catalog

6DOH EHJLQV DW RR SP

%HDWULFH /LYHVWRFN &R

6XQGD\ )HEUXDU\

64#7'40+%*6 WK $QQXDO 3URGXFWLRQ 6DOH

'..+0) JN 7..5

7U

W K F L Q U H X D

LHT 6LPPHQWDOV

#.5T%1/

/'06 / + 5 6 * % + 0 4 #7'

999T64

14'0 n #:+0' %166 n '0+'..' +0&; n +-' IEJ #56 +0' 1#& ;/14'X JLHJJ

7'56 105+)0'4U 6#6' +0' #4/ +/X ..'0X +.. n #;0+ 81.#0'-

:H ZRXOG OLNH WR ZHOFRPH \RX WR WKH WK DQQXDO 7UDXHUQLFKW 3URGXFWLRQ 6DOH $V , VLW GRZQ WR ZULWH WKLV OHWWHU ,¶P DV H[FLWHG DV , KDYH HYHU EHHQ WKURXJKRXW WKH \HDUV ,¶YH EHHQ LQ WKH FDWWOH EXVLQHVV /DVW \HDU , ZURWH DERXW UHFRUG SULFHV DQG WKLV \HDU ,¶P TXRWLQJ WKH VDPH VWRU\ OLQH , GRQ¶W NQRZ KRZ ORQJ WKHVH SULFHV DUH JRLQJ WR ODVW DV DOZD\V P\ JOREH LV IX]]\ EXW DOO , FDQ WHOO \RX LV WKDW ZLWK FRZ QXPEHUV EHLQJ DW UHFRUG ORZV DQG WKH 6RXWK VWLOO QHHGLQJ UDLQ LQ D ORW RI DUHDV QXPEHUV DUH QRW JRLQJ WR EH EXLOW EDFN XS RYHU QLJKW 6R RQFH DJDLQ ,¶P JRLQJ WR VD\ LW LV D *5($7 WLPH WR EH LQ WKH FDWWOH EXVLQHVV 7KH ELJ PDLQ DWWUDFWLRQ WKLV \HDU ZLOO EH RXU 6LP $QJXV KDOIEORRG EXOOV 7KLV FURVV FRQWLQXHV WR EH WKH EHVW DQG KLJK HVW LQ GHPDQG RI DQ\ K\EULG LQ WKH EHHI LQGXVWU\ 'XULQJ WKH SDVW \HDU ZH KDYH EHHQ LQXQGDWHG ZLWK QHZ FXVWRPHU LQTXLULHV ORRNLQJ IRU WKLV ³6XSHU &URVV´ <RX ZLOO EH DEOH WR VHH IRU \RXUVHOYHV WKDW WKLV \HDU¶V VHW LV SUREDEO\ WKH VWURQJHVW VHW RI EXOOV ZH KDYH HYHU SXW WRJHWKHU %X\ WKHP ZLWK FRQ¿GHQFH DV WKH\ DUH GH¿QLWHO\ ULJKW IRU WKH WLPH $V DOZD\V ZH VWULYH WR EH YHU\ VHUYLFH RULHQWHG DQG ZRXOG EH PRUH WKDQ KDSS\ WR KHOS DVVLVW \RX ZLWK PDUNHWLQJ \RXU FDOYHV DQG /+7 %UDQG 6ODXJKWHU EXOOV :H DUH QRZ VWDUWLQJ WR JHW FDOOV EDFN IURP VHYHUDO RI WKH ¿UVW /+7 VLUHG KHLI HUV SHRSOH MXVW FDQ¶W EHOLHYH WKH TXDOLW\ RI FRZV WKH\ DUH PDNLQJ DQG WKH\ ZDQW PRUH :LWK WKH KLJK FDOI SULFHV LW KDV EHHQ D FKDOOHQJH WR ¿QG HQRXJK /+7 %UDQG VLUHG FDOYHV WR ¿OO WKH RUGHUV , KDYH 3OHDVH GRQ¶W KHVLWDWH WR FDOO PH LI , FDQ KHOS \RX PDUNHW \RXU FDOYHV DV WKHUH LV D GHPDQG IRU WKHP /DVW \HDU DW WKLV WLPH 6FRWW DQG , ZRQGHUHG ZKHUH ZH ZRXOG JR ZLWK WKH FRZ KHUG ZLWK PH JHWWLQJ ROGHU DQG KLP VWD\ LQJ YHU\ EXV\ LQ KLV VHHG DQG DJURQRP\ EXVLQHVV E\ WKH ZD\ DQ\ERG\ QHHGLQJ VHHG SOHDVH GRQ¶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¶W EH DEOH WR PDNH WKLV VDOH KDSSHQ 7KDQNV IRU DOO WKH FRXQWOHVV KRXUV DQG WKH EHKLQG VFHQH ZRUN WKDW HDFK DQG HYHU\ RQH RI \RX GR 6LQFH VRPH RI \RX KDYH QHYHU VHHQ D VDOH IURP WKH IURQW \RX ZRXOGQ¶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

1&)+0)U

#0 6 /#-' +6` 1+0 75 10 6*' \8+&'1[ .+0- #6 999T '#64+%'KKT%1/

7$.+%#6+10 '25U

1.+&#; 00 :24'55 HNNI T J6*X '#64+%'X HNFTFFLTKNNN

*10' 7/$'45U 14'0U HNFTFGNTNLEF %166U HNFTFGMTEFKF +/U HNFTFGMTNLHG #.' #40U HNFTFFGTGIKE

'4& '6 #8#+.#$.' 5#.' &#;U *4+5 ;64'-

+8'561%- .75 #0&; #5$;U GNLTGLJTHLIK

LHT

+&9'56 '55'0)'4 *4+5 7'6.'4U HNFTJHLTKHKG *' ')+56'4 '..; %*/+&6U HNJTIMMTFGMI

7%6+10''4U 4#%; #4. HNFTHJMTGLIF

#.' 1057.6#06U 4%*+' .'/+0) MNGTFIGTFGGI

'#64+%' KK +8'561% '00+5 '04+%*5U HNFTFGMTLKHE

14 ;174 +052'%6+10U #66.' 9+.. $' #8#+.g #$.' (14 8+'9+0) #6 '#64+%' KK +8'561%- 1T $')+00+0) *745&#;

' 10 5#.' &#;^ * 9+.. $' #8#+.#$.

70%

First of all, I want to thank you for your interest in LHT Brand cattle! It is with great pleasure that I welcome you to look over what we have to offer. This set of bulls is very special to me - Iâ&#x20AC;&#x2122;m truly amazed at the size and power that they have. Presently I feel that this is one of the most solid set of bulls that we have ever put together. They exemplify what our motto is here at Trauernicht Simmentals : â&#x20AC;&#x153;Performance cattle with a touch of Style.â&#x20AC;? Most of these beasts are Sim/ Angus composites and they have more natural thickness, fleshing ability, capacity and bone all put in a moderate framed body than we have ever assembled before. This is where we feel that the beef industry needs to be and what it is demanding. Not only are the calves from these kinds of bulls bringing top dollar to the feed lot, they are in high demand. I have standing orders for every Sim/Angus replacement heifer that I can find. So please call me if you have calves for sale, as these are some of the most highly sought after cattle on the market today.

As always we offer a sight unseen program and will guarantee every purchase is exactly as stated to you or your money back. This program continues to grow every year and we will sell approximately half our bulls this way again this year.

We will have complete Performance data, Ultrasound data, and Breeding exam data available for you the week of the sale.

Once again please donâ&#x20AC;&#x2122;t hesitate to contact me or Scott to help assist you in any way that we can.

On bulls that sell for more than $1500, we will split the feed costs with you. Anything under $1500 will be the responsibility of the new buyer. Once again, we would be happy to take the bulls home and care for them until April 1, but would highly encourage you to take out insurance on them for this amount of time.

Back by popular demand! We put together a scale from 1-10 on the traits that we feel are most important to our customers based on our most frequently asked questions. These ratings will take the place of writing individual comments on each and every bull.

Terminal Cross: Bulls that are meant for customers that want to feed out their cattle Maternal: Bulls that you would want to keep daughters out of. We consider their damâ&#x20AC;&#x2122;s udder formation, calving interval, the maternal milk EPD, and the average times a cow is bred before conception Calving Ease: Self Explanatory

Disposition: Temperament of the animal

1

5

10

VKRXOG ÂżQG DQRWKHU FKRLFH

ZLOO ZRUN ÂżQH EXW WKHUH DUH SUREDEO\ EHWWHU FKRLFHV

DV JRRG DV LW JHWV WR SUR GXFH HIÂżFLHQW IHHGHU FDWWOH

QRW VXLWDEOH

ZRXOG EH RND\ EXW FRXOG ÂżQG EHWWHU

ZRXOG PDNH LGHDO FRZV

XVH RQO\ RQ ROG FRZV DQG VWLOO H[SHFW VRPH GLIÂżFXOW\

XVH RQ DQ\ FRZ DQG VRPH KHLIHUV ZLWK FDXWLRQ

XVH RQ KHLIHUV ZLWK FRQÂżGHQFH

QHUYRXV LQ WKH SHQ DQG VWD\V FOHDU WR WKH RWKHU HQG

ZLOO JHW QHUYRXV ZKHQ VWUDQJHUV HQWHU SHQ UHOD[HG ZKHQ LQ IDPLOLDU HQYLURQPHQW

WDNHV H[WUHPH PHDVXUHV WR JHW H[FLWDEOH

4#7'40+%*6 +//'06#.5 9+..

4'6#+0 EfG 5'/'0 +06'4'56 +0 $7..5T .H\ (3' 7DEOH &( %: :: <: 0&( 00 0:: $3, 7, $%: $::

&DOYLQJ (DVH %LUWK :HLJKW :HDQLQJ :HLJKW <HDUOLQJ :HLJKW 0DWHUQDO &DOYLQJ (DVH 0DWHUQDO 0LON 0DWHUQDO :HDQ :HLJKW $OO 3XUSRVH ,QGH[ 7HUPLQDO ,QGH[ $GM %LUWK :HLJKW $GM :HDQLQJ :HLJKW

%ORRG %XOOV

LHT

.*6 /4 %HOPPER ;

HDUOLQJ

< DV D \

< < :KDW D SDLU RI EXOOV ,I \RX DUH ORRNLQJ IRU D SDLU RI EURWKHUV WR SXW VRPH VW\OH ERQH SRZHU DQG PDWHUQDO WUDLWV LQ \RX FDOI FURS WKLV LV D SDLU \RX QHHG WR RZQ 7KH\ DUH ERWK YHU\ VWRXW LQGLYLGXDOV WKDW DUH Ã&#x20AC;XLG LQ WKHLU PRYHPHQW DQG H[WHQGHG LQ WKHLU IURQW HQG 7KLV SDLU RI EXOOV KDV FUHDWHG XQSUHFLGHQWHG H[FLWHPHQW ZLWK RXU YLVLWRUV 1HYHU KDYH ZH VHHQ WKLV W\SH RI JUDYLWDWLRQ WR ZDUG D SDLU RI EXOOV 8QIRUWXQDWHO\ SLFWXUH GD\ ZDV D EDG ZHDWKHU GD\ , ZLOO JXDUDQWHH \RX WKDW WKLV SDLU LV DW OHDVW WZLFH DV JRRG DV WKH SLFWXUHV VKRZ :H KDYH KDG QXPHU RXV FDOOV WHOOLQJ XV WKDW WKH SLFWXUHV MXVW GRQ¶W GR WKHP MXVWLFH :H ZLOO ZDLW DQG OHW \RX GHFLGH KHOS \RXUVHOI :H DUH UHWDLQLQJ VHPHQ LQWHUHVW LQ WKHVH EXOOV DQG DUH SODQQLQJ RQ XVLQJ RQH RI WKHP LQ RXU RZQ KHUG LQ DGGLWLRQ WR KDYLQJ RQH FROOHFWHG

< DW ZHDQLQJ WLPH

.*6 /4 %HOPPER ; %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

7,

$3,

$%:

$::

.*6 /4 %HOPPER ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

69) 6WHHO )RUFH 6 =.&& &KRSSHU 8

06 0H\HU 6 RI 7+

&RQQHDO\ .- 3ULGH &RQQLH

.- 6 3ULGH)RUHYHU 3

69) 6WHHO )RUFH 6 =.&& &KRSSHU 8

06 0H\HU 6 RI 7+

.

R ;

OPPE .*6 /4 %H

-, 2RIDE %ONNIE /+7 'RQRU 'DP RI < <

.*6 /4 %HOPPER ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

00 0::

'6

$3,

7,

$%:

$::

.*6 /4 %HOPPER ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

69) 6WHHO )RUFH 6 =.&& &KRSSHU 8

06 0H\HU 6 RI 7+

&RQQHDO\ .- 3ULGH &RQQLH

.- 6 3ULGH)RUHYHU

69) 6WHHO )RUFH 6 =.&& &KRSSHU 8

06 0H\HU 6 RI 7+

3 6

/RW

LHT

;

K R A M IS

$ 4 /

6 < * .

7DWWRR

%ORRG

%'

*$5 *ULG 0DNHU 6$9 %LVPDUN

6$9 $ELJDOH

5HPLQJWRQ 5HG /DEHO +5 /D]\ + 0LVV 5HPLQJWRQ 8

'UDNH 0LVV 3 ' 7&

0

&(

'6

.AZY * /ISS 4EMINGTON 7 /+7 'RQRU 'DP RI < < <

&(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

< < < :KDW D VHW RI Ã&#x20AC;XVK EURWKHUV 7KHVH DUH D UR\DOO\ EUHG VHW RI EXOOV RXW RI RXU QHZ GRQRU IURP /D]\ + )DUPV LQ 2KLR 7KHLU JUDQGGDP WKH IDPRXV 'UDNH 3 ' FRZ KDV DV PDQ\ 'HQYHU FKDPSLRQV DQG $, VLUHV LQ KHU SHGLJUHH DV DQ\ FRZ IDPLO\ 7KHVH ER\V DUH GHHS VRIW PDGH SRZHU EXOOV WKDW FRQWLQXH WR EH PRUH LPSUHVVLYH HYHU\ GD\ ,I \RX QHHG D VHW RI IXOO EURWKHUV WR JR RQ \RX FRZV GRQ¶W RYHU ORRN WKHVH WKUHH \RX ZRXOG KDYH WR GULYH D ORW RI PLOHV WR ¿QG WKUHH EURWKHUV WKDW DUH WKLV JRRG

.*6 /4 $ISMARK ;

%ORRG %' 7DWWRR < /RW

&(

%:

::

<:

0&(

7&

0

&(

'6

00

0::

$3,

7,

$%:

$::

.*6 /4 $+5MARK ;

%ORRG %' 7DWWRR < /RW

&(

%:

::

<:

0&(

7&

0

&(

'6

00

0::

$3,

7,

$%:

$::

3RRU GXH WR SRRU PLONLQJ UHFLSLHQW PRWKHU

*$5 *ULG 0DNHU 6$9 %LVPDUN

6$9 $ELJDOH

5HPLQJWRQ 5HG /DEHO +5 /D]\ + 0LVV 5HPLQJWRQ 8

'UDNH 0LVV 3 '

*$5 *ULG 0DNHU 6$9 %LVPDUN

6$9 $ELJDOH

5HPLQJWRQ 5HG /DEHO +5 /D]\ + 0LVV 5HPLQJWRQ 8

'UDNH 0LVV 3 '

;

K R A 4 $ISM <

.*6 / %ORRG

/RW

*$5 *ULG 0DNHU 6$9 %LVPDUN

6$9 $ELJDOH

(6 'DNRWD 1. /+7 06 'DNRWD 8

/+7 06 %ODFNIRRW *

7&

0

&(

'6

&(

7DWWRR

%'

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

< 7KH * FRZ IDPLO\ KDV GRQH LW DJDLQ 7KLV LV GH¿QLWHO\ RQH RI P\ IDYRUWLH EXOOV LQ WKH RIIHULQJ DQG PD\ HYHQ EH WKH EHVW +H KDV EHHQ D VWDQGRXW HYHU VLQFH KH ZDV ERUQ ODVW VSULQJ +H UHDOO\ LPSUHVVHV ZLWK KLV RYHUDOO OHQJWK DQG PXVFOH GRZQ KLV WRS ZKLFK KH SXWV LQ D YHU\ VTXDUH DQG VW\OLVK SDFNDJH +H VKRXOG WKURZ VRPH DPD] LQJ VWHHU FDOYHV DQG KLV GDXJKWHUV FRXOG EH WKH EHVW NHSW VHFUHW RI DOO

.*6 /4 $ISMARK ;

%ORRG

%' 7DWWRR <

/RW

&(

%:

::

<:

7&

0

&(

'6

0&(

00

0::

7,

$3,

$%:

$::

.*6 /4 $RILLIANCE ;

%ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

*$5 *ULG 0DNHU 6$9 %LVPDUN

6$9 $ELJDOH

:+) 'HVSHUDGR * /+7 06 'HVSHUDGR /

/+7 06 /HRWLV $

6$9 %LVPDUN 6$9 %ULOOLDQFH

6$9 %ODFNFDS 0D\

'DXPH /XFN\ 'HDO / /+7 06 'HDO 8

/+7 06 'HVWLQ\ 0

;

H T R O 0ET 9

.*6 /4 %ORRG

/RW

0

&(

'6

&(

6$Y 7UDYHOHU 6$9 1HW :RUWK

6$9 0D\

656 %ODFN 5RFN 1 .6 :DQGD 6

.6 .D\OD -

7&

%:

<

7DWWRR

%'

::

<:

0&(

00

0::

$3,

7,

$%:

$::

< LV RQH RI WKH ELJ SRZHU EXOOV RI WKH RIIHULQJ +H LV RXW RI D RZQ GDXJKWHU RI .6 .D\OD WKDW LV WKH OHDG GRQRU LQ WKH .HQQHU 6LPPHQWDO SURJUDP RQH RI WKH SUHPLHU KHUGV LQ WKH 86$ 7KLV EXOO KDV EHHQ D WUXH VWDQG RXW HYHU VLQFH ELUWK DQG FRQWLQXHV WR LPSUHVV XV ZLWK KLV JURZWK DQG PXVFOH H[SUHVVLRQ 3ODQ RQ KLP DGGLQJ D ORW WR \RXU ERWWRP OLQH

LHT

.*6 /4 $ +NSTINCT ;

.*6 /5 &REAM 1N 6 %HERRY /+7 'RQRU 'DP RI < <

< < $QRWKHU SRZHUIXO SDLU RI IXOO VLEV 7KH\ KDYH ERWK EHHQ VWDQGRXWV IURP ELUWK DQG KDYH DOZD\V FUHDWHG WKDW ³:2:´ IDFWRU ZLWK DOO WKDW KDYH VHHQ WKHP &DQ \RX LPDJLQH ZKDW D VHW RI FDOYHV VLUHG E\ WKHVH WZR JX\V ZRXOG GR ZKHQ WKH\ FRPH LQ WKH ULQJ DV IHHGHU FDOYHV" 7KHVH ER\V DUH YHU\ VWRXW PDGH ZLWK DQ H[SORVLYH UHDU TXDUWHU DQG D FOHDQ H[WHQGHG IURQW WKDW OD\V YHU\ QHDW LQWR WKHLU VKRXOGHUV :KDW HOVH ZRXOG \RX H[SHFW KDYLQJ WKH PRVW SUROL¿F GRQRU LQ RXU KLVWRU\ DV WKHLU JUDQGGDP *

.*6 /4 $ +NSTINCT ;

%ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00

0::

$3,

7,

$%:

$::

2&& 0LVVLQJ /LQN 0 '8)) %DVLF ,QVWLQFW

2&& 'L[LH (ULFD *

&16 'UHDP 2Q /

/+7 06 'UHDP 2Q 7 &KHUU\

/+7 06 %ODFNIRRW *

;

T C N I T S N + 4 $

.*6 / %ORRG

/RW 7&

0

&(

'6

WWRR <

7D %'

2&& 0LVVLQJ /LQN 0 '8)) %DVLF ,QVWLQFW

2&& 'L[LH (ULFD *

&16 'UHDP 2Q / /+7 06 'UHDP 2Q 7 &KHUU\

/+7 06 %ODFNIRRW * &(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

;

R E W S < 4 ( #N

.*6 / %ORRG

/RW 7&

0

&(

'6

R

7DWWR

%'

6LW] 7UDYHOHU 6$9 )LQDO $QVZHU

6$9 (PXORXV

*: /XFN\ 0DQ 1 /+7 06 /XFN\ 0DQ :

/+7 06 5HDOLW\ 0 &(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

.*6 /4 (OCUS ;

.*6 /4 (OCUS ; %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

7&

&(

%:

::

<:

0&(

0

&(

00 0::

'6

$3,

7,

:KHDWODQG 5HG 7HGG\ 3

.6 0LVV 5HG 7HGG\ :

.6 'HPPL 0

.*6 /4 +N (OCUS ; %ORRG %' 7DWWRR < /RW

6$) )RFXV RI (5 0\WW\ ,Q )RFXV

0\WW\ &RXQWHVV

$%:

$::

6$) )RFXV RI (5 0\WW\ ,Q )RFXV

0\WW\ &RXQWHVV

.6 7KH *RGIDWKHU 6 .6 0LVV *RGIDWKHU :

.6 1DQF\ *

LHT

;

R E P P W 5TO

O

H ,< /4 5

%ORRG

/RW 7&

0

&(

'6

<

7DWWRR

%'

,FH &KHVW *() 2SHQ %DU

*() 0LVV ,PSDFW /

*: /XFN\ %UHDN * 66 0LVV -HVVH

=HLV 0LVV -HVVH * &(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

:H WULHG VRPHWKLQJ D OLWWOH GLIIHUHQW ZLWK RQH RI RXU GRQRU FRZV 5 0LVV -HVVH \RX FDQ MXGJH IRU \RXUVHOI WKH UHVXOWV *() 2SHQ %DU KDV DGGHG SOHQW\ RI H\H DSSHDO DQG SRZHU WR < 0LVV -HVVH JRHV EDFN WR WKH SURYHQ =HLV 0D[LQH =HLV -HVVH * * FRZ IDPLO\ ZKLFK KDV SURGXFHG JRRG SURJHQ\ DOO RYHU WKH FRXQWU\ 5 ZRXOG EH D IXOO VLE WR )HOW 1H[W %LJ 7KLQJ D EXOO ZKLFK WKH )HOWV KDYH KDG JUHDW VXFFHVV ZLWK ,I \RX FRP ELQH WKH FRZ IDPLO\ \RX JHW IURP 5 DQG D VLUH OLNH 2SHQ %DU WKH UHVXOW LV D YHU\ H\H DSSHDOLQJ DQG DWWUDFWLYH SDFNDJHG EXOO

;

R E D N E $AR 6 <

,< /4 %ORRG

/RW 7&

0

&(

'6

7DWWRR

%'

,FH &KHVW *() 2SHQ %DU

*() 0LVV ,PSDFW /

*:6 (ERQ\V 7UDGHPDUN 1 -= 06 ,UUHVLVWLEOH 7

66 0LVV -HVVH

&(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

0U %DU 7HQGHU¶V GDP LV D 7UDGHPDUN GDXJKWHU RXW RI RXU 0LVV -HVVH 5 'RQRU FRZ +H LV FRPSDUDEOH WR < EXW LV ZLGHU ELJJHU ERQHG DQG LV MXVW RYHUDOO D SRZHUIXO EXOO

.*6 /4 %OMBINATION ;

%ORRG %' 7DWWRR < /RW

&(

%:

::

<:

0&(

7&

0

&(

00 0::

'6

7,

$3,

$%:

$::

.*6 /4 5UPERIOR ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

% 5 1HZ )URQWLHU */6 &RPELQDWLRQ 5

*/6 +RVWHVV +

39) %) %) %ODFN -RNHU /+7 06 -RNHU 1

/+7 06 (;7 (

(OOLQJVRQ /HJDF\ 0 05 1/& 6XSHULRU 6

(%6 -RNHUV &DUHQ

7

.*6 /4 0ET 9ORTH ;

%ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

7,

$3,

$%:

$::

.*6 /4 0'6 9ORTH ; %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00

0::

7,

$3,

$%:

$::

.*6 /4 6OP 0OTCH ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

.*6 /4 6OP 0OTCH ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

$3,

0::

7,

$%:

$::

.*6 /4 6OP 0OTCH ; %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

7,

$3,

$%:

$::

.*6 /4 TOP NOTCH Y %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

.*6 /4 6OP 0OTCH ; %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

6$9 7UDYHOHU 6$9 1HW :RUWK

6$9 0D\

*: 05 0DWHUQDO ' /+7 06 0DWHUQDO /

%6 0LVV %XFN <

6$9 7UDYHOHU 6$9 1HW :RUWK

6$9 0D\

69 1RUWKZHVW )LJXUH %*/ 0LVV $UFKLH 8 %

%*/ 0LVV /HJDF\ 3

2&& (PEOD]RQ ( 6$: (0% 7RS 1RWFK

6$: *ODGLDWRU

& 3DVTXH /) 3ROO\DQQ

5:6 0LVV 0D[L%XFN '

2&& (PEOD]RQ ( 6$: (0% 7RS 1RWFK

6$: *ODGLDWRU

*: /XFN\ 0DQ 1 /+7 06 /XFN\ 7

/+7 06 &UDFNHU %DUUHO

2&& (PEOD]RQ ( 6$: (0% 7RS 1RWFK

6$: *ODGLDWRU

1LFKROV %/. 'HVWLQ\ ' /+7 06 'HVWLQ\ 0

/+7 06 =LQJHU )

2&& (PEOD]RQ ( 6$: (0% 7RS 1RWFK

6$: *ODGLDWRU

+DUWV -HVVLH -DPHV ' /+7 06 -DPHV .

/+7 05 +LJKZD\ 0DQ &

2&& (PEOD]RQ ( 6$: (0% 7RS 1RWFK

6$: *ODGLDWRU

39) %) %) %ODFN -RNHU /+7 06 -RNHU 3

/+7 06 8 .

;

O G I M # < 6 /4 DWWRR

.*

7

%'

%ORRG

/RW

7&

0

&(

'6

&(

&16 'UHDP 2Q / *&) 05 $PLJR

*&) 0LVV 07 =(/

7ZLQ 9DOOH\ 3UHFLVLRQ ( $NHUV 5XE\

7KRPDV 5XE\

%:

::

<:

0&(

< DW ZHDQLQJ WLPH

00

0::

$3,

7,

$%:

$::

< ZDV RQH RI WKH PRVW DQWLFLSDWHG FDOYHV RI WKH FDOI FURS DQG KH ZDV QR GLVDSSRLQW PHQW :H ERXJKW WKLV SUHJQDQF\ WR JHW D WUXO\ RXWVWDQGLQJ KHUG EXOO SURVSHFW +H LV D PDWHU QDO EURWKHU WR WKH HYHU SRSXODU $, 6LUH 6& 0R 0DJLF ZKR KDV GRQH DQ RXWVWDQGLQJ MRE IRU XV 7KLV EXOO KDV VXSHU (3'¶V DQG FDQ EH XVHG RQ KHLIHUV DQG FRZV DOLNH +H LV RQH RI WKH WRS JDLQLQJ EXOOV DQG KDV D VXSHU GLVSRVLWLRQ , ZRXOG PDNH VXUH WR ORRN KLP XS DV KH LV DQ RXWVWDQGLQJ LQGLYLGXDO WKDW FRPHV IURP D WULHG DQG WUXH SHGLJUHH

.*6 /4 /O /AGIC ;

LHT 5% /O /AGIC 5 6LUH RI <

.*6 /4 /O /AGIC ; %ORRG

%' 7DWWRR <

/RW

&(

%:

::

<:

0&(

7&

0

&(

'6

00

0::

$3,

7,

$%:

$::

69) 1-& 0R %HWWHU 0 6& 0R 0DJLF 6

$NHUV 5XE\

7-) 05 - /+7 06 'HV 0

/+7 06 7DOO =

.*6 /4 4OOKIE ; %ORRG %' 7DWWRR < /RW

&(

%:

::

<:

0&(

7&

0

&(

'6

00

0::

7,

$3,

$%:

$::

< LV D FODVVLF VRQ RI RQH RI WKH WUXH ELJ VSUHDG EXOOV RI WKH EUHHG 5RRNLH 7KHVH DUH VRPH RI WKH EHVW ZHOO URXQGHG FDWWOH LQ WKH EUHHG &KHFN RXW KLV (3'¶V

+\OLQH 5LJKW 7LPH 39) - 3 +<% 5RRNLH

39) -0+ / *HRUJLD :+) 'HVSHUDGR * /+7 06 'HVSHUDGR 8

/+7 06 %ODFNPDQ 1

.*6 /4 4OOKIE ;

.*6 /4 4OOKIE ;

.*6 /4 4OOKIE ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00

0::

$3,

7,

$%:

$::

+\OLQH 5LJKW 7LPH 39) - 3 +<% 5RRNLH

39) -0+ / *HRUJLD 6KLORKV %ODFNPDQ ( /+7 06 %ODFNPDQ 1

;

G N I %LUB

.*6 /4 %ORRG

/RW 7&

0

&(

'6

&(

WWRR <

7D %'

+& +XPPHU 0 5& &OXE .LQJ 5

5& 0LVV *ULIIH\ 1

+HUR RI 5 5 /+7 06 55 1

-

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

< LV D SHUVRQDO IDYRULWH +H LV YHU\ H[SORVLYH LQ KLV ULE VKDSH ZLWK D ELJ WRS DQG VWLOO YHU\ VPRRWK PDGH +H KDV D YHU\ LPSUHVVLYH VHW RI HSG¶V WR ERRW 7R WRS LW RII KH LV D VRQ RI WKH HYHU SRSXODU &OXE .LQJ EXOO RI RXU IULHQGV WKH 0HUW]¶V

;

K C U R T S

/OON

.*6 /4 %ORRG

/RW

<

DWWRR

7 %'

7&

0

&(

'6

%& 0DUDWKRQ /+7 0RRQ 6WUXFN :

/+7 06 -RNHU 0

% 5 1HZ )URQWLHU /+7 06 )URQWLHU 7

/+7 06 'HVSHUDGR . &(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

.*6 /4 4ANCH *AND ; %ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

:KHDWODQG %XOO / 6$1' 5DQFK +DQG

6$1' /XFN\ &KDUPHU

/+7 06 3

.*6 /4 'DITION :

%ORRG

%' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

,< /4 ,OZKA ;

%ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

2&& *HQHVLV '8)) 1HZ (GLWLRQ

2&& 'L[LH (ULFD *

1LFKROV %ORFNEXVWHU ' 6$)1 -ROLHWWH 0

1LFKROV -2OLHWWH =

:KLSODVK &KDLQ 5HDFWLRQ 8

)$ 5RVH

.68 9HQRP 0 -= 06 0DULDK 6

-= 06 )HOLFLW\ 0

,< /4 ,OZKA ; < LV D ELJ ERQHG ELJ IRRWHG DQG D SRZHU IXOO\ PDGH EXOO +LV GDP -= 06 0DULDK LV D PRGHUDWH IUDPHG FRZ WKDW KDV SURGXFHG D JRRG FDOI HYHU\ \HDU IRU XV +LV VLUH &KDLQ 5HDF WLRQ JRHV EDFN WR WKH JHQHWLFV RI WKH 0H\HU EXOO

.*6 /4 .EGEND ;

%ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

/4 +NTERSTATE $OTTOMLINE

%ORRG

%' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

/4 +NTERSTATE $,4 /ONU

%ORRG %' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

2&& (PEOD]RQ ( 2&& /HJHQG /

2&& %ODFNELUG * / %ODFNIRRW ' /+7 06 %ODFNIRRW +

/+7 06 $VKOH\ '

/XFDV +LJKZD\ / )RXU 2DNV ,QWHUVWDWH

/XFDV 5HG %DOG\ /

2%* %0 %RWWRPOLQH 06 %RWWRPOLQH

06 %ODFN 5RFNHW

/XFDV +LJKZD\ / )RXU 2DNV ,QWHUVWDWH

/XFDV 5HG %DOG\

0RQX ;

06 0RQX ;

**UDPV %DUQH\ *

/4 $LACK 5AVANNAW 4ETAIL 2RODUCT

/RW

%ORRG

%' 7DWWRR ; 7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

%ODFN ,ULVK .DQVDV /XFDV %ODFN 6DYDQQDZ

* / 6DYDQQDK &

*$5 5HWDLO 3URGXFW '$ 06 5HWDLO 3URGXFW 5

'$ 06 ([W )

LHT

3XUHEUHG %XOOV

LHT

.*6 /4 S72'4+14 ;

.*6 /4 S72'4+14 ; 3XUHEUHG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

.*6 /4 4'D *7//'4 ;

3XUHEUHG %' 7DWWRR < /RW

&(

%:

::

<:

0&(

7&

0

&(

'6

00

0::

$3,

7,

$%:

$::

.*6 /4 %HOPPER ; 3XUHEUHG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

(OOLQJVRQ /HJDF\ 0 05 1/& 6XSHULRU 6

(%6 -RNHUV &DUHQ

1LFKROV %/. 'HVWLQ\ ' /+7 06 'HVWLQ\ 0

%6 0LVV '% <

:KHDWODQG %XOO 3 :KHDWODQG 5HG +XPPHU 6

:KHDWODQG /DG\ 3

/56 5HG 5HDOLW\ /+7 06 5HDOLW\ 1

/+7 06 6WRSOLJKW -

69) 6WHHO )RUFH 6 =.&& &KRSSHU 8

06 0H\HU 6 RI 7+

&16 'UHDP 2Q / /+7 06 'UHDP 2Q 7 &KHUU\

/+7 06 %ODFNIRRW *

Y

4 ' . $'66

'# 4

< 4 /

7DWWRR

<

,

%'

3XUHEUHG

/RW

67) 05 0RPHQWXP + 69) 1-& 0R %HWWHU 0

1-& 69) $QWRLQHWWH .

66 *ROGPLQH / -= 06 *ROGHQ *LUO 5

'UDNH %DQJOHV

7&

0

&(

'6

&(

%:

::

<:

0&(

00

0::

$3,

7,

$%:

$::

,I \RX DUH ORRNLQJ IRU D SXUHEUHG WKDW KDV D JUHDW SHGLJUHH WKH SK\VLFDO DWWULEXWHV RI D JUHDW EUHHGLQJ EXOO DQG ZLWK D YHU\ EDODQFHG (3' SUR¿OH WKHQ PDNH VXUH WR WDNH D ORRN DW < +H VKRXOG PDNH KLJK SHUIRUPDQFH VWHHUV DQG JUHDW ORRNLQJ GDXJKWHUV +LV GDP LV D PRGHUDWH WR VPDOO IUDPHG *ROGPLQH GDXJKWHU WKDW KDV D JUHDW XGGHU DQG YHU\ EDODQFHG VHW RI (3'¶V

.*6 /4 5UPERIOR ; 3XUHEUHG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

.*6 /4 #DVANCE ; 3XUHEUHG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

$3,

0::

7,

$%:

$::

.*6 /4 ,OKER ; 3XUHEUHG %' 7DWWRR < /RW

&(

%:

::

<:

0&(

7&

0

&(

'6

00 0::

7,

$3,

$%:

$::

(OUR 1AKS 4ED $ALDY 3XUHEUHG %' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

(OOLQJVRQ /HJDF\ 0 05 1/& 6XSHULRU 6

(%6 -RNHUV &DUHQ

&LUFOH 6 /HDFKPDQ 8 /+7 06 8 *

%6 0LVV &ROE\ &

5HPLQJWRQ 2Q 7DUJHW 6 /)( 0,66 %ODFN $GYDQFH 8

/)( %LOO\ 0

&LUFOH 6 /HDFKPDQ 8 /+7 06 8 7

*: 0LVV %XWNXV %

39) %) %) %ODFN -RNHU /+7 05 -RNHU 8

1LFKROV -ROLHWWH =

*: /XFN\ 0DQ 1 .6 7D\ORU 7

.6 0LVV %XVK6WRFNHU 5

/XFDV +LJKZD\ / )RXU 2DNV ,QWHUVWDWH

/XFDV 5HG %DOG\ /

.68 0DQKDWWDQ 7DJ 5HG 0HULRQ 0

7DJ 9LROHW

(OUR 1AKS 5EQUOIA 3XUHEUHG

%' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

+RRNV 6KHDU )RUFH . +RRNV .6 6HTXRLD 6

+RRNV 1LFROH 1

/%5 &URFNHWW 5 )RXU 2DNV 06 &RYHUJLUO

6&& 5HGGL .

V O O X %

G R R O %

.*6 /4 1LIE ;

%ORRG %' 7DWWRR < /RW

7&

0

&(

'6

&(

%:

::

<:

0&(

00

$3,

0::

7,

$%:

$::

.*6 /4 1LIE ;

%ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

7,

$3,

$%:

$::

.*6 /4 D4'#/ %ATCHER ;

%ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

00 0::

'6

$3,

7,

$%:

$::

1LFKROV /HJDF\ * (OOLQJVRQ /HJDF\ 0

(OOLQJVRQ 06 3 6WRFN .

6$9 1HW :RUWK /+7 06 :RUWK :

$QNRQ\ 06 'DXPHV 5

1LFKROV /HJDF\ * (OOLQJVRQ /HJDF\ 0

(OOLQJVRQ 06 36WRFN .

2&& /HJHQG / /+7 06 /HJHQG :

/+7 06 0LFN %

&16 'UHDP 2Q / :$*5 'UHDP &DWFKHU 5

& 0HORG\ 0 %=

2&& /HJHQG / /+7 06 /HJHQG :

/+7 06 -RNHU 7

HQ

'HDU &DWWOHP

XHUQLFKW SXUFKDVLQJ 7UD Q HH E DV K LO\ 0\ IDP DUV 7KHLU

IRU RYHU \H N RF VW J LQ HG O DQG DOZD\V EXOOV DQG EUH WHQW IXQFWLRQD LV QV LV FR Q HH E EXVLQHVV WKDW OLYHVWRFN KDV RW ¿QG D IDPLO\ Q

LOO WW Z FR 6 RX QG < D J /RUHQ LPSURYLQ PRUH LQWHJULW\ V V XV KD VF U GL R V VW DU QH \H PRUH KR URXJK WKH WK UV RX K VV G OH QW Q DQ KDYH VSHQW FRX G DQG RSHUDWLR HGV RI RXU KHU UG QH F KH D L¿ S HF OR VS YH H WK GH LQJ W EXOO WR JK UL H WK J LQ DW WKHQ LQFRUSRU OV XU IDUP¶V JRD W\ WR WKDW ZLOO PHHW R WKLV RSSRUWXQL NH WD WR RX \ JH LP UD RX FK QF , ZRXOG H K 7UDXHUQL W 6 RZQ KHUG ZLW XU \R H RY SU KHOS LP PHQWDOV F W]\N )DUPV ,Q LNH 3LHW]\N 3LH 0 G DQ H QF UH /DX D %XUU 1HEUDVN

³7KH GDWD VSHDNV IRU LWVHOI WKH /+7 VLUHG FDOYHV DUH JUDGLQJ ZHOO DQG KDYLQJ WKH \LHOG DG YDQWDJH RYHU 3XUH $QJXV VLUHG FDOYHV %UDQGRQ 3RKOPDQQ

.*6 /4 ,OKER ; %ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0:: $3,

7,

$%:

$::

.*6 /4 %HOPPER : %ORRG %' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

39) %) %) %ODFN -RNHU /+7 05 -RNHU 8

1LFKROV -ROLHWWH =

%)&. &KHURNHH &1<1

/+7 06 &DQ\RQ 5

/+7 06 5HDOLW\ 1

69) 6WHHO )RUFH 6 =.&& &KRSSHU 8

06 0H\HU 6 RI 7+

/+7 05 %ODFN $GGLFWLRQ %

/+7 06 $GGLFWLRQ 0

LHT 4XDOLW\ WKDW·V EUHG RQ QRW IHG RQ

V O O X %

G R R O %

LHT

.*6 /4 $ +NSTINCT ;

.*6 /4 $ +NSTINCT ;

%ORRG

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

0

&(

'6

0:: $3,

00

7,

$%:

$::

.*6 /4 %ONNEALY ;

%ORRG %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

0::

$3,

7,

$%:

$::

(OOD *UDQGSD

2&& 0LVVLQJ /LQN 0 '8)) %DVLF ,QVWLQFW

2&& 'L[LH (ULFD *

%& /RRNRXW

/+7 06 /RRNRXW :

/+7 06 'LFH /

*'$5 7UDYHOHU &RQQHDO\

-DQH\ RI &RQDQJD

&RQQHDO\ 3DFNHU

/+7 06 3DFNHU :

/+7 06 'HVWLQ\ /

$QJXV %XOOV

.*6 /4 6IME 1UT : 3% $QJXV %' 7DWWRR ; /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

.*6 /4 /EAT 9AGON ;

3% $QJXV

%' 7DWWRR <

/RW

7&

&(

%:

::

<:

0&(

00

0

&(

'6

$3,

0::

7,

$%:

$::

.*6 /4 /ANDATE ; 3% $QJXV %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

00 0::

'6

7,

$3,

$%:

$::

.*6 /4 /ANDATE ; 3% $QJXV %' 7DWWRR < /RW

7&

&(

%:

::

<:

0&(

0

&(

'6

00 0::

$3,

7,

$%:

$::

2&& (XUHND ( )%) 7LPH 2XW 7

)&& 5RVHWWD 1

3RQGHURVD 5LWR %ODFNWRS (PPD

%ODFNWRS (PPD

5LWR (0$ RI / (PEOD]RQ

&RQQHDO\ &DSDFLW\

%XQQLH RI &RQDQJD

7. (GHOOD 5

66 2EMHFWLYH 7 7 6\G*HQ 0DQGDWH

6\G*HQ *LQD

&RQQHDO\ 6DQGKLOOV 7. 4XHHQ 7LEELH :

7. 4XHHQ 7LEELH 6

66 2EMHFWLYH 7 6\G*HQ 0DQGDWH

6\G*HQ *LQD

6$9 %LVPDUFN 7. %XHQD 0DLG :

7. %XHQD 0DLG 7

7KDQN \RX IRU \RXU LQWHUHVW LQ /+7 EUDQG FDWWOH

V H U L 6

H F Q H 5HIHU

ASA #

CE

BW

WW

YW

MCE

MM

MWW

LHT Moonstruck 44W

Name

RC Club King 040R

Duff Basic Instinct 6501

MR NLC Superior S6018

Stay

CW

YG

Mar

BF

API

TI

DHD Traveler 6807

Connealy Thunder

SAV Brilliance 8077

SAV Final Answer 0035

SAV Mandan 5664

CR/DCC Copyright 6626

SS Ebonys Grandmaster

SC Mo Magic S47

GLS Combination R2

SAV Bismarck 5682

PVF-J 4P14 HYB Rookie

OCC Missing Link 830M

ZKCC Chopper 844U

FBF Time Out 767T

Hooks Shear Force 38K

SAV Net Worth 4200

SS On Line

LHT MR Joker 32U

SAND Ranch Hand

GW Lucky Man 644N

SAV Pioneer

SAW EMB 110 Top

Notch 712

LHT MR 6807 163W

7HUPV &RQGLWLRQD %,'',1* $1' $33/,&$%/( /$: $OO FDWWOH OLVWHG LQ WKLV RIIHULQJ FRPSO\ ZLWK SUHYDLOLQJ VDOH WHUPV DQG FRQGLWLRQV DV VHW IRUWK E\ WKH ODZV RI WKH VWDWH ZKHUHLQ WKH VDOH LV FRQGXFWHG 7KHUH DUH QR ZDUUDQWLHV H[SUHVVHG RU LPSOLHG E\ HLWKHU WKH DXF WLRQHHU RU FRQVLJQRU H[FHSW DV VHW IRUWK KHUHLQ DV WR WKH PHUFKDQWDELOLW\ RI ¿WQHVV IRU DQ\ SDUWLFXODU SXUSRVH RI DQ\ DQLPDO RIIHUHG LQ WKLV VDOH 7KH ULJKW WR ELG RU WKH ULJKW WR UHMHFW WKH ¿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¶6 5,6. (DFK DQLPDO EHFRPHV WKH SURSHUW\ RI DQG WKHUHIRUH LV DOVR WKH ULVN RI WKH SXUFKDVHU DV VRRQ DV LW LV VROG H[FHSW LW VKDOO EH WKH REOLJDWLRQ RI WKH VHOOHU WR VHH WKDW DQLPDOV DUH IHG DQG FDUHG IRU IUHH RI FKDUJH WR SXUFKDVHU XQWLO ORDGHG IRU VKLSPHQW RI XQWLO WKH H[SLUDWLRQ RI WZHQW\ IRXU KRXUV DIWHU WKH VDOH ZKLFKHYHU RFFXUV ¿UVW +($/7+ 5(48,5(0(176 $OO FDWWOH HQWHUHG IRU VDOH PXVW PHHW WKH KHDOWK UHJXODWLRQV RI WKH VWDWH LQ ZKLFK WKH\ DUH VROG $OO RWKHU DJUHHPHQWV UHJDUGLQJ WKH KHDOWK RI WKH DQLPDO ZLOO EH EHWZHHQ WKH EX\HU DQG VHOOHU DQG VKRXOG EH GRFXPHQWHG LQ ZULWLQJ ,I VDOH FDWWOH DUH UHWXUQHG WR WKH VHOOHU IRU DQ DGMXVWPHQW WKH\ PXVW PHHW WKH KHDOWK UHTXLUHPHQWV RI WKH VWDWH WKH\ DUH HQWHUHG LQWR &(57,),&$7( 2) 5(*,675< (DFK DQLPDO ZKLFK LV FDWDORJXHG RIIHUHG DQG VROG DV D UHJLVWHUHG DQLPDO VKDOO KDYH D FHUWL¿FDWH RI UHJLVWU\ DYDLODEOH DW WLPH RI VDOH :KHQ DQ DQLPDO LV VROG DV ³HOLJLEOH IRU UHJLVWU\´ RU ³UHJLVWU\ DSSOLHG IRU´ WKH VHOOHU VKDOO EH UHVSRQVLEOH IRU REWDLQLQJ WKH FHUWL¿FDWH RI UHJLVWU\ DQG IRU WKH SURSHU WUDQVIHU RI WKH FHUWL¿FDWH WR WKH SXUFKDVHU LQFOXGLQJ IXOO SD\PHQW RI WUDQVIHU IHHV ,'(17,),&$7,21 (DFK DQLPDO DW WLPH RI VDOH PXVW KDYH D UHDGDEOH WDWWRR RU EUDQG FRUUHVSRQGLQJ WR WKDW VKRZQ RQ WKH FHUWL¿FDWH RI UHJLVWUDWLRQ $87+(17,&,7< 2) 3(',*5(( :KHQ DQ DQLPDO WKURXJK SDUHQWDO YDOLGDWLRQ LV GHWHUPLQHG WR KDYH DQ DQFHVWU\ RWKHU WKDQ WKDW UHSRUWHG RQ WKH UHJLVWUDWLRQ FHUWL¿FDWH WKH EX\HU VKDOO EH HQWLWOHG WR D UHIXQG RI WKH SXUFKDVH SULFH IURP WKH VHOOHU XSRQ UHWXUQ RI WKH DQLPDO WR WKH IDUP RI WKH VHOOHU DW WKH VHOOHU¶V H[SHQVH 7KH DQLPDO LQ TXHVWLRQ DW WKH EX\HU¶V RSWLRQ PD\ EH H[FKDQJHG IRU DQRWKHU DQLPDO RI HTXDO YDOXH RU LI DJUHHDEOH ZLWK WKH EX\HU WKH VHOOHU PD\ KDYH WKH FHUWL¿FDWH UHWXUQHG WR WKH EX\HU $Q\ DGMXVWPHQW SURYLGHG KHUHLQ LI VHOHFWHG VKDOO DEVROYH WKH VHOOHU IURP IXUWKHU OLDELOLW\ IRU DXWKHQWLFLW\ RI SHGLJUHH WR WKH EX\HU %5((',1* *8$5$17((6 $1' '(),1,7,216 )HPDOHV DUH JXDUDQWHHG WR EH EUHHGHUV ZLWK WKH H[FHSWLRQ RI D )HPDOH FDOYHV VROG DW VLGH RI GDP E ,QMXU\ RU GLVHDVH RFFXUULQJ WR WKH DQLPDO DIWHU WLPH RI VDOH F *URVV QHJOLJHQFH RU ZLOOIXO PLVFRQGXFW RQ WKH SDUW RI WKH SXUFKDVHU G )HPDOHV XVHG LQ RYXP WUDQVSODQW DIWHU WLPH RI VDOH H &RZV VROG ZLWK FDOI DW VLGH RU D IHPDOH WKDW FDOYHV DIWHU VDOH WR D EUHHGLQJ SULRU WR WKH GDWH RI WKH VDOH %XOOV DUH JXDUDQWHHG WR EH EUHHGHUV DEOH WR VHWWOH KHDOWK\ FRZV E\ WKH

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¿FLDO LQVHPLQDWLRQ EXW LW GRHV QRW QHFHVVDULO\ PHDQ WKDW WKH IHPDOH LV VDIH LQ FDOI WR WKDW VHUYLFH $ SDVWXUH EUHG IHPDOH LV D IHPDOH WKDW KDV EHHQ SDVWXUHG ZLWK D GHVLJQDWHG EXOO DQG KDV EHHQ H[SRVHG IRU WKH WLPH VWDWHG EXW LW GRHV QRW QHFHVVDULO\ PHDQ WKDW WKLV IHPDOH LV VDIH LQ FDOI WR WKDW EXOO $Q RSHQ IHPDOH LV D QRQ SUHJQDQW DQLPDO &DOYHV VROG RII WKHLU GDPV VSOLW SDLUV VKDOO FDUU\ WKH IXOO EUHHGLQJ JXDU DQWHH

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

+RUQHG ± $Q DQLPDO ZLWK D KRUQ JURZWK DI¿[HG WR WKH VNXOO WKDW KDV RU KDV QRW EHHQ UHPRYHG

3ROOHG 6FXUUHG ± $Q DQLPDO ZLWK UXGLPHQWDU\ KRUQ JURZWK WKDW ZLOO QRW GHYHORS LQWR D KRUQ 7KH UXGLPHQWDU\ KRUQ JURZWK PD\ RU PD\ QRW EHFRPH DI¿[HG WR WKH VNXOO DW DQ ROGHU DJH

3ROOHG ± $Q DQLPDO ZLWK DEVHQFH RI KRUQ JURZWK $Q DQLPDO FDQ KDYH VFXUV DQG VWLOO EH JHQHWLFDOO\ SROOHG

6PRRWK 3ROOHG ± $ VPRRWK SROOHG LQGLYLGXDO KDV QR VFXUV DQG GRHV QRW GHYHORS VFXUV ODWHU LQ OLIH *8$5$17((6 ,I DQ DQLPDO LV VROG DV SROOHG RU SROOHG VFXUUHG DQG SURYHV WR EH KRUQHG WKH VHOOHU VKDOO EH REOLJDWHG WR UHIXQG WKH SXUFKDVH SULFH XSRQ UHWXUQ RI WKH DQLPDO WR WKH IDUP RI WKH VHOOHU DW WKH H[SHQVH RI WKH VHOOHU RU PD\ EH H[FKDQJHG IRU D SROOHG DQLPDO RI HTXDO YDOXH ZKLFKHYHU LV DFFHSWDEOH WR WKH EX\HU 7KH EX\HU KDV WKLUW\ GD\V IURP GDWH RI VDOH WR QRWLI\ WKH VHOOHU WKD DQ DGMXVWPHQW LV LQ RUGHU

,I DQ DQLPDO LV VROG DV VPRRWK SROOHG DQG SURYHV WR EH VFXUUHG WKH VHOOHU VKDOO EH REOLJDWHG WR UHIXQG WKH SULFH XSRQ UHWXUQ RI WKH DQLPDO WR WKH IDUP RI WKH VHOOHU DW WKH H[SHQVH RI WKH VHOOHU RU DW WKH EX\HU¶V RSWLRQ VKDOO EH H[FKDQJHG IRU D VPRRWK SROOHG DQLPDO RI HTXDO YDOXH ,I DQ DQLPDO LV VROG DV SROOHG DQG GHYHORSV VFXUV WKH VHOOHU ZLOO QRW EH REOLJDWHG WR PDNH DQ\ DGMXVWPHQW DV D VFXUUHG DQLPDO LV FRQVLGHUHG SROOHG ,I DQ DQLPDO LV VROG DV SROOHG DQG KDV VFXUV LW VKDOO EH VR DQQRXQFHG DW WKH WLPH RI VDOH WKDW WKH DQLPDO KDV VFXUV ,I LW LV QRW DQQRXQFHG DQG WKH EX\HU ¿QGV EHIRUH WKH DQLPDO OHDYHV WKH VDOH SUHPLVHV WKDW WKH DQLPDO KDV VFXUV WKH EX\HU PXVW QRWLI\ WKH VHOOHU RI WKH ¿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¶V H[SHQVH LI LQ JRRG SK\VL FDO FRQGLWLRQ DQG WKH UHWXUQ LV LQ FRPSOLDQFH ZLWK WKH KHDOWK UHTXLUHPHQWV RI WKH VHOOHU¶V VWDWH 7KH VHOOHU VKDOO EH HQWLWOHG WR D VL[ PRQWK WULDO SHULRG IROORZLQJ WKH UHWXUQ RI WKH DQLPDO LQ ZKLFK WR SURYH WKH DQLPDO LV D EUHHGHU ,I DW WKH HQG RI VL[

PRQWKV WKH VHOOHU LV XQDEOH WR SURYH WKH DQLPDO LV D EUHHGHU WKH VHOOHU VKDOO DW WKH RSWLRQ RI EX\HU UHSODFH WKH DQLPDO ZLWK DQRWKHU HTXDO YDOXH RU UHIXQG WKH SXUFKDVH SULFH (LWKHU RSWLRQ VKDOO EH GHHPHG IXOO VDWLVIDFWLRQ DQG VHWWOHPHQW ,I D IHPDOH LV VROG DV ³VDIH LQ FDOI´ WR D JLYHQ VLUH RU VLUHV RQ D VSHFL¿HG GDWH RU GDWHV DQG SURYHV QRW WR EH DV UHSUHVHQWHG WKH EX\HU LV HQWLWOHG WR D UHIXQG RI WKH SXUFKDVH SULFH IURP WKH VHOOHU XSRQ UHWXUQ RI WKH DQLPDO DQG UHVXOWLQJ SURJHQ\ WKHUHRI WR WKH IDUP RI WKH VHOOHU DW WKH VHOOHU¶V H[SHQVH ,I D IHPDOH LV VROG DV ³RSHQ´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

W

FK L Q U H X 7UD

3HUIRUPDQFH &DWWOH ZLWK D 7RXFK RI 6W\OH

LHT 6LPPHQWDOV

/RUHQ 0D[LQH &LQG\ 0LNH 6FRWW 'HQLHOOH (DVW 3LQH 5RDG :\PRUH 1(

5+0) +//'06#. P 0&':'5 5 2418+&' 10.; # 2+'%' 1( 6*' 27<<.' (14 %1/2#4+0) '%101/+%#..; +/2146#06 64#+65T *+5 +5 9*'4' +0&':'5 %1/' +0 g $.'0&+0) 5 #0& '%101/+%5 61 '56+/#6' #0 #0+/#. 5 18'4#.. +/2#%6 10 ;174 $1661/ .+0'T *' 5#/' 6'%*01.1); 6*#6 .'& 61 6*' &4#/#6+% 241)4'55 +0 59+0'X 217.64; #0& &#+4; )'0'6+%5 18'4 6*' .#56 5'8'4#. &'%#&'5 9#5 75'& 61 &'8'.12 6*' (1..19+0) +0&':'5U j kU 8#.7#6'5 5+4'5 (14 75' 10 6*' '06+4' %19 *'4& j$4'& 61 $16* 0)75 (+456g%#.( *'+('45 #0& /#674' %195k 9+6* 6*' 2146+10 1( 6*'+4 &#7)*6'45 4'37+4'& 61 /#+06#+0 *'4& 5+4' 4'6#+0'&X #0& 6*' 4'/#+0+0) *'+('45 #0& 56''45 276 10 (''& #0& 51.& )4#&' #0& ;+'.&T j kU 8#.7#6'5 5+4' 75' 10 /#674' 0)75 %195 9+6* #.. 1((524+0) 276 10 (''& #0& 51.& )4#&' #0& ;+'.&T n U +456 &'6'4/+0' 9*+%* +0&': 61 75'U +( ;17 4' -''2+0) 4'2.#%'/'065 75' X +( 016X T *'0 ,756 #5 9+6* 5X <'41 +0 10 6*' 70+6 &+(('4'0%' j&1..#45 2'4 %19 ':215'&k $'69''0 $7..5T *' &+(('4'0%' %#0 $' 75'& 61 &'6'4/+0' *19 /7%* # $7.. +5 9146* %1/2#4'& 61 #016*'4 g 14 *19 /7%* ;17 %#0 2#; (14 10' $7.. %1/2#4'& 61 #016*'4T U $7.. 5%14+0) ENN (14 +5 9146* #0 ':64# PJXNNN 18'4 # IN $7.. +( $16* #4' ':g 215'& 61 GN %195 18'4 H ;'#45 jPIN &+(('4'0%' : GN *'#& : H ;4T z PJXNNNkT 2'4%'06+.' 4#0-+0) %*#46 +5 4'37+4'& 61 &'6'4/+0' 9*'4' # $7.. 5 +0&': 8#.7' 4#0-5 *+/ 4'.#6+8' 61 16*'4 $7..5 +0 6*' $4''&T 14 2'4%'06+.' 4#0-+0) 14 /14' +0(14/#6+10 #$176 5 #0& P +0&':'5 8+5+6 999T5+//'06#.T14)T