Holistic Health and Fitness Drills ATP 7 22.02

$73
+2/,67,&+($/7+$1'),71(66
'5,//6$1'(;(5&,6(6
2&72%(5
',675,%87,215(675,&7,21$SSURYHGIRUSXEOLFUHOHDVHGLVWULEXWLRQLVXQOLPLWHG
7KLVSXEOLFDWLRQVXSHUVHGHVFKDSWHUV±DQGDSSHQGL[HV%&DQG(RI)0GDWHG2FWREHU
+($'48$57(56'(3$570(172)7+($50<
7KLVSXEOLFDWLRQLVDYDLODEOHDWWKH$UP\3XEOLVKLQJ'LUHFWRUDWHVLWH
KWWSVDUP\SXEVDUP\PLODQGWKH&HQWUDO$UP\5HJLVWU\VLWH
KWWSVDWLDPWUDLQDUP\PLOFDWDORJGDVKERDUG
$73
$UP\7HFKQLTXHV3XEOLFDWLRQ +HDGTXDUWHUV
1R 'HSDUWPHQWRIWKH$UP\
:DVKLQJWRQ'.&.2FWREHU
+2/,67,&+($/7+$1'),71(66
'5,//6$1'(;(5&,6(6
&RQWHQWV
3DJH
35()$&([Y
,1752'8&7,21[L[
&KDSWHU 3+<6,&$/75$,1,1*'5,//6
'ULOODQG&HUHPRQ\
3ODWRRQ$VVHPEO\
3ODWRRQ5HDVVHPEO\
3UHSDUDWLRQ'ULOOV
$FWLYLW\'ULOOV
5HFRYHU\'ULOOV
&KDSWHU 326,7,216$1'*5,36
3RVLWLRQV
6TXDW
)URQW/HDQLQJ5HVW
6L[3RLQW6WDQFH
6WUDGGOH6WDQFH
)RUZDUG/HDQLQJ6WDQFH
3URQH
6XSLQH
+DOI.QHHOLQJ
6LWWLQJ
*ULSV
&ORVHG
2SHQ
8QGHUKDQG
2YHUKDQG
1HXWUDO
+RRN
$OWHUQDWLQJ*ULS
&KDSWHU 35(3$5$7,21'5,//6
7KH3UHSDUDWLRQ'ULOO
%HQGDQG5HDFK
5HDU/XQJH
',675,%87,215(675,&7,21$SSURYHGIRUSXEOLFUHOHDVHGLVWULEXWLRQLVXQOLPLWHG
7KLVSXEOLFDWLRQVXSHUVHGHVFKDSWHUV±DQGDSSHQGL[HV%&DQG(RI)0GDWHG2FWREHU
$73 L
&RQWHQWV
+LJK-XPSHU
5RZHU
6TXDW%HQGHU
:LQGPLOO
)RUZDUG/XQJH
3URQH5RZ
%HQW/HJ%RG\7ZLVW
3XVK8S
3UHSDUDWLRQ'ULOO0RGLILHG3'02'
%HQGDQG5HDFK0RGLILHG
5HDU/XQJH0RGLILHG
+LJK-XPSHU0RGLILHG
5RZHU0RGLILHG
6TXDW%HQGHU0RGLILHG
:LQGPLOO0RGLILHG
)RUZDUG/XQJH0RGLILHG
3URQH5RZ0RGLILHG
%HQW/HJ%RG\7ZLVW0RGLILHG
3XVK8S0RGLILHG
&KDSWHU 67$%,/,7<'5,//6
+LS6WDELOLW\'ULOO+6'
/DWHUDO/HJ5DLVH
0HGLDO/HJ5DLVH
%HQW/HJ/DWHUDO5DLVH
6LQJOH/HJ7XFN
6LQJOH/HJ2YHU
6KRXOGHU6WDELOLW\'ULOO66'
,5DLVH
75DLVH
<5DLVH
/5DLVH
:5DLVH
&KDSWHU &21',7,21,1*'5,//6
&RQGLWLRQLQJ'ULOO&'
3RZHU-XPS
98S
0RXQWDLQ&OLPEHU
/HJ7XFNDQG7ZLVW
6LQJOH/HJ3XVK8S
&RQGLWLRQLQJ'ULOO0RGLILHG&'02'
3RZHU-XPS0RGLILHG
98S0RGLILHG
0RXQWDLQ&OLPEHU0RGLILHG
/HJ7XFNDQG7ZLVW0RGLILHG
6LQJOH/HJ3XVK8S0RGLILHG
&RQGLWLRQLQJ'ULOO&'
7XUQDQG/XQJH
6XSLQH%LF\FOH
+DOI-DFN
6ZLPPHU
&RXQW73XVK8S
&RQGLWLRQLQJ'ULOO&'
LL $73 2FWREHU

&RQWHQWV
<6TXDW
6LQJOH/HJ'HDGOLIW
6LGH7R6LGH.QHH/LIWV
)URQW.LFN$OWHUQDWH7RH7RXFK
7XFN-XPS
6WUDGGOH5XQ)RUZDUG$QG%DFNZDUG
+DOI6TXDW/DWHUDOV
)URJ-XPSV)RUZDUGDQG%DFNZDUG
$OWHUQDWHó7XUQ-XPS
$OWHUQDWH6WDJJHUHG6TXDW-XPS
&KDSWHU &/,0%,1*$1'*8(5,//$'5,//6
&OLPELQJ'ULOO&/
6WUDLJKW$UP3XOO
+HHO+RRN
3XOO8S
/HJ7XFN
$OWHUQDWLQJ*ULS3XOO8S
&OLPELQJ'ULOO&/
)OH[HG$UP+DQJ
+HHO+RRN
3XOO8S
/HJ7XFN
$OWHUQDWLQJ*ULS3XOO8S
*XHULOOD'ULOO*'
6KRXOGHU5ROO
/XQJH:DON
6ROGLHU&DUU\
&KDSWHU 5811,1*'5,//6
5XQQLQJ'ULOO)RRW6WULNH58'
+HHO6WULNH
+HHO5XQ,Q3ODFH
&RXQW)RRW6WULNH
5XQ,Q3ODFH
5XQ,Q3ODFH
5XQQLQJ'ULOO6WUHQJWK58'
'RXEOH/HJ+RS
6LQJOH/HJ+RS
6NLS,Q3ODFH
7RHV,QDQG2XW
&ULVV&URVV
3HQGXOXP
$OWHUQDWH7ZLVW-XPS
+LS5DLVH3XVK8S
6LQJOH/HJ+LS5DLVH3XVK8S
6LQJOH/HJ2XW+LS5DLVH3XVK8S
5XQQLQJ'ULOO5XQQHU¶V3RVLWLRQ58'
3RVH:HLJKW6KLIW
3RVH3XOO
$OWHUQDWH3RVH3XOO
5XQQLQJ'ULOO)DOO58'
7LPEHU)DOO
7LPEHU)DOO,Q3RVH
2FWREHU $73 LLL

&RQWHQWV
:DOO)DOO
:DOO)DOO,Q3RVH
6WUHWFK&RUG)DOO
3DUWQHU$VVLVWHG)DOO
.QHHOLQJ7LPEHU)DOO
6SULQW6WDUW
5XQQLQJ'ULOO3XOO58'
:DON3URJUHVVLRQ
3RQ\
3XOO%DFN
(OHYDWHG3XOO%DFN
.LFN6WDUW
5XQQLQJ'ULOO&RPELQDWLRQV58'
&KDQJHRI6XSSRUW
+RSLQ3ODFH
+RS)RUZDUG
5XQLQ3RVH
%DFNZDUGV5XQ
5XQQLQJ'ULOO&RUUHFWLRQV58'
+DQGVLQ)URQW
+DQGV%HKLQG
+DQGVRQ%DFN
+DQGVRQ%HOO\
6KLQ%XUQ
,QIDQWU\5XQ
%DWWOH%XGG\
&KDSWHU 0,/,7$5<029(0(17'5,//6
0LOLWDU\0RYHPHQW'ULOO00'
9HUWLFDO
/DWHUDO
6KXWWOH6SULQW
3RZHU6NLS
&URVVRYHU
&URXFK5XQ
&KDSWHU 0(',&,1(%$//'5,//6
0HGLFLQH%DOO'ULOO0%
&KHVW3DVV/DWHUDO
$OWHUQDWLQJ6LGH$UP7KURZ
'LDJRQDO&KRS
6ODP
8QGHUKDQG:DOO7KURZ
0HGLFLQH%DOO'ULOO0%
'LDJRQDO&KRS7KURZ
.QHHOLQJ6LGH$UP7KURZ
6XPR:DOO7KURZ
6LW8S7KURZ
5DLQERZ6ODP
&KDSWHU 6863(16,2175$,1,1*'5,//6
6XVSHQVLRQ7UDLQLQJ'ULOO67
6XVSHQVLRQ3XVK8S
LY $73 2FWREHU

&RQWHQWV
,QFOLQH&DOI5DLVH
'HFOLQH,7<5DLVH
$VVLVWHG6TXDW
'HFOLQH%LFHSV&XUO
6XVSHQVLRQ7UDLQLQJ'ULOO67
$VVLVWHG/DWHUDO/XQJH
6XVSHQVLRQ/HJ7XFNDQG3LNH
'HFOLQH3XOO8S
6XVSHQVLRQ+DPVWULQJ&XUO
$VVLVWHG6LQJOH/HJ6TXDW
6XVSHQGHG&OLPELQJ'ULOOVDQG
&KDSWHU /$1'0,1('5,//6
/DQGPLQH'ULOO/0
6WUDLJKW/HJ'HDGOLIW
'LDJRQDO3UHVV
5HDU/XQJH
'HJUHH/DQGPLQH
/DWHUDO/XQJH
/DQGPLQH'ULOO/0
'LDJRQDO/LIW7R3UHVV
6LQJOH$UP&KHVW3UHVV
'HJUHH/DQGPLQH.QHHOLQJ
%HQW2YHU5RZ
5HDU/XQJHWR3UHVV
&KDSWHU 35(*1$1&<$1'32673$57803+<6,&$/75$,1,1*'5,//6
3UHJQDQF\DQG3RVWSDUWXP3K\VLFDO7UDLQLQJ
5HYHUVH6LW8S
2EOLTXH6LW8S
0RGLILHG6LW8S
6WDQGLQJ7UXQN&XUYH
'HHS6XPR6TXDW
3HOYLF&ORFN
&KDSWHU 675(1*7+75$,1,1*&,5&8,7
6WUHQJWK7UDLQLQJ
6XPR6TXDW
6WUDLJKW/HJ'HDGOLIW
)RUZDUG/XQJH
&RXQW6WHS8S
D3XOO8S
E6WUDLJKW$UP3XOO
6XSLQH&KHVW3UHVV
%HQW2YHU5RZ
2YHUKHDG3XVK3UHVV
6XSLQH%RG\7ZLVW
/HJ7XFN
&KDSWHU )5((:(,*+775$,1,1*
)UHH:HLJKWV
)UHH:HLJKW&RUH7UDLQLQJ([HUFLVHV
)UHH:HLJKW$VVLVWLYH7UDLQLQJ([HUFLVHV
&KDSWHU 675(1*7+75$,1,1*0$&+,1('5,//
6WUHQJWK7UDLQLQJ0DFKLQHV
/HJ3UHVV
2FWREHU $73 Y
&RQWHQWV
/HJ&XUO
/DWHUDO5DLVH
6LQJOH$UP/DWHUDO5DLVH
2YHUKHDG3UHVV
/DW3XOO'RZQ
6HDWHG5RZ
7UXQN([WHQVLRQ
0RGLILHG7UXQN([WHQVLRQ
7ULFHSV([WHQVLRQ
&KHVW3UHVV
7UXQN)OH[LRQ
0RGLILHG7UXQN)OH[LRQ
&KDSWHU 5(&29(5<'5,//6
7KH5HFRYHU\'ULOO
2YHUKHDG$UP3XOO
5HDU/XQJH
([WHQGDQG)OH[
7KLJK6WUHWFK
6LQJOH/HJ2YHU
*URLQ6WUHWFK
&DOI6WUHWFK
+DPVWULQJ6WUHWFK
7KH5HFRYHU\'ULOO0RGLILHG
2YHUKHDG$UP3XOO0RGLILHG
5HDU/XQJH0RGLILHG
([WHQGDQG)OH[0RGLILHG
7KLJK6WUHWFK0RGLILHG
6LQJOH/HJ2YHU0RGLILHG
*URLQ6WUHWFK0RGLILHG
&DOI6WUHWFK0RGLILHG
+DPVWULQJ6WUHWFK0RGLILHG
&KDSWHU 35(9(17,9(0$,17(1$1&(&+(&.6$1'6(59,&(6'5,//6
3UHYHQWLYH0DLQWHQDQFH&KHFNVDQG6HUYLFHV
6SLQH
$QNOH
.QHH
+LS
6KRXOGHU
$UP
6285&(127(66RXUFH1RWHV
*/266$5<*ORVVDU\
5()(5(1&(65HIHUHQFHV
,1'(;,QGH[
)LJXUHV
)LJXUH3ODWRRQUHFWDQJXODUIRUPDWLRQ
)LJXUH3ODWRRQUHFWDQJXODUIRUPDWLRQH[WHQGHGDQGXQFRYHUHG
)LJXUH)RUPLQJDFRPSDQ\FRPSDQ\LQOLQHZLWKSODWRRQVLQFROXPQ
YL $73 2FWREHU

&RQWHQWV
)LJXUH&RPSDQ\H[WHQGHGDQGXQFRYHUHGFRPSDQ\LQOLQHZLWKSODWRRQVLQFROXPQ
)LJXUH)RUPDWLRQRIFRPSDQ\HQPDVVH
)LJXUH&RPSDQ\HQPDVVHH[WHQGHGDQGXQFRYHUHG
)LJXUH3ODWRRQIRUPDWLRQHQPDVVH
)LJXUH3ODWRRQIRUPDWLRQH[WHQGHGDQGFRYHUHG
)LJXUH3RVLWLRQV
)LJXUH6TXDWSRVLWLRQ
)LJXUH)URQW/HDQLQJ5HVWSRVLWLRQ
)LJXUH6L[3RLQW6WDQFHSRVLWLRQ
)LJXUH6WUDGGOH6WDQFHSRVLWLRQ
)LJXUH7KH)RUZDUG/HDQLQJ6WDQFHSRVLWLRQ
)LJXUH3URQHSRVLWLRQ
)LJXUH6XSLQHSRVLWLRQ
)LJXUH+DOI.QHHOLQJSRVLWLRQ
)LJXUH6LWWLQJSRVLWLRQ
)LJXUH*ULSV
)LJXUH3'%HQGDQG5HDFK
)LJXUH3'5HDU/XQJH
)LJXUH3'3URSHUWHFKQLTXHWRH[HFXWHWKH5HDU/XQJH
)LJXUH3'+LJK-XPSHU
)LJXUH3'5RZHU
)LJXUH3'3URSHUWHFKQLTXHWRH[HFXWHWKH5RZHU
)LJXUH3'6TXDW%HQGHU
)LJXUH3':LQGPLOO
)LJXUH3'3URSHUWHFKQLTXHWRH[HFXWHWKH:LQGPLOO
)LJXUH3')RUZDUG/XQJH
)LJXUH3'3URQH5RZ
)LJXUH3'%HQW/HJ%RG\7ZLVW
)LJXUH3'3XVK8S
)LJXUH3'02'%HQGDQG5HDFKPRGLILHG
)LJXUH3'02'5HDU/XQJHPRGLILHG
)LJXUH3'02'+LJK-XPSHUPRGLILHG
)LJXUH3'02'5RZHUPRGLILHG
)LJXUH3'02'6TXDW%HQGHUPRGLILHG
)LJXUH3'02':LQGPLOOPRGLILHG
)LJXUH3'02':LQGPLOOPRGLILHGDOWHUQDWLYHPRYHPHQW
)LJXUH3'02')RUZDUG/XQJHPRGLILHG
)LJXUH3'02'3URQH5RZPRGLILHG
)LJXUH3'02'3URQH5RZPRGLILHGDOWHUQDWLYHPRYHPHQW
)LJXUH3'02'%HQW/HJ%RG\7ZLVWPRGLILHG
)LJXUH3'02'3XVK8SPRGLILHG
2FWREHU $73 YLL

&RQWHQWV
)LJXUH+6'/DWHUDO/HJ5DLVH
)LJXUH+6'0HGLDO/HJ5DLVH
)LJXUH+6'%HQW/HJ/DWHUDO5DLVH
)LJXUH+6'6LQJOH/HJ7XFN
)LJXUH+6'6LQJOH/HJ2YHU
)LJXUH66',5DLVH
)LJXUH66'7UDLVH
)LJXUH66'<5DLVH
)LJXUH66'/5DLVH
)LJXUH66':5DLVHZLWKLPSURSHUIRUP
)LJXUH66':5DLVH
)LJXUH&'3RZHU-XPS
)LJXUH&'98S
)LJXUH&'0RXQWDLQ&OLPEHU
)LJXUH&'/HJ7XFNDQG7ZLVW
)LJXUH&'6LQJOH/HJ3XVKXS
)LJXUH&'02'3RZHU-XPSPRGLILHG
)LJXUH&'02'98SPRGLILHG
)LJXUH&'02'0RXQWDLQ&OLPEHUPRGLILHG
)LJXUH&'02'/HJ7XFNDQG7ZLVWPRGLILHG
)LJXUH&'02'3XVK8SPRGLILHG
)LJXUH&'7XUQDQG/XQJH
)LJXUH&'6XSLQH%LF\FOH
)LJXUH&'+DOI-DFN
)LJXUH&'6ZLPPHU
)LJXUH&'&RXQW73XVK8S
)LJXUH&'<6TXDW
)LJXUH&'6LQJOH/HJ'HDGOLIW
)LJXUH&'6LGHWR6LGH.QHH/LIWV
)LJXUH&')URQW.LFN$OWHUQDWH7RH7RXFK
)LJXUH&'7XFN-XPS
)LJXUH&'6WUDGGOH5XQ)RUZDUGDQG%DFNZDUG
)LJXUH&'+DOI6TXDW/DWHUDOV
)LJXUH&')URJ-XPSV)RUZDUGDQG%DFNZDUG
)LJXUH&'$OWHUQDWHó7XUQ-XPS
)LJXUH&'$OWHUQDWH6WDJJHUHG6TXDW-XPS
)LJXUH&/6WUDLJKW$UP3XOO
)LJXUH&/+HHO+RRN
)LJXUH&/3XOO8S
)LJXUH&//HJ7XFN
)LJXUH&/$OWHUQDWLQJ*ULS3XOO8S
YLLL $73 2FWREHU

&RQWHQWV
)LJXUH&/)OH[HG$UP+DQJ
)LJXUH*'6KRXOGHU5ROO
)LJXUH*'/XQJH:DON
)LJXUH*'6ROGLHU&DUU\
)LJXUH58'+HHO6WULNH
)LJXUH58'+HHO5XQLQ3ODFH
)LJXUH58'&RXQW)RRW6WULNH
)LJXUH58'5XQLQ3ODFH
)LJXUH58'5XQLQ3ODFH
)LJXUH58''RXEOH/HJ+RS
)LJXUH58'6LQJOH/HJ+RS
)LJXUH58'6NLSLQ3ODFH
)LJXUH58'7RHV,QDQG2XW
)LJXUH58'&ULVV&URVV
)LJXUH58'3HQGXOXP
)LJXUH58'$OWHUQDWH7ZLVW-XPS
)LJXUH58'+LS5DLVH3XVK8S
)LJXUH58'6LQJOH/HJ+LS5DLVH3XVK8S
)LJXUH58'6LQJOH/HJ2XW+LS5DLVH3XVK8S
)LJXUH58'3RVH:HLJKW6KLIW
)LJXUH58'3RVH3XOO
)LJXUH58'$OWHUQDWH3RVH3XOO
)LJXUH58'7LPEHU)DOO
)LJXUH58'7LPEHU)DOOLQ3RVH
)LJXUH58':DOO)DOO
)LJXUH58':DOO)DOOLQ3RVH
)LJXUH58'6WUHWFK&RUG)DOO
)LJXUH58'3DUWQHU$VVLVWHG)DOO
)LJXUH58'.QHHOLQJ7LPEHU)DOO
)LJXUH58'6SULQW6WDUW
)LJXUH58':DON3URJUHVVLRQ
)LJXUH58'3RQ\
)LJXUH58'3XOO%DFN
)LJXUH58'(OHYDWHG3XOO%DFN
)LJXUH58'.LFN6WDUW
)LJXUH58'&KDQJHRI6XSSRUW
)LJXUH58'+RSLQ3ODFH
)LJXUH58'+RS)RUZDUG
)LJXUH58'5XQLQ3RVH
)LJXUH58'%DFNZDUGV5XQ
)LJXUH58'+DQGVLQ)URQW
2FWREHU $73 L[

&RQWHQWV
)LJXUH58'+DQGV%HKLQG
)LJXUH58'+DQGVRQ%DFN
)LJXUH58'+DQGVRQ%HOO\
)LJXUH58'6KLQ%XUQ
)LJXUH58',QIDQWU\5XQ
)LJXUH58'%DWWOH%XGG\
)LJXUH00'9HUWLFDO
)LJXUH00'/DWHUDO
)LJXUH00'6KXWWOH6SULQW
)LJXUH00'3RZHU6NLS
)LJXUH00'&URVVRYHU
)LJXUH00'&URXFK5XQ
)LJXUH0%&KHVW3DVV/DWHUDO
)LJXUH0%$OWHUQDWLQJ6LGH$UP7KURZ
)LJXUH0%'LDJRQDO&KRS
)LJXUH0%6ODP
)LJXUH0%8QGHUKDQG:DOO7KURZ
)LJXUH0%'LDJRQDO&KRS7KURZ
)LJXUH0%.QHHOLQJ6LGH$UP7KURZ
)LJXUH0%6XPR:DOO7KURZ
)LJXUH0%6LW8S7KURZ
)LJXUH0%5DLQERZ6ODP
)LJXUH676XVSHQVLRQ3XVK8S
)LJXUH67,QFOLQH&DOI5DLVH
)LJXUH67'HFOLQH,7<5DLVH
)LJXUH67$VVLVWHG6TXDW
)LJXUH67'HFOLQH%LFHSV&XUO
)LJXUH67$VVLVWHG/DWHUDO/XQJH
)LJXUH676XVSHQVLRQ/HJ7XFNDQG3LNH
)LJXUH67'HFOLQH3XOO8S
)LJXUH676XVSHQVLRQ+DPVWULQJ&XUO
)LJXUH67$VVLVWHG6LQJOH/HJ6TXDW
)LJXUH67D$VVLVWHG6LQJOH/HJ6TXDWZLWKDOWHUQDWLYHPRYHPHQW
)LJXUH676XVSHQGHG6WUDLJKW$UP3XOO
)LJXUH676XVSHQGHG+HHO+RRN
)LJXUH676XVSHQGHG/HJ7XFN
)LJXUH676XVSHQGHG3XOO8S
)LJXUH676XVSHQGHG$OWHUQDWLQJ*ULS3XOO8S
)LJXUH676XVSHQGHG)OH[HG$UP+DQJ
)LJXUH/06WUDLJKW/HJ'HDGOLIW
)LJXUH/0'LDJRQDO3UHVV
[ $73 2FWREHU
&RQWHQWV
)LJXUH/05HDU/XQJH
)LJXUH/0'HJUHH/DQGPLQH
)LJXUH/0/DWHUDO/XQJH
)LJXUH/0'LDJRQDO/LIWWR3UHVV
)LJXUH/06LQJOH$UP&KHVW3UHVV
)LJXUH/0'HJUHH/DQGPLQH.QHHOLQJ
)LJXUH/0%HQW2YHU5RZ
)LJXUH/05HDU/XQJHWR3UHVV
)LJXUH375HYHUVH6LW8S
)LJXUH372EOLTXH6LW8S
)LJXUH370RGLILHG6LW8S
)LJXUH370RGLILHG6LW8S²KHDGOLIW
)LJXUH376WDQGLQJ7UXQN&XUYH
)LJXUH376HDWHG7UXQN&XUYH
)LJXUH37'HHS6XPR6TXDW
)LJXUH37'HHS6XPR6TXDW²ZHLJKWDVVLVWHG
)LJXUH37'HHS6XPR6TXDW²IURP6WDQGLQJSRVLWLRQZLWKRXWZHLJKW
)LJXUH373HOYLF&ORFN
)LJXUH67&6XPR6TXDW
)LJXUH67&6WUDLJKW/HJ'HDGOLIW
)LJXUH67&)RUZDUG/XQJH
)LJXUH67&&RXQW6WHSXS
)LJXUH67&$3XOOXS
)LJXUH67&%6WUDLJKW$UP3XOO
)LJXUH67&6XSLQH&KHVW3UHVV
)LJXUH67&%HQW2YHU5RZ
)LJXUH67&2YHUKHDG3XVK3UHVV
)LJXUH67&6XSLQH%RG\7ZLVW
)LJXUH67&/HJ7XFN
)LJXUH):)URQW6TXDW
)LJXUH):%DFN6TXDW
)LJXUH):'HDGOLIW²VWUDLJKWEDU
)LJXUH):'HDGOLIW²NHWWOHEHOOV
)LJXUH):6WUDLJKW/HJ'HDGOLIW
)LJXUH):%HQFK3UHVV²VWUDLJKWEDU
)LJXUH):%HQFK3UHVV²GXPEEHOO
)LJXUH):%HQFK3UHVV²NHWWOHEHOO
)LJXUH):%HQFK3UHVV²GHFOLQH
)LJXUH):,QFOLQH%HQFK
)LJXUH):6XPR'HDGOLIW
)LJXUH):+HHO5DLVH
2FWREHU $73 [L

&RQWHQWV
)LJXUH):%HQW2YHU5RZ
)LJXUH):6LQJOH$UP%HQW2YHU5RZ
)LJXUH):8SULJKW5RZ²VWUDLJKWEDU
)LJXUH):8SULJKW5RZ²NHWWOHEHOO
)LJXUH):2YHUKHDG3XVK3UHVV
)LJXUH):%HQW$UP/DWHUDO5DLVH
)LJXUH):6KUXJ
)LJXUH):3XOO2YHU²VLQJOHGXPEEHOO
)LJXUH):3XOO2YHU²GRXEOHGXPEEHOOV
)LJXUH):2YHUKHDG7ULFHSV([WHQVLRQ
)LJXUH):%LFHSV&XUO
)LJXUH)::HLJKWHG7UXQN)OH[LRQ
)LJXUH)::HLJKWHG7UXQN([WHQVLRQ
)LJXUH670/HJ3UHVV
)LJXUH6706LQJOH/HJ3UHVV
)LJXUH670/HJ&XUO
)LJXUH6706LQJOH/HJ&XUO
)LJXUH670/DWHUDO5DLVH
)LJXUH6706LQJOH$UP/DWHUDO5DLVH
)LJXUH6702YHUKHDG3UHVV
)LJXUH6706LQJOH$UP2YHUKHDG3UHVV
)LJXUH670/DW3XOO'RZQ
)LJXUH6706LQJOH$UP/DW3XOO'RZQ
)LJXUH6706HDWHG5RZ
)LJXUH6706LQJOH$UP6HDWHG5RZ
)LJXUH6707UXQN([WHQVLRQ
)LJXUH6707ULFHSV([WHQVLRQ
)LJXUH6706LQJOH$UP7ULFHSV([WHQVLRQ
)LJXUH670&KHVW3UHVV
)LJXUH6706LQJOH$UP&KHVW3UHVV
)LJXUH6707UXQN)OH[LRQ
)LJXUH5'2YHUKHDG$UP3XOO
)LJXUH5'5HDU/XQJH
)LJXUH5'([WHQGDQG)OH[
)LJXUH5'7KLJK6WUHWFK
)LJXUH5'6LQJOH/HJ2YHU
)LJXUH5'*URLQ6WUHWFK
)LJXUH5'&DOI6WUHWFK
)LJXUH5'+DPVWULQJ6WUHWFK
)LJXUH5'02'2YHUKHDG$UP3XOOPRGLILHG
[LL $73 2FWREHU

&RQWHQWV
)LJXUH5'02'([WHQGDQG)OH[PRGLILHG

)LJXUH5'02'([WHQGDQG)OH[PRGLILHG²VWDQGLQJ
)LJXUH5'02'7KLJK6WUHWFKPRGLILHG
)LJXUH5'02'6LQJOH/HJ2YHUPRGLILHG
)LJXUH5'02'*URLQ6WUHWFKPRGLILHG
)LJXUH5'02'&DOI6WUHWFKPRGLILHG
)LJXUH5'02'+DPVWULQJPRGLILHG
)LJXUH5'02'+DPVWULQJPRGLILHG²VLQJOHOHJ
)LJXUH30&66SLQH²QHFN
)LJXUH30&66SLQH²PLGEDFNVHDWHG
)LJXUH30&66SLQH²PLGEDFNVWDQGLQJPRELOLW\
)LJXUH30&66SLQH²PLGEDFNSURQHPRELOLW\
)LJXUH30&66SLQH²ORZEDFNSURQH
)LJXUH30&66SLQH²ORZEDFNVWDQGLQJ
)LJXUH30&6$QNOH
)LJXUH30&6$QNOH²NQHHOLQJ
)LJXUH30&6.QHH
)LJXUH30&6+LS
)LJXUH30&6+LS²VXSLQH
)LJXUH30&66KRXOGHU²SDUWQHUDVVLVWHG
)LJXUH30&66KRXOGHU
)LJXUH30&6$UP
)LJXUH30&6(OERZDQGZULVW
7DEOHV
7DEOH7KUHHH[DPSOHVRIDPRGLILHG3UHSDUDWLRQ'ULOO
7DEOH3K\VLFDOWUDLQLQJDFWLYLWLHV

2FWREHU $73 [LLL

7KLVSDJHLQWHQWLRQDOO\OHIWEODQN

3UHIDFH
$73Holistic Health and Fitness Drills and ExercisesLQFOXGHVGULOOVDQGH[HUFLVHVIRULQGLYLGXDO
DQGRUJDQL]DWLRQDOSK\VLFDOWUDLQLQJSURJUDPV,WLVDFRPSDQLRQWRWKHSK\VLFDOUHDGLQHVVGRPDLQGHVFULEHG
LQ)0Holistic Health and Fitness7KHSXUSRVHRIWKLVSXEOLFDWLRQLVWRSURYLGHH[HUFLVHVWDQGDUGVIRU
6ROGLHUV DQG OHDGHUV ZKR QHHG WKHP LQ RUGHU WR GHYHORS SK\VLFDO WUDLQLQJ SURJUDPV ,Q VLWXDWLRQV ZKHUH
KROLVWLF KHDOWK DQG ILWQHVV +) UHVRXUFHV DUH QRW DYDLODEOH 6ROGLHUV DQG XQLWV FDQ XVH WKLV FRQWHQW WR
VWDQGDUGL]HWUDLQLQJ
7KH GULOOV DQG H[HUFLVHV LQ WKLV SXEOLFDWLRQ DUH GHVLJQHG WR VXSSRUW EXLOGLQJ SK\VLFDO UHDGLQHVV DQG PHHW
SK\VLFDO ILWQHVV VWDQGDUGV 7HVWLQJ VWDQGDUGV DUH GHVFULEHG LQ $73 Holistic Health and Fitness
Testing ZKLFK GHVFULEHV WKH DGPLQLVWUDWLRQ DQG HYDOXDWLRQ SURFHGXUHV IRU WKH 2FFXSDWLRQDO 3K\VLFDO
$VVHVVPHQW7HVW23$7$UP\&RPEDW)LWQHVV7HVW$&)7DQG&RPEDW:DWHU6XUYLYDO7HVW&:67
7KHSULQFLSDODXGLHQFHIRUGRFWULQHLVOHDGHUVDWDOORUJDQL]DWLRQDOOHYHOV/HDGHUVLQFOXGHRIILFHUVZDUUDQW
RIILFHUVQRQFRPPLVVLRQHGRIILFHUVDQGWKRVH$UP\FLYLOLDQVLQOHDGHUVKLSSRVLWLRQV7UDLQHUVDQGHGXFDWRUV
WKURXJKRXWWKH$UP\ZLOODOVRXVHWKLVSXEOLFDWLRQ
&RPPDQGHUVVWDIIVDQGVXERUGLQDWHVDWDOOOHYHOVHQVXUHWKDW+)WUDLQLQJSURJUDPVDUHSURSHUO\UHVRXUFHG
DQG DGPLQLVWHUHG LQ DFFRUGDQFH ZLWK UHTXLUHPHQWV RXWOLQHG LQ WKLV $73 &RPPDQGHUV VWDIIV DQG
VXERUGLQDWHVHQVXUHWKDWWKHLUGHFLVLRQVDQGDFWLRQVFRPSO\ZLWKDSSOLFDEOH8QLWHG6WDWHVLQWHUQDWLRQDODQG
LQVRPHFDVHVKRVWQDWLRQODZVDQGUHJXODWLRQV&RPPDQGHUVDWDOOOHYHOVHQVXUHWKDWWKHLU6ROGLHUVRSHUDWH
LQDFFRUGDQFHZLWKWKHODZRIZDUDQGWKHUXOHVRIHQJDJHPHQW6HH)00&73&
'HPRQVWUDWLRQYLGHRVRI+)WHVWHYHQWVDQGH[HUFLVHVDUHORFDWHGRQWKH$UP\&RPEDW)LWQHVV7HVWZHEVLWH
DW KWWSVZZZDUP\PLODFIW DQG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
KWWSVDWLDPWUDLQDUP\PLOFDWDORJVHDUFK"FXUUHQW WUXH ILOHW\SH PS UHVSHFWBGDWH )) V
HDUFKBWHUPV &,07&RS\DQGSDVWHWKLVDGGUHVVDIWHUDFFHVVLQJWKH&HQWUDO$UP\5HJLVWU\ZHEVLWHLIWKH
GHPRQVWUDWLRQVGRQRWSRSXODWH
7HUPVLQFOXGHGLQWKHJORVVDU\DUHQRWFRGLILHG$UP\WHUPV7KH\DUHLQFOXGHGRQO\IRUFODULW\IRUWKHUHDGHU
7KLVSXEOLFDWLRQLVQRWDSURSRQHQWIRUDQ\$UP\GRFWULQHWHUPV
)RUHPSKDVLVWKHQDPHVRIVSHFLILFGULOOVDQGH[HUFLVHVDUHWLWOHFDVHGLQWKLVSXEOLFDWLRQRQO\
7KLVGRFWULQHDQGWKHUHJXODWLRQVWKDWVXSSRUWLWDSSO\WRWKH$FWLYH$UP\WKH$UP\1DWLRQDO*XDUG$UP\
1DWLRQDO*XDUGRIWKH8QLWHG6WDWHVDQGWKH8QLWHG6WDWHV$UP\5HVHUYHXQOHVVRWKHUZLVHVWDWHG
7KH SURSRQHQW IRU WKLV SXEOLFDWLRQ LV WKH 8QLWHG 6WDWHV $UP\ &HQWHU IRU ,QLWLDO 0LOLWDU\ 7UDLQLQJ
86$&,077UDLQLQJDQG'RFWULQH&RPPDQG75$'2&6XEPLWFRPPHQWVDQGUHFRPPHQGDWLRQV IRU
LPSURYHPHQWRIWKLV ILHOG PDQXDORQ'$ )RUPRecommended Changes to Publications and Blank
Forms7RFRQWDFW86$&,07
&RPPDQGHU&HQWHUIRU,QLWLDO0LOLWDU\7UDLQLQJ
$771'LUHFWRU5HVHDUFKDQG$QDO\VLV
'LOORQ&LUFOH
)RUW(XVWLV9$

2FWREHU $73 [Y


$FNQRZOHGJHPHQWV
7KHFRS\ULJKWRZQHUVOLVWHGKHUHKDYHJUDQWHGSHUPLVVLRQWRUHSURGXFHPDWHULDOIURPWKHLUZRUNV7KH6RXUFH
1RWHVOLVWVRWKHUVRXUFHVRITXRWDWLRQVDQGSKRWRJUDSKV
3KRWRVGHYHORSHGE\WKH86$UP\&HQWHUIRU,QLWLDO0LOLWDU\7UDLQLQJDQGSURGXFHGDWWKH(QWHUSULVH0HGLD
&HQWHULQ)RUW(XVWLV9LUJLQLD
5XQQLQJGULOOVGLVFXVVHGLQFKDSWHUFRXUWHV\'U1LFKRODV5RPDQRYDQG6HYHULQ5RPDQRY3RVH0HWKRG
,QF&RS\ULJKW3RVH0HWKRG3XEOLVKLQJ,QF

2FWREHU $73 [YLL


,QWURGXFWLRQ
3K\VLFDOUHDGLQHVVLVDFRUQHUVWRQHRI6ROGLHUUHDGLQHVVDQGE\H[WHQVLRQ$UP\UHDGLQHVV$VVXFKGULOOV
DQGH[HUFLVHVDUHLQWULQVLFDOO\OLQNHGWRWKHSK\VLFDOUHDGLQHVVGRPDLQRIWKH+)V\VWHP7KHSK\VLFDOGULOOV
DQG H[HUFLVHV LQ +) V\VWHP DUH VWDQGDUGL]HG VR WKDW QR PDWWHU ZKHUH WKH\ WUDLQ 6ROGLHUV FDQ TXLFNO\
XQGHUVWDQGWKHH[HUFLVHVDQGSHUIRUPWKHPVDIHO\8QLWOHYHOSK\VLFDOWUDLQLQJLVW\SLFDOO\FRQGXFWHGLQD
XQLW IRUPDWLRQ $OO SK\VLFDO DFWLYLW\ EHJLQV ZLWK SUHSDUDWLRQ VWDELOLW\ PRYHPHQW DQG UXQQLQJ GULOOV $OO
SK\VLFDODFWLYLW\FRQFOXGHVZLWKUHFRYHU\GULOOV
&KDSWHU ³3K\VLFDO7UDLQLQJ'ULOOV´GLVFXVVHVWKHSURSHURUJDQL]DWLRQRI 6ROGLHUVWRFRQGXFWFROOHFWLYH
WUDLQLQJVHVVLRQV7KLVFKDSWHULQFOXGHVGULOODQGFHUHPRQ\FRPPDQGGHOLYHU\IRUPDWLRQVDQGDQRYHUYLHZ
RIWKHWKUHHW\SHVRIGULOOVSUHSDUDWLRQGULOOVDFWLYLW\GULOOVDQGUHFRYHU\GULOOV
&KDSWHU³3RVLWLRQVDQG*ULSV´FRYHUVWKHSURSHUSRVLWLRQVWRH[HFXWHYDULRXVGULOOVDQGH[HUFLVHVDVZHOO
DVWKHSURSHUWHFKQLTXHV6ROGLHUVVKRXOGXVHGXULQJZHLJKWWUDLQLQJ
&KDSWHU³3UHSDUDWLRQ'ULOOV´FRQWDLQVWKH3UHSDUDWLRQ'ULOO3'DQG3UHSDUDWLRQ'ULOO0RGLILHG3'
02'WKDWDUHFRQGXFWHGSULRUWRH[HFXWLQJDQ\SK\VLFDOWUDLQLQJVHVVLRQRU+)WHVWHYHQW
&KDSWHU³6WDELOLW\'ULOOV´LQFOXGHVWKHH[HUFLVHV+LS6WDELOLW\'ULOO+6'6KRXOGHU6WDELOLW\'ULOO66'
DQG)RXUIRUWKH&RUH&
&KDSWHU³&RQGLWLRQLQJ'ULOOV´FRQVLVWVRIIRXUFRQGLWLRQGULOOV&RQGLWLRQLQJ'ULOO&'&RQGLWLRQLQJ
'ULOO0RGLILHG&'>02'@&RQGLWLRQLQJ'ULOO&'DQG&RQGLWLRQLQJ'ULOO&'
&KDSWHU³&OLPELQJDQG*XHULOOD'ULOOV´LQFOXGHV&OLPELQJ'ULOO&/&OLPELQJ'ULOO&/DQG
*XHULOOD'ULOO*'
&KDSWHU³5XQQLQJ'ULOOV´FRQVLVWVRIWKHVHYHQ5XQQLQJ'ULOOV5'±5'
&KDSWHU³0LOLWDU\0RYHPHQW'ULOOV´LQFOXGHVWKHH[HUFLVHVIRU0LOLWDU\0RYHPHQW'ULOO00'DQG
&KDSWHU³0HGLFLQH%DOO'ULOOV´LQFOXGHVWKHH[HUFLVHVIRU0HGLFLQH%DOO'ULOO0%DQG0HGLFLQH%DOO
'ULOO0%
&KDSWHU³6XVSHQVLRQ7UDLQLQJ'ULOOV´FRQVLVWVRIWKHH[HUFLVHVWKDWPDNHXS6XVSHQVLRQ7UDLQLQJ'ULOO
67DQG6XVSHQVLRQ7UDLQLQJ'ULOO67
&KDSWHU ³/DQGPLQH 'ULOOV´ LQFOXGHV H[HUFLVHV XWLOL]LQJ D IUHHZHLJKW WUDLQLQJ GHYLFH NQRZQ DV D
ODQGPLQHDQGLQFOXGHVWZRGULOOV/DQGPLQH'ULOO/0DQG/DQGPLQH'ULOO/0
&KDSWHU³3UHJQDQF\DQG 3RVWSDUWXP3K\VLFDO7UDLQLQJ'ULOOV´LQFOXGHVVSHFLILFH[HUFLVHVGHVLJQHGWR
DVVLVWIHPDOH6ROGLHUVGXULQJSUHJQDQF\DQGLQUHFRYHU\IROORZLQJFKLOGELUWK
&KDSWHU³6WUHQJWK7UDLQLQJ&LUFXLW´FRQVLVWVRIH[HUFLVHVWDWLRQVWKDWXVHVWUHQJWKWUDLQLQJHTXLSPHQW
DQGFOLPELQJGULOOH[HUFLVHV
&KDSWHU³)UHH:HLJKW7UDLQLQJ´LQFOXGHVH[HUFLVHVXVLQJYDULRXVIUHHZHLJKWHTXLSPHQW
&KDSWHU³6WUHQJWK7UDLQLQJ0DFKLQH'ULOO´LQFOXGHVLQVWUXFWLRQVIRUWHQPDFKLQHVDQGPRGLILHGZD\VWR
XVHWKHP
&KDSWHU³5HFRYHU\'ULOOV´LQFOXGHV WKHH[HUFLVHV5HFRYHU\'ULOODQG5HFRYHU\'ULOO0RGLILHG5'
02'WKDWDUHFRQGXFWHGDWWKHFRQFOXVLRQRISK\VLFDOWUDLQLQJVHVVLRQVDQG+)WHVWLQJHYHQWV
&KDSWHU ³3UHYHQWLYH 0DLQWHQDQFH &KHFNV DQG 6HUYLFHV 'ULOO´ LQFOXGHV D VHULHV RI VL[ H[HUFLVHV WKDW
6ROGLHUVFDQSHUIRUPEHIRUHFRQGXFWLQJSK\VLFDOUHDGLQHVVWUDLQLQJRULQFOXGHZLWKH[HUFLVHVSHUIRUPHGLQ
WKH5HFRYHU\'ULOO
2FWREHU $73 [L[

,QWURGXFWLRQ
(48,30(176$)(7<,163(&7,216
3ULRU WR H[HFXWLQJ DQ\ SK\VLFDO WUDLQLQJ SURJUDP LQYROYLQJ H[HUFLVH
HTXLSPHQW XVHUV VKRXOG EH YLVLEO\ LQVSHFW HTXLSPHQW DQG DQ\
FRPSRQHQWV IRU VHUYLFHDELOLW\ (TXLSPHQW VDIHW\ LQVSHFWLRQV VKRXOG
LQFOXGHEXWDUHQRWOLPLWHGWRVWUHVVFUDFNVDWZHOGHGVHDPVRQZHLJKW
OLIWLQJEDUVWRUQIDEULFRUVWLWFKLQJRQQ\ORQVOHGVDQGSXOOVWUDSVORRVH
FRQQHFWLRQV RQ SXOOXS EDUV DQG FDEOHV SHGDOV RU RWKHU PRYHDEOH
DFFHVVRULHV RQ VWUHQJWK WUDLQLQJ PDFKLQHV URZLQJ PDFKLQHV DQG
VWDWLRQDU\ELF\FOHV'HIHFWVPD\FRPSURPLVHWKHORDGEHDULQJFDSDELOLW\
RIHTXLSPHQWDQGSUHVHQWDSRWHQWLDOVDIHW\KD]DUGWRWKHXVHU

[[ $73 2FWREHU

&KDSWHU
3K\VLFDO7UDLQLQJ'ULOOV
'5,//$1'&(5(021<
3K\VLFDOWUDLQLQJGULOOVDUHDIXQGDPHQWDOFRPSRQHQWRI$UP\WUDLQLQJ'ULOODQGFHUHPRQ\LVRQHRI
WKH YHU\ ILUVW H[SHULHQFHV IRU 6ROGLHUV XSRQ HQWHULQJ LQLWLDO PLOLWDU\ WUDLQLQJ (YHU\ DVSHFW RI RUJDQL]HG
SK\VLFDO UHDGLQHVV WUDLQLQJ DOVR LQFRUSRUDWHV SK\VLFDO WUDLQLQJ GULOOV .H\ FRPSRQHQWV RI DQ\ GULOO DUH
FRPPDQGGHOLYHU\IRUPDWLRQDVVHPEO\DQGUHDVVHPEO\
3DUDJUDSKVWKURXJKGLVFXVVWKHLPSRUWDQFHRISURSHURUJDQL]DWLRQRI6ROGLHUVLQFROOHFWLYH
WUDLQLQJVHVVLRQV+DYLQJWKHULJKWQXPEHURI6ROGLHUVRUJDQL]HGLQWRWKHULJKWQXPEHURIUDQNVLPSURYHVWKH
WUDLQLQJHIIHFW7KLVFDQQRWEHXQGHUHVWLPDWHG,QYDULDEO\SHUIRUPDQFHUHIOHFWVWKHTXDOLW\RILWVFRPPDQGV
,QGLIIHUHQWFRPPDQGVSURGXFHLQGLIIHUHQWSHUIRUPDQFH:KHQDOHDGHUJLYHVDYHUEDOFRPPDQGGLVWLQFWO\
FRQFLVHO\ZLWKHQHUJ\DQGZLWKSURSHUUHJDUGWRUK\WKP6ROGLHUSHUIRUPDQFHUHIOHFWVLW6HH7&IRU
GHWDLOHGLQIRUPDWLRQRIFRPPDQGYRLFHSRVWXUHDQGSUHVHQFH
7KH $UP\ XVHV FRPPDQGV DQG FDGHQFH WR LQVWLOO FRQILGHQFH GHPRQVWUDWH SURIHVVLRQDOLVP DQG
IDFLOLWDWHWUDLQLQJ:KHQ6ROGLHUVWUDLQLQGLYLGXDOO\WKH\VKRXOGUHPHPEHUWKDWWKHFDGHQFHVDQGUHFRYHU\
EHWZHHQ H[HUFLVHV KDYH EHHQ GHVLJQHG WR LPSURYH WKH WUDLQLQJ HIIHFW 5HWDLQLQJ WKRVH GXULQJ LQGLYLGXDO
WUDLQLQJLVVWURQJO\HQFRXUDJHG,WLVDPDUNRIGLVFLSOLQHDQGSURIHVVLRQDOLVP:KHQ6ROGLHUVWUDLQLQJURXSV
VPDOOHUWKDQDSODWRRQYDULDQFHIURPLQVWUXFWLRQVLQWKLVVHFWLRQVKRXOGQRWFRPSURPLVHWKHDELOLW\RIWKH
OHDGHUWRVHHWKH6ROGLHUVDQGWKH6ROGLHUVWRKHDUWKHLUOHDGHU
&200$1'7<3(6
7KHWZRW\SHVRIFRPPDQGVXVHGLQSK\VLFDOWUDLQLQJDUHSUHSDUDWRU\FRPPDQGVDQGFRPPDQGVRI
H[HFXWLRQ7KHSUHSDUDWRU\FRPPDQGGHVFULEHVDQGVSHFLILHVZKDWLVUHTXLUHG/HDGHUVJLYHDOOSUHSDUDWRU\
FRPPDQGVZLWKULVLQJYRLFHLQIOHFWLRQ7KHFRPPDQGRIH[HFXWLRQFDOOVLQWRDFWLRQZKDWKDVEHHQSUHVFULEHG
7KHLQWHUYDOEHWZHHQWKHWZRFRPPDQGVSURYLGHVHQRXJKWLPHWRSHUPLWWKH6ROGLHUWRXQGHUVWDQGWKHILUVW
FRPPDQGEHIRUHOLVWHQLQJWRWKHVHFRQGRQH
&200$1''(/,9(5<
7KH SK\VLFDO WUDLQLQJ OHDGHU DGGUHVVHV 6ROGLHUV LQ IRUPDWLRQ IRU FROOHFWLYH H[HUFLVHV 7KH OHDGHU
FRPPDQGVPRYHPHQWRUDQQRXQFHVWKHQDPHRIDQH[HUFLVHIURPWKH3RVLWLRQRI$WWHQWLRQ([FHSWLRQVDUH
H[HUFLVHVWKDWFKDQJHSRVLWLRQZLWKRXWUHWXUQLQJWRWKH3RVLWLRQRI$WWHQWLRQ
Note. 6ROGLHUV DQG OHDGHUV VSHDN RU \HOO WKH ZRUGV LQ DOO FDSLWDO OHWWHUV :KHQ OHDGHUV JLYH
FRPPDQGVWKH\HPSKDVL]HDQGIRUFLEO\SURMHFWWKHLWDOLFL]HGZRUGV
:KHQ 6ROGLHUV SHUIRUP H[HUFLVHV WKH\ DVVXPH WKH SURSHUVWDUWLQJ SRVLWLRQ RI HDFK H[HUFLVH RQ WKH
FRPPDQG³67$57,1*326,7,21MOVE´:KHQFRQGXFWLQJH[HUFLVHVDOHDGHUFRPPDQGV6ROGLHUVWR
UHWXUQWRWKH3RVLWLRQRI$WWHQWLRQIURPWKHWHUPLQDWLQJSRVLWLRQRIWKHH[HUFLVHEHIRUHKHRUVKHFRPPDQGV
6ROGLHUVWRDVVXPHWKHVWDUWLQJSRVLWLRQIRUWKHQH[WH[HUFLVH3K\VLFDOWUDLQLQJOHDGHUVXVHWKHFRPPDQG
³326,7,21 2) $77(17,21 MOVE´ WR EULQJ 6ROGLHUV WR WKH 3RVLWLRQ RI $WWHQWLRQ IURP DQ H[HUFLVH
WHUPLQDWLQJSRVLWLRQ
)RUH[DPSOHWKHSK\VLFDOWUDLQLQJOHDGHU ZRXOGFRQGXFWH[HUFLVH7KLJK6WUHWFKLQWKH5HFRYHU\
'ULOONQRZQDV5'XVLQJWKHIROORZLQJ
2FWREHU $73

&KDSWHU
z )URP WKH 3RVLWLRQ RI $WWHQWLRQ WKH SK\VLFDO WUDLQLQJ OHDGHU FRPPDQGV ³7+( 7+,*+
675(7&+´
z 6ROGLHUVUHVSRQG³7+(7+,*+675(7&+´
z )URPWKH3RVLWLRQRI$WWHQWLRQWKHSK\VLFDOWUDLQLQJOHDGHUFRPPDQGV³67$57,1*326,7,21
MOVE´
z 7KHSK\VLFDOWUDLQLQJOHDGHUDQG6ROGLHUVDVVXPHWKHVWDUWLQJSRVLWLRQIRUWKH7KLJK6WUHWFK
z )URPWKHVWDUWLQJSRVLWLRQWKHSK\VLFDOWUDLQLQJOHDGHUFRPPDQGV³5($'<675(7&+´
z 7R FKDQJH SRVLWLRQ WKH SK\VLFDO WUDLQLQJ OHDGHU ILUVW FRPPDQGV ³67$57,1* 326,7,21
MOVE´
z )URP WKH VWDUWLQJ SRVLWLRQ WKH SK\VLFDO WUDLQLQJ OHDGHU FRPPDQGV ³&+$1*( 326,7,21
5($'<675(7&+´
z 8SRQWHUPLQDWLRQRIWKHH[HUFLVHWKHSK\VLFDOWUDLQLQJOHDGHUUHWXUQVWRWKHVWDUWLQJSRVLWLRQEHIRUH
JLYLQJWKHFRPPDQG³67$57,1*326,7,21MOVE´
z 7KHSK\VLFDOWUDLQLQJOHDGHUDVVXPHVWKH3RVLWLRQRI$WWHQWLRQDQGFRPPDQGV³326,7,212)
$77(17,21MOVE´
(;7(1'('5(&7$1*8/$5)250$7,21
7KH$UP\¶VWUDGLWLRQDOIRUPDWLRQIRUSK\VLFDOWUDLQLQJDFWLYLWLHVLVWKHH[WHQGHGUHFWDQJXODUIRUPDWLRQ
,WLVEHVWIRUSODWRRQWRFRPSDQ\VL]HIRUPDWLRQVEHFDXVHLWLVVLPSOHDQGHDV\WRDVVXPH
3/$7221$66(0%/<
7KHSK\VLFDOWUDLQLQJOHDGHUSRVLWLRQVDSODWRRQVL]HXQLWLQDOLQHIRUPDWLRQVRWKDWWKHXQLWLVFHQWHUHG
DQGILYHSDFHVDZD\IURPWKHSK\VLFDOWUDLQLQJSODWIRUPRUOHDGHUDIWHUWKHXQLWKDVDVVXPHGWKHUHFWDQJXODU
IRUPDWLRQ5HIHUWRILJXUH7KHSK\VLFDOWUDLQLQJOHDGHUJLYHVWKHIROORZLQJFRPPDQGV
z ³(;7(1' 727+(/()7MARCH´6ROGLHUVLQWKHULJKWIODQNILOHVWDQGIDVW ZLWKWKHLUOHIW
DUPV H[WHQGHG VLGHZDUG ZLWK SDOPV GRZQ ILQJHUV DQG WKXPEV H[WHQGHG DQG MRLQHG $OO RWKHU
6ROGLHUVWXUQWRWKHOHIWDQGGRXEOHWLPHIRUZDUG$IWHUWDNLQJWKHVXIILFLHQWQXPEHURIVWHSVDOO
6ROGLHUV IDFH WKH IURQW DQG H[WHQG ERWK DUPV VLGHZDUG ZLWK SDOPV GRZQ ILQJHUV DQG WKXPEV
H[WHQGHGDQGMRLQHG7KHGLVWDQFHEHWZHHQILQJHUWLSVLVDERXWLQFKHVDQGGUHVVLVWRWKHULJKW
z ³$506'2:1:$5'MOVE´7KH6ROGLHUVORZHUWKHLUDUPVVPDUWO\WRWKHLUVLGHV6ROGLHUV
LQWKHULJKWIODQNILOHORZHUWKHLUOHIWDUPVWRWKHLUVLGHV
z ³/()7FACE´6ROGLHUVH[HFXWHWKHOHIWIDFH
z ³(;7(1' 727+(/()7MARCH´6ROGLHUVLQ WKHULJKWIODQNILOHVWDQGIDVW ZLWKWKHLUOHIW
z ³$506'2:1:$5'MOVE´6ROGLHUVORZHUWKHLUDUPVVPDUWO\WRWKHLUVLGHV6ROGLHUVLQWKH
ULJKWIODQNILOHORZHUWKHLUOHIWDUPVWRWKHLUVLGHV
z ³5,*+7FACE´6ROGLHUVH[HFXWHWKHULJKWIDFH
z ³)520)5217725($5COUNT OFF´7KHIURQW6ROGLHULQHDFKFROXPQWXUQVKLVRUKHU
KHDGWRWKHULJKWUHDUDQGWKHQFDOOVRII³21(´DQGIDFHVWKHIURQW6XFFHVVLYH6ROGLHUVLQHDFK
FROXPQFDOORIILQWXUQ³7:2´³7+5((´³)285´DQGVRRQ7KHODVW6ROGLHULQHDFKFROXPQ
ZLOOQRWWXUQKLVRUKHUKHDGDQGH\HVWRWKHULJKWZKLOHVRXQGLQJRII
z ³(9(1180%(5727+(/()7UNCOVER´(YHQQXPEHUHG6ROGLHUVVLGHVWHSWRWKHOHIW
VTXDUHO\LQWKHFHQWHURIWKHLQWHUYDOEULQJLQJWKHLUIHHWWRJHWKHU6HH)LJXUH
$73 2FWREHU

)LJXUH3ODWRRQUHFWDQJXODUIRUPDWLRQ
)LJXUH3ODWRRQUHFWDQJXODUIRUPDWLRQH[WHQGHGDQGXQFRYHUHG
3/$72215($66(0%/<
7RUHDVVHPEOHWKHIRUPDWLRQWKHSK\VLFDOWUDLQLQJOHDGHUFRPPDQGV³$66(0%/(727+(5,*+7
MARCH´$OO6ROGLHUVGRXEOHWLPHWRWKHLURULJLQDOSRVLWLRQVLQWKHIRUPDWLRQVHHILJXUH
&203$1<,1/,1(:,7+3/$72216,1&2/801
7KHSK\VLFDOWUDLQLQJOHDGHUSRVLWLRQVDFRPSDQ\VL]HXQLWLQWKHH[WHQGHGUHFWDQJXODUIRUPDWLRQIURP
DFRPSDQ\LQOLQHZLWKSODWRRQVLQFROXPQ+HRUVKHWKHQDGMXVWVWKHEDVHSODWRRQVRWKDWWKHFRPSDQ\ZLOO
EHFHQWHUHGDQGILYHSDFHVDZD\IURPWKHSK\VLFDOWUDLQLQJSODWIRUPRUOHDGHUDIWHUWKHFRPSDQ\KDVDVVXPHG
WKHUHFWDQJXODUIRUPDWLRQ5HIHUWRILJXUHRQSDJH7KHSK\VLFDOWUDLQLQJOHDGHUJLYHVWKHFRPPDQGV
VSHFLILHGLQSDUDJUDSKWRH[WHQGWKHIRUPDWLRQVHHILJXUHRQSDJH
2FWREHU $73

&KDSWHU
)LJXUH)RUPLQJDFRPSDQ\FRPSDQ\LQOLQHZLWKSODWRRQVLQFROXPQ
)LJXUH&RPSDQ\H[WHQGHGDQGXQFRYHUHGFRPSDQ\LQOLQHZLWKSODWRRQVLQFROXPQ
&203$1<)250$7,21(10$66(
7KHSK\VLFDOWUDLQLQJOHDGHUSRVLWLRQVDFRPSDQ\VL]HXQLWLQDUHFWDQJXODUIRUPDWLRQ+HRUVKHILUVW
DGMXVWVWKHEDVHSODWRRQVRWKDWWKHFRPSDQ\ZLOOEHFHQWHUHGDQGILYHSDFHVDZD\IURPWKHSK\VLFDOWUDLQLQJ
SODWIRUPRUOHDGHUDIWHUWKHFRPSDQ\KDVDVVXPHGWKHUHFWDQJXODUIRUPDWLRQ5HIHUWRILJXUH7KHSK\VLFDO
WUDLQLQJOHDGHUJLYHVWKHFRPPDQGVVSHFLILHGLQSDUDJUDSKWRH[WHQGWKHIRUPDWLRQVHHILJXUH
$73 2FWREHU

)LJXUH)RUPDWLRQRIFRPSDQ\HQPDVVH
)LJXUH&RPSDQ\HQPDVVHH[WHQGHGDQGXQFRYHUHG
3/$7221(;7(1'('5(&7$1*8/$5)250$7,21&29(5('
7KHIRUPDWLRQIRU0LOLWDU\0RYHPHQW'ULOONQRZQDV00'DQG*XHUULOOD'ULOONQRZQDV*'LVD
SODWRRQH[WHQGHGUHFWDQJXODUIRUPDWLRQFRYHUHG7KHSK\VLFDOWUDLQLQJOHDGHUSRVLWLRQVWKHSODWRRQLQDOLQH
2FWREHU $73

&KDSWHU
IRUPDWLRQVRWKHXQLWZLOOEHFHQWHUHGDQGILYHSDFHVDZD\IURPWKHSK\VLFDOWUDLQLQJSODWIRUPRUOHDGHUDIWHU
LW DVVXPHV WKH H[WHQGHG UHFWDQJXODU IRUPDWLRQ VHH ILJXUH 7KH SK\VLFDO WUDLQLQJ OHDGHU JLYHV WKH
IROORZLQJFRPPDQGVWRH[WHQGWKHSODWRRQIRUPDWLRQFRYHUHGVHHILJXUH
z ³(;7(1' 727+(/()7MARCH´6ROGLHUVLQWKHULJKWIODQNILOHVWDQGIDVW ZLWKWKHLUOHIW
z ³$506'2:1:$5'MOVE´7KH6ROGLHUVORZHUWKHLUDUPVVPDUWO\WRWKHLUVLGHV6ROGLHUV
LQWKHULJKWIODQNILOHORZHUWKHLUOHIWDUPVWRWKHLUVLGHV
z ³/()7FACE´6ROGLHUVH[HFXWHWKHOHIWIDFH
z ³(;7(1' 727+(/()7 MARCH´6ROGLHUVLQWKHULJKWIODQNILOHVWDQGIDVW ZLWKWKHLUOHIW
z ³$506'2:1:$5'MOVE´6ROGLHUVORZHUWKHLUDUPVVPDUWO\WRWKHLUVLGHV6ROGLHUVLQWKH
ULJKWIODQNILOHORZHUWKHLUOHIWDUPVWRWKHLUVLGHV
z ³5,*+7FACE´6ROGLHUVH[HFXWHWKHULJKWIDFH
)LJXUH3ODWRRQIRUPDWLRQHQPDVVH
)LJXUH3ODWRRQIRUPDWLRQH[WHQGHGDQGFRYHUHG
$73 2FWREHU

35(3$5$7,21'5,//6
3K\VLFDOWUDLQLQJVHVVLRQVDOZD\VLQFOXGHGULOOVWKDWSUHSDUHWKH6ROGLHUIRUWKHSK\VLFDODFWLYLW\WKH\
DUHDERXWWRSHUIRUP'ULOOVLQFOXGHWKH3UHSDUDWLRQ'ULOO)RXUIRUWKH&RUH+LS6WDELOLW\'ULOO6KRXOGHU
6WDELOLW\'ULOO0LOLWDU\0RYHPHQW'ULOO DQG5XQQLQJ'ULOOWKURXJK3UHSDUDWLRQ'ULOOVLQFUHDVHERG\
KHDUWUDWHDQGWHPSHUDWXUHLQFUHDVHWKHIOH[LELOLW\RIMRLQWVDQGPXVFOHVDQGLQFUHDVHWKHUHVSRQVLYHQHVVRI
QHUYHVDQGPXVFOHV:KHQSHUIRUPHGLQDIRUPDWLRQRUFROOHFWLYHVHWWLQJWKHSULQFLSDOLQVWUXFWRUXVHVGULOO
DQG FHUHPRQ\ WHFKQLTXHV WR OHDG WKH IRUPDWLRQ LQ FDGHQFH RU WLPHG H[HUFLVHV &DGHQFH LV HLWKHU VORZ RU
PRGHUDWHRUFRXQWVSHUPLQXWHUHVSHFWLYHO\$VVLVWDQWLQVWUXFWRUVPDLQWDLQWKHUDQNVDQGHQVXUHWKDW
6ROGLHUSHUIRUPWKHH[HUFLVHVSUHFLVHO\VRDVQRWWRORVHWKHWUDLQLQJYDOXHRIWKHGULOO
,QWKH3UHSDUDWLRQ'ULOOHDFKH[HUFLVHLVUHYHUVHHQJLQHHUHGIURPDFRPEDWVSHFLILFWDVN)RUH[DPSOH
WKH%HQGDQG5HDFKSUHSDUHV6ROGLHUVWRUROOIRUZDUGRQWRWKHJURXQGUHDFKKLJKRYHUKHDGWRFOLPEVTXDW
WRWDNHFRYHUUHDFKWRSLFNXSDPPXQLWLRQRUFKHFNDIDOOHQFRPUDGH7KH3XVK8SZLWKKDQGVSRVLWLRQHG
XQGHUWKHVKRXOGHUVSODFHVWKHERG\LQWRWKHRSWLPDOSRVLWLRQWRSXVKDQRSSRQHQWDZD\SXVKDGLVDEOHG
YHKLFOHDQGSXVKXSIURPWKHJURXQG
5HWXUQLQJWKHERG\WRWKH3RVLWLRQRI$WWHQWLRQEHWZHHQSUHSDUDWLRQH[HUFLVHVSUHYHQWVRYHUH[HUWLRQ
UHVHWVSURSHUERG\SRVLWLRQDQGWHDFKHV6ROGLHUVKRZWRPRYHWRDQGIURPWKHJURXQGZLWKRXWXVLQJWKHLU
KDQGVUHSOLFDWLQJPRYHPHQWZLWKWKHLUZHDSRQV,WDOORZVOHDGHUVWRFKHFNWKDWWKHLUIRUPDWLRQVDUHSD\LQJ
DWWHQWLRQWRWKHP²DFRUHDWWULEXWHRIHIIHFWLYHPHQWDOSUHSDUDWLRQIRUFRPEDW/HDGHUVFDQFRQWUROWKHWLPH
EHWZHHQH[HUFLVHVWRDPLQLPXPWRLQFUHDVHWKHWUDLQLQJHIIHFW&DGHQFHZLOODOZD\VUHPDLQWKHVDPHVRWKDW
6ROGLHUVKDYHWLPHWRPRYHWKURXJKWKHIXOOHVWUDQJHRIPRWLRQ,IOHDGHUVPDLQWDLQSUHFLVLRQRIPRYHPHQW
WKLVDSSURDFKLQFUHDVHVWLPHIRUWKHPDLQDFWLYLW\RIWKHVHVVLRQLQFUHDVHVWKHLQWHQVLW\RIWKHSUHSDUDWLRQ
DQGHQKDQFHVWKHPHQWDOFKDOOHQJH
3UHSDUDWLRQ'ULOOH[HUFLVHVPD\EHIXUWKHUPRGLILHGE\SHUIRUPLQJIHZHUUHSHWLWLRQVVHOHFWLQJIHZHU
H[HUFLVHVRUUHSODFLQJVRPHH[HUFLVHVZLWKRWKHUV7DEOHLQFOXGHVWKUHHH[DPSOHV7KLVLVDSSURSULDWH
ZKHQ²
z 7KHUHLVFRQGHQVHGWLPHWRWUDLQ
z 6ROGLHUVUHTXLUHVSHFLDOFRQGLWLRQLQJ
z $FWLYLWLHVDUHOLPLWHGWRRQO\RQHRIWKHSK\VLFDOUHDGLQHVVFRPSRQHQWV²SRZHUIRULQVWDQFH
7DEOH7KUHHH[DPSOHVRIDPRGLILHG3UHSDUDWLRQ'ULOO
Preparation Drill Preparation Drill Preparation Drill Preparation Drill
(Standard) (Power-focused) (Condensed time) (Special conditioning)
%HQGDQGUHDFKUHSV %HQGDQGUHDFKUHSV 3XVKXSUHSV %HQGDQGUHDFKPRG
5HDUOXQJHUHSV 6TXDWEHQGHUUHSV +LJKMXPSHUUHSV 5HDUOXQJHPRG
+LJKMXPSHUUHSV :LQGPLOOUHSV 5RZHUUHSV +LJKMXPSHUPRG
5RZHUUHSV )RUZDUGOXQJHUHSV 3URQHURZUHSV 5RZHUPRG
6TXDWEHQGHUUHSV 0HGLDOOHJUDLVHUHSV 5HDUOXQJHUHSV 6TXDWEHQGHUPRG
%HQWOHJERG\WZLVW 3URQHURZUHSV %HQWOHJERG\WZLVW %HQWOHJERG\WZLVW
UHSV UHSV PRG
)RUZDUGOXQJHUHSV 6LQJOHOHJWXFNUHSV )RUZDUGOXQJHPRG
3URQHURZUHSV 6ZLPPHUUHSV 3URQHURZPRG
:LQGPLOOUHSV :LQGPLOOPRG
3XVKXSUHSV 3XVKXSPRG
PRG PRGLILHG UHSV UHSHWLWLRQV VHFV VHFRQGV
$IWHUFRPSOHWLQJEDVLFFRPEDWWUDLQLQJDOOJUDGXDWHG6ROGLHUVSHUIRUPWHQUHSHWLWLRQVRI3UHSDUDWLRQ
'ULOOVDQG&RQGLWLRQLQJ'ULOOVWRVWDQGDUG7KLVIXQGDPHQWDOOHYHORISK\VLFDOUHDGLQHVVFRQWLQXHVLQWRWKH
VXVWDLQLQJSKDVHE\UHSHDWHGSUDFWLFHRIWKHVDPHGULOOVDQGUHSHWLWLRQV7KHGULOOVDQGUHSHWLWLRQVIRUPWKH
IRXQGDWLRQIRUSHDNSHUIRUPDQFHLQFRPEDW0DVWHU\RIWKHVHGULOOVDQGH[HUFLVHVJXDUDQWHHVYHU\KLJKOHYHOV
RI IRXQGDWLRQDO ILWQHVV /HDGHUV ZKR LQWHQG WR GHPRQVWUDWH WR QHZ 6ROGLHUV WKDW WKH\ NQRZ WKH SK\VLFDO
WUDLQLQJSURJUDPDOVRPDLQWDLQSURILFLHQF\LQWKHGULOOVDQGH[HUFLVHV6ROGLHUVLQVSHFLDOFRQGLWLRQLQJKDYH
2FWREHU $73

&KDSWHU
WKHVDPHUHTXLUHPHQWWRPDLQWDLQIXQGDPHQWDOVNLOOV7KH\SHUIRUPPRGLILHGYHUVLRQVRIWKHVHH[HUFLVHVDW
VSHHGVWKDWDUHFRQWUROOHGIROORZDVWDQGDUGDQGHQFRXUDJHWKHIXOOHVWUDQJHRIPRWLRQ
/HDGHUVFDQGHYHORSRWKHUG\QDPLFZDUPXSGULOOVDQGH[HUFLVHVWRWDNHDGYDQWDJHRIPXFKJUHDWHU
HTXLSPHQW RSWLRQV DQG WLPH DYDLODEOH LQ WKH +ROLVWLF +HDOWK DQG )LWQHVV +) 6\VWHP 7KH JRDO RI
3UHSDUDWLRQ 'ULOO LV DOZD\V WKH VDPH²D WRWDO ERG\ PXOWLSODQDU VHULHV RI ORZ LQWHQVLW\ ORZ LPSDFW
PRYHPHQWVWKDWUHTXLUH6ROGLHUV¶PRYHPHQWVNLOODQGPHQWDOIRFXV(TXLSPHQWPRGDOLWLHVWKDWVXSSRUWWKLV
JRDOLQFOXGHVXVSHQVLRQV\VWHPVIUHHZHLJKWVFOLPELQJUDFNVZHLJKWUDFNVUHVLVWDQFHEDQGVDQGVWHSXS
ER[HV(TXLSPHQWWKDWFRQWUROVWKHPRYHPHQWIRULQMXUHGGHFRQGLWLRQHGRUQHZ6ROGLHUVLQFOXGHV(QGXUDQFH
7UDLQLQJ0DFKLQHVNQRZQDV(70VDQG6WUHQJWK7UDLQLQJ0DFKLQHVNQRZQDV670V
$&7,9,7<'5,//6
$FWLYLWLHVWDNHXSWKHPDMRULW\RIWLPHLQWKHSK\VLFDOWUDLQLQJVHVVLRQ7DEOHVXPPDUL]HVSK\VLFDO
WUDLQLQJDFWLYLWLHV6HH$73IRU$UP\:DWHU6XUYLYDO7UDLQLQJ([HUFLVHV
7DEOH3K\VLFDOWUDLQLQJDFWLYLWLHV
Drill Description
&RQGLWLRQLQJ'ULOOV 0RGHUDWH WR DGYDQFHG FDOLVWKHQLFV WKDW FKDOOHQJH FRUH HQGXUDQFH OHJ
SRZHUEDODQFHDQGPXOWLSODQDUFRRUGLQDWLRQ
&OLPELQJ'ULOOVDQG 2IIJURXQGXSSHUERG\SXOOLQJH[HUFLVHVWKDWLQFRUSRUDWHFRUHHQGXUDQFH
DQGFRRUGLQDWLRQ
*XHUULOOD'ULOO $GYDQFHG PRYHPHQW VNLOO H[HUFLVHV WKDW UHTXLUH KLJK OHYHOV RI VNLOO
FRQILGHQFHDQGORZHUERG\VWUHQJWK
5XQQLQJ'ULOOV 6WDQGDUGL]HG H[HUFLVHV WKDW LPSURYH SHUFHSWLRQ RI UXQQLQJ DV D VNLOOHG
PRYHPHQWDFWLYLW\
0HWHU6KXWWOH5XQ 6SULQWGULOOWKDWUHTXLUHVEDODQFHDQGFRRUGLQDWLRQDQGDGYDQFHGOHYHOVRI
DQDHURELFHQGXUDQFH
VDQGV 7LPHG VSULQW LQWHUYDOV DW PRGHUDWH WR PD[LPXP VSHHG WKDW LPSURYH
DQDHURELFHQGXUDQFH
5HOHDVH5XQ $FRPELQDWLRQRIIRUPDWLRQDQGRZQSDFHUXQQLQJIRUWLPHWKDWDLPVIRU
DOO6ROGLHUVUHDFKLQJWKHREMHFWLYHDWWKHVDPHWLPH
7HUUDLQ5XQ 5XQQLQJ RQ XQLPSURYHG WHUUDLQ IRU WLPH WKDW LPSURYHV EDODQFH
FRRUGLQDWLRQDQGDHURELFHQGXUDQFH
+LOO5XQ8SDQG'RZQ ,QWHUYDO UXQQLQJ WKDW SURYLGHV DGYDQFHG FKDOOHQJH WR DQDHURELF
HQGXUDQFHDQGOHJVSHHG
)RRW0DUFK 6XVWDLQHG DHURELF WUDLQLQJ WKDW EXLOGV WROHUDQFH IRU GLVPRXQWHG
RSHUDWLRQV
0HGLFLQH%DOO'ULOOVDQG 7RWDO ERG\ UHVLVWDQFH H[HUFLVHV WKDW UHTXLUH KDQGH\H FRRUGLQDWLRQ
EDODQFHDQGPXVFXODUHQGXUDQFH
6XVSHQVLRQ7UDLQLQJ'ULOOVDQG 2Q DQG RIIJURXQG SXOOLQJ DQG FRUH H[HUFLVHV WKDW UDQJH IURP OLJKW WR
DGYDQFHGFKDOOHQJH
/DQGPLQH'ULOOVDQG 0RGHUDWHWRKHDY\PXOWLSODQDUUHVLVWDQFHH[HUFLVHVWKDWXVHDVWUDLJKW
EDUDQFKRUHGWRWKHJURXQG
6WUHQJWK7UDLQLQJ&LUFXLW $ NHWWOHEHOO FLUFXLW ZLWK PRYHPHQW GULOOV VHSDUDWLQJ PXVFXODU
HQGXUDQFHH[HUFLVHVHDFKFRQGXFWHGIRUPLQXWH
)UHH:HLJKW&RUHDQG$VVLVWLYH FRUH DQG DVVLVWLYH OLIWV RI PRGHUDWH WR KHDY\ UHVLVWDQFH WKDW
PD[LPL]HVPXVFXODUHQGXUDQFHK\SHUWURSK\SRZHUDQGVWUHQJWK
3UHJQDQF\DQG3RVWSDUWXP 6SHFLILF H[HUFLVHV IRU SUHJQDQW DQG SRVWSDUWXP 6ROGLHUV XVHG LQ KRPH
SURJUDPVLQGLYLGXDOWUDLQLQJDQGFROOHFWLYHWUDLQLQJ
$UP\:DWHU6XUYLYDO7UDLQLQJ 7UDLQLQJDQGWHVWHYHQWVWKDWEXLOGSURILFLHQF\LQDQGDURXQGZDWHUZKLOH
ZHDULQJWKHXQLIRUPDQGFDUU\LQJHTXLSPHQW
$73 2FWREHU

7\SLFDOIHDWXUHVRIDFWLYLWLHVGXULQJDWUDLQLQJZHHNLQFOXGHWKHIROORZLQJ
z $OWHUQDWLQJGD\VRIVWUHQJWKDQGHQGXUDQFHDFWLYLWLHV
z $YRLGDQFHRIHQGXUDQFHDFWLYLWLHVRQWKHVDPHGD\DVIRRWPDUFKHVWRFRQWUROWRWDOIRRWWLPH
z 6SHHGUXQQLQJDWOHDVWRQFHSHUZHHN
z 6WUHQJWKWUDLQLQJWKDWLQYROYHVXSSHUERG\SXVKLQJDQGSXOOLQJORZHUERG\SXVKLQJDQGSXOOLQJ
ORDGHGFDUU\LQJDQGUHVLVWHGWUXQNURWDWLRQPXOWLSOHWLPHVSHUZHHNXVLQJPRUHWKDQERG\ZHLJKW
z )UHHZHLJKWWUDLQLQJRQFRUHOLIWVVXFKDVWKH'HDGOLIW%HQFK3UHVVDQG6TXDW
z $FFHVVRU\OLIWVXVLQJ6WUHQJWK7UDLQLQJ0DFKLQHVDQGRWKHUUHVLVWLYHHTXLSPHQWVXFKDVPHGLFLQH
EDOOVVXVSHQVLRQWUDLQHUVODQGPLQHDSSDUDWXVDQGIUHHZHLJKWV
z 'DLO\VHVVLRQVRI±PLQXWHV
z )RRWPDUFKLQJXQGHUORDG
z 3UDFWLFHRUUHFRUG$UP\&RPEDW)LWQHVV7HVW$&)7RQ0RQGD\RUDIWHUDQRWKHUH[WHQGHGSHULRG
RIUHFRYHU\RUWDSHU
5(&29(5<'5,//6
7KHWZRGULOOVXVHGIRUUHFRYHU\FRXSOHGZLWKSURSHUQXWULWLRQDQGVOHHSFDUU\RYHUWRWKHQH[WSK\VLFDO
WUDLQLQJVHVVLRQ3URSHUUHFRYHU\UHVXOWVLQSRVLWLYHDGDSWDWLRQWRWKHVWUHVVRIWUDLQLQJPDLQWDLQVDOHUWQHVV
DQGLPSURYHVWKH6ROGLHU¶VDELOLW\WRSURJUHVVLQWKHUHDGLQHVVWUDLQLQJSURJUDPXVLQJ²
z 7KH5HFRYHU\'ULOONQRZQDV5'WKDWJUDGXDOO\DQGVDIHO\WDSHUVRIIDFWLYLWLHVWREULQJWKHERG\
EDFNWRLWVSUHH[HUFLVHVWDWH 5HFRYHU\FRQWLQXHVWKURXJKRXWWKHGD\ZLWKDFWLYHQXWULWLRQDQG
VOHHSSUDFWLFHV
z 3UHYHQWLYH0DLQWHQDQFH&KHFNVDQG6HUYLFHVNQRZQDV30&6WKDWLVDVHOIFKHFNDQGIL[IRU
PXVFXORVNHOHWDOLVVXHV,WSURYLGHVHDUO\LGHQWLILFDWLRQRILVVXHVVRWKDW6ROGLHUVFDQWDNHFDUHRI
LVVXHVEHIRUHWKH\EHFRPHFKURQLFRUVHYHUH

2FWREHU $73


&KDSWHU
3RVLWLRQVDQG*ULSV
326,7,216
:KHQ6ROGLHUVDUHWUDLQLQJLQIRUPDWLRQV6ROGLHUVDVVXPHWKHSURSHUVWDUWLQJSRVLWLRQIRUHDFKH[HUFLVH
RQWKHFRPPDQG³67$57,1*326,7,21MOVE´:KHQFRQGXFWLQJH[HUFLVHVOHDGHUVFRPPDQG6ROGLHUV
WR UHWXUQ WR WKH 3RVLWLRQ RI $WWHQWLRQ IURP WKH ILQDO SRVLWLRQRI WKH H[HUFLVH 0RYLQJ LQ DQG RXW RI WKHVH
SRVLWLRQVFKDOOHQJHVPRELOLW\DQGJLYHV6ROGLHUVDQGWKHLU+)OHDGHUVLQIRUPDWLRQWKDWWKH\LQWXUQFDQXVH
WRLPSURYHSK\VLFDOUHDGLQHVV6HHILJXUHIRUDOOWKHSRVLWLRQV
)LJXUH3RVLWLRQV
648$7
7KH6TXDWSRVLWLRQLVDWUDQVLWLRQDOSRVLWLRQUHDFKHGZKHQPRYLQJWRDQGIURPWKHJURXQG,WSURPRWHV
IOH[LELOLW\LQWKHVSLQHKLSVNQHHVDQGDQNOHVLQSUHSDUDWLRQIRUFRQWUROOHGPRYHPHQWWRWKHJURXQG)URP
WKH3RVLWLRQRI$WWHQWLRQVWDUWWKHPRYHPHQWWRWKHVTXDWSRVLWLRQ/RZHUWKHERG\E\EHQGLQJWKHNQHHVDQG
SODFLQJWKHKDQGVRQWKHJURXQGEHWZHHQWKHNQHHV$UPVZLOOEHEHWZHHQWKHNQHHV+HHOVPD\EHRIIWKH
JURXQGVRWKDWWKHERG\ZHLJKWLVGLVWULEXWHGEHWZHHQWKHEDOOVRIWKHIHHWDQGWKHKDQGV5HYHUVHWKHVHVWHSV
ZKHQPRYLQJIURPWKHJURXQGWRUHWXUQWRWKH3RVLWLRQRI$WWHQWLRQ)LJXUHRQSDJHLOOXVWUDWHVWKH
6TXDWSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH6TXDWSRVLWLRQ
)5217/($1,1*5(67
7KH)URQW/HDQLQJ5HVWSURPRWHVVWDELOLW\LQWKHVKRXOGHUVWUXQNDQGKLSVLQSUHSDUDWLRQIRUFRQWUROOHG
PRYHPHQWWRWKHJURXQG7KH)URQW/HDQLQJ5HVWLVWKHUHVWLQJSRVLWLRQIRUWKH+DQG5HOHDVH3XVK8SLQWKH
$&)7 6ROGLHUV XVH WKLV SRVLWLRQ WR WUDLQ WKHLU ERG\¶V WUDQVLWLRQ WR DQG IURP WKH JURXQG )URP WKH 6TXDW
3RVLWLRQVWDUWWKHPRYHPHQWWRWKH)URQW/HDQLQJ5HVW$IWHUVKLIWLQJWKHERG\ZHLJKWIURPWKHIHHWWRWKH
KDQGVWKUXVWERWKIHHWUHDUZDUGVODQGLQJZLWKWKHIHHWWRJHWKHU7KH6ROGLHUVKRXOGFRQWUROWKHKLSVVRWKDW
WKH\GRQRWGLSWRWKHJURXQGZKHQWKHIHHWODQG)URPWKHKHHOVWRWKHWRSRIWKHKHDGWKHERG\VKRXOGIRUP
DVWUDLJKWOLQH7KLVLVWKHVWDQGDUGSRVLWLRQRIUHVWGXULQJWKH+DQG5HOHDVH3XVK8SNQRZQDV+53²WKH
LQGH[ILQJHULVLQVLGHWKHRXWVLGHHGJHRIWKHVKRXOGHU)LJXUHLOOXVWUDWHVWKHIURQWOHDQLQJUHVWSRVLWLRQ
6,;32,1767$1&(
7KH6L[3RLQW6WDQFHLVDPRGLILHGSRVLWLRQIRUWKH)URQW/HDQLQJ5HVW)URPWKH)URQW/HDQLQJ5HVW
DVVXPHWKH6L[3RLQW6WDQFHE\GURSSLQJWKHNQHHVWRWKHJURXQGDQGSRLQWLQJWKHWRHVWRWKHUHDU)LJXUH
GHPRQVWUDWHVWKH6L[3RLQW6WDQFHSRVLWLRQ
)LJXUH)URQW/HDQLQJ5HVWSRVLWLRQ )LJXUH6L[3RLQW6WDQFHSRVLWLRQ

$73 2FWREHU

3RVLWLRQVDQG*ULSV
675$''/(67$1&(
7KH6WUDGGOH6WDQFHLVWKHSUHSDUDWRU\SRVLWLRQIRUPDQ\SK\VLFDOUHDGLQHVVWUDLQLQJH[HUFLVHV$VVXPH
WKH6WUDGGOH6WDQFHE\VWDQGLQJZLWKWKHIHHWGLUHFWHGDKHDGDQGVKRXOGHUZLGWKDSDUW)LJXUHLOOXVWUDWHV
WKH6WUDGGOH6WDQFHSRVLWLRQ
)25:$5'/($1,1*67$1&(
7KH )RUZDUG/HDQLQJ6WDQFH LVWKHSUHSDUDWRU\SRVLWLRQIRUWKH+LJK-XPSHU H[HUFLVH $VVXPHWKH
)RUZDUG/HDQLQJ6WDQFHE\VWDQGLQJZLWKWKHIHHWVWUDLJKWDKHDGDQGDOLJQHGEHQHDWKWKHVKRXOGHUV%HQG
IRUZDUGGHJUHHVDWWKHZDLVW ZLWKWKHNQHHVEHQWWRGHJUHHV.HHSWKHEDFNVWUDLJKW PDLQWDLQLQJD
VWUDLJKWOLQHIURPWKHKHDGWRWKHKLSV)LJXUHGHPRQVWUDWHVWKH)RUZDUG/HDQLQJ6WDQFHSRVLWLRQ
)LJXUH6WUDGGOH6WDQFHSRVLWLRQ )LJXUH7KH)RUZDUG/HDQLQJ6WDQFH
SRVLWLRQ
3521(
7KH3URQHSRVLWLRQLVWKHVWDUWLQJSRVLWLRQIRUWKH+DQG5HOHDVH3XVK8SDQGIRUWUDQVLWLRQLQJWRDQG
IURPWKHJURXQG$VVXPHWKH3URQHSRVLWLRQE\ORZHULQJWKHERG\WRWKHJURXQGIURPWKH)URQW/HDQLQJ5HVW
SRVLWLRQ)HHWDUHWRJHWKHURUXSWRDERRW¶VZLGWKDSDUWKDQGVUHPDLQRQWKHJURXQGEHQHDWKWKHVKRXOGHUV
)LJXUHRQSDJHVKRZVWKH3URQHSRVLWLRQ
683,1(
7KH6XSLQHSRVLWLRQLVWKHWUDQVLWLRQSRVLWLRQIRUFHUWDLQH[HUFLVHVFRQGXFWHGRQWKHJURXQG0RYHPHQW
LQWRDQGRXWRIWKH6XSLQHSRVLWLRQLVDVNLOOUHTXLUHGIRUFRQGXFWLQJVXSLQHH[HUFLVHVRQWKHJURXQGDQGIRU
KDQGVIUHHPRYHPHQWIURPWKHJURXQG)URPWKH6WUDGGOH6WDQFHPRYHRQHIRRWWRWKHUHDUZKLOHVORZO\
ORZHULQJWKHERG\XQWLOWKHUHDUNQHHWRXFKHVWKHJURXQG7KLVLVWKH+DOI.QHHOLQJSRVLWLRQ)URPWKH+DOI
.QHHOLQJSRVLWLRQVZHHSWKHUHDUOHJXQGHUWKHERG\ZKLOHVLWWLQJEDFNRQWRWKHEXWWRFNV7KHKDQGVUHPDLQ
RIIWKHJURXQGGXULQJWKHPRYHPHQW6WUDLJKWHQERWKOHJVVRWKDWWKH\DUHSODFHGRXWIURQWDQGWRJHWKHURQ
WKHJURXQG
7RFRPSOHWHWKHPRYHPHQWWRWKH6XSLQHSRVLWLRQOD\EDFNRQWRWKHJURXQGVRWKDWWKHOHJVDQGERG\
DUHDOLJQHGZLWKDUPVDQGKDQGVKHOGFORVHWRWKHERG\)LJXUHRQSDJHLOOXVWUDWHVWKH6XSLQHSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH3URQHSRVLWLRQ )LJXUH6XSLQHSRVLWLRQ
,IWKH6ROGLHUKDVGLIILFXOW\PRYLQJLQWRRURXWRIWKH6XSLQHSRVLWLRQKHRUVKHPD\SODFHERWKKDQGV
RQWKHJURXQGRQWKHVDPHVLGHRIWKHERG\WRVXSSRUWWKHPRYHPHQW
+$/).1((/,1*
)URPWKH6WUDGGOH6WDQFHPRYHRQHIRRWWRWKHUHDUZKLOHVORZO\ORZHULQJWKHERG\XQWLOWKHUHDUNQHH
WRXFKHVWKHJURXQG7KLVLVWKH+DOI.QHHOLQJSRVLWLRQ)LJXUHVKRZVWKH+DOI.QHHOLQJSRVLWLRQ
6,77,1*
7KH6LWWLQJSRVLWLRQLVWKHWUDQVLWLRQSRVLWLRQIRUFHUWDLQH[HUFLVHVFRQGXFWHGRQWKHJURXQG$VVXPH
WKH6LWWLQJSRVLWLRQIURPWKH+DOI.QHHOLQJSRVLWLRQE\VZHHSLQJWKHUHDUOHJXQGHUWKHERG\ZKLOHVLWWLQJ
EDFNRQWRWKHEXWWRFNV7KHKDQGVUHPDLQRIIWKHJURXQGGXULQJWKHPRYHPHQW6WUDLJKWHQERWKOHJVVRWKDW
WKH\DUHSODFHGWRJHWKHURQWKHJURXQG)LJXUHLOOXVWUDWHVWKH6LWWLQJSRVLWLRQ,QRUGHUWRVXSSRUWWKH
ERG\ZHLJKWERWKKDQGVZLOOEHSODFHGRQWKHJURXQGQH[WWRWKHKLSVILQJHUVIDFLQJIRUZDUGV
)LJXUH+DOI.QHHOLQJSRVLWLRQ )LJXUH6LWWLQJSRVLWLRQ
$73 2FWREHU

3RVLWLRQVDQG*ULSV
*5,36
3DUDJUDSKVWKURXJKLQFOXGHWKHQDPHVDQGGHVFULSWLRQVRIWKHYDULRXVJULSVWKDW6ROGLHUVXVH
ZKHQWKH\DUHZHLJKWWUDLQLQJ)LJXUHLOOXVWUDWHVWKHGLIIHUHQWJULSV

&ORVHGXQGHUKDQG &ORVHGRYHUKDQG &ORVHGXQGHUKDQG &ORVHGRYHUKDQG

VXSLQDWHG SURQDWHG VXSLQDWHG SURQDWHG

1HXWUDOFORVHG 1HXWUDOFORVHG 1HXWUDOKRRN 1HXWUDOKRRN
)LJXUH*ULSV
&/26('
7KHFORVHGJULSRUFRPSRVLWHJULSUHTXLUHVWKDW6ROGLHUVZUDSWKHLUWKXPEDURXQGWKHEDULQWKHRSSRVLWH
GLUHFWLRQWRWKHLUILQJHUV7KHWKXPEQRUPDOO\RYHUODSVZLWKWKHILQJHUV2FFDVLRQDOO\WKH\WXFNWKHWKXPE
EHQHDWKWKHILQJHUVWRIRUPDKRRNJULS
23(1
7KHRSHQRUIDOVHJULSLVXVHGRQVHOHFWRUL]HGPDFKLQHVZKHQWKHUHLVQRULVNRIWKHEDUUROOLQJRIIWKH
KDQGFDXVLQJWKHZHLJKWWREHGURSSHG,WLVQRWDVDIHJULSIRUXVHRQ&OLPELQJ'ULOORU)UHH:HLJKW7UDLQLQJ
H[HUFLVHV
81'(5+$1'
:LWKWKHXQGHUKDQGRUVXSLQDWHGJULS6ROGLHUVWXUQWKHLUIRUHDUPVDQGKDQGVRXWVRWKDWWKHLUSDOPV
IDFHDZD\IURPWKHERG\ZKHQLQLWLDOO\JULSSLQJDEDU
29(5+$1'
:LWKWKHRYHUKDQGRUSURQDWHGJULS6ROGLHUVWXUQWKHLUIRUHDUPVDQGKDQGVLQVRWKDWWKHSDOPVIDFH
WRZDUGWKHERG\ZKHQLQLWLDOO\JULSSLQJDEDU
1(875$/
7KHQHXWUDOJULSLVXVHGWROLIWWKHKH[EDUDQGZKHQFDUU\LQJDNHWWOHEHOOLQHDFKKDQGIRUWKH)RUZDUG
/XQJH²WKHWKLUGH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLW
2FWREHU $73

&KDSWHU
+22.
7KHFORVHGJULSRUFRPSRVLWHJULSUHTXLUHVWKDWWKHWKXPEZUDSVDURXQGWKHEDULQWKHRSSRVLWHGLUHFWLRQ
WRWKHILQJHUV7KHWKXPEQRUPDOO\RYHUODSVZLWKWKHILQJHUV:KHQWKHWKXPEWXFNVEHQHDWKWKHILQJHUVWKLV
LVFDOOHGDKRRNJULS
$/7(51$7,1**5,3
7KHDOWHUQDWLQJJULSLVXVHGZLWKDVWUDLJKWEDUDQGLVVRPHWLPHVUHIHUUHGWRDVDPL[HGJULS2QHKDQG
LVVXSLQDWHGDQGWKHRWKHULVSURQDWHG7KH$OWHUQDWLQJ*ULS3XOO8SDQG/HJ7XFNH[HUFLVHVXVHDJULSZKHUH
ERWKKDQGVDUHSURQDWHGSDOPVIDFLQJZKLFKKROGVWKH6ROGLHUSHUSHQGLFXODUWRWKHEDUVLPLODUWRWKHJULS
DQGSRVLWLRQXVHGLQURSHWUDYHUVLQJDQGURSHFOLPELQJ

$73 2FWREHU

&KDSWHU
3UHSDUDWLRQ'ULOOV
7+(35(3$5$7,21'5,//
7KH3UHSDUDWLRQ'ULOONQRZQDV 3'LVD VHULHVRIH[HUFLVHVLQWHQGHGWRGHFUHDVHWKHOLNHOLKRRGRI
VXIIHULQJDPXVFXORVNHOHWDOLQMXU\GXULQJWKHH[HFXWLRQRIPRUHULJRURXVSK\VLFDOWUDLQLQJVXFKDVWKH$&)7
7KH3UHSDUDWLRQ'ULOOLVFRPSRVHGRIH[HUFLVHV%HQGDQG5HDFK5HDU/XQJH+LJK-XPSHU5RZHU6TXDW
%HQGHU:LQGPLOO)RUZDUG/XQJH3URQH5RZ%HQW/HJ%RG\7ZLVWDQG3XVK8S
9LGHRV RI +) WHVW HYHQWV DQG H[HUFLVHV ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
HDUFKBWHUPV &,07GHPRQVWUDWHPRYHPHQWV&RS\DQGSDVWHWKLVDGGUHVVDIWHUDFFHVVLQJWKH&HQWUDO$UP\
5HJLVWU\ZHEVLWHLIWKHGHPRQVWUDWLRQVGRQRWSRSXODWH$GGLWLRQDOVXSSRUWIRU+)WHVWHYHQWVDQGH[HUFLVHV
DUHORFDWHGRQWKH$UP\&RPEDW)LWQHVV7HVWZHEVLWHDWKWWSVZZZDUP\PLODFIW
%(1'$1'5($&+
7KH%HQGDQG5HDFKVHHILJXUHLVWKHILUVWH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO%\IOH[LQJWKHWUXQN
KLSVDQGNQHHVDQGH[WHQGLQJWKHVKRXOGHUVWKH%HQGDQG5HDFKSUHSDUHVWKH6ROGLHUIRUPRUHYLJRURXV
DFWLYLW\ VXFK DV VTXDWWLQJ UROOLQJ DQG FOLPELQJ 6ROGLHUV FRQGXFW WKH PRYHPHQW LQ IRUPDWLRQ DW D VORZ
FDGHQFH
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH %HQG DQG 5HDFK LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH DUPV
RYHUKHDGHOERZVIXOO\H[WHQGHGSDOPVIDFLQJLQZDUGILQJHUVDQGWKXPEVH[WHQGHGDQGMRLQHG
z 2QFRXQWPRYHIURPWKHVWDUWLQJSRVLWLRQLQWRDSDUWLDOVTXDWZLWKWKHKHHOVUHPDLQLQJRQWKH
JURXQG5RXQGWKHVSLQHWRDOORZWKHDUPVWRUHDFKDVIDUDVSRVVLEOHEHWZHHQWKHOHJV7KHQHFN
IOH[HVWRWXFNWKHFKLQDQGKHDGDQGWRDOORZWKH6ROGLHUWRORRNWRWKHUHDU
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 2QFRXQWUHSHDWFRXQW
)LJXUH3'%HQGDQG5HDFK
2FWREHU $73

&KDSWHU
5($5/81*(
7KH5HDU/XQJHVHHILJXUHDQGILJXUHLVWKHVHFRQGH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO7KLV
H[HUFLVHSURPRWHVIOH[LELOLW\VWUHQJWKDQGEDODQFHLQWKHKLSDQGOHJ,WSUHSDUHVWKH6ROGLHUIRUWDNLQJFRYHU
DQGDVVXPLQJNQHHOLQJILULQJSRVLWLRQV6ROGLHUVFRQGXFWWKHPRYHPHQWLQIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH5HDU/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QFRXQWNHHSLQJKDQGVRQKLSVWDNHDQH[DJJHUDWHGVWHSEDFNZDUGVZLWKWKHOHIWOHJWRXFKLQJ
GRZQZLWKWKHEDOORIWKHIRRWSODFHGGLUHFWO\EDFNIURPWKHVWDUWLQJSRVLWLRQ7KHKHHOVKRXOGEH
RIIWKHJURXQGDQGDVWUHWFKVKRXOGEHIHOWLQWKHIURQWRIWKHOHIWKLSDQGWKLJK,IQRWDOORZWKH
ERG\WRFRQWLQXHWRORZHUWRLQFUHDVHIOH[LELOLW\
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQPDLQWDLQLQJWKHVDPHGLVWDQFHEHWZHHQWKHIHHWDVXVHG
LQWKH6WUDGGOH6WDQFH
z 2QFRXQWUHSHDWFRXQWZLWKWKHULJKWOHJ
)LJXUH3'5HDU/XQJH
)LJXUH3'3URSHUWHFKQLTXHWRH[HFXWHWKH5HDU/XQJH
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
+,*+-803(5
7KH+LJK-XPSHUVHHILJXUHLVWKHWKLUGH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO7KLVH[HUFLVHSURPRWHV
FRUUHFWMXPSLQJODQGLQJEDODQFHDQGFRRUGLQDWLRQDQGLWSUHSDUHVWKH6ROGLHUWREXLOGH[SORVLYHVWUHQJWK
6ROGLHUVFRQGXFWWKHPRYHPHQWLQIRUPDWLRQDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH+LJK-XPSHULVWKH)RUZDUG/HDQLQJ6WDQFHSDOPVIDFLQJLQZDUGV
ILQJHUVDQGWKXPEVH[WHQGHGDQGMRLQHG
z 2QFRXQWVZLQJWKHDUPVIRUZDUGXQWLOWKH\DUHSDUDOOHOWRWKHJURXQG$WWKHVDPHWLPHMXPS
DIHZLQFKHVYHUWLFDOO\
z 2QFRXQWODQGVRIWO\RQWKHEDOOVRIWKHIHHWDQGUHWXUQWRWKHVWDUWLQJSRVLWLRQ0DLQWDLQWKH
VDPHGLVWDQFHEHWZHHQWKHIHHWDVGXULQJWKH)RUZDUG/HDQLQJ6WDQFH
z 2QFRXQWVZLQJWKHDUPVYLJRURXVO\IRUZDUGDQGRYHUKHDGWRXQZHLJKWWKHXSSHUERG\$WWKH
VDPHWLPHMXPSIRUFHIXOO\VWUDLJKWXSIURPWKHJURXQG
z 2QFRXQWODQGVRIWO\RQWKHEDOOVRIWKHIHHWDQGUHWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH3'+LJK-XPSHU

2FWREHU $73

&KDSWHU
52:(5
7KH5RZHUVHHILJXUHDQGILJXUHLVWKHIRXUWKH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO7KLVH[HUFLVH
LPSURYHVDEGRPLQDOVWUHQJWKDQGWRWDOERG\FRRUGLQDWLRQ,WSUHSDUHVWKH6ROGLHUWRPRYHIURPWKH6XSLQHWR
6LWWLQJSRVLWLRQVDQGH[HUFLVHVLQ&RQGLWLRQLQJ'ULOOVDQG&OLPELQJ'ULOOV
6ROGLHUVFRQGXFWWKHPRYHPHQWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH5RZHULVWKH6XSLQHSRVLWLRQZLWKDUPVRYHUKHDGIHHWWRJHWKHUDQG
SRLQWLQJXS7KHKHDGLV±LQFKHVRIIWKHJURXQGWRZRUNPXVFOHVLQWKHIURQWRIWKHQHFN$UPV
DUHRYHUKHDGZLWKKDQGVDWVKRXOGHUZLGWKSDOPVIDFLQJLQZDUGZLWKILQJHUVDQGWKXPEVH[WHQGHG
DQGMRLQHG
z 2QFRXQWVLWXSZKLOHEHQGLQJDWWKHKLSDQGNQHHVDQGVZLQJLQJDUPVIRUZDUGXQWLOWKH\DUH
SDUDOOHOWRWKHJURXQG$WWKHHQGRIWKLVFRXQWWKHIHHWDUHIODWRQWKHJURXQGZLWKNQHHVSRVLWLRQHG
EHWZHHQWKHDUPV7KHDUPVDUHSDUDOOHOWRWKHJURXQG
z 2QFRXQWUHYHUVHWKHPRYHPHQWSHUIRUPHGLQFRXQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 3HUIRUP±UHSHWLWLRQV
)LJXUH3'5RZHU
)LJXUH3'3URSHUWHFKQLTXHWRH[HFXWHWKH5RZHU
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
648$7%(1'(5
7KH6TXDW%HQGHUVHHILJXUHLVWKHILIWKH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO7KLVH[HUFLVHGHYHORSV
VWUHQJWKHQGXUDQFHDQGIOH[LELOLW\LQWKHORZHUEDFNDQGWKLJKPXVFOHV,WSUHSDUHV6ROGLHUVWRXVHSURSHU
OLIWLQJWHFKQLTXHLQPRUHYLJRURXVWUDLQLQJDQGWHVWLQJHYHQWVWKDWUHTXLUHKHDY\OLIWV6ROGLHUVFRQGXFWWKH
PRYHPHQWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6TXDW%HQGHULVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QFRXQWVTXDWZKLOHOHDQLQJVOLJKWO\IRUZDUGIURPWKHZDLVWNHHSLQJWKHKHDGXSDQGPRYLQJ
ERWKDUPVWRDSRVLWLRQLQIURQWRIWKHERG\DQGSDUDOOHOWRWKHJURXQG3DOPVIDFHLQZDUGV
z 2QFRXQWZLWKWKHNQHHVVOLJKWO\EHQWEHQGIRUZDUGDWWKHZDLVW0DLQWDLQWKHKHDGLQDOLJQPHQW
ZLWKWKHVSLQHDQGNHHSWKHVSLQHVWUDLJKW5HDFKWRZDUGWKHJURXQGXQWLODVWUHWFKLVIHOWLQWKH
EDFNRIWKHWKLJKV
)LJXUH3'6TXDW%HQGHU

2FWREHU $73

&KDSWHU
:,1'0,//
7KH:LQGPLOOVHHILJXUHDQGILJXUHLVWKHVL[WKH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO7KLVH[HUFLVH
GHYHORSVWKHDELOLW\WRVDIHO\EHQGDQGVLPXOWDQHRXVO\URWDWHWKHWUXQN,WUHTXLUHVIOH[LELOLW\LQWKHVSLQHDQG
FRRUGLQDWLRQRIWKHVKRXOGHUJLUGOH,WSUHSDUHV6ROGLHUVWRXVHSURSHUPRYHPHQWWHFKQLTXHLQPRUHYLJRURXV
WUDLQLQJWHVWLQJDQGFRPEDWWDVNV6ROGLHUVFRQGXFWWKHPRYHPHQWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH:LQGPLOOLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVVWUDLJKWRXWWRWKH
VLGH)LQJHUVDQGWKXPEVDUHH[WHQGHGDQGMRLQHGSDOPVDUHIDFLQJGRZQ
z 2QFRXQWEHQGWKHKLSVDQGNQHHVZKLOHURWDWLQJWKHWUXQNWRWKHOHIW5HDFKGRZQWRWRXFKWKH
RXWVLGHRIWKHOHIWIRRWZLWKWKHULJKWKDQGDQGORRNWRWKHUHDU7KHOHIWDUPLVSXOOHGUHDUZDUGWR
PDLQWDLQDOLJQPHQWDFURVVWKHVKRXOGHUVZLWKWKHULJKWDUP
z 2QFRXQWUHSHDWFRXQWWKLVWLPHWRWKHULJKW
)LJXUH3':LQGPLOO
)LJXUH3'3URSHUWHFKQLTXHWRH[HFXWHWKH:LQGPLOO

$73 2FWREHU

3UHSDUDWLRQ'ULOOV
)25:$5'/81*(
7KH)RUZDUG/XQJHVHH ILJXUHLVWKHVHYHQWKH[HUFLVHLQWKH3UHSDUDWLRQ'ULOO7KLVH[HUFLVH
GHYHORSVEDODQFHDQGOHJVWUHQJWK,WSUHSDUHV6ROGLHUVWRXVHSURSHUPRYHPHQWWHFKQLTXHWRSHUIRUPOLIWV
VXFKDVDOLWWHUFDUU\6ROGLHUVFRQGXFWWKHPRYHPHQWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH)RUZDUG/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QFRXQWWDNHDVWHSIRUZDUGZLWKWKHOHIWOHJXQWLOWKHOHIWKHHOLV±LQFKHVDKHDGRIWKHULJKW
IRRW$WWKHVDPHWLPHEHQGDWWKHKLSVDQGNQHHVWROXQJHIRUZDUGNHHSLQJWKHEDFNVWUDLJKW'R
QRWORRNGRZQDQGGRQRWEULQJWKHIHHWFORVHUWRJHWKHU
z 2QFRXQWUHSHDWFRXQWWKLVWLPHVWHSSLQJIRUZDUGZLWKWKHULJKWIRRW
)LJXUH3')RUZDUG/XQJH

2FWREHU $73

&KDSWHU
3521(52:
7KH3URQH5RZLVWKHHLJKWKH[HUFLVHLQWKH3UHSDUDWLRQ'ULOOVHHILJXUH7KLVH[HUFLVHGHYHORSV
WKHVWUHQJWKRIWKHQHFNXSSHUEDFNDQGVKRXOGHUV,WSUHSDUHV6ROGLHUVWRILUHIURPWKH3URQHSRVLWLRQDQG
WR WROHUDWH WKH ZHLJKW RI WKH KHOPHW DQG ERG\ DUPRU DFURVV WKH VKRXOGHUV DQG QHFN 6ROGLHUV FRQGXFW WKH
z 7KHVWDUWLQJSRVLWLRQIRUWKH3URQH5RZLVWKH3URQHSRVLWLRQZLWKDUPVRYHUKHDGSDOPVGRZQ
ILQJHUVDQGWKXPEVH[WHQGHGDQGMRLQHG$UPVDUHOLIWHG±LQFKHVIURPWKHJURXQGDQGWRHVDUH
SRLQWHGWRWKHUHDU
z 2QFRXQWUDLVHWKHKHDGDQGFKHVWVOLJKWO\ZKLOHOLIWLQJWKHDUPVDQGSXOOLQJWKHPUHDUZDUG
0DNHKDQGVLQWRILVWVDVWKH\PRYHWRZDUGWKHVKRXOGHUV
z )HHWVWD\WRJHWKHUDQGRQWKHJURXQG$UPVDQGKDQGVDUHRIIWKHJURXQG
z 2QFRXQWUHYHUVHWKHPRYHPHQWSHUIRUPHGLQFRXQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ$UPV
DQGKDQGVUHPDLQRIIWKHJURXQG
)LJXUH3'3URQH5RZ
%(17/(*%2'<7:,67
7KH%HQW/HJ%RG\7ZLVWLVWKHQLQWKH[HUFLVHLQWKH3UHSDUDWLRQ'ULOOVHHILJXUH7KLVH[HUFLVH
VWUHQJWKHQVWKHWUXQNDQGKLSPXVFOHVZKLOHSURPRWLQJFRQWURORIWUXQNURWDWLRQ,WLVDVDIHZD\WRSUHSDUH
IRU ORDGHG WUXQN PRYHPHQWV LQ PRUH YLJRURXV WUDLQLQJ WHVWLQJ DQG FRPEDW WDVNV 6ROGLHUV FRQGXFW WKH
z 7KHVWDUWLQJSRVLWLRQIRUWKH%HQW/HJ%RG\7ZLVWLVWKH6XSLQHSRVLWLRQZLWKWKHKLSVDQGNQHHV
EHQWWRGHJUHHVDUPVVWUDLJKWRXWWRWKHVLGHSDOPVRQWKHJURXQG7KHNQHHVDQGIHHWDUH
WRJHWKHU
z 2Q FRXQW URWDWH WKH OHJV WR WKH OHIW ZKLOH NHHSLQJ WKH XSSHU EDFN DQG DUPV LQ SODFH RQ WKH
JURXQG7KHOHJVGURSWRJHWKHUWRZDUGWKHJURXQG
z 2QFRXQWUHSHDWFRXQWWKLVWLPHURWDWLQJWKHOHJVWRWKHULJKW
386+83
7KH3XVK8SLVWKHILQDOH[HUFLVHLQWKH3UHSDUDWLRQ'ULOOVHHILJXUH7KLVH[HUFLVHVWUHQJWKHQV
WKHPXVFOHVRIWKHFKHVWVKRXOGHUVDUPVDQGWUXQN:KHQFRQGXFWHGWRVWDQGDUGLWLVDVDIHZD\WRSUHSDUH
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
IRU PRUH YLJRURXV SXVKLQJ PRWLRQV UHTXLUHG LQ WUDLQLQJ WHVWLQJ DQG FRPEDW WDVNV 6ROGLHUV FRQGXFW WKH
PRYHPHQWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH3XVK8SLVWKH)URQW/HDQLQJ5HVW+DQGVDUHGLUHFWO\EHQHDWKWKH
VKRXOGHUVZLWKILQJHUVVSUHDG)HHWDUHWRJHWKHU7KHERG\IRUPVDVWUDLJKWOLQHIURPWKHWRSRI
WKHKHDGWRWKHKHHOV6ROGLHUVPDLQWDLQWKLVSRVLWLRQWKURXJKRXWWKHH[HUFLVH
z 2QFRXQWEHQGWKHHOERZVORZHULQJWKHERG\XQWLOWKHXSSHUDUPVDUHSDUDOOHOWRWKHJURXQG
)LJXUH3'%HQW/HJ%RG\7ZLVW
)LJXUH3'3XVK8S
2FWREHU $73

&KDSWHU
35(3$5$7,21'5,//02',),('3'02'

(DFKSK\VLFDOWUDLQLQJH[HUFLVHPD\EHPRGLILHGWRDFFRPPRGDWHDYDULHW\RISK\VLFDOOLPLWDWLRQV%\
IROORZLQJWKHLULQGLYLGXDO'$)RUPPhysical ProfileDQGWKHSULQFLSOHRISURJUHVVLRQ6ROGLHUVFDQ
JUDGXDOO\UHFRQGLWLRQWKHPVHOYHVWRWKHVWDQGDUGUDQJHRIPRWLRQDQGUHSHWLWLRQVUHTXLUHGIRUDIXOOUHWXUQWR
GXW\6ROGLHUVZKRNQRZWKHVWDQGDUGIRUHDFKH[HUFLVHFDQPRGLI\LWLQPRUHZD\VWKDQWKLVSXEOLFDWLRQFDQ
LOOXVWUDWH:KHQDQH[HUFLVHFDQQRWEHSHUIRUPHGDWDOOLWLVUHVWULFWHGRQWKH '$)RUPWKH6ROGLHU
VHOHFWVDQDOWHUQDWLYHH[HUFLVHZLWKWKHVDPHFDGHQFHWKDWUHTXLUHVVLPLODUPRYHPHQWVRUPXVFOHJURXSV,Q
IRUPDWLRQKHRUVKHFDQSHUIRUPWKHDOWHUQDWLYHH[HUFLVHPRGLI\LQJDVQHFHVVDU\EXWXVLQJWKHVDPHFDGHQFH
DVWKHUHVWRIWKHIRUPDWLRQ
%(1'$1'5($&+02',),('
7KH%HQGDQG5HDFKVHHILJXUHPD\EHPRGLILHGE\GHFUHDVLQJWKHUDQJHRIPRWLRQRIWKHVSLQH
DQGWKHVTXDWDQGE\OLPLWLQJWKHXVHRIRQHRUERWKDUPV)LJXUHJLYHVRQHH[DPSOHRIWKHPRGLILHG
PRYHPHQW6ROGLHUVFRQGXFWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG%HQGDQG5HDFKLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGV
RQKLSV
z 2QFRXQWPRYHIURPWKHVWDUWLQJSRVLWLRQLQWRDSDUWLDOVTXDWZLWKWKHKHHOVUHPDLQLQJRQWKH
JURXQG/HDQ IRUZDUGDWWKH ZDLVW NHHSLQJWKHVSLQHVWUDLJKWDQGUHDFKLQJWRWKHJURXQGZLWK
VWUDLJKWDUPV
5($5/81*(02',),('
7KH5HDU/XQJHVHHILJXUHPD\EHPRGLILHGE\GHFUHDVLQJWKHUDQJHRIPRWLRQRIWKHOXQJHDQG
NQHHEHQGE\VWHSSLQJEDFNZLWKRQO\RQHOHJRUE\ZLGHQLQJRUQDUURZLQJWKHVWDQFH)LJXUHJLYHV
RQHH[DPSOHRIWKHPRGLILHGPRYHPHQW6ROGLHUVFRQGXFWDWDVORZFDGHQFH
z 2QFRXQWNHHSLQJKDQGVRQKLSVWDNHDVWHSEDFNZDUGVZLWKWKHOHIWRUULJKWOHJ7RXFKGRZQ
ZLWK WKH EDOO RI WKH IRRW SODFHG GLUHFWO\ EDFN IURP WKH VWDUWLQJ SRVLWLRQ RU ZLGHU WR LPSURYH
EDODQFH7KHKHHOPD\EHRQWKHJURXQG/RZHUWKHERG\LQWRWKHOXQJHSRVLWLRQZKLOHFRQWUROOLQJ
WKHNQHHEHQG
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQPDLQWDLQLQJWKHVDPHGLVWDQFHEHWZHHQWKHIHHWDVXVHG
LQWKH6WUDGGOH6WDQFH
z 2QFRXQWUHSHDWFRXQWZLWKWKHULJKWRUOHIWOHJ
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ2YHUVHYHUDOUHSHWLWLRQVRUSK\VLFDOWUDLQLQJVHVVLRQV
SURJUHVVWRDGHHSHUUHDUOXQJH
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
)LJXUH3'02'%HQGDQG5HDFKPRGLILHG
2FWREHU $73

&KDSWHU
+,*+-803(502',),('
7KH+LJK-XPSHUPD\EHPRGLILHGE\GHFUHDVLQJWKHUDQJHRIPRWLRQRIRQHRUERWKDUPVWKHKHLJKW
RIWKHMXPSVDQGWKHFDGHQFH)LJXUHJLYHVRQHH[DPSOHRIWKHPRGLILHGPRYHPHQW6ROGLHUVFRQGXFW
E\FKDQJLQJWKHVWDQGDUGPRGHUDWHFDGHQFHWRVORZ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG+LJK-XPSHULVWKH)RUZDUG/HDQLQJ6WDQFHZLWKDUHGXFHG
VTXDWSDOPVIDFLQJLQZDUGVDQGILQJHUVDQGWKXPEVH[WHQGHGDQGMRLQHG
z 2QFRXQWVZLQJWKHDUPVIRUZDUGXQWLOWKH\DUHSDUDOOHOWRWKHJURXQG$WWKHVDPHWLPHOLIWWKH
KHHOVRIIWKHJURXQGDIHZLQFKHVZLWKRXWMXPSLQJ
z 2QFRXQWVZLQJWKHDUPVDVIDURYHUKHDGDVSRVVLEOH$WWKHVDPHWLPHOLIWWKHKHHOVRIIWKH
JURXQGDIHZLQFKHVZLWKRXWMXPSLQJ
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQE\ORZHULQJWKHKHHOVEDFNWRWKHIORRU
)LJXUH3'02'+LJK-XPSHUPRGLILHG
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
52:(502',),('
7KH5RZHUPD\EHPRGLILHGE\GHFUHDVLQJWKHXVHRIRQHRUERWKDUPVGHFUHDVLQJWKHXVHRIRQHRU
ERWKOHJVRUE\GHFUHDVLQJWKHUDQJHRIWUXQNIOH[LRQDQGE\NHHSLQJWKHKHDGRQWKHJURXQG)LJXUH
RQSDJHJLYHVRQHH[DPSOHRIWKHPRGLILHGPRYHPHQW6ROGLHUVFRQGXFWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG5RZHULVWKH6XSLQHSRVLWLRQZLWKDUPVFURVVHGRYHUWKH
FKHVWNQHHVIOH[HGDQGKHDGUHVWLQJRQWKHJURXQG
z 2QFRXQWVLWXSRUDQGUHDFKWRWKHNQHHV
)LJXUH3'02'5RZHUPRGLILHG
648$7%(1'(502',),('
7KH 6TXDW %HQGHU FDQ EH PRGLILHG E\ UHGXFLQJ WKH PRWLRQ RI WKH NQHH DQG WUXQN IOH[LRQ DQG E\
UHGXFLQJPRYHPHQWRIWKHDUPV)LJXUHRQSDJHJLYHVRQHH[DPSOHRIWKHPRGLILHGPRYHPHQW
6ROGLHUVFRQGXFWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG6TXDW%HQGHULVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QFRXQWVTXDWVOLJKWO\ZKLOHOHDQLQJIRUZDUGIURPWKHZDLVWNHHSLQJWKHKHDGXSDQGPRYLQJ
RQHRUERWKDUPVWRZDUGWKHNQHHV3DOPVIDFHLQZDUGV
z 2QFRXQWUHSHDWFRXQWDWWHPSWLQJWRSURJUHVVWKH UDQJHRIPRWLRQRIWKHWUXQNDUPVDQG
OHJV
2FWREHU $73

&KDSWHU
)LJXUH3'02'6TXDW%HQGHUPRGLILHG
:,1'0,//02',),('
7KHPRGLILHG:LQGPLOOKDVWZRDOWHUQDWLYHV7KHVWDUWLQJSRVLWLRQIRUWKH PRGLILHG:LQGPLOOLVWKH
6WUDGGOH6WDQFH)LJXUHLOOXVWUDWHVWKHILUVWDOWHUQDWLYHZLWKKDQGVRQKLSV)LJXUHVKRZVWKHVHFRQG
DOWHUQDWLYHZLWKDUPVVWUDLJKWRXWWRWKHVLGHVDWGHJUHHVWRWKHWUXQN6ROGLHUVFRQGXFWWKHH[HUFLVHDWD
VORZFDGHQFH
z 2QFRXQWEHQGWKHKLSVDQGNQHHVZKLOHURWDWLQJWKHWUXQNWRWKHOHIW5HDFKGRZQWRWRXFKWKH
RXWVLGHRIWKHOHIWIRRWZLWKWKHULJKWKDQGDQGORRNWRWKHUHDU7KHOHIWDUPVWD\VLQLWVVWDUWLQJ
SRVLWLRQZLWKKDQGRQKLS$OWHUQDWLYHO\ZLWKDUPVRXWWRWKHVLGHURWDWHWKHWUXQNWRWKHOHIW
DYRLGLQJDQ\KLSRUNQHHIOH[LRQ
z 2QFRXQWUHSHDWFRXQWWKLVWLPHWRWKHULJKW
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
)LJXUH3'02':LQGPLOOPRGLILHG
)LJXUH3'02':LQGPLOOPRGLILHGDOWHUQDWLYHPRYHPHQW
2FWREHU $73

&KDSWHU
)25:$5'/81*(02',),('
7KH )RUZDUG /XQJH FDQ EH PRGLILHG E\ GHFUHDVLQJ WKH UDQJH RI PRWLRQ NHHSLQJ WKH IHHW FORVHU
WRJHWKHU RU PRYLQJ MXVW RQH IRRW )LJXUH VKRZV RQH H[DPSOH RI WKH PRGLILHG PRYHPHQW 6ROGLHUV
FRQGXFWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG)RUZDUG/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGV
RQKLSV
z 2QFRXQWWDNHDVWHSIRUZDUGZLWKWKHOHIWRUULJKWOHJXQWLOWKHIRUZDUGKHHOLV±LQFKHVDKHDG
RIWKHUHDUIRRW$WWKHVDPHWLPHEHQGDWWKHKLSVDQGNQHHVWROXQJHIRUZDUGNHHSLQJWKHEDFN
VWUDLJKW%ULQJWKHIHHWFORVHUWRJHWKHULIQHFHVVDU\
z 2QFRXQWUHSHDWFRXQWVZLWFKLQJIRRWPRYHPHQW
)LJXUH3'02')RUZDUG/XQJHPRGLILHG
3521(52:02',),('
7KH3URQH5RZPD\EHPRGLILHGE\GHFUHDVLQJWKHUDQJHRIPRWLRQRIWKHDUPVPRYLQJRQO\RQHDUP
WR VWDQGDUG VHH ILJXUH RU E\ SHUIRUPLQJ WKH DUP PRYHPHQWV ZKLOH UHPDLQLQJ VWDQGLQJ XVLQJ WKH
VWDUWLQJ SRVLWLRQ IRU WKH %HQG DQG 5HDFK VHH ILJXUH 6ROGLHUV FRQGXFW WKH VWDQGLQJ YHUVLRQ RI WKH
PRGLILFDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQLVWKHVDPHDVWKH%HQGDQG5HDFKDUPVRYHUKHDGSDOPVIRUZDUGILQJHUV
DQGWKXPEVH[WHQGHGDQGMRLQHG
z 2QFRXQWUDLVHWKHFKLQKHDGDQGFKHVWVOLJKWO\ZKLOHPRYLQJWKHDUPVGRZQWRWKHVLGHVRIWKH
WUXQNZKLOHIOH[LQJWKHHOERZV0DNHWKHKDQGVLQWRILVWVDVWKH\PRYHWRZDUGWKHVKRXOGHUV
$73 2FWREHU

3UHSDUDWLRQ'ULOOV
)LJXUH3'02'3URQH5RZPRGLILHG
)LJXUH3'02'3URQH5RZPRGLILHGDOWHUQDWLYHPRYHPHQW
%(17/(*%2'<7:,6702',),('
7KH %HQW/HJ %RG\ 7ZLVW FDQ EH PRGLILHG E\ FKDQJLQJ WKH DUP SRVLWLRQ UHVWLQJ WKH KHDG RQ WKH
JURXQGNHHSLQJWKHIHHWRQWKHJURXQGUHGXFLQJWKHUDQJHRIURWDWLRQDQGE\PRYLQJRQO\RQHOHJIURPWKH
VWDUWLQJSRVLWLRQ)LJXUHRQSDJHJLYHVRQHH[DPSOHRIWKHPRGLILHGPRYHPHQW6ROGLHUVFRQGXFW
DWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG%HQW/HJ%RG\7ZLVWLVWKH6XSLQHSRVLWLRQZLWKKHDGRQ
WKHJURXQGDUPVDWGHJUHHVIURPWKHWUXQNKLSVDQGNQHHVEHQWZLWKIHHWRQWKHJURXQG7KH
NQHHVDQGIHHWDUHWRJHWKHU
z 2Q FRXQW URWDWH WKH OHJV WR WKH OHIW ZKLOH NHHSLQJ WKH XSSHU EDFN DQG DUPV LQ SODFH RQ WKH
JURXQG7KHOHJVGURSWRJHWKHUWRZDUGWKHJURXQG
2FWREHU $73

&KDSWHU
)LJXUH3'02'%HQW/HJ%RG\7ZLVWPRGLILHG
386+8302',),('
7KH 3XVK8S FDQ EH PRGLILHG E\ PRYLQJ WR WKH 6L[3RLQW 6WDQFH SRVLWLRQ 7KLV PRGLILHG H[HUFLVH
OLPLWVWKHUDQJHRIPRWLRQDQGZHLJKWRQWKHDQNOHVVKRXOGHUVDUPVDQGZULVWVVHHILJXUH6ROGLHUV
FRQGXFWWKHPRYHPHQWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG3XVK8SLVWKH6L[3RLQW6WDQFHSRVLWLRQ+DQGVDUHGLUHFWO\
EHQHDWKWKHVKRXOGHUVZLWKILQJHUVVSUHDG7KHERG\IRUPVDVWUDLJKWOLQHIURPWKHKHDGWRWKH
NQHHV)HHWSRLQWWRWKHUHDU
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ,IQHFHVVDU\UHGXFHWKHUDQJHRIPRWLRQRIWKHHOERZ
WRDFFRPPRGDWHIRUWKHLQMXU\
z 2QFRXQWUHSHDWFRXQWUHGXFLQJWKHUDQJHRIPRWLRQLIQHFHVVDU\
)LJXUH3'02'3XVK8SPRGLILHG

$73 2FWREHU

&KDSWHU
6WDELOLW\'ULOOV
+,367$%,/,7<'5,//+6'
7KH+LS6WDELOLW\'ULOONQRZQDV+6'FRQVLVWVRIILYHH[HUFLVHVGHVLJQHGWRLPSURYHWKHIOH[LELOLW\
DQGPXVFXODUHQGXUDQFHRIWKHOHJDQGKLSPXVFOHV7KH+LS6WDELOLW\'ULOOH[HUFLVHVDUHWKH/DWHUDO/HJ
5DLVH0HGLDO/HJ5DLVH%HQW/HJ/DWHUDO5DLVH6LQJOH/HJ7XFNDQG6LQJOH/HJ2YHU
'HPRQVWUDWLRQ YLGHRV RI VWDELOLW\ GULOOV DUH ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
GHPRQVWUDWLRQVGRQRWSRSXODWH$GGLWLRQDOVXSSRUWIRU+)WHVWHYHQWVDQGH[HUFLVHVDUHORFDWHGRQ$UP\
&RPEDW)LWQHVV7HVWZHEVLWHDWKWWSVZZZDUP\PLODFIW
/$7(5$//(*5$,6(
)LJXUHLOOXVWUDWHVWKH/DWHUDO/HJ5DLVH6ROGLHUVFRQGXFWLWLQIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH/DWHUDO/HJ5DLVHLVWKH6LWWLQJSRVLWLRQ6ROGLHUVPRYHWRDULJKW
VLGHO\LQJSRVLWLRQZLWKOHJVH[WHQGHGWRJHWKHUOHIWOHJRQWRSRIWKHULJKW6XSSRUWWUXQNRIIWKH
JURXQG ZLWK WKH ULJKW HOERZ %HQG WKH HOERZ WR GHJUHHV DQG SODFH LW GLUHFWO\ EHORZ WKH
VKRXOGHU0DNHDILVWZLWKWKHULJKWKDQGDQGUHVWLWRQWKHJURXQGWKXPEXS3ODFHWKHOHIWKDQG
DFURVVWKHVWRPDFK
z 2QWKHFRXQWRIUDLVHWKHOHIWOHJDVKRUWGLVWDQFHDERYHWKHULJKWOHJ&RQWUROWKHPRYHPHQWWR
WKHHQGSRLQWZKHUHWKHOHIWIRRWZLOOEH±LQFKHVDERYHWKHULJKWIRRW
z 2QFRXQWUHWXUQWRWKHILUVWVWDUWLQJSRVLWLRQ
z 5HSHDW±WLPHV
z 2Q WKH FRPPDQG ³&+$1*( 326,7,21 MOVE´ VZLQJ WKH OHJV WRZDUG WKH IURQW RI WKH
IRUPDWLRQ VZLYHOLQJ RQ WKH EXWWRFNV LQWR WKH VHFRQG VWDUWLQJ SRVLWLRQ²WKH OHIW VLGHO\LQJ
SRVLWLRQ²ZLWKWKHWUXQNVXSSRUWHGRQWKHOHIWHOERZ
z &RPSOHWHWKHVDPHVHULHVRIUHSHWLWLRQVZLWKWKHULJKWOHJDQGKLS
)LJXUH+6'/DWHUDO/HJ5DLVH
2FWREHU $73

&KDSWHU
0(',$//(*5$,6(
7KH VHFRQG H[HUFLVH LQ WKH +LS 6WDELOLW\ 'ULOO LV WKH 0HGLDO /HJ 5DLVH )LJXUH VKRZV 6ROGLHUV
SHUIRUPLQJWKHH[HUFLVHLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH0HGLDO/HJ5DLVHLVWKH6LWWLQJSRVLWLRQ6ROGLHUVPRYHWRWKHOHIW
VLGHO\LQJSRVLWLRQZLWKWKHOHIWOHJH[WHQGHGDQGWKHULJKWOHJEHQWDWWKHNQHHVDQGURWDWHGVR
WKDWWKHULJKWIRRWUHVWVRQWKHJURXQGEHKLQGWKHOHIWNQHHIRRWSRLQWLQJDZD\IURPWKHERG\
z 6XSSRUWWKHWUXQNRIIWKHJURXQGZLWKWKHOHIWHOERZ%HQGWKHHOERZWRGHJUHHVSODFLQJLW
GLUHFWO\EHORZWKHVKRXOGHU0DNHWKHOHIWKDQGLQDILVWDQGUHVWLWRQWKHJURXQGWKXPEXS3ODFH
WKHULJKWKDQGDFURVVWKHVWRPDFK
z 2QFRXQWUDLVHWKHOHIWOHJDVKRUWGLVWDQFHIURPWKHJURXQG&RQWUROWKHPRYHPHQWWRWKHHQG
SRLQWZKHUHWKHOHIWIRRWZLOOEHWRLQFKHVDERYHWKHJURXQG
z 5HSHDWWRWLPHV
IRUPDWLRQVZLYHOLQJRQWKHEXWWRFNVLQWRWKHVHFRQGVWDUWLQJSRVLWLRQZLWKWKHWUXQNVXSSRUWHGRQ
WKHULJKWHOERZ
z &RPSOHWHWKHVDPHVHULHVRIUHSHWLWLRQVIRUWKHULJKWOHJDQGKLS
)LJXUH+6'0HGLDO/HJ5DLVH
%(17/(*/$7(5$/5$,6(
7KHWKLUGH[HUFLVHLQWKH+LS6WDELOLW\'ULOOLVWKH%HQW/HJ/DWHUDO5DLVH)LJXUHLOOXVWUDWHVWKH
H[HUFLVH6ROGLHUVSHUIRUPLWLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH %HQW/HJ/DWHUDO5DLVHLVWKH6LWWLQJSRVLWLRQ6ROGLHUVPRYHWRD
VLGHO\LQJSRVLWLRQZLWKOHJVWRJHWKHUNQHHVEHQWWRGHJUHHVDQGOHIWOHJRQWRSRIWKHULJKW
7KHWKLJKVDQGWUXQNIRUPDVWUDLJKWOLQH
z 6XSSRUWWKHWUXQNRIIWKHJURXQGZLWKWKHULJKWHOERZ%HQGWKHHOERZWRGHJUHHVDQGSODFHLW
GLUHFWO\EHORZWKHVKRXOGHU)LVWWKHULJKWKDQGDQGUHVWLWRQWKHJURXQGWKXPEXS3ODFHWKHOHIW
KDQGDFURVVWKHVWRPDFK
z 2QFRXQWUDLVHWKHOHIWNQHHDVKRUWGLVWDQFHDERYHWKHULJKWOHJ)HHWUHPDLQWRJHWKHU&RQWURO
WKHPRYHPHQWWRWKHHQGSRLQWZKHUHWKHOHIWNQHHZLOOEH±LQFKHVDERYHWKHULJKWNQHH
$73 2FWREHU

6WDELOLW\'ULOOV
z 5HSHDW±WLPHV
IRUPDWLRQVZLYHOLQJRQWKHEXWWRFNVLQWRWKHVHFRQGVWDUWLQJSRVLWLRQZLWKWKHWUXQNVXSSRUWHGRQ
WKHOHIWHOERZ
)LJXUH+6'%HQW/HJ/DWHUDO5DLVH
6,1*/(/(*78&.
7KH6LQJOH/HJ7XFNLVWKHIRXUWKH[HUFLVHLQWKH+LS6WDELOLW\'ULOO)LJXUHRQSDJHVKRZVWKH
H[HUFLVH6ROGLHUVSHUIRUPLWLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH/HJ7XFNLVWKH6LWWLQJSRVLWLRQ6ROGLHUVPRYHWRDVLGHO\LQJ
SRVLWLRQZLWKOHJVH[WHQGHGWKHOHIWOHJLVKHOG±LQFKHVDERYHWKHULJKW
z 6XSSRUWWKHWUXQNRIIWKHJURXQGZLWKWKHULJKWHOERZ%HQGWKHHOERZWRGHJUHHVDQGSODFHLW
GLUHFWO\EHORZWKHVKRXOGHU)LVWWKHULJKWKDQGDQGUHVWLWRQWKHJURXQGWKXPEXS3ODFHWKHOHIW
KDQGDFURVVWKHVWRPDFK
z 2QWKHFRXQWRIEHQGWKHOHIWNQHHDQGKLSWRGHJUHHVKROGLQJWKHOHJDQGIRRWLQWKHVDPH
SODQHWKURXJKRXWWKHPRYHPHQW&RQWUROWKHPRYHPHQWWRWKHHQGSRLQW7KHOHIWIRRWDQGNQHH
VKRXOGEHWKHVDPHKHLJKWIURPWKHJURXQGWRZRUNWKHFRUUHFWPXVFOHVLQWKHKLS'RQRWOHWWKH
IRRWGURSWRWKHJURXQG
z 5HSHDW±WLPHV
z 2QWKHFRPPDQG³&+$1*(326,7,21MOVE´VZLQJWKHOHJVWRJHWKHUWRZDUGWKHIURQWRI
WKHIRUPDWLRQVZLYHOLQJRQWKHEXWWRFNVLQWRWKHVHFRQGVWDUWLQJSRVLWLRQZLWKWKHWUXQNVXSSRUWHG
RQWKHOHIWHOERZ
z &RPSOHWHWKHVDPHVHULHVRIUHSHWLWLRQVIRUWKHULJKWOHJDQGKLS
2FWREHU $73

&KDSWHU
)LJXUH+6'6LQJOH/HJ7XFN
6,1*/(/(*29(5
7KH 6LQJOH /HJ 2YHU LV WKH ILIWK H[HUFLVH LQ WKH +LS 6WDELOLW\ 'ULOO VHH ILJXUH 7KLV H[HUFLVH
GHYHORSVIOH[LELOLW\RIWKHKLSDQGORZEDFN6ROGLHUVFRQGXFWWKHPRYHPHQWLQIRUPDWLRQIRU±VHFRQGV
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH/HJ2YHULVWKH6XSLQHSRVLWLRQZLWKDUPVVWUDLJKWRXWWRWKH
VLGHRQJURXQGZLWKSDOPVGRZQZLWKILQJHUVDQGWKXPEVH[WHQGHGDQGMRLQHG)HHWDUHWRJHWKHU
RQWKHJURXQG7KHKHDGLVRQWKHJURXQG
z 2QWKHFRPPDQG³5($'<STRETCHÉHQGWKHOHIWNQHHWRGHJUHHVRYHUWKHULJKWOHJDQG
JUDVS WKH RXWVLGH RI WKH OHIW NQHH ZLWK WKH ULJKW KDQG SXOOLQJ WRZDUG WKH ULJKW .HHS WKH OHIW
VKRXOGHUDQGDUPRQWKHJURXQG+ROGWKLVSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³67$57,1*326,7,21MOVE´DVVXPHWKHVWDUWLQJSRVLWLRQ
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCHÉHQGWKHULJKWNQHHWRGHJUHHV
RYHUWKHOHIWOHJDQGJUDVSWKHRXWVLGHRIWKHULJKWNQHHZLWKWKHOHIWKDQGSXOOLQJWRZDUGWKHOHIW
.HHSWKHULJKWVKRXOGHUDQGDUPRQWKHJURXQG+ROGWKLVSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³67$57,1*326,7,21MOVEÚHWXUQWRWKHVWDUWLQJSRVLWLRQDQGWKHQWKH
3RVLWLRQRI$WWHQWLRQ
6+28/'(567$%,/,7<'5,//66'
7KH 6KRXOGHU 6WDELOLW\ 'ULOO LV GHVLJQHG WR GHYHORS VWUHQJWK DQG VWDELOLW\ LQ WKH VKRXOGHU PXVFOHV
6ROGLHUVFDQSHUIRUPWKLVGULOOWKURXJKRXWWKHLUFDUHHU,WLPSURYHVIRXQGDWLRQDOUHDGLQHVVIRUPRUHULJRURXV
WUDLQLQJDQGFRPEDWWDVNVWKDWLQYROYHFDUU\LQJFOLPELQJSXOOLQJDQGSXVKLQJ,QSDUDJUDSKVWKURXJK
HDFKLOOXVWUDWLRQIHDWXUHVDQRWKHU6ROGLHUSURYLGLQJIHHGEDFNWRDLGLQSURSHUH[HFXWLRQRIWKHH[HUFLVH
,QWKH+)V\VWHPWKHXVHRIFRDFKLQJWUDLQLQJDQGEDWWOHEXGG\LQSXWLVKLJKO\HQFRXUDJHG

$73 2FWREHU

6WDELOLW\'ULOOV
,5$,6(
7KHILUVWH[HUFLVHIRUWKH6KRXOGHU6WDELOLW\'ULOOLVWKH,5DLVHVHHILJXUH6ROGLHUVSHUIRUPWKH
H[HUFLVHLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH,5DLVHLVWKH3URQHSRVLWLRQZLWKDUPVOD\LQJSDUDOOHOWRHDFKRWKHU
RQWKHJURXQGDERYHWKHKHDG7KLVLVWKH,SRVLWLRQ7KHKHDGLVVOLJKWO\HOHYDWHG)HHWDUHWRJHWKHU
DQGWRHVDUHSRLQWLQJUHDUZDUG)LQJHUVDQGWKXPEVDUHH[WHQGHGDQGMRLQHGZLWKSDOPVIDFLQJ
HDFKRWKHU
z 2QWKHFRXQWRIUDLVHERWKDUPVIURPWKHJURXQG±LQFKHVZKLOHFRQWLQXLQJWRNHHSWKHHOERZV
VWUDLJKW7KHKHDGUHPDLQVLQLWVVWDUWLQJSRVLWLRQ
)LJXUH+6'6LQJOH/HJ2YHU
)LJXUH66',5DLVH
2FWREHU $73

&KDSWHU
75$,6(
7KHVHFRQGH[HUFLVHIRUWKH6KRXOGHU6WDELOLW\'ULOOLVWKH75DLVH)LJXUHLOOXVWUDWHVWKHH[HUFLVH
DVSHUIRUPHGLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH75DLVHLVWKH3URQHSRVLWLRQZLWKDUPVOD\LQJRQWKHJURXQGVWUDLJKW
RXW IURP WKH VKRXOGHUV DW GHJUHHV WR WKH WUXQN 7KLV LV WKH 7 SRVLWLRQ 7KH KHDG LV VOLJKWO\
HOHYDWHG)HHWDUHWRJHWKHUDQGWRHVDUHSRLQWLQJUHDUZDUG)LQJHUVDQGWKXPEVDUHH[WHQGHGDQG
MRLQHGZLWKSDOPVSHUSHQGLFXODUWRWKHJURXQGIDFLQJGLUHFWO\DKHDG
)LJXUH66'7UDLVH
<5$,6(
7KHWKLUGH[HUFLVHIRUWKH6KRXOGHU6WDELOLW\'ULOOLVWKH<5DLVH)LJXUHVKRZV6ROGLHUVSHUIRUPLQJ
WKHH[HUFLVHLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH<5DLVHLVWKH3URQHSRVLWLRQZLWKDUPVOD\LQJRQWKHJURXQGH[WHQGHG
RYHUKHDGDWGHJUHHVWRWKHWUXQN7KLVLVWKH<SRVLWLRQ7KHKHDGLVVOLJKWO\HOHYDWHG)HHWDUH
WRJHWKHUDQGWRHVDUHSRLQWLQJUHDUZDUG)LQJHUVDQGWKXPEVDUHH[WHQGHGDQGMRLQHGZLWKSDOPV
IDFLQJHDFKRWKHU
$73 2FWREHU

6WDELOLW\'ULOOV
)LJXUH66'<5DLVH
/5$,6(
7KHIRXUWKH[HUFLVHIRUWKH6KRXOGHU6WDELOLW\'ULOOLVWKH/5DLVH)LJXUHVKRZV6ROGLHUVSHUIRUP
WKHH[HUFLVHLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH/5DLVHLVWKH3URQHSRVLWLRQZLWKDUPVOD\LQJRQWKHJURXQGVWUDLJKW
RXWWRWKHVLGHDWGHJUHHVWRWKHWUXQNDQGHOERZVEHQWWRGHJUHHV+DQGVDUHDWKHDGOHYHO
ZLWKSDOPVIDFLQJWKHKHDG7KLVLVWKH/SRVLWLRQ7KHKHDGLVVOLJKWO\HOHYDWHG)HHWDUHWRJHWKHU
DQGWRHVDUHSRLQWLQJUHDUZDUG)LQJHUVDQGWKXPEVDUHH[WHQGHGDQGMRLQHGZLWKSDOPVIDFLQJ
HDFKRWKHU
EHQW7KHKHDGUHPDLQVLQLWVVWDUWLQJSRVLWLRQ7KHHOERZVIRUHDUPVDQGKDQGVVKRXOGOHDYHWKH
JURXQGDWWKHVDPHWLPH
)LJXUH66'/5DLVH

2FWREHU $73

&KDSWHU
:5$,6(
7KH ILIWK H[HUFLVH IRU WKH 6KRXOGHU 6WDELOLW\ 'ULOO LV WKH : 5DLVH )LJXUHV DQG VKRZ WKH
H[HUFLVHDVSHUIRUPHGLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH:5DLVHLVWKH3URQHSRVLWLRQZLWKDUPVRQWKHJURXQGDWGHJUHHV
WRWKHWUXQNDQGHOERZVEHQWWRGHJUHHV7KLVLVWKH:SRVLWLRQ7KHKHDGLVVOLJKWO\HOHYDWHG
)HHWDUHWRJHWKHUDQGWRHVDUHSRLQWLQJUHDUZDUG)LQJHUVDQGWKXPEVDUHH[WHQGHGDQGMRLQHGZLWK
SDOPVIDFLQJHDFKRWKHU
EHQW7KHKHDGUHPDLQVLQLWVVWDUWLQJSRVLWLRQ7KHHOERZVIRUHDUPVDQGKDQGVVKRXOGOHDYHWKH
JURXQGDWWKHVDPHWLPH
)LJXUH66':5DLVHZLWKLPSURSHUIRUP
)LJXUH66':5DLVH

$73 2FWREHU

&KDSWHU
&RQGLWLRQLQJ'ULOOV
&21',7,21,1*'5,//&'
&RQGLWLRQLQJ'ULOONQRZQDV&'FRQVLVWVRIILYHH[HUFLVHVGHVLJQHGWRLPSURYHPXVFXODUVWUHQJWK
DQG HQGXUDQFH DV ZHOO DV EDODQFH DQG FRRUGLQDWLRQ 7KH &RQGLWLRQLQJ 'ULOO FRQVLVWV RI WKH IROORZLQJ
H[HUFLVHV3RZHU-XPS98S0RXQWDLQ&OLPEHU/HJ7XFNDQG7ZLVWDQG6LQJOH/HJ3XVK8S
'HPRQVWUDWLRQ YLGHRV RI &RQGLWLRQLQJ 'ULOOV DUH ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
GHPRQVWUDWLRQVGRQRWSRSXODWH$GGLWLRQDOVXSSRUWIRU+)WHVWHYHQWVDQGH[HUFLVHVDUHORFDWHGRQWKH
$UP\&RPEDW)LWQHVV7HVWZHEVLWHDWKWWSVZZZDUP\PLODFIW
32:(5-803
7KH3RZHU-XPSLVWKHILUVWH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHUHLQIRUFHVFRUUHFWMXPSLQJ
DQGODQGLQJVNLOOUHTXLUHVJRRGEDODQFHDQGFRRUGLQDWLRQDQGGHYHORSVH[SORVLYHVWUHQJWKWRPRYHRIIWKH
JURXQG)LJXUHRQSDJHEUHDNVGRZQWKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH3RZHU-XPSLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QFRXQWVTXDWZLWKWKHKHHOVIODWZKLOHURXQGLQJVSLQHIRUZDUGDQGUHDFKLQJWRWKHJURXQG
3ODFHSDOPVRQWKHJURXQG*D]HUHPDLQVIRUZDUG
z 2QFRXQWMXPSIRUFHIXOO\IURPWKHJURXQGVZLQJLQJWKHDUPVXSDQGRYHUKHDGWRXQZHLJKWWKH
ERG\DQGLQFUHDVHWKHKHLJKWRIWKHMXPS3DOPVIDFHLQZDUG
z 2Q FRXQW UHWXUQ WR WKH FRXQW SRVLWLRQ DIWHU ODQGLQJ VRIWO\ ZLWK IHHW GLUHFWHG IRUZDUG DQG
VKRXOGHUZLGWKDSDUW
2FWREHU $73

&KDSWHU
)LJXUH&'3RZHU-XPS
983
7KH98SLVWKHVHFRQGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHGHYHORSVWKHDEGRPLQDODQG
KLS IOH[RU PXVFOHV IRU PRUH YLJRURXV WUDLQLQJ DQG FRPEDW WDVNV VXFK DV WKH OHJ WXFN URSH WUDYHUVH DQG
VXUPRXQWLQJREVWDFOHV)LJXUHEUHDNVGRZQWKHPRYHPHQW6ROGLHUFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH98SLVWKH6XSLQHSRVLWLRQZLWKDUPVRQWKHJURXQGDWGHJUHHV
IURPWKHERG\NQHHVEHQWWRGHJUHHV7KHKHDGLV±LQFKHVRIIWKHJURXQG
z 2QFRXQWUDLVHWKHOHJVDQGWUXQNDWWKHVDPHWLPHLQWRD9SRVLWLRQXVLQJWKHDUPVWREDODQFH
.HHSWKHNQHHVVWUDLJKWDQGWKHKHDGDOLJQHGZLWKWKHWUXQN²QHLWKHUEHQWIRUZDUGQRUH[WHQGHG
EDFNZDUGV
z 2QFRXQWUHWXUQXQGHUFRQWUROWRWKHVWDUWLQJSRVLWLRQ$YRLGGURSSLQJWKHOHJV
z 2QFRXQWUHWXUQWRWKHFRXQWSRVLWLRQ
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&'98S
02817$,1&/,0%(5
7KH0RXQWDLQ&OLPEHULVWKHWKLUGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHGHYHORSVWKHDELOLW\
WRTXLFNO\SRZHURXWRIWKH)URQW/HDQLQJ5HVWSRVLWLRQLQWRD5XQRUD&URXFK5XQ)LJXUHEUHDNVGRZQ
WKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH0RXQWDLQ&OLPEHULVWKH)URQW/HDQLQJ5HVWZLWKWKHOHIWIRRWEHORZ
WKHFKHVWDQGWKHOHIWNQHHEHWZHHQWKHDUPV
z 2QFRXQWVKLIWERG\ZHLJKWWRWKHKDQGVZKLOHFKDQJLQJWKHSRVLWLRQRIWKHIHHW.HHSWKHEDFN
VWUDLJKWDQGNHHSWKHKLSVIURPPRYLQJXSDQGGRZQWKURXJKRXWWKHH[HUFLVH
)LJXUH&'0RXQWDLQ&OLPEHU
2FWREHU $73

&KDSWHU
/(*78&.$1'7:,67
7KH/HJ7XFNDQG7ZLVWLVWKHIRXUWKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHVWUHQJWKHQVWKH
WUXQNDQGKLSPXVFOHFRRUGLQDWLRQZKLOHSURPRWLQJFRQWURORIWUXQNURWDWLRQ,WLVDQDGYDQFHGERG\ZHLJKW
H[HUFLVH WKDW SUHSDUHV IRU PRUH YLJRURXV WUDLQLQJ WHVWLQJ DQG FRPEDW WDVNV )LJXUH EUHDNV GRZQ WKH
PRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH/HJ7XFNDQG7ZLVWLVWKHVXSSRUWHGUHFOLQLQJ6LWWLQJSRVLWLRQ+DQGV
DUHRQWKHJURXQGWRWKHUHDURIWKHVKRXOGHUVSDOPVGRZQ/HJVDUHVWUDLJKWDQGNHSWWRJHWKHU
ZLWKWKHIHHW±LQFKHVDERYHWKHJURXQG
z 2QFRXQWUDLVHWKHOHJVZKLOHURWDWLQJRQWRWKHOHIWEXWWRFNDQGGUDZLQJWKHNQHHVWRZDUGWKH
OHIWVKRXOGHU0DLQWDLQFRQWURORIWKHOHJPRYHPHQWDQGWUXQNSRVLWLRQ
)LJXUH&'/HJ7XFNDQG7ZLVW
6,1*/(/(*386+83
7KH6LQJOH/HJ3XVK8SLVWKHILQDOH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVH VWUHQJWKHQVWKH
PXVFOHVRIWKHFKHVWDQGKLSVDVZHOODVLQFUHDVHVWKHFKDOOHQJHWRVKRXOGHUVWDELOLW\:KHQFRQGXFWHGWR
VWDQGDUG LW VDIHO\ SUHSDUHV 6ROGLHUV IRU PRUH YLJRURXV SXVKLQJ PRWLRQV UHTXLUHG LQ WUDLQLQJ WHVWLQJ DQG
FRPEDWWDVNV)LJXUHEUHDNVGRZQWKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH/HJ3XVK8SLVWKH)URQW/HDQLQJ5HVW+DQGVDUHGLUHFWO\
EHQHDWKWKHVKRXOGHUVZLWKILQJHUVVSUHDG)HHWDUHWRJHWKHU7KHERG\IRUPVDVWUDLJKWOLQHIURP
WKHWRSRIWKHKHDGWRWKHKHHOV
$WWKHVDPHWLPHUDLVHWKHOHIWOHJXQWLOWKHWRHLVOHYHORUMXVWDERYHWKHULJKWKHHO.HHSWKHOHIW
NQHHVWUDLJKW7KLVLVQRWDKLJKOHJUDLVHRUK\SHUH[WHQVLRQRIWKHKLS
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
z 2QFRXQWUHSHDWFRXQWPRYLQJWKHULJKWOHJWKHVDPHZD\WKDWWKHOHIWOHJPRYHGLQFRXQW
)LJXUH&'6LQJOH/HJ3XVKXS
&21',7,21,1*'5,//02',),('&'02'

&RQGLWLRQLQJ'ULOO0RGLILHGNQRZQDV&'02'FRQVLVWVRIILYHH[HUFLVHVGHVLJQHGWRLPSURYH
PXVFXODUVWUHQJWKDQGHQGXUDQFHEDODQFHDQGFRRUGLQDWLRQIRU6ROGLHUVZLWKOLPLWHGUDQJHRIPRWLRQ7KH
PRGLILHG&RQGLWLRQLQJ'ULOOLVLGHDOIRUWKRVH6ROGLHUVXQGHUJRLQJUHKDELOLWDWLRQIURPLQMXU\E\OLPLWLQJ
PXVFOH VWUDLQ DQG IOH[LRQ RI WKH DUPV VKRXOGHUV OHJV DQG FRUH PXVFOHV 0RGLILHG &RQGLWLRQLQJ 'ULOO
H[HUFLVHVFRQVLVWVRIWKHIROORZLQJH[HUFLVHV3RZHU-XPSPRGLILHG98SPRGLILHG0RXQWDLQ&OLPEHU
PRGLILHG/HJ7XFNDQG7ZLVWPRGLILHGDQG6LQJOH/HJ3XVK8SPRGLILHG
32:(5-80302',),('
7KH PRGLILHG 3RZHU -XPS UHSODFHV WKH ILUVW H[HUFLVH LQ &RQGLWLRQLQJ 'ULOO 7KLV PRGLILFDWLRQ
GHFUHDVHVWKHUDQJHRIPRWLRQDQGOLPLWVWKHXVHRIWKHDUPVDQGOHJVDQGHOLPLQDWHVLPSDFWRQWKHOHJV
)LJXUHRQSDJHEUHDNVGRZQWKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG3RZHU-XPSLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QFRXQWVTXDWZLWKWKHKHHOVIODWNHHSLQJWKHVSLQHVWUDLJKWZKLOHUHDFKLQJWRWKHJURXQG)DFH
WKHSDOPVWRZDUGWKHJURXQG*D]HUHPDLQVIRUZDUG
z 2QFRXQWUHDFKTXLFNO\XSDQGRYHUKHDGUDLVLQJRIIERWKKHHOVZLWKRXWWKHIHHWOHDYLQJWKH
JURXQG3DOPVIDFHLQZDUG
2FWREHU $73

&KDSWHU
)LJXUH&'02'3RZHU-XPSPRGLILHG
98302',),('
7KHPRGLILHG98SUHSODFHVWKHVHFRQGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVPRGLILFDWLRQGHFUHDVHV
WKH UDQJH RI PRWLRQ DQG OLPLWV WKH XVH RI WKH DUP OHJ DQG FRUH PXVFOHV )LJXUH EUHDNV GRZQ WKH
PRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG98SLVWKH6XSLQHSRVLWLRQZLWKDUPVRQWKHJURXQGDW
GHJUHHVIURPWKHERG\NQHHVEHQWWRGHJUHHVIHHWIODWRQWKHJURXQG7KHKHDGPD\EHRQWKH
JURXQGRU±LQFKHVRIIWKHJURXQG
z 2QFRXQWEHQGWKHNQHHVUDLVLQJWKHOHJVDQGWUXQNDWWKHVDPHWLPHXVLQJWKHDUPVWREDODQFH
.HHSWKHKHDGDOLJQHGZLWKWKHWUXQN²QHLWKHUEHQWIRUZDUGQRUH[WHQGHGEDFNZDUGV%ULQJWKH
NQHHVWRZDUGWKHFKHVW
z 2QFRXQWUHWXUQXQGHUFRQWUROWRWKHVWDUWLQJSRVLWLRQSODFLQJWKHIHHWIODWRQWKHJURXQGZLWK
NQHHVEHQW$YRLGGURSSLQJWKHOHJV
)LJXUH&'02'98SPRGLILHG
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
2WKHUSRWHQWLDOPRGLILFDWLRQVLQFOXGH WKHIROORZLQJ

z 6WDUWLQJSRVLWLRQLQ6XSLQHSRVLWLRQZLWKNQHHVEHQW
2QFRXQWWKHWUXQNPRYHVXS
2QFRXQWWKHOHIWOHJOLIWVIURPWKHJURXQG
2QFRXQWWKHOHIWOHJUHWXUQVWRWKHJURXQG
2QFRXQWWKHWUXQNUHWXUQVWRWKHJURXQG
z 6WDUWLQJSRVLWLRQLVZLWKWKHWUXQNLQWKH6LWWLQJSRVLWLRQVXSSRUWHGE\WKHDUPV
2QFRXQWOHIWNQHHPRYHVWRWKHFKHVW
2QFRXQWOHIWNQHHUHWXUQVWRVWDUWLQJSRVLWLRQ
2QFRXQWULJKWNQHHPRYHVWRWKHFKHVW
2QFRXQWULJKWNQHHUHWXUQVWRWKHVWDUWLQJSRVLWLRQ
z 6WDUWLQJSRVLWLRQLV6XSLQHSRVLWLRQZLWKNQHHVEHQW
02817$,1&/,0%(502',),('
7KH0RXQWDLQ&OLPEHUPRGLILHGUHSODFHVWKHWKLUGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVPRGLILFDWLRQ
GHFUHDVHVWKHUDQJHRIPRWLRQDQGOLPLWVWKHXVHRIWKHDUPOHJDQGFRUHPXVFOHV)LJXUHEUHDNVGRZQ
WKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG0RXQWDLQ&OLPEHULVWKH)URQW/HDQLQJ5HVWZLWKWKHOHIW
IRRWQH[WWRWKHULJKWNQHHDQGWKHOHIWNQHHXQGHUWKH6ROGLHU¶VKLSV
z 2QFRXQWVKLIWERG\ZHLJKWWRWKHKDQGVZKLOHFKDQJLQJWKHSRVLWLRQRIWKHIHHW.HHSWKHEDFN
VWUDLJKWDQGNHHSWKHKLSVIURPPRYLQJXSDQGGRZQWKURXJKRXWWKHH[HUFLVH
)LJXUH&'02'0RXQWDLQ&OLPEHUPRGLILHG
2WKHUSRWHQWLDOPRGLILFDWLRQVIRU0RXQWDLQ&OLPEHULQFOXGHWKHIROORZLQJ
z 6WDUWLQJSRVLWLRQDVLQSDUDJUDSK
2QFRXQWRQHOHJPRYHVWRZDUGWKHFKHVW
2QFRXQWWKHVDPHOHJUHWXUQVWRWKHVWDUWLQJSRVLWLRQ
2QFRXQWUHSHDWFRXQW
2QFRXQWUHSHDWFRXQW
z 6WDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQ
2FWREHU $73

&KDSWHU
2QFRXQWOHIWNQHHPRYHVWRWKHFKHVWDVWKH6ROGLHUEDODQFHVRQWKHULJKWOHJ
2QFRXQWOHIWOHJUHWXUQVWRVWDUWLQJSRVLWLRQ
2QFRXQWULJKWNQHHPRYHVWRWKHFKHVWDVWKH6ROGLHUEDODQFHVRQWKHOHIWOHJ
2QFRXQWULJKWOHJUHWXUQVWRWKHVWDUWLQJSRVLWLRQ
z 6WDUWLQJSRVLWLRQLVWKH6XSLQHSRVLWLRQZLWKNQHHVEHQW
/(*78&.$1'7:,6702',),('
7KH /HJ7XFN DQG 7ZLVW PRGLILHG UHSODFHV WKH IRXUWK H[HUFLVH LQ &RQGLWLRQLQJ 'ULOO 7KLV
PRGLILFDWLRQGHFUHDVHVWKHUDQJHRIPRWLRQDQGOLPLWVWKHXVHRIWKHDUPOHJDQGFRUHPXVFOHV)LJXUH
EUHDNVGRZQWKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH PRGLILHG /HJ7XFN DQG 7ZLVW LV WKH VXSSRUWHG UHFOLQLQJ 6LWWLQJ
SRVLWLRQ+DQGVDUHRQWKHJURXQGWRWKHUHDURIWKHVKRXOGHUVSDOPVGRZQ/HJVDUHEHQWZLWK
IHHWIODWRQWKHJURXQG
z 2QFRXQWUDLVHWKHOHJVZKLOHURWDWLQJRQWRWKHOHIWEXWWRFNDQGGUDZLQJWKHNQHHVWRZDUGWKH
OHIWVKRXOGHU0DLQWDLQFRQWURORIWKHEHQWNQHHDQGWUXQNSRVLWLRQ
)LJXUH&'02'/HJ7XFNDQG7ZLVWPRGLILHG
2WKHUPRGLILFDWLRQVLQFOXGHWKHIROORZLQJ
z 6WDUWLQJSRVLWLRQDVDERYHDOWHUQDWHVLQJOHOHJPRYHPHQW
z 6WDUWLQJSRVLWLRQLV WKH 6XSLQH SRVLWLRQ ZLWKWKHNQHHVEHQW DQGWUXQNDUPVDQGKHDG RQWKH
JURXQG
z 6WDUWLQJSRVLWLRQLVWKH6XSLQHSRVLWLRQZLWKNQHHVEHQWWRGHJUHHV
2QFRXQWERWKNQHHVOLIWXSDQGWRWKHOHIW
2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ
2QFRXQWERWKNQHHVOLIWXSWRWKHULJKW
2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
6,1*/(/(*386+8302',),('
7KH6LQJOH/HJ3XVK8S0RGLILHGUHSODFHVWKHILQDOH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVPRGLILHG
H[HUFLVHOLPLWVWKHUDQJHRIPRWLRQDQGZHLJKWRQWKHDQNOHVVKRXOGHUVDUPVDQGZULVWV)LJXUHEUHDNV
GRZQWKHPRYHPHQW6ROGLHUVFRQGXFWDWDPRGHUDWHFDGHQFH
z 0RGLI\WKHPRYHPHQWLQWRWKHVWDUWLQJSRVLWLRQ²DYRLG6TXDWDQGUHDUWKUXVWRIWKHOHJV
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG6LQJOH/HJ3XVK8SLVWKH6L[3RLQW6WDQFHSRVLWLRQ+DQGV
DUHGLUHFWO\EHQHDWKWKHVKRXOGHUVZLWKILQJHUVVSUHDG7KHERG\IRUPVDVWUDLJKWOLQHIURPWKH
KHDGWRWKHNQHHV)HHWSRLQWWRWKHUHDU
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ,IQHFHVVDU\UHGXFHWKHUDQJHRIPRWLRQRIWKHHOERZ
WRDFFRPPRGDWHIRUWKHLQMXU\
z 2QFRXQWUHSHDWFRXQWUHGXFLQJWKHUDQJHRIPRWLRQLIQHFHVVDU\
)LJXUH&'02'3XVK8SPRGLILHG
2WKHUPRGLILFDWLRQVLQFOXGH²
z 6XVWDLQHG)URQW/HDQLQJ5HVWIRUWLPH
z 6XVWDLQHG)URQW/HDQLQJ5HVWRQHOERZVIRUWLPH
&21',7,21,1*'5,//&'
&RQGLWLRQLQJ 'ULOO NQRZQ DV &' FRQVLVWV RI ILYH H[HUFLVHV GHVLJQHG WR GHYHORS DQG LPSURYH
VWUHQJWKDJLOLW\DQGPRELOLW\7KH&RQGLWLRQLQJ'ULOOFRQVLVWVRIWKHIROORZLQJH[HUFLVHV7XUQDQG/XQJH
6XSLQH%LF\FOH+DOI-DFN6ZLPPHUDQG&RXQW73XVK8S
7851$1'/81*(
7KH7XUQDQG/XQJHLVWKHILUVWH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHGHYHORSVWKHDJLOLW\
QHHGHGWRURWDWHORZHUDQGUDLVHWKHERG\IRUHIIHFWLYHFKDQJHVRIGLUHFWLRQ)LJXUHRQSDJHEUHDNV
GRZQWKHPRYHPHQWZKHQFRQGXFWHGLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH7XUQDQG/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QFRXQWWXUQGHJUHHVWRWKHOHIWSLYRWLQJRQWKHULJKW IRRW ZKLOH VWHSSLQJ ZLWKWKH OHIW
3HUIRUPD)RUZDUG/XQJHIDFLQJOHIWUHDFKLQJWRWKHJURXQGZLWKWKHULJKWKDQGEHWZHHQWKHOHJV
7KHOHIWDUPPRYHVUHDUZDUGDWWKHOHIWVLGHRIWKHERG\.HHSWKHKHDGLQOLQHZLWKWKHVSLQH
z 2QFRXQWVWDQGXSURWDWHWRWKHULJKWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQVWHSSLQJZLWKWKHULJKW
IRRWDQGSLYRWLQJRQWKHEDOORIWKHOHIWIRRW
z 2QFRXQWUHSHDWFRXQWWRWKHULJKWVWHSSLQJZLWKWKHULJKWIRRWSLYRWLQJRQWKHOHIW
z 2QFRXQWURWDWHWRWKHOHIWSLYRWLQJRQWKHULJKWIRRWDQGVWHSSLQJZLWKWKHOHIWWRUHWXUQWRWKH
VWDUWLQJSRVLWLRQ
z &RPSOHWH±UHSHWLWLRQVFRQWLQXLQJWRSLYRWRQWKHUHDUIRRWDQGVWHSZLWKWKHOHDGIRRW
2FWREHU $73

&KDSWHU
)LJXUH&'7XUQDQG/XQJH
683,1(%,&<&/(
7KH 6XSLQH %LF\FOH LV WKH VHFRQG H[HUFLVH LQ &RQGLWLRQLQJ 'ULOO 7KLV H[HUFLVH VWUHQJWKHQV WKH
PXVFOHVRIWKHDEGRPHQDQGFRQWUROVWKHURWDWLRQRIWKHWUXQN+DQGSODFHPHQWDQGFRQWUROOHGPRYHPHQW
PDNHWKLVDVDIHZD\WRGHYHORSVWUHQJWKDQGHQGXUDQFHIRUPRUHYLJRURXVWUDLQLQJWHVWLQJDQGFRPEDWWDVNV
)LJXUHEUHDNVGRZQWKHPRYHPHQWZKHQFRQGXFWHGLQDIRUPDWLRQDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XSLQH%LF\FOHLVWKH6XSLQHSRVLWLRQZLWKKDQGVUHVWLQJRQWRSRI
WKHKHDG²QRWWKHEDFNRIWKHKHDG²DQGNQHHVDQGKLSVEHQWWRGHJUHHV7KHKHDGZLOOEH±
LQFKHVRIIWKHJURXQG
z 2QFRXQWEULQJWKHOHIWNQHHWRZDUGWKHFKHVWZKLOHIOH[LQJDQGURWDWLQJWKHWUXQNWRWKHOHIW
$WWHPSWWRWRXFKWKHULJKWHOERZZLWKWKHULJKWWKLJK$WWKHVDPHWLPHH[WHQGWKHULJKWNQHHWR
VWUDLJKWHQWKHULJKWOHJ
z 2QFRXQWUHWXUQXQGHUFRQWUROWRWKHVWDUWLQJSRVLWLRQ7KHUHLVDSDXVHLQWKLVPRYHPHQWRQ
FRXQW²LWLVQRWDFRQWLQXRXVPRYHPHQWWRWKHRSSRVLWHVLGH
z 2QFRXQWUHSHDWFRXQWWRWKHRSSRVLWHVLGH
z &RPSOHWH±UHSHWLWLRQV
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&'6XSLQH%LF\FOH
+$/)-$&.
7KH+DOI-DFNLVWKHWKLUGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KHSXUSRVHRIWKLVH[HUFLVHLVWRMXPSDQG
ODQGZLWKWKHOHJVDSDUWFRQWUROOLQJWKHODQGLQJZKLOHPRYLQJWKHIHHWODWHUDOO\0RYHPHQWRIWKHDUPVLQWKH
IURQWDOGLYLGLQJWKHIURQWDQGEDFNSODQHWRDSRLQWSDUDOOHOWRWKHJURXQGDYRLGVWKHSRWHQWLDOIRUVKRXOGHU
LPSLQJHPHQWFDXVHGZKHQWKHDUPVUHSHDWHGO\PRYHKLJKHUWKDQVKRXOGHUKHLJKW)LJXUHEUHDNVGRZQ
WKHPRYHPHQWZKHQFRQGXFWHGLQDIRUPDWLRQDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH+DOI-DFNLVWKH3RVLWLRQRI$WWHQWLRQ
z 2QFRXQWMXPSDQGODQG ZLWKWKH IHHWVKRXOGHUZLGWKDSDUWDQGSRLQWHGVWUDLJKWDKHDG7KH
DUPVDUHVWUDLJKWRXWWRWKHVLGHRIWKHERG\SDOPVGRZQZLWKILQJHUVDQGWKXPEVH[WHQGHGDQG
MRLQHG7KHDUPVZLOOQRWPRYHEH\RQGWKHSRLQWZKHUHWKH\DUHSDUDOOHOWRWKHJURXQG
)LJXUH&'+DOI-DFN
2FWREHU $73

&KDSWHU
6:,00(5
7KH6ZLPPHULVWKHIRXUWKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHVWUHQJWKHQVWKHEDFNRIWKH
VKRXOGHUQHFNVSLQHKLSVDQGOHJV²RIWHQUHIHUUHGWRDVWKHSRVWHULRUFKDLQRIPXVFOHV7KHVHPXVFOHVDUH
XVHGLQWUDLQLQJDQGFRPEDWWDVNVVXFKDVORZFUDZOLQJSURQHILULQJDQGVZLPPLQJ)LJXUHEUHDNV
GRZQWKHPRYHPHQW6ROGLHUVFRQGXFWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH 6ZLPPHULVWKH3URQHSRVLWLRQZLWKWKHDUPVH[WHQGHGRYHUKHDG
SDOPVGRZQDQGRQWKHJURXQG7RHVDUHSRLQWHGWRWKHUHDU
z 2QFRXQWUDLVHWKHOHIWDUPDQGULJKWOHJRIIWKHJURXQGZKLOHOLIWLQJWKHKHDGXSDQGDUFKLQJ
WKHEDFNVOLJKWO\*D]HVKRXOGEH³GRZQUDQJH´RUSDUDOOHOWRWKHJURXQGDWWKLVSRLQW
z 2QFRXQWUHSHDWFRXQWWKLVWLPHZLWKWKHRSSRVLWHDUPDQGOHJ
)LJXUH&'6ZLPPHU
&28177386+83
7KH&RXQW73XVK8SLVWKHILQDOH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHGHYHORSVWRWDOERG\
VWUHQJWKHQGXUDQFHDQGPRELOLW\5HOHDVLQJWKHKDQGVIURPWKHJURXQGLQDGGLWLRQWRPRYLQJWKHDUPVWR
WKH7SRVLWLRQHPSKDVL]HVIXOOSXVKDQGUHDFKPRWLRQV)LJXUHEUHDNVGRZQWKHPRYHPHQWDV6ROGLHUV
LQIRUPDWLRQFRQGXFWLWDWDPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH&RXQW73XVK8SLVWKH3RVLWLRQRI$WWHQWLRQ
z 2QFRXQWDVVXPHWKH6TXDWSRVLWLRQ
z 2QFRXQWWKUXVWWKHOHJVEDFNZDUGVLQWRWKH)URQW/HDQLQJ5HVW3RVLWLRQ
z 2QFRXQWEHQGWKHHOERZVORZHULQJWKHERG\WRWKHJURXQG
z 2QFRXQWUHOHDVHWKHKDQGVIURPWKHJURXQGPRYLQJWKHDUPVGLUHFWO\RXWWRWKHVLGHLQWRWKH
7SRVLWLRQ²WKHVDPHSRVLWLRQXVHGLQWKH75DLVHH[HUFLVH+DQGVPD\EHRQRURIIWKHJURXQG
LQWKH7SRVLWLRQ
z 2QFRXQWSHUIRUPDSXVKXSIURPWKHJURXQGLQWRWKH)URQW/HDQLQJ5HVWSRVLWLRQ.HHSWKH
ERG\LQDVWUDLJKWOLQHIURPWKHKHDGWRWKHERWWRPRIWKHKHHOV
z 2QFRXQWUHWXUQWRWKH6TXDWSRVLWLRQ
z 2QFRXQWUHWXUQWRWKH3RVLWLRQRI$WWHQWLRQ
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&'&RXQW73XVK8S
&21',7,21,1*'5,//&'
&RQGLWLRQLQJ'ULOOLVDQDGYDQFHGSO\RPHWULFGULOO5HSHDWHGMXPSLQJODQGLQJDQGFKDQJLQJERG\
SRVLWLRQV SODFH JUHDWHU GHPDQGV RQ WKH ORZHU H[WUHPLWLHV WKDQ LQ &RQGLWLRQLQJ 'ULOOV DQG 6ROGLHUV
SURJUHVVWR&RQGLWLRQLQJ'ULOODIWHUPDVWHULQJWKHPRYHPHQWVDQGEHLQJDEOHWRWROHUDWHUHSHWLWLRQVRI
&RQGLWLRQLQJ 'ULOOV DQG 3URJUHVVLRQ WR &RQGLWLRQLQJ 'ULOO VKRXOG LQFOXGH SUHFLVH LQVWUXFWLRQ DQG
SUDFWLFHRIHDFKH[HUFLVH)RUPRVW6ROGLHUVUHSHWLWLRQVRIWKHILQDOH[HUFLVHLQ&RQGLWLRQLQJ'ULOOWKH
$OWHUQDWH6WDJJHUHG6TXDW-XPSZLOOEHDFXOPLQDWLQJPRPHQWLQWKHSK\VLFDOWUDLQLQJZHHN
<648$7
7KH<6TXDWLVWKHILUVWH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHFRPELQHVXSSHUDQGORZHUERG\
VTXDWWLQJVWUHQJWKPRELOLW\DQGHQGXUDQFH)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUV
FRQGXFWLWDIRUPDWLRQDWVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH<6TXDWLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKIHHWVOLJKWO\ZLGHUWKDQ
VKRXOGHUZLGWKDUPVRYHUKHDGLQWKH<SRVLWLRQDQGVKRXOGHUVSXOOHGEDFN
z 2QFRXQWORZHUWKHERG\DVIDUDVSRVVLEOHZLWKRXWURXQGLQJWKHEDFNNHHSLQJWKHVKRXOGHUV
GUDZQ UHDUZDUG DUPV IRUPLQJ D < RYHUKHDG +HHOV UHPDLQ RQ WKH JURXQG WKURXJKRXW WKH
PRYHPHQW
z %XLOGXSWRUHSHWLWLRQV$IWHUWKHILQDOUHSHWLWLRQUHWXUQWRWXUQWRWKHVWDUWLQJSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH&'<6TXDW
6,1*/(/(*'($'/,)7
7KH6LQJOH/HJ'HDGOLIWLVWKHVHFRQGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHGHYHORSVVWUHQJWK
DQGIOH[LELOLW\RIWKHORZHUEDFNDQGORZHUH[WUHPLWLHV )LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUV
FRQGXFWLWLQDIRUPDWLRQDWVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH/HJ'HDGOLIWLVWKH6WUDGGOH6WDQFH SRVLWLRQZLWKKDQGVRQ
KLSV
z 2QFRXQWPDLQWDLQEDODQFHRQWKHOHIWOHJZKLOHEHQGLQJIRUZDUGDWWKHZDLVW5HDFKVWUDLJKW
GRZQWRZDUGWKHJURXQGZKLOHUDLVLQJWKHULJKWOHJXSWRWKHUHDU
z 2QFRXQWUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 2QFRXQWUHSHDWFRXQWEDODQFLQJRQWKHULJKWOHJ
z 2QFRXQWUHSHDWFRXQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 7KHKDQGVPD\WRXFKWKHJURXQGZLWKILQJHUVVSUHDGWRDVVLVWZLWKEDODQFHDWWKHHQGRIFRXQWV
DQG
z %XLOGXSWRFRUUHFWO\SHUIRUPHGUHSHWLWLRQV
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&'6LQJOH/HJ'HDGOLIW
6,'(726,'(.1((/,)76
7KH6LGHWR6LGH.QHH/LIWVLVWKHWKLUGH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHFRPELQHVXSSHU
DQGORZHUERG\VWUHQJWKPRELOLW\DQGHQGXUDQFH,WLVDG\QDPLFWHVWRIVLQJOHOHJEDODQFHDQGWRWDOERG\
FRRUGLQDWLRQ)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDW
PRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LGHWR6LGH.QHH/LIWVLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QFRXQWKRSWRWKHOHIWIRRWZKLOHVLPXOWDQHRXVO\GUDZLQJWKHULJKWNQHHWRZDUGWKHFKHVW7KH
ULJKWKDQGPRYHVFRPIRUWDEO\GRZQWRZDUGWKHULJKWDQNOH7KHOHIWKDQGWRXFKHVWKHULJKWNQHH
z 2QFRXQWKRSWRWKHULJKWIRRWZKLOHVLPXOWDQHRXVO\GUDZLQJWKHOHIWNQHHWRZDUGWKHFKHVW7KH
OHIWKDQGPRYHVFRPIRUWDEO\GRZQWRWKHVLGHWRZDUGWKHOHIWDQNOHDQGWKHULJKWKDQGWRXFKHVWKH
OHIWNQHH
z .HHSWKHKHDGXSDQGWKHEDFNVWUDLJKWWKURXJKRXWWKHPRYHPHQW7U\QRWWROHDQIRUZDUG
2FWREHU $73

&KDSWHU
)LJXUH&'6LGHWR6LGH.QHH/LIWV
)5217.,&.$/7(51$7(72(728&+
7KH )URQW .LFN $OWHUQDWH 7RH 7RXFK LV WKH IRXUWK H[HUFLVH LQ &RQGLWLRQLQJ 'ULOO 7KLV H[HUFLVH
GHYHORSVEDODQFHFRRUGLQDWLRQDQGIOH[LELOLW\RIWKHOHJVDQGWUXQN)LJXUHEUHDNVGRZQWKHH[HUFLVH
DV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDWPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH)URQW.LFN$OWHUQDWH7RH7RXFKLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWK
KDQGVRQKLSV
z 2Q FRXQW UDLVH WKH OHIW OHJ WR WKH IURQW RI WKH ERG\ XQWLO LW LV SDUDOOHO WR WKH JURXQG ZKLOH
VLPXOWDQHRXVO\EHQGLQJIRUZDUGDWWKHZDLVWH[WHQGLQJWKHULJKWDUPIRUZDUGDQGUHDFKLQJZLWK
WKHULJKWKDQGWRZDUGWKHOHIWIRRW7KHOHIWDUPUHDFKHVUHDUZDUG
z 2Q FRXQW UDLVH WKH ULJKW OHJ WR WKH IURQW RI WKH ERG\ XQWLO LW LV SDUDOOHO WR WKH JURXQG ZKLOH
VLPXOWDQHRXVO\EHQGLQJIRUZDUGDWWKHZDLVWH[WHQGLQJWKHOHIWDUPIRUZDUGDQGUHDFKLQJZLWK
WKHOHIWKDQGWRZDUGWKHULJKWIRRW7KHULJKWDUPUHDFKHVUHDUZDUG
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&')URQW.LFN$OWHUQDWH7RH7RXFK
78&.-803
7KH7XFN-XPSLVWKHILIWKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHGHYHORSVH[SORVLYHVWUHQJWK
LQWKHOHJV)LJXUHRQSDJHVKRZVWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQIRUPDWLRQDWVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH7XFN-XPSLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVDWWKHVLGHV
z 2QFRXQWSHUIRUPDKDOIVTXDWZKLOHGULYLQJWKHDUPVUHDUZDUG-XPSXSIURPWKLVSRVLWLRQ
SXOOLQJERWKIHHWXQGHUWKHKLSVDQGWXFNLQJWKHNQHHVWRWKHFKHVW:UDSWKHDUPVDURXQGWKHIURQW
RIWKHNQHHVEHIRUHODQGLQJVRIWO\RQWKHEDOOVRIWKHIHHW
z 2QFRXQWVWDQGXSLQWRWKHVWDUWLQJSRVLWLRQ
z 7KHFDGHQFHLVVORZWRDOORZSURSHUSUHSDUDWLRQIRUDQGUHFRYHU\IURPWKHH[SORVLYHMXPSVRQ
FRXQWVDQG
2FWREHU $73

&KDSWHU
)LJXUH&'7XFN-XPS
675$''/(581)25:$5'$1'%$&.:$5'
7KH6WUDGGOH5XQ)RUZDUGDQG%DFNZDUGLVWKHVL[WKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVH
FRPELQHVXSSHUERG\DQGORZHUERG\SO\RPHWULFVNLOOFRRUGLQDWLRQDQGDQDHURELFHQGXUDQFH)LJXUH
EUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDWPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH6WUDGGOH5XQ)RUZDUGDQG%DFNZDUGLVWKH6WUDGGOH6WDQFHSRVLWLRQ
z 2QFRXQWERXQGIRUZDUGWRWKHOHIWZLWKWKHOHIWOHJVZLQJLQJWKHULJKWDUPIRUZDUGDQGWRWKH
OHIWDQGWKHOHIWDUPUHDUZDUG
z 2QFRXQWERXQGIRUZDUGWRWKHULJKWZLWKWKHULJKWOHJVZLQJLQJWKHOHIWDUPIRUZDUGDQGWR
WKHULJKWDQGWKHULJKWDUPUHDUZDUG
z 2QFRXQWERXQGEDFNZDUGDQGWRWKHOHIWZLWKWKHOHIWOHJVZLQJLQJWKHOHIWDUPIRUZDUGDQG
ULJKWDUPUHDUZDUG
z 2QFRXQWERXQGEDFNZDUGDQGWRWKHULJKWZLWKWKHULJKWOHJVZLQJLQJWKHULJKWDUPIRUZDUG
DQGWKHOHIWDUPUHDUZDUG
z 5HSHDWWKLVH[HUFLVH±WLPHV
z $IWHUWKHILQDOFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&'6WUDGGOH5XQ)RUZDUGDQG%DFNZDUG
+$/)648$7/$7(5$/6
+DOI6TXDW/DWHUDOVLVWKHVHYHQWKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHFRPELQHVXSSHUERG\
DQGORZHUERG\SO\RPHWULFVNLOODQGDQDHURELFHQGXUDQFH)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVH
DV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDWPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRU+DOI6TXDW/DWHUDOVLVWKH6WUDGGOH6WDQFHSRVLWLRQVOLJKWO\FURXFKHGLQ
D KDOI VTXDW ZLWK KDQGV IDFLQJ IRUZDUG DW FKHVW KHLJKW )HHW ZLOO EH GLUHFWHG VWUDLJKW DKHDG
WKURXJKRXWWKHH[HUFLVH
z 2QFRXQWPDLQWDLQLQJWKHWUXQNLQDIRUZDUGRULHQWDWLRQPDNHDKDOIVTXDWVWHSKRSWRWKHOHIW
z 2QFRXQWPDLQWDLQLQJWKHVDPHWUXQNRULHQWDWLRQPDNHDKDOIVTXDWVWHSKRSWRWKHULJKW
z 2QFRXQWPDLQWDLQLQJWKHWUXQNLQWKHVDPHRULHQWDWLRQPDNHDQRWKHUKDOIVTXDWVWHSKRSWR
WKHULJKW
z 2QFRXQWPDLQWDLQLQJWKHWUXQNLQWKHVDPHRULHQWDWLRQPDNHDKDOIVTXDWVWHSKRSWRWKHOHIW
WRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH&'+DOI6TXDW/DWHUDOV
)52*-8036)25:$5'$1'%$&.:$5'
7KH)URJ-XPSV)RUZDUGDQG%DFNZDUGLVWKHHLJKWKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVH
FRPELQHVXSSHUERG\DQGORZHUERG\SO\RPHWULFVNLOODQGDQDHURELFHQGXUDQFH)LJXUHEUHDNVGRZQ
WKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDWPRGHUDWHFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH)URJ-XPSV)RUZDUGDQG%DFNZDUGLVWKH6WUDGGOH6WDQFHVOLJKWO\
FURXFKHGLQDKDOIVTXDWZLWKKDQGVIDFLQJIRUZDUGDWFKHVWKHLJKW)HHWZLOOEHGLUHFWHGVWUDLJKW
DKHDGWKURXJKRXWWKHH[HUFLVH
z 2QFRXQWPDLQWDLQLQJWKHWUXQNLQDIRUZDUGRULHQWDWLRQPDNHDKDOIVTXDWKRSIRUZDUG
z 2QFRXQWPDLQWDLQLQJWKHVDPHWUXQNRULHQWDWLRQPDNHDKDOIVTXDWKRSEDFNZDUG
z 2QFRXQWPDLQWDLQLQJWKHWUXQNLQWKHVDPHRULHQWDWLRQPDNHDQRWKHUKDOIVTXDWKRSEDFNZDUG
z 2QFRXQWPDLQWDLQLQJWKHWUXQNLQWKHVDPHRULHQWDWLRQPDNHDKDOIVTXDWKRSIRUZDUGWRUHWXUQ
WRWKHVWDUWLQJSRVLWLRQ
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&')URJ-XPSV)RUZDUGDQG%DFNZDUG
$/7(51$7(ó7851-803
7KH$OWHUQDWHó7XUQ-XPSLVWKHQLQWKH[HUFLVHLQ&RQGLWLRQLQJ'ULOO7KLVH[HUFLVHFRPELQHVXSSHU
ERG\DQGORZHUERG\SO\RPHWULFVNLOOZLWKWUXQNFRQWURODQGDQDHURELFHQGXUDQFH)LJXUHRQSDJH
EUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDWPRGHUDWHFDGHQFH
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH $OWHUQDWH ó7XUQ -XPS LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ VOLJKWO\
FURXFKHGLQDKDOIVTXDWZLWKKDQGVIDFLQJIRUZDUGDWFKHVWKHLJKW
z 2QFRXQWMXPSXSZDUGVDQGWZLVWWKHKLSVWRWXUQWKHOHJVGHJUHHVWRWKHOHIW7KH6ROGLHU
ZLOOUHVLVWWUXQNURWDWLRQPDLQWDLQLQJDIRUZDUGKHDGDQGFKHVWRULHQWDWLRQIRUDOOFRXQWV'RQRW
FURVVWKHOHJVRUDOORZWKHIHHWWREHFRPHVWDJJHUHG
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQZLWKIHHWWKHVDPHZLGWKDSDUWDVLQWKHVWDUWLQJSRVLWLRQ
z 2QFRXQWMXPSXSZDUGVDQGWZLVWWKHKLSVWRWXUQWKHOHJVGHJUHHVWRWKHULJKW
z $IWHUWKHILQDOUHSHWLWLRQUHWXUQWRWKHVWDUWLQJSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH&'$OWHUQDWHó7XUQ-XPS
$/7(51$7(67$**(5('648$7-803
7KH$OWHUQDWH6WDJJHUHG6TXDW-XPSLVWKHILQDOH[HUFLVHLQ&RQGLWLRQLQJ'ULOO2FFXUULQJDWWKHHQG
RI&RQGLWLRQLQJ'ULOODQGWKHUHIRUHDWWKHHQGRIPRVWSK\VLFDOWUDLQLQJVHVVLRQVWKLVH[HUFLVHUHTXLUHV
DGYDQFHGOHYHOVRIPRYHPHQWVNLOODQGDQDHURELFHQGXUDQFH7HQUHSHWLWLRQVRIWKLVH[HUFLVHIROORZLQJRQ
IURPLWVSUHGHFHVVRU&RQGLWLRQLQJ'ULOOH[HUFLVHVWUXO\WHVWVD6ROGLHU¶VJULW)LJXUHEUHDNVGRZQWKH
H[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQDWVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH$OWHUQDWH6WDJJHUHG6TXDW-XPSLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWK
VWDJJHUHGOHJVZLWKOHIWOHJEDFNDQGDUPVDWVLGHV7KHWUXQNLVIOH[HGVOLJKWO\IRUZDUG
z 2QFRXQWVTXDWDQGWRXFKWKHJURXQGEHWZHHQWKHOHJVZLWKWKHILQJHUWLSVRIWKHOHIWKDQG-XPS
IRUFHIXOO\LQWRWKHDLUVZLWFKLQJOHJVLQPLGDLUWRODQGZLWKWKHULJKWOHJEDFNDQGDUPVDWWKH
VLGHV
z 2QFRXQWVTXDWDQGWRXFKWKHJURXQGEHWZHHQWKHOHJVZLWKWKHILQJHUWLSVRIWKHULJKWKDQG
-XPSIRUFHIXOO\LQWRWKHDLUVZLWFKLQJOHJVLQPLGDLUWRODQGZLWKWKHOHIWOHJEDFNDQGDUPVDW
WKHVLGHV
z $IWHUWKHILQDOUHSHWLWLRQUHWXUQWRWXUQWRWKHVWDUWLQJSRVLWLRQ
$73 2FWREHU

&RQGLWLRQLQJ'ULOOV
)LJXUH&'$OWHUQDWH6WDJJHUHG6TXDW-XPS

2FWREHU $73


&KDSWHU
&OLPELQJDQG*XHULOOD'ULOOV
&/,0%,1*'5,//&/
&OLPELQJ'ULOOVNQRZQDV&/SURYLGHDEURDGYDULHW\RISXOOLQJH[HUFLVHVWRLPSURYHXSSHUERG\
VWUHQJWKDQGHQGXUDQFH7KLVUDQJHRIH[HUFLVHVDOORZV6ROGLHUVWRSXOOXSDVZHOODVRQWRDQGRYHUREVWDFOHV
7KHVHGULOOVDOVRLQYROYHVSRWWHUVZKRVHVNLOODQGVWUHQJWKZLOOSOD\DQLPSRUWDQWUROHLQWKHVDIHW\DQGVXFFHVV
RIWKH6ROGLHULQWUDLQLQJWHVWLQJDQGFRPEDWVLWXDWLRQV6SRWWHUVDVVLVWZKHQH[HUFLVHUVFDQQRWSHUIRUP
UHSHWLWLRQVRIDOOH[HUFLVHVXQDVVLVWHG6SRWWHUVSURYLGHWKHOHDVWDPRXQWRIDVVLVWDQFHSRVVLEOHWRHQVXUHWKDW
WKHH[HUFLVHLVFRPSOHWHGVDIHO\DQGWKURXJKWKHJUHDWHVWUDQJHRIPRWLRQ7RRPXFKDVVLVWDQFHIURPDVSRWWHU
PD\OHDGWRDQLQDGHTXDWHLPSURYHPHQWLQSHUIRUPDQFHE\WKHH[HUFLVLQJ6ROGLHU
9LGHRV RI &OLPELQJ DQG *XHULOOD 'ULOOV RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
675$,*+7$5038//
7KH6WUDLJKW$UP3XOOLVWKHILUVWH[HUFLVHLQ&OLPELQJ'ULOO7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶V
DELOLW\WRLQLWLDWHWKHSXOOXSPRWLRQPDLQWDLQJULSDQGFRQWUDFWXSSHUEDFNDQGVKRXOGHUPXVFOHV)LJXUH
RQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWZLWKWZRVSRWWHUV
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 6WUDLJKW$UP 3XOO LV WKH 6WUDLJKW$UP +DQJ XVLQJ WKH FORVHG
RYHUKDQGJULS
z ,IWKH6ROGLHUVWDWHV³1RVSRWWHUQHHGHG´WKHWZRVSRWWHUVDUHQRWUHTXLUHG2WKHUZLVHWKHVSRWWHUV
DVVXPHWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVLQIURQWDQGEHKLQGWKHH[HUFLVHU
z 7KHIURQWVSRWWHUSODFHVSDOPVWRZDUGWKHH[HUFLVHUDWFKHVWKHLJKWWRVXSSRUWWKHH[HUFLVHULIKLV
RUKHUJULSIDLOV
z 7KHUHDUVSRWWHUSODFHVSDOPVWRZDUGWKHH[HUFLVHUDWFKHVWKHLJKWWRVXSSRUWWKHH[HUFLVHULIKLVRU
KHUJULSIDLOV7KHUHDUVSRWWHUDVVLVWVLQJXLGLQJWKHH[HUFLVHUWRWKHIRRWSHJVRQWKHFOLPELQJEDU
z 2QWKHFRPPDQG³83´PRYHIURPWKHVWDUWLQJSRVLWLRQNHHSWKHDUPVVWUDLJKWDQGSXOOWKHERG\
XSZLWKWKHHIIHFWRIUDLVLQJWKHKHDGEHWZHHQWKHDUPV7KHFKHVWZLOOPRYHXSWRZDUGWKHEDU
DQGWKHVKRXOGHUEODGHVZLOOPRYHWRJHWKHU
z 2QWKHFRPPDQG³'2:1ÚHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 5HSHDWWKHH[HUFLVH±WLPHV
2FWREHU $73

&KDSWHU
)LJXUH&/6WUDLJKW$UP3XOO
+((/+22.
7KH+HHO+RRNLVWKHVHFRQGH[HUFLVHLQ&OLPELQJ'ULOOVDQG7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶V
DELOLW\WRSXOOXSDQGKRRNWKHOHJVRQWRDOHGJHURSHRUUDLO)LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUV
FRQGXFWLWZLWKWZRVSRWWHUVWRDVVLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKH+HHO+RRNLVWKH6WUDLJKW$UP+DQJXVLQJWKHFORVHGRYHUKDQGJULS
DVVXPHWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVRQHLWKHUVLGHRIWKHH[HUFLVHU
z (DFKVSRWWHUSUHSDUHVWRDVVLVWE\SRVLWLRQLQJRQHKDQGEHKLQGDQGRIIWKHEDFNRIWKHNQHHDQG
WKHORZEDFN7KH\ZLOOEHSUHSDUHGDWDOOWLPHVWRDVVLVWLQWKHPRYHPHQWDQGFDWFKWKHH[HUFLVHU
LIKLVRUKHUJULSIDLOV
z 2QWKHFRPPDQG³83ÍOH[WKHHOERZVNQHHVDQGKLSVWRUDLVHERWKIHHWDERYHWKHEDUFURVVLQJ
RQHDQNOHRYHUWKHRWKHU
z 7KHVSRWWHUVPD\DVVLVWLQJXLGLQJWKHH[HUFLVHUWRWKHIRRWSHJVDIWHUWKHFRPPDQG³'2:1´
SULRUWRWKHFRPPDQG³',602817´
$73 2FWREHU

)LJXUH&/+HHO+RRN
38//83
7KH3XOO8SLVWKHWKLUGH[HUFLVHLQ&OLPELQJ'ULOOVDQG7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶VDELOLW\
WRSXOOXSZLWKRXWXVLQJWKHOHJV)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWZLWK
WZRVSRWWHUVWRDVVLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKH3XOO8SLVWKH6WUDLJKW$UP+DQJXVLQJWKHFORVHGRYHUKDQGJULS
DVVXPHWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVLQWKHIURQWDQGEDFNRIWKHH[HUFLVHU
RUKHUJULSIDLOV
z 7KHUHDUVSRWWHUKROGVWKHH[HUFLVHU¶V IHHWDJDLQVW KLVRUKHU WKLJKVRUDEGRPHQWR VXSSRUWWKH
PRYHPHQWXS2QFHWKH6ROGLHULVXSWKHUHDUVSRWWHUVWRSVDVVLVWLQJ
z 2QWKHFRPPDQG³83ÍOH[WKHHOERZVUDLVLQJWKHERG\LQDVWUDLJKWOLQHXQWLOWKHKHDGLVDERYH
WKHEDU
2FWREHU $73

&KDSWHU
)LJXUH&/3XOO8S
/(*78&.
7KH/HJ7XFNLVWKHIRXUWKH[HUFLVHLQ&OLPELQJ'ULOOVDQG7KLVH[HUFLVHFRPELQHVXSSHUERG\
DQGDEGRPLQDOVWUHQJWKWRGHYHORSWKH6ROGLHU¶VDELOLW\WRKDQJZKLOHPRYLQJWKHOHJVLQWRGLIIHUHQWVXSSRUW
SRVLWLRQVIRUFOLPELQJ)LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWZLWKWZRVSRWWHUVWRDVVLVW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH /HJ 7XFN LV WKH 6WUDLJKW$UP +DQJ XVLQJ WKH FORVHG DOWHUQDWLQJ
RYHUKDQGJULS
DVVXPH6WUDGGOH6WDQFHSRVLWLRQVRQHLWKHUVLGHRIWKHH[HUFLVHU
z (DFKVSRWWHUSUHSDUHVWRDVVLVWE\SRVLWLRQLQJRQHKDQGEHKLQGDQGRIIWKHEDFNRIWKHNQHHDQG
WKHORZEDFN +H RU VKH ZLOO EHSUHSDUHGDWDOOWLPHVWRDVVLVW LQWKH PRYHPHQW DQGFDWFKWKH
H[HUFLVHULIKLVRUKHUJULSIDLOV
z 2QWKHFRPPDQG³83ÍOH[WKHHOERZVDQGKLSVUDLVLQJWKHOHJVXQWLOWKHWKLJKVWRXFKWKHHOERZV
$73 2FWREHU

)LJXUH&//HJ7XFN
$/7(51$7,1**5,338//83
7KH$OWHUQDWLQJ*ULS3XOO8SLVWKHILQDOH[HUFLVHLQ&OLPELQJ'ULOOVDQG7KLVH[HUFLVHGHYHORSV
WKH6ROGLHU¶VDELOLW\WRSXOOXSDQGKRRNWKHOHJVRQWRDOHGJHURSHRUUDLO)LJXUHRQSDJHEUHDNV
GRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWZLWKWZRVSRWWHUVWRDVVLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKH$OWHUQDWLQJ*ULS3XOO8SLVWKH6WUDLJKW$UP+DQJXVLQJWKHFORVHG
DOWHUQDWLQJJULS7KLVSRVLWLRQVWKH6ROGLHUSHUSHQGLFXODUWRWKHEDU
RUKHUJULSIDLOV
z 7KHUHDUVSRWWHUKROGVWKHH[HUFLVHU¶V IHHWDJDLQVW KLVRUKHUWKLJKVRUDEGRPHQWR VXSSRUWWKH
z 2QFRXQWIOH[WKHHOERZVUDLVLQJWKHERG\XSVRWKDWWKHKHDGPRYHVWRWKHVLGHRIWKHEDU
2FWREHU $73

&KDSWHU
)LJXUH&/$OWHUQDWLQJ*ULS3XOO8S
&/,0%,1*'5,//&/
&OLPELQJ'ULOOLVDKLJKHULQWHQVLW\GULOOWKDQ&OLPELQJ'ULOO6ROGLHUVFRQGXFW&OLPELQJ'ULOOLQ
WKH6XVWDLQLQJ3KDVHWRSUHSDUH6ROGLHUVIRUFULWLFDOWDVNVXQGHUDILJKWLQJORDGVXFKDVFOLPELQJWUDYHUVLQJ
DURSHDQGSXOOLQJWKHERG\XSRQDOHGJHRUWKURXJKDZLQGRZ6ROGLHUVLQFUHDVHUHVLVWDQFHE\SHUIRUPLQJ
&OLPELQJ'ULOOZHDULQJWKH$UP\FRPEDWXQLIRUPNQRZQDV$&8ORDGEHDULQJHTXLSPHQWRUORDGEHDULQJ
YHVWLPSURYHGRXWHUWDFWLFDOYHVWDQGDGYDQFHGFRPEDWKHOPHWDQGFDUU\LQJDQLQGLYLGXDOZHDSRQ'XHWR
WKHKHDYLHUORDGSODFHGRQWKHH[HUFLVLQJ6ROGLHUVVSRWWHUVQHHGWREHUHDG\WRDVVLVWPXFKHDUOLHULQ&OLPELQJ
'ULOO7KHJRDOLVWRSHUIRUP±UHSHWLWLRQVRIDOOILYHH[HUFLVHVXQDVVLVWHG([FHSWIRUWKHILUVWH[HUFLVH
)OH[HG$UP+DQJWKHILYHH[HUFLVHVRI&OLPELQJ'ULOODUHWKHVDPHDV&OLPELQJ'ULOO

$73 2FWREHU

)/(;('$50+$1*
7KH)OH[HG$UP+DQJLVWKHILUVWH[HUFLVHLQ&OLPELQJ'ULOO7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶V
XSSHUERG\PXVFXODUHQGXUDQFHHQDEOLQJKLPRUKHUWRVXVWDLQWKH8SSRVLWLRQ)LJXUHEUHDNVGRZQWKH
H[HUFLVHDV6ROGLHUVFRQGXFWLWZLWKWZRVSRWWHUVWRDVVLVW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH )OH[HG $UP +DQJ LV WKH 6WUDLJKW$UP +DQJ XVLQJ WKH FORVHG
RYHUKDQGJULS
RUKHUJULSIDLOV
z 7KHUHDUVSRWWHUKROGVWKHH[HUFLVHU¶V IHHWDJDLQVW KLVRUKHUWKLJKVRUDEGRPHQWR VXSSRUWWKH
z 2Q WKH FRPPDQG ³83´ IOH[ WKH HOERZV WR SXOO XS UDLVLQJ WKH KHDG DERYH WKH EDU +ROG WKLV
SRVLWLRQIRUDFRXQWRIVHFRQGV
z ,I WKH 6ROGLHU FDQQRW KROG WKH XS SRVLWLRQ IRU VHFRQGV KH RU VKH ZLOO UHWXUQ WR WKH VWDUWLQJ
SRVLWLRQ
z $ORQJHUGXUDWLRQKROGLVDSSURSULDWHLQ6ROGLHUVZKRFDQSHUIRUPDOOWKH&OLPELQJ'ULOOH[HUFLVHV
IRUUHSHWLWLRQVWRVWDQGDUGZLWKRXWDVVLVW
)LJXUH&/)OH[HG$UP+DQJ
2FWREHU $73

&KDSWHU
+((/+22.
7KLV+HHO+RRNGULOOLVWKHVDPHDV&OLPELQJ'ULOO6HHSDUDJUDSK
38//83
7KLV3XOO8SLVWKHVDPHDV&OLPELQJ'ULOO6HHSDUDJUDSK
/(*78&.
7KLV/HJ7XFNLVWKHVDPHDV&OLPELQJ'ULOO6HHSDUDJUDSK
$/7(51$7,1**5,338//83
7KLV$OWHUQDWLQJ*ULS3XOO8SLVWKHVDPHDV&OLPELQJ'ULOO6HHSDUDJUDSK
*8(5,//$'5,//*'
,Q WKH 6XVWDLQLQJ 3KDVH WKH *XHULOOD 'ULOO SURYLGHV DQ DGYDQFHG PHWKRG RI GHYHORSLQJ OHJ SRZHU
FRRUGLQDWLRQDQGWKHDELOLW\WROLIWDQGFDUU\DQRWKHU6ROGLHU7KHWKUHHH[HUFLVHVLQWKH*XHULOOD'ULOODUH
DOZD\VSHUIRUPHGLQRUGHUDWTXLFNWLPHDQGZLWKFDUHIXODWWHQWLRQWRSUHFLVHPRYHPHQWVNLOO:KHQ6ROGLHUV
FDQSUHFLVHO\H[HFXWHWKHGULOODFURVVWKHPHWHUFRXUVHWKH\FDQSURJUHVVXSWRWKUHHVHWVRIWKHGULOO
6+28/'(552//
7KH6KRXOGHU5ROOLVWKHILUVWH[HUFLVHLQ*XHULOOD'ULOO7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶VDELOLW\WR
VDIHO\IDOODQGUROOXSWRDVWDQGLQJSRVLWLRQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVZRXOGFRQGXFW
LWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH6KRXOGHU5ROOLVWKH6WUDGGOH6WDQFHSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQVWHSIRUZDUGZLWKWKHOHIWIRRWVTXDWGRZQDQGPDNHDZKHHOZLWKWKH
DUPVE\SODFLQJWKHOHIWKDQGRQWKHJURXQG ZLWKWKH ILQJHUVIDFLQJWRWKHUHDU3RLQWWKHOHDG
HOERZLQWKHGLUHFWLRQRIWKHGHVLUHGWUDYHO
z 7KHULJKWKDQGLVDOVRRQWKHJURXQGZLWKWKHILQJHUVIDFLQJIRUZDUG7XFNWKHFKLQWRDYRLGLQMXU\
WRWKHQHFN
z 3XVKRIIZLWKWKHULJKWOHJDQGUROORYHUWKHOHIWVKRXOGHUDORQJWKHOHIWVLGHRIWKHERG\'RQRW
UROORQWRWKHQHFN7KHSXVKPXVWJHQHUDWHHQRXJKPRPHQWXPWREULQJWKH6ROGLHUXSWKHNQHHV
z &RQWLQXHWRWKHIHHWE\SXVKLQJRIIZLWKWKHUHDUOHJWRVWDQGXS
z 7RUROOWRWKHRSSRVLWHVLGHVWHSIRUZDUGDQGVZLWFKKDQGDQGOHJSRVLWLRQV
z &RQWLQXHDOWHUQDWLQJVKRXOGHUUROOVXQWLODFURVVWKHPHWHUOLQH
)LJXUH*'6KRXOGHU5ROO
$73 2FWREHU

/81*(:$/.
7KH/XQJH:DONLVWKHVHFRQGH[HUFLVHLQWKH*XHULOOD'ULOO7KLVH[HUFLVHGHYHORSVWKHOHJSRZHU
QHHGHGWRPRYHXQGHUFRQWUROLQDFURXFK7KLVVWUHQJWKLPSURYHVRWKHUPRYHPHQWVWRDQGIURPWKHJURXQG
)LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z )URPWKHVWDUWLQJSRVLWLRQWKH3RVLWLRQRI$WWHQWLRQVWHSIRUZDUGZLWKWKHOHIWIRRWVWHSSLQJDV
LQD/XQJHDQGVZLQJLQJWKHRSSRVLWHDUPXQWLOWKHXSSHUDUPLVSDUDOOHOWRWKHJURXQG
z /LJKWO\WRXFKWKHNQHHRIWKHUHDUOHJWRWKHJURXQGZLWKHDFKVWHS
z 6WHSIRUZDUGDQGXQGHUWKHERG\ZLWKWKHULJKWOHJDYRLGLQJUDLVLQJWKHWUXQN$YRLGVZLQJLQJ
WKHOHJRXWWRWKHVLGHWRFOHDUWKHJURXQG
z &RQWLQXHDOWHUQDWLQJOHJDQGDUPPRYHPHQWVXQWLOFURVVLQJWKHPHWHUOLQH
)LJXUH*'/XQJH:DON
62/',(5&$55<
7KH6ROGLHU&DUU\LVWKHWKLUGH[HUFLVHLQWKH*XHULOOD'ULOO7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶VDELOLW\
WRVDIHO\FDUU\DFRQVFLRXVRUXQFRQVFLRXV6ROGLHURIFRPSDUDEOHVL]H6ROGLHU$LVWKH6ROGLHUSHUIRUPLQJ
WKHFDUU\6ROGLHU%LVWKH6ROGLHUEHLQJFDUULHG)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUV
FRQGXFWLWLQDIRUPDWLRQ
z ,QWKHVWDUWLQJSRVLWLRQ6ROGLHU%LVLQWKH3URQHSRVLWLRQZLWKDUPVRYHUKHDG6ROGLHU$LVLQWKH
6WUDGGOH6WDQFHSRVLWLRQDWWKHIHHWRI6ROGLHU%
z )URPWKHVWDUWLQJSRVLWLRQ6ROGLHU$VWHSVRYHU6ROGLHU%VTXDWVUHDFKLQJXQGHUWKHDUPSLWVDQG
LQIURQWRIWKHWRSRIWKHFKHVWRI6ROGLHU%6ROGLHU$FODVSVKLVRUKHUKDQGVWRJHWKHU
z 6ROGLHU$VWDQGVOHDQLQJRUVWHSSLQJEDFNZDUGVWROLIW6ROGLHU%EDFNZDUGVXQWLO6ROGLHU%¶VOHJV
DUHORFNHGVWUDLJKW6ROGLHU$VWHSVIRUZDUGWRFRQWLQXHWROLIW6ROGLHU%XSRQWRKLVRUKHUIHHW
z 6ROGLHU$VHSDUDWHV6ROGLHU%¶VOHJVZLWKKLVRUKHUIHHW
z 6ROGLHU$OLIWVRQHRI6ROGLHU%¶VDUPVRYHUKHDGDQGVWHSVXQGHUWKDWDUPWRZDUGWKH IURQWRI
6ROGLHU%DQGWXUQVWRIDFHKLPRUKHUIURPWKHVLGH
z 6ROGLHU$SODFHVRQHOHJEHWZHHQDQGXQGHU6ROGLHU%¶VOHJVDQGVTXDWVGHHSO\DOORZLQJ6ROGLHU
%WRGUDSHRYHUKLVRUKHUEDFN
z 6ROGLHU$JUDVSVWKHEDFNRIWKHIDUOHJRI6ROGLHU%DQGVWDQGVXSOLIWLQJ6ROGLHU%RIIWKHJURXQG
z 6ROGLHU$XVLQJWKHKDQGRIWKHDUPWKDWLVEHWZHHQ6ROGLHU%¶VOHJVJUDVSV6ROGLHU%¶VIRUHDUP
DQGFDUULHV6ROGLHU%DWTXLFNWLPHWRWKHPHWHUOLQH
z $IWHU6ROGLHU$SODFHV6ROGLHU%¶VIHHWEDFNRQWKHJURXQGWKH6ROGLHUVVZLWFKUROHVDQGUHWXUQ
WRWKHVWDUW
2FWREHU $73

&KDSWHU
)LJXUH*'6ROGLHU&DUU\

$73 2FWREHU

&KDSWHU
5XQQLQJ'ULOOV
5811,1*'5,//)227675,.(58'
,QUXQQLQJIRUPWKHUHDUHDQLQILQLWHQXPEHURILQGLYLGXDOGLIIHUHQFHV7KHILUVWLPSRUWDQWGLIIHUHQFH
RFFXUVZKHQWKHIRRWVWULNHVWKHJURXQG7KHH[HUFLVHVLQ5XQQLQJ'ULOODUHRQHZD\WRLPSURYHSHUFHSWLRQ
RIWKH ZD\ WKH ERG\ZHLJKWLQWHUDFWV ZLWKWKH JURXQG8QGHUVWDQGLQJDQGSUDFWLFLQJWKHVHGULOOV PD\ KHOS
UHGXFHWKHLPSDFWRQWKH6ROGLHU¶VERG\DQGGHYHORSUXQQLQJVNLOO
'HPRQVWUDWLRQ YLGHRV RI 5XQQLQJ 'ULOOV DUH ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
+((/675,.(
7KH +HHO 6WULNH LV WKH ILUVW H[HUFLVH LQ 5XQQLQJ 'ULOO 7KLV H[HUFLVH LQFUHDVHV DZDUHQHVV RI WKH
VWLIIQHVVDQGORFNHGMRLQWVRIWKHOHJZKHQWKHKHHOVWULNHVWKHJURXQGILUVW²DUHDUIRRWVWULNH)LJXUHRQ
SDJHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH)RRW6WULNHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z )URP WKH VWDUWLQJ SRVLWLRQ WDNH DQ H[DJJHUDWHG VWHS IRUZDUG ZLWK WKH /()7 OHJ GHOLEHUDWHO\
ODQGLQJRQWKHOHIWKHHONHHSLQJWKHIRUHIRRWRIIWKHJURXQG
+((/675,.(127(6
x 7DNHQRWHRIWKHZD\WKHKHHODQNOHVKLQNQHHKLSDQGORZEDFN
DEVRUEWKHLPSDFW
x 1RWH KRZ WKH PXVFOH LQ WKH IURQW RI WKH VKLQ NHHSV WKH IRRW RII WKH
JURXQG
x 1RWHKRZWKHTXDGULFHSVPXVFOHZRUNVWRORFNWKHNQHH
x 1RWHWKHEHQGDWWKHKLSDVWKHOHJUHDFKHVRXW
2FWREHU $73

&KDSWHU
)LJXUH58'+HHO6WULNH
+((/581,13/$&(
7KH+HHO5XQLQ3ODFHLVWKHVHFRQGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVDZDUHQHVVRI
WKHEUDNLQJHIIHFWDQGEDFNZDUGVPRWLRQFUHDWHGZLWKDKHHOVWULNH)LJXUHEUHDNVGRZQWKHH[HUFLVHDV
DQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH+HHO5XQLQ3ODFHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HG
DWWKHVLGHNQHHVVOLJKWO\IOH[HG
z )URPWKHVWDUWLQJSRVLWLRQUXQLQSODFHIRU±VHFRQGV
z ,IFRQGLWLRQVSHUPLWUHSHDWZLWKRXWVKRHVRQ
+((/581127(6
x 1RWH WKH WHQGHQF\ WR PRYH EDFNZDUGV DQG WR OHDQ DW WKH ZDLVW WR
DYRLGWKLV
x 1RWHWKHORFNHGSRVLWLRQRIWKHNQHHV
x 1RWHWKHLPSDFWRQWKHKHHOVKLQDQGWHQVLRQLQWKHORZEDFN
x 1RWHWKHGLIIHUHQFHZLWKDQGZLWKRXWVKRHV
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'+HHO5XQLQ3ODFH
&2817)227675,.(
7KH&RXQW)RRW6WULNHLQFUHDVHVDZDUHQHVVRIJURXQGFRQWDFWRQWKHZKROHIRRWLQFOXGLQJWKHEDOO
RIWKH IRRW)LJXUHRQSDJH EUHDNVGRZQWKHH[HUFLVHDV 6ROGLHUVFRQGXFWLWLQIRUPDWLRQDW VORZ
FDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH&RXQW)RRW6WULNHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QFRXQWVWHSIRUZDUGRQWRWKHOHIWKHHO
z 2QFRXQWDOORZWKHOHIWIRRWWRIDOOIODWRQWKHJURXQG
z 2QFRXQWUDLVHWKHOHIWKHHOIURPWKHJURXQG
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQVWHSIRUZDUGRQWRWKHULJKWKHHONHHSLQJWKHULJKWWRHVRII
WKHJURXQG
z 2QFRXQWDOORZWKHULJKWIRRWWRIDOOIODWRQWKHJURXQG
z 2QFRXQWUDLVHWKHULJKWKHHOIURPWKHJURXQG
z 5HSHDWWKLVPRYHPHQW±WLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
2FWREHU $73

&KDSWHU
)LJXUH58'&RXQW)RRW6WULNH
581,13/$&(
5XQ LQ 3ODFH LV GHVLJQHG WR LQFUHDVH DZDUHQHVV RI ZHLJKWEHDULQJ WKURXJK WKH EDOO RI WKH IRRW
)LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH5XQLQ3ODFHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HGDW
WKHVLGH
z 5XQLQSODFHZLWKDEDOORIIRRWVWULNHIRUVHFRQGV
z $VVNLOOLPSURYHVLQFUHDVHVWKHKHLJKWRIWKHIRRWSXOOHGIURPWKHJURXQG
581,13/$&(127(6
x 1RWH KRZ WKH KHHO VOLJKWO\ WRXFKHV WKH JURXQG DQG GRHV VR LQ D
FRQWUROOHGZD\
x 7KLVIRUPVKRXOGIHHOHDV\ZLWKOLWWOHHIIRUW
x 1RWHKRZWKHNQHHVDUHEHQWDQGVSULQJ\DQGDUHQRWORFNHG
x 7KHFDOIVKRXOGDFWOLNHDVSULQJVRWKDW\RXDUHERXQFLQJQRWSXVKLQJ
RIIWKHJURXQG
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'5XQLQ3ODFH
581,13/$&(
5XQLQ3ODFHLQFUHDVHVDZDUHQHVVRIZHLJKWEHDULQJWKURXJKWKHEDOORIWKHIRRW)LJXUHEUHDNV
GRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH5XQLQ3ODFHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HGDW
WKHVLGH
z )URPWKHVWDUWLQJSRVLWLRQUXQLQSODFH
z 5XQLQSODFHZLWKDEDOORIIRRWVWULNHIRUVHFRQGVZLWKDQGZLWKRXWVKRHV
z $VVNLOOLPSURYHVLQFUHDVHVWKHKHLJKWRIWKHIRRWSXOOHGIURPWKHJURXQG
)LJXUH58'5XQLQ3ODFH
581,13/$&(127(6
x 1RWH KRZ WKH KHHO VOLJKWO\ WRXFKHV WKH JURXQG DQG GRHV VR LQ D
FRQWUROOHGZD\
x 7KLVIRUPVKRXOGIHHOHDV\ZLWKOLWWOHHIIRUW
x 1RWHKRZWKHNQHHVDUHEHQWDQGVSULQJ\DQGDUHQRWORFNHG
x 7KHFDOIVKRXOGDFWOLNHDVSULQJVRWKDW\RXDUHERXQFLQJQRWSXVKLQJ
RIIWKHJURXQG

2FWREHU $73

&KDSWHU
5811,1*'5,//675(1*7+58'
5XQQLQJ'ULOOLVRQHZD\WRLPSURYHWKHVWUHQJWKRIWKHPXVFOHVQHHGHGWRSUHSDUHWKHERG\SURSHUO\
WRUXQ
'28%/(/(*+23
7KH'RXEOH/HJ+RSLVWKHILUVWH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHVWUHQJWKRI
WKHOHJPXVFOHVDQGWHQGRQVLQYROYHGLQSXOOLQJWKHIHHWIURPWKHJURXQG)LJXUHEUHDNVGRZQWKHH[HUFLVH
DVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HGDWWKHVLGH
z )URPWKHVWDUWLQJSRVLWLRQVOLJKWO\EHQGWKHNQHHVDQGMXPSLQSODFH6WDUWZLWKVPDOOTXLFNMXPSV
JUDGXDOO\LQFUHDVLQJWKHKHLJKWDQGVSHHGDVVWUHQJWKLPSURYHV
z 5HSHDWWKLVH[HUFLVH±WLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRUIRU±VHFRQGV
)LJXUH58''RXEOH/HJ+RS
'28%/(/(*+23127(6
x :KHQODQGLQJGRQRWDOORZWKHNQHHVWRFRPHWRJHWKHU
x .HHSWKHNQHHVVOLJKWO\EHQW WKURXJKRXWWKHPRYHPHQW²DWWDNHRII
DQGODQGLQJ
x )RFXVRQNHHSLQJWKHWUXQNXSULJKWWRDYRLGEHQGLQJDWWKHZDLVW
6,1*/(/(*+23
7KH6LQJOH/HJ+RSLVWKHVHFRQGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHFKDOOHQJH
WRWKHPXVFOHVDQGWHQGRQVLQHDFKOHJWKDWDVVLVWZLWKSXOOLQJ )LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQ
LQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHULJKWOHJSXOOHGXSEHQHDWKWKHULJKW
KLS²WKH5XQQHU¶VSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQKRSRQWKHOHIWOHJWLPHVEHIRUHSDXVLQJWRVZLWFKOHJVWRUHSHDWWKH
H[HUFLVHRQWKHOHIWOHJ
z 5HSHDWWKLVH[HUFLVH±WLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRUIRU±VHFRQGV
z 3URJUHVVWRKLJKHUSXOOVDVVNLOOLPSURYHV
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'6LQJOH/HJ+RS
6.,3,13/$&(
7KH6NLSLQ3ODFHLVWKHWKLUGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVFRRUGLQDWLRQDQGWKH
DELOLW\ WR PRYH TXLFNO\ IURP VXSSRUW RQ RQH IRRW WR DQRWKHU )LJXUH EUHDNV GRZQ WKH H[HUFLVH DV DQ
z )URPWKHVWDUWLQJSRVLWLRQVNLSLQSODFHIRU±VHFRQGV
z 3DXVH LQ WKH VWDUWLQJ SRVLWLRQ EHIRUH UHSHDWLQJ WKLV H[HUFLVH ± WLPHV EHIRUH UXQQLQJ D VKRUW
GLVWDQFHRUIRU±VHFRQGV
z 3URJUHVVWRKLJKHUVNLSVDVVNLOOLPSURYHV
)LJXUH58'6NLSLQ3ODFH
2FWREHU $73

&KDSWHU
72(6,1$1'287
7KH 7RHV ,Q DQG 2XW LV WKH IRXUWK H[HUFLVH LQ 5XQQLQJ 'ULOO 7KLV H[HUFLVH LQFUHDVHV PRELOLW\
FRRUGLQDWLRQ DQG VWUHQJWK LQ WKH PXVFOHV RI WKH KLSV DQG OHJV )LJXUH EUHDNV GRZQ WKH H[HUFLVH DQ
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQMXPSDQGODQGZLWKWKHIHHWWXUQHGRXW+HHOVVKRXOGQRWWRXFK
z $IWHUODQGLQJLPPHGLDWHO\MXPSDJDLQWRODQGZLWKWKHIHHWWXUQHGLQ7RHVVKRXOGQRWWRXFK
z 3DXVH LQ WKH VWDUWLQJ SRVLWLRQ EHIRUH UHSHDWLQJ WKLV H[HUFLVH ± WLPHV EHIRUH UXQQLQJ D VKRUW
GLVWDQFHRUIRU±VHFRQGV
z 3URJUHVVWRIDVWHUFDGHQFHDQGJUHDWHUURWDWLRQRIWKHIHHWDVVNLOOLPSURYHV
)LJXUH58'7RHV,QDQG2XW
&5,66&5266
7KH&ULVV&URVVLVWKHILIWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVPRELOLW\FRRUGLQDWLRQ
DQGVWUHQJWKLQWKHPXVFOHVRIWKHKLSVDQGOHJVLQPXOWLSOHSODQHVRIPRYHPHQW)LJXUHEUHDNVGRZQ
WKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQMXPSZKLOHFURVVLQJWKHOHIWIRRWRYHUWKHULJKWWRODQGZLWKWKHIHHW
FURVVHG/DQGRQWKHEDOOVRIWKHIHHWSURJUHVVLQJWRWKHKHHOV
z ,PPHGLDWHO\MXPSDJDLQWRFURVVWKHULJKWIRRWLQIURQWRIWKHOHIWEHIRUHODQGLQJ
z 5HSHDW±WLPHVEHIRUHSDXVLQJLQWKHVWDUWLQJSRVLWLRQ5XQDVKRUWGLVWDQFHRUIRU±VHFRQGV
z 3URJUHVVWRIDVWHUVWHSFDGHQFHDVVNLOOLPSURYHV
)LJXUH58'&ULVV&URVV
$73 2FWREHU

5XQQLQJ'ULOOV
3(1'8/80
7KH3HQGXOXPLVWKHVL[WKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHVWUHQJWKHQVPXVFOHVRIWKHKLSV
DQGOHJVDQGPXOWLSODQDUEDODQFHDQGFRRUGLQDWLRQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z )URPWKHVWDUWLQJSRVLWLRQVZLQJWKHOHIWOHJRXWWRWKHVLGHZKLOHEDODQFLQJRQWKHULJKWOHJ.HHS
WKHOHIWOHJVWUDLJKW
z %ULQJWKHOHIWOHJEDFNWRWKHVWDUWLQJSRVLWLRQEHIRUHVZLQJLQJWKHULJKWOHJRXWWRWKHVLGH
z 5HSHDWWKLVPRWLRQWLPHVEHIRUHSDXVLQJLQWKHVWDUWLQJSRVLWLRQ5XQDVKRUWGLVWDQFHRUIRU±
VHFRQGV
z 0RGLI\WKHVZLWFKEHWZHHQOHJVE\SHUIRUPLQJDTXLFNORZKRSRQWKHVXSSRUWOHJDVWKHVZLQJ
OHJVPRYHVEDFNWRZDUGWKHVWDUWLQJSRVLWLRQ
)LJXUH58'3HQGXOXP
$/7(51$7(7:,67-803
7KH$OWHUQDWH7ZLVW-XPSLVWKHVHYHQWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHVWUHQJWKHQVPXVFOHV
RIWKHKLSVDQGOHJVDQGPXOWLSODQDUEDODQFHDQGFRRUGLQDWLRQ)LJXUHRQSDJHEUHDNVGRZQWKH
H[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z )URPWKHVWDUWLQJSRVLWLRQMXPSDQGWZLVWWKHKLSVDQGOHJVWRWKH OHIW ODQGLQJLQ DVWDJJHUHG
VWDQFHZLWKWKHOHIWIRRWIRUZDUG
z 3DXVHEHIRUHMXPSLQJDQGWZLVWLQJEDFNWRWKHULJKWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQMXPSDQGWZLVWWKHKLSVDQGOHJVWRWKHULJKWODQGLQJLQ DVWDJJHUHG
VWDQFHZLWKWKHULJKWIRRWIRUZDUG
z 3DXVHEHIRUHMXPSLQJDQGWZLVWLQJDJDLQWRWKHOHIWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
2FWREHU $73

&KDSWHU
z .HHSWKHVKRXOGHUVDQGKHDGIDFLQJIRUZDUGWKURXJKRXWWKHPRYHPHQW
z 3URJUHVVWRFRPSOHWLQJ±UHSHWLWLRQVEHIRUHUXQQLQJDVKRUWGLVWDQFHRUIRU±VHFRQGV
)LJXUH58'$OWHUQDWH7ZLVW-XPS
+,35$,6(386+83
7KH+LS5DLVH3XVK8SLVWKHHLJKWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVLQJO\WDUJHWVWKH
KLSIOH[RUPXVFOHVIDWLJXLQJWKHPEHIRUHVKRUWUXQVVRWKDWWKHSXOO GHSHQGV PRUHRQKDPVWULQJDFWLYLW\
$GGLWLRQDOO\ WKLV H[HUFLVH KHOSV LQFUHDVH WKH SHUFHSWLRQ RI IDOOLQJ IRUZDUG DV D VLQJOH XQLW SUHYHQWLQJ
EHQGLQJDWWKHZDLVW)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH)URQW/HDQLQJ5HVWSRVLWLRQ
z )URP WKH VWDUWLQJ SRVLWLRQ ZLWK HOERZV UHPDLQLQJ IXOO\ H[WHQGHG ORZHU WKH KLSV WRZDUG WKH
JURXQGEHIRUHTXLFNO\PRYLQJWKHPEDFNXSDQGLQWRWKHVDPHIOH[SRVLWLRQXVHGLQWKH5HFRYHU\
'ULOOH[HUFLVHWKH([WHQGDQG)OH[
z )URPWKHIOH[SRVLWLRQORZHUWKHKLSVWRZDUGWKHJURXQGEHIRUHTXLFNO\PRYLQJWKHPEDFNXSWR
WKHIOH[SRVLWLRQ
z 5HSHDWWLPHVEHIRUHPRYLQJLQWRWKHVWDUWLQJSRVLWLRQ0RYHWRWKH6WUDGGOH6WDQFHSRVLWLRQ
EHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'+LS5DLVH3XVK8S
6,1*/(/(*+,35$,6(386+83
7KH6LQJOH/HJ+LS5DLVH3XVK8SLVWKHQLQWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHWDUJHWVWKH
KLS IOH[RU PXVFOHV IDWLJXLQJ WKHP EHIRUH VKRUW UXQV VR WKDW WKH SXOO GHSHQGV PRUH RQ KDPVWULQJ PXVFOH
DFWLYLW\)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ LV WKH )URQW /HDQLQJ 5HVW SRVLWLRQ ZLWK WKH OHIW IRRW ± LQFKHV RII WKH
JURXQG
z )URPWKHVWDUWLQJSRVLWLRQ ZLWKHOERZVUHPDLQLQJ IXOO\H[WHQGHGDQGOHIWIRRWRIIWKHJURXQG
ORZHUWKHKLSVWRZDUGWKHJURXQGEHIRUHTXLFNO\PRYLQJWKHPEDFNXSDQGLQWRWKHIOH[SRVLWLRQ
z 6ZLWFKVXSSRUWWRWKHOHIWIRRWOLIWLQJWKHULJKWIRRW±LQFKHVIURPWKHJURXQG
WKHIOH[SRVLWLRQ
z &RQWLQXHVZLWFKLQJVXSSRUW±WLPHVEHIRUHPRYLQJLQWRWKHVWDUWLQJSRVLWLRQ
z 0RYHWRWKH6WUDGGOH6WDQFHSRVLWLRQEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'6LQJOH/HJ+LS5DLVH3XVK8S
6,1*/(/(*287+,35$,6(386+83
7KH6LQJOH/HJ2XW+LS5DLVH3XVK8SLVWKHWHQWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLVDQ
DGYDQFHG FKDOOHQJH IRU WKH KLS IOH[RU DQG H[WHQVRU PXVFOHV )LJXUH RQ SDJH EUHDNV GRZQ WKH
z 7KH VWDUWLQJ SRVLWLRQ LV WKH )URQW /HDQLQJ 5HVW SRVLWLRQ ZLWK WKH OHIW IRRW ± LQFKHV RII WKH
JURXQGDQGKHOGRXWWRWKHVLGHRUDEGXFWHG
z )URP WKH VWDUWLQJ SRVLWLRQ ZLWK HOERZV UHPDLQLQJ IXOO\ H[WHQGHG ORZHU WKH KLSV WRZDUG WKH
JURXQGEHIRUHTXLFNO\PRYLQJWKHPEDFNXSDQGLQWRWKHIOH[SRVLWLRQ
z 6ZLWFKVXSSRUWWRWKHOHIWIRRWDEGXFWLQJDQGOLIWLQJWKHULJKWIRRW±LQFKHVIURPWKHJURXQG
2FWREHU $73

&KDSWHU
WKHIOH[SRVLWLRQ
z 7KHHOHYDWHGIRRWUHPDLQVRIIWKHJURXQGWKURXJKRXWWKHH[HUFLVH
z &RQWLQXH VZLWFKLQJ VXSSRUW ± WLPHV EHIRUH PRYLQJ LQWR WKH VWDUWLQJ SRVLWLRQ 0RYH WR WKH
6WUDGGOH6WDQFHSRVLWLRQEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'6LQJOH/HJ2XW+LS5DLVH3XVK8S
5811,1*'5,//5811(5¶6326,7,2158'
5XQQLQJ'ULOOLVRQHPHWKRGWRLPSURYHWKH6ROGLHU¶VDELOLW\WRPRYHTXLFNO\LQWRWKH6WUDGGOH6WDQFH
SRVLWLRQZLWKWKHULJKWOHJSXOOHGXSEHQHDWKWKHULJKWKLS²WKH5XQQHU¶VSRVLWLRQRU3RVHSRVLWLRQ(YHU\
UXQQHURQHYHU\VWULGHJRHVWKURXJKWKLVSRVLWLRQEHIRUHKHRUVKHWDNHVWKHQH[WVWHS7KH5XQQHU¶VSRVLWLRQ
SUHFHGHVWKHWUDQVLWLRQWRDIDOOWKDWLVQHFHVVDU\WRLQLWLDWHIRUZDUGPRWLRQ*HWWLQJLQWRWKH5XQQHU¶VSRVLWLRQ
TXLFNO\LVWKHUHIRUHDNH\WRLPSURYHGUXQQLQJSHUIRUPDQFH
326(:(,*+76+,)7
3RVH:HLJKW6KLIWLVWKHILUVWH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVSHUFHSWLRQRIWKH
PRYHPHQWWRWKHEDVHRIVXSSRUWRQWKHEDOORIWKHIRRW)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHULJKWIRRWIURPWKHJURXQGWRZDUGWKHULJKWKLSWRPRYHLQWR
WKH5XQQHU¶VSRVLWLRQ
z :KLOHVWD\LQJEDODQFHGVKLIWZHLJKWEDFNZDUGVDQGIRUZDUGVRQWKHOHIWIRRWZKLOHNHHSLQJWKH
OHIWKHHORQWKHJURXQG
z 7KHJRDORIWKHPRYHPHQWLVWRUHPDLQLQ5XQQHU¶VSRVLWLRQDVIDURYHUWKHIURQWRIWKHIRRWDV
SRVVLEOH
z ,I\RXORVHEDODQFHPRYHEDFNLQWRWKHVWDUWLQJSRVLWLRQDQGUHVXPH
z $IWHU±UHSHWLWLRQVRI±VHFRQGVVZLWFKVXSSRUWWRWKHULJKWIRRWDQGUHSHDW
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'3RVH:HLJKW6KLIW
326(38//
3RVH3XOOLVWKHVHFRQGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVWKHYHUWLFDOSXOORIWKHIRRW
IURPWKHJURXQGSXWWLQJWKHUXQQHUEDFNLQWRWKH5XQQHU¶VSRVLWLRQDVTXLFNO\DVSRVVLEOH)LJXUHRQ
SDJHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHOHIWIRRWIURPWKHJURXQGWRPRYHLQWRWKH5XQQHU¶VSRVLWLRQ
z +ROGWKH5XQQHU¶VSRVLWLRQXQWLOZHLJKWLVRQWKHIURQWRIWKHULJKWIRRWEHIRUHORZHULQJWKHOHIW
IRRWEDFNWRWKHJURXQG
z 5HSHDWWKLVFRQWUROOHGPRYHPHQW±WLPHVEHIRUHVZLWFKLQJWRWKHULJKWVLGH
2FWREHU $73

&KDSWHU
)LJXUH58'3RVH3XOO
$/7(51$7(326(38//
7KH$OWHUQDWH3RVH3XOOLVWKHWKLUGH[HUFLVHLQ5XQQLQJ'ULOO7KLVLVDQDGYDQFHGH[HUFLVHWRLPSURYH
WKHVSHHGRIWKHSXOOLQWRWKH5XQQHU¶VSRVLWLRQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHU
FRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH5XQQHU¶VSRVLWLRQZLWKVXSSRUWRQWKHOHIWIRRW
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHOHIWIRRWIURPWKHJURXQGWRPRYHLQWRWKH5XQQHU¶VSRVLWLRQ
RQWKHULJKWIRRW
z 8VHWKHVXSSRUWOHJDVJXLGDQFHIRUYHUWLFDOPRYHPHQWRIWKHIRRWQRWWRH[WHQGDKHDGRUEHKLQG
WKHFHQWHURIPDVVRUVXSSRUW
z $VVNLOOLPSURYHVLQFUHDVHFDGHQFHDQGUHGXFHWKHKHLJKWRIWKHWUXQNDQGKHDGPRYHPHQW
z 7KHJRDORIWKHPRYHPHQWLVWRKROGWKH5XQQHU¶VSRVLWLRQXQWLODIWHUWKHVXSSRUWIRRWKDVEHHQ
SXOOHGIURPWKHJURXQG
z 5HSHDWWKLVPRYHPHQWXSWRWLPHV
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'$OWHUQDWH3RVH3XOO
5811,1*'5,//)$//58'
)DOOLQJGULOOVSURPRWHWKHQRWLRQWKDWUXQQLQJLVQRWWKHUHVXOWRIPXVFXODUDFWLYLW\UXQQLQJLVWKHUHVXOW
RIJUDYLW\DFFHOHUDWLQJWKHUXQQHUIRUZDUG1RVWUHQJWKLVUHTXLUHGWRIDOO7KHVHGULOOVDUHGHVLJQHGWREXLOG
FRQILGHQFHWKDW6ROGLHUVPXVWIDOOIUHHO\WRLQLWLDWHPRYHPHQW$VDUXQQHUIDOOVJUDYLW\DFFHOHUDWHVWKHUXQQHU
IRUZDUGIURPWKH5XQQHU¶VSRVLWLRQ7KLVGULOOHQKDQFHVWKHIHHOLQJRIDFFHOHUDWLRQWRLPSURYHUXQQLQJVNLOO
7,0%(5)$//
7KH7LPEHU)DOOLVWKHILUVWH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVSHUFHSWLRQRIKRZOLWWOH
HIIRUWLVUHTXLUHGWRPRYHIRUZDUG)LJXUHRQSDJHVKRZVWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHU
FRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH7LPEHU)DOOLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HGDWWKH
VLGHNQHHVVOLJKWO\IOH[HG
z )URPWKHVWDUWLQJSRVLWLRQVKLIWZHLJKWWRWKHEDOOVRIWKHIHHW$YRLGEHQGLQJDWWKHZDLVWDQG
LQLWLDWHDIDOO3UHYHQWIDOOLQJWRWKHJURXQGE\WDNLQJDVKRUWVWHSIRUZDUGZLWKWKHOHIWIRRW5HWXUQ
WRWKHVWDUWSRVLWLRQ
z 5HSHDWWKLVPRYHPHQW±WLPHVRQWRHDFKIRRWEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
2FWREHU $73

&KDSWHU
)LJXUH58'7LPEHU)DOO
7,0%(5)$//,1326(
7LPEHU)DOOLQ3RVHLVWKHVHFRQGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHSURJUHVVHVWKH6ROGLHU¶V
SHUFHSWLRQ RI KRZ WR PRYH IRUZDUG IURP WKH GRPLQDQW UXQQLQJ SRVLWLRQ )LJXUH EUHDNV GRZQ WKH
z 7KHVWDUWLQJSRVLWLRQIRUWKH7LPEHU)DOOLQ3RVHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HG
DWWKHVLGHNQHHVVOLJKWO\IOH[HG
z )URP WKH VWDUWLQJ SRVLWLRQ SXOO WKH OHIW IRRW IURP WKH JURXQG GLUHFWO\ XQGHU WKH KLS :KLOH
PDLQWDLQLQJWKLVUXQQLQJSRVHVKLIWERG\ZHLJKWWRWKHEDOORIWKHIRRWDQGLQLWLDWHDIDOO3UHYHQW
IDOOLQJWRWKHJURXQGE\SODFLQJWKHOHIWIRRWRQWKHJURXQG5HWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH58'7LPEHU)DOOLQ3RVH
$73 2FWREHU

5XQQLQJ'ULOOV
:$//)$//
7KH:DOO)DOOLVWKHWKLUGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHSURPRWHVWKHWHQGHQF\WRUHVLVW
IDOOLQJ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH:DOO)DOOLVWKH 6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVDKHDGRIWKH
ERG\DQGWZRIHHWIURPWKHZDOO
z )URPWKHVWDUWLQJSRVLWLRQIDOOLQWRWKHZDOOZKLOHPDLQWDLQLQJWKHVDPHERG\SRVLWLRQWKURXJKRXW
WKHIDOO8VHWKHKDQGVDQGDUPVWRVWRSWKHIDOO'RQRWEHQGDWWKHZDLVW.HHSWKHKHHOVRQWKH
JURXQGDQGNHHSWKHNQHHVVOLJKWO\IOH[HG5HWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH58':DOO)DOO

2FWREHU $73

&KDSWHU
:$//)$//,1326(
7KH:DOO)DOOLQ3RVHLVWKHIRXUWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHSURPRWHVWKHWHQGHQF\
WRUHVLVWIDOOLQJIURPWKH5XQQHU¶VSRVLWLRQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHU
FRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH:DOO)DOOLVWKH 6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVDKHDGRIWKH
ERG\DQGWZRIHHWIURPWKHZDOO
z )URP WKH VWDUWLQJ SRVLWLRQ SXOO WKH OHIW IRRW IURP WKH JURXQG GLUHFWO\ XQGHU WKH KLS LQWR WKH
5XQQHU¶VSRVLWLRQ:KLOHPDLQWDLQLQJWKLVSRVLWLRQVKLIWERG\ZHLJKWWRWKHEDOORIWKHIRRWDQG
LQLWLDWHDIDOO8VHWKHKDQGVDQGDUPVWRVWRSWKHIDOO5HWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH58':DOO)DOOLQ3RVH
675(7&+&25')$//
7KH6WUHWFK&RUG)DOOLVWKHILIWKH[HUFLVHLQ5XQQLQJ'ULOO%\SURYLGLQJH[WUDVXSSRUWDWWKHKLSV
WKLVH[HUFLVHSURPRWHVWKHDELOLW\WRIDOOZLWKRXWEHQGLQJDWWKHZDLVW,IWKHUXQQHULVXQDEOHWRIDOORUKDVD
IHDURIIDOOLQJKHRUVKHZLOOEHQGDWWKHZDLVWWRNHHSWKHFHQWHURIPDVVRYHUWKHEDVHRIVXSSRUW)LJXUH
EUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6WUHWFK&RUG)DOOLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HG
DWWKHVLGHVUHIOHFWLYHEHOWRUHODVWLFEDQGDURXQGWKHIURQWRIWKHUXQQHU¶VKLSV7KHSDUWQHUVWDQGV
EHKLQGWKHUXQQHUSXOOLQJWHQVLRQRQWKHEHOWRUWXELQJ
z )URPWKHVWDUWLQJSRVLWLRQWKHUXQQHUVORZO\IDOOVIRUZDUGPDLQWDLQLQJERG\SRVLWLRQZKLOHWKH
SDUWQHUSURYLGHVVXSSRUWWRSUHYHQWWKHUXQQHUIURPIDOOLQJGRZQ5HWXUQWRWKHVWDUWLQJSRVLWLRQ
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'6WUHWFK&RUG)DOO
3$571(5$66,67(')$//
7KH3DUWQHU$VVLVWHG)DOOLVWKHVL[WKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVWKHDELOLW\WR
IDOOZLWKRXWEHQGLQJDWWKHZDLVWE\SURYLGLQJH[WUDVXSSRUWDWWKHVKRXOGHUV)LJXUHEUHDNVGRZQWKH
z 7KHVWDUWLQJSRVLWLRQIRUWKH3DUWQHU$VVLVWHG)DOOIRUWKHUXQQHULVWKH 6WUDGGOH6WDQFHSRVLWLRQ
ZLWKDUPVUHOD[HGDWWKHVLGHV7KHSDUWQHUSODFHVERWKKDQGVRQWKHUXQQHU¶VVKRXOGHUVUHDG\WR
SURYLGHVXSSRUW
z )URPWKHVWDUWLQJSRVLWLRQWKHUXQQHUSXOOVWKHOHIWIRRWIURPWKHJURXQGGLUHFWO\XQGHUWKHKLS
LQWRWKH5XQQHU¶VSRVLWLRQ
z :KLOHPDLQWDLQLQJWKLVSRVHVKLIWERG\ZHLJKWWRWKHEDOORIWKHIRRWDQGLQLWLDWHDIDOO7KHSDUWQHU
KROGVWKHUXQQHUGXULQJWKHIDOO
z 5HSHDWWKLVPRYHPHQW±WLPHVXQWLOUHOHDVLQJWKHUXQQHUWRUXQDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'3DUWQHU$VVLVWHG)DOO

2FWREHU $73

&KDSWHU
.1((/,1*7,0%(5)$//
7KH.QHHOLQJ7LPEHU)DOOLVWKHVHYHQWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVKDPVWULQJ
VWUHQJWK DQG WKH DZDUHQHVV RI WUXQN VWDELOLW\ GXULQJ WKH IDOO )LJXUH EUHDNV GRZQ WKH H[HUFLVH DV DQ
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH UXQQHU LQ WKH .QHHOLQJ 7LPEHU )DOO LV WKH NQHHOLQJ SRVLWLRQ ZLWK
KDQGVKHOGLQIURQWUHDG\WRDEVRUELPSDFWZLWKWKHJURXQG7KHSDUWQHUVTXDWVEHKLQGWKHUXQQHU
DQG KROGV GRZQ WKH UXQQHU¶V KHHOV RU ORZHU OHJV 7KH UXQQHU¶V NQHHV ZLOO EH RQ D FXVKLRQHG
VXUIDFH
z )URPWKHVWDUWLQJSRVLWLRQWKHUXQQHUIDOOVWRWKHJURXQGZKLOHPDLQWDLQLQJWKHVDPHERG\SRVLWLRQ
DQGDYRLGLQJEHQGLQJDWWKHZDLVW
z 7KH UXQQHU FDWFKHV KLPVHOI RU KHUVHOI EHIRUH KLWWLQJ WKH JURXQG 7KH SDUWQHU KROGV WKH UXQQHU
GXULQJWKHIDOO
z 5HSHDWWKLVPRYHPHQWXSWRWLPHVDQGWKHQUXQDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'.QHHOLQJ7LPEHU)DOO
635,1767$57
7KH 6SULQW 6WDUW LV WKH ILQDO H[HUFLVH LQ 5XQQLQJ 'ULOO 7KLV H[HUFLVH SURPRWHV WKH IHHOLQJ RI DQ
H[WUHPH IDOO DQJOH DQG WKH GLIIHUHQFH EHWZHHQ IDOOLQJ DQG SXVKLQJ IURP WKH JURXQG LQ RUGHU WR UXQ
)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6SULQW6WDUWLVWKH)URQW/HDQLQJ5HVWZLWKWKHOHIWOHJXQGHUWKHFKHVW
DQGWKHULJKWNQHHXQGHUWKHKLS
z )URPWKHVWDUWLQJSRVLWLRQSODFHDVPXFKERG\ZHLJKWRQ\RXUKDQGVDVSRVVLEOH
z )LUVWSXOOERWKKDQGVIURPWKHJURXQGWRLQLWLDWHDIDOO
z ,PPHGLDWHO\PRYHWKHULJKWOHJXQGHUWKHERG\WRUHJDLQWKHEDVHRIVXSSRUW
z 0RYHUDSLGO\LQWRWKHXSULJKWUXQQLQJSRVLWLRQ
z 5HSHDWWKLVPRYHPHQWXSWRWLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
635,1767$57127(6
x 1RWHKRZKDUGLWLVWROLIWWKHKDQGVILUVW²WKHUHLVDIHDURIIDOOLQJ
x 1RWHKRZIDVW\RXPRYHZLWKRXWQHHGLQJWRSXVKZLWKWKHOHJV
x 1RWHKRZWKHULJKWIRRWTXLFNO\DQGDXWRPDWLFDOO\SXOOVXSDQGUHJDLQV
VXSSRUW
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'6SULQW6WDUW
5811,1*'5,//38//58'
5XQQLQJ 'ULOO LPSURYHV WKH 6ROGLHU¶V DELOLW\ WR LQFUHDVH UXQQLQJ HIILFLHQF\ 3XOOLQJ GULOOV UHGXFH
LPSDFWIRUFHDVWKHIRRWLVTXLFNO\SXOOHGIURPWKHJURXQGDQGEDFNLQWRWKH5XQQHU¶VSRVLWLRQ
:$/.352*5(66,21
7KH:DON3URJUHVVLRQLVWKHILUVWH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVDZDUHQHVVRI
KRZVSHHGLQFUHDVHVZKHQWKHIRRWVSHQGVOHVVWLPHRQWKHJURXQG,WDOVRLOOXVWUDWHVWKHIDFWWKDW³VWULGLQJ
RXW´LVQRWDWHFKQLTXHWRLQFUHDVHVSHHGRUHIILFLHQF\)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z )URPWKHVWDUWLQJSRVLWLRQWKH6ROGLHUZDONVTXLFNO\IRUZDUGXVLQJORQJVWULGHVDQGKHHOVWULNLQJ
LQFUHDVLQJVSHHGXQWLOKHRUVKHFDQQRORQJHUZDONEXWZDQWVWRVWDUWUXQQLQJ
z 5HSHDWWKLVH[HUFLVH±WLPHVRYHUDVKRUWGLVWDQFHRU±VHFRQGV
:$/.352*5(66,21127(6
x 1RWHKRZWKHZDONLQJVWULGHVEHFRPHVKRUWHUDVWKHVSHHGLQFUHDVHV
x 1RWHKRZORQJHUVWULGHVUHTXLUHPRUHWLPHRQVXSSRUW²PRUHJURXQG
FRQWDFW
x 1RWHWKHVZLWFKKHHOWRIRUHIRRWVXSSRUWDVVSHHGLQFUHDVHV
)LJXUH58':DON3URJUHVVLRQ
2FWREHU $73

&KDSWHU
321<
7KH 3RQ\ LV WKH VHFRQG H[HUFLVH LQ 5XQQLQJ 'ULOO 7KLV H[HUFLVH LPSURYHV WKH DZDUHQHVV RI WKH
ORFDWLRQRIVXSSRUWDQGUHGXFHVWKHOHQJWKRIWLPHRQVXSSRUW)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQ
z )URPWKHVWDUWLQJSRVLWLRQUDLVHXSRQWRWKHEDOORIWKHOHIWIRRW
z 6ZLWFKEDFNDQGIRUWKEHWZHHQOHIWDQGULJKWIHHWLQFUHDVLQJWKHFDGHQFHWRDPLQLPXPRI
VWHSVSHUPLQXWH
z 5HSHDWWKLVH[HUFLVH±WLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFH
321<127(6
x 1RWHKRZPXFKHDVLHULWLVWRSHUIRUPDVWKHIRRWSXOOVRIIWKHJURXQG
DWDKLJKHUUDWH
x 1RWHKRZWKHZKROHERG\XQZHLJKWVDVVSHHGDQGVNLOOLPSURYHV
)LJXUH58'3RQ\
$73 2FWREHU

5XQQLQJ'ULOOV
38//%$&.
7KH3XOO%DFNLVWKHWKLUGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVWKHSHUFHSWLRQRIWKH
SXOODQGRINHHSLQJWKHSXOOHGOLPEUHOD[HG)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHU
FRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVDQGDUPVUHOD[HGDWWKH
VLGH%RG\ZHLJKWLVHTXDOO\GLVWULEXWHGEHWZHHQWKHIHHW
z )URPWKHVWDUWLQJSRVLWLRQWKH6ROGLHUSXOOVWKHOHIWIRRWRIIWKHJURXQG7KLVLVDTXLFNIRUFHIXO
PRWLRQ
z 7KHERG\VWD\VLQSODFHH[HUWLQJRQO\DSXOOLQJHIIRUWZLWKRXWDSXVKDVWKHIRRWOHDYHVWKHJURXQG
z 5HSHDWWKLVH[HUFLVH±WLPHVRQHDFKOHJEHIRUHUXQQLQJDVKRUWGLVWDQFH
)LJXUH58'3XOO%DFN

2FWREHU $73

&KDSWHU
(/(9$7('38//%$&.
7KH(OHYDWHG3XOO%DFNLVWKHIRXUWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVWKHSHUFHSWLRQ
RIWKHSXOODQGRINHHSLQJWKHSXOOHGOLPEUHOD[HG )LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVDUPVUHOD[HGDWWKHVLGH
DQGWKHULJKWIRRWUHVWLQJRQDVWHSVWRRO0RVWRIWKHERG\ZHLJKWLVRQWKHOHIWIRRW
z )URPWKHVWDUWLQJSRVLWLRQWKH6ROGLHUSXOOVWKHOHIWIRRWRIIWKHJURXQG7KLVLVDTXLFNIRUFHIXO
PRWLRQ7KHULJKWIRRWUHVWVRQWKHVWHSVWRRO
z 7KHERG\VWD\VLQSODFHZKHQWKHUHRQO\SXOOLQJHIIRUWZLWKRXWDSXVKDVWKHIRRWOHDYHVWKHJURXQG
z 5HSHDWWKLVH[HUFLVH±WLPHVRQHDFKOHJEHIRUHUXQQLQJDVKRUWGLVWDQFH
)LJXUH58'(OHYDWHG3XOO%DFN
.,&.67$57
7KH.LFN6WDUWLVWKHILIWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLPSURYHVWKHDFFXUDF\RIWKHSXOO
DQGIDFLOLWDWHV KDPVWULQJDFWLYLW\SULRUWRUXQQLQJ )LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLWZLWKDSDUWQHUWRDVVLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKHUXQQHULVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVUHOD[HGDWWKHVLGH
7KHSDUWQHURUFRDFKVWDQGVZLWKKDQGVRQWKHUXQQHU¶VVKRXOGHUVDQGWKHOHIWIRRWUHVWLQJDJDLQVW
WKHUXQQHU¶VOHIWKHHO
z )URPWKHVWDUWLQJSRVLWLRQWKHUXQQHUSXOOVWKHOHIWIRRWVWUDLJKWXSXQGHUWKH KLS7KHSDUWQHU
SURYLGHVJHQWOHUHVLVWDQFHDJDLQVWWKHPRYHPHQW
z 5HSHDWWKHPRYHPHQW±WLPHVRQHDFKOHJEHIRUHUXQQLQJDVKRUWGLVWDQFH
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'.LFN6WDUW

2FWREHU $73

&KDSWHU
5811,1*'5,//&20%,1$7,21658'
5XQQLQJ'ULOOFKDOOHQJHVWKHUXQQHU¶VDELOLW\WRFRPELQHOHVVRQVRIWKHSUHYLRXVUXQQLQJGULOOVLQWR
DVPRRWKVXVWDLQHGUXQ
&+$1*(2)6833257
7KH&KDQJHRI6XSSRUWLVWKHILUVWH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHSHUFHSWLRQ
RIIDOOLQJIURPWKH5XQQHU¶VSRVLWLRQ)LJXUHVKRZVWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH&KDQJHRI6XSSRUWLVWKH5XQQHU¶VSRVLWLRQZLWKKDQGVLQWKHUHDG\
SRVLWLRQDJDLQVWWKHZDOO7KHOHIWOHJLVWKHVXSSRUWOHJ
z )URPWKHVWDUWLQJSRVLWLRQZLWKKDQGVRQWKHZDOOSXOOWKHVXSSRUWOHJIURPWKHJURXQG
z )RFXVRQSXOOLQJWKHVXSSRUWOHJSULRUWRORZHULQJWKHULJKWOHJ
z 5HSHDWWKLVH[HUFLVHXSWRWLPHVRQERWKVLGHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'&KDQJHRI6XSSRUW
$73 2FWREHU

5XQQLQJ'ULOOV
+23,13/$&(
7KH+RSLQ3ODFHLVWKHVHFRQGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHVSHHGRIWKH
SXOODQGLPSURYHVWKHDELOLW\WRUHPDLQLQWKH5XQQHU¶VSRVLWLRQWKURXJKRXWWKHIDOO)LJXUHEUHDNVGRZQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH+RSLQ3ODFHLVWKH5XQQHU¶VSRVLWLRQ7KHOHIWOHJLVWKHVXSSRUWOHJ
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHVXSSRUWOHJIURPWKHJURXQG7RDYRLGSXVKLQJFRQFHQWUDWH
RQNHHSLQJWKHKHDGDQGXSSHUERG\LQVDPHSODFH
z 5HSHDW±WLPHVRQERWKOHJVEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'+RSLQ3ODFH
2FWREHU $73

&KDSWHU
+23)25:$5'
7KH+RS)RUZDUGLVWKHWKLUGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHSUHYHQWVEHQGLQJDWWKHZDLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKH+RS)RUZDUGLVWKH5XQQHU¶VSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQKRSIURPRQHIRRWWRWKHRWKHULQSODFHEHIRUHSURJUHVVLQJIRUZDUGE\
KRSSLQJIRUDVKRUWGLVWDQFHRU±VHFRQGV
z $IWHUFRPSOHWLQJWKHGULOOUXQDVKRUWGLVWDQFHRUIRU±VHFRQGV
)LJXUH58'+RS)RUZDUG
$73 2FWREHU

5XQQLQJ'ULOOV
581,1326(
7KH5XQLQ3RVHLVWKHIRXUWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHDELOLW\WRUXQ
PRUHHIILFLHQWO\)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH5XQLQ3RVHLVWKH5XQQHU¶VSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQUXQLQSODFHDWVWHSVSHUVHFRQG²VWHSVSHUPLQXWH
z )DOOIRUZDUGWRLQLWLDWHWKHUXQDQGUXQDWPRGHUDWHVSHHGIRUDVKRUWGLVWDQFHRU±VHFRQGV
)LJXUH58'5XQLQ3RVH
%$&.:$5'6581
7KH%DFNZDUGV5XQLVWKHILQDOH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHSHUFHSWLRQRI
JUDYLW\GXULQJWKHIDOO²6ROGLHUVZLOOIHHOKRZHDV\LWLVWROHWJUDYLW\GRWKHZRUNRIPRYLQJWKHPZKHQWKH\
UXQEDFNZDUGV)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQ7KHUXQQHUUXQVLQSODFHDWVWHSVSHU
PLQXWH
z $IWHUDIHZVHFRQGVLQLWLDWHDEDFNZDUGVIDOODQGUXQEDFNZDUGVIRUDVKRUWGLVWDQFH$WWKDWSRLQW
DQGZLWKRXWVWRSSLQJWXUQDURXQGDQGUXQIRUZDUGIRU±VHFRQGV
z 5HSHDWWKLVH[HUFLVHXSWRWLPHV
2FWREHU $73

&KDSWHU
)LJXUH58'%DFNZDUGV5XQ
5811,1*'5,//&255(&7,21658'
,QWKHWUDLQLQJRIHYHU\6ROGLHUQRWKLQJHTXDOVWKHLPSRUWDQFHRISURSHUVNLOO&RUUHFWLRQH[HUFLVHVDUH
XVHGWRLPSURYHUXQQLQJVNLOOE\FRUUHFWLQJLPSURSHUIRUP
+$1'6,1)5217
+DQGVLQ)URQWLVWKHILUVWH[HUFLVHLQ5XQQLQJ'ULOOVHHILJXUH7KLVH[HUFLVHEULQJVWKHWUXQN
LQWRD PRUH XSULJKWSRVLWLRQ ,WLPSURYHVWKHSHUFHSWLRQRIWUXQNSRVLWLRQDQGLQFUHDVHV DZDUHQHVVRIWKH
WHQGHQF\WROHDQIURPWKHZDLVWDVDQLQGLYLGXDO6ROGLHUPDNHVWKHIROORZLQJPRYHV
z 7KHVWDUWLQJSRVLWLRQIRUWKH+DQGVLQ)URQWLVWKH5XQQHU¶VSRVLWLRQZLWKDUPVVWUDLJKWRXWLQIURQW
RIWKHERG\IURPWKHVKRXOGHUKDQGVFODVSHGWRJHWKHU
z )URPWKHVWDUWLQJSRVLWLRQUXQDVKRUWGLVWDQFHRU±VHFRQGV
z 5HSHDWWKLVH[HUFLVHXSWRWLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHZLWKRXW+DQGVLQ)URQW
)LJXUH58'+DQGVLQ)URQW
$73 2FWREHU

5XQQLQJ'ULOOV
+$1'6%(+,1'
7KH+DQGV%HKLQGLVWKHVHFRQGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHEULQJVWKHWUXQNLQWRDPRUH
XSULJKWSRVLWLRQLPSURYHVWKHSHUFHSWLRQRIWUXQNSRVLWLRQDQGLQFUHDVHVDZDUHQHVVRIWKHWHQGHQF\WROHDQ
IURPWKH ZDLVW ,QWKLVGULOOWKH6ROGLHU ZLOO IHHOSXVKHGLQWROHDQLQJDQG ZLOOKDYH WRUHVLVW )LJXUH
z 7KHVWDUWLQJSRVLWLRQIRUWKH+DQGV%HKLQGLVWKH 5XQQHU¶VSRVLWLRQZLWKDUPVEHKLQGWKHEDFN
KDQGVFODVSHGWRJHWKHU
z 5HSHDWWKLVH[HUFLVHXSWRWLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHZLWKRXW+DQGV%HKLQG
)LJXUH58'+DQGV%HKLQG
+$1'621%$&.
7KH+DQGVRQ%DFNLVWKHWKLUGH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHSUHYHQWVEHQGLQJDWWKHZDLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKH+DQGVRQ%DFNLVWKH5XQQHU¶VSRVLWLRQZLWKWKHKDQGVSODFHGRQWKH
VPDOORIWKHEDFN
z 5HSHDWWKLVPRYHPHQWXSWRWLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGVZLWKRXWWKH
KDQGVRQWKHEDFN
)LJXUH58'+DQGVRQ%DFN
2FWREHU $73

&KDSWHU
+$1'621%(//<
7KH+DQGVRQ%HOO\LVWKHIRXUWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHLQFUHDVHVWKHDZDUHQHVVRI
IDOOLQJDQGQRWEHQGLQJDWWKHZDLVW)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWV
LW
z 7KHVWDUWLQJSRVLWLRQIRUWKH+DQGVRQ%HOO\LVWKH5XQQHU¶VSRVLWLRQZLWKWKHKDQGVRQWKHEHOO\
z 5HSHDWWKLVPRYHPHQWXSWRWLPHVEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGVZLWKRXWWKH
KDQGVRQWKHEHOO\
)LJXUH58'+DQGVRQ%HOO\
6+,1%851
7KH6KLQ%XUQLVWKHILIWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHUHGXFHVWKHWHQGHQF\WRKHHOVWULNH
E\IDWLJXLQJWKHPXVFOHWKDWVXSSRUWVWKHKHHOVWULNH)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLWZLWKDFRDFKRUSDUWQHUWRDVVLVW
z 7KHVWDUWLQJSRVLWLRQIRUWKHUXQQHULVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVDQGDUPV
UHOD[HGDWWKHVLGH7KHSDUWQHUNQHHOVWRWKHIURQWOHIWVLGHRIWKHUXQQHUZLWKRQHKDQGRQWKHWRS
RIWKHUXQQHU¶VOHIWIRRWDQGWKHRWKHUKDQGRQWKHEDFNRIWKHUXQQHU¶VOHIWNQHHWRSUHYHQWNQHH
H[WHQVLRQ
z )URPWKHVWDUWLQJSRVLWLRQWKHUXQQHUUDLVHVWKHOHIWIRRWZKLOHWKHSDUWQHUKROGVWKHIRRWGRZQ
z 5HSHDWWKLVPRYHPHQWXSWRWLPHVRQHDFKIRRWEHIRUHUXQQLQJDVKRUWGLVWDQFHRU±VHFRQGV
$73 2FWREHU

5XQQLQJ'ULOOV
)LJXUH58'6KLQ%XUQ
,1)$175<581
7KH,QIDQWU\5XQLVWKHVL[WKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHDSSOLHVVNLOOVOHDUQHGLQWKH
SUHYLRXV5XQQLQJ'ULOOVZLWKDVVLVWDQFHRIIHHGEDFNIURPDSDUWQHU,WLVEHVWFRQGXFWHGDURXQGWKHSK\VLFDO
WUDLQLQJWUDFNLQLQWHUYDOVVXFKDVWKHVRUV)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKHUXQQHULVWKH5XQQHU¶VSRVLWLRQ)RUWKHSDUWQHUWKHVWDUWLQJSRVLWLRQ
LVVWDQGLQJEHKLQGWKHUXQQHUDOVRLQWKH5XQQHU¶VSRVLWLRQZLWKKDQGVRQWKHUXQQHU¶VVKRXOGHUV
z )URPWKHVWDUWLQJSRVLWLRQERWK6ROGLHUVUXQLQSODFHDWWKHVDPHFDGHQFH²VWHSVSHUVHFRQG²
XQWLOWKHOHDGUXQQHULQLWLDWHVDUXQ
z 5HSHDWDURXQGDSK\VLFDOWUDLQLQJWUDFNDWVSHHGWKDWDOORZERWK6ROGLHUVWRVWD\LQVWHS
)LJXUH58',QIDQWU\5XQ

2FWREHU $73

&KDSWHU
%$77/(%8''<
7KH%DWWOH%XGG\LVWKHVHYHQWKH[HUFLVHLQ5XQQLQJ'ULOO7KLVH[HUFLVHDSSOLHVVNLOOVOHDUQHGLQWKH
SUHYLRXV5XQQLQJ'ULOOVZLWKDVVLVWDQFHRIIHHGEDFNIURPDSDUWQHU,WLVEHVWFRQGXFWHGDURXQGWKHSK\VLFDO
WUDLQLQJWUDFNLQLQWHUYDOVVXFKDVWKHVRUV)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKHUXQQHULVWKH5XQQHU¶VSRVLWLRQ)RUWKHSDUWQHUWKHVWDUWLQJSRVLWLRQ
LVVWDQGLQJVKRXOGHUWRVKRXOGHUQH[WWRWKHUXQQHUDOVRLQWKH5XQQHU¶VSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQEHJLQUXQQLQJLQSODFHDWWKHVDPHFDGHQFHRIVWHSVSHUVHFRQGXQWLO
WKHOHDGUXQQHULQLWLDWHVDUXQ5XQHOERZWRHOERZIRUDVKRUWGLVWDQFHRU±VHFRQGV
z 5HSHDWWKLVPRYHPHQWXSWRWLPHVEHIRUHUXQQLQJDURXQGDSK\VLFDOWUDLQLQJWUDFNIRULQWHUYDOV
DQGVSHHGVWKDWDOORZERWK6ROGLHUVWRVWD\LQVWHS
)LJXUH58'%DWWOH%XGG\

$73 2FWREHU

&KDSWHU
0LOLWDU\0RYHPHQW'ULOOV
0,/,7$5<029(0(17'5,//00'
0LOLWDU\ 0RYHPHQW 'ULOO LV D G\QDPLF SUHSDUDWLRQ DFWLYLW\ IRU WKH PRUH YLJRURXV HQGXUDQFH DQG
PRELOLW\DFWLYLWLHVLQSK\VLFDOWUDLQLQJ,WGHYHORSVPRWRUFRRUGLQDWLRQLQPXOWLSOHSODQHVIRUIRRWPRYHPHQW
DWYDU\LQJVSHHGVRYHUWKHJURXQG
9LGHRV RI 0LOLWDU\ 0RYHPHQW 'ULOOV ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
9(57,&$/
7KH 9HUWLFDO LV WKH ILUVW H[HUFLVH LQ 0LOLWDU\ 0RYHPHQW 'ULOO 7KLV H[HUFLVH LPSURYHV VLQJOH OHJ
MXPSLQJDQGODQGLQJVNLOOLQSUHSDUDWLRQIRUPRUHYLJRURXVWUDLQLQJWHVWLQJDQGFRPEDWDFWLYLWLHV)LJXUH
z 7KH VWDUWLQJ SRVLWLRQ LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK VWDJJHUHG OHJV ZLWK WKH ULJKW IRRW
IRUZDUG7KHULJKWKHHOLVHYHQZLWKWKHWRHVRIWKHOHIWIRRW7KHKHDGLVXSORRNLQJVWUDLJKWDKHDG
DQGWKHNQHHVDUHVOLJKWO\EHQW7KHOHIWDUPLVIRUZDUG
z )URPWKHVWDUWLQJSRVLWLRQVZLQJWKHOHIWWKLJKXSWRGHJUHHVDQGWKHULJKWDUPIRUZDUGEHIRUH
VWHSSLQJIRUZDUGZLWKWKHOHIWIRRW
z $VWKHOHIWIRRWFRPHVWRWKHJURXQGUDLVHWKHULJKWWKLJKWRGHJUHHVDQGWKHOHIWDUPIRUZDUG
EHIRUHVWHSSLQJIRUZDUGZLWKWKHULJKWIRRW
z 5HSHDWWKLVPRWLRQGRZQDPHWHUFRXUVHEHIRUHVWRSSLQJ5HSHDWRQFHWRUHWXUQWRWKHVWDUW
OLQH
)LJXUH00'9HUWLFDO
2FWREHU $73

&KDSWHU
/$7(5$/
7KH/DWHUDOLVWKHVHFRQGH[HUFLVHLQ0LOLWDU\0RYHPHQW'ULOO,WLVWKHWKLUGOHJRIWKH6SULQW'UDJ
&DUU\HYHQWLQWKH$&)77KLVH[HUFLVHGHYHORSVWKHDELOLW\WRPRYHODWHUDOO\LQSUHSDUDWLRQIRUPRUHYLJRURXV
WUDLQLQJWHVWLQJDQGFRPEDWDFWLYLWLHV)LJXUHVKRZVWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ LV WKH 6WUDGGOH 6WDQFH ZLWK OHIW VLGH IDFLQJ WKH GLUHFWLRQ RI PRYHPHQW
&URXFKVOLJKWO\ZLWKHOERZVEHQWWRGHJUHHVDQGSDOPVIDFLQJIRUZDUG
z )URPWKHVWDUWLQJSRVLWLRQVWHSRXWZLWKWKHOHDGOHJDQGWKHQEULQJWKHWUDLOOHJXSDQGWRZDUGWKH
OHDGOHJ
z 7KH6ROGLHUDOZD\VIDFHVWKHVDPHGLUHFWLRQVRWKDWWKHIRUWKHILUVWPHWHUVKHRUVKHLVPRYLQJ
WRWKHOHIWDQGIRUWKHVHFRQGPHWHUVLVPRYLQJWRWKHULJKW
z $VVNLOOLPSURYHVWKH6ROGLHUPD\LQFUHDVHVSHHG
)LJXUH00'/DWHUDO
6+877/(635,17
7KH6KXWWOH6SULQWLVWKHWKLUGH[HUFLVHLQ0LOLWDU\0RYHPHQW'ULOO7KLVH[HUFLVHSUHSDUHVWKH6ROGLHU
IRU PRUH YLJRURXV HQGXUDQFH DQG DJLOLW\ DFWLYLWLHV )LJXUH EUHDNV GRZQ WKH H[HUFLVH DV DQ LQGLYLGXDO
6ROGLHUFRQGXFWVLW
z )URPWKHVWDUWLQJSRVLWLRQUXQTXLFNO\WRWKHPHWHUWXUQDURXQGSRLQW
z 7XUQFORFNZLVHZKLOHSODQWLQJWKHOHIWIRRWDQGEHQGLQJDQGVTXDWWLQJWRWRXFKWKHJURXQGZLWK
WKHOHIWKDQG
z 5XQTXLFNO\EDFNWRWKHVWDUWLQJOLQHDQGSODQWWKHULJKWIRRW WKHQWXUQFRXQWHUFORFNZLVHDQG
WRXFKWKHJURXQGZLWKWKHULJKWKDQG
z 5XQEDFNWRWKHPHWHUWXUQDURXQGDFFHOHUDWLQJWRPD[LPXPVSHHGWKURXJKWKHILQLVK
$73 2FWREHU

)LJXUH00'6KXWWOH6SULQW
0,/,7$5<029(0(17'5,//00'
0LOLWDU\0RYHPHQW'ULOOLVDG\QDPLFSUHSDUDWLRQGULOOIRUWKHSO\RPHWULFPRYHPHQWVUHTXLUHGLQ
&RQGLWLRQLQJ 'ULOO REVWDFOH FRXUVH QHJRWLDWLRQ 7HUUDLQ 5XQV DQG RWKHU PXOWLSODQDU PRYHPHQWV
HQFRXQWHUHGLQFRPEDWWDVNV
32:(56.,3
7KH3RZHU6NLSLVWKHILUVWH[HUFLVHLQ0LOLWDU\0RYHPHQW'ULOO7KLVH[HUFLVHGHYHORSVSRZHUIXO
VLQJOHOHJYHUWLFDOMXPSLQJDQGODQGLQJVNLOOLQSUHSDUDWLRQIRUPRUHYLJRURXVWHVWLQJDQGFRPEDWDFWLYLWLHV
)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z )URPWKHVWDUWLQJSRVLWLRQVWHSZLWKWKHOHIWIRRWWKHQVNLSSRZHUIXOO\XSIURPWKHJURXQGZLWK
WKHULJKWOHJ
z $VWKHULJKWOHJPRYHVXSWKHOHIWDUPVZLQJVSRZHUIXOO\IRUZDUGDQGXS7KHULJKWDUPFRXQWHU
PRYHVWRWKHUHDU
z $IWHUODQGLQJRQWKHOHIWOHJLPPHGLDWHO\UHSHDWWKHVNLSPRYHPHQWOHDGLQJZLWKWKHOHIWOHJ
z :KHQWKHOHIWOHJLVIRUZDUGWKHULJKWDUPGULYHVXSDQGIRUZDUGWRXQZHLJKWWKHERG\DVLWOHDYHV
WKHJURXQG
z 5HSHDWWKLVPRWLRQGRZQDPHWHUFRXUVHEHIRUHVWRSSLQJ5HSHDWRQFHWRUHWXUQWRWKHVWDUW
OLQH
z $VVNLOOLPSURYHVWKH6ROGLHUPD\LQFUHDVHKHLJKWRIWKHVNLS
2FWREHU $73

&KDSWHU
)LJXUH00'3RZHU6NLS
&526629(5
7KH &URVVRYHU LV WKH VHFRQG H[HUFLVH LQ 0LOLWDU\ 0RYHPHQW 'ULOO 7KLV H[HUFLVH GHYHORSV OHJ
FRRUGLQDWLRQDQGWUDLQV6ROGLHUVWRPRYHODWHUDOO\)LJXUHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFW
LWLQIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOH6WDQFHVOLJKWO\FURXFKHGZLWKWKHEDFNVWUDLJKWDUPVDWWKH
VLGHZLWKHOERZVEHQWDWGHJUHHV3DOPVIDFHIRUZDUG7KHERG\LVWXUQHGVRWKDWWKHOHIWVLGH
IDFHVWKHPHWHUFRXUVH
z )URPWKHVWDUWLQJSRVLWLRQFURVVWKHWUDLOOHJLQIURQWRIWKHOHDGOHJWRFRPSOHWHWKHILUVWODWHUDO
VWHS
z 2QWKHVHFRQGODWHUDOVWHSFURVVWKHWUDLOOHJEHKLQGWKHOHDGOHJWRXQFURVVWKHOHJV
z 2QWKHWKLUGVWHSFURVVWKHWUDLOOHJEHKLQGWKHOHDGOHJ
z 2QWKHIRXUWKVWHSFURVVWKHWUDLOOHJLQIURQWRIWKHOHDGOHJWRXQFURVVWKHOHJV
z 7KLVIRXUVWHSSDWWHUQUHSHDWVGRZQWKHPHWHUFRXUVH
z 3LFNWKHIHHWXSPRYLQJIURPWKHEDOORIWKHIRRWDQGLQFUHDVLQJODWHUDOVSHHGDVVNLOOLPSURYHV
z 0DLQWDLQDFURXFKWKURXJKRXWWKHPRYHPHQWDQGNHHSWKHEDFNVWUDLJKWDQGWUXQNSHUSHQGLFXODU
WRWKHGLUHFWLRQRIPRYHPHQW
z 5HSHDWRQFHEDFNGRZQWKHPHWHUFRXUVHWRUHWXUQWRWKHVWDUWOLQH
$73 2FWREHU

)LJXUH00'&URVVRYHU
&528&+581
7KH&URXFK5XQLVWKHWKLUGH[HUFLVHLQ0LOLWDU\0RYHPHQW'ULOO7KLVH[HUFLVHGHYHORSVWKHDELOLW\
WRUXQTXLFNO\LQDFURXFKHGSRVLWLRQ)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDV6ROGLHUVFRQGXFW
LWLQIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQLVWKHVWDUWLQJSRVLWLRQIRUWKH0RXQWDLQ&OLPEHUH[HUFLVHVHHSDUDJUDSK

z )URP WKH VWDUWLQJ SRVLWLRQ FRPSOHWH RQH FRXQW UHSHWLWLRQ RI WKH 0RXQWDLQ &OLPEHU EHIRUH
UXQQLQJIRUZDUGLQDFURXFKHGSRVLWLRQGRZQWKHPHWHUFRXUVH
z 7KHDUPVPRYHPLQLPDOO\DVWKRXJKFDUU\LQJDZHDSRQ
z $W WKH HQG RI WKH PHWHU FRXUVH WXUQ FORFNZLVH ZKLOH SODQWLQJ WKH OHIW IRRW EHQGLQJ DQG
VTXDWWLQJWRWRXFKWKHJURXQGZLWKWKHOHIWKDQG
z &URXFKUXQTXLFNO\EDFNWRWKHVWDUWOLQH
z $WWKHVWDUWRIWKHPHWHUFRXUVHWXUQFRXQWHUFORFNZLVHSODQWLQJWKHULJKWIRRWEHQGLQJDQG
VTXDWWLQJWRWRXFKWKHJURXQGZLWKWKHULJKWKDQG
z 0DLQWDLQDFURXFKWKURXJKRXWWKHWXUQEHIRUHDFFHOHUDWLQJWRDQXSULJKWUXQDW PD[LPDO VSHHG
WKRXJKWKHHQGRIWKHPHWHUFRXUVH
z 5HSHDWRQFHWRUHWXUQWRWKHVWDUWRIWKHPHWHUFRXUVH
2FWREHU $73

&KDSWHU
)LJXUH00'&URXFK5XQ

$73 2FWREHU

&KDSWHU
0HGLFLQH%DOO'ULOOV
0(',&,1(%$//'5,//0%
0HGLFLQH %DOO 'ULOO NQRZQ DV 0% LV D G\QDPLF SUHSDUDWLRQ GULOO FRQVLVWLQJ RI ILYH H[HUFLVHV
FRQGXFWHGLQPXOWLSOHSODQHV$PHGLFLQHEDOORIDSSURSULDWHVL]HDQGZHLJKWIRUWKHVHVVLRQSURYLGHVOLJKW
UHVLVWDQFH0HGLFLQH%DOO'ULOOSUHSDUHVWKHERG\IRUDGYDQFHGFRQGLWLRQLQJDQGVWUHQJWKHQLQJGULOOVDVZHOO
DVPRUHYLJRURXVSK\VLFDOWHVWHYHQWVDQGFRPEDWWDVNV
'HPRQVWUDWLRQ YLGHRVRI0HGLFLQH%DOO'ULOOVDUHORFDWHG RQWKH &HQWUDO $UP\5HJLVWU\ ZHEVLWH DW
&+(673$66/$7(5$/
7KH&KHVW3DVV/DWHUDOLVWKHILUVWH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDZDOOWRWKURZDJDLQVW
DQGDPHGLFLQHEDOORIVL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶VJRDO)LJXUHEUHDNV
GRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLWXVLQJDIRXUFRXQWPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH&KHVW3DVV/DWHUDOLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKEDOOKHOGLQ
IURQWRIWKHFKHVWUHDG\WRWKURZIRUZDUG
z 7KHEDOOLVWKURZQIURPDGLVWDQFHWKDWDOORZVWKHEDOOWRUHERXQGLQWRWKH6ROGLHU¶VKDQGV
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQWKH6ROGLHUWKURZVWKHEDOODWWKHZDOOZKLOHVLPXOWDQHRXVO\
VWHSSLQJODWHUDOO\WRWKHOHIW
z 7KHODWHUDOVWHSKDSSHQVZKLOHWKHEDOOLVJRLQJWRDQGIURPWKHZDOO
z 2QFRXQWUHSHDWFRXQWVWHSSLQJODWHUDOO\WRWKHULJKWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 2QFRXQWUHSHDWFRXQWRQFHPRUHVWHSSLQJODWHUDOO\WRWKHULJKW
z 2QFRXQWUHSHDWFRXQWVWHSSLQJODWHUDOO\WRWKHOHIWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH0%&KHVW3DVV/DWHUDO

2FWREHU $73

&KDSWHU
$/7(51$7,1*6,'($507+52:
7KH$OWHUQDWLQJ6LGH$UP7KURZLVWKHVHFRQGH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDZDOOWR
WKURZDJDLQVWDQGDPHGLFLQHEDOORIVL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶VJRDO
)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLWXVLQJDIRXUFRXQWPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH$OWHUQDWLQJ6LGH$UP7KURZLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKIHHW
ZLGHUWKDQVKRXOGHUZLGWKDQGWKHEDOOKHOGWRWKHULJKWRIWKHZDLVWUHDG\WRWKURZVLGHZD\VWR
WKHOHIW7KH6ROGLHU¶VOHIWVLGHIDFHVWKHZDOO
z 7KHEDOOLVWKURZQIURPDGLVWDQFHWKDWDOORZVWKHEDOOWRUHERXQGLQWRWKH6ROGLHU¶VKDQGV
z 2Q FRXQW IURP WKH VWDUWLQJ SRVLWLRQ WKURZ WKH EDOO DW WKH ZDOO IURP ULJKW WR WKH OHIW ZKLOH
VLPXOWDQHRXVO\URWDWLQJWRIDFHWKHZDOOLQSUHSDUDWLRQWRFDWFKLW
z 2QFRXQWFDWFKWKHEDOOVWHSSLQJDQGURWDWLQJWKHWUXQNDUPVDQGVKRXOGHUVWRWKHOHIWWRDEVRUE
WKHEDOO¶VZHLJKW
z 2QFRXQWUHSHDWFRXQWWKLVWLPHWKURZLQJIURPOHIWWRULJKW
z 2QFRXQWUHSHDWFRXQWVWHSSLQJDQGURWDWLQJWKHWUXQNDUPVDQG VKRXOGHUVWRWKHULJKWWR
DEVRUEWKHEDOO¶VZHLJKWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH0%$OWHUQDWLQJ6LGH$UP7KURZ
',$*21$/&+23
7KH'LDJRQDO&KRSLVWKHWKLUGH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVPHGLFLQHEDOORIVL]HDQG
ZHLJKW VXLWDEOH WR PHHW WKH SK\VLFDO WUDLQLQJ VHVVLRQ¶V JRDO )LJXUH EUHDNV GRZQ WKH H[HUFLVH DV DQ
LQGLYLGXDO6ROGLHUFRQGXFWVLWXVLQJDIRXUFRXQWPRYHPHQWDWDVORZFDGHQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH'LDJRQDO&KRSLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKEDOOKHOGLQIURQW
RIWKHZDLVW
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQPRYHWKHEDOOKLJKDERYHWKHOHIWVKRXOGHU
z 2QFRXQWPRYHWKHEDOOGRZQDQGWRWKHULJKWVLPXOWDQHRXVO\VTXDWWLQJVRWKDWWKHEDOOUHDFKHV
DSRLQWWRWKHVLGHRIWKHULJKWNQHH
z 2QFRXQWPRYHIURPWKHFRXQWSRVLWLRQWRWKHFRXQWSRVLWLRQ²PRYLQJWKHEDOOKLJKDERYH
WKHOHIWVKRXOGHU
z 7KHVHFRQGFRXQWUHSHWLWLRQVZLWFKHVWKHGLDJRQDOSDWWHUQWRWKHRSSRVLWHVLGH
z 2QFRXQWPRYHWKHEDOOKLJKDERYHWKHULJKWVKRXOGHU
z 2QFRXQWPRYHWKHEDOOGRZQWRWKHOHIWNQHH
z 2QFRXQWPRYHWKHEDOOEDFNWRWKHFRXQWSRVLWLRQ
z 7KHH[HUFLVHFRQWLQXHVWKLVDOWHUQDWLQJSDWWHUQIRU±UHSHWLWLRQVRQHDFKVLGH
$73 2FWREHU

0HGLFLQH%DOO'ULOOV
)LJXUH0%'LDJRQDO&KRS
6/$0
7KH6ODPLVWKHIRXUWKH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDPHGLFLQHEDOORIVL]HDQGZHLJKW
VXLWDEOH WR PHHW WKH SK\VLFDO WUDLQLQJ VHVVLRQ¶V JRDO $ VODP EDOO LV UHFRPPHQGHG WR SUHYHQW WRR PXFK
PRYHPHQWRIWKHEDOODIWHULWKLWVWKHJURXQG)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLWXVLQJDIRXUFRXQWPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6ODPLVWKH 6WUDGGOH6WDQFHSRVLWLRQZLWKEDOOKHOGLQIURQWRIWKH
ZDLVW
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQOLIWWKHEDOOXSDQGRYHUWKHKHDG
z 2QFRXQWSHUIRUPDVOLJKWVTXDWZKLOHIRUFHIXOO\WKURZLQJWKHEDOOWRWKHJURXQGZLWKERWKDUPV
MXVWLQIURQWRIWKHIHHW
z 2QFRXQWVTXDWGRZQWRSLFNWKHEDOOXS
z &RPSOHWHWKLVH[HUFLVH±WLPHV
z $VVNLOOLPSURYHVWKH6ROGLHUPD\DGGPRUHSRZHUWRWKHPRYHPHQWE\MXPSLQJGXULQJWKHWKURZ
2FWREHU $73

&KDSWHU
)LJXUH0%6ODP
81'(5+$1':$//7+52:
7KH 8QGHUKDQG :DOO 7KURZ LV WKH ILIWK H[HUFLVH LQ 0HGLFLQH %DOO 'ULOO ,W UHTXLUHV D ZDOO DQG D
PHGLFLQHEDOORIVL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶VJRDO)LJXUHEUHDNVGRZQ
WKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLWXVLQJDIRXUFRXQWPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH8QGHUKDQG:DOO7KURZLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKEDOOKHOG
LQIURQWRIWKHZDLVW
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQVTXDWWRORZHUWKHEDOOEHWZHHQWKHOHJVDQGWRZDUGWKH
UHDU7KLVLVWKHVDPHSRVLWLRQXVHGLQFRXQWRI%HQGDQG5HDFKH[HUFLVHVHHSDUDJUDSK
z 2QFRXQWXVLQJDQXQGHUKDQGPRWLRQIRUFHIXOO\WKURZWKHEDOODWWKHZDOODLPLQJIRUDSRLQW
RQWKHZDOOWKDWDOORZVIRUDUHERXQGDQGZDLVWKLJKFDWFK
z 2QFRXQWFRQWLQXHWKHFDWFKPRWLRQDEVRUELQJWKHZHLJKWRIWKHEDOOE\VTXDWWLQJWRORZHUWKH
EDOOEHWZHHQWKHOHJV
z 2QFRXQWZLWKRXWSDXVLQJWKHPRYHPHQWRIWKHEDOOEHJXQLQFRXQWPRYHTXLFNO\WKURXJK
WKHFRXQWVTXDWSRVLWLRQWRWKURZWKHEDOODJDLQ
z 'RQRWUHWXUQWRWKHVWDUWLQJSRVLWLRQXQWLOFRPSOHWLRQRIWKHILQDOUHSHWLWLRQ
z 0DLQWDLQSURSHUVTXDWSRVWXUHZLWKWKHVSLQHVWUDLJKWWKURXJKRXWWKHH[HUFLVH
z 1RWHWKDWWKHSRZHUIRUWKHWKURZGHULYHVIURPWKHPRYHPHQWRIWKHKLSVDVERG\ZHLJKWLVVKLIWHG
RYHUWKHIHHW
z &RPSOHWHWKLVH[HUFLVH±WLPHVUHWXUQLQJWRWKHVWDUWLQJSRVLWLRQDIWHUWKHILQDOUHSHWLWLRQ
$73 2FWREHU

0HGLFLQH%DOO'ULOOV
)LJXUH0%8QGHUKDQG:DOO7KURZ
0(',&,1(%$//'5,//0%
0HGLFLQH%DOO'ULOONQRZQDV0%LVDQDGYDQFHGUHVLVWDQFHGULOOFRQVLVWLQJRIILYHPHGLFLQHEDOO
H[HUFLVHVFRQGXFWHGLQPXOWLSOHSODQHV+HDYLHUPHGLFLQHEDOOVFDQEHXVHGLQ0HGLFLQH%DOO'ULOOWRPDNH
LW DQ DOWHUQDWLYH WR )UHH :HLJKW $VVLVWLYH H[HUFLVHV 0HGLFLQH %DOO 'ULOO FDQ DOVR VXEVWLWXWH IRU RU
VXSSOHPHQWDGYDQFHGFRQGLWLRQLQJDQGVWUHQJWKHQLQJGULOOVZKHQIUHHZHLJKWHTXLSPHQWLVQRWDYDLODEOHRU
ZKHQFRQGLWLRQVDUHQRWVXLWDEOH
',$*21$/&+237+52:
7KH'LDJRQDO&KRS7KURZLVWKHILUVWH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDPHGLFLQHEDOORI
VL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶VJRDO)LJXUHRQSDJHEUHDNVGRZQWKH
H[HUFLVHDVD6ROGLHUFRQGXFWVLWXVLQJDIRXUFRXQWPRYHPHQWDQGDVODPEDOORUZDOOWRUHGXFHWKHUROOLQJ
GLVWDQFH
z 7KHVWDUWLQJSRVLWLRQIRUWKH'LDJRQDO&KRSLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKEDOOKHOGLQIURQW
RIWKHZDLVW
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQPRYHWKHEDOOKLJKDERYHWKHOHIWVKRXOGHU
z 2QFRXQWWKURZWKHEDOOWRWKHJURXQGDLPLQJWRWKHULJKWRIWKHULJKWIRRW
z $IWHUUHWULHYLQJWKHEDOORQFRXQWUHSHDWFRXQWWKLVWLPHPRYLQJWKHEDOOKLJKDERYHWKHULJKW
VKRXOGHU
z 2QFRXQWUHSHDWFRXQWWKURZLQJWKHEDOOWRWKHOHIWRIWKHOHIWIRRW
2FWREHU $73

&KDSWHU
)LJXUH0%'LDJRQDO&KRS7KURZ
.1((/,1*6,'($507+52:
7KH.QHHOLQJ6LGH$UP7KURZLVWKHVHFRQGH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDZDOORU
SDUWQHUWRWKURZWRDQGDPHGLFLQHEDOORIVL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶V
JRDO)LJXUHLOOXVWUDWHVWKHH[HUFLVHDVD6ROGLHUZLWKDSDUWQHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH.QHHOLQJ6LGH$UP7KURZLVWKH+DOI.QHHOLQJSRVLWLRQRQWKHOHIW
NQHH7KHEDOOLVKHOGDWWKHZDLVWUHDG\WRWKURZIURPULJKWWROHIW7KHOHIWVLGHRIWKHERG\IDFHV
WKHSDUWQHU
z )URPWKHVWDUWLQJSRVLWLRQWKURZWKHEDOOWRWKHSDUWQHUIURPULJKWWRWKHOHIW
z 7KHFDWFKLQJ6ROGLHUDEVRUEVWKHLPSDFWE\FDWFKLQJLWZLWKDQH[DJJHUDWHGURWDWLRQRIWKHDUPV
VKRXOGHUVDQGWUXQNWRWKHULJKW
z $OWHUQDWLYHO\WKHFDWFKFDQEHPDGHE\GHOLEHUDWHO\UHVLVWLQJWUXQNURWDWLRQLQZKLFKFDVHWKH
DUPVDEVRUEWKHLPSDFW
$73 2FWREHU

0HGLFLQH%DOO'ULOOV
)LJXUH0%.QHHOLQJ6LGH$UP7KURZ
6802:$//7+52:
7KH6XPR:DOO7KURZLVWKHWKLUGH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDZDOOWRWKURZDJDLQVW
DQGDPHGLFLQHEDOORIVL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶VJRDO)LJXUHEUHDNV
GRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUXVLQJDWZRFRXQWPRYHPHQWFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XPR:DOO7KURZLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKIHHWVOLJKWO\
ZLGHUWKDQVKRXOGHUZLGWKDSDUWUHDG\WRSHUIRUPD6XPRVTXDW7KHEDOOLVKHOGLQIURQWRIWKH
FKHVWUHDG\WRWKURZIRUZDUG
z 2QFRXQWIURPWKHVWDUWLQJSRVLWLRQVTXDWGHHSO\ZLGHQLQJIRRWVWDQFHDQGWXUQLQJWKHIHHWRXW
WRSHUIRUPDGHHS6XPRVTXDW0RYHHOERZVEHWZHHQWKHNQHHVZLWKEDOOKHOGLQSRVLWLRQLQIURQW
RIWKHFKHVW
z 2QFRXQWSRZHUXSDQGRXWRIWKHVTXDWSXVKLQJWKHEDOOXSRYHUKHDGWRWKURZLWKLJKXSRQ
WKHZDOO
z $OORZWKHEDOOWRIDOOWRWKHJURXQG
z $IWHUUHWULHYLQJWKHEDOOUHSHDWFRXQWVDQGIRU±UHSHWLWLRQV
)LJXUH0%6XPR:DOO7KURZ
2FWREHU $73

&KDSWHU
6,7837+52:
7KH6LW8S7KURZLVWKHIRXUWKH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDZDOORUSDUWQHUWRWKURZ
WRDQGDPHGLFLQHEDOORIVL]HDQGZHLJKWVXLWDEOHWRPHHWWKHSK\VLFDOWUDLQLQJVHVVLRQ¶VJRDO )LJXUH
EUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUDQGDSDUWQHUFRQGXFWLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LW8S7KURZLVWKH6XSLQHSRVLWLRQZLWKIHHWIODWRQWKHJURXQGDQG
NQHHVEHQWWRGHJUHHV)HHWDUH WRZDUGWKH SDUWQHU7KH EDOOLV KHOGRQ WKHFKHVW ZLWKERWK
KDQGVUHDG\WRWKURZWRZDUGWKHSDUWQHU
z 7KHZHLJKWRIWKHEDOODQGWKHGLVWDQFHIURPWKHSDUWQHULVFDOLEUDWHGVRWKDWWKH6ROGLHUVFDQFDWFK
DQGWKURZWRHDFKRWKHU
z )URP WKH VWDUWLQJ SRVLWLRQ WKH 6ROGLHU IOH[HV WKH WUXQN DQG KLSV LQ D VLWXS PRWLRQ ZKLOH
VLPXOWDQHRXVO\SXVKLQJWKHEDOOXSDQGWRZDUGWKHSDUWQHU
z 7KH SDUWQHU FDWFKHV WKH EDOO LQ ERWK KDQGV DEVRUELQJ WKH LPSDFW E\ EHQGLQJ WKH HOERZV DQG
OHDQLQJEDFNZDUGVLQWKHWUXQNWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z %RWK6ROGLHUVNHHSWKHLUIHHWRQWKHJURXQGWKURXJKRXWWKHH[HUFLVH
z :KHQ D ZDOO LV DYDLODEOH WKH EDOO PXVW EH WKURZQ ZLWK HQRXJK IRUFH WR UHERXQG EDFN WR WKH
6ROGLHU
)LJXUH0%6LW8S7KURZ
5$,1%2:6/$0
7KH5DLQERZ6ODPLVWKHILIWKH[HUFLVHLQ0HGLFLQH%DOO'ULOO,WUHTXLUHVDPHGLFLQHEDOORIVL]HDQG
ZHLJKW VXLWDEOH WR PHHW WKH SK\VLFDO WUDLQLQJ VHVVLRQ¶V JRDO )LJXUH EUHDNV GRZQ WKH H[HUFLVH DV DQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH5DLQERZ6ODPLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHEDOOKHOGDW
ZDLVWKHLJKW
z )URPWKHVWDUWLQJSRVLWLRQPRYHWKHEDOOXSDQGWRWKHOHIWDQGWKHQLQDQDUFWRWKHULJKW
z :KLOHWXUQLQJWRWKHULJKWEHJLQDIRUFHIXOWKURZGLUHFWLQJWKHEDOOWRWKHJURXQG
z 5HWULHYHWKHEDOOEHIRUHUHSHDWLQJWKHH[HUFLVHLQWKHRSSRVLWHGLUHFWLRQ
z &RPSOHWHWKLVH[HUFLVH±WLPHVRQHDFKVLGH
z $VVNLOOLPSURYHVDGGPRUHSRZHUWRWKHWKURZE\MXPSLQJGXULQJWKHWKURZLQJPRWLRQ
$73 2FWREHU

0HGLFLQH%DOO'ULOOV
)LJXUH0%5DLQERZ6ODP

2FWREHU $73


&KDSWHU
6XVSHQVLRQ7UDLQLQJ'ULOOV
6863(16,2175$,1,1*'5,//67
6XVSHQVLRQ7UDLQLQJ'ULOONQRZQDV67LVDVHULHVRIILYHH[HUFLVHVXVLQJVWUDSVVXVSHQGHGIURP
YDULRXVW\SHVRIDQFKRUSRLQWVWRWUDLQWKHZKROHERG\6XVSHQVLRQ7UDLQLQJ'ULOOH[HUFLVHVZKHQFRQGXFWHG
LQWKHFRUUHFWRUGHUDQGFRUUHFWQXPEHURIUHSHWLWLRQVSURYLGHDPRGHUDWHPXVFXODUHQGXUDQFHFKDOOHQJHWR
VXSSOHPHQW RWKHU SK\VLFDO WUDLQLQJ FRQGLWLRQLQJ GULOOV :KHQ XVHG ZLWK 6XVSHQVLRQ 'ULOO 6XVSHQVLRQ
7UDLQLQJ'ULOOH[HUFLVHVSUHSDUHWKHERG\IRUPRUHYLJRURXVSK\VLFDOWUDLQLQJDQGWHVWHYHQWV
9LGHRV RI 6XVSHQVLRQ 7UDLQLQJ 'ULOOV ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
6863(16,21386+83
7KH6XVSHQVLRQ3XVK8SLVWKHILUVWH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO,WFKDOOHQJHVVKRXOGHU
VWDELOLW\E\VXVSHQGLQJHLWKHUWKHIHHWRUWKHKDQGVDERYHWKHJURXQG)LJXUHEUHDNVGRZQWKHH[HUFLVH
DVFRQGXFWHGE\DQLQGLYLGXDO6ROGLHUZLWKWKHKDQGVVXVSHQGHGDERYHWKHJURXQG
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XVSHQVLRQ3XVK8SLVWKH)URQW/HDQLQJ5HVWSRVLWLRQZLWKKDQGV
LQWKHVWUDSVVXVSHQGHGIURPWKHJURXQG(OERZVDUHIXOO\H[WHQGHGDQGIHHWDUHQRPRUHWKDQ
VKRXOGHUZLGWKDSDUWRQWKHJURXQG
z 7KH 6ROGLHU PD\ DGMXVW WKH VWUDSV WKDW LQFOLQH WKH 6ROGLHU¶V ERG\ IURP WR GHJUHHV IURP
KRUL]RQWDO
z )URP WKH VWDUWLQJ SRVLWLRQ SHUIRUP D FRQWUROOHG 3XVK8S E\ PDLQWDLQLQJ WKH VXVSHQGHG KDQG
SRVLWLRQZKLOHIOH[LQJWKHHOERZVWRORZHUWKHERG\WRZDUGWKHJURXQG
z )URPWKHGRZQSRVLWLRQIXOO\H[WHQGWKHHOERZVWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH676XVSHQVLRQ3XVK8S

2FWREHU $73

&KDSWHU
,1&/,1(&$/)5$,6(
7KH,QFOLQH&DOI5DLVHLVWKHVHFRQGH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO7KLVH[HUFLVHXVHVWKH
VXVSHQVLRQ WUDLQHU WR LQFOLQH WKH ERG\ WR LQFUHDVH WKH FKDOOHQJHV WR WKH PXVFOHV RI WKH ORZHU OHJ ,QFOLQH
H[HUFLVHVSRVLWLRQWKHERG\LQDIRUZDUGOHDQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHU
FRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH,QFOLQH&DOI5DLVHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVKROGLQJ
WKHVWUDSVZLWKRXWWHQVLRQDWZDLVWKHLJKW
z )URPWKHVWDUWLQJSRVLWLRQOHDQIRUZDUGJHQHUDWLQJWHQVLRQLQWKHVWUDSVNHHSLQJWKHERG\LQD
VWUDLJKWOLQHIURPWKHKHDGWRWKHKHHOV%RG\ZHLJKWLVVXSSRUWHGRQWKHKDQGVDQGIHHW7KHDQJOH
RIWKHERG\LQUHODWLRQWRWKHJURXQGZLOOEHDGMXVWHGWRPHHWWKHJRDORIWKHSK\VLFDOWUDLQLQJ
VHVVLRQ
z :KLOHPDLQWDLQLQJWKLVSRVLWLRQUDLVHWKHKHHOVXSRIIWKHJURXQGWREDODQFHRQWKHEDOOVRIWKH
IHHW
z 3DXVHLQWKHXSSRVLWLRQEHIRUHORZHULQJWKHKHHOVEDFNWRWKHJURXQG5HSHDWWKLVH[HUFLVH±
WLPHV
)LJXUH67,QFOLQH&DOI5DLVH
$VVNLOOLPSURYHVPRGLI\WKLVH[HUFLVHE\²
z &KDQJLQJWKHDQJOHRIWKHERG\LQUHODWLRQWRWKHJURXQG
z %DODQFLQJRQRQHIRRWDQGUDLVLQJRQHKHHODWDWLPH
z 6OLJKWO\IOH[LQJWKHNQHHVZKLOHUDLVLQJWKHKHHOV
'(&/,1(,7<5$,6(
7KH'HFOLQH,7<5DLVHLVWKHWKLUGH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO7KLVH[HUFLVHXVHVWKH
VXVSHQVLRQ WUDLQHU WR GHFOLQH WKH ERG\ WR LQFUHDVH WKH FKDOOHQJHV WR WKH PXVFOHV RI WKH XSSHU EDFN DQG
VKRXOGHUV'HFOLQHH[HUFLVHVSRVLWLRQWKHERG\LQDEDFNZDUGOHDQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDV
DQLQGLYLGXDO6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH'HFOLQH,7<5DLVHLVWKH6WUDGGOH6WDQFHLQDEDFNZDUGOHDQZLWK
WKHVXVSHQVLRQVWUDSVKHOGDWWHQVLRQDERYHWKHKHDG
z )URPWKHVWDUWLQJSRVLWLRQSXOOWHQVLRQRQWKHVWUDSVWRPRYHWKHERG\WRWKHYHUWLFDOFUHDWLQJD
VWUDLJKWOLQHZKHQYLHZHGIURPWKHVLGHIURPWKHKDQGVWRWKHKHHOV%RG\ZHLJKWZLOOEHVXSSRUWHG
E\WKHKDQGVDQGIHHW
z )URPWKLVSRVLWLRQDOORZWKH ERG\WRGHFOLQHIXUWKHUEDFN$VWKHERG\PRYHVEDFNWKHDUPV
PRYHIRUZDUGLQIURQWRIWKHKHDG7KLVFRPSOHWHVRQHUHSHWLWLRQ
z &RPSOHWHWKLVSDWWHUQIRU±UHSHWLWLRQVEHIRUHUHSHDWLQJWKHH[HUFLVHZLWKWKHDUPVLQWKH³<´
RU³7´SRVLWLRQ7KH7SRVLWLRQLVLOOXVWUDWHGLQWKHERWWRPURZRILPDJHV
$73 2FWREHU

)LJXUH67'HFOLQH,7<5DLVH
$66,67('648$7
7KH $VVLVWHG 6TXDW LV WKH IRXUWK H[HUFLVH LQ 6XVSHQVLRQ 7UDLQLQJ 'ULOO 7KLV H[HUFLVH XVHV WKH
VXVSHQVLRQWUDLQHUWRDVVLVWD6ROGLHU¶VEDODQFHDQGLQFUHDVHWKHGHSWKRIWKHVTXDW)LJXUHEUHDNVGRZQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH$VVLVWHG6TXDWLVWKH6WUDGGOH6WDQFHZLWKWKHVXVSHQVLRQVWUDSVKHOG
DWWHQVLRQDWFKHVWKHLJKW
z )URP WKH VWDUWLQJ SRVLWLRQ SHUIRUP D VTXDW SXOOLQJ PRUH WHQVLRQ RQ WKH VWUDSV WR DVVLVW ZLWK
EDODQFHGHSWKRIWKHVTXDWPRWLRQRUWRDOOHYLDWHWKHORDGRQWKHWKLJKPXVFOHV
)LJXUH67$VVLVWHG6TXDW
'(&/,1(%,&(36&85/
7KH'HFOLQH%LFHSV&XUOLVWKHILIWKH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO7KLVH[HUFLVHXVHVWKH
VXVSHQVLRQWUDLQHUWRGHFOLQHWKHERG\WRLQFUHDVHWKHFKDOOHQJHVWRWKHELFHSVPXVFOHVXVLQJERG\ZHLJKW
'HFOLQHH[HUFLVHVXWLOL]HDEDFNZDUGOHDQ)LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO
6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 'HFOLQH %LFHSV &XUO LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH
VXVSHQVLRQVWUDSVKHOGDWWHQVLRQDWFKHVWOHYHOXVLQJDFORVHGVXSLQDWHGRUXQGHUKDQGJULS
z )URPWKHVWDUWLQJSRVLWLRQOHDQEDFNHLWKHUE\PRYLQJWKHIHHWIXUWKHUEHQHDWKWKHVWUDSKDQGOHV
RUH[WHQGLQJWKHHOERZV
z )URPWKHGHFOLQHGSRVLWLRQSXOOXSRQWKHVWUDSVE\EHQGLQJWKHHOERZVWREULQJWKHVWUDSKDQGOHV
WRZDUGWKHFKHVW7KHERG\UHPDLQVVWUDLJKWWKURXJKRXWWKHPRYHPHQW
2FWREHU $73

&KDSWHU
z &RPSOHWHWKLVH[HUFLVH±WLPHVUHWXUQLQJWRWKHVWDUWLQJSRVLWLRQDIWHUWKHILQDOUHSHWLWLRQ
z 7RLQFUHDVHWKHZRUNORDGRUFKDOOHQJHOHQJWKHQWKHVWUDSVWRLQFUHDVHWKHDQJOHRIWKHGHFOLQH
)LJXUH67'HFOLQH%LFHSV&XUO
6863(16,2175$,1,1*'5,//67
6XVSHQVLRQ 7UDLQLQJ 'ULOO NQRZQ DV 67 FRQVLVWV RI H[HUFLVHV WKDW OLNH 6XVSHQVLRQ 7UDLQLQJ
'ULOO DUH GHVLJQHG WR LPSURYH EDODQFH DQG FRUH VWDELOLW\ ZKLOH LQFUHDVLQJ PRYHPHQW DQG PRELOLW\
6XVSHQVLRQ7UDLQLQJ'ULOOH[HUFLVHVUHTXLUHLQFUHDVHGOHYHOVRIVWUHQJWKDQGPRELOLW\7KHILYH6XVSHQVLRQ
7UDLQLQJ'ULOOH[HUFLVHVDUHWKH$VVLVWHG/DWHUDO/XQJH6XVSHQVLRQ/HJ7XFNDQG3LNH'HFOLQH3XOO8S
6XVSHQVLRQ+DPVWULQJ&XUODQG$VVLVWHG6LQJOH/HJ6TXDW7KLVVHFWLRQDOVRLOOXVWUDWHVVXVSHQGHG&OLPELQJ
'ULOOVDQGIRU6ROGLHUVZKRKDYHDFFHVVWRVXVSHQVLRQWUDLQHUVEXWODFNFOLPELQJEDUDSSDUDWXV
$66,67('/$7(5$//81*(
7KH$VVLVWHG/DWHUDO/XQJHLVWKHILUVWH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO7KLVH[HUFLVHXVHV
WKH VXVSHQVLRQWUDLQHUWRDVVLVWD6ROGLHU¶VEDODQFH DQGLQFUHDVHWKHUDQJHRIWKHODWHUDOOXQJH PRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH$VVLVWHG/DWHUDO/XQJHLVWKH6WUDGGOH6WDQFHZLWKWKHVXVSHQVLRQ
VWUDSVKHOGDWWHQVLRQDWFKHVWKHLJKW
z )URPWKHVWDUWLQJSRVLWLRQSHUIRUPDQH[DJJHUDWHGVWHSWRWKHOHIWEHQGLQJWKHOHIWNQHHZKLOH
SXOOLQJLQFUHDVHGWHQVLRQRQWKHVWUDSV7KHWUXQNUHPDLQVIDFLQJDKHDGDQGZLWKWKHULJKWIRRW
UHPDLQLQJLQLWVVWDUWLQJSRVLWLRQWKHULJKWOHJLVDEGXFWHGVWUDLJKWRXWWRWKHVLGH
z )URPWKLVSRVLWLRQSXOORQWKHVWUDSVWRDVVLVWZLWKDUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 7KHODWHUDOOXQJHPRYHPHQWLVWKHQUHSHDWHGWRWKHULJKWVLGH
z 7KHPRYHPHQWFDQEHPRGLILHGE\FKDQJLQJWKHUDQJHRIPRWLRQRIWKHOXQJHRUWKHOHQJWKRIWKH
VWUDSV
$73 2FWREHU

)LJXUH67$VVLVWHG/DWHUDO/XQJH
6863(16,21/(*78&.$1'3,.(
7KH 6XVSHQVLRQ /HJ7XFN DQG 3LNH LV WKH VHFRQG H[HUFLVH LQ 6XVSHQVLRQ 7UDLQLQJ 'ULOO ,W
FKDOOHQJHVVKRXOGHUVWDELOLW\DQGFRUHVWUHQJWKE\VXVSHQGLQJWKHIHHWDERYHWKHJURXQGZKLOHPRYLQJLQWRD
SURQH/HJ7XFNDQG3LNHSRVLWLRQ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XVSHQVLRQ/HJ7XFNDQG3LNHLVWKH)URQW/HDQLQJ5HVWSRVLWLRQ
ZLWKIHHWLQWKHVWUDSVVXVSHQGHGIURPWKHJURXQG)XOO\H[WHQGHOERZVSDOPVIODWRQWKHJURXQG
7KH6ROGLHUDGMXVWVWKHVWUDSVVRWKDWKLVRUKHUERG\LVSDUDOOHOWRWKHJURXQG
z 3HUIRUPDFRQWUROOHGOHJWXFNEULQJLQJWKHNQHHVWRZDUGWKHHOERZV
z $IWHUDEULHISDXVHUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 7KHQH[WPRYHPHQWLVLQWRWKH3LNHSRVLWLRQ)URPWKHVWDUWLQJSRVLWLRQNHHSLQJWKHNQHHVFORVH
WRJHWKHUDQGVWUDLJKWEULQJWKHIHHWWRZDUGWKHDUPV
z 3DXVHLQWKH3LNHSRVLWLRQEHIRUHUHWXUQLQJWRWKHVWDUWLQJSRVLWLRQ
)LJXUH676XVSHQVLRQ/HJ7XFNDQG3LNH
2FWREHU $73

&KDSWHU
'(&/,1(38//83
7KH 'HFOLQH 3XOO8S LV WKH WKLUG H[HUFLVH LQ 6XVSHQVLRQ 7UDLQLQJ 'ULOO 7KLV H[HUFLVH XVHV WKH
VXVSHQVLRQWUDLQHUWRGHFOLQHWKHERG\WRLQFUHDVHWKHFKDOOHQJHVWRWKHVKRXOGHUDQGDUPPXVFOHVXVLQJERG\
ZHLJKW'HFOLQHH[HUFLVHVXVHDEDFNZDUGOHDQ)LJXUHVKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH'HFOLQH3XOO8SLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHVXVSHQVLRQ
VWUDSVKHOGDWWHQVLRQDWFKHVWOHYHOXVLQJDFORVHGSURQDWHGRYHUKDQGJULS
z )URPWKHVWDUWLQJSRVLWLRQOHDQEDFNHLWKHUE\PRYLQJWKHIHHWIXUWKHUEHQHDWKWKHVWUDSKDQGOHV
RUH[WHQGLQJWKHHOERZV
z )URPWKHGHFOLQHGSRVLWLRQSXOOEDFNXSRQWKHVWUDSVE\EHQGLQJWKHHOERZVWREULQJWKHVWUDS
KDQGOHVOHYHOZLWKWKHRXWVLGHHGJHRIWKHVKRXOGHUV7KHERG\UHPDLQVVWUDLJKWWKURXJKRXWWKH
PRYHPHQW
z 7RLQFUHDVHWKHZRUNORDGRUFKDOOHQJHOHQJWKHQWKHVWUDSVWRLQFUHDVHWKHDQJOHRIWKHGHFOLQH
)LJXUH67'HFOLQH3XOO8S

$73 2FWREHU

6863(16,21+$0675,1*&85/
7KH6XVSHQVLRQ+DPVWULQJ&XUOLVWKHIRXUWKH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO,WFKDOOHQJHV
WKHPXVFOHVLQWKHEDFNRIWKHOHJXVHGLQUXQQLQJOLIWLQJDQGMXPSLQJ)LJXUHEUHDNVGRZQWKHH[HUFLVH
DVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XVSHQVLRQ+DPVWULQJ&XUOLVWKH6XSLQHSRVLWLRQZLWKDUPVRQWKH
JURXQGDWGHJUHHVIURPWKHERG\NQHHVDQGKLSVIOH[HGWRGHJUHHVZLWKWKHIHHWVXVSHQGHG
LQWKH VWUDSKDQGOHV6KRXOGHUVDUPVDQGWUXQNUHVWRQWKHJURXQG7KHKHDG PD\UHVWRQWKH
JURXQG
z )URPWKHVWDUWLQJSRVLWLRQOLIWWKHSHOYLVIURPWKHJURXQGWRIRUPDVWUDLJKWOLQHIURPWKHNQHHV
WKURXJKWKHKLSVWRWKHVKRXOGHUV
z )URPWKLVSRVLWLRQVWUDLJKWHQWKHNQHHVXQWLODPRGHUDWHFKDOOHQJHLVIHOWLQWKHKDPVWULQJPXVFOHV
LQWKHEDFNRIWKHWKLJKV7KHSHOYLVDQGWUXQNZLOOUHPDLQLQWKHVDPHSRVLWLRQ
z $IWHUDEULHISDXVHEHQGWKHNQHHVSXOOLQJWKHIHHWWRZDUGWKHEXWWRFNV
z 5HSHDWWKLVH[WHQVLRQDQGIOH[LRQRIWKHNQHHV±WLPHVEHIRUHUHWXUQLQJWRWKHVWDUWLQJSRVLWLRQ
z $VVNLOODQGHQGXUDQFHLPSURYHVDPRGLILHGYHUVLRQRIWKLVH[HUFLVHFDQEHSHUIRUPHGE\KROGLQJ
LQHLWKHUEHQWRUVWUDLJKWNQHHSRVLWLRQVIRUXSWR±VHFRQGV
)LJXUH676XVSHQVLRQ+DPVWULQJ&XUO
$66,67('6,1*/(/(*648$7
7KH$VVLVWHG6LQJOH/HJ6TXDWLVWKHILIWKH[HUFLVHLQ6XVSHQVLRQ7UDLQLQJ'ULOO7KLVH[HUFLVHXVHV
WKHVXVSHQVLRQWUDLQHUWRDVVLVWD6ROGLHU¶VEDODQFHDQGLQFUHDVHWKHGHSWKRIWKHVTXDWXVLQJRQHOHJ7KLV
H[HUFLVHXVHVWKHVWUDSVSXOOHGLQWRDQRYHUVKRUWHQHGRUµGRJHDU¶SRVLWLRQ)LJXUHRQSDJHEUHDNV
GRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH$VVLVWHG6LQJOH/HJ6TXDWLVWKH6WUDGGOH6WDQFHZLWKWKHVXVSHQVLRQ
VWUDSVKHOGDWWHQVLRQDWFKHVWKHLJKW
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHULJKWOHJWRSHUIRUPDVTXDWRQWKHOHIWOHJ
z %\LQFUHDVLQJPRUHWHQVLRQRQWKHVWUDSVWKHVXVSHQVLRQWUDLQHUDVVLVWVZLWKEDODQFHDVVLVWVZLWK
GHSWKRIWKHVTXDWPRWLRQRUDOOHYLDWHVWKHORDGRQWKHWKLJKPXVFOHV
z &RPSOHWHWKLVH[HUFLVHWLPHVRQWKHOHIWOHJEHIRUHVZLWFKLQJWRWKHULJKWOHJ
2FWREHU $73

&KDSWHU
)LJXUH67$VVLVWHG6LQJOH/HJ6TXDW
)LJXUH LOOXVWUDWHV D PRGLILHG YHUVLRQ RI WKH $VVLVWHG 6LQJOH/HJ 6TXDW WKDW SRVLWLRQV WKH
HOHYDWHGIRRWDQGOHJWRWKHUHDU
)LJXUH67D$VVLVWHG6LQJOH/HJ6TXDWZLWKDOWHUQDWLYHPRYHPHQW
$73 2FWREHU

6863(1'('&/,0%,1*'5,//6$1'
6ROGLHUV ZKR KDYH DFFHVV WR VXVSHQVLRQ WUDLQHUV EXW ODFN FOLPELQJ EDU DSSDUDWXV FDQ FRQGXFW
VXVSHQGHG&OLPELQJ'ULOOVDQG,QWKLVFDVH6ROGLHUVPD\PRGLI\&OLPELQJ'ULOOVDQGVHHSDUDJUDSKV
WKURXJKWREHSHUIRUPHGRQWKH6XVSHQVLRQ6\VWHP)LJXUHILJXUHILJXUHILJXUH
ILJXUHRQSDJHDQGILJXUHRQSDJHGHPRQVWUDWHWKHVXVSHQVLRQYHUVLRQVRI
HDFKRIWKHVL[&OLPELQJ'ULOOH[HUFLVHV
)LJXUH676XVSHQGHG6WUDLJKW$UP )LJXUH676XVSHQGHG+HHO+RRN
3XOO
)LJXUH676XVSHQGHG/HJ7XFN )LJXUH676XVSHQGHG3XOO8S
2FWREHU $73

&KDSWHU
)LJXUH676XVSHQGHG$OWHUQDWLQJ )LJXUH676XVSHQGHG)OH[HG$UP
*ULS3XOO8S +DQJ

$73 2FWREHU

&KDSWHU
/DQGPLQH'ULOOV
/$1'0,1('5,///0
/DQGPLQH'ULOOVDUHDVHULHVRIH[HUFLVHVXVLQJDIUHHZHLJKWWUDLQLQJGHYLFHFDOOHGDODQGPLQH7KLV
HTXLSPHQW EXLOGV D 6ROGLHU¶V VWUHQJWK LQ PXOWLSOH DUHDV RI WKH ERG\ DQG LQ PXOWLSOH SODQHV RI PRWLRQ
/DQGPLQHH[HUFLVHVZKHQFRQGXFWHGZLWKWKHFRUUHFWLQWHQVLW\DQGIUHTXHQF\SURYLGHDPRGHUDWHPXVFXODU
VWUHQJWKFKDOOHQJHWRVXSSOHPHQWRWKHUSK\VLFDOWUDLQLQJIUHHZHLJKWH[HUFLVHV/DQGPLQH'ULOOVSUHSDUHWKH
ERG\IRUPRUHYLJRURXVSK\VLFDOWUDLQLQJDQGWHVWHYHQWV7KHDOWHUQDWLQJXQGHUKDQGDQGRYHUKDQGJULSVDUH
XVHGIRUODQGPLQHH[HUFLVHV$OORIWKHVHJULSVDUHFORVHGJULSV,QVRPHLQVWDQFHVWKHJULSKDVWREHDGMXVWHG
GXULQJWKHPRYHPHQWDQGPRUHWKDQRQHJULSPD\EHUHTXLUHG
'HPRQVWUDWLRQ YLGHRV RI /DQGPLQH 'ULOOV DUH ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
$UP\&RPEDW)LWQHVV7HVWZHEVLWHDWKWWSVZZZDUP\PLODFIWKWWSVZZZDUP\PLODFIW
675$,*+7/(*'($'/,)7
7KH6WUDLJKW/HJ'HDGOLIWLVWKHILUVWH[HUFLVHLQ/DQGPLQH'ULOONQRZQDV/0,WVWUHQJWKHQVWKH
EDFNRIWKHERG\²WKHPXVFOHVWKDWIRUPWKHVRFDOOHG³SRVWHULRUFKDLQ´)LJXUHRQSDJHEUHDNV
GRZQDFRXQWYHUVLRQRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 6WUDLJKW/HJ 'HDGOLIW LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH
ODQGPLQHUHVWLQJRQWKHJURXQGLQIURQWRIWKH6ROGLHU¶VIHHW
z 2QFRXQWVTXDWGRZQWRJUDVSWKHODQGPLQHLQERWKKDQGV
z )URPWKHVTXDWSRVLWLRQZKLOHNHHSLQJWKHDUPVVWUDLJKWDQGH[WHQGLQJWKHNQHHVKLSVDQGEDFN
OLIWWKHODQGPLQHIURPWKHJURXQG
z 2Q FRXQW ZKLOH NHHSLQJ WKH NQHHV VWUDLJKW EXW QRW ORFNHG EHQG DW WKH ZDLVW WR ORZHU WKH
ODQGPLQHWRZDUGWKHJURXQG7KH6ROGLHU¶VEDFNDQGDUPVZLOOUHPDLQVWUDLJKW
z 3DXVHEHIRUHWKHODQGPLQHUHDFKHVWKHJURXQG7KLVZLOOEHDWWKHSRLQWZKHQWHQVLRQLVIHOWLQWKH
EDFNRIWKHWKLJKV
z 7RPRGLI\WKHPRYHPHQWDQGPDNHLWHDVLHUSODFHWKHODQGPLQHRQWKHJURXQGWRHQGFRXQW
z 2QFRXQWUHWXUQWRWKHVDPH³XS´SRVLWLRQSHUIRUPHGDWWKHHQGRIFRXQW
z &RPSOHWHWKLVH[HUFLVHWLPHVIURPHDFKVLGHRIWKHEDU
2FWREHU $73

&KDSWHU
)LJXUH/06WUDLJKW/HJ'HDGOLIW
',$*21$/35(66
7KH'LDJRQDO3UHVVLVWKHVHFRQGH[HUFLVHLQ/DQGPLQH'ULOO7KHPRYHPHQWFKDOOHQJHVXSSHUDQG
ORZHUERG\SXOODQGSXVK VWUHQJWKDQGFRRUGLQDWLRQ,WVXSSRUWVPRUHYLJRURXVWHVWLQJ DQGFRPEDWWDVNV
)LJXUHEUHDNVGRZQDFRXQWYHUVLRQRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH'LDJRQDO3UHVVLVWKH6TXDWSRVLWLRQZLWKWKHODQGPLQHUHVWLQJRQWKH
JURXQG7KHOHIWVLGHRIWKHERG\IDFHVWKHDQFKRUSRLQWIRUWKHODQGPLQH
z 7KHOHIWKDQGJULSVWKHEDUXVLQJDFORVHGRYHUKDQGJULS7KHULJKWKDQGJULSVWKHEDUXVLQJD
FORVHGXQGHUKDQGJULS
z 2QFRXQWOLIWWKHODQGPLQHIURPWKHJURXQGZKLOHVLPXOWDQHRXVO\PRYLQJWRD6WUDGGOH6WDQFH
SRVLWLRQ
z 0RYHWKHEDUXSDQGRXWDERYHWKHOHIWVKRXOGHUSLYRWLQJRQWKHOHIWIRRWWRDOORZWKHWUXQNKLSV
DQGULJKWIRRWWRURWDWHWRWKHOHIWIROORZLQJWKHDUPDQGVKRXOGHUPRYHPHQW
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQUHSODFLQJWKHODQGPLQHRQWKHJURXQGWRFRPSOHWHRQH
UHSHWLWLRQ
z &RPSOHWHWKLVH[HUFLVHWLPHVRQWKHOHIWVLGHEHIRUHVZLWFKLQJWRWKHULJKWWRFRPSOHWHPRUH
UHSHWLWLRQV
$73 2FWREHU

/DQGPLQH'ULOOV
)LJXUH/0'LDJRQDO3UHVV
5($5/81*(
7KH5HDU/XQJHLVWKHWKLUGH[HUFLVHLQ/DQGPLQH'ULOO,WFKDOOHQJHVWKHKLSVWDELOLW\DQGEDODQFHDV
ZHOODVSUHSDUHV6ROGLHUVWRPRYHXQGHUORDGIURPVWDQGLQJWRNQHHOLQJILULQJSRVLWLRQV)LJXUHEUHDNV
z 7KHVWDUWLQJSRVLWLRQIRUWKH5HDU/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHODQGPLQHKHOGDW
FKHVWKHLJKW
z 2QFRXQWWDNHDQH[DJJHUDWHGVWHSEDFNZLWKWKHOHIWOHJ7KHIRRWZLOOEHIDUHQRXJKEDFNWR
SUHYHQWWKHKHHOIURPEHLQJRQWKHJURXQG
z 7KHODQGPLQHZLOOFRQWLQXHWREHKHOGLQIURQWRIWKHFKHVW
z 2QFRXQWUHSHDWWKHOXQJLQJPRWLRQZLWKWKHULJKWOHJ
z 2Q&RXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ7KLVFRPSOHWHVRQHUHSHWLWLRQRIWKHH[HUFLVH
)LJXUH/05HDU/XQJH
'(*5((/$1'0,1(
7KH'HJUHH/DQGPLQHLVWKHIRXUWKH[HUFLVHLQ/DQGPLQH'ULOO,WFKDOOHQJHVWKHDUPVKRXOGHU
DQGFRUHVWUHQJWKDQGVWDELOLW\LQWKHWUDQVYHUVHGLYLGLQJWRSDQGERWWRPDQGIURQWDOSODQHV)LJXUHRQ
SDJHEUHDNVGRZQDFRXQWYHUVLRQRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 'HJUHH /DQGPLQH LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH
ODQGPLQHKHOGLQERWKKDQGVLQIURQWRIWKHULJKWVKRXOGHU
z 2QFRXQWPRYHWKHEDUIURPWKHULJKWVLGHRIWKHERG\XSDQGDFURVVWRWKHOHIWVLGH
z 7KHWUXQNPD\IROORZWKHVKRXOGHUDQGDUPURWDWLRQRUUHPDLQLQSODFHGHSHQGLQJRQWKHJRDORI
WKHSK\VLFDOWUDLQLQJVHVVLRQ
z 7KHIRRWSRVLWLRQDGMXVWVDVQHFHVVDU\WRFRPSOHWHWKHH[HUFLVH
2FWREHU $73

&KDSWHU
z 2QFRXQWPRYHWKHODQGPLQHIURPWKHOHIWEDFNWRWKHULJKW
z 2QFRXQWUHSHDWFRXQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ7KLVFRPSOHWHVRQHUHSHWLWLRQRIWKH
H[HUFLVH
)LJXUH/0'HJUHH/DQGPLQH
/$7(5$//81*(
7KH/DWHUDO/XQJHLVWKHILIWKH[HUFLVHLQ/DQGPLQH'ULOO,WFKDOOHQJHVKLSVWUHQJWKDQGPRELOLW\LQ
WKHIURQWDOSODQH)LJXUHEUHDNVGRZQDFRXQWYHUVLRQRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH/DWHUDO/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHODQGPLQHKHOG
DWZDLVWKHLJKW
z 2QFRXQWSHUIRUPDQH[DJJHUDWHGVWHSWRWKHOHIWEHQGLQJWKHOHIWNQHHZKLOHFRQWUROOLQJWKH
ODQGPLQHEHWZHHQZDLVWDQGFKHVWKHLJKW
z 7KHWUXQNUHPDLQVIDFLQJDKHDG7KHULJKWIRRWUHPDLQVLQLWVVWDUWLQJSRVLWLRQ7KHULJKWOHJLV
DEGXFWHGVWUDLJKWRXWWRWKHVLGH
z 2QFRXQWUHSHDWWKHODWHUDOOXQJHPRYHPHQWWRWKHULJKW
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQ7KLVFRPSOHWHVRQHUHSHWLWLRQRIWKHH[HUFLVH
$73 2FWREHU

/DQGPLQH'ULOOV
)LJXUH/0/DWHUDO/XQJH

2FWREHU $73

&KDSWHU
/$1'0,1('5,///0
/DQGPLQH'ULOONQRZQDV/0LVDPRUHDGYDQFHGDQGWKHUHIRUHLQWHQVHVHWRIH[HUFLVHVXVLQJWKH
ODQGPLQHV\VWHP7KHGULOOGHYHORSVD6ROGLHU¶VVWUHQJWKLQPXOWLSOHDUHDVRIWKHERG\DQGLQPXOWLSOHSODQHV
RIPRWLRQWRLPSURYHPXVFXODUVWUHQJWK,WSUHSDUHVWKH6ROGLHUIRULQWHQVHSK\VLFDOWUDLQLQJDQGKLJKHUOHYHOV
RISHUIRUPDQFHRQWHVWHYHQWV
',$*21$//,)77235(66
7KH'LDJRQDO/LIWWR3UHVVLVWKHILUVWH[HUFLVHLQ/DQGPLQH'ULOO,WFKDOOHQJHVVKRXOGHUVWUHQJWKDQG
FRRUGLQDWLRQLQERWKWKHIURQWDODQGVDJLWWDOGLYLGLQJOHIWDQGULJKWSODQHV)LJXUHEUHDNVGRZQD
FRXQWYHUVLRQRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 'LDJRQDO /LIW WR 3UHVV LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH
ODQGPLQHKHOGLQERWKKDQGVDWFKHVWKHLJKW
z 2QFRXQWVWHSIRUZDUGDQGWRWKHOHIWZLWKWKHOHIWIRRWZKLOHVLPXOWDQHRXVO\OLIWLQJWKHODQGPLQH
XSDQGRXWWRWKHOHIW²DGLDJRQDOSUHVV
z 7KHULJKWIRRWUHPDLQVLQWKHVWDUWLQJSRVLWLRQ
z 7KHWUXQNPD\IROORZWKHVKRXOGHUDQGDUPURWDWLRQRUUHPDLQLQSODFHGHSHQGLQJRQWKHJRDORI
WKHSK\VLFDOWUDLQLQJVHVVLRQ
z 2QFRXQWUHSHDWWKHOLIWDQGGLDJRQDOSUHVVPRWLRQWRWKHULJKW
)LJXUH/0'LDJRQDO/LIWWR3UHVV

$73 2FWREHU

/DQGPLQH'ULOOV
6,1*/($50&+(6735(66
7KH 6LQJOH$UP &KHVW 3UHVV LV WKH VHFRQG H[HUFLVH LQ /DQGPLQH 'ULOO ,W FKDOOHQJHV VKRXOGHU
VWUHQJWK DQG FDQ EH XVHG E\ LQMXUHG 6ROGLHUV WR PDLQWDLQ VWUHQJWK LQ WKHLU QRQLQMXUHG DUPV )LJXUH
EUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH$UP&KHVW3UHVVLVWKH6XSLQHSRVLWLRQZLWKNQHHVEHQWWR
GHJUHHVKHDGDQGIHHWUHVWLQJRQWKHJURXQG
z 3RVLWLRQWKHHQGRIWKHODQGPLQHEDUDERYHWKH6ROGLHU¶VOHIWRUULJKWXSSHUDUP
z *UDVSWKHEDUZLWKWKHOHIWRUULJKWKDQGUDLVLQJWKHODQGPLQHVOLJKWO\RIIWKHJURXQGLIQHFHVVDU\
z )URPWKHVWDUWLQJSRVLWLRQSXVKWKHODQGPLQHXSDQGRXWIURPWKHERG\$IWHUSDXVLQJLQWKHXS
SRVLWLRQUHWXUQWKHZHLJKWWRZDUGWKHJURXQGXQWLOWKHXSSHUDUPUHVWVRQWKHJURXQG
z &RPSOHWH±UHSHWLWLRQVRQRQHVLGHEHIRUHVZLWFKLQJWRWKHRWKHU
)LJXUH/06LQJOH$UP&KHVW3UHVV
'(*5((/$1'0,1(.1((/,1*
7KH'HJUHH /DQGPLQH .QHHOLQJ LVWKHWKLUGH[HUFLVHLQ /DQGPLQH 'ULOO,WVWUHQJWKHQVWKH
VKRXOGHUDQGFRUHPXVFOHVLQWKHWUDQVYHUVHSODQHDVWKH\VXSSRUWPRYHPHQWRIWKHODQGPLQHDFURVVWKHERG\
)LJXUHRQSDJHEUHDNVGRZQDFRXQWYHUVLRQRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH'HJUHH/DQGPLQH.QHHOLQJLVWKH.QHHOLQJRU+DOI.QHHOLQJ
SRVLWLRQZLWKERWKKDQGVKROGLQJWKHODQGPLQHLQIURQWRIWKHFKHVW
z 2QFRXQWPRYHWKHODQGPLQHWRWKHOHIWURWDWLQJWKHWUXQNWRPDWFKWKHPRYHPHQWRIWKHZHLJKW
z 2QFRXQWUHSHDWWKHURWDWLRQDOPRWLRQWRWKHULJKW
2FWREHU $73

&KDSWHU
)LJXUH/0'HJUHH/DQGPLQH.QHHOLQJ
%(1729(552:
7KH%HQW2YHU5RZLVWKHIRXUWKH[HUFLVHLQ/DQGPLQH'ULOO,WVWUHQJWKHQVPXVFOHVLQWKHEDFNRI
WKHDUPVVKRXOGHUVORZEDFNKLSVDQGWKLJKV)LJXUHEUHDNVGRZQDFRXQWYHUVLRQRIWKHH[HUFLVHDV
D6ROGLHUFRQGXFWVLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH %HQW2YHU 5RZ LV WKH )RUZDUG /HDQLQJ 6WDQFH SRVLWLRQ ZLWK WKH
ODQGPLQHKHOGZLWKERWKKDQGVLQIURQWRIWKHWKLJKV
z 2QFRXQWSXOOWKHODQGPLQHWRZDUGWKHFKHVWZLWKERWKDUPVDQGSDXVH
z 2QFRXQWUHSHDWWKHURZLQJPRWLRQ
z &RPSOHWHWKLVH[HUFLVHWLPHVRQWKHOHIWVLGHEHIRUHVZLWFKLQJWRWKHULJKWWRFRPSOHWHILYHPRUH
UHSHWLWLRQV
$73 2FWREHU

/DQGPLQH'ULOOV
)LJXUH/0%HQW2YHU5RZ
5($5/81*(7235(66
7KH 5HDU /XQJH WR 3UHVV LV WKH ILIWK H[HUFLVH LQ /DQGPLQH 'ULOO ,W UHTXLUHV FRRUGLQDWLRQ DQG
VWUHQJWKRIDUPVKRXOGHUWUXQNDQGOHJPXVFOHVDVWKH\PRYHLQWKHVDJLWWDOSODQH )LJXUHEUHDNV
z 7KHVWDUWLQJSRVLWLRQIRUWKH5HDU/XQJHWR3UHVVLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHODQGPLQH
KHOGLQERWKKDQGVDWFKHVWKHLJKW
z 2Q FRXQW WDNH DQ H[DJJHUDWHG VWHS EDFN ZLWK WKH OHIW OHJ ZKLOH VLPXOWDQHRXVO\ UDLVLQJ WKH
ODQGPLQHRYHUKHDG
z 7KHIRRWZLOOEHIDUHQRXJKEDFNWRSUHYHQWWKHKHHOIURPEHLQJRQWKHJURXQGDQGWKHODQGPLQH
ZLOOEHUDLVHGVRWKDWWKHUHLVDVWUDLJKWOLQHIURPWKHKDQGVWKURXJKWKHVKRXOGHUVKLSVDQGNQHHV
WRWKHUHDUKHHO
z 2QFRXQWUHSHDWWKHOXQJLQJPRWLRQZLWKWKHULJKWOHJ
)LJXUH/05HDU/XQJHWR3UHVV

2FWREHU $73


&KDSWHU
3UHJQDQF\DQG3RVWSDUWXP3K\VLFDO7UDLQLQJ'ULOOV
35(*1$1&<$1'32673$57803+<6,&$/75$,1,1*
3UHJQDQF\DQG3RVWSDUWXP3K\VLFDO7UDLQLQJNQRZQDV37SURJUDPVHQDEOH6ROGLHUVWRPDLQWDLQ
WKHLUSK\VLFDOKHDOWKDQGILWQHVVWKURXJKWKHWKUHHWULPHVWHUVRISUHJQDQF\DQGSRVWSDUWXPSHULRG7RPDLQWDLQ
UHDGLQHVV6ROGLHUVH[HUFLVHWKUHHWRILYHWLPHVSHUZHHNIRU ±PLQXWHVSHUVHVVLRQ([HUFLVHVHVVLRQV
VKRXOGIROORZWKHVDPHSULQFLSOHVRXWOLQHGLQWKLV SXEOLFDWLRQEXWZLWKPRGLILFDWLRQVWRDFFRPPRGDWHWKH
FKDQJHV LQ WKH SUHJQDQW 6ROGLHU¶V ILWQHVV DQG IDWLJXH OHYHOV GLUHFWLYHV IURP PHGLFDO SURYLGHUV DQG WKH
6ROGLHU¶V PRWLYDWLRQ WR WUDLQ 2WKHUZLVHKHDOWK\ SRVWSDUWXP 6ROGLHUV PD\ UHVXPH FRUH VWUHQJWKHQLQJ
H[HUFLVHVZLWKLQDVKRUWSHULRGDIWHUJLYLQJELUWK0RGLILFDWLRQVWRFRUHDQGKLSVWUHQJWKHQLQJH[HUFLVHVPD\
EHQHFHVVDU\DWILUVWEXWDV6ROGLHUVSURJUHVVVWDQGDUGPRYHPHQWVEHFRPHHDVLHUWRH[HFXWHVDIHO\
7KHVL[H[HUFLVHVLQWKH3UHJQDQF\DQG3RVWSDUWXP3K\VLFDO7UDLQLQJ'ULOODUHVSHFLILFIRUSUHJQDQW
DQG SRVWSDUWXP6ROGLHUV 3DUDJUDSKV WKURXJK OLVWWKHP IRUHDV\UHIHUHQFH7KH $UP\ &RPEDW
)LWQHVV7HVWZHEVLWHDWKWWSVZZZDUP\PLODFIWKDVPRUHVXSSRUWIRU+)WHVWHYHQWVDQGH[HUFLVHV6HH
GHPRQVWUDWLRQ YLGHRV IRU 3UHJQDQF\ DQG 3RVWSDUWXP 3K\VLFDO 7UDLQLQJ 'ULOO H[HUFLVHV DW
HDUFKBWHUPV &,07²WKH&HQWUDO$UP\5HJLVWU\ZHEVLWH&RS\DQGSDVWHWKLVDGGUHVVDIWHUDFFHVVLQJWKH
&HQWUDO$UP\5HJLVWU\ZHEVLWHLIWKHGHPRQVWUDWLRQVGRQRWSRSXODWH
5(9(56(6,783
7KH5HYHUVH6LW8SLVDPRGLILFDWLRQRIWKH6LW8SVSHFLILFDOO\IRUSUHJQDQWRUSRVWSDUWXP6ROGLHUV
7KLV H[HUFLVH VDIHO\ FKDOOHQJHV WKH DEGRPLQDO PXVFOHV ,W FDQ EH SUDFWLFHG GXULQJ WKH VHFRQG DQG WKLUG
WULPHVWHUV DQG LQ WKH LQLWLDO SRVWSDUWXP SHULRG )LJXUH RQ SDJH LOOXVWUDWHV D EUHDNGRZQ RI WKH
H[HUFLVHD6ROGLHUPRYLQJDWKHURZQSDFHFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLV6LWWLQJSRVLWLRQZLWKNQHHVEHQWIHHWRQWKHIORRUDQGKDQGVDQGIRUHDUPV
FURVVHGRYHUWKHIURQWRIWKHDEGRPHQDQGSXOOLQJWKHVLGHVLQZDUG7KLVFUHDWHVVXSSRUWWRUHGXFH
WKHZRUNRIWKHDEGRPLQDOPXVFOHV
z )URPWKHVWDUWLQJSRVLWLRQORZHUWKHWUXQNDVIDUDVFRPIRUWDEOHWRZDUGWKHJURXQGZKLOHNHHSLQJ
WKHIHHWRQWKHJURXQGWKURXJKRXWWKHPRYHPHQW
z 5HWXUQWRWKHVLWWLQJSRVLWLRQ
z 3URJUHVVWRORZHUGURSVDVVNLOOLPSURYHVNHHSLQJIHHWRQWKHJURXQGWKURXJKRXWWKHPRYHPHQW
2FWREHU $73

&KDSWHU
)LJXUH375HYHUVH6LW8S
2%/,48(6,783
7KH2EOLTXH6LW8SLVDPRGLILFDWLRQRIWKH6LW8SVSHFLILFDOO\IRUSUHJQDQWRUSRVWSDUWXP6ROGLHUV
7KLV H[HUFLVH VDIHO\ FKDOOHQJHV WKH REOLTXH PXVFOHV RI WKH DEGRPHQ ,W FDQ EH SUDFWLFHG GXULQJ WKH ILUVW
WULPHVWHU DQG SRVWSDUWXP SHULRG E\ 6ROGLHUV ZKR KDYH QR UHFWXV GLDVWDVLV RU QR GLDVWDVLV ZLGHU WKDQ WZR
ILQJHUV)LJXUHVKRZVDEUHDNGRZQRIWKHH[HUFLVHDVD6ROGLHUPRYLQJDWKHURZQSDFHFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6XSLQHSRVLWLRQZLWKNQHHVEHQWDQGIHHWWUXQNDQGKHDGRQWKHIORRU
)LQJHUVDUHORFNHGWRJHWKHUEHKLQGWKHKHDG
z )URPWKHVWDUWLQJSRVLWLRQFURVVWKHULJKWOHJRYHUWKHOHIWNQHHEHIRUHUDLVLQJWKHKHDGDQGOHIW
VKRXOGHUDQGDUPXSWRZDUGWKHULJKWNQHH
z ,IQHFHVVDU\NHHSWKHULJKWVKRXOGHUDQGXSSHUDUPRQWKHJURXQGWRVXSSRUWWKHPRYHPHQW3DXVH
EHIRUHORZHULQJEDFNWKHVWDUWLQJSRVLWLRQ
z 5HSHDWWKLVH[HUFLVHXSWRWLPHVEHIRUHSHUIRUPLQJWKHVDPHPRYHPHQWRQWKHRSSRVLWHVLGH
$73 2FWREHU

)LJXUH372EOLTXH6LW8S
02',),('6,783
7KH0RGLILHG6LW8SLVDPRGLILFDWLRQRIWKH6LW8SVSHFLILFDOO\IRUSUHJQDQWRUSRVWSDUWXP6ROGLHUV
7KLVH[HUFLVHVDIHO\FKDOOHQJHVWKHPXVFOHVRIWKHDEGRPHQ,WFDQEHSUDFWLFHGWKURXJKWKH ILUVWWULPHVWHU
DQGSRVWSDUWXPSHULRGE\DOO6ROGLHUVZKRKDYHQRUHFWXVGLDVWDVLVRUQRGLDVWDVLVZLGHUWKDQWZRILQJHUV
)LJXUHVDQGVKRZDEUHDNGRZQRIWKHH[HUFLVHDVD6ROGLHUPRYLQJDWKHURZQSDFHFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLV WKH 6XSLQHSRVLWLRQ ZLWKNQHHVEHQW IHHWWUXQNDQGKHDGRQWKHIORRU
$UPVDUHFURVVHGRYHUWKHDEGRPHQZLWKKDQGVKROGLQJWKHVLGHVWRVSOLQWWKHDEGRPLQDOPXVFOHV
z )URPWKHVWDUWLQJSRVLWLRQOLIWWKHKHDGVKRXOGHUVDQGFKHVWWRZDUGWKHWKLJKVZKLOHFRQWLQXLQJ
WRVSOLQWWKHDEGRPHQ
z 3DXVHEHIRUHORZHULQJEDFNWRWKHVWDUWLQJSRVLWLRQ
z 5HGXFHWKHGLIILFXOW\RIWKHH[HUFLVHE\RQO\OLIWLQJWKHKHDGRUMXVWWKHVKRXOGHUVIURPWKHJURXQG
)LJXUH370RGLILHG6LW8S
)LJXUH370RGLILHG6LW8S²KHDGOLIW
2FWREHU $73

&KDSWHU
67$1',1*7581.&859(
7KH 6WDQGLQJ 7UXQN &XUYH LV DQ H[HUFLVH VSHFLILFDOO\ IRU SUHJQDQW RU SRVWSDUWXP 6ROGLHUV 7KLV
H[HUFLVHVDIHO\FKDOOHQJHVFRQWURORIWKHPXVFOHVRIWKHDEGRPHQDQGSHOYLV,WFDQEHSUDFWLFHGWKURXJKWKH
WKLUGWULPHVWHUDQGSRVWSDUWXPSHULRGE\DOO6ROGLHUV)LJXUHDQGILJXUHVKRZDEUHDNGRZQRIWKH
H[HUFLVHDVD6ROGLHUPRYLQJDWKHURZQSDFHFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLVWKH6WUDGGOHVWDQFHSRVLWLRQZLWKKDQGVRQKLSV
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHDUPVXSDQGRXWIURPWKHVKRXOGHUVDWGHJUHHVZKLOHWDNLQJ
DGHHSEUHDWKLQ6LPXOWDQHRXVO\GUDZWKHZDLVWOLQHLQDQGXS([KDOHEXWKROGWKHFXUYHLQWKH
DEGRPHQFUHDWHGE\WKLVSURFHGXUH
z 5HOD[DQGUHWXUQWRWKHVWDUWLQJSRVLWLRQ
7RPRGLI\WKH6WDQGLQJ7UXQN&XUYH²
z ,QFUHDVHGLIILFXOW\E\WDNLQJDVHFRQGLQKDODWLRQGUDZLQJWKHDEGRPHQIXUWKHULQDQGVWD\LQJWDOO
LQWKHVSLQHDQGXSSHUFKHVW
z 'HFUHDVHGLIILFXOW\E\SHUIRUPLQJLWLQD6LWWLQJSRVLWLRQZLWKKDQGVRQNQHHVDQGHOERZVRXW
z 7DNHDIHZQRUPDOEUHDWKVEHWZHHQUHSHWLWLRQV
z 5HSHDWWKLVH[HUFLVHXSWRWLPHVDWRZQSDFH
)LJXUH376WDQGLQJ7UXQN&XUYH
)LJXUH376HDWHG7UXQN&XUYH
'((36802648$7
7KH'HHS6XPR6TXDWLVDQH[HUFLVHVSHFLILFDOO\IRUSUHJQDQWRUSRVWSDUWXP6ROGLHUVVHHILJXUH
ILJXUHDQGILJXUH7KLVH[HUFLVHVDIHO\KHOSVWRSUHSDUH6ROGLHUVIRUGHOLYHU\RIWKHLUEDELHV,W
FKDOOHQJHVEDODQFHDQGKLSPRELOLW\DQGSUHSDUHVIRUDUHWXUQWRVLPLODUPRYHPHQWVZLWKIUHHZHLJKWVLQWKH
SRVWSDUWXPDQGUHFRQGLWLRQLQJSHULRGVDIWHUSUHJQDQF\7KHVWDQGLQJYHUVLRQRIWKLVH[HUFLVHVKRXOGQRWEH
SHUIRUPHGXQWLOSHOYLFIORRUPXVFOHVKDYHUHJDLQHGWKHLUVWUHQJWKDIWHUSUHJQDQF\7KH6ROGLHUFRQGXFWVWKH
H[HUFLVHPRYLQJDWKHURZQSDFHZLWKWKHIROORZLQJPRYHPHQWV
$73 2FWREHU

z 7KHVWDUWLQJSRVLWLRQLVWKH6LWWLQJSRVLWLRQZLWKKDQGVRQWKHJURXQGDWWKHVLGHV
z )URPWKHVWDUWLQJSRVLWLRQEHQGWKHNQHHVWRGUDZERWKIHHWXSWRHLWKHUWKHOHIWRUULJKWVLGHRI
WKHERG\
z 0RYHERWKKDQGVWRWKHJURXQG
z 8VHWKHDUPVWRVXSSRUWWKHPRYHPHQWLQWRDVTXDWZLWKWKHIHHWDQGNQHHVWXUQHGRXWWRRSHQWKH
SHOYLFIORRU
z 6XSSRUWWKHSRVLWLRQZLWKKDQGVRQWKHJURXQGHOERZVEHWZHHQWKHNQHHV
z 5HOD[LQWKLVSRVLWLRQIRU±VHFRQGVRUWRWROHUDQFHEHIRUHUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 7RPRGLI\WKH'HHS6XPR6TXDWKROGDVPDOOZHLJKWNHWWOHEHOORUGXPEEHOOLQIURQWRIWKHERG\
WRDVVLVWZLWKEDODQFH
z 5HSHDW±WLPHVDWRZQSDFH
)LJXUH37'HHS6XPR6TXDW
)LJXUH37'HHS6XPR6TXDW²ZHLJKWDVVLVWHG
,QFUHDVHWKHOHYHORIGLIILFXOW\E\PRYLQJWRWKH'HHS6XPR6TXDWIURPWKHVWDQGLQJSRVLWLRQZLWKRXW
SODFLQJWKHKDQGVRQWKHJURXQG
)LJXUH37'HHS6XPR6TXDW²IURP6WDQGLQJSRVLWLRQZLWKRXWZHLJKW
2FWREHU $73

&KDSWHU
3(/9,&&/2&.
7KH3HOYLF&ORFNLVDQH[HUFLVHVSHFLILFDOO\IRUSUHJQDQWRUSRVWSDUWXP6ROGLHUV7KLVH[HUFLVHVDIHO\
FKDOOHQJHVWKH6ROGLHU¶VPXVFXODUFRQWURODQGWKHPRELOLW\RIKHUSHOYLVDQGOXPERVDFUDOUHJLRQ,WFDQEH
SUDFWLFHGWKURXJKWKHWKLUGWULPHVWHUDQG SRVWSDUWXPSHULRG)LJXUHVKRZVWKHH[HUFLVHDVD6ROGLHU
PRYLQJDWKHURZQSDFHFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQLV WKH 6XSLQHSRVLWLRQ ZLWKNQHHVEHQW IHHWWUXQNDQGKHDGRQWKHIORRU
+DQGVDUHSODFHGRQWKHERQ\SURPLQHQFHVRQWKHIURQWRIWKHSHOYLVEHORZWKHZDLVWOLQH
z ,WPD\KHOSWKH6ROGLHUWRLPDJLQHDFORFNUHVWLQJRQWKHIURQWRIWKHSHOYLVLVWRZDUGWKHKHDG
z )URPWKHVWDUWLQJSRVLWLRQIODWWHQWKHORZEDFNDJDLQVWWKHJURXQG7KHKDQGVZLOOPRYHGRZQWR
WKHJURXQG&RQVLGHUWKLVDVPRYHPHQW³WRZDUGR¶FORFN´+ROGIRUVHFRQGV
z )URPWKLVSRVLWLRQPRYHEDFNWKURXJKWKHVWDUWLQJSRVLWLRQWRURWDWHWKHSHOYLVXS²³PRYHPHQW
WRZDUGR¶FORFN´+ROGIRUVHFRQGV
z $VVNLOOLPSURYHVPRYHWRRWKHUSRVLWLRQVRQWKHFORFN²OHIWVLGHXSDVULJKWVLGHRIWKHSHOYLV
PRYHVGRZQLV³PRYHPHQWWRR¶FORFN´
z ³0RYHPHQWWRR¶FORFN´LVFUHDWHGE\WLOWLQJWKHSHOYLVXSRQWKHULJKWDQGGRZQRQWKHOHIW
z 3DXVHIRUVHFRQGVLQHDFKSRVLWLRQEHIRUHPRYLQJDURXQGWKHFORFN
z ,IWKH6ROGLHUPRYHVDURXQGWKHSRVLWLRQVRQWKHFORFNLWZRXOGWDNHRQHPLQXWHWRFRPSOHWH
)LJXUH373HOYLF&ORFN

$73 2FWREHU

&KDSWHU
6WUHQJWK7UDLQLQJ&LUFXLW
675(1*7+75$,1,1*
7KH 6WUHQJWK 7UDLQLQJ &LUFXLW NQRZQ DV 67& FRQVLVWV RI WHQ VHTXHQFHG H[HUFLVH VWDWLRQV XVLQJ
VWUHQJWKWUDLQLQJHTXLSPHQWDQGFOLPELQJH[HUFLVHVSHUIRUPHGIRUDGHVLJQDWHGWLPHXQWLODOOH[HUFLVHVKDYH
EHHQFRPSOHWHG0RYHPHQWDQGGLVWDQFHEHWZHHQVWDWLRQVPD\EHYDULHGDQGPD\LQFOXGHH[HUFLVHVIURP
0LOLWDU\ 0RYHPHQW DQG 5XQQLQJ 'ULOOV 7KLV LV D WRWDO ERG\ UHVLVWDQFH FLUFXLW WKDW SURPRWHV PXVFXODU
HQGXUDQFH7KHDPRXQWRIZHLJKWDQGWKHOHQJWKRIUHVWLQWHUYDOVFDQEHLQFUHDVHGRUGHFUHDVHGWRWDUJHWRWKHU
FRPSRQHQWVRISK\VLFDOILWQHVV
9LGHRV RI WKH 6WUHQJWK 7UDLQLQJ &LUFXLW ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
6802648$7
7KH6XPR6TXDWLVWKHILUVWH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLW7KHVWDUWLQJSRVLWLRQIRUWKH6XPR
6TXDWLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHIHHWVOLJKWO\ZLGHUWKDQWKHVKRXOGHUVDQGWKHWRHVSRLQWLQJ
RXWZDUG +ROG D VLQJOH NHWWOHEHOO ZLWK ERWK KDQGV LQ IURQW RI WKH ERG\ SDOPV SURQDWHG WR IDFH WKH ERG\
)LJXUHRQSDJHVKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLWIRURQHPLQXWHDWVWDWLRQRIWKH6WUHQJWK
7UDLQLQJ&LUFXLW7KHFDGHQFHLVDOZD\VVORZ
z 2QFRXQWVTXDWZKLOHOHDQLQJVOLJKWO\IRUZDUGIURPWKHZDLVWZLWKWKHKHDGXS0RYHGRZQZDUG
XQWLOWKHXSSHUOHJVDUHSDUDOOHOWRWKHJURXQG
z &RPSOHWH RQH PLQXWH RI UHSHWLWLRQV VWRSSLQJ WR UHVW LI QHFHVVDU\ RU DGMXVWLQJ WKH ZHLJKW DQG
UDQJHRIPRYHPHQWWRPDWFKWKHUHTXLUHGSHUIRUPDQFH
2FWREHU $73

&KDSWHU
)LJXUH67&6XPR6TXDW
675$,*+7/(*'($'/,)7
7KH6WUDLJKW/HJ'HDGOLIWLVWKHVHFRQGH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLWVHHILJXUH$
6ROGLHUFRQGXFWVWKHH[HUFLVHIRURQH PLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW7KHFDGHQFHLV
DOZD\VVORZ
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 6WUDLJKW/HJ 'HDGOLIW LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ +ROG WKH
NHWWOHEHOOVLQIURQWRIWKHOHJVXVLQJDSURQDWHGJULS.HHSWKHNQHHVVOLJKWO\IOH[HG²QRWORFNHG²
DQGLQWKHVDPHIOH[HGSRVLWLRQWKURXJKRXWWKHH[HUFLVH
z 2QFRXQWIOH[IRUZDUGIURPWKHZDLVWNHHSLQJWKHKHDGLQOLQHZLWKWKHVSLQHWRDYRLGH[WHQGLQJ
WKHQHFN:KLOHNHHSLQJWKHEDFNVWUDLJKWPRYHGRZQXQWLOWKHEDFNLVSDUDOOHOWRWKHJURXQG
6OLJKWO\DGMXVWNQHHIOH[LRQWRLQFUHDVHWKHHQJDJHPHQWRIWKHKDPVWULQJPXVFOHVLQWKHEDFNRI
WKHWKLJK
$73 2FWREHU

)LJXUH67&6WUDLJKW/HJ'HDGOLIW
)25:$5'/81*(
7KH)RUZDUG/XQJHLVWKHWKLUGH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLW)LJXUHRQSDJH
EUHDNVGRZQWKHH[HUFLVHD6ROGLHUFRQGXFWVLWIRURQHPLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH)RUZDUG/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQ+ROGWKHNHWWOHEHOOV
DWWKHVLGHVXVLQJDQHXWUDOJULS
z 2QFRXQWVWHSIRUZDUGZLWKWKHOHIWOHJDVLQWKH)RUZDUG/XQJHDOORZLQJWKHOHIWNQHHWREHQG
XQWLOWKHOHIWWKLJKLVSDUDOOHOWRWKHJURXQG/HDQVOLJKWO\IRUZDUGIURPWKHZDLVWDQGEULQJWKH
NHWWOHEHOOVWRWKHOHIWDQGULJKWVLGHVRIWKHIRUZDUGOHJ
z 2QFRXQWUHSHDWFRXQWVWHSSLQJIRUZDUGZLWKWKHULJKWOHJ
2FWREHU $73

&KDSWHU
)LJXUH67&)RUZDUG/XQJH
&281767(383
7KH&RXQW6WHS8SLVWKHIRXUWKH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLW)LJXUHVKRZVWKH
H[HUFLVHDVD6ROGLHUFRQGXFWVLWIRURQHPLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH&RXQW6WHS8SLVWKH6WUDGGOH6WDQFHSRVLWLRQ+ROGWKHNHWWOHEHOOV
DWWKHVLGHVZLWKDQHXWUDOJULS
z 2QFRXQWVWHSXSRQWRDWRLQFKVWHSZLWKWKHOHIWIRRWNHHSLQJWKHNHWWOHEHOOVDWWKH
VLGHVRIWKHERG\
z 2QFRXQWVWHSXSZLWKWKHULJKWIRRW
z 2QFRXQWVWHSGRZQZLWKWKHOHIWIRRW
z 2QFRXQWVWHSGRZQZLWKWKHULJKWIRRW
z 2QFRXQWVWHSXSZLWKWKHULJKWIRRWNHHSLQJWKHNHWWOHEHOOVDWWKHVLGHVRIWKHERG\
z 2QFRXQWVWHSXSZLWKWKHOHIWIRRW
$73 2FWREHU

z 2QFRXQWVWHSGRZQZLWKWKHULJKWIRRW
z 2QFRXQWVWHSGRZQZLWKWKHOHIWIRRW
)LJXUH67&&RXQW6WHSXS

2FWREHU $73

&KDSWHU
$38//83
7KH3XOO8SLVWKHILIWKH[HUFLVHLQWKHVWUHQJWKWUDLQLQJFLUFXLW7KLVH[HUFLVHGHYHORSVWKH6ROGLHU¶V
DELOLW\WRFOLPEZLWKRXWXVLQJWKHOHJV)LJXUHEUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLWLQWKH
6WUHQJWK7UDLQLQJ&LUFXLWIRUXSWRRQHPLQXWH
z 7KHVWDUWLQJSRVLWLRQIRUWKH3XOO8SLVWKH6WUDLJKW$UP+DQJXVLQJWKHFORVHGRYHUKDQGJULS
z $IWHUUHSHDWLQJWLPHVGLVPRXQWWRWKH6WUDGGOH6WDQFHSRVLWLRQRQWKHJURXQG
z 2QWKHFRPPDQG³*2ÍOH[WKHHOERZVUDLVLQJWKHERG\LQDVWUDLJKWOLQHXQWLOWKHKHDGLVDERYH
WKHEDU
z ,IWKH6ROGLHUFDQQRWFRPSOHWHRQHPLQXWHRISXOOXSVKHRUVKHZLOOSHUIRUPWKH6WUDLJKW$UP
3XOO
)LJXUH67&$3XOOXS
%675$,*+7$5038//
7KH 6WUDLJKW$UP 3XOO LV WKH DOWHUQDWH ILIWK H[HUFLVH LQ WKH 6WUHQJWK 7UDLQLQJ &LUFXLW 7KLV H[HUFLVH
GHYHORSVWKH6ROGLHU¶VDELOLW\WRSXOOXSZLWKRXWXVLQJWKHOHJV)LJXUHVKRZVWKHH[HUFLVHDVLWZRXOGEH
FRQGXFWHGE\DQLQGLYLGXDO6ROGLHUGXULQJWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6WUDLJKW$UP3XOOLVWKH6WUDLJKW$UP+DQJXVLQJWKHFORVHGRYHUKDQG
JULS
z $IWHUUHSHDWLQJWLPHVGLVPRXQWWRWKH6WUDGGOH6WDQFHSRVLWLRQRQWKHJURXQG
z 2QFRXQWIURPWKH VWDUWLQJSRVLWLRQDQGNHHSLQJWKHDUPVVWUDLJKWSXOOWKHERG\XSXVLQJD
VKUXJJLQJPRWLRQ
z 5HSHDWWKHH[HUFLVHIRUXSWRRQHPLQXWH
$73 2FWREHU

)LJXUH67&%6WUDLJKW$UP3XOO
683,1(&+(6735(66
7KH6XSLQH&KHVW3UHVVLVWKHVL[WKH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLW7KLVH[HUFLVHVWUHQJWKHQV
WKH FKHVW VKRXOGHU DQG WULFHSV PXVFOHV ,W GHYHORSV WKH 6ROGLHU¶V DELOLW\ WR SXVK GXULQJ PRUH YLJRURXV
FRPEDWLYHVWHVWLQJDQGFRPEDWWDVNV)LJXUHLOOXVWUDWHVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLWIRURQH
PLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 6XSLQH &KHVW 3UHVV LV WKH 6XSLQH SRVLWLRQ ZLWK NQHHV EHQW WR
GHJUHHVIHHW±LQFKHVDSDUWDQGIODWRQWKHJURXQG7KHKHDGDQGXSSHUDUPVDUHUHVWLQJRQWKH
JURXQG
z +ROGLQJDNHWWOHEHOORIWKHVDPHZHLJKWLQHDFKKDQGXVLQJDFORVHGSDUWLDOSURQDWHGJULSEHQG
WKHHOERZVWRDOORZWKHNHWWOHEHOOVWRUHVWRQWKHIURQWRIWKHVKRXOGHUV
z 2QWKHFRPPDQG³%(*,1´H[WHQGWKHHOERZVWRUDLVHWKHNHWWOHEHOOVVWUDLJKWXSLQIURQWRIWKH
VKRXOGHUVURWDWLQJWRDIXOO\SURQDWHGJULS
z 5HWXUQWRWKHVWDUWLQJSRVLWLRQ
z &RQWLQXHWKHH[HUFLVHDWRZQSDFHIRURQHPLQXWH,QFUHDVHRUGHFUHDVHWKHNHWWOHEHOOZHLJKWLI
QHFHVVDU\FRQWLQXLQJRQO\LIWKH6XSLQH&KHVW3UHVVPRYHPHQWFDQEHFRPSOHWHGWRVWDQGDUG
)LJXUH67&6XSLQH&KHVW3UHVV
2FWREHU $73

&KDSWHU
%(1729(552:
7KH %HQW2YHU 5RZ LV WKH VHYHQWK H[HUFLVH LQ WKH 6WUHQJWK 7UDLQLQJ &LUFXLW 7KLV H[HUFLVH
VWUHQJWKHQVWKHPXVFOHVRIWKHXSSHUEDFNWKHVKRXOGHUJLUGOHDQGWKHELFHSV+HDYLHUZHLJKWDOVRFKDOOHQJHV
WKH PXVFOHVLQWKHORZHUEDFNJOXWHDOUHJLRQDQGKDPVWULQJV)LJXUHEUHDNVGRZQWKHH[HUFLVHDVD
6ROGLHUFRQGXFWVLWIRURQHPLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH%HQW2YHU5RZLVWKH)RUZDUG/HDQLQJ6WDQFHSRVLWLRQZLWKDUPV
KDQJLQJLQIURQWRIWKHOHJV+ROGNHWWOHEHOOVRIHTXDOZHLJKWXVLQJDFORVHGQHXWUDOJULS²SDOPV
IDFLQJHDFKRWKHU
z 2QWKHFRPPDQG³%(*,1ÉHQGWKHHOERZVWRSXOOWKHNHWWOHEHOOVWRZDUGWKHFKHVW7KHOHJV
WRUVRDQGKHDGUHPDLQLQWKHLUVWDUWLQJSRVLWLRQV
QHFHVVDU\FRQWLQXLQJRQO\LIWKHH[HUFLVHFDQEHFRPSOHWHGWRVWDQGDUG
)LJXUH67&%HQW2YHU5RZ
29(5+($'386+35(66
7KH 2YHUKHDG 3XVK3UHVV LV WKH HLJKWK H[HUFLVH LQ WKH 6WUHQJWK 7UDLQLQJ &LUFXLW 7KLV H[HUFLVH
VWUHQJWKHQVWKH6ROGLHU¶VWULFHSVDQGVKRXOGHUPXVFOHHQGXUDQFH7KLVLPSURYHVWKH6ROGLHU¶VVNLOOLQPRYLQJ
KHDYLHUZHLJKWRYHUKHDGWREXLOGPXVFXODUSRZHUDQGVWUHQJWK)LJXUHVKRZVWKHH[HUFLVHDVD6ROGLHU
FRQGXFWVLWIRURQHPLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 2YHUKHDG 3XVK3UHVV LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ +ROG WKH
NHWWOHEHOOVDWWKHFROODUERQHVLQWKHUDFNSRVLWLRQXVLQJDFORVHGQHXWUDOJULSSDOPVZLOOEHIDFLQJ
HDFKRWKHU
z 2QWKHFRPPDQG³%(*,1´VOLJKWO\IOH[WKHKLSVDQGNQHHVLQWRDPLQLVTXDWEHIRUHTXLFNO\DQG
IRUFHIXOO\H[WHQGLQJWKHHOERZVWRSXVKWKHZHLJKWVRYHUKHDG$WWKHWRSRIWKHPRYHPHQWWKH
NHWWOHEHOOVZLOOEHDERYHWKHVKRXOGHUV
z &RQWLQXHWRORRNVWUDLJKWDKHDGWKURXJKRXWWKHPRYHPHQW
z 6OLJKWO\ IOH[ WKH KLSV DQG NQHHV LQWR D PLQLVTXDW EHIRUH UHWXUQLQJ WKH ZHLJKW WR WKH VWDUWLQJ
SRVLWLRQ7KLVVTXDWKHOSVWRDEVRUEWKHLPSDFWRIWKHZHLJKW¶VGHVFHQW
QHFHVVDU\FRQWLQXLQJRQO\LIWKHH[HUFLVHFDQEHFRPSOHWHGWRVWDQGDUG
$73 2FWREHU

)LJXUH67&2YHUKHDG3XVK3UHVV
683,1(%2'<7:,67
7KH 6XSLQH %RG\ 7ZLVW LV WKH QLQWK H[HUFLVH LQ WKH 6WUHQJWK 7UDLQLQJ &LUFXLW 7KLV H[HUFLVH
VWUHQJWKHQVWKHWUXQNPXVFOHVXVHGIRUPRYHPHQWLQWKHWUDQVYHUVHSODQH%\NHHSLQJWKHNQHHVWRJHWKHULW
DOVRVWUHQJWKHQVKLSDGGXFWRUPXVFOHVRIWHQUHIHUUHGWRDVWKHJURLQPXVFOHV)LJXUHVKRZVWKHH[HUFLVH
DVD6ROGLHUFRQGXFWVLWIRURQHPLQXWHDWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XSLQH%RG\7ZLVWLVWKH6XSLQHSRVLWLRQZLWKWKHKLSVDQGNQHHV
EHQWWRGHJUHHVVRWKDWWKHIHHWDUHRIIWKHJURXQG7KHKHDGLVRIIWKHJURXQG2QHNHWWOHEHOOLV
KHOGLQIURQWRIDQGRIIWKHFKHVW7KHNHWWOHEHOOKDQGOHLVKHOGE\ERWKKDQGVSDOPVIDFLQJHDFK
RWKHU7KHEHOOSRUWLRQRIWKHNHWWOHEHOOLVSRVLWLRQHGDERYHWKHVWRPDFKQRWDERYHWKHKHDG
z 2Q WKH FRPPDQG ³%(*,1´ URWDWH WKH NHWWOHEHOO WR WKH OHIW DQG WKH OHJV WR WKH ULJKW DV IDU DV
SRVVLEOHXQGHUFRQWURO.HHSWKHZHLJKWDZD\IURPWKHERG\DQGWKHDUPVDQGKHDGRIIWKHJURXQG
z 5HSHDWWKHILUVWPRYHPHQW²WKLVWLPHWRWKHRSSRVLWHVLGH²DUPVWRWKHULJKWDQGOHJVWRWKHOHIW
z 7KHKHDGPD\WXUQZLWKWKHDUPVEXWVKRXOGQRWOLIWPRUHWKDQ±LQFKHVIURPWKHJURXQG
z &RQWLQXHWKHH[HUFLVHDWRZQSDFHIRURQHPLQXWHPDLQWDLQLQJWKHUDQJHRIPRWLRQ,QFUHDVHRU
GHFUHDVHWKHNHWWOHEHOOZHLJKWLIQHFHVVDU\FRQWLQXLQJRQO\LIWKHH[HUFLVHFDQEHFRPSOHWHGWR
VWDQGDUG
)LJXUH67&6XSLQH%RG\7ZLVW

2FWREHU $73

&KDSWHU
/(*78&.
7KH/HJ7XFNLVWKHWHQWKH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ&LUFXLW7KLVH[HUFLVHFRPELQHVXSSHU
ERG\ DQ DEGRPLQDO VWUHQJWK WR GHYHORS WKH 6ROGLHU¶V DELOLW\ WR KDQJ ZKLOH PRYLQJ WKH OHJV LQWR GLIIHUHQW
VXSSRUWSRVLWLRQVIRUFOLPELQJ)LJXUHEUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLWIRURQHPLQXWH
DWVWDWLRQRIWKH6WUHQJWK7UDLQLQJ&LUFXLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH/HJ7XFNLVWKH6WUDLJKW$UP+DQJXVLQJWKHFORVHGRYHUKDQGJULS
z 2QWKHFRPPDQG³%(*,1ÍOH[WKHHOERZVDQGKLSVUDLVLQJWKHOHJVXQWLOWKHWKLJKVWRXFKWKH
HOERZV
z &RQWLQXHWKHH[HUFLVHDWRZQSDFHIRURQHPLQXWH6WRSIRU±VHFRQGVUHVWLIQHHGHGFRQWLQXLQJ
RQO\LIWKHH[HUFLVHFDQEHFRPSOHWHGWRVWDQGDUG
z 2QWKHFRPPDQG³527$7(ÚHWXUQWRWKHILUVWVWDWLRQLQWKH6WUHQJWK7UDLQLQJ&LUFXLW
)LJXUH67&/HJ7XFN

$73 2FWREHU

&KDSWHU
)UHH:HLJKW7UDLQLQJ
)5((:(,*+76
)UHH:HLJKW7UDLQLQJNQRZQDV):H[HUFLVHVDUHGLYLGHGLQWRWZRJURXSVFRUHDQGDVVLVWLYH&RUH
H[HUFLVHVORDGPXOWLSOHUHJLRQVRIWKHERG\DWWKHVDPHWLPHDQGUHTXLUHVNLOODQGFRRUGLQDWLRQIRUSURSHU
PRYHPHQWDQGSURJUHVVLRQWRKHDYLHUZHLJKW2QFHWKH6ROGLHUPDVWHUVWKHFRUHH[HUFLVHPRYHPHQWVWKHVH
H[HUFLVHVSURYLGHWKHGULYHIRUD6ROGLHU¶VGHYHORSPHQWRIPXVFOHSRZHUDQGVWUHQJWK$VVLVWLYHH[HUFLVHV
PRUHOLNHO\LVRODWHWRRQHRUWZROLPEVDQGORDGDVPDOOHUQXPEHURUJURXSRIPXVFOHV$VVLVWLYHH[HUFLVHV
WKHUHIRUHFRPSOHPHQWFRUHH[HUFLVHVDQGFDQEHXVHGWRSUHSDUHIRURUUHFRYHUIURPFRUHH[HUFLVHV
'HPRQVWUDWLRQYLGHRVRI)UHH:HLJKW7UDLQLQJH[HUFLVHVDUHORFDWHGRQWKH$UP\&RPEDW)LWQHVV7HVW
ZHEVLWH DW KWWSVZZZDUP\PLODFIW DQG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
GHPRQVWUDWLRQVGRQRWSRSXODWH
)5((:(,*+7&25(75$,1,1*(;(5&,6(6
)UHH:HLJKW&RUHWUDLQLQJDLPVWRLQFUHDVHWKHERG\¶VPXVFOHVWUHQJWKDQGHQGXUDQFH7KHH[HUFLVHV
OLVWHGLQSDUDJUDSKVWKURXJKXVHWKUHHPDLQW\SHVRIIUHHZHLJKWV²VWUDLJKWEDUNHWWOHEHOOVDQG
GXPEEHOOV²WRGHYHORSPXVFOHVLQIXQFWLRQDOJURXSVRUUHJLRQVSULPDULO\XWLOL]LQJOLIWLQJSXOOLQJRUSXVKLQJ
PRWLRQV
)5217648$7
7KH)URQW6TXDWLVDIUHHZHLJKWH[HUFLVHSHUIRUPHGWKURXJKRXWD6ROGLHU¶VFDUHHUWRLPSURYHORZHU
ERG\ PXVFXODU VWUHQJWK DQG HQGXUDQFH 6ROGLHUV XVH LW WR LPSURYH WUDLQLQJ DQG WHVWLQJ SHUIRUPDQFH WKDW
VXSSRUWVDZLGHUDQJHRIFRPEDWDQGRFFXSDWLRQDOSK\VLFDOWDVNV7KHUHDUHDZLGHUDQJHRIPRGLILFDWLRQVLQ
SRVLWLRQDQGHTXLSPHQWIRUWKH6TXDW )LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDVLW ZRXOGEH
FRQGXFWHGE\DQLQGLYLGXDO6ROGLHUXVLQJWKUHHW\SHVRIIUHHZHLJKWV²VWUDLJKWEDUNHWWOHEHOOVDQGGXPEEHOOV
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH )URQW 6TXDW LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH WRHV SRLQWHG
VOLJKWO\RXWZDUG7KHEDULVKHOGDFURVVWKHWRSRIWKHFKHVWMXVWEHORZWKHFROODUERQHVXVLQJWKH
FURVVHGDUPVZLWKSURQDWHGJULS
z :KHQSHUIRUPLQJWKH6TXDWZLWKGXPEEHOOVRUNHWWOHEHOOVVWDUWLQWKH 6WUDGGOH6WDQFHSRVLWLRQ
ZLWKWKHZHLJKWLQDVLPLODUSRVLWLRQWRWKHVWUDLJKWEDU²WKHUDFNHGSRVLWLRQIRUWKHNHWWOHEHOOVRU
UHVWLQJRQWRSRIWKHVKRXOGHUVIRUWKHGXPEEHOOV
z )URPWKHVWDUWLQJSRVLWLRQEHQGWKHNQHHVDQGVORZO\ORZHUWKHERG\GRZQZDUGXQWLOWKHUHLVD
GHJUHHDQJOHEHWZHHQWKHXSSHUDQGORZHUOHJ
z 5HSHDWWKLVPRYHPHQWIRUWKHFRUUHFWQXPEHURIUHSHWLWLRQVDQGVHWVUHTXLUHGWRPHHWWKHJRDORI
WKHIUHHZHLJKWVHVVLRQ
2FWREHU $73

&KDSWHU
)LJXUH):)URQW6TXDW
)5217648$7&$87,21
x 'RQRWURXQGRXWWKHXSSHUEDFN
x 7KHNQHHVVWD\DOLJQHGRYHUWKHIHHWDQGWKHKHHOVVWD\RQWKHJURXQG
x 3URJUHVVWRGHHSHUVTXDWSRVLWLRQVDVVWUHQJWKLPSURYHV
x $OZD\V OLIW D ZHLJKW WKDW FDQ EH FRQWUROOHG WKURXJKRXW WKH UDQJH RI
PRWLRQ
7KH)URQW6TXDWUHTXLUHVDVSRWWHU7KHVSRWWHUPDLQWDLQVWKHIROORZLQJ
z 6WDUWLQJSRVLWLRQIRUWKHVSRWWHULVWKH6WUDGGOH6WDQFHSRVLWLRQEHKLQGWKHOLIWHU
z 3ODFHKDQGVEHWZHHQWKHXSSHUDUPDQGZDLVWRIWKHOLIWHU²QRWWRXFKLQJ
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
z $VVLVWWKHOLIWHUDVQHHGHGLQXQUDFNLQJWKHZHLJKWDQGPRYLQJWRWKHVWDUWLQJSRVLWLRQ2QFHWKH
OLIWHULVUHDG\SRVLWLRQKDQGVFORVHWRHDFKVLGHRIWKHOLIWHU¶VWUXQN
z 'XULQJ WKH VTXDW PRYHPHQW PRYH ZLWK WKH OLIWHU XQWLO WKH OLIWHU KDV UDFNHG WKH ZHLJKW DIWHU
FRPSOHWLQJWKHODVWUHSHWLWLRQ
z $OZD\VUHPDLQVSUHSDUHGWRDVVLVWLIWKHOLIWHUEHFRPHVXQVWDEOH
z 6WD\HVSHFLDOO\FDXWLRXVZKHQWKHOLIWHULVFRQGXFWLQJDSRZHURUPXVFXODUVWUHQJWKURXWLQHZKHQ
WKHZHLJKWLVOLNHO\WREHKHDY\
%$&.648$7
7KH%DFN6TXDWLVDFRPPRQYDULDWLRQRIWKH)URQW6TXDW$%DFN6TXDWPD\EHSHUIRUPHGZLWKWKH
EDUDFURVVWKHXSSHUEDFN:KHQSHUIRUPLQJWKH6TXDWZLWKGXPEEHOOVRUNHWWOHEHOOVVWDUWLQWKH 6WUDGGOH
6WDQFH SRVLWLRQ ZLWK RQH ZHLJKW DW HDFK VLGH XVLQJ D QHXWUDO JULS )LJXUH GHPRQVWUDWHV D 6ROGLHU
SHUIRUPLQJWKHH[HUFLVHZLWKWKHIROORZLQJPRYHPHQWV
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH %DFN 6TXDW LV WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK WKH WRHV SRLQWHG
VOLJKWO\RXWZDUG)URPWKHVWDUWLQJSRVLWLRQEHQGWKHNQHHVDQGVORZO\ORZHUWKHERG\GRZQZDUG
XQWLOWKHUHLVDGHJUHHDQJOHEHWZHHQWKHXSSHUDQGORZHUOHJ
z 0DLQWDLQDQDWXUDODUFKLQWKHORZHUEDFNZLWKWKHKHDGDQGQHFNVWD\LQJLQDOLJQPHQWWRDYRLG
H[WHQGLQJWKHQHFN'RQRWURXQGRXWWKHXSSHUEDFN
z .HHSWKHNQHHVVWD\DOLJQHGRYHUWKHIHHWDQGWKHKHHOVRQWKHJURXQG
z ,QLWLDOO\GRQRWVTXDWGHHSHUWKDQGHJUHHV3URJUHVVWRGHHSHUSRVLWLRQVDVVWUHQJWKLPSURYHV
$OZD\VOLIWDZHLJKWWKDWFDQEHFRQWUROOHG
)LJXUH):%DFN6TXDW
7KH%DFN6TXDWUHTXLUHVDVSRWWHU7KHVSRWWHUPDLQWDLQVWKHIROORZLQJ
z 7KHVWDUWLQJSRVLWLRQIRUWKHVSRWWHULVWKH6WUDGGOH6WDQFHEHKLQGWKHOLIWHUZLWKKDQGVFORVHWREXW
QRWWRXFKLQJHDFKVLGHRIWKHERG\EHWZHHQWKHZDLVWDQGWKHXSSHUDUPV
z $VVLVWWKHOLIWHUDVQHHGHGLQXQUDFNLQJWKHZHLJKWDQGPRYLQJWRWKHVWDUWLQJSRVLWLRQ
z 'XULQJ WKH VTXDW PRYHPHQW PRYH ZLWK WKH OLIWHU XQWLO WKH OLIWHU KDV UDFNHG WKH ZHLJKW DIWHU
FRPSOHWLQJWKHODVWUHSHWLWLRQ
2FWREHU $73

&KDSWHU
z $OZD\VUHPDLQVSUHSDUHGWRDVVLVWLIWKHOLIWHUEHFRPHVXQVWDEOH6SRWZLWKWKHKDQGVXQGHUWKH
FKHVW
z 6WD\HVSHFLDOO\FDXWLRXVZKHQWKHOLIWHULVFRQGXFWLQJDSRZHURUPXVFXODUVWUHQJWKVHWZKHQWKH
ZHLJKWLVOLNHO\WREHKHDY\
'($'/,)7
7KH'HDGOLIWLVD)UHH:HLJKW&RUHH[HUFLVHSHUIRUPHGWKURXJKRXWD6ROGLHU¶VFDUHHUWRLPSURYHORZHU
ERG\PXVFXODUVWUHQJWKDQGHQGXUDQFH7KLVOLIWUHTXLUHVWUXQNDQGVKRXOGHUVWDELOLW\DQGVWUHQJWK,WFDQEH
XVHGWRLPSURYHWUDLQLQJDQGWHVWLQJSHUIRUPDQFHWKDWVXSSRUWVDZLGHUDQJHRIFRPEDW DQGRFFXSDWLRQDO
SK\VLFDOWDVNV7KHUHDUHDZLGHUDQJHRIPRGLILFDWLRQVLQSRVLWLRQDQGHTXLSPHQWIRUWKH'HDGOLIW)LJXUHV
DQGVKRZWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWV LWXVLQJWZRRIWKHWKUHHW\SHVRIIUHH
ZHLJKWV²VWUDLJKWEDURUEDUEHOONHWWOHEHOOVDQGGXPEEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH'HDGOLIWLVWKH)RUZDUG/HDQLQJ6WDQFHSRVLWLRQ*UDVSWKHEDUEHOO
EHORZ WKH NQHHV DQG QHDU WKH VKLQV ZLWK WKH DUPV IXOO\ H[WHQGHG XVLQJ D FORVHG RYHUKDQG RU
DOWHUQDWLQJJULS
z :KHQOLIWLQJZLWKDKH[EDUWKHEDUUHTXLUHVDQHXWUDOJULS
z :KHQSHUIRUPLQJWKH'HDGOLIWZLWKGXPEEHOOVRUNHWWOHEHOOVVWDUWLQWKH)RUZDUG/HDQLQJ6WDQFH
SRVLWLRQZLWKRQHZHLJKWDWHDFKVLGHXVLQJDQHXWUDOJULS
z )URPWKHVWDUWLQJSRVLWLRQH[WHQGWKHKLSVDQGNQHHVZKLOHNHHSLQJWKHVSLQHVWUDLJKWDQGDUPV
H[WHQGHG
z $VWKHEDUEHOOOLIWVIURPWKHJURXQGPRYHWKHKLSVIRUZDUGWRPHHWLW
z 3DXVHLQDQXSULJKWSRVWXUHEHIRUHUHWXUQLQJWKHZHLJKWWRWKHVWDUWLQJSRVLWLRQXQGHUFRQWURO'R
QRWGURSWKHZHLJKW7KURXJKRXWWKHOLIWGRQRWOHWWKHVSLQHRUVKRXOGHUVURXQGIRUZDUG
z .HHSNQHHVLQOLQHRYHUWKHIHHW
)LJXUH):'HDGOLIW²VWUDLJKWEDU
)LJXUH):'HDGOLIW²NHWWOHEHOOV
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
7KH6WUDLJKW/HJ'HDGOLIWLVDYDULDWLRQRIWKH'HDGOLIWWKDWIXUWKHUFKDOOHQJHVWKHPXVFOHVLQWKHORZHU
EDFNKLSVDQGOHJV)LJXUHEUHDNVGRZQWKHH[HUFLVHDVLWZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHU
XVLQJDVWUDLJKWEDUDQGGXPEEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH6WUDLJKW/HJ'HDGOLIWXVLQJWKHVWUDLJKWEDULVWKH6WUDGGOH6WDQFH
SRVLWLRQ+ROGWKHEDUZLWKDJULSVXLWHGWRWKH6ROGLHU¶VFDSDELOLW\WKHHTXLSPHQWDQGWKHJRDO
RI WKH H[HUFLVH VHVVLRQ .HHS WKH NQHHV VOLJKWO\ IOH[HG²QRW ORFNHG²DQG LQ WKH VDPH IOH[HG
SRVLWLRQWKURXJKRXWWKHH[HUFLVH
z )URPWKHVWDUWLQJSRVLWLRQIOH[IRUZDUGIURPWKHZDLVWNHHSLQJWKHKHDGDOLJQHGZLWKWKHVSLQH
WRDYRLGH[WHQGLQJWKHQHFN
z :KLOHNHHSLQJWKHEDFNVWUDLJKWEHQGRYHUXQWLOWKHEDFNLVSDUDOOHOWRWKHJURXQG6OLJKWO\DGMXVW
NQHHIOH[LRQWRLQFUHDVHWKHHQJDJHPHQWRIWKHKDPVWULQJPXVFOHVLQWKHEDFNRIWKHWKLJK
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z $OZD\VOLIWDZHLJKWWKDWFDQEHFRQWUROOHGWKURXJKRXWWKHUDQJHRIPRWLRQ
z 8VH WKH VDPH PRYHPHQW ZLWK GLIIHUHQW JULSV IRU WKH NHWWOHEHOO DQG GXPEEHOO YHUVLRQV RI WKLV
H[HUFLVH
)LJXUH):6WUDLJKW/HJ'HDGOLIW

2FWREHU $73

&KDSWHU
%(1&+35(66
7KH%HQFK3UHVVLVDIUHHZHLJKWH[HUFLVHSHUIRUPHGWKURXJKRXWD6ROGLHU¶VFDUHHUWRLPSURYHXSSHU
ERG\PXVFXODUVWUHQJWKDQGHQGXUDQFH:KHQFRQGXFWHGZLWKIUHHZHLJKWVLWUHTXLUHVVWDELOLW\RIWKHWUXQN
ORZHUEDFNKLSVDQGXSSHUOHJPXVFOHV,WFDQEHYDULHGE\FKDQJLQJWKHHTXLSPHQWRUDQJOHRIWKHEHQFK
)LJXUHVDQGRQSDJHVKRZYDULDWLRQVRIWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH%HQFK3UHVVLVWKH6XSLQHSRVLWLRQOD\LQJRQWKHEHQFKZLWKIHHWRQ
WKHIORRU*UDVSWKHZHLJKWVZLWKKDQGVXVLQJDFORVHGSURQDWHGJULSVOLJKWO\ZLGHUWKDQVKRXOGHU
ZLGWK6KRXOGHUVKHDGDQGORZHUEDFNDUHILUPO\DJDLQVWWKHEHQFK
z 3RVLWLRQWKHEDUEHOODERYHWKHXSSHUFKHVWLQWKHUDFN
z )URPWKHVWDUWLQJSRVLWLRQUHPRYHWKHEDUIURPWKHVXSSRUWVSODFLQJLWRYHUWKHFKHVWZLWKWKH
HOERZVIXOO\H[WHQGHG
z )URPWKLVSRVLWLRQORZHUWKHEDUE\EHQGLQJWKHHOERZVXQWLOWKHEDULVMXVWDERYHWKHVWHUQXP
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHXSSRVLWLRQ7KHEDUVKRXOGPRYHHYHQO\
LQWRWKHXSSRVLWLRQ²UHPDLQLQJSDUDOOHOWRWKHJURXQGDVLWPRYHVXS
%(1&+35(66&$87,216
x 'RQRWMHUNWKHZHLJKWVKUXJDUFKWKHEDFNRUDOORZWKHKLSVWRULVH
RIIWKHEHQFKGXULQJWKHH[HUFLVH
x .HHSIHHWILUPO\RQWKHJURXQGWREXLOGPD[LPXPVWUHQJWKRYHUWLPH
x $VWKHZHLJKWLQFUHDVHVXVLQJSURSHUEUHDWKLQJWHFKQLTXHRQWKHOLIW
ZLOOEHFRPHPRUHLPSRUWDQW
x ,QKDOH RQ WKH GRZQZDUG PRYHPHQW DQG H[KDOH RQ WKH XSZDUG
PRYHPHQW
x 3UDFWLFH WKLV EUHDWKLQJ WHFKQLTXH RQ OLJKWHU ZHLJKW WR LPSURYH VNLOO
ODWHU
)LJXUH):%HQFK3UHVV²VWUDLJKWEDU
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
)LJXUH):%HQFK3UHVV²GXPEEHOO
)LJXUH):%HQFK3UHVV²NHWWOHEHOO
2FWREHU $73

&KDSWHU
)LJXUH):%HQFK3UHVV²GHFOLQH
,1&/,1(%(1&+
7KH ,QFOLQH %HQFK LV D IUHHZHLJKW H[HUFLVH SHUIRUPHG WKURXJKRXW D 6ROGLHU¶V FDUHHU WR LPSURYH
XSSHUERG\PXVFXODUVWUHQJWKDQGHQGXUDQFH7KLVOLIWUHTXLUHVWUXQNDQGVKRXOGHUVWDELOLW\DQGVWUHQJWK,W
FDQ EH XVHG WR LPSURYH WUDLQLQJ DQG WHVWLQJ SHUIRUPDQFH WKDW VXSSRUWV D ZLGH UDQJH RI FRPEDW DQG
RFFXSDWLRQDOSK\VLFDOWDVNV7KHUHDUHDZLGHUDQJHRIPRGLILFDWLRQVLQSRVLWLRQDQGHTXLSPHQWIRUWKH,QFOLQH
%HQFK 6ROGLHUV FRQGXFW LW XVLQJ WKUHH W\SHV RI IUHH ZHLJKWV²VWUDLJKW EDU RU EDUEHOO NHWWOHEHOOV DQG
GXPEEHOOV)LJXUHLOOXVWUDWHVWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWVLWXVLQJWKHVWUDLJKWEDU
z 7KHVWDUWLQJSRVLWLRQIRUWKH,QFOLQH%HQFKLVWKH6XSLQHSRVLWLRQRQDQLQFOLQHGEHQFKZLWKERWK
IHHWRQWKHJURXQGDQGKLSVVKRXOGHUVDQGKHDGILUPO\DJDLQVWWKHEHQFK*UDVSWKHEDUEHOOZLWK
DFORVHGRYHUKDQGSURQDWHGJULSVOLJKWO\ZLGHUWKDQVKRXOGHUZLGWK5HPRYHWKHEDUIURPWKH
VXSSRUWVSODFLQJLWRYHUWKHFKHVWZLWKWKHHOERZVIXOO\H[WHQGHG
z )URPWKHVWDUWLQJSRVLWLRQEHQGERWKHOERZVWRORZHUWKHZHLJKWWRMXVWDERYHWKHFKHVW
z 3UHVVWKHZHLJKWEDFNWRWKHVWDUWLQJSRVLWLRQ'RQRWMHUNRUVKUXJWKHVKRXOGHUVDUFKWKHEDFN
RUDOORZWKHKLSVWRULVHRIIWKHEHQFKGXULQJWKHPRYHPHQW
)LJXUH):,QFOLQH%HQFK
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
7KH %HQFK 3UHVV DQG ,QFOLQH %HQFK HDFK UHTXLUH D VSRWWLQJ SRVLWLRQ 7KH VSRWWHU PDLQWDLQV WKH
IROORZLQJ
z 7KH VSRWWHU VWDQGV DW WKH KHDG RI WKH EHQFK LQ WKH 6WUDGGOH 6WDQFH SRVLWLRQ ZLWK IHHW VOLJKWO\
VWDJJHUHG
z *UDVSWKHEDUZLWKDFORVHGDOWHUQDWLQJJULSLQEHWZHHQWKHOLIWHU¶VKDQGV2QDVLJQDOIURPWKH
OLIWHUDVVLVWWKHOLIWHUZLWKPRYLQJWKHEDUIURPWKHVXSSRUWVWRJXLGHLWRYHUWKHOLIWHU¶VFKHVW
z )ROORZWKHSDWKRIWKHEDUE\VOLJKWO\IOH[LQJWKHNQHHVKLSVDQGWUXQNZKLOHPDLQWDLQLQJDIODW
EDFN.HHSDQDOWHUQDWLQJJULSSRVLWLRQFORVHWREXWQRWWRXFKLQJWKHEDUDVLWLVORZHUHGWRWKH
FKHVW
z 5HYHUVHWKLVPRYHPHQWXQWLOWKHOLIWHUVLJQDOVIRUDQDVVLVWZLWKUHWXUQLQJWKHEDUWRWKHVXSSRUWV
z ,I WKH OLIWHU EHFRPHV XQVWDEOH RU EHJLQV WR IDLO WR FRQWURO WKH ZHLJKW LPPHGLDWHO\ DVVLVW ZLWK
FRPSOHWLQJWKHOLIW
)5((:(,*+7$66,67,9(75$,1,1*(;(5&,6(6
)UHH :HLJKW $VVLVWLYH WUDLQLQJ LV GHVLJQHG WR LQFUHDVH WKH PXVFOH VWUHQJWK DQG HQGXUDQFH RI WKH
ERG\¶VH[WUHPLWLHVSULPDULO\WKHDUPVDQGOHJV7KHH[HUFLVHVOLVWHGLQSDUDJUDSKVWKURXJKXVH
WKUHH PDLQ W\SHV RI IUHH ZHLJKWV²VWUDLJKW EDU NHWWOHEHOOV DQG GXPEEHOOV²WR GHYHORS PXVFOHV LQ WKH
H[WUHPLWLHVZLWKVXSSRUWIURPJURXSVRIPXVFOHVLQWKHFRUHVXFKDVWKHEDFNRUFKHVWPXVFOHV
6802'($'/,)7
7KH 6XPR'HDGOLIWLVD IUHHZHLJKWH[HUFLVHSHUIRUPHGWKURXJKRXWD6ROGLHU¶VFDUHHUWRLPSURYH
ORZHUERG\PXVFXODUVWUHQJWKDQGHQGXUDQFH,WLVDPRGLILFDWLRQRIWKH'HDGOLIWWKDWIXUWKHUFKDOOHQJHVD
6ROGLHU¶VFRRUGLQDWLRQEDODQFHDQGKLSPRELOLW\)LJXUHRQSDJHLOOXVWUDWHVD6ROGLHUSHUIRUPLQJ
WKHH[HUFLVHXVLQJWZRRIWKHWKUHHW\SHVRIIUHHZHLJKWV²VWUDLJKWEDUNHWWOHEHOOVDQGGXPEEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH6XPR'HDGOLIWLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKIHHWVOLJKWO\ZLGHU
WKDQ VKRXOGHU ZLGWK DQG WRHV SRLQWLQJ RXWZDUG :KHQ SHUIRUPLQJ WKH OLIW ZLWK GXPEEHOOV RU
NHWWOHEHOOVVWDUWLQWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDVLQJOHZHLJKWKHOGEHWZHHQDQGLQIURQWRI
WKHOHJV.QHHVDUHEHQWEDFNLVVWUDLJKWDQGWKHEDURUZHLJKWLVKHOGLQERWKKDQGVZLWKDJULS
VXLWHGWRWKHOLIWHU¶VFDSDELOLW\WKHHTXLSPHQWDQGWKHJRDORIWKHH[HUFLVHVHVVLRQ
z )URPWKHVWDUWLQJSRVLWLRQVWUDLJKWHQWKHNQHHVDQGVORZO\UDLVHWKHWUXQNLQWRWKHXSULJKW3RVLWLRQ
RI$WWHQWLRQ
z 3DXVHEHIRUHUHYHUVLQJWKHXSZDUGPRYHPHQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 0DLQWDLQDQDWXUDODUFKLQWKHORZHUEDFNZLWKWKHKHDGDQGQHFNVWD\LQJLQDOLJQPHQWWRDYRLG
H[WHQGLQJWKHQHFN'RQRWURXQGRXWWKHXSSHUEDFN
z .HHSWKHNQHHVDQGIHHWWXUQHGRXWZDUGWKURXJKRXWWKHPRYHPHQW7KHZLGHUVWDQFHSHUPLWVD
ORZHUOLIWLQJUDQJHRIPRWLRQ
z 8VHWKHVDPHPRYHPHQWZLWKGLIIHUHQWJULSVIRUWKHNHWWOHEHOODQGGXPEEHOOYHUVLRQV
2FWREHU $73

&KDSWHU
)LJXUH):6XPR'HDGOLIW
+((/5$,6(
7KH+HHO5DLVHLVDIUHHZHLJKWH[HUFLVHSHUIRUPHGWKURXJKRXWD6ROGLHU¶VFDUHHUWRLPSURYHORZHU
OHJPXVFXODUVWUHQJWKDQGHQGXUDQFH:KHQFRQGXFWHGZLWKIUHHZHLJKWVLWUHTXLUHVVWDELOLW\RIWKHWUXQN
ORZHUEDFNKLSVDQGXSSHUOHJ PXVFOHV )LJXUHLOOXVWUDWHVD6ROGLHUSHUIRUPLQJ WKHH[HUFLVHXVLQJ
VWUDLJKWEDUNHWWOHEHOOVDQGGXPEEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH+HHO5DLVHXVLQJWKHVWUDLJKWEDULVWKH6WUDGGOH6WDQFHSRVLWLRQ
z 7KHNQHHVDUHVWUDLJKWRUVOLJKWO\IOH[HGGHSHQGLQJXSRQZKLFKPXVFOHLQWKHORZHUOHJLVEHLQJ
VWUHQJWKHQHG6WUDLJKWIRUWKHJDVWURFQHPLXVDQGEHQWIRUWKHVROHXVPXVFOH
z +ROGWKHEDUEHOODFURVVWKHXSSHUEDFN7KHIHHWPD\EHHOHYDWHGVRWKDWWKHKHHOVFDQEHVOLJKWO\
ORZHU WKDQ WKH EDOOV RI WKH IHHW WR DFKLHYH D IXOO UDQJH RI PRWLRQ :KHQ XVLQJ GXPEEHOOV RU
NHWWOHEHOOVKROGRQHDWHDFKVLGHXVLQJDQHXWUDOJULS
z )URPWKHVWDUWLQJSRVLWLRQULVHXSRQWKHEDOOVRIWKHIHHW
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ'URSWKHKHHOVDVIDU
DV SRVVLEOH 6OLJKWO\ DGMXVW NQHH IOH[LRQ WR LQFUHDVH WKH HQJDJHPHQW RI WKH WDUJHWHG ORZHU OHJ
PXVFOH
z 8VHVDPHPRYHPHQWZLWKQHXWUDOJULSVIRUWKHNHWWOHEHOODQGGXPEEHOOYHUVLRQVRIWKLVH[HUFLVH
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
)LJXUH):+HHO5DLVH
%(1729(552:
7KH%HQW2YHU5RZLVDIUHHZHLJKWH[HUFLVHSHUIRUPHGWKURXJKRXWD6ROGLHU¶VFDUHHUWRLPSURYH
XSSHUEDFNVWUHQJWKDQGHQGXUDQFH:KHQFRQGXFWHGZLWKIUHHZHLJKWVLWVXSSRUWVRWKHUFRUHH[HUFLVHVOLNH
WKH'HDGOLIW,WFDQEHYDULHGE\FKDQJLQJWKHHTXLSPHQWRUE\LVRODWLQJWRMXVWRQHDUP)LJXUHRQSDJH
EUHDNV GRZQ WKH H[HUFLVH DV LW ZRXOG EH FRQGXFWHG E\ DQ LQGLYLGXDO 6ROGLHU XVLQJ D YDULHW\ RI
DSSURDFKHV
z 7KHVWDUWLQJSRVLWLRQIRUWKH%HQW2YHU5RZLVWKH)RUZDUG/HDQLQJ6WDQFHSRVLWLRQZLWKDUPV
IXOO\H[WHQGHGGRZQDQGLQIURQWRIWKHERG\KROGLQJWKHEDUZLWKDQRYHUKDQGJULSLQIURQWRIWKH
OHJV
z 3RVLWLRQWKHDUPVVOLJKWO\ZLGHUWKDQVKRXOGHUZLGWKDQGNHHSWKHKHDGLQOLQHZLWKWKHVSLQH
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHZHLJKWWRZDUGWKHFKHVWXQWLOWKHXSSHUDUPVDUHSDUDOOHOWRWKH
JURXQG (OERZV VKRXOG EH XS DQG SRLQWLQJ WR WKH UHDU +HDG DQG VSLQH SRVLWLRQ UHPDLQ LQ WKH
VWDUWLQJSRVLWLRQ
2FWREHU $73

&KDSWHU
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHGRZQSRVLWLRQ
z $VWKHZHLJKWDQGUHSHWLWLRQVLQFUHDVHFRQFHQWUDWHRQSUHYHQWLQJWKHXSSHUEDFNDQGVKRXOGHUV
IURPURXQGLQJIRUZDUG
z 8VHWKHVDPHPRYHPHQWZLWKQHXWUDOJULSVIRUWKHNHWWOHEHOODQGGXPEEHOOYHUVLRQV
)LJXUH):%HQW2YHU5RZ
6,1*/($50%(1729(552:
7KH6LQJOH$UP%HQW2YHU5RZLVDPRGLILHGYHUVLRQRIWKH%HQW2YHU5RZ,WFDQEHSHUIRUPHG
ZLWKDVLQJOHGXPEEHOORUNHWWOHEHOO)LJXUHEUHDNVGRZQWKHH[HUFLVHDVDQLQGLYLGXDO6ROGLHUFRQGXFWV
LWXVLQJDYDULHW\RIDSSURDFKHV
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH$UP%HQW2YHU5RZUHTXLUHVWKHXVHRIDEHQFK7KHULJKW
DUPDQGNQHHUHVWRQWKHEHQFKWRVXSSRUWWKHERG\RQWKDWVLGH7KHOHIWOHJUHVWVRQWKHJURXQG
DQGWKHOHIWDUPLVIXOO\H[WHQGHGGRZQDQGLQIURQWRIWKHERG\KROGLQJWKHGXPEEHOOZLWKDQ
RYHUKDQGJULS
z 7KHEDFNLVVWUDLJKWDQGWKHKHDGLVLQOLQHZLWKWKHVSLQH
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHZHLJKWWRZDUGWKHFKHVWXQWLOWKHXSSHUDUPLVSDUDOOHOWRWKH
JURXQG (OERZ VKRXOG EH XS DQG SRLQWLQJ WR WKH UHDU +HDG DQG VSLQH SRVLWLRQ UHPDLQ LQ WKH
VWDUWLQJSRVLWLRQ
z 0RYHWKHGXPEEHOOIURPWKHGRZQSRVLWLRQWRWKHXSSRVLWLRQ
z $VWKH ZHLJKWDQGUHSHWLWLRQVLQFUHDVHFRQFHQWUDWHRQSUHYHQWLQJWKHXSSHUEDFNDQGVKRXOGHU
IURPURXQGLQJIRUZDUG
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
z 8VHWKHVDPHPRYHPHQWZLWKQHXWUDOJULSVIRUWKHNHWWOHEHOOYHUVLRQRIWKLVH[HUFLVH
WKHIUHHZHLJKWVHVVLRQ6ZLWFKWRWKHRSSRVLWHVLGHWRSHUIRUPWKHVDPHPRYHPHQWIRUWKHULJKW
VLGH
)LJXUH):6LQJOH$UP%HQW2YHU5RZ
835,*+752:
7KH8SULJKW5RZLVDPRGLILHGYHUVLRQRIWKH%HQW2YHU5RZ,WIRFXVHVWKHZRUNRQWKHXSSHU
WUDSH]LXVDVZHOODVWKRVHPXVFOHVWDUJHWHGLQWKH%HQW2YHU5RZ,WFDQEHSHUIRUPHGZLWKDVWUDLJKWEDU
GXPEEHOOV RU NHWWOHEHOOV )LJXUHV DQG RQ SDJH LOOXVWUDWH WKH H[HUFLVH DV LW ZRXOG EH
FRQGXFWHGE\DQLQGLYLGXDO6ROGLHUXVLQJDVWUDLJKWEDUDQGNHWWOHEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH8SULJKW5RZLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVIXOO\H[WHQGHG
DQGGRZQLQIURQWRIWKHERG\KROGLQJWKHVWUDLJKWEDURUNHWWOHEHOOZLWKDFORVHGRYHUKDQGJULS
$VLQJOHZHLJKWRUVKRUWEDUFDQEHXVHGZKHQILUVWSHUIRUPLQJWKLVH[HUFLVH
z )URPWKHVWDUWLQJSRVLWLRQSXOOWKHZHLJKWXSWRWKHFROODUERQHVXQWLOWKHDUPVDUHSDUDOOHOWRWKH
JURXQG
IURPURXQGLQJIRUZDUG
2FWREHU $73

&KDSWHU
)LJXUH):8SULJKW5RZ²VWUDLJKWEDU
)LJXUH):8SULJKW5RZ²NHWWOHEHOO
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
29(5+($'386+35(66
7KH2YHUKHDG3XVK3UHVVLVDOVRSHUIRUPHGLQWKH6WUHQJWK7UDLQLQJ&LUFXLWZLWKNHWWOHEHOOV,QWKLV
YHUVLRQLWLVSHUIRUPHGZLWKDVWUDLJKWEDUUHTXLULQJPRUHVNLOODQGFRRUGLQDWLRQ)LJXUHGHPRQVWUDWHV
WKHH[HUFLVHDVLWZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHU
z 7KHVWDUWLQJSRVLWLRQIRUWKH2YHUKHDG3XVK3UHVVLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKHNQHHV
VOLJKWO\IOH[HGRUD6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVKROGLQJWKHEDUQHDUWKHWRSRI
WKHFKHVWMXVWEHORZWKHFROODUERQHV8VHDFORVHGRYHUKDQGJULS
z )URP WKH VWDUWLQJ SRVLWLRQ SHUIRUP D GURS DQG GULYH E\ IOH[LQJ WKH NQHHV DQG KLSV EHIRUH
IRUFHIXOO\ H[WHQGLQJ WKHP 6LPXOWDQHRXVO\ H[WHQG WKH HOERZV DQG VKRXOGHUV WR UDLVH WKH EDU
RYHUKHDG
z 7KHQHFNFDQVOLJKWO\H[WHQGWRDOORZWKHEDUWRSDVVLQIURQWRIWKHIDFHDVLWPRYHVRYHUKHDG
z ,IWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVLVXVHGIRUWKHVWDUWLQJSRVLWLRQDGMXVWWKHIHHW
GXULQJWKHGULYHSKDVHWRWKH6WUDGGOH6WDQFHSRVLWLRQ+ROGWKHZHLJKWDERYHWKHKHDGZLWKHOERZV
VWUDLJKW
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHGRZQSRVLWLRQ²IOH[WKHHOERZVKLSV
DQGNQHHVWRFXVKLRQWKHLPSDFWRQWKHVKRXOGHUVDVWKHZHLJKWGHVFHQGV
z $VWKHZHLJKWDQGUHSHWLWLRQVLQFUHDVHFRQFHQWUDWHRQSUHYHQWLQJWKHXSSHUEDFNDQGVKRXOGHUV
IURPURXQGLQJIRUZDUG
)LJXUH):2YHUKHDG3XVK3UHVV
%(17$50/$7(5$/5$,6(
7KH%HQW$UP/DWHUDO5DLVHGHYHORSVVWUHQJWKLQWKHVKRXOGHUDQGQHFNPXVFOHV3HUIRUPLQJLWLQ
WKH)URQW/HDQLQJ6WDQFHSRVLWLRQUHTXLUHVVWDELOLW\RIWKHWUXQNORZHUEDFNDQGOHJPXVFOHV)LJXUH
RQSDJHVKRZVWKHH[HUFLVHDVLWZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHUZLWKGXPEEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH%HQW$UP/DWHUDO5DLVHLVWKH)RUZDUG/HDQLQJ6WDQFHSRVLWLRQZLWK
WKHNQHHVVOLJKWO\IOH[HGKROGLQJWKHGXPEEHOOVLQIURQWRIWKHWKLJKVXVLQJDQHXWUDOJULS
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHZHLJKWWRVKRXOGHUKHLJKWZKLOHVLPXOWDQHRXVO\EHQGLQJWKH
HOERZVWRGHJUHHV7KHUHVWRIWKHERG\GRHVQRWPRYH
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHGRZQSRVLWLRQ²IOH[WKHHOERZVKLSV
DQGNQHHVWRFXVKLRQWKHLPSDFWRQWKHVKRXOGHUVDVWKHZHLJKWGHVFHQGV
IURPURXQGLQJIRUZDUG
2FWREHU $73

&KDSWHU
z (QGLQVWDUWLQJSRVLWLRQ
)LJXUH):%HQW$UP/DWHUDO5DLVH
6+58*
7KH6KUXJLVDQRWKHUPHWKRGRIWDUJHWLQJWKHXSSHUWUDSH]LXVPXVFOHVLQWKHVKRXOGHUVDQGQHFN7KH
6WUDLJKW$UP3XOODQG8SULJKW5RZUHTXLUHWKHVDPHPXVFOHV7KH6KUXJFDQEHSHUIRUPHGZLWKDVWUDLJKW
EDU GXPEEHOOV RU NHWWOHEHOOV )LJXUH EUHDNV GRZQ WKH H[HUFLVH DV D 6ROGLHU FRQGXFWV LW XVLQJ D
GXPEEHOOVNHWWOHEHOOVDQGVWUDLJKWEDU
z 7KHVWDUWLQJSRVLWLRQIRUWKH6KUXJLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVIXOO\H[WHQGHGDQG
GRZQLQIURQWRIWKHERG\KROGLQJWKHVWUDLJKWEDUGXPEEHOORUNHWWOHEHOOZLWKDFORVHGRYHUKDQG
JULS7KHNQHHVDUHVOLJKWO\IOH[HG
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHZHLJKWXSE\VKUXJJLQJWKHVKRXOGHUVXSZDUG
IURPURXQGLQJIRUZDUG
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
)LJXUH):6KUXJ
38//29(5
7KH3XOO2YHUGHYHORSVVWUHQJWKLQWKHWULFHSVPXVFOHVZKLFKVXSSRUW)UHH:HLJKW&RUHH[HUFLVHV
OLNHWKH%HQFK3UHVV,WLVSHUIRUPHGXVLQJDEHQFKDQGVSRWWHU)LJXUHVDQGRQSDJHVKRZ
WKHH[HUFLVHDVLWZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHUZLWKVLQJOHDQGGRXEOHGXPEEHOOV
z 7KH VSRWWLQJ SRVLWLRQ IRU WKH 3XOO 2YHU LV WKH )URQW /HDQLQJ 6WDQFH SRVLWLRQ 7KH VSRWWHU LV
SRVLWLRQHGDQGPDLQWDLQVKDQGVFORVHWRWKHOLIWHU¶VKDQGVWKURXJKRXWWKHPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH3XOO2YHULVWKH6XSLQHSRVLWLRQRQDEHQFKZLWKIHHWRQWKHJURXQG
DQGKLSVVKRXOGHUVDQGKHDGILUPO\UHVWLQJRQWKHEHQFK
z $GXPEEHOOLVKHOGLQHDFKKDQGUHVWLQJRQWKHIURQWRIWKHVKRXOGHUV,IRQHGXPEEHOOLVXVHGLW
UHVWVRQWKHIURQWRIWKHXSSHUFKHVW
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHZHLJKWXSDQGSDVWWKHIDFHXQWLOLWKDVFOHDUHGWKHWRSRIWKH
KHDG/RZHUWKHZHLJKWGRZQXQWLOLWLVDWRUEHORZWKHOHYHORIWKHEHQFK
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 8VHRQHZHLJKWWRLPSURYHFRQWUROLIQHFHVVDU\
2FWREHU $73

&KDSWHU
)LJXUH):3XOO2YHU²VLQJOHGXPEEHOO
)LJXUH):3XOO2YHU²GRXEOHGXPEEHOOV
29(5+($'75,&(36(;7(16,21
7KH2YHUKHDG7ULFHSV([WHQVLRQGHYHORSVVWUHQJWKLQWKHWULFHSVPXVFOHVWKDWVXSSRUW)UHH:HLJKW
&RUHH[HUFLVHVOLNHWKH%HQFK3UHVV,WLVSHUIRUPHGXVLQJDVLQJOHNHWWOHEHOORUGXPEEHOO)LJXUHVKRZV
z 7KHVWDUWLQJSRVLWLRQIRUWKH2YHUKHDG7ULFHSV([WHQVLRQLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKWKH
DUPVH[WHQGHGRYHUKHDGKROGLQJDVLQJOHGXPEEHOORUNHWWOHEHOO
z *ULSWKHNHWWOHEHOOZLWKRQHKDQGRQHLWKHUVLGHRIWKHKDQGOHZLWKWKHEHOOWRZDUGWKHJURXQG
z +ROGWKHGXPEEHOOE\FXSSLQJRQHHQGRIWKHGXPEEHOOLQERWKKDQGVZLWKWKHRWKHUHQGWRZDUG
WKHIORRU
z )URPWKHVWDUWLQJSRVLWLRQORZHUWKHZHLJKWEHKLQGWKHKHDGDQGEHWZHHQWKHVKRXOGHUEODGHV
,QKDOHWKURXJKWKHPRYHPHQW
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQWRWKHVWDUWLQJSRVLWLRQH[KDOLQJWKURXJKWKH
PRYHPHQW
z 'RQRWDUFKWKHEDFNGXULQJWKHOLIWDQGNHHSWKHKHDGDOLJQHGZLWKWKHVSLQH
z 8VHDOLJKWHUZHLJKWWRLPSURYHFRQWUROLIQHFHVVDU\
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
)LJXUH):2YHUKHDG7ULFHSV([WHQVLRQ
%,&(36&85/
7KH %LFHSV &XUO GHYHORSV VWUHQJWK LQ WKH ELFHSV PXVFOHV ZKLFK VXSSRUW RWKHU IUHH ZHLJKW DQG
SK\VLFDO WUDLQLQJ H[HUFLVHV WKDW LQYROYH SXOOLQJ FDUU\LQJ DQG OLIWLQJ 2WKHU HTXLSPHQW RSWLRQV LQFOXGH D
FDPEHUHGEDUNHWWOHEHOOVDQGDFOLPELQJEDU7RLVRODWHWKHELFHSVRQWKHFOLPELQJEDUGXULQJWKH3XOO8S
VZLWFKWRDFORVHGXQGHUKDQGVXSLQDWHGJULS )LJXUHRQSDJHEUHDNVGRZQWKHH[HUFLVHDVLW
ZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHUZLWKDSDLURIGXPEEHOOV
z 7KHVWDUWLQJSRVLWLRQIRUWKH%LFHSV&XUOLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKDUPVVWUDLJKWDWWKH
VLGHDQGDGXPEEHOOLQHDFKKDQGXVLQJDQHXWUDOJULS
z )URP WKH VWDUWLQJ SRVLWLRQ UDLVH WKH ZHLJKWV XS WRZDUG WKH FKHVW E\ IOH[LQJ WKH HOERZV 7KH
IRUHDUPZLOOVXSLQDWHRUURWDWHLQWRVXSLQDWLRQRUWXUQRXWGXULQJWKHXSPRYHPHQW
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRORZHUWKHZHLJKWEDFNWRWKHVWDUWLQJSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH):%LFHSV&XUO
:(,*+7('7581.)/(;,21
7KH:HLJKWHG7UXQN)OH[LRQGHYHORSVVWUHQJWKLQWKHDEGRPLQDOPXVFOHVWRVXSSRUWWUXQNPRYHPHQW
ZKHQWKH6ROGLHULVZHDULQJIXOOXQLIRUPDQGSURWHFWLYHHTXLSPHQW)LJXUHVKRZVWKHH[HUFLVHDVLW
ZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHU
z 7KHVWDUWLQJSRVLWLRQIRUWKH:HLJKWHG7UXQN)OH[LRQLVWKH6XSLQHSRVLWLRQZLWKNQHHVEHQWWR
GHJUHHVDQGIHHWRQWKHJURXQG)HHWDUHXQDQFKRUHG
z +ROGDGXPEEHOORUSODWHLQHDFKKDQGUHVWLQJRQWKHIURQWRIWKHFKHVW
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHWUXQNXSLQWRDVLWWLQJSRVLWLRQZLWKRXWVKLIWLQJWKHIHHWDQG
OHJSRVLWLRQ
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWWRUHWXUQXQGHUFRQWUROWRWKHVWDUWLQJSRVLWLRQ
z $OZD\VXVHDZHLJKWWKDWFDQEHFRQWUROOHGWKURXJKRXWWKHUDQJHRIPRWLRQ
z 8VHDOLJKWHUZHLJKWWRLPSURYHFRQWUROLIQHFHVVDU\
)LJXUH)::HLJKWHG7UXQN)OH[LRQ
$73 2FWREHU

)UHH:HLJKW7UDLQLQJ
:(,*+7('7581.(;7(16,21
7KH:HLJKWHG7UXQN([WHQVLRQGHYHORSVVWUHQJWKLQWKHPXVFOHVRIWKHORZHUEDFNDQGKLSV,WLV
SHUIRUPHGXVLQJDEHQFKDQGDSDUWQHU)LJXUHVKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7RUHDFKWKHVWDUWLQJSRVLWLRQIRUWKH:HLJKWHG7UXQN([WHQVLRQOD\LQWKH3URQHSRVLWLRQRQD
WUXQNH[WHQVLRQEHQFK ZLWKWKHNQHHVVOLJKWO\ IOH[HGDQGIHHWDQFKRUHGRURQWKH HQGRI DIODW
EHQFK$SDUWQHUVHFXUHVWKHH[HUFLVHU¶VOHJVDWWKHFDOYHVRUDQNOHV
z +ROGDZHLJKWSODWHDJDLQVWWKHFKHVWEHIRUHORZHULQJWKHXSSHUERG\WRZDUGWKHJURXQGE\IOH[LQJ
DWWKHKLSV7KLVLVWKHVWDUWLQJSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQUDLVHWKHXSSHUERG\WRDOLJQWKHWUXQNZLWKWKHOHJV:KHQYLHZHG
IURPWKHVLGHWKHERG\DQGOHJVZLOOIRUPDVWUDLJKWOLQHIURPWKHKHDGWRWKHKHHOV
z 7KHSDUWQHUFRQWLQXHVWREUDFHWKHOHJVWKURXJKRXWWKHPRYHPHQW
z $IWHUDEULHISDXVHUHYHUVHWKHPRYHPHQWORZHULQJWKHERG\EDFNGRZQWRWKHVWDUWLQJSRVLWLRQ
)LJXUH)::HLJKWHG7UXQN([WHQVLRQ

2FWREHU $73


&KDSWHU
6WUHQJWK7UDLQLQJ0DFKLQH'ULOO
675(1*7+75$,1,1*0$&+,1(6
6WUHQJWK7UDLQLQJ0DFKLQHVNQRZQDV670VDUHFRPPRQO\DYDLODEOHDQGIUHTXHQWO\XVHGE\6ROGLHUV
DVSDUWRIDJ\PEDVHGUHFRQGLWLRQLQJSURJUDPRUZKHQHYHURWKHUVWUHQJWKWUDLQLQJDSSDUDWXVLVQRWDYDLODEOH
7KH\SURYLGHDVDIHZD\WRLVRODWHPXVFOHVRUOLPEV3DUDJUDSKVWKURXJKOLVW6WUHQJWK7UDLQLQJ
0DFKLQHVDQGLQVWUXFWLRQVZLWKJHQHULFJXLGDQFH7KH\GRQRWKDYHWREHXVHGLQWKHRUGHUOLVWHG7KH6WUHQJWK
7UDLQLQJ 0DFKLQH 'ULOO LV FRQGXFWHG RQ VWUHQJWK DQG PRELOLW\ GD\V RU LQ DFFRUGDQFH ZLWK WKH 6ROGLHU¶V
'$)RUP
9LGHRV RI 6WUHQJWK 7UDLQLQJ 0DFKLQH 'ULOO H[HUFLVHV RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
/(*35(66
7KH/HJ3UHVVGHYHORSVVWUHQJWKLQWKHKLSDQGWKLJKPXVFOHV)LJXUHRQSDJHEUHDNVGRZQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH/HJ3UHVVLVWKH 6LWWLQJSRVLWLRQZLWKWKHNQHHVEHQWDWGHJUHHV
DQGIHHWIODWRQWKHIRRWSODWIRUP
z 3ODFHWKHKLSVORZEDFNVKRXOGHUVDQGKHDGILUPO\DJDLQVWWKHVHDWEDFNZLWKWKHH\HVORRNLQJ
VWUDLJKWDKHDG
z 0DLQWDLQDQDWXUDODUFKLQWKHORZHUEDFN
z 6HOHFWWKHDSSURSULDWHZHLJKWDQGHQVXUHWKHSLQLVVHFXUHLQWKHZHLJKWVWDFN
z .HHSKDQGVUHOD[HGDQGSODFHGRQWKHKDQGJULSV
z 2QFRXQWVWUDLJKWHQWKHOHJVVORZO\XQWLOWKH\DUHIXOO\H[WHQGHGEXWQRWORFNHG
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQLQDVORZFRQWUROOHGPRWLRQ
WKHVWUHQJWKPDFKLQHVHVVLRQ
2FWREHU $73

&KDSWHU
)LJXUH670/HJ3UHVV
02',),('/(*35(66
7KHPRGLILHG/HJ3UHVVLVSHUIRUPHGWKHVDPHDVWKHOHJSUHVV+RZHYHU6ROGLHUVXVHDVPDOOHUUDQJH
RIPRWLRQ$VD6ROGLHU¶VFRQGLWLRQLPSURYHVWKHUDQJHRIPRWLRQDQGUHVLVWDQFHPD\JUDGXDOO\LQFUHDVH
XQWLOWKHH[HUFLVHLVSHUIRUPHGWRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH
6,1*/(/(*35(66
7KH6LQJOH/HJ3UHVVLVSHUIRUPHGPXFKOLNHWKHOHJSUHVVRQO\RQHOHJDWDWLPHVHH ILJXUH
7KHUDQJHRIPRWLRQDQGUHVLVWDQFHLVGHFUHDVHGIRUWKHLQMXUHGOHJ$VD6ROGLHU¶VFRQGLWLRQLPSURYHVWKH
UDQJHRIPRWLRQDQGUHVLVWDQFHPD\JUDGXDOO\LQFUHDVHXQWLOWKHH[HUFLVHLVSHUIRUPHGWRVWDQGDUG+RZHYHU
GRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH7KH6LQJOH/HJ3UHVVLVXVHGWRPDLQWDLQDKHDY\
UHVLVWDQFHRQWKHJRRGOHJWRUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHGOHJRUERWK
)LJXUH6706LQJOH/HJ3UHVV
$73 2FWREHU

/(*&85/
7KH/HJ&XUOLVWKHVHFRQGH[HUFLVHLQWKH 6WUHQJWK7UDLQLQJ0DFKLQH GULOO7KLVH[HUFLVHGHYHORSV
VWUHQJWKLQWKHEDFNRIWKHXSSHUOHJPXVFOHV)LJXUHVKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH/HJ&XUOLVWKH3URQHSRVLWLRQNQHHVDOLJQHGZLWKWKHFHQWHUD[LVRI
WKHPDFKLQH
z $GMXVWWKHORZHUOHJSDGWRFRQWDFWWKHORZHUOHJVMXVWDERYHDQGEHKLQGWKHDQNOHDOORZLQJWKH
ORZHUOHJVWREHIXOO\H[WHQGHG
z 5HOD[WKHORZHUOHJVDQGIHHW3RVLWLRQWKHWKLJKSDGMXVWDERYHDQGLQIURQWRIWKHNQHHV
z 3ODFHWKHKLSVVWRPDFKDQGFKHVWILUPO\DJDLQVWWKHEHQFKZLWKWKHH\HVORRNLQJVWUDLJKWGRZQ
z 5HOD[KDQGVDQGSODFHWKHPRQWKHKDQGJULSV
z 2QFRXQWVORZO\SXOOWKHORZHUOHJVWRWKHUHDUWRZDUGWKHEXWWRFNV
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQE\VORZO\ORZHULQJWKHORZHUOHJV
)LJXUH670/HJ&XUO
02',),('/(*&85/
7KHPRGLILHG/HJ&XUOLVSHUIRUPHGLQWKH3URQHSRVLWLRQWKURXJKDOLPLWHGUDQJHRIPRWLRQ6ROGLHUV
ZLWKORZEDFNRUKLSLQMXULHVPD\SUHIHUWRXVHWKHVHDWHGOHJFXUOLILWLVDYDLODEOH$6ROGLHUFRQGXFWVWKH
H[HUFLVHGRLQJWKHIROORZLQJ
z 7KHVWDUWLQJSRVLWLRQIRUWKH/HJ&XUOLVWKH3URQHSRVLWLRQNQHHVDOLJQHGZLWKWKHFHQWHUD[LVRI
WKHPDFKLQH
z .HHSWKHFKHVWIODWRQWKHEHQFK7KHOHJVPD\EHH[WHQGHGRUSDUWLDOO\IOH[HG*UDEWKHKDQGOHV
RIWKHPDFKLQH
z )URPWKHVWDUWLQJSRVLWLRQFXUOWKHOHJVXSDVIDUDVSRVVLEOHZLWKRXWOLIWLQJ\RXUXSSHUOHJVIURP
WKHSDG
z 3DXVHIRUDVHFRQGWKHQUHWXUQWKHOHJVVORZO\WRWKHVWDUWLQJSRVLWLRQ

2FWREHU $73

&KDSWHU
6,1*/(/(*&85/
7KH6LQJOH/HJ&XUOLVSHUIRUPHGLQWKH3URQHSRVLWLRQXVLQJRQO\RQHOHJDWDWLPHVHHILJXUH
$VWKH 6ROGLHU¶VFRQGLWLRQLPSURYHV WKHUDQJHRI PRWLRQDQGUHVLVWDQFH PD\JUDGXDOO\LQFUHDVHXQWLOWKH
H[HUFLVH LV SHUIRUPHG WR VWDQGDUG +RZHYHU GR QRW LQFUHDVH ERWK RI WKHVH IDFWRUV DW WKH VDPH WLPH 7KH
6LQJOH/HJ&XUOLVXVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQWKHJRRGOHJUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHG
OHJRUGHFUHDVHWKHUDQJHRIPRWLRQRQWKHLQMXUHGOHJ
)LJXUH6706LQJOH/HJ&XUO
/$7(5$/5$,6(
7KH/DWHUDO5DLVHGHYHORSVVWUHQJWKLQWKHVKRXOGHUDQGQHFNPXVFOHV)LJXUHVKRZVWKHH[HUFLVH
DVLWZRXOGEHFRQGXFWHGE\DQLQGLYLGXDO6ROGLHU
z 7KHVWDUWLQJSRVLWLRQIRUWKH/DWHUDO5DLVHLVWKH6LWWLQJSRVLWLRQZLWKWKHNQHHVEHQWDWGHJUHHV
DQGIHHWIODWRQWKHIORRU
z )URPWKHVWDUWLQJSRVLWLRQVWD\VHDWHGZLWKWKHIHHWILUPO\RQWKHJURXQG$GMXVWWKHVHDWVRD
GHJUHHDQJOHLVIRUPHGEHWZHHQWKHXSSHUDQGORZHUDUPV
z 3ODFHWKHKLSVORZHUEDFNVKRXOGHUVDQGKHDGILUPO\DJDLQVWWKHVHDWEDFNZLWKWKHH\HVORRNLQJ
VWUDLJKWDKHDG
z 2QFRXQWUDLVHERWKDUPVXSZDUGXQWLOWKH\DUHSDUDOOHOWRWKHJURXQG
$73 2FWREHU

)LJXUH670/DWHUDO5DLVH
6,1*/($50/$7(5$/5$,6(
7KH6LQJOH$UP/DWHUDO5DLVHLVSHUIRUPHGPXFKOLNHWKH/DWHUDO5DLVHEXWXVLQJRQO\RQHDUPDWD
WLPHVHHILJXUH7KHUDQJHRIPRWLRQDQGUHVLVWDQFHLVGHFUHDVHGIRUWKHLQMXUHGVLGH$VWKH6ROGLHU¶V
FRQGLWLRQLPSURYHVWKHUDQJHRIPRWLRQDQGUHVLVWDQFHPD\JUDGXDOO\LQFUHDVHXQWLOWKHH[HUFLVHLVSHUIRUPHG
WRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH7KH6LQJOH$UP/DWHUDO5DLVH
LVXVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQWKHJRRGVLGHUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHGVLGHRUERWK
)LJXUH6706LQJOH$UP/DWHUDO5DLVH
2FWREHU $73

&KDSWHU
29(5+($'35(66
7KH2YHUKHDG3UHVVGHYHORSVVWUHQJWKLQWKHDUPDQGVKRXOGHUPXVFOHV)LJXUHEUHDNVGRZQ
z 7KH VWDUWLQJ SRVLWLRQ IRU WKH 2YHUKHDG 3UHVV LV WKH 6LWWLQJ SRVLWLRQ ZLWK WKH NQHHV EHQW DW
GHJUHHVDQGIHHWIODWRQWKHIORRU
z )URPWKHVWDUWLQJSRVLWLRQVWD\VHDWHGZLWKWKHIHHWILUPO\RQWKHJURXQG
z $GMXVWWKHVHDWWRDFKLHYHDGHJUHHDQJOHEHWZHHQWKH6ROGLHU¶VXSSHUDQGORZHUDUPVZLWKWKH
VKRXOGHUVGLUHFWO\EHORZWKHKDQGJULSV
z 3ODFHWKHKLSVORZEDFNDQGVKRXOGHUVILUPO\DJDLQVWWKHVHDWEDFN
z /RRNVWUDLJKWDKHDG
z 2QFRXQWSXVKXSZDUGXQWLOERWKDUPVDUHIXOO\H[WHQGHGEXWQRWORFNHG
)LJXUH6702YHUKHDG3UHVV
02',),('29(5+($'35(66
7KHPRGLILHG2YHUKHDG3UHVVLVSHUIRUPHGWKHVDPHDVWKH2YHUKHDG3UHVVEXWZLWKDVPDOOHUUDQJH
RIPRWLRQ6ROGLHUVGRQRWIOH[WKHHOERZVEHORZGHJUHHVDVWKH\ORZHUUHVLVWDQFHLVORZHUHGQRUZLOOWKH\
IXOO\VWUDLJKWHQZKHQWKHUHVLVWDQFHLVUDLVHG$VWKH6ROGLHU¶VFRQGLWLRQLPSURYHVWKHUDQJHRIPRWLRQDQG
UHVLVWDQFHPD\JUDGXDOO\LQFUHDVHXQWLOWKHH[HUFLVHLVSHUIRUPHGWRVWDQGDUG+RZHYHUWKHVHWZRIDFWRUV
VKRXOGQRWEHLQFUHDVHGDWWKHVDPHWLPH

$73 2FWREHU

6,1*/($5029(5+($'35(66
7KH6LQJOH$UP2YHUKHDG3UHVVLVSHUIRUPHGPXFKOLNHWKH2YHUKHDG3UHVVXVLQJRQHDUPDWDWLPH
VHH ILJXUH 7KH UDQJH RI PRWLRQ DQG UHVLVWDQFH LV GHFUHDVHG IRU WKH LQMXUHG VLGH $V WKH 6ROGLHU¶V
FRQGLWLRQLPSURYHVWKHUDQJHRIPRWLRQPD\JUDGXDOO\LQFUHDVHXQWLOWKHH[HUFLVHLVSHUIRUPHGWRVWDQGDUG
7KH UHVLVWDQFH VKRXOG QRW EH LQFUHDVHG XQWLO WKH 6ROGLHU FDQ PRYH WKURXJK WKH IXOO UDQJH RI PRWLRQ DQG
SHUIRUPWKHH[HUFLVHWRVWDQGDUG7KH6LQJOH$UP2YHUKHDG3UHVVLVXVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQ
WKHJRRGVLGHUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHGVLGHRUERWK
)LJXUH6706LQJOH$UP2YHUKHDG3UHVV
/$738//'2:1
7KH/DW3XOO'RZQLVWKHILIWKH[HUFLVHLQWKHVWUHQJWKWUDLQLQJPDFKLQHGULOO7KLVH[HUFLVHGHYHORSV
VWUHQJWKLQWKHDUPDQGEDFNPXVFOHV)LJXUHRQSDJHVKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH/DW3XOO'RZQLVWKH6LWWLQJSRVLWLRQZLWKWKHNQHHVEHQWDWGHJUHHV
z )URPWKHVWDUWLQJSRVLWLRQVHOHFWWKHDSSURSULDWHZHLJKWDQGHQVXUHWKHSLQLVVHFXUHLQWKHZHLJKW
VWDFN
z 6LWHUHFWDQGDGMXVWWKHUROOHUSDGVRLWVLWVILUPO\DJDLQVWWKHXSSHUWKLJKDQGKLS
z *UDVSWKHEDUZLWKDFORVHGSURQDWHGJULSDQGDVVXPHD6LWWLQJSRVLWLRQZLWKWKHKLSVDJDLQVWWKH
UROOHUSDGDQGWKHIHHWIODWRQWKHJURXQG
z &KHFNWKHXSSHUERG\LVSHUSHQGLFXODUWRWKHIORRU
z 2Q FRXQW NHHSLQJ WKH DUPV VWUDLJKW DQG HOERZV URWDWHG RXW WR WKH VLGH DQG VOLJKWO\ IOH[HG
VLPXOWDQHRXVO\EHQGWKHHOERZVDQGSXOOWKHEDUWRZDUGWKHVKRXOGHUVXQWLOWKHXSSHUDUPVDUH
SDUDOOHOWRWKHJURXQG
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQE\VORZO\H[WHQGLQJWKHHOERZV
2FWREHU $73

&KDSWHU
)LJXUH670/DW3XOO'RZQ
675$,*+7$50/$738//'2:1
7KH6WUDLJKW$UP/DW3XOO'RZQLVSHUIRUPHGWKHVDPHDVWKH/DW3XOO'RZQ+RZHYHULWXVHVD
PXFKVPDOOHUUDQJHRIPRWLRQ7KHHOERZVUHPDLQIXOO\H[WHQGHGDQGWKHDUPVVWUDLJKW$VZLWKWKH6WUDLJKW
$UP3XOOH[HUFLVHLQ&OLPELQJ'ULOOVHHSDUDJUDSKWKHPRYHPHQWKDVWKHHIIHFWRIUDLVLQJWKHKHDG
EHWZHHQWKHDUPV7KHFKHVWZLOOPRYHXSWRZDUGWKHEDUDQGWKHVKRXOGHUEODGHVZLOOPRYHWRJHWKHU
6,1*/($50/$738//'2:1
7KH6LQJOH$UP/DW3XOO'RZQLVSHUIRUPHGPXFKOLNHWKH/DW3XOO'RZQXVLQJRQO\RQHDUPDWD
WLPHVHHILJXUH7KHUDQJHRIPRWLRQDQGUHVLVWDQFHLVGHFUHDVHGIRUWKHLQMXUHGVLGH$VWKH6ROGLHU¶V
WRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH7KH6LQJOH$UP/DW3XOO'RZQ
LVXVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQWKHJRRGVLGHUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHGVLGHRUERWK
$73 2FWREHU

)LJXUH6706LQJOH$UP/DW3XOO'RZQ
6($7('52:
7KH6HDWHG5RZGHYHORSVVWUHQJWKLQWKHDUPDQGEDFNPXVFOHV)LJXUHRQSDJHVKRZV
z 7KHVWDUWLQJSRVLWLRQIRUWKH6HDWHG5RZLVWKH6LWWLQJSRVLWLRQZLWKWKHNQHHVEHQWDWGHJUHHV
z )URPWKHVWDUWLQJSRVLWLRQVWD\VHDWHGZLWKWKHIHHWILUPO\SODQWHGRQWKHIORRURUIRRWVXSSRUWVLI
XVLQJ
z /HDQIRUZDUGDQGJUDVSWKHKDQGJULSVZLWKWKHKDQGVLQDQHXWUDOFORVHGJULS
z 6LWHUHFWVRWKHXSSHUERG\LVSHUSHQGLFXODUWRWKHIORRU
z 2QFRXQWVLPXOWDQHRXVO\EHQGWKHHOERZVDQGSXOOWKHKDQGJULSVWRWKHFKHVWRUXSSHUDEGRPHQ
ZKLOHNHHSLQJWKHWUXQNULJLGDQGWKHEDFNIODW
2FWREHU $73

&KDSWHU
z 2QFRXQWUHWXUQWRWKHVWDUWLQJSRVLWLRQE\VORZO\H[WHQGLQJWKHHOERZV
)LJXUH6706HDWHG5RZ
675$,*+7$506($7('52:
7KH6WUDLJKW$UP6HDWHG5RZLVSHUIRUPHGWKHVDPHDVWKH6HDWHG5RZ+RZHYHULWXVHVDPXFK
VPDOOHUUDQJHRIPRWLRQ7KHHOERZVUHPDLQIXOO\H[WHQGHGDQGWKHDUPVVWUDLJKWDVWKHUHVLVWDQFHLVORZHUHG
RUUDLVHG
6,1*/($506($7('52:
7KH6LQJOH$UP6HDWHG5RZLVSHUIRUPHGPXFKOLNHWKH6HDWHG5RZXVLQJRQO\RQHDUPDWDWLPH
VHH ILJXUH 7KH UDQJH RIPRWLRQDQGUHVLVWDQFHLVGHFUHDVHGIRUWKHLQMXUHGVLGH$VWKH6ROGLHU¶V
WRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH7KH6LQJOH$UP6HDWHG5RZLV
XVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQWKHJRRGVLGHUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHGVLGHRUERWK
$73 2FWREHU

)LJXUH6706LQJOH$UP6HDWHG5RZ
7581.(;7(16,21
7KH7UXQN([WHQVLRQLVWKHVHYHQWKH[HUFLVHLQWKH6WUHQJWK7UDLQLQJ0DFKLQHGULOO7KLVH[HUFLVH
GHYHORSVVWUHQJWKLQWKHORZEDFNPXVFOHVDQGVXSSRUWVWKH'HDGOLIWH[HUFLVH)LJXUHRQSDJH
VKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH7UXQN([WHQVLRQLVWKH6LWWLQJSRVLWLRQZLWKWKHNQHHVVOLJKWO\EHQW
DQGIHHWIODWRQWKHIRRWSODWIRUP
z )URPWKHVWDUWLQJSRVLWLRQVWD\VHDWHGRQWKHPDFKLQHOHDQLQJVOLJKWO\IRUZDUGZLWKWKHEDFN
ILUPO\DJDLQVWWKHSDGGHGOHYHUDUP
z *ULSWKHVXSSRUWEDUVXVLQJDQHXWUDOFORVHGJULS
z .HHSWKHKHDGLQDQHXWUDOSRVLWLRQZLWKWKHH\HVORRNLQJVWUDLJKWDKHDG
z 2QFRXQWUDLVHWKHXSSHUERG\DQGFRQWLQXHH[WHQGLQJWKHWUXQNPRYLQJWRWKH6XSLQHSRVLWLRQ
2FWREHU $73

&KDSWHU
)LJXUH6707UXQN([WHQVLRQ
02',),('7581.(;7(16,21
7KHPRGLILHG7UXQN([WHQVLRQVKRXOGEHXVHGZKHQD'$)RUPPD\OLPLWWKHUDQJHRIPRWLRQ
DWZKLFKD6ROGLHUFDQVDIHO\SHUIRUP7UXQN([WHQVLRQH[HUFLVHV7KHZHLJKWORDGVKRXOGEHORZDQGWKH
UDQJHRIPRWLRQRIWKHPRYHPHQWVVKRXOGEHZLWKLQWKHFRPIRUW]RQHRIWKH6ROGLHU*UDGXDOO\LQFUHDVHWKH
ZHLJKWORDGDQGUDQJHRIPRWLRQDVWROHUDWHGXQWLOWKHH[HUFLVHFDQEHSHUIRUPHGWRVWDQGDUG
75,&(36(;7(16,21
7KH7ULFHSV([WHQVLRQGHYHORSVVWUHQJWKLQWKHWULFHSV PXVFOHVDQGVXSSRUWVRWKHUSXVKLQJWDVNV
IRXQGLQWUDLQLQJDQGFRPEDW)LJXUHEUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 6HOHFWWKHZHLJKWDQGHQVXUHWKHSLQLVVHFXUHLQWKHZHLJKWVWDFN
z &RQGXFWWKLVH[HUFLVHIURPWKH6LWWLQJSRVLWLRQ6WDUWZLWKWKHIHHWSODFHGILUPO\RQWKHJURXQG
3ODFHWKHKLSVDQGORZEDFNILUPO\DJDLQVWWKHVHDWEDFNZLWKWKHH\HVORRNLQJVWUDLJKWDKHDG
z 0DLQWDLQDQHUHFWSRVLWLRQH\HVORRNLQJVWUDLJKWDKHDGJUDVSLQJWKHEDUZLWKDFORVHGSURQDWHG
JULS
z 2QFRXQWSXVKGRZQZDUGXQWLOERWKDUPVDUHIXOO\H[WHQGHGEXWQRWORFNHG
)LJXUH6707ULFHSV([WHQVLRQ
02',),('75,&(36(;7(16,21
7KHPRGLILHG7ULFHSV([WHQVLRQLVSHUIRUPHGWKHVDPHDVWKHWULFHSVH[WHQVLRQEXWLWXVHVDVPDOOHU
UDQJHRIPRWLRQ7KHHOERZVZLOOQRWIXOO\IOH[DVWKHUHVLVWDQFHLVORZHUHGQRUZLOOWKH\IXOO\VWUDLJKWHQ
ZKHQWKHUHVLVWDQFHLVUDLVHG
$73 2FWREHU

$VWKH6ROGLHU¶VFRQGLWLRQLPSURYHVWKHUDQJHRIPRWLRQDQGUHVLVWDQFHPD\JUDGXDOO\LQFUHDVHXQWLO
WKHH[HUFLVHLVSHUIRUPHGWRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH
6,1*/($5075,&(36(;7(16,21
7KH6LQJOH$UP7ULFHSV([WHQVLRQLVSHUIRUPHGPXFKOLNHWKHWULFHSVH[WHQVLRQXVLQJRQO\RQHDUP
DWD WLPHVHH ILJXUH 7KHUDQJHRIPRWLRQDQGUHVLVWDQFHLVGHFUHDVHGIRUWKHLQMXUHGVLGH$VWKH
6ROGLHU¶VFRQGLWLRQLPSURYHVWKHUDQJHRIPRWLRQDQGUHVLVWDQFHPD\JUDGXDOO\LQFUHDVHXQWLOWKHH[HUFLVHLV
SHUIRUPHGWRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWKRIWKHVHIDFWRUVDWWKHVDPHWLPH7KHVLQJOHDUPWULFHSV
H[WHQVLRQLVXVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQWKHJRRGVLGHUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHGVLGH
RUERWK
)LJXUH6706LQJOH$UP7ULFHSV([WHQVLRQ
&+(6735(66
7KH&KHVW3UHVVGHYHORSVVWUHQJWKLQWKHDUPVVKRXOGHUVDQGFKHVWPXVFOHV)LJXUHRQSDJH
EUHDNVGRZQWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH&KHVW3UHVVLVWKH6LWWLQJSRVLWLRQZLWKWKHNQHHVEHQWDWGHJUHHV
z )URPWKHVWDUWLQJSRVLWLRQVWD\VHDWHGZLWKWKHIHHWILUPO\RQWKHJURXQG$GMXVWWKHVHDWVRD
GHJUHHDQJOHLVIRUPHGEHWZHHQWKHXSSHUDQGORZHUDUPVZLWKWKHVKRXOGHUVGLUHFWO\EHORZWKH
KDQGJULSV
z 3ODFHWKHKLSVORZEDFNVKRXOGHUVDQGKHDGILUPO\DJDLQVWWKHVHDWEDFNZLWKWKHH\HVORRNLQJ
VWUDLJKWDKHDG
z 2QFRXQWSXVKXSZDUGXQWLOWKHDUPVDUHIXOO\H[WHQGHGEXWQRWORFNHG
2FWREHU $73

&KDSWHU
)LJXUH670&KHVW3UHVV
02',),('&+(6735(66
7KHPRGLILHG&KHVW3UHVVLVSHUIRUPHGWKHVDPHDVWKHFKHVWSUHVVEXWLWXVHVDPXFKVPDOOHUUDQJH
RI PRWLRQ 7KH HOERZV ZLOO QRW IOH[ EHORZ GHJUHHV DV WKH UHVLVWDQFH LV ORZHUHG QRU ZLOO WKH\ IXOO\
VWUDLJKWHQ ZKHQ WKH UHVLVWDQFH LV UDLVHG $V WKH 6ROGLHU¶V FRQGLWLRQ LPSURYHV WKH UDQJH RI PRWLRQ DQG
UHVLVWDQFHPD\JUDGXDOO\LQFUHDVHXQWLOWKHH[HUFLVHLVSHUIRUPHGWRVWDQGDUG+RZHYHUGRQRWLQFUHDVHERWK
RIWKHVHIDFWRUVDWWKHVDPHWLPH
6,1*/($50&+(6735(66
7KH6LQJOH$UP&KHVW3UHVVLVSHUIRUPHGLQWKHVDPHZD\DVWKH&KHVW3UHVVXVLQJRQO\RQHDUPDW
DWLPHVHHILJXUH7KHUDQJHRIPRWLRQDQGUHVLVWDQFHLVGHFUHDVHGIRUWKHLQMXUHGVLGH7KH6LQJOH
$UP&KHVW3UHVVLVXVHGWRPDLQWDLQDKHDY\UHVLVWDQFHRQWKHJRRGVLGHUHGXFHWKHUHVLVWDQFHRQWKHLQMXUHG
VLGHRUERWK
$73 2FWREHU

)LJXUH6706LQJOH$UP&KHVW3UHVV
7581.)/(;,21
7KH7UXQN)OH[LRQLVWKHWHQWKH[HUFLVHLQWKHVWUHQJWKWUDLQLQJPDFKLQHGULOO7KLVH[HUFLVHGHYHORSV
VWUHQJWKLQWKHDEGRPLQDOPXVFOHV)LJXUHRQSDJHVKRZVWKHH[HUFLVHDVD6ROGLHUFRQGXFWVLW
z 7KHVWDUWLQJSRVLWLRQIRUWKH7UXQN)OH[LRQLVWKH6LWWLQJSRVLWLRQZLWKWKHNQHHVEHQWDWGHJUHHV
z )URPWKHVWDUWLQJSRVLWLRQVWD\VHDWHGZLWKWKHIHHWILUPO\RQWKHJURXQG
z .HHSWKHHOERZVVKRXOGHUZLGWKDSDUWDQGEHQWDWGHJUHHVZLWKKDQGVLQDFORVHGJULS
z 3ODFHWKHKLSVDQGORZEDFNILUPO\DJDLQVWWKHVHDWEDFNZLWKWKHH\HVORRNLQJVWUDLJKWDKHDG
z 2QFRXQWEHQGIRUZDUGIOH[LQJWKHWUXQNDQGEULQJLQJWKHFKHVWWRWKHWKLJKV
2FWREHU $73

&KDSWHU
)LJXUH6707UXQN)OH[LRQ
02',),('7581.)/(;,21
7KHPRGLILHG7UXQN)OH[LRQVKRXOGEHXVHGZKHQD'$)RUPPD\OLPLWWKHUDQJHRIPRWLRQ
DWZKLFKD6ROGLHUFDQVDIHO\SHUIRUP7UXQN)OH[LRQH[HUFLVHV7KHZHLJKWORDGVKRXOGEHORZDQGWKHUDQJH
RIPRWLRQRIWKHPRYHPHQWVVKRXOGEHZLWKLQWKHFRPIRUW]RQHRIWKH6ROGLHU*UDGXDOO\LQFUHDVHWKHZHLJKW
ORDGDQGUDQJHRIPRWLRQDVWROHUDWHGXQWLOWKHH[HUFLVHFDQEHSHUIRUPHGWRVWDQGDUG

$73 2FWREHU

&KDSWHU
5HFRYHU\'ULOOV
7+(5(&29(5<'5,//
7KH 5HFRYHU\ 'ULOO NQRZQ DV 5' LQFOXGHV D ZLGH YDULHW\ RI UDQJH RI PRYHPHQWV WKDW UHTXLUH
VWUXFWXUDOVWUHQJWKVWDELOLW\IOH[LELOLW\DQGPRELOLW\3RVLWLRQVLQFOXGH6LWWLQJ6WDQGLQJ3URQHDQG6XSLQH
SRVLWLRQVVXSSRUWHGE\RQHRUERWKXSSHUDQGORZHUH[WUHPLWLHV0RYHPHQWVLQWRDQGRXWRIWKHVHSRVLWLRQV
FDQEHPRGLILHGWRDFFRPPRGDWH6ROGLHUVZKRDUHUHFRQGLWLRQLQJIURPLQMXU\ZKRDUHGHFRQGLWLRQHGRU
ZKRDUHQHZWRWKH$UP\
9LGHRV RI 5HFRYHU\ 'ULOO H[HUFLVHV ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
29(5+($'$5038//
7KH2YHUKHDG$UP3XOOLVWKHILUVWH[HUFLVHLQWKH5HFRYHU\'ULOO7KLVH[HUFLVHGHYHORSVWKHIOH[LELOLW\
RIMRLQWVLQWKHDUPVVKRXOGHUVDQGWUXQN)LJXUHLOOXVWUDWHVWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQD
IRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH2YHUKHDG$UP3XOOLVWKH 6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV:KHQFRPPDQGHG³5($'<STRETCHÚDLVHWKHOHIWDUPRYHUKHDG*UDVSDERYHWKHOHIW
HOERZZLWKWKHULJKWKDQGDQGSXOOWRWKHULJKWOHDQLQJWKHERG\WRWKHULJKW$VWUHWFKVHQVDWLRQ
VKRXOGEHIHOWLQWKHOHIWWULFHSVPXVFOHDQGIODQN+ROGWKLVSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³67$57,1*326,7,21MOVEÚHWXUQWRWKHVWDUWLQJSRVLWLRQ
z 2Q WKH FRPPDQG ³&+$1*( 326,7,21 5($'< STRETCH´ UHSHDW WKH PRYHPHQW RQ WKH
ULJKWVLGH
)LJXUH5'2YHUKHDG$UP3XOO
2FWREHU $73

&KDSWHU
5($5/81*(
7KH5HDU/XQJHLVWKHVHFRQGH[HUFLVHLQWKH5HFRYHU\'ULOO)LJXUHGHPRQVWUDWHVWKHPRYHPHQW
DV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH5HDU/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDQH[DJJHUDWHGVWHSEDFNZDUGZLWKWKHOHIWOHJ
WRXFKLQJGRZQZLWKWKHEDOORIWKHIRRWGLUHFWO\EHKLQGWKHVWDUWLQJSRVLWLRQ7KLVFUHDWHVDVWUHWFK
VHQVDWLRQ LQ WKH IURQW RI WKH OHIW WKLJK DQG KLS DUHD %DFN UHPDLQV VWUDLJKW DQG JD]H UHPDLQV
IRUZDUG+ROGWKHSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDQH[DJJHUDWHGVWHSEDFNZDUGZLWKWKHULJKWOHJ
WRXFKLQJGRZQZLWKWKHEDOORIWKHIRRWGLUHFWO\EHKLQGWKHVWDUWLQJSRVLWLRQ7KLVFUHDWHVDVWUHWFK
VHQVDWLRQLQWKHIURQWRIWKHULJKWWKLJKDQGKLSDUHD7KHEDFNUHPDLQVVWUDLJKWDQGJD]HUHPDLQV
IRUZDUG+ROGWKHSRVLWLRQIRU±VHFRQGV
)LJXUH5'5HDU/XQJH
$73 2FWREHU

5HFRYHU\'ULOOV
(;7(1'$1')/(;
7KH([WHQGDQG)OH[LVWKHWKLUGH[HUFLVHLQWKH5HFRYHU\'ULOO)LJXUHEUHDNVGRZQWKHPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH([WHQGDQG)OH[LVWKH)URQW/HDQLQJ5HVWSRVLWLRQ
z 2Q WKH FRPPDQG ³5($'< STRETCH´ ORZHU WKH ERG\ WRZDUG WKH JURXQG VDJJLQJ LQ WKH
PLGGOHZKLOHNHHSLQJWKHDUPVVWUDLJKW.HHSJD]HVWUDLJKWDKHDG²GRQRWORRNXS7KLVFUHDWHVD
VWUHWFKVHQVDWLRQLQWKHKLSDQGDEGRPLQDOPXVFOHV7KHOHJVDQGORZEDFNVKRXOGEHUHOD[HGZLWK
WRHVRQWKHJURXQGDQGSRLQWLQJWRWKHUHDU+ROGWKHSRVLWLRQIRU±VHFRQGV
z 2Q WKH FRPPDQG ³&+$1*( 326,7,21 5($'< STRETCH´ SXW ERG\ZHLJKW EDFN RQ WKH
EDOOVRIWKHIHHWWRVXSSRUWUDLVLQJWKHKLSVXSDQGRIIWKHJURXQG6WUDLJKWHQWKHOHJVDQGWU\WR
WRXFKWKHJURXQGZLWKWKHKHHOV0RYHWKHKHDGEHWZHHQWKHDUPVDQGORRNWRZDUGWKHIHHW7KH
EDFNUHPDLQVVWUDLJKW+ROGWKHSRVLWLRQIRU±VHFRQGV
)LJXUH5'([WHQGDQG)OH[
7+,*+675(7&+
7KH7KLJK6WUHWFKLVWKHIRXUWKH[HUFLVHLQWKH5HFRYHU\'ULOO,WGHYHORSV IOH[LELOLW\LQWKHKLSDQG
NQHHMRLQWV)LJXUHVKRZVWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH7KLJK6WUHWFKLVWKH6LWWLQJSRVLWLRQZLWKWKHDUPVDWWKHVLGHVDQG
SDOPVRQWKHIORRU
z 2Q WKH FRPPDQG ³5($'< STRETCH´ UROO RQ WKH ULJKW VLGH DQG SODFH WKH ULJKW HOERZ DQG
IRUHDUPRQWKHJURXQGGLUHFWO\EHORZWKHVKRXOGHU7KHULJKWKDQGPDNHVDILVWZLWKWKHWKXPE
VLGHXS*UDVSWKHOHIWDQNOHDQGSXOOWRZDUGWKHOHIWEXWWRFN3XVKWKHOHIWWKLJKIXUWKHUWRWKHUHDU
ZLWKWKHKHHORIWKHULJKWIRRW+ROGWKLVSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCH´PRYHEDFNWKURXJKWKHVWDUWLQJ
SRVLWLRQEHIRUHFKDQJLQJVLGHVWRVWUHWFKWKHULJKWOHJ+ROGIRU±VHFRQGV
)LJXUH5'7KLJK6WUHWFK
2FWREHU $73

&KDSWHU
6,1*/(/(*29(5
7KH6LQJOH/HJ2YHULVWKHILIWKH[HUFLVHLQ5HFRYHU\'ULOO7KLVH[HUFLVHGHYHORSVIOH[LELOLW\RIWKH
KLSDQGORZEDFN)LJXUHEUHDNVGRZQWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQIRU±
VHFRQGV
z 7KHVWDUWLQJSRVLWLRQIRUWKH6LQJOH/HJ2YHULVWKH6XSLQHSRVLWLRQZLWKDUPVVWUDLJKWRXWWRWKH
VLGHRQJURXQGZLWKSDOPVGRZQZLWKILQJHUVDQGWKXPEVH[WHQGHGDQGMRLQHG)HHWDUHWRJHWKHU
ZLWKKHHOVRQWKHJURXQG7KHKHDGLVRQWKHJURXQG
z 2QWKHFRPPDQG³5($'<STRETCHÉHQGWKHOHIWNQHHWRGHJUHHVRYHUWKHULJKWOHJDQG
JUDVS WKH RXWVLGH RI WKH OHIW NQHH ZLWK WKH ULJKW KDQG SXOOLQJ WRZDUG WKH ULJKW .HHS WKH OHIW
VKRXOGHUDQGDUPRQWKHJURXQG+ROGWKLVSRVLWLRQIRU±VHFRQGV
z 2Q WKH FRPPDQG ³&+$1*( 326,7,21 5($'< STRETCH´ EHQG WKH ULJKW NQHH WR
GHJUHHVRYHUWKHOHIWOHJDQGJUDVSWKHRXWVLGHRIWKHULJKWNQHHZLWKWKHOHIWKDQGSXOOLQJWRZDUG
WKHOHIW.HHSWKHULJKWVKRXOGHUDQGDUPRQWKHJURXQG+ROGWKLVSRVLWLRQIRU±VHFRQGV
)LJXUH5'6LQJOH/HJ2YHU
*52,1675(7&+
7KH*URLQ6WUHWFKLVWKHVL[WKH[HUFLVHLQWKH5HFRYHU\'ULOO7KLVH[HUFLVHLQFUHDVHVIOH[LELOLW\LQWKH
KLSMRLQW)LJXUHVKRZVWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH*URLQ6WUHWFKLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDQH[DJJHUDWHGVWHSZLWKWKHULJKWOHJWRWKHULJKW
VLGHEHQGLQJWKHULJKWNQHHLQWRDODWHUDOOXQJH7UXQNDQGKHDGFRQWLQXHWRIDFHIRUZDUG+ROG
WKLV SRVLWLRQ RU FRQWLQXH LQWR D GHHSHU OXQJH WR VWUHWFK WKH LQVLGH RI WKH OHIW WKLJK IRU ±
VHFRQGV
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCH´WDNHDQH[DJJHUDWHGVWHSWRWKH
OHIWZLWKWKHOHIWOHJEHQGLQJWKHOHIWNQHHLQWRDODWHUDOOXQJH7UXQNDQGKHDGFRQWLQXHWRIDFH
$73 2FWREHU

5HFRYHU\'ULOOV
IRUZDUG+ROGWKHSRVLWLRQRUFRQWLQXHLQWRDGHHSHUOXQJHWRVWUHWFKWKHLQVLGHRIWKHULJKWWKLJK
IRU±VHFRQGV
)LJXUH5'*URLQ6WUHWFK
&$/)675(7&+
7KH&DOI6WUHWFKLVWKHVHYHQWKH[HUFLVHLQ5HFRYHU\'ULOO7KLVVWUHWFKLQFUHDVHVIOH[LELOLW\RIWKHDQNOH
)LJXUHLOOXVWUDWHVWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH&DOI6WUHWFKLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQKLSV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDVWHSEDFNZDUGZLWKWKHOHIWOHJSODFLQJWKHIRRW
IODWRQWKHJURXQG±IHHWEHKLQGLWVVWDUWLQJSRVLWLRQ.HHSLQJWKHOHIWKHHORQWKHJURXQGEHQG
ERWKNQHHVXQWLODVWUHWFKLVIHOWLQWKHOHIW$FKLOOHVWHQGRQ
z 2QWKHFRPPDQG³5($'<STRETCHÚHSHDWWKHVWUHWFKZLWKWKHULJKWOHJ,QFUHDVHWKHVWUHWFK
VHQVDWLRQLQWKHULJKWFDOIPXVFOHE\VWHSSLQJIXUWKHUEDFNZLWKWKHULJKWIRRWDQGORFNLQJWKHULJKW
NQHH.HHSWKHULJKWIRRWSRLQWLQJIRUZDUGWKURXJKRXWWKHVWUHWFK+ROGHLWKHUVWUHWFKSRVLWLRQIRU
±VHFRQGV
)LJXUH5'&DOI6WUHWFK
2FWREHU $73

&KDSWHU
+$0675,1*675(7&+
7KH+DPVWULQJ6WUHWFKLVWKHILQDOH[HUFLVHLQ5HFRYHU\'ULOO7KLVVWUHWFKLQFUHDVHVIOH[LELOLW\RIWKH
NQHHVDQGKLSV)LJXUHEUHDNVGRZQWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKH+DPVWULQJ6WUHWFKLVWKH6LWWLQJSRVLWLRQZLWKDUPVDWWKHVLGHVDQG
SDOPVRQWKHIORRU
z 2QWKHFRPPDQG³5($'<STRETCHÚHDFKIRUZDUGZLWKERWKKDQGVWRZDUGWKHIHHWJUDVSLQJ
WKH IHHW DQNOH RU ORZHU OHJV .HHS WKH NQHHV VWUDLJKW ZLWKRXW ORFNLQJ WKHP +ROG WKLV VWUHWFK
SRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³5($'<STRETCHÚHSHDWWKHILUVWVWUHWFKSRVLWLRQUHDFKLQJVOLJKWO\IXUWKHU
)LJXUH5'+DPVWULQJ6WUHWFK
7+(5(&29(5<'5,//02',),('
7KH5HFRYHU\'ULOO0RGLILHGNQRZQDV5'02'LQFOXGHVWKHVDPHH[HUFLVHVDVWKRVHGHVFULEHG
LQ WKH 5HFRYHU\ 'ULOO EXW ZLWK UHVWULFWHG UDQJH RI PRWLRQ WR DFFRPPRGDWH IRU LQMXU\ 3RVLWLRQV LQFOXGH
PRGLILHG 6LWWLQJ 6WDQGLQJ 3URQH DQG 6XSLQH SRVLWLRQV VXSSRUWHG E\ RQH RU ERWK XSSHU DQG ORZHU
H[WUHPLWLHV5HFRYHU\'ULOO0RGLILHGH[HUFLVHVDUHLGHDOIRU6ROGLHUVZKRDUHUHFRQGLWLRQLQJIURPLQMXU\
ZKRDUHGHFRQGLWLRQHGRUZKRDUHQHZWRWKH$UP\
29(5+($'$5038//02',),('
7KH2YHUKHDG$UP3XOOFDQEHPRGLILHGE\VWUHWFKLQJWKHDUPVDFURVVWKHXSSHUERG\LQVWHDGRI
RYHUKHDG,ISRVVLEOHSHUIRUPWKHVWDQGDUGVWUHWFKRQWKHXQLQMXUHGDUP)LJXUHLOOXVWUDWHVWKHPRYHPHQW
z 7KHVWDUWLQJSRVLWLRQIRUWKH PRGLILHG2YHUKHDG$UP3XOOLVWKH 6WUDGGOH6WDQFHSRVLWLRQZLWK
KDQGVRQKLSV
z :KHQFRPPDQGHG³5($'<STRETCHÚDLVHWKHOHIWDUPDFURVVWKHIURQWRIWKHFKHVW*UDVS
DERYHWKHOHIWHOERZ ZLWKWKHULJKWKDQGDQGSXOOWRWKHULJKWOHDQLQJWKHERG\WRWKHULJKW$
VWUHWFKVHQVDWLRQVKRXOGEHIHOWLQWKHOHIWWULFHSVPXVFOHDQGIODQN+ROGWKLVSRVLWLRQIRU±
VHFRQGV
z 2Q WKH FRPPDQG ³&+$1*( 326,7,21 5($'< STRETCH´ UHSHDW WKH PRYHPHQW RQ WKH
ULJKWVLGH
z 2QWKHFRPPDQG³67$57,1*326,7,21MOVEÚHWXUQWRWKHVWDUWLQJSRVLWLRQDQGWKHQWR
WKH3RVLWLRQRI$WWHQWLRQ
$73 2FWREHU

5HFRYHU\'ULOOV
)LJXUH5'02'2YHUKHDG$UP3XOOPRGLILHG
5($5/81*(02',),('
7KH 5HDU /XQJH FDQ EH PRGLILHG E\ UHGXFLQJ WKH UDQJH RI PRWLRQ IRU WKH OXQJH RU E\ VWHSSLQJ
IRUZDUGLQWRWKHOXQJH,ISRVVLEOHSHUIRUPWKHVWDQGDUGVWUHWFKRQWKHXQLQMXUHGOHJ)LJXUHRQSDJH
EUHDNVGRZQWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG5HDU/XQJHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDVWHSEDFNZDUGZLWKWKHOHIWOHJWRXFKLQJGRZQ
ZLWKWKHEDOORIWKHIRRWGLUHFWO\EHKLQGWKHVWDUWLQJSRVLWLRQ.HHSWKHWUXQNHUHFWDQGPRYHWKH
SHOYLVIRUZDUG7KLVFUHDWHVDVWUHWFKVHQVDWLRQLQWKHIURQWRIWKHOHIWWKLJKDQGKLSDUHD7KHEDFN
UHPDLQVVWUDLJKWDQGJD]HUHPDLQVIRUZDUG+ROGWKHSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³5($'<STRETCHÚHSHDWWKHILUVWPRYHPHQWRQWKHULJKWVLGH
2FWREHU $73

&KDSWHU
(;7(1'$1')/(;02',),('
7KH([WHQGDQG)OH[FDQEHPRGLILHGE\UHGXFLQJZHLJKWSODFHGRQWKHDUPVE\OLPLWLQJWKHUDQJH
RIPRWLRQRUE\UHPDLQLQJVWDQGLQJDQGDUFKLQJWKHVSLQHIRUZDUGDQGEDFNZDUG)LJXUHVKRZVWKH
PRGLILFDWLRQIURPDVWDUWLQJSRVLWLRQRID6L[3RLQW6WDQFHSRVLWLRQ6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG([WHQGDQG)OH[LVWKH)URQW/HDQLQJ5HVWSRVLWLRQ
z 2Q WKH FRPPDQG ³5($'< STRETCH´ ORZHU WKH ERG\ WRZDUG WKH JURXQG VDJJLQJ LQ WKH
PLGGOHDQGEHQGLQJWKHHOERZVVRWKDWWKHIRUHDUPVUHVWRQWKHJURXQG.HHSWKHJD]HVWUDLJKW
DKHDG²GRQRWORRNXS.HHSOHJVDQGORZEDFNUHOD[HGZLWKWRHVRQWKHJURXQGDQGSRLQWLQJWR
WKHUHDU+ROGWKHSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCHŃHHSWKHKDQGVLQSODFHRQWKH
JURXQGDQGVOLGHWKHWUXQNDQGSHOYLVUHDUZDUG/HWWKHNQHHVEHQGXQWLOWKHEXWWRFNVUHVWRQWKH
EDFNRIWKHOHJV.HHSWKHKHDGQHDUWRWKHJURXQGWRIOH[WKHVSLQHDQGXSSHUEDFNZKLOHWKHDUPV
UHPDLQRYHUKHDGRQWKHJURXQG+ROGWKHSRVLWLRQIRU±VHFRQGV
7KH VWDQGLQJ SRVLWLRQ IRU WKH PRGLILHG ([WHQG DQG )OH[ DYRLGV ZHLJKW EHDULQJ RQ WKH DUPV EXW
VKRXOGQRWEHXVHGLQFDVHVRILQMXU\WRWKHORZEDFN)LJXUHEUHDNVGRZQWKHPRYHPHQWIURPDVWDUWLQJ
3RVLWLRQRI$WWHQWLRQDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
$73 2FWREHU

5HFRYHU\'ULOOV
z 3ODFHKDQGVRQWKHORZEDFNSULRUWREHQGLQJEDFNZDUGDQGRQWKHIURQWRIWKHWKLJKVSULRUWR
EHQGLQJIRUZDUG
z 0RYHLQDQGRXWRIWKLVSRVLWLRQIRU±VHFRQGVRUKROGIRU±VHFRQGVDQGUHSHDWRQHWLPH
)LJXUH5'02'([WHQGDQG)OH[PRGLILHG
)LJXUH5'02'([WHQGDQG)OH[PRGLILHG²VWDQGLQJ

2FWREHU $73

&KDSWHU
7+,*+675(7&+02',),('
7KH7KLJK6WUHWFKFDQEHPRGLILHGE\UHGXFLQJWKHNQHHUDQJHRIPRWLRQ)LJXUHEUHDNVGRZQ
WKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG7KLJK6WUHWFKLVWKH6LWWLQJSRVLWLRQZLWKWKHDUPVDWWKH
VLGHVDQGSDOPVRQWKHIORRU
z 2Q WKH FRPPDQG ³5($'< STRETCH´ UROO RQ WKH ULJKW VLGH DQG SODFH WKH ULJKW HOERZ DQG
IRUHDUPRQWKHJURXQGGLUHFWO\EHORZWKHVKRXOGHU)LVWWKHULJKWKDQGZLWKWKHWKXPEXS*UDVS
WKHOHIWDQNOHDQGSXOOWRZDUGWKH OHIWEXWWRFN(QVXUHWKHULJKWOHJUHPDLQVVWUDLJKW+ROGWKLV
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCH´PRYHEDFNWKURXJKWKHVWDUWLQJ
SRVLWLRQEHIRUHFKDQJLQJVLGHVWRVWUHWFKWKHULJKWOHJ+ROGIRU±VHFRQGV
)LJXUH5'02'7KLJK6WUHWFKPRGLILHG
6,1*/(/(*29(502',),('
7KH6LQJOH/HJ2YHUFDQEHPRGLILHGE\GHFUHDVLQJWKHUDQJHRIPRWLRQE\VWUHWFKLQJRQO\RQHOHJ
RU E\ PRGLI\LQJ WKH SRVLWLRQ RI WKH VWUHWFK )LJXUH LOOXVWUDWHV WKH PRGLILHG PRYHPHQW DV 6ROGLHUV
FRQGXFWLWLQDIRUPDWLRQIRU±VHFRQGV
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG6LQJOH/HJ2YHULVWKH6XSLQHSRVLWLRQZLWKWKHKHDGRQ
WKHJURXQGDUPVDWDGHJUHHDQJOHKLSVDQGNQHHVEHQWZLWKIHHWRQWKHJURXQG7KHNQHHVDUH
EHQWDWGHJUHHVDQGWKHIHHWDUHWRJHWKHU
z 2QWKHFRPPDQG³5($'<STRETCHÚRWDWHWKHKLSVWRWKHULJKWDQGORZHUWKHNQHHVWRZDUG
WKHJURXQG.HHSWKHOHIWVKRXOGHUDQGDUPRQWKHJURXQG+ROGWKLVSRVLWLRQIRU±VHFRQGV
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCHÚRWDWHWKHKLSVWRWKHOHIWDQG
ORZHUWKHNQHHVWRZDUGWKHJURXQG.HHSWKHULJKWVKRXOGHUDQGDUPRQWKHJURXQG+ROGWKLV
$73 2FWREHU

5HFRYHU\'ULOOV
)LJXUH5'02'6LQJOH/HJ2YHUPRGLILHG
*52,1675(7&+02',),('
7KH*URLQ6WUHWFKFDQEHPRGLILHGE\XVLQJVPDOOHUPRYHPHQWVWRKHOSLQFUHDVHIOH[LELOLW\LQWKH
KLSMRLQW)LJXUHRQSDJHLOOXVWUDWHVWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG*URLQ6WUHWFKLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDVPDOOVWHSZLWKWKHOHIWOHJWRWKHOHIWVLGHEHQGLQJ
WKHOHIWNQHHLQWRDODWHUDOOXQJH7UXQNDQGKHDGFRQWLQXHWRIDFHIRUZDUG+ROGWKLVSRVLWLRQRU
FRQWLQXHLQWRDGHHSHUOXQJHWRVWUHWFKWKHLQVLGHRIWKHULJKWWKLJKIRU±VHFRQGV
z 2QWKHFRPPDQG³&+$1*(326,7,215($'<STRETCH´WDNHDVPDOOVWHSWRWKHULJKW
ZLWKWKHULJKWOHJEHQGLQJWKHULJKWNQHHLQWRDODWHUDOOXQJH7UXQNDQGKHDGFRQWLQXHWRIDFH
IRUZDUG+ROGWKLVSRVLWLRQRUFRQWLQXHLQWRDGHHSHUOXQJHWRVWUHWFKWKHLQVLGHRIWKHOHIWWKLJK
IRU±VHFRQGV
2FWREHU $73

&KDSWHU
)LJXUH5'02'*URLQ6WUHWFKPRGLILHG
&$/)675(7&+02',),('
7KH PRGLILHG &DOI 6WUHWFK LV WKH VHYHQWK H[HUFLVH LQ WKH 5HFRYHU\ 'ULOO 0RGLILHG 7KLV VWUHWFK
LQFUHDVHVIOH[LELOLW\RIWKHDQNOH)LJXUHVKRZVWKHPRYHPHQWDV6ROGLHUVFRQGXFWLWLQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG&DOI6WUHWFKLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQ
KLSV
z 2QWKHFRPPDQG³5($'<STRETCH´WDNHDVWHSEDFNZDUGZLWKWKHOHIWOHJSODFLQJWKHIRRW
IODWRQWKHJURXQG±IHHWEHKLQGLWVVWDUWLQJSRVLWLRQ.HHSLQJWKHOHIWKHHORQWKHJURXQGEHQG
ERWKNQHHVXQWLODVWUHWFKLVIHOWLQWKHOHIW$FKLOOHVWHQGRQ
z 2QWKHFRPPDQG³5($'<STRETCHÚHSHDWWKHVWUHWFKZLWKWKHULJKWOHJ.HHSWKHULJKWIRRW
SRLQWLQJIRUZDUGWKURXJKRXWWKHVWUHWFK+ROGHLWKHUVWUHWFKSRVLWLRQIRU±VHFRQGV
)LJXUH5'02'&DOI6WUHWFKPRGLILHG
$73 2FWREHU

5HFRYHU\'ULOOV
+$0675,1*675(7&+02',),('
7KH PRGLILHG +DPVWULQJ 6WUHWFK LV WKH ILQDO H[HUFLVH LQ 5HFRYHU\ 'ULOO 0RGLILHG 7KLV VWUHWFK
LQFUHDVHVIOH[LELOLW\RIWKHNQHHDQGKLS)LJXUHVKRZVRQHPRGLILHGPRYHPHQWDV6ROGLHUVFRQGXFWLW
LQDIRUPDWLRQ
z 7KHVWDUWLQJSRVLWLRQIRUWKHPRGLILHG+DPVWULQJ6WUHWFKLVWKH6LWWLQJSRVLWLRQDUPVDWWKHVLGHV
DQGSDOPVRQWKHIORRU
z 2QWKHFRPPDQG³5($'<STRETCHÚHDFKIRUZDUGZLWKERWKKDQGVXQWLODVWUHWFKLVIHOWLQ
WKHEDFNRIWKHWKLJK.HHSWKHNQHHVVWUDLJKWZLWKRXWORFNLQJWKHP+ROGWKLVVWUHWFKSRVLWLRQIRU
±VHFRQGV
z 2Q WKH FRPPDQG ³5($'< STRETCH´ UHSHDW WKH ILUVW VWUHWFK SRVLWLRQ UHDFKLQJ VOLJKWO\
IXUWKHU
)LJXUHVKRZVWKHVLQJOHOHJ+DPVWULQJ6WUHWFK7KH6ROGLHUEHQGVRQHNQHHZKLOHNHHSLQJWKH
RWKHUVWUDLJKWDQGUHDFKHVWRZDUGWKHIRRWXQWLODVWUHWFKLVIHOWLQWKHEDFNRIWKHWKLJK+ROGWKLVVWUHWFK
SRVLWLRQRQHDFKVLGHIRU±VHFRQGV
)LJXUH5'02'+DPVWULQJPRGLILHG
)LJXUH5'02'+DPVWULQJPRGLILHG²VLQJOHOHJ

2FWREHU $73


&KDSWHU
3UHYHQWLYH0DLQWHQDQFH&KHFNVDQG6HUYLFHV'ULOOV
35(9(17,9(0$,17(1$1&(&+(&.6$1'6(59,&(6
3UHYHQWLYH0DLQWHQDQFH&KHFNVDQG6HUYLFHV30&6'ULOOLVDVHULHVRIH[HUFLVHVWKDWD6ROGLHUFDQ
FRQGXFWEHIRUHSK\VLFDOUHDGLQHVVWUDLQLQJRUDVDQHQKDQFHPHQWWRWKHVWUHWFKHVSHUIRUPHGLQWKH5HFRYHU\
'ULOO7KHSXUSRVHRIWKH30&6'ULOOLVWRFKHFNIRUVWLIIQHVVRUSDLQDURXQGDMRLQWDQGSURYLGHDVDIHDQG
VLPSOHZD\IRUD6ROGLHUWRUHGXFHSDLQDQGUHVWRUHSURSHUPRYHPHQW,IWKHVHH[HUFLVHVGRQRWDOOHYLDWHWKH
LVVXH6ROGLHUVWKHQVHHNKHOSIURPSHUIRUPDQFHUHDGLQHVVH[SHUWVLQWKHLUXQLW
'HPRQVWUDWLRQ YLGHRV RI 30&6 H[HUFLVHV DUH ORFDWHG RQ WKH &HQWUDO $UP\ 5HJLVWU\ ZHEVLWH DW
63,1(
7KH6SLQHH[HUFLVHLVWKHILUVWVHULHVRIPRYHPHQWVSHUIRUPHGLQWKH30&6'ULOO,WZLOOEHWKHILUVW
H[HUFLVHSHUIRUPHGHYHU\WLPHLQWKH30&6'ULOO HYHQLI SDLQRUVWLIIQHVVDSSHDUVWRRULJLQDWHLQDQRWKHU
UHJLRQRIWKHERG\)LJXUHRQSDJHLOOXVWUDWHVWKHIROORZLQJPRYHPHQWVIRUWKH6SLQHH[HUFLVH
z 7RPDNHVXUHWKDWWKHQHFNLVPRYLQJSURSHUO\FRPSDUHURWDWLRQWRWKHULJKWDQGOHIW,IWKHUHLVD
ORVVRIPRWLRQWRRQHVLGHWKLVPD\LQGLFDWHDQLVVXHZLWKDMRLQWLQWKHQHFN
z 7RDGGUHVVWKHLVVXHDVVXPHWKH6WUDGGOH6WDQFH SRVLWLRQ EHIRUHORRNLQJXSDVIDUDVSRVVLEOH
ZLWKRXWFDXVLQJSDLQ
z 5HSHDWWKLVKHDGPRYHPHQWWLPHV
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHH[HUFLVHLPSURYHVWKHLVVXH
z ,IWKHUHLVDQ\SDLQVHHNKHOSIURPSHUIRUPDQFHUHDGLQHVVH[SHUWVLQWKHXQLW
30&6&$87,21
,I D 6ROGLHU ILQGV DQ LVVXH LQ WKH VSLQH WKLV PXVW EH DGGUHVVHG ILUVW
EHIRUHFKHFNLQJWKHRWKHUMRLQWVLQWKHERG\
2FWREHU $73

&KDSWHU
)LJXUH30&66SLQH²QHFN
$73 2FWREHU

7RPDNHVXUHWKDWWKHPLGEDFNLVPRYLQJSURSHUO\WKH6ROGLHUDVVXPHVDVHDWHGSRVLWLRQZLWKILQJHUV
LQWHUORFNHGRYHUWKHFKHVWEHIRUHURWDWLQJWKHWUXQNWRWKHULJKWDQGOHIW,IWKHUHLVDORVVRIPRWLRQWRRQH
VLGHWKLVPD\LQGLFDWHDQLVVXHZLWKDMRLQWLQWKHPLGEDFNVHHILJXUH
)LJXUH30&66SLQH²PLGEDFNVHDWHG
6HHILJXUHRQSDJHIRUWKHVSLQHPLGEDFNVWDQGLQJPRELOLW\H[HUFLVH
z 7RDGGUHVVWKHLVVXHDVVXPHWKH6WUDGGOH6WDQFH SRVLWLRQ EHIRUHORRNLQJXSDVIDUDVSRVVLEOH
ZLWKRXWSDLQZKLOHUDLVLQJWKHDUPVXSDQGRYHUWKHKHDG
z 5HSHDWWKLVKHDGPRYHPHQWWLPHV
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHH[HUFLVHLPSURYHVWKHPLGEDFNLVVXH
2FWREHU $73

&KDSWHU
)LJXUH30&66SLQH²PLGEDFNVWDQGLQJPRELOLW\
$PRGLILHGYHUVLRQPD\EHSHUIRUPHGIURPWKH3URQHSRVLWLRQE\SURSSLQJWKHFKLQRQWKHWLSVRIWKH
ILQJHUVDQGUHVWLQJLQWKLVSRVLWLRQIRUXSWRVHFRQGVVHHILJXUH5HSHDWVHYHUDOWLPHVLIWKLVLPSURYHV
WKHPLGEDFNLVVXH,IWKHUHLVDQ\SDLQWKH6ROGLHUVHHNVKHOSIURPSHUIRUPDQFHUHDGLQHVVH[SHUWVLQWKHXQLW
)LJXUH30&66SLQH²PLGEDFNSURQHPRELOLW\
$73 2FWREHU

7RPDNHVXUHWKDWWKHORZEDFNLVPRYLQJSURSHUO\WKH6ROGLHUSHUIRUPVWKHH[WHQGPRYHPHQWIURP
WKH([WHQGDQG)OH[H[HUFLVHVHHSDUDJUDSK,IWKHUHLVORZHUEDFNSDLQRUDQ\WLJKWQHVVDVVRFLDWHG
ZLWKWKLVPRYHPHQWWKLVPD\LQGLFDWHDQLVVXHZLWKDMRLQWLQWKHORZEDFN)LJXUHLOOXVWUDWHVVWUHWFKHV
IRUWKHORZEDFN7RDGGUHVVWKHLVVXHWKH6ROGLHUUHSHDWVWKHH[WHQGPRYHPHQWWLPHVPRYLQJDVIDUDV
SRVVLEOHZLWKRXWFDXVLQJSDLQ
)LJXUH30&66SLQH²ORZEDFNSURQH
$QRWKHUPRGLILHGYHUVLRQRIWKLVH[HUFLVHXVLQJWKHVDPHQXPEHURIUHSHWLWLRQVPD\EHSHUIRUPHG
IURPWKH6WUDGGOH6WDQFHSRVLWLRQZLWKKDQGVRQWKHORZEDFNVHHILJXUHZLWKWKHIROORZLQJ
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHH[HUFLVHLPSURYHVWKHLVVXH
)LJXUH30&66SLQH²ORZEDFNVWDQGLQJ
2FWREHU $73

&KDSWHU
$1./(
7KH$QNOHH[HUFLVHPRELOL]HVWKHMRLQWVDQGPXVFOHVDURXQGWKHDQNOH6ROGLHUVFDQXVHLWWRFKHFNIRU
SDLQDQGUHVWULFWHGIOH[LELOLW\DQGWRVHOIWUHDWIRUWKRVHLVVXHV6ROGLHUVSHUIRUPWKHH[HUFLVHRQERWKDQNOHV
WRFKHFNDQGFRPSDUHIRUSDLQRUVWLIIQHVV)LJXUHGHPRQVWUDWHVWKHH[HUFLVHRQWKHOHIWVLGH
z 7KHVWDUWLQJSRVLWLRQIRUWKH$QNOHH[HUFLVHLVWKH+DOI.QHHOLQJSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQWKH6ROGLHUPRYHVWKHWUXQNKLSVDQGNQHHRYHUWKHIRUZDUGIRRWDV
IDUDVSRVVLEOH
z 5HWXUQWRWKHVWDUWLQJSRVLWLRQEHIRUHUHSHDWLQJWKHPRYHPHQWWLPHV
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHPRYHPHQWLPSURYHVWKHUDQJHRIPRWLRQLQWKHDQNOH
z ,IUHSHDWHGDQNOHGRUVLIOH[LRQGRHVQRWZRUNSHUIRUPNQHHOLQJEXWWRFNWRKHHOPRYHPHQWVVHH
ILJXUH
)LJXUH30&6$QNOH
)LJXUH30&6$QNOH²NQHHOLQJ

$73 2FWREHU

.1((
7KH.QHHH[HUFLVHPRELOL]HVWKHMRLQWVDQGPXVFOHVDURXQGWKHNQHH6ROGLHUVFDQXVHLWWRFKHFNIRU
SDLQDQGUHVWULFWHGIOH[LELOLW\DQGWRVHOIWUHDWIRUWKRVHLVVXHV6ROGLHUVSHUIRUPWKHH[HUFLVHRQERWKNQHHV
WRFKHFNDQGFRPSDUHIRUSDLQRUVWLIIQHVV)LJXUHGHPRQVWUDWHVWKHH[HUFLVHRQWKHOHIWVLGH
z 7KHVWDUWLQJSRVLWLRQIRUWKH.QHHH[HUFLVHLVWKH6WUDGGOH6WDQFHSRVLWLRQZLWKVWDJJHUHGOHJVDQG
ERWKKDQGVSODFHGDERYHWKHNQHHMRLQWRQWKHIURQWRIWKHWKLJK
z )URPWKHVWDUWLQJSRVLWLRQFRQWUDFWWKHTXDGULFHSVPXVFOHDQGSUHVVWKHWKLJKEDFNZDUGVWRIXUWKHU
VWUDLJKWHQWKHNQHHDVIDUDVSRVVLEOH
z 3HUIRUPPRUHNQHHH[WHQVLRQVLIWKHPRYHPHQWLPSURYHVWKHUDQJHRIPRWLRQLQWKHNQHH
z ,IUHSHDWHGNQHHH[WHQVLRQGRHVQRWZRUNSHUIRUPUHSHDWHGNQHHWRFKHVWPRYHPHQWVIURPWKH
6XSLQHSRVLWLRQVHHILJXUHRQSDJH
)LJXUH30&6.QHH
2FWREHU $73

&KDSWHU
+,3
7KH+LSH[HUFLVHPRELOL]HVWKHMRLQWVDQGPXVFOHVDURXQGWKHKLSDQGSHOYLV6ROGLHUVFDQXVHLWWR
FKHFNIRUSDLQDQGUHVWULFWHGIOH[LELOLW\DQGWRVHOIWUHDWIRUWKRVHLVVXHV6ROGLHUVSHUIRUPWKHH[HUFLVHRQ
ERWK KLSV WR FKHFN DQG FRPSDUH IRU SDLQ RU VWLIIQHVV )LJXUH VKRZV WKH H[HUFLVH DV LW ZRXOG EH
SHUIRUPHGRQWKHOHIWVLGH
z 7KHVWDUWLQJSRVLWLRQIRUWKH+LSH[HUFLVHLVWKH+DOI.QHHOLQJSRVLWLRQ
z )URPWKHVWDUWLQJSRVLWLRQWKH6ROGLHUPRYHVWKHWUXQNKLSVDQGNQHHRYHUWKHIRUZDUGIRRWLQWR
DGHHSOXQJH7KHUHDUNQHHUHVWVRQWKHJURXQGDQGWKHWUXQNUHPDLQVXSULJKW7KLVH[WHQGVWKH
KLSRIWKHUHDUOHJDQGFUHDWHVDVWUHWFKLQWKHIURQWRIWKHUHDUWKLJKDQGSHOYLV
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHPRYHPHQWLPSURYHVWKHUDQJHRIPRWLRQLQWKHKLS
z ,I UHSHDWHG KLS H[WHQVLRQ GRHV QRW ZRUN SHUIRUP UHSHDWHG NQHH WR FKHVW PRYHPHQWV IURP WKH
6XSLQHSRVLWLRQVHHILJXUH
)LJXUH30&6+LS
)LJXUH30&6+LS²VXSLQH

$73 2FWREHU

6+28/'(5
7KH6KRXOGHUH[HUFLVHPRELOL]HVWKHMRLQWVDQGPXVFOHVDURXQGWKHVKRXOGHUJLUGOH6ROGLHUVFDQXVH
LWWRFKHFNIRUSDLQDQGUHVWULFWHGIOH[LELOLW\DQGWRVHOIWUHDWIRUWKRVHLVVXHV6ROGLHUVSHUIRUPWKHH[HUFLVH
RQERWKVKRXOGHUVWRFKHFNDQGFRPSDUHIRUSDLQRUVWLIIQHVV)LJXUHLOOXVWUDWHVWKHH[HUFLVHDVLWZRXOG
EHSHUIRUPHGZLWKDSDUWQHUWRDVVLVWLIDSDUWQHULVQRWDYDLODEOHWKH6ROGLHUPD\XVHDQ\VXLWDEOHDQFKRU
SRLQWVXFKDVDZDOOVXVSHQVLRQWUDLQHURUVTXDWUDFN
z 7KHVWDUWLQJSRVLWLRQIRUWKH6KRXOGHUH[HUFLVHLVWKH6TXDWSRVLWLRQZLWKDUPVH[WHQGHGUHDUZDUG
DQGWKHKDQGVKHOGE\WKHSDUWQHU
z )URPWKHVWDUWLQJSRVLWLRQWKHSDUWQHUPRYHVWKHDUPVXSDVIDUDVSRVVLEOHWRFUHDWHDGHJUHH
DQJOHEHWZHHQWKHDUPVDQGWKHXSSHUEDFN
z 7KH6ROGLHUVTXDWVIXUWKHUXQWLODSDLQIUHHHQGUDQJHLVUHDFKHG
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHPRYHPHQWLPSURYHVWKHUDQJHRIPRWLRQLQWKHVKRXOGHU
z ,I UHSHDWHG VKRXOGHU H[WHQVLRQ GRHV QRW ZRUN WU\ UHSHDWHG PRYHPHQWV LQWR WKH SDUDGH UHVW
SRVLWLRQSXOOLQJWKHZULVWZLWKWKHRSSRVLWHKDQGVHHILJXUH
)LJXUH30&66KRXOGHU²SDUWQHUDVVLVWHG
)LJXUH30&66KRXOGHU

2FWREHU $73

&KDSWHU
$50
7KH$UPH[HUFLVHPRELOL]HVWKHMRLQWVDQGPXVFOHVDURXQGWKHZULVWDQGHOERZ6ROGLHUVFDQXVHLW
WRFKHFNIRUSDLQDQGUHVWULFWHGIOH[LELOLW\DQGWRVHOIWUHDWIRUWKRVHLVVXHV6ROGLHUVSHUIRUPWKHH[HUFLVHRQ
ERWKDUPVWRFKHFNDQGFRPSDUHIRUSDLQRUVWLIIQHVV)LJXUHVDQGEUHDNGRZQWKHH[HUFLVHDVLW
ZRXOGEHSHUIRUPHGRQWKHOHIWDUP
z 7KHVWDUWLQJSRVLWLRQIRUWKH$UPH[HUFLVHLVWKH6WUDGGOH6WDQFHSRVLWLRQ
z )RUWKHHOERZ²
6XSSRUWWKHDUPZLWKWKHRSSRVLWHKDQGZKLOHVWUDLJKWHQLQJWKHHOERZDVIDUDVSRVVLEOHVHH
ILJXUH
,I WKH KDQG FDQ EH EUDFHG DJDLQVW D ZDOO RU RWKHU VWDEOH REMHFW SXVK WKH HOERZ XS E\ WKH
RSSRVLWHKDQGWRLQFUHDVHWKHHQGUDQJHPRWLRQ
z )RUWKHZULVWNHHSWKHHOERZVWUDLJKWZKLOHXVLQJWKHRSSRVLWHKDQGWRSXOOWKHILQJHUVDQGKDQG
LQWRH[WHQVLRQ²WKHSDOPZLOOIDFHDZD\IURPWKH6ROGLHUVHHILJXUH
z 3HUIRUPPRUHUHSHWLWLRQVLIWKHPRYHPHQWLPSURYHVWKHUDQJHRIPRWLRQLQWKHHOERZDQGZULVW
z ,IUHSHDWHGHOERZH[WHQVLRQGRHVQRWZRUNWU\UHSHDWHGHOERZIOH[LRQ7KHVDPHSULQFLSOHDSSOLHV
WRWKHZULVW
)LJXUH30&6$UP
$73 2FWREHU

)LJXUH30&6(OERZDQGZULVW

2FWREHU $73


6RXUFH1RWHV
7KLVGLYLVLRQOLVWVVRXUFHVE\FKDSWHU
&KDSWHU%HJLQQLQJRQSDJHFKDSWHUGLVFXVVHVUXQQLQJPHWKRGV3RVH0HWKRG3RVH0HWKRG
,QFZZZ3RVH0HWKRGFRP

2FWREHU $73 6RXUFH1RWHV


*ORVVDU\
6(&7,21,±$&521<06$1'$%%5(9,$7,216
$&)7 $UP\&RPEDW)LWQHVV7HVW
$&8 $UP\FRPEDWXQLIRUP
$73 $UP\WHFKQLTXHVSXEOLFDWLRQ
&' FRQGLWLRQLQJGULOOILJXUHFDSWLRQ
&,07 8QLWHG6WDWHV$UP\&HQWHUIRU,QLWLDO0LOLWDU\7UDLQLQJ
&/ FOLPELQJGULOOILJXUHFDSWLRQ
(70 HQGXUDQFHWUDLQLQJPDFKLQHILJXUHFDSWLRQ
)0 ILHOGPDQXDO
): IUHHZHLJKWWUDLQLQJILJXUHFDSWLRQ
*' JXHULOODGULOOILJXUHFDSWLRQ
+) KROLVWLFKHDOWKDQGILWQHVV
+6' KLSVWDELOLW\GULOOILJXUHFDSWLRQ
/0 ODQGPLQHGULOOILJXUHFDSWLRQ
0% PHGLFLQHEDOOGULOOILJXUHFDSWLRQ
00' PLOLWDU\PRYHPHQWGULOOILJXUHFDSWLRQ
37 SUHJQDQF\DQGSRVWSDUWXPSK\VLFDOWUDLQLQJILJXUHFDSWLRQ
30&6 SUHYHQWLYHPDLQWHQDQFHFKHFNVDQGVHUYLFHV
58' UXQQLQJGULOOILJXUHFDSWLRQ
66' VKRXOGHUVWDELOLW\GULOOILJXUHFDSWLRQ
67 VXVSHQVLRQWUDLQLQJGULOOILJXUHFDSWLRQ
67& VWUHQJWKWUDLQLQJFLUFXLWILJXUHFDSWLRQ
670 VWUHQJWKWUDLQLQJPDFKLQHILJXUHFDSWLRQ
7& WUDLQLQJFLUFXODU
75$'2& 8QLWHG6WDWHV7UDLQLQJDQG'RFWULQH&RPPDQG

2FWREHU $73 *ORVVDU\

*ORVVDU\
7HUPV LQFOXGHG LQ WKH JORVVDU\ DUH QRW FRGLILHG$UP\ WHUPV7KH\ DUH LQFOXGHG IRU
FODULW\IRUWKHUHDGHU
6(&7,21,,±7(506
DHURELFHQGXUDQFH
$FRPSRQHQWRIILWQHVVWKDWLQYROYHVORQJGXUDWLRQORZLQWHQVLW\SK\VLFDODFWLYLW\
DJLOLW\
7KHDELOLW\WREHQGURWDWHDQGWZLVWLQWKHIURQWDOWUDQVYHUVHDQGVDJLWWDOSODQHVDQGXVHWKDWDELOLW\WR
FKDQJHGLUHFWLRQ
DQDHURELFHQGXUDQFH
$FRPSRQHQWRIILWQHVVWKDWLQYROYHVVKRUWGXUDWLRQKLJKLQWHQVLW\SK\VLFDODFWLYLW\
FRRUGLQDWLRQ
7KHDELOLW\WRV\QFKURQL]HOLPEWRUVRDQGKHDGPRYHPHQWVDWYDU\LQJVSHHGVRIPRWLRQ
IOH[LELOLW\
7KHUDQJHRIPRWLRQDFURVVVLQJOHRUPXOWLSOHMRLQWVWKDWDOORZVWKHERG\WREHSRVLWLRQHGIRURSWLPDO
PRYHPHQW
IUHHZHLJKWWUDLQLQJ
3K\VLFDOWUDLQLQJGULOOVFRQVLVWLQJRI)UHH:HLJKW&RUHH[HUFLVHVDQG)UHH:HLJKW$VVLVWLYHH[HUFLVHV
IURQWDOSODQH
$QLPDJLQDU\OLQHVSOLWWLQJWKHERG\EHWZHHQWKHIURQWDQGEDFN
KDQGUHOHDVHSXVKXS
7KHWKLUGHYHQWLQWKH$UP\&RPEDW)LWQHVV7HVW
KROLVWLFKHDOWKDQGILWQHVV
7KH$UP\¶VGRFWULQDOV\VWHPIRUSK\VLFDODQGQRQSK\VLFDOUHDGLQHVVWUDLQLQJRI6ROGLHUV
LQWHQVLW\
7KHDPRXQWRIHIIRUWH[HUWHGWRFRPSOHWHDQH[HUFLVH
OHJWXFN
7KHILIWKHYHQWLQWKH$UP\&RPEDW)LWQHVV7HVW
PXVFXODUHQGXUDQFH
$FRPSRQHQWRIILWQHVVWKDWLQYROYHVVXVWDLQHGERXWVRIORZHULQWHQVLW\VWUHQJWK
PXVFXODUVWUHQJWK
7KHDELOLW\WRH[HFXWHVXVWDLQHGERXWVRIORZLQWHQVLW\PRYHPHQW
SDFH
7KHDELOLW\WRDGMXVWWKHVSHHGRIDQDFWLYLW\WRPDQDJHIDWLJXH
SHUFHSWLRQ
7KHDELOLW\WRXQGHUVWDQGFRUUHFWWHFKQLTXHLQRUGHUWRGHYHORSVNLOO
SK\VLFDOUHDGLQHVV
7KHDELOLW\WRPHHWWKHSK\VLFDOGHPDQGVRIDQ\GXW\RUFRPEDWSRVLWLRQPRYHOHWKDOO\RQWKH
EDWWOHILHOGDFFRPSOLVKWKHPLVVLRQDQGFRQWLQXHWRILJKWZLQDQGFRPHKRPHKHDOWK\
SRZHU
7KHFRPSRQHQWRIILWQHVVDVVRFLDWHGZLWKVKRUWGXUDWLRQH[SORVLYHPRYHPHQWVSHUIRUPHGZLWKKHDY\
ORDGVDQGRUDWKLJKVSHHGV
*ORVVDU\ $73 2FWREHU

*ORVVDU\
UHFRQGLWLRQLQJ
3K\VLFDOWUDLQLQJUHJLPHQVGHVLJQHGWRLPSURYHRUUHKDELOLWDWHDFHUWDLQSDUWRIWKHERG\LQRUGHUWR
LQFUHDVHDFWLYLW\RUWRUHFRYHUIURPLOOQHVVRULQMXU\
UHFRYHU\
7KHSHULRGRIIRXUWRHLJKWZHHNVZKHQWKH6ROGLHUEHJLQVWRSUHSDUHIRUWKHSULPDU\PLVVLRQ,WLV
FKDUDFWHUL]HGE\ORZZRUNORDGVDQGJHQHUDODGDSWDWLRQDQGUHFXSHUDWLRQ
UXQQLQJ
$UHFXUULQJFKDQJHRIVXSSRUWIURPRQHIRRWWRWKHRWKHU
WUDQVYHUVHSODQH
$QLPDJLQDU\OLQHGLYLGLQJWKHERG\EHWZHHQWRSDQGERWWRPKDOYHV

2FWREHU $73 *ORVVDU\


5HIHUHQFHV
$OO85/VDFFHVVHGRQ$XJXVW
5(48,5('38%/,&$7,216
7KHVHGRFXPHQWVPXVWEHDYDLODEOHWRLQWHQGHGXVHUVRIWKLVSXEOLFDWLRQ
DOD Dictionary of Military and Associated Terms-XQHKWWSVZZZMFVPLO'RFWULQH
$73Holistic Health and Fitness Testing2FWREHU
)0Operational Terms1RYHPEHU
)0Holistic Health and Fitness2FWREHU
5(/$7('38%/,&$7,216
7KHVHGRFXPHQWVDUHUHIHUHQFHGLQWKLVSXEOLFDWLRQDQGFRQWDLQUHOHYDQWVXSSOHPHQWDOLQIRUPDWLRQ
0RVW$UP\GRFWULQDOSXEOLFDWLRQVDQG$UP\UHJXODWLRQVDUHDYDLODEOHRQOLQH
KWWSVDUP\SXEVDUP\PLO
)00&73&The Commander's Handbook on the Law of Land Warfare-XO\
7&Drill and Ceremonies-DQXDU\
:(%6,7(6
$UP\&RPEDW)LWQHVV7HVWZHEVLWHKWWSVZZZDUP\PLODFIW
&HQWUDO$UP\5HJLVWU\¶V+ROLVWLF+HDOWKDQG)LWQHVVYLGHRV
KWWSVDWLDPWUDLQDUP\PLOFDWDORJVHDUFK"FXUUHQW WUXH ILOHW\SH PS UHVSHFWBGDWH )
) VHDUFKBWHUPV &,07&RS\DQGSDVWHWKLVDGGUHVVDIWHUDFFHVVLQJWKH&HQWUDO
$UP\5HJLVWU\ZHEVLWHLIWKHGHPRQVWUDWLRQVGRQRWSRSXODWH
0HGLFDO5HDGLQHVV3RUWDO
+77360('352602'6$50<0,/(352),/('()$8/7$63;"5(785185/
)(352),/()$'0,1)86(560$1$*(5$63;
3RVH0HWKRG3RVH0HWKRG,QFZZZ3RVH0HWKRGFRP
35(6&5,%(')2506
7KLVVHFWLRQFRQWDLQVQRHQWULHV
5()(5(1&(')2506
8QOHVVRWKHUZLVHLQGLFDWHG'$IRUPVDUHDYDLODEOHRQWKH$UP\3XEOLVKLQJ'LUHFWRUDWH$3':HE
VLWHDWKWWSVDUP\SXEVDUP\PLO
'$)RUPRecommended Changes to Publications and Blank Forms.
'$)RUPPhysical Profile$FFHVVLEOHWKURXJKWKH0HGLFDO5HDGLQHVV3RUWDO

2FWREHU $73 5HIHUHQFHV


,QGH[
(QWULHVDUHE\SDUDJUDSKQXPEHU

'HJUHH/DQGPLQH %HQW/HJ/DWHUDO5DLVH &URVVRYHU
'HJUHH/DQGPLQH.QHHOLQJ %HQW2YHU5RZ &URXFK5XQ
FXUOVXVSHQVLRQKDPVWULQJ
&RXQW)RRW6WULNH '
&RXQW6WHS8S6WUHQJWK %LFHSV&XUO
7UDLQLQJ&LUFXLW 'HDGOLIW±
'HFOLQH VLQJOHOHJ
&RXQW73XVK8S VWUDLJKWOHJ
& VXPR
$
FDGHQFH 'HFOLQH%LFHSV&XUO
DELOLW\LPSURYHUXQQLQJ
UXQQLQJFKDOOHQJHV &DOI6WUHWFK 'HFOLQH,7<5DLVH
DFWLYLW\GULOO± PRGLILHG 'HFOLQH3XOO8S
DJLOLW\LPSURYH FHUHPRQ\GULOODQG± 'HHS6XPR6TXDW±
$OWHUQDWHó7XUQ-XPS &KDQJHRI6XSSRUW 'LDJRQDO&KRS
$OWHUQDWH3RVH3XOO &KHVW3DVV/DWHUDO 'LDJRQDO&KRS7KURZ
$OWHUQDWH6WDJJHUHG6TXDW-XPS &KHVW3UHVV± 'LDJRQDO/LIWWR3UHVV
PRGLILHG
6LQJOH$UP 'LDJRQDO3UHVV
$OWHUQDWH7ZLVW-XPS 'RXEOH/HJ+RS
&OLPELQJ'ULOOVXVSHQGHG
DOWHUQDWLQJJULS W\SHV GULOODFWLYLW\±
$OWHUQDWLQJ*ULS3XOO8S&OLPELQJ &OLPELQJ'ULOO± FHUHPRQ\DQG±
'ULOO JXHULOOD±
&OLPELQJ'ULOOH[HUFLVHV± SK\VLFDOWUDLQLQJ±
$OWHUQDWLQJ*ULS3XOO8S&OLPELQJ
'ULOO SUHSDUDWLRQ±
FORVHGJULS UHFRYHU\
$OWHUQDWLQJ6LGH$UP7KURZ UXQQLQJ±
FRPEDWWDVNVPRYHPHQW
$QNOHH[HUFLVH WDVNDQG
$UPH[HUFLVH FRPELQDWLRQV5XQQLQJ'ULOO GULOOVFOLPELQJ±
DVVHPEO\SODWRRQDVVHPEO\ ± FRQGLWLRQLQJ±
ODQGPLQH±
$VVLVWHG/DWHUDO/XQJH FRPPDQGV
VWDELOLW\±
$VVLVWHG6LQJOH/HJ6TXDW GHOLYHU\±
VXVSHQVLRQWUDLQLQJ±
± IRUPDWLRQDVVHPEO\

SK\VLFDOWUDLQLQJW\SHV±
$VVLVWHG6TXDW
&RQGLWLRQLQJ'ULOOW\SHV± (
% &RQGLWLRQLQJ'ULOOH[HUFLVHV (OHYDWHG3XOO%DFN
%DFN6TXDWIUHHZHLJKWV± ± HQGXUDQFHFKDOOHQJHV
PRGLILHG± LPSURYH
%DFNZDUGV5XQ &RQGLWLRQLQJ'ULOOH[HUFLVHV PXVFXODU
EDODQFHLPSURYH ± H[HUFLVHVDGYDQFHG
%DWWOH%XGG\ &RQGLWLRQLQJ'ULOOH[HUFLVHV PRGLILFDWLRQ±
± VWDUWLQJSRVLWLRQV±
%HQFK3UHVV
FRQILGHQFHEXLOG ([WHQGDQG)OH[
%HQGDQG5HDFK PRGLILHG±
PRGLILHG FRRUGLQDWLRQLPSURYH
%HQW$UP/DWHUDO5DLVH FRUUHFWLRQV5XQQLQJGULOO± )
IDOO5XQQLQJ'ULOO±
%HQW/HJ%RG\7ZLVW
PRGLILHG &ULVV&URVV
2FWREHU $73 ,QGH[

,QGH[
ILWQHVVPDLQWHQDQFH &OLPELQJ'ULOO OHDGHUVFRPPDQGV±

)OH[HG$UP+DQJ&OLPELQJ +HHO5DLVH FRQVLGHUDWLRQV
'ULOO +HHO5XQLQ3ODFH /HJ&XUO±
)RRW6WULNH5XQQLQJ'ULOO± PRGLILHG
+HHO6WULNH
/HJ3UHVV±
+LJK-XPSHU PRGLILHG
IRUPDWLRQFRPSDQ\HQPDVVH PRGLILHG
± /HJ7XFN&OLPELQJ'ULOO
FRPSDQ\ZLWKSODWRRQVLQ +LSH[HUFLVH &OLPELQJ'ULOO
FROXPQ± +LS5DLVH3XVK8S 6WUHQJWK7UDLQLQJ&LUFXLW
OLQH +LS6WDELOLW\'ULOOH[HUFLVHV±
SODWRRQH[WHQGHGUHFWDQJXODU /HJ7XFNDQG3LNHVXVSHQVLRQ
IRUPDWLRQ±
KRRNJULS
SRVLWLRQV±
UHDVVHPEOH± +RS)RUZDUG /HJ7XFNDQG7ZLVW
UHFWDQJXODU± PRGLILHG±
+RSLQ3ODFH
)RUZDUG/HDQLQJ6WDQFHSRVLWLRQ /XQJHDVVLVWHGODWHUDO
, IRUZDUG

,5DLVH IRUZDUGPRGLILHG
)RUZDUG/XQJH ODWHUDO
PRGLILHG ,QFOLQH%HQFK±
UHDU
6WUHQJWK7UDLQLQJ&LUFXLW ,QFOLQH&DOI5DLVH± UHDUPRGLILHG
IUHHZHLJKWW\SHV ,QIDQWU\5XQ WXUQDQG
)UHH:HLJKW$VVLVWLYHH[HUFLVHV - /XQJH:DON
±
MXPSDOWHUQDWHóWXUQ 0
)UHH:HLJKW&RUH7UDLQLQJ DOWHUQDWHVWDJJHUHGVTXDW
H[HUFLVHV± 0HGLDO/HJ5DLVH

)UHH:HLJKW7UDLQLQJFRUH± DOWHUQDWHWZLVW 0HGLFLQH%DOO'ULOO±
IURJ 0HGLFLQH%DOO'ULOO±
H[HUFLVHV± PRGLILHGSRZHU 0HGLFLQH%DOO'ULOOVH[HUFLVHV
)URJ-XPSV)RUZDUGDQG SRZHU ±
%DFNZDUG WXFN
0LOLWDU\0RYHPHQW'ULOO±
)URQW.LFN$OWHUQDWH7RH7RXFK . 0LOLWDU\0RYHPHQW'ULOO
H[HUFLVHV±
.LFN6WDUW
)URQW/HDQLQJ5HVWSRVLWLRQ 0LOLWDU\0RYHPHQW'ULOOV
.QHHH[HUFLVH
)URQW6TXDWIUHHZHLJKWV± H[HUFLVHV±
.QHHOLQJ6LGH$UP7KURZ
PRELOLW\LPSURYH
.QHHOLQJ7LPEHU)DOO
* LQFUHDVH
/ 0RGLILHG&KHVW3UHVV
*ULSVW\SHV±
/5DLVH &RQGLWLRQLQJ'ULOO±
*URLQ6WUHWFK 2YHUKHDG3UHVV
PRGLILHG /DQGPLQH'ULOOH[HUFLVHV±
3UHSDUDWLRQ'ULOO±

*XHULOOD'ULOOH[HUFLVHV± 5HFRYHU\'ULOO±
/DQGPLQH'ULOOH[HUFLVHV± 6LW8S
7ULFHSV([WHQVLRQ±
+ ODQGPLQHGULOOV±
+DOI-DFN /DW3XOO'RZQ± 7UXQN([WHQVLRQ
+DOI.QHHOLQJSRVLWLRQ VLQJOHDUP 7UXQN)OH[LRQ
+DOI6TXDW/DWHUDOV VWUDLJKWDUP 0RXQWDLQ&OLPEHU
ODWHUDOFKHVWSDVV PRGLILHG±
+DPVWULQJ6WUHWFK
PRGLILHG± KDOIVTXDW PRYHPHQWLPSURYH
0LOLWDU\0RYHPHQW'ULOO LQFUHDVH
+DQGV%HKLQG
/DWHUDO/HJ5DLVH UHVWRUH
+DQGVLQ)URQW
/DWHUDO/XQJH PXVFOHFKDOOHQJHV
+DQGVRQ%DFN GHYHORS
/DWHUDO5DLVH HQGXUDQFHEXLOGLQJ
+DQGVRQ%HOO\
%HQW$UP
+HHO+RRN&OLPELQJ'ULOO 6LQJOH$UP
,QGH[ $73 2FWREHU

,QGH[
1 SXOOXSDOWHUQDWLQJJULS 5XQQLQJ'ULOO)DOO±
QHXWUDOJULS &OLPELQJ'ULOO 5XQQLQJ'ULOO3XOO±
&OLPELQJ'ULOO
5XQQLQJ'ULOO&RPELQDWLRQV
2 GHFOLQH
6WUHQJWK7UDLQLQJ&LUFXLW ±
2EOLTXH6LW8S
3XVK8S 5XQQLQJ'ULOO&RUUHFWLRQV
RSHQJULS ±
&RXQW7
RYHUKDQGJULS KLSUDLVH 6
2YHUKHDG$UP3XOO PRGLILHG
PRGLILHG 6HDWHG5RZ±
PRGLILHGVLQJOHOHJ±
VLQJOHDUP
2YHUKHDG3UHVV± VLQJOHOHJ
VWUDLJKWDUP
PRGLILHG VLQJOHOHJKLSUDLVH
VLQJOHDUP 6LQJOH/HJ2XW+LS5DLVH 6KLQ%XUQ
VXVSHQVLRQ 6KRXOGHUH[HUFLVH
2YHUKHDG3XVK3UHVV
6WUHQJWK7UDLQLQJ&LUFXLW 5 6KRXOGHU5ROO
6KRXOGHU6WDELOLW\'ULOOH[HUFLVHV
5DLQERZ6ODP
2YHUKHDG7ULFHSV([WHQVLRQ ±
UDLVHEHQWOHJODWHUDO
6KUXJ
GHFOLQH,7<
3±4 KHHO 6KXWWOH6SULQW
, 6LGHWR6LGH.QHH/LIWV
3DUWQHU$VVLVWHG)DOO
LQFOLQHFDOI±
3HOYLF&ORFN / 6LQJOH/HJ&XUO
3HQGXOXP ODWHUDOOHJ 6LQJOH/HJ2YHU
SK\VLFDOWUDLQLQJGULOOV± PHGLDOOHJ VLQJOH/HJ3UHVV
7
SK\VLFDOSURILOH 6LQJOH$UP%HQW2YHU5RZ
:
SK\VLFDOWUDLQLQJFRPPDQGVIRU < 6LQJOH$UP&KHVW3UHVV
±
5HDU/XQJH
IRUPDWLRQ PRGLILHG 6LQJOH$UP/DW3XOO'RZQ
3RQ\ 5HDU/XQJHWR3UHVV 6LQJOH$UP/DWHUDO5DLVH
3RVH3XOO 5HFRYHU\'ULOO± 6LQJOH$UP2YHUKHDG3UHVV
$OWHUQDWH PRGLILHG±
3RVH:HLJKW6KLIW 5HFRYHU\'ULOOVH[HUFLVHV± 6LQJOH$UP6HDWHG5RZ
SRVLWLRQVIRUPDWLRQW\SHV± 6LQJOH$UP7ULFHSV([WHQVLRQ
SXUSRVH
3RZHU-XPS UHVLVWDQFHDGYDQFHG 6LQJOH/HJ&XUOPRGLILHG
PRGLILHG 5HYHUVH6LW8S 6LQJOH/HJ'HDGOLIW
3RZHU6NLS URZEHQWRYHU 6LQJOH/HJ+LS5DLVH3XVK8S
3UHJQDQF\DQG3RVWSDUWXP VLQJOHDUPEHQWRYHU
3K\VLFDO7UDLQLQJH[HUFLVHV XSULJKW 6LQJOH/HJ+RS
± 5RZHU± 6LQJOH/HJ2XW+LS5DLVH
3UHSDUDWLRQ'ULOO± PRGLILHG 3XVK8S
H[HUFLVHV± 5XQLQ3ODFH
PRGLILHG± 6LQJOH/HJ2YHU
SXUSRVH 5XQLQ3ODFH PRGLILHG
3UHYHQWLYH0DLQWHQDQFH&KHFNV 5XQLQ3RVH 6LQJOH/HJ3UHVV
DQG6HUYLFHV'ULOOVH[HUFLVHV 5XQQHU¶V3RVLWLRQ5XQQLQJ'ULOO 6LQJOH/HJ3XVK8S
± ± PRGLILHG±
SURILOHSK\VLFDO UXQQLQJLPSURYH 6LQJOH/HJ7XFN
3URQHSRVLWLRQ 5XQQLQJ'ULOOH[HUFLVHV± 6LWWLQJSRVLWLRQ
3URQH5RZ 5XQQLQJ'ULOO)RRW6WULNH± 6LW8SPRGLILHG
PRGLILHG REOLTXH
SXOO5XQQLQJ'ULOO± 5XQQLQJ'ULOO6WUHQJWK± UHYHUVH
3XOO%DFN 6LW8S7KURZ
3XOO2YHU 5XQQLQJ'ULOO5XQQHU¶V3RVLWLRQ 6L[3RLQW6WDQFHSRVLWLRQ
±
2FWREHU $73 ,QGH[

,QGH[
6NLSLQ3ODFH XSSHUERG\ 7LPEHU)DOO

6ODP 6WUHQJWK7UDLQLQJ&LUFXLW 7LPEHU)DOOLQ3RVH
6ROGLHU&DUU\ H[HUFLVHV± 7RHV,QDQG2XW
6SLQHH[HUFLVH± 6WUHQJWK7UDLQLQJ0DFKLQH'ULOO 7ULFHSV([WHQVLRQ±
H[HUFLVHV± PRGLILHG±
VSRWWHU%DFN6TXDW
%HQFK3UHVV 6WUHQJWK7UDLQLQJ0DFKLQHV 6LQJOH$UP
)URQW6TXDW 6WUHWFK&RUG)DOO 7UXQN([WHQVLRQ
,QFOLQH%HQFK 6XPR'HDGOLIW PRGLILHG
6SULQW6WDUW 6XPR6TXDW6WUHQJWK7UDLQLQJ 7UXQN)OH[LRQ
6TXDWDVVLVWHG &LUFXLW PRGLILHG
DVVLVWHGVLQJOHOHJ± 6XPR:DOO7KURZ 7XFN-XPS
7XUQDQG/XQJH
EDFN± 6XSLQH%LF\FOH
GHHSVXPR± 6XSLQH%RG\7ZLVW6WUHQJWK 7ZLVW-XPS$OWHUQDWH
IUHHZHLJKWV± 7UDLQLQJ&LUFXLW 8
IURQW± 6XSLQH&KHVW3UHVV6WUHQJWK XQGHUKDQGJULS
SRVLWLRQ 7UDLQLQJ&LUFXLW
VXPR 8QGHUKDQG:DOO7KURZ
6XSLQHSRVLWLRQ±
< 8SULJKW5RZ
6XVSHQGHG&OLPELQJ'ULOOV
6TXDW%HQGHU
6XVSHQVLRQ+DPVWULQJ&XUO 9
PRGLILHG
6XVSHQVLRQ/HJ7XFNDQG3LNH 9HUWLFDO
VWDELOLW\GULOOV±
KLS± 98S
VKRXOGHU± 6XVSHQVLRQ3XVK8S PRGLILHG±
6WDQGLQJ7UXQN&XUYH± 6XVSHQVLRQ7UDLQLQJ'ULOOV± :±;
6WUDGGOH5XQ)RUZDUGDQG
:5DLVH
%DFNZDUG 6XVWDLQLQJ3KDVH&OLPELQJ'ULOO
:DON3URJUHVVLRQ
6WUDGGOH6WDQFHSRVLWLRQ
:DOO)DOO
6WUDLJKW$UP/DW3XOO'RZQ 6ZLPPHU
:DOO)DOOLQ3RVH
6WUDLJKW$UP3XOO&OLPELQJ'ULOO 7 ZDUPXS

75DLVH :HLJKWHG7UXQN([WHQVLRQ
WDVNGULOODQG :HLJKWHG7UXQN)OH[LRQ
6WUDLJKW$UP6HDWHG5RZ
7KLJK6WUHWFK :LQGPLOO
6WUDLJKW/HJ'HDGOLIW PRGLILHG
6WUHQJWK7UDLQLQJ&LUFXLW PRGLILHG
WKURZDOWHUQDWLQJVLGHDUP
VWUHQJWKEXLOG NQHHOLQJVLGHDUP <±=
FKDOOHQJHV VLWXS <5DLVH
GHYHORS VXPRZDOO
LPSURYH <6TXDW
XQGHUKDQGZDOO
5XQQLQJ'ULOO±
,QGH[ $73 2FWREHU

$73
2FWREHU
%\2UGHURIWKH6HFUHWDU\RIWKH$UP\
-$0(6&0&&219,//(
*HQHUDO8QLWHG6WDWHV$UP\
&KLHIRI6WDII
2IILFLDO
.$7+/((160,//(5
$GPLQLVWUDWLYH$VVLVWDQW
WRWKH6HFUHWDU\RIWKH$UP\

DISTRIBUTION:
Active Army, Army National Guard, and United States Army Reserve: 7REHGistributed in
DFFRUGDQFHZLWKWKHLQLWLDOGLVWUXEXWLRQQXPEHU,'1UHTXLUHPHQWVIRU$73
3,1

Holistic Health and Fitness Drills ATP 7 22.02

Uploaded by

Copyright:

Available Formats

You might also like

Holistic Health and Fitness Drills ATP 7 22.02

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Holistic Health and Fitness Drills ATP 7 22.02

Uploaded by

Copyright:

Available Formats

$73

LL $73 2FWREHU

2FWREHU $73 LLL

LY $73 2FWREHU

YL $73 2FWREHU

2FWREHU $73 YLL

YLLL $73 2FWREHU

2FWREHU $73 L[

2FWREHU $73 [L

[LL $73 2FWREHU

)LJXUH5'02'([WHQGDQG)OH[ PRGLILHG 

2FWREHU $73 [LLL

2FWREHU $73 [Y

2FWREHU $73 [YLL

2FWREHU $73 [L[

[[ $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

&ORVHGXQGHUKDQG &ORVHGRYHUKDQG &ORVHGXQGHUKDQG &ORVHGRYHUKDQG

1HXWUDOFORVHG 1HXWUDOFORVHG 1HXWUDOKRRN 1HXWUDOKRRN

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

35(3$5$7,21'5,// 02',),(' 3'02'

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

)LJXUH3'02':LQGPLOO PRGLILHG DOWHUQDWLYHPRYHPHQW

2FWREHU $73 

 $73 2FWREHU

)LJXUH3'02'3URQH5RZ PRGLILHG DOWHUQDWLYHPRYHPHQW

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

 $73 2FWREHU

2FWREHU $73 

$73

LL $73 2FWREHU

2FWREHU $73 LLL

LY $73 2FWREHU

YL $73 2FWREHU

2FWREHU $73 YLL

YLLL $73 2FWREHU

2FWREHU $73 L[

2FWREHU $73 [L

[LL $73 2FWREHU

)LJXUH5'02'([WHQGDQG)OH[PRGLILHG

2FWREHU $73 [LLL

2FWREHU $73 [Y

2FWREHU $73 [YLL

2FWREHU $73 [L[

[[ $73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

&ORVHGXQGHUKDQG &ORVHGRYHUKDQG &ORVHGXQGHUKDQG &ORVHGRYHUKDQG

1HXWUDOFORVHG 1HXWUDOFORVHG 1HXWUDOKRRN 1HXWUDOKRRN

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

35(3$5$7,21'5,//02',),('3'02'

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

)LJXUH3'02':LQGPLOOPRGLILHGDOWHUQDWLYHPRYHPHQW

2FWREHU $73

$73 2FWREHU

)LJXUH3'02'3URQH5RZPRGLILHGDOWHUQDWLYHPRYHPHQW

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

&21',7,21,1*'5,//02',),('&'02'

2FWREHU $73

$73 2FWREHU

2WKHUSRWHQWLDOPRGLILFDWLRQVLQFOXGH WKHIROORZLQJ

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU

2FWREHU $73

$73 2FWREHU