0RQGD\-XO\

<RXU/RFDO0DUNHW
V MISSION VIEJO, CA
([HFXWLYH6XPPDU\ Condos - Townhomes

7KLV:HHN
5HDO7LPH0DUNHW3URILOH 7UHQG
0HGLDQ/LVW3ULFH  r
$VNLQJ3ULFH3HU6TXDUH)RRW  r
7KHPHGLDQOLVWSULFHLQ0,66,219,(-2&$WKLVZHHNLV $YHUDJH'D\VRQ0DUNHW'20  
3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
3HUFHQW5HOLVWHGUHVHW'20 
7KH0DUNHW$FWLRQLQGH[KDVEHHQWUHQGLQJGRZQODWHO\ZKLOH
GD\VRQPDUNHWLVFOLPELQJSURYLGLQJPRVWO\EHDULVKVLJQVIRUWKH 3HUFHQW)OLSSULFHLQFUHDVHG 
PDUNHW 0HGLDQ+RXVH6L]HVTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 
0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  nn

6XSSO\DQG'HPDQG
7KHPDUNHWKDVEHHQFRROLQJRYHUWLPHDQGSULFHVSODWHDXHGIRUD r 1RFKDQJH  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
ZKLOH'HVSLWHWKHFRQVLVWHQWGHFUHDVHLQ0$,ZH
UHLQWKH6HOOHU
V
]RQH:DWFKIRUFKDQJHVLQ0$,,IWKH0$,UHVXPHVLW
VFOLPESULFHV  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
ZLOOOLNHO\IROORZVXLW,IWKH0$,GURSVFRQVLVWHQWO\RUIDOOVLQWRWKH
%X\HU
V]RQHZDWFKIRUGRZQZDUGSUHVVXUHRQSULFHV

3ULFH
0DUNHW$FWLRQ,QGH[ 7KHPDUNHWDSSHDUVWREHKRYHULQJDURXQGWKLVSODWHDX/RRNIRU
DSHUVLVWHQWFKDQJHLQWKH0DUNHW$FWLRQ,QGH[EHIRUHZHVHH
SULFHVGHYLDWHIURPWKHVHOHYHOV

3ULFH7UHQGV

'D\5ROOLQJ$YHUDJH 'D\5ROOLQJ$YHUDJH %X\HU6HOOHU&XWRII

7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH
0DUNHW"E\PHDVXULQJWKHFXUUHQWUDWHRIVDOHYHUVXVWKH
DPRXQWRIWKHLQYHQWRU\,QGH[DERYHLPSOLHV6HOOHU
V
0DUNHWFRQGLWLRQV%HORZFRQGLWLRQVIDYRUWKHEX\HU

4XDUWLOHV
'D\5ROOLQJ$YHUDJH 'D\5ROOLQJ$YHUDJH

&KDUDFWHULVWLFVSHU4XDUWLOH ,QYHVWLJDWHWKHPDUNHWLQTXDUWLOHV
ZKHUHHDFKTXDUWLOHLVRIKRPHV
RUGHUHGE\SULFH
4XDUWLOH 0HGLDQ3ULFH 6TXDUH)HHW %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3RZHUHGE\$OWRV5HVHDUFK//&_ZZZDOWRVUHVHDUFKFRP_&RS\ULJKW$OWRV5HVHDUFK//&
<RXU/RFDO0DUNHW
V
0$5.(783'$7(
0,66,219,(-2&$

&XUUHQW5HDO(VWDWH0DUNHW&RQGLWLRQVIRU&RQGRV 7RZQKRPHV
7UHQGVLQ3ULFLQJ
&XUUHQW/HYHOVRI6XSSO\DQG'HPDQG
9DOXH0HWULFV

5HSRUWIRUWKHZHHNRI
-XO\

3UHVHQWHGE\<RXU/RFDO0DUNHW5HSRUWV




3RZHUHGE\$OWRV5HVHDUFK//&_ZZZDOWRVUHVHDUFKFRP_&RS\ULJKW$OWRV5HVHDUFK//&
 &LW\2YHUYLHZ &RQGRV 7RZQKRPHVLQ


0,66,219,(-2&$

7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG

7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV7KH $YHUDJH/LVW3ULFH 
SURSHUWLHVKDYHEHHQRQWKH $VNLQJ3ULFH3HU6TXDUH)RRW  r

PDUNHWIRUDQDYHUDJHRIGD\V $YHUDJH'D\VRQ0DUNHW'R0  

,QYHQWRU\RI3URSHUWLHV/LVWHG  r

0RVW([SHQVLYH/LVWLQJ 
7KH0DUNHW$FWLRQLQGH[KDVEHHQ /HDVW([SHQVLYH/LVWLQJ 

WUHQGLQJGRZQODWHO\ZKLOHGD\VRQ $YHUDJH$JHRI/LVWLQJ 
PDUNHWLVFOLPELQJSURYLGLQJPRVWO\ 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
EHDULVKVLJQVIRUWKHPDUNHW 3HUFHQW5HOLVWHGUHVHW'20 
3HUFHQW)OLSSULFHLQFUHDVHG 
0HGLDQ+RXVH6L]HVTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
7KHPDUNHWKDVEHHQFRROLQJRYHU 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  nn

WLPHDQGSULFHVSODWHDXHGIRUD 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
ZKLOH'HVSLWHWKHFRQVLVWHQW LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
GHFUHDVHLQ0$,ZH
UHLQWKH6HOOHU
V EX\HU
]RQH:DWFKIRUFKDQJHVLQ0$,,I
WKH0$,UHVXPHVLW
VFOLPESULFHV 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
ZLOOOLNHO\IROORZVXLW,IWKH0$, r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
GURSVFRQVLVWHQWO\RUIDOOVLQWRWKH
%X\HU
V]RQHZDWFKIRUGRZQZDUG
SUHVVXUHRQSULFHV

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0HGLDQ3ULFH
7KHPDUNHWDSSHDUVWREHKRYHULQJDURXQGWKLVSODWHDX7KLVZHHNSULFHVHDVHGGRZQDELW7KH0DUNHW$FWLRQ,QGH[LVDJRRG
OHDGLQJLQGLFDWRUIRUWKHGXUDELOLW\RIWKLVVKLIW

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
3ULFHVKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOOIRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIW
XSRUGRZQLQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURPWKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

3ULFHSHU6TXDUH)RRW
7KHPDUNHWSODWHDXLVVHHQDFURVVWKHSULFHDQGYDOXH7KHSULFHSHUVTXDUHIRRWDQGPHGLDQOLVWSULFHKDYHERWKEHHQ
UHDVRQDEO\VWDJQDQW:DWFKWKH0DUNHW$FWLRQ,QGH[IRUSHUVLVWHQWFKDQJHVDVDOHDGLQJLQGLFDWRUEHIRUHWKHPDUNHWPRYHVIURP
WKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQUHODWLYHO\VWHDG\DURXQGWKHVHOHYHOVLQUHFHQWZHHNV

GD\$YHUDJH GD\$YHUDJH

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQHJUHDWHUWKDQ7KHGD\0DUNHW$FWLRQ
,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKHPDUNHWDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHWHJWKHKLJKHQGZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQHEHORZIRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\-XO\

 1HLJKERUKRRG'HWDLO &RQGRV 7RZQKRPHVLQ


0,66,219,(-2&$


7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG

7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYH $VNLQJ3ULFH3HU6TXDUH)RRW  

EHHQRQWKHPDUNHWIRUDQDYHUDJHRI $YHUDJH'D\VRQ0DUNHW'R0  

GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  

0RVW([SHQVLYH/LVWLQJ 
,QYHQWRU\DQGGD\VRQPDUNHWDUH /HDVW([SHQVLYH/LVWLQJ 

ERWKWUHQGLQJKLJKHUUHFHQWO\ $YHUDJH$JHRI/LVWLQJ 
+RZHYHUWKHLPSURYLQJ0DUNHW 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
$FWLRQ,QGH[LPSOLHVVRPHLQFUHDVHG 3HUFHQW5HOLVWHGUHVHW'20 
GHPDQGZLOOWHPSHUWKHQHJDWLYH 3HUFHQW)OLSSULFHLQFUHDVHG 
WUHQGV 0HGLDQ+RXVH6L]HVTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
7KHPDUNHWKDVEHHQFRROLQJRYHU 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  nn

WLPHDQGSULFHVSODWHDXHGIRUD 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
ZKLOH'HVSLWHWKHFRQVLVWHQW LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
GHFUHDVHLQ0$,ZH
UHLQWKH6HOOHU
V EX\HU
]RQH:DWFKIRUFKDQJHVLQ0$,,I
WKH0$,UHVXPHVLW
VFOLPESULFHV 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
ZLOOOLNHO\IROORZVXLW,IWKH0$, r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
GURSVFRQVLVWHQWO\RUIDOOVLQWRWKH
%X\HU
V]RQHZDWFKIRUGRZQZDUG
SUHVVXUHRQSULFHV

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
:HFRQWLQXHWRVHHSULFHVLQWKLV]LSFRGHERXQFHDURXQGWKLVSODWHDX/RRNIRUDSHUVLVWHQWGRZQVKLIWLQWKH0DUNHW$FWLRQ
,QGH[EHIRUHZHVHHSULFHVGHYLDWHIURPWKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
,QWKHTXDUWLOHPDUNHWVHJPHQWVZHVHHSULFHVLQWKLV]LSFRGHKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOO
IRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIWXSRUGRZQLQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURP
WKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
7KHYDOXHSODFHGRQKRPHVDSSHDUVWREHRQWKHXSVZLQJGHVSLWHWKHIDFWWKDWSULFHVLQJHQHUDOKDYHUHPDLQHGEDVLFDOO\IODW
7KHVHFRQGLWLRQVFDQDULVHZKHQLQYHQWRU\LVOLJKWDQGDJUHDWHUQXPEHURIVPDOOHUKRPHVKDYHPRUHLQIOXHQFHRQRYHUDOOSULFHV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQFOLPELQJODWHO\1RWHWKDWULVLQJLQYHQWRU\DORQHGRHVQRWVLJQDODZHDNHQLQJPDUNHW/RRNWRWKH0DUNHW
$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVNHHSLQJXSZLWKDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQHJUHDWHUWKDQ7KHGD\0DUNHW
$FWLRQ,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKLV]LSFRGHDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHWHJWKHKLJKHQGZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQHEHORZIRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\-XO\

 1HLJKERUKRRG'HWDLO &RQGRV 7RZQKRPHVLQ


0,66,219,(-2&$


7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG

7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYH $VNLQJ3ULFH3HU6TXDUH)RRW  r

EHHQRQWKHPDUNHWIRUDQDYHUDJHRI $YHUDJH'D\VRQ0DUNHW'R0  

GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  n

0RVW([SHQVLYH/LVWLQJ 
,QYHQWRU\KDVEHHQGHFUHDVLQJODWHO\ /HDVW([SHQVLYH/LVWLQJ 

EXWWKH0DUNHW$FWLRQ,QGH[LVIDOOLQJ $YHUDJH$JHRI/LVWLQJ 
DOVR:LWKGD\VRQPDUNHWFOLPELQJ 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
WKHVHDUHUHODWLYHO\QHJDWLYH 3HUFHQW5HOLVWHGUHVHW'20 
LPSOLFDWLRQVIRUWKHPDUNHW 3HUFHQW)OLSSULFHLQFUHDVHG 
0HGLDQ+RXVH6L]HVTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
7KHPDUNHWFRQWLQXHVWRJHWKRWWHU 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  

0RUHVDOHVGHPDQGDQGIHZHUKRPHV 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
OLVWHGKDYHFRQWULEXWHGWRD LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
UHODWLYHO\ORQJUXQRILQFUHDVLQJ EX\HU
SULFHV
7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
'HVSLWHWKLVZHHN
VGRZQWLFWKHSULFHWUHQGLQWKLV]LSFRGHUHPDLQVXSZDUGIRUVHYHUDOZHHNV:H
UHZLWKLQVLJKWRIWKHPDUNHW
SHDNDQGZH
OODVVXPHWKLVZHHN
VFKDQJHLVMXVWUDQGRPQHVVXQOHVVZHVHHDSHUVLVWHQWGRZQZDUGSXVKRIWKH0DUNHW$FWLRQ
,QGH[LQWRWKH%X\HU
V]RQH

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
,QWKHTXDUWLOHPDUNHWVHJPHQWVZHVHHSULFHVLQWKLV]LSFRGHKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOO
IRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIWXSRUGRZQLQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURP
WKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
,QDPDUNHWZKHUHSULFHVDUHULVLQJIDLUO\FRQVLVWHQWO\SULFHSHUVTXDUHIRRWLVHVVHQWLDOO\IODW7KLVRIWHQLPSOLHVWKDWQHZ
KRPHVFRPLQJRQWKHPDUNHWDUHSULFLHUDQGDOVRODUJHUWKDQROGHUKRPHV$VDUHVXOWWKHYDOXHRQHFDQEX\VWD\VWKHVDPH

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQIDOOLQJLQUHFHQWZHHNV1RWHWKDWGHFOLQLQJLQYHQWRU\DORQHGRHVQRWVLJQDODVWUHQJWKHQLQJPDUNHW/RRNWR
WKH0DUNHW$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVFKDQJLQJZLWKWKHDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQHJUHDWHUWKDQ7KHGD\0DUNHW
$FWLRQ,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKLV]LSFRGHDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHWHJWKHKLJKHQGZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQHEHORZIRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI  0RQGD\-XO\

 &RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\-XO\