lagen.nu
Sveriges internationella överenskommelser

2006 års sjöarbetskonvention, SÖ 2012:19

Beteckning
SÖ 2012:19
Typ
Sveriges internationella överenskommelser
Datum
2013-01-01

Sveriges internationella överenskommelser

ISSN 1102-3716

Utgiven av utrikesdepartementet

Nr 19

2006 års sjöarbetskonvention Genéve den 23 februari 2006

Regeringen beslutade den 4 april 2012 om anslutning till konventionen. Anslutningsinstrumentet deponerades den 12 juni 2012 hos ILO:s generaldirektör i Genéve. Konventionen har ännu inte trätt i kraft. Riksdagsbehandling: prop. 2011/12:35, bet. 2011/12:TU6, rskr. 2011/ 12:133.

Översättning Översättning 0/&0DULWLPH/DERXU&RQYHQWLRQ nUVVM|DUEHWVNRQYHQWLRQ

7KH *HQHUDO &RQIHUHQFH RI WKH ,QWHUQDWLRQDO ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQV /DERXU2UJDQL]DWLRQ KDYLQJEHHQFRQYHQHG DOOPlQQD NRQIHUHQV VRP KDU VDPPDQNDOODWV DW *HQHYD E\ WKH *RYHUQLQJ %RG\ RI WKH WLOO *HQqYH DY VW\UHOVHQ I|U ,QWHUQDWLRQHOOD ,QWHUQDWLRQDO/DERXU2IILFHDQGKDYLQJPHW DUEHWVE\UnQ RFK VDPODWV GlU GHQ IHEUXDUL LQ LWV 1LQHW\IRXUWK 6HVVLRQ RQ )HEUXDU\ WLOOVLWWQLWWLRIMlUGHP|WH DQG

GHVLULQJ WR FUHDWH D VLQJOH FRKHUHQW |QVNDU VNDSD HWW HQKHWOLJW VDPPDQKnOOHW LQVWUXPHQW HPERG\LQJ DV IDU DV SRVVLEOH DOO LQVWUXPHQW VRP Vn OnQJW P|MOLJW LQQHIDWWDU XSWRGDWH VWDQGDUGV RI H[LVWLQJ LQWHUQD DOOD DNWXHOOD VWDQGDUGHU L JlOODQGH LQWHUQD WLRQDO PDULWLPH ODERXU &RQYHQWLRQV DQG WLRQHOOD NRQYHQWLRQHU RFK UHNRPPHQGD 5HFRPPHQGDWLRQV DV ZHOO DV WKH IXQGD WLRQHU RP DUEHWH WLOO VM|VV RFK GH JUXQG PHQWDO SULQFLSOHV WR EH IRXQG LQ RWKHU OlJJDQGHSULQFLSHUVRPILQQVLDQGUDLQWHUQD LQWHUQDWLRQDO ODERXU &RQYHQWLRQV LQ WLRQHOOD DUEHWVNRQYHQWLRQHU RFK VlUVNLOW L SDUWLFXODU I|OMDQGH

²WKH)RUFHG/DERXU&RQYHQWLRQ1R ².RQYHQWLRQ QU RP WYnQJV HOOHU REOLJDWRULVNWDUEHWH

²WKH )UHHGRP RI $VVRFLDWLRQ DQG 3URWHF ².RQYHQWLRQ QU RP I|UHQLQJVIULKHW WLRQ RI WKH 5LJKW WR 2UJDQLVH &RQYHQWLRQ RFKVN\GGI|URUJDQLVDWLRQVUlWWHQ 1R

²WKH 5LJKW WR 2UJDQLVH DQG &ROOHFWLYH ².RQYHQWLRQ QU RP RUJDQLVDWLRQV %DUJDLQLQJ&RQYHQWLRQ1R UlWWHQRFKGHQNROOHNWLYDI|UKDQGOLQJVUlWWHQ

²WKH (TXDO 5HPXQHUDWLRQ &RQYHQWLRQ ².RQYHQWLRQQURPOLNDO|Q 1R

²WKH $EROLWLRQ RI )RUFHG /DERXU ².RQYHQWLRQ QU RP DYVNDIIDQGH DY &RQYHQWLRQ1R WYnQJVDUEHWH

²WKH 'LVFULPLQDWLRQ (PSOR\PHQW DQG ².RQYHQWLRQ QU RP GLVNULPLQHULQJ 2FFXSDWLRQ&RQYHQWLRQ1R DQVWlOOQLQJRFK\UNHVXW|YQLQJ

²WKH 0LQLPXP $JH &RQYHQWLRQ ².RQYHQWLRQ QU RP PLQLPLnOGHU 1R

²WKH :RUVW )RUPV RI &KLOG /DERXU ².RQYHQWLRQ QU RP GH YlUVWD &RQYHQWLRQ1RDQG IRUPHUQDDYEDUQDUEHWH

PLQGIXO RI WKH FRUH PDQGDWH RI WKH lU PHGYHWHQ RP RUJDQLVDWLRQHQV FHQWUDOD 2UJDQL]DWLRQ ZKLFK LV WR SURPRWH GHFHQW PDQGDW DWW IUlPMD DQVWlQGLJD DUEHWV FRQGLWLRQVRIZRUNDQG I|UKnOODQGHQ

UHFDOOLQJ WKH ,/2 'HFODUDWLRQ RQ HULQUDU RP ,/2V GHNODUDWLRQ RP )XQGDPHQWDO3ULQFLSOHVDQG5LJKWVDW:RUN JUXQGOlJJDQGH SULQFLSHU RFK UlWWLJKHWHU L DQG DUEHWVOLYHW

2 Översättning i enlighet med den i prop. 2011/12:35 intagna texten.

PLQGIXO DOVR WKDW VHDIDUHUV DUH FRYHUHG E\ lU PHGYHWHQ RP DWW VM|PlQ RPIDWWDV DY

WKH SURYLVLRQV RI RWKHU ,/2 LQVWUXPHQWV EHVWlPPHOVHUQDLDQGUD,/2LQVWUXPHQWRFK DQG KDYH RWKHU ULJKWV ZKLFK DUH HVWDEOLVKHG KDU DQGUD UlWWLJKHWHU VRP IDVWVWlOOWV VRP DV IXQGDPHQWDO ULJKWV DQG IUHHGRPV JUXQGOlJJDQGH UlWWLJKHWHU RFK IULKHWHU I|U DSSOLFDEOHWRDOOSHUVRQVDQG DOODPlQQLVNRU

FRQVLGHULQJ WKDW JLYHQ WKH JOREDO QDWXUH RI DQVHU DWW VM|PlQ PHG KlQV\Q WLOO VM|IDUWV WKHVKLSSLQJLQGXVWU\VHDIDUHUVQHHGVSHFLDO QlULQJHQV JOREDOD QDWXU EHK|YHU VlUVNLOW SURWHFWLRQDQG VN\GG

PLQGIXO DOVR RI WKH LQWHUQDWLRQDO VWDQGDUGV lU RFNVn PHGYHWHQ RP GH LQWHUQDWLRQHOOD RQ VKLS VDIHW\ KXPDQ VHFXULW\ DQG TXDOLW\ VWDQGDUGHU I|U IDUW\JV VlNHUKHW PlQQLVNRUV VKLS PDQDJHPHQW LQ WKH ,QWHUQDWLRQDO WU\JJKHWVDPWJRGIDUW\JVGULIWRFKXQGHUKnOO &RQYHQWLRQ IRU WKH 6DIHW\ RI /LIH DW 6HD VRPILQQVLnUVLQWHUQDWLRQHOODNRQYHQ DV DPHQGHG WKH &RQYHQWLRQ RQ WKH WLRQRPVlNHUKHWHQI|UPlQQLVNROLYWLOOVM|VV ,QWHUQDWLRQDO 5HJXODWLRQV IRU 3UHYHQWLQJ PHG lQGULQJDU nUV NRQYHQWLRQ RP &ROOLVLRQVDW6HDDVDPHQGHGDQGWKH LQWHUQDWLRQHOOD UHJOHU WLOO I|UKLQGUDQGH DY VHDIDUHU WUDLQLQJ DQG FRPSHWHQF\ UHTXLUH NROOLVLRQHU WLOO VM|VV PHG lQGULQJDU RFK PHQWV LQ WKH ,QWHUQDWLRQDO &RQYHQWLRQ RQ NUDYHQ Sn XWELOGQLQJ RFK NRPSHWHQV L GHQ 6WDQGDUGV RI 7UDLQLQJ &HUWLILFDWLRQ DQG LQWHUQDWLRQHOODNRQYHQWLRQHQRPQRUPHUI|U :DWFKNHHSLQJ IRU 6HDIDUHUV DV VM|IRONV XWELOGQLQJ FHUWLILHULQJ RFK DPHQGHGDQG YDNWKnOOQLQJPHGlQGULQJDU

UHFDOOLQJ WKDW WKH 8QLWHG 1DWLRQV HULQUDU RP DWW )|UHQWD QDWLRQHUQDV &RQYHQWLRQ RQ WKH /DZ RI WKH 6HD KDYVUlWWVNRQYHQWLRQIUnQIDVWVWlOOHUHQ VHWV RXW D JHQHUDO OHJDO IUDPHZRUN ZLWKLQ DOOPlQ UlWWVOLJ UDP LQRP YLONHQ DOO ZKLFK DOO DFWLYLWLHV LQ WKH RFHDQV DQG VHDV YHUNVDPKHW Sn RFHDQHU RFK KDY PnVWH PXVW EH FDUULHG RXW DQG LV RI VWUDWHJLF EHGULYDV RFK lU DY VWUDWHJLVN EHW\GHOVH VRP LPSRUWDQFHDVWKHEDVLVIRUQDWLRQDOUHJLRQDO HQJUXQGI|UQDWLRQHOOWUHJLRQDOWRFKJOREDOW DQG JOREDO DFWLRQ DQG FRRSHUDWLRQ LQ WKH KDQGODQGH RFK VDPDUEHWH L VM|IDUWVVHNWRUQ PDULQHVHFWRUDQGWKDWLWVLQWHJULW\QHHGVWR RFKDWWGHVVLQWHJULWHWPnVWHEHYDUDV EHPDLQWDLQHGDQG

UHFDOOLQJ WKDW $UWLFOH RI WKH 8QLWHG HULQUDU RP DWW DUWLNHO L )|UHQWD 1DWLRQV&RQYHQWLRQRQWKH/DZRIWKH6HD QDWLRQHUQDV KDYVUlWWVNRQYHQWLRQ IDVW HVWDEOLVKHV WKH GXWLHV DQG REOLJDWLRQV VWlOOHU IODJJVWDWHQV XSSJLIWHU RFK VN\OGLJ RI D IODJ 6WDWH ZLWK UHJDUG WR LQWHU DOLD KHWHU LIUnJD RP EOD DUEHWVI|UKnOODQGHQD ODERXU FRQGLWLRQV FUHZLQJ DQG VRFLDO EHPDQQLQJHQRFKGHQVRFLDODVLWXDWLRQHQSn PDWWHUVRQVKLSVWKDWIO\LWVIODJDQG IDUW\JVRPI|UGHVVIODJJ

UHFDOOLQJ SDUDJUDSK RI DUWLFOH RI WKH HULQUDU RP DUWLNHO SXQNW L &RQVWLWXWLRQ RI WKH ,QWHUQDWLRQDO /DERXU ,QWHUQDWLRQHOODDUEHWVRUJDQLVDWLRQHQVVWDGJD 2UJDQLVDWLRQZKLFKSURYLGHVWKDWLQQRFDVH HQOLJW YLONHQ GHW IDNWXP DWW NRQIHUHQVHQ VKDOO WKH DGRSWLRQ RI DQ\ &RQYHQWLRQ RU DQWDU HQ NRQYHQWLRQ HOOHU UHNRPPHQGDWLRQ 5HFRPPHQGDWLRQE\WKH&RQIHUHQFHRUWKH HOOHU DWW HQ PHGOHPVVWDW UDWLILFHUDU HQ UDWLILFDWLRQ RI DQ\ &RQYHQWLRQ E\ DQ\ NRQYHQWLRQ XQGHU LQJD I|UKnOODQGHQ VNDOO 0HPEHUEHGHHPHGWRDIIHFWDQ\ODZDZDUG DQVHVSnYHUNDODJGRPEUXNHOOHUDYWDOVRP FXVWRP RU DJUHHPHQW ZKLFK HQVXUHV PRUH WLOOI|UVlNUDU GH EHU|UGD VM|PlQQHQ ElWWUH IDYRXUDEOH FRQGLWLRQV WR WKH ZRUNHUV YLOONRUlQYDGVRPI|UHVNULYVLNRQYHQWLRQHQ FRQFHUQHG WKDQ WKRVH SURYLGHG IRU LQ WKH HOOHUUHNRPPHQGDWLRQHQ &RQYHQWLRQRU5HFRPPHQGDWLRQDQG

GHWHUPLQHG WKDWWKLVQHZLQVWUXPHQWVKRXOG KDU EHVOXWDW DWW GHWWD Q\D LQVWUXPHQW VNDOO EH GHVLJQHG WR VHFXUH WKH ZLGHVW SRVVLEOH XWIRUPDV Vn DWW GHW QnU VW|UVWD P|MOLJD

DFFHSWDELOLW\ DPRQJ JRYHUQPHQWV VKLS DFFHSWDQV EODQG UHJHULQJDU UHGDUH RFK

RZQHUV DQG VHDIDUHUV FRPPLWWHG WR WKH VM|PlQ VRP K\OODU SULQFLSHUQD I|U HWW SULQFLSOHVRIGHFHQWZRUNWKDWLWVKRXOGEH DQVWlQGLJWDUEHWHVDPWDWWGHWVNDOOYDUDOlWW UHDGLO\ XSGDWHDEOH DQG WKDW LW VKRXOG OHQG DWW XSSGDWHUD RFK DWW JHQRPI|UD RFK LWVHOI WR HIIHFWLYH LPSOHPHQWDWLRQ DQG WLOOlPSDHIIHNWLYW HQIRUFHPHQWDQG

KDYLQJGHFLGHG XSRQWKHDGRSWLRQRIFHUWDLQ KDU EHVOXWDW DQWD YLVVD I|UVODJ I|U DWW SURSRVDOV IRU WKH UHDOL]DWLRQ RI VXFK DQ JHQRPI|UD HWW VnGDQW LQVWUXPHQW YLONHW lU LQVWUXPHQW ZKLFK LV WKH RQO\ LWHP RQ WKH GHWHQGDlUHQGHWSnP|WHWVGDJRUGQLQJ DJHQGDRIWKHVHVVLRQDQG

KDYLQJ GHWHUPLQHGWKDWWKHVHSURSRVDOVVKDOO KDU EHVOXWDW DWW GHVVD I|UVODJ VNDOO XWIRUPDV WDNH WKH IRUP RI DQ LQWHUQDWLRQDO VRPHQLQWHUQDWLRQHOONRQYHQWLRQRFK &RQYHQWLRQ

DGRSWV WKLVWZHQW\WKLUGGD\RI)HEUXDU\RI DQWDU GHQQD GDJ GHQ IHEUXDUL WKH\HDUWZRWKRXVDQGDQGVL[WKHIROORZLQJ I|OMDQGHNRQYHQWLRQVRPNDQNDOODVnUV &RQYHQWLRQ ZKLFK PD\ EH FLWHG DV WKH VM|DUEHWVNRQYHQWLRQ 0DULWLPH/DERXU&RQYHQWLRQ

*HQHUDO2EOLJDWLRQV $OOPlQQDVN\OGLJKHWHU

$UWLFOH, $UWLNHO,

(DFK 0HPEHU ZKLFK UDWLILHV WKLV 9DUMH PHGOHPVVWDW VRP UDWLILFHUDU GHQQD &RQYHQWLRQ XQGHUWDNHV WR JLYH FRPSOHWH NRQYHQWLRQ nWDU VLJ DWW WLOOlPSD EHVWlP HIIHFWWRLWVSURYLVLRQVLQWKHPDQQHUVHWRXW PHOVHUQD L GHQ IXOOW XW Sn GHW VlWW VRP LQ$UWLFOH9,LQRUGHUWRVHFXUHWKHULJKWRI IDVWVWlOOV L DUWLNHO 9, Vn DWW DOOD VM|PlQ DOOVHDIDUHUVWRGHFHQWHPSOR\PHQW WLOOI|UVlNUDVUlWWWLOOHQDQVWlQGLJDQVWlOOQLQJ

0HPEHUVVKDOOFRRSHUDWHZLWKHDFKRWKHU 0HGOHPVVWDWHUQD VNDOO VDPDUEHWD PHG IRU WKH SXUSRVH RI HQVXULQJ WKH HIIHFWLYH YDUDQGUDVnDWWGHQQDNRQYHQWLRQJHQRPI|UV LPSOHPHQWDWLRQ DQG HQIRUFHPHQW RI WKLV RFKWLOOlPSDVHIIHNWLYW &RQYHQWLRQ

'HILQLWLRQVDQG6FRSHRI$SSOLFDWLRQ 'HILQLWLRQHURFKWLOOlPSQLQJVRPUnGH

$UWLFOH,, $UWLNHO,,

)RU WKH SXUSRVH RI WKLV &RQYHQWLRQ DQG 2PLQWHDQQDWI|OMHUDYVlUVNLOGDEHVWlP XQOHVV SURYLGHG RWKHUZLVH LQ SDUWLFXODU PHOVHUDQYlQGVLGHQQDNRQYHQWLRQI|OMDQGH SURYLVLRQVWKHWHUP EHWHFNQLQJDU PHG GH EHW\GHOVHU VRP KlU DQJHV

DFRPSHWHQWDXWKRULW\PHDQVWKHPLQLVWHU DEHK|ULJ P\QGLJKHW PLQLVWHU UHJHULQJV JRYHUQPHQW GHSDUWPHQW RU RWKHU DXWKRULW\ RUJDQHOOHUDQQDQP\QGLJKHWVRPlUEHK|ULJ KDYLQJ SRZHU WR LVVXH DQG HQIRUFH DWW XWIlUGD RFK JHQRPGULYD EHVWlPPHOVHU UHJXODWLRQV RUGHUV RU RWKHU LQVWUXFWLRQV RUGHU HOOHU DQGUD LQVWUXNWLRQHU PHG ODJD KDYLQJ WKH IRUFH RI ODZ LQ UHVSHFW RI WKH NUDIW LQRP GHW VDNRPUnGH GHQ EHU|UGD VXEMHFWPDWWHURIWKHSURYLVLRQFRQFHUQHG EHVWlPPHOVHQDYVHU

EGHFODUDWLRQ RI PDULWLPH ODERXU FRPSOL EI|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG DQFH PHDQV WKH GHFODUDWLRQ UHIHUUHG WR LQ VM|DUEHWVNRQYHQWLRQHQGHQGHNODUDWLRQVRP

5HJXODWLRQ DYVHVLUHJHO

F JURVV WRQQDJH PHDQV WKH JURVV WRQQDJH FEUXWWRGUlNWLJKHW EUXWWRWRQQDJHW FDOFXODWHG LQ DFFRUGDQFH ZLWK WKH WRQQDJH EHUlNQDWHQOLJWEHVWlPPHOVHUQDI|UPlWQLQJ PHDVXUHPHQW UHJXODWLRQV FRQWDLQHG LQ DY WRQQDJH L ELODJD , WLOO ,QWHUQDWLRQDO $QQH[,WRWKH,QWHUQDWLRQDO&RQYHQWLRQRQ &RQYHQWLRQ RQ 7RQQDJH 0HDVXUHPHQW RI 7RQQDJH 0HDVXUHPHQW RI 6KLSV RU 6KLSV HOOHU HYHQWXHOOD HIWHUI|OMDUH WLOO DQ\VXFFHVVRU&RQYHQWLRQIRUVKLSVFRYHUHG GHQ NRQYHQWLRQHQ I|U IDUW\J VRP RPIDWWDV E\ WKH WRQQDJH PHDVXUHPHQW LQWHULP DYGHQSURYLVRULVNDRUGQLQJI|UPlWQLQJDY VFKHPH DGRSWHG E\ WKH ,QWHUQDWLRQDO GUlNWLJKHW VRP ,QWHUQDWLRQHOOD VM|IDUWV 0DULWLPH2UJDQL]DWLRQWKHJURVVWRQQDJHLV RUJDQLVDWLRQHQDQWDJLWlUEUXWWRGUlNWLJKHWHQ WKDW ZKLFK LV LQFOXGHG LQ WKH 5(0$5.6 GHWVRPLQJnULNROXPQHQ5(0$5.6LGHW FROXPQ RI WKH ,QWHUQDWLRQDO 7RQQDJH LQWHUQDWLRQHOODPlWEUHYHW &HUWLILFDWH

G PDULWLPH ODERXU FHUWLILFDWH PHDQV WKH GVM|DUEHWVFHUWLILNDW GHW FHUWLILNDW VRP FHUWLILFDWHUHIHUUHGWRLQ5HJXODWLRQ DYVHVLUHJHO

H UHTXLUHPHQWV RI WKLV &RQYHQWLRQ UHIHUV H I|UHVNULIWHU HQOLJW GHQQD NRQYHQWLRQ WRWKHUHTXLUHPHQWVLQWKHVH$UWLFOHVDQGLQ NUDY HQOLJW GHVVD DUWLNODU RFK UHJOHU RFK WKH5HJXODWLRQVDQG3DUW$RIWKH&RGHRI HQOLJWGHO$LNRGHQLGHQQDNRQYHQWLRQ WKLV&RQYHQWLRQ

I VHDIDUHU PHDQV DQ\ SHUVRQ ZKR LV IVM|PDQ YDUMH SHUVRQ VRP lU DQVWlOOG HPSOR\HG RU HQJDJHG RU ZRUNV LQ DQ\ V\VVHOVDWW HOOHU DUEHWDU L QnJRQ IXQNWLRQ FDSDFLW\ RQ ERDUG D VKLS WR ZKLFK WKLV RPERUG Sn HWW IDUW\J Sn YLONHW GHQQD &RQYHQWLRQDSSOLHV NRQYHQWLRQlUWLOOlPSOLJ

JVHDIDUHUV HPSOR\PHQW DJUHHPHQW JVM|PDQV DQVWlOOQLQJVDYWDO LQQHIDWWDU LQFOXGHVERWKDFRQWUDFWRIHPSOR\PHQWDQG EnGH HWW DQVWlOOQLQJVNRQWUDNW RFK HWW DUWLFOHVRIDJUHHPHQW DQVWlOOQLQJVDYWDO

K VHDIDUHU UHFUXLWPHQW DQG SODFHPHQW KVM|PDQVI|UPHGOLQJ YDUMH SHUVRQ VHUYLFHPHDQVDQ\SHUVRQFRPSDQ\LQVWLWX I|UHWDJ LQVWLWXWLRQ DJHQWXU HOOHU DQQDQ WLRQ DJHQF\ RU RWKHU RUJDQL]DWLRQ LQ WKH RUJDQLVDWLRQ L GHQ RIIHQWOLJD HOOHU SULYDWD SXEOLF RU WKH SULYDWH VHFWRU ZKLFK LV VHNWRUQ VRP V\VVODU PHG UHNU\WHULQJ DY HQJDJHG LQUHFUXLWLQJVHDIDUHUVRQ EHKDOI RI VM|PDQSnXSSGUDJDYUHGDUHHOOHUI|UPHGODU VKLSRZQHUV RU SODFLQJ VHDIDUHUV ZLWK VM|PDQWLOOUHGDUH VKLSRZQHUV

LVKLSPHDQVDVKLSRWKHUWKDQRQHZKLFK L IDUW\J HWW IDUW\J VRP LQWH QDYLJHUDU QDYLJDWHV H[FOXVLYHO\ LQ LQODQG ZDWHUV RU HQEDUWLLQODQGVIDUYDWWHQLYDWWHQLQRPHOOHU ZDWHUV ZLWKLQ RU FORVHO\ DGMDFHQW WR QlUDVN\GGDGHIDUYDWWHQHOOHULRPUnGHQGlU VKHOWHUHG ZDWHUV RU DUHDV ZKHUH SRUW KDPQUHJOHUJlOOHU UHJXODWLRQVDSSO\

M VKLSRZQHU PHDQV WKH RZQHU RI WKH VKLS MUHGDUH IDUW\JHWV lJDUH HOOHU DQQDQ RU DQRWKHU RUJDQL]DWLRQ RU SHUVRQ VXFK DV RUJDQLVDWLRQHOOHUSHUVRQVnVRPHQPDQDJHU WKH PDQDJHU DJHQW RU EDUHERDW FKDUWHUHU DJHQWHOOHUWLGVEHIUDNWDUHVRPKDU|YHUWDJLW ZKR KDV DVVXPHG WKH UHVSRQVLELOLW\ IRU WKH DQVYDUHW I|U IDUW\JHWV GULIW IUnQ lJDUHQ RFK RSHUDWLRQ RI WKH VKLS IURP WKH RZQHU DQG VRP YLG |YHUWDJDQGHW DY GHWWD DQVYDU KDU ZKR RQ DVVXPLQJ VXFK UHVSRQVLELOLW\ KDV JnWW PHG Sn DWW WD |YHU GHW DQVYDU RFK GH DJUHHG WR WDNH RYHU WKH GXWLHV DQG VN\OGLJKHWHUVRPYLODUSnUHGDUHHQOLJWGHQQD UHVSRQVLELOLWLHV LPSRVHG RQ VKLSRZQHUV LQ NRQYHQWLRQ REHURHQGH DY RP QnJRQ DQQDQ

DFFRUGDQFHZLWKWKLV&RQYHQWLRQUHJDUGOHVV RUJDQLVDWLRQ HOOHU SHUVRQ WDU YLVVW DQVYDU

RI ZKHWKHU DQ\ RWKHU RUJDQL]DWLRQ RU HOOHUXSSI\OOHUYLVVDVN\OGLJKHWHUSnXSSGUDJ SHUVRQV IXOILO FHUWDLQ RI WKH GXWLHV RU DYUHGDUHQ UHVSRQVLELLWLHVRQEHKDOIRIWKHVKLSRZQHU

([FHSW DV H[SUHVVO\ SURYLGHG RWKHUZLVH 2P LQWH DQQDW XWWU\FNOLJHQ I|UHVNULYV lU WKLV&RQYHQWLRQDSSOLHVWRDOOVHDIDUHUV GHQQDNRQYHQWLRQWLOOlPSOLJSnDOODVM|PlQ

,Q WKH HYHQW RI GRXEW DV WR ZKHWKHU DQ\ 9LG WYHNVDPKHW VNDOO IUnJDQ KXUXYLGD FDWHJRULHV RI SHUVRQV DUH WR EH UHJDUGHG DV NDWHJRULHU DY SHUVRQHU VNDOO EHWUDNWDV VRP VHDIDUHUV IRU WKH SXUSRVH RI WKLV &RQYHQ VM|PDQ HQOLJW GHQQD NRQYHQWLRQ DYJ|UDV DY WLRQWKHTXHVWLRQVKDOOEHGHWHUPLQHGE\WKH GHQEHK|ULJDP\QGLJKHWHQLYDUMHPHGOHPV FRPSHWHQW DXWKRULW\ LQ HDFK 0HPEHU DIWHU VWDWVODQG HIWHU VDPUnG PHG EHU|UGD UHGDU FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG RFKVM|IRONVRUJDQLVDWLRQHU VHDIDUHUVRUJDQL]DWLRQVFRQFHUQHG ZLWKWKLV TXHVWLRQ

([FHSW DV H[SUHVVO\ SURYLGHG RWKHUZLVH 2P LQWH DQQDW XWWU\FNOLJHQ I|UHVNULYV lU WKLV&RQYHQWLRQDSSOLHVWRDOOVKLSVZKHWKHU GHQQD NRQYHQWLRQ WLOOlPSOLJ Sn DOOD IDUW\J SXEOLFO\ RU SULYDWHO\ RZQHG RUGLQDULO\ RIIHQWOLJ HOOHU SULYDWlJGD VRP QRUPDOW HQJDJHGLQFRPPHUFLDODFWLYLWLHVRWKHUWKDQ DQYlQGV L NRPPHUVLHOO YHUNVDPKHW GRFN VKLSV HQJDJHG LQ ILVKLQJ RU LQ VLPLODU LQWH VnGDQD IDUW\J VRP DQYlQGV I|U ILVNH SXUVXLWV DQG VKLSV RI WUDGLWLRQDO EXLOG VXFK HOOHU OLNQDQGH lQGDPnO RFK WUDGLWLRQHOOW DV GKRZV DQG MXQNV 7KLV &RQYHQWLRQ GRHV E\JJGD IDUW\J VRP GKRZHU RFK GMRQNHU QRWDSSO\WRZDUVKLSVRUQDYDODX[LOLDULHV .RQYHQWLRQHQ lU LQWH WLOOlPSOLJ Sn |UORJV IDUW\JHOOHU|UORJVIORWWDQVKMlOSIDUW\J

,QWKHHYHQWRIGRXEWDVWRZKHWKHUWKLV 9LG WYHNVDPKHW KXUXYLGD GHQQD NRQYHQ &RQYHQWLRQ DSSOLHV WR D VKLS RU SDUWLFXODU WLRQ lU WLOOlPSOLJ Sn HWW IDUW\J HOOHU HQ FDWHJRU\ RI VKLSV WKH TXHVWLRQ VKDOO EH VlUVNLOG NDWHJRUL DY IDUW\J VNDOO IUnJDQ GHWHUPLQHG E\ WKH FRPSHWHQW DXWKRULW\ LQ DYJ|UDV DY GHQ EHK|ULJD P\QGLJKHWHQ L HDFK 0HPEHU DIWHU FRQVXOWDWLRQ ZLWK WKH UHVSHNWLYH PHGOHPVVWDW HIWHU VDPUnG PHG VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV EHU|UGDUHGDURFKVM|IRONVRUJDQLVDWLRQHU FRQFHUQHG

:KHUH WKH FRPSHWHQW DXWKRULW\ GHWHU 2PGHQEHK|ULJDP\QGLJKHWHQIDVWVWlOOHU PLQHV WKDW LW ZRXOG QRW EH UHDVRQDEOH RU DWW GHW YLG GHQ DNWXHOOD WLGSXQNWHQ LQWH SUDFWLFDEOH DW WKH SUHVHQW WLPH WR DSSO\ VNXOOH YDUD ULPOLJW HOOHU P|MOLJW DWW WLOOlPSD FHUWDLQ GHWDLOV RI WKH &RGH UHIHUUHG WR LQ YLVVD PRPHQW L GHQ NRG VRP DYVHV L DUWLNHO $UWLFOH 9, SDUDJUDSK WR D VKLS RU 9, SXQNW Sn HWW IDUW\J HOOHU VlUVNLOGD SDUWLFXODUFDWHJRULHVRIVKLSVIO\LQJWKHIODJ NDWHJRULHUDYIDUW\JVRPI|UPHGOHPVVWDWHQV RI WKH 0HPEHU WKH UHOHYDQW SURYLVLRQV RI IODJJ VNDOO GHVVD GHODU DY NRGHQ LQWH WKH&RGHVKDOOQRWDSSO\WRWKHH[WHQWWKDW WLOOlPSDVLGHQPnQIUnJDQKDQWHUDVSnDQQDW WKH VXEMHFW PDWWHU LV GHDOW ZLWK GLIIHUHQWO\ VlWWLQDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDU E\QDWLRQDOODZVRUUHJXODWLRQVRUFROOHFWLYH HOOHU NROOHNWLYDYWDO (WW VnGDQW EHVOXW InU EDUJDLQLQJ DJUHHPHQWV RU RWKHU PHDVXUHV HQGDVWWDVLVDPUnGPHGEHU|UGDUHGDURFK 6XFK D GHWHUPLQDWLRQ PD\ RQO\ EH PDGH LQ VM|IRONVRUJDQLVDWLRQHU RFK InU HQGDVW JlOOD FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG IDUW\J PHG PLQGUH lQ WRQV EUXWWR VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG DQG PD\ GUlNWLJKHWVRPLQWHDQYlQGVLLQWHUQDWLRQHOO RQO\ EH PDGH ZLWK UHVSHFW WR VKLSV RI OHVV VM|IDUW WKDQ JURVV WRQQDJH QRW HQJDJHG LQ LQWHUQDWLRQDOYR\DJHV

$Q\ GHWHUPLQDWLRQV PDGH E\ D 0HPEHU 9DUMH EHVOXW VRP HQ PHGOHPVVWDW WDU

XQGHU SDUDJUDSK RU RU RI WKLV $UWLFOH HQOLJWSXQNWHOOHULGHQQDDUWLNHOVNDOO VKDOO EH FRPPXQLFDWHG WR WKH 'LUHFWRU PHGGHODV WLOO ,QWHUQDWLRQHOOD DUEHWVE\UnQV *HQHUDORIWKH,QWHUQDWLRQDO/DERXU2IILFH JHQHUDOGLUHNW|U VRP VNDOO XQGHUUlWWD ZKR VKDOO QRWLI\ WKH 0HPEHUV RI WKH RUJDQLVDWLRQHQVPHGOHPVVWDWHU 2UJDQL]DWLRQ

8QOHVV H[SUHVVO\ SURYLGHG RWKHUZLVH D 2P LQWH DQQDW XWWU\FNOLJHQ I|UHVNULYV UHIHUHQFH WR WKLV &RQYHQWLRQ FRQVWLWXWHV DW XWJ|U HQ KlQYLVQLQJ WLOO GHQQD NRQYHQWLRQ WKHVDPHWLPHDUHIHUHQFHWRWKH5HJXODWLRQV VDPWLGLJW HQ KlQYLVQLQJ WLOO UHJOHUQD RFK DQGWKH&RGH NRGHQ

)XQGDPHQWDO5LJKWVDQG3ULQFLSOHV *UXQGOlJJDQGHUlWWLJKHWHURFK SULQFLSHU

$UWLFOH,,, $UWLNHO,,,

(DFK 0HPEHU VKDOO VDWLVI\ LWVHOI WKDW WKH 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW EHVWlP SURYLVLRQVRILWVODZDQGUHJXODWLRQVUHVSHFW PHOVHUQDLGHVVODJDURFKDQGUDI|UIDWWQLQJDU LQ WKH FRQWH[W RI WKLV &RQYHQWLRQ WKH VRP VW\UV DY GHQQD NRQYHQWLRQ UHVSHNWHUDU IXQGDPHQWDOULJKWVWR I|OMDQGHJUXQGOlJJDQGHUlWWLJKHWHU

DIUHHGRPRIDVVRFLDWLRQDQGWKHHIIHFWLYH D I|UHQLQJVIULKHW RFK IDNWLVNW HUNlQQDQGH UHFRJQLWLRQ RI WKH ULJKW WR FROOHFWLYH DYUlWWHQDWWVOXWDNROOHNWLYDYWDO EDUJDLQLQJ

EWKHHOLPLQDWLRQRIDOOIRUPVRIIRUFHGRU EHOLPLQHULQJ DY DOOD IRUPHU DY WYnQJV FRPSXOVRU\ODERXU HOOHUREOLJDWRULVNWDUEHWH

F WKH HIIHFWLYH DEROLWLRQ RI FKLOG ODERXU FIDNWLVNWDYVNDIIDQGHDYEDUQDUEHWHRFK DQG

G WKH HOLPLQDWLRQ RI GLVFULPLQDWLRQ LQ G DYVNDIIDQGH DY GLVNULPLQHULQJ QlU GHW UHVSHFWRIHPSOR\PHQWDQGRFFXSDWLRQ JlOOHUDQVWlOOQLQJRFKV\VVHOVlWWQLQJ

6HDIDUHUV (PSOR\PHQW DQG 6RFLDO 6M|PDQV DQVWlOOQLQJ RFK VRFLDOD 5LJKWV UlWWLJKHWHU

$UWLFOH,9 $UWLNHO,9

(YHU\VHDIDUHUKDVWKHULJKWWRDVDIHDQG $OODVM|PlQKDUUlWWWLOOHQVlNHURFKWU\JJ VHFXUH ZRUNSODFH WKDW FRPSOLHV ZLWK VDIHW\ DUEHWVSODWVVRPXSSI\OOHUVlNHUKHWVQRUPHU VWDQGDUGV

(YHU\VHDIDUHUKDVDULJKWWRIDLUWHUPVRI $OOD VM|PlQ KDU UlWW WLOO VNlOLJD HPSOR\PHQW DQVWlOOQLQJVYLOONRU

(YHU\ VHDIDUHU KDV D ULJKW WR GHFHQW $OODVM|PlQKDUUlWWWLOODQVWlQGLJDDUEHWV ZRUNLQJ DQG OLYLQJ FRQGLWLRQV RQ ERDUG RFKOHYQDGVI|UKnOODQGHQSnIDUW\J VKLS

(YHU\ VHDIDUHU KDV D ULJKW WR KHDOWK $OOD VM|PlQ KDU UlWW WLOO KlOVR RFK

SURWHFWLRQ PHGLFDO FDUH ZHOIDUH PHDVXUHV VMXNYnUG YlOIlUGVnWJlUGHU RFK DQGUD IRUPHU

DQGRWKHUIRUPVRIVRFLDOSURWHFWLRQ DYVRFLDOWVN\GG

(DFK 0HPEHU VKDOO HQVXUH ZLWKLQ WKH 9DUMH PHGOHPVVWDW VNDOO LQRP VLQ OLPLWV RI LWV MXULVGLFWLRQ WKDW WKH VHDIDUHUV MXULVGLNWLRQVHWLOODWWVM|PlQQHQVUlWWLJKHWHU HPSOR\PHQWDQGVRFLDOULJKWVVHWRXWLQWKH LDQVWlOOQLQJVRFKVRFLDODKlQVHHQGHQHQOLJW SUHFHGLQJSDUDJUDSKVRIWKLV$UWLFOHDUHIXOO\ I|UHJnHQGHSXQNWHULGHQQDDUWLNHOWLOOJRGR LPSOHPHQWHGLQDFFRUGDQFHZLWKWKHUHTXLUH VHV KHOW HQOLJW NUDYHQ L GHQQD NRQYHQWLRQ PHQWVRIWKLV&RQYHQWLRQ8QOHVVVSHFLILHG 2P LQWH DQQDW DQJHV L NRQYHQWLRQHQ NDQ RWKHUZLVH LQ WKH &RQYHQWLRQ VXFK LPSOH GHWWD XSSQnV JHQRP QDWLRQHOOD ODJDU RFK PHQWDWLRQPD\EHDFKLHYHGWKURXJKQDWLRQDO DQGUD I|UIDWWQLQJDU JlOODQGH NROOHNWLYDYWDO ODZV RU UHJXODWLRQV WKURXJK DSSOLFDEOH HOOHUSUDNWLVNWLOOlPSQLQJ FROOHFWLYHEDUJDLQLQJDJUHHPHQWVRUWKURXJK RWKHUPHDVXUHVRULQSUDFWLFH

,PSOHPHQWDWLRQDQG(QIRUFHPHQW $QVYDUI|UJHQRPI|UDQGHRFK 5HVSRQVLELOLWLHV WLOOlPSQLQJ

$UWLFOH9 $UWLNHO9

(DFK 0HPEHU VKDOO LPSOHPHQW DQG 9DUMH PHGOHPVVWDW VNDOO JHQRPI|UD RFK HQIRUFH ODZV RU UHJXODWLRQV RU RWKHU WLOOlPSD GH ODJDU RFK DQGUD I|UIDWWQLQJDU PHDVXUHV WKDW LW KDV DGRSWHG WR IXOILO LWV VRP GHQ KDU DQWDJLW I|U DWW XSSI\OOD VLQD FRPPLWPHQWV XQGHU WKLV &RQYHQWLRQ ZLWK nWDJDQGHQ HQOLJW GHQQD NRQYHQWLRQ PHG UHVSHFW WR VKLSV DQG VHDIDUHUV XQGHU LWV DYVHHQGH Sn IDUW\J RFK VM|SHUVRQDO XQGHU MXULVGLFWLRQ GHVVMXULVGLNWLRQ

(DFK0HPEHUVKDOOHIIHFWLYHO\H[HUFLVHLWV 9DUMHPHGOHPVVWDWVNDOOHIIHNWLYWXW|YDVLQ MXULVGLFWLRQ DQG FRQWURO RYHU VKLSV WKDW IO\ MXULVGLNWLRQRFKNRQWUROO|YHUIDUW\JVRPI|U LWVIODJE\HVWDEOLVKLQJDV\VWHPIRUHQVXULQJ GHVV IODJJ JHQRP DWW LQUlWWD HWW V\VWHP I|U FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI WKLV DWW VlNHUVWlOOD HIWHUOHYQDGHQ DY NUDYHQ L &RQYHQWLRQ LQFOXGLQJ UHJXODU LQVSHFWLRQV GHQQDNRQYHQWLRQEODQGDQQDWUHJHOEXQGQD UHSRUWLQJPRQLWRULQJDQGOHJDOSURFHHGLQJV LQVSHNWLRQHUUDSSRUWHULQJ|YHUYDNQLQJRFK XQGHUWKHDSSOLFDEOHODZV UlWWVOLJDI|UIDUDQGHQHQOLJWJlOODQGHODJDU

(DFK0HPEHUVKDOOHQVXUHWKDWVKLSVWKDW 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW IDUW\J IO\LWVIODJFDUU\DPDULWLPHODERXUFHUWLILFDWH VRPI|UGHVVIODJJKDUHWWVM|DUEHWVFHUWLILNDW DQG D GHFODUDWLRQ RI PDULWLPH ODERXU RFKHQI|UVlNUDQRP|YHUHQVVWlPPHOVHPHG FRPSOLDQFHDVUHTXLUHGE\WKLV&RQYHQWLRQ VM|DUEHWVNRQYHQWLRQHQHQOLJWNUDYHQLGHQQD NRQYHQWLRQ

$VKLSWRZKLFKWKLV&RQYHQWLRQDSSOLHV (WW IDUW\J Sn YLONHW GHQQD NRQYHQWLRQ lU PD\ LQ DFFRUGDQFH ZLWK LQWHUQDWLRQDO ODZ WLOOlPSOLJ InU HQOLJW LQWHUQDWLRQHOO ODJ EH LQVSHFWHG E\ D 0HPEHU RWKHU WKDQ WKH LQVSHNWHUDV DY HQ DQQDQ PHGOHPVVWDW lQ IODJ 6WDWH ZKHQ WKH VKLS LV LQ RQH RI LWV IODJJVWDWHQ QlU IDUW\JHW lU L HQ DY GHVV SRUWV WR GHWHUPLQH ZKHWKHU WKH VKLS LV LQ KDPQDU I|U DWW IDVWVWlOOD RP IDUW\JHW FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI WKLV XSSI\OOHUNUDYHQLGHQQDNRQYHQWLRQ &RQYHQWLRQ

(DFK0HPEHUVKDOOHIIHFWLYHO\H[HUFLVHLWV 9DUMHPHGOHPVVWDWVNDOOHIIHNWLYWXW|YDVLQ MXULVGLFWLRQ DQG FRQWURO RYHU VHDIDUHU MXULVGLNWLRQ RFK NRQWUROO |YHU UHNU\WHULQJV UHFUXLWPHQWDQGSODFHPHQWVHUYLFHVLIWKHVH RFK I|UPHGOLQJVNRQWRU I|U VM|PDQ RP DUHHVWDEOLVKHGLQLWVWHUULWRU\ VnGDQDILQQVHWDEOHUDGHSnGHVVWHUULWRULXP

(DFK0HPEHU VKDOOSURKLELWYLRODWLRQVRI 9DUMH PHGOHPVVWDW VNDOO I|UEMXGD |YHU

WKH UHTXLUHPHQWV RI WKLV &RQYHQWLRQ DQG WUlGHOVH DY NUDYHQ L GHQQD NRQYHQWLRQ RFK VKDOO LQ DFFRUGDQFH ZLWK LQWHUQDWLRQDO ODZ VNDOO HQOLJW LQWHUQDWLRQHOO ODJ LQI|UD VnGDQD HVWDEOLVK VDQFWLRQV RU UHTXLUH WKH DGRSWLRQ VDQNWLRQHUHOOHUNUlYDWLOOlPSQLQJDYVnGDQD RIFRUUHFWLYHPHDVXUHVXQGHULWVODZVZKLFK nWJlUGHUI|UUlWWHOVHHQOLJWGHVVODJDUVRPlU DUHDGHTXDWHWRGLVFRXUDJHVXFKYLRODWLRQV WLOOUlFNOLJD I|U DWW PRWDUEHWD VnGDQD |YHUWUlGHOVHU

(DFK 0HPEHU VKDOO LPSOHPHQW LWV 0HGOHPVVWDWHUQD VNDOO XSSI\OOD VLQD UHVSRQVLELOLWLHV XQGHU WKLV &RQYHQWLRQ LQ VN\OGLJKHWHUHQOLJWGHQQDNRQYHQWLRQSnHWW VXFK D ZD\ DV WR HQVXUH WKDW WKH VKLSV WKDW VnGDQWVlWWDWWGHI|UVlNUDUVLJRPDWWIDUW\J IO\WKHIODJRIDQ\6WDWHWKDWKDVQRWUDWLILHG VRP lU IODJJDGH L HQ VWDW VRP LQWH KDU WKLV &RQYHQWLRQ GR QRW UHFHLYH PRUH UDWLILFHUDWNRQYHQWLRQHQLQWHInUHQI|UPnQ IDYRXUDEOHWUHDWPHQWWKDQWKHVKLSVWKDWIO\ OLJDUHEHKDQGOLQJlQIDUW\JVRPlUIODJJDGHL WKHIODJRIDQ\6WDWHWKDWKDVUDWLILHGLW HQVWDWVRPKDUUDWLILFHUDWGHQ

5HJXODWLRQVDQG3DUWV$DQG%RIWKH 5HJOHUQDRFKGHODUQD$RFK%LNRGHQ &RGH

$UWLFOH9, $UWLNHO9,

7KH 5HJXODWLRQV DQG WKH SURYLVLRQV RI 5HJOHUQD RFK EHVWlPPHOVHUQD L GHO $ L 3DUW $ RI WKH &RGH DUH PDQGDWRU\ 7KH NRGHQlUREOLJDWRULVND%HVWlPPHOVHUQDLGHO SURYLVLRQV RI 3DUW % RI WKH &RGH DUH QRW %LNRGHQlULQWHREOLJDWRULVND PDQGDWRU\

(DFK 0HPEHU XQGHUWDNHV WR UHVSHFW WKH 9DUMH PHGOHPVVWDW nWDU VLJ DWW UHVSHNWHUD ULJKWV DQG SULQFLSOHV VHW RXW LQ WKH 5HJXOD GH UlWWLJKHWHU RFK SULQFLSHU VRP IDVWVWlOOV L WLRQV DQG WR LPSOHPHQW HDFK 5HJXODWLRQ LQ UHJOHUQDRFKDWWJHQRPI|UDYDUMHUHJHOSnGHW WKH PDQQHU VHW RXW LQ WKH FRUUHVSRQGLQJ VlWW VRP IDVWVWlOOV L PRWVYDUDQGH EHVWlP SURYLVLRQV RI 3DUW $ RI WKH &RGH ,Q PHOVHU L GHO $ L NRGHQ 'HVVXWRP VNDOO DGGLWLRQ WKH 0HPEHU VKDOO JLYH GXH FRQ PHGOHPVVWDWHQ |YHUYlJD DWW IXOOJ|UD VLQD VLGHUDWLRQ WR LPSOHPHQWLQJ LWV UHVSRQVLELOL VN\OGLJKHWHUHQOLJWGHO%LNRGHQ WLHVLQWKHPDQQHUSURYLGHGIRULQ3DUW%RI WKH&RGH

$ 0HPEHU ZKLFK LV QRW LQ D SRVLWLRQ WR (Q PHGOHPVVWDW VRP LQWH NDQ LQI|UD LPSOHPHQW WKH ULJKWV DQG SULQFLSOHV LQ WKH UlWWLJKHWHU RFK SULQFLSHU Sn GHW VlWW VRP PDQQHUVHWRXWLQ3DUW$RIWKH&RGHPD\ DQJHV L GHO $ L NRGHQ NDQ RP LQWH DQQDW XQOHVV H[SUHVVO\ SURYLGHG RWKHUZLVH LQ WKLV XWWU\FNOLJHQ I|UHVNULYV L GHQQD NRQYHQWLRQ &RQYHQWLRQ LPSOHPHQW 3DUW $ WKURXJK WLOOlPSD GHO $ JHQRP EHVWlPPHOVHU L GHVV SURYLVLRQV LQ LWV ODZV DQG UHJXODWLRQV RU ODJDURFKDQGUDI|UIDWWQLQJDUVRPLKXYXGVDN RWKHU PHDVXUHV ZKLFK DUH VXEVWDQWLDOO\ lUOLNYlUGLJDPHGEHVWlPPHOVHUQDLGHO$ HTXLYDOHQWWRWKHSURYLVLRQVRI3DUW$

)RU WKH VROH SXUSRVH RI SDUDJUDSK RI (QEDUW QlU GHW JlOOHU SXQNW L GHQQD WKLV $UWLFOH DQ\ ODZ UHJXODWLRQ FROOHFWLYH DUWLNHOVNDOOYDUMHODJHOOHUDQQDQI|UIDWWQLQJ DJUHHPHQW RU RWKHU LPSOHPHQWLQJ PHDVXUH NROOHNWLYDYWDOHOOHUDQQDQWLOOlPSQLQJVnWJlUG VKDOO EH FRQVLGHUHG WR EH VXEVWDQWLDOO\ DQVHVYDUDLKXYXGVDNOLNYlUGLJLQRPUDPHQ HTXLYDOHQW LQ WKH FRQWH[W RI WKLV I|U GHQQD NRQYHQWLRQ RP PHGOHPVVWDWHQ &RQYHQWLRQ LI WKH 0HPEHU VDWLVILHV LWVHOI I|UYLVVDUVLJRPDWW WKDW

DLWLVFRQGXFLYHWRWKHIXOODFKLHYHPHQWRI DGHQPHGYHUNDUWLOODWWGHWDOOPlQQDV\IWHW

WKH JHQHUDO REMHFW DQG SXUSRVH RI WKH RFK lQGDPnOHW PHG EHU|UGD EHVWlP SURYLVLRQ RU SURYLVLRQV RI 3DUW $ RI WKH PHOVHULGHO$LNRGHQKHOWXSSQnVRFK &RGHFRQFHUQHGDQG

ELW JLYHV HIIHFW WR WKH SURYLVLRQ RU EGHQ JHU NUDIW nW EHU|UGD EHVWlP SURYLVLRQVRI3DUW$RIWKH&RGHFRQFHUQHG PHOVHULGHO$LNRGHQ

&RQVXOWDWLRQ ZLWK 6KLSRZQHUV DQG 6DPUnG PHG UHGDU RFK VM|IRONV 6HDIDUHUV2UJDQL]DWLRQV RUJDQLVDWLRQHU

$UWLFOH9,, $UWLNHO9,,

$Q\GHURJDWLRQH[HPSWLRQRURWKHUIOH[LEOH DSSOLFDWLRQRIWKLV&RQYHQWLRQIRUZKLFKWKH , IDOO Gn UHSUHVHQWDWLYD UHGDU RFK VM|IRONV &RQYHQWLRQ UHTXLUHV FRQVXOWDWLRQ ZLWK RUJDQLVDWLRQHULQWHILQQVLQRPHQPHGOHPV VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV VWDW InU YDUMH LQVNUlQNQLQJ XQGDQWDJ HOOHU PD\LQFDVHVZKHUHUHSUHVHQWDWLYHRUJDQL]D DQQDQIOH[LEHOWLOOlPSQLQJDYGHQQDNRQYHQ WLRQV RI VKLSRZQHUV RU RI VHDIDUHUV GR QRW WLRQI|UYLONHQNRQYHQWLRQHQNUlYHUVDPUnG H[LVW ZLWKLQ D 0HPEHU RQO\ EH GHFLGHG E\ PHG UHGDU RFK VM|IRONVRUJDQLVDWLRQHU WKDW0HPEHUWKURXJKFRQVXOWDWLRQZLWKWKH HQGDVW IDVWVWlOODV DY GHQ PHGOHPVVWDWHQ &RPPLWWHHUHIHUUHGWRLQ$UWLFOH;,,, JHQRPVDPUnGPHGGHQNRPPLWWpVRPDYVHV LDUWLNHO;,,,

(QWU\LQWR)RUFH ,NUDIWWUlGDQGH

$UWLFOH9,,, $UWLNHO9,,,

7KH IRUPDO UDWLILFDWLRQV RI WKLV &RQYHQ )RUPHOOD UDWLILNDWLRQHU DY GHQQD NRQYHQ WLRQVKDOOEHFRPPXQLFDWHGWRWKH'LUHFWRU WLRQ VNDOO VlQGDV WLOO ,QWHUQDWLRQHOOD DUEHWV *HQHUDO RI WKH ,QWHUQDWLRQDO /DERXU 2IILFH E\UnQVJHQHUDOGLUHNW|UI|UUHJLVWUHULQJ IRUUHJLVWUDWLRQ

7KLV &RQYHQWLRQ VKDOO EH ELQGLQJ RQO\ 'HQQD NRQYHQWLRQ VNDOO YDUD ELQGDQGH XSRQ WKRVH 0HPEHUV RI WKH ,QWHUQDWLRQDO HQGDVWI|UGHPHGOHPPDUDY,QWHUQDWLRQHOOD /DERXU 2UJDQL]DWLRQ ZKRVH UDWLILFDWLRQV DUEHWVRUJDQLVDWLRQHQ YDUV UDWLILNDWLRQHU KDU KDYH EHHQ UHJLVWHUHG E\ WKH 'LUHFWRU UHJLVWUHUDWVKRVJHQHUDOGLUHNW|UHQ *HQHUDO

7KLV &RQYHQWLRQ VKDOO FRPH LQWR IRUFH 'HQQD NRQYHQWLRQ WUlGHU L NUDIW PRQWKV DIWHU WKH GDWH RQ ZKLFK WKHUH PnQDGHU HIWHU GHQ GDJ Gn UDWLILNDWLRQHU KDYHEHHQUHJLVWHUHGUDWLILFDWLRQVE\DWOHDVW IUnQ PLQVW DY ,/2V PHGOHPVVWDWHU VRP 0HPEHUVZLWKDWRWDOVKDUHLQWKHZRUOG WLOOVDPPDQV VYDUDU I|U PLQVW DY JURVVWRQQDJHRIVKLSVRISHUFHQW YlUOGVWRQQDJHWKDUUHJLVWUHUDWV

7KHUHDIWHU WKLV &RQYHQWLRQ VKDOO FRPH 'lUHIWHU WUlGHU NRQYHQWLRQHQ L NUDIW I|U LQWRIRUFHIRUDQ\0HPEHUPRQWKVDIWHU YDUMH DQQDQ PHGOHPVVWDW PnQDGHU HIWHU WKH GDWH RQ ZKLFK LWV UDWLILFDWLRQ KDV EHHQ GHQGDJGnGHVVUDWLILNDWLRQKDUUHJLVWUHUDWV UHJLVWHUHG

'HQXQFLDWLRQ 8SSVlJQLQJ

$UWLFOH,; $UWLNHO,;

$ 0HPEHU ZKLFK KDV UDWLILHG WKLV &RQ (QPHGOHPVVWDWVRPKDUUDWLILFHUDWGHQQD YHQWLRQPD\GHQRXQFHLWDIWHUWKHH[SLUDWLRQ NRQYHQWLRQ NDQ VlJD XSS GHQ VHGDQ WLR nU RI WHQ \HDUV IURP WKH GDWH RQ ZKLFK WKH KDU I|UIOXWLW IUnQ GHQ GDJ Gn NRQYHQWLRQHQ &RQYHQWLRQILUVWFRPHVLQWRIRUFHE\DQDFW I|UVWWUlGHULNUDIWJHQRPHQVNULYHOVHVRP FRPPXQLFDWHG WR WKH 'LUHFWRU*HQHUDO RI VlQGV WLOO ,QWHUQDWLRQHOOD DUEHWVE\UnQV WKH ,QWHUQDWLRQDO /DERXU 2IILFH IRU JHQHUDOGLUHNW|U I|U UHJLVWUHULQJ (Q VnGDQ UHJLVWUDWLRQ 6XFK GHQXQFLDWLRQ VKDOO QRW XSSVlJQLQJInULQWHYHUNDQI|UUlQHWWnUHIWHU WDNH HIIHFW XQWLO RQH \HDU DIWHU WKH GDWH RQ GHQGDJGnGHQKDUUHJLVWUHUDWV ZKLFKLWLVUHJLVWHUHG

(DFK0HPEHUZKLFKGRHVQRWZLWKLQWKH 9DUMH PHGOHPVVWDW VRP LQWH LQRP GHW nU \HDU IROORZLQJ WKH H[SLUDWLRQ RI WKH SHULRG VRPI|OMHU SnXWJnQJHQDYGHQLI|UHJnHQGH RI WHQ \HDUV PHQWLRQHG LQ SDUDJUDSK RI SXQNW QlPQGD WLRnUVSHULRGHQ J|U EUXN DY WKLV $UWLFOH H[HUFLVH WKH ULJKW RI VLQ XSSVlJQLQJVUlWW HQOLJW GHQQD DUWLNHO GHQXQFLDWLRQ SURYLGHG IRU LQ WKLV $UWLFOH VNDOO YDUD EXQGHQ I|U \WWHUOLJDUH HQ SHULRG VKDOO EH ERXQG IRU DQRWKHU SHULRG RI WHQ RP WLR nU RFK NDQ GlUHIWHU VlJD XSS \HDUV DQG WKHUHDIWHU PD\ GHQRXQFH WKLV NRQYHQWLRQHQ YLG XWJnQJHQ DY YDUMH Q\ &RQYHQWLRQ DW WKH H[SLUDWLRQ RI HDFK QHZ WLRnUVSHULRG Sn GH YLOONRU VRP I|UHVNULYV L SHULRGRIWHQ\HDUVXQGHUWKHWHUPVSURYLGHG GHQQDDUWLNHO IRULQWKLV$UWLFOH

(IIHFWRI(QWU\LQWR)RUFH (IIHNWDYLNUDIWWUlGDQGHW

$UWLFOH; $UWLNHO;

7KLV &RQYHQWLRQ UHYLVHV WKH IROORZLQJ *HQRPGHQQDNRQYHQWLRQUHYLGHUDVI|OMDQGH &RQYHQWLRQV NRQYHQWLRQHU

0LQLPXP $JH 6HD &RQYHQWLRQ .RQYHQWLRQ QU 0LQLPLnOGHU I|U DUEHWH 1R WLOOVM|VV

8QHPSOR\PHQW ,QGHPQLW\ 6KLSZUHFN .RQYHQWLRQ QU (UVlWWQLQJ I|U &RQYHQWLRQ1R DUEHWVO|VKHWYLGIDOODYIDUW\JVI|URO\FNDQGH

3ODFLQJ RI 6HDPHQ &RQYHQWLRQ .RQYHQWLRQ QU $UEHWVI|UPHGOLQJ I|U 1R VM|PlQ

0HGLFDO ([DPLQDWLRQ RI <RXQJ 3HUVRQV .RQYHQWLRQ QU /lNDUXQGHUV|NQLQJ DY 6HD&RQYHQWLRQ1R PLQGHUnULJDYLGDUEHWHWLOOVM|VV

6HDPHQV $UWLFOHV RI $JUHHPHQW .RQYHQWLRQ QU 6M|PlQV &RQYHQWLRQ1R DQVWlOOQLQJVDYWDO

5HSDWULDWLRQ RI 6HDPHQ &RQYHQWLRQ .RQYHQWLRQ QU +HPVlQGQLQJ DY 1R VM|PlQ

2IILFHUV &RPSHWHQF\ &HUWLILFDWHV .RQYHQWLRQQU.RPSHWHQVKRVEHIlOSn &RQYHQWLRQ1R KDQGHOVIDUW\J

+ROLGD\V ZLWK 3D\ 6HD &RQYHQWLRQ .RQYHQWLRQ QU +ROLGD\V ZLWK 3D\

1R 6HDQU

6KLSRZQHUV /LDELOLW\ 6LFN DQG ,QMXUHG .RQYHQWLRQ QU 5HGDUHV I|USOLNWHOVHU L 6HDPHQ&RQYHQWLRQ1R IDOO VM|PlQ GUDEEDV DY VMXNGRP RO\FNVIDOO HOOHUG|GHQ

6LFNQHVV ,QVXUDQFH 6HD &RQYHQWLRQ .RQYHQWLRQ QU 6MXNI|UVlNULQJ I|U 1R VM|PlQ

+RXUV RI :RUN DQG 0DQQLQJ 6HD .RQYHQWLRQ QU +RXUV RI :RUN DQG &RQYHQWLRQ1R 0DQQLQJ6HD

0LQLPXP$JH6HD&RQYHQWLRQ5HYLVHG .RQYHQWLRQ QU 0LQLPLnOGHU I|U DUEHWH 1R WLOOVM|VVUHYLGHUDG

)RRG DQG &DWHULQJ 6KLSV &UHZV .RQYHQWLRQQU.RVWKnOORFKXWVSLVQLQJ &RQYHQWLRQ1R I|UIDUW\JVEHVlWWQLQJDU

&HUWLILFDWLRQ RI 6KLSV &RRNV &RQYHQWLRQ .RQYHQWLRQ QU %HK|ULJKHWVEHYLV I|U 1R VNHSSVNRFNDU

6RFLDO6HFXULW\6HDIDUHUV&RQYHQWLRQ .RQYHQWLRQ QU 6RFLDO WU\JJKHW I|U 1R VM|PlQ

3DLG9DFDWLRQV6HDIDUHUV&RQYHQWLRQ .RQYHQWLRQ QU 3DLG 9DFDWLRQV 1R 6HDIDUHUV

0HGLFDO ([DPLQDWLRQ 6HDIDUHUV .RQYHQWLRQ QU /lNDUXQGHUV|NQLQJ DY &RQYHQWLRQ1R VM|PlQ

&HUWLILFDWLRQ RI $EOH 6HDPHQ &RQYHQWLRQ .RQYHQWLRQ QU %HK|ULJKHWVEHYLV I|U 1R PDWURVHU

$FFRPPRGDWLRQ RI &UHZV &RQYHQWLRQ .RQYHQWLRQ QU $FFRPPRGDWLRQ RI 1R &UHZV

:DJHV +RXUV RI :RUN DQG 0DQQLQJ 6HD .RQYHQWLRQ QU /|QHU DUEHWVWLG RFK &RQYHQWLRQ1R EHPDQQLQJSnIDUW\J

3DLG 9DFDWLRQV 6HDIDUHUV &RQYHQWLRQ .RQYHQWLRQ QU 6HPHVWHU PHG 5HYLVHG1R ELEHKnOOHQK\UDI|UVM|PlQUHYLGHUDG

$FFRPPRGDWLRQ RI &UHZV &RQYHQWLRQ .RQYHQWLRQ QU %HVlWWQLQJVERVWlGHU 5HYLVHG1R UHYLGHUDG

:DJHV +RXUV RI :RUN DQG 0DQQLQJ 6HD .RQYHQWLRQ QU /|QHU DUEHWVWLG RFK &RQYHQWLRQ5HYLVHG1R EHPDQQLQJSnIDUW\JUHYLGHUDG

:DJHV +RXUV RI :RUN DQG 0DQQLQJ 6HD .RQYHQWLRQ QU /|QHU DUEHWVWLG RFK &RQYHQWLRQ5HYLVHG1R EHPDQQLQJSnIDUW\JUHYLGHUDG

$FFRPPRGDWLRQ RI &UHZV 6XSSOHPHQWDU\ .RQYHQWLRQ QU %HVlWWQLQJVERVWlGHU

3URYLVLRQV&RQYHQWLRQ1R WLOOlJJVEHVWlPPHOVHU

3UHYHQWLRQ RI $FFLGHQWV 6HDIDUHUV .RQYHQWLRQ QU )|UHE\JJDQGH DY &RQYHQWLRQ1R RO\FNVIDOOVM|SHUVRQDO

&RQWLQXLW\ RI (PSOR\PHQW 6HDIDUHUV .RQYHQWLRQ QU .RQWLQXLWHW L &RQYHQWLRQ1R V\VVHOVlWWQLQJHQVM|SHUVRQDO

6HDIDUHUV $QQXDO /HDYH ZLWK 3D\ &RQYHQ .RQYHQWLRQ QU 6HPHVWHU I|U WLRQ1R VM|SHUVRQDO

0HUFKDQW 6KLSSLQJ 0LQLPXP 6WDQGDUGV .RQYHQWLRQ QU 0LQLPLQRUPHU L &RQYHQWLRQ1R KDQGHOVIDUW\J

3URWRFRORIWRWKH0HUFKDQW6KLSSLQJ 3URWRNROO WLOO nUV NRQYHQWLRQ QU 0LQLPXP 6WDQGDUGV &RQYHQWLRQ RPPLQLPLQRUPHULKDQGHOVIDUW\J 1R

6HDIDUHUV :HOIDUH &RQYHQWLRQ .RQYHQWLRQ QU 6M|PlQV YlOIlUG WLOO 1R VM|VVRFKLKDPQ

+HDOWK 3URWHFWLRQ DQG 0HGLFDO &DUH .RQYHQWLRQ QU +lOVR RFK VMXNYnUG 6HDIDUHUV&RQYHQWLRQ1R I|UVM|PlQ

6RFLDO 6HFXULW\ 6HDIDUHUV &RQYHQWLRQ .RQYHQWLRQQU6RFLDOI|UVlNULQJVVN\GG 5HYLVHG1R I|UVM|PlQUHYLGHUDG

5HSDWULDWLRQ RI 6HDIDUHUV &RQYHQWLRQ .RQYHQWLRQ QU 6M|PlQV KHPUHVD 5HYLVHG1R UHYLGHUDG

/DERXU ,QVSHFWLRQ 6HDIDUHUV &RQYHQWLRQ .RQYHQWLRQ QU 7LOOV\Q DY VM|PlQV 1R DUEHWVRFKOHYQDGVI|UKnOODQGHQ

5HFUXLWPHQW DQG 3ODFHPHQW RI 6HDIDUHUV .RQYHQWLRQ QU 5HNU\WHULQJ DY RFK &RQYHQWLRQ1R DUEHWVI|UPHGOLQJI|UVM|PlQ

6HDIDUHUV+RXUVRI:RUNDQGWKH0DQQLQJ .RQYHQWLRQQU6M|PlQVDUEHWVWLGRFK RI6KLSV&RQYHQWLRQ1R EHPDQQLQJHQSnIDUW\J

'HSRVLWDU\)XQFWLRQV 'HSRVLWDULHIXQNWLRQHU

$UWLFOH;, $UWLNHO;,

7KH'LUHFWRU*HQHUDORIWKH,QWHUQDWLRQDO ,QWHUQDWLRQHOOD DUEHWVE\UnQV JHQHUDO /DERXU 2IILFH VKDOO QRWLI\ DOO 0HPEHUV RI GLUHNW|U VNDOO XQGHUUlWWD VDPWOLJD PHGOHP WKH ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ RI PDU DY ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQ WKH UHJLVWUDWLRQ RI DOO UDWLILFDWLRQV RP UHJLVWUHULQJHQ DY DOOD UDWLILNDWLRQHU DFFHSWDQFHV DQG GHQXQFLDWLRQV XQGHU WKLV JRGNlQQDQGHQ RFK XSSVlJQLQJDU HQOLJW &RQYHQWLRQ GHQQDNRQYHQWLRQ

:KHQ WKH FRQGLWLRQV SURYLGHG IRU LQ 1lU YLOONRUHQ L DUWLNHO 9,,, SXQNW lU SDUDJUDSK RI $UWLFOH 9,,, KDYH EHHQ XSSI\OOGDVNDOOJHQHUDOGLUHNW|UHQXQGHUUlWWD IXOILOOHGWKH'LUHFWRU*HQHUDOVKDOOGUDZWKH PHGOHPVVWDWHUQDV RUJDQLVDWLRQHU RP GDWXP DWWHQWLRQ RI WKH 0HPEHUV RI WKH I|UNRQYHQWLRQHQVLNUDIWWUlGDQGH

2UJDQL]DWLRQ WR WKH GDWH XSRQ ZKLFK WKH

&RQYHQWLRQZLOOFRPHLQWRIRUFH

$UWLFOH;,, $UWLNHO;,,

7KH 'LUHFWRU*HQHUDO RI WKH ,QWHUQDWLRQDO ,QWHUQDWLRQHOOD DUEHWVE\UnQV JHQHUDOGLUHNW|U /DERXU 2IILFH VKDOO FRPPXQLFDWH WR WKH VNDOO I|U UHJLVWUHULQJ L HQOLJKHW PHG DUWLNHO 6HFUHWDU\*HQHUDORIWKH8QLWHG1DWLRQVIRU L )|UHQWD QDWLRQHUQDV VWDGJD OlPQD UHJLVWUDWLRQ LQ DFFRUGDQFH ZLWK $UWLFOH )|UHQWD QDWLRQHUQDV JHQHUDOVHNUHWHUDUH IXOO RI WKH &KDUWHU RI WKH 8QLWHG 1DWLRQV IXOO VWlQGLJDXSSO\VQLQJDURPDOODUDWLILNDWLRQHU SDUWLFXODUV RI DOO UDWLILFDWLRQV DFFHSWDQFHV JRGNlQQDQGHQ RFK XSSVlJQLQJDU VRP KDU DQG GHQXQFLDWLRQV UHJLVWHUHG XQGHU WKLV UHJLVWUHUDWV HQOLJW GHQQD NRQYHQWLRQ 'HQ &RQYHQWLRQ6SHFLDO7ULSDUWLWH&RPPLWWHH VSHFLHOODWUHSDUWVNRPPLWWpQ

$UWLFOH;,,, $UWLNHO;,,,

7KH*RYHUQLQJ%RG\RIWKH,QWHUQDWLRQDO ,QWHUQDWLRQHOODDUEHWVE\UnQVVW\UHOVHVNDOO /DERXU2IILFHVKDOONHHSWKHZRUNLQJRIWKLV NRQWLQXHUOLJW |YHUYDND KXU GHQQD NRQYHQ &RQYHQWLRQ XQGHU FRQWLQXRXV UHYLHZ WLRQIXQJHUDUJHQRPHQNRPPLWWpVRPGHQ WKURXJK D FRPPLWWHH HVWDEOLVKHG E\ LW ZLWK LQUlWWDURFKVRPKDUVSHFLDONRPSHWHQVLQRP VSHFLDO FRPSHWHQFH LQ WKH DUHD RI PDULWLPH VM|IDUWHQVDUEHWVQRUPHU ODERXUVWDQGDUGV

)RUPDWWHUVGHDOWZLWKLQDFFRUGDQFHZLWK , IUnJRU VRP KDQGOlJJV HQOLJW GHQQD WKLV &RQYHQWLRQ WKH &RPPLWWHH VKDOO NRQYHQWLRQ VNDOO NRPPLWWpQ EHVWn DY WYn FRQVLVWRIWZRUHSUHVHQWDWLYHVQRPLQDWHGE\ UHSUHVHQWDQWHU XWVHGGD DY UHJHULQJHQ L YDUMH WKH*RYHUQPHQWRIHDFK0HPEHUZKLFKKDV PHGOHPVVWDW VRP KDU UDWLILFHUDW GHQQD UDWLILHG WKLV &RQYHQWLRQ DQG WKH NRQYHQWLRQRFKGHUHSUHVHQWDQWHUI|UUHGDUH UHSUHVHQWDWLYHVRI6KLSRZQHUVDQG 6HDIDUHUV RFK VM|PlQ VRP VW\UHOVHQ KDU XWVHWW HIWHU DSSRLQWHG E\ WKH *RYHUQLQJ %RG\ DIWHU VDPUnGPHG-RLQW0DULWLPH&RPPLVVLRQ FRQVXOWDWLRQ ZLWK WKH -RLQW 0DULWLPH &RPPLVVLRQ 5HJHULQJVI|UHWUlGDUH IUnQ PHGOHPVVWDWHU 7KH *RYHUQPHQW UHSUHVHQWDWLYHV RI VRP lQQX LQWH KDU UDWLILFHUDW GHQQD 0HPEHUV ZKLFK KDYH QRW \HW UDWLILHG WKLV NRQYHQWLRQ InU PHGYHUND L NRPPLWWpQ PHQ &RQYHQWLRQ PD\ SDUWLFLSDWH LQ WKH VNDOO LQWH KD U|VWUlWW L QnJRQ IUnJD VRP &RPPLWWHH EXW VKDOO KDYH QR ULJKW WR YRWH KDQGOlJJVHQOLJWNRQYHQWLRQHQ6W\UHOVHQInU RQDQ\PDWWHUGHDOWZLWKLQDFFRUGDQFHZLWK EMXGD LQ DQGUD RUJDQLVDWLRQHU HOOHU HQKHWHU WKLV&RQYHQWLRQ7KH*RYHUQLQJ%RG\PD\ DWW UHSUHVHQWHUDV L NRPPLWWpQ JHQRP LQYLWH RWKHU RUJDQL]DWLRQV RU HQWLWLHV WR EH REVHUYDW|UHU UHSUHVHQWHGRQWKH&RPPLWWHHE\REVHUYHUV 5|VWHUQD IUnQ YDUMH UHSUHVHQWDQW I|U 7KHYRWHVRIHDFK6KLSRZQHUDQG6HDIDUHU UHGDUH RFK VM|PDQ L NRPPLWWpQ VNDOO YlJDV UHSUHVHQWDWLYH LQ WKH &RPPLWWHH VKDOO EH VnDWWYDUGHUDJUXSSHQKDUKDOYDU|VWVW\UNDQ ZHLJKWHG VR DV WR HQVXUH WKDW WKH 6KLS KRV GHW WRWDOD DQWDOHW U|VWEHUlWWLJDGH RZQHUVJURXSDQGWKH6HDIDUHUVJURXSHDFK UHJHULQJDUVRPlUI|UHWUlGGDYLGGHWDNWXHOOD KDYH KDOI WKH YRWLQJ SRZHU RI WKH WRWDO P|WHW QXPEHURIJRYHUQPHQWVZKLFKDUHUHSUHVHQ WHGDWWKHPHHWLQJFRQFHUQHGDQGHQWLWOHGWR YRWH

$PHQGPHQWRIWKLV&RQYHQWLRQ bQGULQJDYGHQQDNRQYHQWLRQ

$UWLFOH;,9 $UWLNHO;,9

$PHQGPHQWVWRDQ\RIWKHSURYLVLRQVRI ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQV WKLV &RQYHQWLRQ PD\ EH DGRSWHG E\ WKH DOOPlQQD NRQIHUHQV NDQ DQWD lQGULQJDU DY *HQHUDO &RQIHUHQFH RI WKH ,QWHUQDWLRQDO QnJRQ DY EHVWlPPHOVHUQD L GHQQD NRQYHQ /DERXU 2UJDQL]DWLRQ LQ WKH IUDPHZRUN RI WLRQ HQOLJW DUWLNHO L ,/2VWDGJDQ RFK DUWLFOH RI WKH &RQVWLWXWLRQ RI WKH RUJDQLVDWLRQHQV UHJOHU RFK I|UIDUDQGHQ I|U ,QWHUQDWLRQDO /DERXU 2UJDQLVDWLRQ DQG WKH DQWDJDQGH DY NRQYHQWLRQHU bQGULQJDU DY UXOHV DQG SURFHGXUHV RI WKH 2UJDQL]DWLRQ NRGHQ NDQ RFNVn DQWDV HQOLJW I|UIDUDQGHW L IRU WKH DGRSWLRQ RI &RQYHQWLRQV $PHQG DUWLNHO;9 PHQWV WR WKH &RGH PD\ DOVR EH DGRSWHG IROORZLQJWKHSURFHGXUHVLQ$UWLFOH;9

,Q WKH FDVH RI 0HPEHUV ZKRVH UDWLILFD %HWUlIIDQGH PHGOHPVVWDWHU YDUV UDWLILND WLRQV RI WKLV &RQYHQWLRQ ZHUH UHJLVWHUHG WLRQHU DY GHQQD NRQYHQWLRQ UHJLVWUHUDGHV EHIRUHWKHDGRSWLRQRIWKHDPHQGPHQWWKH LQQDQlQGULQJHQDQWRJVVNDOOlQGULQJVWH[WHQ WH[WRIWKHDPHQGPHQWVKDOOEHFRPPXQLFD WLOOVWlOODVGHPI|UUDWLILNDWLRQ WHGWRWKHPIRUUDWLILFDWLRQ

,Q WKH FDVH RI RWKHU 0HPEHUV RI WKH %HWUlIIDQGH DQGUD VWDWHU VRP lU 2UJDQL]DWLRQWKHWH[WRIWKH&RQYHQWLRQDV PHGOHPPDU DY RUJDQLVDWLRQHQ VNDOO GHQ DPHQGHGVKDOOEHFRPPXQLFDWHGWRWKHPIRU lQGUDGH NRQYHQWLRQVWH[WHQ WLOOVWlOODV GHP UDWLILFDWLRQ LQ DFFRUGDQFH ZLWK DUWLFOH RI I|UUDWLILNDWLRQHQOLJWDUWLNHOLVWDGJDQ WKH&RQVWLWXWLRQ

$Q DPHQGPHQW VKDOO EH GHHPHG WR KDYH (QlQGULQJVNDOODQVHVKDDFFHSWHUDWVGHQ EHHQ DFFHSWHG RQ WKH GDWH ZKHQ WKHUH KDYH GDJGnUDWLILNDWLRQHUDYlQGULQJHQUHVSHNWLYH EHHQ UHJLVWHUHG UDWLILFDWLRQV RI WKH DPHQG GHQlQGUDGHNRQYHQWLRQHQIUnQPLQVWDY PHQW RU RI WKH &RQYHQWLRQ DV DPHQGHG DV ,/2V PHGOHPVVWDWHU VRP WLOOVDPPDQV WKH FDVH PD\ EH E\ DW OHDVW 0HPEHUV VYDUDUI|UPLQVWDYYlUOGVWRQQDJHWKDU ZLWKDWRWDOVKDUHLQWKHZRUOGJURVVWRQQDJH UHJLVWUHUDWV RIVKLSVRIDWOHDVWSHUFHQW

$QDPHQGPHQWDGRSWHGLQWKHIUDPHZRUN (QlQGULQJVRPDQWDJLWVHQOLJWDUWLNHOL RI DUWLFOH RI WKH &RQVWLWXWLRQ VKDOO EH VWDGJDQ VNDOO YDUD ELQGDQGH HQGDVW I|U GH ELQGLQJ RQO\ XSRQ WKRVH 0HPEHUV RI WKH PHGOHPPDU DY ,QWHUQDWLRQHOOD DUEHWVRUJDQL 2UJDQL]DWLRQ ZKRVH UDWLILFDWLRQV KDYH EHHQ VDWLRQHQ YDUV UDWLILNDWLRQHU KDU UHJLVWUHUDWV UHJLVWHUHG E\ WKH 'LUHFWRU*HQHUDO RI WKH KRV ,QWHUQDWLRQHOOD DUEHWVE\UnQV JHQHUDO ,QWHUQDWLRQDO/DERXU2IILFH GLUHNW|U

)RUDQ\0HPEHUUHIHUUHGWRLQSDUDJUDSK )|UPHGOHPVVWDWHUVRPDYVHVLSXQNWL RIWKLV$UWLFOHDQDPHQGPHQWVKDOOFRPH GHQQDDUWLNHOVNDOOHQlQGULQJWUlGDLNUDIW LQWR IRUFH PRQWKV DIWHU WKH GDWH RI PnQDGHUHIWHUGHQGDJGHQDFFHSWHUDVHQOLJW DFFHSWDQFHUHIHUUHGWRLQSDUDJUDSKRIWKLV SXQNW L GHQQD DUWLNHO HOOHU PnQDGHU $UWLFOHRUPRQWKVDIWHUWKHGDWHRQZKLFK HIWHU GHQ GDJ Gn UDWLILNDWLRQ DY lQGULQJHQ LWV UDWLILFDWLRQ RI WKH DPHQGPHQW KDV EHHQ UHJLVWUHUDGHV YDUYLG GHW VHQDVWH DY GHVVD UHJLVWHUHGZKLFKHYHUGDWHLVODWHU GDWXPVNDOOJlOOD

6XEMHFWWRSDUDJUDSKRIWKLV$UWLFOHIRU 0HGI|UEHKnOOI|USXQNWLGHQQDDUWLNHO 0HPEHUV UHIHUUHG WR LQ SDUDJUDSK RI WKLV VNDOO GHQ lQGUDGH NRQYHQWLRQHQ I|U $UWLFOH WKH &RQYHQWLRQ DV DPHQGHG VKDOO PHGOHPVVWDWHU VRP DYVHV L SXQNW L GHQQD FRPHLQWRIRUFHPRQWKVDIWHUWKHGDWHRI DUWLNHO WUlGD L NUDIW PnQDGHU HIWHU GHQ

DFFHSWDQFHUHIHUUHGWRLQSDUDJUDSKRIWKLV GDJ GHQ DFFHSWHUDV HQOLJW SXQNW L GHQQD

$UWLFOHRUPRQWKVDIWHUWKHGDWHRQZKLFK DUWLNHO HOOHU PnQDGHU HIWHU GHQ GDJ Gn WKHLU UDWLILFDWLRQV RI WKH &RQYHQWLRQ KDYH GHUDV UDWLILNDWLRQHU DY NRQYHQWLRQHQ EHHQUHJLVWHUHGZKLFKHYHUGDWHLVODWHU UHJLVWUHUDGHV YDUYLG GHW VHQDVWH DY GHVVD GDWXPVNDOOJlOOD

)RUWKRVH0HPEHUVZKRVHUDWLILFDWLRQRI )|U PHGOHPVVWDWHU YDUV UDWLILNDWLRQ DY WKLV &RQYHQWLRQ ZDV UHJLVWHUHG EHIRUH WKH GHQQD NRQYHQWLRQ UHJLVWUHUDGHV LQQDQ HQ DGRSWLRQ RI DQ DPHQGPHQW EXW ZKLFK KDYH lQGULQJ DQWDV PHQ VRP LQWH KDU UDWLILFHUDW QRW UDWLILHG WKH DPHQGPHQW WKLV &RQYHQ lQGULQJHQ VNDOO NRQYHQWLRQHQ I|UEOL L NUDIW WLRQ VKDOO UHPDLQ LQ IRUFH ZLWKRXW WKH XWDQGHQEHU|UGDlQGULQJHQ DPHQGPHQWFRQFHUQHG

$Q\ 0HPEHU ZKRVH UDWLILFDWLRQ RI WKLV 9DUMH PHGOHPVVWDW YDUV UDWLILNDWLRQ DY &RQYHQWLRQLVUHJLVWHUHGDIWHUWKHDGRSWLRQ GHQQD NRQYHQWLRQ UHJLVWUHUDV HIWHU GHW DWW RI WKH DPHQGPHQW EXW EHIRUH WKH GDWH lQGULQJHQ DQWDV PHQ I|UH GHW GDWXP VRP UHIHUUHG WR LQ SDUDJUDSK RI WKLV $UWLFOH DYVHV L SXQNW L GHQQD DUWLNHO InU L HQ PD\ LQ D GHFODUDWLRQ DFFRPSDQ\LQJ WKH I|UNODULQJ VRP nWI|OMHU UDWLILNDWLRQVLQVWUX LQVWUXPHQW RI UDWLILFDWLRQ VSHFLI\ WKDW LWV PHQWHWVSHFLILFHUDDWWGHVVUDWLILNDWLRQDYVHU UDWLILFDWLRQ UHODWHV WR WKH &RQYHQWLRQ ZLWK NRQYHQWLRQHQ XWDQ GHQ EHU|UGD lQGULQJHQ RXW WKH DPHQGPHQW FRQFHUQHG ,Q WKH FDVH )|UHQUDWLILNDWLRQPHGHQVnGDQI|UNODULQJ RIDUDWLILFDWLRQZLWKVXFKDGHFODUDWLRQWKH VNDOO NRQYHQWLRQHQ I|U GHQ EHU|UGD &RQYHQWLRQ VKDOO FRPH LQWR IRUFH IRU WKH PHGOHPVVWDWHQVGHOWUlGDLNUDIWPnQDGHU 0HPEHUFRQFHUQHGPRQWKVDIWHUWKHGDWH HIWHU GHW GDWXP Gn UDWLILNDWLRQHQ UHJLVWUH RQ ZKLFK WKH UDWLILFDWLRQ ZDV UHJLVWHUHG UDGHV 1lU HWW UDWLILNDWLRQVLQVWUXPHQW LQWH :KHUH DQ LQVWUXPHQW RI UDWLILFDWLRQ LV QRW nWI|OMV DY HQ VnGDQ I|UNODULQJ HOOHU QlU DFFRPSDQLHGE\VXFKDGHFODUDWLRQRUZKHUH UDWLILNDWLRQHQ UHJLVWUHUDV Sn HOOHU HIWHU GHW WKH UDWLILFDWLRQ LV UHJLVWHUHG RQ RU DIWHU WKH GDWXP VRP DQJHV L SXQNW VNDOO NRQYHQ GDWH UHIHUUHG WR LQ SDUDJUDSK WKH WLRQHQ I|U GHQ EHU|UGD PHGOHPVVWDWHQV GHO &RQYHQWLRQ VKDOO FRPH LQWR IRUFH IRU WKH WUlGDLNUDIWPnQDGHUHIWHUGHWGDWXPGn 0HPEHUFRQFHUQHGPRQWKVDIWHUWKHGDWH UDWLILNDWLRQHQ UHJLVWUHUDGHV RFK HIWHU GHVV RQZKLFKWKHUDWLILFDWLRQZDVUHJLVWHUHGDQG LNUDIWWUlGDQGHHQOLJWSXQNWLGHQQDDUWLNHO XSRQLWVHQWU\LQWRIRUFHLQDFFRUGDQFHZLWK VNDOO lQGULQJHQ YDUD ELQGDQGH I|U GHQ SDUDJUDSKRIWKLV$UWLFOHWKHDPHQGPHQW EHU|UGD PHGOHPVVWDWHQ RP LQWH lQGULQJHQ VKDOO EH ELQGLQJ RQ WKH 0HPEHU FRQFHUQHG I|UHVNULYHUDQQDW XQOHVVWKHDPHQGPHQWSURYLGHVRWKHUZLVH

$PHQGPHQWVWRWKH&RGH bQGULQJDUDYNRGHQ

$UWLFOH;9 $UWLNHO;9

7KH&RGHPD\EHDPHQGHGHLWKHUE\WKH .RGHQ NDQ lQGUDV DQWLQJHQ JHQRP GHW SURFHGXUHVHWRXWLQ$UWLFOH;,9RUXQOHVV I|UIDUDQGHVRPIDVWVWlOOVLDUWLNHO;,9HOOHU H[SUHVVO\SURYLGHGRWKHUZLVHLQDFFRUGDQFH RPLQWHDQQDWXWWU\FNOLJHQI|UHVNULYVHQOLJW ZLWK WKH SURFHGXUH VHW RXW LQ WKH SUHVHQW GHWI|UIDUDQGHVRPIDVWVWlOOVLGHQQDDUWLNHO $UWLFOH

$Q DPHQGPHQW WR WKH &RGH PD\ EH )|UVODJ RP lQGULQJ DY NRGHQ NDQ VWlOODV SURSRVHG WR WKH 'LUHFWRU*HQHUDO RI WKH WLOO JHQHUDOGLUHNW|UHQ I|U ,QWHUQDWLRQHOOD ,QWHUQDWLRQDO /DERXU 2IILFH E\ WKH DUEHWVE\UnQDYUHJHULQJHQLQnJRQPHGOHPV JRYHUQPHQW RI DQ\ 0HPEHU RI WKH VWDWHOOHUGHJUXSSHUDYI|UHWUlGDUHI|UUHGDUH 2UJDQL]DWLRQRUE\WKHJURXSRI6KLSRZQHU HOOHUVM|PlQVRPKDUXWVHWWVWLOONRPPLWWpQ UHSUHVHQWDWLYHV RU WKH JURXS RI 6HDIDUHU HQOLJW DUWLNHO ;,,, (Q lQGULQJ VRP HQ

UHSUHVHQWDWLYHVZKRKDYHEHHQDSSRLQWHGWR UHJHULQJI|UHVOnUPnVWHI|UHVOnVHOOHUVW|GMDV

WKH &RPPLWWHH UHIHUUHG WR LQ $UWLFOH ;,,, DYPLQVWIHPUHJHULQJDULPHGOHPVVWDWHUVRP $Q DPHQGPHQW SURSRVHG E\ D JRYHUQPHQW KDUUDWLILFHUDWNRQYHQWLRQHQHOOHUGHJUXSSHU PXVW KDYH EHHQ SURSRVHG E\ RU EH DY I|UHWUlGDUH I|U UHGDUH UHVSHNWLYH VM|PlQ VXSSRUWHG E\ DW OHDVW ILYH JRYHUQPHQWV RI VRPDYVHVLGHQQDSXQNW 0HPEHUVWKDWKDYHUDWLILHGWKH&RQYHQWLRQ RU E\ WKH JURXS RI 6KLSRZQHU RU 6HDIDUHU UHSUHVHQWDWLYHVUHIHUUHGWRLQWKLVSDUDJUDSK

+DYLQJ YHULILHG WKDW WKH SURSRVDO IRU *HQHUDOGLUHNW|UHQ VNDOO VHGDQ KDQ DPHQGPHQW PHHWV WKH UHTXLUHPHQWV RI YHULILHUDW DWW lQGULQJVI|UVODJHW XSSI\OOHU SDUDJUDSK RI WKLV $UWLFOH WKH 'LUHFWRU NUDYHQ L SXQNW L GHQQD DUWLNHO JHQDVW *HQHUDO VKDOO SURPSWO\ FRPPXQLFDWH WKH VNLFNDGHWPHGHYHQWXHOODNRPPHQWDUHUHOOHU SURSRVDODFFRPSDQLHGE\DQ\FRPPHQWVRU I|UVODJ WLOO DOOD RUJDQLVDWLRQHQV PHGOHPV VXJJHVWLRQV GHHPHG DSSURSULDWH WR DOO VWDWHU RFK XSSPDQD GHP DWW OlPQD 0HPEHUV RI WKH 2UJDQL]DWLRQ ZLWK DQ V\QSXQNWHU HOOHU I|UVODJ LQRP VH[ PnQDGHU LQYLWDWLRQ WR WKHP WR WUDQVPLW WKHLU HOOHUGHQWLGVIULVWVW\UHOVHQI|UHVNULYHUVRP REVHUYDWLRQV RU VXJJHVWLRQV FRQFHUQLQJ WKH VNDOO YDUD PLQVW WUH PnQDGHU RFK K|JVW QLR SURSRVDO ZLWKLQ D SHULRG RI VL[ PRQWKV RU PnQDGHU VXFK RWKHU SHULRG ZKLFK VKDOO QRW EH OHVV WKDQ WKUHH PRQWKV QRU PRUH WKDQ QLQH PRQWKVSUHVFULEHGE\WKH*RYHUQLQJ%RG\

$W WKH HQG RI WKH SHULRG UHIHUUHG WR LQ 9LG VOXWHW DY GHQ SHULRG VRP QlPQV L SDUDJUDSK RI WKLV $UWLFOH WKH SURSRVDO SXQNW VNDOO I|UVODJHW PHG HQ VDPPDQ DFFRPSDQLHG E\ D VXPPDU\ RI DQ\ IDWWQLQJ DY HYHQWXHOOD V\QSXQNWHU HOOHU REVHUYDWLRQVRUVXJJHVWLRQVPDGHXQGHUWKDW I|UVODJ VRP OlPQDWV HQOLJW GHQ SXQNWHQ SDUDJUDSK VKDOO EH WUDQVPLWWHG WR WKH VNLFNDVWLOONRPPLWWpQI|UDWWEHKDQGODVYLG &RPPLWWHH IRU FRQVLGHUDWLRQ DW D PHHWLQJ HWW P|WH .RPPLWWpQ VNDOO DQVHV KD DQWDJLW $QDPHQGPHQWVKDOOEHFRQVLGHUHGDGRSWHG HQlQGULQJRP E\WKH&RPPLWWHHLI

D DW OHDVW KDOI WKH JRYHUQPHQWV RI D PLQVW KlOIWHQ DY UHJHULQJDUQD L GH 0HPEHUVWKDWKDYHUDWLILHGWKLV&RQYHQWLRQ PHGOHPVVWDWHU VRP KDU UDWLILFHUDW GHQQD DUHUHSUHVHQWHGLQWKHPHHWLQJDWZKLFKWKH NRQYHQWLRQlUUHSUHVHQWHUDGHLGHWP|WHGlU SURSRVDOLVFRQVLGHUHGDQG I|UVODJHWEHKDQGODV

E D PDMRULW\ RI DW OHDVW WZRWKLUGV RI WKH EHQPDMRULWHW SnPLQVWWYnWUHGMHGHODU DY &RPPLWWHH PHPEHUV YRWH LQ IDYRXU RI WKH NRPPLWWpPHGOHPPDUQD U|VWDU I|U DPHQGPHQWDQG lQGULQJHQRFK

F WKLV PDMRULW\ FRPSULVHV WKH YRWHV LQ F GHQQD PDMRULWHW RPIDWWDU MDU|VWHU VRP IDYRXURIDWOHDVWKDOIWKHJRYHUQPHQWYRWLQJ UHSUHVHQWHUDU PLQVW KlOIWHQ DY U|VWVW\UNDQ SRZHUKDOIWKH6KLSRZQHUYRWLQJSRZHUDQG KRVGHNRPPLWWpPHGOHPPDUVRPUHSUHVHQ KDOI WKH 6HDIDUHU YRWLQJ SRZHU RI WKH WHUDU UHJHULQJDUQD UHGDUQD UHVSHNWLYH &RPPLWWHH PHPEHUV UHJLVWHUHG DW WKH VM|PlQQHQ RFK VRP UHJLVWUHUDWV YLG GHW PHHWLQJ ZKHQ WKH SURSRVDO LV SXW WR WKH P|WHGlUU|VWQLQJRPI|UVODJHWVNHU YRWH

$PHQGPHQWVDGRSWHGLQDFFRUGDQFHZLWK bQGULQJDU VRP DQWDV HQOLJW SXQNW L SDUDJUDSK RI WKLV $UWLFOH VKDOO EH GHQQD DUWLNHO VNDOO OlJJDV IUDP YLG NRQIH VXEPLWWHG WR WKH QH[W VHVVLRQ RI WKH UHQVHQVQlVWDP|WHI|UJRGNlQQDQGH6nGDQW &RQIHUHQFH IRU DSSURYDO 6XFK DSSURYDO JRGNlQQDQGH VNDOO NUlYD WYn WUHGMHGHOV VKDOOUHTXLUHDPDMRULW\RIWZRWKLUGVRIWKH PDMRULWHW DY U|VWHUQD IUnQ GH QlUYDUDQGH

YRWHV FDVW E\ WKH GHOHJDWHV SUHVHQW ,I VXFK GHOHJDWHUQD 2P GHQQD PDMRULWHW LQWH

PDMRULW\ LV QRW REWDLQHG WKH SURSRVHG XSSQnVVNDOOGHQI|UHVODJQDlQGULQJHQnWHU DPHQGPHQW VKDOO EH UHIHUUHG EDFN WR WKH UHPLWWHUDV WLOO NRPPLWWpQ I|U I|UQ\DG &RPPLWWHH IRU UHFRQVLGHUDWLRQ VKRXOG WKH EHKDQGOLQJRPNRPPLWWpQVn|QVNDU &RPPLWWHHVRZLVK

$PHQGPHQWV DSSURYHG E\ WKH *HQHUDOGLUHNW|UHQVNDOODQPlOD lQGULQJDU &RQIHUHQFH VKDOO EH QRWLILHG E\ WKH VRP NRQIHUHQVHQ JRGNlQW WLOO DOOD 'LUHFWRU*HQHUDO WR HDFK RI WKH 0HPEHUV PHGOHPVVWDWHU YDUV UDWLILNDWLRQHU DY GHQQD ZKRVHUDWLILFDWLRQVRIWKLV&RQYHQWLRQZHUH NRQYHQWLRQ UHJLVWUHUDWV I|UH GHW GDWXP Gn UHJLVWHUHG EHIRUH WKH GDWH RI VXFK DSSURYDO NRQIHUHQVHQ JRGNlQGH lQGULQJDUQD 'HVVD E\ WKH &RQIHUHQFH 7KHVH 0HPEHUV DUH PHGOHPVVWDWHU NDOODV QHGDQ µUDWLILFHUDQGH UHIHUUHGWREHORZDVWKHUDWLI\LQJ0HPEHUV PHGOHPVVWDWHUµ $QPlODQ VNDOO J|UDV PHG 7KHQRWLILFDWLRQVKDOOFRQWDLQDUHIHUHQFHWR KlQYLVQLQJ WLOO GHQQD DUWLNHO RFK VNDOO WKH SUHVHQW $UWLFOH DQG VKDOO SUHVFULEH WKH I|UHVNULYD HQ WLGVIULVW I|U LQOlPQDQGH DY SHULRGIRUWKHFRPPXQLFDWLRQRIDQ\IRUPDO HYHQWXHOOD IRUPHOOD LQYlQGQLQJDU 'HQQD GLVDJUHHPHQW7KLVSHULRGVKDOOEHWZR\HDUV IULVW VNDOO YDUD WYn nU IUnQ DQPlOQLQJVGDWXP IURP WKH GDWH RI WKH QRWLILFDWLRQ XQOHVV DW RP NRQIHUHQVHQ LQWH YLG WLGHQ I|U WKHWLPHRIDSSURYDOWKH&RQIHUHQFHKDVVHW JRGNlQQDQGHW IDVWVWlOOGH QnJRQ DQQDQ DGLIIHUHQWSHULRGZKLFKVKDOOEHDSHULRGRI WLGVIULVW VRP VNDOO YDUD PLQVW HWW nU (Q DWOHDVWRQH\HDU$FRS\RIWKHQRWLILFDWLRQ NRSLDDYDQPlODQVNDOOVNLFNDVWLOORUJDQLVD VKDOO EH FRPPXQLFDWHG WR WKH RWKHU WLRQHQV|YULJDPHGOHPVVWDWHUI|UNlQQHGRP 0HPEHUV RI WKH 2UJDQL]DWLRQ IRU WKHLU LQIRUPDWLRQ

$Q DPHQGPHQW DSSURYHG E\ WKH (Q lQGULQJ VRP NRQIHUHQVHQ JRGNlQW &RQIHUHQFH VKDOO EH GHHPHG WR KDYH EHHQ VNDOO DQVHV KD DFFHSWHUDWV RP JHQHUDO DFFHSWHGXQOHVVE\WKHHQGRIWKHSUHVFULEHG GLUHNW|UHQ YLG XWJnQJHQ DY GHQ I|UHVNULYQD SHULRG IRUPDO H[SUHVVLRQV RI GLVDJUHHPHQW IULVWHQ LQWH KDU InWW IRUPHOOD LQYlQGQLQJDU KDYHEHHQUHFHLYHGE\WKH'LUHFWRU*HQHUDO IUnQPHU lQDYGHPHGOHPVVWDWHUVRP IURPPRUHWKDQSHUFHQWRIWKH0HPEHUV KDU UDWLILFHUDW NRQYHQWLRQHQ RFK VRP ZKLFK KDYH UDWLILHG WKH &RQYHQWLRQ DQG UHSUHVHQWHUDUPLQVWDYEUXWWRWRQQDJHW ZKLFKUHSUHVHQWQRWOHVVWKDQSHUFHQWRI DY IDUW\JHQ L GH PHGOHPVVWDWHU VRP KDU WKH JURVV WRQQDJH RI WKH VKLSV RI WKH UDWLILFHUDWNRQYHQWLRQHQ 0HPEHUV ZKLFK KDYH UDWLILHG WKH &RQYHQWLRQ

$Q DPHQGPHQW GHHPHG WR KDYH EHHQ (QlQGULQJVRPDQVHVKDDFFHSWHUDWVVNDOO DFFHSWHG VKDOO FRPH LQWR IRUFH VL[ PRQWKV WUlGD L NUDIW VH[ PnQDGHU HIWHU XWJnQJHQ DY DIWHUWKHHQGRIWKHSUHVFULEHGSHULRGIRUDOO GHQI|UHVNULYQD IULVWHQ I|U DOODUDWLILFHUDQGH WKH UDWLI\LQJ 0HPEHUV H[FHSW WKRVH ZKLFK PHGOHPVVWDWHUXWRPGHVRPDQI|UWIRUPHOOD KDGIRUPDOO\H[SUHVVHGWKHLUGLVDJUHHPHQWLQ LQYlQGQLQJDU HQOLJW SXQNW L GHQQD DUWLNHO DFFRUGDQFHZLWK SDUDJUDSKRIWKLV$UWLFOH RFK LQWH nWHUWDJLW GHVVD LQYlQGQLQJDU HQOLJW DQG KDYH QRW ZLWKGUDZQ VXFK GLVDJUHHPHQW SXQNW'RFNNDQ LQDFFRUGDQFHZLWKSDUDJUDSK+RZHYHU

DEHIRUHWKHHQGRIWKHSUHVFULEHGSHULRG D LQQDQ GHQ I|UHVNULYQD IULVWHQ O|SW XW DQ\UDWLI\LQJ0HPEHUPD\JLYHQRWLFHWRWKH YDUMH UDWLILFHUDQGH PHGOHPVVWDW WLOO JHQHUDO 'LUHFWRU*HQHUDO WKDW LW VKDOO EH ERXQG E\ GLUHNW|UHQDQPlODDWWGHQVNDOOYDUDEXQGHQ WKH DPHQGPHQW RQO\ DIWHU D VXEVHTXHQW DYlQGULQJHQHQGDVWHIWHUHQVHQDUHXWWU\FN H[SUHVVQRWLILFDWLRQRILWVDFFHSWDQFHDQG OLJDQPlODQDWWGHQJRGNlQWGHQQDRFK

EEHIRUHWKHGDWHRIHQWU\LQWRIRUFHRIWKH EI|UHGHQGDJGnlQGULQJHQWUlGHULNUDIW DPHQGPHQWDQ\UDWLI\LQJ0HPEHUPD\JLYH YDUMH UDWLILFHUDQGH PHGOHPVVWDW WLOO JHQHUDO

QRWLFH WR WKH 'LUHFWRU*HQHUDO WKDW LW ZLOO GLUHNW|UHQ DQPlOD DWW GHQ LQWH NRPPHU DWW

QRW JLYH HIIHFW WR WKDW DPHQGPHQW IRU D OnWDlQGULQJHQWUlGDLNUDIWXQGHUHQDQJLYHQ VSHFLILHGSHULRG WLG

$QDPHQGPHQWZKLFKLVWKHVXEMHFWRID (QlQGULQJVRPDQPlOWVHQOLJWSXQNWDL QRWLFH UHIHUUHG WR LQ SDUDJUDSK D RI WKLV GHQQD DUWLNHO VNDOO I|U GHQ DQPlODQGH $UWLFOHVKDOOHQWHULQWRIRUFHIRUWKH0HPEHU PHGOHPVVWDWHQVGHOWUlGDLNUDIWVH[PnQDGHU JLYLQJ VXFK QRWLFH VL[ PRQWKV DIWHU WKH HIWHU GHW DWW PHGOHPVVWDWHQ KDU DQPlOW WLOO 0HPEHU KDV QRWLILHG WKH 'LUHFWRU*HQHUDO JHQHUDOGLUHNW|UHQ DWW GHQ DFFHSWHUDU RI LWV DFFHSWDQFH RI WKH DPHQGPHQW RU RQ lQGULQJHQ HOOHU GHQ GDJ Gn lQGULQJHQ I|UVW WKH GDWH RQ ZKLFK WKH DPHQGPHQW ILUVW WUlGHU L NUDIW YDUYLG GHW VHQDVWH DY GHVVD FRPHVLQWRIRUFHZKLFKHYHUGDWHLVODWHU GDWXPVNDOOJlOOD

7KHSHULRGUHIHUUHGWRLQSDUDJUDSKE 'HQSHULRGVRPDYVHVLSXQNWELGHQQD RIWKLV$UWLFOHVKDOOQRWJREH\RQGRQH\HDU DUWLNHO VNDOO LQWH |YHUVNULGD HWW nU IUnQ GHQ IURP WKH GDWH RI HQWU\ LQWR IRUFH RI WKH GDJ Gn lQGULQJHQ WUlGHU L NUDIW HOOHU GHQ DPHQGPHQW RU EH\RQG DQ\ ORQJHU SHULRG OlQJUH WLGVIULVW VRP NRQIHUHQVHQ IDVWVWlOOHU GHWHUPLQHGE\WKH&RQIHUHQFHDWWKHWLPHRI QlUlQGULQJHQJRGNlQQV DSSURYDORIWKHDPHQGPHQW

$ 0HPEHU WKDW KDV IRUPDOO\ H[SUHVVHG (Q PHGOHPVVWDW VRP KDU IUDPI|UW GLVDJUHHPHQW ZLWK DQ DPHQGPHQW PD\ IRUPHOOD LQYlQGQLQJDU PRW HQ lQGULQJ InU ZLWKGUDZ LWV GLVDJUHHPHQW DW DQ\ WLPH ,I QlU VRP KHOVW WD WLOOEDND VLQD LQYlQGQLQJDU QRWLFHRIVXFKZLWKGUDZDOLVUHFHLYHGE\WKH 2P JHQHUDOGLUHNW|UHQ InU HQ DQPlODQ RP 'LUHFWRU*HQHUDO DIWHU WKH DPHQGPHQW KDV nWHUWDJDQGH VHGDQ lQGULQJHQ WUlWW L NUDIW HQWHUHG LQWR IRUFH WKH DPHQGPHQW VKDOO VNDOO GHQQD I|U PHGOHPVVWDWHQV GHO WUlGD L HQWHULQWRIRUFHIRUWKH0HPEHUVL[PRQWKV NUDIW VH[ PnQDGHU HIWHU GHW GDWXP Gn DIWHU WKH GDWH RQ ZKLFK WKH QRWLFH ZDV DQPlODQUHJLVWUHUDGHV UHJLVWHUHG

$IWHUHQWU\LQWRIRUFHRIDQDPHQGPHQW 6HGDQHQlQGULQJWUlWWLNUDIWInUNRQYHQ WKH &RQYHQWLRQ PD\ RQO\ EH UDWLILHG LQ LWV WLRQHQHQGDVWUDWLILFHUDVLVLQlQGUDGHIRUP DPHQGHGIRUP

7R WKH H[WHQW WKDW D PDULWLPH ODERXU , GHQ PnQ HWW VM|DUEHWVFHUWLILNDW DYVHU FHUWLILFDWH UHODWHV WR PDWWHUV FRYHUHG E\ DQ IUnJRU VRP RPIDWWDV DY HQ lQGULQJ L DPHQGPHQW WR WKH &RQYHQWLRQ ZKLFK KDV NRQYHQWLRQHQVRPKDUWUlWWLNUDIW HQWHUHGLQWRIRUFH

DD0HPEHUWKDWKDVDFFHSWHGWKDWDPHQG D VNDOO HQ PHGOHPVVWDW VRP KDU JRGNlQW PHQW VKDOO QRW EH REOLJHG WR H[WHQG WKH lQGULQJHQ LQWH YDUD VN\OGLJ DWW WLOOlPSD EHQHILWRIWKH&RQYHQWLRQLQUHVSHFWRIWKH NRQYHQWLRQHQ PHG DYVHHQGH Sn PDULWLPH ODERXU FHUWLILFDWHV LVVXHG WR VKLSV VM|DUEHWVFHUWLILNDWXWIlUGDWWLOOIDUW\JVRPlU IO\LQJWKHIODJRIDQRWKHU0HPEHUZKLFK IODJJDWLHQDQQDQPHGOHPVVWDWVRP

L SXUVXDQW WR SDUDJUDSK RI WKLV $UWLFOH LHQOLJWSXQNWLGHQQDDUWLNHOIRUPHOOWKDU KDV IRUPDOO\ H[SUHVVHG GLVDJUHHPHQW WR WKH IUDPI|UW LQYlQGQLQJDU PRW lQGULQJHQ RFK DPHQGPHQW DQG KDV QRW ZLWKGUDZQ VXFK LQWHKDUnWHUWDJLWGHVVDLQYlQGQLQJDUHOOHU GLVDJUHHPHQWRU

LL SXUVXDQW WR SDUDJUDSK D RI WKLV LL HQOLJW SXQNW D L GHQQD DUWLNHO KDU $UWLFOHKDVJLYHQQRWLFHWKDWLWVDFFHSWDQFH DQPlOW DWW GHVV JRGNlQQDQGH JlOOHU PHG LVVXEMHFWWRLWVVXEVHTXHQWH[SUHVVQRWLILFD I|UEHKnOO I|U HQ VHQDUH XWWU\FNOLJ DQPlODQ

WLRQ DQG KDV QRW DFFHSWHG WKH DPHQGPHQW RFKLQWHKDUJRGNlQWlQGULQJHQRFK

DQG

E D 0HPEHU WKDW KDV DFFHSWHG WKH E VNDOO HQ PHGOHPVVWDW VRP KDU JRGNlQW DPHQGPHQW VKDOO H[WHQG WKH EHQHILW RI WKH lQGULQJHQ WLOOlPSD NRQYHQWLRQHQ PHG &RQYHQWLRQ LQ UHVSHFW RI WKH PDULWLPH DYVHHQGH Sn VM|DUEHWVFHUWLILNDW XWIlUGDW WLOO ODERXUFHUWLILFDWHVLVVXHGWRVKLSVIO\LQJWKH IDUW\JVRPlUIODJJDWLHQDQQDQPHGOHPVVWDW IODJ RI DQRWKHU 0HPEHU WKDW KDV JLYHQ VRP HQOLJW SXQNW E L GHQQD DUWLNHO KDU QRWLFH SXUVXDQW WR SDUDJUDSK E RI WKLV DQPlOW DWW GHQ LQWH NRPPHU DWW OnWD $UWLFOH WKDW LW ZLOO QRW JLYH HIIHFW WR WKDW lQGULQJHQ WUlGD L NUDIW XQGHU GHQ WLGVIULVW DPHQGPHQW IRU WKH SHULRG VSHFLILHG LQ VRPDQJHVLSXQNWLGHQQDDUWLNHO DFFRUGDQFHZLWKSDUDJUDSKRIWKLV$UWLFOH

$XWKRULWDWLYH/DQJXDJHV *LOWLJDVSUnN

$UWLFOH;9, $UWLNHO;9,

7KH(QJOLVKDQG)UHQFKYHUVLRQVRIWKHWH[W 'H HQJHOVND RFK IUDQVND YHUVLRQHUQD DY RIWKLV&RQYHQWLRQDUHHTXDOO\DXWKRULWDWLYH WH[WHQWLOOGHQQDNRQYHQWLRQlUOLNDJLOWLJD

([SODQDWRU\1RWH WRWKH 5HJXODWLRQV )|UNODULQJ WLOO UHJOHUQD RFK NRGHQ L DQG &RGH RI WKH 0DULWLPH /DERXU VM|DUEHWVNRQYHQWLRQHQ &RQYHQWLRQ

7KLV H[SODQDWRU\ QRWH ZKLFK GRHV QRW 'HQQD I|UNODULQJ VRP LQWH LQJnU L VM| IRUP SDUW RI WKH 0DULWLPH /DERXU DUEHWVNRQYHQWLRQHQ lU DYVHGG VRP HQ &RQYHQWLRQ LV LQWHQGHG DV D JHQHUDO JXLGH DOOPlQYlJOHGQLQJWLOONRQYHQWLRQHQ WRWKH&RQYHQWLRQ

7KH&RQYHQWLRQFRPSULVHVWKUHHGLIIHUHQW .RQYHQWLRQHQ EHVWnU DY WUH ROLND PHQ EXW UHODWHG SDUWV WKH $UWLFOHV WKH VLQVHPHOODQ I|UEXQGQD GHODU DUWLNODUQD 5HJXODWLRQVDQGWKH&RGH UHJOHUQDRFKNRGHQ

7KH$UWLFOHV DQG5HJXODWLRQVVHWRXWWKH $UWLNODUQDRFKUHJOHUQDIDVWVWlOOHUFHQWUDOD FRUH ULJKWV DQG SULQFLSOHV DQG WKH EDVLF UlWWLJKHWHURFKSULQFLSHURFKJUXQGOlJJDQGH REOLJDWLRQV RI 0HPEHUV UDWLI\LQJ WKH &RQ VN\OGLJKHWHU I|U PHGOHPVVWDWHU VRP YHQWLRQ 7KH $UWLFOHV DQG 5HJXODWLRQV FDQ UDWLILFHUDU NRQYHQWLRQHQ (QOLJW DUWLNHO L RQO\ EH FKDQJHG E\ WKH &RQIHUHQFH LQ WKH ,/2VWDGJDQ NDQ DUWLNODU RFK UHJOHU HQGDVW IUDPHZRUNRIDUWLFOHRIWKH&RQVWLWXWLRQ lQGUDV DY NRQIHUHQVHQ VH DUWLNHO ;,9 L RI WKH ,QWHUQDWLRQDO /DERXU 2UJDQLVDWLRQ NRQYHQWLRQHQ VHH$UWLFOH;,9RIWKH&RQYHQWLRQ

7KH &RGH FRQWDLQV WKH GHWDLOV IRU WKH ,NRGHQILQQVWLOOlPSQLQJVI|UHVNULIWHUI|U LPSOHPHQWDWLRQ RI WKH 5HJXODWLRQV ,W UHJOHUQD'HQRPIDWWDUGHO$REOLJDWRULVND FRPSULVHV 3DUW $ PDQGDWRU\ 6WDQGDUGV VWDQGDUGHU RFK GHO % LFNH REOLJDWRULVND DQG 3DUW % QRQPDQGDWRU\ *XLGHOLQHV DQYLVQLQJDU .RGHQ NDQ lQGUDV JHQRP GHW 7KH &RGH FDQ EH DPHQGHG WKURXJK WKH I|UHQNODGHI|UIDUDQGHVRPIDVWVWlOOVLDUWLNHO VLPSOLILHG SURFHGXUH VHW RXW LQ $UWLFOH ;9 ;9 L NRQYHQWLRQHQ (IWHUVRP NRGHQ DYVHU RIWKH&RQYHQWLRQ6LQFHWKH&RGHUHODWHVWR GHWDOMHU L WLOOlPSQLQJHQ PnVWH lQGULQJDU L GHWDLOHG LPSOHPHQWDWLRQ DPHQGPHQWV WR LW GHQ U\PPDV LQRP GHQ UDP DUWLNODUQD RFK PXVWUHPDLQZLWKLQWKHJHQHUDOVFRSHRIWKH UHJOHUQDVNDSDU $UWLFOHVDQG5HJXODWLRQV

5HJOHUQD RFK NRGHQ lU XSSVWlOOGD XQGHU

7KH 5HJXODWLRQV DQG WKH &RGH DUH RUJD I|OMDQGHIHPKXYXGUXEULNHU QL]HGLQWRJHQHUDODUHDVXQGHUILYH7LWOHV 7LWOH 0LQLPXPUHTXLUHPHQWVIRUVHDIDUHUV .DSLWHO 0LQLPLNUDYI|UDWWVM|PlQVNDOOIn WRZRUNRQDVKLS DUEHWDSnIDUW\J 7LWOH &RQGLWLRQVRIHPSOR\PHQW .DSLWHO $QVWlOOQLQJVI|UKnOODQGHQ 7LWOH $FFRPPRGDWLRQ UHFUHDWLRQDO .DSLWHO %RVWDG UHNUHDWLRQVP|MOLJKHWHU IDFLOLWLHVIRRGDQGFDWHULQJ PDWRFKI|USOlJQDG 7LWOH +HDOWK SURWHFWLRQ PHGLFDO FDUH .DSLWHO +lOVR RFK VMXNYnUG YlOIlUG RFK ZHOIDUHDQGVRFLDOVHFXULW\SURWHFWLRQ VRFLDOWU\JJKHW 7LWOH &RPSOLDQFHDQGHQIRUFHPHQW .DSLWHO 8SSI\OOHOVHRFKWLOOlPSQLQJ

(DFK 7LWOH FRQWDLQV JURXSV RI SURYLVLRQV , YDUMH NDSLWHO ILQQV JUXSSHU DY UHJOHU UHODWLQJWRDSDUWLFXODUULJKWRUSULQFLSOHRU NQXWQDWLOOHQVlUVNLOGUlWWHOOHUSULQFLSHOOHU HQIRUFHPHQW PHDVXUH LQ 7LWOH ZLWK WLOOlPSQLQJVnWJlUGLNDSLWHOPHGQXPPHU FRQQHFWHG QXPEHULQJ 7KH ILUVW JURXS LQ 'HQ I|UVWD JUXSSHQ L NDSLWHO EHVWnU 7LWOH IRU H[DPSOH FRQVLVWV RI 5HJXODWLRQ H[HPSHOYLV DY UHJHO VWDQGDUG $ RFK 6WDQGDUG $ DQG *XLGHOLQH % DQYLVQLQJ % VRP KDQGODU RP UHODWLQJWRPLQLPXPDJH PLQLPLnOGHU

7KH &RQYHQWLRQ KDV WKUHH XQGHUO\LQJ .RQYHQWLRQHQKDUWUHV\IWHQ SXUSRVHV

DWROD\GRZQ LQLWV$UWLFOHVDQG5HJXOD DDWWLDUWLNODURFKUHJOHUVWlOODXSSHQIDVW WLRQVDILUPVHWRIULJKWVDQGSULQFLSOHV VHULHUlWWLJKHWHURFKSULQFLSHU

EWRDOORZWKURXJKWKH&RGHDFRQVLGHUD EDWWJHQRPNRGHQVNDSDJRGDP|MOLJKHWHU EOHGHJUHHRIIOH[LELOLW\LQWKHZD\0HPEHUV I|U PHGOHPVVWDWHUQD DWW Sn HWW IOH[LEHOW VlWW LPSOHPHQWWKRVHULJKWVDQGSULQFLSOHVDQG WLOOlPSDGHVVDUlWWLJKHWHURFKSULQFLSHURFK

FWRHQVXUHWKURXJK7LWOHWKDWWKHULJKWV F DWW JHQRP NDSLWHO VlNHUVWlOOD DWW DQG SULQFLSOHV DUH SURSHUO\ FRPSOLHG ZLWK UlWWLJKHWHU RFK SULQFLSHU XSSI\OOV RFK DQGHQIRUFHG WLOOlPSDVYlO

7KHUHDUHWZRPDLQDUHDVIRUIOH[LELOLW\LQ 'HW ILQQV XWU\PPH I|U IOH[LELOLWHW LQRP LPSOHPHQWDWLRQ RQH LV WKH SRVVLELOLW\ IRU D WYn YLNWLJD WLOOlPSQLQJVRPUnGHQ HWW lU 0HPEHU ZKHUH QHFHVVDU\ VHH $UWLFOH 9, P|MOLJKHWHQ I|U HQ PHGOHPVVWDW DWW YLG SDUDJUDSK WR JLYH HIIHFW WR WKH GHWDLOHG EHKRY VH DUWLNHO 9, SXQNW OnWD GH UHTXLUHPHQWVRI3DUW$RIWKH&RGHWKURXJK GHWDOMHUDGH NUDYHQ L GHO $ L NRGHQ WUlGD L VXEVWDQWLDOHTXLYDOHQFHDVGHILQHGLQ$UWLFOH NUDIW JHQRP KXYXGVDNOLJ |YHUHQVVWlPPHOVH 9,SDUDJUDSK HQOLJWGHILQLWLRQHQLDUWLNHO9,SXQNW

7KH VHFRQG DUHD RI IOH[LELOLW\ LQ 'HW DQGUD RPUnGHW I|U IOH[LELOLWHW L LPSOHPHQWDWLRQ LV SURYLGHG E\ IRUPXODWLQJ JHQRPI|UDQGHW VNDSDV JHQRP DWW GH WKH PDQGDWRU\ UHTXLUHPHQWV RI PDQ\ REOLJDWRULVND NUDYHQ L PnQJD UHJOHU L GHO $ SURYLVLRQVLQ3DUW$LQDPRUHJHQHUDOZD\ IRUPXOHUDV PHUD DOOPlQW Vn DWW PDQ InU WKXVOHDYLQJDZLGHUVFRSH IRUGLVFUHWLRQ DV VW|UUHIULKHWDWWYlOMDYLONHQnWJlUGVRPVNDOO WR WKH SUHFLVH DFWLRQ WR EH SURYLGHG IRU DW YLGWDV Sn QDWLRQHOO QLYn 'n JHV DQYLVQLQJDU WKHQDWLRQDOOHYHO,QVXFKFDVHVJXLGDQFHRQ I|UWLOOlPSQLQJHQLGHQLFNHREOLJDWRULVNDGHO LPSOHPHQWDWLRQ LV JLYHQ LQ WKH QRQ % L NRGHQ 3n GHWWD VlWW NDQ PHGOHPVVWDWHU PDQGDWRU\3DUW%RIWKH&RGH,QWKLVZD\ VRPKDUUDWLILFHUDWGHQQDNRQYHQWLRQInUHGD 0HPEHUV ZKLFK KDYH UDWLILHG WKLV Sn YLOND nWJlUGHU GH NDQ YlQWDV YLGWD XQGHU

&RQYHQWLRQFDQDVFHUWDLQWKHNLQGRIDFWLRQ PRWVYDUDQGHDOOPlQQDVN\OGLJKHWLGHO$RFK

WKDW PLJKW EH H[SHFWHG RI WKHP XQGHU WKH YLONDVRPLQWH lU KHOWQ|GYlQGLJD 6WDQGDUG FRUUHVSRQGLQJ JHQHUDOREOLJDWLRQLQ3DUW$ $NUlYHUH[HPSHOYLVDWWDOODIDUW\JVNDOOVH DVZHOODVDFWLRQWKDWZRXOGQRWQHFHVVDULO\ WLOO DWW PHGLFLQHU VRP lU Q|GYlQGLJD I|U EH UHTXLUHG )RU H[DPSOH 6WDQGDUG $ VMXNYnUG RPERUG Sn IDUW\J VNDOO NXQQD WDV UHTXLUHV DOO VKLSV WR SURYLGH SURPSW DFFHVV IUDP VQDEEW SXQNW E RFK DWW GH KDU HWW WRWKHQHFHVVDU\PHGLFLQHVIRUPHGLFDOFDUH IDUW\JVDSRWHN SXQNW D $WW L JRG WUR RQERDUGVKLSSDUDJUDSKEDQGWRFDUU\ XSSI\OOD GHQ VHQDUH VN\OGLJKHWHQ KDU KHOW D PHGLFLQH FKHVW SDUDJUDSK D 7KH NODUW HQ GMXSDUH LQQHE|UG lQ DWW HQEDUW KD IXOILOPHQW LQ JRRG IDLWK RI WKLV ODWWHU HWWDSRWHNRPERUGSnYDUMHIDUW\J(QPHUD REOLJDWLRQ FOHDUO\ PHDQV VRPHWKLQJ PRUH H[DNW LQGLNDWLRQ Sn YDG VRP NUlYV I|U DWW WKDQ VLPSO\ KDYLQJ D PHGLFLQH FKHVW RQ JDUDQWHUDDWWOnGDQVLQQHKnOOODJUDVDQYlQGV ERDUG HDFK VKLS $ PRUH SUHFLVH LQGLFDWLRQ I\OOVSnRFKHUVlWWVSnHWWULNWLJWVlWWILQQVL RIZKDWLVLQYROYHGLVSURYLGHGLQWKHFRUUH DQYLVQLQJ%SXQNW VSRQGLQJ*XLGHOLQH%SDUDJUDSKVR DV WR HQVXUH WKDW WKH FRQWHQWV RI WKH FKHVW DUHSURSHUO\VWRUHGXVHGDQGPDLQWDLQHG

0HPEHUV ZKLFK KDYH UDWLILHG WKLV 0HGOHPVVWDWHUVRPKDUUDWLILFHUDWGHQQD &RQYHQWLRQDUHQRWERXQGE\WKHJXLGDQFH NRQYHQWLRQlULQWHEXQGQDDYDQYLVQLQJDUQD FRQFHUQHGDQGDVLQGLFDWHGLQWKHSURYLVLRQV RFK VRP DQJHV L UHJOHUQD L NDSLWHO RP LQ7LWOHRQSRUW6WDWHFRQWUROLQVSHFWLRQV KDPQVWDWVNRQWUROO KDQGODU LQVSHNWLRQHU ZRXOG GHDO RQO\ ZLWK WKH UHOHYDQW HQGDVW RP WLOOlPSOLJD NUDY HQOLJW GHQQD UHTXLUHPHQWV RI WKLV &RQYHQWLRQ $UWLFOHV NRQYHQWLRQDUWLNODUUHJOHURFKVWDQGDUGHUL 5HJXODWLRQV DQG WKH 6WDQGDUGV LQ 3DUW $ GHO $ 0HGOHPVVWDWHUQD lU GRFN HQOLJW +RZHYHU 0HPEHUV DUH UHTXLUHG XQGHU DUWLNHO 9, SXQNW VN\OGLJD DWW JHQRPI|UD SDUDJUDSK RI $UWLFOH 9, WR JLYH GXH VLQDVN\OGLJKHWHUHQOLJWGHO$LNRGHQSnGHW FRQVLGHUDWLRQ WR LPSOHPHQWLQJ WKHLU VlWW VRP I|UHVNULYV L GHO % 2P HQ UHVSRQVLELOLWLHVXQGHU3DUW$RIWKH&RGHLQ PHGOHPVVWDWHQOLJWNUDYHQLVWDQGDUGHQLGHO WKHPDQQHUSURYLGHGIRULQ3DUW%,IKDYLQJ $ HIWHU DWW YHGHUE|UOLJHQ KD |YHUYlJW GXO\ FRQVLGHUHG WKH UHOHYDQW *XLGHOLQHV D JlOODQGHDQYLVQLQJDUEHVOXWDUDWWJ|UDDQGUD 0HPEHU GHFLGHV WR SURYLGH IRU GLIIHUHQW DUUDQJHPDQJ YDULJHQRP PHGLFLQOnGDQV DUUDQJHPHQWV ZKLFK HQVXUH WKH SURSHU LQQHKnOO ODJUDV DQYlQGV RFK XQGHUKnOOV Sn VWRUDJH XVH DQG PDLQWHQDQFH RI WKH HWW ULNWLJW VlWW I|U DWW QlPQD GHW H[HPSHO FRQWHQWV RI WKH PHGLFLQH FKHVW WR WDNH WKH VRP WRJV XSS RYDQ NDQ GHWWD JRGWDV c H[DPSOH JLYHQ DERYH DV UHTXLUHG E\ WKH DQGUDVLGDQNDQGHQEHU|UGDPHGOHPVVWDWHQ 6WDQGDUG LQ 3DUW $ WKHQ WKDW LV DFFHSWDEOH RFK GH RUJDQ LQRP ,/2 VRP DQVYDUDU I|U 2Q WKH RWKHU KDQG E\ IROORZLQJ WKH WLOOV\QHQ DY KXU LQWHUQDWLRQHOOD DUEHWV JXLGDQFH SURYLGHG LQ 3DUW % WKH 0HPEHU NRQYHQWLRQHU WLOOlPSDV JHQRP DWW I|OMD GH FRQFHUQHG DV ZHOO DV WKH ,/2 ERGLHV DQYLVQLQJDU VRP JHV L GHO % XWDQ YLGDUH UHVSRQVLEOHIRUUHYLHZLQJLPSOHPHQWDWLRQRI |YHUYlJDQGH YDUD VlNUD RP DWW GH DUUDQJH LQWHUQDWLRQDO ODERXU &RQYHQWLRQV FDQ EH PDQJPHGOHPVVWDWHQJMRUWlUWLOOUlFNOLJDI|U VXUH ZLWKRXW IXUWKHU FRQVLGHUDWLRQ WKDW WKH DWW XSSI\OOD GH VN\OGLJKHWHU L GHO $ VRP DUUDQJHPHQWVWKH0HPEHUKDV SURYLGHGIRU DQYLVQLQJDUQDDYVHU DUH DGHTXDWH WR LPSOHPHQW WKH UHVSRQVH ELOLWLHVXQGHU3DUW$WRZKLFKWKH*XLGHOLQH UHODWHV

7KH5HJXODWLRQVDQGWKH&RGH 5HJOHUQDRFKNRGHQ

7LWOH .DSLWHO

0LQLPXP5HTXLUHPHQWVIRU6HDIDUHUVWR:RUN 0LQLPLNUDY I|U DWW VM|PlQ VND In DUEHWD Sn RQD6KLS IDUW\J

5HJXODWLRQ²0LQLPXPDJH 5HJHO²0LQLPLnOGHU

3XUSRVH 7R HQVXUH WKDW QR XQGHUDJH 6\IWH $WW VlNHUVWlOOD DWW LQJD PLQGHUnULJD SHUVRQVZRUNRQDVKLS DUEHWDUSnHWWIDUW\J

1RSHUVRQEHORZWKHPLQLPXPDJHVKDOO ,QJHQVRPLQWHKDUXSSQnWWPLQLPLnOGHUQ EHHPSOR\HGRUHQJDJHGRUZRUNRQDVKLS VNDOO YDUD DQVWlOOG V\VVHOVDWW HOOHU DUEHWD Sn HWWIDUW\J 7KHPLQLPXPDJHDWWKHWLPHRIWKHLQLWLDO HQWU\ LQWR IRUFH RI WKLV &RQYHQWLRQ LV 0LQLPLnOGHUQ YLG WLGSXQNWHQ I|U GHQQD \HDUV NRQYHQWLRQVI|UVWDLNUDIWWUlGDQGHlUnU

$ KLJKHU PLQLPXP DJH VKDOO EH UHTXLUHG (QK|JUHPLQLPLnOGHUVNDOONUlYDVLGHIDOO LQWKHFLUFXPVWDQFHVVHWRXWLQWKH&RGH VRPIDVWVWlOOVLNRGHQ

6WDQGDUG$²0LQLPXPDJH 6WDQGDUG$²0LQLPLnOGHU

7KHHPSOR\PHQWHQJDJHPHQWRUZRUNRQ ,QJHQVRPLQWHKDUI\OOWnUInUDQVWlOODV ERDUGDVKLSRIDQ\SHUVRQXQGHUWKHDJHRI V\VVHOVlWWDV HOOHU DUEHWD RPERUG Sn HWW VKDOOEHSURKLELWHG IDUW\J

1LJKWZRUNRIVHDIDUHUVXQGHUWKHDJHRI ,QJHQVM|PDQVRPLQWHKDUI\OOWnUInU VKDOO EH SURKLELWHG )RU WKH SXUSRVHV RI DUEHWD QDWWHWLG 1DWW VNDOO L GHQQD VWDQGDUG WKLV 6WDQGDUG QLJKW VKDOO EH GHILQHG LQ GHILQLHUDV HQOLJW QDWLRQHOO ODJ RFK SUD[LV DFFRUGDQFHZLWKQDWLRQDOODZDQGSUDFWLFH,W 'HQ VNDOO RPIDWWD PLQVW QLR WLPPDU PHG VKDOO FRYHU D SHULRG RI DW OHDVW QLQH KRXUV E|UMDQ VHQDVW YLG PLGQDWW RFK VOXW WLGLJDVW VWDUWLQJ QR ODWHU WKDQ PLGQLJKW DQG HQGLQJ NORFNDQ QRHDUOLHUWKDQDP

$Q H[FHSWLRQ WR VWULFW FRPSOLDQFH ZLWK 'HQEHK|ULJDP\QGLJKHWHQInUPHGJHDWW WKH QLJKW ZRUN UHVWULFWLRQ PD\ EH PDGH E\ QDWWDUEHWVEHJUlQVQLQJHQ LQWH EHK|YHU WKHFRPSHWHQWDXWKRULW\ZKHQ XSSI\OODVVWULNWRP

D WKH HIIHFWLYH WUDLQLQJ RI WKH VHDIDUHUV D XWELOGQLQJHQ DY GH EHU|UGD VM|PlQQHQ FRQFHUQHG LQ DFFRUGDQFH ZLWK HVWDEOLVKHG HQOLJW XSSJMRUGD SURJUDP RFK VFKHPDQ SURJUDPPHV DQG VFKHGXOHV ZRXOG EH VNXOOHI|UVlPUDVHOOHU LPSDLUHGRU

E WKH VSHFLILF QDWXUH RI WKH GXW\ RU D E WMlQVWHQV VSHFLILND DUW HOOHU HWW HUNlQW UHFRJQL]HGWUDLQLQJSURJUDPPHUHTXLUHVWKDW XWELOGQLQJVSURJUDP NUlYHU DWW GHQ VM|PDQ WKH VHDIDUHUV FRYHUHG E\ WKH H[FHSWLRQ VRPXQGDQWDJHWRPIDWWDUWMlQVWJ|USnQDWWHQ SHUIRUP GXWLHV DW QLJKW DQG WKH DXWKRULW\ RFKP\QGLJKHWHQHIWHUVDPUnGPHGEHU|UGD GHWHUPLQHV DIWHU FRQVXOWDWLRQ ZLWK WKH UHGDU RFK VM|IRONVRUJDQLVDWLRQHU NRQVWD VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV WHUDU DWW DUEHWHW LQWH NRPPHU DWW VNDGD FRQFHUQHG WKDW WKH ZRUN ZLOO QRW EH SHUVRQDOHQVKlOVDHOOHUYlOEHILQQDQGH GHWULPHQWDOWRWKHLUKHDOWKRUZHOOEHLQJ

7KHHPSOR\PHQWHQJDJHPHQWRUZRUNRI $QVWlOOQLQJ V\VVHOVlWWQLQJ HOOHU DUEHWH

VHDIDUHUV XQGHU WKH DJH RI VKDOO EH VNDOOYDUDI|UEMXGHWI|UVM|PlQVRPLQWHI\OOW SURKLELWHG ZKHUH WKH ZRUN LV OLNHO\ WR nURPGHWNDQDQWDVlYHQW\UDGHUDVKlOVD MHRSDUGL]H WKHLU KHDOWK RU VDIHW\ 7KH W\SHV HOOHUVlNHUKHW9LONHWDUEHWHVRPlUDYVnGDQ RI VXFK ZRUN VKDOO EH GHWHUPLQHG E\ DUW VNDOO IDVWVWlOODV L QDWLRQHOOD ODJDU RFK QDWLRQDO ODZV RU UHJXODWLRQV RU E\ WKH DQGUD I|UIDWWQLQJDU HOOHU DY GHQ EHK|ULJD FRPSHWHQWDXWKRULW\DIWHUFRQVXOWDWLRQZLWK P\QGLJKHWHQ HIWHU VDPUnG PHG EHU|UGD WKHVKLSRZQHUVDQGVHDIDUHUVRUJDQL]DWLRQV UHGDU RFK VM|IRONVRUJDQLVDWLRQHU HQOLJW FRQFHUQHG LQ DFFRUGDQFH ZLWK UHOHYDQW UHOHYDQWDLQWHUQDWLRQHOODQRUPHU LQWHUQDWLRQDOVWDQGDUGV

*XLGHOLQH%²0LQLPXPDJH $QYLVQLQJ%²0LQLPLnOGHU

:KHQ UHJXODWLQJ ZRUNLQJ DQG OLYLQJ 1lU EHVWlPPHOVHU XWIRUPDV I|U DUEHWV FRQGLWLRQV 0HPEHUV VKRXOG JLYH VSHFLDO RFKOHYQDGVI|UKnOODQGHQE|UPHGOHPVVWDWHU DWWHQWLRQ WR WKH QHHGV RI \RXQJ SHUVRQV lJQD VlUVNLOG XSSPlUNVDPKHW nW EHKRYHQ XQGHUWKHDJHRI KRVXQJGRPDUVRPLQWHI\OOWnU

5HJXODWLRQ²0HGLFDOFHUWLILFDWH 5HJHO²/lNDULQW\J

3XUSRVH 7R HQVXUH WKDW DOO VHDIDUHUV DUH 6\IWH $WW VlNHUVWlOOD DWW DOOD VM|PlQ lU PHGLFDOO\ILWWRSHUIRUPWKHLUGXWLHVDWVHD PHGLFLQVNW OlPSOLJD DWW XWI|UD VLQD XSSJLIWHU WLOOVM|VV

6HDIDUHUVVKDOOQRWZRUNRQDVKLSXQOHVV 6M|PlQVNDOOLQWHDUEHWDSnHWWIDUW\JRP WKH\DUHFHUWLILHGDVPHGLFDOO\ILWWRSHUIRUP GH LQWH KDU LQW\J Sn DWW GH lU PHGLFLQVNW WKHLUGXWLHV OlPSOLJDDWWXWI|UDVLQDXSSJLIWHU

([FHSWLRQV FDQ RQO\ EH SHUPLWWHG DV 8QGDQWDJNDQPHGJHVHQGDVWLGHIDOOVRP SUHVFULEHGLQWKH&RGH DQJHVLNRGHQ

6WDQGDUG$²0HGLFDOFHUWLILFDWH 6WDQGDUG$²/lNDULQW\J

7KH FRPSHWHQW DXWKRULW\ VKDOO UHTXLUH 'HQEHK|ULJDP\QGLJKHWHQVNDOONUlYDDWW WKDW SULRU WR EHJLQQLQJ ZRUN RQ D VKLS VM|PlQLQQDQ DUEHWHSnHWWIDUW\JSnE|UMDV VHDIDUHUV KROG D YDOLG PHGLFDO FHUWLILFDWH LQQHKDUHWWJLOWLJWOlNDULQW\JVRPLQW\JDUDWW DWWHVWLQJ WKDW WKH\ DUH PHGLFDOO\ ILW WR GH lU PHGLFLQVNW OlPSOLJD DWW XWI|UD VLQD SHUIRUP WKH GXWLHV WKH\ DUH WR FDUU\ RXW DW XSSJLIWHUWLOOVM|VV VHD

,Q RUGHU WR HQVXUH WKDW PHGLFDO FHUWLIL )|U DWW VlNHUVWlOOD DWW OlNDULQW\J JHU HQ FDWHV JHQXLQHO\ UHIOHFW VHDIDUHUV VWDWH RI NRUUHNW ELOG DY VM|PDQQHQV KlOVRWLOOVWnQG KHDOWK LQ OLJKW RI WKH GXWLHV WKH\ DUH WR VNDOO GHQ EHK|ULJD P\QGLJKHWHQ PRW SHUIRUP WKH FRPSHWHQW DXWKRULW\ VKDOO EDNJUXQG DY GH XSSJLIWHU VM|PDQQHQ VNDOO DIWHU FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG XWI|UDHIWHUVDPUnGPHGEHU|UGDUHGDURFK VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG DQG VM|IRONVRUJDQLVDWLRQHU RFK PHG YHGHUE|UOLJ JLYLQJ GXH FRQVLGHUDWLRQ WR DSSOLFDEOH KlQV\Q WLOO GH JlOODQGH LQWHUQDWLRQHOOD LQWHUQDWLRQDOJXLGHOLQHVUHIHUUHGWRLQ3DUW% DQYLVQLQJDU VRP DYVHV L GHO % L GHQQD NRG RI WKLV &RGH SUHVFULEH WKH QDWXUH RI WKH I|UHVNULYD KXU OlNDUXQGHUV|NQLQJ RFK PHGLFDOH[DPLQDWLRQDQGFHUWLILFDWH OlNDULQW\JVNDOOXWIRUPDV

7KLV6WDQGDUGLVZLWKRXWSUHMXGLFHWRWKH 'HQQDVWDQGDUGVNDOOLQWHSnYHUNDWLOOlPS ,QWHUQDWLRQDO &RQYHQWLRQ RQ 6WDQGDUGV RI QLQJHQ DY GHQ LQWHUQDWLRQHOOD NRQYHQWLRQHQ 7UDLQLQJ &HUWLILFDWLRQ DQG :DWFKNHHSLQJ RPQRUPHUI|UVM|IRONVXWELOGQLQJFHUWLILH

IRU6HDIDUHUVDVDPHQGHG67&:$ ULQJ RFK YDNWKnOOQLQJ PHG lQGULQJDU

PHGLFDOFHUWLILFDWHLVVXHGLQDFFRUGDQFHZLWK 67&:NRQYHQWLRQHQ 'HQ EHK|ULJD WKHUHTXLUHPHQWVRI67&:VKDOOEHDFFHSWHG P\QGLJKHWHQVNDOOJRGWDHWWOlNDULQW\JVRP E\WKHFRPSHWHQWDXWKRULW\IRUWKHSXUSRVH XWIlUGDWV HQOLJW NUDYHQ L 67&: VRP HWW RI 5HJXODWLRQ $ PHGLFDO FHUWLILFDWH LQW\JHQOLJWUHJHO1lUGHWJlOOHUVM|PlQ PHHWLQJ WKH VXEVWDQFH RI WKRVH UHTXLUH VRP LQWH RPIDWWDV DY 67&: VNDOO HWW PHQWV LQ WKH FDVH RI VHDIDUHUV QRW FRYHUHG OlNDULQW\J VRP L KXYXGVDN XSSI\OOHU GHVVD E\67&:VKDOOVLPLODUO\EHDFFHSWHG NUDYOLNDVnJRGNlQQDV

7KHPHGLFDOFHUWLILFDWHVKDOOEHLVVXHGE\D /lNDULQW\JHW VNDOO YDUD XWIlUGDW DY HQ GXO\TXDOLILHGPHGLFDOSUDFWLWLRQHURULQWKH EHK|ULJOlNDUHHOOHUQlUGHWHQGDVWJlOOHUHWW FDVH RI D FHUWLILFDWH VROHO\ FRQFHUQLQJ LQW\JIUnQHQV\QXQGHUV|NQLQJDYHQSHUVRQ H\HVLJKW E\ D SHUVRQ UHFRJQL]HG E\ WKH VRP GHQ EHK|ULJD P\QGLJKHWHQ JRGNlQW FRPSHWHQW DXWKRULW\ DV TXDOLILHG WR LVVXH VRP EHK|ULJ DWW XWIlUGD HWW VnGDQW LQW\J VXFK D FHUWLILFDWH 3UDFWLWLRQHUV PXVW HQMR\ /lNDUH VRP JHQRPI|U OlNDUXQGHUV|NQLQJDU IXOO SURIHVVLRQDO LQGHSHQGHQFH LQ H[HUFLVLQJ PnVWH YDUD KHOW REHURHQGH L VLQD \UNHV WKHLU PHGLFDO MXGJHPHQW LQ XQGHUWDNLQJ PlVVLJDEHG|PQLQJDU PHGLFDOH[DPLQDWLRQSURFHGXUHV

6HDIDUHUV WKDW KDYH EHHQ UHIXVHG D 6M|PDQ VRP KDU YlJUDWV LQW\J HOOHU KDU FHUWLILFDWHRUKDYHKDGDOLPLWDWLRQLPSRVHG QHGVDWWDUEHWVI|UPnJDVlUVNLOWQlUGHWJlOOHU RQ WKHLU DELOLW\ WR ZRUN LQ SDUWLFXODU ZLWK DUEHWVWLGDUEHWVIlOWHOOHUJHRJUDILVNWRPUnGH UHVSHFW WR WLPH ILHOG RI ZRUN RU WUDGLQJ VNDOO NXQQD In \WWHUOLJDUH HQ XQGHUV|NQLQJ DUHDVKDOOEHJLYHQWKHRSSRUWXQLW\WRKDYHD JMRUG KRV HQ DQQDQ REHURHQGH EHK|ULJ IXUWKHUH[DPLQDWLRQE\DQRWKHULQGHSHQGHQW OlNDUH HOOHU HQ REHURHQGH PHGLFLQVN PHGLFDO SUDFWLWLRQHU RU E\ DQ LQGHSHQGHQW VNLOMHGRPDUH PHGLFDOUHIHUHH

(DFK PHGLFDO FHUWLILFDWH VKDOO VWDWH LQ 9DUMHOlNDULQW\JVNDOOVlUVNLOWDQJHDWWGHQ SDUWLFXODUWKDW EHU|UGDSHUVRQHQ

D WKH KHDULQJ DQG VLJKW RI WKH VHDIDUHU D KDU HQ WLOOIUHGVVWlOODQGH K|UVHO RFK V\Q FRQFHUQHGDQGWKHFRORXUYLVLRQLQWKHFDVH YLONHW lYHQ VNDOO DYVH IlUJVHHQGHW QlU GHW RI D VHDIDUHU WR EH HPSOR\HG LQ FDSDFLWLHV JlOOHU HQ SHUVRQ VRP VNDOO DUEHWD L IXQN ZKHUHILWQHVVIRUWKHZRUNWREHSHUIRUPHG WLRQHU GlU OlPSOLJKHWHQ I|U GHW DUEHWH VRP LV OLDEOH WR EH DIIHFWHG E\ GHIHFWLYH FRORXU VNDOO XWI|UDV NDQ SnYHUNDV DY EULVWHU L YLVLRQDUHDOOVDWLVIDFWRU\DQG IlUJVHHQGHWRFK

E WKH VHDIDUHU FRQFHUQHG LV QRW VXIIHULQJ E LQWH OLGHU DY QnJRW PHGLFLQVNW WLOOVWnQG IURP DQ\ PHGLFDO FRQGLWLRQ OLNHO\ WR EH VRPNDQNRPPDDWWI|UYlUUDVDYWMlQVWJ|ULQJ DJJUDYDWHGE\VHUYLFHDWVHDRUWRUHQGHUWKH WLOO VM|VV J|UD YHGHUE|UDQGH ROlPSOLJ I|U VHDIDUHUXQILWIRUVXFKVHUYLFHRUWRHQGDQJHU VnGDQ WMlQVWJ|ULQJ HOOHU lYHQW\UD DQGUD WKHKHDOWKRIRWKHUSHUVRQVRQERDUG RPERUGYDUDQGHVKlOVD

8QOHVV D VKRUWHU SHULRG LV UHTXLUHG E\ 2P LQWH HQ NRUWDUH SHULRG NUlYV PHG UHDVRQRIWKHVSHFLILFGXWLHVWREHSHUIRUPHG KlQV\Q WLOO GH VSHFLHOOD DUEHWVXSSJLIWHU VRP E\ WKH VHDIDUHU FRQFHUQHG RU LV UHTXLUHG SHUVRQHQ VNDOO XWI|UD HOOHU NUlYV HQOLJW XQGHU67&: 67&:

D D PHGLFDO FHUWLILFDWH VKDOO EH YDOLG IRU D DVNDOOHWWOlNDULQW\JJlOODK|JVWWYnnURP PD[LPXP SHULRG RI WZR \HDUV XQOHVV WKH LQWH VM|PDQQHQ lU XQGHU nU Gn GHQ VHDIDUHULVXQGHUWKHDJHRILQZKLFKFDVH OlQJVWDJLOWLJKHWVWLGHQVNDOOYDUDHWWnU WKHPD[LPXPSHULRGRIYDOLGLW\VKDOOEHRQH \HDU

E D FHUWLILFDWLRQ RI FRORXU YLVLRQ VKDOO EH EVNDOOHWWLQW\JRPIlUJVHHQGHJlOODK|JVW

YDOLGIRUDPD[LPXPSHULRGRIVL[\HDUV VH[nU

,Q XUJHQW FDVHV WKH FRPSHWHQW DXWKRULW\ ,WUlQJDQGHIDOOInUGHQEHK|ULJDP\QGLJ PD\ SHUPLW D VHDIDUHU WR ZRUN ZLWKRXW D KHWHQ PHGJH DWW HQ SHUVRQ DUEHWDU XWDQ YDOLG PHGLFDO FHUWLILFDWH XQWLO WKH QH[W SRUW JLOWLJW OlNDULQW\J WLOO QlVWD DQJ|ULQJVKDPQ RI FDOO ZKHUH WKH VHDIDUHU FDQ REWDLQ D GlU HQ NRPSHWHQW OHJLWLPHUDG OlNDUH NDQ PHGLFDO FHUWLILFDWH IURP D TXDOLILHG PHGLFDO XWIlUGDHWWVnGDQWXQGHUI|UXWVlWWQLQJ SUDFWLWLRQHUSURYLGHGWKDW

D WKH SHULRG RI VXFK SHUPLVVLRQ GRHV QRW D DWW PHGJLYDQGHW VNDOO JlOOD K|JVW WUH H[FHHGWKUHHPRQWKVDQG PnQDGHURFK

E WKH VHDIDUHU FRQFHUQHG LV LQ SRVVHVVLRQ EDWWSHUVRQHQLIUnJDKDUHWWXWJnQJHWPHQ RI DQ H[SLUHG PHGLFDO FHUWLILFDWH RI UHFHQW Q\OLJHQXWIlUGDWOlNDULQW\J GDWH

,I WKH SHULRG RI YDOLGLW\ RI D FHUWLILFDWH 2P JLOWLJKHWVWLGHQ I|U HWW LQW\J JnU XW H[SLUHV LQ WKH FRXUVH RI D YR\DJH WKH XQGHUHQVM|UHVDVNDOOGHWIRUWVlWWDDWWJlOOD FHUWLILFDWH VKDOO FRQWLQXH LQ IRUFH XQWLO WKH WLOOQlVWDDQJ|ULQJVKDPQGlUSHUVRQHQLIUnJD QH[W SRUW RI FDOO ZKHUH WKH VHDIDUHU FDQ NDQInHWWOlNDULQW\JIUnQHQEHK|ULJOlNDUH REWDLQDPHGLFDOFHUWLILFDWHIURPDTXDOLILHG Sn YLOONRU DWW IULVWHQ LQWH |YHUVNULGHU WUH PHGLFDO SUDFWLWLRQHU SURYLGHG WKDW WKH PnQDGHU SHULRGVKDOOQRWH[FHHGWKUHHPRQWKV

7KH PHGLFDO FHUWLILFDWHV IRU VHDIHUV /lNDULQW\J I|U VM|PlQ VRP DUEHWDU Sn ZRUNLQJ RQ VKLSV RUGLQDULO\ HQJDJHG RQ IDUW\J VRP QRUPDOW JnU L LQWHUQDWLRQHOO LQWHUQDWLRQDOYR\DJHVPXVWDVDPLQLPXPEH VM|IDUW PnVWH VRP HWW PLQLPXPXWIlUGDV Sn SURYLGHGLQ(QJOLVK HQJHOVND

*XLGHOLQH%²0HGLFDOFHUWLILFDWH $QYLVQLQJ%²/lNDULQW\J

*XLGHOLQH%²,QWHUQDWLRQDOJXLGHOLQHV $QYLVQLQJ % ² ,QWHUQDWLRQHOOD DQYLVQLQJDU

7KHFRPSHWHQWDXWKRULW\PHGLFDOSUDFWL 'HQ EHK|ULJD P\QGLJKHWHQ EHK|ULJD WLRQHUV H[DPLQHUV VKLSRZQHUV VHDIDUHUV OlNDUH H[DPLQDWRUHU UHGDUH I|UHWUlGDUH I|U UHSUHVHQWDWLYHV DQG DOO RWKHU SHUVRQV VM|PlQ RFK DOOD DQGUD SHUVRQHU VRP EHU|UV FRQFHUQHG ZLWK WKH FRQGXFW RI PHGLFDO DY JHQRPI|UDQGHW DY PHGLFLQVND OlPSOLJ ILWQHVV H[DPLQDWLRQV RI VHDIDUHU FDQGLGDWHV KHWVXQGHUV|NQLQJDU DY V|NDQGH RFK DQG VHUYLQJ VHDIDUHUV VKRXOG IROORZ WKH WMlQVWJ|UDQGHVM|PlQE|UI|OMD,/2:+2V ,/2 :+2 *XLGHOLQHV IRU &RQGXFWLQJ DQYLVQLQJDUI|UOlNDUXQGHUV|NQLQJDYVM|PlQ 3UHVHD DQG 3HULRGLF 0HGLFDO )LWQHVV *XLGHOLQHV IRU &RQGXFWLQJ 3UHVHD DQG ([DPLQDWLRQV IRU 6HDIDUHUV LQFOXGLQJ DQ\ 3HULRGLF 0HGLFDO )LWQHVV ([DPLQDWLRQV IRU VXEVHTXHQW YHUVLRQV DQG DQ\ RWKHU 6HDIDUHUV RFK HYHQWXHOOD VHQDUH YHUVLRQHU DSSOLFDEOHLQWHUQDWLRQDOJXLGHOLQHVSXEOLVKHG VDPW HYHQWXHOOD DQGUD WLOOlPSOLJD LQWHUQD E\ WKH ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ WLRQHOOD DQYLVQLQJDU VRP RIIHQWOLJJ|UV DY WKH ,QWHUQDWLRQDO 0DULWLPH 2UJDQL]DWLRQ RU ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQ )1V WKH:RUOG+HDOWK2UJDQL]DWLRQ LQWHUQDWLRQHOOD VM|IDUWVRUJDQLVDWLRQ HOOHU 9lUOGVKlOVRRUJDQLVDWLRQHQ

5HJXODWLRQ²7UDLQLQJDQGTXDOLILFDWLRQV 5HJHO²8WELOGQLQJRFKNYDOLILNDWLRQHU

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV DUH WUDLQHG 6\IWH $WW VlNHUVWlOOD DWW VM|PlQ lU XWELOGDGH RUTXDOLILHGWRFDUU\RXWWKHLUGXWLHVRQERDUG HOOHU NYDOLILFHUDGH DWW XWI|UD VLQD XSSJLIWHU VKLS RPERUGSnIDUW\J

6HDIDUHUVVKDOOQRWZRUNRQDVKLSXQOHVV 6M|PlQVNDOOLQWHDUEHWDSnHWWIDUW\JRP WKH\DUHWUDLQHGRUFHUWLILHGDVFRPSHWHQWRU GHLQWHKDUXWELOGQLQJHOOHULQW\JSnDWWGHlU RWKHUZLVHTXDOLILHGWRSHUIRUPWKHLUGXWLHV NRPSHWHQWD HOOHU Sn DQQDW VlWW NYDOLILFHUDGH DWWXWI|UDVLQDXSSJLIWHU

6HDIDUHUV VKDOO QRW EH SHUPLWWHG WR ZRUN 6M|PlQ VNDOO LQWH WLOOnWDV DUEHWD Sn HWW RQ D VKLS XQOHVV WKH\ KDYH VXFFHVVIXOO\ IDUW\JRPGHLQWHPHGJRGNlQWUHVXOWDWKDU FRPSOHWHG WUDLQLQJ IRU SHUVRQDO VDIHW\ RQ IXOOJMRUW HQ XWELOGQLQJ L SHUVRQOLJ VlNHUKHW ERDUGVKLS RPERUGSnIDUW\J

7UDLQLQJ DQG FHUWLILFDWLRQ LQ DFFRUGDQFH 8WELOGQLQJ RFK FHUWLILHULQJ HQOLJW GH ZLWKWKHPDQGDWRU\LQVWUXPHQWVDGRSWHGE\ REOLJDWRULVND LQVWUXPHQW VRP ,QWHUQD WKH ,QWHUQDWLRQDO 0DULWLPH 2UJDQL]DWLRQ WLRQHOOD VM|IDUWVRUJDQLVDWLRQHQ DQWDJLW VNDOO VKDOO EH FRQVLGHUHG DV PHHWLQJ WKH DQVHVXSSI\OODNUDYHQLSXQNWHUQDRFKL UHTXLUHPHQWV RI SDUDJUDSKV DQG RI WKLV GHQQDUHJHO 5HJXODWLRQ

$Q\ 0HPEHU ZKLFK DW WKH WLPH RI LWV 9DUMH PHGOHPVVWDW VRP QlU GHQ UDWLILF UDWLILFDWLRQ RI WKLV &RQYHQWLRQ ZDV ERXQG HUDGHGHQQDNRQYHQWLRQYDUEXQGHQDY E\ WKH &HUWLILFDWLRQ RI $EOH 6HDPHQ nUVNRQYHQWLRQQURPEHK|ULJKHWVEHYLV &RQYHQWLRQ 1R VKDOO FRQWLQXH I|UPDWURVHUVNDOOIRUWVlWWDDWWXSSI\OODVLQD WR FDUU\ RXW WKH REOLJDWLRQV XQGHU WKDW VN\OGLJKHWHU HQOLJW GHQ NRQYHQWLRQHQ RP &RQYHQWLRQ XQOHVV DQG XQWLO PDQGDWRU\ LQWH RFK IUDP WLOO GHVV REOLJDWRULVND UHJOHU SURYLVLRQV FRYHULQJ LWV VXEMHFW PDWWHU KDYH VRP WlFNHU GHVV lPQHVRPUnGH KDU DQWDJLWV EHHQDGRSWHGE\WKH,QWHUQDWLRQDO0DULWLPH DY,QWHUQDWLRQHOODVM|IDUWVRUJDQLVDWLRQHQRFK 2UJDQL]DWLRQ DQG HQWHUHG LQWR IRUFH RU WUlWW L NUDIW HOOHU WLOOV IHP nU KDU I|UIOXWLW XQWLOILYH\HDUVKDYHHODSVHGVLQFHWKHHQWU\ HIWHU GHQQD NRQYHQWLRQV LNUDIWWUlGDQGH LQWRIRUFHRIWKLV&RQYHQWLRQLQDFFRUGDQFH HQOLJW DUWLNHO 9,,, SXQNW EHURHQGH Sn ZLWKSDUDJUDSKRI$UWLFOH9,,,ZKLFKHYHU YLONHWVRPLQWUlIIDUI|UVW GDWHLVHDUOLHU

5HJXODWLRQ²5HFUXLWPHQWDQGSODFHPHQW 5HJHO²5HNU\WHULQJRFKDUEHWVI|UPHGOLQJ

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV KDYH DFFHVV 6\IWH$WWVlNHUVWlOODDWWVM|PlQKDUWLOOJnQJWLOO WR DQ HIILFLHQW DQG ZHOOUHJXODWHG VHDIDUHU HWW HIIHNWLYW RFK YlO UHJOHUDW V\VWHP I|U UHFUXLWPHQWDQGSODFHPHQWV\VWHP UHNU\WHULQJRFKI|UPHGOLQJDYVM|PlQ

$OO VHDIDUHUV VKDOO KDYH DFFHVV WR DQ $OOD VM|PlQ VNDOO KD WLOOJnQJ WLOO HWW HIILFLHQW DGHTXDWH DQG DFFRXQWDEOH V\VWHP HIIHNWLYW YlO IXQJHUDQGH RFK DQVYDUVIXOOW IRU ILQGLQJ HPSOR\PHQW RQ ERDUG VKLS V\VWHP I|U DWW ILQQD DQVWlOOQLQJ RPERUG Sn ZLWKRXWFKDUJHWRWKHVHDIDUHU IDUW\JXWDQNRVWQDGI|UVM|PlQQHQ

6HDIDUHU UHFUXLWPHQW DQG SODFHPHQW 5HNU\WHULQJV RFK DUEHWVI|UPHGOLQJV VHUYLFHV RSHUDWLQJ LQ D 0HPEHUV WHUULWRU\ NRQWRU I|U VM|PlQ VRP DJHUDU Sn HQ VKDOOFRQIRUPWRWKHVWDQGDUGVVHWRXWLQWKH PHGOHPVVWDWV WHUULWRULXP VNDOO XSSI\OOD GH &RGH VWDQGDUGHUVRPIDVWVWlOOVLNRGHQ

(DFK0HPEHU VKDOOUHTXLUHLQUHVSHFWRI 9DUMH PHGOHPVVWDW VNDOO QlU GHW JlOOHU

VHDIDUHUVZKRZRUNRQVKLSVWKDWIO\LWVIODJ VM|PlQ VRP DUEHWDU Sn IDUW\J VRP I|U GHVV

WKDW VKLSRZQHUV ZKR XVH VHDIDUHU UHFUXLW IODJJ NUlYD DWW UHGDUH VRP XWQ\WWMDU PHQW DQG SODFHPHQW VHUYLFHV WKDW DUH EDVHG UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRU VRP LQ FRXQWULHV RU WHUULWRULHV LQ ZKLFK WKLV KDUVLWWVlWHLOlQGHUHOOHUWHUULWRULHUVRPLQWH &RQYHQWLRQ GRHV QRW DSSO\ HQVXUH WKDW WLOOlPSDUGHQQDNRQYHQWLRQI|UVlNUDUVLJRP WKRVHVHUYLFHVFRQIRUPWRWKHUHTXLUHPHQWV DWWNRQWRUHQXSSI\OOHUGHNUDYVRPIDVWVWlOOV VHWRXWLQWKH&RGH LNRGHQ

6WDQGDUG$²5HFUXLWPHQWDQGSODFHPHQW 6WDQGDUG$²5HNU\WHULQJRFKDUEHWV I|UPHGOLQJ

(DFK 0HPEHU WKDW RSHUDWHV D SXEOLF 9DUMH PHGOHPVVWDW VRP GULYHU RIIHQWOLJD VHDIDUHU UHFUXLWPHQW DQG SODFHPHQW VHUYLFH UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRU I|U VKDOOHQVXUHWKDWWKHVHUYLFHLVRSHUDWHGLQDQ VM|PlQVNDOOVHWLOODWWNRQWRUHQGULYVSnHWW RUGHUO\ PDQQHU WKDW SURWHFWV DQG SURPRWHV RUGQDW VlWW Vn DWW VM|PlQQHQV DUEHWVUlWW VHDIDUHUV HPSOR\PHQW ULJKWV DV SURYLGHG LQ HQOLJW GHQQD NRQYHQWLRQ VN\GGDV RFK WKLV&RQYHQWLRQ IUlPMDV

:KHUH D 0HPEHU KDV SULYDWH VHDIDUHU 2P GHW ILQQV SULYDWD UHNU\WHULQJV RFK UHFUXLWPHQW DQG SODFHPHQW VHUYLFHV RSHUD I|UPHGOLQJVNRQWRU Sn HQ PHGOHPVVWDWV WLQJ LQ LWV WHUULWRU\ ZKRVH SULPDU\ SXUSRVH WHUULWRULXPYDUVSULPlUDV\IWHlUUHNU\WHULQJ LV WKH UHFUXLWPHQW DQG SODFHPHQW RI VHD DY RFK DUEHWVI|UPHGOLQJ I|U VM|PlQ HOOHU IDUHUVRUZKLFKUHFUXLWDQGSODFHDVLJQLILFDQW VRP UHNU\WHUDU RFK I|UPHGODU VM|PlQ L QXPEHU RI VHDIDUHUV WKH\ VKDOO EH RSHUDWHG EHW\GDQGHRPIDWWQLQJVNDOOGHVVDGULYDVKHOW RQO\ LQ FRQIRUPLW\ ZLWK D VWDQGDUGL]HG HQOLJW HWW VWDQGDUGLVHUDW V\VWHP I|U V\VWHPRIOLFHQVLQJRUFHUWLILFDWLRQRURWKHU OLFHQVLHULQJFHUWLILHULQJHOOHUDQQDQIRUPDY IRUP RI UHJXODWLRQ 7KLV V\VWHP VKDOO EH UHJOHULQJ 'HWWD V\VWHP VNDOO LQUlWWDV HVWDEOLVKHG PRGLILHG RU FKDQJHG RQO\ DIWHU PRGLILHUDV HOOHU lQGUDV HQGDVW HIWHU VDPUnG FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG PHG EHU|UGD UHGDU RFK VM|IRONVRUJDQLVD VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG ,Q WKH WLRQHU 8SSVWnU WYHNVDPKHW RP GHQQD HYHQW RI GRXEW DV WR ZKHWKHU WKLV &RQYHQ NRQYHQWLRQ lU WLOOlPSOLJ Sn SULYDWD WLRQ DSSOLHV WR D SULYDWH UHFUXLWPHQW DQG UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRU VNDOO SODFHPHQW VHUYLFH WKH TXHVWLRQ VKDOO EH IUnJDQDYJ|UDVDYGHQEHK|ULJDP\QGLJKHWHQ GHWHUPLQHG E\ WKH FRPSHWHQW DXWKRULW\ LQ L YDUMH PHGOHPVVWDW HIWHU VDPUnG PHG HDFK 0HPEHU DIWHU FRQVXOWDWLRQ ZLWK WKH EHU|UGD UHGDU RFK VM|IRONVRUJDQLVDWLRQHU VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV 2KlPPDGVSULGQLQJDYSULYDWDUHNU\WHULQJV FRQFHUQHG 8QGXH SUROLIHUDWLRQ RI SULYDWH RFK I|UPHGOLQJVNRQWRU I|U VM|PlQ VNDOO VHDIDUHU UHFUXLWPHQW DQG SODFHPHQW VHUYLFHV LQWHXSSPXQWUDV VKDOOQRWEHHQFRXUDJHG

7KH SURYLVLRQV RI SDUDJUDSK RI WKLV %HVWlPPHOVHUQD L SXQNW L GHQQD 6WDQGDUGVKDOODOVRDSSO\WRWKHH[WHQWWKDW VWDQGDUG VNDOO ² L GHQ PnQ GHQ EHK|ULJD WKH\ DUH GHWHUPLQHG E\ WKH FRPSHWHQW P\QGLJKHWHQ L VDPUnG PHG EHU|UGD UHGDU DXWKRULW\ LQ FRQVXOWDWLRQ ZLWK WKH VKLS RFK VM|IRONVRUJDQLVDWLRQHU EHG|PHU GHP RZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV FRQ VRP OlPSOLJD ² RFNVn WLOOlPSDV Sn UHNU\WH FHUQHGWREHDSSURSULDWHLQWKHFRQWH[WRI ULQJRFKDUEHWVI|UPHGOLQJVRPEHGULYVDYHQ UHFUXLWPHQWDQGSODFHPHQWVHUYLFHVRSHUDWHG RUJDQLVDWLRQ I|U VM|PlQ Sn PHGOHPVVWDWHQV E\ D VHDIDUHUV RUJDQL]DWLRQ LQ WKH WHUULWRU\ WHUULWRULXPI|U DWWUHNU\WHUDVM|PlQVRPlU RI WKH 0HPEHU IRU WKH VXSSO\ RI VHDIDUHUV PHGERUJDUH L GHQ PHGOHPVVWDWHQ WLOO IDUW\J ZKR DUH QDWLRQDOV RI WKDW 0HPEHU WR VKLSV VRPI|UGHVVIODJJ'HNRQWRUVRPRPIDWWDV ZKLFK IO\ LWV IODJ 7KH VHUYLFHV FRYHUHG E\ DY GHQQD SXQNW lU VnGDQD VRP XSSI\OOHU WKLV SDUDJUDSK DUH WKRVH IXOILOOLQJ WKH I|OMDQGHYLOONRU IROORZLQJFRQGLWLRQV

DWKHUHFUXLWPHQWDQGSODFHPHQWVHUYLFHLV D UHNU\WHULQJV RFK DUEHWVI|UPHGOLQJV

RSHUDWHGSXUVXDQWWRDFROOHFWLYHEDUJDLQLQJ NRQWRUHQ GULYV HQOLJW HWW NROOHNWLYDYWDO DJUHHPHQW EHWZHHQ WKDW RUJDQL]DWLRQ DQG D PHOODQGHQRUJDQLVDWLRQHQRFKHQUHGDUH VKLSRZQHU

EERWKWKHVHDIDUHUVRUJDQL]DWLRQDQGWKH EEnGHSHUVRQDORUJDQLVDWLRQHQRFKUHGDUHQ VKLSRZQHU DUH EDVHG LQ WKH WHUULWRU\ RI WKH KDUVLWWVlWHSnPHGOHPVVWDWHQVWHUULWRULXP 0HPEHU

F7KH 0HPEHU KDV QDWLRQDO ODZV RU F PHGOHPVVWDWHQ KDU QDWLRQHOOD ODJDU RFK UHJXODWLRQV RU D SURFHGXUH WR DXWKRUL]H RU DQGUD I|UIDWWQLQJDU HOOHU HWW I|UIDUDQGH I|U UHJLVWHU WKH FROOHFWLYH EDUJDLQLQJ DJUHHPHQW DWWDXNWRULVHUDHOOHUUHJLVWUHUDGHWNROOHNWLY SHUPLWWLQJWKHRSHUDWLRQRIWKHUHFUXLWPHQW DYWDO VRP PHGJHU EHGULYDQGH DY DQGSODFHPHQWVHUYLFHDQG UHNU\WHULQJVRFKI|UPHGOLQJVNRQWRURFK

GWKHUHFUXLWPHQWDQGSODFHPHQWVHUYLFHLV G UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRUHQ RSHUDWHGLQDQRUGHUO\PDQQHUDQGPHDVXUHV EHGULYV PHG RUGQLQJ RFK UHGD RFK GHW lU DUH LQ SODFH WR SURWHFW DQG SURPRWH V|UMW I|U DWW VM|PlQQHQV DUEHWVUlWW VN\GGDV VHDIDUHUV HPSOR\PHQW ULJKWV FRPSDUDEOH WR RFKVW|GVSnHWWVlWWVRPPRWVYDUDUGHWVRP WKRVH SURYLGHG LQ SDUDJUDSK RI WKLV I|UHVNULYVLSXQNWLGHQQDVWDQGDUG 6WDQGDUG

1RWKLQJ LQ WKLV 6WDQGDUG RU 5HJXODWLRQ ,QJHQWLQJLGHQQDVWDQGDUGHOOHUUHJHO VKDOOEHGHHPHGWR VNDOODQVHV

D SUHYHQW D 0HPEHU IURP PDLQWDLQLQJ D D KLQGUD HQ PHGOHPVVWDW IUnQ DWW XSSUlWW IUHH SXEOLF VHDIDUHU UHFUXLWPHQW DQG SODFH KnOODIULDNRQWRUI|UUHNU\WHULQJRFKI|UPHG PHQWVHUYLFHIRUVHDIDUHUVLQWKHIUDPHZRUN OLQJ DY VM|PlQ HQOLJW HWW SURJUDP I|U DWW RI D SROLF\ WR PHHW WKH QHHGV RI VHDIDUHUV XSSI\OOD VM|PlQQHQV RFK UHGDUQDV EHKRY DQG VKLSRZQHUV ZKHWKHU WKH VHUYLFH IRUPV RDYVHWW RP NRQWRUHQ LQJnU L HOOHU lU SDUW RI RU LV FRRUGLQDWHG ZLWK D SXEOLF VDPRUGQDGHPHGHQRIIHQWOLJDUEHWVI|UPHG HPSOR\PHQW VHUYLFH IRU DOO ZRUNHUV DQG OLQJI|UDOODVM|PlQRFKDUEHWVJLYDUHHOOHU HPSOR\HUVRU

E LPSRVH RQ D 0HPEHU WKH REOLJDWLRQ WR E WYLQJD Sn HQ PHGOHPVVWDW HQ VN\OGLJKHW HVWDEOLVK D V\VWHP IRU WKH RSHUDWLRQ RI DWW LQUlWWD V\VWHP I|U DWW EHGULYD SULYDW SULYDWH VHDIDUHU UHFUXLWPHQW RU SODFHPHQW UHNU\WHULQJ HOOHU I|UPHGOLQJ DY VM|PlQ Sn VHUYLFHVLQLWVWHUULWRU\ GHVVWHUULWRULXP

$0HPEHUDGRSWLQJDV\VWHPUHIHUUHGWR (Q PHGOHPVVWDW VRP LQUlWWDU HWW V\VWHP LQ SDUDJUDSK RI WKLV 6WDQGDUG VKDOO LQ LWV VRPDYVHVLSXQNWLGHQQDVWDQGDUGVNDOOL ODZVDQGUHJXODWLRQVRURWKHUPHDVXUHVDWD VLQD ODJDU RFK DQGUD I|UIDWWQLQJDU PLQLPXP nWPLQVWRQH

D SURKLELW VHDIDUHU UHFUXLWPHQW DQG SODFH D I|UEMXGD UHNU\WHULQJV RFK DUEHWV PHQW VHUYLFHV IURP XVLQJ PHDQV PHFKD I|UPHGOLQJVNRQWRU I|U VM|PlQ DWW DQYlQGD QLVPV RU OLVWV LQWHQGHG WR SUHYHQW RU GHWHU PHGHOV\VWHPHOOHUOLVWRUDYVHGGDDWWKLQGUD VHDIDUHUV IURP JDLQLQJ HPSOR\PHQW IRU HOOHU DYKnOOD VM|PlQ IUnQ DWW In DQVWlOOQLQJ ZKLFKWKH\DUHTXDOLILHG VRPGHQlUNYDOLILFHUDGI|U

EUHTXLUHWKDWQRIHHVRURWKHUFKDUJHVIRU ENUlYDDWWLQJHWDUYRGHHOOHUDQGUDDYJLIWHU VHDIDUHU UHFUXLWPHQW RU SODFHPHQW RU IRU I|U UHNU\WHULQJ HOOHU I|UPHGOLQJ DY VM|PlQ SURYLGLQJ HPSOR\PHQW WR VHDIDUHUV DUH HOOHU I|U DWW VNDIID DQVWlOOQLQJ WLOO VM|PlQ ERUQH GLUHFWO\ RU LQGLUHFWO\ LQ ZKROH RU LQ EHNRVWDV GLUHNW HOOHU LQGLUHNW KHOW HOOHU

SDUWE\WKHVHDIDUHURWKHUWKDQWKHFRVWRI GHOYLVDYVM|PDQQHQDQQDWlQNRVWQDGHQI|U

WKH VHDIDUHU REWDLQLQJ D QDWLRQDO VWDWXWRU\ OlNDULQW\JVRPGHQQDWLRQHOODODJVWLIWQLQJHQ PHGLFDO FHUWLILFDWH WKH QDWLRQDO VHDIDUHUV I|UHVNULYHU QDWLRQHOO VM|PDQVERN RFK SDVV ERRN DQG D SDVVSRUW RU RWKHU VLPLODU HOOHU OLNQDQGH SHUVRQOLJD UHVHKDQGOLQJDU SHUVRQDO WUDYHO GRFXPHQWV QRW LQFOXGLQJ GRFNLQWHNRVWQDGHQI|UYLVXPVRPUHGDUHQ KRZHYHU WKH FRVW RI YLVDV ZKLFK VKDOO EH VNDOOVYDUDI|URFK ERUQHE\WKHVKLSRZQHUDQG

F HQVXUH WKDW VHDIDUHU UHFUXLWPHQW DQG FVHWLOODWWUHNU\WHULQJVRFKI|UPHGOLQJV SODFHPHQWVHUYLFHVRSHUDWLQJLQLWVWHUULWRU\ NRQWRU I|U VM|PlQ VRP YHUNDU Sn GHVV LPDLQWDLQDQXSWRGDWHUHJLVWHURIDOO WHUULWRULXP VHDIDUHUV UHFUXLWHG RU SODFHG WKURXJK WKHP L KnOOHU HWW DNWXHOOW UHJLVWHU |YHU DOOD WR EH DYDLODEOH IRU LQVSHFWLRQ E\ WKH VM|PlQ VRP GH UHNU\WHUDW HOOHU I|UPHGODW FRPSHWHQWDXWKRULW\ YLONHWVNDOOYDUDWLOOJlQJOLJWI|ULQVSHNWLRQDY LL PDNH VXUH WKDW VHDIDUHUV DUH GHQEHK|ULJDP\QGLJKHWHQ LQIRUPHG RI WKHLU ULJKWV DQG GXWLHV XQGHU LL VlNHUVWlOOHU DWW VM|PlQ I|UH HOOHU WKHLUHPSOR\PHQWDJUHHPHQWVSULRUWRRULQ XQGHU DQVWlOOQLQJVI|UIDUDQGHW InU LQIRUPD WKH SURFHVV RI HQJDJHPHQW DQG WKDW SURSHU WLRQ RP VLQD UlWWLJKHWHU RFK VN\OGLJKHWHU DUUDQJHPHQWV DUH PDGH IRU VHDIDUHUV WR HQOLJW DQVWlOOQLQJVDYWDOHQ DWW NRUUHNWD H[DPLQH WKHLU HPSOR\PHQW DJUHHPHQWV DUUDQJHPDQJ J|UV I|U DWW VM|PlQQHQ VNDOO EHIRUH DQG DIWHU WKH\ DUH VLJQHG DQG IRU NXQQD JUDQVND VLQD DQVWlOOQLQJVDYWDO I|UH WKHPWRUHFHLYHDFRS\RIWKHDJUHHPHQWV RFK HIWHU GHW DWW GH XQGHUWHFNQDWV RFK DWW LLL YHULI\ WKDW VHDIDUHUV UHFUXLWHG RU GHQInUHQNRSLDDYDYWDOHQ SODFHG E\ WKHP DUH TXDOLILHG DQG KROG WKH LLL YHULILHUDU DWW VM|PlQ VRP GRFXPHQWVQHFHVVDU\IRUWKHMREFRQFHUQHG UHNU\WHUDWV HOOHU I|UPHGODWV DY GHP lU DQG WKDW WKH VHDIDUHUV HPSOR\PHQW DJUHH NRPSHWHQW RFK KDU GH KDQGOLQJDU VRP PHQWVDUHLQDFFRUGDQFHZLWKDSSOLFDEOHODZV EHK|YV I|U GHW EHU|UGD DUEHWHW RFK DWW DQGUHJXODWLRQVDQGDQ\FROOHFWLYHEDUJDLQLQJ DQVWlOOQLQJVDYWDOHQ I|OMHU JlOODQGH ODJDU DJUHHPHQW WKDW IRUPV SDUW RI WKH HPSOR\ DQGUD I|UIDWWQLQJDU RFK HYHQWXHOOD PHQWDJUHHPHQW NROOHNWLYDYWDOVRPLQJnULDQVWlOOQLQJVDYWDOHW LYPDNHVXUHDVIDUDVSUDFWLFDEOHWKDW LY Vn OnQJW P|MOLJW VHU WLOO DWW UHGDUHQ WKH VKLSRZQHU KDV WKH PHDQV WR SURWHFW KDUP|MOLJKHWDWWVN\GGDVM|PlQIUnQDWWEOL VHDIDUHUV IURP EHLQJ VWUDQGHG LQ D IRUHLJQ VWUDQGVDWWLHQIUlPPDQGHKDPQ SRUW Y H[DPLQH DQG UHVSRQG WR DQ\ Y XQGHUV|NHU RFK WDU VWlOOQLQJ WLOO FRPSODLQW FRQFHUQLQJ WKHLU DFWLYLWLHV DQG HYHQWXHOODNODJRPnOSnGHUDVYHUNVDPKHWRFK DGYLVH WKH FRPSHWHQW DXWKRULW\ RI DQ\ XQGHUUlWWDU GHQ EHK|ULJD P\QGLJKHWHQ RP XQUHVROYHGFRPSODLQW HYHQWXHOODRO|VWDNODJRPnO YLHVWDEOLVKDV\VWHPRISURWHFWLRQE\ ZD\ RI LQVXUDQFH RU DQ HTXLYDOHQW YL LQUlWWDU HWW V\VWHP I|U VN\GG DSSURSULDWH PHDVXUH WR FRPSHQVDWH JHQRP I|UVlNULQJ HOOHU Sn DQQDW OLNYlUGLJW VHDIDUHUV IRU PRQHWDU\ ORVV WKDW WKH\ PD\ VlWW Vn DWW VM|PlQ NRPSHQVHUDV I|U LQFXU DV D UHVXOW RI WKH IDLOXUH RI D HNRQRPLVNDI|UOXVWHUGHNDQGUDEEDVDYRP UHFUXLWPHQW DQG SODFHPHQW VHUYLFH RU WKH HQ UHNU\WHULQJV HOOHU DUEHWVI|UPHGOLQJV UHOHYDQW VKLSRZQHU XQGHU WKH VHDIDUHUV WMlQVW HOOHU UHGDUH LQWH XSSI\OOHU VLQD HPSOR\PHQW DJUHHPHQW WR PHHW LWV VN\OGLJKHWHUHQOLJWVM|PlQQHQVDQVWlOOQLQJV REOLJDWLRQVWRWKHP DYWDO

7KH FRPSHWHQW DXWKRULW\ VKDOO FORVHO\ 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO QRJD VXSHUYLVH DQG FRQWURO DOO VHDIDUHU UHFUXLW |YHUYDND RFK NRQWUROOHUD DOOD UHNU\WHULQJV PHQW DQG SODFHPHQW VHUYLFHV RSHUDWLQJ LQ RFK I|UPHGOLQJVNRQWRU I|U VM|PlQ VRP WKHWHUULWRU\RIWKH0HPEHUFRQFHUQHG$Q\ YHUNDU Sn PHGOHPVVWDWHQV WHUULWRULXP OLFHQFHV RU FHUWLILFDWHV RU VLPLODU DXWKRUL]D (YHQWXHOOD OLFHQVHU WLOOVWnQG HOOHU OLNQDQGH WLRQVIRUWKHRSHUDWLRQRISULYDWHVHUYLFHVLQ EHP\QGLJDQGHQ DWW GULYD SULYDWD NRQWRU Sn

WKH WHUULWRU\ DUH JUDQWHG RU UHQHZHG RQO\ WHUULWRULHW VNDOO XWIlUGDV HOOHU I|UQ\DV I|UVW

DIWHU YHULILFDWLRQ WKDW WKH VHDIDUHU UHFUXLW VHGDQ GHW YHULILHUDWV DWW GH EHU|UGD PHQW DQG SODFHPHQW VHUYLFH FRQFHUQHG UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRUHQ PHHWVWKHUHTXLUHPHQWVRIQDWLRQDOODZVDQG XSSI\OOHUNUDYHQLQDWLRQHOODODJDURFKDQGUD UHJXODWLRQV I|UIDWWQLQJDU

7KHFRPSHWHQWDXWKRULW\VKDOOHQVXUHWKDW 'HQEHK|ULJDP\QGLJKHWHQVNDOOVHWLOODWW DGHTXDWHPDFKLQHU\DQGSURFHGXUHVH[LVWIRU GHWILQQVOlPSOLJDRUJDQRFKI|UIDUDQGHQI|U WKHLQYHVWLJDWLRQLIQHFHVVDU\RIFRPSODLQWV DWWYLGEHKRYXWUHGDNODJRPnO|YHUYHUNVDP FRQFHUQLQJWKHDFWLYLWLHVRIVHDIDUHUUHFUXLW KHWHQ Sn UHNU\WHULQJV RFK I|UPHGOLQJV PHQW DQG SODFHPHQW VHUYLFHV LQYROYLQJ DV NRQWRUI|UVM|PlQGlUVnlUOlPSOLJWXQGHU DSSURSULDWH UHSUHVHQWDWLYHV RI VKLSRZQHUV PHGYHUNDQDYUHSUHVHQWDQWHUI|UUHGDUHRFK DQGVHDIDUHUV VM|PlQ

(DFK 0HPEHU ZKLFK KDV UDWLILHG WKLV 9DUMH PHGOHPVVWDW VRP KDU UDWLILFHUDW &RQYHQWLRQ VKDOO LQ VR IDU DV SUDFWLFDEOH GHQQD NRQYHQWLRQ VNDOO Vn OnQJW P|MOLJW JH DGYLVHLWVQDWLRQDOVRQWKHSRVVLEOHSUREOHPV UnGWLOOVLQDPHGERUJDUHRPGHSUREOHPVRP RI VLJQLQJ RQ D VKLS WKDW IOLHV WKH IODJ RI D NDQ XSSVWn QlU PDQ WDU DQVWlOOQLQJ Sn HWW 6WDWHZKLFKKDVQRWUDWLILHGWKH&RQYHQWLRQ IDUW\JVRP lUIODJJDWLHQVWDWVRPLQWHKDU XQWLOLWLVVDWLVILHGWKDWVWDQGDUGVHTXLYDOHQW UDWLILFHUDW NRQYHQWLRQHQ WLOOV GHW VWnU NODUW WRWKRVHIL[HGE\WKLV&RQYHQWLRQDUHEHLQJ DWWQRUPHUVRPlUOLNYlUGLJDPHGGHPVRP DSSOLHG0HDVXUHVWDNHQWRWKLVHIIHFWE\WKH IDVWVWlOOV L GHQQD NRQYHQWLRQ WLOOlPSDV 0HPEHU WKDW KDV UDWLILHG WKLV &RQYHQWLRQ cWJlUGHU VRP GHQ PHGOHPVVWDW VRP KDU VKDOO QRW EH LQ FRQWUDGLFWLRQ ZLWK WKH UDWLILFHUDW NRQYHQWLRQHQ YLGWDU L GHWWD V\IWH SULQFLSOH RI IUHH PRYHPHQW RI ZRUNHUV InULQWHVWULGDPRWSULQFLSHQRPIULU|UOLJKHW VWLSXODWHG E\ WKH WUHDWLHV WR ZKLFK WKH WZR I|U VM|PlQ VRP I|UHVNULYV L GH I|UGUDJ GlU 6WDWHVFRQFHUQHGPD\EHSDUWLHV GHWYnEHU|UGDVWDWHUQDNDQLQJnVRPSDUWHU

(DFK 0HPEHU ZKLFK KDV UDWLILHG WKLV 9DUMH PHGOHPVVWDW VRP KDU UDWLILFHUDW &RQYHQWLRQVKDOOUHTXLUHWKDWVKLSRZQHUVRI GHQQD NRQYHQWLRQ VNDOO NUlYD DWW UHGDUH I|U VKLSV WKDW IO\ LWV IODJ ZKR XVH VHDIDUHU IDUW\JVRPI|UGHVVIODJJRFKVRPDQYlQGHU UHFUXLWPHQWDQGSODFHPHQWVHUYLFHVEDVHGLQ UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRU PHG FRXQWULHV RU WHUULWRULHV LQ ZKLFK WKLV VlWH L OlQGHU HOOHU WHUULWRULHU GlU GHQQD &RQYHQWLRQGRHVQRWDSSO\HQVXUHDVIDUDV NRQYHQWLRQ LQWH WLOOlPSDV Vn OnQJW P|MOLJW SUDFWLFDEOH WKDW WKRVH VHUYLFHV PHHW WKH VHUWLOODWWNRQWRUHQXSSI\OOHUNUDYHQLGHQQD UHTXLUHPHQWVRIWKLV6WDQGDUG VWDQGDUG

1RWKLQJ LQ WKLV 6WDQGDUG VKDOO EH ,QJHWLGHQQDVWDQGDUGVNDOODQVHVPLQVND XQGHUVWRRG DV GLPLQLVKLQJ WKH REOLJDWLRQV UHGDUHV HOOHU HQ PHGOHPVVWDWV VN\OGLJKHWHU DQG UHVSRQVLELOLWLHV RI VKLSRZQHUV RU RI D RFKDQVYDUPHGDYVHHQGHSnIDUW\JVRPI|U 0HPEHU ZLWK UHVSHFW WR VKLSV WKDW IO\ LWV GHVVIODJJ IODJ

*XLGHOLQH%²5HFUXLWPHQWDQGSODFHPHQW $QYLVQLQJ%²5HNU\WHULQJRFKDUEHWV I|UPHGOLQJ *XLGHOLQH % ² 2UJDQL]DWLRQDO DQG RSHUDWLRQDOJXLGHOLQHV $QYLVQLQJ%²$QYLVQLQJDUI|URUJDQLVDWLRQ RFKYHUNVDPKHW

:KHQ IXOILOOLQJ LWV REOLJDWLRQV XQGHU 1lUGHQEHK|ULJDP\QGLJKHWHQXSSI\OOHU 6WDQGDUG $ SDUDJUDSK WKH FRPSHWHQW VLQDVN\OGLJKHWHUHQOLJWVWDQGDUG$SXQNW DXWKRULW\VKRXOGFRQVLGHU E|UGHQ

D WDNLQJ WKH QHFHVVDU\ PHDVXUHV WR SUR D YLGWD GH nWJlUGHU VRP EHK|YV I|U DWW

PRWH HIIHFWLYH FRRSHUDWLRQ DPRQJ VHDIDUHU IUlPMD HWW HIIHNWLYW VDPDUEHWH PHOODQ

UHFUXLWPHQWDQGSODFHPHQWVHUYLFHVZKHWKHU UHNU\WHULQJV RFK I|UPHGOLQJVNRQWRU I|U SXEOLFRUSULYDWH VM|PlQRIIHQWOLJDVnYlOVRPSULYDWD

E WKH QHHGV RI WKH PDULWLPH LQGXVWU\ DW EEHDNWD VM|IDUWVQlULQJHQV EHKRY QDWLR ERWK WKH QDWLRQDO DQG LQWHUQDWLRQDO OHYHOV QHOOW VnYlO VRP LQWHUQDWLRQHOOW QlU XWELOG ZKHQ GHYHORSLQJ WUDLQLQJ SURJUDPPHV IRU QLQJVSURJUDP WDV IUDP I|U EHVlWWQLQJV VHDIDUHUV WKDW IRUP WKH SDUW RI WKH VKLSV PHGOHPPDU VRP DQVYDUDU I|U HQ VlNHU FUHZ WKDW LV UHVSRQVLEOH IRU WKH VKLSV VDIH QDYLJDWLRQDYIDUW\JHWRFKI|UnWJlUGHUVRP QDYLJDWLRQ DQG SROOXWLRQ SUHYHQWLRQ RSHUD KLQGUDU I|URUHQLQJ XQGHU PHGYHUNDQ DY WLRQV ZLWK WKH SDUWLFLSDWLRQ RI VKLSRZQHUV UHGDUH VM|PlQ RFK UHOHYDQWD XWELOGQLQJV VHDIDUHUV DQG WKH UHOHYDQW WUDLQLQJ LQVWLWXWLRQHU LQVWLWXWLRQV

F PDNLQJ VXLWDEOH DUUDQJHPHQWV IRU WKH F J|UD OlPSOLJD DUUDQJHPDQJ I|U DWW FRRSHUDWLRQ RI UHSUHVHQWDWLYH VKLSRZQHUV UHSUHVHQWDWLYD UHGDU RFK VM|IRONVRUJDQLVD DQGVHDIDUHUVRUJDQL]DWLRQVLQWKHRUJDQL]D WLRQHUVNDOOVDPDUEHWDRPDWWRUJDQLVHUDRFK WLRQ DQG RSHUDWLRQ RI WKH SXEOLF VHDIDUHU GULYD RIIHQWOLJD UHNU\WHULQJV RFK I|UPHG UHFUXLWPHQW DQG SODFHPHQW VHUYLFHV ZKHUH OLQJVNRQWRU I|U VM|PlQ GlU VnGDQD NRQWRU WKH\H[LVW ILQQV

G GHWHUPLQLQJ ZLWK GXH UHJDUG WR WKH G PHG YHGHUE|UOLJ KlQV\Q WLOO UlWWHQ WLOO ULJKW WR SULYDF\ DQG WKH QHHG WR SURWHFW SULYDWOLY RFK EHKRYHW DY VHNUHWHVVN\GG FRQILGHQWLDOLW\ WKH FRQGLWLRQV XQGHU ZKLFK IDVWVWlOOD Sn YLOND YLOONRU UHNU\WHULQJV RFK VHDIDUHUVSHUVRQDOGDWDPD\EHSURFHVVHGE\ I|UPHGOLQJVNRQWRU I|U VM|PlQ InU EHKDQGOD VHDIDUHUUHFUXLWPHQWDQGSODFHPHQWVHUYLFHV VM|PlQQHQV SHUVRQXSSJLIWHU EODQG DQQDW LQFOXGLQJ WKH FROOHFWLRQ VWRUDJH FRPELQD LQVDPOLQJ ODJULQJ VDPPDQVWlOOQLQJ RFK WLRQ DQG FRPPXQLFDWLRQ RI VXFK GDWD WR XWOlPQDQGH DY VnGDQD XSSJLIWHU WLOO WUHGMH WKLUGSDUWLHV SDUW

H PDLQWDLQLQJ DQ DUUDQJHPHQW IRU WKH H VDPOD LQ RFK DQDO\VHUD DOO UHOHYDQW FROOHFWLRQ DQG DQDO\VLV RI DOO UHOHYDQW LQIRUPDWLRQ Sn GHQ PDULWLPD DUEHWV LQIRUPDWLRQRQWKHPDULWLPHODERXUPDUNHW PDUNQDGHQ EODQG DQQDW O|SDQGH RFK LQFOXGLQJWKHFXUUHQWDQGSURVSHFWLYHVXSSO\ IUDPWLGD WLOOJnQJ Sn VM|PlQ VRP LQJnU L RI VHDIDUHUV WKDW ZRUN DV FUHZ FODVVLILHG E\ IDUW\JHWVEHVlWWQLQJXSSGHODGSnnOGHUN|Q DJH VH[ UDQN DQG TXDOLILFDWLRQV DQG WKH UDQJRFKNYDOLILNDWLRQHURFKQlULQJHQVNUDY LQGXVWU\V UHTXLUHPHQWV WKH FROOHFWLRQ RI YDUYLG LQVDPOLQJ DY GDWD RP nOGHU HOOHU N|Q GDWDRQDJHRUVH[EHLQJDGPLVVLEOHRQO\IRU lU WLOOnWHQ HQGDVW I|U VWDWLVWLVND V\IWHQ HOOHU VWDWLVWLFDO SXUSRVHV RU LI XVHG LQ WKH RPXSSJLIWHUQDVNDOODQYlQGDVLHWWSURJUDP IUDPHZRUN RI D SURJUDPPH WR SUHYHQW I|U DWW KLQGUD GLVNULPLQHULQJ JUXQGDG Sn GLVFULPLQDWLRQEDVHGRQDJHRUVH[ nOGHUHOOHUN|Q

IHQVXULQJWKDWWKHVWDIIUHVSRQVLEOHIRUWKH IVHWLOODWWGHQSHUVRQDOVRPDQVYDUDUI|U VXSHUYLVLRQ RI SXEOLF DQG SULYDWH VHDIDUHU |YHUYDNQLQJ DY RIIHQWOLJ RFK SULYDW UHFUXLWPHQW DQG SODFHPHQW VHUYLFHV IRU UHNU\WHULQJ RFK I|UPHGOLQJ DY VM|PlQ WLOO VKLSVFUHZZLWKUHVSRQVLELOLW\IRUWKHVKLSV IDUW\JVEHVlWWQLQJDUPHGDQVYDUI|UHQVlNHU VDIH QDYLJDWLRQ DQG SROOXWLRQ SUHYHQWLRQ QDYLJHULQJ DY IDUW\JHW RFK nWJlUGHU I|U DWW RSHUDWLRQV KDYH KDG DGHTXDWH WUDLQLQJ PRWYHUND I|URUHQLQJDU lU YlO XWELOGDGH RFK LQFOXGLQJ DSSURYHG VHDVHUYLFH H[SHULHQFH KDUJRGNlQGHUIDUHQKHWIUnQWMlQVWJ|ULQJWLOO DQG KDYH UHOHYDQW NQRZOHGJH RI WKH VM|VV RFK UHOHYDQW NXQVNDS RP VM|IDUWV PDULWLPH LQGXVWU\ LQFOXGLQJ WKH UHOHYDQW QlULQJHQ LQNOXVLYH UHOHYDQWD PDULWLPD PDULWLPH LQWHUQDWLRQDO LQVWUXPHQWV RQ LQWHUQDWLRQHOOD LQVWUXPHQW I|U XWELOGQLQJ WUDLQLQJFHUWLILFDWLRQDQGODERXUVWDQGDUGV FHUWLILHULQJRFKDUEHWVQRUPHU

J SUHVFULELQJ RSHUDWLRQDO VWDQGDUGV DQG J I|UHVNULYD VWDQGDUGHU I|U YHUNVDPKHWHQ

DGRSWLQJ FRGHV RI FRQGXFW DQG HWKLFDO RFK LQUlWWD XSSI|UDQGHNRGHU RFK HWLVND SUDFWLFHV IRU VHDIDUHU UHFUXLWPHQW DQG UHJOHU I|U UHNU\WHULQJ RFK I|UPHGOLQJ DY SODFHPHQWVHUYLFHVDQG VM|PlQRFK

KH[HUFLVLQJVXSHUYLVLRQRIWKHOLFHQVLQJRU KXW|YDWLOOV\Q|YHUV\VWHPI|UOLFHQVLHULQJ FHUWLILFDWLRQV\VWHPRQWKHEDVLVRIDV\VWHP HOOHU FHUWLILHULQJ Sn JUXQGYDO DY HWW V\VWHP RITXDOLW\VWDQGDUGV I|UNYDOLWHWVQRUPHU

,Q HVWDEOLVKLQJ WKH V\VWHP UHIHUUHG WR LQ 9DUMH PHGOHPVVWDW E|U QlU GHQ LQUlWWDU 6WDQGDUG $ SDUDJUDSK HDFK 0HPEHU GHWV\VWHPVRPDYVHVLVWDQGDUG$SXQNW VKRXOG FRQVLGHU UHTXLULQJ VHDIDUHU UHFUXLW |YHUYlJDNUDYSnDWWGHUHNU\WHULQJVRFK PHQW DQG SODFHPHQW VHUYLFHV HVWDEOLVKHGLQ I|UPHGOLQJVNRQWRU I|U VM|PlQ VRP YHUNDU LWV WHUULWRU\ WR GHYHORS DQG PDLQWDLQ Sn GHVV WHUULWRULXP VNDOO WD IUDP RFK YHULILDEOH RSHUDWLRQDO SUDFWLFHV 7KHVH XSSUlWWKnOOD DUEHWVUXWLQHU VRP JnU DWW RSHUDWLRQDO SUDFWLFHV IRU SULYDWH VHDIDUHU YHULILHUD'HVVDDUEHWVUXWLQHUI|USULYDWDRFK UHFUXLWPHQW DQG SODFHPHQW VHUYLFHV DQG WR LWLOOlPSOLJDIDOORIIHQWOLJDUHNU\WHULQJVRFK WKHH[WHQWWKDWWKH\DUHDSSOLFDEOHIRUSXEOLF I|UPHGOLQJVNRQWRU I|U VM|PlQ E|U LQULNWDV VHDIDUHU UHFUXLWPHQW DQG SODFHPHQW VHUYLFHV SnI|OMDQGHSXQNWHU VKRXOGDGGUHVVWKHIROORZLQJPDWWHUV

DPHGLFDOH[DPLQDWLRQVVHDIDUHUVLGHQWLW\ DOlNDUXQGHUV|NQLQJDULGHQWLWHWVKDQGOLQJ GRFXPHQWVDQGVXFKRWKHULWHPVDVPD\EH DU I|U VM|PlQ RFK DQQDW VRP NDQ EHK|YDV UHTXLUHG IRU WKH VHDIDUHU WR JDLQ I|UDWWVM|PlQQHQVNDOOInDQVWlOOQLQJ HPSOR\PHQW

EPDLQWDLQLQJZLWKGXHUHJDUGWRWKHULJKW E PHG YHGHUE|UOLJ KlQV\Q WLOO UlWWHQ WLOO WR SULYDF\ DQG WKH QHHG WR SURWHFW SULYDWOLY RFK EHKRYHW DY VHNUHWHVVN\GG DWW FRQILGHQWLDOLW\IXOODQGFRPSOHWHUHFRUGVRI KnOOD IXOOVWlQGLJD UHJLVWHU |YHU VM|PlQ VRP WKH VHDIDUHUV FRYHUHG E\ WKHLU UHFUXLWPHQW RPIDWWDVDYGHUDVV\VWHPI|UUHNU\WHULQJRFK DQGSODFHPHQWV\VWHPZKLFKVKRXOGLQFOXGH DUEHWVI|UPHGOLQJRFKVRPE|ULQQHIDWWDPHQ EXWQRWEHOLPLWHGWR LQWHEHJUlQVDVWLOO LWKHVHDIDUHUVTXDOLILFDWLRQV LVM|PlQQHQVNYDOLILNDWLRQHU LLUHFRUGRIHPSOR\PHQW LLI|UWHFNQLQJ|YHUDQVWlOOQLQJDU LLLSHUVRQDO GDWD UHOHYDQW WR HPSOR\ LLLSHUVRQXSSJLIWHU DY EHW\GHOVH I|U PHQWDQG DQVWlOOQLQJRFK LYPHGLFDO GDWD UHOHYDQW WR LYPHGLFLQVND GDWD DY EHW\GHOVH I|U HPSOR\PHQW DQVWlOOQLQJ

FPDLQWDLQLQJXSWRGDWHOLVWVRIWKHVKLSV FDWWKnOODDNWXHOODEHVlWWQLQJVOLVWRUI|UGH IRU ZKLFK WKH VHDIDUHU UHFUXLWPHQW DQG IDUW\J nW YLOND NRQWRUHW WLOOKDQGDKnOOHU SODFHPHQW VHUYLFHV SURYLGH VHDIDUHUV DQG EHVlWWQLQJ VDPW VlNHUVWlOOD DWW GHW JnU DWW HQVXULQJWKDWWKHUHLVDPHDQVE\ZKLFKWKH NRQWDNWDNRQWRUHWLHQQ|GVLWXDWLRQYLGDOOD VHUYLFHVFDQEHFRQWDFWHGLQDQHPHUJHQF\DW WLGHUSnG\JQHW DOOKRXUV

G SURFHGXUHV WR HQVXUH WKDW VHDIDUHUV DUH GUXWLQHUI|UDWWVlNHUVWlOODDWWVM|PlQLQWH QRW VXEMHFW WR H[SORLWDWLRQ E\ WKH VHDIDUHU XWVlWWV I|U H[SORDWHULQJ IUnQ NRQWRUHWV HOOHU UHFUXLWPHQWDQGSODFHPHQWVHUYLFHVRUWKHLU GHVV SHUVRQDOV VLGD QlU GHW JlOOHU SHUVRQQHO ZLWK UHJDUG WR WKH RIIHU RI HUEMXGDQGHQ RP DQVWlOOQLQJ Sn YLVVD IDUW\J HQJDJHPHQW RQ SDUWLFXODU VKLSV RU E\ HOOHUKRVYLVVDUHGHULHU SDUWLFXODUFRPSDQLHV

HSURFHGXUHVWRSUHYHQWWKHRSSRUWXQLWLHV H UXWLQHU I|U DWW KLQGUD DWW VM|PlQ

IRUH[SORLWDWLRQRIVHDIDUHUVDULVLQJIURPWKH H[SORDWHUDV L VDPEDQG PHG XWEHWDOQLQJ DY

LVVXH RI MRLQLQJ DGYDQFHV RU DQ\ RWKHU I|UVNRWWVOHJD HOOHU QnJRQ DQQDQ HNRQRPLVN ILQDQFLDOWUDQVDFWLRQEHWZHHQWKHVKLSRZQHU WUDQVDNWLRQ PHOODQ UHGDUHQ RFK VM|PDQQHQ DQG WKH VHDIDUHUV ZKLFK DUH KDQGOHG E\ WKH VRPVN|WVDYUHNU\WHULQJVRFKI|UPHGOLQJV VHDIDUHUUHFUXLWPHQWDQGSODFHPHQWVHUYLFHV NRQWRUHW

I FOHDUO\ SXEOLFL]LQJ FRVWV LI DQ\ ZKLFK I DWWNODUWWLOONlQQDJHYLONDNRVWQDGHUVM| WKH VHDIDUHU ZLOO EH H[SHFWHG WR EHDU LQ WKH PDQQHQ VNDOO ElUD RP UHNU\WHULQJV UHFUXLWPHQWSURFHVV SURFHVVHQlUI|UHQDGPHGVnGDQD

JHQVXULQJWKDWVHDIDUHUVDUHDGYLVHGRIDQ\ J DWW VH WLOO DWW VM|PDQQHQ InU EHVNHG RP SDUWLFXODU FRQGLWLRQV DSSOLFDEOH WR WKH MRE VlUVNLOGDYLOONRUVRPNDQJlOODGHWDUEHWHI|U IRUZKLFKWKH\DUHWREHHQJDJHGDQGRIWKH YLONHWGHVNDOODQVWlOODVRFKRPUHGHULHWKDU SDUWLFXODU VKLSRZQHUV SROLFLHV UHODWLQJ WR VlUVNLOGDSULQFLSHUVRPU|UDQVWlOOQLQJHQ WKHLUHPSOR\PHQW

KSURFHGXUHVZKLFKDUHLQDFFRUGDQFHZLWK KUXWLQHU I|U DWW KDQWHUD IDOO DY WKH SULQFLSOHV RI QDWXUDO MXVWLFH IRU GHDOLQJ LQNRPSHWHQV HOOHU EULVWDQGH GLVFLSOLQ VRP ZLWK FDVHV RI LQFRPSHWHQFH RU LQGLVFLSOLQH XSSI\OOHUYHGHUWDJQDUlWWYLVHSULQFLSHURFKlU FRQVLVWHQW ZLWK QDWLRQDO ODZV DQG SUDFWLFH I|UHQOLJD PHG QDWLRQHOO ODJ RFK VHGYlQMD DQG ZKHUH DSSOLFDEOH ZLWK FROOHFWLYH VDPWLWLOOlPSOLJDIDOOPHGNROOHNWLYDYWDO DJUHHPHQWV

L SURFHGXUHV WR HQVXUH DV IDU DV LUXWLQHUI|UDWWVnOnQJWP|MOLJWVlNHUVWlOOD SUDFWLFDEOH WKDW DOO PDQGDWRU\ FHUWLILFDWHV DWW DOOD REOLJDWRULVND LQW\J RFK KDQGOLQJDU DQG GRFXPHQWV VXEPLWWHG IRU HPSOR\PHQW VRPYLVDVXSSI|UDQVWlOOQLQJlUDNWXHOODRFK DUH XS WR GDWH DQG KDYH QRW EHHQ LQWH KDU VNDIIDWV Sn RODJOLJ YlJ VDPW DWW IUDXGXOHQWO\REWDLQHGDQGWKDWHPSOR\PHQW DQVWlOOQLQJVUHIHUHQVHUYHULILHUDV UHIHUHQFHVDUHYHULILHG

M SURFHGXUHV WR HQVXUH WKDW UHTXHVWV IRU M UXWLQHU I|U DWW VlNHUVWlOOD DWW HQ EHJlUDQ LQIRUPDWLRQ RU DGYLFH E\ IDPLOLHV RI RP XSSO\VQLQJDU HOOHU UnG IUnQ DQK|ULJD WLOO VHDIDUHUV ZKLOH WKH VHDIDUHUV DUH DW VHD DUH VM|PlQ PHGDQ GH lU WLOO VM|VV EHKDQGODV GHDOWZLWKSURPSWO\DQGV\PSDWKHWLFDOO\DQG VQDEEWYlOYLOOLJWRFKXWDQNRVWQDGRFK DWQRFRVWDQG

NYHULI\LQJWKDWODERXUFRQGLWLRQVRQVKLSV N DWW YHULILHUD DWW DUEHWVI|UKnOODQGHQD Sn ZKHUHVHDIDUHUVDUHSODFHGDUHLQFRQIRUPLW\ IDUW\JGlUVM|PlQlUSODFHUDGHI|OMHUJlOODQGH ZLWK DSSOLFDEOH FROOHFWLYH EDUJDLQLQJ DJUHH NROOHNWLYDYWDO PHOODQ HQ UHGDUH RFK HQ PHQWVFRQFOXGHGEHWZHHQDVKLSRZQHUDQGD UHSUHVHQWDWLY RUJDQLVDWLRQ I|U VM|PlQ RFK UHSUHVHQWDWLYHVHDIDUHUVRUJDQL]DWLRQDQGDV KDUVRPSULQFLSDWWI|UPHGODSHUVRQDOHQGDVW DPDWWHU RI SROLF\VXSSO\LQJVHDIDUHUVRQO\ nW VnGDQD UHGDUH VRP HUEMXGHU VM|PlQQHQ WR VKLSRZQHUV WKDW RIIHU WHUPV DQG FRQGL DQVWlOOQLQJVYLOONRU RFK DQVWlOOQLQJV WLRQV RI HPSOR\PHQW WR VHDIDUHUV ZKLFK I|UKnOODQGHQ VRP XSSI\OOHU JlOODQGH ODJDU FRPSO\ ZLWK DSSOLFDEOH ODZV RU UHJXODWLRQV HOOHUDQGUDEHVWlPPHOVHUHOOHUNROOHNWLYDYWDO RUFROOHFWLYHDJUHHPHQWV

&RQVLGHUDWLRQVKRXOGEHJLYHQWRHQFRXU ,QWHUQDWLRQHOOW VDPDUEHWH PHOODQ DJLQJ LQWHUQDWLRQDO FRRSHUDWLRQ EHWZHHQ PHGOHPVVWDWHU RFK UHOHYDQWD RUJDQLVDWLRQHU 0HPEHUV DQG UHOHYDQW RUJDQL]DWLRQV VXFK E|UIUlPMDV6nGDQWVDPDUEHWHNDQRPIDWWD DV

D WKH V\VWHPDWLF H[FKDQJH RI LQIRUPDWLRQ D HWW V\VWHPDWLVNW XWE\WH DY LQIRUPDWLRQ RQWKHPDULWLPHLQGXVWU\DQGODERXUPDUNHW RP VM|IDUWVQlULQJHQ RFK DUEHWVPDUNQDGHQ

RQDELODWHUDOUHJLRQDODQGPXOWLODWHUDOEDVLV SnELODWHUDOUHJLRQDORFKPXOWLODWHUDOQLYn

E WKH H[FKDQJH RI LQIRUPDWLRQ RQ E XWE\WH DY LQIRUPDWLRQ RP DUEHWVUlWWVOLJ PDULWLPHODERXUOHJLVODWLRQ ODJVWLIWQLQJLQRPVM|IDUWHQ

F WKH KDUPRQL]DWLRQ RI SROLFLHV ZRUNLQJ FKDUPRQLVHULQJ DY KDQGOLQJVSURJUDP PHWKRGV DQG OHJLVODWLRQ JRYHUQLQJ UHFUXLW DUEHWVPHWRGHU RFK ODJVWLIWQLQJ VRP VW\U PHQWDQGSODFHPHQWRIVHDIDUHUV UHNU\WHULQJDYRFKDUEHWVI|UPHGOLQJI|UVM|PlQ

G WKH LPSURYHPHQW RI SURFHGXUHV DQG G I|UElWWULQJ DY UXWLQHU RFK YLOONRU I|U FRQGLWLRQVIRUWKHLQWHUQDWLRQDOUHFUXLWPHQW LQWHUQDWLRQHOO UHNU\WHULQJ DY RFK DUEHWV DQGSODFHPHQWRIVHDIDUHUVDQG I|UPHGOLQJI|UVM|PlQRFK

H ZRUNIRUFH SODQQLQJ WDNLQJ DFFRXQW RI HDUEHWVNUDIWVSODQHULQJPHGEHDNWDQGHDY WKHVXSSO\RIDQGGHPDQGIRUVHDIDUHUVDQG WLOOJnQJHQ RFK HIWHUIUnJDQ Sn VM|PlQ VDPW WKHUHTXLUHPHQWVRIWKHPDULWLPHLQGXVWU\ VM|IDUWVQlULQJHQVNUDY

7LWOH&RQGLWLRQVRI(PSOR\PHQW .DSLWHO$QVWlOOQLQJVI|UKnOODQGHQ

5HJXODWLRQ ² 6HDIDUHUV HPSOR\PHQW 5HJHO²$QVWlOOQLQJVDYWDOI|UVM|PlQ DJUHHPHQWV

6\IWH $WW VlNHUVWlOOD DWW VM|PlQ KDU UlWWYLVD 3XUSRVH 7R HQVXUH WKDW VHDIDUHUV KDYH D IDLU DQVWlOOQLQJVDYWDO HPSOR\PHQWDJUHHPHQW

7KH WHUPV DQG FRQGLWLRQV IRU HPSOR\ 6M|PlQV DQVWlOOQLQJVYLOONRU RFK DQVWlOO PHQWRIDVHDIDUHUVKDOOEHVHWRXWRUUHIHUUHG QLQJVI|UKnOODQGHQVNDOODQJHVHOOHUnEHURSDVL WR LQ D FOHDU ZULWWHQ OHJDOO\ HQIRUFHDEOH HWW NODUW IRUPXOHUDW UlWWVOLJW YHUNVWlOOEDUW DJUHHPHQW DQG VKDOO EH FRQVLVWHQW ZLWK WKH DYWDO RFK VNDOO XSSI\OOD GH VWDQGDUGHU VRP VWDQGDUGVVHWRXWLQWKH&RGH IDVWVWlOOVLNRGHQ

6HDIDUHUV HPSOR\PHQW DJUHHPHQWV VKDOO 6M|PlQQHQ VNDOO JRGNlQQD DQVWlOOQLQJV EH DJUHHG WR E\ WKH VHDIDUHU XQGHU DYWDOHW XQGHU I|UKnOODQGHQ VRP JDUDQWHUDU FRQGLWLRQV ZKLFK HQVXUH WKDW WKH VHDIDUHU DWWGHKDUP|MOLJKHWDWWJUDQVNDRFKV|NDUnG KDVDQRSSRUWXQLW\WRUHYLHZDQGVHHNDGYLFH RPYLOONRUHQRFKI|UKnOODQGHQDHQOLJWDYWDOHW RQ WKH WHUPV DQG FRQGLWLRQV LQ WKH RFK IULYLOOLJW JRGNlQQHU GHVVD I|UH DJUHHPHQW DQG IUHHO\ DFFHSWV WKHP EHIRUH XQGHUWHFNQDQGHW VLJQLQJ

7R WKH H[WHQW FRPSDWLEOH ZLWK WKH , GHQ PnQ GHW lU I|UHQOLJW PHG 0HPEHUV QDWLRQDO ODZ DQG SUDFWLFH PHGOHPVVWDWHQV QDWLRQHOOD ODJ RFK SUD[LV VHDIDUHUV HPSOR\PHQW DJUHHPHQWV VKDOO EH VNDOO DQVWlOOQLQJVDYWDO I|U VM|PlQ DQVHV XQGHUVWRRG WR LQFRUSRUDWH DQ\ DSSOLFDEOH LQQHIDWWDHYHQWXHOODJlOODQGHNROOHNWLYDYWDO FROOHFWLYHEDUJDLQLQJDJUHHPHQWV

6WDQGDUG 6WDQGDUG

6WDQGDUG $ ² 6HDIDUHUV HPSOR\PHQW 6WDQGDUG$²$QVWlOOQLQJVDYWDOI|UVM|PlQ DJUHHPHQWV

(DFK0HPEHUVKDOODGRSWODZVRUUHJXOD 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK WLRQV UHTXLULQJ WKDW VKLSV WKDW IO\ LWV IODJ DQGUD I|UIDWWQLQJDU VRP NUlYHU DWW IDUW\J FRPSO\ZLWKWKHIROORZLQJUHTXLUHPHQWV VRPI|UGHVVIODJJXSSI\OOHUI|OMDQGHNUDY

D VHDIDUHUV ZRUNLQJ RQ VKLSV WKDW IO\ LWV D VM|PlQ VRP DUEHWDU Sn IDUW\J VRP I|U

IODJ VKDOO KDYH D VHDIDUHUV HPSOR\PHQW GHVV IODJJ VNDOO KD HWW DQVWlOOQLQJVDYWDO I|U DJUHHPHQW VLJQHG E\ ERWK WKH VHDIDUHU DQG VM|PlQ XQGHUWHFNQDW DY VnYlO VM|PDQQHQ WKH VKLSRZQHU RU D UHSUHVHQWDWLYH RI WKH VRPUHGDUHQHOOHUHQUHSUHVHQWDQWI|UGHQQH VKLSRZQHU RU ZKHUH WKH\ DUH QRW HOOHU RP VM|PDQQHQ LQWH lU DQVWlOOG EHYLV HPSOR\HHV HYLGHQFH RI FRQWUDFWXDO RU Sn NRQWUDNWV HOOHU OLNQDQGH DUUDQJHPDQJ VLPLODU DUUDQJHPHQWV SURYLGLQJ WKHP ZLWK VRPJHUP|MOLJKHWDWWDUEHWDRFKOHYDXQGHU GHFHQW ZRUNLQJ DQG OLYLQJ FRQGLWLRQV RQ DQVWlQGLJDI|UKnOODQGHQRPERUGSnIDUW\JHW ERDUG WKH VKLS DV UHTXLUHG E\ WKLV HQOLJWNUDYHQLGHQQDNRQYHQWLRQ &RQYHQWLRQ

EVHDIDUHUVVLJQLQJDVHDIDUHUVHPSOR\PHQW E VM|PlQ VRP XQGHUWHFNQDU HWW DQVWlOO DJUHHPHQW VKDOO EH JLYHQ DQ RSSRUWXQLW\ WR QLQJVDYWDOI|UVM|PlQVNDOOJHVP|MOLJKHWDWW H[DPLQH DQG VHHN DGYLFH RQ WKH DJUHHPHQW JUDQVND RFK V|ND UnG RP DYWDOHW LQQDQ GHW EHIRUHVLJQLQJDVZHOODVVXFKRWKHUIDFLOLWLHV XQGHUWHFNQDV VDPW DQGUD P|MOLJKHWHU VRP DV DUH QHFHVVDU\ WR HQVXUH WKDW WKH\ KDYH lU Q|GYlQGLJD I|U DWW JDUDQWHUD DWW VM| IUHHO\ HQWHUHG LQWR DQ DJUHHPHQW ZLWK D PDQQHQ KDU LQJnWW DYWDOHW DY IUL YLOMD RFK VXIILFLHQW XQGHUVWDQGLQJ RI WKHLU ULJKWV DQG PHG WLOOUlFNOLJ I|UVWnHOVH DY VLQD UlWWLJKHWHU UHVSRQVLELOLWLHV RFKVN\OGLJKHWHU

F WKH VKLSRZQHU DQG VHDIDUHU FRQFHUQHG FGHQEHU|UGDUHGDUHQRFKVM|PDQQHQVNDOO VKDOO HDFK KDYH D VLJQHG RULJLQDO RI WKH YDUGHUD KD HWW XQGHUWHFNQDW RULJLQDO DY VHDIDUHUVHPSOR\PHQWDJUHHPHQW DQVWlOOQLQJVDYWDOHW

G PHDVXUHV VKDOO EH WDNHQ WR HQVXUH WKDW G GHW VNDOO JDUDQWHUDV DWW VM|PlQ lYHQ FOHDU LQIRUPDWLRQ DV WR WKH FRQGLWLRQV RI IDUW\JHWV EHIlOKDYDUH KDU OlWW WLOOJnQJ WKHLUHPSOR\PHQWFDQEHHDVLO\REWDLQHGRQ RPERUG WLOO W\GOLJ LQIRUPDWLRQ RP GHUDV ERDUG E\ VHDIDUHUV LQFOXGLQJ WKH VKLSV DQVWlOOQLQJVI|UKnOODQGHQ RFK DWW GHQQD PDVWHUDQGWKDWVXFKLQIRUPDWLRQLQFOXGLQJ LQIRUPDWLRQ EODQG DQQDW HQ NRSLD DY D FRS\ RI WKH VHDIDUHUV HPSOR\PHQW DJUHH DQVWlOOQLQJVDYWDOHW RFNVn ILQQV WLOOJlQJOLJ PHQWLVDOVRDFFHVVLEOHIRUUHYLHZE\RIILFHUV I|U JUDQVNQLQJ DY WMlQVWHPlQ IUnQ HQ RIDFRPSHWHQWDXWKRULW\LQFOXGLQJWKRVHLQ EHK|ULJ P\QGLJKHW EODQG DQQDW P\QGLJ SRUWVWREHYLVLWHGDQG KHWHULKDPQDUVRPEHV|NVRFK

H VHDIDUHUV VKDOO EH JLYHQ D GRFXPHQW H VM|PlQ VNDOO In HQ KDQGOLQJ PHG HQ FRQWDLQLQJDUHFRUGRIWKHLUHPSOR\PHQWRQ UHGRJ|UHOVHI|UGHUDVDQVWlOOQLQJRPERUGSn ERDUGWKHVKLS IDUW\JHW

:KHUH D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW 1lU HWW NROOHNWLYDYWDO XWJ|U KHOD HOOHU HQ IRUPVDOORUSDUWRIDVHDIDUHUVHPSOR\PHQW GHODYHWWDQVWlOOQLQJVDYWDOI|UVM|PlQVNDOO DJUHHPHQWDFRS\RIWKDWDJUHHPHQWVKDOOEH HQ NRSLD DY GHWWD DYWDO ILQQDV WLOOJlQJOLJ DYDLODEOH RQ ERDUG :KHUH WKH ODQJXDJH RI RPERUG 2P VSUnNHW L DQVWlOOQLQJVDYWDOHW WKH VHDIDUHUV HPSOR\PHQW DJUHHPHQW DQG RFKHWWHYHQWXHOOWJlOODQGHNROOHNWLYDYWDOLQWH DQ\ DSSOLFDEOH FROOHFWLYH EDUJDLQLQJ lU HQJHOVND VNDOO I|OMDQGH RFNVn ILQQDV DJUHHPHQW LV QRW LQ (QJOLVK WKH IROORZLQJ WLOOJlQJOLJWSnHQJHOVNDXWRPI|UIDUW\JVRP VKDOODOVREHDYDLODEOHLQ(QJOLVKH[FHSWIRU HQGDVWJnULLQULNHVVM|IDUW VKLSVHQJDJHGRQO\LQGRPHVWLFYR\DJHV

D D FRS\ RI D VWDQGDUG IRUP RI WKH D HQ NRSLD DY HWW DYWDOVIRUPXOlU L DJUHHPHQWDQG VWDQGDUGIRUPDWRFK

EWKHSRUWLRQVRIWKHFROOHFWLYHEDUJDLQLQJ E GH GHODU DY NROOHNWLYDYWDOHW VRP LQJnU L DJUHHPHQW WKDW DUH VXEMHFW WR D SRUW 6WDWH HQKDPQVWDWVLQVSHNWLRQHQOLJWUHJHO LQVSHFWLRQXQGHU5HJXODWLRQ

7KH GRFXPHQW UHIHUUHG WR LQ SDUDJUDSK 'HQ KDQGOLQJ VRP DYVHV L SXQNW H L

H RI WKLV 6WDQGDUG VKDOO QRW FRQWDLQ DQ\ GHQQD VWDQGDUG VNDOO LQWH LQQHKnOOD QnJRQ VWDWHPHQW DV WR WKH TXDOLW\ RI WKH VHDIDUHUV XSSJLIWRPNYDOLWHWHQSnVM|PDQQHQVDUEHWH ZRUNRUDVWRWKHLUZDJHV7KHIRUPRIWKH HOOHURPO|QHQ+DQGOLQJHQVXWIRUPQLQJGH GRFXPHQW WKH SDUWLFXODUV WR EH UHFRUGHG XSSJLIWHU VRP VNDOO WDV XSS RFK KXU VnGDQD DQGWKHPDQQHULQZKLFKVXFKSDUWLFXODUVDUH XSSJLIWHU VNDOO I|UDV LQ VNDOO IDVWVWlOODV L WR EH HQWHUHG VKDOO EH GHWHUPLQHG E\ QDWLRQHOOODJ QDWLRQDOODZ

(DFK 0HPEHU VKDOO DGRSW ODZV DQG 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK UHJXODWLRQVVSHFLI\LQJWKHPDWWHUVWKDWDUHWR DQGUDI|UIDWWQLQJDUVRPWDUXSSGHXSSJLIWHU EH LQFOXGHG LQ DOO VHDIDUHUV HPSOR\PHQW VRP VNDOO LQJn L DOOD DQVWlOOQLQJVDYWDO I|U DJUHHPHQWV JRYHUQHG E\ LWV QDWLRQDO ODZ VM|PlQVRPO\GHUXQGHUGHVVQDWLRQHOODODJ 6HDIDUHUV HPSOR\PHQW DJUHHPHQWV VKDOO LQ $QVWlOOQLQJVDYWDO I|U VM|PlQ VNDOO DOOWLG DOOFDVHVFRQWDLQWKHIROORZLQJSDUWLFXODUV LQQHKnOODI|OMDQGHXSSJLIWHU

DWKHVHDIDUHUVIXOOQDPHGDWHRIELUWKRU D GHQ DQVWlOOGHV IXOOVWlQGLJD QDPQ DJHDQGELUWKSODFH I|GHOVHGDWXPHOOHUnOGHURFKI|GHOVHRUW

EWKHVKLSRZQHUVQDPHDQGDGGUHVV EUHGDUHQVQDPQRFKDGUHVV

F WKH SODFH ZKHUH DQG GDWH ZKHQ WKH F RUW RFK GDWXP I|U DQVWlOOQLQJVDYWDOHWV VHDIDUHUV HPSOR\PHQW DJUHHPHQW LV HQWHUHG XQGHUWHFNQDQGH LQWR

G WKH FDSDFLW\ LQ ZKLFK WKH VHDIDUHU LV WR GYLONHQIXQNWLRQDQVWlOOQLQJHQJlOOHU EHHPSOR\HG

H WKH DPRXQW RI WKH VHDIDUHUV ZDJHV RU HO|QHOOHULWLOOlPSOLJDIDOOGHQIRUPHOVRP ZKHUH DSSOLFDEOH WKH IRUPXOD XVHG IRU VNDOODQYlQGDVI|UDWWEHUlNQDGHQQD FDOFXODWLQJWKHP

I WKH DPRXQW RI SDLG DQQXDO OHDYH RU I VHPHVWHUQV OlQJG HOOHU L WLOOlPSOLJD IDOO ZKHUH DSSOLFDEOH WKH IRUPXOD XVHG IRU GHQ IRUPHO VRP VNDOO DQYlQGDV I|U DWW FDOFXODWLQJLW EHUlNQDGHQQD

J WKH WHUPLQDWLRQ RI WKH DJUHHPHQW DQG J XSSKlYDQGH DY DYWDOHW RFK YLOONRUHQ I|U WKHFRQGLWLRQVWKHUHRILQFOXGLQJ GHWWDEODQGDQQDW L LI WKH DJUHHPHQW KDV EHHQ PDGH IRU L RP DYWDOHW KDU VOXWLWV Sn REHVWlPG DQLQGHILQLWHSHULRGWKHFRQGLWLRQVHQWLWOLQJ WLG GH I|UKnOODQGHQ VRP EHUlWWLJDU HQGHUD HLWKHU SDUW\ WR WHUPLQDWH LW DV ZHOO DV WKH SDUWHQ DWW XSSKlYD GHW RFK GHQ XSSVlJ UHTXLUHG QRWLFH SHULRG ZKLFK VKDOO QRW EH QLQJVWLGVRPVNDOOJlOODYLONHQLQWHVNDOOYDUD OHVVIRUWKHVKLSRZQHUWKDQIRUWKHVHDIDUHU NRUWDUHI|UUHGDUHQlQI|UGHQDQVWlOOGH LLLIWKHDJUHHPHQWKDVEHHQPDGHIRUD LLRPDYWDOHWKDUVOXWLWVSnYLVVWLGGHW GHILQLWHSHULRGWKHGDWHIL[HGIRULWVH[SLU\ GDWXPGnGHWVNDOOO|SDXWRFK DQG LLLLIWKHDJUHHPHQWKDVEHHQPDGHIRU LLL RP DYWDOHW KDU VOXWLWV I|U HQ UHVD D YR\DJH WKH SRUW RI GHVWLQDWLRQ DQG WKH GHVWLQDWLRQVKDPQHQRFKYLGYLONHQWLGSXQNW WLPHZKLFKKDVWRH[SLUHDIWHUDUULYDOEHIRUH HIWHUDQNRPVWHQVRPDQVWlOOQLQJHQVNDOOYDUD WKHVHDIDUHUVKRXOGEHGLVFKDUJHG DYVOXWDG

KWKHKHDOWKDQGVRFLDOVHFXULW\SURWHFWLRQ K GHW VN\GG I|U KlOVD RFK VRFLDO WU\JJKHW EHQHILWV WR EH SURYLGHG WR WKH VHDIDUHU E\ VRPUHGDUHQVNDOOWLOOKDQGDKnOOD

WKHVKLSRZQHU

LWKHVHDIDUHUVHQWLWOHPHQWWRUHSDWULDWLRQ LGHQDQVWlOOGHVUlWWWLOOKHPUHVD

M UHIHUHQFH WR WKH FROOHFWLYH EDUJDLQLQJ M L WLOOlPSOLJD IDOO KlQYLVQLQJ WLOO DJUHHPHQWLIDSSOLFDEOHDQG NROOHNWLYDYWDOHWRFK

NDQ\RWKHUSDUWLFXODUVZKLFKQDWLRQDOODZ NHYHQWXHOODDQGUDGHWDOMHUVRPNDQNUlYDV PD\UHTXLUH LQDWLRQHOOODJ

(DFK 0HPEHU VKDOO DGRSW ODZV RU 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK UHJXODWLRQV HVWDEOLVKLQJ PLQLPXP QRWLFH DQGUD I|UIDWWQLQJDU VRP VWLSXOHUDU NRUWDVWH SHULRGV WR EH JLYHQ E\ WKH VHDIDUHUV DQG WLOOnWQD XSSVlJQLQJVWLG RP VM|PlQ RFK VKLSRZQHUV IRU WKH HDUO\ WHUPLQDWLRQ RI D UHGDUH YLOO VlJD XSS HWW DQVWlOOQLQJVDYWDO L VHDIDUHUV HPSOR\PHQW DJUHHPHQW 7KH I|UWLG /lQJGHQ Sn GHVVD PLQLPLWLGHU VNDOO GXUDWLRQRIWKHVHPLQLPXPSHULRGVVKDOOEH EHVWlPPDVHIWHUVDPUnGPHGEHU|UGDUHGDU GHWHUPLQHG DIWHU FRQVXOWDWLRQ ZLWK WKH RFK VM|IRONVRUJDQLVDWLRQHU PHQ InU LQWH VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV XQGHUVWLJDVMXGDJDU FRQFHUQHG EXW VKDOO QRW EH VKRUWHU WKDQ VHYHQGD\V

$ QRWLFH SHULRG VKRUWHU WKDQ WKH (Q XSSVlJQLQJVWLG VRP lU NRUWDUH lQ PLQLPXP PD\ EH JLYHQ LQ FLUFXPVWDQFHV PLQLPLWLGHQ NDQ WLOOlPSDV L IDOO VRP ZKLFKDUHUHFRJQL]HGXQGHUQDWLRQDOODZRU JRGNlQQV L QDWLRQHOOD ODJDU RFK DQGUD UHJXODWLRQV RU DSSOLFDEOH FROOHFWLYH I|UIDWWQLQJDU HOOHU JlOODQGH NROOHNWLYDYWDO EDUJDLQLQJ DJUHHPHQWV DV MXVWLI\LQJ VRP PRWLY I|U XSSKlYDQGH DY DQVWlOOQLQJV WHUPLQDWLRQ RI WKH HPSOR\PHQW DJUHHPHQW DYWDO PHG NRUWDUH XSSVlJQLQJVWLG HOOHU XWDQ DW VKRUWHU QRWLFH RU ZLWKRXW QRWLFH ,Q XSSVlJQLQJ9DUMHPHGOHPVVWDWVNDOOQlUGHQ GHWHUPLQLQJ WKRVH FLUFXPVWDQFHV HDFK IDVWVWlOOHU VnGDQD VNlO EHDNWD DWW GHQ 0HPEHU VKDOO HQVXUH WKDW WKH QHHG RI WKH DQVWlOOGH DY EDUPKlUWLJKHWVVNlO HOOHU DY VHDIDUHU WR WHUPLQDWH ZLWKRXW SHQDOW\ WKH DQGUD WUlQJDQGH VNlO XWDQ DWW EOL HPSOR\PHQWDJUHHPHQWRQVKRUWHUQRWLFHRU VNDGHVWnQGVVN\OGLJ NDQ EHK|YD VlJD XSS ZLWKRXW QRWLFH IRU FRPSDVVLRQDWH RU RWKHU DYWDOHW PHG NRUWDUH YDUVHO HOOHU XWDQ XUJHQWUHDVRQVLVWDNHQLQWRDFFRXQW XSSVlJQLQJ

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² 6HDIDUHUV HPSOR\PHQW $QYLVQLQJ%²$QVWlOOQLQJVDYWDOI|UVM|PlQ DJUHHPHQWV

*XLGHOLQH%²5HFRUGRIHPSOR\PHQW $QYLVQLQJ%²)|UWHFNQLQJ|YHUDQVWlOOQLQJDU

,Q GHWHUPLQLQJ WKH SDUWLFXODUV WR EH 9DUMHPHGOHPVVWDWE|UQlUGHQIDVWVWlOOHU UHFRUGHG LQ WKH UHFRUG RI HPSOR\PHQW GH SXQNWHU VRP VNDOO WDV XSS L GHQ UHIHUUHGWRLQ6WDQGDUG$SDUDJUDSKH UHGRJ|UHOVH I|U DQVWlOOQLQJHQ VRP DYVHV L HDFK 0HPEHU VKRXOG HQVXUH WKDW WKLV VWDQGDUG$SXQNWHVHWLOODWWGHWILQQV GRFXPHQW FRQWDLQV VXIILFLHQW LQIRUPDWLRQ WLOOUlFNOLJ LQIRUPDWLRQ L GHQQD PHG HQ ZLWKDWUDQVODWLRQLQ(QJOLVKWRIDFLOLWDWHWKH |YHUVlWWQLQJ WLOO HQJHOVND I|U DWW J|UD GHW DFTXLVLWLRQRIIXUWKHUZRUNRUWRVDWLVI\WKH OlWWDWWVNDIIDQ\WWDUEHWHHOOHUDWWWLOOJRGRVH VHDVHUYLFH UHTXLUHPHQWV IRU XSJUDGLQJ RU NUDYHQ Sn RPERUGDQVWlOOQLQJ I|U HQ K|JUH SURPRWLRQ$VHDIDUHUVGLVFKDUJHERRNPD\ WMlQVW HOOHU EHIRUGUDQ (Q VM|PDQVERN NDQ VDWLVI\WKHUHTXLUHPHQWVRISDUDJUDSKHRI XSSI\OODNUDYHQLSXQNWHLGHQVWDQGDUGHQ WKDW6WDQGDUG

5HJXODWLRQ 5HJHO

5HJXODWLRQ²:DJHV 5HJHO²/|Q

3XUSRVH7RHQVXUHWKDWVHDIDUHUVDUHSDLGIRU 6\IWH $WW VlNHUVWlOOD DWW VM|PlQ InU EHWDOW I|U WKHLUVHUYLFHV VLQDWMlQVWHU

$OO VHDIDUHUV VKDOO EH SDLG IRU WKHLU ZRUN $OODVM|PlQVNDOOInUHJHOEXQGHQRFKIXOO UHJXODUO\DQGLQIXOOLQDFFRUGDQFHZLWKWKHLU EHWDOQLQJI|UVLWWDUEHWHLHQOLJKHWPHGGHUDV HPSOR\PHQWDJUHHPHQWV DQVWlOOQLQJVDYWDO

6WDQGDUG 6WDQGDUG

6WDQGDUG$²:DJHV 6WDQGDUG$²/|Q

(DFK0HPEHUVKDOOUHTXLUHWKDWSD\PHQWV 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW VM|PlQ GXHWRVHDIDUHUVZRUNLQJRQVKLSVWKDWIO\LWV VRPDUEHWDUSnIDUW\JVRPI|UGHVVIODJJInU IODJ DUH PDGH DW QR JUHDWHU WKDQ PRQWKO\ O|Q PHG K|JVW PnQDWOLJD LQWHUYDOO RFK L LQWHUYDOV DQG LQ DFFRUGDQFH ZLWK DQ\ HQOLJKHW PHG HYHQWXHOOD JlOODQGH NROOHNWLY DSSOLFDEOHFROOHFWLYHDJUHHPHQW DYWDO

6HDIDUHUVVKDOOEHJLYHQDPRQWKO\DFFRXQW 6M|PlQVNDOOInHQPnQDWOLJUHGRYLVQLQJDY RIWKHSD\PHQWVGXHDQGWKHDPRXQWVSDLG XSSOXSQDEHWDOQLQJDURFKXWEHWDODGHEHORSS LQFOXGLQJ ZDJHV DGGLWLRQDO SD\PHQWV DQG EODQG DQQDW O|Q WLOOlJJVEHWDOQLQJDU RFK WKH UDWH RI H[FKDQJH XVHG ZKHUH SD\PHQW WLOOlPSDGYDOXWDNXUVQlUEHWDOQLQJKDUJMRUWV KDV EHHQ PDGH LQ D FXUUHQF\ RU DW D UDWH LHQYDOXWDHOOHUWLOOHQNXUVVRPDYYLNHUIUnQ GLIIHUHQWIURPWKHRQHDJUHHGWR GHQVRP|YHUHQVNRPPLWV

(DFK 0HPEHU VKDOO UHTXLUH WKDW VKLS 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW UHGDUH RZQHUVWDNHPHDVXUHVVXFKDVWKRVHVHWRXW YLGWDU nWJlUGHU VnVRP GH VRP IDVWVWlOOV L LQ SDUDJUDSK RI WKLV 6WDQGDUG WR SURYLGH SXQNW L GHQQD VWDQGDUG I|U DWW EHUHGD VHDIDUHUVZLWKDPHDQVWRWUDQVPLWDOORUSDUW VM|PlQQHQ P|MOLJKHW DWW |YHUI|UD KHOD HOOHU RI WKHLU HDUQLQJV WR WKHLU IDPLOLHV RU HQ GHO DY VLQD LQNRPVWHU WLOO VLQD IDPLOMHU GHSHQGDQWVRUOHJDOEHQHILFLDULHV DQK|ULJDHOOHUUlWWVOLJDI|UPnQVWDJDUH

0HDVXUHVWRHQVXUHWKDWVHDIDUHUVDUHDEOH cWJlUGHUI|UDWWVlNHUVWlOODDWWVM|PlQNDQ WR WUDQVPLW WKHLU HDUQLQJV WR WKHLU IDPLOLHV |YHUI|UD VLQD LQNRPVWHU WLOO VLQD IDPLOMHU LQFOXGH LQQHIDWWDUEODQGDQQDW

D D V\VWHP IRU HQDEOLQJ VHDIDUHUV DW WKH D HWW V\VWHP JHQRP YLONHW VM|PlQ QlU GH WLPHRIWKHLUHQWHULQJHPSOR\PHQWRUGXULQJ SnE|UMDU HQ DQVWlOOQLQJ HOOHU XQGHU GHQQD LWWRDOORWLIWKH\VRGHVLUHDSURSRUWLRQRI RPGHVn|QVNDUNDQDQYLVDHQGHODYVLQO|Q WKHLU ZDJHV IRU UHPLWWDQFH DW UHJXODU I|UDYVlQGQLQJPHGUHJHOEXQGQDLQWHUYDOOWLOO LQWHUYDOV WR WKHLU IDPLOLHV E\ EDQN WUDQVIHUV VLQD IDPLOMHU JHQRP EDQN|YHUI|ULQJDU HOOHU RUVLPLODUPHDQVDQG SnOLNQDQGHVlWWRFK

EDUHTXLUHPHQWWKDWDOORWPHQWVVKRXOGEH EHWWNUDYSnDWWDQYLVQLQJDUQDVNDOOVNLFNDV UHPLWWHG LQ GXH WLPH DQG GLUHFWO\ WR WKH LUlWWWLGRFKGLUHNWWLOOGHQHOOHUGHSHUVRQHU SHUVRQ RU SHUVRQV QRPLQDWHG E\ WKH VRPVM|PlQQHQXWVHWW VHDIDUHUV

$Q\ FKDUJH IRU WKH VHUYLFH XQGHU (YHQWXHOO DYJLIW I|U WMlQVWHQ HQOLJW SDUDJUDSKVDQGRIWKLV6WDQGDUGVKDOOEH SXQNWHUQD RFK L GHQQD VWDQGDUG VNDOO UHDVRQDEOH LQ DPRXQW DQG WKH UDWH RI YDUD ULPOLJ WLOO VLWW EHORSS RFK Yl[HONXUVHQ FXUUHQF\ H[FKDQJH XQOHVV RWKHUZLVH VNDOO RP LQWH DQQDW I|UHVNULYV L QDWLRQHOOD

SURYLGHG VKDOO LQ DFFRUGDQFH ZLWK QDWLRQDO ODJDU HOOHU DQGUD I|UIDWWQLQJDU YDUD UnGDQGH

ODZV RU UHJXODWLRQV EH DW WKH SUHYDLOLQJ PDUNQDGVNXUV HOOHU RIILFLHOOW RIIHQWOLJJMRUG PDUNHWUDWHRUWKHRIILFLDOSXEOLVKHGUDWHDQG NXUV RFK InU LQWH YDUD RI|UGHODNWLJ I|U QRWXQIDYRXUDEOHWRWKHVHDIDUHU VM|PlQQHQ

(DFK0HPEHUWKDWDGRSWVQDWLRQDOODZVRU 9DUMH PHGOHPVVWDW VRP DQWDU QDWLRQHOOD UHJXODWLRQV JRYHUQLQJ VHDIDUHUV ZDJHV VKDOO ODJDU RFK DQGUD I|UIDWWQLQJDU VRP VW\U JLYH GXH FRQVLGHUDWLRQ WR WKH JXLGDQFH VM|PlQV O|Q VNDOO YHGHUE|UOLJHQ EHDNWD SURYLGHGLQ3DUW%RIWKH&RGH DQYLVQLQJDUQDLGHO%LNRGHQ

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%:DJHV $QYLVQLQJ%/|Q

*XLGHOLQH%6SHFLILFGHILQLWLRQV $QYLVQLQJ%²6lUVNLOGDGHILQLWLRQHU

)RU WKH SXUSRVH RI WKLV *XLGHOLQH WKH ,GHQQDDQYLVQLQJDYVHVPHG WHUP D PDWURV VM|PDQ VRP EHG|PV YDUD D DEOH VHDIDUHU PHDQV DQ\ VHDIDUHU ZKR LV NRPSHWHQWDWWXWI|UDDOODXSSJLIWHUVRPNDQ GHHPHG FRPSHWHQW WR SHUIRUP DQ\ GXW\ NUlYDVDYPDQVNDSLGlFNVWMlQVWJ|ULQJXWRP ZKLFKPD\EHUHTXLUHGRIDUDWLQJVHUYLQJLQ GHXSSJLIWHUVRPnOLJJHUPDQVNDSLI|UPDQV WKH GHFN GHSDUWPHQW RWKHU WKDQ WKH GXWLHV VWlOOQLQJ HOOHU VSHFLDOLVWVWlOOQLQJ HOOHU VM| RIDVXSHUYLVRU\RUVSHFLDOLVWUDWLQJRUZKR PlQ VRP GHILQLHUDV VRP PDWURVHU HQOLJW LV GHILQHG DV VXFK E\ QDWLRQDO ODZV UHJXOD QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU WLRQVRUSUDFWLFHRUE\FROOHFWLYHDJUHHPHQW SUD[LVHOOHUNROOHNWLYDYWDO

E EDVLF SD\ RU ZDJHV PHDQV WKH SD\ E EDVEHWDOQLQJ HOOHU JUXQGO|Q EHWDOQLQJ L KRZHYHU FRPSRVHG IRU QRUPDO KRXUV RI ROLND IRUPHU I|U QRUPDO DUEHWVWLG GHQ ZRUN LW GRHV QRW LQFOXGH SD\PHQWV IRU LQQHIDWWDU LQWH |YHUWLGVEHWDOQLQJ ERQXV RYHUWLPHZRUNHGERQXVHVDOORZDQFHVSDLG WUDNWDPHQWHQEHWDOGOHGLJKHWHOOHUHYHQWXHOO OHDYHRUDQ\RWKHUDGGLWLRQDOUHPXQHUDWLRQ DQQDQWLOOlJJVHUVlWWQLQJ

F FRQVROLGDWHG ZDJH PHDQV D ZDJH RU F HQKHWVO|Q O|Q LQQHIDWWDQGH JUXQGO|Q VDODU\ZKLFKLQFOXGHVWKHEDVLFSD\DQGRWKHU RFK DQGUD O|QHUHODWHUDGH I|UPnQHU HQKHWV SD\UHODWHG EHQHILWV D FRQVROLGDWHG ZDJH O|Q NDQ LQQHIDWWD HUVlWWQLQJ I|U DOO |YHUWLG PD\ LQFOXGH FRPSHQVDWLRQ IRU DOO RYHUWLPH VRP DUEHWDV RFK DOOD DQGUD O|QHUHODWHUDGH KRXUV ZKLFK DUH ZRUNHG DQG DOO RWKHU SD\ I|UPnQHU HOOHU HQGDVW YLVVD I|UPnQHU UHODWHG EHQHILWV RU LW PD\ LQFOXGH RQO\ SDUWLHOOHQKHWVO|Q FHUWDLQEHQHILWVLQDSDUWLDOFRQVROLGDWLRQ

GKRXUVRIZRUNPHDQVWLPHGXULQJZKLFK G DUEHWVWLG HOOHU DUEHWVWLPPDU GHQ WLG VHDIDUHUVDUHUHTXLUHGWRGRZRUNRQDFFRXQW XQGHUYLONHQVM|PlQlUnODJGDDWWDUEHWDI|U RIWKHVKLS IDUW\JHWVUlNQLQJ

HRYHUWLPHPHDQVWLPHZRUNHGLQH[FHVVRI H |YHUWLG GHQ WLG VRP DUEHWDV XW|YHU WKHQRUPDOKRXUVRIZRUN QRUPDODUEHWVWLG

*XLGHOLQH%&DOFXODWLRQDQGSD\PHQW $QYLVQLQJ%%HUlNQLQJRFKEHWDOQLQJ

)RU VHDIDUHUV ZKRVH UHPXQHUDWLRQ )|U VM|PDQ YDUV HUVlWWQLQJ LQQHIDWWDU LQFOXGHVVHSDUDWHFRPSHQVDWLRQIRURYHUWLPH VlUVNLOGHUVlWWQLQJI|UDUEHWDG|YHUWLGJlOOHU ZRUNHG I|OMDQGH

DIRUWKHSXUSRVHRIFDOFXODWLQJZDJHVWKH D YLG O|QHEHUlNQLQJ E|U GHQ QRUPDOD

QRUPDO KRXUV RI ZRUN DW VHD DQG LQ SRUW DUEHWVWLGHQ WLOO VM|VV RFK L KDPQ LQWH VKRXOGQRWH[FHHGHLJKWKRXUVSHUGD\ |YHUVNULGDnWWDWLPPDUSHUG\JQ

EIRUWKHSXUSRVHRIFDOFXODWLQJRYHUWLPH E YLG EHUlNQLQJ DY |YHUWLG E|U GHQ WKH QXPEHU RI QRUPDO KRXUV SHU ZHHN QRUPDODDUEHWVWLGSHUYHFNDVRPRPIDWWDVDY FRYHUHGE\WKHEDVLFSD\RUZDJHVVKRXOGEH EDVEHWDOQLQJ HOOHU JUXQGO|Q I|UHVNULYDV L SUHVFULEHGE\QDWLRQDOODZVRUUHJXODWLRQVLI QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDURP QRW GHWHUPLQHG E\ FROOHFWLYH DJUHHPHQWV GHQ LQWH EHVWlPV L NROOHNWLYDYWDO PHQ GHQ EXW VKRXOG QRW H[FHHG KRXUV SHU ZHHN E|U LQWH |YHUVNULGD WLPPDU SHU YHFND FROOHFWLYH DJUHHPHQWV PD\ SURYLGH IRU D YDUYLGNROOHNWLYDYWDONDQI|UHVNULYDHQDQQDQ GLIIHUHQWEXWQRWOHVVIDYRXUDEOHWUHDWPHQW PHQLQWHPLQGUHI|UPnQOLJEHKDQGOLQJ

F WKH UDWH RU UDWHV RI FRPSHQVDWLRQ IRU F WDULIIHUQD I|U |YHUWLGVHUVlWWQLQJ VRP RYHUWLPHZKLFKVKRXOGEHQRWOHVVWKDQRQH LQWHE|UXQGHUVWLJDDYEDVEHWDOQLQJHQ DQGRQHTXDUWHUWLPHVWKHEDVLFSD\RUZDJHV HOOHUJUXQGO|QHQSHUWLPPHE|UI|UHVNULYDVL SHU KRXU VKRXOG EH SUHVFULEHG E\ QDWLRQDO QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDUHOOHU ODZV RU UHJXODWLRQV RU E\ FROOHFWLYH LWLOOlPSOLJDIDOOLNROOHNWLYDYWDORFK DJUHHPHQWVLIDSSOLFDEOHDQG

GUHFRUGVRIDOORYHUWLPHZRUNHGVKRXOGEH GMRXUQDO|YHUDOODUEHWDG|YHUWLGE|UI|UDV PDLQWDLQHG E\ WKH PDVWHU RU D SHUVRQ DY EHIlOKDYDUHQ HOOHU HQ SHUVRQ VRP GHQQH DVVLJQHGE\WKHPDVWHUDQGHQGRUVHGE\WKH XWVHWWRFKJRGNlQQDVDYVM|PQQHQPLQVWHQ VHDIDUHU DW QR JUHDWHU WKDQ PRQWKO\ JnQJLPnQDGHQ LQWHUYDOV

)RU VHDIDUHUV ZKRVH ZDJHV DUH IXOO\ RU )|UVM|PlQYDUVO|QKHOWHOOHUGHOYLVXWJnU SDUWLDOO\FRQVROLGDWHG VRPHQKHWVO|QJlOOHUI|OMDQGH

D WKH VHDIDUHUV HPSOR\PHQW DJUHHPHQW D DQVWlOOQLQJVDYWDOHW E|U L WLOOlPSOLJD IDOO VKRXOG VSHFLI\ FOHDUO\ ZKHUH DSSURSULDWH NODUW DQJH GHW DQWDO DUEHWVWLPPDU VRP WKH QXPEHU RI KRXUV RI ZRUN H[SHFWHG RI I|UYlQWDV DY VM|PDQQHQ VRP PRWSUHVWDWLRQ WKHVHDIDUHULQUHWXUQIRUWKLVUHPXQHUDWLRQ I|U GHQQD HUVlWWQLQJ VDPW HYHQWXHOOD DQG DQ\ DGGLWLRQDO DOORZDQFHV ZKLFK PLJKW \WWHUOLJDUHHUVlWWQLQJDUVRPNDQXWJnXW|YHU EHGXHLQDGGLWLRQWRWKHFRQVROLGDWHGZDJH HQKHWVO|QHQRFKYLOONRUHQI|UGHWWD DQGLQZKLFKFLUFXPVWDQFHV

E ZKHUH KRXUO\ RYHUWLPH LV SD\DEOH IRU E RP |YHUWLGVHUVlWWQLQJ VNDOO EHWDODV I|U KRXUVZRUNHGLQH[FHVVRIWKRVHFRYHUHGE\ WLPPDUVRPDUEHWDVXW|YHUGHQWLGSnYLONHQ WKH FRQVROLGDWHG ZDJH WKH KRXUO\ UDWH HQKHWVO|QHQ EHUlNQDV E|U WLPWD[DQ LQWH VKRXOGEHQRWOHVVWKDQRQHDQGRQHTXDUWHU XQGHUVNULGDDYGHQEDVEHWDOQLQJVRP WLPHV WKH EDVLF UDWH FRUUHVSRQGLQJ WR WKH XWJnU I|U QRUPDO DUEHWVWLG HQOLJW QRUPDO KRXUV RI ZRUN DV GHILQHG LQ GHILQLWLRQHQLSXQNWLGHQQDDQYLVQLQJRFK SDUDJUDSK RI WKLV *XLGHOLQH WKH VDPH VDPPDSULQFLSE|UWLOOlPSDVSnGHQ|YHUWLG SULQFLSOH VKRXOG EH DSSOLHG WR WKH RYHUWLPH VRPLQJnULHQKHWVO|QHQ KRXUVLQFOXGHGLQWKHFRQVROLGDWHGZDJH

F UHPXQHUDWLRQ IRU WKDW SRUWLRQ RI WKH F HUVlWWQLQJHQ I|U GHQ GHO DY IXOO HOOHU IXOO\ RU SDUWLDOO\ FRQVROLGDWHG ZDJH SDUWLHOO HQKHWVO|Q VRP PRWVYDUDU QRUPDO UHSUHVHQWLQJ WKH QRUPDO KRXUV RI ZRUN DV DUEHWVWLG HQOLJW GHILQLWLRQHQ L SXQNW D L GHILQHG LQ SDUDJUDSK D RI WKLV *XLGHOLQH GHQQD DQYLVQLQJ E|U LQWH XQGHUVWLJD GHQ VKRXOG EH QR OHVV WKDQ WKH DSSOLFDEOH JlOODQGHPLQLPLO|QHQRFK PLQLPXPZDJHDQG

G IRU VHDIDUHUV ZKRVH ZDJHV DUH SDUWLDOO\ GI|UVM|PlQYDUVO|QlUSDUWLHOOHQKHWVO|Q

FRQVROLGDWHGUHFRUGVRIDOORYHUWLPHZRUNHG E|UMRXUQDO|YHUDOODUEHWDG|YHUWLGI|UDVRFK VKRXOG EH PDLQWDLQHG DQG HQGRUVHG DV JRGNlQQDVHQOLJWUHJHOQLSXQNWGLGHQQD SURYLGHG IRU LQ SDUDJUDSK G RI WKLV DQYLVQLQJ *XLGHOLQH

1DWLRQDOODZVRUUHJXODWLRQVRUFROOHFWLYH ,QDWLRQHOODODJDUDQGUDI|UIDWWQLQJDUHOOHU DJUHHPHQWV PD\ SURYLGH IRU FRPSHQVDWLRQ NROOHNWLYDYWDONDQI|UHVNULYDVNRPSHQVDWLRQ IRURYHUWLPHRUIRUZRUNSHUIRUPHGRQWKH I|U |YHUWLG HOOHU I|U DUEHWH VRP XWI|UWV Sn ZHHNO\GD\RIUHVWDQGRQSXEOLFKROLGD\VE\ GHQYHFNRGDJVRPlUYLORGDJHOOHUSnDOOPlQ DWOHDVWHTXLYDOHQWWLPHRIIGXW\DQGRIIWKH KHOJGDJPHGPLQVWOLNDOnQJIULWLGERUWDIUnQ VKLS RU DGGLWLRQDO OHDYH LQ OLHX RI IDUW\JHW HOOHU NRPSHQVDWLRQVOHGLJKHW L UHPXQHUDWLRQRUDQ\RWKHUFRPSHQVDWLRQVR VWlOOHW I|U HUVlWWQLQJ HOOHU HYHQWXHOO DQQDQ SURYLGHG NRPSHQVDWLRQ

1DWLRQDO ODZV DQG UHJXODWLRQV DGRSWHG , QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU DIWHU FRQVXOWLQJ WKH UHSUHVHQWDWLYH VRP DQWDV HIWHU VDPUnG PHG UHSUHVHQWDWLYD VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV RU UHGDU RFK VM|IRONVRUJDQLVDWLRQHU HOOHU L DVDSSURSULDWHFROOHFWLYHDJUHHPHQWVVKRXOG WLOOlPSOLJD IDOO NROOHNWLYDYWDO E|U I|OMDQGH WDNHLQWRDFFRXQWWKHIROORZLQJSULQFLSOHV SULQFLSHUEHDNWDV

D HTXDO UHPXQHUDWLRQ IRU ZRUN RI HTXDO D OLND HUVlWWQLQJ I|U OLNYlUGLJW DUEHWH E|U YDOXHVKRXOGDSSO\WRDOOVHDIDUHUVHPSOR\HG WLOOlPSDVSnDOODVM|PlQVRPlUDQVWlOOGDSn RQ WKH VDPH VKLS ZLWKRXW GLVFULPLQDWLRQ VDPPD IDUW\J XWDQ GLVNULPLQHULQJ JUXQGDG EDVHG XSRQ UDFH FRORXU VH[ UHOLJLRQ SnUDVKXGIlUJN|QUHOLJLRQSROLWLVNnVLNW SROLWLFDO RSLQLRQ QDWLRQDO H[WUDFWLRQ RU QDWLRQHOOKlUNRPVWHOOHUVRFLDOWXUVSUXQJ VRFLDORULJLQ E VM|PlQQHQV DQVWlOOQLQJVDYWDO YDUL E WKH VHDIDUHUV HPSOR\PHQW DJUHHPHQW JlOODQGH O|QHU HOOHU O|QHWDULIIHU DQJHV E|U VSHFLI\LQJWKHDSSOLFDEOHZDJHVRUZDJHUDWHV ILQQDV WLOOJlQJOLJD Sn IDUW\JHW RFK XSSJLIWHU VKRXOG EH FDUULHG RQ ERDUG WKH VKLS RP O|QHEHORSS HOOHU O|QHWDULIIHU E|U KnOODV LQIRUPDWLRQ RQ WKH DPRXQW RI ZDJHV RU WLOOJlQJOLJDI|UDOODEHU|UGDDQWLQJHQJHQRP ZDJHUDWHVVKRXOGEHPDGHDYDLODEOHWRHDFK DWW PLQVW HWW XQGHUWHFNQDW H[HPSODU DY GH VHDIDUHU HLWKHU E\ SURYLGLQJ DW OHDVW RQH UHOHYDQWD XSSJLIWHUQD OlPQDV WLOO YDU RFK HQ VLJQHG FRS\ RI WKH UHOHYDQW LQIRUPDWLRQ WR SnHWWVSUnNVRPGHQQHI|UVWnUHOOHUJHQRP WKHVHDIDUHULQDODQJXDJHZKLFKWKHVHDIDUHU DWWHWWH[HPSODUDYDYWDOHWDQVOnVSnHQSODWV XQGHUVWDQGV RU E\ SRVWLQJ D FRS\ RI WKH VRP lU WLOOJlQJOLJ I|U EHVlWWQLQJHQ HOOHU Sn DJUHHPHQW LQ D SODFH DFFHVVLEOH WR VHDIDUHUV DQQDWOlPSOLJVlWW RUE\VRPHRWKHUDSSURSULDWHPHDQV

F ZDJHV VKRXOG EH SDLG LQ OHJDO WHQGHU FO|QE|UEHWDODVLODJOLJWEHWDOQLQJVPHGHO ZKHUH DSSURSULDWH WKH\ PD\ EH SDLG E\ RFKGlUVnlUOlPSOLJWNDQGHQEHWDODVJHQRP EDQNWUDQVIHUEDQNFKHTXHSRVWDOFKHTXHRU EDQN|YHUI|ULQJ EDQN HOOHU SRVWFKHFN HOOHU PRQH\RUGHU SRVWDQYLVQLQJ

G RQ WHUPLQDWLRQ RI HQJDJHPHQW DOO G QlU DQVWlOOQLQJHQ XSSK|U E|U DOO UHPXQHUDWLRQ GXH VKRXOG EH SDLG ZLWKRXW XWHVWnHQGH HUVlWWQLQJ EHWDODV XWDQ RQ|GLJW XQGXHGHOD\ GU|MVPnO

H DGHTXDWH SHQDOWLHV RU RWKHU DSSURSULDWH H GHQ EHK|ULJD P\QGLJKHWHQ E|U nOlJJD UHPHGLHV VKRXOG EH LPSRVHG E\ WKH SnI|OMGHUHOOHUDQGUDOlPSOLJDVDQNWLRQHURP FRPSHWHQW DXWKRULW\ ZKHUH VKLSRZQHUV UHGDUH RWLOOE|UOLJHQ GU|MHU PHG HOOHU XQGXO\GHOD\RUIDLOWRPDNHSD\PHQWRIDOO XQGHUOnWHU DWW EHWDOD DOO XWHVWnHQGH UHPXQHUDWLRQGXH HUVlWWQLQJ

I ZDJHV VKRXOG EH SDLG GLUHFWO\ WR IO|QE|UEHWDODVGLUHNWWLOOGHWEDQNNRQWR

VHDIDUHUV GHVLJQDWHG EDQN DFFRXQWV XQOHVV VM|PDQQHQ DQJLYLW RP GHQ LQWH VNULIWOLJW WKH\UHTXHVWRWKHUZLVHLQZULWLQJ EHJlUDQQDW

J VXEMHFW WR VXESDUDJUDSK K RI WKLV J PHG I|UEHKnOO I|U VW\FNHW K L GHQQD SDUDJUDSKWKHVKLSRZQHUVKRXOGLPSRVHQR SXQNWE|UUHGDUHQLQWHEHJUlQVDVM|PDQQHQV OLPLW RQ VHDIDUHUV IUHHGRP WR GLVSRVH RI IULKHWDWWI|UIRJD|YHUVLQHUVlWWQLQJ WKHLUUHPXQHUDWLRQ

KGHGXFWLRQIURPUHPXQHUDWLRQVKRXOGEH K DYGUDJ IUnQ HUVlWWQLQJ E|U PHGJHV SHUPLWWHGRQO\LI HQGDVWLIDOOGn L WKHUH LV DQ H[SUHVV SURYLVLRQ LQ LGHWILQQVHQXWWU\FNOLJEHVWlPPHOVHL QDWLRQDO ODZV RU UHJXODWLRQV RU LQ DQ QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDUHOOHU DSSOLFDEOH FROOHFWLYH DJUHHPHQW DQG WKH L JlOODQGH NROOHNWLYDYWDO RFK VM|PDQQHQ Sn VHDIDUHU KDV EHHQ LQIRUPHG LQ WKH PDQQHU GHW VlWW VRP GHQ EHK|ULJD P\QGLJKHWHQ GHHPHGPRVWDSSURSULDWHE\WKHFRPSHWHQW EHG|PHU OlPSOLJDVW KDU EOLYLW LQIRUPHUDG DXWKRULW\ RI WKH FRQGLWLRQV IRU VXFK RPYLOONRUHQI|UVnGDQDDYGUDJRFK GHGXFWLRQVDQG LL WKH GHGXFWLRQV GR QRW LQ WRWDO LL GH WRWDOD DYGUDJHQ LQWH |YHUVNULGHU H[FHHG WKH OLPLW WKDW PD\ KDYH EHHQ GHQ JUlQV VRP HYHQWXHOOW DQJHV L QDWLRQHOOD HVWDEOLVKHG E\ QDWLRQDO ODZV RU UHJXODWLRQV ODJDU RFK DQGUD I|UIDWWQLQJDU NROOHNWLYDYWDO RU FROOHFWLYH DJUHHPHQWV RU FRXUW GHFLVLRQV HOOHUGRPVWROVEHVOXWRPVnGDQDDYGUDJ IRUPDNLQJVXFKGHGXFWLRQV

L QR GHGXFWLRQV VKRXOG EH PDGH IURP D L LQJD DYGUDJ E|U J|UDV IUnQ VM|PDQQHQV VHDIDUHUV UHPXQHUDWLRQ LQ UHVSHFW RI HUVlWWQLQJI|UDWWKDQHOOHUKRQVNDOOInHOOHU REWDLQLQJRUUHWDLQLQJHPSOR\PHQW EHKnOODHQDQVWlOOQLQJ

M PRQHWDU\ ILQHV DJDLQVW VHDIDUHUV RWKHU M SHQQLQJEHVWUDIIQLQJDU PRW VM|PlQ L WKDQ WKRVH DXWKRUL]HG E\ QDWLRQDO ODZV RU DQQDQ IRUP lQ VRP JRGNlQQV DY QDWLRQHOOD UHJXODWLRQV FROOHFWLYH DJUHHPHQWV RU RWKHU ODJDU RFK DQGUD I|UIDWWQLQJDU HOOHU PHDVXUHVVKRXOGEHSURKLELWHG NROOHNWLYDYWDOE|UYDUDI|UEMXGQD

NWKHFRPSHWHQWDXWKRULW\VKRXOGKDYHWKH N GHQ EHK|ULJD P\QGLJKHWHQ E|U KD UlWW SRZHU WR LQVSHFW VWRUHV DQG VHUYLFHV DWW LQVSHNWHUD I|UQ|GHQKHWHU RFK WMlQVWHU SURYLGHG RQ ERDUG VKLS WR HQVXUH WKDW IDLU VRP WLOOKDQGDKnOOV RPERUG I|U DWW NXQQD DQG UHDVRQDEOH SULFHV DUH DSSOLHG IRU WKH I|UYLVVDVLJRPDWWUlWWYLVDRFKVNlOLJDSULVHU EHQHILWRIWKHVHDIDUHUVFRQFHUQHGDQG WLOOlPSDVWLOOJDJQI|UGHEHU|UGDVM|PlQQHQ RFK

O WR WKH H[WHQW WKDW VHDIDUHUV FODLPV IRU O L GHQ PnQ VM|PlQQHQV IRUGULQJDU Sn ZDJHVDQGRWKHUVXPVGXHLQUHVSHFWRIWKHLU XWHVWnHQGH O|Q RFK DQGUD EHORSS VRP DYVHU HPSOR\PHQW DUH QRW VHFXUHG LQ DFFRUGDQFH GHUDV DQVWlOOQLQJ LQWH lU VN\GGDGH HQOLJW ZLWK WKH SURYLVLRQV RI WKH ,QWHUQDWLRQDO EHVWlPPHOVHUQD RP VM|SDQW L nUV &RQYHQWLRQ RQ 0DULWLPH /LHQV DQG LQWHUQDWLRQHOOD NRQYHQWLRQ RP VM|SDQWUlWW 0RUWJDJHV VXFK FODLPV VKRXOG EH RFK IDUW\JVK\SRWHN E|U GHVVD IRUGULQJDU SURWHFWHGLQDFFRUGDQFHZLWKWKH3URWHFWLRQ VN\GGDVHQOLJWnUVNRQYHQWLRQQU RI:RUNHUV&ODLPV(PSOR\HUV,QVROYHQF\ RPVN\GGDYDUEHWVWDJDUHVIRUGUDQLKlQGHOVH &RQYHQWLRQ1R DYDUEHWVJLYDUHQVLQVROYHQV

(DFK 0HPEHU VKRXOG DIWHU FRQVXOWLQJ 9DUMH PHGOHPVVWDW E|U HIWHU VDPUnG PHG ZLWK UHSUHVHQWDWLYH VKLSRZQHUV DQG UHSUHVHQWDWLYD UHGDU RFK VM|IRONVRUJDQLVD VHDIDUHUV RUJDQL]DWLRQV KDYH SURFHGXUHV WR WLRQHU KD I|UIDUDQGHQ I|U DWW XQGHUV|ND

LQYHVWLJDWHFRPSODLQWVUHODWLQJWRDQ\PDWWHU NODJRPnO |YHU DOOD I|UKnOODQGHQ VRP

FRQWDLQHGLQWKLV*XLGHOLQH EHKDQGODVLGHQQDDQYLVQLQJ

*XLGHOLQH%²0LQLPXPZDJHV $QYLVQLQJ%²0LQLPLO|QHU

:LWKRXWSUHMXGLFHWRWKHSULQFLSOHRIIUHH 8WDQ DWW GHW SnYHUNDU WLOOlPSQLQJHQ DY FROOHFWLYH EDUJDLQLQJ HDFK 0HPEHU VKRXOG SULQFLSHQ RP IUL DYWDOVUlWW E|U YDUMH DIWHU FRQVXOWLQJ UHSUHVHQWDWLYH VKLSRZQHUV PHGOHPVVWDW HIWHU VDPUnG PHG UHSUHVHQWD DQGVHDIDUHUVRUJDQL]DWLRQVHVWDEOLVKSURFH WLYD UHGDU RFK VM|IRONVRUJDQLVDWLRQHU GXUHV IRU GHWHUPLQLQJ PLQLPXP ZDJHV IRU LQUlWWDI|UIDUDQGHQI|UDWWIDVWVWlOODPLQLPL VHDIDUHUV 5HSUHVHQWDWLYH VKLSRZQHUV DQG O|QHUI|UVM|PlQ5HSUHVHQWDWLYDUHGDURFK VHDIDUHUVRUJDQL]DWLRQVVKRXOGSDUWLFLSDWHLQ VM|IRONVRUJDQLVDWLRQHU E|U PHGYHUND L WKHRSHUDWLRQRIVXFKSURFHGXUHV KDQWHULQJHQDYVnGDQDI|UIDUDQGHQ

:KHQHVWDEOLVKLQJVXFKSURFHGXUHVDQGLQ 1lU GHVVD I|UIDUDQGHQ LQUlWWDV RFK IL[LQJPLQLPXPZDJHVGXHUHJDUGVKRXOGEH PLQLPLO|QHU IDVWVWlOOV E|U YHGHUE|UOLJ JLYHQ WR LQWHUQDWLRQDO ODERXU VWDQGDUGV KlQV\Q WDV WLOO LQWHUQDWLRQHOOD DUEHWVQRUPHU FRQFHUQLQJPLQLPXPZDJHIL[LQJDVZHOODV I|UIDVWVWlOODQGHDYPLQLPLO|QHURFKI|OMDQGH WKHIROORZLQJSULQFLSOHV SULQFLSHUWLOOlPSDV

DWKHOHYHORIPLQLPXPZDJHVVKRXOGWDNH D PLQLPLO|QHUQDV QLYn E|U IDVWVWlOODV PHG LQWR DFFRXQW WKH QDWXUH RI PDULWLPH KlQV\Q WLOO NDUDNWlUHQ DY DQVWlOOQLQJ L HPSOR\PHQW FUHZLQJ OHYHOV RI VKLSV DQG KDQGHOVIORWWDQ IDUW\JV EHPDQQLQJVQLYnHU VHDIDUHUVQRUPDOKRXUVRIZRUNDQG RFKVM|PlQQHQVQRUPDODDUEHWVWLGRFK

E WKH OHYHO RI PLQLPXP ZDJHV VKRXOG EH E PLQLPLO|QHUQDV QLYn E|U DQSDVVDV WLOO DGMXVWHGWRWDNHLQWRDFFRXQWFKDQJHVLQWKH OHYQDGVNRVWQDGVXWYHFNOLQJHQ RFK FRVWRIOLYLQJDQGLQWKHQHHGVRIVHDIDUHUV VM|PlQQHQVEHKRY

7KHFRPSHWHQWDXWKRULW\VKRXOGHQVXUH 'HQEHK|ULJDP\QGLJKHWHQE|U

DE\PHDQVRIDV\VWHPRIVXSHUYLVLRQDQG D JHQRP HWW V\VWHP I|U |YHUYDNQLQJ RFK VDQFWLRQV WKDW ZDJHV DUH SDLG DW QRW OHVV VDQNWLRQHU VlNHUVWlOOD DWW GHQ O|Q VRP WKDQWKHUDWHRUUDWHVIL[HGDQG EHWDODV LQWH XQGHUVWLJHU GHWGH EHORSS VRP IDVWVWlOOWVRFK

EWKDWDQ\VHDIDUHUVZKRKDYHEHHQSDLGDW EVHWLOODWWVM|PlQVRPKDUInWWHQO|QVRP D UDWH ORZHU WKDQ WKH PLQLPXP ZDJH DUH XQGHUVWLJHU PLQLPLO|QHQ JHQRP HWW ELOOLJW HQDEOHG WR UHFRYHU E\ DQ LQH[SHQVLYH DQG RFK VQDEEW UlWWVOLJW HOOHU DQQDW I|UIDUDQGH H[SHGLWLRXV MXGLFLDO RU RWKHU SURFHGXUH WKH NDQInXWGHWEHORSSGHQKDUDWWIRUGUD DPRXQWE\ZKLFKWKH\KDYHEHHQXQGHUSDLG

*XLGHOLQH % ² 0LQLPXP PRQWKO\ EDVLF $QYLVQLQJ % ² /lJVWD PnQDWOLJD SD\RUZDJHILJXUHIRUDEOHVHDIDUHUV EDVEHWDOQLQJHOOHUJUXQGO|QI|UPDWURVHU

7KH EDVLF SD\ RU ZDJHV IRU D FDOHQGDU %DVEHWDOQLQJHQ HOOHU JUXQGO|QHQ I|U HQ PRQWKRIVHUYLFHIRUDQDEOHVHDIDUHUVKRXOG NDOHQGHUPnQDGV WMlQVW I|U HQ PDWURV E|U EH QR OHVV WKDQ WKH DPRXQW SHULRGLFDOO\ VHW LQWH XQGHUVWLJD GHW EHORSS VRP SHULRGLVNW E\ WKH -RLQW 0DULWLPH &RPPLVVLRQ RU IDVWVWlOOV DY -RLQW 0DULWLPH &RPPLVVLRQ DQRWKHU ERG\ DXWKRUL]HG E\ WKH *RYHUQLQJ HOOHUDQQDWRUJDQVRP,QWHUQDWLRQHOODDUEHWV %RG\ RI WKH ,QWHUQDWLRQDO /DERXU 2IILFH E\UnQVVW\UHOVHEHP\QGLJDW(IWHUVW\UHOVHQV 8SRQDGHFLVLRQRIWKH*RYHUQLQJ%RG\WKH EHVOXW VNDOO JHQHUDOGLUHNW|UHQ XQGHUUlWWD 'LUHFWRU*HQHUDO VKDOO QRWLI\ DQ\ UHYLVHG RUJDQLVDWLRQHQV PHGOHPVVWDWHU RP YDUMH DPRXQW WR WKH 0HPEHUV RI WKH lQGULQJDYEHORSSHW

2UJDQL]DWLRQ

1RWKLQJ LQ WKLV *XLGHOLQH VKRXOG EH ,QJHWLGHQQDDQYLVQLQJE|UDQVHVSnYHUND GHHPHG WR SUHMXGLFH DUUDQJHPHQWV DJUHHG DUUDQJHPDQJ VRP |YHUHQVNRPPLWV PHOODQ EHWZHHQ VKLSRZQHUV RU WKHLU RUJDQL]DWLRQV UHGDUH HOOHU GHUDV RUJDQLVDWLRQHU RFK DQG VHDIDUHUV RUJDQL]DWLRQV ZLWK UHJDUG WR VM|IRONVRUJDQLVDWLRQHULIUnJDRPUHJOHULQJDY WKH UHJXODWLRQ RI VWDQGDUG PLQLPXP WHUPV PLQLPLQRUPHU I|U DQVWlOOQLQJVYLOONRU RFK DQG FRQGLWLRQV RI HPSOR\PHQW SURYLGHG DQVWlOOQLQJVI|UKnOODQGHQ XQGHU VXFKWHUPVDQGFRQGLWLRQVDUHUHFRJQL]HGE\ I|UXWVlWWQLQJDWWGHQEHK|ULJDP\QGLJKHWHQ WKHFRPSHWHQWDXWKRULW\ HUNlQQHUGHVVDPLQLPLQRUPHU

5HJXODWLRQ 5HJHO

5HJXODWLRQ+RXUVRIZRUNDQGKRXUVRI 5HJHO$UEHWVWLGRFKYLORWLG UHVW 3XUSRVH 7R HQVXUH WKDW VHDIDUHUV KDYH 6\IWH $WW VlNHUVWlOOD DWW VM|PlQ KDU UHJOHUDG UHJXODWHGKRXUVRIZRUNRUKRXUVRIUHVW DUEHWVWLGRFKYLORWLG

(DFK0HPEHUVKDOOHQVXUHWKDWWKHKRXUV 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW RI ZRUN RU KRXUV RI UHVW IRU VHDIDUHUV DUH VM|PlQQHQVDUEHWVWLGRFKYLORWLGlUUHJOHUDG UHJXODWHG

(DFK 0HPEHU VKDOO HVWDEOLVK PD[LPXP 9DUMH PHGOHPVVWDW VNDOO IDVWVWlOOD GHQ KRXUV RI ZRUN RU PLQLPXP KRXUV RI UHVW OlQJVWD DUEHWVWLG HOOHU GHQ NRUWDVWH YLORWLG RYHU JLYHQ SHULRGV WKDW DUH FRQVLVWHQW ZLWK XQGHU HQ JLYHQ WLGVSHULRG VRP XSSI\OOHU WKHSURYLVLRQVLQWKH&RGH I|UHVNULIWHUQDLNRGHQ

6WDQGDUG 6WDQGDUG

6WDQGDUG$+RXUVRIZRUNDQGKRXUVRIUHVW 6WDQGDUG$$UEHWVWLGRFKYLORWLG

)RU WKH SXUSRVH RI WKLV 6WDQGDUG WKH ,GHQQDVWDQGDUGDYVHVPHG WHUP

DKRXUVRIZRUNPHDQVWLPHGXULQJZKLFK D DUEHWVWLG HOOHU DUEHWVWLPPDU GHQ WLG VHDIDUHUVDUHUHTXLUHGWRGRZRUNRQDFFRXQW XQGHUYLONHQGHWNUlYVDWWVM|PlQDUEHWDUI|U RIWKHVKLS IDUW\JHWVUlNQLQJ

EKRXUVRIUHVWPHDQVWLPHRXWVLGHKRXUV E YLORWLG HOOHU YLORWLPPDU DQQDQ WLG lQ RI ZRUN WKLV WHUP GRHV QRW LQFOXGH VKRUW DUEHWVWLGWHUPHQLQQHIDWWDULQWHNRUWDUDVWHU EUHDNV

(DFK 0HPEHU VKDOO ZLWKLQ WKH OLPLWV VHW ,QRPGHJUlQVHUVRPDQJHVLSXQNWHUQD² RXWLQSDUDJUDSKVWRRIWKLV6WDQGDUGIL[ L GHQQD VWDQGDUG VNDOO YDUMH PHGOHPVVWDW HLWKHUDPD[LPXPQXPEHURIKRXUVRIZRUN IDVWVWlOOD DQWLQJHQ HWW K|JVWD DQWDO DUEHWVW ZKLFK VKDOO QRW EH H[FHHGHG LQ D JLYHQ LPPDU VRP LQWH InU |YHUVNULGDV XQGHU HQ SHULRG RI WLPH RU D PLQLPXP QXPEHU RI JLYHQ WLGVU\PG HOOHU HWW PLQVWD DQWDO YLOR KRXUV RI UHVW ZKLFK VKDOO EH SURYLGHG LQ D WLPPDU VRP VNDOO WLOOKDQGDKnOODV XQGHU HQ JLYHQSHULRGRIWLPH JLYHQWLGVU\PG

(DFK 0HPEHU DFNQRZOHGJHV WKDW WKH 9DUMH PHGOHPVVWDW HUNlQQHU DWW QRUPHQ QRUPDO ZRUNLQJ KRXUV VWDQGDUG IRU I|U VM|PlQV OLNVRP I|U DQGUD DUEHWVWDJDUHV VHDIDUHUV OLNH WKDW IRU RWKHU ZRUNHUV VKDOO QRUPDODUEHWVWLG VNDOO EDVHUDV Sn HQ EHEDVHGRQDQHLJKWKRXUGD\ZLWKRQHGD\ nWWDWLPPDUVGDJ PHG HQ YLORGDJ SHU YHFND

RIUHVWSHUZHHNDQGUHVWRQSXEOLFKROLGD\V RFK YLOD Sn DOOPlQQD KHOJGDJDU 'HWWD VNDOO

+RZHYHUWKLVVKDOOQRWSUHYHQWWKH0HPEHU GRFN LQWH KLQGUD PHGOHPVVWDWHQ IUnQ DWW IURP KDYLQJ SURFHGXUHV WR DXWKRUL]H RU WLOOlPSD I|UIDUDQGHQ I|U DWW JRGNlQQD HOOHU UHJLVWHU D FROOHFWLYH DJUHHPHQW ZKLFK UHJLVWUHUD NROOHNWLYDYWDO VRP IDVWVWlOOHU GHWHUPLQHVVHDIDUHUVQRUPDOZRUNLQJKRXUV VM|PlQV QRUPDOD DUEHWVWLG Sn HQ QLYn VRP RQ D EDVLV QR OHVV IDYRXUDEOH WKDQ WKLV LQWHlUPLQGUHI|UPnQOLJlQGHQQDQRUP VWDQGDUG

,Q GHWHUPLQLQJ WKH QDWLRQDO VWDQGDUGV 9DUMH PHGOHPVVWDW VNDOO QlU GHQ IDVW HDFK 0HPEHU VKDOO WDNH DFFRXQW RI WKH VWlOOHU QDWLRQHOOD QRUPHU WD KlQV\Q WLOO GHQ GDQJHU SRVHG E\ WKH IDWLJXH RI VHDIDUHUV IDUDVRPXWPDWWDGHVM|PlQXWJ|UVlUVNLOWGH HVSHFLDOO\ WKRVH ZKRVH GXWLHV LQYROYH YDUV VN\OGLJKHWHU LQQHIDWWDU QDYLJDWLRQV QDYLJDWLRQDO VDIHW\ DQG WKH VDIH DQG VHFXUH VlNHUKHW RFK HWW ULVNIULWW RFK VlNHUW RSHUDWLRQRIWKHVKLS IUDPI|UDQGHDYIDUW\JHW

7KHOLPLWVRQKRXUVRIZRUNRUUHVWVKDOO *UlQVHUQD I|U DUEHWV RFK YLORWLG VNDOO EHDVIROORZV YDUDI|OMDQGH

DPD[LPXP KRXUV RI ZRUN VKDOO QRW DGHQ OlQJVWD DUEHWVWLGHQ InU LQWH |YHU H[FHHG VNULGD LKRXUVLQDQ\KRXUSHULRGDQG L WLPPDU XQGHU HQ WLPPDUV LLKRXUVLQDQ\VHYHQGD\SHULRG SHULRGRFK RU LLWLPPDUXQGHUHQVMXGDJDUVSHULRG RFK

EPLQLPXPKRXUVRIUHVWVKDOOQRWEHOHVVWKDQ EGHQNRUWDVWHYLORWLGHQInULQWHXQGHUVNULGD LWHQKRXUVLQDQ\KRXUSHULRGDQG L WLPPDU XQGHU HQ WLPPDUV LLKRXUVLQDQ\VHYHQGD\SHULRG SHULRGRFK LLWLPPDUXQGHUHQVMXGDJDUVSHULRG

+RXUV RI UHVW PD\ EH GLYLGHG LQWR QR 9LORWLGHQ InU GHODV XSS Sn K|JVW WYn PRUH WKDQ WZR SHULRGV RQH RI ZKLFK VKDOO SHULRGHU YDUDY HQ VNDOO YDUD PLQVW VH[ EH DW OHDVW VL[ KRXUV LQ OHQJWK DQG WKH WLPPDU OnQJ RFK LQWHUYDOOHW PHOODQ Sn LQWHUYDOEHWZHHQFRQVHFXWLYHSHULRGVRIUHVW YDUDQGUD I|OMDQGH YLORSHULRGHU InU LQWH VKDOOQRWH[FHHGKRXUV |YHUVNULGDWLPPDU

0XVWHUV ILUHILJKWLQJ DQG OLIHERDW GULOOV 8SSVWlOOQLQJDU EUDQG RFK OLYEnWV DQG GULOOV SUHVFULEHG E\ QDWLRQDO ODZV DQG |YQLQJDU RFK |YQLQJDU VRP I|UHVNULYV L UHJXODWLRQV DQG E\ LQWHUQDWLRQDO LQVWUX QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU RFK PHQWVVKDOOEHFRQGXFWHGLQDPDQQHUWKDW LQWHUQDWLRQHOOD LQVWUXPHQW VNDOO JHQRPI|UDV PLQLPL]HV WKH GLVWXUEDQFH RI UHVW SHULRGV PHG PLQVWD P|MOLJD VW|UQLQJ DY YLORSHULRG DQGGRHVQRWLQGXFHIDWLJXH HUQDRFKVnDWWGHLQWHOHGHUWLOOXWPDWWQLQJ

:KHQDVHDIDUHULVRQFDOOVXFKDVZKHQD 1lUVM|PlQKDUEHUHGVNDSVWMlQVWVRPQlU PDFKLQHU\ VSDFH LV XQDWWHQGHG WKH VHDIDUHU HWW PDVNLQXWU\PPH lU REHPDQQDW RFK GHQ VKDOO KDYH DQ DGHTXDWH FRPSHQVDWRU\ UHVW QRUPDOD YLORWLGHQ VW|UV DY XWU\FNQLQJDU WLOO SHULRG LI WKH QRUPDO SHULRG RI UHVW LV DUEHWH VNDOO OlPSOLJ NRPSHQVDWLRQVOHGLJKHW GLVWXUEHGE\FDOORXWVWRZRUN XWJn

,I QR FROOHFWLYH DJUHHPHQW RU DUELWUDWLRQ 2P LQJHW NROOHNWLYDYWDO HOOHU VNLOMHGRP DZDUG H[LVWV RU LI WKH FRPSHWHQW DXWKRULW\ ILQQV HOOHU RP GHQ EHK|ULJD P\QGLJKHWHQ GHWHUPLQHV WKDW WKH SURYLVLRQV LQ WKH ILQQHUDWWUHJOHUQDLDYWDOHOOHUVNLOMHGRPVRP DJUHHPHQWRUDZDUGLQUHVSHFWRISDUDJUDSK U|U SXQNW HOOHU L GHQQD VWDQGDUG lU RU RI WKLV 6WDQGDUG DUH LQDGHTXDWH WKH RWLOOUlFNOLJD VNDOO GHQ IDVWVWlOOD UHJOHU VRP

FRPSHWHQW DXWKRULW\ VKDOO GHWHUPLQH VXFK WLOOI|UVlNUDUGHEHU|UGDVM|PlQQHQWLOOUlFNOLJ

SURYLVLRQVWRHQVXUHWKHVHDIDUHUVFRQFHUQHG YLOD KDYHVXIILFLHQWUHVW

(DFK 0HPEHU VKDOO UHTXLUH WKH SRVWLQJ 0HGOHPVVWDWHUQD VNDOO NUlYD DWW HQ LQDQHDVLO\DFFHVVLEOHSODFHRIDWDEOHZLWK DUEHWVRUGQLQJ I|U IDUW\JHW DQVOnV Sn HQ WKHVKLSERDUGZRUNLQJDUUDQJHPHQWVZKLFK OlWWLOOJlQJOLJ SODWV RFK GHQ VNDOO I|U YDUMH VKDOOFRQWDLQIRUHYHU\SRVLWLRQDWOHDVW EHIDWWQLQJDQJHnWPLQVWRQH

DWKHVFKHGXOHRIVHUYLFHDWVHDDQGVHUYLFH D HWW VFKHPD I|U WMlQVWJ|ULQJHQ WLOO VM|VV LQSRUWDQG RFKLKDPQRFK

E WKH PD[LPXP KRXUV RI ZRUN RU WKH E GHQ OlQJVWD DUEHWVWLG VRP PHGJHV HOOHU PLQLPXPKRXUVRIUHVWUHTXLUHGE\QDWLRQDO GHQ NRUWDVWH YLORWLG VRP I|UHVNULYV L ODZV RU UHJXODWLRQV RU DSSOLFDEOH FROOHFWLYH QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDUHOOHU DJUHHPHQWV LJlOODQGHNROOHNWLYDYWDO

7KHWDEOHUHIHUUHGWRLQSDUDJUDSKRI 'HQDUEHWVRUGQLQJVRPDYVHVLSXQNW WKLV 6WDQGDUG VKDOO EH HVWDEOLVKHG LQ D L GHQQD VWDQGDUG VNDOO XSSUlWWDV HQOLJW HWW VWDQGDUGL]HGIRUPDWLQWKHZRUNLQJODQJXDJH VWDQGDUGIRUPXOlUSnGHWHOOHUGHDUEHWVVSUnN RUODQJXDJHVRIWKHVKLSDQGLQ(QJOLVK VRPDQYlQGVSnIDUW\JHWRFKSnHQJHOVND

(DFK0HPEHUVKDOOUHTXLUHWKDWUHFRUGV 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW RIVHDIDUHUVGDLO\KRXUVRIZRUNRURIWKHLU MRXUQDOHU |YHU VM|PlQQHQV GDJOLJD DUEHWVWLG GDLO\ KRXUV RI UHVW EH PDLQWDLQHG WR DOORZ HOOHU GDJOLJD YLORWLPPDU VSDUDV I|U DWW PRQLWRULQJRIFRPSOLDQFHZLWKSDUDJUDSKV P|MOLJJ|UD|YHUYDNQLQJDYDWWSXQNWHUQD² WRLQFOXVLYHRIWKLV6WDQGDUG7KHUHFRUGV L GHQQD VWDQGDUG XSSI\OOV -RXUQDOHUQD VKDOOEHLQDVWDQGDUGL]HGIRUPDWHVWDEOLVKHG VNDOOYDUDLVWDQGDUGIRUPDWVRPIDVWVWlOOWVDY E\ WKH FRPSHWHQW DXWKRULW\ WDNLQJ LQWR GHQ EHK|ULJD P\QGLJKHWHQ PHG EHDNWDQGH DFFRXQW DQ\ DYDLODEOH JXLGHOLQHV RI WKH DY HYHQWXHOOW WLOOJlQJOLJD DQYLVQLQJDU IUnQ ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ RU VKDOO ,QWHUQDWLRQHOODDUEHWVRUJDQLVDWLRQHQHOOHUHWW EH LQ DQ\ VWDQGDUG IRUPDW SUHSDUHG E\ WKH VWDQGDUGIRUPDW VRP XWIRUPDWV DY RUJDQLVD 2UJDQL]DWLRQ7KH\VKDOOEHLQWKHODQJXDJHV WLRQHQ 'H VNDOO YDUD Sn VSUnN VRP NUlYV L UHTXLUHG E\ SDUDJUDSK RI WKLV 6WDQGDUG SXQNWLGHQQDVWDQGDUG6M|PlQQHQVNDOO 7KH VHDIDUHUV VKDOO UHFHLYH D FRS\ RI WKH In HQ NRSLD DY GH MRXUQDOHU VRP EHU|U GHP UHFRUGV SHUWDLQLQJ WR WKHP ZKLFK VKDOO EH RFK VNDOO YDUD XQGHUVNULYQD DY EHIlOKDYDUHQ HQGRUVHG E\ WKH PDVWHU RU D SHUVRQ HOOHUHQSHUVRQVRPGHQQHEHP\QGLJDWRFK DXWKRUL]HG E\ WKH PDVWHU DQG E\ WKH DYVM|PlQQHQ VHDIDUHUV

1RWKLQJ LQ SDUDJUDSKV DQG RI WKLV ,QJHQWLQJ L SXQNWHUQD HOOHU L GHQQD 6WDQGDUG VKDOO SUHYHQW D 0HPEHU IURP VWDQGDUG InUKLQGUDHQPHGOHPVVWDWIUnQ DWW KDYLQJ QDWLRQDO ODZV RU UHJXODWLRQV RU D KD QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU SURFHGXUH IRU WKH FRPSHWHQW DXWKRULW\ WR HOOHUHWWI|UIDUDQGHVRPWLOOnWHUGHQEHK|ULJD DXWKRUL]H RU UHJLVWHU FROOHFWLYH DJUHHPHQWV P\QGLJKHWHQ DWW JRGNlQQD HOOHU UHJLVWUHUD SHUPLWWLQJ H[FHSWLRQV WR WKH OLPLWV VHW RXW NROOHNWLYDYWDOVRPPHGJHUXQGDQWDJIUnQGH 6XFK H[FHSWLRQV VKDOO DV IDU DV SRVVLEOH IDVWVWlOOGD JUlQVHUQD 6nGDQD XQGDQWDJ VNDOO IROORZ WKH SURYLVLRQV RI WKLV 6WDQGDUG EXW VnOnQJWP|MOLJWI|OMDEHVWlPPHOVHUQDLGHQQD PD\ WDNH DFFRXQW RI PRUH IUHTXHQW RU VWDQGDUG PHQ InU EHDNWD RIWDUH I|UH ORQJHU OHDYH SHULRGV RU WKH JUDQWLQJ RI NRPPDQGH HOOHU OlQJUH OHGLJKHWVSHULRGHU FRPSHQVDWRU\ OHDYH IRU ZDWFKNHHSLQJ HOOHU NRPSHQVDWLRQVOHGLJKHW I|U YDNWJnHQGH VHDIDUHUV RU VHDIDUHUV ZRUNLQJ RQ ERDUG VM|PlQHOOHUVM|PlQVRPDUEHWDURPERUGSn VKLSVRQVKRUWYR\DJHV IDUW\JVRPJ|UNRUWDUHVRU

1RWKLQJ LQ WKLV 6WDQGDUG VKDOO EH ,QJHQWLQJLGHQQDVWDQGDUGInULQVNUlQND

GHHPHGWRLPSDLUWKHULJKWRIWKHPDVWHURI UlWWHQI|UHWWIDUW\JVEHIlOKDYDUHDWWNUlYDDWW D VKLS WR UHTXLUH D VHDIDUHU WR SHUIRUP DQ\ VM|PlQIXOOJ|UGHQDUEHWVWLGVRPEHK|YVI|U KRXUV RI ZRUN QHFHVVDU\ IRU WKH LPPHGLDWH IDUW\JHWV GH RPERUGYDUDQGHV HOOHU ODVWHQV VDIHW\ RI WKH VKLS SHUVRQV RQ ERDUG RU RPHGHOEDUD VlNHUKHW HOOHU I|U DWW OlPQD FDUJRRUIRUWKHSXUSRVHRIJLYLQJDVVLVWDQFH KMlOSnWDQGUDIDUW\JHOOHUSHUVRQHULVM|Q|G WR RWKHU VKLSV RU SHUVRQV LQ GLVWUHVV DW VHD 'lUI|U InU EHIlOKDYDUHQ WLOOIlOOLJW XSSKlYD $FFRUGLQJO\ WKH PDVWHU PD\ VXVSHQG WKH VFKHPDWI|UDUEHWVWLGHOOHUYLORWLGRFKnOlJJD VFKHGXOH RIKRXUVRIZRUNRUKRXUVRIUHVW VM|PlQ DWW IXOOJ|UD GHQ DUEHWVWLG VRP DQGUHTXLUHDVHDIDUHUWRSHUIRUPDQ\KRXUV EHK|YVWLOOVQRUPDOOlJHWlUnWHUVWlOOW6QDUDVW RIZRUNQHFHVVDU\XQWLOWKHQRUPDOVLWXDWLRQ P|MOLJWHIWHUGHWDWWQRUPDOOlJHWlUnWHUVWlOOW KDV EHHQ UHVWRUHG $V VRRQ DV SUDFWLFDEOH VNDOOEHIlOKDYDUHQVHWLOODWWVM|PlQVRPKDU DIWHUWKHQRUPDOVLWXDWLRQKDVEHHQUHVWRUHG XWI|UW DUEHWH XQGHU HQ VFKHPDODJG WKH PDVWHU VKDOO HQVXUH WKDW DQ\ VHDIDUHUV YLORSHULRGInUHQWLOOUlFNOLJYLORSHULRG ZKR KDYH SHUIRUPHG ZRUN LQ D VFKHGXOHG UHVW SHULRG DUH SURYLGHG ZLWK DQ DGHTXDWH SHULRGRIUHVW

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%+RXUVRIZRUNDQGKRXUVRIUHVW $QYLVQLQJ%$UEHWVWLGRFKYLORWLG

*XLGHOLQH%²<RXQJVHDIDUHUV $QYLVQLQJ%²8QJDVM|PlQ

$W VHD DQG LQ SRUW WKH IROORZLQJ 7LOO VM|VV RFK L KDPQ E|U I|OMDQGH UHJOHU SURYLVLRQV VKRXOG DSSO\ WR DOO \RXQJ WLOOlPSDVSnDOODXQJDVM|PlQVRPLQWHI\OOW VHDIDUHUVXQGHUWKHDJHRI nU

D ZRUNLQJ KRXUV VKRXOG QRW H[FHHG HLJKW DDUEHWVWLGHQE|ULQWH|YHUVNULGDWLPPDU KRXUV SHU GD\ DQG KRXUV SHU ZHHN DQG SHU GDJ RFK WLPPDU SHU YHFND RFK RYHUWLPH VKRXOG EH ZRUNHG RQO\ ZKHUH |YHUWLGVDUEHWH E|U I|UHNRPPD HQGDVW RP XQDYRLGDEOHIRUVDIHW\UHDVRQV GHWlURXQGYLNOLJWDYVlNHUKHWVVNlO

EVXIILFLHQWWLPHVKRXOGEHDOORZHGIRUDOO EWLOOUlFNOLJWLGE|UDQVOnVWLOODOODPnOWLGHU PHDOV DQG D EUHDN RI DW OHDVW RQH KRXU IRU RFK HQ UDVW Sn PLQVW HQ WLPPH I|U GDJHQV WKHPDLQPHDORIWKHGD\VKRXOGEHDVVXUHG KXYXGPnOE|UPHGJHVRFK DQG

F D PLQXWH UHVW SHULRG DV VRRQ DV F PLQXWHUV YLOD VQDUDVW P|MOLJW HIWHU SRVVLEOH IROORZLQJ HDFK WZR KRXUV RI YDUMH VDPPDQKlQJDQGH SHULRG Sn WYn FRQWLQXRXVZRUNVKRXOGEHDOORZHG DUEHWVWLPPDUE|UPHGJHV

([FHSWLRQDOO\WKHSURYLVLRQVRISDUDJUDSK ,XQGDQWDJVIDOOEHK|YHUEHVWlPPHOVHUQDL RIWKLV*XLGHOLQHQHHGQRWEHDSSOLHGLI SXQNWLGHQQDDQYLVQLQJLQWHWLOOlPSDVRP

D WKH\ DUH LPSUDFWLFDEOH IRU \RXQJ DGHlURJHQRPI|UEDUDI|UXQJDVM|PlQSn VHDIDUHUV LQ WKH GHFN HQJLQH URRP DQG GlFN L PDVNLQUXP RFK XWVSLVQLQJV FDWHULQJ GHSDUWPHQWV DVVLJQHG WR ZDWFK DYGHOQLQJDUPHGYDNWWMlQVWHOOHUVRPDUEHWDU NHHSLQJ GXWLHV RU ZRUNLQJ RQ D URVWHUHG LVNLIWPHGWMlQVWJ|ULQJVOLVWDHOOHU VKLIWZRUNV\VWHPRU

EWKHHIIHFWLYHWUDLQLQJRI\RXQJVHDIDUHUV E HQ HIIHNWLY XWELOGQLQJ DY XQJD VM|PlQ LQ DFFRUGDQFH ZLWK HVWDEOLVKHG SURJUDPPHV HQOLJW IDVWVWlOOGD SURJUDP RFK VFKHPDQ DQGVFKHGXOHVZRXOGEHLPSDLUHG VNXOOHI|UVYnUDV

6XFK H[FHSWLRQDO VLWXDWLRQV VKRXOG EH 6nGDQDXQGDQWDJVVLWXDWLRQHUE|UWDVXSSL

UHFRUGHG ZLWK UHDVRQV DQG VLJQHG E\ WKH HQ PRWLYHUDG UDSSRUW VRP XQGHUWHFNQDV DY PDVWHU EHIlOKDYDUHQ

3DUDJUDSK RI WKLV *XLGHOLQH GRHV QRW 3XQNW L GHQQD DQYLVQLQJ XQGDQWDU LQWH H[HPSW \RXQJ VHDIDUHUV IURP WKH JHQHUDO XQJD VM|PlQ IUnQ GHQ DOOPlQQD VN\OGLJKHW REOLJDWLRQ RQ DOO VHDIDUHUV WR ZRUN GXULQJ DWW DUEHWD L HWW Q|GOlJH VRP nOLJJHU DOOD DQ\ HPHUJHQF\ DV SURYLGHG IRU LQ 6WDQGDUG VM|PlQHQOLJWVWDQGDUG$SXQNW $SDUDJUDSK

5HJXODWLRQ 5HJHO

5HJXODWLRQ²(QWLWOHPHQWWROHDYH 5HJHO²5lWWWLOOOHGLJKHW

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV KDYH DGHTXDWH 6\IWH$WWVlNHUVWlOODDWWVM|PlQKDUWLOOUlFNOLJ OHDYH OHGLJKHW

(DFK0HPEHU VKDOOUHTXLUHWKDWVHDIDUHUV 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW VM|PlQ HPSOR\HGRQVKLSVWKDWIO\LWVIODJDUHJLYHQ VRPlUDQVWlOOGDSnIDUW\JVRPI|UGHVVIODJJ SDLG DQQXDO OHDYH XQGHU DSSURSULDWH FRQGL JHV EHWDOG VHPHVWHU Sn VNlOLJD YLOONRU HQOLJW WLRQV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV LQ UHJOHUQDLNRGHQ WKH&RGH

6HDIDUHUV VKDOO EH JUDQWHG VKRUH OHDYH WR 6M|PlQ VNDOO EHYLOMDV ODQGSHUPLVVLRQ I|U EHQHILWWKHLUKHDOWKDQGZHOOEHLQJDQGZLWK DWW IUlPMD GHUDV KlOVD RFK YlOEHILQQDQGH Vn WKH RSHUDWLRQDO UHTXLUHPHQWV RI WKHLU OnQJW GHWWD lU I|UHQOLJW PHG GH SUDNWLVND SRVLWLRQV NUDYDUEHWVXSSJLIWHUQDVWlOOHU

6WDQGDUG 6WDQGDUG

6WDQGDUG$²(QWLWOHPHQWWROHDYH 6WDQGDUG$²5lWWWLOOOHGLJKHW

(DFK0HPEHUVKDOODGRSWODZVDQGUHJXOD 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK WLRQV GHWHUPLQLQJ WKH PLQLPXP VWDQGDUGV DQGUD I|UIDWWQLQJDU VRP IDVWVWlOOHU PLQLPL IRU DQQXDO OHDYH IRU VHDIDUHUV VHUYLQJ RQ QRUPHUI|UVHPHVWHUI|UVM|PlQVRPWMlQVW VKLSVWKDWIO\LWVIODJWDNLQJSURSHUDFFRXQW J|U Sn IDUW\J VRP I|U GHVV IODJJ PHG RIWKHVSHFLDOQHHGVRIVHDIDUHUVZLWKUHVSHFW YHGHUE|UOLJKlQV\QWLOOVM|PlQQHQVVSHFLHOOD WRVXFKOHDYH EHKRYQlUGHWJlOOHUVnGDQOHGLJKHW

6XEMHFW WR DQ\ FROOHFWLYH DJUHHPHQW RU 0HGI|UEHKnOOI|UHYHQWXHOODNROOHNWLYDYWDO ODZV RU UHJXODWLRQV SURYLGLQJ IRU DQ HOOHU ODJDU RFK DQGUD I|UIDWWQLQJDU VRP DSSURSULDWHPHWKRGRIFDOFXODWLRQWKDWWDNHV I|UHVNULYHUHQOlPSOLJEHUlNQLQJVPHWRGVRP DFFRXQW RI WKH VSHFLDO QHHGV RI VHDIDUHUV LQ EHDNWDU VM|PlQQHQV VSHFLHOOD EHKRY L GHWWD WKLV UHVSHFW WKH DQQXDO OHDYH ZLWK SD\ DYVHHQGH VNDOO EHWDOG VHPHVWHU XWJn PHG HQWLWOHPHQW VKDOO EH FDOFXODWHG RQ WKH EDVLV PLQVW NDOHQGHUGDJDU SHU DQVWlOOQLQJV RI D PLQLPXP RI FDOHQGDU GD\V SHU PnQDG 0HWRGHQ I|U EHUlNQLQJ DY PRQWK RI HPSOR\PHQW 7KH PDQQHU LQ WMlQVWJ|ULQJHQVOlQJGVNDOOIDVWVWlOODVDYGHQ ZKLFKWKHOHQJWKRIVHUYLFHLVFDOFXODWHGVKDOO EHK|ULJD P\QGLJKHWHQ HOOHU Sn DQQDW EH GHWHUPLQHG E\ WKH FRPSHWHQW DXWKRULW\ OlPSOLJW VlWW L UHVSHNWLYH ODQG %HUlWWLJDG RU WKURXJK WKH DSSURSULDWH PDFKLQHU\ LQ IUnQYDURIUnQDUEHWHWVNDOOLQWHEHWUDNWDVVRP HDFK FRXQWU\ -XVWLILHG DEVHQFHV IURP ZRUN VHPHVWHU VKDOOQRWEHFRQVLGHUHGDVDQQXDOOHDYH

$Q\ DJUHHPHQW WR IRUJR WKH PLQLPXP 9DUMH |YHUHQVNRPPHOVH RP DYVWnHQGH

DQQXDO OHDYH ZLWK SD\ SUHVFULEHG LQ WKLV IUnQ GHQ EHWDOGD PLQLPLVHPHVWHU VRP 6WDQGDUGH[FHSWLQFDVHVSURYLGHGIRUE\WKH I|UHVNULYV L GHQQD VWDQGDUG VNDOO YDUD FRPSHWHQWDXWKRULW\VKDOOEHSURKLELWHG I|UEMXGHQ XWRP L IDOO VRP GHQ EHK|ULJD P\QGLJKHWHQEHVWlPPHU

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%(QWLWOHPHQWWROHDYH $QYLVQLQJ%5lWWWLOOOHGLJKHW

*XLGHOLQH%&DOFXODWLRQRIHQWLWOHPHQW $QYLVQLQJ%%HUlNQLQJDYUlWWHQ

8QGHU FRQGLWLRQV DV GHWHUPLQHG E\ WKH 3n YLOONRU VRP IDVWVWlOOV DY GHQ EHK|ULJD FRPSHWHQW DXWKRULW\ RU WKURXJK WKH P\QGLJKHWHQ HOOHU Sn DQQDW OlPSOLJW VlWW L DSSURSULDWH PDFKLQHU\ LQ HDFK FRXQWU\ UHVSHNWLYH ODQG E|U WMlQVW XWDQI|U VHUYLFHRIIDUWLFOHVVKRXOGEHFRXQWHGDVSDUW DQVWlOOQLQJVDYWDOHW UlNQDV VRP HQ GHO DY RIWKHSHULRGRIVHUYLFH WMlQVWJ|ULQJVWLGHQ

8QGHU FRQGLWLRQV DV GHWHUPLQHG E\ WKH 3n YLOONRU VRP IDVWVWlOOV DY GHQ EHK|ULJD FRPSHWHQW DXWKRULW\ RU LQ DQ DSSOLFDEOH P\QGLJKHWHQ HOOHU L JlOODQGH NROOHNWLYDYWDO FROOHFWLYHDJUHHPHQWDEVHQFHIURPZRUNWR E|UIUnQYDURIUnQDUEHWHWI|UDWWJHQRPJnHQ DWWHQG DQ DSSURYHG PDULWLPH YRFDWLRQDO JRGNlQG \UNHVXWELOGQLQJ PHG DQNQ\WQLQJ WUDLQLQJFRXUVHRUIRUVXFKUHDVRQVDVLOOQHVV WLOODQVWlOOQLQJHQHOOHUDYVNlOVRPVMXNGRP RULQMXU\RUIRUPDWHUQLW\VKRXOGEHFRXQWHG VNDGDHOOHUEDUQDI|GDQGHUlNQDVVRPHQGHO DVSDUWRIWKHSHULRGRIVHUYLFH DYWMlQVWJ|ULQJVWLGHQ

7KH OHYHO RI SD\ GXULQJ DQQXDO OHDYH (UVlWWQLQJVQLYnQXQGHUVHPHVWHUE|UYDUD VKRXOG EH DW WKH VHDIDUHUV QRUPDO OHYHO RI GHQ DQVWlOOGHV QRUPDOD HUVlWWQLQJ HQOLJW UHPXQHUDWLRQSURYLGHGIRUE\QDWLRQDOODZV QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDUHOOHU RUUHJXODWLRQVRULQWKHDSSOLFDEOHVHDIDUHUV JlOODQGH DQVWlOOQLQJVDYWDO I|U VM|PlQ )|U HPSOR\PHQW DJUHHPHQW )RU VHDIDUHUV VM|PlQ VRP lU DQVWlOOGD I|U NRUWDUH WLG lQ HPSOR\HGIRUSHULRGVVKRUWHUWKDQRQH\HDU HWW nU HOOHU YLG DQVWlOOQLQJHQV XSSK|UDQGH RU LQ WKH HYHQW RI WHUPLQDWLRQ RI WKH E|UUlWWHQWLOOVHPHVWHUEHUlNQDVPHGKlQV\Q HPSOR\PHQW UHODWLRQVKLS HQWLWOHPHQW WR WLOODQVWlOOQLQJVWLGHQVOlQJG OHDYH VKRXOG EH FDOFXODWHG RQ D SURUDWD EDVLV

7KH IROORZLQJ VKRXOG QRW EH FRXQWHG DV )|OMDQGHE|ULQWHLQJnLEHWDOGVHPHVWHU SDUWRIDQQXDOOHDYHZLWKSD\

D SXEOLF DQG FXVWRPDU\ KROLGD\V DDOOPlQQDRFKWUDGLWLRQHOODKHOJGDJDUVRP UHFRJQL]HGDVVXFKLQWKHIODJ6WDWHZKHWKHU lUHUNlQGDVRPVnGDQDLIODJJVWDWHQRDYVHWW RUQRWWKH\IDOOGXULQJWKHDQQXDOOHDYHZLWK RP GH LQIDOOHU XQGHU GHQ EHWDOGD VHPHVWHUQ SD\ HOOHUHM

ESHULRGVRILQFDSDFLW\IRUZRUNUHVXOWLQJ ESHULRGHUDYDUEHWVRI|UPnJDEHURHQGHSn IURP LOOQHVV RU LQMXU\ RU IURP PDWHUQLW\ VMXNGRP VNDGD HOOHU EDUQDI|GDQGH Sn XQGHU FRQGLWLRQV DV GHWHUPLQHG E\ WKH YLOONRU VRP IDVWVWlOOV DY GHQ EHK|ULJD FRPSHWHQW DXWKRULW\ RU WKURXJK WKH P\QGLJKHWHQ HOOHU Sn DQQDW OlPSOLJW VlWW L DSSURSULDWHPDFKLQHU\LQHDFKFRXQWU\ UHVSHNWLYHODQG

F WHPSRUDU\ VKRUH OHDYH JUDQWHG WR D F WLOOIlOOLJ ODQGSHUPLVVLRQ VRP EHYLOMDWV VHDIDUHU ZKLOH XQGHU DQ HPSOR\PHQW VM|PlQXQGHUHWWDQVWlOOQLQJVDYWDORFK DJUHHPHQWDQG

G FRPSHQVDWRU\ OHDYH RI DQ\ NLQG XQGHU G NRPSHQVDWLRQVOHGLJKHW DY ROLND VODJ Sn

FRQGLWLRQVDVGHWHUPLQHGE\WKHFRPSHWHQW YLOONRU VRP IDVWVWlOOV DY GHQ EHK|ULJD DXWKRULW\ RU WKURXJK WKH DSSURSULDWH P\QGLJKHWHQ HOOHU Sn DQQDW OlPSOLJW VlWW L PDFKLQHU\LQHDFKFRXQWU\ UHVSHNWLYHODQG

*XLGHOLQH%7DNLQJRIDQQXDOOHDYH $QYLVQLQJ%²6HPHVWHUXWWDJ

7KH WLPH DW ZKLFK DQQXDO OHDYH LV WR EH 9LGYLONHQWLGVHPHVWHUQVNDOOWDVXWE|U WDNHQVKRXOGXQOHVVLWLVIL[HGE\UHJXODWLRQ RP GHW LQWH IDVWVWlOOV L I|URUGQLQJ FROOHFWLYH DJUHHPHQW DUELWUDWLRQ DZDUG RU NROOHNWLYDYWDOVNLOMHGRPHOOHUSnDQQDWVlWWL RWKHU PHDQV FRQVLVWHQW ZLWK QDWLRQDO HQOLJKHW PHG QDWLRQHOO SUD[LV DYJ|UDV DY SUDFWLFH EH GHWHUPLQHG E\ WKH VKLSRZQHU UHGDUHQ L VDPUnG RFK Vn OnQJW P|MOLJW L DIWHUFRQVXOWDWLRQDQGDVIDU DVSRVVLEOHLQ VDPI|UVWnQG PHG EHU|UG VM|PDQ HOOHU DJUHHPHQW ZLWK WKH VHDIDUHUV FRQFHUQHG RU UHSUHVHQWDQWHUI|UGHQQD WKHLUUHSUHVHQWDWLYHV

6HDIDUHUV VKRXOG LQ SULQFLSOH KDYH WKH 6M|PlQE|ULSULQFLSKDUlWWWLOOVHPHVWHU ULJKW WR WDNH DQQXDO OHDYH LQ WKH SODFH ZLWK Sn HQ SODWV WLOO YLONHQ GHQ KDU YlVHQWOLJ ZKLFK WKH\ KDYH D VXEVWDQWLDO FRQQHFWLRQ DQNQ\WQLQJ QRUPDOW GHQVDPPD VRP GHQ ZKLFK ZRXOG QRUPDOO\ EH WKH VDPH DV WKH SODWV WLOO YLONHQ GHQ lU EHUlWWLJDG WLOO KHP SODFH WR ZKLFK WKH\ DUH HQWLWOHG WR EH UHVD'HWE|ULQWHNUlYDVDWWVM|PDQQHQPRW UHSDWULDWHG6HDIDUHUVVKRXOGQRWEHUHTXLUHG VLQ YLOMD WDU XW LQWMlQDG VHPHVWHU Sn QnJRQ ZLWKRXW WKHLU FRQVHQW WR WDNH DQQXDO OHDYH DQQDQ SODWV RP GHWWD LQWH I|UHVNULYV L HWW GXH WR WKHP LQ DQRWKHU SODFH H[FHSW XQGHU DQVWlOOQLQJVDYWDO I|U VM|PlQ HOOHU QDWLRQHOOD WKH SURYLVLRQV RI D VHDIDUHUV HPSOR\PHQW ODJDURFKDQGUDI|UIDWWQLQJDU DJUHHPHQWRURIQDWLRQDOODZVRUUHJXODWLRQV

,I VHDIDUHUV DUH UHTXLUHG WR WDNH WKHLU 2PVM|PDQPnVWHWDXWVLQVHPHVWHUIUnQ DQQXDO OHDYH IURP D SODFH RWKHU WKDQ WKDW HQDQQDQSODWVlQGHQVRPPHGJHVLSXQNW SHUPLWWHGE\SDUDJUDSKRIWKLV*XLGHOLQH L GHQQD DQYLVQLQJ E|U GHQ YDUD EHUlWWLJDG WKH\ VKRXOG EH HQWLWOHG WR IUHH WUDQVSRUWD WLOOIULUHVDWLOOGHQSODWVGlUGHQ P|QVWUDGH WLRQWRWKHSODFHZKHUHWKH\ZHUHHQJDJHGRU Sn HOOHU UHNU\WHUDGHV EHURHQGH Sn YLONHQ UHFUXLWHG ZKLFKHYHU LV QHDUHU WKHLU KRPH VRP OLJJHU QlUPDVW KHPRUWHQ WUDNWDPHQWH VXEVLVWHQFHDQGRWKHUFRVWVGLUHFWO\LQYROYHG RFK DQGUD GLUHNWD NRVWQDGHU E|U EHWDODV DY VKRXOGEHIRUWKHDFFRXQWRIWKHVKLSRZQHU UHGDUHQRFKUHVWLGHQE|ULQWHGUDVIUnQGHQ WKH WUDYHO WLPH LQYROYHG VKRXOG QRW EH LQWMlQDGHVHPHVWHUQ GHGXFWHGIURPWKHDQQXDOOHDYHZLWKSD\GXH WRWKHVHDIDUHU

$ VHDIDUHU WDNLQJ DQQXDO OHDYH VKRXOG EH 6M|PDQ VRP WDU VHPHVWHU E|U NDOODV UHFDOOHGRQO\LQFDVHVRIH[WUHPHHPHUJHQF\ WLOOEDND HQGDVW L \WWHUVWD Q|GIDOO RFK PHG DQGZLWKWKHVHDIDUHUVFRQVHQW YHGHUE|UDQGHVPHGJLYDQGH

*XLGHOLQH%²'LYLVLRQDQGDFFXPXODWLRQ $QYLVQLQJ%²8SSGHOQLQJRFKVSDUDQGH

7KHGLYLVLRQRIWKHDQQXDOOHDYHZLWKSD\ 8SSGHOQLQJDYVHPHVWHUHOOHUVSDUDQGHDY LQWR SDUWV RU WKH DFFXPXODWLRQ RI VXFK LQWMlQDGVHPHVWHUI|UHWWnUWLOOVDPPDQVPHG DQQXDO OHDYH GXH LQ UHVSHFW RI RQH \HDU HQI|OMDQGHOHGLJKHWVSHULRGInUJRGNlQQDVDY WRJHWKHU ZLWK D VXEVHTXHQW SHULRG RI OHDYH GHQ EHK|ULJD P\QGLJKHWHQ HOOHU Sn DQQDW PD\ EH DXWKRUL]HG E\ WKH FRPSHWHQW OlPSOLJWVlWWLUHVSHNWLYHODQG DXWKRULW\ RU WKURXJK WKH DSSURSULDWH PDFKLQHU\LQHDFKFRXQWU\

6XEMHFW WR SDUDJUDSK RI WKLV *XLGHOLQH 0HG I|UEHKnOO I|U SXQNW L GHQQD

DQG XQOHVV RWKHUZLVH SURYLGHG LQ DQ DQYLVQLQJRFKRPLQWHDQQDWI|UHVNULYVLDWW DJUHHPHQW DSSOLFDEOH WR WKH VKLSRZQHU DQG DYWDO VRP lU WLOOlPSOLJW Sn UHGDUHQ RFK WKHVHDIDUHUFRQFHUQHGWKHDQQXDOOHDYHZLWK EHU|UG VM|PDQ VNDOO GHQ VHPHVWHU VRP SD\ UHFRPPHQGHG LQ WKLV *XLGHOLQH VKRXOG UHNRPPHQGHUDV L GHQQD DQYLVQLQJ EHVWn DY FRQVLVWRIDQXQLQWHUUXSWHGSHULRG HQVDPPDQKlQJDQGHSHULRG *XLGHOLQH%²<RXQJVHDIDUHUV $QYLVQLQJ%²8QJDVM|PlQ

6SHFLDO PHDVXUHV VKRXOG EH FRQVLGHUHG 6SHFLHOOD nWJlUGHU E|U |YHUYlJDV I|U ZLWK UHVSHFW WR \RXQJ VHDIDUHUV XQGHU WKH VM|PlQ VRP LQWH I\OOW nU RFK VRP KDU DJHRIZKRKDYHVHUYHGVL[PRQWKVRUDQ\ DUEHWDW VH[ PnQDGHU HOOHU NRUWDUH WLG HQOLJW RWKHU VKRUWHU SHULRG RI WLPH XQGHU D HWW NROOHNWLYDYWDO HOOHU DQVWlOOQLQJVDYWDO I|U FROOHFWLYH DJUHHPHQW RU VHDIDUHUV VM|PlQ XWDQ OHGLJKHW Sn HWW IDUW\J L XWULNHV HPSOR\PHQW DJUHHPHQW ZLWKRXW OHDYH RQ D IDUW RFK VRP LQWH KDU nWHUYlQW WLOO VLWW IRUHLJQJRLQJ VKLS ZKLFK KDV QRW UHWXUQHG KHPODQG XQGHU GHQ WLGHQ RFK LQWH NRPPHU WR WKHLU FRXQWU\ RI UHVLGHQFH LQ WKDW WLPH DWW nWHUYlQGD XQGHU GH I|OMDQGH WUH DQGZLOOQRWUHWXUQLQWKHVXEVHTXHQWWKUHH PnQDGHUQD DY UHVDQ 6nGDQD nWJlUGHU NDQ PRQWKVRIWKHYR\DJH6XFKPHDVXUHVFRXOG EHVWn DY HQ KHPUHVD XWDQ NRVWQDG I|U GHP FRQVLVWRIWKHLUUHSDWULDWLRQDWQRH[SHQVHWR VMlOYD WLOO SODWVHQ GlU GH P|QVWUDGH Sn L WKHPVHOYHV WR WKH SODFH RI RULJLQDO HQJDJH ERVlWWQLQJVODQGHW I|U DWW WD XW GHQ OHGLJKHW PHQW LQ WKHLU FRXQWU\ RI UHVLGHQFH IRU WKH GHWMlQDWLQXQGHUUHVDQ SXUSRVH RI WDNLQJ DQ\ OHDYH HDUQHG GXULQJ WKHYR\DJH

5HJXODWLRQ 5HJHO

5HJXODWLRQ²5HSDWULDWLRQ 5HJHO²+HPUHVD

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV DUH DEOH WR 6\IWH$WWVlNHUVWlOODDWWVM|PlQNDQnWHUYlQGD UHWXUQKRPH KHP

6HDIDUHUVKDYHDULJKWWREHUHSDWULDWHGDW 6M|PlQKDUUlWWWLOOKHPUHVDXWDQNRVWQDG QR FRVW WR WKHPVHOYHV LQ WKH FLUFXPVWDQFHV I|UGHPVMlOYDXQGHUGHI|UKnOODQGHQRFKSn DQG XQGHU WKH FRQGLWLRQV VSHFLILHG LQ WKH GHYLOONRUVRPDQJHVLNRGHQ &RGH

(DFK0HPEHU VKDOOUHTXLUHVKLSVWKDWIO\ 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW IDUW\J LWV IODJ WR SURYLGH ILQDQFLDO VHFXULW\ WR VRPI|UGHVVIODJJVWlOOHUHNRQRPLVNJDUDQWL HQVXUH WKDW VHDIDUHUV DUH GXO\ UHSDWULDWHG LQ I|U DWW VlNHUVWlOOD DWW VM|PlQQHQ NDQ UHVD DFFRUGDQFHZLWKWKH&RGH KHPHQOLJWNRGHQ

6WDQGDUG 6WDQGDUG

6WDQGDUG$²5HSDWULDWLRQ 6WDQGDUG$²+HPUHVD

(DFK 0HPEHU VKDOO HQVXUH WKDW VHDIDUHUV 9DUMH PHGOHPVVWDW VNDOO VlNHUVWlOOD DWW RQ VKLSV WKDW IO\ LWV IODJ DUH HQWLWOHG WR VM|PlQ Sn IDUW\J VRP I|U GHVV IODJJ lU UHSDWULDWLRQLQWKHIROORZLQJFLUFXPVWDQFHV EHUlWWLJDGH WLOO KHPUHVD XQGHU I|OMDQGH I|UKnOODQGHQ

D LI WKH VHDIDUHUV HPSOR\PHQW DJUHHPHQW DRPDQVWlOOQLQJVDYWDOHWJnUXWPHGDQVM| H[SLUHVZKLOHWKH\DUHDEURDG PlQQHQEHILQQHUVLJXWDQI|UODQGHWVJUlQVHU

E ZKHQ WKH VHDIDUHUV HPSOR\PHQW DJUHH EQlUDQVWlOOQLQJVDYWDOHWEU\WV

PHQWLVWHUPLQDWHG

LE\WKHVKLSRZQHURU LDYUHGDUHQHOOHU LLE\WKHVHDIDUHUIRUMXVWLILHGUHDVRQV LL DY VM|PDQQHQ DY JUXQGDG DQOHGQLQJ DQGDOVR RFK

FZKHQWKHVHDIDUHUVDUHQRORQJHUDEOHWR F QlU VM|PlQQHQ LQWH OlQJUH NDQ IXOOJ|UD FDUU\ RXW WKHLU GXWLHV XQGHU WKHLU HPSOR\ VLQDXSSJLIWHUHQOLJWDQVWlOOQLQJVDYWDOHWHOOHU PHQW DJUHHPHQW RU FDQQRW EH H[SHFWHG WR LQWHNDQYlQWDVIXOOJ|UDGHPXQGHUUnGDQGH FDUU\WKHPRXWLQWKHVSHFLILFFLUFXPVWDQFHV I|UKnOODQGHQ

(DFK 0HPEHU VKDOO HQVXUH WKDW WKHUH DUH 9DUMHPHGOHPVVWDWVNDOOVlNHUVWlOODDWWGHW DSSURSULDWHSURYLVLRQVLQLWVODZVDQGUHJXOD ILQQV OlPSOLJD I|UHVNULIWHU L GHVV ODJDU RFK WLRQV RU RWKHU PHDVXUHV RU LQ FROOHFWLYH DQGUDI|UIDWWQLQJDUHOOHULNROOHNWLYDYWDOVRP EDUJDLQLQJDJUHHPHQWVSUHVFULELQJ I|UHVNULYHU

DWKHFLUFXPVWDQFHVLQZKLFKVHDIDUHUVDUH DGHRPVWlQGLJKHWHUXQGHUYLONDVM|PlQlU HQWLWOHG WR UHSDWULDWLRQ LQ DFFRUGDQFH ZLWK EHUlWWLJDGHWLOOKHPUHVDHQOLJWSXQNWERFK SDUDJUDSKEDQGFRIWKLV6WDQGDUG FLGHQQDVWDQGDUG

E WKH PD[LPXP GXUDWLRQ RI VHUYLFH E GHQ PD[LPDOD YDUDNWLJKHWHQ DY WMlQVW SHULRGVRQERDUGIROORZLQJZKLFKDVHDIDUHU J|ULQJVSHULRGHU RPERUG HIWHU YLOND HQ LV HQWLWOHG WR UHSDWULDWLRQ VXFK SHULRGV WR VM|PDQlUEHUlWWLJDGWLOOKHPUHVDVRPPnVWH EHOHVVWKDQPRQWKVDQG YDUDPLQGUHlQPnQDGHURFK

F WKH SUHFLVH HQWLWOHPHQWV WR EH DFFRUGHG F H[DNW YLOND I|UPnQHU UHGDUH VNDOO EHWDOD E\ VKLSRZQHUV IRU UHSDWULDWLRQ LQFOXGLQJ I|U KHPUHVD LQEHUlNQDW I|UPnQHU VRP K|U WKRVHUHODWLQJWRWKHGHVWLQDWLRQVRIUHSDWULD VDPPDQ PHG KHPUHVDQV GHVWLQDWLRQHU WLRQ WKH PRGH RI WUDQVSRUW WKH LWHPV RI WUDQVSRUWVlWWHWYLONDXWJLIWVSRVWHUVRPVNDOO H[SHQVH WR EH FRYHUHG DQG RWKHU DUUDQJH LQJnRFKDQGUDDUUDQJHPDQJVRPUHGDUHVNDOO PHQWVWREHPDGHE\VKLSRZQHUV VYDUDI|U

(DFK 0HPEHU VKDOO SURKLELW VKLSRZQHUV 9DUMH PHGOHPVVWDW VNDOO I|UEMXGD DWW IURP UHTXLULQJ WKDW VHDIDUHUV PDNH DQ UHGDUHNUlYHUVM|PlQSnEHWDOQLQJLI|UVNRWW DGYDQFH SD\PHQW WRZDUGV WKH FRVW RI WLOOVLQKHPUHVDQlUGHE|UMDUVLQDQVWlOOQLQJ UHSDWULDWLRQ DW WKH EHJLQQLQJ RI WKHLU OLNVRP DWW UHGDUHQ NRPSHQVHUDU VLJ I|U HPSOR\PHQW DQG DOVR IURP UHFRYHULQJ WKH NRVWQDGHQ I|U KHPUHVDQ IUnQ VM|PlQQHQV FRVWRIUHSDWULDWLRQIURPWKHVHDIDUHUVZDJHV O|Q HOOHU DQGUD I|UPnQHU XWRP QlU RU RWKHU HQWLWOHPHQWV H[FHSW ZKHUH WKH SHUVRQDOHQ HQOLJW QDWLRQHOOD ODJDU DQGUD VHDIDUHUKDVEHHQIRXQGLQDFFRUGDQFHZLWK I|UIDWWQLQJDUHOOHUJlOODQGHNROOHNWLYDYWDOKDU QDWLRQDO ODZV RU UHJXODWLRQV RU RWKHU EHIXQQLWV DOOYDUOLJW KD nVLGRVDWW VLQD PHDVXUHV RU DSSOLFDEOH FROOHFWLYH EDUJDLQLQJ VN\OGLJKHWHUHQOLJWDQVWlOOQLQJVDYWDOHW DJUHHPHQWV WR EH LQ VHULRXV GHIDXOW RI WKH VHDIDUHUVHPSOR\PHQWREOLJDWLRQV

1DWLRQDO ODZV DQG UHJXODWLRQV VKDOO QRW 1DWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU SUHMXGLFH DQ\ ULJKW RI WKH VKLSRZQHU WR VNDOOLQWHSnYHUNDUHGDUHQVHYHQWXHOODUlWWDWW UHFRYHUWKHFRVWRIUHSDWULDWLRQXQGHUWKLUG nWHUNUlYD NRVWQDGHQ I|U KHPUHVD HQOLJW SDUW\FRQWUDFWXDODUUDQJHPHQWV WUHGMHSDUWVDYWDO

,IDVKLSRZQHUIDLOVWRPDNHDUUDQJHPHQWV 2PHQUHGDUHLQWHNDQRUGQDHOOHUEHNRVWD IRU RU WR PHHW WKH FRVW RI UHSDWULDWLRQ RI KHPUHVD I|U VM|PlQ VRP lU EHUlWWLJDGH WLOO VHDIDUHUVZKRDUHHQWLWOHGWREHUHSDWULDWHG VnGDQJlOOHUI|OMDQGH

DWKHFRPSHWHQWDXWKRULW\RIWKH0HPEHU D GHQ EHK|ULJD P\QGLJKHWHQ L GHQ

ZKRVH IODJ WKH VKLS IOLHV VKDOO DUUDQJH IRU PHGOHPVVWDW YDUV IODJJ IDUW\JHW I|U VNDOO

UHSDWULDWLRQRIWKHVHDIDUHUVFRQFHUQHGLILW RUGQD KHPUHVD I|U GH EHU|UGD VM|PlQQHQ IDLOV WR GR VR WKH 6WDWH IURP ZKLFK WKH RP GHQ LQWH NDQ J|UD GHW InU GHQ VWDW IUnQ VHDIDUHUVDUHWREHUHSDWULDWHGRUWKH6WDWHRI YLONHQ VM|PlQQHQ VNDOO UHVD KHP HOOHU GHQ ZKLFK WKH\ DUH D QDWLRQDO PD\ DUUDQJH IRU VWDW GlU VM|PlQQHQ lU PHGERUJDUH RUGQD WKHLUUHSDWULDWLRQDQGUHFRYHUWKHFRVWIURP KHPUHVDQRFKnWHUNUlYDNRVWQDGHQIUnQGHQ WKH0HPEHUZKRVHIODJWKHVKLSIOLHV PHGOHPVVWDWYDUVIODJJIDUW\JHWI|U

E FRVWV LQFXUUHG LQ UHSDWULDWLQJ VHDIDUHUV E GHQ PHGOHPVVWDW YDUV IODJJ IDUW\JHW I|U VKDOOEHUHFRYHUDEOHIURPWKHVKLSRZQHUE\ VNDOOIUnQUHGDUHQNXQQDnWHUNUlYDNRVWQDGHU WKH0HPEHUZKRVHIODJWKHVKLSIOLHV VRPXSSVWnUI|UVM|PlQQHQVKHPUHVD

F WKH H[SHQVHV RI UHSDWULDWLRQ VKDOO LQ QR F NRVWQDGHUQD I|U KHPUHVD InU XQGHU LQJD FDVHEHDFKDUJHXSRQWKHVHDIDUHUVH[FHSWDV RPVWlQGLJKHWHU EHODVWD VM|PlQQHQ XWRP L SURYLGHGIRULQSDUDJUDSKRIWKLV6WDQGDUG IDOOVRPDQJHVLSXQNWLGHQQDVWDQGDUG

7DNLQJ LQWR DFFRXQW DSSOLFDEOH LQWHUQD 0HG EHDNWDQGH DY WLOOlPSOLJD LQWHUQD WLRQDO LQVWUXPHQWV LQFOXGLQJ WKH ,QWHUQD WLRQHOOD LQVWUXPHQW GlULEODQG ,QWHUQDWLRQDO WLRQDO&RQYHQWLRQRQ$UUHVWRI6KLSV &RQYHQWLRQ RQ $UUHVW RI 6KLSV IUnQ D 0HPEHU ZKLFK KDV SDLG WKH FRVW RI InU HQ PHGOHPVVWDW VRP KDU EHWDODW UHSDWULDWLRQ SXUVXDQW WR WKLV &RGH PD\ NRVWQDGHQ I|U KHPUHVD HQOLJW GHQQD NRG GHWDLQRUUHTXHVWWKHGHWHQWLRQRIWKHVKLSV NYDUKnOOD HOOHU EHJlUD NYDUKnOODQGH DY GHQ RI WKH VKLSRZQHU FRQFHUQHG XQWLO WKH EHU|UGD UHGDUHQV IDUW\J WLOOV nWHUEHWDOQLQJ UHLPEXUVHPHQWKDVEHHQPDGHLQDFFRUGDQFH KDUVNHWWHQOLJWSXQNWLGHQQDVWDQGDUG ZLWKSDUDJUDSKRIWKLV6WDQGDUG

(DFK0HPEHUVKDOOIDFLOLWDWHWKHUHSDWULD 9DUMH PHGOHPVVWDW VNDOO XQGHUOlWWD KHP WLRQRIVHDIDUHUVVHUYLQJRQVKLSVZKLFKFDOO UHVDI|UGHQVM|PDQVRPWMlQVWJ|USnIDUW\J DWLWVSRUWVRUSDVVWKURXJKLWVWHUULWRULDORU VRPDQJ|UGHVVKDPQDUHOOHUSDVVHUDUJHQRP LQWHUQDOZDWHUVDVZHOODVWKHLUUHSODFHPHQW GHVV WHUULWRULDOYDWWHQ HOOHU LQUH YDWWHQ RFK RQERDUG GHUDVHUVlWWDUHRPERUG

,Q SDUWLFXODU D 0HPEHU VKDOO QRW UHIXVH )UDPI|UDOOWInU HQPHGOHPVVWDWLQWHYlJUD WKH ULJKW RI UHSDWULDWLRQ WR DQ\ VHDIDUHU QnJRQ VM|PDQ UlWW WLOO KHPUHVD Sn JUXQG DY EHFDXVH RI WKH ILQDQFLDO FLUFXPVWDQFHV RI D HQUHGDUHVHNRQRPLVNDRPVWlQGLJKHWHUHOOHU VKLSRZQHU RU EHFDXVH RI WKH VKLSRZQHUV RI|UPnJD HOOHU EULVWDQGH YLOMD DWW HUVlWWD HQ LQDELOLW\ RU XQZLOOLQJQHVV WR UHSODFH D VM|PDQ VHDIDUHU

(DFK0HPEHUVKDOOUHTXLUHWKDWVKLSVWKDW 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW IDUW\J IO\ LWV IODJ FDUU\ DQG PDNH DYDLODEOH WR VRP I|U GHVV IODJJ PHGI|U HQ NRSLD DY VHDIDUHUV D FRS\ RI WKH DSSOLFDEOH QDWLRQDO JlOODQGH QDWLRQHOOD I|UHVNULIWHU RP KHPUHVD SURYLVLRQV UHJDUGLQJ UHSDWULDWLRQ ZULWWHQ LQ Sn HWW OlPSOLJW VSUnN RFK KnOOHU GHQ DQDSSURSULDWHODQJXDJH WLOOJlQJOLJI|UVM|PlQQHQ

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%5HSDWULDWLRQ $QYLVQLQJ%+HPUHVD

*XLGHOLQH%(QWLWOHPHQW $QYLVQLQJ%%HUlWWLJDQGH

6HDIDUHUV VKRXOG EH HQWLWOHG WR UHSDWULD 6M|PlQE|UYDUDEHUlWWLJDGHWLOOKHPUHVD WLRQ

D LQ WKH FDVH FRYHUHG E\ 6WDQGDUG $ D L IDOO VRP RPIDWWDV DY VWDQGDUG $

SDUDJUDSK D XSRQ WKH H[SLU\ RI WKH SXQNW D QlU XSSVlJQLQJVWLGHQ HQOLJW SHULRG RI QRWLFH JLYHQ LQ DFFRUGDQFH ZLWK EHVWlPPHOVHUQDLDQVWlOOQLQJVDYWDOHWO|SWXW WKHSURYLVLRQVRIWKHVHDIDUHUVHPSOR\PHQW DJUHHPHQW

E LQ WKH FDVHV FRYHUHG E\ 6WDQGDUG $ E L IDOO VRP RPIDWWDV DY VWDQGDUG $ SDUDJUDSKEDQGF SXQNWHUQDERFKF L LQ WKH HYHQW RI LOOQHVV RU LQMXU\ RU L YLG VMXNGRP VNDGD HOOHU DQQDW RWKHUPHGLFDOFRQGLWLRQZKLFKUHTXLUHVWKHLU PHGLFLQVNWVNlOVRPNUlYHUDWWGHUHVHUKHP UHSDWULDWLRQ ZKHQ IRXQG PHGLFDOO\ ILW WR QlUGHlUIULVNDQRJI|UDWWUHVD WUDYHO LLYLGI|UOLVQLQJ LLLQWKHHYHQWRIVKLSZUHFN LLL RP UHGDUHQ WLOO I|OMG DY LQVROYHQV LLL LQ WKH HYHQW RI WKH VKLSRZQHU QRW I|UVlOMQLQJ HOOHU RPUHJLVWUHULQJ DY IDUW\JHW EHLQJDEOHWRFRQWLQXHWRIXOILOWKHLUOHJDORU HOOHU DY QnJRW DQQDW OLNQDQGH VNlO LQWH NDQ FRQWUDFWXDO REOLJDWLRQV DV DQ HPSOR\HU RI IXOOI|OMD VLQD VN\OGLJKHWHU HQOLJW ODJ HOOHU WKHVHDIDUHUVE\UHDVRQRILQVROYHQF\VDOHRI DYWDOVRPVM|PlQQHQVDUEHWVJLYDUH VKLS FKDQJH RI VKLSV UHJLVWUDWLRQ RU DQ\ LY RP HWW IDUW\J lU GHVWLQHUDW WLOO HQ RWKHUVLPLODUUHDVRQ NULJV]RQ HQOLJW GHILQLWLRQ L QDWLRQHOOD ODJDU LYLQWKHHYHQW RIDVKLSEHLQJERXQG RFK DQGUD I|UIDWWQLQJDU HOOHU DQVWlOOQLQJV IRU D ZDU ]RQH DV GHILQHG E\ QDWLRQDO ODZV DYWDOI|UVM|PlQGLWVM|PlQQHQLQWHJnUPHG RU UHJXODWLRQV RU VHDIDUHUV HPSOR\PHQW SnDWWnNDRFK DJUHHPHQWV WR ZKLFK WKH VHDIDUHU GRHV QRW Y RP DQVWlOOQLQJHQ XSSK|U HOOHU FRQVHQWWRJRDQG DYEU\WV HQOLJW LQGXVWULHOO VNLOMHGRP HOOHU Y LQ WKH HYHQW RI WHUPLQDWLRQ RU NROOHNWLYDYWDOHOOHURPDQVWlOOQLQJHQXSSK|U LQWHUUXSWLRQ RI HPSOR\PHQW LQ DFFRUGDQFH DYQnJRWDQQDWOLNQDQGHVNlO ZLWKDQLQGXVWULDODZDUGRUFROOHFWLYHDJUHH PHQWRUWHUPLQDWLRQRIHPSOR\PHQWIRUDQ\ RWKHUVLPLODUUHDVRQ

,QGHWHUPLQLQJWKHPD[LPXPGXUDWLRQRI 1lU GHQ OlQJVWD WMlQVWJ|ULQJVWLGHQ VHUYLFH SHULRGV RQ ERDUG IROORZLQJ ZKLFK D RPERUGHIWHUYLONHQHQVM|PDQlUEHUlWWLJDG VHDIDUHU LV HQWLWOHG WR UHSDWULDWLRQ LQ WLOO KHPUHVD IDVWVWlOOV HQOLJW GHQQD NRG E|U DFFRUGDQFH ZLWK WKLV &RGH DFFRXQW VKRXOG KlQV\Q WDV WLOO IDNWRUHU VRP SnYHUNDU EH WDNHQ RI IDFWRUV DIIHFWLQJ WKH VHDIDUHUV DUEHWVPLOM|Q 9DUMH PHGOHPVVWDW E|U L ZRUNLQJHQYLURQPHQW(DFK0HPEHUVKRXOG P|MOLJDVWH PnQ V|ND NRUWD DY WLGHQ PRW VHHN ZKHUHYHU SRVVLEOH WR UHGXFH WKHVH EDNJUXQG DY WHNQLVND I|UlQGULQJDU RFK NDQ SHULRGVLQWKHOLJKWRIWHFKQRORJLFDOFKDQJHV In YlJOHGQLQJ L IUnJDQ L UHNRPPHQGDWLRQHU DQG GHYHORSPHQWV DQG PLJKW EH JXLGHG E\ IUnQ-RLQW0DULWLPH&RPPLVVLRQ DQ\ UHFRPPHQGDWLRQV PDGH RQ WKH PDWWHU E\WKH-RLQW0DULWLPH&RPPLVVLRQ

7KH FRVWV WR EH ERUQH E\ WKH VKLSRZQHU 'H NRVWQDGHU I|U KHPUHVD VRP UHGDUHQ IRUUHSDWULDWLRQXQGHU6WDQGDUG$VKRXOG E|U VYDUD I|U HQOLJW VWDQGDUG $ E|U LQFOXGHDWOHDVWWKHIROORZLQJ LQQHIDWWDPLQVWI|OMDQGH

D SDVVDJH WR WKH GHVWLQDWLRQ VHOHFWHG IRU D UHVD WLOO GHQ GHVWLQDWLRQ VRP YDOWV I|U UHSDWULDWLRQLQDFFRUGDQFHZLWKSDUDJUDSK KHPUHVDQHQOLJWSXQNWLGHQQDDQYLVQLQJ RIWKLV*XLGHOLQH

E DFFRPPRGDWLRQ DQG IRRG IURP WKH E NRVW RFK ORJL IUnQ GHW DWW VM|PDQQHQ PRPHQW WKH VHDIDUHUV OHDYH WKH VKLS XQWLO OlPQDU IDUW\JHW WLOOV KDQ HOOHU KRQ QnU WKH\UHDFKWKHUHSDWULDWLRQGHVWLQDWLRQ KHPUHVHGHVWLQDWLRQHQ

F SD\ DQG DOORZDQFHV IURP WKH PRPHQW F EHWDOQLQJ RFK WUDNWDPHQWHQ IUnQ GHW DWW

WKHVHDIDUHUVOHDYHWKHVKLSXQWLOWKH\UHDFK VM|PlQQHQ OlPQDU IDUW\JHW WLOOV GH QnU WKH UHSDWULDWLRQ GHVWLQDWLRQ LI SURYLGHG IRU KHPUHVHGHVWLQDWLRQHQRPGHWWDI|UHVNULYVL E\QDWLRQDOODZVRUUHJXODWLRQVRUFROOHFWLYH QDWLRQHOOD ODJDU DQGUD I|UIDWWQLQJDU HOOHU DJUHHPHQWV NROOHNWLYDYWDO

GWUDQVSRUWDWLRQRINJRIWKHVHDIDUHUV G WUDQVSRUW DY NJ DY VM|PlQQHQV SHUVRQDOOXJJDJHWRWKHUHSDWULDWLRQGHVWLQD SHUVRQOLJDEDJDJHWLOOKHPUHVHGHVWLQDWLRQHQ WLRQDQG RFK

H PHGLFDO WUHDWPHQW ZKHQ QHFHVVDU\ XQWLO HYLGEHKRYOlNDUYnUGWLOOVYHGHUE|UDQGHlU WKHVHDIDUHUVDUHPHGLFDOO\ILWWRWUDYHOWRWKH IULVN QRJ I|U DWW UHVD WLOO KHPUHVH UHSDWULDWLRQGHVWLQDWLRQ GHVWLQDWLRQHQ

7LPH VSHQW DZDLWLQJ UHSDWULDWLRQ DQG 9lQWHWLG RFK UHVWLGI|U KHPUHVD E|U LQWH UHSDWULDWLRQ WUDYHO WLPH VKRXOG QRW EH GUDVDYIUnQLQWMlQDGVHPHVWHUWLG GHGXFWHG IURP SDLG OHDYH DFFUXHG WR WKH VHDIDUHUV

6KLSRZQHUV VKRXOG EH UHTXLUHG WR 'HW E|U NUlYDV DWW UHGDUH IRUWVlWWHU DWW FRQWLQXH WR FRYHU WKH FRVWV RI UHSDWULDWLRQ VYDUD I|U NRVWQDGHUQD I|U KHPUHVD WLOOV XQWLOWKHVHDIDUHUVFRQFHUQHGDUHODQGHGDWD YHGHUE|UDQGH JnWW L ODQG Sn HQ GHVWLQDWLRQ GHVWLQDWLRQSUHVFULEHGSXUVXDQWWRWKLV&RGH VRP I|UHVNULYV L GHQQD NRG HOOHU KDU InWW RU DUH SURYLGHG ZLWK VXLWDEOH HPSOR\PHQW OlPSOLJ DQVWlOOQLQJ Sn HWW IDUW\J VRP lU Sn RQERDUGDVKLSSURFHHGLQJWRRQHRIWKRVH YlJWLOOHQDYGHVVDGHVWLQDWLRQHU GHVWLQDWLRQV

(DFK 0HPEHU VKRXOG UHTXLUH WKDW 9DUMHPHGOHPVVWDWE|UNUlYDDWWUHGDUHSn VKLSRZQHUV WDNH UHVSRQVLELOLW\ IRU HWW OlPSOLJW RFK VQDEEW VlWW WDU DQVYDU I|U UHSDWULDWLRQ DUUDQJHPHQWV E\ DSSURSULDWH KHPUHVHDUUDQJHPDQJ 'HW QRUPDOD DQGH[SHGLWLRXVPHDQV7KHQRUPDOPRGHRI WUDQVSRUWVlWWHWE|UYDUDIO\J0HGOHPVVWDWHQ WUDQVSRUW VKRXOG EH E\ DLU 7KH 0HPEHU E|U I|UHVNULYD GH GHVWLQDWLRQHU WLOO YLOND VKRXOG SUHVFULEH WKH GHVWLQDWLRQV WR ZKLFK VM|PlQQHQ InU UHVD KHP 'HVWLQDWLRQHUQD VHDIDUHUV PD\ EH UHSDWULDWHG 7KH E|ULQQHIDWWDGHOlQGHUPHGYLONDVM|PlQQHQ GHVWLQDWLRQV VKRXOG LQFOXGH WKH FRXQWULHV NDQEHG|PDVKDYlVHQWOLJDQNQ\WQLQJEODQG ZLWKZKLFKVHDIDUHUVPD\EHGHHPHGWRKDYH DQQDW DVXEVWDQWLDOFRQQHFWLRQLQFOXGLQJ

DWKHSODFHDWZKLFKWKHVHDIDUHUDJUHHGWR D GHQ SODWV GlU VM|PDQQHQ DFFHSWHUDGH HQWHULQWRWKHHQJDJHPHQW DQVWlOOQLQJHQ

E WKH SODFH VWLSXODWHG E\ FROOHFWLYH EGHQSODWVVRPI|UHVNULYVLNROOHNWLYDYWDO DJUHHPHQW

FWKHVHDIDUHUVFRXQWU\RIUHVLGHQFHRU FVM|PDQQHQVERVlWWQLQJVODQGHOOHU

G VXFK RWKHU SODFH DV PD\ EH PXWXDOO\ GDQQDQSODWVVRPNDQKD|YHUHQVNRPPLWV DJUHHGDWWKHWLPHRIHQJDJHPHQW YLGDQVWlOOQLQJVWLGSXQNWHQ

6HDIDUHUVVKRXOGKDYHWKHULJKWWRFKRRVH 6M|PlQ E|U KD UlWW DWW EODQG GH IURPDPRQJWKHSUHVFULEHGGHVWLQDWLRQVWKH I|UHVNULYQD GHVWLQDWLRQHUQD YlOMD YDUW GHQ SODFHWRZKLFKWKH\DUHWREHUHSDWULDWHG VNDOOUHVDKHP

7KHHQWLWOHPHQWWRUHSDWULDWLRQPD\ODSVH 5lWWHQWLOOKHPUHVDNDQI|UYHUNDVRPGHQ

LI WKH VHDIDUHUV FRQFHUQHG GR QRW FODLP LW EHU|UGDVM|PDQQHQLQWHJ|UDQVSUnNSnGHQ

ZLWKLQ D UHDVRQDEOH SHULRG RI WLPH WR EH LQRP ULPOLJ WLG VRP VNDOO IDVWVWlOODV L GHILQHG E\ QDWLRQDO ODZV RU UHJXODWLRQV RU QDWLRQHOOD ODJDU DQGUD I|UIDWWQLQJDU HOOHU FROOHFWLYHDJUHHPHQWV NROOHNWLYDYWDO

*XLGHOLQH%²,PSOHPHQWDWLRQE\0HPEHUV $QYLVQLQJ % ² 0HGOHPVVWDWHUQDV JHQRP I|UDQGH (YHU\SRVVLEOHSUDFWLFDODVVLVWDQFHVKRXOG EH JLYHQ WR D VHDIDUHU VWUDQGHG LQ D IRUHLJQ $OO P|MOLJ SUDNWLVN KMlOS E|U JHV WLOO HQ SRUWSHQGLQJUHSDWULDWLRQDQGLQWKHHYHQWRI VM|PDQ VRP EOLU VWUDQGVDWW L HQ IUlPPDQGH GHOD\LQWKHUHSDWULDWLRQRIWKHVHDIDUHUWKH KDPQ L YlQWDQ Sn KHPUHVD RFK RP GHQQD FRPSHWHQW DXWKRULW\ LQ WKH IRUHLJQ SRUW I|UVHQDV E|U GHQ EHK|ULJD P\QGLJKHWHQ L VKRXOG HQVXUH WKDW WKH FRQVXODU RU ORFDO GHQ IUlPPDQGH KDPQHQ VH WLOO DWW IODJJ UHSUHVHQWDWLYH RI WKH IODJ 6WDWH DQG WKH VWDWHQV NRQVXO HOOHU ORNDOD UHSUHVHQWDQW RFK VHDIDUHUV 6WDWH RI QDWLRQDOLW\ RU 6WDWH RI GHQVWDWGlUVM|PDQQHQ lUPHGERUJDUHHOOHU UHVLGHQFH DV DSSURSULDWH LV LQIRUPHG ERVDWWJHQDVWLQIRUPHUDV LPPHGLDWHO\

(DFK 0HPEHU VKRXOG KDYH UHJDUG WR 9DUMHPHGOHPVVWDWE|UVHWLOODWWOlPSOLJD ZKHWKHUSURSHUSURYLVLRQLVPDGH DUUDQJHPDQJJ|UVI|U

DIRUWKHUHWXUQRIVHDIDUHUVHPSOR\HGRQD DnWHUYlQGDQGHDYVM|PlQVRPlUDQVWlOOGD VKLS WKDW IOLHV WKH IODJ RI D IRUHLJQ FRXQWU\ Sn HWW IDUW\J VRP I|U HWW DQQDW ODQGV IODJJ ZKR DUH SXW DVKRUH LQ D IRUHLJQ SRUW IRU RFKVRPVlWWVLODQGLHQIUlPPDQGHKDPQDY UHDVRQVIRUZKLFKWKH\DUHQRWUHVSRQVLEOH VNlOVRPGHQLQWHUnU|YHU L WR WKH SRUW DW ZKLFK WKH VHDIDUHU L WLOO GHQ KDPQ GlU GHQ EHU|UGD FRQFHUQHGZDVHQJDJHGRU SHUVRQHQDQVWlOOGHVHOOHU LL WR D SRUW LQ WKH VHDIDUHUV 6WDWH RI LLWLOOHQKDPQLGHWODQGGlUSHUVRQHQ QDWLRQDOLW\ RU 6WDWH RI UHVLGHQFH DV lUPHGERUJDUHHOOHUERVDWWHOOHU DSSURSULDWHRU LLL WLOO HQ DQQDQ KDPQ HQOLJW |YHUHQV LLL WR DQRWKHU SRUW DJUHHG XSRQ NRPPHOVHPHOODQSHUVRQHQRFKEHIlOKDYDUHQ EHWZHHQWKHVHDIDUHUDQGWKHPDVWHURUVKLS HOOHU UHGDUHQ PHG JRGNlQQDQGH IUnQ GHQ RZQHU ZLWK WKH DSSURYDO RI WKH FRPSHWHQW EHK|ULJD P\QGLJKHWHQ HOOHU XQGHU DQQDQ DXWKRULW\ RU XQGHU RWKHU DSSURSULDWH OlPSOLJJDUDQWL VDIHJXDUGV

E IRU PHGLFDO FDUH DQG PDLQWHQDQFH RI E KlOVR RFK VMXNYnUG RFK XSSHKlOOH I|U VHDIDUHUV HPSOR\HG RQ D VKLS WKDW IOLHV WKH VM|PlQVRPlUDQVWlOOGDSnHWWIDUW\JXQGHU IODJRIDIRUHLJQFRXQWU\ZKRDUHSXWDVKRUH HWW DQQDW ODQGV IODJJ VRP VlWWV L ODQG L HQ LQDIRUHLJQSRUWLQFRQVHTXHQFHRIVLFNQHVV XWOlQGVN KDPQ WLOO I|OMG DY VMXNGRP HOOHU RULQMXU\LQFXUUHGLQWKHVHUYLFHRIWKHVKLS VNDGD VRP XSSNRPPLW L WMlQVWJ|ULQJHQ Sn DQGQRWGXHWRWKHLURZQZLOIXOPLVFRQGXFW IDUW\JHW RFK LQWH EHURU Sn HJHQ XSSVnWOLJ YnUGVO|VKHW

,IDIWHU\RXQJVHDIDUHUVXQGHUWKHDJHRI 2P GHW QlU VM|PlQ VRP LQWH I\OOW nU KDYH VHUYHG RQ D VKLS IRU DW OHDVW IRXU KDU WMlQVWJMRUW Sn HWW IDUW\J L PLQVW I\UD PRQWKV GXULQJ WKHLU ILUVW IRUHLJQJRLQJ PnQDGHU XQGHU VLQ I|UVWD XWOlQGVND VM|UHVD YR\DJH LW EHFRPHV DSSDUHQW WKDW WKH\ DUH YLVDUVLJDWWKDQHOOHUKRQLQWHlUOlPSOLJI|U XQVXLWHGWROLIHDWVHDWKH\VKRXOGEHJLYHQ VM|OLYHWE|UP|MOLJKHWJHVWLOOKHPUHVDXWDQ WKH RSSRUWXQLW\ RI EHLQJ UHSDWULDWHG DW QR NRVWQDG I|U VM|PDQQHQ IUnQ I|UVWD OlPSOLJD H[SHQVHWRWKHPVHOYHVIURPWKHILUVWVXLWDEOH DQJ|ULQJVKDPQGlUIODJJVWDWHQHOOHUGHQVWDW SRUW RI FDOO LQ ZKLFK WKHUH DUH FRQVXODU GlUSHUVRQHQlUPHGERUJDUHHOOHUERVDWWKDU VHUYLFHV RI WKH IODJ 6WDWH RU WKH 6WDWH RI NRQVXODWVWMlQVWHU6nGDQKHPUHVDRFKVNlOHQ

QDWLRQDOLW\ RU UHVLGHQFH RI WKH \RXQJ I|U GHQQD E|U DQPlODV WLOO GHQ P\QGLJKHW

VHDIDUHU 1RWLILFDWLRQ RI DQ\ VXFK VRPXWIlUGDGHGHGRNXPHQWVRPJMRUGHGHW UHSDWULDWLRQ ZLWK WKH UHDVRQV WKHUHIRU P|MOLJWI|USHUVRQHQLIUnJDDWWInDQVWlOOQLQJ VKRXOG EH JLYHQ WR WKH DXWKRULW\ ZKLFK WLOOVM|VV LVVXHG WKH SDSHUV HQDEOLQJ WKH \RXQJ VHDIDUHUV FRQFHUQHG WR WDNH XS VHDJRLQJ HPSOR\PHQW

5HJXODWLRQ 5HJHO

5HJXODWLRQ²6HDIDUHUFRPSHQVDWLRQIRUWKH 5HJHO²(UVlWWQLQJWLOOVM|PlQQlUIDUW\JHW VKLSVORVVRUIRXQGHULQJ I|UORUDVHOOHUI|UOLVHU

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV DUH 6\IWH$WWVlNHUVWlOODDWWVM|PlQInUHUVlWWQLQJ FRPSHQVDWHG ZKHQ D VKLS LV ORVW RU KDV QlUHWWIDUW\JI|UORUDVHOOHUI|UOLVHU IRXQGHUHG

6HDIDUHUV DUH HQWLWOHG WR DGHTXDWH 6M|PlQKDUUlWWDWWInWLOOUlFNOLJHUVlWWQLQJ FRPSHQVDWLRQ LQ WKH FDVH RI LQMXU\ ORVV RU I|U VNDGD I|UOXVW HOOHU DUEHWVO|VKHW VRP XQHPSOR\PHQW DULVLQJ IURP WKH VKLSV ORVV XSSVWnU WLOO I|OMG DY DWW HWW IDUW\J I|UORUDV RUIRXQGHULQJ HOOHUI|UOLVHU

6WDQGDUG 6WDQGDUG

6WDQGDUG$²6HDIDUHUFRPSHQVDWLRQIRUWKH 6WDQGDUG $ ² (UVlWWQLQJ WLOO VM|PlQ QlU VKLSVORVVRUIRXQGHULQJ IDUW\JHWI|UORUDVHOOHUI|UOLVHU

(DFK 0HPEHU VKDOO PDNH UXOHV HQVXULQJ 9DUMH PHGOHPVVWDW VNDOO XWIRUPD UHJOHU WKDW LQ HYHU\ FDVH RI ORVV RU IRXQGHULQJ RI VRP VlNHUVWlOOHU DWW UHGDUHQ QlU HWW IDUW\J DQ\ VKLS WKH VKLSRZQHU VKDOO SD\ WR HDFK I|UORUDWVHOOHUI|UOLVWWLOODOODVM|PlQRPERUG VHDIDUHU RQ ERDUG DQ LQGHPQLW\ DJDLQVW DOOWLG EHWDODU HQ HUVlWWQLQJ I|U DUEHWVO|VKHW XQHPSOR\PHQW UHVXOWLQJ IURP VXFK ORVV RU VRPVnGDQI|UOXVWHOOHUI|UOLVQLQJJHUXSSKRY IRXQGHULQJ WLOO

7KH UXOHV UHIHUUHG WR LQ SDUDJUDSK RI 'H UHJOHU VRP DYVHV L SXQNW L GHQQD WKLV 6WDQGDUG VKDOO EH ZLWKRXW SUHMXGLFH WR VWDQGDUGVNDOOLQWHSnYHUNDWLOOlPSQLQJHQDY DQ\ RWKHU ULJKWV D VHDIDUHU PD\ KDYH XQGHU HYHQWXHOODDQGUDUlWWLJKHWHUVRPVM|PlQNDQ WKH QDWLRQDO ODZ RI WKH 0HPEHU FRQFHUQHG KD HQOLJW GHQ EHU|UGD PHGOHPVVWDWHQV IRU ORVVHV RU LQMXULHV DULVLQJ IURP D VKLSV QDWLRQHOOD ODJVWLIWQLQJ U|UDQGH VNDGD HOOHU ORVVRUIRXQGHULQJ I|UOXVWWLOOI|OMGDYDWWHWWIDUW\JI|UORUDVHOOHU I|UOLVHU

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² 6HDIDUHU FRPSHQVDWLRQ IRU $QYLVQLQJ % ² (UVlWWQLQJ WLOO VM|PlQ QlU WKHVKLSVORVVRUIRXQGHULQJ IDUW\JHWI|UORUDVHOOHUI|UOLVHU

*XLGHOLQH%²&DOFXODWLRQRILQGHPQLW\ $QYLVQLQJ % ² %HUlNQLQJ DY DJDLQVWXQHPSOR\PHQW DUEHWVO|VKHWVHUVlWWQLQJ

7KH LQGHPQLW\ DJDLQVW XQHPSOR\PHQW (UVlWWQLQJ I|U GHQ DUEHWVO|VKHW VRP UHVXOWLQJ IURP D VKLSV IRXQGHULQJ RU ORVV XSSVWnU WLOO I|OMG DY DWW HWW IDUW\J I|UORUDV VKRXOGEHSDLGIRUWKHGD\VGXULQJZKLFKWKH HOOHU I|UOLVHU E|U EHWDODV I|U GH GDJDU Gn

VHDIDUHU UHPDLQV LQ IDFW XQHPSOR\HG DW WKH VM|PDQQHQ IDNWLVNW lU DUEHWVO|V RFK PHG

VDPH UDWH DV WKH ZDJHV SD\DEOH XQGHU WKH VDPPD EHORSS VRP GHQ O|Q VRP VNXOOH KD HPSOR\PHQW DJUHHPHQW EXW WKH WRWDO XWJnWW HQOLJW DQVWlOOQLQJVDYWDOHW PHQ GHQ LQGHPQLW\ SD\DEOH WR DQ\ RQH VHDIDUHU PD\ WRWDOD HUVlWWQLQJ VRP VNDOO EHWDODV WLOO YDU EHOLPLWHGWRWZRPRQWKVZDJHV RFKHQInUEHJUlQVDVWLOOWYnPnQDGHUVO|Q

(DFK0HPEHUVKRXOGHQVXUHWKDWVHDIDUHUV 9DUMH PHGOHPVVWDW E|U VH WLOO DWW KDYHWKHVDPHOHJDOUHPHGLHVIRUUHFRYHULQJ VM|PlQQHQKDUVDPPDUlWWVOLJDP|MOLJKHWDWW VXFKLQGHPQLWLHVDVWKH\KDYHIRUUHFRYHULQJ In XW VnGDQ HUVlWWQLQJ VRP QlU GHW JlOOHU DUUHDUVRIZDJHVHDUQHGGXULQJWKHVHUYLFH UHVWHUDQGHLQWMlQDGO|Q

5HJXODWLRQ 5HJHO

5HJXODWLRQ0DQQLQJOHYHOV 5HJHO%HPDQQLQJVQLYnHU

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV ZRUN RQ 6\IWH $WW VlNHUVWlOOD DWW VM|PlQ DUEHWDU Sn ERDUG VKLSV ZLWK VXIILFLHQW SHUVRQQHO IRU WKH IDUW\J PHG WLOOUlFNOLJ SHUVRQDO I|U DWW IDUW\JHW VDIHHIILFLHQWDQGVHFXUHRSHUDWLRQRIWKHVKLS VNDOO NXQQD IUDPI|UDV VlNHUW HIIHNWLYW RFK XWDQULVNHU (DFK 0HPEHU VKDOO UHTXLUH WKDW DOO VKLSV WKDWIO\LWVIODJKDYH DVXIILFLHQWQXPEHURI 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW DOOD VHDIDUHUVHPSOR\HGRQERDUGWRHQVXUHWKDW IDUW\J VRP I|U GHVV IODJJ KDU HQ WLOOUlFNOLJ VKLSV DUH RSHUDWHG VDIHO\ HIILFLHQWO\ DQG EHVlWWQLQJ I|U DWW VlNHUVWlOOD DWW IDUW\JHW ZLWK GXH UHJDUG WR VHFXULW\ XQGHU DOO IUDPI|UDVSnHWWVlNHUWRFKHIIHNWLYWVlWWRFK FRQGLWLRQV WDNLQJ LQWR DFFRXQW FRQFHUQV PHG YHGHUE|UOLJ KlQV\Q WLOO DWW ULVNHUQD DERXW VHDIDUHU IDWLJXH DQG WKH SDUWLFXODU PLQLPHUDV L DOOD OlJHQ PHG EHDNWDQGH DY QDWXUHDQGFRQGLWLRQVRIWKHYR\DJH VM|UHVDQV VWUDSDWVHU RFK VlUVNLOGD DUW RFK YLOONRU

6WDQGDUG 6WDQGDUG

6WDQGDUG$²0DQQLQJOHYHOV 6WDQGDUG$²%HPDQQLQJVQLYnHU

(DFK 0HPEHU VKDOO UHTXLUH WKDW DOO VKLSV 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW DOOD WKDWIO\LWVIODJKDYH DVXIILFLHQWQXPEHURI IDUW\J VRP I|U GHVV IODJJ KDU HQ WLOOUlFNOLJ VHDIDUHUV RQ ERDUG WR HQVXUH WKDW VKLSV DUH EHVlWWQLQJ I|U DWW VlNHUVWlOOD DWW IDUW\JHW RSHUDWHG VDIHO\ HIILFLHQWO\ DQG ZLWK GXH IUDPI|UVSnHWWVlNHUWRFKHIIHNWLYWVlWWRFK UHJDUG WR VHFXULW\ (YHU\ VKLS VKDOO EH PHG YHGHUE|UOLJ KlQV\Q WLOO ULVNHU $OOD PDQQHGE\DFUHZWKDWLVDGHTXDWHLQWHUPV IDUW\J VNDOO KD HQ IXOOJRG EHVlWWQLQJ PHG RI VL]H DQG TXDOLILFDWLRQV WR HQVXUH WKH DYVHHQGH Sn VWRUOHN RFK NYDOLILNDWLRQHU I|U VDIHW\ DQG VHFXULW\ RI WKH VKLS DQG LWV DWWVNDSDVlNHUKHWRFKWU\JJKHWI|UIDUW\JHW SHUVRQQHOXQGHUDOORSHUDWLQJFRQGLWLRQVLQ RFK GHVV SHUVRQDO XQGHU DOOD GULIWVI|UKnOO DFFRUGDQFHZLWKWKHPLQLPXPVDIHPDQQLQJ DQGHQHQOLJWEHVOXWRPVlNHUKHWVEHVlWWQLQJ GRFXPHQW RU DQ HTXLYDOHQW LVVXHG E\ WKH HOOHU OLNYlUGLJ KDQGOLQJ XWIlUGDG DY GHQ FRPSHWHQW DXWKRULW\ DQG WR FRPSO\ ZLWK EHK|ULJD P\QGLJKHWHQ RFK I|U DWW XSSI\OOD WKHVWDQGDUGVRIWKLV&RQYHQWLRQ VWDQGDUGHUQDLGHQQDNRQYHQWLRQ

:KHQGHWHUPLQLQJDSSURYLQJRUUHYLVLQJ 1lUGHQEHK|ULJDP\QGLJKHWHQIDVWVWlOOHU PDQQLQJ OHYHOV WKH FRPSHWHQW DXWKRULW\ JRGNlQQHU HOOHU UHYLGHUDU EHPDQQLQJV VKDOOWDNHLQWRDFFRXQWWKHQHHGWRDYRLGRU QLYnHUQDVNDOOGHQWDKlQV\QWLOOEHKRYHWDY PLQLPL]HH[FHVVLYHKRXUVRIZRUNWRHQVXUH DWW XQGYLND HOOHU PLQLPHUD |YHUWLG I|U DWW VXIILFLHQWUHVWDQGWROLPLWIDWLJXHDVZHOODV VlNHUVWlOOD WLOOUlFNOLJ YLOD RFK EHJUlQVD WKH SULQFLSOHV LQ DSSOLFDEOH LQWHUQDWLRQDO XWPDWWQLQJRFKWLOOSULQFLSHUQDLWLOOlPSOLJD LQVWUXPHQWV HVSHFLDOO\ WKRVH RI WKH LQWHUQDWLRQHOOD LQVWUXPHQW VlUVNLOW VnGDQD

,QWHUQDWLRQDO 0DULWLPH 2UJDQL]DWLRQ RQ IUnQ ,QWHUQDWLRQHOOD VM|IDUWVRUJDQLVDWLRQHQ

PDQQLQJOHYHOV RPEHPDQQLQJVQLYnHU

:KHQ GHWHUPLQLQJ PDQQLQJ OHYHOV WKH 1lU EHPDQQLQJVQLYnHUQD IDVWVWlOOV VNDOO FRPSHWHQWDXWKRULW\VKDOOWDNHLQWRDFFRXQW GHQEHK|ULJDP\QGLJKHWHQWDKlQV\QWLOODOOD DOO WKH UHTXLUHPHQWV ZLWKLQ 5HJXODWLRQ NUDY HQOLJW UHJHO RFK VWDQGDUG $ DQG 6WDQGDUG $ FRQFHUQLQJ IRRG DQG U|UDQGHPDWRFKI|USOlJQDG FDWHULQJ

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%0DQQLQJOHYHOV $QYLVQLQJ%²%HPDQQLQJVQLYnHU

*XLGHOLQH%'LVSXWHVHWWOHPHQW $QYLVQLQJ%²%LOlJJDQGHDYWYLVWHU

(DFK0HPEHUVKRXOGPDLQWDLQRUVDWLVI\ 9DUMHPHGOHPVVWDWE|UKnOODVLJPHGHOOHU LWVHOI WKDW WKHUH LV PDLQWDLQHG HIILFLHQW VH WLOO DWW GHW ILQQV HIIHNWLYD RUJDQ I|U DWW PDFKLQHU\ IRU WKH LQYHVWLJDWLRQ DQG JUDQVND RFK O|VD NODJRPnO HOOHU WYLVWHU VRP VHWWOHPHQW RI FRPSODLQWV RU GLVSXWHV U|UEHPDQQLQJVQLYnHUQDSnHWWIDUW\J FRQFHUQLQJWKHPDQQLQJOHYHOVRQDVKLS 5HSUHVHQWDQWHU I|U UHGDU RFK 5HSUHVHQWDWLYHV RI VKLSRZQHUV DQG VM|IRONVRUJDQLVDWLRQHU E|U PHGYHUND L VHDIDUHUV RUJDQL]DWLRQV VKRXOG SDUWLFLSDWH DUEHWHW L GHVVD RUJDQ PHG HOOHU XWDQ DQGUD ZLWK RU ZLWKRXW RWKHU SHUVRQV RU SHUVRQHUHOOHUP\QGLJKHWHU DXWKRULWLHV LQ WKH RSHUDWLRQ RI VXFK PDFKLQHU\

5HJXODWLRQ 5HJHO

5HJXODWLRQ&DUHHUDQGVNLOOGHYHORSPHQW 5HJHO²8WYHFNOLQJDYNDUULlUIlUGLJKHWHU DQGRSSRUWXQLWLHVIRUVHDIDUHUVHPSOR\PHQW RFKDQVWlOOQLQJVP|MOLJKHWHUI|UVM|PlQ

3XUSRVH 7R SURPRWH FDUHHU DQG VNLOO 6\IWH $WW IUlPMD XWYHFNOLQJ DY NDUULlU GHYHORSPHQW DQG HPSOR\PHQW RSSRUWXQLWLHV IlUGLJKHWHU RFK DQVWlOOQLQJVP|MOLJKHWHU I|U IRUVHDIDUHUV VM|PlQ

(DFK0HPEHUVKDOOKDYHQDWLRQDOSROLFLHV 9DUMH PHGOHPVVWDW VNDOO KD QDWLRQHOOD WR SURPRWH HPSOR\PHQW LQ WKH PDULWLPH SURJUDPI|UDWWIUlPMDDQVWlOOQLQJLVM|IDUWV VHFWRU DQG WR HQFRXUDJH FDUHHU DQG VNLOO VHNWRUQ RFK DWW XSSPXQWUD XWYHFNOLQJ DY GHYHORSPHQW DQG JUHDWHU HPSOR\PHQW NDUULlU IlUGLJKHWHU RFK ElWWUH P|MOLJKHWHU RSSRUWXQLWLHV IRU VHDIDUHUV GRPLFLOHG LQ LWV WLOO DQVWlOOQLQJ I|U VM|PlQ VRP KDU KHPYLVW WHUULWRU\ SnGHVVWHUULWRULXP

6WDQGDUG 6WDQGDUG

6WDQGDUG$²&DUHHUDQGVNLOOGHYHORSPHQW 6WDQGDUG$²8WYHFNOLQJDYNDUULlUIlUGLJKHWHU DQGHPSOR\PHQWRSSRUWXQLWLHVIRUVHDIDUHUV RFKDQVWlOOQLQJVP|MOLJKHWHUI|UVM|PlQ

(DFK0HPEHUVKDOOKDYHQDWLRQDOSROLFLHV 9DUMH PHGOHPVVWDW VNDOO KD QDWLRQHOOD WKDWHQFRXUDJHFDUHHUDQGVNLOOGHYHORSPHQW SURJUDP VRP IUlPMDU XWYHFNOLQJ DY NDUULlU DQGHPSOR\PHQWRSSRUWXQLWLHVIRUVHDIDUHUV IlUGLJKHWHU RFK ElWWUH P|MOLJKHWHU WLOO LQRUGHUWRSURYLGHWKHPDULWLPHVHFWRUZLWK DQVWlOOQLQJ I|U VM|PlQ I|U DWW I|UVH VM| DVWDEOHDQGFRPSHWHQWZRUNIRUFH IDUWVVHNWRUQ PHG VWDELO RFK NRPSHWHQW DUEHWVNUDIW

7KH DLP RI WKH SROLFLHV UHIHUUHG WR LQ 'HWSURJUDPVRPQlPQVLSXQNWLGHQQD

SDUDJUDSKRIWKLV6WDQGDUGVKDOOEHWRKHOS VWDQGDUGVNDOOV\IWDWLOODWWKMlOSDVM|PlQQHQ VHDIDUHUV VWUHQJWKHQ WKHLU FRPSHWHQFLHV DWW VWlUND VLQ NRPSHWHQV RFK VLQD TXDOLILFDWLRQV DQG HPSOR\PHQW NYDOLILNDWLRQHURFKDQVWlOOQLQJVP|MOLJKHWHU RSSRUWXQLWLHV

(DFK 0HPEHU VKDOO DIWHU FRQVXOWLQJ WKH 9DUMHPHGOHPVVWDWVNDOOHIWHUVDPUnGPHG VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV EHU|UGD UHGDU RFK VM|IRONVRUJDQLVDWLRQHU FRQFHUQHGHVWDEOLVKFOHDUREMHFWLYHVIRUWKH IDVWVWlOOD W\GOLJD PnO I|U \UNHVYlJOHGQLQJ YRFDWLRQDO JXLGDQFH HGXFDWLRQ DQG WUDLQLQJ WHRUHWLVN RFK SUDNWLVN XWELOGQLQJ VDPW RI VHDIDUHUV ZKRVH GXWLHV RQ ERDUG VKLS IRUWELOGQLQJDYVM|PlQYDUVXSSJLIWRPERUG SULPDULO\ UHODWH WR WKH VDIH RSHUDWLRQ DQG LI|UVWDKDQGlUDWWQDYLJHUDIDUW\JHWVlNHUW QDYLJDWLRQ RI WKH VKLS LQFOXGLQJ RQJRLQJ WUDLQLQJ

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² &DUHHU DQG VNLOO $QYLVQLQJ % ² 8WYHFNOLQJ DY NDUULlU GHYHORSPHQW DQG HPSOR\PHQW RSSRUWXQLWLHV IlUGLJKHWHU RFK DQVWlOOQLQJVP|MOLJKHWHU I|U IRUVHDIDUHUV VM|PlQ

*XLGHOLQH % ² 0HDVXUHV WR SURPRWH $QYLVQLQJ % ² cWJlUGHU I|U DWW IUlPMD FDUHHUDQGVNLOOGHYHORSPHQWDQGHPSOR\PHQW XWYHFNOLQJ DY NDUULlU IlUGLJKHWHU RFK RSSRUWXQLWLHVIRUVHDIDUHUV DQVWlOOQLQJVP|MOLJKHWHUI|UVM|PlQ

0HDVXUHVWRDFKLHYHWKHREMHFWLYHVVHWRXW cWJlUGHU I|U DWW XSSQn GH PnO VRP LQ6WDQGDUG$PLJKWLQFOXGH IDVWVWlOOV L VWDQGDUG $ NDQ LQQHIDWWD I|OMDQGH

DDJUHHPHQWVSURYLGLQJIRUFDUHHUGHYHORS D |YHUHQVNRPPHOVHU VRP VNDSDU NDUULlU PHQWDQGVNLOOVWUDLQLQJZLWKDVKLSRZQHURU RFK JHU XWELOGQLQJ L IlUGLJKHWHU PHG HQ DQRUJDQL]DWLRQRIVKLSRZQHUVRU UHGDUHHOOHUHQUHGDURUJDQLVDWLRQHOOHU

E DUUDQJHPHQWV IRU SURPRWLQJ HPSOR\ E DUUDQJHPDQJ I|U DWW IUlPMD DQVWlOOQLQJ PHQW WKURXJK WKH HVWDEOLVKPHQW DQG JHQRP LQUlWWDQGH RFK I|UDQGH DY UHJLVWHU PDLQWHQDQFH RI UHJLVWHUV RU OLVWV E\ HOOHU OLVWRU SHU NDWHJRUL |YHU NRPSHWHQWD FDWHJRULHVRITXDOLILHGVHDIDUHUVRU VM|PlQHOOHU

F SURPRWLRQ RI RSSRUWXQLWLHV ERWK RQ F IUlPMDQGH DY P|MOLJKHWHU EnGH RPERUG ERDUG DQG DVKRUH IRU IXUWKHU WUDLQLQJ DQG RFK L ODQG WLOO YLGDUHXWELOGQLQJ RFK HGXFDWLRQ RI VHDIDUHUV WR SURYLGH IRU VNLOO XWELOGQLQJ DY VM|PlQ I|U DWW XWYHFNOD GHYHORSPHQW DQG SRUWDEOH FRPSHWHQFLHV LQ IlUGLJKHWHU RFK IO\WWEDU NRPSHWHQV RFK RUGHU WR VHFXUH DQG UHWDLQ GHFHQW ZRUN WR GlUPHG WU\JJD RFK EHKnOOD HWW DQVWlQGLJW LPSURYH LQGLYLGXDO HPSOR\PHQW SURVSHFWV DUEHWH I|UElWWUD LQGLYLGHQV DQVWlOOQLQJV DQG WR PHHW WKH FKDQJLQJ WHFKQRORJ\ DQG P|MOLJKHWHU RFK VYDUD PRW I|UlQGULQJDU L ODERXU PDUNHW FRQGLWLRQV RI WKH PDULWLPH WHNQLNHQ RFK DUEHWVPDUNQDGVVLWXDWLRQHQ LQGXVWU\ LQRPVM|IDUWVQlULQJHQ

*XLGHOLQH%5HJLVWHURIVHDIDUHUV $QYLVQLQJ%6M|IRONVUHJLVWHU

:KHUH UHJLVWHUV RU OLVWV JRYHUQ WKH 'lU UHJLVWHU HOOHU OLVWRU VW\U VM|PlQQHQV HPSOR\PHQW RI VHDIDUHUV WKHVH UHJLVWHUV RU DQVWlOOQLQJ E|U GHVVD UHJLVWHU HOOHU OLVWRU OLVWV VKRXOG LQFOXGH DOO RFFXSDWLRQDO LQQHIDWWDDOODNDWHJRULHUDYVM|PlQHQOLJWYDG

FDWHJRULHV RI VHDIDUHUV LQ D PDQQHU VRPIDVWVWlOOVLQDWLRQHOOODJHOOHUSUD[LVHOOHU

GHWHUPLQHGE\QDWLRQDOODZRUSUDFWLFHRUE\ LNROOHNWLYDYWDO FROOHFWLYHDJUHHPHQW

6HDIDUHUVRQVXFKDUHJLVWHURUOLVWVKRXOG 6M|PlQLVnGDQDUHJLVWHUHOOHUOLVWRUE|UKD KDYHSULRULW\RIHQJDJHPHQWIRUVHDIDULQJ I|UHWUlGHWLOOV\VVHOVlWWQLQJLQRPVM|IDUWHQ

6HDIDUHUVRQVXFKDUHJLVWHURUOLVWVKRXOG 'HWE|UNUlYDVDWWVM|PlQLVnGDQDUHJLVWHU EH UHTXLUHG WR EH DYDLODEOH IRU ZRUN LQ D HOOHUOLVWRUILQQVWLOOJlQJOLJI|UDUEHWHSnHWW PDQQHUWREHGHWHUPLQHGE\QDWLRQDOODZRU VlWW VRP EHVWlPV L QDWLRQHOO ODJ HOOHU SUD[LV SUDFWLFHRUE\FROOHFWLYHDJUHHPHQW HOOHULNROOHNWLYDYWDO

7R WKH H[WHQW WKDW QDWLRQDO ODZV RU , GHQ PnQ QDWLRQHOOD ODJDU RFK DQGUD UHJXODWLRQV SHUPLW WKH QXPEHU RI VHDIDUHUV I|UIDWWQLQJDU PHGJHU GHWWD E|U DQWDOHW RQ VXFK UHJLVWHUV RU OLVWV VKRXOG EH SHUVRQHULVnGDQDUHJLVWHUHOOHUOLVWRUVHV|YHU SHULRGLFDOO\UHYLHZHGVRDVWRDFKLHYHOHYHOV PHG MlPQD PHOODQUXP I|U DWW DQSDVVDV WLOO DGDSWHG WR WKH QHHGV RI WKH PDULWLPH VM|IDUWVQlULQJHQVEHKRY LQGXVWU\

:KHQ D UHGXFWLRQ LQ WKH QXPEHU RI 1lUGHWEOLUQ|GYlQGLJWDWWPLQVNDDQWDOHW VHDIDUHUV RQ VXFK D UHJLVWHU RU OLVW EHFRPHV SHUVRQHU L HWW VnGDQW UHJLVWHU HOOHUOLVWD E|U QHFHVVDU\ DOO DSSURSULDWH PHDVXUHV VKRXOG DOOD ULPOLJD nWJlUGHU YLGWDV I|U DWW KLQGUD EHWDNHQWRSUHYHQWRUPLQLPL]HGHWULPHQWDO HOOHU PLQLPHUD VNDGOLJ LQYHUNDQ Sn HIIHFWVRQVHDIDUHUVDFFRXQWEHLQJWDNHQRI VM|PlQQHQ YDUYLG KlQV\Q E|U WDV WLOO GHW WKH HFRQRPLF DQG VRFLDO VLWXDWLRQ RI WKH EHU|UGD ODQGHWV HNRQRPLVND RFK VRFLDOD FRXQWU\FRQFHUQHG VLWXDWLRQ

7LWOH $FFRPPRGDWLRQ 5HFUHDWLRQDO .DSLWHO%RVWDGUHNUHDWLRQV )DFLOLWLHV)RRGDQG&DWHULQJ P|MOLJKHWHUPDWRFKI|USOlJQDG

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² $FFRPPRGDWLRQ DQG 5HJHO²%RVWDGRFKUHNUHDWLRQVP|MOLJKHWHU UHFUHDWLRQDOIDFLOLWLHV

3XUSRVH7RHQVXUHWKDWVHDIDUHUVKDYHGHFHQW 6\IWH $WW VlNHUVWlOOD DWW VM|PlQQHQ KDU JRG DFFRPPRGDWLRQ DQG UHFUHDWLRQDO IDFLOLWLHV RQ WDJEDUD ERVWlGHU RFK UHNUHDWLRQVP|MOLJKHWHU ERDUG RPERUG

(DFK0HPEHUVKDOOHQVXUHWKDWVKLSVWKDW 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW IDUW\J IO\ LWV IODJ SURYLGH DQG PDLQWDLQ GHFHQW VRP I|U GHVV IODJJ WLOOKDQGDKnOOHU RFK DFFRPPRGDWLRQV DQG UHFUHDWLRQDO IDFLOLWLHV XQGHUKnOOHU DQVWlQGLJD ERVWlGHU RFK IRUVHDIDUHUVZRUNLQJRUOLYLQJRQERDUGRU UHNUHDWLRQVP|MOLJKHWHU I|U VM|PlQ VRP ERWK FRQVLVWHQW ZLWK SURPRWLQJ WKH DUEHWDU RFKHOOHU ERU RPERUG RFK VRP lU VHDIDUHUVKHDOWKDQGZHOOEHLQJ lJQDGH DWW IUlPMD SHUVRQDOHQV KlOVD RFK YlOEHILQQDQGH

7KH UHTXLUHPHQWV LQ WKH &RGH .UDYHQ L NRGHQ VRP JHQRPI|U GHQQD LPSOHPHQWLQJ WKLV 5HJXODWLRQ ZKLFK UHODWH UHJHO RFK VRP KDQGODU RP IDUW\JV E\JJQDG WR VKLS FRQVWUXFWLRQ DQG HTXLSPHQW DSSO\ RFK XWUXVWQLQJ JlOOHU HQGDVW I|U IDUW\J VRP RQO\ WR VKLSV FRQVWUXFWHG RQ RU DIWHU WKH E\JJWV Sn HOOHU HIWHU GHW GDWXP Gn GHQQD GDWHZKHQWKLV&RQYHQWLRQFRPHVLQWRIRUFH NRQYHQWLRQ WUlGHU L NUDIW I|U GHQ EHU|UGD IRU WKH 0HPEHU FRQFHUQHG )RU VKLSV PHGOHPVVWDWHQ )|U IDUW\J VRP E\JJWV I|UH FRQVWUXFWHG EHIRUH WKDW GDWH WKH GHWWD GDWXP VNDOO GH NUDY Sn IDUW\JV

UHTXLUHPHQWV UHODWLQJ WR VKLS FRQVWUXFWLRQ NRQVWUXNWLRQRFKXWUXVWQLQJVRPIDVWVWlOOVL

DQG HTXLSPHQW WKDW DUH VHW RXW LQ WKH nUV NRQYHQWLRQ QU RP $FFRPPRGDWLRQ RI &UHZV &RQYHQWLRQ EHVlWWQLQJVERVWlGHU UHYLGHUDG RFK 5HYLVHG 1R DQG WKH nUV NRQYHQWLRQ QU RP EHVlWWQLQJV $FFRPPRGDWLRQ RI &UHZV 6XSSOHPHQWDU\ ERVWlGHUWLOOlJJVEHVWlPPHOVHUIRUWVlWWDDWW 3URYLVLRQV &RQYHQWLRQ 1R JlOOD L GHQ RPIDWWQLQJ GH JlOOGH I|UH GHWWD VKDOO FRQWLQXH WR DSSO\ WR WKH H[WHQW WKDW GDWXP HQOLJW GHQ EHU|UGD PHGOHPVVWDWHQV WKH\ ZHUH DSSOLFDEOH SULRU WR WKDW GDWH ODJVWLIWQLQJHOOHUSUD[LV(WWIDUW\JVNDOODQVHV XQGHU WKH ODZ RU SUDFWLFH RI WKH 0HPEHU YDUDE\JJWGHWGDWXPGnGHWN|OVWUlFNVHOOHU FRQFHUQHG $ VKLS VKDOO EH GHHPHG WR KDYH EHILQQHU VLJ Sn HWW PRWVYDUDQGH EHHQ FRQVWUXFWHG RQ WKH GDWH ZKHQ LWV NHHO E\JJQDGVVWDGLXP LV ODLG RU ZKHQ LW LV DW D VLPLODU VWDJH RI FRQWUXFWLRQ

8QOHVVH[SUHVVO\SURYLGHGRWKHUZLVHDQ\ 2P LQWH DQQDW XWWU\FNOLJHQ I|UHVNULYV UHTXLUHPHQW XQGHU DQ DPHQGPHQW WR WKH VNDOODOODNUDYLHQlQGUDGYHUVLRQ DYNRGHQ &RGH UHODWLQJ WR WKH SURYLVLRQ RI VHDIDUHU VRP JlOOHU VM|PlQV ERVWlGHU RFK UHNUHD DFFRPPRGDWLRQ DQG UHFUHDWLRQDO IDFLOLWLHV WLRQVP|MOLJKHWHU WLOOlPSDV HQGDVW Sn IDUW\J VKDOO DSSO\ RQO\ WR VKLSV FRQVWUXFWHG RQ RU VRPE\JJWVYLGWLGSXQNWHQI|UHOOHUHIWHUGHW DIWHU WKH DPHQGPHQW WDNHV HIIHFW IRU WKH DWWlQGULQJHQWUlGHULNUDIWI|UGHQEHU|UGD 0HPEHUFRQFHUQHG PHGOHPVVWDWHQ

6WDQGDUG 6WDQGDUG

6WDQGDUG$²$FFRPPRGDWLRQDQGUHFUHDWLRQDO 6WDQGDUG$²%RVWDGRFKUHNUHDWLRQVP|MOLJKHWHU IDFLOLWLHV

(DFK 0HPEHU VKDOO DGRSW ODZV DQG 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK UHJXODWLRQV UHTXLULQJ WKDW VKLSV WKDW IO\ LWV DQGUD I|UIDWWQLQJDU VRP NUlYHU DWW IDUW\J IODJ VRPI|UGHVVIODJJ

DPHHWPLQLPXPVWDQGDUGVWRHQVXUHWKDW D XSSI\OOHU PLQVW GHQ VWDQGDUG VRP DQ\ DFFRPPRGDWLRQ IRU VHDIDUHUV ZRUNLQJ WLOOI|UVlNUDU DOOD VM|PlQ VRP DUEHWDU RU OLYLQJ RQ ERDUG RU ERWK LV VDIH GHFHQW RFKHOOHU ERU RPERUG HQ ERVWDG VRP lU DQG LQ DFFRUGDQFH ZLWK WKH UHOHYDQW VlNHU DQVWlQGLJ RFK XSSI\OOHU UHOHYDQWD SURYLVLRQVRIWKLV6WDQGDUGDQG EHVWlPPHOVHULGHQQDVWDQGDUGRFK

E DUH LQVSHFWHG WR HQVXUH LQLWLDO DQG ELQVSHNWHUDVI|UDWWVlNHUVWlOODDWWGHIUnQ RQJRLQJFRPSOLDQFHZLWKWKRVHVWDQGDUGV E|UMDQ RFK IRUWO|SDQGH XSSI\OOHU GHQQD VWDQGDUG

,Q GHYHORSLQJ DQG DSSO\LQJ WKH ODZV DQG 1lU ODJDU RFK DQGUD I|UIDWWQLQJDU XW UHJXODWLRQVWRLPSOHPHQWWKLV6WDQGDUGWKH IRUPDVRFKWLOOlPSDVI|U DWWXSSI\OODGHQQD FRPSHWHQW DXWKRULW\ DIWHU FRQVXOWLQJ WKH VWDQGDUG VNDOO GHQ EHK|ULJD P\QGLJKHWHQ VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV HIWHU VDPUnG PHG EHU|UGD UHGDU RFK FRQFHUQHGVKDOO VM|IRONVRUJDQLVDWLRQHU

DWDNHLQWRDFFRXQW5HJXODWLRQDQGWKH D EHDNWD UHJHO RFK WLOOK|UDQGH UHJOHU L DVVRFLDWHG &RGH SURYLVLRQV RQ KHDOWK DQG NRGHQ RP VN\GG DY KlOVD RFK VlNHUKHW RFK VDIHW\SURWHFWLRQDQGDFFLGHQWSUHYHQWLRQLQ I|UHE\JJDQGH DY RO\FNRU PRW EDNJUXQG DY OLJKW RI WKH VSHFLILF QHHGV RI VHDIDUHUV WKDW GH VlUVNLOGD EHKRYHQ KRV VM|PlQ VRP EnGH ERWKOLYHDQGZRUNRQERDUGVKLSDQG ERURFKDUEHWDURPERUGSnIDUW\JRFK

E JLYH GXH FRQVLGHUDWLRQ WR WKH JXLGDQFH EWDYHGHUE|UOLJKlQV\QWLOODQYLVQLQJDUQDL

FRQWDLQHGLQ3DUW%RIWKLV&RGH GHO%LGHQQDNRG

7KH LQVSHFWLRQV UHTXLUHG XQGHU 'H LQVSHNWLRQHU VRP NUlYV HQOLJW UHJHO 5HJXODWLRQVKDOOEHFDUULHGRXWZKHQ VNDOOJHQRPI|UDV

DDVKLSLVUHJLVWHUHGRUUHUHJLVWHUHGRU D QlU HWW IDUW\J UHJLVWUHUDV HOOHU nWHU UHJLVWUHUDVHOOHU

E WKH VHDIDUHU DFFRPPRGDWLRQ RQ D VKLS E QlU VM|PlQQHQV ERVWlGHU Sn HWW IDUW\J KDVEHHQVXEVWDQWLDOO\DOWHUHG KDUlQGUDWVYlVHQWOLJW

7KH FRPSHWHQW DXWKRULW\ VKDOO SD\ 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO OlJJD SDUWLFXODU DWWHQWLRQ WR HQVXULQJ VlUVNLOG YLNW YLG WLOOlPSQLQJHQ DY NUDYHQ L LPSOHPHQWDWLRQ RI WKH UHTXLUHPHQWV RI WKLV GHQQDNRQYHQWLRQQlUGHWJlOOHU &RQYHQWLRQUHODWLQJWR

DWKHVL]HRIURRPVDQGRWKHUDFFRPPRGD D VWRUOHNHQ Sn K\WWHU RFK DQGUD ERVWDGV WLRQVSDFHV XWU\PPHQ

EKHDWLQJDQGYHQWLODWLRQ EYlUPHRFKYHQWLODWLRQ

F QRLVH DQG YLEUDWLRQ DQG RWKHU DPELHQW F EXOOHU YLEUDWLRQHU RFK DQGUD PLOM| IDFWRUV IDNWRUHU

GVDQLWDU\IDFLOLWLHV GK\JLHQXWU\PPHQ

HOLJKWLQJDQG HEHO\VQLQJRFK

IKRVSLWDODFFRPPRGDWLRQ IVMXNYnUGVXWU\PPHQ

7KHFRPSHWHQWDXWKRULW\RIHDFK0HPEHU 'HQ EHK|ULJD P\QGLJKHWHQ L YDUMH VKDOOUHTXLUHWKDWVKLSVWKDWIO\LWVIODJPHHW PHGOHPVVWDW VNDOO NUlYD DWW IDUW\J VRP I|U WKH PLQLPXP VWDQGDUGV IRU RQERDUG GHVV IODJJ KnOOHU PLQVW GHQ VWDQGDUG Sn DFFRPPRGDWLRQ DQG UHFUHDWLRQDO IDFLOLWLHV ERVWlGHU RFK UHNUHDWLRQVP|MOLJKHWHU RP WKDWDUHVHWRXWLQSDUDJUDSKVWRRIWKLV ERUGVRPIDVWVWlOOVLSXQNWHUQDLGHQQD 6WDQGDUG VWDQGDUG

:LWKUHVSHFWWRJHQHUDOUHTXLUHPHQWVIRU )|OMDQGH DOOPlQQD NUDY VNDOO VWlOODV Sn DFFRPPRGDWLRQ ERVWDGHQ

D WKHUH VKDOO EH DGHTXDWH KHDGURRP LQ DOO D GHW VNDOO ILQQDV WLOOUlFNOLJ WDNK|MG L DOOD VHDIDUHUDFFRPPRGDWLRQWKHPLQLPXPSHU ERVWDGVXWU\PPHQ 'HQ PLQVWD WLOOnWQD PLWWHG KHDGURRP LQ DOO VHDIDUHU DFFRP WDNK|MGHQ L DOOD ERVWDGVXWU\PPHQ GlU IXOO PRGDWLRQ ZKHUH IXOO DQG IUHH PRYHPHQW LV U|UHOVHIULKHWlUQ|GYlQGLJInULQWHXQGHUVWLJD QHFHVVDU\ VKDOO EH QRW OHVV WKDQ FHQWLPHWHU GHQ EHK|ULJD P\QGLJKHWHQ FHQWLPHWUHV WKH FRPSHWHQW DXWKRULW\ PD\ InU PHGJH YLVV EHJUlQVDG PLQVNQLQJ DY GHQ SHUPLWVRPHOLPLWHGUHGXFWLRQLQKHDGURRP IULD K|MGHQ L HWW XWU\PPH HOOHU GHO DY HWW LQ DQ\ VSDFH RU SDUW RI DQ\ VSDFH LQ VXFK XWU\PPH L VnGDQD ERVWlGHU RP GHQ lU DFFRPPRGDWLRQ ZKHUH LW LV VDWLVILHG WKDW |YHUW\JDGRPDWWGHQQDPLQVNQLQJ VXFKUHGXFWLRQ LLVUHDVRQDEOHDQG LlUULPOLJRFK LLZLOOQRWUHVXOWLQGLVFRPIRUWWRWKH LL LQWH LQQHElU QnJRQ ROlJHQKHW I|U VHDIDUHUV VM|PlQQHQ

E WKH DFFRPPRGDWLRQ VKDOO EH DGHTXDWHO\ EERVWDGVXWU\PPHQD VNDOO YDUD YlO

LQVXODWHG LVROHUDGH

F LQ VKLSV RWKHU WKDQ SDVVHQJHU VKLSV DV F Sn IDUW\J VRP LQWH lU SDVVDJHUDUIDUW\J GHILQHG LQ 5HJXODWLRQ H DQG I RI WKH HQOLJWGHILQLWLRQHQLUHJHOHRFKIL ,QWHUQDWLRQDO &RQYHQWLRQ IRU WKH 6DIHW\ RI nUV LQWHUQDWLRQHOOD NRQYHQWLRQ RP VlNHU /LIH DW 6HD DV DPHQGHG WKH 62/$6 KHWHQ I|U PlQQLVNROLY WLOO VM|VV 62/$6 &RQYHQWLRQ VOHHSLQJ URRPV VKDOO EH NRQYHQWLRQHQPHGlQGULQJDUVNDOOVRYUXP VLWXDWHGDERYHWKHORDGOLQHDPLGVKLSVRUDIW YDUD EHOlJQD RYDQI|U ODVWYDWWHQOLQMHQ H[FHSW WKDW LQ H[FHSWLRQDO FDVHV ZKHUH WKH DQWLQJHQ PLGVNHSSV HOOHU DNWHUXW PHQ L VL]H W\SH RU LQWHQGHG VHUYLFH RI WKH VKLS XQGDQWDJVIDOOQlUIDUW\JHWVVWRUOHNW\SHOOHU UHQGHUV DQ\ RWKHU ORFDWLRQ LPSUDFWLFDEOH DYVHGGD DQYlQGQLQJVRPUnGH RP|MOLJJ|U VOHHSLQJ URRPV PD\ EH ORFDWHG LQ WKH IRUH YDUMH DQQDQ I|UOlJJQLQJ InU VRYUXP YDUD SDUW RI WKH VKLS EXW LQ QR FDVH IRUZDUG RI EHOlJQDLGHQI|UOLJDGHOHQDYIDUW\JHWGRFN WKHFROOLVLRQEXONKHDG LQWHLQnJRWIDOOI|URPNROOLVLRQVVNRWWHW

G LQ SDVVHQJHU VKLSV DQG LQ VSHFLDO VKLSV G Sn SDVVDJHUDUIDUW\J RFK Sn IDUW\J FRQVWUXFWHG LQ FRPSOLDQFH ZLWK WKH ,02 LQUlWWDGH I|U VlUVNLOG YHUNVDPKHW VRP lU &RGH RI 6DIHW\ IRU 6SHFLDO 3XUSRVH 6KLSV E\JJGD HQOLJW 636NRGHQ ,02 &RGH RI DQG VXEVHTXHQW YHUVLRQV KHUHLQDIHU 6DIHW\IRU6SHFLDO3XUSRVH6KLSVRFK FDOOHGVSHFLDOSXUSRVHVKLSVWKHFRPSHWHQW HIWHUI|OMDQGH YHUVLRQHU QHGDQ NDOODGH DXWKRULW\ PD\ RQ FRQGLWLRQ WKDW µIDUW\J LQUlWWDGH I|U VlUVNLOG YHUNVDPKHWµ VDWLVIDFWRU\ DUUDQJHPHQWV DUH PDGH IRU InUGHQEHK|ULJDP\QGLJKHWHQXQGHUI|UXW OLJKWLQJDQGYHQWLODWLRQSHUPLWWKHORFDWLRQ VlWWQLQJ DWW WLOOIUHGVVWlOODQGH DUUDQJHPDQJ RIVOHHSLQJURRPVEHORZWKHORDGOLQHEXWLQ ILQQV I|U EHO\VQLQJ RFK YHQWLODWLRQ WLOOnWD QR FDVH VKDOO WKH\ EH ORFDWHG LPPHGLDWHO\ SODFHULQJ DY VRYUXP XQGHU ODVWYDWWHQOLQMHQ EHQHDWKZRUNLQJDOOH\ZD\V PHQGHInULQWHXQGHUQnJUDRPVWlQGLJKHWHU SODFHUDVRPHGHOEDUWXQGHUDUEHWVJnQJDU

H WKHUH VKDOO EH QR GLUHFW RSHQLQJV LQWR HGHWInULQWHILQQDVQnJUDGLUHNWDLQJnQJDU VOHHSLQJ URRPV IURP FDUJR DQG PDFKLQHU\ WLOO VRYUXP IUnQ ODVWUXP PDVNLQUXP VSDFHV RU IURP JDOOH\V VWRUHURRPV GU\LQJ N|NVXWU\PPHQ I|UUnGVXWU\PPHQ WRUNUXP URRPVRUFRPPXQDOVDQLWDU\DUHDVWKDWSDUW HOOHUJHPHQVDPPDK\JLHQXWU\PPHQGHQGHO RI D EXONKHDG VHSDUDWLQJ VXFK SODFHV IURP DY VNRWW VRP VNLOMHU VnGDQW XWU\PPH IUnQ VOHHSLQJURRPVDQGH[WHUQDOEXONKHDGVVKDOO VRYUXP RFK VRYUXPV \WWHUVNRWW VNDOO YDUD EH HIILFLHQWO\ FRQVWUXFWHG RI VWHHO RU RWKHU WLOOYHUNDGH DY VWnO HOOHU DQQDW JRGNlQW DSSURYHG VXEVWDQFH DQG EH ZDWHUWLJKW DQG PDWHULDO Vn DWW GH IXQJHUDU YlO RFK YDUD JDVWLJKW YDWWHQRFKJDVWlWD

I WKH PDWHULDOV XVHG WR FRQVWUXFW LQWHUQDO I PDWHULDO VRP DQYlQGV WLOO LQQHUVNRWW EXONKHDGV SDQHOOLQJ DQG VKHHWLQJ IORRUV SDQHOHU RFK VNLYRU GXUNDU RFK IRJDU VNDOO DQGMRLQLQJVVKDOOEHVXLWDEOHIRUWKHSXUSRVH YDUD lQGDPnOVHQOLJD RFK ELGUD WLOO DWW VNDSD DQG FRQGXFLYH WR HQVXULQJ D KHDOWK\ HQKlOVRVDPPLOM| HQYLURQPHQW

J SURSHU OLJKWLQJ DQG VXIILFLHQW GUDLQDJH J GHW VNDOO ILQQDV JRG EHO\VQLQJ RFK VKDOOEHSURYLGHGDQG WLOOUlFNOLJWDYORSSRFK

K DFFRPPRGDWLRQ DQG UHFUHDWLRQDO DQG K ERVWlGHU UHNUHDWLRQV RFK I|USOlJQDGV FDWHULQJ IDFLOLWLHV VKDOO PHHW WKH UHTXLUH XWU\PPHQVNDOOXSSI\OODGHNUDYVRPVWlOOVL PHQWV LQ 5HJXODWLRQ DQG WKH UHODWHG UHJHO RFK UHODWHUDGH EHVWlPPHOVHU L SURYLVLRQVLQWKH&RGHRQKHDOWKDQGVDIHW\ NRGHQ RP VN\GG DY KlOVD RFK VlNHUKHW RFK SURWHFWLRQ DQG DFFLGHQW SUHYHQWLRQ ZLWK I|UHE\JJDQGH DY RO\FNRU QlU GHW JlOOHU DWW UHVSHFWWRSUHYHQWLQJWKHULVNRIH[SRVXUHWR I|UHE\JJDULVNHQI|UH[SRQHULQJI|UVNDGOLJD

KD]DUGRXV OHYHOV RI QRLVH DQG YLEUDWLRQ DQG EXOOHU RFK YLEUDWLRQVQLYnHU DQGUD PLOM|

RWKHU DPELHQW IDFWRUV DQG FKHPLFDOV RQ IDNWRUHURFKNHPLNDOLHURPERUGRFKDWWJH ERDUG VKLSV DQG WR SURYLGH DQ DFFHSWDEOH VM|PlQQHQ HQ DFFHSWDEHO DUEHWV RFK RFFXSDWLRQDO DQG RQERDUG OLYLQJ OLYVPLOM| HQYLURQPHQWIRUVHDIDUHUV

:LWK UHVSHFW WR UHTXLUHPHQWV IRU %HWUlIIDQGH YHQWLODWLRQ RFK XSSYlUPQLQJ YHQWLODWLRQDQGKHDWLQJ VNDOOI|OMDQGHNUDYWLOOJRGRVHV

DVOHHSLQJURRPVDQGPHVVURRPVVKDOOEH DVRYUXPRFKPlVVDUVNDOOYDUDWLOOUlFNOLJW DGHTXDWHO\YHQWLODWHG YHQWLOHUDGH

EVKLSVH[FHSWWKRVHUHJXODUO\HQJDJHGLQ E IDUW\J XWRP VnGDQD VRP JnU L UHJXOMlU WUDGH ZKHUH WHPSHUDWH FOLPDWLF FRQGLWLRQV IDUWLWHPSHUHUDWNOLPDWGlUGHWWDLQWHNUlYV GR QRW UHTXLUH WKLV VKDOO EH HTXLSSHG ZLWK VNDOO KD OXIWNRQGLWLRQHULQJ I|U VM|PlQQHQV DLU FRQGLWLRQLQJ IRU VHDIDUHU DFFRPPRGD ERVWlGHUI|UYDUMHVHSDUDWUDGLRK\WWRFKI|U WLRQ IRU DQ\ VHSDUDWH UDGLR URRP DQG IRU YDUMHLQVLGHVEHOlJHWPDVNLQNRQWUROOUXP DQ\FHQWUDOL]HGPDFKLQHU\FRQWUROURRP

F DOO VDQLWDU\ VSDFHV VKDOO KDYH YHQWLODWLRQ FDOODK\JLHQXWU\PPHQVNDOOKDYHQWLODWLRQ WRWKHRSHQDLULQGHSHQGHQWO\RIDQ\RWKHU WLOO XWHOXIWHQ REHURHQGH DY DQGUD GHODU DY SDUWRIWKHDFFRPPRGDWLRQDQG IDUW\JHWVERVWDGVXWU\PPHQRFK

G DGHTXDWH KHDW WKURXJK DQ DSSURSULDWH GWLOOUlFNOLJYlUPHVNDOOYDUDRUGQDGJHQRP KHDWLQJ V\VWHP VKDOO EH SURYLGHG H[FHSW LQ HWW OlPSOLJW XSSYlUPQLQJVV\VWHP XWRP L VKLSV H[FOXVLYHO\ RQ YR\DJHV LQ WURSLFDO IDUW\J VRP XWHVOXWDQGH JnU L IDUW LQRP FOLPDWHV WURSLVNDNOLPDW]RQHU

:LWKUHVSHFWWRUHTXLUHPHQWVIRUOLJKWLQJ 1lU GHW JlOOHU NUDY Sn EHO\VQLQJ VNDOO VXEMHFWWRVXFKVSHFLDODUUDQJHPHQWVDVPD\ VRYUXP RFK PlVVDU PHG XQGDQWDJ I|U GH EH SHUPLWWHG LQ SDVVHQJHU VKLSV VOHHSLQJ VSHFLDOLQUlWWQLQJDU VRP InU WLOOnWDV Sn URRPVDQGPHVVURRPVVKDOOEHOLWE\QDWXUDO SDVVDJHUDUIDUW\J KD QDWXUOLJW GDJVOMXV RFK OLJKW DQG SURYLGHG ZLWK DGHTXDWH DUWLILFLDO WLOOUlFNOLJDUWLILFLHOOEHO\VQLQJ OLJKW

:KHQVOHHSLQJDFFRPPRGDWLRQ RQERDUG 1lU VRYSODWVHU RPERUG NUlYV VWlOOV VKLSVLVUHTXLUHGWKHIROORZLQJUHTXLUHPHQWV I|OMDQGHNUDYSnVRYUXP IRUVOHHSLQJURRPVDSSO\

D LQ VKLSV RWKHU WKDQ SDVVHQJHU VKLSV DQ D Sn IDUW\J VRP LQWH lU SDVVDJHUDUIDUW\J LQGLYLGXDO VOHHSLQJ URRP VKDOO EH SURYLGHG VNDOO DOOD VM|PlQ KD HQNHOUXP Sn IDUW\J IRUHDFKVHDIDUHULQWKHFDVHRIVKLSVRIOHVV XQGHU EUXWWRWRQ HOOHU IDUW\J LQUlWWDGH WKDQJURVVWRQQDJHRUVSHFLDOSXUSRVH I|U VlUVNLOG YHUNVDPKHW NDQ GHQ EHK|ULJD VKLSV H[HPSWLRQV IURP WKLV UHTXLUHPHQW P\QGLJKHWHQ PHGJH XQGDQWDJ IUnQ GHWWD PD\EHJUDQWHGE\WKHFRPSHWHQWDXWKRULW\ NUDY HIWHU VDPUnG PHG EHU|UGD UHGDU RFK DIWHU FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG VM|IRONVRUJDQLVDWLRQHU VHDIDUHUVRUJDQL]DWLRQVFRQFHUQHG

E VHSDUDWH VOHHSLQJ URRPV VKDOO EH E PlQ RFK NYLQQRU VNDOO KD VHSDUDWD SURYLGHGIRUPHQDQGIRUZRPHQ VRYUXP

FVOHHSLQJURRPVVKDOOEHRIDGHTXDWHVL]H F VRYUXP VNDOO YDUD WLOOUlFNOLJW VWRUD RFK DQG SURSHUO\ HTXLSSHG VR DV WR HQVXUH YlO XWUXVWDGH Vn DWW GH JHU ULPOLJ NRPIRUW UHDVRQDEOHFRPIRUWDQGWRIDFLOLWDWHWLGLQHVV RFKlUOlWWDDWWKnOODUHQD

GDVHSDUDWHEHUWKIRUHDFKVHDIDUHUVKDOOLQ G DOOD VM|PlQ VNDOO KD WLOOJnQJ WLOO HJQD

DOOFLUFXPVWDQFHVEHSURYLGHG VRYSODWVHU

H WKH PLQLPXP LQVLGH GLPHQVLRQV RI D HGHWLQYlQGLJDPnWWHWSnHQVRYSODWVVNDOO EHUWKVKDOOEHDWOHDVWFHQWLPHWUHVE\ YDUDPLQVW[FHQWLPHWHU FHQWLPHWUHV

ILQVLQJOHEHUWKVHDIDUHUVVOHHSLQJURRPV I L HQNHOK\WW InU JROY\WDQ LQWH XQGHUVWLJD WKHIORRUDUHDVKDOOQRWEHOHVVWKDQ I|OMDQGHPnWW L VTXDUH PHWUHV LQ VKLSV RI OHVV L P Sn IDUW\J PLQGUH lQ WKDQJURVVWRQQDJH EUXWWRWRQ LL VTXDUH PHWUHV LQ VKLSV RI LL P Sn IDUW\J RP PLQVW JURVV WRQQDJH RU RYHU EXW OHVV WKDQ EUXWWRWRQPHQPLQGUHlQEUXWWRWRQ JURVVWRQQDJH LLL P Sn IDUW\J RP PLQVW LLL VTXDUH PHWUHV LQ VKLSV RI EUXWWRWRQ JURVVWRQQDJHRURYHU

JKRZHYHULQRUGHUWRSURYLGHVLQJOHEHUWK J I|U DWW NXQQD WLOOKDQGDKnOOD HQNHOK\WW VOHHSLQJ URRPV RQ VKLSV RI OHVV WKDQ PHGHJHQVRYSODWVSnIDUW\JVRPlUPLQGUH JURVV WRQQDJH SDVVHQJHU VKLSV DQG VSHFLDO lQ EUXWWRWRQ SDVVDJHUDUIDUW\J RFK SXUSRVHVKLSVWKHFRPSHWHQWDXWKRULW\PD\ IDUW\JLQUlWWDGHI|UVlUVNLOGYHUNVDPKHWNDQ DOORZDUHGXFHGIORRUDUHD GHQ EHK|ULJD P\QGLJKHWHQ GRFN WLOOnWD HQ PLQGUHJROY\WD

KLQVKLSVRIOHVVWKDQJURVVWRQQDJH K Sn IDUW\J VRP lU PLQGUH lQ RWKHU WKDQ SDVVHQJHU VKLSV DQG VSHFLDO EUXWWRWRQ RFK LQWH lU SDVVDJHUDUIDUW\J HOOHU SXUSRVH VKLSV VOHHSLQJ URRPV PD\ EH IDUW\J LQUlWWDGH I|U VlUVNLOG YHUNVDPKHW InU RFFXSLHG E\ D PD[LPXP RI WZR VHDIDUHUV VRYUXP LQWH KlUElUJHUD PHU lQ WYn VM|PlQ WKH IORRU DUHD RI VXFK VOHHSLQJ URRPV VKDOO RFK JROY\WDQ L VnGDQD VRYUXP InU LQWH QRWEHOHVVWKDQVTXDUHPHWUHV XQGHUVWLJDP

L RQ SDVVHQJHU VKLSV DQG VSHFLDO SXUSRVH L Sn SDVVDJHUDUIDUW\J RFK IDUW\J LQUlWWDGH VKLSV WKH IORRU DUHD RI VOHHSLQJ URRPV IRU I|U VlUVNLOG YHUNVDPKHW InU JROY\WDQ L VHDIDUHUVQRWSHUIRUPLQJWKHGXWLHVRIVKLSV VRYUXP I|U VM|PlQ VRP LQWH WMlQVWJ|U VRP RIILFHUVVKDOOQRWEHOHVVWKDQ IDUW\JVEHIlOLQWHXQGHUVWLJDI|OMDQGHPnWW L VTXDUH PHWUHV LQ URRPV DFFRP LPLUXPI|UWYnSHUVRQHU PRGDWLQJWZRSHUVRQV LLPLUXPI|UWUHSHUVRQHU LL VTXDUH PHWUHV LQ URRPV LLLPLUXPI|UI\UDSHUVRQHU DFFRPPRGDWLQJWKUHHSHUVRQV LLL VTXDUH PHWUHV LQ URRPV DFFRPPRGDWLQJIRXUSHUVRQV

MRQVSHFLDOSXUSRVHVKLSVVOHHSLQJURRPV M Sn IDUW\J LQUlWWDGH I|U VlUVNLOG PD\DFFRPPRGDWHPRUHWKDQIRXUSHUVRQV YHUNVDPKHW InU VRYUXP YDUD EHERGGD PHG WKH IORRU DUHD RI VXFK VOHHSLQJ URRPV VKDOO PHUlQI\UDSHUVRQHUPHQJROY\WDQLVnGDQD QRW EH OHVV WKDQ VTXDUH PHWUHV SHU VRYUXP InU LQWH XQGHUVWLJD P SHU SHUVRQ SHUVRQ

NRQVKLSVRWKHUWKDQSDVVHQJHUVKLSVDQG N Sn IDUW\J VRP LQWH lU SDVVDJHUDUIDUW\J VSHFLDO SXUSRVH VKLSV VOHHSLQJ URRPV IRU HOOHUIDUW\JLQUlWWDGHI|UVlUVNLOGYHUNVDPKHW VHDIDUHUV ZKR SHUIRUP WKH GXWLHV RI VKLSV InU VRYUXP I|U VM|PlQ VRP WMlQVWJ|U VRP RIILFHUV ZKHUH QR SULYDWH VLWWLQJ URRP RU IDUW\JVEHIlO QlU GHW LQWH ILQQV HJHW GD\ URRP LV SURYLGHG WKH IORRU DUHD SHU YDUGDJVUXP HOOHU GDJUXP LQWH XQGHUVWLJD

SHUVRQVKDOOQRWEHOHVVWKDQ I|OMDQGHPnWW

L VTXDUH PHWUHV LQ VKLSV RI OHVV L P Sn IDUW\J VRP XQGHUVWLJHU WKDQJURVVWRQQDJH EUXWWRWRQ LL VTXDUH PHWUHV LQ VKLSV RI LL P Sn IDUW\J RP PLQVW JURVV WRQQDJH RU RYHU EXW OHVV WKDQ EUXWWRWRQPHQPLQGUHlQEUXWWRWRQ JURVVWRQQDJH LLLPSnIDUW\JRPEUXWWR LLLVTXDUHPHWUHVLQVKLSVRI WRQHOOHUPHU JURVVWRQQDJHRURYHU

O RQ SDVVHQJHU VKLSV DQG VSHFLDO SXUSRVH O Sn SDVVDJHUDUIDUW\J RFK IDUW\J LQUlWWDGH VKLSVWKHIORRUDUHDIRUVHDIDUHUVSHUIRUPLQJ I|U VlUVNLOG YHUNVDPKHW VNDOO JROY\WDQ I|U WKHGXWLHVRIVKLSVRIILFHUVZKHUHQRSULYDWH VM|PlQ VRP WMlQVWJ|U VRP IDUW\JVEHIlO QlU VLWWLQJ URRP RU GD\ URRP LV SURYLGHG WKH SULYDW YDUGDJVUXP HOOHU GDJUXP LQWH ILQQV IORRUDUHDSHUSHUVRQIRUMXQLRURIILFHUVVKDOO YDUD PLQVW P SHU SHUVRQ I|U QRW EH OHVV WKDQ VTXDUH PHWUHV DQG IRU XQGHURUGQDW EHIlO RFK PLQVW P I|U VHQLRU RIILFHUV QRW OHVV WKDQ VTXDUH |YHURUGQDW EHIlO PHG XQGHURUGQDW EHIlO PHWUHVMXQLRURIILFHUVDUHXQGHUVWRRGWREH DYVHVEHIlOSnGULIWVQLYnRFKPHG|YHURUGQDW DW WKH RSHUDWLRQDO OHYHO DQG VHQLRU RIILFHUV EHIlODYVHVEHIlOSnOHGQLQJVQLYn DWWKHPDQDJHPHQWOHYHO

P WKH PDVWHU WKH FKLHI HQJLQHHU DQG WKH P EHIlOKDYDUH WHNQLVN FKHI RFK |YHUVW\U FKLHI QDYLJDWLQJ RIILFHU VKDOO KDYH LQ PDQVNDOOXW|YHUVRYUXPKDHWWDQJUlQVDQGH DGGLWLRQ WR WKHLU VOHHSLQJ URRPV DQ YDUGDJVUXPGDJUXPHOOHUPRWVYDUDQGHH[WUD DGMRLQLQJ VLWWLQJ URRP GD\ URRP RU XWU\PPH GHQ EHK|ULJD P\QGLJKHWHQ NDQ HTXLYDOHQW DGGLWLRQDO VSDFH VKLSV RI OHVV HIWHU VDPUnG PHG EHU|UGD UHGDU RFK WKDQJURVV WRQQDJHPD\EH H[HPSWHG VM|IRONVRUJDQLVDWLRQHUXQGDQWDIDUW\J XQGHU E\ WKH FRPSHWHQW DXWKRULW\ IURP WKLV EUXWWRWRQIUnQGHWWDNUDY UHTXLUHPHQW DIWHU FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG

Q IRU HDFK RFFXSDQW WKH IXUQLWXUH VKDOO Q I|U YDUMH ERHQGH VNDOO P|EOHPDQJHW LQFOXGH D FORWKHV ORFNHU RI DPSOH VSDFH LQQHIDWWD HWW U\POLJW NOlGVNnS PLQVW PLQLPXP OLWUHV DQG D GUDZHU RU OLWHU RFK HQ E\Un HOOHU PRWVYDUDQGH HTXLYDOHQWVSDFHRIQRWOHVVWKDQOLWUHVLI XWU\PPH Sn PLQVW OLWHU RP E\UnQ lU WKH GUDZHU LV LQFRUSRUDWHG LQ WKH FORWKHV LQE\JJGLNOlGVNnSHWVNDOOGHQVDPPDQODJGD ORFNHUWKHQWKHFRPELQHGPLQLPXPYROXPH YRO\PHQ YDUD PLQVW OLWHU NOlGVNnSHW RI WKH FORWKHV ORFNHU VKDOO EH OLWUHV LW VNDOO YDUD I|UVHWW PHG HQ K\OOD RFK GHQ VKDOOEHILWWHGZLWKDVKHOIDQGEHDEOHWREH ERHQGH VNDOO NXQQD OnVD GHW WLOO VN\GG PRW ORFNHG E\ WKH RFFXSDQW VR DV WR HQVXUH REHK|ULJWWLOOWUlGH SULYDF\

R HDFK VOHHSLQJ URRP VKDOO EH SURYLGHG R YDUMH VRYUXP VNDOO YDUD LQUHWW PHG HWW ZLWK D WDEOH RU GHVN ZKLFK PD\ EH RI WKH ERUG HOOHU VNULYERUG VRP NDQ YDUD DY IDVW IL[HG GURSOHDI RU VOLGHRXW W\SH DQG ZLWK QHGIlOOEDU HOOHU XWGUDJEDU W\S RFK PHG FRPIRUWDEOH VHDWLQJ DFFRPPRGDWLRQ DV EHNYlPDVLWWP|EOHUHIWHUEHKRY QHFHVVDU\

:LWK UHVSHFW WR UHTXLUHPHQWV IRU PHVV )|OMDQGHNUDYVNDOOVWlOODVSnPlVVDU URRPV

D PHVV URRPV VKDOO EH ORFDWHG DSDUW IURP DPlVVDU VNDOO YDUD nWVNLOGD IUnQ VRY WKH VOHHSLQJ URRPV DQG DV FORVH DV UXPPHQ RFK SODFHUDGH Vn QlUD N|NV SUDFWLFDEOH WR WKH JDOOH\ VKLSV RI OHVV WKDQ XWU\PPHQ VRP P|MOLJW GHQ EHK|ULJD

JURVV WRQQDJH PD\ EH H[HPSWHG E\ P\QGLJKHWHQNDQXQGDQWDIDUW\J PLQGUHlQ

WKH FRPSHWHQW DXWKRULW\ IURP WKLV UHTXLUH EUXWWRWRQIUnQGHWWDNUDYHIWHUVDPUnG PHQWDIWHUFRQVXOWDWLRQZLWKWKHVKLSRZQHUV PHG EHU|UGD UHGDU RFK VM|IRONVRUJDQLVD DQGVHDIDUHUVRUJDQL]DWLRQVFRQFHUQHGDQG WLRQHURFK

EPHVVURRPVVKDOOEHRIDGHTXDWHVL]HDQG EPlVVDUVNDOOYDUDEHNYlPDDYWLOOUlFNOLJ FRPIRUW DQG SURSHUO\ IXUQLVKHG DQG VWRUOHN RFK YlO P|EOHUDGH RFK XWUXVWDGH HTXLSSHG LQFOXGLQJ RQJRLQJ IDFLOLWLHV IRU PHG VWlQGLJ WLOOJnQJ WLOO I|UIULVNQLQJDU UHIUHVKPHQWWDNLQJDFFRXQWRIWKHQXPEHU RFK KlQV\Q VNDOO WDV WLOO GHW DQWDO VM|PlQ RI VHDIDUHUV OLNHO\ WR XVH WKHP DW DQ\ RQH VRP NDQ I|UYlQWDV DQYlQGD GHP VDPWLGLJW WLPHSURYLVLRQVKDOOEHPDGHIRUVHSDUDWHRU PlVVDUQDInUYDUDJHPHQVDPPDHOOHUnWVNLOGD FRPPRQPHVVURRPIDFLOLWLHVDVDSSURSULDWH EHURHQGHSnRPVWlQGLJKHWHUQD

:LWK UHVSHFW WR UHTXLUHPHQWV IRU )|OMDQGH NUDY VNDOO VWlOODV Sn K\JLHQ VDQLWDU\IDFLOLWLHV XWU\PPHQ

DDOOVHDIDUHUVVKDOOKDYHFRQYHQLHQWDFFHVV D DOOD VM|PlQ VNDOO KD EHNYlP WLOOJnQJ RQ WKH VKLS WR VDQLWDU\ IDFLOLWLHV PHHWLQJ RPERUGWLOOK\JLHQXWU\PPHQVRPXSSI\OOHU PLQLPXP VWDQGDUGV RI KHDOWK DQG K\JLHQH PLQLPLQRUPHU I|U KlOVD K\JLHQ RFK ULPOLJ DQG UHDVRQDEOH VWDQGDUGV RI FRPIRUW ZLWK NRPIRUW RFK lU nWVNLOGD I|U PlQ RFK VHSDUDWHVDQLWDU\IDFLOLWLHVEHLQJSURYLGHGIRU NYLQQRU PHQDQGIRUZRPHQ

E WKHUH VKDOO EH VDQLWDU\ IDFLOLWLHV ZLWKLQ EGHWVNDOOILQQDVK\JLHQXWU\PPHQVRPlU HDV\DFFHVVRIWKHQDYLJDWLQJEULGJHDQGWKH OlWW WLOOJlQJOLJD IUnQ IDUW\JHWV EU\JJD RFK PDFKLQHU\ VSDFH RU QHDU WKH HQJLQH URRP PDVNLQRPUnGHQ HOOHU OLJJHU QlUD PDVNLQ FRQWUROFHQWUHVKLSVRIOHVVWKDQJURVV UXPPHWV NRQWUROOFHQWHU GHQ EHK|ULJD WRQQDJHPD\EHH[HPSWHGE\WKHFRPSHWHQW P\QGLJKHWHQNDQXQGDQWDIDUW\J PLQGUHlQ DXWKRULW\ IURP WKLV UHTXLUHPHQW DIWHU EUXWWRWRQIUnQGHWWDNUDYHIWHUVDPUnG FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG PHG EHU|UGD UHGDU RFK VM|IRONVRUJDQLVD VHDIDUHUVRUJDQL]DWLRQVFRQFHUQHG WLRQHU

FLQDOOVKLSVDPLQLPXPRIRQHWRLOHWRQH FLDOODIDUW\JVNDOOGHWSnHQOlWWWLOOJlQJOLJ ZDVK EDVLQ DQG RQH WXE RU VKRZHU RU ERWK SODWV ILQQDV PLQVW HQ WRDOHWW HWW WYlWWVWlOO IRU HYHU\ VL[ SHUVRQV RU OHVV ZKR GR QRW RFK HWW EDGNDU RFKHOOHU GXVFK SHU VH[ KDYHSHUVRQDOIDFLOLWLHVVKDOOEHSURYLGHGDWD SHUVRQHU HOOHU PLQGUH VRP LQWH KDU SULYDWD FRQYHQLHQWORFDWLRQ EHNYlPOLJKHWHU

G ZLWK WKH H[FHSWLRQ RI SDVVHQJHU VKLSV GPHGXQGDQWDJI|USDVVDJHUDUIDUW\JVNDOO HDFKVOHHSLQJURRPVKDOOEHSURYLGHGZLWKD YDUMHVRYUXPYDUDXWUXVWDWPHGHWWWYlWWVWlOO ZDVKEDVLQKDYLQJKRWDQGFROGUXQQLQJIUHVK PHG ULQQDQGH YDUPW RFK NDOOW IlUVNYDWWHQ ZDWHU H[FHSW ZKHUH VXFK D ZDVKEDVLQ LV XWRP L GH IDOO Gn VnGDQW WYlWWVWlOO ILQQV L VLWXDWHGLQWKHSULYDWHEDWKURRPSURYLGHG SULYDWEDGUXP

HLQSDVVHQJHUVKLSVQRUPDOO\HQJDJHGRQ H Sn SDVVDJHUDUIDUW\J VRP QRUPDOW JnU L YR\DJHV RI QRW PRUH WKDQ IRXU KRXUV IDUWPHGPLQGUHlQI\UDWLPPDUVYDUDNWLJKHW GXUDWLRQFRQVLGHUDWLRQPD\EHJLYHQE\WKH NDQ GHQ EHK|ULJD P\QGLJKHWHQ |YHUYlJD FRPSHWHQWDXWKRULW\WRVSHFLDODUUDQJHPHQWV VSHFLHOODDUUDQJHPDQJHOOHUNUlYDHWWPLQGUH RUWRDUHGXFWLRQLQWKHQXPEHURIIDFLOLWLHV DQWDODQOlJJQLQJDURFK UHTXLUHGDQG

IKRWDQGFROGUXQQLQJIUHVKZDWHUVKDOOEH IULQQDQGHYDUPWRFKNDOOWIlUVNYDWWHQVNDOO DYDLODEOHLQDOOZDVKSODFHV ILQQDVSnDOODWYlWWSODWVHU

:LWK UHVSHFW WR UHTXLUHPHQWV IRU )DUW\J VRP KDU PLQVW SHUVRQHUV

KRVSLWDO DFFRPPRGDWLRQ VKLSV FDUU\LQJ EHVlWWQLQJ RFK lU V\VVHOVDWWD L UHVRU DY PHU RUPRUHVHDIDUHUVDQGHQJDJHGLQDYR\DJHRI lQ WUH G\JQV YDUDNWLJKHW VNDOO KD VHSDUDW PRUHWKDQWKUHHGD\VGXUDWLRQVKDOOSURYLGH VMXNYnUGVXWU\PPH XWHVOXWDQGH I|U VHSDUDWHKRVSLWDODFFRPPRGDWLRQWREHXVHG PHGLFLQVNWEUXNGHQEHK|ULJDP\QGLJKHWHQ H[FOXVLYHO\ IRU PHGLFDO SXUSRVHV WKH InU OlWWD Sn GHWWD NUDY I|U IDUW\J L NXVWQlUD FRPSHWHQW DXWKRULW\ PD\ UHOD[ WKLV IDUWYLGJRGNlQQDQGHDYVMXNYnUGVXWU\PPH UHTXLUHPHQW IRU VKLSV HQJDJHG LQ FRDVWDO RPERUG VNDOO GHQ EHK|ULJD P\QGLJKHWHQ VH WUDGH LQ DSSURYLQJ RQERDUG KRVSLWDO WLOO DWW GHWWD lU OlWW WLOOJlQJOLJW XQGHU DOOD DFFRPPRGDWLRQ WKH FRPSHWHQW DXWKRULW\ YlGHUI|UKnOODQGHQ RFK DWW GH SHUVRQHU VRP VKDOOHQVXUHWKDWWKHDFFRPPRGDWLRQZLOOLQ EUXNDU GHW InU WLOOUlFNOLJW KlUElUJH RFK NDQ DOO ZHDWKHUV EH HDV\ RI DFFHVV SURYLGH RPKlQGHUWDVRPJnHQGHRFKInOlPSOLJYnUG FRPIRUWDEOH KRXVLQJ IRU WKH RFFXSDQWV DQG EHFRQGXFLYHWRWKHLUUHFHLYLQJSURPSWDQG SURSHUDWWHQWLRQ

$SSURSULDWHO\ VLWXDWHG DQG IXUQLVKHG (Q OlPSOLJW SODFHUDG RFK LQUHGG ODXQGU\IDFLOLWLHVVKDOOEHDYDLODEOH WYlWWLQUlWWQLQJVNDOOILQQDVWLOOJlQJOLJ

$OOVKLSVVKDOOKDYHDVSDFHRUVSDFHVRQ $OOD IDUW\J VNDOO KD HWW HOOHU IOHUD RSHQ GHFN WR ZKLFK WKH VHDIDUHUV FDQ KDYH RPUnGHQSn|SSHWGlFNPHGWLOOUlFNOLJ\WDL DFFHVVZKHQRIIGXW\ZKLFKDUHRIDGHTXDWH I|UKnOODQGH WLOO EHVlWWQLQJHQV RFK IDUW\JHWV DUHDKDYLQJUHJDUGWRWKHVL]HRIWKHVKLSDQG VWRUOHN GlU VM|PlQQHQ NDQ XSSHKnOOD VLJ WKHQXPEHURIVHDIDUHUVRQERDUG XQGHUVLQIULWLG

$OOVKLSVVKDOOEHSURYLGHGZLWKVHSDUDWH $OOD IDUW\J VNDOO YDUD I|UVHGGD PHG RIILFHVRUDFRPPRQVKLSVRIILFHIRUXVHE\ VHSDUDW HOOHU JHPHQVDPW NRQWRU I|U GlFNV GHFN DQG HQJLQH GHSDUWPHQWV VKLSV RI OHVV RFKPDVNLQDYGHOQLQJDUQDPHQGHQEHK|ULJD WKDQJURVV WRQQDJHPD\EH H[HPSWHG P\QGLJKHWHQInUXQGDQWDIDUW\JXQGHU E\ WKH FRPSHWHQW DXWKRULW\ IURP WKLV EUXWWRWRQ IUnQGHWWDNUDY HIWHUVDPUnGPHG UHTXLUHPHQW DIWHU FRQVXOWDWLRQ ZLWK WKH EHU|UGDUHGDURFKVM|IRONVRUJDQLVDWLRQHU VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG

6KLSV UHJXODUO\ WUDGLQJ WR PRVTXLWR )DUW\J VRP UHJXOMlUW DQO|SHU KDPQDU LQIHVWHG SRUWV VKDOO EH ILWWHG ZLWK VRPSOnJDVDYP\JJVNDOOYDUDI|UVHGGDPHG DSSURSULDWH GHYLFHV DV UHTXLUHG E\ WKH OlPSOLJD LQUlWWQLQJDU HQOLJW GHQ EHK|ULJD FRPSHWHQWDXWKRULW\ P\QGLJKHWHQVEHVWlPPHOVHU

$SSURSULDWH VHDIDUHUV UHFUHDWLRQDO /lPSOLJD UHNUHDWLRQVP|MOLJKHWHU RFK IDFLOLWLHV DPHQLWLHV DQG VHUYLFHV DV DGDSWHG WULYVHOI|UPnQHU VRP DQSDVVDWV I|U DWW WR PHHW WKH VSHFLDO QHHGV RI VHDIDUHUV ZKR XSSI\OOD GH VSHFLHOOD EHKRYHQ I|U VM|PlQ PXVW OLYH DQG ZRUN RQ VKLSV VKDOO EH VRP PnVWH ER RFK DUEHWD RPERUG VNDOO SURYLGHG RQ ERDUG IRU WKH EHQHILW RI DOO WLOOKDQGDKnOODV I|U DWW DQYlQGDV DY DOOD VHDIDUHUVWDNLQJLQWRDFFRXQW5HJXODWLRQ VM|PlQ PHG EHDNWDQGH DY UHJHO RFK DQG WKH DVVRFLDWHG &RGH SURYLVLRQV RQ WLOOK|UDQGH NRGEHVWlPPHOVHU RP VN\GG I|U KHDOWK DQG VDIHW\ SURWHFWLRQ DQG DFFLGHQW KlOVD RFK VlNHUKHW RFK I|UHE\JJDQGH DY SUHYHQWLRQ RO\FNRU

7KH FRPSHWHQW DXWKRULW\ VKDOO UHTXLUH 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO NUlYD IUHTXHQW LQVSHFWLRQV WR EH FDUULHG RXW RQ DWW LQVSHNWLRQHU J|UV PHG WlWD LQWHUYDOO ERDUGVKLSVE\RUXQGHUWKHDXWKRULW\RIWKH RPERUG Sn IDUW\J DY HOOHU Sn XSSGUDJ DY PDVWHUWRHQVXUHWKDWVHDIDUHUDFFRPPRGD EHIlOKDYDUHQ I|U DWW VlNHUVWlOOD DWW WLRQ LV FOHDQ GHFHQWO\ KDELWDEOH DQG ERVWlGHUQDKnOOVUHQDULPOLJWEHERHOLJDRFKL

PDLQWDLQHG LQ D JRRG VWDWH RI UHSDLU 7KH JRWW VNLFN 5HVXOWDWHQ DY LQVSHNWLRQHUQD

UHVXOWV RI HDFK VXFK LQVSHFWLRQ VKDOO EH VNDOO SURWRNROOI|UDV RFK KnOODV WLOOJlQJOLJD UHFRUGHGDQGEHDYDLODEOHIRUUHYLHZ I|UJUDQVNQLQJ

,QWKHFDVHRIVKLSVZKHUHWKHUHLVQHHG 3nIDUW\JGlUGHWlUQ|GYlQGLJWDWWXWDQ WR WDNH DFFRXQW ZLWKRXW GLVFULPLQDWLRQ RI GLVNULPLQHULQJ WD KlQV\Q WLOO LQWUHVVHQ KRV WKH LQWHUHVWV RI VHDIDUHUV KDYLQJ GLIIHULQJ VM|PlQ VRP KDU ROLND RFK VlUVNLOMDQGH DQGGLVWLQFWLYHUHOLJLRXVDQGVRFLDOSUDFWLFHV UHOLJL|VD RFK VRFLDOD VHGYlQMRU InU GHQ WKH FRPSHWHQW DXWKRULW\ PD\ DIWHU EHK|ULJD P\QGLJKHWHQ HIWHU VDPUnG PHG FRQVXOWDWLRQ ZLWK WKH VKLSRZQHUV DQG EHU|UGD UHGDU RFK VM|IRONVRUJDQLVDWLRQHU VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG SHUPLW WLOOnWDHQULPOLJJUDGDYDYYLNHOVHIUnQGHQQD IDLUO\ DSSOLHG YDULDWLRQV LQ UHVSHFW RI WKLV VWDQGDUG XQGHU I|UXWVlWWQLQJ DWW VnGDQD 6WDQGDUG RQ FRQGLWLRQ WKDW VXFK YDULDWLRQV DYYLNHOVHU LQWH UHVXOWHUDU L DWW EHNYlPOLJ GR QRW UHVXOW LQ RYHUDOO IDFLOLWLHV OHVV KHWHUQD WRWDOW VHWW EOLU PLQGUH I|UGHODNWLJD IDYRXUDEOH WKDQ WKRVH ZKLFK ZRXOG UHVXOW lQGHVNXOOHYDUDRPVWDQGDUGHQI|OMGHV IURPWKHDSSOLFDWLRQRIWKLV6WDQGDUG

(DFK 0HPEHU PD\ DIWHU FRQVXOWDWLRQ 9DUMHPHGOHPVVWDWInUHIWHUVDPUnGPHG ZLWKWKHVKLSRZQHUVDQGVHDIDUHUVRUJDQL]D EHU|UGD UHGDU RFK VM|IRONVRUJDQLVDWLRQHU WLRQV FRQFHUQHG H[HPSW VKLSV RI OHVV WKDQ RFK QlU GHW lU ULPOLJW PHG KlQV\Q WLOO JURVVWRQQDJHZKHUHLWLVUHDVRQDEOHWR IDUW\JHWV VWRUOHN RFK DQWDOHW SHUVRQHU GRVRWDNLQJDFFRXQWRIWKHVL]HRIWKHVKLS RPERUG XQGDQWD IDUW\J XQGHU EUXWWR DQG WKH QXPEHU RI SHUVRQV RQ ERDUG LQ WRQ IUnQ NUDYHQ L I|OMDQGH I|UHVNULIWHU L UHODWLRQWRWKHUHTXLUHPHQWVRIWKHIROORZLQJ GHQQDVWDQGDUG SURYLVLRQVRIWKLV6WDQGDUG

DSDUDJUDSKVEGDQGDQG DSXQNWHUQDEGRFKRFK

E SDUDJUDSK I DQG K WR O LQFOXVLYH ESXQNWIRFKKOHQGDVWPHGDYVHHQGH ZLWKUHVSHFWWRIORRUDUHDRQO\ SnJROY\WD

$Q\ H[HPSWLRQV ZLWK UHVSHFW WR WKH 8QGDQWDJ IUnQ NUDYHQ L GHQQD VWDQGDUG UHTXLUHPHQWVRIWKLV6WDQGDUGPD\EHPDGH InUPHGJHVHQGDVWQlUVWDQGDUGHQXWWU\FNOLJW RQO\ ZKHUH WKH\ DUH H[SUHVVO\ SHUPLWWHG LQ WLOOnWHU GHW RFK EDUD L VlUVNLOGD IDOO QlU WKLV 6WDQGDUG DQG RQO\ IRU SDUWLFXODU VnGDQD XQGDQWDJ NODUW NDQ PRWLYHUDV Sn FLUFXPVWDQFHVLQZKLFKVXFKH[HPSWLRQVFDQ VWDUND JUXQGHU RFK PHG KlQV\Q WLOO DWW EH FOHDUO\ MXVWLILHG RQ VWURQJ JURXQGV DQG VM|PlQQHQVKlOVDRFKVlNHUKHWVN\GGDV VXEMHFW WR SURWHFWLQJ WKH VHDIDUHUV KHDOWK DQGVDIHW\

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² $FFRPPRGDWLRQ DQG $QYLVQLQJ % ² %RVWDG RFK UHNUHDWLRQV UHFUHDWLRQDOIDFLOLWLHV P|MOLJKHWHU

*XLGHOLQH%'HVLJQDQGFRQVWUXFWLRQ $QYLVQLQJ%²8WI|UDQGHRFKNRQVWUXNWLRQ

([WHUQDOEXONKHDGVRIVOHHSLQJURRPVDQG 6NRWWPRWXWVLGDLVRYUXPRFKPlVVDUE|U PHVVURRPVVKRXOGEHDGHTXDWHO\LQVXODWHG YDUDWLOOUlFNOLJWLVROHUDGH$OODPDVNLQNDSSDU $OO PDFKLQHU\ FDVLQJV DQG DOO ERXQGDU\ RFK DOOD DYJUlQVQLQJVVNRWW I|U N|NXWU\P EXONKHDGV RI JDOOH\V DQG RWKHU VSDFHV LQ PHQ RFK DQGUD RPUnGHQ GlU GHW DOVWUDV ZKLFKKHDWLVSURGXFHGVKRXOGEHDGHTXDWHO\ YlUPH E|U YDUD WLOOUlFNOLJW LVROHUDGH QlU GHW LQVXODWHG ZKHUH WKHUH LV D SRVVLELOLW\ RI ILQQV ULVN I|U YlUPH|YHUI|ULQJ WLOO DQJUlQV UHVXOWLQJ KHDW HIIHFWV LQ DGMRLQLQJ DQGH ERVWDGVXWU\PPHQ HOOHU NRUULGRUHU

DFFRPPRGDWLRQ RU SDVVDJHZD\V 0HDVXUHV cWJlUGHU E|U RFNVn YLGWDV WLOO VN\GG PRW

VKRXOG DOVR EH WDNHQ WR SURYLGH SURWHFWLRQ YlUPH|YHUI|ULQJ IUnQ nQJU|U RFKHOOHU IURP KHDW HIIHFWV RI VWHDP RU KRWZDWHU KHWYDWWHQU|U VHUYLFHSLSHVRUERWK

6OHHSLQJ URRPV PHVV URRPV UHFUHDWLRQ 6RYUXP PlVVDU UHNUHDWLRQVXWU\PPHQ URRPVDQGDOOH\ZD\VLQWKHDFFRPPRGDWLRQ RFKNRUULGRUHULERVWDGVXWU\PPHQE|UYDUD VSDFH VKRXOG EH DGHTXDWHO\ LQVXODWHG WR WLOOUlFNOLJW LVROHUDGH I|U DWW I|UKLQGUD SUHYHQWFRQGHQVDWLRQRURYHUKHDWLQJ NRQGHQVELOGQLQJRFK|YHUKHWWQLQJ

7KH EXONKHDG VXUIDFHV DQG GHFNKHDGV 6NRWWRFKWDNE|UYDUDDYPDWHULDOVRPlU VKRXOG EH RI PDWHULDO ZLWK D VXUIDFH HDVLO\ OlWWDWWKnOODUHQW,QJHQNRQVWUXNWLRQVIRUP NHSW FOHDQ 1R IRUP RI FRQVWUXFWLRQ OLNHO\ E|U DQYlQGDV VRP HUEMXGHU IlVWH I|U WRKDUERXUYHUPLQVKRXOGEHXVHG VNDGHGMXUHOOHURK\UD

7KH EXONKHDG VXUIDFHV DQG GHFNKHDGV LQ 6NRWW RFK WDN L VRYUXP RFK PlVVDU E|U VOHHSLQJ URRPV DQG PHVV URRPV VKRXOG EH YDUD OlWWD DWW KnOOD UHQD RFK KD OMXVD IlUJHU FDSDEOH RI EHLQJ HDVLO\ NHSW FOHDQ DQG OLJKW PHGVOLWVWDUNJLIWIUL\WEHKDQGOLQJ LQFRORXUZLWKDGXUDEOHQRQWR[LFILQLVK

7KH GHFNV LQ DOO VHDIDUHU DFFRPPRGDWLRQ 'XUNDU L DOOD XWU\PPHQ I|U VM|PlQ E|U VKRXOG EH RI DSSURYHG PDWHULDO DQG YDUD DY JRGNlQW PDWHULDO RFK NRQVWUXNWLRQ FRQVWUXFWLRQ DQG VKRXOG SURYLGH D QRQVOLS RFK E|U KD HQ KDONVN\GGDQGH RFK IXNW VXUIDFHLPSHUYLRXVWRGDPSDQGHDVLO\NHSW EHVWlQGLJ\WDVRPlUOlWWDWWKnOODUHQ FOHDQ

:KHUH WKH IORRULQJV DUH PDGH RI 2P GXUNEHOlJJQLQJ lU WLOOYHUNDG DY FRPSRVLWH PDWHULDOV WKH MRLQWV ZLWK WKH NRPSRVLWPDWHULDO E|U VLGRVNDUYDUQD YDUD VLGHVVKRXOGEHSURILOHGWRDYRLGFUHYLFHV SURILOHUDGHI|UDWWXQGYLNDVSULFNELOGQLQJ

*XLGHOLQH%²9HQWLODWLRQ $QYLVQLQJ%²9HQWLODWLRQ

7KH V\VWHP RI YHQWLODWLRQ IRU VOHHSLQJ 9HQWLODWLRQVV\VWHPHW I|U VRYUXP RFK URRPVDQGPHVVURRPVVKRXOGEHFRQWUROOHG PlVVDU E|U YDUD VW\UW Vn DWW HQ WLOOIUHGV VR DV WR PDLQWDLQ WKH DLU LQ D VDWLVIDFWRU\ VWlOODQGH OXIWNYDOLWHW NDQ XSSUlWWKnOODV RFK FRQGLWLRQDQGWRHQVXUHDVXIILFLHQF\RI DLU DWW OXIWYl[OLQJHQ EOLU WLOOUlFNOLJ XQGHU DOOD PRYHPHQW LQ DOO FRQGLWLRQV RI ZHDWKHU DQG YlGHURFKNOLPDWI|UKnOODQGHQ FOLPDWH

$LUFRQGLWLRQLQJ V\VWHPV ZKHWKHU RI D /XIWNRQGLWLRQHULQJVV\VWHPFHQWUDODHOOHU FHQWUDOL]HGRULQGLYLGXDOXQLWW\SHVKRXOGEH LQGLYLGXHOODE|UYDUDNRQVWUXHUDGHI|UDWW GHVLJQHGWR

D PDLQWDLQ WKH DLU DW D VDWLVIDFWRU\ D KnOOD HQ WLOOIUHGVVWlOODQGH OXIWWHPSHUDWXU WHPSHUDWXUH DQG UHODWLYH KXPLGLW\ DV RFK UHODWLY OXIWIXNWLJKHW MlPI|UW PHG FRPSDUHGWRRXWVLGHDLUFRQGLWLRQVHQVXUHD XWHOXIWHQ VlNUD WLOOUlFNOLJ OXIWYl[OLQJ L DOOD VXIILFLHQF\ RI DLU FKDQJHV LQ DOO DLU OXIWNRQGLWLRQHUDGH XWU\PPHQ EHDNWD GH FRQGLWLRQHG VSDFHV WDNH DFFRXQW RI WKH VSHFLHOODI|UKnOODQGHQVRPUnGHUYLGGULIWWLOO SDUWLFXODUFKDUDFWHULVWLFVRIRSHUDWLRQVDWVHD VM|VV RFK LQWH DOVWUD PHUD EXOOHU RFK DQG QRW SURGXFH H[FHVVLYH QRLVHV RU YLEUDWLRQHUlQQ|GYlQGLJWRFK YLEUDWLRQVDQG

E IDFLOLWDWH HDV\ FOHDQLQJ DQG GLVLQIHFWLRQ E XQGHUOlWWD HQ HQNHO UHQJ|ULQJ RFK WRSUHYHQWRUFRQWUROWKHVSUHDGRIGLVHDVH GHVLQIHNWLRQ I|U DWW KLQGUD HOOHU EHNlPSD

VPLWWVSULGQLQJ

3RZHUIRUWKHRSHUDWLRQRIWKHDLUFRQGL .UDIWWLOODWWGULYDOXIWNRQGLWLRQHULQJRFK WLRQLQJDQGRWKHUDLGVWRYHQWLODWLRQUHTXLUHGE\ DQGUD YHQWLODWLRQVDQOlJJQLQJDU HQOLJW NUDY L WKH SUHFHGLQJ SDUDJUDSKV RI WKLV *XLGHOLQH I|UHJnHQGH SXQNWHU L GHQQD DQYLVQLQJ E|U VKRXOG EH DYDLODEOH DW DOO WLPHV ZKHQ VHDIDUHUV DOOWLG ILQQDV WLOOJlQJOLJ QlU VM|PlQ ERU HOOHU DUHOLYLQJRUZRUNLQJRQERDUGDQGFRQGLWLRQVVR DUEHWDU RPERUG RFK QlU RPVWlQGLJKHWHUQD UHTXLUH +RZHYHU WKLV SRZHU QHHG QRW EH VnNUlYHU5HVHUYNUDIWEHK|YVLQWHI|UGHWWD SURYLGHGIURPDQHPHUJHQF\VRXUFH

*XLGHOLQH%²+HDWLQJ $QYLVQLQJ%²8SSYlUPQLQJ

7KH V\VWHP RI KHDWLQJ WKH VHDIDUHU 9lUPHDQOlJJQLQJHQ I|U VM|PlQQHQV DFFRPPRGDWLRQVKRXOGEHLQRSHUDWLRQDWDOO ERVWlGHUE|UDOOWLGYDUDLGULIWQlUVM|PlQQHQ WLPHV ZKHQ VHDIDUHUV DUH OLYLQJ RU ZRUNLQJ ERU HOOHU DUEHWDU RPERUG RFK RPVWlQGLJ RQERDUGDQGFRQGLWLRQVUHTXLUHLWVXVH KHWHUQDNUlYHUDWWGHQDQYlQGV

,Q DOO VKLSV LQ ZKLFK D KHDWLQJ V\VWHP LV , DOOD IDUW\J GlU YlUPHDQOlJJQLQJ EHK|YV UHTXLUHGWKHKHDWLQJVKRXOGEHE\PHDQVRI E|U XSSYlUPQLQJHQ VNH PHG YDUPYDWWHQ KRW ZDWHU ZDUP DLU HOHFWULFLW\ VWHDP RU YDUPOXIW HOHNWULFLWHW nQJD HOOHU PRW HTXLYDOHQW +RZHYHU ZLWKLQ WKH DFFRP VYDUDQGH (PHOOHUWLG E|U nQJD VRP PHGLXP PRGDWLRQDUHDVWHDPVKRXOGQRWEHXVHGDV I|UYlUPH|YHUI|ULQJLQWHDQYlQGDVLERVWDGV DPHGLXPIRUKHDWWUDQVPLVVLRQ7KHKHDWLQJ RPUnGHW 9lUPHDQOlJJQLQJHQ E|U NXQQD V\VWHPVKRXOGEHFDSDEOHRIPDLQWDLQLQJWKH KnOODWHPSHUDWXUHQLVM|PlQQHQVERVWlGHUSn WHPSHUDWXUHLQVHDIDUHUDFFRPPRGDWLRQDWD HQ WLOOIUHGVWlOODQGH QLYn XQGHU QRUPDOD VDWLVIDFWRU\OHYHOXQGHUQRUPDOFRQGLWLRQVRI YlGHU RFK NOLPDWI|UKnOODQGHQ VRP NDQ ZHDWKHUDQGFOLPDWHOLNHO\WREHPHWZLWKLQ I|UYlQWDV XSSWUlGD L GH IDUWRPUnGHQ GlU WKHWUDGHLQZKLFKWKHVKLSLVHQJDJHG7KH IDUW\JHW V\VVHOVlWWV 'HQ EHK|ULJD P\QGLJ FRPSHWHQW DXWKRULW\ VKRXOG SUHVFULEH WKH KHWHQ E|U I|UHVNULYD YLONHQ VWDQGDUG VRP VWDQGDUGWREHSURYLGHG VNDOOJlOOD

5DGLDWRUV DQG RWKHU KHDWLQJ DSSDUDWXV 5DGLDWRUHU RFK DQGUD XSSYlUP VKRXOG EH SODFHG DQG ZKHUH QHFHVVDU\ QLQJVDSSDUDWHU E|U YDUD SODFHUDGH RFK RP VKLHOGHGVRDVWRDYRLGULVNRIILUHRUGDQJHU Q|GYlQGLJWDYVNlUPDGHSnHWWVnGDQWVlWWDWW RUGLVFRPIRUWWRWKHRFFXSDQWV ULVN I|U EUDQG IDUD HOOHU REHKDJ I|U GH ERHQGHXQGYLNV

*XLGHOLQH%²/LJKWLQJ $QYLVQLQJ%²%HO\VQLQJ

,Q DOO VKLSV HOHFWULF OLJKW VKRXOG EH (OHNWULVN EHO\VQLQJ E|U ILQQDV L VM| SURYLGHG LQ WKH VHDIDUHU DFFRPPRGDWLRQ ,I PlQQHQV ERVWlGHU Sn DOOD IDUW\J 2P GHW WKHUH DUH QRW WZR LQGHSHQGHQW VRXUFHV RI LQWH ILQQV WYn DY YDUDQGUD REHURHQGH HOHFWULFLW\ IRU OLJKWLQJ DGGLWLRQDO OLJKWLQJ VWU|PI|UV|UMQLQJVNlOORUWLOOEHO\VQLQJHQE|U VKRXOGEHSURYLGHGE\SURSHUO\FRQVWUXFWHG GHW ILQQDV H[WUD EHO\VQLQJ L IRUP DY ODPSV RU OLJKWLQJ DSSDUDWXV IRU HPHUJHQF\ lQGDPnOVHQOLJD ODPSRU HOOHU DQOlJJQLQJ I|U XVH Q|GEHO\VQLQJ

,QVOHHSLQJURRPVDQHOHFWULFUHDGLQJODPS , VRYUXP E|U HQ HOHNWULVN OlVODPSD YDUD VKRXOGEHLQVWDOOHGDWWKHKHDGRIHDFKEHUWK LQVWDOOHUDGYLGNRMSODWVHQVKXYXGlQGD

6XLWDEOHVWDQGDUGVRIQDWXUDODQGDUWLILFLDO 'HQEHK|ULJDP\QGLJKHWHQE|UI|UHVNULYD OLJKWLQJ VKRXOG EH IL[HG E\ WKH FRPSHWHQW OlPSOLJD QRUPHU I|U QDWXUOLJ RFK DUWLILFLHOO DXWKRULW\ EHO\VQLQJ

*XLGHOLQH%²6OHHSLQJURRPV $QYLVQLQJ%²6RYUXP

7KHUH VKRXOG EH DGHTXDWH EHUWK DUUDQJH 'HWE|UILQQDVWLOOUlFNOLJDNRMSODWVHURP PHQWVRQERDUGPDNLQJLWDVFRPIRUWDEOHDV ERUG I|U DWW GHW VNDOO EOL Vn EHNYlPW VRP SRVVLEOH IRU WKH VHDIDUHU DQG DQ\ SDUWQHU P|MOLJW I|U VM|PlQQHQ RFK HYHQWXHOOW ZKRPD\DFFRPSDQ\WKHVHDIDUHU PHGI|OMDQGHSDUWQHU

:KHUHWKHVL]HRIWKHVKLSWKHDFWLYLW\LQ 2P GHW lU ULPOLJW RFK P|MOLJW PHG ZKLFKLWLVWREHHQJDJHGDQGLWVOD\RXWPDNH KlQV\QWLOOIDUW\JHWVVWRUOHNYHUNVDPKHWRFK LWUHDVRQDEOHDQGSUDFWLFDEOHVOHHSLQJURRPV XWIRUPQLQJ E|U VRYUXP YDUD SODQODJGD I|U VKRXOG EH SODQQHG DQG HTXLSSHG ZLWK D RFKXWUXVWDGHPHGSULYDWEDGUXPLQNOXVLYH SULYDWHEDWKURRPLQFOXGLQJDWRLOHWVRDVWR WRDOHWWI|UDWWWLOOJRGRVHULPOLJNRPIRUWRFK SURYLGH UHDVRQDEOH FRPIRUW IRU WKH JRGRUGQLQJ RFFXSDQWVDQGWRIDFLOLWDWHWLGLQHVV

$V IDU DV SUDFWLFDEOH VOHHSLQJ URRPV RI 6n OnQJW P|MOLJW E|U VRYUXP I|U VHDIDUHUVVKRXOGEHVRDUUDQJHGWKDWZDWFKHV YDNWJnHQGH VM|PlQ YDUD nWVNLOGD RFK VNLOGD DUHVHSDUDWHGDQGWKDWQRVHDIDUHUVZRUNLQJ IUnQVRYUXPI|UGDJDUEHWDQGHVM|PlQ GXULQJ WKH GD\ VKDUH D URRP ZLWK ZDWFKNHHSHUV

,Q WKH FDVH RI VHDIDUHUV SHUIRUPLQJ WKH )|U VM|PlQ VRP WMlQVWJ|U VRP I|UPlQ GXW\ RI SHWW\ RIILFHUV WKHUH VKRXOG EH QR E|UK|JVWWYnSHUVRQHUGHODVRYUXP PRUHWKDQWZRSHUVRQVSHUVOHHSLQJURRP

&RQVLGHUDWLRQ VKRXOG EH JLYHQ WR 'HWE|U|YHUYlJDVRPGHEHNYlPOLJKHWHU H[WHQGLQJWKHIDFLOLW\UHIHUUHGWRLQ6WDQGDUG VRP QlPQV L VWDQGDUG $ SXQNW P E|U $ SDUDJUDSK P WR WKH VHFRQG XWYLGJDVWLOODWWlYHQJlOODHIDUW\JVLQJHQM|U HQJLQHHURIILFHUZKHQSUDFWLFDEOH QlUGHWWDOnWHUVLJJ|UD

6SDFH RFFXSLHG E\ EHUWKV DQG ORFNHUV *ROY\WD VRP XSSWDV DY NRMHU RFK VNnS FKHVWV RI GUDZHUV DQG VHDWV VKRXOG EH E\UnDU RFK VLWWSODWVHU E|U LQNOXGHUDV L LQFOXGHG LQ WKH PHDVXUHPHQW RI WKH IORRU PnWWHQ I|U I|UHVNULYHQ JROY\WD 6Pn HOOHU DUHD 6PDOO RU LUUHJXODUO\ VKDSHG VSDFHV RUHJHOEXQGQD JROY\WRU VRP LQWH ELGUDU WLOO ZKLFK GR QRW DGG HIIHFWLYHO\ WR WKH VSDFH JROY\WDGlUPDQNDQU|UDVLJIULWWRFKVRP DYDLODEOH IRU IUHH PRYHPHQW DQG FDQQRW EH LQWH NDQ DQYlQGDV WLOO P|EOHULQJ E|U XVHG IRU LQVWDOOLQJ IXUQLWXUH VKRXOG EH XWHVOXWDV H[FOXGHG

%HUWKVVKRXOGQRWEHDUUDQJHGLQWLHUVRI .RMHUE|ULQWHYDUDSODFHUDGHPHUlQWYnL PRUHWKDQWZRLQWKHFDVHRIEHUWKVSODFHG K|MGRFKRPGHSODFHUDVOlQJVIDUW\JVVLGDQ DORQJWKHVKLSVVLGHWKHUHVKRXOGEHRQO\D E|U LQWH YnQLQJVNRMHU DQYlQGDV QlU HQ VLQJOHWLHUZKHUHDVLGHOLJKWLVVLWXDWHGDERYH VLGRODQWHUQDEHILQQHUVLJRYDQI|UHQNRM DEHUWK

7KHORZHUEHUWKLQDGRXEOHWLHUVKRXOGEH 'HQXQGUHNRMHQLHQYnQLQJVNRME|ULQWH QRWOHVVWKDQFHQWLPHWUHVDERYHWKHIORRU YDUDSODFHUDGOlJUHlQFHQWLPHWHURYDQI|U WKH XSSHU EHUWK VKRXOG EH SODFHG JROY\WDQ GHQ |YUH NRMHQ E|U YDUD SODFHUDG DSSUR[LPDWHO\PLGZD\EHWZHHQWKHERWWRP XQJHIlU KDOYYlJV PHOODQ GHQ XQGUH NRMHQV RIWKHORZHUEHUWKDQGWKHORZHUVLGHRIWKH ERWWHQRFKGHQXQGUHVLGDQDYWDNHWVVSDQW GHFNKHDGEHDPV

7KHIUDPHZRUNDQGWKHOHHERDUGLIDQ\ 6RYSODWVHQV UDP RFK GHVV VOLQJHUEUlGD RI D EHUWK VKRXOG EH RI DSSURYHG PDWHULDO RP VnGDQ ILQQV E|U YDUD DY JRGNlQW

KDUG VPRRWK DQG QRW OLNHO\ WR FRUURGH RU PDWHULDO VRP lU KnUW VOlWW RFK LQWH NDQ

WRKDUERXUYHUPLQ I|UYlQWDV NRUURGHUD HOOHU EOL WLOOKnOO I|U RK\UD

,I WXEXODU IUDPHV DUH XVHG IRU WKH bUUDPHQWLOOYHUNDGDYU|UE|UGHVVDYDUD FRQVWUXFWLRQ RI EHUWKV WKH\ VKRXOG EH IXOOVWlQGLJWWLOOVOXWQDRFKLQWHYDUDI|UVHGGD FRPSOHWHO\ VHDOHG DQG ZLWKRXW SHUIRUDWLRQV PHG SHUIRUHULQJ JHQRP YLONHQ RK\UD NDQ ZKLFKZRXOGJLYHDFFHVVWRYHUPLQ NRPPDLQ

(DFK EHUWK VKRXOG EH ILWWHG ZLWK D 9DUMH NRM E|U YDUD I|UVHGG PHG HQ FRPIRUWDEOH PDWWUHVV ZLWK FXVKLRQLQJ EHNYlP PDGUDVV PHG VWRSSDG ERWWHQ HOOHU ERWWRPRUDFRPELQHGFXVKLRQLQJPDWWUHVV HQ NRPELQHUDG VWRSSDG PDGUDVV RFK HQ LQFOXGLQJ D VSULQJ ERWWRP RU D VSULQJ IMlGUDQGH ERWWHQ HOOHU UHVnUPDGUDVV PDWWUHVV 7KH PDWWUHVV DQG FXVKLRQLQJ 0DWHULDOHW WLOO PDGUDVVHU RFK VWRSSQLQJ E|U PDWHULDO XVHG VKRXOG EH PDGH RI DSSURYHG YDUDJRGNlQW6WRSSQLQJDYPDWHULDOVRPNDQ PDWHULDO 6WXIILQJ RI PDWHULDO OLNHO\ WR EOLWLOOKnOOI|URK\UDE|ULQWHDQYlQGDV KDUERXUYHUPLQVKRXOGQRWEHXVHG

:KHQRQHEHUWKLVSODFHGRYHUDQRWKHUD bUHQNRMSODFHUDG|YHUHQDQQDQNRME|U GXVWSURRIERWWRPVKRXOGEHILWWHGEHQHDWK HQGDPPWlWERWWHQILQQDVXQGHU|YHUNRMHQV WKHERWWRPPDWWUHVVRUVSULQJERWWRPRIWKH PDGUDVVHOOHUIMlGHUERWWHQ XSSHUEHUWK

7KHIXUQLWXUHVKRXOGEHRIVPRRWKKDUG 0|EOHU E|U YDUD DY VOlWW RFK KnUW PDWHULDOQRWOLDEOHWRZDUSRUFRUURGH PDWHULDOVRPLQWHNDQI|UYlQWDVVOnVLJHOOHU NRUURGHUD

6OHHSLQJ URRPV VKRXOG EH ILWWHG ZLWK 6RYUXPE|UYDUDI|UVHGGDPHGJDUGLQHU FXUWDLQVRUHTXLYDOHQWIRUWKHVLGHOLJKWV HOOHUOLNQDQGHIUDPI|UI|QVWHU

6OHHSLQJ URRPV VKRXOG EH ILWWHG ZLWK D 6RYUXPE|UYDUDI|UVHGGDPHGHQVSHJHO PLUURUVPDOOFDELQHWVIRUWRLOHWUHTXLVLWHVD EDGUXPVVNnSI|UWRDOHWWDUWLNODUHQERNK\OOD ERRN UDFN DQG D VXIILFLHQW QXPEHU RI FRDW RFKHWWWLOOUlFNOLJWDQWDONOlGNURNDU KRRNV

*XLGHOLQH%²0HVVURRPV $QYLVQLQJ%²0lVVDU

0HVV URRP IDFLOLWLHV PD\ EH HLWKHU 0lVVDU NDQ YDUD JHPHQVDPPD HOOHU FRPPRQ RU VHSDUDWH 7KH GHFLVLRQ LQ WKLV VHSDUDWD %HVOXW RP GHWWD E|U WDV HIWHU UHVSHFW VKRXOG EH WDNHQ DIWHU FRQVXOWDWLRQ VDPUnG PHG UHSUHVHQWDQWHU I|U UHGDUH RFK ZLWK VHDIDUHUV DQG VKLSRZQHUV UHSUHVHQWD VM|PlQ RFK HIWHU JRGNlQQDQGH DY GHQ WLYHV DQG VXEMHFW WR WKH DSSURYDO RI WKH EHK|ULJD P\QGLJKHWHQ +lQV\Q E|U WDV WLOO FRPSHWHQW DXWKRULW\ $FFRXQW VKRXOG EH IDNWRUHU VRP IDUW\JHWV VWRUOHN RFK VM| WDNHQRIIDFWRUVVXFKDVWKHVL]HRIWKHVKLS PlQQHQV VSHFLILND NXOWXUHOOD UHOLJL|VD RFK DQG WKH GLVWLQFWLYH FXOWXUDO UHOLJLRXV DQG VRFLDODEHKRY VRFLDOQHHGVRIWKHVHDIDUHUV

:KHUHVHSDUDWHPHVVURRPIDFLOLWLHVDUHWR 1lU VM|PlQQHQ VNDOO KD VHSDUDWD PlVVDU EHSURYLGHGWRVHDIDUHUVWKHQVHSDUDWHPHVV E|UGHWILQQDVPlVVDUI|U URRPVVKRXOGEHSURYLGHGIRU

DPDVWHUDQGRIILFHUVDQG DEHIlOKDYDUHRFKEHIlORFK

ESHWW\RIILFHUVDQGRWKHUVHDIDUHUV EI|UPlQRFK|YULJDVM|PlQ

2QVKLSVRWKHUWKDQSDVVHQJHUVKLSVWKH 3nIDUW\JVRPLQWHlUSDVVDJHUDUIDUW\JE|U

IORRU DUHD RI PHVV URRPV IRU VHDIDUHUV JROY\WDQLPlVVDUI|UVM|PlQQHQYDUDPLQVW VKRXOG EH QRW OHVV WKDQ VTXDUH PHWUHV P SHU SHUVRQ PXOWLSOLFHUDW PHG GHW SHUSHUVRQRIWKHSODQQHGVHDWLQJFDSDFLW\ SODQHUDGHDQWDOHWVLWWSODWVHU

,Q DOO VKLSV PHVV URRPV VKRXOG EH 3n DOOD IDUW\J E|U PlVVDU YDUD I|UVHGGD HTXLSSHG ZLWK WDEOHV DQG DSSURSULDWH VHDWV PHGERUGRFKOlPSOLJDVLWWSODWVHUIDVWDHOOHU IL[HGRUPRYDEOHVXIILFLHQWWRDFFRPPRGDWH IO\WWEDUD L WLOOUlFNOLJW DQWDO I|U DWW NXQQD WKHJUHDWHVWQXPEHURIVHDIDUHUVOLNHO\WRXVH K\VD GHW VW|UVWD DQWDO SHUVRQHU VRP NDQ WKHPDWDQ\RQHWLPH I|UYlQWDVDQYlQGDGHPVDPWLGLJW

7KHUH VKRXOG EH DYDLODEOH DW DOO WLPHV 1lU VM|PlQ lU RPERUG E|U GHW DOOWLG ZKHQVHDIDUHUVDUHRQERDUG ILQQDV

D D UHIULJHUDWRU ZKLFK VKRXOG EH D HWW N\OVNnS VRP E|U YDUD OlPSOLJW FRQYHQLHQWO\ VLWXDWHG DQG RI VXIILFLHQW SODFHUDW RFK KD WLOOUlFNOLJ NDSDFLWHW I|U GHW FDSDFLW\IRUWKHQXPEHURISHUVRQVXVLQJWKH DQWDO SHUVRQHU VRP DQYlQGHU PlVVHQ HOOHU PHVVURRPRUPHVVURRPV PlVVDUQD

EIDFLOLWLHVIRUKRWEHYHUDJHVDQG EXWUXVWQLQJI|UYDUPDGU\FNHURFK

FFRROZDWHUIDFLOLWLHV FXWUXVWQLQJI|UN\OWYDWWHQ

:KHUHDYDLODEOHSDQWULHVDUHQRWDFFHVVLEOH 1lUWLOOJlQJOLJDSHQWU\QLQWHNDQQnVIUnQ WR PHVV URRPV DGHTXDWH ORFNHUV IRU PHVV PlVVDU E|U OlPSOLJD VNnS I|U I|UYDULQJ DY XWHQVLOV DQG SURSHU IDFLOLWLHV IRU ZDVKLQJ PlVVUHGVNDS VDPW OlPSOLJD LQUlWWQLQJDU I|U XWHQVLOVVKRXOGEHSURYLGHG GLVNILQQDVDWWWLOOJn

7KHWRSVRIWDEOHVDQGVHDWVVKRXOGEHRI 'HQ|YUH\WDQSnERUGRFKVLWWSODWVHUE|U GDPSUHVLVWDQWPDWHULDO YDUDDYIXNWWnOLJWPDWHULDO

*XLGHOLQH%²6DQLWDU\DFFRPPRGDWLRQ $QYLVQLQJ%²+\JLHQXWU\PPHQ

:DVKEDVLQV DQG WXE EDWKV VKRXOG EH RI 7YlWWVWlOORFKEDGNDUE|UYDUDWLOOUlFNOLJW DGHTXDWH VL]H DQG FRQVWUXFWHG RI DSSURYHG VWRUD RFK WLOOYHUNDGH DY JRGNlQW PDWHULDO PDWHULDOZLWKDVPRRWKVXUIDFHQRWOLDEOHWR PHG HQ VOlW \WD VRP LQWH NDQ I|UYlQWDV FUDFNIODNHRUFRUURGH VSULFNDIODJQDHOOHUNRUURGHUD

$OO WRLOHWV VKRXOG EH RI DQ DSSURYHG $OOD WRDOHWWHU E|U YDUD DY JRGNlQG W\S SDWWHUQDQGSURYLGHGZLWKDQDPSOHIOXVKRI PHG ULNOLJ VSROQLQJ PHG YDWWHQ HOOHU DQQDW ZDWHU RU ZLWK VRPH RWKHU VXLWDEOH IOXVKLQJ OlPSOLJW VSROPHGLXP H[HPSHOYLV WU\FNOXIW PHDQVVXFKDVDLUZKLFKDUHDYDLODEOHDWDOO VRPDOOWLGlULGULIWRFKNDQUHJOHUDVVHSDUDW WLPHVDQGLQGHSHQGHQWO\FRQWUROODEOH I|UYDUMHWRDOHWW

6DQLWDU\DFFRPPRGDWLRQLQWHQGHGIRUWKH +\JLHQXWU\PPHQVRPlUDYVHGGDI|UPHU XVHRIPRUHWKDQRQHSHUVRQVKRXOGFRPSO\ lQHQSHUVRQE|UXSSI\OODI|OMDQGHNUDY ZLWKWKHIROORZLQJ

D IORRUV VKRXOG EH RI DSSURYHG GXUDEOH DGXUNDUE|UYDUDDYJRGNlQWRFKVOLWVWDUNW PDWHULDOLPSHUYLRXVWRGDPSDQGVKRXOGEH PDWHULDOIXNWWnOLJDRFKYlOGUlQHUDGH SURSHUO\GUDLQHG

E EXONKHDGV VKRXOG EH RI VWHHO RU RWKHU EVNRWWE|UYDUDDYVWnOHOOHUDQQDWJRGNlQW

DSSURYHGPDWHULDODQGVKRXOGEHZDWHUWLJKW PDWHULDO RFK E|U YDUD YDWWHQWlWD XSS WLOO

XSWRDWOHDVWFHQWLPHWUHVDERYHWKHOHYHO PLQVWFP|YHUGXUNHQ RIWKHGHFN

F WKH DFFRPPRGDWLRQ VKRXOG EH F ERVWlGHUQD E|U KD WLOOUlFNOLJ EHO\VQLQJ VXIILFLHQWO\OLWKHDWHGDQGYHQWLODWHG XSSYlUPQLQJRFKYHQWLODWLRQ

GWRLOHWVVKRXOGEHVLWXDWHGFRQYHQLHQWWR G WRDOHWWUXP E|U YDUD EHNYlPW EHOlJQD L EXWVHSDUDWHIURPVOHHSLQJURRPVDQGZDVK I|UKnOODQGH WLOO VRYUXP RFK WYlWWUXP PHQ URRPV ZLWKRXW GLUHFW DFFHVV IURP WKH DYVNLOGD IUnQ GHVVD XWDQ GLUHNW LQJnQJ IUnQ VOHHSLQJ URRPV RU IURP D SDVVDJH EHWZHHQ VRYUXP HOOHU IUnQ NRUULGRU PHOODQ VRYUXP VOHHSLQJURRPVDQGWRLOHWVWRZKLFKWKHUHLV RFKWRDOHWWUXPWLOOYLONDGHWLQWHILQQVQnJRQ QR RWKHU DFFHVV WKLV UHTXLUHPHQW GRHV QRW LQJnQJIUnQDQQDWKnOOGHWWDNUDYJlOOHUGRFN DSSO\ ZKHUH D WRLOHW LV ORFDWHG LQ D LQWH WRDOHWWUXP EHOlJHW PHOODQ WYn VRYUXP L FRPSDUWPHQW EHWZHHQ WZR VOHHSLQJ URRPV YLOND VDPPDQODJW K|JVW I\UD SHUVRQHU lU KDYLQJ D WRWDO RI QRW PRUH WKDQ IRXU LQK\VWDRFK VHDIDUHUVDQG

HZKHUHWKHUHLVPRUHWKDQRQHWRLOHWLQD H RP GHW ILQQV PHU lQ HQ WRDOHWW L HQ FRPSDUWPHQW WKH\ VKRXOG EH VXIILFLHQWO\ DYGHOQLQJE|UGHYDUDWLOOUlFNOLJWDYVNlUPDGH VFUHHQHGWRHQVXUHSULYDF\ IUnQYDUDQGUDI|UDWWJDUDQWHUDRVW|UGKHW

7KH ODXQGU\ IDFLOLWLHV SURYLGHG IRU , WYlWWLQUlWWQLQJDU I|U VM|PlQ E|U EODQG VHDIDUHUVXVHVKRXOGLQFOXGH DQQDWILQQDV

DZDVKLQJPDFKLQHV DWYlWWPDVNLQHU

E GU\LQJ PDFKLQHV RU DGHTXDWHO\ KHDWHG E WRUNWXPODUH HOOHU WLOOUlFNOLJW XSSYlUPGD DQGYHQWLODWHGGU\LQJURRPVDQG RFKYHQWLOHUDGHWRUNUXPRFK

FLURQVDQGLURQLQJERDUGVRUWKHLUHTXLYDOHQW FVWU\NMlUQRFKVWU\NERUGHOOHUPRWVYDUDQGH

*XLGHOLQH%²+RVSLWDODFFRPPRGDWLRQ $QYLVQLQJ%²6MXNYnUGVXWU\PPHQ

7KH KRVSLWDO DFFRPPRGDWLRQ VKRXOG EH 6MXNYnUGVXWU\PPHW E|U YDUD XWIRUPDW Sn GHVLJQHGVRDVWRIDFLOLWDWHFRQVXOWDWLRQDQG VnGDQWVlWWDWWGHWXQGHUOlWWDUNRQVXOWDWLRQHU WKH JLYLQJ RI PHGLFDO ILUVW DLG DQG WR KHOS RFKOlPQDQGHDYPHGLFLQVNI|UVWDKMlOSRFK SUHYHQWWKHVSUHDGRILQIHFWLRXVGLVHDVHV ELGUDU WLOO DWW I|UKLQGUD VSULGQLQJ DY VPLWW VDPPDVMXNGRPDU

7KHDUUDQJHPHQWRIWKHHQWUDQFHEHUWKV ,QJnQJHQ YnUGSODWVHUQD EHO\VQLQJHQ OLJKWLQJ YHQWLODWLRQ KHDWLQJ DQG ZDWHU YHQWLODWLRQHQ XSSYlUPQLQJHQ RFK YDWWHQ VXSSO\ VKRXOG EH GHVLJQHG WR HQVXUH WKH I|UV|UMQLQJHQ E|U KD VnGDQ XWIRUPQLQJ DWW FRPIRUW DQG IDFLOLWDWH WKH WUHDWPHQW RI WKH SDWLHQWHUQDV EHNYlPOLJKHW WLOOJRGRVHV RFK RFFXSDQWV GHUDVEHKDQGOLQJXQGHUOlWWDV

7KH QXPEHU RI KRVSLWDO EHUWKV UHTXLUHG 'HQEHK|ULJDP\QGLJKHWHQE|UI|UHVNULYD VKRXOG EH SUHVFULEHG E\ WKH FRPSHWHQW DQWDOHWHUIRUGHUOLJDYnUGSODWVHU DXWKRULW\

6DQLWDU\ DFFRPPRGDWLRQ VKRXOG EH +\JLHQXWU\PPHQ E|U ILQQDV I|U DWW SURYLGHG IRU WKH H[FOXVLYH XVH RI WKH DQYlQGDVHQEDUWDYSDWLHQWHUVRPlULQWDJQDL RFFXSDQWV RI WKH KRVSLWDO DFFRPPRGDWLRQ VMXNYnUGVXWU\PPHWDQWLQJHQVRPHQGHODY HLWKHU DV SDUW RI WKH DFFRPPRGDWLRQ RU LQ GHWWDHOOHULGHVVRPHGHOEDUDQlUKHW6nGDQD

FORVH SUR[LPLW\ WKHUHWR 6XFK VDQLWDU\ K\JLHQXWU\PPHQ E|U RPIDWWD PLQVW HQ

DFFRPPRGDWLRQ VKRXOG FRPSULVH D WRDOHWW HWW WYlWWVWlOO RFK HWW EDGNDU HOOHU HQ PLQLPXP RI RQH WRLOHW RQH ZDVKEDVLQ DQG GXVFK RQHWXERUVKRZHU

*XLGHOLQH%²2WKHUIDFLOLWLHV $QYLVQLQJ%²$QGUDXWU\PPHQ

:KHUH VHSDUDWH IDFLOLWLHV IRU HQJLQH 1lU PDVNLQDYGHOQLQJHQV SHUVRQDO KDU GHSDUWPHQW SHUVRQQHO WR FKDQJH WKHLU VHSDUDWD XWU\PPHQ I|U NOlGE\WH E|U GHVVD FORWKHVDUHSURYLGHGWKH\VKRXOGEH YDUD

DORFDWHGRXWVLGHWKHPDFKLQHU\VSDFHEXW D EHOlJQD XWDQI|U PDVNLQUXPVRPUnGHW ZLWKHDV\DFFHVVWRLWDQG PHQOlWWnWNRPOLJDIUnQGHWWDRFK

E ILWWHG ZLWK LQGLYLGXDO FORWKHV ORFNHUV DV E I|UVHGGD PHG SHUVRQOLJD NOlGVNnS RFK ZHOO DV ZLWK WXEV RU VKRZHUV RU ERWK DQG EDGNDU RFKHOOHU GXVFK RFK WYlWWVWlOO PHG ZDVKEDVLQV KDYLQJ KRW DQG FROG UXQQLQJ ULQQDQGHYDUPWRFKNDOOWIlUVNYDWWHQ IUHVKZDWHU

*XLGHOLQH % ² %HGGLQJ PHVV XWHQVLOV $QYLVQLQJ % ² 6lQJXWUXVQLQJ PlVV DQGPLVFHOODQHRXVSURYLVLRQV UHGVNDSRFKGLYHUVHEHVWlPPHOVHU

(DFK 0HPEHU VKRXOG FRQVLGHU DSSO\LQJ 9DUMH PHGOHPVVWDW E|U |YHUYlJD DWW WKHIROORZLQJSULQFLSOHV WLOOlPSDI|OMDQGHSULQFLSHU

D FOHDQ EHGGLQJ DQG PHVV XWHQVLOV VKRXOG D UHGDUHQ E|U WLOOKDQGDKnOOD UHQD VlQJ EHVXSSOLHGE\WKHVKLSRZQHUWRDOOVHDIDUHUV NOlGHU RFK PlVVUHGVNDS I|U VM|PlQQHQV IRUXVHRQERDUGGXULQJVHUYLFHRQWKHVKLS EUXN YLG WMlQVWJ|ULQJ RPERUG RFK VM| DQGVXFKVHDIDUHUVVKRXOGEHUHVSRQVLEOHIRU PlQQHQE|UDQVYDUDI|UDWWGHnWHUOlPQDVYLG WKHLUUHWXUQDWWLPHVVSHFLILHGE\WKHPDVWHU WLGSXQNWHU VRP EHIlOKDYDUHQ DQJHU RFK QlU DQGRQFRPSOHWLRQRIVHUYLFHLQWKHVKLS WMlQVWJ|ULQJHQRPERUGDYVOXWDV

EEHGGLQJVKRXOGEHRIJRRGTXDOLW\DQG EVlQJNOlGHUE|UYDUDDYJRGNYDOLWHWRFK SODWHV FXSV DQG RWKHU PHVV XWHQVLOV VKRXOG WDOOULNDUNRSSDURFKDQGUDPlVVUHGVNDSE|U EHRIDSSURYHGPDWHULDOZKLFKFDQEHHDVLO\ YDUD DY JRGNlQW PDWHULDO RFK OlWWD DWW KnOOD FOHDQHGDQG UHQDRFK

F WRZHOV VRDS DQG WRLOHW SDSHU IRU DOO F UHGDUHQ E|U WLOOKDQGDKnOOD DOOD VM|PlQ VHDIDUHUV VKRXOG EH SURYLGHG E\ WKH VKLS KDQGGXNDUWYnORFKWRDOHWWSDSSHU RZQHU

*XLGHOLQH % ² 5HFUHDWLRQDO IDFLOLWLHV $QYLVQLQJ % ² 5HNUHDWLRQVP|MOLJKHWHU PDLODQGVKLSYLVLWDUUDQJHPHQWV SRVWRFKEHV|NRPERUG

5HFUHDWLRQDOIDFLOLWLHVDQGVHUYLFHVVKRXOG 5HNUHDWLRQVP|MOLJKHWHU RFK WMlQVWHU E|U EH UHYLHZHG IUHTXHQWO\ WR HQVXUH WKDW WKH\ WDVXSSWLOOJUDQVNQLQJRIWDI|UDWWVlNHUVWlOOD DUHDSSURSULDWHLQWKHOLJKWRIFKDQJHVLQWKH DWW GH lU OlPSOLJD PHG KlQV\Q WLOO QHHGV RI VHDIDUHUV UHVXOWLQJ IURP WHFKQLFDO I|UlQGULQJDU L VM|PlQQHQV EHKRY EHURHQGH RSHUDWLRQDO DQG RWKHU GHYHORSPHQWV LQ WKH Sn WHNQLVN RSHUDWLY RFK DQQDQ XWYHFNOLQJ VKLSSLQJLQGXVWU\ LQRPVM|IDUWVQlULQJHQ

)XUQLVKLQJV IRU UHFUHDWLRQDO IDFLOLWLHV 0|EOHU RFK LQYHQWDULHU L UHNUHDWLRQV VKRXOGDVDPLQLPXPLQFOXGHDERRNFDVHDQG XWU\PPHQ E|U PLQVW EHVWn DY HQ ERNK\OOD IDFLOLWLHV IRU UHDGLQJ ZULWLQJ DQG ZKHUH RFK P|MOLJKHWHU WLOO OlVQLQJ VNULYQLQJ RFK

SUDFWLFDEOHJDPHV RPP|MOLJWVSHO

,Q FRQQHFWLRQ ZLWK WKH SODQQLQJ RI 1lU UHNUHDWLRQVP|MOLJKHWHU SODQHUDV E|U UHFUHDWLRQIDFLOLWLHVWKHFRPSHWHQWDXWKRULW\ GHQ EHK|ULJD P\QGLJKHWHQ |YHUYlJD DWW VKRXOG JLYH FRQVLGHUDWLRQ WR WKH SURYLVLRQ LQUlWWDHQVHUYHULQJVDPOLQJVORNDO RIDFDQWHHQ

&RQVLGHUDWLRQ VKRXOG DOVR EH JLYHQ WR 'HW E|U RFNVn |YHUYlJDV DWW RP P|MOLJW LQFOXGLQJ WKH IROORZLQJ IDFLOLWLHV DW QR FRVW XWDQNRVWQDGI|UVM|PlQQHQLQUlWWDI|OMDQGH WRWKHVHDIDUHUZKHUHSUDFWLFDEOH

DDVPRNLQJURRP DU|NUXP

E WHOHYLVLRQ YLHZLQJ DQG WKH UHFHSWLRQ RI E 79WLWWDQGH RFK PRWWDJQLQJ DY UDGLREURDGFDVWV UDGLRVlQGQLQJDU

F VKRZLQJ RI ILOPV WKH VWRFN RI ZKLFK FILOPI|UHYLVQLQJPHGWLOOUlFNOLJWXUYDOI|U VKRXOG EH DGHTXDWH IRU WKH GXUDWLRQ RI WKH KHOD UHVDQV YDUDNWLJKHW RFK YLG EHKRY YR\DJH DQG ZKHUH QHFHVVDU\ FKDQJHG DW XWE\WHPHGULPOLJDLQWHUYDOO UHDVRQDEOHLQWHUYDOV

G VSRUWV HTXLSPHQW LQFOXGLQJ H[HUFLVH G VSRUWXWUXVWQLQJ VRP PRWLRQVUHGVNDS HTXLSPHQWWDEOHJDPHVDQGGHFNJDPHV ERUGVRFKGlFNVVSHO

HZKHUHSRVVLEOHIDFLOLWLHVIRUVZLPPLQJ HRPP|MOLJWVLPEDVVlQJ

IDOLEUDU\FRQWDLQLQJYRFDWLRQDODQGRWKHU I HWW ELEOLRWHN DY IDFNOLWWHUDWXU RFK DQQDQ ERRNV WKH VWRFN RI ZKLFK VKRXOG EH OLWWHUDWXU PHG WLOOUlFNOLJW XUYDO I|U KHOD DGHTXDWHIRUWKHGXUDWLRQRIWKHYR\DJHDQG UHVDQV YDUDNWLJKHW RFK XWE\WH PHG ULPOLJD FKDQJHGDWUHDVRQDEOHLQWHUYDOV LQWHUYDOO

JIDFLOLWLHVIRUUHFUHDWLRQDOKDQGLFUDIWV JP|MOLJKHWHUWLOOKDQWYHUNSnIULWLGHQ

K HOHFWURQLF HTXLSPHQW VXFK DV D UDGLR K HOHNWURQLVN XWUXVWQLQJ VRP UDGLR 79 WHOHYLVLRQ YLGHR UHFRUGHUV '9'&' YLGHRVSHODUH '9'&'VSHODUH SHUVRQ SOD\HUSHUVRQDOFRPSXWHUDQGVRIWZDUHDQG GDWRU PHG SURJUDPYDUD RFK NDVVHWWVSHODUH FDVVHWWHUHFRUGHUSOD\HU PHGXSSRFKLQVSHOQLQJVIXQNWLRQ

LZKHUHDSSURSULDWHWKHSURYLVLRQRIEDUV L GlU Vn lU OlPSOLJW WLOOKDQGDKnOODQGH DY RQ ERDUG IRU VHDIDUHUV XQOHVV WKHVH DUH EDU I|U VM|PlQQHQ VnYLGD GHWWD LQWH VWULGHU FRQWUDU\ WR QDWLRQDO UHOLJLRXV RU VRFLDO PRW QDWLRQHOOD UHOLJL|VD HOOHU VRFLDOD FXVWRPVDQG VHGYlQMRURFK

M UHDVRQDEOH DFFHVV WR VKLSWRVKRUH M ULPOLJ WLOOJnQJ WLOO WHOHNRPPXQLNDWLRQHU WHOHSKRQH FRPPXQLFDWLRQV DQG HPDLO DQG PHOODQ IDUW\J RFK ODQG VDPW HSRVW RFK ,QWHUQHW IDFLOLWLHV ZKHUH DYDLODEOH ZLWK DQ\ ,QWHUQHWXSSNRSSOLQJ QlU VnGDQ ILQQV FKDUJHV IRU WKH XVH RI WKHVH VHUYLFHV EHLQJ WLOOJlQJOLJ YDUYLG HYHQWXHOOD UHDVRQDEOHLQDPRXQW DQYlQGDUDYJLIWHUE|UYDUDULPOLJD

(YHU\HIIRUWVKRXOGEHJLYHQWRHQVXULQJ 'HWE|UHIWHUVWUlYDV DWWVM|PlQQHQVSRVW WKDW WKH IRUZDUGLQJ RI VHDIDUHUV PDLO LV DV EHIRUGUDV Vn WLOOI|UOLWOLJW RFK VQDEEW VRP UHOLDEOH DQG H[SHGLWLRXV DV SRVVLEOH (IIRUWV P|MOLJW cWJlUGHU E|U RFNVn |YHUYlJDV I|U VKRXOG DOVR EH FRQVLGHUHG IRU DYRLGLQJ DWW XQGYLND DWW VM|PlQQHQ PnVWH EHWDOD VHDIDUHUV EHLQJ UHTXLUHG WR SD\ DGGLWLRQDO WLOOlJJVSRUWR QlU SRVW PnVWH HIWHUVlQGDV Sn

SRVWDJH ZKHQ PDLO KDV WR EH UHDGGUHVVHG JUXQGDYRPVWlQGLJKHWHUVRPGHQLQWHUnGHU

RZLQJ WR FLUFXPVWDQFHV EH\RQG WKHLU |YHU FRQWURO

0HDVXUHVVKRXOGEHFRQVLGHUHGWRHQVXUH 2P LQWH DQQDW I|OMHU DY QDWLRQHOOD HOOHU VXEMHFW WR DQ\ DSSOLFDEOH QDWLRQDO RU LQWHUQDWLRQHOOD ODJDU HOOHU I|URUGQLQJDU E|U LQWHUQDWLRQDO ODZV RU UHJXODWLRQV WKDW VM|PlQQHQ QlU GHW lU ULPOLJW RFK P|MOLJW ZKHQHYHU SRVVLEOH DQG UHDVRQDEOH VHDIDUHUV VQDEEW NXQQD In WLOOnWHOVH DWW WD HPRW VLQD DUHH[SHGLWLRXVO\JUDQWHGSHUPLVVLRQWRKDYH SDUWQHUVVOlNWLQJDURFKYlQQHURPERUGVRP WKHLU SDUWQHUV UHODWLYHV DQG IULHQGV DV EHV|NDUHQlUIDUW\JHWOLJJHULKDPQ%HV|NHQ YLVLWRUV RQ ERDUG WKHLU VKLS ZKHQ LQ SRUW E|U XSSI\OOD HYHQWXHOOD VlNHUKHWVEHVWlP 6XFKPHDVXUHVVKRXOGPHHWDQ\FRQFHUQVIRU PHOVHU VHFXULW\FOHDUDQFHV

&RQVLGHUDWLRQ VKRXOG EH JLYHQ WR WKH 'HW E|U |YHUYlJDV RP VM|PlQQHQ NDQ SRVVLELOLW\ RI DOORZLQJ VHDIDUHUV WR EH WLOOnWDVKDVLQDSDUWQHUVPHGSnHQVWDNDUHVRU DFFRPSDQLHGE\WKHLUSDUWQHUVRQRFFDVLRQDO QlU GHW lU P|MOLJW RFK ULPOLJW 'HVVD YR\DJHV ZKHUH WKLV LV SUDFWLFDEOH DQG SDUWQHUVE|UYDUDWLOOUlFNOLJWI|UVlNUDGHPRW UHDVRQDEOH 6XFK SDUWQHUV VKRXOG FDUU\ RO\FNRURFKVMXNGRPDURFKUHGDUHQE|UJH DGHTXDWH LQVXUDQFH FRYHU DJDLQVW DFFLGHQW SHUVRQDOHQ GHW VW|G VRP EHK|YV I|U DWW DQGLOOQHVVWKHVKLSRZQHUVVKRXOGJLYHHYHU\ WHFNQDVnGDQI|UVlNULQJ DVVLVWDQFH WR WKH VHDIDUHU WR HIIHFW VXFK LQVXUDQFH

*XLGHOLQH%²3UHYHQWLRQRIQRLVHDQG $QYLVQLQJ % ² )|UHE\JJDQGH DY EXOOHU YLEUDWLRQ RFKYLEUDWLRQHU

$FFRPPRGDWLRQ DQG UHFUHDWLRQDO DQG %RVWlGHU RFK XWU\PPHQ I|U UHNUHDWLRQ FDWHULQJIDFLOLWLHVVKRXOGEHORFDWHGDVIDUDV RFK I|USOlJQDG E|U YDUD SODFHUDGH Vn OnQJW SUDFWLFDEOH IURP WKH HQJLQHV VWHHULQJ JHDU VRP P|MOLJW IUnQ PDVNLQHU VW\UPDVNLQUXP URRPV GHFN ZLQFKHV YHQWLODWLRQ KHDWLQJ GlFNVYLQVFKDU RFK XWUXVWQLQJ I|U YHQWLOD DQG DLUFRQGLWLRQLQJ HTXLSPHQW DQG RWKHU WLRQYlUPHRFKOXIWNRQGLWLRQHULQJVDPWIUnQ QRLV\PDFKLQHU\DQGDSSDUDWXV DQGUDEXOOUDQGHPDVNLQHURFKDSSDUDWHU

$FRXVWLF LQVXODWLRQ RU RWKHU DSSURSULDWH /MXGLVROHULQJHOOHUDQQDWOMXGDEVRUEHUDQGH VRXQGDEVRUELQJPDWHULDOVVKRXOGEHXVHGLQ PDWHULDO E|U DQYlQGDV YLG E\JJQDG RFK WKHFRQVWUXFWLRQDQGILQLVKLQJRIEXONKHDGV LQUHGQLQJDYVNRWWWDNRFKGlFNSnEXOOULJD GHFNKHDGV DQG GHFNV ZLWKLQ WKH VRXQG SODWVHU RFK VMlOYVWlQJDQGH OMXGLVROHUDGH SURGXFLQJ VSDFHV DV ZHOO DV VHOIFORVLQJ G|UUDULPDVNLQXWU\PPHQ QRLVHLVRODWLQJGRRUVIRUPDFKLQHU\VSDFHV

(QJLQHURRPVDQGRWKHUPDFKLQHU\VSDFHV 0DVNLQUXP RFK DQGUD PDVNLQXWU\PPHQ VKRXOG EH SURYLGHG ZKHUHYHU SUDFWLFDEOH E|U RP P|MOLJW YDUD I|UVHGGD PHG FHQWUDOL ZLWK VRXQGSURRI FHQWUDOL]HG FRQWURO URRPV VHUDGHOMXGLVROHUDGHNRQWUROOUXPI|UPDVNLQ IRUHQJLQHURRPSHUVRQQHO:RUNLQJVSDFHV SHUVRQDOHQ $UEHWVRPUnGHQ VRP PDVNLQ VXFK DV WKH PDFKLQH VKRS VKRXOG EH YHUNVWDGHQ E|U Vn OnQJW P|MOLJW YDUD LQVXODWHG DV IDU DV SUDFWLFDEOH IURP WKH LVROHUDGH IUnQ GHW DOOPlQQD PDVNLQUXPV JHQHUDO HQJLQHURRP QRLVH DQG PHDVXUHV EXOOUHWRFKPDQE|UVWUlYDHIWHUDWWPLQVND VKRXOG EH WDNHQ WR UHGXFH QRLVH LQ WKH EXOOUHWQlUPDVNLQHUQDlULJnQJ RSHUDWLRQRIPDFKLQHU\

7KH OLPLWV IRU QRLVH OHYHOV IRU ZRUNLQJ *UlQVHU I|U EXOOHUQLYnHU L DUEHWV RFK DQG OLYLQJ VSDFHV VKRXOG EH LQ FRQIRUPLW\ ERVWDGVXWU\PPHQ E|U |YHUHQVVWlPPD PHG ZLWK WKH ,/2 LQWHUQDWLRQDO JXLGHOLQHV RQ ,/2V LQWHUQDWLRQHOOD DQYLVQLQJDU RP

H[SRVXUHOHYHOVLQFOXGLQJWKRVHLQWKH,/2 H[SRQHULQJVQLYnHUVRPGHVRPILQQVL,/2

FRGHRISUDFWLFHHQWLWOHG$PELHQWIDFWRUVLQ FRGH RI SUDFWLFH XQGHU WLWHOQ $PELHQW WKH ZRUNSODFH DQG ZKHUH DSSOLFDEOH IDFWRUVLQWKHZRUNSODFHRFKGlUVnlU WKHVSHFLILFSURWHFWLRQUHFRPPHQGHGE\WKH WLOOlPSOLJW GHQ VSHFLHOOD VN\GGVVWDQGDUG ,QWHUQDWLRQDO 0DULWLPH 2UJDQL]DWLRQ DQG VRP ,QWHUQDWLRQHOOD VM|IDUWVRUJDQLVDWLRQHQ ZLWK DQ\ VXEVHTXHQW DPHQGLQJ DQG ,02UHNRPPHQGHUDURFKPHGHYHQWXHOOD VXSSOHPHQWDU\ LQVWUXPHQWV IRU DFFHSWDEOH lQGULQJV RFK WLOOlJJVGRNXPHQW I|U QRLVH OHYHOV RQ ERDUG VKLSV $ FRS\ RI WKH DFFHSWDEOD EXOOHUQLYnHU Sn IDUW\J ([HPSODU DSSOLFDEOH LQVWUXPHQWV LQ (QJOLVK RU WKH DYWLOOlPSOLJDLQVWUXPHQWSnHQJHOVNDHOOHUSn ZRUNLQJ ODQJXDJH RI WKH VKLS VKRXOG EH IDUW\JHWV DUEHWVVSUnN E|U PHGI|UDV RPERUG FDUULHGRQERDUGDQGVKRXOGEHDFFHVVLEOHWR RFKILQQDVWLOOJlQJOLJDI|UVM|PlQQHQ VHDIDUHUV

1R DFFRPPRGDWLRQ RU UHFUHDWLRQDO RU ,QJD ERVWlGHU HOOHU UHNUHDWLRQV HOOHU FDWHULQJ IDFLOLWLHV VKRXOG EH H[SRVHG WR I|USOlJQDGVXWU\PPHQ E|U YDUD XWVDWWD I|U H[FHVVLYHYLEUDWLRQ RQ|GLJWVWDUNDYLEUDWLRQHU

5HJXODWLRQ 5HJHO

5HJXODWLRQ²)RRGDQGFDWHULQJ 5HJHO²0DWRFKI|USOlJQDG

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV KDYH DFFHVV 6\IWH$WWVlNHUVWlOODDWWVM|PlQKDUWLOOJnQJWLOO WR JRRG TXDOLW\ IRRG DQG GULQNLQJ ZDWHU PDWRFKGULFNVYDWWHQDYJRGNYDOLWHWRFKVRP SURYLGHGXQGHUUHJXODWHGK\JLHQLFFRQGLWLRQV VHUYHUDV XQGHU NRQWUROOHUDGH K\JLHQLVND I|UKnOODQGHQ

(DFK0HPEHUVKDOOHQVXUHWKDWVKLSVWKDW 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW IDUW\J IO\LWVIODJFDUU\RQERDUGDQGVHUYHIRRGDQG VRPI|UGHVVIODJJPHGI|URFKVHUYHUDUPDW GULQNLQJ ZDWHU RI DSSURSULDWH TXDOLW\ RFK GULFNVYDWWHQ DY OlPSOLJ NYDOLWHW QXWULWLRQDO YDOXH DQG TXDQWLW\ WKDW QlULQJVYlUGHRFKNYDQWLWHWVRPlUWLOOUlFNOLJ DGHTXDWHO\ FRYHUV WKH UHTXLUHPHQWV RI WKH I|UIDUW\JHWVEHKRYRFKlUDQSDVVDGWLOOROLND VKLS DQG WDNHV LQWR DFFRXQW WKH GLIIHULQJ NXOWXUHOODRFKUHOLJL|VDEDNJUXQGHU FXOWXUDODQGUHOLJLRXVEDFNJURXQGV

6HDIDUHUVRQERDUGDVKLSVKDOOEHSURYLGHG 6M|PlQQHQRPERUGVNDOOKDIULNRVWXQGHU ZLWK IRRG IUHH RI FKDUJH GXULQJ WKH SHULRG VLQWMlQVWJ|ULQJVSHULRG RIHQJDJHPHQW

6HDIDUHUV HPSOR\HG DV VKLSV FRRNV ZLWK 6M|PlQ VRP lU DQVWlOOGD VRP IDUW\JV UHVSRQVLELOLW\ IRU IRRG SUHSDUDWLRQ PXVW EH NRFNDUPHGDQVYDUI|UPDWODJQLQJVNDOOYDUD WUDLQHG DQG TXDOLILHG IRU WKHLU SRVLWLRQ RQ XWELOGDGHRFKNYDOLILFHUDGHI|UVLQEHIDWWQLQJ ERDUGVKLS RPERUGSnIDUW\J

6WDQGDUG 6WDQGDUG

6WDQGDUG$²)RRGDQGFDWHULQJ 6WDQGDUG$²0DWRFKI|USOlJQDG

(DFK 0HPEHU VKDOO DGRSW ODZV DQG 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK UHJXODWLRQV RU RWKHU PHDVXUHV WR SURYLGH DQGUDI|UIDWWQLQJDUI|UDWWIDVWVWlOODPLQLPL PLQLPXP VWDQGDUGV IRU WKH TXDQWLW\ DQG QRUPHUI|UNYDQWLWHWRFKNYDOLWHWSnPDWRFK TXDOLW\ RI IRRG DQG GULQNLQJ ZDWHU DQG IRU GULFNVYDWWHQ VDPW QRUPHU I|U PnOWLGHU VRP WKH FDWHULQJ VWDQGDUGV WKDW DSSO\ WR PHDOV WLOOKDQGDKnOOVVM|PlQRPERUGSnIDUW\JVRP SURYLGHG WR VHDIDUHUV RQ VKLSV WKDW IO\ LWV I|UGHVVIODJJRFKVNDOOnWDJDVLJDWWEHGULYD IODJ DQG VKDOO XQGHUWDNH HGXFDWLRQDO XWELOGQLQJ I|U DWW IUlPMD PHGYHWHQKHW RP

DFWLYLWLHV WR SURPRWH DZDUHQHVV DQG RFKJHQRPI|UDQGHDYGHQRUPHUVRPDYVHVL

LPSOHPHQWDWLRQRIWKHVWDQGDUGVUHIHUUHGWR GHQQDSXQNW LQWKLVSDUDJUDSK

(DFK0HPEHUVKDOOHQVXUHWKDWVKLSVWKDW 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW IDUW\J IO\ LWV IODJ PHHW WKH IROORZLQJ PLQLPXP VRP I|U GHVV IODJJ XSSI\OOHU I|OMDQGH VWDQGDUGV PLQLPLQRUPHU

DIRRGDQGGULQNLQJZDWHUVXSSOLHVKDYLQJ D I|UUnG DY PDW RFK GULFNVYDWWHQ VNDOO KD UHJDUGWRWKHQXPEHURIVHDIDUHUVRQERDUG OlPSOLJNYDQWLWHWQlULQJVYlUGHNYDOLWHWRFK WKHLU UHOLJLRXV UHTXLUHPHQWV DQG FXOWXUDO YDULDWLRQ PHG KlQV\Q WLOO EHVlWWQLQJHQV SUDFWLFHV DV WKH\ SHUWDLQ WR IRRG DQG WKH VWRUOHN UHOLJL|VD RFK NXOWXUHOOD NRVWYDQRU GXUDWLRQ DQG QDWXUH RI WKH YR\DJH VKDOO EH VDPWUHVDQVDUWRFKYDUDNWLJKHW VXLWDEOH LQ UHVSHFW RI TXDQWLW\ QXWULWLRQDO YDOXHTXDOLW\DQGYDULHW\

E WKH RUJDQL]DWLRQ DQG HTXLSPHQW RI WKH E HNRQRPLDYGHOQLQJHQ VNDOO YDUD RUJDQL FDWHULQJ GHSDUWPHQW VKDOO EH VXFK DV WR VHUDG RFK XWUXVWDG Vn DWW VM|PlQQHQ NDQ In SHUPLW WKH SURYLVLRQ WR WKH VHDIDUHUV RI WLOOUlFNOLJDYDULHUDGHRFKQlULQJVULNWLJDPnO DGHTXDWH YDULHG DQG QXWULWLRXV PHDOV WLOODJDGH RFK VHUYHUDGH XQGHU K\JLHQLVND SUHSDUHGDQGVHUYHGLQK\JLHQLFFRQGLWLRQV I|UKnOODQGHQRFK DQG

FFDWHULQJVWDIIVKDOOEHSURSHUO\WUDLQHGRU F HNRQRPLSHUVRQDOHQ VNDOO YDUD YlO LQVWUXFWHGIRUWKHLUSRVLWLRQV XWELOGDG HOOHU LQVWUXHUDG I|U VLQD EHIDWWQLQJDU

6KLSRZQHUV VKDOO HQVXUH WKDW VHDIDUHUV 5HGDUH VNDOO VH WLOO DWW SHUVRQHU VRP lU ZKRDUHHQJDJHGDVVKLSVFRRNVDUHWUDLQHG DQVWlOOGD VRP IDUW\JVNRFNDU lU XWELOGDGH TXDOLILHG DQG IRXQG FRPSHWHQW IRU WKH NYDOLILFHUDGH RFK EHIXQQLWV NRPSHWHQWD I|U SRVLWLRQ LQ DFFRUGDQFH ZLWK UHTXLUHPHQWV VLQ EHIDWWQLQJ HQOLJW GHQ EHU|UGD PHGOHPV VHW RXW LQ WKH ODZV DQG UHJXODWLRQV RI WKH VWDWHQVODJDURFKDQGUDI|UIDWWQLQJDU 0HPEHUFRQFHUQHG

7KH UHTXLUHPHQWV XQGHU SDUDJUDSK RI 'H NUDY VRP VWlOOV L SXQNW L GHQQD WKLV6WDQGDUGVKDOOLQFOXGHDFRPSOHWLRQRID VWDQGDUG VNDOO LQQHIDWWD HQ JHQRPJnQJHQ WUDLQLQJ FRXUVH DSSURYHG RU UHFRJQL]HG E\ XWELOGQLQJ VRP lU JRGNlQG HOOHU HUNlQG DY WKH FRPSHWHQW DXWKRULW\ ZKLFK FRYHUV GHQ EHK|ULJD P\QGLJKHWHQ RFK RPIDWWDU SUDFWLFDO FRRNHU\ IRRG DQG SHUVRQDO SUDNWLVN PDWODJQLQJ OLYVPHGHOV RFK K\JLHQH IRRG VWRUDJH VWRFN FRQWURO DQG SHUVRQOLJ K\JLHQ I|UYDULQJ DY OLYVPHGHO HQYLURQPHQWDO SURWHFWLRQ DQG FDWHULQJ ODJHUNRQWUROO PLOM|VN\GG RFK KlOVD RFK KHDOWKDQGVDIHW\ VlNHUKHWYLGVHUYHULQJDYPDW

2Q VKLSV RSHUDWLQJ ZLWK D SUHVFULEHG )|U IDUW\J VRP IUDPI|UV PHG HQ PDQQLQJRIOHVVWKDQWHQZKLFKE\YLUWXHRI I|UHVNULYHQEHVlWWQLQJRPPLQGUHlQWLRRFK WKH VL]H RI WKH FUHZ RU WKH WUDGLQJ SDWWHUQ VRP GHQ EHK|ULJD P\QGLJKHWHQ XWLIUnQ PD\ QRW EH UHTXLUHG E\ WKH FRPSHWHQW EHVlWWQLQJVVWRUOHNHQ HOOHU YHUNVDPKHWV DXWKRULW\ WR FDUU\ D IXOO\ TXDOLILHG FRRN RPUnGHW LQWH NDQ nOlJJD DWW KD HQ IXOOW DQ\RQHSURFHVVLQJIRRGLQWKHJDOOH\VKDOOEH NYDOLILFHUDGNRFNRPERUGJlOOHUDWWDOODVRP WUDLQHGRULQVWUXFWHGLQDUHDVLQFOXGLQJIRRG KDQWHUDU OLYVPHGHO L N|NHW VNDOO YDUD DQGSHUVRQDOK\JLHQHDVZHOODVKDQGOLQJDQG XWELOGDGH HOOHU LQVWUXHUDGH Sn RPUnGHQ VRP VWRUDJHRIIRRGRQERDUGVKLS LQQHIDWWDU OLYVPHGHOV RFK SHUVRQOLJ K\JLHQ RFKKDQGKDYDQGHRFKI|UYDULQJDYOLYVPHGHO RPERUGSnIDUW\J

,QFLUFXPVWDQFHVRIH[FHSWLRQDOQHFHVVLW\ , \WWHUVWD Q|GIDOO NDQ GHQ EHK|ULJD

WKH FRPSHWHQW DXWKRULW\ PD\ LVVXH D P\QGLJKHWHQ PHGJH GLVSHQV IUnQ JlOODQGH GLVSHQVDWLRQSHUPLWWLQJDQRQIXOO\TXDOLILHG NUDYRFKWLOOnWDHQLQWHKHOWNYDOLILFHUDGNRFN FRRN WR VHUYH LQ D VSHFLILHG VKLS IRU D DWW WMlQVWJ|UD Sn HWW YLVVW IDUW\J XQGHU HQ VSHFLILHG OLPLWHG SHULRG XQWLO WKH QH[W EHJUlQVDG WLG WLOO QlVWD OlPSOLJD DQJ|ULQJV FRQYHQLHQW SRUW RI FDOO RU IRU D SHULRG QRW KDPQ HOOHU XQGHU K|JVW HQ PnQDG XQGHU H[FHHGLQJ RQH PRQWK SURYLGHG WKDW WKH I|UXWVlWWQLQJDWWGHQSHUVRQGLVSHQVHQDYVHU SHUVRQWRZKRPWKHGLVSHQVDWLRQLVLVVXHGLV lU XWELOGDG HOOHU LQVWUXHUDG LQRP RPUnGHQ WUDLQHGRULQVWUXFWHGLQDUHDVLQFOXGLQJIRRG VRP LQQHIDWWDU OLYVPHGHO RFK SHUVRQOLJ DQGSHUVRQDOK\JHQHDVZHOODVKDQGOLQJDQG K\JLHQ VDPW KDQGKDYDQGH RFK I|UYDULQJ DY VWRUDJHRIIRRGRQERDUGVKLS OLYVPHGHORPERUGSnIDUW\J

,Q DFFRUGDQFH ZLWK WKH RQJRLQJ ,|YHUHQVVWlPPHOVHPHGI|UIDUDQGHQDI|U FRPSOLDQFH SURFHGXUHV XQGHU 7LWOH WKH IRUWO|SDQGH XSSI\OOHOVH PHG KlQYLVQLQJ WLOO FRPSHWHQW DXWKRULW\ VKDOO UHTXLUH WKDW NDSLWHO VNDOO GHQ EHK|ULJD P\QGLJKHWHQ IUHTXHQWGRFXPHQWHGLQVSHFWLRQVEHFDUULHG NUlYD DWW WlWD GRNXPHQWHUDGH LQVSHNWLRQHU RXW RQ ERDUG VKLSV E\ RU XQGHU WKH XWI|UV RPERUG Sn IDUW\JHW DY HOOHU XQGHU DXWKRULW\RIWKHPDVWHUZLWKUHVSHFWWR WLOOV\QDYEHIlOKDYDUHQPHGDYVHHQGHSn

DVXSSOLHVRIIRRGDQGGULQNLQJZDWHU DI|UUnGDYOLYVPHGHORFKGULFNVYDWWHQ

E DOO VSDFHV DQG HTXLSPHQW XVHG IRU WKH E DOOD XWU\PPHQ RFK DOO XWUXVWQLQJ I|U VWRUDJH DQG KDQGOLQJ RI IRRG DQG GULQNLQJ I|UYDULQJ RFK KDQWHULQJ DY OLYVPHGHO RFK ZDWHUDQG GULFNVYDWWHQRFK

F JDOOH\ DQG RWKHU HTXLSPHQW IRU WKH FN|NVXWUXVWQLQJRFKDQQDQXWUXVWQLQJI|U SUHSDUDWLRQDQGVHUYLFHRIPHDOV WLOODJQLQJRFKVHUYHULQJDYPnOWLGHU

1R VHDIDUHU XQGHU WKH DJH RI VKDOO EH ,QJHQVM|PDQVRPLQWHI\OOWnUInUYDUD HPSOR\HG RU HQJDJHG RU ZRUN DV D VKLSV DQVWlOOG V\VVHOVDWW HOOHU DUEHWD VRP IDUW\JV FRRN NRFN

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²)RRGDQGFDWHULQJ $QYLVQLQJ%²0DWRFKI|USOlJQDG

*XLGHOLQH%²,QVSHFWLRQHGXFDWLRQUHVHDUFK $QYLVQLQJ % ² ,QVSHNWLRQ XWELOGQLQJ DQGSXEOLFDWLRQ IRUVNQLQJRFKSXEOLFHULQJ

7KH FRPSHWHQW DXWKRULW\ VKRXOG LQ 'HQ EHK|ULJD P\QGLJKHWHQ E|U L VDP FRRSHUDWLRQZLWKRWKHUUHOHYDQWDJHQFLHVDQG DUEHWH PHG DQGUD UHOHYDQWD LQVWDQVHU RFK RUJDQL]DWLRQV FROOHFW XSWRGDWH LQIRUPD RUJDQLVDWLRQHU VDPOD LQ DNWXHOO LQIRUPDWLRQ WLRQ RQ QXWULWLRQ DQG RQ PHWKRGV RI RP QlULQJVOlUD RFK PHWRGHU I|U LQN|S SXUFKDVLQJVWRULQJSUHVHUYLQJFRRNLQJDQG I|UYDULQJ NRQVHUYHULQJ EHUHGQLQJ RFK VHUYLQJ IRRG ZLWK VSHFLDO UHIHUHQFH WR WKH VHUYHULQJ DY OLYVPHGHO PHG VlUVNLOG KlQV\Q UHTXLUHPHQWV RI FDWHULQJ RQ ERDUG D VKLS WLOO NUDYHQ Sn I|USOlJQDG RPERUG Sn IDUW\J 7KLV LQIRUPDWLRQ VKRXOG EH PDGH DYDLODEOH ,QIRUPDWLRQHQE|UJUDWLVHOOHUWLOOHQULPOLJ IUHH RI FKDUJH RU DW UHDVRQDEOH FRVW WR NRVWQDGVWlOODVWLOOI|UIRJDQGHI|UWLOOYHUNDUH PDQXIDFWXUHUV RI DQG WUDGHUV LQ VKLSV IRRG RFK KDQGHO L VHNWRUHUQD I|U SURYLDQWHULQJ VXSSOLHV DQG HTXLSPHQW PDVWHUV VWHZDUGV RFKXWUXVWQLQJEHIlOKDYDUHLQWHQGHQWHURFK DQGFRRNVDQGWRVKLSRZQHUVDQGVHDIDUHUV NRFNDURFKI|UEHU|UGDUHGDURFKVM|IRONV RUJDQL]DWLRQVFRQFHUQHG$SSURSULDWHIRUPV RUJDQLVDWLRQHU /lPSOLJD SXEOLNDWLRQV RI SXEOLFLW\ VXFK DV PDQXDOV EURFKXUHV IRUPHU VRP KDQGE|FNHU EURVFK\UHU

SRVWHUV FKDUWV RU DGYHUWLVHPHQWV LQ WUDGH DIILVFKHUSODQVFKHUHOOHUDQQRQVHULIDFNWLGV

MRXUQDOVVKRXOGEHXVHGIRUWKLVSXUSRVH NULIWHUE|UDQYlQGDVI|UGHWWDlQGDPnO

7KH FRPSHWHQW DXWKRULW\ VKRXOG LVVXH 'HQ EHK|ULJD P\QGLJKHWHQ E|U XWIlUGD UHFRPPHQGDWLRQVWRDYRLGZDVWDJHRIIRRG UHNRPPHQGDWLRQHU RP KXU PDQ XQGYLNHU IDFLOLWDWH WKH PDLQWHQDQFH RI D SURSHU VYLQQ DY OLYVPHGHO KnOOHU HQ JRG K\JLHQLVN VWDQGDUG RI K\JLHQH DQG HQVXUH WKH VWDQGDUG RFK VNDSDU VPLGLJDVW P|MOLJD PD[LPXP SUDFWLFDEOH FRQYHQLHQFH LQ DUEHWVRUGQLQJ ZRUNLQJDUUDQJHPHQWV

7KH FRPSHWHQW DXWKRULW\ VKRXOG ZRUN 'HQEHK|ULJDP\QGLJKHWHQE|UVDPDUEHWD ZLWK UHOHYDQW DJHQFLHV DQG RUJDQL]DWLRQV WR PHG UHOHYDQWD LQVWDQVHU RFK RUJDQLVDWLRQHU GHYHORS HGXFDWLRQDO PDWHULDOV DQG RQERDUG I|U DWW XWDUEHWD XWELOGQLQJV RFK LQIRUPD LQIRUPDWLRQ FRQFHUQLQJ PHWKRGV RI WLRQVPDWHULHO DWW DQYlQGDV RPERUG RP JRG HQVXULQJ SURSHU IRRG VXSSO\ DQG FDWHULQJ OLYVPHGHOVI|UV|UMQLQJ RFK I|USOlJQDGV VHUYLFHV WMlQVWHUSnIDUW\J

7KHFRPSHWHQWDXWKRULW\VKRXOGZRUNLQ 'HQ EHK|ULJD P\QGLJKHWHQ E|U KD HWW FORVH FRRSHUDWLRQ ZLWK WKH VKLSRZQHUV DQG QlUD VDPDUEHWH PHG EHU|UGD UHGDU RFK VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG DQG ZLWK VM|IRONVRUJDQLVDWLRQHU RFK PHG QDWLRQHOOD QDWLRQDO RU ORFDO DXWKRULWLHV GHDOLQJ ZLWK HOOHU ORNDOD P\QGLJKHWHU VRP KDQGOlJJHU TXHVWLRQV RI IRRG DQG KHDOWK DQG PD\ IUnJRU RP OLYVPHGHO RFK KlOVD RFK NDQ YLG ZKHUHQHFHVVDU\ XWLOL]HWKHVHUYLFHVRIVXFK EHKRY DQYlQGD VLJ DY VnGDQD P\QGLJKHWHUV DXWKRULWLHV WMlQVWHU

*XLGHOLQH%²6KLSVFRRNV $QYLVQLQJ%²)DUW\JVNRFNDU

6HDIDUHUVVKRXOGRQO\EHTXDOLILHGDVVKLSV 6M|PlQ E|U YDUD EHK|ULJD WLOO WMlQVW VRP FRRNVLIWKH\KDYH IDUW\JVNRFNDUHQGDVWRPGHKDU

DVHUYHGDWVHDIRUDPLQLPXPSHULRGWREH DWMlQVWJMRUWWLOOVM|VVXQGHUPLQVWGHQWLG SUHVFULEHG E\ WKH FRPSHWHQW DXWKRULW\ VRP GHQ EHK|ULJD P\QGLJKHWHQ I|UHVNULYHU ZKLFK FRXOG EH YDULHG WR WDNH LQWR DFFRXQW RFK VRP NDQ YDULHUD PHG KlQV\Q WLOO H[LVWLQJ UHOHYDQW TXDOLILFDWLRQV RU UHOHYDQWDNYDOLILNDWLRQHUHOOHUHUIDUHQKHW H[SHULHQFH

ESDVVHGDQH[DPLQDWLRQSUHVFULEHGE\WKH E DYODJW H[DPHQ VRP GHQ EHK|ULJD P\Q FRPSHWHQWDXWKRULW\RUSDVVHGDQHTXLYDOHQW GLJKHWHQI|UHVNULYLWHOOHUDYODJWHQOLNYlUGLJ H[DPLQDWLRQ DW DQ DSSURYHG WUDLQLQJ FRXUVH H[DPHQ YLG HQ JRGNlQG XWELOGQLQJ I|U IRUFRRNV NRFNDU

7KH SUHVFULEHG H[DPLQDWLRQ PD\ EH 'HQI|UHVNULYQDH[DPHQNDQI|UUlWWDVRFK FRQGXFWHG DQG FHUWLILFDWHV JUDQWHG HLWKHU FHUWLILNDW XWIlUGDV DQWLQJHQ GLUHNW DY GHQ GLUHFWO\ E\ WKH FRPSHWHQW DXWKRULW\ RU EHK|ULJD P\QGLJKHWHQ HOOHU XQGHU GHVV VXEMHFWWRLWVFRQWUROE\DQDSSURYHGVFKRRO WLOOV\Q YLG HQ JRGNlQG XWELOGQLQJ I|U IRUWKHWUDLQLQJRIFRRNV NRFNDU

7KH FRPSHWHQW DXWKRULW\ VKRXOG SURYLGH 'HQEHK|ULJDP\QGLJKHWHQE|ULWLOOlPS IRU WKH UHFRJQLWLRQ ZKHUH DSSURSULDWH RI OLJDIDOOI|UHVNULYDDWWFHUWLILNDWVRPIDUW\JV FHUWLILFDWHV RI TXDOLILFDWLRQ DV VKLSV FRRNV NRFN XWIlUGDW DY DQQDQ PHGOHPVVWDW VRP LVVXHG E\ RWKHU 0HPEHUV ZKLFK KDYH KDU UDWLILFHUDW GHQQD NRQYHQWLRQ HOOHU UDWLILHGWKLV&RQYHQWLRQRUWKH&HUWLILFDWLRQ nUVNRQYHQWLRQQURPEHK|ULJKHWVEHYLV RI6KLSV&RRNV&RQYHQWLRQ1R I|U VNHSSVNRFNDU HOOHU DY DQQDW JRGNlQW RURWKHUDSSURYHGERG\ RUJDQVNDOOHUNlQQDV

7LWOH+HDOWK3URWHFWLRQ0HGLFDO&DUH .DSLWHO +lOVR RFK VMXNYnUG

:HOIDUHDQG6RFLDO6HFXUWL\3URWHFWLRQ YlOIlUGRFKVRFLDOWU\JJKHW

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² 0HGLFDO FDUH RQ ERDUG VKLS 5HJHO²6MXNYnUGRPERUGRFKLODQG DQGDVKRUH

3XUSRVH7RSURWHFWWKHKHDOWKRIVHDIDUHUVDQG 6\IWH $WW VN\GGD VM|PlQQHQV KlOVD RFK HQVXUHWKHLUSURPSWDFFHVVWRPHGLFDOFDUHRQ WLOOI|UVlNUD GHP VQDEE WLOOJnQJ WLOO VMXNYnUG ERDUGVKLSDQGDVKRUH RPERUGRFKLODQG

(DFK 0HPEHU VKDOO HQVXUH WKDW DOO 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW DOOD VHDIDUHUVRQVKLSVWKDWIO\LWVIODJDUHFRYHUHG VM|PlQSnIDUW\JVRPI|UGHVVIODJJRPIDWWDV E\ DGHTXDWH PHDVXUHV IRU WKH SURWHFWLRQ RI DY IXOOJRGD KlOVRVN\GGVnWJlUGHU RFK KDU WKHLU KHDOWK DQG WKDW WKH\ KDYH DFFHVV WR VQDEE WLOOJnQJ WLOO JRG VMXNYnUG QlU GH SURPSW DQG DGHTXDWH PHGLFDO FDUH ZKLOVW WMlQVWJ|URPERUG ZRUNLQJRQERDUG

7KHSURWHFWLRQDQGFDUHXQGHUSDUDJUDSK 3HUVRQDOHQ VNDOO L SULQFLS KD NRVWQDGVIUL RI WKLV 5HJXODWLRQ VKDOO LQ SULQFLSOH EH WLOOJnQJWLOOKlOVRRFKVMXNYnUGHQOLJWSXQNW SURYLGHGDWQRFRVWWRWKHVHDIDUHUV LGHQQDUHJHO

(DFK 0HPEHU VKDOO HQVXUH WKDW VHDIDUHUV 9DUMHPHGOHPVVWDWVNDOOVHWLOODWWVM|PlQ RQ ERDUG VKLSV LQ LWV WHUULWRU\ ZKR DUH LQ RPERUGSnIDUW\JLQRPGHVVWHUULWRULXPVRP QHHG RI LPPHGLDWH PHGLFDO FDUH DUH JLYHQ EHK|YHURPHGHOEDUVMXNYnUGJHVWLOOJnQJWLOO DFFHVVWRWKH0HPEHUVPHGLFDOIDFLOLWLHVRQ PHGOHPVVWDWHQVVMXNYnUGVUHVXUVHULODQG VKRUH

7KH UHTXLUHPHQWV IRU RQERDUG KHDOWK 'H NUDY Sn KlOVR RFK VMXNYnUG RPERUG SURWHFWLRQ DQG PHGLFDO FDUH VHW RXW LQ WKH VRP IDVWVWlOOV L NRGHQ LQQHIDWWDU VWDQGDUGHU &RGHLQFOXGHVWDQGDUGVIRUPHDVXUHVDLPHG I|UnWJlUGHUVRPV\IWDUWLOODWWJHVM|PlQQHQ DWSURYLGLQJVHDIDUHUVZLWKKHDOWKSURWHFWLRQ HQKlOVRRFKVMXNYnUGVRPVnOnQJWP|MOLJW DQG PHGLFDO FDUH DV FRPSDUDEOH DV SRVVLEOH lU MlPI|UEDU PHG GHQ YnUG VRP DOOPlQW WR WKDW ZKLFK LV JHQHUDOO\ DYDLODEOH WR ILQQVDWWWLOOJnI|UODQGEDVHUDGSHUVRQDO ZRUNHUVDVKRUH

6WDQGDUG 6WDQGDUG

6WDQGDUG $ ² 0HGLFDO FDUH RQ ERDUG VKLS 6WDQGDUG$²6MXNYnUGRPERUGRFKLODQG DQGDVKRUH

(DFK 0HPEHU VKDOO HQVXUH WKDW PHDVXUHV 9DUMHPHGOHPVVWDWVNDOOVHWLOODWWVM|PlQ SURYLGLQJIRUKHDOWKSURWHFWLRQDQGPHGLFDO VRP DUEHWDU RPERUG Sn HWW IDUW\J VRP I|U FDUH LQFOXGLQJ HVVHQWLDO GHQWDO FDUH IRU GHVV IODJJ KDU WLOOJnQJ WLOO KlOVR RFK VMXN VHDIDUHUVZRUNLQJRQERDUGDVKLSWKDWIOLHV YnUGLQNOXVLYHDNXWWDQGYnUGVRP LWVIODJDUHDGRSWHGZKLFK

DHQVXUHWKHDSSOLFDWLRQWRVHDIDUHUVRIDQ\ D VlNHUVWlOOHU DWW DOOPlQQD EHVWlPPHOVHU JHQHUDO SURYLVLRQV RQ RFFXSDWLRQDO KHDOWK RP KlOVR RFK VMXNYnUG L DUEHWHW VRP U|U SURWHFWLRQDQGPHGLFDOFDUHUHOHYDQWWRWKHLU GHUDV WMlQVWJ|ULQJ VDPW VlUVNLOGD EHVWlP GXWLHV DV ZHOO DV RI VSHFLDO SURYLVLRQV PHOVHU VRP lU VSHFLILND I|U IDUW\JVWMlQVWHQ VSHFLILFWRZRUNRQERDUGVKLS WLOOlPSDVSnVM|PlQ

E HQVXUH WKDW VHDIDUHUV DUH JLYHQ KHDOWK EVlNHUVWlOOHUDWWVM|PlQQHQJHVKlOVRRFK

SURWHFWLRQ DQG PHGLFDO FDUH DV FRPSDUDEOH VMXNYnUG VRP L VW|UVWD P|MOLJD XWVWUlFNQLQJ DV SRVVLEOH WR WKDW ZKLFK LV JHQHUDOO\ lU MlPI|UEDU PHG GHW VN\GG RFK GHQ YnUG DYDLODEOH WR ZRUNHUV DVKRUH LQFOXGLQJ VRPYDQOLJHQILQQVDWWWLOOJnI|UODQGEDVHUDG SURPSW DFFHVV WR WKH QHFHVVDU\ PHGLFLQHV SHUVRQDO LQNOXVLYH VQDEE WLOOJnQJ WLOO Q|G PHGLFDO HTXLSPHQW DQG IDFLOLWLHV IRU YlQGLJD PHGLFLQHU PHGLFLQVN XWUXVWQLQJ GLDJQRVLV DQG WUHDWPHQW DQG WR PHGLFDO RFK UHVXUVHU I|U GLDJQRV RFK EHKDQGOLQJ LQIRUPDWLRQDQGH[SHUWLVH VDPW WLOO PHGLFLQVN LQIRUPDWLRQ RFK PHGLFLQVNDVSHFLDOLVWHU

FJLYHVHDIDUHUVWKHULJKWWRYLVLWDTXDOLILHG F WLOOI|UVlNUDU VM|PlQ UlWW DWW GlU Vn lU PHGLFDO GRFWRU RU GHQWLVW ZLWKRXW GHOD\ LQ P|MOLJW XWDQ GU|MVPnO V|ND HQ NYDOLILFHUDG SRUWVRIFDOOZKHUHSUDFWLFDEOH OlNDUHHOOHUWDQGOlNDUHLKDPQDUVRPIDUW\JHW DQO|SHU

G HQVXUH WKDW WR WKH H[WHQW FRQVLVWHQW G VlNHUVWlOOHU DWW VM|PlQ InU NRVWQDGVIUL ZLWKWKH0HPEHUVQDWLRQDOODZDQGSUDFWLFH WLOOJnQJ WLOO KlOVR RFK VMXNYnUG PHGDQ GHQ PHGLFDO FDUH DQG KHDOWK SURWHFWLRQ VHUYLFHV WMlQVWJ|U RPERUG HOOHU L ODQG L IUlPPDQGH ZKLOHDVHDIDUHULVRQERDUGVKLSRUODQGHGLQ KDPQ L GHQ PnQ GHWWD lU I|UHQOLJW PHG DIRUHLJQSRUWDUHSURYLGHGIUHHRIFKDUJHWR PHGOHPVVWDWHQV QDWLRQHOOD ODJVWLIWQLQJ RFK VHDIDUHUVDQG SUD[LVRFK

H DUH QRW OLPLWHG WR WUHDWPHQW RI VLFN RU HLQWHlUEHJUlQVDGWLOOEHKDQGOLQJDYVMXND LQMXUHG VHDIDUHUV EXW LQFOXGH PHDVXUHV RI D HOOHU VNDGDGH VM|PlQ XWDQ RFNVn RPIDWWDU SUHYHQWLYH FKDUDFWHU VXFK DV KHDOWK SURPR I|UHE\JJDQGH nWJlUGHU VRP SURJUDP I|U WLRQDQGKHDOWKHGXFDWLRQSURJUDPPHV IUlPMDQGHDYKlOVDRFKXWELOGQLQJLKlOVRIUnJRU

7KH FRPSHWHQW DXWKRULW\ VKDOO DGRSW D 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO LQI|UD VWDQGDUGPHGLFDOUHSRUWIRUPIRUXVHE\WKH HWW VWDQGDUGLVHUDW UDSSRUWIRUPXOlU DWW VKLSVPDVWHUVDQGUHOHYDQWRQVKRUHDQGRQ DQYlQGDV DY EHIlOKDYDUHQ RFK VMXNYnUGV ERDUG PHGLFDO SHUVRQQHO 7KH IRUP ZKHQ SHUVRQDO L ODQG RFK RPERUG 5DSSRUW FRPSOHWHG DQG LWV FRQWHQWV VKDOO EH NHSW IRUPXOlUHWRFKGHVVLQQHKnOOVNDOOEHKDQGODV FRQILGHQWLDO DQG VKDOO RQO\ EH XVHG WR NRQILGHQWLHOOW RFK InU LQWH DQYlQGDV I|U IDFLOLWDWHWKHWUHDWPHQWRIVHDIDUHUV DQQDW lQGDPnO lQ DWW XQGHUOlWWD EHKDQG OLQJHQDYVM|PlQ

(DFK 0HPEHU VKDOO DGRSW ODZV DQG 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK UHJXODWLRQV HVWDEOLVKLQJ UHTXLUHPHQWV IRU DQGUD I|UIDWWQLQJDU VRP IDVWVWlOOHU NUDY Sn RQERDUGKRVSLWDODQGPHGLFDOFDUHIDFLOLWLHV XWU\PPHQ RFK XWUXVWQLQJ I|U VMXNYnUG DQGHTXLSPHQWDQGWUDLQLQJRQVKLSVWKDWIO\ RPERUG VDPW XWUXVWQLQJ RFK XWELOGQLQJ Sn LWVIODJ IDUW\JVRPI|UGHVVIODJJ

1DWLRQDO ODZV DQG UHJXODWLRQV VKDOO DV D 1DWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU PLQLPXP SURYLGH IRU WKH IROORZLQJ VNDOOPLQVWI|UHVNULYDI|OMDQGH UHTXLUHPHQWV

D DOO VKLSV VKDOO FDUU\ D PHGLFLQH FKHVW D DOOD IDUW\J VNDOO PHGI|UD HWW IDUW\JV PHGLFDOHTXLSPHQWDQGDPHGLFDOJXLGHWKH DSRWHN PHGLFLQVN XWUXVWQLQJ RFK HQ VSHFLILFV RI ZKLFK VKDOO EH SUHVFULEHG DQG PHGLFLQVN KDQGERN YDUV LQQHKnOO VNDOO VXEMHFW WR UHJXODU LQVSHFWLRQ E\ WKH I|UHVNULYDV RFK UHJHOPlVVLJW LQVSHNWHUDV DY FRPSHWHQW DXWKRULW\ WKH QDWLRQDO GHQ EHK|ULJD P\QGLJKHWHQ GH QDWLRQHOOD UHTXLUHPHQWV VKDOO WDNH LQWR DFFRXQW WKH NUDYHQ VNDOO XWIRUPDV PHG KlQV\Q WLOO W\SH RI VKLS WKH QXPEHU RI SHUVRQV RQ IDUW\JVW\S RFK DQWDO SHUVRQHU RPERUG RFK ERDUG DQG WKH QDWXUH GHVWLQDWLRQ DQG WLOO UHVDQV DUW GHVWLQDWLRQ RFK YDUDNWLJKHW

GXUDWLRQ RI YR\DJHV DQG UHOHYDQW QDWLRQDO VDPW WLOO UHOHYDQWD QDWLRQHOOD RFK

DQG LQWHUQDWLRQDO UHFRPPHQGHG PHGLFDO LQWHUQDWLRQHOODUHNRPPHQGHUDGHPHGLFLQVND VWDQGDUGV QRUPHU

EVKLSVFDUU\LQJRUPRUHSHUVRQVDQG EIDUW\JPHGPLQVWSHUVRQHURPERUG RUGLQDULO\HQJDJHGRQLQWHUQDWLRQDOYR\DJHV VRPYDQOLJHQDQYlQGVLLQWHUQDWLRQHOOVM|IDUW RIPRUHWKDQWKUHHGD\VGXUDWLRQVKDOOFDUU\ DY PHU lQ WUH G\JQV YDUDNWLJKHW VNDOO KD HQ D TXDOLILHG PHGLFDO GRFWRU ZKR LV NYDOLILFHUDG OlNDUH PHG DQVYDU I|U VMXN UHVSRQVLEOH IRU SURYLGLQJ PHGLFDO FDUH YnUGHQ QDWLRQHOOD ODJDU RFK DQGUD QDWLRQDOODZVRUUHJXODWLRQVVKDOODOVRVSHFLI\ I|UIDWWQLQJDU VNDOO RFNVn I|UHVNULYD YLOND ZKLFKRWKHUVKLSVVKDOOEHUHTXLUHGWRFDUU\ DQGUD IDUW\J VRP VNDOO KD OlNDUH PHG DPHGLFDOGRFWRUWDNLQJLQWRDFFRXQWLQWHU EHDNWDQGH DY EODQG DQQDW IDNWRUHU VRP DOLDVXFKIDFWRUVDVWKHGXUDWLRQQDWXUHDQG UHVDQV YDUDNWLJKHW DUW RFK YLOONRU VDPW FRQGLWLRQVRIWKHYR\DJHDQGWKHQXPEHURI EHVlWWQLQJHQVVWRUOHN VHDIDUHUVRQERDUG

F VKLSV ZKLFK GR QRW FDUU\ D PHGLFDO FIDUW\JVRPLQWHKDUOlNDUHRPERUGVNDOO GRFWRU VKDOO EH UHTXLUHG WR KDYH HLWKHU DW KD DQWLQJHQ PLQVW HQ VM|PDQ RPERUG VRP OHDVWRQHVHDIDUHURQERDUGZKRLVLQFKDUJH DQVYDUDUI|UVMXNYnUGRFKXWGHOQLQJDYOlNH RI PHGLFDO FDUH DQG DGPLQLVWHULQJ PHGLFLQH PHGHO VRP HQ GHO DY VLQD UHJXOMlUD DVSDUWRIWKHLUUHJXODUGXWLHVRUDWOHDVWRQH DUEHWVXSSJLIWHUHOOHUPLQVWHQSHUVRQVRPlU VHDIDUHU RQ ERDUG FRPSHWHQW WR SURYLGH NRPSHWHQW DWW WLOOKDQGDKnOOD PHGLFLQVN PHGLFDO ILUVW DLG SHUVRQV LQ FKDUJH RI I|UVWD KMlOS SHUVRQHU PHG DQVYDU I|U PHGLFDOFDUHRQ ERDUGZKRDUH QRWPHGLFDO VMXNYnUGRPERUGVRPLQWHlUOlNDUHVNDOOSn GRFWRUV VKDOO KDYH VDWLVIDFWRULO\ FRPSOHWHG HWW Q|MDNWLJW VlWW KD JHQRPJnWW VMXNYnUGV WUDLQLQJ LQ PHGLFDO FDUH WKDW PHHWV WKH XWELOGQLQJ VRP XSSI\OOHU NUDYHQ L nUV UHTXLUHPHQWV RI WKH ,QWHUQDWLRQDO &RQYHQ LQWHUQDWLRQHOOD NRQYHQWLRQ RP QRUPHU I|U WLRQRQ6WDQGDUGVRI7UDLQLQJ&HUWLILFDWLRQ VM|IRONV XWELOGQLQJ FHUWLILHULQJ RFK YDNW DQG :DWFKNHHSLQJ IRU 6HDIDUHUV DV KnOOQLQJPHG lQGULQJDU µ67&:µVM|PlQ DPHQGHG67&:VHDIDUHUVGHVLJQDWHGWR VRP lU XWVHGGD DWW WLOOKDQGDKnOOD PHGLFLQVN SURYLGH PHGLFDO ILUVW DLG VKDOO KDYH I|UVWD KMlOS VNDOO Sn HWW Q|MDNWLJW VlWW KD VDWLVIDFWRULO\ FRPSOHWHG WUDLQLQJ LQ PHGLFDO JHQRPJnWW XWELOGQLQJ L PHGLFLQVN I|UVWD ILUVW DLG WKDW PHHWV WKH UHTXLUHPHQWV RI KMlOS VRP XSSI\OOHU NUDYHQ L 67&: 67&: QDWLRQDO ODZV RU UHJXODWLRQV VKDOO QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDUVNDOO VSHFLI\ WKH OHYHO RI DSSURYHG WUDLQLQJ IDVWVWlOOD YLONHQ QLYn VRP NUlYV Sn GHQ UHTXLUHGWDNLQJLQWRDFFRXQWLQWHUDOLDVXFK JRGNlQGD XWELOGQLQJHQ YDUYLG KlQV\Q VNDOO IDFWRUV DV WKH GXUDWLRQ QDWXUH DQG WDV WLOO EODQG DQQDW UHVDQV YDUDNWLJKHW DUW FRQGLWLRQVRIWKHYR\DJHDQGWKHQXPEHURI RFK RPVWlQGLJKHWHU RFK EHVlWWQLQJHQV VHDIDUHUVRQERDUGDQG VWRUOHNRFK

GWKHFRPSHWHQWDXWKRULW\VKDOOHQVXUHE\ G GHQ EHK|ULJD P\QGLJKHWHQ VNDOO HQOLJW DSUHDUUDQJHGV\VWHPWKDWPHGLFDODGYLFHE\ HWW L I|UYlJ LQUlWWDW V\VWHP VH WLOO DWW UDGLRRUVDWHOOLWHFRPPXQLFDWLRQWRVKLSVDW PHGLFLQVN UnGJLYQLQJ LQNOXVLYH VSHFLDOLVW VHDLQFOXGLQJVSHFLDOLVWDGYLFHLVDYDLODEOH UnGJLYQLQJ lU WLOOJlQJOLJ G\JQHW UXQW YLD KRXUV D GD\ PHGLFDO DGYLFH LQFOXGLQJ WKH UDGLR HOOHU VDWHOOLWNRPPXQLNDWLRQ PHG RQZDUGWUDQVPLVVLRQRIPHGLFDOPHVVDJHVE\ IDUW\J WLOO VM|VV PHGLFLQVN UnGJLYQLQJ UDGLR RU VDWHOOLWH FRPPXQLFDWLRQ EHWZHHQ D LQNOXVLYH YLGDUHEHIRUGUDQ DY PHGLFLQVND VKLSDQGWKRVHDVKRUHJLYLQJWKHDGYLFHVKDOO PHGGHODQGHQ YLD UDGLR HOOHU VDWHOOLW PHOODQ EH DYDLODEOH IUHH RI FKDUJH WR DOO VKLSV HWWIDUW\JRFKSHUVRQHULODQGVRPJHUUnGHQ LUUHVSHFWLYHRIWKHIODJWKDWWKH\IO\ VNDOO YDUD WLOOJlQJOLJ DYJLIWVIULWW I|U DOOD IDUW\JRDYVHWWYLONHQIODJJGHI|U

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²0HGLFDOFDUHRQERDUGVKLSDQG $QYLVQLQJ%²6MXNYnUGRPERUGRFKLODQG DVKRUH

*XLGHOLQH%²3URYLVLRQRIPHGLFDOFDUH $QYLVQLQJ % ² 7LOOKDQGDKnOODQGH DY VMXNYnUG

:KHQ GHWHUPLQLQJ WKH OHYHO RI PHGLFDO 1lU GHQ EHK|ULJD P\QGLJKHWHQ EHVWlP WUDLQLQJWREHSURYLGHGRQERDUGVKLSVWKDW PHU YLONHQ PHGLFLQVN NRPSHWHQV VRP VNDOO DUH QRW UHTXLUHG WR FDUU\ D PHGLFDO GRFWRU ILQQDV RPERUG Sn IDUW\J VRP LQWH lU nODJGD WKHFRPSHWHQWDXWKRULW\VKRXOGUHTXLUHWKDW DWWPHGI|UDOlNDUHE|UGHQNUlYDDWW

D VKLSV ZKLFK RUGLQDULO\ DUH FDSDEOH RI D IDUW\J VRP YDQOLJHQ NDQ Qn IUDP WLOO UHDFKLQJ TXDOLILHG PHGLFDO FDUH DQG PHGLFDO NYDOLILFHUDG VMXNYnUG RFK VMXNYnUGVLQUlWW IDFLOLWLHV ZLWKLQ HLJKW KRXUV VKRXOG KDYH DW QLQJDU LQRP nWWD WLPPDU E|U KD PLQVW HQ OHDVW RQH GHVLJQDWHG VHDIDUHU ZLWK WKH VM|PDQ PHG VnGDQ JRGNlQG XWELOGQLQJ L DSSURYHG PHGLFDO ILUVWDLG WUDLQLQJ UHTXLUHG PHGLFLQVNI|UVWDKMlOSHQOLJWNUDYHQL67&: E\67&:ZKLFKZLOOHQDEOHVXFKSHUVRQVWR DWWSHUVRQHQNDQYLGWDRPHGHOEDUDHIIHNWLYD WDNH LPPHGLDWH HIIHFWLYH DFWLRQ LQ FDVH RI nWJlUGHU L KlQGHOVH DY VnGDQD RO\FNRU HOOHU DFFLGHQWV RU LOOQHVVHV OLNHO\ WR RFFXU RQ VMXNGRPDU VRP NDQ I|UYlQWDV LQWUlIID ERDUG D VKLS DQG WR PDNH XVH RI PHGLFDO RPERUGSnHWWIDUW\JRFKNDQDQYlQGDVLJDY DGYLFH E\ UDGLR RU VDWHOOLWH FRPPXQLFDWLRQ PHGLFLQVN UnGJLYQLQJ YLD UDGLR HOOHU DQG VDWHOOLWNRPPXQLNDWLRQRFK

E DOO RWKHU VKLSV VKRXOG KDYH DW OHDVW RQH EDOOD DQGUDIDUW\JE|UKDXWVHWW PLQVWHQ GHVLJQDWHG VHDIDUHU ZLWK DSSURYHG WUDLQLQJ VM|PDQ PHG JRGNlQG XWELOGQLQJ L VMXNYnUG LQ PHGLFDO FDUH UHTXLUHG E\ 67&: HQOLJW NUDYHQ L 67&: LQNOXVLYH SUDNWLVN LQFOXGLQJ SUDFWLFDO WUDLQLQJ DQG WUDLQLQJ LQ XWELOGQLQJ RFK XWELOGQLQJ L OLYUlGGQLQJV OLIHVDYLQJ WHFKQLTXHV VXFK DV LQWUDYHQRXV WHNQLN VRP H[HPSHOYLV LQWUDYHQ|V WKHUDS\ ZKLFK ZLOO HQDEOH WKH SHUVRQV EHKDQGOLQJVnDWWEHU|UGDSHUVRQHUNDQGHOWD FRQFHUQHG WR SDUWLFLSDWH HIIHFWLYHO\ LQ HIIHNWLYW L VDPRUGQDGH SURJUDP I|U FRRUGLQDWHG VFKHPHV IRU PHGLFDO DVVLVWDQFH PHGLFLQVNWELVWnQGWLOOIDUW\JWLOOVM|VVRFKJH WR VKLSV DW VHD DQG WR SURYLGH WKH VLFN RU GH VMXND HOOHU VNDGDGH YnUG DY WLOOUlFNOLJ LQMXUHG ZLWK D VDWLVIDFWRU\ VWDQGDUG RI VWDQGDUG XQGHU GHQ WLG GHVVD NDQ I|UYlQWDV PHGLFDO FDUH GXULQJ WKH SHULRG WKH\ DUH YDUDNYDURPERUG OLNHO\WRUHPDLQRQERDUG

7KHWUDLQLQJUHIHUUHGWRLQSDUDJUDSKRI 'HQ XWELOGQLQJ VRP QlPQV L SXQNW L WKLV *XLGHOLQH VKRXOG EH EDVHG RQ WKH GHQQD DQYLVQLQJ E|U EDVHUDV Sn LQQHKnOOHW L FRQWHQWVRIWKHPRVWUHFHQWHGLWLRQVRIWKH GHQ VHQDVWH XSSODJDQ DY ,QWHUQDWLRQDO ,QWHUQDWLRQDO 0HGLFDO *XLGH IRU 6KLSV WKH 0HGLFDO*XLGH IRU6KLSV0HGLFDO)LUVW$LG 0HGLFDO )LUVW $LG *XLGH IRU 8VH LQ *XLGH IRU 8VH LQ $FFLGHQWV ,QYROYLQJ $FFLGHQWV ,QYROYLQJ 'DQJHURXV *RRGV WKH 'DQJHURXV*RRGV'RFXPHQWIRU*XLGDQFH 'RFXPHQWIRU*XLGDQFH$Q,QWHUQDWLRQDO $Q,QWHUQDWLRQDO0DULWLPH7UDLQLQJ*XLGH 0DULWLPH 7UDLQLQJ *XLGH DQG WKH PHGLFDO GHW PHGLFLQVND DYVQLWWHW L ,QWHUQDWLRQDO VHFWLRQRIWKH,QWHUQDWLRQDO&RGHRI6LJQDOV &RGH RI 6LJQDOV RFK OLNQDQGH QDWLRQHOOD DVZHOODVVLPLODUQDWLRQDOJXLGHV DQYLVQLQJDU

3HUVRQVUHIHUUHGWRLQSDUDJUDSKRIWKLV 'HSHUVRQHUVRPDYVHVLSXQNWLGHQQD *XLGHOLQHDQGVXFKRWKHUVHDIDUHUVDVPD\EH DQYLVQLQJ RFK DQGUD VM|PlQ VRP GHQ UHTXLUHGE\WKHFRPSHWHQWDXWKRULW\VKRXOG EHK|ULJDP\QGLJKHWHQNDQNUlYDGHWDYE|U XQGHUJR DW DSSUR[LPDWHO\ ILYH\HDU PHG FLUND IHP nUV LQWHUYDOO JHQRPJn LQWHUYDOV UHIUHVKHU FRXUVHV WR HQDEOH WKHP IRUWELOGQLQJVNXUVHU I|U DWW NXQQD

WR PDLQWDLQ DQG LQFUHDVH WKHLU NQRZOHGJH XSSUlWWKnOOD RFK I|UElWWUD VLQD NXQVNDSHU

DQG VNLOOV DQG WR NHHS XSWRGDWH ZLWK QHZ RFKVLQDIlUGLJKHWHURFKKnOODVLJjMRXUPHG GHYHORSPHQWV XWYHFNOLQJHQ

7KH PHGLFLQH FKHVW DQG LWV FRQWHQWV DV )DUW\JVDSRWHNHW RFK GHVV LQQHKnOO GHQ ZHOO DV WKH PHGLFDO HTXLSPHQW DQG PHGLFDO PHGLFLQVND XWUXVWQLQJHQ RFK GHQ PHGLFLQ JXLGH FDUULHG RQ ERDUG VKRXOG EH SURSHUO\ VNDKDQGERNVRPILQQVRPERUGE|UKnOODVL PDLQWDLQHG DQG LQVSHFWHG DW UHJXODU JRWW VNLFN RFK LQVSHNWHUDV PHG MlPQD LQWHUYDOV QRW H[FHHGLQJ PRQWKV E\ LQWHUYDOOVRPLQWH|YHUVWLJHUPnQDGHUDY UHVSRQVLEOH SHUVRQV GHVLJQDWHG E\ WKH DQVYDULJD SHUVRQHU XWVHGGD DY GHQ EHK|ULJD FRPSHWHQW DXWKRULW\ ZKR VKRXOG HQVXUH P\QGLJKHWHQYLONDE|UVHWLOODWWPlUNQLQJ WKDW WKH ODEHOOLQJ H[SLU\ GDWHV DQG XWJnQJVGDWXP RFK ODJULQJVI|UKnOODQGHQ I|U FRQGLWLRQV RI VWRUDJH RI DOO PHGLFLQHV DQG DOOD OlNHPHGHO VDPW EUXNVDQYLVQLQJDUQD GLUHFWLRQV IRU WKHLU XVH DUH FKHFNHG DQG DOO NRQWUROOHUDVRFKDWWDOOXWUXVWQLQJIXQJHUDU HTXLSPHQW IXQFWLRQLQJ DV UHTXLUHG ,Q VRP GHQ VNDOO 'HQ EHK|ULJD P\QGLJKHWHQ DGRSWLQJ RU UHYLHZLQJ WKH VKLSV PHGLFDO E|U EHDNWD LQWHUQDWLRQHOOD UHNRPPHQGD JXLGH XVHG QDWLRQDOO\ DQG LQ GHWHUPLQLQJ WLRQHU Sn RPUnGHW EODQG DQQDW GHQ VHQDVWH WKH FRQWHQWV RI WKH PHGLFLQH FKHVW DQG XSSODJDQDY,QWHUQDWLRQDO0HGLFDO*XLGHIRU PHGLFDOHTXLSPHQWWKHFRPSHWHQWDXWKRULW\ 6KLSV RFK DQGUD DQYLVQLQJDU VRP QlPQV L VKRXOG WDNH LQWR DFFRXQW LQWHUQDWLRQDO SXQNWLGHQQDDQYLVQLQJQlUGHQQDWLRQHOOD UHFRPPHQGDWLRQVLQWKLVILHOGLQFOXGLQJWKH PHGLFLQVND KDQGERNHQ I|U EUXN Sn IDUW\J ODWHVW HGLWLRQ RI WKH ,QWHUQDWLRQDO 0HGLFDO JRGNlQQV HOOHU lQGUDV RFK QlU LQQHKnOOHW L *XLGH IRU 6KLSV DQG RWKHU JXLGHV IDUW\JVDSRWHNHW RFK GHQ PHGLFLQVND PHQWLRQHGLQSDUDJUDSKRIWKLV*XLGHOLQH XWUXVWQLQJHQEHVOXWDV

:KHUH D FDUJR ZKLFK LV FODVVLILHG 1lUHQODVWVRPlUNODVVLILFHUDGVRPIDUOLJ GDQJHURXVKDVQRWEHHQLQFOXGHGLQWKHPRVW LQWH ILQQV PHG L GHQ VHQDVWH XWJnYDQ DY UHFHQW HGLWLRQ RI WKH 0HGLFDO )LUVW $LG 0HGLFDO )LUVW $LG *XLGH IRU 8VH LQ *XLGH IRU 8VH LQ $FFLGHQWV ,QYROYLQJ $FFLGHQWV,QYROYLQJ'DQJHURXV*RRGVE|U 'DQJHURXV *RRGV WKH QHFHVVDU\ Q|GYlQGLJ LQIRUPDWLRQ RP lPQHQDV DUW LQIRUPDWLRQRQWKHQDWXUHRIWKHVXEVWDQFHV YLONDULVNHUGHLQQHElUQ|GYlQGLJSHUVRQOLJ WKH ULVNV LQYROYHG WKH QHFHVVDU\ SHUVRQDO VN\GGVXWUXVWQLQJ UHOHYDQWD PHGLFLQVND SURWHFWLYH GHYLFHV WKH UHOHYDQW PHGLFDO SURFHGXUHURFKVSHFLILNDPRWJLIWHUVWlOODVWLOO SURFHGXUHVDQGVSHFLILFDQWLGRWHVVKRXOGEH VM|PlQQHQV I|UIRJDQGH 6nGDQD VSHFLILND PDGHDYDLODEOHWRWKHVHDIDUHUV6XFKVSHFLILF PRWJLIWHU RFK SHUVRQOLJ VN\GGVXWUXVWQLQJ DQWLGRWHV DQG SHUVRQDO SURWHFWLYH GHYLFHV E|U DOOWLG ILQQDV RPERUG QlU IDUOLJ ODVW VKRXOG EH RQ ERDUG ZKHQHYHU GDQJHURXV WUDQVSRUWHUDV'HQQDLQIRUPDWLRQE|ULQJnL JRRGV DUH FDUULHG 7KLV LQIRUPDWLRQ VKRXOG IDUW\JHWV ULNWOLQMHU RFK SURJUDP I|U KlOVD EH LQWHJUDWHG ZLWK WKH VKLSV SROLFLHV DQG RFKVlNHUKHWSnDUEHWVSODWVHQVRPEHVNULYVL SURJUDPPHV RQ RFFXSDWLRQDO VDIHW\ DQG UHJHO RFK GlUWLOO K|UDQGH NRG KHDOWK GHVFULEHG LQ 5HJXODWLRQ DQG EHVWlPPHOVHU UHODWHG&RGHSURYLVLRQV

$OOVKLSVVKRXOGFDUU\DFRPSOHWHDQGXS $OODIDUW\JE|UPHGI|UDHQNRPSOHWWRFK WRGDWHOLVWRIUDGLRVWDWLRQVWKURXJKZKLFK DNWXHOO OLVWD |YHU UDGLRVWDWLRQHU VRP PHGLFDO DGYLFH FDQ EH REWDLQHG DQG LI I|UPHGODU PHGLFLQVND UnG RFK RP GH lU HTXLSSHG ZLWK D V\VWHP RI VDWHOOLWH XWUXVWDGH PHG VDWHOOLWNRPPXQLNDWLRQ HQ FRPPXQLFDWLRQ FDUU\ DQ XSWRGDWH DQG DNWXHOO RFK NRPSOHWW OLVWD |YHU NXVWQlUD FRPSOHWHOLVWRIFRDVWHDUWKVWDWLRQVWKURXJK MRUGVWDWLRQHU JHQRP YLOND GHVVD UnG NDQ ZKLFK PHGLFDO DGYLFH FDQ EH REWDLQHG HUKnOODV 6M|PlQ PHG DQVYDU I|U VMXNYnUG 6HDIDUHUVZLWKUHVSRQVLELOLW\IRUPHGLFDOFDUH HOOHU PHGLFLQVN I|UVWD KMlOS RPERUG E|U KD RU PHGLFDO ILUVW DLG RQ ERDUG VKRXOG EH InWW LQVWUXNWLRQ RP KXU PDQ DQYlQGHU LQVWUXFWHG LQ WKH XVH RI WKH VKLSV PHGLFDO IDUW\JHWV PHGLFLQVND KDQGERN RFK GHW JXLGH DQG WKH PHGLFDO VHFWLRQ RI WKH PRVW PHGLFLQVND DYVQLWWHW L GHQ VHQDVWH XSSODJDQ

UHFHQW HGLWLRQRI WKH ,QWHUQDWLRQDO &RGHRI DY ,QWHUQDWLRQDO &RGH RI 6LJQDOV I|U DWW

6LJQDOV VR DV WR HQDEOH WKHP WR XQGHUVWDQG NXQQD I|UVWn EnGH YLOND XSSO\VQLQJDU GHQ WKH W\SH RI LQIRUPDWLRQ QHHGHG E\ WKH UnGJLYDQGHOlNDUHQEHK|YHURFKGHUnGVRP DGYLVLQJ GRFWRU DV ZHOO DV WKH DGYLFH JHV UHFHLYHG

*XLGHOLQH%²0HGLFDOUHSRUWIRUP $QYLVQLQJ%²0HGLFLQVNWUDSSRUWIRUPXOlU

7KH VWDQGDUG PHGLFDO UHSRUW IRUP IRU 'HW VWDQGDUGLVHUDGH PHGLFLQVND UDSSRUW VHDIDUHUVUHTXLUHGXQGHU3DUW$RIWKLV&RGH IRUPXOlUI|UVM|PlQVRPNUlYVHQOLJWGHO$L VKRXOGEHGHVLJQHGWRIDFLOLWDWHWKHH[FKDQJH GHQQD NRG E|U YDUD XWIRUPDW Vn DWW GHW RI PHGLFDO DQG UHODWHG LQIRUPDWLRQ XQGHUOlWWDU XWE\WH DY PHGLFLQVN RFK FRQFHUQLQJLQGLYLGXDOVHDIDUHUVEHWZHHQVKLS UHODWHUDG LQIRUPDWLRQ RP HQVNLOGD VM|PlQ DQGVKRUHLQFDVHVRILOOQHVVRULQMXU\ PHOODQ IDUW\J RFK ODQG YLG IDOO DY VMXNGRP HOOHUVNDGD

*XLGHOLQH%²0HGLFDOFDUHDVKRUH $QYLVQLQJ%²6MXNYnUGLODQG

6KRUHEDVHGPHGLFDOIDFLOLWLHVIRUWUHDWLQJ /DQGEDVHUDGH VMXNYnUGVLQUlWWQLQJDU I|U VHDIDUHUV VKRXOG EH DGHTXDWH IRU WKH YnUG DY VM|PlQO E|U YDUD OlPSOLJD I|U SXUSRVHV 7KH GRFWRUV GHQWLVWV DQG RWKHU lQGDPnOHW /lNDUH WDQGOlNDUH RFK DQQDQ PHGLFDO SHUVRQQHO VKRXOG EH SURSHUO\ PHGLFLQVNSHUVRQDOE|UYDUDYlONYDOLILFHUDG TXDOLILHG

0HDVXUHV VKRXOG EH WDNHQ WR HQVXUH WKDW 6M|PlQVRPlULKDPQE|UKDWLOOJnQJWLOO VHDIDUHUVKDYHDFFHVVZKHQLQSRUWWR

D RXWSDWLHQW WUHDWPHQW IRU VLFNQHVV DQG D |SSHQYnUGVEHKDQGOLQJ I|U VMXNGRP RFK LQMXU\ VNDGD

EKRVSLWDOL]DWLRQZKHQQHFHVVDU\DQG ELQOlJJQLQJSnVMXNKXVYLGEHKRYRFK

FIDFLOLWLHVIRUGHQWDOWUHDWPHQWHVSHFLDOO\ FWDQGYnUGVlUVNLOWLEUnGVNDQGHIDOO LQFDVHVRIHPHUJHQF\

6XLWDEOH PHDVXUHV VKRXOG EH WDNHQ WR /lPSOLJDnWJlUGHUE|UYLGWDVI|UDWWIUlPMD IDFLOLWDWHWKHWUHDWPHQWRIVHDIDUHUVVXIIHULQJ EHKDQGOLQJDYVM|PlQVRPOLGHUDYVMXNGRP IURPGLVHDVH ,Q SDUWLFXODUVHDIDUHUVVKRXOG 6lUVNLOW E|U VM|PlQ VQDEEW In WLOOWUlGH WLOO EH SURPSWO\ DGPLWWHG WR FOLQLFV DQG NOLQLNHURFKVMXNKXVLODQGXWDQVYnULJKHWHU KRVSLWDOV DVKRUH ZLWKRXW GLIILFXOW\ DQG RFK RDYVHWW QDWLRQDOLWHW HOOHU UHOLJLRQ RFK LUUHVSHFWLYHRIQDWLRQDOLW\RUUHOLJLRXVEHOLHI QlU Vn lU P|MOLJW E|U YLG EHKRY IRUWVDWW DQG ZKHQHYHU SRVVLEOH DUUDQJHPHQWV EHKDQGOLQJ RUGQDV I|U DWW NRPSOHWWHUD GHQ VKRXOG EH PDGH WR HQVXUH ZKHQ QHFHVVDU\ OlNDUYnUGGHQKDUWLOOJnQJWLOO FRQWLQXDWLRQRIWUHDWPHQWWRVXSSOHPHQWWKH PHGLFDOIDFLOLWLHVDYDLODEOHWRWKHP

*XLGHOLQH%²0HGLFDODVVLVWDQFHWRRWKHU $QYLVQLQJ % ² 0HGLFLQVNW ELVWnQG WLOO VKLSVDQGLQWHUQDWLRQDOFRRSHUDWLRQ DQGUDIDUW\JRFKLQWHUQDWLRQHOOWVDPDUEHWH

(DFK0HPEHUVKRXOGJLYHGXHFRQVLGHUD 9DUMHPHGOHPVVWDWE|U|YHUYlJDDWWGHOWDL WLRQ WR SDUWLFLSDWLQJ LQ LQWHUQDWLRQDO LQWHUQDWLRQHOOW VDPDUEHWH U|UDQGH ELVWnQG FRRSHUDWLRQ LQ WKH DUHD RI DVVLVWDQFH SURJUDP RFK IRUVNQLQJ RP KlOVR RFK SURJUDPPHV DQG UHVHDUFK LQ KHDOWK SURWHF VMXNYnUG6DPDUEHWHNDQEHK|YDVI|UDWW WLRQ DQG PHGLFDO FDUH 6XFK FRRSHUDWLRQ

PLJKWFRYHU

D GHYHORSLQJ DQG FRRUGLQDWLQJ VHDUFK DQG D E\JJD XW RFK VDPRUGQD V|N RFK UHVFXHHIIRUWVDQGDUUDQJLQJSURPSWPHGLFDO UlGGQLQJVLQVDWVHU RFK RUGQD VQDEE KHOSDQGHYDFXDWLRQDWVHDIRUWKH VHULRXVO\ PHGLFLQVN KMlOS RFK HYDNXHULQJ WLOO VM|VV DY LOO RU LQMXUHG RQ ERDUG D VKLS WKURXJK VXFK DOOYDUOLJW VMXND HOOHU VNDGDGH RPERUG Sn PHDQV DV SHULRGLF VKLS SRVLWLRQ UHSRUWLQJ IDUW\J EODQG DQQDW JHQRP V\VWHP I|U V\VWHPV UHVFXH FRRUGLQDWLRQ FHQWUHV DQG SHULRGLVNUDSSRUWHULQJDYIDUW\JVSRVLWLRQHU HPHUJHQF\ KHOLFRSWHU VHUYLFHV LQ UlGGQLQJVFHQWUDOHU RFK UlGGQLQJVKHOLNRSW FRQIRUPLW\ ZLWK WKH ,QWHUQDWLRQDO &RQYHQ UDU L |YHUHQVVWlPPHOVH PHG ,QWHUQDWLRQDO WLRQ RQ 0DULWLPH 6HDUFK DQG 5HVFXH &RQYHQWLRQRQ0DULWLPH6HDUFKDQG5HVFXH DV DPHQGHG DQG WKH ,QWHUQDWLRQDO PHG lQGULQJDU RFK ,QWHUQDWLRQDO $HURQDXWLFDO DQG 0DULWLPH 6HDUFK DQG $HURQDXWLFDO DQG 0DULWLPH 6HDUFK DQG 5HVFXH,$06$50DQXDO 5HVFXH0DQXDO,$06$5

E PDNLQJ RSWLPXP XVH RI DOO VKLSV E RSWLPDOW XWQ\WWMD DOOD IDUW\J VRP KDU FDUU\LQJDGRFWRUDQGVWDWLRQLQJVKLSVDWVHD OlNDUH RPERUG RFK VWDWLRQHUD XW IDUW\J WLOO ZKLFK FDQ SURYLGH KRVSLWDO DQG UHVFXH VM|VV VRP NDQ WLOOKDQGDKnOOD VMXNYnUGV RFK IDFLOLWLHV UlGGQLQJVUHVXUVHU

F FRPSLOLQJ DQG PDLQWDLQLQJ DQ F VDPPDQVWlOOD RFK XQGHUKnOOD HQ LQWHUQDWLRQDOOLVWRIGRFWRUVDQGPHGLFDOFDUH LQWHUQDWLRQHOO OLVWD |YHU OlNDUH RFK YnUG IDFLOLWLHV DYDLODEOH ZRUOGZLGH WR SURYLGH UHVXUVHUVRPlUWLOOJlQJOLJD|YHUKHODYlUOGHQ HPHUJHQF\PHGLFDOFDUHWRVHDIDUHUV I|U DWW WLOOKDQGDKnOOD DNXWVMXNYnUG I|U VM|PlQ

G ODQGLQJ VHDIDUHUV DVKRUH IRU HPHUJHQF\ GODQGVlWWDVM|PlQI|UDNXWYnUG WUHDWPHQW

HUHSDWULDWLQJVHDIDUHUVKRVSLWDOL]HGDEURDG HVNLFNDKHPVM|PlQVRPYDULWLQODJGDSn DV VRRQ DV SUDFWLFDEOH LQ DFFRUGDQFH ZLWK VMXNKXV XWRPODQGV Vn VQDUW GHW lU SUDNWLVNW WKH PHGLFDO DGYLFH RI WKH GRFWRUV P|MOLJW HQOLJW UnG IUnQ OlNDUH VRP DQVYDUDU UHVSRQVLEOH IRU WKH FDVH ZKLFK WDNHV LQWR I|UGHWDNWXHOODIDOOHWYDUYLGKlQV\QVNDOOWDV DFFRXQWWKHVHDIDUHUVZLVKHVDQGQHHGV WLOOSDWLHQWHQV|QVNHPnORFKEHKRY

I DUUDQJLQJ SHUVRQDO DVVLVWDQFH IRU I JH SHUVRQOLJW VW|G WLOO VM|PlQ XQGHU VHDIDUHUV GXULQJ UHSDWULDWLRQ LQ DFFRUGDQFH KHPUHVDQHQOLJWUnGIUnQOlNDUHVRPDQVYDUDU ZLWK WKH PHGLFDO DGYLFH RI WKH GRFWRUV I|UGHWDNWXHOODIDOOHWYDUYLGKlQV\QVNDOOWDV UHVSRQVLEOH IRU WKH FDVH ZKLFK WDNHV LQWR WLOOSDWLHQWHQV|QVNHPnORFKEHKRY DFFRXQWWKHVHDIDUHUVZLVKHVDQGQHHGV

JHQGHDYRXULQJWRVHWXSKHDOWKFHQWUHVIRU JLQUlWWDKlOVRFHQWUDOHUI|UVM|PlQI|UDWW VHDIDUHUVWR L EHGULYD IRUVNQLQJ RP KlOVRVWDWXV LFRQGXFW UHVHDUFK RQ WKH KHDOWK PHGLFLQVN EHKDQGOLQJ RFK I|UHE\JJDQGH VWDWXV PHGLFDO WUHDWPHQW DQG SUHYHQWLYH KlOVRYnUGI|UVM|PlQORFK KHDOWKFDUHRIVHDIDUHUVDQG LLXWELOGDKlOVRRFKVMXNYnUGVSHUVRQDO LLWUDLQPHGLFDODQGKHDOWKVHUYLFHVWDII LVM|IDUWVPHGLFLQ LQPDULWLPHPHGLFLQH

KFROOHFWLQJ DQG HYDOXDWLQJ VWDWLVWLFV K VDPOD LQ RFK XWYlUGHUD VWDWLVWLN |YHU FRQFHUQLQJ RFFXSDWLRQDO DFFLGHQWV GLVHDVHV DUEHWVUHODWHUDGH RO\FNRU VMXNGRPDU RFK DQGIDWDOLWLHVRIVHDIDUHUVDQGLQWHJUDWLQJDQG G|GVIDOO EODQG VM|PlQ VDPW LQWHJUHUD RFK KDUPRQL]LQJWKHVWDWLVWLFVZLWKDQ\H[LVWLQJ KDUPRQLVHUD VWDWLVWLNHQ PHG HYHQWXHOOW QDWLRQDOV\VWHPRIVWDWLVWLFVRQRFFXSDWLRQDO EHILQWOLJDQDWLRQHOODV\VWHPI|UVWDWLVWLN|YHU

DFFLGHQWV DQG GLVHDVHV FRYHULQJ RWKHU RO\FNRU RFK VMXNGRPDU L DUEHWHW GlU DQGUD

FDWHJRULHVRIZRUNHUV SHUVRQDONDWHJRULHULQJnU

L RUJDQL]LQJ LQWHUQDWLRQDO H[FKDQJHV RI L RUJDQLVHUD LQWHUQDWLRQHOOW XWE\WH DY WHFKQLFDO LQIRUPDWLRQ WUDLQLQJ PDWHULDO DQG WHNQLVN LQIRUPDWLRQ XWELOGQLQJVPDWHULDO SHUVRQQHO DV ZHOO DV LQWHUQDWLRQDO WUDLQLQJ RFK SHUVRQDO VDPW LQWHUQDWLRQHOOD NXUVHU FRXUVHVVHPLQDUVDQGZRUNLQJJURXSV VHPLQDULHURFKDUEHWVJUXSSHU

M SURYLGLQJ DOO VHDIDUHUV ZLWK VSHFLDO MI|UV|UMD DOOD VM|PlQ PHG VlUVNLOGD FXUDWLYH DQG SUHYHQWLYH KHDOWK DQG PHGLFDO NXUDWLYD EHKDQGOLQJDU RFK I|UHE\JJDQGH VHUYLFHVLQSRUWRUPDNLQJDYDLODEOHWRWKHP KlOVR RFK VMXNYnUG L KDPQ HOOHU DOOPlQ JHQHUDO KHDOWK PHGLFDO DQG UHKDELOLWDWLRQ KlOVRRFKVMXNYnUGVDPWUHKDELOLWHULQJRFK VHUYLFHVDQG

N DUUDQJLQJ IRU WKH UHSDWULDWLRQ RI WKH N RUGQD KHPVlQGQLQJ DY DYOLGQD VM|PlQV ERGLHV RU DVKHV RI GHFHDVHG VHDIDUHUV LQ NURSSDU HOOHU DVND Vn VQDUW GHW lU SUDNWLVNW DFFRUGDQFH ZLWK WKH ZLVKHV RI WKH QH[W RI P|MOLJW RFK L HQOLJKHW PHG GH DQK|ULJDV NLQDQGDVVRRQDVSUDFWLFDEOH |QVNHPnO

,QWHUQDWLRQDO FRRSHUDWLRQ LQ WKH ILHOG RI ,QWHUQDWLRQHOOWVDPDUEHWHLQRPKlOVRRFK KHDOWK SURWHFWLRQ DQG PHGLFDO FDUH IRU VMXNYnUGI|UVM|PlQE|UEDVHUDVSnELODWHUDOD VHDIDUHUV VKRXOG EH EDVHG RQ ELODWHUDO RU HOOHU PXOWLODWHUDOD |YHUHQVNRPPHOVHU HOOHU PXOWLODWHUDO DJUHHPHQWV RU FRQVXOWDWLRQV NRQVXOWDWLRQHUPHOODQPHGOHPVVWDWHUQD DPRQJ0HPEHUV

*XLGHOLQH%²'HSHQGDQWVRIVHDIDUHUV $QYLVQLQJ%²6M|PlQVIDPLOMHPHGOHPPDU

(DFK 0HPEHU VKRXOG DGRSW PHDVXUHV WR 9DUMH PHGOHPVVWDW E|U VH WLOO DWW IDPLOMH VHFXUHSURSHUDQGVXIILFLHQWPHGLFDOFDUHIRU PHGOHPPDU WLOO VM|PlQ VRP lU ERVDWWD Sn WKHGHSHQGDQWVRIVHDIDUHUVGRPLFLOHGLQLWV GHVV WHUULWRULXP InU HQ JRG RFK WLOOUlFNOLJ WHUULWRU\ SHQGLQJ WKH GHYHORSPHQW RI D KlOVRRFKVMXNYnUGLDYYDNWDQSnDWWKlOVR PHGLFDO FDUH VHUYLFH ZKLFK ZRXOG LQFOXGH RFKVMXNYnUGVRPRPIDWWDUlYHQDUEHWVWDJDUH ZLWKLQLWVVFRSHZRUNHUVJHQHUDOO\DQGWKHLU L DOOPlQKHW RFK GHUDV IDPLOMHPHGOHPPDU GHSHQGDQWVZKHUHVXFKVHUYLFHVGRQRWH[LVW E\JJV XW GlU VnGDQD WMlQVWHU LQWH ILQQV RFK DQGVKRXOGLQIRUPWKH,QWHUQDWLRQDO/DERXU E|U LQIRUPHUD ,QWHUQDWLRQHOOD DUEHWVE\UnQ 2IILFH FRQFHUQLQJ WKH PHDVXUHV WDNHQ IRU RP GH nWJlUGHU VRP YLGWDV I|U GHWWD lQGD WKLVSXUSRVH PnO

5HJXODWLRQ 5HJHO

5HJXODWLRQ²6KLSRZQHUVOLDELOLW\ 5HJHO²5HGDUHQVDQVYDU

3XUSRVH7RHQVXUHWKDWVHDIDUHUVDUHSURWHFWHG 6\IWH $WW VlNHUVWlOOD DWW VM|PlQ lU VN\GGDGH IURP WKH ILQDQFLDO FRQVHTXHQFHV RI VLFNQHVV PRW HNRQRPLVND NRQVHNYHQVHU DY VMXNGRP LQMXU\ RU GHDWK RFFXUULQJ LQ FRQQHFWLRQ ZLWK VNDGD HOOHU G|GVIDOO VRP KDU VDPEDQG PHG WKHLUHPSOR\PHQW DQVWlOOQLQJHQ

(DFK0HPEHUVKDOOHQVXUHWKDWPHDVXUHV 9DUMHPHGOHPVVWDWVNDOOVHWLOODWWVM|PlQ LQDFFRUGDQFHZLWKWKH&RGHDUHLQSODFHRQ VRPlUDQVWlOOGDSnIDUW\JVRPI|UGHVVIODJJ VKLSV WKDW IO\ LWV IODJ WR SURYLGH VHDIDUHUV L HQOLJKHW PHG NRGHQ KDU UlWW WLOO PDWHULHOOW HPSOR\HG RQ WKH VKLSV ZLWK D ULJKW WR ELVWnQG RFK VW|G IUnQ UHGDUHQ I|U DWW PDWHULDO DVVLVWDQFH DQG VXSSRUW IURP WKH DYKMlOSD GH HNRQRPLVND NRQVHNYHQVHUQD DY VKLSRZQHU ZLWK UHVSHFW WR WKH ILQDQFLDO VMXNGRP VNDGD HOOHU G|GVIDOO VRP NDQ FRQVHTXHQFHV RI VLFNQHVV LQMXU\ RU GHDWK LQWUlIID QlU GH IXOOJ|U HWW DQVWlOOQLQJVDYWDO

RFFXUULQJ ZKLOH WKH\ DUH VHUYLQJ XQGHU D I|UVM|PlQHOOHUWLOOI|OMGDYDQVWlOOQLQJHQOLJW

VHDIDUHUV HPSOR\PHQW DJUHHPHQW RU DULVLQJ HWWVnGDQWDYWDO IURP WKHLU HPSOR\PHQW XQGHU VXFK DJUHHPHQW

7KLV5HJXODWLRQGRHVQRWDIIHFWDQ\RWKHU 'HQQD UHJHO SnYHUNDU LQWH QnJRQ DQQDQ OHJDOUHPHGLHVWKDWDVHDIDUHUPD\VHHN UlWWVOLJJRWWJ|UHOVHVRPVM|PlQNDQV|ND

6WDQGDUG 6WDQGDUG

6WDQGDUG$²6KLSRZQHUVOLDELOLW\ 6WDQGDUG$²5HGDUHQVDQVYDU

(DFK 0HPEHU VKDOO DGRSW ODZV DQG 9DUMH PHGOHPVVWDW VNDOO DQWD ODJDU RFK UHJXODWLRQV UHTXLULQJ WKDW VKLSRZQHUV RI DQGUDI|UIDWWQLQJDUVRPNUlYHUDWWUHGDUHI|U VKLSV WKDW IO\ LWV IODJ DUH UHVSRQVLEOH IRU IDUW\JVRPI|UGHVVIODJJDQVYDUDUI|UKlOVR KHDOWK SURWHFWLRQ DQG PHGLFDO FDUH RI DOO RFK VMXNYnUG I|U DOOD VM|PlQ VRP DUEHWDU VHDIDUHUV ZRUNLQJ RQ ERDUG WKH VKLSV LQ RPERUGSnIDUW\JHQLHQOLJKHWPHGI|OMDQGH DFFRUGDQFH ZLWK WKH IROORZLQJ PLQLPXP PLQLPLVWDQGDUGHU VWDQGDUGV

D VKLSRZQHUV VKDOO EH OLDEOH WR EHDU WKH D UHGDUH VNDOO VYDUD I|U GH NRVWQDGHU VRP FRVWVIRUVHDIDUHUVZRUNLQJRQWKHLUVKLSVLQ XSSVWnU I|U VM|PlQ VRP DUEHWDU Sn GHUDV UHVSHFW RI VLFNQHVV DQG LQMXU\ RI WKH IDUW\J WLOO I|OMG DY VMXNGRP RFK VNDGD IUnQ VHDIDUHUV RFFXUULQJ EHWZHHQ WKH GDWH RI GHQGDJWMlQVWJ|ULQJHQSnE|UMDVWLOOGHQGDJ FRPPHQFLQJGXW\DQGWKHGDWHXSRQZKLFK GHDQVHVYHGHUE|UOLJHQKHPVlQGD HOOHUVRP WKH\DUHGHHPHGGXO\UHSDWULDWHGRUDULVLQJ KlUU|U IUnQ GHUDV DQVWlOOQLQJ PHOODQ GHVVD IURP WKHLU HPSOR\PHQW EHWZHHQ WKRVH GDWXP GDWHV

E VKLSRZQHUV VKDOO SURYLGH ILQDQFLDO E UHGDUH VNDOO WLOOKDQGDKnOOD HNRQRPLVN VHFXULW\WRDVVXUHFRPSHQVDWLRQLQWKHHYHQW VlNHUKHW I|U DWW WU\JJD HUVlWWQLQJ YLG RI WKH GHDWK RU ORQJWHUP GLVDELOLW\ RI G|GVIDOO HOOHU OnQJYDULJ LQYDOLGLWHW KRV VHDIDUHUV GXH WR DQ RFFXSDWLRQDO LQMXU\ VM|PlQSnJUXQGDYVNDGDVMXNGRPHOOHUULVN LOOQHVVRUKD]DUGDVVHWRXWLQQDWLRQDOODZ LDUEHWHWHQOLJWEHVWlPPHOVHULQDWLRQHOOODJ WKH VHDIDUHUV HPSOR\PHQW DJUHHPHQW RU VM|PlQQHQV DQVWlOOQLQJVDYWDO HOOHU FROOHFWLYHDJUHHPHQW NROOHNWLYDYWDO

F VKLSRZQHUV VKDOO EH OLDEOH WR GHIUD\ WKH F UHGDUH VNDOO VYDUD I|U NRVWQDGHU VRP H[SHQVH RI PHGLFDO FDUH LQFOXGLQJ PHGLFDO XSSVWnU I|U VMXNYnUG LQNOXVLYH PHGLFLQVN WUHDWPHQW DQG WKH VXSSO\ RI WKH QHFHVVDU\ EHKDQGOLQJ RFK WLOOKDQGDKnOODQGH DY PHGLFLQHV DQG WKHUDSHXWLF DSSOLDQFHV DQG Q|GYlQGLJD OlNHPHGHO RFK PHGLFLQVN ERDUGDQGORGJLQJDZD\IURPKRPHXQWLOWKH XWUXVWQLQJ VDPW NRVW RFK ORJL XQGHU VLFN RU LQMXUHG VHDIDUHU KDV UHFRYHUHG RU ERUWRYDURIUnQKHPPHWWLOOVGHQVMXNDHOOHU XQWLO WKH VLFNQHVV RU LQFDSDFLW\ KDV EHHQ VNDGDGHSHUVRQHQlUKHOWnWHUVWlOOGHOOHUWLOOV GHFODUHGRIDSHUPDQHQWFKDUDFWHUDQG VMXNGRPHQ HOOHU DUEHWVRI|UPnJDQ KDU I|UNODUDWVYDUDEHVWnHQGHRFK

GVKLSRZQHUVVKDOOEHOLDEOHWRSD\WKHFRVW G UHGDUH VNDOO VYDUD I|U EHJUDYQLQJV RI EXULDO H[SHQVHV LQ WKH FDVH RI GHDWK NRVWQDGHUQDYLGG|GVIDOORPERUGHOOHULODQG RFFXUULQJ RQ ERDUG RU DVKRUH GXULQJ WKH XQGHUDQVWlOOQLQJVWLGHQ SHULRGRIHQJDJHPHQW

1DWLRQDOODZVRUUHJXODWLRQVPD\OLPLWWKH 1DWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU OLDELOLW\ RI WKH VKLSRZQHU WR GHIUD\ WKH NDQ EHJUlQVD UHGDUHQV DQVYDU I|U DWW EHWDOD

H[SHQVH RI PHGLFDO FDUH DQG ERDUG DQG NRVWQDGHUQD I|U VMXNYnUG NRVW RFK ORJL WLOO

ORGJLQJ WR D SHULRG ZKLFK VKDOO QRW EH OHVV HQSHULRGVRPLQWHInUXQGHUVWLJDYHFNRU WKDQZHHNVIURPWKHGD\RIWKHLQMXU\RU IUnQ GHQ GDJ VNDGDQ XSSVWRG HOOHU WKHFRPPHQFHPHQWRIWKHVLFNQHVV VMXNGRPHQE|UMDGH

:KHUH WKH VLFNQHVV RU LQMXU\ UHVXOWV LQ 1lU VMXNGRP HOOHU VNDGD OHGHU WLOO LQFDSDFLW\ IRU ZRUN WKH VKLSRZQHU VKDOO EH DUEHWVRI|UPnJDVNDOOUHGDUHQEHWDOD OLDEOH

D WR SD\ IXOO ZDJHV DV ORQJ DV WKH VLFN RU DIXOOO|QVnOlQJHGHQVNDGDGHHOOHUVMXND LQMXUHG VHDIDUHUV UHPDLQ RQ ERDUG RU XQWLO SHUVRQHQ lU NYDU RPERUG HOOHU WLOO GHVV GHQ WKH VHDIDUHUV KDYH EHHQ UHSDWULDWHG LQ KDUUHVWKHPHQOLJWGHQQDNRQYHQWLRQRFK DFFRUGDQFHZLWKWKLV&RQYHQWLRQDQG

E WR SD\ ZDJHV LQ ZKROH RU LQ SDUW DV EIXOOHOOHUSDUWLHOOO|QHQOLJWI|UHVNULIWHUQD SUHVFULEHGE\QDWLRQDOODZVRUUHJXODWLRQVRU L QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU DV SURYLGHG IRU LQ FROOHFWLYH DJUHHPHQWV HOOHU NROOHNWLYDYWDO IUnQ GHQ WLGSXQNW IURP WKH WLPH ZKHQ WKH VHDIDUHUV DUH SHUVRQHQ UHVWH KHP HOOHU VDWWHV L ODQG IUDP UHSDWULDWHGRUODQGHGXQWLOWKHLUUHFRYHU\RU WLOO WLOOIULVNQDQGHW HOOHU WLOO GHVV SHUVRQHQ lU LI HDUOLHU XQWLO WKH\ DUH HQWLWOHG WR FDVK EHUlWWLJDG WLOO NRQWDQW HUVlWWQLQJ HQOLJW GHQ EHQHILWVXQGHUWKHOHJLVODWLRQRIWKH0HPEHU EHU|UGD PHGOHPVVWDWHQV ODJVWLIWQLQJ RP FRQFHUQHG GHWWDLQWUlIIDUWLGLJDUH

1DWLRQDOODZVRUUHJXODWLRQVPD\OLPLWWKH 1DWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU OLDELOLW\ RI WKH VKLSRZQHU WR SD\ ZDJHV LQ NDQ EHJUlQVD UHGDUHQV DQVYDU I|U DWW EHWDOD ZKROHRULQSDUW LQUHVSHFWRI DVHDIDUHUQR O|Q KHOW HOOHU GHOYLV I|U VM|PlQ VRP LQWH ORQJHURQERDUGWRDSHULRGZKLFKVKDOOQRW OlQJUH lU RPERUG WLOO HQ WLG VRP LQWH InU EH OHVV WKDQ ZHHNV IURP WKH GD\ RI WKH XQGHUVWLJD YHFNRU IUnQ GHQ GDJ VNDGDQ LQMXU\ RU WKH FRPPHQFHPHQW RI WKH XSSVWRGHOOHUVMXNGRPHQE|UMDGH VLFNQHVV

1DWLRQDOODZVRUUHJXODWLRQVPD\H[FOXGH 1DWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU WKHVKLSRZQHUIURPOLDELOLW\LQUHVSHFWRI NDQEHIULDUHGDUHQIUnQDQVYDUI|U

D LQMXU\ LQFXUUHG RWKHUZLVH WKDQ LQ WKH D VNDGD VRP XSSVWnU Sn DQQDW VlWW lQ L VHUYLFHRIWKHVKLS IDUW\JVWMlQVWHQ

E LQMXU\ RU VLFNQHVV GXH WR WKH ZLOIXO E VNDGD HOOHU VMXNGRP VRP EHURU Sn JURY PLVFRQGXFWRIWKHVLFNLQMXUHGRUGHFHDVHG I|UVXPPHOVH IUnQ VMXN VNDGDG HOOHU DYOLGHQ VHDIDUHUDQG VM|PDQVVLGDRFK

F VLFNQHVV RU LQILUPLW\ LQWHQWLRQDOO\ F VMXNGRP HOOHU VYDJKHW VRP DYVLNWOLJW FRQFHDOHG ZKHQ WKH HQJDJHPHQW LV HQWHUHG KHPOLJKnOOVQlUDQVWlOOQLQJHQSnE|UMDV LQWR

1DWLRQDOODZVRUUHJXODWLRQVPD\H[HPSW 1DWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU WKH VKLSRZQHU IURP OLDELOLW\ WR GHIUD\ WKH NDQEHIULDUHGDUHQIUnQDQVYDUI|UDWWEHWDOD H[SHQVH RI PHGLFDO FDUH DQG ERDUG DQG VMXNYnUG NRVW RFK ORJL VDPW EHJUDYQLQJV ORGJLQJDQGEXULDOH[SHQVHVLQVRIDUDVVXFK NRVWQDGHU L GHQ XWVWUlFNQLQJ RIIHQWOLJD OLDELOLW\LVDVVXPHGE\WKHSXEOLFDXWKRULWLHV P\QGLJKHWHUSnWDUVLJVnGDQWDQVYDU

6KLSRZQHUV RU WKHLU UHSUHVHQWDWLYHV VKDOO 5HGDUH HOOHU GHUDV UHSUHVHQWDQWHU VNDOO WDNHPHDVXUHVIRUVDIHJXDUGLQJSURSHUW\OHIW VN\GGD HJHQGRP VRP VMXN VNDGDG HOOHU RQ ERDUG E\ VLFN LQMXUHG RU GHFHDVHG DYOLGHQVM|PDQOlPQDWHIWHUVLJRPERUGRFK

VHDIDUHUVDQGIRUUHWXUQLQJLWWRWKHPRUWR nWHUOlPQD GHQ WLOO SHUVRQDOHQ HOOHU GHVV

WKHLUQH[WRINLQ DQK|ULJD

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²6KLSRZQHUVOLDELOLW\ $QYLVQLQJ%²5HGDUHQVDQVYDU

7KH SD\PHQW RI IXOO ZDJHV UHTXLUHG E\ 9LG EHWDOQLQJ DY IXOO O|Q HQOLJW VWDQGDUG 6WDQGDUG $ SDUDJUDSK D PD\ EH $SXQNWDInUERQXVXWHVOXWDV H[FOXVLYHRIERQXVHV

1DWLRQDOODZVRUUHJXODWLRQVPD\SURYLGH 1DWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU WKDW D VKLSRZQHU VKDOO FHDVH WR EH OLDEOH WR InU I|UHVNULYD DWW HQ UHGDUH LQWH OlQJUH VNDOO EHDU WKH FRVWV RI D VLFN RU LQMXUHG VHDIDUHU VYDUD I|U NRVWQDGHUQD I|U VMXN HOOHU VNDGDG IURP WKH WLPH DW ZKLFK WKDW VHDIDUHU FDQ VM|PDQ IUnQ GHQ WLGSXQNW Gn I|UPnQHU NDQ FODLP PHGLFDO EHQHILWV XQGHU D VFKHPH RI XWJn IUnQ HWW V\VWHP PHG REOLJDWRULVN FRPSXOVRU\ VLFNQHVV LQVXUDQFH FRPSXOVRU\ VMXNI|UVlNULQJ REOLJDWRULVN RO\FNVIDOOV DFFLGHQW LQVXUDQFH RU ZRUNHUV FRPSHQVD I|UVlNULQJ HOOHU DUEHWVWDJDUHUVlWWQLQJ I|U WLRQIRUDFFLGHQWV RO\FNRU

1DWLRQDOODZVRUUHJXODWLRQVPD\SURYLGH 1DWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU WKDW EXULDO H[SHQVHV SDLG E\ WKH VKLSRZQHU InU I|UHVNULYD DWW HQ I|UVlNULQJVLQVWLWXWLRQ VKDOO EH UHLPEXUVHG E\ DQ LQVXUDQFH VNDOO EHWDOD WLOOEDND EHJUDYQLQJVNRVWQDGHU LQVWLWXWLRQLQFDVHVLQZKLFKIXQHUDOEHQHILW VRP UHGDUHQ EHWDODW RP EHJUDYQLQJVKMlOS LVSD\DEOHLQUHVSHFWRIWKHGHFHDVHGVHDIDUHU XWJnU I|U DYOLGHQ VM|PDQ HQOLJW ODJDU HOOHU XQGHU ODZV RU UHJXODWLRQV UHODWLQJ WR VRFLDO DQGUDI|UIDWWQLQJDURPVRFLDOI|UVlNULQJHOOHU LQVXUDQFHRUZRUNHUVFRPSHQVDWLRQ DUEHWVWDJDUHUVlWWQLQJ

5HJXODWLRQ 5HJHO

5HJXODWLRQ²+HDOWKDQGVDIHW\SURWHFWLRQ 5HJHO ² 6N\GG DY KlOVD RFK VlNHUKHW RFK DQGDFFLGHQWSUHYHQWLRQ I|UHE\JJDQGHDYRO\FNRU

3XUSRVH 7R HQVXUH WKDW VHDIDUHUV ZRUN 6\IWH $WW VlNHUVWlOOD DWW DUEHWVPLOM|Q RPERUG HQYLURQPHQWRQERDUGVKLSVSURPRWHVRFFXSD IUlPMDUVM|PlQQHQVKlOVDRFKVlNHUKHW WLRQDOVDIHW\DQGKHDOWK

(DFK 0HPEHU VKDOO HQVXUH WKDW VHDIDUHUV 9DUMHPHGOHPVVWDWVNDOOVHWLOODWWVM|PlQ RQ VKLSV WKDW IO\ LWV IODJ DUH SURYLGHG ZLWK Sn IDUW\J VRP I|U GHVV IODJJ lU VN\GGDG WLOO RFFXSDWLRQDO KHDOWK SURWHFWLRQ DQG OLYH VLQ KlOVD L DUEHWHW RFK DWW GHQ ERU DUEHWDU ZRUN DQG WUDLQ RQ ERDUG VKLS LQ D VDIH DQG RFK XWELOGDV RPERUG L HQ VlNHU RFK K\JLHQLFHQYLURQPHQW K\JLHQLVNPLOM|

(DFK 0HPEHU VKDOO GHYHORS DQG 9DUMH PHGOHPVVWDW VNDOO XWIRUPD RFK SURPXOJDWH QDWLRQDO JXLGHOLQHV IRU WKH XWIlUGD QDWLRQHOOD DQYLVQLQJDU I|U KDQWHULQJ PDQDJHPHQW RI RFFXSDWLRQDO VDIHW\ DQG DYKlOVDRFKVlNHUKHWLDUEHWHWSnIDUW\JVRP KHDOWKRQERDUGVKLSVWKDWIO\LWVIODJ DIWHU I|U GHVV IODJJ HIWHU VDPUnG PHG UHSUHV FRQVXOWDWLRQZLWKUHSUHVHQWDWLYHVKLSRZQHUV HQWDWLYD UHGDU RFK VM|IRONVRUJDQLVDWLRQHU DQG VHDIDUHUV RUJDQL]DWLRQV DQG WDNLQJ LQWR RFK PHG EHDNWDQGH DY JlOODQGH NRGHU DFFRXQW DSSOLFDEOH FRGHV JXLGHOLQHV DQG DQYLVQLQJDU RFK QRUPHU VRP UHNRPPHQ VWDQGDUGV UHFRPPHQGHG E\ LQWHUQDWLRQDO GHUDV DY LQWHUQDWLRQHOOD RUJDQLVDWLRQHU RUJDQL]DWLRQV QDWLRQDO DGPLQLVWUDWLRQV DQG QDWLRQHOOD I|UYDOWQLQJDU RFK PDULWLPHLQGXVWU\RUJDQL]DWLRQV VM|IDUWVQlULQJHQVRUJDQLVDWLRQHU

(DFK 0HPEHU VKDOO DGRSW ODZV DQG 9DUMHPHGOHPVVWDWVNDOOPHGEHDNWDQGHDY

UHJXODWLRQV DQG RWKHU PHDVXUHV DGGUHVVLQJ UHOHYDQWD LQWHUQDWLRQHOOD LQVWUXPHQW DQWD WKH PDWWHUV VSHFLILHG LQ WKH &RGH WDNLQJ ODJDU RFK DQGUD I|UIDWWQLQJDU U|UDQGH GH LQWR DFFRXQW UHOHYDQW LQWHUQDWLRQDO I|UKnOODQGHQ VRP DQJHV L NRGHQ RFK LQVWUXPHQWV DQG VHW VWDQGDUGV IRU IDVWVWlOOD QRUPHU I|U DWW VN\GGD KlOVD RFK RFFXSDWLRQDO VDIHW\ DQG KHDOWK SURWHFWLRQ VlNHUKHWLDUEHWHWRFKI|UHE\JJDRO\FNRUSn DQGDFFLGHQWSUHYHQWLRQRQVKLSVWKDWIO\LWV IDUW\JVRPI|UGHVVIODJJ IODJ

6WDQGDUG 6WDQGDUG

6WDQGDUG$²+HDOWKDQGVDIHW\SURWHFWLRQ 6WDQGDUG$²6N\GGDYKlOVDRFKVlNHUKHW DQGDFFLGHQWSUHYHQWLRQ RFKI|UHE\JJDQGHDYRO\FNRU

7KH ODZV DQG UHJXODWLRQV DQG RWKHU 'HODJDURFKDQGUDI|UIDWWQLQJDUVRPVNDOO PHDVXUHV WR EH DGRSWHG LQ DFFRUGDQFH ZLWK DQWDV HQOLJW UHJHO SXQNW VNDOO WD XSS 5HJXODWLRQSDUDJUDSKVKDOOLQFOXGHWKH EODQGDQQDWI|OMDQGHSXQNWHU IROORZLQJVXEMHFWV

D WKH DGRSWLRQ DQG HIIHFWLYH LPSOHPHQWD D DQWDJDQGH RFK HIIHNWLYW JHQRPI|UDQGH WLRQ DQG SURPRWLRQ RI RFFXSDWLRQDO VDIHW\ RFKIUlPMDQGHDYULNWOLQMHURFKSURJUDPI|U DQGKHDOWKSROLFLHVDQGSURJUDPPHVRQVKLSV DWW VN\GGD KlOVD RFK VlNHUKHW L DUEHWHW Sn WKDW IO\ WKH 0HPEHUV IODJ LQFOXGLQJ ULVN IDUW\J VRP I|U PHGOHPVVWDWHQV IODJJ PHG HYDOXDWLRQDVZHOODVWUDLQLQJDQGLQVWUXFWLRQ XWYlUGHULQJ DY ULVNHU VDPW XWELOGQLQJ RFK RIVHDIDUHUV LQVWUXNWLRQI|UVM|PlQO

E UHDVRQDEOH SUHFDXWLRQV WR SUHYHQW E ULPOLJD I|UVLNWLJKHWVnWJlUGHU I|U DWW RFFXSDWLRQDODFFLGHQWVLQMXULHVDQGGLVHDVHV I|UHE\JJD RO\FNRU VNDGRU RFK VMXNGRPDU L RQERDUGVKLSLQFOXGLQJPHDVXUHVWRUHGXFH DUEHWHW Sn IDUW\J EODQG DQQDW nWJlUGHU I|U DQGSUHYHQWWKHULVNRIH[SRVXUHWRKDUPIXO DWW PLQVND RFK I|UHE\JJD ULVNHU I|U OHYHOV RI DPELHQW IDFWRUV DQG FKHPLFDOV DV H[SRQHULQJ I|U VNDGOLJD QLYnHU DY PLOM| ZHOODVWKHULVNRILQMXU\RUGLVHDVHWKDWPD\ IDNWRUHU RFK NHPLNDOLHU VDPW ULVNHU I|U DULVH IURP WKH XVH RI HTXLSPHQW DQG VNDGD HOOHU VMXNGRP VRP NDQ I|OMD DY PDFKLQHU\RQERDUGVKLSV DQYlQGQLQJ DY XWUXVWQLQJ RFK PDVNLQHU RPERUGSnIDUW\J

FRQERDUGSURJUDPPHVIRUWKHSUHYHQWLRQ F RPERUGSURJUDP I|U DWW I|UHE\JJD RI RFFXSDWLRQDO DFFLGHQWV LQMXULHV DQG RO\FNRUVNDGRURFKVMXNGRPDULDUEHWHWRFK GLVHDVHVDQGIRUFRQWLQXRXVLPSURYHPHQWLQ I|U DWW VWlQGLJW I|UElWWUD VN\GGHW DY RFFXSDWLRQDO VDIHW\ DQG KHDOWK SURWHFWLRQ VlNHUKHWHQ RFK KlOVDQ L DUEHWHW XQGHU LQYROYLQJ VHDIDUHUV UHSUHVHQWDWLYHV DQG DOO PHGYHUNDQDYUHSUHVHQWDQWHUI|UVM|PlQQHQ RWKHU SHUVRQV FRQFHUQHG LQ WKHLU RFKDOODDQGUDVRPGHOWDULWLOOlPSQLQJHQRFK LPSOHPHQWDWLRQ WDNLQJ DFFRXQW RI SUHYHQ PHG EHDNWDQGH DY I|UHE\JJDQGH nWJlUGHU WLYH PHDVXUHV LQFOXGLQJ HQJLQHHULQJ DQG LQNOXVLYH WHNQLN RFK NRQVWUXNWLRQV GHVLJQFRQWUROVXEVWLWXWLRQRISURFHVVHVDQG O|VQLQJDU XWE\WH DY SURFHVVHU RFK UXWLQHU SURFHGXUHV IRU FROOHFWLYH DQG LQGLYLGXDO I|U JHPHQVDPPD RFK LQGLYLGXHOOD DUEHWV WDVNV DQG WKH XVH RI SHUVRQDO SURWHFWLYH XSSJLIWHU VDPW DQYlQGQLQJ DY SHUVRQOLJ HTXLSPHQWDQG VN\GGVXWUXVWQLQJRFK

G UHTXLUHPHQWV IRU LQVSHFWLQJ UHSRUWLQJ G NUDY Sn LQVSHNWLRQ UDSSRUWHULQJ RFK DQG FRUUHFWLQJ XQVDIH FRQGLWLRQV DQG IRU DYKMlOSDQGHDYULVNPRPHQWRFKSnXWUHGQLQJ LQYHVWLJDWLQJ DQG UHSRUWLQJ RQERDUG RFK UDSSRUWHULQJ DY RO\FNRU L DUEHWHW RFFXSDWLRQDODFFLGHQWV RPERUG

7KHSURYLVLRQVUHIHUUHGWRLQSDUDJUDSK 5HJOHUQDLSXQNWLGHQQDVWDQGDUGVNDOO

RIWKLV6WDQGDUGVKDOO

D WDNH DFFRXQW RI UHOHYDQW LQWHUQDWLRQDO D EHDNWD UHOHYDQWD LQWHUQDWLRQHOOD LQVWUX LQVWUXPHQWVGHDOLQJZLWKRFFXSDWLRQDOVDIHW\ PHQWVRPU|UVN\GGDYKlOVDRFKVlNHUKHWL DQG KHDOWK SURWHFWLRQ LQ JHQHUDO DQG ZLWK DUEHWHWLDOOPlQKHWRFKVlUVNLOGDULVNHURFK VSHFLILF ULVNV DQG DGGUHVV DOO PDWWHUV LQULNWDVSnDOODIUnJRUVRPlUDYEHW\GHOVHI|U UHOHYDQW WR WKH SUHYHQWLRQ RI RFFXSDWLRQDO DWW I|UHE\JJD RO\FNRU VNDGRU RFK VMXN DFFLGHQWV LQMXULHV DQG GLVHDVHV WKDW PD\ EH GRPDU L DUEHWHW VRP NDQ KlQI|UDV WLOO DSSOLFDEOH WR WKH ZRUN RI VHDIDUHUV DQG VM|PlQQHQV DUEHWH RFK VlUVNLOW VnGDQD VRP SDUWLFXODUO\ WKRVH ZKLFK DUH VSHFLILF WR lUVSHFLILNDI|UDUEHWHWLOOVM|VV PDULWLPHHPSOR\PHQW

E FOHDUO\ VSHFLI\ WKH REOLJDWLRQ RI E NODUW DQJH UHGDUHQV VM|PlQQHQV RFK VKLSRZQHUV VHDIDUHUV DQG RWKHUV FRQFHUQHG DQGUD EHU|UGDV VN\OGLJKHW DWW XSSI\OOD WRFRPSO\ZLWKWKHDSSOLFDEOHVWDQGDUGVDQG JlOODQGH VWDQGDUGHU RFK IDUW\JHWV ULNWOLQMHU ZLWK WKH VKLSV RFFXSDWLRQDO VDIHW\ DQG RFKSURJUDPI|UKlOVDRFKVlNHUKHWLDUEHWHW KHDOWK SROLF\ DQG SURJUDPPH ZLWK VSHFLDO VlUVNLOW PHG KlQV\Q WLOO KlOVD RFK VlNHUKHW DWWHQWLRQEHLQJSDLGWRWKHVDIHW\DQGKHDOWK I|UVM|PlQVRPLQWHI\OOWnU RIVHDIDUHUVXQGHUWKHDJHRI

F VSHFLI\ WKH GXWLHV RI WKH PDVWHU RU D F DQJH GHQ XSSJLIW EHIlOKDYDUHQ RFKHOOHU SHUVRQGHVLJQDWHGE\WKHPDVWHURUERWKWR HQ SHUVRQ XWVHGG DY GHQQH KDU DWW VlUVNLOW WDNH VSHFLILF UHVSRQVLELOLW\ IRU WKH LPSOH DQVYDUD I|U DWW IDUW\JHWV ULNWOLQMHU RFK PHQWDWLRQRIDQGFRPSOLDQFHZLWKWKHVKLSV KDQGOLQJVSURJUDP I|U KlOVD RFK VlNHUKHW L RFFXSDWLRQDO VDIHW\ DQG KHDOWK SROLF\ DQG DUEHWHWWLOOlPSDVRFK SURJUDPPHDQG

G VSHFLI\ WKH DXWKRULW\ RI WKH VKLSV G DQJH EHIRJHQKHWHU I|U EHVlWWQLQJV VHDIDUHUV DSSRLQWHG RU HOHFWHG DV VDIHW\ PHGOHPPDU VRP XWVHWWV HOOHU YDOWV WLOO UHSUHVHQWDWLYHVWRSDUWLFLSDWHLQPHHWLQJVRI VN\GGVRPEXG DWW GHOWD L P|WHQ PHG WKH VKLSV VDIHW\ FRPPLWWHH 6XFK D IDUW\JHWV VN\GGVNRPPLWWp (Q VnGDQ FRPPLWWHH VKDOO EH HVWDEOLVKHG RQ ERDUG D NRPPLWWpVNDOOILQQDVSnDOODIDUW\JVRPKDU VKLS RQ ZKLFK WKHUH DUH ILYH RU PRUH HQEHVlWWQLQJSnPLQVWIHPSHUVRQHU VHDIDUHUV

7KH ODZV DQG UHJXODWLRQV DQG RWKHU 'H ODJDU RFK DQGUD I|UIDWWQLQJDU VRP PHDVXUHV UHIHUUHG WR LQ 5HJXODWLRQ DYVHV L UHJHO SXQNW VNDOO VHV |YHU SDUDJUDSK VKDOO EH UHJXODUO\ UHYLHZHG LQ UHJHOEXQGHWLVDPUnGPHGUHSUHVHQWDQWHUI|U FRQVXOWDWLRQZLWKWKHUHSUHVHQWDWLYHVRIWKH UHGDU RFK VM|IRONVRUJDQLVDWLRQHU RFK YLG VKLSRZQHUVDQGVHDIDUHUVRUJDQL]DWLRQVDQG EHKRY UHYLGHUDV PHG KlQV\Q WLOO Q\ WHNQLN LI QHFHVVDU\ UHYLVHG WR WDNH DFFRXQW RI RFKIRUVNQLQJI|UDWWIUlPMDHQNRQWLQXHUOLJ FKDQJHVLQWHFKQRORJ\DQGUHVHDUFKLQRUGHU I|UElWWULQJ DY ULNWOLQMHU RFK KDQGOLQJV WR IDFLOLWDWH FRQWLQXRXV LPSURYHPHQW LQ SURJUDP I|U KlOVD RFK VlNHUKHW Sn RFFXSDWLRQDO VDIHW\ DQG KHDOWK SROLFLHV DQG DUEHWVSODWVHQ RFK I|U DWW VNDSD HQ VlNHU SURJUDPPHV DQG WR SURYLGH D VDIH DUEHWVPLOM| I|U VM|PlQ Sn IDUW\J VRP I|U RFFXSDWLRQDO HQYLURQPHQW IRU VHDIDUHUV RQ PHGOHPVVWDWHQVIODJJ VKLSVWKDWIO\WKH0HPEHUVIODJ

&RPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI 1lU NUDYHQ L JlOODQGH LQWHUQDWLRQHOOD DSSOLFDEOH LQWHUQDWLRQDO LQVWUXPHQWV RQ WKH LQVWUXPHQW RP DFFHSWDEOD ULVNQLYnHU L DFFHSWDEOH OHYHOV RI H[SRVXUH WR ZRUNSODFH DUEHWHWRPERUGSnIDUW\JRFKRPXWYHFNOLQJ KD]DUGV RQ ERDUG VKLSV DQG RQ WKH RFKJHQRPI|UDQGHDYULNWOLQMHURFKSURJUDP GHYHORSPHQW DQG LPSOHPHQWDWLRQ RI VKLSV I|U KlOVD RFK VlNHUKHW RPERUG HIWHUOHYV

RFFXSDWLRQDO VDIHW\ DQG KHDOWK SROLFLHV DQG VNDOO NUDYHQ L GHQQD NRQYHQWLRQ DQVHV YDUD

SURJUDPPHV VKDOO EH FRQVLGHUHG DV PHHWLQJ XSSI\OOGD WKHUHTXLUHPHQWVRIWKLV&RQYHQWLRQ

7KH FRPSHWHQW DXWKRULW\ VKDOO HQVXUH 'HQEHK|ULJDP\QGLJKHWHQVNDOOVHWLOO WKDW

D RFFXSDWLRQDO DFFLGHQWV LQMXULHV DQG D DWW RO\FNRU VNDGRU RFK VMXNGRPDU L GLVHDVHVDUHDGHTXDWHO\UHSRUWHGWDNLQJLQWR DUEHWHW UDSSRUWHUDV QRJD YDUYLG DFFRXQW WKH JXLGDQFH SURYLGHG E\ WKH ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQV DQYLV ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ ZLWK QLQJDU RP UDSSRUWHULQJ RFK UHJLVWUHULQJ DY UHVSHFW WR WKH UHSRUWLQJ DQG UHFRUGLQJ RI RO\FNRU RFK VMXNGRPDU L DUEHWHW VNDOO RFFXSDWLRQDODFFLGHQWVDQGGLVHDVHV EHDNWDV

E FRPSUHKHQVLYH VWDWLVWLFV RI VXFK E DWW IXOOVWlQGLJ VWDWLVWLN |YHU VnGDQD DFFLGHQWVDQGGLVHDVHVDUHNHSWDQDO\VHGDQG RO\FNRU RFK VMXNGRPDU I|UV DQDO\VHUDV SXEOLVKHG DQG ZKHUH DSSURSULDWH IROORZHG SXEOLFHUDV RFK GlU Vn lU OlPSOLJW I|OMV XSS XSE\UHVHDUFKLQWRJHQHUDOWUHQGVDQGLQWR PHG IRUVNQLQJ RP DOOPlQQD WUHQGHU RFK WKHKD]DUGVLGHQWLILHGDQG SnYLVDGHULVNHURFK

FRFFXSDWLRQDODFFLGHQWVDUHLQYHVWLJDWHG FDWWRO\FNVIDOOLDUEHWHWXWUHGV

5HSRUWLQJ DQG LQYHVWLJDWLRQ RI 5DSSRUWHULQJ RFK XWUHGQLQJ DY lUHQGHQ RFFXSDWLRQDOVDIHW\DQGKHDOWKPDWWHUVVKDOO VRP U|U KlOVD RFK VlNHUKHW L DUEHWHW VNDOO EH GHVLJQHG WR HQVXUH WKH SURWHFWLRQ RI J|UDV Sn HWW VnGDQW VlWW DWW VM|PlQQHQV VHDIDUHUV SHUVRQDO GDWD DQG VKDOO WDNH SHUVRQXSSJLIWHUVN\GGDVRFKGHDQYLVQLQJDU DFFRXQW RI WKH JXLGDQFH SURYLGHG E\ WKH ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQ ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ RQ WKLV WLOOKDQGDKnOOHULGHWWDDYVHHQGHEHDNWDV PDWWHU

7KH FRPSHWHQW DXWKRULW\ VKDOO FRRSHUDWH 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO VDP ZLWK VKLSRZQHUV DQG VHDIDUHUV RUJDQL]D DUEHWDPHGUHGDURFKVM|IRONVRUJDQLVDWLRQHU WLRQV WR WDNH PHDVXUHV WR EULQJ WR WKH Vn DWW DOO VM|PlQ InU NlQQHGRP RP GH DWWHQWLRQ RI DOO VHDIDUHUV LQIRUPDWLRQ VlUVNLOGD ULVNHU VRP ILQQV Sn IDUW\J FRQFHUQLQJ SDUWLFXODU KD]DUGV RQ ERDUG H[HPSHOYLVJHQRPDWWRIILFLHOODPHGGHODQGHQ VKLSV IRU LQVWDQFH E\ SRVWLQJ RIILFLDO PHGUHOHYDQWDLQVWUXNWLRQHUDQVOnV QRWLFHVFRQWDLQLQJUHOHYDQWLQVWUXFWLRQV

7KH FRPSHWHQW DXWKRULW\ VKDOO UHTXLUH 'HQEHK|ULJDP\QGLJKHWHQVNDOONUlYDDWW WKDW VKLSRZQHUV FRQGXFWLQJ ULVN HYDOXDWLRQ UHGDUHQlUGHEHG|PHUULVNHULKDQWHULQJHQ LQ UHODWLRQ WR PDQDJHPHQW RI RFFXSDWLRQDO DY KlOVD RFK VlNHUKHW L DUEHWHW DQYlQGHU VDIHW\ DQG KHDOWK UHIHU WR DSSURSULDWH UHOHYDQW VWDWLVWLVN LQIRUPDWLRQ IUnQ VLQD VWDWLVWLFDO LQIRUPDWLRQ IURP WKHLU VKLSV DQG IDUW\JRFKDOOPlQVWDWLVWLNVRPGHQEHK|ULJD IURP JHQHUDO VWDWLVWLFV SURYLGHG E\ WKH P\QGLJKHWHQWLOOKDQGDKnOOHU FRPSHWHQWDXWKRULW\

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²+HDOWKDQGVDIHW\SURWHFWLRQDQG $QYLVQLQJ%²6N\GGDYKlOVDRFKVlNHUKHW DFFLGHQWSUHYHQWLRQ VDPWI|UHE\JJDQGHDYRO\FNRU

*XLGHOLQH % ² 3URYLVLRQV RQ $QYLVQLQJ%²%HVWlPPHOVHURPRO\FNRU RFFXSDWLRQDODFFLGHQWVLQMXULHVDQGGLVHDVHV VNDGRURFKVMXNGRPDULDUEHWHW

7KH SURYLVLRQV UHTXLUHG XQGHU 6WDQGDUG 'H EHVWlPPHOVHU VRP NUlYV L VWDQGDUG

$VKRXOGWDNHLQWRDFFRXQWWKH,/2FRGH $ E|U EHDNWD ,/2V KDQGOLQJVQRUPHU L RI SUDFWLFH HQWLWOHG $FFLGHQW SUHYHQWLRQ RQ $FFLGHQW SUHYHQWLRQ RQ ERDUG VKLS DW VHD ERDUG VKLS DW VHD DQG LQ SRUW DQG DQG LQ SRUW RFK VHQDUH XWJnYRU VDPW VXEVHTXHQW YHUVLRQV DQG RWKHU UHODWHG ,/2 DQGUDUHODWHUDGHVWDQGDUGHUDQYLVQLQJDURFK DQG RWKHU LQWHUQDWLRQDO VWDQGDUGV DQG KDQGOLQJVQRUPHU I|U VN\GG DY KlOVD RFK JXLGHOLQHV DQG FRGHV RI SUDFWLFH UHJDUGLQJ VlNHUKHW L DUEHWHW IUnQ ,/2 RFK DQGUD RFFXSDWLRQDO VDIHW\ DQG KHDOWK SURWHFWLRQ LQWHUQDWLRQHOOD RUJDQ LQNOXVLYH GH LQFOXGLQJDQ\H[SRVXUHOHYHOVWKDWWKH\PD\ H[SRQHULQJVQLYnHUVRPGHVWlOOHUXSS LGHQWLI\

7KH FRPSHWHQW DXWKRULW\ VKRXOG HQVXUH 'HQEHK|ULJDP\QGLJKHWHQE|UVHWLOODWW WKDW WKH QDWLRQDO JXLGHOLQHV IRU WKH VlUVNLOWI|OMDQGHSXQNWHUWDVXSSLQDWLRQHOOD PDQDJHPHQW RI RFFXSDWLRQDO VDIHW\ DQG DQYLVQLQJDU I|U KDQWHULQJ DY KlOVD RFK KHDOWK DGGUHVV WKH IROORZLQJ PDWWHUV LQ VlNHUKHWSnDUEHWVSODWVHQ SDUWLFXODU

DJHQHUDODQGEDVLFSURYLVLRQV DDOOPlQQD RFK JUXQGOlJJDQGH EHVWlPPHOVHU

EVWUXFWXUDOIHDWXUHVRIWKHVKLSLQFOXGLQJ E IDUW\JHWV VWUXNWXUHOOD HJHQVNDSHU PHDQVRIDFFHVVDQGDVEHVWRVUHODWHGULVNV LQNOXVLYH WLOOWUlGHVP|MOLJKHWHU RFK DVEHVW UHODWHUDGHULVNHU

FPDFKLQHU\ FPDVNLQHUL

GWKHHIIHFWVRIWKHH[WUHPHO\ORZRUKLJK G YHUNQLQJDU DY H[WUHPW OnJD HOOHU K|JD WHPSHUDWXUH RI DQ\ VXUIDFHV ZLWK ZKLFK WHPSHUDWXUHU Sn \WRU VRP VM|PlQ NDQ VHDIDUHUVPD\EHLQFRQWDFW NRPPDLEHU|ULQJPHG

HWKHHIIHFWVRIQRLVHLQWKHZRUNSODFHDQG HYHUNQLQJDUDYEXOOHUSnDUEHWVSODWVHQRFK LQVKLSERDUGDFFRPPRGDWLRQ LERVWDGVXWU\PPHQRPERUG

IWKHHIIHFWVRIYLEUDWLRQLQWKHZRUNSODFH I YHUNQLQJDU DY YLEUDWLRQHU Sn DUEHWV DQGLQVKLSERDUGDFFRPPRGDWLRQ SODWVHQRFKLERVWDGVXWU\PPHQRPERUG

JWKHHIIHFWVRIDPELHQWIDFWRUVRWKHUWKDQ JYHUNQLQJDUDYDQGUDPLOM|IDNWRUHUlQGH WKRVH UHIHUUHG WR LQ VXESDUDJUDSKV H DQG VRPDYVHVLHRFKIRYDQSnDUEHWVSODWVHQRFK I LQ WKH ZRUNSODFH DQG LQ VKLSERDUG L ERVWDGVXWU\PPHQ RPERUG EODQG DQQDW DFFRPPRGDWLRQLQFOXGLQJWREDFFRVPRNH WREDNVU|N

K VSHFLDO VDIHW\ PHDVXUHV RQ DQG EHORZ KVlUVNLOGDVlNHUKHWVnWJlUGHUSnRFKXQGHU GHFN GlFN

LORDGLQJDQGXQORDGLQJHTXLSPHQW LXWUXVWQLQJI|UODVWQLQJRFKORVVQLQJ

MILUHSUHYHQWLRQDQGILUHILJKWLQJ MEUDQGVN\GGRFKEUDQGEHNlPSQLQJ

NDQFKRUVFKDLQVDQGOLQHV NDQNDUHNlWWLQJDURFKWnJYLUNH

OGDQJHURXVFDUJRDQGEDOODVW OIDUOLJODVWRFKEDOODVW

P SHUVRQDO SURWHFWLYH HTXLSPHQW IRU PSHUVRQOLJVN\GGVXWUXVWQLQJI|UVM|PlQO VHDIDUHUV

QZRUNLQHQFORVHGVSDFHV QDUEHWHLVOXWQDXWU\PPHQ

RSK\VLFDODQGPHQWDOHIIHFWVRIIDWLJXH R I\VLVND RFK SV\NLVND YHUNQLQJDU DY XWPDWWQLQJ

S WKH HIIHFWV RI GUXJ DQG DOFRKRO S YHUNQLQJDU DY GURJ RFK DONRKRO GHSHQGHQF\ EHURHQGH

T +,9$,'6 SURWHFWLRQ DQG SUHYHQWLRQ T VN\GG PRW RFK I|UHE\JJDQGH DY DQG +,9$,'6RFK

UHPHUJHQF\DQGDFFLGHQWUHVSRQVH UXSSWUlGDQGHYLGQ|GVLWXDWLRQHURFKRO\FNRU

7KHDVVHVVPHQWRIULVNVDQGUHGXFWLRQRI 9LG ULVNDQDO\VHU RFK PLQVNQLQJ DY H[SRVXUH RQ WKH PDWWHUV UHIHUUHG WR LQ H[SRQHULQJHQ I|U GH IDNWRUHU VRP DYVHV L SDUDJUDSK RI WKLV *XLGHOLQH VKRXOG WDNH SXQNW L GHQQD DQYLVQLQJ E|U GH I\VLVND DFFRXQW RI WKH SK\VLFDO RFFXSDWLRQDO KHDOWK HIIHNWHUQD Sn DUEHWVKlOVDQ EHDNWDV EODQG HIIHFWVLQFOXGLQJPDQXDOKDQGOLQJRIORDGV DQQDW PDQXHOO KDQWHULQJ DY ODVW EXOOHU RFK QRLVH DQG YLEUDWLRQ WKH FKHPLFDO DQG YLEUDWLRQHUNHPLVNDRFKELRORJLVNDHIIHNWHU ELRORJLFDO RFFXSDWLRQDO KHDOWK HIIHFWV WKH Sn DUEHWVKlOVDQ PHQWDOD HIIHNWHU Sn PHQWDO RFFXSDWLRQDO KHDOWK HIIHFWV WKH DUEHWVKlOVDQ I\VLVND RFK PHQWDOD KlOVR SK\VLFDODQGPHQWDOKHDOWKHIIHFWVRIIDWLJXH HIIHNWHU DY XWPDWWQLQJ VDPW RO\FNRU L DQG RFFXSDWLRQDO DFFLGHQWV 7KH QHFHVVDU\ DUEHWHW 'H nWJlUGHU VRP YLGWDV E|U XW PHDVXUHV VKRXOG WDNH GXH DFFRXQW RI WKH IRUPDV PHG WLOOE|UOLJ KlQV\Q WLOO I|UH SUHYHQWLYH SULQFLSOH DFFRUGLQJ WR ZKLFK E\JJDQGHSULQFLSHQHQOLJWYLONHQEODQGDQQDW DPRQJ RWKHU WKLQJV FRPEDWLQJ ULVN DW WKH I|UHE\JJDQGH DY ULVN YLG NlOODQ DQSDVVQLQJ VRXUFH DGDSWLQJ ZRUN WR WKH LQGLYLGXDO DY DUEHWHW WLOO PlQQLVNDQ VlUVNLOW DUEHWV HVSHFLDOO\ DV UHJDUGV WKH GHVLJQ RI SODWVHQV XWIRUPQLQJ RFK HUVlWWQLQJ DY ZRUNSODFHVDQGUHSODFLQJWKHGDQJHURXVE\ IDUOLJW PHG RIDUOLJW HOOHU PLQGUH IDUOLJW KDU WKH QRQGDQJHURXV RU WKH OHVV GDQJHURXV I|UHWUlGH IUDPI|U SHUVRQOLJ VN\GGV KDYH SUHFHGHQFH RYHU SHUVRQDO SURWHFWLYH XWUXVWQLQJI|UVM|PlQ HTXLSPHQWIRUVHDIDUHUV

,Q DGGLWLRQ WKH FRPSHWHQW DXWKRULW\ 'HVVXWRPE|UGHQEHK|ULJDP\QGLJKHWHQ VKRXOG HQVXUH WKDW WKH LPSOLFDWLRQV IRU VH WLOO DWW NRQVHNYHQVHU I|U KlOVD RFK KHDOWK DQG VDIHW\ DUH WDNHQ LQWR DFFRXQW VlNHUKHW EHDNWDV VlUVNLOW Sn I|OMDQGH SDUWLFXODUO\LQWKHIROORZLQJDUHDV RPUnGHQ

DHPHUJHQF\DQGDFFLGHQWUHVSRQVH DXSSWUlGDQGHYLGQ|GVLWXDWLRQHURFKRO\FNRU

E WKH HIIHFWV RI GUXJ DQG DOFRKRO E YHUNQLQJDU DY GURJ RFK DONRKRO GHSHQGHQF\DQG EHURHQGHRFK

F+,9$,'6SURWHFWLRQDQGSUHYHQWLRQ F VN\GG PRW RFK I|UHE\JJDQGH DY +,9$,'6

*XLGHOLQH%²([SRVXUHWRQRLVH $QYLVQLQJ%²%XOOHUH[SRQHULQJ

7KHFRPSHWHQWDXWKRULW\LQFRQMXQFWLRQ 'HQ EHK|ULJD P\QGLJKHWHQ E|U L ZLWKWKHFRPSHWHQWLQWHUQDWLRQDOERGLHVDQG VDPYHUNDQ PHG EHK|ULJD LQWHUQDWLRQHOOD ZLWK UHSUHVHQWDWLYHV RI VKLSRZQHUV DQG RUJDQRFKUHSUHVHQWDQWHUI|UEHU|UGDUHGDU VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG VKRXOG RFK VM|IRONVRUJDQLVDWLRQHU IRUWO|SDQGH UHYLHZ RQ DQ RQJRLQJ EDVLV WKH SUREOHP RI JUDQVND SUREOHPHW PHG EXOOHU Sn IDUW\J I|U

QRLVH RQ ERDUG VKLSV ZLWK WKH REMHFWLYH RI DWWVNDSDElVWDP|MOLJDVN\GGI|UVM|PlQQHQ

LPSURYLQJWKHSURWHFWLRQRIVHDIDUHUVLQVR PRWVNDGRUDYEXOOHUH[SRQHULQJ IDUDVSUDFWLFDEOHIURPWKHDGYHUVHHIIHFWVRI H[SRVXUHWRQRLVH

7KH UHYLHZ UHIHUUHG WR LQ SDUDJUDSK RI 9LGGHQJUDQVNQLQJVRPQlPQVLSXQNWL WKLV *XLGHOLQH VKRXOG WDNH DFFRXQW RI WKH GHQQD DQYLVQLQJ E|U KlQV\Q WDV WLOO GH DGYHUVH HIIHFWV RI H[SRVXUH WR H[FHVVLYH QHJDWLYD HIIHNWHU H[SRQHULQJ I|U VWDUNW QRLVHRQWKHKHDULQJKHDOWKDQGFRPIRUWRI EXOOHU NDQ KD Sn VM|PlQQHQV K|UVHO KlOVD VHDIDUHUVDQGWKHPHDVXUHVWREHSUHVFULEHG RFKYlOEHILQQDQGHRFKGH nWJlUGHUVRPE|U RUUHFRPPHQGHGWRUHGXFHVKLSERDUGQRLVH I|UHVNULYDV HOOHU UHNRPPHQGHUDV I|U DWW WR SURWHFW VHDIDUHUV 7KH PHDVXUHV WR EH VN\GGD SHUVRQDOHQ RPERUG JHQRP DWW FRQVLGHUHGVKRXOGLQFOXGHWKHIROORZLQJ PLQVND EXOOUHW %ODQG DQQDW E|U I|OMDQGH nWJlUGHU|YHUYlJDV

DLQVWUXFWLRQRIVHDIDUHUVLQWKHGDQJHUVWR D LQVWUXNWLRQ I|U VM|PlQ RP ULVNHU I|U KHDULQJDQGKHDOWKRISURORQJHGH[SRVXUHWR K|UVHORFKKlOVDDYOnQJYDULJH[SRQHULQJI|U KLJK QRLVH OHYHOV DQG LQ WKH SURSHU XVH RI K|JD EXOOHUQLYnHU RFK KXU PDQ DQYlQGHU QRLVHSURWHFWLRQGHYLFHVDQGHTXLSPHQW LQUlWWQLQJDU RFK XWUXVWQLQJ I|U VN\GG PRW EXOOHU

E SURYLVLRQ RI DSSURYHG KHDULQJ EXWOlPQDQGHDYJRGNlQGDK|UVHOVN\GGWLOO SURWHFWLRQ HTXLSPHQW WR VHDIDUHUV ZKHUH VM|PlQQHQYLGEHKRYRFK QHFHVVDU\DQG

F DVVHVVPHQW RI ULVN DQG UHGXFWLRQ RI F ULVNDQDO\V RFK PLQVNQLQJ DY EXOOHU H[SRVXUH OHYHOV WR QRLVH LQ DOO DFFRPPRGD H[SRQHULQJHQL DOODXWU\PPHQVRPDQYlQGV WLRQ DQG UHFUHDWLRQDO DQG FDWHULQJ IDFLOLWLHV VRP ERVWlGHU RFK I|U UHNUHDWLRQ RFK DVZHOODVHQJLQHURRPVDQGRWKHUPDFKLQHU\ VHUYHULQJ VDPW L PDVNLQUXP RFK DQGUD VSDFHV PDVNLQXWU\PPHQ

*XLGHOLQH%²([SRVXUHWRYLEUDWLRQ $QYLVQLQJ%²([SRQHULQJI|UYLEUDWLRQHU

7KHFRPSHWHQWDXWKRULW\LQFRQMXQFWLRQ 'HQ EHK|ULJD P\QGLJKHWHQ E|U L ZLWKWKHFRPSHWHQWLQWHUQDWLRQDOERGLHVDQG VDPYHUNDQ PHG EHK|ULJD LQWHUQDWLRQHOOD ZLWK UHSUHVHQWDWLYHV RI VKLSRZQHUV DQG RUJDQRFKUHSUHVHQWDQWHUI|UEHU|UGDUHGDU VHDIDUHUV RUJDQL]DWLRQV FRQFHUQHG DQG RFK VM|IRONVRUJDQLVDWLRQHU RFK PHG EHDNW WDNLQJLQWRDFFRXQWDVDSSURSULDWHUHOHYDQW DQGH DY UHOHYDQWD LQWHUQDWLRQHOOD VWDQGDUGHU LQWHUQDWLRQDOVWDQGDUGVVKRXOGUHYLHZRQDQ GlU VnGDQD ILQQV IRUWO|SDQGH JUDQVND RQJRLQJ EDVLV WKH SUREOHP RI YLEUDWLRQ RQ SUREOHPHWPHGYLEUDWLRQHUSnIDUW\JI|UDWW ERDUGVKLSVZLWKWKHREMHFWLYHRILPSURYLQJ VnOnQJWP|MOLJWI|UElWWUDVM|PlQQHQVVN\GG WKH SURWHFWLRQ RI VHDIDUHUV LQ VR IDU DV PRWVNDGRUDYH[SRQHULQJI|UYLEUDWLRQHU SUDFWLFDEOH IURP WKH DGYHUVH HIIHFWV RI YLEUDWLRQ

7KH UHYLHZ UHIHUUHG WR LQ SDUDJUDSK RI 'HQ JUDQVNQLQJ VRP DYVHV L SXQNW L WKLV *XLGHOLQH VKRXOG FRYHU WKH HIIHFW RI GHQQD DQYLVQLQJ E|U RPIDWWD HIIHNWHQ DY H[SRVXUH WR H[FHVVLYH YLEUDWLRQ RQ WKH H[SRQHULQJ I|U VWDUND YLEUDWLRQHU Sn VM| KHDOWK DQG FRPIRUW RI VHDIDUHUV DQG WKH PlQQHQV KlOVD RFK YlOEHILQQDQGH RFK GH PHDVXUHVWREHSUHVFULEHGRUUHFRPPHQGHG nWJlUGHU VRP E|U I|UHVNULYDV HOOHU WR UHGXFH VKLSERDUG YLEUDWLRQ WR SURWHFW UHNRPPHQGHUDV I|U DWW VN\GGD VM|PlQQHQ VHDIDUHUV 7KH PHDVXUHV WR EH FRQVLGHUHG JHQRP DWW PLQVND YLEUDWLRQHU L IDUW\JHW VKRXOGLQFOXGHWKHIROORZLQJ %ODQGDQQDWE|UI|OMDQGHnWJlUGHU|YHUYlJDV

DLQVWUXFWLRQRIVHDIDUHUVLQWKHGDQJHUVWR D LQVWUXNWLRQ I|U VM|PlQ RP ULVNHU I|U

WKHLU KHDOWK RI SURORQJHG H[SRVXUH WR GHUDV KlOVD DY OnQJYDULJ H[SRQHULQJ I|U YLEUDWLRQ YLEUDWLRQHU

E SURYLVLRQ RI DSSURYHG SHUVRQDO E XWOlPQDQGH DY JRGNlQG SHUVRQOLJ SURWHFWLYH HTXLSPHQW WR VHDIDUHUV ZKHUH VN\GGVXWUXVWQLQJ WLOO VM|PlQQHQ YLG EHKRY QHFHVVDU\DQG RFK

F DVVHVVPHQW RI ULVNV DQG UHGXFWLRQ RI F ULVNDQDO\V RFK PLQVNQLQJ DY H[SRQH H[SRVXUHWRYLEUDWLRQLQDOODFFRPPRGDWLRQ ULQJHQ I|U YLEUDWLRQHU L DOOD XWU\PPHQ VRP DQG UHFUHDWLRQDO DQG FDWHULQJ IDFLOLWLHV E\ DQYlQGV VRP ERVWlGHU RFK I|U UHNUHDWLRQ DGRSWLQJ PHDVXUHV LQ DFFRUGDQFH ZLWK WKH RFKVHUYHULQJJHQRPDWWYLGWDnWJlUGHUHQOLJW JXLGDQFH SURYLGHG E\ WKH ,/2 FRGH RI GH DQYLVQLQJDU VRP ILQQV L ,/2 FRGH RI SUDFWLFH HQWLWOHG $PELHQW IDFWRUV LQ WKH SUDFWLFHXQGHUWLWHOQ$PELHQWIDFWRUVLQWKH ZRUNSODFH DQG DQ\ VXEVHTXHQW ZRUNSODFH RFK HYHQWXHOOD VHQDUH UHYLVLRQV WDNLQJ DFFRXQW RI WKH GLIIHUHQFH XWJnYRU PHG EHDNWDQGH DY DWW GHVVD EHWZHHQ H[SRVXUH LQ WKRVH DUHDV DQG LQ WKH XWU\PPHQLQWHlUH[SRQHUDGHSnVDPPDVlWW ZRUNSODFH VRPDUEHWVSODWVHQ

*XLGHOLQH%2EOLJDWLRQVRIVKLSRZQHUV $QYLVQLQJ%5HGDUHVI|USOLNWHOVHU

$Q\ REOLJDWLRQ RQ WKH VKLSRZQHU WR (Q VN\OGLJKHW I|U UHGDUHQ DWW OlPQD XW SURYLGH SURWHFWLYH HTXLSPHQW RU RWKHU VN\GGVXWUXVWQLQJ HOOHU DQGUD VlNHUKHWV DFFLGHQW SUHYHQWLRQ VDIHJXDUGV VKRXOG LQ LQUlWWQLQJDU I|U DWW I|UHE\JJD RO\FNRU E|U JHQHUDO EH DFFRPSDQLHG E\ SURYLVLRQV VRP UHJHO PRWVYDUDV DY EHVWlPPHOVHU VRP UHTXLULQJ WKHLU XVH E\ VHDIDUHUV DQG E\ D nOlJJHUVM|PlQQHQDWWDQYlQGDGHPRFKNUDY UHTXLUHPHQW IRU VHDIDUHUV WR FRPSO\ ZLWK Sn DWW SHUVRQDOHQ VNDOO LDNWWD UHOHYDQWD WKH UHOHYDQW DFFLGHQW SUHYHQWLRQ DQG KHDOWK nWJlUGHU I|U DWW I|UHE\JJD RO\FNRU RFK SURWHFWLRQPHDVXUHV VN\GGDVLQKlOVD

$FFRXQWVKRXOGDOVREHWDNHQRI$UWLFOHV $UWLNODUQDRFKLnUVNRQYHQWLRQ DQG RI WKH *XDUGLQJ RI 0DFKLQHU\ QURPPDVNLQVN\GGRFKPRWVYDUDQGH &RQYHQWLRQ 1R DQG WKH EHVWlPPHOVHU L nUV UHNRPPHQGDWLRQ FRUUHVSRQGLQJ SURYLVLRQV RI WKH *XDUGLQJ QU RP PDVNLQVN\GG E|U EHDNWDV RI 0DFKLQHU\ 5HFRPPHQGDWLRQ 1R (QOLJWGHVVDKDUDUEHWVJLYDUHQDQVYDUI|UDWW XQGHU ZKLFK WKH REOLJDWLRQ WR HQVXUH PDVNLQHUVRPlULGULIWlUYlOVN\GGDGHRFK FRPSOLDQFH ZLWK WKH UHTXLUHPHQW WKDW LQWH DQYlQGV XWDQ WLOOUlFNOLJD VlNHUKHWV PDFKLQHU\LQXVHLVSURSHUO\JXDUGHGDQGLWV LQUlWWQLQJDUPHGDQDUEHWVWDJDUHQVNDOODYVWn XVH ZLWKRXW DSSURSULDWH JXDUGV SUHYHQWHG IUnQ DWW DQYlQGD PDVNLQHUQD RP LQWH UHVWV RQ WKH HPSOR\HU ZKLOH WKHUH LV DQ VlNHUKHWVLQUlWWQLQJDUQD ILQQV Sn SODWV RFK REOLJDWLRQ RQ WKH ZRUNHU QRW WR XVH LQWH InU VlWWD EHILQWOLJD LQUlWWQLQJDU XU PDFKLQHU\ ZLWKRXW WKH JXDUGV EHLQJ LQ IXQNWLRQ SRVLWLRQQRUWRPDNHLQRSHUDWLYHWKHJXDUGV SURYLGHG

*XLGHOLQH % ² 5HSRUWLQJ DQG FROOHFWLRQ $QYLVQLQJ % ² 5DSSRUWHULQJ RFK RIVWDWLVWLFV VWDWLVWLNLQVDPOLQJ

$OO RFFXSDWLRQDO DFFLGHQWV DQG $OOD RO\FNRU VNDGRU RFK VMXNGRPDU L RFFXSDWLRQDOLQMXULHVDQGGLVHDVHVVKRXOGEH DUEHWHWE|UUDSSRUWHUDVVnDWWGHNDQXWUHGDV UHSRUWHGVRWKDWWKH\FDQEHLQYHVWLJDWHGDQG RFK DWW IXOOVWlQGLJ VWDWLVWLN NDQ I|UDV FRPSUHKHQVLYH VWDWLVWLFV FDQ EH NHSW DQDO\VHUDV RFK RIIHQWOLJJ|UDV YDUYLG GH DQDO\VHG DQG SXEOLVKHG WDNLQJ DFFRXQW RI EHU|UGD VM|PlQQHQV SHUVRQXSSJLIWHU VNDOO SURWHFWLRQ RI WKH SHUVRQDO GDWD RI WKH VN\GGDV 5DSSRUWHU E|U LQWH HQEDUW DYVH

VHDIDUHUV FRQFHUQHG 5HSRUWV VKRXOG QRW EH G|GVRO\FNRU HOOHU RO\FNRU GlU IDUW\JHW lU

OLPLWHGWRIDWDOLWLHVRUWRDFFLGHQWVLQYROYLQJ LQEODQGDW WKHVKLS

7KHVWDWLVWLFVUHIHUUHGWRLQSDUDJUDSKRI 'HQVWDWLVWLNVRPDYVHVLSXQNWLGHQQD WKLV *XLGHOLQH VKRXOG UHFRUG WKH QXPEHUV DQYLVQLQJE|URPIDWWDDQWDODUWRUVDNHURFK QDWXUH FDXVHV DQG HIIHFWV RI RFFXSDWLRQDO YHUNQLQJDU DY RO\FNRU VNDGRU RFK DFFLGHQWV DQG RFFXSDWLRQDO LQMXULHV DQG VMXNGRPDU L DUEHWHW L WLOOlPSOLJD IDOO PHG GLVHDVHV ZLWK D FOHDU LQGLFDWLRQ DV W\GOLJ DQJLYHOVH DY DYGHOQLQJ RPERUG Sn DSSOLFDEOH RI WKH GHSDUWPHQW RQ ERDUG D IDUW\JHW W\S DY RO\FND RFK RP GHQ VKLSWKHW\SHRIDFFLGHQWDQGZKHWKHUDWVHD LQWUlIIDGHWLOOVM|VVHOOHULKDPQ RULQSRUW

(DFK0HPEHU VKRXOGKDYHGXH UHJDUGWR 0HGOHPVVWDWHUQD E|U WD KlQV\Q WLOO YDUMH DQ\ LQWHUQDWLRQDO V\VWHP RU PRGHO IRU LQWHUQDWLRQHOOW V\VWHP HOOHU PRGHOO I|U UHFRUGLQJ DFFLGHQWV WR VHDIDUHUV ZKLFK PD\ UHJLVWUHULQJ DY RO\FNRU EODQG VM|PlQ VRP KDYH EHHQ HVWDEOLVKHG E\ WKH ,QWHUQDWLRQDO NDQ KD LQUlWWDWV DY ,QWHUQDWLRQHOOD DUEHWV /DERXU2UJDQL]DWLRQ RUJDQLVDWLRQHQ

*XLGHOLQH%²,QYHVWLJDWLRQV $QYLVQLQJ%²8WUHGQLQJDU

7KH FRPSHWHQW DXWKRULW\ VKRXOG 'HQ EHK|ULJD P\QGLJKHWHQ E|U XWUHGD XQGHUWDNHLQYHVWLJDWLRQVLQWRWKHFDXVHVDQG RUVDNHURFKRPVWlQGLJKHWHUYLGDOODRO\FNRU FLUFXPVWDQFHV RI DOO RFFXSDWLRQDO DFFLGHQWV VNDGRU HOOHU VMXNGRPDU L DUEHWHW VRP OHGHU DQG RFFXSDWLRQDO LQMXULHV DQG GLVHDVHV WLOO G|GHQ HOOHU DOOYDUOLJ SHUVRQVNDGD RFK UHVXOWLQJ LQ ORVV RI OLIH RU VHULRXV SHUVRQDO VnGDQD DQGUD IDOO VRP NDQ ILQQDV DQJLYQD L LQMXU\ DQG VXFK RWKHU FDVHV DV PD\ EH QDWLRQHOODODJDUHOOHUDQGUDI|UIDWWQLQJDU VSHFLILHGLQQDWLRQDOODZVRUUHJXODWLRQV

&RQVLGHUDWLRQ VKRXOG EH JLYHQ WR 'HWE|U|YHUYlJDVDWWWDXSSEODQGDQQDW LQFOXGLQJ WKH IROORZLQJ DV VXEMHFWV RI I|OMDQGHSXQNWHUWLOOJUDQVNQLQJ LQYHVWLJDWLRQ

D ZRUNLQJ HQYLURQPHQW VXFK DV ZRUNLQJ D DUEHWVPLOM| WLOO H[HPSHO DUEHWV\WRU VXUIDFHV OD\RXW RI PDFKLQHU\ PHDQV RI XSSVWlOOQLQJ DY PDVNLQHU WLOOWUlGHVYlJDU DFFHVVOLJKWLQJDQGPHWKRGVRIZRUN EHO\VQLQJRFKDUEHWVPHWRGHU

E LQFLGHQFH LQ GLIIHUHQW DJH JURXSV RI E I|UGHOQLQJHQ Sn nOGHUVJUXSSHU DY RFFXSDWLRQDO DFFLGHQWV DQG RFFXSDWLRQDO RO\FNRUVNDGRURFKVMXNGRPDULDUEHWHW LQMXULHVDQGGLVHDVHV

F VSHFLDO SK\VLRORJLFDO RU SV\FKRORJLFDO F VlUVNLOGD I\VLRORJLVND HOOHU SV\NLVND SUREOHPV FUHDWHG E\ WKH VKLSERDUG SUREOHPVRPIDUW\JVPLOM|QVNDSDU HQYLURQPHQW GSUREOHPVRPXSSVWnUWLOOI|OMGDYI\VLVN GSUREOHPVDULVLQJIURPSK\VLFDOVWUHVVRQ VWUHVVRPERUGSnHWWIDUW\JVlUVNLOWYLG|NDG ERDUGDVKLSLQSDUWLFXODUDVDFRQVHTXHQFH DUEHWVEHODVWQLQJ RILQFUHDVHGZRUNORDG H SUREOHP PHG XSSKRY L GHQ WHNQLVND H SUREOHPV DULVLQJ IURP DQG HIIHFWV RI XWYHFNOLQJHQ RFK YHUNQLQJDU DY GHQQD RFK WHFKQLFDO GHYHORSPHQWV DQG WKHLU LQIOXHQFH LQYHUNDQ Sn EHVlWWQLQJHQV VDPPDQVlWWQLQJ RQWKHFRPSRVLWLRQRIFUHZVDQG RFK

I SUREOHPV DULVLQJ IURP DQ\ KXPDQ I SUREOHP VRP RUVDNDV DY PlQVNOLJD

IDLOXUHV EULVWHU

*XLGHOLQH % ² 1DWLRQDO SURWHFWLRQ DQG $QYLVQLQJ % ² 1DWLRQHOOD SURJUDP I|U SUHYHQWLRQSURJUDPPHV VN\GGRFKI|UHE\JJDQGH

,Q RUGHU WR SURYLGH D VRXQG EDVLV IRU )|UDWWVNDSDHQVWDELOJUXQGI|UnWJlUGHU PHDVXUHV WR SURPRWH RFFXSDWLRQDO VDIHW\ VRP IUlPMDU KlOVD RFK VlNHUKHW Sn DQG KHDOWK SURWHFWLRQ DQG SUHYHQWLRQ RI DUEHWVSODWVHQ RFK I|UHE\JJHU RO\FNRU DFFLGHQWV LQMXULHV DQG GLVHDVHV ZKLFK DUH VNDGRU RFK VMXNGRPDU YLOND KDU VLQ JUXQG L GXH WR SDUWLFXODU KD]DUGV RI PDULWLPH VlUVNLOGD ULVNHU YLG DUEHWH WLOO VM|VV E|U HPSOR\PHQWUHVHDUFKVKRXOGEHXQGHUWDNHQ IRUVNQLQJ I|UHWDV RP JHQHUHOOD WHQGHQVHU LQWRJHQHUDOWUHQGVDQGLQWRVXFKKD]DUGVDV RFKULVNHUVRPVWDWLVWLNHQDYVO|MDU DUHUHYHDOHGE\VWDWLVWLFV

7KH LPSOHPHQWDWLRQ RI SURWHFWLRQ DQG *HQRPI|UDQGHW DY SURJUDP I|U VN\GG SUHYHQWLRQ SURJUDPPHV IRU WKH SURPRWLRQ RFK I|UHE\JJDQGH WLOO JDJQ I|U KlOVD RFK RIRFFXSDWLRQDOVDIHW\DQGKHDOWKVKRXOGEH VlNHUKHWSnDUEHWVSODWVHQE|URUJDQLVHUDVVn VR RUJDQL]HG WKDW WKH FRPSHWHQW DXWKRULW\ DWW GHQ EHK|ULJD P\QGLJKHWHQ UHGDUH RFK VKLSRZQHUVDQGVHDIDUHUVRUWKHLUUHSUHVHQWD VM|PlQ HOOHUGHUDVUHSUHVHQWDQWHU RFK DQGUD WLYHVDQGRWKHUDSSURSULDWHERGLHVPD\SOD\ UHOHYDQWDRUJDQNDQVSHODHQDNWLYUROOEODQG DQDFWLYHUROHLQFOXGLQJWKURXJKVXFKPHDQV DQQDW JHQRP LQIRUPDWLRQVP|WHQ DVLQIRUPDWLRQVHVVLRQVRQERDUGJXLGHOLQHV DQYLVQLQJDU RPERUG U|UDQGH |YUH JUlQVHU RQ PD[LPXP H[SRVXUH OHYHOV WR SRWHQWLDOO\ I|U H[SRQHULQJ I|U SRWHQWLHOOW VNDGOLJD KDUPIXO DPELHQW ZRUNSODFH IDFWRUV DQG PLOM|IDNWRUHU Sn DUEHWVSODWVHQ RFK DQGUD RWKHU KD]DUGV RU RXWFRPHV RI D V\VWHPDWLF ULVNHUHOOHUUHVXOWDWDYHQV\VWHPDWLVNSURFHVV ULVN HYDOXDWLRQ SURFHVV ,Q SDUWLFXODU I|U XWYlUGHULQJ DY ULVNHU 1DWLRQHOOD HOOHU QDWLRQDO RU ORFDO MRLQW RFFXSDWLRQDO VDIHW\ ORNDODVDPDUEHWVNRPPLWWpHUI|UDUEHWVPLOM| DQG KHDOWK SURWHFWLRQ DQG DFFLGHQW SUHYHQ KlOVRVN\GG RFK I|UHE\JJDQGH DY RO\FNRU WLRQ FRPPLWWHHV RU DG KRF ZRUNLQJ SDUWLHV HOOHU WLOOIlOOLJD DUEHWVJUXSSHU RFK VN\GGV DQG RQERDUG FRPPLWWHHV RQ ZKLFK VKLS NRPPLWWpHUE|UXSSUlWWDVXQGHUPHGYHUNDQ RZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV DYEHU|UGDUHGDURFKVM|IRONVRUJDQLVDWLRQHU FRQFHUQHG DUH UHSUHVHQWHG VKRXOG EH HVWDEOLVKHG

:KHUH VXFK DFWLYLW\ WDNHV SODFH DW 1lU VnGDQ YHUNVDPKHW I|UHNRPPHU Sn FRPSDQ\ OHYHO WKH UHSUHVHQWDWLRQ RI UHGHULQLYn E|U GHW |YHUYlJDV DWW OnWD VHDIDUHUVRQDQ\VDIHW\FRPPLWWHHRQERDUG VM|PlQQHQ UHSUHVHQWHUDV L YDUMH WKDWVKLSRZQHUVVKLSVVKRXOGEHFRQVLGHUHG VN\GGVNRPPLWWp RPERUG Sn UHGHULHWV IDUW\J

*XLGHOLQH%²&RQWHQWRISURWHFWLRQDQG $QYLVQLQJ % ² ,QQHKnOO L SURJUDP I|U SUHYHQWLRQSURJUDPPHV VN\GGRFKI|UHE\JJDQGH

&RQVLGHUDWLRQ VKRXOG EH JLYHQ WR 'HWE|U|YHUYlJDVKXUXYLGDI|OMDQGHVNDOO LQFOXGLQJ WKH IROORZLQJ LQ WKH IXQFWLRQV RI LQJn L XSSJLIWHUQD I|U GH NRPPLWWpHU RFK WKHFRPPLWWHHVDQGRWKHUERGLHVUHIHUUHGWR DQGUD RUJDQ VRP DYVHV L DQYLVQLQJ % LQ*XLGHOLQH%SDUDJUDSK SXQNW

D WKH SUHSDUDWLRQ RI QDWLRQDO JXLGHOLQHV D DWW XWDUEHWD QDWLRQHOOD DQYLVQLQJDU RFK DQG SROLFLHV IRU RFFXSDWLRQDO VDIHW\ DQG KDQGOLQJVSURJUDPI|UV\VWHPI|UDWWKDQWHUD KHDOWKPDQDJHPHQWV\VWHPVDQGIRUDFFLGHQW KlOVD RFK VlNHUKHW L DUEHWHW RFK I|U SUHYHQWLRQSURYLVLRQVUXOHVDQGPDQXDOV I|UHVNULIWHU UHJOHU RFK KDQGE|FNHU RP DWW I|UHE\JJDRO\FNRU

E WKH RUJDQL]DWLRQ RI RFFXSDWLRQDO VDIHW\ E DWW RUJDQLVHUD XWELOGQLQJ RFK SURJUDP

DQG KHDOWK SURWHFWLRQ DQG DFFLGHQW RP VN\GG DY KlOVD RFK VlNHUKHW RFK I|UH SUHYHQWLRQWUDLQLQJDQGSURJUDPPHV E\JJDQGHDYRO\FNRULDUEHWHW

F WKH RUJDQL]DWLRQ RI SXEOLFLW\ RQ F DWW RUJDQLVHUD LQIRUPDWLRQVNDPSDQMHU RFFXSDWLRQDO VDIHW\ DQG KHDOWK SURWHFWLRQ RP VN\GG DY KlOVD RFK VlNHUKHW RFK I|UH DQG DFFLGHQW SUHYHQWLRQ LQFOXGLQJ ILOPV E\JJDQGH DY RO\FNRU L DUEHWHW EODQG DQQDW SRVWHUVQRWLFHVDQGEURFKXUHVDQG ILOPHUDIILVFKHUDUWLNODURFKEURVFK\UHURFK

G WKH GLVWULEXWLRQ RI OLWHUDWXUH DQG G DWW GLVWULEXHUD OLWWHUDWXU RFK LQIRUPHUD LQIRUPDWLRQ RQ RFFXSDWLRQDO VDIHW\ DQG RP VN\GG DY KlOVD RFK VlNHUKHW RFK KHDOWKSURWHFWLRQDQGDFFLGHQWSUHYHQWLRQVR I|UHE\JJDQGHDYRO\FNRULDUEHWHWVnDWWGHQ WKDWLWUHDFKHVVHDIDUHUVRQERDUGVKLSV QnUDOOSHUVRQDORPERUGSnIDUW\J

5HOHYDQW SURYLVLRQV RU UHFRPPHQGDWLRQV 'HVRPXWDUEHWDUWH[WHURPnWJlUGHUHOOHU DGRSWHG E\ WKH DSSURSULDWH QDWLRQDO UHNRPPHQGHUDG SUD[LV I|U VN\GG DY KlOVD DXWKRULWLHVRURUJDQL]DWLRQVRULQWHUQDWLRQDO RFKVlNHUKHWRFKI|UHE\JJDQGHDYRO\FNRUL RUJDQL]DWLRQV VKRXOG EH WDNHQ LQWR DFFRXQW DUEHWHWE|UEHDNWDJlOODQGHI|UHVNULIWHUHOOHU E\ WKRVH SUHSDULQJ WH[WV RI RFFXSDWLRQDO UHNRPPHQGDWLRQHU VRP YHGHUE|UDQGH VDIHW\ DQG KHDOWK SURWHFWLRQ DQG DFFLGHQW QDWLRQHOOD P\QGLJKHWHU HOOHU RUJDQLVDWLRQHU SUHYHQWLRQ PHDVXUHV RU UHFRPPHQGHG HOOHULQWHUQDWLRQHOODRUJDQLVDWLRQHUDQWDJLW SUDFWLFHV

,Q IRUPXODWLQJ RFFXSDWLRQDO VDIHW\ DQG 9DUMHPHGOHPVVWDWE|UQlUGHQXWIRUPDU KHDOWK SURWHFWLRQ DQG DFFLGHQW SUHYHQWLRQ SURJUDPI|UVN\GGDYKlOVDRFKVlNHUKHWRFK SURJUDPPHVHDFK0HPEHUVKRXOGKDYHGXH I|UHE\JJDQGH DY RO\FNRU L DUEHWHW WD UHJDUG WR DQ\ FRGH RI SUDFWLFH FRQFHUQLQJ YHGHUE|UOLJ KlQV\Q WLOO DOOD KDQGOLQJVUHJOHU WKHVDIHW\DQGKHDOWKRIVHDIDUHUVZKLFKPD\ I|U VM|PlQQHQV KlOVD RFK VlNHUKHW VRP KDYH EHHQ SXEOLVKHG E\ WKH ,QWHUQDWLRQDO ,QWHUQDWLRQHOOD DUEHWVRUJDQLVDWLRQHQ NDQ KD /DERXU2UJDQL]DWLRQ SXEOLFHUDW

*XLGHOLQH%²,QVWUXFWLRQLQRFFXSDWLRQDO $QYLVQLQJ % ²8QGHUYLVQLQJ L VN\GG DY VDIHW\DQGKHDOWKSURWHFWLRQDQGWKHSUHYHQWLRQ KlOVDRFKVlNHUKHWRFKI|UHE\JJDQGHDYRO\FNRU RIRFFXSDWLRQDODFFLGHQWV LDUEHWHW

7KH FXUULFXOXP IRU WKH WUDLQLQJ UHIHUUHG /lURSODQHQI|UGHQXWELOGQLQJVRPDYVHVL WRLQ6WDQGDUG$SDUDJUDSKDVKRXOG VWDQGDUG $ SXQNW D E|U JUDQVNDV RFK EH UHYLHZHG SHULRGLFDOO\ DQG EURXJKW XS WR XSSGDWHUDV PHG MlPQD PHOODQUXP PRW GDWHLQWKHOLJKWRIGHYHORSPHQWLQW\SHVDQG EDNJUXQG DY I|UlQGULQJDU L IDUW\JHQV W\S VL]HVRIVKLSVDQGLQWKHLUHTXLSPHQWDVZHOO VWRUOHN RFK XWUXVWQLQJ VDPW lQGULQJDU L DVFKDQJHVLQPDQQLQJSUDFWLFHVQDWLRQDOLW\ EHPDQQLQJVSUD[LV QDWLRQDOLWHWHU VSUnN RFK ODQJXDJH DQG WKH RUJDQL]DWLRQ RI ZRUN RQ DUEHWVRUJDQLVDWLRQSnIDUW\J ERDUGVKLSV

7KHUHVKRXOGEHFRQWLQXRXVRFFXSDWLRQDO ,QIRUPDWLRQ RP VN\GG DY KlOVD RFK VDIHW\ DQG KHDOWK SURWHFWLRQ DQG DFFLGHQW VlNHUKHW RFK I|UHE\JJDQGH DY RO\FNRU Sn SUHYHQWLRQ SXEOLFLW\ 6XFK SXEOLFLW\ PLJKW DUEHWVSODWVHQ E|U YDUD NRQWLQXHUOLJ 'HQQD WDNHWKHIROORZLQJIRUPV LQIRUPDWLRQNDQJHVLI|OMDQGHIRUPHU

DHGXFDWLRQDODXGLRYLVXDOPDWHULDOVXFKDV D DXGLRYLVXHOOD OlURPHGHO H[HPSHOYLV ILOPV IRU XVH LQ YRFDWLRQDO WUDLQLQJ FHQWUHV ILOPHU DWW DQYlQGDV YLG \UNHVVNRORU I|U IRU VHDIDUHUV DQG ZKHUH SRVVLEOH VKRZQ RQ VM|PlQ RFK RP P|MOLJW YLVDV RPERUG Sn ERDUGVKLSV IDUW\J

EGLVSOD\RISRVWHUVRQERDUGVKLSV EDIILVFKHURPERUGSnIDUW\J

FLQFOXVLRQLQSHULRGLFDOVUHDGE\VHDIDUHUV F DUWLNODU L WLGVNULIWHU I|U VM|PlQ RP RI DUWLFOHV RQ WKH KD]DUGV RI PDULWLPH ULVNPRPHQW YLG DUEHWH WLOO VM|VV RFK RP HPSOR\PHQWDQGRQRFFXSDWLRQDOVDIHW\DQG VN\GG DY KlOVD RFK VlNHUKHW RFK KHDOWK SURWHFWLRQ DQG DFFLGHQW SUHYHQWLRQ I|UHE\JJDQGHDYRO\FNRULDUEHWHWRFK PHDVXUHVDQG

GVSHFLDOFDPSDLJQVXVLQJYDULRXVSXEOLFLW\ G VlUVNLOGD NDPSDQMHU VRP XWQ\WWMDU ROLND PHGLD WR LQVWUXFW VHDIDUHUV LQFOXGLQJ PHGLHU I|U DWW LQIRUPHUD VM|PlQ EODQG FDPSDLJQVRQVDIHZRUNLQJSUDFWLFHV DQQDWNDPSDQMHURPVlNUDDUEHWVPHWRGHU

7KHSXEOLFLW\UHIHUUHGWRLQSDUDJUDSKRI 'HQ LQIRUPDWLRQ VRP DYVHV L SXQNW L WKLV *XLGHOLQH VKRXOG WDNH DFFRXQW RI WKH GHQQD DQYLVQLQJ E|U L I|UHNRPPDQGH IDOO GLIIHUHQW QDWLRQDOLWLHV ODQJXDJHV DQG XWIRUPDV PHG KlQV\Q WLOO ROLND QDWLRQDOL FXOWXUHVRIVHDIDUHUVRQERDUGVKLSV WHWHU VSUnN RFK NXOWXUHU EODQG VM|PlQQHQ RPERUG

*XLGHOLQH % ² 6DIHW\ DQG KHDOWK $QYLVQLQJ % ² 8WELOGQLQJ L KlOVD RFK HGXFDWLRQRI\RXQJVHDIDUHUV VlNHUKHWI|UXQJDVM|PlQ

6DIHW\DQGKHDOWKUHJXODWLRQVVKRXOGUHIHU %HVWlPPHOVHU RPKlOVDRFKVlNHUKHWE|U WR DQ\ JHQHUDO SURYLVLRQV RQ PHGLFDO KlQYLVD WLOO DOOPlQQD I|UHVNULIWHU RP OlNDU H[DPLQDWLRQV EHIRUH DQG GXULQJ XQGHUV|NQLQJDU I|UH RFK XQGHU DQVWlOOQLQJ HPSOR\PHQW DQG RQ WKH SUHYHQWLRQ RI RFKRPI|UHE\JJDQGHDYRO\FNRURFKVN\GG DFFLGHQWV DQG WKH SURWHFWLRQ RI KHDOWK LQ DYKlOVDQLDUEHWVOLYHWVRPNDQYDUDWLOOlPS HPSOR\PHQWZKLFKPD\EHDSSOLFDEOHWRWKH OLJDSnVM|PlQVDUEHWH6nGDQDEHVWlPPHOVHU ZRUN RI VHDIDUHUV 6XFK UHJXODWLRQV VKRXOG E|U WD XSS nWJlUGHU VRP PLQVNDU \UNHV VSHFLI\ PHDVXUHV ZKLFK ZLOO PLQLPL]H ULVNHUQDI|UXQJDVM|PlQLGHVVWMlQVWJ|ULQJ RFFXSDWLRQDO GDQJHUV WR \RXQJ VHDIDUHUV LQ WKHFRXUVHRIWKHLUGXWLHV

([FHSW ZKHUH D \RXQJ VHDIDUHU LV %RUWVHWW IUnQ IDOO GlU GHQ EHK|ULJD UHFRJQL]HG DV IXOO\ TXDOLILHG LQ D SHUWLQHQW P\QGLJKHWHQ JRGNlQQHU XQJD VM|PlQ VRP VNLOO E\ WKH FRPSHWHQW DXWKRULW\ WKH IXOOW NYDOLILFHUDG L HQ YLVV IlUGLJKHW E|U UHJXODWLRQV VKRXOG VSHFLI\ UHVWULFWLRQV RQ EHVWlPPHOVHUQD DQJH EHJUlQVQLQJDU I|U \RXQJ VHDIDUHUV XQGHUWDNLQJ ZLWKRXW XQJD VM|PlQ VRP XWDQ OlPSOLJ WLOOV\Q RFK DSSURSULDWH VXSHUYLVLRQ DQG LQVWUXFWLRQ LQVWUXNWLRQ XWI|U YLVVD W\SHU DY DUEHWH GlU FHUWDLQW\SHVRIZRUNSUHVHQWLQJVSHFLDOULVN ULVNHUQDI|URO\FNRUHOOHUVNDGHYHUNQLQJDUSn RIDFFLGHQWRURIGHWULPHQWDOHIIHFWRQWKHLU KlOVDHOOHUI\VLVNXWYHFNOLQJlUVlUVNLOWVWRUD KHDOWKRUSK\VLFDOGHYHORSPHQWRUUHTXLULQJ HOOHU VRP NUlYHU HQ YLVV JUDG DY PRJQDG D SDUWLFXODU GHJUHH RI PDWXULW\ H[SHULHQFH HUIDUHQKHW HOOHU IlUGLJKHW 9LG IDVWVWlOODQGH RUVNLOO,QGHWHUPLQLQJWKHW\SHVRIZRUNWR DY YLONHQ W\S DY DUEHWH VRP VNDOO RPJHV DY EH UHVWULFWHG E\ WKH UHJXODWLRQV WKH UHVWULNWLRQHUNDQGHQEHK|ULJDP\QGLJKHWHQ FRPSHWHQW DXWKRULW\ PLJKW FRQVLGHU LQ VlUVNLOW|YHUYlJDDUEHWHVRPRPIDWWDU SDUWLFXODUZRUNLQYROYLQJ

DWKHOLIWLQJPRYLQJRUFDUU\LQJRIKHDY\ D O\IW IO\WWQLQJ HOOHU ElUDQGH DY WXQJD ORDGVRUREMHFWV E|UGRUHOOHUI|UHPnO

EHQWU\LQWRERLOHUVWDQNVDQGFRIIHUGDPV E WLOOWUlGH WLOO SDQQRU WDQNDU HOOHU NDVVXQHU FH[SRVXUHWRKDUPIXOQRLVHDQGYLEUDWLRQ F H[SRQHULQJ I|U VNDGOLJW EXOOHU RFK

OHYHOV YLEUDWLRQHU

G RSHUDWLQJ KRLVWLQJ DQG RWKHU SRZHU G PDQ|YUHULQJ DY O\IWLQUlWWQLQJDU RFK PDFKLQHU\ DQG WRROV RU DFWLQJ DV VLJQDOOHUV DQGUD PRWRUGULYQD PDVNLQHU RFK YHUNW\J WRRSHUDWRUVRIVXFKHTXLSPHQW HOOHUDUEHWHVRPVLJQDOLVWWLOOGHQVRPVN|WHU VnGDQXWUXVWQLQJ

H KDQGOLQJ PRRULQJ RU WRZ OLQHV RU H KDQGKDYDQGH DY I|UW|MQLQJDU RFK DQFKRULQJHTXLSPHQW ERJVHUOLQRUHOOHUDQNULQJVXWUXVWQLQJ

IULJJLQJ IULJJQLQJ

JZRUNDORIWRURQGHFNLQKHDY\ZHDWKHU JDUEHWHSnK|JDK|MGHUHOOHUSnGlFNLKnUW YlGHU

KQLJKWZDWFKGXWLHV KYDNWWMlQVWQDWWHWLG

LVHUYLFLQJRIHOHFWULFDOHTXLSPHQW LXQGHUKnOODYHOHNWULVNXWUXVWQLQJ

M H[SRVXUH WR SRWHQWLDOO\ KDUPIXO M H[SRQHULQJ I|U SRWHQWLHOOW VNDGOLJD PDWHULDOVRUKDUPIXOSK\VLFDODJHQWVVXFKDV PDWHULDO HOOHU VNDGOLJD I\VLVND DJHQV WLOO GDQJHURXV RU WR[LF VXEVWDQFHV DQG LRQL]LQJ H[HPSHO IDUOLJD HOOHU WR[LVND lPQHQ RFK UDGLDWLRQV MRQLVHUDQGHVWUnOQLQJ

NWKHFOHDQLQJRIFDWHULQJPDFKLQHU\DQG NUHQJ|ULQJDYN|NVPDVNLQHURFK

O WKH KDQGOLQJ RU WDNLQJ FKDUJH RI VKLSV OKDQWHULQJDYHOOHUDQVYDUI|UVNHSSVEnWDU ERDWV

3UDFWLFDOPHDVXUHVVKRXOGEHWDNHQE\WKH 3UDNWLVND nWJlUGHU E|U YLGWDV DY GHQ FRPSHWHQW DXWKRULW\ RU WKURXJK WKH EHK|ULJD P\QGLJKHWHQ HOOHU Sn DQQDW DSSURSULDWH PDFKLQHU\ WR EULQJ WR WKH OlPSOLJW VlWW I|U DWW J|UD XQJD VM|PlQ DWWHQWLRQ RI \RXQJ VHDIDUHUV LQIRUPDWLRQ I|UWURJQD PHG LQIRUPDWLRQ RP KXU PDQ FRQFHUQLQJ WKH SUHYHQWLRQ RI DFFLGHQWV DQG I|UHE\JJHU RO\FNRU RFK VN\GGDU VLQ KlOVD WKH SURWHFWLRQ RI WKHLU KHDOWK RQ ERDUG RPERUG Sn IDUW\J 'HWWD NDQ J|UDV JHQRP VKLSV6XFKPHDVXUHVFRXOGLQFOXGHDGHTXDWH OlPSOLJ LQVWUXNWLRQ YLG NXUVHU RIILFLHOO LQVWUXFWLRQ LQ FRXUVHV RIILFLDO DFFLGHQW LQIRUPDWLRQ RP I|UHE\JJDQGH DY RO\FNRU SUHYHQWLRQ SXEOLFLW\ LQWHQGHG IRU \RXQJ VRPULNWDUVLJWLOOXQJDRFKLQVWUXNWLRQRFK SHUVRQV DQG SURIHVVLRQDO LQVWUXFWLRQ DQG |YHUYDNQLQJDYXQJDVM|PlQLDUEHWHW VXSHUYLVLRQRI\RXQJVHDIDUHUV

(GXFDWLRQDQGWUDLQLQJRI\RXQJVHDIDUHUV , GHQ WHRUHWLVND RFK SUDNWLVND ERWK DVKRUH DQG RQ ERDUG VKLSV VKRXOG XWELOGQLQJHQ DY XQJD VM|PlQ EnGH L ODQG LQFOXGH JXLGDQFH RQ WKH GHWULPHQWDO HIIHFWV RFK RPERUG E|U LQJn YlJOHGQLQJ RP RQ WKHLU KHDOWK DQG ZHOOEHLQJ RI WKH DEXVH VNDGHYHUNQLQJDUDYPLVVEUXNDYDONRKRORFK RI DOFRKRO DQG GUXJV DQG RWKHU SRWHQWLDOO\ GURJHURFKDQGUDSRWHQWLHOOWVNDGOLJDlPQHQ KDUPIXO VXEVWDQFHV DQG WKH ULVN DQG Sn KlOVD RFK YlOEHILQQDQGH ULVNHU RFK FRQFHUQV UHODWLQJ WR +,9$,'6 DQG RI SUREOHP L VDPEDQG PHG +,9$,'6 VDPW RWKHUKHDOWKULVNUHODWHGDFWLYLWLHV DQQDQ YHUNVDPKHW VRP PHGI|U ULVNHU I|U KlOVDQ

*XLGHOLQH%²,QWHUQDWLRQDOFRRSHUDWLRQ $QYLVQLQJ%²,QWHUQDWLRQHOOWVDPDUEHWH

0HPEHUV ZLWK WKH DVVLVWDQFH DV 0HGOHPVVWDWHUQD E|U L WLOOlPSOLJD IDOO

DSSURSULDWH RI LQWHUJRYHUQPHQWDO DQG RWKHU PHG VW|G DY PHOODQVWDWOLJD RFK DQGUD LQWHUQDWLRQDO RUJDQL]DWLRQV VKRXOG LQWHUQDWLRQHOOD RUJDQLVDWLRQHU VWUlYD HIWHU HQGHDYRXU LQ FRRSHUDWLRQ ZLWK HDFK RWKHU DWW L VDPYHUNDQ XSSQn VW|UVWD P|MOLJD WR DFKLHYH WKH JUHDWHVW SRVVLEOH XQLIRUPLW\ HQKHWOLJKHW L VLWW DJHUDQGH I|U DWW IUlPMD RIDFWLRQIRUWKHSURPRWLRQRIRFFXSDWLRQDO KlOVD RFK VlNHUKHW RFK I|UHE\JJD RO\FNRU L VDIHW\DQGKHDOWKSURWHFWLRQDQGSUHYHQWLRQ DUEHWHW RIDFFLGHQWV

,QGHYHORSLQJSURJUDPPHVIRUSURPRWLQJ 1lUSURJUDPI|UDWWIUlPMDVN\GGDYKlOVD RFFXSDWLRQDO VDIHW\ DQG KHDOWK SURWHFWLRQ RFKVlNHUKHWRFKI|UHE\JJDRO\FNRULDUEHWHW DQGSUHYHQWLRQRIDFFLGHQWVXQGHU6WDQGDUG HQOLJW VWDQGDUG $ XWDUEHWDV E|U YDUMH $HDFK0HPEHUVKRXOGKDYHGXHUHJDUG PHGOHPVVWDW WD YHGHUE|UOLJ KlQV\Q WLOO WR UHOHYDQW FRGHV RI SUDFWLFH SXEOLVKHG E\ UHOHYDQWD KDQGOLQJVUHJOHU VRP ,QWHUQD WKH ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ DQG WLRQHOOD DUEHWVRUJDQLVDWLRQHQ RIIHQWOLJJMRUW WKH DSSURSULDWH VWDQGDUGV RI LQWHUQDWLRQDO RFK LQWHUQDWLRQHOOD RUJDQLVDWLRQHUV JlOODQGH RUJDQL]DWLRQV VWDQGDUGHU

0HPEHUVVKRXOGKDYHUHJDUGWRWKHQHHG 0HGOHPVVWDWHUQD E|U EHDNWD EHKRYHW DY IRU LQWHUQDWLRQDO FRRSHUDWLRQ LQ WKH LQWHUQDWLRQHOOWVDPDUEHWHI|UDWWIRUWO|SDQGH FRQWLQXRXVSURPRWLRQRIDFWLYLW\UHODWHGWR IUlPMD YHUNVDPKHW VRP lU NQXWHQ WLOO KlOVD RFFXSDWLRQDO VDIHW\ DQG KHDOWK SURWHFWLRQ RFKVlNHUKHWRFKI|UHE\JJDQGHDYRO\FNRUL DQG SUHYHQWLRQ RI RFFXSDWLRQDO DFFLGHQWV DUEHWHW 6nGDQW VDPDUEHWH NDQ EHGULYDV L 6XFKFRRSHUDWLRQPLJKWWDNHWKHIRUPRI IRUPDY

DELODWHUDORUPXOWLODWHUDODUUDQJHPHQWVIRU DELODWHUDODHOOHUPXOWLODWHUDODDUUDQJHPDQJ XQLIRUPLW\LQRFFXSDWLRQDOVDIHW\DQGKHDOWK I|UHQKHWOLJKHWLVWDQGDUGHURFKJDUDQWLHUI|U SURWHFWLRQ DQG DFFLGHQW SUHYHQWLRQ VlNHUKHW KlOVRVN\GG RFK I|UHE\JJDQGH DY VWDQGDUGVDQGVDIHJXDUGV RO\FNRULDUEHWHW

E H[FKDQJH RI LQIRUPDWLRQ RQ SDUWLFXODU E XWE\WH DY LQIRUPDWLRQ RP VlUVNLOGD KD]DUGVDIIHFWLQJVHDIDUHUVDQGRQPHDQVRI ULVNHUVRPSnYHUNDUVM|PlQQHQRFKRPVlWW SURPRWLQJ RFFXSDWLRQDO VDIHW\ DQG KHDOWK DWW IUlPMD VlNHUKHW KlOVRVN\GG RFK SURWHFWLRQDQGSUHYHQWLQJDFFLGHQWV I|UHE\JJDQGHDYRO\FNRULDUEHWHW

F DVVLVWDQFH LQ WHVWLQJ RI HTXLSPHQW DQG F KMlOS PHG DWW WHVWD XWUXVWQLQJ RFK LQVSHFWLRQ DFFRUGLQJ WR WKH QDWLRQDO LQVSHNWLRQ HQOLJW IODJJVWDWHQV QDWLRQHOOD UHJXODWLRQVRIWKHIODJ6WDWH EHVWlPPHOVHU

G FROODERUDWLRQ LQ WKH SUHSDUDWLRQ DQG G JHPHQVDP IUDPVWlOOQLQJ RFK VSULGQLQJ GLVVHPLQDWLRQ RI RFFXSDWLRQDO VDIHW\ DQG DY I|UHVNULIWHU UHJOHU HOOHU KDQGE|FNHU RP KHDOWK SURWHFWLRQ DQG DFFLGHQW SUHYHQWLRQ VlNHUKHW KlOVRVN\GG RFK I|UHE\JJDQGH DY SURYLVLRQVUXOHVRUPDQXDOV RO\FNRULDUEHWHW

H FROODERUDWLRQ LQWKHSURGXFWLRQDQGXVH HJHPHQVDPIUDPVWlOOQLQJRFKDQYlQGQLQJ RIWUDLQLQJDLGVDQG DYXWELOGQLQJVPDWHULDORFK

I MRLQW IDFLOLWLHV IRU RU PXWXDO DVVLVWDQFH IJHPHQVDPPDUHVXUVHUI|UHOOHU|PVHVLGLJ LQ WKH WUDLQLQJ RI VHDIDUHUV LQ RFFXSDWLRQDO KMlOS PHG DWW XWELOGD VM|PlQQHQ RP VDIHW\ DQG KHDOWK SURWHFWLRQ DFFLGHQW VlNHUKHW KlOVRVN\GG RFK I|UHE\JJDQGH DY SUHYHQWLRQDQGVDIHZRUNLQJSUDFWLFHV RO\FNRU L DUEHWHW VDPW RP VlNUD DUEHWVPHWRGHU

5HJXODWLRQ 5HJHO

5HJXODWLRQ²$FFHVVWRVKRUHEDVHGZHOIDUH 5HJHO ² 7LOOJnQJ WLOO ODQGEDVHUDGH IDFLOLWLHV YlOIlUGVLQUlWWQLQJDU

3XUSRVH 7RHQVXUHWKDWVHDIDUHUVZRUNLQJRQ 6\IWH$WWVlNHUVWlOODDWWGHVM|PlQVRPDUEHWDU ERDUG D VKLS KDYH DFFHVV WR VKRUHEDVHG RPERUG KDU WLOOJnQJ WLOO ODQGEDVHUDGH IDFLOLWLHVDQGVHUYLFHVWRVHFXUHWKHLUKHDOWKDQG LQUlWWQLQJDU RFK WMlQVWHU I|U DWW IUlPMD GHUDV ZHOOEHLQJ KlOVDRFKYlOEHILQQDQGH

(DFK 0HPEHU VKDOO HQVXUH WKDW VKRUH 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW EDVHGZHOIDUHIDFLOLWLHVZKHUHWKH\H[LVWDUH ODQGEDVHUDGHYlOIlUGVLQUlWWQLQJDUGlUVnGDQD HDVLO\ DFFHVVLEOH 7KH 0HPEHU VKDOO DOVR ILQQV lU OlWW WLOOJlQJOLJD 0HGOHPVVWDWHQ SURPRWH WKH GHYHORSPHQW RI ZHOIDUH VNDOO RFNVn IUlPMD DQOlJJQLQJ DY YlOIlUGV IDFLOLWLHVVXFKDVWKRVHOLVWHGLQWKH&RGHLQ LQUlWWQLQJDUH[HPSHOYLVVnGDQDVRPWDVXSS GHVLJQDWHG SRUWV WR SURYLGH VHDIDUHUV RQ LNRGHQL XWYDOGDKDPQDUI|U DWWJHEHVlWW VKLSV WKDW DUH LQ LWV SRUWV ZLWK DFFHVV WR QLQJDU Sn IDUW\J L GHVV KDPQDU WLOOJnQJ WLOO DGHTXDWHZHOIDUHIDFLOLWLHVDQGVHUYLFHV OlPSOLJDYlOIlUGVLQUlWWQLQJDURFKWMlQVWHU

7KHUHVSRQVLELOLWLHVRIHDFK0HPEHUZLWK 'H VN\OGLJKHWHU VRP nOLJJHU YDUMH UHVSHFW WR VKRUHEDVHG IDFLOLWLHV VXFK DV PHGOHPVVWDW QlU GHW JlOOHU ODQGEDVHUDGH ZHOIDUH FXOWXUDO UHFUHDWLRQDO DQG UHVXUVHU VRP LQUlWWQLQJDU RFK WMlQVWHU I|U LQIRUPDWLRQ IDFLOLWLHV DQG VHUYLFHV DUH VHW YlOIlUG NXOWXU UHNUHDWLRQ RFK LQIRUPDWLRQ RXWLQWKH&RGH IDVWVWlOOVLNRGHQ

6WDQGDUG 6WDQGDUG

6WDQGDUG$²$FFHVVWRVKRUHEDVHGZHOIDUH 6WDQGDUG $ ² 7LOOJnQJ WLOO ODQGEDVHUDGH IDFLOLWLHV YlOIlUGVLQUlWWQLQJDU

(DFK0HPEHUVKDOOUHTXLUHZKHUHZHOIDUH 9DUMH PHGOHPVVWDW VNDOO RP YlOIlUGV IDFLOLWLHVH[LVWRQLWVWHUULWRU\WKDWWKH\DUH LQUlWWQLQJDUILQQVSnGHVVWHUULWRULXPNUlYD DYDLODEOH IRU WKH XVH RI DOO VHDIDUHUV DWW DOOD VM|PlQ KDU WLOOJnQJ WLOO GHP LUUHVSHFWLYHRIQDWLRQDOLW\UDFHFRORXUVH[ REHURHQGHDYQDWLRQDOLWHWUDVKXGIlUJN|Q UHOLJLRQ SROLWLFDO RSLQLRQ RU VRFLDO RULJLQ UHOLJLRQSROLWLVNnVLNWHOOHUVRFLDOWXUVSUXQJ DQGLUUHVSHFWLYHRIWKHIODJ6WDWHRIWKHVKLS RFK REHURHQGH DY IODJJVWDWHQ I|U GHW RQ ZKLFK WKH\ DUH HPSOR\HG RU HQJDJHG RU IDUW\JHW Sn YLONHW GH lU DQVWlOOGD HOOHU ZRUN V\VVHOVDWWDHOOHUDUEHWDU

(DFK 0HPEHU VKDOO SURPRWH WKH 9DUMHPHGOHPVVWDWVNDOOIUlPMDXWE\JJQDG GHYHORSPHQW RI ZHOIDUH IDFLOLWLHV LQ DY YlOIlUGVLQUlWWQLQJDU L OlPSOLJD KDPQDU L DSSURSULDWH SRUWV RI WKH FRXQWU\ DQG ODQGHWRFKHIWHUVDPUnGPHGEHU|UGDUHGDU GHWHUPLQH DIWHU FRQVXOWDWLRQ ZLWK WKH RFK VM|IRONVRUJDQLVDWLRQHU IDVWVWlOOD YLOND VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV KDPQDUVRPVNDOODQVHVYDUDOlPSOLJD FRQFHUQHGZKLFKSRUWVDUHWREHUHJDUGHGDV DSSURSULDWH

(DFK 0HPEHU VKDOO HQFRXUDJH WKH 9DUMHPHGOHPVVWDWVNDOOIUlPMDLQUlWWDQGH HVWDEOLVKPHQWRIZHOIDUHERDUGVZKLFKVKDOO DYYlOIlUGVUnGVRPUHJHOEXQGHWVNDOOVH|YHU UHJXODUO\ UHYLHZ ZHOIDUH IDFLOLWLHV DQG YlOIlUGVLQUlWWQLQJDURFKWMlQVWHUVnDWWGHlU VHUYLFHV WR HQVXUH WKDW WKH\ DUH DSSURSULDWH OlPSOLJD PHG KlQV\Q WLOO I|UlQGULQJDU L LQ WKH OLJKW RI FKDQJHV LQ WKH QHHGV RI VM|PlQQHQV EHKRY VRP I|OMHU DY VHDIDUHUV UHVXOWLQJ IURP WHFKQLFDO VM|IDUWVQlULQJHQV WHNQLVND XWYHFNOLQJ RSHUDWLRQDO DQG RWKHU GHYHORSPHQWV LQ WKH lQGUDGGULIWRFKDQGUDI|UKnOODQGHQ

VKLSSLQJLQGXVWU\

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² $FFHVV WR VKRUHEDVHG ZHOIDUH $QYLVQLQJ % ² 7LOOJnQJ WLOO ODQGEDVHUDGH IDFLOLWLHV YlOIlUGVLQUlWWQLQJDU

*XLGHOLQH%²5HVSRQVLELOLWLHVRI0HPEHUV $QYLVQLQJ%²0HGOHPVVWDWHUQDVVN\OGLJKHWHU

(DFK0HPEHUVKRXOG 9DUMHPHGOHPVVWDWE|U

D WDNH PHDVXUHV WR HQVXUH WKDW DGHTXDWH D VH WLOO DWW VM|PlQQHQ KDU WLOOJnQJ WLOO ZHOIDUH IDFLOLWLHV DQG VHUYLFHV DUH SURYLGHG OlPSOLJD YlOIlUGVLQUlWWQLQJDU RFK WMlQVWHU L IRUVHDIDUHUVLQGHVLJQDWHGSRUWVRIFDOODQG XWYDOGD DQJ|ULQJVKDPQDU RFK WLOOKDQGDKnOOV WKDW DGHTXDWH SURWHFWLRQ LV SURYLGHG WR OlPSOLJWVN\GGLVLQ\UNHVXW|YQLQJRFK VHDIDUHUVLQWKHH[HUFLVHRIWKHLUSURIHVVLRQ DQG

EWDNHLQWRDFFRXQWLQWKHLPSOHPHQWDWLRQ E QlU GHVVD nWJlUGHU JHQRPI|UV EHDNWD RI WKHVH PHDVXUHV WKH VSHFLDO QHHGV RI VM|PlQQHQV VSHFLHOOD EHKRY VlUVNLOW QlU GH VHDIDUHUV HVSHFLDOO\ ZKHQ LQ IRUHLJQ EHILQQHUVLJLIUlPPDQGHOlQGHURFKQlUGH FRXQWULHV DQG ZKHQ HQWHULQJ ZDU ]RQHV LQ NRPPHU LQ L NULJV]RQHU PHG DYVHHQGH Sn UHVSHFWRIWKHLUVDIHW\KHDOWKDQGVSDUHWLPH GHVVVlNHUKHWKlOVDRFKIULWLGVYHUNVDPKHW DFWLYLWLHV %HU|UGD UHSUHVHQWDWLYD UHGDU RFK $UUDQJHPHQWV IRU WKH VXSHUYLVLRQ RI VM|IRONVRUJDQLVDWLRQHU E|U PHGYHUND L ZHOIDUHIDFLOLWLHVDQGVHUYLFHVVKRXOGLQFOXGH DUUDQJHPDQJ I|U DWW |YHUYDND SDUWLFLSDWLRQ E\ UHSUHVHQWDWLYH VKLSRZQHUV YlOIlUGVLQUlWWQLQJDURFKWMlQVWHU DQGVHDIDUHUVRUJDQL]DWLRQVFRQFHUQHG

(DFK 0HPEHU VKRXOG WDNH PHDVXUHV 9DUMH PHGOHPVVWDW E|U XQGHUOlWWD HQ IUL GHVLJQHG WR H[SHGLWH WKH IUHH FLUFXODWLRQ U|UOLJKHWPHOODQIDUW\JFHQWUDODOHYHUDQW|UHU DPRQJ VKLSV FHQWUDO VXSSO\ DJHQFLHV DQG RFK YlOIlUGVLQUlWWQLQJDU I|U PDWHULDO VRP ZHOIDUH HVWDEOLVKPHQWV RI ZHOIDUH PDWHULDOV ILOPHU E|FNHU WLGQLQJDU RFK VSRUW VXFKDVILOPVERRNVQHZVSDSHUVDQGVSRUWV XWUXVWQLQJ VRP VM|PlQQHQ NDQ DQYlQGD Sn HTXLSPHQW IRU XVH E\ VHDIDUHUV RQ ERDUG VLQDIDUW\JRFKLYlOIlUGVFHQWUDLODQG WKHLUVKLSVDQGLQZHOIDUHFHQWUHVDVKRUH

0HPEHUV VKRXOG FRRSHUDWH ZLWK RQH 0HGOHPVVWDWHUQD E|U VDPDUEHWD PHG DQRWKHU LQ SURPRWLQJ WKH ZHOIDUH RI YDUDQGUD QlU GHW JlOOHU DWW IUlPMD VHDIDUHUV DW VHD DQG LQ SRUW 6XFK VM|PlQQHQV YlOIlUG WLOO VM|VV RFK L KDPQ FRRSHUDWLRQVKRXOGLQFOXGHWKHIROORZLQJ 6nGDQWVDPDUEHWHE|ULQQHIDWWDI|OMDQGH

D FRQVXOWDWLRQV DPRQJ FRPSHWHQW D NRQVXOWDWLRQHU PHOODQ EHK|ULJD DXWKRULWLHV DLPHG DW WKH SURYLVLRQ DQG P\QGLJKHWHUVRPV\IWDUWLOODWWWLOOKDQGDKnOOD LPSURYHPHQW RI VHDIDUHUV ZHOIDUH IDFLOLWLHV RFK I|UElWWUD YlOIlUGVLQUlWWQLQJDU RFK DQG VHUYLFHV ERWK LQ SRUW DQG RQ ERDUG WMlQVWHU I|U EnGH L KDPQ RFKVM|PlQQHQ VKLSV RPERUG

EDJUHHPHQWVRQWKHSRROLQJRIUHVRXUFHV E DYWDO RP VDPRUGQLQJ DY UHVXUVHU RFK DQGWKHMRLQWSURYLVLRQRIZHOIDUHIDFLOLWLHVLQ JHPHQVDPW WLOOKDQGDKnOODQGH DY PDMRU SRUWV VR DV WR DYRLG XQQHFHVVDU\ YlOIlUGVLQUlWWQLQJDU L VW|UUH KDPQDU I|U DWW GXSOLFDWLRQ XQGYLNDRQ|GLJGXEEHOHWDEOHULQJ

F RUJDQL]DWLRQ RI LQWHUQDWLRQDO VSRUWV F DQRUGQDQGH DY LQWHUQDWLRQHOOD

FRPSHWLWLRQV DQG HQFRXUDJHPHQW RI WKH LGURWWVWlYOLQJDU RFK IUlPMDQGH DY SDUWLFLSDWLRQRIVHDIDUHUVLQVSRUWVDFWLYLWLHV VM|PlQQHQV GHOWDJDQGH L LGURWWVYHUNVDPKHW DQG RFK

G RUJDQL]DWLRQ RI LQWHUQDWLRQDO VHPLQDUV GDQRUGQDQGHDYLQWHUQDWLRQHOODVHPLQDULHU RQWKHVXEMHFWRIZHOIDUHRIVHDIDUHUVDWVHD Sn WHPDW VM|PlQQHQV YlOIlUG WLOO VM|VV RFK L DQGLQSRUW KDPQ

*XLGHOLQH % ² :HOIDUH IDFLOLWLHV DQG $QYLVQLQJ % ² 9lOIlUGVLQUlWWQLQJDU RFK VHUYLFHVLQSRUWV WMlQVWHULKDPQDU

(DFK 0HPEHU VKRXOG SURYLGH RU HQVXUH 9DUMHPHGOHPVVWDWE|ULOlPSOLJDKDPQDUL WKH SURYLVLRQ RI VXFK ZHOIDUH IDFLOLWLHV DQG ODQGHW WLOOKDQGDKnOOD VnGDQD YlOIlUGV VHUYLFHV DV PD\ EH UHTXLUHG LQ DSSURSULDWH LQUlWWQLQJDU RFK WMlQVWHU VRP NDQ EHK|YDV SRUWVRIWKHFRXQWU\ HOOHUVHWLOODWWGHWLOOKDQGDKnOOV

:HOIDUH IDFLOLWLHV DQG VHUYLFHV VKRXOG EH 9lOIlUGVLQUlWWQLQJDU RFK WMlQVWHU E|U SURYLGHG LQ DFFRUGDQFH ZLWK QDWLRQDO WLOOKDQGDKnOODV HQOLJW QDWLRQHOOD YLOONRU RFK FRQGLWLRQV DQG SUDFWLFH E\ RQH RU PRUH RI SUD[LVDYHQHOOHUIOHUDDYI|OMDQGH WKHIROORZLQJ DRIIHQWOLJDP\QGLJKHWHU DSXEOLFDXWKRULWLHV E EHU|UGD UHGDU RFK VM|IRONVRUJDQLVD EVKLSRZQHUVDQGVHDIDUHUVRUJDQL]DWLRQV WLRQHU HQOLJW NROOHNWLYDYWDO HOOHU DQGUD FRQFHUQHG XQGHU FROOHFWLYH DJUHHPHQWV RU |YHUHQVNRPPHOVHURFK RWKHUDJUHHGDUUDQJHPHQWVDQG

FYROXQWDU\RUJDQL]DWLRQV FIULYLOOLJRUJDQLVDWLRQHU

1HFHVVDU\ ZHOIDUH DQG UHFUHDWLRQDO 1|GYlQGLJD YlOIlUGV RFK UHNUHDWLRQV IDFLOLWLHVVKRXOGEHHVWDEOLVKHGRUGHYHORSHG LQUlWWQLQJDU E|U VNDSDV HOOHU E\JJDV XW L LQSRUWV7KHVHVKRXOGLQFOXGH KDPQDU'HVVDE|ULQQHIDWWD

D PHHWLQJ DQG UHFUHDWLRQ URRPV DV D VDPOLQJV RFK UHNUHDWLRQVORNDOHU HIWHU UHTXLUHG EHKRY

E IDFLOLWLHV IRU VSRUWV DQG RXWGRRU E DQOlJJQLQJDU I|U VSRUW RFK XWRPKXV IDFLOLWLHVLQFOXGLQJFRPSHWLWLRQV DNWLYLWHWHUEODQGDQQDWWlYOLQJDU

FHGXFDWLRQDOIDFLOLWLHVDQG FP|MOLJKHWHUWLOOXWELOGQLQJRFK

GZKHUHDSSURSULDWHIDFLOLWLHVIRUUHOLJLRXV G YLG EHKRY P|MOLJKHWHU WLOO UHOLJL|VD REVHUYDQFHVDQGIRUSHUVRQDOFRXQVHOOLQJ FHUHPRQLHURFKSHUVRQOLJUnGJLYQLQJ

7KHVH IDFLOLWLHV PD\ EH SURYLGHG E\ 'HVVD LQUlWWQLQJDU NDQ WLOOKDQGDKnOODV PDNLQJ DYDLODEOH WR VHDIDUHUV LQ DFFRUGDQFH JHQRP DWW LQUlWWQLQJDU I|U PHUD DOOPlQW ZLWKWKHLUQHHGVIDFLOLWLHVGHVLJQHGIRUPRUH EUXNVWlOOVWLOOI|UIRJDQGHI|UVM|PlQQHQYLG JHQHUDOXVH EHKRY

:KHUH ODUJH QXPEHUV RI VHDIDUHUV RI 'lUVM|PlQDYROLNDQDWLRQDOLWHWKDUVW|UUH GLIIHUHQW QDWLRQDOLWLHV UHTXLUH IDFLOLWLHV VXFK EHKRY DY LQUlWWQLQJDU VRP KRWHOO NOXEEDU DV KRWHOV FOXEV DQG VSRUWV IDFLOLWLHV LQ D RFK VSRUWDQOlJJQLQJDU L HQ VlUVNLOG KDPQ SDUWLFXODUSRUWWKHFRPSHWHQWDXWKRULWLHVRU E|U EHK|ULJD P\QGLJKHWHU HOOHU RUJDQ L VM|

ERGLHV RI WKH FRXQWULHV RI RULJLQ RI WKH PlQQHQV XUVSUXQJVOlQGHU RFK IODJJVWDWHUQD

VHDIDUHUVDQGRIWKHIODJ6WDWHVDVZHOODVWKH VDPW EHU|UGD LQWHUQDWLRQHOOD VDPPDQVOXW LQWHUQDWLRQDODVVRFLDWLRQVFRQFHUQHGVKRXOG QLQJDUVDPUnGDRFKVDPDUEHWDPHGEHK|ULJD FRQVXOW DQG FRRSHUDWH ZLWK WKH FRPSHWHQW P\QGLJKHWHU RFK RUJDQ L GHW ODQG GlU DXWKRULWLHV DQG ERGLHV RI WKH FRXQWU\ LQ KDPQHQ OLJJHU RFK PHG YDUDQGUD I|U DWW ZKLFK WKH SRUW LV VLWXDWHG DQG ZLWK RQH VDPRUGQD UHVXUVHUQD RFK XQGYLND RQ|GLJ DQRWKHU ZLWK D YLHZ WR WKH SRROLQJ RI GXEEHOHWDEOHULQJ UHVRXUFHV DQG WR DYRLGLQJ XQQHFHVVDU\ GXSOLFDWLRQ

+RWHOV RU KRVWHOV VXLWDEOH IRU VHDIDUHUV +RWHOOHOOHUKlUElUJHQVRPlUOlPSOLJDI|U VKRXOG EH DYDLODEOH ZKHUH WKHUH LV QHHG IRU VM|PlQQHQE|UILQQDVGlUGHEHK|YV'HE|U WKHP7KH\VKRXOGSURYLGHIDFLOLWLHVHTXDOWR WLOOKDQGDKnOOD EHNYlPOLJKHWHU OLNQDQGH GHP WKRVH IRXQG LQ D JRRGFODVV KRWHO DQG VRPILQQVSnHWWKRWHOODYJRGNODVVRFKE|U VKRXOGZKHUHYHUSRVVLEOHEHORFDWHGLQJRRG GlUVnlUP|MOLJWOLJJDLEUDRPJLYQLQJDURFK VXUURXQGLQJV DZD\ IURP WKH LPPHGLDWH LQWH L KDPQHQV RPHGHOEDUD QlUKHW 6nGDQD YLFLQLW\RIWKHGRFNV6XFKKRWHOVRUKRVWHOV KRWHOO HOOHU KlUElUJHQ E|U |YHUYDNDV YlO VKRXOG EH SURSHUO\ VXSHUYLVHG WKH SULFHV SULVHUQDE|UYDUDULPOLJDRFKGlUGHWEHK|YV FKDUJHG VKRXOG EH UHDVRQDEOH LQ DPRXQW RFKOnWHUVLJJ|UDE|UP|MOLJKHWHUVNDSDVDWW DQGZKHUHQHFHVVDU\DQGSRVVLEOHSURYLVLRQ LQNYDUWHUDVM|PlQQHQVIDPLOMHU VKRXOG EH PDGH IRU DFFRPPRGDWLQJ VHDIDUHUVIDPLOLHV

7KHVHDFFRPPRGDWLRQIDFLOLWLHVVKRXOGEH 'HVVD LQNYDUWHULQJVP|MOLJKHWHU E|U YDUD RSHQ WR DOO VHDIDUHUV LUUHVSHFWLYH RI |SSQD I|U DOOD VM|PlQ REHURHQGH DY QDWLRQDOLW\ UDFH FRORXU VH[ UHOLJLRQ QDWLRQDOLWHW UDV KXGIlUJ N|Q UHOLJLRQ SROLWLFDO RSLQLRQ RU VRFLDO RULJLQ DQG SROLWLVN nVLNW HOOHU VRFLDOW XUVSUXQJ RFK LUUHVSHFWLYH RI WKH IODJ 6WDWH RI WKH VKLS RQ REHURHQGH DY IODJJVWDWHQ I|U GHW IDUW\J Sn ZKLFK WKH\ DUH HPSOR\HG RU HQJDJHG RU YLONHW GH lU DQVWlOOGD V\VVHOVDWWD HOOHU ZRUN :LWKRXW LQ DQ\ ZD\ LQIULQJLQJ WKLV DUEHWDU8WDQDWWJ|UDYnOGSnGHQQDSULQFLS SULQFLSOH LW PD\ EH QHFHVVDU\ LQ FHUWDLQ NDQ GHW YDUD Q|GYlQGLJW DWW L YLVVD KDPQDU SRUWV WR SURYLGH VHYHUDO W\SHV RI IDFLOLWLHV WLOOKDQGDKnOOD IOHUD W\SHU DY DQOlJJQLQJDU FRPSDUDEOH LQ VWDQGDUG EXW DGDSWHG WR WKH PHG OLNYlUGLJ VWDQGDUG PHQ DQSDVVDGH WLOO FXVWRPV DQG QHHGV RI GLIIHUHQW JURXSV RI ROLNDSHUVRQDOJUXSSHUVYDQRURFKEHKRY VHDIDUHUV

0HDVXUHVVKRXOGEHWDNHQWRHQVXUHWKDW 9LGEHKRYE|UGHWRUGQDVVnDWWWHNQLVNW DVQHFHVVDU\WHFKQLFDOO\FRPSHWHQWSHUVRQV NRPSHWHQWD SHUVRQHU DQVWlOOV Sn KHOWLG I|U DUH HPSOR\HG IXOO WLPH LQ WKH RSHUDWLRQ RI DWW VN|WD VM|PlQQHQV YlOIlUGVLQUlWWQLQJDU VHDIDUHUV ZHOIDUH IDFLOLWLHV DQG VHUYLFHV LQ RFK WMlQVWHU I|UXWRP HYHQWXHOOD IULYLOOLJ DGGLWLRQWRDQ\YROXQWDU\ZRUNHUV DUEHWDUH

*XLGHOLQH%²:HOIDUHERDUGV $QYLVQLQJ%²9lOIlUGVUnG

:HOIDUH ERDUGV VKRXOG EH HVWDEOLVKHG DW 9lOIlUGVUnG E|U L WLOOlPSOLJD IDOO LQUlWWDV WKH SRUW UHJLRQDO DQG QDWLRQDO OHYHOV DV Sn KDPQ UHJLRQDO RFK QDWLRQHOO QLYn 'H DSSURSULDWH7KHLUIXQFWLRQVVKRXOGLQFOXGH E|U

D NHHSLQJ XQGHU UHYLHZ WKH DGHTXDF\ RI D JUDQVND RP EHILQWOLJD YlOIlUGV H[LVWLQJZHOIDUHIDFLOLWLHVDQGPRQLWRULQJWKH LQUlWWQLQJDUUlFNHUWLOORFK|YHUYDNDEHKRYHW QHHGIRUWKHSURYLVLRQRIDGGLWLRQDOIDFLOLWLHV DY DWW WD IUDP \WWHUOLJDUH LQUlWWQLQJDU HOOHU RUWKHZLWKGUDZDORIXQGHUXWLOL]HGIDFLOLWLHV GUDLQXQGHUXWQ\WWMDGHVnGDQDRFK DQG

E DVVLVWLQJ DQG DGYLVLQJ WKRVH UHVSRQVLEOH EKMlOSDRFKUnGDGHPVRPDQVYDUDUI|UDWW

IRUSURYLGLQJZHOIDUHIDFLOLWLHVDQGHQVXULQJ WLOOKDQGDKnOODYlOIlUGVLQUlWWQLQJDURFKVHWLOO FRRUGLQDWLRQEHWZHHQWKHP DWWGHlUVDPRUGQDGH

:HOIDUH ERDUGV VKRXOG LQFOXGH DPRQJ ,YlOIlUGVUnGHQE|ULQJnUHSUHVHQWDQWHUI|U WKHLU PHPEHUV UHSUHVHQWDWLYHV RI VKLS UHGDU RFK VM|IRONVRUJDQLVDWLRQHU GH RZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV WKH EHK|ULJD P\QGLJKHWHUQD RFK RP Vn lU FRPSHWHQW DXWKRULWLHV DQG ZKHUH OlPSOLJW IULYLOOLJRUJDQLVDWLRQHU RFK DSSURSULDWH YROXQWDU\ RUJDQL]DWLRQV DQG VRFLDOWMlQVW VRFLDOERGLHV

$VDSSURSULDWHFRQVXOVRIPDULWLPH6WDWHV , WLOOlPSOLJD IDOO E|U VM|IDUWVVWDWHUQDV DQG ORFDO UHSUHVHQWDWLYHV RI IRUHLJQ ZHOIDUH NRQVXODWVSHUVRQDO RFK ORNDOD UHSUHVHQWDQWHU RUJDQL]DWLRQV VKRXOG LQ DFFRUGDQFH ZLWK I|U XWOlQGVND YlOIlUGVRUJDQLVDWLRQHU HQOLJW QDWLRQDO ODZV DQG UHJXODWLRQV EH DVVRFLDWHG QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU ZLWKWKHZRUNRISRUWUHJLRQDODQGQDWLRQDO PHGYHUND L GHW DUEHWH YlOIlUGVUnGHQ Sn ZHOIDUHERDUGV KDPQUHJLRQDORFKQDWLRQHOOQLYnEHGULYHU

*XLGHOLQH % ² )LQDQFLQJ RI ZHOIDUH $QYLVQLQJ % ² 9lOIlUGVLQUlWWQLQJDUQDV IDFLOLWLHV ILQDQVLHULQJ

,Q DFFRUGDQFH ZLWK QDWLRQDO FRQGLWLRQV (QOLJW QDWLRQHOOD YLOONRU RFK SUD[LV E|U DQG SUDFWLFH ILQDQFLDO VXSSRUW IRU SRUW HNRQRPLVNW VW|G WLOO YlOIlUGVLQUlWWQLQJDU L ZHOIDUH IDFLOLWLHV VKRXOG EH PDGH DYDLODEOH KDPQ VWlOODV WLOO I|UIRJDQGH Sn QnJRW DY WKURXJKRQHRUPRUHRIWKHIROORZLQJ I|OMDQGHVlWW

DJUDQWVIURPSXEOLFIXQGV DELGUDJDYDOOPlQQDPHGHO

E OHYLHV RU RWKHU VSHFLDO GXHV IURP EVNDWWHUHOOHUDQGUDVSHFLHOODDYJLIWHUIUnQ VKLSSLQJVRXUFHV VM|IDUWVQlULQJHQ

F YROXQWDU\ FRQWULEXWLRQV IURP FIULYLOOLJDELGUDJIUnQUHGDUHVM|PlQHOOHU VKLSRZQHUVVHDIDUHUVRUWKHLURUJDQL]DWLRQV GHUDVRUJDQLVDWLRQHURFK DQG

G YROXQWDU\ FRQWULEXWLRQV IURP RWKHU GIULYLOOLJDELGUDJIUnQDQGUDNlOORU VRXUFHV

:KHUH ZHOIDUH WD[HV OHYLHV DQG VSHFLDO 'lU VNDWWHU RFK VlUVNLOGD DYJLIWHU WDV XW GXHVDUHLPSRVHGWKH\VKRXOGEHXVHGRQO\ I|U YlOIlUGVnWJlUGHU E|U GH DQYlQGDV HQEDUW IRUWKHSXUSRVHVIRUZKLFKWKH\DUHUDLVHG I|UGHWlQGDPnOHW

*XLGHOLQH % ² 'LVVHPLQDWLRQ RI $QYLVQLQJ % ² ,QIRUPDWLRQVVSULGQLQJ LQIRUPDWLRQDQGIDFLOLWDWLRQPHDVXUHV RFKVWLPXODQVnWJlUGHU

,QIRUPDWLRQ VKRXOG EH GLVVHPLQDWHG ,QIRUPDWLRQE|UVSULGDVEODQGVM|PlQQHQ DPRQJ VHDIDUHUV FRQFHUQLQJ IDFLOLWLHV RSHQ RP LQUlWWQLQJDU VRP lU |SSQD I|U WR WKH JHQHUDO SXEOLF LQ SRUWV RI FDOO DOOPlQKHWHQ L DQJ|ULQJVKDPQDU VlUVNLOW SDUWLFXODUO\ WUDQVSRUW ZHOIDUH LQUlWWQLQJDU I|U WUDQVSRUW YlOIlUG HQWHUWDLQPHQW DQG HGXFDWLRQDO IDFLOLWLHV DQG XQGHUKnOOQLQJ XWELOGQLQJ RFK JXGVWMlQVW SODFHV RI ZRUVKLS DV ZHOO DV IDFLOLWLHV VDPW VnGDQD VRP VWnU |SSQD VlUVNLOW I|U SURYLGHGVSHFLILFDOO\IRUVHDIDUHUV VM|PlQ

$GHTXDWHPHDQVRIWUDQVSRUWDWPRGHUDWH /lPSOLJDWUDQVSRUWPHGHOWLOOULPOLJDSULVHU

SULFHV VKRXOG EH DYDLODEOH DW DQ\ UHDVRQDEOH E|UDOOWLGILQQDVWLOOJlQJOLJDYLGULPOLJDWLGHU

WLPH LQ RUGHU WR HQDEOH VHDIDUHUV WR UHDFK I|U DWW VM|PlQQHQ VNDOO NXQQD nND WLOO ROLND XUEDQDUHDVIURPFRQYHQLHQWORFDWLRQVLQWKH VWDGVGHODUIUnQYlOEHOlJQDSODWVHULKDPQHQ SRUW

$OOVXLWDEOHPHDVXUHVVKRXOGEHWDNHQE\ 'HEHK|ULJDP\QGLJKHWHUQDE|UPHGYHUND WKH FRPSHWHQW DXWKRULWLHV WR PDNH NQRZQ WLOO DWW UHGDUH RFK VM|PlQ VRP DQJ|U KDPQ WRVKLSRZQHUVDQGWRVHDIDUHUVHQWHULQJSRUW InULQIRUPDWLRQRPHYHQWXHOODVSHFLHOODODJDU DQ\ VSHFLDO ODZV DQG FXVWRPV WKH RFK VHGYlQMRU VRP NDQ OHGD WLOO FRQWUDYHQWLRQRIZKLFKPD\MHRSDUGL]HWKHLU IULKHWVEHU|YDQGHYLG|YHUWUlGHOVH IUHHGRP

3RUW DUHDV DQG DFFHVV URDGV VKRXOG EH 'HEHK|ULJDP\QGLJKHWHUQDE|UVHWLOODWW SURYLGHGE\WKHFRPSHWHQWDXWKRULWLHVZLWK KDPQRPUnGHQ RFK WLOOIDUWVYlJDU InU DGHTXDWH OLJKWLQJ DQG VLJQSRVWLQJ DQG WLOOUlFNOLJ EHO\VQLQJ RFK VN\OWQLQJ RFK UHJXODU SDWUROV IRU WKH SURWHFWLRQ RI UHJHOEXQGHQ SDWUXOOHULQJ I|U DWW VN\GGD VHDIDUHUV VM|PlQQHQ

*XLGHOLQH%²6HDIDUHUVLQDIRUHLJQSRUW $QYLVQLQJ%²6M|PlQLXWOlQGVNKDPQ

)RUWKHSURWHFWLRQRIVHDIDUHUVLQIRUHLJQ )|U DWW VN\GGD VM|PlQ L XWOlQGVN KDPQ SRUWVPHDVXUHVVKRXOGEHWDNHQWRIDFLOLWDWH E|UnWJlUGHUYLGWDVI|UDWWXQGHUOlWWD

D DFFHVV WR FRQVXOV RI WKHLU 6WDWH RI D WLOOJnQJ WLOO NRQVXOHU IUnQ PHGERUJDU QDWLRQDOLW\RU6WDWHRIUHVLGHQFHDQG ODQGHWHOOHUERVlWWQLQJVODQGHWRFK

E HIIHFWLYH FRRSHUDWLRQ EHWZHHQ FRQVXOV E HWW HIIHNWLYW VDPDUEHWH PHOODQ NRQVXOHU DQGWKHORFDORUQDWLRQDODXWKRULWLHV RFKORNDODHOOHUQDWLRQHOODP\QGLJKHWHU

6HDIDUHUV ZKR DUH GHWDLQHG LQ D IRUHLJQ 6M|PlQVRPKnOOVLKlNWHLHQIUlPPDQGH SRUW VKRXOG EH GHDOW ZLWK SURPSWO\ XQGHU KDPQ E|U In VLWW IDOO SU|YDW VQDEEW L HWW GXH SURFHVV RI ODZ DQG ZLWK DSSURSULDWH NRUUHNW UlWWVOLJW I|UIDUDQGH RFK PHG FRQVXODUSURWHFWLRQ OlPSOLJWNRQVXOlUWVN\GG

:KHQHYHU D VHDIDUHU LV GHWDLQHG IRU DQ\ 1lUVM|PlQDYQnJRQDQOHGQLQJKlNWDVSn UHDVRQ LQ WKH WHUULWRU\ RI D 0HPEHU WKH HQ PHGOHPVVWDWV WHUULWRULXP E|U GHQ FRPSHWHQW DXWKRULW\ VKRXOG LI WKH VHDIDUHU EHK|ULJD P\QGLJKHWHQ Sn VM|PlQQHQV VR UHTXHVWV LPPHGLDWHO\ LQIRUP WKH IODJ EHJlUDQ RPHGHOEDUW LQIRUPHUD VM|PlQQHQV 6WDWH DQG WKH 6WDWH RI QDWLRQDOLW\ RI WKH IODJJVWDW RFK PHGERUJDUODQG 'HQ EHK|ULJD VHDIDUHU 7KH FRPSHWHQW DXWKRULW\ VKRXOG P\QGLJKHWHQ E|U JHQDVW LQIRUPHUD SURPSWO\LQIRUPWKHVHDIDUHURIWKHULJKWWR VM|PlQQHQRPUlWWHQDWWIUDPI|UD HQVnGDQ PDNHVXFKDUHTXHVW7KH6WDWHRIQDWLRQDOLW\ EHJlUDQ 3HUVRQHQV PHGERUJDUODQG E|U RI WKH VHDIDUHU VKRXOG SURPSWO\ QRWLI\ WKH JHQDVW PHGGHOD GHQQHV DQK|ULJD 'HQ VHDIDUHUV QH[W RI NLQ 7KH FRPSHWHQW EHK|ULJD P\QGLJKHWHQ E|U OnWD NRQVXODWV DXWKRULW\ VKRXOG DOORZ FRQVXODU RIILFHUV RI SHUVRQDO IUnQ GHVVD VWDWHU EHV|ND GHQ WKHVH6WDWHVLPPHGLDWHDFFHVVWRWKHVHDIDUHU KlNWDGH RPHGHOEDUW RFK GlUHIWHU UHJHO DQG UHJXODU YLVLWV WKHUHDIWHU VR ORQJ DV WKH EXQGHWVnOlQJHYHGHUE|UDQGHVLWWHUKlNWDG VHDIDUHULVGHWDLQHG

(DFK 0HPEHU VKRXOG WDNH PHDVXUHV 9DUMH PHGOHPVVWDW E|U YLG EHKRY WU\JJD ZKHQHYHUQHFHVVDU\WRHQVXUHWKHVDIHW\RI VM|PlQQHQV VlNHUKHW PRW DJJUHVVLRQ RFK VHDIDUHUV IURP DJJUHVVLRQ DQG RWKHU DQGUD RODJOLJD KDQGOLQJDU PHGDQ IDUW\J lU L XQODZIXO DFWV ZKLOH VKLSV DUH LQ WKHLU GHUDV WHUULWRULDOYDWWHQ RFK L V\QQHUKHW YLG WHUULWRULDO ZDWHUV DQG HVSHFLDOO\ LQ LQIDUWLKDPQ

DSSURDFKHVWRSRUWV

(YHU\ HIIRUW VKRXOG EH PDGH E\ WKRVH $QVYDULJSHUVRQDOLKDPQRFKRPERUGSn UHVSRQVLEOH LQ SRUW DQG RQ ERDUG D VKLS WR IDUW\J E|U VWUlYD HIWHU DWW XQGHUOlWWD IDFLOLWDWHVKRUHOHDYHIRUVHDIDUHUVDVVRRQDV ODQGSHUPLVVLRQ I|U VM|PlQQHQ VQDUDVW SRVVLEOHDIWHUDVKLSVDUULYDOLQSRUW P|MOLJWHIWHUGHWDWWIDUW\JHWJnWWLKDPQ

5HJXODWLRQ 5HJHO

5HJXODWLRQ²6RFLDOVHFXULW\ 5HJHO²6RFLDOI|UVlNULQJ

3XUSRVH 7R HQVXUH WKDW PHDVXUHV DUH WDNHQ 6\IWH$WWVlNHUVWlOODDWWVM|PlQQHQInUWLOOJnQJ ZLWKDYLHZWRSURYLGLQJVHDIDUHUVZLWKDFFHVV WLOOVRFLDOI|UVlNULQJVVN\GG WRVRFLDOVHFXULW\SURWHFWLRQ

(DFK 0HPEHU VKDOO HQVXUH WKDW DOO 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW DOOD VHDIDUHUV DQG WR WKH H[WHQW SURYLGHG IRU LQ VM|PlQRFKLGHQPnQGHWWDI|UHVNULYVLGHVV LWVQDWLRQDOODZWKHLUGHSHQGDQWVKDYHDFFHVV QDWLRQHOOD ODJ SHUVRQDOHQV DQK|ULJD KDU WR VRFLDO VHFXULW\ SURWHFWLRQ LQ DFFRUGDQFH WLOOJnQJ WLOO VRFLDOI|UVlNULQJVVN\GG HQOLJW ZLWKWKH&RGHZLWKRXWSUHMXGLFHKRZHYHUWR NRGHQXWDQDWWGHWWDSnYHUNDUGHHYHQWXHOOD DQ\ PRUH IDYRXUDEOH FRQGLWLRQV UHIHUUHG WR I|UPnQOLJDUH YLOONRU VRP DYVHV L DUWLNHO LQ SDUDJUDSK RI DUWLFOH RI WKH SXQNWLVWDGJDQ &RQVWLWXWLRQ

(DFK 0HPEHU XQGHUWDNHV WR WDNH VWHSV 9DUMH PHGOHPVVWDW nWDU VLJ DWW Sn VLQD DFFRUGLQJ WR LWV QDWLRQDO FLUFXPVWDQFHV QDWLRQHOOD YLOONRU LQGLYLGXHOOW RFK L LQGLYLGXDOO\ DQG WKURXJK LQWHUQDWLRQDO VDPDUEHWHPHGDQGUDVWDWHUVXFFHVVLYWRUGQD FRRSHUDWLRQWRDFKLHYHSURJUHVVLYHO\FRPS HWW IXOOVWlQGLJW VRFLDOI|UVlNULQJVVN\GG I|U UHKHQVLYH VRFLDO VHFXULW\ SURWHFWLRQ IRU VM|PlQ VHDIDUHUV

(DFK 0HPEHU VKDOO HQVXUH WKDW VHDIDUHUV 9DUMHPHGOHPVVWDWVNDOOVHWLOODWWVM|PlQ ZKRDUHVXEMHFWWRLWVVRFLDOVHFXULW\OHJLVOD VRPO\GHUXQGHUGHVVODJVWLIWQLQJRPVRFLDO WLRQ DQG WR WKH H[WHQW SURYLGHG IRU LQ LWV I|UVlNULQJ RFK L GHQ PnQ GHW I|UHVNULYV L QDWLRQDO ODZ WKHLU GHSHQGDQWV DUH HQWLWOHG GHVVQDWLRQHOODODJSHUVRQDOHQVDQK|ULJD lU WREHQHILWIURPVRFLDOVHFXULW\SURWHFWLRQQR EHUlWWLJDGH WLOO VRFLDOI|UVlNULQJVVN\GG VRP OHVV IDYRXUDEOH WKDQ WKDW HQMR\HG E\ VKRUH LQWH lU PLQGUH I|UPnQOLJW lQ GHW VRP ZRUNHUV ODQGEDVHUDGSHUVRQDOKDU

6WDQGDUG 6WDQGDUG

6WDQGDUG$²6RFLDOVHFXULW\ 6WDQGDUG$²6RFLDOI|UVlNULQJ

7KHEUDQFKHVWREHFRQVLGHUHGZLWKDYLHZ 'H RPUnGHQ GlU GHW E|U |YHUYlJDV DWW WR DFKLHYLQJ SURJUHVVLYHO\ FRPSUHKHQVLYH VXFFHVVLYW LQI|UD HWW IXOOVWlQGLJW VRFLDO VRFLDO VHFXULW\ SURWHFWLRQ XQGHU 5HJXODWLRQ I|UVlNULQJVVN\GG HQOLJW UHJHO lU KlOVR DUH PHGLFDO FDUH VLFNQHVV EHQHILW RFK VMXNYnUG I|UPnQHU YLG VMXNGRP XQHPSOR\PHQW EHQHILW ROGDJH EHQHILW I|UPnQHU YLG DUEHWVO|VKHW I|UPnQHU YLG HPSOR\PHQW LQMXU\ EHQHILW IDPLO\ EHQHILW nOGHUGRPI|UPnQHUYLGDUEHWVVNDGDIDPLOMH PDWHUQLW\ EHQHILW LQYDOLGLW\ EHQHILW DQG I|UPnQHU I|UPnQHU YLG PRGHUVNDS I|U VXUYLYRUV EHQHILW FRPSOHPHQWLQJ WKH PnQHU YLG LQYDOLGLWHW RFK I|UPnQHU WLOO SURWHFWLRQ SURYLGHG IRU XQGHU 5HJXODWLRQV HIWHUOHYDQGH VRP NRPSOHWWHULQJ DY GHW RQPHGLFDOFDUHDQGRQVKLSRZQHUV VN\GGVRPJHVHQOLJWUHJHORPKlOVRRFK

OLDELOLW\ DQG XQGHU RWKHU WLWOHV RI WKLV VMXNYnUG RFK RP UHGDUHQV DQVYDU RFK L

&RQYHQWLRQ DQGUDNDSLWHOLGHQQDNRQYHQWLRQ

$WWKHWLPHRIUDWLILFDWLRQWKHSURWHFWLRQ 9LG WLGSXQNWHQ I|U UDWLILNDWLRQ VNDOO GHW WR EH SURYLGHG E\ HDFK 0HPEHU LQ VN\GGVRPYDUMHPHGOHPVVWDWVNDOOWLOOKDQGD DFFRUGDQFHZLWK5HJXODWLRQSDUDJUDSK KnOODHQOLJWUHJHOSXQNWLQQHIDWWDPLQVW VKDOO LQFOXGH DW OHDVW WKUHH RI WKH QLQH WUHDYGHQLRRPUnGHQVRPOLVWDVLSXQNWL EUDQFKHV OLVWHG LQ SDUDJUDSK RI WKLV GHQQDVWDQGDUG 6WDQGDUG

(DFK 0HPEHU VKDOO WDNH VWHSV DFFRUGLQJ 9DUMH PHGOHPVVWDW VNDOO YLGWD nWJlUGHU WRLWVQDWLRQDOFLUFXPVWDQFHVWRSURYLGHWKH HQOLJW VLQD QDWLRQHOOD YLOONRU I|U DWW JH GHW FRPSOHPHQWDU\ VRFLDO VHFXULW\ SURWHFWLRQ NRPSOHWWHUDQGH VRFLDOI|UVlNULQJVVN\GG VRP UHIHUUHGWRLQSDUDJUDSKRIWKLV6WDQGDUGWR DYVHVLSXQNWLGHQQDVWDQGDUGWLOODOODVM| DOO VHDIDUHUV RUGLQDULO\ UHVLGHQW LQ LWV PlQVRPYDQOLJWYLVERUSnGHVVWHUULWRULXP WHUULWRU\ 7KLV UHVSRQVLELOLW\ FRXOG EH 'HWWD DQVYDU NDQ H[HPSHOYLV XSSI\OODV VDWLVILHG IRU H[DPSOH WKURXJK DSSURSULDWH JHQRP OlPSOLJD ELODWHUDOD HOOHU PXOWLODWHUDOD ELODWHUDO RU PXOWLODWHUDO DJUHHPHQWV RU DYWDOHOOHUDYJLIWVEDVHUDGHV\VWHP'HWVN\GG FRQWULEXWLRQEDVHG V\VWHPV 7KH UHVXOWLQJ VRP JHV InU LQWH YDUD PLQGUH I|UPnQOLJW lQ SURWHFWLRQ VKDOO EH QR OHVV IDYRXUDEOH WKDQ GHW VRP ODQGEDVHUDG SHUVRQDO VRP ERU Sn WKDW HQMR\HG E\ VKRUHZRUNHUV UHVLGHQW LQ GHVVWHUULWRULXPKDU WKHLUWHUULWRU\

1RWZLWKVWDQGLQJ WKH DWWULEXWLRQ RI 7URWVWLOOGHOQLQJHQDYXSSJLIWHULSXQNWL UHVSRQVLELOLWLHV LQ SDUDJUDSK RI WKLV GHQQD VWDQGDUG InU PHGOHPVVWDWHU JHQRP 6WDQGDUG0HPEHUVPD\GHWHUPLQHWKURXJK ELODWHUDOD RFKPXOWLODWHUDOD DYWDORFKJHQRP ELODWHUDO DQG PXOWLODWHUDO DJUHHPHQWV DQG UHJOHUVRPDQWDJLWVLQRPUHJLRQDODRUJDQLVD WKURXJK SURYLVLRQV DGRSWHG LQ WKH WLRQHU I|U HNRQRPLVN LQWHJUDWLRQ IDVWVWlOOD IUDPHZRUNRIUHJLRQDOHFRQRPLFLQWHJUDWLRQ DQGUD UHJOHU RP GHQ VRFLDOI|UVlNULQJVODJV RUJDQL]DWLRQV RWKHU UXOHV FRQFHUQLQJ WKH WLIWQLQJVRPVM|PlQQHQO\GHUXQGHU VRFLDOVHFXULW\OHJLVODWLRQWRZKLFKVHDIDUHUV DUHVXEMHFW

(DFK 0HPEHUV UHVSRQVLELOLWLHV ZLWK 9DUMH PHGOHPVVWDWV VN\OGLJKHWHU JHQWH UHVSHFWWRVHDIDUHUVRQVKLSVWKDWIO\LWVIODJ PRW VM|PlQ Sn IDUW\J VRP I|U GHVV IODJJ VKDOO LQFOXGH WKRVH SURYLGHG IRU E\ VNDOO LQQHIDWWD GH VRP I|UHVNULYV L UHJOHUQD 5HJXODWLRQV DQG DQG WKH UHODWHG RFKRFKPRWVYDUDQGHEHVWlPPHOVHUL SURYLVLRQVRIWKH&RGHDVZHOODVWKRVHWKDW NRGHQ VDPW GH VRP LQJnU L GHVV DOOPlQQD DUHLQKHUHQWLQLWVJHQHUDOREOLJDWLRQVXQGHU VN\OGLJKHWHUHQOLJWLQWHUQDWLRQHOOODJ LQWHUQDWLRQDOODZ

(DFK 0HPEHU VKDOOJLYHFRQVLGHUDWLRQWR 9DUMH PHGOHPVVWDW VNDOO |YHUYlJD ROLND WKH YDULRXV ZD\V LQ ZKLFK FRPSDUDEOH VlWWDWWLEULVWSnWLOOUlFNOLJWlFNQLQJLQRPGH EHQHILWVZLOOLQDFFRUGDQFHZLWKQDWLRQDOODZ RPUnGHQ VRP QlPQV L SXQNW L GHQQD DQGSUDFWLFHEHSURYLGHGWRVHDIDUHUVLQWKH VWDQGDUG JH VM|PlQ OLNYlUGLJD I|UPnQHU DEVHQFH RI DGHTXDWH FRYHUDJH LQ WKH HQOLJWQDWLRQHOOODJRFKSUD[LV EUDQFKHV UHIHUUHG WR LQ SDUDJUDSK RI WKLV 6WDQGDUG

7KH SURWHFWLRQ XQGHU 5HJXODWLRQ 6N\GGHW HQOLJW UHJHO SXQNW InU L SDUDJUDSKPD\DVDSSURSULDWHEHFRQWDLQ WLOOlPSOLJD IDOO LQU\PPDV L ODJDU HOOHU DQGUD HGLQODZVRUUHJXODWLRQVLQSULYDWHVFKHPHV I|UIDWWQLQJDU SULYDWD V\VWHP NROOHNWLYDYWDO RULQFROOHFWLYHEDUJDLQLQJDJUHHPHQWVRULQD HOOHUHQNRPELQDWLRQDYGHVVD FRPELQDWLRQRIWKHVH

7R WKH H[WHQW FRQVLVWHQW ZLWK WKHLU ,GHQPnQGHWlUI|UHQOLJWPHGPHGOHPV

QDWLRQDO ODZ DQG SUDFWLFH 0HPEHUV VKDOO VWDWHUQDV QDWLRQHOOD ODJ RFK SUD[LV VNDOO GH FRRSHUDWH WKURXJK ELODWHUDO RU PXOWLODWHUDO JHQRPELODWHUDODHOOHUPXOWLODWHUDODDYWDOHOOHU DJUHHPHQWVRURWKHUDUUDQJHPHQWVWRHQVXUH DQGUD DUUDQJHPDQJ VDPDUEHWD I|U DWW XSS WKH PDLQWHQDQFH RI VRFLDO VHFXULW\ ULJKWV UlWWKnOOD GHQ UlWW WLOO VRFLDOI|UVlNULQJ SURYLGHG WKURXJK FRQWULEXWRU\ RU QRQ DYJLIWVILQDQVLHUDG HOOHU LQWH DYJLIWV FRQWULEXWRU\ VFKHPHV ZKLFK KDYH EHHQ ILQDQVLHUDG VRP DOOD VM|PlQ REHURHQGH DY DFTXLUHGRUDUHLQWKHFRXUVHRIDFTXLVLWLRQ ERVWDGVRUWKDUInWWHOOHUKnOOHUSnDWWIn E\DOOVHDIDUHUVUHJDUGOHVVRIUHVLGHQFH

(DFK 0HPEHU VKDOO HVWDEOLVK IDLU DQG 9DUMH PHGOHPVVWDW VNDOO LQUlWWD UlWWYLVD HIIHFWLYH SURFHGXUHV IRU WKH VHWWOHPHQW RI RFKHIIHNWLYDI|UIDUDQGHQI|UDWWO|VDWYLVWHU GLVSXWHV

(DFK 0HPEHU VKDOO DW WKH WLPH RI 0HGOHPVVWDWHUQDVNDOOYLGWLGSXQNWHQI|U UDWLILFDWLRQ VSHFLI\ WKH EUDQFKHV IRU ZKLFK UDWLILNDWLRQDQJHGHRPUnGHQI|UYLONDVN\GG SURWHFWLRQ LV SURYLGHG LQ DFFRUGDQFH ZLWK JHVHQOLJWSXQNWLGHQQDVWDQGDUG'HVNDOO SDUDJUDSK RI WKLV 6WDQGDUG ,W VKDOO VHGDQ PHGGHOD JHQHUDOGLUHNW|UHQ I|U VXEVHTXHQWO\QRWLI\WKH'LUHFWRU*HQHUDORI ,QWHUQDWLRQHOODDUEHWVE\UnQQlUGHWLOOKDQGD WKH ,QWHUQDWLRQDO /DERXU 2IILFH ZKHQ LW KnOOHU VRFLDOI|UVlNULQJVVN\GG LQRP HWW HOOHU SURYLGHVVRFLDOVHFXULW\SURWHFWLRQLQUHVSHFW IOHUD DY GH RPUnGHQ VRP DQJHV L SXQNW L RI RQH RU PRUH RWKHU EUDQFKHV VWDWHG LQ GHQQD VWDQGDUG *HQHUDOGLUHNW|UHQ VNDOO SDUDJUDSKRIWKLV6WDQGDUG7KH'LUHFWRU KnOOD HWW UHJLVWHU |YHU GHVVD XSSJLIWHU VRP *HQHUDO VKDOO PDLQWDLQ D UHJLVWHU RI WKLV VNDOOYDUDWLOOJlQJOLJWI|UDOODEHU|UGDSDUWHU LQIRUPDWLRQDQGVKDOOPDNHLWDYDLODEOHWRDOO LQWHUHVWHGSDUWLHV

7KHUHSRUWVWRWKH,QWHUQDWLRQDO/DERXU 5DSSRUWHUQD WLOO ,QWHUQDWLRQHOOD 2IILFH SXUVXDQW WR DUWLFOH RI WKH DUEHWVE\UnQ HQOLJW DUWLNHO L VWDGJDQ VNDOO &RQVWLWXWLRQVKDOODOVRLQFOXGHLQIRUPDWLRQ RFNVn LQQHIDWWD XSSJLIWHU RP nWJlUGHU VRP UHJDUGLQJ VWHSV WDNHQ LQ DFFRUGDQFH ZLWK YLGWDJLWV HQOLJW UHJHO SXQNW I|U DWW 5HJXODWLRQ SDUDJUDSK WR H[WHQG XWVWUlFNDVN\GGHWWLOODQGUDRPUnGHQ SURWHFWLRQWRRWKHUEUDQFKHV

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²6RFLDOVHFXULW\ $QYLVQLQJ%²6RFLDOI|UVlNULQJ

7KHSURWHFWLRQWREHSURYLGHGDWWKHWLPH 'HW VN\GG VRP VNDOO WLOOKDQGDKnOODV YLG RI UDWLILFDWLRQ LQ DFFRUGDQFH ZLWK 6WDQGDUG WLGSXQNWHQ I|U UDWLILNDWLRQ HQOLJW VWDQGDUG $SDUDJUDSKVKRXOGDWOHDVWLQFOXGHWKH $SXQNWE|UPLQVWLQQHIDWWDRPUnGHQD EUDQFKHV RI PHGLFDO FDUH VLFNQHVV EHQHILW KlOVR RFK VMXNYnUG I|UPnQHU YLG VMXNGRP DQGHPSOR\PHQWLQMXU\EHQHILW RFKI|UPnQHUYLGDUEHWVVNDGD

,Q WKH FLUFXPVWDQFHV UHIHUUHG WR LQ 8QGHU GH RPVWlQGLJKHWHU VRP DYVHV L 6WDQGDUG $ SDUDJUDSK FRPSDUDEOH VWDQGDUG $ SXQNW InU OLNYlUGLJD EHQHILWVPD\EHSURYLGHGWKURXJKLQVXUDQFH I|UPnQHU JHV JHQRP I|UVlNULQJ ELODWHUDOD ELODWHUDO DQG PXOWLODWHUDO DJUHHPHQWV RU RFK PXOWLODWHUDOD DYWDO HOOHU Sn DQQDW RWKHU HIIHFWLYH PHDQV WDNLQJ LQWR YHUNVDPWVlWWYDUYLGPDQE|UWDKlQV\QWLOO FRQVLGHUDWLRQ WKH SURYLVLRQV RI UHOHYDQW EHVWlPPHOVHUQD L JlOODQGH NROOHNWLYDYWDO FROOHFWLYH EDUJDLQLQJ DJUHHPHQWV :KHUH 'lU VnGDQD nWJlUGHU YLGWDV E|U GHQ VM|PDQ VXFKPHDVXUHVDUHDGRSWHGVHDIDUHUVFRYHUHG VRP RPIDWWDV In LQIRUPDWLRQ RP Sn YLONHW E\ VXFK PHDVXUHV VKRXOG EH DGYLVHG RI WKH VlWW VRFLDOI|UVlNULQJVVN\GG NRPPHU DWW

PHDQV E\ ZKLFK WKH YDULRXV EUDQFKHV RI WLOOKDQGDKnOODVSnGHROLNDRPUnGHQD

VRFLDOVHFXULW\SURWHFWLRQZLOOEHSURYLGHG

:KHUHVHDIDUHUVDUHVXEMHFWWRPRUHWKDQ 1lU VM|PlQ O\GHU XQGHU IOHU lQ HQ RQH QDWLRQDO OHJLVODWLRQ FRYHULQJ VRFLDO QDWLRQHOO ODJVWLIWQLQJ RP VRFLDOI|UVlNULQJ VHFXULW\ WKH 0HPEHUV FRQFHUQHG VKRXOG E|U EHU|UGD PHGOHPVVWDWHU JHPHQVDPW L FRRSHUDWH LQ RUGHU WR GHWHUPLQH E\ PXWXDO |PVHVLGLJD DYWDO IDVWVWlOOD YLONHQ VRP VNDOO DJUHHPHQW ZKLFK OHJLVODWLRQ LV WR DSSO\ WLOOlPSDV PHG EHDNWDQGH DY YLONHQ DUW RFK WDNLQJLQWRDFFRXQWVXFKIDFWRUVDVWKHW\SH QLYnSnVN\GGHWLUHVSHNWLYHODJVWLIWQLQJVRP DQGOHYHORISURWHFWLRQXQGHUWKHUHVSHFWLYH lUI|UPnQOLJDVWI|UGHQEHU|UGDVM|PDQQHQ OHJLVODWLRQVZKLFKLVPRUHIDYRXUDEOHWRWKH RFKVM|PDQQHQVSUHIHUHQV VHDIDUHU FRQFHUQHG DV ZHOO DV WKH VHDIDUHUV SUHIHUHQFH

7KH SURFHGXUHV WR EH HVWDEOLVKHG XQGHU 'HI|UIDUDQGHQVRPVNDOOIDVWVWlOODVHQOLJW 6WDQGDUG $ SDUDJUDSK VKRXOG EH VWDQGDUG $ SXQNW E|U XWIRUPDV Vn DWW GHVLJQHGWRFRYHUDOOGLVSXWHVUHOHYDQWWRWKH GHRPIDWWDUDOODWYLVWHUVRPU|UGHQEHU|UGD FODLPV RI WKH VHDIDUHUV FRQFHUQHG VM|PDQQHQV DQVSUnN REHURHQGH DY GHW VlWW LUUHVSHFWLYH RI WKH PDQQHU LQ ZKLFK WKH SnYLONHWWlFNQLQJJHV FRYHUDJHLVSURYLGHG

(DFK 0HPEHU ZKLFK KDV QDWLRQDO 9DUMH PHGOHPVVWDW VRP KDU QDWLRQHOO VHDIDUHUV QRQQDWLRQDO VHDIDUHUV RU ERWK RFKHOOHU LFNHQDWLRQHOO VM|PlQ VRP WMlQVW VHUYLQJ RQ VKLSV WKDW IO\ LWV IODJ VKRXOG J|U Sn IDUW\J VRP I|U GHVV IODJJ E|U WLOO SURYLGHWKHVRFLDOVHFXULW\SURWHFWLRQLQWKH KDQGDKnOOD GHW VRFLDOI|UVlNULQJVVN\GG VRP &RQYHQWLRQ DV DSSOLFDEOH DQG VKRXOG JlOOHU HQOLJW NRQYHQWLRQHQ RFK E|U Gn RFK SHULRGLFDOO\ UHYLHZ WKH EUDQFKHV RI VRFLDO Gn VH |YHU RPUnGHQD I|U GHWWD L VWDQGDUG VHFXULW\ SURWHFWLRQ LQ 6WDQGDUG $ $ SXQNW I|U DWW WD IUDP HYHQWXHOOD SDUDJUDSK ZLWK D YLHZ WR LGHQWLI\LQJ DQ\ \WWHUOLJDUH RPUnGHQ VRP lU DY LQWUHVVH I|U DGGLWLRQDO EUDQFKHV DSSURSULDWH IRU WKH GHQEHU|UGDVM|PDQQHQ VHDIDUHUVFRQFHUQHG

7KH VHDIDUHUV HPSOR\PHQW DJUHHPHQW , VM|PlQQHQV DQVWlOOQLQJVDYWDO E|U DQJHV VKRXOG LGHQWLI\ WKH PHDQV E\ ZKLFK WKH GHW VlWW Sn YLONHW UHGDUHQ VNDOO VWlOOD YDULRXV EUDQFKHV RI VRFLDO VHFXULW\ VRFLDOI|UVlNULQJVVN\GG LQRP GH ROLND SURWHFWLRQ ZLOO EH SURYLGHG WR WKH VHDIDUHU RPUnGHQD WLOO VM|PlQQHQV I|UIRJDQGH RFK E\ WKH VKLSRZQHU DV ZHOO DV DQ\ RWKHU HYHQWXHOOD DQGUD UHOHYDQWD XSSJLIWHU VRP UHOHYDQW LQIRUPDWLRQ DW WKH GLVSRVDO RI WKH UHGDUHQ KDU WLOOJnQJ WLOO H[HPSHOYLV REOLJD VKLSRZQHU VXFK DV VWDWXWRU\ GHGXFWLRQV WRULVND DYGUDJ IUnQ VM|PlQQHQV O|Q RFK IURP WKH VHDIDUHUV ZDJHV DQG VKLSRZQHUV UHGDUELGUDJVRPNDQJ|UDVHQOLJWNUDYHQIUnQ FRQWULEXWLRQV ZKLFK PD\ EH PDGH LQ DQJLYQDEHP\QGLJDGHRUJDQHQOLJWUHOHYDQWD DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV RI QDWLRQHOODVRFLDOI|UVlNULQJVV\VWHP LGHQWLILHG DXWKRUL]HG ERGLHV SXUVXDQW WR UHOHYDQWQDWLRQDOVRFLDOVHFXULW\VFKHPHV

7KH 0HPEHU ZKRVH IODJ WKH VKLS IOLHV 1lU GHQ PHGOHPVVWDW YDUV IODJJ IDUW\JHW VKRXOG LQ HIIHFWLYHO\ H[HUFLVLQJ LWV I|U XW|YDU VLQ MXULVGLNWLRQ L VRFLDOD IUnJRU MXULVGLFWLRQRYHUVRFLDOPDWWHUVVDWLVI\LWVHOI E|U GHQ VH WLOO DWW UHGDUQD XSSI\OOHU VLQD WKDW WKH VKLSRZQHUV UHVSRQVLELOLWLHV VN\OGLJKHWHU PHG DYVHHQGH Sn VRFLDO FRQFHUQLQJ VRFLDO VHFXULW\ SURWHFWLRQ DUH I|UVlNULQJVVN\GGEODQGDQQDWDWWGHJ|UGH PHW LQFOXGLQJ PDNLQJ WKH UHTXLUHG LQEHWDOQLQJDU WLOO VRFLDOI|UVlNULQJVV\VWHPHQ FRQWULEXWLRQVWRVRFLDOVHFXULW\VFKHPHV VRPNUlYV

7LWOH&RPSOLDQFHDQG(QIRUFHPHQW .DSLWHO8SSI\OOHOVHRFKWLOOlPSQLQJ

7KH5HJXODWLRQVLQWKLV7LWOHVSHFLI\HDFK 5HJOHUQD L GHWWD NDSLWHO OlJJHU IDVW YDUMH 0HPEHUV UHVSRQVLELOLW\ WR IXOO\ LPSOHPHQW PHGOHPVVWDWVDQVYDUI|UDWWIXOOWXWJHQRP DQGHQIRUFHWKHSULQFLSOHVDQGULJKWVVHWRXW I|UD RFK WLOOlPSD GH SULQFLSHU RFK UlWWLJ LQWKH$UWLFOHVRIWKLV&RQYHQWLRQDVZHOODV KHWHU VRP IDVWVWlOOV L DUWLNODUQD L GHQQD WKHSDUWLFXODUREOLJDWLRQVSURYLGHGIRUXQGHU NRQYHQWLRQ RFK GH VlUVNLOGD VN\OGLJKHWHU LWV7LWOHVDQG VRPI|UHVNULYVLNDSLWHORFK

3DUDJUDSKV DQG RI $UWLFOH 9, ZKLFK 3XQNWHUQDRFKLDUWLNHO9,HQOLJWYLOND SHUPLWWKHLPSOHPHQWDWLRQRI3DUW$RIWKH GHO $ L NRGHQ NDQ WLOOlPSDV JHQRP L &RGH WKURXJK VXEVWDQWLDOO\ HTXLYDOHQW KXYXGVDN OLNYlUGLJD I|UHVNULIWHU JlOOHU LQWH SURYLVLRQV GR QRW DSSO\ WR 3DUW $ RI WKH GHO$LNRGHQLGHWWDNDSLWHO &RGHLQWKLV7LWOH

,QDFFRUGDQFHZLWKSDUDJUDSKRI$UWLFOH (QOLJW DUWLNHO 9, SXQNW VNDOO YDUMH 9, HDFK 0HPEHU VKDOO LPSOHPHQW LWV PHGOHPVVWDWIXOOJ|UDVLQDVN\OGLJKHWHUHQOLJW UHVSRQVLELOLWLHVXQGHUWKH5HJXODWLRQVLQWKH UHJOHUQDSnGHWVlWWVRPIDVWVWlOOVLPRWVYDU PDQQHU VHW RXW LQ WKH FRUUHVSRQGLQJ DQGHVWDQGDUGHULGHO$LNRGHQPHGYHGHU 6WDQGDUGVRI3DUW$RIWKH&RGHJLYLQJGXH E|UOLJKlQV\QWLOOPRWVYDUDQGHDQYLVQLQJDUL FRQVLGHUDWLRQ WR WKH FRUUHVSRQGLQJ GHO%LNRGHQ *XLGHOLQHVLQ3DUW%RIWKH&RGH

7KH SURYLVLRQV RI WKLV 7LWOH VKDOO EH )|UHVNULIWHUQD L GHWWD NDSLWHO VNDOO LPSOHPHQWHG EHDULQJ LQ PLQG WKDW VHDIDUHUV WLOOlPSDV PHG EHDNWDQGH DY DWW VM|PlQ RFK DQG VKLSRZQHUV OLNH DOO RWKHU SHUVRQV DUH UHGDUH OLNVRP DOOD DQGUD SHUVRQHU lU OLND HTXDOEHIRUHWKHODZDQGDUHHQWLWOHGWRWKH LQI|U ODJHQ EHUlWWLJDGH WLOO VDPPD ODJOLJD HTXDOSURWHFWLRQRIWKHODZDQGVKDOOQRWEH VN\GG RFK LQWH InU XWVlWWDV I|U GLVNULPLQH VXEMHFW WR GLVFULPLQDWLRQ LQ WKHLU DFFHVV WR ULQJ QlU GHW JlOOHU WLOOJnQJ WLOO ROLND VODJV FRXUWVWULEXQDOVRURWKHUGLVSXWHUHVROXWLRQ GRPVWRODUHOOHUDQGUDYHUNW\JI|UO|VQLQJDY PHFKDQLVPV7KHSURYLVLRQVRIWKLV7LWOHGR WYLVWHU )|UHVNULIWHUQD L GHWWD NDSLWHO DYJ|U QRW GHWHUPLQH OHJDO MXULVGLFWLRQ RU D OHJDO LQWHUlWWVOLJMXULVGLNWLRQHOOHUUlWWVOLJWIRUXP YHQXH

5HJXODWLRQ 5HJHO

5HJXODWLRQ²)ODJ6WDWHUHVSRQVLELOLWLHV 5HJHO²)ODJJVWDWHQVDQVYDU

3XUSRVH 7R HQVXUH WKDW HDFK 0HPEHU 6\IWH $WW VlNHUVWlOOD DWW YDUMH PHGOHPVVWDW LPSOHPHQWV LWV UHVSRQVLELOLWLHV XQGHU WKLV IXOOJ|U VLQD VN\OGLJKHWHU HQOLJW GHQQD &RQYHQWLRQ ZLWK UHVSHFW WR VKLSV WKDW IO\ LWV NRQYHQWLRQ PHG DYVHHQGH Sn IDUW\J VRP I|U IODJ GHVVIODJJ

5HJXODWLRQ²*HQHUDOSULQFLSOHV 5HJHO²$OOPlQQDSULQFLSHU

(DFK0HPEHULVUHVSRQVLEOHIRUHQVXULQJ 9DUMH PHGOHPVVWDW KDU DQVYDU I|U DWW LPSOHPHQWDWLRQRILWVREOLJDWLRQVXQGHUWKLV IXOOJ|UD VLQD VN\OGLJKHWHU HQOLJW GHQQD &RQYHQWLRQRQVKLSVWKDWIO\LWVIODJ NRQYHQWLRQSnIDUW\JVRPI|UGHVVIODJJ

(DFK 0HPEHU VKDOO HVWDEOLVK DQ HIIHFWLYH 9DUMH PHGOHPVVWDW VNDOO LQUlWWD HWW V\VWHP IRU WKH LQVSHFWLRQ DQG FHUWLILFDWLRQ HIIHNWLYW V\VWHP I|U LQVSHNWLRQ RFK RIPDULWLPHODERXUFRQGLWLRQVLQDFFRUGDQFH FHUWLILHULQJ DY DUEHWVI|UKnOODQGHQD WLOO VM|VV ZLWK 5HJXODWLRQV DQG HQVXULQJ HQOLJWUHJOHUQDRFKRFKVHWLOODWW

WKDW WKH ZRUNLQJ DQG OLYLQJ FRQGLWLRQV IRU DUEHWV RFK OHYQDGVI|UKnOODQGHQD I|U

VHDIDUHUVRQVKLSVWKDWIO\LWVIODJPHHWDQG SHUVRQDOHQ Sn IDUW\J VRP I|U GHVV IODJJ FRQWLQXH WR PHHW WKH VWDQGDUGV LQ WKLV XSSI\OOHU RFK IRUWVlWWD DWW XSSI\OOD &RQYHQWLRQ VWDQGDUGHUQDLGHQQDNRQYHQWLRQ

,QHVWDEOLVKLQJDQHIIHFWLYHV\VWHPIRUWKH 1lU HQ PHGOHPVVWDW LQUlWWDU HWW HIIHNWLYW LQVSHFWLRQ DQG FHUWLILFDWLRQ RI PDULWLPH V\VWHP I|U LQVSHNWLRQ RFK FHUWLILHULQJ DY ODERXU FRQGLWLRQV D 0HPEHU PD\ ZKHUH DUEHWVI|UKnOODQGHQD WLOO VM|VV InU GHQ L DSSURSULDWHDXWKRUL]HSXEOLFLQVWLWXWLRQVRU WLOOlPSOLJDIDOOEHP\QGLJDRIIHQWOLJDLQVWLWX RWKHU RUJDQL]DWLRQV LQFOXGLQJ WKRVH RI WLRQHU HOOHU DQGUD RUJDQLVDWLRQHU lYHQ L HQ DQRWKHU0HPEHULIWKHODWWHUDJUHHVZKLFK DQQDQ PHGOHPVVWDW RP GHQQD VDPW\FNHU LWUHFRJQL]HVDVFRPSHWHQWDQGLQGHSHQGHQW VRP GHQ HUNlQQHU VRP EHK|ULJ RFK WR FDUU\ RXW LQVSHFWLRQV RU WR LVVXH REHURHQGH DWW XWI|UD LQVSHNWLRQHU RFKHOOHU FHUWLILFDWHV RU WR GR ERWK ,Q DOO FDVHV WKH XWIlUGDFHUWLILNDW0HGOHPVVWDWHQVNDOOXQGHU 0HPEHU VKDOO UHPDLQ IXOO\ UHVSRQVLEOH IRU DOOD I|UKnOODQGHQ KD NYDU GHW IXOOD DQVYDUHW WKH LQVSHFWLRQ DQG FHUWLILFDWLRQ RI WKH I|U LQVSHNWLRQ RFK FHUWLILHULQJ DY GHQ ZRUNLQJ DQG OLYLQJ FRQGLWLRQV RI WKH EHU|UGD VM|PlQQHQV DUEHWV RFK OHYQDGV VHDIDUHUVFRQFHUQHGRQVKLSVWKDWIO\LWVIODJ I|UKnOODQGHQSnIDUW\JVRPI|UGHVVIODJJ

$ PDULWLPH ODERXU FHUWLILFDWH FRPSOH (WW VM|DUEHWVFHUWLILNDW VNDOO WLOOVDPPDQV PHQWHGE\DGHFODUDWLRQRIPDULWLPHODERXU PHG HQ I|UVlNUDQ RP |YHUHQVVWlPPHOVH FRPSOLDQFH VKDOO FRQVWLWXWH SULPD IDFLH PHG VM|DUEHWVNRQYHQWLRQHQ XWJ|UD SULPD HYLGHQFH WKDW WKH VKLS KDV EHHQ GXO\ IDFLHEHYLV I|U DWW GHQ PHGOHPVVWDW YDUV LQVSHFWHGE\WKH0HPEHUZKRVHIODJLWIOLHV IODJJ IDUW\JHW I|U YHGHUE|UOLJHQ KDU DQG WKDW WKH UHTXLUHPHQWV RI WKLV LQVSHNWHUDW GHWWD RFK DWW GH NUDY L GHQQD &RQYHQWLRQ UHODWLQJ WR ZRUNLQJ DQG OLYLQJ NRQYHQWLRQVRPU|UVM|PlQQHQVDUEHWVRFK FRQGLWLRQVRIWKHVHDIDUHUVKDYHEHHQPHWWR OHYQDGVI|UKnOODQGHQ KDU XSSI\OOWV L GHQ WKHH[WHQWVRFHUWLILHG RPIDWWQLQJFHUWLILNDWHWYLVDU

,QIRUPDWLRQDERXWWKHV\VWHPUHIHUUHGWR ,QIRUPDWLRQ RP GHW V\VWHP VRP DQJHV L LQSDUDJUDSKRIWKLV5HJXODWLRQLQFOXGLQJ SXQNW L GHQQD UHJHO EODQG DQQDW GHQ WKH PHWKRG XVHG IRU DVVHVVLQJ LWV PHWRG VRP DQYlQGV I|U DWW EHG|PD GHVV HIIHFWLYHQHVV VKDOO EH LQFOXGHG LQ WKH HIIHNWLYLWHW VNDOO LQJn L PHGOHPVVWDWHQV 0HPEHUV UHSRUWV WR WKH ,QWHUQDWLRQDO UDSSRUWHU WLOO ,QWHUQDWLRQHOOD DUEHWVE\UnQ /DERXU2IILFHSXUVXDQWWRDUWLFOH RIWKH HQOLJWDUWLNHOLVWDGJDQ &RQVWLWXWLRQ

6WDQGDUG 6WDQGDUG

6WDQGDUG$²*HQHUDOSULQFLSOHV 6WDQGDUG$²$OOPlQQDSULQFLSHU

(DFK 0HPEHU VKDOO HVWDEOLVK FOHDU 9DUMHPHGOHPVVWDWVNDOOVWlOODXSSW\GOLJD REMHFWWLYHV DQG VWDQGDUGV FRYHULQJ WKH PnO RFK QRUPHU I|U I|UYDOWQLQJ DY GHVV DGPLQLVWUDWLRQ RI LWV LQVSHFWLRQ DQG LQVSHNWLRQV RFK FHUWLILHULQJVV\VWHP VDPW FHUWLILFDWLRQ V\VWHPV DV ZHOO DV DGHTXDWH OlPSOLJD |YHUJULSDQGH I|UIDUDQGHQ I|U DWW RYHUDOOSURFHGXUHVIRULWVDVVHVVPHQWRIWKH EHG|PD L YLONHQ RPIDWWQLQJ GHVVD PnO RFK H[WHQW WR ZKLFK WKRVH REMHFWLYHV DQG QRUPHUXSSQnV VWDQGDUGVDUHEHLQJDWWDLQHG

(DFK 0HPEHU VKDOO UHTXLUH DOO VKLSV WKDW 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW DOOD IO\LWVIODJWRKDYHDFRS\RIWKLV&RQYHQWLRQ IDUW\J VRP I|U GHVV IODJJ KDU HQ NRSLD DY DYDLODEOHRQERDUG GHQQDNRQYHQWLRQRPERUG

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²*HQHUDOSULQFLSOHV $QYLVQLQJ%²$OOPlQQDSULQFLSHU

7KH FRPSHWHQW DXWKRULW\ VKRXOG PDNH 'HQ EHK|ULJD P\QGLJKHWHQ E|U J|UD DSSURSULDWH DUUDQJHPHQWV WR SURPRWH OlPSOLJ DUUDQJHPDQJ I|U DWW IUlPMD HIIHNWLY HIIHFWLYHFRRSHUDWLRQEHWZHHQSXEOLFLQVWLWX VDPRUGQLQJ PHOODQ RIIHQWOLJD LQVWLWXWLRQHU WLRQVDQGRWKHURUJDQL]DWLRQVUHIHUUHGWRLQ RFK DQGUD RUJDQLVDWLRQHU VRP QlPQV L 5HJXODWLRQVDQGFRQFHUQHGZLWK UHJOHUQDRFKRFKVRPV\VVODUPHG VHDIDUHUV VKLSERDUG ZRUNLQJ DQG OLYLQJ VM|PlQQHQVDUEHWVRFKOHYQDGVI|UKnOODQGHQ FRQGLWLRQV

,Q RUGHU WR EHWWHU HQVXUH FRRSHUDWLRQ )|U DWW ElWWUH I|UVlNUD VLJ RP DWW EHWZHHQ LQVSHFWRUV DQG VKLSRZQHUV LQVSHNW|UHU UHGDUH RFK VM|PlQ RFK GHUDV VHDIDUHUV DQG WKHLU UHVSHFWLYH RUJDQL]DWLRQV UHVSHNWLYH RUJDQLVDWLRQHU VDPDUEHWDU RFK DQG WR PDLQWDLQ RU LPSURYH VHDIDUHUV I|U DWW XSSUlWWKnOOD HOOHU I|UElWWUD VM| ZRUNLQJ DQG OLYLQJ FRQGLWLRQV WKH PlQQHQV DUEHWV RFK OHYQDGVI|UKnOODQGHQ FRPSHWHQW DXWKRULW\ VKRXOG FRQVXOW WKH E|U GHQ EHK|ULJD P\QGLJKHWHQ UHJHOEXQGHW UHSUHVHQWDWLYHV RI VXFK RUJDQL]DWLRQV DW VDPUnGD PHG UHSUHVHQWDQWHU I|U GHVVD UHJXODU LQWHUYDOV DV WR WKH EHVW PHDQV RI RUJDQLVDWLRQHURPGHWElVWDVlWWHWDWWXSSQn DWWDLQLQJ WKHVH HQGV 7KH PDQQHU RI VXFK GHVVD V\IWHQ +XU VnGDQW VDPUnG VNDOO FRQVXOWDWLRQ VKRXOG EH GHWHUPLQHG E\ WKH JHQRPI|UDV E|U GHQ EHK|ULJD P\QGLJKHWHQ FRPSHWHQW DXWKRULW\ DIWHU FRQVXOWLQJ ZLWK DYJ|UDHIWHUVDPUnGPHGUHGDURFKVM|IRONV VKLSRZQHUVDQGVHDIDUHUVRUJDQL]DWLRQV RUJDQLVDWLRQHU

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² $XWKRUL]DWLRQ RI 5HJHO ² %HP\QGLJDQGH DY HUNlQGD UHFRJQL]HGRUJDQL]DWLRQV RUJDQLVDWLRQHU

7KH SXEOLF LQVWLWXWLRQV RU RWKHU 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO KD RUJDQL]DWLRQV UHIHUUHG WR LQ SDUDJUDSK RI EHG|PW DWW GH RIIHQWOLJD LQVWLWXWLRQHU HOOHU 5HJXODWLRQUHFRJQL]HGRUJDQL]DWLRQV DQGUDRUJDQLVDWLRQHUVRP DYVHVLUHJHO VKDOOKDYHEHHQUHFRJQL]HGE\WKHFRPSHWHQW SXQNW HUNlQGD RUJDQLVDWLRQHU XSSI\OOHU DXWKRULW\DVPHHWLQJWKHUHTXLUHPHQWVLQWKH NRGHQV NUDY Sn NRPSHWHQV RFK REHURHQGH &RGH UHJDUGLQJ FRPSHWHQF\ DQG LQGHSHQ 'HLQVSHNWLRQHURFKFHUWLILHULQJDUVRPGHVVD GHQFH 7KH LQVSHFWLRQ RU FHUWLILFDWLRQ RUJDQLVDWLRQHU NDQ EHP\QGLJDV XWI|UD VNDOO IXQFWLRQV ZKLFK WKH UHFRJQL]HG RUJDQL]D OLJJDLQRPUDPHQI|UYDGNRGHQXWWU\FNOLJW WLRQV PD\ EH DXWKRUL]HG WR FDUU\ RXW VKDOO DQJHUVRPXSSJLIWHUVRPVNDOOXWI|UDVDYGHQ FRPHZLWKLQWKHVFRSHRIWKHDFWLYLWLHVWKDW EHK|ULJD P\QGLJKHWHQ HOOHU HQ HUNlQG DUH H[SUHVVO\ PHQWLRQHG LQ WKH &RGH DV RUJDQLVDWLRQ EHLQJ FDUULHG RXW E\ WKH FRPSHWHQW DXWKRULW\RUDUHFRJQL]HGRUJDQL]DWLRQ

7KHUHSRUWVUHIHUUHGWRLQSDUDJUDSKRI 'HUDSSRUWHUVRPDYVHVLUHJHOSXQNW 5HJXODWLRQ VKDOO FRQWDLQ LQIRUPDWLRQ VNDOO LQQHKnOOD XSSJLIWHU RP HUNlQGD UHJDUGLQJ DQ\ UHFRJQL]HG RUJDQL]DWLRQ WKH RUJDQLVDWLRQHU EHP\QGLJDQGHQDV H[WHQW RI DXWKRUL]DWLRQV JLYHQ DQG WKH RPIDWWQLQJRFKGHQEHK|ULJDP\QGLJKHWHQV DUUDQJHPHQWV PDGH E\ WKH 0HPEHU WR nWJlUGHU I|U DWW VH WLOO DWW RUJDQLVDWLRQHQ HQVXUH WKDW WKH DXWKRUL]HG DFWLYLWLHV DUH XWI|U XSSJLIWHUQD Sn HWW IXOOJRWW RFK FDUULHGRXWFRPSOHWHO\DQGHIIHFWLYHO\ HIIHNWLYWVlWW

6WDQGDUG 6WDQGDUG

6WDQGDUG $ ² $XWKRUL]DWLRQ RI 6WDQGDUG$²%HP\QGLJDQGHDYHUNlQGD UHFRJQL]HGRUJDQL]DWLRQV RUJDQLVDWLRQHU

)RU WKH SXUSRVH RI UHFRJQLWLRQ LQ )|UHUNlQQDQGHHQOLJWUHJHOSXQNW DFFRUGDQFH ZLWK SDUDJUDSK RI 5HJXODWLRQ VNDOOGHQEHK|ULJDP\QGLJKHWHQJUDQVNDGHQ WKH FRPSHWHQW DXWKRULW\ VKDOO UHYLHZ EHU|UGD RUJDQLVDWLRQHQV NRPSHWHQV RFK WKH FRPSHWHQF\ DQG LQGHSHQGHQFH RI WKH REHURHQGH RFK IDVWVWlOOD RP GHQ L GHQ RUJDQL]DWLRQ FRQFHUQHG DQG GHWHUPLQH RPIDWWQLQJVRPlUQ|GYlQGLJI|UDWWEHGULYD ZKHWKHUWKHRUJDQL]DWLRQKDVGHPRQVWUDWHG GHQ YHUNVDPKHW VRP RPIDWWDV DY GHW WRWKHH[WHQWQHFHVVDU\IRUFDUU\LQJRXWWKH EHP\QGLJDQGH GHQ WLOOGHODWV KDU YLVDW DWW DFWLYLWLHV FRYHUHG E\ WKH DXWKRUL]DWLRQ GHQ FRQIHUUHGRQLWWKDWWKHRUJDQL]DWLRQ

D KDV WKH QHFHVVDU\ H[SHUWLVH LQ WKH D KDU GHQ VDNNXQVNDS L UHOHYDQWD GHODU DY UHOHYDQW DVSHFWV RI WKLV &RQYHQWLRQ DQG DQ GHQQD NRQYHQWLRQ VRP EHK|YV RFK OlPSOLJ DSSURSULDWH NQRZOHGJH RI VKLS RSHUDWLRQV NXQVNDSRPGULIWDYIDUW\JEODQGDQQDWRP LQFOXGLQJ WKH PLQLPXP UHTXLUHPHQWV IRU PLQLPLNUDYSnIDUW\JVSHUVRQDODQVWlOOQLQJV VHDIDUHUV WR ZRUN RQ D VKLS FRQGLWLRQV RI I|UKnOODQGHQ ERVWlGHU UHNUHDWLRQV HPSOR\PHQW DFFRPPRGDWLRQ UHFUHDWLRQDO P|MOLJKHWHU PDW RFK I|USOlJQDG I|UHE\JJ IDFLOLWLHV IRRG DQG FDWHULQJ DFFLGHQW DQGHDYRO\FNRUKlOVRRFKVMXNYnUGYlOIlUG SUHYHQWLRQ KHDOWK SURWHFWLRQ PHGLFDO FDUH RFKVRFLDOI|UVlNULQJVVN\GG ZHOIDUHDQGVRFLDOVHFXULW\SURWHFWLRQ

E KDV WKH DELOLW\ WR PDLQWDLQ DQG XSGDWH E KDU P|MOLJKHW DWW YLGPDNWKnOOD RFK WKHH[SHUWLVHRILWVSHUVRQQHO XSSGDWHUDSHUVRQDOHQVVDNNXQVNDS

F KDV WKH QHFHVVDU\ NQRZOHGJH RI WKH F KDU Q|GYlQGLJ NXQVNDS RP NUDYHQ L UHTXLUHPHQWV RI WKLV &RQYHQWLRQ DV ZHOO DV GHQQD NRQYHQWLRQ RFK RP JlOODQGH RI DSSOLFDEOH QDWLRQDO ODZV DQG UHJXODWLRQV QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU RFK DQGUHOHYDQWLQWHUQDWLRQDOLQVWUXPHQWVDQG WLOOlPSOLJDLQWHUQDWLRQHOODLQVWUXPHQWRFK

G LV RI WKH DSSURSULDWH VL]H VWUXFWXUH G KDU HQ OlPSOLJ VWRUOHN VWUXNWXU H[SHULHQFH DQG FDSDELOLW\ FRPPHQVXUDWH HUIDUHQKHW RFK GXJOLJKHW VRP VYDUDU PRW ZLWKWKHW\SHDQGGHJUHHRIDXWKRUL]DWLRQ EHP\QGLJDQGHWVDUWRFKRPIDWWQLQJ

$Q\ DXWKRUL]DWLRQV JUDQWHG ZLWK UHVSHFW $OOD EHP\QGLJDQGHQ I|U WLOOV\Q VRP WRLQVSHFWLRQVVKDOODVDPLQLPXPHPSRZHU EHYLOMDVVNDOOPLQVWJHGHQHUNlQGDRUJDQLVD WKH UHFRJQL]HG RUJDQL]DWLRQ WR UHTXLUH WKH WLRQHQ EHIRJHQKHW DWW NUlYD UlWWHOVH DY GH UHFWLILFDWLRQRIGHILFLHQFLHVWKDWLWLGHQWLILHV EULVWHU L VM|PlQQHQV DUEHWV RFK OHYQDGV LQ VHDIDUHUV ZRUNLQJ DQG OLYLQJ FRQGLWLRQV I|UKnOODQGHQ VRP GHQ WUlIIDU Sn RFK XWI|UD DQGWRFDUU\RXWLQVSHFWLRQVLQWKLVUHJDUGDW WLOOV\Q L GHWWD DYVHHQGH Sn EHJlUDQ DY HQ WKHUHTXHVWRIDSRUW6WDWH KDPQVWDW

(DFK0HPEHUVKDOOHVWDEOLVK 9DUMHPHGOHPVVWDWVNDOOLQUlWWD

DDV\VWHPWRHQVXUHWKHDGHTXDF\RIZRUN D HWW V\VWHP I|U DWW VlNHUVWlOOD DWW GHW SHUIRUPHG E\ UHFRJQL]HG RUJDQL]DWLRQV DUEHWH VRP HUNlQGD RUJDQLVDWLRQHU J|U ZKLFKLQFOXGHVLQIRUPDWLRQRQDOODSSOLFDEOH YLONHW LQQHIDWWDU LQIRUPDWLRQ RP DOOD QDWLRQDO ODZV DQG UHJXODWLRQV DQG UHOHYDQW JlOODQGH QDWLRQHOOD ODJDU RFK DQGUD LQWHUQDWLRQDOLQVWUXPHQWVDQG I|UIDWWQLQJDU RFK UHOHYDQWD LQWHUQDWLRQHOOD LQVWUXPHQWlUWLOOIUHGVVWlOODQGHRFK

E I|UIDUDQGHQ I|U NRPPXQLNDWLRQ PHG

ESURFHGXUHVIRUFRPPXQLFDWLRQZLWKDQG RFKWLOOV\QDYVnGDQDRUJDQLVDWLRQHU RYHUVLJKWRIVXFKRUJDQL]DWLRQV

(DFK 0HPEHU VKDOO SURYLGH WKH 9DUMH PHGOHPVVWDW VNDOO I|UVH ,QWHUQD ,QWHUQDWLRQDO /DERXU 2IILFH ZLWK D FXUUHQW WLRQHOODDUEHWVE\UnQPHGHQDNWXHOOOLVWD|YHU OLVW RI DQ\ UHFRJQL]HG RUJDQL]DWLRQV HUNlQGDRUJDQLVDWLRQHUVRPEHP\QGLJDWVDWW DXWKRUL]HG WR DFW RQ LWV EHKDOI DQG LW VKDOO DUEHWDI|UGHVVUlNQLQJRFKKnOODGHQDNWXHOO NHHS WKLV OLVW XS WR GDWH 7KH OLVW VKDOO /LVWDQ VNDOO DQJH GH IXQNWLRQHU VRP GH VSHFLI\ WKH IXQFWLRQV WKDW WKH UHFRJQL]HG HUNlQGD RUJDQLVDWLRQHUQD KDU EHP\QGLJDWV RUJDQL]DWLRQVKDYHEHHQDXWKRUL]HGWRFDUU\ DWW VN|WD %\UnQ VNDOO KnOOD OLVWDQ WLOOJlQJOLJ RXW7KH2IILFHVKDOOPDNHWKHOLVWSXEOLFO\ I|UDOOPlQKHWHQ DYDLODEOH

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² $XWKRUL]DWLRQ RI $QYLVQLQJ % ² %HP\QGLJDQGH DY UHFRJQL]HGRUJDQL]DWLRQV HUNlQGDRUJDQLVDWLRQHU

7KH RUJDQL]DWLRQ VHHNLQJ UHFRJQLWLRQ 2UJDQLVDWLRQHU VRP YLOO EOL HUNlQGD E|U VKRXOG GHPRQVWUDWH WKH WHFKQLFDO YLVD VLQ WHNQLVND RFK DGPLQLVWUDWLYD DGPLQLVWUDWLYH DQG PDQDJHULDO FRPSHWHQFH NRPSHWHQV VLQ OHGQLQJVNRPSHWHQV RFK VLQ DQG FDSDFLW\ WR HQVXUH WKH SURYLVLRQ RI I|UPnJDDWWSXQNWOLJWWLOOKDQGDKnOODHQWMlQVW WLPHO\VHUYLFHRIVDWLVIDFWRU\TXDOLW\ DYWLOOIUHGVVWlOODQGHNYDOLWHW

,Q HYDOXDWLQJ WKH FDSDELOLW\ RI DQ 'HQ EHK|ULJD P\QGLJKHWHQ E|U YLG RUJDQL]DWLRQ WKH FRPSHWHQW DXWKRULW\ XWYlUGHULQJ DY HQ RUJDQLVDWLRQV I|UPnJD VKRXOGGHWHUPLQHZKHWKHUWKHRUJDQL]DWLRQ IDVWVWlOODRPRUJDQLVDWLRQHQ

D KDV DGHTXDWH WHFKQLFDO PDQDJHULDO DQG D KDU OlPSOLJ WHNQLVN SHUVRQDO VXSSRUWVWDII OHGQLQJVSHUVRQDORFKELWUlGHVSHUVRQDO

EKDVVXIILFLHQWTXDOLILHGSURIHVVLRQDOVWDII E KDU WLOOUlFNOLJW NRPSHWHQW IDFNXWELOGDG WRSURYLGHWKHUHTXLUHGVHUYLFHUHSUHVHQWLQJ SHUVRQDOI|UDWWWLOOKDQGDKnOODGHQWMlQVWVRP DQDGHTXDWHJHRJUDSKLFDOFRYHUDJH EHK|YVRFKVRPUHSUHVHQWHUDUHWWWLOOUlFNOLJW JHRJUDILVNWRPUnGH

F KDV SURYHQ DELOLW\ WR SURYLGH D WLPHO\ F KDU YLVDW I|UPnJD DWW SXQNWOLJW VHUYLFHRIVDWLVIDFWRU\TXDOLW\DQG WLOOKDQGDKnOOD HQ WMlQVW DY WLOOIUHGVVWlOODQGH NYDOLWHWRFK

G LV LQGHSHQGHQW DQG DFFRXQWDEOH LQ LWV G lU REHURHQGH RFK DQVYDULJ I|U VLQ RSHUDWLRQV YHUNVDPKHW

7KHFRPSHWHQWDXWKRULW\VKRXOGFRQFOXGH 'HQ EHK|ULJD P\QGLJKHWHQ E|U VOXWD HWW D ZULWWHQ DJUHHPHQW ZLWK DQ\ RUJDQL]DWLRQ VNULIWOLJW DYWDO PHG YDUMH RUJDQLVDWLRQ VRP WKDW LW UHFRJQL]HV IRU SXUSRVHV RI DQ GHQHUNlQQHUI|UEHP\QGLJDQGH$YWDOHWE|U DXWKRUL]DWLRQ 7KH DJUHHPHQW VKRXOG LQQHIDWWDI|OMDQGHGHODU LQFOXGHWKHIROORZLQJHOHPHQWV

DVFRSHRIDSSOLFDWLRQ DWLOOlPSQLQJVRPUnGH

ESXUSRVH EV\IWH

FJHQHUDOFRQGLWLRQV FDOOPlQQDYLOONRU

G WKH H[HFXWLRQ RI IXQFWLRQV XQGHU G XWI|UDQGH DY GH IXQNWLRQHU EHP\QGLJ DXWKRUL]DWLRQ DQGHWDYVHU

H OHJDO EDVLV RI WKH IXQFWLRQV XQGHU H UlWWVOLJ QLYn Sn GH IXQNWLRQHU DXWKRUL]DWLRQ EHP\QGLJDQGHWDYVHU

IUHSRUWLQJWRWKHFRPSHWHQWDXWKRULW\ I UDSSRUWHULQJ WLOO GHQ EHK|ULJD P\QGLJKHWHQ

J VSHFLILFDWLRQ RI WKH DXWKRUL]DWLRQ IURP JVSHFLILNDWLRQDYEHP\QGLJDQGHWIUnQGHQ WKH FRPSHWHQW DXWKRULW\ WR WKH UHFRJQL]HG EHK|ULJD P\QGLJKHWHQ WLOO GHQ HUNlQGD RUJDQL]DWLRQDQG RUJDQLVDWLRQHQRFK

KWKHFRPSHWHQWDXWKRULW\VVXSHUYLVLRQRI KGHQEHK|ULJDP\QGLJKHWHQV|YHUYDNQLQJ DFWLYLWLHV GHOHJDWHG WR WKH UHFRJQL]HG DY YHUNVDPKHW VRP GHOHJHUDWV WLOO GHQ RUJDQL]DWLRQ HUNlQGDRUJDQLVDWLRQHQ

(DFK 0HPEHU VKRXOG UHTXLUH WKH 9DUMH PHGOHPVVWDW E|U NUlYD DWW GH UHFRJQL]HG RUJDQL]DWLRQV WR GHYHORS D HUNlQGDRUJDQLVDWLRQHUQDWDUIUDPHWWV\VWHP V\VWHP IRU TXDOLILFDWLRQ RI VWDII HPSOR\HG I|UNYDOLILFHULQJDYSHUVRQDOVRPlUDQVWlOOG E\ WKHP DV LQVSHFWRUV WR HQVXUH WKH WLPHO\ VRPLQVSHNW|UHUI|UDWWVlNHUVWlOODDWWGHUDV XSGDWLQJRIWKHLUNQRZOHGJHDQGH[SHUWLVH NXQQDQGH RFK VDNNXQVNDS XSSGDWHUDV L UlWW WLG

(DFK 0HPEHU VKRXOG UHTXLUH WKH 9DUMH PHGOHPVVWDW E|U NUlYD DWW GH UHFRJQL]HG RUJDQL]DWLRQV WR PDLQWDLQ HUNlQGDRUJDQLVDWLRQHUQDI|USURWRNROO|YHU UHFRUGV RI WKH VHUYLFHV SHUIRUPHG E\ WKHP GHWMlQVWHUGHXWI|UVnDWWGHNDQYLVDDWWGH VXFK WKDW WKH\ DUH DEOH WR GHPRQVWUDWH I\OOHU QRUPHUQD L GH DYVHHQGHQ WMlQVWHUQD DFKLHYHPHQWRIWKHUHTXLUHGVWDQGDUGVLQWKH RPIDWWDU LWHPVFRYHUHGE\WKHVHUYLFHV

,Q HVWDEOLVKLQJ WKH RYHUVLJKW SURFHGXUHV 9DUMH PHGOHPVVWDW E|U QlU GHQ LQI|U GH UHIHUUHG WR LQ 6WDQGDUG $ SDUDJUDSK WLOOV\QVI|UIDUDQGHQ VRP DYVHV L VWDQGDUG EHDFK0HPEHUVKRXOGWDNHLQWRDFFRXQW $ SXQNW E WD KlQV\Q WLOO *XLGHOLQHV WKH *XLGHOLQHV IRU WKH $XWKRUL]DWLRQ RI IRU WKH $XWKRUL]DWLRQ RI 2UJDQL]DWLRQV 2UJDQL]DWLRQV $FWLQJ RQ %HKDOI RI WKH $FWLQJRQ%HKDOIRIWKH$GPLQLVWUDWLRQVRP $GPLQLVWUDWLRQ DGRSWHG LQ WKH IUDPHZRUN ,QWHUQDWLRQHOOD VM|IDUWVRUJDQLVDWLRQHQ RIWKH,QWHUQDWLRQDO0DULWLPH2UJDQL]DWLRQ DQWDJLW

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² 0DULWLPH ODERXU 5HJHO ² 6M|DUEHWVFHUWLILNDW RFK FHUWLILFDWH DQG GHFODUDWLRQ RI PDULWLPH I|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG VM| ODERXUFRPSOLDQFH DUEHWVNRQYHQWLRQHQ

7KLV5HJXODWLRQDSSOLHVWRVKLSVRI 'HQQDUHJHOlUWLOOlPSOLJSnIDUW\JRP

D JURVV WRQQDJH RU RYHU HQJDJHG LQ D PLQVW EUXWWRWRQ VRP DQYlQGV L LQWHUQDWLRQDOYR\DJHVDQG LQWHUQDWLRQHOOVM|IDUWRFK

EJURVVWRQQDJHRURYHUIO\LQJWKHIODJ E PLQVW EUXWWRWRQ VRP I|U HQ RID0HPEHUDQGRSHUDWLQJIURPDSRUWRU PHGOHPVVWDWV IODJJ RFK RSHUHUDU IUnQ HQ EHWZHHQSRUWVLQDQRWKHUFRXQWU\ KDPQHOOHUPHOODQKDPQDULHWWDQQDWODQG

)RU WKH SXUSRVH RI WKLV 5HJXODWLRQ 0HGLQWHUQDWLRQHOOVM|IDUWDYVHVLGHQQDUHJHO

LQWHUQDWLRQDOYR\DJHPHDQVDYR\DJHIURPD VM|IDUWIUnQHWWODQGWLOOHQKDPQXWDQI|UGHW FRXQWU\WRDSRUWRXWVLGHVXFKDFRXQWU\ ODQGHW

7KLV 5HJXODWLRQ DOVR DSSOLHV WR DQ\ VKLS 'HQQD UHJHO VNDOO lYHQ WLOOlPSDV Sn YDUMH WKDW IOLHV WKH IODJ RI D 0HPEHU DQG LV QRW IDUW\J VRP I|U HQ PHGOHPVVWDWV IODJJ RFK FRYHUHGE\SDUDJUDSKRIWKLV5HJXODWLRQDW VRPLQWHRPIDWWDVDYSXQNWLGHQQDUHJHO WKHUHTXHVWRIWKHVKLSRZQHUWRWKH0HPEHU Sn IUDPVWlOOQLQJ DY UHGDUHQ WLOO GHQ EHU|UGD FRQFHUQHG PHGOHPVVWDWHQ

(DFK0HPEHU VKDOOUHTXLUHVKLSVWKDWIO\ 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW IDUW\J LWV IODJ WR FDUU\ DQG PDLQWDLQ D PDULWLPH VRP I|U GHVV IODJJ PHGI|U RFK EHYDUDU HWW ODERXUFHUWLILFDWHFHUWLI\LQJWKDWWKHZRUNLQJ VM|DUEHWVFHUWLILNDW VRP LQW\JDU DWW VM| DQG OLYLQJ FRQGLWLRQV RI VHDIDUHUV RQ WKH PlQQHQVDUEHWVRFKOHYQDGVI|UKnOODQGHQSn VKLS LQFOXGLQJ PHDVXUHV IRU RQJRLQJ IDUW\JHW EODQG DQQDW nWJlUGHU I|U IRUW FRPSOLDQFHWREHLQFOXGHGLQWKHGHFODUDWLRQ O|SDQGH XSSI\OOHOVH VRP VNDOO LQJn L GHQ RIPDULWLPHODERXUFRPSOLDQFHUHIHUUHGWRLQ I|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG VM| SDUDJUDSK RI WKLV 5HJXODWLRQ KDYH EHHQ DUEHWVNRQYHQWLRQHQ VRP QlPQV L SXQNW L LQVSHFWHG DQG PHHW WKH UHTXLUHPHQWV RI GHQQD UHJHO KDU LQVSHNWHUDWV RFK XSSI\OOHU QDWLRQDO ODZV RU UHJXODWLRQV RU RWKHU NUDYHQLQDWLRQHOODODJDUDQGUDI|UIDWWQLQJDU PHDVXUHVLPSOHPHQWLQJWKLV&RQYHQWLRQ HOOHU WLOOlPSQLQJVI|UHVNULIWHU WLOO GHQQD NRQYHQWLRQ

(DFK0HPEHU VKDOOUHTXLUHVKLSVWKDWIO\ 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW IDUW\J LWVIODJWRFDUU\DQGPDLQWDLQDGHFODUDWLRQRI VRP I|U GHVV IODJJ PHGI|U RFK EHYDUDU HQ PDULWLPH ODERXU FRPSOLDQFH VWDWLQJ WKH I|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG VM| QDWLRQDO UHTXLUHPHQWV LPSOHPHQWLQJ WKLV DUEHWVNRQYHQWLRQHQVRPDQJHUGHQDWLRQHOOD &RQYHQWLRQ IRU WKH ZRUNLQJ DQG OLYLQJ WLOOlPSQLQJVI|UHVNULIWHUQD WLOO GHQQD FRQGLWLRQV IRU VHDIDUHUV DQG VHWWLQJ RXW WKH NRQYHQWLRQ I|U VM|PlQQHQV DUEHWV RFK PHDVXUHV DGRSWHG E\ WKH VKLSRZQHU WR OHYQDGVI|UKnOODQGHQRFKDQJHUYLONDnWJlUGHU HQVXUHFRPSOLDQFHZLWKWKHUHTXLUHPHQWVRQ UHGDUHQ YLGWDJLW I|U DWW XSSI\OOD NUDYHQ Sn WKHVKLSRUVKLSVFRQFHUQHG GHWEHU|UGDIDUW\JHWIDUW\JHQ

7KH PDULWLPH ODERXU FHUWLILFDWH DQG WKH 6M|DUEHWVFHUWLILNDW RFK I|UVlNUDQ RP GHFODUDWLRQ RI PDULWLPH ODERXU FRPSOLDQFH |YHUHQVVWlPPHOVH PHG VM|DUEHWVNRQYHQ VKDOO FRQIRUP WR WKH PRGHO SUHVFULEHG E\ WLRQHQ VNDOO I|OMD GHQ PDOO VRP NRGHQ WKH&RGH I|UHVNULYHU

:KHUH WKH FRPSHWHQW DXWKRULW\ RI WKH 1lU PHGOHPVVWDWHQV EHK|ULJD P\QGLJKHW 0HPEHU RU D UHFRJQL]HG RUJDQL]DWLRQ GXO\ HOOHUHQHUNlQGRUJDQLVDWLRQVRPlUEHP\Q DXWKRUL]HG IRU WKLV SXUSRVH KDV DVFHUWDLQHG GLJDG I|U GHWWD V\IWH YLG HQ LQVSHNWLRQ KDU WKURXJKLQVSHFWLRQWKDWDVKLSWKDWIOLHVWKH NRQVWDWHUDWDWWHWWIDUW\JVRPI|UPHGOHPV 0HPEHUV IODJ PHHWV RU FRQWLQXHV WR PHHW VWDWHQV IODJJ XSSI\OOHU HOOHU IRUWVlWWHU DWW WKH VWDQGDUGV RI WKLV &RQYHQWLRQ LW VKDOO XSSI\OOD VWDQGDUGHUQD L GHQQD NRQYHQWLRQ LVVXHRUUHQHZ DPDULWLPHODERXUFHUWLILFDWH VNDOO GHQ XWIlUGD HOOHU I|UQ\D HWW VM|DUEHWV WR WKDW HIIHFW DQG PDLQWDLQ D SXEOLFO\ FHUWLILNDW DY GHQQD LQQHE|UG &HUWLILNDWHW DYDLODEOHUHFRUGRIWKDWFHUWLILFDWH VNDOO UHJLVWUHUDV RFK UHJLVWUHW VNDOO YDUD WLOOJlQJOLJWI|UDOOPlQKHWHQ

'HWDLOHG UHTXLUHPHQWV IRU WKH PDULWLPH , GHO $ L NRGHQ ILQQV XWI|UOLJD NUDY I|U ODERXU FHUWLILFDWH DQG WKH GHFODUDWLRQ RI VM|DUEHWVFHUWLILNDW RFK I|UVlNUDQ RP PDULWLPHODERXUFRPSOLDQFHLQFOXGLQJDOLVW |YHUHQVVWlPPHOVH PHG VM|DUEHWVNRQYHQ RI WKH PDWWHUV WKDW PXVW EH LQVSHFWHG DQG WLRQHQ EODQG DQQDW HQ OLVWD |YHU GH

DSSURYHGDUHVHWRXWLQ3DUW$RIWKH&RGH I|UKnOODQGHQ VRP PnVWH LQVSHNWHUDV RFK

JRGNlQQDV

6WDQGDUG 6WDQGDUG

6WDQGDUG$²0DULWLPHODERXUFHUWLILFDWH 6WDQGDUG $ ² 6M|DUEHWVFHUWLILNDW RFK DQG GHFODUDWLRQ RI PDULWLPH ODERXU I|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG VM| FRPSOLDQFH DUEHWVNRQYHQWLRQHQ

7KH PDULWLPH ODERXU FHUWLILFDWH VKDOO EH 'HQ EHK|ULJD P\QGLJKHWHQ HOOHU HQ LVVXHGWRDVKLSE\WKHFRPSHWHQWDXWKRULW\ HUNlQGRUJDQLVDWLRQVRPlUEHP\QGLJDGI|U RU E\ D UHFRJQL]HG RUJDQL]DWLRQ GXO\ GHWWD V\IWH VNDOO XWIlUGD VM|DUEHWVFHUWLILNDW DXWKRUL]HG IRU WKLV SXUSRVH IRU D SHULRG I|UHWWIDUW\JSnK|JVWIHPnU,WLOOlJJ$, ZKLFK VKDOO QRW H[FHHG ILYH \HDUV $ OLVW RI ILQQV HQ OLVWD |YHU I|UKnOODQGHQ VRP PnVWH PDWWHUVWKDWPXVWEHLQVSHFWHGDQGIRXQGWR LQVSHNWHUDV RFK NRQVWDWHUDV XSSI\OOD PHHWQDWLRQDOODZVDQGUHJXODWLRQVRURWKHU QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU RP PHDVXUHVLPSOHPHQWLQJWKHUHTXLUHPHQWVRI WLOOlPSQLQJ DY GH NUDY L GHQQD NRQYHQWLRQ WKLV&RQYHQWLRQUHJDUGLQJWKHZRUNLQJDQG VRPU|UDUEHWVRFKOHYQDGVI|UKnOODQGHQI|U OLYLQJFRQGLWLRQVRIVHDIDUHUVRQVKLSVEHIRUH VM|PlQQHQ Sn IDUW\J LQQDQ HWW VM|DUEHWV DPDULWLPHODERXUFHUWLILFDWHFDQEHLVVXHGLV FHUWLILNDWNDQXWIlUGDV IRXQGLQ$SSHQGL[$,

7KH YDOLGLW\ RI WKH PDULWLPH ODERXU 6M|DUEHWVFHUWLILNDW VNDOO JlOOD PHG FHUWLILFDWHVKDOOEHVXEMHFWWRDQLQWHUPHGLDWH I|UEHKnOOI|UHQLQWHUPHGLlULQVSHNWLRQVRP LQVSHFWLRQ E\ WKH FRPSHWHQW DXWKRULW\ RU GHQEHK|ULJDP\QGLJKHWHQHOOHUHQI|UGHWWD E\ D UHFRJQL]HG RUJDQL]DWLRQ GXO\ V\IWHEHP\QGLJDGHUNlQGRUJDQLVDWLRQVNDOO DXWKRUL]HG IRU WKLV SXUSRVH WR HQVXUH J|UD I|U DWW VlNHUVWlOOD IRUWO|SDQGH FRQWLQXLQJ FRPSOLDQFH ZLWK WKH QDWLRQDO XSSI\OOHOVH PHG GH QDWLRQHOOD WLOOlPSQLQJV UHTXLUHPHQWV LPSOHPHQWLQJ WKLV &RQYHQ I|UHVNULIWHUQD I|U GHQQD NRQYHQWLRQ 2P WLRQ ,I RQO\ RQH LQWHUPHGLDWH LQVSHFWLRQ LV LQW\JHW lU JLOWLJW L IHP nU RFK HQGDVW HQ FDUULHGRXWDQGWKHSHULRGRIYDOLGLW\RIWKH LQVSHNWLRQ J|UV XQGHU GHQQD WLG VNDOO GHQ FHUWLILFDWH LV ILYH \HDUV LW VKDOO WDNH SODFH J|UDV PLQVW WYn PHQ K|JVW WUH nU I|UH GHQ EHWZHHQ WKH VHFRQG DQG WKLUG DQQLYHUVDU\ GDJ Gn LQW\JHW XSSK|U DWW JlOOD ,QVSHNW GDWHV RI WKH FHUWLILFDWH $QQLYHUVDU\ GDWH LRQHQ VNDOO YDUD OLND RPIDWWDQGH RFK PHDQV WKH GD\ DQG PRQWK RI HDFK \HDU JUXQGOLJ VRP HQ LQVSHNWLRQ I|U DWW I|UQ\D ZKLFKZLOOFRUUHVSRQGWRWKHGDWHRIH[SLU\ LQW\JHW ,QW\JHW VNDOOVNULYDV XQGHU HIWHU HQ RIWKHPDULWLPHODERXUFHUWLILFDWH7KHVFRSH JRGNlQGLQWHUPHGLlULQVSHNWLRQ DQG GHSWK RI WKH LQWHUPHGLDWH LQVSHFWLRQ VKDOOEHHTXDOWRDQLQVSHFWLRQIRUUHQHZDORI WKH FHUWLILFDWH 7KH FHUWLILFDWH VKDOO EH HQGRUVHGIROORZLQJVDWLVIDFWRU\LQWHUPHGLDWH LQVSHFWLRQ

1RWZLWKVWDQGLQJ SDUDJUDSK RI WKLV 8WDQ KLQGHU DY YDG VRP VlJV LSXQNW L 6WDQGDUG ZKHQ WKH UHQHZDO LQVSHFWLRQ KDV GHQQD VWDQGDUG VNDOO HWW Q\WW VM|DUEHWV EHHQFRPSOHWHGZLWKLQWKUHHPRQWKVEHIRUH FHUWLILNDW JlOOD IUnQ GHQ GDJ GHQ I|UQ\DGH WKH H[SLU\ RI WKH H[LVWLQJ PDULWLPH ODERXU LQVSHNWLRQHQ JHQRPI|UV I|U HQ SHULRG VRP FHUWLILFDWH WKH QHZ PDULWLPH ODERXU LQWH |YHUVNULGHU IHP nU UlNQDW IUnQ FHUWLILFDWH VKDOO EH YDOLG IURP WKH GDWH RI XWJnQJVGDWXP DY GHW JlOODQGH FHUWLILNDWHW FRPSOHWLRQ RI WKH UHQHZDO LQVSHFWLRQ IRU D QlU GHQ I|UQ\DGH LQVSHNWLRQHQ JHQRPI|UV SHULRG QRW H[FHHGLQJ ILYH \HDUV IURP WKH WLGLJDVW WUH PnQDGHU LQQDQ HWW JlOODQGH GDWHRIH[SLU\RIWKHH[LVWLQJFHUWLILFDWH VM|DUEHWVFHUWLILNDWXSSK|UDWWJlOOD

:KHQWKHUHQHZDOLQVSHFWLRQLVFRPSOHWHG 1lU GHQ I|UQ\DGH LQVSHNWLRQHQ JHQRP

PRUH WKDQ WKUHH PRQWKV EHIRUH WKH H[SLU\ I|UV WLGLJDUH lQ WUH PnQDGHU LQQDQ HWW

GDWH RI WKH H[LVWLQJ PDULWLPH ODERXU JlOODQGHVM|DUEHWVFHUWLILNDWXSSK|UDWWJlOOD FHUWLILFDWH WKH QHZ PDULWLPH ODERXU VNDOO GHW Q\D VM|DUEHWVFHUWLILNDW JlOOD XQGHU FHUWLILFDWH VKDOO EH YDOLG IRU D SHULRG QRW HQSHULRGVRPLQWH|YHUVNULGHUIHPnUUlNQDW H[FHHGLQJ ILYH \HDUV VWDUWLQJ IURP WKH GDWH IUnQ GHQ GDJ GHQ I|UQ\DGH LQVSHNWLRQHQ RIFRPSOHWLRQRIWKHUHQHZDOLQVSHFWLRQ JHQRPI|UV

$ PDULWLPH ODERXU FHUWLILFDWH PD\ EH (WW LQWHULPLVWLVNW VM|DUEHWVFHUWLILNDW InU LVVXHGRQDQLQWHULPEDVLV XWIlUGDV

DWRQHZVKLSVRQGHOLYHU\ DYLGOHYHUDQVDYQ\DIDUW\J

EZKHQDVKLSFKDQJHVIODJRU EQlUHWWIDUW\JVNLIWDUIODJJHOOHU

FZKHQDVKLSRZQHUDVVXPHVUHVSRQVLELOLW\ FQlUHQUHGDUH|YHUWDUDQVYDUHWI|UGULIWHQ IRUWKHRSHUDWLRQRIDVKLSZKLFKLVQHZWR DYHWWIDUW\JVRPlUQ\WWI|UGHQQH WKDWVKLSRZQHU

$Q LQWHULP PDULWLPH ODERXU FHUWLILFDWH 'HQ EHK|ULJD P\QGLJKHWHQ HOOHU HQ PD\EHLVVXHGIRUDSHULRGQRWH[FHHGLQJVL[ HUNlQGRUJDQLVDWLRQVRPlUEHP\QGLJDGI|U PRQWKV E\ WKH FRPSHWHQW DXWKRULW\ RU D GHWWD V\IWH InU XWIlUGD HWW LQWHULPLVWLVNW UHFRJQL]HGRUJDQL]DWLRQGXO\DXWKRUL]HGIRU VM|DUEHWVFHUWLILNDW I|U HQ SHULRG VRP LQWH WKLVSXUSRVH |YHUVNULGHUVH[PnQDGHU

$Q LQWHULP PDULWLPH ODERXU FHUWLILFDWH (WW LQWHULPLVWLVNW VM|DUEHWVFHUWLILNDW InU PD\ RQO\ EH LVVXHG IROORZLQJ YHULILFDWLRQ XWIlUGDVI|UVWVHGDQGHWYHULILHUDWVDWW WKDW

D WKH VKLS KDV EHHQ LQVSHFWHG DV IDU DV D IDUW\JHW Vn OnQJW GHW lU ULPOLJW RFK UHDVRQDEOH DQG SUDFWLFDEOH IRU WKH PDWWHUV P|MOLJW LQVSHNWHUDWV PHG DYVHHQGH Sn GH OLVWHGLQ$SSHQGL[$,WDNLQJLQWRDFFRXQW I|UKnOODQGHQ VRP DQJHV L WLOOlJJ $, RFK YHULILFDWLRQ RI LWHPV XQGHU VXESDUDJUDSKV lYHQ NUDYHQ L E F RFK G L GHQQD SXQNW lU EFDQGGRIWKLVSDUDJUDSK XSSI\OOGD

E WKH VKLSRZQHU KDV GHPRQVWUDWHG WR WKH E UHGDUHQ KDU YLVDW I|U GHQ EHK|ULJD FRPSHWHQW DXWKRULW\ RU UHFRJQL]HG P\QGLJKHWHQ HOOHU GHQ HUNlQGD RUJDQLVD RUJDQL]DWLRQ WKDW WKH VKLS KDV DGHTXDWH WLRQHQ DWW IDUW\JHW KDU WLOOIUHGVVWlOODQGH SURFHGXUHVWRFRPSO\ZLWKWKLV&RQYHQWLRQ UXWLQHUI|UDWWXSSI\OODGHQQDNRQYHQWLRQ

F WKH PDVWHU LV IDPLOLDU ZLWK WKH F EHIlOKDYDUHQ lU I|UWURJHQ PHG NUDYHQ L UHTXLUHPHQWV RI WKLV &RQYHQWLRQ DQG WKH GHQQD NRQYHQWLRQ RFK DQVYDUHW I|U GHVV UHVSRQVLELOLWLHVIRULPSOHPHQWDWLRQDQG WLOOlPSQLQJRFK

GUHOHYDQWLQIRUPDWLRQKDVEHHQVXEPLWWHG GGHXSSJLIWHUVRPEHK|YVI|UDWWXSSUlWWD WR WKH FRPSHWHQW DXWKRULW\ RU UHFRJQL]HG HQ I|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG RUJDQL]DWLRQ WR SURGXFH D GHFODUDWLRQ RI VM|DUEHWVNRQYHQWLRQHQ KDU OlPQDWV WLOO GHQ PDULWLPHODERXUFRPSOLDQFH EHK|ULJD P\QGLJKHWHQ HOOHU HUNlQGD RUJDQLVDWLRQHQ $ IXOO LQVSHFWLRQ LQ DFFRUGDQFH ZLWK SDUDJUDSKRIWKLV6WDQGDUGVKDOOEHFDUULHG (QIXOOVWlQGLJLQVSHNWLRQHQOLJWSXQNWL RXWSULRUWRH[SLU\RIWKHLQWHULPFHUWLILFDWH GHQQD VWDQGDUG VNDOO J|UDV LQQDQ GHW WR HQDEOH LVVXH RI WKH IXOOWHUP PDULWLPH LQWHULPLVWLVNDFHUWLILNDWHWO|SHUXWI|UDWWHWW ODERXU FHUWLILFDWH 1R IXUWKHU LQWHULP VM|DUEHWVFHUWLILNDW I|U HQ KHO SHULRG VNDOO FHUWLILFDWHPD\EHLVVXHGIROORZLQJWKHLQLWLDO NXQQD XWIlUGDV ,QJHW \WWHUOLJDUH

VL[PRQWKVUHIHUUHGWRLQSDUDJUDSKRIWKLV LQWHULPLVWLVNWFHUWLILNDWInUXWIlUGDVHIWHUGH

6WDQGDUG $ GHFODUDWLRQ RI PDULWLPH ODERXU I|UVWD VH[ PnQDGHU VRP DQJHV L SXQNW L FRPSOLDQFH QHHG QRW EH LVVXHG IRU WKH GHQQD VWDQGDUG ,QJHQ I|UVlNUDQ RP SHULRGRIYDOLGLW\RIWKHLQWHULPFHUWLILFDWH |YHUHQVVWlPPHOVH PHG VM|DUEHWVNRQYHQ WLRQHQ EHK|YHU XWIlUGDV I|U GHW LQWHULPLVW LVNDFHUWLILNDWHWVJLOWLJKHWVWLG

7KH PDULWLPH ODERXU FHUWLILFDWH WKH 6M|DUEHWVFHUWLILNDW LQWHULPLVWLVNW VM| LQWHULP PDULWLPH ODERXU FHUWLILFDWH DQG WKH DUEHWVFHUWLILNDW RFK I|UVlNUDQ RP |YHUHQV GHFODUDWLRQ RI PDULWLPH ODERXU FRPSOLDQFH VWlPPHOVH PHG VM|DUEHWVNRQYHQWLRQHQ VNDOO VKDOOEHGUDZQXSLQWKHIRUPFRUUHVSRQGLQJ XWIRUPDVHQOLJWGHPDOODUVRPILQQVLWLOOlJJ WRWKHPRGHOVJLYHQLQ$SSHQGL[$,, $,,

7KH GHFODUDWLRQ RI PDULWLPH ODERXU )|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG FRPSOLDQFHVKDOOEHDWWDFKHGWRWKHPDULWLPH VM|DUEHWVNRQYHQWLRQHQ VNDOO ELIRJDV VM| ODERXUFHUWLILFDWH,WVKDOOKDYHWZRSDUWV DUEHWVFHUWLILNDW'HQVNDOOEHVWnDYWYnGHODU

D 3DUW , VKDOO EH GUDZQ XS E\ WKH D GHO , XSSUlWWDV DY GHQ EHK|ULJD FRPSHWHQWDXWKRULW\ZKLFKVKDOO P\QGLJKHWHQVRPVNDOO L LGHQWLI\ WKH OLVW RI PDWWHUV WR EH LWDIUDPHQOLVWD|YHUGHI|UKnOODQGHQ LQVSHFWHGLQDFFRUGDQFHZLWKSDUDJUDSKRI VRPVNDOOLQVSHNWHUDVLHQOLJKHWPHGSXQNW WKLV6WDQGDUG LGHQQDVWDQGDUG LL LGHQWLI\ WKH QDWLRQDO UHTXLUHPHQWV LL DQJH GH QDWLRQHOOD I|UHVNULIWHU VRP HPERG\LQJ WKH UHOHYDQW SURYLVLRQV RI LQI|UOLYDUUHOHYDQWDEHVWlPPHOVHUIUnQGHQQD WKLV&RQYHQWLRQE\SURYLGLQJDUHIHUHQFHWR NRQYHQWLRQ JHQRP HQ KlQYLVQLQJ WLOO WKHUHOHYDQWQDWLRQDOOHJDOSURYLVLRQVDVZHOO UHOHYDQWD QDWLRQHOOD UlWWVOLJD I|UHVNULIWHU DV WR WKH H[WHQW QHFHVVDU\ FRQFLVH RFK YLG EHKRY NRUWIDWWDG LQIRUPDWLRQ RP LQIRUPDWLRQ RQ WKH PDLQ FRQWHQW RI WKH KXYXGGUDJHQLGHQDWLRQHOODNUDYHQ QDWLRQDOUHTXLUHPHQWV LLL KlQYLVD WLOO W\SVSHFLILND NUDY Sn LLL UHIHU WR VKLSW\SH VSHFLILF IDUW\JHQHQOLJWQDWLRQHOOODJVWLIWQLQJ UHTXLUHPHQWVXQGHUQDWLRQDOOHJLVODWLRQ LY WD XSS DOOD L KXYXGVDN OLNYlUGLJD LY UHFRUG DQ\ VXEVWDQWLDOO\ HTXLYDOHQW I|UHVNULIWHU VRP DQWDJLWV HQOLJW DUWLNHO 9, SURYLVLRQVDGRSWHGSXUVXDQWWRSDUDJUDSK SXQNWRFK RI$UWLFOH9,DQG Y W\GOLJW DQJH HYHQWXHOOD XQGDQWDJ Y FOHDUO\ LQGLFDWH DQ\ H[HPSWLRQ VRP GHQ EHK|ULJD P\QGLJKHWHQ EHYLOMDW JUDQWHG E\ WKH FRPSHWHQW DXWKRULW\ DV HQOLJWNDSLWHORFK SURYLGHGLQ7LWOHDQG

E 3DUW ,, VKDOO EH GUDZQ XS E\ WKH E GHO ,, XSSUlWWDV DY UHGDUHQ RFK VNDOO VKLSRZQHU DQG VKDOO LGHQWLI\ WKH PHDVXUHV LQQHKnOOD XSSJLIWHU RP YDG GHQQH JMRUW I|U DGRSWHGWRHQVXUHRQJRLQJFRPSOLDQFHZLWK DWW XSSI\OOD QDWLRQHOOD I|UHVNULIWHU PHOODQ WKH QDWLRQDO UHTXLUHPHQWV EHWZHHQ LQVSHNWLRQHUQD RFK GHW IRUWJnHQGH LQVSHFWLRQV DQG WKH PHDVXUHV SURSRVHG WR I|UElWWULQJVDUEHWHVRPI|UHVOnV HQVXUH WKDW WKHUH LV FRQWLQXRXV LPSURYHPHQW

7KH FRPSHWHQW DXWKRULW\ RU UHFRJQL]HG 'HQ EHK|ULJD P\QGLJKHWHQ HOOHU HUNlQGD RUJDQL]DWLRQ GXO\ DXWKRUL]HG IRU WKLV RUJDQLVDWLRQHQVRPlUEHP\QGLJDGI|UGHWWD SXUSRVH VKDOO FHUWLI\ 3DUW ,, DQG VKDOO LVVXH V\IWH VNDOO EHVW\UND GHO ,, RFK GlUHIWHU WKH GHFODUDWLRQ RI PDULWLPH ODERXU XWIlUGD HQ I|UVlNUDQ RP |YHUHQVVWlPPHOVH FRPSOLDQFH PHGVM|DUEHWVNRQYHQWLRQHQ

7KHUHVXOWVRIDOOVXEVHTXHQWLQVSHFWLRQV 5HVXOWDWHQ DY DOOD I|OMDQGH LQVSHNWLRQHU RU RWKHU YHULILFDWLRQV FDUULHG RXW ZLWK HOOHU DQGUD YHULILNDWLRQHU DY GHW EHU|UGD

UHVSHFW WR WKH VKLS FRQFHUQHG DQG DQ\ IDUW\JHW VRP JHQRPI|UV RFK HYHQWXHOOD

VLJQLILFDQW GHILFLHQFLHV IRXQG GXULQJ DQ\ VW|UUH EULVWHU VRP SnWUlIIDV YLG YDUMH VnGDQ VXFKYHULILFDWLRQVKDOOEHUHFRUGHGWRJHWKHU NRQWUROO VNDOO QRWHUDV WLOOVDPPDQV PHG ZLWK WKH GDWH ZKHQ WKH GHILFLHQFLHV ZHUH WLGSXQNWHQ QlU GH EHIDQQV YDUD nWJlUGDGH IRXQG WR KDYH EHHQ UHPHGLHG 7KLV UHFRUG 'HVVD QRWHULQJDU PHG HQ |YHUVlWWQLQJ WLOO DFFRPSDQLHG E\ DQ (QJOLVKODQJXDJH HQJHOVND RP GH LQWH lU VNULYQD Sn GHWWD WUDQVODWLRQ ZKHUHLWLVQRWLQ(QJOLVKVKDOO VSUnN VNDOO Sn GHW VlWW VRP I|UHVNULYV L LQ DFFRUGDQFH ZLWK QDWLRQDO ODZV RU QDWLRQHOOD ODJDU HOOHU DQGUD I|UIDWWQLQJDU UHJXODWLRQV EH LQVFULEHG XSRQ RU DSSHQGHG QRWHUDV L HOOHU ELIRJDV I|UVlNUDQ RP WR WKH GHFODUDWLRQ RI PDULWLPH ODERXU |YHUHQVVWlPPHOVH PHG VM|DUEHWVNRQYHQ FRPSOLDQFHRUPDGHDYDLODEOHLQVRPHRWKHU WLRQHQ HOOHU Sn DQQDW VlWW J|UDV WLOOJlQJOLJD ZD\ WR VHDIDUHUV IODJ 6WDWH LQVSHFWRUV I|U VM|PlQQHQ IODJJVWDWVLQVSHNW|UHU DXWKRUL]HG RIILFHUV LQ SRUW 6WDWHV DQG EHP\QGLJDGH WMlQVWHPlQ L KDPQVWDWHUQD VKLSRZQHUVDQGVHDIDUHUVUHSUHVHQWDWLYHV VDPWUHSUHVHQWDQWHUI|UUHGDUHRFKVM|PlQ

$ FXUUHQW YDOLG PDULWLPH ODERXU (WWDNWXHOOWRFKJLOWLJWVM|DUEHWVFHUWLILNDW FHUWLILFDWH DQG GHFODUDWLRQ RI PDULWLPH RFKHQI|UVlNUDQRP|YHUHQVVWlPPHOVHPHG ODERXU FRPSOLDQFH DFFRPSDQLHG E\ DQ VM|DUEHWVNRQYHQWLRQHQ PHG HQ |YHUVlWWQLQJ (QJOLVKODQJXDJHWUDQVODWLRQZKHUHLWLVQRW WLOOHQJHOVNDRPGHLQWHlUVNULYQDSnGHWWD LQ(QJOLVKVKDOOEHFDUULHGRQWKHVKLSDQGD VSUnNVNDOOILQQDVSnIDUW\JHWRFKHQNRSLD FRS\VKDOOEHSRVWHGLQDFRQVSLFXRXVSODFH VNDOO YDUD DQVODJHQ Sn HQ YlO V\QOLJ SODWV RQ ERDUG ZKHUH LW LV DYDLODEOH WR WKH RPERUGVRPlUWLOOJlQJOLJI|UVM|PlQQHQ3n VHDIDUHUV$FRS\VKDOOEHPDGHDYDLODEOHLQ EHJlUDQVNDOOHQNRSLDHQOLJWQDWLRQHOODODJDU DFFRUGDQFH ZLWK QDWLRQDO ODZV DQG RFKDQGUDI|UIDWWQLQJDUJ|UDVWLOOJlQJOLJI|U UHJXODWLRQV XSRQ UHTXHVW WR VHDIDUHUV IODJ VM|PlQQHQ IODJJVWDWVLQVSHNW|UHU 6WDWHLQVSHFWRUVDXWKRUL]HGRIILFHUVLQSRUW EHP\QGLJDGH WMlQVWHPlQ L KDPQVWDWHUQD 6WDWHV DQG VKLSRZQHUV DQG VHDIDUHUV VDPWUHSUHVHQWDQWHUI|UUHGDUHRFKVM|PlQ UHSUHVHQWDWLYHV

7KHUHTXLUHPHQWIRUDQ(QJOLVKODQJXDJH .UDYHW Sn |YHUVlWWQLQJ WLOO HQJHOVND L WUDQVODWLRQ LQ SDUDJUDSKV DQG RI WKLV SXQNWHUQDRFKLGHQQDVWDQGDUGJlOOHU 6WDQGDUGGRHVQRWDSSO\LQWKHFDVHRIDVKLS LQWH IDUW\J VRP LQWH JnU L LQWHUQDWLRQHOO QRWHQJDJHGLQDQLQWHUQDWLRQDOYR\DJH VM|IDUW

$FHUWLILFDWHLVVXHGXQGHUSDUDJUDSKRU (WW LQW\J VRP XWIlUGDWV HQOLJW SXQNW RI WKLV 6WDQGDUG VKDOO FHDVH WR EH YDOLG LQ HOOHU L GHQQD VWDQGDUG VNDOO XSSK|UD DWW DQ\RIWKHIROORZLQJFDVHV JlOODLI|OMDQGHIDOO

D LI WKH UHOHYDQW LQVSHFWLRQV DUH QRW D RP GH EHU|UGD LQVSHNWLRQHUQD LQWH lU FRPSOHWHG ZLWKLQ WKH SHULRGV VSHFLILHG VOXWI|UGDHQOLJWYDGVRPI|UHVNULYVLSXQNW XQGHUSDUDJUDSKRIWKLV6WDQGDUG LGHQQDVWDQGDUG

E LI WKH FHUWLILFDWH LV QRW HQGRUVHG LQ E RP FHUWLILNDWHW LQWH lU XQGHUWHFNQDW DFFRUGDQFH ZLWK SDUDJUDSK RI WKLV HQOLJWSXQNWLGHQQDVWDQGDUG 6WDQGDUG

FZKHQDVKLSFKDQJHVIODJ FQlUHWWIDUW\JVNLIWDUIODJJ

GZKHQDVKLSRZQHUFHDVHVWRDVVXPHWKH G QlU HQ UHGDUH LQWH OlQJUH DQVYDUDU I|U UHVSRQVLELOLW\ IRU WKH RSHUDWLRQ RI D VKLS GULIWHQDYHWWIDUW\JRFK DQG

H ZKHQ VXEVWDQWLDO FKDQJHV KDYH EHHQ HQlUEHW\GDQGHlQGULQJDUDYNRQVWUXNWLRQ PDGHWRWKHVWUXFWXUHRUHTXLSPHQWFRYHUHG HOOHU XWUXVWQLQJ VRP RPIDWWDV DY NDSLWHO

LQ7LWOH KDUJMRUWV

,Q WKH FDVH UHIHUUHG WR LQ SDUDJUDSK ,GHIDOOVRPDQJHVLSXQNWFGHOOHU F G RU H RI WKLV 6WDQGDUG D QHZ HLGHQQDVWDQGDUGVNDOOHWWQ\WWFHUWLILNDW FHUWLILFDWH VKDOO RQO\ EH LVVXHG ZKHQ WKH XWIlUGDVI|UVWGnGHQEHK|ULJDP\QGLJKHWHQ FRPSHWHQW DXWKRULW\ RU UHFRJQL]HG HOOHU HUNlQGD RUJDQLVDWLRQHQ VRP XWIlUGDU RUJDQL]DWLRQ LVVXLQJ WKH QHZ FHUWLILFDWH LV GHW Q\D FHUWLILNDWHW VNDIIDW VLJ IXOO YLVVKHW IXOO\VDWLVILHGWKDWWKHVKLSLVLQFRPSOLDQFH RP DWW IDUW\JHW XSSI\OOHU NUDYHQ L GHQQD ZLWKWKHUHTXLUHPHQWVRIWKLV6WDQGDUG VWDQGDUG

$ PDULWLPH ODERXU FHUWLILFDWH VKDOO EH 'HQ EHK|ULJD P\QGLJKHWHQ HOOHU GHQ ZLWKGUDZQ E\ WKH FRPSHWHQW DXWKRULW\ RU HUNlQGDRUJDQLVDWLRQVRPIODJJVWDWHQYHGHU WKHUHFRJQL]HGRUJDQL]DWLRQGXO\DXWKRUL]HG E|UOLJHQEHP\QGLJDWI|UGHWWDV\IWHVNDOOGUD IRUWKLVSXUSRVHE\WKHIODJ6WDWHLIWKHUHLV LQ HWW VM|DUEHWVFHUWLILNDW RP GHW ILQQV EHYLV HYLGHQFH WKDW WKH VKLS FRQFHUQHG GRHV QRW I|U DWW IDUW\JHW LQWH XSSI\OOHU NUDYHQ HQOLJW FRPSO\ ZLWK WKH UHTXLUHPHQWV RI WKLV GHQQD NRQYHQWLRQ RFK LQJD HUIRUGHUOLJD &RQYHQWLRQ DQG DQ\ UHTXLUHG FRUUHFWLYH nWJlUGHUI|UUlWWHOVHKDUYLGWDJLWV DFWLRQKDVQRWEHHQWDNHQ

:KHQ FRQVLGHULQJ ZKHWKHU D PDULWLPH 9LG EHG|PQLQJ DY RP HWW VM|DUEHWV ODERXU FHUWLILFDWH VKRXOG EH ZLWKGUDZQ LQ FHUWLILNDW E|U nWHUNDOODV HQOLJW SXQNW L DFFRUGDQFH ZLWK SDUDJUDSK RI WKLV GHQQD VWDQGDUG VNDOO GHQ EHK|ULJD P\QGLJ 6WDQGDUG WKH FRPSHWHQW DXWKRULW\ RU WKH KHWHQ HOOHU GHQ HUNlQGD RUJDQLVDWLRQHQ UHFRJQL]HG RUJDQL]DWLRQ VKDOO WDNH LQWR EHDNWDEULVWHUQDVVYnULJKHWVJUDGHOOHUDQWDO DFFRXQWWKHVHULRXVQHVVRUWKHIUHTXHQF\RI WKHGHILFLHQFLHV

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² 0DULWLPH ODERXU $QYLVQLQJ % ² 6M|DUEHWVFHUWLILNDW RFK FHUWLILFDWHDQGGHFODUDWLRQRIPDULWLPHODERXU I|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG VM| FRPSOLDQFH DUEHWVNRQYHQWLRQHQ

7KHVWDWHPHQWRIQDWLRQDOUHTXLUHPHQWVLQ 0HGGHODQGHW DY QDWLRQHOOD I|UHVNULIWHU L 3DUW,RIWKHGHFODUDWLRQRIPDULWLPHODERXU GHO , DY I|UVlNUDQ RP |YHUHQVVWlPPHOVH FRPSOLDQFH VKRXOG LQFOXGH RU EH PHG VM|DUEHWVNRQYHQWLRQHQ E|U LQQHIDWWD DFFRPSDQLHGE\UHIHUHQFHVWRWKHOHJLVODWLYH HOOHU nWI|OMDV DY KlQYLVQLQJDU WLOO GH SURYLVLRQVUHODWLQJWRVHDIDUHUVZRUNLQJDQG I|UIDWWQLQJVI|UHVNULIWHU VRP EHKDQGODU OLYLQJ FRQGLWLRQV LQ HDFK RI WKH PDWWHUV VM|PlQQHVDUEHWVRFKOHYQDGVI|UKnOODQGHQL OLVWHG LQ $SSHQGL[ $, :KHUH QDWLRQDO YDU RFK HQ DY GH IUnJRU VRP OLVWDV L WLOOlJJ OHJLVODWLRQ SUHFLVHO\ IROORZV WKH UHTXLUH $, 1lU QDWLRQHOO ODJVWLIWQLQJ H[DNW I|OMHU PHQWVVWDWHGLQWKLV&RQYHQWLRQDUHIHUHQFH NUDYHQ L GHQQD NRQYHQWLRQ NDQ GHW UlFND PD\ EH DOO WKDW LV QHFHVVDU\ :KHUH D PHG HQ KlQYLVQLQJ 1lU HQ I|UHVNULIW L SURYLVLRQRIWKH&RQYHQWLRQLVLPSOHPHQWHG NRQYHQWLRQHQ JHQRPI|UV JHQRP KXYXGVDN WKURXJKVXEVWDQWLDOHTXLYDOHQFHDV SURYLGHG OLJ|YHUHQVVWlPPHOVHHQOLJWDUWLNHO9,SXQNW XQGHU$UWLFOH9,SDUDJUDSKWKLVSURYLVLRQ E|UGHQQDI|UHVNULIWWDVIUDPRFKHQH[DNW VKRXOG EH LGHQWLILHG DQG D FRQFLVH I|UNODULQJ JHV 1lU GHQ EHK|ULJD P\QGLJ H[SODQDWLRQ VKRXOG EH SURYLGHG :KHUH DQ KHWHQEHYLOMDUXQGDQWDJHQOLJWNDSLWHOE|U H[HPSWLRQ LV JUDQWHG E\ WKH FRPSHWHQW GHQHOOHUGHEHU|UGDVlUVNLOGDI|UHVNULIWHUQD DXWKRULW\ DV SURYLGHG LQ 7LWOH WKH W\GOLJWDQJHV SDUWLFXODUSURYLVLRQRUSURYLVLRQVFRQFHUQHG VKRXOGEHFOHDUO\LQGLFDWHG

7KHPHDVXUHVUHIHUUHGWRLQ3DUW,,RIWKH 'HnWJlUGHUVRPDYVHVLGHO,,LI|UVlNUDQ

GHFODUDWLRQ RI PDULWLPH ODERXU FRPSOLDQFH RP |YHUHQVVWlPPHOVH PHG VM|DUEHWV

GUDZQ XS E\ WKH VKLSRZQHU VKRXOG LQ NRQYHQWLRQHQ RFK VRP UHGDUHQ XWDUEHWDU SDUWLFXODU LQGLFDWH WKH RFFDVLRQV RQ ZKLFK E|U VSHFLHOOW DQJH QlU IRUWO|SDQGH RQJRLQJFRPSOLDQFHZLWKSDUWLFXODUQDWLRQDO XSSI\OOHOVH PHG VlUVNLOGD QDWLRQHOOD UHTXLUHPHQWV ZLOO EH YHULILHG WKH SHUVRQV I|UHVNULIWHU NRPPHU DWW YHULILHUDV SHUVRQHU UHVSRQVLEOH IRU YHULILFDWLRQ WKH UHFRUGV WR VRPVYDUDUI|UYHULILNDWLRQHQSURWRNROOVRP EH WDNHQ DV ZHOO DV WKH SURFHGXUHV WR EH VNDOO I|UDV RFK I|UIDUDQGHQ VRP VNDOO I|OMDV IROORZHG ZKHUH QRQFRPSOLDQFH LV QRWHG QlU GHW ILQQV EULVWHU L |YHUHQVVWlPPHOVHQ 3DUW,,PD\WDNHDQXPEHURIIRUPV,WFRXOG 'HO ,, NDQ VH XW Sn ROLND VlWW 'HQ NDQ PDNH UHIHUHQFH WR RWKHU PRUH KlQYLVD WLOO DQQDQ PHUD IXOOVWlQGLJ FRPSUHKHQGVLYH GRFXPHQWDWLRQ FRYHULQJ GRNXPHQWDWLRQ RPIDWWDQGH SULQFLSHU RFK SROLFLHV DQG SURFHGXUHV UHODWLQJ WR RWKHU I|UIDUDQGHQVRPEHU|UDQGUDDVSHNWHUSnGHQ DVSHFWVRIWKHPDULWLPHVHFWRUIRUH[DPSOH PDULWLPD VHNWRUQ WLOO H[HPSHO KDQGOLQJDU GRFXPHQWV UHTXLUHG E\ WKH ,QWHUQDWLRQDO VRP NUlYV L ,QWHUQDWLRQDO 6HFXULW\ 6DIHW\ 0DQDJHPHQW ,60 &RGH RU WKH 0DQDJHPHQW ,60NRGHQ HOOHU GHQ LQIRUPDWLRQUHTXLUHGE\5HJXODWLRQRIWKH LQIRUPDWLRQ VRP NUlYV L UHJHO L 62/$6 62/$6 &RQYHQWLRQ &KDSWHU ;, UHODWLQJ NRQYHQWLRQHQ NDSLWHO ;, VRP JlOOHU WRWKHVKLSV&RQWLQXRXV6\QRSVLV5HFRUG IDUW\JHWV&RQWLQXRXV6\QRSVLV5HFRUG

7KH PHDVXUHV WR HQVXUH RQJRLQJ cWJlUGHUQDI|UDWWVlNHUVWlOODIRUWO|SDQGH FRPSOLDQFH VKRXOG LQFOXGH JHQHUDO LQWHUQD XSSI\OOHOVH E|U LQQHIDWWD DOOPlQQD LQWHUQD WLRQDO UHTXLUHPHQWV IRU WKH VKLSRZQHU DQG WLRQHOOD I|UHVNULIWHU DWW UHGDUHQ RFK PDVWHU WR NHHS WKHPVHOYHV LQIRUPHG RI WKH EHIlOKDYDUHQ VNDOO KnOOD VLJ LQIRUPHUDG RP ODWHVW DGYDQFHV LQ WHFKQRORJ\ DQG VFLHQWLILF GHVHQDVWHIUDPVWHJHQQlUGHWJlOOHUWHNQLVND ILQGLQJV FRQFHUQLQJ ZRUNSODFH GHVLJQ RFK YHWHQVNDSOLJD U|Q RP DUEHWVSODWVHQV WDNLQJLQWRDFFRXQWWKHLQKHUHQWGDQJHUVRI XWIRUPQLQJPHGEHDNWDQGHDYGHULVNHUVRP VHDIDUHUVZRUNDQGWRLQIRUPWKHVHDIDUHUV VM|PlQQHQV DUEHWH LQQHElU RFK VNDOO UHSUHVHQWDWLYHV DFFRUGLQJO\ WKHUHE\ LQIRUPHUD VM|PlQQHQV UHSUHVHQWDQWHU RP JXDUDQWHHLQJ D EHWWHU OHYHO RI SURWHFWLRQ RI GHWWDRFKGlUPHGJDUDQWHUDHWWElWWUHVN\GG WKHVHDIDUHUVZRUNLQJDQGOLYLQJFRQGLWLRQV DY VM|PlQQHQV DUEHWV RFK OHYQDGV RQERDUG I|UKnOODQGHQRPERUG

7KH GHFODUDWLRQ RI PDULWLPH ODERXU )|UVlNUDQ RP |YHUHQVVWlPPHOVH PHG FRPSOLDQFH VKRXOG DERYH DOO EH GUDIWHG LQ VM|DUEHWVNRQYHQWLRQHQ E|U IUDPI|UDOOW YDUD FOHDU WHUPV GHVLJQHG WR KHOS DOO SHUVRQV NODUW IRUPXOHUDG Vn DWW DOOD EHU|UGD VRP FRQFHUQHG VXFK DV IODJ 6WDWH LQVSHFWRUV IODJJVWDWHQV LQVSHNW|UHU EHP\QGLJDGH DXWKRUL]HG RIILFHUV LQ SRUW 6WDWHV DQG WMlQVWHPlQ L KDPQVWDWHUQD RFK VM|PlQQHQ VHDIDUHUVWRFKHFNWKDWWKHUHTXLUHPHQWVDUH NDQ NRQWUROOHUD DWW NUDYHQ WLOOlPSDV Sn HWW EHLQJSURSHUO\LPSOHPHQWHG ULNWLJWVlWW

$Q H[DPSOH RI WKH NLQG RI LQIRUPDWLRQ (WWH[HPSHOSnGHWVODJVLQIRUPDWLRQVRP WKDW PLJKW EH FRQWDLQHG LQ D GHFODUDWLRQ RI NDQ LQJn L HQ I|UVlNUDQ RP |YHUHQVVWlP PDULWLPH ODERXU FRPSOLDQFH LV JLYHQ LQ PHOVH PHG VM|DUEHWVNRQYHQWLRQHQ ILQQV L $SSHQGL[%, WLOOlJJ%,

:KHQDVKLSFKDQJHVIODJDVUHIHUUHGWRLQ 1lU HWW IDUW\J VNLIWDU IODJJ VRP VlJV L 6WDQGDUG$SDUDJUDSKFDQGZKHUH VWDQGDUG$SXQNWFRFKQlUEnGDGH ERWK 6WDWHV FRQFHUQHG KDYH UDWLILHG WKLV EHU|UGD VWDWHUQD KDU UDWLILFHUDW GHQQD &RQYHQWLRQ WKH 0HPEHU ZKRVH IODJ WKH NRQYHQWLRQE|UGHQPHGOHPVVWDWYDUVIODJJ VKLS ZDV IRUPHUO\ HQWLWOHG WR IO\ VKRXOG DV IDUW\JHW WLGLJDUH KDGH UlWW DWW I|UD VQDUDVW VRRQDVSRVVLEOHWUDQVPLWWRWKHFRPSHWHQW P|MOLJWWLOOGHQEHK|ULJDP\QGLJKHWHQLGHQ DXWKRULW\RIWKHRWKHU0HPEHUFRSLHVRIWKH DQGUD PHGOHPVVWDWHQ |YHUOlPQD NRSLRU DY PDULWLPH ODERXU FHUWLILFDWH DQG WKH GHWVM|DUEHWVFHUWLILNDWRFKGHQI|UVlNUDQRP GHFODUDWLRQ RI PDULWLPH ODERXU FRPSOLDQFH |YHUHQVVWlPPHOVH PHG VM|DUEHWVNRQYHQ

FDUULHGE\WKHVKLSEHIRUHWKHFKDQJHRIIODJ WLRQHQVRPIDUW\JHWKDGHLQQDQGHWVNLIWDGH

DQG LI DSSOLFDEOH FRSLHV RI WKH UHOHYDQW IODJJ RFK L WLOOlPSOLJD IDOO NRSLRU DY LQVSHFWLRQ UHSRUWV LI WKH FRPSHWHQW WLOOlPSOLJD LQVSHNWLRQVUDSSRUWHU RP GHQ DXWKRULW\ VR UHTXHVWV ZLWKLQ WKUHH PRQWKV EHK|ULJDP\QGLJKHWHQEHJlUGHWWDLQRPWUH DIWHUWKHFKDQJHRIIODJKDVWDNHQSODFH PnQDGHUHIWHUIODJJVNLIWHW

5HJXODWLRQ 5HJHO

5HJXODWLRQ²,QVSHFWLRQDQGHQIRUFHPHQW 5HJHO²,QVSHNWLRQRFKWLOOlPSQLQJ

(DFK 0HPEHU VKDOO YHULI\ WKURXJK DQ 9DUMH PHGOHPVVWDW VNDOO JHQRP HWW HIIHFWLYH DQG FRRUGLQDWHG V\VWHP RI UHJXODU HIIHNWLYW RFK VDPRUGQDW V\VWHP I|U LQVSHFWLRQV PRQLWRULQJ DQG RWKHU FRQWURO UHJHOEXQGQD LQVSHNWLRQHU |YHUYDNQLQJ RFK PHDVXUHVWKDWVKLSVWKDWIO\LWVIODJFRPSO\ DQGUD NRQWUROOnWJlUGHU YHULILHUD DWW IDUW\J ZLWKWKHUHTXLUHPHQWVRIWKLV&RQYHQWLRQDV VRPI|UGHVVIODJJXSSI\OOHUNUDYHQLGHQQD LPSOHPHQWHG LQ QDWLRQDO ODZV DQG NRQYHQWLRQ L GHQ IRUP GH WLOOlPSDV L UHJXODWLRQV QDWLRQHOODODJDURFKDQGUDI|UIDWWQLQJDU

'HWDLOHG UHTXLUHPHQWV UHJDUGLQJ WKH 'HWDOMHUDGH NUDY U|UDQGH GHW V\VWHP I|U LQVSHFWLRQDQGHQIRUFHPHQWV\VWHPUHIHUUHG LQVSHNWLRQ RFK WLOOlPSQLQJ VRP DQJHV L WRLQSDUDJUDSKRIWKLV5HJXODWLRQDUHVHW SXQNWLGHQQDUHJHOILQQVLGHO$LNRGHQ RXWLQ3DUW$RIWKH&RGH

6WDQGDUG 6WDQGDUG

6WDQGDUG$²,QVSHFWLRQDQGHQIRUFHPHQW 6WDQGDUG$²,QVSHNWLRQRFKWLOOlPSQLQJ

(DFK0HPEHU VKDOOPDLQWDLQDV\VWHPRI 9DUMH PHGOHPVVWDW VNDOO XSSUlWWKnOOD HWW LQVSHFWLRQRIWKHFRQGLWLRQVIRUVHDIDUHUVRQ V\VWHP I|U LQVSHNWLRQ DY I|UKnOODQGHQD I|U VKLSV WKDW IO\ LWV IODJ ZKLFK VKDOO LQFOXGH VM|PlQQHQ Sn IDUW\J VRP I|U GHVV IODJJ YHULILFDWLRQ WKDW WKH PHDVXUHV UHODWLQJ WR YLONHW VNDOO LQQHIDWWD YHULILHULQJ DY DWW GH ZRUNLQJ DQG OLYLQJ FRQGLWLRQV DV VHW RXW LQ nWJlUGHU VRP DYVHU DUEHWV RFK OHYQDGV WKH GHFODUDWLRQ RI PDULWLPH ODERXU I|UKnOODQGHQ HQOLJW I|UVlNUDQ RP |YHUHQV FRPSOLDQFH ZKHUH DSSOLFDEOH DUH EHLQJ VWlPPHOVHPHGVM|DUEHWVNRQYHQWLRQHQI|OMV IROORZHG DQG WKDW WKH UHTXLUHPHQWV RI WKLV L WLOOlPSOLJD IDOO RFK DWW NUDYHQ L GHQQD &RQYHQWLRQDUHPHW NRQYHQWLRQXSSI\OOV

7KH FRPSHWHQW DXWKRULW\ VKDOO DSSRLQW D 'HQ EHK|ULJD P\QGLJKHWHQ VNDOO XWVH HWW VXIILFLHQWQXPEHURITXDOLILHGLQVSHFWRUVWR WLOOUlFNOLJWDQWDONRPSHWHQWDLQVSHNW|UHUI|U IXOILO LWV UHVSRQVLELOLWLHV XQGHU SDUDJUDSK DWWXSSI\OODGHVVVN\OGLJKHWHUHQOLJWSXQNW RI WKLV 6WDQGDUG :KHUH UHFRJQL]HG L GHQQD VWDQGDUG 'lU HUNlQGD RUJDQLVD RUJDQL]DWLRQVKDYHEHHQDXWKRUL]HGWRFDUU\ WLRQHU KDU EHP\QGLJDWV DWW XWI|UD LQVSHN RXW LQVSHFWLRQV WKH 0HPEHU VKDOO UHTXLUH WLRQHU VNDOO PHGOHPVVWDWHQ NUlYD DWW WKDW SHUVRQQHO FDUU\LQJ RXW WKH LQVSHFWLRQ SHUVRQDO VRP XWI|U LQVSHNWLRQHUQD lU DUH TXDOLILHG WR XQGHUWDNH WKHVH GXWLHV DQG NRPSHWHQWI|UGHWWDRFKXWIlUGDGHWUlWWVOLJD VKDOO SURYLGH WKHP ZLWK WKH QHFHVVDU\ OHJDO EHP\QGLJDQGH GH EHK|YHU I|U DWW IXOOJ|UD DXWKRULW\WRSHUIRUPWKHLUGXWLHV VLQDXSSJLIWHU

$GHTXDWH SURYLVLRQ VKDOO EH PDGH WR ,QVSHNW|UHUQD VNDOO KD Q|GYlQGLJ HOOHU HQVXUHWKDWWKHLQVSHFWRUVKDYHWKHWUDLQLQJ |QVNYlUG XWELOGQLQJ NRPSHWHQV GLUHNWLY FRPSHWHQFH WHUPV RI UHIHUHQFH SRZHUV EHIRJHQKHWHU VWDWXV RFK REHURHQGH I|U DWW VWDWXV DQG LQGHSHQGHQFH QHFHVVDU\ RU GHVNDOONXQQDYHULILHUDGHQHIWHUOHYQDGVRP GHVLUDEOH VR DV WR HQDEOH WKHP WR FDUU\ RXW DYVHVLSXQNWLGHQQDVWDQGDUG WKH YHULILFDWLRQ DQG HQVXUH WKH FRPSOLDQFH

UHIHUUHGWRLQSDUDJUDSKRIWKLV6WDQGDUG

,QVSHFWLRQV VKDOO WDNH SODFH DW WKH ,QVSHNWLRQHU VNDOO L WLOOlPSOLJD IDOO J|UDV LQWHUYDOVUHTXLUHGE\6WDQGDUG$ZKHUH PHG GH LQWHUYDOO VRP I|UHVNULYV L VWDQGDUG DSSOLFDEOH 7KH LQWHUYDO VKDOO LQ QR FDVH $ ,QWHUYDOOHW InU XQGHU LQJD H[FHHGWKUHH\HDUV RPVWlQGLJKHWHU|YHUVNULGDWUHnU

,ID0HPEHUUHFHLYHVDFRPSODLQWZKLFKLW 2PHQPHGOHPVVWDWWDUHPRWHWWNODJRPnO GRHV QRW FRQVLGHU PDQLIHVWO\ XQIRXQGHG RU VRPGHQLQWHEHWUDNWDUVRPNODUW RJUXQGDW REWDLQVHYLGHQFHWKDWDVKLSWKDWIOLHVLWVIODJ HOOHUInUEHYLVSnDWWHWWIDUW\JVRPI|UGHVV GRHV QRW FRQIRUP WR WKH UHTXLUHPHQWV RI IODJJ LQWH XSSI\OOHU NUDYHQ L GHQQD WKLV &RQYHQWLRQ RU WKDW WKHUH DUH VHULRXV NRQYHQWLRQ HOOHU DWW GHW ILQQV DOOYDUOLJD GHILFLHQFLHV LQ WKH LPSOHPHQWDWLRQ RI WKH EULVWHULJHQRPI|UDQGHW DYGH nWJlUGHUVRP PHDVXUHV VHW RXW LQ WKH GHFODUDWLRQ RI IDVWVWlOOV L I|UVlNUDQ RP |YHUHQVVWlPPHOVH PDULWLPH ODERXU FRPSOLDQFH WKH 0HPEHU PHG VM|DUEHWVNRQYHQWLRQHQ VNDOO VKDOO WDNH WKH VWHSV QHFHVVDU\ WR LQYHVWLJDWH PHGOHPVVWDWHQXWUHGDlUHQGHWRFKVHWLOODWW WKHPDWWHUDQGHQVXUHWKDWDFWLRQLVWDNHQWR nWJlUGHUYLGWDVI|UDWWDYKMlOSDDOODSnWUlIIDGH UHPHG\DQ\GHILFLHQFLHVIRXQG EULVWHU

$GHTXDWH UXOHV VKDOO EH SURYLGHG DQG /lPSOLJD UHJOHU VNDOO JHV RFK HIIHNWLYW HIIHFWLYHO\ HQIRUFHG E\ HDFK 0HPEHU LQ WLOOlPSDV DY YDUMH PHGOHPVVWDW I|U DWW RUGHU WR JXDUDQWHH WKDW LQVSHFWRUV KDYH WKH JDUDQWHUDDWWLQVSHNW|UHUQDKDUVnGDQVWDWXV VWDWXV DQG FRQGLWLRQV RI VHUYLFH WR HQVXUH RFK VnGDQD WMlQVWJ|ULQJVI|UKnOODQGHQ DWW GH WKDW WKH\ DUH LQGHSHQGHQW RI FKDQJHV RI lU REHURHQGH DY UHJHULQJVVNLIWHQ RFK JRYHUQPHQW DQG RI LPSURSHU H[WHUQDO RWLOOE|UOLJSnYHUNDQXWLIUnQ LQIOXHQFHV

,QVSHFWRUVLVVXHGZLWKFOHDUJXLGHOLQHVDV ,QVSHNW|UHU VNDOO I|UVHV PHG NODUD WR WKH WDVNV WR EH SHUIRUPHG DQG SURYLGHG DQYLVQLQJDU RP YLOND XSSJLIWHU GH VNDOO ZLWKSURSHUFUHGHQWLDOVVKDOOEHHPSRZHUHG XWI|UD RFK PHG NRUUHNWD LGHQWLWHWVSDSSHU RFKGHVNDOOKDEHIRJHQKHWDWW

D WR ERDUG D VKLS WKDW IOLHV WKH 0HPEHUV D ERUGD IDUW\J VRP I|U PHGOHPVVWDWHQV IODJ IODJJ

E WR FDUU\ RXW DQ\ H[DPLQDWLRQ WHVW RU E XWI|UD DOOD XQGHUV|NQLQJDU WHVW HOOHU LQTXLU\ ZKLFK WKH\ PD\ FRQVLGHU QHFHVVDU\ I|UK|UVRPGHEHWUDNWDUVRPQ|GYlQGLJDI|U LQ RUGHU WR VDWLVI\ WKHPVHOYHV WKDW WKH DWW I|UYLVVD VLJ RP DWW VWDQGDUGHUQD LDNWWDV VWDQGDUGVDUHEHLQJVWULFWO\REVHUYHGDQG QRJDRFK

F WR UHTXLUH WKDW DQ\ GHILFLHQF\ LV FNUlYDDWWDOODEULVWHUnWJlUGDVRFKGlUGH UHPHGLHG DQG ZKHUH WKH\ KDYH JURXQGV WR KDU VNlO DWW WUR DWW EULVWHUQD XWJ|U HQ EHOLHYHWKDWGHILFLHQFLHVFRQVWLWXWHDVHULRXV DOOYDUOLJ |YHUWUlGHOVH DY NUDYHQ L GHQQD EUHDFK RI WKH UHTXLUHPHQWV RI WKLV NRQYHQWLRQ EODQG DQQDW VM|PlQQHQV &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV ULJKWV RU UlWWLJKHWHUHOOHUXWJ|UHQEHW\GDQGHIDUDI|U UHSUHVHQW D VLJQLILFDQW GDQJHU WR VHDIDUHUV VM|PlQQHQV VlNHUKHW KlOVD HOOHU WU\JJKHW VDIHW\KHDOWKRUVHFXULW\WRSURKLELWDVKLS I|UEMXGD DWW HWW IDUW\J OlPQDU KDPQ I|UUlQ IURPOHDYLQJSRUWXQWLOQHFHVVDU\DFWLRQVDUH Q|GYlQGLJDnWJlUGHUYLGWDJLWV WDNHQ

$Q\ DFWLRQ WDNHQ SXUVXDQW WR SDUDJUDSK 9DUMHnWJlUGVRPYLGWDVHQOLJWSXQNWFL FRIWKLV6WDQGDUGVKDOOEHVXEMHFWWRDQ\ GHQQD VWDQGDUG VNDOO NXQQD |YHUNODJDV WLOO ULJKWRIDSSHDOWRDMXGLFLDORUDGPLQLVWUDWLYH GRPVWROHOOHUDGPLQLVWUDWLYP\QGLJKHW DXWKRULW\

,QVSHFWRUV VKDOO KDYH WKH GLVFUHWLRQ WR ,QVSHNW|UHUVNDOOKDUlWWDWWJHUnGLVWlOOHW

JLYH DGYLFH LQVWHDG RI LQVWLWXWLQJ RU I|U DWW LQOHGD HOOHU UHNRPPHQGHUD UlWWVOLJD UHFRPPHQGLQJ SURFHHGLQJV ZKHQ WKHUH LV nWJlUGHUQlUGHWLQWHlUIUnJDRPQnJRQNODU QR FOHDU EUHDFK RI WKH UHTXLUHPHQWV RI WKLV |YHUWUlGHOVH DY NUDYHQ L GHQQD NRQYHQWLRQ &RQYHQWLRQ WKDW HQGDQJHUV WKH VDIHW\ VRP lYHQW\UDU GH EHU|UGD VM|PlQQHQV KHDOWKRUVHFXULW\RIWKHVHDIDUHUVFRQFHUQHG VlNHUKHW KlOVD HOOHU WU\JJKHW RFK QlU LQJD DQGZKHUHWKHUHLVQRSULRUKLVWRU\RIVLPLODU VnGDQD|YHUWUlGHOVHUI|UHNRPPLWWLGLJDUH EUHDFKHV

,QVSHFWRUVVKDOOWUHDWDVFRQILGHQWLDOWKH ,QVSHNW|UHU VNDOO KHPOLJKnOOD NlOODQ WLOO VRXUFH RI DQ\ JULHYDQFH RU FRPSODLQW DOODNODJRPnOHOOHUDQPlUNQLQJDURPSnVWnGG DOOHJLQJDGDQJHURUGHILFLHQF\LQUHODWLRQWR IDUDHOOHUEULVWVRPEHU|UVM|PlQQHQVDUEHWV VHDIDUHUVZRUNLQJDQGOLYLQJFRQGLWLRQVRUD RFKOHYQDGVI|UKnOODQGHQHOOHU|YHUWUlGHOVHDY YLRODWLRQRIODZVDQGUHJXODWLRQVDQGJLYHQR ODJDURFKDQGUDI|UIDWWQLQJDURFKLQWHDQW\GD LQWLPDWLRQ WR WKH VKLSRZQHU WKH VKLS I|U UHGDUHQ GHQQHV UHSUHVHQWDQW HOOHU RZQHUVUHSUHVHQWDWLYHRUWKHRSHUDWRURIWKH IDUW\JHWV RSHUDW|U DWW HQ LQVSHNWLRQ KDU VKLSWKDWDQLQVSHFWLRQZDVPDGHDVDFRQHV JMRUWV PHG DQOHGQLQJ DY VnGDQD NODJRPnO TXHQFHRIVXFKDJULHYDQFHRUFRPSODLQW HOOHUDQPlUNQLQJDU

,QVSHFWRUV VKDOO QRW EH HQWUXVWHG ZLWK ,QVSHNW|UHU VNDOO LQWH KD QnJUD GXWLHVZKLFKPLJKWEHFDXVHRIWKHLUQXPEHU VN\OGLJKHWHUVRPWLOOI|OMGDYGHUDVDQWDOHOOHU RUQDWXUHLQWHUIHUHZLWKHIIHFWLYHLQVSHFWLRQ DUW VNXOOH NXQQD LQNUlNWD Sn LQVSHNWLRQHQV RU SUHMXGLFH LQ DQ\ ZD\ WKHLU DXWKRULW\ RU HIIHNWLYLWHW HOOHU Sn QnJRW VlWW YDUD WLOO LPSDUWLDOLW\ LQ WKHLU UHODWLRQV ZLWK I|UInQJI|UGHUDVDXNWRULWHWHOOHURSDUWLVNKHW VKLSRZQHUV VHDIDUHUV RU RWKHU LQWHUHVWHG L GHUDV UHODWLRQHU PHG UHGDUH VM|PlQ HOOHU SDUWLHV,QSDUWLFXODULQVSHFWRUVVKDOO DQGUD EHU|UGD SDUWHU ,QVSHNW|UHU VNDOO VlUVNLOW

DEHSURKLELWHGIURPKDYLQJDQ\GLUHFWRU D I|UEMXGDV DWW KD QnJRW GLUHNW HOOHU LQGLUHFWLQWHUHVWLQDQ\RSHUDWLRQZKLFKWKH\ LQGLUHNWLQWUHVVHLQnJRQYHUNVDPKHWVRPGH DUHFDOOHGXSRQWRLQVSHFWDQG InWWLXSSGUDJDWWLQVSHNWHUDRFK

E VXEMHFW WR DSSURSULDWH VDQFWLRQV RU E PHG I|UEHKnOO I|U OlPSOLJD VDQNWLRQHU GLVFLSOLQDU\PHDVXUHVQRWUHYHDO HYHQ DIWHU HOOHU GLVFLSOLQlUD nWJlUGHU LQWH HQV HIWHU DWW OHDYLQJ VHUYLFH DQ\ FRPPHUFLDO VHFUHWV RU GH OlPQDW VLQ WMlQVW DYVO|MD QnJUD DIIlUV FRQILGHQWLDO ZRUNLQJ SURFHVVHV RU KHPOLJKHWHU NRQILGHQWLHOOD DUEHWVSURFHVVHU LQIRUPDWLRQRIDSHUVRQDOQDWXUHZKLFKPD\ HOOHU LQIRUPDWLRQ DY SHUVRQOLJ DUW VRP GH FRPH WR WKHLU NQRZOHGJH LQ WKH FRXUVH RI NDQ In WLOOJnQJ WLOO QlU GH IXOOJ|U VLQD WKHLUGXWLHV VN\OGLJKHWHU

,QVSHFWRUVVKDOOVXEPLWDUHSRUWRIHDFK ,QVSHNW|UHU VNDOO OlPQD HQ UDSSRUW IUnQ LQVSHFWLRQWRWKHFRPSHWHQWDXWKRULW\2QH YDUMH LQVSHNWLRQ WLOO GHQ EHK|ULJD FRS\ RI WKH UHSRUW LQ (QJOLVK RU LQ WKH P\QGLJKHWHQ (Q NRSLD DY UDSSRUWHQ Sn ZRUNLQJ ODQJXDJH RI WKH VKLS VKDOO EH HQJHOVND HOOHU Sn IDUW\JHWV DUEHWVVSUnN VNDOO IXUQLVKHG WR WKH PDVWHU RI WKH VKLS DQG OlPQDV WLOO EHIlOKDYDUHQ Sn IDUW\JHW RFK HQ DQRWKHU FRS\ VKDOO EH SRVWHG RQ WKH VKLSV NRSLD VNDOO DQVOnV Sn IDUW\JHWV DQVODJVWDYOD QRWLFH ERDUG IRU WKH LQIRUPDWLRQ RI WKH I|UVM|PlQQHQVNlQQHGRPRFKSnEHJlUDQ VHDIDUHUV DQG XSRQ UHTXHVW VHQW WR WKHLU VNLFNDVWLOOGHVVUHSUHVHQWDQWHU UHSUHVHQWDWLYHV

7KH FRPSHWHQW DXWKRULW\ RI HDFK 'HQ EHK|ULJD P\QGLJKHWHQ L YDUMH 0HPEHU VKDOO PDLQWDLQ UHFRUGV RI PHGOHPVVWDW VNDOO KnOOD HWW UHJLVWHU |YHU LQVSHFWLRQV RI WKH FRQGLWLRQV IRU VHDIDUHUV LQVSHNWLRQHUDYI|UKnOODQGHQDI|UVM|PlQSn

RQVKLSVWKDWIO\LWVIODJ,WVKDOOSXEOLVKDQ IDUW\J VRP I|U GHVV IODJJ 'HQ VNDOO

DQQXDOUHSRUWRQLQVSHFWLRQDFWLYLWLHVZLWKLQ SXEOLFHUD HQ nUVEHUlWWHOVH RP LQVSHNWLRQV DUHDVRQDEOHWLPHQRWH[FHHGLQJVL[PRQWKV YHUNVDPKHWLQRPULPOLJWLGGRFNK|JVWVH[ DIWHUWKHHQGRIWKH\HDU PnQDGHUHIWHUnUHWVXWJnQJ

,QWKHFDVHRIDQLQYHVWLJDWLRQSXUVXDQW (QUDSSRUWIUnQHQXWUHGQLQJDYHQVW|UUH WR D PDMRU LQFLGHQW WKH UHSRUW VKDOO EH LQFLGHQW VNDOO OlJJDV IUDP I|U GHQ EHK|ULJD VXEPLWWHG WR WKH FRPSHWHQW DXWKRULW\ DV P\QGLJKHWHQVQDUDVWP|MOLJWGRFNVHQDVWHQ VRRQ DV SUDFWLFDEOH EXW QRW ODWHU WKDQ RQH PnQDGHIWHUGHWDWWXWUHGQLQJHQDYVOXWDWV PRQWK IROORZLQJ WKH FRQFOXVLRQ RI WKH LQYHVWLJDWLRQ 1lU HQ LQVSHNWLRQ JHQRPI|UV HOOHU QlU :KHQ DQ LQVSHFWLRQ LV FRQGXFWHG RU nWJlUGHU YLGWDV HQOLJW GHQQD VWDQGDUG VNDOO ZKHQ PHDVXUHV DUH WDNHQ XQGHU WKLV GHW PHG DOOD ULPOLJD PHGHO HIWHUVWUlYDV DWW 6WDQGDUGDOOUHDVRQDEOHHIIRUWVVKDOOEHPDGH HWW IDUW\J LQWH KnOOV NYDU HOOHU I|UVHQDV L WRDYRLGDVKLSEHLQJXQUHDVRQDEO\GHWDLQHG RQ|GDQ RUGHOD\HG

&RPSHQVDWLRQ VKDOO EH SD\DEOH LQ (UVlWWQLQJ VNDOO EHWDODV HQOLJW QDWLRQHOOD DFFRUGDQFH ZLWK QDWLRQDO ODZV DQG ODJDU RFK DQGUD I|UIDWWQLQJDU I|U YDUMH UHJXODWLRQVIRUDQ\ORVVRUGDPDJHVXIIHUHG I|UOXVW HOOHU VNDGD VRP XSSVWnU JHQRP DV D UHVXOW RI WKH ZURQJIXO H[HUFLVH RI WKH IHODNWLJP\QGLJKHWVXW|YQLQJIUnQLQVSHNW|U LQVSHFWRUV SRZHUV 7KH EXUGHQ RI SURRI LQ HUQDV VLGD %HYLVE|UGDQ VNDOO DOOWLG YLOD Sn HDFKFDVHVKDOOEHRQWKHFRPSODLQDQW NODJDQGHQ

$GHTXDWHSHQDOWLHVDQGRWKHUFRUUHFWLYH 9DUMH PHGOHPVVWDW VNDOO IDVWVWlOOD RFK PHDVXUHV IRU EUHDFKHV RI WKH UHTXLUHPHQWV HIIHNWLYW YHUNVWlOOD GH VWUDII RFK DQGUD RI WKLV &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV NRUULJHUDQGH nWJlUGHU VRP EHK|YV I|U DWW ULJKWVDQGIRUREVWUXFWLQJLQVSHFWRUVLQWKH NRPPDWLOOUlWWDPHG|YHUWUlGHOVHUDYNUDYHQ SHUIRUPDQFH RI WKHLU GXWLHV VKDOO EH L GHQQD NRQYHQWLRQ EODQG DQQDW VM| SURYLGHG IRU DQG HIIHFWLYHO\ HQIRUFHG E\ PlQQHQV UlWWLJKHWHU RFK KLQGHU PRW DWW HDFK0HPEHU LQVSHNW|UHUQDXWI|UVLQDXSSJLIWHU

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%,QVSHFWLRQDQGHQIRUFHPHQW $QYLVQLQJ%²,QVSHNWLRQRFKWLOOlPSQLQJ

7KH FRPSHWHQW DXWKRULW\ DQG DQ\ RWKHU 'HQ EHK|ULJD P\QGLJKHWHQ RFK YDUMH VHUYLFH RU DXWKRULW\ ZKROO\ RU SDUWO\ DQQDQ WMlQVW HOOHU P\QGLJKHW VRP KHOW HOOHU FRQFHUQHG ZLWK WKH LQVSHFWLRQ RI VHDIDUHUV GHOYLVV\VVODUPHGLQVSHNWLRQDYVM|PlQQHQV ZRUNLQJ DQG OLYLQJ FRQGLWLRQV VKRXOG KDYH DUEHWV RFK OHYQDGVI|UKnOODQGHQ E|U KD GH WKH UHVRXUFHV QHFHVVDU\ WR IXOILO WKHLU UHVXUVHU GH EHK|YHU I|U DWW I\OOD VLQD IXQFWLRQV,QSDUWLFXODU IXQNWLRQHURFKVlUVNLOWI|OMDQGH

DHDFK0HPEHUVKRXOGWDNHWKHQHFHVVDU\ D YDUMH PHGOHPVVWDW E|U YLGWD GH nWJlUGHU PHDVXUHV VR WKDW GXO\ TXDOLILHG WHFKQLFDO VRP EHK|YV I|U DWW NRPSHWHQWD WHNQLVND H[SHUWV DQG VSHFLDOLVWV PD\ EH FDOOHG XSRQ H[SHUWHU RFK VSHFLDOLVWHU YLG EHKRY VNDOO DV QHHGHG WR DVVLVW LQ WKH ZRUN RI NXQQD WLOONDOODV RFK KMlOSD LQVSHNW|UHUQD L LQVSHFWRUVDQG GHUDVDUEHWHRFK

E LQVSHFWRUV VKRXOG EH SURYLGHG ZLWK E LQVSHNW|UHU E|U EHUHGDV WLOOJnQJ WLOO FRQYHQLHQWO\ VLWXDWHG SUHPLVHV HTXLSPHQW OlPSOLJW EHOlJQD ORNDOHU XWUXVWQLQJ RFK DQG PHDQV RI WUDQVSRUW DGHTXDWH IRU WKH WUDQVSRUWPHGHO Vn DWW GH NDQ IXOOJ|UD VLQD HIILFLHQWSHUIRUPDQFHRIWKHLUGXWLHV XSSJLIWHUHIIHNWLYW

7KH FRPSHWHQW DXWKRULW\ VKRXOG GHYHORS 'HQ EHK|ULJD P\QGLJKHWHQ E|U XWDUEHWD

D FRPSOLDQFH DQG HQIRUFHPHQW SROLF\ WR SULQFLSHUI|UXSSI\OOHOVHRFKWLOOlPSQLQJI|U HQVXUH FRQVLVWHQF\ DQG RWKHUZLVH JXLGH DWW VNDSD NRQVHNYHQV RFK Sn DQQDW VlWW LQVSHFWLRQDQGHQIRUFHPHQWDFWLYLWLHVUHODWHG YlJOHGD YHUNVDPKHWHQ PHG LQVSHNWLRQ RFK WR WKLV &RQYHQWLRQ &RSLHV RI WKLV SROLF\ WLOOlPSQLQJ HQOLJW GHQQD NRQYHQWLRQ 'HVVD VKRXOG EH SURYLGHG WR DOO LQVSHFWRUV DQG SULQFLSHU E|U J|UDV WLOOJlQJOLJD I|U DOOD UHOHYDQW ODZHQIRUFHPHQW RIILFLDOV DQG LQVSHNW|UHU RFK EHU|UG WLOOV\QVSHUVRQDO VKRXOG EH PDGH DYDLODEOH WR WKH SXEOLF DQG DOOPlQKHWHQUHGDUHRFKVM|PlQ VKLSRZQHUVDQGVHDIDUHUV

7KHFRPSHWHQWDXWKRULW\VKRXOGHVWDEOLVK 'HQ EHK|ULJD P\QGLJKHWHQ E|U LQI|UD VLPSOH SURFHGXUHV WR HQDEOH LW WR UHFHLYH HQNODUXWLQHUI|UDWWLI|UWURHQGHInWLOOJnQJ LQIRUPDWLRQ LQ FRQILGHQFH FRQFHUQLQJ WLOOLQIRUPDWLRQRPP|MOLJD|YHUWUlGHOVHUDY SRVVLEOHEUHDFKHVRIWKHUHTXLUHPHQWVRIWKLV NUDYHQ L GHQQD NRQYHQWLRQ EODQG DQQDW &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV ULJKWV VM|PlQQHQV UlWWLJKHWHU IUnQ VM|PlQQHQ SUHVHQWHG E\ VHDIDUHUV GLUHFWO\ RU E\ GLUHNWHOOHUIUnQGHVVUHSUHVHQWDQWHURFKJH UHSUHVHQWDWLYHV RI WKH VHDIDUHUV DQG SHUPLW LQVSHNW|UHUUlWWDWWXWDQGU|MVPnOXQGHUV|ND LQVSHFWRUV WR LQYHVWLJDWH VXFK PDWWHUV VnGDQDlUHQGHQEODQGDQQDW SURPSWO\LQFOXGLQJ

D HQDEOLQJ PDVWHUV VHDIDUHUV RU D JH EHIlOKDYDUH VM|PlQ HOOHU UHSUHVHQ UHSUHVHQWDWLYHVRIWKHVHDIDUHUVWRUHTXHVWDQ WDQWHU I|U GHQQD UlWW DWW EHJlUD HQ LQVSHN LQVSHFWLRQZKHQ WKH\FRQVLGHULWQHFHVVDU\ WLRQQlUGHILQQHUGHWQ|GYlQGLJWRFK DQG

E VXSSO\LQJ WHFKQLFDO LQIRUPDWLRQ DQG EI|UVHUHGDUHVM|PlQRFKEHU|UGDRUJDQL DGYLFH WR VKLSRZQHUV DQG VHDIDUHUV DQG VDWLRQHU PHG WHNQLVN LQIRUPDWLRQ RFK UnG RUJDQL]DWLRQV FRQFHUQHG DV WR WKH PRVW RP GHW ElVWD VlWWHW DWW XSSI\OOD NUDYHQ L HIIHFWLYH PHDQV RI FRPSO\LQJ ZLWK WKH GHQQD NRQYHQWLRQ RFK DWW NRQWLQXHUOLJW UHTXLUHPHQWV RI WKLV &RQYHQWLRQ DQG RI I|UElWWUDVM|PlQQHQVYLOONRU EULQJLQJ DERXW D FRQWLQXDO LPSURYHPHQW LQ VHDIDUHUVRQERDUGFRQGLWLRQV

,QVSHFWRUV VKRXOG EH IXOO\ WUDLQHG DQG ,QVSHNW|UHU E|U YDUD IXOOW XWELOGDGH RFK VXIILFLHQWLQQXPEHUVWRVHFXUHWKHHIILFLHQW WLOOUlFNOLJW PnQJD I|U DWW Sn HWW lQGDPnOV GLVFKDUJHRIWKHLUGXWLHVZLWKGXHUHJDUGWR HQOLJWVlWWNXQQDIXOOJ|UDVLQDXSSJLIWHUPHG EHDNWDQGHDY

D WKH LPSRUWDQFH RI WKH GXWLHV ZKLFK WKH D YLNWHQ DY GH XSSJLIWHU LQVSHNW|UHUQD LQVSHFWRUVKDYHWRSHUIRUPLQSDUWLFXODUWKH VNDOO XWI|UD VlUVNLOW DQWDOHW DUWHQ DY RFK QXPEHUQDWXUHDQGVL]HRIVKLSVVXEMHFWWR VWRUOHNHQSnGHIDUW\JVRPVNDOOLQVSHNWHUDV LQVSHFWLRQ DQG WKH QXPEHU DQG FRPSOH[LW\ RFKDQWDOHWRFKNRPSOH[LWHWHQDYGHUlWWVOLJD RIWKHOHJDOSURYLVLRQVWREHHQIRUFHG I|UHVNULIWHUVRPVNDOOWLOOlPSDV

E WKH UHVRXUFHV SODFHG DW WKH GLVSRVDO RI E GH UHVXUVHU LQVSHNW|UHUQD GLVSRQHUDU WKHLQVSHFWRUVDQG RFK

F WKH SUDFWLFDO FRQGLWLRQV XQGHU ZKLFK F GH SUDNWLVND I|UKnOODQGHQ XQGHU YLOND LQVSHFWLRQVPXVW EHFDUULHGRXWLQ RUGHUWR LQVSHNWLRQHUQD PnVWH EHGULYDV I|U DWW YDUD EHHIIHFWLYH HIIHNWLYD

6XEMHFWWRDQ\FRQGLWLRQVIRUUHFUXLWPHQW 0HG I|UEHKnOO I|U GH EHVWlPPHOVHU RP WR WKH SXEOLF VHUYLFH ZKLFK PD\ EH UHNU\WHULQJWLOORIIHQWOLJDQVWlOOQLQJVRPNDQ

SUHVFULEHGE\QDWLRQDOODZVDQGUHJXODWLRQV YDUD I|UVNULYQD L QDWLRQHOOD ODJDU RFK DQGUD

LQVSHFWRUV VKRXOG KDYH TXDOLILFDWLRQV DQG I|UIDWWQLQJDU E|U LQVSHNW|UHU KD NYDOLILND DGHTXDWH WUDLQLQJ WR SHUIRUP WKHLU GXWLHV WLRQHURFKOlPSOLJXWELOGQLQJI|UDWWIXOOJ|UD DQG ZKHUH SRVVLEOH VKRXOG KDYH D PDULWLPH VLQDXSSJLIWHURFKRPP|MOLJWKDXWELOGQLQJ HGXFDWLRQ RU H[SHULHQFH DV D VHDIDUHU 7KH\ LQRP HOOHU HUIDUHQKHW DY VM|IDUW 'H E|U KD VKRXOG KDYH DGHTXDWH NQRZOHGJH RI WLOOIUHGVWlOODQGH NXQVNDSHU RP DUEHWV RFK VHDIDUHUVZRUNLQJDQGOLYLQJFRQGLWLRQVDQG OHYQDGVI|UKnOODQGHQ WLOO VM|VV VDPW RIWKH(QJOLVKODQJXDJH NXQVNDSHULHQJHOVNDVSUnNHW

0HDVXUHV VKRXOG EH WDNHQ WR SURYLGH ,QVSHNW|UHU E|U In OlPSOLJ YLGDUHXWELOG LQVSHFWRUV ZLWK DSSURSULDWH IXUWKHU WUDLQLQJ QLQJXQGHUVLQDQVWlOOQLQJ GXULQJWKHLUHPSOR\PHQW

$OOLQVSHFWRUVVKRXOGKDYHDFOHDUXQGHU $OOD LQVSHNW|UHU E|U KD HQ W\GOLJ I|UVWn VWDQGLQJ RI WKH FLUFXPVWDQFHV LQ ZKLFK DQ HOVH I|U GH RPVWlQGLJKHWHU XQGHU YLOND HQ LQVSHFWLRQ VKRXOG EH FDUULHG RXW WKH VFRSH LQVSHNWLRQE|UJHQRPI|UDVRPIDWWQLQJHQDY RI WKH LQVSHFWLRQ WR EH FDUULHG RXW LQ WKH GHQLQVSHNWLRQVRPVNDOOJHQRPI|UDVXQGHU YDULRXV FLUFXPVWDQFHV UHIHUUHG WR DQG WKH GH ROLND I|UKnOODQGHQ VRP DYVHV RFK GHQ JHQHUDOPHWKRGRILQVSHFWLRQ DOOPlQQDLQVSHNWLRQVPHWRGHQ

,QVSHFWRUV SURYLGHG ZLWK SURSHU ,QVSHNW|UHU XWUXVWDGH PHG YHGHUE|UOLJD FUHGHQWLDOVXQGHUWKHQDWLRQDOODZVKRXOGDW LGHQWLWHWVKDQGOLQJDU L HQOLJKHW PHG DPLQLPXPEHHPSRZHUHG QDWLRQHOOD EHVWlPPHOVHU E|U PLQVW YDUD EHP\QGLJDGHDWW

D WR ERDUG VKLSV IUHHO\ DQG ZLWKRXW D REHKLQGUDW RFK XWDQ I|UHJnHQGH YDUVHO SUHYLRXV QRWLFH KRZHYHU ZKHQ ERUGDIDUW\JQlULQVSHNWLRQHQSnE|UMDVE|U FRPPHQFLQJWKHVKLSLQVSHFWLRQLQVSHFWRUV GRFN LQVSHNW|UHUQD DQPlOD VLQ QlUYDUR WLOO VKRXOGSURYLGHQRWLILFDWLRQRIWKHLUSUHVHQFH EHIlOKDYDUHQ HOOHU YDNWKDYDQGH RFK L WRWKHPDVWHURUSHUVRQLQFKDUJHDQGZKHUH WLOOlPSOLJD IDOO VM|PlQQHQ HOOHU GHVV DSSURSULDWH WR WKH VHDIDUHUV RU WKHLU UHSUHVHQWDQWHU UHSUHVHQWDWLYHV

E WR TXHVWLRQ WKH PDVWHU VHDIDUHU RU DQ\ E VWlOOD IUnJRU WLOO EHIlOKDYDUHQ EHVlWW RWKHUSHUVRQLQFOXGLQJWKHVKLSRZQHURUWKH QLQJVPHGOHPPDU HOOHU QnJRQ DQQDQ SHUVRQ VKLSRZQHUV UHSUHVHQWDWLYH RQ DQ\ PDWWHU LQNOXVLYH UHGDUHQ HOOHU GHQQHV UHSUHVHQWDQW FRQFHUQLQJ WKH DSSOLFDWLRQ RI WKH RPWLOOlPSQLQJHQDYI|UHVNULIWHULODJDURFK UHTXLUHPHQWVXQGHUODZVDQGUHJXODWLRQVLQ DQGUD I|UIDWWQLQJDU L QlUYDUR DY HWW YLWWQH WKHSUHVHQFHRIDQ\ZLWQHVVWKDWWKHSHUVRQ VRPSHUVRQHQLIUnJDNDQKDEHJlUW PD\KDYHUHTXHVWHG

FWRUHTXLUHWKHSURGXFWLRQRIDQ\ERRNV F NUlYD DWW E|FNHU ORJJE|FNHU UHJLVWHU ORJ ERRNV UHJLVWHUV FHUWLILFDWHV RU RWKHU FHUWLILNDW HOOHU DQGUD GRNXPHQW HOOHU GRFXPHQWV RU LQIRUPDWLRQ GLUHFWO\ UHODWHG XSSJLIWHU VRP KDU GLUHNW VDPEDQG PHG WRPDWWHUVVXEMHFWWRLQVSHFWLRQLQRUGHUWR LQVSHNWLRQVlUHQGHWYLVDVXSSI|UDWWYHULILHUD YHULI\FRPSOLDQFHZLWKWKHQDWLRQDOODZVDQG XSSI\OOHOVH DY WLOOlPSQLQJVI|UHVNULIWHU WLOO UHJXODWLRQVLPSOHPHQWLQJWKLV&RQYHQWLRQ GHQQD NRQYHQWLRQ L QDWLRQHOOD ODJDU RFK DQGUDI|UIDWWQLQJDU

G WR HQIRUFH WKH SRVWLQJ RI QRWLFHV G WLOOVH DWW WLOOlPSQLQJVI|UHVNULIWHU WLOO UHTXLUHG XQGHU WKH QDWLRQDO ODZV DQG GHQQD NRQYHQWLRQ L QDWLRQHOOD ODJDU RFK UHJXODWLRQVLPSOHPHQWLQJWKLV&RQYHQWLRQ DQGUDI|UIDWWQLQJDUDQVOnV

H WR WDNH RU UHPRYH IRU WKH SXUSRVH RI H I|U DQDO\VlQGDPnO WD HOOHU I|UD ERUW

DQDO\VLV VDPSOHV RI SURGXFWV FDUJR SURYHU Sn SURGXNWHU ODVW GULFNVYDWWHQ

GULQNLQJ ZDWHU SURYLVLRQV PDWHULDOV DQG OLYVPHGHOPDWHULDORFKlPQHQVRPDQYlQGV VXEVWDQFHVXVHGRUKDQGOHG HOOHUKDQWHUDV

I IROORZLQJ DQ LQVSHFWLRQ WR EULQJ I HIWHU JHQRPI|UG LQVSHNWLRQ RPHGHOEDUW LPPHGLDWHO\ WR WKH DWWHQWLRQ RI WKH XQGHUUlWWD IDUW\JHWV UHGDUH RSHUDW|U HOOHU VKLSRZQHU WKH RSHUDWRU RI WKH VKLS RU WKH EHIlOKDYDUH RP EULVWHU VRP NDQ SnYHUND GH PDVWHU GHILFLHQFLHV ZKLFK PD\ DIIHFW WKH RPERUGYDUDQGHVKlOVDRFKVlNHUKHW KHDOWKDQGVDIHW\RIWKRVHRQERDUGVKLS

JWRDOHUWWKHFRPSHWHQWDXWKRULW\DQGLI JYDUVNRGHQEHK|ULJDP\QGLJKHWHQRFKL DSSOLFDEOH WKH UHFRJQL]HG RUJDQL]DWLRQ WR WLOOlPSOLJD IDOO GHQ HUNlQGD RUJDQLVDWLRQHQ DQ\ GHILFLHQF\ RU DEXVH QRW VSHFLILFDOO\ RPYDUMHEULVWHOOHUPLVVI|UKnOODQGHVRPLQWH FRYHUHG E\ H[LVWLQJ ODZV RU UHJXODWLRQV DQG XWWU\FNOLJW RPIDWWDV DY JlOODQGH ODJDU HOOHU VXEPLW SURSRVDOV WR WKHP IRU WKH DQGUD I|UIDWWQLQJDU RFK OlPQD I|UVODJ WLOO LPSURYHPHQWRIWKHODZVRUUHJXODWLRQVDQG I|UElWWULQJDUDYODJVWLIWQLQJHQRFK

KWRQRWLI\WKHFRPSHWHQWDXWKRULW\RIDQ\ K LQIRUPHUD GHQ EHK|ULJD P\QGLJKHWHQ RFFXSDWLRQDO LQMXULHV RU GLVHDVHV DIIHFWLQJ RPDOODVNDGRUHOOHUVMXNGRPDULDUEHWHWVRP VHDIDUHUVLQVXFKFDVHVDQGLQVXFKPDQQHUDV SnYHUNDU VM|PlQQHQ L VnGDQW IDOO RFK Sn PD\EHSUHVFULEHGE\ODZVDQGUHJXODWLRQV VnGDQWVlWWVRPNDQYDUDUHJOHUDWLODJDURFK DQGUDI|UIDWWQLQJDU

:KHQ D VDPSOH UHIHUUHG WR LQ SDUDJUDSK 5HGDUHQ HOOHU GHQQHV UHSUHVHQWDQW RFK L H RI WKLV *XLGHOLQH LV EHLQJ WDNHQ RU WLOOlPSOLJD IDOO HQ UHSUHVHQWDQW I|U VM| UHPRYHG WKH VKLSRZQHU RU WKH VKLSRZQHUV PlQQHQE|UXQGHUUlWWDVHOOHUQlUYDUDGnHWW UHSUHVHQWDWLYH DQG ZKHUH DSSURSULDWH D SURY HQOLJW SXQNW H L GHQQD DQYLVQLQJ WDV VHDIDUHU VKRXOG EH QRWLILHG RU VKRXOG EH HOOHU I|UV ERUW ,QVSHNW|UHQ E|U YDUD QRJD SUHVHQW DW WKH WLPH WKH VDPSOH LV WDNHQ RU PHGDWWSURWRNROOI|UDSURYHWVVWRUOHN UHPRYHG 7KH TXDQWLW\ RI VXFK D VDPSOH VKRXOG EH SURSHUO\ UHFRUGHG E\ WKH LQVSHFWRU

7KH DQQXDO UHSRUW SXEOLVKHG E\ WKH 'HQ nUVEHUlWWHOVH VRP YDUMH PHGOHPV FRPSHWHQW DXWKRULW\ RI HDFK 0HPEHU LQ VWDWV EHK|ULJD P\QGLJKHW SXEOLFHUDU RP UHVSHFW RI VKLSV WKDW IO\ LWV IODJ VKRXOG IDUW\JVRPI|UGHVVIODJJE|ULQQHKnOOD FRQWDLQ

D D OLVW RI ODZV DQG UHJXODWLRQV LQ IRUFH D HQ I|UWHFNQLQJ |YHU JlOODQGH ODJDU RFK UHOHYDQW WR VHDIDUHUV ZRUNLQJ DQG OLYLQJ DQGUD I|UIDWWQLQJDU VRP U|U VM|PlQQHQV FRQGLWLRQVDQGDQ\DPHQGPHQWVZKLFKKDYH DUEHWV RFK OHYQDGVI|UKnOODQGHQ RFK DOOD FRPHLQWRHIIHFWGXULQJWKH\HDU lQGULQJDUVRPKDUWUlWWLNUDIWXQGHUnUHW

EGHWDLOVRIWKHRUJDQL]DWLRQRIWKHV\VWHP E HQ XWI|UOLJ EHVNULYQLQJ DY KXU LQVSHN RILQVSHFWLRQ WLRQVV\VWHPHWlURUJDQLVHUDW

F VWDWLVWLFV RI VKLSV RU RWKHU SUHPLVHV F VWDWLVWLN |YHU IDUW\J HOOHU DQGUD ORNDOHU VXEMHFWWRLQVSHFWLRQDQGRIVKLSVDQGRWKHU VRP lU I|UHPnO I|U LQVSHNWLRQ RFK |YHU SUHPLVHVDFWXDOO\LQVSHFWHG IDUW\J RFK DQGUD ORNDOHU VRP IDNWLVNW LQVSHNWHUDWV

G VWDWLVWLFV RQ DOO VHDIDUHUV VXEMHFW WR LWV G VWDWLVWLN |YHU DOOD VM|PlQ VRP O\GHU QDWLRQDOODZVDQGUHJXODWLRQV XQGHU GHVV QDWLRQHOOD ODJDU RFK DQGUD I|UIDWWQLQJDU

H VWDWLVWLFV DQG LQIRUPDWLRQ RQ YLRODWLRQV H VWDWLVWLN RFK XSSJLIWHU RP |YHUWUlGHOVHU

RIOHJLVODWLRQSHQDOWLHVLPSRVHGDQGFDVHVRI DY ODJVWLIWQLQJ VWUDII VRP XWG|PWV RFK GHWHQWLRQRIVKLSVDQG IDUW\JVRPNYDUKnOOLWVRFK

I VWDWLVWLFV RQ UHSRUWHG RFFXSDWLRQDO I VWDWLVWLN |YHU UDSSRUWHUDGH VNDGRU RFK LQMXULHVDQGGLVHDVHVDIIHFWLQJVHDIDUHUV VMXNGRPDULDUEHWHWVRPGUDEEDWVM|PlQQHQ

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² 2QERDUG FRPSODLQW 5HJHO²5XWLQHUI|UNODJRPnORPERUG SURFHGXUHV

(DFK0HPEHUVKDOOUHTXLUHWKDWVKLSVWKDW 9DUMH PHGOHPVVWDW VNDOO NUlYD DWW IDUW\J IO\LWVIODJKDYHRQERDUGSURFHGXUHVIRUWKH VRPI|UGHVVIODJJKDUUXWLQHURPERUGI|UHQ IDLU HIIHFWLYH DQG H[SHGLWLRXV KDQGOLQJ RI UlWWYLV HIIHNWLY RFK VQDEE EHKDQGOLQJ DY VHDIDUHU FRPSODLQWVDOOHJLQJEUHDFKHVRIWKH NODJRPnO IUnQ VM|PlQ |YHU SnVWnGG |YHU UHTXLUHPHQWVRIWKLV&RQYHQWLRQLQFOXGLQJ WUlGHOVHDYNUDYHQLGHQQDNRQYHQWLRQEODQG VHDIDUHUVULJKWV DQQDWVM|PlQQHQVUlWWLJKHWHU

(DFK0HPEHUVKDOOSURKLELWDQGSHQDOL]H 9DUMH PHGOHPVVWDW VNDOO I|UEMXGD RFK DQ\ NLQG RI YLFWLPL]DWLRQ RI D VHDIDUHU IRU EHLYUD YDUMH IRUP DY EHVWUDIIQLQJ DY VM|PlQ ILOLQJDFRPSODLQW VRPOlPQDULQNODJRPnO

7KH SURYLVLRQV LQ WKLV 5HJXODWLRQ DQG )|UHVNULIWHUQD L GHQQD UHJHO RFK UHODWHG VHFWLRQV RI WKH &RGH DUH ZLWKRXW PRWVYDUDQGH DYVQLWW DY NRGHQ VNDOO LQWH SUHMXGLFHWRDVHDIDUHUVULJKWWRVHHNUHGUHVV SnYHUND VM|PlQQHQV UlWW DWW V|ND UlWWHOVH WKURXJK ZKDWHYHU OHJDO PHDQV WKH VHDIDUHU JHQRPGHUlWWVOLJDPHGHOGHQDQVHUOlPSOLJD FRQVLGHUVDSSURSULDWH

6WDQGDUG 6WDQGDUG

6WDQGDUG $ ² 2QERDUG FRPSODLQW 6WDQGDUG$²5XWLQHUI|UNODJRPnORPERUG SURFHGXUHV

:LWKRXWSUHMXGLFHWRDQ\ZLGHUVFRSHWKDW 8WDQ DWW GHW SnYHUNDU WLOOlPSQLQJHQ DY PD\EHJLYHQLQQDWLRQDOODZVRUUHJXODWLRQV GHQ VW|UUH UlFNYLGG VRP QDWLRQHOOD ODJDU RU FROOHFWLYH DJUHHPHQWV WKH RQERDUG DQGUD I|UIDWWQLQJDU HOOHU NROOHNWLYDYWDO NDQ SURFHGXUHV PD\ EH XVHG E\ VHDIDUHUV WR JHInUVM|PlQQHQXWQ\WWMDUXWLQHUQDRPERUG ORGJHFRPSODLQWVUHODWLQJWRDQ\PDWWHUWKDW I|U DWW IUDPI|UD NODJRPnO L DOOD IDOO VRP LV DOOHJHG WR FRQVWLWXWH D EUHDFK RI WKH SnVWnV XWJ|UD HQ |YHUWUlGHOVH DY NUDYHQ L UHTXLUHPHQWVRIWKLV&RQYHQWLRQLQFOXGLQJ GHQQDNRQYHQWLRQEODQGDQQDWVM|PlQQHQV VHDIDUHUVULJKWV UlWWLJKHWHU

(DFK0HPEHUVKDOOHQVXUHWKDWLQLWVODZV 9DUMH PHGOHPVVWDW VNDOO L VLQD ODJDU HOOHU RU UHJXODWLRQV DSSURSULDWH RQ ERDUG DQGUD I|UIDWWQLQJDU KD OlPSOLJD UXWLQHU FRPSODLQW SURFHGXUHV DUH LQ SODFH WR PHHW RPERUGI|UDWWXSSI\OODNUDYHQLUHJHO WKH UHTXLUHPHQWV RI 5HJXODWLRQ 6XFK 6nGDQD UXWLQHU VNDOO HIWHUVWUlYD DWW ILQQD SURFHGXUHV VKDOO VHHN WR UHVROYH FRPSODLQWV O|VQLQJDU Sn OlJVWD P|MOLJD QLYn (PHOOHUWLG DWWKHORZHVWOHYHOSRVVLEOH+RZHYHULQDOO VNDOO NODJDQGHQ KD UlWW DWW IUDPI|UD VLQD FDVHVVHDIDUHUVVKDOOKDYHDULJKWWRFRPSODLQ NODJRPnOGLUHNWWLOOEHIlOKDYDUHQRFKRPVn GLUHFWO\ WR WKH PDVWHU DQG ZKHUH WKH\ EHG|PV Q|GYlQGLJW WLOO XWRPVWnHQGH FRQVLGHULWQHFHVVDU\WRDSSURSULDWHH[WHUQDO P\QGLJKHWHU

DXWKRULWLHV

7KHRQERDUGFRPSODLQWSURFHGXUHVVKDOO 5XWLQHU I|U NODJRPnO RPERUG VNDOO LQFOXGH WKH ULJKW RI WKH VHDIDUHU WR EH LQQHIDWWD UlWW I|U VM|PlQQHQ DWW OnWD VLJ DFFRPSDQLHG RU UHSUHVHQWHG GXULQJ WKH OHGVDJDV HOOHU UHSUHVHQWHUDV XQGHU I|UIDU FRPSODLQWV SURFHGXUH DV ZHOO DV VDIHJXDUGV DQGHWVDPWVN\GGDPRWP|MOLJEHVWUDIIQLQJ DJDLQVW WKH SRVVLELOLW\ RI YLFWLPL]DWLRQ RI DY VM|PlQ I|U DWW GH IUDPI|UW NODJRPnO VHDIDUHUV IRU ILOLQJ FRPSODLQWV 7KH WHUP 7HUPHQµEHVWUDIIQLQJµDYVHUYDUMHPRWnWJlUG YLFWLPL]DWLRQ FRYHUV DQ\ DGYHUVH DFWLRQ IUnQ QnJRQ SHUVRQ PHG DYVHHQGH Sn HQ WDNHQ E\ DQ\ SHUVRQ ZLWK UHVSHFW WR D IDUW\JVDQVWlOOG VRP IUDPI|UW HWW NODJRPnO VHDIDUHUIRUORGJLQJDFRPSODLQWZKLFKLVQRW RFK GHW LQWH XSSHQEDUW JMRUWV DY RN\QQH PDQLIHVWO\YH[DWLRXVRUPDOLFLRXVO\PDGH HOOHULOOYLOMD

,Q DGGLWLRQ WR D FRS\ RI WKHLU VHDIDUHUV )|UXWRP HQ NRSLD DY VM|PlQQHQV HPSOR\PHQWDJUHHPHQWDOOVHDIDUHUVVKDOOEH DQVWlOOQLQJVDYWDOVNDOODOODVM|PlQInHQNRSLD SURYLGHG ZLWK D FRS\ RI WKH RQERDUG DY GH UXWLQHU I|U NODJRPnO RPERUG VRP FRPSODLQWSURFHGXUHVDSSOLFDEOHRQWKHVKLS JlOOHU Sn IDUW\JHW 'HWWD VNDOO LQQHIDWWD 7KLV VKDOO LQFOXGH FRQWDFW LQIRUPDWLRQ IRU NRQWDNWLQIRUPDWLRQ I|U GHQ EHK|ULJD WKH FRPSHWHQW DXWKRULW\ LQ WKH IODJ 6WDWH P\QGLJKHWHQ L IODJJVWDWHQ RFK RP GHW LQWH DQG ZKHUH GLIIHUHQW LQ WKH VHDIDUHUV lUVDPPDVM|PlQQHQVERVlWWQLQJVODQGRFK FRXQWU\ RI UHVLGHQFH DQG WKH QDPH RI D QDPQHWSnHQSHUVRQHOOHUSHUVRQHURPERUG SHUVRQ RU SHUVRQV RQ ERDUG WKH VKLS ZKR Sn IDUW\JHW VRP Sn I|UWUROLJ JUXQG NDQ JH FDQRQDFRQILGHQWLDOEDVLVSURYLGHVHDIDUHUV VM|PlQQHQRSDUWLVNDUnGRPGHUDVNODJRPnO ZLWKLPSDUWLDODGYLFHRQWKHLUFRPSODLQWDQG RFK Sn DQQDW VlWW KMlOSD GHP DWW I|OMD GH RWKHUZLVH DVVLVW WKHP LQ IROORZLQJ WKH NODJRPnOVUXWLQHU VRP VWnU WLOO I|UIRJDQGH FRPSODLQW SURFHGXUHV DYDLODEOH WR WKHP RQ RPERUGSnIDUW\JHW ERDUGWKHVKLS

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² 2QERDUG FRPSODLQW $QYLVQLQJ % ² 5XWLQHU I|U NODJRPnO SURFHGXUHV RPERUG

6XEMHFW WR DQ\ UHOHYDQW SURYLVLRQV RI DQ 0HGI|UEHKnOOI|UUHOHYDQWDEHVWlPPHOVHU DSSOLFDEOH FROOHFWLYH DJUHHPHQW WKH L JlOODQGH NROOHNWLYDYWDO E|U GHQ EHK|ULJD FRPSHWHQW DXWKRULW\ VKRXOG LQ FORVH P\QGLJKHWHQLQlUDVDPUnGPHGUHGDURFK FRQVXOWDWLRQZLWKVKLSRZQHUVDQGVHDIDUHUV VM|IRONVRUJDQLVDWLRQHUWDIUDPHQPRGHOOI|U RUJDQL]DWLRQV GHYHORS D PRGHO IRU IDLU UlWWYLVD VQDEED RFK YlOGRNXPHQWHUDGH H[SHGLWLRXV DQG ZHOOGRFXPHQWHG RQERDUG UXWLQHU I|U NODJRPnO RPERUG Sn DOOD IDUW\J FRPSODLQWKDQGOLQJ SURFHGXUHV IRU DOO VKLSV VRP I|U PHGOHPVVWDWHQV IODJJ 1lU GHVVD WKDW IO\ WKH 0HPEHUV IODJ ,Q GHYHORSLQJ I|UIDUDQGHQ XWDUEHWDV E|U I|OMDQGH WKHVH SURFHGXUHV WKH IROORZLQJ PDWWHUV |YHUYlJDV VKRXOGEHFRQVLGHUHG

D PDQ\ FRPSODLQWV PD\ UHODWH VSHFLILFDOO\ D PnQJD NODJRPnO NDQ VSHFLILNW DYVH GH WRWKRVHLQGLYLGXDOVWRZKRPWKHFRPSODLQW LQGLYLGHU WLOO YLOND NODJRPnOHQ VNDOO OlPQDV LV WR EH PDGH RU HYHQ WR WKH PDVWHU RI WKH RFK lYHQ IDUW\JHWV EHIlOKDYDUH 8QGHU DOOD VKLS,QDOOFDVHVVHDIDUHUVVKRXOGDOVREHDEOH I|UKnOODQGHQ E|U VM|PlQQHQ RFNVn NXQQD WR FRPSODLQ GLUHFWO\ WR WKH PDVWHU DQG WR NODJD GLUHNW WLOO EHIlOKDYDUHQ RFK IUDPVWlOOD PDNHDFRPSODLQWH[WHUQDOO\DQG NODJRPnOH[WHUQWRFK

E LQ RUGHU WR KHOS DYRLG SUREOHPV RI E I|U DWW ELGUD WLOO DWW XQGYLND SUREOHP YLFWLPL]DWLRQRIVHDIDUHUVPDNLQJFRPSODLQWV PHGEHVWUDIIQLQJDYVM|PlQVRPNODJDU|YHU DERXW PDWWHUV XQGHU WKLV &RQYHQWLRQ WKH I|UKnOODQGHQVRPU\PVLGHQQDNRQYHQWLRQ

SURFHGXUHV VKRXOG HQFRXUDJH WKH E|U UXWLQHUQD IUlPMD QRPLQHULQJ DY HQ

QRPLQDWLRQ RI D SHUVRQ RQ ERDUG ZKR FDQ SHUVRQ RPERUG VRP NDQ JH VM|PlQQHQ UnG DGYLVH VHDIDUHUV RQ WKH SURFHGXUHV DYDLODEOH RP GH UXWLQHU VRP VWnU GHP WLOO EXGV RFK WR WKHP DQG LI UHTXHVWHG E\ WKH RP GHQ NODJDQGH VM|PDQQHQ EHJlU GHWWD FRPSODLQDQW VHDIDUHU DOVR DWWHQG DQ\ RFNVnGHOWDULYDUMHP|WHHOOHUI|UK|UVRPU|U PHHWLQJVRUKHDULQJVLQWRWKHVXEMHFWPDWWHU NODJRPnOHW RIWKHFRPSODLQW

$W D PLQLPXP WKH SURFHGXUHV GLVFXVVHG 'H UXWLQHU VRP GLVNXWHUDV XQGHU GHW GXULQJ WKH FRQVXOWDWLYH SURFHVV UHIHUUHG WR VDPUnGVI|UIDUDQGH VRP DQJHV L SXQNW L LQ SDUDJUDSK RI WKLV *XLGHOLQH VKRXOG GHQQD DQYLVQLQJ E|U PLQVW LQQHIDWWD LQFOXGHWKHIROORZLQJ I|OMDQGH

D FRPSODLQWV VKRXOG EH DGGUHVVHG WR WKH DNODJRPnOE|UULNWDVWLOODYGHOQLQJVFKHIHQ KHDG RI WKH GHSDUWPHQW RI WKH VHDIDUHU I|U GHQ VM|PDQ VRP IUDPI|U NODJRPnOHQ ORGJLQJ WKH FRPSODLQW RU WR WKH VHDIDUHUV HOOHUWLOOVM|PDQQHQVQlUPDVWH|YHURUGQDGH VXSHULRURIILFHU

E WKH KHDG RI GHSDUWPHQW RU VXSHULRU E DYGHOQLQJVFKHIHQ HOOHU GHQ |YHURUGQDGH RIILFHU VKRXOG WKHQ DWWHPSW WR UHVROYH WKH E|U VHGDQ I|UV|ND O|VD lUHQGHW LQRP PDWWHU ZLWKLQ SUHVFULEHG WLPH OLPLWV I|UHVNULYQD WLGVJUlQVHU VRP lU ULPOLJD PHG DSSURSULDWH WR WKH VHULRXVQHVV RI WKH LVVXHV KlQV\QWLOOSUREOHPHWVYLNW LQYROYHG

F LI WKH KHDG RI GHSDUWPHQW RU VXSHULRU F RP DYGHOQLQJVFKHIHQ HOOHU GHQ |YHU RIILFHU FDQQRW UHVROYH WKH FRPSODLQW WR WKH RUGQDGH LQWH NDQ O|VD NODJRPnOHW WLOO VDWLVIDFWLRQ RI WKH VHDIDUHU WKH ODWWHU PD\ VM|PDQQHQV EHOnWHQKHW NDQ GHQ VHQDUH UHIHULWWRWKHPDVWHUZKRVKRXOGKDQGOHWKH KlQYLVD GHW WLOO EHIlOKDYDUHQ VRP E|U PDWWHUSHUVRQDOO\ KDQGOlJJDlUHQGHWSHUVRQOLJHQ

G VHDIDUHUV VKRXOG DW DOO WLPHV KDYH WKH G VM|PDQQHQ E|U DOOWLG KD UlWW DWW OnWD VLJ ULJKW WR EH DFFRPSDQLHG DQG WR EH OHGVDJDVHOOHUUHSUHVHQWHUDVDYDQQDQVM|PDQ UHSUHVHQWHG E\ DQRWKHU VHDIDUHU RI WKHLU HIWHU HJHW YDO RPERUG Sn GHW EHU|UGD FKRLFHRQERDUGWKHVKLSFRQFHUQHG IDUW\JHW

HDOOFRPSODLQWVDQGWKHGHFLVLRQVRQWKHP H DOOD NODJRPnO RFK EHVOXW RP GHP E|U VKRXOG EH UHFRUGHG DQG D FRS\ SURYLGHG WR SURWRNROOI|UDV RFK HQ NRSLD OlPQDV WLOOGHQ WKHVHDIDUHUFRQFHUQHG EHU|UGDVM|PDQQHQ

I LI D FRPSODLQW FDQQRW EH UHVROYHG RQ I RP HWW NODJRPnO LQWH NDQ O|VDV RPERUG ERDUGWKHPDWWHUVKRXOGEHUHIHUUHGDVKRUH E|UlUHQGHWKlQYLVDVLODQGWLOOUHGDUHQVRP WR WKH VKLSRZQHU ZKR VKRXOG EH JLYHQ DQ E|U In HQ OlPSOLJ WLGVJUlQV I|U DWW O|VD DSSURSULDWH WLPH OLPLW IRU UHVROYLQJ WKH lUHQGHW L WLOOlPSOLJD IDOO L VDPUnG PHG GHQ PDWWHU ZKHUH DSSURSULDWH LQ FRQVXOWDWLRQ EHU|UGDVM|PDQQHQHOOHUQnJRQSHUVRQGHQQD ZLWK WKH VHDIDUHUV FRQFHUQHG RU DQ\ SHUVRQ NDQXWVHVRPVLQUHSUHVHQWDQWRFK WKH\ PD\ DSSRLQW DV WKHLU UHSUHVHQWDWLYH DQG

JLQDOOFDVHVVHDIDUHUVVKRXOGKDYHDULJKW J VM|PDQQHQ E|U DOOWLG KD UlWW DWW NODJD WR ILOH WKHLU FRPSODLQWV GLUHFWO\ ZLWK WKH GLUHNW WLOO EHIlOKDYDUHQ UHGDUHQ RFK GH PDVWHU DQG WKH VKLSRZQHU DQG FRPSHWHQW EHK|ULJDP\QGLJKHWHUQD DXWKRULWLHV

5HJXODWLRQ 5HJHO

5HJXODWLRQ²0DULQHFDVXDOWLHV 5HJHO²2O\FNVIDOOWLOOVM|VV

(DFK 0HPEHU VKDOO KROG DQ RIILFLDO 9DUMH PHGOHPVVWDW VNDOO KnOOD VM|I|UK|U LQTXLU\ LQWR DQ\ VHULRXV PDULQH FDVXDOW\ RP YDUMH DOOYDUOLJW RO\FNVIDOO WLOO VM|VV VRP OHDGLQJWRLQMXU\RUORVVRIOLIHWKDWLQYROYHV OHGHU WLOO VNDGD HOOHU G|GVIDOO RFK GlU HWW DVKLSWKDW IOLHVLWVIODJ7KHILQDO UHSRUWRI IDUW\J VRP I|U GHVV IODJJ lU LQEODQGDW DQLQTXLU\VKDOOQRUPDOO\EHPDGHSXEOLF 6OXWUDSSRUWHQ IUnQ HWW VM|I|UK|U VNDOO QRUPDOWRIIHQWOLJJ|UDV

0HPEHUVVKDOOFRRSHUDWHZLWKHDFKRWKHU 0HGOHPVVWDWHU VNDOO VDPDUEHWD PHG WR IDFLOLWDWH WKH LQYHVWLJDWLRQ RI VHULRXV YDUDQGUD I|U DWW XQGHUOlWWD XWUHGQLQJ DY PDULQHFDVXDOWLHV UHIHUUHGWRLQSDUDJUDSK VnGDQD DOOYDUOLJD RO\FNVIDOO WLOO VM|VV VRP RIWKLV5HJXODWLRQ DYVHVLSXQNWLGHQQDUHJHO

6WDQGDUG 6WDQGDUG

6WDQGDUG$²0DULQHFDVXDOWLHV 6WDQGDUG$²2O\FNVIDOOWLOOVM|VV

1RSURYLVLRQV ,QJDI|UHVNULIWHU

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%0DULQHFDVXDOWLHV $QYLVQLQJ%2O\FNVIDOOWLOOVM|VV

1RSURYLVLRQV ,QJDI|UHVNULIWHU

5HJXODWLRQ 5HJHO

5HJXODWLRQ²3RUW6WDWHUHVSRQVLELOLWLHV 5HJHO²+DPQVWDWHQVVN\OGLJKHWHU

3XUSRVH 7R HQDEOH HDFK 0HPEHU WR LPSOH 6\IWH $WW YDUMH PHGOHPVVWDW VNDOO NXQQD PHQW LWV UHVSRQVLELOLWLHV XQGHU WKLV &RQYHQ XSSI\OOD VLQD VN\OGLJKHWHU HQOLJW GHQQD WLRQUHJDUGLQJLQWHUQDWLRQDOFRRSHUDWLRQLQWKH NRQYHQWLRQ DWW VDPDUEHWD LQWHUQDWLRQHOOW I|U LPSOHPHQWDWLRQ DQG HQIRUFHPHQW RI WKH DWW JHQRPI|UD RFK WLOOlPSD NRQYHQWLRQV &RQYHQWLRQVWDQGDUGVRQIRUHLJQVKLSV VWDQGDUGHUQDSnXWOlQGVNDIDUW\J

5HJXODWLRQ²,QVSHFWLRQVLQSRUW 5HJHO²,QVSHNWLRQHULKDPQ

$OOD XWOlQGVND IDUW\J VRP L VLQ QRUPDOD (YHU\ IRUHLJQ VKLS FDOOLQJ LQ WKH QRUPDO YHUNVDPKHWHOOHUDYGULIWVWHNQLVNDVNlODQJ|U FRXUVH RI LWV EXVLQHVV RU IRU RSHUDWLRQDO KDPQLHQPHGOHPVVWDWInULQVSHNWHUDVHQOLJW UHDVRQVLQWKHSRUWRID0HPEHUPD\EHWKH DUWLNHO 9 SXQNW I|U DWW JUDQVND HIWHU VXEMHFW RI LQVSHFWLRQ LQ DFFRUGDQFH ZLWK OHYQDGHQ DY NUDYHQ L GHQQD NRQYHQWLRQ SDUDJUDSKRI$UWLFOH9IRUWKHSXUSRVHRI EODQGDQQDWVM|PlQQHQVUlWWLJKHWHUQlUGHW UHYLHZLQJFRPSOLDQFHZLWKWKHUHTXLUHPHQWV JlOOHU VM|PlQQHQV DUEHWV RFK OHYQDGV RI WKLV &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV I|UKnOODQGHQSnIDUW\JHW ULJKWV UHODWLQJ WR WKH ZRUNLQJ DQG OLYLQJ FRQGLWLRQVRIVHDIDUHUVRQWKHVKLS

(DFK 0HPEHU VKDOO DFFHSW WKH PDULWLPH 9DUMH PHGOHPVVWDW VNDOO JRGNlQQD GHW ODERXU FHUWLILFDWH DQG WKH GHFODUDWLRQ RI VM|DUEHWVFHUWLILNDW RFK GHQ I|UVlNUDQ RP

PDULWLPH ODERXU FRPSOLDQFH UHTXLUHG XQGHU |YHUHQVVWlPPHOVH PHG VM|DUEHWVNRQYHQ

5HJXODWLRQ DV SULPD IDFLH HYLGHQFH RI WLRQHQ VRP NUlYV L UHJHO VRP SULPD FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI WKLV IDFLHEHYLV Sn HIWHUOHYQDGHQ DY NUDYHQ L &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV ULJKWV GHQQDNRQYHQWLRQEODQGDQQDWVM|PlQQHQV $FFRUGLQJO\ WKH LQVSHFWLRQ LQ LWV SRUWV UlWWLJKHWHU ,QVSHNWLRQHQ L GHVV KDPQDU VKDOO H[FHSW LQ WKH FLUFXPVWDQFHV VSHFLILHG VNDOOGlUI|UXWRPLIDOOVRPQlUPDUHDQJHVL LQ WKH &RGH EH OLPLWHG WR D UHYLHZ RI WKH NRGHQ EHJUlQVDV WLOO HQ JUDQVNQLQJ DY FHUWLILFDWHDQGGHFODUDWLRQ FHUWLILNDWHWRFKGHNODUDWLRQHQ

,QVSHFWLRQVLQDSRUWVKDOOEHFDUULHGRXW ,QVSHNWLRQHU L HQ KDPQ VNDOO XWI|UDV DY E\ DXWKRUL]HG RIILFHUV LQ DFFRUGDQFH ZLWK EHP\QGLJDGH WMlQVWHPlQ HQOLJW EHVWlP WKH SURYLVLRQV RI WKH &RGH DQG RWKHU PHOVHUQD L NRGHQ RFK DQGUD WLOOlPSOLJD DSSOLFDEOH LQWHUQDWLRQDO DUUDQJHPHQWV LQWHUQDWLRQHOOD DUUDQJHPDQJ VRP VW\U JRYHUQLQJ SRUW 6WDWH FRQWURO LQVSHFWLRQV LQ LQVSHNWLRQHU DY KDPQVWDWVNRQWUROOHU L WKH 0HPEHU $Q\ VXFK LQVSHFWLRQ VKDOO EH PHGOHPVVWDWHQ $OOD VnGDQD LQVSHNWLRQHU OLPLWHG WR YHULI\LQJ WKDW WKH PDWWHU VNDOOEHJUlQVDVWLOODWWYHULILHUDDWWWLOOlPSOLJD LQVSHFWHGLVLQFRQIRUPLW\ZLWKWKHUHOHYDQW NUDYLDUWLNODURFKUHJOHULGHQQDNRQYHQWLRQ UHTXLUHPHQWV VHW RXW LQ WKH $UWLFOHV DQG RFKLGHO$DYNRGHQHIWHUOHYVLGHWDYVHHQGH 5HJXODWLRQVRIWKLV&RQYHQWLRQDQGLQ3DUW VRPLQVSHNWLRQHQJlOOHU $RQO\RIWKH&RGH

,QVSHFWLRQV WKDW PD\ EH FDUULHG RXW LQ ,QVSHNWLRQHU VRP InU J|UDV HQOLJW GHQQD DFFRUGDQFH ZLWK WKLV 5HJXODWLRQ VKDOO EH UHJHO VNDOO E\JJD Sn HQ HIIHNWLY KDPQVWDWV EDVHG RQ DQ HIIHFWLYH SRUW 6WDWH LQVSHFWLRQ LQVSHNWLRQ RFK |YHUYDNQLQJVV\VWHP I|U DWW DQG PRQLWRULQJ V\VWHP WR KHOS HQVXUH WKDW PHGYHUND WLOO DWW DUEHWV RFK OHYQDGV WKH ZRUNLQJ DQG OLYLQJ FRQGLWLRQV IRU I|UKnOODQGHQDSnIDUW\JVRPDQJ|UHQKDPQL VHDIDUHUV RQ VKLSV HQWHULQJ D SRUW RI WKH GHQEHU|UGDPHGOHPVVWDWHQXSSI\OOHUNUDYHQ 0HPEHU FRQFHUQHG PHHW WKH UHTXLUHPHQWV L GHQQD NRQYHQWLRQ EODQG DQQDW VM| RI WKLV &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV PlQQHQVUlWWLJKHWHU ULJKWV

,QIRUPDWLRQDERXWWKHV\VWHPUHIHUUHGWR ,QIRUPDWLRQ RP GHW V\VWHP VRP DYVHV L LQSDUDJUDSKRIWKLV5HJXODWLRQLQFOXGLQJ SXQNW L GHQQD UHJHO EODQG DQQDW GHQ WKH PHWKRG XVHG IRU DVVHVVLQJ LWV PHWRG VRP DQYlQGV I|U DWW EHG|PD GHVV HIIHFWLYHQHVVVKDOOEHLQFOXGHGLQWKH0HP HIIHNWLYLWHW VNDOO LQJn L PHGOHPVVWDWHQV EHUV UHSRUWV SXUVXDQW WR DUWLFOH RI WKH UDSSRUWHUHQOLJWDUWLNHOLVWDGJDQ &RQVWLWXWLRQ

6WDQGDUG 6WDQGDUG

6WDQGDUG$²,QVSHFWLRQVLQSRUW 6WDQGDUG$²,QVSHNWLRQHULKDPQ

:KHUHDQDXWKRUL]HGRIILFHUKDYLQJFRPH (Q PHUD LQJnHQGH LQVSHNWLRQ I|U DWW RQ ERDUG WR FDUU\ RXW DQ LQVSHFWLRQ DQG IDVWVWlOOD DUEHWV RFK OHYQDGVI|UKnOODQGHQD UHTXHVWHG ZKHUH DSSOLFDEOH WKH PDULWLPH RPERUG Sn IDUW\JHW InU J|UDV QlU HQ ODERXU FHUWLILFDWH DQG WKH GHFODUDWLRQ RI EHP\QGLJDG WMlQVWHPDQ VRP KDU NRPPLW PDULWLPHODERXUFRPSOLDQFHILQGVWKDW RPERUG I|U DWW XWI|UD HQ LQVSHNWLRQ RFK L WLOOlPSOLJD IDOO EHJlUW DWW In VH VM|DUEHWV FHUWLILNDW RFK I|UVlNUDQ RP |YHUHQV VWlPPHOVH PHG VM|DUEHWVNRQYHQWLRQHQ ILQQHU

D WKH UHTXLUHG GRFXPHQWV DUH QRW D DWW GH EHJlUGD KDQGOLQJDUQD LQWH YLVDV SURGXFHG RU PDLQWDLQHG RU DUH IDOVHO\ XSS HOOHU LQWH KnOOV DNWXHOOD DOOV HOOHU Sn HWW

PDLQWDLQHGRUWKDWWKHGRFXPHQWVSURGXFHG RULNWLJW VlWW HOOHU DWW GH KDQGOLQJDU VRP

GRQRWFRQWDLQWKHLQIRUPDWLRQUHTXLUHGE\ YLVDV XSS LQWH LQQHKnOOHU GHQ LQIRUPDWLRQ WKLV&RQYHQWLRQRUDUHRWKHUZLVHLQYDOLGRU VRP NUlYV L GHQQD NRQYHQWLRQ HOOHU lU RJLOWLJDDYDQQDWVNlOHOOHU

EWKHUHDUHFOHDUJURXQGVIRUEHOLHYLQJWKDW E DWW GHW ILQQV XSSHQEDUD VNlO DWW WUR DWW WKH ZRUNLQJ DQG OLYLQJ FRQGLWLRQV RQ WKH DUEHWV RFK OHYQDGVI|UKnOODQGHQ Sn IDUW\JHW VKLSGRQRWFRQIRUPWRWKHUHTXLUHPHQWVRI LQWH XSSI\OOHU NUDYHQ L GHQQD NRQYHQWLRQ WKLV&RQYHQWLRQRU HOOHU

F WKHUH DUH UHDVRQDEOH JURXQGV WR EHOLHYH F DWW GHW ILQQV ULPOLJD VNlO DWW WUR DWW WKDW WKH VKLS KDV FKDQJHG IODJ IRU WKH IDUW\JHW KDU VNLIWDW IODJJ I|U DWW XQGYLND SXUSRVH RI DYRLGLQJ FRPSOLDQFH ZLWK WKLV HIWHUOHYQDGDYGHQQDNRQYHQWLRQHOOHU &RQYHQWLRQRU

GWKHUHLVDFRPSODLQWDOOHJLQJWKDWVSHFLILF GDWWGHWILQQVNODJRPnOSnDWWYLVVDDUEHWV ZRUNLQJ DQG OLYLQJ FRQGLWLRQV RQ WKH VKLS RFK OHYQDGVI|UKnOODQGHQ Sn IDUW\JHW LQWH GRQRWFRQIRUPWRWKHUHTXLUHPHQWVRIWKLV XSSI\OOHUNUDYHQLGHQQDNRQYHQWLRQ &RQYHQWLRQ

D PRUH GHWDLOHG LQVSHFWLRQ PD\ EH FDUULHG (Q VnGDQ LQVSHNWLRQ VNDOO L YDUMH IDOO J|UDV RXW WR DVFHUWDLQ WKH ZRUNLQJ DQG OLYLQJ QlU DUEHWV RFK OHYQDGVI|UKnOODQGHQ VRP FRQGLWLRQV RQ ERDUG WKH VKLS 6XFK DQWDVHOOHUSnVWnVXSSYLVDEULVWHUNDQXWJ|UD LQVSHFWLRQ VKDOO LQ DQ\ FDVH EH FDUULHG RXW HQ NODU ULVN I|U VM|PlQQHQV VlNHUKHW KlOVD ZKHUH WKH ZRUNLQJ DQG OLYLQJ FRQGLWLRQV HOOHU WU\JJKHW HOOHU QlU GHQ EHP\QGLJDGH EHOLHYHG RU DOOHJHG WR EH GHIHFWLYH FRXOG WMlQVWHPDQQHQ KDU VNlO DWW WUR DWW QnJUD FRQVWLWXWHDFOHDUKD]DUGWRWKHVDIHW\KHDOWK EULVWHU XWJ|U HQ DOOYDUOLJ |YHUWUlGHOVH DY RU VHFXULW\ RI VHDIDUHUV RU ZKHUH WKH NUDYHQ L GHQQD NRQYHQWLRQ EODQG DQQDW DXWKRUL]HG RIILFHU KDV JURXQGV WR EHOLHYH VM|PlQQHQVUlWWLJKHWHU WKDW DQ\ GHILFLHQFLHV FRQVWLWXWH D VHULRXV EUHDFK RI WKH UHTXLUHPHQWV RI WKLV &RQYHQWLRQLQFOXGLQJVHDIDUHUVULJKWV

:KHUH D PRUH GHWDLOHG LQVSHFWLRQ LV 1lUEHP\QGLJDGHWMlQVWHPlQJ|UHQPHUD FDUULHGRXWRQDIRUHLJQVKLSLQWKHSRUWRID JUXQGOLJ LQVSHNWLRQ DY I|UKnOODQGHQ VRP 0HPEHU E\ DXWKRUL]HG RIILFHUV LQ WKH IDVWVWlOOV L SXQNW D E HOOHU F L GHQQD FLUFXPVWDQFHV VHW RXW LQ VXESDUDJUDSK D VWDQGDUG Sn HWW XWOlQGVNW IDUW\J L HQ ERUFRISDUDJUDSKRIWKLV6WDQGDUGLW PHGOHPVVWDWV KDPQ VNDOO LQVSHNWLRQHQ L VKDOO LQ SULQFLSOH FRYHU WKH PDWWHUV OLVWHGLQ SULQFLS RPIDWWD GH I|UKnOODQGHQ VRP $SSHQGL[$,,, I|UWHFNQDVLWLOOlJJ$,,,

,Q WKH FDVH RI D FRPSODLQW XQGHU %HWUlIIDQGH NODJRPnO HQOLJW SXQNW G L SDUDJUDSK G RI WKLV 6WDQGDUG WKH GHQQD VWDQGDUG VNDOO LQVSHNWLRQHQ L UHJHO LQVSHFWLRQ VKDOO JHQHUDOO\ EH OLPLWHG WR EHJUlQVDV WLOO GH I|UKnOODQGHQ NODJRPnOHW PDWWHUV ZLWKLQ WKH VFRSH RI WKH FRPSODLQW DYVHUPHQHWWNODJRPnOHOOHUXWUHGQLQJHQDY DOWKRXJK D FRPSODLQW RU LWV LQYHVWLJDWLRQ GHWWD NDQ JH NODUD VNlO I|U HQ JUXQGOLJDUH PD\ SURYLGH FOHDU JURXQGV IRU D GHWDLOHG LQVSHNWLRQHQOLJWSXQNWELGHQQDVWDQGDUG LQVSHFWLRQ LQ DFFRUGDQFH ZLWK SDUDJUDSK 1lU GHW JlOOHU SXQNW G L GHQQD VWDQGDUG E RI WKLV 6WDQGDUG )RU WKH SXUSRVH RI DYVHV PHG µNODJRPnOµ LQIRUPDWLRQ VRP SDUDJUDSK G RI WKLV 6WDQGDUG FRPSODLQW OlPQDWV DY HQ PHGOHP DY VM|PlQQHQ HQ PHDQV LQIRUPDWLRQ VXEPLWWHG E\ D VHDIDUHU \UNHVVDPPDQVOXWQLQJ HQ I|UHQLQJ HQ D SURIHVVLRQDO ERG\ DQ DVVRFLDWLRQ D WUDGH IDFNI|UHQLQJ HOOHULUHJHO YDUMHSHUVRQVRP XQLRQ RU JHQHUDOO\ DQ\ SHUVRQ ZLWK DQ EHU|UV DY IDUW\JHWV VlNHUKHW EODQG DQQDW LQWHUHVW LQ WKH VDIHW\ RI WKH VKLS LQFOXGLQJ KlOVDHOOHUVlNHUKHWKRVVM|PlQQHQRPERUG

DQ LQWHUHVW LQ VDIHW\ RU KHDOWK KD]DUGV WR

VHDIDUHUVRQERDUG

:KHUH IROORZLQJ D PRUH GHWDLOHG 1lU DUEHWV RFK OHYQDGVI|UKnOODQGHQD Sn LQVSHFWLRQ WKH ZRUNLQJ DQG OLYLQJ IDUW\JHW YLG HQ JUXQGOLJDUH LQVSHNWLRQ FRQGLWLRQV RQ WKH VKLS DUH IRXQG QRW WR EHILQQVLQWHXSSI\OODNUDYHQLGHQQDNRQYHQ FRQIRUP WR WKH UHTXLUHPHQWV RI WKLV WLRQ VNDOO GHQ EHP\QGLJDGH WMlQVWHPDQQHQ &RQYHQWLRQ WKH DXWKRUL]HG RIILFHU VKDOO JHQDVW J|UD IDUW\JHWV EHIlOKDYDUH XSSPlUN IRUWKZLWK EULQJ WKH GHILFLHQFLHV WR WKH VDPSnEULVWHUQDRFKIDVWVWlOODHWWVOXWGDWXP DWWHQWLRQ RI WKH PDVWHU RI WKH VKLS ZLWK I|U DYKMlOSDQGH DY GHVVD 2P GHQ EHP\Q UHTXLUHGGHDGOLQHVIRUWKHLUUHFWLILFDWLRQ,Q GLJDGH WMlQVWHPDQQHQ DQVHU DWW EULVWHUQD lU WKH HYHQW WKDW VXFK GHILFLHQFLHV DUH EHW\GDQGH HOOHU RP GH WDJLWV XSS L HWW FRQVLGHUHG E\ WKH DXWKRUL]HG RIILFHU WR EH NODJRPnO HQOLJW SXQNW L GHQQD VWDQGDUG VLJQLILFDQW RU LI WKH\ UHODWH WR D FRPSODLQW VNDOO WMlQVWHPDQQHQ XSSO\VD EHU|UGD UHGDU PDGHLQDFFRUGDQFHZLWKSDUDJUDSKRIWKLV RFK VM|IRONVRUJDQLVDWLRQHU L GHQ PHGOHPV 6WDQGDUG WKH DXWKRUL]HG RIILFHU VKDOO EULQJ VWDW GlU LQVSHNWLRQHQ JHQRPI|UV RP GHP WKH GHILFLHQFLHV WR WKH DWWHQWLRQ RI WKH RFKInU DSSURSULDWH VHDIDUHUV DQG VKLSRZQHUV RUJDQL]DWLRQV LQ WKH 0HPEHU LQ ZKLFK WKH LQVSHFWLRQLVFDUULHGRXWDQGPD\

DQRWLI\DUHSUHVHQWDWLYHRIWKHIODJ6WDWH DXQGHUUlWWDHQUHSUHVHQWDQWI|UIODJJVWDWHQ

ESURYLGHWKHFRPSHWHQWDXWKRULWLHVRIWKH E OlPQD XSSO\VQLQJDU L IDOOHW WLOO GH QH[WSRUWRIFDOOZLWKWKHUHOHYDQWLQIRUPD EHK|ULJD P\QGLJKHWHUQD L QlVWD DQJ|ULQJV WLRQ KDPQ

7KH 0HPEHU LQ ZKLFK WKH LQVSHFWLRQ LV 'HQ PHGOHPVVWDW GlU LQVSHNWLRQHQ J|UV FDUULHGRXWVKDOOKDYHWKHULJKWWRWUDQVPLWD VNDOO KD UlWW DWW VNLFND HQ NRSLD DY WMlQVWH FRS\ RI WKH RIILFHUV UHSRUW ZKLFK PXVW EH PDQQHQV UDSSRUW VRP PnVWH nWI|OMDV DY DFFRPSDQLHGE\DQ\UHSO\UHFHLYHGIURPWKH HYHQWXHOOW VYDU IUnQ IODJJVWDWHQV EHK|ULJD FRPSHWHQW DXWKRULWLHV RI WKH IODJ 6WDWH P\QGLJKHWHU LQRP GHQ I|UHVNULYQD WLGV ZLWKLQ WKH SUHVFULEHG GHDGOLQH WR WKH IULVWHQ WLOO ,QWHUQDWLRQHOOD DUEHWVE\UnQV 'LUHFWRU*HQHUDO RI WKH ,QWHUQDWLRQDO JHQHUDOGLUHNW|U I|U VnGDQ nWJlUG VRP NDQ /DERXU2IILFHZLWKDYLHZWRVXFKDFWLRQDV EHG|PDV OlPSOLJ RFK lQGDPnOVHQOLJ I|U DWW PD\ EH FRQVLGHUHG DSSURSULDWH DQG VlNHUVWlOOD DWW VnGDQ LQIRUPDWLRQ GRNXPHQ H[SHGLHQWLQRUGHUWRHQVXUHWKDWDUHFRUGLV WHUDV RFK EOLU NlQG I|U SDUWHU VRP NDQ KD NHSW RI VXFK LQIRUPDWLRQ DQG WKDW LW LV LQWUHVVH DY DWW YLGWD OlPSOLJD UlWWVOLJD EURXJKW WR WKH DWWHQWLRQ RI SDUWLHV ZKLFK nWJlUGHU PLJKWEHLQWHUHVWHGLQDYDLOLQJWKHPVHOYHVRI UHOHYDQWUHFRXUVHSURFHGXUHV

:KHUH IROORZLQJ D PRUH GHWDLOHG 2P IDUW\JHW HIWHU HQ JUXQGOLJDUH LQVSHFWLRQE\DQDXWKRUL]HGRIILFHUWKHVKLS LQVSHNWLRQ DY HQ EHP\QGLJDG WMlQVWHPDQ LVIRXQGQRWWRFRQIRUPWRWKHUHTXLUHPHQWV EHILQQV LQWH XSSI\OOD NUDYHQ L GHQQD RIWKLV&RQYHQWLRQDQG NRQYHQWLRQRFK

D WKH FRQGLWLRQV RQ ERDUG DUH FOHDUO\ DI|UKnOODQGHQDRPERUGlUNODUWIDUOLJDI|U KD]DUGRXVWRWKHVDIHW\KHDOWKRUVHFXULW\RI VM|PlQVVlNHUKHWKlOVDHOOHUWU\JJKHWHOOHU VHDIDUHUVRU

EWKHQRQFRQIRUPLW\FRQVWLWXWHVDVHULRXV E GHQ EULVWDQGH HIWHUOHYQDGHQ XWJ|U HQ RU UHSHDWHG EUHDFK RI WKH UHTXLUHPHQWV RI DOOYDUOLJ HOOHU XSSUHSDG |YHUWUlGHOVH DY WKLV &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV NUDYHQ L GHQQD NRQYHQWLRQ EODQG DQQDW

ULJKWV WKH DXWKRUL]HG RIILFHU VKDOO WDNH VM|PlQQHQV UlWWLJKHWHU VNDOO GHQ

VWHSV WR HQVXUH WKDW WKH VKLS VKDOO QRW EHP\QGLJDGH WMlQVWHPDQQHQ VH WLOO DWW SURFHHG WR VHD XQWLO DQ\ QRQFRQIRUPLWLHV IDUW\JHW LQWH JnU WLOO VM|VV I|UUlQ DOOD IDOO DY WKDW IDOO ZLWKLQ WKH VFRSH RI VXESDUDJUDSK EULVWDQGH|YHUHQVVWlPPHOVHVRPIDOOHULQRP D RU E RI WKLV SDUDJUDSK KDYH EHHQ UlFNYLGGHQ I|U D HOOHU E L GHQQD SXQNW KDU UHFWLILHGRUXQWLOWKHDXWKRUL]HGRIILFHUKDV UlWWDWV WLOO HOOHU GHQ EHP\QGLJDGH DFFHSWHG D SODQ RI DFWLRQ WR UHFWLI\ VXFK WMlQVWHPDQQHQ KDU JRGNlQW HQ nWJlUGVSODQ QRQFRQIRUPLWLHV DQG LV VDWLVILHG WKDW WKH I|UDWWUlWWDWLOOGHVVDEULVWHURFKlUI|UYLVVDG SODQ ZLOO EH LPSOHPHQWHG LQ DQ H[SHGLWLRXV RP DWW SODQHQ NRPPHU DWW JHQRPI|UDV PDQQHU ,I WKH VKLS LV SUHYHQWHG IURP VQDEEW 2P IDUW\JHW KLQGUDV IUnQ DWW VHJOD VDLOLQJWKHDXWKRUL]HGRIILFHUVKDOOIRUWKZLWK VNDOO GHQ EHP\QGLJDGH WMlQVWHPDQQHQ QRWLI\WKHIODJ6WDWHDFFRUGLQJO\DQGLQYLWHD JHQDVW XSSO\VD IODJJVWDWHQ RP GHWWD RFK EH UHSUHVHQWDWLYHRIWKHIODJ6WDWHWREHSUHVHQW HQ UHSUHVHQWDQW I|U IODJJVWDWHQ DWW RP LISRVVLEOHUHTXHVWLQJWKHIODJ6WDWHWRUHSO\ P|MOLJW QlUYDUD VDPW EHJlUD DWW IODJJVWDWHQ ZLWKLQDSUHVFULEHGGHDGOLQH7KHDXWKRUL]HG VYDUDU LQRP HQ I|UHVNULYHQ WLGVIULVW 'HQ RIILFHU VKDOO DOVR LQIRUP IRUWKZLWK WKH EHP\QGLJDGH WMlQVWHPDQQHQ VNDOO RFNVn DSSURSULDWH VKLSRZQHUV DQG VHDIDUHUV JHQDVW LQIRUPHUD EHU|UGD UHGDU RFK RUJDQL]DWLRQVLQWKHSRUW6WDWHLQZKLFKWKH VM|IRONVRUJDQLVDWLRQHU L GHQ KDPQVWDW GlU LQVSHFWLRQZDVFDUULHGRXW LQVSHNWLRQHQJMRUGHV

(DFK 0HPEHU VKDOO HQVXUH WKDW LWV 9DUMH PHGOHPVVWDW VNDOO VH WLOO DWW GHVV DXWKRUL]HG RIILFHUV DUH JLYHQ JXLGDQFH RI EHP\QGLJDGH WMlQVWHPlQ InU YlJOHGQLQJ WKHNLQGLQGLFDWHGLQ3DUW%RIWKH&RGHDV HQOLJWGHO%LNRGHQRPGHI|UKnOODQGHQVRP WR WKH NLQGV RI FLUFXPVWDQFHV MXVWLI\LQJ PRWLYHUDU DWW HWW IDUW\J KnOOV NYDU HQOLJW GHWHQWLRQRIDVKLSXQGHUSDUDJUDSKRIWKLV SXQNWLGHQQDVWDQGDUG 6WDQGDUG

:KHQLPSOHPHQWLQJWKHLUUHVSRQVLELOLWLHV 1lU PHGOHPVVWDWHUQD IXOOJ|U VLQD XQGHU WKLV 6WDQGDUG HDFK 0HPEHU VKDOO VN\OGLJKHWHU HQOLJW GHQQD VWDQGDUG VNDOO GH PDNH DOO SRVVLEOH HIIRUWV WR DYRLG D VKLS VnOnQJWP|MOLJWEHP|GDVLJRPDWWXQGYLND EHLQJXQGXO\GHWDLQHGRUGHOD\HG,IDVKLSLV DWWIDUW\JKnOOVNYDUHOOHUI|UVHQDVLRQ|GDQ IRXQG WR EH XQGXO\ GHWDLQHG RU GHOD\HG 2P HWW IDUW\J EHILQQV EOL NYDUKnOOHW HOOHU FRPSHQVDWLRQ VKDOO EH SDLG IRU DQ\ ORVV RU I|UVHQDW L RQ|GDQ VNDOO HUVlWWQLQJ XWJn I|U GDPDJH VXIIHUHG 7KH EXUGHQ RI SURRI LQ HYHQWXHOO I|UOXVW HOOHU VNDGD %HYLVE|UGDQ HDFKFDVHVKDOOEHRQWKHFRPSODLQDQW VNDOODOOWLGYLODSnNODJDQGHQ

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH%²,QVSHFWLRQVLQSRUW $QYLVQLQJ%²,QVSHNWLRQHULKDPQ

7KH FRPSHWHQW DXWKRULW\ VKRXOG GHYHORS 'HQ EHK|ULJD P\QGLJKHWHQ E|U XWDUEHWD DQ LQVSHFWLRQ SROLF\ IRU DXWKRUL]HG RIILFHUV ULNWOLQMHU I|U LQVSHNWLRQ JHQRP FDUU\LQJ RXW LQVSHFWLRQV XQGHU 5HJXODWLRQ EHP\QGLJDGH WMlQVWHPlQ VRP XWI|U 7KHREMHFWLYHRIWKHSROLF\VKRXOGEH LQVSHNWLRQHU HQOLJW UHJHO 0nOHW I|U WR HQVXUH FRQVLVWHQF\ DQG WR RWKHUZLVH ULNWOLQMHUQD E|U YDUD DWW VNDSD NRQVHNYHQV JXLGH LQVSHFWLRQ DQG HQIRUFHPHQW DFWLYLWLHV RFK Sn DQQDW VlWW VW\UD LQVSHNWLRQV UHODWHG WR WKH UHTXLUHPHQWV RI WKLV YHUNVDPKHWHQRFKWLOOlPSQLQJHQDYNUDYHQL &RQYHQWLRQ LQFOXGLQJ VHDIDUHUV ULJKWV GHQQDNRQYHQWLRQEODQGDQQDWVM|PlQQHQV &RSLHVRIWKLVSROLF\VKRXOGEHSURYLGHGWR UlWWLJKHWHU 5LNWOLQMHUQD E|U WLOOVWlOODV DOOD DOO DXWKRUL]HG RIILFHUV DQG VKRXOG EH EHP\QGLJDGH WMlQVWHPlQ RFK E|U ILQQDV DYDLODEOH WR WKH SXEOLF DQG VKLSRZQHUV DQG WLOOJlQJOLJD I|U DOOPlQKHWHQ UHGDUQD RFK VHDIDUHUV VM|PlQQHQ

:KHQGHYHORSLQJDSROLF\UHODWLQJWRWKH 1lU ULNWOLQMHU XWDUEHWDV RP GH

FLUFXPVWDQFHVZDUUDQWLQJDGHWHQWLRQRIWKH I|UKnOODQGHQVRPPRWLYHUDUDWWGHQEHK|ULJD

VKLSXQGHU6WDQGDUG$SDUDJUDSKRI P\QGLJKHWHQ KnOOHU NYDU IDUW\J HQOLJW WKH FRPSHWHQW DXWKRULW\ VKRXOG FRQVLGHU VWDQGDUG$SXQNWE|UGHWEHDNWDVDWW WKDWZLWKUHVSHFWWRWKHEUHDFKHVUHIHUUHGWR QlU GHW JlOOHU |YHUWUlGHOVHU HQOLJW VWDQGDUG LQ 6WDQGDUG $ SDUDJUDSK E WKH $SXQNWENDQVYnULJKHWVJUDGHQEHUR VHULRXVQHVVFRXOGEHGXHWRWKHQDWXUHRIWKH Sn EULVWHQV DUW 'HWWD lU VlUVNLOW IDOOHW QlU GHILFLHQF\ FRQFHUQHG 7KLV ZRXOG EH JUXQGOlJJDQGHUlWWLJKHWHURFKSULQFLSHUHOOHU SDUWLFXODUO\ UHOHYDQW LQ WKH FDVH RI WKH VM|PlQQHQV DQVWlOOQLQJV RFK VRFLDOD YLRODWLRQ RI IXQGDPHQWDO ULJKWV DQG UlWWLJKHWHU HQOLJW DUWLNODUQD ,,, RFK ,9 SULQFLSOHV RU VHDIDUHUV HPSOR\PHQW DQG |YHUWUlGV 6RP H[HPSHO E|U DQVWlOOQLQJ DY VRFLDO ULJKWV XQGHU $UWLFOHV ,,, DQG ,9 )RU HQ XQGHUnULJ EHWUDNWDV VRP HQ DOOYDUOLJ H[DPSOHWKHHPSOR\PHQWRIDSHUVRQZKRLV |YHUWUlGHOVH lYHQ RP GHW HQGDVW ILQQV HQ XQGHUDJHVKRXOGEHFRQVLGHUHGDVDVHULRXV VnGDQ SHUVRQ RPERUG , DQGUD IDOO E|U EUHDFKHYHQLIWKHUHLVRQO\RQHVXFKSHUVRQ DQWDOHWROLNDEULVWHUVRPSnWUlIIDVYLGHQYLVV RQ ERDUG ,Q RWKHU FDVHV WKH QXPEHU RI LQVSHNWLRQEHDNWDV6nNDQWLOOH[HPSHOIOHUD GLIIHUHQW GHIHFWV IRXQG GXULQJ D SDUWLFXODU EULVWHU VRP U|U ERVWlGHU HOOHU PDW RFK LQVSHFWLRQVKRXOGEHWDNHQLQWRDFFRXQWIRU I|USOlJQDG YLOND LQWH KRWDU KlOVD HOOHU H[DPSOHVHYHUDOLQVWDQFHVRIGHIHFWVUHODWLQJ VlNHUKHW DFFHSWHUDV LQQDQ GH E|U DQVHV WR DFFRPPRGDWLRQ RU IRRG DQG FDWHULQJ XWJ|UDHQDOOYDUOLJ|YHUWUlGHOVH ZKLFKGRQRWWKUHDWHQVDIHW\RUKHDOWKPLJKW EHQHHGHGEHIRUHWKH\VKRXOGEHFRQVLGHUHG DVFRQVWLWXWLQJDVHULRXVEUHDFK

0HPEHUV VKRXOG FRRSHUDWH ZLWK HDFK 0HGOHPVVWDWHU E|U L VW|UVWD P|MOLJD RWKHUWRWKHPD[LPXPH[WHQWSRVVLEOHLQWKH XWVWUlFNQLQJVDPDUEHWDPHGYDUDQGUDQlUGH DGRSWLRQRILQWHUQDWLRQDOO\DJUHHGJXLGHOLQHV DQWDULQWHUQDWLRQHOOW|YHUHQVNRPQDULNWOLQMHU RQ LQVSHFWLRQ SROLFLHV HVSHFLDOO\ WKRVH I|U LQVSHNWLRQ VlUVNLOW VnGDQD VRP KDU DWW UHODWLQJWRWKHFLUFXPVWDQFHVZDUUDQWLQJWKH J|UDPHGRPVWlQGLJKHWHUVRPPRWLYHUDUDWW GHWHQWLRQRIDVKLS HWWIDUW\JKnOOVNYDU

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² 2QVKRUH VHDIDUHU 5HJHO ² 5XWLQHU I|U KDQWHULQJ DY FRPSODLQWKDQGOLQJSURFHGXUHV VM|PlQVNODJRPnOLODQG

(DFK 0HPEHU VKDOO HQVXUH WKDW VHDIDUHUV 9DUMHPHGOHPVVWDWVNDOOVHWLOODWWVM|PlQ RQ VKLSV FDOOLQJ DW D SRUW LQ WKH 0HPEHUV Sn IDUW\J VRP DQJ|U KDPQ Sn HQ WHUULWRU\ ZKR DOOHJH D EUHDFK RI WKH PHGOHPVVWDWV WHUULWRULXP RFK VRP KlYGDU UHTXLUHPHQWVRIWKLV&RQYHQWLRQLQFOXGLQJ DWWNUDYHQLGHQQDNRQYHQWLRQEODQGDQQDW VHDIDUHUV ULJKWV KDYH WKH ULJKW WR UHSRUW VM|PlQQHQV UlWWLJKHWHU |YHUWUlGV KDU UlWW VXFK D FRPSODLQW LQ RUGHU WR IDFLOLWDWH D DWW UDSSRUWHUD HWW VnGDQW NODJRPnO I|U DWW SURPSWDQGSUDFWLFDOPHDQVRIUHGUHVV XQGHUOlWWDVQDEERFKSUDNWLVNUlWWHOVH

6WDQGDUG 6WDQGDUG

6WDQGDUG $ ² 2QVKRUH VHDIDUHU 6WDQGDUG $ ² 5XWLQHU I|U KDQWHULQJ DY FRPSODLQWKDQGOLQJSURFHGXUHV VM|PlQVNODJRPnOLODQG

$ FRPSODLQW E\ D VHDIDUHU DOOHJLQJ D 6M|PlQ VRP KlYGDU DWW NUDYHQ L GHQQD EUHDFK RI WKH UHTXLUHPHQWV RI WKLV NRQYHQWLRQEODQGDQQDWVM|PlQQHQVUlWWLJ &RQYHQWLRQLQFOXGLQJVHDIDUHUVULJKWVPD\ KHWHU |YHUWUlGV NDQ UDSSRUWHUD NODJRPnO EH UHSRUWHG WR DQ DXWKRUL]HG RIILFHU LQ WKH WLOO HQ EHP\QGLJDG WMlQVWHPDQ L HQ KDPQ

SRUW DW ZKLFK WKH VHDIDUHUV VKLS KDV FDOOHG VRP VM|PlQQHQV IDUW\J DQJ|U , VnGDQD IDOO

,Q VXFK FDVHV WKH DXWKRUL]HG RIILFHU VKDOO VNDOO GHQ EHP\QGLJDGH WMlQVWHPDQQHQ J|UD XQGHUWDNHDQLQLWLDOLQYHVWLJDWLRQ HQLQOHGDQGHXWUHGQLQJ

:KHUH DSSURSULDWH JLYHQ WKH QDWXUH RI , WLOOlPSOLJD IDOO RFK EHURHQGH Sn NODJR WKH FRPSODLQW WKH LQLWLDO LQYHVWLJDWLRQ VKDOO PnOHWV DUW E|U GHQ LQOHGDQGH XWUHGQLQJHQ LQFOXGH FRQVLGHUDWLRQ RI ZKHWKHU WKH RQ EODQGDQQDWWDKlQV\QWLOORPGHUXWLQHUI|U ERDUGFRPSODLQWSURFHGXUHVSURYLGHGXQGHU NODJRPnORPERUGVRPILQQVLUHJHOKDU 5HJXODWLRQ KDYH EHHQ H[SORUHG 7KH XQGHUV|NWV 'HQ EHP\QGLJDGH WMlQVWH DXWKRUL]HGRIILFHUPD\DOVRFRQGXFWDPRUH PDQQHQ NDQ RFNVn J|UD HQ PHUD LQJnHQGH GHWDLOHG LQVSHFWLRQ LQ DFFRUGDQFH ZLWK LQVSHNWLRQHQOLJWVWDQGDUG$ 6WDQGDUG$

7KH DXWKRUL]HG RIILFHU VKDOO ZKHUH 'HQEHP\QGLJDGHWMlQVWHPDQQHQVNDOOVn DSSURSULDWHVHHNWRSURPRWHDUHVROXWLRQRI OnQJWP|MOLJWDUEHWDI|UHQO|VQLQJDYNODJR WKHFRPSODLQWDWWKHVKLSERDUGOHYHO PnOHQRPERUGSnIDUW\JHW

,QWKHHYHQWWKDWWKHLQYHVWLJDWLRQRUWKH 2P GHQ XWUHGQLQJ HOOHU LQVSHNWLRQ VRP LQVSHFWLRQ SURYLGHG XQGHU WKLV 6WDQGDUG J|UVHQOLJWGHQQDVWDQGDUGDYVO|MDUEULVWDQGH UHYHDOV D QRQFRQIRUPLW\ WKDW IDOOV ZLWKLQ HIWHUOHYQDG HQOLJW VWDQGDUG $ SXQNW WKHVFRSHRISDUDJUDSKRI6WDQGDUG$ VNDOO EHVWlPPHOVHUQD L GHQ SXQNWHQ WKH SURYLVLRQV RI WKDW SDUDJUDSK VKDOO EH WLOOlPSDV DSSOLHG

:KHUH WKH SURYLVLRQV RI SDUDJUDSK RI 1lU EHVWlPPHOVHUQD L SXQNW L GHQQD WKLV 6WDQGDUG GR QRW DSSO\ DQG WKH VWDQGDUG LQWH lU WLOOlPSOLJD RFK NODJRPnOHQ FRPSODLQWKDVQRWEHHQUHVROYHGDWWKHVKLS LQWHKDUO|VWVRPERUGSnIDUW\JHWVNDOOGHQ ERDUG OHYHO WKH DXWKRUL]HG RIILFHU VKDOO EHP\QGLJDGH WMlQVWHPDQQHQ JHQDVW XQGHU IRUWKZLWK QRWLI\ WKH IODJ 6WDWH VHHNLQJ UlWWD IODJJVWDWHQ RFK LQIRUGUD \WWUDQGH RFK ZLWKLQ D SUHVFULEHG GHDGOLQH DGYLFH DQG D HQ KDQGOLQJVSODQ I|U UlWWHOVH LQRP HQ FRUUHFWLYHSODQRIDFWLRQ I|UHVNULYHQWLGVUDP

:KHUH WKH FRPSODLQW KDV QRW EHHQ 2PNODJRPnOHWLQWHKDUXQGDQU|MWVVHGDQ UHVROYHG IROORZLQJ DFWLRQ WDNHQ LQ nWJlUGHU YLGWDJLWV HQOLJW SXQNW L GHQQD DFFRUGDQFH ZLWK SDUDJUDSK RI WKLV VWDQGDUG VNDOO KDPQVWDWHQ VNLFND HQ NRSLD 6WDQGDUG WKH SRUW 6WDWH VKDOO WUDQVPLW D DYGHQEHP\QGLJDGHWMlQVWHPDQQHQVUDSSRUW FRS\RIWKHDXWKRUL]HGRIILFHUVUHSRUWWRWKH WLOO JHQHUDOGLUHNW|UHQ (YHQWXHOOD VYDU VRP 'LUHFWRU*HQHUDO 7KH UHSRUW PXVW EH LQNRPPLW IUnQ IODJJVWDWHQV EHK|ULJD DFFRPSDQLHG E\ DQ\ UHSO\ UHFHLYHG ZLWKLQ P\QGLJKHWLQRP GHQI|UHVNULYQDWLGVIULVWHQ WKHSUHVFULEHGGHDGOLQHIURPWKHFRPSHWHQW PnVWH ELIRJDV 5HGDU RFK VM|IRONV DXWKRULW\ RI WKH IODJ 6WDWH 7KH DSSURSULDWH RUJDQLVDWLRQHU L KDPQVWDWHQ VNDOO RFNVn VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQV LQ LQIRUPHUDV +DPQVWDWHQ VNDOO GHVVXWRP WKHSRUW6WDWHVKDOOEHVLPLODUO\LQIRUPHG,Q UHJHOEXQGHWVNLFNDVWDWLVWLNRFKLQIRUPDWLRQ DGGLWLRQ VWDWLVWLFV DQG LQIRUPDWLRQ |YHU NODJRPnO VRP KDU O|VWV WLOO JHQHUDO UHJDUGLQJ FRPSODLQWV WKDW KDYH EHHQ GLUHNW|UHQ 'HVVD XQGHUUlWWHOVHU I|UHVNULYV UHVROYHGVKDOOEHUHJXODUO\VXEPLWWHGE\WKH I|U DWWGHSn JUXQGYDO DY HWWDJHUDQGHVRP SRUW 6WDWH WR WKH 'LUHFWRU*HQHUDO %RWK NDQ EHG|PDV OlPSOLJW RFK lQGDPnOVHQOLJW VXFKVXEPLVVLRQVDUHSURYLGHGLQRUGHUWKDW VNDOO NXQQD UHJLVWUHUDV RFK EOL WLOOJlQJOLJD RQ WKH EDVLV RI VXFK DFWLRQ DV PD\ EH I|U SDUWHU EODQG DQQDW UHGDU RFK VM|IRONV FRQVLGHUHG DSSURSULDWH DQG H[SHGLHQW D RUJDQLVDWLRQHU VRP NDQ KD LQWUHVVH DY DWW UHFRUG LV NHSW RI VXFK LQIRUPDWLRQ DQG LV XWQ\WWMDWLOOlPSOLJDUlWWVOLJDI|UIDUDQGHQ EURXJKW WR WKH DWWHQWLRQ RI SDUWLHV LQFOXGLQJ VKLSRZQHUV DQG VHDIDUHUV RUJDQL]DWLRQVZKLFKPLJKWEHLQWHUHVWHGLQ

DYDLOLQJ WKHPVHOYHV RI UHOHYDQW UHFRXUVH 'HW VNDOO VlNHUVWlOODV DWW VM|PlQQHQV

SURFHGXUHV NODJRPnOI|UEOLUNRQILGHQWLHOOD

$SSURSULDWH VWHSV VKDOO EH WDNHQ WR VDIHJXDUG WKH FRQILGHQWLDOLW\ RI FRPSODLQWV PDGHE\VHDIDUHUV

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² 2QVKRUH VHDIDUHU $QYLVQLQJ % ² 5XWLQHU I|U KDQWHULQJ DY FRPSODLQWKDQGOLQJSURFHGXUHV VM|PlQVNODJRPnOLODQG

:KHUHDFRPSODLQWUHIHUUHGWRLQ6WDQGDUG 1lU HQ EHP\QGLJDG WMlQVWHPDQ KDQG $LVGHDOWZLWKE\DQDXWKRUL]HGRIILFHU OlJJHU HWW NODJRPnO HQOLJW VWDQGDUG $ WKH RIILFHU VKRXOG ILUVW FKHFN ZKHWKHU WKH E|UGHWI|UVWNRQWUROOHUDVRPNODJRPnOHWlU FRPSODLQW LV RI D JHQHUDO QDWXUH ZKLFK DY DOOPlQ QDWXU RFK EHU|U DOOD VM|PlQ Sn FRQFHUQV DOO VHDIDUHUV RQ WKH VKLS RU D IDUW\JHWHOOHUHQNDWHJRULDYSHUVRQDOHQHOOHU FDWHJRU\RIWKHPRUZKHWKHULWUHODWHVRQO\ RPGHWlUHWWHQVWDNDIDOOVRPHQGDVWEHU|U WR WKH LQGLYLGXDO FDVH RI WKH VHDIDUHU HQHQVNLOGSHUVRQ FRQFHUQHG

,I WKH FRPSODLQW LV RI D JHQHUDO QDWXUH 2PNODJRPnOHWlUDYDOOPlQQDWXUE|UHQ FRQVLGHUDWLRQ VKRXOG EH JLYHQ WR XQGHU PHUD GHWDOMHUDG LQVSHNWLRQ HQOLJW VWDQGDUG WDNLQJ D PRUH GHWDLOHG LQVSHFWLRQ LQ $|YHUYlJDV DFFRUGDQFHZLWK6WDQGDUG$

,I WKH FRPSODLQW UHODWHV WR DQ LQGLYLGXDO *lOOHU NODJRPnOHW HWW HQVNLOW IDOO E|U FDVH DQ H[DPLQDWLRQ RI WKH UHVXOWV RI DQ\ UHVXOWDWHW DY UXWLQHU I|U NODJRPnO RPERUG RQERDUG FRPSODLQW SURFHGXUHV IRU WKH I|UDWWO|VDGHWXQGHUV|NDV2PLQJHQVnGDQ UHVROXWLRQ RI WKH FRPSODLQW FRQFHUQHG XQGHUV|NQLQJ KDU JMRUWV E|U GHQ EHP\Q VKRXOG EH XQGHUWDNHQ ,I VXFK SURFHGXUHV GLJDGH WMlQVWHPDQQHQ I|UHVOn NODJDQGHQ DWW KDYH QRW EHHQ H[SORUHG WKH DXWKRUL]HG XWQ\WWMD DOOD WLOOJlQJOLJD UXWLQHU 'HW E|U RIILFHUVKRXOGVXJJHVWWKDWWKHFRPSODLQDQW ILQQDVJRGDVNlOI|UDWWEHDNWDHWWNODJRPnO WDNH DGYDQWDJH RI DQ\ VXFK SURFHGXUHV LQQDQ UXWLQHU I|U NODJRPnO RPERUG KDU DYDLODEOH7KHUHVKRXOGEHJRRGUHDVRQVIRU XQGHUV|NWV 6nGDQD VNlO NDQ YDUD DWW GH FRQVLGHULQJ D FRPSODLQW EHIRUH DQ\ RQ LQWHUQDUXWLQHUQDlURWLOOUlFNOLJDHOOHUVlWWVLQ ERDUG FRPSODLQW SURFHGXUHV KDYH EHHQ DOOWI|U VHQW HOOHU DWW NODJDQGHQ lU UlGG I|U H[SORUHG 7KHVH ZRXOG LQFOXGH WKH LQDGH UHSUHVVDOLHURPNODJRPnOIUDPI|UV TXDF\ RI RU XQGXH GHOD\ LQ WKH LQWHUQDO SURFHGXUHV RU WKH FRPSODLQDQWV IHDU RI UHSULVDOIRUORGJLQJDFRPSODLQW

,Q DQ\ LQYHVWLJDWLRQ RI D FRPSODLQW WKH 9LG YDUMH XWUHGQLQJ DY HWW NODJRPnO E|U DXWKRUL]HG RIILFHU VKRXOG JLYH WKH PDVWHU GHQ EHP\QGLJDGH WMlQVWHPDQQHQ JH WKH VKLSRZQHU DQG DQ\ RWKHU SHUVRQ EHIlOKDYDUHQ UHGDUHQ RFK YDUMH DQQDQ LQYROYHG LQ WKH FRPSODLQW D SURSHU SHUVRQ VRP EHU|UV DY NODJRPnOHW HQ ULPOLJ RSSRUWXQLW\WRPDNHNQRZQWKHLUYLHZV P|MOLJKHWDWW\WWUDVLJ

,Q WKH HYHQW WKDW WKH IODJ 6WDWH GHPRQ 2PIODJJVWDWHQVRPVYDUSnKDPQVWDWHQV VWUDWHV LQ UHVSRQVH WR WKH QRWLILFDWLRQ E\ DQPlODQHQOLJWVWDQGDUG$SXQNWYLVDU WKHSRUW6WDWHLQDFFRUGDQFHZLWKSDUDJUDSK DWWGHQNRPPHUDWWWDKDQGRPlUHQGHWRFK RI6WDQGDUG$WKDWLWZLOOKDQGOHWKH DWW GHQ KDU HIIHNWLYD UXWLQHU I|U GHWWD PDWWHU DQG WKDW LW KDV LQ SODFH HIIHFWLYH lQGDPnO RFK KDU |YHUOlPQDW HQ JRGWDJEDU SURFHGXUHV IRU WKLV SXUSRVH DQG KDV nWJlUGVSODQ InU GHQ EHP\QGLJDGH WMlQVWH

VXEPLWWHG DQ DFFHSWDEOH SODQ RI DFWLRQ WKH PDQQHQ DYVWn IUnQ DWW L IRUWVlWWQLQJHQ

DXWKRUL]HG RIILFHU PD\ UHIUDLQ IURP DQ\ EHIDWWDVLJPHGNODJRPnOHW IXUWKHULQYROYHPHQWZLWKWKHFRPSODLQW

5HJXODWLRQ 5HJHO

5HJXODWLRQ ² /DERXUVXSSO\LQJ 5HJHO²5HNU\WHULQJVDQVYDU UHVSRQVLELOLWLHV

3XUSRVH 7R HQVXUH WKDW HDFK 0HPEHU 6\IWH $WW VlNHUVWlOOD DWW YDUMH PHGOHPVVWDW LPSOHPHQWV LWV UHVSRQVLELOLWLHV XQGHU WKLV XSSI\OOHU VLQD VN\OGLJKHWHU HQOLJW GHQQD &RQYHQWLRQ DV SHUWDLQLQJ WR VHDIDUHU NRQYHQWLRQ QlU GHW JlOOHU UHNU\WHULQJ DY RFK UHFUXLWPHQW DQG SODFHPHQW DQG WKH VRFLDO DUEHWVI|UPHGOLQJ RFK VRFLDOW VN\GG I|U GHVV SURWHFWLRQRILWVVHDIDUHUV VM|PlQ

:LWKRXWSUHMXGLFHWRWKHSULQFLSOHRIHDFK 8WDQDWWGHWSnYHUNDUSULQFLSHQRPYDUMH 0HPEHUVUHVSRQVLELOLW\IRUWKHZRUNLQJDQG PHGOHPVVWDWVDQVYDUI|UVM|PlQQHQVDUEHWV OLYLQJ FRQGLWLRQV RI VHDIDUHUV RQ VKLSV WKDW RFK OHYQDGVI|UKnOODQGHQ Sn IDUW\J VRP I|U IO\LWVIODJWKH0HPEHUDOVRKDVDUHVSRQVL GHVV IODJJ KDU PHGOHPVVWDWHQ RFNVn DQVYDU ELOLW\ WR HQVXUH WKH LPSOHPHQWDWLRQ RI WKH I|UDWWNUDYHQLGHQQDNRQYHQWLRQ WLOOlPSDV UHTXLUHPHQWV RI WKLV &RQYHQWLRQ UHJDUGLQJ QlU GHW JlOOHU UHNU\WHULQJ DY RFK DUEHWV WKH UHFUXLWPHQW DQG SODFHPHQW RI VHDIDUHUV I|UPHGOLQJ RFK VRFLDOI|UVlNULQJVVN\GG I|U DV ZHOO DV WKH VRFLDO VHFXULW\ SURWHFWLRQ RI VM|PlQ VRP lU GHVV PHGERUJDUH HOOHU ERU VHDIDUHUVWKDWDUHLWVQDWLRQDOVRUDUHUHVLGHQW HOOHU KDU KHPYLVW Sn GHVV WHUULWRULXP L GHQ RUDUHRWKHUZLVHGRPLFLOHGLQLWVWHUULWRU\WR PnQ VnGDQW DQVYDU I|UHVNULYV L GHQQD WKH H[WHQW WKDW VXFK UHVSRQVLELOLW\ LV NRQYHQWLRQ SURYLGHGIRULQWKLV&RQYHQWLRQ

'HWDLOHGUHTXLUHPHQWVIRUWKHLPSOHPHQ 8WI|UOLJDI|UHVNULIWHURPJHQRPI|UDQGHW WDWLRQRISDUDJUDSKRIWKLV5HJXODWLRQDUH DYSXQNWLGHQQDUHJHOILQQVLNRGHQ IRXQGLQWKH&RGH

(DFK 0HPEHU VKDOO HVWDEOLVK DQ HIIHFWLYH 9DUMH PHGOHPVVWDW VNDOO LQUlWWD HWW LQVSHFWLRQ DQG PRQLWRULQJ V\VWHP IRU HIIHNWLYW V\VWHP I|U DWW LQVSHNWHUD RFK HQIRUFLQJ LWV ODERXUVXSSO\LQJ UHVSRQVL |YHUYDND DWW GHVV DQVYDU I|U UHNU\WHULQJ ELOLWLHVXQGHUWKLV&RQYHQWLRQ HQOLJWGHQQDNRQYHQWLRQXSSI\OOV

,QIRUPDWLRQDERXWWKHV\VWHPUHIHUUHGWR ,QIRUPDWLRQ RP GHW V\VWHP VRP DYVHV L LQSDUDJUDSKRIWKLV5HJXODWLRQLQFOXGLQJ SXQNW L GHQQD UHJHO EODQG DQQDW GHQ WKH PHWKRG XVHG IRU DVVHVVLQJ LWV PHWRG VRP DQYlQGV I|U DWW EHG|PD GHVV HIIHFWLYHQHVV VKDOO EH LQFOXGHG LQ WKH HIIHNWLYLWHW VNDOO LQJn L PHGOHPVVWDWHQV 0HPEHUV UHSRUWV SXUVXDQW WR DUWLFOH RI UDSSRUWHUHQOLJWDUWLNHOLVWDGJDQ WKH&RQVWLWXWLRQ

6WDQGDUG 6WDQGDUG

6WDQGDUG $ ² /DERXUVXSSO\LQJ 6WDQGDUG$²5HNU\WHULQJVDQVYDU UHVSRQVLELOLWLHV

(DFK 0HPEHU VKDOO HQIRUFH WKH UHTXLUH 9DUMHPHGOHPVVWDWVNDOOWLOOlPSDGHNUDYL PHQWV RI WKLV &RQYHQWLRQ DSSOLFDEOH WR WKH GHQQD NRQYHQWLRQ VRP JlOOHU GULIW DY RFK RSHUDWLRQ DQG SUDFWLFH RI VHDIDUHU UHFUXLW UXWLQHU I|U UHNU\WHULQJV RFK I|UPHGOLQJV PHQWDQGSODFHPHQWVHUYLFHVHVWDEOLVKHGRQ NRQWRU I|U VM|PlQ VRP YHUNDU Sn GHVV

LWVWHUULWRU\WKURXJKDV\VWHPRILQVSHFWLRQ WHUULWRULXP JHQRP HWW V\VWHP I|U LQVSHN

DQG PRQLWRULQJ DQG OHJDO SURFHHGLQJV IRU WLRQ |YHUYDNQLQJ RFK UlWWVOLJD I|UIDUDQGHQ EUHDFKHV RI OLFHQVLQJ DQG RWKHU RSHUDWLRQDO I|U |YHUWUlGHOVH DY OLFHQVLHULQJ RFK DQGUD UHTXLUHPHQWVSURYLGHGIRULQ6WDQGDUG$ I|UHVNULIWHU I|U GULIWHQ VRP JHV L VWDQGDUG $

*XLGHOLQH $QYLVQLQJ

*XLGHOLQH % ² /DERXUVXSSO\LQJ $QYLVQLQJ%²5HNU\WHULQJVDQVYDU UHVSRQVLELOLWLHV

3ULYDWH VHDIDUHU UHFUXLWPHQW DQG SODFH 3ULYDWD NRQWRU I|U UHNU\WHULQJ RFK PHQW VHUYLFHV HVWDEOLVKHG LQ WKH 0HPEHUV I|UPHGOLQJ DY VM|PlQ PHG VlWH Sn WHUULWRU\ DQG VHFXULQJ WKH VHUYLFHV RI D PHGOHPVVWDWHQV WHUULWRULXP VRP NQ\WHU VHDIDUHU IRU D VKLSRZQHU ZKHUHYHU ORFDWHG WMlQVWHU IUnQ VM|PlQ WLOO HQ UHGDUH RDYVHWW VKRXOGEHUHTXLUHGWRDVVXPHREOLJDWLRQVWR YDU GHQQH ILQQV VNDOO VH WLOO DWW UHGDUQD HQVXUHWKHSURSHUIXOILOPHQWE\VKLSRZQHUV XSSI\OOHU YLOONRUHQ L GH DQVWlOOQLQJVDYWDO GH RI WKH WHUPV RI WKHLU HPSOR\PHQW VOXWHUPHGVM|PlQQHQ DJUHHPHQWVFRQFOXGHGZLWKVHDIDUHUV

Appendix A5-I Tillägg A5-I

The working and living conditions of seafarers Arbets- och levnadsförhållanden för sjömän that must be inspected and approved by the som måste inspekteras och godkännas av flag State before certifying a ship in accord- flaggstaten innan ett fartyg kan certifieras i enance with Standard A5.1.3, paragraph 1: lighet med Standard A5.1.3, punkt 1:

Minimum age Minimiålder Medical certification Medicinska intyg Qualifications of seafarers Sjömännens kvalifikationer Seafarers' employment agreements Sjömännens anställningsavtal Use of any licensed or certified or regulated Användning av en licensierad, certifierad eller private recruitment and placement service reglerad privat rekrytering och förmedlingstjänst Hours of work or rest Arbets- och vilotid Manning levels for the ship Fartygets bemanningsnivå Accommodation Bostad On-board recreational facilities Rekreationsmöjligheter ombord Food and catering Mat och förplägnad On-board medical care Sjukvård ombord On-board complaint procedures Rutiner för klagomål ombord Payment of wages Löneutbetalningar

Appendix A5-III Tillägg A5-III

General areas that are subject to a detailed in- Allmänna områden som förutsätter en grundlig spection by an authorized officer in a port of a inspektion av en bemyndigad tjänsteman i en Member carrying out a port State inspection medlemsstats hamn, som gör en hamnstatsinpursuant to Standard A5.2.1: spektion i enlighet med Standard A5.2.1:

Minimum age Minimiålder Qualifications of seafarers Sjömännens kvalifikationer Seafarers' employment agreements Sjömännens anställningsavtal Use of any licensed or certified or regulated Användning av en licensierad, certifierad eller private recruitment and placement service reglerad privat rekrytering och förmedlingstjänst Hours of work or rest Arbets- och vilotid Manning levels for the ship Fartygets bemanningsnivå Accommodation Bostad On-board recreational facilities Rekreationsmöjligheter ombord Food and catering Mat och förplägnad Health and safety and accident prevention Hälsa och säkerhet samt förebyggande av olyckor On-board medical care Sjukvård ombord On-board complaint procedures Rutiner för klagomål ombord Payment of wages Löneutbetalningar

Elanders Sverige AB, 2013