)250 12 02'(/ 12 83 23(5$725 6 0$18$/ l 6,'( ',6&+$5*( &877,1* '(&. )25 *5281'60$67(5 6(5,(6 75$&7,21 81,76 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$)(7< ,16758&7,216 KLJKOLJKWHG E\ WKLV V\PERO 9 7KH *URXQGVPDVWHU 6HULHV 7UDFWLRQ XQLW ZLWK D
)25(:25' 7KH l FXWWLQJ GHFN KDV DGYDQFHG FRQFHSWV LQ HQJLQHHULQJ GHVLJQ DQG VDIHW\ DQG LI PDLQWDLQHG SURSHUO\ ZLOO JLYH H[FHOOHQW VHUYLFH 6LQFH WKLV LV D KLJK TXDOLW\ SURGXFW 7RUR LV FRQFHUQHG DERXW WKH IXWXUH XVH RI WKH PDFKLQH DQG VDIHW\ RI WKH XVHU 7KHUHIRUH UHDG WKLV PDQXDO WR IDPLOLDUL]H \RXUVHOI ZLWK SURSHU VHW XS RSHUDWLRQ DQG PDLQWHQDQFH LQVWUXFWLRQV 7KH PDMRU VHFWLRQV RI WKH PDQXDO DUH 6DIHW\ ,QVWUXFWLRQV 6HW XS ,QVWUXFWLRQV %HIRUH 2SHUDWLQJ /XEULFDWLRQ 0DLQWHQDQF
6$)(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 FXWWLQJ XQLW KDV EHHQ WHVWHG DQG FHUWLILHG IRU FRPSOLDQFH ZLWK WKH % VSHFLILFDWLRQV RI WKH $PHULFDQ 1DWLRQDO 6WDQGDUGV ,QVWLWXWH $OWKRXJK KD]DUG FRQWURO DQG DFFLGHQW SUHYHQWLRQ SDUWLDOO\ DUH GHSHQGHQW XSRQ WKH GHVLJQ DQG FRQILJXUDWLRQ RI WKH PDF
6$)(7< ,16758&7,216 ) %HIRUH EDFNLQJ XS ORRN WR WKH UHDU DQG DVVXUH QR RQH LV EHKLQG WKH PDFKLQH * :DWFK RXW IRU WUDIILF ZKHQ QHDU RU FURVVLQJ URDGV $OZD\V \LHOG WKH ULJKW RI ZD\ + 7KH FXWWLQJ GHFN PXVW EH ORZHUHG ZKHQ JRLQJ GRZQ VORSHV IRU VWHHULQJ FRQWURO 7KH JUDVV GHIOHFWRU PXVW DOZD\V EH LQVWDOOHG DQG LQ ORZHVW SRVLWLRQ RQ WKH VLGH GLVFKDUJH FXWWLQJ XQLW 1HYHU RSHUDWH PRZHU ZLWKRXW GHIOHFWRU RU HQWLUH JUDVV FROOHFWRU 7KLV SURGXFW LV GHVLJQHG WR GULYH REMHFWV LQWR WKH JURXQG ZKHUH WKH\
6$)(7< $1' ,16758&7,21 '(&$/6 7KH IROORZLQJ GHFDOV DUH LQVWDOOHG RQ WKH PDFKLQH ,I DQ\ EHFRPH GDPDJHG RU LOOHJLEOH UHSODFH LW 7KH GHFDO SDUW QXPEHU LV OLVWHG EHORZ DQG LQ \RXU SDUWV FDWDORJ 5HSODFHPHQW FDQ EH RUGHUHG IURP \RXU $XWKRUL]HG 7RUR 'LVWULEXWRU 21 %27+ 6,'(6 2) &877,1* 81,7 3DUW 1R 21 /()7 6,'( 2) &$6725 $50 3DUW 1R 81'(5 '()/(&725 3DUW 1R 21 '()/(&725 /()7 6,'( 2) &877,1* '(&.
3(&,),&$7,216 :LGWK RI &XW LQ P 2SWLRQDO (TXLSPHQW +HLJKW RI &XW $GMXVWDEOH IURP l WR l WR PP LQ l PP LQFUHPHQWV %ODGH 7LS 6SHHG IW PLQ # HQJLQH USP &XWWHU %ODGHV 7KUHH KHDW WUHDWHG VWHHO EODGHV HDFK LQ PP WKLFN DQG l PP ORQJ 8QLW 'ULYH 6\VWHP 372 GULYHQ JHDU ER[ WUDQVPLWV SRZHU WKURXJK D k$$l VHFWLRQ EHOW WR DOO EODGH VSLQGOHV &DVWRU :KHHOV )URQW LQ PP GLD SQHXPDWLF ZKHHOV ZLWK JUHDVHDEOH UROOHU EHDULQJV ,QIODWLR
6(7 83 ,16758&7,216 '$1*(5 'R QRW VWDUW WKH HQJLQH DQG HQJDJH WKH 372 OHYHU ZKHQ 372 VKDIW LV QRW FRQQHFWHG WR FXW WLQJ XQLW JHDU ER[ EHFDXVH WKH 372 VKDIW ZLOO URWDWH ZLWK HQRXJK IRUFH WR FDXVH VHULRXV LQ MXU\ ,167$// &$6725 :+((/ $66(0%/,(6 )LJ 7KH WKUXVW ZDVKHUV VSDFHUV DQG WHQVLRQLQJ FDSV KDYH EHHQ LQVWDOOHG RQ WKH FDVWRU ZKHHO VSLQGOHV IRU VKLSSLQJ 5HPRYH WHQVLRQLQJ FDSV IURP VSLQGOH VKDIWV DQG VOLGH RII VSDFHUV DQG WKUXVW ZDVKHUV 7HQVLRQLQJ FDS 7KUXVW ZD
6(7 83 ,16758&7,216 &211(&7 /,)7 $506 72 &877,1* 81,7 )LJ 0RYH FXWWLQJ XQLW LQWR SRVLWLRQ LQ IURQW RI WUDFWLRQ XQLW 0HDVXUH GLVWDQFH IURP HQG RI HDFK OLIW DUP WR FHQWHU RI EDOO MRLQW JUHDVH ILWWLQJ 'LVWDQFH VKRXOG EH l ,I GLVWDQFH LV QRW l ORRVHQ MDP QXW VHFXULQJ EDOO MRLQW WR OLIW DUP DQG URWDWH EDOO MRLQW LQ RU RXW XQWLO GLVWDQFH LV DWWDLQHG 'R QRW WLJKWHQ MDP QXWV DW WKLV WLPH 7LJKWHQ ODUJH MDP QXW VHFXULQJ EDOO MRLQW WR OLIW DUP ),J :KHQ WLJKWHQLQJ MDP QXW K
6(7 83 ,16758&7,216 0RXQW ERWWRP RI NQHH OLQN WR GHFN EUDFNHW ZLWK D VKRXOGHU EROW DQG ORFNQXW 8VH WKH KHDY\ UDWH H[WHQVLRQ RQ WKH OHIW KDQG VLGH ODUJH GLDPHWHU VSULQJ ZLUH DQG WKH OLJKW UDWH H[WHQVLRQ VSULQJ RQ WKH ULJKW GLVFKDUJH VLGH VPDOO GLDPHWHU VSULQJ ZLUH $OLJQ VORWWHG KROHV LQ WKH VSULQJ FRYHU VORW WRZDUG WKH ERWWRP ZLWK WKH PRXQWLQJ EUDFNHW KROHV ,QVHUW ORFN SLQ DVVHPEOLHV LQWR WKH EUDFNHW KROHV DQG VHFXUH HDFK WR WKH EUDFNHW ZLWK VHOI WDSSLQJ VFUHZV )LJ 7RUTXH
6(7 83 ,16758&7,216 )URP WKH ERWWRP LQVHUW WKH VSULQJ DQG WRS VSULQJ HQG LQWR WKH VSULQJ FRYHU 6HOHFW D KROH WKDW PDWFKHV WKH FXWWHU GHFN KHLJKW RI FXW VHWWLQJ L H WRS FRYHU KROH PDWFKHV WKH KLJKHVW KHLJKW VHWWLQJ ERWWRP FRYHU KROH WKH ORZHVW HWF $OLJQ WKH WRS VSULQJ HQG KROH ZLWK WKH VHOHFWHG VSULQJ FRYHU KROHV DQG LQVHUW WKH FOHYLV SLQ WR VHFXUH WKH VSULQJ LQVLGH WKH FRYHU )LJ 6HFXUH FOHYLV SLQ ZLWK D KDLU SLQ FRWWHU 5HPRYH WKH EORFNV IURP XQGHU WKH FXWWLQJ XQLW 0DNH ILQD
%()25( 23(5$7,1* $'-867,1* +(,*+7 2) &87 3XVK FDVWRU VSLQGOH WKURXJK IURQW FDVWRU DUP LQVWDOO RWKHU WKUXVW ZDVKHU DQG UHPDLQLQJ VSDFHUV RQWR VSLQGOH DQG LQVWDOO WHQVLRQLQJ FDS WR VHFXUH DVVHPEO\ )LJ 7KH KHLJKW RI FXW LV DGMXVWDEOH IURP WR LQFKHV LQ LQFK LQFUHPHQWV E\ DGGLQJ RU UHPRYLQJ DQ HTXDO QXPEHU RI VSDFHUV IURP WKH IURQW DQG UHDU FDVWRU IRUNV 7KH KHLJKW RI FXW FKDUW EHORZ JLYHV WKH FRPELQDWLRQV RI VSDFHUV WR XVH IRU DOO KHLJKW RI FXW VHWWLQJV +HLJKW RI
%()25( 23(5$7,1* )LJXUH ,QWHUQDO UROOHUV )LJXUH ([WHUQDO 5ROOHU 5ROOHU 6KDIW &+(&. /8%5,&$17 ,1 *($5 %2; )LJ 7R DGMXVW IURQW JDJH ZKHHO )LJ 5HPRYH FDSVFUHZ DQG QXW VHFXULQJ JDJH ZKHHO WR FXWWLQJ XQLW EUDFNHWV $OLJQ UROOHU DQG VSDFHU ZLWK WRS KROHV LQ EUDFNHWV DQG VHFXUH ZLWK FDSVFUHZ DQG QXW 7KH JHDU ER[ LQ GHVLJQHG WR RSHUDWH RQ 6$( ZW JHDU OXEH $OWKRXJK WKH JHDU ER[ LV VKLSSHG ZLWK OXEULFDQW IURP WKH IDFWRU\ FKHFN WKH OHYHO EHIRUH RSHUDWLQJ WKH FXW
23(5$7,1* ,16758&7,216 *5$66 '()/(&725 )LJ 7(16,21 635,1* $'-8670(17 :$51,1* 7KH JUDVV GHIOHFWRU )LJ LV D VDIHW\ GHYLFH WKDW GLYHUWV JUDVV DQG RWKHU IRUHLJQ REMHFWV EHLQJ GLVFKDUJHG GRZQZDUG :( 67521*/< 5(&200(1' 7+$7 7+( '()/(&725 %( ,1 ,76 1250$/ 23(5$7,1* 326,7,21 :+(1(9(5 7+( &877,1* 81,7 ,6 (1*$*(' 1(9(5 23(5$7( &877,1* 81,7 :,7+ 7+( '()/(&725 5(029(' )520 7+( &877,1* 81,7 25 ,7 7,(' %/2&.
/8%5,&$7,21 *5($6( %($5,1*6 %86+,1*6 $1' *($5 %2; )LJ 7KH FXWWLQJ XQLW PXVW EH OXEULFDWHG UHJXODUO\ ,I PDFKLQH LV RSHUDWHG XQGHU QRUPDO FRQGLWLRQV OXEULFDWH FDVWRU EHDULQJV DQG EXVKLQJV ZLWK 1R JHQHUDO SXUSRVH OLWKLXP EDVH JUHDVH RU PRO\EGHQXP EDVH JUHDVH DIWHU HYHU\ KRXUV RI RSHUDWLRQ RU GDLO\ ZKLFKHYHU FRPHV ILUVW 7KH FXWWLQJ XQLW KDV EHDULQJV DQG EXVKLQJV WKDW PXVW EH OXEULFDWHG DQG WKHVH OXEULFDWLRQ SRLQWV DUH IURQW FDVWRU VSLQGOH EXVKLQJV )LJ IURQW DPG UHDU FDVWRU ZKHHO EH
0$,17(1$1&( 7528%/( 6+227,1* 7 & ( 3 6 1 , ; 2 % 5 $ ( * 6 7 ) $ + 6 1 ( . 2 5 % ( & $ / 3 ( 5 < ( / / 8 3 ( 6 2 2 / 1 ( 7 5 + 2 * , 7 6 7 / ( % 5 1 2 ( ( . 6 2 25 2% / 7 & ( 3 6 1 , 2 7 3 ( & $ / 3 ( 5 1 ( . 2 5 % 7 / ( % 81,7 :,// 127 &87 25 &876 3225/< . 2 7 & ( 3 6 1 , ; 2 % 5 $ ( * ( & $ / 3 ( 5 . 2 . 2 7 & ( 3 6 1 , .
0$,17(1$1&( 6(3$5$7,1* &877,1* 81,7 )520 75$&7,21 81,7 )LJ 5ROO FXWWLQJ XQLW DZD\ IURP WKH WUDFWLRQ XQLW VHSDUDWLQJ PDOH DQG IHPDOH VHFWLRQV RI 372 VKDIW 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH UDLVH FXWWLQJ XQLW HQJDJH SDUNLQJ EUDNH EH VXUH WUDFWLRQ SHGDO LV LQ QHXWUDO SRVLWLRQ 372 OHYHU LQ 2)) SRVLWLRQ VKXW HQJLQH 2)) DQG UHPRYH NH\ IURP VZLWFK &$87,21 &RXQWHUEDODQFH VSULQJ V DUH LQ WHQVLRQ ZKHQ GHFN LV LQ ORZHUHG SRVLWLRQ $OZD\V UDLVH GHFN EHIRUH DGMXVWLQJ RU UHPRYLQJ VSULQJ V
0$,17(1$1&( 6(59,&,1* &$6725 $50 %86+,1*6 )LJ 7KH FDVWRU DUPV KDYH EXVKLQJV SUHVVHG LQWR WKH WRS DQG ERWWRP RI WKH WXEH DQG DIWHU PDQ\ KRXUV RI RSHUDWLRQ WKH EXVKLQJV ZLOO ZHDU 7R FKHFN WKH EXVKLQJV PRYH FDVWRU IRUN EDFN DQG IRUWK DQG IURP VLGH WR VLGH ,I FDVWRU VSLQGOH LV ORRVH LQVLGH WKH EXVKLQJV EXVKLQJV DUH ZRUQ DQG PXVW EH UHSODFHG 5DLVH FXWWLQJ XQLW VR ZKHHOV DUH RII IORRU DQG EORFN LW VR LW FDQQRW IDOO DFFLGHQWDOO\ 5HPRYH WHQVLRQLQJ FDS VSDFHU V DQG WKUXVW ZDVKHU IURP WRS RI FDVWRU
0$,17(1$1&( &+(&.,1* )25 %(17 %/$'( )LJ 3RVLWLRQ PDFKLQH RQ D OHYHO VXUIDFH UDLVH FXWWLQJ XQLW HQJDJH SDUNLQJ EUDNH EH VXUH WUDFWLRQ SHGDO LV LQ QHXWUDO SRVLWLRQ 372 OHYHU LQ 2)) SRVLWLRQ VKXW HQJLQH 2)) UHPRYH NH\ IURP VZLWFK DQG GLVFRQQHFW ZLUHV IURP VSDUN SOXJV %ORFN FXWWLQJ XQLW WR SUHYHQW LW IURP IDOOLQJ DFFLGHQWDOO\ 5RWDWH EODGH XQWLO WKH HQGV IDFH IRUZDUG DQG EDFNZDUG 0HDVXUH IURP LQVLGH RI FXWWLQJ XQLW WR FXWWLQJ HGJH DW IURQW RI EODGH )LJ DQG UHPHPEHU WKLV GLPHQVLRQ
0$,17(1$1&( &255(&7,1* &877,1* 81,7 0,60$7&+ )LJ ,I RQH FXWWHU EODGH FXWV ORZHU WKDQ WKH RWKHUV FRUUHFW DV IROORZV $ /RZHU FXWWLQJ XQLW RQWR D OHYHO VXUIDFH HQJDJH SDUNLQJ EUDNH EH VXUH WUDFWLRQ SHGDO LV LQ QHXWUDO SRVLWLRQ 372 OHYHU LQ 2)) SRVLWLRQ VKXW HQJLQH 2)) UHPRYH NH\ IURP VZLWFK DQG GLVFRQQHFW ZLUHV IURP VSDUN SOXJV 0DNH VXUH WLUH SUHVVXUH LV HTXDO RQ DOO WLUHV % 5DLVH KHLJKW RI FXW WR WKH LQ SRVLWLRQ UHIHU WR $GMXVWLQJ +HLJKW 2I &XW & 5RWDWH EODGHV VR
0$,17(1$1&( &RPSDUH PHDVXUHPHQWV DW YDULRXV SRVLWLRQV $OO GLPHQVLRQV PXVW EH HTXDO ZLWKLQ LQ IURP DQ\ WZR DGMDFHQW EODGHV 7KH GLIIHUHQFH EHWZHHQ GLPHQVLRQV RI DOO WKUHH EODGHV PXVW QRW H[FHHG LQ ,I GLIIHUHQFH H[FHHGV VSHFLILFDWLRQV SURFHHG WR VWHS 5HPRYH FDSVFUHZV IODWZDVKHUV DQG ORFNQXWV IURP RXWHU VSLQGOH LQ WKH DUHD ZKHUH VKLPV PXVW EH DGGHG 7R UDLVH RU ORZHU WKH EODGH DGG D VKLP 3DUW 1R EHWZHHQ VSLQGOH KRXVLQJ DQG ERWWRP RI FXWWLQJ XQLW &RQWLQXH FKHFNLQJ DOLJQPHQW R
0$,17(1$1&( 5HOHDVH DQG XQKRRN ODWFKHV VHFXULQJ FRYHUV WR WRS RI FXWWLQJ XQLW 5HPRYH FRYHUV /RRVHQ WZR QXWV VHFXULQJ LGOHU SODWH LQ SODFH DQG UHPRYH ROG EHOW IURP SXOOH\V 7R LQVWDOO QHZ EHOW WKH JHDU ER[ EDVH PXVW EH UHPRYHG 7R GR WKLV UHPRYH IRXU FDUULDJH EROWV DQG ORFNQXWV KROGLQJ JHDU ER[ EDVH ,QVWDOO QHZ EHOW DURXQG JHDU ER[ SXOOH\ VSLQGOH SXOOH\V VWDWLRQDU\ LGOHU SXOOH\ DQG DGMXVWDEOH LGOHU SXOOH\ ,QVWDOO JHDU ER[ EDVH ZLWK FDUULDJH EROWV DQG ORFNQXWV 8VLQJ D WRUT
,'(17,),&$7,21 $1' 25'(5,1* 02'(/ $1' 6(5,$/ 180%(56 7KH FXWWLQJ GHFN KDV WZR LGHQWLILFDWLRQ QXPEHUV D PRGHO QXPEHU DQG D VHULDO QXPEHU 7KH WZR QXPEHUV DUH VWDPSHG LQWR D SODWH ZKLFK LV ORFDWHG RQ FDUULHU IUDPH EHKLQG WKH ULJKW IURQW FDVWRU ZKHHO ,Q DQ\ FRUUHVSRQGHQFH FRQFHUQLQJ WKH PRZHU VXSSO\ WKH PRGHO DQG VHULDO QXPEHUV WR DVVXUH WKDW FRUUHFW LQIRUPDWLRQ DQG UHSODFHPHQW SDUWV DUH REWDLQHG 7R RUGHU UHS,DFHPHQW SDUWV IURP DQ DXWKRUL]HG 7252 'LVWULEXWRU VXSSO\ WKH IROORZLQJ LQIRUPDWLRQ 0RGHO
127(6
7KH 7RUR *HQHUDO &RPPHUFLDO 3URGXFWV :DUUDQW\ $ 7ZR