DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL 3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD RQLFk3DQDVRQLFk3DQDVRQ
:(/&20( 'HDU 3DQDVRQLF &XVWRPHU :HOFRPH WR WKH 3DQDVRQLF IDPLO\ RI FXVWRPHUV :H KRSH WKDW \RX KDYH PDQ\ \HDUV RI HQMR\PHQW IURP \RXU QHZ FRORXU WHOHYLVLRQ 7KLV LV D YHU\ DGYDQFHG WHOHYLVLRQ KRZHYHU WKH 4XLFN 6WDUW *XLGHZLOO DOORZ \RX WR XVH WKH 79 DV TXLFNO\ DV SRVVLEOH
:$51,1*6 $1' 35(&$87,216 - - - - 7KLV 79 VHW LV GHVLJQHG WR RSHUDWH RQ 9 +] $ & 7R SUHYHQW GDPDJH ZKLFK PLJKW UHVXOW LQ HOHFWULF VKRFN RU ILUH GR QRW H[SRVH WKLV 79 VHW WR UDLQ RU H[FHVVLYH PRLVWXUH 7KLV 79 PXVW QRW EH H[SRVHG WR GULSSLQJ RU VSODVKLQJ ZDWHU DQG REMHFWV ILOOHG ZLWK OLTXLG VXFK DV YDVHV PXVW QRW EH SODFHG RQ WRS RI RU DERYH WKH 79 - - :$51,1* +,*+ 92/7$*( 'R QRW UHPRYH WKH UHDU FRYHU DV OLYH SDUWV DUH DFFHVVLEOH ZKHQ LW LV UHPRYHG 7KHUH DUH QR XVHU VHUYLFHDE
:$51,1*6 $1' 35(&$87,216 )25 <285 6$)(7< 3/($6( 5($' 7+( )2//2:,1* 7(;7 &$5()8//< 7KLV DSSOLDQFH LV VXSSOLHG ZLWK D ILWWHG WKUHH SLQ PDLQV SOXJ IRU \RXU VDIHW\ DQG FRQYHQLHQFH $ DPS IXVH LV ILWWHG LQ WKLV SOXJ ,I WKH IXVH LV UHSODFHG WKHQ WKH UHSODFHPHQW IXVH PXVW EH DPS UDWHG DQG VKRXOG EH DSSURYHG E\ $67$ RU %6, WR %6 &KHFN IRU WKH $67$ PDUN $6$ RU WKH %6, PDUN RQ WKH ERG\ RI WKH IXVH ,I WKH ILWWHG SOXJ KDV D UHPRYDEOH IXVH FRYHU \RX PXVW HQVXUH WKDW LW LV UHILWWHG ZKHQ WKH IXVH LV UHSOD
$&&(6625,(6 &KHFN WKDW \RX KDYH WKH DFFHVVRULHV DQG LWHPV VKRZQ T 2SHUDWLQJ ,QVWUXFWLRQ ERRN 5HPRWH &RQWURO 7UDQVPLWWHU (85 %DWWHULHV IRU WKH 5HPRWH &RQWURO 7UDQVPLWWHU [ 5 80 VL]H 9LGHR FDELQHW :LUH NLW 6SHDNHU FDEOHV [ &57 *XDUDQWHH 79 *XDUDQWHH 6SHDNHUV &HQWUH VSHDNHU 5HDU VXUURXQG VSHDNHUV [ 4XHVWLRQQDLUH ,16(57,1* 7+( 5(027( &21752/ %$77(5,(6 6OLGH RII WKH EDWWHU\ FRYHU ,QVHUW EDWWHULHV QRWH FRUUHFW SRODULW\ DQG 5HSODFH WKH FRYHU 1RWHV - 0DNH VXUH WKDW WKH E
%$6,& &21752/6 )5217 3$1(/ $1' 5(027( &21752/ 3UHVV KHUH DQG RSHQ IODS WR H[SRVH 79 FRQWUROV IURQW $9 DQG KHDGSKRQH WHUPLQDOV 0$,16 3RZHU 2Q 2II VZLWFK 5HG OLJKW LQGLFDWHV 6WDQGE\ PRGH 8VH 6WDQGE\ VZLWFK RU EXWWRQV WR VZLWFK 79 2Q 675 1RUPDOLVDWLRQ VWRUH 8VHG WR VWRUH WXQLQJ DQG RWKHU IXQFWLRQ VHWWLQJV ) )XQFWLRQ VHOHFW 'LVSOD\V WKH 2Q 6FUHHQ 'LVSOD\ IXQFWLRQV XVH UHSHDWHGO\ WR VHOHFW IURP WKH DYDLODEOH IXQFWLRQV 9ROXPH &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV 7LQW LQ 176& PRGH
48,&.
48,&. 67$57 *8,'( :KDW LV 4 /LQN " 4 /LQN DOORZV GLUHFW FRPPXQLFDWLRQ EHWZHHQ WKH 79 DQG D 4 /LQN RU 4 /LQN FRPSDWLEOH 9&5 WKLV ZLOO HQDEOH IHDWXUHV VXFK DV GRZQORDGLQJ RI WXQLQJ LQIRUPDWLRQ IURP WKH 79 WR WKH 9&5 :KHQ XVLQJ D k1(;79,(:/,1.
48,&.
48,&.
48,&.
48,&.
48,&. 67$57 *8,'( 3URJUDPPHV ZLOO DSSHDU LPPHGLDWHO\ LI (QVXUH WKDW WKH 9&5 LV LQ 6WDQGE\ PRGH \RXU GHDOHU KDV SURJUDPPHG WKH 79 IRU 6ZLWFK 21 \RXU 6DWHOOLWH 5HFHLYHU WR HQVXUH UHOLDEOH WXQLQJ VHOHFW HLWKHU 6.< 21( RU 6.
48,&. 67$57 *8,'( 79 WR 9&5 'RZQORDG 79 ! 9&5 '2:1/2$' ,1 352*5(66 ,I D k4 /LQNl k1(;79,(:/,1.
48,&.
86,1* 7+( 21 6&5((1 ',63/$<6 7KLV 79 KDV D FRPSUHKHQVLYH V\VWHP RI 2Q 6FUHHQ 'LVSOD\ PHQXV WR DFFHVV DGMXVWPHQWV DQG RSWLRQV 0HQX 7LWOH 6HOHFWLRQ EDU 6XE PHQXV 0DLQ PHQX &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV &RORXU EDODQFH 3 15 $, 6RXQG PHQX 6HWXS PHQX 6HOHFW &KDQJH ([LW 1RUPDO 2II 2Q ,QVWUXFWLRQV ,QGLFDWRU IRU RSWLRQV 6RPH VHOHFWLRQV IRU H[DPSOH &RQWUDVW %ULJKWQHVV &RORXU DQG 6KDUSQHVV ZLOO DOORZ \RX WR LQFUHDVH RU GHFUHDVH WKHLU OHYHO 6RPH VHOHFWLRQV IRU H[DPSOH 2II WLPHU DOORZ D FKDQJH
$63(&7 &21752/6 7KH ZLGHVFUHHQ 79 ZLOO DOORZ \RX WR HQMR\ YLHZLQJ WKH SLFWXUH DW LWV PD[LPXP VL]H LQFOXGLQJ ZLGHVFUHHQ jFLQHPD IRUPDW SLFWXUHV 3UHVV WKH $63(&7 EXWWRQ WR PRYH WKURXJK WKH VL[ DVSHFW RSWLRQV LQ IROORZLQJ RUGHU 3DQDVRQLF $XWR )XOO =RRP =RRP $63(&7 :,'( 3DQDVRQLF $XWR 3DQDVRQLF $XWR GHWHUPLQHV WKH EHVW DVSHFW UDWLR WR XVH WR GLVSOD\ WKH SLFWXUH \RX DUH YLHZLQJ ,W GRHV WKLV XVLQJ D IRXU VWHS SURFHVV WR GHWHUPLQH LI WKH SLFWXUH EHLQJ YLHZHG LV D ZLGHVFUHHQ SLFWXU
$63(&7 &21752/6 5HG DQG JUHHQ FRORU NH\V DSSHDU RQ WKH VFUHHQ 3UHVVLQJ UHVSHFWLYH EXWWRQV RQ UHPRWH FRQWURO DOORZV \RX WR VHOHFW GHVLUHG DVSHFW PRGH 1RWHV - ,Q WKH 5*% PRGH WKH DQG =RRP DVSHFW PRGHV DUH QRW DYDLODEOH - ,I LQ 3DQDVRQLF $XWR PRGH \RX H[SHULHQFH SUREOHPV ZLWK WKH VFUHHQ GLVSOD\ VL]H ZKHQ SOD\LQJ EDFN ZLGHVFUHHQ IRUPDW UHFRUGLQJV IURP \RXU 9&5 WKHQ LW LV SRVVLEOH WKDW WKH WUDFNLQJ FRQWURO RI \RXU 9&5 UHTXLUHV DGMXVWPHQW \RXU 9&5 LQVWUXFWLRQ ERRN ZLOO FRQWDLQ DGMXVWPHQW GHWDLOV
$63(&7 &21752/6 =RRP =RRP PRGH PDJQLILHV YHUWLFDO VL]H RI WKH =RRP SLFWXUH !! =RRP =RRP =RRP PRGH PDJQLILHV YHUWLFDO DQG KRUL]RQWDO =RRP VL]H RI WKH SLFWXUH !! =RRP
0$,1 0(18 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR \RXU FKRLFH 6HOHFW $GMXVW ([LW ,QFUHDVH RU GHFUHDVH OHYHOV RU VHW RSWLRQV 3UHVV WKH 1 EXWWRQ WR H[LW WKH 0DLQ PHQX &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV 7LQW &RORXU EDODQFH 3 15 $, 6RXQG PHQX 6HWXS PHQX 1 7KH &RQWUDVW %ULJKWQHVV &RORXU DQG 6KDUSQHVV OHYHOV FDQ EH DGMXVWHG WR VXLW \RXU RZQ SUHIHUHQFHV 7KH 7LQW DGMXVWPHQW ZLOO RQO\ DSSHDU DV D PHQX LWHP LI \RX KDYH DQ 176& VLJQDO VRXUFH FRQQHFWHG WR WKH 79 DQG ZLOO DOORZ DGMXVWPHQW RI WKH KXH 7KH &R
6281' 0(18 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR 6RXQG PHQX $FFHVV 6RXQG PHQX 6HOHFW $FFHVV ([LW 0RYH WR \RXU FKRLFH ,QFUHDVH RU GHFUHDVH OHYHOV RU VHW RSWLRQV 3UHVV WKH 1 EXWWRQ WR H[LW WKH 6RXQG PHQX 1 9ROXPH 7KH 9ROXPH DGMXVWPHQW VHWV WKH RYHUDOO RXWSXW YROXPH %DVV %DVV DGMXVWPHQW ZLOO HPSKDVLVH WKH ORZHU GHHSHU IUHTXHQFLHV DQG FDQ EH LQFUHDVHG RU GHFUHDVHG 7UHEOH 7UHEOH DGMXVWPHQW ZLOO HPSKDVLVH WKH VKDUSHU KLJKHU IUHTXHQFLHV DQG FDQ EH LQFUHDVHG RU GHFUHDVHG %DODQFH %DODQFH DIIHFWV WKH OHYH
6281' 0(18 1,&$0 0RGH 'LJLWDO DXGLR 6HOHFW 2Q WR SURYLGH VWHUHR VRXQG UHSURGXFWLRQ 6HOHFW 2II IRU )0 0RQR VRXQG RXWSXW ,I 1LFDP 0RQR LV EHLQJ WUDQVPLWWHG VHOHFW HLWKHU )0 0RQR 2II 1LFDP 0RQR , 0 RU 1LFDP 0RQR ,, 0 7KH RSWLRQV GHSHQG XSRQ WKH VLJQDO EHLQJ WUDQVPLWWHG ,I UHFHSWLRQ GHWHULRUDWHV LW LV DGYLVDEOH WR VZLWFK WR )0 0RQR 2II :KHQ 1LFDP WUDQVPLVVLRQV DUH QRW EHLQJ UHFHLYHG WKH VRXQG ZLOO EH )0 0RQR 2II RQO\ 7KLV IXQFWLRQ ZLOO RQO\ RSHUDWH ZLWK WKH 6XUURXQG IHDWXUH VZLWFKHG 2II VHH SDJH
6(783 0(18 7KH 6HWXS PHQX SURYLGHV DFFHVV WR YDULRXV DGYDQFHG IHDWXUHV DQG DOVR WR WKH 7XQLQJ PHQX 2SHQ WKH 0DLQ PHQX 0(18 6HOHFW $FFHVV ([LW 0RYH WR 6HWXS PHQX $FFHVV 6HWXS PHQX 0RYH WR \RXU FKRLFH ,QFUHDVH RU GHFUHDVH OHYHOV VHW RSWLRQV RU DFFHVV IXUWKHU PHQXV 3UHVV WKH 1 EXWWRQ WR H[LW WKH 6HWXS PHQX $9 RXW 7HOHWH[W 2II WLPHU 7XQLQJ PHQX 9ROXPH FRUUHF 1 2IIHUV D FKRLFH RI VLJQDOV WR VHQG WR WKH $9 6FDUW VRFNHW
781,1* 0(18 RYHUYLHZ 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR 6HWXS PHQX 6HOHFW $FFHVV ([LW $FFHVV 6HWXS PHQX 0RYH WR 7XQLQJ PHQX 0DLQ PHQX &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV &RORXU EDODQFH 3 15 $, 6RXQG PHQX 6HWXS PHQX $FFHVV 7XQLQJ PHQX 0RYH WR \RXU FKRLFH ,QFUHDVH RU GHFUHDVH OHYHOV VHW RSWLRQV RU DFFHVV IXUWKHU PHQXV 3UHVV WKH 1 EXWWRQ WR H[LW 3URJUDPPH HGLW $FFHVVLQJ WKH 3URJUDPPH HGLW PHQX ZLOO DOORZ VWDWLRQV WR EH PRYHG DGGHG GHOHWHG QDPHG RU ORFNHG 6HH SDJH $XWR VHWXS 0DQXDO WXQLQJ
781,1* 0(18 352*5$00( (',7 7KH 3URJUDPPH HGLW PHQX DOORZV \RX WR HGLW WKH SURJUDPPH SRVLWLRQ VHWWLQJV 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR 6HWXS PHQX 0DLQ PHQX &RQWUDVW %ULJKWQHVV &RORXU 6KDUSQHVV &RORXU EDODQFH 3 15 $, 6RXQG PHQX 6HWXS PHQX $FFHVV 6HWXS PHQX 0RYH WR 7XQLQJ PHQX $FFHVV 7XQLQJ PHQX 0RYH WR 3URJUDPPH HGLW PHQX 6HOHFW $FFHVV ([LW 1RUPDO 2II 2Q $FFHVV $FFHVV 3URJUDPPH HGLW PHQX 0DNH UHTXLUHG FKDQJHV VHH VHFWLRQV EHORZ 3UHVV 79 $9 EXWWRQ WR VWRUH FKDQJHV ,I \RX KDYH ILQLVKHG LQ WKH 3URJ
781,1* 0(18 352*5$00( (',7 7R DGG D SURJUDPPH SRVLWLRQ &KRRVH WKH SURJUDPPH SRVLWLRQ ZKHUH WKH QHZ SURJUDPPH LV WR EH LQVHUWHG 3UHVV WKH *UHHQ EXWWRQ 3UHVV WKH *UHHQ EXWWRQ DJDLQ WR FRQILUP 7KLV EODQN SURJUDPPH FDQ WKHQ EH WXQHG VHH SDJH QDPHG VHH SDJH RU ORFNHG VHH SDJH &KDQJH SURJUDPPH 6HOHFW RSWLRQ 6WRUH ([LW 5HWXUQ 3URJUDPPH HGLW 3URJ &KDQ 1DPH &+ %%& &+ %%& &+ ,79 /RFN 2II 2II 2II 2II 2II 'HOHWH 79 ! 9&5 $GG 0RYH &KDQJH SURJUDPPH 6HOHFW RSW
781,1* 0(18 352*5$00( (',7 7R UHQDPH D SURJUDPPH SRVLWLRQ &KRRVH WKH SURJUDPPH SRVLWLRQ 0RYH WR WKH 1DPH FROXPQ &KRRVH WKH QHZ FKDUDFWHU 0RYH WR WKH QH[W FKDUDFWHU SRVLWLRQ &RQWLQXH XQWLO UHQDPLQJ LV GRQH 7R ORFN D SURJUDPPH SRVLWLRQ WR SUHYHQW DFFHVV 5HWXUQ &KDQJH FKDUDFWHU 6HOHFW RSWLRQ 6WRUH ([LW 3URJUDPPH HGLW 3URJ &KDQ 1DPH /RFN &+ %%& 2II &+ %%& 2II 2II &+ & + 2II &+ ,79 2II $ % & ' ( ) * + , - .
781,1* 0(18 $872 6(783 7KH $XWR VHWXS PHQX ZLOO DOORZ \RX WR DXWRPDWLFDOO\ UHWXQH WKH 79 WR \RXU ORFDO VWDWLRQV ,W LV XVHIXO LI \RX PRYH WR D GLIIHUHQW UHJLRQ 2SHQ WKH 0DLQ PHQX 0(18 5HWXUQ 6HWXS PHQX $9 RXW 7HOHWH[W 2II WLPHU 7XQLQJ PHQX 0RYH WR 6HWXS PHQX 6HOHFW $FFHVV ([LW 0RQLWRU )$67(;7 2II $FFHVV $FFHVV 6HWXS PHQX &+ 0RYH WR 7XQLQJ PHQX 6HOHFW $FFHVV 6WRUH ([LW 5HWXUQ 7XQLQJ PHQX 3URJUDPPH HGLW $XWR VHWXS $FFHVV 0DQXDO WXQLQJ 'HFRGHU $9 2II 6KLSSLQJ FRQGLWLRQ 2ZQHU ,' $FFHVV 7XQ
781,1* 0(18 0$18$/ 781,1* 0DQXDO WXQLQJ RI WKH SURJUDPPH SRVLWLRQV LV DYDLODEOH HLWKHU IURP WKH 2Q 6FUHHQ 'LVSOD\ PHQX RU IURP WKH IURQW SDQHO FRQWUROV 0DQXDO WXQLQJ PHQX 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR 7XQLQJ PHQX &+ 6HOHFW $FFHVV 6WRUH ([LW 5HWXUQ 7XQLQJ PHQX $FFHVV 7XQLQJ PHQX 3URJUDPPH HGLW $XWR VHWXS 0DQXDO WXQLQJ $FFHVV 'HFRGHU $9 2II 6KLSSLQJ FRQGLWLRQ 2ZQHU ,' 0RYH WR 0DQXDO WXQLQJ $FFHVV 0DQXDO WXQLQJ 6HOHFW WKH SURJUDPPH SRVLWLRQ WR EH WXQHG &+ 3UHVV UHSHDWHGO\ XQWLO UHTXLU
781,1* 0(18 6+,33,1* &21',7,21 6KLSSLQJ FRQGLWLRQ DOORZV \RX WR UHVHW WKH 79 WR LWV RULJLQDO FRQGLWLRQ L H QR FKDQQHOV WXQHG LQ 7KLV LV XVHIXO IRU H[DPSOH LI \RX PRYH WR D GLIIHUHQW DUHD ZKHQ \RX ZLOO SUREDEO\ ZDQW WKH 79 WR WXQH LWVHOI WR \RXU QHZ ORFDO VWDWLRQV 7KLV FDQ EH GRQH HLWKHU WKURXJK WKH 6KLSSLQJ FRQGLWLRQ PHQX RU WKURXJK WKH $XWR VHWXS PHQX 7KH 6KLSSLQJ FRQGLWLRQ PHQX ZLOO UHVHW DOO GDWD FOHDULQJ DOO WXQLQJ LQIRUPDWLRQ DQG UHVHWWLQJ DOO FRQWURO OHYHOV EDFN WR IDFWRU\ VHWWLQJV
781,1* 0(18 2:1(5 , ' 2ZQHU , ' DOORZV \RX WR HQWHU D VHFXULW\ FRGH DQG DGGUHVV LQIRUPDWLRQ VR WKDW LQ WKH XQIRUWXQDWH HYHQW RI WKHIW LW ZLOO KHOS WKH 3ROLFH WR GHWHUPLQH WKH RZQHU ,I WKH 2ZQHU , ' LQIRUPDWLRQ ZDV QRW HQWHUHG DIWHU $XWR VHWXS RU LW LV QHFHVVDU\ WR DOWHU VRPH RI WKH , ' LQIRUPDWLRQ LW FDQ EH UH DFFHVVHG YLD WKH 7XQLQJ PHQX 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR 6HWXS PHQX 6HOHFW $FFHVV ([LW 5HWXUQ 6HWXS PHQX $9 RXW 7HOHWH[W 2II WLPHU 7XQLQJ PHQX $FFHVV 6HWXS PHQX 0RYH WR 7XQLQJ PH
$9 6(/(&7 $1' 6(783 7KH $9 6HOHFW PHQX ZLOO DOORZ \RX WR FKRRVH ZKLFK $9 VRXUFH WR YLHZ 3UHVV WKH 79 $9 EXWWRQ 79 $9 $9 3UHVV WKH DSSURSULDWH FRORXUHG UHPRWH FRQWURO EXWWRQ ZKLOVW WKH RSWLRQV UHPDLQ RQ VFUHHQ 7KH RSWLRQV ZLOO GLVDSSHDU
4 /,1. 4 /LQN DOORZV WKH WHOHYLVLRQ WR FRPPXQLFDWH ZLWK D FRPSDWLEOH 9&5 )RU 4 /LQN FRPPXQLFDWLRQ WR ZRUN WKH 79 PXVW EH FRQQHFWHG WR D 9&5 ZLWK WKH k4 /LQNl k1(;79,(:/,1.l k'$7$ /2*,&l k(DV\ /LQNl k0HJDORJLFl RU k60$57/,1.l ORJR XVLQJ D IXOO\ ZLUHG 6FDUW FDEOH EHWZHHQ WKH $9 VRFNHW RI WKH WHOHYLVLRQ DQG WKH DSSURSULDWH VRFNHW RQ \RXU 9&5 )RU FRQQHFWLRQ WR WKH DSSURSULDWH 6FDUW VRFNHW RQ WKH 9&5 UHIHU WR WKH 9&5 RSHUDWLQJ LQVWUXFWLRQ ERRN :KHQ XVLQJ D k1(;79,(:/,1.
4 /,1.
6855281' 6281' 6<67(06 6WHUHR UHSURGXFWLRQ QRUPDOO\ XVHV OHIW DQG ULJKW VSHDNHUV EXW 'ROE\ 'LJLWDO DQG 'ROE\ 3UR /RJLF 6XUURXQG JR IXUWKHU DGGLQJ D FHQWUH DQG RWKHU FKDQQHOV VR \RX DUH LPPHUVHG LQ VRXQG DQG VSHFLDO HIIHFWV 'ROE\ 'LJLWDO 'ROE\ 'LJLWDO VSOLWV VRXQGWUDFN LQIRUPDWLRQ LQWR VHSDUDWH FKDQQHOV RI VRXQG ZKLFK DUH RXWSXW WKURXJK WKH VSHDNHU VHWXS ILYH IXOO UDQJH FKDQQHOV OHIW FHQWUH ULJKW VWHUHR OHIW DQG ULJKW VXUURXQG DQG D LH OLPLWHG UDQJH EDVV FKDQQHO 7KLV JLYHV \RX VXSHUE VRXQG T
6855281' 6281' 6<67(06 'ROE\ 3UR /RJLF 'ROE\ 3UR /RJLF 6XUURXQG XVHV IRXU FKDQQHOV RI VRXQG OHIW ULJKW FHQWUH DQG D PRQR UHDU FKDQQHO JLYLQJ H[FHOOHQW UHSURGXFWLRQ RI 3UR /RJLF HQFRGHG WUDFNV ZKHQ D FRPSDWLEOH VSHDNHU V\VWHP LV FRQQHFWHG WR \RXU 79 0RVW GLDORJXH FRPHV IURP WKH FHQWUH FKDQQHO ZKLFK HQKDQFHV GLDORJXH DQG IRFXVHV LW VR LW VHHPV WR FRPH IURP WKH DFWLRQRQ VFUHHQ 7KH UHDU FKDQQHO LV XVHG WR LPPHUVH \RX LQ DWPRVSKHUH DQG VSHFLDO HIIHFWV WKH VDPH RXWSXW LV VHQW WR ERWK UHDU VSHDNHUV $V Z
6855281' 0(18 2SHQ WKH 0DLQ PHQX 0(18 0RYH WR 6RXQG PHQX $FFHVV 6RXQG PHQX 3UHVVLQJ WKH 6XUURXQG VZLWFK ZLOO VZLWFK WKH VXUURXQG PRGH LQWR FKDQQHO VWHUHR RQO\ DQG YLFH YHUVD 0RYH WR 6XUURXQG PHQX $FFHVV 6XUURXQG PHQX :KHQ WKH 6XUURXQG IXQFWLRQ LV VZLWFKHG WR WKH 2II SRVLWLRQ LW ZLOO DOORZ D %DODQFH FRQWURO DQG D 0RGH IXQFWLRQ DV H[WUD RSWLRQV LQ WKH VRXQG PHQX 0RYH WR FKRVHQ PHQX RSWLRQ $GMXVW FKRVHQ RSWLRQ RU DFFHVV FKRVHQ PHQX 3UHVV WKH 1 EXWWRQDW DQ\ WLPH WR JR EDFN WR ZDWFKLQJ 79 1 ,I D
6855281' 0(18 9ROXPH 7KH 9ROXPH DGMXVWPHQW VHWV WKH RYHUDOO RXWSXW YROXPH 6XUURXQG PRGH :KHQ D 'ROE\ 'LJLWDO LQSXW LV QRW GHWHFWHG WKLV RSWLRQ LV VKRZQ &KRRVH EHWZHHQ 3UR /RJLF DQG 6LPXODWHG 7KH PRGH FKRVHQ KHUH GLFWDWHV WKH QH[W PHQX RSWLRQ D 'ROE\ 'LJLWDO LQSXW LV 6SHDNHU VHWWLQJ ,IGHWHFWHG WKLV PHQX RSWLRQ LV 6LPXODWHG VHWWLQJ 6SHDNHU VHWWLQJ DQG LI 3UR /RJLF LV VHOHFWHG LQ 6XUURXQG PRGH WKLV PHQX RSWLRQ LV 3UR /RJLF VHWWLQJ DOORZLQJ VHOHFWLRQ RI 1RUPDO 3KDQWRP RU 6WHUHR PRGHV DV GHVFUL
'2/%< ',*,7$/ $1' 352 /2*,& 02'(6 :LWK D 'ROE\ 'LJLWDO LQSXW RU LI 3UR /RJLF LV VHOHFWHG LQ 6XUURXQG PRGH WKH IROORZLQJ WKUHH PRGHV RI RSHUDWLRQ DUH DYDLODEOH DV WKH 6SHDNHU VHWWLQJ 1RUPDO 3KDQWRP 6WHUHR 1RUPDO 1RUPDO PRGH ,I H[WHUQDO UHDU VSHDNHUV DQG DQ H[WHUQDO FHQWUH VSHDNHU DUH &HQWUH VSHDNHU FRQQHFWHG XVH 1RUPDO PRGH /HIW DQG ULJKW VSHDNHU LQIRUPDWLRQ ZLOO EH SURGXFHG E\ WKH 79 V LQWHUQDO OHIW DQG ULJKW VSHDNHUV :LWK D 'ROE\ 'LJLWDO LQSXW WKH VXEZRRIHU /)( 5HDU ULJKW VSHDNHU LQIRUP
6,08/$7(' 02'( 6LPXODWHG VXUURXQG PRGHV DOORZ YDULRXV W\SHV RI VXUURXQG HIIHFWV WR EH SURGXFHG E\ PLPLFNLQJ ERWK WKH GLUHFW VRXQG DV KHDUG E\ WKH DXGLHQFH DQG WKH VRXQG UHIOHFWHG EDFN IURP WKH VXUURXQGLQJ ZDOOV H J FHLOLQJ DQG IORRU VSDFH LQ D VSDFH VXFK DV D GLVFR 7KHUH DUH WKUHH GLIIHUHQW HIIHFWV WR FKRRVH IURP HDFK UHIOHFWLQJ D GLIIHUHQW DWPRVSKHUH 6HWWLQJ $SSURSULDWH VRXUFHV (IIHFW 'LVFR 0RYLH 'LVFR GDQFH RU MD]] PXVLF $OO PRYLHV RU PXVLF VRIWZDUH UHFRUGHG ZLWKRXW 'ROE\ 6XUURXQG $ FURZGHG
9&5 $1' 6$7(//,7( 5(&(,9(5 ,167$//$7,21
9&5 '9' 23(5$7,21 7KH 5HPRWH &RQWURO LV FDSDEOH RI RSHUDWLQJ VRPH IXQFWLRQV RI VHOHFWHG 3DQDVRQLF 9&5V DQG '9' 'LJLWDO 9HUVDWLOH 'LVF HTXLSPHQW 6RPH 9&5 DQG '9' HTXLSPHQW KDYH GLIIHUHQW IXQFWLRQV VR WR HQVXUH FRPSDWLELOLW\ SOHDVH UHIHU WR WKH HTXLSPHQW V LQVWUXFWLRQ ERRN RU FRQVXOW \RXU GHDOHU IRU GHWDLOV 9&5 '9' 9&5 '9' 6WDQGE\ 3UHVV WR VZLWFK WKH 9&5 RU '9' WR VWDQGE\ PRGH 3UHVV DJDLQ WR VZLWFK EDFN RQ 9&5 '9' VZLWFK 8VH WKLV VZLWFK WR VHOHFW ZKHWKHU FRQWUROV RSHUDWH '9' HTXLSPHQW RU
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
7(/(7(;7 23(5$7,21 ,W LV QRW SRVVLEOH WR FKDQJH WKH SURJUDPPH SRVLWLRQ ZKHQ LQ 1HZV IODVK 8SGDWH RU 6XE &RGHG 3DJH $FFHVV RSHUDWLRQ )DYRXULWH 3DJH ) 3 79 $9 ) 3 6WRUHV D IDYRXULWH SDJH LQ PHPRU\ IRU LQVWDQW UHFDOO 7R VWRUH VXFK D SDJH WKH 79 PXVW EH LQ /,67 PRGH DQG WKH SURJUDPPH SRVLWLRQ PXVW EH IURP 3UHVV WKH %OXH EXWWRQ VHOHFW WKH SDJH QXPEHU WKHQ SUHVV DQG KROG WKH 79 $9 EXWWRQ 7KH SDJH QXPEHU LV QRZ VWRUHG 3UHVV ) 3 WR UHFDOO WKLV SDJH 8SGDWH 'LVSOD\ 0(18 3UHVV WKH 0(18 EXWW
7(/(7(;7 23(5$7,21 ,W LV QRW SRVVLEOH WR FKDQJH WKH SURJUDPPH SRVLWLRQ ZKHQ LQ 1HZV IODVK 8SGDWH RU 6XE &RGHG 3DJH $FFHVV RSHUDWLRQ 0(18 6XE &RGHG 3DJH $FFHVV :KHQ 7HOHWH[W LQIRUPDWLRQ H[FHHGV PRUH WKDQ RQH SDJH LW PD\ WDNH VRPH WLPH IRU WKH DXWRPDWLF FKDQJLQJ RI WKH VXE SDJHV WR UHDFK WKH VXE SDJH \RX UHTXLUH ,W LV SRVVLEOH WR HQWHU \RXU UHTXLUHG VXE SDJH DQG FRQWLQXH ZDWFKLQJ WKH QRUPDO SURJUDPPH XQWLO WKH FRUUHFW VXE SDJH LV IRXQG 6HOHFW WKH UHTXLUHG SDJH QXPEHU XVLQJ EXWWRQV 3UHVV WKH 0
$8',2 9,'(2 &211(&7,216 ,W LV SRVVLEOH WR FRQQHFW D YDULHW\ RI DGGLWLRQDO HTXLSPHQW WR WKLV 79 7KH IROORZLQJ SDJHV GHWDLO KRZ WR FRQQHFW H[WHUQDO HTXLSPHQW WR ERWK WKH IURQW DQG UHDU RI WKH 79 2QFH \RXU HTXLSPHQW LV FRQQHFWHG XVH WKH IROORZLQJ SURFHGXUH WR YLHZ WKH LQSXW 79 $9 3UHVV WKH 79 $9 EXWWRQ 3UHVV WKH UHOHYDQW RQ VFUHHQ VHOHFWRU NH\ WR VHOHFW WKH $9 VRXUFH \RX ZLVK WR YLHZ 7R VHOHFW WKH 6 9+6 LQSXWV RQ $9 $9 6 SUHVV WKH UHOHYDQW FRORXUHG EXWWRQ WR VHOHFW HLWKHU $9 WKHQ SUHVV DJDLQ W
$8',2 9,'(2 &211(&7,216 5HDU VRFNHWV $GGLWLRQDO HTXLSPHQW FDQ EH FRQQHFWHG DW WKH UHDU RI WKH 79 YLD WZR SLQ 6FDUW VRFNHWV $9 $9 6 DQG YLD RQH GLJLWDO DXGLR VRFNHW VKDUHG RSWLFDO FRD[LDO LQSXW IRU $9 $9 ,QSXW WR VKDUHG RSWLFDO FRD[LDO VRFNHW $9 $9 ,QSXW 2XWSXW IURP $9 6FDUW 6RFNHW 6FDUW FDEOH 9&5 6(7 723 %2; '9' 3/$<(5 &$0&25'(5 ,QSXW 2XWSXW IURP $9 6FDUW 6RFNHW 4 /LQN GDWD 6FDUW FDEOH 9&5 6 9,'(2 9&5 4 /,1.
$8',2 9,'(2 &211(&7,216 7KH H[WHUQDO VSHDNHU FRQQHFWLRQV (;7 RQ WKH UHDU RI WKH 79 DOORZ \RX WR FUHDWH \RXU RZQ V\VWHP XVLQJ H[WHUQDO VSHDNHUV &RQQHFWLRQV DUH SURYLGHG IRU D FHQWUH VSHDNHU DQG UHDU OHIW DQG ULJKW VXUURXQG VSHDNHUV &HQWUH VSHDNHU
7528%/(6+227,1* 3LFWXUH 6\PSWRPV &KHFNV 6RXQG $HULDO ORFDWLRQ GLUHFWLRQ RU FRQQHFWLRQ 6QRZ\ 3LFWXUH 1RLV\ 6RXQG $HULDO ORFDWLRQ GLUHFWLRQ RU FRQQHFWLRQ 0XOWLSOH ,PDJHV 1RUPDO 6RXQG ,QWHUIHUHQFH 1RLV\ 6RXQG (OHFWULFDO DSSOLDQFHV &DUV 0RWRUF\FOHV )OXRUHVFHQW OLJKWV 6ZLWFK RQ 3 15 LQ 3LFWXUH PHQX WR UHGXFH SLFWXUH QRLVH 9ROXPH OHYHO 1RUPDO 3LFWXUH 1R 6RXQG 1R 3LFWXUH 1R 6RXQG 6RXQG PXWH VZLWFKHG RQ 79 VHW WR $9 PRGH 1RW SOXJJHG LQWR $ & RXWOHW 1RW VZLWFKHG RQ 3LFWXUH 6RXQG FRQWUROV VH
)25 <285 *8,'$1&( 1 6HUYLFH %HIRUH UHTXHVWLQJ VHUYLFH SOHDVH UHIHU WR WKH WURXEOHVKRRWLQJ JXLGH RQ SUHYLRXV SDJH WR GHWHUPLQH WKH V\PSWRPV 7R REWDLQ VHUYLFH SOHDVH FRQWDFW \RXU ORFDO 3DQDVRQLF GHDOHU TXRWLQJ WKH PRGHO QXPEHU DQG VHULDO QXPEHU ERWK DUH ORFDWHG DW WKH UHDU RI WKH 79 1 79 *DPHV +RPH &RPSXWHUV ([WHQGHG XVH RI 79 JDPHV RU KRPH FRPSXWHUV ZLWK DQ\ WHOHYLVLRQ VHW FDQ FDXVH D SHUPDQHQW jVKDGRZ RQ WKH VFUHHQ 7KLV W\SH RI LUUHYHUVLEOH SLFWXUH WXEH GDPDJH FDQ EH OLPLWHG E\ REVHUYLQJ WKH IROO
63(&,),&$7,216 3RZHU 6RXUFH 3RZHU &RQVXPSWLRQ 6WDQGE\ &RQVXPSWLRQ 3LFWXUH 7XEH 9LVLEOH 'LDJRQDO $XGLR 2XWSXW 0XVLF 3RZHU 'LPHQVLRQV :HLJKW 5HFHLYLQJ 6\VWHPV %DQG QDPH 7; 9 +] $ & : : : : FP FP 9&5 8+) $9 5HDU 'ROE\ 6XUURXQG 2XW 5HDU $9 )URQW 36 )URQW /HIW 5LJKW : [ 6XUURXQG : [ ([WHUQDO &HQWUH : W LPSHGDQFH 6XEZRRIHU : W LPSHGDQFH + PP PP : PP PP ' PP PP NJ NJ 3$/ , 8+) ( 3$
6DOHV DQG 6XSSRUW ,QIRUPDWLRQ &XVWRPHU &DUH &HQWUH : )RU 8. FXVWRPHUV : )RU 5HSXEOLF RI ,UHODQG FXVWRPHUV : 9LVLW RXU ZHEVLWH IRU SURGXFW LQIRUPDWLRQ ZZZ SDQDVRQLF FR XN : ( PDLO FXVWRPHU FDUH#SDQDVRQLF FR XN 'LUHFW 6DOHV DW 3DQDVRQLF 8.