5HSXEOLF RI WKH 3KLOLSSLQHV &RQJUHVV RI WKH 3KLOLSSLQHV 0HWUR 0DQLOD 7KLUG 5HJXODU 6HVVLRQ %HJXQ DQG KHOG LQ 0HWUR 0DQLOD RQ 0RQGD\ WKH WZHQW\ ILIWK GD\ RI -XO\ QLQHWHHQ KXQGUHG DQG QLQHW\ IRXU >5(38%/,& $&7 12 @
$1 $&7 '(&/$5,1* 6(;8$/ +$5$660(17 81/$:)8/ ,1 7+( (03/2<0(17 ('8&$7,21 25 75$,1,1* (19,5210(17 $1' )25 27+(5 385326(6 %H LW HQDFWHG E\ WKH 6HQDWH DQG +RXVH RI 5HSUHVHQWDWLYHV RI WKH 3KLOLSSLQHV LQ &RQJUHVV DVVHPEOHG 6(&7,21 7LWOH ² 7KLV $FW VKDOO EH NQRZQ DV WKH ³$QWL 6H[XDO +DUDVVPHQW $FW RI ´ 6(& 'HFODUDWLRQ RI 3ROLF\ ² 7KH 6WDWH VKDOO YDOXH WKH GLJQLW\ RI HYHU\ LQGLYLGXDO HQKDQFH WKH GHYHORSPHQW RI LWV KXPDQ UHVRXUFHV JXDUDQWHH IXOO UHVSHFW IRU KXPDQ ULJKWV DQG XSKROG WKH GLJQLW\ RI ZRUNHUV HPSOR\HHV DSSOLFDQWV IRU HPSOR\PHQW VWXGHQWV RU WKRVH XQGHUJRLQJ WUDLQLQJ LQVWUXFWLRQ RU HGXFDWLRQ 7RZDUGV WKLV HQG DOO IRUPV RI VH[XDO KDUDVVPHQW LQ WKH HPSOR\PHQW HGXFDWLRQ RU WUDLQLQJ HQYLURQPHQW DUH KHUHE\ GHFODUHG XQODZIXO 6(& :RUN (GXFDWLRQ RU 7UDLQLQJ UHODWHG 6H[XDO +DUDVVPHQW 'HILQHG ²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
FRQGLWLRQV SURPRWLRQV RU SULYLOHJHV RU WKH UHIXVDO WR JUDQW WKH VH[XDO IDYRU UHVXOWV LQ OLPLWLQJ VHJUHJDWLQJ RU FODVVLI\LQJ WKH HPSOR\HH ZKLFK LQ DQ\ ZD\ ZRXOG GLVFULPLQDWH GHSULYH RU GLPLQLVK HPSOR\PHQW RSSRUWXQLWLHV RU RWKHUZLVH DGYHUVHO\ DIIHFW VDLG HPSOR\HH
7KH DERYH DFWV ZROG LPSDLU WKH HPSOR\HH¶V ULJKWV RU SULYLOHJHV XQGHU H[LVWLQJ ODERU ODZV RU
7KH DERYH DFWV ZRXOG UHVXOW LQ DQ LQWLPLGDWLQJ KRVWLOH RU RIIHQVLYH HQYLURQPHQW IRU WKH HPSOR\HH
E ,Q DQ HGXFDWLRQ RU WUDLQLQJ HQYLURQPHQW VH[XDO KDUDVVPHQW LV FRPPLWWHG
$JDLQVW RQH ZKR LV XQGHU WKH FDUH FXVWRG\ RU VXSHUYLVLRQ RI WKH RIIHQGHU
$JDLQVW RQH ZKRVH HGXFDWLRQ WUDLQLQJ DSSUHQWLFHVKLS RU WXWRUVKLS LV HQWUXVWHG WR WKH RIIHQGHU
:KHQ WKH VH[XDO IDYRU LV PDGH D FRQGLWLRQ WR WKH JLYLQJ RI D SDVVLQJ JUDGH RU WKH JUDQWLQJ RI KRQRUV DQG VFKRODUVKLSV RU WKH SD\PHQW RI D VWLSHQG DOORZDQFH RU RWKHU EHQHILWV SULYLOHJHV RU FRQVLGHUDWLRQV RU :KHQ WKH VH[XDO DGYDQFHV UHVXOW LQ DQ LQWLPLGDWLQJ KRVWLOH RU RIIHQVLYH HQYLURQPHQW IRU WKH VWXGHQW WUDLQHH RU DSSUHQWLFH
$Q\ SHUVRQ ZKR GLUHFWV RU LQGXFHV DQRWKHU WR FRPPLW DQ\ DFW RI VH[XDO KDUDVVPHQW DV KHUHLQ GHILQHG RU ZKR FRRSHUDWHV LQ WKH FRPPLVVLRQ WKHUHRI E\ DQRWKHU ZLWKRXW ZKLFK LW ZRXOG QRW KDYH EHHQ FRPPLWWHG VKDOO DOVR EH KHOG OLDEOH XQGHU WKLV $FW 6(& 'XW\ RI WKH (PSOR\HU RU +HDG RI 2IILFH LQ D :RUN UHODWHG (GXFDWLRQ RU 7UDLQLQJ (QYLURQPHQW ²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
5HSXEOLF $FW 1R
SDJH
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² 7KH HPSOR\HU RU KHDG RI RIILFH HGXFDWLRQDO RU WUDLQLQJ LQVWLWXWLRQ VKDOO EH VROLGDULO\ OLDEOH IRU GDPDJHV DULVLQJ IURP WKH DFWV RI VH[XDO KDUDVVPHQW FRPPLWWHG LQ WKH HPSOR\PHQW HGXFDWLRQ RU WUDLQLQJ HQYLURQPHQW LI WKH HPSOR\HU RU KHDG RI RIILFH HGXFDWLRQDO RU WUDLQLQJ LQVWLWXWLRQ LV LQIRUPHG RI VXFK DFWV E\ WKH RIIHQGHG SDUW\ DQG QR LPPHGLDWH DFWLRQ LV WDNHQ WKHUHRQ 6(& ,QGHSHQGHQW $FWLRQ IRU 'DPDJHV ² 1RWKLQJ LQ WKLV $FW VKDOO SUHFOXGH WKH YLFWLP RI ZRUN HGXFDWLRQ RU WUDLQLQJ UHODWHG VH[XDO KDUDVVPHQW IURP LQVWLWXWLQJ D VHSDUDWH DQG LQGHSHQGHQW DFWLRQ IRU GDPDJHV DQG RWKHU DIILUPDWLYH UHOLHI 6(& 3HQDOWLHV ² $Q\ SHUVRQ ZKR YLRODWHV WKH SURYLVLRQV RI WKLV $FW VKDOO XSRQ FRQYLFWLRQ EH SHQDOL]HG E\ LPSULVRQPHQW RI QRW OHVV WKDQ RQH PRQWK QRU PRUH WKDQ VL[ PRQWKV RU D ILQH RI QRW OHVV WKDQ 7HQ WKRXVDQG SHVRV 3 QRU PRUH WKDQ 7ZHQW\ WKRXVDQG SHVRV 3 RU ERWK VXFK ILQH DQG LPSULVRQPHQW DW WKH GLVFUHWLRQ RI WKH FRXUW $Q\ DFWLRQ DULVLQJ IURP WKH YLRODWLRQ RI WKH SURYLVLRQV RI WKLV $FW VKDOO SUHVFULEH LQ WKUHH \HDUV 6(& 6HSDUDELOLW\ &ODXVH ² ,I DQ\ SRUWLRQ RU SURYLVLRQ RI WKLV $FW LV GHFODUHG YRLG RU XQFRQVWLWXWLRQDO WKH UHPDLQLQJ SRUWLRQV RU SURYLVLRQV KHUHRI VKDOO QRW EH DIIHFWHG E\ VXFK GHFODUDWLRQ
5HSXEOLF $FW 1R
SDJH
6(& 5HSHDOLQJ &ODXVH ² $OO ODZV GHFUHHV RUGHUV UXOHV DQG UHJXODWLRQV RWKHU LVVXDQFHV RU SDUWV WKHUHRI LQFRQVLVWHQW ZLWK SURYLVLRQV RI WKLV $FW DUH KHUHE\ UHSHDOHG RU PRGLILHG DFFRUGLQJO\ 6(& (IIHFWLYLW\ &ODXVH ² 7KLV $FW VKDOO WDNH HIIHFW ILIWHHQ GD\V DIWHU LWV FRPSOHWH SXEOLFDWLRQ LQ DW OHDVW WZR QDWLRQDO QHZVSDSHUV RI JHQHUDO FLUFXODWLRQ $SSURYHG
6JG ('*$5'2 - $1*$5$ 6JG -26( '( 9(1(&,$ -5 3UHVLGHQW RI WKH 6HQDWH 6SHDNHU RI WKH +RXVH RI 5HSUHVHQWDWLYHV
7KLV $FW ZKLFK LV D FRQVROLGDWLRQ RI +RXVH %LOO 1R DQG 6HQDWH %LOO 1R ZDV ILQDOO\ SDVVHG E\ WKH +RXVH RI 5HSUHVHQWDWLYHV DQG WKH 6HQDWH RQ )HEUXDU\
6JG ('*$5'2 ( 780$1*$1 6JG &$0,/2 / 6$%,2 6HFUHWDU\ RI WKH 6HQDWH 6HFUHWDU\ *HQHUDO +RXVH RI 5HSUHVHQWDWLYHV $SSURYHG )HEUXDU\ 6JG ),'(/ 9 5$026 3UHVLGHQW RI WKH 3KLOLSSLQHV
5HSXEOLF $FW 1R
SDJH
5HSXEOLF RI WKH 3KLOLSSLQHV
&,9,/ 6(59,&( &200,66,21
72 68%-(&7
0& 12 6 RI
0(025$1'80 &,5&8/$5 $OO +HDGV RI 'HSDUWPHQWV %XUHDXV DQG $JHQFLHV RI WKH 1DWLRQDO DQG /RFDO *RYHUQPHQW ,QFOXGLQJ *RYHUQPHQW 2ZQHG DQG &RQWUROOHG &RUSRUDWLRQV $QG 6WDWH &ROOHJHV DQG 8QLYHUVLWLHV
32/,&< 21 6(;8$/ +$5$660(17 ,1 7+( :25.3/$&(
3XUVXDQW WR &6& 5HVROXWLRQ 1R GDWHG 0D\ WKH &RPPLVVLRQ KDV DGRSWHG D 3ROLF\ RQ 6H[XDO +DUDVVPHQW LQ WKH :RUNSODFH DV IROORZV 5(62/87,21 12
:+(5($6 WKH 6WDWH YDOXHV WKH GLJQLW\ RI HYHU\ KXPDQ SHUVRQ DQG JXDUDQWHHV IXOO UHVSHFW WR KXPDQ ULJKWV :+(5($6 VH[XDO KDUDVVPHQW LV UHFRJQL]HG DV D YLRODWLRQ RI KXPDQ ULJKWV PRUDOH DQG HIILFLHQF\ LQ WKH ZRUNSODFH YLRODWHV WKH PHULW DQG ILWQHVV SULQFLSOH LQ WKH FLYLO VHUYLFH DQG FUHDWHV D KRVWLOH HQYLURQPHQW LQ WKH ZRUNSODFH ZKLFK DGYHUVHO\ DIIHFW SURGXFWLYH SHUIRUPDQFH :+(5($6 6HFWLRQ 5$ SURYLGHV IRU QRUPV RI SHUVRQDO FRQGXFW ZKLFK HYHU\ SXEOLF RIILFLDO DQG HPSOR\HH PXVW REVHUYH LQ WKH GLVFKDUJH DQG H[HFXWLRQ RI RIILFLDO GXWLHV WKDW WKH\ VKDOO DFW ZLWKRXW GLVFULPLQDWLRQ DJDLQVW DQ\RQH DQG VKDOO DW DOO WLPHV UHVSHFW WKH ULJKWV RI RWKHUV DQG UHIUDLQ IURP GRLQJ DFWV FRQWUDU\ WR ODZ JRRG PRUDOV JRRG FXVWRPV SXEOLF SROLF\ SXEOLF RUGHU SXEOLF VDIHW\ DQG SXEOLF LQWHUHVW :+(5($6 6HFWLRQ &KDSWHU , 7LWOH $ %RRN 9 RI WKH $GPLQLVWUDWLYH &RGH RI DQG 6HFWLRQ % 5$ HPSRZHU WKH &LYLO 6HUYLFH &RPPLVVLRQ WR DGRSW SRVLWLYH PHDVXUHV WR SURPRWH PRUDOH DQG HIILFLHQF\ DQG REVHUYDQFH RI WKH VWDQGDUGV RI SHUVRQDO FRQGXFW DPRQJ RWKHUV LQ WKH FLYLO VHUYLFH 12: 7+(5()25( WKH &RPPLVVLRQ KHUHE\ UHVROYHV WR SURPXOJDWH WKLV 3ROLF\ RQ 6H[XDO +DUDVVPHQW LQ WKH :RUNSODFH
32/,&< 21 6(;8$/ +$5$660(17 ,1 7+( :25.3/$&(
6HFWLRQ 3ROLF\ 6WDWHPHQW DQG 2EMHFWLYH
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
D 6H[XDO KDUDVVPHQW LV RQH RU D VHULHV RI LQFLGHQWV LQYROYLQJ XQZHOFRPH VH[XDO DGYDQFHV UHTXHVWV IRU VH[XDO IDYRXUV RU RWKHU YHUEDO RU SK\VLFDO FRQGXFW RI VH[XDO QDWXUH PDGH GLUHFWO\ LQGLUHFWO\ DQG LPSOLHGO\ ZKHQ 5$ ,55
SDJH
VXFK FRQGXFW PLJKW UHDVRQDEO\ EH H[SHFWHG WR FDXVH LQVHFXULW\ GLVFRPIRUW RIIHQVH RU KXPLOLDWLRQ WR DQRWKHU SHUVRQ RU JURXS RU
VXEPLVVLRQ WR VXFK FRQGXFW LV PDGH HLWKHU LPSOLFLWO\ RU H[SOLFLWO\ D FRQGLWLRQ RI HPSOR\PHQW RU DQ\ RSSRUWXQLW\ IRU WUDLQLQJ RU JUDQW RI VFKRODUVKLS RU
VXEPLVVLRQ WR RU UHMHFWLRQ RI VXFK FRQGXFW LV XVHG DV D EDVLV IRU DQ\ HPSOR\PHQW GHFLVLRQ LQFOXGLQJ EXW QRW OLPLWHG WR PDWWHUV RI SURPRWLRQ UDLVH LQ VDODU\ MRE VHFXULW\ DQG EHQHILWV DIIHFWLQJ WKH HPSOR\HH RU VXFK FRQGXFW KDV WKH SXUSRVH RU WKH HIIHFW RI LQWHUIHULQJ ZLWK D SHUVRQ¶V ZRUN SHUIRUPDQFH RU FUHDWLQJ DQ LQWLPLGDWLQJ KRVWLOH RU RIIHQVLYH ZRUN HQYLURQPHQW
E )RU WKLV SXUSRVH ³HPSOR\PHQW UHODWHG VH[XDO KDUDVVPHQW´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
7KH KHDG RI DJHQF\ LV UHVSRQVLEOH IRU
LQIRUPLQJ RIILFLDOV DQG HPSOR\HHV RI WKLV 3ROLF\ RQ 6H[XDO +DUDVVPHQW LQFOXGLQJ WKHLU ULJKWV DQG UHVSRQVLELOLWLHV DQG WKH H[LVWHQFH RI SURFHGXUHV DYDLODEOH XQGHU WKLV SROLF\ LQYHVWLJDWLQJ HYHU\ IRUPDO ZULWWHQ FRPSODLQW RI VH[XDO KDUDVVPHQW DQG LPSRVLQJ VWULFW GLVFLSOLQDU\ PHDVXUHV ZKHQ D FRPSODLQW RI HPSOR\PHQW
5$ ,55
SDJH
UHODWHG VH[XDO KDUDVVPHQW LV IRXQG WR KDYH EHHQ VXEVWDQWLDWHG UHJDUGOHVV RI WKH SRVLWLRQ DQG VWDWXV RI WKH RIIHQGHU
GRLQJ DOO LQ LWV SRZHU WR SURYLGH DGYLFH VXSSRUW DQG DVVLVWDQFH WR HPSOR\HHV RI WKH DJHQF\ DQG DSSOLFDQWV ZKR DUH VXEMHFWHG WR VH[XDO KDUDVVPHQW ZKHWKHU RQH RU ERWK SDUWLHV LQYROYHG DUH HPSOR\HG ZLWKLQ WKH VDPH DJHQF\ DSSRLQWLQJ DGYLVRUV DQG SURYLGLQJ WKH WUDLQLQJ DQG UHVRXUFHV IRU WKHP WR IXOILOO WKHLU UHVSRQVLELOLWLHV XQGHU WKLV SROLF\ GHVLJQDWLQJ DQ RIILFHU RI WKH DJHQF\ ZKR ZLOO EH UHVSRQVLEOH IRU WKH LQYHVWLJDWLRQ DQG KHDULQJ RI FRPSODLQWV RQ VH[XDO KDUDVVPHQW
VWULFWO\ PDLQWDLQLQJ FRQILGHQWLDOLW\ LQ DOO VWDJHV RI WKH SURFHHGLQJV WR SURWHFW WKH LQWHUHVWV RI WKH FRPSODLQDQW WKH SHUVRQ FRPSODLQHG DJDLQVW DQG DQ\ RWKHU SHUVRQ ZKR PD\ UHSRUW FDVHV RI VH[XDO KDUDVVPHQW PDLQWDLQLQJ UHFRUGV DV UHTXLUHG E\ WKLV SROLF\
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
3$75,&,$ $ 672 720$6 &KDLUPDQ
5$ ,55
SDJH
5HSXEOLF RI WKH 3KLOLSSLQHV &,9,/ 6(59,&( &200,66,21
5HVROXWLRQ 1R
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
5XOH , &29(5$*(
6HFWLRQ 7KHVH 5XOHV VKDOO DSSO\ WR DOO RIILFLDOV DQG HPSOR\HHV LQ WKH &RPPLVVLRQ LQFOXGLQJ WKH &DUHHU ([HFXWLYH 6HUYLFH %RDUG &(6% 5HJLRQDO DQG )LHOG 2IILFHV ZKHWKHU LQ WKH &DUHHU RU 1RQ &DUHHU VHUYLFH DQG KROGLQJ SRVLWLRQV XQGHU SHUPDQHQW RU WHPSRUDU\ VWDWXV
5XOH ,, -85,6',&7,21
6HFWLRQ -XULVGLFWLRQ 7KH &RPPLVVLRQ DV WKH GLVFLSOLQLQJ DXWKRULW\ RYHU DOO LWV RIILFLDOV DQG HPSOR\HHV VKDOO H[HUFLVH H[FOXVLYH MXULVGLFWLRQ RYHU DFWV DQG RPLVVLRQV ZKLFK FRQVWLWXWH VH[XDO KDUDVVPHQW 7KH GHFLVLRQ RI WKH &RPPLVVLRQ VKDOO EH ILQDO DQG DSSHDODEOH RQO\ WR WKH &RXUW RI $SSHDOV 5$ ,55
SDJH
5XOH ,,, '(),1,7,21 2) 6(;8$/ +$5$660(17
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
5XOH ,9 63(&,),& $&76 &2167,787,1* 6(;8$/ +$5$660(17
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
5$ ,55
SDJH
G WKH GHPDQG UHTXHVW RU UHTXLUHPHQW IRU VH[XDO IDYRU ZRXOG UHVXOW LQ LQWLPLGDWLQJ KRVWLOH RU RIIHQVLYH HQYLURQPHQW IRU WKH HPSOR\HH
)RU WKLV SXUSRVH ZRUN RU HPSOR\PHQW UHODWHG VH[XDO KDUDVVPHQW PD\ WDNH SODFH LQ WKH IROORZLQJ WKH RIILFH DQ\ZKHUH HOVH DV D UHVXOW RI ZRUN UHVSRQVLELOLWLHV RU HPSOR\PHQW UHODWLRQV DW RIILFH UHODWHG VRFLDO IXQFWLRQV ZKLOH RQ RIILFLDO EXVLQHVV RXWVLGH WKH RIILFH RU GXULQJ ZRUN UHODWHG WUDYHO DW RIILFLDO FRQIHUHQFHV IRUD V\PSRVLD RU WUDLQLQJ VHVVLRQV RYHU WKH WHOHSKRQH FHOOXODU SKRQH ID[ PDFKLQH ( PDLO
5XOH 9 )2506 2) 6(;8$/ +$5$660(17
6HFWLRQ 7KH DFWV RI VH[XDO KDUDVVPHQW PD\ WDNH DQ\ RI WKH IROORZLQJ IRUPV D 3K\VLFDO L LL LLL LY
3K\VLFDO &RQWDFW RU 0DOLFLRXV 7RXFKLQJ 2YHUW VH[XDO DGYDQFHV 8QZHOFRPH LPSURSHU RU DQ\ XQQHFHVVDU\ JHVWXUH RI D VH[XDO QDWXUH RU DQ\ RWKHU VXJJHVWLYH H[SUHVVLRQ RU OHZG LQVLQXDWLRQ
E 9HUEDO VXFK DV UHTXHVWV RU GHPDQGV IRU VH[XDO IDYRUV RU OXULG UHPDUNV
F 8VH RI REMHFWV SLFWXUHV OHWWHUV RU ZULWWHQ QRWHV ZLWK EROG SHUVXDVLYH VH[XDO XQGHU SLQQLQJV DQG ZKLFK FUHDWH D KRVWLOH RIIHQVLYH RU LQWLPLGDWLQJ ZRUN RU WUDLQLQJ HQYLURQPHQW ZKLFK LV DQQR\LQJ RU GLVJXVWLQJ WR WKH YLFWLP
5XOH 9, 3(56216 /,$%/( )25 6(;8$/ +$5$660(17
6HFWLRQ $Q\ RIILFLDO KDYLQJ DXWKRULW\ LQIOXHQFH RU PRUDO DVFHQGDQF\ RYHU DQRWKHU SHUVRQ LQ WKH &RPPLVVLRQ RU HPSOR\HH UHJDUGOHVV RI VH[ DUH OLDEOH IRU VH[XDO KDUDVVPHQW LQ WKH &RPPLVVLRQ $Q\ RIILFLDO RU HPSOR\HH LQ WKH &RPPLVVLRQ UHJDUGOHVV RI VH[ VKDOO VLPLODUO\ EH KHOG OLDEOH IRU VH[XDO KDUDVVPHQW XQGHU WKH IROORZLQJ FLUFXPVWDQFHV 5$ ,55
SDJH
'LUHFWLQJ RU LQGXFLQJ DQRWKHU WR FRPPLW DQ\ RI WKH DFWV RI VH[XDO KDUDVVPHQW GHILQHG LQ WKHVH 5XOHV 3ULQFLSDO E\ ,QGXFWLRQ RU &RRSHUDWLQJ LQ WKH FRPPLVVLRQ RI WKH VH[XDO KDUDVVPHQW E\ DQRWKHU ZLWKRXW ZKLFK LW ZRXOG QRW KDYH EHHQ FRPPLWWHG 3ULQFLSDO E\ ,QGLVSHQVDEOH &RRSHUDWLRQ 5XOH 9,, '87< 2) 7+( &200,66,21
6HFWLRQ 7KH &RPPLVVLRQ VKDOO LQLWLDWH PHDVXUHV WR
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
SDJH
F 5HFRPPHQG PHDVXUHV WR WKH &RPPLVVLRQ WKDW ZLOO H[SHGLWH WKH LQYHVWLJDWLRQ DQG DGMXGLFDWLRQ RI VH[XDO KDUDVVPHQW FDVHV
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
5$ ,55
SDJH
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
SDJH
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
5XOH ; $'0,1,675$7,9( /,$%,/,7,(6
6HFWLRQ $Q\ SHUVRQ ZKR LV IRXQG JXLOW\ RI VH[XDO KDUDVVPHQW VKDOO DIWHU LQYHVWLJDWLRQ EH PHWHG WKH SHQDOW\ FRUUHVSRQGLQJ WR WKH JUDYLW\ DQG VHULRXVQHVV RI WKH RIIHQVH 6HFWLRQ 7KH SHQDOWLHV IRU OLJKW OHVV JUDYH DQG JUDYH RIIHQVHV DUH DV IROORZV $ )RU OLJKW RIIHQVHV 5HSULPDQG RU ILQH RU VXVSHQVLRQ QRW H[FHHGLQJ WHQ GD\V RU )LQH RU VXVSHQVLRQ QRW H[FHHGLQJ WZHQW\ GD\V RU )LQH RU VXVSHQVLRQ QRW H[FHHGLQJ WKLUW\ GD\V DW WKH GLVFUHWLRQ RI WKH GLVFLSOLQLQJ DXWKRULW\ % )RU OHVV JUDYH RIIHQVHV 5$ ,55
SDJH
7UDQVIHU RU GHPRWLRQ LQ UDQN RU VDODU\ RI RQH JUDGH RU ILQH RU VXVSHQVLRQ QRW H[FHHGLQJ VL[ PRQWKV RU )LQH QRW H[FHHGLQJ IRXU PRQWKV RU VXVSHQVLRQ QRW H[FHHGLQJ HLJKW PRQWKV DW WKH GLVFUHWLRQ RI WKH GLVFLSOLQLQJ DXWKRULW\
& )RU JUDYH RIIHQVHV
7UDQVIHU RU GHPRWLRQ LQ UDQN RU VDODU\ IURP WZR WR WKUHH JUDGHV RU ILQH LQ DQ DPRXQW HTXLYDOHQW WR VL[ PRQWKV VDODU\ RU 6XVSHQVLRQ IRU RQH \HDU RU 'LVPLVVDO DW WKH GLVFUHWLRQ RI WKH GLVFLSOLQLQJ DXWKRULW\
6HFWLRQ 7KH KHDG RI RIILFH ZKR IDLOV WR DFW RQ DQ\ FRPSODLQW SURSHUO\ ILOHG IRU VH[XDO KDUDVVPHQW DIWHU EHLQJ LQIRUPHG WKHUHRI DJDLQVW DQ\ HPSOR\HH LQ WKDW 2IILFH VKDOO EH FKDUJHG ZLWK QHJOHFW RI GXW\
5XOH ;, 35(6&5,37,9( 3(5,2'
6HFWLRQ $Q\ FRPSODLQW RU DFWLRQ DULVLQJ IURP WKH YLRODWLRQ RI WKHVH 5XOHV VKRXOG EH ILOHG ZLWKLQ WKUHH \HDUV IURP WKH FRPPLVVLRQ RI VXFK YLRODWLRQ RWKHUZLVH WKH VDPH VKDOO EH GHHPHG WR KDYH SUHVFULEHG
5XOH ;,, ())(&7 21 27+(5 ,668$1&(6
6HFWLRQ 0HPRUDQGXP &LUFXODU 1R VHULHV RI RI WKLV &RPPLVVLRQ VKDOO EH VXSSOHWRU\ WR WKHVH 5XOHV LQ VR IDU DV LW LV QRW LQFRQVLVWHQW KHUHZLWK
5XOH ;,,, 5(3($/,1* &/$86(
6HFWLRQ 5XOHV DQG 5HJXODWLRQV RWKHU LVVXDQFHV RU SDUWV WKHUHRI LQFRQVLVWHQW ZLWK WKH SURYLVLRQV RI WKHVH 5XOHV DUH KHUHE\ UHSHDOHG RU PRGLILHG DFFRUGLQJO\
5XOH ;,9 $0(1'0(17
6HFWLRQ 7KH &LYLO 6HUYLFH &RPPLVVLRQ PD\ DPHQG RU PRGLI\ WKHVH 5XOHV DV PD\ EH QHFHVVDU\
5$ ,55
SDJH
5XOH ;9 ())(&7,9,7< &/$86(
6HFWLRQ 7KHVH 5XOHV DQG 5HJXODWLRQV VKDOO WDNH HIIHFW LPPHGLDWHO\ XSRQ DSSURYDO E\ WKH &RPPLVVLRQ 2FWREHU
6JG &25$=21 $/0$ * '( /(21 &KDLUPDQ
6JG 5$021 3 (5(f(7$ -5 &RPPLVVLRQHU
6JG 7+(/0$ 3 *$0,1'( &RPPLVVLRQHU
$WWHVWHG E\ 6JG &$50(1&,7$ *,6(//( % '$<621 %RDUG 6HFUHWDU\ 9,
5$ ,55
SDJH
&/$66,),&$7,21 2) $&76 2) 6(;8$/ +$5$660(17 ,172 *5$9( /(66 *5$9( 25 /,*+7 2))(16(
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
$XJXVW 5$ ,55
SDJH
5HSXEOLF RI WKH 3KLOLSSLQHV '(3$570(17 2) /$%25 $1' (03/2<0(17 0DQLOD $'0,1,675$7,9( 25'(5 12 6HULHV RI $0(1',1* $'0,1,675$7,9( 25'(5 12 3ROLF\ $JDLQVW 6H[XDO +DUDVVPHQW
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¶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
5$ ,55
SDJH
6HFWLRQ :KDW &RQVWLWXWHV 6H[XDO +DUDVVPHQW
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¶V RU HPSOR\HH¶V SHUIRUPDQFH RU ERXQG WR FUHDWH D KRVWLOH RIIHQVLYH LQWLPLGDWLQJ RU XQFRPIRUWDEOH ZRUN HQYLURQPHQW 6H[XDO KDUDVVPHQW FRQVWLWXWHV D GLVJUDFHIXO DQG LPPRUDO DFW ZKLFK LV FODVVLILHG DQG SHQDOL]HG DV D JUDYH RIIHQVH XQGHU WKH *URXQGV IRU 'LVFLSOLQDU\ $FWLRQ RI WKH '2/( 0DQXDO RQ 'LVSRVLWLRQ RI $GPLQLVWUDWLYH &DVHV 6XFK FODVVLILFDWLRQ DQG LWV FRUUHVSRQGLQJ SHQDOWLHV VKDOO EH DGRSWHG E\ WKLV 2UGHU ZLWKRXW SUHMXGLFH WR WKH ILOLQJ RI RWKHU FDVHV LQYROYLQJ WKH VDPH DFW ZLWK WKH UHJXODU FRXUWV 6HFWLRQ )DFW )LQGLQJ &RPPLWWHH &UHDWLRQ DQG &RPSRVLWLRQ $ 6SHFLDO )DFW )LQGLQJ &RPPLWWHH LV KHUHE\ FUHDWHG WR UHFHLYH DQG LQYHVWLJDWH KHDU VH[XDO KDUDVVPHQW FRPSODLQWV DQG VXEPLW UHSRUWV UHFRPPHQGDWLRQV WR WKH 6HFUHWDU\ 7KH &RPPLWWHH VKDOO EH FRPSRVHG RI WKH IROORZLQJ '2/( 5HVLGHQW 2PEXGVSHUVRQ &KDLUSHUVRQ &KDLUSHUVRQ '2/( 3KLOLSSLQH 'HYHORSPHQW 3ODQ IRU :RPHQ 3'3: )RFDO 3RLQW &R &KDLUSHUVRQ $VVLVWDQW 6HFUHWDU\ IRU 0DQDJHPHQW 6HUYLFHV 0HPEHU 'LUHFWRU +XPDQ 5HVRXUFH 'HYHORSPHQW 6HUYLFH 0HPEHU 'LUHFWRU /HJDO 6HUYLFH 0HPEHU 5$ ,55
SDJH
3UHVLGHQW '2/( RU LWV &RQFHUQHG $JHQF\ (PSOR\HHV 8QLRQ 5HVLGHQW 2PEXGVSHUVRQ RI WKH $JHQF\ &RQFHUQHG
$G +RF 0HPEHU $G +RF 0HPEHU
$Q\ PHPEHU RI WKH &RPPLWWHH ZKR FRPSODLQV RI RU LV FRPSODLQHG DJDLQVW DQ\ DFW RI VH[XDO KDUDVVPHQW VKDOO LQKLELW KLPVHOI KHUVHOI IURP SDUWLFLSDWLQJ LQ WKH GHOLEHUDWLRQV RI WKH &RPPLWWHH
6HFWLRQ 6HFUHWDULDW
7KH /HJDO 6HUYLFH VKDOO DFW DV WKH 6HFUHWDULDW RI WKH )DFW )LQGLQJ &RPPLWWHH 6HFWLRQ 3URFHGXUH LQ WKH 'LVSRVLWLRQ RI 6H[XDO +DUDVVPHQW &DVHV
7KH 6HFUHWDU\ VKDOO SURPXOJDWH UXOHV DQG UHJXODWLRQV LPSOHPHQWLQJ WKLV $GPLQLVWUDWLYH 2UGHU
6HFWLRQ $ZDUHQHVV 5DLVLQJ &DPSDLJQ ,QIRUPDWLRQ 'LVVHPLQDWLRQ
&RQFHUQHG DJHQFLHV VKDOO XQGHUWDNH LQIRUPDWLRQ GLVVHPLQDWLRQ FDPSDLJQV WR UDLVH DZDUHQHVV RQ WKH SROLF\ DJDLQVW VH[XDO KDUDVVPHQW DQG WR SUHYHQW LQFLGHQFH RI WKH VDPH 7KLV 2UGHU VKDOO WDNH HIIHFW LPPHGLDWHO\
6JG 0$ 1,(9(6 5 &21)(625 $FWLQJ 6HFUHWDU\
0DUFK
5$ ,55
SDJH