)250 12 5HY % 02'(/ 12 02'(/ 12 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 WKH LQVWUXFWLRQ PD\ UHVXOW LQ SHUVRQDO LQMXU\ 7KH 5((/0$67(5
)25(:25' 7KLV RSHUDWRU V PDQXDO KDV LQVWUXFWLRQV RQ VDIHW\ SURSHU VHW XS DQG RSHUDWLRQ DGMXVWPHQWV DQG PDLQWHQDQFH 7KHUHIRUH DQ\RQH LQYROYHG ZLWK WKH SURGXFW LQFOXGLQJ WKH RSHUDWRU VKRXOG UHDG DQG XQGHUVWDQG WKLV PDQXDO 0DMRU VHFWLRQV DUH 6DIHW\ ,QVWUXFWLRQV .QRZ
7$%/( 2) &217(176 3DJH 6$)(7< ,16758&7,216 6$)(7< ,16758&7,216 '(&$/6 63(&,),&$7,216 /226( 3$576 &+$57 6(7 83 ,16758&7,216 &RQQHFW %DWWHU\ 0RXQW +RRG /DWFK 5HSODFH )ORRU 3DQHO )DVWHQHU
6$)(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 $OWKRXJK KD]DUG FRQWURO DQG DFFLGHQW SUHYHQWLRQ SDUWLDOO\ DUH GHSHQGHQW XSRQ WKH GHVLJQ DQG FRQILJXUDWLRQ RI WKH PDFKLQH WKHVH IDFWRUV DUH DOVR GHSHQGHQW XSRQ WKH DZDUHQHVV FRQFHUQ DQG SURSHU WUDLQLQJ RI WKH SHUVRQQHO LQYROYHG LQ WKH RSHUDWLRQ WUDQVSRUW PDLQWHQDQFH DQG VWRUDJH RI WKH PDFKLQH ,PSURSHU XVH RU PDLQWHQDQFH RI WKH PDFK
6$)(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 81'(5 )/225 3/$7( 3DUW 1R ,16,'( &21752/ %2; 3DUW 1R 81'(5 6($7 3/$7( 3DUW 1R 21 81'(56,'( 2) 6($7 3/$7( 3DUW 1R 21 )5$0( 81'(5 6($7 3DUW 1R ,16,'( &21752/ %2; 3DUW 1R 21 %27720 2) 722/ %2; &29(5 3DUW 1R
6$)(7< $1' ,16758&7,21 '(&$/6 21 )5$0( 3DUW 1R 21 72:(5 3DUW 1R 21 )(1'(56 3DUW 1R 21 5($5 $;/( 3DUW 1R 0RGHOV RQO\ 21 )$1 6+528' 3DUW 1R 21 52// %$5 522) 3DUW 1R 0RGHO RQO\ 21 $,5 &/($1(5 3DUW 1R 21 5($5 /,)7 $506 3DUW 1R
6$)(7< $1' ,16758&7,21 '(&$/6 21 *$8*( %$5 3DUW 1R 21 &21752/ 3$1(/ 3DUW 1R 21 )5217 5,*+7 /,)7 $50 3DUW 1R 21 5,*+7 )(1'(5 3DUW 1R 21 722/ %2; &29(5 3DUW 1R 21 )5217 :+((/6 3DUW 1R 21 /()7 )(1'(5 3DUW 1R 21 723 2) 67((5,1* 72:(5 3DUW 1R
63(&,),&$7,216 (QJLQH .XERWD WKUHH F\OLQGHU F\FOH OLTXLG FRROHG WXUER GLHVHO HQJLQH KS # USP *RYHUQHG WR USP FX LQ FF GLVSODFHPHQW +HDY\ GXW\ VWDJH UHPRWH PRXQWHG DLU FOHDQHU +LJK ZDWHU WHPSHUDWXUH VKXWGRZQ VZLWFK 0DLQ )UDPH $OO ZHOGHG IRUPHG VWHHO IUDPH LQFOXGHV WKUHH WLH GRZQ ORRSV &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 5HPRYHDEOH RLO FRROHU UDGLDWR
63(&,),&$7,216 'LDJQRVWLF $&( 7RRO 3DUW 1R /RZ +HLJKW RI &XW %HGNQLIH 3DUW 1R :HLJKW .LW 3DUW 1R *DXJH %DU $VVHPEO\a 3DUW 1R +LJK 7RUTXH 5HHO 0RWRU 3DUW 1R $QJOH ,QGLFDWRU 3DUW 1R :LHKOH 5ROOHU 6FUDSHU 3DUW 1R %DFNODSSLQJ %UXVK $VVHPEO\ 3DUW 1R 725 %DVNHW 7LSSHU .LW 3DUW 1R %HGNQLIH 6FUHZ 7RRO 3DUW 1R 725 5HDU 5ROOHU 6FUDSHU .LW 3DUW 1R &XWWLQJ 8QLW 7RRO .
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 &RDW ERWK EDWWHU\ FRQQHFWLRQV ZLWK *UDIR ; VNLQ RYHU JUHDVH 7RUR 3DUW 1R SHWUROHXP MHOO\ RU OLJKW JUHDVH WR SUHYHQW FRUURVLRQ DQG VOLGH UXEEHU ERRW RYHU SRVLWLYH WHUPLQDO &ORVH KRRG 02817 +22' /$7&+ )LJ 5HPRYH SOXJ IURP KROH LQ OHIW IURQW FRUQHU RI KRRG )LJ 2SHQ KRRG 2SHQ KRRG (QVXUH EDWWHU\ LV VHFXUH
6(7 83 ,16758&7,216 5(3/$&( )/225 3$1(/ )$67(1(5 5HTXLUHG IRU &( )LJ 0RWRU :HLJKW 5HPRYH IDVWHQHU VHFXULQJ OHIW IURQW FRUQHU RI IORRU SDQHO WR IUDPH )LJ :HLJKW 0RWRU :HLJKW 0RWRU :HLJKW 0RWRU :HLJKW 0RWRU )LJXUH 1RWH &RXQWHU ZHLJKW PRXQWLQJ FDSVFUHZV DUH VKLSSHG LQVWDOOHG RQ WKH ULJKW EHDULQJ KRXVLQJ RI WKH FXWWLQJ XQLWV 7KH FDSVFUHZV RQ OHIW EHDULQJ KRXVLQJ DUH WR EH XVHG IRU VHFXULQJ WKH K\GUDXOLF PRWRU 5HPRYH FXWWLQJ XQLWV IURP FDUWRQV $VVHPEOH DQG DGMX
6(7 83 ,16758&7,216 7KRURXJKO\ JUHDVH WKH FXWWLQJ XQLW UHHO EHDULQJV SULRU WR LQVWDOODWLRQ RQ WKH WUDFWLRQ XQLW *UHDVH VKRXOG EH HYLGHQW DW WKH LQERDUG UHHO VHDOV 5HIHU WR &XWWLQJ 8QLW 2SHUDWRU V 0DQXDO IRU JUHDVLQJ SURFHGXUH ,QVHUW D WKUXVW ZDVKHU RQWR KRUL]RQWDO VKDIW RI SLYRW NQXFNOH DV VKRZQ LQ ILJXUH )LJXUH /LIW FKDLQV 7XUI FRPSHQVDWLRQ PRXQWLQJ EUDFNHW &XWWLQJ XQLW VWDELOL]HU HDU 0RXQW WKH PRWRU WR WKH GULYH HQG RI WKH FXWWLQJ XQLW DQG VHFXUH ZLWK WZR FDSVFUHZ
6(7 83 ,16758&7,216 7LJKWHQ ORFN QXW RQ UHDU RI VSULQJ URG XQWLO WKH JDS & EHWZHHQ UHDU RI VSULQJ EUDFNHW DQG IURQW RI ZDVKHU LV PP )LJ 7LJKWHQ KH[ QXWV RQ IURQW HQG RI VSULQJ URG XQWLO WKH FRPSUHVVHG OHQJWK $ RI VSULQJ LV l PP )LJ 127( :KHQ FXWWLQJ URXJK RU XQGXODWLQJ WXUI LQFUHDVH FRPSUHVVHG OHQJWK $ RI VSULQJ WR PP DQG JDS & EHWZHHQ UHDU RI VSULQJ EUDFNHW DQG IURQW RI ZDVKHU WR PP )LJ 127( $V FRPSUHVVHG VSULQJ OHQJWK $ '(&5($6(6 ZHLJKW WUDQVIH
%()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 &KHFN OHYHO RI FRRODQW LQ H[SDQVLRQ WDQN &RRODQW OHYHO VKRXOG EH EHWZHHQ WKH PDUNV RQ VLGH RI WDQN &+(&. (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
%()25( 23(5$7,1* &+(&. 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 IRRW UHVW 5HPRYH IORRU SDQHO 8QVFUHZ GLSVWLFN FDS IURP WKH WUDQ
%()25( 23(5$7,1* ,W LV UHFRPPHQGHG WKDW \RX VHOHFW ZKLFK VHW RI FRQGLWLRQV HLWKHU DPELHQW WHPSHUDWXUHV DERYH ) RU EHORZ ) DQG XVH WKDW W\SH RI IOXLG WKURXJKRXW WKH \HDU UDWKHU WKDQ FKDQJLQJ IOXLG W\SHV VHYHUDO WLPHV SHU \HDU 5HPRYH HDFK HQG FKHFN SOXJ DQG DGG HQRXJK OXEULFDQW WR EULQJ WKH OHYHO XS WR WKH ERWWRP RI HDFK FKHFN SOXJ KROH ,QVWDOO DOO SOXJV *URXS +\GUDXOLF )OXLG %LRGHJUDGDEOH ,62 9* DQWL ZHDU K\GUDXOLF IOXLG 0RELO ($/ + 1RWH 7KLV ELRGHJUDGDEOH K\GUDXOL
.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 )LJXUH 3DUNLQJ %UDNH /DWFK )LJ $ NQRE RQ WKH OHIW
.12: <285 &21752/6 7KURWWOH &RQWURO )LJ 0RYH FRQWURO IRUZDUG WR LQFUHDVH HQJLQH VSHHG UHDUZDUG WR GHFUHDVH VSHHG (QDEOH 'LVDEOH 6ZLWFK )LJ 8VHG LQ FRQMXQFWLRQ ZLWK ORZHU PRZ UDLVH FRQWURO OHYHU -R\VWLFN WR RSHUDWH UHHOV 5HHOV FDQ EH UDLVHG EXW QRW ORZHUHG ZKHQ LQ PLG SRVLWLRQ %DFNODS .
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 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 7R VHW UHHO VSHHG URWDWH NQREV )LJ XQWLO LQGLFDWRU DUURZV DUH LQ OLQH ZLWK WKH QXPEHU GHVLJQDWLQJ GHVLUHG VHWWLQJ 6(77,1*
23(5$7,1* ,16758&7,216 )LJXUH )LJXUH &HQWHU RI )URQW )UDPH 0HPEHU &RXQWHUEDODQFH 6SULQJ 6SULQJ %ROW $GMXVWPHQW /RFDWLRQV 1RWH /RFN ERWK EUDNH SHGDOV WRJHWKHU EHIRUH WRZLQJ 5HPRYH WKH FDSVFUHZ DQG ORFNQXW ZKLOH UHOLHYLQJ VSULQJ WHQVLRQ 0RYH VSULQJ EROW WR GHVLUHG ORFDWLRQ DQG LQVWDOO FDSVFUHZ DQG ORFNQXW ZKLOH UHOLHYLQJ VSULQJ WHQVLRQ 72:,1* 75$&7,21 81,7 )LJ ,I LW EHFRPHV QHFHVVDU\ WR WRZ WKH PDFKLQH WRZ LW IRUZDUG RQO\ IRU D VKRUW GLVWDQFH DQG DW D V
(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 1R EDWWHU\ SRZHU 7R YHULI\ LQWHUORFN VZLWFK IXQFWLRQ 3DUN PDFKLQH RQ D OHYHO VXUIDFH ORZHU WKH FXWWLQJ XQLWV VWRS WKH H
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 XQLWV
/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,&$7,21 )LJXUH )LJXUH )LJXUH 6(59,&( ,17(59$/ &+$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&( (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 PRXQWLQJ KHDG )LOWHU ERZO )LOWHU 2 ULQJ 5HPRYH WKH ILOWHU ERZO DQG FOHDQ PR
(1*,1( 0$,17(1$1&( 6(59,&,1* (1*,1( %(/76 &KHFN FRQGLWLRQ DQG WHQVLRQ RI DOO EHOWV DIWHU ILUVW GD\ RI RSHUDWLRQ DQG HYHU\ RSHUDWLQJ KRXUV WKHUHDIWHU $OWHUQDWRU %HOW )LJ 7R &KHFN 7HQVLRQ 2SHQ KRRG &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 )LJXUH &RROLQJ )DQ %HOW 7HQVLRQHU /HYHU $'-867,1* 7+5277/( )LJ
+<'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 )LJXUH 6WDUW HQJLQH DQG URWDWH FDP KH[ LQ HLWKHU GLUHFWLRQ XQWLO ZKHHO FHDVHV URWDWLRQ 7HVW 3RUW LV XVHG WR DVVLVW LQ WURXEOH VKRRWLQJ WKH K\GUDXOLF FLUFXLW IRU WKH UHDU FXWWLQJ XQLWV 6WR
+<'5$8/,& 0$,17(1$1&( 7R &KHFN 7UDFWLRQ /LQNDJH 2Q D ODUJH IODW RSHQ DUHD GULYH WKH PDFKLQH DW IXOO WKURWWOH DQG IXOO WUDFWLRQ VSHHG 5HPRYH IRRW IURP WUDFWLRQ SHGDO DQG PHDVXUH WKH GLVWDQFH UHTXLUHG IRU WKH PDFKLQH WR FRPH WR D VWRS ,I WKH GLVWDQFH UHTXLUHG WR VWRS LV JUHDWHU WKDQ IHHW PHWHUV DQ DGMXVWPHQW WR WKH WUDFWLRQ OLQNDJH LV UHTXLUHG 3URFHHG WR QH[W VWHS 7R $GMXVW 7UDFWLRQ /LQNDJH 3DUN PDFKLQH RQ D OHYHO VXUIDFH ORZHU FXWWLQJ XQLWV WR WKH IORRU DQG VKXW HQJLQH RII )LJ
+<'5$8/,& 6&+(0$7,& 7 5 $ + & ( 5 8 6 6 ( 5 3 ' 1 $ ( 7 $ 5 : 2 / ) 7 1 ( 0 ( & $ / 3 6 , ' ( 7 $ 5 : 2 / ) ( 5 8 6 6 ( 5 3 7 1 ( 0 ( & $ / 3 ,6 ' 0 3 / 0 3 * 6 5 $ % LQ V E O 5 5 5 5 5 5 5 5 5 Y H U P F Y H
%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&( 5HPRYH OLQH IURP WUDQVPLVVLRQ DOORZLQJ IOXLG WR GUDLQ LQWR GUDLQ SDQ 5HLQVWDOO VXFWLRQ OLQH WR WUDQVPLVVLRQ $IWHU RLO LV GUDLQHG DSSO\ WKUHDG ORFNLQJ FRPSRXQG RQ GUDLQ SOXJ WKUHDGV DQG UHLQVWDOO LQ D[OH )LOO ZLWK RLO UHIHU WR &KHFN 7UDQVPLVVLRQ )OXLG %HIRUH VWDUWLQJ WKH HQJLQH DIWHU FKDQJLQJ WUDQVPLVVLRQ IOXLG GLVFRQQHFW WKH UXQ (75 VROHQRLG RQ WKH HQJLQH DQG FUDQN WKH HQJLQH VHYHUDO WLPHV IRU VHFRQGV 7KLV DOORZV WKH FKDUJH SXPS WR ILOO WKH WUDQVPLVVLRQ ZLWK IOX
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
(/(&75,&$/ 6&+(0$7,& . &$/ % '1 * 6 5 1$ .& .& & /$ /$ % % / - . . / 3 '1 (7 , +: ) 8 :6 5$( 5 3$/ . &$ % 25 ( 8/ % ) * 1$ & .& /$% +&7 , .1 , 3 1(( 5 * ( 8/ % ( *1$ 5 2 6 ) + * +&7 , :6 :2 0 5( :2/ (7 , +: .
&877,1* 81,7 0$,17(1$1&( %$&./$33,1* 6WDUW HQJLQH DQG UXQ DW LGOH VSHHG 327(17,$/ +$=$5' 5HHOV PD\ VWDOO ZKHQ EDFNODSSLQJ :+$7 &$1 +$33(1 5HHOV PD\ UHVWDUW &RQWDFW ZLWK URWDWLQJ UHHOV ZLOO FDXVH VHULRXV LQMXU\ +2: 72 $92,' 7+( +$=$5' 'R QRW DWWHPSW WR UHVWDUW UHHOV E\ KDQG RU WRXFK UHHOV ZKLOH EDFNODSSLQJ 6WRS HQJLQH DQG WXUQ KHLJKW RI FXW NQRE RQH SRVLWLRQ WRZDUG ´ µ 1RWH :KHQ EDFNODSSLQJ WKH IURQW XQLWV DOO RSHUDWH WRJHWKHU DQG WKH UHDU XQLWV RSHUDWH WRJHWKHU 3RVLWLRQ WKH PDFKLQH RQ D O
&877,1* 81,7 0$,17(1$1&( :KHQ WKH FXWWLJ XQLW LV DGHTXDWHO\ VKDUSHQHG D EXUU ZLOO IRUP RQ WKH IURQW HGJH RI WKH NQLIH 8VLQJ D ILOH FDUHIXOO\ UHPRYH WKH EXUU ZLWKRXW GXOOLQJ WKH FXWWLQJ HGJH )LJ 5HSHDW SURFHGXUH IRU DOO FXWWLQJ XQLWV WR EH EDFNODSSHG :KHQ EDFNODS RSHUDWLRQ KDV EHHQ FRPSOHWHG UHWXUQ WKH EDFNODS NQREV WR WKH IRUZDUG IORZ SRVLWLRQ ORZHU VHDW DQG ZDVK DOO ODSSLQJ FRPSRXQG RII FXWWLQJ XQLWV $GMXVW FXWWLQJ XQLW UHHO WR EHGNQLIH DV QHHGHG 1RWH ,I WKH EDFNODS NQREV DUH QRW UH
0$,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 DQG %DIIOH 0DLQWHQDQFH ,QWHUYDO (YHU\ KUV (YHU\ KUV (YHU\ KUV 6HUYLFH (YHU\ KUV (YHU\ KUV a &KHFN )DQ DQG $OWHUQDWRU %HOW 7HQVLRQ c 5HSODFH (QJLQH 2LO )LOWHU ,QVSHFW &RROLQJ 6\VWHP +RVHV 'UDLQ 0RLVWXUH +\G 7DQN 'UDLQ 0RLVWXUH )XHO 7DQN &KHFN 5HHO %HDULQJ 3UHORDG a 7
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 0RGHO DQG VHULDO QXPEHUV RI WKH PDFKLQH 7KH PRGHO DQG VHULDO QXPEHU LV RQ D SODWH WKDW LV PRXQWHG RQ WKH OHIW VLGH RI IUDPH DERYH IRRWUHVW 8VH PRGHO DQG VHULDO QXPEHU LQ DOO FRUUHVSRQGHQFH DQG ZKHQ RUGHULQJ SDUWV 3DUW QXPEHU GHVFULSWLRQ DQG TXDQWLW\ RI SDUWV GHVLUHG 7R RUGHU UHSODFHPHQW SDUWV IURP DQ DXWKRUL]HG 7252 'LVWULEXWRU VXSSO\ WKH IROORZLQJ LQIRUPDWLRQ 1RWH 'R QRW RUGHU E\ UHIHUHQFH QXPEHU LI D SDUWV FDWDORJ LV EHLQJ XVHG XVH WK
127(6
127(6
7KH 7RUR *HQHUDO &RPPHUFLDO 3URGXFWV :DUUDQW\ $ 7ZR