7UDQVIHUUHG GDWD GXULQJ D 0HUFHGHV PH FDOO ,I \RX LQLWLDWH D VHUYLFH FDOO XVLQJ 0HUFHGHV PH GDWD LV WUDQVIHUUHG WR HQDEOH WDUJHWHG DGYLFH DQG DQ HIILFLHQW VHUYLFH 7KH IROORZLQJ UHTXLUHPHQWV PXVW EH IXOILOOHG IRU WKH WUDQVIHU RI WKH GDWD = 7KH LJQLWLRQ LV VZLWFKHG RQ = 7KH UHTXLUHG GDWD WUDQVIHU WHFKQRORJ\ LV VXSƃ SRUWHG E\ WKH PRELOH VHUYLFH RSHUDWRU = 7KH TXDOLW\ RI WKH PRELOH FRQQHFWLRQ LV VXIILƃ FLHQW 0RUH LQIRUPDWLRQ RQ 0HUFHGHV PH KWWS ZZZ PHUFHGHV PH DYDLODEOH DUH QRW DFWLYDWHG RQ 0HUFHGH
'DWD SURFHVVLQJ 7KH GDWD WUDQVPLWWHG ZLWKLQ WKH VFRSH RI WKH FDOO LV GHOHWHG IURP WKH SURFHVVLQJ V\VWHP DIWHU WKH 'DWD WUDQVIHU LI 0HUFHGHV PH FRQQHFW VHUYƃ LFHV DUH DFWLYDWHG 2QO\ LI WKH UHVSHFWLYH VHUYLFH LV DFWLYDWHG ZLOO DGGLWLRQDO LQFLGHQW VSHFLILF GDWD EH WUDQVPLWWHG LQ WKH VHFRQG VWDJH WR HQDEOH DQ RSWLPDO VHUYLFH $Q RYHUYLHZ RI WKH GDWD WUDQVPLWWHG FDQ EH IRXQG LQ WKH UHVSHFWLYH WHUPV RI XVH IRU 0HUFHGHV PH FRQQHFW VHUYLFHV 7KHVH FDQ EH REWDLQHG LQ WKH 0HUFHGHV PH 3RUWDO KWWSV PH VHFXUH PHUFH
,QIRUPDWLRQ RQ 0HUFHGHV PH FRQQHFW $FFLƃ GHQW DQG %UHDNGRZQ 0DQDJHPHQW 7KH $FFLGHQW DQG %UHDNGRZQ 0DQDJHPHQW FDQ LQFOXGH WKH IROORZLQJ IXQFWLRQV = 6XSSOHPHQW WR WKH 0HUFHGHV %HQ] HPHUƃ JHQF\ FDOO V\VWHP SDJH ,I QHFHVVDU\ WKH FRQWDFW SHUVRQ DW WKH 0HUFHGHV %HQ] HPHUJHQF\ FDOO FHQWUH IRUƃ ZDUGV WKH FDOO WR 0HUFHGHV PH FRQQHFW 3OHDVH QRWH WKDW 0HUFHGHV PH FRQQHFW LV D 0HUFHGHV %HQ] VHUYLFH ,Q HPHUJHQFLHV LQLWLDOO\ FDOO WKH VWDQGDUG QDWLRQDO HPHUJHQF\ VHUYLFH WHOHSKRQH QXPEHUV ,Q HPHUJHQFLHV \RX F
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
,QIRUPDWLRQ RQ DYDLODEOH HPHUJHQF\ FDOO V\Vƃ WHPV 7ZR W\SHV RI HPHUJHQF\ FDOO V\VWHP DUH DYDLODƃ EOH WR \RX LQ WKH YHKLFOH = 0HUFHGHV %HQ] HPHUJHQF\ FDOO V\VWHP 0HUFHGHV %HQ] HPHUJHQF\ FDOO V\VWHP 0XOWLPHGLD V\VWHP 0HUFHGHV PH $SSV 0HUFHGHV PH 6HOHFW 0\ 0HUFHGHV PH $FFRXQW 6HOHFW 'HOHWH YHKLFOH FRQQHFWLRQ (QWHU WKH 3,1 RI WKH FRQQHFWHG XVHU DFFRXQW 2QO\ WKH XVHU ZKRVH XVHU DFFRXQW ZDV ILUVW FRQQHFWHG ZLWK WKH YHKLFOH FDQ GHOHWH WKH FRQQHFWLRQ EHWZHHQ DOO XVHU DFFRXQWV DQG WKH YHKL
= = 0HUFHGHV %HQ] UHFRPPHQGV WKH DFWLYDWLRQ RI WKH 0HUFHGHV %HQ] HPHUJHQF\ FDOO V\VWHP IRU WKH IROORZLQJ UHDVRQV = ,Q HPHUJHQF\ VLWXDWLRQV ZKHQ DEURDG \RX FDQ DOVR JHW VXSSRUW LQ D ODQJXDJH \RX VSHDN = 6HYHUDO WUDQVPLVVLRQ WHFKQRORJLHV DUH XVHG WR DFFHOHUDWH WKH WUDQVIHU RI WKH DFFLGHQW GDWD DQG LPSURYH UHOLDELOLW\ RI WKH WUDQVPLVƃ VLRQ = 7KH 0HUFHGHV %HQ] HPHUJHQF\ FDOO V\VWHP LV SHUPDQHQWO\ ORJJHG LQ WR WKH PRELOH SKRQH ,I \RX GHFLGH RQ WKH HPHUJHQF\ FDOO V\VWHP (8 H&DOO RQO\ WKHQ WKH V\VWHP
2YHUYLHZ RI HPHUJHQF\ FDOO V\VWHPV %RWK WKH 0HUFHGHV %HQ] HPHUJHQF\ FDOO V\VWHP DV ZHOO DV WKH HPHUJHQF\ FDOO V\VWHP (8 H&DOO FDQ KHOS WR UHGXFH WKH WLPH EHWZHHQ DQ DFFLGHQW DQG WKH DUULYDO RI HPHUJHQF\ VHUYLFHV DW WKH VLWH RI WKH DFFLGHQW 7KH\ KHOS ORFDWH DQ = = QHWZRUN ZKLFK HQVXUHV IDVWHU SODFHPHQW RI WKH HPHUJHQF\ FDOO DQG IDVWHU WUDQVIHU RI WKH DFFLGHQW GDWD 0HDVXUHV IRU UHVFXH UHFRYHU\ RU WRZLQJ DZD\ FDQ WKHQ EH LQLWLDWHG LQ TXLFNO\ :LWK D 0HUFHGHV %HQ] HPHUJHQF\ FDOO WKH DFFLGHQW GDWD
7KH 626 EXWWRQ LQ WKH RYHUKHDG FRQWURO SDQHO IODVKHV XQWLO WKH HPHUJHQF\ FDOO LV ILQLVKHG ,I QR FRQQHFWLRQ FDQ EH PDGH WR WKH SXEOLF HPHUJHQF\ VHUYLFHV D FRUUHVSRQGLQJ PHVVDJH DSSHDUV LQ WKH GLVSOD\ 'LDO WKH HPHUJHQF\ QXPEHU RU DQ DSSURƃ SULDWH ORFDO HPHUJHQF\ FDOO QXPEHU RQ \RXU PRELOH SKRQH ,I DQ HPHUJHQF\ FDOO KDV EHHQ LQLWLDWHG = 5HPDLQ LQ WKH YHKLFOH LI WKH URDG DQG WUDIILF FRQGLWLRQV SHUPLW \RX WR GR VR XQWLO D YRLFH FRQQHFWLRQ LV HVWDEOLVKHG ZLWK WKH HPHUƃ JHQF\ FDOO FHQWUH = 2Q WKH EDVLV
3RVLWLRQ GDWD RI WKH YHKLFOH 3RVLWLRQ GDWD RQ WKH URXWH D IHZ P EHIRUH WKH LQFLGHQW 'LUHFWLRQ RI WUDYHO 9HKLFOH LGHQWLILFDWLRQ QXPEHU 'ULYH W\SH RI WKH YHKLFOH H J SHWURO GLHVHO &1* /3* HOHFWULF RU K\GURJHQ 1XPEHU RI SHRSOH GHWHUPLQHG WR EH LQ WKH YHKLFOH :KHWKHU WKH HPHUJHQF\ FDOO ZDV LQLWLDWHG PDQXDOO\ RU DXWRPDWLFDOO\ 7LPH RI WKH DFFLGHQW /DQJXDJH VHWWLQJ RQ WKH PXOWLPHGLD V\VWHP :KHWKHU 0HUFHGHV PH FRQQHFW LV DYDLODEOH RU QRW 7KLV LV D UHTXLUHPHQW IRU WKH RSWLRQ RI IRUZDUGLQJ WKH FDOO WR WKH
)XQFWLRQ RI WKH HPHUJHQF\ FDOO V\VWHP VHOI GLDJQRVLV 5XVVLD
'DWD UHFLSLHQW 7KH UHFLSLHQWV RI GDWD WKDW LV SURFHVVHG XVLQJ WKH HPHUJHQF\ FDOO V\VWHP (8 H&DOO DUH WKH UHOHYDQW HPHUJHQF\ FDOO LQTXLU\ WHUPLQDOV WKDW DUH VSHFLILHG WR ILUVW UHFHLYH DQG KDQGOH HPHUƃ JHQF\ FDOOV WR WKH VWDQGDUG (XURSHDQ HPHUJHQF\ FDOO QXPEHU E\ WKH UHVSHFWLYH FRXQWU\ DXWKRULWLHV LQ ZKRVH WHUULWRU\ \RX DUH ORFDWHG 3URFHVVLQJ RI SHUVRQDO GDWD YLD WKH HPHUJHQF\ FDOO V\VWHP (8 H&DOO $OO SURFHVVLQJ RI SHUVRQDO GDWD YLD WKH HPHUƃ JHQF\ FDOO V\VWHP (8 H&DOO FRUUHVSRQGV ZLWK
)RU PRVW 0HUFHGHV PH FRQQHFW VHUYLFHV GDWD YROXPH LV DYDLODEOH ZKHQ SXUFKDVLQJ WKH VHUYƃ LFHV 7R XVH VRPH IXQFWLRQV H J ZHE EURZVHU ,QWHUƃ QHW 5DGLR RU :L )L KRWVSRW DGGLWLRQDO GDWD YROƃ XPH LV UHTXLUHG ,I WKH GDWD YROXPH OLPLW LV UHDFKHG WKH DYDLODELOƃ LW\ RI 0HUFHGHV PH FRQQHFW VHUYLFHV LV OLPLWHG 7KH GDWD YROXPH FDQ EH SXUFKDVHG GLUHFWO\ IURP D PRELOH SKRQH QHWZRUN SURYLGHU YLD WKH 0HUFHGHV PH 3RUWDO 9LVLW D 0HUFHGHV %HQ] VHUYLFH FHQWUH WR ILQG RXW ZKHWKHU LW LV SRVVLEOH WR SXUFKDVH GDWD YRO
7KH ,QWHUQHW FRQQHFWLRQ YLD :L )L LV UHVWULFWHG RU GRHV QRW IXQFWLRQ LI = WKH PRELOH SKRQH LV VZLWFKHG RII 6HWWLQJ XS DQ ,QWHUQHW FRQQHFWLRQ YLD :L )L 5HTXLUHPHQWV = WKH :L )L IXQFWLRQ LV DFWLYDWHG RQ WKH PXOWLƃ PHGLD V\VWHP SDJH = WKH :L )L IXQFWLRQ LV DFWLYDWHG RQ WKH PRELOH SKRQH VHH WKH PDQXIDFWXUHU V RSHUDWLQJ LQVWUXFWLRQV = ,QWHUQHW DFFHVV YLD :L )L LV DFWLYDWHG VHH WKH PDQXIDFWXUHU V RSHUDWLQJ LQVWUXFWLRQV ,I \RX ZLVK WR VHOHFW WKH FRPPXQLFDWLRQ PRGXOH IRU D VLQJOH ,QWHUQHW VLWW
6HWWLQJ XS DQ ,QWHUQHW FRQQHFWLRQ XVLQJ FDU WHOHSKRQ\ 5HTXLUHPHQWV = )RU XVH ZLWK D PRELOH SKRQH 7KH ,QWHUQHW FRQQHFWLRQ YLD %OXHWRRWK LV UHVWULFƃ WHG RU GRHV QRW IXQFWLRQ LQ WKH IROORZLQJ FDVHV = WKH PRELOH SKRQH LV VZLWFKHG RII = WKH PRELOH SKRQH QHWZRUN FRYHUDJH LV LQVXIƃ ILFLHQW = PRELOH GDWD XVH LV GHDFWLYDWHG RQ WKH PRELOH SKRQH = WKH %OXHWRRWK IXQFWLRQ RQ WKH PXOWLPHGLD V\VWHP LV VZLWFKHG RII DQG WKH PRELOH SKRQH LV WR EH FRQQHFWHG YLD %OXHWRRWK = WKH %OXHWRRWK IXQFWLRQ LV VZLWFKHG RII RQ WK
7R VHOHFW WKH SUHGHILQHG DFFHVV GDWD RI WKH PRELOH SKRQH QHWZRUN SURYLGHU VHOHFW &KDQJH SURYLGHU VHWWLQJV &KHFN WKH DFFHVV GDWD LQ WKH RYHUYLHZ ,I WKH PRELOH SKRQH QHWZRUN SURYLGHU LV UHFƃ RJQLVHG FRUUHFWO\ WKH FRUUHFW VHWWLQJV DUH DOUHDG\ HQWHUHG ,I WKH VHWWLQJV FDQQRW EH ILOƃ OHG DXWRPDWLFDOO\ D OLVW DSSHDUV IRU PDQXDO VHOHFWLRQ RI D PRELOH SKRQH QHWZRUN SURƃ YLGHU 7R PDQXDOO\ VHW WKH DFFHVV GDWD RI WKH PRELOH SKRQH QHWZRUN SURYLGHU VHOHFW WKH GHVLUHG PRELOH SKRQH QHWZRUN SURYLGHU IURP WKH OLVW
* GRXEOH DUURZ V\PERO WKH FRPPXQLFDƃ WLRQ PRGXOH LV VHOHFWHG DV KRWVSRW 5HFHSWLRQ ILHOG VWUHQJWK V\PERO UHFHSWLRQ ILHOG VWUHQJWK RI WKH FRPPXQLFDWLRQ PRGXOH RU WKH GHYLFH VHOHFWHG DV KRWVSRW 'LVSOD\LQJ WKH FRQQHFWLRQ VWDWXV 0XOWLPHGLD V\VWHP 6HWWLQJV 6\VWHP 6HOHFW ,QWHUQHW DQG %OXHWRRWK 7KH VWDWXV LQIRUPDWLRQ DSSHDUV LQ WKH XSSHU JUDSKLF DUHD RI WKH FHQWUDO GLVSOD\ = :KHQ FRQQHFWHG YLD :L )L D %OXHWRRWK GHYLFH RU D FDU WHOHSKRQH WKH GHYLFH QDPH DQG WKH DSSUR[LPDWH GDWD YROXPH WUDQVP
6HDUFK 3UHYLRXV ZHEVLWH 2SWLRQV %RRNPDUNV 7R UHIUHVK VWRS :HE EURZVHU RYHUYLHZ 6HOHFW DQ RSWLRQ &KDQJH WKH VHWWLQJV &DOOLQJ XS WKH ZHE EURZVHU VHWWLQJV 0XOWLPHGLD V\VWHP 0HUFHGHV PH $SSV \ %URZVHU = %URZVHU VHWWLQJV 7R VZLWFK RQH RI WKH GLVSOD\HG IXQFWLRQV RQ DFWLYDWH WKH GLVSOD\ EXWWRQ 7R VZLWFK RQH RI WKH GLVSOD\HG IXQFWLRQV RII GHDFWLYDWH WKH GLVSOD\ EXWWRQ &DOOLQJ XS ZHE EURZVHU RSWLRQV 0XOWLPHGLD V\VWHP 0HUFHGHV PH $SSV \ %URZVHU = 7KH I
(QWHU WKH QDPH 6HOHFW v RQ WKH LQSXW NH\ERDUG &DOOLQJ XS ,QWHUQHW 5DGLR 5HTXLUHPHQWV = 7KHUH LV DQ DFFRXQW RQ KWWSV ZZZ PHUFHGHV PH = 7KH ,QWHUQHW 5DGLR VHUYLFH LV DFWLYDWHG = 7KH GDWD YROXPH LV DYDLODEOH 'HSHQGLQJ RQ WKH FRXQWU\ GDWD YROXPH PD\ QHHG WR EH SXUFKDVHG 7XQH,Q UDGLR &ORVLQJ WKH EURZVHU 0XOWLPHGLD V\VWHP 0HUFHGHV PH $SSV \ %URZVHU 6HOHFW 'HOHWLQJ D ERRNPDUN 6HOHFW WKH UHF\FOH ELQ V\PERO EHKLQG D ERRNƃ PDUN 6HOHFW
6DYLQJ IDYRXULWHV 6HOHFW D VWDWLRQ 6DYLQJ GHOHWLQJ DQ ,QWHUQHW 5DGLR VWDWLRQ DV D IDYRXULWH 0XOWLPHGLD V\VWHP 5DGLR 7XQH,Q 5DGLR 6HOHFWLQJ DQG FRQQHFWLQJ ,QWHUQHW 5DGLR VWDƃ WLRQV 0XOWLPHGLD V\VWHP 5DGLR 7XQH,Q 5DGLR 6HOHFW 6HOHFW D FDWHJRU\ 6HOHFW D VWDWLRQ 7KH FRQQHFWLRQ LV HVWDEOLVKHG DXWRPDWLFDOO\ RU 6HOHFW WKH VHDUFK ILHOG (QWHU D VWDWLRQ QDPH $ UHODWLYHO\ ODUJH YROXPH RI GDWD FDQ EH WUDQVPLWWHG ZKHQ XVLQJ ,QWHUQHW 5DGLR &KDQQHO OLVW 6HDUFK 3UHVV I
86% GHYLFHV L3RG L3KRQH 073 GHYLFHV %OXHWRRWK DXGLR HTXLSPHQW 3HUPLVVLEOH GDWD FDUULHUV 03(* $9, 'LY; 0.9 03 0 9 :09 2EVHUYH WKH IROORZLQJ QRWHV = 7KH PXOWLPHGLD V\VWHP VXSSRUWV D WRWDO RI XS WR ILOHV = 'DWD VWRUDJH PHGLD XS WR 7% DUH VXSƃ SRUWHG ƄELW DGGUHVV VSDFH = 'XH WR WKH ODUJH YDULHW\ RI DYDLODEOH PXVLF DQG YLGHR ILOHV UHJDUGLQJ HQFRGƃ HUV VDPSOLQJ UDWHV DQG GDWD WUDQVIHU UDWHV SOD\EDFN FDQQRW EH JXDUDQWHHG 6XSSRUWHG YLGHR IRUPDWV 03 :0$ $$& :$9 )/$& 6XSSR
)RU '76 3DWHQWV VHH KWWS SDWHQWV GWV FRP 0DQXIDFWXUHG XQGHU OLFHQFH IURP '76 /LFHQVLQJ /LPLWHG '76 WKH 6\PERO '76 DQG WKH 6\PERO WRJHWKHU DUH UHJLVWHUHG WUDGHPDUNV DQG '76 7UXƃ 9ROXPH LV D WUDGHPDUN RI '76 ,QF '76 ,QF $OO 5LJKWV 5HVHUYHG *UDFHQRWH WKH *UDFHQRWH ORJR DQG ORJRW\SH 3RZHUHG E\ *UDFHQRWH 0XVLF,' DQG 3OD\OLVW 3OXV DUH HLWKHU UHJLVWHUHG WUDGHPDUNV RU WUDGHƃ PDUNV RI *UDFHQRWH ,QF LQ WKH 8QLWHG 6WDWHV DQG RU RWKHU FRXQWULHV 7,'$/ DQG 7,'$/ ORJR DUH UHJLVWHUHG WUDGHPDUN RI
5HSHDW 7UDFN DQG DUWLVW 6HWWLQJV QXPEHU WUDFN LQ SOD\EDFN OLVW $OEXP FRYHU $FWLYH PHGLD VRXUFH $FWLYH GDWD VWRUDJH GHYLFH DQG FXUUHQW WUDFN 2YHUYLHZ RI WKH PHGLD PHQX 0%8; PXOWLPHGLD V\VWHP IRUZDUG &RQWUROV SOD\EDFN &DWHJRULHV 0XVLF VHDUFK 5DQGRP SOD\EDFN 7LPHOLQH +LJK WHPSHUDWXUHV FDQ GDPDJH 86% GHYLFHV 5HPRYH WKH 86% GHYLFH DIWHU XVH DQG WDNH LW RXW RI WKH YHKLFOH 127( 'DPDJH FDXVHG E\ KLJK WHPSHUDƃ WXUHV &RQQHFWLQJ 86% GHYLFHV &RQQHFWLQJ WKH GDWD VWRUDJH PHGLXP WR WKH PXOWLPH
&RQQHFW WKH 86% GHYLFH WR WKH 86% SRUW :KHQ FRQQHFWLQJ VHYHUDO $SSOH GHYLFHV VLPXOWDQHRXVO\ SD\ DWWHQWLRQ WR WKH RUGHU LQ ZKLFK WKH GHYLFHV DUH FRQQHFWHG 7KH PXOWLƃ PHGLD V\VWHP RQO\ FRQQHFWV ZLWK WKH GHYLFH WKDW LV FRQQHFWHG ILUVW $GGLWLRQDO $SSOH GHYLFHV WKDW DUH FRQQHFWHG DW WKH VDPH WLPH DUH RQO\ VXSSOLHG ZLWK SRZHU = = = %OXHWRRWK LV DFWLYDWHG RQ WKH PXOWLPHGLD V\VWHP DQG DXGLR HTXLSPHQW 7KH DXGLR HTXLSPHQW VXSSRUWV WKH %OXHƃ WRRWK DXGLR SURILOHV $ '3 DQG $95&3 7KH DXGLR HTXLSPHQW LV
= 6HOHFW WZLFH WKH FXUUHQW WUDFN LV UHSHDƃ WHG = 6HOHFW WKUHH WLPHV WKH UHSHDW IXQFWLRQ LV GHDFWLYDWHG 7R SOD\ EDFN WUDFNV LQ UDQGRP RUGHU VHOHFW 7R ZLQG D WUDFN IRUZDUGV RU EDFNZDUGV WDS RQ WKH GHVLUHG SRLQW RQ WKH WLPHOLQH 7R VHOHFW WKH QH[W WUDFN VHOHFW ö 7R VHOHFW WKH SUHYLRXV WUDFN VHOHFW õ 7R VFUROO WKURXJK WUDFNV TXLFNO\ SUHVV DQG KROG õ RU ö 7R VKRZ WKH FXUUHQW WUDFN OLVW VHOHFW WKH WUDFN LPDJH VKRZQ 0%8; PXOWLPHGLD V\VWHP &DOOLQJ XS PXVLF RQOLQH 5HTXLUHP
&RQILJXULQJ RQOLQH PXVLF VHWWLQJV 0XOWLPHGLD V\VWHP 0HGLD 2QOLQH PXVLF 'XULQJ PHGLD SOD\EDFN SUHVV = LQ WKH 0HGLD PHQX 6HOHFW D VHWWLQJ 7KH PRUH FKDUDFWHUV HQWHUHG ZKHQ XVLQJ WKH NH\ZRUG VHDUFK WKH PRUH FRQFUHWH WKH VHDUFK UHVXOWV DUH 6HOHFW WKH GHVLUHG HQWU\ IURP WKH UHVXOW OLVW ,I WKH VHOHFWHG UHVXOW LV DQ DOEXP VRQJ RU D SOD\EDFN OLVW WKHQ SOD\EDFN LV VWDUWHG ,I WKH VHOHFWHG UHVXOW LV D QHZ FDWHJRU\ WKHQ WKLV LV RSHQHG LQ WKH VHDUFK .H\ZRUG VHDUFK LQ RQOLQH PXVLF
0XOWLPHGLD V\VWHP ¶ 5DGLR 6WDUW WKH DSSOLFDWLRQ RQ WKH PXOWLPHGLD V\Vƃ WHP KRPH VFUHHQ 7KH UDGLR GLVSOD\ DSSHDUV
0XOWLPHGLD V\VWHP ¶ 5DGLR 6HOHFW D UDGLR VWDWLRQ 6HOHFW I 6WRULQJ UDGLR VWDWLRQV 0XOWLPHGLD V\VWHP ¶ 5DGLR 6HOHFW Ó (QWHU D VWDWLRQ QDPH RU IUHTXHQF\ 6HOHFW D VWDWLRQ 6HDUFKLQJ IRU UDGLR VWDWLRQV XVLQJ VWDWLRQ QDPHV RU IUHTXHQF\ HQWU\ )DYRXULWHV 3UHVV 7KH OLVW RI IDYRXULWHV DSSHDUV 3UHVV Ö QH[W WR WKH VWDWLRQ QDPH 6HOHFW 0RYH 0RYH WKH VWDWLRQ WR WKH QHZ SRVLWLRQ 0XOWLPHGLD V\VWHP ¶ 5DGLR 7KH VOLGH VKRZ GLVSOD\V DGGLWLRQDO LQIRUPDWLRQ SURYLGHG E\ WKH VWDW
0XOWLPHGLD V\VWHP ¶ 5DGLR = *HQHUDO 6ZLWFK 5DGLR WH[W LQIRUPDWLRQ RQ RU RII 'LVSOD\LQJ UDGLR WH[W 0XOWLPHGLD V\VWHP ¶ 5DGLR = 6RXQG 6HOHFW 1DYLJDWLRQ DQG WUDIILF DQQRXQFH PHQWV 6HW D YDOXH IRU 7UDIILF DQQRXQF YRO LQFUHDVH 6HWWLQJ WKH WUDIILF LQIRUPDWLRQ VHUYLFH YROƃ XPH LQFUHDVH 0%8; PXOWLPHGLD V\VWHP 0XOWLPHGLD V\VWHP 0HGLD 6HOHFW 79 7KH 79 SLFWXUH DSSHDUV ,I DYDLODEOH WKH FKDQQHO DQG SURJUDPPH LQIRUPDWLRQ LV GLVƃ SOD\HG ,I WKH YHKLFOH LV WUDYHO
79 VWDQGDUG &KDQQHO IL[ DFWLYH 2YHUYLHZ RI V\PEROV $ % WKH FKDQQHO OLVW )XOO VFUHHQ &KDQQHO OLVW 6HDUFKHV IRU D 79 FKDQQHO 3URJUDPPH LQIRUPDWLRQ 6HOHFWV WKH SUHYLRXV RU QH[W 79 FKDQQHO IURP (3* 2SWLRQV 6KRZV WKH HOHFWURQLF SURJUDPPH SUHYLHZ 7R VKRZ SUHVV WKH SUHYLHZ SLFWXUH 7R KLGH SUHVV ( LQ WKH FHQWUDO GLVSOD\ 7KH 79 PHQX DSSHDUV 6HOHFWLQJ 79 FKDQQHOV IURP WKH PHQX 0XOWLPHGLD V\VWHP 0HGLD 79 3UHVV õ RU ö RQ WKH FHQWUDO GLVSOD\ 7KH 79 WXQHU VHWV WKH SUHYLRXV QH[W FK
6HOHFW WKH 79 FKDQQHO 3UHVV õ RU ö RQ WKH FHQWUDO GLVSOD\ 7KH 79 WXQHU VHWV WKH SUHYLRXV QH[W FKDQQHO IURP WKH FKDQQHO OLVW 6HOHFW D SURJUDPPH QDPH ZLWK H 7KH SURJUDPPH LQIRUPDWLRQ LV GLVSOD\HG 'LVSOD\LQJ FXUUHQW SURJUDPPH LQIRUPDWLRQ IRU WKH VHOHFWHG FKDQQHO (3* 0XOWLPHGLD V\VWHP 0HGLD 79 (3* GLVSOD\V WKH IROORZLQJ LQIRUPDWLRQ LI DYDLODƃ EOH = %URDGFDVW WLPHV = 1DPHV RI WKH FXUUHQW DQG XSFRPLQJ SURƃ JUDPPHV 6HOHFWLQJ 79 FKDQQHOV LQ WKH EDFNJURXQG 5HTXLUHPHQWV = 7KH QDYL
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
7HOHWH[W RYHUYLHZ 7HOHWH[W SDJHV DUH ORFDWHG EHWZHHQ SDJH DQG SDJH 7HOHWH[W 6HWWLQJ WKH 79 VXEWLWOHV 0XOWLPHGLD V\VWHP 0HGLD 79 = *HQHUDO 6HOHFW $XGLR VXEWLWOHV 6HOHFW WKH DYDLODEOH ODQJXDJHV H XQGHU WKH 6XEWLWOHV FDWHJRU\ 6HOHFW RQH RI WKH DYDLODEOH RSWLRQV IRU WKH VHOHFWHG ODQJXDJH 7KH VHOHFWHG ODQJXDJH H J )UHQFK ZLOO EH NHSW XQWLO WKH PXOWLPHGLD V\VWHP LV VZLWFKHG RII :KHQ \RX VZLWFK RQ WKH PXOWLPHGLD V\VWHP DJDLQ WKH V\VWHP ODQJXDJH LV ORDGHG DV WKH ODQJXDJH ,
$ &, PRGXOH &RPPRQ ,QWHUIDFH 0RGXOH ZKLFK LV QRW LQFOXGHG LQ WKH VFRSH RI GHOLYHU\ LV XVHG WR GHFU\SW +' SURJUDPPHV DFFRUGLQJ WR WKH &, VWDQGDUG ,Q VRPH FRXQWULHV DQ DGGLWLRQDO VPDUW FDUG LV UHTXLUHG ZKLFK LV LQVHUWHG LQWR WKH &, PRGXOH VHH WKH PDQXIDFWXUHU V RSHUDWLQJ PDQXDO 7KH &, PRGXOH LV FRQQHFWHG LQ WKH &, ER[ LQ WKH JORYH FRPSDUWPHQW 7KH &, PRGXOH LV GHVLJQHG IRU XVH LQ WKH KRPH 7KH &, PRGXOH FDQ RYHUKHDW DQG EH GDPDJHG E\ FRQWLQXRXV H[SRVXUH WR KLJK RXWVLGH WHPSHUDWXUHV 0DNH VX
7R UHVHW WKH 79 WXQHU VHOHFW 5HVHW 79 7R UHVWDUW WKH &, PRGXOH LI SOD\EDFN LV H[SHULHQFLQJ LQWHUIHUHQFH \RX FDQ WU\ DQG UHVROYH WKH SUREOHP XVLQJ 5HVWDUW &, &DOOLQJ XS WKH VRXQG PHQX 0XOWLPHGLD V\VWHP 0HGLD = 6RXQG 6HOHFW RQH RI WKH IXQFWLRQV VKRZQ WR PDNH VHWWLQJV ,QIRUPDWLRQ DERXW WKH VRXQG V\VWHP 7KH VRXQG V\VWHP KDV D WRWDO RXWSXW RI : DQG LV HTXLSSHG ZLWK QLQH VSHDNHUV ,W LV DYDLODƃ EOH IRU DOO IXQFWLRQV LQ WKH UDGLR DQG PHGLD PRGHV 6RXQG 7RQH VHWWLQJV 0%8; PX
$FWLYDWLQJ GHDFWLYDWLQJ ORXGQHVV DGMXVWƃ PHQW LQ WKH %XUPHVWHU ' VXUURXQG VRXQG V\VWHP 0XOWLPHGLD V\VWHP 0HGLD = %XUPHVWHU 7KH ORXGQHVV DGMXVWPHQW FRPSHQVDWHV IRU GLIƃ IHULQJ GHJUHHV RI ORXGQHVV ZKHQ FKDQJLQJ $GMXVWLQJ WKH WUHEOH PLG DQG EDVV VHWWLQJV RQ WKH %XUPHVWHU ' VXUURXQG VRXQG V\Vƃ WHP 0XOWLPHGLD V\VWHP 0HGLD = %XUPHVWHU (TXDOLVHU 6HW 7UHEOH 0LG RU %DVV &DOOLQJ XS WKH VRXQG PHQX LQ WKH %XUPHVWHU ' VXUURXQG VRXQG V\VWHP 0XOWLPHGLD V\VWHP 0HGLD =
$GMXVWLQJ WKH LQWHQVLW\ RI EDVV YLEUDWLRQV ,Q WKH ' VRXQG PHQX VOLGH WKH FRQWURO WR VHW WKH LQWHQVLW\ RI EDVV YLEUDWLRQV $GMXVWLQJ VRXQG VHWWLQJV 6HOHFW RQH RI WKH IXQFWLRQV VKRZQ WR PDNH VHWWLQJV &DOOLQJ XS WKH VRXQG PHQX LQ WKH %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP 0XOWLPHGLD V\VWHP 0HGLD = %XUPHVWHU ,QIRUPDWLRQ RQ WKH %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP 7KH %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP KDV D WRWDO RXWSXW RI ZDWWV DQG LV HTXLSSHG ZLWK VSHDNH
6HOHFWLQJ WKH VRXQG SURILOH LQ WKH %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP 0XOWLPHGLD V\VWHP 0HGLD %XUPHVWHU 6RXQG SURILOHV 6HOHFW D VRXQG SURILOH $GMXVWLQJ WKH VHDW EDVHG VRXQG RSWLPLVDWLRQ LQ WKH %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP 0XOWLPHGLD V\VWHP 0HGLD = %XUPHVWHU 9,3 VHDW 6HOHFW D VHDW IRU VRXQG RSWLPLVDWLRQ RU 6HOHFW $OO VHDWV 2EVHUYH WKH QRWHV RQ ORDGLQJ WKH YHKLFOH 9HQWLODWLRQ PXVW QRW EH LPSHGHG E\ FRYHULQJ WKH YHQWLODWLRQ RSHQLQJV ZLWK LWHP
&DOOV XS IDYRXULWHV GRZQ 8VHV WKH JOREDO VHDUFK &DOOV XS WKH PXOWLVHDW FRQWURO PHQX SXOO XVHU &DOOV XS XVHU SURILOH VHWWLQJV DQG FKDQJHV ([DPSOH +RPH VFUHHQ RYHUYLHZ UHDU GLVSOD\ 7KH IROORZLQJ H[WHUQDO KHDGSKRQHV FDQ EH FRQƃ QHFWHG WR HDFK UHDU GLVSOD\ = %OXHWRRWK KHDGSKRQHV +LJK YROXPHV PD\ GDPDJH \RXU KHDULQJ 0DNH VXUH WKDW WKH YROXPH LV VHW DW D SOHDVDQW OHYHO :$51,1* 5LVN RI LQMXU\ GXH WR KLJK YROƃ XPH IURP KHDGSKRQHV +HDGSKRQHV RYHUYLHZ 5HDU 6HDW (QWHUWDLQƃ PHQW 6\VWHP +HDGS
2YHUYLHZ RI WKH KDQGVHW 7KH KDQGVHW LV RQO\ DYDLODEOH LQ WKH UHDU FRPƃ SDUWPHQW RI YHKLFOHV ZLWK WKH %XVLQHVV WHOHSKƃ RQ\ HTXLSPHQW +DQGVHW ([DPSOH FRQQHFWLRQ RI FRUGHG KHDGSKRQHV ZLWK D SLQ VWHUHR MDFN PP $XGLR / DXGLR VLJQDO IRU OHIW FKDQQHO $XGLR 5 DXGLR VLJQDO IRU ULJKW FKDQQHO (DUWK 0%8; PXOWLPHGLD V\VWHP /(' GLVSOD\V .H\SDG 9ROXPH VHWWLQJV 0LFUR 86% SRUW +HDGSKRQH MDFN )XQFWLRQ RI WKH /(' GLVSOD\V KDQGVHW
%DWWHU\ GLVFKDUJHG GLVSOD\ %DWWHU\ FKDUJH VWDWXV GLVSOD\ +DQGVHW IXQFWLRQV 0HDQLQJ 7KH KDQGVHW LV RSHUDWLRQDO 7KH GLVSOD\ IODVKHV &RQQHFWLQJ FDOO = ,QFRPLQJ FDOO = $FWLYH FDOO RQ WKH PXOWLPHGLD V\VWHP 'LVSOD\ 7KH KDQGVHW LV PXWHG 1R DFRXVWLF VLJQDO VRXQGV IRU LQFRPLQJ FDOOV 7KH KDQGVHW PLFURSKRQH LV VZLWFKHG RII LV OLW XS LV OLW XS 7KH FDOO FDQ DOVR EH WUDQVIHUUHG WR WKH KDQGVHW 7KH GLVSOD\ OLJKWV XS FRQWLQXRXVO\ = $FWLYH FDOO RQ WKH KDQGVHW = 0HDQLQJ 'LVSOD\ 7KH
%XWWRQ 0XWHV WKH KDQGVHW ZKHQ WKHUH LV QR DFWLYH FDOO 6ZLWFKHV RII WKH PLFURSKRQH ZKHQ D FDOO LV DFWLYH $FWLYDWHV YRLFH UHFRJQLWLRQ RI WKH FRQQHFWHG PRELOH SKRQH ZLWK +DQGV )UHH 3URILOH 'XULQJ DQ DFWLYH FDOO RQ WKH KDQGVHW DFWLYDWHV KDQGV IUHH PRGH 1R SULYDWH LQIRUPDWLRQ LV GLVSOD\HG LQ WKH PXOWLPHGLD V\VWHP = ,QFRPLQJ FDOOV DQG PHVVDJHV DUH PDGH DQRQ\PRXV = &RQWDFWV DQG PHVVDJHV LQ WKH FRQQHFWHG PRELOH SKRQH 6,0 FDUG DUH QRW VKRZQ = = = = )XQFWLRQ 0%8; PXOWLPHGLD V\VWHP 6ZLWFKLQJ
3UHVV GUDZHU EDFN XQWLO LW HQJDJHV 7KH KDQGVHW LV FKDUJHG 7KH KDQGVHW FDQ DOVR EH FKDUJHG XVLQJ WKH PLFUR 86% SRUW
7R VHW WKH PDVVDJH LQWHQVLW\ VZLWFK +LJK LQWHQVLW\ RQ RU RII 6HOHFW Û WR VWDUW WKH PDVVDJH 6HWV WKH DLUIORZ 6HOHFW WKH WHPSHUDWXUH GLVSOD\ DW WKH ORZHU HGJH RI WKH UHDU GLVSOD\ 6HW WKH DLUIORZ 6HWWLQJ FOLPDWH FRQWURO IRU WKH UHDU SDVVHQJHU FRPSDUWPHQW 5HDU 6HDW (QWHUƃ WDLQPHQW 6\VWHP 5HVHWWLQJ UHDU VHDW VHWWLQJV 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP &RPIRUW 6HDW FRPIRUW 6HOHFW 5HVHW 6HOHFW = IRU WKH GHVLUHG VHDW 7KH VHWWLQJV IRU WKH VHOHFWHG VHDW DUH UHVHW 0%8; PXOWLP
6WDUWLQJ WLSV 6HOHFW 7LSV 6WDUWLQJ WKH WUDLQLQJ SURJUDPPH 6HOHFW 7UDLQLQJ 6HOHFW Ð D SURJUDPPH 7KH SURJUDPPH VWDUWV 7R DFWLYDWH IUDJUDQFLQJ IRU WUDLQLQJ VHOHFW $LU IUHVKHQHU 6HWWLQJ WKH UXQQLQJ WLPH 6HOHFW D SURJUDPPH 6HOHFW 6HWWLQJV 6HOHFW WKH GHVLUHG GXUDWLRQ &RQILJXULQJ D SURJUDPPH 6HOHFW D SURJUDPPH 6HOHFW 6HWWLQJV 6ZLWFK WKH IXQFWLRQV LQFOXGHG LQ WKH SURƃ JUDPPH RQ RU RII $GGLWLRQDO LQIRUPDWLRQ RQ WKH SURJUDPPHV SDJH 6HOHFW Ð D UHJLRQ RI WKH ERG\ 6HOHF
6HOHFW WKH SHQ V\PERO )RU DOO OLJKWLQJ PRGHV VHW WKH FRORXU WHPƃ SHUDWXUH DQG WKH EULJKWQHVV )RU WKH UHDGLQJ OLJKW DOVR VHW WKH VL]H RI WKH OLJKW FRQH DQG PRYH WKH OLJKW FRQH &RQILJXULQJ OLJKW PRGH 7KH IROORZLQJ RSWLRQV DUH DYDLODEOH = :RUN OLJKW WKH JUDE KDQGOH OLJKWLQJ DQG UHDU LQWHULRU ODPS RQ WKH UHVSHFWLYH VLGH RI WKH YHKLFOH ZLOO JR RQ = 5HDGLQJ OLJKW WKH JUDE KDQGOH OLJKWLQJ ZLOO JR RQ 7KH VL]H DQG SRVLWLRQ RI WKH OLJKW FRQH FDQ EH DGMXVWHG LQGLYLGXDOO\ = 7ZR ]RQH OLJKW WKH JUDE
,Q SULQFLSOH \RX FDQ XVH WKH PXOWLPHGLD V\VWHP IXQFWLRQV RQ WKH 5HDU 6HDW (QWHUWDLQPHQW 6\Vƃ WHP DOVR 6ZLWFKLQJ RQ QDYLJDWLRQ LQ WKH UHDU FRPSDUWƃ PHQW 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP 1DYLJDWLRQ 7KH PDS DSSHDUV DQG VKRZV WKH FXUUHQW YHKLFOH SRVLWLRQ 6HOHFW DQ RSWLRQ LQ WKH QDYLJDWLRQ PHQX SDJH 1DYLJDWLRQ 6KRZLQJ V\VWHP LQIRUPDWLRQ 6HOHFW 6\VWHP LQIRUPDWLRQ 6HWWLQJ WKH VHQVLWLYLW\ IRU WKH UHDU GLVSOD\ 6HOHFW 7RXFK 6HQVLWLYLW\ 6HOHFW DQ RSWLRQ 7KH IROORZLQJ RSWLRQV DUH DYDLOD
'HOHWLQJ D PHVVDJH SDJH &DOOLQJ XS WKH ZHE EURZVHU 5HDU 6HDW (QWHUƃ WDLQPHQW 6\VWHP 5HTXLUHPHQWV = 7KH YHKLFOH LV HTXLSSHG ZLWK D SHUPDQHQWO\ LQVWDOOHG FRPPXQLFDWLRQ PRGXOH :HE EURZVHU RYHUYLHZ 5HDU 6HDW (QWHUWDLQƃ PHQW 6\VWHP 'HSHQGLQJ RQ WKH FRXQWU\ DQG WKH YHKLFOH HTXLSƃ PHQW D ZHE EURZVHU FDQ EH FDOOHG XS RQ WKH UHDU GLVSOD\ 7KH ,QWHUQHW FRQQHFWLRQ FDQ EH HVWDEOLVKHG XVLQJ WKH FRPPXQLFDWLRQ PRGXOH %OXHWRRWK RU :L )L )RU IXUWKHU LQIRUPDWLRQ RQ VHWWLQJ XS DQ ,QWHUQHW FRQQHFWLRQ = 9LD
6ZLWFKLQJ RQ PHGLD PRGH LQ WKH UHDU SDVVHQJHU FRPSDUWPHQW 5HTXLUHPHQWV = $ GDWD VWRUDJH PHGLXP LV FRQQHFWHG WR WKH PXOWLPHGLD V\VWHP 7KH WHUPV +'0, DQG +'0, +LJK 'HILQLWLRQ 0XOWLƃ PHGLD ,QWHUIDFH DQG WKH +'0, /RJR DUH WUDGHƃ PDUNV RU UHJLVWHUHG WUDGHPDUNV RI +'0, /LFHQVƃ LQJ //& LQ WKH 8QLWHG 6WDWHV DQG RWKHU FRXQWULHV 7KH 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP FDQ DFFHVV WKH ILOHV RQ WKH PXOWLPHGLD V\VWHP )XUWKHU LQIRUPDWLRQ DERXW PHGLD PRGH SDJH $ %OXHWRRWK DXGLR GHYLFH LV FRQQHFWHG ZLWK WKH PXOW
6ZLWFKLQJ WR UDGLR LQ WKH UHDU SDVVHQJHU FRPSDUWPHQW 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP 5DGLR 6ZLSH OHIW RU ULJKW RQ WKH UHDU GLVSOD\ RU 6HOHFW D VWDWLRQ ZLWK õ RU ö ,I WKH FKDQQHO LV FKDQJHG RQ WKH PXOWLPHGLD V\VWHP LW FKDQJHV DOVR RQ WKH UHDU GLVSOD\ 7R VHW D IUHTXHQF\ EDQG VHOHFW D IUHTXHQF\ EDQG 7KH IROORZLQJ IXQFWLRQV DUH DYDLODEOH = 6HDUFKLQJ IRU UDGLR VWDWLRQV SDJH = 6HOHFWLQJ IURP WKH VWDWLRQ OLVW SDJH = 6WRULQJ UDGLR VWDWLRQV SDJH = &DOOLQJ XS D VOLGH VKRZ
6ZLWFKLQJ &DELQ $XGLR RQ RII DQG VHWWLQJ YROXPHV &DELQ $XGLR IDFLOLWDWHV DXGLR SOD\EDFN LQ WKH YHKLFOH LQWHULRU 6HOHFW 6HOHFW 0HGLD 6HOHFW 86% RU 0\ 86% 6ZLWFK WKH GLVSOD\ EXWWRQ ZLWK WKH VSHDNHU V\PERO RQ RU RII 7R VHW WKH YROXPHV PRYH WKH FRQWURO NQRE WR WKH OHIW RU ULJKW RQ RQH RI WKH VFDOHV DQG KROG LW XQWLO WKH GHVLUHG YROXPH LV VHW 6HOHFWLQJ VRXQG VHWWLQJV LQ WKH UHDU FRPSDUWƃ PHQW 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP 6HWWLQJV 6\VWHP 6HOHFW 6RXQG 6HOHFW WKH VRXQG VHWWLQJV
7KH $66<67 3/86 VHUYLFH LQWHUYDO GLVSOD\ RQ WKH GULYHU GLVSOD\ SURYLGHV LQIRUPDWLRQ RQ WKH UHPDLQLQJ WLPH RU GLVWDQFH EHIRUH WKH QH[W VHUYLFH GXH GDWH
,Q WKHVH RU VLPLODU RSHUDWLQJ FRQGLWLRQV KDYH WKH LQWHULRU DLU ILOWHU HQJLQH DLU FOHDQHU HQJLQH RLO DQG RLO ILOWHU HWF FKDQJHG PRUH IUHTXHQWO\ 7KH W\UHV PXVW EH FKHFNHG PRUH IUHTXHQWO\ LI WKH YHKLFOH LV RSHUDWHG XQGHU LQFUHDVHG ORDGV )XUƃ WKHU LQIRUPDWLRQ FDQ EH REWDLQHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS ILHG EDVHG RQ WKH DFWXDO RSHUDWLQJ FRQGLWLRQV DQG RU ORDGV ([DPSOHV RI DUGXRXV RSHUDWLQJ FRQGLWLRQV = UHJXODU FLW\ GULYLQJ ZLWK IUHTXHQW LQWHUPHGLƃ DWH VWRSV = PDLQO\ VKRUW GLVWDQFH GULYLQJ = IUH
:LWK \RXU KDQG IODW SXVK GRZQ DFWLYH ERQQHW LQ WKH DUHD DURXQG WKH KLQJHV RQ ERWK VLGHV DUURZV 7KH HQJLQH ERQQHW PXVW HQJDJH LQ SRVLWLRQ ,I WKH DFWLYH ERQQHW FDQ EH UDLVHG VOLJKWO\ DW WKH UHDU LQ WKH DUHD RI WKH KLQJHV UHSHDW WKH VWHS XQWLO LW HQJDJHV FRUUHFWO\ 7KH ERQQHW PD\ VXGGHQO\ GURS LQWR WKH HQG SRVLWLRQ :$51,1* 5LVN RI DFFLGHQW DQG LQMXU\ ZKHQ RSHQLQJ DQG FORVLQJ WKH ERQQHW 7KH ERQQHW PD\ RSHQ DQG EORFN \RXU YLHZ 1HYHU UHOHDVH WKH ERQQHW ZKHQ GULYLQJ %HIRUH HYHU\ WULS HQVXUH WKDW
:$51,1* 5LVN RI EXUQV IURP KRW FRPƃ SRQHQW SDUWV LQ WKH HQJLQH FRPSDUWPHQW 1HYHU WRXFK FRPSRQHQWV RI WKH LJQLWLRQ V\VWHP RU WKH IXHO LQMHFWLRQ V\VWHP ZKHQ WKH LJQLWLRQ LV VZLWFKHG RQ :KHQ WKH HQJLQH ERQQHW LV RSHQ DQG WKH ZLQGVFUHHQ ZLSHUV DUH VHW LQ PRWLRQ \RX FDQ EH WUDSSHG E\ WKH ZLSHU OLQNDJH $OZD\V VZLWFK RII WKH ZLQGVFUHHQ ZLSƃ HUV DQG LJQLWLRQ EHIRUH RSHQLQJ WKH HQJLQH ERQQHW :$51,1* 5LVN RI LQMXU\ IURP XVLQJ WKH ZLQGVFUHHQ ZLSHUV ZKLOH WKH HQJLQH ERQƃ QHW LV RSHQ &HUWDLQ FRPSRQHQWV LQ WKH
= = $GG O RI HQJLQH RLO 0RWRU|O QDFKIOOHQ DQG WKH EDU GLVSOD\ IRU LQGLFDWLQJ WKH RLO OHYHO RQ WKH GULYHU V GLVSOD\ LV RUDQJH DQG LV EHORZ PLQ 5HSHDW WKH UHTXHVW DIWHU D PD[LPXP RI PLQXWHV GULYLQJ 2. DQG WKH EDU GLVSOD\ IRU LQGLFDWLQJ WKH RLO OHYHO RQ WKH GULYHU V GLVSOD\ LV JUHHQ DQG LV EHWZHHQ PLQ DQG PD[ WKH RLO OHYHO LV FRUƃ UHFW 7KH HQJLQH RLO OHYHO LV GHWHUPLQHG GXULQJ GULYLQJ 'HWHUPLQLQJ WKH HQJLQH RLO OHYHO FDQ WDNH XS WR PLQXWHV ZLWK D QRUPDO GULYLQJ VW\OH DQG HYHQ O
127( 'DPDJH FDXVHG E\ WRSSLQJ XS WRR PXFK HQJLQH RLO 'R QRW DOWHU WKH HQJLQH RLO RU RLO ILOWHU LQ RUGHU WR DFKLHYH ORQJHU FKDQJH LQWHUYDOV WKDQ SUHVFULEHG 'R QRW XVH DGGLWLYHV )ROORZ WKH LQVWUXFWLRQV LQ WKH VHUYLFH LQWHUYDO GLVSOD\ UHJDUGLQJ WKH RLO FKDQJH 'HSHQGLQJ RQ WKH HQJLQH WKH FDS PD\ EH LQVWDOOHG LQ WKH HQJLQH FRPSDUWPHQW LQ GLIƃ IHUHQW ORFDWLRQV 7RR PXFK HQJLQH RLO FDQ GDPDJH WKH HQJLQH RU WKH FDWDO\WLF FRQYHUWHU +DYH H[FHVV HQJLQH RLO UHPRYHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS
,I \RX RSHQ WKH HQJLQH ERQQHW ZKHQ WKH HQJLQH KDV RYHUKHDWHG RU GXULQJ D ILUH LQ WKH HQJLQH FRPSDUWPHQW \RX FRXOG FRPH LQWR FRQWDFW ZLWK KRW JDVHV RU RWKHU HVFDSLQJ RSHUDWLQJ IOXLGV %HIRUH RSHQLQJ WKH ERQQHW DOORZ WKH HQJLQH WR FRRO GRZQ ,Q WKH HYHQW RI D ILUH LQ WKH HQJLQH FRPƃ SDUWPHQW NHHS WKH HQJLQH ERQQHW FORVHG DQG FDOO WKH ILUH VHUYLFH :$51,1* 'DQJHU RI EXUQV ZKHQ RSHQƃ LQJ WKH ERQQHW &HUWDLQ FRPSRQHQWV LQ WKH HQJLQH FRPSDUWƃ PHQW FDQ EH YHU\ KRW H J WKH HQJLQH WKH UDGLDWRU DQG SDUWV R
,I RQH RI WKH IROORZLQJ IXQFWLRQV LV VZLWFKHG RQ WKH YHKLFOH EUDNHV DXWRPDWLFDOO\ LQ FHUƃ WDLQ VLWXDWLRQV = $FWLYH %UDNH $VVLVW = $FWLYH 'LVWDQFH $VVLVW ',67521,& = +2/' IXQFWLRQ 127( 'DPDJH IURP DXWRPDWLF EUDNLQJ %UDNLQJ HIILFLHQF\ LV UHGXFHG DIWHU ZDVKLQJ WKH YHKLFOH $IWHU WKH YHKLFOH KDV EHHQ ZDVKHG EUDNH FDUHIXOO\ ZKLOH SD\LQJ DWWHQWLRQ WR WKH WUDIILF FRQGLWLRQV XQWLO EUDNLQJ SRZHU KDV EHHQ IXOO\ UHVWRUHG :$51,1* 5LVN RI DQ DFFLGHQW GXH WR UHGXFHG EUDNLQJ SRZHU DIWHU ZDVKLQJ WKH YHKLFOH &OHDQ
7KH ZDWHU MHW FDQ FDXVH H[WHUQDOO\ LQYLVLEOH GDPDJH &RPSRQHQWV GDPDJHG LQ WKLV ZD\ PD\ XQH[ƃ SHFWHGO\ IDLO 'R QRW XVH D KLJK SUHVVXUH FOHDQHU ZLWK URXQG VSUD\ QR]]OHV +DYH GDPDJHG W\UHV RU FKDVVLV SDUWV UHSODFHG LPPHGLDWHO\ :$51,1* 5LVN RI DQ DFFLGHQW ZKHQ XVLQJ KLJK SUHVVXUH FOHDQHUV ZLWK URXQG VSUD\ QR]]OHV ,QIRUPDWLRQ RQ XVLQJ D KLJK SUHVVXUH FOHDQHU ,I DIWHU WKH FDU ZDVK \RX UHPRYH WKH ZD[ IURP WKH ZLQGVFUHHQ DQG ZLSHU UXEEHUV WKLV ZLOO SUHYHQW VPHDULQJ DQG UHGXFH ZLSHU QRLVH 0DLQ
%LUG GURSSLQJV VRDN ZLWK ZDWHU DQG ULQVH RII DIWHUZDUGV 7UHH UHVLQ RLOV IXHOV DQG JUHDVHV UHPRYH E\ UXEELQJ JHQWO\ ZLWK D FORWK VRDNHG LQ SHWURƃ OHXP HWKHU RU OLJKWHU IOXLG &RRODQW DQG EUDNH IOXLG UHPRYH ZLWK D GDPS FORWK DQG FOHDQ ZDWHU 7DU VWDLQV XVH WDU UHPRYHU :D[ XVH VLOLFRQH UHPRYHU 'R QRW DWWDFK VWLFNHUV ILOPV RU VLPLODU PDWHƃ ULDOV 2QO\ KDYH ILOP DWWDFKHG WR WKH EXPSHU DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 5HPRYH GLUW LPPHGLDWHO\ ZKHUH SRVVLEOH 0DWW ILQLVK = 2QO\ XVH FDUH SURGXFWV DSS
6FUDWFKHV FRUURVLYH GHSRVLWV DUHDV DIIHFWHG E\ FRUURVLRQ DQG GDPDJH FDXVHG E\ LQFRUUHFW FDUH FDQQRW DOZD\V EH FRPSOHWHO\ UHSDLUHG ,Q VXFK FDVHV YLVLW D TXDOLILHG VSHFLDOLVW ZRUNVKRS
:LSHU EODGHV )ROG RXW WKH ZLSHU EODGHV DQG FOHDQ WKHP XVLQJ D GDPS FORWK = 'R QRW FOHDQ WKH ZLSHU EODGHV WRR RIWHQ 5HYHUVLQJ FDPHUD DQG &DPHUD = 6ZLWFK RQ WKH SRZHU VXSSO\ RU WKH LJQLWLRQ WR RSHQ WKH IURQW FDPHUD FRYHU = 8VH FOHDQ ZDWHU DQG D VRIW FORWK WR FOHDQ WKH FDPHUD OHQV = 'R QRW XVH D KLJK SUHVVXUH FOHDQHU 6HQVRUV = &OHDQ WKH VHQVRUV LQ WKH IURQW DQG UHDU EXPSHU DQG LQ WKH UDGLDWRU JULOOH ZLWK D VRIW FORWK DQG FDU VKDPSRR = :KHQ XVLQJ D KLJK SUHVVXUH FOHDQHU PDLQWDLQ D PLQLPXP GLVWDQFH
5HDO ZRRG WULP HOHPHQWV = &OHDQ ZLWK D PLFURILEUH FORWK = 3ODVWLF WULP &OHDQ ZLWK D GDPS PLFURILEUH FORWK = )RU KHDY\ VRLOLQJ XVH D FDUH SURGXFW UHFRPƃ PHQGHG IRU 0HUFHGHV %HQ] = 'R QRW DWWDFK VWLFNHUV ILOPV RU VLPLODU PDWHƃ ULDOV = 'R QRW DOORZ FRVPHWLFV LQVHFW UHSHOOHQW RU VXQ FUHDP WR FRPH LQ FRQWDFW ZLWK WKH SODVƃ WLF WULP 'LVSOD\ = 6ZLWFK RII WKH GLVSOD\ DQG OHW LW FRRO GRZQ = &OHDQ WKH VXUIDFH FDUHIXOO\ ZLWK D PLFURILEUH FORWK DQG D VXLWDEOH GLVSOD\ FDUH SURGXFW 7)7 /&' = 'R QRW XVH DQ\
7DNH WKH VDIHW\ YHVW EDJ RXW RI VWRZDJH VSDFH 2SHQ WKH VDIHW\ YHVW EDJ DQG SXOO RXW WKH VDIHW\ YHVW 6DIHW\ YHVWV FDQ DOVR EH VWRUHG LQ WKH UHDU GRRU VWRZDJH VSDFHV 7KH VDIHW\ YHVWV DUH ORFDWHG LQ VWRZDJH VSDFHV LQ WKH IURQW GRRU (PHUJHQF\ 5HPRYLQJ WKH VDIHW\ YHVW 0D[LPXP QXPEHU RI ZDVKHV 0D[LPXP ZDVK WHPSHUDWXUH 'R QRW EOHDFK 'R QRW LURQ 'R QRW WXPEOH GU\ 'R QRW GU\ FOHDQ 7KLV LV D FODVV YHVW 7KH UHTXLUHPHQWV GHILQHG E\ WKH OHJDO VWDQGDUG DUH RQO\ IXOILOOHG LQ WKH IROORZLQJ FDVHV = LI WK
3XVK ERWK VLGHV RI ZDUQLQJ WULDQJOH KROGHU LQ WKH GLUHFWLRQ RI WKH DUURZ DQG RSHQ LW 5HPRYH ZDUQLQJ WULDQJOH 5HPRYLQJ WKH ZDUQLQJ WULDQJOH :DUQLQJ WULDQJOH %UHDNGRZQ DVVLVWDQFH )ROG VLGH UHIOHFWRUV XSZDUGV WR IRUP D WULƃ DQJOH DQG DWWDFK DW WKH WRS XVLQJ XSSHU SUHVV VWXG )ROG OHJV GRZQ DQG RXW WR WKH VLGH )LUVW DLG NLW VRIW VLGHG LV ORFDWHG RQ WKH ULJKW KDQG VLGH RI WKH ERRW DQG LV VHFXUHG ZLWK 9HOFUR VWULS )LUVW DLG NLW VRIW VLGHG 6HWWLQJ XS WKH ZDUQLQJ WULDQJOH
.HHS WKH VWRZDJH FRPSDUWPHQW FORVHG ZKLOH WKH YHKLFOH LV PRYLQJ 3XOO KDQGOH XS DQG IROG WKH FRYHU IRUƃ ZDUGV LQ WKH GLUHFWLRQ RI WKH DUURZ 127( 'DPDJH WR WKH VWRZDJH FRPSDUWƃ PHQW 5HPRYLQJ WKH ILUH H[WLQJXLVKHU 5HPRYH WKH ILUH H[WLQJXLVKHU IURP WKH VWRZƃ DJH FRPSDUWPHQW 7\UHV ZLWK UXQ IODW FKDUDFWHULVWLFV 2EVHUYH WKH LQIRUPDWLRQ DQG ZDUQLQJ QRWHV RQ 02([WHQGHG W\UHV UXQ IODW W\UHV $ IODW W\UH VHYHUHO\ DIIHFWV WKH GULYLQJ FKDUDFƃ WHULVWLFV DV ZHOO DV WKH VWHHULQJ DQG EUDNLQJ RI WKH YHKL
$IWHU GULYLQJ LQ HPHUJHQF\ PRGH KDYH WKH ULPV FKHFNHG E\ D TXDOLILHG VSHFLDOƃ 'ULYLQJ LQ HPHUJHQF\ PRGH LPSDLUV WKH KDQƃ GOLQJ FKDUDFWHULVWLFV RI WKH YHKLFOH 'R QRW H[FHHG WKH SHUPLVVLEOH PD[Lƃ PXP VSHHG RI WKH 02([WHQGHG W\UHV $YRLG DQ\ DEUXSW VWHHULQJ DQG GULYLQJ PDQRHXYUHV DV ZHOO DV GULYLQJ RYHU REVWDFOHV NHUEV SRW KROHV RII URDG 7KLV DSSOLHV LQ SDUWLFXODU WR D ORDGHG YHKLFOH 6WRS GULYLQJ LQ WKH HPHUJHQF\ PRGH LI \RX QRWLFH = EDQJLQJ QRLVH = YHKLFOH YLEUDWLRQ = VPRNH ZKLFK VPHOOV O
5HTXLUHPHQWV = 7\UH VHDODQW ERWWOH DQG W\UH LQIODWLRQ FRPƃ SUHVVRU SDJH = 7,5(),7 VWLFNHU = *ORYHV GHSHQGLQJ RQ WKH YHKLFOH HTXLSPHQW 8VLQJ WKH 7,5(),7 NLW 7KH W\UH LQIODWLRQ FRPSUHVVRU LV PDLQWHƃ QDQFH IUHH ,I WKHUH LV D PDOIXQFWLRQ SOHDVH FRQWDFW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $W D GLVWDQFH RI DSSUR[LPDWHO\ P WR WKH W\UH LQIODWLRQ FRPSUHVVRU DQG DSSUR[LPDWHO\ P DERYH WKH JURXQG WKH IROORZLQJ VRXQG SUHVVXUH OHYHOV DSSO\ = (PLVVLRQV VRXQG SUHVVXUH OHYHO /3$ G% $ = 6RXQG SRZHU
'R QRW UXQ WKH W\UH LQIODWLRQ FRPSUHVƃ VRU IRU ORQJHU WKDQ WHQ PLQXWHV ZLWKRXW LQWHUUXSWLRQ 127( 2YHUKHDWLQJ GXH WR WKH W\UH LQIODƃ WLRQ FRPSUHVVRU UXQQLQJ WRR ORQJ ,I DQ DOOHUJLF UHDFWLRQ RFFXUV VHHN PHGƃ LFDO DWWHQWLRQ LPPHGLDWHO\ &RPSO\ ZLWK WKH PDQXIDFWXUHU V VDIHW\ QRWHV RQ WKH VWLFNHU RQ WKH W\UH LQIODWLRQ FRPSUHVVRU +DYH WKH W\UH VHDODQW ERWWOH UHSODFHG LQ D TXDOLƃ ILHG VSHFLDOLVW ZRUNVKRS HYHU\ ILYH \HDUV 'R QRW UHPRYH DQ\ IRUHLJQ REMHFWV ZKLFK KDYH HQWHUHG WKH W\UH %UHDNGRZQ D
5HPRYH WKH FDS IURP YDOYH RQ WKH IDXOW\ W\UH 6FUHZ ILOOLQJ KRVH RQWR YDOYH ,QVHUW SOXJ LQWR D 9 VRFNHW LQ \RXU YHKLFOH 6ZLWFK RQ WKH LJQLWLRQ 6ZLWFK RQ WKH W\UH LQIODWLRQ FRPSUHVVRU XVLQJ WKH 2Q 2II VZLWFK 7KH W\UH LV LQIODWHG )LUVW W\UH VHDODQW LV SXPƃ SHG LQWR WKH W\UH 7KH SUHVVXUH PD\ EULHIO\ ULVH WR DSSUR[LPDWHO\ N3D EDU SVL 'R QRW VZLWFK RII WKH W\UH LQIODWLRQ FRPSUHVƃ VRU GXULQJ WKLV SKDVH /HW WKH W\UH LQIODWLRQ FRPSUHVVRU UXQ IRU D PD[LPXP RI WHQ PLQ
127( 6WDLQLQJ IURP OHDNLQJ W\UH VHDODQW 2EVHUYH WKH PD[LPXP SHUPLVVLEOH VSHHG IRU D W\UH VHDOHG ZLWK W\UH VHDODQW NP K $IWHU XVH H[FHVV W\UH VHDODQW PD\ OHDN RXW IURP WKH ILOOLQJ KRVH 7KHUHIRUH SODFH WKH ILOOLQJ KRVH LQ WKH SODVWLF EDJ WKDW FRQWDLQHG WKH 7,5(),7 NLW $ W\UH WHPSRUDULO\ VHDOHG ZLWK W\UH VHDODQW LPSDLUV WKH KDQGOLQJ FKDUDFWHULVWLFV DQG LV QRW VXLWDEOH IRU KLJKHU VSHHGV $GDSW \RXU GULYLQJ VW\OH DFFRUGLQJO\ DQG GULYH FDUHIXOO\ 'R QRW H[FHHG WKH PD[LPXP VSHHG OLPLW ZLWK D W\
7R UHGXFH WKH W\UH SUHVVXUH SUHVV SUHVƃ VXUH UHOHDVH EXWWRQ QH[W WR PDQRPHWHU :KHQ WKH W\UH SUHVVXUH LV FRUUHFW XQVFUHZ WKH ILOOLQJ KRVH IURP WKH YDOYH RI WKH VHDOHG W\UH 6FUHZ WKH YDOYH FDS RQWR WKH YDOYH RI WKH VHDOHG W\UH 3XOO WKH W\UH VHDODQW ERWWOH RXW RI WKH W\UH LQIODWLRQ FRPSUHVVRU 7KH ILOOLQJ KRVH VWD\V RQ WKH W\UH VHDODQW ERWƃ WOH 'ULYH WR WKH QHDUHVW TXDOLILHG VSHFLDOLVW ZRUNƃ VKRS DQG KDYH WKH W\UH W\UH VHDODQW ERWWOH DQG ILOOLQJ KRVH UHSODFHG WKHUH :RUN FDUULHG RXW LQ
%DWWHU\ DFLG LV FDXVWLF $YRLG FRQWDFW ZLWK WKH VNLQ H\HV RU FORWKLQJ 'R QRW OHDQ RYHU WKH EDWWHU\ 'R QRW LQKDOH EDWWHU\ JDVHV .HHS FKLOGUHQ DZD\ IURP WKH EDWWHU\ ,PPHGLDWHO\ ULQVH EDWWHU\ DFLG RII WKRUƃ RXJKO\ ZLWK SOHQW\ RI FOHDQ ZDWHU DQG VHHN PHGLFDO DWWHQWLRQ LPPHGLDWHO\ :$51,1* 'DQJHU RI FKHPLFDO EXUQV IURP WKH EDWWHU\ DFLG 7KH KLJKO\ IODPPDEOH JDV PL[WXUH LV FUHDWHG ZKLOH WKH EDWWHU\ LV FKDUJLQJ DQG GXULQJ VWDUWLQJ DVVLVWDQFH YHKLFOH ERG\ EHIRUH KDQGOLQJ WKH EDWƃ WHU\ %UHDNG
)DKU]HXJH PLW /LWKLXP ,RQHQ %DWWHULH )U GDV /DGHQ GHU %DWWHULH XQG GLH 6WDUWKLOIH LPPHU GHQ )UHPGVWDUW 6WW]SXQNW LP 0RWRUUDXP YHUZHQGHQ +LQZHLVH ]XU 6WDUWKLOIH XQG ]XP /DGHQ GHU Ƅ9Ƅ%DWWHULH 2EVHUYH WKH IROORZLQJ LI \RX GR QRW LQWHQG WR XVH WKH YHKLFOH RYHU DQ H[WHQGHG SHULRG RI WLPH = $FWLYDWH VWDQGE\ PRGH = $OWHUQDWLYHO\ FRQQHFW WKH EDWWHU\ WR D EDWƃ WHU\ FKDUJHU DSSURYHG E\ 0HUFHGHV %HQ] RU FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS WR GLVFRQQHFW WKH EDWWHU\ 2EVHUYH WKLV 2ZQHU V 0DQXDO :KHQ XVL
$ GLVFKDUJHG EDWWHU\ PD\ IUHH]H DW WHPSHUDƃ WXUHV VOLJKWO\ DERYH RU EHORZ IUHH]LQJ SRLQW 'XULQJ VWDUWLQJ DVVLVWDQFH RU EDWWHU\ FKDUJƃ LQJ EDWWHU\ JDV FDQ EH UHOHDVHG $OZD\V DOORZ D EDWWHU\ WR WKDZ EHIRUH FKDUJLQJ LW RU SHUIRUPLQJ VWDUWLQJ DVVLVƃ WDQFH :$51,1* 5LVN RI H[SORVLRQ IURP D IURƃ ]HQ EDWWHU\ 'XULQJ WKH FKDUJLQJ SURFHVV DQG VWDUWLQJ DVVLVWDQFH WKH EDWWHU\ PD\ UHOHDVH DQ H[SORƃ VLYH JDV PL[WXUH $YRLG ILUH QDNHG IODPHV FUHDWLQJ VSDUNV DQG VPRNLQJ 0DNH VXUH WKHUH LV VXIILFLHQW YHQWLODƃ
'LH %HWULHEVDQOHLWXQJ GHV /DGHJHUlWV OHVHQ EHYRU 6LH GLH %DWWHULH ODGHQ 3UHSDULQJ VWDUWLQJ DVVLVWDQFH WKH FKDUJLQJ SURFHVV 6HFXUH WKH YHKLFOH E\ DSSO\LQJ WKH HOHFWULF SDUNLQJ EUDNH 6HOHFW WUDQVPLVVLRQ SRVLWLRQ ] 6ZLWFK RII WKH LJQLWLRQ DQG DOO HOHFWULFDO FRQƃ VXPHUV 6WDUWLQJ DVVLVWDQFH DQG FKDUJLQJ WKH 9 EDWWHU\ %HDFKWHQ 6LH EHL GHU 6WDUWKLOIH ]XVlW]OLFK IROƃ JHQGH 3XQNWH = 1XU YRQ )DKU]HXJHQ %DWWHULHQ RGHU HQWVSUHƃ FKHQGHQ 6WDUWKLOIHJHUlWHQ PLW 9 1HQQVƃ SDQQXQJ 6WDUWKLOIH JHEHQ ODVVHQ
0HUFHGHV %HQ] UHFRPPHQGV WKDW \RX KDYH WKH 9 EDWWHU\ UHSODFHG DW D TXDOLILHG VSHFLDOLVW 2EVHUYH WKH QRWHV RQ WKH 9 EDWWHU\ SDJH 5HSODFLQJ WKH 9 EDWWHU\ )XUWKHU LQIRUPDWLRQ FDQ EH REWDLQHG DW D TXDOLƃ ILHG VSHFLDOLVW ZRUNVKRS :KHQ WKH FKDUJLQJ SURFHVV LV FRPSOHWH 5HPRYH WKH FKDUJLQJ FDEOH IURP HDUWK SRLQW RQ WKH YHKLFOH DQG WKH QHJDWLYH FRQWDFW RI WKH FKDUJHU ILUVW DQG WKHQ IURP WKH SRVLƃ WLYH FRQWDFWV RQ WKH YHKLFOH DQG FKDUJHU $OZD\V VWDUW ZLWK WKH YHKLFOH ILUVW &ORVH FRYHU
0DNH VXUH WKDW GHWDFKDEOH SDUWV DUH UHFRQƃ QHFWHG LQ WKH VDPH ZD\ 7R DYRLG GDPDJH WR WKH YHKLFOH GHDFWLYDWH WKHVH V\VWHPV LQ WKH IROORZLQJ RU VLPLODU VLWƃ XDWLRQV 'XULQJ WRZLQJ ,Q D FDU ZDVK ,I RQH RI WKH IROORZLQJ IXQFWLRQV LV VZLWFKHG RQ WKH YHKLFOH EUDNHV DXWRPDWLFDOO\ LQ FHUƃ WDLQ VLWXDWLRQV = $FWLYH %UDNH $VVLVW = $FWLYH 'LVWDQFH $VVLVW ',67521,& = +2/' IXQFWLRQ = $FWLYH 3DUNLQJ $VVLVW 127( 'DPDJH IURP DXWRPDWLF EUDNLQJ 7RZ VWDUWLQJ RU WRZLQJ DZD\ =XOlVVLJH $EVFKOHSSPHWKRGHQ = 2EVHUYH WK
2EVHUYH WKH QRWHV RQ WKH SHUPLWWHG WRZLQJ PHWKRGV SDJH 0DNH VXUH WKDW WKH EDWWHU\ LV FRQQHFWHG DQG FKDUJHG ,I WKH DXWRPDWLF WUDQVPLVVLRQ FDQQRW EH VKLIƃ WHG WR SRVLWLRQ \ RU WKH GULYHU V GLVSOD\ LQ WKH LQVWUXPHQW FOXVWHU GRHV QRW VKRZ DQ\ƃ WKLQJ KDYH WKH YHKLFOH WUDQVSRUWHG DZD\ SDJH $ WRZLQJ YHKLFOH ZLWK OLIWLQJ HTXLSPHQW LV UHTXLUHG IRU YHKLFOH WUDQVSRUWDƃ WLRQ :KHQ WKH EDWWHU\ LV GLVFKDUJHG WKH IROORZLQJ DFWLRQV FDQQRW EH SHUIRUPHG = WKH HQJLQH FDQQRW EH VWDUWHG = WKH HOHFWULF S
:$51,1* 5LVN RI DFFLGHQW GXH WR OLPLƃ WHG VDIHW\ UHODWHG IXQFWLRQV GXULQJ WKH WRZLQJ SURFHVV 'HDFWLYDWH WKH DXWRPDWLF ORFNLQJ PHFKDQLVP SDJH 'R QRW DFWLYDWH WKH +2/' IXQFWLRQ 'HDFWLYDWH WRZ DZD\ SURWHFWLRQ SDJH 'HDFWLYDWH $FWLYH %UDNH $VVLVW SDJH 6KLIW WKH DXWRPDWLF WUDQVPLVVLRQ WR SRVLWLRQ \ 5HOHDVH WKH HOHFWULF SDUNLQJ EUDNH 6DIHW\ UHODWHG IXQFWLRQV DUH OLPLWHG RU QR ORQƃ JHU DYDLODEOH LQ WKH IROORZLQJ VLWXDWLRQV = WKH LJQLWLRQ LV VZLWFKHG RII = WKH EUDNH V\VWHP RU SRZHU VWHH
'R QRW SRVLWLRQ WKH YHKLFOH DERYH WKH FRQQHFWLRQ SRLQW RI WKH WUDQVSRUW YHKLƃ FOH 127( 'DPDJH WR WKH GULYHWUDLQ GXH WR LQFRUUHFW SRVLWLRQLQJ 'DUDXI DFKWHQ GDVV 9RUGHU XQG +LQWHUDFKVH DXI GHP JOHLFKHQ 7UDQVSRUWIDKU]HXJ ]XP 6WHƃ KHQ NRPPHQ 0$7,& )DKU]HXJH %UHDNGRZQ DVVLVWDQFH 7RZLQJ H\H LV ORFDWHG ZLWK WKH YHKLFOH WRRO NLW XQGHU WKH ERRW IORRU 7RZLQJ H\H VWRUDJH ORFDWLRQ 3UHVV WKH PDUN RQ FRYHU LQZDUGV DQG UHPRYH 6FUHZ LQ WKH WRZLQJ H\H FORFNZLVH DV IDU DV LW ZLOO JR DQG WLJKWHQ 9
7KH DXWRPDWLF WUDQVPLVVLRQ PD\ EH GDPDJHG LQ WKH SURFHVV RI WRZ VWDUWLQJ YHKLFOHV ZLWK DXWRPDWLF WUDQVPLVVLRQ 127( 'DPDJH WR WKH DXWRPDWLF WUDQVƃ PLVVLRQ GXH WR WRZ VWDUWLQJ 7RZ VWDUWLQJ WKH YHKLFOH HPHUJHQF\ HQJLQH VWDUW :KHQ D WRZLQJ H\H LV XVHG WR UHFRYHU D YHKLƃ FOH WKH YHKLFOH PD\ EH GDPDJHG LQ WKH SURFƃ HVV 2QO\ XVH WKH WRZLQJ H\H WR WRZ DZD\ RU WRZ VWDUW WKH YHKLFOH 127( 'DPDJH WR WKH YHKLFOH GXH WR LQFRUUHFW XVH RI WKH WRZLQJ H\H WRZLQJ H\H )DVWHQ WKH WRZ EDU WR WKH WUDLOHU KLWFK 0DN
:KHQ WKH IXVH ER[ LV RSHQ PDNH VXUH WKDW QR PRLVWXUH FDQ HQWHU WKH IXVH ER[ :KHQ FORVLQJ WKH IXVH ER[ PDNH VXUH WKDW WKH VHDO RI WKH OLG LV SRVLWLRQHG FRUƃ UHFWO\ RQ WKH IXVH ER[ 7KH HOHFWULFDO IXVHV DUH ORFDWHG LQ WKH IROORZLQJ IXVH ER[HV = )XVH ER[ LQ WKH HQJLQH FRPSDUWPHQW RQ WKH GULYHU V VLGH SDJH = )XVH ER[ RQ WKH GULYHU V VLGH RI WKH FRFNSLW SDJH = )XVH ER[ LQ WKH IURQW SDVVHQJHU IRRWZHOO SDJH ,I WKH QHZO\ LQVHUWHG IXVH DOVR EORZV KDYH WKH FDXVH WUDFHG DQG UHFWLILHG DW D TXD
'HSHQGLQJ RQ WKH YHKLFOH HTXLSPHQW WKHUH PD\ EH DQ HOHFWULFDO FRPSRQHQW RQ WKH IXVH ER[ OLG ,I SUHVHQW XQVFUHZ VFUHZ DQG SXW WKH FRPSRQHQW WR WKH VLGH ZLWKRXW GLVFRQQHFWLQJ WKH HOHFWULFDO FRQQHFWLRQ ,I SUHVHQW UHOHDVH KRVHV IURP WKH UHWDLQƃ LQJ FOLSV LQ WKH HQJLQH FRPSDUWPHQW DQG YHKLFOH ERG\ ,I SUHVHQW UHOHDVH KRVHV IURP WKH UHWDLQƃ LQJ FOLSV RQ WKH IXVH ER[ DQG YHKLFOH ERG\ 8QVFUHZ VFUHZV DQG IROG RXW EDU %UHDNGRZQ DVVLVWDQFH
8QVFUHZ VFUHZV DQG UHPRYH IXVH ER[ OLG WR WKH VLGH &ORVLQJ &KHFN ZKHWKHU WKH VHDO LV SRVLWLRQHG FRUƃ UHFWO\ LQ OLG 3ODFH OLG RQ WKH IXVH ER[ DQG WLJKWHQ VFUHZV )ROG EDFN EDU DQG WLJKWHQ VFUHZV %UHDNGRZQ DVVLVWDQFH ,I SUHVHQW HQJDJH KRVHV LQ WKH UHWDLQLQJ FOLSV LQ WKH HQJLQH FRPSDUWPHQW DQG YHKLFOH ERG\ ,I SUHVHQW HQJDJH KRVHV LQ WKH UHWDLQLQJ FOLSV RQ WKH IXVH ER[ DQG YHKLFOH ERG\ ,I SUHVHQW LQVHUW HOHFWULFDO FRPSRQHQW LQWR WKH KROGHU RQ WKH IXVH ER[ OLG DQG WLJKW
2SHQ FRYHU LQ WKH GLUHFWLRQ RI WKH DUURZ DQG UHPRYH LW 5HTXLUHPHQWV = 2EVHUYH WKH QRWHV RQ HOHFWULFDO IXVHV SDJH 2SHQLQJ DQG FORVLQJ WKH IXVH ER[ LQ WKH ERRW )ROG FRYHU GRZQ LQ WKH GLUHFWLRQ RI WKH DUURZ %UHDNGRZQ DVVLVWDQFH
'DPDJHG W\UHV FDQ FDXVH W\UH SUHVVXUH ORVV &KHFN WKH W\UHV UHJXODUO\ IRU VLJQV RI GDPDJH DQG UHSODFH DQ\ GDPDJHG W\UHV LPPHGLDWHO\ :$51,1* 5LVN RI LQMXU\ WKURXJK GDPƃ DJHG W\UHV 1RWHV RQ UHJXODUO\ LQVSHFWLQJ ZKHHOV DQG W\UHV 1RWHV RQ QRLVH RU XQXVXDO KDQGOLQJ FKDUDFƃ WHULVWLFV 0DNH VXUH WKHUH DUH QR YLEUDWLRQV QRLVHV RU XQXVXDO KDQGOLQJ FKDUDFWHULVWLFV ZKHQ WKH YHKLƃ FOH LV LQ PRWLRQ 7KLV PD\ LQGLFDWH WKDW WKH ZKHHOV RU W\UHV DUH GDPDJHG +LGGHQ W\UH GDPƃ DJH FRXOG DOVR EH FDXVLQJ WKH XQXVXDO KDQGO
1HYHU ILW VQRZ FKDLQV RQ WKH IURQW ZKHHOV 2QO\ ILW VQRZ FKDLQV RQ WKH UHDU ZKHHOV LQ SDLUV 2EVHUYH WKH IROORZLQJ QRWHV ZKHQ XVLQJ VQRZ FKDLQV = 6QRZ FKDLQV DUH RQO\ SHUPLVVLEOH IRU FHUWDLQ ZKHHO W\UH FRPELQDWLRQV
$GMXVW WKH W\UH SUHVVXUH DV QHFHVVDU\ EHIRUH HPEDUNLQJ RQ D ORQJHU MRXUQH\ LI RSHUDWLQJ FRQGLWLRQV FKDQJH H J RII URDG GULYLQJ ,I WKH W\UH SUHVVXUH GURSV UHSHDWHGO\ WKH ZKHHO YDOYH RU W\UH PD\ EH GDPDJHG ,QVXIILFLHQW W\UH SUHVVXUH FDQ FDXVH WKH W\UHV WR EXUVW ,QVSHFW WKH W\UH IRU VLJQV RI IRUHLJQ REMHFWV &KHFN ZKHWKHU WKH ZKHHO RU YDOYH KDV D OHDN :$51,1* 5LVN RI DFFLGHQW IURP UHSHDƃ WHG W\UH SUHVVXUH GURS 7\UH SUHVVXUH ZKLFK LV WRR KLJK RU WRR ORZ FDQ = 6KRUWHQ WKH VHUYLFH OLIH RI WKH W\
)XQFWLRQ RI WKH W\UH SUHVVXUH PRQLWRULQJ V\Vƃ WHP 7KH W\UH SUHVVXUH DQG WKH W\UH WHPSHUDWXUH DSSHDU LQ WKH PXOWLIXQFWLRQ GLVSOD\ SDJH ,I WKHUH LV D VXEVWDQWLDO SUHVVXUH ORVV RU LI WKH W\UH WHPSHUDWXUH LV H[FHVVLYH \RX ZLOO EH ZDUQHG LQ WKH IROORZLQJ ZD\V = YLD GLVSOD\ PHVVDJHV SDJH 7\UH SUHVVXUH PRQLWRULQJ V\VWHP ,I RQH RU PRUH W\UH VL]HV SUHFHGH D W\UH SUHVƃ VXUH WKH IROORZLQJ W\UH SUHVVXUH LQIRUPDWLRQ LV RQO\ YDOLG IRU WKRVH W\UH VL]HV DQG WKHLU UHVSHFƃ WLYH ORDG FRQGLWLRQ ,I WKH SUHF
5HVWDUWLQJ WKH W\UH SUHVVXUH PRQLWRULQJ V\Vƃ WHP 5HTXLUHPHQWV = 7KH UHFRPPHQGHG W\UH SUHVVXUH LV FRUUHFWO\ VHW IRU WKH UHVSHFWLYH RSHUDWLQJ VWDWXV RQ HDFK RI WKH IRXU ZKHHOV SDJH &RPSDUH WKH W\UH SUHVVXUH ZLWK WKH UHFRPƃ PHQGHG W\UH SUHVVXUH IRU WKH FXUUHQW RSHUDWƃ LQJ FRQGLWLRQ SDJH 2EVHUYH WKH QRWHV RQ W\UH WHPSHUDWXUH SDJH 7KH YDOXHV GLVSOD\HG LQ WKH PXOWLIXQFWLRQ GLVƃ SOD\ PD\ GHYLDWH IURP WKRVH RI WKH W\UH SUHVƃ VXUH JDXJH DV WKH\ UHIHU WR VHD OHYHO $W KLJK DOWLWXGHV
([FHHGLQJ WKH ORDG EHDULQJ FDSDFLW\ RI WKH W\UHV FDQ OHDG WR W\UH GDPDJH DQG FRXOG FDXVH WKH W\UHV WR H[SORGH 7KHUHIRUH RQO\ XVH W\UH W\SHV DQG VL]HV DSSURYHG IRU \RXU YHKLFOH PRGHO 2EVHUYH WKH W\UH ORDG EHDULQJ FDSDFLW\ UDWLQJ DQG VSHHG UDWLQJ UHTXLUHG IRU \RXU YHKLFOH :$51,1* 5LVN RI LQMXU\ WKURXJK H[FHHGƃ LQJ WKH VSHFLILHG W\UH ORDG EHDULQJ FDSDƃ FLW\ RU WKH SHUPLVVLEOH VSHHG UDWLQJ :KHQ UHSODFLQJ W\UHV PDNH VXUH WR ILW WKH FRUUHFW = 'HVLJQDWLRQ = 0DQXIDFWXUHU = 7\SH &HUWDLQ FKDUDFWHULVWLFV
127( 3RVVLEOH ZKHHO DQG W\UH GDPDJH ZKHQ SDUNLQJ RQ NHUEV RU LQ SRWKROHV $YRLG REVWDFOHV RU GULYH SDUWLFXODUO\ FDUHIXOO\ 9HKLFOHV ZLWK D W\UH SUHVVXUH PRQLWRULQJ V\VWHP HOHFWURQLF FRPSRQHQW SDUWV DUH ORFDWHG LQ WKH ZKHHO 7\UH ILWWLQJ WRROV VKRXOG QRW EH DSSOLHG LQ WKH DUHD RI WKH YDOYH 7KH WRROV FRXOG GDPDJH WKH HOHFWURQLF FRPƃ SRQHQW SDUWV +DYH WKH W\UHV FKDQJHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS RQO\ 127( 'DPDJH WR HOHFWURQLF FRPSRQHQW SDUWV IURP WKH XVH RI W\UH ILWWLQJ WRROV 3DUNLQJ RQ NHUEV
= = = = = 'R QRW PDNH DQ\ PRGLILFDWLRQV WR WKH EUDNH V\VWHP WKH ZKHHOV RU WKH W\UHV 7KH XVH RI VKLPV RU EUDNH GXVW VKLHOGV LV QRW SHUPLWWHG DQG PD\ LQYDOLGDWH WKH YHKLFOH V JHQHUDO RSHUDWLQJ SHUPLW 9HKLFOHV ZLWK D W\UH SUHVVXUH PRQLWRULQJ V\VWHP DOO ILWWHG ZKHHOV PXVW EH HTXLSSHG ZLWK IXQFWLRQLQJ VHQVRUV IRU WKH W\UH SUHVƃ VXUH PRQLWRULQJ V\VWHP $W WHPSHUDWXUHV EHORZ & XVH ZLQWHU W\UHV RU DOO VHDVRQ W\UHV PDUNHG 0 6 IRU DOO ZKHHOV :LQWHU W\UHV EHDULQJ WKH M VQRZIODNH V\PERO LQ DGGLWLRQ WR WK
:KHQ VWRULQJ ZKHHOV REVHUYH WKH IROORZLQJ QRWHV = $IWHU UHPRYLQJ ZKHHOV VWRUH WKHP LQ D FRRO GU\ DQG SUHIHUDEO\ GDUN SODFH 1RWHV RQ VWRULQJ ZKHHOV 'R QRW GULYH ZLWK W\UHV WKDW KDYH WRR OLWWOH WUHDG GHSWK 7KLV VLJQLILFDQWO\ UHGXFHV WUDFWLRQ RQ ZHW URDGV DTXDSODQLQJ 2Q YHKLFOHV ZLWK WKH VDPH IURQW DQG UHDU ZKHHO VL]H \RX FDQ LQWHUFKDQJH WKH ZKHHOV HYHU\ WR NP GHSHQGLQJ RQ WKH ZHDU (QVXUH WKH GLUHFWLRQ RI URWDWLRQ LV PDLQWDLQHG IRU WKH ZKHHOV 2EVHUYH WKH LQVWUXFWLRQV DQG VDIHW\ QRWH
5HTXLUHPHQWV = 7KH UHTXLUHG W\UH FKDQJH WRRO NLW LV DYDLODEOH ,I \RXU YHKLFOH LV QRW HTXLSSHG ZLWK WKH W\UH FKDQJH WRRO NLW FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS WR ILQG RXW DERXW VXLWDEOH WRROV 3UHSDULQJ WKH YHKLFOH IRU D ZKHHO FKDQJH 6HWWLQJ XS WKH IROGLQJ FKRFN = $SSO\ WKH HOHFWULF SDUNLQJ EUDNH PDQXDOO\ 0RYH WKH IURQW ZKHHOV WR WKH VWUDLJKW DKHDG SRVLWLRQ 9HKLFOHV ZLWK DXWRPDWLF WUDQVPLVVLRQ VKLIW LQWR SRVLWLRQ ] 9HKLFOHV ZLWK OHYHO FRQWURO V\VWHP VHW WKH QRUPDO YHKLFOH OHYHO SDJH
7R UHPRYH SRVLWLRQ VRFNHW RQ KXE FDS 5HTXLUHPHQWV = 7KHUH DUH QR SHUVRQV LQ WKH YHKLFOH = 7KH YHKLFOH KDV EHHQ SUHSDUHG IRU D ZKHHO FKDQJH SDJH = 7KH KXE FDSV KDYH EHHQ UHPRYHG SDJH 5DLVLQJ WKH YHKLFOH ZKHQ FKDQJLQJ D ZKHHO 7KH VRFNHW FDQ EH IRXQG LQ WKH W\UH FKDQJH WRRO NLW 3RVLWLRQ ZKHHO VSDQQHU RQ VRFNHW 8VLQJ ZKHHO VSDQQHU WXUQ KXE FDS DQWL FORFNZLVH DQG UHPRYH LW 7R ILW IROORZ WKH LQVWUXFWLRQV DERYH LQ UHYHUVH RUGHU 6SHFLILHG WLJKWHQLQJ WRUTXH 1P
,I \RX GR QRW SRVLWLRQ WKH MDFN FRUUHFWO\ DW WKH DSSURSULDWH MDFNLQJ SRLQW RI WKH YHKLFOH WKH MDFN FRXOG WLS ZLWK WKH YHKLFOH UDLVHG 2QO\ SRVLWLRQ WKH MDFN DW WKH DSSURSULƃ DWH MDFNLQJ SRLQW RI WKH YHKLFOH 7KH EDVH RI WKH MDFN PXVW EH SRVLWLRQHG YHUWLFDOO\ XQGHU WKH MDFNLQJ SRLQW RI WKH YHKLFOH :$51,1* 5LVN RI LQMXU\ IURP LQFRUUHFW SRVLWLRQLQJ RI WKH MDFN 3RVLWLRQ RI MDFN VXSSRUW SRLQWV 7DNH WKH UDWFKHW ULQJ VSDQQHU RXW RI WKH W\UH FKDQJH WRRO NLW DQG SODFH LW RQ WKH KH[DJRQ QXW RI WKH MDFN VR W
'R QRW SODFH ZKHHO EROWV LQ VDQG RU RQ D GLUW\ VXUIDFH 8QVFUHZ WKH XSSHUPRVW ZKHHO EROW FRPƃ SOHWHO\ 127( 'DPDJH WR WKUHDGLQJ IURP GLUW RQ ZKHHO EROWV :KHQ FKDQJLQJ D ZKHHO DYRLG DSSO\LQJ DQ\ IRUFH WR WKH EUDNH GLVFV VLQFH WKLV FRXOG LPSDLU WKH OHYHO RI FRPIRUW ZKHQ EUDNLQJ 5HTXLUHPHQWV = 7KH YHKLFOH LV UDLVHG SDJH 5HPRYLQJ D ZKHHO :KHHOV DQG W\UHV 6FUHZ FHQWULQJ SLQ LQWR WKH WKUHDG LQVWHDG RI WKH ZKHHO EROW 8QVFUHZ WKH UHPDLQLQJ ZKHHO EROWV FRPƃ SOHWHO\ 5HPR
:$51,1* 5LVN RI LQMXU\ IURP WLJKWHQLQJ ZKHHO EROWV DQG QXWV 6OLGH WKH ZKHHO WR EH PRXQWHG RQWR WKH FHQƃ WULQJ SLQ DQG SXVK LW RQ %H VXUH WR REVHUYH WKH LQVWUXFWLRQV DQG VDIHW\ QRWHV RQ &KDQJLQJ D ZKHHO SDJH )RU VDIHW\ UHDVRQV RQO\ XVH ZKHHO EROWV ZKLFK KDYH EHHQ DSSURYHG E\ 0HUFHGHV %HQ] DQG IRU WKH ZKHHO LQ TXHVWLRQ 7LJKWHQ WKH ZKHHO EROWV HYHQO\ LQ D GLDJRQDO SDWWHUQ LQ WKH RUGHU LQGLFDWHG XQWLO WKH\ DUH ILQJHU WLJKW 8QVFUHZ DQG UHPRYH WKH FHQWULQJ SLQ 7LJKWHQ WKH ODVW
7KH HPHUJHQF\ VSDUH ZKHHO RU VSDUH ZKHHO FDQ VLJQLILFDQWO\ LPSDLU GULYLQJ FKDUDFWHULVƃ WLFV RI WKH YHKLFOH 7R SUHYHQW KD]DUGRXV VLWXDWLRQV 'ULYH FDUHIXOO\ 1HYHU ILW PRUH WKDQ RQH HPHUJHQF\ VSDUH ZKHHO RU VSDUH ZKHHO WKDW GLIIHUV LQ VL]H 2QO\ XVH DQ HPHUJHQF\ VSDUH ZKHHO RU VSDUH ZKHHO EULHIO\ 'R QRW GHDFWLYDWH (63 +DYH WKH HPHUJHQF\ VSDUH ZKHHO RU VSDUH ZKHHO RI D GLIIHUHQW VL]H UHSODFHG DW WKH QHDUHVW TXDOLILHG VSHFLDOLVW ZRUNƃ VKRS 7KH QHZ ZKHHO PXVW KDYH WKH FRUUHFW GLPHQVLRQV :$51,1*
,PSURSHU PDLQWHQDQFH PD\ FDXVH YHKLFOH FRPSRQHQWV WR ZHDU PRUH TXLFNO\ DQG WKH YHKLFOH V RSHUDWLQJ SHUPLW PD\ EH LQYDOLGDƃ WHG 127( 3UHPDWXUH ZHDU WKURXJK LPSURSHU PDLQWHQDQFH 2Q ERDUG HOHFWURQLFV 1RWHV RQ WDPSHULQJ ZLWK WKH HQJLQH HOHFƃ WURQLFV 1RWHV RQ WHFKQLFDO GDWD 7KH WHFKQLFDO GDWD ZDV GHWHUPLQHG LQ DFFRUGƃ DQFH ZLWK (8 'LUHFWLYHV 7KH GDWD VWDWHG RQO\ DSSOLHV WR YHKLFOHV ZLWK VWDQGDUG HTXLSPHQW
127( ,QYDOLGDWLRQ RI WKH RSHUDWLQJ SHUƃ PLW GXH WR IDLOXUH WR FRPSO\ ZLWK WKH LQVWUXFWLRQV IRU LQVWDOODWLRQ DQG XVH :KHQ RSHUDWLQJ WZR ZD\ UDGLRV LQ WKH YHKLFOH DOZD\V FRQQHFW WKHP WR WKH ORZ UHIOHFWLRQ H[WHULRU DHULDO 7KH RSHUDWLQJ SHUPLW PD\ EH LQYDOLGDWHG LI WKH LQVWUXFWLRQV IRU LQVWDOODWLRQ DQG XVH RI WZR ZD\ UDGLRV DUH QRW REVHUYHG 2QO\ XVH DSSURYHG IUHTXHQF\ EDQGV 2EVHUYH WKH PD[LPXP SHUPLVVLEOH RXWƃ SXW SRZHU LQ WKHVH IUHTXHQF\ EDQGV 2QO\ XVH DSSURYHG DHULDO SRVLWLRQV 7HFKQLFDO
: : : : : : P IUHTXHQF\ EDQG 0+] P IUHTXHQF\ EDQG 0+] 7UXQNHG UDGLR V\Vƃ WHP 7HWUD 0+] FP IUHTXHQF\ EDQG 0+] 7ZR ZD\ UDGLR * * * 0D[LPXP WUDQVPLVƃ VLRQ RXWSXW 6KRUW ZDYH 0+] )UHTXHQF\ EDQG )UHTXHQF\ EDQG DQG PD[LPXP WUDQVPLVVLRQ RXWSXW 7KHUH DUH QR UHVWULFWLRQV ZKHQ SRVLWLRQLQJ WKH DHULDO RQ WKH RXWVLGH RI WKH YHKLFOH IRU VRPH ZDYHEDQGV 7KLV DSSOLHV WR WKH IROORZLQJ ZDYHEDQGV = 7UXQNHG UDGLR V\VWHP 7HWUD = FP IUHTXHQF
0DQXIDFWXUHU LQIRUƃ PDWLRQ +LUVFKPDQQ &DU &RPƃ PXQLFDWLRQ *PE+ 6WXWWJDUWHU 6WU 1HFNDUWHQ]OLQƃ JHQ *HUPDQ\ +XI %DRORQJ (OHFWURQƃ LFV %UHWWHQ *PE+ *HZHUEHVWUDVVH %UHWWHQ *HUƃ PDQ\ +8) +OVEHFN )UVW *PE+ &R .* 6WHHJHU 6WUDH 9HOEHUW *HUƃ PDQ\ .$7+5(,1 $XWRPRƃ WLYH *PE+ &R .* 5|PHUULQJ +LOGHVKHLP *HUPDQ\ 0DQXIDFWXUHU V DEEUHYLDWHG GHVLJƃ QDWLRQ +LUVFKPDQQ +XI %DRORQJ +8) .$7+5(,1 7HFKQLFDO GDWD /(232/' .267$/ *PE+ &R .
& + 055H )&5 UDGDU VHQVRU $56 $ UDGDU VHQƃ VRU $56 % UDGDU VHQƃ VRU 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU %RVFK $'& $'& +XI %DRƃ ORQJ & & 055 5HDU UDGDU VHQƃ & VRU %RVFK 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU $UJHQWLQD '* : ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU '& $ ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP 6FKUDGHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 ** 7 W\UH SUHVVXUH PRQLWRULQJ VHQVRU $* 63 W\UH SUHVƃ VXUH PRQLWRULQJ V
+8) ORFNLQJ V\VWHP +8) ORFNLQJ V\Vƃ + WHP .. ORFNLQJ V\VWHP $ ORFNLQJ V\VWHP +8) +8) /(232/' .267$/ +LUVFKƃ PDQQ + + + + 0$56.(
0RGHO GHVLJQDWLRQ $* 63 W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU ** 7 W\UH SUHVVXUH PRQLWRULQJ VHQVRU '* : ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 0DQXƃ IDFWXUHU 6FKUDGHU 6FKUDGHU 6FKUDGHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +XI %DRƃ ORQJ $'& 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU $56 % UDGDU VHQƃ VRU 1R %2&5$ 7 $ %2&5$ 7 $ $56 $ UDGDU VHQƃ VRU $'& 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 055 5HDU UDGDU VHQƃ %2&5$ 7 VRU $ 0RGHO GHVLJQDWLRQ %RVF
0. ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP +8) ORFNLQJ V\Vƃ %2&5$ 7 WHP $ 0$5ƃ 48$5'7 0$5ƃ 48$5'7 +8) %2&5$ 7 $ %2&5$ 7 $ %2&5$ 7 $ 06 ORFNLQJ V\VWHP 0$5ƃ 48$5'7 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU 7HFKQLFDO GDWD .$7+5(, 1 +LUVFKƃ PDQQ +LUVFKƃ PDQQ /(232/' .267$/ 0DQXƃ IDFWXUHU 5.( ( ORFNLQJ V\VWHP % ORFNLQJ V\VWHP $ ORFNLQJ V\VWHP .. ORFNLQJ V\VWHP 0RGHO GHVLJQDWLRQ %2&5$ 7 $
0RGHO GHVLJQDWLRQ 055H )&5 UDGDU VHQVRU 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 7666* * 6WHXHUƃ JHUlW FRQWURO XQLW W\UH SUHVVXUH PRQLƃ WRULQJ VHQVRU 7666* * E 6WHXHUƃ JHUlW FRQWURO XQLW W\UH SUHVVXUH PRQLƃ WRULQJ VHQVRU 0DQXƃ IDFWXUHU %RVFK +XI %DRƃ ORQJ +XI %DRƃ ORQJ +XI %DRƃ ORQJ '7$ 1R '7$ 1R '7$ 1R '7$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 6FKUDGHU 6FKUDGHU 0DQXƃ IDFWXUHU '* : ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU $* 63 W\UH SUHVƃ VXUH PRQL
0RGHO GHVLJQDWLRQ '& . ORFNLQJ V\Vƃ WHP 06 ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 7HFKQLFDO GDWD '54 '-$7, /3' '54 '-$7, 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0DQXƃ IDFWXUHU 0. ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP 0RGHO GHVLJQDWLRQ '54 '-$7, /3' '54 '-$7, /3' 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +(//$ 0$5ƃ 48$5'7 0DQXƃ IDFWXUHU '0 ORFNLQJ V\VWHP
0RGHO GHVLJQDWLRQ 0$56.(
0RGHO GHVLJQDWLRQ % ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU +LUVFKƃ PDQQ .$7+5(, 1 7HFKQLFDO GDWD '54 '-$7, /3' '54 '0$-8 '7$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU $56 % UDGDU VHQƃ VRU '& $ ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP '& . ORFNLQJ V\Vƃ WHP 06 ORFNLQJ V\VWHP 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0RGHO GHVLJQDWLRQ $'& 0DQXƃ IDFWXUHU *KDQD %5 0 *( =52 0 ( ; =52 0 ( ; =5
0RGHO GHVLJQDWLRQ .. ORFNLQJ V\VWHP $ ORFNLQJ V\VWHP % ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU /(232/' .267$/ +LUVFKƃ PDQQ +LUVFKƃ PDQQ .
0RGHO GHVLJQDWLRQ '* : ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 0& 0$ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU '& $ ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP 0DQXƃ IDFWXUHU 6FKUDGHU 6FKUDGHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 7HFKQLFDO GDWD 6'33, 6'33, 6'33, 3/* 6'33, 3/* 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '& . ORFNLQJ V\Vƃ WHP 06 ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0R
0RGHO GHVLJQDWLRQ .. ORFNLQJ V\VWHP $ ORFNLQJ V\VWHP % ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU /(232/' .267$/ +LUVFKƃ PDQQ +LUVFKƃ PDQQ .
0RGHO GHVLJQDWLRQ $* 63 ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 0)5 W\UH SUHVVXUH PRQLWRULQJ VHQVRU ** 7 W\UH SUHVVXUH PRQLWRULQJ VHQVRU '* : ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 0DQXƃ IDFWXUHU 6FKUDGHU 6FKUDGHU 6FKUDGHU 6FKUDGHU 7HFKQLFDO GDWD 75& /3' 75& /3' 75& /3' 75& /3' 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 6FKUDGHU 0DQXƃ IDFWXUHU '& . ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP '& $ ORFNLQJ
0$56.(
055 5HDU UDGDU VHQƃ 5$/0 $ VRUV 6 %RVFK 5$/0 $ 6 /55 UDGDU VHQVRUV %RVFK 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU 0DOD\VLD 7HFKQLFDO GDWD 0RGHO GHVLJQDWLRQ 055H )&5 UDGDU VHQVRUV 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRUV 7666* * FRQWURO XQLW W\UH SUHVVXUH PRQLWRULQJ VHQVRUV 0DQXƃ IDFWXUHU %RVFK +XI %DRƃ ORQJ +XI %DRƃ ORQJ 5$43 $ 6 &,') 5$/0 $ 6 5DGLR HTXLSƃ PHQW D
0RGHO GHVLJQDWLRQ '& $ ORFNLQJ V\Vƃ WHPV '& % ORFNLQJ V\Vƃ WHPV 0DQXƃ IDFWXUHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 5$88 $ 6 5''. $ 6 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 06 ORFNLQJ V\Vƃ WHPV 0. ORFNLQJ V\Vƃ WHPV 0$5ƃ 48$5'7 '& . ORFNLQJ V\Vƃ WHPV 0RGHO GHVLJQDWLRQ 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0DQXƃ IDFWXUHU 5$$8 & 6 5''. $ 6 5$88 $ 6 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0. ORFNLQJ V\Vƃ WHPV '0 ORFNLQJ V\
+8) ORFNLQJ V\Vƃ 5$$8 WHPV % 6 .. ORFNLQJ V\Vƃ WHPV +8) /(232/' .267$/ 5$88 & 6 5$<1 $ 6 +8) ORFNLQJ V\VWHPV +8) 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU 7HFKQLFDO GDWD +LUVFKƃ PDQQ +LUVFKƃ PDQQ 0DQXƃ IDFWXUHU % ORFNLQJ V\VWHPV $ ORFNLQJ V\VWHPV 0RGHO GHVLJQDWLRQ 5$88 & 6 5$88 $ 6 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0HWD 0HWD .
0RGHO GHVLJƃ QDWLRQ /55 UDGDU VHQVRUV 055 5HDU UDGDU VHQƃ VRUV 055H )&5 UDGDU VHQƃ VRUV $56 $ UDGDU VHQƃ VRUV $56 % UDGDU VHQƃ VRUV 0DQXIDFƃ WXUHU %RVFK %RVFK %RVFK $'& $'& 0RURFFR 05 $157 05 $157 05 $157 05 $157 05 $157 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 7666* * E 05 FRQWURO XQLW $157 W\UH SUHVVXUH PRQLWRULQJ VHQVRUV 7666* * 05 FRQWURO XQLW $157 W\UH SUHVVXUH PRQLWRULQ
0& 0$ 05 W\UH SUHVVXUH $157 PRQLWRULQJ VHQVRUV '& $ ORFNƃ LQJ V\VWHPV '& % ORFNƃ LQJ V\VWHPV '& . ORFNƃ LQJ V\VWHPV 6FKUDGHU 0$548$5'7 0$548$5'7 0$548$5'7 05 $175 05 $175 05 $175 '* : ' 05 W\UH SUHVVXUH $157 PRQLWRULQJ VHQVRUV 6FKUDGHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 7HFKQLFDO GDWD 06 ORFNLQJ V\VWHPV 0. ORFNLQJ V\VWHPV 0. ORFNLQJ V\VWHPV ORFNLQJ V
0RGHO GHVLJƃ QDWLRQ % ORFNLQJ V\Vƃ WHPV 5.( ( ORFNLQJ V\Vƃ WHPV 0DQXIDFƃ WXUHU +LUVFKPDQQ .
** 7 W\UH SUHVVXUH PRQLWRULQJ VHQVRUV '* : ' ,)(7(/ W\UH SUHVVXUH 5/96&'* PRQLWRULQJ VHQVRUV 6FKUDGHU 6FKUDGHU ,)(7(/ 5/96&** ,)(7(/ 5/96&0) 0)5 W\UH SUHVVXUH PRQLWRULQJ VHQVRUV 6FKUDGHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 7HFKQLFDO GDWD 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '& $ ORFNƃ LQJ V\VWHPV '& % ORFNƃ LQJ V\VWHPV 0$548$5'7 ,)(7(/ &)7 ' 86 , '*% ,)(7(/ ,)7 8& 6 '* $86( 0& 0$ ,)(7(/ W\UH
0RGHO GHVLJƃ QDWLRQ 0. ORFNLQJ V\VWHPV ORFNLQJ V\Vƃ WHPV '0 ORFNLQJ V\VWHPV 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 +(//$ ,)(7(/ ,)7 8& 6 '* $86( ,)(7(/ ,)7 8& 6 '* $86( ,)(7(/ ,)7 8& 6 '* $86( 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +8) +8) +(//$ 0DQXIDFƃ WXUHU +8) ORFNLQJ V\Vƃ WHPV +8) ORFNLQJ V\Vƃ WHPV 0$56.(<ƃ /(66 ORFNLQJ V\VWHPV 0RGHO GHVLJƃ QDWLRQ ,)(7(/ &)7 ' 86 , '*% ,)(7(/ ,)7 8& 6 '* $86(
0RGHO GHVLJƃ QDWLRQ 5.( ( ORFNLQJ V\Vƃ WHPV (852 ,, ORFNƃ LQJ V\VWHPV 08$+/ ORFNLQJ V\Vƃ WHPV 0DQXIDFƃ WXUHU .
0RGHO GHVLJƃ QDWLRQ '& % ORFNƃ LQJ V\VWHPV '& . ORFNƃ LQJ V\VWHPV 06 ORFNLQJ V\VWHPV ORFNLQJ V\Vƃ WHPV 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5'7 0$548$5'7 0' 2& 7,3 $ 0' 2& 7,3 $ 0' 2& 7,3 $ 0' 2& 7,3 $ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$56.(<ƃ /(66 ORFNLQJ V\VWHPV +8) ORFNLQJ V\Vƃ WHPV +8) '0 ORFNLQJ V\VWHPV 0RGHO GHVLJƃ QDWLRQ +(//$ +(//$ 0DQXIDFƃ WXUHU +LUVFKPDQQ 0' 2& 7,3 $ 0' 2& 7,3 $ +LUVF
0RGHO GHVLJƃ QDWLRQ '& $ ORFNƃ LQJ V\VWHPV '& % ORFNƃ LQJ V\VWHPV '& . ORFNƃ LQJ V\VWHPV 06 ORFNLQJ V\VWHPV 0. ORFNLQJ V\VWHPV 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5'7 0$548$5'7 0$548$5'7 1LJHU 7HFKQLFDO GDWD $5&(3 '* $5&(3 '* $5&(3 '* $5&(3 '* $5&(3 '* 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0. ORFNLQJ V\VWHPV ORFNLQJ V\Vƃ WHPV '0 ORFNLQJ V\VWHPV 0$56.(<ƃ /(66 ORFNLQJ V\VWHPV +8) ORFNLQJ V\Vƃ
0RGHO GHVLJƃ QDWLRQ 055 5HDU UDGDU VHQƃ VRUV 055H )&5 UDGDU VHQƃ VRUV $56 $ UDGDU VHQƃ VRUV $56 % UDGDU VHQƃ VRUV 0DQXIDFƃ WXUHU %RVFK %RVFK $'& $'& 1LJHULD 1&& 761, :1 7$ &(57 1&& 761, :1 7$ &(57 $% 1&& 761, :1 7$ &(57 1&& 761, :1 7$ &(57 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ '& $ ORFNƃ LQJ V\VWHPV '& % ORFNƃ LQJ V\VWHPV '& . ORFNƃ LQJ V\VWHPV 06 ORFNLQJ V\VWHPV 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5
0RGHO GHVLJƃ QDWLRQ 0$56.(<ƃ /(66 ORFNLQJ V\VWHPV +8) ORFNLQJ V\Vƃ WHPV +8) ORFNLQJ V\Vƃ WHPV 0DQXIDFƃ WXUHU +(//$ +8) +8) 7HFKQLFDO GDWD 5.( ( ORFNLQJ V\Vƃ WHPV .$7+5(,1 1&& 761, :1 7$ &(57 1&& 761, :1 7$ &(57 .. ORFNLQJ V\VWHPV 0RGHO GHVLJƃ QDWLRQ /(232/' .
0RGHO GHVLJƃ QDWLRQ 06 ORFNLQJ V\VWHPV 0. ORFNLQJ V\VWHPV 0. ORFNLQJ V\VWHPV '0 ORFNLQJ V\VWHPV 0$56.(<ƃ /(66 ORFNLQJ V\VWHPV 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5'7 +(//$ +(//$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +8) ORFNLQJ V\Vƃ WHPV +8) ORFNLQJ V\Vƃ WHPV .. ORFNLQJ V\VWHPV $ ORFNLQJ V\Vƃ WHPV +8) /(232/' .
055 5HDU UDGDU VHQƃ , VRU $56 $ UDGDU VHQƃ VRU $56 % UDGDU VHQƃ VRU %RVFK $'& $'& , , , 055H )&5 UDGDU VHQVRU %RVFK 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU 3DUDJXD\ 7HFKQLFDO GDWD $* 63 ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 6FKUDGHU '& $ ORFNLQJ V\Vƃ WHP 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU +XI %DRƃ ORQJ 0$5ƃ 48$5'7 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU ,
0RGHO GHVLJQDWLRQ 0. ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP ORFNLQJ V\Vƃ WHP '0 ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 +(//$ ,B , , , 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +8) +8) +(//$ 0DQXƃ IDFWXUHU , , 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +8) ORFNLQJ V\Vƃ WHP , \ , +8) ORFNLQJ V\VWHP 0$56.
0RGHO GHVLJQDWLRQ % ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU +LUVFKƃ PDQQ .$7+5(, 1 7HFKQLFDO GDWD , , \ , 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 055 5HDU UDGDU VHQƃ VRU 055H )&5 UDGDU VHQƃ VRU $56 $ UDGDU VHQƃ VRU $56 % UDGDU VHQƃ VRU 0DQXIDFƃ WXUHU %RVFK %RVFK $'& $'& 3KLOLSSLQHV (6' & (6' & (6' & (6' & 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$548$5'7 '& % ORFNƃ
0RGHO GHVLJƃ QDWLRQ '& . ORFNƃ LQJ V\VWHP 06 ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP ORFNLQJ V\Vƃ WHP 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5'7 0$548$5'7 0$548$5'7 (6' & (6' & (6' & (6' & (6' & 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$56.(<ƃ /(66 ORFNLQJ V\VWHP +8) ORFNLQJ V\Vƃ WHP +8) ORFNLQJ V\Vƃ WHP .. ORFNLQJ V\VWHP +8) +8) /(232/' .267$/ '0 ORFNLQJ V\VWHP 0RGHO GHVLJƃ QDWLRQ +(//$ +(//$ 0DQXIDFƃ WXUH
³ 7665( $ W\UH SUHVVXUH PRQLWRULQJ VHQVRU ³ 7666* * W\UH SUHVVXUH PRQLWRULQJ VHQVRU +XI %DRORQJ +XI %DRORQJ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 5XVVLD 7HFKQLFDO GDWD 7666* * E ³ W\UH SUHVVXUH PRQLWRULQJ VHQVRU $* 63 ' ³ W\UH SUHVVXUH PRQLWRULQJ VHQVRU +XI %DRORQJ 6FKUDGHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU '& $ ORFNƃ LQJ V\VWHP '& % ORFNƃ LQJ V\VWHP '& . ORFNƃ LQJ V\VWHP 06 ORFNLQJ V\VWHP 0$548$5'7 0$548$5'7 0
0RGHO GHVLJƃ QDWLRQ 0. ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP ORFNLQJ V\Vƃ WHP '0 ORFNLQJ V\VWHP 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5'7 +(//$ =0% =,&7$ 7$ =0% =,&7$ 7$ =0% =,&7$ 7$ =0% =,&7$ 7$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU .. ORFNLQJ V\VWHP $ ORFNLQJ V\Vƃ WHP +LUVFKPDQQ +8) ORFNLQJ V\Vƃ WHP 0$56.(<ƃ /(66 ORFNLQJ V\VWHP 0RGHO GHVLJƃ QDWLRQ /(232/' .
0RGHO GHVLJƃ QDWLRQ /55 UDGDU VHQVRU 055 5HDU UDGDU VHQƃ VRU 055H )&5 UDGDU VHQƃ VRU $56 $ UDGDU VHQƃ VRU $56 % UDGDU VHQƃ VRU 0DQXIDFƃ WXUHU %RVFK %RVFK %RVFK $'& $'& 6LQJDSRUH 7HFKQLFDO GDWD '$ '$ 1 1 1 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 7665( $ '$ W\UH SUHVVXUH PRQLWRULQJ VHQVRU 7666* * '$ W\UH SUHVVXUH PRQLWRULQJ VHQVRU 7666* * E '$ W\UH SUHVVXUH PRQLWRULQJ VHQVRU $* 63 ' '$ W\UH SUHVVXUH PRQLWRULQJ VHQVRU +8) %DRORQJ
0RGHO GHVLJƃ QDWLRQ ORFNLQJ V\Vƃ WHP '0 ORFNLQJ V\VWHP 0$56.(<ƃ /(66 ORFNLQJ V\VWHP +8) ORFNLQJ V\Vƃ WHP +8) ORFNLQJ V\Vƃ WHP .. ORFNLQJ V\VWHP 0DQXIDFƃ WXUHU 0$548$5'7 +(//$ +(//$ +8) +8) /(232/' .267$/ % ORFNLQJ V\Vƃ WHP 5.( ( ORFNLQJ V\Vƃ WHP ,76 736 LQWHULRU SURƃ WHFWLRQ 08: ,, .$7+5(,1 0HWD 6\VWHP 0HWD 6\VWHP 1 '$ 1 '$ 1 '$ 1 1 '$ +LUVFKPDQQ 0RGHO GHVLJƃ QDWLRQ $ ORFNLQJ V\Vƃ WHP 0DQX
ɂ 0)5 W\UH SUHVVXUH PRQLWRULQJ VHQVRU 6FKUDGHU 7666* * ɂ W\UH SUHVVXUH PRQLWRULQJ VHQVRU +XI %DRORQJ $* 63 ' ɂ W\UH SUHVVXUH PRQLWRULQJ VHQVRU 6FKUDGHU 7665( $ ɂ W\UH SUHVVXUH PRQLWRULQJ VHQVRU +XI %DRORQJ 7666* * E ɂ W\UH SUHVVXUH PRQLWRULQJ VHQVRU +XI %DRORQJ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU ɂ $'& ² $56 % UDGDU VHQƃ VRU $'& 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 7HFKQLFDO GDW
0RGHO GHVLJƃ QDWLRQ '& $ ORFNƃ LQJ V\VWHP '& % ORFNƃ LQJ V\VWHP '& . ORFNƃ LQJ V\VWHP 06 ORFNLQJ V\VWHP '0 ORFNLQJ V\VWHP 0DQXIDFƃ WXUHU 0$548$5'7 0$548$5'7 0$548$5'7 0$548$5'7 +(//$ +8) ORFNLQJ V\Vƃ WHP .. ORFNLQJ V\VWHP +8) /(232/' .267$/ ɂ 3 ɂ ɂ +8) ORFNLQJ V\Vƃ WHP +8) ɂ 0$56.(<ƃ /(66 ORFNLQJ V\VWHP +(//$ ɂ 3 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU ɂ 3 ɂ
0RGHO GHVLJƃ QDWLRQ (852 ,, ORFNƃ LQJ V\VWHP 08: ,, LQWHƃ ULRU SURWHFƃ WLRQ 0DQXIDFƃ WXUHU *HQWH[ 0HWD 6\VWHP 7HFKQLFDO GDWD 055H )&5 UDGDU VHQƃ VRU /55 UDGDU VHQVRU $56 $ UDGDU VHQƃ VRU %RVFK %RVFK $'& ɂ 3 055 5HDU UDGDU VHQƃ VRU %RVFK ɂ 3 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 6RXWK $IULFD 7$ 7$ 7$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU +XI %DRORQJ 7666* * 7$
$* 63 ' 7$ W\UH SUHVVXUH $SSURYHG PRQLWRULQJ VHQVRU 0)5 W\UH SUHVVXUH PRQLWRULQJ VHQVRU 6FKUDGHU 6FKUDGHU 7$ $SSURYHG 7666* * E 7$ W\UH SUHVVXUH PRQLWRULQJ VHQVRU +XI %DRORQJ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJƃ QDWLRQ 0DQXIDFƃ WXUHU 7$ $SSURYHG 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '& $ ORFNƃ LQJ V\VWHP 0$548$5'7 7$ 0& 0$ 7$ W\UH SUHVVXUH $SSURYHG PRQLWRULQJ VHQVRU '* : ' 7$ W\UH SUHVVXUH $SSURYHG PRQLWRULQJ
0RGHO GHVLJƃ QDWLRQ ORFNLQJ V\Vƃ WHP '0 ORFNLQJ V\VWHP 0$56.(<ƃ /(66 ORFNLQJ V\VWHP +8) ORFNLQJ V\Vƃ WHP 0DQXIDFƃ WXUHU 0$548$5'7 +(//$ +(//$ +8) 7HFKQLFDO GDWD +LUVFKPDQQ +LUVFKPDQQ 7$ 7$ /(232/' .267$/ +8) 0DQXIDFƃ WXUHU 7$ 7$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU % ORFNLQJ V\Vƃ WHP $ ORFNLQJ V\Vƃ WHP .. ORFNLQJ V\VWHP +8) ORFNLQJ V\Vƃ WHP 0RGHO GHVLJƃ QDWLRQ 7$ 7$ 7$ 7$
0RGHO GHVLJƃ QDWLRQ ,76 6HQVRU LQWHULRU SURƃ WHFWLRQ 08: ,, LQWHƃ ULRU SURWHFƃ WLRQ 0DQXIDFƃ WXUHU 0HWD 6\VWHP 0HWD 6\VWHP 7$ 7$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU $56 $ UDGDU VHQƃ VRU $56 % UDGDU VHQƃ VRU $'& $'& 5 ' 5 ' 75$ 7$ 5 055H )&5 UDGDU VHQVRU %RVFK 75$ 7$ 5 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 055 5HDU UDGDU VHQƃ 75$ 7$ VRU 5 /55 0RGHO GHVLJQDWLRQ %RVFK %RVFK 0DQXƃ IDFWXUHU 2PDQ 7666* * E
0RGHO GHVLJQDWLRQ ** 7 W\UH SUHVVXUH PRQLWRULQJ VHQVRU '* : ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU '& $ ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP '& . ORFNLQJ V\Vƃ WHP 0DQXƃ IDFWXUHU 6FKUDGHU 6FKUDGHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 7HFKQLFDO GDWD 75$ 7$ 5 75$ 7$ 5 75$ 7$ 5' 75$ 7$ 5 ' 75$ 7$ 5 ' 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '0 ORFNLQJ V\VWHP +(//$ 0. ORFNLQJ V\VWHP 0$5ƃ 48$5'7 ORFNLQJ V\VWHP 0
0RGHO GHVLJQDWLRQ % ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU +LUVFKƃ PDQQ .$7+5(, 1 75$ 7$ 5 75$ 7$ 5 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 055H )&5 UDGDU VHQVRU %RVFK $ 055 5HDU UDGDU VHQƃ $ VRU %RVFK $ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU /55 UDGDU VHQVRU 0RGHO GHVLJQDWLRQ %RVFK 0DQXƃ IDFWXUHU 7KDLODQG 0RGHO GHVLJQDWLRQ 0HWD 6\Vƃ ,76 736 LQWHULRU SURƃ WHP WHFWLRQ 0DQXƃ IDFWXUHU 5) WHVW UHSRUW 7 5):/ (0& WHVW U
5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 5) WHVW UHSRUW 5 75)(0 & (0& WHVW UHSRUW 5 75)(0 & 6DIHW\ UHSRUW 0RGHO GHVLJQDWLRQ 0HWD 6\Vƃ 08: ,, LQWHULRU SURƃ WHP WHFWLRQ 0DQXƃ IDFWXUHU 7HFKQLFDO GDWD 0RGHO GHVLJQDWLRQ '& $ ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU 7RJR 0DQXƃ IDFWXUHU 1R 1R 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 7 5)6$) 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$56.(
0RGHO GHVLJQDWLRQ .. ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU /(232/' .267$/ .$7+5(, 1 1R 1R 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 055H )&5 UDGDU VHQVRU $56 $ UDGDU VHQƃ VRU %RVFK $'& 8$ 5) &217 8$ 75 5 055 5HDU UDGDU VHQƃ 8$ 75 5 VRU %RVFK 8$ 75 5 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU /55 UDGDU VHQVRU 0RGHO GHVLJQDWLRQ %RVFK 0DQXƃ IDFWXUHU 8NUDLQH 7666* * FRQWURO XQLW W\UH SUHVVXUH PRQLWRULQJ VHQVRU
0RGHO GHVLJQDWLRQ 7666* * E FRQWURO XQLW W\UH SUHVVXUH PRQLWRULQJ VHQVRU $* 63 W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU '& $ ORFNLQJ V\Vƃ WHP 0DQXƃ IDFWXUHU +XI %DRƃ ORQJ 6FKUDGHU 0$5ƃ 48$5'7 7HFKQLFDO GDWD 8$ 2 8$ 75 8$ 7( 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '& % ORFNLQJ V\Vƃ WHP '& . ORFNLQJ V\Vƃ WHP 06 ORFNLQJ V\VWHP 0. ORFNLQJ V\VWHP 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0RGHO GHVLJQDWLRQ 0$5ƃ 48$5'7 0DQXƃ IDFWXUHU 8$ 7(
+8) ORFNLQJ V\Vƃ 8$ WHP 7( .. ORFNLQJ V\VWHP $ ORFNLQJ V\VWHP % ORFNLQJ V\VWHP +8) /(232/' .267$/ +LUVFKƃ PDQQ +LUVFKƃ PDQQ 2 2 2 2 +8) ORFNLQJ V\VWHP +8) 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU *HQWH[ .$7+5(, 1 0DQXƃ IDFWXUHU (852 ,, ORFNLQJ V\Vƃ WHP 5.( ( ORFNLQJ V\VWHP 0RGHO GHVLJQDWLRQ 8$ 2 5DGLR HTXLSƃ PHQW DSSUR
0RGHO GHVLJQDWLRQ 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 7666* * FRQWURO XQLW W\UH SUHVVXUH PRQLWRULQJ VHQVRU 0DQXƃ IDFWXUHU +XI %DRƃ ORQJ +XI %DRƃ ORQJ 7HFKQLFDO GDWD 75$ (5 '$ 75$ (5 '$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 6FKUDGHU +XI %DRƃ ORQJ 0DQXƃ IDFWXUHU $* 63 ' W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU 7666* * E FRQWURO XQLW W\UH SUHVVXUH PRQLWRULQJ VHQVRU 0RGHO GHVLJQDWLRQ ** 7 W\UH SUHVVXUH PRQLWRULQJ VHQVRU '* : ' W\UH SUHVƃ VXU
0RGHO GHVLJQDWLRQ 0& 0$ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU '& $ ORFNLQJ V\Vƃ WHP 0DQXƃ IDFWXUHU 6FKUDGHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 75$ (5 '$ 75$ (5 '$ 0DQXƃ IDFWXUHU 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '& . ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP 0RGHO GHVLJQDWLRQ 75$ (5 '$ 75$ (5 '$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0DQXƃ IDFWXUHU 0. ORFNLQJ V\VWHP 06 ORFN
0RGHO GHVLJQDWLRQ 0. ORFNLQJ V\VWHP ORFNLQJ V\Vƃ WHP 0DQXƃ IDFWXUHU 0$5ƃ 48$5'7 0$5ƃ 48$5'7 7HFKQLFDO GDWD 75$ (5 75$ (5 '$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU '0 ORFNLQJ V\VWHP 0$56.(
0RGHO GHVLJQDWLRQ $ ORFNLQJ V\VWHP % ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU +LUVFKƃ PDQQ +LUVFKƃ PDQQ 75$ (5 '$ 75$ (5 '$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU *HQWH[ .$7+5(, 1 0DQXƃ IDFWXUHU 08$+/ ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0RGHO GHVLJQDWLRQ 75$ (5 '$ 75$ (5 '$ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU & $) $ 7665( $ W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ VRU $* 63 W\UH SUHVƃ VXUH PRQLWRULQJ VHQƃ V
055 5HDU UDGDU VHQƃ ³ VRU 055H )&5 UDGDU VHQVRU $56 $ UDGDU VHQƃ VRU $56 % UDGDU VHQƃ VRU %RVFK %RVFK $'& $'& ³ ³ ³ ³ /55 UDGDU VHQVRU %RVFK 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU 7KH (XUDVLDQ (FRQRPLF 8QLRQ 7HFKQLFDO GDWD 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0. ORFNLQJ V\VWHP 06 ORFNLQJ V\VWHP '& . ORFNLQJ V\Vƃ WHP '& % ORFNLQJ V\Vƃ WHP '& $ ORFNLQJ V\Vƃ WHP 0$5ƃ 48$5'7 0$5ƃ 48$5'7 0RGHO GHVLJQDWLRQ 0DQXƃ IDFWXUHU ³ ³ ³ ³ ³
0RGHO GHVLJQDWLRQ .. ORFNLQJ V\VWHP $ ORFNLQJ V\VWHP % ORFNLQJ V\VWHP 5.( ( ORFNLQJ V\VWHP 0DQXƃ IDFWXUHU /(232/' .267$/ +LUVFKƃ PDQQ +LUVFKƃ PDQQ .$7+5(, 1 ³ ³ ³ ³ 5DGLR HTXLSƃ PHQW DSSURYDO QXPEHU 9HKLFOH LGHQWLILFDWLRQ SODWH 9HKLFOH LGHQWLILFDWLRQ SODWH 9,1 DQG HQJLQH QXPEHU RYHUYLHZ 9HKLFOH LGHQWLILFDWLRQ SODWH H[DPSOH .
9HKLFOH LGHQWLILFDWLRQ SODWH H[DPSOH DOO RWKHU FRXQWULHV 9HKLFOH PDQXIDFWXUHU (8 JHQHUDO RSHUDWLQJ SHUPLW QXPEHU RQO\ IRU FHUWDLQ FRXQWULHV 9,1 YHKLFOH LGHQWLILFDWLRQ QXPEHU 0D[LPXP SHUPLVVLEOH JURVV YHKLFOH ZHLJKW NJ 7HFKQLFDO GDWD 7KH GDWD VKRZQ LQ WKH LOOXVWUDWLRQ LV H[DPSOH GDWD WLRQ NJ IRU FHUWDLQ FRXQWULHV RQO\ RSWLRQDO 0D[LPXP SHUPLVVLEOH IURQW D[OH ORDG NJ 0D[LPXP SHUPLVVLEOH UHDU D[OH ORDG NJ 3DLQW FRGH 3HUPLVVLEOH JURVV PDVV RI YHKLFOH FRPELQDƃ 9,1 YHKLFO
(QJLQH QXPEHU 7KH HQJLQH QXPEHU LV VWDPSHG LQWR WKH FUDQNƃ FDVH )XUWKHU LQIRUPDWLRQ FDQ EH REWDLQHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH 9,1 DW WKH ORZHU HGJH RI WKH ZLQGVFUHHQ LV RQO\ DYDLODEOH LQ VRPH FRXQWULHV 9,1 YHKLFOH LGHQWLILFDWLRQ QXPEHU 9,1 DW WKH ORZHU HGJH RI WKH ZLQGVFUHHQ )XHOV DUH KLJKO\ IODPPDEOH )LUH QDNHG IODPHV VPRNLQJ DQG FUHDƃ WLRQ RI VSDUNV PXVW EH DYRLGHG :$51,1* 5LVN RI ILUH RU H[SORVLRQ IURP IXHO 2SHUDWLQJ IOXLGV PD\ EH SRLVRQRXV DQG KDUPƃ IXO WR \RXU KHDOWK
,I \RX VZDOORZ IXHO VHHN PHGLFDO DWWHQƃ WLRQ LPPHGLDWHO\ 'R QRW LQGXFH YRPLWƃ LQJ &KDQJH LPPHGLDWHO\ RXW RI FORWKLQJ WKDW KDV FRPH LQWR FRQWDFW ZLWK IXHO 'LVSRVH RI RSHUDWLQJ IOXLGV LQ DQ HQYLƃ URQPHQWDOO\ UHVSRQVLEOH PDQQHU 2SHUDWLQJ IOXLGV LQFOXGH WKH IROORZLQJ = IXHOV = H[KDXVW JDV DIWHUWUHDWPHQW DGGLWLYHV H J 'H12[ DJHQW $G%OXH GLHVHO H[KDXVW IOXLG = OXEULFDQWV = FRRODQW = EUDNH IOXLG = ZLQGVFUHHQ ZDVKHU IOXLG = FOLPDWH FRQWURO V\VWHP UHIULJHUDQW SROOXWLRQ FDXVHG E\ HQYLURQPHQWDOO\ LUUHƃ
SHWURO ZLWK PRUH WKDQ HWKDQRO E\ YROƃ XPH H J ( ( ( ( SHWURO ZLWK PRUH WKDQ PHWKDQRO E\ YROXPH H J 0 0 SHWURO ZLWK DGGLWLYHV FRQWDLQLQJ PHWDO $FFRUGLQJ WR (XURSHDQ VWDQGDUG (1 \RX FDQ ILQG WKH IROORZLQJ FRPSDWLELOLW\ LQGLFDWLRQV IRU IXHO = RQ WKH LQVWUXFWLRQ ODEHO RQ WKH IXHO ILOOHU IODS RI \RXU YHKLFOH = RQ WKH IXHO SXPS RU SXPS QR]]OH VXLWDEOH IRU \RXU YHKLFOH WKURXJKRXW (XURSH ,I \RX KDYH DFFLGHQWDOO\ UHIXHOOHG ZLWK WKH ZURQJ IXHO GR QRW VZLWFK RQ WKH LJQLWLRQ F
,I \RX PL[ GLHVHO IXHO ZLWK SHWURO WKH IODVK SRLQW RI WKH IXHO PL[WXUH LV ORZHU WKDQ WKDW RI SXUH GLHVHO IXHO 1HYHU UHIXHO XVLQJ SHWURO LQ GLHVHO HQJLQHV 1HYHU PL[ SHWURO ZLWK GLHVHO IXHO :$51,1* 5LVN RI ILUH IURP IXHO PL[WXUH *HQHUDO QRWHV 2EVHUYH WKH QRWHV RQ RSHUDWLQJ IOXLGV SDJH ,QIRUPDWLRQ RQ IXHO JUDGHV IRU YHKLFOHV ZLWK D GLHVHO HQJLQH 0HUFHGHV %HQ] UHFRPPHQGV WKDW \RX XVH IXHO EUDQGV WKDW KDYH DGGLWLYHV ,Q VRPH FRXQWULHV WKH IXHO DYDLODEOH PD\ QRW KDYH VXIILFLHQW DGGLWLYHV 5HV
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
7RWDO FDSDFLW\ $G%OXH UDQJH DQG ILOO OHYHO 7KH $G%OXH ILOO OHYHO DQG UDQJH FDQ EH GLVSOD\HG YLD WKH RQ ERDUG FRPSXWHU 7KH $G%OXH UDQJH VKRZQ GHSHQGV VWURQJO\ RQ WKH GULYLQJ VW\OH DQG RSHUDWLQJ FRQGLWLRQV 7KH DFWXDO UDQJH FDQ $G%OXH FRQVXPSWLRQ 7KH DYHUDJH $G%OXH FRQVXPSWLRQ LV EHWZHHQ DQG RI IXHO FRQVXPSWLRQ /LNH IXHO FRQƃ VXPSWLRQ $G%OXH FRQVXPSWLRQ LV KLJKO\ GHSHQGHQW XSRQ GULYLQJ VW\OH DQG RSHUDWLQJ FRQƃ GLWLRQV )RU WKLV UHDVRQ \RXU YHKLFOH V DFWXDO FRQVXPSWLRQ ILJXUHV XQGHU GD\ WR GD
$OO PRGHOV 0RGHO (QJLQH RLO VSHFLILFDƃ WLRQV 0% )UHLJDEH RU 0% $SSURYDO SHWURO HQJLQHV 4XDOLW\ DQG FDSDFLW\ RI HQJLQH RLO 0LVVLQJ YDOXHV ZHUH QRW DYDLODEOH DW WKH WLPH RI JRLQJ WR SUHVV 0HUFHGHV %HQ] UHFRPPHQGV WKDW \RX KDYH WKH RLO FKDQJH FDUULHG RXW DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 2QO\ XVH HQJLQH RLOV DSSURYHG E\ 0HUFHGHV %HQ] 3HWURO HQJLQHV IRU FHUWDLQ FRXQWULHV GLIIHUHQW HQJLQH RLOV FDQ EH XVHG LQ FRQMXQFWLRQ ZLWK UHGXFHG PDLQWHQDQFH LQWHUYDOV )XUWKHU LQIRUPDWLRQ RQ GLIIHUHQW HQJLQH RL
+DYH WKH EUDNH IOXLG UHQHZHG DW WKH VSHFLILHG LQWHUYDOV ,I DQWLIUHH]H FRPHV LQWR FRQWDFW ZLWK KRW FRPSRQHQW SDUWV LQ WKH HQJLQH FRPSDUWƃ PHQW LW PD\ LJQLWH $OORZ WKH HQJLQH WR FRRO GRZQ EHIRUH \RX WRS XS WKH DQWLIUHH]H 0DNH VXUH WKDW QR DQWLIUHH]H VSLOOV RXW QH[W WR WKH ILOOHU RSHQLQJ :$51,1* 5LVN RI ILUHƄ DQG LQMXU\ IURP DQWLIUHH]H 1RWHV RQ FRRODQW 2EVHUYH WKH QRWHV RQ RSHUDWLQJ IOXLGV SDJH &RRODQW +DYH WKH EUDNH IOXLG UHJXODUO\ UHSODFHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 2QO\ XVH D
8QVXLWDEOH ZLQGVFUHHQ ZDVKHU IOXLGV PD\ GDPDJH WKH SODVWLF VXUIDFH RI WKH H[WHULRU OLJKWLQJ 2QO\ XVH ZLQGVFUHHQ ZDVKHU IOXLGV ZKLFK DUH DOVR VXLWDEOH IRU XVH RQ SODVƃ WLF VXUIDFHV H J 0% 6XPPHU)LW RU 0% :LQWHU)LW 127( 'DPDJH WR WKH H[WHULRU OLJKWLQJ GXH WR XQVXLWDEOH ZLQGVFUHHQ ZDVKHU IOXLG :LQGVFUHHQ ZDVKHU FRQFHQWUDWH LV KLJKO\ IODPPDEOH ,W FRXOG LJQLWH LI LW FRPHV LQWR FRQWDFW ZLWK KRW HQJLQH FRPSRQHQW SDUWV RU WKH H[KDXVW V\VWHP 0DNH VXUH WKDW QR ZLQGVFUHHQ ZDVKHU FRQFHQWUDWH VSLOOV RXW QH[W
$OO PRGHOV 0RGHO 0RGLILFDWLRQV WR WKH HQJLQH FRROLQJ V\VWHP PD\ EH QHFHVVDU\ GHSHQGLQJ RQ WKH YHKLFOH PRGHO 7KH UHWURILWWLQJ RI D WUDLOHU KLWFK LV RQO\ SHUPLVVLƃ EOH LI D WRZLQJ FDSDFLW\ LV VSHFLILHG LQ \RXU YHKLƃ FOH GRFXPHQWV 7UDLOHU KLWFK *HQHUDO QRWHV RQ WKH WUDLOHU KLWFK :KHHOEDVH 9HKLFOH KHLJKW 0D[LPXP URRI ORDG $OO PRGHOV 5RRI ORDG 0LVVLQJ YDOXHV ZHUH QRW DYDLODEOH DW WKH WLPH RI JRLQJ WR SUHVV 9HKLFOH ZLGWK H[FOXGLQJ RXWƃ VLGH PLUURUV 9HKLFOH ZLGWK LQFOXGLQJ RXWƃ VLGH PLUURUV 9HKLFOH
/HIW ZLQGRZEDJ PDOIXQF WLRQ &RQVXOW ZRUN VKRS H[DPSOH u )URQW OHIW PDOIXQFWLRQ &RQ VXOW ZRUNVKRS H[DPSOH u 5HVWUDLQW V\VWHP PDOIXQF WLRQ &RQVXOW ZRUNVKRS u 'LVSOD\ PHVVDJHV 2FFXSDQW VDIHW\ 7KH ZLQGRZEDJ PLJKW EH WULJJHUHG XQLQWHQWLRQDOO\ RU PLJKW QRW EH WULJJHUHG DW DOO LQ WKH HYHQW RI DQ DFFLGHQW +DYH WKH ZLQGRZEDJ FKHFNHG DQG UHSDLUHG LPPHGLDWHO\ DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS :$51,1* 5LVN RI LQMXU\ RU IDWDO LQMXU\ GXH WR D PDOIXQFWLRQ LQ WKH ZLQGRZEDJ 7KH FRUUHVSRQGLQJ ZLQGRZ DLUE
7KH IURQW SDVVHQJHU DLUEDJ KDV EHHQ GLVDEOHG HYHQ WKRXJK DQ DGXOW RU D SHUVRQ ZLWK DQ DGXOW VWDWXUH LV RQ WKH IURQW SDVVHQJHU VHDW ,I DGGLWLRQDO IRUFHV DUH DSSOLHG WR WKH VHDW WKH ZHLJKW WKH V\VWHP GHWHFWV PD\ EH WRR ORZ )URQW SDVVHQJHU DLUEDJ GLV DEOHG 6HH 2ZQHU V 0DQXDO )URQW SDVVHQJHU DLUEDJ HQD EOHG 6HH 2ZQHU V 0DQXDO 7KH FRUUHVSRQGLQJ VHDW EHOW H[WHQGHU LV PDOIXQFWLRQLQJ 6OLGH WKH VHDW EHOW H[WHQGHU EDFN LQWR LWV RULJLQDO SRVLWLRQ PDQXDOO\ ,I WKH PDOIXQFWLRQ RFFXUV DJDLQ FRQVXOW D TXDOLILH
35( 6$)( LQRSHUDWLYH 6HH 2ZQHU V 0DQXDO 'LVSOD\ PHVVDJHV HYHQ ZKHQ WKH IURQW SDVVHQJHU VHDW LV QRW RFFXSLHG 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV &KHFN WKH VWDWXV RI WKH DXWRPDWLF IURQW SDVVHQJHU DLUEDJ DFWXDWLRQ SDJH ,I QHFHVVDU\ FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS LPPHGLDWHO\ 7KH 35(Ƅ6$)( IXQFWLRQV DUH PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 1(9(5 XVH D UHDUZDUG IDFLQJ FKLOG UHVWUDLQW RQ D VHDW SURWHFWHG E\ DQ $&7,9( $,5%$*
5HSODFH NH\ 5HSODFH NH\ 6HH 2ZQHU V 0DQXDO 'LVSOD\ PHVVDJHV .H\ 35( 6$)( LPSXOVH VLGH LQRSHUDWLYH 6HH 2ZQHU V 0DQXDO 'LVSOD\ PHVVDJHV 7KH NH\ QHHGV WR EH UHSODFHG &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 9HKLFOHV ZLWK D GLJLWDO YHKLFOH NH\ RQO\ D IHZ RU QR DXWKRULVDWLRQV UHPDLQ IRU VWDUWLQJ WKH HQJLQH 0DNH VXUH WKDW WKH LQWHUQHW FRQQHFWLRQ LV QRW UHVWULFWHG E\ FHUWDLQ PRELOH SKRQH VHWWLQJV 2SHQ 0HUFHGHV PH FRQQHFW KWWSV ZZZ PHUFHGHV PH DQG FDOO XS WKH 'LJLWDO 9HKLFOH .H\ VHUYLF
.H\ QRW GHWHFWHG UHG GLVƃ SOD\ PHVVDJH .H\ QRW GHWHFWHG ZKLWH GLVƃ SOD\ PHVVDJH &KDQJH NH\ EDWWHULHV 'LVSOD\ PHVVDJHV (QVXUH WKDW WKH NH\ LV LQ WKH YHKLFOH ,I WKH NH\ GHWHFWLRQ IXQFWLRQ KDV D PDOIXQFWLRQ GXH WR D VWURQJ UDGLR VLJQDO VRXUFH 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 3ODFH WKH NH\ LQ WKH VORW IRU VWDUWLQJ WKH HQJLQH ZLWK WKH NH\ SDJH 7KH NH\ FDQQRW EH GHWHFWHG DQG PD\ QR ORQJHU EH LQ WKH YHKLFOH 7KH NH\ LV QR ORQJHU LQ WKH YHKL
0DOIXQFWLRQ 6HH 2ZQHU V 0DQXDO /HIW GLSSHG EHDP H[DPSOH 'LVSOD\ PHVVDJHV /LJKWV 3ODFH WKH NH\ LQ WKH PDUNHG VSDFH 6HH 2ZQHU V 0DQXDO 'LVSOD\ PHVVDJHV 7KH H[WHULRU OLJKWLQJ LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 9HKLFOHV ZLWK D WUDLOHU KLWFK D IXVH PD\ KDYH EORZQ 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV &KHFN WKH IXVHV DQG UHSODFH WKHP LI QHFHVVDU\ SDJH 7KH FRUUHVSRQGLQJ OLJKW VRXUFH LV GHIHFWLYH 'ULYH RQ FDUHIXOO\ &RQVXOW D TXD
6ZLWFK RII OLJKWV 6ZLWFK RQ KHDGODPSV $FWLYH /LJKW 6\VWHP LQRSHU DWLYH $XWRPDWLF GULYLQJ OLJKWV LQRSHUDWLYH 7KH OLJKW VHQVRU LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS
7KH ',*,7$/ /,*+7 V\VWHP LV PDOIXQFWLRQLQJ 7KH OLJKWLQJ V\VWHP ZLOO FRQWLQXH WR IXQFWLRQ ZLWKRXW WKH IXQFWLRQV RI WKH ',*,7$/ /,*+7 V\VWHP &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH 08/7,%($0 /(' V\VWHP LV PDOIXQFWLRQLQJ 7KH OLJKWLQJ V\VWHP ZLOO FRQWLQXH WR IXQFWLRQ ZLWKRXW WKH IXQFWLRQV RI WKH 08/7,%($0 /(' V\VWHP &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $GDSWLYH +LJKEHDP $VVLVW 3OXV LV WHPSRUDULO\ XQDYDLODEOH 7KH V\VWHP OLPLWV KDYH EHHQ UHDFKHG SDJH 'ULYH RQ 2QFH WKH FDXVH RI WKH SU
,QRSHUDWLYH 5HIXHO YHKLFOH ; LQRSHUDWLYH %DWWHU\ ORZ ; LQRSHUDWLYH 6HH 2ZQHU V 0DQ ; 'LVSOD\ PHVVDJHV &OLPDWH FRQWURO 7KHUH LV WRR OLWWOH IXHO LQ WKH IXHO WDQN 7KH VWDWLRQDU\ KHDWHU FDQQRW EH VZLWFKHG RQ 5HIXHO WKH YHKLFOH 7KH RQ ERDUG HOHFWULFDO V\VWHP YROWDJH LV WRR ORZ 7KH VWDWLRQDU\ KHDWHU KDV VZLWFKHG LWVHOI RII 'ULYH DQ H[WHQGHG GLVWDQFH XQWLO WKH EDWWHU\ KDV UHDFKHG D VXIILFLHQW FKDUJH OHYHO DJDLQ 7KH VWDWLRQDU\ KHDWHU LV WHPSRUDULO\ PDOIXQFWLRQLQJ :KHQ WKH YHKLFOH LV VWDWL
7UDLOHU FRXSOLQJ LQ PRWLRQ È 2SHUDWLRQ RQO\ SRVVLEOH LQ WUDQVPLVVLRQ SRVLWLRQ 3 È 9HKLFOH LV RSHUDWLRQDO 6ZLWFK RII LJQLWLRQ EHIRUH H[LWLQJ r 'LVSOD\ PHVVDJHV 9HKLFOH 7KH EDOO QHFN ZLOO UHWUDFW H[WHQG 'R QRW DWWHPSW WR VSHHG XS VORZ GRZQ RU LQLWLDWH WKH VZLYHO PRYHPHQW XVLQJ \RXU KDQG IRRW RU RWKHU DLGV 'XULQJ WKH VZLYHO PRYHPHQW GR QRW FRXSOH D WUDLOHU :KHQ WKH EDOO QHFN KDV UHDFKHG DQ RSHUDWLRQDO SRVLWLRQ WKH GLVSOD\ PHVVDJH ZLOO GLVDSSHDU 7KH EDOO QHFN ZLOO QRW VZLYHO EHFDXVH WUDQVPLV
&KHFN WUDLOHU KLWFK ORFN ZKLWH GLVSOD\ PHVƃ VDJH È 'LVSOD\ PHVVDJHV ,QLWLDWH D QHZ VZLYHO PRYHPHQW DQG DW WKH VDPH WLPH SXOO DQG KROG WKH EXWWRQ RQ WKH ERRW OLG XQWLO WKH EDOO QHFN HQJDJHV EHQHDWK WKH EXPSHU SDJH :KHQ WKH GLVSOD\ PHVVDJH GLVDSSHDUV FRXSOH XS WKH WUDLOHU DQG GULYH RQ ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU WKH WUDLOHU KLWFK LV PDOIXQFWLRQLQJ DQG WKH EDOO QHFN LV QRW ORFNHG 'R QRW FRXSOH XS WKH WUDLOHU 'ULYH RQ ZLWKRXW WKH WUDLOHU 1RWH WKH UHGXFHG JURXQG FOHDUDQFH
6WHHULQJ PDOIXQFWLRQ 'ULYH FDUHIXOO\ 9LVLW ZRUNVKRS ± 'LVSOD\ PHVVDJHV ,I WKH EDOO QHFN LV UHWUDFWHG LQLWLDWH D QHZ VZLYHO PRYHPHQW DQG DW WKH VDPH WLPH SXOO DQG KROG WKH EXWWRQ RQ WKH ERRW OLG XQWLO WKH EDOO QHFN HQJDJHV YHUWLFDOO\ LQ WKH ORFNHG SRVLWLRQ DQG WKHQ HQJDJHV EHQHDWK WKH EXPSHU SDJH ,I WKH EDOO QHFN LV H[WHQGHG SXOO DQG KROG WKH EXWWRQ RQ WKH ERRW OLG XQWLO WKH EDOO QHFN HQJDJHV EHQHDWK WKH EXPSHU $Q HOHFWULF SRZHU VWHHULQJ PDOIXQFWLRQ KDV RFFXUUHG 6WHHULQJ FKDUDFWHULVWLF
5HDU D[OH VWHHULQJ FXU UHQWO\ PDOIXQFWLRQLQJ ± 6WHHULQJ PDOIXQFWLRQ 6WRS LPPHGLDWHO\ 6HH 2ZQHU V 0DQXDO ± 6WHHULQJ PDOIXQFWLRQ ,QFUHDVHG SK\VLFDO HIIRUW 6HH 2ZQHU V 0DQXDO ± 'LVSOD\ PHVVDJHV ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU 'ULYH RQ FDUHIXOO\ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH UHDU D[OH VWHHULQJ LV WHPSRUDULO\ XQDYDLODEOH 7KH WXUQLQJ FLUFOH PD\ EHFRPH ZLGHU 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG UHVWDUW WKH HQJLQH ,I WKH VWHHULQJ GRHV QRW
5HDU D[OH VWHHULQJ 0DOIXQF WLRQ 6WRS LPPHGLDWHO\ ± 5HDU D[OH VWHHULQJ 0DOIXQF WLRQ 9LVLW ZRUNVKRS ± 'LVSOD\ PHVVDJHV 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ :KHQ VWRSSLQJ EHDU WKH HQODUJHG YHKLFOH ZLGWK LQ PLQG ,I WKH VWHHULQJ GRHV QRW IXQFWLRQ DV LQWHQGHG WKH YHKLFOH V RSHUDWLQJ VDIHW\ LV MHRSDUGLVHG 3XOO RYHU DQG VWRS WKH YHKLFOH VDIHO\ DV VRRQ DV SRVVLEOH SD\LQJ DWWHQWLRQ WR URDG DQG WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ
7KH DFWLYH ERQQHW SHGHVWULDQ SURWHFWLRQ LV PDOIXQFWLRQLQJ RU LQRSHUDWLYH DIWHU KDYLQJ DOUHDG\ EHHQ WULJJHUHG &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $W OHDVW RQH GRRU LV RSHQ &ORVH DOO GRRUV Q 6WRS WKH YHKLFOH LPPHGLDWHO\ SD\LQJ DWWHQWLRQ WR URDG DQG WUDIILF FRQGLWLRQV &ORVH WKH ERQQHW 7KH ERQQHW PD\ RSHQ DQG EORFN \RXU YLHZ 1HYHU UHOHDVH WKH ERQQHW ZKHQ GULYLQJ %HIRUH HYHU\ WULS HQVXUH WKDW WKH HQJLQH ERQQHW LV ORFNHG :$51,1* 5LVN RI DFFLGHQW GXH WR GULYLQJ ZLWK WKH ERQQHW XQOR
$QWL WKHIW DODUP V\VWHP 0DOIXQFWLRQ 5HDU OHIW VHDW EDFNUHVW QRW ORFNHG H[DPSOH o 'LVSOD\ PHVVDJHV &ORVH WKH ERRW OLG 7KH DQWL WKHIW DODUP V\VWHP LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH VHDW EDFNUHVW RI WKH FRUUHVSRQGLQJ VHDW LV QRW HQJDJHG )ROG WKH VHDW EDFNUHVW EDFN XQWLO LW HQJDJHV &RPEXVWLRQ HQJLQHV HPLW SRLVRQRXV H[KDXVW JDVHV VXFK DV FDUERQ PRQR[LGH ([KDXVW JDVHV FDQ HQWHU WKH YHKLFOH LQWHULRU LI WKH ERRW OLG LV RSHQ ZKHQ WKH HQJLQH LV UXQQLQJ HVSHFLDO
7R VZLWFK RII WKH HQJLQH SUHVV WKH 6WDUW 6WRS EXW WRQ IRU DW OHDVW VHFRQGV RU WLPHV 'LVSOD\ PHVVDJHV (QJLQH ,QWHQVLYH FOHDQLQJ DFWLYD WHG IRU V ² 7RS XS ZDVKHU IOXLG ² 'LVSOD\ PHVVDJHV
&RRODQW 6WRS YHKLFOH 6ZLWFK HQJLQH RII Ù 7RS XS FRRODQW 6HH 2ZQ HU¶V 0DQXDO ½ 'LVSOD\ PHVVDJHV $GG FRRODQW SDJH +DYH WKH HQJLQH FRROLQJ V\VWHP FKHFNHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $YRLG ORQJ MRXUQH\V ZLWK LQVXIILFLHQW FRRODQW :$51,1* 'DQJHU RI EXUQV ZKHQ RSHQLQJ WKH ERQQHW :DLW XQWLO WKH HQJLQH KDV FRROHG GRZQ 0DNH VXUH WKDW WKH DLU VXSSO\ WR WKH UDGLDWRU LV QRW REVWUXFWHG $YRLGLQJ KLJK ORDGV RQ WKH HQJLQH GULYH WR WKH QHDUHVW TXDOLILHG VSHFLDOLVW ZRUNVKRS ,Q GRLQJ VR
5HSODFH DLU FOHDQHU × &OHDQ WKH IXHO ILOWHU : 5HVHUYH IXHO OHYHO Ù ¶ 'LVSOD\ PHVVDJHV 9HKLFOHV ZLWK GLHVHO HQJLQHV WKH HQJLQH DLU ILOWHU LV GLUW\ DQG PXVW EH UHSODFHG &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 9HKLFOHV ZLWK GLHVHO HQJLQHV WKH IXHO ILOWHU LV GLUW\ RU WKH ZDWHU LQ WKH IXHO ILOWHU QHHGV WR EH GUDLQHG &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH IXHO VXSSO\ KDV GURSSHG LQWR WKH UHVHUYH UDQJH 5HIXHO 7KH IDQ PRWRU LV GHIHFWLYH $YRLGLQJ KLJK ORDGV RQ WKH HQJLQH GULYH WR
7KH WUDQVPLVVLRQ LV PDOIXQFWLRQLQJ 3DUN SRVLWLRQ ] FDQQRW EH VHOHFWHG 3DUN WKH YHKLFOH VDIHO\ 8VH WKH HOHFWULF SDUNLQJ EUDNH WR VHFXUH WKH YHKLFOH DJDLQVW UROOLQJ DZD\ 2Q JUDGLHQWV WXUQ WKH IURQW ZKHHOV VR WKDW WKH YHKLFOH ZLOO UROO WRZDUGV WKH NHUE LI LW VWDUWV PRYLQJ :KLOH WKH YHKLFOH ZDV DW D VWDQGVWLOO RU GULYLQJ DW YHU\ ORZ VSHHG QHXWUDO \ ZDV HQJDJHG ZLWK WKH HQJLQH UXQQLQJ RU WKH LJQLWLRQ VZLWFKHG RQ 5LVN RI YHKLFOH UROOLQJ DZD\ $SSO\ SDUNLQJ EUDNH WR SDUN 5LVN RI YHKLFOH UROOLQJ DZD\
7KH WUDQVPLVVLRQ LV PDOIXQFWLRQLQJ 7KH WUDQVPLVVLRQ SRVLWLRQ ^ FDQQRW EH VHOHFWHG &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH WUDQVPLVVLRQ LV PDOIXQFWLRQLQJ 7KH WUDQVPLVVLRQ VKLIWV WR QHXWUDO \ DXWRPDWLFDOO\ 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'HSUHVV WKH EUDNH SHGDO (QJDJH SDUN SRVLWLRQ ] &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7UDQVPLVVLRQ 0DOIXQFWLRQ 6WRS 5HYHUVLQJ QRW SRVV &RQ VXOW ZRUNVKRS 'HSUHVV WKH EUDNH SHGDO XQWLO WKH YHKLFOH LV VWDWLRQ
7KH WUDQVPLVVLRQ LV RYHUKHDWLQJ 3XOOLQJ DZD\ PD\ EH WHPSRUDULO\ LPSDLUHG RU QRW SRVVLEOH 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ /HDYH WKH HQJLQH UXQQLQJ :DLW XQWLO WKH GLVSOD\ PHVVDJH GLVDSSHDUV EHIRUH SXOOLQJ DZD\ 7KHUH LV D PDOIXQFWLRQ LQ WKH DX[LOLDU\ EDWWHU\ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 8QWLO WKHQ DOZD\V VHOHFW SDUN SRVLWLRQ ] PDQXDOO\ EHIRUH \RX VZLWFK RII WKH HQJLQH %HIRUH OHDYLQJ WKH YHKLFOH DSSO\ WKH HOHFWULF SDUNL
3DUNLQJ EUDNH 6HH 2ZQHU V 0DQXDO $ 'LVSOD\ PHVVDJHV %UDNHV :HQQ VLFK GLH HOHNWULVFKH )HVWVWHOOEUHPVH QLFKW IHVWVWHOOHQ OlVVW (LQH TXDOLIL]LHUWH )DFKZHUNVWDWW DXIVXFKHQ %HLP $EVWHOOHQ GDV )DKU]HXJ EHL %HGDUI ]XVlW]OLFK JHJHQ :HJUROOHQ VLFKHUQ 'LH JHOEH .RQWUROOOHXFKWH $ XQG GLH URWH .
'LVSOD\ PHVVDJHV :HQQ VLFK GLH HOHNWULVFKH )HVWVWHOOEUHPVH QLFKW IHVWVWHOOHQ OlVVW RGHU GLH URWH .RQWUROOOHXFKWH $ ZHLWHUKLQ EOLQNW 1LFKW ZHLWHUIDKUHQ (LQH TXDOLIL]LHUWH )DFKZHUNVWDWW YHUVWlQGLJHQ %HLP $EVWHOOHQ GDV )DKU]HXJ EHL %HGDUI ]XVlW]OLFK JHJHQ :HJUROOHQ VLFKHUQ 'LH JHOEH .RQWUROOOHXFKWH $ LVW DQ XQG GLH URWH .
5HOHDVH SDUNLQJ EUDNH $ 'LVSOD\ PHVVDJHV &KHFN WKH FRQGLWLRQV IRU DXWRPDWLF UHOHDVH RI WKH HOHFWULF SDUNLQJ EUDNH 5HOHDVH WKH HOHFWULF SDUNLQJ EUDNH PDQXDOO\ 7KH UHG $ LQGLFDWRU ODPS LV IODVKLQJ 7KH HOHFWULF SDUNLQJ EUDNH LV DSSOLHG ZKLOH \RX DUH GULYLQJ = $ FRQGLWLRQ IRU DXWRPDWLF UHOHDVH RI WKH HOHFWULF SDUNLQJ EUDNH KDV QRW EHHQ IXOILOOHG SDJH =
&KHFN EUDNH IOXLG OHYHO M %UDNH LPPHGLDWHO\ M 7XUQ RQ WKH LJQLWLRQ WR UHOHDVH WKH SDUNLQJ EUDNH $ 'LVSOD\ PHVVDJHV ,I WKH EUDNH IOXLG OHYHO LV WRR ORZ WKH EUDNLQJ HIIHFW DQG WKH EUDNLQJ FKDUDFWHULVWLFV PD\ EH LPSDLUHG 6WRS WKH YHKLFOH DV VRRQ DV SRVVLEOH SD\LQJ DWWHQWLRQ WR URDG DQG WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYƃ LQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 'R QRW WRS XS WKH EUDNH IOXLG :$51,1* 5LVN RI DQ DFFLGHQW GXH WR ORZ EUDNH IOXLG OHYHO 7KHUH LV LQVXIILFLHQW EUDNH IOXLG
& Ã $77(17,21 $66,67 7DNH D EUHDN Ã $77(17,21 $66,67 KDV GHWHFWHG IDWLJXH RU DQ LQFUHDVLQJ ODFN RI FRQFHQWUDWLRQ RQ WKH SDUW RI WKH GULYHU SDJH ,I QHFHVVDU\ WDNH D EUHDN $77(17,21 $66,67 LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $77(17,21 $66,67 LQRSHU DWLYH 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV 'LVSOD\ PHVVDJHV 'ULYLQJ V\VWHPV &KHFN EUDNH SDGV 6HH 2ZQHU V 0DQXDO 7KH EUDNHSDGV KDYH UHDFKHG WKH ZHDU OLPLW &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 3RV
7KH GULYHU FDPHUD LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 'ULYHU FDPHUD LQRSHUDWLYH 6HH 2ZQHU V 0DQXDO .HHS WKH GULYHU FDPHUD·V ILHOG RI YLVLRQ IUHH &OHDQ WKH GULYHU FDPHUD LI QHFHVVDU\ 7KH GULYHU FDPHUD FDQQRW FDSWXUH \RXU OLQH RI VLJKW &KDQJH WKH VWHHULQJ ZKHHO DQG VHDW SRVLWLRQ XQWLO VL[ GRWV DUH YLVLEOH RQ WKH WRS HGJH RI WKH VFUHHQ 7KH YLHZ RI WKH GULYHU FDPHUD LV UHGXFHG 3RVVLEOH FDXVHV 2EMHFWV RU VWLFNHUV SURMHFW LQWR WKH GULYHU FDPHUD·V ILHOG RI YLVLRQ = 7K
$FWLYH (PHUJHQF\ 6WRS $VVLVW LV WHPSRUDULO\ XQDYDLODEOH &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $FWLYH (PHUJHQF\ 6WRS $VVLVW LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS
-
¼ )DXOW ' ulyh dw pd[ np k $,50$7,& lv ixqfwlrqlqj rqo\ wr d olplwhg h[whqw 7kh yhklfoh v kdqgolqj fkdudfwhulvwlfv pd\ eh diihfwhg $yrlg odujh vwhhulqj pryhphqwv zkloh gulylqj dqg olvwhq iru vfudslqj vrxqgv ,i \rx khdu vfudslqj vrxqgv sxoo ryhu dqg vwrs wkh yhklfoh lq dffrugdqfh zlwk wkh wudiilf frqglwlrqv dqg vhw d kljkhu yhklfoh ohyho li srvvleoh 'ulyh lq d pdqqhu dssursuldwh iru wkh fxuuhqw ohyho exw gr qrw h[fhhg np k &rqvxow d txdolilhg vshfldolvw zrunvkrs 127( 7kh w\uh< p>
)DXOW 'ULYH DW PD[ NP K ¼ ( $&7,9( %2'< &21752/ )XQFWLRQ OLPLWHG 6HH 2ZQ HU V 0DQXDO 'LVSOD\ PHVVDJHV 'ULYH RQ FDUHIXOO\ 5HGXFH VSHHG FRQVLGHUDEO\ EHIRUH WDNLQJ D EHQG $YRLG VXGGHQ VWHHULQJ PRYHPHQWV 2QFH WKH FDXVH RI WKH SUREOHP LV QR ORQJHU SUHVHQW WKH V\VWHP ZLOO EH DYDLODEOH DJDLQ 'ULYH RQ FDUHIXOO\ 5HGXFH VSHHG FRQVLGHUDEO\ EHIRUH WDNLQJ D EHQG $YRLG VXGGHQ VWHHULQJ PRYHPHQWV 5HGXFH YHKLFOH VSHHG 'ULYH RQ FDUHIXOO\ 127( 7KH YHKLFOH V VXVSHQVLRQ DQG GDPSLQJ EHKDYLRXU KDV FKDQJ
6723 9HKLFOH OHYHO WRR ORZ Ì )DXOW 6WRS ¼ 'LVSOD\ PHVVDJHV &RQWLQXH GULYLQJ FDUHIXOO\ DQG GR QRW H[FHHG NP K ,I SRVVLEOH VWRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG VZLWFK WKH LJQLWLRQ RII DQG RQ DJDLQ ,I WKH GLVSOD\ PHVVDJH VWLOO DSSHDUV FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 5HGXFH WKH YHKLFOH VSHHG FRQVLGHUDEO\ EHIRUH WDNLQJ D FXUYH $YRLG VXGGHQ VWHHULQJ PRYHPHQWV 127( 7KH YHKLFOH V GULYLQJ FKDUDFWHULVWLFV KDYH FKDQJHG VLJQLILFDQWO\ 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ D
&RPSUHVVRU LV FRROLQJ Ì 9HKLFOH ULVLQJ 3OHDVH ZDLW Ì 'LVSOD\ PHVVDJHV 6HW D KLJKHU YHKLFOH OHYHO SDJH 'HSHQGLQJ RQ WKH PDOIXQFWLRQ WKH YHKLFOH ZLOO EH UDLVHG $YRLG ODUJH VWHHULQJ PRYHPHQWV ZKLOH GULYLQJ DQG OLVWHQ IRU VFUDSLQJ VRXQGV ,I \RX KHDU VFUDSLQJ VRXQGV SXOO RYHU DQG VWRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG VHW D KLJKHU YHKLFOH OHYHO LI SRVVLEOH 'XH WR IUHTXHQW OHYHO FKDQJHV ZLWKLQ D VKRUW VSDFH RI WLPH WKH FRPSUHVVRU ILUVW QHHGV WR FRRO GRZQ LQ RUGHU WR
$FWLYH 6WHHULQJ $VVLVW LV PDOIXQFWLRQLQJ $FWLYH 'LVWDQFH $VVLVW ',67521,& UHPDLQV DYDLODEOH &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $FWLYH 6WHHULQJ $VVLVW KDV UHDFKHG WKH V\VWHP OLPLWV SDJH
$FWLYH 6WRS DQG *R $VVLVW LV WHPSRUDULO\ XQDYDLODEOH $FWLYH 'LVWDQFH $VVLVW ',67521,& DQG $FWLYH 6WHHULQJ $VVLVW DUH VWLOO DYDLODEOH 7KH DPELHQW FRQGLWLRQV DUH RXWVLGH WKH V\VWHP OLPLWV SDJH 'ULYH RQ $V VRRQ DV WKH DPELHQW FRQGLWLRQV DUH ZLWKLQ WKH V\VWHP OLPLWV WKH V\VWHP ZLOO EHFRPH DYDLODEOH DJDLQ $FWLYH 6WRS DQG *R $VVLVW LV PDOIXQFWLRQLQJ $FWLYH 6WRS DQG *R $VVLVW LV GHDFWLYDWHG $FWLYH 'LVWDQFH $VVLVW ',67521,& DQG $FWLYH 6WHHULQJ $VVLVW DUH VWLOO DYDLODEOH &RQVXOW D TXDOLILHG VSHF
:KHQ \RX HVWDEOLVK WKH HOHFWULFDO FRQQHFWLRQ WR WKH WUDLOHU %OLQG 6SRW $VVLVW LV XQDYDLODEOH 3UHVV WKH OHIW KDQG 7RXFK &RQWURO DQG DFNQRZOHGJH WKH GLVSOD\ PHVVDJH $FWLYH %OLQG 6SRW $VVLVW LV WHPSRUDULO\ XQDYDLODEOH 7KH V\VWHP OLPLWV KDYH EHHQ UHDFKHG SDJH 'ULYH RQ 2QFH WKH FDXVH RI WKH SUREOHP LV QR ORQJHU SUHVHQW WKH V\VWHP ZLOO EH DYDLODEOH DJDLQ RU ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU VWRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG UHVWDUW WKH HQJLQH $FWLYH %OLQ
$FWLYH 3DUNLQJ $VVLVW DQG 3DUNLQJ $VVLVW 3$5.7521,& DUH PDOIXQFWLRQLQJ 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG UHVWDUW WKH HQJLQH ,I WKH GLVSOD\ PHVVDJH VWLOO DSSHDUV FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7UDIILF 6LJQ $VVLVW LV WHPSRUDULO\ XQDYDLODEOH 'ULYH RQ 2QFH WKH FDXVH RI WKH SUREOHP LV QR ORQJHU SUHVHQW WKH V\VWHP ZLOO EH DYDLODEOH DJDLQ 7UDIILF 6LJQ $VVLVW LV PDOIXQFWLRQLQJ 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG UHVWDUW WKH HQJLQH ,
&XUUHQWO\ XQDYDLODEOH 5DGDU GLUW\ ¿ È Ç 'LVSOD\ PHVVDJHV 'ULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV PD\ EH PDOIXQFWLRQLQJ RU WHPSRUDULO\ XQDYDLODEOH 2QFH WKH FDXVH RI WKH SUREOHP LV QR ORQJHU SUHVHQW WKH GULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV ZLOO EH DYDLODEOH DJDLQ ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV &OHDQ DOO VHQVRUV SDJH 5HVWDUW WKH HQJLQH 7KH UDGDU VHQVRU V\VWHP LV PDOIXQFWLRQLQJ 3RVVLEOH FDXVHV = GLUW RQ
2II Ù FXUUHQWO\ XQDYDLODEOH &DP HUD GLUW\ Î È Ç ¸ ¹ 'LVSOD\ PHVVDJHV 7KH +2/' IXQFWLRQ LV GHDFWLYDWHG EHFDXVH WKH YHKLFOH LV VOLSSLQJ RU D FRQGLWLRQ IRU DFWLYDWLRQ LV QRW IXOILOOHG 5HDFWLYDWH WKH +2/' IXQFWLRQ ODWHU RU FKHFN WKH DFWLYDWLRQ FRQGLWLRQV IRU WKH +2/' IXQFWLRQ SDJH 0LVW GHWHFWHG RQ WKH ZLQGVFUHHQ ZLOO EH DXWRPDWLFDOO\ UHPRYHG XVLQJ D EXLOW LQ KHDWHU ZLWKLQ DSSUR[LPDWHO\ PLQXWHV 'ULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV PD\ EH PDOIXQFWLRQLQJ RU WHPSRUDULO\ XQDYDLODEOH
$FWLYH 'LVWDQFH $VVLVW ',67521,& LV WHPSRUDULO\ XQDYDLODEOH 7KH DPELHQW FRQGLWLRQV DUH RXWVLGH WKH V\VWHP OLPLWV SDJH 'ULYH RQ $V VRRQ DV WKH DPELHQW FRQGLWLRQV DUH ZLWKLQ WKH V\VWHP OLPLWV WKH V\VWHP ZLOO EHFRPH DYDLODEOH DJDLQ $FWLYH 'LVWDQFH $VVLVW ',67521,& LV PDOIXQFWLRQLQJ 2WKHU GULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV PD\ DOVR EH PDOIXQFWLRQLQJ $FWLYH 'LVWDQFH $VVLVW LQRS HUDWLYH $FWLYH 'LVWDQFH $VVLVW ',67521,& ZDV GHDFWLYDWHG ,I D ZDUQLQJ WRQH DOVR VRXQGV $FWLYH 'LVWDQFH $VV
² &UXLVH FRQWURO DQG WKH OLPLWHU DUH PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS &UXLVH FRQWURO KDV EHHQ GHDFWLYDWHG ,I WKHUH LV DQ DGGLWLRQDO ZDUQLQJ WRQH FUXLVH FRQWURO KDV EHHQ GHDFWLYDWHG DXWRPDWLFDOO\ SDJH ,I \RX GHSUHVV WKH DFFHOHUDWRU SHGDO EH\RQG WKH SRLQW RI UHVLVWDQFH NLFNGRZQ WKH OLPLWHU ZLOO EH VZLWFKHG WR SDVƃ VLYH PRGH SDJH &UXLVH FRQWURO DQG /LPLWHU LQRSHUDWLYH &UXLVH FRQWURO RII Ë SDVVLYH &UXLVH FRQWURO LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSH
FXUUHQWO\ XQDYDLODEOH 6HH 2ZQHU V 0DQXDO % å 'LVSOD\ PHVVDJHV 'ULYLQJ VDIHW\ V\VWHPV 'ULYH FDUHIXOO\ RQ D VXLWDEOH VWUHWFK RI URDG PDNLQJ VOLJKW VWHHULQJ PRYHPHQWV DW D VSHHG DERYH NP K ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS LPPHGLDWHO\ 'ULYH FDUHIXOO\ 7KH ZKHHOV PD\ EORFN GXULQJ EUDNLQJ DQG (63 GRHV QRW SHUIRUP DQ\ YHKLFOH VWDELOL]DWLRQ 7KH VWHHUDELOLW\ DQG EUDNLQJ FKDUDFWHULVWLFV DUH KHDYLO\ LPSDLUHG DQG WKH EUDNLQJ GLVWDQFH PD\ LQFUHDVH ,Q
FXUUHQWO\ XQDYDLODEOH 6HH 2ZQHU V 0DQXDO å LQRSHUDWLYH 6HH 2ZQHU V 0DQXDO % å 'LVSOD\ PHVVDJHV ,I (63 LV PDOIXQFWLRQLQJ (63 FDQQRW FDUU\ RXW YHKLFOH VWDELOLVDWLRQ ,Q DGGLWLRQ RWKHU GULYLQJ VDIHW\ V\VWHPV DUH VZLWFKHG RII 'ULYH RQ FDUHIXOO\ :$51,1* 5LVN RI VNLGGLQJ LI (63 LV PDOIXQFWLRQLQJ (63 LV WHPSRUDULO\ XQDYDLODEOH 2WKHU GULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV H J %$6 PD\ DOVR EH PDOIXQFWLRQLQJ 7KH ZKHHOV PD\ EORFN GXULQJ EUDNLQJ DQG (63 GRHV QRW SHUIRUP DQ\ YHKLFOH VWDELOL
LQRSHUDWLYH 6HH 2ZQHU V 0DQXDO å 'LVSOD\ PHVVDJHV 'ULYH FDUHIXOO\ RQ D VXLWDEOH VWUHWFK RI URDG PDNLQJ VOLJKW VWHHULQJ PRYHPHQWV DW D VSHHG DERYH NP K ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS LPPHGLDWHO\ 'ULYH FDUHIXOO\ +DYH (63 FKHFNHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS ,I (63 LV PDOIXQFWLRQLQJ (63 FDQQRW FDUU\ RXW YHKLFOH VWDELOLVDWLRQ ,Q DGGLWLRQ RWKHU GULYLQJ VDIHW\ V\VWHPV DUH VZLWFKHG RII 'ULYH RQ FDUHIXOO\ +DYH (63 FKHFNHG DW D TXDO
$FWLYH %UDNH $VVLVW )XQF WLRQV FXUUHQWO\ OLPLWHG 6HH 2ZQHU V 0DQXDO LQRSHUDWLYH 6HH 2ZQHU V 0DQXDO z % å 'LVSOD\ PHVVDJHV 9HKLFOHV ZLWK WKH 'ULYLQJ $VVLVWDQFH 3DFNDJH $FWLYH %UDNH $VVLVW ZLWK FURVV WUDIILF IXQFWLRQ (YDVLYH 6WHHULQJ $VVLVW RU 35(Ƅ6$)( 3/86 DUH WHPSRUDULO\ XQDYDLODEOH RU RQO\ SDUWLDOO\ DYDLODEOH 9HKLFOHV ZLWKRXW WKH 'ULYLQJ $VVLVWDQFH 3DFNDJH $FWLYH %UDNH $VVLVW LV WHPSRUDULO\ XQDYDLODEOH RU RQO\ SDUWLDOO\ DYDLODEOH 7KH DPELHQW FRQGLWLRQV DUH RXWVLGH WKH V\VWHP OLPLWV SDJH
$W OHDVW RQH RI WKH PDLQ IXQFWLRQV RI WKH 0HUFHGHV PH FRQQHFW V\VWHP RU RI WKH 626 HPHUJHQF\ FDOO V\VWHP LV PDOIXQFWLRQLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS S ,QRSHUDWLYH 7KH YHKLFOH IXQFWLRQV IRU IDXOW GHWHFWLRQ DUH UHVWULFWHG $W OHDVW RQH RI WKH PDLQ IXQFWLRQV RI WKH 0HUFHGHV PH FRQQHFW V\VWHP LV PDOIXQFWLRQLQJ 2EVHUYH WKH QRWHV RQ WKH GLDJQRVWLFV FRQQHFWLRQ SDJH &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV 9HKLFOHV ZLWK 'ULYLQJ $VVLVWD
6WRS YHKLFOH 6HH 2ZQHU V 0DQXDO = 9 RQ ERDUG HOHFWULFDO V\VWHP 9LVLW ZRUNVKRS = 'LVSOD\ PHVVDJHV %DWWHU\ 'R QRW FRQWLQXH GULYLQJ XQGHU DQ\ FLUFXPVWDQFHV &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 127( 3RVVLEOH HQJLQH GDPDJH LI \RX FRQWLQXH GULYLQJ 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ 6ZLWFK RII WKH HQJLQH &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH EDWWHU\ LV QR ORQJHU EHLQJ FKDUJHG DQG WKH FKDUJH OHYHO LV WRR ORZ
= 6WRS YHKLFOH 6HH 2ZQHU V 0DQXDO × 6WRS WKH YHKLFOH /HDYH WKH HQJLQH UXQQLQJ WR FKDUJH WKH 9 EDWWHU\ 7KH EDWWHU\ FKDUJH OHYHO LV WRR ORZ 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ /HDYH WKH HQJLQH UXQQLQJ :DLW XQWLO WKH GLVSOD\ PHVVDJH GLVDSSHDUV EHIRUH SXOOLQJ DZD\ ,I WKH GLVSOD\ PHVVDJH GRHV QRW GLVDSSHDU FRQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH 9 RQ ERDUG HOHFWULFDO V\VWHP LV PDOIXQFWLRQLQJ 6WRS WKH YHKLFOH LPPHGLDWHO\
&DQQRW VWDUW HQJLQH 6HH 2ZQHU V 0DQXDO 3OHDVH ZDLW 9 EDWWHU\ FKDUJLQJ Ù 9 EDWWHU\ 6HH 2ZQHU V 0DQXDO × 'LVSOD\ PHVVDJHV 7KH FKDUJH OHYHO RI WKH 9 EDWWHU\ LV WRR ORZ
&RQQHFW D VXLWDEOH FKDUJHU DSSURYHG IRU 0HUFHGHV %HQ] ZLWK VXIILFLHQW FKDUJH RXWSXW WR WKH MXPS VWDUW FRQQHFƃ WLRQ SRLQW RI WKH 9 EDWWHU\ SDJH 7KH 9 EDWWHU\ LV FKDUJHG YLD WKH YROWDJH FRQYHUWHU LQ WKH YHKLFOH 7KH W\UH SUHVVXUH PRQLWRU LV PDOIXQFWLRQLQJ 7\UH SUHVV PRQLWRU LQRSHU DWLYH 7KH W\UH SUHVVXUH PRQLWRULQJ V\VWHP FDQQRW LVVXH D ZDUQLQJ LI WKHUH LV SUHVVXUH ORVV LQ RQH RU PRUH RI WKH W\UHV 7\UHV ZLWK LQVXIILFLHQW W\UH SUHVVXUH PD\ LPSDLU WKH GULYLQJ FKDUDFWHULVWLFV DV ZHOO DV VWH
w &KHFN W\UH V w :$51,1* 5LVN RI DQ DFFLGHQW GXH WR LQVXIILFLHQW W\UH SUHVVXUH 7KH W\UHV FDQ EXUVW 7KH W\UHV FDQ ZHDU H[FHVVLYHO\ DQG RU XQHYHQO\ 7KH GULYLQJ FKDUDFWHULVWLFV DV ZHOO DV WKH VWHHULQJ DQG EUDNLQJ PD\ EH JUHDWO\ LPSDLUHG 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV
7\UH V RYHUKHDWHG :DUQLQJ W\UH GHIHFW w 5HFWLI\ W\UH SUHVVXUH w 'LVSOD\ PHVVDJHV &KHFN WKH W\UH SUHVVXUH SDJH DQG WKH W\UHV :$51,1* 5LVN RI DQ DFFLGHQW IURP GULYLQJ ZLWK D IODW W\UH 7KH W\UHV FDQ RYHUKHDW DQG FDXVH D ILUH 7KH GULYLQJ FKDUDFWHULVWLFV DV ZHOO DV WKH VWHHULQJ DQG EUDNLQJ PD\ EH JUHDWO\ LPSDLUHG $W OHDVW RQH W\UH LV RYHUKHDWLQJ 7KH DIIHFWHG W\UHV DUH GLVSOD\HG LQ UHG $W WHPSHUDWXUHV FORVH WR WKH OLPLW YDOXH WKH W\UHV DUH GLVSOD\HG LQ \HOORZ 1RWHV RQ IODW W\UHV SDJH
5HILOO $G%OXH 6HH 2ZQHU¶V 0DQXDO È 'LVSOD\ PHVVDJHV ([KDXVW JDV DIWHUWUHDWPHQW 5HGXFH VSHHG 'LVSOD\ PHVVDJHV 7KH $G%OXH OHYHO KDV IDOOHQ EHORZ WKH UHVHUYH UDQJH 7RS XS $G%OXH LPPHGLDWHO\ SDJH 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV 2YHUKHDWHG W\UHV FDQ EXUVW 5HGXFH VSHHG VR WKDW WKH W\UHV FRRO GRZQ :$51,1* 5LVN RI DQ DFFLGHQW IURP GULYLQJ ZLWK RYHUKHDWHG W\UHV $W OHDVW RQH W\UH LV RYHUKHDWLQJ 7KH DIIHFWHG W\UHV DUH GLVSOD\HG LQ UHG $W WHPSHUDWXUHV FORVH WR WKH OLPLW YDOX
;; ; O 7RS XS $G%OXH 6ZLWFK RQ LJQLWLRQ ZDLW VHF RU HQJ VWDUW QRW SRVV È ;; ; O 7RS XS $G%OXH (PHUJ RS PD[ ;;; NP K 6WDUW QRW SRVV LQ ;;; NP È 7RS XS $G%OXH (PHUJHQF\ RS LQ ;;; NP 6HH 2ZQHU V 0DQXDO È 'LVSOD\ PHVVDJHV 7KH $G%OXH WDQN LV HPSW\
$G%OXH V\VWHP PDOIXQFWLRQ (PHUJ RS PD[ ;;; NP K 6WDUW QRW SRVV LQ ;;; NP $G%OXH V\VWHP PDOIXQFWLRQ (PHUJHQF\ RS LQ ;;; NP 6HH 2ZQHU V 0DQXDO $G%OXH V\VWHP IDXOW 6HH 2ZQHU V 0DQXDO 'LVSOD\ PHVVDJHV 3RZHU UHVWULFWLRQ GXH WR WKH $G%OXH V\VWHP IDXOW $IWHU WKH GLVWDQFH GLVSOD\HG KDV EHHQ FRYHUHG LW ZLOO QR ORQJHU EH SRVVLEOH WR VWDUW WKH HQJLQH &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS LPPHGLDWHO\ 7KH $G%OXH V\VWHP LV PDOIXQFWLRQLQJ 3HUIRUPDQFH ZLOO EH UHGXFHG RQFH WKH UHPDLQLQJ
$GG OLWUH HQJLQH RLO ZKHQ QH[W UHIXHOOLQJ ³ 'LVSOD\ PHVVDJHV (QJLQH RLO $G%OXH V\VWHP IDXOW (QJLQH VWDUW QRW SRVVLEOH 'LVSOD\ PHVVDJHV 127( (QJLQH GDPDJH FDXVHG E\ GULYLQJ ZLWK LQVXIILFLHQW HQJLQH RLO :KHQ QH[W UHIXHOOLQJ DGG OLWUH RI HQJLQH RLO SDJH $YRLG ORQJ MRXUQH\V ZLWK LQVXIILFLHQW HQJLQH RLO 1RWHV RQ HQJLQH RLO SDJH 'LVSOD\ PHVVDJH RQO\ IRU FHUWDLQ HQJLQHV 7KH HQJLQH RLO OHYHO KDV GURSSHG WR WKH PLQLPXP OHYHO 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV
(QJLQH RLO OHYHO 6WRS YHKL FOH 6ZLWFK HQJLQH RII ³ (QJLQH RLO OHYHO 5HGXFH RLO OHYHO ³ 'LVSOD\ PHVVDJHV &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS LPPHGLDWHO\ DQG KDYH WKH HQJLQH RLO OHYHO UHGXFHG $YRLG ORQJ MRXUQH\V ZLWK H[FHVV HQJLQH RLO 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ 6ZLWFK RII WKH HQJLQH $GG O RI HQJLQH RLO SDJH &KHFN WKH HQJLQH RLO OHYHO $YRLG ORQJ MRXUQH\V ZLWK LQVXIILFLHQW HQJLQH RLO 1RWHV RQ HQJLQH RLO SDJH
6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS $YRLG GULYLQJ ZLWK LQVXIILFLHQW RLO SUHVVXUH 6RPH V\VWHPV ZLOO SHUIRUP D VHOI WHVW ZKHQ WKH LJQLWLRQ LV VZLWFKHG RQ 6RPH LQGLFDWRU DQG ZDUQLQJ ODPSV PD\ EULHIO\ OLJKW XS RU IODVK 7KLV EHKDYLRXU LV QRQ FULWLFDO 7KHVH LQGLFDWRU DQG ZDUQLQJ ODPSV LQGLFDWH D PDOIXQFWLRQ RQO\ LI WKH\ OLJKW XS RU IODVK DIWHU WKH HQJLQH KDV EHHQ VWDUƃ WHG RU GXULQJ D MRXUQH\ 7KH HOHF
,QGLFDWRU DQG ZDUQLQJ ODPSV 5HVWUDLQW V\VWHP SDJH u 6HDW EHOW SDJH é È 7UDLOHU KLWFK SDJH ± (OHFWULF SRZHU VWHHULQJ \HOORZ SDJH ± (OHFWULF SRZHU VWHHULQJ UHG SDJH ± 5HDU D[OH VWHHULQJ \HOORZ SDJH ± 5HDU D[OH VWHHULQJ UHG SDJH 'ULYHU V GLVSOD\ % å » w ` M M / ¼ $ $ Ù ¹ ( = ¶ 'LVSOD\ PHVVDJHV DQG ZDUQLQJ LQGLFDWRU ODPSV &RRODQW WHPSHUDWXUH SDJH (QJLQH GLDJQRVWLFV SDJH 3UHJORZ (OHFWULFDO IDXOW SDJH 5HVHUYH IXHO ZLWK IXHO ILOOHU I
6HDW EHOW ZDUQLQJ ODPS IODVKHV v 'ULYH RQ FDUHIXOO\ 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS LPPHGLDWHO\ 7KH UHG VHDW EHOW ZDUQLQJ ODPS IODVKHV DQG DQ LQWHUPLWWHQW ZDUQLQJ WRQH VRXQGV 7KH GULYHU RU IURQW SDVVHQJHU KDV QRW IDVWHQHG WKHLU VHDW EHOW ZKLOH WKH YHKLFOH LV LQ PRWLRQ )DVWHQ \RXU VHDW EHOW SDJH 7KHUH DUH REMHFWV RQ WKH IURQW SDVVHQJHU VHDW 5HPRYH WKH REMHFWV IURP WKH IURQW SDVVHQJHU VHDW &RPSRQHQWV LQ WKH UHVWUDLQW V\VWHP PD\ E
v 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ 7KH WUDLOHU PD\ EHFRPH GHWDFKHG 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ 8QFRXSOH WKH WUDLOHU DQG VHFXUH LW DJDLQVW UROOLQJ DZD\ ,QLWLDWH D QHZ VZLYHO PRYHPHQW DQG GR QRW UH FRXSOH WKH WUDLOHU XQWLO WKH ZDUQLQJ LQGLFDWRU ODPS JRHV RXW :$51,1* 5LVN RI DQ DFFLGHQW LI WKH EDOO QHFN LV QRW ORFNHG 7KH UHG WUDLOHU KLWFK ZDUQLQJ ODPS LV OLW 7KH WUDLOHU KLWFK LV QRW RSHUDWLRQDO RU LV VZLYHOOLQJ È
:DUQLQJ ODPS IRU HOHFWULF SRZHU VWHHULQJ ± :DUQLQJ ODPS IRU HOHFWULF SRZHU VWHHULQJ ± :DUQLQJ LQGLFDWRU ODPS 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ ,I WKH VWHHULQJ GRHV QRW IXQFWLRQ DV LQWHQGHG WKH YHKLFOH V RSHUDWLQJ VDIHW\ LV MHRSDUGLVHG 3XOO RYHU DQG VWRS WKH YHKLFOH VDIHO\ DV VRRQ DV SRVVLEOH SD\LQJ DWWHQWLRQ WR URDG DQG WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ XQGHU DQ\ FLUFXPVWDQFHV &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS :$51,1* 5LVN RI DFFLGHQW LI VWHHULQJ FDSDELOLW\ LV LPS
5HDU D[OH VWHHULQJ ZDUQLQJ ODPS ± 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ ,I WKH VWHHULQJ GRHV QRW IXQFWLRQ DV LQWHQGHG WKH YHKLFOH V RSHUDWLQJ VDIHW\ LV MHRSDUGLVHG 3XOO RYHU DQG VWRS WKH YHKLFOH VDIHO\ DV VRRQ DV SRVVLEOH SD\LQJ DWWHQWLRQ WR URDG DQG WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ XQGHU DQ\ FLUFXPVWDQFHV &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS :$51,1* 5LVN RI DFFLGHQW LI VWHHULQJ FDSDELOLW\ LV LPSDLUHG 7KH UHG UHDU D[OH VWHHULQJ ZDUQLQJ ODPS LV OLW ZKLOH WKH HQJLQH LV UXQQL
6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV DQG VZLWFK RII WKH HQJLQH 'R QRW FRQWLQXH GULYLQJ 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ ,I WKH FRRODQW WHPSHUDWXUH GLVSOD\ LV DW WKH ORZHU HQG RI WKH WHPSHUDWXUH VFDOH ,I \RX RSHQ WKH HQJLQH ERQQHW ZKHQ WKH HQJLQH KDV RYHUKHDWHG RU GXULQJ D ILUH LQ WKH HQJLQH FRPSDUWPHQW \RX FRXOG FRPH LQWR FRQWDFW ZLWK KRW JDVHV RU RWKHU HVFDSLQJ RSHUDWLQJ IOXLGV %HIRUH RSHQLQJ WKH ERQQHW DOORZ WKH HQJLQH WR FRRO GRZQ ,Q WKH HYHQ
(QJLQH GLDJQRVLV ZDUQLQJ ODPS ¹ :DUQLQJ LQGLFDWRU ODPS ([LW WKH YHKLFOH DQG NHHS D VDIH GLVWDQFH IURP LW XQWLO WKH HQJLQH KDV FRROHG GRZQ &KHFN WKH FRRODQW OHYHO SDJH 0DNH VXUH WKDW WKH DLU VXSSO\ WR WKH UDGLDWRU LV QRW REVWUXFWHG $YRLGLQJ KLJK ORDGV RQ WKH HQJLQH GULYH WR WKH QHDUHVW TXDOLILHG VSHFLDOLVW ZRUNVKRS ,Q GRLQJ VR HQVXUH WKDW WKH FRRODQW WHPSHUDWXUH GLVSOD\ UHPDLQV EHORZ & &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 7KH \HOORZ HQJLQH GLDJQRVWLFV ZDUQLQJ ODPS LV OLW ZKLOH WKH
= )XHO UHVHUYH ZDUQLQJ ODPS OLJKWV XS ¶ 7KH \HOORZ IXHO UHVHUYH ZDUQLQJ ODPS OLJKWV XS ZKLOH WKH HQJLQH LV UXQQLQJ 7KH IXHO VXSSO\ KDV GURSSHG LQWR WKH UHVHUYH UDQJH 5HIXHO 7KH UHG HOHFWULFDO IDXOW ZDUQLQJ ODPS LV OLW 7KHUH LV D IDXOW LQ WKH HOHFWULFV 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ (OHFWULFDO IDXOW ZDUQLQJ ODPS 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV :DUQLQJ LQGLFDWRU ODPS 'LVSOD\ PHVVDJHV DQG ZDUQLQJ LQGLFDWRU ODPSV
$ %UDNH V\VWHP ZDUQLQJ ODPS \HOORZ M 7KH HOHFWULF SDUNLQJ EUDNH \HOORZ LQGLFDWRU ODPS $ $GMXVW \RXU VSHHG DQG GULYH RQ FDUHIXOO\ OHDYLQJ D VXLWDEOH GLVWDQFH WR WKH YHKLFOH LQ IURQW ,I WKH GULYHU GLVSOD\ VKRZV D GLVSOD\ PHVVDJH REVHUYH LW ,I WKH EUDNH V\VWHP LV PDOIXQFWLRQLQJ EUDNLQJ FKDUDFWHULVWLFV PD\ EH LPSDLUHG 'ULYH RQ FDUHIXOO\ +DYH WKH EUDNH V\VWHP FKHFNHG LPPHGLDWHO\ DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS :$51,1* 5LVN RI DQ DFFLGHQW GXH WR D EUDNH V\VWHP PDOIXQFWLRQ 7KH \HOORZ
%UDNH V\VWHP ZDUQLQJ ODPS UHG M :DUQLQJ LQGLFDWRU ODPS &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS :$51,1* 5LVN RI DFFLGHQW DQG LQMXU\ LI EUDNH IRUFH ERRVWLQJ LV PDOIXQFWLRQLQJ 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ ,I WKH EUDNH IOXLG OHYHO LV WRR ORZ WKH EUDNLQJ HIIHFW DQG WKH EUDNLQJ FKDUDFWHULVWLFV PD\ EH LPSDLUHG 6WRS WKH YHKLFOH DV VRRQ DV SRVVLEOH SD\LQJ DWWHQWLRQ WR URDG DQG WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYƃ LQJ &RQVXOW D TXDOLILHG VSHFLDOLVW ZRUNVKRS :$51,1* 5LVN RI DQ DFFLGH
6XVSHQVLRQ ZDUQLQJ ODPS ¼ 7KH \HOORZ $,50$7,& ( $&7,9( %2'< &21752/ ZDUQLQJ ODPS LV OLW $ IDXOW KDV RFFXUUHG LQ WKH $,50$7,& ( $&7,9( %2'< &21752/ 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ )XQFWLRQ RI $FWLYH %UDNH $VVLVW SDJH / :DUQLQJ ODPS IRU GLVWDQFH ZDUQLQJ IXQFWLRQ 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV 'R QRW WRS XS WKH EUDNH IOXLG 7KH UHG GLVWDQFH ZDUQLQJ ODPS OLJKWV XS ZKLOH WKH YHKLFOH LV LQ PRWLRQ 7KH GLVWDQFH WR WKH YHKLFOH LQ IURQW LV WRR VPDOO IRU WKH VSHHG VHOHFWH
7KH \HOORZ $%6 ZDUQLQJ ODPS LV OLW ZKLOH WKH HQJLQH LV UXQQLQJ $%6 LV PDOIXQFWLRQLQJ ,I WKHUH LV DQ DGGLWLRQDO ZDUQLQJ WRQH (%' LV PDOIXQFWLRQLQJ 2WKHU GULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV PD\ DOVR EH PDOIXQFWLRQLQJ 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ % $%6 ZDUQLQJ ODPS 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ 6WRS WKH YHKLFOH LPPHGLDWHO\ LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV 'R QRW FRQWLQXH GULYLQJ &RQVXOW D TXDOLILHG VSHFLDOLVW Z
(63 ZDUQLQJ ODPS OLJKWV XS å (63 ZDUQLQJ ODPS IODVKHV å :DUQLQJ LQGLFDWRU ODPS ,I (63 LV PDOIXQFWLRQLQJ (63 FDQQRW FDUU\ RXW YHKLFOH VWDELOLVDWLRQ ,Q DGGLWLRQ RWKHU GULYLQJ VDIHW\ V\VWHPV DUH VZLWFKHG RII :$51,1* 5LVN RI VNLGGLQJ LI (63 LV PDOIXQFWLRQLQJ 7KH \HOORZ (63 ZDUQLQJ ODPS LV OLW ZKLOH WKH HQJLQH LV UXQQLQJ (63 LV PDOIXQFWLRQLQJ 2WKHU GULYLQJ V\VWHPV DQG GULYLQJ VDIHW\ V\VWHPV H J %$6 PD\ DOVR EH PDOIXQFWLRQLQJ 1RWH WKH PHVVDJHV RQ WKH GULYHU V GLVSOD\ 7KH \HOORZ (63 ZD
(63 2)) ZDUQLQJ ODPS » :DUQLQJ LQGLFDWRU ODPS 'ULYH RQ FDUHIXOO\ +DYH (63 FKHFNHG DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS 2EVHUYH WKH QRWHV RQ GHDFWLYDWLQJ (63 SDJH ,I (63 FDQQRW EH DFWLYDWHG (63 LV PDOIXQFWLRQLQJ +DYH (63 FKHFNHG LPPHGLDWHO\ DW D TXDOLILHG VSHFLDOLVW ZRUNVKRS (63 GRHV QRW DFW WR VWDELOLVH WKH YHKLFOH 7KH DYDLODELOLW\ RI IXUWKHU GULYLQJ VDIHW\ V\VWHPV LV DOVR OLPLWHG 'ULYH RQ FDUHIXOO\ 'HDFWLYDWH (63 RQO\ IRU DV ORQJ DV WKH VLWXDWLRQ UHTXLUHV :$51,1* 5LV
7\UH SUHVVXUH PRQLWRULQJ V\VWHP ZDUQLQJ ODPS OLJKWV XS w 7KH W\UHV FDQ EXUVW 7KH W\UHV FDQ ZHDU H[FHVVLYHO\ DQG RU XQHYHQO\ 7KH GULYLQJ FKDUDFWHULVWLFV DV ZHOO DV WKH VWHHULQJ DQG EUDNLQJ PD\ EH JUHDWO\ LPSDLUHG
:DUQLQJ LQGLFDWRU ODPS $GMXVW WKH W\UH SUHVVXUH LI QHFHVVDU\ 6WRS WKH YHKLFOH LQ DFFRUGDQFH ZLWK WKH WUDIILF FRQGLWLRQV &KHFN WKH W\UH SUHVVXUH DQG WKH W\UHV 3RVVLEOH FDXVHV FRQVHTXHQFHV DQG P 6ROXWLRQV 'LVSOD\ PHVVDJHV DQG ZDUQLQJ LQGLFDWRU ODPSV
$ $ & IXQFWLRQ $FWLYDWLQJ GHDFWLYDWLQJ 0%8; PXOƃ WLPHGLD V\VWHP $%6 $QWL ORFN %UDNLQJ 6\VWHP $FFHOHUDWLRQ VHH .LFNGRZQ $FFHVV GDWD 6HWWLQJ %OXHWRRWK 0$7,& )XQFWLRQ 9 EDWWHU\ VHH %DWWHU\ YHKLFOH 9 RQ ERDUG HOHFWULFDO V\VWHP 2SHUDWLQJ VDIHW\
6\VWHP OLPLWV 7UDLOHU RSHUDWLRQ $FWLYH 3DUNLQJ $VVLVW &URVV 7UDIILF $OHUW 'ULYH $ZD\ $VVLVW ([LWLQJ D SDUNLQJ VSDFH )XQFWLRQ 3DUNLQJ 6\VWHP OLPLWDWLRQV $FWLYH 6HUYLFH 6\VWHP 3/86
$GMXVWLQJ WKH VRXQG IRFXV %XUPHVWHU ' VXUURXQG VRXQG V\Vƃ WHP $GMXVWLQJ WKH VRXQG RSWLPLVDWLRQ %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP $GMXVWLQJ WUHEOH PLG UDQJH DQG EDVV VHWWLQJV %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP %XUPHVWHU ' VXUURXQG VRXQG V\Vƃ WHP $'6 3/86 GDPSLQJ V\VWHP VHH $,50$7,& $GYHUVH ZHDW
6RXQG VHWWLQJV 7UDQVIHUUHG YHKLFOH GDWD $QLPDOV 3HWV LQ WKH YHKLFOH $QWL ORFN EUDNLQJ V\VWHP VHH $%6 $QWL ORFN %UDNLQJ 6\VWHP $QWL VNLG FKDLQV VHH 6QRZ FKDLQV $QWL WKHIW DODUP V\VWHP VHH $7$ DQWL WKHIW DODUP V\VWHP $QWL WKHIW SURWHFWLRQ $GGLWLRQDO GRRU ORFN ,PPRELOLVHU $QWL WKHIW SURWHFWLRQ VHH $7$ DQWL WKHIW DODUP
$XWRPDWLF HQJLQH VWDUW (&2 VWDUW VWRS IXQFWLRQ $XWRPDWLF HQJLQH VWRS (&2 VWDUW VWRS IXQFWLRQ $XWRPDWLF IURQW SDVVHQJHU IURQW DLUƃ EDJ GHDFWLYDWLRQ V\VWHP VHH $XWRPDWLF IURQW SDVVHQJHU IURQW DLUEDJ VKXWRII $XWRPDWLF IURQW SDVVHQJHU IURQW DLUƃ EDJ VKXWRII )XQFWLRQ RI WKH DXWRPDWLF IURQW SDVVHQJHU IURQW DLUEDJ GHDFWLYDWLRQ V\VWHP
%OLQG 6SRW $VVLVW $FWLYDWLQJ GHDFWLYDWLQJ )XQFWLRQ 6\VWHP OLPLWDWLRQV %OXH7(& VHH $G%OXH %OXHWRRWK ,QIRUPDWLRQ 6HWWLQJ XS DQ ,QWHUQHW FRQQHFWLRQ 6ZLWFKLQJ RQ RII %RQQHW 5HVHWWLQJ DFWLYH ERQQHW
& &DOO OLVW &DOOLQJ XS RSWLRQV 'HOHWLQJ 0DNLQJ D FDOO 2YHUYLHZ 6HOHFWLQJ RSWLRQV IRU VXJJHVWLRQV &DOOLQJ XS WKH VRXQG PHQX %XUPHVWHU KLJK HQG ' VXUURXQG VRXQG V\VWHP %XUPHVWHU ' VXUURXQG VRXQG V\Vƃ WHP $GMXVWLQJ WKH EDODQFH ID
:KHHOV ULPV :LQGRZV :LSHU EODGHV &DUSHW &DUH &HQWUH DLUEDJ GULYHU IURQW SDVVHQJHU &KDQJLQJ JHDUV 0DQXDOO\ &KDQJLQJ KXE FDSV &KDQJLQJ WKH OLJKWV 'ULYLQJ DEURDG V\PPHWULFDO
*ORYH ER[ DLU YHQW ,QVHUWLQJ UHPRYLQJ WKH IODFRQ IUDƃ JUDQFH V\VWHP ,RQLVDWLRQ 1RWH 5HDU DLU YHQWV 5HDU RSHUDWLQJ XQLW 5HVLGXDO KHDW 5HVLGXDO KHDW UHDU RSHUDWLQJ XQLW 6HWWLQJ 0%8; P
' 'DVKERDUG VHH &RFNSLW 'DVKFDP &RQILJXULQJ WKH VHWWLQJV 'HOHWLQJ D YLGHR UHFRUGLQJ 1RWHV 6HOHFWLQJ D 86% GHYLFH 6WDUWLQJ VWRSSLQJ YLGHR UHFRUGLQJ &UXLVH FRQWURO $FWLYDWLQJ %XWWRQV
'LJLWDO VSHHGRPHWHU 'LJLWDO 9HKLFOH .H\ VWLFNHU /RFNLQJ WKH YHKLFOH 6WDUWLQJ WKH YHKLFOH 8QORFNLQJ WKH YHKLFOH 'LQJK\ WRZLQJ VHH 7RZ EDU V\VWHP 'LSSHG EHDP 6HWWLQJ ',5(&7 6(/(&7 OHYHU (QJDJLQJ GULYH SRVLWLRQ (QJDJLQJ QHXWUDO
È &KHFN WUDLOHU KLWFK ORFN ZKLWH GLVSOD\ PHVVDJH w &KHFN W\UH V : &OHDQ WKH IXHO ILOWHU Ì &RPSUHVVRU LV FRROLQJ Ù &RRODQW 6WRS YHKLFOH 6ZLWFK HQJLQH RII Î FXUUHQWO\ XQDYDLODEOH &DPHUD GLUW\ ¿ &XUUHQWO\ XQDYDLODEOH 5DGDU GLUW\ % FXUUHQWO\ XQDYDL
± 5HDU D[OH VWHHULQJ FXUUHQWO\ PDOIXQFWLRQLQJ ± 5HDU D[OH VWHHULQJ 0DOIXQFWLRQ 6WRS LPPHGLDWHO\ ± 5HDU D[OH VWHHULQJ 0DOIXQFWLRQ 9LVLW ZRUNVKRS o 5HDU OHIW VHDW EDFNUHVW QRW ORFNHG H[DPSOH w 5HFWLI\ W\UH SUHVVXUH È 5HILOO $G%OXH 6HH 2ZQHU·V 0DQXDO $ 5HOHDVH SDUNLQJ EUDNH × 5
$FWLYH %OLQG 6SRW $VVLVW FXUUHQWO\ XQDYDLODEOH 6HH 2ZQHU V 0DQXDO $FWLYH %OLQG 6SRW $VVLVW LQRSHUDWLYH $FWLYH %OLQG 6SRW $VVLVW QRW DYDLODEOH ZKHQ WRZLQJ D WUDLOHU 6HH 2ZQHU V 0DQXDO $FWLYH ERQQHW PDOIXQFWLRQ 6HH 2ZQƃ HU V 0DQXDO $FWLYH %UDNH $VVLVW )XQFWLRQV FXUƃ UHQWO\ OLPLWHG 6HH 2ZQHU V 0DQXDO $FWLYH %UDNH $VVLVW )XQFWLRQV OLPLWHG 6HH 2ZQHU V 0DQXDO $FWLYH
&DQQRW VWDUW HQJLQH 6HH 2ZQHU V 0DQXDO &KDQJH VWHHULQJ ZKHHO VHDW SRVLƃ WLRQ XQWLO GRWV DUH YLVLEOH RQ WKH XSSHU HGJH RI WKH VFUHHQ &RQVXOW ZRUNVKRS ZLWKRXW FKDQJLQJ WKH WUDQVPLVVLRQ SRVLWLRQ &UXLVH FRQWURO DQG /LPLWHU LQRSHUDƃ WLYH &UXLVH FRQWURO LQRSHUDWLYH &UXLVH FRQWURO RII 'HYLFH GHWHFWHG DW GLD
6QRZ FKDLQ PRGH 0D[LPXP VSHHG H[FHHGHG 6SHHG OLPLW ZLQWHU W\UHV ;;; NP K 6WRS YHKLFOH /HDYH HQJLQH UXQQLQJ :DLW 7UDQVPLVVLRQ FRROLQJ 7R VZLWFK RII WKH HQJLQH SUHVV WKH 6WDUW 6WRS EXWWRQ IRU DW OHDVW VHFƃ RQGV RU WLPHV 7UDIILF 6LJQ $VVLVW FXUUHQWO\ XQDYDLODƃ EOH 6HH 2ZQHU V 0DQXDO 7UDIILF 6LJQ $VVLVW LQRSHUDWLYH 7UDQVPLVVLRQ 0DOIXQFWLRQ 6WRS
(%' (OHFWURQLF %UDNH IRUFH 'LVWULEXƃ WLRQ (63 &URVVZLQG $VVLVW (63 WUDLOHU VWDELOLVDWLRQ 2YHUYLHZ 5DGDU DQG XOWUDVRQLF VHQVRUV 5HVSRQVLELOLW\ 67((5 &21752/ 'ULYLQJ V\VWHP VHH &DPHUD VHH $FWLYH %OLQG 6SRW $VVLVW VHH $FWLYH 'LVWDQFH $VVLVW ',67521,& VHH $FWLYH (P
(&2 GLVSOD\ )XQFWLRQ (&2 VWDUW VWRS IXQFWLRQ $XWRPDWLF HQJLQH VWDUW $XWRPDWLF HQJLQH VWRS 2SHUDWLRQ 6ZLWFKLQJ RII RQ (OHFWULF SDUNLQJ EUDNH $SSO\LQJ DXWRPDWLFDOO\ $SSO\LQJ RU UHOHDVLQJ PDQXDOO\ (
(QJLQH ERQQHW )XQFWLRQ DFWLYH ERQQHW 2SHQLQJ FORVLQJ (QJLQH GDWD 'LVSOD\LQJ (QJLQH HOHFWURQLFV 1RWHV (QJLQH QXPEHU (QJLQH RLO $GGLWLYHV &DSDFLW\ &KHFNLQJ WKH RLO OH
)LUH H[WLQJXLVKHU )LUVW DLG NLW VRIW VLGHG )ODFRQ ,QVHUWLQJ UHPRYLQJ )ODW WRZLQJ VHH 7RZ EDU V\VWHP )ODW W\UH 02([WHQGHG W\UHV 1RWHV 7,5(),7 NLW :KHHO FKDQJH )ORRU PDWV
+ +DQGEUDNH VHH (OHFWULF SDUNLQJ EUDNH +DQGOLQJ FKDUDFWHULVWLFV XQXVXDO +$1'6 )5(( $&&(66 +DQGVHW $FWLYDWLQJ &KDUJLQJ 6\QFKURQLVLQJ WKH UROOLQJ FRGH *HDU GLVSOD\ RQ ERDUG FRPSXWHU 3HUƃ IRUPDQFH PHQX *HDUVKLIW UHFRPPHQGDWLRQ *HQHUDO RSHUDWLQJ SHUPLW QXPEHU (8
, L 6L]H FKLOG VHDW VHFXULQJ V\VWHP )LWWLQJ 6HDWV VXLWDEOH IRU DWWDFKLQJ ,GHQWLILFDWLRQ SODWH (QJLQH 9HKLFOH ,JQLWLRQ 6ZLWFKLQJ RQ 6WDUW 6WRS EXWWRQ ,JQLWLRQ NH\ VHH .H\ ,PPRELOLVHU ,PSOLHG ZDUUDQW\ 9HKLFOH
,QWHUQDO FRQQHFWLRQ &KDQJLQJ FRQILJXUDWLRQ RI WKH FDU WHOHSKRQH ,QWHUQHW &DOOLQJ XS D ZHE SDJH &DOOLQJ XS WKH ZHE EURZVHU VHWWLQJV &DOOLQJ XS ZHE EURZVHU RSWLRQV &ORVLQJ WKH EURZVHU 'HOHWLQJ D ERRNPDUN 'HOHWLQJ KLVWRU\ 0DQDJLQJ ERRNPDUNV ,QWHUQHW FRQQHFWLRQ &DQFHOOLQJ SHUPLVVLRQ PRELOH SKR
/DQH GHWHFWLRQ DXWRPDWLF VHH $FWLYH /DQH .HHSLQJ $VVLVW /DQH .HHSLQJ $VVLVW VHH $FWLYH /DQH .HHSLQJ $VVLVW /DQJXDJH 1RWHV 6HWWLQJ /HYHO FRQWURO V\VWHP VHH $,50$7,& VHH ( $&7,9( %2'< &21752/ /LJKW VZLWFK 2YHUYLHZ /LJKWLQJ VHH ,QWHULRU OLJKWLQJ VHH /LJKWV /LJKWV
/RDGV 6HFXULQJ /RFNLQJ DQ H[WHUQDO GHYLFH FKLOG VDIHW\ ORFN /RFNLQJ XQORFNLQJ $FWLYDWLQJ GHDFWLYDWLQJ WKH DXWRƃ PDWLF ORFNLQJ IHDWXUH $GGLWLRQDO GRRU ORFN 'LJLWDO 9HKLFOH .H\ VWLFNHU (PHUJHQF\ NH\ .
(PHUJHQF\ FDOO ZLWK WUDQVPLVVLRQ RI QXPEHU RI YHKLFOH RFFXSDQWV 1RWHV 1RWHV RQ IDVWHQLQJ WKH FKLOG VHDW 2SHQLQJ FORVLQJ WKH UROOHU VXQEOLQG RQ WKH UHDU ZLQGRZ 2SHQLQJ FORVLQJ WKH UROOHU VXQEOLQG RQ WKH VOLGLQJ URRI 2SHQV FORVHV WKH VOLGLQJ VXQURRI 3UH VHWWLQJ WKH GULYHU V VHDW SRVLWLRQ DXWRPDWLFDOO\ 6DYLQJ WKH FKLO
2YHUYLHZ RI WKH PHGLD PHQX 3OD\LQJ EDFN VLPLODU PXVLF WUDFNV 5HPRYLQJ D IDYRXULWH VRQJ 6HDUFKLQJ IRU D PXVLF WUDFN DFFRUGƃ LQJ WR PRRG 6WDUWLQJ D VHDUFK LQ FDWHJRULHV 6WDUWLQJ PHGLD SOD\EDFN 6XSSRUWHG IRUPDW DQG GDWD VWRUDJH PHGLD 6XUSULVH PL[ 8VLQJ WKH NH\Z
6WDUWLQJ HQGLQJ (5$ */21$66 WHVW PRGH 7UDQVPLVVLRQ RI QXPEHU RI YHKLFOH RFFXSDQWV 0%8; ,QWHULRU $VVLVWDQW 0HUFHGHV %HQ] /LQN &RQQHFWLQJ (QGLQJ 1RWH 2YHUYLHZ 6RXQG VHWWLQJV 0HUFHGHV %H
1 1DYLJDWLRQ 0HQX RQ ERDUG FRPSXWHU 2YHUYLHZ 6KRZLQJ KLGLQJ WKH PHQX 6ZLWFKLQJ RQ 8SGDWLQJ WKH PDS GDWD 1DYLJDWLRQ VHH 'HVWLQDWLRQ HQWU\ VHH 0DS VHH 5RXWH VHH 5RXWH JXLGDQFH VHH 7UDIILF LQIRUPDWLRQ VHH 9HKLFOH SRVLWLRQ VHH (QWHULQJ FKDUDFWHUV VHH 0%8; ,QWHULRU $VVLVWDQW VHH 0%8; ,QWHULRU $VVLVWDQW PXOWLƃ PHGLD V\VWHP VHH 0%8; PXOWL
VHH 35( 6$)( DQWLFLSDWRU\ RFFXƃ SDQW SURWHFWLRQ VHH 35( 6$)( ,PSXOVH 6LGH VHH 35( 6$)( 3/86 DQWLFLSDWRU\ RFFXSDQW SURWHFWLRQ SOXV VHH 5HVWUDLQW V\VWHP VHH 6HDW EHOW 2GRPHWHU VHH 7RWDO GLVWDQFH 2LO VHH (QJLQH RLO 2Q ERDUG FRPSXWHU $VVLVWDQFH JUDSKLF PHQX 'LVSOD\LQJ WKH VHUYLFH GXH GDWH 'ULYHU GLVSOD\ (QWHUWDLQPHQW PHQX +HDG XS GLVSOD\ PHQX
3 3DLQW FRGH 3DLQWZRUN FOHDQLQJ LQVWUXFWLRQV 3DQHO KHDWLQJ 6HWWLQJ 3DQRUDPLF VOLGLQJ VXQURRI VHH 6OLGLQJ VXQURRI 3DUN SRVLWLRQ ,QVHUWLQJ 6HOHFWLQJ DXWRPDWLFDOO\ 3DUNHG 9HKLFOH /RFDWRU 6ZLWFKLQJ WUDQVPLVVLRQ RQ RII 3DUNLQJ VHH (OHFWULF SDUNLQJ EUDNH 3DUNLQJ DLG VHH 3DUNLQJ $VVLVW 3$5.7521,& 3DUNLQJ $VVLVW 3$5.
3KRQH ERRN VHH &RQWDFWV 3ODVWLF WULP &DUH 32, 6HOHFWLQJ 32, V\PEROV 6HOHFWLQJ 3RVW FROOLVLRQ EUDNH 3RZHU FORVLQJ IXQFWLRQ %RRW OLG 'RRU 3RZHU RXWSXW RQ ERDUG FRPSXWHU 3HUIRUPDQFH PHQX
0RYLQJ VWDWLRQV 2YHUYLHZ 6HDUFKLQJ IRU VWDWLRQV 6HWWLQJ D FKDQQHO 6HWWLQJ VWDWLRQ WUDFNLQJ 6HWWLQJ WKH IUHTXHQF\ EDQG 6HWWLQJ WKH WUDIILF LQIRUPDWLRQ VHUYLFH YROXPH LQFUHDVH 6WRULQJ UDGLR VWDWLRQV 5DGLR RSHUDWLQJ SHUPLWV
6WDUWLQJ WKH (1(5*,=,1* &20)257 SURJUDPPH 6ZLWFKLQJ QDYLJDWLRQ RQ 6ZLWFKLQJ RII WKH KDQGVHW 6ZLWFKLQJ RQ PHGLD PRGH 6ZLWFKLQJ RQ WKH KDQGVHW 6ZLWFKLQJ RQ WKH UDGLR 6ZLWFKLQJ RQ WKH 79 6ZLWFKLQJ WKH GLVSOD\ RQ RII 7HOHSKRQH IXQFWLRQV LQ WKH UHDU FRPƃ SDUWPHQW 5
5ROOHU VXQEOLQG 2SHQLQJ FORVLQJ RQ WKH UHDU ZLQGRZ 0%8; ,QWHULRU $VVLVWDQW 2SHQLQJ FORVLQJ RQ WKH URRI 0%8; ,QWHULRU $VVLVWDQW 3DQRUDPLF VOLGLQJ VXQURRI 5HDU ZLQGRZ 6LGH ZLQGRZV HOHFWULF 5RRI OLQLQJ FDUH 5RRI ORDG
(1(5*,=,1* VHDW NLQHWLFV 0DVVDJH SURJUDPPH RYHUYLHZ 2SHUDWLQJ WKH PHPRU\ IXQFWLRQ 3DQHO KHDWLQJ 3UH VHWWLQJ WKH GULYHU V VHDW SRVLWLRQ 0%8; ,QWHULRU $VVLVWDQW 5HDU DGMXVWLQJ HOHFWULFDOO\ 5HVHWWLQJ UHDU VHDWV 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP 5HVHWWLQJ WKH VHWWLQJV 6HOHFWLQJ D PDVVDJH SURJUDPPH
6HUYLFH 0HQX RQ ERDUG FRPSXWHU 6HUYLFH VHH $66<67 3/86 6HUYLFH FHQWUH VHH 4XDOLILHG VSHFLDOLVW ZRUNVKRS 6HUYLFH LQWHUYDO GLVSOD\ VHH $66<67 3/86 6HUYLFH VWDWLRQ VHDUFK 6WDUWLQJ DXWRPDWLF VHDUFK 6HUYLFHV &DOOLQJ XS 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP 2YHUYLHZ 5HDU 6HDW (QWHUWDLQPHQW 6\VWHP 6HWWLQJ D VSHHG VHH &UXLVH FRQWURO 6HWWLQJ WKH GDWH IRUPDW
6RFNHW 9 5HDU 6RXQG 35( 6$)( 6RXQG :KHHOV DQG W\UHV 6RXQG VHH %XUPHVWHU ' VXUURXQG VRXQG V\VWHP VHH %XUPHVWHU KLJK HQG ' VXUƃ URXQG VRXQG V\VWHP VHH 7RQH VHWWLQJV 6RXQG VHWWLQJV $GMXVWLQJ WKH EDODQFH IDGHU $GMXVWLQJ WUHEOH PLG UDQJH DQG EDVV VHWWLQJV
2SHUDWLQJ WKH PHPRU\ IXQFWLRQ 6WHHULQJ ZKHHO KHDWHU 6WHHULQJ ZKHHO JHDUVKLIW SDGGOHV 6WHHULQJ ZKHHO KHDWHU $FWLYDWLQJ GHDFWLYDWLQJ 6ZLWFKLQJ RQ RII 6WRZDJH DUHDV VHH 6WRZDJH FRPSDUWPHQW 6WRZDJH FRPSDUWPHQW $UPUHVW &HQWUH FRQVROH 'RRU
9HKLFOH LGHQWLILFDWLRQ SODWH 7HOHSKRQH $FWLYDWLQJ IXQFWLRQV GXULQJ D FDOO &DOO ZDLWLQJ FDU WHOHSKRQ\ &DOOV ZLWK VHYHUDO SDUWLFLSDQWV &DU WHOHSKRQH FKDQJLQJ FRQILJXUDƃ WLRQ &DU WHOHSKRQ\ HVWDEOLVKLQJ DQ ,QWHUƃ QHW FRQQHFWLRQ &DU WHOHSKRQ\ VHWWLQJV
7KURXJK ORDGLQJ IHDWXUH /RFNLQJ 7KURXJK ORDGLQJ IHDWXUH LQ WKH UHDU FRPSDUWPHQW 2SHQLQJ 7LPH 0DQXDO WLPH VHWWLQJ 6HWWLQJ WKH WLPH ]RQH 6HWWLQJ WKH WLPH GDWH IRUPDW 7,5(),7 NLW 'HFODUDWLRQ RI FRQIRUPLW\ 6WRUDJH ORFDWLRQ
1RWHV 6RFNHW 7UDLOHU RSHUDWLRQ $FWLYH %OLQG 6SRW $VVLVW $FWLYH /DQH .HHSLQJ $VVLVW %LF\FOH UDFN &RXSOLQJ XS XQFRXSOLQJ D WUDLOHU ([WHQGLQJ UHWUDFWLQJ WKH EDOO QHFN )ROGLQJ WKH EDOO FRXSOLQJ LQ RXW 0%8; PXOWLPHGLD V\VWHP 1RWHV 6RF
6HOHFWLQJ IURP WKH FKDQQHO OLVW 6HOHFWLQJ IURP WKH FRQWURO PHQX 6HOHFWLQJ IURP WKH IDYRXULWHV 6HOHFWLQJ LQ WKH EDFNJURXQG 6WRULQJ 7ZR ZD\ UDGLRV )UHTXHQFLHV 1RWHV RQ LQVWDOODWLRQ 7UDQVPLVVLRQ RXWSXW PD[LPXP 7\UH LQIODWLRQ FRPSUHVVRU VHH 7,5(),7 NLW 7\UH SUHVVXUH &KHFNLQJ
9 9HKLFOH $FWLYDWLQJ GHDFWLYDWLQJ VWDQGE\ PRGH $GGLWLRQDO GRRU ORFN &ROOLVLRQ GHWHFWLRQ SDUNLQJ &RUUHFW XVH 'DWD DFTXLVLWLRQ 'DWD VWRUDJH 'LDJQRVWLFV FRQQHFWLRQ
9HKLFOH SRVLWLRQ 6DYLQJ 6KDULQJ 9HKLFOH WRRO NLW 7,5(),7 NLW 7RZLQJ H\H 9HQWLODWLQJ &RQYHQLHQFH RSHQLQJ 9HQWV VHH $LU YHQWV 9LGHR FRQIHUHQFH ,Q &DU 2IILFH
/ :DUQLQJ ODPS IRU GLVWDQFH ZDUQLQJ IXQFWLRQ ± :DUQLQJ ODPS IRU HOHFWULF SRZHU VWHHULQJ :DUQLQJ LQGLFDWRU ODPSV 3$66(1*(5 $,5 %$* :DUUDQW\ :DVKHU IOXLG VHH :LQGVFUHHQ ZDVKHU IOXLG :DVKLQJ E\ KDQG FDUH :DWHU WDQN VHH $LU ZDWHU GXFW :HDWKHU LQIRUPDWLRQ :HE EURZVHU &DOOL
:L )L VHH :L )L VHH :L )L FRQQHFWLRQ :L )L FRQQHFWLRQ ,QIRUPDWLRQ :L )L KRWVSRW &RQILJXULQJ :LGHVFUHHQ FRFNSLW LQVWUXPHQW GLVƃ SOD\ ,QVWUXPHQW FOXVWHU :LQGRZ DLUEDJ :LQGRZV VHH 6LGH ZLQGRZV :LQGRZV &DUH :LQGVFUHHQ
9HKLFOH PDQXIDFWXUHU 0HUFHGHVƄ%HQ] $* 0HUFHGHVVWUDH 6WXWWJDUW 'RFXPHQWDWLRQ WHDP
2UGHU QR RKQH 3DUW QR RKQH (GLWLRQ 1$ D qXQWN st RKQH 'LJLWDO ² LQ WKH YHKLFOH )DPLOLDULVH \RXUVHOI ZLWK WKH FRQƃ WHQWV RI WKH 2ZQHU V 0DQXDO GLUHFWO\ YLD WKH YHKLFOH V PXOWLƃ PHGLD V\VWHP PHQX LWHP 9HKLƃ FOH LQIRUPDWLRQ 6WDUW ZLWK WKH TXLFN JXLGH RU EURDGHQ \RXU NQRZOHGJH ZLWK SUDFWLFDO WLSV 9HKLFOH GRFXPHQW ZDOOHW +HUH \RX FDQ ILQG FRPSUHKHQƃ VLYH LQIRUPDWLRQ DERXW RSHUDWLQJ \RXU YHKLFOH DQG DERXW VHUYLFHV DQG JXDUDQWHHV LQ SULQWHG IRUP 'LJLWDO ² RQ WKH ,QWHUQHW