)250 12 02'(/ 12 83 02'(/ 12 7( 83 23(5$725 6 0$18$/ 6$1' 3529 7R DVVXUH PD[LPXP VDIHW\ RSWLPXP SHUIRUPDQFH DQG WR JDLQ NQRZOHGJH RI WKH SURGXFW LW LV HVVHQWLDO WKDW \RX RU DQ\ RWKHU RSHUDWRU RI WKH PDFKLQH UHDG DQG XQGHUVWDQG WKH FRQWHQWV RI WKLV PDQXDO EHIRUH WKH HQJLQH LV HYHU VWDUWHG 3D\ SDUWLFXODU DWWHQWLRQ WR WKH 6$)(7< ,16758&7,216 KLJKOLJKWHG E\ WKLV V\PERO 7KH VDIHW\ DOHUW V\PERO PHDQV &$87,21 SHUVRQDO VDIHW\ :$51,1* RU '$1*(5 LQVWUXFWLRQ )
)25(:25' 7KH 6$1' 352 ZDV GHYHORSHG WR SURYLGH DQ HIILFLHQW WURXEOH IUHH DQG HFRQRPLFDO PHWKRG RI VDQG WUDS PDLQWHQDQFH 7KH ODWHVW FRQFHSWV RI HQJLQHHULQJ GHVLJQ DQG VDIHW\ KDYH EHHQ LQFRUSRUDWHG LQWR WKLV PDFKLQH DORQJ ZLWK WKH KLJKHVW TXDOLW\ SDUWV DQG ZRUNPDQVKLS ([FHOOHQW VHUYLFH ZLOO EH GHULYHG LI SURSHU RSHUDWLRQ DQG PDLQWHQDQFH SUDFWLFHV DUH IROORZHG
7$%/( 2) &217(176 6$)(7< ,16758&7,216 '$,/< 0$,17(1$1&( &+(&.
6$)(7< ,16758&7,216 7KH 6$1' 352 ZDV GHVLJQHG DQG WHVWHG WR RIIHU VDIH VHUYLFH ZKHQ RSHUDWHG DQG PDLQWDLQHG SURSHUO\ $OWKRXJK KD]DUG FRQWURO DQG DFFLGHQW SUHYHQWLRQ SDUWLDOO\ DUH GHSHQGHQW XSRQ WKH GHVLJQ DQG FRQILJXUDWLRQ RI WKH PDFKLQH WKHVH IDFWRUV DUH DOVR GHSHQGHQW XSRQ WKH DZDUHQHVV FRQFHUQ DQG SURSHU WUDLQLQJ RI WKH SHUVRQQHO LQYROYHG LQ WKH RSHUDWLRQ WUDQVSRUW PDLQWHQDQFH DQG VWRUDJH RI WKH PDFKLQH ,PSURSHU XVH RU PDLQWHQDQFH RI WKH PDFKLQH FDQ UHVXOW LQ LQMXU\ RU GHDWK 7R UHGXFH WKH S
6$)(7< ,16758&7,216 %HIRUH JHWWLQJ RII WKH VHDW $ 6WRS PRYHPHQW RI WKH PDFKLQH 7DNH SUHFDXWLRQV WR SUHYHQW DFFLGHQWDO VWDUWV UROOLQJ DZD\ HWF % (QJDJH SDUNLQJ EUDNH & 6KXW HQJLQH RII DQG ZDLW IRU DOO PRYHPHQW WR VWRS ' /RZHU DWWDFKPHQWV WR WKH JURXQG :KHQHYHU PDFKLQH LV OHIW XQDWWHQGHG EH VXUH HQJLQH LV VWRSSHG SDUNLQJ EUDNH HQJDJHG LPSOHPHQW LV ORZHUHG DQG NH\ LV UHPRYHG IURP LJQLWLRQ 0$,17(1$1&( %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS WKH HQJLQH DQG SXOO WKH
$)(7< $1' ,16758&7,21 '(&$/6 7KH IROORZLQJ VDIHW\ DQG LQVWUXFWLRQ GHFDOV DUH LQVWDOOHG RQ WKH PDFKLQH ,I DQ\ EHFRPH GDPDJHG RU LOOHJLEOH UHSODFH WKHP 'HFDO SDUW QXPEHUV DUH OLVWHG EHORZ DQG LQ WKH SDUWV FDWDORJ 2UGHU UHSODFHPHQWV IURP \RXU $XWKRUL]HG 7RUR 'LVWULEXWRU 21 &2162/( 3DUW 1R 81'(5 6($7 3/$7( 3DUW 1R 21 )5$0( %27+ 6,'(6 2) &(17(5 3$1(/ 3DUW 1R 21 /()7 )(1'(5 3DUW 1R 21 &(17(5 3$1(/ 3DUW 1R 21 /()7 )(1'(5 3DUW 1R 21 5
63(&,),&$7,216 &RQILJXUDWLRQ 7ULF\FOH YHKLFOH ZLWK ZHOGHG VWHHO IUDPH FRQVWUXFWLRQ 5HDU HQJLQH SODFHPHQW $OO ZKHHOV SRZHUHG (QJLQH %ULJJV 6WUDWWRQ 9 WZLQ F\OLQGHU F\FOH 2+9 DLU FRROHG JDV HQJLQH ZLWK FDVW LURQ VOHHYHV KS # USP FX LQ FF GLVSODFHPHQW TW RLO FDSDFLW\ (OHFWURQLF LJQLWLRQ )XOO SUHVVXUH OXEULFDWLRQ RLO ILOWHU (QJLQH DQG UHPRWH PRXQWHG DLU FOHDQHUV *DXJHV $PPHWHU DQG KRXU PHWHU &RQWUROV +DQG RSHUDWHG WKURWWOH FKRNH OLIW OHYHU DQG SDUNLQJ EUDNH
6(7 83 ,16758&7,216 ,167$// 5($5 :+((/6 )LJ 5(029( %$77(5< )LJ 1RWH ,QVWDOO WKH UHDU ZKHHOV WR WKH PDFKLQH ZKLOH LW LV VWLOO RQ WKH SDOOHW VKLSSLQJ EORFNV 5HPRYH VFUHZV VHFXULQJ VLGH SDQHO IURP OHIW VLGH RI PDFKLQH DQG UHPRYH SDQHO )LJ 0RXQW D ZKHHO WR HDFK ZKHHO PRWRU DQG VHFXUH ZLWK OXJ QXWV 7LJKWHQ OXJ QXWV HYHQO\ DQG JUDGXDOO\ LQ D FULVVFURVV PDQQHU WR IW OE 7KURXJK VORW LQ OHIW SDQHO UHPRYH ZLQJ QXWV DQG ZDVKHUV VHFXULQJ WRS EDWWHU\ KROG GRZQ WR VLGH EDWWHU\
6(7 83 ,16758&7,216 6HFXUH WKH SRVLWLYH FDEOH UHG WR WKH SRVLWLYH WHUPLQDO ZLWK D [ l OJ FDSVFUHZ DQG QXW :$51,1* )LJXUH %DWWHU\ 3RVLWLYH EDWWHU\ WHUPLQDO 1HJDWLYH EDWWHU\ WHUPLQDO 7RS EDWWHU\ KROG GRZQ ,03257$17 'R QRW RYHUILOO EDWWHU\ (OHFWURO\WH ZLOO RYHUIORZ RQWR RWKHU SDUWV RI WKH PDFKLQH DQG VHYHUH FRUURVLRQ DQG GHWHULRUDWLRQ ZLOO UHVXOW ,167$// %$77(5< )LJ 6OLGH WKH EDWWHU\ LQ SODFH ZLWK WKH WHUPLQDOV WR WKH RXWVLGH &RQQHFWLQJ FDEOHV W
%()25( 23(5$7,1* &+(&. &5$1.&$6( 2,/ )LJ ),// )8(/ 7$1. )LJ )XHO WDQN FDSDFLW\ LV DSSUR[LPDWHO\ JDOORQV 7KH HQJLQH LV VKLSSHG ZLWK TXDUWV Z ILOWHU RI RLO LQ WKH FUDQNFDVH KRZHYHU OHYHO RI RLO PXVW EH FKHFNHG EHIRUH DQG DIWHU WKH HQJLQH LV ILUVW VWDUWHG 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH 3LYRW VHDW XSZDUG 8QVFUHZ GLSVWLFN DQG ZLSH LW ZLWK D FOHDQ UDJ 6FUHZ GLSVWLFN LQWR WXEH DQG PDNH VXUH LW LV VHDWHG IXOO\ 8QVFUHZ GLSVWLFN RXW RI WXEH DQG FKHFN OHYHO RI RLO ,I RLO OHY
%()25( 23(5$7,1* ,I RLO OHYHO LV ORZ VORZO\ ILOO ZLWK 0RELO '7( RU HTXLYDOHQW K\GUDXOLF RLO XQWLO OHYHO LV XS WR WRS RI FRQH SRLQW RQ WDQN VFUHHQ '2 127 29(5),// )LJXUH )XHO WDQN FDS &+(&. +<'5$8/,& 6<67(0 )LJ 7KH K\GUDXOLF V\VWHP LV GHVLJQHG WR RSHUDWH RQ DQWL ZHDU K\GUDXOLF IOXLG 7KH PDFKLQHV UHVHUYRLU LV ILOOHG DW WKH IDFWRU\ ZLWK DSSUR[LPDWHO\ JDOORQV RI 0RELO K\GUDXOLF IOXLG &KHFN OHYHO RI K\GUDXOLF IOXLG EHIRUH HQJLQH LV ILUVW VWDUWHG DQG GDLO\ WKHUHDIWHU *URXS +
.12: <285 &21752/6 7UDFWLRQ DQG 6WRSSLQJ 3HGDO )LJ 7UDFWLRQ SHGDO KDV WKUHH IXQFWLRQV RQH WR PDNH WKH PDFKLQH PRYH IRUZDUG WZR WR PRYH LW EDFNZDUG DQG WKUHH WR VWRS PDFKLQH 8VLQJ WKH KHHO DQG WRH RI WKH ULJKW IRRW GHSUHVV WRS RI SHGDO WR PRYH IRUZDUG DQG ERWWRP RI SHGDO WR PRYH EDFNZDUG RU WR DVVLVW LQ VWRSSLQJ ZKHQ PRYLQJ IRUZDUG $OORZLQJ SHGDO WR PRYH WR QHXWUDO SRVLWLRQ ZLOO VWRS PDFKLQH )RU RSHUDWRU FRPIRUW GR QRW UHVW KHHO RI IRRW RQ UHYHUVH ZKHQ RSHUDWLQJ IRUZDUG )LJ *URXQ
.12: <285 &21752/6 +RXU 0HWHU )LJ ,QGLFDWHV WKH WRWDO KRXUV RI PDFKLQH RSHUDWLRQ 7KH +RXU 0HWHU VWDUWV WR IXQFWLRQ ZKHQHYHU WKH NH\ VZLWFK LV URWDWHG WR k21l SRVLWLRQ $PPHWHU )LJ 7KH DPPHWHU LQGLFDWHV WKH UDWH RI EDWWHU\ FKDUJH RU GLVFKDUJH 1RWH 'XULQJ QRUPDO RSHUDWLRQ WKHUH ZLOO XVXDOO\ EH VOLJKW DPPHWHU QHHGOH PRYHPHQW WR SRVLWLYH VLGH /LIW /HYHU )LJ 7R UDLVH WKH LPSOHPHQW SXOO WKH OHYHU XS WR ORZHU LPSOHPHQW SXVK WKH OHYHU GRZQ :KHQ WKH GHVLUHG SRVLWLRQ LV DWWDLQHG UHOHDVH
23(5$7,1* ,16758&7,216 67$57,1* 67233,1* (1*,1( &KHFN LQWHUORFN RSHUDWLRQ LQ D ZLGH RSHQ DUHD IUHH RI GHEULV DQG E\VWDQGHUV 6WRS HQJLQH 5HPRYH IRRW IURP WUDFWLRQ SHGDO PDNH VXUH SHGDO LV LQ QHXWUDO SRVLWLRQ DQG HQJDJH SDUNLQJ EUDNH 6LW RQ WKH VHDW 'HSUHVV WUDFWLRQ SHGDO LQ IRUZDUG DQG UHYHUVH GLUHFWLRQV ZKLOH WU\LQJ WR VWDUW WKH HQJLQH ,I HQJLQH FUDQNV WKHUH PD\ EH D PDOIXQFWLRQ LQ WKH LQWHUORFN V\VWHP 5HSDLU LPPHGLDWHO\ ,I HQJLQH GRHV QRW FUDQN V\VWHP LV RSHUDWLQJ FRUUHFWO\ 3XVK
23(5$7,1* ,16758&7,216 7R PDLQWDLQ VRPHZKDW FRQVWDQW HQJLQH VSHHG GHSUHVV WUDFWLRQ SHGDO VORZO\ 7KLV DOORZV WKH HQJLQH WR NHHS XS ZLWK JURXQG VSHHG RI WKH YHKLFOH %\ FRQWUDVW SXVKLQJ GRZQ TXLFNO\ RQ WKH WUDFWLRQ SHGDO ZLOO UHGXFH HQJLQH USP DQG DV D UHVXOW WKHUH ZLOO QRW EH HQRXJK WRUTXH SRZHU WR PRYH WKH YHKLFOH 7KHUHIRUH WR WUDQVIHU PD[LPXP SRZHU WR WKH ZKHHOV PRYH WKURWWOH WR )$67 DQG VOLJKWO\ GHSUHVV WUDFWLRQ SHGDO %\ FRPSDULVRQ PD[LPXP JURXQG VSHHG ZLWK QR ORDG UHVXOWV ZKHQ WKURWWOH LV L
/8%5,&$7,21 &$87,21 1RWH 7R JDLQ DFFHVV WR JUHDVH ILWWLQJ RQ WUDFWLRQ FRQWURO OLQNDJH )LJ UHPRYH VFUHZV VHFXULQJ VLGH SDQHO WR ULJKW VLGH RI PDFKLQH DQG UHPRYH SDQHO %HIRUH VHUYLFLQJ RU PDNLQJ DGMXVWPHQWV WR WKH PDFKLQH VWRS HQJLQH SXOO ZLUHV RII VSDUN SOXJV DQG UHPRYH NH\ IURP WKH VZLWFK 7KH 6DQG 3UR KDV JUHDVH ILWWLQJV WKDW PXVW EH OXEULFDWHG UHJXODUO\ ZLWK 1R *HQHUDO 3XUSRVH /LWKLXP %DVH *UHDVH /XEULFDWH IURQW ZKHHO EHDULQJ DQG 7UDFWLRQ &RQWURO /LQNDJH DIWHU HYHU\ KRXUV RI RSHUDWL
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
0$,17(1$1&( &+$1*,1* (1*,1( 2,/ $1' ),/7(5 )LJ VXUH FDUEXUHWRU EUHDWKHU KRVH LV URXWHG RXW WKURXJK HQJLQH YHQWV &KDQJH RLO LQLWLDOO\ DIWHU WKH ILUVW KRXUV RI RSHUDWLRQ WKHUHDIWHU FKDQJH RLO HYHU\ KRXUV DQG ILOWHU HYHU\ KRXUV 3DUN WKH PDFKLQH RQ D OHYHO VXUIDFH DQG WXUQ WKH HQJLQH RII 5HPRYH GUDLQ SOXJ DQG OHW RLO IORZ LQWR GUDLQ SDQ :KHQ RLO VWRSV LQVWDOO GUDLQ SOXJ 5HPRYH RLO ILOWHU $SSO\ D OLJKW FRDW RI FOHDQ RLO WR WKH QHZ ILOWHU JDVNHW 6FUHZ ILOWHU RQ E\ KDQG XQWL
0$,17(1$1&( *HQWO\ VOLGH ILOWHU RXW RI DLU FOHDQHU ERG\ WR UHGXFH WKH DPRXQW RI GXVW GLVORGJHG $YRLG NQRFNLQJ ILOWHU DJDLQVW DLU FOHDQHU ERG\ ,QVSHFW ILOWHU DQG GLVFDUG LI GDPDJHG 'R QRW ZDVK RU UHXVH D GDPDJHG ILOWHU 6HUYLFH WKH DLU FOHDQHU ILOWHU HYHU\ KRXUV PRUH IUHTXHQWO\ LQ H[WUHPH GXVW\ RU GLUW\ FRQGLWLRQV 'R QRW RYHU VHUYLFH DLU ILOWHU :DVKLQJ 0HWKRG $ 3UHSDUH D VROXWLRQ RI ILOWHU FOHDQHU DQG ZDWHU DQG VRDN ILOWHU HOHPHQW DERXW PLQXWHV 5HIHU WR GLUHFWLRQV RQ ILOWHU FOHDQHU FD
0$,17(1$1&( &KHFN FRQGLWLRQ RI VLGH HOHFWURGH FHQWHU HOHFWURGH DQG FHQWHU HOHFWURGH LQVXODWRU WR DVVXUH WKHUH LV QR GDPDJH ,03257$17 $ FUDFNHG IRXOHG GLUW\ RU RWKHUZLVH PDOIXQFWLRQLQJ VSDUN SOXJ PXVW EH UHSODFHG 'R QRW VDQG EODVW VFUDSH RU FOHDQ HOHFWURGHV E\ XVLQJ D ZLUH EUXVK EHFDXVH JULW PD\ HYHQWXDOO\ UHOHDVH IURP WKH SOXJ DQG IDOO LQWR WKH F\OLQGHU 7KH UHVXOW LV XVXDOO\ D GDPDJHG HQJLQH 6HW DLU JDS EHWZHHQ FHQWHU DQG VLGH RI HOHFWURGHV DW l ,QVWDOO FRUUHFWO\ JDSSHG VSDUN SOXJ Z J
0$,17(1$1&( &+$5*,1* +<'5$8/,& 6<67(0 )LJ :KHQHYHU D K\GUDXOLF FRPSRQHQW LV UHSDLUHG RU UHSODFHG WKH K\GUDXOLF RLO ILOWHU VKRXOG EH FKDQJHG DQG K\GUDXOLF V\VWHP FKDUJHG ,03257$17 0DNH VXUH K\GUDXOLF UHVHUYRLU LV ILOOHG ZLWK RLO DW DOO WLPHV ZKHQ FKDUJLQJ K\GUDXOLF V\VWHP 3DUN WKH PDFKLQH RQ D OHYHO VXUIDFH DQG WXUQ WKH HQJLQH RII 5HPRYH VFUHZV VHFXULQJ VLGH SDQHO WR ULJKW VLGH RI PDFKLQH DQG UHPRYH SDQHO /RRVHQ ORFN QXW RQ VSULQJ DGMXVWLQJ SLQ XQWLO EHDULQJ PRYHV IUHHO\ IURP FDP RQ OHYHU
0$,17(1$1&( 7LJKWHQ ORFNQXW VHFXULQJ DGMXVWPHQW 6WRS WKH HQJLQH 5HPRYH MDFN VWDQGV DQG ORZHU WKH PDFKLQH WR WKH VKRS IORRU 7HVW GULYH WKH PDFKLQH WR PDNH VXUH LW GRHV QRW FUHHS $'-867,1* )LJ 3('$/ )25 )25:$5' 7KH SHGDO PXVW EH DGMXVWHG IRU IRUZDUG LI MDP QXWV RQ FRQWURO URG DUH ORRVHQHG RU LI SHGDO LV UHPRYHG 3DUN WKH PDFKLQH RQ D OHYHO VXUIDFH DQG WXUQ WKH HQJLQH RII )LJXUH )XHO )LOWHU +RVH &ODPSV $'-867,1* 75$&7,21 1(875$/ )LJ 0DNH VXUH SXPS LV LQ QHXWU
0$,17(1$1&( %$77(5< 6725$*( ,I WKH PDFKLQH ZLOO EH VWRUHG IRU PRUH WKDQ GD\V UHPRYH WKH EDWWHU\ DQG FKDUJH LW IXOO\ (LWKHU VWRUH LW RQ D VKHOI RU RQ WKH PDFKLQH /HDYH WKH FDEOHV GLVFRQQHFWHG LI VWRUHG RQ WKH PDFKLQH 6WRUH WKH EDWWHU\ LQ D FRRO DWPRVSKHUH WR DYRLG TXLFN GHWHULRUDWLRQ RI WKH FKDUJH LQ WKH EDWWHU\ 7R SUHYHQW EDWWHU\ IURP IUHH]LQJ PDNH VXUH LW LV IXOO\ FKDUJHG 7KH VSHFLILF JUDYLW\ RI D IXOO\ FKDUJHG EDWWHU\ LV %$77(5< &$5( )LJXUH /HYHU $'-867,1* 3$5.,1* %5$.
+<'5$8/,& 6&+(0$7,& 7 1 2 5 ) 0 * ) ) 1 , 2 / 2 ' 2 ( ( & / / , % 2 : + 7 5 + , 2 5 : ) 0 3 / ( 7 $ 5 :0 2 3 / ) * 5 2 7 2 0 / ( ( + ' / 2 .
(/(&75,&$/ 6&+(0$7,& (0 $1 7, 8& 5, & $ 0 * $ / % 6 / % 12 ,,7 62 3 <( 7 .
0$,17(1$1&( 6&+('8/( 0LQLPXP 5HFRPPHQGHG 0DLQWHQDQFH ,QWHUYDOV 0DLQWHQDQFH 3URFHGXUH &KHFN %DWWHU\ )OXLG /HYHO &KHFN %DWWHU\ &DEOH &RQQHFWLRQV a &KDQJH (QJLQH 2LO /XEH )URQW :KHHO %HDULQJ 0DLQWHQDQFH ,QWHUYDO (YHU\ KUV (YHU\ KUV (YHU\ KUV 6HUYLFH (YHU\ KUV /XEH 7UDFWLRQ &RQWURO /LQNDJH 5HSODFH (QJLQH 2LO )LOWHU ,QVSHFW 5HPRWH $LU )LOWHU (OHPHQW ,QVSHFW (QJLQH $LU )LOWHU (OHPHQW /XEH 6WHHULQJ 6KDIW *UHDVH )LWWLQJ &KHFN 6WHHULQJ &KDLQ $GMXVWPHQW a 7RUTXH :KHHO /XJ 1XWV &KDQJH +\GUDXOLF 2LO a 5
,'(17,),&$7,21 $1' 25'(5,1* 02'(/ $1' 6(5,$/ 180%(56 7KH 6$1' 352 KDV WZR LGHQWLILFDWLRQ QXPEHUV D PRGHO QXPEHU DQG D VHULDO QXPEHU 7KHVH QXPEHUV DUH VWDPSHG LQWR D SODWH ORFDWHG RQ OHIW IUDPH UDLO ,Q DQ\ FRUUHVSRQGHQFH FRQFHUQLQJ WKH XQLW VXSSO\ WKH PRGHO DQG VHULDO QXPEHUV WR HQVXUH FRUUHFW LQIRUPDWLRQ DQG UHSODFHPHQW SDUWV DUH REWDLQHG 1RWH 'R QRW RUGHU E\ UHIHUHQFH QXPEHU LI D SDUWV FDWDORJ LV EHLQJ XVHG XVH WKH SDUW QXPEHU 7R RUGHU UHSODFHPHQW SDUWV IURP DQ DXWKRUL]HG 7252 'LVWULEXWRU VX
7KH 7RUR &RPPHUFLDO 3URGXFWV 7ZR