)DUPDQLPDOZHOIDUHOHJLVODWLRQLQ6ORYHQLD
,âWXKHF1
6LDUG0
'REHLF
8QLYHUVLW\RI/MXEOMDQD%LRWHFKQLFDO)DFXOW\=RRWHFKQLFDO'HSDUWPHQW'RPåDOH6,*UREOMH6ORYHQLD
)HGHUDWLRQRI6ORYHQLDQ6RFLHWLHV$JDLQVW&UXHOW\WR$QLPDOVâNRILMH6,6SâNRILMHD6ORYHQLD
8QLYHUVLW\RI/MXEOMDQD9HWHULQDU\)DFXOW\,QVWLWXWHRI(QYLURQPHQWDODQG$QLPDO+\JLHQHZLWK$QLPDO%HKDYLRXU /MXEOMDQD6,*HUELþHYD6ORYHQLD
$%675$&7
6ORYHQLD LV RQH RI WKH FDQGLGDWH FRXQWULHV IRU WKH (8 DFFHVVLRQ &RQVHTXHQWO\ WKH OHJLVODWLRQPXVWEHUHJXODWHGLQDFFRUGDQFHZLWKWKH(8GLUHFWLYHV7KHLPSRUWDQWUROH LQ SUHSDUDWLRQ RI 6ORYHQLDQ IDUP DQLPDO ZHOIDUH OHJLVODWLRQ KDV WKH $QLPDO :HOIDUH
&RXQFLO$:&HVWDEOLVKHGLQ
.H\ZRUGVDQLPDOZHOIDUHDQLPDOSURWHFWLRQOHJLVODWLRQ6ORYHQLD ,1752'8&7,21
6ORYHQLDLVD\RXQJFRXQWU\$QLPDO3URWHFWLRQ$FWZDVDGRSWHGDIWHUHLJKW\HDUVRILWV LQGHSHQGHQFHLQ'HFHPEHU$FFRUGLQJWRWKHDUWLFOHLQWKHPHQWLRQHGDFWWKH PLQLVWHU LQ FRPSHWHQFH RI DQLPDO KXVEDQGU\ PXVW HVWDEOLVK $QLPDO :HOIDUH &RXQFLO
$:&DQGQDPHLWVPHPEHUV7KHPHQWLRQHGDUWLFOHDOVRGHILQHVWKHWHUPVRIUHIHUHQFH RI$:&
PRQLWRULQJDQLPDOZHOIDUHFRQGLWLRQVDQGVXJJHVWLQJPHDVXUHV VXJJHVWLQJFULWHULDIRUDSSURYDORIH[SHULPHQWVRQDQLPDOV
JLYLQJRSLQLRQVDQGVXJJHVWLRQVRQDQLPDOZHOIDUHOHJLVODWLRQLQSUHSDUDWLRQDQGRQ RWKHUDQLPDOZHOIDUHLVVXHV
JLYLQJ RSLQLRQV DQG VXJJHVWLRQV RQ RWKHU LVVXHV RQ UHTXHVW IURP JRYHUQPHQW RIILFLDOV
,QOLQHZLWKWKHVL[WKSDUDJUDSKRIDUWLFOHRI$QLPDO3URWHFWLRQ$FW0LQLVWHU RIDJULFXOWXUHIRUHVWU\DQGIRRGDGRSWHGWKH$QLPDO:HOIDUH&RXQFLO5XOH7KH UXOHOD\VGRZQWKHVWUXFWXUHWDVNVFRPSHWHQFHDQGZRUNSURFHGXUHRI$:&$:&ZDV HVWDEOLVKHGLQ0D\,WKDVQLQHPHPEHUVILYHXQLYHUVLW\WHDFKHUVDQGUHVHDUFKHUV IURPWKHILHOGVRIYHWHULQDU\PHGLFLQHPHGLFLQHSKDUPDF\ELRORJ\DQLPDOVFLHQFHRQH UHSUHVHQWDWLYH IURP PHDW SURFHVVLQJ LQGXVWU\ RQH IURP IDUPHUV DVVRFLDWLRQ DQG WZR UHSUHVHQWDWLYHVIURPDQLPDOZHOIDUHRUJDQLVDWLRQV
$1,0$/:(/)$5(/(*,6/$7,21$'237('%()25(7+(
(67$%/,6+0(172)$:&
3ULRUWRWKHHVWDEOLVKPHQWRI$:&VRPHDQLPDOZHOIDUHOHJLVODWLRQZDVDGRSWHGPRVW LPSRUWDQWO\$QLPDO3URWHFWLRQ$FW7KHIROORZLQJUXOHVDQGRQHGHFUHHZHUHDOVR DGRSWHG$QLPDO6KHOWHUV5XOH5XOHRQ(WKLFDO&RPPLVVLRQIRU$QLPDOVLQWKH ([SHULPHQWV 7UDQVSRUW RI $QLPDOV 5XOH DQG 'HFUHH RQ 5HDULQJ )UHHOLYLQJ$QLPDOVLQ&DSWLYLW\
8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU
$QLPDO3URWHFWLRQ$FWFRQVLVWVRIWKHIROORZLQJWHQSDUWV
, *HQHUDO SURYLVLRQV ,, 3URWHFWLRQ RI DQLPDOV UHDULQJ RI DQLPDOV WUDQVSRUW LOO DQG LQMXUHGDQLPDOVSURFHGXUHVRQDQLPDOVH[SHULPHQWVRQDQLPDOVVODXJKWHUDQGNLOOLQJ ,,, &DUH RI DEDQGRQHG DQLPDOV ,9 $QLPDO SURWHFWLRQ RUJDQLVDWLRQV RSHUDWLQJ LQ WKH SXEOLF LQWHUHVW 9 $ZDUGV DQG DFNQRZOHGJHPHQWV 9, $QLPDO ZHOIDUH FRXQFLO 9,,
&RPSHWHQFHRIRIILFLDODXWKRULWLHV9,,,&RQWURO,;3HQDOWLHV;7UDQVLWLRQDODQGILQDO SURYLVLRQV
7KHRSLQLRQRI$:&LVWKDWWKHDFWLVQRWZHOOSUHSDUHG$WPDQ\SRLQWVLWLVWRR GHWDLOHGLWLQFOXGHVWKHSURYLVLRQVWKDWVKRXOGKDYHEHHQLQFOXGHGLQWKHUXOHV7KHDFW VKRXOGEHJHQHUDOQRWLQFOXGLQJWKHSURYLVLRQVWKDWPLJKWFKDQJHVKRUWO\EHFDXVHRIWKH QHZVFLHQWLILFHYLGHQFH7KHUHIRUHRQHRIWKHLPSRUWDQWWDVNVRI$:&LQWKHQHDUIXWXUH ZLOOEHWKHDPHQGPHQWRIWKH$QLPDO3URWHFWLRQ$FW3UREDEO\WKHDFWZRXOGEHEHWWHULI LWZHUHUHYLHZHGE\$:&EHIRUHWKHDGRSWLRQ+RZHYHU$:&ZDVQRWHVWDEOLVKHGDW WKDWWLPH
7+(:25.2)$:&21+$5021,6$7,212)6/29(1,$1$1,0$/
:(/)$5(/(*,6/$7,21:,7+7+((8/(*,6/$7,21
7KHILUVWLPSRUWDQWWDVNRI$:&DIWHULWVHVWDEOLVKPHQWZDVWKHUHYLVLRQRIWKHIROORZLQJGUDIWV 3URWHFWLRQRI5HDULQJ$QLPDOV5XOH
3URWHFWLRQRI$QLPDOVLQ([SHULPHQWV5XOH
%RWKGUDIWVZHUHSUHSDUHGE\9HWHULQDU\DGPLQLVWUDWLRQRI6ORYHQLDLQDFFRUGDQFHZLWK WKH (8 GLUHFWLYHV 'XULQJ WKH SDVW ILYH PRQWKV $:& KDV WKRURXJKO\ UHYLVLRQHG WKH 3URWHFWLRQ RI 5HDULQJ $QLPDOV 5XOH 7KH SURYLVLRQV ZHUH FKHFNHG IRU WKH DFFRUGDQFH ZLWK(8GLUHFWLYHV7KHUXOHLVSUHSDUHGLQDFFRUGDQFHZLWKWKHIROORZLQJ(8GLUHFWLYHV &RXQFLO'LUHFWLYH((&OD\LQJGRZQPLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRI
FDOYHV
&RXQFLO'LUHFWLYH((&OD\LQJGRZQPLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRI SLJV&RXQFLO 'LUHFWLYH (& DPHQGLQJ 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXP
VWDQGDUGVIRUWKHSURWHFWLRQRIFDOYHV
&RPPLVVLRQ GHFLVLRQ (& DPHQGLQJ WKH $QQH[ WR 'LUHFWLYH ((&
OD\LQJGRZQPLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRIFDOYHV
&RXQFLO'LUHFWLYH(& FRQFHUQLQJ WKH SURWHFWLRQRI DQLPDOV NHSW IRU IDUPLQJ SXUSRVHV
&RXQFLO'LUHFWLYH(&OD\LQJGRZQPLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRI OD\LQJKHQV
&RPPLVVLRQ GHFLVLRQ (& FRQFHUQLQJ PLQLPXP UHTXLUHPHQWV IRU WKH LQVSHFWLRQRIKROGLQJVRQZKLFKDQLPDOVDUHNHSWIRUIDUPLQJSXUSRVHV
&RXQFLO 'LUHFWLYH (& DPHQGLQJ 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRISLJV
&RPPLVVLRQ 'LUHFWLYH (& DPHQGLQJ 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRISLJV
&RPPLVVLRQ 'LUHFWLYH (& RQ WKH UHJLVWUDWLRQ RI HVWDEOLVKPHQWV NHHSLQJ OD\LQJKHQVFRYHUHGE\&RXQFLO'LUHFWLYH(&
7KH3URWHFWLRQRI5HDULQJ$QLPDOV5XOHKDVDVKRUWJHQHUDOSDUWOD\LQJGRZQPLQLPXP VWDQGDUGV IRU DOO UHDULQJ DQLPDOV ,W LQFOXGHV , *HQHUDO SURYLVLRQV ,, 3URWHFWLRQ RI UHDULQJDQLPDOV,,,7UDQVLWLRQDODQGILQDOSURYLVLRQV
7KHJHQHUDOSDUWLVIROORZHGE\DSSHQGLFHV7KHILUVWWKUHHDUHOD\LQJGRZQ PLQLPXP VWDQGDUGV IRU WKH SURWHFWLRQ RI FDOYHV SLJV DQG OD\LQJ KHQV 7KH IRXUWK DSSHQGL[ LV D IRUPIRUDQQXDOUHSRUWSUHSDUHGE\LQVSHFWRUV7KHPDLQVWDQGDUGVIURPWKHILUVWWKUHH DSSHQGLFHVDUHSUHVHQWHGKHUH
$SSHQGL[3URWHFWLRQRIFDOYHV
&DOYHVROGHUWKDQZHHNVPXVWEHKRXVHGLQJURXSV7KHPLQLPDOVSDFHDOORZDQFHLV SUHVHQWHGLQ7DEOH
7DEOH
0LQLPDOVSDFHDOORZDQFHSHUJURXSKRXVHGFDOI
/LYHZHLJKW 0LQLPDOVSDFHDOORZDQFHSHUDQLPDOP
OHVVWKDQNJ
±NJ
NJDQGPRUH
&DOYHVPXVWQRWEHNHSWSHUPDQHQWO\LQGDUNQHVV1DWXUDORUDUWLILFLDOOLJKWLQJPXVWEH SURYLGHGEHWZHHQDPDQGSPZLWKWKHLQWHQVLW\RIDWOHDVWOX[$OOFDOYHVPXVW EHLQVSHFWHGE\WKHSHUVRQUHVSRQVLEOHIRUWKHDQLPDOV±WKHFDOYHVNHSWLQVLGHDWOHDVW WZLFH D GD\ DQG WKH FDOYHV NHSW RXWVLGH DW OHDVW RQFH D GD\ 3HUPDQHQW WHWKHU LV SURKLELWHG7KHO\LQJDUHDPXVWEHFRPIRUWDEOHFOHDQDGHTXDWHO\GUDLQHGDQGPXVWQRW DGYHUVHO\DIIHFWWKHFDOYHV$SSURSULDWHEHGGLQJPXVWEHSURYLGHGIRUFDOYHVOHVVWKDQ WZR ZHHNV ROG 7KH GLHW PXVW EH DGDSWHG WR WKH DJH ZHLJKW EHKDYLRXUDO DQG SK\VLRORJLFDOQHHGVRIWKHFDOYHV
$SSHQGL[3URWHFWLRQRISLJV
7KHPLQLPDOXQREVWUXFWHGIORRUDUHDDYDLODEOHWRHDFKZHDQHURUUHDULQJSLJUHDUHGLQD JURXSLVSUHVHQWHGLQ7DEOH
7DEOH
0LQLPDOIORRUDUHDSHUSLJLQDJURXS
$YHUDJHOLYHZHLJKWRUFDWHJRU\ 0LQLPDOIORRUDUHDP
NJRUOHVV
NJ
NJ
NJ
NJ
NJ
PRUHWKDQNJ
*LOWVDIWHUVHUYLFH
6RZV
%RDUVLQSHQVQRWXVHGIRUQDWXUDOVHUYLFH
%RDUVLQSHQVXVHGDOVRIRUQDWXUDOVHUYLFH
:KHQVRZVRUJLOWVDUHNHSWLQJURXSVRIRUOHVVWKDQDQLPDOVWKHXQREVWUXFWHGIORRU DUHD PXVW EH LQFUHDVHG E\ ZKLOH LQ WKH JURXSV RI RU PRUH DQLPDOV WKH XQREVWUXFWHGIORRUDUHDPD\EHGHFUHDVHGE\)RUSUHJQDQWDQLPDOVSDUWRIWKHDUHD UHTXLUHGPXVWEHRIFRQWLQXRXVVROLGIORRUDWOHDVWPSHUJLOWDQGPSHUVRZ
$PD[LPXPRILVUHVHUYHGIRUGUDLQDJHRSHQLQJV:KHQFRQFUHWHVODWWHGIORRUVDUH XVHG WKH PD[LPXP ZLGWK RI WKH RSHQLQJV DQG WKH PLQLPXP VODW ZLGWK PXVW EH DV SUHVHQWHGLQ7DEOH
7DEOH
7KHUHTXLUHPHQWVIRUFRQFUHWHVODWWHGIORRUV
&DWHJRULHVRISLJV 0D[LPXPZLGWKRIWKH
RSHQLQJVPP 0LQLPXPVODWZLGWK
3LJOHWV PP
:HDQHUV
5HDULQJSLJV
*LOWVDIWHUVHUYLFHDQGVRZV
3LJVPXVWEHNHSWLQOLJKWZLWKDQLQWHQVLW\RIDWOHDVWOX[IRUDSHULRGRIDWOHDVW KRXUVSHUGD\7KHOHYHORIQRLVHVKRXOGQRWH[FHHGG%$&RQVWDQWRUVXGGHQQRLVH VKRXOG EH DYRLGHG $QLPDOV PXVW EH LQVSHFWHG DW OHDVW RQFH D GD\ E\ WKH SHUVRQ LQ FKDUJH 7KH O\LQJ DUHD PXVW EH FOHDQ GU\ DQG PXVW QRW KDYH DQ\ KDUPIXO HIIHFWV RQ DQLPDOV 7KH GLHW PXVW EH DGDSWHG WR WKH DJH ZHLJKW EHKDYLRXUDO DQG SK\VLRORJLFDO QHHGVRIWKHSLJV3LJVPXVWEHIHGDWOHDVWRQFHDGD\WKHDFFHVVWRIUHVKZDWHUPXVWEH SHUPDQHQW
%RDUSHQVPXVWDOORZWKHERDUWRWXUQDURXQGKHDUVPHOODQGVHHRWKHUSLJV6RZV DQGJLOWV PXVW EH NHSW LQ JURXSV IURP ZHHNV DIWHU WKH VHUYLFH WR ZHHN EHIRUH WKH H[SHFWHGWLPHRIIDUURZLQJ7KHVLGHZDOOVLQWKHSHQZKHUHWKHJURXSLVNHSWPXVWEH ORQJHUWKDQPLQFDVHRIOHVVWKDQDQLPDOVLQDJURXSWKHVLGHZDOOVPXVWEHORQJHU WKDQP
,QWKHIDUURZLQJFUDWHWKHO\LQJDUHDPXVWEHFOHDQGU\DQGFRPIRUWDEOH6XLWDEOH QHVWLQJ PDWHULDO PXVW EH JLYHQ WR WKH DQLPDOV XQOHVV LW LV QRW WHFKQLFDOO\ IHDVLEOH EHFDXVHRIWKHVOXUU\V\VWHP7RVDWLVI\WKHLUKXQJHUDQGWKHQHHGWRFKHZDOOSUHJQDQW VRZVDQGJLOWVPXVWEHJLYHQDVXIILFLHQWTXDQWLW\RIEXON\RUKLJKILEUHIRRGDVZHOODV KLJK HQHUJ\ IRRG 7KH XVH RI WHWKHUV IRU VRZV DQG JLOWV LV SURKLELWHG ,Q WKH QHVWV IRU SLJOHWVWKHIORRUPXVWEHVROLGRUFRYHUHGZLWKPDWRUOLWWHUHGZLWKVWUDZRUDQ\RWKHU VXLWDEOHPDWHULDO,IFDVWUDWLRQRUWDLOGRFNLQJLVSUDFWLVHGDIWHUWKHVHYHQWKGD\RIOLIHLW FDQ EH SHUIRUPHG RQO\ XQGHU DQDHVWKHWLF 5HGXFWLRQ RI FRUQHU WHHWK E\ JULQGLQJ RU FOLSSLQJPXVWEHGRQHQRWODWHUWKDQWKHVHYHQWKGD\RIOLIH3LJOHWVVKRXOGQRWEHZHDQHG DWOHVVWKDQGD\VRIDJH7KHSLJOHWVPD\EHZHDQHGXSWRVHYHQGD\VHDUOLHULIWKH\
DUH PRYHG LQWR VSHFLDOLVHG KRXVLQJV ZKLFK DUH HPSWLHG DQG WKRURXJKO\ FOHDQHG DQG GLVLQIHFWHG EHIRUH WKH LQWURGXFWLRQ RI WKH QHZ JURXS DQG ZKLFK DUH VHSDUDWHG IURP KRXVLQJVZKHUHVRZVDUHNHSW:HDQHUVDQGUHDULQJSLJVVKRXOGEHNHSWLQVWDEOHJURXSV ZLWKDVOLWWOHPL[LQJDVSRVVLEOH
$SSHQGL[3URWHFWLRQRIOD\LQJKHQV
7KHDQLPDOVPXVWEHLQVSHFWHGE\WKHSHUVRQLQFKDUJHDWOHDVWRQFHDGD\7KHOLJKWLQJ UHJLPH PXVW IROORZ WKH GDLO\ UK\WKP RI WKH DQLPDOV ± WKHUH PXVW EH KRXUV RI
XQLQWHUUXSWHG GDUNQHVV DOORZLQJ WKH KHQV WR UHVW %HVLGH WKH JHQHUDO SURYLVLRQV DSSOLFDEOH WR DOO UHDULQJ V\VWHPV WKH SURYLVLRQV VSHFLILF IRU WKH GLIIHUHQW V\VWHPV DUH VWDWHG7KHVHV\VWHPVDUHDOWHUQDWLYHV\VWHPVXQHQULFKHGFDJHVDQGHQULFKHGFDJHV )RUWKHDOWHUQDWLYHV\VWHPVWKHSURYLVLRQVDUHDVIROORZV
HLWKHUOLQHDUIHHGHUVSURYLGLQJDWOHDVWFPSHUELUGRUFLUFXODUIHHGHUVSURYLGLQJDW OHDVWFPSHUELUG
HLWKHU FRQWLQXRXV GULQNLQJ WURXJKV SURYLGLQJ DW OHDVW FP SHU KHQ RU FLUFXODU GULQNLQJWURXJKVSURYLGLQJDWOHDVWFPSHUKHQ
DWOHDVWRQHQHVWIRUHYHU\VHYHQKHQVLQFDVHRIJURXSQHVWVDWOHDVWPQHVWVSDFH IRUKHQV
DGHTXDWHSHUFKHVDWOHDVWFPSHUKHQQRWSODFHGDERYHWKHOLWWHU
DWOHDVWPRIOLWWHUHGDUHDSHUKHQWKHOLWWHURFFXS\LQJDWOHDVWRQHWKLUGRIWKH JURXQGVXUIDFH
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
)RUWKHXQHQULFKHGFDJHVWKHSURYLVLRQVDUHDVIROORZV
DWOHDVWFPRIFDJHDUHDSHUKHQPHDVXUHGLQDKRUL]RQWDOSODQH DWOHDVWFPRIOHQJWKRIIHHGWURXJKSHUKHQ
DWOHDVWFPRIOHQJWKRIFRQWLQXRXVGULQNLQJFKDQQHOSHUKHQRUDWOHDVWWZRQLSSOH GULQNHUVRUWZRFXSVLQDFDJH
FDJHVPXVWEHDWOHDVWFPKLJKRYHUDWOHDVWRIWKHFDJHDUHDDQGQRWOHVVWKDQ FPDWDQ\SRLQW
IORRUVORSHPXVWQRH[FHHGRULIIORRUVKDYHRWKHUWKDQUHFWDQJXODUZLUHPHVK VWHHSHUVORSHVDUHSHUPLWWHG
FDJHVPXVWKDYHFODZVKRUWHQLQJGHYLFHV
)RUWKHHQULFKHGFDJHVWKHSURYLVLRQVDUHDVIROORZV
DWOHDVWFPRIFDJHDUHDSHUKHQFPRIZKLFKVKDOOEHXVDEOH7KHKHLJKWRI WKHFDJHPXVWEHDWOHDVWFPDWDQ\SRLQWRWKHUWKDQWKDWDERYHWKHXVHDEOHDUHD 1RFDJHVKDOOKDYHDWRWDODUHDWKDWLVOHVVWKDQFP
QHVW
OLWWHU±VXFKWKDWSHFNLQJDQGVFUDWFKLQJDUHSRVVLEOH SHUFKHVDOORZLQJFPSHUKHQ
DWOHDVWFPRIOHQJWKRIIHHGWURXJKSHUKHQ
DWOHDVWWZRQLSSOHGULQNHUVRUWZRFXSVZLWKLQWKHUHDFKRIHDFKKHQ FDJHVPXVWKDYHFODZVKRUWHQLQJGHYLFHV
,QWKLVVKRUWGHVFULSWLRQQRGDWHV ZKHQ WKH GLIIHUHQW UHTXLUHPHQWV FRPH LQWR IRUFH DUH PHQWLRQHG EHFDXVH VRPH RI WKHP PLJKW VWLOO EH RSHQ IRU QHJRWLDWLRQV ZLWK (8 7KH 3URWHFWLRQRI5HDULQJ$QLPDOV5XOHZDVWKHILUVWRQHWKRURXJKO\GLVFXVVHGDQGUHYLVHG E\$:&7KHQH[WLQOLQHLVWKH3URWHFWLRQRI$QLPDOVLQWKH([SHULPHQWV5XOHZKLFK ZLOOEHSUHVHQWHGDWDQRWKHURFFDVLRQ
5()(5(1&(6
&RXQFLO 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXP VWDQGDUGV IRU WKH SURWHFWLRQ RI FDOYHV2IILFLDO-RXUQDORIWKH(XURSHDQ&RPPXQLWLHV1R/
&RXQFLO 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXP VWDQGDUGV IRU WKH SURWHFWLRQ RI SLJV2IILFLDO-RXUQDORIWKH(XURSHDQ&RPPXQLWLHV1R/
&RXQFLO 'LUHFWLYH (& DPHQGLQJ 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXP VWDQGDUGV IRU WKH SURWHFWLRQ RI FDOYHV 2IILFLDO -RXUQDO RI WKH (XURSHDQ
&RPPXQLWLHV1R/
&RPPLVVLRQGHFLVLRQ(&DPHQGLQJWKH$QQH[WR'LUHFWLYH((&OD\LQJ GRZQ PLQLPXP VWDQGDUGV IRU WKH SURWHFWLRQ RI FDOYHV 2IILFLDO -RXUQDO RI WKH (XURSHDQ&RPPXQLWLHV/
&RXQFLO GLUHFWLYH (& FRQFHUQLQJ WKH SURWHFWLRQ RI DQLPDOV NHSW IRU IDUPLQJ SXUSRVHV2IILFLDO-RXUQDORIWKH(XURSHDQ&RPPXQLWLHV/
&RXQFLOGLUHFWLYH(&OD\LQJGRZQPLQLPXPVWDQGDUGVIRUWKHSURWHFWLRQRIOD\LQJ KHQV2IILFLDO-RXUQDORIWKH(XURSHDQ&RPPXQLWLHV/
&RPPLVVLRQGHFLVLRQ(&FRQFHUQLQJPLQLPXPUHTXLUHPHQWVIRUWKHLQVSHFWLRQ RIKROGLQJVRQZKLFKDQLPDOVDUHNHSWIRUIDUPLQJSXUSRVHV2IILFLDO-RXUQDORIWKH (XURSHDQ&RPPXQLWLHV/
&RXQFLOGLUHFWLYH(&DPHQGLQJ 'LUHFWLYH ((& OD\LQJ GRZQ PLQLPXP VWDQGDUGVIRUWKHSURWHFWLRQRISLJV2IILFLDO-RXUQDORIWKH(XURSHDQ&RPPXQLWLHV
&RPPLVVLRQ GLUHFWLYH (& DPHQGLQJ 'LUHFWLYH ((& OD\LQJ GRZQ/ PLQLPXP VWDQGDUGV IRU WKH SURWHFWLRQ RI SLJV 2IILFLDO -RXUQDO RI WKH (XURSHDQ
&RPPXQLWLHV/
&RPPLVVLRQ 'LUHFWLYH (& RQ WKH UHJLVWUDWLRQ RI HVWDEOLVKPHQWV NHHSLQJ OD\LQJ KHQVFRYHUHGE\&RXQFLO'LUHFWLYH(&2IILFLDO-RXUQDORIWKH(XURSHDQ
&RPPXQLWLHV/
2GUHGEDRELYDOQLKUD]PHUDKLQRVNUELåLYDOLSURVWRåLYHþLKYUVWYXMHWQLãWYX'HFUHHRQ 5HDULQJ )UHHOLYLQJ $QLPDOV LQ &DSWLYLW\ 8UDGQL OLVW 5HSXEOLNH 6ORYHQLMH 3UDYLOQLN R HWLþQL NRPLVLML ]D SRVNXVH QD åLYDOLK 5XOH RQ (WKLFDO &RPPLVVLRQ IRU1R
$QLPDOVLQ([SHULPHQWV8UDGQLOLVW5HSXEOLNH6ORYHQLMH1R 3UDYLOQLNRVWURNRYQHPVYHWX]D]DãþLWRåLYDOL$QLPDO:HOIDUH&RXQFLO5XOH8UDGQL
OLVW5HSXEOLNH6ORYHQLMH1R
3UDYLOQLNRSRJRMLKLQQDþLQXSUHYR]D åLYDOL 7UDQVSRUW RI $QLPDOV 5XOH 8UDGQL OLVW 5HSXEOLNH6ORYHQLMH1R
3UDYLOQLNRSRJRMLK]D]DYHWLãþD]D]DSXãþHQHåLYDOL$QLPDO6KHOWHUV5XOH8UDGQLOLVW 5HSXEOLNH6ORYHQLMH1R
=DNRQ R ]DãþLWL åLYDOL $QLPDO 3URWHFWLRQ $FW 8UDGQL OLVW 5HSXEOLNH 6ORYHQLMH 1R
&RUUHVSRQGLQJDXWKRU ,YDQâWXKHF
8QLYHUVLW\RI/MXEOMDQD%LRWHFKQLFDO)DFXOW\=RRWHFKQLFDO'HSDUWPHQW 6,'RPåDOH*UREOMH6ORYHQLD
7HO)D[
HPDLO,YDQ6WXKHF#EIURXQLOMVL