)250 12 0RGHO 1R 8S 2SHUDWRU V 0DQXDO *UHHQVPDVWHUX 7UDFWLRQ 8QLW 7R DVVXUH PD[LPXP VDIHW\ RSWLPXP SHUIRUPDQFH DQG WR JDLQ NQRZOHGJH RI WKH SURGXFW LW LV HVVHQWLDO WKDW \RX RU DQ\ RWKHU RSHUDWRU RI WKH PDFKLQH UHDG DQG XQGHUVWDQG WKH FRQWHQWV RI WKLV PDQXDO EHIRUH WKH HQJLQH LV HYHU VWDUWHG 3D\ SDUWLFXODU DWWHQWLRQ WR WKH 6$)(7< ,16758&7,216 KLJKOLJKWHG E\ WKLV V\PERO 7KH *5((160$67(5 FRQIRUPV WR WKH $PHULFDQ 1DWLRQDO 6WDQGDUGV ,QVWLWXWH V VDIHW\ VWDQGDUG
)25(:25' 7KH *5((160$67(5 ZDV GHYHORSHG WR SURYLGH DQ HIILFLHQW WURXEOH IUHH DQG WLPH VDYLQJ PHWKRG RI PRZLQJ KLJK TXDOLW\ WXUI RQ WKH ILQHVW JUHHQV 7KH ODWHVW FRQFHSWV LQ HQJLQHHULQJ GHVLJQ DQG VDIHW\ KDYH EHHQ LQFRUSRUDWHG LQWR WKLV PDFKLQH DORQJ ZLWK WKH KLJKHVW TXDOLW\ SDUWV DQG ZRUNPDQVKLS ([FHOOHQW VHUYLFH ZLOO EH GHULYHG LI SURSHU RSHUDWLRQ DQG PDLQWHQDQFH SUDFWLFHV DUH IROORZHG :H NQRZ VLQFH \RX KDYH SXUFKDVHG WKH LQGXVWU\ OHDGHU LQ PRZLQJ H[FHOOHQFH WKDW IXWXUH SHUIRUPDQFH DQG GHSHQGD
7$%/( 2) &217(176 3DJH 3DJH 6$)(7< ,16758&7,216 6$)(7< $1' ,16758&7,21 '(&$/6 /226( 3$576 63(&,),&$7,216 6(7 83 ,16758&7,216 5HPRYH $FWLYDWH DQG &KDUJH %DWWHU\ ,QVWDOO 5HDU :KHHO $VVHPEO\ 0RXQW 6HDW
6$)(7< ,16758&7,216 7KH VDIHW\ DOHUW V\PERO PHDQV &$87,21 :$51,1* RU '$1 kSHUVRQDO VDIHW\ *(5 LQVWUXFWLRQl 5HDG DQG XQGHU VWDQG WKH LQVWUXFWLRQ EHFDXVH LW KDV WR GR ZLWK VDIHW\ )DLOXUH WR FRPSO\ ZLWK WKH LQVWUXFWLRQ PD\ UHVXOW LQ SHUVRQDO LQMXU\ 7KH *UHHQVPDVWHU ZDV WHVWHG DQG FHUWLILHG E\ 7252 IRU FRPSOLDQFH ZLWK WKH % VSHFLILFDWLRQV RI WKH $PHULFDQ 1DWLRQDO 6WDQGDUG ,QVWLWXWH V VDIHW\ VWDQGDUGV IRU ULGLQJ PRZHUV ZKHQ OEV RI EDOODVW LV DGGHG WR UHDU ZKHHO +D]DUG FRQWURO DQG DFFL
6$)(7< ,16758&7,216 'R QRW WRXFK HQJLQH PXIIOHU RU H[KDXVW SLSH ZKLOH HQJLQH LV UXQQLQJ RU VRRQ DIWHU LW LV VWRSSHG EHFDXVH WKHVH DUHDV FRXOG EH KRW HQRXJK WR FDXVH EXUQV 6WD\ FOHDU RI WKH URWDWLQJ VFUHHQ DW VLGH RI WKH HQJLQH WR SUHYHQW GLUHFW FRQWDFW ZLWK ERG\ RU FORWKLQJ ,I D FXWWLQJ XQLW VWULNHV D VROLG REMHFW RU YLEUDWHV DEQRUPDOO\ VWRS LPPHGLDWHO\ WXUQ HQJLQH RII ZDLW IRU DOO PRWLRQ WR VWRS DQG LQVSHFW IRU GDPDJH $ GDPDJHG UHHO RU EHGNQLIH PXVW EH UHSDLUHG RU UHSODFHG EHIRUH RSHUDWL
$)(7< $1' ,16758&7,21 '(&$/6 7KH IROORZLQJ VDIHW\ DQG LQVWUXFWLRQ GHFDOV DUH LQVWDOOHG RQ WKH WUDFWLRQ XQLW ,I DQ\ EHFRPH GDPDJHG RU LOOHJLEOH UHSODFH WKHP 'HFDO SDUW QXPEHUV DUH OLVWHG EHORZ DQG LQ \RXU 3DUWV &DWDORJ 2UGHU UHSODFHPHQWV IURP \RXU $XWKRUL]HG 7RUR 'LVWULEXWRU )7 /%6 02%,/ '7( 0 21 (1*,1( 3DUW 1R 21 02: /2&.287 3DUW 1R 21 %$&.
6$)(7< $1' ,16758&7,21 '(&$/6 $%29( 3$5.,1* %5$.( /$7&+ 3('$/ 3DUW 1R %(/2: 02: $1' /,)7 3('$/6 3DUW 1R 21 %$&.
/226( 3$576 'HVFULSWLRQ 4W\ 8VH 6HDW +H[ 1XW 6HDW &RYHU 0RXQW VHDW VOLGHV DQG VHDW FRYHU WR VHDW EDVH 6WHHULQJ :KHHO 1XW &DS 6FUHZ 0RXQW VWHHULQJ ZKHHO &DSVFUHZ [ LQ ,J 1XW 6HFXUH EDWWHU\ FDEOHV WR EDWWHU\ *DXJH %DU 0DFKLQH 6FUHZ [ l OJ -DP 1XW 8VH WR VHW KHLJKW RI FXW *UDVV %DVNHW 0RXQWV WR SXOO IUDPH ,JQLWLRQ .H\V 2SHUDWRU V 0DQXDO 7UDFWLRQ 8QLW (QJLQH 0DQXDO 3DUWV &DWDORJ 5HJLVWUDWLRQ &
63(&,),&$7,216 &RQILJXUDWLRQ &RQIRUPV WR $16, % VSHFLILFDWLRQV 7ULF\FOH YHKLFOH ZLWK IURQW WZR ZKHHOV SURYLGLQJ GULYH DQG UHDU ZKHHO SURYLGLQJ VWHHULQJ 2SHUDWRU VLWV LQ FHQWHU RYHU 1R FXWWLQJ XQLW ZLWK 1R FXWWLQJ XQLWV LQ IURQW RI YHKLFOH 3RZHU F\FOH JDVROLQH HQJLQH HOHFWULF VWDUW ZLWK RXWSXW RI + 3 # 530 0D[LPXP QR ORDG JRYHUQHG HQJLQH VSHHG LV 530 7UDFWLRQ $OO K\GUDXOLF GULYH FRQVLVWLQJ RI PXOWLSOH VWDFN SXPS YDOYH DQG WZR RUELWDO JHDU PRWRUV WR GULYH IUR
6(7 83 ,16758&7,216 127( 5HPRYH VKLSSLQJ EUDFNHW DQG QXW VHFXUHG WR UHDU ZKHHO EROW 5(029( $&7,9$7( $1' &+$5*( %$77(5< 5HPRYH ZLQJ QXWV ZDVKHUV DQG EDWWHU\ FODPS DQG OLIW RXW EDWWHU\ :$51,1* (OHFWURO\WH JDVHV DUH H[SORVLYH DQG FDQ FDXVH VHULRXV LQMXU\ WR H\HV OXQJV DQG VNLQ :HDU VDIHW\ JRJJOHV DQG UXEEHU JORYHV ZKHQ ZRUNLQJ ZLWK HOHFWURO\WH RU EDWWHU\ &KDUJH WKH EDWWHU\ LQ D ZHOO YHQWLODWHG SODFH VR JDVVHV SURGXFHG ZKLOH FKDUJLQJ FDQ GLVVLSDWH 6LQFH WKH JDVHV DUH H[SORVLYH NHHS RSHQ
6(7 83 ,16758&7,216 ,QVWDOO EDWWHU\ FODPS ZDVKHUV DQG VHFXUH ZLWK ZLQJ QXWV 3ODFH WHUPLQDO FRYHU RYHU SRVLWLYH EDWWHU\ SRVW ,167$// 67((5,1* :+((/ )LJ 6OLGH VWHHULQJ ZKHHO RQWR VWHHULQJ VKDIW +RRS /LIW DUP )LJXUH 3XOO IUDPH 3XOO DUP $VVHPEOH WKH PRXQW QXWV IRU WKH UHHO GULYH PRWRU WR HDFK FXWWLQJ XQLW /HDYH DSSUR[LPDWHO\ LQ RI WKUHDGV H[SRVHG RQ HDFK PRXQW VWXG )LJ )LJXUH 6WHHULQJ :KHHO -DP 1XW &DS 0RXQWLQJ VFUHZV
6(7 83 ,16758&7,216 %H VXUH WKH EDVNHW OLSV DUH HTXLGLVWDQW IURP WKH UHHO EODGHV DOO DFURVV HDFK UHHO ,I WKH EDVNHW LV WRR FORVH WR WKH UHHO LW LV SRVVLEOH IRU WKH UHHO WR FRQWDFW WKH EDVNHW ZKHQ WKH FXWWLQJ XQLW LV UDLVHG RII WKH JURXQG 3XOO IUDPH /LIW UROOHU /LIW DUP )LJXUH -DP QXW 3XOO DUP %DOO MRLQW DGMXVW IRU FOHDUDQFH LQ FOHDUDQFH $OLJQ WKH VRFNHWV LQ WKH EDOO MRLQWV VR WKH RSHQ VLGH RI WKH VRFNHW LV FHQWHUHG WRZDUGV WKH EDOO VWXG
6(7 83 ,16758&7,216 $VVHPEOH WKH PRXQWLQJ FDSVFUHZV IRU WKH UHHO GULYH PRWRU WR HDFK FXWWLQJ XQLW /HDYH DSSUR[LPDWHO\ LQ RI WKUHDGV H[SRVHG RQ HDFK PRXQWLQJ FDSVFUHZ )LJ 1RWH 5HWDLQ WKH SURWHFWLYH FRYHUV IRU WKH FXWWLQJ XQLWV ,QVWDOO WKHP ZKHQHYHU WKH UHHO GULYH PRWRUV DUH UHPRYHG WR SURWHFW WKH FXWWLQJ XQLW EHDULQJV IURP FRQWDPLQDWLRQ 8VLQJ D KDQG SXPS JUHDVH JXQ ILOO FDYLW\ DW HQG RI FXWWLQJ XQLW ZLWK JHQHUDO SXUSRVH JUHDVH &RDW WKH VSOLQH VKDIW RI WKH PRWRU ZLWK FOHDQ JUHDV
%()25( 23(5$7,1* &+(&. (1*,1( 2,/ )LJ 7KH HQJLQH LV VKLSSHG ZLWK TXDUWV Z ILOWHU RI RLO LQ WKH FUDQNFDVH KRZHYHU OHYHO RI RLO PXVW EH FKHFNHG EHIRUH DQG DIWHU HQJLQH LV ILUVW VWDUWHG 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH 8QVFUHZ GLSVWLFN DQG ZLSH LW ZLWK D FOHDQ UDJ 6FUHZ GLSVWLFN LQWR WKH WXEH DQG PDNH VXUH LW LV VHDWHG IXOO\ 8QVFUHZ GLSVWLFN RXW RI WXEH DQG FKHFN OHYHO RI RLO ,I RLO OHYHO LV ORZ UHPRYH ILOOHU FDS IURP YDOYH FRYHU DQG DGG HQRXJK RLO WR UDLVH OHYHO WR )8// PDUN RQ G
%()25( 23(5$7,1* &+(&. +<'5$8/,& 6<67(0 )LJ 7KH K\GUDXOLF V\VWHP LV GHVLJQHG WR RSHUDWH RQ DQWL ZHDU K\GUDXOLF IOXLG 7KH PDFKLQH V UHVHUYRLU LV ILOOHG DW WKH IDFWRU\ ZLWK DSSUR[LPDWHO\ JDOORQV OLWHUV RI 0RELO 0 K\GUDXOLF IOXLG &KHFN OHYHO RI K\GUDXOLF IOXLG EHIRUH HQJLQH LV ILUVW VWDUWHG DQG GDLO\ WKHUHDIWHU $SSURSULDWH K\GUDXOLF RLOV DUH OLVWHG EHORZ *URXS +\GUDXOLF )OXLG DYHUDJH GXW\ 0RGHUDWH FOLPDWH 1RWH 7KH IOXLGV ZLWKLQ WKLV JURXS DUH LQWHUFKDQJHDEOH ,62 9* PXOWL YLVFR
%()25( 23(5$7,1* )LJXUH 6LJKW JDXJH +\GUDXOLF WDQN FDS $X[LOLDU\ WDQN EUHDWKHU 1RWH 0DNH D FORVH YLVXDO LQVSHFWLRQ RI WKH K\GUDXOLF FRPSRQHQWV ,QVSHFW IRU ,HDNV ORRVH IDVWHQHUV PLVVLQJ SDUWV LPSURSHUO\ URXWHG OLQHV HWF 0DNH DQ\ FRUUHFWLRQV QHFHVVDU\ 7,5( 35(6685( 7KH WLUHV DUH RYHU LQIODWHG DW WKH IDFWRU\ IRU VKLSSLQJ SXUSRVHV 5HGXFH WKH SUHVVXUH WR WKH SURSHU OHYHOV EHIRUH VWDUWLQJ WKH XQLW 9DU\ WKH WLUH SUHVVXUH IRU WKH IURQW ZKHHOV GHSHQGLQJ XSRQ \RXU WXUI FRQGLWLRQV
&21752/6 02: 3('$/ )LJ 'HSUHVVLQJ 0RZ 3HGDO )8//< GXULQJ RSHUDWLRQ ORZHUV WKH FXWWLQJ XQLWV DQG VWDUWV WKH UHHOV 7KH 0RZ 3HGDO ZLOO VWD\ GHSUHVVHG GXH WR GHWHQW DFWLRQ RI WKH YDOYH EDQN GXULQJ RSHUDWLRQ 2SHUDWRU QHHG QRW KROG SHGDO GRZQ )LJXUH )LJXUH 0RZ SHGDO /LIW SHGDO 7UDFWLRQ SHGDO %UDNH SHGDO 3DUNLQJ EUDNH EXWWRQ %5$.( 3('$/ )LJ 7KH %UDNH 3HGDO DFWXDWHV DQ DXWRPRWLYH GUXP W\SH PHFKDQLFDO EUDNH ORFDWHG DW HDFK WUDFWLRQ ZKHHO /,)7 3('$/ )LJ
&21752/6 92/70(7(5 )LJ 7KH YROWPHWHU LQGLFDWHV WKH HOHFWULFDO V\VWHP YROWDJH )86( )LJ )XVH LV SDUW RI WKH HOHFWULFDO FLUFXLW ,W FRQWDLQV D $PS IXVH 1RWH ,I *UHHQVPDVWHU LV RSHUDWHG LQ UHYHUVH ZLWK FXWWLQJ XQLWV GRZQ WKH FXWWLQJ XQLWV ZLOO EH SXOOHG RII WKH OLIW DUPV /($. '(7(&725 7(67 /,*+7 6:,7&+ )LJ )URP PLGGOH RSHUDWLQJ SRVLWLRQ PRYH VZLWFK UHDUZDUG WR FKHFN RSHUDWLRQ RI OHDN GHWHFWRU DODUP DQG WLPH GHOD\ 0RYH VZLWFK IRUZDUG WR RSHUDWH RSWLRQDO KHDGOLJKWV +28
23(5$7,1* ,16758&7,216 %5($. ,1 3(5,2' 5HIHU WR WKH (QJLQH 0DQXDO VXSSOLHG ZLWK WKH *UHHQVPDVWHU IRU RLO FKDQJH DQG PDLQWHQDQFH SURFHGXUHV UHFRPPHQGHG GXULQJ EUHDN LQ SHULRG 2QO\ KRXUV RI PRZLQJ RSHUDWLRQ LV UHTXLUHG IRU WKH *UHHQVPDVWHU EUHDN LQ SHULRG 6LQFH WKH ILUVW KRXUV RI RSHUDWLRQ DUH FULWLFDO WR IXWXUH GHSHQGDELOLW\ RI WKH PDFKLQH PRQLWRU LWV IXQFWLRQV DQG SHUIRUPDQFH FORVHO\ VR WKDW PLQRU GLIILFXOWLHV ZKLFK FRXOG OHDG WR PDMRU SUREOHPV DUH QRWHG DQG FDQ EH FRUUHFWH
23(5$7,1* ,16758&7,216 6LW RQ WKH VHDW HQJDJH SDUNLQJ EUDNH DQG GHSUHVV OLIW SHGDO IXOO\ DQG UHOHDVH LW 0RYH WUDFWLRQ VKLIW VHOHFWRU WR DQG SRVLWLRQV ZKLOH WU\LQJ WR VWDUW WKH HQJLQH LQ HDFK SRVLWLRQ 7KH HQJLQH VKRXOG QRW FUDQN ZKLFK PHDQV WUDFWLRQ VZLWFK RQ YDOYH EDQN LV RSHUDWLQJ FRUUHFWO\ ,I HQJLQH GLG QRW FUDQN SURFHHG WR VWHS ,I HQJLQH FUDQNHG FRQWDFW \RXU ORFDO 7252 'LVWULEXWRU IRU DVVLVWDQFH 6LW RQ WKH VHDW HQJDJH SDUNLQJ EUDNH IXOO\ GHSUHVV OLIW SHGDO DQG UHOHDVH LW 0RYH WU
23(5$7,1* ,16758&7,216 &OHDQ 5RG RU 6FUHZGULYHU )OXLG /HYHO ZDUP 6ROHQRLG 5HWXUQ 9DOYH &ORVHG 1R 6RXQG :DUQLQJ %X]]HU )ORDW 5DLVHG 6ZLWFK 2SHQ 3UHVV 'RZQ RQ 6ZLWFK )ORDW 1250$/ 23(5$7,21 RLO ZDUP )LJXUH )LJXUH ' 5HOHDVH IORDW DODUP VKRXOG VWRS VRXQGLQJ ( ,QVWDOO VWUDLQHU VFUHHQ DQG K\GUDXOLF WDQN FDS 0RYH LJQLWLRQ VZLWFK WR k2))l SRVLWLRQ 35(3$5,1* 0$&+,1( )25 02:,1* )OXLG /HYHO ZDUP :DUQLQJ %X]]HU )ORDW 'RZQ 6ZLWFK &ORVHG )OXLG /HYHO 'RZQ WR RXQFHV 7R DVVLVW LQ DOLJQLQJ WKH PDFKLQH
23(5$7,1* ,16758&7,216 75$,1,1* 3(5,2' %HIRUH PRZLQJ JUHHQV ZLWK WKH *5((160$67(5 7KH 7RUR &RPSDQ\ VXJJHVWV WKDW \RX ILQG D FOHDU DUHD DQG SUDFWLFH VWDUWLQJ DQG VWRSSLQJ UDLVLQJ DQG ORZHULQJ FXWWLQJ XQLWV WXUQLQJ HWF 7KLV WUDLQLQJ SHULRG ZLOO EH EHQHILFLDO WR WKH RSHUDWRU LQ JDLQLQJ FRQILGHQFH LQ WKH SHUIRUPDQFH RI WKH *5((160$67(5 ,03257$17 ,I \RX VKLIW WR WKH 1R SRVLWLRQ ZKLOH FXWWLQJ JUHHQV QR LQFUHDVH LQ VSHHG ZLOO UHVXOW +RZHYHU D VXGGHQ LQFUHDVH LQ VSHHG ZLOO GHYHORS ZKHQ \RX DF
(5$7,1* ,16758&7,216 ,I OHDN GHWHFWRU DODUP VRXQGV ZKLOH FXWWLQJ RQ D JUHHQ LPPHGLDWHO\ UDLVH FXWWLQJ XQLWV GULYH GLUHFWO\ RII WKH JUHHQ DQG VWRS PDFKLQH LQ D DUHD DZD\ IURP JUHHQ 'HWHUPLQH FDXVH RI DODUP DQG FRUUHFW SUREOHP ,03257$17 3URORQJHG LGOLQJ RI WKH PDFKLQH DIWHU KHDY\ XVH PD\ FDXVH D IDOVH DODUP LQ WKH OHDN GHWHFWRU V\VWHP GXH WR RLO FRQWUDFWLQJ DV LW FRROV ,I WKLV RFFXUV WXUQ HQJLQH RII IRU DSSUR[LPDWHO\ RQH PLQXWH ZKLOH WKH PDLQ K\GUDXOLF WDQN LV UHILOOHG IURP DX[LOLDU\ WDQN )L
'$,/< 0$,17(1$1&( &+(&./,67 'DLO\ 0DLQWHQDQFH GXSOLFDWH WKLV SDJH IRU URXWLQH XVH 'DLO\ 0DLQWHQDQFH &KHFN )RU :HHN 2I BBBBBBBBBBB 0DLQWHQDQFH &KHFN ,WHP H 021 78(6 :(' 7+856 )5, 6$7 681 T 6DIHW\ ,QWHUORFN 2SHUDWLRQ T ,QVWUXPHQW 2SHUDWLRQ T /HDN 'HWHFWRU $ODUP T %UDNH 2SHUDWLRQ T )XHO /HYHO T (QJLQH 2LO /HYHO &OHDQ (QJLQH $LU &RROLQJ )LQV ,QVSHFW $LU )LOWHU 3UH &OHDQHU T 8QXVXDO (QJLQH 1RLVHV T +\GUDXOLF +RVHV IRU 'DPDJH T )OXLG /HDNV T 7LUH 3UHVVXUH T 5HHO WR %HGNQLIH $GMXVWPHQW T +HLJKW RI &XW
/8%5,&$7,21 &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK 7KH WUDFWLRQ XQLW 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 7KH WUDFWLRQ XQLW EHDULQJV DQG EXVKLQJV WKDW PXVW EH OXEULFDWHG DUH 5HDU ZKHHO UROOHU FOXWFKHV DQG H[WHUQDO EDOO EHDULQJ )LJ 6WHHULQJ IRUN VKDIW
/8%5,&$7,21 )LJXUH )LJXUH )LJXUH )LJXUH
0$,17(1$1&( &$87,21 %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH DQG UHPRYH NH\ IURP WKH VZLWFK &+$1*,1* (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 )LJXUH $LU FOHDQHU FRYHU 5HPRYH ZLQJ QXW VHFXULQJ HOHPHQWV WR DLU FOHDQHU ERG\ ,I IRDP HOHPHQW LV GLUW\ UHPRYH
0$,17(1$1&( $'-867,1* 7+5277/( &21752/ )LJ 3URSHU WKURWWOH RSHUDWLRQ LV GHSHQGHQW XSRQ SURSHU DGMXVWPHQW RI WKURWWOH FRQWURO %HIRUH DGMXVWLQJ WKH FDUEXUHWRU DVVXUH WKH WKURWWOH FRQWURO LV RSHUDWLQJ SURSHUO\ $'-867,1* &$5%85(725 $1' 63((' &21752/ )LJ ,03257$17 %HIRUH WKH FDUEXUHWRU DQG VSHHG FRQWURO DUH DGMXVWHG WKH WKURWWOH DQG FKRNH FRQWUROV PXVW EH DGMXVWHG SURSHUO\ :$51,1* /RRVHQ FDEOH FODPS VFUHZ VHFXULQJ FDEOH WR HQJLQH 0RYH UHPRWH WKURWWOH FRQWURO OHYHU IRUZDUG WR )$67 SRVLWLRQ
0$,17(1$1&( $IWHU WKH LGOH PL[WXUH KDV EHHQ DGMXVWHG KROG JRYHUQRU OHYHU VR WKURWWOH OHYHU LV LQ LGOH SRVLWLRQ DJDLQVW LGOH VWRS VFUHZ DQG UHDGMXVW LGOH VWRS VFUHZ WR EULQJ VSHHG WR USP :LWK JRYHUQRU FRQWURO OHYHU LQ JRYHUQHG LGOH SRVLWLRQ QR WHQVLRQ RQ KLJK VSHHG VSULQJ EHQG JRYHUQHG LGOH VSULQJ DQFKRU WDQJ WR DWWDLQ JRYHUQHG LGOH VSHHG RI USP )8(/ ),/7(5 5(3/$&(0(17 )LJ $Q LQ OLQH ILOWHU LV LQFRUSRUDWHG LQWR WKH IXHO OLQH EHWZHHQ WKH IXHO WDQN DQG FDUEXUHWRU 5HSODFH WKH
0$,17(1$1&( &+(&.,1* +26(6 +<'5$8/,& /,1(6 $1' &KHFN K\GUDXOLF OLQHV DQG KRVHV GDLO\ IRU OHDNV NLQNHG OLQHV ORRVH PRXQWLQJ VXSSRUWV ZHDU ORRVH ILWWLQJV ZHDWKHU GHWHULRUDWLRQ DQG FKHPLFDO GHWHULRUDWLRQ 0DNH DOO QHFHVVDU\ UHSDLUV EHIRUH RSHUDWLQJ :$51,1* )LJXUH +\GUDXOLF 5HVHUYRLU 'UDLQ 3OXJ &OHDQ DUHD DURXQG ILOWHU PRXQWLQJ DUHD 3ODFH GUDLQ SDQ XQGHU ILOWHU DQG UHPRYH ILOWHU .HHS ERG\ DQG KDQGV DZD\ IURP SLQ KROH OHDNV RU QR]]OHV WKDW HMHFW KLJK SUHVVXUH K\ GUDXOLF IOXLG 8VH F
0$,17(1$1&( &KHFN WKH DPRXQW RI IUHH WUDYHO RI WKH EUDNH SHGDO ZKHQ DGMXVWPHQW LV FRPSOHWHG 7KHUH VKRXOG EH LQ WR LQ WUDYHO EHIRUH WKH EUDNH VKRHV PDNH FRQWDFW ZLWK WKH EUDNH GUXPV 5H DGMXVW LI QHFHVVDU\ WR DFKLHYH WKLV VHWWLQJ 7UDQVSRUW WKH *UHHQVPDVWHU DQG GHSUHVV WKH EUDNH SHGDO ERWK EUDNHV VKRXOG ORFN HTXDOO\ 5HDGMXVW LI QHFHVVDU\ ,W LV UHFRPPHQGHG WKDW EUDNHV EH EXUQLVKHG DQQXDOO\ UHIHU WR %UHDN ,Q 3HULRG 5($5 &$06+$)7 $'-8670(17 )LJ $'-867,1* /,)7 $1' 02: 3(
0$,17(1$1&( /(9(/,1* /,)7 $1' 02: 3('$/6 /RRVHQ KH[ QXW VHFXULQJ WKUHDGHG URG WR IUDPH 7XUQ IODQJH QXW RQ URG WR UDLVH RU ORZHU VWRS URG ZKLOH FKHFNLQJ SHGDO )LJ ,I OLIW DQG PRZ SHGDOV DUH QRW OHYHO ZKHQ LQ WKH QHXWUDO SRVLWLRQ DQ DGMXVWPHQW WR WKH OLIW SLYRW LV UHTXLUHG :KHQ FRPSOHWHG UHWLJKWHQ QXW /RRVHQ QXW RQ EDFN VLGH RI OLIW SLYRW 5HYHUVH 5RWDWH HFFHQWULF VFUHZ WR UDLVH RU ORZHU OLIW SLYRW VSULQJ OHYHOLQJ OLIW SLYRW DQG SHGDOV 3UHVV GRZQ RQ UHDU RI WUDFWLRQ SHGDO U
0$,17(1$1&( /RRVHQ MDP QXW UHWDLQLQJ DGMXVWLQJ NQRE RQ IORZ FRQWURO :KHQ ORRVHQLQJ MDP QXW KROG IORZ FRQWURO NQRE WR SUHYHQW LW IURP URWDWLQJ 5RWDWH NQRE WXUQ FRXQWHUFORFNZLVH LI FHQWHU FXWWLQJ XQLW LV GURSSLQJ WRR ODWH RU WXUQ FORFNZLVH LI FHQWHU FXWWLQJ XQLW LV GURSSLQJ WR HDUO\ $IWHU GHVLUHG VHWWLQJ KDV EH DFKLHYHG KROG NQRE WR SUHYHQW DQ\ URWDWLRQ DQG WLJKWHQ MDP QXW $'-867,1* /,)7 &
0$,17(1$1&( 02: /,)7 6:,7&+ 0$,17(1$1&( 7LJKWHQ IURQW MDP QXW WR ORFN DGMXVWPHQW )LJ ,03257$17 6SRRO WUDYHO IRU DQG VSRROV PXVW EH FRUUHFW EHIRUH 0RZ /LIW VZLWFK FDQ EH DGMXVWHG 5HIHU WR 5HDU &DPVKDIW $GMXVWPHQW &KHFN RSHUDWLRQ DQG UH DGMXVW DV UHTXLUHG 3LYRW VHDW IRUZDUG DQG VHFXUH LW ZLWK VXSSRUW URG WR SUHYHQW LW IURP IDOOLQJ DFFLGHQWDOO\ DQG SRVVLEO\ FDXVLQJ LQMXU\ 8QSOXJ VZLWFK FRQQHFWRUV IURP HQG RI PRZ OLIW VZLWFK LQVWDOOHG LQ WKH YDOYH EDQN ERQQHW /RRVHQ
(/(&75,&$/ 6&+(0$7,& 0 5 $ / $ 5 ( 0 , 7 < * 6 7 + * , / ( + 7 2 7 : / $ 1 2 , 7 3 2 : 6 7 6 ( 7 7 + * , / < * . % 8 % 5 + ' ( , 3 8 & & :2 6 1 7 ( $ + ( 6 : 5 ( 7 ( 0 . % 5 + 6 ( 9 / $ 9 ( 5 5 2( 7 + & 7 ( 1 7 ( ( + ' : . $ ' ( ( / 6 2 / & . % ' , 2 1 ( / 2 6 . $ ( / ' ( 6 2 / & 8 % / , 2 2 , 9 & , / 8 % 8 $ 5 ' < + D < $ / ( 5 $ < * / / , . . % : 7 / 2 9 .
+<'5$8/,& 6&+(0$7,& < 5 $ , / , ; 8 $ 5 ( + 7 $1 (2 55 %& , . 10 $ 7 6 5 2 7 2 0 ( ,9 5 ' / ( ( + : 1 $ 7 & , / 8 $ 5 ' < + ( 9 / 3 $ 29 < ' / , / $ 2 1 0( 5 / 22 16 5 2 6 1 ( 6 ,& / 8 $ 5 ' < + 5 ( 7 / , ) / , 2 + 5 9 ( 5 ,1 8 & / ( 9 ( / 9 ( 5 9 ( 0 5 & 8 1 , & 9 ( 5 0 & 8 & ' : ) + / 9 ( 5 9 ( 0 5 & 8 1 , & . 1 $ 7 . 1 $ % ( 9 / $ 9 1 2 5 ,& 0 . & 2 / 5 ( 7 ,1 9 ( 5 1 < 7 ( ) $ 6 ' 1 < 7 ( ) $ 6 .
0$,17(1$1&( 6&+('8/( 0LQLPXP 5HFRPPHQGHG 0DLQWHQDQFH ,QWHUYDOV 0DLQWHQDQFH 3URFHGXUH &KHFN %DWWHU\ )OXLG /HYHO &KHFN %DWWHU\ &DEOH &RQQHFWLRQV 6HUYLFH $LU )LOWHU 3UH &OHDQHU /XEULFDWH $OO *UHDVH )LWWLQJV a &KDQJH (QJLQH 2LO 0DLQWHQDQFH ,QWHUYDO (YHU\ KUV (YHU\ KUV (YHU\ KUV 6HUYLFH (YHU\ KUV a 5HSODFH (QJLQH 2LO )LOWHU 5HSODFH $LU )LOWHU (OHPHQW &KHFN 5HHO %HDULQJ 3UHORDG $GMXVWPHQW 7RUTXH :KHHO /XJ 1XWV 5HSODFH 6SDUN 3OXJV 5HSODFH )XHO )LOWHU &KHFN (QJLQH 530 LGOH DQG IXOO WKURWWOH &KHFN
7528%/( 6+227,1* &21',7,21 &$86( (1*,1( /RVV RI SRZHU (QJLQH ZRQ W VWDUW +<'5$8/O& 1R JURXQG VSHHG LQFUHDVH LQ VHOHFWLRQ - - 2XW RI IXHO &ORJJHG IXHO OLQH GHEULV LQ IXHO WDQN &ORJJHG IXHO ILOWHU /RZ FUDQNFDVH RLO OHYHO - :URQJ RLO LQ FUDQNFDVH - &DUEXUHWRU IXHO VROHQRLG 7KURWWOH FDEOH VHW LQFRUUHFWO\ &KRNH FORVHG 3OXJJHG DLU FOHDQHU HOHPHQW - - &DUEXUHWRU PDOIXQFWLRQ ,JQLWLRQ PDOIXQFWLRQ &RROLQJ ILQV SOXJJHG ZLWK GHEULV (QJLQH RYHUKHDWLQJ ,QWHUQDO HQJLQH PDOIXQF
7528%/( 6+227,1* &21',7,21 1R RU 5HYHUVH 7UDFWLRQ VSHHG 1RUPDO VSHHG &$86( 7UDFWLRQ PRWRU ODFNV HIILFLHQF\ )OXLG OHDNLQJ SDVW LQWHUQDO JHDUV +\GUDXOLF SXPS ODFNV HIILFLHQF\ )OXLG OHDNLQJ SDVW LQWHUQDO JHDUV - - %UDNHV GUDJJLQJ - 'HWHUPLQH FDXVH UHSDLU - )DXOW\ 2 ULQJ VHDOV DURXQG WUDFWLRQ UHOLHI FDUWULGJH RU LQOHW VOHHYH LQ VSRRO YDOYH )OXLG OHDNLQJ E\ WR WDQN :RUQ RU ZHDN WUDFWLRQ PRWRU V - 5HPRYH UHOLHI DQG LQOHW VOHHYH 5HSODFH ULQJV - - 3XPS H[FHVVLYHO\ ZRUQ 7UDFW
7528%/( 6+227,1* &21',7,21 &$86( &255(&7,21 &XWWLQJ XQLWV GURS ZKLOH PDFKLQH LV VWRUHG 2YHUQLJKW - 1RUPDO FRQGLWLRQ - 1R UHSDLU QHFHVVDU\ 2QH RU PRUH FXWWLQJ XQLWV VORZ RU QR UHHO GULYH DFWLRQ - %HG NQLIH WR UHHO DGMXVWPHQW WRR WLJKW 7LJKW UHHO EHDULQJV 5HDU FDPVKDIW PDODGMXVWHG 3RSSHW LQ UHOLHI FDUWULGJH RII VHDW - - - ,PSURSHU VXFWLRQ ,LQH V LQVWDOOHG /LQH FROODSVHG %ORFNDJH LQ OLQH ILWWLQJ ([FHVVLYHO\ ZRUQ PRWRU - 6ORZ UHHO USP - - ([FHVVLYHO\ ZRUQ SXPS 6SRRO ORR
7528%/( 6+227,1* &21',7,21 &$86( (/(&75,&$/ &255(&7,21 (QJLQH VWDUWV EXW VKRXOG QRW ZKHQ VKLIW VHOHFWRU LV LQ JHDU - 7UDFWLRQ VZLWFK DGMXVWHG LQFRUUHFWO\ RU LV GHIHFWLYH - 5HIHU WR7UDFWLRQ 6ZLWFK 0DLQWHQDQFH (QJLQH VWDUWV EXW VKRXOG QRW ZKHQ PRZ SHGDO LV GHSUHVVHG UH HOV HQJDJHG - 0RZ OLIW VZLWFK DGMXVWHG LQFRUUHFWO\ RU LV GHIHFWLYH - 5HIHU WR 0RZ /LIW 6ZLWFK 0DLQWHQDQFH (QJLQH VWDUWV EXW VKRXOG QRW ZKHQ RSHUDWRU LV QRW RQ VHDW - 6HDW VZLWFK DGMXVWHG LQFRUUHFWO\ RU LV
7528%/( 6+227,1* &21',7,21 (QJLQH GRHV QRW VWRS ZKHQ VKLIW VHOHFWRU LV LQ JHDU DV \RX JHW RII WKH VHDW &$86( - 7UDFWLRQ RU VHDW VZLWFK DGMXVWHG LQFRUUHFWO\ RU DUH GHIHFWLYH 6HDW UHWXUQ SLQ VSULQJ EURNHQ PLVVLQJ RU MDPPHG GRZQ 6HDW SLYRW IDLOV WR URWDWH IUHHO\ &255(&7,21 - (QJLQH GRHV QRW FRQWLQXH WR UXQ ZKHQ VLWWLQJ RQ VHDW DQG VKLIW VH OHFWRU LV SODFHG LQ JHDU RU PRZ SHGDO LV GHSUHVVHG - (QJLQH VWRSV UHJDUGOHVV RI VKLIW VHOHFWRU RU PRZ SHGDO SRVLWLRQ HYHQ LI ERWK DUH LQ k1HXWUDO
6725$*( ,I \RX ZLVK WR VWRUH WKH *5((160$67(5 IRU D ORQJ SHULRG RI WLPH WKH IROORZLQJ VWHSV VKRXOG EH DFFRPSOLVKHG SULRU WR VWRUDJH :KLOH HQJLQH LV VWLOO ZDUP GUDLQ RLO IURP FUDQNFDVH 5HILOO ZLWK IUHVK RLO UHIHU WR &KDQJLQJ (QJLQH 2,/ DQG )LOWHU 5HPRYH DFFXPXODWLRQV RI GLUW DQG ROG JUDVV FOLSSLQJV 6KDUSHQ UHHOV DQG EHGNQLYHV LI QHFHVVDU\ UHIHU WR &XWWLQJ 8QLW 2SHUDWRU V 0DQXDO 8VH D UXVW SUHYHQWLYH RQ EHGNQLYHV DQG UHHO EODGHV *UHDVH DQG RLO DOO ,XEULFDWLRQ SRLQWV UHIHU WR /XEULFDWL
7KH 7RUR *HQHUDO &RPPHUFLDO 3URGXFWV :DUUDQW\ $ 7ZR