CSS basic box model.pdf

Embed Size (px)

Citation preview

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    &66EDVLFER[PRGHO:&:RUNLQJ'UDIW$XJXVW7KLVYHUVLRQ

    KWWSZZZZRUJ75:'FVVER[/DWHVWYHUVLRQ

    KWWSZZZZRUJ75FVVER[3UHYLRXVYHUVLRQ

    KWWSZZZZRUJ75:'FVVER[(GLWRUV

    %HUW%RV:&EHUW#ZRUJ

    &RS\ULJKW:&0,7(5&,0.HLR$OO5LJKWV5HVHUYHG:&OLDELOLW\WUDGHPDUNDQGGRFXPHQWXVHUXOHVDSSO\

    $EVWUDFW&66&DVFDGLQJ6W\OH6KHHWVGHVFULEHVWKHUHQGHULQJRIGRFXPHQWVRQYDULRXVPHGLD:KHQWH[WXDOGRFXPHQWVHJ+70/DUHODLGRXWRQYLVXDOPHGLDHJVFUHHQRUSULQW&66PRGHOVWKHGRFXPHQWDVDKLHUDUFK\RIER[HVFRQWDLQLQJZRUGVOLQHVSDUDJUDSKVWDEOHVHWFHDFKZLWKSURSHUWLHVVXFKDVVL]HFRORUDQGIRQW

    7KLVPRGXOHGHVFULEHVWKHEDVLFW\SHVRIER[HVZLWKWKHLUSDGGLQJDQGPDUJLQDQGWKHQRUPDOIORZLHWKHVHTXHQFHRIEORFNVRIWH[WZLWKPDUJLQVLQEHWZHHQ,WDOVRGHILQHVIORDWLQJER[HVEXWRWKHUNLQGVRIOD\RXWVXFKDVWDEOHVDEVROXWHSRVLWLRQLQJUXE\DQQRWDWLRQVJULGOD\RXWVFROXPQVDQGQXPEHUHGSDJHVDUHGHVFULEHGE\RWKHUPRGXOHV$OVRWKHOD\RXWRIWH[WLQVLGHHDFKOLQHLQFOXGLQJWKHKDQGOLQJRIOHIWWRULJKWDQGULJKWWROHIWVFULSWVLVGHILQHGHOVHZKHUH

    %R[HVPD\FRQWDLQHLWKHUKRUL]RQWDORUYHUWLFDOOLQHVRIWH[W%R[HVRIGLIIHUHQWRULHQWDWLRQVPD\EHPL[HGLQRQHIORZ7KLVLVDOHYHOIHDWXUH

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KLVLVDOHYHOIHDWXUH

    6WDWXVRIWKLVGRFXPHQW7KLVVHFWLRQGHVFULEHVWKHVWDWXVRIWKLVGRFXPHQWDWWKHWLPHRILWVSXEOLFDWLRQ2WKHUGRFXPHQWVPD\VXSHUVHGHWKLVGRFXPHQW$OLVWRIFXUUHQW:&SXEOLFDWLRQVDQGWKHODWHVWUHYLVLRQRIWKLVWHFKQLFDOUHSRUWFDQEHIRXQGLQWKH:&WHFKQLFDOUHSRUWVLQGH[DWKWWSZZZZRUJ75

    3XEOLFDWLRQDVD:RUNLQJ'UDIWGRHVQRWLPSO\HQGRUVHPHQWE\WKH:&0HPEHUVKLS7KLVLVDGUDIWGRFXPHQWDQGPD\EHXSGDWHGUHSODFHGRUREVROHWHGE\RWKHUGRFXPHQWVDWDQ\WLPH,WLVLQDSSURSULDWHWRFLWHWKLVGRFXPHQWDVRWKHUWKDQZRUNLQSURJUHVV

    7KHDUFKLYHGSXEOLFPDLOLQJOLVWZZZVW\OH#ZRUJVHHLQVWUXFWLRQVLVSUHIHUUHGIRUGLVFXVVLRQRIWKLVVSHFLILFDWLRQ:KHQVHQGLQJHPDLOSOHDVHSXWWKHWH[WFVVER[LQWKHVXEMHFWSUHIHUDEO\OLNHWKLV>FVVER[@VXPPDU\RIFRPPHQW

    7KLVGRFXPHQWZDVSURGXFHGE\WKH&66:RUNLQJ*URXSSDUWRIWKH6W\OH$FWLYLW\

    7KLVGRFXPHQWZDVSURGXFHGE\DJURXSRSHUDWLQJXQGHUWKH)HEUXDU\:&3DWHQW3ROLF\:&PDLQWDLQVDSXEOLFOLVWRIDQ\SDWHQWGLVFORVXUHVPDGHLQFRQQHFWLRQZLWKWKHGHOLYHUDEOHVRIWKHJURXSWKDWSDJHDOVRLQFOXGHVLQVWUXFWLRQVIRUGLVFORVLQJDSDWHQW$QLQGLYLGXDOZKRKDVDFWXDONQRZOHGJHRIDSDWHQWZKLFKWKHLQGLYLGXDOEHOLHYHVFRQWDLQV(VVHQWLDO&ODLPVPXVWGLVFORVHWKHLQIRUPDWLRQLQDFFRUGDQFHZLWKVHFWLRQRIWKH:&3DWHQW3ROLF\

    7KLVPRGXOHVKRXOGHYHQWXDOO\UHSODFHFRUUHVSRQGLQJSDUWVRIWKHUHYLVHG&66OHYHOVSHFLILFDWLRQ>&66@%XWWKLVLVDQHDUO\GUDIWDQGDQ\GLIIHUHQFHVWROHYHODUHPRVWOLNHO\XQLQWHQWLRQDOXQOHVVWKH\FRQFHUQQHZIHDWXUHVVXFKDVYHUWLFDOWH[WRUWKHPDUTXHHHIIHFW3OHDVHKHOSXVLPSURYHWKHQH[WGUDIWE\SRLQWLQJRXWVXFKGLIIHUHQFHV

    7DEOHRIFRQWHQWV'HSHQGHQFLHVRQRWKHUPRGXOHV

    ,QWURGXFWLRQ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    +RZWRUHDGWKLVVSHFLILFDWLRQ

    7\SHVRIER[HV7KHGLVSOD\SURSHUW\%ORFNOHYHOER[HVFRQWDLQLQJEORFNVIORZVDQGDQRQ\PRXVER[HV5XQLQER[HV&RPSDFWER[HV

    7KHSDGGLQJSURSHUWLHV

    0DUJLQV7KHPDUJLQSURSHUWLHV&ROODSVLQJPDUJLQV

    7KHZLGWKDQGKHLJKWSURSHUWLHV

    7KHPLQZLGWKPD[ZLGWKPLQKHLJKWDQGPD[KHLJKWSURSHUWLHV

    &DOFXODWLQJZLGWKVKHLJKWVDQGPDUJLQV,QOLQHQRQUHSODFHGHOHPHQWV,QOLQHRUIORDWLQJUHSODFHGHOHPHQWV%ORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZZKHQRYHUIORZFRPSXWHVWRYLVLEOH2WKHUEORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZ,QOLQHEORFNRUIORDWLQJQRQUHSODFHGHOHPHQWV$EVROXWHO\SRVLWLRQHGQRQUHSODFHGHOHPHQWV$EVROXWHO\SRVLWLRQHGUHSODFHGHOHPHQWV%ORFNOHYHOUHSODFHGHOHPHQWVLQQRUPDOIORZ)ORDWLQJQRQUHSODFHGHOHPHQWV$XWRKHLJKWVIRUIORZURRWV6KULQNWRILW

    )ORDWLQJER[HV,QWURGXFWLRQWRIORDWV7KHIORDWSURSHUW\5XOHVIRUSRVLWLRQLQJIORDWV7KHFOHDUSURSHUW\

    2YHUIORZ7KHRYHUIORZRYHUIORZ[DQGRYHUIORZ\SURSHUWLHV7KHRYHUIORZVW\OHSURSHUW\7KHPDUTXHHSURSHUWLHV

    7KHYLVLELOLW\SURSHUW\

    5RWDWLQJER[HV

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    5RWDWLQJER[HV

    6WDFNLQJFRQWH[WV

    &RQIRUPDQFHDQGSURILOHV

    $FNQRZOHGJPHQWV

    5HIHUHQFHV

    ,QGH[

    3URSHUW\LQGH[

    'HSHQGHQFLHVRQRWKHUPRGXOHV7KLV&66PRGXOHGHSHQGVRQWKHIROORZLQJRWKHU&66PRGXOHV

    &667H[W/D\RXW0RGXOH>&667(;7/$&666&669$/@GHILQLWLRQVRIYDOXHW\SHVQXPEHU!DQJOH!DQGOHQJWK!GHILQHVWKHWHUPVFRPSXWHGYDOXHDQGXVHGYDOXH&667H[W0RGXOH>&667(;7@LQOLQHOD\RXWDQGGHILQLWLRQRIOLQHER[&66*HQHUDWHGDQG5HSODFHG&RQWHQWPRGXOH>&66*(1&21@GHILQHVWKHWHUPVUHSODFHGHOHPHQWDQGLQWULQVLFVL]HDQGLQWULQVLFUDWLR&66%DFNJURXQGVDQG%RUGHUV0RGXOH>&66%*@GHILQHVEJSRVLWLRQ!

    ,QWURGXFWLRQ1RWH7KHPRGHOLQWKLVVSHFLILFDWLRQGLIIHUVIURPWKHPRGHOGHVFULEHGLQWKH&66OHYHOVSHFLILFDWLRQ>&66@EHFDXVHLWLVJHQHUDOL]HGWRDSSO\DOVRWRYHUWLFDOWH[WDQGLWDGGVSURSHUWLHVWRFRQWUROWKHPDUTXHHHIIHFWVSHHGGLUHFWLRQHWF7KHPDUTXHHHIIHFWLVDOORZHGEXW8$GHSHQGHQWLQOHYHO

    &66DVVXPHVWKDWWKHGRFXPHQWWROD\RXWLVPRGHOHGDVDWUHHRIHOHPHQWV(DFKHOHPHQWKDVDQRUGHUHGOLVWRI]HURRUPRUHFKLOGHOHPHQWVZLWKDQRSWLRQDOVWULQJRIWH[WEHIRUHWKH

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    OLVWLQEHWZHHQWKHFKLOGUHQDQGDIWHUWKHOLVW7KHXQLTXHHOHPHQWWKDWKDVQRSDUHQWLVFDOOHGWKHURRWHOHPHQW

    &66GHVFULEHVKRZHDFKHOHPHQWDQGHDFKVWULQJRIWH[WLVODLGRXWE\WUDQVIRUPLQJWKHGRFXPHQWWUHHLQWRDWUHHRIUHFWDQJXODUER[HVZKRVHVL]HDQGSRVLWLRQGHSHQGVRQWKHLUSURSHUWLHV7KHUHDUHEORFNOHYHOER[HVOLQHER[HVDQGLQOLQHOHYHOER[HV$EORFNOHYHOER[LVOLNHDSDUDJUDSK$OLQHER[LVOLNHDOLQHRIWH[W$QGLQOLQHOHYHOER[HVDUHOLNHZRUGVLQVLGHDOLQH

    7KHSUHFLVHUXOHVDUHEHORZDQGLQRWKHUPRGXOHVEXWLQVXPPDU\DEORFNOHYHOER[FRQWDLQVHLWKHURWKHUEORFNOHYHOER[HVHJDVHFWLRQFRQWDLQLQJSDUDJUDSKVRUDWDEOHFRQWDLQLQJURZVRULWFRQWDLQVOLQHER[HVHJDSDUDJUDSKFRQWDLQLQJOLQHVRIWH[W$OLQHER[FRQWDLQVLQOLQHOHYHOER[HVHJDOLQHZLWKZRUGVLQGLIIHUHQWVW\OHV$QLQOLQHOHYHOER[PD\FRQWDLQHLWKHUWH[WLQWHUVSHUVHGZLWKPRUHLQOLQHOHYHOER[HVRULWPD\FRQWDLQDEORFNOHYHOER[HJDVPDOOWDEOHWKDWLVUHQGHUHGLQOLQH

    )LJXUH5HODWLRQEHWZHHQIRXUGLVSOD\HGER[HVLQWKHUHQGHUHGGRFXPHQWRQWKHULJKWDQGWKHWKUHH

    FRUUHVSRQGLQJHOHPHQWVLQWKHVRXUFHGRFXPHQWRQWKHOHIW

    7KHWUHHRIER[HVFORVHO\PLUURUVWKHWUHHRIHOHPHQWV(DFKHOHPHQWLVWUDQVIRUPHGLQWR]HURRUPRUHER[HV,IWKHHOHPHQWLVQRWWKHURRWHOHPHQWWKHQHDFKRILWVER[HVLVHLWKHUDFKLOG

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    RIDER[RIWKHSDUHQWHOHPHQWRULWLVDFKLOGRIDER[RIWKHHOHPHQWLWVHOI,QRWKHUZRUGVWKHUHPD\EHPRUHRUIHZHUER[HVWKDQWKHUHDUHHOHPHQWVEXWHDFKER[EHORQJVWRH[DFWO\RQHHOHPHQW

    3URSHUWLHVDUHVHWRQHOHPHQWVDQGLQIOXHQFHKRZWKHHOHPHQWLVWXUQHGLQWRER[HVEXWLQWKLVVSHFLILFDWLRQZHUHIHULQWHUFKDQJHDEO\WRWKH3SURSHUW\RIDQHOHPHQWDQGWKH3SURSHUW\RIDER[ERWKRIZKLFKDFWXDOO\PHDQWKHYDOXHRISURSHUW\3RIXQOHVVLWLVLPSRUWDQWWRGLVWLQJXLVKWKHER[DQGWKHHOHPHQWHJEHFDXVHWKHHOHPHQWKDVVHYHUDOER[HVDQGWKH\GRQWDOOKDYHWKHVDPHYDOXHIRUWKHSURSHUW\

    )RUH[DPSOHDIUDJPHQWRI+70/VXFKDV

    PD\UHVXOWLQRQHEORFNOHYHOER[IRUWKHHOHPHQWFRQWDLQLQJWZREORFNOHYHOER[HVIRUWKHWZRHOHPHQWVHDFKRIZKLFKKDVRQHOLQHER[LHRQHOLQHRIWH[W%RWKOLQHER[HVFRQWDLQWZRLQOLQHOHYHOER[HVRQHWKDWFRQWDLQVWKHOLVWEXOOHWDQGRQHWKDWFRQWDLQVWKHWH[W

    1RWHKRZWKHLVWUDQVIRUPHGLQWRPXOWLSOHER[HVLQFOXGLQJRQHWKDWFRQWDLQVJHQHUDWHGFRQWHQWYL]WKHOLVWEXOOHWZKLFKLVQRWSUHVHQWLQWKHVRXUFHGRFXPHQW

    ,IWKHGRFXPHQWLVUHQGHUHGLQDQDUURZZLQGRZLWPD\EHWKDWWKHHOHPHQWVJHWWUDQVIRUPHGLQWRHYHQPRUHER[HVEHFDXVHWKHWH[WUHTXLUHVPXOWLSOHOLQHV$QGLIWKHGRFXPHQWLVUHQGHUHGRQSDSHULWPD\EHWKDWDSDJHEUHDNIDOOVLQWKHPLGGOHRIWKHHOHPHQWVRWKDWLWLVQRWWUDQVIRUPHGLQWRDVLQJOHEORFNOHYHOER[EXWLQWRWZRVPDOOHURQHVHDFKRQDGLIIHUHQWSDJH

    ([DPSOH,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    )LJXUH7KHYDULRXVDUHDVDQGHGJHVRIDW\SLFDOER[

    %R[HVKDYHSDGGLQJDERUGHUDQGPDUJLQVVHHWKHILJXUH'LIIHUHQWSURSHUWLHVGHWHUPLQHWKHWKLFNQHVVRIHDFKRIWKHVHZKLFKPD\EH]HUR

    (DFKER[KDVDFRQWHQWDUHD7KHUHFWDQJOHWKDWERXQGVWKLVDUHDLVWKHFRQWHQWHGJH$URXQGWKHFRQWHQWDUHDLVWKHSDGGLQJDUHDDQGLWVRXWVLGHERXQGVDUHFDOOHGWKHSDGGLQJHGJH2XWVLGHWKHSDGGLQJLVWKHERUGHUDUHDDQGWKHRXWVLGHERXQGDU\RIWKDWDUHDLVWKHERUGHUHGJH)LQDOO\RXWVLGHWKHERUGHULVWKHPDUJLQDUHDDQGLWVRXWHUHGJHLVWKHPDUJLQHGJH

    :KHQWKHVSHFLILFDWLRQVD\VWKDWWKHSDGGLQJRUERUGHULVDEVHQWRQVRPHVLGHRIWKHER[WKDWDFWXDOO\PHDQVWKDWLWVWKLFNQHVVLV]HUR

    1RWHWKDWWKHPDUJLQXQOLNHWKHERUGHUDQGSDGGLQJPD\KDYHDQHJDWLYHWKLFNQHVV7KDWLVRQHZD\WRPDNHDGMDFHQWER[HVRYHUODSHDFKRWKHU

    $ER[LVKRUL]RQWDOLILWVEORFNSURJUHVVLRQSURSHUW\LVWERWKHUZLVHLWLVYHUWLFDO

    +RZWRUHDGWKLVVSHFLILFDWLRQ$OOVHFWLRQVDUHQRUPDWLYHXQOHVVVWDWHGRWKHUZLVH

    1RWHVORRNOLNHWKLVDQGQRUPDOO\VWDUWZLWKWKHZRUG1RWH1RWHVDUHQRWQRUPDWLYH

    (GLWRULDOQRWHVORRNOLNHWKLV7KH\ZLOOEHUHPRYHGEHIRUHWKHGRFXPHQWEHFRPHV&DQGLGDWH5HFRPPHQGDWLRQ

    (DFKSURSHUW\LVGHILQHGLQSDUWLQWKHWH[WDQGLQSDUWE\DWDEOHWKDWJURXSVWRJHWKHUDQXPEHURIIDFWVDERXWWKH

    ([DPSOHVORRNOLNHWKLVDQGQRUPDOO\VWDUWZLWKWKHZRUG([DPSOH([DPSOHVDUHQRWQRUPDWLYH

    ([DPSOH,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    WDEOHWKDWJURXSVWRJHWKHUDQXPEHURIIDFWVDERXWWKHSURSHUW\LQFOXGLQJDUHJXODUH[SUHVVLRQWRUHVWULFWLWVV\QWD[6HH>ZKHUH"@IRUWKHPHDQLQJ7KH,QKHULWHGDQG,QLWLDOURZVLQWKHWDEOHDUHXVHGE\WKH&DVFDGLQJDQG,QKHULWDQFHPRGXOH>&66&$6&$'(@DQG0HGLDE\WKH0HGLD4XHULHVVSHFLILFDWLRQ>0(',$4@

    7KHVSHFLILFDWLRQPD\UHIHUWRWKHXVHGYDOXHDQGWKHFRPSXWHGYDOXHRIDSURSHUW\8QOHVVVWDWHGH[SOLFLWO\WKHVKRUWIRUPYDOXHPHDQVWKHFRPSXWHGYDOXH

    7\SHVRIER[HV

    7KHGLVSOD\SURSHUW\

    1DPH GLVSOD\9DOXH LQOLQH_EORFN_LQOLQHEORFN_OLVWLWHP_UXQ

    LQ_FRPSDFW_WDEOH_LQOLQHWDEOH_WDEOHURZJURXS_WDEOHKHDGHUJURXS_WDEOHIRRWHUJURXS_WDEOHURZ_WDEOHFROXPQJURXS_WDEOHFROXPQ_WDEOHFHOO_WDEOHFDSWLRQ_UXE\_UXE\EDVH_UXE\WH[W_UXE\EDVHJURXS_UXE\WH[WJURXS_WHPSODWH!_QRQH

    ,QLWLDO LQOLQH$SSOLHVWR DOOHOHPHQWV,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDOQRQHDSSOLHVWRDOOPHGLD&RPSXWHGYDOXH VSHFLILHGYDOXHH[FHSWIRUIORDWVURRW

    HOHPHQWVDQGSRVLWLRQHGHOHPHQWVVHHWH[W

    7KLVSURSHUW\LQFRPELQDWLRQZLWKIORDWDQGSRVLWLRQGHWHUPLQHVWKHW\SHRIER[RUER[HVWKDWDUHJHQHUDWHGIRUDQHOHPHQW7KHYDOXHVDUHDVIROORZV

    inline,QOLQHER[HV

    block%ORFNER[HV

    inlineblock$EORFNER[ZKLFKLWVHOILVIORZHGDVDVLQJOHLQOLQHER[VLPLODUWRDUHSODFHGHOHPHQW7KHLQVLGHRIDQLQOLQHEORFN

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    VLPLODUWRDUHSODFHGHOHPHQW7KHLQVLGHRIDQLQOLQHEORFNLVIRUPDWWHGDVDEORFNER[DQGWKHER[LWVHOILVIRUPDWWHGDVDQLQOLQHER[

    listitem2QHRUPRUHEORFNER[HVDQGRQHPDUNHUER[0DUNHUER[HVDUHGHILQHGLQWKH/LVWVPRGXOH>&66/,67@,IWKH/LVWVPRGXOHLVQRWUHDG\GHILQHWKHSRVLWLRQRIWKHPDUNHUDQGWKHOLVWVW\OHSURSHUW\KHUH"2UUHIHUWR&66LQVWHDG"

    runin(LWKHUEORFNRULQOLQHER[HVGHSHQGLQJRQFRQWH[WVHH5XQLQER[HV3URSHUWLHVDSSO\WRUXQLQER[HVEDVHGRQWKHLUILQDOVWDWXVLQOLQHOHYHORUEORFNOHYHO

    compact(LWKHUEORFNER[HVRUDPDUNHUER[GHSHQGLQJRQFRQWH[WVHH&RPSDFWER[HV3URSHUWLHVDSSO\WRFRPSDFWER[HVEDVHGRQWKHLUILQDOVWDWXV

    tableinlinetabletablerowgrouptableheadergrouptablefootergrouptablerowtablecolumngrouptablecolumntablecelltablecaption

    6HHWKH7DEOHVPRGXOH>&667%/@rubyrubybaserubytextrubybasegrouprubytextgroup

    6HHWKH5XE\PRGXOH>&6658%&66/$

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    LQOLQHUXQLQWDEOHURZJURXSWDEOHFROXPQWDEOHFROXPQJURXSWDEOHKHDGHUJURXSWDEOHIRRWHUJURXSWDEOHURZWDEOHFHOOWDEOHFDSWLRQLQOLQHEORFN

    EORFN

    RWKHUV VDPHDVVSHFLILHG

    7KHYDOXHRISRVLWLRQPD\DOVRLQIOXHQFHWKHFRPSXWHGYDOXH6HH>&667%/@,QIDFWWKHFRPSOHWHUXOHVDUH

    ,IGLVSOD\LVQRQHWKHQIORDWDQGSRVLWLRQGRQRWDSSO\ 2WKHUZLVHLISRVLWLRQLVQHLWKHUVWDWLFQRUUHODWLYHWKHQ

    GLVSOD\LVVHWDFFRUGLQJWRWKHWDEOHDERYH$QGIORDWGRHVQRWDSSO\

    2WKHUZLVHLIIORDWLVQRWQRQHWKHQGLVSOD\LVVHWDFFRUGLQJWRWKHWDEOHDERYH

    2WKHUZLVHLIWKHHOHPHQWLVWKHURRWHOHPHQWWKHQGLVSOD\LVVHWDFFRUGLQJWRWKHWDEOHDERYH

    2WKHUZLVHWKHFRPSXWHGYDOXHRIGLVSOD\LVWKHVDPHDVWKHVSHFLILHGYDOXH

    %ORFNOHYHOER[HVFRQWDLQLQJEORFNVIORZVDQGDQRQ\PRXVER[HV

    $EORFNOHYHOER[LVDER[WKDWKDVDXVHGYDOXHIRUGLVSOD\RIEORFNOLVWLWHPWDEOHWDEOHLHDOOWDEOHER[HVRUWHPSODWH!$EORFNOHYHOHOHPHQWLVDQHOHPHQWDOORIZKRVHWRSOHYHOQRQDQRQ\PRXVER[HVDUHEORFNOHYHO

    $QLQOLQHOHYHOER[LVDER[WKDWKDVDXVHGYDOXHIRUGLVSOD\RILQOLQHLQOLQHEORFNLQOLQHWDEOHRUUXE\>:KDWDERXWWKHRWKHUUXE\YDOXHV"@

    $QDQRQ\PRXVER[LQIRUPDOO\LVDER[WKDWFDQQRWEHDGGUHVVHGZLWK&66VHOHFWRUV$OOLWVSURSHUWLHVH[FHSWIRUGLVSOD\KDYHWKHLUGHIDXOWYDOXHVHLWKHUWKHLQLWLDOYDOXHRULQKHULWHG$QRQ\PRXVER[HVDUHFUHDWHGZKHQWKH&66ER[PRGHOUHTXLUHVDFKLOGER[ZLWKDFHUWDLQYDOXHIRUGLVSOD\EXWWKHFKLOGDFWXDOO\KDVDGLIIHUHQWYDOXH,QWKDWFDVHDQDQRQ\PRXVER[RIWKHULJKWNLQGLVFUHDWHGDQGZUDSVWKHFKLOGRUFKLOGUHQ2WKHUPRGXOHVHJ>&667%/@>&667(;7@PD\DOVRGHILQHDQRQ\PRXVER[HV7KHDQRQ\PRXVER[HVGHILQHGE\WKLVPRGXOHDUHWKHIROORZLQJ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    $EORFNOHYHOER[PD\FRQWDLQHLWKHUOLQHER[HVRUEORFNOHYHOER[HVEXWQRWERWK,IQHFHVVDU\DQ\OLQHER[HVWKDWEHORQJWRWKLVER[VHOHPHQWDUHZUDSSHGLQRQHRUPRUHDVIHZDVSRVVLEOHDQRQ\PRXVER[HVZLWKDGLVSOD\RIEORFN

    $QH[DPSOHRIWKHODVWSRLQWDERYHLVWKLVGRFXPHQWIUDJPHQW

    ZLWKWKHVHVW\OHUXOHV

    7KHHOHPHQWKDVERWKOLQHER[HVDQGDFKLOGER[IRUWKHHOHPHQWZKLFKLVDEORFNOHYHOHOHPHQW7KHOLQHER[HVEHIRUHWKHDUHZUDSSHGLQDQDQRQ\PRXVEORFNOHYHOER[DQGVRDUHWKHOLQHER[HVDIWHUWKH7KHUHVXOWLQJWUHHRIER[HVPLJKWEHDVIROORZVUHIHUWRWKHILJXUH

    EORFNOHYHOER[>S@EORFNOHYHOER[>DQRQ\PRXV@

    OLQHER[6RPHERG\OLQHER[IRUJRWWHQ

    EORFNOHYHOER[>T@OLQHER[DER[

    EORFNOHYHOER[>DQRQ\PRXV@OLQHER[DQGKH

    ([DPSOH,,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    1RWHWKDWWKHDQRQ\PRXVER[HVGHILQHGLQWKLVPRGXOHDUHDOOEORFNOHYHOEXWDQRQ\PRXVER[HVGHILQHGLQRWKHUPRGXOHVPD\EHGLIIHUHQW

    7KHFRQWDLQLQJEORFNRIDER[LVDUHFWDQJOHWKDWLVDVVRFLDWHGZLWKWKHER[DQGWKDWLVXVHGLQYDULRXVGHILQLWLRQVLQWKLVVSHFLILFDWLRQ$SDUWIURPDVL]HDQGDSRVLWLRQWKHUHFWDQJOHDOVRKDVGLUHFWLRQDQGEORFNSURJUHVVLRQSURSHUWLHV7KHFRQWDLQLQJEORFNRIDER[LVGHILQHGDVIROORZV

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

    1RWHWKDWWKHDERYHLVPRGLILHGE\WKH$EVROXWH3RVLWLRQLQJPRGXOH>&66326@LQSDUWLFXODULIDER[VSRVLWLRQSURSHUW\LVQHLWKHUVWDWLFQRUUHODWLYHLWVFRQWDLQLQJEORFNLVHVWDEOLVKHGGLIIHUHQWO\

    $IORZURRWLVDER[WKDWVDWLVILHVDWOHDVWRQHRIWKHIROORZLQJ

    7KHYDOXHRIIORDWLVQRWQRQH7KHXVHGYDOXHRIRYHUIORZLVQRWYLVLEOH7KHYDOXHRIGLVSOD\LVWDEOHFHOOWDEOHFDSWLRQVHH>&667%/@LQOLQHEORFNRULQOLQHWDEOH7KHYDOXHRISRVLWLRQLVQHLWKHUVWDWLFQRUUHODWLYHVHH>&66326@7KHYDOXHRIEORFNSURJUHVVLRQLVOURUUODQGWKHYDOXH

    )LJXUH:KHQWKHIUDJPHQWLVUHQGHUHGWKHWH[WEHIRUHWKHTLVZUDSSHGLQDQDQRQ\PRXVEORFNDQGWKHWH[WDIWHU

    WKHTLQDQRWKHU

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHYDOXHRIEORFNSURJUHVVLRQLVOURUUODQGWKHYDOXHRIEORFNSURJUHVVLRQRILWVSDUHQWER[LVWE7KHYDOXHRIEORFNSURJUHVVLRQLVWEDQGWKHYDOXHRIEORFNSURJUHVVLRQRILWVSDUHQWER[LVOURUUO

    1RWHWKDWDQHOHPHQWZLWKGLVSOD\LQOLQHWKHUHIRUHFDQQRWEHDIORZURRWLWGRHVQWIORDWRWKHUZLVHLWVGLVSOD\ZRXOGEHEORFNDQGQHLWKHURYHUIORZQRUEORFNSURJUHVVLRQDSSO\WRLQOLQHV

    7KHWHUPLQRORJ\LQWKH&66OHYHOVSHFLILFDWLRQLVGLIIHUHQW$IORZURRWLVFDOOHGDQHOHPHQWWKDWHVWDEOLVKHVDQHZIRUPDWWLQJFRQWH[W

    2WKHUPRGXOHVPD\GHILQHDGGLWLRQDOIORZURRWV>&DQZHWKXVUHPRYHWDEOHFDSWLRQWDEOHFHOODQGSRVLWLRQIURPWKHOLVWDERYH"@

    7KHIORZDNDQRUPDOIORZRIDJLYHQIORZURRWLVDVHWRIER[HV$ER[EHORQJVWRWKHIORZLI

    7KHXVHGYDOXHRILWVGLVSOD\LVEORFNOLVWLWHPWDEOHRUWHPSODWH!

    7KHXVHGYDOXHRILWVIORDWLVQRQH 7KHXVHGYDOXHRILWVSRVLWLRQLVVWDWLFRUUHODWLYH ,WLVHLWKHUDFKLOGRIWKHIORZURRWRUDFKLOGRIDER[WKDW

    EHORQJWRWKHIORZ

    )RUH[DPSOHWKHIUDJPHQW

    ZLWKWKHVW\OH

    GHILQHVWZRIORZV

    7KHLVDIORZURRWEHFDXVHLWIORDWV,WVIORZFRQVLVWRIWKHVWQGDQGWKDQGWKH

    7KHLVYHUWLFDOZKLOHLWVSDUHQWLVKRUL]RQWDODQGLWLVWKXVDIORZURRW,WVIORZLVIRUPHGE\WKHUG

    7KHLWVHOIEHORQJVWRDWKLUGIORZEXWLWVIORZURRWLVQRW

    ([DPSOH,9

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    1RWHWKDWDIORZURRWLVQRWQHFHVVDULO\EORFNOHYHOLWPD\EHDQLQOLQHEORFNHJ

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

    >'HILQHYLHZSRUWDQGFDQYDV@

    5XQLQER[HV

    $UXQLQER[EHKDYHVDVIROORZV

    ,IWKHUXQLQER[FRQWDLQVDEORFNER[WKHUXQLQER[EHFRPHVDEORFNER[

    ,IDVLEOLQJEORFNER[WKDWGRHVQRWIORDWDQGLVQRWDEVROXWHO\SRVLWLRQHGIROORZVWKHUXQLQER[WKHUXQLQER[EHFRPHVWKHILUVWLQOLQHER[RIWKHEORFNER[$UXQLQFDQQRWUXQLQWRDEORFNWKDWDOUHDG\VWDUWVZLWKDUXQLQRUWKDWLWVHOILVDUXQLQ

    2WKHUZLVHWKHUXQLQER[EHFRPHVDEORFNER[

    7KH LWVHOIEHORQJVWRDWKLUGIORZEXWLWVIORZURRWLVQRWVKRZQLQWKHIUDJPHQW

    $UXQLQER[LVXVHIXOIRUUXQLQKHDGHUVDVLQWKLVH[DPSOH

    ([DPSOH9

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    'HVSLWHDSSHDULQJYLVXDOO\DVSDUWRIWKHIROORZLQJEORFNER[DUXQLQHOHPHQWVWLOOLQKHULWVSURSHUWLHVIURPLWVSDUHQWLQWKHVRXUFHWUHH3OHDVHFRQVXOWWKHVHFWLRQRQJHQHUDWHGFRQWHQWIRULQIRUPDWLRQDERXWKRZUXQLQER[HVLQWHUDFWZLWKJHQHUDWHGFRQWHQW>ZKHUH"@

    &RPSDFWER[HV

    'HILQHKHUHRULQH[WHQGHGER[PRGXOH"

    7KHSDGGLQJSURSHUWLHV1DPH SDGGLQJ9DOXH >OHQJWK!_SHUFHQWDJH!@^`,QLWLDO VHHLQGLYLGXDOSURSHUWLHV$SSOLHVWR DOOHOHPHQWV,QKHULWHG QR3HUFHQWDJHV ZLGWKRIFRQWDLQLQJEORFN0HGLD YLVXDO&RPSXWHGYDOXH VHHLQGLYLGXDOSURSHUWLHV

    LIWKHFRQWDLQLQJEORFNLVKRUL]RQWDORWKHUZLVHWKHKHLJKW

    1DPH SDGGLQJWRSSDGGLQJULJKWSDGGLQJERWWRPSDGGLQJOHIW

    9DOXH >OHQJWK!_SHUFHQWDJH!@,QLWLDO $SSOLHVWR DOOHOHPHQWV,QKHULWHG QR3HUFHQWDJHV ZLGWKRIFRQWDLQLQJEORFN0HGLD YLVXDO&RPSXWHGYDOXH OHQJWK!

    LIWKHFRQWDLQLQJEORFNLVKRUL]RQWDORWKHUZLVHWKHKHLJKW

    6HWVWKHWKLFNQHVVRIWKHSDGGLQJDUHD7KHYDOXHPD\QRWEHQHJDWLYH

    7KLVH[DPSOHPLJKWEHIRUPDWWHGDV

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    3DGGLQJLVDVKRUWKDQGIRUWKHRWKHUIRXUSURSHUWLHV,ISDGGLQJKDVIRXUYDOXHVWKH\DUHIRUWRSULJKWERWWRPDQGOHIWLQWKDWRUGHU,IOHIWLVRPLWWHGLWLVWKHVDPHDVULJKW,IERWWRPLVRPLWWHGLWLVWKHVDPHDVWRSLIULJKWLVRPLWWHGLWLVWKHVDPHDVWRS

    1RWHWKDWSHUFHQWDJHVRQSDGGLQJWRSDQGSDGGLQJERWWRPDUHUHODWLYHWRWKHZLGWKRIWKHFRQWDLQLQJEORFNQRWWKHKHLJKWDWOHDVWLQDKRUL]RQWDOIORZLQDYHUWLFDOIORZWKH\DUHUHODWLYHWRWKHKHLJKW

    1RWHWKDWSHUFHQWDJHVDUHQRWUHTXLUHGIRU&66OHYHO

    0DUJLQV

    7KHPDUJLQSURSHUWLHV

    1DPH PDUJLQWRSPDUJLQULJKWPDUJLQERWWRPPDUJLQOHIW

    9DOXH OHQJWK!_SHUFHQWDJH!_DXWR,QLWLDO $SSOLHVWR VHHWH[W,QKHULWHG QR3HUFHQWDJHV ZLGWKRIFRQWDLQLQJEORFN0HGLD YLVXDO&RPSXWHGYDOXH WKHSHUFHQWDJHDVVSHFLILHGRUWKH

    DEVROXWHOHQJWKRUDXWR

    LIWKHFRQWDLQLQJEORFNLVKRUL]RQWDORWKHUZLVHWKHKHLJKW

    1DPH PDUJLQ9DOXH >OHQJWK!_SHUFHQWDJH!_DXWR@^`,QLWLDO VHHLQGLYLGXDOSURSHUWLHV$SSOLHVWR VHHWH[W,QKHULWHG QR3HUFHQWDJHV ZLGWKRIFRQWDLQLQJEORFN

    )RUH[DPSOHWKHIROORZLQJWZRZD\VWRVHWWKHSDGGLQJRIDUHHTXLYDOHQW

    ([DPSOH9,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    3HUFHQWDJHV ZLGWKRIFRQWDLQLQJEORFN0HGLD YLVXDO&RPSXWHGYDOXH VHHLQGLYLGXDOSURSHUWLHV

    LIWKHFRQWDLQLQJEORFNLVKRUL]RQWDORWKHUZLVHWKHKHLJKW

    7KHVHSURSHUWLHVVHWWKHWKLFNQHVVRIWKHPDUJLQDUHD7KHYDOXHPD\EHQHJDWLYH

    0DUJLQLVDVKRUWKDQGIRUWKHRWKHUIRXU,IPDUJLQKDVIRXUYDOXHVWKH\VHWWRSULJKWERWWRPDQGOHIWLQWKDWRUGHU,IOHIWLVRPLWWHGLWLVWKHVDPHDVULJKW,IERWWRPLVRPLWWHGLWLVWKHVDPHDVWRS,IULJKWLVRPLWWHGLWLVWKHVDPHDVWRS

    7KHSURSHUWLHVDSSO\WRDOOER[HVH[FHSWFHUWDLQWDEOHER[HVVHH>&667%/@DQGFHUWDLQLQOLQHOHYHOER[HVVHH>&667(;7@

    0DUJLQVPXVWVDWLVI\FHUWDLQFRQVWUDLQWVZKLFKPHDQVWKDWWKHXVHGYDOXHPD\EHGLIIHUHQWIURPWKHFRPSXWHGYDOXH6HH&DOFXODWLQJZLGWKVKHLJKWVDQGPDUJLQV

    1RWHWKDWLQDKRUL]RQWDOIORZSHUFHQWDJHVRQPDUJLQWRSDQGPDUJLQERWWRPDUHUHODWLYHWRWKHZLGWKRIWKHFRQWDLQLQJEORFNQRWWKHKHLJKWDQGLQYHUWLFDOIORZPDUJLQOHIWDQGPDUJLQULJKWDUHUHODWLYHWRWKHKHLJKWQRWWKHZLGWK

    &ROODSVLQJPDUJLQV

    &HUWDLQDGMRLQLQJPDUJLQVFRPELQHWRIRUPDVLQJOHPDUJLQ7KRVHPDUJLQVDUHVDLGWRFROODSVH0DUJLQVDUHDGMRLQLQJLIWKHUHDUHQRQRQHPSW\FRQWHQWSDGGLQJRUERUGHUDUHDVRUFOHDUDQFHWRVHSDUDWHWKHP

    )RUH[DPSOHWKHIROORZLQJWZRZD\VRIVHWWLQJWKHPDUJLQVRIDUHHTXLYDOHQW

    ([DPSOH9,,

    )RUH[DPSOHLQWKHIROORZLQJIUDJPHQWZLWKWKHJLYHQVW\OHUXOHV

    ([DPSOH9,,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ,IDVHWRIDGMRLQLQJPDUJLQVFROODSVHVWKHQWKHZLGWKRIWKHUHVXOWLQJPDUJLQLV01ZKHUH0LVWKHPD[LPXPRIWKHDGMRLQLQJPDUJLQVWKDWDUHSRVLWLYHRU]HURLIWKHUHDUHQRQHDQG1LVWKHPLQLPXPRIWKHDGMRLQLQJPDUJLQVWKDWDUHQHJDWLYHRU]HURLIWKHUHDUHQRQH

    :HFDOODQHOHPHQWRUER[FROODSVHGWKURXJKLIWZRRILWVPDUJLQVFROODSVHZLWKHDFKRWKHU

    WKHERWWRPPDUJLQRIWKHILUVW HPWKHWRSPDUJLQRIWKH HPDQGWKHWRSPDUJLQRIWKHVHFRQG HPFROODSVH7KHUHVXOWLVDVLQJOHPDUJLQRIHPWKHPD[LPXPRIWKHWKUHHEHWZHHQWKHERWWRPRIWKHILUVWDQGWKHWRSRIWKHVHFRQG

    >DGGLPDJH@

    ,QWKHIROORZLQJIUDJPHQW

    WKHERWWRPPDUJLQRIWKHILUVWDQGWKHWRSPDUJLQRIWKHFROODSVHEXWWKHWRSPDUJLQRIWKHVHFRQGGRHVQRWFROODSVHZLWKWKHPEHFDXVHLWLVQRWDGMRLQLQJWKHERUGHURIWKHVHSDUDWHVWKHP

    >DGGLPDJH@

    ([DPSOH,;

    7KHPRVWFRPPRQXVHRIFROODSVLQJWKURXJKHOHPHQWVLVWKDWHPSW\SDUDJUDSKVGRQWFDXVHH[WUDZKLWHVSDFH

    7KHUHLVHTXDOVSDFHEHWZHHQWKHILUVWDQGVHFRQG

    ([DPSOH;

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHIROORZLQJWZRVHWVRIUXOHVGHWHUPLQHZKLFKPDUJLQVFROODSVH

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

    ([FHSWZKHQIRUELGGHQE\WKHOLVWDERYHWKHIROORZLQJPDUJLQVFROODSVH

    ,IDPDUJLQ3FROODSVHVZLWKDPDUJLQ4DQGPDUJLQ4ZLWKDPDUJLQ5WKHQ34DQG5FROODSVHWRJHWKHU&ROODSVLQJLVWUDQVLWLYH

    7KHWRSPDUJLQRIDER[$FROODSVHVZLWKWKHWRSPDUJLQRILWVSDUHQWER[%LIWKHPDUJLQVDUHDGMRLQLQJDQG%LVWE

    1RWHWKDW$LWVHOIPD\EHYHUWLFDOER[

    7KHERWWRPPDUJLQRIDER[$FROODSVHVZLWKWKHERWWRPPDUJLQRILWVSDUHQWER[%LIWKHPDUJLQVDUHDGMRLQLQJDQG%LVWE

    7KHOHIWPDUJLQRIDER[$FROODSVHVZLWKWKHOHIWPDUJLQRILWVSDUHQWER[%LIWKHPDUJLQVDUHDGMRLQLQJDQG%LVUORUOU

    7KHULJKWPDUJLQRIDER[$FROODSVHVZLWKWKHULJKWPDUJLQRILWVSDUHQWER[%LIWKHPDUJLQVDUHDGMRLQLQJDQG%LVUORUOU

    SDUDJUDSKVDVEHWZHHQWKHVHFRQGDQGODVW

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHWRSPDUJLQRIDER[$FROODSVHVZLWKWKHERWWRPPDUJLQRIDVLEOLQJER[%LIWKHPDUJLQVDUHDGMRLQLQJDQGWKHLUSDUHQWLVWE

    $ULJKWPDUJLQRIDER[$FROODSVHVZLWKWKHOHIWPDUJLQRIDVLEOLQJER[%LIWKHPDUJLQVDUHDGMRLQLQJDQGWKHLUSDUHQWLVUORUOU

    7KHWRSDQGERWWRPPDUJLQVRIDER[$FROODSVHLIWKHPDUJLQVDUHDGMRLQLQJDQGWKHER[LVWE7KHER[LVFROODSVHGWKURXJK

    ,QWKLVFDVHWKHSRVLWLRQRIWKHHOHPHQWGHSHQGVRQLWVUHODWLRQVKLSZLWKWKHRWKHUHOHPHQWVZKRVHPDUJLQVDUHEHLQJFROODSVHG

    ,IWKHER[$VPDUJLQVDUHFROODSVHGZLWKLWVSDUHQWVWRSPDUJLQWKHWRSERUGHUHGJHRI$LVGHILQHGWREHWKHVDPHDVWKHSDUHQWV2WKHUZLVHHLWKHUWKHSDUHQWLVQRWWDNLQJSDUWLQWKHPDUJLQFROODSVLQJRURQO\WKHSDUHQWVERWWRPPDUJLQLVLQYROYHG7KHSRVLWLRQRI$VWRSERUGHUHGJHLVWKHVDPHDVLWZRXOGKDYHEHHQLI$KDGDQRQ]HURWRSERUGHU

    1RWHWKDWWKHSRVLWLRQVRIHOHPHQWVWKDWKDYHEHHQFROODSVHGWKURXJKKDYHQRHIIHFWRQWKHSRVLWLRQVRIWKHRWKHUHOHPHQWVZLWKZKRVHPDUJLQVWKH\DUHEHLQJFROODSVHGWKHWRSERUGHUHGJHSRVLWLRQLVRQO\UHTXLUHGIRUOD\LQJRXWGHVFHQGDQWVRIWKHVHHOHPHQWV

    7KHOHIWDQGULJKWPDUJLQVRIDER[$FROODSVHFROODSVHWKURXJKLIWKHPDUJLQVDUHDGMRLQLQJDQGWKHER[LVUORUOU

    ,QWKLVFDVHWKHSRVLWLRQRIWKHHOHPHQWGHSHQGVRQLWVUHODWLRQVKLSZLWKWKHRWKHUHOHPHQWVZKRVHPDUJLQVDUHEHLQJFROODSVHG

    ,I$VSDUHQWLVUO,I$VPDUJLQVDUHFROODSVHGZLWKLWVSDUHQWVULJKWPDUJLQWKHULJKWERUGHUHGJHRI$LVGHILQHGWREHWKHVDPHDVWKHSDUHQWV2WKHUZLVHLHHLWKHUWKHHOHPHQWVSDUHQWLVQRWWDNLQJSDUWLQWKHPDUJLQFROODSVLQJRURQO\WKHSDUHQWVOHIWPDUJLQLVLQYROYHGWKHSRVLWLRQRI$VULJKWERUGHUHGJHLVWKHVDPHDVLWZRXOGKDYHEHHQLI$KDGDQRQ]HURWRSERUGHU

    ,I$VSDUHQWLVOU

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ,I$VPDUJLQVDUHFROODSVHGZLWKLWVSDUHQWVOHIWPDUJLQWKHOHIWERUGHUHGJHRI$LVGHILQHGWREHWKHVDPHDVWKHSDUHQWV2WKHUZLVHLHHLWKHUWKHHOHPHQWVSDUHQWLVQRWWDNLQJSDUWLQWKHPDUJLQFROODSVLQJRURQO\WKHSDUHQWVULJKWPDUJLQLVLQYROYHGWKHSRVLWLRQRI$VOHIWERUGHUHGJHLVWKHVDPHDVLWZRXOGKDYHEHHQLI$KDGDQRQ]HUROHIWERUGHU

    ,QDKRUL]RQWDOIORZWKHERWWRPPDUJLQRIDQLQIORZEORFNOHYHOHOHPHQWLVDOZD\VDGMRLQLQJWRWKHWRSPDUJLQRILWVQH[WLQIORZEORFNOHYHOVLEOLQJXQOHVVWKDWVLEOLQJKDVFOHDUDQFH

    7KHWRSPDUJLQRIDQLQIORZEORFNOHYHOHOHPHQWLVDGMRLQLQJWRLWVILUVWLQIORZEORFNOHYHOFKLOGVWRSPDUJLQLIWKHHOHPHQWKDVQRWRSERUGHUQRWRSSDGGLQJDQGWKHFKLOGKDVQRFOHDUDQFH

    7KHERWWRPPDUJLQRIDQLQIORZEORFNOHYHOHOHPHQWZLWKDKHLJKWRIDXWRDQGPLQKHLJKWOHVVWKDQWKHHOHPHQWVXVHGKHLJKWDQGPD[KHLJKWJUHDWHUWKDQWKHHOHPHQWVXVHGKHLJKWLVDGMRLQLQJWRLWVODVWLQIORZEORFNOHYHOFKLOGVERWWRPPDUJLQLIWKHHOHPHQWKDVQRERWWRPSDGGLQJRUERUGHU

    $QHOHPHQWVRZQPDUJLQVDUHDGMRLQLQJLIWKHPLQKHLJKWSURSHUW\LV]HURDQGLWKDVQHLWKHUYHUWLFDOERUGHUVQRUYHUWLFDOSDGGLQJDQGLWKDVDKHLJKWRIHLWKHURUDXWRDQGLWGRHVQRWFRQWDLQDOLQHER[DQGDOORILWVLQIORZFKLOGUHQVPDUJLQVLIDQ\DUHDGMRLQLQJ

    ([DPSOH;,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    &ROODSVLQJLVEDVHGRQWKHXVHGYDOXHRISDGGLQJPDUJLQDQGERUGHULHDIWHUUHVROYLQJDQ\SHUFHQWDJHV7KHFROODSVHGPDUJLQLVFDOFXODWHGRYHUWKHXVHGYDOXHRIWKHYDULRXVPDUJLQV

    7KHZLGWKDQGKHLJKWSURSHUWLHV1DPH ZLGWK9DOXH OHQJWK!_SHUFHQWDJH!_DXWR,QLWLDO DXWR$SSOLHVWR DOOHOHPHQWVEXWQRQUHSODFHGLQOLQH

    HOHPHQWVWDEOHURZVDQGURZJURXSV,QKHULWHG QR3HUFHQWDJHV UHIHUWRZLGWKRIFRQWDLQLQJEORFN0HGLD YLVXDO&RPSXWHGYDOXH WKHSHUFHQWDJHRUDXWRDVVSHFLILHGRU

    FKLOGUHQVPDUJLQVLIDQ\DUHDGMRLQLQJ

    :KHQDQHOHPHQWVRZQPDUJLQVFROODSVHDQGWKDWHOHPHQWKDVKDGFOHDUDQFHDSSOLHGWRLWLWVWRSPDUJLQFROODSVHVZLWKWKHDGMRLQLQJPDUJLQVRIVXEVHTXHQWVLEOLQJVEXWWKDWUHVXOWLQJPDUJLQGRHVQRWFROODSVHZLWKWKHERWWRPPDUJLQRIWKHSDUHQWEORFN

    7KHWRSDQGERWWRPPDUJLQVRIWKHWZRHPSW\3VFROODSVHDOOWRJHWKHU%XWWKH\FDQWFROODSVHZLWKWKHERWWRPRIWKH',9EHFDXVHRQHRIWKHWZRHPSW\3VKDVFOHDUDQFH

    &KHFNWKLV7KLVLVSUREDEO\WKHRQO\SRVVLEOHLQWHUSUHWDWLRQRIWKHUXOHVEXWLWLVFHUWDLQO\QRWREYLRXVWKDWWKHFOHDUDQFHRIRQHHOHPHQWPD\VWRSODWHUHOHPHQWVIURPFROODSVLQJ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    &RPSXWHGYDOXH WKHSHUFHQWDJHRUDXWRDVVSHFLILHGRUWKHDEVROXWHOHQJWKDXWRLIWKHSURSHUW\GRHVQRWDSSO\

    1DPH KHLJKW9DOXH OHQJWK!_SHUFHQWDJH!_DXWR,QLWLDO DXWR$SSOLHVWR DOOHOHPHQWVEXWQRQUHSODFHGLQOLQH

    HOHPHQWVWDEOHFROXPQVDQGFROXPQJURXSV

    ,QKHULWHG QR3HUFHQWDJHV VHHSURVH0HGLD YLVXDO&RPSXWHGYDOXH WKHSHUFHQWDJHRUDXWRVHHSURVHXQGHU

    SHUFHQWDJH!RUWKHDEVROXWHOHQJWKDXWRLIWKHSURSHUW\GRHVQRWDSSO\

    7KHVHSURSHUWLHVVSHFLI\WKHZLGWKDQGKHLJKWRIWKHFRQWHQWDUHDSDGGLQJDUHDRUERUGHUDUHDGHSHQGLQJRQER[VL]LQJRIFHUWDLQER[HV

    9DOXHVKDYHWKHIROORZLQJPHDQLQJV

    OHQJWK!6SHFLILHVWKHZLGWKRIWKHFRQWHQWDUHDXVLQJDOHQJWKXQLW

    SHUFHQWDJH!6SHFLILHVDSHUFHQWDJHZLGWK7KHSHUFHQWDJHLVFDOFXODWHGZLWKUHVSHFWWRWKHZLGWKRIWKHJHQHUDWHGER[VFRQWDLQLQJEORFN,IWKHFRQWDLQLQJEORFNVZLGWKGHSHQGVRQWKLVHOHPHQWVZLGWKWKHQWKHUHVXOWLQJOD\RXWLVXQGHILQHGLQ&66

    DXWR7KHZLGWKGHSHQGVRQWKHYDOXHVRIRWKHUSURSHUWLHV6HHWKHVHFWLRQVEHORZ

    'RZHZDQWWRGHILQHXQNQRZQSHUFHQWDJHVLQ&66"6RPHWKLQJVLPSOHVXFKDVDXWRRUVRPHWKLQJPRUHIDQF\VXFKDVWU\LQJWRVROYHSHUFHQWDJHV"

    1HJDWLYHYDOXHVDUHLOOHJDO

    )RUH[DPSOHWKHIROORZLQJUXOHIL[HVWKHFRQWHQWZLGWKRISDUDJUDSKVDWS[

    ([DPSOH;,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHPLQZLGWKPD[ZLGWKPLQKHLJKWDQGPD[KHLJKWSURSHUWLHV1DPH PLQZLGWKPLQKHLJKW9DOXH OHQJWK!_SHUFHQWDJH!_LQKHULW,QLWLDO $SSOLHVWR DOOHOHPHQWVEXWQRQUHSODFHGLQOLQH

    HOHPHQWVWDEOHURZVDQGURZJURXSV,QKHULWHG QR3HUFHQWDJHV UHIHUWRZLGWKUHVSKHLJKWRIFRQWDLQLQJ

    EORFN0HGLD YLVXDO&RPSXWHGYDOXH WKHSHUFHQWDJHDVVSHFLILHGRUWKH

    DEVROXWHOHQJWK

    1DPH PD[ZLGWKPD[KHLJKW9DOXH OHQJWK!_SHUFHQWDJH!_QRQH,QLWLDO QRQH$SSOLHVWR DOOHOHPHQWVEXWQRQUHSODFHGLQOLQH

    HOHPHQWVWDEOHURZVDQGURZJURXSV,QKHULWHG QR3HUFHQWDJHV UHIHUWRZLGWKUHVSKHLJKWRIFRQWDLQLQJ

    EORFN0HGLD YLVXDO&RPSXWHGYDOXH WKHSHUFHQWDJHDVVSHFLILHGRUWKH

    DEVROXWHOHQJWKRUQRQH

    7KHVHSURSHUWLHVDOORZDXWKRUVWRFRQVWUDLQFRQWHQWZLGWKVDQGKHLJKWVWRDFHUWDLQUDQJH9DOXHVKDYHWKHIROORZLQJPHDQLQJV

    OHQJWK!6SHFLILHVDIL[HGPLQLPXPRUPD[LPXPIRUZLGWKRUKHLJKW

    SHUFHQWDJH!6SHFLILHVDPLQLPXPRUPD[LPXPIRUZLGWKRUKHLJKWDVDSHUFHQWDJHRIWKHFRUUHVSRQGLQJGLPHQVLRQRIWKHFRQWDLQLQJEORFN,IWKDWFRQWDLQLQJEORFNVGLPHQVLRQLVQHJDWLYHWKHXVHGYDOXHLV]HUR,IWKDWFRQWDLQLQJEORFNVGLPHQVLRQGHSHQGVRQWKLVHOHPHQWVGLPHQVLRQWKHQWKHUHVXOWLQJOD\RXWLVXQGHILQHG2UXVHWKHLQLWLDOYDOXH"

    QRQH1ROLPLWRQWKHZLGWKRUKHLJKWRIWKHER[

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    1ROLPLWRQWKHZLGWKRUKHLJKWRIWKHER[

    1HJDWLYHYDOXHVDUHLOOHJDO

    &DOFXODWLQJZLGWKVKHLJKWVDQGPDUJLQV7KHIROORZLQJWZRDOJRULWKPVGHILQHWKHXVHGYDOXHRIZLGWKDQGKHLJKWUHVSHFWLYHO\DQGDOVRWKHXVHGYDOXHVRIWKHPDUJLQSURSHUWLHVDQGRIWRSULJKWERWWRPDQGOHIW

    1RWHWKDWWKH\GRQRWDIIHFWWKHFRPSXWHGYDOXHVRIZLGWKDQGKHLJKW$OVRQRWHWKDWLQVRPHFDVHVWKHXVHGZLGWKKDVWREHNQRZQLQRUGHUWRFDOFXODWHWKHXVHGKHLJKWRUYLFHYHUVD

    )RUZLGWK

    7KHWHQWDWLYHXVHGZLGWKLVFDOFXODWHGZLWKRXWPLQZLGWKDQGPD[ZLGWKIROORZLQJWKHUXOHVLQWKHVXEVHFWLRQVEHORZ

    ,IWKHWHQWDWLYHXVHGZLGWKLVJUHDWHUWKDQPD[ZLGWKWKHVDPHUXOHVDUHDSSOLHGDJDLQEXWWKLVWLPHXVLQJWKHFRPSXWHGYDOXHRIPD[ZLGWKDVWKHFRPSXWHGYDOXHIRU

    ZLGWK

    ,IWKHUHVXOWLQJZLGWKLVVPDOOHUWKDQPLQZLGWKWKHVDPHUXOHVDUHDSSOLHGDJDLQEXWWKLVWLPHXVLQJWKHFRPSXWHGYDOXHRIPLQZLGWKDVWKHFRPSXWHGYDOXHIRUZLGWK

    )RUKHLJKW

    7KHWHQWDWLYHXVHGKHLJKWLVFDOFXODWHGZLWKRXWPLQKHLJKWDQGPD[KHLJKWIROORZLQJWKHUXOHVXQGHU&DOFXODWLQJZLGWKVKHLJKWVDQGPDUJLQVEHORZ

    ,IWKHWHQWDWLYHXVHGKHLJKWLVJUHDWHUWKDQPD[KHLJKWWKHVDPHUXOHVDUHDSSOLHGDJDLQEXWWKLVWLPHXVLQJWKHFRPSXWHGYDOXHRIPD[KHLJKWDVWKHFRPSXWHGYDOXHIRU

    KHLJKW

    ,IWKHUHVXOWLQJKHLJKWLVVPDOOHUWKDQPLQKHLJKWWKHVDPHUXOHVDUHDSSOLHGDJDLQEXWWKLVWLPHXVLQJWKHFRPSXWHGYDOXHRIPLQKHLJKWDVWKHFRPSXWHGYDOXHIRUKHLJKW

    +RZHYHUIRUUHSODFHGHOHPHQWVZLWKDQLQWULQVLFUDWLRDQGERWKZLGWKDQGKHLJKWVSHFLILHGDVDXWRWKHDOJRULWKPLVDVIROORZV

    6HOHFWIURPWKHWDEOHWKHUHVROYHGKHLJKWDQGZLGWKYDOXHVIRUWKHDSSURSULDWHFRQVWUDLQWYLRODWLRQ7DNHWKHPD[ZLGWKDQG

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    IRUWKHDSSURSULDWHFRQVWUDLQWYLRODWLRQ7DNHWKHPD[ZLGWKDQGPD[KHLJKWDVPD[PLQPD[VRWKDWPLQPD[KROGVWUXH,QWKLVWDEOHZDQGKVWDQGIRUWKHUHVXOWVRIWKHZLGWKDQGKHLJKWFRPSXWDWLRQVLJQRULQJWKHPLQZLGWKPLQKHLJKWPD[ZLGWKDQGPD[KHLJKWSURSHUWLHV1RUPDOO\WKHVHDUHWKHLQWULQVLFZLGWKDQGKHLJKWEXWWKH\PD\QRWEHLQWKHFDVHRIUHSODFHGHOHPHQWVZLWKLQWULQVLFUDWLRV

    &RQVWUDLQWYLRODWLRQ 5HVROYHGZLGWK5HVROYHGKHLJKW

    QRQH Z K

    Z!PD[ZLGWK PD[ZLGWKPD[PD[ZLGWKKZPLQKHLJKW

    ZPLQZLGWK PLQZLGWKPLQPLQZLGWKKZPD[KHLJKW

    K!PD[KHLJKWPD[PD[KHLJKWZKPLQZLGWK

    PD[KHLJKW

    KPLQKHLJKWPLQPLQKHLJKWZKPD[ZLGWK

    PLQKHLJKW

    Z!PD[ZLGWKDQGK!PD[KHLJKWZKHUHPD[ZLGWKZPD[KHLJKWK

    PD[ZLGWKPD[PLQKHLJKWPD[ZLGWKKZ

    Z!PD[ZLGWKDQGK!PD[KHLJKWZKHUHPD[ZLGWKZ!PD[KHLJKWK

    PD[PLQZLGWKPD[KHLJKWZK

    PD[KHLJKW

    ZPLQZLGWKDQGKPLQKHLJKWZKHUHPLQZLGWKZPLQKHLJKWK

    PLQPD[ZLGWKPLQKHLJKWZK

    PLQKHLJKW

    ZPLQZLGWKDQGKPLQKHLJKWZKHUHPLQZLGWKZ!PLQKHLJKWK

    PLQZLGWKPLQPD[KHLJKWPLQZLGWKKZ

    ZPLQZLGWKDQGK!PD[KHLJKW PLQZLGWK PD[KHLJKW

    Z!PD[ZLGWKDQGKPLQKHLJKW PD[ZLGWK PLQKHLJKW

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHQDSSO\WKHDSSURSULDWHUXOHVLQWKHVXEVHFWLRQVEHORZDVLIZLGWKDQGKHLJKWZHUHFRPSXWHGDVWKHVHYDOXHV

    1RWHWKDWVRPHYDOXHVRIWKHLPDJHVFDOLQJSURSHUW\>&663$*(@PD\IXUWKHUFKDQJHWKHXVHGYDOXHVRIZLGWKDQGKHLJKW

    7KHIROORZLQJVXEVHFWLRQVDSSO\LIWKHHOHPHQWVFRQWDLQLQJEORFNLVKRUL]RQWDO,ILWLVYHUWLFDOWKHVDPHUXOHVDSSO\EXWZLWKHYHU\RFFXUUHQFHRIOHIWUHSODFHGE\WRSULJKWE\ERWWRPWRSE\ULJKWERWWRPE\OHIWKHLJKWE\ZLGWKDQGZLGWKE\KHLJKW

    ,QOLQHQRQUHSODFHGHOHPHQWV

    7KHZLGWKDQGKHLJKWSURSHUWLHVGRQRWDSSO\)RUHDFKRIOHIWULJKWWRSERWWRPPDUJLQOHIWPDUJLQULJKWPDUJLQWRSDQGPDUJLQERWWRPWKHXVHGYDOXHLVHTXDOWRWKHFRPSXWHGYDOXHH[FHSWWKDWDFRPSXWHGYDOXHRIDXWREHFRPHVDXVHGYDOXHRI

    1RWHWKDWWKLVVHFWLRQDSSOLHVHTXDOO\ZKHQWKHFRQWDLQLQJEORFNLVKRUL]RQWDODVZKHQLWLVYHUWLFDO

    ,QOLQHRUIORDWLQJUHSODFHGHOHPHQWV

    7KHXVHGYDOXHVRIPDUJLQOHIWPDUJLQULJKWPDUJLQWRSDQGPDUJLQERWWRPDUHHTXDOWRWKHFRPSXWHGYDOXHH[FHSWWKDWDFRPSXWHGYDOXHRIDXWREHFRPHVDXVHGYDOXHRI

    ,IKHLJKWDQGZLGWKERWKKDYHFRPSXWHGYDOXHVRIDXWRDQGWKHHOHPHQWDOVRKDVDQLQWULQVLFZLGWKWKHQWKDWLQWULQVLFZLGWKLVWKHXVHGYDOXHRIZLGWK

    ,IKHLJKWDQGZLGWKERWKKDYHFRPSXWHGYDOXHVRIDXWRDQGWKHHOHPHQWDOVRKDVDQLQWULQVLFKHLJKWWKHQWKDWLQWULQVLFKHLJKWLVWKHXVHGYDOXHRIKHLJKW

    ,IKHLJKWDQGZLGWKERWKKDYHFRPSXWHGYDOXHVRIDXWRDQGWKHHOHPHQWKDVQRLQWULQVLFZLGWKEXWGRHVKDYHDQLQWULQVLFKHLJKWDQGLQWULQVLFUDWLRRULIZLGWKKDVDFRPSXWHGYDOXHRIDXWRKHLJKWKDVVRPHRWKHUFRPSXWHGYDOXHDQGWKHHOHPHQWKDVDQLQWULQVLFUDWLRWKHQWKHXVHGYDOXHRIZLGWKLV

    XVHGKHLJKWLQWULQVLFUDWLR

    ,IKHLJKWDQGZLGWKERWKKDYHFRPSXWHGYDOXHVRIDXWRDQGWKHHOHPHQWKDVQRLQWULQVLFKHLJKWEXWGRHVKDYHDQLQWULQVLF

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    WKHHOHPHQWKDVQRLQWULQVLFKHLJKWEXWGRHVKDYHDQLQWULQVLFZLGWKDQGLQWULQVLFUDWLRRULIKHLJKWKDVDFRPSXWHGYDOXHRIDXWRZLGWKKDVVRPHRWKHUFRPSXWHGYDOXHDQGWKHHOHPHQWKDVDQLQWULQVLFUDWLRWKHQWKHXVHGYDOXHRIKHLJKWLV

    XVHGZLGWKLQWULQVLFUDWLR

    ,IKHLJKWDQGZLGWKERWKKDYHFRPSXWHGYDOXHVRIDXWRDQGWKHHOHPHQWKDVDQLQWULQVLFUDWLREXWQRLQWULQVLFKHLJKWRUZLGWKDQGWKHFRQWDLQLQJEORFNVZLGWKGRHVQWLWVHOIGHSHQGRQWKHUHSODFHGHOHPHQWVZLGWKWKHQWKHXVHGYDOXHRIZLGWKLVFDOFXODWHGIURPWKHFRQVWUDLQWHTXDWLRQXVHGIRUEORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZ7KHXVHGYDOXHIRUKHLJKWLVXVHGZLGWKLQWULQVLFUDWLR

    ,IZLGWKKDVDFRPSXWHGYDOXHRIDXWREXWQRQHRIWKHFRQGLWLRQVDERYHDUHPHWWKHQWKHXVHGYDOXHRIZLGWKEHFRPHVS[,IS[LVWRRZLGHWRILWWKHGHYLFH8$VVKRXOGXVHWKHZLGWKRIWKHODUJHVWUHFWDQJOHWKDWKDVDUDWLRDQGILWVWKHGHYLFHLQVWHDG

    ,IKHLJKWKDVDFRPSXWHGYDOXHRIDXWRDQGQRQHRIWKHUXOHVDERYHGHILQHLWVXVHGYDOXHWKHQWKHXVHGYDOXHRIKHLJKWPXVWEHVHWWRWKHKHLJKWRIWKHODUJHVWUHFWDQJOHWKDWKDVDUDWLRKDVDKHLJKWQRWJUHDWHUWKDQS[DQGKDVDZLGWKQRWJUHDWHUWKDQWKHGHYLFHZLGWK

    7KHRUHWLFDOO\DGHYLFHPD\EHZLGHUWKDQWKDQS[EXWQRWWDOOHQRXJKIRUS[,QWKDWFDVHWKHUHVXOWLQJUHSODFHGHOHPHQWZLOOEHWRRWDOO%XWWKLVLVWKHIRUPXODWLRQLQ&66DQGLWVHHPVQRWZRUWKLPSURYLQJVXFKDQHGJHFDVH

    3HUFHQWDJHLQWULQVLFZLGWKVDUHILUVWHYDOXDWHGZLWKUHVSHFWWRWKHFRQWDLQLQJEORFNVZLGWKLIWKDWZLGWKGRHVQWLWVHOIGHSHQGRQWKHUHSODFHGHOHPHQWVZLGWK,ILWGRHVWKHQDSHUFHQWDJHLQWULQVLFZLGWKRQWKDWHOHPHQWFDQWEHUHVROYHGDQGWKHHOHPHQWLVDVVXPHGWRKDYHQRLQWULQVLFZLGWK

    1RWHWKDWWKLVVHFWLRQDSSOLHVHTXDOO\ZKHQWKHFRQWDLQLQJEORFNLVKRUL]RQWDODVZKHQLWLVYHUWLFDO

    %ORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZZKHQRYHUIORZFRPSXWHVWRYLVLEOH

    7KLVVHFWLRQDOVRDSSOLHVWREORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZZKHQRYHUIORZGRHVQRWFRPSXWHWRYLVLEOHEXWKDVEHHQSURSDJDWHGWRWKHYLHZSRUW

    7KHIROORZLQJFRQVWUDLQWVPXVWKROGDPRQJWKHXVHGYDOXHVRIWKHSURSHUWLHV

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    PDUJLQOHIWERUGHUOHIWZLGWKSDGGLQJOHIWZLGWKSDGGLQJULJKWERUGHUULJKWZLGWKPDUJLQULJKWVFUROOEDUZLGWKLIDQ\ ZLGWKRIFRQWDLQLQJEORFN

    ,IZLGWKLVQRWDXWRDQGERUGHUOHIWZLGWKSDGGLQJOHIWZLGWKSDGGLQJULJKWERUGHUULJKWZLGWKVFUROOEDUZLGWKLIDQ\SOXVDQ\RIPDUJLQOHIWRUPDUJLQULJKWWKDWDUHQRWDXWRLVODUJHUWKDQWKHZLGWKRIWKHFRQWDLQLQJEORFNWKHQDQ\DXWRYDOXHVIRUPDUJLQOHIWRUPDUJLQULJKWDUHIRUWKHIROORZLQJUXOHVWUHDWHGDV]HUR:HVKRXOGGURSWKLVSDUDJUDSK,WFDXVHVEORFNVWKDWDUHZLGHUWKDQWKHLUSDUHQWQRWWREHFHQWHUHGXQOLNHEORFNVWKDWDUHQDUURZHUZKLFKORRNVVWUDQJH

    $OOWKHDERYHSURSHUWLHVWKDWKDYHDFRPSXWHGYDOXHRWKHUWKDQDXWRKDYHDXVHGYDOXHHTXDOWRWKHFRPSXWHGYDOXHH[FHSWLIWKH\DOOKDYHDFRPSXWHGYDOXHRWKHUWKDQDXWR7KHQWKHYDOXHVDUHVDLGWREHRYHUFRQVWUDLQHGDQGRQHRIWKHXVHGYDOXHVZLOOKDYHWREHGLIIHUHQWIURPLWVFRPSXWHGYDOXH,IWKHGLUHFWLRQSURSHUW\RIWKHFRQWDLQLQJEORFNKDVWKHYDOXHOWUWKHVSHFLILHGYDOXHRIPDUJLQULJKWLVLJQRUHGDQGWKHYDOXHLVFDOFXODWHGVRDVWRPDNHWKHHTXDOLW\WUXH,IWKHYDOXHRIGLUHFWLRQLVUWOWKLVKDSSHQVWRPDUJLQOHIWLQVWHDG

    ,IWKHUHLVH[DFWO\RQHYDOXHVSHFLILHGDVDXWRLWVXVHGYDOXHIROORZVIURPWKHHTXDOLW\

    ,IZLGWKLVVHWWRDXWRDQ\RWKHUDXWRYDOXHVEHFRPHDQGZLGWKIROORZVIURPWKHUHVXOWLQJHTXDOLW\

    ,IERWKPDUJLQOHIWDQGPDUJLQULJKWDUHDXWRWKHLUXVHGYDOXHVDUHHTXDO7KLVKRUL]RQWDOO\FHQWHUVWKHHOHPHQWZLWKUHVSHFWWRWKHHGJHVRIWKHFRQWDLQLQJEORFN

    7KHVFUROOEDUZLGWKYDOXHLVRQO\UHOHYDQWLIWKHXVHUDJHQWXVHVDVFUROOEDUDVLWVVFUROOLQJPHFKDQLVP6HHWKHGHILQLWLRQRIWKHRYHUIORZSURSHUW\

    ,IPDUJLQWRSRUPDUJLQERWWRPDUHDXWRWKHLUXVHGYDOXHLV,IKHLJKWLVDXWRWKHKHLJKWGHSHQGVRQZKHWKHUWKHHOHPHQWKDVDQ\EORFNOHYHOFKLOGUHQDQGZKHWKHULWKDVSDGGLQJRUERUGHUV

    ,ILWRQO\KDVLQOLQHOHYHOFKLOGUHQWKHKHLJKWLVWKHGLVWDQFHEHWZHHQWKHWRSRIWKHWRSPRVWOLQHER[DQGWKHERWWRPRIWKHERWWRPPRVWOLQHER[

    ,ILWKDVEORFNOHYHOFKLOGUHQWKHKHLJKWLVWKHGLVWDQFHEHWZHHQWKHWRSERUGHUHGJHRIWKHWRSPRVWEORFNOHYHOFKLOGER[WKDWGRHVQWKDYHPDUJLQVFROODSVHGWKURXJKLWDQGWKHERWWRPERUGHUHGJHRIWKHERWWRPPRVWEORFNOHYHOFKLOGER[

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    WKDWGRHVQWKDYHPDUJLQVFROODSVHGWKURXJKLW+RZHYHULIWKHHOHPHQWKDVDQRQ]HURWRSSDGGLQJDQGRUWRSERUGHURULVWKHURRWHOHPHQWWKHQWKHFRQWHQWVWDUWVDWWKHWRSPDUJLQHGJHRIWKHWRSPRVWFKLOG7KHILUVWFDVHH[SUHVVHVWKHIDFWWKDWWKHWRSDQGERWWRPPDUJLQVRIWKHHOHPHQWFROODSVHZLWKWKRVHRIWKHWRSPRVWDQGERWWRPPRVWFKLOGUHQZKLOHLQWKHVHFRQGFDVHWKHSUHVHQFHRIWKHSDGGLQJERUGHUSUHYHQWVWKHWRSPDUJLQVIURPFROODSVLQJ6LPLODUO\LIWKHHOHPHQWKDVDQRQ]HURERWWRPSDGGLQJDQGRUERWWRPERUGHUWKHQWKHFRQWHQWHQGVDWWKHERWWRPPDUJLQHGJHRIWKHERWWRPPRVWFKLOG

    2QO\FKLOGUHQLQWKHQRUPDOIORZDUHWDNHQLQWRDFFRXQWLHIORDWLQJER[HVDQGDEVROXWHO\SRVLWLRQHGER[HVDUHLJQRUHGDQGUHODWLYHO\SRVLWLRQHGER[HVDUHFRQVLGHUHGZLWKRXWWKHLURIIVHW1RWHWKDWWKHFKLOGER[PD\EHDQDQRQ\PRXVEORFNER[

    2WKHUEORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZ

    7KLVVHFWLRQDSSOLHVWREORFNOHYHOQRQUHSODFHGHOHPHQWVZKHQRYHUIORZGRHVQRWFRPSXWHWRYLVLEOHH[FHSWLIWKHRYHUIORZSURSHUW\VYDOXHKDVEHHQSURSDJDWHGWRWKHYLHZSRUW

    $SSO\WKHUXOHVIRUEORFNOHYHOQRQUHSODFHGHOHPHQWVLQQRUPDOIORZEXWLJQRUHWKHUHVXOWLQJYDOXHVIRUKHLJKWPDUJLQWRSDQGPDUJLQERWWRP

    ,IPDUJLQWRSRUPDUJLQERWWRPDUHDXWRWKHLUXVHGYDOXHLV,IKHLJKWLVDXWRLWVXVHGYDOXHLVGHILQHGE\$XWRKHLJKWVIRUIORZURRWV

    ,QOLQHEORFNRUIORDWLQJQRQUHSODFHGHOHPHQWV

    7KHXVHGYDOXHVRIPDUJLQOHIWPDUJLQULJKWPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDFRPSXWHGYDOXHRIDXWRJLYHVDXVHGYDOXHRI

    7KHXVHGYDOXHRIZLGWKLVWKHFRPSXWHGYDOXHXQOHVVWKDWLVDXWRZKHQXVHGYDOXHLVWKHVKULQNWRILWZLGWK

    7KHXVHGYDOXHRIKHLJKWLVWKHFRPSXWHGYDOXHXQOHVVWKDWLVDXWRZKHQWKHXVHGYDOXHLVGHILQHGE\$XWRKHLJKWVIRUIORZURRWV

    )RULQOLQHEORFNER[HVWKHPDUJLQER[LVXVHGZKHQFDOFXODWLQJWKHKHLJKWRIWKHOLQHER['RHVWKLVEHORQJKHUH"

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    $EVROXWHO\SRVLWLRQHGQRQUHSODFHGHOHPHQWV

    )RUWKHSXUSRVHVRIWKLVVHFWLRQDQGWKHQH[WWKHWHUPVWDWLFSRVLWLRQRIDQHOHPHQWUHIHUVURXJKO\WRWKHSRVLWLRQDQHOHPHQWZRXOGKDYHKDGLQWKHQRUPDOIORZ0RUHSUHFLVHO\

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

    %XWUDWKHUWKDQDFWXDOO\FDOFXODWLQJWKHGLPHQVLRQVRIWKDWK\SRWKHWLFDOER[XVHUDJHQWVDUHIUHHWRPDNHDJXHVVDWLWVSUREDEOHSRVLWLRQ

    )RUWKHSXUSRVHVRIFDOFXODWLQJWKHVWDWLFSRVLWLRQWKHFRQWDLQLQJEORFNRIIL[HGSRVLWLRQHGHOHPHQWVLVWKHLQLWLDOFRQWDLQLQJEORFNLQVWHDGRIWKHYLHZSRUWDQGDOOVFUROODEOHER[HVVKRXOGEHDVVXPHGWREHVFUROOHGWRWKHLURULJLQ

    7KLVFRQVWUDLQWPXVWKROGDPRQJWKHXVHGYDOXHV

    OHIWPDUJLQOHIWERUGHUOHIWZLGWKSDGGLQJOHIWZLGWKSDGGLQJULJKWERUGHUULJKWZLGWKPDUJLQULJKWULJKWVFUROOEDUZLGWKLIDQ\ ZLGWKRIFRQWDLQLQJEORFN

    ,IDOOWKUHHRIOHIWZLGWKDQGULJKWDUHDXWR)LUVWVHWDQ\DXWRYDOXHVIRUPDUJLQOHIWDQGPDUJLQULJKWWR7KHQLIWKHGLUHFWLRQSURSHUW\RIWKHFRQWDLQLQJEORFNLVOWUVHWOHIWWRWKH

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    GLUHFWLRQSURSHUW\RIWKHFRQWDLQLQJEORFNLVOWUVHWOHIWWRWKHVWDWLFSRVLWLRQDQGDSSO\UXOHQXPEHUWKUHHEHORZRWKHUZLVHVHWULJKWWRWKHVWDWLFSRVLWLRQDQGDSSO\UXOHQXPEHURQHEHORZ

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

    2WKHUZLVHVHWDXWRYDOXHVIRUPDUJLQOHIWDQGPDUJLQULJKWWRDQGSLFNWKHRQHRIWKHIROORZLQJVL[UXOHVWKDWDSSOLHV

    OHIWDQGZLGWKDUHDXWRDQGULJKWLVQRWDXWRWKHQWKHZLGWKLVVKULQNWRILW7KHQVROYHIRUOHIW

    OHIWDQGULJKWDUHDXWRDQGZLGWKLVQRWDXWRWKHQLIWKHGLUHFWLRQSURSHUW\RIWKHFRQWDLQLQJEORFNLVOWUVHWOHIWWRWKHVWDWLFSRVLWLRQRWKHUZLVHVHWULJKWWRWKHVWDWLFSRVLWLRQ7KHQVROYHIRUOHIWLIGLUHFWLRQLVUWORUULJKWLIGLUHFWLRQLVOWU

    ZLGWKDQGULJKWDUHDXWRDQGOHIWLVQRWDXWRWKHQWKHZLGWKLVVKULQNWRILW7KHQVROYHIRUULJKW

    OHIWLVDXWRZLGWKDQGULJKWDUHQRWDXWRWKHQVROYHIRUOHIW

    ZLGWKLVDXWROHIWDQGULJKWDUHQRWDXWRWKHQVROYHIRUZLGWK

    ULJKWLVDXWROHIWDQGZLGWKDUHQRWDXWRWKHQVROYHIRUULJKW

    7KLVFRQVWUDLQWPXVWDOVRKROGDPRQJWKHXVHGYDOXHV

    WRSPDUJLQWRSERUGHUWRSZLGWKSDGGLQJWRSKHLJKWSDGGLQJERWWRPERUGHUERWWRPZLGWKPDUJLQERWWRPERWWRPVFUROOEDUKHLJKWLIDQ\ KHLJKWRIFRQWDLQLQJEORFN

    ,IDOOWKUHHRIWRSKHLJKWDQGERWWRPDUHDXWRVHWWRSWRWKHVWDWLFSRVLWLRQDQGDSSO\UXOHQXPEHUWKUHHEHORZ

    ,IQRQHRIWKHWKUHHDUHDXWR,IERWKPDUJLQWRSDQG

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ,IQRQHRIWKHWKUHHDUHDXWR,IERWKPDUJLQWRSDQGPDUJLQERWWRPDUHDXWRVROYHWKHHTXDWLRQXQGHUWKHH[WUDFRQVWUDLQWWKDWWKHWZRPDUJLQVJHWHTXDOYDOXHV,IRQHRIPDUJLQWRSRUPDUJLQERWWRPLVDXWRVROYHWKHHTXDWLRQIRUWKDWYDOXH,IWKHYDOXHVDUHRYHUFRQVWUDLQHGLJQRUHWKHYDOXHIRUERWWRPDQGVROYHIRUWKDWYDOXH

    2WKHUZLVHSLFNWKHRQHRIWKHIROORZLQJVL[UXOHVWKDWDSSOLHV

    WRSDQGKHLJKWDUHDXWRDQGERWWRPLVQRWDXWR7KHXVHGYDOXHRIERWWRPLVLWVFRPSXWHGYDOXH7KHXVHGKHLJKWLVGHILQHGE\$XWRKHLJKWVIRUIORZURRWV7KHXVHGYDOXHVRIPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDQ\DXWRJLYHVDXVHGYDOXHRI)LQDOO\WKHFRQVWUDLQWJLYHVWKHXVHGYDOXHRIWRS

    WRSDQGERWWRPDUHDXWRDQGKHLJKWLVQRWDXWR7KHXVHGYDOXHRIWRSLVLWVVWDWLFSRVLWLRQ7KHXVHGYDOXHVRIPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDQ\DXWRJLYHVDXVHGYDOXHRI)LQDOO\WKHFRQVWUDLQWJLYHVWKHXVHGYDOXHIRUERWWRP

    KHLJKWDQGERWWRPDUHDXWRDQGWRSLVQRWDXWR7KHXVHGKHLJKWLVGHILQHGE\$XWRKHLJKWVIRUIORZURRWV7KHXVHGYDOXHVRIPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDQ\DXWRJLYHVDXVHGYDOXHRI)LQDOO\WKHFRQVWUDLQWJLYHVWKHXVHGYDOXHRIERWWRP

    WRSLVDXWRKHLJKWDQGERWWRPDUHQRWDXWR7KHXVHGYDOXHVRIPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDQ\DXWRJLYHVDXVHGYDOXHRI7KHFRQVWUDLQWJLYHVWKHXVHGYDOXHIRUWRS

    KHLJKWLVDXWRWRSDQGERWWRPDUHQRWDXWR7KHXVHGYDOXHVRIPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDQ\DXWRJLYHVDXVHGYDOXHRI7KHFRQVWUDLQWJLYHVWKHXVHGYDOXHIRUKHLJKW

    ERWWRPLVDXWRWRSDQGKHLJKWDUHQRWDXWR7KHXVHGYDOXHVRIPDUJLQWRSDQGPDUJLQERWWRPDUHWKHLUFRPSXWHGYDOXHVH[FHSWWKDWDQ\DXWRJLYHVDXVHGYDOXHRI7KHFRQVWUDLQWJLYHVWKHXVHGYDOXHIRUERWWRP

    7KHVFUROOEDUKHLJKWDQGVFUROOEDUZLGWKYDOXHVDUHRQO\UHOHYDQWLIWKHXVHUDJHQWXVHVDVFUROOEDUDVLWVVFUROOLQJPHFKDQLVP6HHWKHGHILQLWLRQRIWKHRYHUIORZSURSHUW\

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    $EVROXWHO\SRVLWLRQHGUHSODFHGHOHPHQWV

    7KLVVLWXDWLRQLVVLPLODUWRWKHSUHYLRXVRQHH[FHSWWKDWWKHHOHPHQWPD\KDYHDQLQWULQVLFVL]HRUUDWLR7KHVHTXHQFHRIVXEVWLWXWLRQVLVQRZ

    7KHXVHGYDOXHRIZLGWKDQGKHLJKWLVGHWHUPLQHGDVIRULQOLQHUHSODFHGHOHPHQWV

    )RUHDFKRIWRSULJKWERWWRPOHIWPDUJLQWRSPDUJLQULJKWPDUJLQERWWRPDQGPDUJLQOHIWLIWKHFRPSXWHGYDOXHLVQRWDXWRWKHXVHGYDOXHLVHTXDOWRWKHFRPSXWHGYDOXH

    ,IERWKOHIWDQGULJKWKDYHWKHYDOXHDXWRWKHQLIGLUHFWLRQRIWKHFRQWDLQLQJEORFNLVOWUWKHXVHGYDOXHRIOHIWLVLWVVWDWLFSRVLWLRQHOVHLIGLUHFWLRQLVUWOWKHXVHGYDOXHRIULJKWLVLWVVWDWLFSRVLWLRQ

    ,IERWKWRSDQGERWWRPKDYHWKHYDOXHDXWRWKHQWKHXVHGYDOXHRIWRSLVLWVVWDWLFSRVLWLRQ

    ,IOHIWRUULJKWRUERWKDUHDXWRDQGPDUJLQOHIWLVDXWRWKHQWKHXVHGYDOXHRIPDUJLQOHIWLV

    ,IOHIWRUULJKWRUERWKDUHDXWRDQGPDUJLQULJKWLVDXWRWKHQWKHXVHGYDOXHRIPDUJLQULJKWLV

    ,IQHLWKHUOHIWQRUULJKWDUHDXWRDQGERWKPDUJLQOHIWDQGPDUJLQULJKWDUHDXWRWKHQWKHXVHGYDOXHVVDWLVI\WKHH[WUDFRQVWUDLQWWKDWPDUJLQULJKWDQGPDUJLQOHIWDUHHTXDOXQOHVVWKLVZRXOGPDNHWKHPQHJDWLYHLQZKLFKFDVHZKHQWKHGLUHFWLRQRIWKHFRQWDLQLQJEORFNLVOWUUWOWKHXVHGYDOXHRIPDUJLQOHIWPDUJLQULJKWLV5HPRYHWKHSDUWVWDUWLQJZLWKXQOHVV",WORRNVEHWWHUWRFHQWHUWKHLPDJH

    7KHUHPDLQLQJXVHGYDOXHVLIDQ\IROORZVIURPWKHVHWZRFRQVWUDLQWV

    OHIWPDUJLQOHIWERUGHUOHIWZLGWKSDGGLQJOHIWZLGWKSDGGLQJULJKWERUGHUULJKWZLGWKPDUJLQULJKWULJKWVFUROOEDUZLGWKLIDQ\ ZLGWKRIFRQWDLQLQJEORFN

    WRSPDUJLQWRSERUGHUWRSZLGWKSDGGLQJWRSKHLJKWSDGGLQJERWWRPERUGHUERWWRPZLGWKPDUJLQERWWRPERWWRPVFUROOEDUKHLJKWLIDQ\ KHLJKWRIFRQWDLQLQJEORFN

    ,IWKHILUVWHTXDWLRQLVRYHUFRQVWUDLQHGLJQRUHWKHYDOXHIRU

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ,IWKHILUVWHTXDWLRQLVRYHUFRQVWUDLQHGLJQRUHWKHYDOXHIRUHLWKHUOHIWLQFDVHWKHGLUHFWLRQSURSHUW\RIWKHFRQWDLQLQJEORFNLVUWORUULJKWLQFDVHGLUHFWLRQLVOWUDQGVROYHIRUWKDWYDOXH

    ,IWKHVHFRQGHTXDWLRQLVRYHUFRQVWUDLQHGLJQRUHWKHYDOXHIRUERWWRPDQGVROYHIRUWKDWYDOXH

    %ORFNOHYHOUHSODFHGHOHPHQWVLQQRUPDOIORZ

    $SSO\WKHUXOHVIRULQOLQHUHSODFHGHOHPHQWVEXWLJQRUHWKHUHVXOWLQJYDOXHVIRUPDUJLQOHIWDQGPDUJLQULJKW7RFRPSXWHWKHXVHGYDOXHRIWKRVHDSSO\WKHUXOHVIRUEORFNOHYHOQRQUHSODFHGHOHPHQWVXVLQJWKHXVHGYDOXHVMXVWIRXQGIRUZLGWKERUGHUDQGSDGGLQJDVLIWKH\ZHUHWKHFRPSXWHGYDOXHV

    )ORDWLQJQRQUHSODFHGHOHPHQWV

    7KHXVHGYDOXHVRIWKHPDUJLQVDUHHTXDOWRWKHFRPSXWHGYDOXHVH[FHSWWKDWWKHXVHGYDOXHVRIDQ\PDUJLQVFRPSXWHGDVDXWRDUH

    7KHXVHGYDOXHRIZLGWKLVHTXDOWRWKHFRPSXWHGYDOXHH[FHSWWKDWLIZLGWKLVFRPSXWHGDVDXWRWKHXVHGYDOXHLVWKHVKULQNWRILWZLGWK

    ,IWKHFRPSXWHGYDOXHRIKHLJKWLVQRWDXWRWKHXVHGYDOXHLVWKHFRPSXWHGYDOXH2WKHUZLVHWKHXVHGKHLJKWGHSHQGVRQWKHGHVFHQGDQWVDVGHILQHGLQ$XWRKHLJKWVIRUIORZURRWV

    $XWRKHLJKWVIRUIORZURRWV

    ,QFHUWDLQFDVHVVHHWKHSUHFHGLQJVHFWLRQVWKHKHLJKWRIDQHOHPHQWLVFRPSXWHGDVIROORZV

    ,ILWRQO\KDVLQOLQHOHYHOFKLOGUHQWKHKHLJKWLVWKHGLVWDQFHEHWZHHQWKHWRSRIWKHWRSPRVWOLQHER[DQGWKHERWWRPRIWKHERWWRPPRVWOLQHER[

    ,ILWKDVEORFNOHYHOFKLOGUHQWKHKHLJKWLVWKHGLVWDQFHEHWZHHQWKHWRSPDUJLQHGJHRIWKHWRSPRVWEORFNOHYHOFKLOGER[DQGWKHERWWRPPDUJLQHGJHRIWKHERWWRPPRVWEORFNOHYHOFKLOGER[

    $EVROXWHO\SRVLWLRQHGFKLOGUHQDUHLJQRUHGDQGUHODWLYHO\SRVLWLRQHGER[HVDUHFRQVLGHUHGZLWKRXWWKHLURIIVHW1RWHWKDWWKHFKLOGER[PD\EHDQDQRQ\PRXVEORFNER[

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ,QDGGLWLRQLIWKHHOHPHQWKDVDQ\IORDWLQJGHVFHQGDQWVZKRVHERWWRPPDUJLQHGJHLVEHORZWKHERWWRPWKHQWKHKHLJKWLVLQFUHDVHGWRLQFOXGHWKRVHHGJHV2QO\IORDWVWKDWDUHFKLOGUHQRIWKHHOHPHQWLWVHOIRURIGHVFHQGDQWVLQWKHQRUPDOIORZDUHWDNHQLQWRDFFRXQWHJIORDWVLQVLGHDEVROXWHO\SRVLWLRQHGGHVFHQGDQWVRURWKHUIORDWVDUHQRW

    6KULQNWRILW

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

    7KHQWKHVKULQNWRILWZLGWKLVPLQPD[SUHIHUUHGPLQLPXPZLGWKDYDLODEOHZLGWKSUHIHUUHGZLGWK

    'HILQHLQPRUHGHWDLOXVLQJDWH[WE\'DYLG%DURQ

    )ORDWLQJER[HV

    ,QWURGXFWLRQWRIORDWV

    7KLVVHFWLRQLVQRWQRUPDWLYH$IORDWLVDER[WKDWLVVKLIWHGWRWKHOHIWRUULJKWRQWKH

    FXUUHQWOLQH7KHPRVWLQWHUHVWLQJFKDUDFWHULVWLFRIDIORDWRUIORDWLQJER[LVWKDWFRQWHQWPD\IORZDORQJLWVVLGHRUEHSURKLELWHGIURPGRLQJVRE\WKHFOHDUSURSHUW\&RQWHQWIORZVGRZQWKHULJKWVLGHRIDOHIWIORDWHGER[DQGGRZQWKHOHIWVLGHRIDULJKWIORDWHGER[7KHIROORZLQJLVDQRQQRUPDWLYHLQWURGXFWLRQWRIORDWSRVLWLRQLQJDQGFRQWHQWIORZWKHH[DFWUXOHVJRYHUQLQJIORDWSRVLWLRQLQJDUHJLYHQLQWKHQH[WVHFWLRQ

    $IORDWHGER[LVVKLIWHGWRWKHOHIWRUULJKWXQWLOLWVRXWHUHGJHWRXFKHVWKHFRQWDLQLQJEORFNHGJHRUWKHRXWHUHGJHRIDQRWKHUIORDW,IWKHUHLVDOLQHER[WKHWRSRIWKHIORDWHGER[LV

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    DOLJQHGZLWKWKHWRSRIWKHFXUUHQWOLQHER[,IWKHUHLVQWHQRXJKKRUL]RQWDOURRPIRUWKHIORDWLWLV

    VKLIWHGGRZQZDUGXQWLOHLWKHULWILWVRUWKHUHDUHQRPRUHIORDWVSUHVHQW

    6LQFHDIORDWLVQRWLQWKHIORZQRQSRVLWLRQHGEORFNER[HVFUHDWHGEHIRUHDQGDIWHUWKHIORDWER[IORZYHUWLFDOO\DVLIWKHIORDWGLGQWH[LVW+RZHYHUOLQHER[HVFUHDWHGQH[WWRWKHIORDWDUHVKRUWHQHGWRPDNHURRPIRUWKHPDUJLQER[RIWKHIORDW,IDVKRUWHQHGOLQHER[LVWRRVPDOOWRFRQWDLQDQ\IXUWKHUFRQWHQWWKHQLWLVVKLIWHGGRZQZDUGXQWLOHLWKHULWILWVRUWKHUHDUHQRPRUHIORDWVSUHVHQW$Q\FRQWHQWLQWKHFXUUHQWOLQHEHIRUHDIORDWHGER[LVUHIORZHGLQWKHILUVWDYDLODEOHOLQHRQWKHRWKHUVLGHRIWKHIORDW,QRWKHUZRUGVLILQOLQHER[HVDUHSODFHGRQWKHOLQHEHIRUHDOHIWIORDWLVHQFRXQWHUHGWKDWILWVLQWKHUHPDLQLQJOLQHER[VSDFHWKHOHIWIORDWLVSODFHGRQWKDWOLQHDOLJQHGZLWKWKHWRSRIWKHOLQHER[DQGWKHQWKHLQOLQHER[HVDOUHDG\RQWKHOLQHDUHPRYHGDFFRUGLQJO\WRWKHULJKWRIWKHIORDWWKHULJKWEHLQJWKHRWKHUVLGHRIWKHOHIWIORDWDQGYLFHYHUVDIRUUWODQGULJKWIORDWV

    ,QWKHIROORZLQJGRFXPHQWIUDJPHQWWKHFRQWDLQLQJEORFNLVWRRQDUURZWRFRQWDLQWKHFRQWHQWQH[WWRWKHIORDWVRWKHFRQWHQWJHWVPRYHGWREHORZWKHIORDWVZKHUHLWLVDOLJQHGLQWKHOLQHER[DFFRUGLQJWRWKHWH[WDOLJQSURSHUW\

    7KLVIUDJPHQWPLJKWORRNOLNHWKLV

    ([DPSOH;,,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    6HYHUDOIORDWVPD\EHDGMDFHQWDQGWKLVPRGHODOVRDSSOLHVWRDGMDFHQWIORDWVLQWKHVDPHOLQH

    )LJXUH7KHWH[WLVWRRORQJWRILWLQDVKRUWHQHGOLQHER[QH[WWRWKHIORDWGDUNEOXHER[DQGVRLWLVSXVKHGGRZQ

    XQWLOLWLVSDVVHGWKHIORDW

    7KHIROORZLQJUXOHIORDWVDOO,0*ER[HVZLWKWRWKHOHIWDQGVHWVWKHOHIWPDUJLQWR

    ([DPSOH;,9

    &RQVLGHUWKHIROORZLQJ+70/VRXUFHDQGVW\OHVKHHW

    7KH,0*ER[LVIORDWHGWRWKHOHIW7KHFRQWHQWWKDWIROORZVLVIRUPDWWHGWRWKHULJKWRIWKHIORDWVWDUWLQJRQWKHVDPHOLQHDVWKHIORDW7KHOLQHER[HVWRWKHULJKWRIWKHIORDWDUHVKRUWHQHGGXHWRWKHIORDWVSUHVHQFHEXWUHVXPHWKHLUQRUPDOZLGWKWKDWRIWKHFRQWDLQLQJEORFNHVWDEOLVKHGE\WKH3HOHPHQWDIWHUWKHIORDW7KLVGRFXPHQWPLJKWEHIRUPDWWHGDV

    ([DPSOH;9

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    $VVWDWHGLQ&ROODSVLQJPDUJLQVWKHPDUJLQVRIIORDWLQJER[HVQHYHUFROODSVHZLWKPDUJLQVRIDGMDFHQWER[HV7KXVLQWKHSUHYLRXVH[DPSOHYHUWLFDOPDUJLQVGRQRWFROODSVHEHWZHHQWKH3ER[DQGWKHIORDWHG,0*ER[

    7KHFRQWHQWVRIIORDWVDUHVWDFNHGDVLIIORDWVJHQHUDWHGQHZVWDFNLQJFRQWH[WVH[FHSWWKDWDQ\HOHPHQWVWKDWDFWXDOO\FUHDWHQHZVWDFNLQJFRQWH[WVWDNHSDUWLQWKHIORDWVSDUHQWVVWDFNLQJFRQWH[W$IORDWFDQRYHUODSRWKHUER[HVLQWKHQRUPDOIORZHJZKHQDQRUPDOIORZER[QH[WWRDIORDWKDVQHJDWLYHPDUJLQV:KHQWKLVKDSSHQVIORDWVDUHUHQGHUHGLQIURQWRIQRQSRVLWLRQHGLQIORZEORFNVEXWEHKLQGLQIORZLQOLQHV

    )LJXUH$QLPDJHVKRZLQJWKHYDULRXVPDUJLQVRIWKH%2'

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHIROORZLQJH[DPSOHLOOXVWUDWHVWKHXVHRIWKHFOHDUSURSHUW\WRSUHYHQWFRQWHQWIURPIORZLQJQH[WWRDIORDW

    )LJXUH$IORDWLQJLPDJHREVFXUHVERUGHUVRIEORFNER[HVLWRYHUODSV

    $VVXPLQJDUXOHVXFKDVWKLV

    IRUPDWWLQJPLJKWORRNOLNHWKLV

    ([DPSOH;9,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHIORDWSURSHUW\

    1DPH IORDW9DOXH OHIW_ULJKW_QRQH_SDJHIORDWV!,QLWLDO QRQH$SSOLHVWR DOOEXWVHH,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    7KLVSURSHUW\VSHFLILHVZKHWKHUDER[VKRXOGIORDWWRWKHOHIWULJKWRUQRWDWDOO,WPD\EHVHWIRUDQ\HOHPHQWEXWRQO\DSSOLHVWRHOHPHQWVWKDWJHQHUDWHER[HVWKDWDUHQRWDEVROXWHO\SRVLWLRQHG7KHYDOXHVRIWKLVSURSHUW\KDYHWKHIROORZLQJPHDQLQJV

    left

    right

    none

    6HH*HQHUDWHG&RQWHQWIRU3DJHG0HGLD>&66*&30@

    5XOHVIRUSRVLWLRQLQJIORDWV

    >7RGRFRS\IURP&66>&66@DQGJHQHUDOL]HWRYHUWLFDOWH[W@

    1RWHWKDWDER[ZLWKDYDOXHRIIORDWRWKHUWKDQQRQHLVDIORZURRW

    7KHERUGHUER[RIDWDEOHDEORFNOHYHOUHSODFHGHOHPHQWRUDQHOHPHQWLQWKHQRUPDOIORZWKDWLVDIORZURRWVXFKDVDQHOHPHQWZLWKRYHUIORZRWKHUWKDQYLVLEOHPXVWQRWRYHUODS

    )LJXUH%RWKSDUDJUDSKVKDYHVHWFOHDUOHIWZKLFKFDXVHVWKHVHFRQGSDUDJUDSKWREHSXVKHGGRZQWRDSRVLWLRQEHORZWKHIORDWFOHDUDQFHLVDGGHGDERYHLWVWRSPDUJLQWRDFFRPSOLVKWKLVVHHWKHFOHDUSURSHUW\

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    HOHPHQWZLWKRYHUIORZRWKHUWKDQYLVLEOHPXVWQRWRYHUODSDQ\IORDWVLQWKHVDPHIORZDVWKHHOHPHQWLWVHOI,IQHFHVVDU\LPSOHPHQWDWLRQVVKRXOGFOHDUWKHVDLGHOHPHQWE\SODFLQJLWEHORZDQ\SUHFHGLQJIORDWVEXWPD\SODFHLWDGMDFHQWWRVXFKIORDWVLIWKHUHLVVXIILFLHQWVSDFHE\LQFUHDVLQJRQHPDUJLQDQGGHFUHDVLQJWKHRSSRVLWHPDUJLQ6XIILFLHQWVSDFHPHDQVWKDWWKHRSSRVLWHPDUJLQGRHVQRWEHFRPHQHJDWLYH

    7KHFOHDUSURSHUW\

    1DPH FOHDU9DOXH QRQH_OHIW_ULJKW_ERWK,QLWLDO QRQH$SSOLHVWR EORFNOHYHOHOHPHQWV,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    >7RGRFRS\IURP&66>&66@DQGJHQHUDOL]HWRYHUWLFDOWH[W@

    2YHUIORZ

    7KHRYHUIORZRYHUIORZ[DQGRYHUIORZ\SURSHUWLHV

    ,QWKHSUHFHGLQJVHFWLRQVVHYHUDOWKLQJVVXFKDVIORZURRWVGHSHQGRQWKHYDOXHRIRYHUIORZ:HSUREDEO\QHHGWRUHZULWHWKHPLQWHUPVRIRYHUIORZ[DQGRU\RUVLPLODU

    1DPH RYHUIORZ[RYHUIORZ\9DOXH YLVLEOH_KLGGHQ_VFUROO_DXWR_QRGLVSOD\_

    QRFRQWHQW,QLWLDO YLVLEOH$SSOLHVWR QRQUHSODFHGEORFNOHYHOHOHPHQWVDQG

    QRQUHSODFHGLQOLQHEORFNHOHPHQWV,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHGH[FHSWYLVLEOHVHHWH[W

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    1DPH RYHUIORZ9DOXH >YLVLEOH_KLGGHQ_VFUROO_DXWR_QRGLVSOD\

    _QRFRQWHQW@^`,QLWLDO VHHLQGLYLGXDOSURSHUWLHV$SSOLHVWR QRQUHSODFHGEORFNOHYHOHOHPHQWVDQG

    QRQUHSODFHGLQOLQHEORFNHOHPHQWV,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHGH[FHSWYLVLEOHVHHWH[W

    7KHVHSURSHUWLHVVSHFLI\ZKHWKHUFRQWHQWLVFOLSSHGZKHQLWRYHUIORZVWKHHOHPHQWVFRQWHQWDUHD,WDIIHFWVWKHFOLSSLQJRIDOORIWKHHOHPHQWVFRQWHQWH[FHSWDQ\GHVFHQGDQWHOHPHQWVDQGWKHLUUHVSHFWLYHFRQWHQWDQGGHVFHQGDQWVZKRVHFRQWDLQLQJEORFNLVWKHYLHZSRUWRUDQDQFHVWRURIWKHHOHPHQW2YHUIORZ[GHWHUPLQHVFOLSSLQJDWWKHOHIWDQGULJKWHGJHVRYHUIORZ\DWWKHWRSDQGERWWRPHGJHV

    2YHUIORZLVDVKRUWKDQG,ILWKDVRQHNH\ZRUGLWVHWVERWKRYHUIORZ[DQGRYHUIORZ\WRWKDWNH\ZRUGLILWKDVWZRLWVHWVRYHUIORZ[WRWKHILUVWDQGRYHUIORZ\WRWKHVHFRQG.H\ZRUGVKDYHWKHIROORZLQJPHDQLQJV

    visible7KLVYDOXHLQGLFDWHVWKDWFRQWHQWLVQRWFOLSSHGLHLWPD\EHUHQGHUHGRXWVLGHWKHFRQWHQWER[

    hidden7KLVYDOXHLQGLFDWHVWKDWWKHFRQWHQWLVFOLSSHGDQGWKDWQRVFUROOLQJPHFKDQLVPVKRXOGEHSURYLGHGWRYLHZWKHFRQWHQWRXWVLGHWKHFOLSSLQJUHJLRQ

    scroll7KLVYDOXHLQGLFDWHVWKDWWKHFRQWHQWLVFOLSSHGDQGWKDWLIWKHXVHUDJHQWXVHVDVFUROOLQJPHFKDQLVPWKDWLVYLVLEOHRQWKHVFUHHQVXFKDVDVFUROOEDURUDSDQQHUWKDWPHFKDQLVPVKRXOGEHGLVSOD\HGIRUDER[ZKHWKHURUQRWDQ\RILWVFRQWHQWLVFOLSSHG7KLVDYRLGVDQ\SUREOHPZLWKVFUROOEDUVDSSHDULQJDQGGLVDSSHDULQJLQDG\QDPLFHQYLURQPHQW:KHQWKLVYDOXHLVVSHFLILHGDQGWKHWDUJHWPHGLXPLVSULQWRYHUIORZLQJFRQWHQWPD\EHSULQWHG

    auto7KHEHKDYLRURIWKHDXWRYDOXHLV8$GHSHQGHQWEXWVKRXOGFDXVHDVFUROOLQJPHFKDQLVPWREHSURYLGHGIRURYHUIORZLQJER[HV

    nodisplay

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    nodisplay:KHQWKHFRQWHQWGRHVQWILWLQWKHFRQWHQWER[WKHZKROHER[LVUHPRYHGDVLIGLVSOD\QRQHZHUHVSHFLILHG>7KLVLGHDLVGXHWR7LOO+DOEDFKWLOOK#RSHUDFRP!-XO\@

    nocontent:KHQWKHFRQWHQWGRHVQWILWLQWKHFRQWHQWER[WKHZKROHFRQWHQWLVKLGGHQDVLIYLVLELOLW\KLGGHQZHUHVSHFLILHG>7KLVLGHDLVGXHWR7LOO+DOEDFKWLOOK#RSHUDFRP!-XO\@

    (YHQLIRYHUIORZLVVHWWRYLVLEOHFRQWHQWPD\EHFOLSSHGWRD8$VGRFXPHQWZLQGRZE\WKHQDWLYHRSHUDWLQJHQYLURQPHQW

    8$VPXVWDSSO\WKHRYHUIORZSURSHUW\VHWRQWKHURRWHOHPHQWWRWKHYLHZSRUW+70/8$VPXVWLQVWHDGDSSO\WKHRYHUIORZSURSHUW\IURPWKH%2'

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    +HUHLVWKHVW\OHVKHHWFRQWUROOLQJWKHVL]HVDQGVW\OHRIWKHJHQHUDWHGER[HV

    7KHLQLWLDOYDOXHRIRYHUIORZLVYLVLEOHVRWKHEORFNTXRWH!ZRXOGEHIRUPDWWHGZLWKRXWFOLSSLQJVRPHWKLQJOLNHWKLV

    )LJXUH3RVVLEOHUHQGHULQJZLWKRYHUIORZYLVLEOH

    6HWWLQJRYHUIORZWRKLGGHQIRUWKHGLY!RQWKHRWKHUKDQGFDXVHVWKHEORFNTXRWH!WREHFOLSSHGE\WKHFRQWDLQLQJEORFN

    )LJXUH3RVVLEOHUHQGHULQJZLWKRYHUIORZKLGGHQ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHFRPELQDWLRQRIFROODSVLQJPDUJLQVPD[KHLJKWDQGRYHUIORZDXWRFDQOHDGWRVXEWOHGLIIHUHQFHVLQLPSOHPHQWDWLRQVXQOHVVVSHFLDOFDUHLVWDNHQ$8$VKRXOGDVVXPHWKDWDQHOHPHQWFDQEHUHQGHUHGZLWKRXWDVFUROOLQJPHFKDQLVPILUVWSHUIRUPDOOWKHFROODSVLQJRIPDUJLQVDQGFKHFNWKDWWKHFRQWHQWKHLJKWLVLQGHHGOHVVWKDQWKHPD[KHLJKW,ILWLVQRWWKHSURFHVVLVUHSHDWHGXQGHUWKHDVVXPSWLRQWKDWDVFUROOLQJPHFKDQLVPLVQHHGHG

    $YDOXHRIVFUROOZRXOGWHOO8$VWKDWVXSSRUWDYLVLEOHVFUROOLQJPHFKDQLVPWRGLVSOD\RQHVRWKDWXVHUVFRXOGDFFHVVWKHFOLSSHGFRQWHQW

    &RQVLGHUWKLVFDVHZKHUHDQDEVROXWHO\SRVLWLRQHGHOHPHQWLVPL[HGZLWKDQRYHUIORZSDUHQW6W\OHVKHHW

    'RFXPHQWIUDJPHQW

    ,QWKLVH[DPSOHWKHVFUROOHUHOHPHQWZLOOQRWVFUROOWKHVDWHOOLWHHOHPHQWEHFDXVHWKHODWWHUVFRQWDLQLQJEORFNLVRXWVLGHWKHHOHPHQWZKRVHRYHUIORZLVEHLQJFOLSSHGDQGVFUROOHG

    ([DPSOH;,;

    ,QWKHIROORZLQJGRFXPHQWIUDJPHQWWKHRXWHU',9KDVKHLJKWDXWREXWPD[KHLJKWHP7KHLQQHU',9KDVODUJHPDUJLQVDQGZRXOGQRUPDOO\MXVWILW

    ([DPSOH;;

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KHFRPSXWHGYDOXHVRIRYHUIORZ[DQGRYHUIORZ\DUHWKHVDPHDVWKHLUVSHFLILHGYDOXHVH[FHSWWKDWVRPHFRPELQDWLRQVZLWKYLVLEOHDUHQRWSRVVLEOHLIRQHLVVSHFLILHGDVYLVLEOHDQGWKHRWKHULVVFUROORUDXWRWKHQYLVLEOHLVVHWWRDXWR7KHFRPSXWHGYDOXHRIRYHUIORZLVHTXDOWRWKHFRPSXWHGYDOXHRIRYHUIORZ[LIRYHUIORZ\LVWKHVDPHRWKHUZLVHLWLVWKHSDLURIFRPSXWHGYDOXHVRIRYHUIORZ[DQGRYHUIORZ\

    7KHVFUROOLQJPHFKDQLVPGHSHQGVRQWKH8$7KHPRVWFRPPRQPHFKDQLVPLVDVFUROOEDUEXWSDQQHUVKDQGFXUVRUVSDJHIOLFNHUVHWFDUHDOVRSRVVLEOH$YDOXHRIVFUROOZRXOGWHOO8$VWKDWVXSSRUWDYLVLEOHVFUROOLQJPHFKDQLVPWRGLVSOD\RQHVRWKDWXVHUVFDQDFFHVVWKHFOLSSHGFRQWHQW7KHRYHUIORZVW\OHSURSHUW\OHWVDQDXWKRUVSHFLI\RQHRUPRUHSUHIHUUHGVFUROOLQJPHFKDQLVP

    1RWHWKDWRYHUIORZ[DQGRYHUIORZ\GLGQRWH[LVWLQ&66

    1RWHWKDWWH[WRYHUIORZVHH>&667(;7@FDQEHXVHGWRJLYHDYLVXDOLQGLFDWLRQZKHUHWH[WKDVEHHQFOLSSHG

    7KHRYHUIORZVW\OHSURSHUW\

    1DPH RYHUIORZVW\OH9DOXH DXWR_>VFUROOEDU_SDQQHU_PRYH_

    PDUTXHH@>>VFUROOEDU_SDQQHU_PRYH_PDUTXHH@@

    ,QLWLDO DXWR$SSOLHVWR VDPHDVRYHUIORZ,QKHULWHG \HV3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    ,IZHDVVXPHWKDWGQHHGVVFUROOEDUVWKHQWKHKHLJKWRIGLQFOXGLQJWKHVLQJOHOLQHRIWH[WDQGWZLFHHPRIPDUJLQVDGGVXSWRHPSOXVDVFUROOEDU6LQFHWKDWLVJUHDWHUWKDQHPWKHPD[LPXPDOORZHGKHLJKWLWVHHPVZHPDGHWKHULJKWDVVXPSWLRQDQGGLQGHHGQHHGVVFUROOEDUV

    +RZHYHUZHVKRXOGKDYHVWDUWHGE\DVVXPLQJWKDWQRVFUROOEDUVDUHQHHGHG,QWKDWFDVHWKHFRQWHQWKHLJKWRIGLVH[DFWO\WKHPD[LPXPKHLJKWRIHPSURYLQJWKDWWKHDVVXPSWLRQZDVFRUUHFWDQGGLQGHHGVKRXOGQRWKDYHVFUROOEDUV

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    7KLVSURSHUW\VSHFLILHVWKHSUHIHUUHGVFUROOLQJPHWKRGVIRUHOHPHQWVWKDWRYHUIORZVHHWKHRYHUIORZSURSHUW\7KHYDOXHLVHLWKHUDXWRPHDQLQJQRSUHIHUHQFHRUDOLVWRIPHWKRGVLQRUGHURISUHIHUHQFH7KH8$VKRXOGXVHWKHILUVWVFUROOLQJPHWKRGLQWKHOLVWWKDWLWVXSSRUWV,ILWVXSSRUWVQRQHRIWKHPLWPXVWDFWDVLIWKHYDOXHZDVDXWR

    $8$WKDWVXSSRUWDFHUWDLQVFUROOLQJPHFKDQLVPPD\EHDEOHWRVXSSRUWLWRQO\LQFHUWDLQFDVHV(JD8$PD\EHDEOHWRXVHWKHPDUTXHHHIIHFWRQO\LQWKHKRUL]RQWDOGLUHFWLRQRUWKHOLQHSURJUHVVLRQGLUHFWLRQRULWPD\EHDEOHWRXVHDSDQQHURQO\LIQRQHRIWKHDQFHVWRUER[HVXVHVDSDQQHU

    VFUROOEDU6FUROOEDUVDUHW\SLFDOO\QDUURZVWULSVLQVHUWHGRQRQHRUWZRHGJHVRIDQHOHPHQWDQGZKLFKRIWHQKDYHDUURZVWRFOLFNRQDQGDWKXPEWRGUDJXSDQGGRZQRUOHIWDQGULJKWWRPRYHWKHFRQWHQWVRIWKHHOHPHQW

    SDQQHU$SDQQHULVW\SLFDOO\DUHFWDQJOHVKRZQLQRQHFRUQHURIWKHHOHPHQWZLWKDVPDOOHUUHFWDQJOHLQVLGH7KHODUJHUUHFWDQJOHUHSUHVHQWVDOOWKHDYDLODEOHFRQWHQWRIWKHHOHPHQWDQGWKHVPDOOHURQHWKHYLVLEOHSDUW7KHVPDOOHUUHFWDQJOHFDQEHPRYHGDURXQGE\WKHXVHUWRPRYHWKHFRQWHQWRIWKHHOHPHQWDFFRUGLQJO\

    PRYH7KHYDOXHPRYHUHIHUVWRDPHWKRGZKHUHWKHXVHUFDQPRYHWKHFRQWHQWRIWKHHOHPHQWGLUHFWO\UDWKHUWKDQLQGLUHFWO\E\PRYLQJDVFUROOEDURUDSDQQHU7\SLFDOO\WKHPRXVHSRLQWHUFKDQJHVLQWRDKDQGRUDFURVVRIIRXUDUURZVWRLQGLFDWHWKDWWKHXVHUFDQGUDJWKHFRQWHQWDURXQGZLWKWKHPRXVH6RPHWLPHVWKHXVHUQHHGVWRH[SOLFLWO\DFWLYDWHWKHPRYHPRGHDQGLQWKDWFDVHKHRIWHQFDQXVHERWKGUDJJLQJZLWKWKHPRXVHDQGNH\HYHQWVWRPRYHWKHFRQWHQW

    PDUTXHH7KHPDUTXHHHIIHFWYDOXHPDUTXHHFRQVLVWVRIWKHFRQWHQWPRYLQJDXWRQRPRXVO\ZLWKRXWDQ\XVHUHYHQWVWRFRQWUROLW$XVHUZKRZDLWVORQJHQRXJKZLOOHYHQWXDOO\VHHDOOWKHFRQWHQWWKDWRYHUIORZV

    7KLVVSHFLILFDWLRQGRHVQRWGHILQHZKDWVFUROOEDUVSDQQHUVRUWKHYLVXDOLQGLFDWRUVIRUWKHPRYHPHWKRGORRNOLNH7KHPDUTXHHPHWKRGLVIXUWKHUGHILQHGEHORZ

    $QRWKHULGHDLVWRPDNHRYHUIORZDVKRUWKDQGIRURYHUIORZ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    $QRWKHULGHDLVWRPDNHRYHUIORZDVKRUWKDQGIRURYHUIORZVW\OHDQGRYHUIORZSROLF\ZKHUHRYHUIORZSROLF\KDVV\QWD[YLVLEOH_KLGGHQ_VFUROO_DXWRDQGRYHUIORZKDVRYHUIORZSROLF\!__RYHUIORZVW\OH!7KHQLWLVSRVVLEOHWRZULWHHJRYHUIORZDXWRPDUTXHHVFUROOEDU

    :HZLOOSUREDEO\ZDQWWRLQWURGXFHRYHUIORZ[DQGRYHUIORZ\LQ&66WRVHSDUDWHWKHSROLF\LQWKHWZRGLUHFWLRQV,QWKDWFDVHZHPD\ZDQW

    RYHUIORZVW\OH[DXWR_>VFUROOEDU_SDQQHU_PRYH_PDUTXHH@>@RYHUIORZVW\OH\GLWWRRYHUIORZSROLF\[YLVLEOH_KLGGHQ_VFUROO_DXWRRYHUIORZSROLF\\GLWWRRYHUIORZ[RYHUIORZVW\OH[!__RYHUIORZSROLF\[!RYHUIORZ\GLWWRRYHUIORZRYHUIORZ[!

    RYHUIORZLVWKHQDVKRUWKDQGWKDWVHWV[DQG\WRWKHVDPHYDOXHRYHUIORZDXWRLVDPELJXRXVDVLVRYHUIORZDXWRDXWREXWLWGRHVQWPDWWHU

    7KHPDUTXHHSURSHUWLHV

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

    7KHIROORZLQJUXOHVSXWWKHFRQWHQWVRIHDFKOLVWLWHPRQDVLQJOHOLQHXQOHVVLWKDVKDUGOLQHEUHDNVDQGFDXVHVWKHOLVWLWHPVWKDWDUHWRRZLGHWRXVHDPDUTXHHHIIHFWRQ8$VWKDWVXSSRUWPDUTXHH

    ([DPSOH;;,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    1DPH PDUTXHHVW\OH9DOXH VFUROO_VOLGH_DOWHUQDWH,QLWLDO VFUROO$SSOLHVWR VDPHDVRYHUIORZ,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    7KHYDOXHVDUH

    scroll6WDUWFRPSOHWHO\RIIRQHVLGHVFUROODOOWKHZD\DFURVVDQGFRPSOHWHO\RII

    slide6WDUWFRPSOHWHO\RIIRQHVLGHVFUROOLQDQGVWRSDVVRRQDVQRPRUHFRQWHQWLVRIIWKDWVLGH

    alternate6WDUWZLWKDOORYHUIORZRQRQHVLGHWKHQVFUROOXQWLOWKHUHLVQRPRUHRYHUIORZRQWKDWVLGH)RUWKHQH[WORRSVWDUWZLWKFRQWHQWRYHUIORZLQJRQWKHRWKHUVLGHLHZKHUHWKHSUHYLRXVORRSHQGHG

    ,VERXQFHDEHWWHUQDPHWKDQDOWHUQDWH"7KHFRQWHQWRIDQHOHPHQWPRYHVDVRQHSLHFH(JLID

    HOHPHQWKDVWZROLQHVRIWH[WERWKOLQHVVFUROOWRJHWKHUHYHQLIRQO\RQHRIWKHPRYHUIORZV

    1DPH PDUTXHHORRS9DOXH QRQQHJDWLYHLQWHJHU!_LQILQLWH,QLWLDO $SSOLHVWR VDPHDVRYHUIORZ,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    7KLVSURSHUW\VSHFLILHVKRZRIWHQWKHFRQWHQWPRYHV8$VVKRXOGUHVWDUWWKHORRSFRXQWHYHU\WLPHWKHHOHPHQWWXUQVIURPFRPSOHWHO\LQYLVLEOHLQWRIXOO\RUSDUWLDOO\YLVLEOH(JDQHOHPHQWWKDWLVRXWVLGHWKHYLHZSRUWVWDUWVPRYLQJZKHQLWLVVFUROOHGLQWRYLHZ

    $8$PD\DOVRWDNHWKHYLVLELOLW\RIWKH8$YLHZSRUWLWVHOILQWRDFFRXQWHJLIWKHHOHPHQWLVKLGGHQEHKLQGDSRSXS

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    LQWRDFFRXQWHJLIWKHHOHPHQWLVKLGGHQEHKLQGDSRSXSZLQGRZRULIWKH8$LVLFRQLILHG

    ,IPDUTXHHORRSLVGLIIHUHQWIRUGLIIHUHQWVWDWHVRIWKHHOHPHQWHJS^PDUTXHHORRS`SKRYHU^PDUTXHHORRSLQILQLWH`WKHORRSFRXQWHUPXVWEHUHVHWHDFKWLPHWKHHOHPHQWHQWHUVDVWDWHZLWKDGLIIHUHQWFRPSXWHGYDOXH

    ,VLQILQLWHDEHWWHUGHIDXOWWKDQ"

    1DPH PDUTXHHGLUHFWLRQ9DOXH IRUZDUG_UHYHUVH,QLWLDO UHYHUVH$SSOLHVWR VDPHDVRYHUIORZ,QKHULWHG \HV3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH OWURUUWO

    7KLVSURSHUW\GHWHUPLQHVWKHLQLWLDOGLUHFWLRQLQZKLFKWKHFRQWHQWPRYHVLIWKHPDUTXHHHIIHFWLVXVHG7KHDFWXDOGLUHFWLRQGHSHQGVRQGLUHFWLRQDQGEORFNSURJUHVVLRQDVIROORZV

    UHYHUVH IRUZDUG

    WEOWU OHIW ULJKW

    UWO ULJKW OHIW

    UOOUOWU XS GRZQ

    UWO GRZQ XS

    1RWHWKDWPDUTXHHVW\OHDOWHUQDWHPRYHVFRQWHQWLQWKHRSSRVLWHGLUHFWLRQRQHYHQQXPEHUHGORRSV

    1RWHWKDWUHYHUVHDOORZVWH[WWREHUHDGLQWKHQRUPDORUGHU(JLQ(QJOLVKWH[WEORFNSURJUHVVLRQWEDQGGLUHFWLRQOWU

    )RUH[DPSOHLIWKHFRQWHQWRIDQOLRYHUIORZVXQGHUWKHIROORZLQJVW\OHUXOHVWKHFRQWHQWPRYHVRQFHZKHQWKHOLJHWVWKHIRFXVRULVKRYHUHGRYHU%XWZKHQLWDOUHDG\KDVWKHIRFXVZKHQLWLVKRYHUHGRYHUWKHPDUTXHHORRSSURSHUW\GRHVQWFKDQJHDQGWKXVWKHFRQWHQWGRHVQWPRYHDJDLQ

    ([DPSOH;;,,

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    (JLQ(QJOLVKWH[WEORFNSURJUHVVLRQWEDQGGLUHFWLRQOWUWH[WDSSHDUVDWWKHULJKWHGJHPRYHVWRWKHOHIWDQGGLVDSSHDUVDWWKHOHIWHGJH

    1DPH PDUTXHHVSHHG9DOXH VORZ_QRUPDO_IDVW,QLWLDO QRUPDO$SSOLHVWR VDPHDVRYHUIORZ,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    7KLVSURSHUW\GHWHUPLQHVKRZIDVWWKHFRQWHQWVFUROOV7KHDFWXDOVSHHGGHSHQGVRQWKH8$DQGWKHW\SHRIFRQWHQW%XWIRUDJLYHQ8$DQGDJLYHQHOHPHQWWKHIROORZLQJPXVWDOZD\VEHWUXHVORZQRUPDOIDVW

    7KHYLVLELOLW\SURSHUW\

    1DPH YLVLELOLW\9DOXH YLVLEOH_KLGGHQ_FROODSVH,QLWLDO YLVLEOH$SSOLHVWR DOOHOHPHQWV,QKHULWHG \HV3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH DVVSHFLILHG

    7KLVSURSHUW\VSHFLILHVZKHWKHUWKHER[HVJHQHUDWHGE\DQHOHPHQWDUHUHQGHUHG,QYLVLEOHER[HVVWLOODIIHFWOD\RXWVHWWKHGLVSOD\SURSHUW\WRQRQHWRVXSSUHVVER[JHQHUDWLRQDOWRJHWKHU9DOXHVKDYHWKHIROORZLQJPHDQLQJV

    visible7KHJHQHUDWHGER[LVYLVLEOH

    hidden7KHJHQHUDWHGER[LVLQYLVLEOHIXOO\WUDQVSDUHQWQRWKLQJLVGUDZQEXWVWLOODIIHFWVOD\RXW)XUWKHUPRUHGHVFHQGDQWVRIWKHHOHPHQWZLOOEHYLVLEOHLIWKH\KDYHYLVLELOLW\YLVLEOH

    collapse6HHWKH7DEOHVPRGXOH>&667%/@,IXVHGRQHOHPHQWVRWKHUWKDQURZVURZJURXSVFROXPQVRUFROXPQJURXSVFROODSVHKDVWKHVDPHPHDQLQJDVKLGGHQ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    FROODSVHKDVWKHVDPHPHDQLQJDVKLGGHQ

    5RWDWLQJER[HV6KRXOGSUREDEO\EHLQWKHH[WHQGHG%R[PRGXOHLQVWHDGRIKHUH

    1DPH URWDWLRQ9DOXH DQJOH!,QLWLDO $SSOLHVWR EORFNOHYHOHOHPHQWVLQOLQHWDEOHDQG

    LQOLQHEORFN,QKHULWHG QR3HUFHQWDJHV 1$0HGLD YLVXDO&RPSXWHGYDOXH GHJDQJOHGHJ

    1DPH URWDWLRQSRLQW9DOXH EJSRVLWLRQ!,QLWLDO $SSOLHVWR EORFNOHYHOHOHPHQWV,QKHULWHG QR3HUFHQWDJHV :LGWKDQGKHLJKWRIERUGHUER[0HGLD YLVXDO&RPSXWHGYDOXH IRUOHQJWK!WKHDEVROXWHYDOXHRWKHUZLVH

    DSHUFHQWDJH

    7KHYDOXHRIURWDWLRQSRLQWLVDSDLURIYDOXHVWKDWGHILQHVDSRLQWDVDQRIIVHWIURPWKHWRSOHIWERUGHUHGJH3HUFHQWDJHVUHIHUWRWKHZLGWKDQGKHLJKWRIWKHERUGHUER[9DOXHVPD\EHQHJDWLYH

    5RWDWLRQURWDWHVDEORFNOHYHOHOHPHQWFRXQWHUFORFNZLVHDURXQGWKHSRLQWJLYHQE\URWDWLRQSRLQW7KHERUGHUSDGGLQJDQGFRQWHQWDUHURWDWHGDQGDOVRDQ\EDFNJURXQGWKDWLVQRWIL[HG$OOVWDWLFRUUHODWLYHO\SRVLWLRQHGFKLOGHOHPHQWVDQGWKHLUVWDWLFDQGUHODWLYHO\SRVLWLRQHGFKLOGUHQUHFXUVLYHO\DUHURWDWHGDORQJ%XWDEVROXWHO\SRVLWLRQHGDQGIL[HGGHVFHQGDQWHOHPHQWVDUHQRW

    1RWHWKDWWKLVPHDQVWKDWURWDWLRQLVUHODWLYH$FKLOGRIDER[WKDWLVURWDWHGGHJDQGWKDWKDVDURWDWLRQRIGHJLWVHOIDFWXDOO\HQGVXSKRUL]RQWDOEXWSUREDEO\LQDGLIIHUHQWORFDWLRQWKDQZKHQERWKURWDWLRQVKDGEHHQ

    5RWDWLRQGRHVQWDIIHFWSDUHQWRUVLEOLQJHOHPHQWVWKH\DUH

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ODLGRXWDVLIWKHHOHPHQWVURWDWLRQZDV&RQFHSWXDOO\WKHHOHPHQWLVILUVWODLGRXWZLWKRXWDQ\URWDWLRQWKHQDQ\UHODWLYHSRVLWLRQLQJLVDSSOLHGWRLWVHH>&66326@DQGILQDOO\DQ\URWDWLRQ7KHURWDWLRQSRLQWLVUHODWLYHWRWKHER[DIWHUUHODWLYHSRVLWLRQLQJ

    1RWHWKDWOLNHUHODWLYHSRVLWLRQLQJURWDWLRQFDQWKXVFDXVHDQHOHPHQWVER[WRRYHUODSRWKHUER[HV,WLVWKHDXWKRUVUHVSRQVLELOLW\WRJLYHWKHHOHPHQWZLGHHQRXJKPDUJLQVLIVXFKRYHUODSSLQJLVQRWGHVLUHG

    :KHQDER[LVEURNHQRYHUVHYHUDOFROXPQVRUSDJHVHDFKRIWKHER[HVLVURWDWHGVHSDUDWHO\DURXQGLWVRZQURWDWLRQSRLQW

    7KHFRPSXWHGYDOXHRIURWDWLRQLVWKHDQJOHQRUPDOL]HGWRIDOOLQGHJDQJOHGHJ7KHFRPSXWHGYDOXHRUURWDWLRQSRLQWLVDSDLULQZKLFKDQ\OHQJWK!LVPDGHDEVROXWHNH\ZRUGVDUHUHSODFHGE\SHUFHQWDJHVDQGSHUFHQWDJHVDUHOHIWDVVSHFLILHG

    7KLVH[DPSOHSXWV+HOHPHQWVXSVLGHGRZQ,WUHOLHVRQWKHURWDWLRQSRLQWKDYLQJLWVGHIDXOWYDOXHRI

    ([DPSOH;;,,,

    7KLVH[DPSOHGLVSOD\VFROXPQKHDGHUVLQDWDEOHGLDJRQDOO\,WXVHVEORFNSURJUHVVLRQVHH>&667(;7/$

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ,QWKHWDEOHH[DPSOHKRZDUHWKHERUGHUVURWDWHG"%HFDXVHWKHERUGHUVEHORQJWRWZRHOHPHQWVWKDWDUHURWDWHGLQGLYLGXDOO\

    'DYH+\DWWSURSRVHVWRJHQHUDOL]HWKHSURSHUW\DQGFDOOLWWUDQVIRUPZLWKDV\QWD[DQGIXQFWLRQDOLW\OLNHLQ69*LHDSURSHUW\WKDWDFFHSWVDVHULHVRIWUDQVIRUPDWLRQVURWDWLRQVWUDQVODWLRQVDUELWUDU\DIILQHWUDQVIRUPDWLRQV

    6WDFNLQJFRQWH[WV7KLVVHFWLRQGHILQHVWKHSDLQWLQJRUGHULQPRUHGHWDLOWKDQGHVFULEHGLQWKHUHVWRIWKHVSHFLILFDWLRQ

    'HILQLWLRQV

    7UHH2UGHU3UHRUGHUGHSWKILUVWWUDYHUVDORIWKHUHQGHULQJWUHHLQORJLFDOQRWYLVXDORUGHUIRUELGLUHFWLRQDOFRQWHQWDIWHUWDNLQJLQWRDFFRXQWSURSHUWLHVWKDWPRYHER[HVDURXQGVXFKDVWKHUXQLQYDOXHRIGLVSOD\

    (OHPHQW,QWKLVVHFWLRQHOHPHQWUHIHUVWRDFWXDOHOHPHQWVSVHXGRHOHPHQWVDQGDQRQ\PRXVER[HV3VHXGRHOHPHQWVDQGDQRQ\PRXVER[HVDUHWUHDWHGDVGHVFHQGDQWVLQWKHDSSURSULDWHSODFHV)RUH[DPSOHDQRXWVLGHOLVWPDUNHUFRPHVEHIRUHDQDGMRLQLQJEHIRUHER[LQWKHOLQHER[ZKLFKFRPHVEHIRUHWKHFRQWHQWRIWKHER[DQGVRIRUWK

    7KHERWWRPRIWKHVWDFNLVWKHIXUWKHVWIURPWKHXVHUWKHWRSRIWKHVWDFNLVWKHQHDUHVWWRWKHXVHU

    KHDGLQJV

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    )LJXUH6FKHPDWLFGLDJUDPRIDVWDFNLQJFRQWH[WZLWKIRXUOD\HUV

    7KHVWDFNLQJFRQWH[WEDFNJURXQGDQGPRVWQHJDWLYHSRVLWLRQHGVWDFNLQJFRQWH[WVDUHDWWKHERWWRPRIWKHVWDFNZKLOHWKHPRVWSRVLWLYHSRVLWLRQHGVWDFNLQJFRQWH[WVDUHDWWKHWRSRIWKHVWDFN

    7KHFDQYDVLVWUDQVSDUHQWLIFRQWDLQHGZLWKLQDQRWKHUDQGJLYHQD8$GHILQHGFRORULILWLVQRW,WLVLQILQLWHLQH[WHQWDQGFRQWDLQVWKHURRWHOHPHQW,QLWLDOO\WKHYLHZSRUWLVDQFKRUHGZLWKLWVWRSOHIWFRUQHUDWWKHFDQYDVRULJLQ

    7KHVWDFNLQJRUGHUIRUDQHOHPHQWJHQHUDWLQJDVWDFNLQJFRQWH[WVHHWKH]LQGH[SURSHUW\LV

    ,IWKHHOHPHQWLVDURRWHOHPHQW EDFNJURXQGFRORURIHOHPHQWRYHUWKHHQWLUHFDQYDV EDFNJURXQGLPDJHRIHOHPHQWRYHUWKHHQWLUHFDQYDV

    DQFKRUHGDWWKHRULJLQWKDWZRXOGEHXVHGLILWZDVSDLQWHGIRUWKHURRWHOHPHQW

    ,IWKHHOHPHQWLVDEORFNOLVWLWHPRURWKHUEORFNHTXLYDOHQW EDFNJURXQGFRORURIHOHPHQWXQOHVVLWLVWKHURRW

    HOHPHQW EDFNJURXQGLPDJHRIHOHPHQWXQOHVVLWLVWKHURRW

    HOHPHQW ERUGHURIHOHPHQW

    2WKHUZLVHLIWKHHOHPHQWLVDEORFNOHYHOWDEOH WDEOHEDFNJURXQGVFRORUWKHQLPDJHXQOHVVLWLVWKH

    URRWHOHPHQW FROXPQJURXSEDFNJURXQGVFRORUWKHQLPDJH FROXPQEDFNJURXQGVFRORUWKHQLPDJH URZJURXSEDFNJURXQGVFRORUWKHQLPDJH URZEDFNJURXQGVFRORUWKHQLPDJH FHOOEDFNJURXQGVFRORUWKHQLPDJH DOOWDEOHERUGHUVLQWUHHRUGHUIRUVHSDUDWHGERUGHUV

    6WDFNLQJFRQWH[WVIRUPHGE\SRVLWLRQHGGHVFHQGDQWVZLWKQHJDWLYH]LQGLFHVH[FOXGLQJLQ]LQGH[RUGHUPRVWQHJDWLYHILUVWWKHQWUHHRUGHU

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    QHJDWLYHILUVWWKHQWUHHRUGHU )RUDOOLWVLQIORZQRQSRVLWLRQHGEORFNOHYHOGHVFHQGDQWV

    LQWUHHRUGHU,IWKHHOHPHQWLVDEORFNOLVWLWHPRURWKHUEORFNHTXLYDOHQW EDFNJURXQGFRORURIHOHPHQW EDFNJURXQGLPDJHRIHOHPHQW ERUGHURIHOHPHQW

    2WKHUZLVHWKHHOHPHQWLVDWDEOH WDEOHEDFNJURXQGVFRORUWKHQLPDJH FROXPQJURXSEDFNJURXQGVFRORUWKHQLPDJH FROXPQEDFNJURXQGVFRORUWKHQLPDJH URZJURXSEDFNJURXQGVFRORUWKHQLPDJH URZEDFNJURXQGVFRORUWKHQLPDJH FHOOEDFNJURXQGVFRORUWKHQLPDJH DOOWDEOHERUGHUVLQWUHHRUGHUIRUVHSDUDWHGERUGHUV

    $OOQRQSRVLWLRQHGIORDWLQJGHVFHQGDQWVLQWUHHRUGHU)RUHDFKRQHRIWKHVHWUHDWWKHHOHPHQWDVLILWFUHDWHGDQHZVWDFNLQJFRQWH[WEXWDQ\GHVFHQGDQWVZKLFKDFWXDOO\FUHDWHDQHZVWDFNLQJFRQWH[WVKRXOGEHFRQVLGHUHGSDUWRIWKHSDUHQWVWDFNLQJFRQWH[WQRWWKLVQHZRQH

    ,IWKHHOHPHQWLVDQLQOLQHHOHPHQWWKDWJHQHUDWHVDVWDFNLQJFRQWH[WWKHQ )RUHDFKOLQHER[WKDWWKHHOHPHQWLVLQ

    -XPSWRIRUWKHER[HVRIWKHHOHPHQWLQWKDWOLQHER[LQWUHHRUGHU

    2WKHUZLVHILUVWIRUWKHHOHPHQWWKHQIRUDOOLWVLQIORZQRQSRVLWLRQHGEORFNOHYHOGHVFHQGDQWVLQWUHHRUGHU ,IWKHHOHPHQWLVDEORFNOHYHOUHSODFHGHOHPHQWWKHQ

    WKHUHSODFHGFRQWHQWDWRPLFDOO\ 2WKHUZLVHIRUHDFKOLQHER[RIWKDWHOHPHQW

    )RUHDFKER[WKDWLVDFKLOGRIWKDWHOHPHQWLQWKDWOLQHER[LQWUHHRUGHU EDFNJURXQGFRORURIHOHPHQW EDFNJURXQGLPDJHRIHOHPHQW ERUGHURIHOHPHQW )RULQOLQHHOHPHQWV

    )RUDOOWKHHOHPHQWVLQIORZQRQSRVLWLRQHGLQOLQHOHYHOFKLOGUHQWKDWDUHLQWKLVOLQHER[DQGDOOUXQVRIWH[WLQVLGHWKHHOHPHQWWKDWLVRQWKLVOLQHER[LQWUHHRUGHU ,IWKLVLVDUXQRIWH[WWKHQ

    DQ\XQGHUOLQLQJDIIHFWLQJWKHWH[WRIWKHHOHPHQWLQWUHHRUGHURIWKHHOHPHQWVDSSO\LQJ

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    RUGHURIWKHHOHPHQWVDSSO\LQJWKHXQGHUOLQLQJVXFKWKDWWKHGHHSHVWHOHPHQWVXQGHUOLQLQJLIDQ\LVSDLQWHGWRSPRVWDQGWKHURRWHOHPHQWVXQGHUOLQLQJLIDQ\LVGUDZQERWWRPPRVW

    DQ\RYHUOLQLQJDIIHFWLQJWKHWH[WRIWKHHOHPHQWLQWUHHRUGHURIWKHHOHPHQWVDSSO\LQJWKHRYHUOLQLQJVXFKWKDWWKHGHHSHVWHOHPHQWVRYHUOLQLQJLIDQ\LVSDLQWHGWRSPRVWDQGWKHURRWHOHPHQWVRYHUOLQLQJLIDQ\LVGUDZQERWWRPPRVW

    WKHWH[W DQ\OLQHWKURXJKDIIHFWLQJWKH

    WH[WRIWKHHOHPHQWLQWUHHRUGHURIWKHHOHPHQWVDSSO\LQJWKHOLQHWKURXJKVXFKWKDWWKHGHHSHVWHOHPHQWVOLQHWKURXJKLIDQ\LVSDLQWHGWRSPRVWDQGWKHURRWHOHPHQWVOLQHWKURXJKLIDQ\LVGUDZQERWWRPPRVW

    2WKHUZLVHMXPSWRIRUWKDWHOHPHQW

    )RULQOLQHEORFNDQGLQOLQHWDEOHHOHPHQWV )RUHDFKRQHRIWKHVHWUHDWWKHHOHPHQW

    DVLILWFUHDWHGDQHZVWDFNLQJFRQWH[WEXWDQ\GHVFHQGDQWVZKLFKDFWXDOO\FUHDWHDQHZVWDFNLQJFRQWH[WVKRXOGEHFRQVLGHUHGSDUWRIWKHSDUHQWVWDFNLQJFRQWH[WQRWWKLVQHZRQH

    )RULQOLQHOHYHOUHSODFHGHOHPHQWV WKHUHSODFHGFRQWHQWDWRPLFDOO\

    6RPHRIWKHER[HVPD\KDYHEHHQJHQHUDWHGE\OLQHVSOLWWLQJRUWKH8QLFRGHELGLUHFWLRQDODOJRULWKP

    2SWLRQDOO\WKHRXWOLQHRIWKHHOHPHQWVHHEHORZ

    2SWLRQDOO\LIWKHHOHPHQWLVEORFNOHYHOWKHRXWOLQHRIWKHHOHPHQWVHHEHORZ

    $OOSRVLWLRQHGGHVFHQGDQWVZLWK]LQGH[DXWRRU]LQGH[LQWUHHRUGHU)RUWKRVHZLWK]LQGH[DXWRWUHDWWKHHOHPHQWDVLILWFUHDWHGDQHZVWDFNLQJFRQWH[WEXWDQ\GHVFHQGDQWVZKLFKDFWXDOO\FUHDWHDQHZVWDFNLQJFRQWH[W

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    GHVFHQGDQWVZKLFKDFWXDOO\FUHDWHDQHZVWDFNLQJFRQWH[WVKRXOGEHFRQVLGHUHGSDUWRIWKHSDUHQWVWDFNLQJFRQWH[WQRWWKLVQHZRQH)RUWKRVHZLWK]LQGH[WUHDWWKHVWDFNLQJFRQWH[WJHQHUDWHGDWRPLFDOO\

    6WDFNLQJFRQWH[WVIRUPHGE\SRVLWLRQHGGHVFHQGDQWVZLWK]LQGLFHVJUHDWHUWKDQRUHTXDOWRLQ]LQGH[RUGHUVPDOOHVWILUVWWKHQWUHHRUGHU

    )LQDOO\LPSOHPHQWDWLRQVWKDWGRQRWGUDZRXWOLQHVLQVWHSVDERYHPXVWGUDZRXWOLQHVIURPWKLVVWDFNLQJFRQWH[WDWWKLVVWDJH,WLVUHFRPPHQGHGWRGUDZRXWOLQHVLQWKLVVWHSDQGQRWLQWKHVWHSVDERYH

    7KHEDFNJURXQGRIWKHURRWHOHPHQWLVRQO\SDLQWHGRQFHRYHUWKHZKROHFDQYDV

    :KLOHWKHEDFNJURXQGVRIELGLUHFWLRQDOLQOLQHVDUHSDLQWHGLQWUHHRUGHUWKH\DUHSRVLWLRQHGLQYLVXDORUGHU6LQFHWKHSRVLWLRQLQJRILQOLQHEDFNJURXQGVLVXQVSHFLILHG>VWLOOWKHFDVH"@WKHH[DFWUHVXOWRIWKHVHWZRUHTXLUHPHQWVLV8$GHILQHG

    &RQIRUPDQFHDQGSURILOHV

    $FNQRZOHGJPHQWV

    5HIHUHQFHV1RUPDWLYHUHIHUHQFHV

    >&66%*@7LP%RODQG%HUW%RV&66%DFNJURXQGVDQG%RUGHUV0RGXOH)HEUXDU\:&:RUNLQJ'UDIW:RUNLQSURJUHVV85/KWWSZZZZRUJ75:'FVVEDFNJURXQG

    >&66*(1&21@,DQ+LFNVRQ&66*HQHUDWHGDQG5HSODFHG&RQWHQW0RGXOH0D\:&:RUNLQJ'UDIW:RUNLQSURJUHVV85/KWWSZZZZRUJ75:'FVVFRQWHQW

    >&666

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    :&:RUNLQJ'UDIW:RUNLQSURJUHVV85/KWWSZZZZRUJ75:'FVVV\QWD[

    >&667(;7@(OLND-(WHPDG&667H[W0RGXOH-XQH:&:RUNLQJ'UDIW:RUNLQSURJUHVV85/KWWSZZZZRUJ75:'FVVWH[W

    >&667(;7/$&66*&30@+nNRQ:LXP/LH&66*HQHUDWHG&RQWHQWIRU3DJHG0HGLD0RGXOH6HSWHPEHU:&:RUNLQJ'UDIW:RUNLQSURJUHVV85/KWWSZZZZRUJ75:'FVVJFSP

    >&66/$

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    %HUW%RV&663RVLWLRQLQJ0RGXOHIRUWKFRPLQJ:&:RUNLQJ'UDIW:RUNLQSURJUHVV

    >&6658%&667%/@%HUW%RV'DYLG+\DWW&667DEOHV0RGXOHIRUWKFRPLQJ:&:RUNLQJ'UDIW:RUNLQSURJUHVV

    >0(',$4@+nNRQ:LXP/LH7DQWHNdHOLN'DQLHO*OD]PDQ0HGLD4XHULHV-XO\:&&DQGLGDWH5HFRPPHQGDWLRQ:RUNLQSURJUHVV85/KWWSZZZZRUJ75&5FVVPHGLDTXHULHV

    ,QGH[DOWHUQDWHDQRQ\PRXVER[DXWRYDOXHRIRYHUIORZ

    EDFNJURXQGSRVLWLRQEORFNEORFNOHYHOEORFNSURJUHVVLRQERUGHUERUGHUDUHDERUGHUERWWRPZLGWKERUGHUHGJHERUGHUOHIWZLGWKERUGHUULJKWZLGWKERUGHUWRSZLGWKERWWRPFDQYDVFOHDUFROODSVHFROODSVHGWKURXJKFRPSDFWFRPSXWHGYDOXHFRQWDLQLQJEORFNFRQWHQWDUHDFRQWHQWHGJHGLUHFWLRQGLVSOD\

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    GLVSOD\HOHPHQWIORDWIORZIORZURRWKHLJKWKLGGHQKRUL]RQWDOLPDJHVFDOLQJLQLWLDOFRQWDLQLQJEORFNLQOLQHLQOLQHEORFNLQOLQHOHYHOLQOLQHWDEOHLQWULQVLFOHIWOLQHER[OLVWLWHPPDUJLQPDUJLQDUHDPDUJLQERWWRPPDUJLQHGJHPDUJLQOHIWPDUJLQULJKWPDUJLQWRSPDUTXHHGLUHFWLRQPDUTXHHORRSPDUTXHHVSHHGPDUTXHHVW\OHPD[KHLJKWPD[ZLGWKPLQKHLJKWPLQZLGWKQRFRQWHQWQRGLVSOD\QRQHQRUPDOIORZRYHUIORZRYHUIORZVW\OHRYHUIORZ[RYHUIORZ\SDGGLQJSDGGLQJDUHDSDGGLQJERWWRPSDGGLQJHGJH

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    SDGGLQJHGJHSDGGLQJOHIWSDGGLQJULJKWSDGGLQJWRSSRVLWLRQUHSODFHGULJKWURRWHOHPHQWURWDWLRQURWDWLRQSRLQWUXE\UXE\EDVHUXE\EDVHJURXSUXE\WH[WUXE\WH[WJURXSUXQLQVFUROOVFUROOLQJPHFKDQLVPVFUROOPDUTXHHVW\OHVKULQNWRILWVOLGHVWDWLFSRVLWLRQWDEOHWDEOHFDSWLRQWDEOHFHOOWDEOHFROXPQWDEOHFROXPQJURXSWDEOHIRRWHUJURXSWDEOHKHDGHUJURXSWDEOHURZWDEOHURZJURXSWRSXVHGYDOXHDQJOH!EJSRVLWLRQ!OHQJWK!QXPEHU!SDJHIORDWV!WHPSODWH!YHUWLFDOYLHZSRUWYLVLELOLW\YLVLEOHZLGWK]LQGH[

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ]LQGH[

    3URSHUW\LQGH[

    3URSHUW\ 9DOXHV ,QLWLDO $SSOLHVWR ,QK 3HUFHQWDJHV 0HGLD

    FOHDU QRQH_OHIW_ULJKW_ERWK

    QRQH EORFNOHYHOHOHPHQWV

    QR 1$ YLVXDO

    GLVSOD\ LQOLQH_EORFN_LQOLQHEORFN_OLVWLWHP_UXQLQ_FRPSDFW_WDEOH_LQOLQHWDEOH_WDEOHURZJURXS_WDEOHKHDGHUJURXS_WDEOHIRRWHUJURXS_WDEOHURZ_WDEOHFROXPQJURXS_WDEOHFROXPQ_WDEOHFHOO_WDEOHFDSWLRQ_UXE\_UXE\EDVH_UXE\WH[W_UXE\EDVHJURXS_UXE\WH[WJURXS_WHPSODWH!_QRQH

    LQOLQH DOOHOHPHQWV

    QR 1$ YLVXDOQRQHDSSOLHVWRDOOPHGLD

    IORDW OHIW_ULJKW_QRQH_SDJHIORDWV!

    QRQH DOOEXWVHH

    QR 1$ YLVXDO

    KHLJKW OHQJWK!_SHUFHQWDJH!_DXWR

    DXWR DOOHOHPHQWVEXWQRQUHSODFHGLQOLQHHOHPHQWVWDEOHFROXPQVDQGFROXPQJURXSV

    QR VHHSURVH YLVXDO

    PDUJLQ >OHQJWK!_SHUFHQWDJH!_DXWR@^`

    VHHLQGLYLGXDOSURSHUWLHV

    VHHWH[W QR ZLGWKRIFRQWDLQLQJEORFN

    YLVXDO

    PDUJLQ OHQJWK!_ VHHWH[W QR ZLGWKRI YLVXDO

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    PDUJLQWRSPDUJLQULJKWPDUJLQERWWRPPDUJLQOHIW

    OHQJWK!_SHUFHQWDJH!_DXWR

    VHHWH[W QR ZLGWKRIFRQWDLQLQJEORFN

    YLVXDO

    PDUTXHHGLUHFWLRQ

    IRUZDUG_UHYHUVH

    UHYHUVH VDPHDVRYHUIORZ

    \HV 1$ YLVXDO

    PDUTXHHORRS

    QRQQHJDWLYHLQWHJHU!_LQILQLWH

    VDPHDVRYHUIORZ

    QR 1$ YLVXDO

    PDUTXHHVSHHG

    VORZ_QRUPDO_IDVW

    QRUPDO VDPHDVRYHUIORZ

    QR 1$ YLVXDO

    PDUTXHHVW\OH

    VFUROO_VOLGH_DOWHUQDWH

    VFUROO VDPHDVRYHUIORZ

    QR 1$ YLVXDO

    PD[ZLGWKPD[KHLJKW

    OHQJWK!_SHUFHQWDJH!_QRQH

    QRQH DOOHOHPHQWVEXWQRQUHSODFHGLQOLQHHOHPHQWVWDEOHURZVDQGURZJURXSV

    QR UHIHUWRZLGWKUHVSKHLJKWRIFRQWDLQLQJEORFN

    YLVXDO

    PLQZLGWKPLQKHLJKW

    OHQJWK!_SHUFHQWDJH!_LQKHULW

    DOOHOHPHQWVEXWQRQUHSODFHGLQOLQHHOHPHQWVWDEOHURZVDQGURZJURXSV

    QR UHIHUWRZLGWKUHVSKHLJKWRIFRQWDLQLQJEORFN

    YLVXDO

    RYHUIORZ >YLVLEOH_KLGGHQ_VFUROO_DXWR_QRGLVSOD\_QRFRQWHQW@^`

    VHHLQGLYLGXDOSURSHUWLHV

    QRQUHSODFHGEORFNOHYHOHOHPHQWVDQGQRQUHSODFHGLQOLQHEORFNHOHPHQWV

    QR 1$ YLVXDO

    RYHUIORZVW\OH

    DXWR_>VFUROOEDU_SDQQHU_PRYH_PDUTXHH@>>VFUROOEDU_

    DXWR VDPHDVRYHUIORZ

    \HV 1$ YLVXDO

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    >VFUROOEDU_SDQQHU_PRYH_PDUTXHH@@

    RYHUIORZ[RYHUIORZ\

    YLVLEOH_KLGGHQ_VFUROO_DXWR_QRGLVSOD\_QRFRQWHQW

    YLVLEOH QRQUHSODFHGEORFNOHYHOHOHPHQWVDQGQRQUHSODFHGLQOLQHEORFNHOHPHQWV

    QR 1$ YLVXDO

    SDGGLQJ >OHQJWK!_SHUFHQWDJH!@^`

    VHHLQGLYLGXDOSURSHUWLHV

    DOOHOHPHQWV

    QR ZLGWKRIFRQWDLQLQJEORFN

    YLVXDO

    SDGGLQJWRSSDGGLQJULJKWSDGGLQJERWWRPSDGGLQJOHIW

    >OHQJWK!_SHUFHQWDJH!@

    DOOHOHPHQWV

    QR ZLGWKRIFRQWDLQLQJEORFN

    YLVXDO

    URWDWLRQ DQJOH! EORFNOHYHOHOHPHQWVLQOLQHWDEOHDQGLQOLQHEORFN

    QR 1$ YLVXDO

    URWDWLRQSRLQW

    EJSRVLWLRQ! EORFNOHYHOHOHPHQWV

    QR :LGWKDQGKHLJKWRIERUGHUER[

    YLVXDO

    YLVLELOLW\ YLVLEOH_KLGGHQ_FROODSVH

    YLVLEOH DOOHOHPHQWV

    \HV 1$ YLVXDO

    ZLGWK OHQJWK!_SHUFHQWDJH!_DXWR

    DXWR DOOHOHPHQWVEXWQRQUHSODFHGLQOLQHHOHPHQWVWDEOHURZVDQGURZJURXSV

    QR UHIHUWRZLGWKRIFRQWDLQLQJEORFN

    YLVXDO

    3URSHUWLHVGHILQHGHOVHZKHUH

    EORFNSURJUHVVLRQGLUHFWLRQ>&667(;7/$

  • &66EDVLFER[PRGHO

    KWWSZZZZRUJ75FVVER[

    ERWWRPZLGWKERUGHUOHIWZLGWKEDFNJURXQGSRVLWLRQ>&66%*@ERWWRPWRS]LQGH[>&66326@LPDJHVFDOLQJ>&663$*(@SRVLWLRQ>&66326@DQG>&66/$