SB 60 New Holland PDF
SB 60 New Holland PDF
MANUAL
SB36 / SB56 / SB58
SB36 SB60 / SB62 / SB64
SB56 Grape Harvester
SB58
SB60
SB62
SB64
Grape Harvester
1/1
Part number 6048223100 Part number 6048223100
English
May 2000
%5$8'
$ %$6,& 6833/<
& 6+$.,1*
( &/($1,1*
) &217$,1(56
* )5$0( 67((5,1*
+ 7+(50$/ (1*,1(
, +<'5$8/,& 6<67(0
- 75$160,66,21
. (/(&75,&$/ 6<67(0
/ 08/7,385326(
0 0$,17(1$1&(
1 722/,1*
6HFWLRQ $
%$6,& 6833/<
3DJH
%$6,& 6833/<
7(&+1,&$/ 63(&,),&$7,216
+DUYHVWLQJ PDFKLQHV
6HOISURSHOOHG PDFKLQHV
6% 6% 6% 6% 6% DQG 6%
+$59(67(5
7KH KDUYHVWHU DVVHPEO\ LQFOXGLQJ WKH EXFNHWV LV PRXQWHG RQ D VSHFLDO IUDPH DQG IL[HG LQ RQO\ WKUHH
SRLQWV WKXV PDNLQJ GLVDVVHPEO\ RSHUDWLRQV YHU\ HDV\
$OO K\GUDXOLF OLQHV DQG HOHFWULF FRQQHFWLRQV EHWZHHQ WKH VHOISURSHOOHG PDFKLQH DQG WKH KDUYHVWLQJ JURXS
DUH HTXLSSHG ZLWK IDVWFRXSOLQJV
1RULDV PRWRU FDQ EH GLVDVVHPEOHG ZLWKRXW WRXFKLQJ WKH IOH[LEOH OLQHV
6KDNLQJ KHDGHU
: )URQW
VKDNHU FDUULHUV RI WKLFN SODWH PRXQWHG RQ WLJKW EHDULQJV
: 5HDU
7KH VKDNHU URGV DUH IL[HG WR WKH WKLFN WXEH FKDQQHO DQG DOORZ WKH VKDNHUV WR EH GHIRUPHG VHSDU
DWHO\ ZLWKRXW PXWXDO LQWHUIHUHQFH
5HDO KHLJKW P ZLWK KROHV WR IL[ WKH VKDNHUV DW DQ\ OHYHO
7KH VKDNHUV DUH PDGH RI YHU\ IOH[LEOH Q\ORQ PDWHULDO ZKLFK KDV EHHQ GHYHORSHG ZLWK WKH KHOS RI WKH %X
UHDX G· (WXGHV %5$8' %5$8' 5HVHDUFK 'HSDUWPHQW 7KH\ KDYH WZR IURQW KROGLQJ KROHV DQG D UHDU
DUWLFXODWLRQ MRLQW
: IURQW IL[LQJ WZR KDOI IODQJHV
: UHDU IL[LQJ PL[ ZLWK D URG DQG D FRQQHFWLRQ
: VKDNHU GLDPHWHU PP
7KH WZR IURQW VKDNHU FDUULHUV DUH FRQWUROOHG E\ WZR VPDOO URGV DQG WZR VLGH FDPV ZLWK WZR LQHUWLDO IO\ZKHHOV
: ,PSRVVLEOH RIIVHW
: (DV\WRDGMXVW ZLGWK WKUHH SRVLWLRQV
: 4XLFN DGMXVWDEOH FRQYHUJHQFH
7KLV V\VWHP LV PDGH XS RI WZR FKDLQV HDFK ZLWK IOH[LEOH EXFNHWV ZLWK VSHHG GHSHQGLQJ RQ WKH PDFKLQH
LQFKLQJ VSHHG
WZR IDVW FRXSOLQJV WR GHWDFK WKH QRULDFKDLQ DVVHPEO\ DQG UHPRYH WKH ILUVW EXFNHW HDVLO\
,QFKLQJ E\ D K\GUDXOLF PRWRU DQG UHGXFWLRQ JHDUER[ ZLWKRXW FKDLQ DQG PHFKDQLF OLPLWLQJ GHYLFHV 0D[
WRUTXH GD1P RQ QRULD VKDIW LV FRQWUROOHG E\ K\GUDXOLF SUHVVXUH EDU
RSHUDWLRQ VHW WKURXJK D EXWWRQ IURP WKH GULYHU·V VHDW
JDWKHULQJ KHLJKW FP
VLGH JXDUG VWDLQOHVV SODWHV DQG SODVWLFL]HG SODWHV
UHDU JXDUG 39& IHQGHUV
EXFNHW RSHUDWLQJ IXQFWLRQ ZLWK VWDQGLQJ PDFKLQH WR KDYH WKHP ZDVKHG DQG PDLQWDLQHG
KDUYHVWLQJ DVVHPEO\ VXVSHQGHG RQ WZR SRLQWV LQ WKH IURQW DQG LQ WKH UHDU IRU VHOIOHYHOOLQJ
VLGH WLOWLQJ
VWDONJXLGH IURP ZLWK HODVWLF DPSOLWXGH XS WR PP
PP ZLWK HODVWLF DPSOLWXGH XS WR PP ZLWK
ORQJ HGJH EXFNHWV
&RQYH\LQJ
VWDLQOHVV VWHHO VLGH FRQYH\RUV ZLWK 39& EHOWV HDFK SRZHUHG E\ DQ K\GUDXOLF PRWRU :LGWK PP
%HOW FHQWHULQJ NHSW E\ DQRWKHU FHQWUDO JXLGH EHOW
%HOW URWDWLRQ UHYHUVHU
5RWDWLRQ VSHHG GLVSOD\LQJ RQ WKH ERDUG FRPSXWHU
&OHDQLQJ
7HFKQLFDO VSHFLILFDWLRQV
&RQWDLQHUV
7ZR VLGH FRQWDLQHUV ZLWK LQGHSHQGHQW UHDU GLVFKDUJH FRQWUROOHG VHSDUDWHO\ E\ HOHFWULF SXVK EXWWRQV
7KH FRQWDLQHU FDQ UHWXUQ VLPXOWDQHRXVO\
+DUYHVW GLVWULEXWLRQ E\ PHDQV RI D ODUJH VWDLQOHVV VWHHO DXJHU PP ZLWK ORZ VSHHG DQG FRQWUROOHG
GLUHFWO\ E\ D PRWRU
7KH\ FDQ EH VHW LQWR RSHUDWLRQ VHSDUDWHO\ IURP WKH KDUYHVWLQJ DVVHPEO\
&DSDFLW\
[ O
[ O
[ O H[FOXGLQJ 6%
&OHDUDQFH XQGHU WKH FRQWDLQHU DUWLFXODWLRQ ZLWK ORZHUHG PDFKLQH PP
6(/)3523(//(' 0$&+,1(
)UDPH
6TXDUHVL]HG WXEXODU IUDPH ZLWK WZR VXSSRUWLQJ EHDPV DQG D IURQW FKDQQHO
5HDU FKDQQHO WR VWLIIHQ WKH IUDPH FDQ EH HDVLO\ GLVDVVHPEOHG ZLWK WKH KDUYHVWLQJ DVVHPEO\
7ZR DUPV VXSSRUWLQJ WKH UHDU ZKHHOV ZLWK DUWLFXODWLRQ RQ WKH IUDPH DQG RULHQWDWLRQ E\ PHDQV RI F\OLQGHUV
ZKLFK HQVXUH WKH SRVVLELOLW\ WR OLIW WKH PDFKLQH RQ WKH ULJKW RU RQ WKH OHIW VLGH XS WR PP 7KLV PDNHV LW
SRVVLEOH WR DGMXVW WKH PDFKLQH OHDQLQJ XS WR D
+HLJKW DGMXVWLQJ VWRSV WR NHHS DQG UHVWRUH WKH VDPH RSHUDWLQJ KHLJKW
7ZR IURQW OHJV EHDULQJ VOLGLQJ DQG URWDWLQJ ZKHHOV WR IL[ DQ K\GUDXOLF EDU ZLWK PP WLOWLQJ
$ PP PDFKLQH OLIWLQJ V\QFKURQLVHG ZLWK WKH FRUUHVSRQGLQJ UHDU VLGH PDNHV LW SRVVLEOH WR DGMXVW WKH
OHDQLQJ XS WR D
7KH EDU LV IL[HG E\ D ORFN WKURXJK D VROHQRLG YDOYH ZKLFK FRQWUROV
HDFK OHDQLQJ SRVLWLRQ
OHDQLQJ UG /(' OLJKWLQJ XS VWDUWLQJ IURP LQ VORSHV
HOHFWULF SRZHU FXW RII
6SHHG DKHDG E VWHHULQJ DQJOH
7\UHV
5DWLR EHWZHHQ UHDU DQG IURQW FLUFXPIHUHQFHV LW PXVW EH EHWZHHQ DQG
:KHHO EDOODVWLQJ
8VXDOO\ ZKHHO EDOODVWLQJ LVQ·W UHTXLUHG $Q\ZD\ LQ VRPH SDUWLFXODU FDVHV WKH ZKHHOV FDQ EH EDOODVWHG ZLWK OLTXLG
)RU EDOODVWLQJ ZLWK OLTXLG WKH ZKHHOV HTXLSSHG ZLWK ´7XEHOHVVµ W\UHV FDOFLXP FKORULGH FDQQRW EH XVHG
0RQRHWK\OHQH JO\FRO OLTXLGV DUH UHFRPPHQGHG ZLWK FRUURVLRQSUHYHQWHUV VXFK DV QLWULWHV 1D12
)UHH]LQJ WHPSHUD
WXUH &
$JULIOX
7HFKQLFDO IHDWXUHV
,QFKLQJ 'ULYLQJ
6% 'LHVHO HQJLQH ZLWK F\OLQGHUV ),$7 6, ZDWHU FRROLQJ V\VWHP WXUERFKDUJHU IHHG
LQJ &9
6% 'LHVHO HQJLQH ZLWK F\OLQGHUV ),$7 6, ZDWHU FRROLQJ V\VWHP WXUERFKDUJHU IHHG
LQJ &9
6% 'LHVHO HQJLQH ZLWK F\OLQGHUV ),$7 6, ZDWHU FRROLQJ V\VWHP WXUERFKDUJHU IHHG
LQJ &9
6% 6% VWDUWLQJ IURP FKDVVLV QXPEHUV F\OLQGHU HQJLQH )LDW ,
ZLWK ZDWHU FRROLQJ V\VWHP DWPRVSKHULF IHHGLQJ E\ &9
6% 6% 6% 'LHVHO HQJLQH ZLWK F\OLQGHUV )LDW 6, ZDWHU FRROLQJ V\VWHP
WXUERFKDUJHU IHHGLQJ &9
: 'U\ DLU ILOWHU ZLWK GRXEOH FDUWULGJH )LOWHU FORJJLQJ HOHFWULF ZDUQLQJ VLJQDO
(OHFWULF FLUFXLW 9 $K EDWWHU\ DQG $K VWDQGDUG DOWHUQDWRU $ IURP VHULHV DQG
: 2SWLRQDO $K EDWWHU\ ZLWK $K DOWHUQDWRU
6WDUWLQJ IURP VHULHV DQG WKH DOWHUQDWRU LV $W\SH
6WDUWLQJ IURP WKH VHULHV $
: 6% DQG DUH HTXLSSHG ZLWK HQJLQH 6( E\ &9 IRU 6% DQG &9 IRU 6%
DQG
6WDUWLQJ IURP WKH VHULHV
6% DQG VKDOO EH HTXLSSHG ZLWK /( HQJLQH E\ &9 QHW
6WDUWLQJ IURP WKH VHULHV
6% VKDOO EH HTXLSSHG ZLWK 6( HQJLQH E\ &9
7KH $K EDWWHU\ DQG WKH $ DOWHUQDWRU DUH LQFOXGHG LQ WKH VWDQGDUG VXSSO\ VWDUWLQJ IURP VHULHV
$
)XHO WDQN O FDSDFLW\
+\GURVWDWLF GULYLQJ E\ YDULDEOH GLVSODFHPHQW SXPS ZLWK VHUYRFRQWURO DQG UHOLHI YDOYH
6$8(5 SXPS 5
0D[ +3 YDOYH VHWWLQJ VHH VNHWFK RI VHFWLRQ -
´32&/$,1µ ZKHHO IL[HGGLVSODFHPHQW PRWRUV
6SHHG )LHOG :' NPK
5RDG :' NPK PD[ LQ )UDQFH DQG ,WDO\
NPK LQ *HUPDQ\
1HYHUWKHOHVV ZLWK W\UHV 5 WKH PD[ VSHHG VKDOO EH NPK IRU PRGHOV 6%
DQG NPK IRU PRGHOV 6%
,Q URDG SRVLWLRQ WKLV NLQG RI WUDQVPLVVLRQ LV HTXLSSHG ZLWK DQ LQWHJUDO DQWLVNLG V\VWHP EHWZHHQ WKH
IURQW DQG WKH UHDU D[OH
: 5HYHUVH VSHHG LV DXWRPDWLFDOO\ VHW LQ 50 GLVUHJDUGLQJ WKH PDFKLQH GULYLQJ PRGH ILHOG RU URDG
%UDNLQJ
+\GUDXOLF V\VWHP
'ULYLQJ SODWIRUP
'ULYHU·V VHDW SODFHG RQ WKH IURQW OHIW RI WKH PDFKLQH WR JLYH DQ RYHUDOO YLHZ RQ WKH YLQH\DUG DQG
WKH KHDGODQG
6WDQGDUG FDE FRQGLWLRQLQJ IRU 6% DQG 6%
6WHHULQJ ZKHHO SRVLWLRQ DGMXVWLQJ
1R K\GUDXOLF HOHPHQW LQVLGH WKH FDE WR SUHYHQW DFFLGHQWV DQG QRLVH
$OO WRROV WR RSHUDWH GXULQJ WKH KDUYHVWLQJ DUH FRQWUROOHG E\ EXWWRQV RQ WKH LQFKLQJ OHYHU OHDQLQJ
VKDNLQJ FOHDQLQJ
(OHFWULF VDIHW\ OHDQLQJ FRQWURO
&RPSXOVRU\ VLPXOWDQHRXV VWRSSLQJ RI WKH ZKROH PDFKLQH DVVHPEO\
5HWUDFWDEOH ODGGHU WR IDFLOLWDWH JHWWLQJ RQ WKH KDUYHVWLQJ KHDGHU
08/7,385326(
7KHVH PDFKLQHV DUH SDUWLDOO\ PXOWLIXQFWLRQLQJ ZLWK D KDUYHVWLQJ KHDGHU ZKLFK FDQ EH HDVLO\ GHWDFKHG
7KUHH IDVW FRXSOLQJ FRQQHFWLRQV RQ WKH K\GUDXOLF V\VWHP
7KUHH IDVW FRXSOLQJ FRQQHFWLRQ LQ WKH HOHFWULF V\VWHP
1RULD PRWRU GLVDVVHPEOLQJ ZLWKRXW WDNLQJ WKH KRVHV RII
5HPRYDEOH ORZHU IDVWHQLQJ RI OHIW DQG ULJKW FRQYH\RU EHDULQJ FKDQQHOV
5HPRYDEOH DUWLFXODWLRQ RI WKH DQWLEDFNLQJ EDUV
0$&+,1( ,'(17,),&$7,21
$ 0DQXIDFWXUHU·V ODEHO
% 6WDPSHG IUDPH QXPEHU
1RWH WKH PDFKLQH QXPEHU RQ WKH PDQXIDFWXUHU·V GDWD SODWH FDQ EH GLIIHUHQW GHSHQGLQJ RQ W\SH RI W\UHV LQ
VWDOOHG DQG WKXV RQ WKH PD[ VSHHG RQ URDG
([DPSOH LQ PRGHO 6% ZLWK UHDU ZKHHOV 5 WKH QXPEHU VKDOO EH $
LQ PRGHO 6% ZLWK UHDU ZKHHOV 5 WKH QXPEHU VKDOO EH $
23(5$725·6 0$18$/
3ULQW QR *%
OLWUHV
OLWUHV
OLWUHV D
OLWUHV E
7+(50$/ (1*,1( 6% 6% 6% 6% 6%
7\SH 6, 6,
0DQXIDFWXUHU ,9(&2 $,)2
9HUVLRQ 'LHVHO
&\FOH $OWHUQDWH
6WURNH QXPEHU
1XPEHU RI F\OLQGHU DQG DOLJQPHQW LQ OLQH LQ OLQH
%RUH PP
6WURNH PP
9ROXPH FP
&RPSUHVVLRQ YROXPH UDWLR
0D[ QHW SRZHU &9 N: ((&
0D[ VSHHG USP
0D[ WRUTXH GD1P ((&
0D[ WRUTXH VSHHG USP
0D[ URWDWLRQ VSHHG USP
)((',1* (;+$867
)XHO WDQN 8VHG IXHO 'LHVHO RLO
&DSDFLW\ OLWUHV
(QJLQH IHHGLQJ V\VWHP GLUHFW LQMHFWLRQ
$LU FOHDQHU 0DQXIDFWXUHU '21$/'621 '21$/'621
7\SH (/% (/%
1RLVH OHYHO LQ WKH FDE G%$
(QJLQH FRROLQJ :DWHU FDSDFLW\ O
)DQ VXFNLQJ
&RROLQJ IDQ ¡ PP WKHQ
3/$7)250 &$%
&RQGLWLRQHG DQG KHDWHG FDE
2SWLRQ
2SWLRQ
$FWLYDWHG FKDUFRDO ILOWHU 2SWLRQ
%RDUG FRPSXWHU
'H OX[H VHDW
3QHXPDWLF VHDW
2SWLRQ
0XOWLSXUSRVH OHYHU
&OLPDWL]DWLRQ 0DQXIDFWXUHU0RGHO 6DQGHQ 8
FRPSUHVVRU *DV 5 D J
2LO 63 RU 6. ),$7 /8%5,),&$17, /%$5
FP $GG J
VWDQGDUG
ZLWKRXW ORFNLQJ VWDUWLQJ IURP VHULHV ² ²
,QVWHDG RI USP VWDUWLQJ IURP
,QVWHDG RI USP
7R EH DGGHG ZLWKRXW HPSW\LQJ WKH FRPSUHVVRU
&$3$&,7,(6
/8%5,&$176 $1' /,48,'6
+<'526<67(0
%,2 6
PDFKLQHV ZLWK VLJQ
+<'526<67(0
%,26
RQ WKH WDQN
'5,9(5·6 3/$7)250
% )XVH ER[ Z IXVHV IURP % WR % IRU ZDUQLQJ VLJQDOV OLJKWLQJ FRQWDLQHU DXJHUV DQG SQHX
PDWLF VHDW
( &RQWURO FOXVWHU
) 3DUNLQJ EUDNH SHGDO ORFNLQJ OHYHU ORZHU ERWK SHGDOV DQG ORFN WKHP
PHDQV RI WKH OHYHU
3DUNLQJ EUDNH OHYHU IURP WKH VHULHV $
&$%
127( WKH PDUNV RQ WKH IXVHV DUH WKH VDPH DV JLYHQ RQ WKH HOHFWULF VFKHPHV
7 %DWWHU\ FKDUJH UHG ZDUQLQJ OLJKW FRQWUROOHG E\ WHUPLQDO ' RI DOWHUQDWRU 5H
7 %RRVWHU WDNHLQ ILOWHU FORJJLQJ \HOORZ ZDUQLQJ OLJKW FRQWUROOHG E\ PDQRFRQWDFW 5H VHW DW EDU
<HOORZ ZDUQLQJ OLJKW IRU ERRVWHU SUHVVXUH ILOWHU FORJJLQJ FRQWUROOHG E\ WKH PDQRFRQWDFW 5H FDOL
EUDWHG LQ WKH ORZ SRLQW E
7 $LU ILOWHU FORJJLQJ \HOORZ ZDUQLQJ OLJKW FRQWUROOHG E\ PDQRFRQWDFW 5H
6WDUWLQJ IURP VHULHV WKLV ZDUQLQJ OLJKW LV QRW XVHG DQ\PRUH
7 7KHUPDO HQJLQH RLO SUHVVXUH UHG ZDUQLQJ OLJKW FRQWUROOHG E\ PDQRFRQWDFW 5H
7 %RRVWHU SUHVVXUH UHG ZDUQLQJ OLJKW E\ PDQRFRQWDFW 5H VHW DW EDU
7 7KHUPDO HQJLQH ZDWHU WHPSHUDWXUH UHG ZDUQLQJ OLJKW FRQWUROOHG E\ WKHUPDO FRQWDFW 5H
6WDUWLQJ IURP VHULHV WKLV ZDUQLQJ OLJKW LV QRW XVHG DQ\PRUH
7 )ODVKLQJ OLJKW JUHHQ ZDUQLQJ OLJKW FRQWUROOHG E\ FHQWUDO XQLW 5H
7 /DZ EHDQ 5H EOXH ZDUQLQJ OLJKW
7 3DUNLQJ EUDNLQJ UHG ZDUQLQJ OLJKW FRQWUROOHG E\ PDQRFRQWDFWV RQ WKH EUDNLQJ DFWLRQ UHGXFWLRQ K\GUDXOLF
SUHVVXUH ² FDOLEUDWHG DW EDW LW OLJKWV XS ZKHQ WKH EUDNHV DUH HQJDJHG E\ WKH SHGDOV ZLWK RU ZLWKRXW
ORFNLQJ OHYHU
3LORW OLJKW IRU SDUNLQJ EUDNH RQO\ FRQWUROOHG E\ PDQRFRQWDFW 5H
7KLV SLORW OLJKW VZLWFKHV RQ ZKHQ WKH ULJKW UHDU ZKHHO LV EUDNHG E\ WKH PDQRFRQWDFW 5H
7 +DUYHVWLQJ HTXLSPHQW KHLJKW UHG ZDUQLQJ OLJKW FRQWUROOHG E\ VHQVRUV 5H
7 1RULD RSHUDWLRQ LQ ZDVKLQJ SRVLWLRQ \HOORZ ZDUQLQJ OLJKW FRQWUROOHG E\ VZLWFK 5H
7 &RQWDLQHU DXJHU URWDWLRQ VLJQDOLVLQJ JUHHQ ZDUQLQJ OLJKW FRQWUROOHG E\ FRQWDLQHU DXJHU VZLWFK 5H
7 GHJUHH K\GUDXOLF RLO WHPSHUDWXUH UHG ZDUQLQJ OLJKW FRQWUROOHG E\ PDQRFRQWDFW 5H
7 )UHH
7 2SHUDWLQJ QRULD UHG ZDUQLQJ OLJKW FRQWUROOHG E\ FHQWUDO XQLW 5H
LW IODVKHV ZKHQ SRZHU LV JLYHQ WR VZLWFK 5H
LW OLJKWV XS ZKHQ SRZHU LV JLYHQ WR VZLWFK 5H
LW VZLWFKHV RII ZKHQ VZLWFKHV 5H DQG 5H VWDUW RSHUDWLQJ
127( WKLV ZDUQLQJ OLJKW UHPDLQV RQ HYHU\ WLPH D QHFHVVDU\ IXQFWLRQ IRU KDUYHVWLQJ LV QRW SHUIRUPHG
SURSHUO\
7;
7< )UHH
7=
$ 7R RSHQ WKH FRQWURO ER[ UHPRYH WKHVH IRXU VFUHZV RQO\
127(
:KHQ FRQWDFW LV JLYHQ ZDUQLQJ OLJKWV 7 7 7 7 DQG 7 PXVW OLJKW XS 7 PXVW DOVR OLJKW
XS ZKHQ WKH KDUYHVWLQJ HTXLSPHQW LV ORZHUHG RQ WKH JURXQG
5HIHUHQFH QXPEHU RI WKH ZDUQLQJ OLJKWV DUH JLYHQ RQ WKH HOHFWULF VFKHPH H[FHSW RQH VSHFLDO
ZDUQLQJ OLJKW LV LQGLFDWHG RQ WKH VFKHPH QHDU WKH HOHPHQW LW FRQWUROV
6WDUWLQJ IURP VHULHV $ ² DQG
6WDUWLQJ IURP VHULHV DQG
&21752/ 3$1(/
127( QRULDV VWDUW RSHUDWLQJ RQO\ LI VZLWFK 5H LV LQ DXWRPDWLF SRVLWLRQ 7KHQ RQ WKH URZ HQG
E 6WRS ([WUDFWRUV XS GRZQ FRQYH\RUV VKDNLQJ DQG QRULDV
/RZHU VKDNHU VSHHG DGMXVWLQJ VZLWFK 0202))020
&RQYH\RU VSHHG DGMXVWLQJ VZLWFK 0202))020
1RULD SRVLWLRQ DXWRPDWLFVWRSZDVKLQJ VZLWFK 212))21
7KH ZDVKLQJ SRVLWLRQ ZRUNV RQO\ ZKHQ WKH LQFKLQJ OHYHU LV LQ QHXWUDO
8SSHU H[WUDFWRU VSHHG DGMXVWLQJ VZLWFK 0202))020
)UHH IRU PXOWLSXUSRVH VZLWFKHV 7KH\ DUH SUHZLUHG VWDUWLQJ IURP WKH PDFKLQHV 6% VHULHV
6% VHULHV 6% VHULHV
6KDNLQJ 6WDUW6WRS LPSXOVH EXWWRQ
5HYHUVHU VZLWFK IRU EHOW URWDWLRQ ZLWK WZR SRVLWLRQV RQ WKH ILUVW VHULHV 21020 WKHQ ZLWK WKUHH
SRVLWLRQV 212))020 DQG ZLWK WKUHH SRVLWLRQV 02021020 6HH XVH LQ '
/HIW FRQWDLQHU WLOWLQJ VZLWFK 0202))020
5LJKW FRQWDLQHU WLOWLQJ VZLWFK 0202))020
6KDNLQJ IUHTXHQF\ DGMXVWLQJ FRQWDFWRU 0202))020 RQ WKH LQFKLQJ OHYHU
6KDNLQJ IUHTXHQF\ DGMXVWLQJ FRQWDFWRU 0202))020 SODFHG RQ WKH ERDUG WKDW VZLWFKHV
RQ LI WKH VKDNLQJ HTXLSPHQW LV RSHUDWLQJ WKH LQFKLQJ OHYHU FRQWDFWRU EHFRPHV PXOWLSXUSRVH
$XJHU DQG FRQWDLQHU VWDUW VZLWFK 0202))020
&RQWDLQHU DXJHUV FDQQRW URWDWH LI WKH KDUYHVWLQJ HTXLSPHQW LV QRW SRZHUHG
6KDNLQJ IUHTXHQF\ GLVSOD\
/HYHO LQGLFDWLRQ LQ VORSH WKURXJK /('V HDFK VLGH :KHQ WKH WKLUG /(' 5H (9 OLJKWV XS WKH
EX]]HU RSHUDWHV DQG WKH K\GUDXOLF EDU RI WKH IURQW VWUXWV LV ORFNHG LI DW WKH VDPH WLPH WKH PDFKLQH
KDV D VORSH FRUUHVSRQGLQJ DW OHDVW WR IRUZDUG
'ULYLQJ LQGLFDWLRQ OLJKWV LQVWDOOHG VWDUWLQJ IURP 6% 6% 6%
%UDNLQJ HQDEOLQJ VZLWFK
)UHH IRU PXOWLSXUSRVH
VZLWFK IUHH IRU PXOWLSXUSRVH
21%2$5' &20387(5
:KHQ WKH FRPSXWHU LV VZLWFKHG RQ WKH IROORZLQJ GLVSOD\V ZLOO DSSHDU LQ VXFFHVVLRQ
6HOI WHVW
%DWWHU\ YROWDJH
(QJLQH RSHUDWLQJ KRXUV
6HUYLFLQJ UHPLQGHUV
6 VHUYLFH
)XHO OHYHO
/RZ OHYHO
: )ODVKLQJ RI ODVW /+ VHJPHQW
: %HHS HYHU\ PLQXWHV
(QJLQH FRRODQW WHPSHUDWXUH
(QJLQH RLO SUHVVXUH
8SSHUORZHU H[WUDFWRU RU FRQYH\RU VSHHG
GLVSOD\
6KDNLQJ IUHTXHQF\ GLVSOD\
,QVWDQW KRXUO\ RXWSXW GLVSOD\ QXPEHU RI
KHFWDUHV SHU KRXU
3DUWLDO KHFWDUH FRXQW GLVSOD\
3UHVV DJDLQ DQG NHHS SUHVVHG WKH NH\ 0
$IWHU VHFRQGV & LV GLVSOD\HG
UHOHDVH WKH NH\ 0 LPPHGLDWHO\
RU
WKH YDOXH RI WKH SUHVHW URZ LQWHUVSDFH
7KH URZ LQWHUVSDFH FDQ QRZ EH SURJUDP
PHG
'LUHFW 0HWKRG
8VH NH\V * DQG ' WR GLVSOD\ WKH UHDGLQJ IRU
WKH UHDU W\UHV RI WKH PDFKLQH
7\UHV $ % &
5
5
5
5
5
RQO\ 6% H[FOXGHG 6%
$ 3RFODLQ 6HQVRU % 2XWHU 6HQVRU
& 6HQVRU RQ WHHWK ULQJ JHDU
P FDOLEUDWLRQ PHWKRG
3UHVV NH\ 0 VHYHUDO WLPHV XQWLO SRLQWHU +
DSSHDUV DERYH V\PERO
6(59,&,1* 5(0,1'(56
0$,17(1$1&( &<&/(
D
E
D
F
2QO\ WKH FRQVWDQWV & GLVWDQFH EHWZHHQ WZR URZV DQG & FDOLEUDWLRQ DFFRUGLQJ WR WKH W\UHV FDQ EH
PRGLILHG E\ WKH XVHU VHH SDUDJUDSK DQG
2WKHU FRQVWDQW YDOXHV IURP & WR & FDQ EH FKHFNHG DQG PRGLILHG E\ WKH XVHU 7R VHW D SURSHU RSHUDWLQJ RI
WKH FRPSXWHU WKHVH FRQVWDQW YDOXHV PXVW EH DV IROORZV
& 0DFKLQH W\SH
& ,QFKLQJ VSHHG DFFRUGLQJ WR WKH W\UHV PRXQWHG
)ROORZ WKH VDPH SURFHGXUH WKLV WLPH NHHS WKH WKUHH NH\V SUHVVHG WRJHWKHU XQWLO & DSSHDUV DJDLQ ZLWK DUH
GLJLW IODVKLQJ 2QO\ LQ WKLV PRPHQW WKH WKUHH NH\V FDQ EH UHOHDVHG DQG \RX FDQ JR RQ FKDQJLQJ WKH YDOXH E\
VWULNLQJ WKH NH\V * DQG ' 7KH FRQVWDQW LV FKDQJHG E\ NHHSLQJ WKH NH\ 0 SUHVVHG XQWLO D %((3 LV KHDUG
$IWHU & KDV DSSHDUHG SUHVV 0 RQFH WKH XVXDO IXQFWLRQ PRGH VWDUWV DQG WKH QHZ YDOXHV DUH VWRUHG LQ
PHPRU\
3ULQW QR
6HFWLRQ %
&21752/6 $1' ,167580(176
3DJH
+$59(67(5
$'-867,1* 3$5$//,60
%/((',1* 7+( /,)7,1* 6<67(0
$'-867,1* +(,*+7
$ % RU $ % PP PD[
7R WKLV SXUSRVH
%\ PHDQV RI WKH SXVK EXWWRQ UH OLIW WKH PDFKLQH WR WKH PD[ KHLJKW DOORZHG E\ WKH UHDU F\OLQGHUV
%\ PHDQV RI WKH VZLWFKHV UH DQG UH OLIW WKH PDFKLQH IURQW SDUW WR WKH PD[ KHLJKW DOORZHG E\ WKH
F\OLQGHUV
'LVFRQQHFW WKH VROHQRLG YDOYH UHPRYLQJ WKH IXVH ) IURP WKH HOHFWURQLF FDUG
.HHS WKH SXVK EXWWRQ UH LQ OLIWLQJ SRVLWLRQ WKURXJK WKH SXVK EXWWRQ UH ORZHU WKH PDFKLQH IURQW SDUW
XQWLO UHDFKLQJ WKH F\OLQGHUV
$VVHPEOH WKH IXVH ) DJDLQ
7KURXJK WKH SXVK EXWWRQ UH OLIW DJDLQ WKH PDFKLQH IURQW SDUW
7R WKLV SXUSRVH
%\ PHDQV RI WKH SXVK EXWWRQ UH OLIW WKH PDFKLQH WR WKH PD[ KHLJKW DOORZHG E\ WKH UHDU F\OLQGHUV
%\ PHDQV RI WKH VZLWFKHV UH DQG UH OLIW WKH PDFKLQH IURQW SDUW WR WKH PD[ KHLJKW DOORZHG E\ WKH
F\OLQGHUV
7KURXJK WKH SXVK EXWWRQV UH DQG UH ORZHU WKH PDFKLQH IURQW SDUW XQWLO UHDFKLQJ WKH IURQW F\OLQGHUV
5HSHDW WKLV RSHUDWLRQ IURP WR WLPHV EHIRUH DGMXVWLQJ WKH SDUDOOHOLVP
,03257$17 127(
1HYHU RSHUDWH WKH PDFKLQH PD[ OLIWLQJ WKURXJK WKH SXVK EXWWRQ 5H XQWLO WKH PDFKLQH LV SDUDOOHO WR WKH JURXQG
DV WKLV FRXOG GDPDJH WKH OLIWLQJ FLUFXLW LI WKH IURQW F\OLQGHUV UHDFK WKH PD[ KHLJKW EHIRUH WKH UHDU F\OLQGHUV
7R IDFLOLWDWH GULYLQJ WKH PDFKLQH WKH ULJKW DQG OLIW 5H VWRSV RQ WKH WHOHVFRSLF SLSHV DGMDFHQW WKH
UHDU OLIWLQJ F\OLQGHUV ZLOO EH VHW WR WKH OHYHO RI WKH ORZHVW EXQFKHV
7KHVH VWRSV PDNH LW SRVVLEOH WR UHVHW WKH VDPH RSHUDWLQJ KHLJKW DIWHU DQ\ RSHUDWLRQ RQ WKH PD
FKLQH OLIWLQJ V\VWHP WXUQLQJ DURXQG KHDGODQG
,I WKHVH VWRSV DUH QRW ZHOO DGMXVWHG WKH KDUYHVWLQJ HTXLSPHQW PD\ WRXFK WKH JURXQG DQG EH UDSLGO\
ZRUQ ,Q WKLV FDVH ERWK DGMXVWDEOH VHQVRUV 5H DUH SODFHG LQ WKH IURQW ORZHU VLGH RI WKH EXFNHW
FRQYH\RUV DQG PDNH WKH UHG ZDUQLQJ OLJKW RI WKH KHLJKW LQGLFDWRU 7 OLJKW XS ZKHQ WKLV WRXFKHV
WKH JURXQG
/HDQLQJ DGMXVWLQJ
2QH LQGLFDWRU OLJKW 5H RQ WKH LQVWUXPHQW FOXVWHU JLYHV WKH SRVVLELOLW\ WR FKHFN WKH PDFKLQH OHYHOOLQJ:KHQ
WKUHH /('V RI WKH VDPH FRORXU OLJKW XS WKH EX]]HU VRXQGV DQG WKH IURQW K\GUDXOLF EDU LV ORFNHG (9 LV FXW
RII LI WKH PDFKLQH ORZHUV DW OHDVW E\
127( D UHIHUHQFH SRLQW LV JLYHQ RQ WKH KROH ZKHUH WKH D[OH IRU URDG WUDYHOOLQJ PXVW EH LQVHUWHG RQH KROH
LV RQ HDFK VLGH RI WKH PDFKLQH
7KLV FRQWURO KDV SULRULW\ RQ WKH FRQWURO RI WKH LQFKLQJ OHYHU 5H
'5,9,1* $,'
7ZR VHQVRUV 5H DUH LQVWDOOHG FORVH WR WKH KDUYHVWLQJ KHDG TWRSV :KHQ RQH DPRQJ WKH WZR VHQVRUV VHQVHV
WKH IUDPH RI WKH PDFKLQH WKH UHOHYDQW LQGLFDWRU OLJKW 5H WXUQV RQ WKH RSHUDWRU ZLOO KDYH WR FRUUHFW WKH GULYLQJ
GLUHFWLRQ WR WKH VLGH ZKHUH WKH OLJKW LV RQ :KHQ ERWK OLJKWV DUH RII WKH SRVLWLRQ RI WKH KDUYHVWLQJ KHDG LV FRUUHFW
2SHUDWLQJ
:KHQ VNLG 5H WRXFKHV WKH JURXQG WKH URG 5H LV GHWHFWHG E\ WKH VHQVRU 5H ZKLFK PDNHV WKH ZDUQLQJ
OLJKW 5H 7 RQ WKH SDQHO OLJKW XS
$GMXVWLQJ
D 6NLG 5H PXVW EH NHSW GRZQZDUGV E\ D VLOHQW EORFN PRXQWHG RQ DUWLFXODWLRQ 5H
7KXV OHW VNLG UHO\ RQ $ DQG WKHQ ORFN WKH DUWLFXODWLRQ SLQ
F 6KLIW DVVHPEO\ RI VXSSRUW 5H DQG VHQVRU 5H YHUWLFDOO\ DQG VHW ZDUQLQJ OLJKW OLJKWLQJ XS VR WKDW WKH
QRULD KDV D PP FOHDUDQFH IURP WKH JURXQG
7R ZRUN QHDUHVW WR WKH JURXQG WKH SRVLWLRQ RI WKLV VHQVRU RQ VXSSRUW 5H FDQ EH YDULHG ,Q WKLV FDVH WKH
KDUYHVWLQJ GHYLFH FDQ DOPRVW WRXFK WKH JURXQG ZLWK WKH ULVN RI D SUHPDWXUH ZHDU RI WKH ORZHU VNLGV DQG RI
WKH EXFNHW VNLGV DV ZHOO DV RI WKH ZHDU VOLGHV GXH WR VRLO LQVLGH WKH UDLOV
6+$.,1*
23(5$7,1*
7KH &'6 V\VWHP &RQWUROOHG '\QDPLVP 6\VWHP ZRUNV ZLWK URXQGVKDSHG KROORZ VKDNHUV LQ YHU\ IOH[LEOH
Q\ORQ %RWK HQGV RI WKH VKDNHUV DUH FRPSOHWHO\ FRQWUROOHG DQG NHSW DW D FRQVWDQW GLVWDQFH IURP WKH PDFKLQH
D[OH
$ KDUYHVWLQJ SODQH ZLWK D FRQYHUJLQJ HQWU\ VLGH D YHU\ ORQJ ZRUNLQJ DUHD DQG D GLYHUJLQJ H[LW KDYH DOVR
EHHQ GHYHORSHG
$ FRQWURO PHFKDQLVP PDNHV LW SRVVLEOH WR DGMXVW WKH VKDNHU EHQGLQJ GHJUHH DW IL[HG WLPHV VR WKDW ZKHQ RQH
URZ KDV D PD[LPXP EHQGLQJ WKH RWKHU KDV D PLQLPXP EHQGLQJ
7KLV PDNHV D FURVV DOWHUQDWLRQ RI WKH DFWLYH DUHD VR WKDW EXQFKHV DUH GHWDFKHG IURP WKH VDPH YHJHWDWLRQ
OHYHO
$ $V WKH VKDNHUV DUH DOPRVW SDUDOOHO WR HDFK RWKHU LQ WKH FHQWUDO DUHD VR WKDW WKH DFWLYH DUHD LV YHU\ ORQJ
% 7KH FRQYHUJLQJ HQWU\ DUHD PDNHV YHJHWDWLRQ EH FRQYH\HG WR WKH VKDNLQJ DUHD ZLWKRXW GDPDJLQJ LW
)
77 GD1P )
77 GD1P
D 7KH VKDNLQJ IUDPH DVVHPEO\ LV KDQJHG WR WKH FHQWUDO EHDP ZLWK D PP FOHDUDQFH E\ PHDQV RI
YLEUDWLRQ GDPSLQJ EORFNV 5H DW D GLVWDQFH 5H $ PP
6WDUWLQJ IURP WKH VHULHV $ DQG WKH IURQW EORFNV DUH GLIIHUHQW IURP WKH UHDU RQHV
LQ WKH IURQW SDUW EORFN ZLWK GLDPHWHU DERXW PP UH YDOXH IURP WR PP
LQ WKH UHDU SDUW EORFN ZLWK GLDPHWHU DERXW PP PDUNHG UH YDOXH PP
7KHVH GLPHQVLRQV PXVW EH FKHFNHG DW WKH KRXU RYHUKDXO DQG EHIRUH HYHU\ JUDSH KDUYHVWLQJ
$VVHPEOLQJ
: :KHQ PRXQWLQJ WKH EHDULQJV IROORZ WKH PRXQWLQJ GLUHFWLRQ VR WKDW WKH JUHDVLQJ KROH RI WKH LQQHU
FDJH LV SODFHG LQ IURQW RI WKH VXSSRUW JURRYH
: 7KH FHQWUDO VFUHZV LQ WKH SODWH ERWWRP PXVW EH PRXQWHG ZLWK WKUHDG ORFNLQJ JOXH DQG ZLWK D WRUTXH
RI 1P
: /RZHU DQG XSSHU VXSSRUW KROGLQJ VFUHZV PXVW EH PRXQWHG ZLWK QRUPDO WKUHDG ORFNLQJ JOXH DQG
ZLWK D WRUTXH RI 1P
: /RZHU VXSSRUW KROGLQJ VFUHZV PXVW EH PRXQWHG ZLWK VWURQJ WKUHDG ORFNLQJ JOXH ZLWK D WRUTXH RI
1P 8VH VRFNHW KHDG VFUHZV [ FODVV
: 7R GLVDVVHPEOH RQH RI WKH IURQW SODWH GLVDVVHPEOH WKH ERWWRP SODWH WR UHDFK WKH FHQWUDO VFUHZ
2Q WKHVH WZR FURVV EHDPV WKH GULYLQJ VKDIW 5H )LJ LV PRXQWHG E\ PHDQV RI WZR VHOIJUHDVLQJ EHDULQJV
5H )LJ HTXLSSHG ZLWK WZR KDQGOHV 5H )LJ DQG ZLWK WZR LQHUWLDO IO\ZKHHOV 5H )LJ
$VVHPEOLQJ
6FUHZV 5H DQG )LJ PXVW EH WLJKWHQHG DW D WRUTXH RI 1P :KHQ WLJKWHQLQJ WKHVH
WZR VFUHZV DSSO\ VRPH QRUPDO WKUHDG ORFNLQJ JOXH
3XW WKH KDQGOH RQ WKH ULJKW SLQLRQ 5H )LJ KDV WHHWK 3LQLRQ RQ K\GUDXOLF PRWRU KDV
WHHWK
$IWHU PRXQWLQJ WKH KDQGOH DQG WKH SLQLRQ RQ WKH ULJKW VLGH ULQJV RI EHDULQJV 5H )LJ PXVW
EH WLJKWHQHG IROORZLQJ WKH VKDIW URWDWLQJ GLUHFWLRQ DV
WKH VKDIW PXVW EH VKLIWHG WR WKH EHDULQJ OHYHO WR DOLJQ WKH SLQLRQ 5H ZLWK WKH PRWRU SLQLRQ VLGH
; 7R JHW WKH DOLJQPHQW RI WKHVH SLQLRQV VKLPV 5H )LJ KDYH VRPHWLPHV WR EH SXW XQGHU WKH
K\GUDXOLF HQJLQH VXSSRUW IL[LQJ
: 'HWDFKLQJ D EDOO MRLQW PHDQV GHWDFKLQJ DOO VKDNHUV DV WKH KDOIURG RI WKH VKDNLQJ IUDPH PXVW EH
UHPRYHG
: 7LJKWHQ EHDULQJ ULQJV IROORZLQJ WKH VKDIW URWDWLQJ GLUHFWLRQ
: 3D\ DWWHQWLRQ WR WKH PRXQWLQJ GLUHFWLRQ RI WKH FKDLQ IDVW FRXSOLQJ
: $GMXVW VHQVRUV ZLWK D PP FOHDUDQFH IURP WKH GLVF
/HQJWK < GLVWDQFH EHWZHHQ WKH D[OHV PXVW EH HTXDO RQ HDFK VLGH
: WRUTXH RI VFUHZ 5H 1P PRXQWHG ZLWK QRUPDO WKUHDG ORFNLQJ JOXH)LJ
: WRUTXH RI VFUHZ 5H 1P)LJ
)
77 GD1P
77 GD1P
77 GD1P )
77 GD1P
77 GD1P
0RXQW WKH VKDNHU LQ WKH UHDU IL[LQJ KRVH E\ PHDQV RI VFUHZV ZLWK GLDPHWHU 5H DQG RI WZR
VSULQJ ZDVKHUV DV VKRZQ LQ )LJ WKHQ WLJKWHQ LW DW 1P
)URQW IL[LQJ LV PDGH E\ PHDQV RI WZR FDUULHUV DQG WZR EROWV 5H FODVV DQG WZR VSHFLDO
ZDVKHUV 5H
5HDU IL[LQJ LV PDGH E\ PHDQV RI FRQQHFWLQJ URG 5H )LJ DQG RQ WKH UHDU FKDQQHO WKURXJK
D PL[HG VKHHW ZLWK WZR SRVLWLRQV 5H
0RXQWLQJ
: 3DOHG YLQH\DUG
SDUDOOHO WR WKH JURXQG
PRXQWHG HYHU\ WKUHH KROHV IRUZDUGV DQG EDFNZDUGV VHH )LJ
: *REHOHW YLQH\DUG
WKH ILUVW ULJKW DQG OHIW VKDNHUV DUH SDUDOOHO WR WKH JURXQG
0RXQW VKDNHUV HYHU\ RWKHU KROH IRUZDUGV HYHU\ WKUHH KROHV EDFNZDUGV VHH )LJ
7KLV PRXQWLQJ PHWKRG LV UDUHO\ DGRSWHG DV LW SUHYHQWV WKH DSSOLFDWLRQ RI PDQ\ VKDNHUV OLPLWHG WR RU HDFK
VLGH EHFDXVH WKH VKDNHUV ZRXOG KDYH DQ H[FHVVLYH OHDQLQJ RXW
3DOHG YLQH\DUG
*UDSH HDV\ WR FROOHFW
3DOHG YLQH\DUG
*UDSH GLIILFXOW WR FROOHFW
*REHOHW YLQH\DUG
127( EHIRUH IL[LQJ WKH IRUN MRLQW RQ WKH FKDQQHO PDNH VXUH WKH DUWLFXODWLRQ D[OH RI WKH OLQN URG RQ WKH MRLQW
LV SHUSHQGLFXODU WR WKH VKDNHU GLUHFWLRQ VR WKDW WKH URG HQG FDQQRW LQWHUIHUH ZLWK WKH VKDNHU MRLQW
:KHQ OHVV WKDQ VKDNHUV DUH PRXQWHG RQ WKH PDFKLQH WKH VKDNHU QXPEHU PXVW QHFHVVDULO\ EH WKH
VDPH RQ HDFK VLGH
8VH WKH UHDU SODWH KROHV 5H WR GLUHFW WKH VKDNHUV WR KDYH D SHUIHFW DOWHUQDWLRQ LQ WKH DFWLYH RSHUDWLQJ DUHD
7KLV OLQN URG LV PRXQWHG LQVWHDG RQH ULJKW URG DQG LV SODFHG LQ WKH ILUVW KROH RQ WKH ULJKW VLGH RI WKH UHDU
PRXQWLQJ EHDP 7KLV OLQN URG ZLOO PDNH WKH ORZHVW EXQFKHV EH KDUYHVWHG7R UHDFK DOVR WKH KLJKHVW EXQFKHV
LW LV SRVVLEOH WR PRXQW WKLV OLQN URG LQ WKH ODVW KROH RQ WKH UHDU PRXQWLQJ EHDP OHIW VLGH
7R XVH WKLV OLQN URG DOVR LQ YHU\ ORZ YLQH\DUG WKH IROORZLQJ SRVLWLRQV RI WKH URG DUH UHFRPPHQGHG
5HPDUN
2Q JREHOHW YLQH\DUGV SRVLWLRQ WKH VKDNHUV LQ WKH ERWWRP KROHV RI WKH IURQW ULJKW SODWH DQG LQ WKH XSSHU KROHV
LQ WKH IURQW OHIW SODWH 7KHQ GLUHFW WKH VKDNHUV VR WKDW WKH\ KDYH D SHUIHFW DOWHUQDWLQJ LQ WKH DFWLYH RSHUDWLQJ
DUHD
127( LQ PDQ\ FDVHV WKH SRVLWLRQ FKRVHQ IRU WKH VKDNHUV LQ WKH JREHOHW YLQH\DUG LV WKH VDPH DV LQ WKH
SDOHG YLQH\DUG ZLWK HDV\WRJDWKHU JUDSH
,I WKH YLQH\DUG SDOHV DUH RI D KDUG PDWHULDO LURQ VTXDUH VHFWLRQ SURILOHV HWF WKHQ D PD[ GLVWDQFH PXVW EH
VHW RU PP
8QGHU VSHFLDO FRQGLWLRQV ZKHQ EXQFKHV DUH HDV\ WR SLFN EXW DOVR VDUPHQWV DUH ZHDN DQG HDV\ WR EUHDN
WKH ZLGWK FDQ EH UHGXFHG DQG RSHUDWLQJ SRVLWLRQ $ FDQ EH XVHG ,Q WKLV FDVH WKH VKDNLQJ IUHTXHQF\ PXVW
EH LQFUHDVHG
)RU EXQFKHV ZKLFK DUH GLIILFXOW WR SLFN WKH ZLGWK FDQ EH LQFUHDVHG DQG SRVLWLRQ % LV WR EH FKRVHQ ,Q WKLV
FDVH VKDNLQJ IUHTXHQF\ PD[ IUHTXHQF\ LQ WKLV SRVLWLRQ LV USP LQ DYHUDJH PXVW EH UHGXFHG
7KLV VHWWLQJ LV YDOLG IRU QHZ VKDNHUV DV WKH VKDNHU ZHDULQJ LQFUHDVHV WKLV YDOXH GHFUHDVHV WR DGDSW WR
WKH QHZ VLWXDWLRQ 'R QRW WU\ WR NHHS WKLV VHWWLQJ ZLWK ZRUQ VKDNHUV DV VKDNLQJ HIILFDF\ ZRXOG EH UHGXFHG
PLQ
: :KHQ ORZ VKDNHU VHWWLQJ KDV FRPH WR PP WKH XSSHU DQG ORZHU VKDNHUV PXVW EH LQWHUFKDQJHG
: PP VHWWLQJ LV WKH ZHDU OLPLW DIWHU ZKLFK WKH VKDNHU FDQ EUHDN DQG WKXV GDPDJH WKH WUHH )RU WKLV UHD
VRQ LW LV UHFRPPHQGHG WR UHSODFH WKH VKDNHUV EHIRUH WKH\ UHDFK D PP VHWWLQJ
: )DFLQJ VKDNHUV PXVW KDYH WKH VDPH ZHDU GHJUHH
H 0DLQWHQDQFH
I &RQWURO )LJ
(DFK LPSXOVH RQ EXWWRQ 5H PDNHV VKDNLQJ VWRS RU VWDUW DFFRUGLQJ WR WKH LQLWLDO FRQGLWLRQ RI WKH
KDUYHVWLQJ HTXLSPHQW LI WKH KDUYHVWLQJ FRPELQH LV RSHUDWLQJ
(DFK LPSXOVH JLYHQ RQ EXWWRQ 5H PDNHV LW SRVVLEOH WR VWRS WKH KDUYHVWLQJ FRPELQH VKDNLQJ FOHDQ
LQJ FRQYH\LQJ DQG QRULD IXQFWLRQV RU WR UHVWRUH WKH KDUYHVWHU RSHUDWLRQV VKDNLQJ H[FOXGHG
127(
: $IWHU HDFK VWDUWLQJ VKDNLQJ ZLOO SURFHHG ZLWK WKH ODVW VHWWLQJV
: 6KDNLQJ K\GUDXOLF SRZHULQJ LV H[FOXGHG ZKHQ FRQWDLQHUV RU QRULDV DUH RSHUDWHG WR UHDFK WKH ´ZDVKLQJµ
SRVLWLRQ
3XVK EXWWRQ LV ORFDWHG RQ WKH ERDUG DQG VZLWFKHV RQ RQO\ ZKHQ WKH VKDNLQJ LV RQ
127(
7KH HQJLQH SLQLRQ KDV WHHWK 7KH VKDNLQJ VKDIW SLQLRQ KDV WHHWK
5(&(9,1* 75$163257$7,1*
125,$6
1RULDV DUH PDGH XS RI IOH[LEOH EXFNHWV HDV\ WR DGDSW RI SRO\XUHWKDQH IRU IRRG DQG DUH DWWDFKHG WR D KDUGHQHG
VWHHO FDOLEUDWHG FKDLQ WR JDWKHU EXQFKHV IURP YLQH\DUG VWRFNV DQG WDNH WKHP WR WKH FRQYH\RUV
7KURXJK D QHZ NLQG RI VKRHV WKHVH WZR FKDLQV VOLGH DORQJ D UDLO ZLWK FRQVWDQW VSHHG DQG LQ UHYHUVH WR WKH
PDFKLQH GULYLQJ GLUHFWLRQ )XUWKHU WKH EXFNHWV VOLGH RQH RYHU WKH RWKHU RQ WKH ERWWRP VLGH DQG WKHQ DUH
VWDQGVWLOO RQ WKH JURXQG WKXV DVVXULQJ D SHUIHFW JDWKHULQJ RI DOO IUXLWV
0DNH VXUH WKDW WKH QHFHVVDU\ EHYHOV DUH RQ HDFK VNLG HQG WR DOORZ VKRHV DQG EXFNHWV VOLGH EHWZHHQ WZR VNLGV
:KHQ DVVHPEOLQJ WKH FKXWHV DQG DFFRUGLQJ WR WKH EXFNHW WUDYHO GLUHFWLRQ FKHFN WKH IROORZLQJ
DOLJQPHQW RI WKH VNLG LQVLGH DQG RXWVLGH IDFHV DW MRLQW OHYHO VHW DOLJQPHQW LI QHFHVVDU\
VNLG FURVV DOLJQPHQW EHYHOV
VFUHZ KHDGV DUH ZHOO ILWWHG LQWR WKH VNLG VXUIDFH
LQVLGH DQG RXWVLGH VNLG SDUDOOHOLVP WR HDFK RWKHU )LJ
UHDU UDLO LV OLQNHG WR WKH IUDPH WKURXJK KROHV DV VKRZQ LQ 5H DQG WKH IURQW UDLO LV OLQNHG WR WKH
VKDIW WKURXJK KROHV VKRZQ LQ 5H 7KH YDOXH RI PP PXVW EH FDUHIXOO\ UHVSHFWHG ZKHQ D
QHZ DVVHPEO\ LV SHUIRUPHG WKLV YDOXH LV EHWZHHQ WKH UDLO ZLWKRXW VKRH DQG WKH GULYH VKDIW D[OH
PDNH VXUH UDLOV DUH XQLIRUP HYHQ LQ WKH VHFWLRQ MRLQWV
E\ PHDQV RI D FKDLQ SLHFH ZLWK QHZ VKRHV FKHFN WKH SDVVDJH DURXQG RQH ZKHHO 7KH VKRHV
PXVW QRW IULFWLRQ RQ WKH VNLGV
RU
PP
672&.*8,'(
7KLV YDOXH KDV VRPH WROHUDQFH VWDUWLQJ IURP D EDVLF YDOXH RI / PP ZLWK VPDOO EXFNHWV
KDV EHFRPH / PP ZLWK ODUJH EXFNHWV
: 7KH DUWLFXODWLRQ RQ WKH QRULD ERWWRP LV JLYHQ E\ VFUHZV 5H ZKLFK DUH WLJKWHQHG RQO\ ZLWK WKH WZR
ZDVKHUV &/ [ 5H DVVHPEOHG RQ WKH RSSRVLWH VLGH DQG WLJKWHQHG DW PP VHH GHWDLO E LQ
)LJ
: 1RULDV DUH NHSW LQ WKHLU VHDW E\ PHDQV RI WKH VFUHZV ZLWK 5H HDFK ZLWK PP WKLFN VSULQJ
ZDVKHUV 5H VHH GHWDLO D )LJ DVVHPEOHG LQ SDLUV IDFLQJ RQH DQRWKHU
6WDUWLQJ IURP VHULHV DQG VDPH IL[LQJ RI WKH IURQW SDUW ZLWK WKH VDPH
YDOXH RI PP DQG ZLWK WKH VDPH ZDVKHUV RI PP
)RU ROGHU PDFKLQHV WKH ZDVKHUV ZHUH WKLQQHU PP DQG WKH YDOXH ZDV PP EXW WKH
VDPH QHZ IL[LQJ SURFHGXUH FDQ EH IROORZHG
6WDUWLQJ IURP VHULHV DQG DW WKH HQGV RI WKH WLH URGV 5H WZHQW\WZR IDFLQJ
VSULQJ ZDVKHUV PXVW EH DVVHPEOHG LQ RSSRVHG SDLUV ZLWK WKLFNQHVV PP DQG FRPSUHVVLRQ VLGH
DQG PP
)URP WKH VHULHV DQG WKHVH ZDVKHUV DUH UHSODFHG E\ VSULQJV DGMXVWHG DW
PP OHQJWK
,Q WKH ROGHU XQLWV WKHUH ZHUH RQO\ VSULQJ ZDVKHUV ZLWK WKLFNQHVV PP DQG GLPHQVLRQV
PP EXW LW LV SRVVLEOH WR PDNH WKH QHZ ILWWLQJ
7KH VWRFNJXLGH 5H LV LQGHSHQGHQW IURP WKH ZHDU SODWH 5H ,QVHUW VFUHZV 5H ZLWK QRUPDO
WKUHDG ORFNLQJ ´/RFWLWHµ )
/()7
5,*+7
%8&.(76
E 5LYHWLQJ
'XULQJ UHSDLULQJ LW LV SRVVLEOH WR XVH D PDQXDO SLQFHU WR LQVHUW WKLV W\SH RI $9'(/ ULYHWV 3LQFHU WR XVH LV
&+2%(57 W\SH 5H GLDPHWHU PP
F 5HSDLULQJ D EXFNHW
,I D EXFNHW JHWV EURNHQ LW PXVW EH UHSDLUHG LPPHGLDWHO\ E\ PHDQV RI D KRW DLU JHQHUDWRU
G 5HSODFLQJ D VKRH
8QFRYHU DQ DUHD % )LJ HQRXJK WR DOORZ \RX WR UHSODFH D VKRH 5H )LJ
H )LJ
EODQN QXW
EXFNHW
VKRH QHZ PRGHO
FKDLQ OLQN
IODQJH
UDLO
ODUJH SODWH RQO\ IRU 6% DQG
6% PRGHOV KDYH RQO\ QDUURZ ORZHU SODWHV LGHQWLFDO WR WKH XSSHU RQHV
127( 6WDUWLQJ IURP WKH VHULHV DQG $ WKLV SODWH LV QR ORQJHU V\PPHWULFDO DQG LV PP
ORQJ LQVWHDG RI PP ORQJ 7KH VKRUWHVW VLGH PXVW EH LQVWDOOHG RQ WKH EXFNHW HGJH VLGH
('
,6
7+
*,
5
(1
,+
&$
0
$ 5LJKW VLGH
WKH FDVH PXVW EH JUHDVHG RQO\ ZLWK IRRG JUHDVH FDSDFLW\ NJ
&$87,21 WKH VKLPPHG ZDVKHUV 5H DUH WR EH NHSW DV UHVHUYH WKH\ FDQ EH XVHG WR
DGMXVW WKH OHIW VLGH EXW WKH\ PXVW QRW SUHYHQW WKH FHQWUDO VFUHZ WR WLJKWHQ
WKH DVV\
3LQUDLO DOLJQPHQW
: )URQW UDLO DOLJQV ZLWK WKH SLQ DXWRPDWLFDOO\
: 6FUHZV 5H DUH LQVHUWHG LQWR KROHV ZKLFK
DOORZ WR VKLIW WKH SLQIURQW UDLO DVV\ 5H WR
DOLJQ LW ZLWK WKH UHDU UDLO 5H ,I WKLV DGMXVWPHQW
GRHV QRW KHOS WKH DOLJQPHQW LQVHUW SLHFH 5H EHWZHHQ WKH VXSSRUW DQG WKH UHDU UDLO
% /HIW VLGH
ORFN WKH EHDULQJ ULQJ 5H LQ WKH VKDIW QRUPDO URWDWLQJ GLUHFWLRQ)URQW DQG UHDU UDLOV DUH XVXDOO\ DOLJQHG ,I
QRW XVHU VKLPV 5H
%\ PHDQV RI VKLPPHG ZDVKHUV 5H FHQWUH WKH WRRWKHG ZKHHO 5H LQ WKH UDLO DQG WLJKWHQ WKH VFUHZ
5H ,QVHUW WKH VQDS ULQJ 5H ZKLFK ZLOO ORFN WKH WUDQVODWLQJ ZKHHO
127(
7RRWKHG ZKHHOV FDQ EH LQWHUFKDQJHG DQG DVVHPEOHG RQ WKH RSSRVLWH VLGH ,Q WKLV FDVH V\QFKURQLVDWLRQ ZLOO
EH RQ WKH ULJKW VLGH
7KHQ DIWHU VWDUWLQJ IURP PDFKLQHV WKH GULYLQJ VSURFNHW LV WHHWK DQG WKH
GULYHQ VSURFNHW LV WHHWK 7KLV LV WR LPSURYH WKH PDWFKLQJ EHWZHHQ WKH QRULD VSHHG DQG WKH WUDYHO VSHHG
$'-867,1* 7+( 5($5 &/26,1* 3/$7(6 )520 7+( %27720 72 7+( 723 )LJ
7HQVLRQ FKHFNLQJ
:LWKRXW DQ\ WHQVLRQLQJ WKHVH WZR FKDLQV PXVW WUDYHO ZLWK D WROHUDQFH HQRXJK WR DOORZ WKH RSHUDWRU WR
WDNH D EXFNHW DZD\ IURP WKH XSSHU IURQW VLGH DQG WR DVVHPEOH LW DJDLQ ZLWK D GLVWDQFH YDOXH EHWZHHQ
DQG PP ,I PP DUH H[FHHGHG WKH FKDLQ PXVW EH WHQVLRQHG DJDLQ
6WDUWLQJ IURP WKH VHULHV $ ² ² D ZULWLQJ RQ WKH UDLO LQGLFDWHV ZKHQ LW LV QHFHVV
DU\ WR VKRUWHQ WKH FKDLQ
$GMXVWLQJ WKH WHQVLRQ )LJ
: 8QVFUHZ WKH WZR ORFNLQJ QXWV 5H RI UDLOV 5H DQG 5H
: 7HQVLRQ E\ WKH WKUHDGHG EDU 5H DJDLQ
: 7LJKWHQ WKH WZR EROWV 5H DJDLQ
: 7DNH D OLQN KROGLQJ ULYHWV IRU WKH EXFNHWV DVVHPEOHG LQ WKH RSSRVLWH ZD\
: 7DNH WKH OLQN IDFLQJ UDLO 5H LQ WKH DUHD %
: 5HPRYH WKH OLQN IURP UDLO 5H LQ $
: 8QVFUHZ WKH WKUHDGHG EDU 5H )LJ
: 5HPRYH WKH MRLQ ULYHWV EHWZHHQ WKH WZR EXFNHWV RYHU WKH OLQN
: 5HPRYH WKH ULYHWV QRW WR GDPDJH WKH EXFNHW KROHV DQG GLVDVVHPEOH RQH EXFNHW RYHU DQG XQGHU WKH
IL[HG OLQN
: 'LVDVVHPEOH WKH OLQN
: &XW WKH IRXUWK OLQN RI WKH FKDLQ VR WKDW WKH GLVDVVHPEOHG EXFNHW LV UHPRYHG ZLWK LWV VKRH
$ VHFRQG IDVW FRXSOLQJ DOORZV WKH RSHUDWRU WR UHPRYH WKH ILUVW EXFNHW
: /LQN WKH WZR HQGV RI WKH FKDLQ WRJHWKHU DJDLQ E\ PHDQV RI WKH QHZ OLQN
: &RQQHFW WKH WZR EXFNHWV ZLWK WKH SODWHV XVLQJ WKH VWDLQOHVV VWHHO VFUHZV
: $VVHPEOH WKH UDLO MRLQW 5H LQ $
: 7HQVLRQ WKH FKDLQ
: 6\QFKURQLVH WKH WZR FKDLQV LI QHFHVVDU\
&KDLQ VKRUWHQLQJ FDQ EH HIIHFWHG RQO\ WZLFH 7KH WKLUG WLPH WKH FKDLQ PXVW EH UHSODFHG
127(
'XULQJ HDFK RSHUDWLRQ RQ MRLQWV $ RU & )LJ DQG RQ HDFK GLVDVVHPEOLQJ FKHFN WKDW UDLO DOLJQPHQW LV RSWL
PDO VR WKDW QR SDUW FDQ JHW LQWR WKH RWKHUV DV WKH WUDYHO GLUHFWLRQ QHYHU FKDQJH
,Q $ DOLJQ UDLO 5H ZLWK WKH ORZHU RQH
,Q & DOLJQ UDLO 5H ZLWK WKH XSSHU RQH 5H
7KH ILUVW EXFNHW WR UHPRYH LV WKH RQH EHWZHHQ WKH WZR IDVW FRXSOLQJV 7KH SLWFK RI WKH IRXU OLQNV RI D QHZ
FKDLQ FRUUHVSRQGLQJ WR D EXFNHW LV PP
7KH VHDOLQJ RI WKH QRULD UHDU RSHQLQJV FDQ EH REWDLQHG WKURXJK SODVWLF VKXWWHUV 5H VXSSOLHG LQ WKH VWDQ
GDUG NLW 7KHVH VKXWWHUV VKRXOG QRW EH LQVWDOOHG ZKHQ WKH PDFKLQH PXVW ZRUN FORVH WR WKH JURXQG
3ULQW QR
6HFWLRQ '
5(&(9,1* 75$163257$7,21
3DJH
125,$ 6<1&+521,=$7,21
&21752/6
1RULDV DUH FRQWUROOHG E\ DQ K\GUDXOLF PRWRU 5H SRZHUHG EDFN E\ WKH OHIW UHDU ZKHHO PRWRU RU WKH WZR UHDU
PRWRUV VWDUWLQJ IURP VHULHV $
$ 2Q RSHUDWLRQ
7KH VZLWFK 5H PDNHV QRULDV URWDWH RQ WKH RSHUDWLRQ SRVLWLRQ RU VWRS URWDWLQJ GXULQJ URDG WUDYHOOLQJ
7KH VZLWFK 5H RQ WKH LQFKLQJ OHYHU PDNHV LW SRVVLEOH WR VWRS RU WR VWDUW VHTXHQWLDOO\ WKH KDUYHVWLQJ
HTXLSPHQW DVV\
2Q WKH FDVH D OHYHU FRQWURO V\VWHP HQDEOHV WKH PDQXDO GULYH RI QRULDV WKLV FRQWURO OHYHU LV VXSSOLHG WRJHWKHU
ZLWK WKH PDFKLQH
% 2Q ZDVKLQJ
7KH VZLWFK 5H PDNHV QRULDV URWDWH IRU WKH ZDVKLQJ DQG YLVXDO LQGLFDWRU 5H 7 WXUQV RQ
,QVWDOO EHOW 5H ZLWK FDUH DQG DFFRUGLQJ WR \RXU H[SHULHQFH ORRN DW WKH VKDSH RI WKH VPDOO EORFN
3ODFH WKH VWRS 5H RQ WKH KDUYHVWLQJ VLGH GLUHFWLQJ WKH URXQGHG FRUQHU WRZDUG WKH EHOW
3ODFH WKH VWRS 5H FRUQHU RQ WKH VLGH RSSRVLWH WR WKH KDUYHVWLQJ
,QVHUW KROGLQJ VFUHZV 5H VR WKDW WKH QXW LV RSSRVLWH WR WKH SURGXFW
7HQVLRQ WKH EHOW OLNH WKLV
ORRVHQ WKH KROGLQJ VFUHZV 5H DQG E\ PHDQV RI VFUHZV 5H SXVK XSSHU UROOHU 5H XQWLO HQRXJK WHQ
VLRQ LV JLYHQ WR WKH EHOW WR SUHYHQW LW IURP VOLGLQJ %RWK UROOHUV PXVW EH SDUDOOHO WR HDFK RWKHU 7LJKWHQ WKH
VFUHZV 5H DJDLQ
7KH ORZHU VLGH LV HTXLSSHG ZLWK D VFUDSHU 5H ZKLFK VHUYHV WR UHPRYH UHVLGXDOV IURP WKH EHOW
7KLV VFUDSHU PXVW VNLP WKH ORZHU VLGH RI WKH WHQVLRQHG EHOW 7KLV YHUWLFDO DGMXVWPHQW PXVW EH FDUULHG RXW E\
PHDQV RI WKH KROGLQJ VFUHZV 5H RQO\ DIWHU EHOW WHQVLRQLQJ 0DNH WKH EHOW WXUQ WR FKHFN WKH DGMXVWPHQW
'DLO\ FOHDQLQJ LV FDUULHG RXW RQ PRYLQJ FRQYH\RUV VHQGLQJ WKH ZDWHU IORZ WKURXJK KROHV 7 WR GLVFKDUJH UHVLGXHV
$Q RSHQLQJ 5H RQ WKH ERWWRP PDNHV LW SRVVLEOH WR HPSW\ WKH FRQYH\RU IURP ZDWHU DIWHU ZDVKLQJ
,W LV SODFHG RQ WKH ULJKW FRQYH\RU ORZHU UROOHU WRZDUGV WKH UHDU VLGH RI WKH PDFKLQH
$GMXVW VHQVRU 5H DW PP GLVWDQFH IURP WKH GLVF 5H
%(/7 5H
'5,9(
(DFK FRQYH\RU LV GULYHQ E\ LWV RZQ K\GUDXOLF PRWRU LQVWDOOHG RQ WKH XSSHU UROOHU 5RWDWLRQ GLUHFWLRQ RI WKH FRQYH\RU
FDQ EH UHYHUVHG DW DQ\ PRPHQW IRU VRPH RSHUDWLRQV VXFK DV UHPRYH D PDWHULDO FORJJLQJ
&21752/
%HOWV VWDUW LQ VHTXHQFH DQG WRJHWKHU ZLWK WKH QRULD DVVHPEO\ 6WDUW LV JLYHQ E\ SXVKLQJ EXWWRQ 5H RQ
WKH LQFKLQJ OHYHU
5RWDWLRQ VSHHG LV DGMXVWHG E\ JLYLQJ LPSXOVHV RQ EXWWRQ 5H
7KLV IXQFWLRQ FDQQRW EH SHUIRUPHG ZLWK RSHUDWLQJ FRQYH\RUV
7KH URWDWLRQ GLUHFWLRQ UHYHUVH LV REWDLQHG E\ NHHSLQJ VZLWFK 5H SUHVVHG
&RQYH\RU VSHHG YDOXH LV GLVSOD\HG RQ WKH ERDUG FRPSXWHU ZKHQ WKH VHOHFWHG YDOXH LV ´H[WUDFWRUµ VWULNH
NH\ 0 DQG VHW VZLWFK 5H GRZQ
0D[ FRQYH\RU VSHHG LV DERXW USP
6HW WKH VWDUWLQJ VSHHG USP WKHQ DGMXVW WKLV VSHHG GHSHQGLQJ RQ WKH REWDLQHG UHVXOWV
127( IRU WKH UHYHUVHU EXWWRQ UH WKHUH DUH WKUHH DVVHPEOLQJ SRVVLELOLWLHV
WZRSRVLWLRQ W\SH 21020
8S WR PDFKLQHV
6%
6% VHULHV
833(5 (;75$&7256
/2:(5 (;75$&7256
/2:(5 &+233(56
77 GD1P 3DUW $
833(5 (;75$&7256
7KHVH WZR H[WUDFWRUV DUH DVVHPEOHG RQ WKH ULJKW DQG OHIW FRQWDLQHUV 7KHLU SRVLWLRQ PDNHV LW SRVVLEOH WR WDNH
LQ OHDYHV IDOOLQJ EHWZHHQ EXFNHW DQG FRQYH\RU DQG WKHQ EHWZHHQ FRQYH\RU DQG FRQWDLQHU
'$1*(5 7KH WZR URWRUV 5H DUH HTXLSSHG ZLWK NQLYHV 5H WR FKRS VDUPHQWV %HIRUH FDUU\LQJ RXW
DQ\ RSHUDWLRQ LQ WKLV SDUW RI WKH PDFKLQH VWRS WKH WKHUPDO PRWRU
7KH NQLYHV FDQ EH GLVDVVHPEOHG
D $VVHPEOLQJ VSHFLILFDWLRQV
7KH EDU LV HTXLSSHG ZLWK D WLJKW GRXEOH EDOO URZ EHDULQJ UH
7KH FXW QXW 5H LV WLJKWHQHG ZLWK D WRUTXH RI 1P JUHDVH WKH WKUHDG ZKHQ DVVHPEOLQJ LW
)LOO WKH EDU ZLWK JUHDVH EHIRUH DVVHPEOLQJ WKH K\GUDXOLF PRWRU 7LJKWQHVV LV DVVXUHG E\ 2ULQJ 5H
2Q WKH OHIW H[WUDFWRU DGMXVW VSHHG VHQVRU 5H ZLWK D PP FOHDUDQFH IURP WKH URWRU VFUHZ WKH VHQVRU
XQWLO LW WRXFKHV WKH URWRU DQG WKHQ XQVFUHZ LW E\ WZR WXUQV
&$87,21 5LJKW DQG OHIW URWRUV DUH GLIIHUHQW IURP RQH DQRWKHU DQG DUH IHDWXUHG E\ WKH URWDWLQJ GLUHFWLRQ DQG
WKH EODGH VKDSH GHWDLO $
127(
: EHDULQJ ORZHU FDVH 5H LV PDGH XS RI WZR SDUWV DQG FDQQRW EH GLVDVVHPEOHG ZLWKRXW GDPDJLQJ LW $
QHZ EHDULQJ LV WR EH SURYLGHG DIWHU HDFK GLVDVVHPEO\ RSHUDWLRQ
: 7R ORRVHQ WKH QXW 5H ORFNHU D PDOH ZUHQFK ZLWK VL]H PXVW EH XVHG ZLWK GLPHQVLRQV OHVV WKDQ PP
: 7R WLJKWHQ WKH FXW QXW XVH WKH ULJKW WRRO
E 0DLQWHQDQFH
)LOOHU 5H LV GLUHFWHG LQ VXFK D ZD\ WR SUHYHQW GXVW SURGXFWLRQ 1HYHUWKHOHVV WKH ILOOHU PXVW EH OHIW RSHQ
DV ORQJ DV SRVVLEOH WR DYRLG GLVWXUELQJ WKH H[WUDFWRU RSHUDWLRQ
127( D OHDYH VLGH RXWOHW FDQ EH LQVWDOOHG ZLWK WKH NLW
7HFKQLFDO 6HUYLFH FDQ DOVR GHOLYHU D QDUURZ ILOOHU IRU YLQH\DUGV IRU PDFKLQHV IURP 6% WR
63((' $'-867,1*
,QFUHDVH VSHHG XQWLO D JRRG FOHDQLQJ OHYHO LV UHDFKHG 0D[ VSHHG LV USP
&21752/
2SHUDWLQJ LV SHUIRUPHG E\ PHDQV RI EXWWRQ 5H RQ WKH LQFKLQJ OHYHU DQG RFFXUV LQ VHTXHQFH DQG VLPXOWD
QHRXVO\ ZLWK WKH KDUYHVWHU DVVHPEO\
5RWDWLRQ VSHHG LV DGMXVWHG E\ SUHVVLQJ EXWWRQ 5H 7KLV IXQFWLRQ FDQ EH REWDLQHG RQO\ ZLWK RSHUDWLQJ H[WUDFWRUV
)URP WKH VFUHHQ YDOXHV FDQ EH UHDG ZKHQ WKH ´H[WUDFWRUµ GDWD DUH UHFDOOHG E\ VWULNLQJ 0 DQG ZKHQ VZLWFK
5H LV SUHVVHG XS LQ WKH XSSHU KDOI
)RU VWDUWLQJ WKH VSHHG RI WKHVH H[WUDFWRUV PXVW EH VHW DW USP DQG LW LV DGMXVWHG GHSHQGLQJ RQ WKH RE
WDLQHG UHVXOWV
7KHVH WZR H[WUDFWRUV DUH SODFHG RQ WKH UHDU VLGH RI WKH KDUYHVWLQJ FKDQQHO ZKHUH WKH\ VXFN LQ DOO OHDYHV IDO
OLQJ WRZDUGV WKH EXFNHWV
'$1*(5 ([WUDFWRUV DUH MRLQHG ZLWK WR VRPH VDUPHQWFKRSSHUV 5H RQ WKH ORZHU SDUW RI WKH LQWDNH
PRXWK
%HIRUH FDUU\LQJ RXW DQ\ RSHUDWLRQ LQVLGH WKH KDUYHVWLQJ WXQQHO VWRS WKH WKHUPDO HQJLQH
D $VVHPEOLQJ VSHFLILFDWLRQV
&$87,21 7KH ULJKW DQG OHIW URWRUV DUHQ·W LGHQWLFDO 7KH\ FDQ EH UHFRJQL]HG E\ WKH VKDSH RI WKH VWDWRU DQG
WKDW RI WKH EODGHV
)RU WKH ULJKW H[WUDFWRU WKH K\GUDXOLF PRWRU KDV D OHIWZDUGV URWDWLRQ
)RU WKH OHIW H[WUDFWRU WKH K\GUDXOLF PRWRU KDV D ULJKWZDUGV URWDWLRQ
: &RQWUROV
6WDUWLQJ LV JLYHQ E\ SUHVVLQJ D EXWWRQ 5H RQ WKH LQFKLQJ OHYHU DQG RFFXUV LQ VHTXHQFH DQG VLPXOWD
QHRXVO\ ZLWK WKH KDUYHVWLQJ DVVHPEO\
5RWDWLRQ VSHHG LV DGMXVWLQJ E\ SUHVVLQJ EXWWRQ 5H 7KLV IXQFWLRQ LV REWDLQHG RQO\ LI WKH H[WUDFWRUV DUH
RSHUDWLQJ
)URP WKH PRQLWRU VFUHHQ WKH YDOXHV UHOHYDQW WR WKH H[WUDFWRUV DUH UHDGDEOH LI WKH H[WUDFWRU IXQFWLRQ KDV
EHHQ VHOHFWHG E\ VWULNLQJ 0 DQG WDNLQJ VZLWFK 5H LQ PLGGOH SRVLWLRQ
: $GMXVWPHQW
,QFUHDVH VSHHG WR FDWFK WKH ODUJHVW SRVVLEOH TXDQWLW\ RI GU\ OHDYHV GXULQJ WKHLU IDOO $Q H[FHVVLYH VSHHG
FDQ DQ\ZD\ FDXVH VRPH EXQFKHV WR EH VXFNHG LQ $GMXVW WKH VSHHG WR DYRLG WKLV
$W VWDUWLQJ WKH VSHHG RI WKHVH H[WUDFWRUV LV VHW DW USP DQG LW PXVW EH DGMXVWHG GHSHQGLQJ RQ WKH RE
WDLQHG UHVXOWV
.JP
7R FDUU\ RXW D PHFKDQLFDO RSHUDWLRQ RQ DVVHPEOLQJ WKH NQLYHV LW LV SRVVLEOH WR UHPRYH FRYHU 5H DW VFUHZ
OHYHO 5H DQG WKHQ GLVHQJDJH WKH HQJLQH DQG SXW WKH DVV\ RQ EHQFK
7R DVVHPEOH WKH PRWRU 5H RQ FRYHU 5H WLJKWHQ WKH VFUHZV LQ WKLV VHTXHQFH
&$87,21 ,Q VRPH FDVHV WKH PDQXIDFWXUHU SODWH PXVW EH UHPRYHG LQ RUGHU WR DVVHPEOH WKH IODQJH SURSHUO\
$VVHPEOH NQLIH 5H RQ WKH PRWRU VKDIW DQG WKHQ DVVHPEOH WKH FRQHV WLJKWHQ WKH FXW QXW 5H DW 1P DQG
WKHQ ORFN LW 7KH NQLIH PXVW QRW IULFWLRQ RQ WKH FDS 5H 7KHQ SURWHFW WKH DVV\ ZLWK VRPH ZDVKHUV DQG WKH FHQWUDO
VFUHZ DVVHPEOHG ZLWK WKUHDG ORFNLQJ QRUPDO JOXH /RFWLWH 7KH PRWRU VKDIW NH\ PXVW QRW EH DVVHPEOHG
127( WKHUH DUH D ULJKW DQG D OHIW FKRSSHU &KHFN DFFRUGLQJ WR WKH URWDWLRQ GLUHFWLRQ DQG WKH VKDSH RI WKH
FXWWHU SDJH UH
+\GUDXOLF FRQQHFWLRQV
5LJKW PRWRU
)URQWDO YLHZ LWV URWDWLRQ LV FORFNZLVH
/HIW PRWRU
)URQWDO YLHZ LWV URWDWLRQ LV FRXQWHUFORFNZLVH
',675,%87,21 $8*(5
, &RQWDLQHUV
&$3$&,7<
[ O
[ O
[ O
&21752/
%\ PHDQV RI VZLWFKHV 5H DQG 5H WKH FRQWDLQHUV FDQQRW EH GLVFKDUJHG WRJHWKHU ZKLOH WKH\ FDQ JR
EDFN WR QRUPDO SRVLWLRQ VLPXOWDQHRXVO\
5LJKW DXJHU 5H DQG OHIW DXJHU DUH GLIIHUHQW 7KH ILJXUH VKRZV RQH ULJKW DXJHU DQG LWV URWDWLRQ GLUHFWLRQ
2SHUDWLQJ WKH DXJHU LV GRQH E\ D PRWRU 5H ZKLFK PDNHV WKH DXJHU URWDWH ZLWK D VSHHG RI USP
&21752/
6WDUWLQJ WKH WZR DXJHUV LV GRQH E\ PHDQV RI VZLWFK 5H DQG D JUHHQ ZDUQLQJ OLJKW 5H 7 OLJKWV XS
,I DQ RYHUYROWDJH RFFXUV WKH GLVMXQFWRUV 5H SODFHG XQGHU WKH GULYHU·V VHDW FXW WHQVLRQ RII DQG VZLWFK RII
LQGLFDWRU OLJKW 5H 7 5HPRYH WUDVK RU FURS IURP DXJHUV EHIRUH UHVHWWLQJ WKH FLUFXLW EUHDNHUV DQG UHHQHUJL]H
WKH DXJHUV
$'-8670(17
7R JHW WKH EHVW SURGXFW GLVWULEXWLRQ LQ WKH FRQWDLQHUV DGMXVW LQ WKH IROORZLQJ RUGHU
326,7,21 K
/RZ \LHOG
326,7,21 +
+LJK \LHOG
,W VKRXOG EH DV FORVH DV SRVVLEOH WR WKH FRQYH\RU LQ WKH IURQW SDUW )LJ DQG LQ WKH UHDU SDUW )LJ
$GMXVW WKH GHIOHFWRUV )LJ DFFRUGLQJ WR WKH KDUYHVWHG SURGXFW DQG WR WKH PDFKLQH JURXQG VSHHG
:KHQ WKH SURWHFWLRQ IDVWHQLQJ LV UHYHUVHG LW LV FRPSXOVRU\ WR UHYHUW DOVR WKH ULJKW DQG OHIW GHIOHFWRUV
7KH GHIOHFWRU HQG PXVW EH DOZD\V XSZDUGV
$GMXVW WKH EHOW VSHHG VR WKDW WKH KDUYHVWHG SURGXFW FDQ EH GLVFKDUJHG EHWZHHQ WKH GLVWULEXWLRQ DXJHU
DQG WKH RXWHU HGJH RI WKH FRQWDLQHU
,03257$17
WKH KDUYHVWHG SURGXFW VKRXOGQ·W EH GLVFKDUJHG EHORZ WKH FRYHU DGMXVW WKH KHLJKW RI WKH FRYHU VR WKDW WKH
SURGXFW FDQ MXVW SDVV EHORZ LW MXVW WRXFKLQJ LW
7KH GLVWULEXWLRQ DXJHUV FDQ EH DGMXVWHG ERWK ORQJLWXGLQDOO\ DQG YHUWLFDOO\ WR GLVWULEXWH WKH SURGXFW FRUUHFWO\
LQVLGH WKH FRQWDLQHU
)RU H[DPSOH
: LI WKH KDUYHVWHG SURGXFW DFFXPXODWHV WRR PXFK LQ WKH FRQWDLQHU IURQW SDUW PRYH WKH EXFNHWV IRUZDUG VR
WKDW WKH SURGXFW FDQ EH EHWWHU GLVWULEXWHG WR WKH EDFN
: ,I WKH KDUYHVWHG SURGXFW VOLGHV DORQJ WKH FRQWDLQHU LQQHU HGJH ORZHU WKH GLVWULEXWLRQ DXJHU WR DYRLG DQ
H[FHVV RI KDUYHVWHG SURGXFW LQ VXFK DUHD
127( DIWHU DQ\ DGMXVWPHQW FKHFN LI WKH VFUROO RI WKH GLVWULEXWLRQ DXJHU GRHVQ·W LQWHUIHUH ZLWK WKH UHOHYDQW
UHDU VXSSRUW ,I WKLV LV WKH FDVH UHYHUW WKH IL[LQJ RI WKH UHDU VXSSRUW 5H 3DJH
)5217 /(*
67((5,1*
5($5 :+((/ $50
)5217 /(*
)UDPH
*XLGH ULQJ
/HJ
%DOO ORFN
6HDOLQJ JDVNHW
/LS VFUDSHU
*UHDVHUV
([KDXVW
$[OH KROGLQJ VFUHZ WR EH DVVHPEOHG ZLWK PHGLXP WKUHDG ORFNLQJ JOXH /RFWLWH
+\GUDXOLF PRWRU KROGLQJ ZLWK VFUHZ +0 [ 7LJKWHQLQJ WRUTXH GD1P
127(
:KHQ DVVHPEOLQJ D QHZ F\OLQGHU GUHVV JURRYHV ZLWK SDVWH ´02/<'$/µ
*XLGH ULQJV 5H DUH DVVHPEOHG E\ SUHVVLQJ WKHP LQWR WKH IUDPH WXEHV 5H DQG WKH\ FDQ WKHUHIRUH EH
HDVLO\ UHSODFHG
7R FKDQJH WKH JURRYHG KXE 5H SRVLWLRQ WKH JURRYHG SDUW RI D VORW SHUSHQGLFXODU WR WKH ;< D[LV ILQG
RXW D VORW EHIRUH XQZHOGLQJ WKH ROG VOHHYH
77 GD1P
67((5,1*
&HQWUDO UHOD\
'RXEOHDFWLRQ F\OLQGHU
$GMXVWLQJ
1RPLQDO OHQJWK RI VWHHULQJ OLQN URGV LV PP 7KH WZR URGV KDYH WKH VDPH OHQJWK
)URQW ZKHHOV PXVW KDYH DQ DYHUDJH FOHDUDQFH RI PP &KHFN WKLV YDOXH RQO\ DIWHU WKH PDFKLQH KDV WUD
YHOOHG RQ ILHOG DQG LQ IRUZDUG JHDUV WR UHFRYHU WKH SOD\
$IWHU DGMXVWLQJ WKH VWHHULQJ DGMXVW HYHQ WKH PD[LPXP VWHHULQJ ORFNV
7KH ORFNV PXVW WRXFK WKH VWHHULQJ URGV DERXW PP EHIRUH WKH F\OLQGHU UHDFKHV LWV HQG RI VWURNH 7R WKLV
SXUSRVH
VWHHU WR WKH ULJKW DQG SXW WKH F\OLQGHU DW PP WKHQ DGMXVW WKH OHIW ORFN WR PDNH LW WRXFK WKH URG
WKHQ IDVWHQ WKH ORFNQXW
6WHHU WR WKH OHIW DQG SXW WKH F\OLQGHU DW PP WKHQ DGMXVW WKH OHIW ORFN WR PDNH LW WRXFK WKH
URG WKHQ IDVWHQ WKH ORFNQXW
,Q ERWK FDVHV FKHFN WKDW WKH VWHHULQJ DQJOH GRHVQ·W H[FHHG
2WKHUZLVH H[WHQG WKH ORFNV
6KLP
5HVLGXH VFUDSHU DW PP IURP WKH IURQW W\UH DQG PP IURP WKH UHDU W\UH
$GMXVWLQJ
D :KHHO DUPV PXVW EH SDUDOOHO WR WKH PDFKLQH D[OH
7KLV SRVLWLRQ LV UHDFKHG E\ PHDQV RI VKLPV 5H
XQGHU WKH RXWHU VXSSRUWV 5H
E 3DUW )
&DPEHU DQJOH PXVW EH DGMXVWHG DW PP E\
PHDQV RI VXSSRUWV 5H VOLGLQJ LQWR WKHLU VHDWV
7+(50$/ (1*,1(
6% 6% ² 6%
3ODWH PDUNLQJV FRPPHUFLDO GHVFULSWLRQ 6, $ 6, $
(QJLQH F\OLQGHU KHDG WHFKQLFDO GHVFULS
WLRQ
%RUH [
1XPEHU RI F\OLQGHUV
'LVSODFHPHQW FP
'LVSODFHPHQW UDWLR O
5RWDWLRQ GLUHFWLRQ IURP VWHHULQJ ZKHHO FRXQWHUFORFNZLVH
,QMHFWLRQ VHTXHQFH
:HLJKW NJ $SSUR[ $SSUR[
5RWDWLRQ VSHHG ZRXW ORDG USP
IURP
0D[ QHW VSHHG N:&9 6%
6%
7DSSHW FROG FOHDUDQFH
,QWDNH PP
([KDXVW PP
/XEULFDWLRQ
&DSDFLW\ O
6SHFLILFDWLRQV )LDW 2LO $PEUD VXSHU : $PEUD VXSHU :
1HZ +ROODQG 6XSHU 1+ & 6XSHU 1+ &
&RROLQJ &DSDFLW\ O
,QMHFWLRQ
7\SH GLUHFW GLUHFW
5RWDU\ LQMHFWLRQ SXPS %RVFK 9( ) &$9'36 $
5
,QMHFWRUV ZLWK RU KROHV QRW
67$1$'<1( 6'//$ 6 '// 6 :
%26&+ '//$ 6 '//$ 6
,QMHFWRU SUHVVXUH EDU
$OWHUQDWRU 0DJQHWL 0DUHOOL
9ROWDJH 9
,QWHQVLW\ $
6WDUWHU %RVFK
9ROWDJH 9
3RZHU N:
$LU WXUERFKDUJHU
*DUUHWW W\SH 72 % 7$
'RQDOGVRQ DLU GU\ ILOWHU (/% (/%
)RU 6% HQJLQH ZLWK EDODQFLQJ PDVVHV VWDUWLQJ IURP VHULHV
)RU 6% VWDUWLQJ IURP 1R VHH SDJH
6% 6% F
6HULHV IURP WR
3ODWH PDUNLQJV FRPPHUFLDO GHVFULSWLRQ 6, $ ,
(QJLQH F\OLQGHU KHDG WHFKQLFDO GHVFULSWLRQ
, $
%RUH [
1XPEHU RI F\OLQGHUV
'LVSODFHPHQW FP
'LVSODFHPHQW UDWLR O
5RWDWLRQ GLUHFWLRQ IURP VWHHULQJ ZKHHO FRXQWHUFORFNZLVH
,QMHFWLRQ VHTXHQFH
:HLJKW NJ DERXW DERXW
5RWDWLRQ VSHHG ZRXW ORDG USP
0D[ QHW SRZHU N:&9
7DSSHW FROG FOHDUDQFH
,QWDNH PP
([KDXVW PP
/XEULFDWLRQ
&DSDFLW\ O
6SHFLILFDWLRQV )LDW 2LO $PEUD 6XSHU :
1HZ +ROODQG 6XSHU 1+ &
&RROLQJ &DSDFLW\ O
QMHFWLRQ
7\SH GLUHFW
5RWDU\ LQMHFWLRQ SXPS %RVFK 9( )
5
,QMHFWRUV ZLWK RU KROHV QRW
67$1$'<1( 6'//$ 6
%26&+ '//$ 6
,QMHFWRU SUHVVXUH EDU
$OWHUQDWRU 0DJQHWL 0DUHOOL
9ROWDJH 9
,QWHQVLW\ $
6WDUWHU %RVFK
9ROWDJH 9
3RZHU N:
$LU WXUERFKDUJHU *DUUHWW W\SH
3UHVVXUH 72 % 12
'RQDOGVRQ DLU GU\ ILOWHU (/% (/%
6% $
6% 6%
3ODWH PDUNLQJV ² FRPPHUFLDO GHVFULSWLRQ 6( $ 6( $
(QJLQH F\OLQGHU KHDG ² WHFKQLFDO GHVFULSWLRQ
%RUH [
1XPEHU RI F\OLQGHUV
'LVSODFHPHQW FP
'LVSODFHPHQW UDWLR O
5RWDWLRQ GLUHFWLRQ IURP VWHHULQJ ZKHHO FRXQWHUFORFNZLVH
,QMHFWLRQ VHTXHQFH
:HLJKW NJ $SSUR[
5RWDWLRQ VSHHG ZRXW ORDG USP
0D[ QHW SRZHU N:&9
/XEULFDWLRQ &DSDFLW\ O
6SHFLILFDWLRQV )LDW 2LO $PEUD 6XSHU :
1HZ +ROODQG 6XSHU 1+ &
&RROLQJ &DSDFLW\ OLWUHV
,QMHFWLRQ
7\SH GLUHFW
5RWDU\ LQMHFWLRQ SXPS %RVFK 9( ) 5
$OWHUQDWRU 0DJQHWL 0DUHOOL
9ROWDJH 9
,QWHQVLW\ $
6WDUWHU %RVFK
9ROWDJH 9
3RZHU N:
'RQDOGVRQ DLU GU\ ILOWHU (/%
:KHQ PRXQWLQJ WKH JDVNHW PDNH VXUH WKH PDUN +,*+ SULQWHG RQ WKH JDVNHW WRXFKHV WKH F\OLQGHU EORFN
7LJKWHQLQJ
3UHWRUTXH 3UHWRUTXH $GG $GG
(QJLQH W\SH FKHFN DQ DQJOH E\ DQ DQJOH E\
6, NJP NJP E E
6, NJP NJP E E
0$,17(1$1&(
/HW WKH HQJLQH UXQ XQWLO WKH QRUPDO RSHUDWLQJ WHPSHUDWXUH LV UHDFKHG
'LVFKDUJH RLO
5HSODFH WKH RLO DQG GLHVHO RLO ILOWHU FDUWULGJHV
5HILOO ZLWK QHZ RLO
&KHFN WHQVLRQ RI DOWHUQDWRU DQG FRPSUHVVRU EHOWV
&KHFN HQJLQH WLJKWQHVV
RLO OHYHO
FRRODQW OHYHO
UDGLDWRU EDQG FOHDQOLQHVV
F (YHU\ KRXUV RU EHIRUH HDFK KDUYHVWLQJ VHDVRQ UHSODFH WKH IROORZLQJ
HQJLQH RLO
RLO ILOWHU FDUWULGJHV
GLHVHO RLO ILOWHU FDUWULGJHV
FOHDQ WKH VXSSO\ SXPS ILOWHU
FKHFN UDGLDWRU EDQG FOHDQOLQHVV
,I WKH ILOWHU FORJJLQJ ZDUQLQJ OLJKW FRPHV XS FOHDQ WKH PDLQ FDUWULGJH ZLWK FRPSUHVVHG DLU MHWWHG IURP LQVLGH WR
RXWVLGH WKH FDUWULGJH $WWHQWLRQ QHYHU XVH D KLJKHU SUHVVXUH WKDQ EDU DQG GLUHFW WKH KROH IURP XS WR GRZQ
NHHSLQJ WKH DLU IORZ FP DZD\ IURP WKH ILOWHU SDSHU
127( WKH GLHVHO RLO FDUWULGJHV PXVW EH FKDQJHG PRUH IUHTXHQWO\ LI WKH GLHVHO RLO FRQGLWLRQV UHTXLUH LW
:KHQ VWDUWLQJ WKH HQJLQH DIWHU UHPRYLQJ WKH LQMHFWLRQ SXPS EOHHG WKH V\VWHP
0$;
0,1
:KLOH DVVHPEOLQJ WKH IDQ WKH FRQFDYH VLGH RI WKH EODGHV UH $ PXVW EH LQVWDOOHG RQ WKH PRWRU VLGH
&$87,21
7KH WDQN WRWDO FDSDFLW\ LV DSSUR[LPDWHO\ O EXW WKH PD[ OHYHO PDUN VKRZQ RQ WKH GLSVWLFN LV O 7KH IXHO
PLQ OHYHO DODUP RFFXUV ZKHQ WKH WDQN FRQWDLQV DERXW O
+<'5$8/,& 6<67(0
'
(
% )
$ *
&
+\GURVWDWLF LQFKLQJ SXPS ZLWK YDULDEOH GLVSODFHPHQW FPUHY ZLWK D ERRVWLQJ SXPS E\
FPUHY DQG D PDQXDO VHUYRFRQWURO
%RRVWLQJ ILOWHU RQ VXFWLRQ
6WDUWLQJ IURP VHULHV $ DQG WKH ERRVWLQJ ILOWHU LV SUHVVXUL]HG DQG IL[HG RQ WKH
SXPS VLGH
8SSHU H[WUDFWRU ORZHU H[WUDFWRU ORZHU VWUDZFKRSSHU DQG FRQYH\RU GULYH SXPS 9DULDEOH GLVSODFHPHQW
IURP WR FPUHY ZLWK ORDG VHQVLQJ /6 DQG SUHVVXUH OLPLWHU 0D[ SUHVVXUH EDU
6WDUWLQJ IURP WKH IUDPHV $ ² ² YDULDEOH GLVSODFHPHQW IURP WR FP)UHY ZLWK
ORDG GHWHFWLRQ 0D[ 3UHVVXUH EDU
&RQWDLQHU VKDNLQJ DQG VZLQJLQJ GULYH SXPS LQ DGGLWLRQ WR QRULDV LQ ZDVKLQJ SRVLWLRQ XS WR VHULHV
% DQG )L[HG GLVSODFHPHQW FPUHY
6WDUWLQJ IURP WKH VHULHV $ ² ² WKH SXPS GLVSODFHPHQW LV FP)UHY DQG LW LV
XVHG IRU WKH VKDNLQJ RQO\
:KHQ LW LVQ·W XVHG LW HQVXUHV FRROLQJ IRU H[DPSOH RQ URDGV
6WDUWLQJ IURP VHULHV DQG WKH SXPS GLVSODFHPHQW ZLOO EH RI FPUHY XVHG
RQO\ IRU VKDNLQJ DQG FRROLQJ
6WHHULQJ OLIW DQG PDFKLQH VORSLQJ GULYH SXPS LQ DGGLWLRQ WR QRULDV LQ ZDVKLQJ SRVLWLRQ VWDUWLQJ IURP
VHULHV $ DQG
'LVSODFHPHQW FPUHY XS WR VHULHV
([FHSW FPUHY )RU WKH VHULHV WR LQFOXGHG
)URP WR LQFOXGHG
% DQG IURP $ WR $ LQFOXGHG
&RQWDLQHU VZLQJLQJ VWDUWLQJ IURP WKH VHULHV $ ² ²
$ 6KDNLQJ SUHVVXUH DQG FRQWDLQHU VZLQJLQJ XS WR VHULHV $ DQG
% &OHDQLQJ DQG ZDLWLQJ SUHVVXUH IURP VHULHV DQG
& 6KDNLQJ SUHVVXUH VWDUWLQJ IURP VHULHV $ DQG
' %RRVWLQJ SUHVVXUH DQG EOHHG YDOYH
( /LIW SUHVVXUH
&RQWDLQHU VZLQJLQJ SUHVVXUH VWDUWLQJ IURP VHULHV $ DQG
) 5HYHUVH UDQJH +3
* )RUZDUG UDQJH +3
( )DQ SXPS GUDLQ VWDUWLQJ IURP WKH VHULHV 5HDU ZKHHO PRWRU GUDLQ
$ )URQW ZKHHO PRWRU GUDLQ
$QWLVNLG GLVWULEXWLRQ GUDLQ XS WR WKH
VHULHV DQG %RRVWLQJ ILOWHU FORJJLQJ VHQVRU
D 7DQN &DSDFLW\ O
/HYHO ZDUQLQJ OLJKW
2LO ),$7 +\GUDXOLFDU +9, DQG 1HZ +ROODQG +\GURV\VWHP +91+ +
E 5HWXUQ ILOWHU 5H LV HTXLSSHG ZLWK D E\SDVV YDOYH VHW DW EDU DQG E\ D FORJJLQJ ZDUQLQJ OLJKW )LOWHU
LQJ TXDOLW\ LV PLFURQ
F 7DNHLQ ERRVWHU ILOWHU ZLWK FORJJLQJ ZDUQLQJ OLJKW 5H /LJKW FRPHV RQ DW EDU )LOWHULQJ TXDOLW\
PLFURQ XS WR VHULHV $ DQG
G %RRVWHU SUHVVXUH ILOWHU ZLWK FORJJLQJ LQGLFDWRU 5H )LOWHULQJ TXDOLW\ PLFURQ VWDUWLQJ IURP VHULHV
$ DQG
H +\GUDXOLF WHPSHUDWXUH SUREH 5H PDNHV WKH OLJKW FRPH RQ ZKHQ RLO UHDFKHV E&
I :KHHO PRWRU GUDLQ ILOWHU )LOWHULQJ TXDOLW\ PLFURQ ZLWK D E\SDVV RQO\ XS WR VHULHV
DQG
127( ILOWHU UHSODFHPHQW DQG WDQN GLVFKDUJH PXVW EH FDUULHG RXW HYHU\ RSHUDWLQJ KRXUV RU HYHU\ WZR
\HDUV 7KH UHWXUQ ILWWLQJV SODFHG RQ WKH WDQN FRYHU DUH IDVWHQHG WKURXJK QXWV SODFHG LQVLGH DQG
JOXHG E\ /RFWLWH 3D\ VSHFLDO DWWHQWLRQ ZKLOH ORRVHQLQJ WKH ILWWLQJV
3ULQW QR
6HFWLRQ ,
+<'5$8/,& 6<67(0
3DJH
5 5 5
7KH UHIHUHQFHV RI WKH HOHFWULF GHYLFHV LQ WKLV VFKHPH DUH WKH VDPH DV JLYHQ RQ WKH HOHFWULF VFKHPH
1& HOHFWULF GLVWULEXWRU IRU WKH SXPS 5H VWDUWLQJ IRU FOHDQLQJ
&RQYH\RU VWDQGDUG URWDWLRQ HQDEOLQJ HOHFWULF GLVWULEXWRU
(OHFWULFDOO\ FRQWUROOHG FRQWDLQHUVKDNLQJ SUHVVXUH OLPLWHU 0D[ SUHVVXUH EDU VHW WKURXJK WKH
SRWHQWLRPHWHU 59 SODFHG RQ WKH HOHFWURQLF FDUG
&RQYH\RU UHYHUVH URWDWLRQ HQDEOLQJ HOHFWULF GLVWULEXWRU
/RZHU H[WUDFWRU VSHHG DGMXVWPHQW PRWRU
&RQYH\RU VSHHG DGMXVWPHQW PRWRU
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW PRWRU
9DULDEOH GLVSODFHPHQW ´9,&.(56µ SXPS DFFRUGLQJ WR WKH FKDUJH /6 IURP WR PUHY IRU
FOHDQLQJ LQFOXGLQJ DQ LQWHJUDWHG OLPLWHU DW E 5H 6SHHG USP ZLWK WHHWK RXWSXW VKDIW
LQVWHDG RI WHHWK VKDIW VWDUWLQJ IURP WKH VHULHV DQG
'ULOOHG EORFN FRPLQJ IURP WKH SXPS 5H IRU FOHDQLQJ
0DQXDO FRQWUROOHG FDSDFLW\ OLPLWHU FRPSOHWHO\ RSHQ IRU KDUYHVWLQJ XVHG RQO\ LQ PXOWLSXUSRVH
&DSDFLW\ OLPLWHU GLD PP IRU WKH H[WUDFWRU SXPS SLORWLQJ
'ULOOHG EORFN FRPLQJ IURP SXPS 5H IRU VKDNLQJ DQG FRQWDLQHUV
$GMXVWDEOH SUHVVXUH OLPLWHU ZLWK DQ HOHFWULF UDWLRPRWRU 5H IRU DGMXVWLQJ WKH XSSHU H[WUDFWRU
VSHHG 0D[ SUHVVXUH EDU
)L[HG GLVSODFHPHQW ´6$8(5µ SXPS ZLWK FPUHY IRU VKDNLQJ DQG FRQWDLQHUV
´6$8(5µ PRWRU DW FPUHY IRU XSSHU H[WUDFWRU RSHUDWLRQ
´6$8(5µ PRWRU DW FPUHY IRU ORZHU H[WUDFWRU RSHUDWLRQ DSDUW IURP WKH IROORZLQJ PDFKLQHV
ZKHUH LW LV FPUHY $ DQG VHULHV $ $ DQG $
DQG
´($721µ PRWRU DW FPUHY IRU ORZHU FKRSSHU RSHUDWLRQ
´($721µ PRWRU DW FPUHY IRU FRQYH\RU RSHUDWLRQ
9DULDEOH FDSDFLW\ OLPLWHU ZLWK DQ HOHFWULF UDWLRPRWRU 5H IRU ORZHU H[WUDFWRU DGMXVWPHQW
9DULDEOH FDSDFLW\ OLPLWHU ZLWK DQ HOHFWULF UDWLRPRWRU 5H IRU FRQYH\RU DGMXVWPHQW
3UHVVXUH EDODQFHU IRU FDSDFLW\ DGMXVWPHQW WRZDUGV WKH FRQYH\RUV
'ULOOHG EORFN SODFHG RQ WKH EDFN RI WKH KDUYHVWLQJ HTXLSPHQW
)DVW ILWWLQJV IRU KDUYHVWLQJ KHDGHU IHHGLQJ
3OXJ IRU SUHVVXUH JDXJH ILWWLQJ
5HWXUQ IDVW ILWWLQJV IRU KDUYHVWLQJ HTXLSPHQW
3OXJ IRU PXOWLSXUSRVH SXPS FDSDFLW\ FRXSOLQJ
3OXJ IRU FKHFNLQJ WKH SXPS ZDLWLQJ SUHVVXUH
1R]]OH GLD PP WR UHGXFH WKH VWUDZFKRSSHU VSHHG ZKHQ WKH PRWRU 5H KDV D VSHHG RI
FPUHY
$ 7RZDUGV VKDNLQJ
% 7RZDUGV QRULD PRWRU RQO\ IRU VHULHV $ %
$ 6WDUWLQJ
7KH EXWWRQ RI WKH KDUYHVWLQJ HTXLSPHQW 5H WULJJHUV WKH UHOHYDQW HOHFWULF GLVWULEXWRU 5H DQG OHWV WKH
9,&.(56 SXPS 5H IHHGLQJ
XSSHU H[WUDFWRUV WR UHDFK WKH SURJUDPPHG VSHHG
ORZHU H[WUDFWRUV WR UHDFK WKH SURJUDPPHG VSHHG
HOHFWULF GLVWULEXWRU HQDEOLQJUHYHUVLQJ WKH FRQYH\RU 5H ZKLOH WKH FRQYH\RUV GR QRW URWDWH
:KHQ WKH SURJUDPPHG WLPH HODSVHV WKH FRQYH\RU 5H HQDEOLQJ HOHFWULF GLVWULEXWRU LV DXWRPDWLFDOO\ FRQWUROOHG WR
OHW FRQYH\RUV VWDUW URWDWLQJ LQ WKH VWDQGDUG GLUHFWLRQ 7KH WLPH LV VHW EHWZHHQ DQG VHFRQGV WKURXJK WKH SRWHQ
WLRPHWHU 59 SODFHG RQ WKH HOHFWURQLF FDUG
&$87,21 ,Q VRPH VHULHV WKH FRQYH\RUV GR QRW URWDWH LI WKH VZLWFK 5H LV LQ WKH PLGGOH SRVLWLRQ
127(
:KHQHYHU WKH RSHUDWRU ZDQWV WR DGMXVW WKH XSSHU H[WUDFWRUV WKH ORZHU H[WUDFWRU VSHHGV PXVW EH DGMXVWHG
DJDLQ 7KXV ILUVW DGMXVW WKH XSSHU H[WUDFWRUV
'XULQJ KDUYHVWLQJ WKH FDSDFLW\ OLPLWHU 5H PXVW DOZD\V EH RSHQ FRPSOHWHO\ ,W ZLOO EH XVHG RQO\ LQ
PXOWLSXUSRVH
:KHQ UHLQVWDOOLQJ WKH IDVW ILWWLQJV 5H RQ WKH UHWXUQ FLUFXLW PDNH VXUH WKH\ DUH ZHOO ILWWHG DV DQ H[FHVVLYH
SUHVVXUH LQ WKH FLUFXLW PD\ GDPDJH WKH K\GUDXOLF PRWRUV
127( WKH EDODQFH RI SUHVVXUH F LV DGMXVWDEOH 7KH SUHVVXUH FDQ EH DGMXVWHG RQO\ LI LW LV LPSRVVLEOH WR JHW
WR WKH XSSHU H[WUDFWRU KLJKHVW VSHHG
F 3UHVVXUH EDODQFHU GULYHQ E\ WKH ORDG FDOOHG ´/RDG 6HQVLQJµ RU ´/6µ DGMXVWHG DW EDU
H 3LORWLQJ FLUFXLW GUDLQ QR]]OH RI WKH FOHDQLQJ SXPS SUHVVXUH EDODQFHU GLDPHWHU
I 1RQUHWXUQ YDOYH
3OXJV IRU LQVWDOOLQJ D SUHVVXUH JDXJH FKHFNLQJ WKH SXPS ZDLWLQJ SUHVVXUH
7KLV EORFN LV SODFHG EHKLQG WKH KDUYHVWLQJ KHDGHU WKH UHIHUHQFHV RI WKH HTXLSPHQW DUH WKH VDPH DV RQ WKH
VFKHPHV
3OXJ IRU FORVLQJ WKH DUHD DUUDQJHG IRU D SUHVVXUH EDODQFHU RQ WKH ORZHU H[WUDFWRUV
,03257$17
FRPSO\ ZLWK WKH WLJKWHQLQJ WRUTXH YDOXHV DV JLYHQ DERYH LQ RUGHU QRW WR FRPSURPLVH WKH RSHUDWLQJ FDSDFLW\ RI
WKH HTXLSPHQW
7KHVH EORFNV DUH IL[HG GLUHFWO\ RQ WKH K\GUDXOLF SXPSV 7KH UHIHUHQFHV DUH WKH VDPH JLYHQ LQ WKH VFKHPHV
,W FRPSULVHV
&OHDQLQJ VWDUW HQDEOLQJ HOHFWULF GLVWULEXWRU
&DUWULGJH WLJKWHQLQJ WRUTXH IURP WR GD1P
372 YDULDEOH FDSDFLW\ OLPLWHU RQ FRPSOHWH RSHQLQJ IRU JUDSH KDUYHVWLQJ
7LJKWHQLQJ WRUTXH WR GD1P
1R]]OH ZLWK GLD PP VFUHZHG LQ WKH EORFN WR FRQWURO FRQYH\RUFOHDQLQJ SXPS
9,&.(56 7KH QR]]OH HQG PXVW MXVW WRXFK WKH KROH HGJH ,W LV ORFNHG
WKURXJK ´/RFWLWHµ 'R QRW VFUHZ LQ XQWLO WKH PD[ HQG RI VWURNH
,W FRPSULVHV
(OHFWULFDOO\RSHUDWHG FRQYH\RUVKDNLQJ SUHVVXUH OLPLWHU
&DUWULGJH WLJKWHQLQJ WRUTXH WR GD1P
3OXJ IRU SUHVVXUH JDXJH µ JDV FRQWDLQHUV VKDNLQJ SUHVVXUH
% WR VKDNLQJ
& WR K\GURVWDWLF EORFN 5H IRU QRULD ZDVKLQJ RQO\ IRU $ % DQG VHULHV PDFKLQHV
' WR H[WUDFWRUVFRQYH\RUV
( WR FRROHU
7KH UHIHUHQFHV WR WKLV VFKHPH UHOHYDQW WR WKH HOHFWULFDO HTXLSPHQW DUH WKH VDPH DV WKRVH VKRZQ LQ WKH ZLU
LQJ GLDJUDP
(OHFWULF GLVWULEXWRU QRUPDOO\ FORVHG IRU SXPS VWDUWLQJ 5H IRU WKH FOHDQLQJ
(OHFWULF GLVWULEXWRU IRU WKH FRQYH\RU VWDQGDUG URWDWLRQ FRQVHQW
(OHFWULF GLVWULEXWRU IRU WKH FRQYH\RU UHYHUVH URWDWLRQ FRQVHQW
0RWRU IRU WKH ORZ H[WUDFWURU VSHHG DGMXVWPHQW
0RWRU IRU WKH FRQYH\RU VSHHG DGMXVWPHQW
0RWRU IRU WKH KLJK H[WUDFWRU VSHHG DGMXVWPHQW
(OHFWULF GLVWULEXWRU IRU ORZHU VWDON FKRSSHU HQDEOLQJ VWDUWLQJ IURP VHULHV
´9,&.(56µ SXPS ZLWK YDULDEOH GLVSODFHPHQW DFFRUGLQJ WR WKH ORDG /6 IURP WR FPFOHDQLQJ
UHY LQFOXGLQJ DQ LQWHJUDWHG OLPLWHU DW E 5H E
'ULOOHG EORFN IDVWHQHG DW WKH SXPS RXWOHW 5H IRU WKH FOHDQLQJ
&DSDFLW\ OLPLWHU WR EH DGMXVWHG E\ WKH UDWLRPRWRU 5H
&DSDFLW\ OLPLWHU GLD PP VWDUWLQJ IURP VHULHV DQG
0RWRU ´6$8(5µ FPUHY IRU KLJK H[WUDFWRU RSHUDWLRQ
0RWRU ´6$8(5µ FPUHY IRU ORZ H[WUDFWRU RSHUDWLRQ
0RWRU ´($721µ FPUHY IRU ORZHU FKRSSHUV
0RWRU ´($721µ FPUHY IRU FRQYH\RU RSHUDWLRQ
$GMXVWDEOH FDSDFLW\ OLPLWHU E\ DQ HOHFWULF UDWLRPRWRU 5H IRU DGMXVWLQJ WKH ORZHU H[WUDFWRUV
$GMXVWDEOH FDSDFLW\ OLPLWHU E\ DQ HOHFWULF UDWLRPRWRU 5H IRU DGMXVWLQJ WKH FRQYH\RUV
3UHVVXUH EDODQFHU IRU DGMXVWLQJ WKH FDSDFLW\ RI WKH FRQYH\RUV
'ULOOHG EORFN SODFHG LQ WKH UHDU SDUW RI WKH KDUYHVWLQJ HTXLSPHQW
%DOO TXLFN FRXSOLQJV IRU WKH KDUYHVWLQJ KHDGHU
VFUHZDEOH W\SH VWDUWLQJ IURP WKH VHULHV DQG
4XLFN FRXSOLQJ WR EH VFUHZHG RQ WKH KDUYHVWLQJ HTXLSPHQW UHWXUQ
3UHVVXUH FRXSOLQJ WR FKHFN WKH RSHUDWLQJ DQG ZDLWLQJ SUHVVXUHV
3OXJ WR FKHFN WKH SXPS ZDLWLQJ SUHVVXUH
3UHVVXUH EDODQFHU WR DGMXVW WKH FDSDFLW\ WR WKH ORZHU H[WUDFWRUV
$GMXVWPHQW EORFN WKURXJK VXSSO\ VWDUWLQJ IURP VHULHV DQG
3UHVVXUH OLPLWHU 59 ZLWK ILOWHU VWDUWLQJ IURP WKH VHULHV DQG
9DFXXP YDOYH IURP WKH VHULHV DQG
F 3UHVVXUH EDODQFHU WR DGMXVW WKH SXPS FDSDFLW\ DFFRUGLQJ WR WKH ORDG ZDLWLQJ SUHVVXUH DGMXVWHG DW EDU
²
H 3OXJ
$ 2SHUDWLRQ
7KH EXWWRQ RI WKH KDUYHVWLQJ HTXLSPHQW 5H WULJJHUV WKH UHOHYDQW HOHFWULF GLVWULEXWRU 5H VR WKDW WKH
9,&.(56 SXPS 5H FDQ VXSSO\
WKH KLJK H[WUDFWRUV UHDFKLQJ WKHLU RSHUDWLQJ VSHHG
WKH ORZ H[WUDFWRUV UHDFKLQJ WKHLU RSHUDWLQJ VSHHG
WKH FRQYH\RU FRQVHQWUHYHUVDO HOHFWULF GLVWULEXWRU 5H EXW WKH FRQYH\RUV GR QRW WXUQ
$IWHU WKH VHW WLPHRXW WKH FRQYH\RU FRQVHQW HOHFWULF GLVWULEXWRU 5H LV DXWRPDWLFDOO\ FRQWUROOHG HQDEOLQJ
WKH VWDQGDUG URWDWLQJ GLUHFWLRQ RI WKH FRQYH\RUV 7KH WLPHRXW LV VHW EHWZHHQ DQG VHFRQGV E\ WKH SRWHQ
WLRPHWHU 59 SODFHG RQ WKH HOHFWURQLF FDUG
127(
HYHU\ WLPH WKH RSHUDWRU DGMXVWV WKH ORZ H[WUDFWRUV RU WKH FRQYH\RUV LW ZLOO EH QHFHVVDU\ WR DGMXVW DJDLQ
DOVR WKH KLJK H[WUDFWRUV
:KHQ LQVWDOOLQJ DJDLQ WKH TXLFN FRXSOLQJ 5H LQVWDOOHG RQ WKH UHWXUQ FLUFXLW FKHFN LI WKLV FRXSOLQJ LV
ZHOO WLJKWHQHG DV D FLUFXLW H[FHVVLYH SUHVVXUH PD\ GDPDJH WKH K\GUDXOLF PRWRUV
: 6WDUWLQJ IURP VHULHV DQG GHSHQGLQJ RQ WKH DVVHPEO\ FRPSO\ ZLWK WKH H[SODQD
WLRQV RI WKH SUHYLRXV VNHWFK
) &KHFN RI WKH ZDLWLQJ SUHVVXUH IRU WKH 9,&.(56 SXPS 5H &RQQHFW D SUHVVXUH JDXJH E WR
WKH GULOOHG EORFN LQ 5H
5HPRYH WKH VROHQRLG YDOYH 5H
6HW WKH HQJLQH WR WKH PD[ VSHHG
7KH PD[ SUHVVXUH PXVW EH DERXW EDU ² LW FDQ EH DGMXVWHG E\ WKH OLPLWHU ² & ²
3XPS W\SH
H 3OXJ
3OXJV
'
)LJ
)LJ
)LJ
),* )RU VHULHV IURP $ WR IURP WR IURP WR
'ULOOHG EORFN IDVWHQHG RQ WKH FOHDQLQJ SXPS 5H FRQQHFWHG WR
(OHFWULF GLVWULEXWRU WR VWDUW WKH FOHDQLQJ 7LJKWHQLQJ WRUTXH IURP WR GD1P
VWDUWLQJ IURP VHULHV DQG WKH UDWLRPRWRU LVQ·W LQVWDOOHG RQ WKLV
EORFN ,W LV SODFHG RQ D EORFN WKDW DGMXVW WKH SXPS FDSDFLW\ E\ VXSSO\ 1HYHUWKHOHVV LQ
FDVH RI XVH DV PXOWLSXUSRVH ZLWK YDULDEOH ORDG LW FDQ EH PRYHG RQ WKLV EORFN WR DG
MXVW WKH SXPS E\ WKH FDSDFLW\ OLPLWHU
7R WKLV SXUSRVH XVH WKH NLW
),* ZKLOH UHSODFLQJ D VHDO RQ WKH SLQ RI WKH FDSDFLW\ OLPLWHU
SD\ DWWHQWLRQ WR WKH VHDO DVVHPEO\ GLUHFWLRQ VHH GHWDLO
127( WKH DGMXVWPHQW RI WKH SULQWHG FLUFXLW FXWV SRZHU VXSSO\ RI WKH PRWRU EHIRUH WKH FDSDFLW\ OLPLWHU UHDFKHV
LWV HQG RI VWURNH
)RU PDFKLQHV ZLWK H[WUDFWRUV WKH FDSDFLW\ OLPLWHU PXVW EH IXOO\ FORVHG OHVV RI WXUQ
)RU PDFKLQHV ZLWK H[WUDFWRUV WKH FDSDFLW\ OLPLWHU PXVW EH IXOO\ RSHQ OHVV RI WXUQ
7KLV EORFN LV SODFHG EHKLQG WKH KDUYHVWLQJ KHDGHU WKH UHIHUHQFHV RI WKH HTXLSPHQW DUH WKH VDPH RI WKH
VFKHPHV
3UHVVXUH EDODQFHU IRU WKH ORZHU H[WUDFWRU VSHHG DGMXVWPHQW RU SOXJ
,03257$17
NHHS WR WKH WLJKWHQLQJ WRUTXH YDOXHV DV JLYHQ DERYH LQ RUGHU QRW WR GHFUHDVH RU GDPDJH WKH RSHUDWLRQ FD
SDFLW\ RI WKH HTXLSPHQW
6+$.,1*
$1' &217$,1(5 7,/7,1*
+<'5$8/,& 6&+(0(
8S WR WKH VHULHV $ ²
7KH UHIHUHQFH QXPEHUV JLYHQ LQ WKLV VFKHPH UHIHU WR HOHFWULF GHYLFHV DQG DUH WKH VDPH DV WKRVH JLYHQ LQ WKH
HOHFWULF VFKHPH
6+$.,1* 23(5$7,21
1R VKDNLQJ
7KH HOHFWURQLF SUHVVXUH OLPLWHU IRU FRQWDLQHUVKDNLQJ 5H LV QRW IHG LW LV RSHQHG E\ D WRR ORZ SUHVVXUH DQG
WKH SXPS IHHGV WKH WDQN WKURXJK WKH FRROHU IRU FRROLQJ RLO ZKLOH WKH PDFKLQH LV WUDYHOOLQJ RQ URDGV
6KDNLQJ VWDUW
6KDNLQJ EXWWRQ 5H SRZHUV WKH FRQWDLQHUVKDNLQJ SUHVVXUH OLPLWHU 5H SURJUHVVLYHO\ WKURXJK WKH HOHFWURQLF
FDUG DQG PDNHV VKDNLQJ VWDUW HYHQO\ 7KLV OLPLWHU LV DGMXVWHG WR LWV PD[ SUHVVXUH ZKLFK FDQ EH FKHFNHG WKURXJK
SOXJ 5H 7KLV SUHVVXUH YDOXH GHSHQGV RQ WKH W\SH RI FRQWDLQHUV LQVWDOOHG RQ WKH PDFKLQH
7KH VKDNLQJ VWRS HOHFWULF GLVWULEXWRU LV QRW SRZHUHG DQG UHPDLQV RSHQ
&217$,1(5 23(5$7,21
WKH FRQWDLQHUVKDNLQJ SUHVVXUH OLPLWHU 5H VHW DW EDU WKURXJK WKH SRWHQWLRPHWHU 59 SODFHG RQ WKH
HOHFWURQLF FDUG
WKH VKDNLQJ VWRS GLVWULEXWRU 5H LV FORVHG DQG SUHYHQWV VKDNLQJ IHHGLQJ 7KH RLO JRHV WR WKH FRQWDLQHU
WLOWLQJ GLVWULEXWRUV
RQH RI WKH GLVWULEXWRUV 5H RU DOORZV WKH UHOHYDQW FRQWDLQHU PRYHPHQW
7KH PRYHPHQW VSHHG LV DGMXVWHG E\ VRPH QR]]OHV ZLWK GLDPHWHU PP RQ WKH FKDPEHU ODUJH VLGH DQG
RQ WKH FKDPEHU VPDOO VLGH RI WKH FRQWDLQHU F\OLQGHUV 5H
127( LW LV LPSRVVLEOH WR WLOW WKH FRQWDLQHUV VLPXOWDQHRXVO\ :KHQ ERWK VZLWFKHV 5H DQG RI WKH FRQ
WDLQHUV DUH RSHUDWHG VLPXOWDQHRXVO\ RQO\ WKH OHIW FRQWDLQHU ZLOO WLOW
,W LV SRVVLEOH WR
UHVWRUH FRQWDLQHU SRVLWLRQV VLPXOWDQHRXVO\
WLOW RQH FRQWDLQHU ZKLOH WKH RWKHU LV UHVWRULQJ LWV SRVLWLRQ
%\ PHDQV RI QRULD EXWWRQ 5H SXVKHG GRZQZDUGV WKH IROORZLQJ SDUWV ZLOO EH SRZHUHG VLPXOWDQHRXVO\
VKDNLQJFRQWDLQHU SUHVVXUH OLPLWHU 5H
VKDNLQJ VWRS HOHFWULF GLVWULEXWRU 5H ZKLFK LV FORVHG
QRULD GLVWULEXWRU 5H RQ WKH K\GURVWDWLF FLUFXLW WR VWDUW QRULD RSHUDWLRQ
(OHFWULF GLVWULEXWRU IRU SURJUHVVLYH VKDNLQJ VWDUW IURP VHULHV DQG
3XPSV ZLWK IL[HG GLVSODFHPHQWV FPUHY 5+ URWDWLRQ IRU VKDNLQJ VWDUW
6WDUWLQJ IURP VHULHV DQG WKLV SXPS ZLOO EH FPUHY
4XLFN FRXSOLQJ WR EH WLJKWHQHG RQ WKH UHWXUQ VWDUWLQJ IURP VHULHV DQG WKH
UHWXUQ RI WKH VKDNLQJ PRWRU GRHVQ·W SDVV WKURXJK WKLV ILWWLQJ
6KDNLQJ SUHVVXUH OLPLWHU FDOLEUDWHG DW EDU W\SH 59 DQG 59 VWDUWLQJ IURP VHULHV
ZLWK LQWHJUDWHG ILOWHU IURP VHULHV DQG
)DVW ILWWLQJ UHWXUQLQJ IURP WKH VKDNLQJ PRWRU VWDUWLQJ RQO\ IURP VHULHV DQG
23(5$7,21
:KHQ RII WKH FDSDFLW\ RI WKH SXPS 5H SDVVHV WKURXJK WKH FRROHU DQG WKH ILOWHU
7KH RSHUDWLRQ LV VWDUWHG E\ WKH VZLWFK 5H SODFHG RQ WKH LQFKLQJ OHYHU 7KH HOHFWULF GLVWULEXWRU 5H LV
VXSSOLHG WKH SXPS FDSDFLW\ VXSSOLHV WKH PRWRU 5H
7KH IUHTXHQF\ LV DGMXVWHG E\ WKH FDSDFLW\ OLPLWHU 5H RSHUDWHG E\ WKH UDWLRPRWRU 5H DQG WKH EXWWRQ 5LI
RQ WKH SDQHO 7KH SUHVVXUH EDODQFHU 5H EDODQFHV WKH FDSDFLW\ VXSSO\LQJ WKH VKDNLQJ PRWRU
127( WKH UHWXUQ IURP WKH VKDNLQJ PRWRU LV PDGH WKURXJK WKH JHQHUDO UHWXUQ PDQLIROG RI WKH KDUYHVWLQJ
HTXLSPHQW XS WR VHULHV DQG IRU WKH QH[W VHULHV WKLV UHWXUQ SDVVHV WKURXJK
WKH ILWWLQJ DQG WKHQ WKH FRROHU
%\SDVV HOHFWULF GLVWULEXWRU WR VWDUW WKH VKDNLQJ 77 GD1P
VWXFN
KROH
VWXFN
KROH
KROH
KROH
KROH
KROH
KROH
VWXFN
KROH
KROH VWXFN
KROH
KROH
VWXFN
VWXFN
KROH
KROH RXWOHW
7KLV SUHVVXUH EDODQFHU 5H LV VFUHZHG LQ WKH K\GUDXOLF EORFN 5H RI WKH KDUYHVWLQJ HTXLSPHQW RU 5H
RI WKH WUDFWRU QH[W WR WKH PRWRUGULYHQ FDSDFLW\ OLPLWHU 5H IRU DGMXVWLQJ WKH VKDNLQJ IUHTXHQF\ ,W
VWDELOLVHV WKH IHHGLQJ FDSDFLW\ RI WKH VKDNLQJ PRWRU LQGHSHQGHQWO\ IURP WKH ORDG
7KLV SUHVVXUH EDODQFHU 5H RQ WKH VFKHPH LV VFUHZHG LQ WKH K\GUDXOLF EORFN 5H RI WKH KDUYHVWLQJ
HTXLSPHQW QH[W WR WKH PRWRUGULYHQ FDSDFLW\ OLPLWHU 5H RI WKH FRQYH\RUV ,W VWDELOLVHV WKH IHHGLQJ FD
SDFLW\ RI WKH FRQYH\RU PRWRUV LQGHSHQGHQWO\ IURP WKH H[WUDFWRU ORDG DQG VSHHG
7KHVH FDSDFLW\ OLPLWHUV 5H DUH VFUHZHG LQ WKH K\GUDXOLF EORFN 5H RI WKH KDUYHVWLQJ HTXLSPHQW
RU 5H RI WKH WUDFWRU 7KH\ DUH FRQWUROOHG E\ PRWRUV DQG FKDQJH WKH VSHHG RI
7KLV FDSDFLW\ OLPLWHU 5H LV VFUHZHG LQ WKH K\GUDXOLF EORFN RI WKH FOHDQLQJ SXPS 5H ,W VKRXOG EH
DOZD\V FRPSOHWHO\ RSHQ WR XVH WKH PDFKLQH LQ JUDSH KDUYHVWLQJ ,W FDQ EH DGMXVWHG WR XVH WKH PDFKLQH DV D
PXOWLSXUSRVH
)RU WKH IROORZLQJ PDFKLQHV LW GRHV QRW H[LVW
7KLV SUHVVXUH OLPLWHU 5H LV VFUHZHG LQ WKH K\GUDXOLF EORFN 5H ,W LV FRQWUROOHG E\ D PRWRU DQG DGMXVWV WKH
VSHHG RI WKH XSSHU H[WUDFWRUV YDU\LQJ WKH DGMXVWPHQW RI WKH ORZHU H[WUDFWRUV LI DYDLODEOH
)RU WKH IROORZLQJ PDFKLQHV LW GRHV QRW H[LVW
7KLV SUHVVXUH OLPLWHU 5H LV VFUHZHG LQ WKH K\GUDXOLF EORFN RI WKH VKDNLQJ SXPS 5H ,W LV FRQWUROOHG E\
DQ HOHFWULF FRLO 7KH PD[ K\GUDXOLF SUHVVXUH GHSHQGV RQ WKH HOHFWULF YROWDJH UHFHLYHG E\ WKH FRLO 7KLV YROW
DJH FDQ EH DGMXVWHG WKURXJK WKH SRWHQWLRPHWHU 59 SODFHG RQ WKH HOHFWURQLF FDUG
)RU WKH IROORZLQJ PDFKLQHV LW GRHV QRW H[LVW
7KH HOHFWULF GHYLFHV DUH PDUNHG ZLWK WZR ILJXUHV 7KHVH UHIHUHQFHV DUH WKH VDPH RI WKH HOHFWULF VFKHPH
)URQWUHDU OHYHOOLQJ FRQWURO VROHQRLG YDOYH LQWHJUDWHG LQ WKH GULOOHG EORFN IRU OLIWLQJVORSLQJ 5H
VWDUWLQJ IURP VHULHV LQ PRGHO 6% LQ PRGHO 6% DQG LQ PRGHO 6% )RU WKH
SUHYLRXV PDFKLQHV LW PXVW EH LQVWDOOHG RQ DQ DGGLWLRQDO GULOOHG EORFN IODQJHG RQ WKH OLIWLQJVORSLQJ
GULOOHG EORFN 5H
%\SDVV VROHQRLG YDOYH
/HIW ORZHULQJ FRQWURO HOHFWULF GLVWULEXWRU ILWWHG LQ WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H
$ (OHFWULF IDOO SURWHFWLRQ RQ UHDU OHIW OLIWLQJ F\OLQGHU 7LJKWHQLQJ WRUTXH GD1P
5LJKW ORZHULQJ FRQWURO HOHFWULF GLVWULEXWRU ILWWHG LQ WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H
$ (OHFWULF IDOO SURWHFWLRQ RQ ULJKW UHDU OLIWLQJ F\OLQGHU 7LJKWHQLQJ WRUTXH GD1P
/HIW OLIW FRQWURO HOHFWULF GLVWULEXWRU
5LJKW OLIW FRQWURO HOHFWULF GLVWULEXWRU
&RQWURO EDU VROHQRLG YDOYH
)DVW ORZHULQJ VROHQRLG YDOYH UHPRYHG IURP VHULHV $
+\GUDXOLF RLO WHPSHUDWXUH IHHOHU
0DQRFRQWDFW QRW XVHG RQH ZLUH PXVW EH GLVFRQQHFWHG RU D SOXJ RQ XQLWV VWDUWLQJ IURP VHULHV
DQG
0DQLIROG EORFN XQGHU WKH SODWIRUP VWDUWLQJ IURP UXQV DQG $ UHIHUHQFH
1 LV SXQFKHG RQ WKH IURQW IDFH RI WKLV EORFN 9DOYH 5H LV LQWHJUDWHG LQVLGH RI EORFN
/LIWLQJ SUHVVXUH OLPLWHU VHW DW EDU
&DSDFLW\ GLYLGHU
3DUDOOHOLVP DGMXVWLQJ SUHVVXUH OLPLWHU EDU
3UHVVXUH FRXSOLQJ ´0LQLPHVVµ [
/HIW IURQW OLIWLQJ F\OLQGHU
/HIW UHDU OLIWLQJ F\OLQGHU
5LJKW IURQW OLIWLQJ F\OLQGHU
5LJKW UHDU OLIWLQJ F\OLQGHU
6ORSLQJ DQG OLIWLQJ GLUHFWLRQDO SXPS FRQWUROOHG E\ WKH HQJLQH WUDQVPLVVLRQ IURQW SDUW VSHHG
USP ´6$8(5µ FPUHY RU FPUHY VWDUWLQJ IURP PDFKLQHV 6% VHULHV 6%
VHULHV DQG 6% VHULHV DQG 6% VHULHV
127( ZLWK WKH FF SXPS WKH UHVWULFWRUV «PP LQVLGH EORFN DUH UHPRYHG
&RROLQJ IDQ SXPS GULYHQ E\ WKH HQJLQH WUDQVPLVVLRQ UHDU VHFWLRQ VSHHG USP ´6$8(5µ
FPUHY VWDQGDUG RU
FPUHY ZLWK LQWHJUDWHG SUHVVXUH OLPLWHU RQ 6% DQG VWDUWLQJ IURP PDFKLQHV 6% VHULHV
DQG 6% VHULHV
&RROLQJ IDQ PRWRU ´6$8(5µ FPUHY ZLWK LQWHJUDWHG SUHVVXUH OLPLWHU RU
FPUHY ZLWK ERRVWLQJ YDOYH RQ 6% DQG VWDUWLQJ IURP 6% VHULHV DQG 6%
VHULHV
'LUHFWLRQDO GLVWULEXWRU
&DSDFLW\ GLVWULEXWLRQ YDOYH LQVWDOOHG RQ WKH GLUHFWLRQDO GLVWULEXWRU
$ 7R WKH K\GURVWDWLF EORFN 5H IRU QRULDV LQ ZDVKLQJ SRVLWLRQ IURP VHULHV $ %
RQO\ VROHQRLG YDOYH 5H LV DFWLYDWHG DQG HQDEOHV WKH K\GUDXOLF FRQQHFWLRQ EHWZHHQ ODUJH
FKDPEHUV RI WKH WZR IURQW F\OLQGHUV
K\GUDXOLF EDU LV HQJDJHG
ZKHQ WKH FRQWDFW LV LQWHUUXSWHG ERWK WKURXJK NH\ 5H WKH LPPHGLDWH VWRS EXWWRQ RSHQV WKH
VROHQRLG YDOYH 5H LV QR ORQJHU SRZHUHG DQG WKH K\GUDXOLF EDU LV DOVR FXW RII
E\SDVV VROHQRLG YDOYH 5H LV QRW SRZHUHG SXPS GHOLYHUV WR WKH WDQN
7R OLIW WKH PDFKLQH WKH IROORZLQJ VROHQRLG YDOYHV DUH VLPXOWDQHRXVO\ FRQWUROOHG
WR DFWLYDWH WKH EDU
WR SUHYHQW WKH SXPS IURP IHHGLQJ WKH WDQN
DQG ZKLFK OHW WKH SXPS IHHG UHDU OLIWLQJ F\OLQGHUV WR OLIW WKH PDFKLQH
7R ORZHU WKH PDFKLQH WKH IROORZLQJ VROHQRLG YDOYHV DUH VLPXOWDQHRXVO\ FRQWUROOHG
WR DFWLYDWH WKH EDU
WR SUHYHQW WKH SXPS IURP IHHGLQJ WKH WDQN
DQG RQ GULOOHG EORFN 5H WR OHW SXPS GHOLYHU IURQW OLIWLQJ F\OLQGHUV WR ORZHU WKH PDFKLQH
$ DQG $ IDOO SURWHFWLRQ YDOYHV RQ UHDU F\OLQGHU WR HQDEOH UHDU ORZHULQJ
RLO UHWXUQ WR VWRS KDOI RI WKH QR]]OHV ZLWK GLD PP WR HQDEOH IDVW ORZHULQJ RI WKH PDFKLQH
)RU PDFKLQH VORSLQJ WKH IROORZLQJ VROHQRLG YDOYHV DUH VLPXOWDQHRXVO\ FRQWUROOHG
127( 7KH EDU VROHQRLG YDOYH LV QRW SRZHUHG DQG WKH K\GUDXOLF EDU LV FXW RII GXULQJ VORSLQJ DGMXVWPHQW
7KH VROHQRLG YDOYHV IRU KRUL]RQWDOLW\ DQG IRU EDU OHW WKH PDFKLQH IURQW ORZHU WKDQNV WR LWV RZQ
ZHLJKW
127( WKH IHHOHU 5H LI LQVWDOOHG LV QRW XVHG DQG PXVW QRW EH FRQQHFWHG
%OHHGLQJ WKH OLIWLQJ V\VWHP ZLWK UHOD\ FDUG IRU WUDQVLVWRU FDUGV $0 $0 DQG $0 VHH VHF
WLRQ %
$IWHU DQ\ PHFKDQLFDO RSHUDWLRQ RQ WKH OLIWLQJ V\VWHP WKH F\OLQGHUV PXVW EH EOHG
D WKURXJK WKH OLIWLQJ EXWWRQ 5H OLIW WKH PDFKLQH DV PXFK DV SRVVLEOH XS WR WKH UHDU F\OLQGHU OLPLW
E 7KURXJK WKH ZDUQLQJ 5H DQG KRUL]RQWDOLW\ 5H VZLWFKHV OLIW WKH PDFKLQH IURQW SDUW XS WR WKH
F\OLQGHU OLPLW
F 'LVFRQQHFW WKH E\SDVV VROHQRLG YDOYH 5H UHPRYLQJ WKH IXVH ) IURP WKH HOHFWURQLF FDUG
G .HHS WKH OLIWLQJ EXWWRQ 5H LQ OLIWLQJ SRVLWLRQ WKURXJK WKH KRUL]RQWDOLW\ EXWWRQ 5H ORZHU WKH
PDFKLQH IURQW SDUW DV PXFK DV SRVVLEOH WR WKH F\OLQGHU OLPLW
I 7KURXJK WKH KRUL]RQWDOLW\ EXWWRQ 5H OLIW WKH PDFKLQH IURQW SDUW DV PXFK DV SRVVLEOH
WKH ODVW WLPH OLIW WKH IURQW SDUW DW WKH VDPH KHLJKW DV WKH UHDU RQH RU FP KLJKHU
'R QRW ORZHU WKH IURQW SDUW ZLWKRXW UHPRYLQJ WKH IXVH ) DQG NHHS WKH OLIWLQJ EXWWRQ 5H LQ OLIW
LQJ SRVLWLRQ
D ,QVWDOO D SUHVVXUH JDXJH ZLWK UDQJH EDU RQ WKH 0LQLPHVV FRXSOLQJ RI WKH OLIWLQJ GULOOHG EORFN
5H
E /LIW WKH PDFKLQH DW LWV KLJKHVW SRLQW SUHVVXUH PXVW EH EDU DQG ZLOO EH FRQWUROOHG E\ WKH OLIWLQJ
SUHVVXUH OLPLWHU 5H
F /RZHU WKH PDFKLQH ZKHQ LW UHDFKHV LWV ORZHVW SRLQW SUHVVXUH PXVW EH EDU DQG LV FRQWUROOHG E\
WKH VPDOO FKDPEHU SUHVVXUH OLPLWHU 5H
,, 67((5,1*
´($721µ VWHHULQJ ZLWK LQFUHDVHG FDSDFLW\ FP DQG HTXLSSHG ZLWK GLVWULEXWLRQ YDOYH RU
´'$1)266µ VWHHULQJ 09 263& /6 RQ 6% LQ
0D[ SUHVVXUH RQ VXSSO\ EDU
0D[ SUHVVXUH RQ F\OLQGHU IRU DQWLVKRFN YDOYHV EDU
7KURXJK WKH QRULD FRQWURO EXWWRQ 5H FRQWUROOHG GRZQZDUGV WKH IROORZLQJ GHYLFHV DUH IHG VLPXOWDQHRXVO\
WKH E\SDVV HOHFWULF GLVWULEXWRU 5H
WKH HOHFWULF GLVWULEXWRU 5H SODFHG RQ WKH K\GUDXOLF FLUFXLW FRQWUROOLQJ WKH QRULD RSHUDWLRQ
,9 &22/,1*
7KH IDQ LV GLUHFWO\ GULYHQ E\ D K\GUDXOLF PRWRU 5H E\ FPUHY ZLWK D SUHVVXUH OLPLWHU HP
EHGGHG LQ WKH HQJLQH EORFN ,Q WKLV ZD\ WKH IDQ VSHHG FDQ EH DGMXVWHG 7KLV VSHHG PXVW EH USP
ZKHQ
WKH F\OLQGHU HQJLQH UXQV DW USP
WKH F\OLQGHU HQJLQH UXQV DW USP
7KH IDQ LV GULYHQ GLUHFWO\ E\ D K\GUDXOLF PRWRU FPUHY HTXLSSHG ZLWK DQ LQWHJUDWHG ERRVWLQJ
YDOYH
7KH VSHHG DGMXVWPHQW LV PDGH WKURXJK WKH SUHVVXUH OLPLWHU HQFORVHG LQ WKH QHZ IDQ SXPS LQ
WKH VDPH FRQGLWLRQV GHVFULEHG LQ SDUDJUDSK D
7KLV EORFN LV LQVWDOOHG XQGHU WKH SODWIRUP 7KH UHIHUHQFHV RI WKH GHYLFH DUH WKH VDPH DV WKH FRUUHVSRQGLQJ
VFKHPHV
)URQWUHDU KRUL]RQWDOLW\ FRQWURO VROHQRLG YDOYH LQWHJUDWHG LQ WKH OLIWLQJVORSLQJ EORFN 5H VWDUWLQJ
IURP VHULHV IRU PRGHOV 6% IRU PRGHOV 6% DQG IRU PRGHOV 6% ,W PXVW EH
LQVWDOOHG RQ DQ DX[LOLDU\ IODQJHG EORFN RQ WKH OLIWLQJVORSLQJ EORFN 5H IRU WKH SUHYLRXV PD
FKLQHV 7LJKWHQLQJ WRUTXH GD1P
%\SDVV VROHQRLG YDOYH
/HIW ORZHULQJ FRQWURO HOHFWULF GLVWULEXWRU
5LJKW ORZHULQJ FRQWURO HOHFWULF GLVWULEXWRU 7KH IDVWHQLQJ VFUHZ WLJKWHQLQJ LV IURP
/HIW OLIWLQJ FRQWURO HOHFWULF GLVWULEXWRU WR GD1P
5LJKW OLIWLQJ FRQWURO HOHFWULF GLVWULEXWRU
7LJKWHQLQJ WRUTXH RI WKH GLVWULEXWRU VFUHZV DQG LV WR GD1P
%DU VROHQRLG YDOYH
7LJKWHQLQJ WRUTXH GD1P
)DVW ORZHULQJ VROHQRLG YDOYH
7LJKWHQLQJ WRUTXH WR GD1P
0DQRFRQWDFW )UHH PXVW QRW EH FRQQHFWHG VR UHSODFHG E\ D SOXJ
/LIWLQJVORSLQJ GULOOHG EORFN
*HQHUDO SUHVVXUH OLPLWHU DGMXVWHG DW EDU
7LJKWHQLQJ WRUTXH WR GD1P
&DSDFLW\ GLYLGHU
7LJKWHQLQJ WRUTXH WR GD1P
3UHVVXUH OLPLWHU DGMXVWHG DW EDU
7LJKWHQLQJ WRUTXH WR GD1P
3UHVVXUH FRXSOLQJ ´0LQLPHVVµ [
D ,I WKH UHIHUHQFH LV VKRZQ RQ WKH GULOOHG EORFN LQ WKLV VHFWLRQ LW PHDQV WKDW WKLV LV WKH QHZ GULOOHG
EORFN ZKHUH WKH VROHQRLG YDOYH PXVW EH LQVWDOOHG GLUHFWO\
127( VSUD\ QR]]OHV ZLWK GLDPHWHU DQG DUH VFUHZHG LQVLGH WKH OLIWLQJVORSLQJ EORFN 5H 7KH
QR]]OHV ZLWK GLDPHWHU DUH LQVWDOOHG LQ WKH KROHV 7 RI OLIWLQJORZHULQJ GLVWULEXWRUV 5H DQG
(DFK GLVWULEXWRU UHFHLYHV WZR QR]]OHV RQ EUDQFK 7 RQH RI WKHP LQ WKH GLVWULEXWRU DQG WKH
RWKHU RQ WKH GULOOHG EORFN
:$51,1* 7KHUH LV RQO\ WZR IORZ UHVWULFWRUV « PP WKDW UHPDLQ SODFHG LQWR WKH GLVWULEXWLRQ YDOYHV ZLWK
WKH QHZ SXPS GLVSODFHPHQW VHH OHJHQG RQ VNHWFK
5($5/()7 )5217/()7
)52175,*+7
5($55,*+7
7KH HOHFWULF HTXLSPHQW DUH LQGLFDWHG ZLWK WZR QXPEHUV 7KHVH UHIHUHQFHV DUH WKH VDPH DV WKRVH LQ WKH ZLULQJ GLD
JUDP
6ROHQRLG YDOYH IRU FRQWUROOLQJ WKH IURQWUHDU KRUL]RQWDOLW\ LQWHJUDWHG LQ WKH GULOOHG EORFN
%\SDVV VROHQRLG YDOYH
(OHFWULF GLVWULEXWRU IRU FRQWUROOLQJ WKH OHIW ORZHULQJ LQVWDOOHG RQ WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H
$ (OHFWULF DQWLIDOO LQVWDOOHG RQ WKH OHIW UHDU OLIWLQJ F\OLQGHU 77 GD1P
(OHFWULF GLVWULEXWRU IRU WKH ULJKW ORZHULQJ FRQWURO LQVWDOOHG RQ WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H
$ (OHFWULF DQWLIDOO LQVWDOOHG RQ WKH ULJKW UHDU OLIWLQJ F\OLQGHU 77 GD1P
/HIW OLIWLQJ FRQWURO HOHFWULF GLVWULEXWRU
5LJKW OLIWLQJ FRQWURO HOHFWULF GLVWULEXWRU
&RQWURO EDU ORFNLQJ VROHQRLG YDOYH
)DVW ORZHULQJ VROHQRLG YDOYH UHPRYHG IURP WKH VHULHV $
+\GUDXOLF RLO WHPSHUDWXUH SUREH
0DQRFRQWDFW QRW XVHG D ZLUH PXVW EH GHWDFKHG RU SOXJ VWDUWLQJ IURP WKH VHULHV
DQG
'ULOOHG SXOOLQJ EORFN SODFHG XQGHU WKH SODWIRUP
/LIWLQJ SUHVVXUH OLPLWHU FDOLEUDWHG DW EDU W\SH 59 WKHQ 59 VWDUWLQJ IURP VHULHV
ZLWK LQWHJUDWHG ILOWHU IURP VHULHV DQG
&DSDFLW\ GLYLGHU
/RZHULQJ DGMXVWPHQW SUHVVXUH OLPLWHU EDU
3UHVVXUH FRXSOLQJ ´0LQLPHVVµ [
/HIW IURQW OLIWLQJ F\OLQGHU
/HIW UHDU OLIWLQJ F\OLQGHU
5LJKW IURQW OLIWLQJ F\OLQGHU
5LJKW UHDU OLIWLQJ F\OLQGHU
6WHHULQJ VORSLQJ DQG OLIWLQJ SXPS RSHUDWHG E\ WKH IURQW SDUW RI WKH HQJLQH WUDQVPLVVLRQ VSHHG
USP ´6$8(5µ FPUHY VWDUWLQJ IURP WKH VHULHV $ DQG RQO\ IRU ROGHU XQLWV
FPUHY
&RROLQJ IDQ SXPS RSHUDWHG E\ WKH UHDU SDUW RI WKH HQJLQH WUDQVPLVVLRQ VSHHG USP ´6$8(5µ
FPUHY VWDUWLQJ IURP VHULHV DQG WKLV SXPS ZLOO EH DW FPUHY
&RROLQJ IDQ PRWRU ´6$8(5µ FPUHY ZLWK UHVXSSO\ YDOYH
6WHHULQJ GLVWULEXWRU
&DSDFLW\ GLYLGHU YDOYH LQVWDOOHG RQ WKH VWHHULQJ GLVWULEXWRU
$ 7R K\GURVWDWLF EORFN 5H IRU QRULDV LQ ZDVKLQJ SRVLWLRQ
3 3DUDFKXWH YDOYH DGMXVWHG DW PP
7KLV EORFN LV LQVWDOOHG XQGHU WKH SODWIRUP 7KH UHIHUHQFHV RI WKH GHYLFH DUH WKH VDPH DV WKH FRUUHVSRQGLQJ
VFKHPHV
127( VSUD\ QR]]OHV ZLWK GLDPHWHU DQG DUH VFUHZHG LQVLGH WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H
7KH QR]]OHV ZLWK GLDPHWHU DUH LQVWDOOHG LQ WKH KROHV 7 RI OLIWLQJORZHULQJ GLVWULEXWRUV 5H
DQG
6WDUWLQJ IURP VHULHV & DQG WKH WZR QR]]OHV ZLWK GLDPHWHU SDVV WR GLDP
HWHU DQG DUH VFUHZHG LQ WKH EORF
127( IRU EOHHGLQJ WKH OLIWLQJ F\OLQGHUV VHH VHFWLRQ % SDJH
3ULQW QR
6HFWLRQ ,
+<'5$8/,& 6<67(0
3DJH
:KHQ VWHHULQJ LV PDGH DW ORZ VSHHG WKH SXPS IHHGV WKH URWDU\ GLVWULEXWRU DQG WKHQ WKH YROXPHWULF
PHWHULQJ GHYLFH 7KLV RLO YROXPH LV HQRXJK WR VDWLVI\ WKH UHTXHVW DFFRUGLQJ WR WKH URWDWLRQ VSHHG RI WKH
VWHHULQJ ZKHHO DQG GLVSODFHV WKH F\OLQGHU 7KHUH LV QR GLUHFW IORZ
:KHQ VWHHULQJ LV PDGH DW KLJK VSHHG WKH GLVWULEXWRU WRJHWKHU ZLWK WKH PHWHULQJ GHYLFH VHQGV D FHUWDLQ
RLO TXDQWLW\ RI RLO WR WKH F\OLQGHU ZLWKRXW SDVVLQJ WKURXJK WKH PHWHULQJ GHYLFH WKXV LQFUHDVLQJ WKH F\OLQGHU
GLVSODFHPHQW VSHHG
$GYDQWDJH WR GULYH WKH PDFKLQH VWUDLJKW D VLPSOH DQG OLJKW PRYHPHQW RQ WKH VWHHULQJ ZKHHO GRHV QRW
FKDQJH UHPDUNDEO\ WKH PDFKLQH GLUHFWLRQ 2Q WKH FRQWUDU\ LI WKH VWHHULQJ ZKHHO LV WXUQHG VXGGHQO\ WKH DGGL
WLRQDO RLO IORZ KHOSV D IDVW GLUHFWLRQ FKDQJH WKXV EHLQJ YHU\ KHOSIXO ZKHQ GULYLQJ RQ WKH KHDGODQG
$IWHU UHPRYLQJ WKH MRLQW WKURXJK D VFUHZGULYHU DV VKRZQ RQ WKH ILJXUH UHPRYH WKH MRLQW VXSSRUWLQJ
ULQJ OHDYLQJ WKH URWRU LQ LWV SRVLWLRQ
$OLJQ WKH PHWHULQJ SLQLRQ $ WHHWK JURRYHV ZLWK WKH VSOLW SLQ & SLQ
)ROORZ WKH RUGHU VKRZQ RQ ILJXUH ZLWK D ILUVW WLJKWHQLQJ WR GD1P DQG D VHFRQG RQH IURP WR
GD1P
),* '5,9(1 ´($721µ &$3$&,7< ',675,%87,21 9$/9( 5HS 7\SH
7KH H[FHVV RLO TXDQWLW\ QRW XVHG IRU WKH VWHHULQJ IHHGV WKH OLIWLQJVORSLQJ GULOOHG EORFN WKURXJK WKH
GXFW 5H ()
$W WKH QHZ DVVHPEO\ WKH KROHV 5H ; RI WKH GUDZHU PXVW EH SODFHG RSSRVLWH WKH GXFW 5H ()
7KLV VWHHULQJ GHYLFH W\SH ZRUNV RQO\ LI FRPELQHG ZLWK D YDOYH 2/6$
2SHUDWLRQ
7KH VWHHULQJ ZKHHO LV WXUQHG WR WKH ULJKW 7KH GLVWULEXWRU WKURXJK WKH VKDNLQJ SXPS VHQGV WKH RLO IURP
WKH SXPS WR WKH F\OLQGHU LQOHW FDXVLQJ D VWHHULQJ WR WKH ULJKW
,I WKH SXPS RLO FDSDFLW\ LV ORFNHG WKH GHYLFH RSHUDWHV ZLWK D PDQXDO SXPS SULPLQJ UHWXUQ
2SHUDWLRQ
:KHQ WKH VWHHULQJ GHYLFH LV LQ QHXWUDO WKH RLO SDVVHV GLUHFWO\ IURP WKH SXPS WR WKH DX[LOLDU\ K\GUDXOLF V\VWHP 3
WR ()
:KHQ WKH VWHHULQJ ZKHHO LV WXUQHG WKH RLO FDSDFLW\ 3 LV GLYLGHG E\ WKH YDOYH WR &) DQG () GHSHQGLQJ RQ
WKH FRQWURO VLJQDO /6
7KH VLJQDO /6 FRPLQJ IURP 263& DGMXVWV WKH SRVLWLRQ RI WKH VSRRO RI WKH YDOYH VR WKDW WKH RLO FDSDFLW\
VHQW WR 263& E\ WKH RSHQLQJ &) FRQWLQXRXVO\ FRUUHVSRQGV WR WKH GHPDQG IRU WKH LQVWDQWDQHRXV EUDNLQJ
VSHHG
7KH SXPS FDSDFLW\ H[FHVV LV VHQW WR WKH DX[LOLDU\ K\GUDXOLF V\VWHP WKURXJK WKH RSHQLQJ ()
127( ZKHQ LQVWDOOLQJ WKH VSRRO DJDLQ WKH QR]]OH PXVW EH LQ WKH VLGH RSSRVHG WR WKH VSULQJ
59 59
7KHVH VDIHW\ YDOYHV DUH LQVWDOOHG RQ WKH WZR IURQW F\OLQGHUV ODUJH FKDPEHU VLGH
7KH\ ORFN WKH PDFKLQH LQ LWV SRVLWLRQ LQ FDVH RI EUHDNDJH RI D KRVH 7KH YDOXH K PXVW EH PP LW
VKDOO EH DGMXVWHG WKURXJK QXWV H
),* (OHFWULF GLVWULEXWRUV IRU KRUL]RQWDOLW\ 5H DQG EDU 5H 7LJKWHQLQJ WRUTXH
GD1P
7KHVH HOHFWULF GLVWULEXWRUV 5H DQG DUH LGHQWLFDO DQG WKH\ DUH VFUHZHG LQ WKH OLIWLQJVORSLQJ GULOOHG
EORFN 5H
)RU WKHVH WZR GLVWULEXWRUV WKH VFUHZ 5H $ DOORZV WKH GUDZHU PDQXDO RSHQLQJ LI SRZHU VXSSO\ ODFNV
7R WKLV SXUSRVH WXUQ WKH VFUHZ 5H $ FORFNZLVH E\ VRPH WXUQV )RU D VWDQGDUG RSHUDWLRQ WKLV VFUHZ
PXVW EH DV PXFK ORRVH DV SRVVLEOH
),* )DOOSURWHFWLRQ HOHFWULF GLVWULEXWRUV RQ WKH UHDU F\OLQGHUV 5H $ DQG $ 7LJKWHQLQJ
WRUTXH GD1P
7KHVH HOHFWULF GLVWULEXWRUV 5H $ DQG $ DUH LQVWDOOHG DW WKH RXWOHW RI WKH UHDU F\OLQGHU ODUJH
FKDPEHUV 7KH\ PDNH LW SRVVLEOH
WR ORFN WKH PDFKLQH LQ SRVLWLRQ LQ FDVH D GXFW EUHDNV
WR VWDELOLVH WKH PDFKLQH KHLJKW IRU D JRRG FLUFXLW VHDOLQJ
7KH PDQXDO RSHQLQJ LV PDGH E\ UHPRYLQJ WKH VFUHZ 5H %
),* 'ULYHQDFWLRQ SUHVVXUH OLPLWHU IRU OLIWLQJVORSLQJ DQG VKDNLQJ 5H VWDUWLQJ IURP
VHULHV $ DQG WLJKWHQLQJ WRUTXH IURP WR GD1P
7KLV OLPLWHU 5H LV VFUHZHG RQ WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H ,W OLPLWV WKH SUHVVXUH RI WKH
OLIWLQJ FLUFXLW
6WDUWLQJ IURP VHULHV DQG WKLV OLPLWHU LV UHSODFHG E\ DQ 59 LQ VKDNLQJ DQG OLIWLQJ
VORSLQJ
),* &DSDFLW\ GLYLGHU 5H 7KLV GHYLFH LVQ·W VKRZQ LQ UHVW SRVLWLRQ 7LJKWHQLQJ WRUTXH
IURP WR GD1P
7KLV FDSDFLW\ GLYLGHU 5H LV VFUHZHG LQ WKH OLIWLQJVORSLQJ GULOOHG EORFN 5H ,W GLYLGHV WKH LQOHW
FDSDFLW\ EHWZHHQ WKH ULJKW DQG OHIW OLIWLQJ GLVWULEXWRUV E\ HDFK VLGH
GD1P
GD1P
+<'5$8/,& 6<67(0
&$87,21
$IWHU DQ LQWHUYHQWLRQ RQ WKH OLIWLQJ FLUFXLW EOHHG DJDLQ WKH V\VWHP FRUUHFWO\ VHH
6HUYLFH ,QVWUXFWLRQV
),* FRQYH\RUV GULYH PRWRU FFUHY /RZHU FUXVKHUV GULYH PRWRU FF5HY
7\SH -
7LPLQJ $OLJQ RQH DQJOH RI WKH VTXDUH VKDSHG GULYH VKDIW 5H ZLWK RQH OREH RI WKH URWRU XQLW 5H
127( :KHQ UHDVVHPEOLQJ EHZDUH RI WKH GLUHFWLRQ WKH VHDOV DQG DUH PRXQWHG LQWR WKH KHDG
6$8(5 3803
32&/$,1 :+((/ 02725
$ 7R VKDNLQJ SXPS IRU PRGHOV $ % 7KHQ WR WKH OLIWLQJ SXPS IRU WKH IROORZLQJ
VHULHV
23(5$7,21
, )RUZDUG VSHHG
F :' IURQW
(OHFWULF GLVWULEXWRU 5H LV SRZHUHG ERRVWHU SUHVVXUH GULYHV WKH GLVWULEXWRU 5H DQG WKH LQQHU
GLVWULEXWRUV RI WKH UHDU PRWRUV 7KH SXPS 5H IHHGV RQO\ WKH WZR IURQW PRWRUV XQWLO WKH WZR SUHV
VXUH FRXSOLQJV RI WKH WZR UHDU PRWRUV DUH FRQQHFWHG 7KH PDFKLQH WUDYHOV DW URDG VSHHG GULYHQ E\
WZR IURQW ZKHHOV :KHQ WKH HOHFWULF GLVWULEXWRU 5H LV SRZHUHG LW LV QRW SRVVLEOH WR SRZHU WKH HOHF
WULF GLVWULEXWRU 5H
7KH RLO H[FKDQJH VHOHFWRU LV PRYHG E\ WKH +3 WKXV WKH H[FKDQJH SUHVVXUH OLPLWHU LV SRZHUHG ,Q IRUZDUG
VSHHG WKH SUHVVXUH GHWHFWHG DW WKH LQWDNH 5H GURSV DW WKH YDOXH RI WKH H[FKDQJH OLPLWHU EDU
$ IHHOHU RQ WKH LQFKLQJ OHYHU SUHYHQWV WKH HOHFWULF GLVWULEXWRUV 5H DQG 5H IURP EHLQJ SRZHUHG
7KH PDFKLQH WUDYHOV LQ UHYHUVH DW ILHOG VSHHG DQG ZLWKRXW QRULDV
7KH RLO H[FKDQJH VHOHFWRU LV ORFNHG E\ D VSDFHU WKH GUDZHU FDQQRW PRYH WKXV WKH RLO H[FKDQJH SUHV
VXUH LVQ·W SRZHUHG ,Q UHDU VSHHG WKH SUHVVXUH GHWHFWHG DW WKH LQWDNH 5H UHPDLQV DW WKH ERRVWLQJ
SUHVVXUH EDU
127( WKH IHHOHU SODFHG DW WKH ERWWRP RI WKH LQFKLQJ OHYHU MXVW SUHYHQWV WKH UHYHUVH PRYHPHQW LQ URDG
SRVLWLRQ ,Q QHXWUDO WKH HOHFWULF GLVWULEXWRUV 5H DQG FDQ EH SRZHUHG
D RQ D VWUDLJKW OLQH
,Q IRUZDUG VSHHG DQG LQ UHYHUVH VSHHG WKH IURQW PRWRU UHWXUQ VXSSOLHV WKH VHFRQG GLVSODFHPHQW RI
WKH FRUUHVSRQGLQJ UHDU PRWRU WKH UHDU DQG WKH IURQW ZKHHO RI HDFK PDFKLQH VLGH DUH WKXV V\QFKUR
QLVHG DQG WKH FRQVWDQW DQWLVNLG IXQFWLRQ LV DOZD\V HQVXUHG
3ULQW QR
6HFWLRQ -
75$160,66,21
3DJH
127( WKH RULJLQDO W\UH DVVHPEOLQJ SRVLWLRQ PXVW DOZD\V EH UHVSHFWHG WR HQVXUH WKH EHVW PDLQ UHODWLRQ
VKLSV EHWZHHQ IURQW DQG UHDU VLGH RI WKH PDFKLQH 7KH UDWLR RI WKH UROOLQJ FLUFXPIHUHQFHV EHWZHHQ
UHDU DQG IURQW ZKHHOV PXVW EH ZLWKLQ DQG
E ZKHQ VWHHULQJ
7KH DQWLVNLG GLVWULEXWRU 5H LV FRQWUROOHG E\ WKH VWHHULQJ ZKHHO DQG HQDEOHV WKH SURJUHVVLYH GH
V\QFKURQLVDWLRQ EHWZHHQ WKH UHDU DQG WKH IURQW PRWRUV RQ HDFK VLGH 7KLV PDNHV WKH VWHHULQJ RSHU
DWLRQV HDVLHU 7KH QRQUHWXUQ YDOYHV 5H PDNH LW SRVVLEOH WR ERRVWHU WKHVH FLUFXLWV ZKHQ QHHGHG
&$87,21 ,W LV LPSRUWDQW WR DGMXVW FRQWURO FDP DQG DQWLVNLG GLVWULEXWRU 5H DF
FRUGLQJ WR WKH LQVWUXFWLRQV VHH QH[W SDJHV
9 %UDNLQJ
7KH WZR SUHVVXUH UHGXFHUV 5H DUH FRQWUROOHG E\ SHGDOV DQG PDNH LW SRVVLEOH WR VHQG EUDNH
FLUFXLW WR WKH WDQN WKXV HQDEOLQJ DOVR VWRSSLQJ WKH RSHUDWLQJ PRWRU EUDNHV
7KH FRQWURO RI D VLQJOH SHGDO HQDEOHV DSSO\LQJ WKH EUDNH RQ RQO\ RQH UHDU ZKHHO
127(
7KH WZR SHGDOV PXVW DOZD\V EH ORFNHG WRJHWKHU GXULQJ URDG WUDYHO 7KH\ ZLOO EH XVHG GXULQJ URDG
WUDQVIHU RQO\ LQ FDVH RI HPHUJHQF\
7KH PDFKLQH VWRS LV PDGH WKURXJK WKH K\GURVWDWLF WUDQVPLVVLRQ ZKHQ WKH GULYHU SXWV WKH LQFKLQJ
OHYHU LQ QHXWUDO DJDLQ
,Q FDVH RI ERRVWLQJ SUHVVXUH ORZHU WKDQ EDU EUHDNDJH RI D GXFW RU RLO ODFNLQJ LQ WKH WDQN WKH
EUDNHV RI WKH UHDU ZKHHO PRWRUV ORFN DXWRPDWLFDOO\
%RRVWHU VXFWLRQ ILOWHU FORJJLQJ PDQRFRQWDFW ,W DFWLYDWHV WKH FORJJLQJ LQGLFDWRU 7 XQGHU EDU
%RRVWHU SUHVVXUH PDQRFRQWDFW LW OLJKWV WKH ZDUQLQJ OLJKW XS RQ 7 EHORZ EDU LW ZDV EDU
RQ WKH ILUVW PDFKLQHV
(OHFWULF GLVWULEXWRU WR FKDQJH IURP URDG WR ILHOG
(OHFWULF GLVWULEXWRU IRU SURSRUWLRQDO QRULD LQFKLQJ
%UDNLQJ DFWLRQ SUHVVXUH UHGXFWLRQ SUREHV FDOLEUDWHG DW EDU SODFHG XQGHU WKH EUDNH FRQWURO
(OHFWULF GLVWULEXWRU IRU QRULD ZDVKLQJ FRQWURO
0DQRFRQWDFW WR OLJKW UHYHUVH VSHHG RU GHFHOHUDWLRQ VWRS OLJKWV VWDUWLQJ IURP EDU LQ WKLV FRQQHFWLRQ
(OHFWULF GLVWULEXWRU IRU SHGDO EUDNH FRQWURO
6$8(5 K\GURVWDWLF SXPS VHULHV ZLWK FPUHY FRPSULVLQJ
ERRVWHU SXPS ZLWK FPUHY
ERRVWHU SUHVVXUH OLPLWHU ZLWK EDU DW KRW
$KHDG VSHHG +3 OLPLWHU DGMXVWHG DW EDU
5HYHUVH VSHHG +3 OLPLWHU DGMXVWHG DW EDU
32&/$,1 UHDU PRWRU ZLWK GRXEOH IL[ GLVSODFHPHQWV DQG FPUHY DQG ZLWK QRUPDOO\
FORVHG EUDNHV
%UDNH UHOHDVH VWDUWLQJ IURP EDU
32&/$,1 IURQW PRWRU ZLWK IL[HG GLVSODFHPHQW RI FPUHY
2LO UHSODFHPHQW VHOHFWRU ORFNHG LQ UHYHUVH
2LO FKDQJH SUHVVXUH OLPLWHU ZLWK EDU DW KRW
'UDZHU GULYHQ E\ WKH HOHFWULF GLVWULEXWRU 5H IRU URDGILHOG FRQWURO
'LVWULEXWRU RQ DQWLVNLG SODFHG RQ WKH XSSHU SDUW RI WKH OHIW IURQW OHJ
1RQUHWXUQ YDOYH
´($721µ PRWRU ZLWK FPUHY WR VWDUW QRULDV E\ WKH UHWXUQ RI WKH UHDU PRWRUV
1RULD PRWRU SUHVVXUH OLPLWHU DGMXVWHG DW EDU ZLWK SUHVVXUH JDXJH LQVWDOOHG RQ WKH OLIWLQJ EORFN
LQWDNH
'UDZHU GULYHQ E\ WKH HOHFWULF GLVWULEXWRU 5H IRU QRULD FRQWURO SURSRUWLRQDO WR LQFKLQJ
,QWDNH DQG ERRVWLQJ ILOWHU PLFURQ
2LO FRROLQJ V\VWHP HTXLSSHG ZLWK D E\SDVV YDOYH DW EDU
0DQRFRQWDFW IRU LQWDNH DQG ERRVWHU ILOWHU FORJJLQJ FDOLEUDWHG DW EDU
3UHVVXUH UHGXFHUV GULYHQ E\ WKH EUDNH SHGDOV
%RRVWHU SUHVVXUH LQWDNH
+\GURVWDWLF GULOOHG EORFN IL[HG RQ WKH LQFKLQJ SXPS
%RRVWHU VXFWLRQ ILOWHU FORJJLQJ PDQRFRQWDFW ,W DFWLYDWHV WKH FORJJLQJ LQGLFDWRU 7 XQGHU EDU
%RRVWHU SUHVVXUH PDQRFRQWDFW LW OLJKWV WKH ZDUQLQJ OLJKW XS RQ 7 EHORZ EDU LW ZDV EDU
RQ WKH ILUVW PDFKLQHV
(OHFWULF GLVWULEXWRU WR FKDQJH IURP URDG WR ILHOG
(OHFWULF GLVWULEXWRU IRU SURSRUWLRQDO QRULD LQFKLQJ
%UDNLQJ DFWLRQ SUHVVXUH UHGXFWLRQ SUREHV FDOLEUDWHG DW EDU SODFHG XQGHU WKH EUDNH FRQWURO
(OHFWULF GLVWULEXWRU IRU QRULD ZDVKLQJ FRQWURO
0DQRFRQWDFW WR OLJKW UHYHUVH VSHHG RU GHFHOHUDWLRQ VWRS OLJKWV VWDUWLQJ IURP EDU LQ WKLV FRQQHFWLRQ
(OHFWULF GLVWULEXWRU IRU SHGDO EUDNH FRQWURO
6$8(5 K\GURVWDWLF SXPS VHULHV ZLWK FPUHY FRPSULVLQJ
ERRVWHU SXPS ZLWK FPUHY
ERRVWHU SUHVVXUH OLPLWHU ZLWK EDU DW KRW
$KHDG VSHHG +3 OLPLWHU DGMXVWHG DW EDU
5HYHUVH VSHHG +3 OLPLWHU DGMXVWHG DW EDU
32&/$,1 UHDU PRWRU ZLWK GRXEOH IL[ GLVSODFHPHQWV DQG FPUHY DQG ZLWK QRUPDOO\
FORVHG EUDNHV
%UDNH UHOHDVH VWDUWLQJ IURP EDU
32&/$,1 IURQW PRWRU ZLWK IL[HG GLVSODFHPHQW RI FPUHY
2LO UHSODFHPHQW VHOHFWRU ORFNHG LQ UHYHUVH
2LO FKDQJH SUHVVXUH OLPLWHU ZLWK EDU DW KRW
'UDZHU GULYHQ E\ WKH HOHFWULF GLVWULEXWRU 5H IRU URDGILHOG FRQWURO
'LVWULEXWRU RQ DQWLVNLG SODFHG RQ WKH XSSHU SDUW RI WKH OHIW IURQW OHJ
1RQUHWXUQ YDOYH
´($721µ PRWRU ZLWK FPUHY WR VWDUW QRULDV E\ WKH UHWXUQ RI WKH UHDU PRWRUV
1RULD PRWRU SUHVVXUH OLPLWHU DGMXVWHG DW EDU ZLWK SUHVVXUH JDXJH LQVWDOOHG RQ WKH OLIWLQJ EORFN
LQWDNH
'UDZHU GULYHQ E\ WKH HOHFWULF GLVWULEXWRU 5H IRU QRULD FRQWURO SURSRUWLRQDO WR LQFKLQJ
,QWDNH DQG ERRVWLQJ ILOWHU PLFURQ
2LO FRROLQJ V\VWHP HTXLSSHG ZLWK D E\SDVV YDOYH DW EDU
0DQRFRQWDFW IRU LQWDNH DQG ERRVWHU ILOWHU FORJJLQJ FDOLEUDWHG DW EDU
3UHVVXUH UHGXFHUV GULYHQ E\ WKH EUDNH SHGDOV
%RRVWHU SUHVVXUH LQWDNH
+\GURVWDWLF GULOOHG EORFN IL[HG RQ WKH LQFKLQJ SXPS
7KH UHIHUHQFHV RI WKH HOHFWULF GLVWULEXWRUV FRUUHVSRQG WR WKRVH RI WKH ZLULQJ GLDJUDP
3OXJ
3UHVVXUH VZLWFK IRU SULPLQJ SUHVVXUH LW VZLWFKHV RQ WKH ZDUQLQJ OLJKW 7 EHORZ EDU
(OHFWULF GLVWULEXWRU WR FRQWURO URDGILHOG WUDYHO WKXV IURP WKH VHULHV DQG
WKLV VROHQRLG YDOYH LV HTXLSSHG ZLWK D PP QR]]OH RQ WKH OLQH %
(OHFWULF GLVWULEXWRU IRU QRULD FRQWURO SURSRUWLRQDO WR LQFKLQJ
%UDNLQJ GHFUHDVH SUHVVXUH SUREHV FDOLEUDWHG DW EDU SODFHG XQGHU WKH EUDNH FRQWURO
(OHFWULF GLVWULEXWRU IRU QRULD ZDVKLQJ FRQWURO
3UHVVXUH VZLWFK IRU UHYHUVH RU GHFHOHUDWLRQ VWRS OLJKW VZLWFKLQJRQ VWDUWLQJ IURP EDU LQ WKLV
EUDQFK
(OHFWULF GLVWULEXWRU IRU SHGDO EUDNH FRQWURO
µ6$8(5µ K\GURVWDWLF SXPS VHULHV DW FPUHY PD[ LQFOXGLQJ
µ32&/$,1µ UHDU PRWRU ZLWK WZR IL[HG GLVSODFHPHQWV DQG FPUHY
ZLWK XVXDOO\ HQJDJHG EUDNHV
%UDNH UHOHDVH VWDUWLQJ IURP EDU
µ32&/$,1µ IURQW PRWRU ZLWK IL[HG GLVSODFHPHQW FPUHY
2LO FKDQJH VZLWFK ORFNHG LQ UHYHUVH
2LO FKDQJH SUHVVXUH OLPLWHU DW EDU ZKHQ KRW
7KXV IURP WKH VHULHV DQG
WKLV OLPLWHU DOVR OLPLWV WKH FDSDFLW\ WR RU OPLQ
6OLGH YDOYH RSHUDWHG E\ DQ HOHFWULF GLVWULEXWRU UH IRU URDGILHOG FRQWURO
'LVWULEXWRU RQ DQWLVNLG SODFHG LQ WKH XSSHU SDUW RI WKH IURQW OHIW VWUXW
&KHFN YDOYH
µ($721µ PRWRU FPUHY IRU QRULD GULYH WKURXJK WKH UHWXUQ RI WKH UHDU PRWRUV
1RULD PRWRU SUHVVXUH OLPLWHU FDOLEUDWHG DW EDU ZLWK SUHVVXUH JDXJH LQVWDOOHG RQ WKH LQ
WDNH RI WKH OLIWLQJ EORFN
6OLGH YDOYH RSHUDWHG E\ DQ HOHFWULF GLVWULEXWRU UH IRU QRULD FRQWURO SURSRUWLRQDO WR LQFKLQJ
3ULPLQJ SUHVVXUH ILOWHU PLFURQ 7KH UHIHUHQFHV DQG DUH PDUNHG RQ WKH ILOWHU VXSSRUW
2LO FRROHU ZLWK µE\SDVVµ YDOYH DW EDU
3UHVVXUH VZLWFK
3DUNLQJ EUDNH YDOYH
3ULPLQJ SUHVVXUH LQWDNH
)DVW ILWWLQJ
+\GURVWDWLF GULOOHG EORFN IDVWHQHG RQ WKH LQFKLQJ SXPS
:KHHO PRWRU GUDLQ ILOWHU
'UDLQ ILOWHU FORJJLQJ LQGLFDWRU
1RWH RSHUDWLRQ VLPLODU WR WKDW LQ SDJHV DQG DSDUW IURP WKH FKDSWHU RQ EUDNLQJ
3ULQW QR
6HFWLRQ -
75$160,66,21
3DJH
7KLV RLO UDGLDWRU LV SODFHG LQ IURQW RI WKH ZDWHU UDGLDWRU DQG LV HTXLSSHG ZLWK D E\SDVV YDOYH IRU D SURWHFWLRQ
DJDLQVW SHDNV RI WKH LQQHU SUHVVXUH
7KLV GLVWULEXWRU LV IL[HG RQ WKH WRS RI WKH OHIW IURQW OHJ DQG LV FRQWUROOHG E\ FDP 5H RQ WKH VWHHULQJ OLQN URG
$GMXVWLQJ
DVVHPEOH WKH ULJKW ZKHHOV
GLUHFW FDP 5H RQ WKH OHYHO RI WKH IL[LQJV 5H VR WKDW WKH KROH 5H LV RQ WKH UROOHU D[OH
$GMXVW WKH GLVWULEXWRU SRVLWLRQ E\ PHDQV RI VFUHZ 5H VR WKDW WKH GUDZHU LV LQVHUWHG IRU PP FRUUH
VSRQGLQJ WR RQH WXUQ RI WKH VFUHZ 7KLV DGMXVWPHQW GHWHUPLQHV WKH SUHVVXUH RI WKH ´VHULDOµ OLQH EHWZHHQ
IURQW DQG UHDU PRWRUV LQ FDVH RI D QDUURZ FXUYH
5LJKW
URWDWLRQ
6$8(5 SXPS 5 *%$ WKHQ )$; IURP WKH VHULHV DQG
0D[ GLVSODFHPHQW FPUHY
5 5LJKW URWDWLRQ GLUHFWLRQ
IURP VKDIW VLGH
)$; 5HGXFHG UHWXUQ IRUFH
DQG UHLQIRUFHG VSULQJV IRU KROGLQJ WKH LGOH SRVLWLRQ
6HUYRFRQWURO
0HFKDQLFDO FRQWURO OHYHU
6HUYRSLVWRQ
3ODWH GLUHFWLRQ EHDULQJ
5RWDWLQJ DVVHPEO\
'LVWULEXWLRQ PLUURU
%RRVWHU SXPS FPUHY
$GMXVWDEOH FRYHU IRU WKH SXPS PHFKDLFDO ]HUR SRLQW
$ (
* /3
+3 RU /3
3DUW $
'UDZHU VHUYRFRQWURO ZLWKRXW K\GUDXOLF ]HUR DGMXVWPHQW
0 KDQG FRQWURO
3 RULILFH IRU WKH RQH ZD\ GLUHFWLRQ UHVWULFWRU «PP SURJUHVVLYLW\ RI VSHHG LQFUHDVH DQG GHFUHDVH
3DUW %
6HUYRSLVWRQ IRU WKH GLVSODFHPHQW FRQWURO ZLWKRXW VSULQJV DV UHWXUQ LV SHUIRUPHG E\ WKH SXPS SODWH
7KH VFUHZV 5H OLPLW WKH PD[ SXPS GLVSODFHPHQW DQG WKHUHIRUH LWV PRYLQJ VSHHG
0D[ WUDYHO VSHHG RQ URDG LV NPK DQG LV IDFWRU\ DGMXVWHG WKURXJK VFUHZ 5H RQ WKH LQQHU VLGH
RI WKH PDFKLQH 7KLV VFUHZ LV VHDOHG
3DUW &
%RRVWHU YDOYH HQDEOHV WKH ERRVWHU SUHVVXUH * WR JR WR WKH ORZ SUHVVXUH UDQJH /3 OLIWLQJ WKH ILUVW
YDOYH VWHS
'ULYHQ SUHVVXUH YDOYH HQDEOHV +3 WR VKLIW WR /3 ZKHQ WKH SUHVVXUH UHDFKHV WKH VHW YDOXH 7KLV
YDOXH LV DGMXVWDEOH WKURXJK WKH KROORZ VFUHZ 5H
,, %<3$66
7R WRZ WKH PDFKLQH WR D UHSDLU VKRS ZKHQ WKH PDLQ GULYH VKDIW QR ORQJHU URWDWHV RLO IURP VHFWLRQ +3
PXVW EH VHQW WR /3 VHFWLRQ 7R WKLV HQG VLPSO\ ORRVHQ QXW 5H E\ WKUHH WXUQV RQ WKH WZR PXOWLSXU
SRVH YDOYHV 1RZ WKH SUHVVXUH OLPLWLQJ DQG EDODQFLQJ IXQFWLRQV DUH QR ORQJHU DFWLYH
127( WKLV RSHUDWLRQ LV QRW QHFHVVDU\ WR WRZ WKH PDFKLQH RYHU D VKRUW GLVWDQFH
3DUW '
35(6685( $'-8670(17
'HWDLO (
3ULPLQJ SUHVVXUH ILOWHU
7KH UHIHUHQFHV DQG DUH PDUNHG RQ WKH ILOWHU KHDG
3ULQW QR
6HFWLRQ -
75$160,66,21
3DJH
5 5
7 WR OPLQXWH
7KLV EORFN LV IL[HG RQ WKH K\GURVWDWLF SXPS DQG WKH HOHPHQW UHIHUHQFHV DUH WKH VDPH RI WKH FRUUHVSRQGLQJ
K\GUDXOLF VFKHPH
0DQRFRQWDFW WR OLJKW VWRS OLJKWV XS LQ UHYHUVH VSHHG RU LQ GHFHOHUDWLRQ VWDUWLQJ IURP EDU
2LO H[FKDQJH VHOHFWLRQ VZLWFK VKRZQ ZLWK WKH PDFKLQH LQ QHXWUDO
'UDZHU GULYHQ E\ WKH HOHFWULF GLVWULEXWRU 5H IRU URDGILHOG FRQWURO ,W LV VKRZQ LQ ILHOG SRVLWLRQ
1RULD PRWRU SUHVVXUH OLPLWHU DGMXVWHG DW EDU RU EDU GHSHQGLQJ RQ WKH VHULHV
6SRRO DFWLYDWHG E\ VROHQRwG YDOYH FRQWUROV WKH PRYHPHQW RI QRULDV ZKLOH KDUYHVWLQJ 5HSUH
VHQWHG ZLWK QRULD DW UHVW
6SDFHU SUHYHQWLQJ WKH GUDZHU PRYHPHQW LQ UHYHUVH WKH RLO H[FKDQJH IXQFWLRQ LVQ·W DYDLODEOH
- 5RWDWLRQ GLUHFWLRQ
- /HIW
) 5LJKW
) %UDNH W\SH VWDUWLQJ IURP VHULHV DQG
&$87,21
5LJKW DQG OHIW PRWRUV PXVW QHYHU EH LQWHUFKDQJHG DV WKH GLVWULEXWLRQ LQVLGH WLPLQJ LVQ·W WKH VDPH 2QO\
FKDQJLQJ WKH WLPLQJ LW LV SRVVLEOH WR PRGLI\ WKH GLUHFWLRQ EH FDUHIXO LI DQ LQQHU VSHHG VHQVRU LV LQVWDOOHG
$IWHU DQ RSHUDWLRQ RQ RQH PRWRU DQG EHIRUH UXQQLQJ LW ILOO WKH VXPS SURFHHGLQJ DV IROORZV
7LJKWHQ WKH EOHHGLQJ VFUHZ DJDLQ XQWLO QR PRUH DLU FRPHV RXW
127( WKH OHIW UHDU PRWRU LV HTXLSSHG ZLWK D VHQVRU 5H RQ WKH HOHFWULF VFKHPH IRU WKH LQFKLQJ VSHHG
7R DGMXVW WKLV VHQVRU VFUHZ LW XQWLO LW WRXFKHV WKH LQVLGH ORFN DQG WKHQ ORRVHQ LW DJDLQ E\ WXUQ
7R WRZ WKH PDFKLQH ZKHQ WKH WKHUPDO HQJLQH QR ORQJHU ZRUNV ORRVHQ EUDNHV PHFKDQLFDOO\ SURFHHGLQJ DV
IROORZV
5HPRYH WKH SODVWLF SOXJ 5H
6FUHZ EDU 5H LQWR WKH EUDNH SLVWRQ 5H
6OLGH SDUW 5H RQ WKH WKUHDGHG EDU
%\ PHDQV RI ZDVKHU 5H DQG QXW 5H EDFN WKH SLVWRQ E\ DERXW PP
: 7KLV RSHUDWLRQ PXVW EH FDUULHG RXW RQO\ RQ WKH WZR UHDU ZKHHOV
: $IWHU WKLV RSHUDWLRQ SODFH WKH WZR SODVWLF SOXJV 5H DJDLQ LQ WKHLU SRVLWLRQ DV QR ZDWHU PXVW JHW LQ EH
WZHHQ WKH FRYHU 5H DQG SLVWRQ 5H 2[LGDWLRQ PD\ GDPDJH WKH MRLQW 5H
7R ILOO WKH VXPS IROORZ WKH VDPH SURFHGXUH DV IRU WKH UHDU PRWRUV WKH EOHHGLQJ VFUHZ KDV 5H
ILOO WKH UHVHUYRLU ZLWK UHFRPPHQGHG RLO XQWLO UHDFKLQJ OHYHO ´0$;µ
RSHQ WKH EOHHGLQJ VFUHZV RQ WKH LQFKLQJ SXPS WKH EOHHG SUHVVXUH OLPLWHU 5H DQG ILOO WKH SXPS
VXPS DQG WKH PRWRU VXPS E\ PHDQV RI WKH UHWXUQ IOH[LEOH OLQHV
&DXWLRQ 6WDUWLQJ PXVW EH GRQH ZLWK WKH SXPS RQ SRVLWLRQ ´2µ
PDNH WKH SXPS URWDWH E\ SUHVVLQJ HYHU\ RU VHFRQGV ZLWKRXW PDNLQJ WKH PRWRU VWDUW DQG WKLV XQWLO
WKH ERRVWHU SUHVVXUH LV UHDFKHG
UXQ WKH HQJLQH DW ORZ VSHHG DQG OHW LW UXQ IRU DERXW PLQXWHV
&$87,21 &KHFN FRQWLQXRXVO\ WKH RLO OHYHO LQWR WKH UHVHUYRLU )RDP IRUPLQJ LQWR WKH
UHVHUYRLU PHDQV WKDW DQ LQWDNH OLQH LV QRW WLJKW
127( D RLOWLJKW LQWDNH OLQH LV QRW QHFHVVDULO\ DOVR DLUWLJKW
VWRS WKH PRWRU
FKHFN WKH RLO OHYHO DQG WKH SRVVLEOH OHDNDJH
WR EOHHG WKH FORVHG V\VWHP ZHOO OLIW WKH ZKHHOV DQG OHW WKHP URWDWH IRU DERXW PLQXWHV
SODFH WKH PDFKLQH DJDLQ RQ WKH JURXQG DQG URWDWH WKH LQVWDOODWLRQ WR KHDW LW FKHFN WKH ERRVWHU SUHVVXUH
35(6685( &+(&.,1*
*UHDVH
D 'LVDVVHPEO\
5HPRYH WKH SODVWLF SOXJ 5H DQG WKH FRYHU 5H
3UHVV WKH VSULQJ ZDVKHU 5H WKURXJK WKH VSLQGOH ZLWK VFUHZ DQG QXW VHH WRROLQJ
'LVDVVHPEOH WKH VWRS ULQJ 5H WKURXJK D ULQJ ZUHQFK
5HPRYH WKH WRRO DQG WKH VSULQJ ZDVKHU 5H
5HPRYH WKH SLVWRQ 5H WKH VKLPV 5H DQG DOO WKH GLVFV 5H DQG 5H
F 1HZ DVVHPEO\
2LO WKH QHZ GLVFV
,QVWDOO DOWHUQDWLYHO\ RQH IULFWLRQ GLVF 5H DQG RQH VPRRWK GLVF 5H 7KH ODVW GLVF PXVW EH
VPRRWK
: $GMXVW DV UHTXLUHG ),*
: $IWHU WKH ODVW VPRRWK GLVF LQVWDOO WKH SLVWRQ 5H ZLWKRXW WKH VHDO WKHQ WKH VWRS ULQJ 5H
: 0HDVXUH WKH YDOXH ; DSSO\LQJ D VWURNH RI GD1 WR WKH SLVWRQ
: 7KH VKLP 5H )LJ WR EH SRVLWLRQHG EHWZHHQ WKH SLVWRQ DQG WKH ODVW GLVF VKDOO EH
; PP
: 5HPRYH WKH ULQJ 5H DQG WKH SLVWRQ 5H
$UUDQJH WKH VKLP 5H RQ WKH ODVW GLVF ZLWK WKH WKLFNHU VLGH QH[W WR WKH SLVWRQ
&OHDQ DQG PDNH VXUH WKDW WKH VWRS ULQJ DQG FRYHU JURRYHV DUH FOHDQ DV ZHOO DV WKH JURRYHV RI WKH
SLVWRQ WKH VSULQJ ZDVKHU WKH VWRS ULQJ DQG WKH VXUIDFH RI WKH SLVWRQ VHDO VHDW LQ WKH EUDNH
*UHDVH
6WDUWLQJ IURP WKH VHULHV $ ² DQG WKH EUDNH GLVFV ) DUH VXEMHFW WR QLWULGLQJ
ZHDUIUHH
7KHVH EUDNH GLVFV ) DQG ) FDQQRW EH DVVHPEOHG RQH LQVWHDG RI WKH RWKHU
1HYHUWKHOHVV D NLW KDYLQJ WKH VDPH UHIHUHQFH DV RI WKH ROG GLVNV DOORZV WR LQVWDOO QLWULGHG GLVNV LQ WKH
ROG FRYHUV
7KH LQIRUPDWLRQ UHOHYDQW WR WKLV DVVHPEO\ FDQ EH IRXQG DW WKH HQG RI VHFWLRQ -
127(
WKH OHWWHU 3 RQ WKH FDP PXVW EH RQ WKH VLGH LQ IURQW RI WKH GLVSODFHPHQW YDOYH
&DXWLRQ WKLV OHWWHU FRXOG DOVR EH DEVHQW WKXV \RX QHHG WR GHWHUPLQH WKH FDP SRVLWLRQ EHIRUH GLV
DVVHPEOLQJ LW
6HDOLQJ
7R LQVXUH VHDOLQJ RI VKDIW 5H WKH EXVKLQJ 5H LV SUHVVHG LQWR KRXVLQJ 5H ZLWK /2&
7,7( FRPSRXQG /2&7,7( DQG WKUXVWHG WR UHVSHFW H
: 6WDUWLQJ IURP VHULHV $ DQG WKH EHDULQJ LV WLJKWHQHG E\ D ZDVKHU 5H
DQG D VHDO ULQJ 5H
)RU DOO WKH VHDOLQJV RI VKDIW LQVWDOO HDFK ´RULQJµ LQWR WKH JURRYHV LQ KRXVLQJ DQG WKHQ WKH VHDO
DYRLG DQ\ GLVWRUVLRQ WKH ODWWHU
E 7KH EUDNH KRXVLQJ 5H LV LQVWDOOHG RQ KRXVLQJ ZLWK /2&7,7( FRPSRXQG /2&7,7(
DQG ´RULQJµ VHDO 7RUTXH VFUHZV 5H DQG 5H WR GD1P
)LJ
)LJ
)LJ
H G
,W LV DOVR QHFHVVDU\ WR REWDLQ WKH GHIOHFWRU PRWRUV 06 06( VLQFH LW ZLOO EH GDPDJHG GXULQJ
GLVDVVHPEO\ $GMXVWPHQW VKLPV DUH DOVR UHTXLUHG
'LVDVVHPEO\
5HDVVHPEO\ )LJ
&KHFN WKH FRQWDFW VXUIDFH RI WKH VHDOLQJ ULQJ RQ WKH VKDIW WKH FRQGLWLRQ RI WKH VSOLQHV WKH
FRQWDFW VXUIDFH RI WKH VHDOLQJ ULQJ RQ WKH EHDULQJ VXSSRUW
SUHVV RXW WKH VHDO DVVHPEO\ RQ WKH EHDULQJ VXSSRUW
LQVWDOO WKH EHDULQJ RXWHU UDFHV XVLQJ WKH DSSURSULDWH GULIW
FRDW WKH EHDULQJ ZLWK JUHDVH /* (3
SODFH WKH EHDULQJ LQQHU ULQJ RQ LWV RXWHU ULQJ
LQVWDOO WKH VHDOLQJ ULQJ SUHVVLQJ RQ WKH EHDULQJ RXWHU ULQJ
LQVWDOO WKH GHIOHFWRU PRWRU 06( XVLQJ D SUHVV DQG WKH DSSURSULDWH GULIW
LQVWDOO WKH VKDIW XVLQJ D SUHVV IRUFH ) WDNLQJ FDUH ZKHQ SDVVLQJ WKH VSOLQHV WKURXJK WKH VHDOLQJ
ULQJV
LQVWDOO WKH EHDULQJ LQQHU UDFH XVLQJ D SUHVV IRUFH ) ZLWK WKH DSSURSULDWH GULIW 0DLQWDLQ IRUFH ) ZLWK
WKH DSSURSULDWH GULIW VHH WRROV 0DLQWDLQ IRUFH ) DQG PDNH VXUH WKDW WKH EHDULQJV DUH FRUUHFWO\ LQ SODFH
E\ URWDWLQJ WKH EHDULQJ VKDIW PLQLPXP ILYH UHYROXWLRQV WKHQ VWRS IRUFH )
DGMXVW WKH EHDULQJV
LQVWDOO WKH WKUXVW ULQJ DQG WKH VQDS ULQJ )LJ
PHDVXUH WKH FOHDUDQFH EHWZHHQ ULQJ DQG EHDULQJ 6KLPPLQJ LV HTXDO WR WKH PHDVXUHG FOHDUDQFH 6
UHPRYH WKH VQDS ULQJ DQG WKHQ WKH WKUXVW ULQJ
LQVWDOO WKH VKLPV ZLWK WKH WKLFN VKLP WRZDUG WKH EHDULQJ
FRPSUHVV WKH EHDULQJV XVLQJ D SUHVV DQG LQVWDOO WKH VQDS ULQJ ZLWK WKH DQJOH LQ WKH RSSRVLWH GLUHF
WLRQ WR WKH WKUXVW ULQJ
GHFRPSUHVV WKH EHDULQJV XVLQJ D SUHVV E\ SUHVVLQJ RQ WKH HQG RI WLKV VKDIW
FKHFN WKH VKDIW URWDWLRQ WRUTXH ,I WKH PHDVXUHPHQW LV SHUIRUPHG E\ URWDWLQJ WKH EHDULQJ WKH RIIVHW RI WKH
WRUTXH ZUHQFK ZLOO KDYH WR EH WDNHQ LQWR DFFRXQW WR GHWHUPLQH WKH WRUTXH UHDGLQJ RQ WKH ZUHQFK )LJ
1RWH )LJ
,I WKH GLVWULEXWRU KDV EHHQ GLVDVVHPEOHG SRVLWLRQ LW FRUUHFWO\ GXULQJ UHDVVHPEO\ 7KLV SRVLWLRQ GH
SHQGV RQ WKH SUHIHUUHG PRWRU URWDWLRQ GLUHFWLRQ VHHQ IURP WKH KXE IURQW SDUW
/HWWHU 5 LQ IURQW RI WKH GLVSODFHPHQW FRQWURO GLVWULEXWRU IRU ULJKWZDUGV URWDWLRQ
/HWWHU / LQ IURQW RI WKH GLVSODFHPHQW FRQWURO GLVWULEXWRU IRU OHIWZDUGV URWDWLRQ
G
& = &[
G+H
127( GR QRW IRUJHW WR ILOO WKH PRWRU FDVH ZLWK K\GUDXOLF RLO SULRU WR URWDWLQJ LW
3('$/ %5$.,1* &21752/ ² 5( RQO\ XS WR WKH VHULHV $ ² ²
, 23(5$7,21
7KH WZR VSULQJV 5H NHHS WKH GUDZHUV 5H LQVLGH WKURXJK WKH OHYHUV 5H
,Q WKLV FDVH WKH ERRVWLQJ SUHVVXUH VHQW WR WKH EUDNHV WR UHOHDVH WKHP VKDOO EH PLQLPXP EDU
:KHQ WKH GULYHU SUHVVHV WKH SHGDOV WKH OHYHUV 5H UHOHDVH WKH GUDZHUV 5H ,Q WKLV FDVH
,, $'-8670(17
:KHQ WKH OHYHUV 5H PDNH WKH GUDZHUV FRPH EDFN ZLWK UHOHDVHG EUDNHV WKH\ PXVW UHDFK WKH OLPLW
RQ WKH VFUHZV 5H EHIRUH WKH GUDZHUV 7R WKLV SXUSRVH
(/(&75,&$/ 6<67(0
3DJH
5(0$5.6
1 7KH UHOD\V PDUNHG E\ WKHVH LQLWLDOV DUH SODFHG XQGHU WKH VHDW DOO WKH RWKHUV DUH XQGHU WKH
PDLQ HOHFWURQLF FDUG DSDUW IURP SODFHG RQ WKH VWDUWHU DQG DUH QH[W WR WKH PDLQ FDUG
7KH UHOD\V PDUNHG E\ WKHVH LQLWLDOV DUHQ·W YLVLEOH RQ WKH ERDUG DV WKH\ DUH LQFOXGHG LQ WKH HOHFWURQLF
SDUW RI WKH PDLQ UHOD\ FDUG
6WDUWLQJ IURP VHULHV $ DQG WKH UHOD\V DUH QRW LQVWDOOHG RQ WKH FDUG
$OO WKH UHOD\V DUH VWDQGDUG RQHV EXW WKH KRRNLQJ RU WLPLQJ IXQFWLRQV DUH HOHFWURQLF FRQWURO FLUFXLWV SODFHG RQ
WKH PDLQ ERDUG DQG QRW VKRZQ RQ WKH VFKHPH
127(
7KH UHIHUHQFH RI FDEOH RQ WKH VFKHPH FRUUHVSRQGV RQ WKH PDFKLQH WR WKH FDEOH PDUNHG ´)µ
WKDW LV
F WR WKH FDEOH LQVXODWRU WKURXJK SULQWLQJ
G WR D ULQJ LQWURGXFHG RQ WKH FDEOH LWVHOI
7KH UHIHUHQFH RI WKH VROHQRLG YDOYH RQ WKH VFKHPH FRUUHVSRQGV RQ WKH PDFKLQH WR WKH PDUNLQJ
´&µ RQ D ULQJ SODFHG RQ WKH PXOWLFRORXU FDEOH IHHGLQJ WKH VROHQRLG YDOYH RU WKH FRUUHVSRQGLQJ
FDEOH
)RU EHWWHU FRQWDFWV RQ DOO WKH FRQQHFWRUV DQG VZLWFKHV \RX FDQ XVH
D SDLQW UHPRYHU LW UHPRYHV ZDWHU R[LGDWLRQ DQG VHUYHV DV D GHJUHDVHU 5H /2&7,7( 1&
DQ LQVXODWRU PRLVWXUHSUHYHQWLQJ JUHDVH 5HI (OHFWUROXEH *;
127( WKLV JUHDVH PXVW EH VSUD\HG RQ WKH LQFOLQRPHWHU UKHRVWDW DW OHDVW RQFH D \HDU RU HYHU\ KRXUV
$YDLODELOLW\ WKURXJK 1(: +2//$1' 6SDUH 3DUWV
7R IDYRXU FRQWDFWV DQG LPSURYH VHDOLQJ RI ´'(876&+µ FRQQHFWRUV JUHDVH 5H WXEH FDQ EH
XVHG
7KHVH SURGXFWV DUH DYDLODEOH LQ VSUD\ ERWWOHV RU LQ WXEH DQG DUH VROG E\ WKH 6SDUH 3DUW 6HUYLFH
),567 3$57
1HXWUDO VHQVRU 0 SODFHG RQ WKH XSSHU SDUW RI WKH LQFKLQJ OHYHU
,WV VLJQDO LV SRVLWLYH ZKHQ WKH OHYHU LV LQ QHXWUDO DQG WKH VWDUWHU LV HQDEOHG
%DWWHU\ GHWDFKLQJ GHYLFH
´3UHVVXUH VWRS VZLWFKµ RQ WKH SDQHO
6WDUWLQJ VZLWFK
$OWHUQDWRU 9 $ VWDQGDUG RU $ DV RSWLRQ
6WDUWHU ZLWK UHWXUQ :
%DWWHU\ 9 $K VWDQGDUG RU $K DV RSWLRQ
6DIHW\ VWDUWLQJ UHOD\ IRUPHG E\ DQ HOHFWURQLF FLUFXLW LQFOXGHG LQ WKH PDLQ ERDUG
*HQHUDO FXWRII UHOD\ SODFHG XQGHU WKH GULYHU·V VHDW
(QJLQH VWRS VROHQRLG YDOYH SODFHG RQ WKH LQMHFWLRQ SXPS
6WDUWLQJ UHOD\ FXWRII $ SODFHG QH[W WR WKH VWDUWHU
G 0DLQ UHOD\ GLRGH 5H SODFHG RQ WKH FDEOH KDUQHVV XQGHU WKH GULYHU·V VHDW
G 'LRGH RI WKH FKDUJH LQGLFDWRU SODFHG RQ WKH SDQHO FDEOH KDUQHVV
0 (DUWK IRU WKH PDLQ SULQWHG ERDUG
0& (DUWK EUDLG FRQQHFWHG WR WKH FKDVVLV
07 (DUWK EUDLG FRQQHFWHG WR WKH HQJLQH
7 $OWHUQDWRU FKDUJH LQGLFDWRU : IRU $ DOWHUQDWRU DQG : IRU $ DOWHUQDWRU
: 7KH UHOD\ VZLWFK LV HQHUJL]HG WKURXJK URXWH RQO\ ZKHQ DOWHUQDWRU FKDUJHV 7KH KDUYHVWLQJ KHDG
FDQ EH SRZHUHG RQO\ LQ WKDW FDVH
: 5RXWHV DQG HQHUJL]H WKH VZLWFK WKDW FRQWUROV WKH SRZHU RI WKH KDUYHVWLQJ KHDG DV ZHOO DV WKH
ZRUNLQJ OLJKWV VZLWFK DQG VZLWFK WKDW FRQWUROV WKH RYHUULGLQJ WLOWLQJ 7KHVH IXQFWLRQV DUH SURWHFWHG
E\ IXVH )
2QERDUG FRPSXWHU
,QWDNH K\GUDXOLF ILOWHU FORJJLQJ VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
$LU ILOWHU FORJJLQJ VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
(QJLQH RLO SUHVVXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
+\GUDXOLF ERRVWLQJ SUHVVXUH VHQVRU EDU FRQQHFWHG WR ZDUQLQJ OLJKW 7
(QJLQH ZDWHU WHPSHUDWXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
6DIHW\ EX]]HU
(QJLQH RLO SUHVVXUH VHQGHU
:DWHU WHPSHUDWXUH VHQGHU
)XHO OHYHO VHQGHU
6KDNHU IUHTXHQF\ VHQVRU 0
&RQYH\RU VSHHG VHQVRU 0
8SSHU H[WUDFWRU VSHHG VHQVRU 0
/RZHU H[WUDFWRU VSHHG VHQVRU 0
8SSHU H[WUDFWRU ORZHU H[WUDFWRU FRQYH\RU VSHHG VHOHFWRU VZLWFK
,QFKLQJ VHQVRU 0 SODFHG RQ WKH UHDU OHIW ZKHHO PRWRU
D ,QFKLQJ VHQVRU SODFHG RQ WKH UHDU ULJKW ZKHHO VWDUWLQJ IURP VHULHV DQG
127( WKH RQERDUG LQGLFDWRU LV GLIIHUHQW ZKHQ WKH LQFKLQJ VHQVRU LV SODFHG RQ WKH ULJKW ZKHHO
+\GUDXOLF RLO WHPSHUDWXUH VHQVRU
1RW XVHG +\GUDXOLF SUHVVXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
6ZLWFK GULYHQ E\ WKH ORQJLWXGLQDO EDU
6KDNLQJ IUHTXHQF\ GLVSOD\
,QFOLQRPHWHU GLVSOD\ HOHFWURQLF FLUFXLW SODFHG RQ WKH LGOH JHDU DW WKH VZLWFKLQJ RQ RI D WKLUG /(' D
QHJDWLYH VLJQDO FRPLQJ IURP WKH FDEOH ) FRQWUROV WKH LQGLFDWRU DQG WKH EDU ORFN
,QFOLQRPHWHU UKHRVWDW GULYHQ E\ WKH WUDQVYHUVDO EDU
,03257$17 5(0$5.
IRU UHOLDELOLW\ WKH WUDFN DQG WKH DUWLFXODWLRQ RI WKH UKHRVWDW PXVW EH JUHDVHG ZLWK D VXLWDEOH SURGXFW
IRU OLQHDU VOLGLQJ FRQWDFWV 5H DW OHDVW RQFH D \HDU RU HYHU\ KRXUV
'ULYLQJ DLG VHQVRUV
'ULYLQJ DLG ZDUQLQJ OLJKW
G 'LRGH RI WKH VDIHW\ EX]]HU SODFHG RQ WKH SDQHO FDEOH KDUQHVV
7KH FRQQHFWLRQ FXWV WKH KHFWDUHFRXQWHU RII ZKHQ VKDNLQJ LV LQWHUUXSWHG WKURXJK WKH FRQQHF
WLRQ RI WKHVH WZR FDEOHV
7KH FRQQHFWLRQ JLYLQJ JURXQG WR WKH EDU ORFNLQJ UHOD\ 5H VWRSV LW 7KLV JURXQG GHWHU
PLQHG WKURXJK WKH VZLWFKLQJ RQ RI WKH WKLUG UHG RU JUHHQ /(' SDVVHV WKURXJK WKH FDEOH ´)µ DQG
WKURXJK WKH ORQJLWXGLQDO EDU VZLWFK 5H WKDW ORFNV WKH EDU RQO\ LI ORZHULQJ H[FHHGV
7KH IXVH $ SODFHG RQ WKH FDEOH 5H SURWHFWV WKH RQERDUG FRPSXWHU VXSSO\ ,W LV SODFHG LQVLGH
WKH SDQHO 7KH RWKHU IXVHV PDUNHG ) DUH RQ WKH PDLQ ERDUG
7 7 7 7 7 DUH : ZDUQLQJ OLJKWV
7 QRW XVHG
0 *URXQG SODFHG RQ WKH VWDUWHU UHDU SDUW
0 *URXQG RQ WKH PDLQ ERDUG
0 *URXQG XQGHU WKH KDUYHVWLQJ HTXLSPHQW K\GUDXOLF EORFN
0 *URXQG XQGHU WKH SODWIRUP
0RWRU IRU ORZHU H[WUDFWRU VSHHG DGMXVWPHQW SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
/RZHU H[WUDFWRU VSHHG FRQWURO VZLWFK
&RQYH\RU VSHHG FRQWURO PRWRU SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
&RQYH\RU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW PRWRU SODFHG RQ WKH VHOISURSHOOHG
6: 6: DQG 7KHVH VZLWFKHV SODFHG LQ WKH PDLQ ERDUG XSSHU SDUW DOORZ WKH PXOWLSXUSRVH
FRQWUROV WR EH XVHG
'XULQJ KDUYHVWLQJ LW VKRXOG EH LQ WKH PLGGOH
: 7KH FRQQHFWLRQ FRUUHVSRQGV WR WKH E\SDVV VROHQRLG YDOYH 5H RI WKH OLIWLQJ FLUFXLW
: 7KH FRQQHFWLRQ FRUUHVSRQGV WR WKH VROHQRLG YDOYH 5H SRZHULQJ WKH VKDNLQJ SXPS
: 7KH FRQQHFWLRQV DUH GLYLGHG DV IROORZV
FRPHV IURP -3 IRU HQDEOLQJ DIWHU WKH KDUYHVWLQJ HTXLSPHQW
WRZDUGV VZLWFK 5H IRU FRQYH\RU HQDEOLQJ
FRPHV IURP -3 IRU HQDEOLQJ DIWHU WKH KDUYHVWLQJ HTXLSPHQW
FRPHV IURP -3 IRU HQDEOLQJ DIWHU WKH KDUYHVWLQJ HTXLSPHQW
5HOD\ IRU HQDEOLQJ URDG VSHHG DQG SURSRUWLRQDO QRULDV LQ IRUZDUG GLUHFWLRQ 7KH ZDVKLQJ FDQQRW EH
PDGH LQ IRUZDUG GLUHFWLRQ LI WKH VKXQW ; LVQ·W LQVWDOOHG
6ROHQRLG YDOYH IRU URDG VSHHG
6ROHQRLG YDOYH IRU QRULD SURSRUWLRQDO DW VWDUWLQJ
+RRNLQJ UHOD\ IRU VKDNHU HQDEOLQJ
6ROHQRLG YDOYH SUHYHQWLQJ VKDNLQJ GXULQJ FRQWDLQHU RSHUDWLRQ
6ROHQRLG YDOYH IRU VKDNLQJ DQG FRQWDLQHU HQDEOLQJ
3URSRUWLRQDO QRULD ORFNLQJ UHOD\ LQ FDVH RI
QR FRQWDFW RI WKH KDUYHVWLQJ HTXLSPHQW
QR WLPHG VLJQDO IRU FOHDQLQJ HQDEOLQJ
URDG VSHHG
(OHFWURQLF UHOD\ IRU VKDNLQJ FRQWURO
6ROHQRLG YDOYH IRU QRULD HQDEOLQJ LQ ZDVKLQJ
+HFWDUHFRXQWHU VWRS UHOD\
,W VWRSV WKH KHFWDUHFRXQWHU ZKHQ VKDNLQJ VWRSV E\ FORVLQJ WKH FRQWDFW EHWZHHQ FODPSV DQG RI
WKH FRPSXWHU
7KH UHOD\ 5H LV FRQWUROOHG E\ WKH HOHFWURQLF UHOD\ 5H 7KLV UHOD\ FKDQJHV WKH VWDWXV RI WKH UHOD\ 5H
ZKHQHYHU WKH VZLWFK 5H LV SUHVVHG E\ VWDUWLQJ RU VWRSSLQJ VKDNLQJ WKURXJK WKLV EXWWRQ 7KLV UHOD\ 5H
RSHQV WKH FRQWDFWV RI WKH UHOD\ LI LW LV QRW SRZHUHG E\ WKH UHOD\ 5H FRQQHFWLRQ ,Q WKLV ZD\
VKDNLQJ FDQ EH VWRSSHG WKURXJK WKH VZLWFK 5H RI WKH KDUYHVWLQJ HTXLSPHQW 7KH VKDNLQJ HQDEOLQJ DIWHU D
KDUYHVWLQJ HTXLSPHQW VWRS LV PDGH RQO\ LV LI WKH UHOD\ 5H LV SRZHUHG E\ WKH UHOD\ 5H FRQQHFWLRQ
DQG LI LW UHFHLYHG D SXOVH WKURXJK WKH EXWWRQ 5H
1RWH
D IRU PDFKLQHV $ % DQG PXVW EH LQ SRVLWLRQ EHFDXVH LQ QRULD ZDVKLQJ SRVLWLRQ
WKH K\GUDXOLF PRWRU LV IHG E\ WKH VKDNLQJ SXPS
E )RU QH[W PDFKLQHV LW PXVW EH LQ SRVLWLRQ EHFDXVH LQ QRULD ZDVKLQJ SRVLWLRQ WKH K\GUDXOLF PRWRU LV IHG
E\ WKH OLIWLQJVWHHULQJ SXPS
3ULQW QR
6HFWLRQ .
(/(&75,& 6<67(0
3DJH
G WKH GLRGHV G DUH SODFHG RQ WKH FDEOH KDUQHVV QH[W WR WKH UHOD\V XQGHU WKH VHDW
: 7KH FRQQHFWLRQ SRZHUV WKH VZLWFK 5H FRQWUROOLQJ WKH DXJHU VFUHZV DIWHU SRZHULQJ WKH KDUYHVWLQJ
HTXLSPHQW WKURXJK WKH VZLWFK 5H
: 7KH FRQQHFWLRQ FRUUHVSRQGV WR WKH HOHFWULF GLVWULEXWRU 5H RI WKH OLIWLQJ FLUFXLW
: 7KH FRQQHFWLRQV FRUUHVSRQG WR WKH HOHFWULF GLVWULEXWRU 5H IRU VKDNLQJ
) DOO WKH IXVHV PDUNHG ) DUH RQ WKH PDLQ ERDUG DQG WKRVH PDUNHG % DUH LQ WKH ER[ XQGHU WKH GULYHU·V
VHDW
0 *URXQG SODFHG XQGHU WKH KDUYHVWLQJ HTXLSPHQW K\GUDXOLF EORFN
0D *URXQG SODFHG LQ WKH KDUYHVWLQJ HTXLSPHQW IURQW SDUW
0 *URXQG SODFHG XQGHU WKH SODWIRUP
7 $XJHU VFUHZ ZDUQLQJ OLJKW
: 7KH FRQQHFWLRQ DGMXVWV WKH ORQJLWXGLQDO KRUL]RQWDOLW\ RQO\ ZKHQ WKH ´:DUQLQJµ OLJKW LV RSHUDWLQJ
: 7KH FRQQHFWLRQ FXWV RII WKH VROHQRLG YDOYH 5H RI WKH EDU WKURXJK WKH VORSLQJ LQGLFDWRU
: 7KH FRQQHFWLRQ SRZHUV WKH VROHQRLG YDOYH 5H ZLWK WKH QRULD ZDVKLQJ VZLWFK
: 7KH FRQQHFWLRQV DQG FRPH IURP WKH VZLWFKHV 6: WR RSHUDWH WKH HOHFWULF GLVWULEXWRU 5H
)86(6
1R $LU FRQGLWLRQLQJ VDIHW\ $ IXVH
1R &OLPDWL]DWLRQ FRPSUHVVRU $ IXVH
1R &OLPDWL]DWLRQ XQLW SRZHULQJ $ IXVH
1R &LJDUHWWH OLJKWHU $ IXVH
1R :RUNLQJ OLJKW $ IXVH
1R :RUNLQJ OLJKW $ IXVH
1R +,), FRQWURO SDQHO UHDGLQJ OLJKW IXVH
1R :LQGVFUHHQ ZLSHU DQG ZDVKHU $ IXVH
127( WKH ZLUHV 5H DQG IRU FOLPDWL]DWLRQ EHORQJ WR WKH ULJKW VLGH FDEOH KDUQHVV
HGL 6
5+
U DH 5
W QR )
W QR )
/+
U DH 5
HGL 6
K/
K5
W KJLO
JQL QU D Z
K/
K5
HGL 6
U DH 5
/+
W QR )
HGL 6
U DH 5
5+
W QR )
G GLRGH RI WKH KRUQ 5H ,W LV LQVLGH WKH FDEOH KDUQHVV QH[W WR WKH KRUQ DW DERXW PP IURP WKH
VKHDWK HQG
% $OO WKH IXVHV 5H % DUH LQVLGH D ER[ SODFHG XQGHU WKH GULYHU·V VHDW
7KH FRQQHFWLRQ HQDEOHV WKH ORQJLWXGLQDO KRUL]RQWDOLW\ FRUUHFWLRQ RQO\ ZKHQ WKH ´:DUQLQJµ OLJKW RSHUDWHV
7ZR VHQVRUV IRU EUDNLQJ UHGXFWLRQ SUHVVXUH EDU SODFHG XQGHU WKH EUDNH YDOYH
6WRS OLJKW VZLWFKHV FRQWUROOHG E\ WKH EUDNH SHGDOV
6HQVRU 0 IRU QRULD KHLJKW FKHFN
6WRS OLJKWV
+DUYHVWLQJ HTXLSPHQW ZRUNLQJ OLJKWV
:RUNLQJ OLJKW VZLWFK
6HOISURSHOOHG ZRUNLQJ OLJKWV
5HYROYLQJ OLJKW VZLWFK
5HDU UHYROYLQJ OLJKW
5HYHUVH SUHVVXUH VHQVRU WR VZLWFK VWRS OLJKWV VWDUWLQJ IURP EDU
:RUNLQJ OLJKW UHOD\ IRU WKH KDUYHVWLQJ HTXLSPHQW SODFHG XQGHU WKH VHDW
:RUNLQJ OLJKW UHOD\ IRU WKH VHOISURSHOOHG SODFHG XQGHU WKH VHDW
5HYROYLQJ OLJKW UHOD\ SODFHG XQGHU WKH VHDW
% DOO WKH IXVHV PDUNHG % DUH LQ D ER[ XQGHU WKH GULYHU·V VHDW
$ IUHH FRQQHFWLRQ ; LV SODFHG XQGHU WKH SODWIRUP IRU PDFKLQHV ZLWK FDE ,W LV XVHG WR SRZHU WKH
OLJKWV DQG WKH UHYROYLQJ OLJKW SODFHG RQ WKH EDQLVWHUV
,W FRPHV ZLWK FDEOHV PDUNHG IRU WKH ZRUNLQJ OLJKWV
FDEOH PDUNHG IRU WKH UHYROYLQJ OLJKW
FDEOHV PDUNHG IRU WKH JURXQG
7 +DQG EUDNH ZDUQLQJ OLJKW ,W FRPHV RQ ZKHQHYHU WKH GULYHU SUHVVHV D EUDNH SHGDO ZLWK : ODPS
7 +DUYHVWLQJ HTXLSPHQW KHLJKW ZDUQLQJ OLJKW ZLWK : PD[ ODPS
0 *URXQG SODFHG XQGHU WKH KDUYHVWLQJ HTXLSPHQW K\GUDXOLF EORFN
0 *URXQG SODFHG XQGHU WKH SODWIRUP
08/7,385326( &,5&8,7
127( WKLV FDEOH KDUQHVV LV LQVWDOOHG RQ PDFKLQHV VHULHV 6% VWDUWLQJ IURP VHULHV 6%
VWDUWLQJ IURP VHULHV DQG 6% VWDUWLQJ IURP VHULHV ZLWK WKH VKXQW ;
$ 7KH FRQQHFWLRQ $ LV ORRVH LQVLGH WKH ERDUG ,W LV FRQQHFWHG WR WKH FDEOH 5H RI WKH VWDUWLQJ NH\
WKURXJK D IXVH LQ FDVH RI XVH LQ PXOWLSXUSRVH ,W LV DYDLODEOH VWDUWLQJ IURP PRGHOV 6% VHULHV
6% VHULHV DQG 6% VHULHV
7KLV HOHFWURQLF ERDUG LV SODFHG LQVLGH D GXVWSURRI ER[ EHKLQG WKH FDE ,W LV HTXLSSHG DV IROORZV
7KH V\PEROV
$ 7KH FRQQHFWLRQ ZLOO EH LQ SRVLWLRQ WKH QRULDV ZLOO EH IHG LQ ZDVKLQJ E\ WKH VKDNLQJ SXPS IRU PD
FKLQHV $ % DQG
7KH FRQQHFWLRQ ZLOO EH LQ SRVLWLRQ WKH QRULDV ZLOO EH IHG LQ ZDVKLQJ E\ WKH OLIWLQJVWHHULQJ
SXPS IRU WKH QH[W PDFKLQHV
127(
6WDUWLQJ IURP PDFKLQHV 6% VHULHV 6% VHULHV DQG 6% VHULHV WKLV FRQQHFWLRQ
ZLOO EH PDGH E\ D VZLWFK 5H
,I WKH VKDNLQJ SXPS LV WR EH XVHG LQ PXOWLSXUSRVH ZLWK WKH ZDVKLQJ VZLWFK MXVW
D FRQQHFW $ LQ SRVLWLRQ RQ WKH FXUUHQW PDFKLQHV 2Q WKH SUHYLRXV PDFKLQHV DGG D VKXQW RQ WKH
QRULD FRQWURO VZLWFK EHWZHHQ WKH ORRVH WHUPLQDO DQG WKH FDEOH
E 5HPRYH WKH IXVH ) RI WKH QRULD ZDVKLQJ VROHQRLG YDOYH
'/
5HG OLJKW GLRGH LQ RXWSXW WRZDUGV WKH VROHQRLG YDOYH 1R
HJ '/ FRUUHVSRQGV WR WKH VROHQRLG
YDOYH UH RQ WKH HOHFWULF DQG K\GUDXOLF VFKHPH
)
$OO WKH GHYLFHV PDUNHG ) DUH IXVHV 7KH\ DUH LGHQWLILHG E\ V\PEROV DQG WKH PDUNLQJ FRUUHVSRQGV WR
WKH UHIHUHQFH RI WKH VFKHPH DQG WR WKH LQWHQVLW\ RI HDFK RQH DSDUW IURP
) ; %RDUG VXSSO\ WKURXJK FDEOH UH
) ; 6XSSO\ RI ZRUNLQJ OLJKWV WKURXJK WKH FDEOH UH
) 0 %RDUG JURXQG WKURXJK WKH FDEOH UH
. $OO WKH GHYLFHV PDUNHG . DUH UHOD\V ZLWK WKH VDPH UHIHUHQFH RQ WKH HOHFWULF VFKHPH
36
7KH UHIHUHQFHV IURP 36 WR FRQFHUQ DXWRPDWLFDOO\ UHVHW IXVHV 7KH\ SURWHFW WKH SULQWHG FLUFXLWV
LQ FDVH RI VKRUW FLUFXLW 7KH\ UHVHW DXWRPDWLFDOO\ ZKHQ WKH VKRUW FLUFXLW GLVDSSHDUV 7KHLU RSHUDWLRQ
LV GHWHFWHG E\ DQ RYHUKHDWLQJ
&$87,21 36 LVQ·W XWLOL]HG
59 LV D SRWHQWLRPHWHU IRU DGMXVWLQJ WKH WLPLQJ RI WKH UHOD\ 5H IRU FRQYH\RU DQG QRULD HQDEOLQJ IURP
WR VHFRQGV DIWHU WKH H[WUDFWRU UHOD\
59 LV D SRWHQWLRPHWHU IRU DGMXVWLQJ WKH FRQWDLQHUVKDNHU SUHVVXUH OLPLWHU 5H WLPLQJ DW EDU 7R
DGMXVW WKLV OLPLWHU VHH WKH FRUUHVSRQGLQJ K\GUDXOLF VFKHPH
6:
7KH UHIHUHQFHV IURP 6: WR 6: FRQFHUQ VL[ VZLWFKHV IRU PRGLI\LQJ WKH HOHFWULF FLUFXLW IRU WKH XVH LQ
PXOWLSXUSRVH
)25 7+( 86( $6 *5$3( +$59(67(5 6: $1' 6: PXVW EH VORSHG WRZDUGV WKH UHDU VLGH
6: 6: 6: DQG 6: PXVW EH LQ WKH PLGGOH
)25 7+( 86( $6 08/7,385326( DOO WKH 6:V PXVW EH VORSHG WRZDUGV WKH IURQW VLGH DSDUW
IURP 6: WKDW VKRXOG UHPDLQ LQ WKH PLGGOH
&$87,21
: 7R PDNH HOHFWULF ZHOGLQJ RSHUDWLRQV RQ WKH PDFKLQH \RX VKRXOG
OHDYH WKH EDWWHU\ FRQQHFWHG GR QRW GLVFRQQHFW WKH EDWWHU\ RU LQWHUUXSW WKH EDWWHU\ GHWDFKLQJ VZLWFK
5H
'R QRW PDNH ZHOGLQJ FDEOHV SDVV WRR QHDU WR WKH FDEOH KDUQHVV
3XW WKH VWDWLRQ JURXQG VRFNHW GLUHFWO\ RQ WKH SDUWV WR EH ZHOGHG
6(&21' 3$57
*(1(5$/ ,1)250$7,21
: 7KLV GLDJUDP LV YDOLG RQO\ IRU PDFKLQHV HTXLSSHG ZLWK WKH QHZ PDLQ HOHFWURQLF ERDUG
: $OO WKH UHOD\V SODFHG RQ WKH SULQWHG FLUFXLW DUH PDUNHG RQO\ WR XQGHUVWDQG WKH RSHUDWLRQ RI WKH FLUFXLW
7KH\ DUH QR PRUH LQVWDOOHG DQG DUH UHSODFHG E\ HOHFWURQLF FRPSRQHQWV LQFOXGLQJ UHOD\
: $OO SRZHU VXSSOLHV DUH DW 9 DSDUW IURP WKH FDEOH ) RI WKH LQFOLQRPHWHU ER[ UH WKDW LV D 9
FDEOH
: 7KLV V\PERO DW WKH WRS RI WKH SDJH PHDQV WKDW WKH GLDJUDP FRUUHVSRQGV WR WKH PDFKLQHV ZLWK
HOHFWURQLF ERDUG RU $0 RU $0
: 7KH VZLWFK 6: RI WKH ERDUG LV SRZHUHG E\ SXVK EXWWRQ UH IRU FRQYH\RU UHYHUVDO
: '/ DUH WKH /('V RQ WKH HOHFWURQLF ERDUG
: $OO WKH DXWRPDWLF UHVHW IXVHV 36 DUH QR PRUH DYDLODEOH 6RPH RI WKHP DUH UHSODFHG E\ $ IXVHV
+DQGOLQJ SHRSOH FKDUJHG E\ VWDWLF HOHFWULFLW\ FDQ GLVFKDUJH WRZDUG HOHFWURQLF FRPSRQHQWV GDPDJLQJ
WKHP 7KH HIIHFWV DIWHU VWDWLF HOHFWULFLW\ GLVFKDUJHV RIWHQ FDQQRW EH GHWHFWHG LPPHGLDWHO\
.HHS HOHFWURQLF SDUWV LQ WKH UHOHYDQW RULJLQDO SDFNDJH XQWLO WKHLU XVH GR QRW WRXFK WKH FRQQHFWLQJ SLQV WKH
QRQLQVXODWHG SDUWV DQG WKH ZHOGLQJV RQ WKH IURQW VLGH
7URXEOHVKRRWLQJ QHYHU FRQQHFW D 9 FDEOH WR WKH FDUG FRQQHFWLQJ FDEOH KDUQHVV DV \RX FRXOG GH
VWUR\ LWV FRPSRQHQWV <RX VKRXOG GLVFRQQHFW WKH PDFKLQH FDEOH KDUQHVV IURP WKH SDUW WR EH FKHFNHG
:HOGLQJ GLVFRQQHFW DOO FRQQHFWLRQV RQ WKH ERDUG DSDUW IURP ) 'R QRW PDNH WKH ZHOGLQJ VWDWLRQ
FDEOHV SDVV QH[W WR WKH ERDUG
,Q PXOWLSXUSRVH QHYHU FRQQHFW D 9 SRVLWLYH FDEOH WR WKH ERDUG FRQQHFWLQJ FDEOH KDUQHVV HJ WR
IHHG WKH E\SDVV 5H UDWKHU XVH WKH FRQQHFWLRQV -3 -3 -3 -3 DQG -3 SODFHG LQ WKH
PLGGOH RI WKH FDUG DV WKH\ ZHUH GHVLJQHG WR WKLV SXUSRVH
/
$0
1HXWUDO VHQVRU 0 SODFHG RQ WKH XSSHU SDUW RI WKH LQFKLQJ OHYHU
,WV VLJQDO LV SRVLWLYH ZKHQ WKH OHYHU LV LQ QHXWUDO DQG WKH VWDUWHU LV HQDEOHG
%DWWHU\ GHWDFKLQJ GHYLFH
´3UHVVXUH VWRS VZLWFKµ RQ WKH SDQHO
6WDUWLQJ VZLWFK
$OWHUQDWRU 9 $ VWDQGDUG RU $ DV RSWLRQ
6WDUWHU ZLWK UHWXUQ :
%DWWHU\ 9 $K VWDQGDUG RU $K DV RSWLRQ
6DIHW\ VWDUWLQJ UHOD\ IRUPHG E\ DQ HOHFWURQLF FLUFXLW LQFOXGHG LQ WKH PDLQ ERDUG
*HQHUDO FXWRII UHOD\ SODFHG XQGHU WKH GULYHU·V VHDW
(QJLQH VWRS VROHQRLG YDOYH SODFHG RQ WKH LQMHFWLRQ SXPS
6WDUWLQJ UHOD\ FXWRII $ SODFHG QH[W WR WKH VWDUWHU
G 0DLQ UHOD\ GLRGH 5H SODFHG RQ WKH FDEOH KDUQHVV XQGHU WKH GULYHU·V VHDW
G 'LRGH RI WKH FKDUJH LQGLFDWRU SODFHG RQ WKH SDQHO FDEOH KDUQHVV
)): 7KH IXVHV ) DQG ); DUH SODFHG RQ WKH PDLQ ERDUG VWULFWO\ FRPSO\ ZLWK WKH YDOXHV VKRZQ RQ WKH
FDUG
-3 LV D FRQQHFWLRQ IRU PXOWLSXUSRVH
0 (DUWK IRU WKH PDLQ SULQWHG ERDUG
0& (DUWK EUDLG FRQQHFWHG WR WKH FKDVVLV
07 (DUWK EUDLG FRQQHFWHG WR WKH HQJLQH
7 $OWHUQDWRU FKDUJH LQGLFDWRU : IRU $ DOWHUQDWRU DQG : IRU $ DOWHUQDWRU
: 7KH UHOD\ VZLWFK LV HQHUJL]HG WKURXJK URXWH RQO\ ZKHQ DOWHUQDWRU FKDUJHV 7KH KDUYHVWLQJ KHDG
FDQ EH SRZHUHG RQO\ LQ WKDW FDVH
: 5RXWHV DQG HQHUJL]H WKH VZLWFK WKDW FRQWUROV WKH SRZHU RI WKH KDUYHVWLQJ KHDG DV ZHOO DV WKH
ZRUNLQJ OLJKWV VZLWFK DQG VZLWFK WKDW FRQWUROV WKH RYHUULGLQJ WLOWLQJ 7KHVH IXQFWLRQV DUH SURWHFWHG
E\ IXVH )
2QERDUG FRPSXWHU
,QWDNH K\GUDXOLF ILOWHU FORJJLQJ VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
$LU ILOWHU FORJJLQJ VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
(QJLQH RLO SUHVVXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
+\GUDXOLF ERRVWLQJ SUHVVXUH VHQVRU EDU FRQQHFWHG WR ZDUQLQJ OLJKW 7
(QJLQH ZDWHU WHPSHUDWXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
6DIHW\ EX]]HU
(QJLQH RLO SUHVVXUH VHQGHU
:DWHU WHPSHUDWXUH VHQGHU
)XHO OHYHO VHQGHU
6KDNHU IUHTXHQF\ VHQVRU 0
&RQYH\RU VSHHG VHQVRU 0
8SSHU H[WUDFWRU VSHHG VHQVRU 0
/RZHU H[WUDFWRU VSHHG VHQVRU 0
8SSHU H[WUDFWRU ORZHU H[WUDFWRU FRQYH\RU VSHHG VHOHFWRU VZLWFK
,QFKLQJ VHQVRU 0 SODFHG RQ WKH UHDU OHIW ZKHHO PRWRU
D ,QFKLQJ VHQVRU SODFHG RQ WKH UHDU ULJKW ZKHHO VWDUWLQJ IURP VHULHV DQG
127( WKH RQERDUG LQGLFDWRU LV GLIIHUHQW ZKHQ WKH LQFKLQJ VHQVRU LV SODFHG RQ WKH ULJKW ZKHHO
+\GUDXOLF RLO WHPSHUDWXUH VHQVRU
6KDNLQJ IUHTXHQF\ GLVSOD\
,QFOLQRPHWHU GLVSOD\ HOHFWURQLF FLUFXLW
7UDQVYHUVDO DQG ORQJLWXGLQDO LQFOLQRPHWHU UKHRVWDW
'ULYLQJ DLG VHQVRUV
'ULYLQJ DLG ZDUQLQJ OLJKW
5HOD\ IRU HQDEOLQJ WKH KDUYHVWLQJ HTXLSPHQW ZKHQ WKH DOWHUQDWRU LV FKDUJLQJ ZLWK D PLQ WHQVLRQ
IURP WR 9
6ROHQRLG YDOYH IRU WKH FRQYH\RU UHYHUVH RSHUDWLRQ
+DUYHVWLQJ GHYLFH PDLQ FRQWURO UHOD\
$ 7KH FRQQHFWLRQ FRPLQJ IURP WKH DOWHUQDWRU HQDEOHV WKH KDUYHVWLQJ HTXLSPHQW RQO\ LI FKDUJHG
ZDUQLQJ OLJKW RII
) 7KH IXVHV 5H ) DUH SODFHG RQ WKH PDLQ ERDUG
59 3RWHQWLRPHWHU IRU WLPLQJ DGMXVWPHQW RI WKH UHOD\ 5H IRU HQDEOLQJ QRULDV VKDNLQJ DQG KDUYHVWLQJ
HTXLSPHQW FRQWUROV
: 7KH URXWH SRZHUV WKH VZLWFK 5H IRU FRQWDLQHU DXJHUV WKH\ FDQ EH VWRSSHG WKURXJK WKH VZLWFK
5H
5HOD\ IRU HQDEOLQJ WKH KDUYHVWLQJ HTXLSPHQW ZKHQ WKH DOWHUQDWRU LV FKDUJLQJ ZLWK D PLQ WHQVLRQ
IURP WR 9
6ROHQRLG YDOYH IRU WKH FRQYH\RU UHYHUVH RSHUDWLRQ
+DUYHVWLQJ GHYLFH PDLQ FRQWURO UHOD\
$ 7KH FRQQHFWLRQ FRPLQJ IURP WKH DOWHUQDWRU HQDEOHV WKH KDUYHVWLQJ HTXLSPHQW RQO\ LI FKDUJHG
ZDUQLQJ OLJKW RII
59 3RWHQWLRPHWHU IRU WLPLQJ DGMXVWPHQW RI WKH UHOD\ 5H IRU HQDEOLQJ QRULDV VKDNLQJ DQG KDUYHVWLQJ
HTXLSPHQW FRQWUROV
: 7KH URXWH SRZHUV WKH VZLWFK 5H IRU FRQWDLQHU DXJHUV WKH\ FDQ EH VWRSSHG WKURXJK WKH VZLWFK
5H
0RWRU IRU ORZHU H[WUDFWRU VSHHG DGMXVWPHQW SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
/RZHU H[WUDFWRU VSHHG FRQWURO VZLWFK
&RQYH\RU VSHHG FRQWURO PRWRU SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
&RQYH\RU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW PRWRU SODFHG RQ WKH VHOISURSHOOHG
0RWRU IRU ORZHU H[WUDFWRU VSHHG DGMXVWPHQW SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
/RZHU H[WUDFWRU VSHHG FRQWURO VZLWFK
&RQYH\RU VSHHG FRQWURO PRWRU SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
&RQYH\RU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW PRWRU SODFHG RQ WKH VHOISURSHOOHG
5HOD\ IRU HQDEOLQJ URDG VSHHG DQG SURSRUWLRQDO QRULDV LQ IRUZDUG GLUHFWLRQ 7KH ZDVKLQJ FDQQRW EH
PDGH LQ IRUZDUG GLUHFWLRQ LI WKH VKXQW ; LVQ·W LQVWDOOHG
6ROHQRLG YDOYH IRU URDG VSHHG
6ROHQRLG YDOYH IRU QRULD SURSRUWLRQDO DW VWDUWLQJ
+RRNLQJ UHOD\ IRU VKDNHU HQDEOLQJ
6ROHQRLG YDOYH SUHYHQWLQJ VKDNLQJ GXULQJ FRQWDLQHU RSHUDWLRQ
6ROHQRLG YDOYH IRU VKDNLQJ DQG FRQWDLQHU HQDEOLQJ
3URSRUWLRQDO QRULD ORFNLQJ UHOD\ LQ FDVH RI
QR FRQWDFW RI WKH KDUYHVWLQJ HTXLSPHQW
QR WLPHG VLJQDO IRU FOHDQLQJ HQDEOLQJ
URDG VSHHG
(OHFWURQLF UHOD\ IRU VKDNLQJ FRQWURO
6ROHQRLG YDOYH IRU QRULD HQDEOLQJ LQ ZDVKLQJ
+HFWDUHFRXQWHU VWRS UHOD\
,W VWRSV WKH KHFWDUHFRXQWHU ZKHQ VKDNLQJ VWRSV E\ FORVLQJ WKH FRQWDFW EHWZHHQ FODPSV DQG RI
WKH FRPSXWHU
-3 &RQQHFWLRQ WRZDUGV PXOWLSXUSRVH
0 *URXQG SODFHG XQGHU WKH KDUYHVWLQJ HTXLSPHQW K\GUDXOLF EORFN
0 *URXQG SODFHG XQGHU WKH SODWIRUP
59 3RWHQWLRPHWHU IRU FRQWDLQHUVKDNLQJ PD[ SUHVVXUH DGMXVWPHQW
7 1RULD ZDVKLQJ ZDUQLQJ OLJKW
7 +DUYHVWLQJ HTXLSPHQW HQDEOLQJ ZDUQLQJ OLJKW
7KH UHOD\ 5H LV FRQWUROOHG E\ WKH HOHFWURQLF UHOD\ 5H 7KLV UHOD\ FKDQJHV WKH VWDWXV RI WKH UHOD\ 5H
ZKHQHYHU WKH VZLWFK 5H LV SUHVVHG E\ VWDUWLQJ RU VWRSSLQJ VKDNLQJ WKURXJK WKLV EXWWRQ 7KLV UHOD\ 5H
RSHQV WKH FRQWDFWV RI WKH UHOD\ LI LW LV QRW SRZHUHG E\ WKH UHOD\ 5H FRQQHFWLRQ ,Q WKLV ZD\
VKDNLQJ FDQ EH VWRSSHG WKURXJK WKH VZLWFK 5H RI WKH KDUYHVWLQJ HTXLSPHQW 7KH VKDNLQJ HQDEOLQJ DIWHU D
KDUYHVWLQJ HTXLSPHQW VWRS LV PDGH RQO\ LV LI WKH UHOD\ 5H LV SRZHUHG E\ WKH UHOD\ 5H FRQQHFWLRQ
DQG LI LW UHFHLYHG D SXOVH WKURXJK WKH EXWWRQ 5H
1RWH
5HOD\ IRU HQDEOLQJ URDG VSHHG DQG SURSRUWLRQDO QRULDV LQ IRUZDUG GLUHFWLRQ 7KH ZDVKLQJ FDQQRW EH
PDGH LQ IRUZDUG GLUHFWLRQ LI WKH VKXQW ; LVQ·W LQVWDOOHG
6ROHQRLG YDOYH IRU URDG VSHHG
6ROHQRLG YDOYH IRU QRULD SURSRUWLRQDO DW VWDUWLQJ
+RRNLQJ UHOD\ IRU VKDNHU HQDEOLQJ
6ROHQRLG YDOYH SUHYHQWLQJ VKDNLQJ GXULQJ FRQWDLQHU RSHUDWLRQ
6ROHQRLG YDOYH IRU VKDNLQJ DQG FRQWDLQHU HQDEOLQJ
3URSRUWLRQDO QRULD ORFNLQJ UHOD\ LQ FDVH RI
QR FRQWDFW RI WKH KDUYHVWLQJ HTXLSPHQW
QR WLPHG VLJQDO IRU FOHDQLQJ HQDEOLQJ
URDG VSHHG
(OHFWURQLF UHOD\ IRU VKDNLQJ FRQWURO
6ROHQRLG YDOYH IRU QRULD HQDEOLQJ LQ ZDVKLQJ
+HFWDUHFRXQWHU VWRS UHOD\
,W VWRSV WKH KHFWDUHFRXQWHU ZKHQ VKDNLQJ VWRSV E\ FORVLQJ WKH FRQWDFW EHWZHHQ FODPSV DQG RI
WKH FRPSXWHU
G WKH GLRGHV G DUH SODFHG RQ WKH FDEOH KDUQHVV QH[W WR WKH UHOD\V XQGHU WKH VHDW
) DOO WKH IXVHV PDUNHG ) DUH RQ WKH PDLQ ERDUG DQG WKRVH PDUNHG % DUH LQ WKH ER[ XQGHU WKH GULYHU·V
VHDW
: 7KH FRQQHFWLRQV
DUH WKH GLUHFW VXSSOLHV IURP WKH EDWWHU\
LV D SRZHU VXSSO\ IURP WKH PDLQ UHOD\ 5H
SRZHUV WKH VZLWFK 5H FRQWUROOLQJ WKH DXJHU VFUHZV DIWHU SRZHULQJ WKH KDUYHVWLQJ HTXLSPHQW
WKURXJK WKH VZLWFK 5H
FRUUHVSRQG WR WKH HOHFWULF GLVWULEXWRU 5H IRU VKDNLQJ
FRUUHVSRQGV WR WKH HOHFWULF GLVWULEXWRU 5H RI WKH OLIWLQJ FLUFXLW
/3
: 7KH FRQQHFWLRQV
7KH FRQQHFWLRQ FXWV RII WKH VROHQRLG YDOYH 5H RI WKH EDU WKURXJK WKH VORSLQJ LQGLFDWRU
7KH FRQQHFWLRQV DQG FRPH IURP WKH VZLWFKHV 6: WR RSHUDWH WKH HOHFWULF GLVWULEXWRU 5H
7KH FRQQHFWLRQ SRZHUV WKH VROHQRLG YDOYH 5H ZLWK WKH QRULD ZDVKLQJ VZLWFK
7KH FRQQHFWLRQ DGMXVWV WKH ORQJLWXGLQDO KRUL]RQWDOLW\ RQO\ ZKHQ WKH ´:DUQLQJµ OLJKW LV RSHUDWLQJ
)86(6
1R $LU FRQGLWLRQLQJ VDIHW\ $ IXVH
1R &OLPDWL]DWLRQ FRPSUHVVRU $ IXVH
1R &OLPDWL]DWLRQ XQLW SRZHULQJ $ IXVH
1R &LJDUHWWH OLJKWHU $ IXVH
1R :RUNLQJ OLJKW $ IXVH
1R :RUNLQJ OLJKW $ IXVH
1R +,), FRQWURO SDQHO UHDGLQJ OLJKW IXVH
1R :LQGVFUHHQ ZLSHU DQG ZDVKHU $ IXVH
127( WKH ZLUHV 5H DQG IRU FOLPDWL]DWLRQ EHORQJ WR WKH ULJKW VLGH OLJKWLQJ KDUQHVV
HGL 6
5+
U DH 5
W QR )
W QR )
/+
U DH 5
HGL 6
K/
K5
W KJLO
JQL QU D Z
K/
K5
HGL 6
U DH 5
/+
W QR )
HGL 6
U DH 5
5+
W QR )
% $OO WKH IXVHV 5H % DUH SODFHG LQ D ER[ XQGHU WKH GULYHU·V VHDW
G GLRGH RI WKH KRUQ 5H ,W LV LQVLGH WKH FDEOH KDUQHVV QH[W WR WKH KRUQ DW DERXW PP IURP WKH
VKHDWK HQG
0 *URXQG SODFHG XQGHU WKH SODWIRUP
7KH FRQQHFWLRQ HQDEOHV WKH ORQJLWXGLQDO KRUL]RQWDOLW\ FRUUHFWLRQ RQO\ ZKHQ WKH ´:DUQLQJµ OLJKW RSHUDWHV
7ZR VHQVRUV IRU EUDNLQJ UHGXFWLRQ SUHVVXUH EDU SODFHG XQGHU WKH EUDNH YDOYH
6WRS OLJKW VZLWFKHV FRQWUROOHG E\ WKH EUDNH SHGDOV
6HQVRU 0 IRU QRULD KHLJKW FKHFN
6WRS OLJKWV
+DUYHVWLQJ HTXLSPHQW ZRUNLQJ OLJKWV
:RUNLQJ OLJKW VZLWFK
6HOISURSHOOHG ZRUNLQJ OLJKWV
5HYROYLQJ OLJKW VZLWFK
5HDU UHYROYLQJ OLJKW
5HYHUVH SUHVVXUH VHQVRU WR VZLWFK VWRS OLJKWV VWDUWLQJ IURP EDU
:RUNLQJ OLJKW UHOD\ IRU WKH KDUYHVWLQJ HTXLSPHQW SODFHG XQGHU WKH VHDW
:RUNLQJ OLJKW UHOD\ IRU WKH VHOISURSHOOHG SODFHG XQGHU WKH VHDW
5HYROYLQJ OLJKW UHOD\ SODFHG XQGHU WKH VHDW
% DOO WKH IXVHV PDUNHG % DUH LQ D ER[ XQGHU WKH GULYHU·V VHDW
7 +DQG EUDNH ZDUQLQJ OLJKW ,W FRPHV RQ ZKHQHYHU WKH GULYHU SUHVVHV D EUDNH SHGDO ZLWK : ODPS
7 +DUYHVWLQJ HTXLSPHQW KHLJKW ZDUQLQJ OLJKW ZLWK : PD[ ODPS
; )UHH FRQQHFWLRQ SODFHG XQGHU WKH SODWIRUP IRU PDFKLQHV ZLWK FDE ,W LV XVHG WR SRZHU WKH OLJKWV DQG
WKH UHYROYLQJ OLJKW SODFHG RQ WKH EDQLVWHUV
,W FRPHV ZLWK FDEOHV PDUNHG IRU WKH ZRUNLQJ OLJKWV
FDEOH PDUNHG IRU WKH UHYROYLQJ OLJKW
FDEOHV PDUNHG IRU WKH JURXQG
08/7,385326( &,5&8,7
127( WKLV FDEOH KDUQHVV LV LQVWDOOHG RQ PDFKLQHV VHULHV 6% VWDUWLQJ IURP VHULHV 6%
VWDUWLQJ IURP VHULHV DQG 6% VWDUWLQJ IURP VHULHV ZLWK WKH VKXQW ;
$ 7KH FRQQHFWLRQ $ LV ORRVH LQVLGH WKH ERDUG ,W LV FRQQHFWHG WR WKH FDEOH 5H RI WKH VWDUWLQJ NH\
WKURXJK D IXVH LQ FDVH RI XVH LQ PXOWLSXUSRVH ,W LV DYDLODEOH VWDUWLQJ IURP PRGHOV 6% VHULHV
6% VHULHV DQG 6% VHULHV
; ;
(/(&75,& 6<67(0
0
$0
6HFWLRQ .
(/(&75,& 6<67(0
3DJH
5 5
+DQGOLQJ SHUVRQV FKDUJHG ZLWK VWDWLF HOHFWULFLW\ PD\ GLVFKDUJH WR WKH HOHFWURQLF FRPSRQHQWV GDPDJ
LQJ WKHP 7KH HIIHFWV RI WKH VWDWLF HOHFWULFLW\ GLVFKDUJHV DUH QRW DOZD\V LPPHGLDWHO\ GHWHFWHG
6WRUH WKH HOHFWURQLF HOHPHQWV LQ WKHLU RULJLQDO SDFNDJH XQWLO \RX XVH WKHP QHYHU WRXFK WKH FRQQHFWLRQ
SLQV WKH QRQLQVXODWHG FRPSRQHQWV DQG WKH ZHOGLQJV RQ WKH IURQW VLGH
7URXEOHVKRRWLQJ QHYHU FRQQHFW D 9 FDEOH RQ WKH FDUG KDUQHVV DV LWV FRPSRQHQWV PD\ EH GH
VWUR\HG ,W LV WKXV QHFHVVDU\ WR GLVFRQQHFW WKH PDFKLQH FDEOH KDUQHVV IURP WKH HOHPHQW WR EH FKHFNHG
:HOGLQJ GLVFRQQHFW DOO WKH FRQQHFWLRQV RQ WKH FDUG H[FHSW ) 'R QRW PDNH WKH FDEOHV RI WKH ZHOG
LQJ VWDWLRQ SDVV FORVH WR WKH FDUG
,Q PXOWLSXUSRVH QHYHU FRQQHFW D 9 SRVLWLYH FDEOH ZLWK WKH FDUG FRQQHFWLRQ KDUQHVV HJ WR VXSSO\
WKH E\SDVV 5H EXW XVH WKH FRQQHFWLRQV -3 -3 -3 -3 DQG -3 SODFHG LQ WKH FDUG FHQWUH
DV WKH\ KDYH EHHQ HQYLVDJHG IRU WKLV SXUSRVH
7KLV HOHFWURQLF ERDUG LV SODFHG LQVLGH D GXVWSURRI ER[ EHKLQG WKH FDE ,W LV LQVWDOOHG RQO\ RQ PDFKLQHV VWDUW
LQJ IURP VHULHV $ DQG
,W LV DYDLODEOH LQ WZR YHUVLRQV (DFK YHUVLRQ FRUUHVSRQGV WR D VSHFLILF UHOD\ PRGXOH 5H RU 5H ZKLFK LV
QRW FRPSDWLEOH ZLWK WKH RWKHU YHUVLRQ 6HH WKH GHWDLOV RQ SDJHV DQG
: $0 ² 0DUN RQ WKH WUDQVLVWRU FDUG WR GLIIHUHQWLDWH WKH YHUVLRQV RI WKH FDUGV ´$0µ RU ´$0µ
: 5(9 ² 2 LQGLFDWHG RQ WKH PLFURFRQWUROOHU LW LQGLFDWHV WKH UHYLVLRQ OHYHO $OO WKH VWDQGDUG RXWILWV DUH
HTXLSSHG ZLWK 5(92
$IWHU D FDPSDLJQ LQ DOO WKH $0 FDUGV DUH VXSSOLHG ZLWK PLFURFRQWUROOHU 5(9 WKDW RSHUDWHV
VKDNLQJ LQGHSHQGHQWO\ E\ WKH VZLWFK
: '/
5HG OLJKW GLRGH LQ RXWSXW WRZDUGV WKH VROHQRLG YDOYH 1R HJ '/ FRUUHVSRQGV WR WKH VROHQRLG
YDOYH UH RQ WKH ZLULQJ GLDJUDP
'/ DOZD\V RII IRU D IXWXUH ERDUG FRQWURO V\VWHP
'/ DOZD\V RQ
'/ 5HG OLJKW GLRGH IHHGLQJ WKH OLIWLQJWLOWLQJ SXVK EXWWRQ RI WKH LQFKLQJ NQRE LW PXVW EH VZLWFKHG RQ
E\ WKH FRQWDFW
: )
$OO WKH GHYLFHV PDUNHG ) DUH IXVHV 7KH\ DUH LGHQWLILHG E\ V\PEROV DQG WKH PDUNLQJ FRUUHVSRQGV WR
WKH UHIHUHQFH RI WKH VFKHPH DQG WR WKH LQWHQVLW\ RI HDFK RQH DSDUW IURP
) ; %RDUG VXSSO\ WKURXJK FDEOH UH
) ; 6XSSO\ RI ZRUNLQJ OLJKWV WKURXJK WKH FDEOH UH
) 0 %RDUG JURXQG WKURXJK WKH FDEOH UH
127( DEVROXWHO\ FRPSO\ ZLWK WKH YDOXHV LQGLFDWHG IRU HDFK IXVH $ IXVH ER[ 5H VSHFLILF IRU WKLV
FDUG LV VXSSOLHG ZLWK HDFK XQLW VHH WRRO ER[
&DUG VLGH
+DUQHVV VLGH
&$87,21
: 7R PDNH HOHFWULF ZHOGLQJ RSHUDWLRQV RQ WKH PDFKLQH \RX VKRXOG
GLVFRQQHFW WKH EDWWHU\ GHWDFKLQJ VZLWFK 5H
2Q WKH PDLQ FDUG GHWDFK -3 DQG ; DQG 0 %H FDUHIXO QRW WR WRXFK ZLWK EDUH KDQGV WKH QRQLQVXODWHG
FRPSRQHQWV RI WKH FDUG QRU WKH FDUG FRQQHFWLRQV
'R QRW PDNH ZHOGLQJ FDEOHV SDVV WRR QHDU WR WKH FDEOH KDUQHVV
3XW WKH VWDWLRQ JURXQG VRFNHW GLUHFWO\ RQ WKH SDUWV WR EH ZHOGHG
2Q WKH PDLQ ERDUG GLVFRQQHFW WKH -3V LQ DGGLWLRQ WR ; DQG 0
: 'R QRW XVH D EDWWHU\ FKDUJHU
: 7R FKDUJH WKH EDWWHU\ DOZD\V GLVFRQQHFW LW
127( LQ WKLV ER[ WKHUH DUH WKUHH DYDLODEOH FDEOHV
& LQFKLQJ LQGLFDWRU VLJQDO
& VKDNLQJ IUHTXHQF\ VLJQDO
)
2Q WKH HOHFWULF FDELQHW UHDU SDUW D PRGXOH ZLWK WUDQVLVWRU FDUGV LV LQVWDOOHG 7KHUH DUH WZR PRGXOHV HDFK RQH
FRUUHVSRQGLQJ WR D YHUVLRQ RI WUDQVLVWRU FDUG 7KH PRGXOH 5H LV DFWLYDWHG E\ D RXWSXW VLJQDO E\ WKH ILUVW
YHUVLRQ FDUG LGHQWLILHG $0 ZKLOH WKH PRGXOH 5( LV DFWLYDWHG E\ D ² RXWSXW VLJQDO E\ WKH VHFRQG
YHUVLRQ FDUG PDUNHG $0 VHH SDJHV WR F ,Q FDVH RI UHYHUVDO WKH XSSHU H[WUDFWRU DGMXVWPHQW ZLOO
QRW ZRUN
7+,5' 3$57
*(1(5$/ ,1)250$7,21
: 7KLV GLDJUDP LV YDOLG RQO\ IRU PDFKLQHV HTXLSSHG ZLWK WKH QHZ PDLQ HOHFWURQLF ERDUG $0
: $OO WKH UHOD\V SODFHG RQ WKH SULQWHG FLUFXLW DUH PDUNHG RQO\ WR XQGHUVWDQG WKH RSHUDWLRQ RI WKH FLUFXLW
7KH\ DUH QR PRUH LQVWDOOHG DQG DUH UHSODFHG E\ HOHFWURQLF FRPSRQHQWV LQFOXGLQJ UHOD\
: $OO SRZHU VXSSOLHV DUH DW 9 DSDUW IURP WKH FDEOH ) RI WKH LQFOLQRPHWHU ER[ UH WKDW LV D 9
FDEOH
: $0 7KLV V\PERO DW WKH WRS RI WKH SDJH PHDQV WKDW WKH GLDJUDP FRUUHVSRQGV WR WKH PDFKLQHV ZLWK
HOHFWURQLF ERDUG $0
: $OO WKH DXWRPDWLF UHVHW IXVHV 36 DUH QR PRUH DYDLODEOH 6RPH RI WKHP DUH UHSODFHG E\ $ IXVHV
+DQGOLQJ SHRSOH FKDUJHG E\ VWDWLF HOHFWULFLW\ FDQ GLVFKDUJH WRZDUG HOHFWURQLF FRPSRQHQWV GDPDJLQJ
WKHP 7KH HIIHFWV DIWHU VWDWLF HOHFWULFLW\ GLVFKDUJHV RIWHQ FDQQRW EH GHWHFWHG LPPHGLDWHO\
.HHS HOHFWURQLF SDUWV LQ WKH UHOHYDQW RULJLQDO SDFNDJH XQWLO WKHLU XVH GR QRW WRXFK WKH FRQQHFWLQJ SLQV
WKH QRQLQVXODWHG SDUWV DQG WKH ZHOGLQJV RQ WKH UHDU VLGH
7URXEOHVKRRWLQJ QHYHU FRQQHFW D 9 FDEOH WR WKH FDUG FRQQHFWLQJ FDEOH KDUQHVV DV \RX FRXOG GH
VWUR\ LWV FRPSRQHQWV <RX VKRXOG GLVFRQQHFW WKH PDFKLQH FDEOH KDUQHVV IURP WKH SDUW WR EH FKHFNHG
:HOGLQJ GLVFRQQHFW DOO FRQQHFWLRQV RQ WKH ERDUG DSDUW IURP ) 'R QRW PDNH WKH ZHOGLQJ VWDWLRQ
FDEOHV SDVV QH[W WR WKH ERDUG
,Q PXOWLSXUSRVH QHYHU FRQQHFW D 9 SRVLWLYH FDEOH WR WKH ERDUG FRQQHFWLQJ FDEOH KDUQHVV HJ WR
IHHG WKH E\SDVV 5H UDWKHU XVH WKH FRQQHFWLRQV -3 -3 -3 -3 DQG -3 SODFHG LQ WKH
PLGGOH RI WKH FDUG DV WKH\ ZHUH GHVLJQHG WR WKLV SXUSRVH
: 1HYHU LQWHUUXSW WKH JURXQG RI D FRPSRQHQW ZKHQ LW LV SRZHUHG WKHUH ZRXOG EH D FXUUHQW UHWXUQ WR WKH
FDUG
1HXWUDO VHQVRU 0 SODFHG RQ WKH XSSHU SDUW RI WKH LQFKLQJ OHYHU
,WV VLJQDO LV SRVLWLYH ZKHQ WKH OHYHU LV LQ QHXWUDO DQG WKH VWDUWHU LV HQDEOHG
%DWWHU\ GHWDFKLQJ GHYLFH
´3UHVVXUH VWRS VZLWFKµ RQ WKH SDQHO
6WDUWLQJ VZLWFK
$OWHUQDWRU 9 $ VWDQGDUG RU $ DV RSWLRQ $ IURP WKH VHULHV DQG
6WDUWHU ZLWK UHWXUQ :
%DWWHU\ 9 $K VWDQGDUG RU $K DV RSWLRQ
,QMHFWLRQ DGYDQFH HQDEOLQJ WKHUPRVWDW &RQWDFW FORVLQJ DW &
6DIHW\ VWDUWLQJ UHOD\ IRUPHG E\ DQ HOHFWURQLF FLUFXLW LQFOXGHG LQ WKH PDLQ ERDUG
*HQHUDO FXWRII UHOD\ SODFHG XQGHU WKH GULYHU·V VHDW
(QJLQH VWRS VROHQRLG YDOYH SODFHG RQ WKH LQMHFWLRQ SXPS
6WDUWLQJ UHOD\ SODFHG QH[W WR WKH VWDUWHU
1HZ $ UHOD\ RQ VLOHQW EORF IURP VHULHV DQG
,QMHFWLRQ DGYDQFH FRUUHFWRU
G 0DLQ UHOD\ GLRGH 5H SODFHG RQ WKH FDEOH KDUQHVV XQGHU WKH GULYHU·V VHDW
G 'LRGH RI WKH FKDUJH LQGLFDWRU SODFHG RQ WKH SDQHO FDEOH KDUQHVV
)): 7KH IXVHV ) DQG ): DUH SODFHG RQ WKH PDLQ FRQWURO ERDUG DEVROXWHO\ IROORZ WKH YDOXHV LQGLFDWHG
RQ WKH FDUG
-3 &RQQHFWLRQ IRU WKH PXOWLSXUSRVH
0 (DUWK IRU WKH PDLQ SULQWHG ERDUG
0& (DUWK EUDLG FRQQHFWHG WR WKH FKDVVLV
07 (DUWK EUDLG FRQQHFWHG WR WKH HQJLQH
7 $OWHUQDWRU FKDUJH LQGLFDWRU : IRU $ DOWHUQDWRU DQG : IRU $ DOWHUQDWRU
: 7KH UHOD\ VZLWFK LV HQHUJL]HG WKURXJK URXWH RQO\ ZKHQ DOWHUQDWRU FKDUJHV 7KH KDUYHVWLQJ KHDG
FDQ EH SRZHUHG RQO\ LQ WKDW FDVH
: 5RXWHV DQG HQHUJL]H WKH VZLWFK WKDW FRQWUROV WKH SRZHU RI WKH KDUYHVWLQJ KHDG DV ZHOO DV WKH
ZRUNLQJ OLJKWV VZLWFK DQG VZLWFK WKDW FRQWUROV WKH RYHUULGLQJ WLOWLQJ 7KHVH IXQFWLRQV DUH SURWHFWHG
E\ IXVH )
; ZD\ FRQQHFWLRQ IUHH RQ WKH SODWIRUP
$ &DEOH H[LVWLQJ RQO\ RQ 0$9 HTXLSSHG ZLWK DOWHUQDWRU $ ´9$/(2µ
9 $ IXVH SODFHG QH[W WR WKH VWDON FKRSSHU FRQWURO UHOD\ RYHU WKH PDLQ FDUG
2QERDUG FRPSXWHU
+\GURVWDWLF SULPLQJ ILOWHU FORJJLQJ SUREH FRQQHFWHG WR ZDUQLQJ OLJKW 7
$LU ILOWHU FORJJLQJ VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
(QJLQH RLO SUHVVXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
+\GUDXOLF ERRVWLQJ SUHVVXUH VHQVRU EDU FRQQHFWHG WR ZDUQLQJ OLJKW 7
+\GURVWDWLF V\VWHP GUDLQ ILOWHU FORJJLQJ SUREH FRQQHFWHG WR WKH ZDUQLQJ OLJKW 7
(QJLQH ZDWHU WHPSHUDWXUH VHQVRU FRQQHFWHG WR ZDUQLQJ OLJKW 7
6DIHW\ EX]]HU
(QJLQH RLO SUHVVXUH VHQGHU
:DWHU WHPSHUDWXUH VHQGHU
)XHO OHYHO VHQGHU
6KDNHU IUHTXHQF\ VHQVRU 0
&RQYH\RU VSHHG VHQVRU 0
8SSHU H[WUDFWRU VSHHG VHQVRU 0
/RZHU H[WUDFWRU VSHHG VHQVRU 0
8SSHU H[WUDFWRU ORZHU H[WUDFWRU FRQYH\RU VSHHG VHOHFWRU VZLWFK
,QFKLQJ VHQVRU 0 SODFHG RQ WKH UHDU OHIW ZKHHO PRWRU
D ,QFKLQJ VHQVRU SODFHG RQ WKH UHDU ULJKW ZKHHO VWDUWLQJ IURP VHULHV DQG
127( WKH RQERDUG LQGLFDWRU LV GLIIHUHQW ZKHQ WKH LQFKLQJ VHQVRU LV SODFHG RQ WKH ULJKW ZKHHO
+\GUDXOLF RLO WHPSHUDWXUH VHQVRU
6KDNLQJ IUHTXHQF\ GLVSOD\
,QFOLQRPHWHU GLVSOD\ HOHFWURQLF FLUFXLW
7UDQVYHUVDO DQG ORQJLWXGLQDO LQFOLQRPHWHU UKHRVWDW
'ULYLQJ DLG VHQVRUV
'ULYLQJ DLG ZDUQLQJ OLJKW
127(
7KH WHUPLQDO 5H ZLWK FDEOH ) EHFRPHV QHJDWLYH ZKHQ WKH WKLUG /(' VZLWFKHV RQ HQDEOLQJ
WKH EX]]HU 5H WR EH DFWLYDWHG
$ 7KH FRQQHFWLRQ FRPLQJ IURP WKH DOWHUQDWRU HQDEOHV WKH KDUYHVWLQJ HTXLSPHQW RQO\ LI FKDUJHG
ZDUQLQJ OLJKW RII
) 7KH IXVHV 5H ) DUH SODFHG RQ WKH PDLQ ERDUG
0 *URXQG XQGHU WKH KDUYHVWLQJ HTXLSPHQW K\GUDXOLF EORFN
0 *URXQG XQGHU WKH SODWIRUP
59 3RWHQWLRPHWHU IRU WLPLQJ DGMXVWPHQW RI WKH UHOD\ 5H IRU HQDEOLQJ QRULDV VKDNLQJ DQG KDUYHVWLQJ
HTXLSPHQW FRQWUROV
: 7KH URXWH SRZHUV WKH VZLWFK 5H IRU FRQWDLQHU DXJHUV WKH\ FDQ EH VWRSSHG WKURXJK WKH VZLWFK
5H
: 7KH FRQQHFWLRQ 5H LV D SRZHU VXSSO\ WKURXJK IXVH )
$ 7KLV FRQQHFWLRQ LV DIWHU WKH VZLWFK 5H LQ WKH FDUGV PDUNHG 5(9 ZKLOH LW LV GLUHFW RQ WKH FDUGV
PDUNHG 5(9
0RWRU IRU ORZHU H[WUDFWRU VSHHG DGMXVWPHQW SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
/RZHU H[WUDFWRU VSHHG FRQWURO VZLWFK
&RQYH\RU VSHHG FRQWURO PRWRU SODFHG RQ WKH KDUYHVWLQJ HTXLSPHQW
&RQYH\RU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW VZLWFK
8SSHU H[WUDFWRU VSHHG DGMXVWPHQW PRWRU SODFHG RQ WKH VHOISURSHOOHG
6ZLWFK IRU VKDNLQJ VSHHG DGMXVWPHQW SODFHG RQ WKH SDQHO
0RWRU IRU VKDNLQJ IUHTXHQF\ DGMXVWPHQW SODFHG RQ WKH VHOISURSHOOHG
5HOD\ IRU HQDEOLQJ URDG VSHHG DQG SURSRUWLRQDO QRULDV LQ IRUZDUG GLUHFWLRQ 7KH ZDVKLQJ FDQQRW EH
PDGH LQ IRUZDUG GLUHFWLRQ LI WKH VKXQW ; LVQ·W LQVWDOOHG
6ROHQRLG YDOYH IRU URDG VSHHG
6ROHQRLG YDOYH IRU QRULD SURSRUWLRQDO DW VWDUWLQJ
+RRNLQJ UHOD\ IRU VKDNHU HQDEOLQJ
6ROHQRLG YDOYH IRU VKDNLQJ DQG FRQWDLQHU HQDEOLQJ
3URSRUWLRQDO QRULD FXWRII UHOD\ LQ FDVH RI
QR FRQWDFW RI WKH KDUYHVWLQJ HTXLSPHQW
QR WLPHG VLJQDO IRU FOHDQLQJ HQDEOLQJ
URDG VSHHG
6ROHQRLG YDOYH IRU QRULD HQDEOLQJ LQ ZDVKLQJ
+HFWDUHFRXQWHU VWRS UHOD\
,W VWRSV WKH KHFWDUHFRXQWHU ZKHQ VKDNLQJ VWRSV E\ FORVLQJ WKH FRQWDFW EHWZHHQ FODPSV DQG RI
WKH FRPSXWHU
/RZHU VWDON FKRSSHU HQDEOLQJ VROHQRLG YDOYH
/RZHU VWDON FKRSSHU HQDEOLQJ UHOD\
7KH UHOD\ 5H LV HQJDJLQJ W\SH (YHU\ SUHVVXUH RI WKH VZLWFK 5H FKDQJHV LWV VWDWXV WKXV HQDEOLQJ WKH
VKDNLQJ VWDUW RU VWRS
$GMXVWPHQW RI VHQVRU
WKH VLJQDO RI WKH VHQVRU ) PXVW KDYH D SRVLWLYH SXOVH DIWHU WKH VHQVRU FRUUHVSRQGV WR
DQ ) SRVLWLYH VLJQDO GXULQJ WKH LQFKLQJ OHYHU VLGH PRYHPHQW 7KH VHQVRU PXVW EH DGMXVWHG
FORVHU WR WKH OHYHU ZKHQ LW LV LQ VWDQGDUG QHXWUDO SRVLWLRQ WR WKH OHIW
$0
/
5
G WKH GLRGHV G DUH SODFHG RQ WKH FDEOH KDUQHVV QH[W WR WKH UHOD\V XQGHU WKH VHDW
) DOO WKH IXVHV PDUNHG ) DUH RQ WKH PDLQ ERDUG DQG WKRVH PDUNHG % DUH LQ WKH ER[ XQGHU WKH GULYHU·V
VHDW
127(
WKH VHW RI UHOD\V 5H HQDEOHV WR FXW RII WKH VROHQRLG YDOYH 5H ZKHQ WKH VORSLQJ LQGLFDWRU FRQWURO XQLW
VKRZV D WUDQVYHUVDO RU ORQJLWXGLQDO DQRPDORXV VORSLQJ
)86(6
127( WKH ZLUHV 5H DQG IRU FOLPDWL]DWLRQ EHORQJ WR WKH ULJKW VLGH OLJKWLQJ KDUQHVV
HGL 6
5+
U DH 5
W QR )
W QR )
/+
U DH 5
HGL 6
K/
K5
W KJLO
JQL QU D Z
K/
K5
HGL 6
U DH 5
/+
W QR )
HGL 6
U DH 5
5+
W QR )
% $OO WKH IXVHV 5H % DUH SODFHG LQ D ER[ XQGHU WKH GULYHU·V VHDW
G GLRGH RI WKH KRUQ 5H ,W LV LQVLGH WKH FDEOH KDUQHVV QH[W WR WKH KRUQ DW DERXW PP IURP WKH
VKHDWK HQG
7KH FRQQHFWLRQ HQDEOHV WKH ORQJLWXGLQDO KRUL]RQWDOLW\ FRUUHFWLRQ RQO\ ZKHQ WKH µ:DUQLQJµ OLJKW RSHUDWHV
7ZR VHQVRUV IRU EUDNLQJ UHGXFWLRQ SUHVVXUH EDU SODFHG XQGHU WKH EUDNH YDOYH
6HQVRU 0 IRU QRULD KHLJKW FKHFN
6WRS OLJKWV
+DUYHVWLQJ HTXLSPHQW ZRUNLQJ OLJKWV
:RUNLQJ OLJKW VZLWFK
6HOISURSHOOHG ZRUNLQJ OLJKWV
5HYROYLQJ OLJKW VZLWFK
5HDU UHYROYLQJ OLJKW
5HYHUVH SUHVVXUH VHQVRU WR VZLWFK VWRS OLJKWV VWDUWLQJ IURP EDU
:RUNLQJ OLJKW UHOD\ IRU WKH KDUYHVWLQJ HTXLSPHQW SODFHG XQGHU WKH VHDW
:RUNLQJ OLJKW UHOD\ IRU WKH VHOISURSHOOHG SODFHG XQGHU WKH VHDW
5HYROYLQJ OLJKW UHOD\ SODFHG XQGHU WKH VHDW
%
DOO WKH IXVHV PDUNHG % DUH LQ D ER[ XQGHU WKH GULYHU·V VHDW
0 *URXQG SODFHG XQGHU WKH KDUYHVWLQJ HTXLSPHQW K\GUDXOLF EORFN
0 *URXQG SODFHG XQGHU WKH SODWIRUP
7 +DQG EUDNH ZDUQLQJ OLJKW ,W FRPHV RQ ZKHQHYHU WKH GULYHU SUHVVHV D EUDNH SHGDO ZLWK : ODPS
7 +DUYHVWLQJ HTXLSPHQW KHLJKW ZDUQLQJ OLJKW ZLWK : PD[ ODPS
; IUHH FRQQHFWLRQ SODFHG XQGHU WKH SODWIRUP IRU PDFKLQHV ZLWK FDE ,W LV XVHG WR SRZHU WKH OLJKWV DQG
WKH UHYROYLQJ OLJKW SODFHG RQ WKH EDQLVWHUV
,W FRPHV ZLWK FDEOHV PDUNHG IRU WKH ZRUNLQJ OLJKWV
FDEOH PDUNHG IRU WKH UHYROYLQJ OLJKW
FDEOHV PDUNHG IRU WKH JURXQG
$0
08/7,385326( &,5&8,7
&RORU FRGH
%ODFN *UHHQ
%URZQ %OXH
5HG 9LROHW
3LQN *UH\
<HOORZ :KLWH
DQG ² 6ZLWFKHV QRW XVHG RQ WKH LQFKLQJ OHYHU DQG FRQQHFWHG ZLWK WKH FRQQHFWLRQ ; IUHH RQ WKH SODW
IRUP
9 $ IXVH
9 $ IXVH
2SHUDWLRQ
: ,Q URDG SRVLWLRQ & LV SRVLWLYH DQG WKH HOHFWULF GLVWULEXWRU 5H $ LV VXSSOLHG 7KH EUDNLQJ V\VWHP LV H[
FOXGHG ,W LV WKXV LPSRVVLEOH WR EUDNH LQ WKLV SRVLWLRQ
: '3, ZLOO KDYH D VLJQDO ZKHQ WKH ZKHHOV DUH VWHHUHG WR WKH ULJKW RU WKH OHIW DW PD[ ,Q WKLV PRPHQW
'3,V DQG ZLOO EH VXSSOLHG $ VLJQDO ZLOO H[LW '3,V DQG RQO\ LI WKH FRUUHVSRQGLQJ SHGDO LV
DFWLYDWHG 7KHQ WKH UHOD\ % RU & ZLOO VXSSO\ WKH HOHFWULF GLVWULEXWRUV RU
:KHQ WKH VZLWFK LV FORVHG '3,V DQG DUH VXSSOLHG DQG LW LV SRVVLEOH WR EUDNH LQGHSHQGHQWO\ RI WKH
VWHHULQJ DQJOH
: :KHQHYHU WKH VZLWFK LV SUHVVHG LWV VWDWXV FKDQJHV SRZHULQJ WKH VROHQRLG YDOYHV DQG
*
5(
29
35
$77(17,21
; ;
(/(&75,& 6<67(0
0
-
$0
6HFWLRQ .
(/(&75,& 6<67(0
3DJH
5
+DQGOLQJ SHUVRQV FKDUJHG ZLWK VWDWLF HOHFWULFLW\ PD\ GLVFKDUJH WR WKH HOHFWURQLF FRPSRQHQWV GDPDJ
LQJ WKHP 7KH HIIHFWV RI WKH VWDWLF HOHFWULFLW\ GLVFKDUJHV DUH QRW DOZD\V LPPHGLDWHO\ GHWHFWHG
6WRUH WKH HOHFWURQLF HOHPHQWV LQ WKHLU RULJLQDO SDFNDJH XQWLO \RX XVH WKHP QHYHU WRXFK WKH FRQQHFWLRQ
SLQV WKH QRQLQVXODWHG FRPSRQHQWV DQG WKH ZHOGLQJV RQ WKH IURQW VLGH
7URXEOHVKRRWLQJ QHYHU FRQQHFW D 9 FDEOH RQ WKH FDUG KDUQHVV DV LWV FRPSRQHQWV PD\ EH GH
VWUR\HG ,W LV WKXV QHFHVVDU\ WR GLVFRQQHFW WKH PDFKLQH FDEOH KDUQHVV IURP WKH HOHPHQW WR EH FKHFNHG
:HOGLQJ GLVFRQQHFW DOO WKH FRQQHFWLRQV RQ WKH FDUG H[FHSW ) 'R QRW PDNH WKH FDEOHV RI WKH
ZHOGLQJ VWDWLRQ SDVV FORVH WR WKH FDUG
,Q PXOWLSXUSRVH QHYHU FRQQHFW D 9 SRVLWLYH FDEOH ZLWK WKH FDUG FRQQHFWLRQ KDUQHVV HJ WR VXSSO\
WKH E\SDVV 5H EXW XVH WKH FRQQHFWLRQV -3 -3 -3 -3 DQG -3 SODFHG LQ WKH FDUG FHQWUH
DV WKH\ KDYH EHHQ HQYLVDJHG IRU WKLV SXUSRVH
7KLV HOHFWURQLF FDUG ZLWK WUDQVLVWRU LV SODFHG LQVLGH D GXVWSURRI ER[ EHKLQG WKH FDE
: $0 ² 0DUN RQ WKH WUDQVLVWRU FDUG WR GLIIHUHQWLDWH WKH YHUVLRQV RI WKH FDUGV
: 5(9 ² 2 LQGLFDWHG RQ WKH PLFURFRQWUROOHU LW LQGLFDWHV WKH UHYLVLRQ OHYHO $OO WKH VWDQGDUG RXWILWV DUH
HTXLSSHG ZLWK 5(9
: '/
5HG OLJKW GLRGH LQ RXWSXW WRZDUGV WKH VROHQRLG YDOYH 1R HJ '/ FRUUHVSRQGV WR WKH VROHQRLG
YDOYH 5H RQ WKH ZLULQJ GLDJUDP
'/ DOZD\V RII
'/ DOZD\V RQ
'/ 5HG OLJKW GLRGH IHHGLQJ WKH OLIWLQJWLOWLQJ SXVK EXWWRQ RI WKH LQFKLQJ NQRE LW PXVW EH VZLWFKHG RQ
E\ WKH FRQWDFW
: )
$OO WKH GHYLFHV PDUNHG ) DUH IXVHV 7KH\ DUH LGHQWLILHG E\ V\PEROV DQG WKH PDUNLQJ FRUUHVSRQGV WR
WKH UHIHUHQFH RI WKH VFKHPH DQG WR WKH LQWHQVLW\ RI HDFK RQH DSDUW IURP
) ; %RDUG VXSSO\ WKURXJK FDEOH UH
) ; 6XSSO\ RI ZRUNLQJ OLJKWV WKURXJK WKH FDEOH UH
) 0 %RDUG JURXQG WKURXJK WKH FDEOH UH
127( DEVROXWHO\ FRPSO\ ZLWK WKH YDOXHV LQGLFDWHG IRU HDFK IXVH $ IXVH ER[ 5H VSHFLILF IRU WKLV
FDUG LV VXSSOLHG ZLWK HDFK XQLW VHH WRRO ER[
7KH FDUGV 5(9 6KDNLQJ VWDUW LPSRVVLEOH ZKHQ WKH QRULDV DUH LQ ZDVKLQJ SRVLWLRQ SUHVHULHV
5(9 6KDNLQJ VWDUW LQGHSHQGHQWO\ RI WKH QRULDV UDWKHU GLUHFW ZLWKRXW WKH VZLWFK UH
5(9 6KDNLQJ VWDUW E\ WKH VZLWFK UH
7KHVH FDUGV FDQQRW UHSODFH WKH $0 EHFDXVH
(9 LV QR PRUH DYDLODEOH
(9 FDQQRW EH RSHUDWHG ZLWK WKH FRQWDLQHUV
9 9
&$87,21
: 7R PDNH HOHFWULF ZHOGLQJ RSHUDWLRQV RQ WKH PDFKLQH \RX VKRXOG
GLVFRQQHFW WKH EDWWHU\ GHWDFKLQJ VZLWFK 5H
2Q WKH PDLQ FDUG GHWDFK -3 DQG ; DQG 0 %H FDUHIXO QRW WR WRXFK ZLWK EDUH KDQGV WKH QRQLQVXODWHG
FRPSRQHQWV RI WKH FDUG QRU WKH FDUG FRQQHFWLRQV
'R QRW PDNH ZHOGLQJ FDEOHV SDVV WRR QHDU WR WKH FDEOH KDUQHVV
3XW WKH VWDWLRQ JURXQG VRFNHW GLUHFWO\ RQ WKH SDUWV WR EH ZHOGHG
2Q WKH PDLQ ERDUG GLVFRQQHFW WKH -3V LQ DGGLWLRQ WR ; DQG 0
: 'R QRW XVH D EDWWHU\ FKDUJHU
: 7R FKDUJH WKH EDWWHU\ DOZD\V GLVFRQQHFW LW
² 5(/$< 02'8/( $0 IRU DGMXVWLQJ WKH XSSHU H[WUDFWRUV DQG FRQWUROOLQJ WKH EUDNHV
'/ 1R
0DQLSXODWLRQ
$ $
&RQWDFW RQ VWRSSHG HQ
JLQH
0DFKLQH OLIWLQJ
0DFKLQH ORZHULQJ
6ORSLQJ WR ULJKW
6ORSLQJ WR OHIW
)URQW OLIWLQJ
)URQW ORZHULQJ
5LJKW FRQWDLQHU WLOWLQJ
5LJKW FRQWDLQHU SRVLWLRQ UH
VWRULQJ
/HIW FRQWDLQHU WLOWLQJ
/HIW FRQWDLQHU SRVLWLRQ UH
VWRULQJ
+DUYHVWLQJ HTXLSPHQW VWDUW
LQJ
+DUYHVWLQJ HTXLSPHQW VWDUW
LQJ WKH PDFKLQH LQFKHV
DQG KDUYHVWV
&RQYH\RU UHYHUVH VZLWFK
6KDNLQJ VWRS VZLWFK
1RULDV LQ ZDVKLQJ SRVL
WLRQ
: $ % H
: )ROORZLQJ PDFKLQHV
5RDG VSHHG
/(' QRUPDOO\ RQ
/(' WKDW FDQ EH RQ GHSHQGLQJ RQ WKH SRVLWLRQ RI WKH FRUUHVSRQGLQJ VZLWFK
,03257$17 $IWHU D ORQJ VWRS FKHFN LI DIWHU KDYLQJ HQJDJHG D FRQWDFW RQH RU ERWK /('V DUH RQ
RWKHUZLVH ORRN IRU WKH UHDVRQ DQG UHPHG\ LW EHIRUH VWDUWLQJ DJDLQ WKH WKHUPDO HQJLQH
$XWRPDWLFDOO\ ZLWK WKH ERDUGV $0 DQG
'/ 1R
0DQLSXODWLRQ
$ $
&RQWDFW RQ VWRSSHG HQ
JLQH
&RQWDFW HQJLQH RQ
0DFKLQH OLIWLQJ
0DFKLQH ORZHULQJ
6ORSLQJ WR ULJKW
6ORSLQJ WR OHIW
)URQW OLIWLQJ
)URQW ORZHULQJ
5LJKW FRQWDLQHU WLOWLQJ
5LJKW FRQWDLQHU SRVLWLRQ UH
VWRULQJ
/HIW FRQWDLQHU WLOWLQJ
/HIW FRQWDLQHU SRVLWLRQ UH
VWRULQJ
+DUYHVWLQJ HTXLSPHQW VWDUW
LQJ
+DUYHVWLQJ HTXLSPHQW VWDUW
LQJ WKH PDFKLQH LQFKHV DQG
KDUYHVWV
&RQYH\RU UHYHUVH VZLWFK
6KDNLQJ VWRS VZLWFK
1RULDV LQ ZDVKLQJ SRVLWLRQ
5RDG VSHHG
/(' QRUPDOO\ RQ
/(' WKDW FDQ EH RQ GHSHQGLQJ RQ WKH SRVLWLRQ RI WKH FRUUHVSRQGLQJ VZLWFK
(/(&75,& 6<67(0
127(
$OO RWKHU IXVHV 5H )
DQG UHOHYDQW UHOD\V DUH RQ WKH HOHFWURQLF ERDUG H[FHSW WKH IROORZLQJ
7KH FRQQHFWRU LV QRW ILW VR WKDW WKH FDEOH KDUQHVV FDQ SDVV WKURXJK WKH SLSH
7R FRQQHFW LW
ILJXUHV IURP WR DUH PDUNHG RQ WKH FRQQHFWRU DQG WKH ZLUHV ZLWK UHIHUHQFHV DQG DUH
QRW FRQQHFWHG
7KH VZLWFKHV $ DQG % DUH QRW XWLOL]HG
5HIHUHQFHV RQ WULDQJOHV RQ WKH VFKHPH RI WKH OHYHU KDQGJULS VKRZ WKH FRORXUV RI WKH OHYHU KDQGJULS
ZLUHV
&RORXU FRGHV
%ODFN *UHHQ
%URZQ %OXH
5HG 9LROHW
3LQN *UH\
<HOORZ :KLWH
127( WKH FDEOHV RI WKH VZLWFKHV $ DQG % JR WR WKH FRQQHFWRU ; SRVLWLRQV DQG WKH RWKHUV DUH
EHQW DQG OLQNHG QH[W WR WKH FRQQHFWRU
)
)
5HIHUHQFHV RQ WULDQJOHV RQ WKH VFKHPH RI WKH OHYHU KDQGJULS VKRZ WKH FRORXUV RI WKH OHYHU KDQGJULS ZLUHV
&RORXU FRGHV
%ODFN *UHHQ
%URZQ %OXH
5HG 9LROHW
3LQN *UH\
<HOORZ :KLWH
),*
%OXH JURXQG
%URZQ
%ODFN 6LJQDO
%URZQ
%ODFN 6LJQDO
%OXH JURXQG
),*
),*
WR PP
),*
3DUW $
),* 63((' 6(16256 VFKHPH UHIHUHQFHV DQG DQG IRU +$59(67,1* (48,30(17
+(,*+7 PDUNHG ZLWK RQ WKH VFKHPH 7KHVH VHQVRUV ZHUH LQ WKH FDEOH YHUVLRQ DQG DUH QRZ LQ FRQ
QHFWRU YHUVLRQ VWDUWLQJ IURP WKH VHULHV DQG WKH UH ; LV WKH FRQQHFWRU VZLWFK
D 6HWWLQJV
7KH GLVWDQFH E EHWZHHQ WKH VHQVRU DQG WKH PHWDO JURXQG GHSHQGV RQ WKH NLQG RI VHQVRU DQG RQ LWV GLDPHWHU
5H VKDNLQJ 0 313 E IURP WR PP
5H FRQYH\RU 0 313 E IURP WR PP
5H XSSHU H[WUDFWRU 0 313 E IURP WR PP
5H ORZHU H[WUDFWRU 0 313 E IURP WR PP
5H KDUYHVWLQJ HTXLSPHQW KHLJKW 0 313 E IURP WR PP
5H LQFKLQJ
)LUVW DVVHPEO\ 0 313 FDEOH YHUVLRQ E PP IDVWHQHG RQ WKH UHDU ULJKW PRWRU
6HFRQG DVVHPEO\ 0 VPRRWK 313 E VHH FKDSWHU )LJ IDVWHQHG RQ WKH UHDU ULJKW PRWRU
7KLUG DVVHPEO\ 0 131 E PP IDVWHQHG RXWVLGH WKH OHIW UHDU PRWRU
127(
IRU WKH LQFKLQJ VHQVRU WKH YDOXH RI PP LV REWDLQHG E\ VFUHZLQJ LQ WKH VHQVRU XS WR WKH PRWRU IURQW
SDUW WKHQ ORRVHQLQJ LW E\ WXUQ DQG
&DXWLRQ 7KH WLJKWHQLQJ WRUTXH RI WKH ORFN QXW LV 1P ,I WKLV YDOXH LV H[FHHGHG WKH VHQVRU FRXOG EH
GDPDJHG
6WDUWLQJ IURP VHULHV DQG WKH LQFKLQJ VHQVRU ZLWK VPRRWK ERG\ LV
SODFHG LQ WKH K\GUDXOLF PRWRU RI WKH UHDU ULJKW ZKHHO )RU WKH DGMXVWPHQW VHH )LJ
7KH XQLWV 6% 1R $ DQG 6% 1R & DQG DQG VWDUWLQJ IURP WKH
VHULHV DQG WKH VHQVRU LV RQ WKH OHIW UHDU ZKHHO DQG PXVW EH DGMXVWHG DF
FRUGLQJ WR )LJ
E &KHFNLQJ
:KHQ WKH PHWDO JURXQG IDFHV WKH VHQVRU WKH /(' OLJKWV XS DQG WKH VLJQDO EODFN FDEOH LV 9
:KHQ QR PHWDO JURXQG IDFHV WKH VHQVRU WKH VLJQDO ZLOO EH DERXW WR 9
127( IRU LQFKLQJ VHQVRUV VWDUWLQJ IURP 3RFODLQ ZLWK VPRRWK ERG\ DQG 0 WKH VLJQDO EHFRPHV QHJD
WLYH 131 DQG WKH RQERDUG FRPSXWHU LV GLIIHUHQW
),* 35(6685( 6(16256 5H
7KHVH VHQVRUV FDQ EH DGMXVWHG WKURXJK D VFUHZ 5H % SODFHG EHWZHHQ WKH WZR WHUPLQDOV 7R DGMXVW WKHP
LQVWDOO D PDQRPHWHU RQ WKH K\GUDXOLF FLUFXLW DQG FRPSDUH WKH FRQGLWLRQ RI WKH ZDUQLQJ OLJKW RU RI WKH OLJKW ZLWK
WKH RQH RI WKH SUHVVXUH
5H ERRVWLQJ SUHVVXUH WKH ZDUQLQJ OLJKW FRPHV RQ EHORZ EDU LW ZDV EDU RQ WKH ILUVW PD
FKLQHV
5H EUDNLQJ DFWLRQ UHGXFW SUHVVXUH WKH FRQGLWLRQ RI ZDUQLQJ OLJKW FKDQJHV DW DERXW EDU
5H VWRS OLJKW VZLWFKLQJRQ SUHVVXUH DW DERXW EDU
),* $66(0%/< $1' $'-8670(17 2) 7+( 60227+ %2'< 6(1625
0DNH VXUH WKDW WKH DGKHVLYH SDG ) LV LQVWDOOHG RQ WKH HQG RI WKH VHQVRU D
)LW WKH ´*ULSSµ ZDVKHU E WKHQ WKH VHDO ¸ RQ WKH VHQVRU D
)LW WKH FRPSOHWH VHQVRU LQ WKH IDVWHQLQJ VXSSRUW H DQG SUHVV FRPSOHWHO\ WKH ´*ULSSµ ZDVKHU DQG WKH
VHDO LQ WKH VXSSRUW ERG\
3RVLWLRQ WKLV VHQVRU LQ WKH UHOHYDQW KROH RQ WKH K\GUDXOLF PRWRU FRYHU 7KH QRWFK QH[W WR WKH VHQVRU SHJV
PXVW EH RULHQWHG WRZDUGV WKH PRWRU FHQWUH DW VHH GHWDLO $
3UHVV WKH VHQVRU FRPSOHWHO\ XQWLO LW WRXFKHV WKH F\OLQGHU KHDG
&RPSOHWH WKH IDVWHQLQJ VXSSRUW ILWWLQJ XQWLO LWV PDFKLQHG VLGH WRXFKHV WKH K\GUDXOLF PRWRU FRYHU
7LJKWHQ WKH VFUHZ G RI WKH VXSSRUW NHHSLQJ WKH DVVHPEO\ DQJXODU SRVLWLRQ VFUHZ WLJKWHQLQJ WRUTXH
1P
)DVWHQ WKH FRQQHFWRU HQDEOLQJ RQH SRVLWLRQ RQO\ SRODULW\ EUHDNHU
1RWH
WKH DGKHVLYH SDG WKH ´*ULSSµ ZDVKHU DQG WKH VHDO PXVW EH UHSODFHG DIWHU HDFK GLVDVVHPEO\
3ULQW QR
6HFWLRQ .
(/(&75,& 6<67(0
3DJH
5
)LJ
E
%URZQ 9
%ODFN 6LJQDO
%OXH *URXQG
D
)LJ
)LJ )LJ
WR PP
WR PP
),* 63((' 6(16256 VFKHPH UHIHUHQFHV DQG DQG IRU +$59(67,1* (48,30(17
+(,*+7 PDUNHG ZLWK RQ WKH VFKHPH 7KHVH VHQVRUV ZHUH LQ WKH FDEOH YHUVLRQ DQG DUH QRZ LQ FRQ
QHFWRU YHUVLRQ VWDUWLQJ IURP WKH VHULHV DQG WKH UH ; LV WKH FRQQHFWRU VZLWFK
D 6HWWLQJV
7KH GLVWDQFH E EHWZHHQ WKH VHQVRU DQG WKH PHWDO JURXQG GHSHQGV RQ WKH NLQG RI VHQVRU DQG RQ LWV GLDPHWHU
5H VKDNLQJ 0 313 E IURP WR PP
5H FRQYH\RU 0 313 E IURP WR PP
5H XSSHU H[WUDFWRU 0 313 E IURP WR PP
5H ORZHU H[WUDFWRU 0 313 E IURP WR PP
5H KDUYHVWLQJ HTXLSPHQW KHLJKW 0 313 E IURP WR PP
5H LQFKLQJ 0 131 E IURP WR PP
E &KHFNLQJ
:KHQ WKH PHWDO JURXQG IDFHV WKH VHQVRU WKH /(' OLJKWV XS DQG WKH VLJQDO EODFN FDEOH LV 9
:KHQ QR PHWDO JURXQG IDFHV WKH VHQVRU WKH VLJQDO ZLOO EH DERXW WR 9
127( IRU LQFKLQJ VHQVRUV VWDUWLQJ IURP 3RFODLQ ZLWK VPRRWK ERG\ DQG 0 WKH VLJQDO EHFRPHV QHJD
WLYH 131 DQG WKH RQERDUG FRPSXWHU LV GLIIHUHQW
),* 35(6685( 6(16256 5H
7KHVH VHQVRUV FDQ EH DGMXVWHG WKURXJK D VFUHZ 5H % SODFHG EHWZHHQ WKH WZR WHUPLQDOV 7R DGMXVW WKHP
LQVWDOO D PDQRPHWHU RQ WKH K\GUDXOLF FLUFXLW DQG FRPSDUH WKH FRQGLWLRQ RI WKH ZDUQLQJ OLJKW RU RI WKH OLJKW ZLWK
WKH RQH RI WKH SUHVVXUH
5H ERRVWLQJ SUHVVXUH WKH ZDUQLQJ OLJKW FRPHV RQ EHORZ EDU LW ZDV EDU RQ WKH ILUVW PD
FKLQHV
5H EUDNLQJ DFWLRQ UHGXFW SUHVVXUH WKH FRQGLWLRQ RI ZDUQLQJ OLJKW FKDQJHV DW DERXW EDU
5H VWRS OLJKW VZLWFKLQJRQ SUHVVXUH DW DERXW EDU
),* ,1&+,1* 6(1625 GHWHFWV WKH WHHWK RI D VSHFLDO ULQJ JHDU IURP WKH VHULHV DQG
63((' $'-8670(17
8S WR WKH VHULHV $ ² ²
7KH\ DGMXVW WKH FDSDFLW\ OLPLWHUV DQG ZKLFK SURGXFH VSHHG YDULDWLRQV RQ ORZHU H[WUDF
WRUV FRQYH\RUV DQG VKDNLQJ
7KH\ DUH LQVWDOOHG RQ WKH K\GUDXOLF EORFN 5H RI WKH KDUYHVWLQJ KHDGHU
%DVLF DGMXVWPHQWV
%HIRUH ILWWLQJ WKH UDWLRPRWRU WLJKWHQ WKH SLQ YDOYH RI WKH FDSDFLW\ OLPLWHU WR PD[ WRUTXH DQG WKHQ
ORRVHQ LW E\ D WXUQ
)LW WKH UDWLRPRWRU DVVHPEO\ SODFLQJ LW FRPSOHWHO\ RQ WKH SLQ YDOYH DQG WLJKWHQ WKH KROGLQJ VFUHZV
5H
)LW WKH SODWH 5H HTXLSSHG ZLWK WZR OLPLW VZLWFKHV 5H DQG $GMXVW WKH SODWH SRVLWLRQ QH[W WR
WKH IL[LQJV 5H VR WKDW WKH VZLWFK 5H LV FRQWUROOHG
127( FDSDFLW\ OLPLWHU SLQ YDOYH PXVW QHYHU JHW FRPSOHWHO\ RSHQ RU FORVHG RWKHUZLVH WKH UDWLRPRWRU
FDQQRW VWDUW LW DXWRQRPRXVO\
7KH UDWLRPRWRU 5H FRQWUROV WKH SUHVVXUH OLPLWHU 5H ZKLFK PDNHV WKH XSSHU H[WUDFWRU VSHHG
FKDQJH
,W LV LQVWDOOHG RQ WKH K\GUDXOLF EORFN RI WKH VKDNLQJ SXPS 5H
2SHUDWLRQ
7KH KXE 5H FRQWUROV WKH OLPLW VZLWFKHV 5H DQG WKXV OLPLWLQJ WKH DGMXVWLQJ UDQJH RI WKH OLPLWHU
7KLV UDQJH FDQ EH SRVLWLRQHG E\ VKLIWLQJ WKH VXSSRUW 5H RI WKH OLPLW VZLWFK SODWHV RQ WKH OLPLWHU FDU
WULGJH 5H ERG\ 7KH SODWH LV ORFNHG E\ VFUHZ 5H
6WDQGDUG DGMXVWPHQWV
6FUHZ LQ FRPSOHWHO\ WKH OLPLWHU 5H SLQ WKHQ ORRVHQ LW E\ KDOI D WXUQ
$GMXVW WKH VXSSRUW SRVLWLRQ 5H VR WKDW WKH FRQWURO GHYLFH 5H RSHUDWHV WKH OLPLW VZLWFK 5H $
/(' LQ WKH ERDUG ORZHU SDUW PXVW VZLWFK RII
127(
GXULQJ WKH H[WUDFWRU VSHHG LQFUHDVH WKH UHG /(' FRPHV RQ DQG WKH JUHHQ RQH FDQ GHFUHDVH WKH
EULJKWQHVV
'XULQJ HDFK LQWHUYHQWLRQ ILOO WKH FKDPEHU 5H $ ZLWK JUDSKLWL]HG JUHDVH
'XULQJ DVVHPEO\ SRVLWLRQ WKH VSOLW SLQ VORW 5H XSZDUGV RU GRZQZDUGV
RQH RI WKH UXEEHU VXSSRUWV KDV D VKRUWHU VFUHZ DQG LW PXVW EH
SODFHG XQGHU WKH HOHFWULF SODWH
63((' $'-8670(17
6WDUWLQJ IURP WKH VHULHV $ ² ²
7KH\ DGMXVW WKH FDSDFLW\ OLPLWHUV DQG ZKLFK SURGXFH VSHHG YDULDWLRQV RQ ORZHU H[WUDF
WRUV FRQYH\RUV DQG VKDNLQJ
DQG DUH LQVWDOOHG RQ WKH K\GUDXOLF EORFN 5H RI WKH KDUYHVWLQJ KHDGHU
LV LQVWDOOHG RQ WKH K\GUDXOLF EORFN 5H RQ WKH WUDFWRU
%DVLF DGMXVWPHQWV
%HIRUH ILWWLQJ WKH UDWLRPRWRU WLJKWHQ WKH SLQ YDOYH RI WKH FDSDFLW\ OLPLWHU WR PD[ WRUTXH DQG WKHQ
ORRVHQ LW E\ D WXUQ
)LW WKH UDWLRPRWRU DVVHPEO\ SODFLQJ LW FRPSOHWHO\ RQ WKH SLQ YDOYH DQG WLJKWHQ WKH KROGLQJ VFUHZV
5H
)LW WKH SODWH 5H HTXLSSHG ZLWK WZR OLPLW VZLWFKHV 5H DQG $GMXVW WKH SODWH SRVLWLRQ QH[W WR
WKH IL[LQJV 5H VR WKDW WKH VZLWFK 5H LV FRQWUROOHG
127( FDSDFLW\ OLPLWHU SLQ YDOYH PXVW QHYHU JHW FRPSOHWHO\ RSHQ RU FORVHG RWKHUZLVH WKH UDWLRPRWRU FDQQRW
VWDUW LW DXWRQRPRXVO\
7KH UDWLRPRWRU 5H FRQWUROV WKH FDSDFLW\ OLPLWHU 5H WKDW PDNHV WKH XSSHU H[WUDFWRU VSHHG
FKDQJH
,W LV LQVWDOOHG RQ WKH K\GUDXOLF EORFN RI WKH FOHDQLQJ SXPS 5H
7KH FDSDFLW\ OLPLWHU 5H LV SUHVVXUHILW LQ WKH EORFN 5H
6WDQGDUG DGMXVWPHQWV
7 3RWHQWLRPHWHU WR KDYH VKDNLQJ IUHTXHQF\ DGMXVWHG DQG GLVSOD\HG RQ WKH VFUHHQ 5H 7KH VSHHG
GLVSOD\HG PXVW EH DV WKH YDOXH VKRZQ E\ WKH FRPSXWHU DQG WKH DFWXDO VSHHG RI WKH VKDNLQJ V\VWHP
VKDIW
7 3RWHQWLRPHWHU WR FRQWURO VZLWFKLQJRII RI DOO /('V RI VORSLQJ LQGLFDWRU 5H ZKHQ WKH PDFKLQH LV
RQ DQ KRUL]RQWDO OHYHO
: $66(0%/<
7KH VXSSO\ FDEOH RI WKLV FRQWURO XQLW SODFHG LQ WKH PDLQ VXSSO\ ERDUG XQLW PXVW EH GLUHFWHG WRZDUGV WKH OHIW
RXWHU VLGH RI WKH PDFKLQH
: $'-8670(17
/RQJLWXGLQDO VORSLQJ FDQQRW EH DGMXVWHG 1HYHUWKHOHVV WKHUH VKRXOG EH D SRVLWLYH LQIRUPDWLRQ RQ WKH
FDEOH 5H / ZKHQ WKH PDFKLQH LV VORSHG IRUZDUG
7KH WUDQVYHUVDO VORSLQJ FDQ EH DGMXVWHG E\ IDVWHQLQJ )RU D JRRG VORSLQJ \RX VKRXOG
&$87,21
7KH FDEOH ) VXSSOLHV WKH FRQWURO XQLW DQG VKRXOG QRW H[FHHG 9
/ 6ZLWFK
6DWHOOLWH VXSSO\ DIWHU VZLWFK 67
67 RXWSXW IRU XSSHU
DQG EHIRUH IXVH / H[WUDFWRU DGM
, 67
7 6ZLWFK
( 67 RXWSXW IRU ORZHU
6ZLWFK RXWSXW WR 69 H[WUDFWRU DGM
IRU ORQJLW KRUL]RQWDO
LW\ DGMXVWPHQW 67 67
(
63(9 /+ FRQWDLQHU ORZHULQJ
6
(9 6ROHQRLG YDOYH RQ UHDU
7 EORFN VKDNLQJ FXWRII
(
5
8SSHU H[
WUDFWRU
VSHHG 67 67 8SSHU H[WUDFWRU
FKDQJH VSHHG FKDQJH
+RUL]RQWDOLW\ (9 ) (DUWK 69
-
%\SDVV (9 3 ) (DUWK 69
/+ ORZHULQJ (9 ) (DUWK 69
(DUWK 69
5+ ORZHULQJ (9 )
(DUWK 69
/+ OLIWLQJ (9 )
(DUWK 69
5+ OLIWLQJ (9 )
(DUWK 69
6WHHULQJ EDU (9 )
) (DUWK 69
1RULD SXUJH (9
6ZLWFK RXWSXW 02
(DUWK FRPSXWHU ZDWHU
WR 69 WHPSHUDWXUH
6ZLWFK RXWSXWQRULD
67 02
(DUWK FRPSXWHU
ZDVKLQJ WR 69 WKURXJK
RLO SUHVVXUH
UHOD\ FRQWDFW .
1RULD VWDUW ,QIR WR 7 67 6 67
6ZLWFK RXWSXW WR 69 OHIW
$ VORSLQJ IURQW OLIWLQJ
6ZLWFK RXWSXW WR 69 67 67
QRULD ZDVKLQJ 7
:DUQLQJ OLJKW 67 ( 02 )URQW F\OLQGHU LQGLFDWRU
7 VXSSO\ /
67 / 02 &KDUJH LQGLFDWRU
6ZLWFK ,
FRQQHFWLRQ WR 6: ) 7 02 :DWHU WHPSHUDWXUH LQGLFDWRU
(
67 02 2LO SUHVVXUH LQGLFDWRU
6ZLWFK RXWSXW WR 69
IRU OHIW FRQWDLQHU
6DXHU ERRVWLQJ SUHVVXUH
HPSW\LQJ 67 02
LQGLFDWRU
7HUPLQDO :
FRPSXWHU UHYROXWLRQ 02 02 $LU ILOWHU FORJJLQJ
FRXQWHU
02 02 +\GURVWDWLF ILOWHU FORJJLQJ
)XHO OHYHO VHQGHU
02 7KHUPDO FRQWDFW IRU K\GU RLO
ZDUQLQJ LQGLFDWRU
6WDUWLQJ IURP WKH VHULHV $
/ 6ZLWFK
6DWHOOLWH VXSSO\ DIWHU VZLWFK 67
67 RXWSXW IRU XSSHU
DQG EHIRUH IXVH / H[WUDFWRU DGM
, 67
7 6ZLWFK
( 67 RXWSXW IRU ORZHU
6ZLWFK RXWSXW WR 69 H[WUDFWRU DGM
IRU ORQJLW KRUL]RQWDO
LW\ DGMXVWPHQW 67 67
6WDUWLQJ IURP WKH VHULHV $
(
63(9 /+ FRQWDLQHU ORZHULQJ
6
7
(
5
6WDUWLQJ IURP WKH VHULHV $
8SSHU H[
WUDFWRU
VSHHG 67 67 8SSHU H[WUDFWRU
FKDQJH VSHHG FKDQJH
+RUL]RQWDOLW\ (9 ) (DUWK 69
-
%\SDVV (9 3 ) (DUWK 69
/+ ORZHULQJ (9 ) (DUWK 69
(DUWK 69
5+ ORZHULQJ (9 )
(DUWK 69
/+ OLIWLQJ (9 )
(DUWK 69 69
5+ OLIWLQJ (9 )+
(DUWK 69 69
6WHHULQJ EDU (9 ),
) (DUWK 69
1RULD SXUJH (9
6WDUWLQJ IURP WKH VHULHV $
67 6ZLWFK RXWSXW WR 69
6XSSO\ WR VZLWFK IURQW OLIWLQJ
ZDVKLQJ SRVLWLRQ
67 $
6ZLWFK RXWSXW (DUWK FRPSXWHU ZDWHU
) 02
WR 69 WHPSHUDWXUH
6ZLWFK RXWSXWQRULD
67 02 (DUWK FRPSXWHU
ZDVKLQJ WR 69 WKURXJK
UHOD\ FRQWDFW . RLO SUHVVXUH
6WDUWLQJ IURP WKH VHULHV $
&$%/( +$51(66
1H[W WR HDFK FRQQHFWRU \RX·OO ILQG WKH IROORZLQJ WDEOH H[SODLQHG KHUH LQWR GHWDLOV
&RQQHFWLRQ RI WKH VKDNLQJ VSHHG VHQVRU UH 1R RI WKH WHUPLQDO RI WKH VHQVRU FRQ
QHFWLRQ
) WKLV PDUNLQJ FRUUHVSRQGV WR WKH RQH RI WKH FDEOH RQ WKH VFKHPH DQG RQ WKH FDEOH KDUQHVV
& WKLV PDUNLQJ FRUUHVSRQGV WR WKH ULQJ SODFHG RQ WKH VROHQRLG YDOYH VXSSO\ FDEOH
)RU DQ\ FRQQHFWLRQ RI WKH FDEOH KDUQHVV WKH VFKHPH VKRZV D UHIHUHQFH HJ ;
; &RQQHFWLRQ QXPEHU
$ SRZHU VXSSO\
3 PXOWLSXUSRVH IUHH
7KH FDEOHV PDUNHG 3 DUH XVHG RQO\ LQ PXOWLSXUSRVH 7KH\ HQVXUH WKH FRQQHFWLRQ EHWZHHQ WKUHH VXSSOH
PHQWDU\ VZLWFKHV RI WKH SDQHO DQG WKH PXOWLSXUSRVH HOHFWULF ER[
',$*1267,&
3OXJ
&
&
&
)UHH
',$*1267,&
$ SRZHU VXSSO\
6 VLJQDO
0 JURXQG
,, +$59(67,1* (48,30(17 &$%/( +$51(66 )LJ XS WR WKH VHULHV $ ²
0 DOO WKH GHYLFHV KDYH FRPPRQO\FRQQHFWHG JURXQGV LQ WKH KDUYHVWLQJ HTXLSPHQW UHDU ER[ RQ D UHDU
SLYRWLQJ IDVWHQLQJ VFUHZ
',$*1267,&
;
;
&
,, +$59(67,1* (48,30(17 &$%/( +$51(66 )LJ VWDUWLQJ IURP WKH VHULHV $ ²
0 DOO WKH GHYLFHV KDYH FRPPRQO\FRQQHFWHG JURXQGV LQ WKH KDUYHVWLQJ HTXLSPHQW UHDU ER[ RQ D UHDU
SLYRWLQJ IDVWHQLQJ VFUHZ
',$*1267,&
ERDUG
ERDUG
$ 6XSSO\
6 6LJQDO
0 *URXQG RU 6LJQDO
,,, 02725 &$%/( +$51(66 )LJ XS WR WKH VHULHV $ ²
$OO WKH HTXLSPHQW ZLWK JURXQGLQJ FDEOH DUH FRQQHFWHG ZLWK D VLQJOH FDEOH IDVWHQHG WR D VFUHZ LQ WKH VWDUWHU
UHDU SDUW 7KLV JURXQG FDEOH LV FRQQHFWHG WR WKH PDLQ ERDUG 7KH UHOHYDQW JURXQG LV LQ WKH PRWRU KDUQHVV
0 *URXQG FRQQHFWLRQ IDVWHQHG RQ WKH VWDUWHU LQ DGGLWLRQ LW LV WKH PDLQ ERDUG FRQQHFWLRQ
',$*1267,&
%RDUG
3OXJ
3OXJ
3OXJ
,,, 02725 &$%/( +$51(66 )LJ VWDUWLQJ IURP WKH VHULHV $ ²
$OO WKH HTXLSPHQW ZLWK JURXQGLQJ FDEOH DUH FRQQHFWHG ZLWK D VLQJOH FDEOH IDVWHQHG WR D VFUHZ LQ WKH VWDUWHU
UHDU SDUW 7KLV JURXQG FDEOH LV FRQQHFWHG WR WKH PDLQ ERDUG 7KH UHOHYDQW JURXQG LV LQ WKH PRWRU KDUQHVV
0 *URXQG FRQQHFWLRQ IDVWHQHG RQ WKH VWDUWHU LQ DGGLWLRQ LW LV WKH PDLQ ERDUG FRQQHFWLRQ
',$*1267,&
$ 6XSSO\
6 6LJQDO
0 *URXQG
$OO WKH GLVWULEXWRU JURXQGV DUH FRQQHFWHG WR -3 WKHUHIRUH WKH\ SDVV WKURXJK WKH PDLQ ERDUG
& $ FRQQHFWLRQ RI WKH LQFKLQJ VHQVRU SODFHG RQ WKH UHDU ZKHHO PRWRU
',$*1267,&
;
&
) 3OXJ
) )
3OXJ )
$OO WKH GLVWULEXWRU JURXQGV DUH FRQQHFWHG WR -3 WKHUHIRUH WKH\ SDVV WKURXJK WKH PDLQ ERDUG
& $ FRQQHFWLRQ RI WKH LQFKLQJ VHQVRU SODFHG RQ WKH UHDU ZKHHO PRWRU
',$*1267,&
YLGHR
LQFOLQRPHWHU
EX]]HU
EX]]HU
LQFOLQRPHWHU
VORSLQJ
'3, VHOHFWLRQ
PXOWL
SXUSRVH
WR UHDU
OK OLJKW
WR UHOD\ $
WR UHOD\ $
*5281'
WR FRQWDLQHU
DXJHU UHOD\
WR FRQWDLQHU
DXJHU UHOD\
WR PDLQ
VXSSO\ UHOD\
WR FXWRXW VZLWFK
9 &211(&7,1* &$%/( +$51(66 %(7:((1 3$1(/ $1' 0$,1 %2$5' )LJ DQG )LJ
XS WR WKH VHULHV $ ²
,Q WKH SDQHO )LJ WKH FDEOH PDUNHG $ ) LVQ·W FRQQHFWHG DQG WKH WKUHH VZLWFKHV DUHQ·W DYDLODEOH
7KHUH LV RQO\ WKH KDUQHVV DQG WKH FRQQHFWRUV DUH IUHH VHH PXOWLSXUSRVH
,Q WKH PDLQ ERDUG ER[ )LJ WKH FRQQHFWLRQV ; ; ; DQG ; DUH XVHG LQ PXOWLSXUSRVH 7KH\ DUH
FRQQHFWHG RQ WKH FRQQHFWRU ; WRZDUGV WKH KDUYHVWLQJ HTXLSPHQW FDEOH KDUQHVV 7KLV FDEOH KDUQHVV LV LQ
VWDOOHG RQ WKH PDFKLQHV RQO\ VWDUWLQJ IURP
6% QR
6% QR $
6% QR
6% QR
03 JURXQG EUDLG SODFHG EHWZHHQ WKH SODWIRUPFDE DQG WKH LQWHUPHGLDWH IUDPH
0, JURXQG EUDLG SODFHG EHWZHHQ WKH LQWHUPHGLDWH IUDPH DQG WKH PDLQ IUDPH
',$*1267,&
YLGHR
LQFOLQRPHWHU
EX]]HU
EX]]HU
LQFOLQRPHWHU
VORSLQJ
'3, VHOHFWLRQ
9
$77(17,21
$%62/87(/< )2//2: 7+( 9$
/8(6 2) 7+( )86(6 ,1',
&$7(' 21 7+( &$5'
WR UHDU
OK OLJKW
WR UHOD\ $
WR UHOD\ $
*5281'
WR FRQWDLQHU
DXJHU UHOD\
WR FRQWDLQHU
DXJHU UHOD\
WR PDLQ
VXSSO\ UHOD\
WR FXWRXW VZLWFK
9 &211(&7,1* &$%/( +$51(66 %(7:((1 3$1(/ $1' 0$,1 %2$5' )LJ DQG )LJ
VWDUWLQJ IURP WKH VHULHV $ ²
03 JURXQG EUDLG SODFHG EHWZHHQ WKH SODWIRUPFDE DQG WKH LQWHUPHGLDWH IUDPH
0, JURXQG EUDLG SODFHG EHWZHHQ WKH LQWHUPHGLDWH IUDPH DQG WKH PDLQ IUDPH
9 $ IXVH SURWHFWLQJ WKH FLUFXLW RI WKH (9 IRU ORZHU VWDON FKRSSHU HQDEOLQJ
',$*1267,&
,Q WKH IXVH ER[ WKH IXVH RI WKH FRQWDLQHU DXJHUV LV UHSODFHG E\ D GLRGH
7KH UHOD\V 5H DQG RI WKH ZRUNLQJ OLJKWV DUH VSHFLDO DV WKH WZR FRQWDFWV DQG D DUH FRQQHFWHG
WRJHWKHU
',$*1267,&
',$*1267,&
',$*1267,&
6WDUWLQJ IURP WKH VHULHV $ ² ²
)XVH $ )XQFWLRQ
): $ 6WDUWHU DOWHUQDWRU
): $ 6XSSO\ WR VHQVRUV
): $ *URXQG 7 +\GUDXOLF ILOWHU FORJJLQJ
): $ *URXQG 7 $LU ILOWHU FORJJLQJ
): $ *URXQG 7 3ULPLQJ SUHVVXUH
): $ *URXQG 7 (QJLQH RLO SUHVVXUH
): $ *URXQG 7 (QJLQH ZDWHU WHPSHUDWXUH
): $ *URXQG 7 1RW XVHG
): $ *URXQG IRU VWDUWLQJ UHOD\
): $ 6XSSO\ WR VWDUWLQJ UHOD\
): $ *URXQG 7 +\GUDXOLF RLO WHPSHUDWXUH
) $ -3 *URXQG QRW XVHG
): $ 6XSSO\ WR VWDUWLQJ VDIHW\ VHQVRU
): $ 6XSSO\ WR LQFKLQJ LQGLFDWRU VHQVRU
): $ 6XSSO\ WR QRULD RSHUDWLRQ VHQVRU RQ LQFKLQJ OHYHU
) $ -3 JURXQG QRW XVHG
): $ *URXQG IRU VDIHW\ VWDUWLQJ VHQVRU
): $ *URXQG IRU LQFKLQJ LQGLFDWRU VHQVRU
): $ *URXQG WR QRULD RSHUDWLRQ VHQVRU RQ LQFKLQJ OHYHU
127( WKH UHIHUHQFHV DUH WKRVH XVHG LQ WKH 5HSDLU 0DQXDO
$'$37,21 5(&200(1'$7,216
, *(1(5$/
: 7UDFWRU PRGHOV %5$8' 6% ,W LV WKH UHVSRQVLELOLW\ RI WKH WKLUG SDUW\ ILWWLQJ WKH
DQG FDQ EH XVHG DV D FDUULHU WUDFWRU DQG HTXLSPHQW WR WKH WUDFWRU WR FKHFN WKDW RQFH ILWWHG
UHFHLYH RWKHU VSHFLILF SLHFHV RI HTXLSPHQW DV D PXOWLSXUSRVH XQLW WKLV WUDFWRU VWLOO FRPSOLHV
PDGH E\ RWKHU PDQXIDFWXUHUV VR WKDW LW FDQ ZLWK URDG GULYLQJ UHJXODWLRQV WR FDUU\ RXW DQ\ DG
FDUU\ RXW IXQFWLRQV UHTXLUHG LQ YLWLFXOWXUH IRU MXVWPHQWV UHTXLUHG LI DSSOLFDEOH DQG LI
H[DPSOH QHFHVVDU\ WR KDYH DQ DGGLWLRQDO DFFHSWDQFH SUR
FHGXUH FDUULHG RXW E\ WKH '5,5(
SUHFXWWHUV ,W LV DOVR WKH WKLUG SDUW\·V UHVSRQVLELOLW\ WR HQVXUH
WKDW WKH XVHU RI WKLV WUDFWRU KDV FOHDUO\ XQGHUVWRRG
VSUHDGLQJ HTXLSPHQW KRZ DQG ZLWKLQ ZKDW OLPLWV KH PD\ XVH WKLV
HTXLSPHQW
VWDNH SODQWHUV : &1+ )UDQFH FDQQRW EH KHOG OLDEOH IRU DQ\ ILW
WLQJ RI WKLV HTXLSPHQW DQG FDQQRW DFFHSW DQ\
YLQH SODQWHUV UHVSRQVLELOLW\ LQ WKH HYHQW RI GDPDJH FDXVHG WR
WKH WUDFWRU RU WKLUG SDUWLHV GXH WR D SRRUO\ GH
VSUD\LQJ HTXLSPHQW VLJQHG LQFRUUHFWO\ HIIHFWHG RU EDGO\ XVHG ILW
WLQJ
W\LQJXS HTXLSPHQW
,, (48,30(17 ),77,1* &21',7,216
WRSSHUVWULPPHUV
%\ HTXLSPHQW ILWWLQJ &1+ )UDQFH PHDQV WKH DFW
RI DWWDFKLQJ D VSHFLILF WRROLQJ WR WKH WUDFWRU E\ IL[
LQJ LW DW WKH UHFRPPHQGHG SODFHV DQG FRQQHFWLQJ LW
7KLV HTXLSPHQW PXVW EHDU WKH PDUN &( RQO\ WR WKH K\GUDXOLF VRXUFHV GHILQHG LQ SDUDJUDSK
DQG EH DFFRPSDQLHG E\ D FRQIRUPLW\ GHF 9,, DQG HOHFWULF VRXUFHV GHILQHG LQ SDUDJUDSK 9,,,
ODUDWLRQ &( ,W FDQ EH ILWWHG RQ WKH WUDFWRU
LQ FRPSOLDQFH ZLWK WKH UHFRPPHQGDWLRQV 7KH PRGLILFDWLRQ RI DOO RU SDUW RI WKH WUDFWRU RU
FRQWDLQHG LQ WKH IROORZLQJ SDJHV WKH FKDQJLQJ RI DQ\ VHWWLQJV LV VWULFWO\ IRU
ELGGHQ
: 7KHVH UHFRPPHQGDWLRQV ZHUH SURGXFHG E\
&1+ )UDQFH RQ WKH EDVLV RI H[SHULHQFH DF :HOGLQJ RU GULOOLQJ WKH WUDFWRU LV DOVR VWULFWO\ IRU
TXLUHG DQG WKH DGYLFH RI H[SHUWV LQ WKH ILHOG RI ELGGHQ :HOGV FDQ FDXVH GHIRUPDWLRQV ZKLFK
VDIHW\ LQYROYHG LQ WKH ZRUN RI &(17& UH FRXOG DIIHFW RSHUDWLRQ DQGRU UHOLDELOLW\
VSRQVLEOH IRU SURGXFLQJ VWDQGDUGV LQ DSSOLFD
WLRQ RI WKH ´PDFKLQHVµ GLUHFWLYH
: 7KLV HTXLSPHQW LV QRW ILWWHG E\ &1+ )UDQFH EXW
E\ D WKLUG SDUW\ DQG XQGHU WKDW SDUW\·V UH
VSRQVLELOLW\
3$ 3%
:LWKRXW HQYLVDJLQJ DOO SRVVLEOH ORDG FRQILJXUDWLRQV RQ D WUDFWRU RI WKLV W\SH LWV XVH LQ QRUPDO FRQGLWLRQV RI
EDODQFH DQG VWDELOLW\ UHTXLUHV WKDW WKH IROORZLQJ FRQGLWLRQV EH REVHUYHG
,,, 0$;,080 /2$',1* &$3$&,7< 21 :+((/ $;/(6
7$%/(
8QODGHQ ZHLJKW
LQ NJ
0D[ DXWKRULVHG ZHLJKW NJ
ZLWK UHDU EDOODVW FDUULHU
8S WR 8S WR 8S WR
$[OH 7\UHV
6% 6% 6% 6% 6% 6% NPK NPK NPK
,1 21 21
),(/'6 52$'6 52$'6
5
$
4
5
)URQW 3$ $
5
$
5
$
5
4
$
5HDU 3%
5
$
5 4
$YHUDJH ZHLJKW ZLWK D WROHUDQFH RI á NJ GHSHQGLQJ RQ WKH W\SH RI PDFKLQH HTXLSPHQW RU W\UHV
4 0D[LPXP YDOXHV IRU URDG DSSURYDO
7$%/(
6% 6% 6% 6% 6% 6%
7KHVH YDOXHV FRUUHVSRQG WR WKH WRWDO ORDGHG ZHLJKW ZLWK VWDQGDUG W\UHV 5 5
7$%/(
$'',7,21$/ 0$; /2$'
8S WR NPK 8S WR NPK R
7\UHV
\ ,1 ),(/'6 21 52$'6
6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
5$ 5
)URQW
D[OH 5
5%
5
$
5HDU
D[OH 5
$
5
7$%/(
:(,*+7 21 )5217 $;/( ! $&78$/ 727$/ :(,*+7
WUDFWRU HTXLSPHQW
:(,*+7 21 5($5 $;/( ! $&78$/ 727$/ :(,*+7
WUDFWRU HTXLSPHQW
,03257$17 75$&725 ILWWHG RQO\ ZLWK WKH UHDU EDOODVW FDUULHU DUFK
VHH WDEOH RQ SDJH FDQQRW FLUFXODWH RQ URDGV DQG LQ ILHOGV ZLWKRXW WKH DGGLWLRQ RI ZHLJKWV WR
DFKLHYH WKH EDODQFH UHTXLUHG LQ WDEOH DERYH
(
,9 5($5 &5266 0(0%(5
+ PP PP PP PP &RQQHFWLRQV VKDOO EH UHLQIRUFHG 7KH ZHOGLQJ EH
WZHHQ SODWHV DQG FURVV PHPEHU EHDP ZLOO KDYH WR
{ + {PP PP PP PP
EH SDUWLFXODUO\ VWURQJ
3ULQW QR
6HFWLRQ /
08/7,385326(
3DJH
'HSHQGLQJ RQ WKH XVHG W\UH W\SHV WKH PDFKLQH WUDFNV VKDOO QRW H[FHHG WKH IROORZLQJ YDOXHV
9DOXHV LQ P
7KLV GLPHQVLRQ LV DW WKH KHLJKW RI WKH D[LV RI WKH ZKHHO ZLWK WKH PDFKLQH LQ LWV ORZHVW SRVLWLRQ
9 /,0,76 2) 86( 21 6/23(6 $1' +,// 6,'(6 0DFKLQH IXOO\ UDLVHG
6NHWFKHV SDJH DQG SDJH KHUH DIWHU 7KH\ ZHUH GHWHUPLQHG IRU D )8//< 5$,6(' PD
VKRZ WKH ]RQHV ZLWKLQ ZKLFK WKH FHQWUH RI JUDYLW\ FKLQH LH ZKHUH WKH WRS SDUW RI WKH UHDU VLGH
RI WKH ZKROH XQLW WUDFWRU SOXV HTXLSPHQW 0867 OLH PHPEHUV LV P IURP WKH JURXQG VNHWFK
WR JXDUDQWHH WKH YDOXHV JLYHQ LQ WDEOHV DQG SDJH PDFKLQH KRUL]RQWDO LQ WKH ORQJLWXGLQDO
EHORZ GLUHFWLRQ
7$%/(
6% 6%
=RQH =RQH =RQH =RQH =RQH
/,0,7 2) 86( 21 +,// 6,',1* *5281'
ULVN RI WLSSLQJ VLGHZD\V
/,0,7 2) 86( 21 6/23,1* *5281'
ULVN RI WLSSLQJ IRUZDUG RU EDFN
; GLVWDQFH IURP WKH &HQWUH RI JUDYLW\ RI WKH IXOO\ HTXLSSHG WUDFWRU WR WKH UHDU D[OH
< GLVWDQFH IURP WKH &HQWUH RI JUDYLW\ RI WKH IXOO\ HTXLSSHG WUDFWRU WR FHQWUH OLQH RI WUDFWRU
= KHLJKW OHYHO IURP WKH &HQWUH RI JUDYLW\ RI IXOO\ HTXLSSHG WUDFWRU WR WKH JURXQG ZKHQ WUDFWRU LV
UDLVHG DW LWV PD[LPXP
3ULQW QR
6HFWLRQ /
08/7,385326(
3DJH
: )RU WKH 6% WKH XQLW VWDELOLW\ LV DVVXUHG JUDGLHQW o ·
IRU
VLGH ZD\V WLS
WLSSLQJ IRUZDUG DQG EDFN
: :KHUH WKH FHQWUH RI JUDYLW\ LV * WKH DSSOLFDWLRQ LV QRW DXWKRUL]HG =
&$87,21 &$87,21
0DFKLQH IXOO\ UDLVHG
:H ZRXOG UHPLQG \RX $/:$<6 72 86(
7KHVH SRVLWLRQV PD\ RFFXU LI WKH RSHUDWRU IRUJHWV
WR XVH WKH EDQNLQJ FRUUHFWLRQ ZKHUH WKH PDFKLQH 7+( %$1.,1* &255(&7,21 DQG QHYHU WR
LV LQFRUUHFWO\ PDQRHXYUH RU ZKHUH WKH PDFKLQH ZRUN ZLWK WKH PDFKLQH IXOO\ UDLVHG
VOLSV VXGGHQO\ GXH WR JURXQG IDOOLQJ DZD\
D[LV =
6HFWLRQ /
*[
*[
08/7,385326(
D[LV ;
1RWH PDFKLQH IXOO\ UDLVHG
6HFWLRQ /
08/7,385326(
3DJH
D[LV =
=RQH OLPLW
=RQH OLPLW
=RQH OLPLW
D[LV <
$V VWDWHG LQ 9 SDJH WKH FDOFXODWLRQV DUH PDGH IRU D 6(/)3523(//(' 75$&725 ,1 0$;
+(,*+7 326,7,21 'XULQJ WKH DVVHPEO\ RI QHZ HTXLSPHQW GHWHUPLQH WKH YDOXHV I DQG H VHH VNHWFKHV
IURP WR RI WKH FHQWUHV RI JUDYLW\ RI WKH HTXLSPHQW DQG DGGLWLRQDO EDOODVWV SODFHG RQ WKH VHOISUR
SHOOHG WUDFWRU
7R GHWHUPLQH WKH WUDQVYHUVDO SRVLWLRQ RI WKH FHQWUH RI JUDYLW\ RI D VHOISURSHOOHG WUDFWRU UHOHYDQW HTXLSPHQW
ZHLJK WKH LQVWDOOHG DVVHPEO\ UHDG\ WR ZRUN DW IXOO\ ORDG LQ KLJK SRVLWLRQ
&$87,21 'XULQJ WKH ZHLJKLQJ RSHUDWLRQV WKH PDFKLQH PXVW EH SHUIHFWO\ KRUL]RQ
WDO LQ KLJK SRVLWLRQ
9 5HDU WUDFN
< GLVWDQFH RI WKH FHQWUH RI JUDYLW\ RI WKH VHOISURSHOOHG WUDFWRU ZLWK UHVSHFW WR WKH UHOHYDQW D[LDO SODQ
; GLVWDQFH RI WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISURSHOOHG WUDFWRU ZLWK UHVSHFW WR WKH
UHDU D[OH
= KHLJKW RI WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISURSHOOHG WUDFWRU ZLWK UHVSHFW WR WKH JURXQG
3RLQW & *
Q
LRWL *
VR
S
H
=
KJ
P
LK
I
3
P
5
D E
3 [ / NJP
6HFRQG VWHS VHDUFK RI WKH PLQ EDOODVW WR EH DGGHG VR WKDW WKH W\UHV FDQ KROG WKH WRRO
1D [ 1E
P =
E
1$ 1D 1E P 1%
à &KHFN WKDW 1$ DQG 1% DUHQ·W RYHU WKH PD[ DOORZHG ODGHQ ZHLJKW SHU D[OH
WDEOH FROXPQ NPK
à &KHFN WKDW 1$ 1% LV GHILQLWHO\ ORZHU WKDQ WKH DOORZHG WRWDO ODGHQ ZHLJKW
RQ URDGWDEOH
à :HLJK WKH ODGHQ PDFKLQH D[OH SHU D[OH LQ KLJK SRVLWLRQ WKHQ FKHFN WKDW 1$ DQG 1%
LQGLFDWHG E\ WKH EDODQFH FRUUHVSRQG WR 1$ DQG 1% SUHYLRXVO\ FDOFXODWHG
&$87,21 'XULQJ WKH ZHLJKLQJ RSHUDWLRQV WKH PDFKLQH PXVW EH SHUIHFWO\ KRUL]RQ
WDO LQ KLJK SRVLWLRQ
)RXUWK VWHS FDOFXODWLRQ RI WKH SRVLWLRQ RI WKH FHQWUH RI JUDYLW\ ; DQG = RI WKH DVVHPEO\ XVLQJ WKH
EHORZ IRUPXODV PDFKLQH LQ KLJK SRVLWLRQ
ZLWK P P P
[ 3$ >D [ 3@ E [ P
;=
3$ 3% 3 P
1$
RU ; = [
1 $ 1%
I [ 3 H [ P
==
3$ 3% 3 P
à $FFRUGLQJ WR WKH REWDLQHG YDOXHV FKHFN WKDW WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISUR
SHOOHG WUDFWRU LV ZLWKLQ WKH ]RQH GHILQHG LQ VNHWFK HQVXULQJ WKH XWLOL]DWLRQ OLPLWV
127( GR QRW IRUJHW WR FKHFN WKH VLGH SRVLWLRQ < RI FHQWUH RI WKH JUDYLW\ RI WKH HTXLSSHG PDFKLQH DV GH
VFULEHG RQ VNHWFK
3ULQW QR
6HFWLRQ /
08/7,385326(
3DJH
;
J
G
F
Q
LRWL *
VR
S
= KJ
H
0 LK
P
5
,03257$17 WKH FHQWUH RI JUDYLW\ RI WKH HTXLSPHQW PXVW DOZD\V EH LQ IURQW RI WKH YHUWLFDO D[LV
RI WKH UHDU D[OH DV VKRZQ LQ VNHWFK RU J ! RU G !
à ; GLVWDQFH RI WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISURSHOOHG WUDFWRU ZLWK UHVSHFW WR WKH UHDU
D[OH
à = KHLJKW RI WKH FHQWUH RI JUDYLW\ RI WKH VHOISURSHOOHG WUDFWRU ZLWK UHVSHFW WR WKH JURXQG
)LUVW VWHS FKHFN WKDW WKH WRWDO PDVV RI WKH HTXLSPHQW DQG WKH UHOHYDQW SRVLWLRQ RQ WKH VHOISURSHOOHG
WUDFWRU YDOXH J GRHVQ·W UHTXLUH DQ DGGLWLRQDO ORDG RYHU WKH PD[ DOORZHG ODGHQ ZHLJKW
7DEOH FROXPQ NPK
0 [ J
5E =
à &KHFN WKDW WKH SUHYLRXVO\ FDOFXODWHG 5E LV ORZHU WKDQ WKH 5E YDOXH VKRZQ LQ WKH
WDEOH SDJH
&$87,21 GXULQJ WKH ZHLJKLQJ RSHUDWLRQV WKH PDFKLQH PXVW EH SHUIHFWO\ KRUL]RQ
WDO LQ KLJK SRVLWLRQ
7KLUG VWHS FDOFXODWLRQ RI WKH SRVLWLRQ RI WKH FHQWUH RI JUDYLW\ ; DQG = RI WKH DVVHPEO\ XVLQJ WKH
EHORZ IRUPXODV
[ 3$ J [ 0
;=
3$ 3% 0
1$
RU ; = [
1 $ 1%
127( 1$ DQG 1% VKRZQ RQ WKH EDODQFH
H [ 0
==
3$ 3% 0
à $FFRUGLQJ WR WKH REWDLQHG YDOXHV FKHFN WKDW WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISURSHOOHG
WUDFWRU IDOOV ZLWKLQ WKH ]RQH GHILQHG E\ VNHWFK ZKHUH WKH XWLOL]DWLRQ OLPLWV DUH HQVXUHG
127( GR QRW IRUJHW WR FKHFN WKH VLGH SRVLWLRQ < RI FHQWUH RI JUDYLW\ RI WKH HTXLSSHG PDFKLQH DV GH
VFULEHG RQ VNHWFK
;
J
G
3RLQW & *
F
Q
*
WLRL
VR
S
=
H
0 KJ
LK
I
3 P
5
,03257$17 WKH FHQWUH RI JUDYLW\ RI WKH HTXLSPHQW PXVW DOZD\V EH LQ IURQW RI WKH YHUWLFDO D[LV
RI WKH UHDU D[OH DV VKRZQ LQ VNHWFK
à = KHLJKW RI WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISURSHOOHG WUDFWRU ZLWK UHVSHFW WR WKH JURXQG
3 [ / { NJP
6HFRQG VWHS FDOFXODWLRQ RI ORDG LQFUHDVHV RQ WKH UHDU DQG IURQW D[OHV
VHH VNHWFK SDJH
>0 [ J@ 3 [ D
5HDU D[OH 5E =
0 [ J >3 [ D @
)URQW D[OH 5D =
à &KHFN WKDW WKH FDOFXODWHG 5E DQG 5D YDOXHV DUH GHILQLWHO\ EHORZ WKH PD[ DOORZHG ODGHQ
ZHLJKW 5% DQG 5$ VKRZQ LQ WDEOH FROXPQ NPK
&$87,21 GXULQJ WKH ZHLJKLQJ RSHUDWLRQV WKH PDFKLQH PXVW EH SHUIHFWO\ KRUL]RQ
WDO LQ KLJK SRVLWLRQ
)RXUWK VWHS FDOFXODWLRQ RI WKH SRVLWLRQ RI WKH FHQWUH RI JUDYLW\ ; DQG = RI WKH DVVHPEO\ XVLQJ WKH
EHORZ IRUPXODV
[ 3$ >D [ 3@ J [ 0
;=
3$ 3% 3 0
1$
RU ; = [
1 $ 1%
127( 1$ DQG 1% VKRZQ RQ WKH EDODQFH
I [ 3 H [ 0
==
3$ 3% 3 0
à $FFRUGLQJ WR WKH REWDLQHG YDOXHV FKHFN WKDW WKH FHQWUH RI JUDYLW\ RI WKH ILWWHG VHOISUR
SHOOHG WUDFWRU IDOOV ZLWKLQ WKH ]RQH GHILQHG E\ VNHWFK ZKHUH WKH XWLOL]DWLRQ OLPLWV DUH HQ
VXUHG
127( GR QRW IRUJHW WR FKHFN WKH VLGH SRVLWLRQ < RI WKH FHQWUH RI JUDYLW\ RI WKH HTXLSSHG PDFKLQH DV GH
VFULEHG RQ VNHWFK
7KH SXUSRVH RI WKLV SURFHGXUH LV WR GHWHUPLQH WKH GDWD UHOHYDQW WR WKH WRRO RU HTXLSPHQW UHTXLUHG WR FDOFXODWH
WKH FHQWUH RI JUDYLW\ RI WKH VHOISURSHOOHG ILWWHG ZLWK WKHVH GHYLFHV
3XUSRVH
5HTXLUHG PDWHULDO
VRPH VOLQJV
D SOXPE OLQH
VRPH FDUGERDUG
D PDUNHU
PHDVXULQJ GHYLFHV
&HQWUH RI
JUDYLW\
1HZ PDUN
&DUGERDUG
)L[LQJ 3UHYLRXV PDUN
SODWH
0DUN ZLWK
D PDUNHU
3OXPE OLQH
: 6OLQJ WKH WRRO VWDUWLQJ IURP D SRLQW SODFHG QH[W : 5HSHDW WKH SURFHGXUH E\ VOLQJLQJ WKH WRRO RQ
WR WKH IL[LQJ SODWH WKH RWKHU SRLQW RQ WKH WRRO VLGH ZLWKRXW PRG
SODFH D FDUGERDUG RQ WKH YHUWLFDO D[LDO SODQ RI LI\LQJ WKH FDUGERDUG SRVLWLRQ VHH VNHWFK
WKH WRRO DQG IDVWHQ LW ILUPO\ LQ WKH DUHD FRUUH QR
VSRQGLQJ DSSUR[LPDWHO\ WR WKH FHQWUH RI JUDY
LW\ 5HVXOW
IXOO\ OLIW WKH WRRO
IDVWHQ WKH SOXPE OLQH WR WKH VOLQJ KRRN VR WKDW WKH FHQWUH RI JUDYLW\ RI WKH WRRO LV WKH LQWHUVHFWLRQ
LW SDVVHV EHIRUH WKH FDUGERDUG SRLQW RI WKH WZR OLQHV PDUNHG RQ WKH FDUGERDUG
ZLWK D PDUNHU PDUN WKH OLQH FRUUHVSRQGLQJ WR
WKH OLQH WUDFH RQ WKH FDUGERDUG 7KHQ PHDVXUH WKH YDOXHV ZLWK UHVSHFW WR WKH
ORZHU WKH WRRO VHH VNHWFK 1R FHQWUH RI WKH IL[LQJ SODWH VHH VNHWFK QR
0
)XOO FRQWDLQHUV
0
&HQWUH RI
)XOO FRQWDLQHUV JUDYLW\
(TXLSPHQW SRVLWLRQ RQ
WKH PDFKLQH
G (TXLSPHQW SRVLWLRQ RQ
WKH PDFKLQH
(
: 5HSHDW WKH SURFHGXUH IRU WKH UHDU SODWHV & LV HTXDO WR WKH KHLJKW RI WKH OHYHO OLQH ZLWK UH
VSHFW WR WKH HTXLSPHQW UHDU IL[LQJ SODWHV VHH
5HDG WKH YDOXH 0 RQ WKH EDODQFH VHH VNHWFK
VNHWFK
([DPSOH 3 NJ
/ P
6HFRQG VWHS VHDUFK RI WKH EDOODVW P WR FRPSO\ ZLWK WKH PD[ DOORZHG ZHLJKW RQ WKH IURQW D[OH
>3 [ D @ 5$ [
P =
E
$FFRUGLQJ WR WDEOH 5$ FROXPQ XS WR NPK
> [ @ [
P
WKH VLJQ PHDQV WKDW QR EDOODVWV DUH UHTXLUHG IRU WKHVH W\UHV
7KXV P
7KLUG VWHS
>P [ E@ 3 [ D
1E 3%
> [ @ [
1E
1E NJ
1D 3$ 3% 3 P 1E
1D NJ
1E PXVW EH | [ 1D 1E
| NJ
1E LVQ·W | NJ WKXV \RX PXVW VHDUFK IRU P WR EDODQFH WKH PDFKLQH
[ 1D [ 1E
P
E
[ [
P
P NJ
1$ 1D 1E P 1%
1$ NJ
à 1$ DQG 1% DUH ORZHU WKDQ WKH PD[ DOORZHG ODGHQ ZHLJKWV SHU D[OH 7DEOH
à 1$ 1% NJ LV GHILQLWHO\ ORZHU WKDQ WKH WRWDO DOORZHG ODGHQ ZHLJKW RQ URDG
7DEOH
)RXUWK VWHS SRVLWLRQ RI WKH DVVHPEO\ FHQWUH RI JUDYLW\ VHH VNHWFK SDJH
I [ 3 H [ P
==
3$ 3% 3 P
[ [
=
=
= P
:LWK WKH DERYH GHVFULEHG ORDG WKH PDFKLQH FDQ ZRUN RQ KLOOV XS WR
RQ VORSHV XS WR
EHFDXVH WKH FHQWUH RI JUDYLW\ RI WKH 6% WUDFWRU IURQW PRXQWHG HTXLSPHQW LV ORFDWHG LQVLGH
=RQH
([DPSOH
3 NJ 6% /DUJH
K P )URQW W\UHV 5
/ P 5HDU W\UHV 5
I K P 6SHHG NPK
I P 3$ NJ
D / 3% NJ
D P
H P
E P
6HFRQG VWHS VHDUFK RI WKH EDOODVW P WR FRPSO\ ZLWK WKH PD[ DOORZHG ORDG RQ IURQW D[OH
P NJ
7KLUG VWHS
>P [ E@ 3 [ D
1E 3%
> [ @ [
1E
1E NJ
1D 3$ 3% 3 P 1E
1D
1D NJ
1E PXVW EH | [ 1D 1E
| [
| NJ
1E LVQ·W NJ WKXV \RX PXVW VHDUFK IRU P WR EDODQFH WKH PDFKLQH
[ 1D [ 1E
P
E
[ [
P
P NJ
1$ 1D 1E P 1%
1$ NJ
P P P
P
à 1$ DQG 1% DUH ORZHU WKDQ WKH PD[ DOORZHG ODGHQ ZHLJKWV SHU D[OH 7DEOH
)RXUWK VWHS SRVLWLRQ RI WKH DVVHPEO\ FHQWUH RI JUDYLW\ VHH VNHWFK SDJH ZLWK
3 NJ D P
P NJ E P
3$ NJ I P
3% NJ H P
[ 3$ >D [ 3@ E [ P
à ; =
3$ 3% 3 P
I [ 3 H [ P
à = =
3$ 3% 3 P
0 NJ 6%
F P )URQW W\UHV 5
G P 5HDU W\UHV 5
H P 6SHHG NPK
J P 3$ NJ
3% NJ
5HDU D[OH
1% 3% 5E
1% NJ
&KHFN
1% PXVW EH | [ 3$ 3% 0
| [
| NJ
)URQW D[OH
1$ 3$ 3% 0 1%
1$ NJ
&KHFN
1$ PXVW EH | 3$ 3% 0
| [
| NJ
à 1$ 1% NJ LV GHILQLWHO\ ORZHU WKDQ WKH WRWDO DOORZHG ODGHQ ZHLJKW RQ URDG
DERXW NJ 7DEOH
7KLUG VWHS SRVLWLRQ RI WKH DVVHPEO\ FHQWUH RI JUDYLW\ VHH VNHWFK SDJH
[ 3$ J [ 0
à ;
3$ 3% 0
; P
H [ 0
à =
3$ 3% 0
= P
0 NJ 6% ODUJH
K P )URQW W\UHV 5
/ P 5HDU W\UHV 5
I K P 6SHHG NPK
D / P P 3$ NJ
3 NJ 3% NJ
F P
G P
H F P
J G P
5E NJ
0 [ J >3 [ D @
à 5D
&KHFNV
1% PXVW EH | NJ
)RXUWK VWHS SRVLWLRQ RI WKH DVVHPEO\ FHQWUH RI JUDYLW\ VHH VNHWFK SDJH
I [ 3 H [ 0
à ==
3$ 3% 0 3
:LWK WKH DERYH GHVFULEHG ORDG WKH PDFKLQH FDQ ZRUN RQ KLOOV XS WR
RQ VORSHV XS WR
EHFDXVH WKH FHQWUH RI JUDYLW\ RI WKH 6% WUDFWRU IURQW DQG UHDU PRXQWHG HTXLSPHQWV
LV ORFDWHG LQVLGH =RQH
$ +\GUDXOLF VRXUFHV
<RXU WUDFWRU KDV WZR K\GUDXOLF FLUFXLWV WKH FKDU &RQQHF 6\PERO 2LO IORZ 4
DFWHULVWLFV RI ZKLFK DUH GHILQHG LQ WKH IROORZLQJ WLRQ UH RI FRUUH ZKHQ 3RZHU DYDLO
WDEOH VSRQGLQJ GLHVHO HQ DEOH DW PD[
VZLWFK JLQH LV RLO IORZ
UDWHG DW
530
N:
KS
OPLQ PD[ 3
EDU
$ N:
KS
PD[ 3
OPLQ EDU
N:
WR KS
OPLQ PD[ 3
EDU
%
N:
KS
WR PD[ 3
OPLQ EDU
$ 7KH IORZ UDWH % FDQ EH DGMXVWHG XS WR VHULHV
$ DQG
6WDUWLQJ IURP VHULHV $ DQG
%\ SUHVVXUH LI IRU H[DPSOH D WXUELQH LV RSHU
DWHG XVLQJ WKH SUHVVXUH OLPLWHU RSHUDWHG E\
WKH SXVK EXWWRQ RI XSSHU H[WUDFWRUV
3RZHU DYDLODEOH DW WKH RXWSXW RI WKH WUDFWRU
%\ WKH NQRE SODFHG RQ WKH GULOOHG EORFN IDV &DSDFLW\ FDOFXODWHG ZLWK IORZ UDWH RI IRU SXPS
WHQHG RQ WKH SXPS LV WKH GULYHQ ORDG KDV D $ DQG IRU SXPS %
YDULDEOH UHVLVWDQFH IRU H[DPSOH WKH EHOW RI D
PDQXUHVSUHDGHU 7KH K\GUDXOLF VRXUFHV UH $ DQG % DUH ILWWHG ZLWK
$ 7KH IORZ UDWH % FDQ EH DGMXVWHG VWDUWLQJ PDOH TXLFNILWWLQJ FRQQHFWRUV ZKLFK FDQ WDNH WKH
IURP VHULHV $ DQG DGGLWLRQDO IHPDOH FRQQHFWRUV
VLPSO\ E\ DFWLQJ RQ WKH (&8 RU RI
XSSHU H[WUDFWRUV $ )HPDOH KDOIFRXSOHU QR
127( ILUVW RI DOO DGMXVW WKH SUHVVXUH OLPLWHG RS % )HPDOH KDOIFRXSOHU QR
HUDWHG E\ WKH H[WUDFWRU SXVK EXWWRQ
DW D YDOXH KLJKHU E\ DERXW EDU WKHQ 7R XVH WKHVH K\GUDXOLF VRXUFHV DW JRRG FRQGLWLRQV
WKH VHUYLFH SUHVVXUH JHQHUDWHG E\ WKH LH DW WKH ORZHVW SUHVVXUH ERWK RI WKHP FDQ EH
GULYHQ ORDG WKH PD[ YDOXH LV EDU XVHG WRJHWKHU
EHIRUH DGMXVWLQJ WKH VSHHG WKURXJK WKH
NQRE WLJKWHQLQJ WKH IORZ UDWH LV UH
GXFHG
,03257$17 WKHVH SRZHU VXSSOLHV DUH SURWHFWHG E\ VDIHW\ YDOYHV WKDW PXVW RSHUDWH RQO\ RF
FDVLRQDOO\ RWKHUZLVH RLO WHPSHUDWXUH ZRXOG LQFUHDVH TXLFNO\ 7+86 :+(1 21(
2) 7+(6( 35(6685( 6833/,(6 ,61·7 86(' 7+( &255(6321',1* 386+
%87721 0867 %( ,1 326,7,21 µµ
4[S[.[.
3RZHU DYDLODEOH DW PRWRU RXWSXW VKDIW 3X
& ,QIRUPDWLRQ RQ DYDLODEOH DFFHVVRULHV
127( WKHVH IXQFWLRQV PXVW RQO\ EH XVHG WHP
3XPS FRQQHFWLRQ 3RZHU WDNH RII
SRUDULO\ VR WKDW D SULRULW\ ZLOO UHPDLQ IRU
N: &9
KLOO VLGH FRUUHFWLRQ DQG PDFKLQH OLIW
$%
,I WKH PXOWLSXUSRVH HTXLSPHQW FDQQRW WDNH D SUHV
VXUH RI EDU QHYHU UHGXFH LW RQ WKH SRZHU OLQH
8VH WKH OLPLWHUV ILWWHG EHWZHHQ WKH YDOYH DQG WKH
N: &9
PDQLIROG EORFN WR UHGXFH WKH SUHVVXUH RQ WKH RXW
N: &9 SXW OLQHV $ DQG %
%
9,,, (OHFWULFDO FDEOH KDUQHVV VXSSOLHG ZLWK WKH K\GUDXOLF GLVWULEXWLRQ DFFHVVRU\
6ZLWFKHV DYDLODEOH
2)) 2Q
:RUN OLJKW 21
21
9,,, (OHFWULF SRZHU VXSSO\ DYDLODEOH RQ WKH FRQQHFWRU ; SODFHG RQ WKH RSHUDWRU·V
VHDW
'(6&5,37,21
5HPRYH WKH IURQW ORFN SLQ IURP WKH KDUYHVW
LQJ KHDG
5HOHDVH WKH WZR WULDQJOHV KROGLQJ WKH FRQ
YH\RU VXSSRUWV WR WKH FKDVVLV
'HSHQGLQJ RQ VHULHV
,03257$17 ILUVW RI DOO GLVFRQQHFW WKH VXS
SOLHV DQG WKHQ WKH UHWXUQ
)RU WKH FRQQHFWLRQ VWDUW IURP WKH UHWXUQ
)URP VHULHV $
5HPRYH WKH SURWHFWLRQ FRYHU DQG GLVFRQQHFW
WKH KRVHV DQG IRU FRQWDLQHU
VZLQJLQJ ORFDWHG DW WKH EDFN RI WKH IURQW OHIW
OHJ 7KHVH FRXSOLQJV DUH ORFDWHG DW WKH UHDU
RI IURQW OHIW KDQG VLGH OHJ
6WDUW WKH WKHUPDO HQJLQH /RZHU WKH WUDFWRU VR DV WR GLVHQJDJH WKH IURQW DQG UHDU KRRNV RI WKH KDUYHVWLQJ
HTXLSPHQW 0RYH VORZO\ WKH WUDFWRU IRUZDUG
: 3URFHHG LQ UHYHUVH RUGHU RI WKH XQFRXSOLQJ : 5HFRQQHFW WKH TXLFNFRXSOLQJ K\GUDXOLF FRQ
RSHUDWLRQ QHFWLRQV DQG WKH HOHFWULF VRFNHWV ZLWK WKH GLH
: 7KH IRXU VWDQGV FDQ UHPDLQ ILWWHG LQ WKHLU UH VHO HQJLQH VZLWFKHG RII
FHSWDFOHV IL[HG LQ WKH ORZHVW KROH : )LQDOO\ FKHFN DOO WKH KDUYHVWHU IXQFWLRQV IRU
: 7KH QRULD GULYH PRWRU EUDFNHW FDQ UHPDLQ ILWWHG SURSHU RSHUDWLRQ
RQ WKH PDFKLQH
08/7,385326( (48,30(17
: 5HDU DUF ZLWK LWV RZQ VXSSRUWLQJ VWUXFWXUH DOO PDFKLQHV
7KLV DUF HQDEOHV WKH UHDU FRXSOLQJ RI WKH IUDPH DQG EHDUV WKH ZHLJKWV WR XVH WKH VHOISURSHOOHG PD
FKLQH ZLWK HTXLSPHQW DWWDFKHG LQ WKH IURQW
: (TXLSPHQW EHDULQJ IUDPH ZLWK LWV RZQ VWUXFWXUH DOO PDFKLQHV
: 3RZHU WDNHRII &9 USP QHZV DOO WKH PDFKLQHV
7KLV SRZHU WDNHRII &9 ZDV SUHYLRXVO\ $VVHPEO\ LQVWUXFWLRQV ZLWKRXW
UHGXFHU FRQWURO XQLW EXW ZLWK D PRWRU µ2UELWµ FP
7KLV SRZHU WDNHRII &9 ZDV SUHYLRXVO\ $VVHPEO\ LQVWUXFWLRQV ZLWK D
PRWRU µ2UELWµ FP
127(
127(
WKH ZKROH RI WKH IROORZLQJ NLWV LV QRW XVHG DQ\PRUH ZLWK QHZ HTXLSPHQW RQ WKH XQLWV VWDUWLQJ IURP WKH VHULHV
$ 7KH HTXLSPHQW PXVW EH HTXLSSHG ZLWK WKH UHOHYDQW GLVWULEXWRUV DQG FRQWUROV
0XOWLSXUSRVH GLVWULEXWRU IHHGLQJ VWDUWLQJ IURP VHULHV $
127( WR WUDQVIHU DQ HTXLSPHQW ZLWK WKHVH NLWV LW ZLOO EH QHFHVVDU\ WR PRGLI\ WKH KDUQHVV VHH QH[W SDJHV
6:,7&+ UH $ WR EH LQVWDOOHG XS WR VHULHV & DQG UHOD\ FDUG
,W RSHUDWHV DV IROORZV
:KHQ WKH KDUYHVWLQJ HTXLSPHQW LV VWDUWHG WKH UHOD\ UH LV SRZHUHG WKXV WKH VZLWFKHV UH DQG
IRU FRQWDLQHU VZLQJLQJ DUHQ·W SRZHUHG
7KH HOHFWULF GLVWULEXWRU UH LV IHG E\ WKH SXVK EXWWRQV UH DQG ZKHQ WKH KDUYHVWLQJ HTXLSPHQW LV
VWRSSHG
,Q PXOWLSXUSRVH SRVLWLRQ
:KHQ WKH H[WUDFWRUV DUH VWDUWHG WKH UHOD\ UH LVQ·W SRZHUHG WKXV WKH VZLWFKHV UH DQG IRU FRQ
WDLQHU VZLQJLQJ DUH IHG
,Q WKLV SRVLWLRQ WKH HOHFWULF GLVWULEXWRU UH LV DOZD\V SRZHUHG ZKHQ WKH H[WUDFWRUV DUH VWDUWHG 7KLV
IRUFHV WR FKDQJH WKH SRVLWLRQ RI WKLV VZLWFK ZKHQ WKH KDUYHVWLQJ HTXLSPHQW LV LQVWDOOHG DJDLQ
)RU WKH PDFKLQHV RI WKH QH[W VHULHV WKLV VZLWFK LV QR PRUH DYDLODEOH EXW WKH VZLWFKHV UH DQG DUHQ·W
SRZHUHG DQ\PRUH RQO\ ZKHQ VKDNLQJ LV RSHUDWLQJ WKH\ DUH IHG
F 'LVFRQQHFW (9
)RU WKH PDFKLQHV RI VHULHV IURP WR IURP WR DQG IURP WR
$0 FDUG WKLV VZLWFK LVQ·W DYDLODEOH QHYHUWKHOHVV WKH VZLWFKHV UH DQG DUH SRZHUHG ZKHQ
VKDNLQJ LV HQDEOHG
)RU WKH PDFKLQHV DIWHU VHULHV $ DQG $0 FDUG WKH VZLWFKHV DQG DUH
LQGHSHQGHQW DV WKH K\GUDXOLF FLUFXLW LV GLIIHUHQW
/3
127(6
& LV D SLHFH RI LQIRUPDWLRQ FRPLQJ IURP WKH µ%(57+28'µ FRQWURO XQLW GULYLQJ WKH HOHFWULF GLVWULEXWRU
UH IRU WKH K\GUDXOLF VXSSO\ RI UDPS FRQWURO YDOYHV
) LV D VXSSO\ WKDW LV H[FOXGHG E\ WKH UHOD\ $ 7KH µ%(57+28'µ FRQWURO XQLW XVHV LW WR GULYH WKH
UDPSV ,W JLYHV SULRULW\ WR WKH PDFKLQH OLIWLQJVORSLQJ FRQWURO
) LW GLVSOD\V WKH SRZHU WDNH RII VSHHG LQVWHDG RI WKH VKDNLQJ IUHTXHQF\
127( IRU WKH PDFKLQHV HTXLSSHG ZLWK WKH QHZ PDLQ ERDUG D FDEOH & LV DYDLODEOH LQ WKH FRQ
WURO XQLW
127(
IRU WKH FRQQHFWLRQ WR WKH FDUGV $0 DQG DQG FRPSXOVRULO\ LI WKH UDPS DXWRPDWLF OLIWLQJ LV LQVWDOOHG WKH
UHOD\ $ VKRXOGQ·W EH FRQQHFWHG DQG WKXV
FRQQHFW ) RQ 0
FRQQHFW & LQ -3
) LV QRW XVHG
&$87,21 FDUG $0
IRU WKH PDFKLQHV ZLWK FDUG $0 KDYLQJ D PXOWLSXUSRVH FRQQHFWRU LQ WKH WKH FDE OLQN WKH FRQ
QHFWRU RI WKH µ·%(57+28'µ FRQWURO XQLW DV UHTXLUHG
127(
VWDUWLQJ IURP WKLV NLW PXVW QRW EH XVHG DQ\PRUH DV WKH ´%LQJHUµ PDFKLQHV DUH VXSSOLHG ZLWK WKHLU RZQ
FRQWUROV DQG GLVWULEXWRUV
$ &RQQHFWLRQ IRU D VSHHG SUREH 7KH VSHHG LV GLVSOD\HG LQVWHDG RI WKH VKDNLQJ IUHTXHQF\
% &XWWLQJ UROOHU UHPRYDO VROHQRLG YDOYH ,W LV LQVWDOOHG RQ WKH SUHFXWWHU ,W LV GULYHQ E\ WKH SXVK EXWWRQ
UH IRU VKDNLQJ IUHTXHQF\ FKDQJH LQVWDOOHG RQ WKH LQFKLQJ OHYHU IRU D WHPSRUDU\ UHPRYDO RU E\
WKH DGGLWLRQDO SXVK EXWWRQ UH RQ WKH FRQWURO SDQHO IRU D SHUPDQHQW UHPRYDO
& 3UHFXWWHU OLIWLQJ VROHQRLG YDOYH LQVWDOOHG RQ WKH OLIWLQJVORSLQJ EORFN ,W LV GULYHQ E\ WKH SXVK EXWWRQ
UH IRU OHIW FRQWDLQHU FRQWURO
127(6
: $GMXVW WKH FOHDQLQJ SXPS SUHVVXUH WR WKH KLJKHVW YDOXH WKH SUHFXWWHU VSHHG LV DGMXVWHG E\ WKH PDQ
XDOO\RSHUDWHG FDSDFLW\ OLPLWHU VHH K\GUDXOLF V\VWHP
: 7R RSHUDWH WKH VZLWFK 5H VHH WKH GHWDLOV RQ WKH SUHYLRXV SDJHV
127( WKLV NLW LV QR PRUH DYDLODEOH VWDUWLQJ IURP DV µ%,1*(5µ VXSSOLHV WKH LQVWDOODWLRQV ZLWK GLVWULEXWRU
DQG FRQWURO NQRE
WKH HOHFWULF OLQHV XVHG WR RSHUDWH WKH VROHQRLG YDOYHV DUH OLPLWHG DW $
127(
IRU WKH VXSSO\ RI WKH WKUHH HOHFWULF FRFNV VZLWFKHV 5H FDQ EH DGGHG LQ WKH WKUHH IUHH SRVL
WLRQV RI WKH SDQHO 7KH\ ZLOO EH PDUNHG E\ $ % DQG & LQ WKH QHZ PXOWLSXUSRVH ER[ 7KH ZLUH 5H
PXVW EH FRQQHFWHG WR WKH ZLUH 5H RQ WKH WHUPLQDO RI WKH VWDUWLQJ VZLWFK 5H ,W LV SUR
WHFWHG E\ WKH IXVH WR EH LQVWDOOHG RQ WKH VRXQG DODUP VXSSRUW IXVHKROGHU VHH UHOHYDQW ZLULQJ GLD
JUDP
127(
7R NHHS VKDNLQJ SXPS LQGHSHQGHQW WKLV ZLOO KDYH WR EH FRQWUROOHG E\ WKH QRULD EXWWRQ 5H LQ
ZDVKLQJ SRVLWLRQ DQG WKH LQKLELWLRQ RI '3, 5H RQ WKH GHDG SRLQW PXVW EH FXW RII LQ RUGHU WR
DFKLHYH WKH IROORZLQJ
DGG D VKXQW ; EHWZHHQ ZLUH 5H DQG WKH IUHH WHUPLQDO RI VZLWFK 5H WKLV RSHUDWLRQ LV
QRW QHFHVVDU\ DQ\PRUH VWDUWLQJ IURP WKH VHULHV $
3XW 3 LQ SRVLWLRQ WR WKLV DLP D VZLWFK LV SODFHG LQ WKLV SRVLWLRQ VWDUWLQJ IURP PDFKLQH
$ %
5HPRYH WKH IXVH ) RI WKH QRULD ZDVKLQJ VROHQRLG YDOYH VR WKDW LW LVQ·W IHG
127(
)RU WKHVH HOHFWULF FRQQHFWLRQV VHH LQVWUXFWLRQV 1R DQG
7R KDYH WKHVH HOHFWULF FRQQHFWLRQV ZRUNLQJ SURSHUO\ DOO VZLWFKHV PDUNHG ZLWK 6: PXVW EH VORSHG
WR WKH PDFKLQH IURQW DSDUW IURP 6: WKDW FDQ EH OHIW VWUDLJKW 7KHVH ZLOO HQDEOH DOO VZLWFKHV WR
FRQWURO WKH E\SDVV 5H IRU OLIWLQJ DQG VORSLQJ
1RWH
WKH 6: VKRXOG EH ULJKW XS WR VHULHV & DQG
,1)250$7,21
VWDUWLQJ IURP WKH VHULHV $ ² DQG WKLV NLW LV QRW XVHG DQ\PRUH DV WKH PXOWLSXUSRVH
GHYLFHV PXVW KDYH WKHLU RZQ FRQWUROV
),*
6,*1$/
6833/<
*5281'
: 7KH HOHFWULF FRQWURO XQLW LQ WKH NLW FDQ EH FRQQHFWHG ZLWK WKH WUDFWRU
: 7KH WZR VZLWFKHV 5H DQG IRU FRQWDLQHU VZLQJLQJ FDQ EH GLUHFWO\ XVHG
: 7KH VZLWFKHV 5H $ DQG & FDQ EH XVHG RQO\ LI WKHUH LV D FRQQHFWLRQ ZLWK WKH OLIWLQJ E\
SDVV 5H
FRQQHFW WKH RXWSXWV RI WKH VZLWFK E\ WKH GLRGHV RQ WKH FDEOH PDUNHG
7KLV HQDEOHV WR DFWLYDWH WKH VROHQRLG YDOYH SDVVLQJ WKURXJK ;* DQG WKHQ -3
7KH GUDZLQJ VKRZV DQ H[DPSOH ZLWK VZLWFK UH
0DNH WKH VDPH FRQQHFWLRQ IRU HDFK QHFHVVDU\ VZLWFK
&RQQHFW WKH FDEOH 5H ) RI WKH KDUQHVV -3 IUHH LQ WKH FDELQHW RQ WKH PDLQ HOHFWULF FDUG LQ -3
),*
),*
7KH FPUHY PRWRU LV IHG RQO\ E\ RQH H[WUDFWRU SXPS 5H 7KH UHWXUQ WR WKLV PRWRU FRPHV WKURXJK
WKH WDQN YLD GXFW 5H
VORZ UDGLDO SLVWRQ PRWRU ´6$,µ
ZLWKRXW FRROHU
127(
WKLV SRZHU WDNHRII &9 ZDV SUHYLRXVO\ 7KH VFKHPH LV WKH VDPH EXW ZLWK D PRWRU µ2UELWµ
FPUHY
6HW WKH FRQQHFWLRQ EHWZHHQ WKH ILWWLQJ 5H RI WKH VKDNLQJ SXPS DQG WKH EORFN 5H RI WKH H[WUDFWRU
SXPS 7KH FPUHY HQJLQH LV VXSSOLHG E\ WKH WZRSXPSDVV\ 7KH UHWXUQ WR WKLV HQJLQH FRPHV RQ WKH
WDQN WKURXJK D GXFW 5H
$ 1HZVXSSO\ YDOYH
% 7KHUPDO FRQWDFW IRU VWDUWLQJ WKH IDQ DW &
& &RROHU
&$87,21
%HIRUH RSHUDWLQJ WKLV SRZHU WDNHRII DQG EHIRUH SUHVVLQJ WKH EXWWRQ 5H DOZD\V VHW WKH WKHUPDO
HQJLQH WR WKH PLQ WKHQ DIWHU VHFRQGV SUHVV WKH EXWWRQ 5H RI WKH LQFKLQJ OHYHU
1HZV 3RZHU WDNH RII &9 XS WR WKH VHULHV $ ² ² USP ZLWK FRQWURO
XQLW 5H
7KLV K\GUDXOLF PRWRU LV IHG E\ WKH VKDNLQJ DQG FOHDQLQJ SXPSV 7KH FRQQHFWLRQ RI WKH WZR FLUFXLWV LV PDGH
RXWVLGH WKH K\GUDXOLF EORFNV
7KLV PRWRU ZLWK D[LDO SLVWRQV E\ FPUHY RSHUDWHV D GHPXOWLSOLHU FRQWURO XQLW ZLWK UDWLR
7KH RXWSXW VKDIW µ URWDWHV DW USP
$ QHZVXSSO\ YDOYH
% WKHUPDO FRQWDFW IRU IDQ HQDEOLQJ DW &
& FRROHU
' ERRVWLQJ SUHVVXUH IHHGLQJ ZLWK FDSDFLW\ OLPLWHU DW PP
ILOOLQJ IDVW FRXSOLQJ IRU WKH K\GUDXOLF WDQN
( IDVW ILWWLQJ WR EH FRQQHFWHG WR DQ DYDLODEOH UHWXUQ WKDW GRHVQ·W SDVV WURXJK WKH ILOWHU
6DPH GLDJUDP EXW ZLWKRXW FRQWURO XQLW JUHDVLQJ DQG K\GUDXOLF PRWRU E\ FPUHY ZLWK VPRRWK VKDIW GLD
WR EH LQVWDOOHG GLUHFWO\ RQ WKH VXSHU $,5)/2: µ%(57+28'µ FHOO
1RWHV GXULQJ DVVHPEO\ ILOO WKH PRWRU VXPS E\ WKH GUDLQ EHIRUH HQDEOLQJ
$WWHQWLRQ
%HIRUH HQDEOLQJ WKHVH 372V DOZD\ SODFH WKH WKHUPDO HQJLQH DW LGOLQJ VSHHG EHIRUH SUHVVLQJ WKH SXVK EXWWRQ
UH WKHQ DIWHU VHFRQGV WKH SXVK EXWWRQ UH RI WKH LQFKLQJ OHYHU
D SXW WKH OLPLWHU 5H DW WKH KLJKHVW YDOXH WKURXJK WKH SXVK EXWWRQ 5H RI H[WUDFWRU DGMXVWPHQW RU
EDU EHORZ WKH ZRUNLQJ SUHVVXUH
E $GMXVW WKH FDSDFLW\ RI WKH SXPS 5H PRGLI\LQJ WKH FDSDFLW\ RI WKH OLPLWHU 5H WKURXJK WKH NQRE
WLJKWHQLQJ LW IORZ UDWH LV UHGXFHG
,QFUHDVH WKH VSHHG RI WKH SRZHUWDNHRII PRWRU XS WR USP WKURXJK WKH SXVK EXWWRQ 5H RI XSSHU
H[WUDFWRU DGMXVWPHQW OLPLWHU 5H 7KH SXPS RSHUDWHV DW WKH UHTXLUHG SUHVVXUH WR GULYH WKH SRZHUWDNH
RII
6WDUWLQJ IURP VHULHV $ ² ² ² 3RZHU WDNHRII &9 ² USP ZLWK FRQWURO XQLW
5H
7KLV PRWRU ZLWK D[LDO SLVWRQV E\ FPUHY RSHUDWHV D GHPXOWLSOLHU FRQWURO XQLW ZLWK UDWLR
7KH RXWSXW VKDIW µ URWDWHV DW USP
$ QHZVXSSO\ YDOYH
' ERRVWLQJ SUHVVXUH IHHGLQJ ZLWK FDSDFLW\ OLPLWHU DW PP
( IDVW ILWWLQJ WR EH FRQQHFWHG WR D UHWXUQ WKDW GRHVQ·W SDVV WKURXJK WKH ILOWHU
6DPH GLDJUDP EXW ZLWKRXW FRQWURO XQLW JUHDVLQJ DQG K\GUDXOLF PRWRU E\ FPUHY ZLWK VPRRWK VKDIW GLD
WR EH LQVWDOOHG GLUHFWO\ RQ WKH VXSHU $,5)/2: µ%(57+28'µ FHOO
1RWHV GXULQJ DVVHPEO\ ILOO WKH VXPS E\ WKH GUDLQ EHIRUH HQDEOLQJ
&DXWLRQ
%HIRUH DFWLYDWLQJ WKHVH SRZHU WDNHRIIV DQG EHIRUH SUHVVLQJ WKH EXWWRQ 5H DOZD\V VHW WKH WKHU
PDO HQJLQH WR WKH PLQ WKH EXWWRQ 5H HQDEOHV WR RSHQ WKH VROHQRLG YDOYH 5H
,QFUHDVH WKH VSHHG RI WKH SRZHUWDNHRII PRWRU XS WR USP WKURXJK WKH SXVK EXWWRQ 5H RI XSSHU
H[WUDFWRU DGMXVWPHQW 7KH PRWRU 5H DGMXVWV WKH FDSDFLW\ OLPLWHU 5H 7KH SXPS RSHUDWHV DW WKH UH
TXLUHG SUHVVXUH DQG GHOLYHU\ WR GULYH WKH SRZHUWDNHRII
6WDUWLQJ IURP VHULHV $ ² 3RZHU WDNH RII &9 USP ZLWK (&8 UH
,QQRYDWLRQ
7KLV PRWRU ZLWK D[LDO SLVWRQV FPUHY RSHUDWHV D GHPXOWLSO\LQJ (&8 ZLWK UDWLR 7KH RXWSXW VKDIW
µ URWDWHV DW USP
$ QHZVXSSO\ YDOYH
% IDQ RSHUDWLRQ WKHUPDO FRQWDFW &
& RLO FRROHU
' SULPLQJ SUHVVXUH VXSSO\ ZLWK FDSDFLW\ OLPLWHU DW PP
( IDVW FRXSOLQJ WR EH OLQNHG WR D UHWXUQ WKDW GRHVQ·W SDVV WKURXJK WKH ILOWHU
1RWH GXULQJ DVVHPEO\ ILOO WKH PRWRU VXPS ZLWK WKH GUDLQ EHIRUH HQDEOLQJ
&DXWLRQ
%HIRUH HQDEOLQJ WKHVH 372V SXW WKH WKHUPDO HQJLQH DW WKH PLQ VSHHG EHIRUH SUHVVLQJ WKH NH\ UH
WKDW RSHQV WKH VROHQRLG YDOYH 5H
,QFUHDVH WKH 372 HQJLQH VSHHG XS WR USP WKURXJK WKH NH\ 5H IRU XSSHU H[WUDFWRU DGMXVWPHQW 7KH
HOHFWULF PRWRU 5H DGMXVWV WKH SUHVVXUH OLPLWHU 5H 7KXV WKH SXPS ZRUNV DW WKH UHTXLUHG SUHVVXUH
DQG FDSDFLW\ WR RSHUDWH WKH 372
127( WKH DGMXVWPHQW E\ SUHVVXUH LV VWDQGDUG ILWWHG IURP QXPEHUV DQG
5($5/()7 )5217/()7
)52175,*+7
5($55,*+7
, $X[LOLDU\ GLVWULEXWRUV .LW 5H DQG RU XS WR WKH VHULHV
$ ²
7ZR GLVWULEXWRUV DUH PRXQWHG RQ D GULOOHG EORFN 7KH EORFN LV VXSSOLHG WKURXJK 3 E\ WKH OLIWLQJ DQG VWHHULQJ
SXPS WKH UHWXUQ FRPHV WKURXJK 7 RQ WKH WDQN E\ PHDQV RI RQH RI WKH IDVW FRXSOLQJ MRLQWV 5H 7ZR
PRUH RXWOHWV 3 DQG 7 DUH FORVHG DQG DUH XVHG WR FRQQHFW D VHFRQG EORFN
7KH VXSSO\ FRQQHFWLRQ FDQ EH PDGH ERWK EHWZHHQ WKH 2UELWURO DQG WKH OLIWLQJ EORFN DQG ZLWK WKH VXSSO\ RI WKH
+3 EORFN DW WKH OHYHO RI WKH 5H 4
$ GLVWULEXWRU DVVHPEO\ FDQ EH FRQWUROOHG E\ WKH VZLWFKHG LQVWDOOHG LQ WKH FDE 2XWOHWV $ DQG % ZLOO EH FRQ
QHFWHG RQ WKH F\OLQGHUV RI WKH PXOWLSXUSRVH HTXLSPHQW
127(
7KH PXOWLSXUSRVH F\OLQGHUV DUH VXSSOLHG XQGHU D PD[ SUHVVXUH RI EDU ,I WKHVH F\OLQGHUV FDQQRW VXS
SRUW WKLV SUHVVXUH VRPH OLPLWHUV RQ FRQQHFWLRQV $ DQG % PXVW EH DSSOLHG WRZDUGV 7 7KHVH OLPLWHUV FDQ EH
LQVWDOOHG DPRQJ WKH GLVWULEXWRUV DQG WKH GULOOHG EORFN DVVHPEO\ &(723
$ SUHVVXUH UHGXFHU FDQ EH LQVWDOOHG DV ZHOO LQ WKH SRLQW S $ SUHVVXUH UHGXFHU FDQ DOVR EH ILW EHWZHHQ D
GLVWULEXWRU DQG WKH GULOOHG EORFN WR SURWHFW D VLQJOH GLVWULEXWRU
$77(17,21
1HYHU OLPLW SUHVVXUH LQ 3 DX[LOLDU\ GLVWULEXWRU VXSSO\ DV LQ WKLV FDVH WKH OLIWLQJ DQG VORSLQJ SUHVVXUH RI WKH
PDFKLQH ZLOO EH UHGXFHG WR WKH VDPH YDOXH ZKLFK LV QRW HQRXJK WR HQVXUH D VWDQGDUG RSHUDWLRQ
([DPSOHV
3UHVVXUH UHGXFHU
5H 9LFNHUV '*0; 3 3 & : %
7KLV UHGXFHU LV DVVHPEOHG EHWZHHQ WKH HOHFWULF GLVWULEXWRU DQG WKH GULOOHG EORFN LW UHGXFHV WKH SUHVVXUH RQO\
DW WKH RXWOHW RI WKLV HOHFWULF GLVWULEXWRU EXW WKH FLUFXLW UHPDLQV DW WKH VWDQGDUG FDOLEUDWLRQ RI EDU
,, 6WDUWLQJ IURP WKH VHULHV $ ² DQG WKHVH GLVWULEXWRU NLWV DUH QRW XVHG
DQ\PRUH
7KH PXOWLSXUSRVH HTXLSPHQW PXVW KDYH WKHLU GLVWULEXWRUV ZLWK E\SDVV DQG SUHVVXUH OLPLWHU DQG ZLOO EH VXS
SOLHG E\ WKH VKDNLQJ SXPS
0$,17(1$1&(
:KHQ ZDVKLQJ WKH PDFKLQH WKH WKHUPDO HQJLQH PXVW EH VWLOO EXW QRULDV H[WUDFWRUV DQG FRQYH\RUV PXVW EH
RSHUDWLQJ LQ RUGHU WR HQVXUH D JRRG FOHDQLQJ RI WKRVH SDUWV ZKHQ WKH PDFKLQH LV RQ WKH ZDVKLQJ SODFH 7KLV
LV DQ H[FHSWLRQDO SURFHGXUH LQ GHURJDWLRQ WR WKH JHQHUDO VDIHW\ SUHFDXWLRQV JLYHQ LQ WKH SUHVHQW
KDQGERRN
7KLV LV WKH UHDVRQ ZK\ ZDVKLQJ WKH PDFKLQH UHTXLUHV WKH KLJKHVW FDXWLRQ DQG FDUH
: ZDVKLQJ PXVW EH FDUULHG E\ RQO\ RQH RSHUDWRU ZKR LV DOVR H[SHULHQFHG LQ GULYLQJ WKLV NLQG RI PDFKLQHV
: WKH PDFKLQH PXVW EH SODFHG LQ D IL[HG SODFH RQ WKH ZDVKLQJ DUHD ZKLFK VKRXOG EH FRQFUHWH SDYHG
HYHQ DQG ZHOO OHYHOOHG VL]H DW OHDVW [ P DQG ZLWK ZDWHU IORZLQJ FKDQQHO WR DOORZ WKH RSHUDWRU WR ZRUN
DFFRUGLQJ WR VDIHW\ SUHFDXWLRQV IRU KLPVHOI DQG UHVSHFWLQJ WKH HFRORJLFDO QRUPV WR SURWHFW WKH HQYLURQ
PHQW
: D IOH[LEOH OLQH ZLWK GLDPHWHU PP DQG ORQJ HQRXJK WR DOORZ WKH RSHUDWRU FOHDQ WKH PDFKLQH DOO DURXQG
: D ZDWHU WDS ZLWK HQRXJK GHOLYHU\ WR JHW D PHWHU ZDWHU MHW UDQJH RU D ZDWHU UHVHUYRLU ZLWK SRZHUIXO SXPS
WR JHW D RU P ZDWHU UHVHUYH
: D OLQH QR]]OH WR ILW RQ WKH OLQH WR MHW ZDWHU WR D PHWHU GLVWDQFH DW OHDVW
1RWH ZH VWURQJO\ UHFRPPHQG QRW WR XVH D KLJK SUHVVXUH ZDWHU FOHDQHU ZLWK WRR SRZHUIXO ZDWHU MHW
*HW RII IURP WKH GULYHU·V VHDW DQG HQWHU XQGHU WKH KDUYHVWHU GURS WKH KDUYHVWLQJ UHVLGXHV OHIW DURXQG WKH
VKDNLQJ SODWHV DQG WKH UHDU IUDPH LQWR WKH EXFNHWV
*R DURXQG WKH PDFKLQH DQG IURP WKH ERWWRP WR WKH WRS UHPRYH DOO GLUW UHVLGXHV DQG LPSXULWLHV FORJJHG
DQG DFFXPXODWHG LQ DQ\ SDUW RI WKH PDFKLQH
*HW RQ WKH GULYHU·V VHDW DJDLQ VWDUW WKH WKHUPDO HQJLQH WKH QRULDV H[WUDFWRUV DQG FRQYH\RUV ,Q ZDVKLQJ
SRVLWLRQ OHW WKHP UXQ IRU DW OHDVW VHFRQGV DQG WKHQ GLVFKDUJH WKH FRQWDLQHUV
*HWWLQJ RQ WKH ZDVKLQJ DUHD ORZHU WKH PDFKLQH GRZQ WR FP IURP WKH JURXQG DQG WLOW FRQWDLQHUV FRPSOHWH
O\ XS 0DNH VXUH WKH LQFKLQJ OHYHU LV ZHOO ILWWHG LQ QHXWUDO SRVLWLRQ HQJDJH WKH SDUNLQJ EUDNH DQG VWRS WKH
WKHUPDO HQJLQH *HW RII IURP WKH GULYHU·V VHDW DQG LQVHUW WKH FRQWDLQHU VDIHW\ VWRSV
3XW WKH ODGGHU EHKLQG WKH PDFKLQH WR JHW WR WKH WRS SDUW RI WKH UHDU DUFK IURP WKHUH GURS DOO VDUPHQWV
VWXFN RU VTXHH]HG DURXQG WKH SODVWLF FDVH DOVR KHOSLQJ \RXUVHOI ZLWK WKH KRRN DQG UHPRYH WKHP DOO IURP
DQ\ SDUW
3XW WKH ODGGHU RQ WKH WXEXODU IUDPH VXSSRUWLQJ WKH VLGH SODWHV WR GHWDFK WKH KROGLQJ HODVWLFV DQG UHPRYH
DOO UHVLGXHV VWXFN EHKLQG WKH VLGH SODWHV
0DNH VXUH WKH XSSHU SDUW RI WKH SODWHV FDQ EH HDVLO\ IROGHG DJDLQVW WKH ERWWRP SDUW WR DYRLG FRQ
WDLQHUV JHW HQWDQJOHG ZLWK WKH SODWHV GXULQJ WLOWLQJ
&DUU\ RXW WKLV RSHUDWLRQ RQ ERWK VLGHV RI WKH PDFKLQH
'HWDFK WKH UHDU SODWH KROGLQJ HODVWLFV DQG UHPRYH WKH PDWHULDO DQG UHVLGXHV VWXFN EHKLQG WKH SODWHV
5HPRYH WKH SODVWLF SOXJV ZKLFK PD\ FORJ WKH ERWWRP UHDU SDUW RI WKH QRULDV
*HW RQ WKH GULYHU·V VHDW DJDLQ VWDUW WKH WKHUPDO HQJLQH WR WKH PLQ VSHHG ORZHU WKH FRQWDLQHUV DQG SXW
H[WUDFWRUV FRQYH\RUV DQG QRULDV LQ ZDVKLQJ SRVLWLRQV
/HDYH WKH GULYHU·V SODFH EXW OHW WKH FLWHG RUJDQV URWDWLQJ
2SHQ ZDWHU WDS WDNH WKH OLQH ZLWKRXW WKH QR]]OH DQG JHW RQ WKH KDUYHVWLQJ KHDGHU SODWIRUP EHKLQG WKH
GULYHU·V VHDW )URP WKLV SRLQW VWDUW KRVLQJ ZDWHU DOO DURXQG ZDVKLQJ WKH PDFKLQH WRS SDUW WKH FRQYH\RUV
WKH FRQWDLQHU DXJHUV WKH QRULDV HWF IRU DW OHDVW PLQXWHV
*HW GRZQ IURP WKH PDFKLQH DQG KRVH LW DJDLQ VWDUWLQJ IURP WKH ERWWRP WKH KDUYHVWLQJ WXQQHO DQG WR ZDVK
DOO IROORZLQJ SDUWV
: SODWHV VKDNLQJ IUDPH VKDNHUV
: SRXU ZDWHU LQWR WKH OHIW DQG ULJKW IURQW JURRYHV WKURXJK WKH VXLWDEOH RSHQLQJV
*R EHKLQG WKH PDFKLQH DQG RSHQ WKH LQFKHG GRRUV WR ZDVK WKH UHDU WXQQHO RI WKH KDUYHVWHU DV IROORZV
: VKDNLQJ IUDPH DQG HVSHFLDOO\ RQ VKDNHUV OLQN URGV
: FDQYDV DQG ORZHU KROGLQJ SODWHV
/HW ZDWHU IORZ LQVLGH WKH VLGH RSHQLQJV RI WKH FRQYH\RU FRQWDLQHUV
/HW DV PXFK ZDWHU DV SRVVLEOH JR LQWR WKH ORZHU H[WUDFWRU FDSV EXW DOZD\V NHHS IDU IURP WKH VDUPHQW
FKRSSHUV
'$1*(5
7KH H[WUDFWRU URWRUV DUH HTXLSSHG ZLWK NQLYHV WR FKRS VDUPHQWV 1HYHU WU\ WR LQVHUW WKH OLQH RU WKH
QR]]OH ZLWKLQ WKH URWRUV ZKHQ WKH WKHUPDO HQJLQH LV UXQQLQJ
:DVK WKH RXWHU SDUW RI WKH PDFKLQH FOHDQLQJ WKH LQVLGH RI WKH UHDU GHIOHFWRUV ZHOO /HW ZDWHU IORZ LQVLGH
WKH UHDU OHIW DQG ULJKW JURRYHV WKURXJK WKH RSHQLQJV DYDLODEOH
&ORVH WKH ZDWHU DQG JHW RQ WKH GULYHU·V VHDW OLIW WKH ULJKW FRQWDLQHU E\ D FP WR FRYHU WKH H[WUDFWRU LQ
WDNH FDS
3XW OHIW FRQWDLQHU LQ WKH VDPH SRVLWLRQ
,QFUHDVH WKHUPDO HQJLQH VSHHG WR WKH PD[LPXP
*HW RII WKH GULYHU·V VHDW WDNH WKH ZDWHU KRVH DJDLQ DQG JHW RQ WKH KDUYHVWLQJ KHDGHU WR ZDVK LQVLGH WKH
H[WUDFWRUV ILOO WKHP ZLWK ZDWHU RQH DIWHU WKH RWKHU HYHU\ VHYHQ VHFRQGV
*HW RII IURP WKH KDUYHVWHU SODWIRUP FORVH WKH ZDWHU MHW DQG JHW RQ WR WKH GULYHU·V VHDW WR VWRS WKH KDUYHVW
LQJ SDUWV H[WUDFWRUV FRQYH\RUV QRULDV HWF
2SWLRQDO RSHUDWLRQ
1RZ \RX FDQ FKHFN WKH FOHDQOLQHVV E\ RSHQLQJ WKH VXLWDEOH KROHV WKH GLVFKDUJH RXWOHWV RI WKH H[WUDF
WRUV ILUVW PDNH VXUH WKH VDUPHQWFKRSSHUV DUH FRPSOHWHO\ VWLOO
2SHUDWH WKH PDFKLQH WR HPSW\ WKH FRQWDLQHUV DQG JR RQ WKH ZDVKLQJ DUHD DJDLQ
/LIW WKH PDFKLQH WR KDOI KHLJKW WLOW WKH FRQWDLQHUV WR PD[LPXP SRVLWLRQ VWRS WKH WKHUPDO HQJLQH DQG HQ
JDJH WKH SDUNLQJ EUDNH
*HW RII WKH GULYHU·V VHDW ILW WKH QR]]OH LQ WKH ZDWHU KRVH DQG RSHQ WKH ZDWHU MHW 2Q HDFK VLGH RI WKH PD
FKLQH GLUHFW WKH ZDWHU MHW RQ HDFK FRQYH\RU DQG RQ WKH ZKROH DUHD WR FOHDQ HVSHFLDOO\ RQ WKH VLGH RSHQ
LQJV RI FRQWDLQHU FRQYH\RUV FDQYDV HWF
*HW RQ WKH GULYHU·V VHDW DQG VWDUW WKH WKHUPDO HQJLQH /HW LW UXQ VORZO\ /RZHU WKH PDFKLQH ZLWK OLIWHG FRQ
WDLQHUV RSHUDWH WKH H[WUDFWRUV WKH FRQYH\RUV WKH VKDNLQJ DQG WKH QRULDV WR SXW WKHP LQ ZDVKLQJ SRVL
WLRQ /HW WKH PDFKLQH UXQ LGOH IRU RU PLQXWHV XQWLO LW LV IXOO RI ZDWHU
$IWHU WKH ZDVKLQJ WKH PDFKLQH LV UHDG\ IRU WKH GDLO\ JUHDVLQJ
1RWH DIWHU JUHDVLQJ WKH PDFKLQH UHVWRUH DOO RSHQLQJV FDQYDV HWF DQG DOO SDUWV ZKLFK KDYH EHHQ RSHQHG
GXULQJ ZDVKLQJ
+$59(67,1* +($'(5
6KDNLQJ IURQW SODWH [
6KDNLQJ FRQWURO OLQN URGV [
8QGHU OHIW FRQYH\RU
FRQYH\RU EHOW EHDULQJV
VKDNLQJ VKDIW EHDULQJ
QRULD VKDIW EHDULQJ
8QGHU WKH ULJKW FRQYH\RU
FRQYH\RU EHOW EHDULQJV
VKDNLQJ VKDIW EHDULQJ
/RZHU VWDON FKRSSHU [
&RQWDLQHU WLOWLQJ F\OLQGHU [
7RWDO
JUHDVHUV HDFK PDFKLQH SOXV HDFK LQVWDOOHG VKDNHU
,03257$17 5(0$5.
WR HQVXUH WKH LQFOLQRPHWHU UKHRVWDW UHOLDELOLW\ JUHDVH DW OHDVW RQFH D \HDU RU HYHU\ KRXUV WKH WUDFN
DQG WKH DUWLFXODWLRQ RI WKH UKHRVWDW XVLQJ D VSHFLDO SURGXFW IRU OLQHDU VOLGLQJ FRQWDFWV 5H
, 5HSODFLQJ WKH K\GURVWDWLF FLUFXLW LQWDNH ILOWHU FDUWULGJH DQG WKH K\GUDXOLF FLUFXLW UHWXUQ ILOWHU FDUWULGJH
(PSW\ WKH V\VWHP HYHU\ KRXUV RU DW OHDVW HYHU\ WZR VHDVRQV
D )LOO RLO UHVHUYRLU FRPSOHWHO\ ZLWK WKH UHFRPPHQGHG RLO DW WKH HQG RI WKH VHDVRQ WR DYRLG FRQGHQVH WR IRUP
GXULQJ WKH VWLOO SHULRG
2LO PXVW EH ILOOHG LQWR WKH UHVHUYRLU E\ PHDQV RI D SXPS DQG WKURXJK TXLFN UHWXUQ FRXSOLQJ DV WKLV KHOSV
ILOWHULQJ RLO RU WKURXJK WKH VXLWDEOH ILWWLQJ VWDUWLQJ IURP VHULHV
6% VHULHV
6% VHULHV
6% VHULHV
E EHIRUH VWDUWLQJ IROORZLQJ VHDVRQ HPSW\ SDUWLDOO\ WKH UHVHUYRLU EHIRUH VWDUWLQJ WKH WKHUPDO HQJLQH LQ RUGHU
WR DVVXUH D JRRG VHGLPHQWDWLRQ RI WKH IOXLG
,,, 5HFRPPHQGHG RLO 2/,2 ),$7 ,GUDXOLFDU +9, RU 1(: +2//$1' +<'526<67(0 +9
&$87,21
ZKHQ WRSSLQJ RLO XS XVH WKH VDPH W\SH ZKLFK LV DOUHDG\ LQ WKH UHVHUYRLU IURP WKH ILUVW ILOOLQJ
:KHQ GLVFKDUJLQJ RLO ZRUN ZLWK JUHDW FDUH DQG FOHDQOLQHVV &OHDQ WKH GLVFKDUJH RXWOHWV ZLWK DQ DLU MHW RU D
FOHDQ EUXVK DQG ZLWK SHWURO 'R WKH VDPH ZLWK ILOOHUV UHPRYH WKHP EHIRUHKDQG VR WKDW QR LPSXULW\ FDQ JHW
LQWR WKH V\VWHP
5HPRYH WKH GLVFKDUJH QXW XQGHU WKH UHVHUYRLU (PSW\ WKH UHVHUYRLU RQO\
'XULQJ GLVFKDUJH RSHUDWLRQV UHSODFH WKH FDUWULGJHV RI WKH LQWDNH DQG UHWXUQ ILOWHUV
,03257$17
7KHQ LI DOVR WKH SXPS LV UHSODFHG ILOO WKH GUDLQLQJ SLSH RI WKH SXPS XQWLO RLO FRPHV RXW IURP WKH EOHHGLQJ
YDOYH KROH WKLV YDOYH PXVW EH UHPRYHG 7KHQ SURFHHG DV IRU WKH ILOWHU UHPRYDO
%HIRUH DVVHPEOLQJ WKH QHZ ILOWHU RQO\ LI WKH ILOWHU LV LQ WKH SXPS LQWDNH
: ILOO LW ZLWK QHZ RLO SRXULQJ LW RQO\ IURP WKH RXWVLGH VR WKDW RLO LV ILOWHUHG
: RU ILW WKH ILOWHU GU\ RSHQ WKH SOXJ 5H RQ WKH SXPS DQG SXW WKH WDQN XQGHU SUHVVXUH PD[ EDU XQWLO
WKH RLO UHDFKHV WKH SOXJ WKHQ FORVH DQG EOHHG WKH SUHVVXUH
:LWK WKH LQMHFWLRQ SXPS FRLO GHWDFKHG UXQ WKH HQJLQH ZLWK WKH VWDUWHU IRU D IHZ PRPHQWV WKHQ VWDUW DJDLQ
WKH RSHUDWLRQ XQWLO WKH SUHVVXUH JDXJH GRHV QRW VZLWFK RII
7KHQ OHW WKH HQJLQH UXQ LGOH DW PLQLPXP VSHHG &KHFN ERRVWHU SUHVVXUH &KHFN OHYHO LQ WKH UHVHUYRLU
1HYHU UHFRYHU ROG RLO IURP WKH ILOWHUV DOZD\V WRS XS WR WKH ULJKW OHYHO
1HYHU UXQ WKH GLHVHO HQJLQH ZLWK D ILOWHU ZLWKRXW LWV FDUWULGJH WKLV ZRXOG GDPDJH FRPSOHWHO\ DQG LUUHYHUVLEO\
WKH K\GURVWDWLF WUDQVPLVVLRQ
HYHU\ WLPH \RX VWDUW WKH PDFKLQH LI RLO WHPSHUDWXUH LV ORZHU E& OHW WKH WKHUPDO HQJLQH UXQ IRU VRPH PLQ
XWHV ZLWK DOO FRQWUROV LQ QHXWUDO SRVLWLRQ XQWLO WKH RLO KDV UHDFKHG WKH RSHUDWLQJ WHPSHUDWXUH DQG SXPS FDYLWD
WLRQ LV DYRLGHG
,I WKH PDFKLQH PXVW EH SODFHG LQ VWDQGE\ QHYHU OHW K\GURVWDWLF WUDQVPLVVLRQ ZLWKRXW RLO
$OO WKHVH LQVWUXFWLRQV DUH HVVHQWLDO WR KDYH ZDUUDQW\ DSSOLFDWLRQ DFFHSWHG LQ FDVH RI IDLOXUH
&KHFN WKH HQJLQH SURWHFWLRQ VOHHYHV DQG IOH[ &KHFN EROW WLJKWHQLQJ
LEOH OLQHV
5(*8/$5 0$,17(1$1&(
2LO DQG IXHO ILOWHU FKDQJH HYHU\ K RU 2LO FKDQJH HYHU\ K RU HYHU\ \HDUV
RQFH D \HDU
)XHO ILOWHU SXPS FOHDQLQJ HYHU\ K RU 2LO ILOWHU FKDQJH HYHU\ K RU HYHU\
RQFH D \HDU \HDUV
,QMHFWRU FDOLEUDWLRQ DGMXVWPHQW HYHU\ K 3ULPLQJ DQG H[FKDQJH SUHVVXUH FRQWURO
6725$*(
'LVDVVHPEOH
WKH VKDNHUV ZLWKRXW WKH FRQQHFWLQJ URGV
WKH ULJKW DQG OHIW EXFNHW FKDLQV
ERWK FRQYH\RU EHOWV
&OHDQ VFUXSXORXVO\ WKURXJK D ZDWHU MHW WKH FRQYH\RU UDLOV DQG FRQWDLQHUV 'UDLQ WKH ZDWHU IURP WKHP 0DNH
VXUH WKDW QR JUDSH KDUYHVWLQJ UHVLGXHV DUH SUHVHQW LQVLGH WKH PDFKLQH
2SHUDWH WKH JUDSH KDUYHVWHU IXQFWLRQV VKDNLQJ FRQYH\RU HWF IRU KDOI D KRXU
*UHDVH DJDLQ DOO WKH JUHDVH ILWWLQJV RI WKH JUDSH KDUYHVWHU VKDNHU FRQQHFWLQJ URGV VKDNLQJ FRQWURO IURQW
SODWH ORZHU UROOHU JUHDVH QLSSOHV
'LVDVVHPEOH WKH VKDNHU GULYH FKDLQ OHDYH LW LQ RLO EDWK IRU KRXUV WKHQ LQVWDOO LW RQ WKH PDFKLQH DJDLQ
/HDYH WKH PDFKLQH RU RQO\ WKH JUDSH KDUYHVWHU LQ D SURWHFWHG FORVHG DQG GU\ SODFH
3XW WKH PDFKLQH RQ ZHGJHV WR OLIW WKH W\UHV DQG OHW WKHP LQIODWHG
,I UHTXLUHG PDNH WKH SDLQW WRXFKXSV DQG UHSODFH WKH SRVVLEO\ GDPDJHG VDIHW\ VLJQV
5HWUDFW DOO F\OLQGHUV DQG JUHDVH DOO WKH PHFKDQLFDO SDUWV ZLWKRXW SDLQW VKDIWV SLQV DGMXVWPHQW URGV F\OLQ
GHU URG RXWOHW HQGV JXLGHV VOLGHV DQWLVOLS FRFN EXWWRQ HWF
)LOO WKH IXHO WDQN FRPSOHWHO\ DQG WKH K\GUDXOLF UHVHUYRLU DV ZHOO WR DYRLG FRQGHQVDWLRQ SKHQRPHQD
0DNH VXUH WKDW WKH DQWLIUHH]H FRQFHQWUDWLRQ RI WKH FRROHU LV HQRXJK IRU WKH ORFDO WHPSHUDWXUHV
'HWDFK WKH EDWWHU\ FOHDQ DQG UHFKDUJH LW *UHDVH WKH WHUPLQDOV ZLWK DQWLDFLG JUHDVH
21&( $ 0217+
722/,1*
3$*( 7RROLQJ
3$*( &'+$ ZLULQJ GLDJUDP DXWRPDWLF VORSLQJ DQG KHLJKW FRUUHFWLRQ
3$*( +\GUDXOLF GLDJUDP RI WKH GULYH UHGXFWLRQ V\VWHP
3$*( :LULQJ GLDJUDP RI WKH GULYH UHGXFWLRQ V\VWHP
3$*( +\GUDXOLF DQG ZLULQJ GLDJUDPV RI WKH VKDNLQJ OLPLWLQJ IRU FHPHQW VWDNHV
3$*( *LQV
3$*( *LQ K\GUDXOLF GLDJUDP
3$*( *LQ ZLULQJ GLDJUDP
6HQVRU FRQWUROOHU
5H
/,67 2) 722/,1* 6%
7RWDO
+ KHLJKW
$ '
G
G
% '
K
/,67 2) 722/6 6%
/,67 2) 722/6 6%
(OHFWULFDO FRQWURO
2Q WKH YROWPHWHU FRQQHFWHG EHWZHHQ VLJQDO DQG
JURXQG WKH WHQVLRQ PXVW FKDQJH EHWZHHQ DQG
9 ,W GHSHQGV RQ WKH '3, VHWWLQJ DQG RQ WKH DQ
JOH JLYHQ WR WKH OLQN URG 7KH YDOXHV DUHQ·W KLJK
EXW D YDULDWLRQ PXVW RFFXU DGMXVWHG E\ WKH (&8
GXULQJ FDOLEUDWLRQ :KHQHYHU D VHQVRU LV DGMXVWHG
WKH (&8 FDOLEUDWLRQ PXVW EH UHSHDWHG WKH IDUWKHVW
WKH FDP IURP WKH VHQVRU WKH KLJKHU WKH YROWDJH
(&8 FDOLEUDWLRQ
&RQQHFW WKH VKXQW SOXJ DW WKH EDFN RI WKH PRQLWRU (&8
6WDUW WKH PDFKLQH DW LGOLQJ VSHHG DQG OLIW LW DW KDOI KHLJKW OHDYLQJ WKH HQJLQH UXQQLQJ
0DNH VXUH WKDW WKH PDFKLQH LV SHUIHFWO\ KRUL]RQWDO XVLQJ D EXEEOH OHYHO
3UHVV WKH NH\ & RI \KH PRQLWRU (&8 E\ SXOVHV WR VFUROO WKH GLJLWV XQWLO WKH GLJLW LV GLVSOD\HG
7KHQ SUHVV WKH NH\ % E\ SXOVHV XQWLO ´µ LV GLVSOD\HG
/RZHU WKH PDFKLQH IXOO\ OHDYLQJ WKH KDUYHVWLQJ KHDGHU RQ WKH JURXQG
3UHVV WKH NH\ & E\ SXOVHV XQWLO LV GLVSOD\HG
7KHQ SUHVV WKH NH\ % E\ SXOVHV XQWLO ´µ LV GLVSOD\HG WKH PDFKLQH ORZ SRVLWLRQ LV WKXV VWRUHG
/LIW WKH PDFKLQH IXOO\
3UHVV & E\ SXOVHV XQWLO WKH GLJLW LV GLVSOD\HG
7KHQ SUHVV % E\ SXOVHV XQWLO ´µ LV GLVSOD\HG
,Q WKLV ZD\ WKH PDFKLQH KLJK SRVLWLRQ LV VWRUHG
6WHHU WKH IURQW ZKHHOV WR WKH OHIW WXUQLQJ WKH VWHHULQJ ZKHHO E\ RQH UHYROXWLRQ DQG D KDOI DQJOH E\ DERXW
E
3UHVV & E\ SXOVHV XQWLO WKH GLJLW LV GLVSOD\HG
7KHQ SUHVV % E\ SXOVHV XQWLO ´µ LV GLVSOD\HG
6WHHU WKH IURQW ZKHHOV WR WKH ULJKW WXUQLQJ WKH VWHHULQJ ZKHHO E\ RQH UHYROXWLRQ DQG D KDOI DQJOH E\ DERXW
E
3UHVV & E\ SXOVHV XQWLO WKH GLJLW LV GLVSOD\HG
7KHQ SUHVV % E\ SXOVHV XQWLO LV GLVSOD\HG
)XOO\ VWUDLJKWHQ WKH IURQW ZKHHOV
3UHVV & E\ SXOVHV XQWLO WKH GLJLW LV GLVSOD\HG
7KHQ SUHVV % E\ SXOVHV XQWLO LV GLVSOD\HG
7KHQ SUHVV WKH NH\ ' WR VWRUH WKH FDOLEUDWLRQ
6ZLWFK WKH HQJLQH RII DQG UHPRYH WKH VKXQW SOXJ
&KHFN WKH RSHUDWLRQ RI WKH V\VWHP
SRVLWLRQ WKH PDFKLQH YHUWLFDOO\ VR WKDW WKH KDUYHVWLQJ KHDGHU LV SODFHG DW WKH KHLJKW RI WKH ZRUN WR EH GR
QH
3UHVV WKH NH\ µ%µ +*70(02 WKH UHG ZDUQLQJ OLJKW VZLWFKHV RQ DQG WKH ZRUNLQJ KHLJKW LV VWRUHG LQ WKH
(&8
/LIW WKH PDFKLQH E\ WKH VZLWFK RQ WKH PXOWLIXQFWLRQ OHYHU 7KHQ SUHVV WKH NH\ µ'µ $872 212)) WKH
UHG ZDUQLQJ OLJKW VZLWFKHV RQ DQG WKH PDFKLQH PXVW JR EDFN DXWRPDWLFDOO\ WR WKH SUHVHW KHLJKW
6ORSH WKH PDFKLQH WR WKH ULJKW RU WKH OHIW
3UHVV WKH NH\ µ'µ WKH PDFKLQH PXVW JR EDFN DXWRPDWLFDOO\ WR WKH KRUL]RQWDO SRVLWLRQ
6WHHU WKH ZKHHOV IXOO\ E\ HLWKHU GLUHFWLRQ WKH &'+$ V\VWHP PXVW VZLWFK RII DXWRPDWLFDOO\ DQG WKH ZDU
QLQJ OLJKW RI WKH NH\ µ'µ PXVW VZLWFK RII DV ZHOO
3RVLWLRQ WKH PDFKLQH DW WKH ZLVKHG ZRUNLQJ KHLJKW SUHVV WKH NH\ µ%µ +*7 0(02 WKHQ SUHVV WKH NH\
µ'µ $872 212))
127( RQ WKH $03 FRQQHFWRUV WKH PDUNV DUH QRW DYDLODEOH $OZD\V XVH WKLV GLDJUDP WR GHWHFW WKH FDEOH SRVL
WLRQV
&RQWURO HOHFWULF GLVWULEXWRU SRZHUHG E\ D VZLWFK SODFHG RQ WKH OHIW ORZHU VLGH
'LVWULEXWRU FDOLEUDWHG DFFRUGLQJ WR WKH UHTXLUHPHQWV
/RFN GLVWULEXWRU
% $
;
3
/ <
&RQWURO (9
/RFNLQJ UHOD\ XQGHU WKH SODWIRUP
3HGDO VZLWFK
&RQQHFWLRQ
WKH FRQQHFWLRQ ;$ PXVW EH OLQNHG WR WKH ORRVH RQH XQGHU WKH SODWIRUP
7KH FDEOH ) PXVW EH OLQNHG WR WKH RXWSXW RI WKH PDLQ UHOD\
7KH FDEOH ) PXVW EH OLQNHG WR WKH SUREH FRQWUROOLQJ WKH VWRS OLJKWV
7KH JURXQG PXVW EH OLQNHG XQGHU WKH SODWIRUP
2SHUDWLQJ
$GMXVWPHQW PRWRU
&RQWURO HOHFWULF GLVWULEXWRU
6KRFN VHQVRU RQ WKH OHIW VLGH
6KRFN VHQVRU RQ WKH ULJKW VLGH
(&8 IRUPHG E\
VHOHFWLRQ VZLWFK 21 2)) 21
IUHTXHQF\ DGMXVWPHQW VZLWFK 020 2)) 020
ZDUQLQJ OLJKW VZLWFKHG RQ GXULQJ WKH OLPLWLQJ RU RQ DGMXVWPHQW SRVLWLRQ RI WKH VZLWFK
OLPLWDWLRQ OHQJWK DGMXVWPHQW NQRE
VHQVRU VHQVLWLYHQHVV DGMXVWPHQW UKHRVWDW
VHQVLWLYLW\ WHQVLRQ FRQWURO EORFN
$ IXVH SURWHFWLQJ WKH (&8 VXSSO\
&211(&7,21 326,7,21
9 ZD\V
; ;
(
$ '
PP
&
127( WKH VHQVRU FRQQHFWLQJ VRFNHWV PXVW EH FRDWHG ZLWK JUHDVH IRU HOHFWULFDO FRQQHFWLRQV QRW VXSSOLHG EXW
DYDLODEOH ZLWK SDUW QXPEHU
D E
: WKH µ21µ PRGH ZKHQ LW LV SUHVVHG GRZQ : 3RVLWLRQ µµ ORQJHU VORZLQJGRZQ WLPH
ZDUGV DQG WKH ZDUQLQJ OLJKW D VZLWFKHV RII : 3RVLWLRQ µµ VKRUWHU VORZLQJGRZQ WLPH
: WKH GHYLFH HOHFWULFDO FXWRXW ZKHQ LW LV LQ *UHHQ ZDUQLQJ OLJKW WKDW VZLWFKHV RQ
µ2))µ PLGGOH SRVLWLRQ DQG WKH ZDUQLQJ ZKHQ WKH VROHQRLG YDOYH RQ WKH VKDNLQJ
OLJKW D VZLWFKHV RII FDSDFLW\ VKXQWLQJ K\GUDXOLF EORFN LV SRZHUHG
7KH VHQVLWLYLW\ OHYHO FRUUHVSRQGV WR D YROWDJH YDOXH PHDVXUHG EHWZHHQ WKH VPDOO EORFN DQG WKH JURXQG
7KH VPDOO EORFN LV ORFDWHG DW WKH EDFN RI WKH (&8 LQQHU VLGH
7KLV YROWDJH LV SUHVHW DW 9 RQ DOO (&8V DQG FRUUHVSRQGV WR DQ DYHUDJH VHWWLQJ ,I \RX ZLVK WR LQFUHDVH
WKH V\VWHP VHQVLWLYLW\ WXUQ WKH SRWHQWLRPHWHU WR JHW D KLJKHU YROWDJH UHPHPEHULQJ WKDW WKH FORVHU WKH
YDOXH RI 9 WKH KLJKHU WKH V\VWHP VHQVLWLYLW\ 2Q WKH FRQWUDU\ WKH ORZHU WKH PHDVXUHG YDOXH WKH OHVV
VHQVLWLYH WKH V\VWHP
1RWH WKDW WR FDUU\ RXW WKLV PHDVXUHPHQW WKH V\VWHP PXVW EH SRZHUHG DQG WKH VZLWFK PXVW EH LQ 21
SRVLWLRQ
&
%
$
*5$3( *,16
2SHUDWLRQ
WKLV GHYLFH LQVWDOOHG LQ WKH KRSSHUV VHSDUDWHV JUDSHV IURP JUDSHVWDONV DQG FOHDQV WKH KDUYHVWHG FURS
1HYHUWKHOHVV WKH EHOW URWDWLRQ GLUHFWLRQ UHYHUVDO WRZDUGV WKH PDFKLQH IURQW SDUW OHWV WKH PDFKLQH RSHU
DWH ZLWKRXW VHSDUDWLQJ JUDSHV IURP VWDONV
7KH GHYLFH LV ILWWHG WR UHSODFH WKH EDODQFLQJ DXJHUV WKH EHOW ORZHU VHFWLRQ FDUULHV RXW WKLV IXQFWLRQ
7KH HQDEOLQJ LV DXWRPDWLF ZKHQ WKH H[WUDFWRUV DUH VWDUWHG
7KH URWRU DQG EHOW VSHHG LV DGMXVWHG E\ WKH RSHUDWRU·V VHDW
6WDQGDUG VSHHG
URWRUV USP
%HOW USP
7KH IDVWHU WKH URWRU URWDWLRQ WKH KLJKHU WKH UHPRYDO IURP WKH VWDONV RI WKH KDUYHVWHG JUDSHV 1HYHUWKH
OHVV IRUHLJQ ERGLHV DUH FUXVKHG LQWR VPDOOHU IUDJPHQWV DQG SDVV PRUH HDVLO\ WKURXJK WKH EHOW PHVKHV
7KH EHOW VSHHG PXVW EH DV IDVW DV SRVVLEOH WR UHPRYH WKH IRUHLJQ ERGLHV DV PXFK DV SRVVLEOH 1HYHU
WKHOHVV LW PXVW EH UHGXFHG LI WKHUH DUH JUDSH ORVVHV DW WKH JUDSH JLQ RXWOHW
$VVHPEO\ GHWDLOV
5HPRYDO RI D WLQH
: /RRVHQ WKH VFUHZ E\ VRPH WXUQV
: /RRVHQ WKH ULQJ RI WKH EHDULQJ DQG LI UHTXLUHG EHDW WKH KHDG RI WKH VFUHZ WR UHOHDVH WKH DVVHPEO\
: )LW D VFUHZGULYHU EHWZHHQ WKH WZR VXSSRUWV RI WKH WLQHV
: 5HSODFH WKH WLQH DQG WLJKWHQ WKH VFUHZ DQG WKH EHDULQJ ULQJ DJDLQ
5HPRYDO RI D URWRU DVVHPEO\
: )LW WKH WRRO WR NHHS WKH WLQH SDFN RQ WKH SLQ
: 5HPRYH WKH VFUHZ DQG ORRVHQ WKH EHDULQJ ULQJ
: 0DNH WKH SLQ FRPH RXW DIWHU UHPRYLQJ WKH SHJ ,I WKH SLQ LV ORFNHG LW FDQ EH SUHVVHG XVLQJ DQ 0
VFUHZ DV WKH SLQ LV WKUHDGHG LQ %
: /RRVHQ WKH WZR VFUHZV IDVWHQLQJ WKH EHDULQJ WR PDNH LW UHWUDFW DQG UHOHDVH WKH SLQ LQ WKH DUHD $
: )LW WKH URWRU DVVHPEO\
: 'XULQJ DVVHPEO\ WKH WLQH HQG PXVW MXVW WRXFK WKH XSSHU SDUW RI WKH PHVK EHOW
$VVHPEO\ RI WKH PHVK EHOW DQG RI WKH GULYH VSURFNHW
: 'XULQJ WKH DVVHPEO\ RI WKH EHOW WKH XSSHU VLGH & PXVW EH RQ WKH URWRU WLQH VLGH
: 'XULQJ WKH SDVVDJH RQ WKH VSURFNHWV WKH WZR RXWHU VSURFNHWV PXVW GULYH WKH EHOW E\ WKH VHFRQG PHVK
VWDUWLQJ IURP WKH HGJH 7KH ILUVW PHVK LV WKLFNHU DQG LW GRHVQ·W ILW LQWR WKH VSURFNHW DQ\PRUH
3$1(/ 352*5$00,1*
,QVLGH WKH (&8 PDNH D MXPSHU EHWZHHQ WKH WHUPLQDOV µ&20021µ JURXQG DQG µ352*5$00µ SUR
JUDPPH WKHQ SRZHU WKH (&8
:KHQ WKH SXVK EXWWRQ 6(/ LV SUHVVHG WKH IROORZLQJ GDWD PXVW EH GLVSOD\HG DOWHUQDWHO\
: ,13$E ( DOWHUQDWHG ZLWK ( UW(FQW
: G636(/ ( DOWHUQDWHG ZLWK ( 12
: U6W(QE ( DOWHUQDWHG ZLWK ( 12
: 7RWGS ( DOWHUQDWHG ZLWK (
: 6&/)$& ( DOWHUQDWHG ZLWK (
: U$W((QE ( DOWHUQDWHG ZLWK ( <(6
: U$W(G3 ( DOWHUQDWHG ZLWK (
: U$W(G63 ( DOWHUQDWHG ZLWK (
: U$W(,Q3 ( DOWHUQDWHG ZLWK (
: /R8GW ( DOWHUQDWHG ZLWK (
: +L8GW ( DOWHUQDWHG ZLWK (
: '636FUR/ ( DOWHUQDWHG ZLWK ( 1R
: 86(U,Q3 ( DOWHUQDWHG ZLWK ( 5(6(7
:KHQ WKHVH YDOXHV DUH GLVSOD\HG DOWHUQDWHO\ WKH VHFRQG YDOXH FDQ EH FKDQJHG
3UHVV 567 RQFH WR ORFN WKH YDOXH WR EH PRGLILHG WKHQ
WKH SXVK EXWWRQ 6(/ VFUROOV WKH YDOXHV
DQG WKH SXVK EXWWRQ 567 FKDQJHV WKH GLVSOD\HG YDOXH
7R FRQILUP WKH PRGLILHG YDOXH NHHS 6(/ SUHVVHG XQWLO WKH VWDWXV FKDQJHV
5HPRYH WKH MXPSHU EHIRUH FXWWLQJ SRZHU RII IURP WKH (&8
3ULQW QR
6HFWLRQ 1
722/,1* $1' $&&(6625,(6
3DJH
&21',=,21, ', 3529$ 3(5 /$ 7$5$785$ &$/,%5$7,21 7(67 '$7$ &21',7,216 '·(66$,
%DQFR SURYD FRQIRUPH DOOD QRUPD ,62 7HPSR GL VYXRWDPHQWR EXUHWWH µ 3UHVVLRQH GL DOLPHQWD]LRQH EDU NJFP
7HVW EHQFK FRPSO\LQJ ZLWK ,62 VWDQGDUG %XUHWWH GUDLQ WLPH µ )HHG SUHVVXUH SVL
%DQF G·HVVDL FRQIRUPH j OD QRUPH ,62 7HPSV GH YLGDQJH EXUHWWH µ 3UHVVLRQ G·DOLPHQWDWLRQ
,QLHWWRUL FRQIRUPL DOOD QRUPD ,62 SDVWLJOLD FRQ IRUR GL PP 7DUDWXUD LQLHWWRUL EDU NJFP
,QMHFWRUV FRPSO\LQJ ZLWK ,62 VWDQGDUG FDOLEUDWHG ZDVKHU KROH GLDPHWHU PP 5HOHDVH SUHVVXUH
,QMHFWHXUV FRQIRUPHV j OD QRUPH ,62 SDVWLOOH DYHV WURX GH PP 7DUDJH GHV LQMHFWHXUV
/LTXLGR GL SURYD ,62 DOOD WHPSHUDWXUD GL R & LQ XVFLWD 7XED]LRQL [ [ FRQIRUPL DOOD QRUPD ,62
7HVW IOXLG ,62 DW R ) )XHO OLQHV FRPSO\LQJ ZLWK ,62 VWDQGDUG
/LTXLGH G·HVVDL ,62 j OD WHPSpUDWXUH GH 7XEXOXUHV FRQIRUPHV j OD QRUPH ,62
&256$ 9$5,$725( $17,&,32 $'9$1&( 9$5,$725 6752.( &2856( '8 9$5,$7(85 '·$9$1&(
JLULPLQ 3UHVVLRQH /'$ N3D &RUVD DQWLFLSR PP
USP 3UHVVXUH /'$ $GYDQFH VWURNH
WUPQ 3UHVVLRQ /'$ &RXUVH GH O·DYDQFH
JLULPLQ 3UHVVLRQH /'$ N3D 3RUWDWD SHU PDQGDWH FP 6FDUWR IUD OH SRUWDWH FP
USP 3UHVVXUH /'$ 'HOLYHU\ UDWH IRU VWURNH 'HYLDWLRQ EHWZHHQ GHOLYHU\ UDWH
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV (FDUW HQWUH OHV GpELWV
3257$7$ $/ 5(*,0( '·$99,$0(172 '(/,9(5< 5$7( $7 67$57,1* 63((' '(%,7 $8 5(*,0( '( '(0$55$*(
JLULPLQ USP WUPQ
3RUWDWD SHU PDQGDWH 'HOLYHU\ UDWH IRU VWURNH 'pELW WRXV OHV FRXSV
FP
$1'$0(172 $17,&,32 ,1,(=,21( ,1-(&7,21 $'9$1&( 75(1' 0$5&+( '( /·$9$1&( '·,1-(&7,21
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
JLULPLQ USP WUPQ
&RUVD DQWLFLSR $GYDQFH VWURNH &RXUVH GH O·DYDQFH PP
$1'$0(172 35(66,21( ', 75$6)(57$ 75$16)(5 35(6685( 75(1' 0$5&+( '( /$ 35(66,21 '( 75$16)(57
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
JLULPLQ USP WUPQ
3UHVVLRQH DOLPHQWD]LRQH LQWHUQD 7UDQVIHUW SUHVVXUH 3UHVVLRQ G·DOLPHQWDWLRQ LQWHUQH
EDU
3257$7$ ', 5,)/8662 '(/,9(5< %$&. /($.$*( '(%,7 '( 5(7285
JLULPLQ USP WUPQ
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
3RUWDWD GL ULIOXVVR 'HOLYHU\ EDFN OHDNDJH 'pELW GH UHWRXU FP V
$1'$0(172 '(//( 3257$7( '(/,9(5< 5$7( &859( 3$77(51 '(9(/233(0(17 '(6 '(%,76
JLULPLQ 3UHVVLRQH /'$ N3D 3RUWDWD SHU PDQGDWH FP
USP 3UHVVXUH /'$ 'HOLYHU\ UDWH IRU VWURNH
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV
3RVL]LRQH OHYD &DULFR IUHQDQWH LO PRWRUH 5HJLPH PRWRUH 3RWHQ]D LQ N: FRQ PRWRUH URGDWR SHU &RQVXPR GL FRPEXVWLELOH
DFFHOHUDWRUH (QJLQH EUDNLQJ ORDG (QJLQH VSHHG (QJLQH N: )XHO GHOLYHU\
7KURWWOH OHYHU &KDUJH GH IUHLQDJH GX PRWHXU 5pJLPH PRWHXU 3XLVVDQFH HQ N: GX PRWHXU URGp SHQGDQWH &RQVRPPDWLRQ GH FDUEXUDQW
SRVLWLRQ
LWL
3RVLWLRQ GX OHYLHU JLULPLQ URGDJJLR GL SURGX]LRQH RUH FRPSOHVVLYH
G·DFFpOHUDWLRQ USP SURGXFWLRQ UXQLQ KRXU UXQLQ
WUPQ URGDJH GH SURGXFWLRQ KHXUHV DX WRWDO NJK
0DVVLPR 3HU VYLOXSSDUH SRWHQ]D PD[
0D[LPXP
0D[LPDOH
7R SURGXFH PD[ RXWSXW
3RXU GpYHOORSHU SXLVVDQFH PD[
0DVVLPR 3HU VYLOXSSDUH FRSSLD PD[
0D[LPXP
0D[LPDO
7R SURGXFH PD[ WRUTXH
3RXU GpYHOORSHU FRXSOH PD[
0DVVLPR 3HU VYLOXSSDUH SRWHQ]D LQWHU
0D[LPXP
0D[LPDO
7R SURGXFH LQWHU RXWSXW
3RXU GpYHOORSHU SXLVVDQFH LQWHU
0DVVLPR 1XOOR D YXRWR
0D[LPXP
0D[LPDO
1R ORDG
1XO j YLGH
0LQLPR 1XOOR D YXRWR
0LQLPXP
5DOHQWL
1R ORDG
1XO j YLGH
127( 127(6
$JLUH VXOOD JKLHUD GL UHJLVWUR SUHFDULFR PROOH /'$ &RUVD /'$ PP 2SHUDWH RQ WKH /'$ VSULQJ SUHORDGLQJ DGMXVWPHQW ULQJ QXW /'$ VWURNH PP
$JLU VXU O·HPERXW GH UpJODJH GH SUpFKDUJH GHV UHVVRUWV /'$ &RXUVH /'$ PP
3UHVVLRQH GHOOD PDQGDWD DULD $LU RXWOHW SUHVVXUH 3UHVVLRQ G·HQYRLU DLU EDU
)UD SDUHQWHVL L YDORUL GL YHULILFD 7HVW YDOXHV LQ EUDFNHWV (QWUH SDUHQWKqVHV OHV YDOHXUV GH YHULILFDWLRQ
R 9DORUL SUHYLVWL ([SHFWHG YDOXHV 9DOHXUV SUpYXHV
&203/(662 ,1,(=,21( %26&+ 9(1'(00,$75,&(
%26&+ )8(/ ,1-(&7,21 6<67(06<67(0( '·,1-(&7,21 %26&+ *5$3(6 +$59(67(5
0$&+,1( $ 9(1'$1*(5
9( ) 5 'DWD 'DWH
02725( 6( $ 6 02'(//2 6% 6% 3RWHQ]D &9
(1*,1( 02'(/ +3
027(85 02'(/( 3XLVVDQFH FK
3203$ ,1,(=,21( $ ',675,%8725( 527$17( ',675,%8725 3803 3203( '·,1-(&7,21 $ ',675,%87(85 527$7,)
,1,(7725, 67$1$'<1( 3RUWDSROYHUL]]DWRUH 67$1$'<1(
,1-(&7256 %26&+ ,QMHFWRU ERG\ %26&+
,1-(&7(856 &$9 3RUWH LQMHFWHXU &$9
20$3 20$3
&21',=,21, ', 3529$ 3(5 /$ 7$5$785$ &$/,%5$7,21 7(67 '$7$ &21',7,216 '·(66$,
%DQFR SURYD FRQIRUPH DOOD QRUPD ,62 7HPSR GL VYXRWDPHQWR EXUHWWH µ 3UHVVLRQH GL DOLPHQWD]LRQH EDU NJFP
7HVW EHQFK FRPSO\LQJ ZLWK ,62 VWDQGDUG %XUHWWH GUDLQ WLPH µ )HHG SUHVVXUH SVL
%DQF G·HVVDL FRQIRUPH j OD QRUPH ,62 7HPSV GH YLGDQJH EXUHWWH µ 3UHVVLRQ G·DOLPHQWDWLRQ
,QLHWWRUL FRQIRUPL DOOD QRUPD ,62 SDVWLJOLD FRQ IRUR GL PP 7DUDWXUD LQLHWWRUL EDU NJFP
,QMHFWRUV FRPSO\LQJ ZLWK ,62 VWDQGDUG FDOLEUDWHG ZDVKHU KROH GLDPHWHU PP 5HOHDVH SUHVVXUH
,QMHFWHXUV FRQIRUPHV j OD QRUPH ,62 SDVWLOOH DYHV WURX GH PP 7DUDJH GHV LQMHFWHXUV
/LTXLGR GL SURYD ,62 DOOD WHPSHUDWXUD GL R & LQ XVFLWD 7XED]LRQL [ [ FRQIRUPL DOOD QRUPD ,62
7HVW IOXLG ,62 DW R ) )XHO OLQHV FRPSO\LQJ ZLWK ,62 VWDQGDUG
/LTXLGH G·HVVDL ,62 j OD WHPSpUDWXUH GH 7XEXOXUHV FRQIRUPHV j OD QRUPH ,62
3UpFRXUVH GX SLVWRQ GLVWULEXWHXU SRXU FDODJH GH OD SRPSH VXU OH PRWHXU PP GX 3 0% DYHF RXWLOV
3OXQJHU VWURNH WR VSLOO FXW RII 'LUHFWLRQ RI URWDWLRQ ORRNLQJ RQ GULYH HQG FORFNZLVH )LULQJ RUGHU
3UpFRXUVH GX SLVWRQ GLVWULEXWHXU 6HQV GH URWDWLRQ GH OD SRPSH F{Wp HQWUDvQHPHQW KRUORJH 2UGUH G·LQMHFWLRQ
&256$ 9$5,$725( $17,&,32 $'9$1&( 9$5,$725 6752.( &2856( '8 9$5,$7(85 '·$9$1&(
JLULPLQ 3UHVVLRQH /'$ N3D &RUVD DQWLFLSR PP
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV (FDUW HQWUH OHV GpELWV
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV (FDUW HQWUH OHV GpELWV
JLULPLQ 3UHVVLRQH /'$ N3D 3RUWDWD SHU PDQGDWH FP 6FDUWR IUD OH SRUWDWH FP
USP 3UHVVXUH /'$ 'HOLYHU\ UDWH IRU VWURNH 'HYLDWLRQ EHWZHHQ GHOLYHU\ UDWH
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV (FDUW HQWUH OHV GpELWV
3257$7$ $/ 5(*,0( '·$99,$0(172 '(/,9(5< 5$7( $7 67$57,1* 63((' '(%,7 $8 5(*,0( '( '(0$55$*(
JLULPLQ USP WUPQ
3RUWDWD SHU PDQGDWH 'HOLYHU\ UDWH IRU VWURNH 'pELW WRXV OHV FRXSV FP
$1'$0(172 $17,&,32 ,1,(=,21( ,1-(&7,21 $'9$1&( 75(1' 0$5&+( '( /·$9$1&( '·,1-(&7,21
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
JLULPLQ USP WUPQ
&RUVD DQWLFLSR $GYDQFH VWURNH &RXUVH GH O·DYDQFH PP
$1'$0(172 35(66,21( ', 75$6)(57$ 75$16)(5 35(6685( 75(1' 0$5&+( '( /$ 35(66,21 '( 75$16)(57
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
JLULPLQ USP WUPQ
3UHVVLRQH DOLPHQWD]LRQH LQWHUQD 7UDQVIHUW SUHVVXUH 3UHVVLRQ G·DOLPHQWDWLRQ LQWHUQH
EDU
3257$7$ ', 5,)/8662 '(/,9(5< %$&. /($.$*( '(%,7 '( 5(7285
JLULPLQ USP WUPQ
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
3RUWDWD GL ULIOXVVR 'HOLYHU\ EDFN OHDNDJH 'pELW GH UHWRXU FP V
$1'$0(172 '(//( 3257$7( '(/,9(5< 5$7( &859( 3$77(51 '(9(/233(0(17 '(6 '(%,76
JLULPLQ 3UHVVLRQH /'$ N3D 3RUWDWD SHU PDQGDWH FP
USP 3UHVVXUH /'$ 'HOLYHU\ UDWH IRU VWURNH
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV
3RVL]LRQH OHYD &DULFR IUHQDQWH LO PRWRUH 5HJLPH PRWRUH 3RWHQ]D LQ N: FRQ PRWRUH URGDWR SHU &RQVXPR GL FRPEXVWLELOH
DFFHOHUDWRUH (QJLQH EUDNLQJ ORDG (QJLQH VSHHG (QJLQH N: )XHO GHOLYHU\
7KURWWOH OHYHU &KDUJH GH IUHLQDJH GX PRWHXU 5pJLPH PRWHXU 3XLVVDQFH HQ N: GX PRWHXU URGp SHQGDQWH &RQVRPPDWLRQ GH FDUEXUDQW
SRVLWLRQ
LWL
3RVLWLRQ GX OHYLHU JLULPLQ URGDJJLR GL SURGX]LRQH RUH FRPSOHVVLYH
G·DFFpOHUDWLRQ USP SURGXFWLRQ UXQLQ KRXU UXQLQ
WUPQ URGDJH GH SURGXFWLRQ KHXUHV DX WRWDO NJK
0DVVLPR 3HU VYLOXSSDUH SRWHQ]D PD[
0D[LPXP
0D[LPDOH
7R SURGXFH PD[ RXWSXW
3RXU GpYHOORSHU SXLVVDQFH PD[
0DVVLPR 3HU VYLOXSSDUH FRSSLD PD[
0D[LPXP
0D[LPDO
7R SURGXFH PD[ WRUTXH
3RXU GpYHOORSHU FRXSOH PD[
0DVVLPR 3HU VYLOXSSDUH SRWHQ]D LQWHU
0D[LPXP
0D[LPDO
7R SURGXFH LQWHU RXWSXW
3RXU GpYHOORSHU SXLVVDQFH LQWHU
0DVVLPR 1XOOR D YXRWR
0D[LPXP
0D[LPDO
1R ORDG
1XO j YLGH
0LQLPR 1XOOR D YXRWR
0LQLPXP
5DOHQWL
1R ORDG
1XO j YLGH
127( 127(6
$JLUH VXOOD JKLHUD GL UHJLVWUR SUHFDULFR PROOH /'$ &RUVD /'$ PP 2SHUDWH RQ WKH /'$ VSULQJ SUHORDGLQJ DGMXVWPHQW ULQJ QXW /'$ VWURNH PP
$JLU VXU O·HPERXW GH UpJODJH GH SUpFKDUJH GHV UHVVRUWV /'$ &RXUVH /'$ PP
3UHVVLRQH GHOOD PDQGDWD DULD $LU RXWOHW SUHVVXUH 3UHVVLRQ G·HQYRLU DLU EDU
)UD SDUHQWHVL L YDORUL GL YHULILFD 7HVW YDOXHV LQ EUDFNHWV (QWUH SDUHQWKqVHV OHV YDOHXUV GH YHULILFDWLRQ
R 9DORUL SUHYLVWL ([SHFWHG YDOXHV 9DOHXUV SUpYXHV
&203/(662 ,1,(=,21( %26&+ 9(1'(00,$75,&(
%26&+ )8(/ ,1-(&7,21 6<67(0 6<67(0( '·,1-(&7,21 %26&+ *5$3(6 +$59(67(5
0$&+,1( $ 9(1'$1*(5
9( ) 5 'DWD 'DWH
02725( 6( $ 6 02'(//2 6% 91 3RWHQ]D &9
(1*,1( 02'(/ +3
027(85 02'(/( 3XLVVDQFH FK
&LOLQGUL &RUVD PP $OHVDJJLR PP &LOLQGUDWD FP 5HJLPH QRPLQDOH JLULPLQ
1R RI F\OLQGHUV 6WURNH
%RUH 3LVWRQ GLVSODFHPHQW 1RPLQDO USP
1R GH F\OLQGUHV &RXUVH
$OpVDJH &\OLQGUpH WRWDO 5pJLPH QRPLQDO WUPQ
3203$ ,1,(=,21( $ ',675,%8725( 527$17( ',675,%8725 3803 3203( '·,1-(&7,21 $ ',675,%87(85 527$7,)
,1,(7725, 67$1$'<1( 3RUWDSROYHUL]]DWRUH 67$1$'<1(
,1-(&7256 %26&+ ,QMHFWRU ERG\ %26&+
,1-(&7(856 &$9 3RUWH LQMHFWHXU &$9
20$3 20$3
&21',=,21, ', 3529$ 3(5 /$ 7$5$785$ &$/,%5$7,21 7(67 '$7$ &21',7,216 '·(66$,
%DQFR SURYD FRQIRUPH DOOD QRUPD ,62 7HPSR GL VYXRWDPHQWR EXUHWWH µ 3UHVVLRQH GL DOLPHQWD]LRQH EDU NJFP
7HVW EHQFK FRPSO\LQJ ZLWK ,62 VWDQGDUG %XUHWWH GUDLQ WLPH µ )HHG SUHVVXUH SVL
%DQF G·HVVDL FRQIRUPH j OD QRUPH ,62 7HPSV GH YLGDQJH EXUHWWH µ 3UHVVLRQ G·DOLPHQWDWLRQ
,QLHWWRUL FRQIRUPL DOOD QRUPD ,62 SDVWLJOLD FRQ IRUR GL PP 7DUDWXUD LQLHWWRUL EDU NJFP
,QMHFWRUV FRPSO\LQJ ZLWK ,62 VWDQGDUG FDOLEUDWHG ZDVKHU KROH GLDPHWHU PP 5HOHDVH SUHVVXUH
,QMHFWHXUV FRQIRUPHV j OD QRUPH ,62 SDVWLOOH DYHV WURX GH PP 7DUDJH GHV LQMHFWHXUV
/LTXLGR GL SURYD ,62 DOOD WHPSHUDWXUD GL R & LQ XVFLWD 7XED]LRQL [ [ FRQIRUPL DOOD QRUPD ,62
7HVW IOXLG ,62 DW R ) )XHO OLQHV FRPSO\LQJ ZLWK ,62 VWDQGDUG
/LTXLGH G·HVVDL ,62 j OD WHPSpUDWXUH GH 7XEXOXUHV FRQIRUPHV j OD QRUPH ,62
&256$ 9$5,$725( $17,&,32 $'9$1&( 9$5,$725 6752.( &2856( '8 9$5,$7(85 '·$9$1&(
JLULPLQ 3UHVVLRQH /'$ N3D &RUVD DQWLFLSR PP
USP 3UHVVXUH /'$ $GYDQFH VWURNH
WUPQ 3UHVVLRQ /'$ &RXUVH GH O·DYDQFH
JLULPLQ 3UHVVLRQH /'$ N3D 3RUWDWD SHU PDQGDWH FP 6FDUWR IUD OH SRUWDWH FP
USP 3UHVVXUH /'$ 'HOLYHU\ UDWH IRU VWURNH 'HYLDWLRQ EHWZHHQ GHOLYHU\ UDWH
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV (FDUW HQWUH OHV GpELWV
3257$7$ $/ 5(*,0( '·$99,$0(172 '(/,9(5< 5$7( $7 67$57,1* 63((' '(%,7 $8 5(*,0( '( '(0$55$*(
JLULPLQ USP WUPQ
3RUWDWD SHU PDQGDWH 'HOLYHU\ UDWH IRU VWURNH 'pELW WRXV OHV FRXSV
FP
$1'$0(172 $17,&,32 ,1,(=,21( ,1-(&7,21 $'9$1&( 75(1' 0$5&+( '( /·$9$1&( '·,1-(&7,21
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
JLULPLQ USP WUPQ
&RUVD DQWLFLSR $GYDQFH VWURNH &RXUVH GH O·DYDQFH PP
$1'$0(172 35(66,21( ', 75$6)(57$ 75$16)(5 35(6685( 75(1' 0$5&+( '( /$ 35(66,21 '( 75$16)(57
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
JLULPLQ USP WUPQ
3UHVVLRQH DOLPHQWD]LRQH LQWHUQD 7UDQVIHUW SUHVVXUH 3UHVVLRQ G·DOLPHQWDWLRQ LQWHUQH
EDU
3257$7$ ', 5,)/8662 '(/,9(5< %$&. /($.$*( '(%,7 '( 5(7285
JLULPLQ USP WUPQ
3UHVVLRQH /'$ 3UHVVXUH /'$ 3UHVVLRQ /'$ N3D
3RUWDWD GL ULIOXVVR 'HOLYHU\ EDFN OHDNDJH 'pELW GH UHWRXU FP V
$1'$0(172 '(//( 3257$7( '(/,9(5< 5$7( &859( 3$77(51 '(9(/233(0(17 '(6 '(%,76
JLULPLQ 3UHVVLRQH /'$ N3D 3RUWDWD SHU PDQGDWH FP
USP 3UHVVXUH /'$ 'HOLYHU\ UDWH IRU VWURNH
WUPQ 3UHVVLRQ /'$ 'pELW WRXV OHV FRXSV
3RVL]LRQH OHYD &DULFR IUHQDQWH LO PRWRUH 5HJLPH PRWRUH 3RWHQ]D LQ N: FRQ PRWRUH URGDWR SHU &RQVXPR GL FRPEXVWLELOH
DFFHOHUDWRUH (QJLQH EUDNLQJ ORDG (QJLQH VSHHG (QJLQH N: )XHO GHOLYHU\
7KURWWOH OHYHU &KDUJH GH IUHLQDJH GX PRWHXU 5pJLPH PRWHXU 3XLVVDQFH HQ N: GX PRWHXU URGp SHQGDQWH &RQVRPPDWLRQ GH FDUEXUDQW
SRVLWLRQ
LWL
3RVLWLRQ GX OHYLHU JLULPLQ URGDJJLR GL SURGX]LRQH RUH FRPSOHVVLYH
G·DFFpOHUDWLRQ USP SURGXFWLRQ UXQLQ KRXU UXQLQ
WUPQ URGDJH GH SURGXFWLRQ KHXUHV DX WRWDO NJK
0DVVLPR 3HU VYLOXSSDUH SRWHQ]D PD[
0D[LPXP
0D[LPDOH
7R SURGXFH PD[ RXWSXW
3RXU GpYHOORSHU SXLVVDQFH PD[
0DVVLPR 3HU VYLOXSSDUH FRSSLD PD[
0D[LPXP
0D[LPDO
7R SURGXFH PD[ WRUTXH
3RXU GpYHOORSHU FRXSOH PD[
0DVVLPR 3HU VYLOXSSDUH SRWHQ]D LQWHU
0D[LPXP
0D[LPDO
7R SURGXFH LQWHU RXWSXW
3RXU GpYHOORSHU SXLVVDQFH LQWHU
0DVVLPR 1XOOR D YXRWR
0D[LPXP
0D[LPDO
1R ORDG
1XO j YLGH
0LQLPR 1XOOR D YXRWR
0LQLPXP
5DOHQWL
1R ORDG
1XO j YLGH
127( 127(6
$JLUH VXOOD JKLHUD GL UHJLVWUR SUHFDULFR PROOH /'$ &RUVD /'$ PP 2SHUDWH RQ WKH /'$ VSULQJ SUHORDGLQJ DGMXVWPHQW ULQJ QXW /'$ VWURNH PP
$JLU VXU O·HPERXW GH UpJODJH GH SUpFKDUJH GHV UHVVRUWV /'$ &RXUVH /'$ PP
3UHVVLRQH GHOOD PDQGDWD DULD $LU RXWOHW SUHVVXUH 3UHVVLRQ G·HQYRLU DLU EDU
)UD SDUHQWHVL L YDORUL GL YHULILFD 7HVW YDOXHV LQ EUDFNHWV (QWUH SDUHQWKqVHV OHV YDOHXUV GH YHULILFDWLRQ
R 9DORUL SUHYLVWL ([SHFWHG YDOXHV 9DOHXUV SUpYXHV