The URL can be used to link to this page

PC 2009/09/14&LW\RI$QDKHLP 3ODQQLQJ&RPPLVVLRQ $JHQGD 0RQGD\6HSWHPEHU &RXQFLO&KDPEHU&LW\+DOO 6RXWK$QDKHLP%RXOHYDUG $QDKHLP&DOLIRUQLD &KDLUPDQ3DQN\5RPHUR &KDLUPDQ3UR7HPSRUH6WHSKHQ)DHVVHO &RPPLVVLRQHUV3HWHU$JDUZDO7RGG$PHQW.HOO\%XIID -RVHSK.DUDNL9LFWRULD5DPLUH] &DOO7R2UGHUSP 3OHGJH2I$OOHJLDQFH 3XEOLF&RPPHQWV &RQVHQW&DOHQGDU 3XEOLF+HDULQJ,WHPV %RDUGRI$SSHDOV±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±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±$33($/2)7+(%8,/',1* 2)),&,$/6'(7(50,1$7,213(57$,1,1*72 1HZ&RUUHVSRQGHQFH %8,/',1*3(50,712 7KH3ODQQLQJ&RPPLVVLRQLVGHVLJQDWHGDVWKH%RDUGRI $SSHDOVSHU$QDKHLP0XQLFLSDO&RGH6HFWLRQ 2ZQHU )URQW3RUFK&RPPXQLWLHV 1RUWK*OHQRDNV6XLWH %XUEDQN&$ $SSOLFDQW 6WHZDUW+$QNURP$,$1&$5%3UHVLGHQW $QNURP0RLVDQ$UFKLWHFWV 6:0DF$GDP 3RUWODQG25 /RFDWLRQ6RXWK:DOQXW6WUHHW 7KHDSSOLFDQWDSSHDOVWKH%XLOGLQJ2IILFLDO¶VGHWHUPLQDWLRQWKDW 3URMHFW3ODQQHU WKLUW\ILYHRIWKHUHVLGHQWLDOXQLWVLQWKH:DOQXW9LOODJH 6FRWW%HHU\ VEHHU\#DQDKHLPQHW &RQWLQXLQJ&DUH5HWLUHPHQW&RPPXQLW\SURMHFWGRQRWFRPSO\ ZLWKWKH&DOLIRUQLD%XLOGLQJ&RGH6HFWLRQ$ SHUWDLQLQJWRNLWFKHQFDELQHWFOHDUDQFHV (QYLURQPHQWDO'HWHUPLQDWLRQ7KHSURSRVHGDFWLRQLVH[HPSW IURPWKH&DOLIRUQLD(QYLURQPHQWDO4XDOLW\$FWXQGHU6HFWLRQ RIWKH3XEOLF5HVRXUFHV&RGH $GMRXUQWR:HGQHVGD\6HSWHPEHUDWSP 3DJHRI &(57,),&$7,212)3267,1* ,KHUHE\FHUWLI\WKDWDFRPSOHWHFRS\RIWKLVDJHQGDZDVSRVWHGDW SP6HSWHPEHU 7,0( '$7( /2&$7,21&281&,/&+$0%(5',63/$<&$6($1'&281&,/',63/$<.,26. 6,*1(' ,I\RXFKDOOHQJHDQ\RQHRIWKHVH&LW\RI$QDKHLPGHFLVLRQVLQFRXUW\RXPD\EH OLPLWHGWRUDLVLQJRQO\WKRVHLVVXHV\RXRUVRPHRQHHOVHUDLVHGDWWKHSXEOLFKHDULQJ GHVFULEHGLQWKLVQRWLFHRULQDZULWWHQFRUUHVSRQGHQFHGHOLYHUHGWRWKH3ODQQLQJ &RPPLVVLRQRU&LW\&RXQFLODWRUSULRUWRWKHSXEOLFKHDULQJ 5,*+762)$33($/72&,7<&281&,/)5203/$11,1*&200,66,21$&7,21 $Q\DFWLRQWDNHQE\WKH3ODQQLQJ&RPPLVVLRQWKLVGDWHUHJDUGLQJ5HFODVVLILFDWLRQV &RQGLWLRQDO8VH3HUPLWVDQG9DULDQFHVZLOOEHILQDOGD\VDIWHU3ODQQLQJ&RPPLVVLRQ DFWLRQDQGDQ\DFWLRQUHJDUGLQJ7HQWDWLYH7UDFWDQG3DUFHO0DSVZLOOEHILQDOGD\V DIWHU3ODQQLQJ&RPPLVVLRQDFWLRQXQOHVVDWLPHO\DSSHDOLVILOHGGXULQJWKDWWLPH7KLV DSSHDOVKDOOEHPDGHLQZULWWHQIRUPWRWKH&LW\&OHUNDFFRPSDQLHGE\DQDSSHDOIHHLQ DQDPRXQWGHWHUPLQHGE\WKH&LW\&OHUN 7KH&LW\&OHUNXSRQILOLQJRIVDLGDSSHDOLQWKH&OHUN V2IILFHVKDOOVHWVDLGSHWLWLRQIRU SXEOLFKHDULQJEHIRUHWKH&LW\&RXQFLODWWKHHDUOLHVWSRVVLEOHGDWH<RXZLOOEHQRWLILHG E\WKH&LW\&OHUNRIVDLGKHDULQJ $1$+(,0&,7<3/$11,1*&200,66,21 ,QFRPSOLDQFHZLWKWKH$PHULFDQZLWK'LVDELOLWLHV$FWLI\RXQHHGVSHFLDODVVLVWDQFHWR SDUWLFLSDWHLQWKLVPHHWLQJSOHDVHFRQWDFWWKH3ODQQLQJ'HSDUWPHQW 1RWLILFDWLRQQRODWHUWKDQDPRQWKH)ULGD\EHIRUHWKHPHHWLQJZLOOHQDEOHWKH &LW\WRPDNHUHDVRQDEOHDUUDQJHPHQWVWRHQVXUHDFFHVVLELOLW\WRWKLVPHHWLQJ 5HFRUGHGGHFLVLRQLQIRUPDWLRQLVDYDLODEOHKRXUVDGD\E\FDOOLQJWKH3ODQQLQJ 'HSDUWPHQW¶V$XWRPDWHG7HOHSKRQH6\VWHPDW 3DJHRI 6&+('8/( 6HSWHPEHU:HGQHVGD\ 2FWREHU 2FWREHU 1RYHPEHU 1RYHPEHUFDQFHOOHG 'HFHPEHU 'HFHPEHUFDQFHOOHG 3DJHRI ûèèûùôï÷îèîí ùõúùù ê÷èûóð è ê÷ðóõóíçéçé÷ å×ÉÈûÎÛÔ×ÓÏ ùÍÏÏ×ÊÙÓÛÐùÍÊÊÓØÍÊÉ êï ùõúùù ùõúùù éöê ê÷éèûçêûîè ê÷èûóð êé ùõúùù éöê ê÷èûóð ùõúùù ùõúùù êï úûîñ ê÷èûóð ÷ðùíêè÷â ûìûêèï÷îèé øç ùõúùù ê÷èûóð êé éöê ùõúùù êùð ùõúùù èúùù êùð æûùûîè éöê ùçì ùçì û ùçì ùõúùù æûê íööóù÷é å×ÉÈûÎÛÔ×ÓÏ âùû ùÍÏÏ×ÊÙÓÛÐùÍÊÊÓØÍÊÉ ùçì íööóù÷é ùõúùù ùõúùù úêííñôçêéè ìûêñóîõðíè ìðûâûóîî ûîûô÷óïùóèãðóïóèé ùõúùù ï÷øóùûðíööóù÷ û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ ûÏ×ÎØÏ×ÎÈÈÍùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ èÊÛÙÑÓÎÕîÍùçì û éÍÇÈÔúÊÍÍÑÔÇÊÉÈéÈÊ××È ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ ûÏ×ÎØÏ×ÎÈÈÍùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ èÊÛÙÑÓÎÕîÍùçì û éÍÇÈÔúÊÍÍÑÔÇÊÉÈéÈÊ××È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³$´DWWDFKHGKHUHWRDQGLQFRUSRUDWHGKHUHLQE\WKLV UHIHUHQFHDQG :+(5($6&RQGLWLRQDO8VH3HUPLW1RLQFOXGHVWKHIROORZLQJ FRQGLWLRQRIDSSURYDO ³7KDWWKHFKXUFKKRXUVRIRSHUDWLRQVKDOOEHOLPLWHGWRDPWR SP0RQGD\WKURXJK)ULGD\IRUJHQHUDORIILFHKRXUVDQGDPWR SPIRU6DWXUGD\VHUYLFHV7KHFKXUFKVKDOOEHSHUPLWWHGWRKDYH WKUHHZHHNORQJFRQIHUHQFHVVHPLQDUVSHU\HDU$OOFKXUFKDFWLYLWLHVVKDOO HQGEHIRUHSPH[FHSWVSHFLDOFKXUFKKROLGD\V´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³%´DWWDFKHGKHUHWRDQGLQFRUSRUDWHGKHUHLQE\ WKLVUHIHUHQFHDQG :+(5($6WKH3ODQQLQJ&RPPLVVLRQGLGKROGDSXEOLFKHDULQJDWWKH&LYLF &HQWHULQWKH&LW\RI$QDKHLPRQ6HSWHPEHUDWSPQRWLFHRIVDLGSXEOLFKHDULQJ KDYLQJEHHQGXO\JLYHQDVUHTXLUHGE\ODZDQGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$QDKHLP 0XQLFLSDO&RGH&KDSWHU³3URFHGXUHV´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³%´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³=RQLQJ3URYLVLRQV*HQHUDO´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³%´ $0(1'0(1772&21',7,21$/86(3(50,712 75$&.,1*12&83$ 5(63216,%/( )25 12&21',7,2162)$33529$/ 021,725,1* *(1(5$/ 7KDWFKXUFKVHUYLFHVDUHSHUPLWWHGDWDQ\WLPHH[FOXGLQJWKH3ODQQLQJ QRUPDORIILFHKRXUVRIDPWRSP0RQGD\WKURXJK )ULGD\ 7KDWWKHQXPEHURIFRQJUHJDQWVDWWHQGLQJWKLVFKXUFKVKDOOEH3ODQQLQJ OLPLWHGWRRQHKXQGUHG DVLQGLFDWHGE\WKHDSSOLFDQW 3& üééüúõðøïéïî üééüúõðøïéïî ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûððìêíì÷êèó÷éûê÷óîèô÷ûðìôûîíêèô÷ûéèûê÷ûê÷ø÷æ÷ðíìï÷îèûê÷û ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ ùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ îÍÊÈÔïÓÐÐ×ÊéÈÊ××È ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ ùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ îÍÊÈÔïÓÐÐ×ÊéÈÊ××È âùëü÷éàüééüúõðøïéïî 5(62/87,21123& $5(62/87,212)7+($1$+(,0&,7<3/$11,1*&200,66,21 $'237,1*$1(*$7,9('(&/$5$7,21$1' $33529,1*&21',7,21$/86(3(50,712 1257+0,//(5675((7 :+(5($6WKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQGLGUHFHLYHDYHULILHG3HWLWLRQIRU &RQGLWLRQDO8VH3HUPLW1RWRSHUPLWDJUHHQZDVWHKDQGOLQJDQGRXWGRRUVWRUDJH\DUG IRUDWUHHFDUHVHUYLFHFRQWUDFWRUIRUFHUWDLQUHDOSURSHUW\VLWXDWHGLQWKH&LW\RI$QDKHLP&RXQW\RI 2UDQJH6WDWHRI&DOLIRUQLDVKRZQRQ([KLELW³$´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³3URFHGXUHV´WRKHDUDQGFRQVLGHUHYLGHQFHIRUDQGDJDLQVWVDLGSURSRVHG FRQGLWLRQDOXVHSHUPLWDQGWRLQYHVWLJDWHDQGPDNHILQGLQJVDQGUHFRPPHQGDWLRQVLQFRQQHFWLRQ WKHUHZLWKDQG :+(5($6VDLG&RPPLVVLRQDIWHUGXHLQVSHFWLRQLQYHVWLJDWLRQDQGVWXG\PDGHE\ LWVHOIDQGLQLWVEHKDOIDQGDIWHUGXHFRQVLGHUDWLRQRIDOOHYLGHQFHDQGUHSRUWVRIIHUHGDWVDLGKHDULQJ GRHVILQGDQGGHWHUPLQHWKHIROORZLQJIDFWV 7KDWWKHSURSRVHGJUHHQZDVWHKDQGOLQJDQGRXWGRRUVWRUDJH\DUGLVSURSHUO\RQHIRU ZKLFKDFRQGLWLRQDOXVHSHUPLWLVDXWKRUL]HGE\WKLVFRGH 7KHSURSRVHGJUHHQZDVWHKDQGOLQJDQGRXWGRRUVWRUDJH\DUGZLOOQRWDGYHUVHO\DIIHFW WKHDGMRLQLQJODQGXVHVDQGWKHJURZWKDQGGHYHORSPHQWRIWKHDUHDLQZKLFKLWLVORFDWHG 7KHVL]HDQGVKDSHRIWKHVLWHIRUWKHJUHHQZDVWHKDQGOLQJDQGRXWGRRUVWRUDJH\DUG LVDGHTXDWHWRDOORZWKHIXOOGHYHORSPHQWRIWKHXVHLQDPDQQHUQRWGHWULPHQWDOWRHLWKHUWKH SDUWLFXODUDUHDRUKHDOWKDQGVDIHW\ 7KHWUDIILFJHQHUDWHGE\WKHSURSRVHGJUHHQZDVWHKDQGOLQJDQGRXWGRRUVWRUDJH\DUG ZLOOQRWLPSRVHDQXQGXHEXUGHQXSRQWKHVWUHHWVDQGKLJKZD\VGHVLJQHGDQGLPSURYHGWRFDUU\WKH WUDIILFLQWKHDUHD 7KHJUDQWLQJWKHFRQGLWLRQDOXVHSHUPLWIRUDJUHHQZDVWHKDQGOLQJDQGRXWGRRU VWRUDJH\DUGXQGHUWKHFRQGLWLRQVLPSRVHGZLOOQRWEHGHWULPHQWDOWRWKHKHDOWKDQGVDIHW\RIWKH FLWL]HQVRIWKH&LW\RI$QDKHLP 3& 7+(5()25(%(,75(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQKDV UHYLHZHGWKHSURSRVDODQGGRHVKHUHE\ILQGWKDWWKH1HJDWLYH'HFODUDWLRQLQFRQQHFWLRQZLWK &RQGLWLRQDO8VH3HUPLW1RLVDGHTXDWHWRVHUYHDVWKHUHTXLUHGHQYLURQPHQWDO GRFXPHQWDWLRQLQFRQQHFWLRQZLWKWKLVUHTXHVW %(,7)857+(55(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQIRUWKH UHDVRQVKHUHLQDERYHVWDWHGGRHVKHUHE\DSSURYH&RQGLWLRQDO8VH3HUPLW1RWRSHUPLWD JUHHQZDVWHKDQGOLQJDQGRXWGRRUVWRUDJH\DUGIRUDWUHHFDUHVHUYLFHFRQWUDFWRUDVUHTXHVWHGE\WKH DSSOLFDQW %(,7)857+(55(62/9('WKDWWKLVSHUPLWLVDSSURYHGZLWKRXWOLPLWDWLRQVRQWKH GXUDWLRQRIWKHXVH$PHQGPHQWVPRGLILFDWLRQVDQGUHYRFDWLRQVRIWKLVSHUPLWPD\EHSURFHVVHGLQ DFFRUGDQFHZLWK&KDSWHUV$PHQGPHQWWR3HUPLW$SSURYDO DQG&LW\,QLWLDWHG 5HYRFDWLRQRU0RGLILFDWLRQRI3HUPLWV RIWKH$QDKHLP0XQLFLSDO&RGH %(,7)857+(55(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQGRHV KHUHE\ILQGDQGGHWHUPLQHWKDWDGRSWLRQRIWKLV5HVROXWLRQLVH[SUHVVO\SUHGLFDWHGXSRQDSSOLFDQW V FRPSOLDQFHZLWKHDFKDQGDOORIWKHFRQGLWLRQVKHUHLQDERYHVHWIRUWK6KRXOGDQ\VXFKFRQGLWLRQRU DQ\SDUWWKHUHRIEHGHFODUHGLQYDOLGRUXQHQIRUFHDEOHE\WKHILQDOMXGJPHQWRIDQ\FRXUWRIFRPSHWHQW MXULVGLFWLRQWKHQWKLV5HVROXWLRQDQGDQ\DSSURYDOVKHUHLQFRQWDLQHGVKDOOEHGHHPHGQXOODQGYRLG %(,7)857+(55(62/9('WKDWDSSURYDORIWKLVDSSOLFDWLRQFRQVWLWXWHVDSSURYDO RIWKHSURSRVHGUHTXHVWRQO\WRWKHH[WHQWWKDWLWFRPSOLHVZLWKWKH$QDKHLP0XQLFLSDO=RQLQJ&RGH DQGDQ\RWKHUDSSOLFDEOH&LW\6WDWHDQG)HGHUDOUHJXODWLRQV$SSURYDOGRHVQRWLQFOXGHDQ\DFWLRQRU ILQGLQJVDVWRFRPSOLDQFHRUDSSURYDORIWKHUHTXHVWUHJDUGLQJDQ\RWKHUDSSOLFDEOHRUGLQDQFH UHJXODWLRQRUUHTXLUHPHQW %(,7)857+(55(62/9('WKDWWKHDSSOLFDQWLVUHVSRQVLEOHIRUSD\LQJDOOFKDUJHV UHODWHGWRWKHSURFHVVLQJRIWKLVGLVFUHWLRQDU\FDVHDSSOLFDWLRQZLWKLQGD\VRIWKHLVVXDQFHRIWKH ILQDOLQYRLFH)DLOXUHWRSD\DOOFKDUJHVVKDOOUHVXOWLQWKHUHYRFDWLRQRIWKHDSSURYDORIWKLV DSSOLFDWLRQ 7+()25(*2,1*5(62/87,21ZDVDGRSWHGDWWKH3ODQQLQJ&RPPLVVLRQPHHWLQJ RI6HSWHPEHU6DLGUHVROXWLRQLVVXEMHFWWRWKHDSSHDOSURYLVLRQVVHWIRUWKLQ&KDSWHU ³3URFHGXUHV´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øåõôûôémûl úîïùôéôîïüñèêøíøëðôéïî ëøêíîïêôûñø ÷îë ïîúîïùôéôîïêî÷üííëîçüñðîïôéîëôïö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³NQR[ER[´GHYLFHVDVUHTXLUHGDQGDSSURYHGE\WKH)LUH 'HSDUWPHQW 3& ëøêíîïêôûñø ÷îë ïîúîïùôéôîïêî÷üííëîçüñðîïôéîëôïö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± 6XSHULRU7UHH&DUH6HUYLFHKDVEHHQLQRSHUDWLRQDWWKLVORFDWLRQIRUDSSUR[LPDWHO\\HDUV 7KHVLWHZDVSUHYLRXVO\D&RQWUDFWRUV6WRUDJH<DUGEHIRUHEHLQJOHDVHGWR6XSHULRU6XSHULRU XWLOL]HVWKLVORFDWLRQIRUVWRUDJHRIHTXLSPHQWXVHGLQWKLVEXVLQHVVRSHUDWLRQZKLFKLVWULPPLQJ DQGPDLQWHQDQFHRIWUHHVDQGODQGVFDSLQJDWRIIVLWHORFDWLRQV 6XSHULRUKDVHPSOR\HHVDQGWUXFNVLQDGGLWLRQWRD³%REFDW´WUDFWRUVWXPSFXWWHUVD IURQWORDGWUDFWRUDQGWZRORFNDEOHVWRUDJHFRQWDLQHUVIRUVSHFLDOL]HGHTXLSPHQW +RXUVRIRSHUDWLRQDUHIURP$0WLOO300RQGD\WKURXJK6DWXUGD\0RVWRIWKH HTXLSPHQWLVXVHGLQWKHILHOGWRWULPWUHHVDQGWKHQUHORFDWHWKH³*UHHQZDVWH´WRWKLVIDFLOLW\ ZKHUHLWLVFROOHFWHGXQWLODVXIILFLHQWTXDQWLW\LVFROOHFWHGWRILOODWUDLOHUWUXFNDWZKLFKWLPHLWLV UHPRYHGWRDGHVLJQDWHGODQGILOOORFDWLRQ 3UHSDUHGE\3KLOOLS56FKZDUW]H $JHQWIRU6XSHULRU7UHH&DUH -XO\ ðøðîëüïùèð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ûèèûùôï÷îèîí ìê øûøïóðð÷ê õíðöùíçêé÷ êé éöê è ðíå÷÷ð÷ï÷îèûêãéùôííð êï ùûéûú÷ðóîøû ûìûêèï÷îèé øç êé éóîõð÷öûïóðãê÷éóø÷îù÷ êï êï ûìèé ûìèé øç øç ùõ êï êï ùõúùù êùð ûìèé ûìèé ê÷ðóõóíçéçé÷ ùçì øç øç ûøò êï êï íööóù÷é öíçêìð÷ä öíçêìð÷ä À ÀÀ ùõ ùõ è ê÷èûóðùõ ê÷èûóð è éçúéèûèóíî ï÷øóùûð éöê íööóù÷ ùõ ùõ êï úùù ê÷èûóð ê÷èûóð èíåîôíï÷é øç è æóùèíêóûèíåîôíçé÷ ûìûêèï÷îèé øç û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ åðóîùíðîûæ÷ ùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ å×ÉÈðÓÎÙÍÐÎûÆ×ÎÇ× ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ åðóîùíðîûæ÷ ùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ å×ÉÈðÓÎÙÍÐÎûÆ×ÎÇ× âùëü÷éàüééüúõðøïéïî 5(62/87,21123& $5(62/87,212)7+($1$+(,0&,7<3/$11,1*&200,66,21 $33529,1*$&/$66&$7(*25,&$/(;(037,21$1' &21',7,21$/86(3(50,712 :(67/,1&2/1$9(18( :+(5($6WKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQGLGUHFHLYHDYHULILHG 3HWLWLRQIRU&RQGLWLRQDO8VH3HUPLW1RWRSHUPLWDFKXUFKSXUVXDQWWR&RGH 6HFWLRQ1RRIWKH$QDKHLP0XQLFLSDO&RGHIRUFHUWDLQUHDOSURSHUW\VLWXDWHGLQWKH &LW\RI$QDKHLP&RXQW\RI2UDQJH6WDWHRI&DOLIRUQLDVKRZQRQ([KLELW³$´DWWDFKHGKHUHWR DQGLQFRUSRUDWHGKHUHLQE\WKLVUHIHUHQFH :+(5($6WKLVSURSHUW\LVFXUUHQWO\GHYHORSHGZLWKDWZRVWRU\RIILFHDQG FRPPHUFLDOEXLOGLQJORFDWHGLQWKH*HQHUDO&RPPHUFLDO&* =RQHDQGWKH$QDKHLP*HQHUDO 3ODQGHVLJQDWHVWKLVSURSHUW\IRU5HVLGHQWLDO/RZ0HGLXPODQGXVHVDQG :+(5($6WKH3ODQQLQJ&RPPLVVLRQGLGKROGDSXEOLFKHDULQJDWWKH&LYLF &HQWHULQWKH&LW\RI$QDKHLPRQ6HSWHPEHUDWSPQRWLFHRIVDLGSXEOLFKHDULQJ KDYLQJEHHQGXO\JLYHQDVUHTXLUHGE\ODZDQGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$QDKHLP 0XQLFLSDO&RGH&KDSWHU³3URFHGXUHV´WRKHDUDQGFRQVLGHUHYLGHQFHIRUDQGDJDLQVWVDLG SURSRVHGFRQGLWLRQDOXVHSHUPLWDQGWRLQYHVWLJDWHDQGPDNHILQGLQJVDQGUHFRPPHQGDWLRQVLQ FRQQHFWLRQWKHUHZLWKDQG :+(5($6VDLG&RPPLVVLRQDIWHUGXHLQVSHFWLRQLQYHVWLJDWLRQDQGVWXG\PDGH E\LWVHOIDQGLQLWVEHKDOIDQGDIWHUGXHFRQVLGHUDWLRQRIDOOHYLGHQFHDQGUHSRUWVRIIHUHGDWVDLG KHDULQJGRHVILQGDQGGHWHUPLQHWKHIROORZLQJIDFWV 7KHSURSRVHGFKXUFKXVHLVSURSHUO\RQHIRUZKLFKDFRQGLWLRQDOXVHSHUPLWLV DXWKRUL]HGXQGHU&RGH6HFWLRQ 7KHSURSRVHGFKXUFKZLOOQRWDGYHUVHO\DIIHFWWKHDGMRLQLQJODQGXVHVRUWKH JURZWKDQGGHYHORSPHQWRIWKHDUHDLQZKLFKLWLVSURSRVHGWREHORFDWHGEHFDXVHFKXUFK IXQFWLRQVZLOOEHFRQGXFWHGLQDPDQQHUFRQGXFLYHWRWKHDUHDDQGZLOORSHUDWHZLWKLQDQH[LVWLQJ EXLOGLQJ 7KHVL]HDQGVKDSHRIWKHVLWHSURSRVHGIRUWKHFKXUFKLVDGHTXDWHWRDOORZWKHIXOO GHYHORSPHQWRIWKHSURSRVHGXVHLQDPDQQHUQRWGHWULPHQWDOWRHLWKHUWKHSDUWLFXODUDUHDRU KHDOWKDQGVDIHW\ 7KHWUDIILFJHQHUDWHGE\WKHSURSRVHGFKXUFKXVHZLOOQRWLPSRVHDQXQGXHEXUGHQ XSRQWKHVWUHHWVDQGKLJKZD\VGHVLJQHGDQGLPSURYHGWRFDUU\WKHWUDIILFLQWKHDUHD 7KDWH[LVWLQJSDUNLQJIRUWKHFKXUFKLVGHWHUPLQHGWREHDGHTXDWHIRUWKHSURSRVHG FKXUFK&RGHUHTXLUHVSDUNLQJVSDFHVDQGSDUNLQJVSDFHVH[LVW%HFDXVHWKHFKXUFK DVVHPEO\DFWLYLWLHVRFFXUGXULQJHYHQLQJKRXUVDQGZHHNHQGVZKHQRWKHUEXVLQHVVHVLQWKH FHQWHUDUHFORVHGWKHH[LVWLQJSDUNLQJVSDFHVDUHDGHTXDWHIRUWKHFKXUFKDQGQRLQFUHDVHLQWKH GHPDQGDQGFRPSHWLWLRQIRUSDUNLQJVSDFHVZLOORFFXU&RQGLWLRQ1RRIWKLVUHVROXWLRQ LQFOXGHVWKLVOLPLWDWLRQRQWKHFKXUFKDVVHPEO\DFWLYLWLHV 3& 7KHJUDQWLQJRIWKHFRQGLWLRQDOXVHSHUPLWXQGHUWKHFRQGLWLRQVLPSRVHGZLOOQRW EHGHWULPHQWDOWRWKHKHDOWKDQGVDIHW\RIWKHFLWL]HQVRIWKH&LW\RI$QDKHLPDQGZLOOSURYLGHD ODQGXVHWKDWLVFRPSDWLEOHZLWKWKHVXUURXQGLQJDUHD :+(5($6WKHSURSRVHGSURMHFWIDOOVZLWKLQWKHGHILQLWLRQRI&DWHJRULFDO ([HPSWLRQV&ODVV([LVWLQJ)DFLOLWLHV DVGHILQHGLQWKH6WDWH&(4$*XLGHOLQHVDQGLV WKHUHIRUHH[HPSWIURPWKHUHTXLUHPHQWWRSUHSDUHDGGLWLRQDOHQYLURQPHQWDOGRFXPHQWDWLRQ %(,7)857+(55(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQIRU WKHUHDVRQVKHUHLQDERYHVWDWHGGRHVKHUHE\DSSURYH&RQGLWLRQDO8VH3HUPLW1RWR SHUPLWDFKXUFKRQSURSHUW\ORFDWHGDW:HVW/LQFROQ$YHQXHDVUHTXHVWHGE\WKHDSSOLFDQW %(,7)857+(55(62/9('WKDWWKLVSHUPLWLVDSSURYHGZLWKRXWOLPLWDWLRQV RQWKHGXUDWLRQRIWKHXVH$PHQGPHQWVPRGLILFDWLRQVDQGUHYRFDWLRQVRIWKLVSHUPLWPD\EH SURFHVVHGLQDFFRUGDQFHZLWK&KDSWHUV$PHQGPHQWWR3HUPLW$SSURYDO DQG &LW\,QLWLDWHG5HYRFDWLRQRU0RGLILFDWLRQRI3HUPLWV RIWKH$QDKHLP0XQLFLSDO &RGH %(,7)857+(55(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQ GRHVKHUHE\ILQGDQGGHWHUPLQHWKDWDGRSWLRQRIWKLV5HVROXWLRQLVH[SUHVVO\SUHGLFDWHGXSRQ DSSOLFDQW RIWKHFRQGLWLRQVKHUHLQDERYHVHWIRUWK6KRXOGDQ\ VXFKFRQGLWLRQRUDQ\SDUWWKHUHRIEHGHFODUHGLQYDOLGRUXQHQIRUFHDEOHE\WKHILQDOMXGJPHQWRI DQ\FRXUWRIFRPSHWHQWMXULVGLFWLRQWKHQWKLV5HVROXWLRQDQGDQ\DSSURYDOVKHUHLQFRQWDLQHG VKDOOEHGHHPHGQXOODQGYRLG %(,7)857+(55(62/9('WKDWDSSURYDORIWKLVDSSOLFDWLRQFRQVWLWXWHV DSSURYDORIWKHSURSRVHGUHTXHVWRQO\WRWKHH[WHQWWKDWLWFRPSOLHVZLWKWKH$QDKHLP0XQLFLSDO =RQLQJ&RGHDQGDQ\RWKHUDSSOLFDEOH&LW\6WDWHDQG)HGHUDOUHJXODWLRQV$SSURYDOGRHVQRW LQFOXGHDQ\DFWLRQRUILQGLQJVDVWRFRPSOLDQFHRUDSSURYDORIWKHUHTXHVWUHJDUGLQJDQ\RWKHU DSSOLFDEOHRUGLQDQFHUHJXODWLRQRUUHTXLUHPHQW %(,7)857+(55(62/9('WKDWWKHDSSOLFDQWLVUHVSRQVLEOHIRUSD\LQJDOO FKDUJHVUHODWHGWRWKHSURFHVVLQJRIWKLVGLVFUHWLRQDU\FDVHDSSOLFDWLRQZLWKLQGD\VRIWKH LVVXDQFHRIWKHILQDOLQYRLFH)DLOXUHWRSD\DOOFKDUJHVVKDOOUHVXOWLQWKHUHYRFDWLRQRIWKH DSSURYDORIWKLVDSSOLFDWLRQ 7+()25(*2,1*5(62/87,21ZDVDGRSWHGDWWKH3ODQQLQJ&RPPLVVLRQ PHHWLQJRI6HSWHPEHU6DLGUHVROXWLRQLVVXEMHFWWRWKHDSSHDOSURYLVLRQVVHWIRUWKLQ &KDSWHU³3URFHGXUHV´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øåõôûôémûl úîïùôéôîïüñèêøíøëðôéïî ëøêíîïêôûñø ÷îë ïîúîïùôéôîïêî÷üííëîçüñðîïôéîëôïö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ûèèûùôï÷îèîí éì øû ê÷èûóð éì øû ê÷èûóð éì éì éì øû øû øû ûçèí ûçèí ûçèí ê÷ìûóê ê÷ìûóê ê÷ìûóê éì øû èô÷ùêíééóîõ ùíîøíé éì øç øû éìçîø÷êùíîéèêçùèóíî óîøçéèêóûð øû êùð êùð ùçì ùçì éì ùçì øû ùçì óîøçéèêóûð ùçì éì ùçì øû æûê óîøçéèêóûð øûõ éì øûõ øû ÷óê öêãé éìî éì ÷ð÷ùèêíîóùé øûõ øû éìî óîøçéèêóûð èìï ñûóé÷êôíéìóèûð çîø÷êùíîéèêçùèóíî éì øû óîøçéèêóûð éì øû íêûîõ÷ùíçîèã åûè÷êøóéèêóùè éì øû óîøçéèêóûð û×ÊÓÛÐìÔÍÈÍ ûððìêíì÷êèó÷éûê÷óîèô÷ûðìôûîíêèô÷ûéèûê÷ûê÷ø÷æ÷ðíìï÷îèûê÷û ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ æÛÊÓÛÎÙ×îÍ ÷ÛÉÈðÛìÛÐÏÛûÆ×ÎÇ× ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ æÛÊÓÛÎÙ×îÍ ÷ÛÉÈðÛìÛÐÏÛûÆ×ÎÇ×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³$´DWWDFKHGKHUHWRDQGLQFRUSRUDWHGKHUHLQE\WKLVUHIHUHQFH :+(5($6WKHDFUHSURSHUW\LVFXUUHQWO\GHYHORSHGZLWKDVWRU\PHGLFDO RIILFHEXLOGLQJDQGLVORFDWHGLQWKH63'$]RQH1RUWKHDVW$UHD6SHFLILF3ODQ7UDQVLW &RUH$UHD DQGWKH*HQHUDO3ODQGHVLJQDWHVWKLVSURSHUW\IRU,QVWLWXWLRQDOODQGXVHVDQG :+(5($6WKH3ODQQLQJ&RPPLVVLRQGLGKROGDSXEOLFKHDULQJDWWKH&LYLF &HQWHULQWKH&LW\RI$QDKHLPRQ6HSWHPEHUDWSPQRWLFHRIVDLGSXEOLFKHDULQJ KDYLQJEHHQGXO\JLYHQDVUHTXLUHGE\ODZDQGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$QDKHLP 0XQLFLSDO&RGH&KDSWHU³3URFHGXUHV´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³%´DWWDFKHGKHUHWRDQGLQFRUSRUDWHGE\WKLV UHIHUHQFHZKLFKDUHKHUHE\IRXQGWREHDQHFHVVDU\SUHUHTXLVLWHWRWKHSURSRVHGXVHRIWKH VXEMHFWSURSHUW\LQRUGHUWRSUHVHUYHWKHKHDOWKVDIHW\DQGJHQHUDOZHOIDUHRIWKH&LWL]HQVRIWKH &LW\RI$QDKHLP %(,7)857+(55(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQ GRHVKHUHE\ILQGDQGGHWHUPLQHWKDWDGRSWLRQRIWKLV5HVROXWLRQLVH[SUHVVO\SUHGLFDWHGXSRQ DSSOLFDQW¶VFRPSOLDQFHZLWKHDFKDQGDOORIWKHFRQGLWLRQVKHUHLQDERYHVHWIRUWK6KRXOGDQ\ VXFKFRQGLWLRQRUDQ\SDUWWKHUHRIEHGHFODUHGLQYDOLGRUXQHQIRUFHDEOHE\WKHILQDOMXGJPHQWRI DQ\FRXUWRIFRPSHWHQWMXULVGLFWLRQWKHQWKLV5HVROXWLRQDQGDQ\DSSURYDOVKHUHLQFRQWDLQHG VKDOOEHGHHPHGQXOODQGYRLG %(,7)857+(55(62/9('WKDWWKHDSSOLFDQWLVUHVSRQVLEOHIRUSD\LQJDOO FKDUJHVUHODWHGWRWKHSURFHVVLQJRIWKLVGLVFUHWLRQDU\FDVHDSSOLFDWLRQZLWKLQGD\VRIWKH LVVXDQFHRIWKHILQDOLQYRLFH 7+()25(*2,1*5(62/87,21ZDVDGRSWHGDWWKH3ODQQLQJ&RPPLVVLRQ PHHWLQJRI6HSWHPEHU6DLGUHVROXWLRQLVVXEMHFWWRWKHDSSHDOSURYLVLRQVVHWIRUWKLQ 3& &KDSWHU³3URFHGXUHV´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³%´ 9$5,$1&(12 5(63216,%/( )25 12&21',7,2162)$33529$/ 021,725,1* *(1(5$/ 7KHVXEMHFWSURSHUW\VKDOOEHGHYHORSHGVXEVWDQWLDOO\LQ3ODQQLQJ DFFRUGDQFHZLWKSODQVDQGVSHFLILFDWLRQVVXEPLWWHGWRWKH&LW\ RI$QDKHLPE\WKHDSSOLFDQWDQGZKLFKSODQVDUHRQILOHZLWK WKH3ODQQLQJ'HSDUWPHQWPDUNHG([KLELW1RV6LJQ 3URJUDP $SSURYDORIWKLVDSSOLFDWLRQFRQVWLWXWHVDSSURYDORIWKH3ODQQLQJ SURSRVHGUHTXHVWRQO\WRWKHH[WHQWWKDWLWFRPSOLHVZLWKWKH $QDKHLP0XQLFLSDO=RQLQJ&RGHDQGDQ\RWKHUDSSOLFDEOH &LW\6WDWHDQG)HGHUDOUHJXODWLRQV$SSURYDOGRHVQRW LQFOXGHDQ\DFWLRQRUILQGLQJVDVWRFRPSOLDQFHRUDSSURYDO RIWKHUHTXHVWUHJDUGLQJDQ\RWKHUDSSOLFDEOHRUGLQDQFH UHJXODWLRQRUUHTXLUHPHQW 3& üééüúõðøïéïî íëîóøúéêèððüëä çüëôüïúøïî êÔÖÏïÎêÔÖÏéÄÍØçÜËÔÜÏÚØëØÌÈØÊÉúÎÙØëØÌÈÔËØÐØÏÉíËÎÍÎÊØÙ $$$:DOO0D[QRRIIUHHZD\2QHSHUPLWWHG)LYHSURSRVHG $$RULHQWHGZDOOVLJQV $$:DOO0D[VL]HRIIUHHZD\VI$±VI RULHQWHGZDOOVLJQV$VI --$UWHULDO+Z\0D[QXPEHU2QHVLJQ7ZRVLJQV )UHHVWDQGLQJKHLJKWDQGDUHDIWKLJKIWKLJK 0RQXPHQWVIVI $$:DOO0D[QRRIZDOOVLJQV7ZRSHUPLWWHG7ZHOYHSURSRVHG %% $$:DOO/RJRDQGOHWWHUKHLJKWVWRU\EXLOGLQJVVWRU\EXLOGLQJ ¶OHWWHUKHLJKW¶´OHWWHUKHLJKW ¶´ORJRKHLJKW¶´ORJRKHLJKW $:DOO/RJRDQGOHWWHUKHLJKWVWRU\EXLOGLQJVVWRU\EXLOGLQJ ¶OHWWHUKHLJKW¶OHWWHUKHLJKW ¶´ORJRKHLJKW¶´ORJRKHLJKW $:DOO/RJRDQGOHWWHUKHLJKWVWRU\EXLOGLQJVVWRU\EXLOGLQJ ¶´OHWWHUKHLJKW¶´OHWWHUKHLJKW ¶ORJRKHLJKW¶´ORJRKHLJKW $:DOO/RJRDQGOHWWHUKHLJKWVWRU\EXLOGLQJVVWRU\EXLOGLQJ ¶OHWWHUKHLJKW¶OHWWHUKHLJKW ¶´ORJRKHLJKW¶´ORJRKHLJKW ûèèûùôï÷îèîí éì éì øû øû éöêéì íööóù÷é øû íêûîõ÷ùíçîèã åûè÷êøóéèêóùè éì ûîûô÷óïðûñ÷ øû éì âçïûúçéóî÷ééìûêñ øû óîøçéèêóûð éì øû é÷êæóù÷ éèûèóíî éì øû ê÷éèûçêûîè éì øû óîøçéèêóûð éì øû êùð êùð æûê éçúèìï éçúèìï ûøò æûùûîè éì øû éì úí÷óîõ øû ìûîûèèíîó ûîûô÷óï ùíîùíçêé÷ éì øû úí÷óîõ éì øû ìûîûèèíîó ûîûô÷óï ùíîùíçêé÷ û×ÊÓÛÐìÔÍÈÍ ûððìêíì÷êèó÷éûê÷óîèô÷ûðìôûîíêèô÷ûéèê÷ø÷æ÷ðíìï÷îèûê÷û ûÌÊÓÐ ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ è×ÎÈÛÈÓÆ×ìÛÊÙ×ÐïÛÌîÍ ÷ÛÉÈïÓÊÛÐÍÏÛûÆ× ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ è×ÎÈÛÈÓÆ×ìÛÊÙ×ÐïÛÌîÍ ÷ÛÉÈïÓÊÛÐÍÏÛûÆ× >'5$)7@$77$&+0(1712 5(62/87,21123& $5(62/87,212)7+($1$+(,0&,7<3/$11,1*&200,66,21 '(7(50,1,1*7+$7$&/$66&$7(*25,&$/(;(037,21,6 7+($335235,$7((19,5210(17$/'2&80(17$7,21 $1'$33529,1*7(17$7,9(3$5&(/0$312 ($670,5$/20$$9(18( :+(5($6WKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQGLGUHFHLYHDYHULILHG 3HWLWLRQIRUD7HQWDWLYH3DUFHO0DSWRHVWDEOLVKDORWLQGXVWULDOVXEGLYLVLRQIRUFHUWDLQUHDO SURSHUW\VLWXDWHGLQWKH&LW\RI$QDKHLP&RXQW\RI2UDQJH6WDWHRI&DOLIRUQLDDVPRUH SDUWLFXODUO\GHVFULEHGLQ([KLELW³$´DWWDFKHGKHUHWRDQGLQFRUSRUDWHGKHUHLQE\WKLVUHIHUHQFH :+(5($6WKHDFUHSURSHUW\LVFXUUHQWO\YDFDQWDQGLVORFDWHGLQWKH63 '$]RQH1RUWKHDVW$UHD6SHFLILF3ODQ([SDQGHG,QGXVWULDO$UHD DQGWKH*HQHUDO3ODQ GHVLJQDWHVWKLVSURSHUW\IRU,QGXVWULDOODQGXVHVDQG :+(5($6WKH3ODQQLQJ&RPPLVVLRQGLGKROGDSXEOLFKHDULQJDWWKH&LYLF &HQWHULQWKH&LW\RI$QDKHLPRQ6HSWHPEHUDWSPQRWLFHRIVDLGSXEOLFKHDULQJ KDYLQJEHHQGXO\JLYHQDVUHTXLUHGE\ODZDQGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$QDKHLP 0XQLFLSDO&RGH&KDSWHU³3URFHGXUHV´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³%´DWWDFKHGKHUHWRDQGLQFRUSRUDWHGE\WKLV UHIHUHQFHZKLFKDUHKHUHE\IRXQGWREHDQHFHVVDU\SUHUHTXLVLWHWRWKHSURSRVHGXVHRIWKH VXEMHFWSURSHUW\LQRUGHUWRSUHVHUYHWKHKHDOWKVDIHW\DQGJHQHUDOZHOIDUHRIWKH&LWL]HQVRIWKH &LW\RI$QDKHLP %(,7)857+(55(62/9('WKDWWKH$QDKHLP&LW\3ODQQLQJ&RPPLVVLRQ GRHVKHUHE\ILQGDQGGHWHUPLQHWKDWDGRSWLRQRIWKLV5HVROXWLRQLVH[SUHVVO\SUHGLFDWHGXSRQ DSSOLFDQW¶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³3URFHGXUHV´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³%´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± :RUNV'HSDUWPHQW'HYHORSPHQW6HUYLFHV'LYLVLRQDQG'HYHORSPHQW DSSURYHGE\WKH&LW\$WWRUQH\ 6HUYLFHV LQFOXGHSURYLVLRQVIRUPDLQWHQDQFHRISULYDWHIDFLOLWLHV LQFOXGLQJFRPSOLDQFHZLWKDSSURYHG:DWHU4XDOLW\ 0DQDJHPHQW3ODQDQGDPDLQWHQDQFHH[KLELW7KHFRYHQDQW VKDOOEHUHFRUGHGFRQFXUUHQWO\ZLWKWKHILQDOPDS $QLPSURYHPHQWERQGVKDOOEHSRVWHGWRJXDUDQWHHWKDWSXEOLF3XEOLF:RUNV± SDUNZD\VDQGVLGHZDONVDUHLPSURYHGSHU3XEOLF:RUNV'HYHORSPHQW 6WDQGDUG'HWDLO$6HUYLFHV 6DQLWDU\VHZHUVDQGVWRUPGUDLQVIRUWKLVGHYHORSPHQWVKDOOEH3XEOLF:RUNV± SULYDWHO\PDLQWDLQHG'HYHORSPHQW 6HUYLFHV $FRQIRUPHGFRS\RIWKHUHFRUGHGDJUHHPHQWWRUHFRUG3XEOLF:RUNV± HDVHPHQWGHHGVVKDOOEHVXEPLWWHGIRUWKHIROORZLQJ'HYHORSPHQW 6HUYLFHV 3ULRUWRVHOOLQJ3DUFHODQHDVHPHQWRYHU3DUFHOIRU LQJUHVVDQGHJUHVVDQGGUDLQDJHLQIDYRURI3DUFHOVDQG 3ULRUWRVHOOLQJ3DUFHODQHDVHPHQWRYHU3DUFHOIRU LQJUHVVDQGHJUHVVLQIDYRURI3DUFHOVDQG 7KHILQDOPDSVKDOOEHVXEPLWWHGWRWKH&LW\RI$QDKHLP3XEOLF:RUNV±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üééüúõðøïéïî ûèèûùôï÷îèîí éì øû ôíåûêøòíôîéíî êïéûúù ìðûâûôíè÷ð êïéûúù ûìèé öíçêìð÷ä øç ÷ð÷ï÷îèûêã êïéûúù ðûöó÷éèû ûìèé øç è éì ûîûô÷óïê÷éíêè øû éì êæìûêñ ïóïóéùûö÷ øû éì ìûêñóîõðíè øû êùð êùð êùð ùçì ùçì éì æûê øû æûê éì ïóððó÷éùíçîèêã æûê øû ñóèùô÷î õìû ûîûô÷óï éìî öûóêöó÷ðøóîî ëçûðóèãóîî úãïûêêóíèè ûîøéçóè÷é éì øû éì øêóæ÷èôêçê÷éèûçêûîè øû æíùûèóíîûðéùôííð éì øû ûîûô÷óïùûï÷ðíè óîîéçóè÷é éì øû ùûêíçé÷ðóîîéçóè÷é éì øû éì éãúêíîø÷îèûðéì÷ùóûèó÷é øû èêíìóùûîûóîî û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ ùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ éÍÇÈÔïÛÎÙÔ×ÉÈ×ÊûÆ×ÎÇ× ûèèûùôï÷îèîí ÷ð÷ï÷îèûêã û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ ùÍÎØÓÈÓÍÎÛÐçÉ×ì×ÊÏÓÈîÍ éÍÇÈÔïÛÎÙÔ×ÉÈ×ÊûÆ×ÎÇ×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³=RQLQJ3URYLVLRQV±*HQHUDO´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³%´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³1R3DUNLQJ$Q\7LPH´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üééüúõðøïéïî ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ úíûêøíöûìì÷ûðé¦ûìì÷ûðíöèô÷úçóðøóîõíööóùóûðé ø÷è÷êïóîûèóíîì÷êèûóîóîõèíúçóðøóîõì÷êïóèîí éÍÇÈÔåÛÐÎÇÈéÈÊ××È ûèèûùôï÷îèîí û×ÊÓÛÐìÔÍÈÍ ûÌÊÓÐ é×ÌÈ×ÏÚ×Ê ûìî éÇÚÒ×ÙÈìÊÍÌ×ÊÈÃ úíûêøíöûìì÷ûðé¦ûìì÷ûðíöèô÷úçóðøóîõíööóùóûðé ø÷è÷êïóîûèóíîì÷êèûóîóîõèíúçóðøóîõì÷êïóèîí éÍÇÈÔåÛÐÎÇÈéÈÊ××È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³:DOQXW0DQRU´ FDPSXVWKDWH[LVWHGRQWKLVVLWHSUHYLRXVO\7KHQHZPDLQEXLOGLQJFRQWDLQVUHVLGHQW,QGHSHQGHQW /LYLQJ8QLWVRQIORRUV7KLVSURMHFWZDVVXEPLWWHGWR\RXURIILFHLQ'HFHPEHUIRUSODQFKHFN UHYLHZDQGDEXLOGLQJSHUPLWIRUWKHPDLQEXLOGLQJ%/'* ZDVLVVXHGRQ$XJXVW XQGHUWKH&DOLIRUQLD%XLOGLQJ&RGH2IWKH5HVLGHQW,QGHSHQGHQW/LYLQJ8QLWVXQLWVFRQWDLQ D³8VKDSHG´.LWFKHQDQGXQLWVFRQWDLQDQ³/VKDSHG´.LWFKHQZLWKDQLVODQG7KH³/VKDSH´.LWFKHQ ZLWKWKHLVODQGLVZKHUHWKHVSHFLILFFOHDUDQFHLVVXHZDVEURXJKWWRRXUDWWHQWLRQDWWKLVSHULRGRIWKH FRQVWUXFWLRQVWDJH ,QFOXGHGZLWKWKLVOHWWHU,KDYHSURYLGHGDVDPSOH:DOQXW9LOODJHXQLWSODQZLWKWKH³/VKDSHG´NLWFKHQ 6HFWLRQ$.LWFKHQIURPWKH&DOLIRUQLD%XLOGLQJ&RGHDQG3DUW$8VHDEOH.LWFKHQVVHFWLRQ IURPWKH³)DLU+RXVLQJ$FW´'HVLJQ0DQXDOSURYLGHGE\WKH86'HSDUWPHQWRI+RXVLQJDQG8UEDQ 'HYHORSPHQW 7KH³8VKDSHG´.LWFKHQVZKHUHGHVLJQHGZLWKDPLQLPXP´FOHDUDQFHWRDOORZFOHDUIORRUVSDFHIRUDOO DSSOLDQFHVIL[WXUHVDQGFDELQHWVIDFHVDQGKDYHQRWEHHQDQLVVXHZLWKWKHLQVSHFWLRQV%RWK.LWFKHQ GHVLJQVDUHIXOO\DGDSWDEOHWKDWDOORZVIRUDUHPRYDEOHEDVHIDFHDQGWRHNLFNXQGHUWKHVLQN:KHQ GHVLJQLQJWKH³/VKDSH´.LWFKHQVZLWKWKHLVODQGZHIROORZHGWKHVSHFLILFJXLGHOLQHVRI6HFWLRQ$ ³&OHDU)ORRU6SDFH´RIWKH&%&WKDWUHTXLUHGD´[´FOHDUIORRUVSDFHWKDWDOORZVDSDUDOOHO DSSURDFKE\DSHUVRQLQDZKHHOFKDLUWRWKHUDQJHRUFRRNWRSDQGHLWKHUDSDUDOOHORUIRUZDUGDSSURDFKDW WKHRYHQGLVKZDVKHUDQGUHIULJHUDWRUIUHH]HU2XUFRQVWUXFWLRQGRFXPHQWVDOVRSURYLGHG´LQFKHV EHWZHHQWKHIDFHRIWKHEDVHZDOOFDELQHWVDQGWKHLVODQGFDELQHW:KHQWKHNLWFKHQVZHUHFRPSOHWHG ZLWKDOOWKHFDELQHWVLQVWDOOHGWKHDSSOLDQFHVLQVWDOOHGDQGDOORIWKHILQLVKHVFRPSOHWHGDQGWKHXQLWV UHDG\IRUPRYHLQWKHLQVSHFWRUPHDVXUHGVRPHWKLQJOHVVWKDQ´7KHLUFRQFHUQLVEDVHGRQWKHODVW VHQWHQFHRIWKHH[FHSWLRQLQ6HFWLRQ$³$PLQLPXPFOHDUVSDFHRI´VKDOOEHSURYLGHGLQDOORWKHU NLWFKHQGHVLJQV´7KLVRIILFHKDVFRPSOHWHGDILHOGVXUYH\RIWKHH[LVWLQJEXLOWFRQGLWLRQVIRUDOORIWKH XQLWVWKDWFRQWDLQWKH³/VKDSHG´NLWFKHQVDQGKDYHDWWDFKHGRXUILQGLQJVWRWKLVOHWWHU :HEHOLHYHWKDWZHKDYHPHWWKHUHTXLUHPHQWVRIWKH³&OHDU)ORRU6SDFH´IRUWKHVH³/VKDSHG´ NLWFKHQVSHUWKHLQWHQWRIWKH&%&,QIDFWZHDUHEH\RQGZKDWLVUHTXLUHGXQGHUWKH)HGHUDO*XLGHOLQHV ³)DLU+RXVLQJ$FW´WKDWLQGLFDWHV´PLQLPXPFOHDUDQFHVHHWKHDWWDFKPHQWLQFOXGHG 7KHVWDWHPHQWLQ WKHH[FHSWLRQRI6HFWLRQ$RIWKH³LQFKHVVKDOOEHSURYLGHGLQDOORWKHUNLWFKHQGHVLJQV´LVOHIWIRU LQWHUSUHWDWLRQDQGLVXQFOHDU2XULQWHUSUHWDWLRQRIWKHFRGHLVWKDWWKH´FOHDUUHTXLUHPHQWUHIHUVEDFN WRWKH´[´FOHDUVSDFHLQWKHRSHQLQJSDUDJUDSKRIWKHFRGHVHFWLRQ7KLVDUHDVRQDEOHLQWHUSUHWDWLRQ RIWKHFRGHEDVHGRQWKHIDFWWKDWVXFKDQLQWHUSUHWDWLRQZRXOGEHLQOLQHZLWKWKH)HGHUDO*XLGHOLQHVLWLV FRQVLVWHQWZLWKWKHFRGHSUDFWLFHRIH[FHSWLRQVUHIHUULQJWRWKHFRQGLWLRQH[SODLQHGLQWKHPDLQERG\RIWKH VHFWLRQWKDWWKHH[FHSWLRQLVDSDUWRIDQGLWLVFRQVLVWHQWZLWKWKHSXUSRVHRISDUDJUDSK$7KHUH LVYHU\OLWWOHLQWKHH[FHSWLRQRQZKLFKWREDVHWKHLGHDWKDWWKH´UHTXLUHPHQWDGGUHVVHVDQ\WKLQJRWKHU WKDQWKHFRQGLWLRQH[SOLFLWO\UHIHUUHGWRLQWKHPDLQSDUDJUDSKRIWKHVHFWLRQ%DVHGRQWKLVLQWHUSUHWDWLRQ DOORIRXUNLWFKHQVDUHLQFRPSOLDQFHDVHYHU\DSSOLDQFHDQGIL[WXUHKDVEHHQSURYLGHGZLWKD´[´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åûðîçèæóððûõ÷ñóèùô÷îóéðûîøùð÷ûêûîù÷é ÙÐ×ÛÊÖÛÙ×ÍÖÙÐ×ÛÊÖÛÙ×ÍÖ ÙÐ×ÛÊÖÛÙ×ÍÖÙÐ×ÛÊÖÛÙ×ÍÖ ØÓÉÔÅÛÉÔ×ÊÈÍÊ×ÖÊÓÕ×ÊÛÈÍÊÈÍ ÍÆ×ÎÈÍÖÛÙ×ÍÖØÊÛÅ×ÊÈÍÖÛÙ× ÖÛÙ×ÍÖØÊÛÅ×ÊÛÈÖÛÙ×ÍÖØÊÛÅ×ÊÛÈ ÛÌÌÐÓÛÎÙ×ÉÓÉÐÛÎØ÷éèÓÉÐÛÎØ÷éèØÊÛÅ×ÊÛÈÓÉÐÛÎØÍÖØÊÛÅ×ÊÛÈ ÓÎÉÈÛÐÐ×Øýø÷ìèôÿø÷ìèôÿ÷éèø÷ìèôÿ ÓÉÐÛÎØ çÎÓÈ ã îíê÷ö ÷éè ã ã ã îí÷éè ã ã ã îí÷éè÷éè îí÷éè÷éè îí÷éè ÷éè îí ÷éè÷éè îí ÷éè÷éè îí÷éè÷éè ÷éè ÷éè îí÷éè ÷éè îí ÷éè÷éè ÷éè îí÷éè ÷éè ã ã ã ã ã ã ã ã ã îíê÷ö÷éè ÷éè ÷éè îí÷éè÷éè îí÷éè÷éè îí÷éè÷éè îí÷éè÷éè ÷éè ÷éè îí÷éè÷éè ÷éè÷éè îí ÷éè ÷éè îí÷éè÷éè îí÷éè÷éè ÷éè÷éè îí÷éè îí ÷éè ÷éè îí ÷éè÷éè îí ÷éè ÷éè ã ã ã ã ã ã ã ã ã ã îí ÷éè÷éè ÷éè÷éè ã îí÷éè ÷éè îí÷éè÷éè ã îí÷éè÷éè ÷éè÷éè îí ÷éè÷éè ÷éè îí÷éè÷éè ÷éè ÷éè îí÷éè÷éè îí÷éè÷éè îí÷éè ÷éè ÷éè÷éè îí÷éè÷éè îí÷éè÷éè ¬±ªkÃ±±ÐÆÃªÃ±¸ªÃäÃÆª±¬ÃÆ ÆøÃÐ£ÃÆ_ÆÂ£`£ ¸ªÃi £Ãª£ÃªÃª 232/04 230-0. 23/+0. 23./00È/00 23-30-0/ 23-000 22410. 224/0. 223.04È/01 222300È/ 222/000- 22110/01 2204000.È/ 220-0. 220,03È/ 22.000È/00 22./00È/0.È/ 22-4000- 22-30/0/ 22-002 212300È/ 212/0/È/ 211100È/0/ 21040/ 210-0- 210,03È/ 21/0020/È/ 21//0- 21.0020/È/ 21./020/ 21-400È/0-È/ 21-30-03 21-003 Õª±Yª£ª£«±ÃªÃ«ªÃ£ªÆ£_ª Ük«ª´ª£ªÂ«2Ë244+ ±£øÆkÃ±ÃªÐÕøøÃÃ±«ÃªÃ£ªÃªÃªÐ£kÃ±ÃªÐÉ«ÃÛ£È244.43./,