)RUP 1R 5HY $ 3UR/LQH LQFK 5HF\FOHUÇ :DON 3RZHU /DZQ 0RZHU 0RGHO 1R ³ DQG 8S 0RGHO 1R ³ DQG 8S 2SHUDWRU·V 0DQXDO 'RPHVWLF (QJOLVK (1
&RQWHQWV ,QWURGXFWLRQ 6DIHW\ *HQHUDO /DZQ 0RZHU 6DIHW\ 6DIHW\ DQG ,QVWUXFWLRQ 'HFDOV $VVHPEO\ ,QVWDOOLQJ WKH +DQGOH ,QVWDOOLQJ WKH 6WDUWHU 5RSH ,QVWDOOLQJ WKH 'LVFK
:DUQLQJ VLJQDOV D KD]DUG WKDW PD\ FDXVH VHULRXV LQMXU\ RU GHDWK LI \RX GR QRW IROORZ WKH UHFRPPHQGHG SUHFDXWLRQV 1HYHU DOORZ FKLOGUHQ WR RSHUDWH WKH ODZQ PRZHU /RFDO UHJXODWLRQV PD\ UHVWULFW WKH DJH RI WKH RSHUDWRU &DXWLRQ VLJQDOV D KD]DUG WKDW PD\ FDXVH PLQRU RU PRGHUDWH LQMXU\ LI \RX GR QRW IROORZ WKH UHFRPPHQGHG SUHFDXWLRQV 1HYHU DOORZ DGXOWV XQIDPLOLDU ZLWK WKHVH LQVWUXFWLRQV WR RSHUDWH WKH ODZQ PRZHU 1HYHU PRZ ZKLOH SHRSOH HVSHFLDOO\ FKLOGUHQ RU SHWV DUH QHDUE\ 6WRS WKH ODZQ PRZHU LI D
'R QRW SXW \RXU KDQGV RU IHHW QHDU RU XQGHU URWDWLQJ SDUWV .
$OORZ WKH HQJLQH WR FRRO EHIRUH VWRULQJ WKH ODZQ PRZHU LQ DQ\ HQFORVXUH 1HYHU DWWHPSW WR PDNH ZKHHO KHLJKW DGMXVWPHQWV ZKLOH WKH HQJLQH LV UXQQLQJ 7R UHGXFH WKH ILUH KD]DUG NHHS WKH HQJLQH PXIIOHU EDWWHU\ FRPSDUWPHQW DQG JDVROLQH VWRUDJH DUHD IUHH RI JUDVV OHDYHV RU H[FHVVLYH JUHDVH *UDVV FDWFKHU FRPSRQHQWV DUH VXEMHFW WR ZHDU GDPDJH DQG GHWHULRUDWLRQ ZKLFK FRXOG H[SRVH PRYLQJ SDUWV RU DOORZ REMHFWV WR EH WKURZQ )UHTXHQWO\ FKHFN WKH FRPSRQHQWV DQG UHSODFH WKHP ZLWK WKH PDQXIDFWXUHU·V
$VVHPEO\ ,QVWDOOLQJ WKH 6WDUWHU 5RSH 3XOO WKH VWDUWHU URSH WKURXJK WKH URSH JXLGH RQ WKH KDQGOH )LJ 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ ,QVWDOOLQJ WKH +DQGOH 0RXQW WKH KDQGOH WR WKH RXWVLGH RI WKH ODZQ PRZHU KRXVLQJ XVLQJ WKH ERWWRP KROH ZLWK WZR [ LQ PP [ PP FDS VFUHZV ZDVKHUV DQG WKLQ Q\ORQ LQVHUW ORFNQXWV 6HFXUH WKH KDQGOH ODWFKHV WR WKH KDQGOH ZLWK WZR ² [ LQ PP [ PP FDS VFUHZ
3XVK WKH SOXJ DOO WKH ZD\ LQ XQWLO WKH VSULQJ FOLS RQ WKH ERWWRP RI WKH SOXJ FOLFNV LQWR SODFH ORFNLQJ WKH SOXJ VHFXUHO\ LQWR WKH GLVFKDUJH WXQQHO )LJ 1RWH :KHQ WKH FUDQNFDVH LV HPSW\ SRXU DERXW WKUHH IRXUWKV RI WKH FUDQNFDVH FDSDFLW\ RI RLO LQ WKH FUDQNFDVH WKHQ IROORZ WKH SURFHGXUH LQ WKLV VHFWLRQ 7R DGG RLO 0RYH WKH ODZQ PRZHU WR D OHYHO VXUIDFH &OHDQ DURXQG WKH GLSVWLFN )LJ 5HPRYH WKH GLSVWLFN E\ URWDWLQJ WKH FDS FRXQWHUFORFNZLVH DQG SXOOLQJ LW RXW :LSH WKH GLSVWL
,PSRUWDQW GD\V ROG 8VH D IXHO VWDELOL]HU FRQGLWLRQHU UHJXODUO\ GXULQJ RSHUDWLRQ DQG VWRUDJH $ VWDELOL]HU FRQGLWLRQHU FOHDQV WKH HQJLQH GXULQJ RSHUDWLRQ DQG SUHYHQWV JXP OLNH YDUQLVK GHSRVLWV IURP IRUPLQJ LQ WKH HQJLQH GXULQJ SHULRGV RI VWRUDJH 'R QRW XVH JDVROLQH WKDW LV PRUH WKDQ 'DQJHU ,PSRUWDQW 'R QRW XVH IXHO DGGLWLYHV RWKHU WKDQ D IXHO VWDELOL]HU FRQGLWLRQHU 'R QRW XVH IXHO VWDELOL]HUV ZLWK DQ DOFRKRO EDVH VXFK DV HWKDQRO PHWKDQRO RU LVRSURSDQRO ,Q FHUWDLQ FRQGLWLRQV JDVROLQH LV H[WUHPH
&DXWLRQ 7KLV PDFKLQH SURGXFHV VRXQG OHYHOV LQ H[FHVV RI G%$ DW WKH RSHUDWRU·V HDU DQG FDQ FDXVH KHDULQJ ORVV WKURXJK H[WHQGHG SHULRGV RI H[SRVXUH :HDU KHDULQJ SURWHFWLRQ ZKHQ RSHUDWLQJ WKLV PDFKLQH )LJXUH 6SDUN SOXJ ZLUH 2SHQ WKH IXHO YDOYH )LJ 0RYH WKH WKURWWOH FRQWURO WR WKH )LJ &DXWLRQ :HDU KHDULQJ SURWHFWLRQ 5HJXODWH WKH WKURWWOH DQG WKH JURXQG VSHHG FRQWURO DV GHVLUHG ZKHQ WKH HQJLQH VWDUWV 1RWH ,I WKH HQJLQH IDLOV WR VWDUW DIWHU WKUHH SXOOV UHSHDW
6WDUW WKH HQJLQH 1RWH :KHQ JUDVV LV WKLFN DQG OXVK FOLSSLQJV PD\ FROOHFW RQ DQG DURXQG WKH GLVFKDUJH WXQQHO SOXJ 7KLV PD\ PDNH UHPRYLQJ WKH SOXJ GLIILFXOW &OHDQ WKH SOXJ WKRURXJKO\ DIWHU HDFK XVH 6TXHH]H WKH FRQWURO EDU DJDLQVW WKH KDQGOH WR WKH 5XQ 'ULYH SRVLWLRQ )LJ $GMXVWLQJ WKH &XWWLQJ +HLJKW 0RYH WKH JURXQG VSHHG FRQWURO WR WKH SRVLWLRQ 1HXWUDO (DFK ZKHHO LV DGMXVWHG LQGLYLGXDOO\ ZLWK D ZKHHO KHLJKW DGMXVWPHQW OHYHU &XWWLQJ KHLJKWV DUH LQFK PP LQFKHV
0RZLQJ ZLWK WKH *UDVV %DJ (QVXUH WKDW WKH GLVFKDUJH GRRU KDQGOH LV IXOO\ IRUZDUG DQG WKDW WKH SLQ LV HQJDJHG LQ WKH FDWFK )LJ :DUQLQJ $ ZRUQ JUDVV EDJ FRXOG DOORZ VPDOO VWRQHV DQG RWKHU VLPLODU GHEULV WR EH WKURZQ LQ WKH RSHUDWRU·V RU E\VWDQGHU·V GLUHFWLRQ DQG UHVXOW LQ VHULRXV SHUVRQDO LQMXU\ RU GHDWK WR WKH RSHUDWRU RU E\VWDQGHUV &KHFN WKH JUDVV EDJ IUHTXHQWO\ ,I LW LV GDPDJHG LQVWDOO D QHZ 7RUR UHSODFHPHQW EDJ P )LJXUH %DJ IUDPH RQ UHWDLQLQJ SRVW &XW WKH J
2SHUDWLQJ 7LSV &XWWLQJ *UDVV 5HYLHZ WKH VDIHW\ LQVWUXFWLRQV DQG UHDG WKLV PDQXDO FDUHIXOO\ EHIRUH RSHUDWLQJ WKH ODZQ PRZHU *UDVV JURZV DW GLIIHUHQW UDWHV DW GLIIHUHQW WLPHV RI WKH \HDU ,Q WKH VXPPHU KHDW LW LV EHVW WR FXW JUDVV DW WKH LQFK PP LQFK PP RU LQFK PP FXWWLQJ KHLJKW VHWWLQJV &XW RQO\ DERXW D WKLUG RI WKH JUDVV EODGH DW D WLPH 'R QRW FXW EHORZ WKH LQFK PP VHWWLQJ XQOHVV WKH JUDVV LV VSDUVH RU LW LV ODWH IDOO ZKHQ JUDVV JURZWK EHJLQV WR VORZ GRZQ &OH
0DLQWHQDQFH 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 0DLQWHQDQFH 6HUYLFH ,QWHUYDO (DFK 8VH 0DLQWHQDQFH 3URFHGXUH &KHFN WKH HQJLQH RLO OHYHO &KHFN WKH VWRSSLQJ WLPH RI WKH EODGH EUDNH 7KH EODGH PXVW VWRS ZLWKLQ WKUHH VHFRQGV RI UHOHDVLQJ WKH EDLO LI LW GRHV QRW FRQWDFW DQ $XWKRUL]HG 6HUYLFH 'HDOHU IRU UHSDLU 5HPRYH JUDVV FOLSSLQJV DQG GLUW IURP XQGHU WKH KRXVLQJ &OHDQ WKH GLVFKDUJH WXQQHO DQG WKH GLVFKDUJH WX
&KHFNLQJ WKH (QJLQH 2LO /HYHO 1RWH 7KH EODGH ZLOO GUDZ LQ ZDWHU DQG ZDVK RXW FOLSSLQJV /HW WKH ZDWHU UXQ XQWLO \RX QR ORQJHU VHH FOLSSLQJV EHLQJ ZDVKHG RXW IURP XQGHU WKH KRXVLQJ %HIRUH \RX XVH WKH ODZQ PRZHU PDNH VXUH WKDW WKH RLO OHYHO LV EHWZHHQ WKH $GG DQG WKH )XOO PDUNV DV VKRZQ RQ WKH GLSVWLFN )LJ ,I WKH RLO OHYHO LV EHORZ WKH $GG PDUN DQG RLO 5HIHU WR )LOOLQJ WKH &UDQNFDVH ZLWK 2LO RQ SDJH 6WRS WKH HQJLQH DQG ZDLW IRU DOO PRYLQJ SDUWV WR VWRS 7XUQ RII WKH JDUGHQ KRVH 6WDU
6DWXUDWH WKH SUH FOHDQHU ZLWK RLO WKHQ VTXHH]H LW GR QRW WZLVW WR UHPRYH WKH H[FHVV RLO $OZD\V EH VXUH WKDW WKH GLVFKDUJH WXQQHO GRRU FORVHV VHFXUHO\ ZKHQ \RX UHOHDVH WKH KDQGOH ,I WKH GHEULV SUHYHQWV WKH GLVFKDUJH GRRU IURP FORVLQJ VHFXUHO\ FOHDQ WKH LQVLGH RI WKH GLVFKDUJH WXQQHO DQG WKH GRRU WKRURXJKO\ 5HPRYH WKH SDSHU DLU ILOWHU DQG GLVFDUG LW )LJ ,PSRUWDQW :DUQLQJ 'R QRW WU\ WR FOHDQ D SDSHU ILOWHU ,QVWDOO WKH IRDP SUH FOHDQHU RQ WKH QHZ SDSHU DLU ILOWHU *UDVV FOLSSLQJV D
/RZHU WKH ULJKW VLGH RI WKH ODZQ PRZHU 5HPRYH WKH RLO GUDLQ WXEH DQG WLJKWHQ WKH VLGH RLO GUDLQ SOXJ $ ,PSRUWDQW 'R QRW RYHU WLJKWHQ WKH VLGH RLO GUDLQ SOXJ LW PD\ FDXVH GDPDJH WR WKH FUDQNFDVH FRYHU 7RUTXH WKH VLGH RLO GUDLQ SOXJ WR LQ OE 1 P % 5HF\FOH WKH XVHG RLO DFFRUGLQJ WR ORFDO FRGHV )LOO WKH FUDQNFDVH WR WKH )XOO OLQH RQ WKH GLSVWLFN ZLWK IUHVK RLO 5HIHU WR WKH )LOOLQJ WKH &UDQNFDVH ZLWK 2LO RQ SDJH & :LSH XS DQ\ VSLOOHG RLO )LJXUH
6KDUSHQLQJ WKH %ODGH 5HWXUQ WKH ODZQ PRZHU WR LWV XSULJKW SRVLWLRQ )LOH WKH WRS VLGH RI WKH EODGH WR PDLQWDLQ LWV RULJLQDO FXWWLQJ DQJOH )LJ $ DQG LQQHU FXWWLQJ HGJH UDGLXV )LJ % 7KH EODGH ZLOO UHPDLQ EDODQFHG LI \RX UHPRYH WKH VDPH DPRXQW RI PDWHULDO IURP ERWK FXWWLQJ HGJHV &RQQHFW WKH ZLUH WR WKH VSDUN SOXJ $ % (PSW\LQJ WKH )XHO 7DQN DQG &OHDQLQJ WKH )XHO )LOWHU &OHDQ WKH IXHO ILOWHU HOHPHQW HYHU\ RSHUDWLQJ KRXUV 6WRS WKH HQJLQH DQG ZDLW IRU LW WR FRRO GRZQ P
)LUPO\ LQVWDOO WKH ILOWHU WXEHV DQG FODPSV $GMXVWLQJ WKH 6HOI SURSHO 'ULYH &OHDQLQJ XQGHU WKH %HOW &RYHU 6HOI SURSHO 0RGHO RQO\ ,I WKH ODZQ PRZHU GRHV QRW VHOI SURSHO RU KDV D WHQGHQF\ WR FUHHS IRUZDUG ZKHQ WKH FRQWURO EDU LV PRUH WKDQ LQFKHV FP IURP WKH KDQGOH DGMXVW WKH ZKHHO GULYH FRQWURO NQRE RQ WKH UHDU RI WKH JHDU ER[ 6HOI SURSHO 0RGHO RQO\ .
'LVFRQQHFW WKH ZLUH IURP WKH VSDUN SOXJ )LJ ,PSRUWDQW 5HSODFH D FUDFNHG IRXOHG RU GLUW\ VSDUN SOXJ 'R QRW FOHDQ WKH HOHFWURGHV EHFDXVH JULW HQWHULQJ WKH F\OLQGHU FDQ GDPDJH WKH HQJLQH &KHFN WKH DGMXVWPHQW RI WKH FDEOH E\ PRYLQJ WKH FRQWURO EDU WRZDUG WKH KDQGOH XQWLO \RX UHPRYH WKH VODFN LQ WKH FDEOH 7KH JDS EHWZHHQ WKH EUDNH OHYHU DQG WKH KDQGOH PXVW EH EHWZHHQ DQG LQ DQG PP 7R DGMXVW WKH FDEOH JR WR VWHS 6HW WKH JDS RQ WKH SOXJ WR LQ PP )LJ
&KHFN WKH DOLJQPHQW RI DOO SDUWV DQG WLJKWHQ WKH VFUHZV DOWHUQDWLQJ IURP VLGH WR VLGH IRU D XQLIRUP ILW XQWLO WKH ZKHHO KDOYHV DUH GUDZQ WRJHWKHU )LJ & 3XOO GRZQ RQ WKH FDEOH FRQGXLW XQWLO \RX UHPRYH WKH VODFN IURP WKH ZLUH ' 7LJKWHQ WKH QXW ,QVWDOO WKH WZR FDS VFUHZV DQG WZR ORFNQXWV SUHYLRXVO\ UHPRYHG LQ WKH UHPDLQLQJ KROHV LQ WKH ZKHHO KDOYHV DQG WLJKWHQ 5HPRYH WKH WZR ORQJ VFUHZV RU EROWV DQG UHSODFH WKHP ZLWK WZR FDS VFUHZV DQG WZR ORFNQXWV )LJ 6HUYLFLQJ WKH :KHHOV 5HPRYLQ
6ORZO\ URWDWH WKH HQJLQH VHYHUDO WLPHV XVLQJ WKH VWDUWHU URSH WR GLVWULEXWH WKH RLO )LOO WKH FUDQNFDVH WR WKH )XOO OLQH RQ WKH GLSVWLFN ZLWK IUHVK RLO 5HIHU WR )LOOLQJ WKH &UDQNFDVH ZLWK 2LO RQ SDJH ,QVWDOO WKH VSDUN SOXJ EXW GR QRW FRQQHFW WKH ZLUH WR WKH VSDUN SOXJ ,QVWDOO WKH VSDUN SOXJ ZLUH 5XQ WKH HQJLQH IRU DERXW WKUHH PLQXWHV *HQHUDO ,QIRUPDWLRQ 6WRS WKH HQJLQH ZDLW IRU DOO PRYLQJ SDUWV WR VWRS DQG FKHFN IRU RLO OHDNDJH DURXQG WKH ILOWHU &OHDQ WKH ODZQ PRZHU
$FFHVVRULHV
3UREOHP (QJLQH UXQV URXJK /DZQ PRZHU RU HQJLQH YLEUDWHV H[FHVVLYHO\ 8QHYHQ FXWWLQJ SDWWHUQ 'LVFKDUJH FKXWH SOXJV /DZQ PRZHU GRHV QRW VHOI SURSHO 6HOI SURSHO PRGHO RQO\ 3RVVLEOH &DXVHV &RUUHFWLYH $FWLRQ 7KH ZLUH LV QRW FRQQHFWHG WR WKH VSDUN SOXJ &RQQHFW WKH ZLUH WR WKH VSDUN SOXJ 7KH VSDUN SOXJ LV SLWWHG IRXOHG RU WKH JDS LV LQFRUUHFW &KHFN WKH VSDUN SOXJ DQG DGMXVW WKH JDS LI QHFHVVDU\ 5HSODFH WKH VSDUN SOXJ LI LW LV SLWWHG IRXOHG RU FUDFNHG 7KH WKURWWOH OHYHU LV QRW LQ
7KH 7RUR 7RWDO &RYHUDJH *XDUDQWHH *DV &RUGOHVV (OHFWULF DQG $ )XOO :DUUDQW\ /LPLWHG :DUUDQW\ IRU &RPPHUFLDO 8VH &RPPHUFLDO 'XW\ :DON 0RZHUV &RQGLWLRQV DQG 3URGXFWV &RYHUHG 2ZQHU 5HVSRQVLELOLWLHV 7KH 7RUR &RPSDQ\ DQG LWV DIILOLDWH 7RUR :DUUDQW\ &RPSDQ\