)6* )6* + « 0+] : : 9+) $0 $,5%$1' 75$16&(,9(56 1R /%$ 2 -762 ')6 1R % 'XDO 0RGH N+] N+] RU ´RQO\ N+]µ FKDQQHO VSDFLQJ ,QVWDOODWLRQ 2SHUDWLRQ DSSOLHV IRU )6* DSSOLHV IRU )6* + DUWLFOH QR ) DUWLFOH QR ) %HIRUH LQVWDOOLQJ DQG RSHUDWLQJ WKH WUDQVFHLYHU SOHDVH UHDG WKLV PDQXDO WKRURXJKO\ 3OHDVH REVHUYH WKH 6DIHW\ ,QIRUPDWLRQ .
)6* 6\VWHP $LUEDQG 7UDQVFHLYHU : 'LWWHO *PE+ :$55$17< &23<5,*+7 ± 6(59,&( ,1)250$7,21 :DUUDQW\ 7KH GHWDLOV DQG GDWD LQ WKLV RSHUDWRU V PDQXDO FRUUHVSRQG WR WKH UHVSHFWLYH VWDWH RI WHFKQRORJ\ RQ WKH GD\ RI SULQWLQJ :H UHVHUYH RXU ULJKW WR FKDQJH ZLWKRXW SULRU QRWLFH GXH WR QHZ WHFKQRORJLFDO GHVLJQ RU FRUUHVSRQGLQJ QHZ SURGXFWLRQ WHFKQRORJ\ :DOWHU 'LWWHO *PE+ WDNHV QR JXDUDQWHH IRU WKHVH GRFXPHQWV ZLWK UHVSHFW WR DSSOLFDWLRQ DQG LQWHUSUHWDWLRQ :DOWHU 'LWWHO *PE+ :DUUDQWRU ZDUUDQWV WR WKH
)6* 6\VWHP 7DEOH RI &RQWHQW : 'LWWHO *PE+ 7$%/( 2) &217(17 3DJH :DUUDQW\ &RS\ULJKW 6HUYLFH LL 7DEOH RI &RQWHQW LLL /LVW RI ,OOXVWUDWLRQV Y $EEUHYLDWLRQV DQG $FUR
)6* 6\VWHP 7DEOH RI &RQWHQW : 'LWWHO *PE+ 7$%/( 2) &217(17 3DJH 6HFWLRQ )XQFWLRQDO 'HVFULSWLRQ ,QWURGXFWLRQ 2SHUDWRU V &RQWUROV )UHTXHQF\ 'LVSOD\ GLJLW RU GLJLW /LTXLG &U\VWDO 'LVS
)6* 6\VWHP 7DEOH RI &RQWHQW : 'LWWHO *PE+ 7$%/( 2) &217(17 3DJH $SSHQGL[ $ 7HFKQLFDO 6XPPDU\ $ $ $ $ $ $ *HQHUDO $ 'LPHQVLRQV :HLJKW )XVHV $ $SSURYDOV
)6* 6\VWHP $EEUHYLDWLRQV : 'LWWHO *PE+ $%%5(9,$7,216 $1' $&521<06 $ & $LUFUDIW P: 0LOOLZDWW $ 1 $UWLFOH 1XPEHU :DOWHU 'LWWHO 10 1DXWLFDO PLOHV $*& $XWRPDWLF *DLQ &RQWURO Q: 1DQRZDWW $K $PSHUH KRXU 3(3 3HDN (QYHORSH 3RZHU $0 $PSOLWXGH 0RGXODWLRQ 3// 3KDVH /RFNHG /RRS $17 $QWHQQD SSP SDUWV SHU PLOOLRQ $VV \ $VVHPEO\ 377 3XVK 7R 7DON $:* $PHULFDQ :LUH *DXJH S: 3LFRZDWW FFZ &RXQWHUFORFNZLVH WXUQ OHIW 3:5 3RZHU &+ &KDQQHO 5) 5DGLR )UHTXHQF\ &76 5HDG\ W
)6* 6\VWHP 6DIHW\ ,QIRUPDWLRQ : 'LWWHO *PE+ 6(&7,21 6$)(7< ,1)250$7,21 (YHU\ UDGLR ZKHQ WUDQVPLWWLQJ UDGLDWHV HQHUJ\ LQWR WKH DWPRVSKHUH WKDW PD\ XQGHU FHUWDLQ FRQGLWLRQV FDXVH WKH JHQHUDWLRQ RI VSDUNV $OO XVHUV RI RXU UDGLRV VKRXOG EH DZDUH RI WKH IROORZLQJ ZDUQLQJ 'R QRW RSHUDWH WKLV UDGLR LQ DQ H[SORVLYH DWPRVSKHUH SHWUROHXP IXHOV VROYHQWV GXVW HWF 'XULQJ QRUPDO XVH WKH UDGLR ZLOO VXEMHFW \RX WR UDGLR IUHTXHQF\ HQHUJ\ VXEVWDQWLDOO\ EHORZ WKH OHYHO ZKHUH DQ\ NLQG RI KDUP LV UH
)6* 6\VWHP 6DIHW\ ,QIRUPDWLRQ : 'LWWHO *PE+ WR WKH JURXQG VWDWLRQ %XW DW D GLVWDQFH RI WR PLOHV IDXOW\ DQWHQQD DQG RU FDEOHV ZLOO FDXVH FRPPXQLFDWLRQ EUHDNGRZQ 3XVK WR 7DON NH\V PD\ VWLFN RFFDVLRQDOO\ 7KHUHIRUH REVHUYH ZKLOH WUDQVPLWWLQJ WKH WUDQVPLW 7; V\PERO DW WKH )6* ; GLVSOD\ 7KLV 7; V\PERO PXVW GLVDSSHDU ZKHQ UHOHDVLQJ WKH 377 NH\ $IWHU PLQXWHV FRQWLQXRXV 7; WKH EXLOW LQ WUDQVPLW WLPH RXW WLPHU GLVDEOHV WKH WUDQVPLWWHU LQ RUGHU WR DYRLG FRQWLQXRXV FKDQQHO EORFNLQJ 7KHQ
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ 6(&7,21 *(1(5$/ '(6&5,37,21 ,QWURGXFWLRQ 7KLV LQVWDOODWLRQ DQG RSHUDWLQJ PDQXDO ,0 FRQWDLQV LQVWUXFWLRQV DQG GHVFULSWLRQV IRU DSSOLFDWLRQ LQVWDOODWLRQ SUHVHWWLQJ RSHUDWLRQ DQG WHVWLQJ DV ZHOO DV LQWHUFRQQHFWLQJ GLDJUDPV RI WKH PXOWL XVH )6* 9+) $0 7UDQVFHLYHU 6\VWHP RI :DOWHU 'LWWHO *PE+ /XIWIDKUWJHUDHWHEDX ' /DQGVEHUJ *HUPDQ\ 7KH IROORZLQJ PDLQWHQDQFH PDQXDO 050 FRQWDLQV GHWDLOHG FLUFXLW GHVFULSWLRQ UHSDLU LQVWUX
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ %ULHI 'HVFULSWLRQ 7KH WZR UDGLRV RXW RI WKH )6* 6\VWHP DUH PLQLDWXUL]HG OLJKWZHLJKW SDQHO PRXQWHG VLQJOH EORFN 9+) $0 WUDQVFHLYHUV RSHUDWLQJ LQ WKH DLUEDQG IUHTXHQF\ UDQJH 0+] 0+] WKXV SURYLGLQJ HLWKHU FKDQQHOV ZLWK N+] N+] FKDQQHO VSDFLQJ SOXV FKDQQHOV ZLWK N+] RQO\ FKDQQHO VSDFLQJ FRYHULQJ D VWDQGDUG FRPPXQLFDWLRQV GLVWDQFH RI 10 QDXWLFDO PLOHV DW )/ &DVH GLPHQVLRQV RI DOO PRGHOV ZLOO I
)6* 6\VWHP : 'LWWHO *PE+ *HQHUDO 'HVFULSWLRQ 7ZR LQGHSHQGHQW PLFURSKRQH LQSXWV VHSDUDWH SLQV DOORZ XQLYHUVDO DFFHVVRU\ RSHUDWLRQ )RU SRZHUHG DLUFUDIW XVH 6WDQGDUG &DUERQ DPSOLILHG '\QDPLF RU (OHFWUHW PLFURSKRQHV )RU JOLGHUV SRUWDEOH YHKLFOH PRELOH DQG IL[HG EDVH RSHUDWLRQ XVH QRQ DPSOLILHG '\QDPLF PLFURSKRQHV 7KH PLFURSKRQH LQSXWV PD\ DOVR EH FRQWLQXRXVO\ DFWLYDWHG 7KLV DOORZV LQ 5HFHLYH FRQWLQXRXV LQWHUFRPPXQLFDWLRQ QR DGGLWLRQDO DFFHVVRULHV QHHGHG EHWZHHQ SLORW DQG FUHZ LQWHUF
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ 6\VWHP DQG 7\SH $SSURYDO ,QIRUPDWLRQ 7KH 'XDO 0RGH 9+) $0 $LUEDQG 7UDQVFHLYHUV )6* DQG )6* + FRPSO\ IRU ERWK WKH FRPELQHG N+] N+] DV ZHOO DV N+] RQO\ FKDQQHO VSDFLQJ ZLWK DOO DSSOLFDEOH 1DWLRQDO DQG ,QWHUQDWLRQDO 7\SH $SSURYDO UHTXLUHPHQWV IRU DQ\ DLUERUQH DQG JURXQG RSHUDWLRQV -762 $XWKRUL]DWLRQ /%$ 2 -762 /%$ /XIWIDKUWEXQGHVDPW EDVHG RQ (852&$( (' % $LUERUQH UHTXLUHPHQW LV PHW EHVLGHV N+] UHTXLUHPHQWV
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ 2SHUDWLQJ /LFHQVH ,03257$17 'HSHQGLQJ RQ QDWLRQDO UHJXODWLRQV 9+) $0 DLUERUQH DQG 9+) $0 JURXQG RSHUDWLRQ PD\ UHTXLUH DQ LQGLYLGXDO QDWLRQDO RSHUDWLQJ OLFHQVH 6XFK OLFHQVH LV XVXDOO\ JUDQWHG E\ WKH UHVSRQVLEOH 1DWLRQDO 7HOHFRPPXQLFDWLRQV $XWKRULW\ XVLQJ VXLWDEOH DSSOLFDWLRQ IRUPV %HVLGHV DLUFUDIW UHJLVWUDWLRQ RSHUDWRU V QDPH DGGUHVV DQG RSHUDWLQJ OLFHQVH SD\PHQW GHWDLOV VWDWH UDGLR W\SH 6HULDO QXPEHU -762 QXPEHU /%$ 2
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ 2SWLRQDO $FFHVVRULHV :LGH DFFHVVRU\ VFRSH DOORZV )6* ; LQVWDOODWLRQ DQG RSHUDWLRQ LQWR DLUFUDIW LQ JURXQG V\VWHPV IL[HG SRUWDEOH DQG PRELOH LQWR YHKLFOHV 6OLGH LQ UHSODFHPHQW DGDSWHUV DOORZ HDV\ )6* ; UHWURILW DJDLQVW IRUPHU :DOWHU 'LWWHO WUDQVFHLYHUV )6* )6* 6 )6* )6* 0 XVLQJ H[LVWLQJ LQVWDOODWLRQV 'HVFULSWLRQ $UWLFOH QR 5HWURILW DGDSWHU UHDG\ PRXQWHG ± WR UHSODFH )6* 0 ) 5HWURILW DGDSWHU UHDG\ PRXQWHG ±
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ (TXLSPHQW UHTXLUHG EXW QRW VXSSOLHG D 9+) DLUFUDIW DQWHQQD ZLWK FRD[ FDEOH 5* & 8 DQG %1& FRQQHFWRU 0DOH E +HDGSKRQH 2KPV W\SLFDO DQG RU ORXGVSHDNHU 2KPV F 1RQ DPSOLILHG G\QDPLF PLFURSKRQH 2KP RU DPSOLILHG FDUERQ PLFURSKRQH DPSOLILHG G\QDPLF RU (OHFWUHW PLNH ZLWK RU ZLWKRXW 377 NH\ VHSDUDWH PLNH LQSXWV DPSOLILHG QRQ DPSOLILHG G $OWHUQDWLYHO\ WR E DQG F KHDGVHWV ZLWK VLPLODU VSHFLILFDWLRQV H %D
)6* 6\VWHP *HQHUDO 'HVFULSWLRQ : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ 6(&7,21 ,167$//$7,21 *HQHUDO 7KLV VHFWLRQ FRQWDLQV LQVWUXFWLRQV DQG VXJJHVWLRQV WR EH FRQVLGHUHG EHIRUH LQVWDOOLQJ WKH UDGLR )6* ; LQWR DQ DLUFUDIW &ORVH DGKHUHQFH WR WKHVH VXJJHVWLRQV ZLOO DVVXUH PRUH VDWLVIDFWRU\ SHUIRUPDQFH IURP WKH HTXLSPHQW ,QIRUPDWLRQ LQ WKLV VHFWLRQ DUH LQWHQGHG IRU FHUWLILHG DYLRQLFV VKRSV RQO\ :RUN VXFK DV LQVWDOODWLRQ ZLULQJ DQG WHVWLQJ VKRXOG RQO\ EH FDUULHG RXW E\ D TXDOLILHG WHFKQLFLDQ ,03257$17 ,I LQVWDOODWLRQ
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ I $GMXVW DXGLR JHQHUDWRU WR +] YLD DWWHQXDWRU IRU G\QDPLF PLFURSKRQH RU GLUHFWO\ YLD GHFRXSOLQJ FDSDFLWRU FRQQHFWHG WR $PSOLILHG &DUERQ 0LFURSKRQH ,QSXW :LWK P9 UPV LQSXW WKH WUDQVPLWWHU VKDOO DFKLHYH PRUH WKDQ $0 ,QFUHDVH $) LQSXW WR 9 UPV REVHUYH PRGXODWLRQ HQYHORSH QR RYHUPRGXODWLRQ VKDOO RFFXU GHSWK RI PRGXODWLRQ PXVW UHPDLQ OHVV WKDQ $0 '\QDPLF 0LFURSKRQH ,QSXW :LWK VRPH P9 UPV LQSXW WKH WUDQVPLWWHU VKDOO DFKLHYH PRUH WKD
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ 7UDQVPLWWHU &KHFN )UHTXHQF\ 5HFHLYHU &KHFN 'LVWRUWLRQ &RXQWHU 6FRSH $QDO\]HU ! : 'XPP \ ORDG RU 52+'( LI UHTXLUHG 6&+:$5= 9+) 5$',2&20081,&$7,21 0RGXODWLRQ :DWWP HWHU 7(67(5 &07 &07$ $QDO\]HU 9+) 6LJQDO *HQHUDWRU 5 6 60* 8* & 8 $) 0LOOLYROW 0HWHU )6* ; LF 0 R L G X $ $QWHQQD '$ 6 $PS 0LF '\QDP LF PLFURSKRQH V RU $PS 0LF RSHQ $P SOLILHG &DUERQ 0LFURSKRQH $XGLR 0LF ) '\QDP
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ 0HFKDQLFDO ,QVWDOODWLRQ 7UDQVFHLYHU LQVWDOODWLRQ $Q\ UDGLR LQVWDOODWLRQ LQWR DQ DLUFUDIW VKDOO EH FRRUGLQDWHG ZLWK ERWK WKH OLFHQVHG LQVSHFWRU ZKR FHUWLILHV WKH LQVWDOODWLRQ DQG ZLWK WKH DLUFUDIW PDQXIDFWXUHU V LQVWDOODWLRQ LQVWUXFWLRQV &HUWLI\LQJ WKH DLUFUDIW LQVWDOODWLRQ PD\ EH VXEMHFW WR VSHFLILF 1DWLRQDO 5HJXODWLRQV )6* ; 9+) $0 WUDQVFHLYHUV DUH GHVLJQHG WR EH LQVWDOOHG LQWR WKH LQVWUXPHQW SDQHO RU RSHUDWLQJ FRQVROH IURP LWV UHDU VLGH LQW
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ %$&.
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ $QWHQQD LQVWDOODWLRQ
)6* 6\VWHP : 'LWWHO *PE+ ,QVWDOODWLRQ $LUERUQH ZLULQJ 5HIHU WR )LJXUHV WR RI RQ ERDUG ZLULQJ *HQHUDO UHFRPPHQGDWLRQV $OZD\V HQVXUH FRQWLQXRXVO\ JRRG VWDEOH HOHFWULFDO FRQWDFWV DQG HIILFLHQW 5) LQWHUIHUHQFH VXSSUHVVLRQ RI DOO HOHFWULFDO V\VWHPV OLNH JHQHUDWRU DOWHUQDWRU LJQLWLRQ HWF HVSHFLDOO\ FRQVLGHU YLEUDWLRQ DQG FRUURVLRQ HIIHFWV &RQVXOW WKH DLUFUDIW LQVWDOODWLRQ OLFHQVLQJ LQVSHFWRU 'R QRW DOORZ WKH KDUQHVV WR GURRS EHWZHHQ FODPSV HVSHFLDOO\ LI LW LV D KHDY\ KD
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ $ & DQWHQQD 6WLFN 377 VZLWFK HV DV UHTXLUHG $QWHQQD FDEOH )6* ; $ & 6SHDNHU 5* & 8 $QWHQQD : $ 1 ) $ & 6SHDNHU RXW +HDGSKRQH +, RXW +HDGSKRQH /2 RXW $) ([WHUQDO JUQ '\QDPLF 0LFURSKRQH +, '\QDPLF 0LFURSKRQH /2 ,QWHUFRP 576 5[' 'LVSOD\ /LJKWLQJ /2 9 $ & 3RZHU 9 $ & 3RZHU ZKW YLR EZQ \HO 3RZHU *URXQG 5; 6LJQ
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ $ & $QWHQQD 6WLFN 377 VZLWFK HV DV UHTXLUHG $QWHQQD FDEOH )6* ; $ & 6SHDNHU 5* & 8 $QWHQQD : ,17(5&20 6ZLWFK $ & 6SHDNHU RXW +HDGSKRQH +, RXW +HDGSKRQH /2 RXW $) ([WHUQDO '\QDPLF 0LFURSKRQH +, '\QDPLF 0LFURSKRQH /2 ,QWHUFRP 576 5[' $ 1 ) 21 Ù JUQ ZKW YLR EZQ \HO 7R FRQQHFW D QG G\Q KDQG KHOG PLFURSKRQH ZLWK 377 VZLWFK RU D QG KHD
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ $ & DQWHQQD 5 $) ([WHUQDO LQSXW H J &20 1$9 0.5 5 $XGLR 287 WR $XGLR 3DQHO $QWHQQD FDEOH )6* ; DV UHTXLUHG 5* & 8 $QWHQQD $:* ,17(5&20 6ZLWFK $ & 6SHDNHU RXW +HDGSKRQH +, RXW +HDGSKRQH /2 RXW $) ([WHUQDO '\QDPLF 0LFURSKRQH +, '\QDPLF 0LFURSKRQH /2 Ù 2)) 21 576 5[' 9 $ & 3RZHU 9 $ & 3RZHU 3RZHU *URXQG 0LFURSKRQH *1' 5; 6LJQDO $)
)6* 6\VWHP : 'LWWHO *PE+ ,QVWDOODWLRQ 0LFURSKRQH &RQQHFWLRQ ,QGHSHQGHQW RI HDFK RWKHU DOPRVW DQ\ QRQ DPSOLILHG G\QDPLF PLFURSKRQH RU DPSOLILHG (OHFWUHW RU DPSOLILHG G\QDPLF RU FDUERQ VWDQGDUG PLFURSKRQHV FDQ EH FRQQHFWHG WR WKH )6* 6\VWHP ZLWKRXW LQWHUQDO MXPSHU VHWWLQJ RU VROGHULQJ $ DPSOLILHG FDUERQ PLFURSKRQH LV FRQQHFWHG WR SLQ D G\QDPLF PLFURSKRQH LV FRQQHFWHG WR SLQ RI WKH SROH 68% ' UHFHSWDFOH $YRLG DQ\ JURXQG ORRS LQ PLFURSKRQH ZLULQJ G\QDPLF QRQ DPSOLILHG PLNH VKLHO
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ /RXGVSHDNHU +HDGVHW LQWHUFRQQHFWLRQ 7ZR VHSDUDWH $) RXWSXW H[LVW 7KH VSHDNHU RXWSXW SLQ FDQ FRQWLQXRXVO\ VXSSO\ XS WR WZR VSHDNHUV HDFK ZLWK 2KPV ORDG ! 2KPV ZKLOH WKH KHDGSKRQH DXGLR RXWSXW SLQV DQG FDQ DFFRPPRGDWH XS WR RU PRUH KHDGSKRQHV HDFK ZLWK VRPH 2KPV RU DOO PD\ EH FRQQHFWHG DOVR VLPXOWDQHRXVO\ :KHQ QR VSHDNHU LV LQVWDOOHG WKLV 3LQ PD\ UHPDLQ QRW FRQQHFWHG QR VSDUH ORDG LV UHTXLUHG &$87,21 7KH PDJQHW FRPSDVV ZL
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ &RQQHFWLRQ WR D 9GF DLUERUQH V\VWHP ,QWHUFRQQHFWLRQ RI WKH )6* ; WUDQVFHLYHUV WR D 9GF VXSSO\ UHTXLUHV D FDSDEOH YROWDJH FRQYHUWHU ,QWHUFRQQHFWLRQ ZLULQJ VKDOO EH DFFRUGLQJ WR LQVWUXFWLRQV RI WKH '& FRQYHUWHU PDQXIDFWXUHU )RU OLJKWLQJ LQWHUFRQQHFWLRQ UHIHU WR 6HFWLRQ 3RVW LQVWDOODWLRQ &KHFN 7HVWLQJ RQ WKH *URXQG ZLWK (QJLQH 2II 9HULILFDWLRQ DIWHU LQVWDOODWLRQ FRPSOHWLRQ $IWHU LQVWDOOLQJ WKH XQLW FKHFN DOO DLUFUDIW FRQWURO
)6* 6\VWHP ,QVWDOODWLRQ : 'LWWHO *PE+ VXSSUHVVHG LJQLWLRQ V\VWHP RU DOWHUQDWRU YROWDJH UHJXODWRU HTXLSPHQW RU E\ SRRU VWDELOL]HG RQ ERDUG VXSSO\ $FFRUGLQJ WR (' & 57&$ '2 & UHTXLUHPHQWV WKH OLPLWV IRU ULSSOH YROWDJHV DW 9GF VXSSOLHV DUH 9SS DW N+] RU 9SS DW N+] 'RXEOH WKHVH OLPLWV IRU 9 V\VWHPV ,W LV HDVLHU WR GHWHUPLQH LQ 5HFHLYH PRGH EHWZHHQ 5) DQG $) LQWHUIHUHQFH FDUULHG RQ WKH OLQHV E\ WHPSRUDU\ UHPRYLQJ WKH DQWHQQD SOXJ DW WKH WUDQVFHLYHU 5) L
)6* 6\VWHP )XQFWLRQDO 'HVFULSWLRQ : 'LWWHO *PE+ )81&7,21$/ '(6&5,37,21 6(&7,21 ,QWURGXFWLRQ 7KLV 6HFWLRQ FRQWDLQV D IXQFWLRQDO GHVFULSWLRQ RI HDFK VZLWFK SXVK EXWWRQ NQRE LQGLFDWRU GLVSOD\ DQG VRFNHW ORFDWHG RQ WKH IURQW RU UHDU RI WKH )6* ; WRJHWKHU ZLWK RSHUDWLQJ LQVWUXFWLRQV 64 3XVK %XWWRQ 0' 3XVK %XWWRQ (QDEOHV GLVDEOHV 648(/&+ &KDQJH GLVSOD\ PRGH DQG VZLWFKHV 21 2)) DQG FRUUHVSRQGLQJ GLVSOD\ 75$160,77(5 %/2&.,1* 86( )UHTXHQF\ &KDQQHO QDPH LQ 0+] N+] )L[LQJ 6F
)6* 6\VWHP )XQFWLRQDO 'HVFULSWLRQ 64 648(/&+ : 'LWWHO *PE+ 3XVK EXWWRQ $IWHU WXUQLQJ 21 WKH UDGLR )6* ; WKH DXWRPDWLF VTXHOFK LV DOZD\V DFWLYH 0RPHQWDULO\ SXVKLQJ WKH 64 %XWWRQ SXWV WKH UDGLR LQWR WKH 64 2)) PRGH RYHUULGHV WKH DXWRPDWLF VTXHOFK %DVLF UHFHLYLQJ QRLVH LV DOVR DXGLEOH GXULQJ VWDQGE\ 0D[LPXP UHFHLYLQJ UDQJH ,QFUHDVHG FXUUHQW FRQVXPSWLRQ 7UDQVPLWWHU %ORFNLQJ LV LQDFWLYH L H WUDQVPLWWLQJ LV SRVVLEOH HYHQ LI WKH FKDQQHO LV EXV\ 0RPHQWDULO\ SXVKLQJ WKH 64 %XWWRQ RQFH
)6* 6\VWHP )XQFWLRQDO 'HVFULSWLRQ : 'LWWHO *PE+ ) &+ 5RWDU\ FRQWURO DQG SXVK EXWWRQ GXDO IXQFWLRQ 0RPHQWDULO\ SXVKLQJ WKH ) &+ NQRE ZKLOH LQ WKH 86( 67%< RU ',5(&7 781( PRGH FKDQJHV WKH DFFHVV IURP N+] WR 0+] RU YLFH YHUVD IURP 0+] WR N+] ,I WKHUH LV QR DFWLYLW\ IRU VHFRQGV WKH ) &+ NQRE ZLOO UHWXUQ WR WKH N+] DFFHVV :KLOH LQ WKH &+$11(/ PRGH SXVKLQJ WKH ) &+ NQRE LV ZLWKRXW IXQFWLRQ 5RWDWLQJ WKH ) &+ NQRE ZKLOH LQ WKH 86( 67%< PRGH ZLOO LQFUHPHQW RU GHFUHPHQW WKH 0+] RU N+] S
)6* 6\VWHP )XQFWLRQDO 'HVFULSWLRQ : 'LWWHO *PE+ )UHTXHQF\ 'LVSOD\ GLJLW RU GLJLW /LTXLG &U\VWDO 'LVSOD\ /&' WZR OLQHV FDQ EH EDFN OLW ,03257$17 :KHQ WKH )6* RU )6* + VKRZV D GLJLW GLVSOD\ WKH UDGLR LV RSHUDWLQJ LQ WKH FRPELQHG N+] PRGH :KHQ WKH )6* RU )6* + VKRZV D GLJLW GLVSOD\ WKH UDGLR LV RSHUDWLQJ LQ WKH N+] RQO\ PRGH )UHTXHQF\ DQG FKDQQHO QDPH GLVSOD\ FRPSOLHV ZLWK ,&$2 UXOHV 7KH IROORZLQJ GLVSOD\V DUH H[DPSOHV RQO\ 7UDQVFHLYHU
)6* 6\VWHP )XQFWLRQDO 'HVFULSWLRQ : 'LWWHO *PE+ 672 EXWWRQ JRW SXVKHG VDPH IXQFWLRQ DW GLJLW GLVSOD\ 8SSHU OLQH &KDQQHO QDPH GLJLWV WR EH VWRUHG /RZHU OLQH &KDQQHO PHPRU\ QXPEHU &+ LV IODVKLQJ $IWHU SXVKLQJ WKH 672 EXWWRQ RQFH PRUH WKH FKDQQHO QDPH 0+] ZLOO EH VWRUHG LQ WKH FKDQQHO PHPRU\ $ SUHYLRXVO\ VWRUHG FKDQQHO QDPH ZLOO EH RYHUZULWWHQ 7KH ODVW XVHG 2SHUDWLQJ PRGH LV GLVSOD\HG &RQQHFWRUV DW UHDU VLGH %1& MDFN PDWLQJ SOXJ %1& SOXJ 8* &
)6* 6\VWHP )XQFWLRQDO 'HVFULSWLRQ : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 6(&7,21 6(7 83 352&('85( 7KLV VHFWLRQ FRQWDLQV D GHVFULSWLRQ RI WKH 6HW XS SURFHGXUH WR EH FDUULHG RXW E\ DQ H[SHULHQFHG DYLRQLFV WHFKQLFLDQ 7R FDUU\ RXW WKH 6HW XS SURFHGXUH WKH UDGLR PXVW EH FRPSOHWHO\ ZLUHG DQG UHDG\ WR XVH '$1*(5 'XULQJ 6(7 83 SURFHGXUH WKH UDGLR LV SDUWO\ XQDEOH WR ZRUN 7KH UDGLR FDQ QHLWKHU UHFHLYH QRU WUDQVPLW 1(9(5 FDUU\ RXW D 6(7 83 GXULQJ IOLJKW RU ZKLOVW GULYLQJ D FDU 3HUIRUP 6(783 RQO\ ZKLOVW VWDQGLQJ VDI
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ &DOOLQJ 6(7 83 ZLWKRXW SDVVZRUG &DOOLQJ WKH 6(7 83 SURFHGXUH ZLWKRXW SDVVZRUG LV SRVVLEOH DW H[ ZRUNV UDGLRV )6* ; RU DW UDGLRV ZKLFK DUH UHVHW WR D IDFWRU\ EDVLF VHWWLQJ UHIHU WR FKDSWHU 5(6(7 RU DW UDGLRV ZKLFK DUH QRW SURWHFWHG E\ D SDVVZRUG DJDLQVW XQDXWKRUL]HG FKDQJHV RI WKH VHW XS DGMXVWPHQWV 7XUQ 2)) WKH UDGLR 21 2)) 92/ NQRE IXOO\ FFZ 386+ $1' +2/' ERWK 0' DQG 672 EXWWRQV WKHQ WXUQ 21 WKH UDGLR URWDW
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ ,QWHUUXSW WKH 6(7 83 SURFHGXUH 7KH 6(7 83 SURFHGXUH PD\ EH LQWHUUXSWHG DQ\ WLPH 8VXDOO\ E\ WXUQLQJ 2)) WKH SRZHU 21 2)) 92/ NQRE IXOO\ FFZ $OO FKDQJHG DQG LQGLYLGXDOO\ VWRUHG DGMXVWPHQWV E\ SXVKLQJ WKH 672 EXWWRQ DUH SHUPDQHQWO\ VWRUHG DQG HIIHFWLYH DIWHU WXUQLQJ 21 WKH UDGLR DJDLQ RU E\ SXVKLQJ WKH 7UDQVIHU EXWWRQ Ù 7KH UDGLR UHWXUQV WR WKH RSHUDWLQJ PRGH XVHG EHIRUH $OO FKDQJHG DQG LQGLYLGXDOO\ VWRUHG DGMXVWPHQWV XS WR QRZ E\
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 7KH GLVSOD\ VKRZV LQ WKH XSSHU OLQH DOWHUQDWHO\ ª6(7© DQG ª0,&52© 21/< )25 (1*,1( 32:(5(' $,53/$1(6 $1' 9(+,&/(6 581 7+( (1*,1( ,1 ,'/( 3UHVV DQG KROG WKH 377 NH\ 7DON LQ D ORXG FOHDU YRLFH ZLWK WKH PLFURSKRQH RQH RU WZR LQFKHV IURP \RXU OLSV :KLOH WDONLQJ WKH PLFURSKRQH OHYHO LV PHDVXUHG %\ WXUQLQJ WKH ) &+ NQRE OHIW RU ULJKW VHW WKH XSSHU GDVK OLQH WR WKUHH WR IRXU VHJPHQWV WKH ORZHU GDVK OLQH VKRZV RQO\ LQIRUPDWLYH WKH DFWXDO UDQJH 5HOHDV
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ $GMXVWLQJ WKH 6LGHWRQH YROXPH ,03257$17 6LGHWRQH DXGLEOH GXULQJ WUDQVPLW LV RQO\ SRVVLEOH YLD KHDGSKRQHV LI DSSOLFDEOH VHW PD[LPXP YROXPH DW WKH KHDGVHW 'XULQJ WKLV DGMXVWPHQW WKH WUDQVPLWWHU LV DFWLYH &DUU\ RXW DGMXVWPHQW TXLFNO\ 7KH PLFURSKRQH V VHQVLWLYLW\ KDV WR EH DGMXVWHG SURSHUO\ UHIHU WR VHFWLRQ KH GLVSOD\ VKRZV LQ WKH XSSHU OLQH DOWHUQDWHO\ ª6(7© DQG ª6,'(© 7 UHVV DQG KROG 377 NH\ 7DON LQ D ORXG FOHDU YRLFH
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 6HOHFWLQJ N+] RQO\ RU FRPELQHG N+] FKDQQHO VSDFLQJ ,03257$17 6HOHFWLQJ HLWKHU N+] RU N+] RQO\ PD\ EH QHFHVVDU\ GXH WR 1DWLRQDO 5HJXODWLRQV 7KH GLVSOD\ VKRZV IODVKLQJ LQ WKH XSSHU OLQH ª6(7© LQ WKH ORZHU OLQH HLWKHU ª © RU ª © %\ URWDWLQJ WKH ) &+ NQRE VHOHFW WKH UHTXLUHG FKDQQHO VSDFLQJ ª © N+] RQO\ FKDQQHO VSDFLQJ ª © FRPELQHG DQG N+] FKDQQHO VSDFLQJ ,03257$17
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 6HOHFWLQJ $) (;7(51$/ YLD $ & VSHDNHU 21 2)) ,03257$17 $OZD\V VZLWFK 2)) $) (;7(51$/ ZKHQ WKH UDGLR )6* ; LV EDWWHU\ SRZHUHG LW VDYHV DSSUR[LPDWHO\ P$PSV 7KH GLVSOD\ VKRZV LQ WKH XSSHU OLQH DOWHUQDWHO\ ª6(7© DQG ª$) (© LQ WKH ORZHU OLQH ª © RU ª © $GMXVW E\ URWDWLQJ WKH ) &+ NQRE WKH ORZHU OLQH WR $) (;7(51$/ 2)) DXGLEOH RQO\ YLD KHDGSKRQH V $) (;7(51$/ DXGLEOH YLD DLUFUDIW ORXGVSHDNHU &RQILUP WKH DGMXVWPHQW
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 6HUYLFH 21 2)) ,03257$17 )RU DSSURYHG $YLRQLFV 6KRSV RQO\ 7KH GLVSOD\ VKRZV LQ WKH XSSHU OLQH DOWHUQDWHO\ ª6(7© DQG ª6(59© LQ WKH ORZHU OLQH ª © 67$1'$5' 02'( 6HUYLFH 2)) ,I UHTXLUHG FRQILUP DGMXVWPHQW E\ SXVKLQJ WKH 672 EXWWRQ &DUU\ RQ ZLWK WKH 6(7 83 SURFHGXUH E\ SXVKLQJ WKH 0' EXWWRQ 2SWLRQDO PRGXOH 21 2)) ,03257$17 1RW DSSOLFDEOH ZLWK WKLV UDGLR 7KH GLVSOD\ VKRZV LQ WKH XSSHU OLQH DOWHUQ
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 5HVHW $87,21 & YHU\ 5(6(7 WR WKH IDFWRU\ VHWWLQJ ( GHOHWHV DOO \RXU SUH VHW PHPRU\ FKDQQHOV WR LQ ERWK µ N+]¶ DQG µ N+] RQO\¶ 0RGH 0HPRU\ FKDQQHOV JHW SURJUDPPHG ZLWK RU UHVSHFWLYHO\ GHOHWHV \RXU SDVVZRUG GHOHWH DOO \RXU LQGLYLGXDO 6(7 83 DGMXVWPHQWV 7R UHVHW DOO DGMXVWPHQWV SURFHHG DV IROORZV 7XUQ 2)) WKH UDGLR 21 2)) 92/ NQRE IXOO\ FFZ 386+ $1' +2/' VLPXOWDQHRXVO\ WKH EXWWRQV 0'
)6* 6\VWHP 6HW XS 3URFHGXUH : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ 6(&7,21 23(5$7,1* ,16758&7,21 ,QWURGXFWLRQ 7KLV VHFWLRQ FRQWDLQ EDVLF RSHUDWLQJ SURFHGXUHV IRU WKH )6* ; WUDQVFHLYHUV 7KLV LQVWUXFWLRQ LV RQO\ DSSOLFDEOH IRU D UDGLR ZKLFK LV FRUUHFWO\ LQVWDOOHG DQG ZLUHG E\ D FHUWLILHG DYLRQLFV VKRS FKHFNHG WRJHWKHU ZLWK WKH D F V\VWHP DQG RSWLPL]HG E\ WKH VHW XS SURFHGXUH UHIHU WR 6HFWLRQ 6(7 83 352&('85( :$51,1* '2 127 23(5$7( 7+,6 5$',2 ,1 $1 (;3/26,9( $70263+(5( 3(752/(80 )8(/6 62/
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ (;$03/( &KDQQHO 0RGH ,PSRUWDQW 7KH DSSURSULDWH RSHUDWLQJ IUHTXHQF\ PXVW EH VWRUHG DOUHDG\ LQ D PHPRU\ FKDQQHO UHIHU WR 6725,1* $ 1(: )5(48(1&< &+$11(/ 1$0( 6HOHFW DSSURSULDWH FKDQQHO PHPRU\ QXPEHU WRJHWKHU ZLWK WKH DVVRFLDWHG IUHTXHQF\ FKDQQHO QDPH E\ URWDWLQJ WKH ) &+ NQRE (;$03/( 'LUHFW WXQH 0RGH 6HOHFW DSSURSULDWH N+] SRUWLRQ E\ URWDWLQJ ) &+ NQRE $ FORFNZLVH URWDWLRQ ZLOO LQFUHPHQW WKH SUHYLRXV IUHTXHQF\ ZKLOH D FRXQWHUFORFNZLVH URWD
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ 7UDQVPLW 7DON 2SHUDWLRQ ,03257$17 3OHDVH NHHS UDGLR GLVFLSOLQH 7UDQVPLW RQO\ RQ D FOHDU FKDQQHO 6LQFH 7UDQVPLW %ORFNLQJ LV QRUPDOO\ DFWLYDWHG UHIHU WR 6HW 8S WUDQVPLWWLQJ LV QRW SRVVLEOH RQ D EXV\ FKDQQHO &DUH IRU DQ DOO URXQG REVWDFOH IUHH DQWHQQD ORFDWLRQ WKH FDOOHG VWDWLRQ VKRXOG EH ZLWKLQ OLQH RI VLJKW GLVWDQFH 1HYHU SODFH WKH UDGLR VXFK DV WKH DQWHQQD JHWV YHU\ FORVH WR RU WRXFKLQJ H[SRVHG SDUWV RI WKH ERG\ HVS
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ 6WRULQJ D QHZ )UHTXHQF\ &KDQQHO 1DPH ,Q HDFK DFWLYH RSHUDWLQJ PRGH N+] PRGH RU N+] RQO\ PRGH XS WR QRQ YRODWLOH FKDQQHO PHPRULHV FDQ EH XVHU SURJUDPPHG &KDQQHO PHPRULHV RI WKH QRQ DFWLYH PRGH UHPDLQ VWRUHG LQ WKH EDFNJURXQG 7KH\ DUH DFFHVVLEOH DIWHU FDOOLQJ XS WKH UHVSHFWLYH PRGH ,03257$17 )UHH VHOHFWLRQ RI IUHTXHQFLHV DQG QHZ VWRULQJ PD\ EH GLVDEOHG GXH WR 6HW 8S DGMXVWPHQW UHIHU WR 6HFWLRQ &KDQQHO PHPRULHV
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ ,QWHUFRP ,03257$17 7R DFKLHYH EHVW FDELQ QRLVH VXSSUHVVLRQ HVSHFLDOO\ GXULQJ VSHHFK SDXVHV RSWLPL]HG PLFURSKRQH VHQVLWLYLW\ DGMXVWPHQW PXVW EH SHUIRUPHG GXULQJ 6(783 3URFHGXUH ,QWHUFRP KHDGVHW DXGLR YROXPH PD\ EH DGMXVWHG WKURXJK 6(783 6ZLWFK 21 ,QWHUFRP 7KLV DFWLYDWHV VLPXOWDQHRXVO\ WKH PLFURSKRQHV ZKLOH WKH VSHDNHU LV GLVDEOHG 'XULQJ 5HFHLYH WKURXJK DFRXVWLF DFFHVVRULHV KHDGSKRQHV ZLWK PLFURSKRQHV WKH )6* ; DOORZV
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ &KHFNLQJ WKH $ & RQERDUG VXSSO\ 7UDQVFHLYHUV RI WKH )6* 6\VWHP LQFOXGH DQ RQERDUG VXSSO\ OHYHO GLVSOD\ ZLWK D EDU V\PERO $W GF OHYHOV EHORZ 9 WKRVH WKUHH EDUV VWDUW IODVKLQJ DV D ZDUQLQJ 5DGLR VXSSOLHG IURP D 9 EDWWHU\ EXV 7KH IROORZLQJ RSHUDWLQJ WLPHV PD\ EH REWDLQHG GHSHQGLQJ RQ EDWWHU\ V FDSDFLW\ DQG WUDQVPLWWHU GXW\ F\FOH 5HIHUHQFH DSSUR[LPDWHO\ & ) EDWWHU\ $K RQO\ UDGLR LV VXSSOLHG 'XW\ F\FOH 7UDQV
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ 2SHUDWLQJ WLPHV RI D )6* :DWW YHUVLRQ VXSSOLHG IURP D 9 EDWWHU\ RQO\ 7KH IROORZLQJ GXW\ F\FOH RI 7UDQVPLW 7; 5HFHLYH 5; DQG 6WDQGE\ 67%< UHVXOWV LQ DYDLODEOH RSHUDWLQJ WLPH KRXUV %RWK WKH ZRUVW DQG WKH PRVW IDYRUDEOH RSHUDWLRQ FRQGLWLRQV DUH FRQVLGHUHG H J PD[LPXP UHFHLYHU YROXPH FRPELQHG ZLWK PD[LPXP VSHDNHU ORDG VSHDNHUV 2KPV HDFK +LJKHU FXUUHQW FRQVXPSWLRQ ZLOO GHJUDGH WKH QRPLQDOO\ DYDLODEOH EDWWHU\ FDSDELOLW\ D
)6* 6\VWHP 2SHUDWLQJ ,QVWUXFWLRQ : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP $SSHQGL[ $ : 'LWWHO *PE+ $33(1',; $ $ 7(&+1,&$/ 6800$5< *HQHUDO 7\SH )UHTXHQF\ 5DQJH 1RPLQDO 6XSSO\ 9ROWDJH 1RPLQDO 7; FDUULHU RXWSXW )6* $ 1 ) 0+] WR 0+] ZLWK N+] VSDFLQJ DQG 0+] WR 0+] ZLWK N+] VSDFLQJ N+] VSDFLQJ N+] VSDFLQJ WRWDOO\ &KDQQHOV IRU &KDQQHO QDPHV ZLWK N+] VSDFLQJ $GGLWLRQDO FKDQQHO PHPRULHV IRU IUHTXHQFLHV ZLWK N+] VSDFLQJ 9GF :DWW )6* + $ 1 )
)6* 6\VWHP $SSHQGL[ $ $ : 'LWWHO *PE+ 'LPHQVLRQV :HLJKW )XVHV )URQW 3DQHO PP GLD ó LQ GLD ILWV D VWDQGDUG SDQHO RSHQLQJ 'HSWK EHKLQG SDQHO PP LQ DOORZ PP LQ IRU SOXJV DQG KDUQHVV 2YHUDOO 'LPHQVLRQV :LGWK PP LQ +HLJKW PP LQ 'HSWK PP LQ :HLJKW )6* NJ OE ZLWKRXW KDUQHVV DQG PDWLQJ FRQQHFWRUV ([WHUQDO )XVH : PRGHO &DUWULGJH IXVH $PS TXLFN DFWLQJ RU DXWRPDWLF FLUFXLW EUHDNHU $PS : PRGHO &DUWULGJH IXV
)6* 6\VWHP $SSHQGL[ $ : 'LWWHO *PE+ $ 5HFHLYHU &KDUDFWHULVWLFV 5HFHLYHU 7\SH 'XDO 6XSHUKHW ,) )UHTXHQFLHV )LUVW ,) 0+] VHFRQG ,) N+] KLJK LQMHFWLRQ 6HQVLWLYLW\ P +] 9 (0) G%P IRU G% 6 1 1 6HOHFWLYLW\ 6,1$' GHFUHDVHG IURP G% WR G% 5HIHUHQFH OHYHO P +] IRU G% 6,1$' ,QWHUIHUHQFH OHYHO P +] G% IRU N+] N+] &+ VSDFLQJ G% IRU N+] N+] &+ VSDFLQJ G% IRU N+] N+] &+ VSDFLQJ G% IRU
)6* 6\VWHP $SSHQGL[ $ : 'LWWHO *PE+ 'HVHQVLWL]DWLRQ :DQWHG VLJQDO 9 (0) G%P P +] DW 5; IUHTXHQF\ IRU 6 1 1 G% LQ WKH SUHVHQFH RI 8QZDQWHG VLJQDO $ P9 (0) G%P XQPRGXODWHG IUHTXHQF\ 0+] H[FHSW XVHG &+ EXW LQFOXGHV 5; &+ RU 8QZDQWHG VLJQDO % P9 (0) G%P PLQLPXP P9 (0) G%P XQPRGXODWHG IUHTXHQF\ N+] ± 0+] H[FHSW 0+] 0+] RU 8QZDQWHG VLJQDO & P9 (0) G%P XQPRGXODWHG IUHTXHQF\
)6* 6\VWHP $SSHQGL[ $ : 'LWWHO *PE+ $ 7UDQVPLWWHU &KDUDFWHULVWLFV )6* ; 1RPLQDO 7; 5) 2XWSXW 3RZHU QRUPDO RSHUDWLRQ :DWW FDUULHU :DWW 3(3 DW 9GF G% « G% )6* + 1RPLQDO 7; 5) 2XWSXW 3RZHU QRUPDO RSHUDWLRQ :DWW FDUULHU :DWW 3(3 DW 9GF G% « G% )6* 1RPLQDO 7; 5) 2XWSXW 3RZHU HPHUJHQF\ RSHUDWLRQ :DWW FDUULHU DW 9GF VXSSO\ )6* + 1RPLQDO 7; 5) 2XWSXW 3RZHU HPHUJHQF\ RSHUDWLRQ :DWW
)6* 6\VWHP $SSHQGL[ $ : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP $SSHQGL[ % : 'LWWHO *PE+ $33(1',; % (19,5210(17$/ 3(5)250$1&( &/$66,),&$7,21 &RPSOLDQFH PHDVXUHPHQWV DFFRUGLQJ WR (852&$( (' & 57&$ '2 & ZHUH SHUIRUPHG DQG WKH IROORZLQJ (QYLURQPHQWDO &DWHJRULHV IXOILOOHG (QYLURQPHQWDO &RQGLWLRQV (' & '2 & 'HVFULSWLRQ RI FRQGXFWHG WHVWV &DWHJRU\ 7HPSHUDWXUH DQG $OWLWXGH (TXLSPHQW WHVWHG WR FDWHJRU\ /RZ 7HPSHUDWXUH 2 SHUDWLRQ & ) 6WRUDJH & ) +LJK 7HPSHUDWXUH 2 SHUDWLRQ & ) 6
)6* 6\VWHP $SSHQGL[ % : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP $SSHQGL[ & : 'LWWHO *PE+ $33(1',; & ,&$2 )5(48(1&< &+$11(/ 3$,5,1* 3/$1 )25 &20%,1(' .+= .+= 23(5$7,21 7KH WDEOH EHORZ VKRZV 7; DQG 5; IUHTXHQF\ UHVSHFWLYH FKDQQHO VSDFLQJ DQG WKH FRUUHVSRQGLQJ FKDQQHO QDPH RU IUHTXHQF\ ZKLFK LV VKRZQ DW WKH GLVSOD\ RI WKH )6* LQ WKH UDQJH IURP 0+] WR 0+] ,Q FRPELQHG N+] N+] FKDQQHO VSDFLQJ PRGH WKH DFWLYH &KDQQHO 1DPH LV GLVSOD\HG ZLWK GLJLWV ,Q N+] RQO\ FKDQQHO VSDFLQJ PRGH IUHTXHQFLHV DUH GLVSOD\HG ZL
)6* 6\VWHP $SSHQGL[ & : 'LWWHO *PE+ 7+,6 3$*( ,17(17,21$//< /()7 %/$1.
)6* 6\VWHP $SSHQGL[ ' : 'LWWHO *PE+ $33(1',; ' 1RYHPEHU &(57,),&$7(6 3DJH '
)6* 6\VWHP $SSHQGL[ ' 3DJH ' : 'LWWHO *PE+ 1RYHPEHU
)6* 6\VWHP : 'LWWHO *PE+ 1RYHPEHU $SSHQGL[ ' 3DJH '
)6* 6\VWHP $SSHQGL[ ' 3DJH ' : 'LWWHO *PE+ 1RYHPEHU