHU
VOLFHQFH
VXVSHQVLRQLI\RXUEORRGDOFRKRO
FRQFHQWUDWLRQLVPRUHWKDQRU
LI\RXIDLORUUHIXVHWRSURYLGHD
EUHDWKRUERGLO\IOXLGVDPSOH
SHUIRUPDSK\VLFDOFRRUGLQDWLRQ
WHVWRUVXEPLWWRDQHYDOXDWLRQ
<RXZLOODOVREHVXEMHFWWRDQ
LPPHGLDWHVHYHQGD\YHKLFOH
LPSRXQGPHQW
,I\RXUHJLVWHUD%$&IURPWR
NQRZQDVWKHZDUQUDQJH
\RXZLOOUHFHLYHDQLPPHGLDWH
GULYHU
VOLFHQFHVXVSHQVLRQ)RUD
ILUVWRFFXUUHQFH\RXZLOOEH
VXVSHQGHGIRUWKUHHGD\V)RUD
VHFRQGRFFXUUHQFHLQDILYH\HDU
SHULRG\RXZLOOEHLPPHGLDWHO\
VXVSHQGHGIRUVHYHQGD\VDQG
\RXPXVWXQGHUJRDUHPHGLDO
DOFRKROHGXFDWLRQSURJUDP)RUD
WKLUGRUVXEVHTXHQWWLPHLQDILYH
\HDUSHULRG\RXZLOOEH
LPPHGLDWHO\VXVSHQGHGIRU
GD\VDQG\RXPXVWXQGHUJRD
UHPHGLDODOFRKROWUHDWPHQW
SURJUDPDQGKDYHDQLJQLWLRQ
LQWHUORFNFRQGLWLRQSODFHGRQ\RXU
OLFHQFHIRUVL[PRQWKV,I\RX
FKRRVHQRWWRLQVWDOODQLJQLWLRQ
LQWHUORFNGHYLFH\RXPXVWQRW
GULYHXQWLOWKHFRQGLWLRQLVUHPRYHG
IURP\RXUOLFHQFH,IWKHUHLVQR
RQHHOVHDYDLODEOHWRGULYHDQGQR
VDIHSODFHWRSDUN\RXUYHKLFOHLW
ZLOOEHWRZHGDW\RXUH[SHQVH
,I\RXDUH\HDUVRIDJHDQG
XQGHUDQGKROGDIXOOFODVVGULYHU
V
OLFHQFH\RXPXVWQRWGULYHLI\RX
KDYHEHHQGULQNLQJDOFRKRO<RXU
EORRGDOFRKROOHYHOPXVWEH]HUR
,I\RXDUHFDXJKWGULYLQJZLWK
DOFRKROLQ\RXUEORRG\RXZLOO
UHFHLYHDQLPPHGLDWHGULYHU
V
OLFHQFHVXVSHQVLRQDWWKHURDGVLGH
IRUKRXUVDQGLIFRQYLFWHG\RX
ZLOOIDFHDILQHRIXSWRDQGD
GD\OLFHQFHVXVSHQVLRQ
'ULYHUVRIDOODJHVLQHLWKHU/HYHO
2QHRU/HYHO7ZRRI2QWDULR
V
JUDGXDWHGOLFHQVLQJV\VWHPPXVW
DOVRKDYHDEORRGDOFRKROOHYHORI
]HURZKHQGULYLQJ1HZGULYHUV
FDXJKWGULQNLQJDQGGULYLQJZLOO
UHFHLYHDQLPPHGLDWHGULYHU
V
OLFHQFHVXVSHQVLRQDWWKHURDGVLGH
IRUKRXUVDQGLIFRQYLFWHGZLOO
IDFHDILQHRIXSWRDQGZLOO
UHFHLYHDVXVSHQVLRQSHULRGDV
SHUWKH1RYLFH'ULYHU(VFDODWLQJ
6DQFWLRQVVFKHPH)RUWKHILUVW
RFFXUUHQFH\RXZLOOEHVXVSHQGHG
IRUGD\V)RUWKHVHFRQG
RFFXUUHQFHLQDILYH\HDUSHULRG
\RXEHVXVSHQGHGIRUGD\V
)RUWKHWKLUGRFFXUUHQFHLQDILYH
\HDUSHULRGWKHQRYLFHSRUWLRQRI
\RXUGULYHU
VOLFHQFHZLOOEH
FDQFHOOHGDQG\RXPXVWUHDSSO\
IRUD*OLFHQFH
1RYLFHGULYHUVZLOODOVREHFKDUJHG
XQGHUWKH&ULPLQDO&RGHLIWKHLU
%$&H[FHHGVDQGZLOOEH
LVVXHGDZDUQUDQJHVXVSHQVLRQLI
WKH\UHJLVWHUD%$&IURPWR
2WKHUZD\VWRORVH\RXU
OLFHQFH
'UXJV
$Q\GUXJWKDWFKDQJHV\RXUPRRGRUWKHZD\\RX
VHHDQGIHHODERXWWKHZRUOGDURXQG\RXZLOODIIHFW
WKHZD\\RXGULYH&ULPLQDO&RGHDQG+7$
VDQFWLRQVDSSO\WRGULYHUVLPSDLUHGE\DOFRKRORUD
GUXJ
,QFLUFXPVWDQFHVLQYROYLQJSRVVLEOHLPSDLUPHQWE\
GUXJVRUDFRPELQDWLRQRIDOFRKRODQGDGUXJ
SROLFHFDQUHTXLUHDGULYHUWRSHUIRUPSK\VLFDOFR
RUGLQDWLRQWHVWVDQGVXEPLWWRDGUXJHYDOXDWLRQ
DQGWKHQUHTXLUHDGULYHUWRSURYLGHEORRGRUDOIOXLG
RUXULQHVDPSOHV,I\RXIDLORUUHIXVHWRFRPSO\
ZLWKDQ\RIWKHVHGHPDQGV\RXZLOOEHFKDUJHG
XQGHUWKH&ULPLQDO&RGH<RXZLOODOVRUHFHLYHDQ
LPPHGLDWHDGPLQLVWUDWLYHGULYHU
VOLFHQFH
VXVSHQVLRQDQGEHVXEMHFWWRDQLPPHGLDWH
VHYHQGD\YHKLFOHLPSRXQGPHQW
,OOHJDOGUXJVVXFKDVPDULMXDQDDQGFRFDLQHDUH
QRWWKHRQO\SUREOHP6RPHGUXJVWKDW\RXUGRFWRU
PD\SUHVFULEHIRU\RXDQGVRPHRYHUWKHFRXQWHU
GUXJVFDQDOVRLPSDLU\RXUGULYLQJ+HUHDUHVRPH
SRLQWV\RXVKRXOGUHPHPEHU
,I\RXXVHSUHVFULSWLRQPHGLFLQHVRUJHWDOOHUJ\
VKRWVDVN\RXUGRFWRUDERXWVLGHHIIHFWVVXFKDV
GL]]LQHVVEOXUUHGYLVLRQQDXVHDRUGURZVLQHVV
WKDWFRXOGDIIHFW\RXUGULYLQJ
5HDGWKHLQIRUPDWLRQRQWKHSDFNDJHRIDQ\
RYHUWKHFRXQWHUPHGLFLQH\RXWDNH$Q\
VWLPXODQWGLHWSLOOWUDQTXLOOL]HURUVHGDWLYHPD\
DIIHFW\RXUGULYLQJ(YHQDOOHUJ\DQGFROG
UHPHGLHVPD\KDYHLQJUHGLHQWVWKDWFRXOGDIIHFW
\RXUGULYLQJ
'UXJVDQGDQ\DPRXQWRIDOFRKROWRJHWKHUFDQ
KDYHGDQJHURXVHIIHFWVHYHQVHYHUDOGD\VDIWHU
\RXKDYHWDNHQWKHGUXJ'RQRWWDNHDFKDQFH
DVN\RXUGRFWRURUSKDUPDFLVW
2WKHUZD\VWRORVH\RXU
OLFHQFH
&RQVLGHUWKHFRQVHTXHQFHVRILPSDLUHG
GULYLQJ
2QWDULROHDGVWKHZD\LQFRPEDWLQJGULQNLQJDQG
GULYLQJWKURXJKVRPHRIWKHWRXJKHVWODZVDQG
SURJUDPVLQ1RUWK$PHULFDLQFOXGLQJOLFHQFH
VXVSHQVLRQVKHDY\ILQHVYHKLFOHLPSRXQGPHQW
PDQGDWRU\DOFRKROHGXFDWLRQDQGWUHDWPHQW
SURJUDPVDQGWKHLJQLWLRQLQWHUORFNSURJUDP
'HSHQGLQJRQ\RXUQXPEHURISULRUFRQYLFWLRQV
\RXPD\EHILQHGXSWRVHUYHWLPHLQMDLO
RUORVH\RXUOLFHQFHSHUPDQHQWO\
)RULPSDLUHGGULYLQJWKDWFDXVHVLQMXU\RUGHDWK
WKHSHQDOWLHVDUHHYHQPRUHVHYHUH,I\RXDUH
FRQYLFWHGRILPSDLUHGGULYLQJFDXVLQJERGLO\KDUP
\RXPD\EHVHQWHQFHGWRXSWR\HDUVLQSULVRQ
,PSDLUHGGULYLQJFDXVLQJGHDWKFDQFDUU\D
VHQWHQFHRILPSULVRQPHQWIRUOLIH
,I\RXGULQNDQGGULYHDQGDUHLQYROYHGLQD
FROOLVLRQ\RXPD\VXIIHUVHULRXVLQMXU\RUFDXVH
VHULRXVLQMXU\WRVRPHRQHHOVH<RXULQVXUDQFH
FRPSDQ\PLJKWQRWSD\IRU\RXUPHGLFDORU
UHKDELOLWDWLRQFRVWVRUIRUWKHGDPDJHWR\RXURU
WKHRWKHUSHUVRQ
VYHKLFOH<RXULQVXUDQFHFRVWV
PD\ULVHVLJQLILFDQWO\<RXPD\KDYHWRSD\
VXEVWDQWLDOOHJDOFRVWVDVZHOO
,I\RXDUHUHTXLUHGWRGULYHRQWKHMREDOLFHQFH
VXVSHQVLRQFRXOGPHDQORVLQJ\RXUMRE
2WKHUZD\VWRORVH\RXU
OLFHQFH
0DQGDWRU\DOFRKROHGXFDWLRQDQG
WUHDWPHQW
,I\RXDUHFRQYLFWHGRIDQLPSDLUHGGULYLQJUHODWHG
&ULPLQDO&RGHRIIHQFH\RXPXVWFRPSOHWHDQ
DOFRKROHGXFDWLRQDQGWUHDWPHQWSURJUDPGXULQJ
\RXUOLFHQFHVXVSHQVLRQDOVRUHIHUUHGWRDVD
UHPHGLDOPHDVXUHVSURJUDP
,I\RXDUHFRQYLFWHGRIDGULQNLQJDQGGULYLQJ
UHODWHG&ULPLQDO&RGHRIIHQFH\RXPXVWWDNHWKH
LPSDLUHGGULYLQJSURJUDPFDOOHG%DFNRQ7UDFN
GHOLYHUHGE\WKH&HQWUHIRU$GGLFWLRQDQG0HQWDO
+HDOWK7KHWKUHHSDUWSURJUDPZKLFKLVDYDLODEOH
DFURVVWKHSURYLQFHLQYROYHVDVVHVVPHQW
HGXFDWLRQRUWUHDWPHQWDQGIROORZXS<RXPXVW
SD\IRUWKHSURJUDP,I\RXKDYHQRWFRPSOHWHGWKH
%DFNRQ7UDFNSURJUDPE\WKHWLPH\RXU&ULPLQDO
&RGHVXVSHQVLRQH[SLUHV\RXUOLFHQFHZLOOEH
IXUWKHUVXVSHQGHGXQWLO\RXKDYHFRPSOHWHGWKH
UHPHGLDOUHTXLUHPHQWV
7KLVSURJUDPDOVRDSSOLHVWR2QWDULRUHVLGHQWV
FRQYLFWHGRIGULYLQJUHODWHG&ULPLQDO&RGHRIIHQFHV
LQDQ\RWKHUSURYLQFHRI&DQDGDRUHTXLYDOHQW
RIIHQFHVLQWKHVWDWHVRI0LFKLJDQDQG1HZ<RUN
DVZHOODVWRRXWRISURYLQFHGULYHUVZKRDUH
FRQYLFWHGLQ2QWDULR
,I\RXUGULYHU
VOLFHQFHKDVEHHQVXVSHQGHGIRU
GULYLQJLQWKHZDUQUDQJHRIWRIRUDVHFRQG
WLPHLQDILYH\HDUSHULRG\RXPXVWFRPSOHWHD
UHPHGLDODOFRKROHGXFDWLRQSURJUDPLQGD\V
IURPWKHGDWHRIWKHVXVSHQVLRQ)RUDWKLUGRU
VXEVHTXHQWRFFXUUHQFHRIGULYLQJLQWKHZDUQ
UDQJH\RXPXVWFRPSOHWHDUHPHGLDODOFRKRO
WUHDWPHQWSURJUDPZLWKLQGD\VIURPWKHGDWHRI
WKHVXVSHQVLRQ<RXPXVWSD\IRUWKHVHUHPHGLDO
SURJUDPVZKLFKDUHDOVRGHOLYHUHGE\WKH&HQWUH
IRU$GGLFWLRQDQG0HQWDO+HDOWK)DLOXUHWR
FRPSOHWHWKHUHTXLUHGUHPHGLDOSURJUDPZLWKLQWKH
VSHFLILHGWLPHSHULRGZLOOUHVXOWLQDOLFHQFH
VXVSHQVLRQXQWLOWKHUHPHGLDOSURJUDPLV
FRPSOHWHG
2WKHUZD\VWRORVH\RXU
OLFHQFH
'ULYHULPSURYHPHQWLQWHUYLHZ
7KHRWKHUUHPHGLDOPHDVXUHVSURJUDPLVIRU
GULYHUVFRQYLFWHGRIQRQGULQNLQJDQGGULYLQJ
UHODWHG&ULPLQDO&RGHRIIHQFHVZKRKDYHQR
SUHYLRXVDOFRKROUHODWHGFRQYLFWLRQV<RXPXVW
XQGHUJRD0LQLVWU\RI7UDQVSRUWDWLRQGULYHU
LPSURYHPHQWLQWHUYLHZ
,I\RXKDYHQRWFRPSOHWHGWKHGULYHULPSURYHPHQW
LQWHUYLHZE\WKHWLPH\RXU&ULPLQDO&RGH
VXVSHQVLRQH[SLUHV\RXUOLFHQFHZLOOEHIXUWKHU
VXVSHQGHGXQWLO\RXKDYHFRPSOHWHGWKHUHPHGLDO
UHTXLUHPHQWV
7KLVSURJUDPDOVRDSSOLHVWR2QWDULRUHVLGHQWV
FRQYLFWHGRIGULYLQJUHODWHG&ULPLQDO&RGHRIIHQFHV
LQDQ\RWKHUSURYLQFHRI&DQDGDRUHTXLYDOHQW
RIIHQFHVLQWKHVWDWHVRI0LFKLJDQDQG1HZ<RUN
DVZHOODVWRRXWRISURYLQFHGULYHUVZKRDUH
FRQYLFWHGLQ2QWDULR
2WKHUZD\VWRORVH\RXU
OLFHQFH
,JQLWLRQLQWHUORFN
$QLJQLWLRQLQWHUORFNGHYLFHLVDQLQFDUEUHDWK
VFUHHQLQJGHYLFH,WSUHYHQWVDYHKLFOHIURP
VWDUWLQJLIDEORRGDOFRKROFRQFHQWUDWLRQLVRYHUD
SUHVHWOLPLWRIPLOOLJUDPVRIDOFRKROSHU
PLOOLOLWUHVRIEORRG
,I\RXDUHFRQYLFWHGRIDQLPSDLUHGGULYLQJRIIHQFH
XQGHUWKH&ULPLQDO&RGHRI&DQDGDDIWHUVHUYLQJD
OLFHQFHVXVSHQVLRQFRPSOHWLQJDPDQGDWRU\
UHPHGLDOPHDVXUHVSURJUDPDQGPHHWLQJDOO
OLFHQVLQJFRQGLWLRQV\RXZLOOEHHOLJLEOHWRKDYH
\RXUGULYHU
VOLFHQFHEDFN$WWKDWWLPHDQLJQLWLRQ
LQWHUORFNFRQGLWLRQLVSODFHGRQ\RXU2QWDULR
GULYHU
VOLFHQFHZKLFKPHDQVWKDW\RXPXVWLQVWDOO
DQLJQLWLRQLQWHUORFNGHYLFHLQ\RXUYHKLFOH
,I\RXFKRRVHQRWWRLQVWDOODGHYLFH\RXPXVWQRW
GULYHXQWLOWKHFRQGLWLRQLVUHPRYHGIURP\RXU
OLFHQFH'ULYHUVFDXJKWZLWKRXWDUHTXLUHGLJQLWLRQ
LQWHUORFNGHYLFHZLOOKDYHWKHLUFDUVLPSRXQGHGIRU
VHYHQGD\V,I\RXDUHUHTXLUHGWRFRPSOHWHDURDG
WHVWZKLOHWKHLJQLWLRQLQWHUORFNFRQGLWLRQLVRQ\RXU
OLFHQFH\RXPXVWFRPSOHWHDURDGWHVWLQDYHKLFOH
HTXLSSHGZLWKWKHGHYLFH
<RXPXVWDSSO\WRWKH0LQLVWU\RI7UDQVSRUWDWLRQWR
KDYHWKHFRQGLWLRQUHPRYHGIURP\RXUOLFHQFH,I
\RXKDYHFRPSOHWHGWKHPLQLPXPSHULRGRQH\HDU
RUWKUHH\HDUVZLWKRXWDQ\SURJUDPYLRODWLRQVVXFK
DVWDPSHULQJRUGULYLQJZLWKRXWDQDSSRLQWPHQW
ZLWKWKHVHUYLFHSURYLGHUWKHLJQLWLRQLQWHUORFN
FRQGLWLRQZLOOEHUHPRYHG,I\RXGRQRWDSSO\IRU
UHPRYDORIWKHOLFHQFHFRQGLWLRQLWZLOOUHPDLQRQ
\RXUOLFHQFHLQGHILQLWHO\
,ILWLV\RXUILUVWFRQYLFWLRQ\RXPD\EHHOLJLEOHWR
SDUWLFLSDWHLQWKH5HGXFHG6XVSHQVLRQZLWK,JQLWLRQ
,QWHUORFN&RQGXFW5HYLHZ3URJUDP7KLVSURJUDP
ZLOODOORZHOLJLEOHGULYHUVWRUHGXFHWKHLUOLFHQFH
VXVSHQVLRQLQUHWXUQIRUPHHWLQJVSHFLILF
UHTXLUHPHQWVVXFKDVWKHPDQGDWRU\LQVWDOODWLRQRI
DQDSSURYHGLJQLWLRQLQWHUORFNGHYLFHLQWKHLU
YHKLFOH
$VDYHKLFOHRZQHU\RXPXVWQRWDOORZDSHUVRQ
ZLWKDQLJQLWLRQLQWHUORFNFRQGLWLRQWRGULYH\RXU
YHKLFOHRU\RXFRXOGEHFRQYLFWHGRIDQRIIHQFH
XQGHUWKH+LJKZD\7UDIILF$FW<RXFDQILQGRXWLID
GULYHUKDVDQLJQLWLRQLQWHUORFNFRQGLWLRQRQKLVRU
KHUOLFHQFHE\DFFHVVLQJ072
VZHEVLWHDW
ZZZPWRJRYRQFDRUE\FDOOLQJ
7KHUHLVDIHHIRUHDFKOLFHQFHFKHFN
,I\RXUGULYHU
VOLFHQFHKDVEHHQVXVSHQGHGIRU
GULYLQJLQWKHZDUQUDQJHRIWRIRUDWKLUGRU
VXEVHTXHQWWLPHLQDILYH\HDUSHULRG\RXZLOODOVR
KDYHDQLJQLWLRQLQWHUORFNOLFHQFHFRQGLWLRQSODFHG
RQ\RXUOLFHQFHIRUPRQWKV0RUHLQIRUPDWLRQRQ
WKH3URJUDPLVDYDLODEOHRQWKH072ZHEVLWH
2WKHUZD\VWRORVH\RXU
OLFHQFH
&KDSWHU6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
<RXUUHVSRQVLELOLW\WRPDLQWDLQDYDOLGGULYHU
V
OLFHQFHZLWKWKHPRVWFRUUHFWDQGXSWRGDWH
LQIRUPDWLRQ
+RZWKHGHPHULWSRLQWV\VWHPZRUNVIRUQHZDQG
IXOO\OLFHQVHGGULYHUV
7KHGULYLQJRIIHQFHVWKDWUHVXOWLQDORVVRISRLQWV
XSRQFRQYLFWLRQ
&RPPRQFLUFXPVWDQFHVZKHUH\RXUOLFHQFHFDQ
EHFDQFHOOHGRUVXVSHQGHG
+RZDOFRKRODQGGUXJVDIIHFW\RXUDELOLW\WRGULYH
7KHFRQVHTXHQFHVWKDWFDQUHVXOWIURPD
VXVSHQGHGOLFHQFHLQFOXGLQJUHLQVWDWHPHQWIHHV
UHPHGLDOPHDVXUHVLJQLWLRQLQWHUORFNYHKLFOH
LPSRXQGPHQWDQGMDLOWLPH
<RXU9HKLFOH
$OOPRWRUYHKLFOHVRQ2QWDULRURDGVPXVWEH
UHJLVWHUHGLQVXUHGDQGPDLQWDLQHGWRPHHWFHUWDLQ
EDVLFVDIHW\VWDQGDUGV,I\RXRZQDYHKLFOH\RX
DUHUHVSRQVLEOHIRUPDNLQJVXUHLWPHHWVWKH
UHTXLUHPHQWV3HRSOHZKREX\DQGVHOOYHKLFOHV
DOVRKDYHFHUWDLQUHVSRQVLELOLWLHV
,QWKLVFKDSWHU
0DLQWDLQLQJ\RXUYHKLFOH
9HKLFOHLQVXUDQFHDQGUHJLVWUDWLRQ
%X\LQJRUVHOOLQJDXVHGYHKLFOH
7RZLQJ
7HVW\RXUVHOI6DPSOHNQRZOHGJHWHVWTXHVWLRQV
,0DLQWDLQLQJ\RXUYHKLFOH
,WLVLOOHJDOWRGULYHDYHKLFOHLQGDQJHURXV
FRQGLWLRQ%XWPDLQWDLQLQJ\RXUYHKLFOHDOVRPDNHV
VHQVHIURPDQHFRQRPLFSRLQWRIYLHZLWFDQPHDQ
EHWWHUJDVPLOHDJHDQGDEHWWHUSULFHZKHQ\RXVHOO
LW0DLQWDLQLQJ\RXUYHKLFOHDOVRKHOSVWRSURWHFWWKH
HQYLURQPHQW
$SROLFHRIILFHURU0LQLVWU\RI7UDQVSRUWDWLRQ
LQVSHFWRUFDQH[DPLQH\RXUYHKLFOHLWVHTXLSPHQW
DQGDQ\WUDLOHUDWWDFKHGWRLWDWDQ\WLPH,IWKH
YHKLFOHLVIRXQGWREHXQVDIHLWPD\EHWDNHQRII
WKHURDGXQWLOWKHSUREOHPLVIL[HG,I\RXUHIXVHWR
DOORZWKHH[DPLQDWLRQ\RXFDQEHILQHGXSWR
,IWKHYHKLFOHLVWKHQIRXQGWREHXQVDIH
\RXUOLFHQFHSODWHVFDQEHWDNHQDZD\
7KHIROORZLQJGULYHUKDELWVDQGUHJXODU
PDLQWHQDQFHZLOOKHOSNHHS\RXUYHKLFOHILWDQG
VDIH
,0DLQWDLQLQJ\RXUYHKLFOH
'ULYHU+DELWV
'LDJUDP
'ULYHUKDELWVDUHWKHWKLQJVWKDW\RXFDQGR
ZKHQHYHU\RXGULYHDYHKLFOH,I\RXLGHQWLI\DQ\
FRQFHUQVRUGHILFLHQFLHVIXUWKHULQYHVWLJDWLRQRU
DFWLRQVLQFOXGLQJLQVSHFWLRQDQGUHSDLUE\D
TXDOLILHGPHFKDQLFVKRXOGEHFRQVLGHUHG7KH
YHKLFOH
VRZQHUPDQXDORIWHQKDVGHWDLOHG
LQIRUPDWLRQRQZKDWWRORRNIRUZKHQLQVSHFWLQJ
\RXUYHKLFOHDQGKRZWRDGGUHVVPLQRUSUREOHPV
:KHQDSSURDFKLQJ\RXUYHKLFOHORRNIRUVLJQV
RI
)UHVKGDPDJH
)OXLGOHDNVXQGHUQHDWK
8QGHULQIODWHGRUIODWWLUHV
$MDUGRRUVKRRGWUXQNDQGIXHOGRRUFDS
8QVHFXUHGORDGV
&KHFNIRULFHVQRZRUGLUWWKDWPD\LQWHUIHUH
ZLWKYHKLFOHOLJKWLQJVWHHULQJGULYHUYLVLELOLW\RU
EHFRPHDKD]DUGWRRWKHUPRWRULVWVVKRXOGLW
FRPHIUHHIURP\RXUYHKLFOH
)URPWKHGULYHU
VVHDWDQGEHIRUHGULYLQJORRN
IRU
8QREVWUXFWHGYLVLELOLW\DURXQGHQWLUHYHKLFOH
%XUQHGRXWRUGLPKHDGODPSV
,OOXPLQDWHGGDVKERDUGZDUQLQJOLJKWVGXULQJ
HQJLQHVWDUWWKHQJRLQJRXW
/RRVHREMHFWVLQWKHYHKLFOH
:KLOHGULYLQJEHDOHUWIRU
8QXVXDOHQJLQHRUH[KDXVWQRLVHV
6TXHDNLQJRUJULQGLQJQRLVHVZKHQDSSO\LQJWKH
EUDNHV
'DVKERDUGZDUQLQJOLJKWVFRPLQJRQ
:KHQSODQQLQJDQH[WHQGHGWULSSHUIRUPPRUH
GHWDLOHGFKHFNVLQFOXGLQJ
:LQGVKLHOGZLSHUVDQGZDVKHUIOXLGOHYHO
7LUHSUHVVXUHVFRQGLWLRQDQGZHDU
$OOOLJKWVZRUN
8QGHUWKHKRRGZKHQWKHHQJLQHLVFROGRLODQG
FRRODQWOHYHOVREYLRXVGHIHFWVZLWKEHOWVKRVHV
DQGSRVVLEOHOHDNV8VLQJWKHYHKLFOHRZQHU
V
PDQXDOIRUPRUHLQIRUPDWLRQRQZKDWWRORRNIRU
+DYLQJ\RXUYHKLFOHWKRURXJKO\LQVSHFWHGE\D
TXDOLILHGPHFKDQLF
,0DLQWDLQLQJ\RXUYHKLFOH
5HJXODU0DLQWHQDQFH
,QRUGHUWRNHHS\RXUYHKLFOHUXQQLQJVPRRWKO\
YHKLFOHPDQXIDFWXUHUVRIWHQHVWDEOLVKDVFKHGXOH
IRUUHJXODUPDLQWHQDQFH6FKHGXOLQJRIWKLVZRUNLV
QRUPDOO\EDVHGXSRQDFFXPXODWHGYHKLFOHPLOHDJH
RUWLPHLQWHUYDOVZKLFKHYHUFRPHVILUVW)XUWKHU
GHWDLOVPD\EHIRXQGLQWKHYHKLFOH
VRZQHU
V
PDQXDO5HJXODUPDLQWHQDQFHPD\LQFOXGHRLODQG
ILOWHUFKDQJHRWKHUIOXLGFKHFNVDQGFKDQJHVDLU
DQGIXHOILOWHUUHSODFHPHQWWLUHURWDWLRQDQGEUDNH
LQVSHFWLRQ3HULRGLFDOO\PRUHLQWHQVLYHPHFKDQLFDO
VHUYLFLQJVXFKDVHQJLQHDGMXVWPHQWVDQGWLPLQJ
EHOWUHSODFHPHQWPD\EHUHTXLUHG
,0DLQWDLQLQJ\RXUYHKLFOH
:LQWHUPDLQWHQDQFH
$ZHOOPDLQWDLQHGYHKLFOHZLOOJHQHUDOO\VWDUWLQDOO
ZHDWKHUFRQGLWLRQV+RZHYHUZKHQHYHUSRVVLEOH
VKHOWHU\RXUYHKLFOHIURPGLUHFWFRQWDFWZLWKUDLQRU
VQRZZKHQLWLVSDUNHGEHFDXVHHYHQWKHEHVW
PDLQWDLQHGYHKLFOHFDQ
WUXQLIWKHHQJLQHLV
VRDNHG
&DUU\HPHUJHQF\VXSSOLHV7KHVHVKRXOGLQFOXGHD
VKRYHODEDJRIVDQGRUNLWW\OLWWHUERRVWHUFDEOHV
HPHUJHQF\IODUHVRUZDUQLQJOLJKWVDEODQNHWDQGD
FKDLQIRUWRZLQJ$OZD\VFDUU\H[WUDZLQGVKLHOG
ZDVKHUIOXLGLQWKHZLQWHUDQGUHILOOWKHFRQWDLQHU
ZKHQQHFHVVDU\
&ROGZHDWKHUSXWVH[WUDVWUDLQRQ\RXUYHKLFOH
V
V\VWHPV:LWKOLJKWVKHDWHUGHIURVWHUDQGUDGLRDOO
ZRUNLQJDWRQFHEDWWHULHVGRQRWJHWDJRRG
FKDUJHDWLGOHVSHHG,ILGOLQJLQWUDIILFIRUORQJ
SHULRGVVKLIWWRQHXWUDODQGUHYWKHHQJLQHJHQWO\
+DYH\RXUEDWWHU\FKHFNHGDQGWHUPLQDOVFOHDQHG
DWOHDVWWZLFHGXULQJWKHZLQWHU
)DXOW\H[KDXVWV\VWHPVDUHHVSHFLDOO\GDQJHURXV
LQWKHZLQWHUZKHQGULYHUVDUHPRUHOLNHO\WRGULYH
ZLWKZLQGRZVDQGYHQWVFORVHG+DYH\RXUH[KDXVW
FKHFNHGLILWVRXQGVQRLV\RUUDWWOHV
,0DLQWDLQLQJ\RXUYHKLFOH
7LUHV
7KHW\SHRIWLUHV\RXKDYHDQGWKH
ZD\WKH\DUHPDGHDUHFULWLFDOIRU
JRRGWUDFWLRQPLOHDJHDQGVDIHW\
.HHSWKHVHSRLQWVLQPLQGZKHQ
\RXEX\RUUHSODFHWLUHVDQG
FKHFN\RXUYHKLFOHRZQHU
V 'LDJUDP
PDQXDORUWKHWLUHPDQXIDFWXUHU
V
JXLGHIRUUHFRPPHQGDWLRQV
7LUHVPXVWPHHWVWDQGDUGV
GHVFULEHGLQWKH&DQDGLDQ0RWRU
9HKLFOH6DIHW\$FW7LUHV
GHWHULRUDWHZLWKDJHHYHQZKHQ
QRWLQXVH$JHGWLUHVKDYH
UHGXFHGWUDFWLRQDUHPRUHSURQH
WRFUDFNLQJDQGPD\IDLO
XQH[SHFWHGO\ZKLOHLQXVH7LUHV
VKRXOGQRWEHROGHUWKDQ\HDUV
6RPHWLUHDQGYHKLFOH
PDQXIDFWXUHUVKDYHLVVXHG
UHFRPPHQGDWLRQVIRUUHSODFLQJ
WLUHVIURPVL[\HDUVRIDJH
&RQVXPHUVDUHDGYLVHGWRFKHFN
ZLWKWKHLUWLUHRUYHKLFOH
PDQXIDFWXUHUIRUVSHFLILF
JXLGDQFH7KHDJHRIWKHWLUHFDQ
EHGHWHUPLQHGE\FKHFNLQJWKH
LGHQWLILFDWLRQQXPEHURQWKH
VLGHZDOOWKDWEHJLQVZLWKWKH
OHWWHUV'277KHODVWIRXUGLJLWV
UHSUHVHQWWKHZHHNDQG\HDUWKH
WLUHZDVPDQXIDFWXUHG
5HSODFHWLUHVZKHQWKHWUHDGLV
OHVVWKDQPLOOLPHWUHVGHHSRU
ZKHQWUHDGZHDULQGLFDWRUV
WRXFKWKHURDG9HKLFOHVWKDW
ZHLJKPRUHWKDQ
NLORJUDPVPXVWUHSODFHWKHLU
IURQWWLUHVZKHQWUHDGLVOHVV
WKDQWKUHHPLOOLPHWUHVGHHS
5HSODFHWLUHVWKDWKDYHEXPSV
EXOJHVNQRWVH[SRVHGFRUGVRU
WUHDGDQGVLGHZDOOFXWVGHHS
HQRXJKWRH[SRVHFRUGV
$Q\WLUHRQDYHKLFOHPXVWQRW
EHVPDOOHUWKDQWKHYHKLFOH
PDQXIDFWXUHU
VVSHFLILHG
PLQLPXPVL]H$QGLWPXVWQRW
EHVRODUJHWKDWLWWRXFKHVWKH
YHKLFOHRUDIIHFWVLWVVDIH
RSHUDWLRQ
8VHVLPLODUWLUHVRQDOOIRXU
ZKHHOV6RPHFRPELQDWLRQVDUH
LOOHJDOLQFOXGLQJUDGLDOSO\WLUHV
RQWKHIURQWDQGELDVSO\RU
EHOWHGELDVSO\RQWKHUHDUD
PL[RIRUVHULHVWLUHVRQ
WKHIURQWZLWKDQ\RWKHUPL[WXUH
RQWKHUHDUDQGDFRPELQDWLRQ
RIW\SHVRUVL]HVRQWKHVDPH
D[OHXQOHVVWKHW\SHVDQGVL]HV
DUHHTXLYDOHQWE\LQGXVWU\
VWDQGDUGV7KLVGRHVQRWDSSO\
WRDVLQJOHVSDUHWLUHXVHGLQDQ
HPHUJHQF\
$Q\WLUHZLWKWKHZRUGLQJQRWIRU
KLJKZD\XVHIDUPXVHRQO\
FRPSHWLWLRQFLUFXLWRQO\
1+67*6/RUDQ\RWKHU
ZRUGVWKDWPHDQWKHWLUHLVQRW
IRUXVHRQWKHURDGPXVWQRWEH
XVHGRQDYHKLFOHWKDWWUDYHOVRQ
DSXEOLFKLJKZD\
:LQWHUWLUHVRUDOOZHDWKHUWLUHV
DUHQRWUHTXLUHGE\ODZ7R
SURYLGHWKHEHVWWUDFWLRQGXULQJ
WKHZLQWHUVHDVRQLWLV
UHFRPPHQGHGWKDW\RXUYHKLFOH
EHHTXLSSHGZLWKIRXUZLQWHURU
DOOZHDWKHUWLUHVZLWKWKHVDPH
WUHDGSDWWHUQ,IXVLQJRQO\WZR
ZLQWHUWLUHVUHJDUGOHVVRI
ZKHWKHUWKHYHKLFOHLVIURQWUHDU
RUDOOZKHHOGULYHWKHVHVKRXOG
EHLQVWDOOHGRQWKHUHDUD[OHIRU
EHVWYHKLFOHVWDELOLW\LQWXUQVDQG
GXULQJEUDNLQJ
,I\RXOLYHLQQRUWKHUQ2QWDULR
\RXFDQOHJDOO\XVHVWXGGHG
WLUHVRQ\RXUYHKLFOH5HVHDUFK
VKRZVWKDWVWXGGHGWLUHVDUH
PRUHHIIHFWLYHWKDQRWKHUWLUHV
XQGHULF\FRQGLWLRQVSDUWLFXODUO\
RQZHWLFH2YHUDOOZLQWHUWLUHV
SHUIRUPEHWWHUWKDQFRQYHQWLRQDO
DOOVHDVRQWLUHVXQGHUDOOZLQWHU
WLPHFRQGLWLRQV
6FUDSWLUHVDUHDVHULRXV
HQYLURQPHQWDOFRQFHUQ3URSHU
PDLQWHQDQFHZLOOH[WHQGWKHOLIH
RIDWLUHDQGGHOD\LWVGLVSRVDO
6RPHWLSVIRUORQJHUZHDU
PDLQWDLQWKHULJKWDLUSUHVVXUH
LQVSHFWWLUHVIRUZHDUURWDWH
WLUHVUHJXODUO\DQGSUDFWLVH
JRRGGULYLQJKDELWV
,,9HKLFOHLQVXUDQFHDQG
UHJLVWUDWLRQ
,QVXUDQFH
5HJLVWUDWLRQ
1HZUHVLGHQWV
,,9HKLFOHLQVXUDQFHDQG
UHJLVWUDWLRQ
$XWRLQVXUDQFHLW
VWKHODZ
,,9HKLFOHLQVXUDQFHDQG
UHJLVWUDWLRQ
5HJLVWUDWLRQ
9HKLFOHUHJLVWUDWLRQLQFOXGHVOLFHQFHSODWHVDQGD
YHKLFOHSHUPLW/LFHQFHSODWHVLQ2QWDULRDUHEDVHG
RQDSODWHWRRZQHUV\VWHP7KLVPHDQVWKDW
YHKLFOHOLFHQFHSODWHVPRYHZLWKWKHYHKLFOHRZQHU
QRWWKHYHKLFOH:KHQ\RXVHOORUFKDQJHYHKLFOHV
\RXPXVWUHPRYH\RXUSODWHV,I\RXGRQRWLQWHQG
WRXVHWKHPRQDQRWKHUYHKLFOH\RXPD\UHWXUQ
\RXUSODWHVWRD6HUYLFH2QWDULRFHQWUH
<RXUYHKLFOHSHUPLWPXVWKDYHDQDFFXUDWH
GHVFULSWLRQRI\RXUYHKLFOH7KLVPHDQVWKDWLI\RX
FKDQJH\RXUYHKLFOHVXFKDVWKHFRORXU\RXPXVW
UHSRUWLWDWD6HUYLFH2QWDULRFHQWUHZLWKLQVL[GD\V
,I\RXRZQDYHKLFOHDQG\RXFKDQJH\RXUQDPHRU
DGGUHVV\RXPXVWQRWLI\WKH0LQLVWU\RI
7UDQVSRUWDWLRQZLWKLQVL[GD\V<RXFDQGRWKLVLQ
SHUVRQDWD6HUYLFH2QWDULRFHQWUHRQWKH
6HUYLFH2QWDULRZHEVLWHDWZZZVHUYLFHRQWDULRFD
RUE\PDLOXVLQJWKHFKDQJHRILQIRUPDWLRQVWXE
DWWDFKHGWR\RXUYHKLFOHSHUPLW
,,9HKLFOHLQVXUDQFHDQG
UHJLVWUDWLRQ
1HZUHVLGHQWV
1HZ2QWDULRUHVLGHQWVKDYHGD\VWRUHJLVWHU
WKHLUYHKLFOHV7RJHWDSHUPLWDQG2QWDULROLFHQFH
SODWHVJRWRD6HUYLFH2QWDULRFHQWUH<RXPXVW
EULQJDORQJ
$VDIHW\VWDQGDUGVFHUWLILFDWH
3URRIRILQVXUDQFH
9HKLFOH,PSRUW)RUPVLI\RXKDYHEURXJKWWKH
YHKLFOHLQIURPDQRWKHUFRXQWU\
7KHYHKLFOHSHUPLWRURZQHUVKLSIURPZKHUH
\RXXVHGWROLYH
3URRIRISDVVLQJD'ULYH&OHDQYHKLFOHHPLVVLRQV
WHVWLIDWHVWLVUHTXLUHG7RILQGRXWLI\RXU
YHKLFOHQHHGVRQHYLVLWZZZGULYHFOHDQFRPRU
FDOOWKH'ULYH&OHDQ&RQWDFW&HQWUHDW
2XWRISURYLQFHFDOOHUVPD\FDOO
FKDUJHVDSSO\
,,,%X\LQJRUVHOOLQJDXVHG
YHKLFOH
,I\RXDUHVHOOLQJDXVHGYHKLFOHSULYDWHO\LQ
2QWDULR\RXPXVWEX\DXVHGYHKLFOHLQIRUPDWLRQ
SDFNDJH7KLVDSSOLHVWRWKHSULYDWHVDOHRIDQ\
FDUYDQOLJKWWUXFNPRWRUKRPHPRSHGOLPLWHG
VSHHGPRWRUF\FOHRUPRWRUF\FOH7KHSDFNDJHLV
DYDLODEOHIURPDQ\6HUYLFH2QWDULRFHQWUHRURQOLQH
DWZZZVHUYLFHRQWDULRFD
7KHSDFNDJHZKLFKWKHVHOOHUPXVWVKRZWR
SRWHQWLDOEX\HUVLVDGHVFULSWLRQRIWKHYHKLFOHLWV
UHJLVWUDWLRQDQGOLHQKLVWRU\LQ2QWDULRDQGWKH
DYHUDJHZKROHVDOHDQGUHWDLOYDOXHVIRULWVPRGHO
DQG\HDU,WDOVRLQFOXGHVLQIRUPDWLRQDERXWUHWDLO
VDOHVWD[
$VZHOODVJLYLQJWKHEX\HUWKHXVHGYHKLFOH
LQIRUPDWLRQSDFNDJHVHOOHUVPXVWUHPRYHWKHLU
OLFHQFHSODWHVVLJQWKHYHKLFOHWUDQVIHUSRUWLRQRI
WKHLUSHUPLWDQGJLYHLWWRWKHEX\HU6HOOHUVPXVW
NHHSWKHSODWHSRUWLRQRIWKHSHUPLW
7KHYHKLFOHZLOOUHPDLQUHJLVWHUHGLQWKHVHOOHU
V
QDPHXQWLOWKHWUDQVIHULVFRPSOHWHG6HOOHUVKDYH
WKHRSWLRQWRUHSRUWWKHYHKLFOHDV6ROGDWD
6HUYLFH2QWDULRFHQWUH
7KHEX\HUPXVWWDNHWKHSDFNDJHDQGWKHYHKLFOH
SRUWLRQRIWKHSHUPLWWRD6HUYLFH2QWDULRFHQWUHWR
UHJLVWHUDVWKHQHZRZQHUZLWKLQVL[GD\VRIWKH
VDOH)DLOXUHWRWUDQVIHUWKHYHKLFOHZLWKLQVL[GD\V
LVDQRIIHQFHXQGHUWKH+LJKZD\7UDIILF$FW
%HIRUHEX\HUVFDQSXWWKHLURZQSODWHVRQWKHLU
QHZYHKLFOHWKH\PXVWKDYH
7KHLUOLFHQFHSODWHVYDOLGDWHG
7KHYHKLFOHSRUWLRQRIWKHSHUPLWLVVXHGIRUWKH
YHKLFOH
7KHLURZQOLFHQFHSODWHQXPEHUUHFRUGHGRQWKH
SODWHSRUWLRQRIWKHYHKLFOHSHUPLW
$YDOLGVDIHW\VWDQGDUGVFHUWLILFDWH
7KHPLQLPXPLQVXUDQFHUHTXLUHGXQGHUWKH
&RPSXOVRU\$XWRPRELOH,QVXUDQFH$FW
3URRIRISDVVLQJD'ULYH&OHDQYHKLFOHHPLVVLRQV
WHVWPD\EHUHTXLUHGDVXVHGYHKLFOHVXVXDOO\
QHHGD'ULYH&OHDQSDVVWRUHJLVWHUOLFHQVH
SODWHVXQGHUWKHQHZRZQHU+RZHYHU
H[HPSWLRQVDSSO\9LVLWWKH'ULYH&OHDQZHEVLWH
DWZZZGULYHFOHDQFRPWRVHHLI\RXUYHKLFOH
QHHGVDWHVWRUWRYLHZWKH'ULYH&OHDQ
HPLVVLRQVWHVWKLVWRU\RIDYHKLFOH
,,,%X\LQJRUVHOOLQJDXVHG
YHKLFOH
6DIHW\VWDQGDUGVFHUWLILFDWH
$VDIHW\VWDQGDUGVFHUWLILFDWHLVDGRFXPHQWWKDW
FHUWLILHVDYHKLFOH
VILWQHVV<RXFDQEX\DQG
UHJLVWHUDYHKLFOHZLWKRXWDVDIHW\FHUWLILFDWHEXW
\RXFDQQRWSXW\RXURZQSODWHVRQWKHYHKLFOHRU
GULYHLWZLWKRXWRQH$Q\LQVSHFWLRQVWDWLRQLQ
2QWDULROLFHQVHGE\WKH0LQLVWU\RI7UDQVSRUWDWLRQ
FDQLVVXHDVDIHW\VWDQGDUGVFHUWLILFDWHSURYLGHG
\RXUYHKLFOHSDVVHVDQLQVSHFWLRQ0DQ\JDUDJHV
DUHOLFHQVHGORRNIRUDVLJQVD\LQJLWLVD0RWRU
9HKLFOH,QVSHFWLRQ6WDWLRQ
$VDIHW\VWDQGDUGVFHUWLILFDWHLVYDOLGIRUGD\V
DIWHUWKHLQVSHFWLRQ+RZHYHUWKHFHUWLILFDWHLVQRW
DJXDUDQWHHRUZDUUDQW\WKDWWKHYHKLFOHZLOOVWD\ILW
IRUDQ\SHULRG
,,,%X\LQJRUVHOOLQJDXVHG
YHKLFOH
0DQGDWRU\9HKLFOH%UDQGLQJ3URJUDP
8QGHUWKH0DQGDWRU\9HKLFOH
%UDQGLQJ3URJUDPLQVXUHUVVHOI
LQVXUHUVIOHHWRZQHUV
DXFWLRQHHUVLPSRUWHUVVDOYDJHUV
DQGDQ\RQHZKRGHDOVLQXVHG
YHKLFOHVDUHUHTXLUHGWRGHWHUPLQH
ZKHWKHUVHYHUHO\GDPDJHGDQG
ZULWWHQRIIWRWDOORVVYHKLFOHV
WKH\LQVXUHRUREWDLQVKRXOGEH
EUDQGHGHLWKHU,UUHSDUDEOHRU
6DOYDJH7KH\PXVWQRWLI\WKH
PLQLVWU\RIWKHEUDQGWKURXJKD
1RWLILFDWLRQRI9HKLFOH%UDQGIRUP
7KHPLQLVWU\DSSOLHVWKHEUDQGWR
WKHYHKLFOH
VUHJLVWUDWLRQ
LQIRUPDWLRQVRWKDWLWZLOODSSHDU
RQWKHYHKLFOHSHUPLWYHKLFOH
DEVWUDFWVDQGWKHXVHGYHKLFOH
LQIRUPDWLRQSDFNDJHIRUWKDW
YHKLFOH7KHEUDQGLGHQWLILHVWKH
FRQGLWLRQRIWKHYHKLFOHWRSRWHQWLDO
EX\HUV7KLVLVKRZWKHSURJUDP
KHOSVWRSURWHFWFRQVXPHUVEX\LQJ
XVHGYHKLFOHV
,I\RXUYHKLFOHVXVWDLQVVHYHUH
GDPDJHDQGLVZULWWHQRIIE\\RXU
LQVXUDQFHFRPSDQ\WKH\PXVW
QRWLI\\RXDQGWKHPLQLVWU\RIWKH
EUDQGUHTXLUHPHQW,I\RXGRQRW
UHFHLYHDFODLPVHWWOHPHQWWKURXJK
DQLQVXUDQFHFRPSDQ\\RXPXVW
KDYHWKHEUDQGGHWHUPLQHGE\DQ
DXWKRUL]HGPHFKDQLFDWD7\SH
0RWRU9HKLFOH,QVSHFWLRQ6WDWLRQ
7KHPLQLVWU\ZHEVLWHKDVDOLVWRI
WKHVHIDFLOLWLHV
ZZZPWRJRYRQFDIRUGHWDLOV
7KHUHDUHIRXUEUDQGV
$YHKLFOHWKDWKDVQHYHUKDGD
EUDQGDSSOLHGLQ2QWDULR
DXWRPDWLFDOO\KDVWKHEUDQG
1RQHDSSOLHGWRLWVUHJLVWUDWLRQ
GRFXPHQWV+RZHYHUWKLVGRHV
QRWPHDQWKDWWKHYHKLFOHKDV
QHYHUEHHQGDPDJHGLQD
FROOLVLRQZDVQHYHUEUDQGHGLQ
DQRWKHUMXULVGLFWLRQRUZDVQRW
UHEXLOWSULRUWRWKHPDQGDWRU\
EUDQGLQJSURJUDP
7KHEUDQG,UUHSDUDEOHPHDQV
WKDWGDPDJHWRWKHYHKLFOHZDV
VRVHYHUHWKDWWKHYHKLFOHFDQ
EHXVHGIRUSDUWVRUVFUDSRQO\
,WFDQQRWEHUHEXLOWDQGLWFDQ
QHYHUEHGULYHQLQ2QWDULR
7KHEUDQG6DOYDJHPHDQVWKDW
WKHGDPDJHGYHKLFOHFDQEH
UHSDLUHGRUUHEXLOW,WFDQQRWEH
UHJLVWHUHGDVILWWRGULYHLQ
2QWDULR2QFHWKHYHKLFOHKDV
EHHQUHSDLUHGRUUHEXLOWDQGLILW
FDQSDVVDVWUXFWXUDOLQVSHFWLRQ
WRPLQLVWU\VWDQGDUGVWKHRZQHU
FDQREWDLQDVWUXFWXUDO
LQVSHFWLRQFHUWLILFDWHDQGKDYH
WKHYHKLFOHEUDQGHGDV
5HEXLOW
7KHEUDQG5HEXLOWPHDQVWKDW
WKHYHKLFOHKDVEHHQSUHYLRXVO\
EUDQGHGDV6DOYDJHEXWKDV
EHHQUHEXLOWDQGKDVSDVVHGD
VWUXFWXUDOLQVSHFWLRQWRPLQLVWU\
VWDQGDUGV,IWKHYHKLFOHFDQ
SDVVDVDIHW\LQVSHFWLRQVDIHW\
VWDQGDUGVFHUWLILFDWHWKHRZQHU
FDQKDYHLWUHJLVWHUHGDVILWWR
GULYHLQ2QWDULR
0RWRUF\FOHVWKDWKDYHEHHQ
ZULWWHQRIIPXVWEHEUDQGHG
,UUHSDUDEOH
WKH\FDQQRWEH
EUDQGHG
6DOYDJH
7UDLOHUVWUDFWLRQHQJLQHVIDUP
WUDFWRUVPRWRUDVVLVWHGELF\FOHV
PRWRUL]HGVQRZYHKLFOHVVWUHHW
FDUVRUPRWRUYHKLFOHVZLWKD
PRGHO\HDURIRUHDUOLHUDUH
H[HPSWIURPWKHPDQGDWRU\
EUDQGLQJSURJUDP
,,,%X\LQJRUVHOOLQJDXVHG
YHKLFOH
2QWDULR
V'ULYH&OHDQSURJUDP
9HKLFOHVDUHDPDMRUGRPHVWLFVRXUFHRIVPRJ
FDXVLQJHPLVVLRQVLQ2QWDULR'ULYH&OHDQ
DGPLQLVWHUHGE\WKH0LQLVWU\RIWKH(QYLURQPHQW
UHGXFHVVPRJFDXVLQJSROOXWDQWVIURPYHKLFOHVE\
WHVWLQJWKHPWRLGHQWLI\HPLVVLRQVSUREOHPVDQG
UHTXLULQJYHKLFOHVWREHUHSDLUHG
(IIHFWLYH6HSWHPEHUFKDQJHVWRWKH
SURJUDPH[HPSWHGVRPHYHKLFOHVIURPWHVWLQJ
9HKLFOHVDUHWHVWHGIRUUHJLVWUDWLRQUHQHZDODW
VHYHQ\HDUVRIDJHLQVWHDGRIILYH
/LJKWGXW\YHKLFOHVQRORQJHUUHTXLUHDWHVWIRU
IDPLO\WUDQVIHUVDQGOHDVHEX\RXWVE\WKHOHVVHH
XQOHVVWKHWHVWLVQRUPDOO\VFKHGXOHGIRUWKDW
\HDU
1RWHVWLVUHTXLUHGIRUOLFHQFHUHQHZDOLI\RXU
OLJKWGXW\YHKLFOHSDVVHGWKHWHVWLQWKHSUHYLRXV
FDOHQGDU\HDU
9HKLFOHVSODWHG+LVWRULFQRORQJHUUHTXLUH
WHVWLQJ
,I\RXUYHKLFOHUHJLVWUDWLRQH[SLUHGEHIRUH
6HSWHPEHUWKHSUHYLRXVUXOHVDSSO\
/LJKWGXW\9HKLFOHVZHLJKOHVVWKDQ
NLORJUDPV
0RVWSDVVHQJHUFDUVYDQVDQGOLJKWWUXFNV
UHJLVWHUHGLQWKHVRXWKHUQ2QWDULR'ULYH&OHDQDUHD
PXVWSDVVDWHVWHYHU\WZR\HDUVLQRUGHUWRUHQHZ
OLFHQFHSODWHV9LVLWWKHZHEVLWHIRUGHWDLOVRQ
H[HPSWLRQVDQGWKHFRQGLWLRQDOSDVV
+HDY\GXW\9HKLFOHVFRPPHUFLDOYHKLFOHV
ZHLJKLQJNJRUPRUH
'LHVHOWUXFNVDQGEXVHVUHJLVWHUHGDQ\ZKHUHLQWKH
SURYLQFHDQGQRQGLHVHOYHKLFOHVUHJLVWHUHGLQWKH
VRXWKHUQ2QWDULR'ULYH&OHDQDUHDPXVWEHWHVWHG
HYHU\\HDUDQGEHIXOO\UHSDLUHG$QLQFHQWLYHLV
DYDLODEOHWRHQFRXUDJHPDLQWHQDQFH
)RUPRUHLQIRUPDWLRQDERXW'ULYH&OHDQYLVLW
ZZZGULYHFOHDQFRP
,97RZLQJ
7KLVFKDSWHUWHOOV\RXZKDW\RXQHHGWRNQRZWR
WRZDWUDLOHUEHKLQGDFDUYDQRUVPDOOWUXFNLQ
2QWDULR7KLVLQFOXGHVOLFHQFHDQGUHJLVWUDWLRQ
UHTXLUHPHQWVWUDLOHUVL]HDQGFKDUDFWHULVWLFVDV
ZHOODVVDIHW\WLSVWRIROORZZKHQWRZLQJDWUDLOHU
%HIRUH\RXDWWHPSWWRWRZDWUDLOHUFRQVLGHUWKH
VL]HSRZHUDQGFRQGLWLRQRI\RXUYHKLFOH0DNH
VXUHLWLVFDSDEOHRIWRZLQJERWKWKHWUDLOHUDQGWKH
ORDG\RXLQWHQGWRFDUU\DQGWKDW\RXUWUDLOHUDQG
KLWFKPHHWDOOWKHUHTXLUHPHQWVGHVFULEHGLQWKLV
FKDSWHU
7RZLQJDWUDLOHUEULQJVXQLTXHFKDOOHQJHVWR
GULYHUV$OPRVWKDOIRIWKHUHSRUWHGFROOLVLRQVZKLOH
WRZLQJDUHFUHDWLRQDOYHKLFOHDUHVLQJOHYHKLFOH
FROOLVLRQV$QRWKHUSHUFHQWLQYROYHUHDUHQG
FROOLVLRQV,QFROOLVLRQVZKHUHWKHGULYHUZDV
GHWHUPLQHGWREHDWIDXOWDERXWSHUFHQWRIWKH
GULYHUVKDGORVWFRQWURORIWKHLUYHKLFOH
,97RZLQJ
/LFHQFHDQGSHUPLW
<RXPXVWKDYHDYDOLGGULYHU
VOLFHQFH&ODVV*
*RU*RUKLJKHUFODVVRIOLFHQFHWRWRZDWUDLOHU
ZLWKDJURVVYHKLFOHZHLJKWRIXSWR
NLORJUDPV,I\RXUWUDLOHUDQGORDGH[FHHGVWKHVL]H
DQGZHLJKWVSHFLILHGLQWKH+LJKZD\7UDIILF$FW
\RXPD\QHHGDKLJKHUFODVVRIOLFHQFHRUDQ
RYHUVL]HYHKLFOHSHUPLWWRWRZLW2YHUVL]HSHUPLWV
DUHDYDLODEOHDWVRPH6HUYLFH2QWDULRFHQWUHV
,WLVDJDLQVWWKHODZWRWRZPRUHWKDQRQHWUDLOHU
EHKLQGQRQFRPPHUFLDOYHKLFOHV
,97RZLQJ
5HJLVWHULQJ\RXUWUDLOHU
$WUDLOHULVFRQVLGHUHGDVHSDUDWHYHKLFOH%HIRUH
\RXFDQWRZRQHRQDQ\SXEOLFURDG\RXPXVW
UHJLVWHULWDQGSD\DRQHWLPHUHJLVWUDWLRQIHHDWD
6HUYLFH2QWDULRFHQWUH:KHQ\RXUHJLVWHU\RXU
WUDLOHU\RXZLOOUHFHLYHDOLFHQFHSODWHDQGYHKLFOH
SHUPLW$WWDFKWKHOLFHQFHSODWHWRWKHEDFNRI\RXU
WUDLOHUZKHUHLWLVFOHDUO\YLVLEOH$OZD\VFDUU\\RXU
SHUPLWRUDFRS\RILWWRVKRZWRDSROLFHRIILFHU
ZKHQDVNHG
,97RZLQJ
0DNHVXUH\RXUWUDLOHULVLQJRRG
FRQGLWLRQ
<RXUWUDLOHUPXVWEHLQVDIHRSHUDWLQJFRQGLWLRQ,ILW
LVQRWDSROLFHRIILFHUPD\UHPRYH\RXUWUDLOHUIURP
WKHURDGXQWLOLWLVPDGHVDIHWRRSHUDWH
,97RZLQJ
%UDNHV
,I\RXUWUDLOHUKDVDJURVVWUDLOHUZHLJKWYHKLFOHDQG
ORDGRINLORJUDPVRUPRUHLWPXVWKDYH
EUDNHVVWURQJHQRXJKWRVWRSDQGKROGWKHWUDLOHU
,97RZLQJ
/LJKWV
<RXUWUDLOHUPXVWKDYH
DZKLWHOLFHQFHSODWHOLJKW
DUHGWDLOOLJKW
WZRUHGUHIOHFWRUVDWWKHUHDURIWKHWUDLOHUDVIDU
DSDUWDVSRVVLEOH
,I\RXUWUDLOHULVZLGHUWKDQPHWUHVLWPXVWDOVR
KDYH
WZR\HOORZFOHDUDQFHOLJKWVRQHRQHDFKVLGHDW
WKHIURQWRIWKHWUDLOHUDVIDUDSDUWDVSRVVLEOHWR
OHWGULYHUVFRPLQJWRZDUG\RXNQRZWKHZLGWKRI
\RXUWUDLOHU
WZRUHGFOHDUDQFHOLJKWVRUUHIOHFWRUVRQHRQ
HDFKVLGHDWWKHUHDURIWKHWUDLOHUDVIDUDSDUWDV
SRVVLEOHWROHWGULYHUVEHKLQG\RXNQRZWKH
ZLGWKRI\RXUWUDLOHU
<RXUWUDLOHUPXVWKDYHPXGJXDUGVIHQGHUVDQG
IODSVRUEHGHVLJQHGLQVXFKDZD\WKDWLWGRHVQRW
VSUD\RUVSODVKWUDIILFWUDYHOOLQJEHKLQG\RX
,IWKHORDGLQ\RXUWUDLOHUEORFNV\RXUYLVLRQWRWKH
UHDU\RXPXVWKDYHDGGLWLRQDOPLUURUVWKDWSURYLGH
DFOHDUYLHZRIWKHURDGWRWKHUHDU/RDG\RXU
WUDLOHUFDUHIXOO\VRWKDWQRWKLQJFRPHVORRVHRUIDOOV
RIIZKLOH\RXDUHPRYLQJ
,97RZLQJ
$WWDFKLQJ\RXUWUDLOHU
<RXUWUDLOHUPXVWKDYHWZRVHSDUDWHZD\VRI
DWWDFKLQJWR\RXUYHKLFOHVRWKDWLIRQHIDLOVRU
FRPHVORRVHWKHWUDLOHUZLOOVWD\DWWDFKHG
,IVDIHW\FKDLQVDUHXVHGWKH\PXVWEHFURVVHG
XQGHUWKHWRQJXHWRSUHYHQWWKHWRQJXHIURPGURS
SLQJWRWKHURDGLIWKHSULPDU\KLWFKDFFLGHQWDOO\
GLVFRQQHFWV7KHFKDLQKRRNVPXVWKDYHODWFKHVRU
GHYLFHVWKDWZLOOQRWDFFLGHQWDOO\EHFRPHGHWDFKHG
,97RZLQJ
1RSDVVHQJHUV
<RXPD\QRWFDUU\DQ\SHUVRQLQDQ\WUDLOHU
LQFOXGLQJDKRXVHRUERDWWUDLOHUZKHQLWLVEHLQJ
WRZHG
,97RZLQJ
7UDLOHUKLWFK
8VHDJRRGTXDOLW\WUDLOHUKLWFK7KHFODVVRIWUDLOHU
KLWFK\RXXVHGHSHQGVXSRQWKHJURVVZHLJKWRI
\RXUWUDLOHUWKHJURVVZHLJKWEHLQJWKHWRWDOZHLJKW
RIWKHWUDLOHUDQGLWVORDG0DNHVXUH\RXXVHWKH
ULJKWWUDLOHUKLWFKIRUWKHZHLJKWRI\RXUWUDLOHU,W
VKRXOGEHVHFXUHO\DWWDFKHGWR\RXUYHKLFOH
IROORZLQJWKHPDQXIDFWXUHU
VUHFRPPHQGDWLRQV
7KHKLWFKEDOOVKRXOGEHLQVWDOOHGVRWKDWZKHQWKH
WUDLOHULVDWWDFKHGDQGWLJKWHQHGLWLVOHYHOZLWKQR
WLOWLQJ,IWKHKLWFKSXOOVGRZQWKHUHDURI\RXU
YHKLFOH\RXPD\QHHGWRXVHDORDGHTXDOL]LQJ
WUDLOHUKLWFK<RXPD\DOVREHDEOHWRVKLIWVRPHRI
WKHORDGLQWKHWUDLOHUWRWKHUHDUWRUHGXFHWKHORDG
RQWKHUHDURI\RXUYHKLFOH
,QDGGLWLRQWRDEDOODQGKLWFKEHVXUHWRXVHVDIHW\
FKDLQVRUFDEOHVVWURQJHQRXJKWRKROGWKHWUDLOHU
DQGORDGLQFDVHWKHEDOODQGKLWFKDFFLGHQWDOO\
FRPHDSDUW
7RZLQJ
/RDGLQJ\RXUWUDLOHU
'LDJUDP
:KHQORDGLQJ\RXUWUDLOHUVWUDSHYHU\WKLQJGRZQ
LQVLGHDVZHOODVRXWVLGH,WLVDQRIIHQFHWRKDYHD
ORDGWKDWPD\EHFRPHGLVORGJHGRUIDOORII'RQRW
RYHUORDG\RXUWUDLOHU7RRPXFKZHLJKWLQWKHWUDLOHU
FDQSXWDVWUDLQRQ\RXUYHKLFOHDQGGDPDJH\RXU
WLUHVZKHHOEHDULQJVDQGD[OH:KHQFDUU\LQJD
ERDWRQDWUDLOHUGRQRWFDUU\FDUJRLQWKHERDW
XQOHVV\RXUWUDLOHULVGHVLJQHGDQGHTXLSSHGIRUWKH
H[WUDZHLJKW
7KHGLVWULEXWLRQRIWKHZHLJKWLQ\RXUWUDLOHULVDOVR
YHU\LPSRUWDQW*HQHUDOO\PRUHRIWKHWUDLOHUORDG
VKRXOGEHLQIURQWRIWKHWUDLOHUD[OHWKDQEHKLQGLW
IRUSURSHUKLWFKZHLJKW$ERXWILYHWRSHUFHQWRI
WKHWUDLOHU
VWRWDOZHLJKWVKRXOGEHVXSSRUWHGRQWKH
KLWFKZLWKLQWKHZHLJKWOLPLWPDUNHGRQWKHKLWFK
3RRUORDGEDODQFHFDQFDXVH\RXUWUDLOHUWRVZD\
RUILVKWDLO7KHEDOODQGKLWFKPD\DOVREHFRPH
VHSDUDWHGHVSHFLDOO\LIWKHUHLVWRRPXFKZHLJKWLQ
WKHUHDURIWKHWUDLOHU
+HDY\DQGLPSURSHUO\SODFHGORDGVFDQSXOOGRZQ
WKHUHDURI\RXUYHKLFOHOLIWLQJWKHIURQWHQGDQG
DIIHFWLQJ\RXUVWHHULQJHVSHFLDOO\LQZHWDQG
VOLSSHU\FRQGLWLRQV,WPD\DOVRDIIHFWWKHDLPRI
\RXUKHDGOLJKWVVRWKDW\RXUORZEHDPVEOLQG
DSSURDFKLQJGULYHUV7KHDOLJQPHQWRI\RXUPLUURUV
PD\DOVREHDIIHFWHG
,97RZLQJ
6WDUWLQJRXW
%HIRUHHDFKWULSFKHFNWKHWUDLOHUKLWFKZKHHOV
WLUHVOLJKWVORDGGLVWULEXWLRQDQGORDGVHFXULW\WR
PDNHVXUHWKH\DUHVDIH&KHFN\RXUWLUHSUHVVXUH
ZLWKWKHWUDLOHUORDGHGZKLOHWKHWLUHVDUHVWLOOFROG
:KHQ\RXVWDUWWRGULYHDFFHOHUDWHFDUHIXOO\'ULYH
VORZO\DQGFDUHIXOO\
,97RZLQJ
&XUYHVDQGWXUQV
6WD\FORVHWRWKHPLGGOHRI\RXUODQHZKHQWDNLQJD
FXUYH:KHQPDNLQJDULJKWWXUQFKHFNWUDIILF
/RRNLQ\RXUULJKWPLUURU6LJQDODQGVORZGRZQ,I
WKHWXUQLVVKDUSPRYHDKHDGXQWLO\RXUYHKLFOH
V
IURQWZKHHOVDUHZHOODKHDGRIWKHFXUEEHIRUH
WXUQLQJWRWKHULJKW
:KHQPDNLQJDOHIWWXUQFKHFNWUDIILF6LJQDO
3URFHHGVORZO\:KHQ\RXPDNH\RXUWXUQVZLQJ
ZLGHE\GULYLQJZHOOLQWRWKHLQWHUVHFWLRQEHIRUH
WXUQLQJ
,97RZLQJ
6ORZLQJGRZQDQGVWRSSLQJ
$VXGGHQVWRSFDQFDXVH\RXUWUDLOHUWRMDFNNQLIHRU
VOLGHVLGHZD\VRUWKHORDGWRVKLIW7RDYRLGVXGGHQ
VWRSVLQFUHDVHWKHIROORZLQJGLVWDQFHEHWZHHQ\RX
DQGWKHYHKLFOHDKHDG.HHSRXWRIWKHIDVWODQHV
DQGPDLQWDLQDVSHHGWKDWZLOODOORZ\RXWRVORZ
GRZQDQGVWRSVPRRWKO\LQDQ\VLWXDWLRQ
,97RZLQJ
3DVVLQJ
<RXFDQQRWDFFHOHUDWHDVTXLFNO\ZKHQ\RXDUH
WRZLQJDWUDLOHU<RXDOVRQHHGPRUHVSDFH
EHFDXVHWKHOHQJWKRI\RXUYHKLFOHLVPXFKORQJHU
ZLWKDWUDLOHUDWWDFKHG%HIRUH\RXSDVVPDNHVXUH
\RXKDYHHQRXJKWLPHDQGURRPWRFRPSOHWHWKH
SDVV2QFH\RXKDYHSDVVHGDOORZPRUHURRP
EHIRUH\RXPRYHEDFNWR\RXUODQH'RQRWFXW
EDFNLQWRWKHODQHWRRVRRQ7KLVFDQFDXVH\RXU
WUDLOHUWRVZD\DQGPDNHLWGLIILFXOWWRFRQWURO
,97RZLQJ
%HLQJSDVVHG
,I\RXDUHKROGLQJXSDOLQHRIWUDIILFVLJQDOSXOO
RYHUDQGOHWWKHRWKHUYHKLFOHVSDVV)DVWPRYLQJ
WUXFNVDQGEXVHVFUHDWHDVWURQJDLUGLVWXUEDQFH
EHKLQGWKHP,IDODUJHEXVRUWUXFNSDVVHV\RX
WKHZDOORIZLQGEHKLQGLWPD\ZKLS\RXUWUDLOHUWR
WKHVLGHSXVKLQJLWRXWRIFRQWURO:KHQ\RX
H[SHULHQFHWKLVGRQRWEUDNH&DUHIXOO\VWHHU\RXU
YHKLFOHDQGWUDLOHUEDFNLQWRSRVLWLRQ$VOLJKW
LQFUHDVHLQVSHHGPD\KHOS
,97RZLQJ
%DFNLQJXS
%DFNXSYHU\VORZO\DQGKDYHVRPHRQHRXWVLGH
WKHYHKLFOHGLUHFW\RX8VHDVHULHVRIVPDOOWXUQV
WRVWHHU,WLVDJRRGLGHDWRSUDFWLVHWKLVVNLOORIIWKH
URDGLQDQHPSW\SDUNLQJORWXQWLO\RXDUH
FRPIRUWDEOHZLWK\RXUDELOLW\
7REDFNXSWRWKHULJKWVWHHUWRWKHOHIW7KHIURQW
HQGRIWKHWUDLOHUZLOOJROHIWEXWWKHUHDUHQGZLOOJR
ULJKW7REDFNXSWRWKHOHIWVWHHUWRWKHULJKW7KH
IURQWHQGRIWKHWUDLOHUZLOOJRULJKWEXWWKHUHDUHQG
ZLOOJROHIW
,97RZLQJ
7RZLQJGLVDEOHGYHKLFOHV
,I\RXUYHKLFOHEUHDNVGRZQ\RXVKRXOGJHWKHOS
IURPDWRZWUXFNGHVLJQHGWRWRZYHKLFOHV,I\RX
PXVWXVHDQRWKHUYHKLFOHWRWRZXVHZDUQLQJ
VLJQDOVRUHPHUJHQF\IODVKHUVDQGPDNHVXUH\RX
DWWDFKWKHYHKLFOHVVHFXUHO\6RPHRQHPXVWVLWLQ
WKHGLVDEOHGYHKLFOHDQGXVHWKHEUDNHVWRNHHS
WKHWRZFDEOHWLJKW,IWKHHQJLQHFDQQRWUXQGRQ
W
WRZYHKLFOHVWKDWKDYHSRZHUEUDNLQJDQGVWHHULQJ
:LWKRXWWKHHQJLQHEUDNLQJDQGVWHHULQJLVGLIILFXOW
DQGWRZLQJPD\OHDGWRDFROOLVLRQ
7U\LQJWRVWDUWDGLVDEOHGYHKLFOHE\WRZLQJLV
GDQJHURXVDQGFRXOGGDPDJHERWKYHKLFOHV
,97RZLQJ
&KDSWHU6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHFKHFNVWKDWQHHGWREHSHUIRUPHGRQ\RXU
YHKLFOHGDLO\ZHHNO\DWLWVUHJXODUVHUYLFLQJDQG
IRULWVXVHLQWKHZLQWHU
+RZWREX\WKHULJKWWLUHVIRU\RXUYHKLFOHDQG
KRZWRNQRZZKHQWKH\QHHGUHSODFLQJ
<RXUUHVSRQVLELOLW\WRHQVXUHWKDWWKHYHKLFOH\RX
DUHGULYLQJLVSURSHUO\UHJLVWHUHGDQGLQVXUHG
,QIRUPDWLRQDERXWEX\LQJDQGVHOOLQJXVHG
YHKLFOHVLQFOXGLQJWKHVDIHW\VWDQGDUGVFHUWLILFDWH
/LFHQVLQJUHTXLUHPHQWVWRSURSHUO\WRZDWUDLOHU
RUGLVDEOHGYHKLFOH
9HKLFOHUHTXLUHPHQWVVXFKDVEUDNHVOLJKWV
PLUURUVDQGWUDLOHUKLWFKHV
7KHSURSHUZD\WRORDGDWUDLOHUDQGDWWDFKLWWR
\RXUYHKLFOH
'ULYLQJWHFKQLTXHVIRUGULYLQJZLWKDWUDLOHU
DWWDFKHG
7HVW\RXUVHOI6DPSOH
NQRZOHGJHWHVWTXHVWLRQV
7KHIROORZLQJTXHVWLRQVZLOOJLYH\RXDQLGHDRI
ZKDWWRH[SHFWRQWKHNQRZOHGJHWHVW$OO
NQRZOHGJHWHVWTXHVWLRQVIROORZWKLVPXOWLSOH
FKRLFHIRUPDW7KHDQVZHUVWRWKHVHVDPSOH
TXHVWLRQVDUHSURYLGHGDWWKHERWWRPRIWKHSDJH
7RJHW\RXUYHKLFOHRXWRIDVNLG\RXVKRXOG
ILUVW
D6WHHUVWUDLJKWDKHDG
E6WHHULQWKHRSSRVLWHGLUHFWLRQRIWKHVNLG
F6WHHULQWKHGLUHFWLRQ\RXZDQWWRJR
G$SSO\EUDNHVKDUG
:KHQPD\\RXOHQG\RXUGULYHU
VOLFHQFH"
D,QHPHUJHQFLHV
E7RDSHUVRQOHDUQLQJWRGULYH
F,WLVQRWSHUPLWWHG
G)RULGHQWLILFDWLRQSXUSRVHV
:KDWPXVWDGULYHUGREHIRUHHQWHULQJD
KLJKZD\IURPDSULYDWHURDGRUGULYHZD\"
D(QWHURUFURVVWKHKLJKZD\DVTXLFNO\DV
SRVVLEOH
E<LHOGULJKWRIZD\WRDOOYHKLFOHVDSSURDFKLQJRQ
WKHKLJKZD\
F6RXQGKRUQDQGSURFHHGZLWKFDXWLRQ
G*LYHKDQGVLJQDOWKHQWDNHULJKWRIZD\
1HYHUFKDQJHODQHVLQWUDIILFZLWKRXW
D/RRNLQJLQWKHUHDUYLHZPLUURURQO\
E*LYLQJSURSHUVLJQDODQGORRNLQJWRPDNHVXUH
WKHPRYHFDQEHPDGHVDIHO\
F%ORZLQJ\RXUKRUQDQGORRNLQJWRWKHUHDU
G'HFUHDVLQJVSHHGDQGJLYLQJFRUUHFWVLJQDO
:KHQWKHGULYHURIDQRWKHUYHKLFOHLVDERXW
WRRYHUWDNHDQGSDVV\RXUYHKLFOH\RXPXVW
D6SHHGXSVRWKDWSDVVLQJLVQRWQHFHVVDU\
E0RYHWRWKHOHIWWRSUHYHQWSDVVLQJ
F6LJQDOWRWKHRWKHUGULYHUQRWWRSDVV
G0RYHWRWKHULJKWDQGDOORZVXFKYHKLFOHWRSDVV
:KHQ\RXDUHGHFLGLQJZKHWKHURUQRWWR
PDNHD8WXUQ\RXUILUVWFRQVLGHUDWLRQVKRXOG
EHWRFKHFN
D7UDIILFUHJXODWLRQV
E3UHVHQFHRIWUHHVILUHK\GUDQWVRUSROHVQHDU
WKHFXUE
F7XUQLQJUDGLXVRI\RXUFDU
G+HLJKWRIFXUE
,WLVPRUHGDQJHURXVWRGULYHDWWKHPD[LPXP
VSHHGOLPLWDWQLJKWWKDQGXULQJGD\WLPHDV
D<RXUUHDFWLRQWLPHLVVORZHUDWQLJKW
E<RXFDQQRWVHHDVIDUDKHDGDWQLJKW
F6RPHGULYHUVXQODZIXOO\GULYHZLWKSDUNLQJOLJKWV
RQO\
G7KHURDGZD\VDUHPRUHDSWWREHVOLSSHU\DW
QLJKW
<RXVKRXOGXQGHUDOOFRQGLWLRQVGULYHDWD
VSHHGZKLFKZLOODOORZ\RXWR
D6WRSZLWKLQPHWUHVIHHW
E6WRSZLWKLQPHWUHVIHHW
F6WRSZLWKLQPHWUHVIHHW
G6WRSZLWKLQDVDIHGLVWDQFH
$QVZHU.H\FFEEGDEG
7KH/HYHO7ZR5RDG7HVW
6WDWLVWLFVVKRZWKDWQHZGULYHUVRIDOODJHVDUHIDU
PRUHOLNHO\WKDQH[SHULHQFHGGULYHUVWREHLQYROYHG
LQVHULRXVRUIDWDOFROOLVLRQV
7RKHOSQHZGULYHUVGHYHORSEHWWHUVDIHUGULYLQJ
KDELWV2QWDULRLQWURGXFHGJUDGXDWHGOLFHQVLQJLQ
IRUDOOGULYHUVDSSO\LQJIRUWKHLUILUVWFDURU
PRWRUF\FOHOLFHQFH*UDGXDWHGOLFHQVLQJOHWV\RX
JDLQGULYLQJVNLOOVDQGH[SHULHQFHJUDGXDOO\LQ
ORZHUULVNHQYLURQPHQWV7KHWZRVWHSOLFHQVLQJ
V\VWHPWDNHVDWOHDVWPRQWKVWRFRPSOHWHDQG
LQFOXGHVWZRURDGWHVWV3DVVLQJWKH/HYHO7ZR
*URDGWHVWJLYHV\RXIXOO&ODVV*GULYLQJ
SULYLOHJHV
:KLOHWKH/HYHO2QHURDGWHVWGHDOVZLWKEDVLF
GULYLQJVNLOOVWKH/HYHO7ZRGHDOVZLWKDGYDQFHG
NQRZOHGJHDQGVNLOOVWKDWDUHJHQHUDOO\JDLQHGZLWK
GULYLQJH[SHULHQFH:KHQ\RXWDNHWKHWHVWWKH
H[DPLQHUZLOOJLYH\RXGLUHFWLRQV$V\RXFRPSOHWH
WKHGULYLQJWDVNVWKHH[DPLQHUZLOOZDWFKWRPDNH
VXUH\RXVXFFHVVIXOO\SHUIRUPWKHDFWLRQV
DVVRFLDWHGZLWKWKHP
7KH*URDGWHVWLQFOXGHVDFRPSRQHQWRI
H[SUHVVZD\GULYLQJ7RSURFHHG\RXPXVW
FRPSOHWHDQGVLJQD'HFODUDWLRQRI+LJKZD\
'ULYLQJ([SHULHQFHWRHQVXUHWKDW\RXKDYH
VXIILFLHQWH[SUHVVZD\GULYLQJH[SHULHQFHWR
FRPSOHWHWKLVFRPSRQHQW2QWKHIRUP\RXZLOO
LQGLFDWHVKRZPDQ\WLPHVLQWKHWKUHHPRQWKV
EHIRUHWKHURDGWHVW\RXKDYHGULYHQRQDIUHHZD\
DQGRUDKLJKZD\ZLWKDVSHHGOLPLWRIDWOHDVW
NPK<RXDUHUHTXLUHGWRLQGLFDWHZKDWZDVWKH
DYHUDJHOHQJWKRIWKHVHWULSVIRUH[DPSOHXQGHU
NLORPHWUHVEHWZHHQDQGNLORPHWUHVRYHU
NLORPHWUHV)UHHZD\VLQFOXGH
4XHHQ(OL]DEHWK:D\'RQ9DOOH\3DUNZD\
*DUGLQHU([SUHVVZD\(&5RZ([SUHVVZD\DQG
WKH&RQHVWRJD3DUNZD\,I\RXGRQRWKDYH
VXIILFLHQWKLJKZD\GULYLQJH[SHULHQFHWKHH[DPLQHU
PXVWGHFODUHWKHURDGWHVWRXWRIRUGHUDQG
FDQFHOLW<RXZLOOORVHSHUFHQWRI\RXUSUHSDLG
URDGWHVWIHH,QRUGHUWRUHVFKHGXOH\RXZLOOKDYH
WRSD\WKHSHUFHQWRIWKHURDGWHVWIHHORVW
WKURXJKWKHRXWRIRUGHU0DNHVXUH\RXREWDLQWKH
UHTXLUHGKLJKZD\GULYLQJH[SHULHQFHEHIRUH
UHVFKHGXOLQJ\RXUWHVW
7RKHOS\RXSUHSDUHWKLVFKDSWHUWHOOV\RXWKH
YDULRXVWDVNVDQGDFWLRQVWKDW\RXZLOOEHH[SHFWHG
WRSHUIRUPLQ\RXU/HYHO7ZRURDGWHVW7KLVLVRQO\
DJXLGH)RUPRUHLQIRUPDWLRQRQWKHGULYLQJWDVNV
\RXVKRXOGUHYLHZFKDSWHUVDQG
,QWKLVFKDSWHU
/HIWDQGULJKWWXUQV
6WRSLQWHUVHFWLRQ
7KURXJKLQWHUVHFWLRQ
)UHHZD\
/DQHFKDQJH
5RDGVLGHVWRS
&XUYH
%XVLQHVVVHFWLRQ
5HVLGHQWLDOVHFWLRQ
3DUDOOHOSDUN
7KUHHSRLQWWXUQ
,/HIWDQGULJKWWXUQV
7KHDSSURDFK
7KLVGULYLQJWDVNEHJLQVZKHQWKH
H[DPLQHUWHOOV\RXWRPDNHDOHIW
RUULJKWWXUQDQGHQGVDWWKHSRLQW
MXVWEHIRUH\RXHQWHUWKH
LQWHUVHFWLRQ0DNHVXUH\RXWDNH
WKHIROORZLQJDFWLRQV 'LDJUDP
7UDIILFFKHFN
%HIRUHVORZLQJGRZQORRNDOO
DURXQG\RX8VH\RXUUHDUYLHZ
DQGVLGHPLUURUVWRFKHFNWUDIILF
EHKLQG\RX,I\RXFKDQJHODQHV
UHPHPEHUWRFKHFN\RXUEOLQGVSRW
E\ORRNLQJRYHU\RXUVKRXOGHU
/DQH
0RYHLQWRWKHIDUOHIWRUIDUULJKW
ODQHDVVRRQDVWKHZD\LVFOHDU
6LJQDO
7XUQRQ\RXUVLJQDOEHIRUHVORZLQJ
GRZQIRUWKHWXUQXQOHVVWKHUHDUH
YHKLFOHVZDLWLQJWRHQWHUWKHURDG
IURPVLGHURDGVRUGULYHZD\V
EHWZHHQ\RXDQGWKHLQWHUVHFWLRQ
:DLWXQWLO\RXKDYHSDVVHGWKHVH
HQWUDQFHVVRWKDWGULYHUVZLOOQRW
WKLQN\RXDUHWXUQLQJEHIRUHWKH
LQWHUVHFWLRQ
6SHHG
6WHDGLO\UHGXFHVSHHGDV\RX
DSSURDFKWKHWXUQ,QDYHKLFOH
ZLWKPDQXDOWUDQVPLVVLRQ\RX
PD\GRZQVKLIWLQWRDORZHUJHDUDV
\RXVORZGRZQ'RQRWFRDVWZLWK
\RXUIRRWRQWKHFOXWFKSHGDO
6SDFH
:KLOHVORZLQJGRZQNHHSDWOHDVW
DWZRWRWKUHHVHFRQGGLVWDQFH
EHKLQGWKHYHKLFOHLQIURQWRI\RX
,IVWRSSHG
<RXZLOOQHHGWRGRWKLVGULYLQJ
WDVNLI\RXFDQQRWFRPSOHWH\RXU
WXUQZLWKRXWVWRSSLQJHLWKHU
EHFDXVHWKHZD\LVQRWFOHDURU
\RXIDFHDVWRSVLJQRUUHGWUDIILF
OLJKW5HPHPEHUWRIROORZWKHVH
DFWLRQV
6WRS
&RPHWRDFRPSOHWHVWRS'RQRW
OHW\RXUUROOIRUZDUGRUEDFNZDUG
:KHQWUDIILFFRQGLWLRQVDOORZ
PRYHIRUZDUGWRFKHFNWKDWWKH
ZD\LVFOHDURUWRVWDUWWKHWXUQ,I
\RXKDYHWRVWRSDIWHU\RXKDYH
SDVVHGWKHVWRSOLQHGRQRWEDFN
XS
6SDFH
:KHQVWRSSHGEHKLQGDQRWKHU
YHKLFOHDWDQLQWHUVHFWLRQOHDYH
HQRXJKVSDFHWRSXOORXWDQGSDVV
ZLWKRXWKDYLQJWREDFNXS/HDYLQJ
WKLVVSDFHSURWHFWV\RXLQWKUHH
ZD\VLWOHWV\RXSXOODURXQGWKH
YHKLFOHLQIURQWLILWVWDOOVLWKHOSV
SUHYHQW\RXIURPEHLQJSXVKHG
LQWRWKHYHKLFOHDKHDGLI\RXDUH
KLWIURPEHKLQGDQGLWUHGXFHVWKH
ULVNRIFROOLVLRQLIWKHYHKLFOHDKHDG
UROOVEDFNZDUGRUEDFNVXS
6WRSOLQH
,I\RXDUHWKHILUVWYHKLFOH
DSSURDFKLQJDQLQWHUVHFWLRQZLWKD
UHGOLJKWRUVWRSVLJQVWRSEHKLQG
WKHVWRSOLQHLILWLVPDUNHGRQWKH
SDYHPHQW,IWKHUHLVQRVWRSOLQH
VWRSDWWKHFURVVZDONPDUNHGRU
QRW,IWKHUHLVQRFURVVZDONVWRS
DWWKHHGJHRIWKHVLGHZDON,I
WKHUHLVQRVLGHZDONVWRSDWWKH
HGJHRIWKHLQWHUVHFWLRQ
:KHHOV
:KHQZDLWLQJWRPDNHDOHIWWXUQ
NHHS\RXUIURQWZKHHOVVWUDLJKW
:LWK\RXUZKHHOVWXUQHGOHIW\RXU
YHKLFOHFRXOGEHSXVKHGLQWR
RQFRPLQJWUDIILF:KHQZDLWLQJWR
WXUQULJKWNHHSWKHZKHHOVVWUDLJKW
LIWKHUHLVDULVNRIEHLQJSXVKHG
LQWRSHGHVWULDQVFURVVLQJWKH
LQWHUVHFWLRQ$WDODUJHLQWHUVHFWLRQ
ZLWKFXUYHGVLGHZDONVZKHUH\RX
DUHWXUQLQJULJKWDQJOH\RXU
YHKLFOHWRIROORZWKHFXUEVRWKDW
QRRWKHUYHKLFOHFDQILWEHWZHHQ
\RXDQGWKHFXUE
0DNLQJWKHWXUQ
7KHGULYLQJWDVNLQYROYHV\RXU
DFWLRQVDV\RXPDNHWKHWXUQ
5HPHPEHUWRGRWKHIROORZLQJ
7UDIILFFKHFN
,I\RXDUHVWRSSHGZDLWLQJIRUD
JUHHQOLJKWRUIRUWKHZD\WREH
FOHDUNHHSFKHFNLQJWUDIILFDOO
DURXQG\RX-XVWEHIRUHHQWHULQJ
WKHLQWHUVHFWLRQORRNOHIWDKHDG
DQGULJKWWRFKHFNWKDWWKHZD\LV
FOHDU,IWKHUHLVDQ\GRXEWDERXW
WKHULJKWRIZD\WU\WRPDNHH\H
FRQWDFWZLWKQHDUE\GULYHUVRU
SHGHVWULDQV,ILWLVSRVVLEOHIRU
DQRWKHUYHKLFOHWRRYHUWDNH\RX
ZKLOH\RXDUHWXUQLQJFKHFN\RXU
EOLQGVSRWEHIRUHVWDUWLQJWRWXUQ
<RXKDYHQRWSURSHUO\FKHFNHG
WUDIILFLIDQRWKHUYHKLFOHRU
SHGHVWULDQKDVWKHULJKWRIZD\
DQGPXVWWDNHDFWLRQWRDYRLG\RXU
YHKLFOH
%RWKKDQGV
8VHERWKKDQGVWRWXUQWKH
VWHHULQJZKHHOWKURXJKRXWWKH
WXUQ<RXDUHPRVWDWULVNIURP
RWKHUWUDIILFZKHQWXUQLQJ8VLQJ
ERWKKDQGVRQWKHZKHHOJLYHV\RX
PD[LPXPVWHHULQJFRQWUROZKHQ
\RXQHHGLWPRVW$QH[FHSWLRQWR
WKLVLVLI\RXKDYHDGLVDELOLW\WKDW
SUHYHQWV\RXIURPXVLQJERWK
KDQGV
*HDUV
,QDYHKLFOHZLWKPDQXDO
WUDQVPLVVLRQGRQRWVKLIWJHDUV
GXULQJWKHWXUQ,I\RXQHHGWR\RX
PD\VKLIWJHDUVLPPHGLDWHO\DIWHU
WKHYHKLFOHLVPRYLQJEXWEHIRUHLW
LVZHOOLQWRWKHWXUQ<RXPD\DOVR
VKLIWJHDUVLQDQLQWHUVHFWLRQZLGHU
WKDQIRXUODQHVLIQRWGRLQJVR
ZRXOGVORZGRZQRWKHUWUDIILF
*HQHUDOO\QRWFKDQJLQJJHDUV
JLYHV\RXPRUHFRQWURORYHU\RXU
YHKLFOHZKHQWXUQLQJ
6SHHG
0RYHDKHDGZLWKLQIRXUWRILYH
VHFRQGVDIWHULWLVVDIHWRVWDUW
0DNHWKHWXUQDWDVWHDG\VSHHG
LQFUHDVLQJVSHHGDV\RXFRPSOHWH
WKHWXUQ'ULYHVORZO\HQRXJKWR
NHHSIXOOFRQWURORI\RXUYHKLFOH
ZLWKRXWVORZLQJGRZQRWKHUWUDIILF
:LGHVKRUW
7XUQLQWRWKHFRUUHVSRQGLQJODQH
RQWKHLQWHUVHFWLQJURDGZLWKRXW
JRLQJRYHUDQ\ODQHPDUNLQJVRU
FXUEV
&RPSOHWLQJWKHWXUQ
7KLVGULYLQJWDVNFRPSOHWHVWKH
WXUQ,WEHJLQVZKHQ\RXHQWHUWKH
LQWHUVHFWLQJURDGDQGHQGVZKHQ
\RXUHWXUQWRQRUPDOWUDIILFVSHHG
7DNHWKHIROORZLQJDFWLRQV
/DQH
(QG\RXUWXUQLQWKHODQHWKDW
FRUUHVSRQGVWRWKHODQH\RX
WXUQHGIURP,I\RXDUHWXUQLQJOHIW
RQWRDPXOWLODQHURDGUHWXUQWR
QRUPDOWUDIILFVSHHGDQGPRYHLQWR
WKHFXUEODQHZKHQLWLVVDIHWRGR
VR,I\RXDUHWXUQLQJULJKWRQWRD
URDGZKHUHWKHULJKWODQHLV
EORFNHGZLWKSDUNHGYHKLFOHVRU
FDQQRWEHXVHGIRURWKHUUHDVRQV
PRYHGLUHFWO\WRWKHQH[WDYDLODEOH
ODQH
7UDIILFFKHFN
$V\RXUHWXUQWRQRUPDOWUDIILF
VSHHGFKHFN\RXUPLUURUVWR
EHFRPHDZDUHRIWKHWUDIILF
VLWXDWLRQRQWKHQHZURDG
6SHHG
5HWXUQWRQRUPDOWUDIILFVSHHGE\
DFFHOHUDWLQJVPRRWKO\WREOHQG
ZLWKWKHWUDIILFDURXQG\RX,QOLJKW
WUDIILFDFFHOHUDWHPRGHUDWHO\,Q
KHDYLHUWUDIILF\RXPD\KDYHWR
DFFHOHUDWHPRUHTXLFNO\,QD
YHKLFOHZLWKPDQXDOWUDQVPLVVLRQ
VKLIWJHDUVDV\RXLQFUHDVHVSHHG
,,6WRSLQWHUVHFWLRQ
7KHDSSURDFK
7KLVGULYLQJWDVNLVGRQHDWLQWHU
VHFWLRQVZKHUH\RXPXVWFRPHWR
DVWRS,WEHJLQVDWWKHSRLQWZKHUH
\RXFDQVHHWKHLQWHUVHFWLRQDQG 'LDJUDP
HQGVMXVWEHIRUH\RXHQWHUWKH
LQWHUVHFWLRQ%HVXUHWRIROORZ
WKHVHDFWLRQV
7UDIILFFKHFN
%HIRUHVORZLQJGRZQORRNDOO
DURXQG\RX8VH\RXUPLUURUVWR
FKHFNWUDIILFEHKLQG\RX
6SHHG
6WHDGLO\UHGXFHVSHHGDV\RX
DSSURDFKWKHLQWHUVHFWLRQ,QD
ZLWKPDQXDOWUDQVPLVVLRQ\RX
PD\GRZQVKLIWLQWRDORZHUJHDUDV
\RXVORZGRZQ'RQRWFRDVWZLWK
\RXUIRRWRQWKHFOXWFKSHGDO
6SDFH
:KLOHVORZLQJGRZQNHHSDWOHDVW
DWZRWRWKUHHVHFRQGGLVWDQFH
EHKLQGWKHLQIURQWRI\RX
7KHVWRS
7KLVGULYLQJWDVNLQFOXGHVWKH
DFWLRQV\RXWDNHZKLOHVWRSSHG
DQGZDLWLQJWRPRYHWKURXJKWKH
LQWHUVHFWLRQ5HPHPEHUWKHVH
SRLQWV
6WRS
&RPHWRDFRPSOHWHVWRS'RQRW
OHW\RXUUROOIRUZDUGRUEDFNZDUG
:KHQWUDIILFFRQGLWLRQVDOORZ
PRYHIRUZDUGWRFKHFNWKDWWKH
ZD\LVFOHDURUVWDUWDFURVVWKH
LQWHUVHFWLRQ,I\RXKDYHWRVWRS
DIWHU\RXKDYHSDVVHGWKHVWRS
OLQHGRQRWEDFNXS
6SDFH
:KHQVWRSSHGEHKLQGDQRWKHUDW
WKHLQWHUVHFWLRQOHDYHHQRXJK
VSDFHWRSXOORXWDQGSDVVZLWKRXW
KDYLQJWREDFNXS/HDYLQJWKLV
VSDFHSURWHFWV\RXLQWKUHHZD\V
LWOHWV\RXSXOODURXQGWKHLQIURQWLI
LWVWDOOVLWKHOSVSUHYHQW\RXIURP
EHLQJSXVKHGLQWRWKHDKHDGLI\RX
DUHKLWIURPEHKLQGDQGLWUHGXFHV
WKHULVNRIFROOLVLRQLIWKHDKHDG
UROOVEDFNZDUGRUEDFNVXS
6WRSOLQH
,I\RXDUHWKHILUVWDSSURDFKLQJDQ
LQWHUVHFWLRQZLWKDUHGOLJKWRUVWRS
VLJQVWRSEHKLQGWKHVWRSOLQHLILW
LVPDUNHGRQWKHSDYHPHQW,I
WKHUHLVQRVWRSOLQHVWRSDWWKH
FURVVZDONPDUNHGRUQRW,IWKHUH
LVQRFURVVZDONVWRSDWWKHHGJH
RIWKHVLGHZDON,IWKHUHLVQR
VLGHZDONVWRSDWWKHHGJHRIWKH
LQWHUVHFWLRQ
'ULYLQJWKURXJK
7KLVWDVNLQFOXGHVWKHDFWLRQV\RX
WDNHDV\RXGULYHWKURXJKWKH
LQWHUVHFWLRQDQGUHWXUQWRQRUPDO
WUDIILFVSHHG0DNHVXUHWRIROORZ
WKHVHDFWLRQV
7UDIILFFKHFN
,I\RXDUHVWRSSHGZDLWLQJIRUD
JUHHQOLJKWRUIRUWKHZD\WREH
FOHDUNHHSFKHFNLQJWUDIILFDOO
DURXQG\RX-XVWEHIRUHHQWHULQJ
WKHLQWHUVHFWLRQORRNOHIWDKHDG
DQGULJKWWRFKHFNWKDWWKHZD\LV
FOHDU,IWKHUHLVDQ\GRXEWDERXW
WKHULJKWRIZD\WU\WR
PDNHH\HFRQWDFWZLWKQHDUE\
GULYHUVRUSHGHVWULDQV<RXKDYH
QRWSURSHUO\FKHFNHGWUDIILFLI
DQRWKHUYHKLFOHRUSHGHVWULDQKDV
WKHULJKWRIZD\DQGPXVWWDNH
DFWLRQWRDYRLG\RXUYHKLFOH
%RWKKDQGV
.HHSERWKKDQGVRQWKHVWHHULQJ
ZKHHODV\RXGULYHWKURXJKWKH
LQWHUVHFWLRQ<RXDUHPRVWDWULVN
IURPRWKHUWUDIILFZKHQ\RXDUH
FURVVLQJWKHLQWHUVHFWLRQ8VLQJ
ERWKKDQGVRQWKHZKHHOJLYHV\RX
PD[LPXPVWHHULQJFRQWUROZKHQ
\RXQHHGLWPRVW$QH[FHSWLRQWR
WKLVLVLI\RXKDYHDGLVDELOLW\WKDW
SUHYHQWV\RXIURPXVLQJERWK
KDQGV
*HDUV
,QDYHKLFOHZLWKPDQXDO
WUDQVPLVVLRQGRQRWVKLIWJHDUV
FURVVLQJWKHLQWHUVHFWLRQ,I\RX
QHHGWR\RXPD\VKLIWJHDUV
LPPHGLDWHO\DIWHUWKHYHKLFOHLV
PRYLQJEXWEHIRUHLWLVZHOOLQWRWKH
LQWHUVHFWLRQ<RXPD\DOVRVKLIW
JHDUVLQDQLQWHUVHFWLRQZLGHUWKDQ
IRXUODQHVLIQRWGRLQJVRZRXOG
VORZGRZQRWKHUWUDIILF*HQHUDOO\
QRWFKDQJLQJJHDUVJLYHV\RX
PRUHFRQWURORYHU\RXUYHKLFOH
7UDIILFFKHFN
$V\RXUHWXUQWRQRUPDOWUDIILF
VSHHGFKHFN\RXUPLUURUVWR
EHFRPHDZDUHRIWKHWUDIILF
VLWXDWLRQDIWHU\RXKDYHJRQH
WKURXJKWKHLQWHUVHFWLRQ
6SHHG
0RYHDKHDGZLWKLQIRXUWRILYH
VHFRQGVDIWHULWLVVDIHWRVWDUW
5HWXUQWRQRUPDOWUDIILFVSHHGE\
DFFHOHUDWLQJVPRRWKO\WREOHQG
ZLWKWKHWUDIILFDURXQG\RX,QOLJKW
WUDIILFDFFHOHUDWHPRGHUDWHO\,Q
KHDYLHUWUDIILF\RXPD\KDYHWR
DFFHOHUDWHPRUHTXLFNO\,QD
YHKLFOHZLWKPDQXDOWUDQVPLVVLRQ
VKLIWJHDUVDV\RXLQFUHDVHVSHHG
,,,7KURXJKLQWHUVHFWLRQ
7KHDSSURDFK
7KLVGULYLQJWDVNLVGRQHDWLQWHU
VHFWLRQVZKHUH\RXPD\QRWQHHG
WRVWRS,WEHJLQVDWWKHSRLQW
ZKHUH\RXFDQVHHWKH 'LDJUDP
LQWHUVHFWLRQDQGHQGVMXVWEHIRUH
WKHHQWUDQFHWRWKHLQWHUVHFWLRQ
5HPHPEHUWRGRWKHIROORZLQJ
7UDIILFFKHFN
$V\RXDSSURDFKWKHLQWHUVHFWLRQ
ORRNOHIWDQGULJKWIRUWUDIILFRQWKH
LQWHUVHFWLQJURDG,I\RXKDYHWR
VORZGRZQIRUWKHLQWHUVHFWLRQ
FKHFN\RXUPLUURUVIRUWUDIILF
EHKLQG\RX
6SHHG
.HHSDWWKHVDPHVSHHGDV\RX
JRWKURXJKWKHLQWHUVHFWLRQXQOHVV
WKHUHLVDFKDQFHWUDIILFPD\FURVV
WKHLQWHUVHFWLRQLQIURQWRI\RX,I
VRVORZGRZQRUKROG\RXUIRRW
RYHUWKHEUDNHUHDG\WRVORZ
GRZQRUVWRS:DWFKIRU
SHGHVWULDQVDERXWWRFURVVWKH
LQWHUVHFWLRQDQGYHKLFOHVHGJLQJ
LQWRWKHLQWHUVHFWLRQRU
DSSURDFKLQJDWKLJKHUVSHHGV
6SDFH
.HHSDWOHDVWDWZRWRWKUHH
VHFRQGGLVWDQFHEHKLQGWKH
YHKLFOHLQIURQWRI\RX
'ULYLQJWKURXJK
7KLVGULYLQJWDVNLQFOXGHV\RXU
DFWLRQVIURPWKHWLPH\RXHQWHUWKH
LQWHUVHFWLRQXQWLO\RXKDYHFURVVHG
LWDQGDUHUHWXUQLQJWRQRUPDO
WUDIILFVSHHG5HPHPEHUWKHVH
SRLQWV
/DQH
'RQRWJRRYHUODQHPDUNLQJVRU
FKDQJHODQHVLQWKHLQWHUVHFWLRQ,I
\RXUODQHLVEORFNHGE\DYHKLFOH
WXUQLQJOHIWRUDYHKLFOHHGJLQJLQWR
WKHLQWHUVHFWLRQIURPWKHULJKW
VORZGRZQRUVWRSLQVWHDGRI
SXOOLQJRXWWRJRDURXQGWKH
YHKLFOH
%RWKKDQGV
.HHSERWKKDQGVRQWKHVWHHULQJ
ZKHHODV\RXGULYHWKURXJKWKH
LQWHUVHFWLRQ<RXDUHPRVWDWULVN
IURPRWKHUWUDIILFZKHQ\RXDUH
FURVVLQJWKHLQWHUVHFWLRQ8VLQJ
ERWKKDQGVRQWKHZKHHOJLYHV\RX
PD[LPXPVWHHULQJFRQWUROZKHQ
\RXQHHGLWPRVW$QH[FHSWLRQWR
WKLVLVLI\RXKDYHDGLVDELOLW\WKDW
SUHYHQWV\RXIURPXVLQJERWK
KDQGV
*HDUV
,QDYHKLFOHZLWKPDQXDO
WUDQVPLVVLRQGRQRWVKLIWJHDUV
ZKLOHFURVVLQJWKHLQWHUVHFWLRQ,I
\RXQHHGWR\RXPD\VKLIWJHDUV
LPPHGLDWHO\DIWHUWKHLVPRYLQJ
EXWEHIRUHLWLVZHOOLQWRWKH
LQWHUVHFWLRQ<RXPD\DOVRVKLIW
JHDUVLQDQLQWHUVHFWLRQZLGHUWKDQ
IRXUODQHVLIQRWGRLQJVRZRXOG
VORZGRZQRWKHUWUDIILF*HQHUDOO\
QRWFKDQJLQJJHDUVJLYHV\RX
PRUHFRQWURORYHU\RXUYHKLFOH
7UDIILFFKHFN
,I\RXVORZHGGRZQIRUWKH
LQWHUVHFWLRQFKHFN\RXUPLUURUV
DJDLQEHIRUHUHWXUQLQJWRQRUPDO
WUDIILFVSHHG
,9)UHHZD\
(QWHULQJ
7KLVGULYLQJWDVNEHJLQVRQWKH
HQWUDQFHUDPSWRDIUHHZD\DQG 'LDJUDP
HQGVZKHQ\RXKDYHUHDFKHGWKH
VSHHGRIWKHWUDIILFRQWKHIUHHZD\
5HPHPEHUWRGRWKHIROORZLQJ
7UDIILFFKHFN
:KLOHRQWKHUDPSDVVRRQDV\RX
FDQVHHIUHHZD\WUDIILF
DSSURDFKLQJIURPEHKLQGFKHFN
\RXUPLUURUVDQGEOLQGVSRWIRUD
VSDFHWRPHUJHVDIHO\$WWKH
VDPHWLPHZDWFKDQ\YHKLFOHVLQ
IURQWRI\RXRQWKHUDPSDQGNHHS
EDFNDVDIHGLVWDQFH&RQWLQXHWR
GLYLGH\RXUDWWHQWLRQEHWZHHQ
ZDWFKLQJLQIURQWFKHFNLQJ\RXU
PLUURUVDQGORRNLQJRYHU\RXU
VKRXOGHUWRFKHFN\RXUEOLQGVSRW
XQWLO\RXFDQPHUJHVDIHO\ZLWK
WUDIILF
6LJQDO
,I\RXKDYHQRWGRQHVRDOUHDG\
WXUQRQ\RXUVLJQDODVVRRQDV
WUDIILFRQWKHIUHHZD\LVDEOHWR
VHH\RXUYHKLFOHRQWKHUDPS
6SDFH
:KLOHRQWKHUDPSDQGPHUJLQJ
ZLWKIUHHZD\WUDIILFNHHSDWOHDVWD
WZRWRWKUHHVHFRQGGLVWDQFH
EHKLQGWKHYHKLFOHLQIURQWRI\RX
7LPH\RXUPHUJHVR\RXGRQRW
PRYHLQEHVLGHDQRWKHUYHKLFOHRU
LQWRWKHEOLQGVSRWRIDQRWKHU
YHKLFOH,IWUDIILFLVKHDY\RU
PRYLQJDWVXFKDKLJKVSHHGWKDW
LWLVGLIILFXOWWRNHHSDQLGHDO
IROORZLQJGLVWDQFHDGMXVW\RXU
VSHHGWRJHWWKHEHVWVSDFLQJ
SRVVLEOH:KLOHRQWKHUDPSDQGLQ
WKHDFFHOHUDWLRQODQHNHHSLQVLGH
WKHODQHPDUNLQJV
6SHHG
2QWKHFXUYHRIWKHHQWUDQFH
UDPSNHHS\RXUVSHHGVORZ
HQRXJKVRWKDWREMHFWVDQGSHRSOH
LQVLGH\RXUYHKLFOHDUHQRWSXVKHG
IURPWKHIRUFHFUHDWHGE\WXUQLQJ
WKHFXUYH:KLOHLQWKH
DFFHOHUDWLRQODQHLQFUHDVH\RXU
VSHHGWRPDWFKWKDWRIIUHHZD\
WUDIILF:KLOHPHUJLQJFRQWURO\RXU
VSHHGWREOHQGVPRRWKO\ZLWK
IUHHZD\WUDIILF
0HUJH
0HUJHZLWKIUHHZD\WUDIILFLQD
VPRRWKJUDGXDOPRYHPHQWWRWKH
FHQWUHRIWKHQHDUHVWIUHHZD\ODQH
&DQFHOVLJQDO
7XUQRII\RXUVLJQDODVVRRQDV
\RXKDYHPHUJHGZLWKIUHHZD\
WUDIILF
'ULYLQJDORQJ
7KLVGULYLQJWDVNFKHFNV\RXU
DFWLRQVGULYLQJDORQJWKHIUHHZD\
EXWQRWPHUJLQJFKDQJLQJODQHV
RUH[LWLQJ%HVXUHWRUHPHPEHU
WKHIROORZLQJSRLQWV
7UDIILFFKHFN
:KLOHGULYLQJDORQJNHHSFKHFNLQJ
WUDIILFDOODURXQG\RXDQGORRNLQ
\RXUPLUURUVHYHU\ILYHWR
VHFRQGV
6SHHG
$YRLGH[FHHGLQJWKHVSHHGOLPLWRU
GULYLQJXQUHDVRQDEO\VORZO\
:KHQHYHUSRVVLEOHGULYHDWD
VWHDG\VSHHG/RRNDKHDGWR
ZKHUH\RXDUHJRLQJWREHLQWKH
QH[WWRVHFRQGVIRU
GDQJHURXVVLWXDWLRQVRUREVWDFOHV
WKDW\RXFDQDYRLGE\FKDQJLQJ
\RXUVSHHG
6SDFH
$OZD\VNHHSDWOHDVWDWZRWR
WKUHHVHFRQGGLVWDQFHEHKLQGWKH
YHKLFOHLQIURQWRI\RX,IDQRWKHU
YHKLFOHIROORZVWRRFORVHO\EHKLQG
\RXJLYH\RXUVHOIHYHQPRUHURRP
LQIURQWRUFKDQJHODQHV7U\WR
NHHSDVSDFHRQERWKVLGHVRI
\RXUYHKLFOHDQGWU\QRWWRGULYHLQ
WKHEOLQGVSRWVRIRWKHUYHKLFOHV
$YRLGGULYLQJEHKLQGODUJH
YHKLFOHV%HFDXVHRIWKHLUVL]H
WKH\EORFN\RXUYLHZRIWUDIILFPRUH
WKDQRWKHUYHKLFOHV
([LWLQJ
7KLVGULYLQJWDVNEHJLQVZKHQ\RX
DUHGULYLQJLQWKHIDUULJKWODQHRI
WKHIUHHZD\DQGFDQVHHWKHH[LW
\RXZDQWWRWDNH,WHQGVZKHQ\RX
UHDFKWKHHQGRIWKHH[LWUDPS
5HPHPEHUWRGRWKHIROORZLQJ
7UDIILFFKHFN
%HIRUHPRYLQJLQWRWKHH[LWODQH
ORRNOHIWDQGULJKWDQGFKHFN\RXU
PLUURUV,IWKHUHLVDODQHRIWUDIILF
RQ\RXUULJKWVXFKDVDQ
DFFHOHUDWLRQODQHIURPDQHQWUDQFH
UDPSRUDSDYHGVKRXOGHU
UHPHPEHUDOVRWRFKHFN\RXUULJKW
EOLQGVSRW
6LJQDO
7XUQRQ\RXUVLJQDOEHIRUH\RX
UHDFKWKHH[LWODQH
([LWODQH
(QWHUWKHH[LWODQHDWWKH
EHJLQQLQJRIWKHODQHZLWKD
VPRRWKJUDGXDOPRYHPHQW6WD\
LQVLGHWKHODQHPDUNLQJV,IWKHUH
DUHWZRRUPRUHH[LWODQHVGRQRW
FURVVVROLGOLQHVRQWKHSDYHPHQW
WRFKDQJHODQHV
6SHHG
'RQRWVORZGRZQEHIRUH\RXDUH
FRPSOHWHO\LQWKHH[LWODQH2QFH
\RXDUHLQWKHODQHVORZJUDGXDOO\
ZLWKRXWFDXVLQJWUDIILFWRSLOHXS
EHKLQG\RX2QWKHFXUYHRIWKH
H[LWUDPSNHHS\RXUVSHHGVORZ
HQRXJKVRWKDWREMHFWVDQGSHRSOH
LQVLGH\RXUYHKLFOHDUHQRWSXVKHG
IURPWKHIRUFHFUHDWHGE\WXUQLQJ
WKHFXUYH,QDYHKLFOHZLWKPDQXDO
WUDQVPLVVLRQGRZQVKLIWDV\RX
UHGXFHVSHHG
6SDFH
.HHSDWOHDVWDWZRWRWKUHH
VHFRQGGLVWDQFHEHKLQGWKH
YHKLFOHLQIURQWRI\RX
&DQFHOVLJQDO
7XUQRII\RXUVLJQDORQFH\RXDUH
RQWKHH[LWUDPS
9/DQHFKDQJH
7KLVGULYLQJWDVNEHJLQVDV\RX
ORRNIRUDVSDFHWRFKDQJHODQHV
DQGHQGVZKHQ\RXKDYH
FRPSOHWHGWKHODQHFKDQJH
5HPHPEHUWRIROORZWKHVHDFWLRQV
7UDIILFFKHFN
'LDJUDP
:KLOHZDLWLQJWRFKDQJHODQHV
VDIHO\ORRNDOODURXQG\RX'LYLGH
\RXUDWWHQWLRQEHWZHHQZDWFKLQJLQ
IURQWZDWFKLQJWKHPLUURUVDQG
FKHFNLQJ\RXUEOLQGVSRW,IWKHUHLV
DQRWKHUODQHEHVLGHWKHRQH\RX
DUHPRYLQJLQWRFKHFNWUDIILFLQ
WKDWODQHWRDYRLGFROOLGLQJZLWKD
YHKLFOHPRYLQJLQWRWKHODQHDWWKH
VDPHWLPHDV\RXGR
6LJQDO
7XUQRQ\RXUVLJQDOZKHQWKHUHLV
HQRXJKVSDFHIRU\RXWRFKDQJH
ODQHV$IWHUVLJQDOOLQJFKHFN\RXU
EOLQGVSRWRQHPRUHWLPHEHIRUH
VWDUWLQJWRPRYHLQWRWKHRWKHU
ODQH<RXUVLJQDOVKRXOGEHRQ
VRRQHQRXJKWRJLYHWUDIILFEHKLQG
\RXWLPHWRUHDFWWRWKHVLJQDO,I
WUDIILFLQWKHODQH\RXDUHPRYLQJ
LQWRLVKHDY\\RXPD\WXUQRQ
\RXUVLJQDOEHIRUHWKHUHLVHQRXJK
VSDFHWRFKDQJHODQHV7KLVZLOO
OHWWUDIILFEHKLQG\RXNQRZWKDW\RX
DUHORRNLQJIRUDVSDFHWRFKDQJH
ODQHV
6SDFH
.HHSDWOHDVWDWZRWRWKUHH
VHFRQGGLVWDQFHEHKLQGWKH
YHKLFOHLQIURQWRI\RX,IWKHUHLV
DQRWKHUODQHEHVLGHWKHRQH\RX
DUHPRYLQJLQWREHFDUHIXOQRWWR
PRYHLQEHVLGHDQRWKHUYHKLFOHRU
LQWRWKHEOLQGVSRWRIDQRWKHU
YHKLFOH
6SHHG
$GMXVW\RXUVSHHGWRPDWFKWKH
VSHHGRIWUDIILFLQWKHQHZODQH
&KDQJH
&KDQJHODQHVZLWKDVPRRWK
JUDGXDOPRYHPHQWLQWRWKHFHQWUH
RIWKHQHZODQH
%RWKKDQGV
.HHSERWKKDQGVRQWKHVWHHULQJ
ZKHHODV\RXFKDQJHODQHV8VLQJ
ERWKKDQGVRQWKHZKHHOJLYHV\RX
PD[LPXPVWHHULQJFRQWURO$Q
H[FHSWLRQWRWKLVLVLI\RXKDYHD
GLVDELOLW\WKDWSUHYHQWV\RXIURP
XVLQJERWKKDQGV
&DQFHOVLJQDO
7XUQRII\RXUVLJQDODVVRRQDV
\RXKDYHFKDQJHGODQHV
9,5RDGVLGHVWRS
7KHDSSURDFK
7KLVGULYLQJWDVNEHJLQVZKHQWKH
H[DPLQHUWHOOV\RXWRVWRSDQG
HQGVRQFH\RXKDYHFRPHWRD
VWRS0DNHVXUH\RXWDNHWKHVH 'LDJUDP
DFWLRQV
7UDIILFFKHFN
%HIRUHVORZLQJGRZQFKHFN\RXU
PLUURUVDQGVFDQWRVHHLILWLVOHJDO
ORRNIRUVLJQVWRPDNHWKH
URDGVLGHVWRS7KHQVFDQWKHURDG
IRUWUDIILFDSSURDFKLQJIURPWKH
IURQWDQGUHDURI\RXURI\RXU
YHKLFOH$PHWUHJDSLQERWK
GLUHFWLRQVSURYLGHVHQRXJKVSDFH
WRSHUIRUPWKHPRYHVDIHO\,I
WKHUHLVDFKDQFHRIWUDIILFRU
SHGHVWULDQVRYHUWDNLQJ\RXRQWKH
ULJKWFKHFN\RXUULJKWEOLQGVSRW
MXVWEHIRUHSXOOLQJRYHU
6LJQDO
7XUQRQ\RXUVLJQDOEHIRUHVORZLQJ
GRZQXQOHVVWKHUHDUHYHKLFOHV
ZDLWLQJWRHQWHUWKHURDGIURPVLGH
URDGVRUGULYHZD\VEHWZHHQ\RX
DQGWKHSRLQWZKHUH\RXLQWHQGWR
VWRS:DLWXQWLO\RXKDYHSDVVHG
WKHVHHQWUDQFHVVRWKDWGULYHUVZLOO
QRWWKLQN\RXDUHWXUQLQJEHIRUH
WKHVWRSSLQJSRLQW
6SHHG
6WHDGLO\UHGXFHVSHHGDV\RX
DSSURDFKWKHVWRS,QDYHKLFOH
ZLWKPDQXDOWUDQVPLVVLRQ\RX
PD\GRZQVKLIWLQWRDORZHUJHDUDV
\RXVORZGRZQ'RQRWFRDVWZLWK
\RXUIRRWRQWKHFOXWFKSHGDO
3RVLWLRQ
6WRSSDUDOOHOWRWKHFXUEDQGQRW
PRUHWKDQDERXWFHQWLPHWUHV
DZD\IURPLW,IWKHUHLVQR
FXUEVWRSDVIDUDVSRVVLEOHRIIWKH
WUDYHOOHGSDUWRIWKHURDG'RQRW
VWRSZKHUH\RXZLOOEORFNDQ
HQWUDQFHRURWKHUWUDIILF
7KHVWRS
7KLVGULYLQJWDVNLQFOXGHVWKH
DFWLRQV\RXWDNHDIWHUVWRSSLQJ
5HPHPEHUWRGRWKHIROORZLQJ
6LJQDO
7XUQRII\RXUVLJQDODQGWXUQRQ
\RXUKD]DUGOLJKWV
3DUN
,I\RXUYHKLFOHKDVDQDXWRPDWLF
WUDQVPLVVLRQSXWWKHJHDUVHOHFWRU
LQSDUNDQGVHWWKHSDUNLQJEUDNH
,I\RXUYHKLFOHKDVDPDQXDO
WUDQVPLVVLRQVHWWKHSDUNLQJ
EUDNHDQGVKLIWLQWRQHXWUDOLIQRW
WXUQLQJRIIWKHHQJLQHRUVKLIWLQWR
ORZRUUHYHUVHLIWXUQLQJRIIWKH
HQJLQH:KHQSDUNLQJRQDKLOO
WXUQ\RXUZKHHOVLQWKHDSSURSULDWH
GLUHFWLRQWRNHHS\RXUYHKLFOHIURP
UROOLQJ
5HVXPH
7KLVGULYLQJWDVNEHJLQVZKHQWKH
H[DPLQHUWHOOV\RXWRPRYHEDFN
RQWRWKHURDGDQGHQGVZKHQ\RX
KDYHUHWXUQHGWRQRUPDOWUDIILF
VSHHG7DNHWKHIROORZLQJDFWLRQV
6WDUW
7XUQRQWKHHQJLQH5HOHDVHWKH
SDUNLQJEUDNHDQGVHOHFWWKH
FRUUHFWJHDUWRPRYHEDFNRQWR
WKHURDG
6LJQDO
7XUQRII\RXUKD]DUGOLJKWVDQG
WXUQRQ\RXUOHIWWXUQVLJQDO
7UDIILFFKHFN
-XVWEHIRUHSXOOLQJDZD\IURPWKH
VWRSFKHFN\RXUPLUURUVDQG\RXU
OHIWEOLQGVSRW
6SHHG
5HWXUQWRQRUPDOWUDIILFVSHHGE\
DFFHOHUDWLQJVPRRWKO\WREOHQG
ZLWKWKHWUDIILFDURXQG\RX,QOLJKW
WUDIILFDFFHOHUDWHPRGHUDWHO\,Q
KHDYLHUWUDIILF\RXPD\KDYHWR
DFFHOHUDWHPRUHTXLFNO\,QD
YHKLFOHZLWKPDQXDOWUDQVPLVVLRQ
VKLIWJHDUVDV\RXLQFUHDVHVSHHG
&DQFHOVLJQDO
7XUQRII\RXUVLJQDODVVRRQDV
\RXDUHEDFNRQWKHURDG
9,,&XUYH
7KLVGULYLQJWDVNEHJLQVZKHQWKH
FXUYHFRPHVLQWRVLJKWDQGHQGV
ZKHQ\RXKDYHJRQHFRPSOHWHO\
DURXQGLW)ROORZWKHVHDFWLRQV
6SHHG
$V\RXDSSURDFKWKHFXUYHWU\WR
GHWHUPLQHWKHVDIHVSHHGIRULW7R
GRWKLVORRNIRUFOXHVVXFKDVD 'LDJUDP
VLJQWKDWVKRZVWKHVDIHVSHHG
WKHVKDSHRIWKHFXUYHDQGWKH
W\SHRIURDG\RXDUHGULYLQJRQ
6ORZGRZQWRWKHVDIHVSHHGIRU
WKHFXUYHE\WKHWLPH\RXDUH
PHWUHVLQWRLW,QDEOLQGFXUYH
ZKHUH\RXFDQQRWVHHDOOWKHZD\
DURXQGLWGULYHPRUHVORZO\LQ
FDVHRQFRPLQJWUDIILFZDQGHUVLQWR
\RXUODQHRUWKHFXUYHLVWLJKWHU
WKDQ\RXH[SHFWHG6ORZGRZQ
EHIRUHWKHVWDUWRIWKHFXUYHWR
DYRLGEUDNLQJLQLW:KLOHLQWKH
FXUYHNHHS\RXUVSHHGVWHDG\
DQGVORZHQRXJKVRWKDWREMHFWV
DQGSHRSOHLQVLGH\RXUYHKLFOHDUH
QRWSXVKHGIURPWKHIRUFHFUHDWHG
E\WXUQLQJRQWKHFXUYH1HDUWKH
HQGRIWKHFXUYHEHJLQ
DFFHOHUDWLQJWRUHWXUQWRQRUPDO
VSHHG,QDYHKLFOHZLWKPDQXDO
WUDQVPLVVLRQGRQRWVKLIWJHDUVLQ
WKHFXUYH1RWFKDQJLQJJHDUV
JLYHV\RXPRUHFRQWURORYHU\RXU
YHKLFOHDQGUHGXFHVWKHULVNRI
\RXUZKHHOVORFNLQJZKLOH
GRZQVKLIWLQJ
/DQH
$V\RXHQWHUWKHFXUYHORRN
DFURVVRUDVIDUDURXQGLWDV
SRVVLEOH7KLVKHOSV\RXVWD\LQD
VPRRWKOLQHDQGFHQWUHGLQWKH
ODQHWKURXJKRXWWKHFXUYH,I\RX
ORRNRQO\DWWKHURDGGLUHFWO\LQ
IURQWRI\RX\RXDUHOLNHO\WR
ZDQGHUEDFNDQGIRUWKDFURVVWKH
ODQHIRUFLQJ\RXWRFRQVWDQWO\
FRUUHFW\RXUVWHHULQJ
9,,,%XVLQHVVVHFWLRQ
7KLVGULYLQJWDVNLVGRQHRQ
VWUDLJKWVHFWLRQVRIURDGZKHUHD
QXPEHURIEXVLQHVVHVDUHORFDWHG
%HVXUHWRGRWKHIROORZLQJ
DFWLRQV
'LDJUDP
7UDIILFFKHFN
,QDEXVLQHVVDUHDWKHUHDUH
PDQ\SODFHVRWKHUWKDQ
LQWHUVHFWLRQVZKHUHYHKLFOHVRU
SHGHVWULDQVDUHOLNHO\WRHQWHUWKH
URDG7KHVHLQFOXGHHQWUDQFHVWR
EXVLQHVVHVLQVWLWXWLRQVDQG
FRQVWUXFWLRQVLWHVDVZHOODV
SHGHVWULDQDQGUDLOZD\FURVVLQJV
$WDOOWKHVHORFDWLRQVORRNOHIWDQG
ULJKWWRFKHFNIRUYHKLFOHVRU
SHGHVWULDQVDERXWWRHQWHUWKH
URDG
0LUURUFKHFN
:KLOHGULYLQJDORQJFKHFN\RXU
PLUURUVHYHU\ILYHWRVHFRQGV
&KHFN\RXUPLUURUVPRUHRIWHQLQ
KHDY\WUDIILFRUZKHUHYHKLFOHVDUH
PRYLQJDWGLIIHUHQWVSHHGV
/DQH
'ULYHLQWKHVDIHVWODQHIRUWKURXJK
WUDIILF7KLVLVXVXDOO\WKHFXUE
ODQH+RZHYHULIWKHFXUEODQHLV
EORFNHGE\WUDIILFRUWKHUHDUH
PDQ\FXUEVLGHKD]DUGVWKHFHQWUH
ODQHPD\EHDVDIHUFKRLFH.HHS
WRWKHFHQWUHRIWKHODQHDQGZLWKLQ
WKHODQHPDUNLQJV/RRNDKHDGWR
ZKHUH\RXZLOOEHLQWKHQH[WWR
VHFRQGVIRUGDQJHURXV
VLWXDWLRQVRUREVWDFOHVWKDW\RX
FDQDYRLGE\FKDQJLQJODQHV
6SHHG
$YRLGH[FHHGLQJWKHVSHHGOLPLWRU
GULYLQJXQUHDVRQDEO\VORZO\
:KHQHYHUSRVVLEOHGULYHDWD
VWHDG\VSHHG/RRNDKHDGWR
ZKHUH\RXZLOOEHLQWKHQH[WWR
VHFRQGVIRUGDQJHURXV
VLWXDWLRQVRUREVWDFOHVWKDW\RX
FDQDYRLGE\FKDQJLQJ\RXU
VSHHG
6SDFH
.HHSDWOHDVWDWZRWRWKUHH
VHFRQGGLVWDQFHEHKLQGWKH
YHKLFOHLQIURQWRI\RX,QFUHDVH
WKHGLVWDQFHLIDQRWKHUYHKLFOH
IROORZVWRRFORVHO\EHKLQG\RX2Q
DPXOWLODQHURDGWU\WRNHHSD
VSDFHRQERWKVLGHVRI\RXU
YHKLFOHDQGWU\QRWWRGULYHLQWKH
EOLQGVSRWVRIRWKHUYHKLFOHV,Q
VORZWUDIILFDYRLGGULYLQJEHKLQG
ODUJHYHKLFOHVWKDWEORFN\RXUYLHZ
RIWUDIILFDKHDGRI\RX:KHQ\RX
VWRSEHKLQGDQRWKHUYHKLFOHOHDYH
HQRXJKVSDFHWRVHHLWVUHDU
ZKHHOVRUWRSXOODURXQGLWZLWKRXW
KDYLQJWREDFNXS
,;5HVLGHQWLDOVHFWLRQ
7KLVGULYLQJWDVNLVGRQHRQ
VWUDLJKWVHFWLRQVRIUHVLGHQWLDORU
UXUDOURDG5HPHPEHUWKHVH
SRLQWV
7UDIILFFKHFN
'LDJUDP
2QDUHVLGHQWLDOURDGZDWFKRXW
IRUHQWUDQFHVWRVFKRROV
SHGHVWULDQFURVVLQJVGULYHZD\V
VLGHZDONVDQGDQ\RWKHUORFDWLRQV
ZKHUHWKHUHPLJKWEHWUDIILF
KD]DUGV2QDUXUDOURDGZDWFK
IRUHQWUDQFHVWRUHVLGHQFHVIDUPV
EXVLQHVVHVDQGLQGXVWULDOVLWHV$W
DOOWKHVHORFDWLRQVORRNOHIWDQG
ULJKWWRFKHFNIRUYHKLFOHVRU
SHGHVWULDQVDERXWWRHQWHUWKH
URDG
0LUURUFKHFN
:KLOHGULYLQJDORQJFKHFN\RXU
PLUURUVHYHU\ILYHWRVHFRQGV
&KHFN\RXUPLUURUVPRUHRIWHQLQ
KHDY\WUDIILFRUZKHUHYHKLFOHVDUH
PRYLQJDWGLIIHUHQWVSHHGV
/DQH
.HHSWRWKHFHQWUHRIWKHODQH,I
WKHUHDUHQRODQHPDUNLQJVNHHS
WRWKHFHQWUHRIWKHWUDYHOOHGSDUW
RIWKHURDGDZD\IURPSDUNHG
YHKLFOHVRUSHGHVWULDQV:KHUH
\RXFDQQRWVHHIDUDKHDGRQWKH
URDGEHFDXVHRIDFXUYHRUDKLOO
PRYHULJKWWRDYRLGFROOLGLQJZLWK
DQRQFRPLQJYHKLFOHWKDWLVRYHU
WKHFHQWUHOLQH/RRNDKHDGWR
ZKHUH\RXZLOOEHLQWKHQH[WWR
VHFRQGVIRUGDQJHURXV
VLWXDWLRQVRUREVWDFOHVWKDW\RX
FDQDYRLGE\FKDQJLQJODQHV
6SHHG
$YRLGH[FHHGLQJWKHVSHHGOLPLWRU
GULYLQJXQUHDVRQDEO\VORZO\
:KHQHYHUSRVVLEOHGULYHDWD
VWHDG\VSHHG/RRNDKHDGWR
ZKHUH\RXZLOOEHLQWKHQH[WWR
VHFRQGVIRUGDQJHURXV
VLWXDWLRQVRUREVWDFOHVWKDW\RX
FDQDYRLGE\FKDQJLQJ\RXU
VSHHG
6SDFH
.HHSDWOHDVWDWZRWRWKUHH
VHFRQGGLVWDQFHEHKLQGWKH
YHKLFOHLQIURQWRI\RX,QFUHDVH
WKHGLVWDQFHLIDQRWKHUYHKLFOH
IROORZVWRRFORVHO\EHKLQG\RX,Q
VORZWUDIILFDYRLGGULYLQJEHKLQG
ODUJHYHKLFOHVWKDWEORFN\RXUYLHZ
RIWUDIILFDKHDG:KHQ\RXVWRS
EHKLQGDQRWKHUYHKLFOHOHDYH
HQRXJKVSDFHWRVHHLWVUHDU
ZKHHOVRUWRSXOODURXQGLWZLWKRXW
KDYLQJWREDFNXS
;3DUDOOHOSDUN
7KHDSSURDFK
7KLVGULYLQJWDVNEHJLQVZKHQWKH
H[DPLQHUWHOOV\RXWRSDUNDQG
HQGVZKHQ\RXKDYHFRPHWRD
VWRSUHDG\WREDFNLQWRWKH 'LDJUDP
SDUNLQJVSDFH5HPHPEHUWKHVH
SRLQWV
7UDIILFFKHFN
%HIRUHVORZLQJGRZQFKHFN\RXU
PLUURUIRUWUDIILFEHKLQG\RX
%HIRUHSXOOLQJLQWRSRVLWLRQWREDFN
XSFKHFN\RXUEOLQGVSRW
6LJQDO
7XUQRQ\RXUVLJQDOEHIRUHVORZLQJ
GRZQXQOHVVWKHUHDUHYHKLFOHV
ZDLWLQJWRHQWHUWKHURDGIURPVLGH
URDGVRUGULYHZD\VEHWZHHQ\RX
DQG\RXUVWRSSLQJSRLQW:DLWXQWLO
\RXKDYHSDVVHGWKHVHHQWUDQFHV
VRWKDWGULYHUVZLOOQRWWKLQN\RX
DUHWXUQLQJEHIRUH\RXUSDUDOOHO
SDUNLQJSRVLWLRQ
6SHHG
6WHDGLO\UHGXFHVSHHG,QD
YHKLFOHZLWKPDQXDOWUDQVPLVVLRQ
\RXPD\GRZQVKLIWLQWRDORZHU
JHDUDV\RXVORZGRZQ'RQRW
FRDVWZLWK\RXUIRRWRQWKHFOXWFK
SHGDO
6WRS
6WRSEHVLGHRUSDUDOOHOWRWKH
SDUNHGYHKLFOHUHDORULPDJLQDU\
LQIURQWRIWKHHPSW\SDUNLQJ
VSDFH/HDYHDWOHDVW
FHQWLPHWUHVEHWZHHQ\RXUYHKLFOH
DQGWKHSDUNHGYHKLFOH6WRSZKHQ
\RXUYHKLFOHLVFRPSOHWHO\LQIURQW
RIWKHHPSW\SDUNLQJVSDFH
3DUN
7KLVGULYLQJWDVNLQFOXGHVWKH
DFWLRQV\RXWDNHWRSDUNLQD
SDUDOOHOSDUNLQJVSDFH5HPHPEHU
WRGRWKHIROORZLQJ
7UDIILFFKHFN
%HIRUHEDFNLQJXSORRNDOODURXQG
WKHYHKLFOHDQGFKHFN\RXUPLUURUV
DQGERWKEOLQGVSRWV'RQRWVWDUW
UHYHUVLQJXQWLOWKHZD\LVFOHDURU
WUDIILFKDVVWRSSHGWROHW\RXSDUN
%DFNXS
%HJLQUHYHUVLQJLQWRWKHVSDFH
WXUQLQJWKHVWHHULQJZKHHOWRZDUG
WKHFXUE:KHQ\RXUYHKLFOHLV
DERXWKDOIZD\LQWRWKHVSDFH
VWHHUWREULQJ\RXUYHKLFOHLQOLQH
ZLWKWKHFXUE2QFH\RXDUHLQWKH
SDUNLQJVSDFHPRYHIRUZDUGRU
EDFNZDUGWRILWZLWKLQWKH
SDYHPHQWPDUNLQJVRUWRDOORZ
URRPIRUWKHYHKLFOHLQIURQWRU
EHKLQG\RXWRSXOORXW'RQRWKLW
WKHFXUERUWRXFKDQRWKHUYHKLFOH
ZKLOHHQWHULQJ\RXUSDUNLQJVSDFH
:KHUHWKHUHLVQRFXUESDUNRII
WKHWUDYHOOHGSDUWRIWKHURDG
3DUN
,I\RXUYHKLFOHKDVDXWRPDWLF
WUDQVPLVVLRQSXWWKHJHDUVHOHFWRU
LQSDUNDQGVHWWKHSDUNLQJEUDNH
,I\RXUYHKLFOHKDVPDQXDO
WUDQVPLVVLRQVHWWKHSDUNLQJ
EUDNHDQGVKLIWLQWRQHXWUDOLIQRW
WXUQLQJRIIWKHHQJLQHRUVKLIWLQWR
ORZRUUHYHUVHLIWXUQLQJRIIWKH
HQJLQH:KHQSDUNLQJRQDKLOO
WXUQ\RXUZKHHOVLQWKHDSSURSULDWH
GLUHFWLRQWRNHHS\RXUYHKLFOHIURP
UROOLQJ
5HVXPH
7KLVGULYLQJWDVNEHJLQVZKHQWKH
H[DPLQHUWHOOV\RXWRPRYHIURP
WKHSDUNLQJVSDFHDQGHQGVZKHQ
\RXKDYHUHWXUQHGWRQRUPDOWUDIILF
VSHHG5HPHPEHUWKHVHSRLQWV
6WDUW
7XUQRQWKHHQJLQH5HOHDVHWKH
SDUNLQJEUDNHDQGVHOHFWWKH
FRUUHFWJHDUWRPRYHEDFNRQWR
WKHURDG
6LJQDO
7XUQRQ\RXUVLJQDO
7UDIILFFKHFN
-XVWEHIRUHSXOOLQJRXWRIWKH
SDUNLQJVSRWFKHFN\RXUPLUURUV
DQG\RXUEOLQGVSRW
6SHHG
5HWXUQWRQRUPDOWUDIILFVSHHGE\
DFFHOHUDWLQJVPRRWKO\WREOHQG
ZLWKWKHWUDIILFDURXQG\RX,QOLJKW
WUDIILFDFFHOHUDWHPRGHUDWHO\,Q
KHDYLHUWUDIILF\RXPD\KDYHWR
DFFHOHUDWHPRUHTXLFNO\,QD
YHKLFOHZLWKPDQXDOWUDQVPLVVLRQ
VKLIWJHDUVDV\RXLQFUHDVHVSHHG
&DQFHOVLJQDO
7XUQRII\RXUVLJQDODIWHU\RXOHDYH
WKHSDUNLQJVSDFH
;,7KUHHSRLQWWXUQ
7KHDSSURDFK
7KLVGULYLQJWDVNEHJLQVZKHQWKH
H[DPLQHUWHOOV\RXWRVWRSDQGWXUQ
\RXUYHKLFOHDURXQG,WHQGVZKHQ
\RXKDYHDOPRVWVWRSSHGUHDG\WR
VWDUWWKHWXUQ%HVXUHWRGRWKH
IROORZLQJ
'LDJUDP
7UDIILFFKHFN
%HIRUHVORZLQJGRZQFKHFNWUDIILF
LQIURQWDQGEHKLQG\RX,I
QHFHVVDU\FKHFN\RXUEOLQGVSRW
EHIRUHSXOOLQJRYHUWRWKHULJKWVLGH
RIWKHURDGWRVWRS
6LJQDO
7XUQRQ\RXUVLJQDOEHIRUHVORZLQJ
GRZQXQOHVVWKHUHDUHYHKLFOHV
ZDLWLQJWRHQWHUWKHURDGIURP
VLGHURDGVRUGULYHZD\VEHWZHHQ
\RXDQG\RXUVWRSSLQJSRLQW:DLW
XQWLO\RXKDYHSDVVHGWKHVH
HQWUDQFHVVRWKDWGULYHUVZLOOQRW
WKLQN\RXDUHWXUQLQJ
6SHHG
6WHDGLO\UHGXFHVSHHG,QD
YHKLFOHZLWKPDQXDOWUDQVPLVVLRQ
\RXPD\GRZQVKLIWLQWRDORZHU
JHDUDV\RXVORZGRZQ'RQRW
FRDVWZLWK\RXUIRRWRQWKHFOXWFK
SHGDO
3RVLWLRQ
6WRSVR\RXDUHSDUDOOHOWRWKH
FXUEDQGQRWPRUHWKDQ
FHQWLPHWUHVDZD\:KHUHWKHUHLV
QRFXUEVWRSDVIDUDVSRVVLEOHRII
WKHWUDYHOOHGSDUWRIWKHURDG'R
QRWVWRSZKHUH\RXZLOOEORFNDQ
HQWUDQFHRURWKHUWUDIILF
7XUQDURXQG
7KLVGULYLQJWDVNLQFOXGHVWKH
DFWLRQV\RXWDNHWRWXUQDURXQG
DQGHQGVZKHQ\RXDUHUHDG\WR
GULYHDZD\LQWKHRSSRVLWH
GLUHFWLRQ5HPHPEHUWKHVHSRLQWV
7UDIILFFKHFN
&KHFN\RXUPLUURUVDQG\RXUEOLQG
VSRWMXVWEHIRUHVWDUWLQJWKHWXUQ
:DLWXQWLOWKHZD\LVFOHDURUWUDIILF
KDVVWRSSHGWROHW\RXWXUQ(DFK
WLPH\RXVWRSZKLOHWXUQLQJFKHFN
WUDIILFLQERWKGLUHFWLRQV
6LJQDO
7XUQRQ\RXUOHIWVLJQDOEHIRUH
VWDUWLQJWRWXUQ
7XUQDURXQG
:LWKWKHVWHHULQJZKHHOWXUQHG
VKDUSO\OHIWPRYHVORZO\DQG
VPRRWKO\DFURVVWKHURDG:KHQ
\RXKDYHUHDFKHGWKHIDUOHIWVLGH
RIWKHURDGVWRSDQGSXW\RXULQ
UHYHUVH:LWKWKHVWHHULQJZKHHO
WXUQHGVKDUSO\ULJKWUHYHUVHVR
WKHLVIDFLQJLQWKHQHZGLUHFWLRQ
6WRSDQGVKLIWLQWRIRUZDUGJHDUWR
PRYHDKHDG8VHWKHZKROHURDG
WRPDNH\RXUWXUQUHYHUVLQJRQO\
RQFH'RQRWUHYHUVHRYHUWKH
HGJHRUVKRXOGHURIWKHURDGRU
LQWRWKHFXUE
5HVXPH
7KLVGULYLQJWDVNEHJLQVZKHQ\RX
DUHWXUQHGDURXQGUHDG\WRPRYH
DKHDGDQGHQGVZKHQ\RXKDYH
UHWXUQHGWRQRUPDOWUDIILFVSHHG
0DNHVXUH\RXWDNHWKHVHDFWLRQV
7UDIILFFKHFN
&KHFN\RXUPLUURUVEHIRUH
LQFUHDVLQJVSHHG
6SHHG
5HWXUQWRQRUPDOWUDIILFVSHHGE\
DFFHOHUDWLQJVPRRWKO\WREOHQG
ZLWKWKHWUDIILFDURXQG\RX,QOLJKW
WUDIILFDFFHOHUDWHPRGHUDWHO\,Q
KHDYLHUWUDIILF\RXPD\KDYHWR
DFFHOHUDWHPRUHTXLFNO\,QDZLWK
PDQXDOWUDQVPLVVLRQVKLIWJHDUV
DV\RXLQFUHDVHVSHHG
2IIURDG9HKLFOHV
7KLVKDQGERRNLVRQO\DJXLGH)RURIILFLDO
SXUSRVHVSOHDVHUHIHUWRWKH+LJKZD\7UDIILF$FW
WKH0RWRUL]HG6QRZ9HKLFOHV$FWDQGWKH2IIURDG
9HKLFOHV$FWRI2QWDULR
,I\RX
UHWDNLQJEHJLQQHUGULYHUHGXFDWLRQPDNH
VXUHLW
VIURPDPLQLVWU\DSSURYHGVFKRRO<RXFDQ
ILQGWKHPDW
ZZZPWRJRYRQFDHQJOLVKGDQGYGULYHUJUDGXDS
SURYHVKWPO
)RUPRUHLQIRUPDWLRQDERXWGULYHUOLFHQVLQJYLVLW
ZZZPWRJRYRQFD
7RUHTXHVWDFRS\RIWKLVERRNLQDQDOWHUQDWH
IRUPDWFRQWDFW3XEOLFDWLRQV2QWDULRDW
RURUYLVLW
ZZZSXEOLFDWLRQVVHUYLFHRQWDULRFD
'LVSRQLEOHHQIUDQDLV'HPDQGH]OHÆ©*XLGH
RIILFLHOGHO
DXWRPRELOLVWHGHSXEOLSDUOH072
ƪ
'ULYLQJLVDSULYLOHJHQRWD
ULJKW
,QWKLVFKDSWHU
,QWURGXFWLRQ
'ULYLQJDVQRZPRELOH
'ULYLQJDQRIIURDGYHKLFOH
,QWURGXFWLRQ
2IIURDGYHKLFOHVDQGVQRZPRELOHVDUHSRSXODU
IRUPVRIUHFUHDWLRQIRUPDQ\SHRSOHLQ2QWDULR
7KH\DUHDOVRQHFHVVDU\IRUWUDQVSRUWDWLRQLQ
UHPRWHDUHDVDQGLQHPHUJHQFLHV%XWWKHVH
YHKLFOHVDUHQRWWR\V,I\RXLQWHQGWRXVHWKHP
\RXPXVWNQRZKRZWKH\ZRUNKRZWRGULYHWKHP
VDIHO\LQGLIIHUHQWVLWXDWLRQVDQGKRZ2QWDULRODZV
DSSO\WRWKHP
,WLVLPSRUWDQWWRUHPHPEHUWKDWRIIURDGYHKLFOHV
DUHLQWHQGHGIRURIIURDGXVH'LUWELNHVFDQQRWEH
GULYHQRQSXEOLFURDGVDOWKRXJKVQRZPRELOHVFDQ
EHLQVRPHDUHDV2IIURDGYHKLFOHVDUHDOORZHGWR
WUDYHOGLUHFWO\DFURVVVRPHKLJKZD\V+RZHYHU
RQO\VLQJOHULGHUDOOWHUUDLQYHKLFOHVFDQEHGULYHQ
RQWKHVKRXOGHURIVRPHSURYLQFLDOKLJKZD\VDQG
PXQLFLSDOURDGVZKHUHE\ODZVSHUPLW
7KLVVHFWLRQRIWKHKDQGERRNFRQWDLQVLQIRUPDWLRQ
DERXW2QWDULR
VODZVDQGVDIHGULYLQJWLSVIRU
VQRZPRELOHVDQGRIIURDGYHKLFOHV$V\RXUHDG
UHPHPEHULWLVDJXLGHRQO\)RURIILFLDOSXUSRVHV
SOHDVHUHIHUWRWKH+LJKZD\7UDIILF$FWWKH
0RWRUL]HG6QRZ9HKLFOHV$FWWKH2IIURDG
9HKLFOHV$FWWKH7UHVSDVVWR3URSHUW\$FWDQGWKH
2FFXSLHUV
/LDELOLW\$FWRI2QWDULR7KHDSSOLFDEOH
OHJLVODWLRQFDQEHDFFHVVHGRQOLQHWKURXJK
2QWDULR
VH/DZVZHEVLWHZZZHODZVJRYRQFD
1RWH$OFRKROSUHVHQWVDPDMRUULVNWR\RXUVDIHW\
DQGWKHVDIHW\RIRWKHUVZKHWKHU\RXDUHGULYLQJD
FDUPRWRUF\FOHVQRZPRELOHRURIIURDGYHKLFOH
'ULQNLQJDIIHFWV\RXUDELOLW\WRRSHUDWH\RXUYHKLFOH
DQGLQFUHDVHV\RXUFKDQFHVRIKDYLQJDFROOLVLRQ
'ULYLQJDVQRZPRELOH
7KLVFKDSWHUWHOOV\RXZKDW\RXQHHGWRNQRZWR
GULYHDPRWRUL]HGVQRZYHKLFOHLQ2QWDULR7KLV
LQFOXGHVDJHUHTXLUHPHQWVUHJLVWUDWLRQZKHUH\RX
FDQDQGFDQQRWGULYHVDIHW\WLSVWUDIILFVLJQVDQG
VLJQDOVDQGWKH6QRZPRELOHU
V&RGHRI(WKLFV
,*HWWLQJUHDG\WRGULYHD
VQRZPRELOH
:KDW\RXQHHGWRGULYHDVQRZPRELOHLQ
2QWDULR
<RXFDQGULYHDVQRZPRELOHLI\RXKDYHDYDOLG
2QWDULRGULYHU
VOLFHQFHDQ\FODVV,I\RXGRQRW
KDYHDGULYHU
VOLFHQFHDQG\RXDUH\HDUVRIDJH
RUROGHUDYDOLGPRWRUL]HGVQRZYHKLFOHRSHUDWRU
V
OLFHQFH0692/ZLOODOORZ\RXWRGULYHRQWUDLOV
HVWDEOLVKHGDQGPDLQWDLQHGE\DUHFUHDWLRQDO
RUJDQL]DWLRQIRUWKHXVHRIVQRZPRELOHV+RZHYHU
\RXPXVWEH\HDUVRIDJHRUROGHUDQGKDYHD
GULYHU
VOLFHQFHRUDPRWRUL]HGVQRZYHKLFOH
RSHUDWRU
VOLFHQFHQRWERWKWRGULYHDVQRZPRELOH
DORQJRUDFURVVDSXEOLFURDGZKHUHVQRZPRELOHV
DUHDOORZHG
$Q0692/LVLVVXHGE\WKH2QWDULR)HGHUDWLRQRI
6QRZPRELOH&OXEVLQFRRSHUDWLRQZLWKWKH0LQLVWU\
RI7UDQVSRUWDWLRQ<RXPXVWVXFFHVVIXOO\SDVVD
VQRZPRELOHGULYHUWUDLQLQJFRXUVHWRJHWDOLFHQFH
)RUPRUHLQIRUPDWLRQRQKRZWRJHWDPRWRUL]HG
VQRZYHKLFOHRSHUDWRU
VOLFHQFHFOLFNKHUH
,I\RXDUHDYLVLWRUWR2QWDULRDQGZLVKWRGULYHD
VQRZPRELOHZKLOH\RXDUHKHUH\RXPXVWKDYHD
YDOLGOLFHQFHWKDWDOORZV\RXWRGULYHDVQRZPRELOH
LQ\RXUKRPHSURYLQFHVWDWHRUFRXQWU\
<RXPXVWFDUU\\RXUGULYHU¶VOLFHQFHRUVQRZ
YHKLFOHRSHUDWRU¶VOLFHQFHZKHQ\RXDUHGULYLQJ
\RXUVQRZPRELOHDQ\ZKHUHRWKHUWKDQRQ\RXURZQ
SURSHUW\<RXPXVWVKRZLWZKHQDVNHGE\DSROLFH
RUFRQVHUYDWLRQRIILFHU
,I\RXUGULYHU¶VOLFHQFHRUVQRZYHKLFOHRSHUDWRU¶V
OLFHQFHKDVEHHQVXVSHQGHG\RXPD\QRWGULYH
DQ\W\SHRIYHKLFOHRQRURIIDQ\URDGVRULQDQ\
SXEOLFSODFH
,*HWWLQJUHDG\WRGULYHD
VQRZPRELOH
5HJLVWHULQJDQGLQVXULQJ\RXU
VQRZPRELOH
%HIRUHGULYLQJDVQRZPRELOHLWPXVWEHUHJLVWHUHG
ZLWKWKH0LQLVWU\RI7UDQVSRUWDWLRQWKURXJKD
6HUYLFH2QWDULRFHQWUH7KLVDSSOLHVWRQHZRUXVHG
VQRZPRELOHVWKDWKDYHQHYHUEHHQUHJLVWHUHGDQG
VQRZPRELOHVSUHYLRXVO\UHJLVWHUHGLQDQRWKHU
MXULVGLFWLRQ,I\RXEX\DQHZVQRZPRELOHLWPXVW
EHUHJLVWHUHGZLWKLQVL[GD\VRIVDOH
,I\RXEX\DQHZVQRZPRELOH\RXUGHDOHUZLOO
UHJLVWHULWZLWKWKH0LQLVWU\RI7UDQVSRUWDWLRQZLWKLQ
VL[GD\VRIWKHVDOH,I\RXEX\DXVHGVQRZPRELOH
WKDWKDVEHHQSUHYLRXVO\UHJLVWHUHG\RXZLOOVLPSO\
QHHGWKHVLJQHGVQRZYHKLFOHSHUPLWDQGWKHELOORI
VDOHWRWUDQVIHUWKHUHJLVWUDWLRQLQWR\RXUQDPH
<RXPXVWSD\DIHHWRUHJLVWHU\RXUVQRZPRELOH
7KLVLVDRQHWLPHIHHWREHSDLGE\WKHRZQHURI
WKHVQRZPRELOH$IWHUUHJLVWHULQJ\RXZLOOEHJLYHQ
DSHUPLWDQGDUHJLVWUDWLRQQXPEHUGHFDOWRGLVSOD\
RQ\RXUVQRZPRELOH
$WWDFKWKHGHFDOWRHDFKVLGHRI\RXUVQRZPRELOH
V
FRZOLQJRUHQJLQHFRYHU,WVKRXOGEHSODFHGVR
WKDWWKHVWDUWRIWKHUHJLVWUDWLRQQXPEHULVEHWZHHQ
DQGFHQWLPHWUHVIURPWKHUHDURIWKHFRZOLQJ
,IWKHGHFDOFDQQRWEHSODFHGRQWKHFRZOLQJ
EHFDXVHRIWKHGHVLJQRIWKHYHKLFOHSODFHWKH
GHFDORQHDFKVLGHRIWKHWXQQHOQHDUWKHOLJKW
UHIOHFWRU
8QOHVV\RXDUHGULYLQJ\RXUUHJLVWHUHGVQRZPRELOH
RQ\RXURZQSURSHUW\RU\RXDUHDUHVLGHQWRI
QRUWKHUQ2QWDULRWKDWLVH[HPSW\RXPXVWKDYHD
YDOLGDWLRQVWLFNHURQ\RXUUHJLVWUDWLRQGHFDO<RX
PXVWFDUU\\RXUGULYHU
VOLFHQFHRU0692/DQG
HYLGHQFHRI\RXUYHKLFOH
VUHJLVWUDWLRQDWDOOWLPHV
DQGVKRZLWWRDSROLFHRUFRQVHUYDWLRQRIILFHUZKHQ
DVNHG
6QRZPRELOHVDUHRQO\SHUPLWWHGRQSXEOLF
KLJKZD\VZKHQGLUHFWO\FURVVLQJ,QVSHFLILF
FLUFXPVWDQFHVVQRZPRELOHVFDQRSHUDWHRQWKH
QRQVHUYLFHGSRUWLRQRIVRPHKLJKZD\V/RFDO
PXQLFLSDOLWLHVDOVRKDYHDXWKRULW\WRSDVVE\ODZV
JRYHUQLQJWKHXVHRIVQRZPRELOHVRQKLJKZD\V
XQGHUWKHLUMXULVGLFWLRQ
7KHUHLVDQDQQXDOUHQHZDOIHHIRUWKHVWLFNHU
3ODFHWKHVWLFNHULQWKHXSSHUULJKWFRUQHURIWKH
GHFDO
<RXPXVWDOVRKDYHOLDELOLW\LQVXUDQFHWRGULYH\RXU
VQRZPRELOHRII\RXURZQSURSHUW\&DUU\WKH
LQVXUDQFHFDUGJLYHQWR\RXE\WKHLQVXUDQFH
FRPSDQ\IRUWKHVQRZPRELOHDQGVKRZLWZKHQD
SROLFHRUFRQVHUYDWLRQRIILFHUDVNVIRULW,IVRPHRQH
HOVHXVHV\RXUVQRZPRELOHZLWK\RXUFRQVHQW\RX
DUHERWKUHVSRQVLEOHIRUDQ\SHQDOWLHVGDPDJHVRU
LQMXULHVWKDWPD\RFFXU
7KHUHDUHVHSDUDWHUHTXLUHPHQWVDQGUXOHV
UHJDUGLQJWKHRSHUDWLRQRIWUDLOJURRPLQJ
HTXLSPHQW0DNHVXUH\RXNQRZZKDWLVUHTXLUHG
EHIRUHRSHUDWLQJJURRPLQJHTXLSPHQW
,*HWWLQJUHDG\WRGULYHD
VQRZPRELOH
:HDUDKHOPHW
<RXPXVWZHDUDKHOPHWZKHQHYHU\RXGULYHRU
ULGHRQDVQRZPRELOHRUDQ\NLQGRIWRERJJDQRU
VOHGWRZHGE\DVQRZPRELOH$OWKRXJK\RXGRQRW
UHTXLUHDKHOPHWZKHQ\RXRSHUDWHDVQRZPRELOH
RQ\RXURZQODQGLWLVUHFRPPHQGHGWKDW\RXZHDU
RQHIRUVDIHW\UHDVRQV7KHKHOPHWPXVWPHHWWKH
VWDQGDUGVDSSURYHGIRUPRWRUF\FOHKHOPHWVRU
PRWRUDVVLVWHGELF\FOHKHOPHWVDQGPXVWEH
IDVWHQHGSURSHUO\XQGHUWKHFKLQ
,*HWWLQJUHDG\WRGULYHD
VQRZPRELOH
3URWHFW\RXUH\HVDQGIDFH
$OZD\VZHDUDIDFHVKLHOGRUJRJJOHV$IDFH
VKLHOGFDQKHOSSUHYHQWZLQGEXUQIURVWELWH
VXQEOLQGQHVVDQGZDWHULQJH\HVIURPWKHZLQG$
IDFHVKLHOGFDQDOVRSURWHFW\RXUH\HVIURP
EUDQFKHVDQGWZLJVZKHQGULYLQJWKURXJKZRRGHG
DUHDV6HOHFWOLJKWO\WLQWHGDQGVKDWWHUSURRIVKLHOGV
RUJRJJOHVWRPDWFKFRQGLWLRQV)RUH[DPSOH
FKRRVHFOHDUSODVWLFIRUGXOOFORXG\GD\VDQGGHHS
\HOORZIRUODWHDIWHUQRRQZKHQIODWOLJKWFDQKLGH
GHSUHVVLRQVLQWKHVQRZ$YRLGGDUNWLQWHGVKLHOGV
RUJRJJOHVZKLFKFDQUHVWULFW\RXUYLVLRQ
,*HWWLQJUHDG\WRGULYHD
VQRZPRELOH
0DNHVXUH\RXUVQRZPRELOHLVLQJRRG
FRQGLWLRQ
%HIRUHHYHU\WULSFKHFN\RXUVQRZPRELOHWRPDNH
VXUHLWLVLQJRRGZRUNLQJRUGHU<RXUOLIHPD\
GHSHQGXSRQLW'RWKHIROORZLQJ
&KHFNWKHVWHHULQJPHFKDQLVP7XUQWKH
KDQGOHEDUVEDFNDQGIRUWKWRPDNHVXUHWKH
WXUQLQJLVVPRRWKDQGXQUHVWULFWHG
&KHFNWKHFRQGLWLRQDQGWHQVLRQRIWKHPRWRU
GULYHEHOW&KDQJHLWLIQHFHVVDU\RULI\RXDUHLQ
GRXEWDERXWLWVUHOLDELOLW\
&KHFNWKHHPHUJHQF\VZLWFKKHDGOLJKWVDQGWDLO
OLJKWV
&KHFNWKHEDWWHU\VROXWLRQOHYHO
&KHFNWKHWKURWWOHDQGEUDNHOHYHUV0DNHVXUH
WKH\PRYHIUHHO\
&KHFNWKHVSDUNSOXJVDQGWKHWDQN
VIXHOOHYHO
'RQRWXVHPDWFKHVRUDOLJKWHUZKHQGRLQJWKLV
DQGQHYHUDGGIXHOZKHQWKHPRWRULVUXQQLQJ
:KHQWRZLQJDWRERJJDQVOHGRU
DQ\RWKHUNLQGRIYHKLFOHEHKLQGD
VQRZPRELOHEHVXUHWRXVHDULJLG
WRZEDUDQGDVDIHW\FKDLQ)RU
VDIHW\WRZHGYHKLFOHVPXVWKDYH
UHIOHFWLYHPDWHULDORQWKHIURQW
VLGHVUHDUVLGHVDQGUHDUWRPDNH
WKHPPRUHYLVLEOH7RZLQJLV
JHQHUDOO\QRWDOORZHGRQSXEOLF
URDGVH[FHSWWRFURVVWKHURDGDWD
GHJUHHDQJOH7KLVGRHVQRW
DSSO\WRDVQRZPRELOHEHLQJXVHG
WRIUHHDVWXFNYHKLFOHIRUDQ\
HPHUJHQF\UHVFXHRUIRUWUDLO
PDLQWHQDQFH
%HIRUH\RXGULYHDQ\ZKHUHUHDG
WKHRZQHU
VPDQXDOFDUHIXOO\DQG
NHHSLWLQ\RXUVQRZPRELOHDWDOO
WLPHV
,*HWWLQJUHDG\WRGULYHD
VQRZPRELOH
%HZHOOSUHSDUHGIRUHYHU\WULS
&DUHIXOO\SUHSDULQJIRUHYHU\WULSLVDQLPSRUWDQW
SDUWRIVDIHVQRZPRELOLQJ&KHFNORFDOZHDWKHU
IRUHFDVWVDQGORFDOLFHFRQGLWLRQVEHIRUHKHDGLQJ
RXWDVWKH\FDQFKDQJHLQDPDWWHURIKRXUV$YRLG
WUDYHOOLQJRQXQPDUNHGIUR]HQODNHVDQGULYHUV
0DNHVXUH\RXWHOOVRPHRQHZKHUH\RXZLOOEH
WUDYHOOLQJDQGZKHQ\RXH[SHFWWREHEDFN8VHWKH
EXGG\V\VWHPGRQRWGULYH\RXUVQRZPRELOHDORQH
DQGDOZD\VULGHZLWKLQ\RXUDELOLWLHVDQGDFFRUGLQJ
WRFRQGLWLRQV
7DNHDORQJDILUVWDLGNLWDYHKLFOHUHSDLUNLWDQ
H[WUDLJQLWLRQNH\DGULYHEHOWVSDUNSOXJVDQGD
URSH2QORQJWULSVLQFOXGHDPDSDQGDFRPSDVV
RUD*36XQLWDQGNQRZKRZWRXVHLWIODVKOLJKW
KXQWLQJNQLIHKDWFKHWH[WUDIXHOPDWFKHVLQD
ZDWHUSURRIER[DQGKLJKHQHUJ\IRRGVXFKDV
JUDQRODEDUV,I\RXWUDYHORYHUIUR]HQODNHVDQG
ULYHUVZHDUDEXR\DQWVQRZPRELOHVXLWDQGFDUU\
LFHSLFNVWRLPSURYHWKHFKDQFHVRIVXUYLYDOLI\RX
EUHDNWKURXJKWKHLFH
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
:KHUH\RXFDQDQGFDQQRWGULYH
<RXPD\GULYH\RXUUHJLVWHUHGVQRZPRELOHRQ\RXU
RZQSURSHUW\RQWKHSULYDWHWUDLOVRIRUJDQL]DWLRQV
WRZKLFK\RXEHORQJRQSULYDWHSURSHUW\ZKHQ\RX
KDYHWKHRZQHU
VSHUPLVVLRQRULQSHUPLWWHGSXEOLF
SDUNVDQGFRQVHUYDWLRQDUHDV
6QRZPRELOHVDUHRQO\SHUPLWWHGRQSXEOLF
KLJKZD\VZKHQGLUHFWO\FURVVLQJ,QVSHFLILF
FLUFXPVWDQFHVVQRZPRELOHVFDQRSHUDWHRQWKH
QRQVHUYLFHGSRUWLRQRIVRPHKLJKZD\V/RFDO
PXQLFLSDOLWLHVDOVRKDYHWKHDXWKRULW\WRSDVV
E\ODZVJRYHUQLQJWKHXVHRIVQRZPRELOHVRQ
KLJKZD\VXQGHUWKHLUDXWKRULW\
<RXPD\QRWGULYHDVQRZPRELOHRQFHUWDLQKLJK
VSHHGURDGVIUHHZD\VWKH4XHHQ(OL]DEHWK:D\
WKH2WWDZD4XHHQVZD\DQGWKH.LWFKHQHU
:DWHUORR([SUHVVZD\7KLVLQFOXGHVWKHDUHD
DURXQGWKHVHURDGVIURPIHQFHOLQHWRIHQFHOLQH
<RXPD\QRWGULYHRQWKHVHUYLFHGVHFWLRQRID
URDGIURPVKRXOGHUWRVKRXOGHUH[FHSWWRFURVV
:KHQFURVVLQJ\RXPXVWVORZGRZQVWRSDQG
WKHQSURFHHGDWDGHJUHHDQJOH:KHQULGLQJLQ
DJURXSGRQRWPRWLRQWKHGULYHUEHKLQG\RXWR
FURVV/HWHDFKULGHUDVVHVVRQFRPLQJWUDIILFDQG
GHFLGHIRUWKHPVHOYHVZKHQLWLVVDIHWRFURVV,I
YLVLELOLW\LVUHVWULFWHGDWWKHFURVVLQJ\RXPD\WKHQ
ZDYHWRWKHGULYHUEHKLQG\RXWKDWWKHZD\LVFOHDU
([FHSWZKHUHSURKLELWHG\RXPD\GULYH\RXU
VQRZPRELOHDORQJSXEOLFURDGVNHHSLQJDVIDU
DZD\IURPWKHURDGDVSRVVLEOHLQWKHVHFWLRQ
EHWZHHQWKHVKRXOGHUDQGWKHIHQFHOLQH/RFDO
PXQLFLSDOLWLHVPD\SDVVE\ODZVWKDWUHJXODWHRU
SURKLELWVQRZPRELOHVDQ\ZKHUHZLWKLQWKHLU
ERXQGDULHVRQRURIISXEOLFURDGV0DNHVXUH\RX
DUHDZDUHRIWKHE\ODZVLQWKHPXQLFLSDOLW\ZKHUH
\RXLQWHQGWRVQRZPRELOH
<RXPD\QRWGULYHDVQRZPRELOHRQUDLOZD\WUDFNV
XQOHVV\RXKDYHSHUPLVVLRQIURPWKHUDLOZD\WUDFN
DXWKRULW\
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
3XEOLFWUDLOV
2QWDULR
VSXEOLFWUDLOVDUH
HVWDEOLVKHGDQGPDLQWDLQHGE\
PDQ\VQRZPRELOHFOXEV7KH\DUH
SDWUROOHGE\2QWDULR3URYLQFLDO
3ROLFHPXQLFLSDOSROLFH
FRQVHUYDWLRQRIILFHUVDQG
6QRZPRELOH7UDLO2IILFHU3DWURO
RIILFHUV6RPHFOXEVUHTXLUH
VQRZPRELOHVWRKDYHDQGGLVSOD\
DWUDLOSHUPLWWRGULYHRQWKHLUWUDLOV
6RPHRWKHUFOXEVDOORZWKHLUWUDLOV
WREHXVHGZLWKRXWDWUDLOSHUPLW
7UDLOVPD\KDYHVLJQVVWDWLQJWKDW
DWUDLOSHUPLWLVUHTXLUHG,I\RXDUH
XQVXUHFKHFNZLWKWKHORFDO
VQRZPRELOHFOXEWRILQGRXWLI\RX
QHHGDWUDLOSHUPLW
)RUWUDLOVRSHUDWHGE\WKH2QWDULR
)HGHUDWLRQRI6QRZPRELOH&OXEV
\RXPXVWKDYHDQGGLVSOD\DWUDLO
SHUPLW7KLVLQFOXGHVWUDLOVRQ
SULYDWHSURSHUW\PXQLFLSDO
SURSHUW\DQGODQGRZQHGE\WKH
JRYHUQPHQW6RPHVQRZPRELOH
WUDLOXVHUJURXSVDUHH[HPSWIURP
WKHSHUPLWUHTXLUHPHQW7KRVH
ZKRDUHHOLJLEOHIRUH[HPSWLRQDQG
WKHGRFXPHQWVUHTXLUHGDVSURRI
DUHLQFOXGHGLQWKHWUDLOSHUPLWV
VHFWLRQRIWKHUHJXODWLRQVRIWKH
0RWRUL]HG6QRZ9HKLFOHV$FW
6QRZPRELOHUVZKRDUHH[HPSW
PXVWFDUU\WKHDSSURSULDWH
GRFXPHQWVDQGVKRZWKHPZKHQ
UHTXHVWHGWRGRVR
)RULQIRUPDWLRQDERXWWUDLOVDQG
WUDLOSHUPLWVFRQWDFW\RXUORFDO
VQRZPRELOHFOXERUWKH2QWDULR
)HGHUDWLRQRI6QRZPRELOH&OXEV
:HOKDP5RDG8QLW%DUULH
21/1=3KRQH
ID[RUHPDLO
DWLQIR#RIVFRQFD<RXFDQYLVLW
WKH2)6&ZHEVLWHDW
ZZZRIVFRQFD
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
'RQRWWUHVSDVV
<RXDUHWUHVSDVVLQJLI\RXGULYH\RXUVQRZPRELOH
RQSULYDWHSURSHUW\ZLWKRXWSHUPLVVLRQIURPWKH
RZQHU7KHRZQHULVQRWUHTXLUHGWRKDYHD1R
7UHVSDVVLQJVLJQSRVWHG,I\RXDUHGULYLQJ\RXU
VQRZPRELOHRQSULYDWHSURSHUW\\RXPXVWVWRSDQG
LGHQWLI\\RXUVHOIZKHQDVNHGE\WKHSROLFHWKH
RZQHURIWKHSURSHUW\RUDUHSUHVHQWDWLYHRIWKH
RZQHU,I\RXDUHWROGWROHDYHWKHSURSHUW\\RX
PXVWGRVRLPPHGLDWHO\
<RXPD\EHILQHGXSWRLI\RXDUHFRQYLFWHG
RIWUHVSDVVLQJ,QDGGLWLRQ\RXPD\EHRUGHUHGWR
SD\GDPDJHVXSWR8QGHUFHUWDLQ
FLUFXPVWDQFHV\RXPD\DOVREHUHTXLUHGWRSD\IRU
WKHFRVWRISURVHFXWLQJ&KDUJHVZLOOEHODLG
DJDLQVWWKHGULYHURIWKHVQRZPRELOH,IWKHGULYHU
LVQRWNQRZQWKHRZQHUPD\EHFKDUJHGLIWKH
VQRZPRELOHZDVXVHGZLWKWKHRZQHU
VSHUPLVVLRQ
$FRS\RIWKH7UHVSDVVWR3URSHUW\$FWLVDYDLODEOH
WKURXJK3XEOLFDWLRQV2QWDULR3KRQH
RU,WLVDYDLODEOHRYHUWKH
,QWHUQHWDWZZZSXEOLFDWLRQVJRYRQFDDQGZZZH
ODZVJRYRQFD
,WLVDQRIIHQFHXQGHUWKH5DLOZD\6DIHW\$FWWR
WUHVSDVVRQUDLOZD\WUDFNV
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
2EH\WKHVSHHGOLPLWV
<RXPXVWQRWGULYHDVQRZPRELOHIDVWHUWKDQ
NPKLQDQ\SXEOLFSDUNRUH[KLELWLRQJURXQGRURQ
DQ\URDGZKHUHWKHVSHHGOLPLWIRURWKHUYHKLFOHV
LVNPKRUOHVV<RXPXVWQRWGULYHIDVWHUWKDQ
NPKRQVQRZPRELOHWUDLOVRURQDQ\URDGZKHUH
WKHVSHHGOLPLWIRURWKHUYHKLFOHVLVPRUHWKDQ
NPK$OZD\VOHDYHH[WUDVSDFHEHWZHHQ\RXDQG
WKHVQRZPRELOHLQIURQWWRJLYH\RXUVHOIPRUHWLPH
WRUHDFWWRXQH[SHFWHGKD]DUGVDQGVWRSVDIHO\
/RZHU\RXUVSHHGDWQLJKWDQGGRQ
WRXWUXQ\RXU
KHDGOLJKWV5HGXFHGQLJKWWLPHYLVLELOLW\PDNHV
KD]DUGVPRUHGLIILFXOWWRVSRWDQGHVWLPDWLQJ
GLVWDQFHLVPXFKKDUGHU$OZD\VZHDUFORWKLQJZLWK
UHIOHFWLYHPDUNLQJVWRUHPDLQYLVLEOHDWQLJKW
0XQLFLSDOLWLHVPD\VHWRWKHUVSHHGOLPLWVIRU
VQRZPRELOHVRQSXEOLFURDGVWUDLOVDQGSDUNV
ZLWKLQWKHLUERXQGDULHV&KHFNPXQLFLSDOE\ODZV
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
6WRSIRUSROLFH
<RXPXVWFRPHWRDVDIHVWRSZKHQUHTXHVWHGE\
DSROLFHRIILFHUWRGRVR,I\RXGRQRWVWRS\RX
PD\KDYHWRSD\DILQHRUJRWRMDLORUERWK,I\RX
DUHFRQYLFWHGRIIDLOLQJWRVWRSIRUDSROLFHRIILFHU
DQGWKHFRXUWEHOLHYHV\RXZLOIXOO\DYRLGHGSROLFH
GXULQJSXUVXLWWKDW\RXWULHGWRHVFDSHWKHSROLFH
\RXUOLFHQFHZLOOEHVXVSHQGHGIRUDPLQLPXPRI
ILYH\HDUV<RXUOLFHQFHFDQEHVXVSHQGHGIRUXS
WR\HDUVLIDQ\RQHLVNLOOHGRULQMXUHGDVDUHVXOW
RIDYRLGLQJSROLFH
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
5HSRUWFROOLVLRQVWRWKHSROLFH
<RXPXVWUHSRUWWRWKHSROLFHLPPHGLDWHO\DQ\
FROOLVLRQWKDWUHVXOWVLQLQMXU\WRDQ\SHUVRQRU
GDPDJHWRSURSHUW\DSSDUHQWO\H[FHHGLQJ
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
'RQRWGULQNDQGGULYH
$OFRKROLVDPDMRUIDFWRULQVQRZPRELOHIDWDOLWLHV
&RQVXPLQJDQ\DPRXQWRIDOFRKROEHIRUH\RXULGH
DIIHFWV\RXUDELOLW\WRPDNHJRRGGHFLVLRQV$OFRKRO
DOVRLQFUHDVHVIDWLJXHVORZVUHDFWLRQWLPHDQG
LQFUHDVHV\RXUULVNRIK\SRWKHUPLD
,WLVDJDLQVWWKHODZWRGULYHDVQRZPRELOHZKHQ
\RXDUHLPSDLUHGE\DOFRKRORUGUXJV
'ULQNLQJDQGGULYLQJLVDGHDGO\FRPELQDWLRQ$OO
GULYHUVHVSHFLDOO\LQH[SHULHQFHGGULYHUVPXVWEH
DEOHWRFRQFHQWUDWHRQGULYLQJ
&RQVXPLQJDQ\DPRXQWRIDOFRKROEHIRUH\RXULGH
DIIHFWV\RXUDELOLW\WRPDNHJRRGGHFLVLRQV(YHQ
RQHGULQNFDQUHGXFH\RXUDELOLW\WRFRQFHQWUDWH
DQGUHDFWWRWKLQJVWKDWKDSSHQVXGGHQO\ZKHQ\RX
DUHGULYLQJ:LWKPRUHDOFRKROLQ\RXUEORRG\RX
FRXOGKDYHWURXEOHMXGJLQJGLVWDQFHVDQG\RXU
YLVLRQPD\EHFRPHEOXUUHG)DFWRUVOLNHWLUHGQHVV
\RXUPRRGDQGKRZORQJDJR\RXDWHDQGKRZ
PXFKFDQPDNHDGLIIHUHQFHLQKRZDOFRKRODIIHFWV
\RXUGULYLQJDELOLW\
7KHSROLFHFDQVWRSDQ\GULYHUWRGHWHUPLQHLI
DOFRKRORUGUXJWHVWLQJLVUHTXLUHG7KH\PD\DOVR
GRURDGVLGHVSRWFKHFNV:KHQVWRSSHGE\WKH
SROLFH\RXPD\EHWROGWREORZLQWRDPDFKLQHWKDW
WHVWV\RXUEUHDWKIRUDOFRKRODURDGVLGHVFUHHQLQJ
GHYLFHRUSHUIRUPSK\VLFDOFRRUGLQDWLRQWHVWV,I
\RXIDLORUUHIXVHWRSURYLGHDEUHDWKVDPSOHRUWR
SHUIRUPWKHSK\VLFDOFRRUGLQDWLRQWHVWV\RXZLOOEH
FKDUJHGXQGHUWKH&ULPLQDO&RGH
,IWKHUHDGLQJRQWKHPDFKLQHVKRZV\RXKDYH
EHHQGULQNLQJ\RXPD\EHWDNHQWRDSROLFHVWDWLRQ
IRUDEUHDWKDO\]HUWHVW7KHEUHDWKDO\]HUXVHV\RXU
EUHDWKWRPHDVXUHWKHDPRXQWRIDOFRKROLQ\RXU
EORRGVWUHDP
,I\RXFDQQRWJLYHDEUHDWKVDPSOHRULWLV
LPSUDFWLFDOWRREWDLQDVDPSOHRIEUHDWKWKHSROLFH
RIILFHUFDQUHTXLUH\RXWRSURYLGHDEORRGVDPSOH
LQVWHDG
,IWKHSROLFHEHOLHYHWKDWDGULYHULVLPSDLUHG
EHFDXVHRIWKHFRQVXPSWLRQRIDGUXJRUD
FRPELQDWLRQRIDOFRKRODQGDGUXJWKH\FDQDOVR
UHTXLUHDGULYHUWRVXEPLWWRDQHYDOXDWLRQDQGWKHQ
UHTXLUHDGULYHUWRSURYLGHEORRGRUDOIOXLGRUXULQH
VDPSOHV,I\RXIDLORUUHIXVHWRFRPSO\ZLWKDQ\RI
WKHVHGHPDQGV\RXZLOOEHFKDUJHGXQGHUWKH
&ULPLQDO&RGH
'ULYLQJLPSDLUHGRUZLWKPRUHWKDQPLOOLJUDPVRI
DOFRKROLQPLOOLOLWUHVRIEORRGLVDQRIIHQFH
XQGHUWKH&ULPLQDO&RGH(YHQLI\RXUEORRG
DOFRKROFRQFHQWUDWLRQLVOHVVWKDQ\RXFDQVWLOO
EHFKDUJHGZLWKLPSDLUHGGULYLQJXQGHUWKH
&ULPLQDO&RGH
<RXZLOOUHFHLYHDQLPPHGLDWHGD\
DGPLQLVWUDWLYHGULYHU
VOLFHQFHVXVSHQVLRQLI\RXU
EORRGDOFRKROFRQFHQWUDWLRQ%$&LVPRUHWKDQ
RULI\RXIDLORUUHIXVHWRSURYLGHDEUHDWKRUERGLO\
IOXLGVDPSOHSHUIRUPDSK\VLFDOFRRUGLQDWLRQWHVW
RUVXEPLWWRDQHYDOXDWLRQ
,I\RXUHJLVWHULQWKHZDUQUDQJHRIWRRQD
URDGVLGHVFUHHQLQJGHYLFH\RXZLOOUHFHLYHDQ
LPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQ)RUDILUVW
RFFXUUHQFH\RXZLOOEHVXVSHQGHGIRUWKUHHGD\V
)RUDVHFRQGRFFXUUHQFHLQDILYH\HDUSHULRG\RX
ZLOOEHLPPHGLDWHO\VXVSHQGHGIRUVHYHQGD\VDQG
\RXPXVWXQGHUJRDUHPHGLDODOFRKROHGXFDWLRQ
SURJUDP)RUDWKLUGRUVXEVHTXHQWWLPHLQDILYH
\HDUSHULRG\RXZLOOEHLPPHGLDWHO\VXVSHQGHGIRU
GD\VDQG\RXPXVWXQGHUJRDUHPHGLDO
DOFRKROWUHDWPHQWSURJUDPDQGKDYHDQLJQLWLRQ
LQWHUORFNFRQGLWLRQSODFHGRQ\RXUOLFHQFHIRUVL[
PRQWKV,I\RXFKRRVHQRWWRLQVWDOODQLJQLWLRQ
LQWHUORFNGHYLFH\RXPXVWQRWGULYHXQWLOWKH
FRQGLWLRQLVUHPRYHGIURP\RXUOLFHQFH
,I\RXDUH\HDUVROGDQGXQGHUDQGKROGDIXOO
FODVVGULYHU
VOLFHQFH\RXPXVWQRWGULYHLI\RX
KDYHEHHQGULQNLQJDOFRKRO<RXUEORRGDOFRKRO
OHYHOPXVWEH]HUR,I\RXDUHFDXJKWGULYLQJZLWK
DOFRKROLQ\RXUEORRG\RXZLOOUHFHLYHDQ
LPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQDWWKH
URDGVLGHIRUKRXUVDQGLIFRQYLFWHG\RXZLOO
IDFHDILQHRIWRDQGDGD\OLFHQFH
VXVSHQVLRQ
'ULYHUVRIDOODJHVLQHLWKHU/HYHO2QHRU/HYHO7ZR
RI2QWDULR
VJUDGXDWHGOLFHQVLQJV\VWHPPXVWDOVR
KDYHDEORRGDOFRKROOHYHORI]HURZKHQGULYLQJ
1HZGULYHUVFDXJKWGULQNLQJDQGGULYLQJZLOOUHFHLYH
DQLPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQDWWKH
URDGVLGHIRUKRXUVDQGLIFRQYLFWHGZLOOIDFHD
ILQHRIWRDQGZLOOUHFHLYHDVXVSHQVLRQ
SHULRGDVSHUWKH1RYLFH'ULYHU(VFDODWLQJ
6DQFWLRQVVFKHPH)RUWKHILUVWRFFXUUHQFH\RX
ZLOOEHVXVSHQGHGIRUGD\V)RUWKHVHFRQG
RFFXUUHQFHLQDILYH\HDUSHULRG\RXZLOOEH
VXVSHQGHGIRUGD\V)RUWKHWKLUGRFFXUUHQFHLQ
DILYH\HDUSHULRGWKHQRYLFHSRUWLRQRI\RXU
GULYHU
VOLFHQFHZLOOEHFDQFHOOHGDQG\RXPXVW
UHDSSO\IRUD*OLFHQFH
1RYLFHGULYHUVZLOODOVREHFKDUJHGXQGHUWKH
&ULPLQDO&RGHLIWKHLU%$&H[FHHGVDQGZLOOEH
LVVXHGDZDUQUDQJHVXVSHQVLRQLIWKH\UHJLVWHU
EHWZHHQDQG
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
'UXJV
$Q\GUXJWKDWFKDQJHV\RXUPRRGRUWKHZD\\RX
VHHDQGIHHODERXWWKHZRUOGDURXQG\RXZLOODIIHFW
WKHZD\\RXGULYH&ULPLQDO&RGHDQG+7$
VDQFWLRQVDSSO\WRGULYHUVLPSDLUHGE\DOFRKRORUD
GUXJ
,QFLUFXPVWDQFHVLQYROYLQJSRVVLEOHLPSDLUPHQWE\
GUXJVRUDFRPELQDWLRQRIDOFRKRODQGDGUXJ
SROLFHFDQUHTXLUHDGULYHUWRSHUIRUPSK\VLFDOFR
RUGLQDWLRQWHVWVDQGWRVXEPLWWRDQHYDOXDWLRQDQG
WKHQUHTXLUHDGULYHUWRSURYLGHEORRGRUDOIOXLGRU
XULQHVDPSOHV,I\RXIDLORUUHIXVHWRFRPSO\ZLWK
DQ\RIWKHVHGHPDQGV\RXZLOOEHFKDUJHGXQGHU
WKH&ULPLQDO&RGH<RXZLOODOVRUHFHLYHDQ
LPPHGLDWHGD\DGPLQLVWUDWLYHGULYHU
VOLFHQFH
VXVSHQVLRQ,OOHJDOGUXJVVXFKDVPDULMXDQDDQG
FRFDLQHDUHQRWWKHRQO\SUREOHP6RPHGUXJVWKDW
\RXUGRFWRUPD\SUHVFULEHIRU\RXDQGVRPHRYHU
WKHFRXQWHUGUXJVFDQDOVRLPSDLU\RXUGULYLQJ
+HUHDUHVRPHSRLQWV\RXVKRXOGUHPHPEHU
,I\RXXVHSUHVFULSWLRQPHGLFLQHVRUJHWDOOHUJ\
VKRWVDVN\RXUGRFWRUDERXWVLGHHIIHFWVVXFKDV
GL]]LQHVVEOXUUHGYLVLRQQDXVHDRUGURZVLQHVV
WKDWFRXOGDIIHFW\RXUGULYLQJ
5HDGWKHLQIRUPDWLRQRQWKHSDFNDJHRIDQ\
RYHUWKHFRXQWHUPHGLFLQH\RXWDNH$Q\
VWLPXODQWGLHWSLOOWUDQTXLOOL]HURUVHGDWLYHPD\
DIIHFW\RXUGULYLQJ(YHQDOOHUJ\DQGFROG
UHPHGLHVPD\KDYHLQJUHGLHQWVWKDWFRXOGDIIHFW
\RXUGULYLQJ
'UXJVDQGDQ\DPRXQWRIDOFRKROWRJHWKHUFDQ
KDYHGDQJHURXVHIIHFWVHYHQVHYHUDOGD\VDIWHU
\RXKDYHWDNHQWKHGUXJ'RQRWWDNHDFKDQFH
DVN\RXUGRFWRURUSKDUPDFLVW
,,6DIHDQGUHVSRQVLEOH
VQRZPRELOLQJ
3UDFWLFHVDIHVQRZPRELOLQJ
'ULYLQJDVQRZPRELOHUHTXLUHVWKH
VDPHDWWHQWLRQDQGDOHUWQHVVWKDW
GULYLQJDQ\RWKHUNLQGRIYHKLFOH
GRHV<RXPXVWKDYHFRPSOHWH
FRQWURORI\RXUUHIOH[HV,I\RXDUH
DEHJLQQHUSUDFWLVHXQWLO\RXFDQ
KDQGOHWKHEDVLFGULYLQJVNLOOV
/HDUQKRZWRFRQWURO\RXUEDODQFH
RQWXUQVE\XVLQJ\RXUZHLJKWWR
FRQWURO\RXUPRYHPHQWVDQG
OHDQLQJLQWKHGLUHFWLRQ\RXZDQWWR
WXUQ3RVLWLRQ\RXUERG\RQWKH
VQRZPRELOHLQDZD\WKDWZLOOJLYH
\RXWKHPRVWFRPIRUWDQGFRQWURO
IRUWKHFRQGLWLRQVLQZKLFK\RXDUH
GULYLQJ2QOHYHOJURXQGVLWRU
NQHHOZLWKERWKNQHHVRQWKHVHDW
2QXQHYHQRUEXPS\JURXQG
VWDQGRQWKHUXQQLQJERDUGVZLWK
\RXUNQHHVVOLJKWO\EHQW
$OZD\VWDNHWKHWLPHWRSODQ\RXU
URXWHEHIRUH\RXULGHDQGPDNH
VXUHRWKHUVLQ\RXUJURXSNQRZWKH
URXWHDVZHOO,I\RXPXVWVWRSRQ
WKHWUDLODOZD\VVHOHFWDORFDWLRQ
ZKHUH\RXZLOOEHYLVLEOHDQGSXOO
RYHUWRWKHULJKWDVIDUDVSRVVLEOH
,I\RXDUHULGLQJLQDJURXS\RX
VKRXOGSDUNWKHVQRZPRELOHVLQ
VLQJOHILOHDQGOHDYHWKHYHKLFOHV
UXQQLQJVR\RXDUHYLVLEOHDWQLJKW
2QKDUGSDFNHGVQRZRULFH
UHGXFH\RXUVSHHGEHFDXVHVWRSV
DQGWXUQVDUHKDUGHUWRPDNHDQG
\RXZLOOUHTXLUHJUHDWHUGLVWDQFHWR
FRPSOHWHWKHP:KHQ\RXU
VQRZPRELOHLVWUDSSHGLQGHHS
VQRZUHPHPEHUWRWXUQRIIWKH
PRWRUEHIRUH\RXWU\WRJHWLWRXWRI
WKHVQRZ
(YHU\WLPH\RXWUDYHORQLFH\RX
DUHULVNLQJ\RXUVDIHW\DQGWKDWRI
\RXUSDVVHQJHU:DWFKRXWIRU
SUHVVXUHFUDFNVWKDWDUHPXFK
PRUHGLIILFXOWWRVSRWDWQLJKW,I
\RXDUHLQDQXQIDPLOLDUDUHDDVN
ORFDODXWKRULWLHVRUUHVLGHQWVDERXW
WKHLFHFRQGLWLRQVLQOHWVRXWOHWV
VSULQJVIDVWPRYLQJFXUUHQWRU
RWKHUKD]DUGV/LVWHQWRORFDOUDGLR
EURDGFDVWZDUQLQJVE\WKH2QWDULR
3URYLQFLDO3ROLFHDERXWLFH
FRQGLWLRQV,I\RXPXVWGULYHRYHU
IUR]HQODNHVRUULYHUV\RXVKRXOG
FRQVLGHUXVLQJDEXR\DQW
VQRZPRELOHVXLW,WPLJKWVDYH
\RXUOLIH
:KHQHYHU\RXDUHGULYLQJDOZD\V
ZDWFKIRUWUDLOVDQGKLJKZD\VLJQV
DQGREH\WKHP$OZD\VUHPDLQRQ
WKHULJKWKDQGVLGHRIWKHWUDLO
ZKHQULGLQJDQGH[HUFLVHFDXWLRQ
RQKLOOVDQGFXUYHV<RXVKRXOG
DOZD\VEHSUHSDUHGIRUWKH
XQH[SHFWHG([HUFLVHFDXWLRQDW
URDGDQGUDLOFURVVLQJV7UXFNV
DQGWUDLQVRIWHQNLFNXSODUJH
FORXGVRIVQRZWKDWJUHDWO\UHGXFH
YLVLELOLW\&DUU\DFHOOSKRQHZLWK
\RXZKHQULGLQJ
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
+DQGVLJQDOV
6LJQDOVWHOORWKHUVZKDW\RXZDQWWRGRJLYLQJ
WKHPDFKDQFHWRVORZGRZQVWRSRUSUHSDUHWR
WXUQ8VHKDQGVLJQDOVWRVLJQDOEHIRUHVWRSSLQJ
VORZLQJGRZQVXGGHQO\RUWXUQLQJ*LYHWKHFRUUHFW
VLJQDOZHOOEHIRUHWKHDFWLRQDQGPDNHVXUHRWKHUV
FDQVHHLW7KHVHLOOXVWUDWLRQVVKRZQDWLRQDOO\
UHFRJQL]HGKDQGDQGDUPVLJQDOV
/HIWWXUQ
([WHQG\RXUOHIWDUPVWUDLJKWRXW
DQGSRLQWLQWKHGLUHFWLRQRIWKH
WXUQ
5LJKWWXUQ
5DLVH\RXUOHIWDUPWRVKRXOGHU
KHLJKWZLWKHOERZEHQW
6WRS
([WHQG\RXUULJKWDUPVWUDLJKWXS
RYHU\RXUKHDGZLWKWKHSDOPRI
WKHKDQGIODW
6ORZLQJ
([WHQG\RXUOHIWDUPRXWDQGGRZQWKHVLGHRI\RXU
ERG\)ODS\RXUDUPXSDQGGRZQWRVLJQDOFDXWLRQ
2QFRPLQJVQRZPRELOHV
5DLVH\RXUOHIWDUPWRVKRXOGHUKHLJKWZLWK\RXU
HOERZEHQWDQGPRWLRQOHIWWRULJKWRYHU\RXUKHDG
SRLQWLQJWRWKHULJKWVLGHRIWKHWUDLO
6QRZPRELOHVIROORZLQJ
5DLVHOHIWDUPWRVKRXOGHUKHLJKWZLWK\RXUHOERZ
EHQW0RWLRQIURQWWREDFNRYHU\RXUVKRXOGHUZLWK
\RXUWKXPEOLNHDKLWFKKLNHU
/DVWVQRZPRELOHLQOLQH
:LWKHOERZEHQWUDLVH\RXUOHIWIRUHDUPWRVKRXOGHU
KHLJKWDQGFOHQFK\RXUILVW
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
7UDLOVLJQV
7UDLOVLJQVJLYH\RXLPSRUWDQWLQIRUPDWLRQDERXW
ZKDWWRGRLQFHUWDLQVLWXDWLRQV+HUHDUHVRPH
FRPPRQWUDLOVLJQVDQGZKDWWKH\PHDQ%HFDXVH
WUDLOVLJQVDUHQRWRIILFLDOWUDIILFVLJQVWKH\PD\
YDU\LQVKDSHDQGFRORXU:DWFKIRUVLJQVVXFKDV
WKHVHDQGREH\WKHP
6WRS
$VWRSVLJQLVHLJKWVLGHGDQGKDV
DUHGEDFNJURXQGZLWKZKLWH
OHWWHUV&RPHWRDFRPSOHWHVWRS
6WRSDKHDG
%HSUHSDUHGWRVWRSIRUDVWRSVLJQ
XSDKHDG
6QRZPRELOLQJSHUPLWWHG
$VLJQZLWKDJUHHQFLUFOHPHDQV
\RXPD\GRWKHDFWLYLW\VKRZQ
LQVLGHWKHULQJ<RXPD\GULYHD
VQRZPRELOHLQWKHDUHDZKHUHWKLV
VLJQLVGLVSOD\HG
6QRZPRELOLQJUHVWULFWHG
$VLJQZLWKDUHGFLUFOHZLWKDOLQH
WKURXJKLWPHDQVWKHDFWLYLW\
VKRZQLQVLGHWKHULQJLVQRW
DOORZHG'RQRWGULYHDVQRZ
PRELOHLQWKHDUHDZKHUHWKLVVLJQ
LVGLVSOD\HG
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
'LUHFWLRQVLJQV
7KHVHVLJQVJLYH\RXLQIRUPDWLRQ
DERXWWKHGLUHFWLRQLQZKLFK\RX
VKRXOGWUDYHORQWKHWUDLO'RDV
WKHVLJQWHOOV\RX
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
7UDIILFVLJQV
,I\RXDUHGULYLQJ\RXUVQRZPRELOHDORQJRUDFURVV
DQ\SXEOLFURDGV\RXQHHGWREHDZDUHRIWUDIILF
VLJQVDQGZKDWWKH\PHDQ7KHIROORZLQJWUDIILF
VLJQVUHODWHVSHFLILFDOO\WRVQRZPRELOHV
6QRZPRELOHVSHUPLWWHG
6QRZPRELOHVDUHDOORZHGRQWKH
URDGRUKLJKZD\ZKHUHWKLVVLJQLV
GLVSOD\HG
6QRZPRELOHVUHVWULFWHG
6QRZPRELOHVDUHQRWDOORZHGRQ
WKHURDGRUKLJKZD\ZKHUHWKLV
VLJQLVGLVSOD\HG
6QRZPRELOHVFURVVLQJ
7KHVHVLJQVZDUQVGULYHUVWKDW
VQRZPRELOHVDUHDOORZHGWRFURVV
WKHURDG
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
:LQGFKLOOIDFWRU
,WLVLPSRUWDQWWRFRQVLGHUWKHZLQGFKLOOIDFWRUZKHQ
SODQQLQJRXWGRRUZLQWHUDFWLYLWLHV
:LQGFKLOOIDFWRULVWKHFRPELQHGHIIHFWRIZLQGDQG
ORZWHPSHUDWXUHZKLFKPDNHVLWIHHOPXFKFROGHU
RQDZLQG\GD\LQZLQWHUWKDQLVWKHDFWXDO
WHPSHUDWXUH7KLVLVFDXVHGE\WKHIDVWHUFRROLQJ
HIIHFWRIWKHZLQG)RUH[DPSOHLIWKHDFWXDO
WHPSHUDWXUHLV&DQGWKHZLQGVSHHGLV
NPKWKHWHPSHUDWXUHIHHOVOLNH&
<RXQHHGWREHDZDUHRIWKHZLQGFKLOOIDFWRUVR
WKDW\RXFDQGUHVVDSSURSULDWHO\2XWHUOD\HUVWKDW
DUHZDWHUSURRIDQGPXOWLSOHXQGHUOD\HUVRI
FORWKLQJSURYLGHDGGHGSURWHFWLRQDQGDOORZ\RXWR
WDNHFORWKLQJRIILIWHPSHUDWXUHVLQFUHDVH$OVR
PDNHVXUHWKDW\RXQJSDVVHQJHUVDUHSURSHUO\
GUHVVHGDQGWKDWWKHLUKDQGVDQGIDFHVDUHZHOO
SURWHFWHG:HDULQJDEDODFODYDZLOOUHGXFHWKHULVN
RIH[SRVXUH3URORQJHGH[SRVXUHWRFROGZLQGFKLOO
WHPSHUDWXUHVFDQOHDGWRK\SRWKHUPLD
7KHFKDUWRQWKHQH[WSDJHFDQKHOS\RXFDOFXODWH
ZLQGFKLOOVR\RXZLOOEHDZDUHRISRWHQWLDOO\
GDQJHURXVFRQGLWLRQV
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
:LQGFKLOOFDOFXODWLRQFKDUW
$SSUR[LPDWH7KUHVKROGV
:LQGFKLOODWRUEHORZ&ULVNRIIURVWELWHLQ
SURORQJHGH[SRVXUH
:LQGFKLOODWRUEHORZ&IURVWELWHSRVVLEOHLQ
PLQXWHVZDUPVNLQVXGGHQO\H[SRVHG6KRUWHU
WLPHLIVNLQLVFRRODWWKHVWDUW
:LQGFKLOODWRUEHORZ&IURVWELWHSRVVLEOHLQ
OHVVWKDQWZRPLQXWHVZDUPVNLQVXGGHQO\
H[SRVHG6KRUWHUWLPHLIVNLQLVFRRODWWKHVWDUW
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
7DNHDVQRZPRELOHGULYHUWUDLQLQJ
FRXUVH
,I\RXDUHEHWZHHQDQG\HDUVRIDJHRULI
\RXDUHDQGROGHUDQGGRQRWKDYHDYDOLG
2QWDULRGULYHU
VOLFHQFH\RXPXVWVXFFHVVIXOO\
SDVVDVQRZPRELOHGULYHUWUDLQLQJFRXUVHWRJHW
\RXURSHUDWRU
VOLFHQFH$VQRZPRELOHGULYHU
WUDLQLQJFRXUVHFDQDOVREHDYDOXDEOHUHIUHVKHUIRU
OLFHQVHGDQGH[SHULHQFHGVQRZPRELOHUV
7KHFRXUVHWDNHVDERXWVL[KRXUVDQGLVXVXDOO\
KHOGRYHUWKUHHGD\V,WFRYHUVVDIHGULYLQJ
SUDFWLFHVVQRZPRELOHODZVNQRZOHGJHRIWKH
VQRZPRELOHPDLQWHQDQFHGULYLQJSRVLWLRQV
VXUYLYDOILUVWDLGQLJKWGULYLQJWUDLOVLJQVFORWKLQJ
DQGVWRUDJH,WDOVRWHDFKHVVDIHDQGFRXUWHRXV
GULYLQJKDELWVDQGVNLOOVWRKHOS\RXDYRLGFROOLVLRQV
DQGSURSHUW\GDPDJH
7KHWUDLQLQJFRXUVHLVRIIHUHGE\WKH2QWDULR
)HGHUDWLRQRI6QRZPRELOH&OXEV2)6&LQFR
RSHUDWLRQZLWKWKH0LQLVWU\RI7UDQVSRUWDWLRQDQGLV
RIIHUHGE\FOXELQVWUXFWRUVWUDLQHGE\WKH2)6&
)RUWKHORFDWLRQRIWKHQHDUHVW2)6&PHPEHUFOXE
RIIHULQJWKHFRXUVHDQGWKHFRVWFRQWDFWWKH2)6&
'ULYHU7UDLQLQJ2IILFHDW:HOKDP5RDG8QLW
%DUULH21/1=3KRQHRUID[
<RXFDQYLVLWWKH2)6&ZHEVLWHDW
ZZZRIVFRQFD
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
7KHVQRZPRELOHU
VFRGHRIHWKLFV
)ROORZWKLVFRGHRIHWKLFVDQG\RXZLOOGR\RXUSDUW
WRPDNHVQRZPRELOLQJDUHVSHFWDEOHIXQDQGVDIH
ZLQWHUUHFUHDWLRQ
,ZLOOEHDJRRGVSRUWVSHUVRQDQG
FRQVHUYDWLRQLVW,UHFRJQL]HWKDWSHRSOHMXGJH
DOOVQRZPRELOHUVE\P\DFWLRQV,ZLOOXVHP\
LQIOXHQFHZLWKRWKHUVQRZPRELOHUVWRSURPRWH
UHVSRQVLEOHFRQGXFW
,ZLOOQRWOLWWHUWUDLOVRUFDPSLQJDUHDV,ZLOOQRW
SROOXWHODNHVRUVWUHDPV,ZLOOFDUU\RXWZKDW,
FDUULHGLQ
,ZLOOQRWGDPDJHOLYLQJWUHHVVKUXEVRURWKHU
QDWXUDOIHDWXUHV
,ZLOOUHVSHFWRWKHUSHRSOH
VSURSHUW\DQG
ULJKWV
,ZLOOOHQGDKHOSLQJKDQGZKHQ,VHHVRPHRQH
LQGLVWUHVV
,ZLOOPDNHP\VHOIDQGP\VQRZPRELOH
DYDLODEOHWRDVVLVWLQVHDUFKDQGUHVFXH
RSHUDWLRQV
,ZLOOQRWLQWHUIHUHZLWKRUKDUDVVKLNHUVVNLHUV
VQRZVKRHUVSHRSOHZKRDUHLFHILVKLQJRU
SDUWLFLSDWLQJLQRWKHUZLQWHUVSRUWV,ZLOO
UHVSHFWWKHLUULJKWVWRHQMR\UHFUHDWLRQ
IDFLOLWLHV
,ZLOONQRZDQGREH\DOOIHGHUDOSURYLQFLDODQG
ORFDOUXOHVUHJXODWLQJWKHRSHUDWLRQRI
VQRZPRELOHVLQDUHDVZKHUH,XVHP\
VQRZPRELOH
,ZLOOQRWKDUDVVZLOGOLIH,ZLOODYRLGDUHDV
SRVWHGIRUWKHSURWHFWLRQRIZLOGOLIH
,ZLOOQRWGULYHZKHUHVQRZPRELOHVDUH
SURKLELWHG
,,,6QRZPRELOHVLJQDOVDQG
VLJQV
&KDSWHU6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHOLFHQVLQJUHTXLUHPHQWVWRRSHUDWHD
VQRZPRELOHRQURDGVDQGWUDLOV
7KHLPSRUWDQFHRIFKHFNLQJ\RXUVQRZPRELOH
SUHSDULQJIRUWULSVDQGZHDULQJSURSHUSURWHFWLYH
JHDU
:KHUH\RXFDQDQGFDQQRWGULYH\RXU
VQRZPRELOH
7KHGDQJHUVRIDOFRKRODQGGULYLQJRQIUR]HQ
ODNHVDQGULYHUV
+DQGVLJQDOVWUDLOVLJQVDQGWUDIILFVLJQVVSHFLILF
WRVQRZPRELOHV
2IIURDGYHKLFOHV
2IIURDGYHKLFOHVVRPHWLPHVFDOOHG259VDUH
DQ\WZRRUWKUHHZKHHOHGPRWRUL]HGYHKLFOHVDV
ZHOODVVSHFLILFYHKLFOHVZLWKIRXURUPRUHZKHHOV
DVSUHVFULEHGE\UHJXODWLRQLQWHQGHGIRU
UHFUHDWLRQDOXVH([DPSOHVRIRIIURDGYHKLFOHV
LQFOXGHDOOWHUUDLQYHKLFOHV$79VWZRXS$79V
VLGHE\VLGH$79VXWLOLW\WHUUDLQYHKLFOHV879V
DPSKLELRXV$79VRIIURDGPRWRUF\FOHVDQGGXQH
EXJJLHV
1RWH(OHFWULFDQGPRWRUL]HGVFRRWHUVFRPPRQO\
NQRZQDVJRSHGVDQGSRFNHWELNHVZKLFKDUH
PLQLDWXUHPRWRUF\FOHVDERXWWZRIHHWLQKHLJKWDQG
ZLWKDVSHHGRINPKDUHQRWRIIURDG
YHKLFOHVDQGDVVXFKFDQQRWEHUHJLVWHUHGDVRII
URDGYHKLFOHV7KHVHYHKLFOHVDOVRGRQRWFRPSO\
ZLWKPRWRUF\FOHVWDQGDUGVDQGFDQQRWEH
UHJLVWHUHGDVPRWRUF\FOHV
,*HWWLQJUHDG\WRGULYHDQ
RIIURDGYHKLFOH
:KDW\RXQHHGWRGULYHDQRIIURDG
YHKLFOHLQ2QWDULR
<RXPXVWEH\HDUVRIDJHRUROGHUWRGULYHDQ
RIIURDGYHKLFOHH[FHSWRQODQGRFFXSLHGE\WKH
YHKLFOHRZQHURUXQGHUWKHFORVHVXSHUYLVLRQRIDQ
DGXOW'LUHFWDQGFORVHVXSHUYLVLRQE\DQDGXOWLV
UHFRPPHQGHG
:KLOHRIIURDGYHKLFOHVDUHJHQHUDOO\QRWDOORZHG
RQSXEOLFURDGVWKHUHDUHVRPHH[FHSWLRQV6HH
WKHVHFWLRQ:KHUH\RXFDQDQGFDQQRWGULYH
,*HWWLQJUHDG\WRGULYHDQ
RIIURDGYHKLFOH
5HJLVWHULQJDQGLQVXULQJ\RXURIIURDG
YHKLFOH
2IIURDGYHKLFOHVPXVWEHUHJLVWHUHGZLWKWKH
0LQLVWU\RI7UDQVSRUWDWLRQDWD6HUYLFH2QWDULR
FHQWUH7KLVDSSOLHVWRERWKQHZDQGXVHGYHKLFOHV
<RXPXVWEH\HDUVRUROGHUWRUHJLVWHUDQRII
URDGYHKLFOHDQG\RXPXVWEHDEOHWRSURYH\RX
RZQWKHYHKLFOH
,I\RXEX\DQHZRIIURDGYHKLFOH\RXPXVWJHWD
FHUWLILFDWHRIVDOHIURPWKHGHDOHU
,I\RXEX\RUWUDQVIHURZQHUVKLSRIDXVHGRIIURDG
YHKLFOH\RXPXVWSUHVHQWWKHVLJQHGYHKLFOH
SRUWLRQRIWKHYHKLFOHSHUPLWIURPWKHSUHYLRXV
RZQHU
<RXPXVWSD\DIHHWRUHJLVWHU\RXURIIURDG
YHKLFOH$IWHUUHJLVWHULQJ\RXZLOOEHJLYHQD
YHKLFOHSHUPLWDQGOLFHQFHSODWH<RXVKRXOGFDUU\
WKHYHKLFOHSHUPLWDWDOOWLPHVXQOHVV\RXDUH
RSHUDWLQJWKHYHKLFOHRQODQGRFFXSLHGE\WKH
RZQHURIWKHYHKLFOH
,I\RXKDYHDWZRRUWKUHHZKHHOHGYHKLFOHDWWDFK
WKHOLFHQFHSODWHWRWKHIURQWRIWKHYHKLFOHLQSODLQ
YLHZ,I\RXKDYHDYHKLFOHZLWKIRXURUPRUH
ZKHHOVDWWDFKWKHOLFHQFHSODWHWRWKHUHDURIWKH
YHKLFOH
<RXPXVWUHJLVWHU\RXUYHKLFOHZLWKLQVL[GD\VRI
EHFRPLQJWKHRZQHU,I\RXFKDQJH\RXUDGGUHVV
\RXPXVWQRWLI\WKH0LQLVWU\RI7UDQVSRUWDWLRQ
ZLWKLQVL[GD\VRIWKHFKDQJH<RXPD\GRWKLVLQ
SHUVRQDWD6HUYLFH2QWDULRFHQWUHE\PDLOWRWKH
0LQLVWU\RI7UDQVSRUWDWLRQ32%R[
.LQJVWRQ21./.RURQWKH6HUYLFH2QWDULR
ZHEVLWHDWZZZVHUYLFHRQWDULRFD
,I\RXDUHGULYLQJ\RXURIIURDGYHKLFOHDQ\ZKHUH
RWKHUWKDQRQWKHYHKLFOHRZQHU
VSURSHUW\\RX
PXVWDOVRKDYHYHKLFOHOLDELOLW\LQVXUDQFH<RX
PXVWFDUU\WKHLQVXUDQFHFDUGZLWK\RXDQGVKRZLW
LIUHTXHVWHGE\DSROLFHRIILFHU,IVRPHRQHHOVH
XVHV\RXURIIURDGYHKLFOHZLWK\RXUFRQVHQW\RX
DUHERWKUHVSRQVLEOHIRUDQ\SHQDOWLHVGDPDJHVRU
LQMXULHVWKDWPD\RFFXU
7KHIROORZLQJYHKLFOHVGRQRWQHHGWREHUHJLVWHUHG
DVRIIURDGYHKLFOHVURDGEXLOGLQJPDFKLQHVIDUP
YHKLFOHVJROIFDUWVDQGPRWRUL]HGZKHHOFKDLUV,Q
DGGLWLRQRIIURDGYHKLFOHVSDUWLFLSDWLQJLQDUDOO\RU
FRPSHWLWLRQVSRQVRUHGE\DPRWRUF\FOHDVVRFLDWLRQ
ZLWKPRUHWKDQPHPEHUVGRQRWQHHGWREH
UHJLVWHUHGIRUWKHHYHQW
,*HWWLQJUHDG\WRGULYHDQ
RIIURDGYHKLFOH
:HDUDKHOPHW
<RXPXVWZHDUDPRWRUF\FOHKHOPHWDVUHTXLUHG
E\WKH+LJKZD\7UDIILF$FWZKHQHYHU\RXGULYHRU
ULGHRQDQRIIURDGYHKLFOHRURQDQ\YHKLFOHWRZHG
E\DQRIIURDGYHKLFOH7KHRQO\H[FHSWLRQLVZKHQ
\RXRSHUDWHWKHYHKLFOHRQWKHSURSHUW\RIWKH
YHKLFOHRZQHU7KHKHOPHWPXVWPHHWWKH
VWDQGDUGVDSSURYHGIRUPRWRUF\FOHKHOPHWVRU
PRWRUDVVLVWHGYHKLFOHKHOPHWVDQGPXVWEH
IDVWHQHGSURSHUO\XQGHUWKHFKLQ
,*HWWLQJUHDG\WRGULYHDQ
RIIURDGYHKLFOH
3URWHFW\RXUIDFHDQGERG\
$OZD\VZHDUDIDFHVKLHOGRUJRJJOHV$IDFH
VKLHOGFDQKHOSSUHYHQWZLQGEXUQVXQEOLQGQHVV
DQGZDWHULQJH\HVIURPWKHZLQG,WFDQDOVR
SURWHFW\RXUH\HVIURPEUDQFKHVDQGWZLJVZKHQ
GULYLQJWKURXJKZRRGHGDUHDV:HDUSDQWVWKDW
FRYHU\RXUOHJVDORQJVOHHYHGVKLUWRUMDFNHWWR
SURWHFW\RXUDUPVDQGJORYHV%RRWVVKRXOGEH
KLJKHQRXJKWRFRYHU\RXUDQNOHV7RPDNH
\RXUVHOIPRUHYLVLEOHWRRWKHUVZKLOHGULYLQJZHDU
EULJKWO\FRORXUHGFORWKLQJ
,*HWWLQJUHDG\WRGULYHDQ
RIIURDGYHKLFOH
0DNHVXUH\RXUYHKLFOHLVLQJRRG
FRQGLWLRQ
%HIRUHHYHU\WULSFKHFN\RXU
YHKLFOHWRPDNHVXUHLWLVLQJRRG
ZRUNLQJRUGHU<RXUOLIHPD\
GHSHQGXSRQLW&KHFNWKHYHKLFOH
WKRURXJKO\EHIRUH\RXVWDUWWR
GULYHLQFOXGLQJWKHIROORZLQJ
&KHFNWKHEUDNHFRQWUROWRPDNH
VXUHLWPRYHVIUHHO\$GMXVWLI
QHFHVVDU\
&KHFNWKDWWKHWKURWWOHRSHQV
DQGFORVHVVPRRWKO\LQDOO
VWHHULQJSRVLWLRQV
&KHFNWKHFRQGLWLRQRIWKHWLUHV
DQGWLUHSUHVVXUH
&KHFNWKHIXHOOLQHV
DQGFRQQHFWLRQVWRPDNHVXUH
WKHUHDUHQROHDNV
&KHFNWKDW\RXKDYHHQRXJK
IXHODQGRLO
&KHFNWKDWWKHHQJLQHLVUXQQLQJ
VPRRWKO\0DNHVXUHWKHLVLQ
QHXWUDOEHIRUHVWDUWLQJWKH
HQJLQH
&KHFNWKDW\RXUOLJKWVDUHLQ
JRRGZRUNLQJFRQGLWLRQ
%HIRUH\RXGULYHDQ\ZKHUHUHDG
WKHRZQHU
VPDQXDO
,*HWWLQJUHDG\WRGULYHDQ
RIIURDGYHKLFOH
%HZHOOSUHSDUHGIRUHYHU\WULS
&DUHIXOO\SUHSDULQJIRUHYHU\WULSLV
DQLPSRUWDQWVDIHW\PHDVXUH
&KHFNORFDOZHDWKHUIRUHFDVWVDQG
PDNHVXUH\RXWHOOVRPHRQH
ZKHUH\RXZLOOEHWUDYHOOLQJDQG
ZKHQ\RXH[SHFWWREHEDFN8VH
WKHEXGG\V\VWHPGULYHZLWK
RWKHUVQRWDORQH7DNHDORQJD
ILUVWDLGNLWDYHKLFOHUHSDLUNLWDQ
H[WUDLJQLWLRQNH\DGULYHEHOW
VSDUNSOXJVDQGDURSH2QORQJ
WULSVLQFOXGHDPDSDQGD
FRPSDVVRUD*36XQLWDQGNQRZ
KRZWRXVHLWIODVKOLJKWKXQWLQJ
NQLIHKDWFKHWH[WUDIXHODQG
PDWFKHVLQDZDWHUSURRIER[
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
:KHUH\RXFDQDQGFDQQRWGULYH
<RXPD\QRWGULYHDQRIIURDGYHKLFOHRQPRVW
SXEOLFURDGVLQ2QWDULR7KLVLQFOXGHVWKHDUHD
EHWZHHQWKHERXQGDU\RUSURSHUW\OLQHVLQFOXGLQJ
PHGLDQVVKRXOGHUVDQGGLWFKHV
7KHUHDUHVRPHH[FHSWLRQV
<RXPD\GULYHDQRIIURDGYHKLFOHGLUHFWO\DFURVV
VRPHSXEOLFURDGV
<RXPD\GULYHFHUWDLQRIIURDGYHKLFOHVZLWK
WKUHHRUPRUHZKHHOVDORQJVRPHSXEOLFURDGV
ZKHQXVLQJWKHYHKLFOHIRUIDUPLQJIRUOLFHQVHG
KXQWLQJRUIRUWKHWUDSSLQJRIIXUEHDULQJDQLPDOV
SURYLGHGWKDWWKHYHKLFOHZHLJKVNLORJUDPV
RUOHVVDQGGRHVQRWKDYHDQRYHUDOOZLGWK
JUHDWHUWKDQPHWUHVH[FOXGLQJPLUURUV
<RXPD\GULYHDQRIIURDGYHKLFOHZLWKLQD
SURYLQFLDORUSXEOLFSDUNLILWLVSHUPLWWHGE\WKH
SDUNDXWKRULW\
(PHUJHQF\SHUVRQQHOVXFKDVSROLFHRIILFHUV
DQGILUHILJKWHUVZKRDUHSHUIRUPLQJQHFHVVDU\
GXWLHVLQWKHFRXUVHRIWKHLUZRUNRUZKRDUH
UHVSRQGLQJWRDQHPHUJHQF\PD\GULYHRIIURDG
YHKLFOHVRQSXEOLFURDGV
7KHUHDUHDOVRH[FHSWLRQVIRUWKHFDWHJRU\RIRII
URDGYHKLFOHVNQRZQDVDOOWHUUDLQYHKLFOHV$79V
,I\RXGRGULYHDQRIIURDGYHKLFOHRQRUDFURVVD
SXEOLFURDG\RXPXVWEHDWOHDVW\HDUVRIDJH
DQGKDYHDYDOLG2QWDULRGULYHU
VOLFHQFH&ODVV*
0RUKLJKHU
<RXPD\QRWRSHUDWHDQ$79LQVXFKDZD\DVWR
GLVUXSWRUGHVWUR\WKHQDWXUDOHQYLURQPHQW
LQFOXGLQJILVKKDELWDWVSURSHUW\DQGSODQWVRUWUHHV
)RUPRUHVSHFLILFLQIRUPDWLRQRQZKHUH\RXPD\
RSHUDWHRIIURDGYHKLFOHVDQGZKDWUXOHV\RXPXVW
IROORZZKHQGRLQJVR\RXVKRXOGUHIHUWRWKH
+LJKZD\7UDIILF$FWDQGWKH2IIURDG9HKLFOHV$FW
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
$OOWHUUDLQYHKLFOHV$79V
$OOWHUUDLQYHKLFOHVDUHRIIURDG
YHKLFOHVZLWKWKHIROORZLQJ
FKDUDFWHULVWLFVIRXUZKHHOVDOORI
ZKLFKDUHLQFRQWDFWZLWKWKH
JURXQGVWHHULQJKDQGOHEDUVDQG
DVHDWGHVLJQHGWREHVWUDGGOHGE\
WKHGULYHU
7KHUHDUHVHFWLRQVRISURYLQFLDO
KLJKZD\VLQ2QWDULRZKHUH\RX
PD\GULYHDQ$79RQWKHVKRXOGHU
SURYLGHGWKH$79ZHLJKV
NLORJUDPVRUOHVVGRHVQRWKDYH
DQRYHUDOOZLGWKJUHDWHUWKDQ
PHWUHVH[FOXGLQJPLUURUVPHHWV
WKHUHTXLUHPHQWVRIWKHIHGHUDO
0RWRU9HKLFOH6DIHW\$FWDQGWKH
$PHULFDQ1DWLRQDO6WDQGDUGV
,QVWLWXWH6WDQGDUGDQGLVGHVLJQHG
WRFDUU\RQO\DGULYHUDQGQR
SDVVHQJHUV<RXPXVWWUDYHOLQWKH
VDPHGLUHFWLRQDVWKHWUDIILFXVLQJ
WKDWVLGHRIWKHURDG,IWKHUHLVQR
VKRXOGHULIWKHVKRXOGHULV
REVWUXFWHGRULI\RXDUHFURVVLQJD
OHYHOUDLOZD\FURVVLQJ\RXPD\
GULYH\RXUYHKLFOHRQWKHSDYHG
SDUWRIWKHKLJKZD\.HHSDVFORVH
DVVDIHO\SRVVLEOHWRWKHULJKWRI
WKHVKRXOGHURUHGJHRIWKH
KLJKZD\DV\RXFDQ
:KHUHDURDGRUKLJKZD\IDOOV
XQGHUWKHDXWKRULW\RID
PXQLFLSDOLW\WKHPXQLFLSDOLW\PXVW
HQDFWDE\ODZIRU$79VWREH
DOORZHGDFFHVVWRWKHURDG,I
WKHUHLVQRE\ODZLQSODFH\RX
FDQQRWGULYHDQ$79RQWKDWURDG
7KHPXQLFLSDOLW\PD\DOVRSDVV
E\ODZVWRGHFLGHZKHUHDQGZKHQ
$79VPD\EHXVHGRQWKHVHORFDO
URDGV
)RUWKRVHURDGVDQGKLJKZD\V
ZKHUH\RXDUHSHUPLWWHGWRGULYH
DQ$79\RXPXVWREH\DOO
OLFHQVLQJDQGRSHUDWLRQDO
UHTXLUHPHQWVDQG\RXUYHKLFOH
PXVWFRQIRUPWRDOOHTXLSPHQW
UHTXLUHPHQWVDVOLVWHGLQWKH
+LJKZD\7UDIILF$FWDQGWKH2II
URDG9HKLFOHV$FW5HPHPEHUWKH
IROORZLQJUXOHV
<RXPXVWKDYHDYDOLG
2QWDULRGULYHU
VOLFHQFH*
0RUKLJKHU
<RXPXVWZHDUDPRWRUF\FOH
KHOPHWZLWKDFKLQVWUDSWKDW
LVVHFXUHO\IDVWHQHG
<RXFDQQRWFDUU\SDVVHQJHUV
RQ\RXUYHKLFOH
<RXPXVWGULYHDWVSHHGOLPLWV
ORZHUWKDQWKRVHSRVWHG
ZKHUHWKHSRVWHGVSHHGLV
NPKRUOHVV\RXPXVW
GULYHNPKRUOHVVZKHUH
WKHSRVWHGVSHHGLVRYHU
NPK\RXPXVWGULYHNPK
RUOHVV
,QJHQHUDO$79VDUHQRWSHUPLWWHG
RQFRQWUROOHGDFFHVVKLJKZD\V
VXFKDVWKHVHULHVKLJKZD\V
DQGPRVWSDUWVRIWKH7UDQV
&DQDGD+LJKZD\EXWDUHDOORZHG
DFFHVVWRKLJKZD\VWR
WKHVHULHVKLJKZD\VDQG
KLJKZD\VZLWKORZWUDIILFYROXPHV
)RUPRUHGHWDLOVDERXWZKLFK
KLJKZD\V$79VPD\GULYHRQ
SOHDVHUHIHUWRWKH+LJKZD\7UDIILF
$FW2QWDULR5HJXODWLRQ
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
2EH\WKHUXOHV
<RXPXVWVWRSLIDSROLFHRIILFHUVLJQDOV\RXWRGR
VR<RXFDQDOVREHVWRSSHGE\DODQGRZQHUZKHQ
\RXDUHGULYLQJRQSULYDWHSURSHUW\,IVLJQDOOHGWR
VWRSE\DQDXWKRUL]HGSHUVRQ\RXPXVWVWRSDQGLI
DVNHGSURSHUO\LGHQWLI\\RXUVHOI
(YHU\RQHZKRGULYHVDQRIIURDGYHKLFOHZLWKRXW
FDUHDQGDWWHQWLRQRUZLWKRXWUHDVRQDEOH
FRQVLGHUDWLRQIRURWKHUSHRSOHDQGSURSHUW\PD\EH
FKDUJHGZLWKFDUHOHVVGULYLQJ2WKHURIIHQFHVVXFK
DVGDQJHURXVGULYLQJDQGDOFRKROUHODWHGRIIHQFHV
DSSO\WRGULYHUVRIRIIURDGYHKLFOHV:KHQ\RX
GULYHDQRIIURDGYHKLFOHRQDSXEOLFURDGWKH
+LJKZD\7UDIILF$FWRIIHQFHVDOVRDSSO\
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
5HSRUWFROOLVLRQVWRWKHSROLFH
<RXPXVWUHSRUWWRWKHSROLFHLPPHGLDWHO\DQ\
FROOLVLRQRQDSXEOLFKLJKZD\WKDWUHVXOWVLQLQMXU\WR
DQ\SHUVRQRUGDPDJHWRSURSHUW\DSSDUHQWO\
H[FHHGLQJ
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
'RQRWGULQNDQGGULYH
,WLVDJDLQVWWKHODZWRGULYHDQRIIURDGYHKLFOH
ZKHQ\RXDUHLPSDLUHGE\DOFRKRORUGUXJV
'ULQNLQJDQGGULYLQJLVDGHDGO\FRPELQDWLRQ
&RQVXPLQJDQ\DPRXQWRIDOFRKROEHIRUH\RXULGH
DIIHFWV\RXUDELOLW\WRPDNHJRRGGHFLVLRQV(YHQ
RQHGULQNFDQUHGXFH\RXUDELOLW\WRFRQFHQWUDWH
DQGUHDFWWRWKLQJVWKDWKDSSHQVXGGHQO\ZKHQ\RX
DUHGULYLQJ:LWKPRUHDOFRKROLQ\RXUEORRG\RX
FRXOGKDYHWURXEOHMXGJLQJGLVWDQFHVDQG\RXU
YLVLRQPD\EHFRPHEOXUUHG)DFWRUVOLNHWLUHGQHVV
\RXUPRRGDQGKRZORQJDJR\RXDWHDQGKRZ
PXFKFDQPDNHDGLIIHUHQFHLQKRZDOFRKRODIIHFWV
\RXUGULYLQJDELOLW\
7KHSROLFHFDQVWRSDQ\GULYHUWRGHWHUPLQHLI
DOFRKRORUGUXJWHVWLQJLVUHTXLUHG7KH\PD\DOVR
GRURDGVLGHVSRWFKHFNV:KHQVWRSSHGE\WKH
SROLFH\RXPD\EHWROGWREORZLQWRDPDFKLQHWKDW
WHVWV\RXUEUHDWKIRUDOFRKRODURDGVLGHVFUHHQLQJ
GHYLFHRUSHUIRUPSK\VLFDOFRRUGLQDWLRQWHVWV,I
\RXIDLORUUHIXVHWRSURYLGHDEUHDWKVDPSOHRUWR
SHUIRUPWKHSK\VLFDOFRRUGLQDWLRQWHVWV\RXZLOOEH
FKDUJHGXQGHUWKH&ULPLQDO&RGH
,IWKHUHDGLQJRQWKHPDFKLQHVKRZV\RXKDYH
EHHQGULQNLQJ\RXPD\EHWDNHQWRDSROLFHVWDWLRQ
IRUDEUHDWKDO\]HUWHVW7KHEUHDWKDO\]HUXVHV\RXU
EUHDWKWRPHDVXUHWKHDPRXQWRIDOFRKROLQ\RXU
EORRGVWUHDP
,I\RXFDQQRWJLYHDEUHDWKVDPSOHRULWLV
LPSUDFWLFDOWRREWDLQDVDPSOHRIEUHDWKWKHSROLFH
RIILFHUFDQUHTXLUH\RXWRSURYLGHDEORRGVDPSOH
LQVWHDG
,IWKHSROLFHEHOLHYHWKDWDGULYHULVLPSDLUHG
EHFDXVHRIWKHFRQVXPSWLRQRIDGUXJRUD
FRPELQDWLRQRIDOFRKRODQGDGUXJWKH\FDQDOVR
UHTXLUHDGULYHUWRVXEPLWWRDQHYDOXDWLRQDQGWKHQ
UHTXLUHDGULYHUWRSURYLGHEORRGRUDOIOXLGRUXULQH
VDPSOHV,I\RXIDLORUUHIXVHWRFRPSO\ZLWKDQ\RI
WKHVHGHPDQGV\RXZLOOEHFKDUJHGXQGHUWKH
&ULPLQDO&RGH
'ULYLQJLPSDLUHGRUZLWKPRUHWKDQPLOOLJUDPVRI
DOFRKROLQPLOOLOLWUHVRIEORRGLVDQRIIHQFH
XQGHUWKH&ULPLQDO&RGH(YHQLI\RXUEORRG
DOFRKROFRQFHQWUDWLRQ%$&LVOHVVWKDQ\RX
FDQVWLOOEHFKDUJHGZLWKLPSDLUHGGULYLQJXQGHUWKH
&ULPLQDO&RGH
<RXZLOOUHFHLYHDQLPPHGLDWHGD\
DGPLQLVWUDWLYHGULYHU
VOLFHQFHVXVSHQVLRQLI%$&LV
PRUHWKDQRULI\RXIDLORUUHIXVHWRSURYLGHD
EUHDWKRUERGLO\IOXLGVDPSOHSHUIRUPDSK\VLFDO
FRRUGLQDWLRQWHVWRUVXEPLWWRDQHYDOXDWLRQ
,I\RXUHJLVWHULQWKHZDUQUDQJHRIWRRQD
URDGVLGHVFUHHQLQJGHYLFH\RXZLOOUHFHLYHDQ
LPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQ)RUDILUVW
RFFXUUHQFH\RXZLOOEHVXVSHQGHGIRUWKUHHGD\V
)RUDVHFRQGRFFXUUHQFHLQDILYH\HDUSHULRG\RX
ZLOOEHLPPHGLDWHO\VXVSHQGHGIRUVHYHQGD\VDQG
\RXPXVWXQGHUJRDUHPHGLDODOFRKROHGXFDWLRQ
SURJUDP)RUDWKLUGRUVXEVHTXHQWWLPHLQDILYH
\HDUSHULRG\RXZLOOEHLPPHGLDWHO\VXVSHQGHGIRU
GD\VDQG\RXPXVWXQGHUJRDUHPHGLDO
DOFRKROWUHDWPHQWSURJUDPDQGKDYHDQLJQLWLRQ
LQWHUORFNFRQGLWLRQSODFHGRQ\RXUOLFHQFHIRUVL[
PRQWKV,I\RXFKRRVHQRWWRLQVWDOODQLJQLWLRQ
LQWHUORFNGHYLFH\RXPXVWQRWGULYHXQWLOWKH
FRQGLWLRQLVUHPRYHGIURP\RXUOLFHQFH
,I\RXDUH\HDUVROGDQGXQGHUDQGKROGDIXOO
FODVVGULYHU
VOLFHQFH\RXPXVWQRWGULYHLI\RX
KDYHEHHQGULQNLQJDOFRKRO<RXUEORRGDOFRKRO
OHYHOPXVWEH]HUR,I\RXDUHFDXJKWGULYLQJZLWK
DOFRKROLQ\RXUEORRG\RXZLOOUHFHLYHDQ
LPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQDWWKH
URDGVLGHIRUKRXUVDQGLIFRQYLFWHG\RXZLOO
IDFHDILQHRIWRDQGDGD\OLFHQFH
VXVSHQVLRQ
'ULYHUVRIDOODJHVLQHLWKHU/HYHO2QHRU/HYHO7ZR
RI2QWDULR
VJUDGXDWHGOLFHQVLQJV\VWHPPXVWDOVR
KDYHDEORRGDOFRKROOHYHORI]HURZKHQGULYLQJ
1HZGULYHUVFDXJKWGULQNLQJDQGGULYLQJZLOOUHFHLYH
DQLPPHGLDWHGULYHU
VOLFHQFHVXVSHQVLRQDWWKH
URDGVLGHIRUKRXUVDQGLIFRQYLFWHGZLOOIDFHD
ILQHRIWRDQGZLOOUHFHLYHDVXVSHQVLRQ
SHULRGDVSHUWKH1RYLFH'ULYHU(VFDODWLQJ
6DQFWLRQVVFKHPH)RUWKHILUVWRFFXUUHQFH\RX
ZLOOEHVXVSHQGHGIRUGD\V)RUWKHVHFRQG
RFFXUUHQFHLQDILYH\HDUSHULRG\RXEH
VXVSHQGHGIRUGD\V)RUWKHWKLUGRFFXUUHQFHLQ
DILYH\HDUSHULRGWKHQRYLFHSRUWLRQRI\RXU
GULYHU
VOLFHQFHZLOOEHFDQFHOOHGDQG\RXPXVW
UHDSSO\IRUD*OLFHQFH
1RYLFHGULYHUVZLOODOVREHFKDUJHGXQGHUWKH
&ULPLQDO&RGHLIWKHLU%$&H[FHHGVDQGZLOOEH
LVVXHGDZDUQUDQJHVXVSHQVLRQLIWKH\UHJLVWHUD
%$&IURPWR
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
'UXJV
$Q\GUXJWKDWFKDQJHV\RXUPRRGRUWKHZD\\RX
VHHDQGIHHODERXWWKHZRUOGDURXQG\RXZLOODIIHFW
WKHZD\\RXGULYH&ULPLQDO&RGHDQG+7$
VDQFWLRQVDSSO\WRGULYHUVLPSDLUHGE\DOFRKRORUD
GUXJ
,QFLUFXPVWDQFHVLQYROYLQJSRVVLEOHLPSDLUPHQWE\
DGUXJRUDFRPELQDWLRQRIDOFRKRODQGDGUXJ
SROLFHFDQUHTXLUHDGULYHUWRSHUIRUPSK\VLFDOFR
RUGLQDWLRQWHVWVDQGWRVXEPLWWRDQHYDOXDWLRQDQG
WKHQUHTXLUHDGULYHUWRSURYLGHEORRGRUDOIOXLGRU
XULQHVDPSOHV,I\RXIDLORUUHIXVHWRFRPSO\ZLWK
DQ\RIWKHVHGHPDQGV\RXZLOOEHFKDUJHGXQGHU
WKH&ULPLQDO&RGH<RXZLOODOVRUHFHLYHDQ
LPPHGLDWHGD\DGPLQLVWUDWLYHGULYHU
VOLFHQFH
VXVSHQVLRQ
,OOHJDOGUXJVVXFKDVPDULMXDQDDQGFRFDLQHDUH
QRWWKHRQO\SUREOHP6RPHGUXJVWKDW\RXUGRFWRU
PD\SUHVFULEHIRU\RXDQGVRPHRYHUWKHFRXQWHU
GUXJVFDQDOVRLPSDLU\RXUGULYLQJ+HUHDUHVRPH
SRLQWV\RXVKRXOGUHPHPEHU
,I\RXXVHSUHVFULSWLRQPHGLFLQHVRUJHWDOOHUJ\
VKRWVDVN\RXUGRFWRUDERXWVLGHHIIHFWVVXFKDV
GL]]LQHVVEOXUUHGYLVLRQQDXVHDRUGURZVLQHVV
WKDWFRXOGDIIHFW\RXUGULYLQJ
5HDGWKHLQIRUPDWLRQRQWKHSDFNDJHRIDQ\
RYHUWKHFRXQWHUPHGLFLQH\RXWDNH$Q\
VWLPXODQWGLHWSLOOWUDQTXLOOL]HURUVHGDWLYHPD\
DIIHFW\RXUGULYLQJ(YHQDOOHUJ\DQGFROG
UHPHGLHVPD\KDYHLQJUHGLHQWVWKDWFRXOGDIIHFW
\RXUGULYLQJ
'UXJVDQGDQ\DPRXQWRIDOFRKROWRJHWKHUFDQ
KDYHGDQJHURXVHIIHFWVHYHQVHYHUDOGD\VDIWHU
\RXKDYHWDNHQWKHGUXJ'RQRWWDNHDFKDQFH
DVN\RXUGRFWRURUSKDUPDFLVW
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
'RQRWFDUU\SDVVHQJHUV
'RQRWFDUU\SDVVHQJHUVRQDQRIIURDGYHKLFOH
GHVLJQHGIRURQHSHUVRQ&DUU\LQJSDVVHQJHUV
FKDQJHVWKHZHLJKWGLVWULEXWLRQRIWKHYHKLFOHDQG
OLPLWV\RXUDELOLW\WRVKLIWSRVLWLRQRQWKHYHKLFOHIRU
FRQWURODQGVWDELOLW\
,,6DIHDQGUHVSRQVLEOHRII
URDGYHKLFOHGULYLQJ
3UDFWLFHVDIHGULYLQJVNLOOV
'ULYLQJDQRIIURDGYHKLFOHLVGLIIHUHQWWKDQGULYLQJ
DQ\RWKHUW\SHRIYHKLFOHDQGWDNHVPRUHVNLOOWKDQ
\RXPLJKWWKLQN%HVXUHWRUHDG\RXURZQHU
V
PDQXDOEHIRUH\RXEHJLQWRGULYH
,I\RXDUHDEHJLQQHUSUDFWLVHGULYLQJ\RXUYHKLFOH
LQDQRSHQDUHDWKDWLVIUHHRIREVWDFOHVXQWLO\RX
EHFRPHVNLOOHGDWKDQGOLQJLW&KRRVHJURXQGWKDW
LVXQLIRUPHLWKHUGLUWVDQGRUVQRZ$YRLGSDYHG
VXUIDFHVZKHQGULYLQJDQRIIURDGYHKLFOH$79V
DUHGHVLJQHGIRURIIURDGXVHDQGDUHPRUHGLIILFXOW
WRPDQRHXYUHRQSDYHGVXUIDFHV:KHQGULYLQJ
NHHSERWKIHHWRQWKHIRRWUHVWVDWDOOWLPHV'RQRW
WU\WRVWDELOL]HDWLSSLQJYHKLFOHE\SXWWLQJ\RXUIRRW
GRZQ<RXFRXOGUXQRYHU\RXUIRRWRUOHJ
%HH[WUHPHO\FDUHIXOGULYLQJWKURXJKZDWHU'ULYLQJ
IDVWDFURVVXQNQRZQZDWHULVGDQJHURXV+LGGHQ
URFNVRUKROHVFRXOGWKURZ\RXRIIWKHYHKLFOHDQG
FDXVHVHULRXVLQMXU\RUGURZQLQJ)LUVWFKHFNWKDW
WKHZDWHULVQRWWRRGHHS'ULYHVORZO\DQG
FDUHIXOO\VR\RXFDQVWHHUDURXQGURFNVDQGRWKHU
REVWDFOHV
$OZD\VXVHDIODJPDVWZKHQGULYLQJLQGXQHVDQG
KLOOV5HPHPEHUWKDW\RXQHHGDUXQQLQJVWDUWWR
FOLPEPRVWKLOOV%HH[WUDFDXWLRXVZKHQGULYLQJ
DPRQJSHGHVWULDQVKRUVHEDFNULGHUVVXQEDWKHUV
RUELF\FOLVWV
5HDGWKH6QRZPRELOHU
V&RGHRI(WKLFVDQGIROORZ
LWZKHQGULYLQJ\RXURIIURDGYHKLFOH
,,2IIURDGYHKLFOHV
&KDSWHU6XPPDU\
%\WKHHQGRIWKLVVHFWLRQ\RXVKRXOGNQRZ
7KHOLFHQVLQJUHTXLUHPHQWVWRRSHUDWHDQRII
URDGYHKLFOHRQURDGVDQGWUDLOV
7KHLPSRUWDQFHRIFKHFNLQJ\RXURIIURDG
YHKLFOHSUHSDULQJIRUWULSVDQGZHDULQJSURSHU
SURWHFWLYHJHDU
:KHUH\RXFDQDQGFDQQRWGULYH\RXURIIURDG
YHKLFOH
7KHGDQJHUVRIDOFRKRODQGGULYLQJDQRIIURDG
YHKLFOH