)XOO\ $XWRPDWLF :DVKLQJ 0DFKLQH 2SHUDWLQJ ,QVWUXFWLRQV 0RGHO 1R ワモチョヘパャビ ワモチョプブャビ 7KDQN \RX YHU\ PXFK IRU SXUFKDVLQJ 3DQDVRQLF 3URGXFW %HIRUH RSHUDWLQJ WKLV ZDVKLQJ PDFKLQH SOHDVH UHDG WKHVH LQVWUXFWLRQV FRPSOHWHO\ SD\LQJ VSHFLDO DWWHQWLRQV WR 6DIHW\ *HQHUDO 3UHFDXWLRQV : -6 3+$7 3ULQWHG LQ 7KDLODQG 1$ ) % B(1 LQGG 30
&RQWHQWV ,7(0 6DIHW\ *HQHUDO 3UHFDXWLRQV 1DPH RI SDUWV 3URFHGXUHV EHIRUH ZDVKLQJ 'HWHUPLQLQJ ORDG DQG GHWHUJHQW OHYHOV ZLWK WKH 4XLFN ,QGLFDWLRQ /DXQGU\ 'HWHUJHQW +RZ WR XVH OLTXLG GHWHUJHQW +RZ WR XVH EOHDFK +RZ WR XVH VRIWHQHU :KHQ SXWWLQJ WKH VRIWHQHU LQ RU UHPRYDO RI WKH OLQW ÀOWHU LV GLIÀFXOW +RZ WR XVH SRZGHUHG V\QWKHWLF GHWHUJHQWV +RZ WR XVH SRZGHUHG GHWHUJHQW ´(FRQRP\·· /DXQGHULQJ /DXQGU\ 7LSV 2SHUDWLRQV 3DQHO 0LVFHOODQHRXV 1RUPDO &RXUVH 2SWLRQV 6SHHG\ &RXUVH 'HOLFDWH &RXUVH ([WUD 5LQVH &RXUVH $
6DIHW\ *HQHUDO 3UHFDXWLRQV 7R SUHYHQW WKH ULVN RI GDQJHU RU PDWHULDO ORVV RU GDPDJH WR WKH XVHU RI RWKHUV PDNH VXUH WR IROORZ WKH SUHFDXWLRQV GHVFULEHG EHORZ :$51,1* 0D\ FDXVH D VHULRXV LQMXU\ RU GHDWK &$87,21 0D\ FDXVH SK\VLFDO LQMXU\ RU GDPDJH RWKHU LWHPV :$51,1* 1HYHU GLVDVVHPEOH UHSDLU RU UHPRGHO WKLV ZDVKLQJ PDFKLQH ,I \RX GLVDVVHPEOH UHSDLU RU UHPRGHO WKH ZDVKLQJ PDFKLQH E\ \RXUVHOI LW FDQ FDXVH À UH RU LUUHJXODU DFWLRQ WKDW UHVXOWV LQ LQMXU\ :KHQ \RX DUH FOHDQLQJ \RXU ZDVKLQJ PD
:$51,1* 'R QRW GDPDJH WKH SRZHU FRUG DQG SRZHU SOXJ 5HPRYH DQ\ GXVW ZKLFK PD\ DFFXPXODWH DURXQG WKH SRZHU FRUG 'R QRW GDPDJH PRGLI\ LPPRGHUDWHO\ EHQG WZLVW SXOO RU EXQGOH WKH SRZHU FRUG GR QRW SXW WKH SRZHU FRUG DQG SRZHU SOXJ FORVH WR KHDWLQJ DSSOLDQFHV GR QRW SXW DQ\WKLQJ KHDY\ RQ SRZHU FRUG DQG SRZHU SOXJ :KHQ GXVW KDV DFFXPXODWHG RQ DQG DURXQG WKH SRZHU SOXJ DQG WKH GXVW JHWV GDPS RU ZHW WKH LQVXODWLRQ SOXJ EHFRPH GHIHFWLYH DQG PD\ FDXVHV D À UH 3XOO RXW WKH SRZHU SOXJ DQG Z
1DPH RI SDUWV 7XE )HHGLQJ 9DOYH /LG /LQW )LOWHU $ /LQW )LOWHU % %OHDFK /LTXLG 'HWHUJHQW ,QOHW 3XOVDWRU /HYHOOHU 3RZHU &RUG 3RZHU 3OXJ 2SHUDWLRQ 3DQHO 'UDLQ +RVH $GMXVWDEOH /HJ $FFHVVRULHV :DWHU 6XSSO\ +RVH /HQJWK P :DWHU 7DS $GDSWRU %RWWRP &RYHU 1RWH :DWHU 7DS $GDSWRU LV VHW WR WKH :DWHU 6XSSO\ +RVH +RVH +ROH &RYHU $ 6FUHZ 1RWH )RU %RWWRP &RYHU 3URFHGXUHV EHIRUH ZDVKLQJ &KHFN WKH LQVWDOODWLRQ >127(@ %HIRUH LQVWDOODWLRQ SOHDVH PDNH VXUH WR LQVWDOO WKH ERWWRP F
'HWHUPLQLQJ ORDG DQG GHWHUJHQW OHYHOV ZLWK WKH 4XLFN ,QGLFDWLRQ 3XW WKH ODXQGU\ LQWR WKH $OORZ WKH PDFKLQH WR FKXUQ WKH 'HWHUJHQW YROXPH LQGLFDWLRQV PDFKLQH ODXQGU\ IRU VHFRQGV 3UHVV WKH >3RZHU 2Q@ EXWWRQ 7KH SXOVDWRU RSHUDWHV IRU DERXW 7KH GLVSOD\ ZLOO LQGLFDWH WKH DQG WKHQ SUHVV WKH >6WDUW VHFRQGV ZLWKRXW DQ\ ZDWHU LQ DSSURSULDWH ZDWHU OHYHO WR WKH 3DXVH@ EXWWRQ DIWHU SXWWLQJ LQ WKH WXE WR PHDVXUH WKH DPRXQW ODXQGU\ $GG WKH DSSURSULDWH WKH ODXQGU\
+RZ WR XVH OLTXLG GHWHUJHQW 3XW LQ WKH OLTXLG GHWHUJHQW DFFRUGLQJ WR WKH ZDWHU OHYHO LQWR WKH EOHDFK OLTXLG GHWHUJHQW LQOHW >127(@ /LTXLG GHWHUJHQW OLNH SRZGHUHG GHWHUJHQW LV QRW HDVLO\ GLVVROYHG DQG FDQ OHDYH VFXP DORQJ WKH LQVLGH RI WKH ZDVKLQJ WXE VR EH VXUH WR ULQVH WKRURXJKO\ %OHDFK /LTXLG 'HWHUJHQW ,QOHW +RZ WR XVH EOHDFK Q /LTXLG EOHDFK Q 'LOXWH IXOO\ ZLWK ZDWHU DQG SRXU LQ EHIRUH SUHVVLQJ >6WDUW 3DXVH@ 3RZGHU EOHDFK 3ODFH GLUHFWO\ LQWR WKH WXE GXULQJ ÀOO )ROORZ WKH LQ
+RZ WR XVH SRZGHUHG V\QWKHWLF GHWHUJHQWV 32:'(5(' 6<17+(7,& '(7(5*(17 >&21&(175$7(' 7<3(@ &RORU WUDQVIHU DQG FRORU IDGLQJ ZLOO RFFXU LI WKH GHWHUJHQW GLUHFWO\ LQ FRQWDFW ZLWK WKH ODXQGU\ IRU D ORQJ WLPH VXFK DV ZKHQ XVLQJ 6RDN SURJUDP RU VRDN WKH FORWKHV 3OHDVH XVH ZKLWH KDQGNHUFKLHI HWF WR ZUDS WKH GHWHUJHQW EHIRUH SXW LW LQWR WKH WXE +RZ WR XVH SRZGHUHG GHWHUJHQW +RZ WR GLVVROYH )LOO WKH ZDVKLQJ PDFKLQH WXE ZLWK ZDWHU RQH OHYHO EHORZ WKH ZDWHU OHYHO WKDW ZLOO EH XVHG )RU ORZ ZDWHU OHYHO
1$ ) % B(1 LQGG 30 7KH DSSURSULDWH :DWHU /HYHO IRU WKH VL]H DQG W\SH RI \RXU RZQ ODXQGU\ ZLOO EH GLVSOD\HG 3URJUDP@ VHWWLQJV DIWHU WKH F\FOH KDV DOUHDG\ VWDUWHG WXUQ WKH SRZHU 2II DQG 2Q LW EDFN 3URJUDP $FFRUGLQJ WR W
1RUPDO &RXUVH 6XLWDEOH IRU 1RUPDO ZDVKLQJ RI FDVXDO ODXQGU\ 3UHVV WKH >3RZHU 2Q@ EXWWRQ DQG SXW LQ WKH ODXQGU\ 3UHVV WKH >6WDUW 3DXVH@ EXWWRQ $IWHU SUHVVLQJ WKH >6WDUW 3DXVH@ EXWWRQ WKH PDFKLQH VWDUWV ´/DXQGU\ VHQVLQJµ :KHQ LW LV FRPSOHWHG WKH GLVSOD\ LQGLFDWHV WKH ZDWHU OHYHO ZLWK ´/µ DQG LQ D IHZ VHFRQGV WKH UHPDLQLQJ WLPH ZLWK ´PLQµ ZLOO EH LQGLFDWHG 7R FKHFN WKH ZDWHU OHYHO SUHVV WKH >:DWHU /HYHO@ EXWWRQ 7R FKHFN WKH FRXUVH LQ RSHUDWLRQ SUHVV >3URJUDP@ EXWWRQ 3XW LQ
'HOLFDWH &RXUVH 6XLWDEOH IRU ZDVKLQJ VRIW ODXQGU\ 5HPDUN $PRXQW RI ODXQGU\ WKDW FDQ EH ZDVKHG DW RQH WLPH NJ 3UHVV WKH >3RZHU 2Q@ EXWWRQ DQG SXW LQ WKH ODXQGU\ 3UHVV WKH >3URJUDP@ EXWWRQ WLPHV IRU ´'HOLFDWHµ &RXUVH 3UHVV WKH >6WDUW 3DXVH@ EXWWRQ 7KH GLVSOD\ ZLOO LQGLFDWH SURJUDP ´ µ IRU ´'HOLFDWH·· &RXUVH 3XW LQ WKH DSSURSULDWH DPRXQW RI GHWHUJHQW IRU WKH ZDWHU OHYHO 7KHQ FORVH WKH OLG 'LIIHUHQW EUDQGV RI GHWHUJHQW PD\ KDYH GLIIHUHQW PHDVXULQJ VFRR
$LU 'U\ PLQ &RXUVH $LU 'U\ PLQ &RXUVH 7KH DLU GU\ LV WKH SURFHVV WR SURYLGH DLU IORZ XWLOL]LQJ WKH URWDWLRQ RI WKH WXE DQG GU\ WKH ODXQGU\ ZLWK WKLV DLU IORZ $JLWDWLRQ LV SHUIRUPHG DERXW HYHU\ PLQXWHV WR XQWDQJOH WKH ODXQGU\ 5HPDUN 7KH ODXQGU\ PD\ QRW EH GU\ HQRXJK GHSHQGLQJ RQ WKH VL]H RI WKH ORDG W\SH RI FORWKHV WHPSHUDWXUH KXPLGLW\ DQG LQVWDOODWLRQ FRQGLWLRQV RI WKH ZDVKLQJ PDFKLQH $V QR KHDWHU LV XVHG IRU WKLV IXQFWLRQ VRPH XVHUV PD\ IHHO WKH ODXQGU\ LV FROG DQG QRW
5HVHUYH 3URJUDP 5HVHUYH@ SURJUDP RQO\ FDQ XVH IRU 1RUPDO 6SHHG\ DQG ([WUD 5LQVH &RXUVH 3UHVV WKH >3RZHU 2Q@ EXWWRQ DQG SXW LQ WKH ODXQGU\ &KRRVH WKH >3URJUDP@ WKDW VXLW WR \RXU ODXQGU\ W\SH 3UHVV WKH >5HVHUYH@ EXWWRQ DQG VHOHFW EHWZHHQ WR KRXUV 3UHVV WKH >6WDUW 3DXVH@
&KLOG /RFN SURJUDP 7KLV LV DQ HPHUJHQF\ DODUPLQJ PRGH ZLWK D FRQWLQXRXV EX]]HU VRXQGV ZKHQ FKLOG RSHQ WKH OLG GXULQJ RSHUDWLRQ WR SUHYHQW D FKLOG IURP GURZQLQJ FRQGLWLRQ ZKHUH WKHUH LV D ZDWHU LQVLGH WKH WXE E\ IDOOLQJ LQWR WKH WXE ZKLFK FRQWDLQV ZDWHU &ORVH WKH OLG WR VWRS WKH EX]]HU ,I WKH OLG LV NHSW RSHQ IRU PRUH WKDQ VHFRQGV WKH PDFKLQH ZLOO IRUFH GUDLQ WKH ZDWHU LQVLGH WKH WXE DVVXPLQJ WKDW WKH FKLOG KDG IDOOHQ LQWR WKH WXE EXW PDNH VXUH WKDW WKH GUDLQ KRVH LV ODLG GRZQ 7KLV LV GLIIHUHQ
&KRRVLQJ
0DLQWHQDQFH 7R SUHYHQW IURP IXQJXV JURZWK DW WKH RXWHU WXE DUHD ´7XE 'U\µ 5HPDUN 3OHDVH EH LQIRUPHG GR QRW SXW ODXQGU\ LQVLGH WKH WXE GXULQJ WKLV SURJUDP 3UHVV WKH >3RZHU 2Q@ EXWWRQ 3UHVV WKH >3URFHVV@ EXWWRQ RQFH IRU VHOHFWLQJ RQO\ ´6SLQµ 3UHVV WKH >3URJUDP@ EXWWRQ WLPHV IRU >7XE +\JLHQH@ &RXUVH 3UHVV WKH >6WDUW 3DXVH@ EXWWRQ 7KH GLVSOD\ ZLOO LQGLFDWH SURJUDP ´ µ IRU ´7XE +\JLHQHµ &RXUVH 6SLQQLQJ RSHUDWLRQ ZLOO EH RSHUDWHG IRU PLQXWHV 7KH EX]]HU OHWV \RX NQRZ
3OHDVH REVHUYH WKH IROORZLQJ ,QVWUXFWLRQV ,I WKH VSLQQHU WXE GRHV QRW VWRS ZLWKLQ VHFRQGV DIWHU \RX RSHQ WKH OLG GXULQJ VSLQQLQJ LPPHGLDWHO\ VWRS XVLQJ WKH PDFKLQH DQG FRQWDFW \RXU GHDOHU IRU UHSDLU 'R QRW SXW WRR PXFK ODXQGU\ 3XW ODXQGU\ FRPSOHWHO\ LQWR WKH WXE 1HYHU DOORZ WKH ODXQGU\ WR SURWUXGH RXW RI WKH WXE 7KLV FDXVHV WRUQ ODXQGU\ RU GDPDJH WR WKH SODVWLF SDUWV 'R QRW VSUD\ DQ\WKLQJ RU SRXU ZDWHU RYHU WKH OLG 'R QRW SXW ZDWHU SHVWLFLGHV KDLU SURGXFWV GHRGRUDQWV RU
+RZ WR LQVWDOO ,Q WKH HYHQW WKDW WKH LQVWDOODWLRQ WHVW UXQ DQG LQVSHFWLRQ RI WKH ZDVKLQJ PDFKLQH DUH QRW FDUULHG RXW IROORZLQJ WKH LQVWDOODWLRQ PHWKRG RXWOLQHG LQ WKLV PDQXDO WKH PDQXIDFWXUHU ZLOO QRW EH OLDEOH IRU DQ\ DFFLGHQW RU GDPDJH FDXVHG 3ODFHPHQW 'R QRW LQVWDOO WKH ZDVKLQJ PDFKLQH LQ DQ\ H[WUHPHO\ GDPS SODFH VXFK DV D EDWKURRP RU LQ D SODFH H[SRVHG WR WKH ZHDWKHU 7KHUH LV D GDQJHU RI HOHFWULF VKRFN ÀUH PDFKLQH WURXEOH DQG GHIRUPDWLRQ RI PDFKLQH ,I PDFKLQH LV LQVWDOOHG RQ WKH ÁRRU
&RQQHFW WKH ZDWHU VXSSO\ KRVH 7KDW WKH DSSOLDQFH LV WR EH FRQQHFWHG WR WKH ZDWHU IDXFHW XVLQJ QHZ ZDWHU WDS DGDSWRU DQG ZDWHU VXSSO\ KRVH DQG WKDW ROG RQH VKRXOG QRW EH UHXVHG /RRVHQ WKH VFUHZV RQ WKH ZDWHU WDS DGDSWRU MXVW HQRXJK WR VOLS WKH DGDSWRU RYHU WKH PRXWK RI WKH IDXFHW 6OLS WKH ZDWHU WDS DGDSWRU RYHU WKH IDXFHW NHHSLQJ LW LQ D VWUDLJKW OLQH ZLWK WKH IDXFHW 7LJKWHQ WKH VFUHZV DSSO\LQJ HYHQ SUHVVXUH DOO DURXQG :KHQ WKH VSDFH EHKLQG ZDVKLQJ PDFKLQH LV QDUURZ GXH WR D ZDOO RU RWKHU
'UDLQ +RVH ,QVWDOODWLRQ ,QVWUXFWLRQ 7KH GUDLQ KRVH LV LQVWDOOHG LQVLGH WKH ERWWRP RI WKH EDVH /D\ GRZQ WKH ZDVKLQJ PDFKLQH ZLWK WKH EDFN ERG\ IDFLQJ WR WKH XSVLGH 3HHO RII WKH WDSH DQG SXOO RXW WKH GUDLQ KRVH IURP WKH EDVH 5HDU %DVH 'UDLQ +RVH 7DSH )URQW 'UDLQ +RVH 6SUHDG D PDW VXFK DV FDUGERDUG XQGHU WKH ERG\ WR DYRLG VFUDWFKHV 7R FKDQJH WKH GUDLQ KRVH WR RSSRVLWH /D\ GRZQ WKH ZDVKLQJ PDFKLQH ZLWK WKH EDFN ERG\ IDFLQJ WR WKH XSVLGH 5HPRYH WKH VFUHZ À[LQJ WKH
7URXEOHVKRRWLQJ 7KH IROORZLQJ V\PSWRPV DUH QRW WURXEOH 6\PSWRPV 0DFKLQH EHJLQV ÀOOLQJ ZDWHU LQ WKH PLGGOH RI WKH ZDVK 7KH ZDWHU OHYHO LV WRR KLJK IRU WKH DPRXQW RI ODXQGU\ EHLQJ ZDVKHG 7KH ZDWHU OHYHO LV WRR ORZ IRU WKH DPRXQW RI ODXQGU\ EHLQJ ZDVKHG 0LGZD\ GXULQJ VSLQQLQJ WKH RSHUD WLRQ VXGGHQO\ FKDQJHV WR ULQVLQJ 7KH ZDWHU LV GUDLQHG HYHQ ÀOOHG E\ D EXFNHW 'XULQJ GUDLQLQJ WKH ODXQGU\ DQG WKH VSLQQHU URWDWHV ZLWK LUUHJXODU PRYHPHQWV 7KH EXWWRQV GR QRW ZRUN ,I \RX VWDUW ZLWK WKH ULQVH F\
(UURU ,QGLFDWLRQ ,I WKH IROORZLQJ LQGLFDWLRQV DSSHDU RQ WKH GLVSOD\ SDQHO EX]]HU VRXQGV 8 DQG + &KDUDFWHUV DSSHDU 6 &KHFN LI DEQRUPDOLWLHV OLVWHG EHORZ DUH VHHQ LQ WKH H[WHUQDO ZDWHU KRVH ,V WKH KRVH FRQQHFWHG" ,V LW FORJJHG ZLWK OLQW" ,V LW FUXVKHG" ,V WKH WLS VRDNHG LQ ZDWHU" ,V D SDUW RI KRVH DW D KHLJKW RI RYHU FP PLGZD\" ,V WKH H[WHQVLRQ KRVH ORQJHU WKDQ P" ,V WKH KRVH EHLQJ XVHG WRR VPDOO" 6 &KHFN LI WKH OLG LV RSHQHG &ORVH WKH OLG 6 ,V WKH ZD