)250 12 02'(/ 12 02'(/ 12 02'(/ 12 02'(/ 12 83 83 83 83 23(5$725 6 0$18$/ 5((/0$67(5 ' ' :+((/ '5,9( 75$&7,21 81,76 7R XQGHUVWDQG WKLV SURGXFW DQG IRU VDIHW\ DQG RSWLPXP SHUIRUPDQFH UHDG WKLV PDQXDO EHIRUH VWDUWLQJ WKH HQJLQH 3D\ VSHFLDO DWWHQWLRQ WR 6$)(7< ,16758&7,216 KLJKOLJKWHG E\ WKLV V\PERO ,W PHDQV &$87,21 :$51,1* RU '$1*(5 SHUVRQDO VDIHW\ LQVWUXFWLRQ )DLOXUH WR FRPSO\ ZLWK
)25(:25' 7KLV RSHUDWRU V PDQXDO KDV LQVWUXFWLRQV RQ VDIHW\ SURSHU VHW XS DQG RSHUDWLRQ DGMXVWPHQWV DQG PDLQWHQDQFH 7KHUHIRUH DQ\RQH LQYROYHG ZLWK WKH SURGXFW LQFOXGLQJ WKH RSHUDWRU VKRXOG UHDG DQG XQGHUVWDQG WKLV PDQXDO 0DMRU VHFWLRQV DUH 6DIHW\ ,QVWUXFWLRQV .QRZ
7$%/( 2) &217(176 3DJH 6$)(7< ,16758&7,216 6$)(7< ,16758&7,216 '(&$/6 63(&,),&$7,216 /226( 3$576 &+$57 6(7 83 ,16758&7,216 &RQQHFW %DWWHU\ 0RXQW +RRG /DWFK 5HSODFH 3DQHO )DVWHQHUV
6$)(7< ,16758&7,216 7KH 5((/0$67(5 ' ' ZDV WHVWHG DQG FHUWLILHG E\ 7252 IRU FRPSOLDQFH ZLWK WKH % VSHFLILFDWLRQV RI WKH $PHULFDQ 1DWLRQDO 6WDQGDUGV ,QVWLWXWH $OWKRXJK KD]DUG FRQWURO DQG DFFLGHQW SUHYHQWLRQ SDUWLDOO\ DUH GHSHQGHQW XSRQ WKH GHVLJQ DQG FRQILJXUDWLRQ RI WKH PDFKLQH WKHVH IDFWRUV DUH DOVR GHSHQGHQW XSRQ WKH DZDUHQHVV FRQFHUQ DQG SURSHU WUDLQLQJ RI WKH SHUVRQQHO LQYROYHG LQ WKH RSHUDWLRQ WUDQVSRUW PDLQWHQDQFH DQG VWRUDJH RI WKH PDFKLQH ,PSURSHU XVH RU PDLQWHQDQFH RI W
6$)(7< ,16758&7,216 '21 7 7$.( $1 ,1-85< 5,6. :KHQ D SHUVRQ RU SHW DSSHDUV XQH[SHFWHGO\ LQ RU QHDU WKH PRZLQJ DUHD 6723 02:,1* &DUHOHVV RSHUDWLRQ FRPELQHG ZLWK WHUUDLQ DQJOHV ULFRFKHWV RU LPSURSHUO\ SRVLWLRQHG JXDUGV FDQ OHDG WR WKURZQ REMHFW LQMXULHV 'R QRW UHVXPH PRZLQJ XQWLO DUHD LV FOHDUHG ,I PDMRU UHSDLUV DUH HYHU QHHGHG RU DVVLVWDQFH LV GHVLUHG FRQWDFW DQ $XWKRUL]HG 7RUR 'LVWULEXWRU 'R QRW WRXFK HQJLQH PXIIOHU RU H[KDXVW SLSH ZKLOH HQJLQH LV UXQQLQJ RU VRRQ DIWHU LW LV VWRSSHG
$)(7< $1' ,16758&7,21 '(&$/6 7KH IROORZLQJ VDIHW\ DQG LQVWUXFWLRQ GHFDOV DUH DIIL[HG WR WKH WUDFWLRQ XQLW ,I DQ\ GHFDO EHFRPHV LOOHJLEOH RU GDPDJHG LQVWDOO D QHZ GHFDO 3DUW QXPEHUV DUH OLVWHG EHORZ DQG LQ \RXU 3DUWV &DWDORJ 3DUW 1R 6HH WKH RSHUDWRU·V PDQXDO 7KURWWOH VORZ 7KURWWOH IDVW 5HHOV UDLVHG RII 3DUW 1R 5HHOV GLVDEOHG OLIW RQO\ 5HHOV ORZHUHG DQG RQ ZKHQ HQDEOHG IRUZDUG DQG 5HHOV GLVDEOHG OLIW DQG ORZHU EDFNODS +HDGOLJKWV 2SWLRQDO 5
3DUW 1R 'DQJHU³QR ULGHUV 3DUW 1R 6HH RSHUDWRU·V PDQXDO 3DUW 1R 5HDG RSHUDWRU·V PDQXDO 3DUW 1R +HLJKW RI FXW 0RZ DQG EDFNODS 5HDG RSHUDWRU·V PDQXDO 7UDFWLRQ XQLW VSHHG 5HDU UHHOV FLUFXLW FRQWUROV )URQW UHHOV FLUFXLW FRQWUROV 3DUW 1R +D]DUG WR KDQGV SLQFK SRLQWV 6WRS UHHOV EHIRUH WRXFKLQJ 3DUW 1R 5HDG RSHUDWRU·V PDQXDO (QJLQH VWDUW +HDGOLJKWV 2SWLRQDO
3DUW 1R 5HDG RSHUDWRU·V PDQXDO HFFHQWULF EROW 3DUW 1R 'DQJHU 5HDG RSHUDWRU·V PDQXDO +HLJKW RI FXW 0RYH WKURWWOH WR VORZ +D]DUG WR IHHW +D]DUG WR KDQGV 6WRS UHHOV EHIRUH WRXFKLQJ 3DUW 1R 0RGHO RQO\ 5HDG RSHUDWRU·V PDQXDO /XEULFDWLRQ SRLQW 7LPH LQWHUYDO 3DUW 1R 0RGHO RQO\ 'DQJHU 5HDG RSHUDWRU·V PDQXDO 7LSSLQJ KD]DUG :HDU VHDW EHOWV 3DUW 1R 5HDG RSHUDWRU·V PDQXDO 'R QRW SUL
3DUW 1R +\GUDXOLF RLO OHYHO 5HDG RSHUDWRU·V PDQXDO 3DUW 1R 3DUW 1R 6HH RSHUDWRU·V PDQXDO :KHHO WRUTXH VSHFLILFDWLRQV 'DQJHU 5HDG RSHUDWRU·V PDQXDO 7KURZQ REMHFWV NHHS E\VWDQGHUV DZD\ &XWWLQJ KD]DUG WR KDQGV DQG IHHW 'R QRW WRZ &XWWLQJ KD]DUG WR KDQGV NHHS DZD\ IURP PRYLQJ SDUWV 'DQJHU VHW WKH SDUNLQJ EUDNH VWRS WKH HQJLQH DQG UHPRYH WKH NH\ EHIRUH OHDYLQJ WKH RSHUDWRU·V SRVLWLRQ 7LSSLQJ KD]DUG DOZD\V IDVWHQ VHDW EHOWV 3DUW 1R
63(&,),&$7,216 (QJLQH .XERWD WKUHH F\OLQGHU F\FOH OLTXLG FRROHG GLHVHO HQJLQH KS # USP IRU 5HHOPDVWHU DQG KS # USP IRU 5HHOPDVWHU %RWK JRYHUQHG WR USP FX LQ FF GLVSODFHPHQW +HDY\ GXW\ VWDJH UHPRWH PRXQWHG DLU FOHDQHU +LJK ZDWHU WHPSHUDWXUH VKXWGRZQ VZLWFK &RROLQJ 6\VWHP 5DGLDWRU FDSDFLW\ LV DSSUR[LPDWHO\ TWV RI PL[WXUH RI HWK\OHQH JO\FRO DQWL IUHH]H 5HPRWH PRXQWHG TW H[SDQVLRQ WDQN $ WZR VSHHG IDQ GULYH FRQWUROV DLU IORZ IURP
63(&,),&$7,216 6KRXOGHU 5ROOHU 6FUDSHU .LW 6KRXOGHU 5ROOHU +LJK +HLJKW RI &XW .LW 3DUW 1R 5HDU :HLJKW .LW 3DUW 1R 3DUW 1R 5HDU :HLJKW .LW OE 3DUW 1R 3DUW 1R *UDVV %DVNHW .LW 0RGHO 1R $UPUHVW .LW 0RGHO 1R 3UHFOHDQHU %RZO ([WHQVLRQ 7XEH 3DUW 1R &ODPS 3DUW 1R UHTXLUHG WR LQVWDOO H[WHQVLRQ WXEH 7KDWFKLQJ 5HHO 0RGHO 1R $FFHVVRU\ .LW :KHHO 'ULYH .
6(7 83 ,16758&7,216 &211(&7 %$77(5< )LJ :$51,1* &RQQHFWLQJ FDEOHV WR WKH ZURQJ SRVW FRXOG UHVXOW LQ SHUVRQDO LQMXU\ DQG RU GDPDJH WR WKH HOHFWULFDO V\VWHP 2SHQ KRRG (QVXUH EDWWHU\ LV VHFXUHO\ IDVWHQHG LQ SODFH DQG FKHFN EDWWHU\ FKDUJH ZLWK D K\GURPHWHU ,I EDWWHU\ QHHGV FKDUJLQJ EH VXUH DW OHDVW RQH EDWWHU\ FDEOH SUHIHUDEOH WKH SRVLWLYH FDEOH LV GLVFRQQHFWHG IURP WKH EDWWHU\ EHIRUH FRQQHFWLQJ WKH FKDUJHU &RDW ERWK EDWWHU\ FRQQHFWLRQV ZLWK *UDIR ; VNLQ RYHU JUHDVH 7RUR 3DUW 1R
6(7 83 ,16758&7,216 5(3/$&( 3$1(/ )$67(1(56 )LJ 5HPRYH IDVWHQHUV VHFXULQJ OHIW IURQW FRUQHU RI IORRU SDQHO DQG OHIW HQG RI DFFHVV SDQHO WR IUDPH )LJ 5HPRYH KDUGZDUH VHFXULQJ 7XUI FRPSHQVDWLRQ NLW WR HDFK HQG RI FDUULHU IUDPH )LJ DQG UHXVH ZKHQ LQVWDOOLQJ EDVNHW JXLGHV DQG EDVNHW EUDFNHWV &XWWLQJ XQLW PRGHOV DQG RQO\ 0RXQW D EDVNHW JXLGH )LJ WR WKH DSSURSULDWH VLGH RI HDFK FXWWLQJ XQLW FDUULHU IUDPH VHH ILJXUH ZLWK D [ l OJ FDSVFUHZ IODWZDVKHU DQG
6(7 83 ,16758&7,216 )LJXUH )LJXUH 5HHO 'ULYH 0RWRU 0RXQWLQJ 1XWV %DVNHW %UDFNHW 7RUVLRQ 6SULQJ $OLJQ WKH PRXQWLQJ VKDIW RI WKH FXWWLQJ XQLW ZLWK WKH SLYRW WXEH RQ WKH FDUULHU IUDPH ,QVHUW WKH VKDIW LQWR WKH WXEH )LJ 'HWDFK FKDLQ IURP OLIW DUP DQG VHFXUH LW WR FURVV WXEH RQ HDFK UHDU FXWWLQJ XQLW ZLWK D FDSVFUHZ IODWZDVKHU DQG ORFNQXW )LJ )LJXUH /RFN 8S &KDLQ ,03257$17 0DNH VXUH DOO K\GUDXOLF KRVHV DUH URXWHG DZD\ IURP FXWWLQJ XQLW
6(7 83 ,16758&7,216 0RXQW D EDVNHW WR HDFK FXWWLQJ XQLW FDUULHU IUDPH E\ LQVHUWLQJ EDVNHW PRXQWLQJ SLQ LQWR EDVNHW EUDFNHW DQG GHSUHVVLQJ RSSRVLWH PRXQWLQJ SLQ LQWR SLYRWLQJ EUDFNHW 127( $V JDS & EHWZHHQ VSULQJ EUDFNHW DQG ZDVKHU ,1&5($6(6 FDUULHU IUDPH FXWWLQJ XQLW URWDWLRQ DQJOH % ,1&5($6(6 ´%µ $'-867 785) &203(16$7,21 635,1* )RU &XWWLQJ 8QLW 0RGHOV RQO\ 7KH 7XUI &RPSHQVDWLRQ 6SULQJ )LJ FRQQHFWLQJ FDUULHU IUDPH WR FXWWLQJ XQLW FRQWUROV WKH DPRXQW RI IRUH DIW URWDWLRQ DYDLO
%()25( 23(5$7,1* &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG &+(&. (1*,1( 2,/ )LJ 3DUN PDFKLQH RQ D OHYHO VXUIDFH VWRS HQJLQH DQG UHPRYH NH\ IURP LJQLWLRQ VZLWFK 2SHQ KRRG 5HPRYH GLSVWLFN ZLSH FOHDQ DQG UHLQVWDOO GLSVWLFN 5HPRYH GLSVWLFN DQG FKHFN RLO OHYHO RQ GLSVWLFN 2LO OHYHO VKRXOG EH XS WR )8// PDUN 5HHOPDVWHU )LJ 5HHOPDVWHU )LJ 7KH FRROLQJ V\VWHP LV ILOO
%()25( 23(5$7,1* )LJXUH )XHO 7DQN &DS )LJXUH +\GUDXOLF 7DQN &DS &+(&. 75$160,66,21 )/8,' )LJ 7KH IURQW D[OH KRXVLQJ DFWV DV WKH UHVHUYRLU IRU WKH V\VWHP 7KH WUDQVPLVVLRQ DQG D[OH KRXVLQJ DUH VKLSSHG IURP WKH IDFWRU\ ZLWK DSSUR[LPDWHO\ TXDUWV RI 0RELO K\GUDXOLF IOXLG +RZHYHU FKHFN OHYHO RI WUDQVPLVVLRQ RLO EHIRUH HQJLQH LV ILUVW VWDUWHG DQG GDLO\ WKHUHDIWHU 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV DQG VWRS WKH HQJLQH 5HPRYH DFFHVV SDQHO EHKLQG IR
%()25( 23(5$7,1* 8VLQJ WKH 0RELO W\SH IOXLGV LQ WKH KLJKHU DPELHQW WHPSHUDWXUHV PD\ UHVXOW LQ GHFUHDVHG HIILFLHQF\ LQ VRPH RI WKH K\GUDXOLF FRPSRQHQWV FRPSDUHG WR XVLQJ WKH 0RELO '7( W\SH IOXLGV 7KH 0RELO '7( W\SH IOXLGV DUH VWUDLJKW YLVFRVLW\ IOXLGV ZKLFK UHPDLQ VOLJKWO\ PRUH YLVFRXV DW KLJKHU WHPSHUDWXUHV WKDQ WKH PXOWL YLVFRVLW\ IOXLGV 8VLQJ WKH 0RELO '7( W\SH IOXLGV LQ WKH ORZHU DPELHQW WHPSHUDWXUHV PD\ UHVXOW LQ KDUGHU VWDUWLQJ LQFUHDVHG HQJLQH ODERULQJ ZKLOH FROG VOXJJLVK RU QRQ R
.12: <285 &21752/6 6HDW )LJ 6HDW DGMXVWLQJ OHYHU DOORZV LQFK IRUH DQG DIW DGMXVWPHQW 6HDW DGMXVWLQJ NQRE DGMXVWV VHDW IRU RSHUDWRUV ZHLJKW 7R DGMXVW VHDW IRUH DQG DIW SXOO OHYHU RQ OHIW VLGH RI VHDW DVVHPEO\ RXWZDUG $IWHU PRYLQJ VHDW WR GHVLUHG ORFDWLRQ UHOHDVH OHYHU WR ORFN VHDW LQWR SRVLWLRQ 7R DGMXVW IRU RSHUDWRUV ZHLJKW WXUQ VSULQJ WHQVLRQ NQRE FORFNZLVH WR LQFUHDVH WHQVLRQ FRXQWHUFORFNZLVH WR GHFUHDVH VSULQJ WHQVLRQ 3DUNLQJ %UDNH /DWFK )LJ $ NQRE RQ WKH OHIW VLGH RI FRQVROH
.12: <285 &21752/6 /RZHU 0RZ 5DLVH &RQWURO /HYHU )LJ 7KH OHYHU UDLVHV DQG ORZHUV WKH FXWWLQJ XQLWV DQG DOVR VWDUWV DQG VWRSV WKH UHHOV *ORZ 3OXJ ,QGLFDWRU /LJKW )LJ LQGLFDWHV JORZ SOXJV DUH RQ :KHQ OLW (QJLQH 2LO 3UHVVXUH :DUQLQJ /LJKW )LJ ,QGLFDWHV GDQJHURXVO\ ORZ HQJLQH RLO SUHVVXUH 5HHO 6SHHG &RQWUROV )LJ &RQWUROV 530 RI IURQW DQG UHDU FXWWLQJ XQLWV SRVLWLRQ LV IRU EDFNODSSLQJ 5HPDLQLQJ VHWWLQJV DUH IRU PRZLQJ RSHUDWLRQV 6HH VHFWLRQ LQ PDQXDO IRU RSHUDWLQJ LQVWU
23(5$7,1* ,16758&7,216 &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG 67$57,1* $1' 67233,1* ,03257$17 7KH IXHO V\VWHP PXVW EH EOHG LI DQ\ RI WKH IROORZLQJ VLWXDWLRQV KDYH RFFXUUHG )LJXUH $LU EOHHG VFUHZ $ ,QLWLDO VWDUW XS RI D QHZ PDFKLQH % (QJLQH KDV FHDVHG UXQQLQJ GXH WR ODFN RI IXHO 3XPS OHYHU RQ IXHO SXPS )LJ XQWLO D VROLG VWUHDP RI IXHO IORZV RXW DURXQG VFUHZ 7LJKWHQ DLU EOHHG VFUHZ
23(5$7,1* ,16758&7,216 3XPS OHYHU RQ IXHO SXPS )LJ XQWLO D VROLG VWUHDP RI IXHO IORZV RXW DURXQG VFUHZ RQ IXHO LQMHFWLRQ SXPS 7LJKWHQ DLU EOHHG VFUHZ 7R VHW UHHO VSHHG URWDWH NQREV )LJ XQWLO LQGLFDWRU DUURZV DUH LQ OLQH ZLWK WKH QXPEHU GHVLJQDWLQJ GHVLUHG VHWWLQJ 1RWH 1RUPDOO\ HQJLQH VKRXOG VWDUW DIWHU DERYH EOHHGLQJ SURFHGXUHV DUH IROORZHG +RZHYHU LI HQJLQH GRHV QRW VWDUW DLU PD\ EH WUDSSHG EHWZHHQ LQMHFWLRQ SXPS DQG LQMHFWRUV UHIHU WR %OHHGLQJ $LU )URP ,QMHFWRUV 6(77,1* 5((/ 63
(5$7,1* ,16758&7,216 )LJXUH &HQWHU RI )URQW )UDPH 0HPEHU )LJXUH 6SULQJ %UDFNHW +H[ 6KDIW 5HWDLQLQJ %UDFNHW 1RWH /RFN ERWK EUDNH SHGDOV WRJHWKHU EHIRUH WRZLQJ 5HPRYH WKH FDSVFUHZ DQG ORFNQXW VHFXULQJ UHWDLQLQJ EUDFNHW ZKLOH URWDWLQJ KH[ VKDIW WR UHOLHYH VSULQJ WHQVLRQ 0RYH VSULQJ EUDFNHW WR GHVLUHG ORFDWLRQ DQG LQVWDOO FDSVFUHZ DQG ORFNQXW ZKLOH URWDWLQJ KH[ VKDIW WR UHOLHYH VSULQJ WHQVLRQ 72:,1* 75$&7,21 81,7 )LJ ,I LW EHFRPHV QHFHVVDU\ WR WRZ WKH PDFKLQH
23(5$7,1* ,16758&7,216 8VLQJ WKH GLDJQRVWLF GLVSOD\ GHWHUPLQH ZKLFK RXWSXW LV PDOIXQFWLRQLQJ UHIHU WR &KHFNLQJ ,QWHUORFN 6ZLWFKHV ,I WKH GLDJQRVWLF OLJKW LV QRW LOOXPLQDWHG ZKHQ WKH NH\ VZLWFK LV LQ WKH 21 SRVLWLRQ WKLV LQGLFDWHV WKDW WKH HOHFWURQLF FRQWUROOHU LV QRW RSHUDWLQJ 3RVVLEOH FDXVHV DUH /RRSEDFN LV QRW FRQQHFWHG 7KH OLJKW LV EXUQHG RXW )XVHV DUH EORZQ 1RW IXQFWLRQLQJ FRUUHFWO\ 7R YHULI\ LQWHUORFN VZLWFK IXQFWLRQ 3DUN PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV V
23(5$7,1* ,16758&7,216 ,I VZLWFK LV FORVHG DQG DSSURSULDWH /(' GRHV QRW WXUQ RQ FKHFN DOO ZLULQJ DQG FRQQHFWLRQV WR VZLWFK DQG RU FKHFN VZLWFKHV ZLWK DQ RKP PHWHU 5HSODFH DQ\ GHIHFWLYH VZLWFKHV DQG UHSDLU DQ\ GHIHFWLYH ZLULQJ 7KH 'LDJQRVWLF $&( DOVR KDV WKH DELOLW\ WR GHWHFW ZKLFK RXWSXW VROHQRLGV RU UHOD\V DUH WXUQHG RQ 7KLV LV D TXLFN ZD\ WR GHWHUPLQH LI D PDFKLQH PDOIXQFWLRQ LV HOHFWULFDO RU K\GUDXOLF 7R YHULI\ RXWSXW IXQFWLRQ 3DUN PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV VWRS WKH
23(5$7,1* ,16758&7,216 :DUQLQJ 6\VWHP ,I D ZDUQLQJ OLJKW FRPHV RQ GXULQJ RSHUDWLRQ VWRS WKH PDFKLQH LPPHGLDWHO\ DQG FRUUHFW WKH SUREOHP EHIRUH FRQWLQXLQJ RSHUDWLRQ 6HULRXV GDPDJH FRXOG RFFXU LI WKH PDFKLQH LV RSHUDWHG ZLWK D PDOIXQFWLRQ 0RZLQJ 6WDUW HQJLQH DQG PRYH WKURWWOH WR )$67 VR HQJLQH LV UXQQLQJ DW PD[LPXP VSHHG 0RYH WKH (1$%/( ',6$%/( VZLWFK WR (1$%/( DQG XVH WKH /2:(5 02: 5$,6( OHYHU WR FRQWURO WKH FXWWLQJ XQLWV IURQW FXWWLQJ XQLWV DUH WLPHG WR ORZHU EHIRUH WKH UHDU FXWWLQJ XQLW
.(< 6 (5 0 7, F VH 7 /2*,& *5,' 23(5$7,1* ,16758&7,216 W DH KHU 3 6 W U DW 6 6 6 6 6 6 6 6 6 WO $ G O R + 57 ( 67 837 8 2 $ GHYO RY Q, U H P L 7 7 F VH 7 F VH 7 \ H .
/8%5,&$7,21 &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG *5($6,1* %($5,1*6 $1' %86+,1*6 )LJ 7KH PDFKLQH KDV JUHDVH ILWWLQJV WKDW PXVW EH OXEULFDWHG UHJXODUO\ ZLWK 1R *HQHUDO 3XUSRVH /LWKLXP %DVH *UHDVH ,I PDFKLQH LV RSHUDWHG XQGHU QRUPDO FRQGLWLRQV OXEULFDWH DOO EHDULQJV DQG EXVKLQJV DIWHU HYHU\ KRXUV RI RSHUDWLRQ /XEULFDWH EHDULQJV DQG EXVKLQJV LPPHGLDWHO\ DIWHU HYHU\ ZDVKLQJ UHJDUGOHVV RI
/8%5,&$7,21 )LJXUH )LJXUH 6(59,&( ,17(59$/ &+$57
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
$,5 &/($1(5 0$,17(1$1&( *HQWO\ VOLGH ILOWHU HOHPHQW RXW RI DLU FOHDQHU ERG\ WR UHGXFH WKH DPRXQW RI GXVW GLVORGJHG $YRLG NQRFNLQJ ILOWHU DJDLQVW DLU FOHDQHU ERG\ &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG *(1(5$/ $,5 &/($1(5 0$,17(1$1&( &KHFN DLU FOHDQHU ERG\ IRU GDPDJH ZKLFK FRXOG SRVVLEO\ FDXVH DQ DLU OHDN 5HSODFH D GDPDJHG DLU FOHDQHU ERG\ 6HUYLFH WKH DLU FOHDQHU ILOWHUV ZKHQ HYHU DLU FO
(1*,1( 0$,17(1$1&( )XHO /LQHV DQG &RQQHFWLRQV &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG (1*,1( 2,/ $1' ),/7(5 )LJ &KDQJH RLO DQG ILOWHU LQLWLDOO\ DIWHU WKH ILUVW KRXUV RI RSHUDWLRQ WKHUHDIWHU FKDQJH RLO HYHU\ KRXUV DQG ILOWHU HYHU\ KRXUV 5HPRYH GUDLQ SOXJ DQG OHW RLO IORZ LQWR GUDLQ SDQ :KHQ RLO VWRSV LQVWDOO GUDLQ SOXJ &KHFN OLQHV DQG FRQQHFWLRQV HYHU\ KRXUV RU \HDUO\ ZKLFK
(1*,1( 0$,17(1$1&( 7LJKWHQ SLSH FRQQHFWRU VHFXUHO\ 5HSHDW VWHSV RQ UHPDLQLQJ QR]]OHV (1*,1( &22/,1* 6<67(0 )LJ 5HPRYLQJ 'HEULV 5HPRYH GHEULV IURP VFUHHQ RLO FRROHUV DQG UDGLDWRU GDLO\ FOHDQ PRUH IUHTXHQWO\ LQ GLUW\ FRQGLWLRQV $ 7XUQ HQJLQH RII DQG UDLVH KRRG &OHDQ HQJLQH DUHD WKRURXJKO\ RI DOO GHEULV % /RRVHQ FODPSV DQG SXOO XS RQ VFUHHQ WR VOLGH LW RXW RI PRXQWLQJ WUDFNV &OHDQ VFUHHQ WKRURXJKO\ ZLWK ZDWHU RU FRPSUHVVHG DLU )LJXUH )XHO ILOWHU DVVHPEO\ )
(1*,1( 0$,17(1$1&( &KHFN WHQVLRQ E\ GHSUHVVLQJ EHOW PLGZD\ EHWZHHQ DOWHUQDWRU DQG FUDQNVKDIW SXOOH\V ZLWK OE RI IRUFH %HOW VKRXOG GHIOHFW LQ ,I GHIOHFWLRQ LV LQFRUUHFW SURFHHG WR VWHS ,I FRUUHFW FRQWLQXH RSHUDWLRQ 7LJKWHQ ORFN QXW WR VHFXUH DGMXVWPHQW $'-867,1* 7+5277/( )LJ $SSO\ OE RI IRUFH DW HQG RI OHYHU WR VHW WKH SURSHU WHQVLRQ RQ WKH IDQ EHOW 3RVLWLRQ WKURWWOH OHYHU IRUZDUG VR LW VWRSV DJDLQVW VHDW EDVH VORW /RRVHQ WKH WKURWWOH FDEOH FRQQHFWRU
+<'5$8/,& 0$,17(1$1&( &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV VWRS WKH HQJLQH HQJDJH WKH SDUNLQJ EUDNHV DQG UHPRYH NH\ IURP LJQLWLRQ VZLWFK &OHDQ DUHD DURXQG ILOWHU PRXQWLQJ DUHD 3ODFH GUDLQ SDQ XQGHU ILOWHU DQG UHPRYH ILOWHU &+$1*,1* +<'5$8/,& )/8,' )LJ &KDQJH K\GUDXOLF IOXLG DIWHU HYHU\ RSHUDWLQJ KRXUV LQ QRUPDO FRQGLWLRQV
+<'5$8/,& 0$,17(1$1&( :$51,1* (QJLQH PXVW EH UXQQLQJ VR ILQDO DGMXVWPHQW RI WKH WUDFWLRQ DGMXVWPHQW FDP FDQ EH SHU IRUPHG 7R JXDUG DJDLQVW SRVVLEOH SHUVRQDO LQMXU\ NHHS KDQGV IHHW IDFH DQG RWKHU SDUWV RI WKH ERG\ DZD\ IURP WKH PXIIOHU RWKHU KRW SDUWV RI WKH HQJLQH DQG RWKHU URWDWLQJ SDUWV 6WDUW HQJLQH DQG URWDWH FDP KH[ LQ HLWKHU GLUHFWLRQ XQWLO ZKHHO FHDVHV URWDWLRQ )LJXUH 7HVW 3RUW 7HVW 3RUW 7HVW 3RUW 1RW 6KRZQ 7HVW 3RUW LV XVHG WR DVVLVW LQ WURXEOH VKRRWLQJ
+<'5$8/,& 0$,17(1$1&( &+(&.,1* $1' $'-867,1* 75$&7,21 /,1.$*( )LJ 'XH WR QRUPDO ZHDU LQ WKH FRQWURO OLQNDJH DQG K\GURVWDWLF WUDQVPLVVLRQ DQ LQFUHDVHG DPRXQW RI IRUFH PD\ EH UHTXLUHG WR UHWXUQ WKH WUDQVPLVVLRQV WR QHXWUDO 3HULRGLFDOO\ FKHFN WKH PDFKLQH 7R $GMXVW 7UDFWLRQ /LQNDJH 3DUN PDFKLQH RQ D OHYHO VXUIDFH ORZHU FXWWLQJ XQLWV WR WKH IORRU DQG VKXW HQJLQH RII )LJXUH 2XWVLGH IURQW FXWWLQJ XQLWV DGMXVWPHQW YDOYH &RQQHFW EUDNH SHGDOV WRJHWKHU ZLWK ORFNLQJ SLQ SXVK ERWK SHGDOV GRZ
%5$.( 0$,17(1$1&( &$87,21 FDEOH 7KHQ WLJKWHQ UHDU QXW WR PRYH FDEOH EDFNZDUG XQWLO EUDNH SHGDOV KDYH WR LQFK RI IUHH WUDYHO 7LJKWHQ IURQW QXWV DIWHU EUDNHV DUH DGMXVWHG FRUUHFWO\ %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG $'-867,1* 6(59,&( %5$.(6 )LJ $GMXVW WKH VHUYLFH EUDNHV ZKHQ WKHUH LV PRUH WKDQ LQFK RI kIUHH WUDYHOl RI WKH EUDNH SHGDO RU ZKHQ WKH EUDNHV GR QRW ZRUN HIIHFWLYHO\ )UHH WUDYHO LV W
$;/( 0$,17(1$1&( 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV VWRS WKH HQJLQH HQJDJH WKH SDUNLQJ EUDNHV DQG UHPRYH NH\ IURP LJQLWLRQ VZLWFK &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK /RZHU FXWWLQJ XQLWV WR WKH JURXQG &+$1*,1* 75$160,66,21 )/8,' )LJ &KDQJH WKH WUDQVPLVVLRQ IOXLG DIWHU HYHU\ KRXUV RI RSHUDWLRQ LQ QRUPDO FRQGLWLRQV 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV VWRS WKH HQJLQH
$;/( 0$,17(1$1&( 5HPRYH WKH FRWWHU SLQ DQG VORWWHG KH[ QXW IURP HLWKHU WLH URG EDOO MRLQW 8VH D EDOO MRLQW IRUN DQG UHPRYH WKH WLH URG EDOO MRLQW IURP WKH D[OH FDVH VXSSRUW )LJXUH )LJXUH 7LH 5RG 7LH 5RGV /RRVHQ FODPSV RQ ERWK HQGV RI WLH URG /RRVHQ WKH MDP QXWV RQ ERWK WLH URGV $GMXVW ERWK WLH URGV HTXDOO\ XQWLO FHQWHU WR FHQWHU GLVWDQFH DW IURQW RI UHDU ZKHHOV LV LQ PP OHVV WKDQ DW WKH UHDU RI WKH ZKHHOV :KHQ WRH LQ LV FRUUHFW WLJKWHQ MDP QXW
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
&877,1* 81,7 0$,17(1$1&( %$&./$33,1* 6HW ERWK UHHO VSHHG FRQWUROV WR SRVLWLRQ 6HOHFW HLWKHU IURQW RU UHDU RQ EDFNODS VZLWFK WR GHWHUPLQH ZKLFK XQLWV WR EDFNODS '$1*(5 5((/6 0$< 67$// :+,/( %$&./$33,1* '2 127 $77(037 72 5(67$57 5((/6 %< +$1' 25 728&+ 5((/6 :+,/( %$&.
(/(&75,&$/ 6&+(0$7,& 5(/$< /, )8 1. 6 ,% l /( * l *5((1 %/$&. 2 5$ 1* ( 5( ' % 5( 67 /$ $5 <7 %/ $& . l3 l 25$1*( 25$1*( * /2 : 3/ 8* 6 )8 6, %/ ( /, 1. 2 87 38 7 % & %/ $& . 38 // % ), (/ ' 5 l+ l 62 58 /( 1 12 ( 7 ', 5 2 5$ 1* ( %/ $& . 25$1*( &2 : 1 $5 1( 1,1 &7 * 2 /, 5* +7 6 5( ' $ 5(' * 5( (1 5 (' % .(< 6:,7&+ 3,1. %/$&. $ $ $ $ $ $ /, ,1 )$ *' 8 +7 ,& / 7 7$2 5 2 5$ 1* ( 67$57 5(' %/8( 5(' %/$&.
+<'5$8/,& 6&+(0$7,& / 7 $ ) , $ 7 +1 6 ( 5 7 ( 8) 3 ) 7 , 8' 5 ( / 2 2 & / , 2 22 7 5 ) 5 ) ) 5 l ( l 09 '( 15 $ 5 7 ,1 6 1 8 6 l % l 7 5 2 3 ( * $ * ( 5 8 6 6 ( 5 3 ( * 5 $ + & l % l l ' l l $ l l ( l 7 5 2 3 ( * $ * ( 5 8 6 6 ( 5 3 3 ( 2 2 ,' / 6 ' '( 56 $ 2 :/ 5& 2) ) 2 l & l l $ l 7 5 2 3 ( * $ * ( 5 8 6 6 ( 5 3 + 6 ( 0 ; 7 $ ) $ 0 +0 6 3 7 5 8 3 ,1 0 ( 7 6 < 6 , 6 3 , 6 3 ( 5 8 ) 6 6 ,( ( / 5 ( 3 5 ( 0* ( 5 7 $ 6 < + 6 & l l $ %
0$,17(1$1&( 6&+('8/( 0LQLPXP 5HFRPPHQGHG 0DLQWHQDQFH ,QWHUYDOV 0DLQWHQDQFH 3URFHGXUH &KHFN %DWWHU\ )OXLG /HYHO &KHFN %DWWHU\ &DEOH &RQQHFWLRQV /XEULFDWH $OO *UHDVH )LWWLQJV &KDQJH (QJLQH 2LO ,QVSHFW $LU )LOWHU 'XVW &XS %DIIOH 0DLQWHQDQFH ,QWHUYDO (YHU\ KUV (YHU\ KUV (YHU\ KUV 6HUYLFH (YHU\ KUV (YHU\ KUV a &KHFN )DQ DQG $OWHUQDWRU %HOW 7HQVLRQ Â 5HSODFH (QJLQH 2LO )LOWHU ,QVSHFW &RROLQJ 6\VWHP +RVHV 'UDLQ 0RLVWXUH IURP +\GUDXOLF 7DQN 'UDLQ 0RLVWXUH IURP )XHO 7DQN &KHFN 5HHO %HDULQJ 3UH
35(3$5$7,21 )25 6($621$/ 6725$*( 7UDFWLRQ 8QLW (QJLQH 7KRURXJKO\ FOHDQ WKH WUDFWLRQ XQLW FXWWLQJ XQLWV DQG WKH HQJLQH 'UDLQ WKH HQJLQH RLO IURP WKH RLO SDQ DQG UHSODFH WKH GUDLQ SOXJ &KHFN WKH WLUH SUHVVXUH ,QIODWH DOO WUDFWLRQ XQLW WLUHV WR SVL 5HPRYH DQG GLVFDUG WKH RLO ILOWHU ,QVWDOO D QHZ RLO ILOWHU &KHFN DOO IDVWHQHUV IRU ORRVHQHVV WLJKWHQ DV QHFHVVDU\ *UHDVH RU RLO DOO JUHDVH ILWWLQJV DQG SLYRW SRLQWV :LSH XS DQ\ H[FHVV OXEULFDQW /LJKWO\ VDQG DQG XVH WRXFK
,'(17,),&$7,21 $1' 25'(5,1* 02'(/ $1' 6(5,$/ 180%(5 7KH PRGHO DQG VHULDO QXPEHU LV RQ D SODWH WKDW LV PRXQWHG RQ WKH OHIW VLGH RI IRRWUHVW 8VH PRGHO DQG VHULDO QXPEHU LQ DOO FRUUHVSRQGHQFH DQG ZKHQ RUGHULQJ SDUWV 7R RUGHU UHSODFHPHQW SDUWV IURP DQ DXWKRUL]HG 7252 'LVWULEXWRU VXSSO\ WKH IROORZLQJ LQIRUPDWLRQ 0RGHO DQG VHULDO QXPEHUV RI WKH PDFKLQH 3DUW QXPEHU GHVFULSWLRQ DQG TXDQWLW\ RI SDUWV GHVLUHG 1RWH 'R QRW RUGHU E\ UHIHUHQFH QXPEHU LI D SDUWV FDWDORJ LV EHLQJ XVHG XVH WKH SDUW QXPEHU
7KH 7RUR *HQHUDO &RPPHUFLDO 3URGXFWV :DUUDQW\ $ 7ZR