Hotpoint Rgb530detww Use And Care Manual
Transcription
Hotpoint Rgb530detww Use And Care Manual
Non-Self-Cleaning Gas Ranges GEAppliances.com Safety Instructions . . . . . . 2–5 Operating Instructions Aluminum Foil. . . . . . . . . . . . . . 10, 11 Clock and Timer. . . . . . . . . . . . . . . . . 8 Oven. . . . . . . . . . . . . . . . . . . . . . . . 9-12 Baking and Roasting. . . . . . . . 10 Broiling. . . . . . . . . . . . . . . . . . . 11, 12 Broiling Guide . . . . . . . . . . . . . . . 12 Oven Control. . . . . . . . . . . . . . . . . . 9 Power Outage. . . . . . . . . . . . . . . 10 Preheating. . . . . . . . . . . . . . . . . . . 10 Surface Cooking. . . . . . . . . . . . . 6, 7 Thermostat Adjustment. . . . . . . 13 Care and Cleaning Air Vents. . . . . . . . . . . . . . . . . . . . . . 19 Broiler Pan and Grid. . . . . . . . . . . 19 Burner Assemblies. . . . . . . . . 14, 15 Burner Caps and Heads . . . . . . 16 Burner Grates. . . . . . . . . . . . . . . . . 15 Control Panel and Knobs. . . . . . 19 Cooktop Surface. . . . . . . . . . . . . . 17 Drip Pans . . . . . . . . . . . . . . . . . . . . . 14 Lift-Off Oven Door. . . . . . . . . . . . . 18 Lift-Up Cooktop. . . . . . . . . . . . . . . 17 Oven Bottom. . . . . . . . . . . . . . . . . . 18 Oven Interior. . . . . . . . . . . . . . . . . . 21 Removable Broiler Drawer. . . . 19 Racks. . . . . . . . . . . . . . . . . . . . . . . . . 20 Stainless Steel Surfaces. . . . . . . 17 Installation Instructions. . . . . . . . . . . . 22–35 Anti-Tip Device. . . . . . . . . . . . . . . . 35 Connect the Range . to Gas. . . . . . . . . . . . . . . . . . . . . 26–29 Convert to LP Gas. . . . . . . . . . . . . 25 Dimensions and . Clearances. . . . . . . . . . . . . . . . . . . . 24 Electrical Connections . . . . . 30, 34 Level the Range. . . . . . . . . . . . . . . 34 Light the Pilots. . . . . . . . . . . . . 30-33 Troubleshooting Tips. 36–38 Accessories . . . . . . . . . . . . . . . . 41 Owner’s Manual & Installation Instructions Standard-Clean Models: RGB508 RGB524 RGB528 RGB530 RGB533 RGB540 RGB526 Consumer Support Consumer . Support. . . . . . . . . . . . . . Back Cover Ownership Registration . for Customers in Canada . only. . . . . . . . . . . . . . . . . . . . . . . . 39, 40 Warranty for Customers . in Canada. . . . . . . . . . . . . . . . . . . . . 43 Warranty for Customers . in the U.S.A.. . . . . . . . . . . . . . . . . . . 42 Write the model and serial numbers here: Model #_ _____________________ Serial #_______________________ You can find them on a label on the front of the range behind the kick panel or broiler drawer. In Canada, contact us at: www.GEAppliances.ca 49-85199 05-11 JR ,03257$176$)(7<,1)250$7,21 5($'$//,16758&7,216%()25(86,1* :$51,1* ,IWKHLQIRUPDWLRQLQWKLVPDQXDOLVQRWIROORZHGH[DFWO\DILUHRUH[SORVLRQPD\ UHVXOWFDXVLQJSURSHUW\GDPDJHSHUVRQDOLQMXU\RUGHDWK 'RQRWVWRUHRUXVHJDVROLQHRURWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH :+$772'2,)<2860(//*$6 ■ 'RQRWWU\WROLJKWDQ\DSSOLDQFH ■ 'RQRWWRXFKDQ\HOHFWULFDOVZLWFKGRQRWXVHDQ\SKRQHLQ\RXUEXLOGLQJ ■ ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHUIURPDQHLJKERU·VSKRQH)ROORZWKHJDVVXSSOLHU·VLQVWUXFWLRQV ■ ,I\RXFDQQRWUHDFK\RXUJDVVXSSOLHUFDOOWKHILUHGHSDUWPHQW ,QVWDOODWLRQDQGVHUYLFHPXVWEHSHUIRUPHGE\DTXDOLILHGLQVWDOOHUVHUYLFHDJHQF\RUWKHJDVVXSSOLHU :$51,1* ■$OOUDQJHVFDQWLS ■ %8516RURWKHU6(5,286,1-85,(6FDQUHVXOW ■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■8VHWKLVDSSOLDQFHIRULWVLQWHQGHGSXUSRVHDVGHVFULEHG LQWKLVRZQHU·VPDQXDO ■ 'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHGLQDQ DUHDZKHUHDQDSSOLDQFHLVLQXVH7KH\VKRXOGQHYHU EHDOORZHGWRFOLPEVLWRUVWDQGRQDQ\SDUWRIWKH DSSOLDQFH ■ 'RQRWVWRUHLWHPVRILQWHUHVWWRFKLOGUHQDERYHDUDQJH RURQWKHEDFNJXDUGRIDUDQJH³FKLOGUHQFOLPELQJRQ WKHUDQJHWRUHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG ■+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\JURXQGHGE\ ■'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJRQWKH DTXDOLILHGLQVWDOOHULQDFFRUGDQFHZLWKWKHSURYLGHG RYHQGRRUGUDZHURUFRRNWRS7KH\FRXOGGDPDJHWKH LQVWDOODWLRQLQVWUXFWLRQV$Q\DGMXVWPHQWDQGVHUYLFH UDQJHRUWLSLWRYHUFDXVLQJVHYHUHLQMXU\RUGHDWK VKRXOGEHSHUIRUPHGRQO\E\DTXDOLILHGJDVUDQJH LQVWDOOHUVRUVHUYLFHWHFKQLFLDQV'RQRWDWWHPSWWRUHSDLU ■1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKHUDQJH7KH\ RUUHSODFHDQ\SDUWRI\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\ SURYLGHWKHDLULQOHWVDQGRXWOHWVWKDWDUHQHFHVVDU\IRU UHFRPPHQGHGLQWKLVPDQXDO WKHUDQJHWRRSHUDWHSURSHUO\ZLWKFRUUHFWFRPEXVWLRQ $LURSHQLQJVDUHORFDWHGDWWKHUHDURIWKHFRRNWRS ■<RXUUDQJHLVVKLSSHGIURPWKHIDFWRU\VHWIRUXVH DWWKHWRSDQGERWWRPRIWKHRYHQGRRUDQGDWWKH ZLWKQDWXUDOJDV,WFDQEHFRQYHUWHGIRUXVHZLWK/3 ERWWRPRIWKHUDQJHXQGHUWKHZDUPLQJGUDZHUORZHU JDV,IUHTXLUHGWKVHDGMXVWPHQWVPXVWEHPDGHE\D RYHQGUDZHURUNLFNSDQHO TXDOLILHGWHFKQLFLDQLQDFFRUGDQFHZLWKWKHLQVWDOODWRLQ LQVWUXFWLRQVDQGORFDOFRGHV7KHDJHQF\SHUIRUPLQJWKLV ■ 8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRWKROGHUVRQ ZRUNDVVXPHVUHVSRQVLELOLW\IRUWKHFRQYHUVLRQ KRWVXUIDFHVPD\UHVXOWLQEXUQVIURPVWHDP'RQRWOHW ■+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKHUDQJH JDVVKXWRIIYDOYHDQGKRZWRWXUQLWRIILIQHFHVVDU\ SRWKROGHUVWRXFKVXUIDFHEXUQHUVEXUQHUJUDWHRURYHQ KHDWLQJHOHPHQW'RQRWXVHDWRZHORURWKHUEXON\FORWK LQSODFHRISRWKROGHUV ■3OXJ\RXUUDQJHLQWRDYROWJURXQGHGRXWOHWRQO\'R ■%HFDUHIXOQRWWRWRXFKKRWVXUIDFHVRIWKHUDQJH QRWUHPRYHWKHURXQGJURXQGLQJSURQJIURPWKHSOXJ 3RWHQWLDOO\KRWVXUIDFHVLQFOXGHEXUQHUVJUDWHVFRRNWRS ,ILQGRXEWDERXWWKHJURXQGLQJRIWKHKRPHHOHFWULFDO EDFNJXDUGRYHQDQGGRRULQWHULRUDQGFUHYLFHVDURXQG V\VWHPLWLV\RXUUHVSRQVLELOLW\DQGREOLJDWLRQWRKDYHDQ WKHRYHQGRRU XQJURXQGHGRXWOHWUHSODFHGZLWKDSURSHUO\JURXQGHG WKUHHSURQJRXWOHWLQDFFRUGDQFHZLWKWKH1DWLRQDO ■'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOG (OHFWULFDO&RGH'RQRWXVHRQH[WHQVLRQFRUGZLWKWKLV EXLOGXSDQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQ DSSOLDQFH LQMXU\ ■%HIRUHSHUIRUPLQJDQ\VHUYLFHXQSOXJWKHUDQJH ■&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ RUGLVFRQQHFWWKHSRZHUVXSSO\DWWKHKRXVHKROG LQWHUQDOWHPSHUDWXUHRI)DQGSRXOWU\WRDWOHDVW GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRUVZLWFKLQJRII DQLQWHUQDOWHPSHUDWXUHRI)&RRNLQJWRWKHVH WKHFLUFXLWEUHDNHU WHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQHLOOQHVV ■%HVXUHDOOSDFNLQJPDWHULDOVDUHUHPRYHGIURPWKH UDQJHEHIRUHRSHUDWLQJWRSUHYHQWLJQLWLRQRIWKHVH PDWHULDOV ■ $YRLGVFUDWFKLQJRULPSDFWLQJJODVVGRRUVFRRNWRSVRU FRQWUROSDQHOV'RLQJVRPD\OHDGWRJODVVEUHDNDJH'R QRWFRRNRQDSURGXFWZLWKEURNHQJODVV6KRFNILUHRU FXWVPD\RFFXU 6$9(7+(6(,16758&7,216 ,03257$176$)(7<,1)250$7,21 5($'$//,16758&7,216%()25(86,1* :$51,1* .((3)/$00$%/(0$7(5,$/6$:$<)5207+(5$1*( ■'RQRWVWRUHRUXVHIODPPDEOHPDWHULDOVLQDQRYHQRU QHDUWKHFRRNWRSLQFOXGLQJSDSHUSODVWLFSRWKROGHUV OLQHQVZDOOFRYHULQJVFXUWDLQVGUDSHVDQGJDVROLQHRU RWKHUIODPPDEOHYDSRUVDQGOLTXLGV ■1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWVZKLOH XVLQJWKHDSSOLDQFH$YRLGVWRULQJFRPPRQO\XVHGLWHPV LQFDELQHWHVDERYHWKHUDQJHDQGEHFDUHIXOZKHQ UHDFKLQJRYHUWKHUDQJH&ORWKLQJLQFORVHSUR[LPLW\WR EXUQHUVRUKRWVXUIDFHVPD\LJQLWHFDXVLQJVHYHUHEXUQV ■ 'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOHPDWHULDOV DFFXPXODWHLQRUQHDUWKHUDQJH*UHDVHLQWKHRYHQRU RQWKHFRRNWRSPD\LJQLWH ■ &OHDQYHQWLODWLQJKRRGVIUHTXHQWO\*UHDVHVKRXOGQRW EHDOORZHGWRDFFXPXODWHRQWKHKRRGRUILOWHU :$51,1* ,17+((9(172)$),5(7$.(7+()2//2:,1*67(36 7235(9(17,1-85<$1'),5(635($',1* ■'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXS DIODPLQJSDQ7XUQWKHFRQWUROVRII6PRWKHUD IODPLQJSDQRQDVXUIDFHEXUQHUE\FRYHULQJWKHSDQ FRPSOHWHO\ZLWKDZHOOILWWLQJOLGFRRNLHVKHHWRUIODW WUD\,IQHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORU IRDPW\SHILUHH[WLQJXLVKHU ■,IWKHUHLVDILUHLQWKHRYHQGXULQJEDNLQJWXUQWKHRYHQ RIIDQGNHHSWKHGRRUFORVHGXQWLOWKHILUHJRHVRXW,I QHFHVVDU\XVHDPXOWLSXUSRVHGU\FKHPLFDORUIRDP W\SHILUHH[WLQJXLVKHU ■ ,IWKHUHLVDILUHLQWKHRYHQGXULQJVHOIFOHDQWXUQWKH RYHQRIIDQGZDLWIRUWKHILUHWRJRRXW'RQRWIRUFH WKHGRRURSHQ,QWURGXFWLRQRIIUHVKDLUDWVHOIFOHDQ WHPSHUDWXUHVPD\OHDGWRDEXUVWRIIODPHIURPWKH RYHQ)DLOXUHWRIROORZWKLVLQVWUXFWLRQPD\UHVXOWLQ VHYHUHEXUQV :$51,1* &22.7236$)(7<,16758&7,216 ■1HYHUOHDYHWKHVXUIDFHEXUQHUVXQDWWHQGHGDWPHGLXP RUKLJKKHDWVHWWLQJV)RRGVHVSHFLDOO\RLO\IRRGVPD\ LJQLWHUHVXOWLQJLQILUHWKDWFRXOGVSUHDGWRVXUURXQGLQJ FDELQHWV ■7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI IODPPDEOHPDWHULDOVDQGVSLOODJHWKHKDQGOHRID FRQWDLQHUVKRXOGEHWXUQHGWRZDUGWKHFHQWHURIWKH UDQJHZLWKRXWH[WHQGLQJRYHUQHDUE\EXUQHUV ■1HYHUOHDYHRLOXQDWWHQGHGZKLOHIU\LQJ,IDOORZHGWR KHDWEH\RQGLWVVPRNLQJSRLQWRLOPD\LJQLWHUHVXOWLQJ LQILUHWKDWPD\VSUHDGWRVXUURXQGLQJFDELQHWV8VHD GHHSIDWWKHUPRPHWHUZKHQHYHUSRVVLEOHWRPRQLWRURLO WHPSHUDWXUH ■ :KHQSUHSDULQJIODPLQJIRRGVXQGHUDKRRGWXUQWKH IDQRQ ■ 'RQRWXVHDZRNZLWKDURXQGPHWDOVXSSRUWULQJWKH ULQJPD\WUDSKHDWDQGEORFNDLUWRWKHEXUQHUUHVXOWLQJ LQDFDUERQPRQR[LGHKD]DUG ■ 7RDYRLGRLOVSLOORYHUDQGILUHXVHDPLQLPXPDPRXQWRI ■ 'RQRWDWWHPSWWROLIWWKHFRRNWRS'RLQJVRPD\ RLOZKHQVKDOORZSDQIU\LQJDQGDYRLGFRRNLQJIUR]HQ GDPDJHWKHJDVWXELQJWRWKHVXUIDFHEXUQHUVUHVXOWLQJ IRRGVZLWKH[FHVVLYHDPRXQWVRILFH LQDJDVOHDNDQGULVNRIILUH ■ 8VHSURSHUSDQVL]HDQGDYRLGSDQVWKDWDUHXQVWDEOH ■ :KHQGLVDEOLQJ*DV&RQWURO/RFNRXWRQVRPHPRGHOV RUHDVLO\WLSSHG6HOHFWFRRNZDUHWKDWLVPDWFKHGWRWKH PDNHVXUHWKHVXUIDFHFRQWUROVDUHVHWWRWKH2)) VL]HRIWKHEXUQHU%XUQHUIODPHVVKRXOGEHDGMXVWHGVR SRVLWLRQ7KLVZLOOSUHYHQWXQLQWHQGHGJDVIORZIURPWKH WKDWWKH\GRQRWH[WHQGEH\RQGWKHERWWRPRIWKHSDQ EXUQHUV ([FHVVLYHIODPHPD\EHKD]DUGRXV ■ 'RQRWXVHDOXPLQXPIRLOWRFRYHUWKHJUDWHVRUOLQH ■$OZD\VXVHWKH/,7(SRVLWLRQZKHQLJQLWLQJWKHWRS DQ\SDUWRIWKHFRRNWRS'RLQJVRPD\UHVXOWLQFDUERQ EXUQHUVDQGPDNHVXUHWKHEXUQHUVKDYHLJQLWHG PRQR[LGHSRLVRQLQJRYHUKHDWLQJRIWKHFRRNWRS VXUIDFHVRUDSRWHQWLDOILUHKD]DUG ■ :KHQXVLQJJODVVFHUDPLFFRRNZDUHPDNHVXUHLWLV VXLWDEOHIRUFRRNWRSVHUYLFHRWKHUVPD\EUHDNEHFDXVH RIVXGGHQFKDQJHLQWHPSHUDWXUH 6$9(7+(6(,16758&7,216 *($SSOLDQFHVFRP :$51,1* 29(16$)(7<,16758&7,216 :$51,1*1(9(5FRYHUDQ\VORWVKROHVRU ■3XOOWKHRYHQUDFNWRWKHVWRSORFNSRVLWLRQZKHQ ORDGLQJDQGXQORDGLQJIRRGIURPWKHRYHQ7KLVKHOSV SDVVDJHVLQWKHRYHQERWWRPRUFRYHUDQHQWLUHUDFNZLWK SUHYHQWEXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRU PDWHULDOVVXFKDVDOXPLQXPIRLO'RLQJVREORFNVDLUIORZ DQGRYHQZDOOV WKURXJKWKHRYHQDQGPD\FDXVHFDUERQPRQL[LGH SRLVRQLQJ$OXPLQXPIRLOOLQLQJVPD\DOVRWUDSKHDWFDXVLQJ ■ 'RQRWOHDYHLWHPVVXFKDVSDSHUFRRNLQJXWHQVLOVRU IRRGLQWKHRYHQZKHQQRWLQXVH,WHPVVWRUHGLQDQ DILUHKD]DUG RYHQFDQLJQLWH ■6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQ ■'RQRWOHDYHLWHPVRQWKHFRRNWRSQHDUWKHRYHQYHQW GRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV ZKLFKLVLQWKHFHQWHURIWKHEDFNJXDUG,WHPVPD\ WRKDQGVIDFHDQGRUH\HV RYHUKHDWUHVXOWLQJLQDULVNRIILUHRUEXUQV ■ .HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS*UHDVHLQWKH ■:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQIROORZ RYHQPD\LJQLWH WKHPDQXIDFWXUHU·VGLUHFWLRQV ■ 3ODFHRYHQUDFNVLQGHVLUHGORFDWLRQZKLOHRYHQLVFRRO ■1HYHUEURLOZLWKGRRURSHQ2SHQGRRUEURLOLQJLVQRW ,IUDFNPXVWEHPRYHGZKLOHRYHQLVKRWEHFDUHIXOWR SHUPLWWHGGXHWRRYHUKHDWLQJRIFRQWURONQREV DYRLGWRXFKLQJKRWVXUIDFHV :$51,1* 6(/)&/($1,1*29(16$)(7<,16758&7,216 7KHVHOIFOHDQLQJIHDWXUHRSHUDWHVWKHRYHQDWWHPSHUDWXUHVKLJKHQRXJKWREXUQDZD\IRRGVRLOVLQWKHRYHQ )ROORZWKHVHLQVWUXFWLRQVIRUVDIHRSHUDWLRQ ■%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHUHPRYHSDQV VKLQ\PHWDORYHQUDFNVDQGRWKHUXWHQVLOVIURPWKH RYHQ2QO\SRUFHODLQFRDWHGRYHQUDFNVPD\EHOHIWLQ WKHRYHQ'RQRWXVHVHOIFOHDQWRFOHDQRWKHUSDUWV VXFKDVJUDWHV ■%HIRUHRSHUDWLQJWKHVHOIFOHDQF\FOHZLSHJUHDVHDQG IRRGVRLOVIURPWKHRYHQ([FHVVLYHDPRXQWRIJUHDVH PD\LJQLWHOHDGLQJWRVPRNHGDPDJHWR\RXUKRPH ■ ,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQRII DQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHGE\D TXDOLILHGWHFKQLFLDQ ■ 'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR UXEGDPDJHRUPRYHWKHJDVNHW ■ 'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHU RURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEH XVHGLQRUDURXQGDQ\SDUWRIWKHRYHQ :$51,1* :$50,1*'5$:(5/2:(529(1'5$:(56$)(7< ,16758&7,2166RPHPRGHOV ■ 8VHFDUHZKHQRSHQLQJWKHGUDZHU2SHQWKHGUDZHUD ■7KHSXUSRVHRIWKHZDUPLQJGUDZHULVWRKROGKRW FUDFNDQGOHWKRWDLURUVWHDPHVFDSHEHIRUHUHPRYLQJ FRRNHGIRRGVDWVHUYLQJWHPSHUDWXUH%DFWHULDZLOOJURZ RUUHSODFLQJIRRG+RWDLURUVWHDPWKDWHVFDSHVFDQ LQIRRGZKLOHLWLVEHORZ)'RQRWSXWFROGIRRGLQ FDXVHEXUQVWRKDQGVIDFHDQGRUH\HV ZDUPLQJGUDZHU'RQRWKHDWIRRGIRUPRUHWKDQ KRXUV)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVPD\UHVXOWLQ ■ 'RQRWXVHDOXPLQXPIRLOWROLQHWKHZDUPLQJGUDZHU IRRGERUQHLOOQHVV )RLOLVDQH[FHOOHQWKHDWLQVXODWRUDQGZLOOWUDSKHDW EHQHDWKLW7KLVZLOOXSVHWWKHSHUIRUPDQFHRIWKH ■'RQRWOHDYHSDSHUSURGXFWVSODVWLFVFDQQHGIRRGRU GUDZHUDQGSRWHQWLDOO\FDXVHDILUHKD]DUG FRPEXVWLEOHPDWHULDOVLQWKHGUDZHU7KH\PD\LJQLWH ■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³WKHVRXQG RIWKHHOHFWULFVSDUNLJQLWLQJWKHEXUQHU DUHQRWFRYHUHGE\FRRNZDUHPD\SUHVHQWDULVN 7XUQWKHNQREWRDGMXVWWKHIODPHVL]H,IWKH RIILUHRUFORWKLQJLJQLWLRQ7KHJULGGOHEXUQHU NQREVWD\VDW/,7(LWZLOOFRQWLQXHWRFOLFN VKRXOGRQO\EHXVHGZLWKWKHJULGGOHLQSODFH :KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH )DLOXUHWRGRVRPD\UHVXOWLQVHULRXVLQMXU\ EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOH 0DNHVXUHDOOWKHVXUIDFHEXUQHUVDUHSODFHGLQ RUFOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHU WKHLUUHVSHFWLYHSRVLWLRQV EXUQHULVRQ$QHOHFWULFVKRFNPD\UHVXOWZKLFK 3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7( FRXOGFDXVH\RXWRNQRFNRYHUKRWFRRNZDUH SRVLWLRQ :$51,1*%XUQHUIODPHVWKDW 3XVKWKHFRQWURONQRELQDQGWXUQ LWWRWKH/,7(SRVLWLRQ 0HGLXP 0HGLXP 6PDOO /DUJH 2QVRPHPRGHOV 2QVRPHPRGHOVWKHEXUQHUVDUH DOOWKHVDPHVL]HDQGSRZHU 2Q5DQJHVZLWK6HDOHG*DV%XUQHUV 7KHVPDOOHVWEXUQHULQWKHULJKWUHDUSRVLWLRQLV WKHVLPPHUEXUQHU7KLVEXUQHUFDQEHWXUQHG GRZQWRDYHU\ORZVLPPHUVHWWLQJ,WSURYLGHV SUHFLVHFRRNLQJSHUIRUPDQFHIRUGHOLFDWHIRRGV VXFKDVVDXFHVRUIRRGVWKDWUHTXLUHORZKHDW IRUDORQJFRRNLQJWLPH 7KHPHGLXPOHIWUHDUDQGOHIWIURQWDQGWKH ODUJHULJKWIURQWEXUQHUVDUHWKHSULPDU\ EXUQHUVIRUPRVWFRRNLQJ7KHVHJHQHUDO SXUSRVHEXUQHUVFDQEHWXUQHGGRZQIURP+, WR/2WRVXLWDZLGHUDQJHRIFRRNLQJQHHGV 127(2QVRPHPRGHOVWKHEXUQHUVDUHDOOWKH VDPHVL]HDQGSRZHU *($SSOLDQFHVFRP +RZWR6HOHFW)ODPH6L]H )RUVDIHKDQGOLQJRIFRRNZDUHQHYHUOHWWKH IODPHVH[WHQGXSWKHVLGHVRIWKHFRRNZDUH :DWFKWKHIODPHQRWWKHNQREDV\RXUHGXFH KHDW:KHQIDVWKHDWLQJLVGHVLUHGWKHIODPH VL]HRQDJDVEXUQHUVKRXOGPDWFKWKH FRRNZDUH\RXDUHXVLQJ )ODPHVODUJHUWKDQWKHERWWRPRIWKHFRRNZDUH ZLOOQRWUHVXOWLQIDVWHUKHDWLQJRIWKHFRRNZDUH DQGFRXOGEHKD]DUGRXV 7RSRI5DQJH&RRNZDUH $OXPLQXP 0HGLXPZHLJKWFRRNZDUHLV UHFRPPHQGHGEHFDXVHLWKHDWVTXLFNO\ DQGHYHQO\0RVWIRRGVEURZQHYHQO\LQDQ DOXPLQXPVNLOOHW8VHVDXFHSDQVZLWKWLJKW ILWWLQJOLGVZKHQFRRNLQJZLWKPLQLPXP DPRXQWVRIZDWHU &DVW,URQ,IKHDWHGVORZO\PRVWVNLOOHWVZLOO JLYHVDWLVIDFWRU\UHVXOWV (QDPHOZDUH 8QGHUVRPHFRQGLWLRQVWKH HQDPHORIVRPHFRRNZDUHPD\PHOW)ROORZ FRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQV IRUFRRNLQJPHWKRGV *ODVV 7KHUHDUHWZRW\SHVRIJODVVFRRNZDUH³ WKRVHIRURYHQXVHRQO\DQGWKRVHIRUWRSRI UDQJHFRRNLQJVDXFHSDQVFRIIHHDQGWHDSRWV *ODVVFRQGXFWVKHDWYHU\VORZO\ +HDWSURRI*ODVV&HUDPLF &DQEHXVHGIRU HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN FRRNZDUHPDQXIDFWXUHU·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s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²SDGDQGWKHWLPH RIGD\ZLOOFKDQJHPLQXWHVDWDWLPH7R FKDQJHWKHWLPHE\VLQJOHPLQXWHVJLYHWKH SDGVVKRUWWDSV 3UHVVWKH&/2&.SDGWRVWDUWWKHFORFN 7R6HWWKH.LWFKHQ7LPHU 3UHVVWKH.,7&+(17,0(5212))SDG 8VHWKHDQG²SDGVWRVHWWKHWLPHU6KRUW WDSVRQWKHRU²SDGFKDQJHWKHWLPHU·V VHWWLQJRQHPLQXWHDWDWLPH3UHVVLQJDQG FRQWLQXLQJWRKROGWKHSDGLQFUHDVHVWKH VHWWLQJPLQXWHVDWDWLPH $VWKHWLPHUFRXQWVGRZQDVLJQDOZLOOLQGLFDWH ZKHQRQHPLQXWHLVOHIW$IWHUWKLVVLJQDOWKH GLVSOD\ZLOOFRXQWGRZQLQVHFRQGV:KHQWLPH UXQVRXWDILQDOVLJQDOZLOOVRXQG3UHVVWKH .,7&+(17,0(5212))SDGWRVWRSWKHVLJQDO 2QFH\RXKDYHVHW\RXUWLPHUSUHVVWKH .,7&+(17,0(5212))SDGWRVWDUW WLPLQJ 7R&KDQJHRU&DQFHOWKH.LWFKHQ7LPHU6HWWLQJ :KHQWKHWLPHULVFRXQWLQJGRZQXVHWKHDQG ²SDGWRFKDQJHWKHUHPDLQLQJWLPHRUSUHVV WKH.,7&+(17,0(5212))SDGWRVWRSWKH WLPHU7KHWLPHUFDQQRWEHFDQFHOOHGXQOHVV\RX KDYHIXOO\FRPSOHWHG´VHWWLPHUµLQVWUXFWLRQV DERYH 'LVSOD\&ORFN:KLOH.LWFKHQ7LPHU,V2SHUDWLQJ 3UHVVLQJWKH&/2&.SDGZKLOHWKHWLPHULV RSHUDWLQJZLOOQRWLQWHUIHUHZLWKWKHWLPHU·V RSHUDWLRQWKHGLVSOD\ZLOOFKDQJHWRVKRZWKH FORFNEXWWKHWLPHUZLOOFRQWLQXHWRFRXQWGRZQ DQGZLOOVWLOOVLJQDOZKHQWLPHLVXS3UHVVWKH .,7&+(17,0(5212))SDGDJDLQWRFKDQJH WKHGLVSOD\EDFNWRVKRZWKHWLPHU 8VLQJWKHRYHQ *($SSOLDQFHVFRP 7RDYRLGSRVVLEOHEXUQVSODFHWKHVKHOYHVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ %HIRUH\RXEHJLQ«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²VHFRQGVEHIRUHWKH IODPHFRPHVRQ$IWHUWKHRYHQUHDFKHVWKH VHOHFWHGWHPSHUDWXUHWKHRYHQEXUQHUF\FOHV³ RIIFRPSOHWHO\WKHQRQZLWKDIXOOIODPH³WR PDLQWDLQWKHVHOHFWHGWHPSHUDWXUH 8SSHU2YHQ9HQW 3ODVWLFLWHPVRQWKHFRRNWRSPD\ PHOWLIOHIWWRRFORVHWRWKHYHQW 9HQWDSSHDUDQFHDQGORFDWLRQYDU\ <RXURYHQLVYHQWHGWKURXJKGXFWVDWWKHUHDU RIWKHUDQJH'RQRWEORFNWKHVHGXFWVZKHQ FRRNLQJLQWKHRYHQ³LWLVLPSRUWDQWWKDWWKH IORZRIKRWDLUIURPWKHRYHQDQGIUHVKDLU WRWKHRYHQEXUQHUEHXQLQWHUUXSWHG$YRLG WRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\VXUIDFHV GXULQJRYHQRUEURLOHURSHUDWLRQ³WKH\PD\ EHFRPHKRW +DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW 'RQRWOHDYHSODVWLFRUIODPPDEOHLWHPVRQ WKHFRRNWRS³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øsEHWZHHQSDQVIURP WKHIURQWEDFNDQGVLGHVRIWKHZDOO $OXPLQXP)RLO 'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV 7KHIRLOZLOOWUDSKHDWEHORZDQGXSVHWWKH SHUIRUPDQFHRIWKHRYHQ)RLOFDQPHOWDQG SHUPDQHQWO\GDPDJHWKHRYHQERWWRP 'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV QRWFRYHUHGE\WKHSURGXFWZDUUDQW\ VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\ DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK DOXPLQXPIRLO.HHSIRLODWOHDVWµ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s DSDUW,IGHVLUHGWKHIDWPD\EHWULPPHG OHDYLQJDOD\HUDERXWsWKLFN <RXUUDQJHKDVDFRPSDUWPHQWEHORZWKHRYHQ IRUEURLOLQJ $UUDQJHWKHIRRGRQWKHJULGDQGSRVLWLRQ WKHEURLOHUSDQRQWKHDSSURSULDWHUDFNLQ WKHRYHQRUEURLOLQJFRPSDUWPHQW3ODFLQJ IRRGFORVHUWRWKHIODPHLQFUHDVHVH[WHULRU EURZQLQJRIWKHIRRGEXWDOVRLQFUHDVHV VSDWWHULQJDQGWKHSRVVLELOLW\RIIDWVDQG PHDWMXLFHVLJQLWLQJ %RWKWKHRYHQDQGEURLOHUFRPSDUWPHQWGRRUV PXVWEHFORVHGGXULQJEURLOLQJ 7XUQPRVWIRRGVRQFHGXULQJFRRNLQJWKH H[FHSWLRQLVWKLQILOOHWVRIILVKRLORQHVLGHSODFH WKDWVLGHGRZQRQEURLOHUJULGDQGFRRNZLWKRXW WXUQLQJXQWLOGRQH7LPHIRRGVIRUDERXW RQHKDOIWKHWRWDOFRRNLQJWLPHWXUQIRRGWKHQ FRQWLQXHWRFRRNWRSUHIHUUHGGRQHQHVV <RXFDQFKDQJHWKHGLVWDQFHRIWKHIRRG IURPWKHKHDWVRXUFHE\SRVLWLRQLQJWKH EURLOHUSDQDQGJULGRQRQHRIWKUHHUDFN SRVLWLRQVLQWKHEURLOHUFRPSDUWPHQW³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■$OZD\VXVHWKHEURLOHUSDQDQGJULGWKDW FRPHVZLWK\RXUUDQJH,WLVGHVLJQHGWR PLQLPL]HVPRNLQJDQGVSDWWHULQJE\WUDSSLQJ MXLFHVLQWKHVKLHOGHGORZHUSDUWRIWKHSDQ ■,IGHVLUHGPDULQDWHPHDWVRUFKLFNHQEHIRUH EURLOLQJ2UEUXVKZLWKEDUEHFXHVDXFHODVW ²PLQXWHVRQO\ ■:KHQDUUDQJLQJWKHIRRGRQWKHSDQGRQRW OHWIDWW\HGJHVKDQJRYHUWKHVLGHVEHFDXVH GULSSLQJIDWFRXOGVRLOWKHRYHQ ■)RUVWHDNVDQGFKRSVVODVKIDWHYHQO\DURXQG ■7KHEURLOHUFRPSDUWPHQWGRHVQRWQHHGWREH WKHRXWVLGHHGJHVRIWKHPHDW7RVODVKFXW SUHKHDWHG+RZHYHUIRUYHU\WKLQIRRGVRUWR FURVVZLVHWKURXJKWKHRXWHUIDWVXUIDFHMXVW LQFUHDVHEURZQLQJSUHKHDWLIGHVLUHG WRWKHHGJHRIWKHPHDW8VHWRQJVWRWXUQ ■)UR]HQVWHDNVFDQEHEURLOHGE\SRVLWLRQLQJ WKHPHDWRYHUWRSUHYHQWSLHUFLQJWKHPHDW WKHUDFNDWWKHQH[WORZHVWUDFNSRVLWLRQDQG DQGORVLQJMXLFHV LQFUHDVLQJWKHFRRNLQJWLPHJLYHQLQWKLVJXLGH øWLPHVSHUVLGH 8VLQJWKHRYHQ %URLOLQJ*XLGH 7KHVL]HZHLJKWWKLFNQHVV VWDUWLQJWHPSHUDWXUHDQG \RXUSUHIHUHQFHRIGRQHQHVV ZLOODIIHFWEURLOLQJWLPHV7KLV JXLGHLVEDVHGRQPHDWVDW UHIULJHUDWRUWHPSHUDWXUH )RRG %HHI 7KH86'HSDUWPHQWRI $JULFXOWXUHVD\V´5DUHEHHILV SRSXODUEXW\RXVKRXOGNQRZWKDW FRRNLQJLWWRRQO\)PHDQV VRPHIRRGSRLVRQLQJRUJDQLVPV PD\VXUYLYHµ6RXUFH6DIH)RRG %RRN<RXU.LWFKHQ*XLGH86'$ 5HY-XQH 'RQHQHVV 6WHDNV µWKLFN +L ( 0HGLXP) 6WHDNV µWRµWKLFN +L '( :HOO'RQH ) 6WHDNV µWRµWKLFN +L ' 0HGLXP) *URXQG%HHI 3DWWLHV µWRµWKLFN +L '( :HOO'RQH ) *URXQG%HHI 3DWWLHV µWRµWKLFN +L ' %UHDVWERQHOHVV +L & %UHDVWERQHLQ +L & µWRµWKLFN +L ' /R ' +L ' )LVKILOOHWV 7KHRYHQKDVVKHOISRVLWLRQV %URLO 5DFN 6HWWLQJ 3RVLWLRQ 5DUH0HGLXP 5DUH )) &KLFNHQ 3RUN &KRSV 7\SHRU 7KLFNQHVV :HOO'RQH ) µWKLFN &RPPHQWV 6WHDNVOHVVWKDQ µWKLFNDUHGLI ILFXOWWRFRRNUDUH 7KH\PD\FRRN WKURXJKEHIRUH EURZQLQJ 7RDYRLGFXUOLQJ VODVKIDWDWµ LQWHUYDOV %URLOVNLQVLGH GRZQILUVW +DQGOHDQGWXUQ YHU\FDUHIXOO\ 7RDYRLGFXUOLQJ VODVKIDWDWµ LQWHUYDOV 'XHWRWKHYDULHW\RIPHDWVDQGFXWVDYDLODEOH\RXPD\VHOHFWDOWHUQDWHUDFNSRVLWLRQVEDVHGRQSHUVRQDOSUHIHUHQFH RIGRQHQHVVDQGH[WHUQDOVHDULQJ6HHLOOXVWUDWLRQIRUGHVFULSWLRQRIUDFNSRVLWLRQV $GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI *($SSOLDQFHVFRP <RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI 'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ 7KHVHWKHUPRPHWHUVPD\YDU\²GHJUHHV 127(7KLVDGMXVWPHQWZLOOQRWDIIHFWWKHEURLOLQJWHPSHUDWXUHV 7R$GMXVWWKH7KHUPRVWDW $SSHDUDQFHPD\YDU\ 3XOOWKH29(1&21752/NQRERIIWKHUDQJH DQGORRNDWWKHEDFNVLGH7RPDNHDQ DGMXVWPHQWORRVHQDSSUR[LPDWHO\RQH WXUQEXWGRQRWFRPSOHWHO\UHPRYHWKH WZRVFUHZVRQWKHEDFNRIWKHNQRE :LWKWKHEDFNRIWKHNQREIDFLQJ\RXKROG WKHRXWHUHGJHRIWKHNQREZLWKRQHKDQG DQGWXUQWKHIURQWRIWKHNQREZLWKWKH RWKHUKDQG 7RUDLVHWKHRYHQWHPSHUDWXUHPRYHWKH WRSVFUHZWRZDUGWKHULJKW<RX·OOKHDUD FOLFNIRUHDFKQRWFK\RXPRYHWKHNQRE (DFKFOLFNZLOOFKDQJHWKHRYHQWHPSHUDWXUH DSSUR[LPDWHO\)5DQJHLVr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´PDUJDULQHµ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²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´MXPS\µ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·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²PLQXWHV)RUPRUH VWXEERUQVWDLQVXVHDWRRWKEUXVK $IWHUFOHDQLQJ 5HSODFHWKHPDWFKLQJVL]HFDSVRQWRWKHKHDGV 7KHUHLVRQHVPDOOWZRPHGLXPDQGRQHODUJH FDS6L]HVDUHVWDPSHGLQWRWKHERWWRPRIWKH FDSV 0HGLXPFDS 6PDOOFDS %HIRUHSXWWLQJWKHEXUQHUFDSVDQGKHDGVEDFN VKDNHRXWH[FHVVZDWHUDQGWKHQGU\WKHP WKRURXJKO\E\VHWWLQJLQDZDUPRYHQIRU PLQXWHV 127('RQRWXVHVWHHOZRRORUVFRXULQJ SRZGHUVWRFOHDQWKHEXUQHUV )URQWRIUDQJH 0HGLXPFDS /DUJHFDS 0DNHVXUHWKDWWKHKHDGVDQGFDSVDUH UHSODFHGLQWKHFRUUHFWORFDWLRQV 127(2QVRPHPRGHOVWKHEXUQHUVDUHDOOWKH VDPHVL]HDQGSRZHU *($SSOLDQFHVFRP &RRNWRS6XUIDFH 7RDYRLGGDPDJLQJWKHSRUFHODLQHQDPHO 127('RQRWVWRUHIODPPDEOHPDWHULDOVLQ VXUIDFHRIWKHFRRNWRSDQGWRSUHYHQWLWIURP DQRYHQRUQHDUWKHFRRNWRS'RQRWVWRUHRU EHFRPLQJGXOOFOHDQXSVSLOOVULJKWDZD\)RRGV XVHFRPEXVWLEOHPDWHULDOVJDVROLQHRURWKHU ZLWKDORWRIDFLGWRPDWRHVVDXHUNUDXWIUXLW IODPPDEOHYDSRUVDQGOLTXLGVLQWKHYLFLQLW\RI MXLFHVHWFRUIRRGVZLWKKLJKVXJDUFRQWHQW WKLVRUDQ\RWKHUDSSOLDQFH FRXOGFDXVHDGXOOVSRW LIDOORZHGWRVHW 127('RQRWOLIWWKHFRRNWRSRQVHDOHGEXUQHU :KHQWKHVXUIDFHKDVFRROHGZDVKDQGULQVH PRGHOV/LIWLQJWKHFRRNWRSFDQOHDGWRGDPDJH )RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJVHWF DQGLPSURSHURSHUDWLRQRIWKHUDQJH ZDVKZLWKVRDSDQGZDWHURQFHWKHVXUIDFH KDVFRROHG7KHQULQVHDQGSROLVKZLWKDGU\ FORWK %HFDUHIXOZKHQ\RXFOHDQWKHFRRNWRSEHFDXVH WKHDUHDRYHUWKHSLORWZLOOEHKRWRQPRGHOV ZLWKVWDQGLQJSLORWV 6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV 'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFK WKHVXUIDFH 7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH 7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH ORFDWLRQRIDGHDOHUQHDUHVW\RXSOHDVHFDOORXU WROOIUHHQXPEHU 1DWLRQDO3DUWV&HQWHU86 &DQDGD *($SSOLDQFHVFRP86 ZZZ*($SSOLDQFHVFD&DQDGD /LIW8S&RRNWRSRQPRGHOVZLWKVWDQGDUGWZLQEXUQHUV 6RPHPRGHOVKDYHGXDOVXSSRUW URGVWKDWZLOOKROGWKHFRRNWRSXS ZKLOH\RXFOHDQXQGHUQHDWKLW &OHDQWKHDUHDXQGHUWKHFRRNWRSRIWHQ %XLOWXSVRLOHVSHFLDOO\JUHDVHPD\FDWFKRQ ILUH 7RPDNHFOHDQLQJHDVLHUWKHFRRNWRSPD\EH OLIWHGXS 127('RQRWOLIWWKHFRRNWRSRQVHDOHGEXUQHU PRGHOV/LIWLQJWKHFRRNWRSFDQOHDGWRGDPDJH DQGLPSURSHURSHUDWLRQRIWKHUDQJH 7RUDLVHWKHFRRNWRS %HVXUHWKHEXUQHUVDUHWXUQHGRII &OHDQXQGHUWKHFRRNWRSZLWKKRWVRDS\ZDWHU DQGDFOHDQFORWK,I\RXUHPRYHG\RXUVXUIDFH EXUQHUVZKLOHFOHDQLQJPDNHVXUHWKH\DUH SURSHUO\VHDWHGZKHQUHSODFLQJWKHP $IWHUFOHDQLQJORZHUWKHFRRNWRSEHFDUHIXOQRW WRSLQFK\RXUILQJHUV/RZHUFRRNWRSJHQWO\WR DYRLGEORZLQJRXWSLORWIODPHVRQVWDQGLQJSLORW PRGHOV 5HSODFHGULSSDQVLIVRHTXLSSHGDQGJUDWHV 5HPRYHWKHJUDWHVDQGGULSSDQVLIVR HTXLSSHG *UDVSWKHWZRIURQWEXUQHUZHOOVDQGOLIWXS &DUHDQGFOHDQLQJRIWKHUDQJH /LIW2II2YHQ'RRU 7KHRYHQGRRULVUHPRYDEOHEXWLWLVKHDY\<RX PD\QHHGKHOSUHPRYLQJDQGUHSODFLQJWKH GRRU 7RUHPRYHWKHGRRU RSHQLWDIHZLQFKHVWR WKHVSHFLDOVWRSSRVLWLRQWKDWZLOOKROGWKHGRRU RSHQ*UDVSILUPO\RQHDFKVLGHDQGOLIWWKHGRRU VWUDLJKWXSDQGRIIWKHKLQJHV /LIWWKHGRRUVWUDLJKWXSDQGRII WKHKLQJHV 127(%HFDUHIXOQRWWRSODFHKDQGVEHWZHHQ WKHKLQJHDQGWKHRYHQGRRUIUDPHDVWKHKLQJH FRXOGVQDSEDFNDQGSLQFKILQJHUV 7RUHSODFHWKHGRRUPDNHVXUHWKHKLQJHVDUH LQWKHVSHFLDOVWRSSRVLWLRQ3RVLWLRQWKHVORWV LQWKHERWWRPRIWKHGRRUVTXDUHO\RYHUWKH KLQJHV7KHQORZHUWKHGRRUVORZO\DQGHYHQO\ RYHUERWKKLQJHVDWWKHVDPHWLPH,IWKHKLQJHV VQDSEDFNDJDLQVWWKHRYHQIUDPHSXOOWKHP EDFNRXW 7RFOHDQWKHRXWVLGHRIWKHGRRU ■8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQWKH WRSVLGHVDQGIURQWRIWKHRYHQGRRU5LQVH ZHOO<RXPD\DOVRXVHDJODVVFOHDQHUWR FOHDQWKHJODVVRQWKHRXWVLGHRIWKHGRRU ■6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOGEH ZLSHGXSLPPHGLDWHO\:KHQWKHVXUIDFHLV FRROFOHDQDQGULQVH ■'RQRWXVHRYHQFOHDQHUVFOHDQVLQJSRZGHUV RUKDUVKDEUDVLYHVRQWKHRXWVLGHRIWKHGRRU 7RFOHDQWKHLQVLGHRIWKHGRRU 7KHJDVNHWLVGHVLJQHGZLWKDJDS DWWKHERWWRPWRDOORZIRUSURSHU DLUFLUFXODWLRQ 'RQRWUXERUFOHDQWKHGRRU JDVNHW³LWKDVDQH[WUHPHO\ORZ UHVLVWDQFHWRDEUDVLRQ ,I\RXQRWLFHWKHJDVNHWEHFRPLQJ ZRUQIUD\HGRUGDPDJHGLQDQ\ ZD\RULILWKDVEHFRPHGLVSODFHG RQWKHGRRU\RXVKRXOGKDYHLW UHSODFHG ■'RQRWDOORZH[FHVVZDWHUWRUXQLQWRDQ\ KROHVRUVORWVLQWKHGRRU ■%HFDXVHWKHDUHDLQVLGHWKHJDVNHWLVFOHDQHG GXULQJWKHVHOIFOHDQF\FOH\RXGRQRWQHHG WRFOHDQWKLVE\KDQG$Q\VRDSOHIWRQWKH OLQHUFDXVHVDGGLWLRQDOVWDLQVZKHQWKHRYHQ LVKHDWHG ■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·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·VDJRRGLGHDWRZLSHWKHFRQWUROSDQHODIWHU HDFKXVHRIWKHRYHQ8VHDGDPSFORWKWR FOHDQRUULQVH)RUFOHDQLQJXVHPLOGVRDSDQG ZDWHURUDVROXWLRQRIYLQHJDUDQGZDWHU )RUULQVLQJXVHFOHDQZDWHU3ROLVKGU\ZLWKD VRIWFORWK 'RQRWXVHDEUDVLYHFOHDQVHUVVWURQJOLTXLG FOHDQHUVSODVWLFVFRXULQJSDGVRURYHQFOHDQHUV RQWKHFRQWUROSDQHO³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■%HFDUHIXOZKHUHWKHRYHQFOHDQHULV VSUD\HG ■'RQRWVSUD\RYHQFOHDQHURQWKHHOHFWULFDO FRQWUROVDQGVZLWFKHVRQVRPHPRGHOV EHFDXVHLWFRXOGFDXVHDVKRUWFLUFXLWDQG UHVXOWLQVSDUNLQJRUILUH ■'RQRWDOORZDILOPIURPWKHFOHDQHUWR UHPDLQRQWKHWHPSHUDWXUHVHQVLQJEXOE³LW FRXOGFDXVHWKHRYHQWRKHDWLPSURSHUO\ 7KHEXOELVORFDWHGDWWKHUHDURIWKHRYHQ &DUHIXOO\ZLSHWKHEXOEFOHDQDIWHUHDFK RYHQFOHDQLQJEHLQJFDUHIXOQRWWRPRYHWKH EXOEDVDFKDQJHLQLWVSRVLWLRQFRXOGDIIHFW KRZWKHRYHQEDNHV ■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¶¶WXQQHOV··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³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·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²6DYHWKHVHLQVWUXFWLRQVIRU ORFDOHOHFWULFDOLQVSHFWRU·VXVH ,03257$17²2EVHUYHDOOJRYHUQLQJ 3LSHZUHQFKHV RQHIRUEDFNXS FRGHVDQGRUGLQDQFHV 1RWHWR,QVWDOOHU²/HDYHWKHVHLQVWUXFWLRQVZLWK WKHDSSOLDQFHDIWHULQVWDOODWLRQLVFRPSOHWHG 1RWHWR&RQVXPHU².HHSWKLV2ZQHU·V0DQXDO DQG,QVWDOODWLRQ,QVWUXFWLRQVIRUIXWXUHUHIHUHQFH 1RWH²7KLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG 6HUYLFHU²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´,' $IRRWOHQJWKLVUHFRPPHQGHGIRUHDVHRILQVWDOODWLRQ EXWRWKHUOHQJWKVDUHDFFHSWDEOH1HYHUXVHDQROG FRQQHFWRUZKHQLQVWDOOLQJDQHZUDQJH )ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRJDVVXSSO\OLQH ´RU´137[´,' )ODUHXQLRQDGDSWHUIRUFRQQHFWLRQWRSUHVVXUHUHJXODWRU RQUDQJH´137[´,' /LTXLGOHDNGHWHFWRURUVRDS\ZDWHU /DJEROWRU´2'VOHHYHDQFKRUIRUFRQFUHWH IORRUVRQO\ 7HIORQ5HJLVWHUHGWUDGHPDUNRI'X3RQW ,QVWDOODWLRQ,QVWUXFWLRQV $YRLGSODFLQJFDELQHWVDERYHWKHUDQJH7RUHGXFH WKHKD]DUGFDXVHGE\UHDFKLQJRYHUWKHRSHQIODPHV RIRSHUDWLQJEXUQHUVLQVWDOODYHQWLODWLRQKRRGRYHU WKHUDQJHWKDWSURMHFWVIRUZDUGDWOHDVW´EH\RQG WKHIURQWRIWKHFDELQHWV :$51,1* ,167$//$7,216$)(7< ,16758&7,216 7KHYHQWLODWLQJKRRGPXVWEHFRQVWUXFWHG RIVKHHWPHWDOQRWOHVVWKDQ´WKLFN ,QVWDOODERYHWKHFRRNWRSZLWKDFOHDUDQFHRIQRW OHVVWKDQ´EHWZHHQWKHKRRGDQGWKHXQGHUVLGH RIWKHFRPEXVWLEOHPDWHULDORUPHWDOFDELQHW7KH KRRGPXVWEHDWOHDVWDVZLGHDVWKHDSSOLDQFHDQG FHQWHUHGRYHUWKHDSSOLDQFH&OHDUDQFHEHWZHHQWKH FRRNLQJVXUIDFHDQGWKHYHQWLODWLRQKRRGVXUIDFH 08671(9(5%(/(667+$1´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´EHWZHHQWKH FRRNLQJVXUIDFHDQGWKHERWWRPRIXQSURWHFWHG FDELQHWV ,ID´FOHDUDQFHEHWZHHQFRRNLQJVXUIDFHDQG RYHUKHDGFRPEXVWLEOHPDWHULDORUPHWDOFDELQHWV FDQQRWEHPDLQWDLQHGSURWHFWWKHXQGHUVLGHRIWKH FDELQHWVDERYHWKHFRRNWRSZLWKQRWOHVVWKDQ´ LQVXODWLQJPLOOERDUGFRYHUHGZLWKVKHHWPHWDOQRWOHVV WKDQ´WKLFN&OHDUDQFHEHWZHHQWKHFRRNLQJ VXUIDFHDQGSURWHFWHGFDELQHWV08671(9(5%(/(66 7+$1´ +DYH\RXUUDQJHLQVWDOOHGE\DTXDOLILHGLQVWDOOHU <RXUUDQJHPXVWEHHOHFWULFDOO\JURXQGHGLQ DFFRUGDQFHZLWKORFDOFRGHVRULQWKHDEVHQFHRI ORFDOFRGHVLQDFFRUGDQFHZLWKWKH1DWLRQDO(OHFWULFDO &RGH$16,1)3$ODWHVWHGLWLRQ,Q&DQDGD HOHFWULFDOJURXQGLQJPXVWEHLQDFFRUGDQFHZLWKWKH FXUUHQW&6$&&DQDGLDQ(OHFWULFDO&RGH3DUW DQGRUORFDOFRGHV6HH(OHFWULFDO&RQQHFWLRQV LQWKLV VHFWLRQ 7KHYHUWLFDOGLVWDQFHIURPWKHSODQHRIWKHFRRNLQJ VXUIDFHWRWKHERWWRPRIDGMDFHQWRYHUKHDGFDELQHWV H[WHQGLQJFORVHUWKDQ´WRWKHSODQHRIWKHUDQJH VLGHVPXVWQRWEHOHVVWKDQ´6HHWKH'LPHQVLRQV DQG&OHDUDQFHV LOOXVWUDWLRQLQWKLVVHFWLRQ %HIRUHLQVWDOOLQJ\RXUUDQJHRQOLQROHXPRUDQ\RWKHU V\QWKHWLFIORRUFRYHULQJPDNHVXUHWKHIORRUFRYHULQJ FDQZLWKVWDQG)ZLWKRXWVKULQNLQJZDUSLQJRU GLVFRORULQJ'RQRWLQVWDOOWKHUDQJHRYHUFDUSHWLQJ XQOHVVDVKHHWRI´WKLFNSO\ZRRGRUVLPLODU LQVXODWRULVSODFHGEHWZHHQWKHUDQJHDQGFDUSHWLQJ &$87,21 2QO\WKH*(&DIpEUDQGHGVHULHV RI$GYDQWLXPRUPLFURZDYHRYHUWKHUDQJHRYHQVDUH GHVLJQHGWREHLQVWDOOHGDERYHWKH*(&DIpUDQJH6XUIDFHV DERYHDJDVUDQJHFDQEHFRPHKRW,QVWDOODWLRQRIDQ\RWKHU RYHUWKHUDQJHRYHQDERYHD*(&DIpUDQJHPD\UHVXOWLQ VXUIDFHWHPSHUDWXUHVWKDWFDQFDXVHEXUQV 0DNHVXUHWKHZDOOFRYHULQJVDURXQGWKHUDQJHFDQ ZLWKVWDQGKHDWJHQHUDWHGE\WKHUDQJHXSWR) ,QVWDOODWLRQ,QVWUXFWLRQV ',0(16,216$1'&/($5$1&(6 3URYLGHDGHTXDWHFOHDUDQFHVEHWZHHQWKHUDQJHDQGDGMDFHQWFRPEXVWLEOHVXUIDFHV7KHVHGLPHQVLRQVPXVW EHPHWIRUVDIHXVHRI\RXUUDQJH7KHORFDWLRQRIWKHHOHFWULFDORXWOHWDQGSLSHRSHQLQJVHH*DV3LSHDQG (OHFWULF2XWOHW/RFDWLRQVPD\EHDGMXVWHGWRPHHWVSHFLILFUHTXLUHPHQWV 7KHUDQJHPD\EHSODFHGZLWKsFOHDUDQFHIOXVKDWWKHEDFNZDOO 0LQLPXPWR FDELQHWVRQ HLWKHUVLGHRI WKHUDQJH 0D[LPXP GHSWKIRU FDELQHWVDERYH FRXQWHUWRSV s s 0LQLPXP s s 7RZDOORQHLWKHUVLGH s s VWDQGDUGEXUQHUPRGHOV 7RZDOORQHLWKHUVLGH VHDOHGEXUQHUPRGHOV s s )URQWHGJH RIWKHUDQJH VLGHSDQHO IRUZDUGIURP FDELQHW s 7RFDELQHWVEHORZ FRRNWRSDQGDWWKH UDQJHEDFN 'HSWKZLWKGRRUFORVHGLQFOXGHVGRRUKDQGOH s +HLJKW øsWRøs 'HSWKYDULHVGHSHQGLQJRQ PRGHO6HHVSHFLILFDWLRQVVKHHW IRU\RXUPRGHO øss 3URGXFW+HLJKW s -*66 s 5*% øs -*%6 øs -*%& -*%6 -*%6 'HSWKZLWKGRRURSHQ øsJODVVGRRU øs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µ RIZDWHUFROXPQRQQDWXUDOJDVRULIGHVLJQHGIRU/3JDV SURSDQHRUEXWDQHµRIZDWHUFROXPQ 6KXWRIIWKHPDLQJDVVXSSO\YDOYHEHIRUHGLVFRQQHFWLQJ WKHROGUDQJHDQGOHDYHLWRIIXQWLOWKHQHZKRRNXS KDVEHHQFRPSOHWHG'RQ·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´DQG´RIZDWHU FROXPQ 7RSUHYHQWJDVOHDNVSXWSLSHMRLQWFRPSRXQGRQRUZUDS SLSHWKUHDGWDSHZLWK7HIORQDURXQGDOOPDOHH[WHUQDO SLSHWKUHDGV )RU/3JDVWKHSUHVVXUHVXSSOLHGPXVWEHEHWZHHQ´ DQG´RIZDWHUFROXPQ :KHQFKHFNLQJIRUSURSHURSHUDWLRQRIWKHUHJXODWRU WKHLQOHWSUHVVXUHPXVWEHDWOHDVWJUHDWHUWKDQWKH RSHUDWLQJPDQLIROGSUHVVXUHDVJLYHQDERYH $,QVWDOODPDQXDOJDVOLQHVKXWRIIYDOYHLQWKHJDVOLQHLQ DQHDVLO\DFFHVVHGORFDWLRQRXWVLGHRIWKHUDQJH0DNH VXUHHYHU\RQHRSHUDWLQJWKHUDQJHNQRZVZKHUHDQG KRZWRVKXWRIIWKHJDVVXSSO\WRWKHUDQJH 7KHSUHVVXUHUHJXODWRUORFDWHGDWWKHLQOHWRIWKHUDQJH PDQLIROGPXVWUHPDLQLQWKHVXSSO\OLQHUHJDUGOHVVRI ZKHWKHUQDWXUDORU/3JDVLVEHLQJXVHG %,QVWDOOPDOH´IODUHXQLRQDGDSWHUWRWKH´137 LQWHUQDOWKUHDGDWLQOHWRIUHJXODWRU8VHDEDFNXS ZUHQFKRQWKHUHJXODWRUILWWLQJWRDYRLGGDPDJH $IOH[LEOHPHWDODSSOLDQFHFRQQHFWRUXVHGWRFRQQHFWWKH UDQJHWRWKHJDVVXSSO\OLQHVKRXOGKDYHDQ,'RI´ DQGEHIHHWLQOHQJWKIRUHDVHRILQVWDOODWLRQ,Q&DQDGD IOH[LEOHFRQQHFWRUVPXVWEHVLQJOHZDOOPHWDOFRQQHFWRUV QRORQJHUWKDQIHHWLQOHQJWK :KHQLQVWDOOLQJWKHUDQJHIURPWKHIURQWUHPRYH WKHHOERZIRUHDVLHULQVWDOODWLRQ &,QVWDOOPDOH´RU´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sRUs *DVSLSH *DVVKXWRII YDOYH 5,*,'3,3(+22.83237,216IRUPRGHOVHTXLSSHGZLWK6HDOHG%XUQHUV $OWHUQDWH+RRNXS *DV)ORZLQWR5DQJH (OERZ (OERZ (OERZ 1LSSOH %ODFNLURQSLSH $GDSWHU (OERZ 1LSSOH 1LSSOH 4XLFNFRQQHFW RUXQLRQ 3UHVVXUH 1LSSOH UHJXODWRU 8QLRQ 3UHVVXUH UHJXODWRU ,QVWDOOHU,QIRUPWKH FRQVXPHURIWKH ORFDWLRQRIWKHJDV VKXWRIIYDOYH *DVVKXWRII YDOYH 8QLRQ 1LSSOH *DVVKXWRII YDOYH sRUs *DVSLSH (OERZ ,QVWDOOHU,QIRUPWKH FRQVXPHURIWKH ORFDWLRQRIWKHJDV VKXWRIIYDOYH sRUs *DVSLSH (OERZ $GDSWHU *DV)ORZLQWR5DQJH ,QVWDOODWLRQ,QVWUXFWLRQV )/(;,%/(&211(&725+22.83 IRUPRGHOVHTXLSSHGZLWK6WDQGDUG7ZLQ%XUQHUV 3UHVVXUH UHJXODWRU $GDSWHU *DV)ORZLQWR5DQJH 0DQLIROG SLSH )OH[FRQQHFWRU IHHWPD[LPXP ,QVWDOOHU,QIRUPWKH FRQVXPHURIWKH ORFDWLRQRIWKHJDV VKXWRIIYDOYH $GDSWHU sRUs *DVSLSH *DVVKXWRII YDOYH 5,*,'3,3(+22.83IRUPRGHOVHTXLSSHGZLWK6WDQGDUG7ZLQ%XUQHUV 3UHVVXUH UHJXODWRU *DV)ORZLQWR5DQJH 0DQLIROG SLSH (OERZ 1LSSOH 8QLRQ %ODFNLURQSLSH 8QLRQ ,QVWDOOHU,QIRUPWKH FRQVXPHURIWKH ORFDWLRQRIWKHJDV VKXWRIIYDOYH 1LSSOH sRUs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³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·V²*)&,·VDUHQRWUHTXLUHGRU UHFRPPHQGHGIRUJDVUDQJHUHFHSWDFOHV /LJKWERWKSLORWVZLWKDPDWFK 7RDYRLGSLORWRXWDJHXVHFDXWLRQZKHQ FORVLQJFRRNWRSDIWHUOLJKWLQJSLORWV s *URXQG)DXOW&LUFXLW,QWHUUXSWHUV*)&,·VDUHGHYLFHVWKDW VHQVHOHDNDJHRIFXUUHQWLQDFLUFXLWDQGDXWRPDWLFDOO\ VZLWFKRIISRZHUZKHQDWKUHVKROGOHDNDJHOHYHOLV GHWHFWHG7KHVHGHYLFHVPXVWEHPDQXDOO\UHVHWE\WKH FRQVXPHU7KH1DWLRQDO(OHFWULFDO&RGHUHTXLUHVWKHXVHRI *)&,·VLQNLWFKHQUHFHSWDFOHVLQVWDOOHGWRVHUYHFRXQWHUWRS VXUIDFHV3HUIRUPDQFHRIWKHUDQJHZLOOQRWEHDIIHFWHG LIRSHUDWHGRQD*)&,SURWHFWHGFLUFXLWEXWRFFDVLRQDO QXLVDQFHWULSSLQJRIWKH*)&,EUHDNHULVSRVVLEOH 127('RQRWOHDYHVWDQGLQJSLORWOLWLQDQHZO\ FRQVWUXFWHGRUUHPRGHOHGKRPHRUDSDUWPHQW WKDWZLOOEHXQRFFXSLHGIRUPRUHWKDQD PRQWK (DFKSLORWIODPHZDVDGMXVWHGDWWKHIDFWRU\ WREHDSSUR[LPDWHO\sWDOO$WLQJHRI \HOORZDSSHDULQJDWWKHXSSHUWLSLVQRUPDO,I \RXILQGSLORWDGMXVWPHQWLVQHFHVVDU\IROORZ LQVWUXFWLRQVLQ6WHS% ,QVWDOODWLRQ,QVWUXFWLRQV /,*+77+(3,/276FRQW & /LJKWWKH2YHQ3LORWFRQW 5HPRYHWKHRYHQERWWRP7RUHPRYH % $GMXVWWKH6XUIDFH%XUQHU3LORWVLI1HFHVVDU\ 5HPRYHNQXUOHGVFUHZVKROGLQJGRZQ UHDURIRYHQERWWRP *UDVSRYHQERWWRPDWILQJHUVORWVRQ HDFKVLGH /LIWUHDURIRYHQERWWRPHQRXJKWRFOHDU WKHOLSRIUDQJHIUDPHWKHQSXOORXW 2YHQ ERWWRP &$87,21 ³0DNHVXUHWKHVXUIDFH EXUQHUFRQWURONQREVDUHLQWKH2))SRVLWLRQEHIRUH DWWHPSWLQJWRDGMXVWWKHSLORWV /RFDWHWKHSLORWLQWKHEDFNRIWKHRYHQ ERWWRP7KHSLORWLVDWWDFKHGWRWKHOHIWVLGH RIWKHRYHQEXUQHU 5DLVHWKHFRRNWRS /RFDWHWKHSLORWDGMXVWPHQWVFUHZ,WFDQEH DFFHVVHGWKURXJKWKHVPDOOKROHQHDUWKH FHQWHURIWKHPDQLIROGSDQHO 7RDGMXVWXVHDEODGHW\SHVFUHZGULYHU ZLWKDVKDIWGLDPHWHURIOHVVWKDQRUHTXDO WRs7XUQSLORWDGMXVWPHQWVFUHZXQWLO SLORWIODPHLVsKLJK'RQRWUHGXFHWKH IODPHWROHVVWKDQs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²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s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³&DOO IRUVHUYLFH %<HOORZWLSVRQ RXWHUFRQHV³1RUPDO IRU/3JDV &6RIWEOXH IODPHV³1RUPDOIRU QDWXUDOJDV ,IEXUQHUIODPHVORRNOLNH$FDOOIRUVHUYLFH 1RUPDOEXUQHUIODPHVVKRXOGORRNOLNH%RU& GHSHQGLQJRQWKHW\SHRIJDV\RXXVH :LWK/3JDVVRPH\HOORZWLSSLQJRQRXWHUFRQHV LVQRUPDO ,QVWDOODWLRQ,QVWUXFWLRQV $'-867%52,/$1'29(1%851(5 $'-867%52,/$1'29(1%851(5 $,5$'-8670(176+877(5 ,)1(&(66$5< $,5$'-8670(176+877(5,) 1(&(66$5<&217 $LUDGMXVWPHQWVKXWWHUVIRUWKHWRSDQGERWWRPEXUQHUV UHJXODWHWKHIORZRIDLUWRWKHIODPHV $LU DGMXVWPHQWVKXWWHU 2YHQERWWRP /RRVHQ 7RUHPRYHWKHRYHQERWWRP $5HPRYHWKHVFUHZVKROGLQJGRZQUHDURIWKHRYHQ ERWWRP 7KHDLUDGMXVWPHQWVKXWWHUIRUWKHWRSEURLOEXUQHULVLQ WKHFHQWHURIWKHUHDUZDOORIWKHRYHQ %*UDVSWKHRYHQERWWRPDWILQJHUVORWVRQHDFKVLGH &/LIWWKHUHDURIWKHRYHQERWWRPHQRXJKWRFOHDUWKH OLSRIWKHUDQJHIUDPHSXVKLWEDFNDQGWKHQSXOOLWXS DQGRXW /RRVHQ $LUDGMXVWPHQW VKXWWHU /(9(/,1*7+(5$1*( $,QVWDOOWKHRYHQVKHOYHVLQWKHRYHQDQGSRVLWLRQWKH UDQJHZKHUHLWZLOOEHLQVWDOOHGZLWKIURQWDFFHVVWR IURQWOHYHOLQJOHJVDQGUHDUDFFHVVWRUHDUOHYHOLQJOHJV $OOOHJVPXVWEHOHYHOHG%()25(WKHSURGXFWLVLQVWDOOHG 7KHVKXWWHUIRUWKHERWWRPRYHQEXUQHULVQHDUWKHEDFN ZDOOEHKLQGWKHZDUPLQJGUDZHU5HPRYHWKHGUDZHU6HH WKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQ /RZHU UDQJH 7RDGMXVWWKHIORZRIDLUWRHLWKHUEXUQHUORRVHQWKH 3KLOOLSVKHDGVFUHZDQGURWDWHWKHVKXWWHUWRZDUGRSHQ RUFORVHGSRVLWLRQDVQHHGHG 5DLVH UDQJH /RZHU UDQJH /HJ OHYHOHU 5DLVH UDQJH RQVRPHPRGHOV RQVRPHPRGHOV %&KHFNIRUOHYHOQHVVE\SODFLQJDVSLULWOHYHORUDFXS SDUWLDOO\ILOOHGZLWKZDWHURQRQHRIWKHRYHQVKHOYHV ,IXVLQJDVSLULWOHYHOWDNHWZRUHDGLQJV³ZLWKWKHOHYHO SODFHGGLDJRQDOO\ILUVWLQRQHGLUHFWLRQDQGWKHQWKHRWKHU &5HPRYHWKHGUDZHURQVRPHPRGHOV6HHWKH&DUHDQG FOHDQLQJRIWKHUDQJHVHFWLRQ7KHIURQWOHYHOLQJOHJVFDQ EHDGMXVWHGIURPWKHERWWRPDQGWKHUHDUOHJVFDQEH DGMXVWHGIURPWKHWRSRQVRPHPRGHOVRUWKHERWWRP '8VHDQRSHQHQGRUDGMXVWDEOHZUHQFKWRDGMXVWWKH OHYHOLQJOHJVXQWLOWKHUDQJHLVOHYHO 7KHIODPHVIRUWKHWRSEURLOEXUQHUVKRXOGEHVWHDG\ZLWK DSSUR[LPDWHO\´EOXHFRQHVDQGVKRXOGQRWH[WHQGRXW RYHUWKHHGJHVRIWKHEXUQHUEDIIOH :$51,1* 1HYHUFRPSOHWHO\UHPRYH WKHOHYHOLQJOHJDVWKHUDQJHZLOOQRWEHVHFXUHGWRWKH DQWLWLSGHYLFHSURSHUO\ ($IWHUOHYHOLQJWKHXQLWVOLGHLWLQWRILQDOSRVLWLRQDQG YHULI\OHYHOQHVV )$IWHUWKHUDQJHLVOHYHOVOLGHWKHUDQJHDZD\IURPWKH ZDOOVRWKDWWKH$QWL7LSGHYLFHFDQEHLQVWDOOHG 7RGHWHUPLQHLIWKHERWWRPEXUQHUIODPHVDUHEXUQLQJ SURSHUO\UHPRYHWKHRYHQERWWRP)ODPHVVKRXOGKDYH DSSUR[LPDWHO\´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«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³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³'RLW\RXUVHOIVHFWLRQ 2YHQOLJKWGRHVQRWZRUN /LJKWEXOELVORRVHRUGHIHFWLYH 7LJKWHQRUUHSODFHWKHEXOE 3OXJRQUDQJHLVQRWFRPSOHWHO\ LQVHUWHGLQWKHHOHFWULFDORXWOHW 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\ JURXQGHGRXWOHW 2YHQQRWKHDWLQJXS 3LORWLVQRWOLWRQVWDQGLQJ SLORWPRGHOV 6HHWKH/LJKWWKH2YHQ3LORWVHFWLRQLQWKH,QVWDOODWLRQ ,QVWUXFWLRQV %HIRUH\RXFDOOIRUVHUYLFH« 7URXEOHVKRRWLQJ7LSV 3UREOHP 3RVVLEOH&DXVHV :KDW7R'R ´&UDFNOLQJµRU ´SRSSLQJµ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lease place in envelope and mail to: Veuillez mettre dans une enveloppe et envoyez à : OWNERSHIP REGISTRATION P.O. BOX 1780 MISSISSAUGA, ONTARIO L4Y 4G1 (FOR CANADIAN CONSUMERS ONLY) $FFHVVRULHV /RRNLQJ)RU6RPHWKLQJ0RUH" <RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRPRUFDOO GXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHOQXPEHUUHDG\ 'ULS3DQV *UDWHV 6XUIDFH%XUQHUV&DSV 2YHQ5DFNV %URLOHU3DQ &OHDQHU /LJKW%XOEV .QREV 7LUHGRIGLVFRORUHGUDFNV":LVKLQJ\RXKDGH[WUDKHDY\GXW\RYHQUDFNV" 12:$9$,/$%/(IRU\RXUUDQJH *(·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■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKH SURGXFW ■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU DFWVRI*RG ■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH ■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH GHIHFWVZLWKWKLVDSSOLDQFH ■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG SXUSRVHRUXVHGFRPPHUFLDOO\ ■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV ■'DPDJHFDXVHGDIWHUGHOLYHU\ ■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH (;&/86,212),03/,(':$55$17,(6³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·V$WWRUQH\*HQHUDO :DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.< *(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD $OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWUHV RUDQDXWKRUL]HG&XVWRPHU&DUHWHFKQLFLDQ7RVFKHGXOHVHUYLFH YLVLWXVRQOLQHDWZZZJHDSSOLDQFHVFDRUFDOO 3OHDVHKDYHVHULDOQXPEHUDQGPRGHOQXPEHUDYDLODEOHZKHQ FDOOLQJIRUVHUYLFH 6WDSOH\RXUUHFHLSWKHUH 3URRIRIWKHRULJLQDOSXUFKDVH GDWHLVQHHGHGWRREWDLQVHUYLFH XQGHUWKHZDUUDQW\ )RU7KH3HULRG2I 0DEH:LOO5HSODFH 2QH<HDU )URPWKHGDWHRIWKH RULJLQDOSXUFKDVH $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV OLPLWHGRQH\HDUZDUUDQW\0DEHZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGUHODWHGVHUYLFH WRUHSODFHWKHGHIHFWLYHSDUW :KDW0DEH:LOO1RW&RYHU ■6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVHWKH SURGXFW ■,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH ■3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG SXUSRVHRUXVHGFRPPHUFLDOO\ ■5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV ■'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGVRU DFWVRI*RG ■,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH GHIHFWVZLWKWKLVDSSOLDQFH ■'DPDJHFDXVHGDIWHUGHOLYHU\ ■3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH (;&/86,212),03/,(':$55$17,(6³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·V0DQXDOVRUGHUSDUWVRUHYHQ VFKHGXOHVHUYLFHRQOLQH,Q&DQDGDZZZ*($SSOLDQFHVFD 6FKHGXOH6HUYLFH ,QWKH86*($SSOLDQFHVFRP ([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW\RXU FRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV ,Q&DQDGDFDOO 5HDO/LIH'HVLJQ6WXGLR ,QWKH86*($SSOLDQFHVFRP *(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\SHRSOHRI DOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQGPHQWDODELOLWLHV DQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQLGHDVIRUSHRSOHZLWK GLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''*($& ,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF 6XLWH)DFWRU\/DQH 0RQFWRQ1%(&0 ([WHQGHG:DUUDQWLHV ,QWKH86*($SSOLDQFHVFRP 3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\LVVWLOO LQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV*(&RQVXPHU+RPH 6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV,Q&DQDGDFDOO 3DUWVDQG$FFHVVRULHV ,QWKH86*($SSOLDQFHVFRP ,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV 9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW GXULQJQRUPDOEXVLQHVVKRXUV ,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\VKRXOGEH UHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\FDXVHXQVDIHRSHUDWLRQ &XVWRPHUVLQ&DQDGDVKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO &RQWDFW8V ,QWKH86*($SSOLDQFHVFRP ,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOVLQFOXGLQJ \RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV *($SSOLDQFHV$SSOLDQFH3DUN /RXLVYLOOH.< ,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR 'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF 6XLWH)DFWRU\/DQH 0RQFWRQ1%(&0 5HJLVWHU<RXU$SSOLDQFH ,QWKH86*($SSOLDQFHVFRP 5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO ,Q&DQDGDZZZ*($SSOLDQFHVFD 3ULQWHGLQ0H[LFR 7KLVERRNLVSULQWHGRQUHF\FOHGSDSHU
Similar documents
Journey DL - Winnebago
&RQJUDWXODWLRQV:HZHOFRPH\RXWRWKHH[FLWLQJZRUOGRIPRWRUKRPHWUDYHODQGFDPSLQJ