Page 1

'RFXPHQW2ZQHU.DUD-RKQVRQ 'LUHFWRU 

'DWH&UHDWHG

$SSURYHU V .DUHQ&DUUDGLQH 9LFH3UHVLGHQW 

'DWH$SSURYHG

3ULQWHGFRSLHVDUHGLVFRXUDJHG3OHDVHUHIHUWRWKHHOHFWURQLFFRS\IRUWKHODWHVWYHUVLRQ   







      


3URFHGXUH7KHSXUSRVHRIWKLVKDQGERRNLVWRSURYLGHIDPLOLHVZLWKLQIRUPDWLRQUHJDUGLQJWKHVHUYLFHV SROLFLHVSURFHGXUHVDQGUHJXODWLRQVRI+HDG6WDUWSURJUDP  3OHDVH NHHS WKLV JXLGH LQ D FRQYHQLHQW VDIH SODFH VR \RX FDQ UHIHU WR LW WKURXJKRXW WKH SURJUDP \HDU $IWHUUHYLHZLQJWKLVLQIRUPDWLRQLI \RXKDYH DQ\TXHVWLRQVRUFRQFHUQVSOHDVHVSHDNZLWK \RXUFKLOG¶V 7HDFKHU3URJUDP$VVLVWDQW&DVH0DQDJHURUWKH6LWH0DQDJHU  7KH LQIRUPDWLRQ FRQWDLQHG LQ WKLV KDQGERRN PD\ EH PRGLILHG E\ FKDQJHV LQ IHGHUDO VWDWH RU ORFDO UHJXODWLRQV7KLVERRNOHWZLOOEHDYDLODEOHRQWKHSDUHQWERDUGDW\RXUFHQWHU¶VORFDWLRQDQGRQWKH+HDG 6WDUWZHEVLWH                                        


  7$%/(2)&217(176  



:HOFRPH



3DUHQW5LJKWV5HVSRQVLELOLWLHV



*HQHUDO3URFHGXUHV



$WWHQGDQFH



,QFOXVLRQ(GXFDWLRQ



6FKRRO5HDGLQHVV =HURWR)LYH$SSURDFK 







,QIDQW3URJUDP

 

%HKDYLRU*XLGDQFH



0HQWDO+HDOWK6HUYLFHV



+HDOWK6HUYLFHV



6KRUW7HUP([FOXVLRQ3ROLF\



6DIHW\ LQFOXGHVWUDQVSRUWDWLRQ 



1XWULWLRQ6HUYLFHV



3DUHQW)DPLO\&RPPXQLW\(QJDJHPHQW



,Q.LQG



3DUHQWDQG&RPPXQLW\&RPPHQW



)UHTXHQWO\$VNHG4XHVWLRQV







 :(/&20(72*(0,186($5/<+($'67$57+($'67$57&&3 


*HPLQXV&RUSRUDWLRQ¶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



â&#x20AC;¢ +LJKO\ TXDOLILHG VWDII²D %DFKHORU¶V OHYHO /HDG 7HDFKHU $Q $VVRFLDWH 7HDFKHU DQG D SDUWWLPH &ODVVURRP$LGHLQHYHU\FODVVURRP â&#x20AC;¢ 6PDOO JURXS VL]H² LQIDQWWRGGOHUV DQG WZR \HDU ROGV LQ (+6 DQG  SUHVFKRROHUV SHU FODVV VHVVLRQ â&#x20AC;¢ ,QWHQWLRQDOLQVWUXFWLRQ²EDVHGRQEHVWSUDFWLFHVIRUWHDFKLQJDQGOHDUQLQJ â&#x20AC;¢ &RQWLQXLW\RIFDUH²FKLOGUHQVWD\ZLWKWKHVDPHWHDFKHUVDQGSHHUVIRUXSWRWKUHH \HDUVWRKHOS WKHPGHYHORSVHFXUHUHODWLRQVKLSV â&#x20AC;¢ 3DUHQW)DPLO\ DQG &RPPXQLW\ (QJDJHPHQW 6HUYLFHV²ERWK H[SHFWHG DQG VWURQJO\ VXSSRUWHG ZLWKZHOOWUDLQHGDQGH[SHULHQFHGVWDII â&#x20AC;¢ 5HIOHFWLYHVXSHUYLVLRQDQGSUDFWLFHPRGHOLVLPSOHPHQWHG â&#x20AC;¢ (PSKDVLVRQ6RFLDO(PRWLRQDOGHYHORSPHQWDQGVHOIUHJXODWLRQVNLOOV â&#x20AC;¢ (QKDQFHGIRFXVRQ/DQJXDJH/LWHUDF\DQG67(0OHDUQLQJWRSURPRWHVFKRROUHDGLQHVV â&#x20AC;¢ ,QWHUGLVFLSOLQDU\$SSURDFKIRUEHWWHURXWFRPHVIRUFKLOGUHQDQGIDPLOLHV â&#x20AC;¢ )DPLO\/LIH6NLOOVWUDLQLQJ â&#x20AC;¢ &ROOHFWGDWDRQVHUYLFHGHOLYHU\WRGULYHGHFLVLRQVIRULPSURYHGSURJUDPDQGFKLOGRXWFRPHV

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


 3$5(175,*+76$1'5(63216,%,/,7,(6  0\ULJKWVDVD+HDG6WDUW3DUHQW â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢

7RWDNHSDUWLQWKHPDMRUGHFLVLRQVDIIHFWLQJWKHSODQQLQJDQGRSHUDWLRQVRIWKHSURJUDP 7REHZHOFRPHGLQWKHFODVVURRP 7RSDUWLFLSDWHZLWKRXWIHDURIHQGDQJHULQJP\FKLOG¶VULJKWWREHLQWKHSURJUDP 7REHLQIRUPHGUHJXODUO\DERXWP\FKLOG¶VSURJUHVV 7RDOZD\VEHWUHDWHGZLWKUHVSHFWDQGGLJQLW\ 7RH[SHFWJXLGDQFHIRUP\FKLOGIURPWKH+HDG6WDUW6WDII 7R EH DEOH WR OHDUQ DERXW WKH RSHUDWLRQ RI WKH SURJUDP LQFOXGLQJ WKH EXGJHW DQG WKH OHYHO RI HGXFDWLRQDQGH[SHULHQFHVUHTXLUHGWRILOOYDULRXVVWDIISRVLWLRQV â&#x20AC;¢ 7R WDNH SDUW LQ SODQQLQJ DQG FDUU\LQJ RXW SURJUDPV GHVLJQHG WR LQFUHDVH ERWK SHUVRQDO DQG SURIHVVLRQDOVNLOOVLQDUHDVWKDWZLOOLPSURYHP\ZHOOEHLQJ â&#x20AC;¢ 7R EH LQIRUPHG DERXW DOO FRPPXQLW\ UHVRXUFHV FRQFHUQHG ZLWK KHDOWK HGXFDWLRQ DQG WKH LPSURYHPHQWRIDQ\FRQGLWLRQLQP\IDPLO\OLIH  0\UHVSRQVLELOLWLHVDVD+HDG6WDUWSDUHQW â&#x20AC;¢ 7ROHDUQDVPXFKDVSRVVLEOHDERXWWKHSURJUDPDQGWRWDNHSDUWLQPDMRUSROLF\GHFLVLRQV â&#x20AC;¢ 7RDFFHSW+HDG6WDUWDVDQRSSRUWXQLW\WKURXJKZKLFK,FDQLPSURYHP\OLIHDQGWKHOLYHVRIP\ FKLOGUHQ â&#x20AC;¢ 7REHDFWLYHLQP\FKLOG¶VFODVVURRPDVDQREVHUYHURUDYROXQWHHUDQGWRFRQWULEXWHP\VHUYLFHV LQZKDWHYHUZD\,FDQWRZDUGWKHHQULFKPHQWRIWKHSURJUDP â&#x20AC;¢ 7R SURYLGH SDUHQW OHDGHUVKLS E\ WDNLQJ SDUW LQ HOHFWLRQV WR H[SODLQ WKH SURJUDP WR RWKHU SDUHQWV DQGHQFRXUDJHWKHLUIXOOSDUWLFLSDWLRQ â&#x20AC;¢ 7RZHOFRPHWHDFKHUVDQGVWDIILQWRP\KRPHWRGLVFXVVZD\VLQZKLFKSDUHQWVFDQKHOSZLWKWKHLU FKLOG¶VGHYHORSPHQWDWKRPHLQUHODWLRQWRWKHLUVFKRROH[SHULHQFHV â&#x20AC;¢ 7RZRUNZLWKWHDFKHUVVWDIIDQGRWKHUSDUHQWVLQDFRRSHUDWLYHZD\ â&#x20AC;¢ 7RJXLGHP\FKLOGUHQZLWKILUPQHVVWKLVLVERWKORYLQJDQGSURWHFWLYH â&#x20AC;¢ 7RRIIHUFRQVWUXFWLYHFULWLFLVPRIWKHSURJUDPDQGWRGHIHQGLWDJDLQVWXQIDLUSUDFWLFHV â&#x20AC;¢ 7RWDNHDGYDQWDJHRISURJUDPVGHVLJQHGWRLQFUHDVHP\NQRZOHGJHDERXWFKLOGGHYHORSPHQWDQG P\VNLOOVLQDUHDVRISRVVLEOHHPSOR\PHQW â&#x20AC;¢ 7R EHFRPH LQYROYHG LQ FRPPXQLW\ SURJUDPV ZKLFK KHOS WR LPSURYH KHDOWK HGXFDWLRQ DQG UHFUHDWLRQIRUDOO *(1(5$/352&('85(6  (TXDO2SSRUWXQLW\3ROLF\


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¶VLPPXQL]DWLRQODZ  (DFKFKLOGDGPLWWHGLQWRWKHSURJUDPUHTXLUHVDFXUUHQW ZLWKLQWKHSDVWPRQWKV DQGFRPSUHKHQVLYH ZHOOFKLOG SK\VLFDO H[DPLQDWLRQ  7KLV H[DPLQDWLRQ PXVW EH VLJQHG DQG GDWHG E\ D 0' '2 3$ RU $5133OHDVHVHWXSDQDSSRLQWPHQWZLWK\RXUFKLOG¶VKHDOWKFDUHSURYLGHUDQGEHUHDG\WRSURYLGHWKH DSSRLQWPHQWGDWHRQWKHILUVWGD\RIFODVV7KLVZHOOFKLOGH[DPLQDWLRQPXVWEHXSGDWHGHYHU\PRQWKV 'HQWDOH[DPVZLOODOVREHUHTXLUHGDWPLQLPXPHYHU\PRQWKVIRUFKLOGUHQRYHU\HDURIDJH-XVWOLNH WKHSK\VLFDOH[DPVHWXSDGHQWDODSSRLQWPHQWIRU\RXUFKLOGLIRQHKDVQRWDOUHDG\EHHQFRPSOHWHG  2ULHQWDWLRQ 8SRQHQUROOPHQWDQGSULRUWRWKHFKLOG¶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


:HDVNWKDW\RXLPPHGLDWHO\LQIRUPLQSHUVRQWKH3URJUDP$VVLVWDQW)DPLO\$GYRFDWHRU6LWH0DQDJHU ZKHQ\RXQHHGWRPDNHDQ\FKDQJHVWRWKHOLVWRIDGXOWVDXWKRUL]HGWRSLFNXS\RXUFKLOG8QDXWKRUL]HG DGXOWV:,//127EHDOORZHGWRSLFNXSDFKLOGXQGHUDQ\FLUFXPVWDQFHV  $UULYDO7LPH &KLOGUHQ QHHG WR DUULYH RQ WLPH WR FODVV LQ RUGHU WR IXOO\ EHQHILW IURP WKH SURJUDP ZKLFK LQFOXGHV D QXWULWLRXV PHDO ± EUHDNIDVWVQDFN IRU $0 FODVVHV OXQFKVQDFN IRU 30 FODVVHV  ,I D FKLOG ZLOO EH ODWH SDUHQWVDUHUHVSRQVLEOHIRUQRWLI\LQJVLWHVWDIIDVVRRQDVSRVVLEOH,IWKHUHDUHFLUFXPVWDQFHVWKDWPDNH DUULYLQJRQWLPHGLIILFXOWSOHDVHFRQWDFW\RXUFKLOG¶V+HDG6WDUWVLWH±WRJHWKHU\RXPD\EHDEOHWRILQGD VROXWLRQ  1RWH&KLOGUHQDUHQRWDOORZHGLQFODVVURRPPRUHWKDQILYH  PLQXWHVEHIRUHFODVVVWDUWWLPH  'HSDUWXUH7LPH &KLOGUHQPXVWEHSLFNHGXSQRODWHUWKDQPLQXWHVDIWHUFODVVHQGWLPH,IDSDUHQWLVXQDEOHWRSLFNXS WKHLU FKLOG RQ WLPH LW LV WKHLU UHVSRQVLELOLW\ WR QRWLI\ VLWH VWDII LQ DGYDQFH DV ZHOO DV WR DUUDQJH IRU VRPHRQH RQ WKHFKLOG¶V ³$XWKRUL]HG3HUVRQV /LVW´WRSLFNXSWKHFKLOG  ,IWKHUH DUHFLUFXPVWDQFHV WKDW PDNHSLFNLQJXSWKHFKLOGRQWLPHGLIILFXOWSOHDVHFRQWDFW\RXUFKLOG¶V+HDG6WDUWVLWH±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


$OO IDPLO\ LQIRUPDWLRQ DQG FKLOGUHQ¶V ILOHV DUH NHSW VWULFWO\ FRQILGHQWLDO  2QO\ DXWKRUL]HG +HDG 6WDUW UHSUHVHQWDWLYHV KDYH DFFHVV WR WKHVH ILOHV  2Q RFFDVLRQ VWDWH DQG IHGHUDO OLFHQVLQJ UHSUHVHQWDWLYHV PD\ DOVRKDYHDFFHVV3DUHQWVDQGOHJDOJXDUGLDQVKDYHWKHULJKW DWDQ\WLPH WRUHYLHZDQGRUREWDLQFRSLHV RIWKHLUFKLOG¶VILOHVXSRQZULWWHQUHTXHVW  3HWV $QLPDOVZLOOEHLQFOXGHGLQWKHFODVVURRPIRUREVHUYDWLRQSXUSRVHVRQO\&KLOGUHQZLOOKDYHQRSK\VLFDO FRQWDFWZLWKWKHDQLPDOV&HUWDLQSHWVDUHDOORZHGLIWKH\DUHLQJRRGKHDOWKKDYHQRHYLGHQFHRIGLVHDVH DQG SRVW QR VDIHW\ WKUHDW WR FKLOGUHQ  1RW DOORZHG DUH  IHUUHWV UHSWLOHV WXUWOHV RU ELUGV RI WKH SDUURW IDPLO\9LVLWVE\SHWVRURWKHUDQLPDOVPXVWEHLQFOXGHGRQWKHOHVVRQSODQDQGSDUHQWVZLOOEHQRWLILHG EHIRUHWKHDQLPDO¶VYLVLW  (PSOR\PHQW2SSRUWXQLWLHV +HDG 6WDUW SDUHQWV DUH VWURQJO\ HQFRXUDJHG WR DSSO\ IRU SRVLWLRQV SRVWHG E\ *HPLQXV &RUSRUDWLRQ IRU ZKLFKWKH\DUHTXDOLILHG&KHFNWKHSDUHQWERDUGIRUFXUUHQWOLVWLQJVRUYLVLWWKHVLWHZZZJHPLQXVRUJ  $FFHVVLQJ&KLOG5HFRUGV 3DUHQWVDQGOHJDOJXDUGLDQVZKRZLVKWRUHYLHZRUREWDLQFRSLHVRIWKHLUFKLOG¶VILOHIRUDQ\UHDVRQVKRXOG FRQWDFWWKHLU3URJUDP$VVLVWDQWWRPDNHWKHUHTXHVWDQGWRFRPSOHWHQHFHVVDU\SDSHUZRUN$OOUHTXHVWVWR DFFHVVRQHRUPRUHRIWKHIROORZLQJFKLOGIROGHUV (56($(GXFDWLRQ+HDOWKDQG6RFLDO6HUYLFHV ZLOO EHSURFHVVHGZLWKLQ±EXVLQHVVGD\V GHSHQGLQJRQUHTXHVW 3OHDVHQRWH:HDGKHUHWRDOO+,33$ UHJXODWLRQVDQGQRUHFRUGVZLOOEHUHOHDVHGWRDQRXWVLGHDJHQF\ZLWKRXWWKHH[SUHVVHGZULWWHQFRQVHQWRI DFKLOG¶VSDUHQWDQGRUJXDUGLDQ  0DQGDWRU\5HSRUWHU6WDWHPHQW $OO +HDG 6WDUW VWDII DUH 0DQGDWRU\ 5HSRUWHUV DQG PXVW LPPHGLDWHO\ QRWLI\ WKH 'HSDUWPHQW RI &KLOG 3URWHFWLYH 6HUYLFHV ZLWK DQ\ FRQFHUQ RI FKLOG VH[XDO DEXVH SK\VLFDO DEXVH PHQWDO LQMXU\ FKLOG SURVWLWXWLRQGHQLDORIFULWLFDOFDUHEHVWLDOLW\LQWKHSUHVHQFHRIDFKLOGLOOHJDOGUXJLQWKHFKLOG¶VV\VWHP RUPDQXIDFWXUHRIGUXJVLQWKHFKLOG¶VSUHVHQFH :HDWKHU5HODWHG&ORVLQJ3URFHGXUHV 6LWH VWDII ZLOO FRQWDFW \RX GLUHFWO\ LI WKH SURJUDP LV JRLQJ WR EH FDQFHOOHGFORVHG GXH WR ZHDWKHU 7KH IROORZLQJUDGLRVWDWLRQVPD\DOVRFDUU\LQIRUPDWLRQDERXWVFKRROFORVLQJVLQ\RXUDUHD 

:-2%$0



:=91)0




:*1$0



,QGLDQD)0

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²LQFOXGLQJ ULQJV QHFNODFHV RU HDUULQJV²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â&#x20AC;¢ &ODVVURRPVWDIIZLOOUHVSRQGSURPSWO\ZKHQDFKLOGUHTXHVWVDVVLVWDQFHXVLQJWKHWRLOHW â&#x20AC;¢ &ODVVURRP VWDII ZLOO QRW VKRZ GLVDSSURYDO RU SXQLVK FKLOGUHQ IRU DQ\ DFFLGHQWV &KLOGUHQ ZKR KDYH WRLOHWLQJ DFFLGHQWV DUH 1(9(5 GHJUDGHG E\ KDUVK ZRUGV RU DSSHDUDQFHV RI GLVJXVW  $ FRQIHUHQFH EHWZHHQ WKH 7HDFKHU V  DQG WKH SDUHQW V  ZLOO VHUYH WR HVWDEOLVK FRPPRQ JRDOV DQG PHWKRGVIRUWRLOHWWUDLQLQJ â&#x20AC;¢ $FKLOG¶VFORWKLQJZLOOEHFKDQJHGLPPHGLDWHO\IROORZLQJDWRLOHWLQJDFFLGHQW6RLOHGFORWKLQJLV SODFHGLQDVHDOHGODEHOHGPRLVWXUHSURRIEDJDQGVHQWKRPHZLWKWKHFKLOGVRWKDWDIUHVKFKDQJH RIFORWKHVFDQEHVHQWEDFNWRWKHFHQWHU )DFXOW\PHPEHUVDUHUHTXLUHGWRZDVKWKHLUKDQGVZLWKVRDSDQGZDWHUDIWHUHDFKWRLOHWLQJDQGWRDVVLVW FKLOGUHQZLWKKDQGZDVKLQJXVLQJVRDSDQGZDWHU   7KH IROORZLQJ SURFHGXUHV DUH LPSOHPHQWHG LQ WKH FHQWHUEDVHG DQG KRPHEDVHG SURJUDP WR HQVXUH VDQLWDU\FRQGLWLRQV


 *ORYHV DUH XVHG ZKHQHYHU VWDII QHHGV WR DVVLVW FKLOGUHQ LQ WKH EDWKURRP IROORZLQJ XQLYHUVDO SUHFDXWLRQVSURFHGXUHV  )DFXOW\PHPEHUVDOZD\VUHVSHFWDFKLOG¶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¶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¶VHQUROOPHQW  ,IWKHFKLOGGRHVQRWDWWHQGRQWKHH[SHFWHGUHWXUQGDWHWKHFKLOG¶VVORWPD\EHFRPHDYDFDQF\  /DWH3LFNXS ,W LV HVVHQWLDO WKDWSDUHQWVJXDUGLDQVSLFNWKHLUFKLOGUHQXSRQWLPHIURPWKH+HDG6WDUWSURJUDP  ,I DQ HPHUJHQF\ RFFXUV SDUHQWVJXDUGLDQV VKRXOG FDOO WKH FHQWHU DQG LQIRUP WKH VWDII RI WKH HPHUJHQF\ DQG ([SLUDWLRQ'DWH 

3DJHRI




 SURYLGHDWLPHZKHQDSDUHQWJXDUGLDQRUSHUVRQIURPWKHµ$XWKRUL]HG3HUVRQV/LVW¶ZLOOEHDEOHWRSLFN XSWKHFKLOG  ,1&/86,21('8&$7,21 &KLOGUHQZLWKVSHFLDOQHHGVDUHDOZD\VZHOFRPHWRWKHSURJUDPDQGWKH+HDG6WDUW (DUO\+HDG6WDUW SURJUDPLVFRPPLWWHGWRSURYLGLQJFODVVURRPVHWWLQJVWKDWLQFOXGHDOOFKLOGUHQ$OOFKLOGUHQZKRDWWHQG WKHSURJUDPDUHWUHDWHGZLWKUHVSHFWDQGGLJQLW\UHJDUGOHVVRIGLVDELOLW\+HDG6WDUWVWULYHVWRPHHWWKH LQGLYLGXDO HGXFDWLRQ QHHGV RI HYHU\ FKLOG LQFOXGLQJ WKRVH FKLOGUHQ ZKR HQWHU +HDG 6WDUW ZLWK DQ ,QGLYLGXDO (GXFDWLRQ 3ODQ ,QGLYLGXDO )DPLO\ 6XSSRUW 3ODQ WKURXJK WKHLU VFKRRO V\VWHPV¶ 6SHFLDO (GXFDWLRQ 'HSDUWPHQW RU 3DUW & RUJDQL]DWLRQV VXFK DV )LUVW 6WHSV  7KH 'LVDELOLWLHV &RRUGLQDWRU ZLOO ZRUNFORVHO\ZLWKVWDIIDQGIDPLOLHVWRPDNHVXUHWKHSURJUDPLVZHOOSUHSDUHGWRZHOFRPHDQGQXUWXUHDOO FKLOGUHQHVSHFLDOO\WKRVHZLWKGLVDELOLWLHV  ,QFOXVLRQ(GXFDWLRQ6XSSRUW ,I \RX VXVSHFW \RXU FKLOG PD\ KDYH D GHYHORSPHQWDO SK\VLFDO RU EHKDYLRUDO LVVXH SOHDVH VKDUH \RXU FRQFHUQVZLWKWKH'LVDELOLWLHV&RRUGLQDWRUZKRLVDYDLODEOHWRKHOSIDPLOLHV  â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢ â&#x20AC;¢

8QGHUVWDQGWKHLUSDUHQWDOULJKWV /HDUQDERXWDYDLODEOHVSHFLDOHGXFDWLRQVHUYLFHV 0DNHDSSURSULDWHUHIHUUDOV %\DWWHQGLQJHGXFDWLRQHYDOXDWLRQV %\ DWWHQGLQJ ,QGLYLGXDO )DPLO\ 6HUYLFH 3ODQ ,)63  RU ,QGLYLGXDO (GXFDWLRQ 3URJUDP ,(3  PHHWLQJV â&#x20AC;¢ .QRZWKHLUFKLOGLVUHDFKLQJLQGLYLGXDOJRDOVLQWKHFODVVURRP â&#x20AC;¢ %\ DVVLVWLQJ LQ WUDQVLWLRQ SODQV IRU FKLOGUHQ IURP RQH SURJUDP WR DQRWKHU LQFOXGLQJ IURP (DUO\ +HDG6WDUWWR+HDG6WDUWDQGIURP+HDG6WDUWWRNLQGHUJDUWHQ  6&+22/5($',1(66 =(5272),9($3352$&+ 

*HPLQXV +HDG 6WDUW  (DUO\ +HDG 6WDUW DFWLYLWLHV DUH GHVLJQHG WR EXLOG VRFLDO VNLOOV ODQJXDJH GHYHORSPHQW UHLQIRUFHPHQW RI WKLQNLQJ SURFHVVHV VPDOO DQG ODUJH PXVFOH GHYHORSPHQW DQG VHOIKHOS VNLOOV7KHSURJUDPEHOLHYHVFKLOGUHQOHDUQEHVWE\GRLQJ&XUULFXOXPSODQQLQJSURYLGHVIRUFKLOGUHQWR OHDUQE\KDQGVRQH[SHULPHQWLQJJXHVVLQJSUREOHPVROYLQJDOORIZKLFKLVDOLJQHGZLWKVFKRROUHDGLQHVV RXWFRPHVDQGLVLQFRUSRUDWHGLQWRWKHLU³SOD\´DFWLYLWLHV  +RZZLOOP\FKLOGOHDUQ" ([SLUDWLRQ'DWH 

3DJHRI




 &KLOGUHQLQ+HDG6WDUW (DUO\+HDG6WDUWZLOOEHOHDUQLQJWKHWKLQJVWKDWWKH\QHHGWRNQRZLQRUGHUWR KDYHDSRVLWLYHDQGVXFFHVVIXOIXWXUHHOHPHQWDU\VFKRROH[SHULHQFH(DUO\+HDG6WDUWFKLOGUHQFDQHLWKHU EHHQUROOHGLQ+RPH%DVHGRU&HQWHU%DVHGSURJUDP5HJDUGOHVVRIWKHSURJUDPRSWLRQDOOFKLOGUHQZLOO EHVXSSRUWHGLQHDFKRIOHDUQLQJDUHDVOLVWHGEHORZ 

ï&#x201A;§ &RJQLWLYHWRKHOSFKLOGUHQGHYHORS OHDUQLQJ VNLOOVSUHSDUH WRUHDG DQGZULWHDVNTXHVWLRQVXVH ZRUGVWRGHVFULEHWKHLULGHDVIHHOLQJVDQGZKDWWKH\VHH ï&#x201A;§ 6RFLDOWRKHOSFKLOGUHQIHHOFRPIRUWDEOHLQVFKRROPDNHIULHQGVDQGVROYHSUREOHPV ï&#x201A;§ (PRWLRQDO WR KHOS FKLOGUHQ GHYHORS VHOIFRQWURO DQG LQGHSHQGHQFH H[SHULHQFH D VHQVH RI DFFRPSOLVKPHQWDQGVDWLVIDFWLRQDQGKDYHDSRVLWLYHDWWLWXGHWRZDUGOLIHRWKHUVDQGWKHPVHOYHV ï&#x201A;§ 3K\VLFDO WR KHOS FKLOGUHQ LQFUHDVH WKHLU ODUJH PXVFOH VNLOOV WKURXJK UXQQLQJ MXPSLQJ DQG FOLPELQJ WR KHOS FKLOGUHQ GHYHORS WKHLU VPDOO PXVFOH VNLOOV WKURXJK EXLOGLQJ FXWWLQJ VWULQJLQJ DQGSDLQWLQJ  &KLOGUHQZLOOOHDUQPDWKVFLHQFHVRFLDOVWXGLHVDQGHDUO\UHDGLQJDQGZULWLQJVNLOOVLQHDFKRIWKHLQWHUHVW DUHDV  7KLV OHDUQLQJ ZLOO EH ³KDQGVRQ´ OHDUQLQJ ZKLFK UHVHDUFK KDV SURYHQ WR EH WKH EHVW ZD\ IRU FKLOGUHQWROHDUQVLQFHLW³ILWV´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¶V HQUROOPHQW LQ WKH SURJUDP ,QIRUPDWLRQ UHJDUGLQJ WKH VFUHHQLQJ ZLOO EH VKDUHG ZLWK SDUHQWV DW WKH 3DUHQW7HDFKHU &RQIHUHQFH(DFKFKLOG¶VOHDUQLQJDQGGHYHORSPHQWLVDVVHVVHGWKUHHWLPHVGXULQJWKH\HDUIRU+HDG6WDUW DQGIRXUWLPHVSHU\HDUIRU(DUO\+HDG6WDUW  7KHSURJUDPVWDIISURYLGHVIDPLOLHVZLWKDIXOOH[SODQDWLRQRIFRQILGHQWLDOLW\E\ â&#x20AC;¢ /LVWLQJ WKH FDWHJRULHV RI LQGLYLGXDOV ZKR ZLOO KDYH DFFHVV WR LQGLYLGXDO FKLOG VFUHHQLQJ DQG DVVHVVPHQWUHVXOWVDVZHOODVWKHUHDVRQVIRUWKHLUDFFHVV â&#x20AC;¢ 6KDULQJUHJXODWLRQVJRYHUQLQJDFFHVVWRILOHVDQGIDPLOLDOULJKWV â&#x20AC;¢ 'HVFULELQJWKHSURFHGXUHVXVHGWRNHHSLQGLYLGXDOFKLOGUHFRUGVFRQILGHQWLDO ([SLUDWLRQ'DWH 

3DJHRI




 â&#x20AC;¢ ([SODLQLQJKRZDQGZK\FKLOGUHQ¶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¶V FXUULFXOXP DVZHOODV , 67$5±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ï&#x192;&#x2DC; $OO KRPH YLVLWRUV ZLOO VHW XS DQ DSSRLQWPHQW ZLWK \RX SULRU WR VKRZLQJ XS DW \RXU SODFH RI UHVLGHQFH ï&#x192;&#x2DC; $OOPLQXWHKRPHYLVLWVDUHFRQGXFWHGDWWKHSDUHQW¶VFRQYHQLHQFH ï&#x192;&#x2DC; $OO  PLQXWH KRPH YLVLWV QHHG WR EH FRQGXFWHG ZLWK WKH SDUHQWJXDUGLDQ RI WKH FKLOG  2WKHU IDPLO\PHPEHUVPD\EHLQYLWHGWRSDUWLFLSDWH LHFKLOGFDUHSURYLGHUVJUDQGSDUHQWV  ï&#x192;&#x2DC; 7KH KRPH YLVLWRU ZLOO PRGHO DJH DSSURSULDWH DFWLYLWLHV IRU SDUHQWV DQG JXLGDQFH WKDW SURPRWH SDUHQWFKLOGLQWHUDFWLRQV ï&#x192;&#x2DC; $OOKRPHYLVLWVDUHUHTXLUHGE\WKH+HDG6WDUW3HUIRUPDQFH6WDQGDUGVWRODVWDPLQLPXPRI PLQXWHV ï&#x192;&#x2DC; 6RFLDOL]DWLRQVZLOOEHDYDLODEOHWKURXJKRXWHDFKPRQWKZLWKSUHSODQQHGDJHDSSURSULDWHDFWLYLWLHV ([SLUDWLRQ'DWH 3DJHRI  


 ï&#x192;&#x2DC; 6RFLDOL]DWLRQVDUHFRQGXFWHGDWWLPHV ZKLFK DUH PRVW FRQYHQLHQWIRUWKH IDPLOLHVHQUROOHGLQWKH KRPHEDVHGSURJUDP ï&#x192;&#x2DC; 7KHSXUSRVHRIJURXSVRFLDOL]DWLRQVLVWR³EXLOGRQWKHH[SHULHQFHVDQGJRDOVWKDWDUHDGGUHVVHG GXULQJKRPHYLVLWVDVZHOODVDWWHQGWRWKHQHHGVRIERWKFKLOGUHQDQGIDPLOLHV´+RPH9LVLWRU¶V +DQGERRN2IILFHRI+HDG6WDUW 6RFLDOL]DWLRQORFDWLRQVDUHVHWXSH[DFWO\OLNH&HQWHU%DVHGFODVVURRPVWRVKRZFDVH ï&#x201A;§ ,QWHUHVWDUHDVEORFNFRUQHUKRXVHFRUQHUWDEOHWR\VOLEUDU\FRUQHUFRPSXWHUDUHDDUWDUHDVDQG DQGZDWHUDUHD ï&#x201A;§ $ VHOHFWLRQ RI OHDUQLQJ PDWHULDOV LQ HDFK LQWHUHVW DUHD VR FKLOGUHQ KDYH WKH FKDQFH WR OHDUQ LQ ZKDWHYHUDUHDWKHFKLOGUHQFKRRVHIRUSOD\ ï&#x201A;§ 0DWHULDOVIRUWKHFKLOGUHQ¶VXVHDUHVWRUHGRQORZVKHOYHVLQFRQWDLQHUVDQGRQKRRNVVRFKLOGUHQ FDQJHWWKHPRQWKHLURZQ ï&#x201A;§ 3LFWXUHDQGZRUGODEHOVDUHRQFRQWDLQHUVDQGVKHOYHVVRFKLOGUHQNQRZZKHUHPDWHULDOVEHORQJ /DEHOLQJZLWKSLFWXUHVDQGZRUGVDOVRKHOSVFKLOGUHQLQEHJLQQLQJUHDGLQJVNLOOV  3DUHQWWHDFKHUFRQIHUHQFHV 7KURXJKRXWWKHVFKRRO\HDUSDUHQWVZLOOEHJLYHQLQIRUPDWLRQDERXWZKDWFKLOGUHQDUHOHDUQLQJ$WHDFK VLWHPHHWLQJWKHXSFRPLQJWRSLFRIVWXG\ZLOOEHLQWURGXFHGE\WKHFKLOG¶VWHDFKLQJWHDPDQGSDUHQWVZLOO KDYH D FKDQFH WR JLYH LGHDV DERXWSRVVLEOHFODVVURRPDFWLYLWLHVDQGILHOG WULSV2WKHULQIRUPDWLRQ DERXW KRZDQGZKDWFKLOGUHQDUHOHDUQLQJZLOOEHSURYLGHGWKURXJKQHZVOHWWHUVDQGSDUHQWZRUNVKRSV3DUHQWV ZLOO KDYH WLPHV WR PHHW ZLWK WKH WHDFKLQJ WHDP WR WDON DERXW WKH FKLOG¶V SURJUHVV ZD\V RI FRQWLQXHG VXSSRUWDQGTXHVWLRQVRUFRQFHUQV  )LHOG7ULSV *HPLQXV+HDG6WDUWEHOLHYHVWKDWFODVVURRPOHDUQLQJFDQEH HQULFKHGWKURXJKWKHLQFOXVLRQRIFDUHIXOO\ SODQQHG ILHOG WULSV )LUVWKDQG H[SHULHQFHV SURYLGH RXU FKLOGUHQ ZLWK XVHIXO LQIRUPDWLRQ DQG D OHYHO RI XQGHUVWDQGLQJWKDWDGGVHOHPHQWVWRWKHLUSOD\HQULFKHVYRFDEXODU\DQGHQKDQFHVRYHUDOOOHDUQLQJ)LHOG WULSV DUH DOVR DQ RSSRUWXQLW\ IRU DOO SDUHQWV WR EHFRPH HQJDJHG DQG HQKDQFH WKHLU FKLOG¶V OHDUQLQJ H[SHULHQFHV  $OO ILHOG WULSV PXVW EH UHODWHG WR WKH FODVVURRP WKHPH EH EDVHG RQ FKLOGUHQ¶V LQWHUHVWV DQG ZLWKLQ WKH FRPPXQLW\ 7HDFKLQJ VWDII &DVH 0DQDJHUV DQG SDUHQWV PXVW EH LQYROYHG LQ WKH LQLWLDO SODQQLQJ RI DOO ILHOG WULSV IRU FKLOGUHQ DQG PXVW EH DSSURYHG LQ WKH VLWH PHHWLQJ PLQXWHV WKH PRQWK EHIRUH WKH WULS LV UHTXHVWHG)LHOG7ULSUHTXHVWVZLOOEHDSSURYHGEDVHGLQSDUWRQILHOGWULSORFDWLRQDQGFRVW  &HOHEUDWLRQV *HPLQXV +HDG 6WDUW UHFRJQL]HV WKDW IDPLOLHV YDOXH WKH DELOLW\ WR FHOHEUDWH WKHLU FKLOG¶V DFKLHYHPHQWV ELUWKGD\ DQG RWKHU FXOWXUDO KROLGD\V DV SDUW RI WKH FODVVURRP FRPPXQLW\  ,Q DQ HIIRUW WR NHHS WKH FHOHEUDWLRQRIKROLGD\VELUWKGD\VDQGRWKHUPLOHVWRQHVGHYHORSPHQWDOO\DQGFXOWXUDOO\DSSURSULDWHSDUHQW FRPPLWWHHVDQGVWDIIPXVWIROORZJXLGHOLQHVLQSODQQLQJIRUFHOHEUDWLRQVLQWKHFODVVURRP ([SLUDWLRQ'DWH 

3DJHRI




  &HOHEUDWLRQVPXVWEH â&#x20AC;¢ 'HVLJQHG WR LQFRUSRUDWH SDUHQWFKLOG DFWLYLW\ LQWHUDFWLRQV DQG SODQQHG SULPDULO\ E\ SDUHQWV ZLWK JXLGDQFH IURP VWDII RQ ZKDW LV GHYHORSPHQWDOO\ DSSURSULDWH DQG DOORZDEOH XQGHU +HDG 6WDUW SROLFLHV â&#x20AC;¢ $SSURYHGE\UHVSHFWLYH'LUHFWRU â&#x20AC;¢ 2SWLRQDODQGVHQVLWLYHIRUFKLOGUHQDQGIDPLOLHVZKRFKRRVHQRWWRSDUWLFLSDWH â&#x20AC;¢ 5HIOHFWLYH RI DQG UHOHYDQW WR WKH HWKQLF FRPSRVLWLRQ WUDGLWLRQV FXOWXUH DQG LQWHUHVWV RI SDUWLFLSDWLQJFKLOGUHQDQGIDPLOLHV  3UHVFKRROJUDGXDWLRQHYHQWVZLWKFDSVDQGJRZQVDQGUHODWHGDFWLYLWLHVKDYHVWURQJVLJQLILFDQFHLQPDQ\ FRPPXQLWLHV +RZHYHU WKLV NLQG RI JUDGXDWLRQ HYHQW LV QRW DOORZDEOH XQGHU WKH +HDG 6WDUW IHGHUDO JXLGHOLQHV&KLOGUHQDQGIDPLOLHVZLOOH[SHULHQFHWKHVHW\SHVRIHYHQWVZKHQFKLOGUHQDUHROGHUDQGEHWWHU DEOH WR XQGHUVWDQG DQG DSSUHFLDWH WKHP 'HYHORSPHQWDOO\ DSSURSULDWH(QGRI<HDU&HOHEUDWLRQV ZLOOEH RUJDQL]HG HDFK \HDU WR FHOHEUDWH FKLOGUHQ¶V JURZWK DQG GHYHORSPHQW (DFK SURJUDPPLQJ \HDU IDPLOLHV ZLOOEHLQYLWHGWRSDUWLFLSDWHIXOO\LQHQGRI\HDUDFWLYLWLHVSODQQHGE\VWDIIDQGSDUHQWV  127(,QDFFRUGDQFHZLWK6WDWH/LFHQVLQJUHJXODWLRQVVLEOLQJVRIHQUROOHGVWXGHQWVDUHQRWDOORZHGLQ FODVVURRPVHWWLQJVGXULQJYROXQWHHULQJRUVSHFLDOHYHQWVKRZHYHUWKH+HDG6WDUWSURJUDPLVFRPPLWWHGWR HQVXUH WKDW DOO SDUHQWV KDYH DQ RSSRUWXQLW\ WR SDUWLFLSDWH IXOO\ LQ WKHLU FKLOG¶V SODQQHG HQG RI WKH \HDU DFWLYLW\  &KLOGFDUH FDQ EH SURYLGHG IRU HQG RI WKH \HDU DFWLYLW\ GD\V LI UHTXHVWHG LQ DGYDQFH   $V D SDUHQW \RX ZLOO EH JXDUDQWHHG WKH FRXUWHV\ RI UHFHLYLQJ DGHTXDWH WLPH WR FRQILUP ZKHWKHU RQVLWH FKLOGFDUHLVUHTXLUHGIRUHQGRIWKH\HDUDFWLYLWLHVSODQQHGDW\RXUVLWH  %LUWKGD\V 7KH +ROLGD\ DQG &HOHEUDWLRQ 3ROLF\ DOVR JLYH WHDFKHUV DQG SDUHQWV¶ JXLGHOLQHV IRU FHOHEUDWLQJ D FKLOG¶V ELUWKGD\7KHJXLGHOLQHVIRUELUWKGD\VZHUHGHVLJQHGWRPDNHVXUHWKDWKHDOWKVDIHW\QXWULWLRQHGXFDWLRQ DQGFODVVURRPFXOWXUHQHHGVDUHPHWZKLOHDOVRUHFRJQL]LQJWKHFKLOG¶VPRYHIURPRQHDJHWRWKHQH[W 7KHJXLGHOLQHVIRUFHOHEUDWLQJFKLOGUHQ¶VELUWKGD\VDUHDYDLODEOHLQHDFK+HDG6WDUWFODVVURRP  3UHSDULQJIRU\RXUFKLOG¶VILUVWGD\LQDFHQWHUEDVHGFODVVURRP &RPLQJ WR +HDG 6WDUW PD\ EH \RXU FKLOG¶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¶VFU\LQJPD\RQO\ODVWDIHZPLQXWHV6WDIIZLOOZRUNZLWK\RXLQKHOSLQJ\RXUFKLOGWR ([SLUDWLRQ'DWH 

3DJHRI




 IHHOVDIHDQGFRPIRUWDEOHLQKLVKHUQHZFODVVURRP2ULHQWDWLRQDQG3KDVHLQDFWLYLWLHVZLOOEHKHOSIXOLQ SUHSDULQJ\RXUFKLOGIRUWKHILUVWGD\RIFODVVHV  3UHSDULQJIRU\RXUFKLOG¶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¶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

3DJHRI




 â&#x20AC;¢ &OHDUDQGSRVLWLYHFODVVURRPUXOHVH[SODLQHGWRFKLOGUHQ â&#x20AC;¢ &KRLFHVRIIHUHG â&#x20AC;¢ /RJLFDOFRQVHTXHQFHXVHG)RUH[DPSOH³6DQGLVIRUGLJJLQJDQGEXLOGLQJ<RXZHUHWKURZLQJ VDQGLQWKHIDFHVRI\RXUIULHQGVVR\RXZLOOQHHGWRJHWRXWRIWKHVDQGER[DQGILQGDQRWKHUSODFH RQWKHSOD\JURXQGWRSOD\´ â&#x20AC;¢ &RQWLQJHQFLHV ZKHQ WKHQ VWDWHPHQWV  XVHG  )RU H[DPSOH ³:KHQ \RXSLFNXSWKHEORFNVWKHQ \RXFDQJRWRWKHSOD\GRXJKWDEOH´:KHQ\RX]LSXS\RXUFRDWWKHQ\RXFDQJRRXWVLGH´  %HKDYLRU6XSSRUW +HDG6WDUWZLOOXVHFRQVLVWHQWEHKDYLRUJXLGDQFHDQGZLOOQRWH[FOXGHDFKLOGIURPSURJUDPSDUWLFLSDWLRQ ,IDW\SLFDOEHKDYLRUVDGYHUVHO\DIIHFWVDVWXGHQW¶VSDUWLFLSDWLRQZHZLOOZRUNZLWKWKHFKLOGIDPLO\DQG FRPPXQLW\PHQWDOKHDOWKSURIHVVLRQDOVLIQHFHVVDU\WRSURYLGHDSSURSULDWHVHUYLFHV  ,IEHKDYLRUFRQFHUQVDUHLGHQWLILHGGXULQJGDLO\EHKDYLRUJXLGDQFHSUDFWLFHV &KLOG¶VGLVUXSWLYHEHKDYLRUZLOOEHGRFXPHQWHGDQGPDLQWDLQHGLQFRQILGHQFH    3DUHQWJXDUGLDQ ZLOO EH QRWLILHG YHUEDOO\ DQG PD\ DOVR EH JLYHQ ZULWWHQ FRSLHV RI WKH LQFLGHQW UHSRUWVIRU DW\SLFDOEHKDYLRUV    3DUHQWJXDUGLDQ ZLOO EH JLYHQ OLWHUDWXUH RU RWKHU UHVRXUFHV UHJDUGLQJ PHWKRGV RI LPSURYLQJ EHKDYLRU  6WDIIDQGSDUHQWVZLOOXVHDYDULHW\RIVWUDWHJLHVWRVXSSRUWFKLOGLQLPSURYLQJEHKDYLRUZLWKWKH JRDORISUHYHQWLQJH[FOXVLRQ ï&#x192;¼ 3URYLGHVXSSRUWDQGPRGHOLQJRIPRUHDSSURSULDWHEHKDYLRU ï&#x192;¼ 6WDII ZLOO UHDVVHVV FODVVURRP HQYLURQPHQW VXSHUYLVLRQ DQG DSSURSULDWHQHVV RI DFWLYLWLHV ï&#x192;¼ $OZD\VXVHSRVLWLYHPHWKRGVDQGODQJXDJHZKLOHGLVFLSOLQLQJFKLOGUHQ ï&#x192;¼ 3UDLVHDSSURSULDWHEHKDYLRUV ï&#x192;¼ &RQVLVWHQWO\DSSO\FRQVHTXHQFHVIRUUXOHV ï&#x192;¼ *LYHYHUEDOUHPLQGHUV  /LPLWDWLRQVRQ6XVSHQVLRQVDQG3URKLELWLRQRQ([SXOVLRQ  ([SLUDWLRQ'DWH 

3DJHRI




 +HDG6WDUWFDQQRWH[SHORUXQHQUROODFKLOGIURPWKHSURJUDPEHFDXVHRIDFKLOG¶VEHKDYLRU6XVSHQVLRQV DUH VHYHUHO\ OLPLWHG DQG PD\ RQO\ EH WHPSRUDU\ LQ QDWXUH %HIRUH D SURJUDP GHWHUPLQHV ZKHWKHU D WHPSRUDU\VXVSHQVLRQLVQHFHVVDU\DSURJUDPPXVWFRQGXFWD7HDP0HHWLQJDQGHQJDJHZLWKD PHQWDO KHDOWKFRQVXOWDQWFROODERUDWHZLWKWKHSDUHQWVDQGXWLOL]HDSSURSULDWHFRPPXQLW\UHVRXUFHV  ,IDWHPSRUDU\VXVSHQVLRQLVGHHPHGQHFHVVDU\+HDG6WDUWPXVWKHOSWKHFKLOGUHWXUQWRIXOOSDUWLFLSDWLRQ LQDOOSURJUDPDFWLYLWLHVDVTXLFNO\DVSRVVLEOHZKLOHSURYLGLQJVXSSRUWDQGHQVXULQJFKLOGVDIHW\E\ â&#x20AC;¢ &RQWLQXLQJ WR HQJDJH ZLWK WKH SDUHQWV DQG D PHQWDO KHDOWK FRQVXOWDQW DQG FRQWLQXLQJ WR XWLOL]H DSSURSULDWHFRPPXQLW\UHVRXUFHV â&#x20AC;¢ 'HYHORSLQJDZULWWHQSODQWRGRFXPHQWWKHDFWLRQDQGVXSSRUWVQHHGHG â&#x20AC;¢ 3URYLGLQJVHUYLFHVWKDWLQFOXGHKRPHYLVLWVDQG â&#x20AC;¢ 'HWHUPLQLQJZKHWKHUDUHIHUUDOWREHKDYLRUVSHFLDOLVWRUORFDODJHQF\UHVSRQVLEOHIRULPSOHPHQWLQJ ,'($DVDSSURSULDWH  :KHQDFKLOGH[KLELWVSHUVLVWHQWDQGVHULRXVFKDOOHQJLQJEHKDYLRUV+HDG6WDUWPXVWH[SORUHDOOSRVVLEOH VWHSVDQGGRFXPHQWDOOVWHSVWDNHQWRDGGUHVVVXFKSUREOHPVDQGIDFLOLWDWHWKHFKLOG¶VVDIHSDUWLFLSDWLRQLQ WKHSURJUDP6XFKVWHSVPXVWLQFOXGHDWDPLQLPXPHQJDJLQJDPHQWDOKHDOWKFRQVXOWDQWFRQVLGHULQJWKH DSSURSULDWHQHVV RI SURYLGLQJ DSSURSULDWH VHUYLFHV DQG VXSSRUWV RXWOLQH E\ ,'($ DQG ORFDO HGXFDWLRQ DJHQFLHV  ,I DIWHU D SURJUDP KDV H[SORUHG DOO SRVVLEOH VWHSV DQG GRFXPHQWHG DOO VWHSV WDNHQ DV GHVFULEHG LQ WKLV VHFWLRQ D SURJUDP LQ FRQVXOWDWLRQ DQG DJUHHPHQW ZLWK WKH SDUHQWV WKH FKLOG¶V WHDFKHU WKH DJHQF\ UHVSRQVLEOHIRULPSOHPHQWLQJ,'($ LIDSSOLFDEOH DQGWKHPHQWDOKHDOWKFRQVXOWDQWGHWHUPLQHVWKDWWKH FKLOG¶V FRQWLQXHG HQUROOPHQW SUHVHQWV D FRQWLQXHG VHULRXV VDIHW\ WKUHDW WR WKH FKLOG RU RWKHU HQUROOHG FKLOGUHQ DQG GHWHUPLQHV WKH SURJUDP LV QRW WKH PRVW DSSURSULDWH SODFHPHQW IRU WKH FKLOG WKH SURJUDP PXVW ZRUN ZLWK VXFK HQWLWLHV WR GLUHFWO\ IDFLOLWDWH WKH WUDQVLWLRQ RI WKH FKLOG WR D PRUH DSSURSULDWH SODFHPHQW  0(17$/+($/7+6(59,&(6  7RVXSSRUWDSURJUDPZLGHFXOWXUHWKDWSURPRWHVFKLOGUHQ¶VPHQWDOKHDOWKVRFLDODQGHPRWLRQDOZHOO EHLQJDQGRYHUDOOKHDOWKDSURJUDPPXVW  &ROODERUDWHZLWKSDUHQWVE\   2EWDLQLQJSDUHQWDOLQIRUPDWLRQREVHUYDWLRQVDQGFRQFHUQVDERXWWKHLUFKLOG¶VPHQWDOKHDOWK ([SLUDWLRQ'DWH 3DJHRI  


   6KDULQJ VWDII REVHUYDWLRQV RI WKHLU FKLOG DQG GLVFXVVLQJ FKLOG¶V EHKDYLRU DQG GHYHORSPHQW LQFOXGLQJVHSDUDWLRQDQGDWWDFKPHQWLVVXHV   'LVFXVVLQJDSSURSULDWHUHVSRQVHVWRWKHLUFKLOG¶VEHKDYLRU   'LVFXVVLQJ KRZ WR VWUHQJWKHQ DQG QXUWXUH D VXSSRUWLYH HQYLURQPHQW LQ WKH KRPH DQG LQ WKH SURJUDP   +HOSSDUHQWVWREHWWHUXQGHUVWDQGPHQWDOKHDOWKLVVXHV   6XSSRUWSDUHQWV¶SDUWLFLSDWLRQLQDQ\QHHGHGPHQWDOKHDOWKLQWHUYHQWLRQV  &RQWUDFWVHUYLFHVZLWKOLFHQVHGPHQWDOKHDOWKFRQVXOWDQWVDQGWKH\DVVLVWLQ          

&RRUGLQDWLRQRIPHQWDOKHDOWKVHUYLFHVIRUFKLOGUHQ 3URYLGLQJWHDFKHUVZLWKVXJJHVWLRQVWRZRUNRQFKLOGUHQ¶VEHKDYLRUDQGHPRWLRQDOQHHGV ,QGLYLGXDOFKLOGREVHUYDWLRQVDUUDQJHGZLWKZULWWHQSDUHQWDOFRQVHQW +HOSLQJSDUHQWVORFDWHPHQWDOKHDOWKUHVRXUFHVIRUFRQFHUQVDERXWDFKLOG 3DUHQWWUDLQLQJRQPHQWDOKHDOWKRUEHKDYLRUVXSSRUWIRU\RXQJFKLOGUHQ

 )RUPRUHLQIRUPDWLRQRQPHQWDOKHDOWKVHUYLFHVSOHDVHDVN\RXUFKLOG¶VWHDFKHU&DVH0DQDJHU)DPLO\ $GYRFDWHRU6LWH0DQDJHU  +($/7+  (DUO\&KLOGKRRG'HYHORSPHQWDQG+HDOWK6HUYLFHV 6FKRROUHDGLQHVVEHJLQVZLWKKHDOWK2XUSURJUDP¶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

3DJHRI




 2XUILUVWSULRULW\LVWRVXSSRUWIDPLOLHVWRPHHWWKHVHUHTXLUHPHQWVRQRUEHIRUHGD\VIURPDFKLOG¶VILUVW GD\RIVFKRRO  $OO FHQWHU EDVHG +HDG 6WDUW FKLOGUHQ PXVW KDYH D FXUUHQW RUDO H[DP XSGDWHG HYHU\  PRQWKV  DQG D FXUUHQWVFKRROSK\VLFDOWKDWLQFOXGHVEORRGOHDGKHPRJORELQDQGKHDULQJYLVLRQVFUHHQLQJWHVWUHVXOWV  +HDOWK &RRUGLQDWRUV DUH DYDLODEOH WR FRQGXFW RQVLWH VFUHHQLQJ WHVWV LI VFKRRO SK\VLFDOV DUH PLVVLQJ WKH IROORZLQJUHVXOWVIRU  Â&#x2021; /HDG Â&#x2021; +HPRJORELQ Â&#x2021; +HDULQJ9LVLRQ  ,QWKHFDVHZKHUHLPPXQL]DWLRQVDUHQRWUHFRPPHQGHGIRUDFKLOGIRUPHGLFDODQGRUUHOLJLRXVUHDVRQV SDUHQWJXDUGLDQPXVWVXEPLWWRWKH+HDG6WDUWSURJUDP  â&#x20AC;¢ 0HGLFDO,PPXQL]DWLRQ([HPSWLRQ)RUPVLJQHGE\WKHFKLOG¶VPHGLFDOSURYLGHU â&#x20AC;¢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¶VKHLJKWDQGZHLJKWZLOOEHPHDVXUHGWZLFHD\HDUE\VWDII7KHILUVWPHDVXUHPHQW ZLOOEHFRPSOHWHGZKHQWKHFKLOGDUULYHVIRUKLVKHUILUVWGD\RIVFKRRODQGWKHVHFRQGPHDVXUHPHQWZLOO EHLQ0DUFK,QGLYLGXDOUHVXOWVZLOOEHVHQWKRPHDQGPD\LQFOXGHUHFRPPHQGDWLRQVIRUIROORZXSZLWKD KHDOWKSURIHVVLRQDO  'DLO\+HDOWK&KHFN 8SRQDUULYDOHDFKGD\DWFHQWHUEDVHGFODVVURRPV\RXUFKLOGZLOOEHREVHUYHGE\VWDIIIRUVLJQVRIKHDG OLFHLOOQHVVRULQMXU\,IDQ\VLJQVDUHSUHVHQW\RXZLOOEHQRWLILHGLPPHGLDWHO\ ([SLUDWLRQ'DWH 

3DJHRI




  0HGLFDWLRQV ,I SUHVFULEHG PHGLFDWLRQ LV QHFHVVDU\ GXULQJ VFKRRO KRXUV \RX ZLOO QHHG WR ILOO RXW D 0HGLFDWLRQ $XWKRUL]DWLRQ)RUPZKLFKLVUHTXLUHGIRUHDFKLQGLYLGXDOPHGLFDWLRQ  3UHVFULEHGPHGLFDWLRQZLOORQO\EHDFFHSWHGRQVFKRROJURXQGVLIWKHUHLVPHGLFDOSURYLGHUGRFXPHQWDWLRQ WRVXSSRUWWKHIROORZLQJ   &KLOG¶VILUVWDQGODVWQDPH   1DPHRIPHGLFLQH   'LUHFWLRQVIRUXVH 6FKHGXOHRI$GPLQLVWUDWLRQ    1DPHRISUHVFULELQJSK\VLFLDQ   $PRXQWJLYHQSHUGRVH   3KDUPDF\¶V1DPH   'DWHPHGLFDWLRQZDVILOOHG 2YHU WKH FRXQWHU PHGLFDWLRQV LH FRXJK V\UXS  ZLOO RQO\ EH DFFHSWHG RQ VFKRRO JURXQGV ZLWK GRFWRU¶V ZULWWHQSHUPLVVLRQ  +HDOWK&RRUGLQDWRUVZLOOHQVXUHWKDWLQYROYHGVWDIIPHPEHUVDGPLQLVWHULQJPHGLFDWLRQVDUHWUDLQHGRQWKH GRFWRU¶VVSHFLILFRUGHUV0HGLFDWLRQEURXJKWWRVFKRROSUHPLVHVIRUWKHILUVWWLPHPXVWEHVLJQHGLQE\D 6LWH0DQDJHURUD3URJUDP$VVLVWDQW7HDFKHUVRU%XV'ULYHUVDUHQRWDOORZHGWRDFFHSWPHGLFDWLRQZKHQ LWEURXJKWWRWKHVFKRRO WKHILUVWWLPH$GGLWLRQDOO\DOOPHGLFDWLRQPXVWEHSLFNHGXSRQRUEHIRUHWKH FKLOG¶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

3DJHRI




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¶VWHDFKHUZLOOFDOOWKHSDUHQW V RURWKHUHPHUJHQF\FRQWDFWSHUVRQ WR LQIRUP WKHPRIWKHFKLOG¶VLOOQHVVDQGWRUHTXHVWWKHPWRFRPHDQGJHWWKHFKLOG,IWKHSDUHQW V  RU HPHUJHQF\FRQWDFWSHUVRQFDQQRWSLFNWKHFKLOGXSEXWLVKRPHWRUHFHLYHWKHFKLOGWKH6LWH0DQDJHULV UHVSRQVLEOHIRUPDNLQJDUUDQJHPHQWVWRWUDQVSRUWWKHFKLOGKRPHDVVRRQDVSRVVLEOH 7KH +HDG 6WDUW 6KRUW 7HUP ([FOXVLRQ RI ,OO RU $IIHFWHG &KLOGUHQ 3ROLF\ LV LQFOXGHG DV D SDUW RI WKLV KDQGERRN WR SURYLGH IXUWKHU H[SODQDWLRQ RI ³FRPPRQ LOOQHVVHV´ DQG ZKHQ WR GHWHUPLQH LI PHGLFDO GRFXPHQWDWLRQLVUHTXLUHGWRUHWXUQWRWKHFODVVURRPVHWWLQJRUUHVXPHKRPHYLVLWLQJVHUYLFHVEDVHGRQWKH IROORZLQJFRQGLWLRQV  

$ GLDJQRVHG FRPPXQLFDEOH GLVHDVH RU VXVSHFWHG VLJQV RI D FRPPXQLFDEOH GLVHDVH  LH FKLFNHQSR[*HUPDQPHDVOHVPHDVOHVPXPSV 

 

'LDUUKHD  7KH FKLOG PD\ UHWXUQ WR FODVV  KRXUV DIWHU WKH ODVW HSLVRGH LI QR RWKHU V\PSWRPVDUHSUHVHQW

 

9RPLWLQJ WZR RU PRUH HSLVRGHV RI YRPLWLQJ LQ WKH SUHYLRXV  KRXUV  XQWLO YRPLWLQJ UHVROYHVRUXQWLODKHDOWKFDUHSURYLGHUGHWHUPLQHVWKHLOOQHVVWREHQRQFRPPXQLFDEOHDQG WKHFKLOGLVQRWLQGDQJHURIGHK\GUDWLRQ

 

6\PSWRPVDQG6LJQVRIVHYHUHLOOQHVVVXFKDVXQXVXDOOHWKDUJ\OLVWOHVVQHVVXQFRQWUROOHG FRXJKLQJ FRQWLQXHG KHDGDFKHV LUULWDELOLW\ SHUVLVWHQW FU\LQJ FKHVW GLVFRPIRUW FRQVWDQW UXQQ\ QRVHGLIILFXOWEUHDWKLQJ ZKHH]LQJRU RWKHU XQXVXDO VLJQVXQWLOPHGLFDOHYDOXDWLRQ LQGLFDWHG

 ([SLUDWLRQ'DWH 

3DJHRI




 

8QGLDJQRVHG VNLQ UDVK ZLWK RU ZLWKRXW D IHYHU RU EHKDYLRU FKDQJH XQWLO D KHDOWK FDUH SURYLGHUGHWHUPLQHVWKDWWKHVHV\PSWRPVGRQRWLQGLFDWHDFRPPXQLFDEOHGLVHDVH

 

(DUDFKHVDQG7RRWKDFKHVKRPHYLVLWRUPD\JRLQWRKRPH1RDWWHQGDQFHDW&HQWHUXQWLO HDUDFKHRUWRRWKDFKHLVWDNHQFDUHRI

 

0RXWK 6RUHV ZLWK RU ZLWKRXW GURROLQJ XQOHVV D KHDOWK FDUH SURYLGHU RU KHDOWK RIILFLDO GHWHUPLQHVWKDWFRQGLWLRQLVQRQLQIHFWLRXV

 

'LVFKDUJH IURP HDUV ±LQIODPHG WLVVXHV DURXQG HDUV RU H\HV  +RPH 9LVLWRU PD\ JR LQWR KRPH1RDWWHQGDQFHDW&HQWHUXQWLOSK\VLFLDQJLYHVUHOHDVH

 

3LQN (\H 6\PSWRPV FRQMXQFWLYLWLV  :KLWHV RI H\HV WXUQ SLQN RU UHG DQG IHHO JULWW\ DQG WKHQ D ZKLWH RU \HOORZ GLVFKDUJH FUXVW IRUPV RYHUQLJKW  1HHG WR EH VHHQ E\ SK\VLFLDQ 7KH&KLOGFDQUHWXUQWRFHQWHUKRXUVDIWHUWUHDWPHQWLVLQVWLWXWHG







 

5LQJZRUP2IWHQDSSHDUVWREHJLQDVDVPDOOVFDO\SDWFKRQWKHHGJHRIWKHVFDOSQHDUWKH KDLUOLQH5LQJZRUPFDQDOVRLQIHFWRWKHUSDUWVRIWKHERG\LQFOXGLQJIHHWDQGJURLQ1HHG WREHVHHQE\SK\VLFLDQ3DUHQW*XDUGLDQPXVWSURYLGHGRFXPHQWDWLRQWKDWWKHFKLOGKDV EHHQVHHQE\DSK\VLFLDQDQGUHFHLYHGWUHDWPHQWEHIRUHWKHFKLOGFDQUHWXUQWRWKHFHQWHU 5LQJZRUPPXVWEHFRYHUHGZLWKDEDQGDJHDWDOOWLPHVZKLOHWKH FKLOGLVDWWKH&HQWHURUKDYHDKRPHYLVLWRU

    ([SLUDWLRQ'DWH 

3DJHRI




  

0HQLQJLWLV ± 6\PSWRPV 6HYHUH KHDGDFKH VWLII QHFN IHYHU YRPLWLQJ UDVK LUULWDELOLW\ YHU\ VXGGHQ DQG YHU\ VHYHUH  &RQWDFW GRFWRU LPPHGLDWHO\  &RQWDFW 3XEOLF +HDOWK $XWKRULW\WRILQGRXWLIRWKHUFDVHVKDYHEHHQUHSRUWHG

 

+HSDWLWLV±6\PSWRPVIHYHUQDXVHDYRPLWLQJKHDGDFKHMDXQGLFH \HOORZLQJRIWKHVNLQ DQG H\HV   &RQWDFW GRFWRU LPPHGLDWHO\  1R KRPH YLVLWV RU &HQWHU DWWHQGDQFH IRU D PLQLPXPRIGD\VWRRQHPRQWKIRU+HSDWLWLV$DQG+HSDWLWLV&DIWHURQVHWRIMDXQGLFH 'RFWRUZLOOJLYHUHOHDVH





 

,PSHWLJR±6\PSWRPVVNLQOHVLRQVSDWFKRIWLQ\EOLVWHUV±DVWUHSLQIHFWLRQ1HHGWREH VHHQE\IDPLO\GRFWRU0D\KDYHDKRPHYLVLWRURUFDQUHWXUQWRFHQWHUKRXUVDIWHURUDO PHGLFDWLRQVDUHVWDUWHG

     

&KLFNHQ 3R[ ± 6\PSWRPV VNLQ UDVK VPDOO UHG IOXLG ILOOHG VSRWV DIWHU D IHZ GD\V WKH\ EXUVWRUGU\RXWWKHQFUXVWRYHU,WFK\PD\KDYHDVOLJKWIHYHU0D\KDYHKRPHYLVLWRURU UHWXUQWR&HQWHUVHYHQGD\VDIWHURQVHWRIUDVKRUXQWLODOOVRUHVKDYHGULHGDQGFUXVWHG



([SLUDWLRQ'DWH 

3DJHRI










 

+HDG/LFH±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¶VRIILFHIRU VSHFLDOL]HG WUHDWPHQW  1RWLFH ,I SUHJQDQW RU FKLOG LV XQGHU  \HDU RI DJH ± FRQWDFW SK\VLFLDQUHJDUGLQJXVHRIPHGLFDWHGVKDPSRR

   

 0XPSV ± 6\PSWRPV 0DODLVH JHQHUDOL]HG ZHDNQHVV  DQRUH[LD ORVV RI DSSHWLWH  KHDGDFKH DQG ORZJUDGH IHYHU IROORZHG E\ DQ HDUDFKH WKDW¶V DJJUDYDWHG E\ FKHZLQJ RU ZKHQ GULQNLQJ VRXURUDFLGLFOLTXLGV0D\UHWXUQWRWKHFHQWHURUKDYHDKRPHYLVLWRUQLQH  GD\VDIWHU RQVHWRISDURWLGJODQGVZHOOLQJ

       ([SLUDWLRQ'DWH 

3DJHRI




     

)LIWKV 'LVHDVH ± 6\PSWRPV UHG UDVK RQ WKH IDFH SULPDULO\ RQ WKH FKHHNV JLYHV WKH ³VODSSHGIDFH´DSSHDUDQFHDQGFDQODVWGD\V7KHUDVKPD\DSSHDURQXSSHUDQGORZHU H[WUHPLWLHV  &RPPXQLFDELOLW\ LV XQFHUWDLQ  7UHDWPHQW 1RQH QHHGHG WDNH FRPIRUW PHDVXUHVIRUUDVK/LPLWGLUHFWFRQWDFW





   

3LQ :RUP (QWHURELDVLV  ± 6\PSWRPV LQWHQVH LWFKLQJ DURXQG DQXV PD\ OHDG WR ORVV RI VOHHSLUULWDELOLW\VFUDWFKLQJVNLQLUULWDWLRQDQGVRPHWLPHVYDJLQLWLV7REHVHHQE\GRFWRU &URZGHGOLYLQJFRQGLWLRQVRIWHQHQKDQFHLWVVSUHDGWRVHYHUDOPHPEHUVRIDIDPLO\(QWLUH IDPLO\PD\QHHGWREHWUHDWHGDWWKHVDPHWLPH'RFWRUZLOOGHWHUPLQHZKHQFKLOGLVUHDG\ WRUHWXUQWRFHQWHU



6WUHS7KURDWRURWKHUVWUHSWRFRFFDOLQIHFWLRQ±6\PSWRPV)HYHUDQGVRUHWKURDW7KLVPD\ DOVREHSUHVHQWZLWKUDVKDQGHDUDFKH&KLOGPD\KDYHKRPHYLVLWRURUUHWXUQWR&HQWHU KRXUVDIWHUDQWLELRWLFWUHDWPHQWLVVWDUWHGDQGFHVVDWLRQRIIHYHU



([SLUDWLRQ'DWH 

3DJHRI






 

 7XEHUFXORVLV±6\PSWRPVLQFOXGHZHLJKWORVVIHYHUQLJKWVZHDWVFRXJKDQGFKLOOV0D\ QRWUHWXUQWR&HQWHURUKDYHDKRPHYLVLWRUXQWLODKHDOWKFDUHSURYLGHURUKHDOWKRIILFLDO VWDWHVWKDWWKHFKLOGFDQDWWHQGWKHSURJUDP

  

6FDELHVRURWKHULQIHVWDWLRQV±6\PSWRPV,WFK\UHGUDLVHGHUXSWLRQRIWKHVNLQFDXVHGE\ DPLWH&DQDSSHDUDQ\ZKHUHRQWKHERG\7KHPRVWFKDUDFWHULVWLFEXUURZDSSHDUVDVD JUD\RUZKLWHWRUWXRXVWKUHDGOLNHOLQH0D\UHWXUQWR&HQWHURUKDYHKRPHYLVLWRUDIWHU WUHDWPHQWLVFRPSOHWHG





 

3HUWXVVLV :KRRSLQJ &RXJK  ± 6\PSWRPV $ KLJKO\ FRQWDJLRXV UHVSLUDWRU\ LQIHFWLRQ ZKLFKSURGXFHVDQLUULWDWLQJVSDVPRGLFFRXJKDQGRIWHQHQGVLQDKLJKSLWFKHGLQVSLUDWRU\ ZKRRS  0D\ UHWXUQ RU KDYH D KRPH YLVLWRU DIWHU FRPSOHWLQJ RI VXFFHVVIXO DQWLELRWLF WUHDWPHQWDQGFKLOGGRHVQRWQHHGVXSSRUWLYHRUUHVSLUDWRU\WUHDWPHQW

 

)HYHU±0RVWSHGLDWULFLDQVFRQVLGHUDQ\WKHUPRPHWHUUHDGLQJDERYHGHJUHHVDVLJQ RI IHYHU  ,I \RXU FKLOG KDV D IHYHU LW LV SUREDEO\ D VLJQ WKDW WKH ERG\ LV ILJKWLQJ DQ LQIHFWLRQ7KHFKLOGPD\UHWXUQWRFODVVRUKDYHDKRPHYLVLWRULIWKHUHKDVEHHQQRIHYHU LQWKHSUHFHGLQJKRXUV

  ([SLUDWLRQ'DWH 

3DJHRI




 

056$±0RVW056$LQIHFWLRQVDSSHDUDVERLOVWKDWDUHUHGVZROOHQDQGSDLQIXODQGKDYH SXVRURWKHUGUDLQDJH<RXPD\QRWLFHEOLVWHUVRUDZRXQGWKDWORRNVOLNHDVSLGHUELWH$ IHYHU DQG FKLOOV DUH FRPPRQ ZLWK 056$  7KLV VNLQ LQIHFWLRQ FRPPRQO\ RFFXUV ZKHUH WKHUHKDVEHHQDQRSHQDUHDRQWKHVNLQVXFKDVDFXWRUDEUDVLRQ&RQWDFW\RXUKHDOWKFDUH SURYLGHU IRU WUHDWPHQW 0D\ UHWXUQ WR WKH FHQWHU RU KDYH D KRPH YLVLW ZLWK FRQVHQW RI KHDOWKFDUHSURYLGHU

 

5RWRYLUXV ± 6\PSWRPV 'LDUUKHD ORZJUDGH IHYHU QDXVHD DQG YRPLWLQJ ODVWLQJ  WR  GD\V0D\QRWUHWXUQWRWKHFHQWHURUKDYHDKRPHYLVLWZLWKRXWWKHFRQVHQWRIWKHKHDOWK FDUHSURYLGHU

 

&URXS ± $ UHVSLUDWRU\ LQIHFWLRQ LQYROYLQJ WKH WKURDW DQG OXQJV  6\PSWRPV DUH D KDUVK FRXJK ZLWK EUHDWKLQJ GLIILFXOWLHV  &KLOG PXVW EH NHSW KRPH RU ZLOO QRW EH VHHQ E\ WKH KRPHYLVLWRUXQWLOFOHDUHGE\DGRFWRU

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¶V SROLF\ DQG SURFHGXUHV&&3PXVWDGKHUHWRLQWHUQDOVKRUWWHUPH[FOXVLRQSROLF\ $$38SGDWHV7UHDWPHQWVIRU+HDG/LFH /DVW8SGDWH

([SLUDWLRQ'DWH 

3DJHRI




 ,W VSUREDEO\PDNLQJ\RXVTXLUPMXVWWKLQNLQJDERXWLW±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

3DJHRI




 7R HQVXUH WKH VDIHW\ DQG ZHOOEHLQJ RI HDFK FKLOG SUHVHQW LQ RXU SURJUDP WKH IROORZLQJ JXLGHOLQHV DUH IROORZHG  â&#x20AC;¢ &KLOGUHQDUHDOZD\VVXSHUYLVHG±FKLOGUHQDUHQHYHUOHIWDORQH  â&#x20AC;¢ $Q\RQH UHPRYLQJ D FKLOG IURP RXU SURJUDP PXVW EH DXWKRUL]HG RQ WKH (PHUJHQF\ ,QIRUPDWLRQ )RUP  â&#x20AC;¢ +HDG6WDUWVWDIIZLOOFKHFNWKLVOLVWDQGDVNWRVHHDSLFWXUH,'  â&#x20AC;¢ 6WDIIVKDYHLPPHGLDWHDFFHVVDWDOOWLPHVWRDZRUNLQJWHOHSKRQH  â&#x20AC;¢ %RWKILUHDQGWRUQDGRGULOOVDUHKHOGRQFHDPRQWK  â&#x20AC;¢ &ODVVURRP HYDFXDWLRQ SODQV IRU ILUH WRUQDGR DQG RWKHU HPHUJHQFLHV DUH SRVWHG RQ WKH SDUHQW ERDUGDPHGLFDODQGGHQWDOHPHUJHQF\SODQLVDOVRSRVWHGLQHDFKFODVVURRP  â&#x20AC;¢ (TXLSPHQWPDLQWHQDQFHLVRQJRLQJ,WHPVWKDWQHHGUHSDLUDUHUHPRYHGLPPHGLDWHO\  â&#x20AC;¢ 7KHUHLVDOZD\V&35DQG)LUVW$LGWUDLQHGVWDIIRQVLWH  â&#x20AC;¢ $OOPHGLFDWLRQVDUHNHSWLQORFNHGFRQWDLQHUVZKHQRQVLWH  â&#x20AC;¢ $OOXQVDIHFKHPLFDOVDUHVWRUHGLQORFNHGFDELQHWV  â&#x20AC;¢ $QLQFLGHQWUHSRUWLVFRPSOHWHGDQGVHQWKRPHWKHVDPHGD\DFKLOGLVLQMXUHG  â&#x20AC;¢ 6WDIIZLOOGLVWULEXWHDFRPPXQLFDEOHGLVHDVHQRWLFHWRIDPLOLHVZLWKLQKRXUVRIFDOOGRFXPHQWHG H[SRVXUHV   7UDQVSRUWDWLRQ

([SLUDWLRQ'DWH 

3DJHRI




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

([SLUDWLRQ'DWH 

3DJHRI




 7KURXJKRXWWKHVFKRRO\HDUKDQGVRQQXWULWLRQDFWLYLWLHVZHFDOO³IRRGH[SHULHQFHV´ZLOOEHSODQQHGE\ WHDFKHUVZKLFKZLOODOORZFKLOGUHQDQRSSRUWXQLW\WRGHYHORSOLWHUDF\PDWKVFLHQFHDQGVRFLDOVNLOOV  0HQXV 7KH PHQXV IRU WKH SURJUDP DUH DSSURYHG E\ D 5HJLVWHUHG 'LHWLWLDQ ZKR HQVXUHV WKDW WKH PHDOV DUH QXWULWLRXVDWWUDFWLYHDQGWDVW\DWWKHVDPHWLPHSURYLGLQJRIWKH5HFRPPHQGHG'DLO\$OORZDQFHIRU QXWULHQWVIRUSUHVFKRROHUV0HQXVZLOOEHSRVWHGRQWKHKHDOWKERDUGDWHDFKVLWHDQGFRSLHVDUHDYDLODEOH WRSDUHQWV XSRQUHTXHVW7KHPHQXVIROORZWKH JXLGHOLQHVIRU&$&)3 &KLOGDQG$GXOW)RRG3URJUDP  DQGDUHJHQHUDOO\DVIROORZV  ±\HDUROGV %UHDNIDVW PHQXLWHPV 



/XQFK PHQXLWHPV 





6QDFN PHQXLWHPV 

R]0LON MXLFH

R]0LON 





 ò FXS IUXLW RU IUXLW



  3UHW]HOV &UDFNHUV



òFXSIUXLWRUIUXLWMXLFH <RJXUWRU*UDQROD



R]PHDWFKHHVHRUHJJV

FXSFHUHDOSDQFDNH óFXSULFHRUSDVWDRUòVOLFHEUHDG VPDOOEDJHORU0XIILQ

óFXSYHJHWDEOHV



óFXSIUXLW









%DUHWF



6SHFLDO'LHWDU\1HHGV &$&)3 JXLGHOLQHV SURKLELW RXWVLGH IRRG IURP EHLQJ EURXJKW RQWR VFKRRO JURXQGV  7KH +HDG 6WDUW SURJUDPPXVWPDNHDOODFFRPPRGDWLRQVDFFRUGLQJWRZULWWHQGRFXPHQWDWLRQIURPPHGLFDOSURYLGHU,WLV WKHSDUHQW¶VUHVSRQVLELOLW\WRLPPHGLDWHO\LQIRUP*HPLQXV+HDG6WDUWVWDIIRIDQ\FXUUHQWRUQHZ)RRG $OOHUJLHVRU ,QWROHUDQFHV7KH*HPLQXV+HDG6WDUWSURJUDPZLOOQRWKRQRULQGLYLGXDOIRRGSUHIHUHQFHV XQOHVVIRUPHGLFDORUUHOLJLRXVUHDVRQV  ,IWKHFKLOGKDVDGLDJQRVHGIRRGDOOHUJ\SDUHQWVPXVWSURYLGHGRFXPHQWDWLRQIURPD0HGLFDO3URYLGHU ,IDFKLOGUHTXLUHVDQ(SLSHQ0HGLFDO3URYLGHUGRFXPHQWDWLRQPXVWDOVREHSURYLGHG  5HOLJLRXV%HOLHIV

([SLUDWLRQ'DWH 

3DJHRI




 'LHWDU\FKDQJHVGXHWRUHOLJLRXVEHOLHIVZLOOEHIROORZHGZKHQDSDUHQWJXDUGLDQVXEPLWVDZULWWHQUHTXHVW WR+HDG6WDUWVWDII  %ULQJLQJ+RPHEDNHG,WHPVWR6FKRRO 7KH8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH 86'$ UHJXODWLRQVVWDWHWKDWKRPHEDNHGLWHPVFDQQRWEH EURXJKW WR VFKRRO 3OHDVH FRQWDFW \RXUVLWHIRUWKHOLVWRIDSSURYHGVQDFNVWKDWPD\EHEURXJKW LQWR WKH FODVVURRPV  &&3PXVWDGKHUHWRLQWHUQDOQXWULWLRQDQGPHDOWLPH¶VSROLF\DQGSURFHGXUHV   3$5(17)$0,/<$1'&20081,7<(1*$*(0(17  3DUHQWVDQGFRPPXQLW\ZLOOEHLQWHJUDWHGLQWRHYHU\DVSHFWRIWKH*HPLQXV+HDG6WDUWSURJUDP7KURXJK DFWLYH HQJDJHPHQW SDUHQWV HVSHFLDOO\ JDLQ D EHWWHU XQGHUVWDQGLQJ RI FKLOG GHYHORSPHQW DQG HDUO\ HGXFDWLRQDVLWUHODWHVWRWKHLUFKLOGUHQ+HDG6WDUW¶VYLVLRQLVWRFUHDWHDQGPDLQWDLQDIDPLO\SDUWQHUVKLS ZLWKDOOIDPLOLHVZLWKJRDOVWR  â&#x20AC;¢ 6XSSRUWSDUHQWVDVSULPDU\HGXFDWRUVQXUWXUHUVDQGDGYRFDWHVIRUWKHLUFKLOG â&#x20AC;¢ 3URYLGHHYHU\IDPLO\ZLWKRSSRUWXQLWLHVIRUDVLJQLILFDQWH[SHULHQFHLQ+HDG6WDUW â&#x20AC;¢ (QVXUH WKDW SDUHQWV DUH LQYROYHG LQ PDNLQJ SROLF\ DQG SURJUDP GHFLVLRQV IRU WKHLU +HDG 6WDUW SURJUDP  2XU+HDG6WDUWSURJUDPUHIOHFWVWKLVYLVLRQWKURXJKHIIRUWVWRFDUU\RXWWKHIROORZLQJVWDQGDUGV  â&#x20AC;¢ &XOWXUH ± $OO DVSHFWV RI WKH SURJUDP VXSSRUW WKH FXOWXUHV RI WKH IDPLOLHV DQG WKH FRPPXQLW\ LQ ZKLFKWKHSURJUDPRSHUDWHV  â&#x20AC;¢ *RYHUQDQFH±3DUHQWVKDYHRSSRUWXQLWLHVIRUSDUWLFLSDWLRQDQGVKDUHGGHFLVLRQPDNLQJLQHYHU\ DUHD RI WKH SURJUDP 3DUHQWV VWDII DQG 3ROLF\ &RXQFLO PHPEHUV ZRUN WRJHWKHU DQG SURYLGH OHDGHUVKLSWRFRPPXQLFDWHZLWKWKHLUFRPPXQLW\DERXWWKHLQWHUHVWVDQGQHHGVRI+HDG6WDUWDQG DVVLVWLQVWUHQJWKHQLQJH[LVWLQJVHUYLFHVRUEULQJLQJLQQHZVHUYLFHVWKDWDUHQHHGHG   ([SLUDWLRQ'DWH 

3DJHRI




 â&#x20AC;¢ ,QGLYLGXDOL]HG )DPLO\ 3DUWQHUVKLSV ± 7KH VWDII DQG SURJUDP PHHW WKH H[SUHVVHG LQWHUHVWV DQG QHHGV RI HDFK SDUHQW WKURXJK WKH RQJRLQJ SURFHVV RI SHUVRQDO DQG IDPLO\ JRDO VHWWLQJ DQG SDUWQHULQJRIDFWLYLWLHVWRPHHWWKHVHJRDOV'LVFXVVLRQVWRLGHQWLI\LQWHUHVWVQHHGVDQGJRDOVDUH ZLWKLQWKHILUVWGD\VRIHQUROOPHQW  â&#x20AC;¢ 'LVDELOLWLHV±$OODVSHFWVRIWKHSURJUDPUHVSRQGWRDQGVXSSRUWFKLOGUHQZLWKGLVDELOLWLHVDQGWKHLU IDPLOLHV  â&#x20AC;¢ &RPPXQLW\5HVRXUFHV±)DPLOLHVEXLOGWKHFRQILGHQFHVNLOODQGNQRZOHGJHWKH\QHHGWRDFFHVV FRPPXQLW\UHVRXUFHVRQWKHLURZQEHKDOI  â&#x20AC;¢ )DPLO\ (QJDJHPHQW 1LJKW 2XU SURJUDP SURYLGHV PRQWKO\ RSSRUWXQLWLHV IRU IDPLOLHV WR HQJDJH ZLWKVWDIISHHUVDQG FKLOGUHQLQPHDQVWRVXSSRUWVFKRROUHDGLQHVVDQGSUHYHQWWKHDFKLHYHPHQW JDS  â&#x20AC;¢ 0DOH,QYROYHPHQW±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³YROXQWHHUHG´ SURYLGHG ,1.,1' GRQDWHG WLPH VSDFH RU PDWHULDOV  IRU WKH SURJUDP   ,1.,1' )2506 ZLOO DOZD\V EH DYDLODEOH WR GRFXPHQW YROXQWHHU KRXUV  $VN \RXU DVVLJQHG VWDII IRU PRUH LQIRUPDWLRQ  *HPLQXV+HDG6WDUW (DUO\+HDG6WDUWIXQGVFRPHGLUHFWO\IURPWKHIHGHUDOJRYHUQPHQW+RZHYHUWKH ([SLUDWLRQ'DWH 

3DJHRI




 JRYHUQPHQWRQO\SURYLGHVRIWKHIXQGVQHFHVVDU\WRRSHUDWHRXUSURJUDP$UHPDLQLQJPXVWEH JHQHUDWHG IURP LQNLQG  ,Q.LQG LV WKH GRQDWLRQ RI WLPH VSDFH RU PDWHULDOV XVHG LQ WKH SURJUDP WKDW ZRXOG RWKHUZLVH EH SXUFKDVHG  $ GROODU DPRXQW LV DVVLJQHG WR DOO YROXQWHHU KRXUV ZKHWKHU LQ WKH FODVVURRPDWWKHVLWHRUDWKRPH +HDG 6WDUW 3HUIRUPDQFH 6WDQGDUG ³)HGHUDO DVVLVWDQFH XQGHU WKH $FW IRU D +HDG 6WDUW SURJUDP VKDOOQRWH[FHHGSHUFHQWRIWKHWRWDOFRVWVRIDSURJUDPDQGWKHQRQ)HGHUDOVKDUHZLOOQRWEHUHTXLUHG WRH[FHHGSHUFHQWRIWKHWRWDOFRVWVRIWKHSURJUDP´         ,QNLQGLVSURYLGHGWKURXJKWKHFDWHJRU\RIDFWLYLWLHVOLVWHGEHORZ &ODVVURRP$FWLYLWLHV

1RQFODVVURRP$FWLYLWLHV

+RPH$FWLYLWLHV

 

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¶VFODVVURRPDWDOOWLPHVDQGPD\QHYHUEHDORQHZLWKDQ\FKLOGRWKHUWKDQ WKHLU RZQ FKLOG  3DUHQW $FFHVV 9ROXQWHHUV ZLOO EH DVNHG WR VLJQ D VWDWHPHQW WKDW WKH\ KDYH UHFHLYHG D FRS\RIWKLV)DPLO\+DQGERRN   &HUWLILHG9ROXQWHHUV &HUWLILHG9ROXQWHHUVDUHSDUHQWVRUFRPPXQLW\YROXQWHHUVZKRLQWKHFRXUVHRIWKHLUYROXQWHHULQJGXWLHV KDYHUHJXODU DFFHVVWRDUHDVEH\RQGWKH FODVVURRPRI WKHLUFKLOGDQGRU 3DUHQW$FFHVV9ROXQWHHUV ZKR ([SLUDWLRQ'DWH 

3DJHRI




 ZLVKWREHURXWLQHO\SUHVHQWLQWKHFODVVURRPVHWWLQJDQDYHUDJHRI  HLJKWRUPRUHKRXUVSHUPRQWK,Q DFFRUGDQFHZLWK,QGLDQDOLFHQVLQJVWDQGDUGV&HUWLILHG9ROXQWHHUVZLOOEHDVNHGWRFRPSOHWHDWPLQLPXP D7%VFUHHQLQJDQGEDFNJURXQGFKHFN DWQRFRVWWRWKHHQUROOHGSDUHQWRUJXDUGLDQ   6RPHWLPHV FKLOGUHQ H[SHULHQFH VRPH GLIILFXOW\ VKDULQJ WKHLU SDUHQWV ZLWK WKH RWKHU FKLOGUHQ LQ WKH FODVVURRP ZKHQ WKH SDUHQW LV LQ WKH FODVVURRP WR YROXQWHHU   3DUHQWV IDFHG ZLWK WKLV W\SH RI VLWXDWLRQ VKRXOG DVN VWDII IRU VXJJHVWLRQV RQ KRZ WR EHVW PDQDJH WKH VLWXDWLRQ DQG DOORZ VWDII WR PDQDJH DQ\ GLVFLSOLQHLVVXHV3DUHQWVVKRXOGDOVREHVXSSRUWLYHRIWKHFODVVURRPJXLGHOLQHVZKHQWKH\YROXQWHHU    127(  7KH +HDG 6WDUW SURJUDP GRHV QRW DOORZ VLEOLQJV RI +HDG 6WDUW VWXGHQWV LQ DQ\ +HDG 6WDUW FODVVURRPZKLOHSDUHQWVYROXQWHHULQWKHFODVVURRPIRUWKHIROORZLQJUHDVRQV  â&#x20AC;¢ ,QVXUDQFHDQGOLDELOLW\SXUSRVH â&#x20AC;¢ +HDG6WDUW3HUIRUPDQFH6WDQGDUGV ,QGLDQD/LFHQVLQJ5HJXODWLRQVZLWKUHJDUGWR&KLOG7HDFKHU UDWLR â&#x20AC;¢ %RDUGRI+HDOWKFRQFHUQVDERXWWKHKHDOWKDQGVDIHW\RIWKHVLEOLQJDQG+HDG6WDUWFKLOGUHQDQG VWDII   ,Q.LQG$FWLYLW\([DPSOHV  &ODVVURRP$FWLYLWLHV

5HDGLQJRUWHOOLQJVWRULHVWRFKLOGUHQ

1RQFODVVURRP$FWLYLWLHV

$VVLVWLQJLQIL[LQJXSGDWLQJ SDUHQWDQGFODVVURRPERDUGV

+RPH$FWLYLWLHV &RPSOHWLQJDFWLYLWLHVIRUHDFK RIWKHJRDOVDQGREMHFWLYHV 5HIHUWR6&+22/5($',1(66 ,1.,1'3$5(17*8,'(

$VVLVWLQJFKLOGUHQLQDOODFWLYLW\DUHDVLQ 3URYLGLQJVXJJHVWLRQVIRU WKHFODVVURRPLQFOXGLQJDUWDFWLYLWLHV FODVVURRPDFWLYLWLHVRUILHOG FRRNLQJH[SHULHQFHVFDUSHQWU\ WULSV DFWLYLWLHV

&XWWLQJRXWLWHPVIRUFROODJHV DUWVDQGFUDIWLWHPV

6KDULQJHWKQLFUHFLSHVWUDGLWLRQV VRQJVHWFLQWKHFODVVURRP

*DWKHULQJPDWHULDOVIRU FODVVURRPSURMHFWV

7\SLQJVLWHPHHWLQJPLQXWHV

7HDFKLQJFRPPRQZRUGVLQDIRUHLJQ ODQJXDJH

0DNLQJPDWHULDOVIRUXVHLQWKH 3UHSDULQJSDFNHWVIRUYDULRXV VLWHDFWLYLWLHV FODVVURRP SOD\GRXJKGROO

([SLUDWLRQ'DWH 

3DJHRI




 FORWKHVHWF  $VVLVWLQJWKHWHDFKHUVLQDZDON RXWGRRUVRQILHOGWULSRURWKHURXWGRRU DFWLYLWLHV

0DNLQJSKRQHFRQWDFWV UHJDUGLQJVSHFLDODFWLYLWLHV

3OD\LQJWKHSLDQRRUDQRWKHUPXVLFDO LQVWUXPHQW

2IILFHDVVLVWDQFHWRVWDII

$VVLVWLQJWHDFKHULQSUHSDULQJDFODVV DFWLYLW\ ODUJHURUVPDOOJURXS 

&RS\LQJKDQGRXWV

*UHHWLQJFKLOGUHQKHOSLQJZLWKDUULYDO URXWLQHV

6WDSOLQJIROGLQJVRUWLQJFRSLHV

3DUWLFLSDWLRQLQ&LUFOH7LPH

7DSHUHFRUGLQJDVWRU\IRUXVH LQWKHFODVVURRP



$VVLVWLQJFKLOGUHQLQ\RXUGHVLJQDWHG ZRUNDUHDLQFODVVURRP

3DUWLFLSDWLQJLQWKHSURJUDP¶V DQQXDOUHYLHZ



$VVLVWLQJWKRVHFKLOGUHQWKDWQHHGH[WUD $VVLVWLQJZLWKUHFUXLWPHQW VXSSRUWGXULQJWKHSURJUDPPLQJWLPH

+RPH±6FKRRO&RQQHFWLRQ

  

 

$VVLVWFKLOGUHQZLWKWRRWKEUXVKLQJ

$WWHQGDQFHDW32/,&< &281&,/RU32/,&< &200,77((PHHWLQJV



$VVLVWZLWKWKHYDULRXVDFWLYLWLHVWKDW RFFXUGXULQJEUHDNIDVWOXQFKVQDFN

3URYLGLQJVHUYLFHVIRU 6RFLDOL]DWLRQDFWLYLWLHV HJ FRS\LQJKDQGRXWVVHWWLQJXS HWF 

$VVLVWLQJFKLOGUHQZLWK GLVPLVVDOGHSDUWXUH

,QWHUYLHZ&RPPLWWHH





+DYLQJ3DUHQWVZKRDUH6HUY 6DIHFHUWLILHGWRDVVLVWLQWKH .LWFKHQ REWDLQDFRS\RI FHUWLILFDWH 





+DYH3DUHQWVEHSUHVHQWHUVIRU DWUDLQLQJHJWD[EHQHILWV EDQNLQJUHF\FOLQJFRXSRQLQJ HWF ([SLUDWLRQ'DWH 

3DJHRI






 



$QVZHULQJ'RRUVDQG3KRQHV



+DYLQJ3DUHQWVZKRDUH&1$  FHUWLILHGWRFRQGXFW+HLJKWVDQG :HLJKWV REWDLQDFRS\RI FHUWLILFDWH 

([SLUDWLRQ'DWH 

3DJHRI




 6$03/(,1.,1')250 

 ([SLUDWLRQ'DWH 

3DJHRI




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³SDUHQWV´ WKURXJKRXW QRWH WKDW WKH PDMRULW\ RI WKHVH VWHSV RQHWKURXJKILYH DUHHTXDOO\DSSOLFDEOHWRSDUHQWVDQGRWKHUFRPPXQLW\PHPEHUVWKHVL[WKVWHS LVUHTXLUHGRQO\IRUSDUHQWV $WWHQWLRQWRWKHFRQILGHQWLDOLW\RIDOOSDUWLHVLQYROYHGZLOOEHSDLGWRWKURXJKRXWWKHVWHSVRIWKHIROORZLQJ SURFHGXUHDQGUHVROXWLRQVIRUJULHYDQFHVZLOOEHUHDFKHGZLWKLQDUHDVRQDEOHWLPHIUDPH 67(3±&RPPHQWER[ 7KHILUVWVWHSLQWKHSURFHVVIRUSDUHQWVLVWRSODFHDFRPPHQWLQWKHFRPPHQWER[ 67(3±0HHWZLWKDSSURSULDWHVLWHOHDGHURU'HOHJDWH'LUHFWRU ,I PHHWLQJ ZLWK WKH DSSURSULDWH VWDII SHUVRQ GRHV QRW \LHOG D PXWXDOO\ DJUHHDEOH RXWFRPH ± RU LI LW LV XQFRPIRUWDEOHWRVSHDNGLUHFWO\WRWKHUHOHYDQWVWDIISHUVRQ±WKHSDUHQW LVHQFRXUDJHGWRPHHWZLWKWKH DSSURSULDWHVLWHOHDGHU HJ(GXFDWLRQ'LVDELOLWLHV6XSHUYLVRURU&DVH0DQDJHU :HHQFRXUDJHSDUHQWV WR EH VWUDLJKWIRUZDUG LQ GLVFXVVLQJ WKH LVVXH RU VXJJHVWLRQ ZLWK WKH VLWH OHDGHU DQG WR VHW D GDWH IRU D IROORZXSFKHFNLQ7KHVLWHOHDGHURU'HOHJDWH'LUHFWRUVKRXOGVKDUHWKLVLQIRUPDWLRQZLWKWKH&OXVWHU 'LUHFWRUDQGLIDSSURSULDWHWKH&OXVWHU'LUHFWRUVKRXOGLQWHUYHQHDWWKLVSRLQW 67(3±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±6KDUHFRQFHUQZLWK3ROLF\&RXQFLO3ROLF\&RPPLWWHH%RDUG ,IZRUNLQJZLWKWKH3URJUDP'LUHFWRUWRDGGUHVVWKHFRQFHUQLVQRWHIIHFWLYHWKHLVVXHZLOOEHIRUPDOO\ SUHVHQWHG DV DQ DJHQGD LWHP DW WKH QH[W PHHWLQJV RI WKH 3ROLF\ &RXQFLO3ROLF\ &RPPLWWHH DQG WKH *HPLQXV%RDUGRI'LUHFWRUV6SHFLDOPHHWLQJVRIERWKJRYHUQLQJERGLHVFDQDOVREHFDOOHGH[SUHVVO\IRU WKLVSXUSRVH%RWKERGLHVZLOOGLVFXVVWKHLVVXHDQGZRUNWRFRPHWRUHVROXWLRQ  67(3±&ROODERUDWLRQEHWZHHQ0DQDJHPHQW3ROLF\&RXQFLO3ROLF\&RPPLWWHH%RDUG 7KH&KDLURIWKH*HPLQXV%RDUGDQGWKH&KDLURIWKH3ROLF\&RXQFLO3ROLF\&RPPLWWHHZLOOERWK VLJQRIIRQWKHUHVROXWLRQWRWKHFRPSODLQWDQGWKLVUHVROXWLRQZLOOEHGRFXPHQWHGE\PDQDJHPHQW LQZULWLQJ  67(3±&RPPXQLFDWLRQEDFNZLWKWKH3DUHQW RULJLQDWRU  ([SLUDWLRQ'DWH 

3DJHRI




 7KH &OXVWHU 'LUHFWRU ZLOO FRPPXQLFDWH WKH UHVROXWLRQ IROORZXS DQGRU RXWFRPH ZLWK WKH SHUVRQ ZKR RULJLQDWHGWKHFRPPHQW7KLVZLOOEHGRQHLQZULWLQJDQGLQSHUVRQ  67(3±&RPPXQLFDWLRQEDFNZLWK6WDII 7KH &OXVWHU 'LUHFWRU ZLOO FRPPXQLFDWH WKH UHVROXWLRQ IROORZXS DQGRU RXWFRPH ZLWK WKH DSSURSULDWH VWDII7KLVZLOOEHGRQHLQZULWLQJDQGLQSHUVRQ  ΎƐĂŵƉůĞŽŵŵĞŶƚ&ŽƌŵŝƐůŽĐĂƚĞĚŽŶĨŽůůŽǁŝŶŐƉĂŐĞ͘ KĨĨŝ ŝ ů Ĩ

ŝůů ď

([SLUDWLRQ'DWH 

ŝů ďů

ƚ

Ś ŝƚ

3DJHRI

ŝ ůŝ ƚŝ

ů

ƚŝ

Ě

ŝ ů

ƚ




*(0,186&253 7LWOH+6)DPLO\+DQGERRN

9HUVLRQ

 *HPLQXV+HDG6WDUW(DUO\+HDG6WDUW&&3 &RPPHQW)RUP  1DPHBBBBBBBBBBBBBBBBBBBB3KRQHBBBBBBBBBBBBBBBBBBB'DWHBBBBBBBBBBBBBBB  &RPPHQW V 6LWH/RFDWLRQ 6FKRRO BBBBBBBBBBBBBBBBBBBB  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBB  *HPLQXV+HDG6WDUW6WDIIZLOOFRQWDFW\RXZLWKLQ%XVLQHVV'D\VIURPWKHGDWHVWDWHGDERYH   6WDII8VH2QO\ 'DWH5HFHLYHGBBBBBBBBBBBBBBB&RGH7\SHBBBBBBBBBBBBBBB)ROORZXS 'DWHBBBBBBBBBBBBBBB            

([SLUDWLRQ'DWH



3DJHRI




*(0,186&253 7LWOH+6)DPLO\+DQGERRN

9HUVLRQ

 )5(48(17/<$6.('48(67,216 +RZZDVP\FKLOGVHOHFWHGIRUWKHSURJUDP" :KHQ\RXDSSOLHGIRUWKHSURJUDP\RXJDYHVWDIILQIRUPDWLRQDERXW\RXUIDPLO\VL]H\RXU LQFRPH\RXUFKLOG¶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¶VFODVVURRPLVLQDSXEOLFVFKRROEXLOGLQJWKH+HDG6WDUWFODVVURRPZLOOIROORZ WKH VFKRRO¶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¶VKHDOWKUHFRUGVDQGWKHLU,QGLYLGXDOL]HG(GXFDWLRQ3ODQ  :LOOP\FKLOGEHJRLQJRQILHOGWULSV" <HV ILHOG WULSV DUH DQ LPSRUWDQW SDUW RI WKH +HDG 6WDUW SURJUDP  )LHOG WULSV DUH WLHG WR WKH FODVVURRPFXUULFXOXP)RUH[DPSOHLIWKHWRSLFRIVWXG\LVFRPPXQLW\63(&,$/,67VDWULSWR

([SLUDWLRQ'DWH



3DJHRI




*(0,186&253 7LWOH+6)DPLO\+DQGERRN

9HUVLRQ

 WKH ILUH VWDWLRQ WR OHDUQ DERXW ILUHILJKWHUV PD\ EH VXJJHVWHG  3DUHQWV ZLOO ZRUN ZLWK WHDFKLQJ VWDII WR SURYLGH VXJJHVWLRQV IRU FODVVURRP ILHOG WULSV NHHSLQJ LQ PLQG +HDG 6WDUW JXLGHOLQHV UHJDUGLQJ WKH FRVW RI WKH ILHOG WULS WKH GLVWDQFH RI WKH ILHOG WULS ORFDWLRQ IURP WKH +HDG 6WDUW FODVVURRPDQGWKHWLPHWKHFKLOGUHQZLOOVSHQGDWWKHORFDWLRQ3DUHQWVZLOOSURYLGHDSSURYDOIRU ILHOGWULSV$3HUPLVVLRQ6OLSVLJQHGE\WKHFKLOG¶VSDUHQW V LVUHTXLUHGIRUDFKLOGWRJRRQD ILHOG WULS  ,Q DGGLWLRQ XQOHVV DQ HPHUJHQF\ VLWXDWLRQ H[LVWV VXFK DV WKH QHHG IRU PHGLFDO WUHDWPHQWRUWKHLQDELOLW\RIDGHVLJQDWHGDGXOWWRUHFHLYHWKHFKLOGDWWKHHQGRIWKHGD\FKLOGUHQ ZLOOUHWXUQWRWKHLU+HDG6WDUWVLWHDIWHUDILHOGWULS)URPWKHVLWHWKH\ZLOOUHWXUQKRPH  +RZZLOOWKHSURJUDPKHOSP\FKLOGDQG,PDQDJHEHLQJDSDUWIURPRQHDQRWKHU" 7KHIROORZLQJDUHDGGLWLRQDOVXJJHVWLRQVWRKHOS\RXDQG\RXUFKLOGZLWKWKHWUDQVLWLRQLQWR WKHSURJUDP

ï&#x201A;§ 3ODQ WR DWWHQG 2ULHQWDWLRQ DQG 3KDVHLQ WR KHOS ERWK \RX DQG \RXU FKLOG IHHO PRUH FRPIRUWDEOHZLWKWKHFODVVURRPDQGVWDII ï&#x201A;§ 0DNHVXUH\RXUFKLOGNQRZVZKRZLOOSLFNKLPKHUXS DWVFKRRORURIIRIWKHEXV  ï&#x201A;§ 7DSHUHFRUG\RXUVHOIUHDGLQJRQHRI\RXUFKLOG¶VIDYRULWHVWRULHVDQGJLYHWKHWDSHWR\RXU FKLOG¶V WHDFKHU  <RXU FKLOG FDQ WKHQ OLVWHQ WR \RXU YRLFH UHDGLQJ D IDPLOLDU VWRU\ ZKLFK FDQKHOS\RXUFKLOGIHHOPRUHFRPIRUWDEOH ï&#x201A;§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¶VQDPH$ORVWDQGIRXQG ER[ LV ORFDWHG DW \RXU FKLOG¶V FODVVURRP VLWH MXVW LQ FDVH \RXU FKLOG VKRXOG ORVH DQ XQPDUNHGLWHPRIFORWKLQJ 

([SLUDWLRQ'DWH



3DJHRI




*(0,186&253 7LWOH+6)DPLO\+DQGERRN

9HUVLRQ

 &DQP\FKLOGEULQJWKLQJVIURPKRPH" 8QOHVVWKHUHLVDVKRZDQGWHOOSURMHFWDSSURYHGE\WKHWHDFKHUFKLOGUHQDUHGLVFRXUDJHG IURP EULQJLQJ WR\V DQG RWKHU LWHPV IURP KRPH  +HDG 6WDUW FODVVURRPV DUH ULFK LQ PDWHULDOV DSSURSULDWH IRU FKLOGUHQ¶V GHYHORSPHQW DQG VLWHV FDQQRW DVVXPH UHVSRQVLELOLW\ IRUORVWRUGDPDJHGLWHPV7KHRQO\LWHPVQHHGHGDUHDSLOORZDQGEODQNHWIRUVHVVLRQVWKDW KDYH UHVW SHULRGV W\SLFDOO\ WKRVH WKDWUXQGD\VSHUZHHN DQGH[WUDFORWKLQJLQFDVH RI DFFLGHQWV  :KDWLVWKHSXUSRVHRIWKHKRPHYLVLW" 7RZRUNLQFROODERUDWLRQZLWKDKRPHYLVLWRUWRHVWDEOLVKJRDOVIRU\RXDQG\RXUFKLOGDQG WR UHDFK WKH JRDOV \RX KDYH HVWDEOLVKHG DV \RXU FKLOG¶V ILUVW DQG SULPDU\ WHDFKHU   7KH PDLQIRFXVRI\RXUKRPHYLVLWLV\RXUFKLOG¶VGHYHORSPHQW'XULQJHDFKYLVLWDQDFWLYLW\RU H[SHULHQFHZLOOEHSUHVHQWHGIRU\RXDQG\RXUFKLOGWRHQMR\WRJHWKHU  :KDWFRPSRQHQWVDUHDGGUHVVHGGXULQJWKHKRPHYLVLW" <RXDQG\RXUKRPHYLVLWRUZLOODGGUHVVWKHIROORZLQJFRPSRQHQWVRQHDFKYLVLW        

&KLOGGHYHORSPHQWLQWHUPVRIPLOHVWRQHV 6RFLDO(PRWLRQDO'HYHORSPHQW +HDOWKDQG1XWULWLRQ 6DIHW\ 

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³EXLOGRQWKHH[SHULHQFHVDQGJRDOVWKDWDUHDGGUHVVHGGXULQJKRPHYLVLWVDVZHOODV DWWHQGWRWKHQHHGVRIERWKFKLOGUHQDQGIDPLOLHV´ ([SLUDWLRQ'DWH



3DJHRI




*(0,186&253 7LWOH+6)DPLO\+DQGERRN

9HUVLRQ

 6RFLDOL]DWLRQVJLYH\RXDFKDQFHWR          

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

([SLUDWLRQ'DWH



3DJHRI




*(0,186&253 7LWOH+6)DPLO\+DQGERRN  

:-2%$0



:=91)0



:*1$0



,QGLDQD)0

([SLUDWLRQ'DWH

9HUVLRQ



3DJHRI




*(0,186&253 7LWOH+6)DPLO\+DQGERRN

9HUVLRQ



 *HPLQXV +HDG6WDUWยฑ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ว‡ลšลลฏฤšอ›ฦลถฤ‚ลตฤžลฦอŸอพWZ/Edอฟอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ  อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ 

 3DUHQWVLJQDWXUH   









3KRQHQXPEHU 

อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ  (PDLODGGUHVV    อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ  3URJUDP$VVLVWDQW35,17 

([SLUDWLRQ'DWH











3URJUDP$VVLVWDQW6LJQDWXUHอฟ

3DJHRI



Geminus Head Start Family Handbook 2017-2018  
Geminus Head Start Family Handbook 2017-2018  
Advertisement