Perquisites

3(548,6,7(6 3(548,6,7(6  7KHWHUPSHUTXLVLWHLQGLFDWHVVRPHH[WUDEHQHILWLQ DGGLWLRQWRWKHDPRXQWWKDWPD\EHOHJDOO\GXHE\ZD\RI FRQWUD FRQWUDFW FWIRU IRU VHUYLFHV VHUYLFHVUHQG UHQGHUHG HUHG ,QPRGHUQ ,QPRGHUQWLPH WLPHV VWK WKH HVDODU VDODU\ \ SDFNDJHRIDQHPSOR\HHQRUPDOO\LQFOXGHVPRQHWDU\ VDODU\DQGSHUTXLVLWHOLNHKRXVLQJFDUHWF  3HUTXLVLWHPD\EHSURYLGHG 3HUTXLVLWHPD\EHSURYLGHGLQFDVKR LQFDVKRULQNLQG ULQNLQG  5HLPEXUVHPHQ 5HLPEXUVHPHQW WRI RIH[SHQVH H[SHQVHV VLQFXU LQFXUUHG UHG LQWKH LQ WKH RIILFLDO RIILFLDO  GLVFKDUJHRIGXWLHVLVQRWDSHUTXLVLWH  3HUTXLVLWHPD\DULVHLQWKHFRXUVHRIHPSOR\PHQWRULQ WKH FRXUVHR FRXUVHRI I SURIHVVLRQ SURIHVVLRQ, ,I I LWDULVHVIURP LWDULVHVIURP DUHODWLRQVK DUHODWLRQVKLSRI LSRI HPSOR\HUHPSOR\HHWKHQWKHYDOXHRIWKHSHUTXLVLWHLV WD[DEOHDVVDODU\+RZHYHULILWDULVHVGXULQJWKHFRXUVHRI SURIHVVLRQWKHYDOXHRIVXFKSHUTXLVLWHLVFKDUJHDEOHDV SURILWVDQGJDLQ SURILWVDQGJDLQVRIEXVLQHV VRIEXVLQHVVRUSURIHVVL VRUSURIHVVLRQ RQ   3HUTXLVLWHZLOOEHFRPHWD[DEOHRQO\LILWKDVDOHJDO RULJLQ$QXQDXWKRULVHGDGYDQWDJHWDNHQE\DQHPSOR\HH ZLWKRXWKLVHPSOR\HUVVDQFWLRQFDQQRWEHFRQVLGHUHGDV DSHUTXLVLWHXQGHUWKH$FW  ,QFRPHWD[SDLGE\WKHHPSOR\HURXWRIKLVSRFNHWRQWKH VDODU\ RI WKHHPSOR WKH HPSOR\HH \HH LVDSHUTXLVLW LV DSHUTXLVLWHLQWK HLQWKHKDQG HKDQGVRIWK VRIWKH H HPSOR\HHZKHWKHUWKH HPSOR\HHZKHWKHUWKHSD\PHQW SD\PHQWLVFRQWUDFWXD LVFRQWUDFWXDORUYROXQWD ORUYROXQWDU\ U\

7\SHVRISHUTXLVLWHV 3HUTXLVLWHVPD\EHGLYLGHGLQWRWKUHHEURDGFDWHJRULHV  3HUTXLVLWHVWD[DEOHLQ 3HUTXLVLWHVWD[DEOHLQWKH WKHFDVHRI FDVHRIDOOHPSOR\HH DOOHPSOR\HHV V  3HUTXLVLWHVH[HPSWIURPWD[LQ 3HUTXLVLWHVH[HPSWIURPWD[LQWKHFDVH WKHFDVHRIDOOHPSOR\HHV RIDOOHPSOR\HHV  3HUTXLVLWHVWD[DEOHRQO\LQWKHKDQGVRIVSHFLILHG HPSOR\HHV 3HUTXLVLWHV 3HUTXLVLW HV WD[DEO WD[DEOHLQWK HLQWKH H FDVH FDVHRI RI DOO HPS HPSOR\HHV OR\HHV  7KHIROORZLQJSHUTXLVLWHVDUHFKDUJHDEOHWRWD[LQDOOFDVHV

 9DOXHRI DOXHRI UHQWIUHH UHQWIUHH DFFRPPRGDWLRQSURYLGHG DFFRPPRGDWLRQSURYLGHGWR WR WKH DVVHVVHH DVVHVVHHE\ E\KLV KLVHPSO HPSOR\HU R\HU>6HFWLRQ >6HFWLRQ L@ L@ ([FHSWLRQ5HQWIUHHRIILFLDOUHVLGHQFHSURYLGHGWRD-XGJH RID+LJK&RXUWRUWRD-XGJHRIWKH6XSUHPH&RXUWLVQRW WD[DEOH WD[DEOH 6LPLODUO\ 6LPLODUO\ UHQW UHQWIUHHIXUQLVKH IUHHIXUQLVKHG G KRXVH KRXVH SURYLGH SURYLGHG G WR DQ2IILFHURI3DUOLDPHQW DQ2IILFHURI3DUOLDPHQWLVQRWWD[DEOH LVQRWWD[DEOH>)RUYDOXDWLRQ >)RUYDOXDWLRQ  UHIHUWRSDUD@  9DOXHRIFRQFHVVLRQLQUHQWLQUHVSHFWRIDFFRPPRGDWLRQ SURYLGHGWRWKHDVVHVVHHE\KLVHPSOR\HU>6HFWLRQ LL@  $PR $PRXQW XQWSD SDLG LG E\DQ E\ DQHPSOR HPSOR\HU \HULQ LQ UHVSHFW UHVSHFW RI DQ\REOLJ DQ\ REOLJDWLR DWLRQ Q ZKLFK RWKHUZLVHZRXOG RWKHUZLVHZRXOG KDYHEHHQSD\DEOHE\WKH KDYHEHHQSD\D EOHE\WKH HPSOR\HH>6HFWLRQLY@)RUH[DPSOHLIDGRPHVWLF VHUYDQWLVHQJDJHGE\DQHPSOR\HHDQGWKHHPSOR\HU UHLPEXUVHVWKHVDODU\SDLGWRWKHVHUYDQWLWEHFRPHVDQ REOLJDWLRQZKLFKWKHHPSOR\HHZRXOGKDYHGLVFKDUJHG HYHQLIWKHHPSOR\HUGLGQRWUHLPEXUVHWKHVDPH7KLV SHUTXLVLWHZLOOEHFRYHUHGE\VHFWLRQLYDQGZLOOEH WD[DEOHLQWKHKDQGVRIDOOHPSOR\HHV  $PRXQW $PRXQWSD\DEO SD\DEOHE\ HE\DQHPSOR\H DQHPSOR\HUGLUHFWO\ UGLUHFWO\ RULQGLUHFWO RULQGLUHFWO\WR \WR HIIHFWDQDVVXUDQFHRQWKHOLIHRIWKHDVVHVVHHRUWRHIIHFWD FRQWUDFWIRUDQDQQXLW\RWKHUWKDQSD\PHQWPDGHWR53)RU DSSURYHGV DSSURYHGVXSHUDQQXDWLR XSHUDQQXDWLRQ QIXQG IXQGRUGHSRVLW RUGHSRVLWOLQNHG OLQNHG LQVXUDQFHIXQGHVWDEOLVKHGXQGHU LQVXUDQFHIXQG HVWDEOLVKHGXQGHU WKH&RDO0LQHV 3URYLGHQW)XQGRU(PSOR\HHV3URYLGHQW)XQG$FW +RZHYHUWKHUHDUHVFKHPHVOLNHJURXSDQQXLW\ +RZHYHUWKHUHDUHVFKHPHVOLNHJURX SDQQXLW\VFKHPH VFKHPH HPSOR\HHVVWDWHLQVXUDQFHVFKHPHDQGILGHOLW\LQVXUDQFH VFKHPHXQGHUZKLFKLQVXUDQFHSUHPLXPLVSDLGE\ HPSOR\HURQEHKDOIRIWKHHPSOR\HHV6XFKSD\PHQWVDUH QRWUHJDUGHGDVSHUTXLVLWHLQYLHZRIWKHIDFWWKDWWKH HPSOR\HHVKDYHRQO\DQH[SHFWDQF\RIWKHEHQHILWLQVXFK VFKHPHV  WKHYDOXHRIDQ\VSHFLILHGVHFXULW\RUVZHDWHTXLW\VKDUHV DOORWWHGRUWUDQVIHU DOORWWHGRUWUDQVIHUUHG UHGGLUHFWO\ GLUHFWO\RU RULQGLUHFWO\ LQGLUHFWO\ E\WKH HPSOR\HURUIRUPHUHPSOR\HUIUHHRIFRVWRUDW FRQFHVVLRQDOUDWHWRWKHDVVHVVHH

 WKHDPRXQWRIDQ\FRQWULEXWLRQWRDQDSSURYHG VXSHUDQQXDWLRQIXQGE\WKHHPSOR\HULQUHVSHFWRIWKH DVVHVVHHWRWKH DVVHVVHHWRWKHH[WHQWLW H[WHQWLWH[FHHG H[FHHGV5VODNK V5VODNK  7KHYDOXHRIDQ\RWKHUIULQJHEHQHILWRUDPHQLW\DVPD\EH SUHVFULEHGE\WKH&%'7 3HUTXLVLWHVH[HPSWIURPWD[LQDOOFDVHV 7KHIROORZLQJSHUTXLVLWHVDUHH[HPSWIURPWD[LQDOOFDVHV  7HOHSKRQHSURYLGHGE\DQHPSOR\HUWRDQHPSOR\HHDWKLV UHVLGHQFH  *RRGVVROGE\DQHPSOR\HUWRKLVHPSOR\HHVDWFRQFHVVLRQDO UDWHV  7UDQVSRUW 7UDQVSRUW IDF IDFLOLW LOLW\SURYLGH \SURYLGHG GE\ E\ DQHPSOR\HU DQHPSOR\HU HQJDJHGLQ HQJDJHGLQ WKHEXVLQHV WKHEXVLQHVV VRIFDUU RIFDUU\LQJ \LQJ RISDVVH RISDVVHQJHUVRUJRRGVWR QJHUVRUJRRGVWRKLV KLV HPSOR\HHVHLWKHUIUHHRIFKDUJH HPSOR\HHVHLWKHUIUHHRIFKDUJHRUDW RUDWFRQFHVVLRQD FRQFHVVLRQDOUDWH OUDWH   3ULYLOHJHSDVVHVDQGSULYLOHJHWLFNHWRUGHUVJUDQWHGE\,QGLDQ 5DLOZD\VWRLWVHPSOR\HHV  3HUTXL 3HUTXLVLWH VLWHV V DOORZHG DOORZHG RXWVLG RXWVLGH H ,QGLD ,QGLD E\ WKH *RYHUQPH *RYHUQPHQW QW WR D FLWL]HQRI,QGLDIRUUHQGHULQJVHUYLFHVRXWVLGH,QGLD  6XPSD\DEOHE\DQHPSOR\HUWRD53)RUDQDSSURYHG VXSHUDQQXDWLRQ VXSHUDQQXDWLRQ IXQGRU GHSRVLWOLQNHGLQVXUDQFHIXQG GHSRVLWOLQNHG LQVXUDQFHIXQG HVWDEOLVKHG HVWDEOLVKHGXQGHU XQGHU  WKH&RDO 0LQHV 0LQHV 3URYLGHQW 3URYLGHQW)XQG )XQG RU WKH(PSOR\HHV3URYLGHQW)XQG$FW  (PSOR\HUVFRQWULEXWLRQ (PSOR\HUVFRQWULEXWLRQWRVWDII WRVWDIIJURXS JURXSLQVXUDQFHVFKHP LQVXUDQFHVFKHPH H  /HDYHWUDYHOFRQFHVVLRQ  3D\PHQWRIDQQXDOSUHPLXPE\HPSOR\HURQSHUVRQDO DFFLGHQWSROLF\ DFFLGHQWSROLF\HI HIIHFWH IHFWHGE\KLP GE\KLPRQWKH RQWKHOLIHR OLIHRIWKH IWKHHPSOR\H HPSOR\HH H    5HIUHVKPHQWSURYLGHGWRDOOHPSOR\HHVGXULQJZRUNLQJ KRXUVLQRIILFHSUHPLVHV  6XEVLGL]HGOXQFKRU 6XEVLGL]HGOXQFKRUGLQQHUSURYLGH GLQQHUSURYLGHGWRDQ GWRDQHPSO HPSOR\HH R\HH  5HFUHDWLRQDOIDFLOLWLHVLQFOXGLQJFOXEIDFLOLWLHVH[WHQGHG WRHPSOR\HHVLQJHQHUDOLHQRWUHVWULFWHGWRDIHZVHOHFW HPSOR\HHV  $PRXQW $PRXQWVSHQ VSHQW W E\ WKH WKH HPSOR\HU HPSOR\HURQ RQ WUDLQLQ WUDLQLQJ JRI RI HPSOR\HH HPS OR\HHVRU VRU DPRXQW DPRXQWSDL SDLG G IRUUHIUHVKHU IRU UHIUHVKHUPDQDJHPHQ PDQDJHPHQW W FRXUVHLQFOXGLQJH[SHQVHVRQERDUGLQJDQGORGJLQJ  0HGLFDOIDFLOLWLHVVXEMHFWWRFHUWDLQSUHVFULEHGOLPLWV

>5HIHUWRSRLQWRISDUD@  5HQWIUHHRIILFLDOUHVLGHQFHSURYLGHGWRD-XGJHRID +LJK&RXUWRUWKH6XSUHPH&RXUW  5HQWIUHHIXUQLVKHGUHVLGHQFHLQFOXGLQJ PDLQWHQDQFHSURYLGHGWRDQ2IILFHURI3DUOLDPHQW 8QLRQ0LQLVWHUDQG 8QLRQ0LQLVWHUDQGD/ D/HDGHURI HDGHURI2SSRVLWLRQ 2SSRVLWLRQLQ3DUOLDP LQ3DUOLDPHQW HQW  &RQYH\DQFHIDFLOLW\SURYLGHGWR+LJK&RXUW-XGJHV XQGHUVHFWLRQ%RIWKH+LJK&RXUW-XGJHV&RQGLWLRQVRI 6HUYLFH$FWDQG6XSUHPH 6HUYLFH$FWDQG6XSUHPH &RXUW-XGJHVXQGHUVHFWLRQ &RXUW-XGJHVXQGHUVHFWLRQ $RIWKH6XSUHPH&RXUW-XGJHV&RQGLWLRQVRI6HUYLFH $FW 3HUTXLVLWHVWD[DEOHRQO\LQWKHKDQGVRIVSHFLILHGHPSOR\HHV >6HFWLRQLLL@ >6HFWLRQLLL@  7KH YDOXH YDOXHRIDQ\EHQHI RIDQ\EHQHILW LW RUDPHQLW\ RUDPHQLW\ JUDQWH JUDQWHG G RU SURYLGH SURYLGHG GIU IUHH HH RIFRVWRUDWFRQFHVVLRQDOUDWHZKLFKKDYHQRWEHHQLQFOXGHG LQ LQDERYHZLOO DERYHZLOOEHWD[DEOH EHWD[DEOHLQWKH LQWKHKDQGVRI KDQGVRIVSHFLIL VSHFLILHG HG HPSOR\HHV 9$/8$7,212)3(548,6,7(6

7KH,QFRPHWD[5XOHVFRQWDLQWKHSURYLVLRQVIRU YDOXDWLRQRISHUTXLVLWHV,WLVLPSRUWDQWWRQRWHWKDWRQO\WKRVH SHUTXLVLWHVZKLFKWKHHPSOR\HHDFWXDOO\HQMR\VKDYHWREH YDOXHGDQGWD[HGLQKLVKDQG  9DOXDWLRQ2I8QIXUQLVKHG$FFRPPRGDWLRQ  9DOXDWLRQ2I)XUQLVKHG$FFRPPRGDWLRQ  9DOXDWLRQ2I$FFRPPRGDWLRQ3URYLGHG,Q$+RWHO  $FFRPPRGDWLRQ3URYLGHG$W7KH7LPH2I7UDQVIHU  0RWRU&DU>6XE5XOH2I5XOH@  9DOXDWLRQ2I3URYLVLRQ)RU'RPHVWLF6HUYDQWV>6XE5XOH 2I5XOH@  9DOXDWLRQ2I6XSSO\2I*DV(OHFWULFLW\2U:DWHU6XSSOLHG %\(PSOR\HU>6XE5XOH2I5XOH@  9DOXDWLRQ2I)UHH2U&RQFHVVLRQDO(GXFDWLRQDO)DFLOLWLHV >6XE5XOH2I5XOH@  )UHH2U&RQFHVVLRQDO7LFNHWV>6XE5XOH2I5XOH@

 9DOXDWLRQ2I2WKHU)ULQJH%HQHILWV$QG$PHQLWLHV>6XE 5XOH2I5XOH@ L ,QWHUHVW)UHH2U&RQFHVVLRQD ,QWHUHVW)UHH2U&RQFHVVLRQDO/RDQ>6XE O/RDQ>6XE5XOH,2I 5XOH,2I 5XOH@ LL 7UDYHOOLQJ7RXULQJ$QG$FFRPPRGDWLRQ>6XE5XOH,L 2I5XOH@ LLL )UHH2U&RQFHVVLRQDO)RRG$QG1RQ$OFRKROLF %HYHUDJHV>6XE5XOH,LL2I5XOH@ LY LY  9DOXH2I*LIW9RXFKHU2U7RNHQ,Q/LHX2I6XFK*LIW >6XE5XOH,Y2I5XOH@ Y &UHGLW&DUG([SHQVHV>6XE5XOH 92I5XOH@ YL &OXE([SHQGLWXUH>6XE5XOH9L2I5XOH@ YLL 8VH2I0RYHDEOH$VVHWV>6XE5XOH 9LL2I5XOH@ YLLL 7UDQVIHU2I0RYHDEOH$VVHWV>6XE5XOH 9LLL2I5XOH @ L[ 2WKHU%HQHILW2U$PHQLW\>6XE5XOH,[2I5XOH@  0HGLFDO)DFLOLWLHV  3D\PHQW2I3UHPLXP2Q3HUVRQD 3D\PHQW2I3UHPLXP2Q3HUVRQDO$FFLGHQW,QVXUDQFH O$FFLGHQW,QVXUDQFH 3ROLFLHV  9DOXDWLRQ DOXDWLRQRIXQIXUQLVKH RIXQIXUQLVKHG G DFFRPPR DFFRPPRGDWLRQ GDWLRQ 7KHUHDUHWZRZD\VLQZKLFKDUHQWIUHHDFFRPPRGDWLRQ PD\EHPDGHDYDLODEOHE\DQHPSOR\HUWRKLVHPSOR\HH +HPD\RZQWKHKRXVLQJDFFRPPRGDWLRQDQGPD\JLYH WKHVDPHWRWKHHPSOR\HHIUHHRIUHQW+HPD\DOVRKLUH DQDFFRPPRGDWLRQRQUHQWDQGJLYHWKHVDPHWRWKH HPSOR\HHIUHHRIUHQW,QERWKWKHFDVHVWKHHIIHFWLVWKDW WKH HPSOR\HHJHWV HPSOR\HHJHWV UHQWIUHHDFFRPPRGDWLRQ UHQWIUHHDFFRPPRGDWLRQ 3URYLVLRQ RIUHQWIUHHDFFRPPRGDWLRQLVDSHUTXLVLWHZKLFKLV WD[DEOH WD[DEOH LQWKH LQ WKHKDQG KDQGV V RI DOOHPSOR\HH DOO HPSOR\HHVZKHWKHUVSHF VZKHWKHUVSHFLILHG LILHG RUQRQVSHFLILHG 1RWH$FFR 1RWH$FFRPPRGDWLR PPRGDWLRQ Q LQFOXGHV LQFOXGHVIL[H IL[HG GVWUXF VWUXFWXUH WXUHVOLNH VOLNHDKRXVH DKRXVH IODWIDUPKRXVHRUSDUWWKHUHRI IODWIDUPKRXVHRUSDUWWKHUHRIRU RU DFFRPPRGDWLR DFFRPPRGDWLRQ QLQD LQD KRWHO KRWHO PRWHOVHUYLFHDSDUWPHQWJXHVWKRXVHDQGIORDWLQJVWUXFWXUHV OLNHFDUDYDQPRELOH OLNHFDUDYDQPRELOHKRPHVKL KRPHVKLSRU SRUDQ\RWKH DQ\RWKHUIORDWLQJ UIORDWLQJVWU VWUXFWXU XFWXUH H )RUWKHSXUSRVHRIYDOXDWLRQRIWKHSHUTXLVLWHLQUHVSHFWRI

XQIXUQLVKHGDFFRPPRGDWLRQWKHHPSOR\HHVDUHGLYLGHGLQWR WZRFDWHJRULHV $&HQWUDODQG6WDWH*RYHUQPHQWHPSOR\HHVLQFOXGLQJ PLOLWDU\SHUVRQQHO %3ULYDWHVHFWRUHPSOR\HHV $&HQWUDODQG6WDWH*RYHUQPHQWHPSOR\HHVLQFOXGLQJ PLOLWDU\SHUVRQQHO 1DWXUHRI3HUTXLVLWH 7D[DEOH9DOXHRI3HUTXLVLWH 3URYLGHGE\&HQWUDO*RYWRU 6WDWH*RYW

/LFHQFHIHHGHWHUPLQHGE\WKH *RYHUQPHQW /HVV5HQWUHFRYHUHGIURP HPSOR\HH

%3ULYDWHVHFWRUHPSOR\HHV (PSOR\HH

9 DOXHRISHUTXLVLWH

:KHUHWKH :KHUHDFFRPPRGDWLRQLVSURYLGHGLQD D F F R P P R G D W L R Q    L V  FLW\ZKHUHSRSXODWLRQDVSHU RZQHGE\WKH FHQVXVLV HPSOR\HU DODNKRUOHVVRIVDODU\ E0RUHWKDQODNKXSWRODNK RIVDODU\ F0RUHWKDQODNKRI VDODU\LQUHVSHFWRIWKHSHULRGGXULQJ ZKLFKWKHVDLGDFFRPPRGDWLRQZDV RFFXSLHGE\WKHHPSOR\HHGXULQJWKH SUHYLRXV\HDUDVUHGXFHGE\WKH UHQWLI UHQWLIDQ\DFWXDOO\SDLGE\WKH DQ\DFWXDOO\SDLGE\WKH HPSOR\HH

:KHUHWKH DFFRPPRGDWLRQLV WDNHQRQOHDVHRUUHQW E\WKHHPSOR\HUDQG SURYLGHGWRWKH HPSOR\HH

7KHYDOXHRISHUTXLVLWHZRXOGEH WKHORZHURIWKHIROORZLQJ D$FWXDODPRXQWRIOHDVHUHQWDO SDLGRUSD\DEOHE\WKHHPSOR\HURU ERIVDODU\ 7KLV YDOXH ZRXOG ZRXOG EH UHGXFHG UHGXFHG E\ WKHUHQWLIDQ\DFWXDOO\SDLGE\WKH HPSOR\HH

6DODU\IRUWKLVS 6DODU\IRUWKLVSXUSRVH XUSRVHLQFOXGHVWKH LQFOXGHVWKH EDVLF SD\ GHDUQHVV DOORZDQFHZK DOORZDQFHZKLFK LFK IRUPV SDUW RIVDODU\IR RIVDODU\IRUU UUHWLUHPHQ HWLUHPHQWEHQHILW WEHQHILWV V WD[DEOHDOORZDQFHVERQXVRUFRPPLVVLRQSD\DEOHPRQWKO\RU RWKHUZLVHRUDQ\PRQHWDU\SD\PHQWE\ZKDWHYHUQDPHFDOOHG IURPRQHRUPRUHHPSOR\HUV 9DOXDWLRQRIIXUQLVKHGDFFRPPRGDWLRQ :KHQWKHDFFRPPRGDWLRQSURYLGHGWRWKHHPSOR\HHLV IXUQLVK IXUQLVKHG HGE\ E\WKH WKH HPS HPSOR\HU OR\HU WKHFRPSXW WKHFRPSXWDWLR DWLRQ Q RIWKHYDOXHRIWKH RIWKHYDOXH RIWKH SHUTXLV SHUTXLVLWH LWHKDV KDVWRE WREHGRQH HGRQHLQWKHIROORZ LQWKHIROORZLQJPDQQHU LQJPDQQHU 6WHS 6WHS  

&RPSXWHWKHYDOXHRIWKHSHUTXLVLWHDVLIWKHDFFRPPRGDWLRQLV XQIXUQLVKHG 6WHS 6WHS   7RWKHYDOXHDUULYHGDWLQ6WHSDERYHDGGWKHYDOXHRI IXUQLWXUHDVIROORZV D ,IWKH IXUQLWX IXUQLWXUH UH LVRZQHG E\WKHHPSOR\HU E\WKHHPSOR\HU WKHQ YDOXH RI IXUQLWXUHLVWREHDGGHGRQWKHEDVLVRISDRIWKH RULJLQDOFRVWRIWKHIXUQLWXUHRU E ,IWKH HPSOR\H HPSOR\HU UKDVWDNHQ KDVWDNHQ WKH IXUQLWXU IXUQLWXUH H RQKLUH WKHQ YDOXH RIIXUQLWXUHLVWKHDFWXDOKLUHFKDUJHVERUQHE\WKHHPSOR\HU 1RWH  7KLVDGGLWLRQLQUHVSHFWRIIXUQLVKHGDFFRPPRGDWLRQLV DSSOLFDEOHWRDOOFDWHJRULHVRIHPSOR\HHV  ,Q WKLV WKLVFRQ FRQWH[ WH[W W WKH WHUP WHUP IXUQLW IXUQLWXUH XUH  ZLOOLQFOXGH ZLOOLQFOXGH 7 9VHWV UDGLR UDGLRVHWV VHWVUHIULJHU UHIULJHUDWRU DWRUV V DQGRWKHUK DQG RWKHUKRXVHKRO RXVHKROGDSSOLDQF GDSSOLDQFHV HV DLUFRQGLWLRQLQJSODQWRUHTXLSPHQWRUR DLUFRQGLWLRQLQJSODQWRUHTXLSPHQWRURWKHUVLPLODU WKHUVLPLODU DSSOLDQFHVRUJDGJHWV  9DOXDWLRQRIDFFRPPRGDWLRQSURYLGHGLQDKRWHO :KHUHWKH DFFRPPRGDWLRQLVSURYLGHGE\WKHHPSOR\HU DFFRPPRGDWLRQLVSURYLGHGE\WKHHPSOR\HU *RYHUQPHQWRURWKHUHPSOR\HULQDKRWHOWKHYDOXHRI WKHSHUTXLVLWHZLOOEHORZHURI D RIVDODU\SDLGRUSD\DEOHIRUWKHSUHYLRXV\HDURU E WKHDFWXDOFKDUJHVSDLGRUSD\DEOHWRVXFKKRWHOIRUWKH SHULRGGXULQ SHULRGGXULQJZKLFK JZKLFKVXFKDFFRPPRGDWLR VXFKDFFRPPRGDWLRQLVSURYL QLVSURYLGHG GHG 7KHDERYHYDOXHLVUHGXFHGE\WKHUHQWLIDQ\DFWXDOO\SDLGRU SD\DEOHE\WKHHPSOR\HH 1RWH  7KHYDOXH 7KHYDOXHRIWKLV RIWKLV SHUTXLVLW SHUTXLVLWH HZLO ZLOOQRWEH OQRWEHFDOFX FDOFXODWH ODWHG GLIWKH LIWKH HPSOR\HH HPS OR\HH LVSURYLGHG LVSURYLGHGVXFKDF VXFKDFFRPP FRPPRGDW RGDWLRQ LRQIRU IRUD D SHULRG SHULRG QRW H[FHHGLQJLQ H[FHHGLQJLQ DJJUHJDWH DJJUHJDWH  GD\V GD\VRQWKH RQWKH WUDQVIHUIURP RQHSODFHWRDQRWKHU    +RWHOLQFOXGHVOLFHQVHGDFFRPPRGDWLRQLQWKHQDWXUH RIPRWHOVHUYLFHDSDUWPHQWRUJXHVWKRXVH

$FFRPPRGDWLRQSURYLGHGDWWKHWLPHRIWUDQVIHU  )RUWKH )RUWKHILUVWGD\VRIWUDQVIHU  ILUVWGD\VRIWUDQVIHU :KHUHDFFRPPRGDWLRQLV :KHUHDFFRPPRGDWLRQLV SURYLGHGERWKDWH[LVWLQJSODFHRIZRUNDQGLQQHZSODFHWKH DFFRPPRGDWLRQZKLFKKDVORZHUYDOXH DFFRPPRGDWLRQ ZKLFKKDVORZHUYDOXHVKDOOEHWD[DEOH VKDOOEHWD[DEOH  $IWHUGD\V%RWKDFFRPPRGDWLRQVVKDOOEHWD[DEOH ([FHSWLRQV +RZHYHUQRQHRIWKHDERYH +RZHYHUQRQHRIWKHDERYHYDOXDWLRQUXOHVZRXOG YDOXDWLRQUXOHVZRXOGEH EH DSSOLFDEOHWRDQ\DFFRPPRGDWLRQSURYLGHGWRDQHPSOR\HH ZRUNLQJDWDPLQLQJVLWHRQVKRU ZRUNLQJDWDPLQLQJVLWHRQVKRUHRLOH[SORUDWLRQVLWHSURMHF HRLOH[SORUDWLRQVLWHSURMHFW W H[HFXWLRQVLWHGDPVLWHSRZHUJHQHUDWLRQVLWHRIIVKRUHVLWH ZKLFK  EHLQJRIDWHPSRUDU EHLQJRIDWHPSRUDU\ \QDWXU QDWXUHDQGKDYLQJSOLQW HDQGKDYLQJSOLQWKDUHDQRW KDUHDQRW H[FHHGLQJVTIHHWLVORFDWHGDWOHDVWNPVDZD\IURP WKHORFDOOLPLWVRI WKHORFDOOLPLWVRIDQ\PXQLFLSDOLW DQ\PXQLFLSDOLW\RUFDQWRQPHQ \RUFDQWRQPHQWERDUGRU WERDUGRU  LVORFDWHGLQDUHPRWHDUHD>5HPRWHDUHDPHDQVDQDUHD WKDWLVORFDWHGDWOHDVWNPVDZD\IURPDWRZQKDYLQJD SRSXODWLRQQRWH[FHHGLQJ SRSXODWLRQQRWH[FHHGLQJ  EDVHGRQODWHVWSXE EDVHGRQODWHVWSXEOLVKHG OLVKHG DOO,QGLDFHQVXV@ 7KXVWKHDERYHPHQWLRQHGDFFRPPRGDWLRQVKDOOEHDWD[IUHH SHUTXLVLWH

0RWRU&DU>6XEUXOHRI5XOH@ 2ZQHURI ([SHQVHV 3XUSRVH

7D[DEOH9DOXHRI3HUTXLVLWH

D (PSOR\HU  )XOO\ (PSOR\HU  RIILFLDO

1RWDSHUTXLVLWHSURYLGHGWKH GRFXPHQWVDVVSHFLILHGLQ5XOH %DUHPDLQWDLQHG

E (PSOR\HU  )XOO\ (PSOR\HU  SULYDWH

7RWDORI L$FWXDOH[SHQGLWXUHRQFDU  LL5HPXQHUDWLRQWRFKDXIIHXU  LLLRIWKHFRVWRIFDUQRUPDO ZHDUWHDU /HVV$PRXQWFKDUJHGIURP HPSOR\HH

FL (PSOR\HU  3DUWO\ &XELF&DSDFLW\RI&DU (PSOR\HU  RIILFLDO (QJLQHXSWROLWUHV DQGSDUWO\C    SP SP C  S SP PI IRU RU SHUVRQDO FKDXIIHXU  &XELF&DSDFLW\RI&DU (QJLQHDERYHOLWUHV C    S SP PC C  S SP P IR IRU U FKDXIIHXU 

FLL (PSOR\HH 3DUWO\IRU (PSOR\HU  RIILFLDO &XELF&DSDFLW\RI&DU(QJLQHXSWR DQGSDUWO\ OLWUHV IRU C   S SP PC C   S SP PI IRU RU SHUVRQDO FKDXIIHXU  &XELF&DSDFLW\RI&DU(QJLQH DERYHOLWUHV C   S SP P C C   S SP PIR IRUU FKDXIIHXU 

L (PS (P SOR OR\ \HU )XO XOO\ O\ (PSOR\HH RIILFLDO XVH

1RWDSHUTXLVLWHSURYLGHGWKH GRFXPHQWVDVVSHFLILHGLQ5XOH %DUHPDLQWDLQHG

LL (PS (P SOR OR\ \HU 3DU 3DUWO\ 6XEMHFWWR5XOH% (PSOR\HH RIILFLDO $FWXDOH[SHQGLWXUHLQFXUUHG DQGSDUWO\/HVV&DUFXELFFDSDFLW\XSWR SHUVRQDO OLWUHV>LHYDOXHDVSHUFL@ 25 &DUFXELFFDSDFLW\XSWROLWUHV DERYHOLWUHV>LHYDOXHDV SHUFL

L (PS (P SOR OR\ \HU )XO XOO\ O\ (PSOR\HH RIILFLDO RZQVRWKHU XVH DXWR PRWLYHEXW QRWFDU

1RWDSHUTXLVLWHSURYLGHGWKH GRFXPHQWVDVVSHFLILHGLQ5XOH %DUHPDLQWDLQHG

LL (PSO (P SOR\ R\HU HU 3D 3DUW UWO\ O\IR IRU U 6XEMHFWWR5XOH% (PSOR\HH RIILFLDO $FWXDOH[SHQGLWXUHLQFXUUHGE\ RZQVRWKHU XVH HPSOR\HU DXWR /HVVCSP PRWLYHEXW QRWFDU

1RWH 8VLQJFDUVIURPSRRORIFDUVRZQHGRUKLUHGE\(PSOR\HU 7KHHPSOR\HHLVSHUPLWWHGWRXVHDQ\RUDOOFDUVIRUERWKRIILFLDO DQGSHUVRQDOXVH

)RURQHFDU 

9DOXHGDVSHUFL

)RUPRUHWKDQRQH FDU 

9DOXHGDVSHUEDVLIIXOO\XVHGIRU

SHUVRQDOSXUSRVH

'RFXPHQWVWREHPDLQWDLQHGIRUFODLPLQJQRWWD[DEOH SHUTXLVLWHRUKLJKHUGHGXFWLRQZKHUHYHUDSSOLFDEOH>5XOH %@ D (PSOR\HUVKRXOGPDLQWDLQFRPSOHWHGHWDLOVRIMRXUQH\ XQGHUWDNHQIRURIILFLDOSXUSRVHZKLFKLQFOXGHVGDWHRIMRXUQH\ GHVWLQDWLRQPLOHDJHDQGDPRXQWRIH[SHQGLWXUHLQFXUUHGWKHUHRQ E &HUWLILFDWHRIVXSHUYLVLQJDXWKRULW\RIWKHHPSOR\HH ZKHUHYHUDSSOLFDEOHWRWKHHIIHFWWKDWWKHH[SHQGLWXUHLQFXUUHG IRUZKROO\DQGH[FOXVLYHO\IRUSHUIRUPDQFHRIRIILFLDOGXWLHV VKRXOGEHSURYLGHG 9DOXDWLRQRISURYLVLRQIRUGRPHVWLFVHUYDQWV>6XEUXOHRI 5XOH@ 7KHYDOXHRISHUTXLVLWHLVGHWHUPLQHGDVXQGHU 6HUYDQW 6HUYDQWV DSSRLQWHGE\VDODU\SDLGE\9DOXHRISHUTXLVLWH

7D[DEOHLQ WKHKDQGVRI

( P SO R\ H H

( P SO R\ H H

1L O

1RW DSSOLFDEOH

( P SO R\ H H

(P S O R\ H U

$FWXDO FR FRVW LQFXUUHG $OOHPSOR\HHV E\WKHHPSOR\HURQ WKHVHUYDQW

(P S O R\ H U

(P S O R\ H U

$FWXDO FRVW LQFXUUHG 6SHFLILHG E\WKHHPSOR\HURQ HPSOR\HH WKHVHUYDQW

(P S O R\ H U

( P SO R\ H H

1L O

1RW DSSOLFDEOH

1RWH:KHUHWKHHPSOR\HHLVSD\LQJDQ\DPRXQWLQ UHVSHFWRIVXFKVHUYDQWIDFLOLW\WKHDPRXQWVRSDLGVKDOOEH GHGXFWHGIURPWKHYDOXHRISHUTXLVLWHGHWHUPLQHGDERYH 9DOXDWLR DOXDWLRQ Q RIVXSSO\ RIVXSSO\RIJDV RIJDVHOHFWU HOHFWULFLW LFLW\ \ RUZDWHU RUZDWHUVXSSO VXSSOLHG LHGE\ E\ HPSOR\HU>6XEUXOHRI5XOH@ 7KHYDOXHRISHUTXLVLWHLVGHWHUPLQHGDVXQGHU )DFLOLW\LQ 9 D O XH R I S H U T X L V L WH WKHQDPHRI 3URYLGHGIURP 3URYLGHGIURP

7 D[ D EOH L Q WKHKDQGVRI

RZQVRXUFH

RXWVLGH

(PS (PSOR\ OR\HH

0DQXI QXIDFWX FWXULQJ LQJ FRVWWRWKH HPSOR\HU

$PRXQW $PRXQW SDLGWR SDLGWR $OOHPSOR\HHV WKHVXSSOLHU

(PS PSOR OR\ \ HU

0DQXIDFWXULQJ FRVWWRWKH HPSOR\HU

$PRXQW $PRXQW SDLG SDLGWR WR 6SHFLILHG WKHVXSSOLHU HPSOR\HHV

1RWH:KHUHWKHHPSOR\HHLVSD\LQJDQ\DPRXQWLQUHVSHFWRI VXFK VHUYLFHV VHUYLFHVWKHDPRXQW WKHDPRXQW VRSDLGVKDOOEH VRSDLGVKDOOEHGHGXFWH GHGXFWHGIURPWKH GIURPWKH YDOXHRISHUTXLVLW YDOXHRISHUTXLVLWHGHWHUPLQHG HGHWHUPLQHGDER DERYH YH

9DOXDWLRQRIIUHHRUFRQFHVVLRQDOHGXFDWLRQDOIDFLOLWLHV>6XE UXOHRI5XOH@ 7KHYDOXHRISHUTXLVLWHLVGHWHUPLQHGDVXQGHU 9DO XH RI S H UT XL VL WH )DFLOLW\ 7 D[ D EOH L Q SURYLGHGWR 3URYLGHGLQD 3URYLGHGLQDQ\ WKHKDQGVRI VFKRRORZQHGE\ RWKHUVFKRRO WKHHPSOR\HU

&KLOGUHQ

&RVW RI VXFK &RVWRIVXFK 6SHFLILHG HGXFDWLRQLQ HGXFDWLRQ7KHUH HPSOR\HH VLPLODUVFKRRO ZRXOG EH QR 7KHUHZRXOGEH SHUTXLVLWHLIWKH QRSHUTXLVLWHLI FRVWRIHGXFDWLRQ WKHFRVWRI GRHVQRWH[FHHG HGXFDWLRQGRHVQRW5VSP H[FHHG5V SHUFKLOG SPSHUFKLOG

2WKHU &RVWRIVXFK KRXVHKROG HGXFDWLRQLQ PHPEHU VLPLODUVFKRRO

&RVW &RVW RIVXFK HGXFDWLRQ LQFXUUHG

6SHFLILHG HPSOR\HH

1RWH  ,IWKH HPS HPSOR\HH OR\HH LQFXUV LQFXUVWKH WKHH[SHQGLW H[SHQGLWXU XUH HRIVFKRR RIVFKRRO OIHH IHHVDQG VDQG WKHVDPHLVUHLPEXUVHGE\WKHHPSOR\HUWKHQWKHHQWLUH DPRXQWRIUHLPEXUVHPHQW DPRXQWRIUHLPEXUVHPHQW VRPDGHVKDOOEHIXOO VRPDGHVKDOOEHIXOO\WD[DEOHLQ \WD[DEOHLQ WKHKDQGVRIDOOHPSOR\HHV  &KLOGLQFOXGHVVWHSFKLOGDVZHOODVWKHDGRSWHGFKLOGRI WKHHPSOR\HH

 +RXVHKROGPHPEHUVKDOOLQFOXGH DVSRXVH DVSRXVH E FKLOGUHQDQGWKHLUVSRXVHV FSDUHQWV F SDUHQWV G VHUYDQWVDQGGHSHQGDQWV )UHHRUFRQFHVVLRQDOWLFNHWV>6XEUXOHRI5XOH@ 7KHYDOXHRIDQ\EHQHILWRUDPHQLW\UHVXOWLQJIURPWKH SURYLVLRQE\DQHPSOR\HUHQJDJHGLQWKHFDUULDJHRI SDVVHQJHUVRUJRRGVWRDQ\HPSOR\HHRUWRDQ\PHPEHURIKLV KRXVHKROGIRUSHUVRQDORUSULYDWHMRXUQH\IUHHRIFRVWRU FRQFHVVLRQD FRQFHVVLRQDO OIDUH IDUHLQDQ\FRQYH\DQF LQDQ\FRQYH\DQFH HRZQHG RZQHGOHDVHGRU OHDVHGRU PDGH DYDLODEOHE\ DYDLODEOHE\ DQ\ RWKHUDUUDQJHPHQW RWKHUDUUDQJHPHQWVKDOO VKDOOEH EH WKH YDOXHDW YDOXHDW ZKLFKVXFKEHQHILWRUDPHQLW\LVRIIHUHGE\VXFKHPSOR\HUWR WKHSXEOLF$Q\DPRXQWUHFRYHUHGIURPWKHHPSOR\HHIRUVXFK EHQHILWRUDPHQLW\VKDOOEHUHGXFHGLQGHWHUPLQLQJWKHYDOXHRI WKHSHUTXLVLWH +RZHYHUWKLVVXEUXOHVKDOOQRWDSSO\WRWKHHPSOR\HHVRIDQ DLUOLQHRUWKHUDLOZD\V

9DOXDWLRQRIRWKHUIULQJHEHQHILWVDQGDPHQLWLHV>6XEUXOH RI5XOH@ ,QWHUPVRISURYLVLRQVFRQWDLQHGXQGHUWKHHUVWZKLOH VHFWLRQYL>QRZ VHFWLRQYL>QR Z VHFWLRQ VHFWL RQ YLLL@WKH IROORZLQJ IROORZL QJRWKHUIULQJH RWKHUIULQJHEHQHILWVRU EHQHILWVRU DPHQLWLHV DPHQLWL HV DUH KHUHE\SUHVFU KHUHE\SUHVFULEHG LEHGDQG DQG WKH KHYDOXHWKHU YDOXHWKHUHRIVKDO HRIVKDOOEH OEH GHWHUPLQHGLQWKHPDQQHUSURYLGHGKHUHXQGHU L,QWHUHVWIUHHRUFRQFHVVLRQDOORDQ>6XEUXOHLRI5XOH@ 7KHYDOXHRIWKHEHQHILWWRWKHDVVHVVHHUHVXOWLQJIURP WKHSURYLVLRQRILQWHUHVWIUHHRUFRQFHVVLRQDOORDQPDGH DYDLODEOHWRWKHHPSOR\HHRUDQ\PHPEHURIKLVKRXVHKROG GXULQJWKHUHOHYDQWSUHYLRXV\HDUE\WKHHPSOR\HURUDQ\

SHUVRQRQKLVEHKDO SHUVRQRQKLVEHKDOIVKDOOEHGHWHU IVKDOOEHGHWHUPLQH PLQHG GDVWKHVX DVWKHVXP PHTXD HTXDO OWR WR WKHLQWHUHVWFRPSXWHGDWWKHUDWHFKDUJHGSHUDQQXPE\WKH 6WDWH%DQNRI,QGLD6%,DVRQWKH VWGD\RIWKHUHOHYDQW SUHYLRXV\HDULQUHVSHFWRIORDQVIRUWKHVDPHSXUSRVH DGYDQFHGE\LW7KLVUDWHVKRXO DGYDQFHGE\LW7KLVUDWHVKRXOGEHDSSOLHG GEHDSSOLHG RQWKHPD[LPXP RQWKHPD[LPXP RXWVWDQGLQJPRQWKO\EDODQFHDQGWKHUHVXOWLQJDPRXQWVKRXOG EHUHGXFHGE\WKHLQWHUHVWLIDQ\DFWXDOO\SDLGE\KLPRUDQ\ PHPEHURIKLVKRXVHKROG LHYDOXHRISHUTXLVLWH,QWHUHVWFRPSXWHGDVSHU6%,UDWHV ,QWHUHVW ,QWHUHVW UHFRYHUHG UHFRYHUHG E\WKHHPSOR\HUIURPWK E\WKHHPSOR\HUIURPWKHHPSOR\HH HHPSOR\HH 1RWHV  1RWKLQ 1RWKLQJ JLVWD[DEO LVWD[DEOH HLIVXFK LIVXFK ORDQV ORDQVDUH DUH PDGH DYDLODE DYDLODEOH OH IR IRU U PHGLFDO PHGLFDO WUHDWPHQW WUHDWPHQW LQUHVSHF LQ UHVSHFWRIGLVHDV WRIGLVHDVHV HVVSHF VSHFLILH LILHG GLQUXOH LQUXOH $RIWKH,QFRPH7D[UXOHVRUZKHUHWKHDPRXQWRIORDQV DUHSHWW\QRWH[FHHGLQJLQWKHDJJUHJDWH5V  :KHUHORDQV DUHPDGHDYDLODEOHIRUP DUHPDGHDYDLODEOHIRUPHGLFD HGLFDO OWUHDW WUHDWPHQW PHQW UHIHUUHGWRDERYHWKHH[HPSWLRQVKDOOQRWDSSO\WRVRPXF KRIWKHORDQ DVKDV EHH EHHQ QUHL UHLPEXU PEXUVHG VHG WR WKH HPS HPSOR\H OR\HH H XQGHUDQ\PHGLFDOLQVXUDQFHVFKHPH  0D[LPXP 0D[LPXP RXWVWDQGLQ RXWVWDQGLQJ J PRQWKO\ PRQWKO\ EDODQFH EDODQFHPHDQV PHDQV WKH DJJUHJDWH DJJUHJDWH RXWVWDQGLQ RXWVWDQGLQJ J EDODQFH EDODQFH IRUHDFKORDQDV IRUHDFKORDQDVRQWKH RQWKHODVW ODVW GD\RIHDFKPRQWK LL7UDYHOOLQJWRXULQJDQGDFFRPPRGDWLRQ >6XEUXOHLLRI LL7UDYHOOLQJWRXULQJDQGDFFRPPRGDWLRQ 5XOH@ 7KHYDOXHRIWUDYHOOLQJWRXULQJVWD\DQGRWKHUH[SHQVHV ERUQHE\ ERUQHE\ WKH HPSOR\HUIRU HPSOR\HUIRU DQ\KROLGD\DYDLOHG DQ\KROLGD\DYDLOHGE\WK E\WKH H HPSOR\HHRUDQ\PHPEHURIKLVKRXVHKROGVKDOOEHWKHDPRXQW RIWKHH[SHQGLWXUHLQFXUUHGE\WKHHPSOR\HU7KLVSURYLVLRQ DSSOLHVLQUHVSHFWRIWULSVRWKHUWKDQWKRVHZKLFKDUHH[HPSW XQGHUVHFWLRQUHDGZLWK5XOH%,IWKHIDFLOLW\LV PDLQWDLQHG PDLQWDLQHGE\WKHHPSOR\HU E\WKHHPSOR\HU DQGLWLVQRWDYDLODEOHXQLIRUP DQGLWLVQRWDYDLODEOHXQLIRUPO\ O\ WRDOOHPSOR\HHVWKHYDOXHRIEHQHILWVKDOOEHWDNHQWREHWKH YDOXHDWZKLFKVXFKIDFLOLWLHVDUHRIIHUHGE\RWKHUDJHQFLHVWR WKHSXEOLF

:KHUHWKH :KHUHWKHHPSOR\HH HPSOR\HHLV LV RQ RIILFLDOWR RIILFLDOWRXU XU DQG WKH H[SHQVHVDUH H[SHQVHVDUH LQFXUUHGLQ LQFXUUHGLQ UHVSHFWRI UHVSHFWRIDQ\PHPEHU DQ\PHPEHU RIKLV RI KLVKRXVHKRO KRXVHKROG G DFFRPSDQ\LQ DFFRPSDQ\LQJ JKLP KLP WKH WKH DPRXQW DPRXQWRIH[SHQGLWXU RIH[SHQGLWXUH H VRLQFXUUHG VRLQFXUUHG VKDOODOVREHDIULQJHEHQHILWRUDPHQLW\+RZHYHULIWKH RIILFLDOWRXULVH[WHQGHGDVDYDFDWLRQ WKHYDOXHRIVXFKIULQJHEHQHILWZLOOEHOLPLWHGWRWKHH[SHQVHV LQFXUUHGLQUHODWLRQWRVXFKH[WHQGHGSHULRGRIVWD\RU YDFDWLRQ7KHDPRXQWVR GHWHUPLQHG GHWHUPL QHGVKDOOEH VKDOOEH UHGXFHGE\ WKHDPRXQWLIDQ\SDLGRUUHFRYHUHGIURPWKHHPSOR\HHIRU VXFKEHQHILWRUDPHQLW\ LLL)UHHRUFRQFHVVLRQDOIRRGDQGQRQDOFRKROLFEHYHUDJHV >6XEUXOHLLLRI5XOH@ 7KHYDOXHRIIUHHIRRGDQGQRQDOFRKROLFEHYHUDJHVSURYLGHG E\WKHHPSOR\HUVKDOOEHWKHDPRXQWRIH[SHQGLWXUHLQFXUUHG E\WKHHPSOR\HUDVUHGXFHGE\WKHDPRXQWLIDQ\SDLGRU UHFRYHU UHFRYHUHG HGIUR IURP PWKH WKH HPSOR\HH HPSOR\HH IRU VXFK EHQHILW EHQHILW RUDPHQLW\ RUDPHQLW\ +RZHYHU +RZHYHU  WKH IROORZLQ IROORZLQJ JVKDO VKDOO OQRWE QRWEHFKDUJ HFKDUJHDEOH HDEOH DVSHUTXLVLWHV D )UHH )UHHIRRG IRRG DQG QRQDO QRQDOFRKR FRKROLF OLF EHYHUDJHV EHYHUDJHV SURYLGHG SURYLGHG E\WKH E\ WKH HPSOR\HU HPSOR\HUGXULQJ GXULQJ WKH ZRUNLQJKRXUVDWRIILF ZRUNLQJKRXUVDWRIILFHRUEXV HRUEXVLQHV LQHVV V SUHPLVHVXSWR5VSHUPHDO E )UHHIRRGDQGQRQDOFRKROLFEHYHUDJHVSURYLGHGWKURXJK SDLGYRXFKHUVZKLFKDUHQRWWUDQVIHUDEOHDQGXVDEOHRQO\ DW HDWLQJ HDWLQJMRLQ MRLQWWVLI VLI WKH YDOXH YDOXH WKHUHRI WKHUHRI LV LVXSWR XSWR 5V 5V SHU PHDO F 7HDRUVQDFNVSURYLGHGGXULQJZRUNLQJKRXUVDQG G )UHHIRRGDQGQRQDOFRKROLFEHYHUDJHVGXULQJZRUNLQJ KRXUVSURYLGHGLQDUHPRWHDUHDRUDQRIIVKRUHLQVWDOODWLRQ LY9DOXHRIJLIWYRXFKHURUWRNHQLQOLHXRIVXFKJLIW>6XEUXOH LYRI5XOH@ 7KHYDOXHRIDQ\JLIWRUYRXFKH 7KHYDOXHRIDQ\JLIWRUYRXFKHURUWRNHQLQOLHX URUWRNHQLQOLHXRIZKLFKVXFK RIZKLFKVXFK JLIWPD\EHUHFHLYHGE\WKHHPSOR\HHRUE\PHPEHURIKLV KRXVHKROGRQFHUHPRQLDORFFDVLRQVRURWKHUZLVHIURPWKH

HPSOR\HUVKDOOEHWKHVXPHTXDOWRWKHDPRXQWRIVXFKJLIW,I WKHYDOXHRIVXFKJLIWYRXFKHURUWRNHQLVEHORZ5VLQ WKHDJJUHJDWHGXULQJWKHSUHYLRXV\HDUWKHYDOXHRI SHUTXLVLWHVKDOOEHWDNHQDVQLO Y&UHGLWFDUGH[SHQVHV>6XEUXOHYRI5XOH@ 7KHDPRXQWRIH[SHQVHVLQFOXGLQJPHPEHUVKLSIHHVDQG DQQXDOIHHVLQFXUUHGE\WKHHPSOR\HHRUDQ\PHPEHURIKLV KRXVHKROGZKLFKLVFKDUJHGWRDFUHGLWFDUGLQFOXGLQJDGGRQ FDUGSURYLGHGE\WKHHPSOR\HURURWKHUZLVHSDLGIRURU UHLPEXUVHGE\WKHHPSOR\HUVKDOOEHWDNHQWREHWKHYDOXHRI SHUTXLVLWHFKDUJHDEOHWRWD[7KHDPRXQWVRGHWHUPLQHGVKDOO EHUHGXFHGE\WKHDPRXQW EHUHGXFHGE\WKHDPRXQWLIDQ\SDLG LIDQ\SDLGRUUHFRYHUH RUUHFRYHUHGIURP GIURP WKHHPSOR\HHIRUVXFKEHQHILWRUDPHQLW\+RZHYHUVXFK H[SHQVHVLQFXUUHGZKROO\DQGH[FOXVLYHO\IRURIILFLDOSXUSRVHV ZRXOGQRWEHWUHDWHGDVDSHUTXLVLWHLIWKHIROORZLQJFRQGLWLRQV DUHVDWLVILHG D FRPSOHW FRPSOHWH HGHW GHWDLOV DLOV LQUHVSHFW LQUHVSHFWRIVXFK RIVXFK H[SHQGLWX H[SHQGLWXUUH DUH PDLQWDLQHGE\WKHHPSOR\HUZKLFKPD\LQWHUDOLDLQFOXGHWKH GDWHRIH[SHQGLWXU GDWHRIH[SHQGLWXUHDQGWKHQDWXU HDQGWKHQDWXUHRIH[SHQGLWX HRIH[SHQGLWXUH UH WKHH HP PSOR\H OR\HUUJLY JLYHVWKH WKHFHU FHUWLIL LILFDWH DWH IRUVXF VXFK H[ H[SH SHQ QGLWX LWXUHWR WKHHIIHF WKH HIIHFW WWKDW WKDW WKHVDPHZDVLQFXUUHG WKHVDPHZDVLQFXUUHGZKROO\DQG ZKROO\DQGH[FOXVLYHO H[FOXVLYHO\ \ IRUWKHSHUIRUPDQFHRIRIILFLDOGXWLHV YL&OXEH[SHQGLWXUH>6XEUXOHYLRI5XOH@ ,IHPSOR\HUUHLPEXUVHVRUPDNHVSD\PHQWRIDQ\H[SHQGLWXUH LQFXUUHGLQDFOXELQFOXGLQJWKHDPRXQWRIDQQXDORUSHULRGLFDO IHHIRUWKHHPSOR\HH IHHIRUWKHHPSOR\HHRUDQ\PHPEHURIKRXVHKROG RUDQ\PHPEHURIKRXVHKROGWKHDFWXDO WKHDFWXDO DPRXQW RIVXFK H[SHQGLWXU H[SHQGLWXUH HVKDO VKDOOEH OEHWKH WKHYDOXHRI YDOXHRISHUTX SHUTXLVLWH LVLWH  7KHDPRXQWVRGHWHUPLQHGVKDOOEHUHGXFHGE\WKHDPRXQWLI DQ\SDLGRUUHFRYHUHGIURPWKHHPSOR\HHIRUVXFKEHQHILWRU DPHQLW\:KHUHWKHHPSOR\HUKDVREWDLQHGFRUSRUDWH PHPEHUVKL PHPEHUVKLS S RIWKHFOXEDQG RIWKHFOXE DQG WKH IDFLOLW\LVHQ IDFLOLW\LVHQMR\HG MR\HGE\WK E\WKH H HPSOR\HHRUDQ\PHPEHURIKLVKRXVHKROGWKHYDOXHRI

SHUTXLVLWHVKDOOQRWLQFOXGHWKHLQLWLDOIHHSDLGIRUDFTXLULQJVXFK FRUSRUDWHPHPEHUVKLS ,IWKHHPSOR\HUSURYLGHVXQLIRUPO\ ,IWKHHPSOR\HUSURYLGHVXQLIRUPO\WRDOOHPSOR\HH WRDOOHPSOR\HHVWKHXVHRI VWKHXVHRI KHDOWKFOXEVSRUWVDQGVLPLODUIDFLOLWLHVWKHUHZLOOEHQRWD[DEOH SHUTXLVLWH SHUTXLVLWH LQUHVSHFW RIVXFK IDFLOLWLHV IDFLOLWLHV%HVLGHVWKHUHZLOOEHQR %HVLGHVWKHUHZLOOEHQR WD[DEOHSHUTXLVLWHLIWKHFOXEH[SHQGLWXUHLVLQFXUUHGZKROO\DQG H[FOXVLYHO\IRUEXVLQHVVSXUSRVHVDQGWKHIROORZLQJFRQGLWLRQV DUHIXOILOOHG D D  FRPSOH FRPSOHWWHGHWDLOV HGHWDLOV LQUHVSHF LQUHVSHFW WRI RIVXFK VXFK H[S H[SHQG HQGLWX LWXUUH HDUH DUH PDLQWDLQHGE\WKHHPSOR\HUZKLFKPD\LQWHUDOLDLQFOXGHWKH GDWHR GDWHRI H[SHQGLWXU H[SHQGLWXUHDQG HDQG WKHQDWXU WKH QDWXUH H RI H[SHQGLWXU H[SHQGLWXUHDQG HDQG LWV EXVLQHVVH[SHGLHQF\ E WKH WKH HPS HPSOR\H OR\HU UJL JLYH YHV V DFHU D FHUWLI WLILFDW LFDWH HIR IRU U VXFK VXFK H[S H[SHQG HQGLWXU LWXUHW HWR R WKH HIIHFW HIIHFW WKDW WKDW WKHVDPH WKH VDPH ZDVLQFXUUHGZKROO\ ZDVLQFXUUHGZKROO\DQG DQGH[FOXVLYHO\ H[FOXVLYHO\ IRUWKHSHUIRUPDQFHRIRIILFLDOGXWLHV YLL 8VHRI 8VHRIPRYHDEO PRYHDEOHDVVHWV HDVVHWV>6XEUX >6XEUXOHYLLRI5XOH@ OHYLLRI5XOH@ 9DOXHRISHUTXLVLWHLVGHWHUPLQHGDVXQGHU

$VVHWJLYHQ 9 DOXHRIEHQHILW D  8VH RI ODSWRSV DQG FR FRPSXWHUV 1L O E

0RYD 0RYDE EOHDVV DVVHWV HWVRW RWKH KHUUWKD WKDQ Q

L ODSWRSV ODSWRSVDQG DQGFR FRPSXW PSXWHUV HUVDQG DQG RIVXFKDVVHWRU

L

S SD DRI RIWK WKHDFW HDFWXD XDOFRV OFRVW W

LLDVVHWVDOUHD LLDVVHWVDOUHDG\VSHFLILH G\VSHFLILHG G LLWKH LLWKHDPRXQW DPRXQW RIUHQWRUFKDUJ RIUHQWRUFKDUJH H SDLGRUSD\DEOHE\WKHHPSOR\HUDVWKHFDVHPD\EH 1RWH:KHUHWKHHPSOR\HHLVSD\LQJDQ\DPRXQWLQUHVSHFWRI VXFKDVVHWWKHDPRXQWVRSDLGVKDOOEHGHGXFWHGIURPWKHYDOXH RISHUTXLVLWHGHWHUPLQHGDERYH

YLLL75$16)(52)02 9$%/($66(7672(03/2<((6

>5XOHYLLL@ 3DUWLFXODUV

&RPSXWHU &DU  (OHFWURQLF *DGJHWV

2WKHU 0RYDEOH $VVHWV

0HWKRGRI'HSUHFLDWLRQ

:'9

:'9

6/0

5DWHRI'HSUHFLDWLRQIRUHYHU\ FRPSOHWHG\HDU 







$FWXDO&RVW /HVV  'HSU SUH HFLDWLRQ IRU FRPSOHWHG\HDUV

 ;;;;; ;;;;;

 ;;;;;  ;;;;; ;;;;; ;;;;;

:'9DWWKHHQGRIFRPSOHWHG\HDUV  ;;;;; /HVV  6DOH 9DOXHWDNHQIURP ;;;;; (PSOR\HH

 ;;;;;  ;;;;; ;;;;; ;;;;;

7D[DEOH9DOXHRI3HUTXLVLWH

 ;;;;;  ;;;;;

 ;;;;;

1RWH  (OHFWURQLFJDGJHWVLQFOXGHFRPSXWHUGLJLWDOGLDULHVDQG SULQWHUVEXWH[FOXGHVZDVKLQJPDFKLQHVPLFURZDYHRYHQV KRWSODWHVPL[HUVRYHQVHWF  7UDQVIHURI$VVHWVZKLFKDUH\HDUVROGVKDOOQRWDWWUDFWWD[ OLDELOLW\  0HPEHURIKRXVHKROGLQFOXGHV6SRXVHVFKLOGUHQDQGWKHLU VSRXVHVSDUHQWVVHUYDQWVDQGGHSHQGHQWV  &RPSOHWHG\HDUPHDQVDFWXDOFRPSOHWHG\HDUIURPWKHGDWHRI DFTXLVLWLRQRIWKHDVVHWWRWKHGDWHRIWUDQVIHURIVXFKDVVHWWR WKHHPSOR\HHV L[2WKHUEHQHILWRUDPHQLW\>6XEUXOHL[RI5XOH@

7KHYDOXHRIDQ\RWKHUEHQHILWRUDPHQLW\VHUYLFHULJKW RUSULYLOHJHSURYLGHGE\WKHHPSOR\HUVKDOOEHGHWHUPLQHG RQWKHEDVLVRIFRVWWRWKHHPSOR\HUXQGHUDQDUPVOHQJWK WUDQVDFWLRQDVUHGXFHGE\WKHHPSOR\HHVFRQWULEXWLRQLIDQ\ +RZHYHUWKHUHZLOOEHQRWD[DEOHSHUTXLVLWHLQUHVSHFWRI H[SHQVHVRQWHOHSKRQHVLQFOXGLQJPRELOHSKRQHDFWXDOO\ LQFXUUHGRQEHKDOIRIWKH LQFXUUHGRQEHKDOIRIWKHHPSOR\ HPSOR\HHE\ HHE\WKHHPSOR\HU WKHHPSOR\HULH LH  LIDQHPSOR\HUSD\VRUUHLPEXUVHVWHOHSKRQHELOOVRUPRELOH SKRQHFKDUJHVRI SKRQHFKDUJHVRIHPSOR\HHWKHUH HPSOR\HHWKHUHZLOOE ZLOOEHQ HQRWD[DEO RWD[DEOH H SHUTXLVLWH

0HGLFDOIDFLOLWLHV 7KHIROORZLQJPHGLFDOIDFLOLWLHVZLOOQRWDPRXQWWRDSHUTXLVLWH 7KHIROORZLQJPHGLFDOIDFLOLWLHV ZLOOQRWDPRXQWWRDSHUTXLVLWH  L

LL

LLL

7KHYDOXHRIDQ\PHGLFDOWUHDWPHQWSURYLGHGWRDQ HPSOR\HHRUDQ\PHPEHURIKLVIDPLO\LQDQ\KRVSLWDO PDLQWDLQHGE\WKHHPSOR\HU $Q\ $Q \ VXP VXP SDLG SDLG E\WK E\ WKH H HPS HPSOR\H OR\HU ULQ LQUH UHVSHF VSHFW WR RI I DQ\ H[SHQGLWXUHDFWXDOO\LQFXUUHGE\WKHHPSOR\HHRQKLV PHGLFDOWUHDWPHQWRUWUHDWPHQWRIDQ\PHPEHURIKLV IDPLO\LQDQ\KRVSLWDOPDLQWDLQHGE\WKH*RYHUQPHQWORFDO DXWKRULW\DQ\RWKHUKRVSLWDODSSURYHGE\WKH*RYHUQPHQWIRU WKHSXUSRVH WKHSXUSRVHRIPHGLFD RIPHGLFDOWUHDWPHQ OWUHDWPHQWRILW WRILWVHPSOR\H VHPSOR\HHV HV $Q\ $Q \ VXP SD SDLG LGE\ E\ WKH HPS HPSOR\ OR\HU HUL LQ Q UHVSHFW UHVSHFW RI RI DQ DQ\ \ H[SHQGLWXUHDFWXDOO\LQFXUUHGE\WKHHPSOR\HHRQKLV PHGLFDOWUHDWPHQWRUWUHDWPHQWRIDQ\PHPEHURIKLVIDPLO\ LQUHVSHFWRIWKHSUHVFULEHGGLVHDVHRUDLOPHQWVLQDQ\ KRVSLWDODSSURYHGE\WKH&KLHI&RPPLVVLRQHUKDYLQJUHJDUG WRWKHSUHVFULEHGJXLGHOLQHV+RZHYHULQRUGHUWRFODLPWKLV EHQHILWWKHHPS EHQHILWWKHHPSOR\H OR\HHVKDOODWWDFKZLWKKLV HVKDOODWWDFKZLWKKLVUHWXUQ UHWXUQRI RILQFRPH LQFRPH DFHUWLILFDWH DFHUWLILFDWHIURPWKHKRVSLWD IURPWKHKRVSLWDO OVSHFLI\L VSHFLI\LQJWK QJWKHGLV HGLVHDVH HDVHRU RU DLOPHQWIRUZKLFKPHGLFD DLOPHQWIRUZKLFKPHGLFDOWUHDWPHQWZDVUHTX OWUHDWPHQWZDVUHTXLUHGDQGWKH LUHGDQGWKH

UHFHLSWIRUWKHDPRXQWSDLGWRWKHKRVSLWDO 7KXVWZRW\SHVRIIDFLOLWLHVDUHFRYHUHG  SD\PHQWE\WKHHPSOR\HUIRUWUHDWPHQWLQD*RYHUQPHQW KRVSLWDODQG  SD\PHQWE\DQHPSOR\HUIRUWUHDWPHQWRISUHVFULEHG GLVHDVHVLQDQ\KRVSLWDODSSURYHGE\WKH&KLHI &RPPLVVLRQHU LY

$Q\SUHPLXPSDLGE\DQHPSOR\HULQUHODWLRQWRDQ HPSOR\HH HPS OR\HH WRHIIHFW DQLQVXUDQFHRQ DQL QVXUDQFHRQW WKH KH KHDOWK KHDOWK RIVXF RI VXFK K HPSOR\HH+RZHYHU HPSOR\HH+RZHYHUDQ\ DQ\ VXFK VFKHPHVKRXOG VFKHPHVKRXOG EH DSSURYH DSSURYHGE GE\ \ WKH&HQWUDO WKH&HQWUDO *RYHUQPHQW *RYHUQPHQW RUWKH ,QVXUDQFH ,QVXUDQFH 5HJXODWRU 5HJXODWRU\ \ 'HYHORSPHQW 'HYHORSPHQW $XWKRU $XWKRULW LW\ \ ,5'$ ,5'$IRU IRU WKH SXUSRVHVRIVHFWLRQLE

Y $Q\VXPSDLGE\WKHHPSOR\HULQUHVSHFWRIDQ\SUHPLXP SDLGE\WKHHPSOR\HHWRHIIHFWDQLQVXUDQFHRQKLV IDPLO\XQGHUDQ\VFKHPHDSSURYHGE\WKH&HQWUDO *RYHUQPHQWIRUWKHSXUSRVHVRIVHFWLRQ' YL $Q\ $Q\ VXP SD SDLG LG E\ WKH WKH HPS HPSOR\H OR\HU ULQ LQUH UHVSH VSHFW FWR RI I DQ DQ\ \ H[SHQGLWXU H[SHQGLWXUH H DFWXDOO DFWXDOO\ \ LQFXUUHG LQFXUUHGE E\ \ WKHHPSOR\HHRQKLV WKHHPSOR\HHRQKLV PHGLFDOWUHDWPHQWRUWUHDWPHQWRIDQ\PHPEHURIKLV IDPLO\WRWKHH[WHQWRI5VLQWKHSUHYLRXV\HDU 1RWH,W 1RWH,W LV LPSRUWDQW LPSRUWDQWWR WRQRWH QRWHWKD WKDW W WKLV WKLV H[SHQGLWXU H[SHQGLWXUHQHHG HQHHGQR QRW W EH LQFXUUHGH LQFXUUHGHLWKH LWKHU ULQ LQ WKHJRYHUQPHQWKRVSLWDORUL WKHJRYHUQPHQWKRVSLWDORULQD QDKRVSLWDO KRVSLWDO DSSURYHGE\WKH&KLHI&RPPLVVLRQHU YLL $Q\H[SHQGLWXUHLQFXUUHGE\WKHHPSOR\HURQWKH IROORZLQJ D PHGLFDOWUHDWPHQWRIWKHHPSOR\HHRUDQ\PHPEHURIWKH IDPLO\RIVXFKHPSOR\HHRXWVLGH,QGLD E WUDYHODQGVWD\DEURDGRIWKHHPSOR\HHRUDQ\

PHPEHURIWKHIDPLO\RIVXFKHPSOR\HHIRUPHGLFDO WUHDWPHQW F WUDYHODQGVWD\DEURDGRIRQHDWWHQGDQWZKRDFFRPSDQLHV WKHSDWLHQWLQFRQQH WKHSDWLHQWLQFRQQHFWLRQ FWLRQZLWKVX ZLWKVXFKWUHDWPHQW FKWUHDWPHQW &RQGLWLRQV  7KH SHUTXLVLW SHUTXLVLWH HHOHP HOHPHQW HQW LQUHVS LQ UHVSHFW HFW RI H[SHQGLWXU H[SHQGLWXUH HRQ RQ PHGLFDO WUHDWPHQWDQG WUHDWPHQWDQGVWD\D VWD\DEURDGZLOOEHH[HP EURDGZLOOEHH[HPSWRQO\ SWRQO\ WRWKHH[WHQWSHUPLWWHGE\WKH5%,  7KHH[SHQVHVLQUHVSHFWRIWUDYHOOLQJRIWKHSDWLHQWDQGWKH DWWHQGDQWZLOOEHH[HPSWLI WKHH WKHHPSOR\ PSOR\HHV HHV JURVV WRWD WRWDO O LQFRPHDVFRPSXWHGEHIRUHLQFOXGLQJWKHVDLGH[SHQGLWXUH LQFRPH DVFRPSXWHGEHIRUHLQFOXGLQJWKHVDLGH[SHQGLWXUH GRHVQRWH[FHHG5VODNK GRHVQRWH[FHHG 5VODNK  1RWH)R 1RWH)RU U WKLV WKLV SXUSRVH SXUSRVH  IDPLO\ IDPLO\PHDQ PHDQV V VSRXVH VSRXVH DQG FKLOGUHQ FKLOGUHQ RI WKHLQGLYLGXDO&KLOGUHQPD\EHGHSHQGDQWRULQGHSHQGHQW PDUULHGRUXQPDUULHG,WDOVRLQFOXGHVSDUHQWVEURWKHUVDQG VLVWHUVRIWKHLQGLYLGXDOLIWKH\DUHZKROO\RUPDLQO\GHSHQGHQW XSRQKLP

3529,'(17)81'6 3DUWLFXODUV

6WDWXWRU\

5HFRJQL]HG

8QUHFRJQL]HG

3XEOLF

&RQVWLWXWHG XQGHU 

3URYLGHQW )XQGV $FW

(3)DQG0LVF 1RWUHFRJQL]HG 3XEOLF 3URYLVLRQV$FW E\WKH 3URYLGHQW  &RPPLVVLRQHURI)XQG UHFRJQL]HG ,QFRPH7D[ $FW E\WKH $FFRXQWLQ &RPPLVVLRQHU 6%,RU  RI3)DQG&,7 3RVW2IILFHV

&RQWULEXWLRQ (PSOR\HU E\ DQG DQ G (PSOR\HH

(PSOR\HUDQG (PSOR\HUDQG (PSOR\HH (PSOR\HH

$OO DVVHVVHHV LQ GHSHQGHQWO\

$VVHVVHHV &RQWULEXWLRQ

'HGXFWLRQ 'HGXFWLRQXV 1R,QFRPH7D[ 'HGXFWLRQ XV& & %HQHILW XV&

(PSOR\HUV &RQWULEXWLRQ

1RWWD[DEOH $PRXQW 1RWWD[DEOHDW H[FHHGLQJ WKHWLPHRI RIVDODU\LV FRQWULEXWLRQ WD[DEOH

,QWHUHVW FUHGLWHG

)XOO\ H[HPSWHG

1RW DSSOLFDEOH

([HPSWHGXSWR2Q(PSOR\HHV )XOO\H[HPSW SD$Q\ FRQWULEXWLRQ H[FHVVLV WD[DEOHXQGHUWKH WD[DEOH KHDG2WKHU 6RXUFHV 2Q(PSOR\HUV FRQWULEXWLRQ QRWWD[DEOHDWWKH WLPHRIFUHGLW

:LWKGUDZDODW([HPSWHG WKHWLPHRI X  V UHWLUHPHQW  UHVLJQDWLRQ WHUPLQDWLRQ HWF

([HPSWHGXV (PSOR\HHV ([HPSWHG 6XEMHFW FRQWULEXWLRQDQG X  V WRFRQGLWLRQV LQWHUHVWWKHUHRQ  LVQRWWD[DEOH (PSOR\HUV FRQWULEXWLRQDQG LQWHUHVWWKHUHRQ LVWD[DEOHDV 3URILWVLQOLHXRI 6DODU\XQGHU 6DODULHV

1RWH6XPUHFHLYHGE\DQ(PSOR\HHXQGHUDSSURYHG 6XSHUDQQXDWLRQ)XQGLVDOVRH[HPSWIURPWD[XV

6HFWLRQ& 6HFWLRQ&RIWKH,QFRPHWD[$FWSURYLGHVIRUDGHGXFWLRQRI XSWR5V2QHODNKWRDQLQGLYLGXDORUD+LQGXXQGLYLGHGIDPLO\ XSWR5V2QHODNKWRDQLQGLYLGXDORUD+LQGXXQGLYLGHGIDPLO\ +8)IRU   LPDNLQJLQYHVWPHQWVLQFHUWDLQVDYLQJVLQVWUXPHQWVRU LLLQFXUULQJH[SHQGLWXUHRQWXLWLRQIHHDQGUHSD\PHQWRIKRXVLQJ ORDQ :LWKDYLHZWRHQFRXUDJHVPDOOVDYLQJVWKH*RYHUQPHQWKDV WDNHQDSROLF\GHFLVLRQWRLQFOXGHWKHLQYHVWPHQWVPDGHLQWKH IROORZLQJWZRGHSRVLWLQVWUXPHQWVZLWKLQWKHDPELWRI6HFWLRQ &

L)LYH
3HUTXLVLWHV

6SHFLILHG (PSOR\HH

1RQ VSHFLILHG (PSOR\HH

5HQWIUHHFRQFHVVLRQDODFFRPPRGDWLRQ

7D[DEOH

7D[DEOH

:DWFKPDQJDUGHQHUVZHHSHUSHUVRQDO DWWHQGDQHQJDJHGE\HPSOR\HHDQG H[SHQVHVPHWE\WKHHPSOR\HU 

7D[DEOH

7D[DEOH

7KHDIRUHVDLGPHQWLRQHGVHUYDQWVSURYLGHG 7D[DEOH LQDQ\RWKHUPDQQHU 

1RQWD[DEOH

*DVHOHFWULFLW\ZDWHUHWFIRUKRXVHKROG FRQVXPSWLRQDQGWKHFRQQHFWLRQLQWKH

7D[DEOH

7D[DEOH

$ERYHIDFLOLWLHVSURYLGHGLQDQ\RWKHU PDQQHU 

7D[DEOH

1RQWD[DEOH

(GXFDWLRQH[SHQVHVLIWKHELOOVDUHLQWKH 7D[DEOH QDPHRIHPSOR\HHWKHEXWPHWE\HPSOR\HU 

7D[DEOH

$ERYHIDFLOLWLHVSURYLGHGLQDQ\RWKHU PDQQHU 

7D[DEOH

1RQWD[DEOH

7UDQVSRUWIDFLOLW\SURYLGHGE\WUDQVSRUW XQGHUWDNLQJV5DLOZD\VDQGRWKHUWKDQ $LUOLQHV

7D[DEOH

7D[DEOH

,QWHUHVWIUHHORDQVRUORDQVSURYLGHGDW FRQFHVVLRQDOUDWHVE\WKHHPSOR\HUWR HPSOR\HH

7D[DEOH

7D[DEOH

+ROLGD\KRPHIDFLOLWLHVSURYLGHG

7D[DEOH

7D[DEOH

&OXEIDFLOLW\SURYLGHGE\HPSOR\HURWKHU WKDQRIILFLDOSXUSRVHV

7D[DEOH

7D[DEOH

&RPSXWHUODSWRSSURYLGHGE\WKHHPSOR\HU IRUXVHE\WKHHPSOR\HH 1RQWD[DEOH 1RQWD[DEOH 2WKHUPRYDEOHDVVHWVSURYLGHGE\WKH HPSOR\HUIRUXVHE\WKHHPSOR\HHV

7D[DEOH

7D[DEOH

6DOHWUDQVIHURIPRYDEOHDVVHWVWR 6DOHWUDQVIHURIPRYDEOH DVVHWVWR HPSOR\HHV

7D[DEOH

7D[DEOH

0DJD]LQHVSHULRGLFDOVMRXUQDOVHWFIRU RIILFLDOZRUN

1RWWD[DEOH 1RWWD[DEOH

0HGLFDOIDFLOLWLHVLIWKHELOOVDUHLQWKHQDPH 7D[DEOH RIHPSOR\HHHPSOR\HU RIHPSOR\HH HPSOR\HUXSWR XSWREXWPHW EXWPHWE\C E\C 

7D[DEOH

$ERYHIDFLOLW\LQDQ\RWKHUPDQQHU 

7D[DEOH

1RQWD[DEOH

/HDYH7UDYHO&RQFHVVLRQ

1RWWD[DEOH 1RWWD[DEOH VXEMHFWWR VXEMHFWWR 6HF 6HF

6WRFNRSWLRQXQGHUDSSURYHGVFKHPH

1RWWD[DEOH 1RWWD[DEOH

6$/$5< )RUWKHSXUSRVHRI 

0HDQV

 'HGXF 'HGXFWLR WLRQI QIRU RU(QWHUW (QWHUWDLQPHQ DLQPHQW W $OORZDQFHXVLLLQFDVHRI *RYWHPSOR\HHV

%DVLFSD\

 9ROXQWDU\5HWLUHPHQW &RPSHQVDWLRQXV&

%DVLF3D\'$IRUPLQJSDUW RIVDODU\IRUUHWLUHPHQWEHQHILWV

 ([HPSW ([HPSWLRQ LRQIRU IRU*UDWXLW *UDWXLW\F \FRYHUH RYHUHG G *UDWXLW\$FWXV XQGHU3D\PHQWRI*UDWXLW\$FWXV XQGHU3D\PHQWRI LL

%DVLF3D\'$

 ([HPSW ([HPSWLRQ LRQIRU IRU*UDWXLW *UDWXLW\QR \QRW W %DVLF3D\'$IRUPLQJSDUW FRYHUHGXQGHU3D\PHQWRI*UDWXLW\ RIVDODU\IRUUHWLUHPHQWEHQHILWV $FWXVLLL &RPPLVVLRQDVD IL[HGSHUFHQWDJHRQWXUQRYHU   ([HPSW ([HPSWLRQ LRQIRU IRU/HDYH /HDYH6DODU 6DODU\X \XV V 6DPHDVDERYH $$  ([HPSW ([HPSWLRQ LRQIRU IRU+RXV +RXVH5HQ H5HQW W $OORZDQFHXV$

6DPHDVDERYH

 &RQW &RQWULEXW ULEXWLR LRQW QWR5HF R5HFRJQL] RJQL]HG HG 3URYLGHQW)XQG

6DPHDVDERYH

 'HWHU 'HWHUPLQDW PLQDWLRQ LRQRI RI6SHFLI 6SHFLILHG LHG ,QFRPHXQGHUWKHKHDGVDODULHV HPSOR\HHXVLQFOXGLQJWKHYDOXH ZLWKRXWEHQHILWV RIQRQPRQHWDU\  5HQW 5HQWIUH IUHHD HDFFRPPR FFRPPRGDWL GDWLRQ RQ

6DODU\LQFOXGHV

6DODU\H[FOXGHV  '$I '$IRUPLQJSDUW RUPLQJSDUWRIVDODU\ RIVDODU\

 %DVLF SD\  '$ QRW IRUPLQJ SDUW RI VDODU\

(PSOR\HUVFRQWULEXWLRQWR3)

([HPSWHGDOORZDQFHV

 $OOW $OOWD[DEOHDOORZDQFHV D[DEOHDOORZDQFHV

%RQXVRUFRPPLVVLRQRUH[JUDWLD  3HUTXLVLWHV XV  RU LLLRULWVSURYLVLRQV $Q\RWKHUPRQHWDU\SD\PHQW

 $Q\ DOORZDQFH LQ WKH QDWXUHRIPHGLFDOIDFLOLW\WRWKH H[WHQWQRWWD[DEOH