2UJDQL]DWLRQIRU6HFXULW\DQG&RRSHUDWLRQLQ(XURSH

0LVVLRQWR%RVQLDDQG+HU]HJRYLQD
 $*5((0(172168%5(*,21$/$506&21752/

*XLGHG E\ WKH *HQHUDO )UDPHZRUN $JUHHPHQW IRU 3HDFH LQ %RVQLD DQG +HU]HJRYLQD $QQH[ %
$JUHHPHQWRQ5HJLRQDO6WDELOLVDWLRQ$UWLFOH,9VLJQHGLQ3DULVRQ'HFHPEHUDQGKDYLQJHQJDJHGLQ
QHJRWLDWLRQVXQGHUWKHDXVSLFHVRIWKH2UJDQLVDWLRQIRU6HFXULW\DQG&RRSHUDWLRQLQ(XURSHKHUHLQDIWHUWKH
26&(LQ9LHQQDIURP-DQXDU\

%RVQLDDQG+HU]HJRYLQDWKH5HSXEOLFRI&URDWLDWKH)HGHUDO5HSXEOLFRI<XJRVODYLDWKH)HGHUDWLRQ
RI%RVQLDDQG+HU]HJRYLQDDQGWKH5HSXEOLND6USVNDKHUHLQDIWHUIRUWKHSXUSRVHVRIWKLV$JUHHPHQWUHIHUUHG
WRDVWKH3DUWLHV

5HFDOOLQJ WKH DJUHHPHQW RI WKH 3DUWLHV DV VHW IRUWK LQ $UWLFOH , $QQH[ % $JUHHPHQW RQ 5HJLRQDO
6WDELOLVDWLRQ WKDW HVWDEOLVKPHQW RI  PHDVXUHV IRU UHJLRQDO VWDELOLW\ DQG DUPV FRQWURO LV HVVHQWLDO WR FUHDWLQJ D
VWDEOHSHDFHLQWKHUHJLRQ

&RPPLWWHGWRWKHREMHFWLYHRIHVWDEOLVKLQJQHZIRUPVRIFRRSHUDWLRQLQWKHILHOGRIVHFXULW\DLPHGDW
EXLOGLQJ WUDQVSDUHQF\ DQG FRQILGHQFH DQG DFKLHYLQJ EDODQFHG DQG VWDEOH GHIHQFH IRUFH OHYHOV DW WKH ORZHVW
QXPEHUVFRQVLVWHQWZLWKWKH3DUWLHV
UHVSHFWLYHVHFXULW\DQGWKHQHHGWRDYRLGDQDUPVUDFHLQWKHUHJLRQ

&RQVFLRXV RI WKH FRPPRQ UHVSRQVLELOLW\ RI WKH 3DUWLHV IRU VHHNLQJ WR DFKLHYH JUHDWHU VWDELOLW\ DQG
VHFXULW\LQWKHUHJLRQ

+DYHDJUHHGDVIROORZV

$57,&/(,

(DFK3DUW\VKDOOFDUU\RXWWKHREOLJDWLRQVLQDFFRUGDQFHZLWKSURYLVLRQVVHWIRUWKLQWKLV$JUHHPHQWUHODWLQJ
WRWKHDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWEDWWOHWDQNVDUPRXUHGFRPEDWYHKLFOHVDUWLOOHU\FRPEDWDLUFUDIW
DQGDWWDFNKHOLFRSWHUV

(DFK3DUW\DOVRVKDOOFDUU\RXWWKHRWKHUREOLJDWLRQVVHWIRUWKLQWKLV$JUHHPHQW

  7KH 3DUWLHV DIILUP WKDW QRWKLQJ FRQWDLQHG LQ WKLV $JUHHPHQW RU LWV 3URWRFROV VKDOO EH LQWHUSUHWHG RU
XQGHUVWRRG WR DOWHU FKDQJH DPHQG RU RWKHUZLVH PRGLI\ DQ\ RI WKH FRQGLWLRQV SURYLVLRQV FRPPLWPHQWV
UHVSRQVLELOLWLHV RU REOLJDWLRQV RI WKH 3DUWLHV FRQWDLQHG LQ WKH *HQHUDO )UDPHZRUN $JUHHPHQW IRU 3HDFH LQ
%RVQLDDQG+HU]HJRYLQD

  7KLV $JUHHPHQW LQFRUSRUDWHV WKH 3URWRFRO RQ 5HGXFWLRQ WKH 3URWRFRO RQ 3URFHGXUHV *RYHUQLQJ WKH
5HFODVVLILFDWLRQ RI 6SHFLILF 0RGHOV RU 9HUVLRQV RI &RPEDW&DSDEOH 7UDLQHU $LUFUDIW ,QWR 8QDUPHG 7UDLQHU
$LUFUDIW KHUHLQDIWHU UHIHUUHG WR DV WKH 3URWRFRO RQ $LUFUDIW 5HFODVVLILFDWLRQ WKH 3URWRFRO RQ ([FKDQJH RI
,QIRUPDWLRQDQG1RWLILFDWLRQVKHUHLQDIWHUUHIHUUHGWRDVWKH3URWRFRORQ,QIRUPDWLRQ([FKDQJHWKH3URWRFRORQ
([LVWLQJ 7\SHV RI  $UPDPHQWV KHUHLQDIWHU UHIHUUHG WR DV WKH 3URWRFRO RQ ([LVWLQJ 7\SHV WKH 3URWRFRO RQ
,QVSHFWLRQWKH3URWRFRORQ7KH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQ(DFKRIWKHVHGRFXPHQWVFRQVWLWXWHV
DQLQWHJUDOSDUWRIWKLV$JUHHPHQW

$57,&/(,,

)RUWKHSXUSRVHVRIWKLV$JUHHPHQW

7KHWHUPDUHDRIDSSOLFDWLRQPHDQVWKHHQWLUHODQGWHUULWRU\RIWKH3DUWLHVZLWKLQ%RVQLDDQG+HU]HJRYLQD
WKH5HSXEOLFRI&URDWLDDQGWKH)HGHUDO5HSXEOLFRI<XJRVODYLD

  7KH WHUP DUPDPHQWV OLPLWHG E\ WKH $JUHHPHQW PHDQV EDWWOH WDQNV DUPRXUHG FRPEDW YHKLFOHV DUWLOOHU\
FRPEDW DLUFUDIW DQG DWWDFN KHOLFRSWHUV VXEMHFW WR WKH QXPHULFDO OLPLWDWLRQV VHW IRUWK LQ $UWLFOH ,9 RI WKLV
$JUHHPHQW

  7KH WHUP EDWWOH WDQN PHDQV D VHOISURSHOOHG DUPRXUHG ILJKWLQJ YHKLFOH FDSDEOH RI KHDY\ ILUHSRZHU
SULPDULO\RIDKLJKPX]]OHYHORFLW\GLUHFWILUHPDLQJXQQHFHVVDU\WRHQJDJHDUPRXUHGDQGRWKHUWDUJHWVZLWK


KLJK FURVVFRXQWU\ PRELOLW\ ZLWK D KLJK OHYHO RI VHOISURWHFWLRQ DQG ZKLFK LV QRW GHVLJQHG DQG HTXLSSHG
SULPDULO\WRWUDQVSRUWFRPEDWWURRSV6XFKDUPRXUHGYHKLFOHVVHUYHDVWKHSULQFLSDOZHDSRQV\VWHPRIJURXQG
IRUFHWDQNDQGRWKHUDUPRXUHGIRUPDWLRQV

%DWWOH WDQNV DUH WUDFNHG DUPRXUHG ILJKWLQJ YHKLFOHV ZKLFK ZHLJK DW OHDVW  PHWULF WRQQHV XQODGHQ
ZHLJKW DQG ZKLFK DUH DUPHG ZLWK D GHJUHH WUDYHUVH JXQ RI DW OHDVW  PLOOLPHWUHV FDOLEUH  ,Q
DGGLWLRQDQ\ZKHHOHGDUPRXUHGILJKWLQJYHKLFOHVHQWHULQJLQWRVHUYLFHZKLFKPHHWDOOWKHRWKHUFULWHULD
VWDWHGDERYHVKDOODOVREHGHHPHGEDWWOHWDQNV

  7KH WHUP DUPRXUHG FRPEDW YHKLFOH PHDQV D VHOISURSHOOHG YHKLFOH ZLWK DUPRXUHG SURWHFWLRQ DQG FURVV
FRXQWU\FDSDELOLW\$UPRXUHGFRPEDWYHKLFOHVLQFOXGHDUPRXUHGSHUVRQQHOFDUULHUVDUPRXUHGLQIDQWU\ILJKWLQJ
YHKLFOHVDQGKHDY\DUPDPHQWFRPEDWYHKLFOHV

7KH WHUP DUPRXUHG SHUVRQQHO FDUULHU PHDQV DQ DUPRXUHG FRPEDW YHKLFOH ZKLFK LV GHVLJQHG DQG
HTXLSSHGWRWUDQVSRUWDFRPEDWLQIDQWU\VTXDGDQGZKLFKDVDUXOHLVDUPHGZLWKDQLQWHJUDORURUJDQLF
ZHDSRQRIOHVVWKDQPLOOLPHWUHVFDOLEUH

7KHWHUPDUPRXUHGLQIDQWU\ILJKWLQJYHKLFOHPHDQVDQDUPRXUHGFRPEDWYHKLFOHZKLFKLVGHVLJQHG
DQGHTXLSSHGSULPDULO\WRWUDQVSRUWDFRPEDWLQIDQWU\VTXDGZKLFKQRUPDOO\SURYLGHVWKHFDSDELOLW\
IRU WKH WURRSV WR GHOLYHU ILUH IURP LQVLGH WKH YHKLFOH XQGHU DUPRXUHG SURWHFWLRQ DQG ZKLFK LV DUPHG
ZLWKDQLQWHJUDORURUJDQLFFDQQRQRIDWOHDVWPLOOLPHWUHVFDOLEUHDQGVRPHWLPHVDQDQWLWDQNPLVVLOH
ODXQFKHU  $UPRXUHG LQIDQWU\ ILJKWLQJ YHKLFOHV VHUYH DV WKH SULQFLSDO ZHDSRQ V\VWHP RI DUPRXUHG
LQIDQWU\RUPHFKDQLVHGLQIDQWU\RUPRWRULVHGLQIDQWU\IRUPDWLRQVDQGXQLWVRIIRUFHV

7KHWHUPKHDY\ DUPDPHQW FRPEDW YHKLFOHV PHDQV DQ DUPRXUHG FRPEDW YHKLFOH ZLWK DQ LQWHJUDO RU
RUJDQLFGLUHFWILUHJXQRIDWOHDVWPLOOLPHWUHVFDOLEUHZHLJKLQJDWOHDVWPHWULFWRQQHVXQODGHQ
ZHLJKW ZKLFK GRHV QRW IDOO ZLWKLQ WKH GHILQLWLRQV RI DQ DUPRXUHG SHUVRQQHO FDUULHU RU DQ DUPRXUHG
LQIDQWU\ILJKWLQJYHKLFOHRUDEDWWOHWDQN

7KHWHUPXQODGHQZHLJKWPHDQVWKHZHLJKWRIDYHKLFOHH[FOXGLQJWKHZHLJKWRIDPPXQLWLRQIXHORLODQG
OXEULFDQWVUHPRYDEOHUHDFWLYHDUPRXUVSDUHSDUWVWRROVDQGDFFHVVRULHVUHPRYDEOHVQRUNHOOLQJHTXLSPHQWDQG
FUHZDQGWKHLUSHUVRQDONLW

7KHWHUPVDUPRXUHGSHUVRQQHOFDUULHUORRNDOLNHDQGDUPRXUHGLQIDQWU\ILJKWLQJYHKLFOHORRNDOLNHPHDQ
DQDUPRXUHGYHKLFOHEDVHGRQWKHVDPHFKDVVLVDVDQGH[WHUQDOO\VLPLODUWRDQDUPRXUHGSHUVRQQHOFDUULHURU
DUPRXUHGLQIDQWU\ILJKWLQJYHKLFOHUHVSHFWLYHO\ZKLFKGRHVQRWKDYHDFDQQRQRUJXQRIPLOOLPHWUHVFDOLEUH
RUJUHDWHUDQGZKLFKKDVEHHQFRQVWUXFWHGRUPRGLILHGLQVXFKDZD\DVQRWWRSHUPLW WKH WUDQVSRUWDWLRQ RI D
FRPEDWLQIDQWU\VTXDG7DNLQJLQWRDFFRXQWWKHSURYLVLRQVRIWKH*HQHYD&RQYHQWLRQ)RUWKH$PHOLRUDWLRQRI
WKH&RQGLWLRQVRIWKH:RXQGHGDQG6LFNLQ$UPHG)RUFHVLQWKH)LHOGRI$XJXVWWKDWFRQIHUDVSHFLDO
VWDWXVRQDPEXODQFHVDUPRXUHGSHUVRQQHOFDUULHUDPEXODQFHVVKDOOQRWEHGHHPHGDUPRXUHGFRPEDWYHKLFOHVRU
DUPRXUHGSHUVRQQHOFDUULHUORRNDOLNHV

7KHWHUPDUWLOOHU\PHDQVODUJHFDOLEUHV\VWHPVFDSDEOHRIHQJDJLQJJURXQGWDUJHWVE\GHOLYHULQJSULPDULO\
LQGLUHFW ILUH  6XFK DUWLOOHU\ V\VWHPV SURYLGH WKH HVVHQWLDO LQGLUHFW ILUH VXSSRUW WR FRPELQHG DUPV IRUPDWLRQV
/DUJH FDOLEUH DUWLOOHU\ V\VWHPV DUH JXQV KRZLW]HUV DUWLOOHU\ SLHFHV FRPELQLQJ WKH FKDUDFWHULVWLFV RI JXQV DQG
KRZLW]HUVPRUWDUVDQGPXOWLSOHODXQFKURFNHWV\VWHPVZLWKDFDOLEUHRIPLOOLPHWUHVDQGDERYH,QDGGLWLRQ
DQ\ IXWXUH ODUJH FDOLEUH GLUHFW ILUH V\VWHP ZKLFK KDV D VHFRQGDU\ HIIHFWLYH LQGLUHFW ILUH FDSDELOLW\ VKDOO EH
FRXQWHGDJDLQVWWKHDUWLOOHU\FHLOLQJV  )RU WKH SXUSRVHV RI WKLV $JUHHPHQW DUWLOOHU\ VKDOO DOVR LQFOXGH WKRVH
V\VWHPVZLWKDFDOLEUHOHVVWKDQPLOOLPHWUHVEXWJUHDWHUWKDQPLOOLPHWUHVOLVWHGLQ6HFWLRQ,SDUDJUDSK
RIWKH3URWRFRORQ([LVWLQJ7\SHV

7KHWHUPFRPEDWDLUFUDIWPHDQVDIL[HGZLQJRUYDULDEOHJHRPHWU\ZLQJDLUFUDIWDUPHGDQGHTXLSSHGWR
HQJDJH WDUJHWV E\ HPSOR\LQJ JXLGHG PLVVLOHV XQJXLGHG URFNHWV ERPEV JXQV FDQQRQV RU RWKHU ZHDSRQV RI
GHVWUXFWLRQDVZHOODVDQ\PRGHORUYHUVLRQRIVXFKDQDLUFUDIWZKLFKSHUIRUPVRWKHUPLOLWDU\IXQFWLRQVVXFKDV
UHFRQQDLVVDQFHRUHOHFWURQLFZDUIDUH7KHWHUPFRPEDWDLUFUDIWGRHVQRWLQFOXGHSULPDU\WUDLQHUDLUFUDIW

  7KH WHUP FRPEDW KHOLFRSWHU PHDQV D URWDU\ ZLQJ DLUFUDIW DUPHG DQG HTXLSSHG WR HQJDJH WDUJHWV RU
HTXLSSHGWRSHUIRUPRWKHUPLOLWDU\IXQFWLRQV7KHWHUPFRPEDWKHOLFRSWHUFRPSULVHVDWWDFNKHOLFRSWHUVDQG
FRPEDWVXSSRUWKHOLFRSWHUV7KHWHUPFRPEDWKHOLFRSWHUGRHVQRWLQFOXGHXQDUPHGWUDQVSRUWKHOLFRSWHUV


7KHWHUPDWWDFNKHOLFRSWHUPHDQVDFRPEDWKHOLFRSWHUHTXLSSHGWRHPSOR\DQWLDUPRXUDLUWRJURXQGRU
DLUWRDLUJXLGHGZHDSRQVDQGHTXLSSHGZLWKDQLQWHJUDWHGILUHFRQWURODQGDLPLQJV\VWHPIRUWKHVH ZHDSRQV
7KHWHUPDWWDFNKHOLFRSWHUFRPSULVHVVSHFLDOLVHGDWWDFNKHOLFRSWHUVDQGPXOWLSXUSRVHDWWDFNKHOLFRSWHUV

  7KH WHUP VSHFLDOLVHG DWWDFN KHOLFRSWHU PHDQV DQ DWWDFN KHOLFRSWHU WKDW LV GHVLJQHG SULPDULO\ WR HPSOR\
JXLGHGZHDSRQV

  7KH WHUP PXOWLSXUSRVH DWWDFN KHOLFRSWHU PHDQV DQ DWWDFN KHOLFRSWHU GHVLJQHG WR SHUIRUP PXOWLSOH
PLOLWDU\IXQFWLRQVDQGHTXLSSHGWRHPSOR\JXLGHGZHDSRQV

7KHWHUPFRPEDWVXSSRUWKHOLFRSWHUPHDQVDFRPEDWKHOLFRSWHUZKLFKGRHVQRWIXOILOWKHUHTXLUHPHQWVWR
TXDOLI\DVDQDWWDFNKHOLFRSWHUDQGZKLFKPD\EHHTXLSSHGZLWKDYDULHW\RIVHOIGHIHQFHDQGDUHDVXSSUHVVLRQ
ZHDSRQVVXFKDVJXQVFDQQRQVDQGXQJXLGHGURFNHWVERPEVRUFOXVWHUERPEVRUZKLFKPD\EHHTXLSSHGWR
SHUIRUPRWKHUPLOLWDU\IXQFWLRQV

7KHWHUPUHGXFWLRQVLWHPHDQVDFOHDUO\GHVLJQDWHGORFDWLRQZKHUHWKHUHGXFWLRQRIDUPDPHQWVOLPLWHGE\
WKH$JUHHPHQWZLOOWDNHSODFH

7KHWHUPUHGXFWLRQOLDELOLW\PHDQVWKHQXPEHULQHDFKFDWHJRU\RIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQW
WKDWD3DUW\FRPPLWVLWVHOIWRUHGXFHGXULQJWKHSHULRGRIPRQWKVIROORZLQJ-XO\LQRUGHUWRHQVXUH
FRPSOLDQFHZLWK$UWLFOH,9

  7KH WHUP 3HUVRQDO 5HSUHVHQWDWLYH PHDQV WKH 3HUVRQDO 5HSUHVHQWDWLYH RI WKH &KDLUPDQLQ2IILFH RI WKH
26&( RU KLVKHU GHVLJQDWHG DJHQWV ZKR LV GHVLJQDWHG E\ WKH &KDLUPDQLQ2IILFH LQ FRQVXOWDWLRQ ZLWK WKH
3DUWLHVLQRUGHUWRDVVLVWWKH3DUWLHVLQWKHLPSOHPHQWDWLRQRIWKLV$JUHHPHQW

7KHWHUPDUPHGIRUFHVPHDQVDOORUJDQLVDWLRQVZKLFKSRVVHVVDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWRWKHU
WKDQWKRVHGHVLJQHGDQGVWUXFWXUHGWRSHUIRUPSHDFHWLPHLQWHUQDOVHFXULW\IXQFWLRQV

7KHWHUPH[SRUWVLWHPHDQVDGHVLJQDWHGORFDWLRQDWZKLFKDUPDPHQWVDUHSUHSDUHGIRUH[SRUWDQGIURP
ZKLFKWKH\DUHVKLSSHGWRDORFDWLRQRXWVLGHWKHWHUULWRU\RIWKHH[SRUWLQJ3DUW\

$57,&/(,,,

)RUWKHSXUSRVHVRIWKLV$JUHHPHQWWKH3DUWLHVVKDOODSSO\WKHIROORZLQJFRXQWLQJUXOHV

$OOEDWWOHWDQNVDUPRXUHGFRPEDWYHKLFOHVDUWLOOHU\FRPEDWDLUFUDIWDQGDWWDFNKHOLFRSWHUVDVGHILQHGLQ$UWLFOH
,,DQGHLWKHULQWKHSRVVHVVLRQRIRUEHORQJLQJWRWKH3DUWLHVZLWKLQWKHDUHDRIDSSOLFDWLRQVKDOOEHVXEMHFWWRWKH
QXPHULFDOOLPLWDWLRQVDQGRWKHUSURYLVLRQVVHWIRUWKLQ$UWLFOH,9ZLWKWKHH[FHSWLRQRIWKRVHZKLFKLQDPDQQHU
FRQVLVWHQWZLWKD3DUW\
VQRUPDOSUDFWLFHV

DDUHLQWKHSURFHVVRIPDQXIDFWXUHLQFOXGLQJPDQXIDFWXULQJUHODWHGWHVWLQJ

EDUHXVHGH[FOXVLYHO\IRUWKHSXUSRVHVRIUHVHDUFKDQGGHYHORSPHQW

FEHORQJWRKLVWRULFDOFROOHFWLRQV

GDUHDZDLWLQJGLVSRVDOKDYLQJEHHQGHFRPPLVVLRQHGIURPVHUYLFHLQDFFRUGDQFHZLWKWKHSURYLVLRQV
RI$UWLFOH9,,

HDUHDZDLWLQJRUDUHEHLQJUHIXUELVKHGIRUH[SRUWRUUHH[SRUWDQGDUHWHPSRUDULO\UHWDLQHGZLWKLQ
WKH DUHD RI DSSOLFDWLRQ  6XFK EDWWOH WDQNV DUPRXUHG FRPEDW YHKLFOHV DUWLOOHU\ FRPEDW DLUFUDIW DQG DWWDFN
KHOLFRSWHUVVKDOOEHORFDWHGHOVHZKHUHWKDQDWVLWHV GHFODUHG XQGHU WKH WHUPV RI 6HFWLRQ ,,, RI WKH 3URWRFRO RQ
,QIRUPDWLRQ([FKDQJHRUDWQRPRUHWKDQVXFKGHFODUHGVLWHVZKLFKVKDOOKDYHEHHQQRWLILHGLQWKHSUHYLRXV
\HDU
VDQQXDOLQIRUPDWLRQH[FKDQJH,QWKHODWWHUFDVHWKH\VKDOOEHVHSDUDWHO\GLVWLQJXLVKDEOHIURPDUPDPHQWV
OLPLWHGE\WKH$JUHHPHQW
I  DUH LQ WKH FDVH RI DUPRXUHG SHUVRQQHO FDUULHUV DUPRXUHG LQIDQWU\ ILJWKWLQJ YHKLFOHV KHDY\
DUPDPHQWFRPEDWYHKLFOHVRUPXOWLSXUSRVHDWWDFNKHOLFRSWHUVKHOGE\RUJDQLVDWLRQVGHVLJQHGDQGVWUXFWXUHGWR
SHUIRUPLQSHDFHWLPHLQWHUQDOVHFXULW\IXQFWLRQVRU


 JDUHLQWUDQVLWWKURXJKWKHDUHDRIDSSOLFDWLRQIURPDORFDWLRQRXWVLGHWKHDUHDRIDSSOLFDWLRQWRDILQDO
GHVWLQDWLRQRXWVLGHWKHDUHDRIDSSOLFDWLRQDQGDUHLQWKHDUHDRIDSSOLFDWLRQIRUQRORQJHUWKDQDWRWDORIVHYHQ
GD\V

  ,I LQ UHVSHFW RI DQ\ VXFK EDWWOH WDQNV DUPRXUHG FRPEDW YHKLFOHV DUWLOOHU\ FRPEDW DLUFUDIW RU DWWDFN
KHOLFRSWHUVWKHQRWLILFDWLRQRIZKLFKLVUHTXLUHGXQGHU6HFWLRQ,9RIWKH3URWRFRORQ,QIRUPDWLRQ([FKDQJHD
3DUW\ QRWLILHV DQ XQXVXDOO\ KLJK QXPEHU LQ PRUH WKDQ WZR VXFFHVVLYH DQQXDO LQIRUPDWLRQ H[FKDQJHV LW VKDOO
H[SODLQWKHUHDVRQVLQWKH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQLIVRUHTXHVWHG

$57,&/(,9

6(&7,21,/,0,7$7,21621$50$0(176

,QUHFRJQLWLRQRIWKHLPSRUWDQFHRIDFKLHYLQJEDODQFHGDQGVWDEOHGHIHQFHIRUFHOHYHOVDWWKHORZHVWQXPEHUV
FRQVLVWHQW ZLWK WKH UHVSHFWLYH 3DUWLHV
 VHFXULW\ WKH 3DUWLHV DJUHH WKDW WKH HVWDEOLVKPHQW RI D VWDEOH PLOLWDU\
EDODQFHEDVHGRQWKHORZHVWOHYHORIDUPDPHQWVZLOOEHDQHVVHQWLDOHOHPHQWLQWKHHVWDEOLVKPHQWRISHDFHDQG
VHFXULW\DQGWKHEXLOGLQJRIFRQILGHQFH

  $OO EDWWOH WDQNV DUPRXUHG FRPEDW YHKLFOHV DUWLOOHU\ FRPEDW DLUFUDIW DQG DWWDFN KHOLFRSWHUV DV GHILQHG LQ
$UWLFOH,,ZLWKLQWKHDUHDRIDSSOLFDWLRQDQGLQWKHSRVVHVVLRQRIRUEHORQJLQJWRWKH3DUWLHVVKDOOEHVXEMHFWWR
WKHQXPHULFDOOLPLWDWLRQVDQGRWKHUSURYLVLRQVRIWKLV$UWLFOHH[FHSWDVSURYLGHGIRULQ$UWLFOHV,,,9,,DQG;,

:LWKLQWKHDUHDRIDSSOLFDWLRQDVGHILQHGLQ$UWLFOH,,HDFK3DUW\VKDOOOLPLWDQGDVQHFHVVDU\UHGXFHLWV
EDWWOHWDQNVDUPRXUHGFRPEDWYHKLFOHVDUWLOOHU\FRPEDWDLUFUDIWDQGDWWDFNKHOLFRSWHUVVRWKDWPRQWKVIURP
-XO\DQGWKHUHDIWHUWKHDUPDPHQWKROGLQJVRIDQ\LQGLYLGXDO3DUW\GRQRWH[FHHGWKHIROORZLQJFHLOLQJV

7KH)HGHUDO5HSXEOLFRI<XJRVODYLD

EDWWOHWDQNV
DUPRXUHGFRPEDWYHKLFOHV
SLHFHVRIDUWLOOHU\

FRPEDWDLUFUDIWDQG
DWWDFNKHOLFRSWHUV

7KH5HSXEOLFRI&URDWLD

EDWWOHWDQNV
DUPRXUHGFRPEDWYHKLFOHV
SLHFHVRIDUWLOOHU\
FRPEDWDLUFUDIWDQG
DWWDFNKHOLFRSWHUV

%RVQLDDQG+HU]HJRYLQD

EDWWOHWDQNV
DUPRXUHGFRPEDWYHKLFOHV
SLHFHVRIDUWLOOHU\
FRPEDWDLUFUDIWDQG
DWWDFNKHOLFRSWHUV

RIZKLFK

7KH)HGHUDWLRQRI%RVQLDDQG+HU]HJRYLQD

EDWWOHWDQNV
DUPRXUHGFRPEDWYHKLFOHV
SLHFHVRIDUWLOOHU\
FRPEDWDLUFUDIWDQG
DWWDFNKHOLFRSWHUV


 7KH5HSXEOLND6USVND

EDWWOHWDQNV
DUPRXUHGFRPEDWYHKLFOHV
SLHFHVRIDUWLOOHU\
FRPEDWDLUFUDIWDQG
DWWDFNKHOLFRSWHUV

$57,&/(9

7KHQXPHULFDOOLPLWVRQDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWDVVHWIRUWKLQ$UWLFOH,9RIWKLV$JUHHPHQW
VKDOO EH DFKLHYHG RQO\ E\ PHDQV RI UHGXFWLRQ LQ DFFRUGDQFH ZLWK WKH 3URWRFRO RQ 5HGXFWLRQ WKH 3URWRFRO RQ
$LUFUDIW5HFODVVLILFDWLRQRUE\H[SRUWLQDFFRUGDQFHZLWK$UWLFOH9,RIWKLV$JUHHPHQW7KH3DUWLHVVKDOOKDYH
WKHULJKWWRLPSOHPHQWDOOWKHSURFHGXUHVRIWKHUHGXFWLRQRIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWLQDFFRUGDQFH
ZLWK WKH 3URWRFRO RQ 5HGXFWLRQ RU WKH 3URWRFRO RQ 3URFHGXUHV *RYHUQLQJ WKH 5HGXFWLRQ RI &RQYHQWLRQDO
$UPDPHQWVDQG(TXLSPHQW/LPLWHGE\WKH7UHDW\RQ&RQYHQWLRQDO$UPHG)RUFHVLQ(XURSH

7KHFDWHJRULHVRIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWVXEMHFWWRUHGXFWLRQDUHEDWWOHWDQNVDUPRXUHGFRPEDW
YHKLFOHV DUWLOOHU\ FRPEDW DLUFUDIW DQG DWWDFN KHOLFRSWHUV  7KH VSHFLILF W\SHV DUH OLVWHG LQ WKH 3URWRFRO RQ
([LVWLQJ7\SHV

D%DWWOHWDQNVDQGDUPRXUHGFRPEDWYHKLFOHVVKDOOEHUHGXFHGE\GHVWUXFWLRQH[SRUWFRQYHUVLRQIRU
QRQPLOLWDU\SXUSRVHVSODFHPHQWRQVWDWLFGLVSOD\RUXVHDVJURXQGWDUJHWV

E$UWLOOHU\VKDOOEHUHGXFHGE\GHVWUXFWLRQH[SRUWRUSODFHPHQWRQVWDWLFGLVSOD\RULQWKHFDVHRI
VHOISURSHOOHGDUWLOOHU\E\XVHDVJURXQGWDUJHWV

F&RPEDWDLUFUDIWVKDOOEHUHGXFHGE\GHVWUXFWLRQH[SRUWSODFHPHQWRQVWDWLFGLVSOD\XVHIRUJURXQG
LQVWUXFWLRQDO SXUSRVHV RU LQ WKH FDVH RI VSHFLILF PRGHOV RU YHUVLRQV RI FRPEDWFDSDEOH WUDLQHU DLUFUDIW
UHFODVVLILFDWLRQLQWRXQDUPHGWUDLQHUDLUFUDIW

G$WWDFNKHOLFRSWHUVVKDOOEHUHGXFHGE\GHVWUXFWLRQH[SRUWSODFHPHQWRQVWDWLFGLVSOD\RUXVHIRU
JURXQGLQVWUXFWLRQDOSXUSRVHV

$UPDPHQWVOLPLWHGE\WKH$JUHHPHQWVKDOOEHGHHPHGWREHUHGXFHGXSRQH[HFXWLRQRIWKHSURFHGXUHVDQG
VDWLVIDFWLRQRIWKHFULWHULDHVWDEOLVKHGLQWKH3URWRFRORQ5HGXFWLRQRULQWKH3URWRFRORQ3URFHGXUHV*RYHUQLQJ
WKH 5HGXFWLRQ RI &RQYHQWLRQDO $UPDPHQWV DQG (TXLSPHQW /LPLWHG E\ WKH 7UHDW\ RQ &RQYHQWLRQDO $UPHG
)RUFHVLQ(XURSHDQGXSRQQRWLILFDWLRQDVUHTXLUHGE\WKLV$JUHHPHQW$UPDPHQWVVRUHGXFHGVKDOOQRORQJHU
EHFRXQWHGDJDLQVWWKHQXPHULFDOOLPLWDWLRQVVHWIRUWKLQ$UWLFOH,9RIWKLV$JUHHPHQW

5HGXFWLRQVVKDOOEHHIIHFWHGLQWZRSKDVHVDQGFRPSOHWHGQRODWHUWKDQPRQWKVDIWHU-XO\7KH
3DUWLHVXQGHUWDNHWRVWDUWWKHSURFHVVRIUHGXFWLRQDVVRRQDVSRVVLEOHDIWHUWKDWGDWHVRWKDW

DE\WKHHQGRIWKHILUVWUHGXFWLRQSKDVHWKDWLVQRODWHUWKDQPRQWKVDIWHU-XO\HDFK3DUW\
VKDOOKDYHHQVXUHGWKDWDWOHDVWWKHIROORZLQJSRUWLRQVRILWVWRWDOUHGXFWLRQOLDELOLW\IRUHDFKRIWKHFDWHJRULHVRI
DUPDPHQWVOLPLWHGE\WKH$JUHHPHQWKDYHEHHQUHGXFHG

SHUFHQWRILWVWRWDOUHGXFWLRQOLDELOLW\IRUDUWLOOHU\
SHUFHQWRILWVWRWDOUHGXFWLRQOLDELOLW\IRUFRPEDWDLUFUDIW
SHUFHQWRILWVWRWDOUHGXFWLRQOLDELOLW\IRUDWWDFNKHOLFRSWHUV
SHUFHQWRILWVWRWDOUHGXFWLRQOLDELOLW\IRUWDQNVDQG
SHUFHQWRILWVWRWDOUHGXFWLRQOLDELOLW\IRUDUPRXUHGFRPEDWYHKLFOHV

EE\WKHHQGRIWKHVHFRQGUHGXFWLRQSKDVHWKDWLVQRODWHUWKDQPRQWKVDIWHU-XO\HDFK
3DUW\ VKDOO KDYH UHGXFHG LWV WRWDO UHGXFWLRQ OLDELOLW\ LQ HDFK RI WKH FDWHJRULHV RI DUPDPHQWV OLPLWHG E\ WKH
$JUHHPHQW3DUWLHVFDUU\LQJRXWFRQYHUVLRQIRUQRQPLOLWDU\SXUSRVHVVKDOOKDYHHQVXUHGWKDWWKHFRQYHUVLRQRI
DOO EDWWOH WDQNV DQG DUPRXUHG FRPEDW YHKLFOHV LQ DFFRUGDQFH ZLWK 6HFWLRQ 9,,, RI WKH 3URWRFRO RQ 5HGXFWLRQ
VKDOOKDYHEHHQFRPSOHWHGE\WKHHQGRIWKHVHFRQGUHGXFWLRQSKDVH


$UPDPHQWVOLPLWHGE\WKH$JUHHPHQWWREHUHGXFHGVKDOOKDYHEHHQGHFODUHGLQWKH-XQHH[FKDQJH
RILQIRUPDWLRQ

  1R ODWHU WKDQ  GD\V DIWHU VLJQDWXUH RI WKLV $JUHHPHQW HDFK 3DUW\ VKDOO SURYLGH QRWLILFDWLRQ WR DOO RWKHU
3DUWLHVDQGWRWKH3HUVRQDO5HSUHVHQWDWLYHRILWVUHGXFWLRQOLDELOLW\5HGXFWLRQOLDELOLW\LVWKHGLIIHUHQFHEHWZHHQ
D3DUW\
VKROGLQJVQRWLILHGLQWKH-XQHH[FKDQJHRILQIRUPDWLRQDQGLWVFHLOLQJVIRUKROGLQJVVSHFLILHGLQ
$UWLFOH,9RIWKLV$JUHHPHQW

  :LWKLQ WZR PRQWKV DIWHU VLJQDWXUH RI WKLV $JUHHPHQW HDFK 3DUW\ VKDOO QRWLI\ WKH RWKHU 3DUWLHV DQG WKH
3HUVRQDO 5HSUHVHQWDWLYH RI WKH ORFDWLRQV RI LWV UHGXFWLRQ VLWHV ZKHUH UHGXFWLRQ RI DUPDPHQWV OLPLWHG E\ WKH
$JUHHPHQWZLOOEHFDUULHGRXW

5HGXFWLRQRIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWVKDOOEH FDUULHG RXW DW UHGXFWLRQ VLWHV XQOHVV RWKHUZLVH

VSHFLILHGLQWKH3URWRFRORQ5HGXFWLRQ

7KHUHGXFWLRQSURFHVVVKDOOEHVXEMHFWWRLQVSHFWLRQZLWKRXWULJKWRIUHIXVDOLQDFFRUGDQFHZLWKWKH3URWRFRO
RQ,QVSHFWLRQ

$57,&/(9,

7KHQXPHULFDOOLPLWVRQDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWDVVHWIRUWKLQ$UWLFOH,9RIWKLV$JUHHPHQW
VKDOOEHDFKLHYHGRQO\E\WKHSURFHGXUHVJRYHUQLQJUHGXFWLRQLQDFFRUGDQFHZLWKWKH3URWRFRORQ5HGXFWLRQ
WKH3URWRFRORQ$LUFUDIW5HFODVVLILFDWLRQRUE\H[SRUWLQDFFRUGDQFHZLWKWKLV$UWLFOH1RPRUHWKDQSHUFHQW
RIDQ\3DUW\¶VWRWDOUHGXFWLRQOLDELOLW\GXULQJDVLQJOHUHGXFWLRQSKDVHPD\EHDFKLHYHGE\H[SRUW

,QWKHQRWLILFDWLRQRILWVUHGXFWLRQOLDELOLW\LQDFFRUGDQFHZLWK$UWLFOH9RIWKLV$JUHHPHQWHDFK3DUW\VKDOO
LQGLFDWHWKHDSSUR[LPDWHDPRXQWLIDQ\E\ZKLFKLWSODQVWRGHFUHDVHLWVUHGXFWLRQOLDELOLW\WKURXJKWKHH[SRUWRI
DUPDPHQWVOLPLWHGE\WKH$JUHHPHQWLQDFFRUGDQFHZLWKWKLV$UWLFOH

$UPDPHQWVOLPLWHGE\WKH$JUHHPHQWH[SRUWHGDQGFRXQWHGDJDLQVWD3DUW\
VUHGXFWLRQOLDELOLW\VKDOOKDYHEHHQ
QRWLILHGDVEHLQJKHOGE\WKDW3DUW\LQWKH-XQHH[FKDQJHRILQIRUPDWLRQ

 $UPDPHQWV OLPLWHG E\ WKH $JUHHPHQW PXVW EH H[SRUWHG RXWVLGH RI WKH WHUULWRU\ RI WKH 3DUW\  QR ODWHU WKDQ
PRQWKVDIWHU-XO\LQRUGHUWRFRXQWDJDLQVWWKHUHGXFWLRQOLDELOLW\QRWLILHGLQDFFRUGDQFHZLWK$UWLFOH9RI
WKLV$JUHHPHQW$UPDPHQWVOLPLWHGE\WKH$JUHHPHQWZKLFKDUHQRWH[SRUWHGPXVWEHUHGXFHGLQDFFRUGDQFHZLWK
WKH3URWRFRORQ5HGXFWLRQE\WKHHQGRIWKHUHGXFWLRQSHULRG

(DFK3DUW\VKDOOKDYHWKHULJKWWRLQVSHFWZLWKRXWULJKWRIUHIXVDODUPDPHQWVOLPLWHGE\WKH$JUHHPHQWWREH
H[SRUWHGLQDFFRUGDQFHZLWKWKLV$UWLFOHDWWKHH[SRUWVLWH,QVSHFWLRQVRIDUPDPHQWVWREHH[SRUWHGLQDFFRUGDQFH
ZLWKWKLV$UWLFOHVKDOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVLQ6HFWLRQV,,,,,,,999,;DQG;,RI
WKH3URWRFRORQ,QVSHFWLRQDQGWKHIROORZLQJ

D  ,QVSHFWLRQV RI DUPDPHQWV WR EH H[SRUWHG XQGHU WKLV $UWLFOH VKDOO QRW FRXQW DJDLQVW WKH TXRWDV
HVWDEOLVKHG LQ 6HFWLRQ ,, RI WKH 3URWRFRO RQ ,QVSHFWLRQ  ,QVSHFWLRQ WHDPV FRQGXFWLQJ VXFK LQVSHFWLRQV VKDOO EH
FRPSRVHGRILQVSHFWRUVRIWKH3DUWLHVWRWKLV$JUHHPHQW7KHLQVSHFWHGSDUW\VKDOOQRWEHREOLJHGWRDFFHSWPRUH
WKDQWZRLQVSHFWLRQVDWDWLPHDWHDFKH[SRUWVLWH

E,QVSHFWLRQVRIDUPDPHQWVWREHH[SRUWHGVKDOOQRWLQWHUIHUHZLWKWKHRQJRLQJDFWLYLWLHVDWWKHH[SRUW
VLWHRUXQQHFHVVDULO\KDPSHUGHOD\RUFRPSOLFDWHWKHH[SRUWSURFHVV

F,QDGGLWLRQWRWKHQRWLILFDWLRQRIDSSUR[LPDWHDPRXQWVRIDUPDPHQWVWREHH[SRUWHGLQDFFRUGDQFHZLWK
SDUDJUDSKRIWKLV$UWLFOHHDFK3DUW\ZLOOQRWLI\WKHRWKHU3DUWLHVDQGWKH3HUVRQDO5HSUHVHQWDWLYHQRODWHUWKDQWKH
WKRIHDFKPRQWKWKHQXPEHUVRIDUPDPHQWVWREHH[SRUWHGWKHQH[WFDOHQGDUPRQWK6XFKQRWLILFDWLRQVVKDOO
LQFOXGH

WKHGDWHVRIH[SRUW

WKHH[SRUWVLWHV


 WKHGDWHVWKHDUPDPHQWVWREHH[SRUWHGZLOOEHSUHVHQWIRULQVSHFWLRQ

WKHQXPEHUVDQGW\SHVRIDUPDPHQWVWKDWZLOOEHH[SRUWHG

7KHREMHFWRILQVSHFWLRQVIURPZKLFKWKHDUPDPHQWVKDYHEHHQZLWKGUDZQ

G)RUWKHSXUSRVHVRILQVSHFWLRQVXFKDUPDPHQWVVKDOOEHSUHVHQWDWWKHH[SRUWVLWHIRUDPLQLPXPRI
WKUHHGD\VGXULQJWKHFDOHQGDUPRQWKWKH\DUHWREHH[SRUWHG7KHLQVSHFWLRQWHDPVKDOOKDYHWKHULJKWWRDUULYHRU
GHSDUW DW DQ\ WLPH GXULQJ WKHVH WKUHH GD\V RU WKH GD\ SULRU WR WKH ILUVW GD\  7KURXJKRXW WKH SHULRG WKDW WKH
LQVSHFWLRQWHDPUHPDLQVDWWKHH[SRUWVLWHLWVKDOOKDYHWKHULJKWWRREVHUYHWKHDUPDPHQWVWREHH[SRUWHG

H,QDFFRUGDQFHZLWKWKHSURYLVLRQVVHWIRUWKLQWKLV$UWLFOHWKHLQVSHFWLRQWHDPVKDOOKDYHWKHULJKWWR
IUHHO\UHFRUGIDFWRU\VHULDOQXPEHUVIURPWKHDUPDPHQWVWREHH[SRUWHG

I$WHDFKH[SRUWVLWHWKHLQVSHFWLRQWHDPVKDOOEHSURYLGHGZLWKVKLSSLQJLQYRLFHGRFXPHQWQXPEHUV
VKLSSLQJYHVVHOQDPHRUUDLOURDGVFKHGXOHLQIRUPDWLRQDQGFRXQWU\RIGHVWLQDWLRQRIWKHDUPDPHQWVWREHH[SRUWHG

$57,&/(9,,

  2WKHU WKDQ UHPRYDO IURP VHUYLFH LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI  $UWLFOHV 9 DQG 9, EDWWOH WDQNV
DUPRXUHGFRPEDWYHKLFOHVDUWLOOHU\FRPEDWDLUFUDIWDQGDWWDFNKHOLFRSWHUVZLWKLQWKHDUHDRIDSSOLFDWLRQVKDOO
EHUHPRYHGIURPVHUYLFHRQO\E\GHFRPPLVVLRQLQJSURYLGHGWKDW

DVXFKDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWDUHGHFRPPLVVLRQHGDQGDZDLWLQJGLVSRVDODWQR PRUH
WKDQ HLJKW VLWHV ZKLFK VKDOO EH QRWLILHG DV GHFODUHG VLWHV LQ DFFRUGDQFH ZLWK WKH 3URWRFRO RQ ,QIRUPDWLRQ
([FKDQJHDQGVKDOOEHLGHQWLILHGLQVXFKQRWLILFDWLRQVDVKROGLQJDUHDVIRUGHFRPPLVVLRQHGDUPDPHQWVOLPLWHG
E\WKH$JUHHPHQW,IVLWHVFRQWDLQLQJDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWGHFRPPLVVLRQHGIURPVHUYLFHDOVR
FRQWDLQ DQ\ RWKHU DUPDPHQWV WKH GHFRPPLVVLRQHG DUPDPHQWV OLPLWHG E\ WKH $JUHHPHQW VKDOO EH VHSDUDWHO\
GLVWLQJXLVKDEOHDQG

EWKHQXPEHUVRIVXFKGHFRPPLVVLRQHGDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWGRQRWH[FHHGLQWKH
FDVH RI DQ\ LQGLYLGXDO 3DUW\ RQH SHUFHQW RI LWV FHLOLQJV IRU KROGLQJV RI DUPDPHQWV OLPLWHG E\ WKH $JUHHPHQW
SXUVXDQWWR$UWLFOH,9RUDWRWDORIZKLFKHYHULVJUHDWHURIZKLFKQRPRUHWKDQVKDOOEHEDWWOHWDQNV
DUPRXUHGFRPEDWYHKLFOHVDQGSLHFHVRIDUWLOOHU\DQGQRPRUHWKDQVKDOOEHDWWDFNKHOLFRSWHUVDQGFRPEDW
DLUFUDIW

1RWLILFDWLRQRIGHFRPPLVVLRQLQJVKDOOLQFOXGHWKHQXPEHUDQGW\SHRIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQW
GHFRPPLVVLRQHGDQGWKHORFDWLRQRIGHFRPPLVVLRQLQJDQGVKDOOEHSURYLGHGWRDOORWKHU3DUWLHVLQDFFRUGDQFH
ZLWK6HFWLRQ,,,RIWKH3URWRFRORQ,QIRUPDWLRQ([FKDQJH

$57,&/(9,,,

  )RU WKH SXUSRVH RI HQVXULQJ YHULILFDWLRQ RI FRPSOLDQFH ZLWK WKH SURYLVLRQV RI WKLV $JUHHPHQW HDFK 3DUW\
VKDOOSURYLGHQRWLILFDWLRQVDQGH[FKDQJHLQIRUPDWLRQSHUWDLQLQJWRLWVSHUVRQQHODQGDUPDPHQWVLQDFFRUGDQFH
ZLWKWKH3URWRFRORQ([FKDQJHRI,QIRUPDWLRQDQG1RWLILFDWLRQV

6XFKQRWLILFDWLRQVDQGH[FKDQJHRILQIRUPDWLRQVKDOOEHWUDQVPLWWHGLQZULWWHQIRUPWKURXJKGLSORPDWLFRU
RWKHURIILFLDOFKDQQHOVDVPD\EHDJUHHGE\WKH3DUWLHV

(DFK3DUW\VKDOOEHUHVSRQVLEOHIRULWVRZQLQIRUPDWLRQUHFHLSWRIVXFKLQIRUPDWLRQDQGRIQRWLILFDWLRQVVKDOO
QRWLPSO\YDOLGDWLRQRUDFFHSWDQFHRIWKHLQIRUPDWLRQSURYLGHG

,QIRUPDWLRQVKDOOEHH[FKDQJHGDQQXDOO\E\'HFHPEHUHDFK\HDUDQGVKDOOEHYDOLGDVRI-DQXDU\IRU
WKHQH[W\HDUDQGRQHDGGLWLRQDOH[FKDQJHRILQIRUPDWLRQDWWKHHQGRIWKHUHGXFWLRQSHULRGYDOLGDVRIWKHGDWH
RIWKHHQGRIWKHUHGXFWLRQSHULRG,QDGGLWLRQIRULQIRUPDWLRQVKDOOEHH[FKDQJHGE\-XQHYDOLGDVRI
-XO\


 $57,&/(,;

)RUWKHSXUSRVHVRIHQVXULQJYHULILFDWLRQRIFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKLV$JUHHPHQWHDFK3DUW\
VKDOO KDYH WKH ULJKW WR FRQGXFW DQG WKH REOLJDWLRQ WR DFFHSW ZLWKLQ WKH DUHD RI DSSOLFDWLRQ LQVSHFWLRQV LQ
DFFRUGDQFHZLWKWKH3URWRFRORQ,QVSHFWLRQ

7KHSXUSRVHRIVXFKLQVSHFWLRQVVKDOOEH

DWRYHULI\RQWKHEDVLVRIWKHLQIRUPDWLRQSXUVXDQWWRWKH3URWRFRORQ([FKDQJHRI,QIRUPDWLRQDQG
1RWLILFDWLRQV WKH FRPSOLDQFH RI WKH 3DUWLHV ZLWK WKH QXPHULFDO OLPLWDWLRQV VHW IRUWK LQ $UWLFOH ,9 RI WKLV
$JUHHPHQW

EWRPRQLWRUWKHSURFHVVRIUHGXFWLRQRIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWFDUULHGRXWDWUHGXFWLRQ
VLWHVLQDFFRUGDQFHZLWK$UWLFOH9RIWKLV$JUHHPHQWDQGWKH3URWRFRORQ5HGXFWLRQ

FWRPRQLWRUWKHH[SRUWRIDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWXVHGWRGHFUHDVHDUHGXFWLRQOLDELOLW\
LQDFFRUGDQFHZLWK$UWLFOHV9DQG9,RIWKLV$JUHHPHQWDQG

GWRPRQLWRUWKHFHUWLILFDWLRQRIUHFODVVLILHGFRPEDWFDSDEOHWUDLQHUDLUFUDIWFDUULHGRXWLQDFFRUGDQFH
ZLWKWKH3URWRFRORQ$LUFUDIW5HFODVVLILFDWLRQ

9HULILFDWLRQVKDOOEHWKHUHVSRQVLELOLW\RIWKH3DUWLHV7KH3HUVRQDO5HSUHVHQWDWLYHVKDOODVVLVWWKH3DUWLHVLQ
WKHLPSOHPHQWDWLRQ

$57,&/(;

  7KH 3DUWLHV VKDOO FUHDWH D 6XE5HJLRQDO &RQVXOWDWLYH &RPPLVVLRQ  7KH 6XE5HJLRQDO &RQVXOWDWLYH
&RPPLVVLRQ VKDOO EH FRPSRVHG RI RQH KLJKOHYHO UHSUHVHQWDWLYH RI HDFK 3DUW\  7KH 3HUVRQDO 5HSUHVHQWDWLYH
VKDOOEHSUHVHQWIRUWKHPHHWLQJVRIWKH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQ

&KDLUPDQVKLSRIWKH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQVKDOOURWDWHDOSKDEHWLFDOO\DPRQJWKH3DUWLHV
EHJLQQLQJZLWK%RVQLDDQG+HU]HJRYLQDFKDQJLQJDIWHUHYHU\PHHWLQJXQOHVVRWKHUZLVHGHFLGHGE\WKH3DUWLHV

'HFLVLRQVRIWKH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQVKDOOEHWDNHQE\FRQVHQVXV&RQVHQVXVVKDOOEH
XQGHUVWRRGWRPHDQWKHDEVHQFHRIDQ\REMHFWLRQE\DQ\UHSUHVHQWDWLYHRID3DUW\WRWKHWDNLQJRIDGHFLVLRQRU
WKHPDNLQJRIDUHFRPPHQGDWLRQ

  'HWDLOHG SURFHGXUHV IRU WKH IXQFWLRQLQJ RI WKH 6XE5HJLRQDO &RQVXOWDWLYH &RPPLVVLRQ DUH VHW RXW LQ WKH
3URWRFRORQWKH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQ

$57,&/(;,

  $UPRXUHG LQIDQWU\ ILJKWLQJ YHKLFOHV KHOG E\ RUJDQLVDWLRQV RI D 3DUW\ GHVLJQHG DQG VWUXFWXUHG WR SHUIRUP LQ
SHDFHWLPHLQWHUQDOVHFXULW\IXQFWLRQVZKLFKDUHQRWVWUXFWXUHGDQGRUJDQLVHGIRUJURXQGFRPEDWDJDLQVWDQH[WHUQDO
HQHP\DUHQRWOLPLWHGE\WKLV$JUHHPHQW7KHIRUHJRLQJQRWZLWKVWDQGLQJLQRUGHUWRHQKDQFHWKHLPSOHPHQWDWLRQRI
WKLV$JUHHPHQWDQGWRSURYLGHDVVXUDQFHWKDWWKHQXPEHURIVXFKDUPDPHQWVKHOGE\VXFKRUJDQLVDWLRQVVKDOOQRWEH
XVHG WR FLUFXPYHQW WKH SURYLVLRQV RI WKLV $JUHHPHQW DUPRXUHG LQIDQWU\ ILJKWLQJ YHKLFOHV DVVLJQHG E\ D 3DUW\ WR
RUJDQLVDWLRQVGHVLJQHGDQGVWUXFWXUHGWRSHUIRUPLQSHDFHWLPHLQWHUQDOVHFXULW\IXQFWLRQVLQH[FHVVRIWKHDJJUHJDWH
QXPEHUKHOGE\VXFKRUJDQLVDWLRQVDWWKHWLPHRIVLJQDWXUHRIWKH$JUHHPHQWDVQRWLILHGSXUVXDQWWR$UWLFOH9,,,
VKDOOFRQVWLWXWHDSRUWLRQRIWKHSHUPLWWHGOHYHOVVSHFLILHGLQ$UWLFOH,9,IWKHQXPEHURIVXFKDUPRXUHGLQIDQWU\
ILJKWLQJYHKLFOHVUHSRUWHGZDVOHVVWKDQWKHPD[LPXPDJUHHGQXPEHUIRUVXFKDUPRXUHGLQIDQWU\ILJKWLQJYHKLFOHV
HDFK 3DUW\ VKDOO KDYH WKH ULJKW WR LQFUHDVH LWV KROGLQJV RI VXFK DUPRXUHG LQIDQWU\ ILJKWLQJ YHKLFOHV XS WR WKH
PD[LPXPDJUHHGQXPEHU0D[LPXPDJUHHGQXPEHUVIRUVXFKDUPRXUHGLQIDQWU\ILJKWLQJYHKLFOHVVKDOOEH
)HGHUDO5HSXEOLFRI<XJRVODYLD 
5HSXEOLFRI&URDWLD 
%RVQLDDQG+HU]HJRYLQD 
RIZKLFK


)HGHUDWLRQRI%RVQLDDQG+HU]HJRYLQD 
5HSXEOLND6USVND 

$3DUW\WKDWLQWHQGVWRUHDVVLJQEDWWOHWDQNVDUPRXUHGLQIDQWU\ILJKWLQJYHKLFOHVDUWLOOHU\FRPEDWDLUFUDIWDQG
DWWDFNKHOLFRSWHUVLQVHUYLFHZLWKLWVDUPHGIRUFHVWRDQ\RUJDQLVDWLRQRIWKDW3DUW\QRWDSDUWRILWVDUPHGIRUFHVVKDOO
QRWLI\ DOO RWKHU 3DUWLHV QR ODWHU WKDQ WKH GDWH VXFK UHDVVLJQPHQW WDNHV HIIHFW  6XFK QRWLILFDWLRQ VKDOO VSHFLI\ WKH
HIIHFWLYHGDWHRIWKHUHDVVLJQPHQWWKHGDWHVXFKDUPDPHQWVDUHSK\VLFDOO\WUDQVIHUUHGDVZHOODVWKHQXPEHUVE\
W\SHRIWKHDUPDPHQWVOLPLWHGE\WKH$JUHHPHQWEHLQJUHDVVLJQHG

$57,&/(;,,

7KLV$JUHHPHQWVKDOOEHRIXQOLPLWHGGXUDWLRQ,WPD\EHVXSSOHPHQWHGE\DIXUWKHU$JUHHPHQWE\WKH3DUWLHV
ZLWKLQWKHIUDPHZRUNRIWKH5HYLHZ&RQIHUHQFHSXUVXDQWWR$UWLFOH;,9RIWKLV$JUHHPHQW

7KH3DUWLHVKHUHE\VSHFLILFDOO\DJUHHQRWWRZLWKGUDZIURPWKLV$JUHHPHQWGXULQJWKHILUVWPRQWKVDIWHUHQWU\
LQWRIRUFHRIWKH$JUHHPHQW)ROORZLQJWKHILUVWPRQWKVDIWHUHQWU\LQWRIRUFHRIWKH$JUHHPHQWHDFK3DUW\VKDOO
KDYHWKHULJKWWRZLWKGUDZIURPWKLV$JUHHPHQWLILWGHWHUPLQHVWKDWH[WUDRUGLQDU\HYHQWVUHODWHGWRWKHVXEMHFWPDWWHU
RIWKLV$JUHHPHQWKDYHMHRSDUGL]HGLWVLQWHUHVWV$3DUW\LQWHQGLQJWRZLWKGUDZVKDOOJLYHQRWLFHRILWVGHFLVLRQWRGR
VR WR HDFK 3DUW\ DQG WR WKH 3HUVRQDO 5HSUHVHQWDWLYH DW OHDVW  GD\V SULRU WR WKH LQWHQGHG ZLWKGUDZDO IURP WKLV
$JUHHPHQW7KLVQRWLFHVKDOOEHLQZULWLQJDQGVKDOOLQFOXGHDVWDWHPHQWRIWKHH[WUDRUGLQDU\HYHQWVWKDWWKH3DUW\
LQWHQGLQJWRZLWKGUDZUHJDUGVDVKDYLQJMHRSDUGL]HGLWVLQWHUHVWV
$57,&/(;,,,

$Q\3DUW\PD\SURSRVHDPHQGPHQWVWRWKLV$JUHHPHQW,QDQGWKHWH[WRIDSURSRVHGDPHQGPHQWVKDOO
EH VXEPLWWHG WR WKH &KDLUPDQ RI WKH 6XE5HJLRQDO &RQVXOWDWLYH &RPPLVVLRQ ZKR VKDOO FLUFXODWH LW WR HDFK 3DUW\
7KH &KDLUPDQ VKDOO FRQYHQH D PHHWLQJ RI WKH 6XE5HJLRQDO &RQVXOWDWLYH &RPPLVVLRQ WR GLVFXVV WKH SURSRVHG
DPHQGPHQW,IDQDPHQGPHQWLVDSSURYHGE\DOOWKH3DUWLHVLWVKDOOHQWHULQWRIRUFHLQDFFRUGDQFHZLWKWKHSURFHGXUHV
JRYHUQLQJWKHHQWU\LQWRIRUFHRIWKLV$JUHHPHQW

$57,&/(;,9

7KH&KDLUPDQRIWKH6XE5HJLRQDO&RQVXOWDWLYH&RPPLVVLRQVKDOOFRQYHQHD5HYLHZ&RQIHUHQFHRQ-XQH
$IWHUWKDWWKH3DUWLHVVKDOOGHFLGHWRKROG5HYLHZ&RQIHUHQFHVUHJXODUO\DWOHDVWRQFHHYHU\VHFRQG\HDU

$57,&/(;9

7KH RULJLQDO RI WKLV $JUHHPHQW RI ZKLFK WKH (QJOLVK WH[W LV DXWKHQWLF VKDOO EH GHSRVLWHG E\ HDFK 3DUW\  'XO\
FHUWLILHG FRSLHV RI WKLV $JUHHPHQW LQ %RVQLDQ &URDWLDQ DQG 6HUELDQ VKDOO EH WUDQVPLWWHG E\ WKH 3HUVRQDO
5HSUHVHQWDWLYHWRDOOWKH3DUWLHV

'RQHDW)ORUHQFH-XQH


 (QWU\LQWR)RUFH

7KLV$JUHHPHQWVKDOOHQWHULQWRIRUFHXSRQVLJQDWXUH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUWKH5HSXEOLFRI )RU%RVQLDDQG )RUWKH)HGHUDO
&URDWLD +HU]HJRYLQD 5 5HSXEOLFRI<XJRVODYLD

BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBB
)RUWKH)HGHUDWLRQRI )RUWKH5HSXEOLND6USVND
%RVQLDDQG+HU]HJRYLQD

:LWQHVVHGE\

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUWKH)UHQFK5HSXEOLF )RUWKH)HGHUDO )RUWKH5XVVLDQ
5HSXEOLFRI*HUPDQ\ )HGHUDWLRQ

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)RUWKH5HSXEOLFRI )RUWKH8QLWHG.LQJGRP)RUWKH8QLWHG6WDWHV
,WDO\ RI*UHDW%ULWDLQDQGRI$PHULFD
 1RUWKHUQ,UHODQG