/35
+2%,16758&7,216
*%
7RJHWIXOOVDWLVIDFWLRQIURPWKHKRESOHDVHUHDGWKHVHLQVWUXFWLRQVFDUHIXOO\DQGNHHSWKHPIRUIXWXUHFRQVXOWDWLRQ
7RXVHWKHKREWXUQWKHNQREVFORFNZLVHDQGVHWLW
WKHPWRWKHUHTXLUHGSRZHU
7RWXUQWKHKRERIIWXUQWKHNQREVEDFNWRSRVLWLRQ
´µ
7KHKRELVILWWHGZLWKUHVLGXDOKHDWLQGLFDWRUV7KHVH
OLJKWXSZKHQWKHFRRNLQJ]RQHVUHDFKWHPSHUDWXUHV
WKDWFRXOGFDXVHEXUQV7KHVHLQGLFDWRUVUHPDLQVDOLJKW
DIWHUWKHFRRNLQJ]RQHVDUHVZLWFKHGRIIDQGWXUQRII
RQO\ZKHQWKH]RQHVDUHQRORQJHUKRWHQRXJKWREH
GDQJHURXV
,PSRUWDQW
7RDYRLGSHUPDQHQWO\GDPDJLQJWKHJODVVFHUDPLFWRS
GRQRWXVH
3RWVZLWKERWWRPVWKDWDUHQRWSHUIHFWO\IODW
0HWDOSRWVZLWKHQDPHOOHGERWWRP
',0(16,2162)7+(&22.723$1':25.723PP
5DGLDQWFRRNLQJ]RQH
5DGLDQWFRRNLQJ]RQH
5DGLDQWFRRNLQJ]RQH
5DGLDQWFRRNLQJ]RQH
5HVLGXDOKHDWLQGLFDWRU
5HDUULJKWFRRNLQJ]RQHFRQWURONQRE
5HDUOHIWFRRNLQJ]RQHFRQWURONQRE
)URQWOHIWFRRNLQJ]RQHFRQWURONQRE
)URQWULJKWFRRNLQJ]RQHFRQWURONQRE
(/(&75,&$/&211(&7,21
6XSSO\YROWDJH
&RQGXFWRUV
QXPEHUDQGVL]H
9a
;PP
0DNHVXUHWKDWWKHYROWDJHLQGLFDWHGRQWKHUDWLQJ
SODWHLVWKHVDPHDVWKHPDLQVYROWDJH7HFKQLFDO
GDWDLVJLYHQRQWKHUDWLQJSODWHRQWKHHGJHRIWKH
KREDQGDOVREHORZ
7\SH3/(939a+]N:
3527(&7,1*7+((19,5210(17
'LVSRVDORISDFNDJLQJPDWHULDOV
7KHSDFNLQJPDWHULDOFDQDOOEHIXOO\UHF\FOHGDV
FRQILUPHGE\WKHUHF\FOLQJV\PERO
7KHYDULRXVSDUWVRIWKHSDFNLQJPXVWQRWEHVHQWIRU
ZDVWHEXWUHF\FOHGLQFRQIRUPLW\ZLWKWKHUHJXODWLRQV
LPSRVHGE\ORFDODXWKRULWLHV
'LVSRVDORIXVHGKRXVHKROGDSSOLDQFHV
7KLVDSSOLDQFHLVPDUNHGDFFRUGLQJWRWKH(XURSHDQ
GLUHFWLYH(&RQ:DVWH(OHFWULFDODQG
(OHFWURQLF(TXLSPHQW:(((%\HQVXULQJWKLVSURGXFW
LVGLVSRVHGRIFRUUHFWO\\RXZLOOKHOSSUHYHQWSRWHQWLDO
QHJDWLYHFRQVHTXHQFHVIRUWKHHQYLURQPHQWDQGKXPDQ
KHDOWKZKLFKFRXOGRWKHUZLVHEHFDXVHGE\
LQDSSURSULDWHZDVWHKDQGOLQJRIWKLVSURGXFW
7KHV\PERO
RQWKHSURGXFWRURQWKHGRFXPHQWV
DFFRPSDQ\LQJWKHSURGXFWLQGLFDWHVWKDWWKLVDSSOLDQFH
PD\QRWEHWUHDWHGDVKRXVHKROGZDVWH,QVWHDGLWVKDOO
EHKDQGHGRYHUWRWKHDSSOLFDEOHFROOHFWLRQSRLQWIRU
WKHUHF\FOLQJRIHOHFWULFDODQGHOHFWURQLFHTXLSPHQW
'LVSRVDOPXVWEHFDUULHGRXWLQDFFRUGDQFHZLWKORFDO
HQYLURQPHQWDOUHJXODWLRQVIRUZDVWHGLVSRVDO)RUPRUH
GHWDLOHGLQIRUPDWLRQDERXWWUHDWPHQWUHFRYHU\DQG
UHF\FOLQJRIWKLVSURGXFWSOHDVHFRQWDFW\RXUORFDOFLW\
RIILFH\RXUKRXVHKROGZDVWHGLVSRVDOVHUYLFHRUWKH
VKRSZKHUH\RXSXUFKDVHGWKHSURGXFW
(QHUJ\VDYLQJ
8VHSRWVDQGSDQVZKRVHERWWRPGLDPHWHULVHTXDOWR
WKDWRIWKHFRRNHUSODWHVRUVOLJKWO\ODUJHU
2QO\XVHIODWERWWRPHGSRWVDQGSDQV
,ISRVVLEOHNHHSWKHSRWFRYHUHGZKHQFRRNLQJ
&RRNYHJHWDEOHVSRWDWRHVHWFZLWKOLWWOHZDWHULQ
RUGHUWRFXWGRZQFRRNLQJWLPH
$SUHVVXUHFRRNHUDOORZV\RXWRVDYHHYHQPRUH
HQHUJ\DQGWLPH
&$87,21
6KRXOGWKHKREEHFRPHFUDFNHGRUEURNHQGRQRWXVH
LWDQGFDOOWKH$IWHU6DOHV6HUYLFHLPPHGLDWHO\
,IWKHKRELQFRUSRUDWHVKDORJHQFRRNLQJHOHPHQWVGR
QRWVWDUHDWWKHP
7KHKRELVGHVLJQHGIRUXVHDVDGRPHVWLFIRRGFRRNHU
RQO\1RRWKHUW\SHRIXVHLVDOORZHG7KH0DQXIDFWXUHU
GHFOLQHVDOOUHVSRQVLELOLW\IRULQDSSURSULDWHXVHRU
LQFRUUHFWVHWWLQJRIWKHFRQWUROV
'RQRWH[SRVHWKHKREWRDWPRVSKHULFDJHQWV
$Q\UHSDLUVRUDGMXVWPHQWVPXVWEHFDUULHGRXW
H[FOXVLYHO\E\DQDXWKRULVHGWHFKQLFLDQ
$YRLGWRXFKLQJWKHKREZLWKZHWKDQGVRUXVLQJLWZKHQ
EDUHIRRW
'RQRWDOORZFKLOGUHQWRWRXFK
WKHKRELQJHQHUDOWRDYRLGEXUQV
'XULQJDQGLPPHGLDWHO\DIWHUXVHWKHKREUHDFKHV
H[WUHPHO\KLJKWHPSHUDWXUHV
SDFNLQJPDWHULDOVEDJVSRO\VW\UHQHPHWDOSDUWVHWF
WKHKREWREHVFUDSSHG
0DNHVXUHWKDWWKHHOHFWULFDOZLUHVRIRWKHUHOHFWULFDO
DSSOLDQFHVQHDUWKHKREGRQRWFRPHLQWRFRQWDFWZLWK
KRWSDUWVRIWKHKRELWVHOI
$OZD\VNHHSDZDWFKRQSDQVZKHQFRRNLQJZLWKRLO
DQGJUHDVH7KHRLODQGJUHDVHPLJKWRYHUKHDWDQG
FDWFKILUH
'RQRWXVHWKHKREDVDVXSSRUWRUZRUNWRS
'RQRWOHDYHWKHKRWSODWHVFRRNHUVWXUQHGRQZKHQ
WKH\DUHHPSW\
'RQRWUHVWSODVWLFDOXPLQLXPIRLOFORWKVSDSHUHWFRQ
WKHKRWSODWHVFRRNHUV
7KHKRELVILWWHGZLWKKRWSODWHVFRRNHUVRIGLIIHUHQW
VL]HV8VHSDQVZKRVHERWWRPGLDPHWHULVHTXDOWRWKDW
RIWKHKRWSODWHVFRRNHUVRUVOLJKWO\ODUJHU
%()25(86,1*7+(&22.,1*+2%
%HIRUHXVHUHPRYH
DGKHVLYHVVWXFNRQWKHKRE
FDUGERDUGJXDUGVDQGSURWHFWLYHSODVWLFILOP
FKHFNZKHWKHUWKHKREKDVEHHQGDPDJHGGXULQJ
WUDQVSRUW,ILQGRXEWFRQWDFWWKH$IWHU6DOHV6HUYLFH
$&&(6625<
&KLOGJXDUG$0+
7KLVDFFHVVRU\FDQEHREWDLQHGIURP
WKH$IWHU6DOHV6HUYLFHXQGHUFRGH
QXPEHURUIURP\RXU
GHDOHUXQGHUUHIHUHQFHQXPEHU
&DUHDQGPDLQWHQDQFH
,PSRUWDQW
QHYHUFOHDQWKHDSSOLDQFHZLWKKLJKSUHVVXUH
ZDWHURUVWHDPFOHDQLQJHTXLSPHQW
&OHDQWKHKREZKHQLWLVFRRODIWHUHDFKXVH7KLVZLOO
SUHYHQWWKHEXLOGXSRIGLUWDQGPDNHFOHDQLQJHDVLHU
8VHDFOHDQFORWKDEVRUEHQWNLWFKHQZLSHVDQGZDVKLQJ
XSOLTXLGRUDVSHFLILFJODVVFHUDPLFFOHDQHU
5HPRYHEDNHGRQGLUWZLWKWKHVSHFLDOVFUDSHUWRRO
LISURYLGHGDQGVSHFLILFFOHDQLQJSURGXFWV
$Q\IRRGVSLOOVVKRXOGEHFOHDQHGRIIEHIRUHWKH\GU\
'RQRWXVHDEUDVLYHSURGXFWVFKORULQHEDVHGFOHDQHUV
RYHQFOHDQHUVSUD\RUSDQVFRXUHUV
7KHKREVKRXOGEHWUHDWHGSHULRGLFDOO\ZLWKVSHFLILF
SURGXFWVDYDLODEOHIURPWKHVKRSVIROORZLQJWKH
PDQXIDFWXUHUVLQVWUXFWLRQV
7HOHVFRSLFNQREVGHSHQGLQJRQPRGHO
7KHNQREVFDQEHOLIWHGDSSUR[FPIRUFOHDQLQJ
$IWHUFOHDQLQJUHVWRUHWKHNQREWRLWVRULJLQDOSRVLWLRQ
7528%/(6+227,1**8,'(
7KHKREGRHVQRWZRUN
0DNHVXUHWKDWWKHSRZHUVXSSO\LVRQ
7XUQWKHKRERIIDQGRQDJDLQWRPDNHVXUHWKDWWKH
SUREOHPKDVEHHQVROYHG
0DNHVXUHWKDWWKHNQRELVQRWWXUQHGWR
´µ
7XUQWKHPXOWLSROHVZLWFKWR
´2IIµ
IRUDIHZPLQXWHV
DQGWKHQWXUQLWEDFNWR
´2Qµ
7KHKREZLOOQRWVZLWFKRII
GLVFRQQHFWWKHKRELPPHGLDWHO\IURPWKHSRZHU
VXSSO\