)250 12 02'(/ 12 83 23(5$725 6 0$18$/ 48$')/2$7 )RU *URXQGVPDVWHU ' 7R XQGHUVWDQG WKLV SURGXFW DQG IRU VDIHW\ DQG RSWLPXP SHUIRUPDQFH UHDG WKLV PDQXDO EHIRUH VWDUWLQJ WKH HQJLQH 3D\ VSHFLDO DWWHQWLRQ WR 6$)(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 7252 &203$1<
)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 0DLQWHQDQFH %HIRUH 2SHUDWLQJ 6FKHPDWLFV 2SHUDWLQJ ,QVWUXFWLRQV 6HDVRQDO 6WRUDJH 7KLV PDQXDO HPSKDVL]HV VDIHW\ PHFKDQLFDO DQG JHQHUDO SURGXFW LQIRUPDWLRQ '$1*(5 :$51,1* DQG &$87,21 LGHQWLI\ VDIHW\ PHVVDJHV :KHQ
6$)(7< ,16758&7,216 7KH *5281'60$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 2SHUDWRU PXVW EH VNLOOHG DQG WUDLQHG LQ KRZ WR GULYH RQ KLOOVLGHV )DLOXUH WR XVH FDXWLRQ RQ VORSHV RU KLOOV PD\ FDXVH ORVV RI FRQWURO DQG YHKLFOH WR WLS RU UROO SRVVLEO\ UHVXOWLQJ LQ SHUVRQDO LQMXU\ RU GHDWK 7KLV SURGXFW PD\ H[FHHG QRLVH OHYHOV RI G% $ DW WKH RSHUDWRU SRVLWLRQ (DU SURWHFWRUV DUH UHFRPPHQGHG IRU SURORQJHG H[SRVXUH WR UHGXFH WKH SRWHQWLDO RI SHUPDQHQW KHDULQJ GDPDJH :KHQ RSHUDWLQJ ZKHHO GULYH PDFKLQH DOZD\V XVH WKH VHDW EHOW DQG 5236 WRJHWKHU DQG KD
6$)(7< $1' ,16758&7,21 '(&$/6 7KH IROORZLQJ VDIHW\ DQG LQVWUXFWLRQ GHFDOV DUH DIIL[HG WR WKH FXWWLQJ XQLW ,I DQ\ GHFDO EHFRPHV LOOHJLEOH RU GDPDJHG LQVWDOO D QHZ GHFDO 3DUW QXPEHUV DUH OLVWHG EHORZ DQG LQ \RXU 3DUWV &DWDORJ 81'(5 '(&. &29(56 3DUW 1R 5HSODFH &RYHU %HIRUH 2SHUDWLQJ 21 /()7 &$6725 $50 3DUW 1R +HLJKW RI &XW $GMXVWLQJ 3URFHGXUH 21 /()7 &$6725 $50 3DUW 1R +HLJKW RI FXW $GMXVWLQJ 3URFHGXUH 21 &877,1* '(&.
3(&,),&$7,216 7\SH l ZLGWK RI FXW VHYHQ EODGH IURQW PRXQWHG URWDU\ l ZLGWK RI FXW WKUHH EODGH FHQWHU VHFWLRQ 7ZR l ZLGWK RI FXW ZLQJV l ZLGWK RI FXW ZLWK RQH ZLQJ XS 5HDU GLVFKDUJH ZLWK HYHQ GLVSHUVLRQ RYHU WKH HQWLUH ZLGWK RI FXW :LQJ 'HFNV :LQJV FDQ EH K\GUDXOLFDOO\ UDLVHG IURP WKH RSHUDWRU V VHDW IRU WUDQVSRUW RU FXWWLQJ ZLWK HLWKHU ZLQJ DQG FHQWHU GHFN RU FHQWHU GHFN RQO\ :LQJV FXW IURP OHYHO WR E XS DQG GRZQ )XUWKHU OLIW GLVHQJDJHV WKH EODGH DQG DSSOLHV D EODGH EUDNH 0RZLQJ 5
6(7 83 ,16758&7,216 02817,1* &877,1* 81,7 72 75$&7,21 81,7 )LJ 0RXQW D ZHDU SODWH LQVLGH RI HDFK UHDU GHFN VWUDS ZLWK FDSVFUHZV DQG ORFNQXWV )LJ &DSVFUHZ KHDG WR EH SRVLWLRQHG LQZDUG DV VKRZQ LQ ILJXUH 1RWH %HIRUH LQVWDOOLQJ FXWWLQJ XQLW RQ D XVHG WUDFWLRQ XQLW LQVSHFW OLIW DUP EDOO MRLQWV WR PDNH VXUH WKH\ DUH QRW ZRUQ RU GDPDJHG 5HSODFH LI QHFHVVDU\ :LWK FXWWLQJ XQLW RQ D OHYHO VXUIDFH PRYH WUDFWLRQ XQLW LQWR SRVLWLRQ DOLJQLQJ GULYH VKDIW \RNH ZLWK JHDU ER[ LQSXW VKDIW
%()25( 23(5$7,1* &+(&. /8%5,&$17 ,1 *($5 %2; )LJ 7KH JHDU ER[ LV GHVLJQHG WR RSHUDWH RQ 6$( ZW JHDU OXEH $OWKRXJK WKH JHDU ER[ LV VKLSSHG ZLWK OXEULFDQW IURP WKH IDFWRU\ LQLWLDOO\ FKHFN WKH OHYHO EHIRUH RSHUDWLQJ WKH FXWWLQJ XQLW DQG HYHU\ KRXUV WKHUHDIWHU &KHFN GDLO\ IRU VLJQV RI RLO ORVV 3RVLWLRQ WKH PDFKLQH DQG FXWWLQJ XQLW RQ D OHYHO VXUIDFH 5HPRYH FKHFN SOXJ IURP VLGH RI JHDU ER[ DQG PDNH VXUH OXEULFDQW LV XS WR ERWWRP RI KROH ,I OHYHO RI OXEULFDQW LV ORZ UHPRYH ILOO SO
%()25( 23(5$7,1* 6$)(7< '2256 )LJ 2Q HDFK VLGH RI WKH FHQWHU GHFN LV D VDIHW\ GRRU WKDW RSHQV DQG FORVHV DV WKH ZLQJ GHFNV DUH ORZHUHG DQG UDLVHG )LJ 7KH GRRUV RSHQ WR SURYLGH RYHUODS RI WKH FXWWLQJ EODGHV ZKHQ WKH ZLQJ XQLWV DUH GRZQ 7KH GRRUV FORVH WR SURYLGH VDIHW\ DQG SURWHFWLRQ ZKHQ WKH ZLQJ XQLWV DUH UDLVHG &KHFN WR PDNH VXUH WKH IRUZDUG ORZHU HGJH RI GRRU LV HYHQ RU l KLJKHU WKHQ ORZHU HGJH RI GRRU JXLGH ZKHQ ZLQJ GHFNV DUH LQ WKH IXOO\ UDLVHG WUDQVSRUW SRVLWLRQ ,I DQ DGMXVWPHQW WR WK
23(5$7,1* ,16758&7,216 23(5$7,1* &+$5$&7(5,67,&6 )DPLOLDUL]DWLRQ %HIRUH PRZLQJ JUDVV SUDFWLFH RSHUDWLQJ PDFKLQH LQ DQ RSHQ DUHD 6WDUW DQG VWRS WKH HQJLQH 2SHUDWH LQ IRUZDUG DQG UHYHUVH :KHQ \RX IHHO IDPLOLDU ZLWK WKH PDFKLQH SUDFWLFH RSHUDWLQJ DURXQG WUHHV DQG REVWDFOHV $OVR GULYH XS DQG GRZQ VORSHV DW GLIIHUHQW VSHHGV :$51,1* :KHQ RSHUDWLQJ ZKHHO GULYH PDFKLQH DOZD\V XVH WKH VHDW EHOW DQG 5236 WRJHWKHU DQG KDYH VHDW SLYRW UHWDLQLQJ SLQ LQVWDOOHG $QRWKHU FKDUDFWHULVWLF WR FRQVLGHU LV WKH RSH
23(5$7,1* ,16758&7,216 0RZLQJ ,Q ([WUHPH &RQGLWLRQV $LU LV UHTXLUHG WR FXW DQG UHFXW JUDVV FOLSSLQJV LQ PRZHU KRXVLQJ VR GR QRW VHW KHLJKW RI FXW WRR ORZ RU WRWDOO\ VXUURXQG KRXVLQJ E\ XQFXW JUDVV $OZD\V WU\ WR KDYH RQH VLGH RI WKH PRZHU KRXVLQJ IUHH IURP XQFXW JUDVV DOORZLQJ DLU WR EH GUDZQ LQWR KRXVLQJ :KHQ PDNLQJ DQ LQLWLDO FXW WKUX FHQWHU RI XQFXW DUHD RSHUDWH PDFKLQH VORZHU DQG EDFN XS LI PRZHU VWDUWV WR FORJ PDLQWDLQ WKH VDPH KHLJKW RI FXW ZKLFK LV D JRRG SUDFWLFH \RX OO QHHG WR F
/8%5,&$7,21 *5($6,1* )LJ 7KH FXWWLQJ XQLW KDV JUHDVH ILWWLQJV WKDW PXVW EH OXEULFDWHG UHJXODUO\ ZLWK 1R *HQHUDO 3XUSRVH /LWKLXP %DVH *UHDVH ,I PDFKLQH LV RSHUDWHG XQGHU QRUPDO FRQGLWLRQV OXEULFDWH DOO JUHDVH ILWWLQJV DIWHU HYHU\ KRXUV RI RSHUDWLRQ /XEULFDWH DOO JUHDVH ILWWLQJV LPPHGLDWHO\ DIWHU HYHU\ ZDVKLQJ UHJDUGOHVV RI LQWHUYDO OLVWHG 7KH JUHDVH ILWWLQJV WKDW PXVW EH OXEULFDWHG DUH EODGH VSLQGOHV OLIW F\OLQGHU EDOO MRLQWV DQG :LQJ 'HFN 3LYRW SLQV )LJ &DVWRU IRUN VKDIW
0$,17(1$1&( &$87,21 7R SUHYHQW DFFLGHQWDO VWDUWLQJ RI WKH HQJLQH ZKLOH SHUIRUPLQJ PDLQWHQDQFH VKXW HQJLQH RII DQG UHPRYH NH\ IURP LJQLWLRQ VZLWFK *(1(5$/ 0$,17(1$1&( 1RWH $OWKRXJK QRW UHTXLUHG IRU QRUPDO PDLQWHQDQFH SURFHGXUHV WKH FXWWLQJ XQLW PD\ EH SLYRWHG WLOWHG WR D XSULJKW SRVLWLRQ 6KRXOG \RX GHVLUH WR WLOW WKH FXWWLQJ XQLW XVH WKH IROORZLQJ SURFHGXUH 7R 3LYRW 7LOW &XWWLQJ 8QLW 8SULJKW 'ULYH PDFKLQH RQWR UDPSV WR UDLVH IURQW RI PDFKLQH /RZHU FHQWHU DQG ZLQJ FXWWLQJ XQLWV WR WKH J
0$,17(1$1&( 5HPRYH FDSVFUHZV IODWZDVKHUV DQG IODQJH QXWV VHFXULQJ EDOO MRLQW PRXQWV WR FDVWRU DUPV RQ FXWWLQJ XQLW 6HFXUH EDOO MRLQW PRXQWV WR FDVWRU DUPV ZLWK FDSVFUHZV IODWZDVKHUV DQG IODQJHQXWV 7LJKWHQ FDSVFUHZV DQG IODQJHQXWV WR IW OE /LQH XS KROHV LQ \RNH DQG LQSXW VKDIW RI JHDU ER[ 6OLGH \RNH RQWR VKDIW DQG VHFXUH WRJHWKHU ZLWK VRFNHW KHDG VFUHZV 7RUTXH VFUHZV WR IW OE 6WDUW HQJLQH UDLVH FHQWHU FXWWLQJ XQLW VOLJKWO\ VR UHDU GHFN VWUDSV FDQ EH PRXQWHG
&877,1* 81,7 0$,17(1$1&( &$87,21 &KHFN IRU SURSHU RSHUDWLRQ RI WKH VDIHW\ GRRUV HDFK WLPH WKH GHFN LV FOHDQHG DQG UHSDLU DV QHHGHG %/$'( $'-8670(17 )LJ 7R DVVXUH SURSHU RSHUDWLRQ RI WKH FXWWLQJ XQLW WKHUH PXVW EH l FOHDUDQFH EHWZHHQ WKH WLSV RI WKH ZLQJ DQG FHQWHU FXWWLQJ XQLW EODGHV 5DLVH FXWWLQJ XQLW VR EODGHV DUH YLVLEOH DQG EORFN FHQWHU GHFN VHFWLRQ VR LW FDQQRW IDOO DFFLGHQWDOO\ :LQJ GHFNV PXVW EH KRUL]RQWDO WR FHQWHU FXWWLQJ XQLW 5RWDWH D FHQWHU DQG DGMRLQLQJ ZLQJ EODGH VR
&877,1* 81,7 0$,17(1$1&( 7R 5HPRYH :LQJ 'HFN %HOWV 7R UHOLHYH WHQVLRQ RQ FHQWHU GHFN EHOW SXOO EDFN RQ LGOHU SXOOH\ XQWLO KROHV LQ LGOHU DGMXVWRU WXEH DQG WXEH VOHHYH DUH DOLJQHG 7KUHDG D FDSVFUHZ LQWR KROHV UHWDLQLQJ SDUWV :$51,1* ,GOHU SXOOH\ VSULQJ ORDGHG XVH FDXWLRQ ZKHQ UHOLHYLQJ VSULQJ WHQVLRQ RQ ZLQJ EHOW 7R UHOLHYH WHQVLRQ RQ ZLQJ EHOW SXOO EDFN RQ LGOHU SXOOH\ XQWLO KROHV LQ LGOHU DGMXVWRU WXEH DQG WXEH VOHHYH DUH DOLJQHG 7KUHDG D FDSVFUHZ LQWR KROHV UHWDLQLQJ SDU
&877,1* 81,7 0$,17(1$1&( $'-867,1* '(&. &/87&+ )LJ 7KH GHFN FOXWFKHV DUH DGMXVWDEOH WR HQVXUH SURSHU HQJDJHPHQW DQG EODGH EUDNLQJ &KHFN FOXWFK DGMXVWPHQW DIWHU WKH ILUVW KRXUV RI RSHUDWLRQ WKHUHDIWHU HYHU\ KRXUV $GMXVW LI UHTXLUHG ,QVSHFW FDVWRU VSLQGOH IRU ZHDU DQG UHSODFH LW LI GDPDJHG 3XVK FDVWRU VSLQGOH WKURXJK EXVKLQJV DQG PRXQWLQJ WXEH 6OLGH VSDFHU V RQWR VSLQGOH ,QVWDOO +2& FDS RQ FDVWRU VSLQGOH WR UHWDLQ DOO SDUWV LQ SODFH 7R DGMXVW FOXWFK WLJKWHQ RU ORRVHQ ORFNQXWV R
&877,1* 81,7 0$,17(1$1&( ,QVWDOO FDVWRU ZKHHO DVVHPEO\ EHWZHHQ FDVWRU IRUN DQG VHFXUH LQ SODFH ZLWK FDSVFUHZ DQG ORFNQXW )LJXUH &DVWRU ZKHHO 5HDU &DVWHU 3LYRW $UP )LJXUH %HDULQJ %HDULQJ 6SDFHU %ODGH EROW $QWL 6FDOS &XS ,163(&7,1* $1' 6+$53(1,1* %/$'( )LJ %/$'( 5(029$/ $1' ,167$//$7,21 )LJ 7KH EODGH PXVW EH UHSODFHG LI D VROLG REMHFW LV KLW WKH EODGH LV RXW RI EDODQFH RU LI WKH EODGH LV EHQW $OZD\V XVH JHQXLQH 7252 UHSODFHPHQW EODGHV WR EH
&877,1* 81,7 0$,17(1$1&( 6+$53(1 $7 7+,6 $1*/( 21/< (1' 9,(: )LJXUH 7R FKHFN EODGH IRU EHLQJ VWUDLJKW DQG SDUDOOHO OD\ EODGH RQ D OHYHO VXUIDFH DQG FKHFN LWV HQGV (QGV RI EODGH PXVW EH VOLJKWO\ ORZHU WKDQ WKH FHQWHU DQG FXWWLQJ HGJH PXVW EH ORZHU WKDQ WKH KHHO RI WKH EODGH 7KLV EODGH ZLOO SURGXFH JRRG TXDOLW\ RI FXW DQG UHTXLUH PLQLPDO SRZHU IURP WKH HQJLQH %\ FRQWUDVW D EODGH WKDW LV KLJKHU DW WKH HQGV WKDQ WKH FHQWHU RU LI FXWWLQJ HGJH LV KLJKHU WKDQ WKH KHHO WKH EODGH LV EHQW RU ZDUSHG DQG
7KH 7RUR *HQHUDO &RPPHUFLDO 3URGXFWV :DUUDQW\ $ 7ZR
