## 3Odqqlqj&Rpplwwhh0Dqdjhphqw 3Xeolf3Hufhswlrqri3Odqqlqj

$SODQQLQJFRPPLWWHHFDQEHWKHPRVWYLVLEOHSDUWRIWKHZD\GHFLVLRQV
ZLWKLQDFRXQFLODUHPDGH,WLVWKHUHIRUHLPSRUWDQWWKDWWKHFRPPLWWHH
RSHUDWHVZHOO,WLVLQPDQ\ZD\VWKHSXEOLFIDFHRIGHFLVLRQPDNLQJ 7KLQNDERXWKRZWKHSXEOLFDQGDSSOLFDQWVYLHZWKHSURFHVVLVLWHDV\WR IROORZIDLUDQGWUDQVSDUHQW"

## )Rupdwlrqrid&Rpplwwhh

6HFWLRQRIWKH/RFDO*RYHUQPHQW$FWSURYLGHVIRUDORFDO
DXWKRULW\WRDUUDQJHIRUWKHGLVFKDUJHRILWVIXQFWLRQVE\DFRPPLWWHHVXE FRPPLWWHHRUDQRIILFHURIWKHDXWKRULW\$/RFDO$XWKRULW\DSSRLQWVLWV
FRPPLWWHHVDWLWV$QQXDO0HHWLQJEDVHGRQSROLWLFDOSURSRUWLRQDOLW\$
3ODQQLQJ&RPPLWWHHRUDFRPPLWWHHRIDVLPLODUQDPH±HJ6WUDWHJLF 3ODQQLQJ3ODQQLQJ$SSOLFDWLRQV'HYHORSPHQW'HYHORSPHQW0DQDJHPHQW 'HYHORSPHQW&RQWUROHWFLVIRUPHGE\WKH&RXQFLOLQ&RXQFLOV7KHVL]HRI D&RPPLWWHHFDQUDQJHIURPYHU\VPDOOVD\PHPEHUVWRXSWRSOXV PHPEHUV7KHDSSURSULDWHVL]HRIDFRPPLWWHHZLOOUHIOHFWWKHRYHUDOOVL]HRI WKHFRXQFLODQGWKHQXPEHURIPHPEHUV%HVWSUDFWLFHZRXOGJHQHUDOO\HUU RQWKHVLGHRIVPDOOHUUDWKHUWKDQODUJH 7KHUHDUHGLIIHUHQWPRGHOVVRPHFRXQFLOVKDYHRQHPDLQ3ODQQLQJ &RPPLWWHHRWKHUVKDYHWZRVHSDUDWH$DQG%&RPPLWWHHVZKLFKPHHWRQ DURWDWLRQDOEDVLVDQGRWKHUVKDYHDQDUHDFRPPLWWHHPRGHO

## $Ssrlqwphqwvwr&Rpplwwhh

7KH$QQXDO0HHWLQJDOVRDSSRLQWVPHPEHUVWRWKLV&RPPLWWHHRQD SURSRUWLRQDOEDODQFHEDVLV 
7KLVLVEDVLFDOO\EHWZHHQSDUW\JURXSVEDVHGRQWKHQXPEHURIVHDWVHDFK
SDUW\KDVRQWKH&RXQFLO7KHJURXSOHDGHUVDUHWKHRQHVZKRSXWIRUZDUG WKHQDPHVRIWKHDSSRLQWHHVEDVHGRQWKHLUVHDWDOORFDWLRQ7KLVLVGRQH HLWKHUDWWKH$QQXDO0HHWLQJLWVHOIRUDVVRRQDVSRVVLEOHWKHUHDIWHU
8VXDOO\D&DELQHW0HPEHUZRXOGQRWEHDSSRLQWHGWRWKH3ODQQLQJ
&RPPLWWHH

## 6Xevwlwxwlrqri0Hpehuv

$VXEVWLWXWHPHPEHULVRQHUHJDUGHGDVEHLQJDEOHWRDWWHQGZKHUHWKH
UHJXODUO\DSSRLQWHGRQHFDQQRWIRUVRPHUHDVRQ7KHUHKDYHEHHQ FRQIOLFWLQJYLHZVLQWKHSDVWDVWRWKHOHJDOLW\RIVXEVWLWXWLRQV\VWHPV7KHUH DUHDWOHDVWWZRRSLQLRQVIURPOHDGLQJ&RXQVHOLQVXSSRUWRIWKHOHJDOLW\RI
VXFKDV\VWHP

## 6Xevwlwxwh0Hpehuv/Lvw

2QHPHWKRGZKLFKLVUHFRPPHQGHGLVDOLVWPHWKRGIRUVXEVWLWXWLRQ7KLV
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
WKRVHZKRFRQVLGHUHGWKHDSSOLFDWLRQDWWKHILUVWPHHWLQJFDQWDNHSDUWDW
WKHVHFRQGPHHWLQJ7KLVLVSDUWLFXODUO\LPSRUWDQWZKHUHVXEVWLWXWHVDUH FRQFHUQHG 

## 6Lwh9Lvlwv

6LWHYLVLWVE\&RPPLWWHHPHPEHUVKDYHEHFRPHDQLQFUHDVLQJSDUWRI
SODQQLQJFRPPLWWHHPDQDJHPHQW0RVW&RXQFLOVQRZKDYHSURFHGXUHV ZKLFKLQFRUSRUDWHµGR¶V¶DQGGRQ¶WV¶RIDWWHQGLQJVLWHYLVLWV2QHLPSRUWDQW
SULQFLSOHLVWKDWD3ODQQLQJ&RPPLWWHHPHPEHUFDQRQO\WDNHSDUWLQWKH
GHEDWHDQGYRWLQJDWD&RPPLWWHHPHHWLQJLIWKH\KDYHDOVRDWWHQGHGWKH SUHOLPLQDU\VLWHYLVLW,QHVVHQFHWKLVPHDQVWKDWDOOWKH&RPPLWWHH PHPEHUVKDYHKDGDFFHVVWRWKHVDPHDPRXQWRILQIRUPDWLRQIRUWKHPWR PDNHWKHLUGHFLVLRQRQ
7KH/RFDO*RYHUQPHQW$VVRFLDWLRQDGYLVHWKDWWKHIROORZLQJSRLQWVPD\EH
KHOSIXO

x
YLVLWVVKRXOGRQO\EHXVHGZKHUHWKHEHQHILWLVFOHDUDQGVXEVWDQWLDO
RIILFHUVZLOOKDYHYLVLWHGWKHVLWHDQGDVVHVVHGWKHVFKHPHDJDLQVW SROLFLHVDQGPDWHULDOFRQVLGHUDWLRQVDOUHDG\
x
WKHSXUSRVHIRUPDWDQGFRQGXFWVKRXOGEHFOHDUDWWKHRXWVHWDQG
DGKHUHGWRWKURXJKRXWWKHYLVLW
x
ZKHUHDVLWHYLVLWFDQEHµWULJJHUHG¶E\DUHTXHVWIURPWKHZDUG
FRXQFLOORUWKHµVXEVWDQWLDOEHQHILW¶WHVWVKRXOGVWLOODSSO\
x
NHHSDUHFRUGRIWKHUHDVRQVZK\DVLWHYLVLWLVFDOOHG

## $Vlwhylvlwlvrqo\Olnho\Wrehqhfhvvdu\Li

x
WKHLPSDFWRIWKHSURSRVHGGHYHORSPHQWLVGLIILFXOWWRYLVXDOLVHIURPWKH
SODQVDQGDQ\VXSSRUWLQJPDWHULDOLQFOXGLQJSKRWRJUDSKVWDNHQE\ RIILFHUV

## 1Rwhv

x
WKHFRPPHQWVRIWKHDSSOLFDQWDQGREMHFWRUVFDQQRWEHH[SUHVVHG
DGHTXDWHO\LQZULWLQJRU
x
WKHSURSRVDOLVSDUWLFXODUO\FRQWHQWLRXV

## 6Lwh9Lvlwv&Rghri3Udfwlfh

0DQ\&RXQFLOVKDYHDFRGHRIFRQGXFWSUDFWLFHLQSODFHIRUVLWHYLVLWVWR
HQVKULQHVXFKSULQFLSOHV7KHIROORZLQJLVDQH[WUDFWIURP:LUUDO&RXQFLO¶V
µ6LWHYLVLWVFDQFDXVHGHOD\DQGDGGLWLRQDOFRVWVDQGVKRXOGRQO\EHXVHG
ZKHUHWKHH[SHFWHGEHQHILWLVVXEVWDQWLDO$GHFLVLRQE\WKH3ODQQLQJ &RPPLWWHHWRFDUU\RXWDVLWHLQVSHFWLRQVKRXOGQRUPDOO\RQO\WDNHSODFH ZKHQ

x
WKHUHLVFRQVLGHUDEOHORFDOFRQFHUQDERXWDSURSRVDODOOLHGWRSODQQLQJ
UHDVRQVIRUFDUU\LQJRXWWKHYLVLWHJWKHSK\VLFDOUHODWLRQVKLSRIWKH VLWHWRRWKHUVLWHVLQWKHQHLJKERXUKRRGRU
x
LIWKHLPSDFWRIWKHSURSRVHGGHYHORSPHQWLVGLIILFXOWWRYLVXDOLVHIURP
WKHSODQVDQGDQ\VXSSRUWLQJPDWHULDORU
x
WKHSURSRVDOLVSDUWLFXODUO\FRQWHQWLRXVRU
x
WKHSURSRVDOLVFRQWUDU\WRDVSHFLILFSROLF\RUUDLVHVZLGHUSROLF\
LVVXHV¶
,GHDOO\VLWHYLVLWVVKRXOGWDNHSODFHLQDGYDQFHRIWKHFRPPLWWHHPHHWLQJWR DYRLGWKHQHHGIRUDGHIHUUDODQGFRQVHTXHQWGHOD\WRWKHGHFLVLRQPDNLQJ

## 7Kh&Rpplwwhh$Jhqgd

7RFRPSO\ZLWKOHJLVODWLRQKDVWREHSXEOLFO\DYDLODEOHDWOHDVWILYHFOHDU
ZRUNLQJGD\VEHIRUHWKHPHHWLQJ

## 1Rwhv

KWWSZZZZLUUDOJRYXNP\VHUYLFHVHQYLURQPHQWDQGSODQQLQJSODQQLQJGHYHORSPHQWWHDP
DSSURDFKRXUFRGHFRQGXFW
,QOLQHZLWKWKH/RFDO*RYHUQPHQW$FWHWF
1RUPDOO\DOODSSOLFDWLRQVSUHVHQWHGWRWKH3ODQQLQJ&RPPLWWHHIRUGHFLVLRQ
ZLOOKDYHDIXOOZULWWHQUHSRUWIURPRIILFHUV7KLVZLOOLQFOXGH

x
WKHVXEVWDQFHRIDQ\REMHFWLRQV
x
WKHYLHZVRISHRSOHDQGRUJDQLVDWLRQVZKRKDYHEHHQFRQVXOWHG
x
DFOHDUH[SODQDWLRQRIUHOHYDQWQDWLRQDOSROLF\DQGUHJLRQDOSROLF\LQ
/RQGRQWKH'HYHORSPHQW3ODQVLWHDQGUHODWHGKLVWRU\
x
DQ\RWKHUPDWHULDOSODQQLQJFRQVLGHUDWLRQV
x
DUHDVRQHGFRQVLGHUDWLRQRIWKHSURSRVDO
x
DFOHDUUHFRPPHQGDWLRQ
x
DQ2UGQDQFH6XUYH\PDSVKRZLQJWKHVLWHORFDWLRQ
x
,IWKHUHDUHSODQVWKHVHZLOODOVREHDYDLODEOH

## )Xuwkhu,Qirupdwlrq

$Q\UHOHYDQWSODQQLQJLQIRUPDWLRQZKLFKLVUHFHLYHGDIWHUWKHDJHQGDKDV
EHHQGLVSDWFKHGZLOOQRUPDOO\EHSUHVHQWHGWRWKH&RPPLWWHHE\RIILFHUV DQGZKHUHSRVVLEOHFLUFXODWHGVWLOOLQDGYDQFHWR&RPPLWWHHPHPEHUV7KLV PXVWQRWEHDSURFHVVIRUEDGDJHQGDPDQDJHPHQWDQGSXUHO\IRU FLUFXODWLQJLQIRUPDWLRQEHFDXVHUHSRUWVZHUHQRWZULWWHQLQWLPHEXWIRU JHQXLQHODWHLQIRUPDWLRQZKLFKFRXOGQRWEHDYDLODEOHWRJRRXWZLWKWKH DJHQGD0DQ\&RXQFLOVDOVRKDYHWKHLUGHDGOLQHIRUSXEOLFVSHDNHUVVHW DIWHUWKHDJHQGDJRHVRXWDQGWKHUHIRUHLQIRUPDWLRQDERXWZKRLVWRVSHDN PD\DOVREHFLUFXODWHGWRFRPPLWWHHPHPEHUVIROORZLQJWKHDJHQGD GLVSDWFK+RZHYHUFDUHVKRXOGEHWDNHQDERXWZKDWLQIRUPDWLRQLV FLUFXODWHGDIWHUWKHDJHQGDJRHVRXWWREHIDLUWRDOOSDUWLHV

## 5Rohri&Rxqflooruv

,QPDNLQJGHFLVLRQVRQDSSOLFDWLRQVFRXQFLOORUVZLOO

x
DFWIDLUO\DQGRSHQO\
x
DSSURDFKHDFKDSSOLFDWLRQRQLWVRZQPHULWVDQGZLWKDQRSHQPLQG
x
FDUHIXOO\ZHLJKXSDOOWKHUHOHYDQWPDWHULDOSODQQLQJFRQVLGHUDWLRQV
x
DYRLGXQGXHFRQWDFWZLWKLQWHUHVWHGSDUWLHV
x
HQVXUHWKDWWKHUHDVRQVIRUDQ\GHFLVLRQDUHFOHDUO\VWDWHG

## 7Udlqlqjri&Rxqflooruv

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µZKLS¶7KH\ZLOODOVRWDNHDFFRXQWRIDOOWKHUHOHYDQW LQIRUPDWLRQHYLGHQFHDQGDUJXPHQWV7KHVHZLOOLQFOXGHWKH'HYHORSPHQW 3ODQDQGDOOUHOHYDQWSODQQLQJFRQVLGHUDWLRQV 

## -Rlqw3Odqqlqj&Rpplwwhh

7KLVLVZKHUHRUPRUH&RXQFLOVRUWKH&RXQFLODQGDQRWKHUERG\VHWXS
D-RLQW&RPPLWWHHIRUSXUSRVHVLQUHVSHFWRIZKLFKWKH\DUHMRLQWO\ LQWHUHVWHGVHFWLRQ/*$2QHH[DPSOHRIWKLVLVWKH
&DPEULGJH)ULQJHV-RLQW'HYHORSPHQW&RQWURO&RPPLWWHHZKLFKZDV
HVWDEOLVKHGLQWRGHWHUPLQHPDMRUSODQQLQJDSSOLFDWLRQVDURXQG &DPEULGJHLQWKHPDMRUJURZWKVLWHV7KHREMHFWLYHEHLQJIRUWKH &RXQFLOVWRZRUNWRJHWKHUWRDFKLHYHVXVWDLQDEOHSODQQLQJRXWFRPHV

## $Uhd3Odqqlqj&Rpplwwhhv

$&RXQFLOFDQDSSRLQW$UHD&RPPLWWHHVDVLWVHHVILW7KHFRPSRVLWLRQRI
HDFK$UHD&RPPLWWHHVKDOOEHPHPEHUVRIWKH&RXQFLOZKRVHZDUGRUSDUW
RIDZDUGLVFRQWDLQHGZLWKLQWKHJHRJUDSKLFDUHDRIWKH&RPPLWWHH (DFK$UHD&RPPLWWHHVKDOODGPLQLVWHUDJHRJUDSKLFDUHDWKDWGRHVQRW H[FHHGWZRILIWKVRIWKHWRWDOIRUWKH&RXQFLOE\UHIHUHQFHWRSRSXODWLRQRU DUHD3ODQQLQJIXQFWLRQVFDQEHGHOHJDWHGWRVXFKFRPPLWWHHV

## $Qqxdouhylhz

$FRPPLWWHHVKRXOGUHIOHFWRQKRZLWKDVFDUULHGRXWLWVIXQFWLRQDQGRQWKH
RXWFRPHVRIWKHLUGHFLVLRQV6RPHDXWKRULWLHVFDUU\RXWDQQXDOVLWHYLVLWVWR VRPHLPSOHPHQWHGGHFLVLRQV