(/(&75,&$/ 6<67(0

*(1(5$/ GHQWDOO\ PDNH DQ HOHFWULFDO FRQQHFWLRQ DQG FDXVH DQ

LQMXU\
7KLV VHFWLRQ KDV WKH FKHFNV DGMXVWPHQWV DQG UHSDLU SUR 6RPH DGMXVWPHQWV LQ WKLV VHFWLRQ PXVW EH GRQH ZLWK
FHGXUHV IRU WKH SDUWV RI WKH HOHFWULFDO V\VWHP WKDW DUH WKH EDWWHU\ FRQQHFWHG DQG SRZHU DSSOLHG WR WKH FRQ
127 SDUW RI WKH (9=;É (97É RU 6(0 PR WUROOHU :KHQ PDNLQJ WKHVH DGMXVWPHQWV PDNH VXUH
WRU FRQWUROOHUV 7KLV VHFWLRQ DOVR GRHV 127 LQFOXGH WKH WKH GULYH ZKHHOV DUH UDLVHG IURP WKH IORRU
HOHFWULFDO FRPSRQHQWV FRYHUHG LQ RWKHU VHFWLRQV VXFK DV
PRWRUV DQG EDWWHU\ LQGLFDWRUV 7R FKHFN DGMXVW RU UHSDLU 6RPH FRPSRQHQWV WKDW KDYH LQSXWV WR WKH FRQWUROOHU
WKH SDUWV RI WKH (9=; (97 RU 75$1 KDYH LQVWDOODWLRQ DGMXVWPHQWV 7KLV VHFWLRQ KDV WKH FRU
6,6725 6(0 PRWRU FRQWUROOHU VHH RQH RI WKH IROORZ UHFW SURFHGXUHV IRU UHSODFHPHQW FKHFNV DQG DGMXVWPHQW
LQJ VHFWLRQV RI WKHVH FRPSRQHQWV 7KHVH FRPSRQHQWV LQFOXGH WKH IRO
ORZLQJ
œ (9=;É 02725 &21752//(5  .H\ 6ZLWFK
 650   6WDUW 6ZLWFK
œ (97É 02725 &21752//(5  %UDNH /LJKW 6ZLWFK
 650   6HDW 6ZLWFK
œ 75$16,6725 02725 &21752//(56  6ZLWFK )RU 2SWLRQDO 6HDW %UDNH
 650   3DUNLQJ %UDNH 6ZLWFK
 'LUHFWLRQ ):'5(9 6ZLWFKHV
œ 75$16,6725 02725 &21752//(56 0RQRWURO SHGDO
 650   (;/ 'LUHFWLRQ &RQWURO 2Q 6WHHULQJ &ROXPQ
 %UDNH )OXLG 6ZLWFK
6HH WKH VHFWLRQ %$77(5< ,1',&$7256   0RWRU 7HPSHUDWXUH 6ZLWFKHV
650  WR DGMXVW WKH EDWWHU\ LQGLFDWRU 6HH WKH VHFWLRQ  5RFNHU 6ZLWFKHV )RU /LJKWV
,167580(17 3$1(/ ,1',&$7256 $1'  $FFHOHUDWRU 3RVLWLRQ 6HQVRU
6(1'(56  650  WR FKHFN DQG UHSODFH WKH  2Q'HPDQG 6WHHULQJ &RPSRQHQWV
RWKHU GLVSOD\ SDQHO LQGLFDWRUV DQG WKH VHQGHUV 6HH WKH  /LJKWV &RQYHUWHU 5HOD\ $QG 5HYHUVH $ODUP
VHFWLRQ '& 02725 0$,17(1$1&(  650  +RUQ $QG +RUQ %XWWRQ
 IRU PDLQWHQDQFH RI WKH PRWRUV 6HH WKH VHFWLRQ 7+(
,1'8675,$/ %$77(5<  650  IRU LQIRUPD 127( 7KH DGMXVWPHQWV RI WKH VZLWFKHV RQ WKH OLQNDJH
WLRQ RQ WKH EDWWHU\ IRU WKH PDLQ FRQWURO YDOYH DUH LQFOXGHG LQ WKH VHFWLRQ
7+( 0$,1 &21752/ 9$/9( IRU \RXU XQLW )RO
127( 7KLV VHFWLRQ GRHV 127 LQFOXGH DQ\ FRPSR ORZLQJ LV D OLVW RI WKH VZLWFKHV KRZHYHU DOO RI WKH
QHQWV RI DQ\ RI WKH PRWRU FRQWUROOHUV 0DQ\ RI WKH FRP VZLWFKHV DUH QRW RQ DOO XQLWV
SRQHQWV LQ WKLV VHFWLRQ GR KDYH LQSXWV WR WKH (9=;  /LIW  +LJK 6SHHG
RU (97 PRWRU FRQWUROOHUV EXW DUH QRW SDUW RI WKH  /LIW  /RZ 6SHHG
FRQWUROOHU  7LOW
 7KLUG $X[LOLDU\
:$51,1*  )RXUWK $X[LOLDU\  0HGLXP 6SHHG
'R QRW RSHUDWH D OLIW WUXFN WKDW QHHGV DGMXVWPHQW RU  )RXUWK $X[LOLDU\  /RZ 6SHHG
UHSDLUV 5HSRUW WKH QHHG IRU DGMXVWPHQW RU UHSDLUV
LPPHGLDWHO\ ,I DGMXVWPHQW RU UHSDLU LV QHFHVVDU\ 127( 6RPH FKHFNV DQG DGMXVWPHQWV DUH HDVLHU WR GR LI
SXW D ´'2 127 23(5$7(µ WDJ LQ WKH RSHUDWRU·V DQRWKHU SHUVRQ FDQ RSHUDWH WKH FRQWUROV ,I \RX DUH ZRUN
DUHD 5HPRYH WKH NH\ IURP WKH NH\ VZLWFK LQJ DORQH SXW D ZHLJKW LQ WKH VHDW WR FORVH WKH VHDW
VZLWFK ,I \RXU OLIW WUXFN KDV D VHDW EUDNH XVH D EORFN EH
6RPH RI WKH FKHFNV DQG DGMXVWPHQWV DUH GRQH ZLWK KLQG WKH ORZHU DFWXDWRU EDU WR UHOHDVH WKH VHDW EUDNH
WKH EDWWHU\ FRQQHFWHG 1HYHU KDYH DQ\ PHWDO RQ \RXU ZKHQ WKH RSHUDWRU LQ QRW LQ WKH VHDW 3XW WKH YROWPHWHU LQ
ILQJHUV DUPV RU QHFN 7KHVH PHWDO LWHPV FDQ DFFL D SRVLWLRQ VR WKDW \RX FDQ VHH LW IURP WKH RSHUDWRU DUHD


<RX FDQ XVXDOO\ RSHUDWH WKH FRQWUROV ZLWK \RXU KDQG DQG YDOXH LV GLVSOD\HG E\ WKH GLJLWV 1RW DOO IXQFWLRQV DUH
DOVR PDNH WKH YROWDJH PHDVXUHPHQWV DYDLODEOH RQ DOO OLIW WUXFN PRGHOV )ROORZLQJ LV D OLVW RI
WKH IXQFWLRQV %DWWHU\ ,QGLFDWRU 6WDWXV &RGHV 7UDFWLRQ
´/;µ 6(5,(6 ',63/$< 3$1(/ +RXUPHWHU DQG 3XPS +RXUPHWHU /DWHU XQLWV KDYH WKH
6HH ),*85(  DQG ),*85(  VDPH GLJLWDO GLVSOD\ DQG WKH VDPH IXQFWLRQ LQGLFDWRUV
ZLWK WKH DGGLWLRQDO PRWRU EUXVK ZHDU LQGLFDWRU DQG WHP
:$51,1* SHUDWXUH DODUP LQGLFDWRU /('·V
6RPH DGMXVWPHQWV FDQ FDXVH WKH OLIW WUXFN WR RSHUDWH
GLIIHUHQWO\ WKDQ QRUPDO 7KLV GLIIHUHQW RSHUDWLRQ RI
7KH IROORZLQJ SDUDJUDSKV GHVFULEH KRZ WKH FLUFXLW IRU
WKH WUXFN FDQ UHVXOW LQ SHUVRQDO LQMXU\ RU GDPDJH 'R
HDFK IXQFWLRQ RSHUDWHV 7KH GLVSOD\ SDQHO PXVW EH UH
127 WU\ WR PDNH DGMXVWPHQWV IRU WKH LQVWUXPHQW
SODFHG DV D FRPSOHWH XQLW 7KH VHQVRUV IRU EUXVK ZHDU
SDQHO GLVSOD\ ZLWKRXW XVLQJ WKH SURFHGXUHV LQ WKH
DQG PRWRU WHPSHUDWXUH FDQ EH UHSODFHG DV VHSDUDWH SDUWV
VHFWLRQ (9 /; 6(5,(6 ',$*1267,&
02725 &21752//(5 $1' +$1' 6(7 
650  7KH GLJLWV VKRZ WKH RSHUDWLQJ KRXUV ZKHQ WKH KRXUPHWHU
IXQFWLRQ LQGLFDWRU VHH ),*85(  DQG ),*85(  LV
7KHUH DUH WZR LQVWUXPHQW SDQHO GLVSOD\V XVHG RQ VRPH
21 :KHQ WKH EDWWHU\ LQGLFDWRU LV 21 WKH GLJLWV VKRZ
HOHFWULF OLIW WUXFNV WKDW KDYH WKH (9 ´/;µ VH
WKH FKDUJH FRQGLWLRQ RI WKH EDWWHU\ 7KH VWDWXV FRGH LQGL
ULHV FRQWURO FDUGV %RWK LQVWUXPHQW SDQHO GLVSOD\V DUH
FDWRU LV 21 ZKHQ WKH GLJLWV VKRZ WKH VWDWXV FRGH QXP
VKRZQ LQ ),*85(  DQG ),*85(  7KHVH LQVWUXPHQW
EHU 7KH EUXVK ZHDU RU WHPSHUDWXUH DODUP LQGLFDWRUV RI
SDQHO GLVSOD\V DUH RSWLRQDO RQ VRPH HOHFWULF OLIW WUXFNV
WKH ODWHU XQLWV ZLOO EH 21 LI WKH WUDFWLRQ RU SXPS PRWRU
ZLWK WKH (9 RU (9 ´/;µ VHULHV PRWRU FRQWURO
EUXVKHV DUH WRR ZRUQ RU WKH PRWRU LV WRR KRW 5HIHU WR WKH
OHU
GHVFULSWLRQV %UXVK :HDU ,QGLFDWRUV DQG 0RWRU 7HP
7KH HDUO\ XQLW KDV D IRXU GLJLW GLVSOD\ DQG WKUHH /(' SHUDWXUH ,QGLFDWRUV IRU D FRPSOHWH GHVFULSWLRQ RI WKH
IXQFWLRQ LQGLFDWRUV 7KH LQGLFDWRUV VKRZ ZKLFK IXQFWLRQ RSHUDWLRQ RI WKHVH LQGLFDWRUV



 





 ',63/$< 81,7
 )285 ',*,7 ',63/$<
 )81&7,21 ,1',&$725
67$786 &2'( *5((1 /('
  )81&7,21 ,1',&$725
 *51 %$77(5< *5((1 /('
*51
%$5(
:+7  )81&7,21 ,1',&$725 +285
5('
0(7(5 *5((1 /('
 02817 )25 ',63/$< 81,7
 ,167580(17 3$1(/
 &211(&725 )25 02725
  &21752//(5 75$&7,21
  &211(&725 )25 02725
75$&7,21 &$5' 3/8* 21/< &21752//(5 /,)7 3803

  72 &21752/ &$5' 3/8* ´<µ

),*85(  *( ,167580(17 3$1(/ ',63/$< $1' 3/8* &211(&725 (;/


     
  

%27720
9,(:

 


  
 ',63/$< 81,7
 %586+ :($5 ,1',&$725 +<'5$8/,& 02725
<(//2: /(' 3,1 &211(&725 :,5,1*
 7(03(5$785( $/$50 +<'5$8/,& 02725 5(' /('
3,1 :,5( &211(&7,21)81&7,21
 7(03(5$785( $/$50 5(' /(' 12 12
,//80,1$7(6 :,7+ ,7(0  25    7UDFWLRQ 0RWRU 7HPSHUDWXUH
 7(03(5$785( $/$50 75$&7,21 02725 5(' /('   3XPS 0RWRU 7HPSHUDWXUH
 %586+ :($5 ,1',&$725 75$&7,21 02725   7UDFWLRQ 0RWRU %UXVK $ :HDU
<(//2: /('   7UDFWLRQ 0RWRU %UXVK % :HDU
 67$786 &2'( )81&7,21 ,1',&$725 *5((1 /('   3XPS 0RWRU %UXVK $ :HDU
 +285 0(7(5 )81&7,21 ,1',&$725 *5((1 /('   3XPS 0RWRU %UXVK % :HDU
 )285 ',*,7 ',63/$<   1RW 8VHG
 %$77(5< )81&7,21 ,1',&$725 *5((1 /('   %DWWHU\ 1HJDWLYH
 &211(&725 +<'5$8/,& 3803 &$5'   %DWWHU\ 3RVLWLYH )URP .H\ 6ZLWFK
 &211(&725 75$&7,21 &$5'
 3,1 02725 &211(&725
),*85(  ,7: ,167580(17 3$1(/ ',63/$< (;/

+RXUPHWHU )XQFWLRQV 7KH EDWWHU\ LQGLFDWRU UHDGLQJ LV GLVSOD\HG RQ WKH IRXU

GLJLW GLVSOD\ ZKHQ WKH JUHHQ IXQFWLRQ LQGLFDWRU DERYH
7KH KRXUPHWHU IXQFWLRQ RQ WKH LQVWUXPHQW SDQHO GLVSOD\
WKH EDWWHU\ V\PERO LV 21 6HH ),*85(  DQG
LV FRQWUROOHG E\ WKH (9 ´/;µ VHULHV FRQWURO
),*85( 
FDUG 7KHUH FDQ EH D GLVSOD\ IRU WKH RSHUDWLQJ WLPH RI WKH
WUDFWLRQ FLUFXLW 2Q VRPH XQLWV WKHUH FDQ DOVR EH D GLV 7KLV EDWWHU\ LQGLFDWRU XVHV WKH WUDFWLRQ FRQWURO VKXQW WR
SOD\ IRU WKH RSHUDWLQJ WLPH RI WKH SXPS FLUFXLW 2QO\ PHDVXUH WKH FXUUHQW GXULQJ RSHUDWLRQ 7KLV FXUUHQW DQG
WKRVH XQLWV WKDW KDYH WKH (9/;3 SXPS FRQWURO EDWWHU\ YROWDJH DUH FKHFNHG DW WKH VDPH WLPH IRU DQ DFFX
FDUG FDQ KDYH WKH RSWLRQDO SXPS KRXUPHWHU IXQFWLRQ UDWH UHDGLQJ RI EDWWHU\ YROWDJH ZLWK D ORDG GXULQJ XVH
7KLV PHWKRG RI FKHFNLQJ YROWDJH DQG FXUUHQW LV PXFK
7KH LQVWUXPHQW SDQHO GLVSOD\ VKRZV WKH RSHUDWLQJ WLPH
PRUH DFFXUDWH WKDQ RWKHU PHWKRGV XVHG E\ EDWWHU\ LQGL
RI  WR  KRXUV 7KH WUDFWLRQ WLPH LV GLVSOD\HG IRU
FDWRUV RQ HDUOLHU OLIW WUXFNV 7KLV PHWKRG DOORZV PRUH XV
IRXU VHFRQGV DIWHU WKH OLIW WUXFN KDV EHHQ RSHUDWLQJ DQG
DJH RI WKH EDWWHU\ /LIW WUXFN RSHUDWLRQ FDQ EH GLIIHUHQW
WKH NH\ LV WXUQHG WR WKH 2)) SRVLWLRQ ,I WKHUH LV D SXPS
WKDQ ZLWK RWKHU EDWWHU\ LQGLFDWRUV ZKHQ D EDWWHU\ LV ORZ
KRXUPHWHU WKH SXPS WLPH ZLOO QRZ EH GLVSOD\HG IRU
RU D GLIIHUHQW EDWWHU\ LV FRQQHFWHG
DQRWKHU IRXU VHFRQGV
7KH EDWWHU\ LQGLFDWRU IXQFWLRQ VKRZV WKH EDWWHU\ FKDUJH
%DWWHU\ ,QGLFDWRU )XQFWLRQ E\ WKH QXPEHUV EHWZHHQ  DQG  7KH GLJLWDO GLVSOD\
127( 6HH WKH 650 VHFWLRQ %$77(5< ,1',&$ ZLOO IODVK ZKHQ WKH GLVSOD\ UHDGV  $W D GLVSOD\ RI 
7256  650  IRU D PRUH FRPSOHWH GHVFULSWLRQ  GLVFKDUJHG WKH FRQWURO ZLOO GLVDEOH WKH OLIW SXPS
RI WKH RSHUDWLRQ DQG WKH DGMXVWPHQW DQG UHSDLU SURFH FLUFXLW $IWHU WKH FLUFXLW KDV GLVDEOHG WKH OLIW SXPS
GXUHV FKDUJH RU FKDQJH WKH EDWWHU\


7KH FRQWURO DOVR FKHFNV WKH EDWWHU\ YROWDJH HDFK WLPH D %DVLF 'LVSOD\ 3DQHOV
EDWWHU\ LV FRQQHFWHG 7KH WUDFWLRQ FRQWURO ZLOO SUHYHQW
OLIW WUXFN RSHUDWLRQ LI WKH EDWWHU\ YROWDJH LV QRW FRUUHFW DV 7KH (9 ´=;µ 6HULHV PRWRU FRQWUROOHU FDQ KDYH WZR
VHW E\ WKH WUDFWLRQ IXQFWLRQ RI WKH FRQWURO FDUG $ VWDWXV %DVLF GLVSOD\ SDQHOV WKDW LQFOXGH RQH RI WZR W\SHV RI
FRGH RI  YROWDJH WRR KLJK RU  YROWDJH WRR ORZ %DWWHU\ ,QGLFDWRUV
ZLOO VKRZ RQ WKH LQVWUXPHQW SDQHO GLVSOD\ 7KH EDWWHU\
($5/< ',63/$< 3$1(/  ´=;µ 6(5,(6
FDQ KDYH D YROWDJH WKDW LV WRR KLJK RU WRR ORZ $ EDWWHU\
ZLWK WKH FRUUHFW YROWDJH FDQ DOVR EH RYHU GLVFKDUJHG :KHQ WKH NH\ VZLWFK LV WXUQHG WR WKH 21 SRVLWLRQ D VWDUW
IURP XVH RU RWKHU UHDVRQV DQG KDYH D YROWDJH WKDW LV OHVV SURJUDP ZLOO FDXVH HDFK ZDUQLQJ OLJKW WR LOOXPLQDWH WR
WKDQ WKH PLQLPXP YROWDJH UDQJH VKRZ WKDW WKH IXQFWLRQ LV RSHUDWLQJ 7KLV ODWHU GLVSOD\
SDQHO KDV WKH IROORZLQJ IXQFWLRQV
6WDWXV &RGH )XQFWLRQ
 +RXUPHWHU 7KH KRXUPHWHU GLVSOD\ VKRZV WKH
7KH VWDWXV FRGHV DUH FRGH QXPEHUV IRU GLIIHUHQW V\PS RSHUDWLQJ WLPH RI  WR  KRXUV 7KH WLPH
WRPV WKDW WKH FRQWURO FDUG FDQ VHQVH 7KH FRQWURO FDUG IRU WKH WUDFWLRQ FLUFXLW LV VKRZQ IRU IRXU VHFRQGV
ZLOO VKRZ WKLV FRGH QXPEHU RQ WKH GLJLWDO GLVSOD\ 7KH DIWHU WKH OLIW WUXFN KDV EHHQ RSHUDWLQJ DQG WKH NH\
FRQWURO FDUG ZLOO IODVK WKH VWDWXV FRGH RQ WKH GLVSOD\ (Y LV WXUQHG WR WKH 2)) SRVLWLRQ
HU\ WKLUG GLVSOD\ ZLOO VKRZ WKH EDWWHU\ FKDUJH LQVWHDG RI  9ROWPHWHU 7KH HDUOLHU %DVLF 'LVSOD\ 3DQHO KDV D
WKH VWDWXV FRGH EDWWHU\ LQGLFDWRU ZLWKRXW OLIW LQWHUUXSW
YROWPHWHU 7KLV PHWHU KDV D JUHHQ \HOORZ DQG
127( 6HH WKH VHFWLRQ (9 /; 6(5,(6
UHG EDQG RQ WKH PHWHU IDFH WR LQGLFDWH WKH YROWDJH
',$*1267,& 02725 &21752//(5 $1'
RI WKH EDWWHU\ 7KH QHHGOH VWDUWV LQ WKH JUHHQ EDQG
+$1' 6(7  650  IRU D GHVFULSWLRQ RI WKH GLI
ZLWK D IXOO\ FKDUJHG EDWWHU\ DQG PRYHV WR WKH UHG
IHUHQW VWDWXV FRGH GLVSOD\V
EDQG DV WKH EDWWHU\ GLVFKDUJHV 7KH EDWWHU\ PXVW
KDYH D FXUUHQW GUDZ ORDG WR FKHFN WKH EDWWHU\
´=;µ 6(5,(6 ',63/$< 3$1(/6 FKDUJH +ROG WKH WLOW OHYHU LQ WKH WLOW %$&.:$5'
6HH ),*85(  DQG ),*85(  SRVLWLRQ RU IRU WKH 1;0+;0+ KROG WKH
URWDWH OHYHU LQ WKH 527$7( SRVLWLRQ DQG ORRN DW
WKH LQGLFDWRU ,I WKH QHHGOH LV LQ WKH UHG EDQG
:$51,1* FKDUJH WKH EDWWHU\ 2SHUDWLQJ WKH OLIW WUXFN ZLWK
6RPH DGMXVWPHQWV FDQ FDXVH WKH OLIW WUXFN WR RSHUDWH WKH QHHGOH LQ WKH UHG EDQG FDQ GHFUHDVH EDWWHU\
GLIIHUHQWO\ WKDQ QRUPDO 7KLV GLIIHUHQW RSHUDWLRQ RI OLIH &RQWLQXHG RSHUDWLRQ ZLWK D GLVFKDUJHG
WKH WUXFN FDQ UHVXOW LQ SHUVRQDO LQMXU\ RU GDPDJH 'R EDWWHU\ FDQ GDPDJH WKH EDWWHU\ PRWRUV RU WKH
127 WU\ WR PDNH DGMXVWPHQWV IRU WKH LQVWUXPHQW FRQWDFWRUV
SDQHO GLVSOD\ ZLWKRXW XVLQJ WKH SURFHGXUHV LQ WKH
VHFWLRQ (9=; 02725 &21752//(5  :DUQLQJ OLJKW SDUNLQJ EUDNH LQGLFDWRU 7KH
3DUDPHWHU 7DEOHV  650  UHG OLJKW LV 21 ZKHQ WKH SDUNLQJ EUDNH LV DSSOLHG
DQG WKH VHDW VZLWFK LV FORVHG DQG JRHV 2)) ZKHQ
WKH SDUNLQJ EUDNH LV UHOHDVHG
'LVSOD\ 3DQHO  :DUQLQJ OLJKW EUDNH IOXLG UHVHUYRLU LV ORZ
(DUO\ 2QO\ 7KH UHG OLJKW LV 21 IRU RQH VHFRQG
7KHUH DUH WZR GLVSOD\ SDQHOV DYDLODEOH RQ OLIW WUXFNV ZLWK
ZKHQ WKH NH\ VZLWFK LV WXUQHG WR WKH 67$57
WKH (9=; 6&5 PRWRU FRQWUROOHU 7KH OLIW WUXFNV
SRVLWLRQ DQG PXVW JR 2)) DIWHU RQH VHFRQG ,I WKH
FDQ RQO\ KDYH RQH RI WKH WZR GLVSOD\ SDQHOV
ZDUQLQJ OLJKW LV 21 GXULQJ RSHUDWLRQ WKH EUDNH
œ D EDVLF GLVSOD\ WKDW JLYHV WKH RSHUDWRU EDVLF IOXLG OHYHO LQ WKH UHVHUYRLU LV WRR ORZ
LQIRUPDWLRQ DERXW WKH RSHUDWLRQ RI WKH OLIW WUXFN
 :DUQLQJ OLJKW IDVWHQ VHDW EHOW 7KH UHG OLJKW LV
œ D SHUIRUPDQFH GLVSOD\ WKDW LQFOXGHV GLDJQRVWLF 21 IRU HLJKW WR WHQ VHFRQGV DIWHU WKH NH\ VZLWFK LV
FDSDELOLWLHV VLPLODU WR WKH +DQG 6HW WXUQHG WR WKH 21 SRVLWLRQ


 67$1'$5' ',63/$<    ($5/< ',63/$< 3$1(/
 3,1 &211(&725

3,1 )81&7,21
 1R &RQQHFWLRQ
 %DWWHU\ 1HJDWLYH 
 3DUNLQJ %UDNH 6ZLWFK
 %UDNH )OXLG 6ZLWFK
 +\G &RQWDFWRU &RLO
 6HDW 6ZLWFK
 .H\ 6ZLWFK ,*1
 %DWWHU\ 3RVLWLYH  .(<
IURP )XVH  6:,7&+
/($'6

5('%51
%51 ´,*1µ
´%$7µ 7(50,1$/
7(50,1$/

 +2850(7(5 

 %$77(5< 0(7(5
 3$5.,1* %5$.( ,1',&$725
 %5$.( )/8,' 722 /2: ,1',&$725
 6($7 %(/7 ,1',&$725
   

/$7(5 ',63/$< 3$1(/

 %$77(5< ',6&+$5*(
,1',&$725
 3$5.,1* %5$.( 6<0%2/
$1' /('
 )$67(1 6($7 %(/7
6<0%2/ $1' /('
 ',*,7$/ ',63/$<
 5

),*85(  %$6,& ',63/$< 3$1(/6 )25 7+( (9=; 02725 &21752//(56

/$7(5 ',63/$< 3$1(/ FKDUJHG WKH WZR JUHHQ /('V RI WKH VFDOH DUH
LOOXPLQDWHG :KHQ WKH EDWWHU\ GLVFKDUJHV GXULQJ
:KHQ WKH NH\ VZLWFK LV WXUQHG WR WKH 21 SRVLWLRQ D VWDUW
RSHUDWLRQ WKH /('V LOOXPLQDWH IURP WRS WR
SURJUDP ZLOO FDXVH HDFK ZDUQLQJ OLJKW WR LOOXPLQDWH WR
ERWWRP JUHHQ WR UHG 7KH UHG /(' LQGLFDWHV WKDW
VKRZ WKDW WKH IXQFWLRQ LV RSHUDWLQJ 7KLV ODWHU GLVSOD\
WKH EDWWHU\ LV GLVFKDUJHG 7KH EDWWHU\ PXVW EH
SDQHO KDV WKH IROORZLQJ IXQFWLRQV
FKDUJHG RU D FKDUJHG EDWWHU\ PXVW EH LQVWDOOHG
 %DWWHU\ &KDUJH ,QGLFDWRU :LWK /LIW ,QWHUUXSW EHIRUH OLIW WUXFN RSHUDWLRQ FDQ FRQWLQXH
/DWHU %DVLF GLVSOD\ SDQHOV KDYH D EDWWHU\
LQGLFDWRU WKDW LV D VFDOH ZLWK D VHULHV RI  URXQG 7KH EDWWHU\ FKDUJH LQGLFDWRU XVHV WKH WUDFWLRQ
/('V LQ WKUHH FRORUV JUHHQ RUDQJH UHG 6HH FRQWURO VKXQW WR PHDVXUH WKH FXUUHQW GXULQJ
),*85(  7KHUH DUH WZR JUHHQ /('V DQG EDUV DW RSHUDWLRQ 7KLV FXUUHQW DQG EDWWHU\ YROWDJH DUH
WKH WRS WZR RUDQJH /('V DQG EDUV LQ WKH FHQWHU FKHFNHG DW WKH VDPH WLPH IRU DQ DFFXUDWH UHDGLQJ
DQG D UHG /(' DQG EDU DW WKH ERWWRP $V WKH RI EDWWHU\ YROWDJH ZLWK D ORDG GXULQJ XVH 7KLV
EDWWHU\ YROWDJH GHFUHDVHV GXULQJ RSHUDWLRQ PHWKRG FDQ PDNH RSHUDWLRQ RI WKH OLIW WUXFN
GLIIHUHQW /('V LOOXPLQDWH WR LQGLFDWH D GLIIHUHQW ZKHQ WKH EDWWHU\ LV ORZ RU D GLIIHUHQW
GLVFKDUJHG EDWWHU\ 1R PRUH WKDQ WZR /('V DUH EDWWHU\ LV FRQQHFWHG 7KLV PHWKRG SHUPLWV EHWWHU
LOOXPLQDWHG DW RQH WLPH :KHQ WKH EDWWHU\ LV IXOO\ XVH RI WKH EDWWHU\ FKDUJH


 7KH FRQWUROOHU DOVR FKHFNV WKH EDWWHU\ YROWDJH WKLV WLPH ZLOO WKHQ EH VKRZQ RQ WKH KRXUPHWHU IRU
HDFK WLPH D EDWWHU\ LV FRQQHFWHG 7KH WUDFWLRQ DQRWKHU IRXU VHFRQGV 7KH LQGLFDWRU OLJKWV IRU WKH
FRQWURO ZLOO SUHYHQW OLIW WUXFN RSHUDWLRQ LI WKH K\GUDXOLF PRWRU  DQG IRU WKH KRXUPHWHU 
EDWWHU\ YROWDJH LV QRW FRUUHFW DV VHW E\ WUDFWLRQ ZLOO DOVR EH LOOXPLQDWHG GXULQJ WKLV WLPH
IXQFWLRQ  $ VWDWXV FRGH RI  YROWDJH WRR
3HUIRUPDQFH 'LVSOD\ 6HH ),*85( 
KLJK RU  YROWDJH WRR ORZ ZLOO LQGLFDWH RQ WKH
GLVSOD\ SDQHO 7KH EDWWHU\ FDQ KDYH D YROWDJH WKDW :KHQ WKH NH\ VZLWFK LV WXUQHG WR WKH 21 SRVLWLRQ D VWDUW
LV WRR KLJK RU WRR ORZ $ EDWWHU\ ZLWK WKH FRUUHFW SURJUDP ZLOO FDXVH HDFK ZDUQLQJ DQG LQGLFDWRU OLJKW WR
YROWDJH FDQ DOVR EH GHHSO\ GLVFKDUJHG IURP XVH RU LOOXPLQDWH WR VKRZ WKDW WKH IXQFWLRQ LV RSHUDWLQJ 7KH
RWKHU UHDVRQV DQG KDYH D YROWDJH WKDW LV OHVV WKDQ IXQFWLRQV DQG RSHUDWLRQ RI WKH LQGLFDWRUV IRU WKHVH HDUO\
WKH PLQLPXP RI WKH YROWDJH UDQJH DQG ODWHU GLVSOD\ SDQHOV LV WKH VDPH 7KHVH GLVSOD\ SDQ
%DWWHULHV WKDW KDYH GLIIHUHQW DPSHUH KRXU UDWLQJV HOV KDYH WKH IROORZLQJ IXQFWLRQV
RU DUH RI GLIIHUHQW DJHV FDQ VRPHWLPHV EH XVHG LQ  %DWWHU\ &KDUJH ,QGLFDWRU :LWK /LIW ,QWHUUXSW
WKH VDPH OLIW WUXFN ,W FDQ EH QHFHVVDU\ WR DGMXVW 7KLV EDWWHU\ FKDUJH LQGLFDWRU VKRZV WKH EDWWHU\
WUDFWLRQ )XQFWLRQ  VR WKDW WKH ZHDNHVW EDWWHU\ LV FKDUJH ZLWK DQ /(' EDU JUDSK 7KHUH DUH IRXU
QRW GDPDJHG )ROORZ WKH SURFHGXUH IRU DGMXVWLQJ JUHHQ EDUV IRXU RUDQJH EDUV DQG WZR UHG EDUV
WUDFWLRQ IXQFWLRQ  LQ WKH &KHFNV $QG :KHQ WKH EDWWHU\ LV GLVFKDUJHG GXULQJ RSHUDWLRQ
$GMXVWPHQWV WKH /(' EDU WKDW LV LOOXPLQDWHG GHFUHDVHV
 :DUQLQJ OLJKW SDUNLQJ EUDNH LQGLFDWRU 7KH VHTXHQWLDOO\ IURP WKH WRS JUHHQ EDU WKURXJK WKH
UHG OLJKW LV 21 ZKHQ WKH SDUNLQJ EUDNH LV DSSOLHG RUDQJH EDUV WR WKH UHG EDUV :KHQ WKH EDWWHU\ LV
DQG WKH VHDW VZLWFK LV FORVHG DQG JRHV 2)) ZKHQ GLVFKDUJHG WR WKH UHG /(' EDUV WKH EDWWHU\ LV
WKH SDUNLQJ EUDNH LV UHOHDVHG  GLVFKDUJHG DQG WKH OLIW LQWHUUXSW IXQFWLRQ
 :DUQLQJ OLJKW IDVWHQ VHDW EHOW 7KH UHG OLJKW LV ZLOO QRW SHUPLW RSHUDWLRQ RI WKH K\GUDXOLF PRWRU
21 IRU HLJKW WR WHQ VHFRQGV DIWHU WKH NH\ VZLWFK LV 7KH EDWWHU\ PXVW EH FKDUJHG RU D FKDUJHG EDWWHU\
WXUQHG WR WKH 21 SRVLWLRQ PXVW EH LQVWDOOHG EHIRUH OLIW WUXFN RSHUDWLRQ FDQ
 'LJLWDO 'LVSOD\ 7KLV LQGLFDWRU LV EODQN ZKHQ WKH FRQWLQXH 7KH WRS JUHHQ EDU ZLOO EH LOOXPLQDWHG
OLIW WUXFN LV RSHUDWLQJ FRUUHFWO\ 7KH VWDWXV FRGHV ZKHQ WKH EDWWHU\ LV PRUH WKDQ  FKDUJHG
DQG WKH KRXUPHWHU YDOXHV DUH VKRZQ RQ WKLV 7KH EDWWHU\ FKDUJH LQGLFDWRU XVHV WKH WUDFWLRQ
IRXUGLJLW /&' GLVSOD\ :KHQ D IDXOW RFFXUV WKH FRQWURO VKXQW WR PHDVXUH WKH FXUUHQW GXULQJ
VWDWXV FRGH ZLOO EH VKRZQ ZLWK D GDVK  LQ WKH RSHUDWLRQ 7KLV FXUUHQW DQG EDWWHU\ YROWDJH DUH
OHIW GLJLW SRVLWLRQ 7KH ZDUQLQJ OLJKW 6HUYLFH FKHFNHG DW WKH VDPH WLPH IRU DQ DFFXUDWH UHDGLQJ
,QWHUYDO  ZLOO DOVR EH LOOXPLQDWHG ZKHQ D IDXOW RI EDWWHU\ YROWDJH ZLWK D ORDG GXULQJ XVH 7KLV
RFFXUV PHWKRG FDQ PDNH RSHUDWLRQ RI WKH OLIW WUXFN
:KHQ LW LV WLPH IRU SHULRGLF PDLQWHQDQFH WKH GLIIHUHQW ZKHQ WKH EDWWHU\ LV ORZ RU D GLIIHUHQW
ZDUQLQJ OLJKW 6HUYLFH ,QWHUYDO  ZLOO EH EDWWHU\ LV FRQQHFWHG 7KLV PHWKRG SHUPLWV EHWWHU
LOOXPLQDWHG DQG D VWDWXV FRGH  ZLOO EH XVH RI WKH EDWWHU\ FKDUJH
LQGLFDWHG 7KH UHJLVWHU LQ WKH FRQWUROOHU FDUG PXVW 7KH FRQWUROOHU DOVR FKHFNV WKH EDWWHU\ YROWDJH
EH UHVHW E\ WKH VHUYLFH SHUVRQ EHIRUH WKLV ZDUQLQJ HDFK WLPH D EDWWHU\ LV FRQQHFWHG 7KH WUDFWLRQ
OLJKW ZLOO JR 2)) FRQWURO ZLOO SUHYHQW OLIW WUXFN RSHUDWLRQ LI WKH
7KH KRXUPHWHU GLVSOD\ VKRZV WKH RSHUDWLQJ WLPH EDWWHU\ YROWDJH LV QRW FRUUHFW DV VHW E\ WUDFWLRQ
RI  WR  KRXUV 7KH WLPH IRU WKH WUDFWLRQ IXQFWLRQ  $ VWDWXV FRGH RI  YROWDJH WRR
FLUFXLW LV VKRZQ IRU IRXU VHFRQGV DIWHU WKH OLIW KLJK RU  YROWDJH WRR ORZ ZLOO LQGLFDWH RQ WKH
WUXFN KDV EHHQ RSHUDWLQJ DQG WKH NH\ LV WXUQHG WR GLVSOD\ SDQHO 7KH EDWWHU\ FDQ KDYH D YROWDJH WKDW
WKH 2)) SRVLWLRQ 7KH LQGLFDWRU OLJKWV IRU WKH LV WRR KLJK RU WRR ORZ $ EDWWHU\ ZLWK WKH FRUUHFW
WUDFWLRQ PRWRU  DQG IRU WKH KRXUPHWHU  ZLOO YROWDJH FDQ DOVR EH GHHSO\ GLVFKDUJHG IURP XVH RU
DOVR EH LOOXPLQDWHG GXULQJ WKLV WLPH ,I WKHUH LV DQ RWKHU UHDVRQV DQG KDYH D YROWDJH WKDW LV OHVV WKDQ
6&5 FRQWURO FDUG IRU WKH K\GUDXOLF SXPS PRWRU WKH PLQLPXP RI WKH YROWDJH UDQJH


 %DWWHULHV WKDW KDYH GLIIHUHQW DPSHUH KRXU UDWLQJV OLIW WUXFN LV RSHUDWLQJ FRUUHFWO\ 7KH VWDWXV FRGHV
RU DUH RI GLIIHUHQW DJHV FDQ VRPHWLPHV EH XVHG LQ DQG WKH KRXUPHWHU YDOXHV DUH VKRZQ RQ WKLV
WKH VDPH OLIW WUXFN ,W FDQ EH QHFHVVDU\ WR DGMXVW IRXUGLJLW /&' GLVSOD\ :KHQ D IDXOW RFFXUV WKH
WUDFWLRQ )XQFWLRQ  VR WKDW WKH ZHDNHVW EDWWHU\ LV VWDWXV FRGH ZLOO EH VKRZQ ZLWK D GDVK  LQ WKH
QRW GDPDJHG )ROORZ WKH SURFHGXUH IRU DGMXVWLQJ OHIW GLJLW SRVLWLRQ 7KH ZDUQLQJ OLJKW 6HUYLFH
WUDFWLRQ IXQFWLRQ  LQ WKH &KHFNV $QG ,QWHUYDO  ZLOO DOVR EH LOOXPLQDWHG ZKHQ D IDXOW
$GMXVWPHQWV RFFXUV
 'LJLWDO 'LVSOD\ 7KLV LQGLFDWRU LV EODQN ZKHQ WKH

(1+$1&(' ',63/$<          
 3,1 &211(&725

3,1 )81&7,21

 7UDFWLRQ &DUG 3< 

 3XPS &DUG 3< 
 1R &RQQHFWLRQ
 7UDFWLRQ &DUG 3< 
 7UDFWLRQ &DUG 3<  .(< 
 3XPS &DUG 3<  6:,7&+
 3XPS &DUG 3<   /($'6 
 1R &RQQHFWLRQ
 7UDFWLRQ &DUG 3<  5('%51

 3XPS &DUG 3<  %51 ´,*1µ
 %UXVK :HDU ,QGLFDWRU ´%$7µ 7(50,1$/ 
7HPSHUDWXUH -XPSHU 7(50,1$/

 3DUNLQJ %UDNH 6ZLWFK
 %UDNH )OXLG 6ZLWFK ($5/< ',63/$< 3$1(/ 

 1R &RQQHFWLRQ
 1R &RQQHFWLRQ
 .H\ 6ZLWFK ,*1 /$7(5 ',63/$< 3$1(/
 1R &RQQHFWLRQ
     




3,1  72  -803(5 ,1
:,5( +$51(66 %:,
$1' 7(03(5$785(
/('·V ',6$%/(' ,) &87


 %$77(5< ',6&+$5*( ,1',&$725       

 ',*,7$/ ',63/$<
 )$67(1 6($7 %(/7 ,1',&$725  02725 7(03(5$785(
 %5$.( )/8,' 722 /2: ,1',&$725 ,1',&$725
 3$5.,1* %5$.( ,1',&$725  67$786 &2'(0$,17(1$1&(
 67((5,1* 3803 02725 ,1',&$725
,1',&$725  +2850(7(5 ,1',&$725
 %586+ :($5 ,1',&$725  67$786 &2'( %87721
 75$&7,21 02725 ,1',&$725  3(5)250$1&( /(9(/ %87721
 /,)7 3803 02725 ,1',&$725  3(5)250$1&( /(9(/ /('6
),*85(  3(5)250$1&( ',63/$< 3$1(/6 )25 7+( (9=; 02725 &21752//(56


 7KH KRXUPHWHU GLVSOD\ VKRZV WKH RSHUDWLQJ WLPH LQGLFDWRU OLJKW IRU WKH WUDFWLRQ PRWRU ZLOO VKRZ
RI  WR  KRXUV 7KH WLPH IRU WKH WUDFWLRQ ZKLFK PRWRU KDV WKH SUREOHP
FLUFXLW LV VKRZQ IRU IRXU VHFRQGV DIWHU WKH OLIW  ,QGLFDWRU /LJKW +\GUDXOLF 0RWRU 7KLV OLJKW
WUXFN KDV EHHQ RSHUDWLQJ DQG WKH NH\ LV WXUQHG WR ZLOO LOOXPLQDWH ZLWK DQRWKHU ZDUQLQJ OLJKW LI D
WKH 2)) SRVLWLRQ 7KH LQGLFDWRU OLJKWV IRU WKH IDXOW RFFXUV LQ WKH K\GUDXOLF SXPS PRWRU
WUDFWLRQ PRWRU  DQG IRU WKH KRXUPHWHU  ZLOO ([DPSOH ,I WKH WHPSHUDWXUH RYHU OLPLW VZLWFK
DOVR EH LOOXPLQDWHG GXULQJ WKLV WLPH ,I WKHUH LV DQ FORVHV LQ WKH PRWRU WKH ZDUQLQJ OLJKW PRWRU
6&5 FRQWURO FDUG IRU WKH K\GUDXOLF SXPS PRWRU WHPSHUDWXUH RYHU OLPLW  ZLOO JR 21 DQG WKH
WKLV WLPH ZLOO WKHQ EH VKRZQ RQ WKH KRXUPHWHU IRU LQGLFDWRU OLJKW IRU WKH K\GUDXOLF PRWRU ZLOO VKRZ
DQRWKHU IRXU VHFRQGV 7KH LQGLFDWRU OLJKWV IRU WKH ZKLFK PRWRU KDV WKH SUREOHP
K\GUDXOLF PRWRU  DQG IRU WKH KRXUPHWHU 
 :DUQLQJ OLJKW 0RWRU 7HPSHUDWXUH 2YHU
ZLOO DOVR EH LOOXPLQDWHG GXULQJ WKLV WLPH
/LPLW 7KH WUDFWLRQ PRWRU DQG WKH K\GUDXOLF
 :DUQLQJ /LJKW )DVWHQ 6HDW %HOW 7KH UHG OLJKW SXPS PRWRU KDYH WKHUPDO VZLWFKHV LQVLGH WKH
LV 21 IRU HLJKW WR WHQ VHFRQGV DIWHU WKH NH\ VZLWFK PRWRUV :KHQ WKH WHPSHUDWXUH LQFUHDVHV WR WKH
LV WXUQHG WR WKH 21 SRVLWLRQ OLPLW VHW E\ WKH PDQXIDFWXUHU RI WKH PRWRU WKH
WKHUPDO VZLWFK FORVHV DQG WKH ZDUQLQJ OLJKW RQ
 :DUQLQJ /LJKW %UDNH )OXLG 5HVHUYRLU ,V /RZ
WKH GLVSOD\ SDQHO LOOXPLQDWHV 7KH LQGLFDWRU OLJKW
(DUO\ 2QO\ 7KH UHG OLJKW LV 21 IRU RQH VHFRQG
IRU WUDFWLRQ PRWRU  RU IRU WKH K\GUDXOLF PRWRU
ZKHQ WKH NH\ VZLWFK LV WXUQHG WR WKH 67$57
 ZLOO VKRZ ZKLFK PRWRU KDV WKH SUREOHP
SRVLWLRQ DQG PXVW JR 2)) ZKHQ WKH NH\ VZLWFK LV
LQ WKH 21 SRVLWLRQ ,I WKH ZDUQLQJ OLJKW LV 21   6HW /LIW 7UXFN 3HUIRUPDQFH 7KH OLIW WUXFN
ZKHQ WKH NH\ VZLWFK LV LQ WKH 21 SRVLWLRQ WKH FDQ EH VHW WR IRXU SHUIRUPDQFH OHYHOV E\ WKH
EUDNH IOXLG OHYHO LQ WKH UHVHUYRLU LV WRR ORZ RSHUDWRU ,I WKH FXVWRPHU GRHV QRW ZDQW WKLV
IXQFWLRQ DYDLODEOH WR WKH RSHUDWRU D VHUYLFH
 :DUQLQJ /LJKW 3DUNLQJ %UDNH ,QGLFDWRU 7KH SHUVRQ FDQ VHW DOO IRXU OHYHOV WR WKH VDPH VHWWLQJ
UHG OLJKW LV 21 ZKHQ WKH SDUNLQJ EUDNH LV DSSOLHG (DFK WLPH WKH RSHUDWRU SXVKHV WKH EXWWRQ 
DQG WKH VHDW VZLWFK LV FORVHG DQG JRHV 2)) ZKHQ SHUIRUPDQFH OHYHO ZLOO LQFUHDVH E\ RQH VWHS $W
WKH SDUNLQJ EUDNH LV UHOHDVHG WKH PD[LPXP UDEELW OHYHO WKH SHUIRUPDQFH
$ ZDUQLQJ EX]]HU ZLOO PDNH D QRLVH LI WKH OHYHOV ZLOO EHJLQ DW WKH ORZHVW WXUWOH OHYHO DJDLQ
RSHUDWRU OHDYHV WKH VHDW NH\ VZLWFK 21 DQG WKH 7KH IRXU SHUIRUPDQFH OHYHOV VHW E\ WKH
SDUNLQJ EUDNH LV QRW DSSOLHG PDQXIDFWXUHU DUH
 /RZ SHUIRUPDQFH IRU KDQGOLQJ IUDJLOH
 ,QGLFDWRU /LJKW 6WHHULQJ 3XPS 0RWRU 7KLV
ORDGV
OLJKW ZLOO LOOXPLQDWH ZLWK DQRWKHU ZDUQLQJ OLJKW LI
 0HGLXP VSHHG IRU OHVV FRQVXPSWLRQ RI
D IDXOW RFFXUV LQ WKH VWHHULQJ SXPS PRWRU ,I WKH
EDWWHU\ FKDUJH GXULQJ D ZRUN VKLIW
EUXVK ZHDU VHQVRU LV DFWLYDWHG LQ WKH PRWRU WKH
 +LJKHU SHUIRUPDQFH ZLWK KLJKHU
ZDUQLQJ OLJKW EUXVK ZHDU  ZLOO JR 21 DQG WKH
FRQVXPSWLRQ RI EDWWHU\ FKDUJH GXULQJ D
LQGLFDWRU OLJKW IRU WKH VWHHULQJ SXPS PRWRU ZLOO
ZRUN VKLIW
VKRZ ZKLFK PRWRU KDV WKH SUREOHP
 0D[LPXP OLIW WUXFN SHUIRUPDQFH ZLWK
 :DUQLQJ /LJKW 0RWRU %UXVKHV $UH :RUQ PD[LPXP FRQVXPSWLRQ RI EDWWHU\ FKDUJH
:KHQ WKH VHQVRU IRU EUXVK ZHDU FORVHV WKLV 7KH SHUIRUPDQFH VHWWLQJV FDQ EH PDGH ZLWK
ZDUQLQJ OLJKW DQG WKH LQGLFDWRU OLJKW IRU WKH PRWRU HLWKHU WKH 3& RU WKH +DQG 6HW )XQFWLRQV  
WKDW KDV WKH SUREOHP ZLOO ERWK LOOXPLQDWH DQG 
 ,QGLFDWRU /LJKW 7UDFWLRQ 0RWRU 7KLV OLJKW ZLOO 7KH IRXU SHUIRUPDQFH OHYHOV FDQ EH VHW WR DQ\
LOOXPLQDWH ZLWK DQRWKHU ZDUQLQJ OLJKW LI D IDXOW OHYHO XS WR WKH PD[LPXP OLPLWV 7ZR RU PRUH
RFFXUV LQ WKH WUDFWLRQ PRWRU ([DPSOH ,I WKH DGMDFHQW SHUIRUPDQFH OHYHOV FDQ EH VHW WR WKH
EUXVK ZHDU VHQVRU LV DFWLYDWHG LQ WKH PRWRU WKH VDPH OLPLWV 7KH SHUIRUPDQFH OHYHOV PXVW EH VHW
ZDUQLQJ OLJKW EUXVK ZHDU  ZLOO JR 21 DQG WKH DW WKH VDPH RU LQ DVFHQGLQJ RUGHU IURP WXUWOH WR


 UDEELW 7KH UHJLVWHU LQWHUORFNV ZLOO QRW SHUPLW D IDXOWV RI WKH OLIW V\VWHP 7KH /LIW 3XPS 0RWRU ,QGLFDWRU
KLJKHU SHUIRUPDQFH OHYHO VHWWLQJ WRZDUG WKH WXUWOH ZLOO EH 21 WR VKRZ WKDW WKH VWDWXV FRGHV DUH IRU WKH OLIW
WKDQ WKH DGMDFHQW UHJLVWHUV WRZDUG WKH UDEELW V\VWHP ,I WKH SXVK EXWWRQ LV UHOHDVHG WKHQ SXVKHG WZLFH
DQG KHOG DJDLQ WKH GLJLWDO GLVSOD\ ZLOO VWDUW RYHU VKRZ
)DXOW &RGH 0HPRU\ 7KH FRQWURO FDUGV IRU WKH WUDFWLRQ LQJ DOO WKH VWDWXV FRGHV IRU WKH OLIW V\VWHP
PRWRU FRQWUROOHU DQG K\GUDXOLF SXPS PRWRU HDFK KDYH
PHPRU\ UHJLVWHUV LQ ZKLFK WKH ODVW  VWDWXV FRGHV FDQ %UXVK :HDU ,QGLFDWRUV
EH VWRUHG (DFK VWDWXV FRGH LV VWRUHG ZLWK WKH KRXUPHWHU
7KH EUXVK ZHDU LQGLFDWRUV LOOXPLQDWH ZKHQ WKH PRWRU
WLPH DQG WKH EDWWHU\ FKDUJH DW WKH WLPH RI WKH IDXOW 7KH
EUXVKHV PXVW EH UHSODFHG 7KH VHQVRU ZLUHV IRU WKH EUXVK
VWDWXV FRGH IRU WKH ODVW IDXOW ZLOO EH LQGLFDWHG RQ WKH 6WD
ZHDU LQGLFDWRUV DUH DQ LQVHUW LQ WKH EUXVK PDWHULDO ZKHQ
WXV &RGH ,QGLFDWRU  ,I WKH NH\ VZLWFK LV WXUQHG WR
LW LV PDGH 7KH VHQVRU ZLUHV DUH LQVXODWHG IURP WKH EUXVK
2)) WKH VWDWXV FRGH ZLOO EH UHPRYHG IURP WKH IRXU GLJLW
PDWHULDO :KHQ WKH EUXVK ZHDUV ZLWKLQ DSSUR[LPDWHO\
GLVSOD\
 PP  LQ RI WKH EUXVK OHDG WKH LQVXODWLRQ EH
7KH SXVK EXWWRQ  ZLOO FDXVH WKH VWDWXV FRGHV IRU WKH WZHHQ WKH VHQVRU ZLUH DQG WKH EUXVK PDWHULDO LV GH
IRU WKH IDXOWV WR EH VKRZQ RQ WKH 6WDWXV &RGH ,QGLFDWRU VWUR\HG 7KH FRQQHFWLRQ EHWZHHQ WKH EUXVK DQG WKH VHQ
 :KHQ WKH EXWWRQ LV SXVKHG DQG KHOG GRZQ WKH LQGL VRU ZLUH FDXVHV WKH LQGLFDWRU WR LOOXPLQDWH
FDWRU OLJKW IRU WKH WUDFWLRQ PRWRU  ZLOO LOOXPLQDWH 7KH
7KH RSHUDWLRQ RI WKH EUXVK ZHDU LQGLFDWRUV FDQ EH
VWDWXV FRGHV LQ PHPRU\ IRU WKH GHWHFWHG IDXOWV ZLOO EH
FKHFNHG GXULQJ SHULRGLF PDLQWHQDQFH 7KH EDWWHU\ PXVW
GLVSOD\HG VWDUWLQJ ZLWK WKH PRVW UHFHQW IDXOW ,I WKH SXVK
EH UHPRYHG IURP WKH OLIW WUXFN IRU DFFHVV WR WKH PRWRUV
EXWWRQ LV UHOHDVHG WKH GLVSOD\ ZLOO VWRS ,I WKH EXWWRQ LV
SXVKHG DJDLQ WKH GLVSOD\ ZLOO VWDUW IURP WKH EHJLQQLQJ
DJDLQ 7KH KRXUPHWHU WLPH DQG WKH EDWWHU\ FKDUJH DW WKH :$51,1*
%HIRUH UHSODFLQJ DQ\ FRPSRQHQWV IXOO\ ORZHU DOO
WLPH RI WKH IDXOW ZLOO QRW EH VKRZQ $ +DQG 6HW RU D 3&
SDUWV RI WKH PDVW DQG WLOW LW IRUZDUG XQWLO WKH WLSV RI
PXVW EH XVHG WR VKRZ WKLV DGGLWLRQDO LQIRUPDWLRQ $
WKH IRUNV WRXFK WKH JURXQG 7KLV DFWLRQ ZLOO SUHYHQW
+DQG 6HW RU D 3& PXVW EH XVHG WR FOHDU WKH VWDWXV FRGH
WKH PDVW IURP ORZHULQJ VXGGHQO\ LI WKH FRQWURO OHYHU
IURP WKH UHJLVWHU
LV DFFLGHQWO\ PRYHG
,I WKH EXWWRQ LV SXVKHG WZLFH DQG WKHQ KHOG GRZQ WKH LQ $/:$<6 GLVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
GLFDWRU OLJKW IRU WKH K\GUDXOLF SXPS PRWRU  ZLOO LOOX EHIRUH UHSODFLQJ FRPSRQHQWV
PLQDWH 7KH VWDWXV FRGHV LQ PHPRU\ IRU WKH GHWHFWHG
1HYHU KDYH DQ\ PHWDO RQ \RXU ILQJHUV DUPV RU QHFN
IDXOWV ZLOO EH GLVSOD\HG VWDUWLQJ ZLWK WKH PRVW UHFHQW
7KHVH PHWDO LWHPV FDQ DFFLGHQWDOO\ PDNH DQ HOHFWUL
IDXOW ,I WKH SXVK EXWWRQ LV UHOHDVHG WKH GLVSOD\ ZLOO VWRS
FDO FRQQHFWLRQ DQG FDXVH DQG LQMXU\
,I WKH EXWWRQ LV SXVKHG WZLFH WR VWDUW WKH VHTXHQFH DJDLQ
WKH GLVSOD\ ZLOO VWDUW IURP WKH EHJLQQLQJ 7KH KRXUPHWHU 127( 1RQH RI WKH HOHFWULFDO FRPSRQHQWV RI WKLV VHF
WLPH DQG WKH EDWWHU\ FKDUJH DW WKH WLPH RI WKH IDXOW ZLOO WLRQ FDQ EH UHSDLUHG $OO EDG FRPSRQHQWV PXVW EH UH
QRW EH VKRZQ $ +DQG 6HW RU D 3& PXVW EH XVHG WR VKRZ SODFHG
WKLV DGGLWLRQDO LQIRUPDWLRQ $ +DQG 6HW RU D 3& PXVW EH
XVHG WR FOHDU WKH VWDWXV FRGH IURP WKH UHJLVWHU
6(0 ',63/$< 3$1(/6  )($785(6
6HH ),*85(  DQG ),*85( 
7KHUH FDQ EH  VWDWXV FRGHV LQ WKH PHPRU\ IRU HDFK V\V
WHP WUDFWLRQ RU OLIW 3XVK DQG KROG WKH SXVK EXWWRQ WR 7KH IROORZLQJ IHDWXUHV DUH SDUW RI ERWK WKH 6WDQGDUG DQG
GLVSOD\ DOO WKH VWDWXV FRGHV LQ WKH PHPRU\ IRU GHWHFWHG 3UHPLXP 'LVSOD\ 3DQHOV
IDXOWV RI WKH WUDFWLRQ V\VWHP 7KH 7UDFWLRQ 0RWRU ,QGLFD œ /(' /LJKW (PLWWLQJ 'LRGH V\PERO LQGLFDWRUV
WRU ZLOO EH 21 WR VKRZ WKDW WKH VWDWXV FRGHV DUH IRU WKH œ /&' /LTXLG &U\VWDO 'LVSOD\ VFUHHQ
WUDFWLRQ V\VWHP ,I WKH SXVK EXWWRQ LV UHOHDVHG WKHQ
œ %DWWHU\ 'LVFKDUJH ,QGLFDWRU %', ZLWK OLIW
SXVKHG DQG KHOG DJDLQ WKH GLJLWDO GLVSOD\ ZLOO VWDUW RYHU
LQWHUUXSW ZKHQ HQDEOHG
VKRZLQJ DOO WKH VWDWXV FRGHV IRU WKH WUDFWLRQ V\VWHP
3XVK WKH EXWWRQ WZLFH DQG KROG WKH SXVK EXWWRQ WR GLV œ 6HUYLFH 5HPLQGHU LI HQDEOHG
SOD\ DOO WKH VWDWXV FRGHV LQ WKH PHPRU\ IRU GHWHFWHG œ 6WDWXV &RGHV


 œ +RXUPHWHU RI WUDFWLRQ DQG OLIW SXPS WLPHV ZUHQFK V\PERO ZLOO EH 21 ,I PDLQWHQDQFH LV QRW GRQH
ZLWKLQ  PRUH KRXUV RI RSHUDWLQJ WLPH OLIW WUXFN
7KHVH IHDWXUHV DUH VKRZQ LQ WKH 6WDQGDUG 'LVSOD\ 3DQHO
RSHUDWLRQ ZLOO EH VORZHU XQWLO PDLQWHQDQFH LV GRQH
6HH ),*85(  7KH V\PERO LQGLFDWRUV DUH VKRZQ DQG
+DYH WKH PDLQWHQDQFH GRQH E\ DXWKRUL]HG PDLQWHQDQFH
GHVFULEHG LQ 6(0 ',63/$< 3$1(/ ,1',&$7256 RI
SHUVRQQHO 7KH VHUYLFH SHUVRQQHO PXVW DOVR VHW WKH
WKLV PDQXDO 7KH V\PERO LQGLFDWRUV DUH DOVR VKRZQ DW WKH
PHPRU\ IRU WKH QH[W PDLQWHQDQFH LQWHUYDO WR DOORZ
GHVFULSWLRQV IRU WKHVH LQGLFDWRUV IROORZLQJ ),*85( 
QRUPDO RSHUDWLRQ DJDLQ
6LQFH WKH LQGLFDWRUV DUH IRU FRPPRQ IHDWXUHV WKHVH LQGL
FDWRUV DUH DOVR VKRZQ LQ WKH 3UHPLXP 'LVSOD\ 3DQHO 6HH 67$786 &2'(6
),*85(  'HVFULSWLRQV RI WKHVH IHDWXUHV IROORZV 6WDWXV &RGHV JLYH DQ LQGLFDWLRQ WR WKH RSHUDWRU WKDW D
SRVVLEOH PDOIXQFWLRQ RU LQFRUUHFW WUXFN XVH KDV RFFXUHG
'HVFULSWLRQV 2I &RPPRQ )HDWXUHV 6WDWXV &RGHV DUH FRGH QXPEHUV IRU D V\PSWRP RU
PDOIXQFWLRQ 7KH ZUHQFK V\PERO ZLOO IODVK DQG WKH
/(' 6<0%2/ ,1',&$7256
VWDWXV FRGH QXPEHU ZLOO EH VKRZQ RQ WKH /&' VFUHHQ LI D
7KH /(' V\PERO LQGLFDWRUV DUH EULJKW UHG DQG LQGLFDWH SRVVLEOH V\PSWRP RU PDOIXQFWLRQ RFFXUV GXULQJ
WKH IXQFWLRQ WKDW LV VKRZQ RQ WKH /&' VFUHHQ 6RPH RI RSHUDWLRQ +DYH DXWKRUL]HG VHUYLFH SHUVRQQHO FKHFN DQG
WKHP DUH DOVR XVHG DV D YLVXDO ZDUQLQJ IRU WKH RSHUDWRU RI UHSDLU WKH OLIW WUXFN LI D VWDWXV FRGH QXPEHU DSSHDUV 7KH
D SRWHQWLDO SUREOHP WKDW QHHGV DQ DFWLRQ IURP WKH RSHUD V\PSWRPV IRU HDFK VWDWXV FRGH DUH VKRZQ LQ WKH
WRU 6(59,&( 0$18$/
/&' 6&5((1 +2850(7(5
7KH /&' VFUHHQ VKRZV RSHUDWRU PHVVDJHV IRU WKH GLIIHU 7KH +RXUPHWHU VKRZV WKH RSHUDWLQJ WLPH LQ KRXUV RQ WKH
HQW IXQFWLRQV 7KH 6WDQGDUG 'LVSOD\ 3DQHO FDQ VKRZ D /&' VFUHHQ DV D ILYH GLJLW QXPEHU 7KH GLVSOD\ LV VKRZQ
PD[LPXP RI  QXPEHUV LQFOXGLQJ VSDFHV IRU IRXU VHFRQGV DIWHU WKH OLIW WUXFN KDV EHHQ RSHUDWLQJ
DQG WKH NH\ LV PRYHG WR WKH 2)) SRVLWLRQ 7UDFWLRQ WLPH
%$77(5< ',6&+$5*( ,1',&$725 %', LV WKH WLPH WKDW WKH NH\ KDV EHHQ LQ WKH 21 SRVLWLRQ ZLWK
7KH %DWWHU\ 'LVFKDUJH ,QGLFDWRU %', XVHV D EDU JUDSK WKH RSHUDWRU LQ WKH VHDW 7KH RSHUDWLQJ WLPH IRU WKH SXPS
DV D ´IXHOµ JDXJH IRU WKH EDWWHU\ VWDWHRIFKDUJH $V WKH PRWRU ZLWK LOOXPLQDWHG V\PERO ZLOO DOVR EH GLVSOD\HG
EDWWHU\ GLVFKDUJHV WKH EDU JHWV VKRUWHU WR VKRZ OHVV DV D ILYH GLJLW QXPEHU IRU IRXU VHFRQGV IROORZLQJ WKH
´IXHOµ 7KH JUHHQ EDQG QHDU WKH EDU VKRZV WKH QRUPDO WUDFWLRQ WLPH LI WKHUH LV D SXPS PRWRU FRWUROOHU
RSHUDWLQJ UDQJH IRU WKH EDWWHU\ 7KH \HOORZ EDQG LV WKH 7KH 3UHPLXP 'LVSOD\ 3DQHO ZLOO VKRZ WKH KRXUV DV GH
DUHD WKDW WKH EDWWHU\ FDQ VWLOO EH RSHUDWHG LQ ZLWKRXW GDP VFULEHG DERYH WKH ZRUGV ´75$&7,21 +2856µ ZLOO
DJH 7KLV EDQG LV \HOORZ WR LQGLFDWH WKDW WKH EDWWHU\ LV DOVR EH VKRZQ RQ WKH /&' VFUHHQ IROORZLQJ WKH WUDFWLRQ
QHDULQJ WKH SRLQW RI GLVFKDUJH ZKHUH LW FDQ EH GDPDJHG PRWRU KRXUV ZRUGV ´3803 +2856µ ZLOO DOVR EH
ZLWK FRQWLQXHG KDUG XVH 7KH UHG EDQG LQGLFDWHV WKH GLV VKRZQ RQ WKH /&' VFUHHQ ZKHQ WKH SXPS PRWRU KRXUV
FKDUJH FRQGLWLRQ ZKHUH EDWWHU\ GDPDJH FDQ RFFXU 7KH DUH VKRZQ
EDWWHU\ LQGLFDWRU V\PERO ZLOO FRPH 21 DW WKLV WLPH
&KDUJH WKH EDWWHU\ YHU\ VRRQ WR SUHYHQW EDWWHU\ GDPDJH $GGLWLRQDO )HDWXUHV 2I 3UHPLXP 'LVSOD\
&RQWLQXHG RSHUDWLRQ ZLOO FDXVH /LIW,QWHUUXSW LI HQ 3DQHO
DEOHG WR RFFXU WR KHOS SUHYHQW EDWWHU\ GDPDJH $W OLIW 7KH IROORZLQJ DGGLWLRQDO IHDWXUHV DUH SDUW RI WKH 3UH
LQWHUUXSW WKH ODVW WZR VHJPHQWV RI WKH EDU JUDSK DUH WKH PLXP 'LVSOD\ 3DQHO
RQO\ RQHV VKRZQ DQG DUH DOWHUQDWHO\ 21 DQG 2)) 7KH œ 2SHUDWRU 3DVVZRUGV IRU UHVWULFWHG XVH DQG FXVWRP
OLIW SXPS PRWRU ZLOO QRW RSHUDWH DQG WKHUH ZLOO EH D UH OLIW WUXFN RSHUDWLRQ LI HQDEOHG
GXFWLRQ RI WUDYHO VSHHG
œ 'DLO\ &KHFN /LVW $QG 6HUYLFH ,WHPV VKRZQ RQ
6(59,&( 5(0,1'(5 /&' VFUHHQ LI HQDEOHG
7KH 6HUYLFH 5HPLQGHU IHDWXUH LI HQDEOHG OHWV WKH RSHU œ 3HUIRUPDQFH 0RGHV RI RSHUDWLRQ
DWRU NQRZ ZKHQ LW LV WLPH IRU SHULRGLF PDLQWHQDQFH $ œ 6WDWXV &RGH /LVWV RI SRVVLEOH PDOIXQFWLRQV RU
VWDWXV FRGH RI  ZLOO VKRZ RQ WKH /&' VFUHHQ DQG WKH V\PSWRPV WKDW KDYH RFFXUUHG


 œ $GMXVWDEOH EDWWHU\ GLVFKDUJH LQGLFDWRU IRU 3$66:25' (5525 ZLOO DSSHDU ,I V\VWHP VWLOO GRHV
FRQGLWLRQ DQG FDSDFLW\ RI EDWWHU\ QRW ILQG WKH SDVVZRUG DIWHU WKLV VHFRQG HQWU\ &$//
683(59,625 ,1387 3$66:25' (5525 ZLOO
7KH DGGLWLRQDO IHDWXUHV RI WKH 3UHPLXP 'LVSOD\ 3DQHO DSSHDU
DUH GHVFULEHG EHORZ DQG VKRZQ LQ ),*85(  $OVR VHH
6(0 ',63/$< 3$1(/ ,1',&$7256 RI WKLV PDQXDO '$,/< &+(&. /,67 $1' 6(59,&( ,7(06
$ OLVW RI LWHPV IRU 'DLO\ &KHFNV $QG 6HUYLFH ZLOO EH
'HVFULSWLRQV 2I $GGLWLRQDO )HDWXUHV
VKRZQ RQ WKH /&' VFUHHQ LI HQDEOHG DIWHU WKH SDVV
$YDLODEOH :LWK 7KH 3UHPLXP 'LVSOD\
ZRUG LV DFFHSWHG 7KH &KHFN /LVW KDV LWHPV WKH RSHUDWRU
/&' 6&5((1 QHHGV WR FKHFN DV KDYLQJ EHHQ GRQH 7KLV &KHFN /LVW
127( 7KH ZRUGV VKRZQ LQ DOO FDSLWDO OHWWHUV VKRZ WKH 0867 EH FRPSOHWHG EHIRUH WKH OLIW WUXFN ZLOO RSHUDWH
ZRUGV WKDW DUH RQ WKH /&' 6FUHHQ LQ WKH IROORZLQJ GH 3XVK WKH SXVK EXWWRQ  IRU <(6 DQG  IRU 12 DIWHU
VFULSWLRQV HDFK LWHP LQ &KHFN /LVW 7KHVH <(6 DQVZHUV LQGLFDWH
WKDW WKH RSHUDWRU VD\V WKH FKHFN RU PDLQWHQDQFH KDV EHHQ
7KH /&' 6FUHHQ VKRZV WKH LQIRUPDWLRQ IRU WKH GRQH 7KH VFUHHQ ZLOO VKRZ 6(59,&( 5(48,5(' IRU
DGGLWLRQDO IHDWXUHV DV IROORZV  SDVVZRUG UHTXHVW LI D 12 DQVZHU DQG WKH OLIW WUXFN ZLOO RQO\ RSHUDWH LQ
HQDEOHG  RSHUDWRU &KHFN /LVW LI HQDEOHG  VWDWXV ´02'( µ 7KLV RSHUDWLQJ PRGH ZLOO FRQWLQXH XQWLO D
FRGH KLVWRU\ DQG  LQIRUPDWLRQ IRU DGMXVWPHQW RI VHUYLFH SHUVRQ SHUIRUPV WKH UHTXLUHG VHUYLFH DQG
%DWWHU\ 'LVFKDUJH ,QGLFDWRU 7KH 3UHPLXP 'LVSOD\ 3DQ ´FOHDUVµ WKH PHVVDJH $GGLWLRQDO &KHFN /LVW LWHPV ZLOO
HO FDQ VKRZ D PD[LPXP RI  OHWWHUV RU QXPEHUV LQ QRW DSSHDU XQWLO DIWHU VHUYLFH LV FRPSOHWH
FOXGLQJ VSDFHV LQ HDFK RI WZR OLQHV 7KH DGGLWLRQDO 
VSDFHV FDQ EH XVHG IRU VKRUW PHVVDJHV 7KH PHVVDJHV 3(5)250$1&( 02'(6
SURYLGH WKH RSHUDWRU ZLWK QHFHVVDU\ LQIRUPDWLRQ IRU )RXU GLIIHUHQW 3HUIRUPDQFH 0RGHV RI RSHUDWLRQ FDQ EH
WKHVH IHDWXUHV DQG FRUUHFW RSHUDWLRQ VHOHFWHG (DFK PRGH FDQ FKDQJH DFFHOHUDWLRQ WRS VSHHG
23(5$725 3$66:25'6 DQG OLIWLQJ VSHHGV 7KH IDFWRU\ VHWWLQJV LQFUHDVH
RSHUDWLQJ VSHHGV IURP VORZHVW  WR IDVWHVW  $IWHU WKH
7KH 2SHUDWRU 3DVVZRUGV DUH D VHULHV RI IRXU QXPEHUV PHVVDJH 02'( ; LV RQ WKH /&' VFUHHQ \RX FDQ
(DFK RI WKH IRXU QXPEHU GLJLWV FDQ EH WKH QXPEHUV  FKDQJH PRGHV 7KH PRGH QXPEHU WKDW ZDV ODVW DFWLYDWHG
WKURXJK  ,I HQDEOHG WKH SDVVZRUG QXPEHU VHULHV PXVW ZLOO DSSHDU ,I \RX ZDQW WR FKDQJH WKH PRGH SXVK WKH
EH HQWHUHG LQWR WKH PHPRU\ E\ D WHFKQLFLDQ DQG DVVLJQHG QXPEHU SXVKEXWWRQ    RU  WR VHOHFW D QHZ PRGH
WR DQ RSHUDWRU 8S WR  SDVVZRUGV FDQ EH HQWHUHG 7KH 7KH VFUHHQ ZLOO VKRZ 5(48(67,1* 02'(  < < LV
SDVVZRUG QXPEHUV DUH QRW GLVSOD\HG IRU VHFXULW\ ZKHQ WKH QHZ PRGH QXPEHU MXVW HQWHUHG 7KH PHVVDJH ZLOO
HQWHUHG 5HPHPEHU WKH SDVVZRUG $ WHFKQLFLDQ FDQ XVH WKHQ VKRZ 02'( < XQOHVV WKLV PRGH LV QRW SHUPLWWHG
D SHUVRQDO FRPSXWHU 3& FRQQHFWHG WR WKH 6(0 'LV XQGHU \RXU SDVVZRUG 7KH OLIW WUXFN ZLOO QRZ RSHUDWH
SOD\ 3DQHO WR FKHFN DV ZHOO DV DVVLJQ WKH SDVVZRUGV ZLWKLQ WKH SDUDPHWHUV VHW IRU WKDW PRGH QXPEHU XQWLO
127( 7KH FRPSXWHU GRHV QRW DOZD\V UHVSRQG \RX FKDQJH WKH RSHUDWLQJ PRGH QXPEHU DJDLQ $ VHUYLFH
LPPHGLDWHO\ IRU HYHU\ SXVKEXWWRQ HQWU\ 7KH SHUVRQ FDQ FKDQJH WKH RSHUDWLQJ SDUDPHWHUV RI HDFK RI
SXVKEXWWRQ FDQ DOVR ´FOLFNµ ZLWKRXW DQ DFWXDO FKDQJH WKH IRXU GLIIHUHQW OHYHOV RU PRGHV RI RSHUDWLRQ
RFFXULQJ 0DNH VXUH WR ZDWFK /&' VFUHHQ DQG ZDLW IRU
67$786 &2'( /,676
UHVSRQVH EHIRUH UHTXHVWLQJ DQRWKRU DFWLRQ
7KH 6WDWXV &RGH /LVWV DUH OLVWV RI DOO VWDWXV FRGHV IRU WKH
7KH /&' VFUHHQ ZLOO VKRZ (17(5 3$66:25' DIWHU PDOIXQFWLRQV RU V\PSWRPV WKDW KDYH RFFXUUHG VLQFH WKH
WKH NH\ LV PRYHG WR WKH 21 SRVLWLRQ ZKHQ WKLV IXQFWLRQ OLVW ZDV ODVW FOHDUHG RI HQWULHV E\ D WHFKQLFLDQ 7KHVH VWD
LV HQDEOHG 8VH WKH QXPEHUHG SXVKEXWWRQV WR HQWHU \RXU WXV FRGHV DUH 127 RI PDOIXQFWLRQV RU V\PSWRPV WKDW DUH
IRXU GLJLW SDVVZRUG $ ´VWDUµ V\PERO ZLOO EH VKRZQ IRU FXUUHQWO\ SUHVHQW EXW WKRVH WKDW KDYH RFFXUUHG LQ WKH
HDFK GLJLW 7KH RSHUDWRU KDV WZR WULHV WR HQWHU SDVVZRUG SDVW 7KHUH DUH VHSDUDWH OLVWV IRU WKH 7UDFWLRQ &LUFXLW DQG
FRUUHFWO\ ,I V\VWHP GRHV QRW ILQG WKH SDVVZRUG DIWHU WKH WKH /LIW 3XPS &LUFXLW 7KH OLVWV FDQ RQO\ EH UHDG ZLWK WKH
ILUVW HQWU\ 5((17(5 3$66:25' ,1387 NH\ LQ WKH 2)) SRVLWLRQ


      

6

 +2850(7(5 6<0%2/  %5$.( )/8,' 722 /2: 6<0%2/

 :5(1&+ ,1',&$725 6<0%2/  3$5.,1* %5$.( 6<0%2/
 %$77(5< 6<0%2/  6($7 %(/7 6<0%2/
 %$77(5< 67$7(2)&+$5*( %',  /&' ´6&5((1µ

),*85(  67$1'$5' ',63/$< 3$1(/  6(0

7R DFFHVV WKH VWDWXV FRGH KLVWRU\ ZDLW XQWLO DIWHU WKH QLFLDQ FKHFN WKH EDWWHU\ ZLWK D K\GURPHWHU 7KH WHFKQL
WUDFWLRQ DQG SXPS KRXUV KDYH EHHQ GLVSOD\HG WKHQ SXVK FLDQ FDQ WKHQ FKDQJH WKH VHWWLQJ DV QHFHVVDU\
WKH ´67$5µ SXVKEXWWRQ 7KH ILUVW LWHP LQ WKH 0HQX RQ
WKH /&' VFUHHQ LV $&7,9$7( )$8/7 &2'( '$7$ 6(0 ',63/$< 3$1(/ ,1',&$7256
.(<  1;7  1RZ SXVK SXVKEXWWRQ  IRU D GLVSOD\
RI 5(48(67,1* 75$&7  +,6725< $OO RI WKH 7KH IROORZLQJ LQGLFDWRUV DUH RQ ERWK WKH 6WDQGDUG 'LV
VWDWXV FRGHV LQ WKH OLVW IRU WKH WUDFWLRQ FLUFXLW ZLOO QRZ EH SOD\ 3DQHO DQG WKH 3UHPLXP 'LVSOD\ 3DQHO 6HH
VKRZQ LQ WXUQ 7KH VFUHHQ ZLOO WKHQ VKRZ ),*85(  $OVR VHH ),*85( 
5(48(67,1* 3803 +,6725< IROORZHG E\ WKH
VWDWXV FRGHV LQ WKH OLVW IRU WKH OLIW SXPS FLUFXLW $IWHU WKH $OO ,QGLFDWRU 6\PEROV
ODVW VWDWXV FRGH (1' )$8/7 &2'( +,6725< ZLOO EH
7KH UHG LQGLFDWRU V\PEROV DUH 21 IRU RQH VHFRQG DIWHU
VKRZQ
WKH NH\ LV PRYHG WR WKH 21 SRVLWLRQ 7KLV RQ WLPH
$'-8670(17 2) %', FKHFNV WKDW WKH LQGLFDWRUV DUH RSHUDWLQJ RQ WKH 6WDQGDUG
'LVSOD\ 3DQHO
7KLV DGMXVWPHQW DOORZV DGMXVWPHQW IRU PRUH DFFXUDWH LQ
GLFDWLRQ RI %DWWHU\6WDWH2I&KDUJH DQG /LIW,QWHU 7KH UHG LQGLFDWRU V\PEROV DUH 21 IRU RQH VHFRQG DIWHU
UXSW LI HQDEOHG 7KLV DGMXVWPHQW FDQ EH QHFHVVDU\ LQL WKH &KHFN /LVW LI HQDEOHG LV FRPSOHWH ,I WKHUH LV QR
WLDOO\ DQG ZKHQ XVLQJ EDWWHULHV LQ GLIIHUHQW FRQGLWLRQV LQ &KHFN /LVW WKH LQGLFDWRU LV 21 DIWHU SDVVZRUG LI
\RXU OLIW WUXFN 7KH DGMXVWPHQW FDQ RQO\ EH PDGH ZLWK HQDEOHG RU DIWHU WKH NH\ LV PRYHG WR WKH 21 SRVLWLRQ
WKH NH\ LQ WKH 2)) SRVLWLRQ ,I \RX WKLQN WKH EDU JUDSK LV 7KLV RQ WLPH FKHFNV WKDW WKH LQGLFDWRUV DUH RSHUDWLQJ RQ
QRW FRUUHFW IRU WKH EDWWHU\ LQ \RXU OLIW WUXFN KDYH D WHFK WKH 3UHPLXP 'LVSOD\ 3DQHO


+RXUPHWHU ,QGLFDWRU 6\PERO /&' ´6FUHHQµ 6WDQGDUG 'LVSOD\ 3DQHO

7KH KRXUPHWHU V\PERO LV 21 ZKHQ WKH WUDFWLRQ RU OLIW

7KH 6(0 'LVSOD\ 3DQHO RQ WKH ULJKW VLGH RI WKH
SXPS KRXUV DUH VKRZQ RQ WKH /&' VFUHHQ
LQVWUXPHQW SDQHO GDVK KDV DQ /&' ZLQGRZ DV DQ
RSHUDWRU·V ´VFUHHQµ UHDGRXW IRU WKH 6(0 PRWRU
:UHQFK ,QGLFDWRU 6\PERO
FRQWUROOHUV 7KH VFUHHQ LV LOOXPLQDWHG ZKHQHYHU WKH NH\
7KLV UHG LQGLFDWRU LV 21 ZKHQ VWDWXV FRGH QXPEHUV DUH LV LQ WKH 21 SRVLWLRQ DQG IRU WKH ILUVW WZR PLQXWHV DIWHU
VKRZQ RU ZKHQ PDLQWHQDQFH LV GXH  WKH NH\ LV ILUVW PRYHG WR WKH 2)) SRVLWLRQ ,QIRUPDWLRQ
ZLWK D PD[LPXP RI  FKDUDFWHUV FDQ EH VKRZQ 7KLV
%DWWHU\ ,QGLFDWRU 6\PERO LQIRUPDWLRQ LQFOXGHV WKH IROORZLQJ  WUDFWLRQ
RSHUDWLQJ WLPH LQ KRXUV  OLIW SXPS RSHUDWLQJ WLPH LQ
7KLV UHG LQGLFDWRU LV 21 ZKHQ WKH EDWWHU\ QHHGV KRXUV  VWDWXV FRGH QXPEHUV  VHUYLFH UHPLQGHU
FKDUJLQJ RU WKH ZURQJ YROWDJH EDWWHU\ LV FRQQHFWHG WR WKH FRGH  LI HQDEOHG DQG  VWDWHRIFKDUJH RI WKH
EDWWHU\ FRQQHFWRU RI WKH OLIW WUXFN EDWWHU\

%DWWHU\ 6WDWH2I&KDUJH %', $OO RI WKH VFUHHQ VHJPHQWV DUH VKRZQ DV VROLG EORFNV
GXULQJ WKH LQGLFDWRU FKHFN WR VKRZ WKDW HDFK VHJPHQW LV
7KH %DWWHU\ ,QGLFDWRU 6\PERO LV RQ DQG WKH EDU JUDSK LV
RSHUDWLQJ
VKRZQ RQ WKH /&' VFUHHQ 6HH &RPPRQ )HDWXUHV IRU
PRUH LQIRUPDWLRQ

7KH EDU JUDSK LV RQ WKH /&' VFUHHQ DIWHU WKH LQGLFDWRU $'',7,21$/ &20321(176 2) 7+(
IXQFWLRQ FKHFN IRU WKH 6WDQGDUG 'LVSOD\ 3DQHO 35(0,80 ',63/$< 3$1(/  6(0

7KH EDU JUDSK DQG WKH PHVVDJH 02'( ; DUH RQ WKH

/&' VFUHHQ DIWHU WKH /(' ,QGLFDWRU FKHFN LV FRPSOHWH 7KH 3UHPLXP 'LVSOD\ 3DQHO KDV D GLIIHUHQW /&' VFUHHQ
IRU WKH 3UHPLXP 'LVSOD\ 3DQHO DQG DGGLWLRQDO SXVK EXWWRQV DV GHVFULEHG EHORZ

%UDNH )OXLG 7RR /RZ 6\PERO

$OSKD 1XPHULFDO ´6FUHHQµ
,I WKLV LQGLFDWRU V\PERO LV LOOXPLQDWHG GXULQJ RSHUDWLRQ
WKH IOXLG OHYHO LQ WKH EUDNH IOXLG UHVHUYRLU LV ORZ DQG WKH 7KLV /&' VFUHHQ VKRZV WKH LQIRUPDWLRQ IRU WKH FRPPRQ
UHVHUYRLU PXVW EH ILOOHG IHDWXUHV DQG LQIRUPDWLRQ IRU WKH DGGLWLRQDO IHDWXUHV RI
WKH SUHPLXP 6(0 'LVSOD\ 3DQHO ,QIRUPDWLRQ ZLWK D
3DUNLQJ %UDNH 6\PERO PD[LPXP RI  FKDUDFWHUV SHU OLQH LQ WZR OLQHV FDQ EH
VKRZQ 7KLV DGGLWLRQDO LQIRUPDWLRQ LQFOXGHV WKH
7KLV LQGLFDWRU V\PERO LV LOOXPLQDWHG ZKHQ WKH SDUNLQJ IROORZLQJ GLVSOD\ OHWWHUV VKRZQ LQ DOO FDSLWDO OHWWHUV 
EUDNH LV DSSOLHG DQG WKH VHDW VZLWFK LV FORVHG 7KH LQGL (17(5 3$66:25' LI HQDEOHG  &KHFN /LVW LWHPV
FDWRU ZLOO JR 2)) ZKHQ WKH SDUNLQJ EUDNH LV UHOHDVHG LI HQDEOHG  VWDWXV FRGH OLVW KLVWRU\ ZLWK QXPEHU
DQG VKRUW GHVFULSWLRQ DQG  %DWWHU\ &RPSHQVDWLRQ
,I WKH SDUNLQJ EUDNH LV QRW DSSOLHG DQG WKH RSHUDWRU
LQIRUPDWLRQ 7KH KRXUPHWHU WLPHV DUH DOVR LGHQWLILHG DV
OHDYHV WKH VHDW RU WXUQV WKH NH\ WR WKH 2)) SRVLWLRQ WKH
75$&7,21 +2856 RU 3803 +2856
V\PERO DQG D ZDUQLQJ WRQH ZLOO EH 21 IRU DSSUR[LPDWH
0$,17(1$1&( 5(48,5(' LV DOVR LQFOXGHG ZLWK
O\  VHFRQGV
WKH PDLQWHQDQFH UHPLQGHU FRGH  LI WKH IXQFWLRQ LV
HQDEOHG
)DVWHQ 6HDW %HOW 6\PERO

7KLV LQGLFDWRU V\PERO ZLOO VWD\ LOOXPLQDWHG IRU $OO RI WKH VFUHHQ VHJPHQWV DUH VKRZQ DV VROLG EORFNV
DSSUR[LPDWHO\ IRXU VHFRQGV DIWHU WKH LQGLFDWRU FKHFN GXULQJ WKH LQGLFDWRU FKHFN WR VKRZ WKDW HDFK VHJPHQW LV
WR UHPLQG WKH RSHUDWRU WR IDVWHQ WKH VHDW EHOW RSHUDWLQJ


       

6

     

 +2850(7(5 6<0%2/  /&' ´6&5((1µ

 :5(1&+ ,1',&$725 6<0%2/  ´67$5µ 386+ %87721
 %$77(5< 6<0%2/  386+ %87721 
 %$77(5< 67$7(2)&+$5*( %',  386+ %87721 
 %5$.( )/8,' 722 /2: 6<0%2/  386+ %87721 
 3$5.,1* %5$.( 6<0%2/  386+ %87721 
 6($7 %(/7 6<0%2/  386+ %87721 

),*85(  35(0,80 ',63/$< 3$1(/  6(0

´67$5µ 3XVK %XWWRQ œ .H\ VZLWFK LV LQ WKH KRXVLQJ RI WKH GLVSOD\ SDQHO
DQG FRQQHFWV EDWWHU\ YROWDJH WR DOO RI WKH FRQWURO
7KLV SXVK EXWWRQ LV XVHG IRU 0(18 DFFHVV 7KLV SXVK
FLUFXLWV H[FHSW WKH KRUQ
EXWWRQ ZLOO 21/< PDNH D FKDQJH ZKHQ WKH NH\ LV LQ WKH
2)) SRVLWLRQ 7KH VWDU EXWWRQ LV XVHG WR ´RSHQµ WKH œ 6WDUW VZLWFK LV DFWXDWHG E\ WKH DFFHOHUDWRU SHGDO
0HQX IURP WKH PHPRU\ RI WKH 6(0 'LVSOD\ 3DQHO DQG LV SDUW RI WKH 652 FLUFXLW ,I WKH VWDUW VZLWFK LV
$IWHU WKH 0HQX LV ´RSHQµ RQO\ RQH 0HQX LWHP LV VKRZQ FORVHG EHIRUH WKH VHDW VZLWFK WKH FRQWUROOHU ZLOO
RQ WKH /&' VFUHHQ DW RQH WLPH QRW SHUPLW WKH OLIW WUXFN WR PRYH
œ %UDNH OLJKW VZLWFK LV DFWXDWHG E\ WKH EUDNH SHGDO
3XVK %XWWRQV  7KURXJK  WR HQHUJL]H WKH EUDNH OLJKWV RQ WKH UHDU OHJV RI WKH
RYHUKHDG JXDUG
7KHVH SXVK EXWWRQV DUH XVHG DV GHVFULEHG LQ
œ 6HDW VZLWFK LV LQVLGH WKH VHDW DQG LV RSHQ LI WKH RS
'HVFULSWLRQV 2I $GGLWLRQDO )HDWXUHV RI WKLV PDQXDO
HUDWRU LV QRW RQ WKH VHDW 7KH VHDW VZLWFK VHQGV D
VLJQDO WR WKH FRQWURO FDUG IRU RSHUDWLRQ RI WKH 6&5
27+(5 &21752/ &20321(176
FRQWUROOHU DQG WKH SRZHU VWHHULQJ
)ROORZLQJ LV D VKRUW GHVFULSWLRQ RI WKH RWKHU FRQWURO œ ,I WKH OLIW WUXFN KDV D VHDW EUDNH WKH VHDW EUDNH
FRPSRQHQWV DQG WKHLU IXQFWLRQ VZLWFK LV PRXQWHG WR WKH IURQW RI WKH IURQW EDWWHU\


 FRPSDUWPHQW SODWH 7KLV VZLWFK LV RSHUDWHG E\ WKH œ 0RWRU WHPSHUDWXUH VZLWFKHV VHQG YROWDJH WR WKH
VHDW EUDNH OLQNDJH DQG KDV WKH VDPH IXQFWLRQ DV LQGLFDWRU /(' LQ WKH GLVSOD\ SDQHO ZKHQ HLWKHU
WKH VHDW VZLWFK WKH OLIW SXPS RU WKH WUDFWLRQ PRWRU LV WRR KRW
œ 3DUNLQJ EUDNH VZLWFK RSHUDWHV LI WKH SDUNLQJ œ 5RFNHU VZLWFKHV IRU OLJKWV FRQWURO DOO WKH RSWLRQDO
EUDNH LV DSSOLHG 7KH SDUNLQJ EUDNH VZLWFK LV IDV OLJKWV RQ WKH OLIW WUXFN
WHQHG QHDU WKH OLQNDJH IRU DSSO\LQJ WKH SDUNLQJ
EUDNH 7KH VZLWFK VHQGV D VLJQDO WR WKH FRQWURO œ 7KH DFFHOHUDWRU SRVLWLRQ VHQVRU LV WKH LQSXW WR WKH
FDUG RI WKH GLVSOD\ SDQHO WR LOOXPLQDWH WKH SDUNLQJ FRQWURO FDUG IRU VSHHG FRQWURO
EUDNH LQGLFDWRU œ 7KH RSWLRQDO 2Q'HPDQG VWHHULQJ FRPSRQHQWV
$Q DODUP LV DOVR RSHUDWHG E\ WKH FRQWURO FDUG LI DOORZ WKH VWHHULQJ SXPS WR RSHUDWH RQO\ ZKHQ WKH
WKH RSHUDWRU OHDYHV WKH WUXFN ZLWKRXW DSSO\LQJ WKH VWHHULQJ ZKHHO LV PRYHG :LWK WKH RWKHU VWHHULQJ
SDUNLQJ EUDNH 7KH FDUG ZLOO DFWLYDWH WKH DODUP V\VWHP WKH VWHHULQJ SXPS PRWRU RSHUDWHV ZKHQ
DIWHU JHWWLQJ WKH VLJQDO IURP WKH SDUNLQJ EUDNH WKH NH\ LV LQ WKH 21 SRVLWLRQ DQG WKH RSHUDWRU LV LQ
VZLWFK 7KH DODUP LV DFWLYDWHG LI WKH RSHUDWRU WKH VHDW
OHDYHV WKH VHDW RI WKH OLIW WUXFN ZKHQ WKH NH\ LV LQ
WKH 21 SRVLWLRQ DQG WKH SDUNLQJ EUDNH LV QRW DS œ 7KH UHDU OLJKWV RQ WKH OHJV RI WKH RYHUKHDG JXDUG
SOLHG 7KH DODUP LV DOVR DFWLYDWHG LI WKH NH\ LV DUH VLPLODU WR DXWRPRELOH UHDU OLJKWV 7KH EUDNH
PRYHG WR WKH 2)) SRVLWLRQ ZKHQ WKH EUDNH LV QRW OLJKWV FRPH RQ ZKHQ WKH EUDNH SHGDO LV GHSUHVVHG
DSSOLHG 7KH UHYHUVH OLJKWV FRPH RQ ZKHQ WKH WUXFN LV VHW
œ 'LUHFWLRQ FRQWURO VZLWFKHV LQ WKH 0RQRWURO SHGDO IRU WUDYHO LQ UHYHUVH ,I WKHUH DUH DOVR GULYLQJ
RU VWHHULQJ FROXPQ VHQG EDWWHU\ YROWDJH WR WKH OLJKWV LQVWDOOHG WKH WDLO OLJKWV FRPH RQ ZLWK WKH
FRQWURO FDUG WR FORVH WKH )RUZDUG RU 5HYHUVH FRQ GULYLQJ OLJKWV 7KHUH FDQ DOVR EH DQ RSHUDWRU
WDFWRUV FRPSDUWPHQW OLJKW $ IODVKLQJ OLJKW DW WKH WRS RU
UHDU RI WKH RYHUKHDG JXDUG DQG WKH UHYHUVH DODUP
œ %UDNH IOXLG VZLWFK VHQGV YROWDJH WR WKH LQGLFDWRU
/(' LQ WKH GLVSOD\ SDQHO ZKHQ WKH IOXLG LQ WKH œ 7KH KRUQ VZLWFK DW WKH FHQWHU RI WKH VWHHULQJ
EUDNH PDVWHU F\OLQGHU LV ORZ ZKHHO RSHUDWHV WKH KRUQ XQGHU WKH IORRUSODWHV

5(3/$&(0(17
',63/$< 3$1(/ &20321(176  ´/;µ LQJ FROXPQ $OO RWKHU SDUWV RI WKH SDQHO PXVW EH UHSODFHG
$1' ´=;µ DV D VLQJOH XQLW 6HH 5HSODFLQJ 'LVSOD\ 3DQHO $VVHPEO\
RI WKLV VHFWLRQ
(DFK RI WKH WZR GLVSOD\ SDQHO DVVHPEOLHV %DVLF DQG 3HU
5HSODFH 7KH 'LVSOD\ 3DQHO $VVHPEO\
IRUPDQFH FDQ EH UHSODFHG DV D XQLW
)ROORZ WKLV SURFHGXUH WR UHSODFH WKH %DVLF RU 3HUIRU
127( 0RVW SDUWV RI WKH %DVLF GLVSOD\ SDQHO FDQ EH UH PDQFH GLVSOD\ SDQHO DV DQ DVVHPEO\
SODFHG +RZHYHU WKH /(' LQGLFDWRUV FDQQRW EH UH
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
SODFHG VHSDUDWHO\ 7KH /('V DUH SDUW RI WKH FLUFXLW ERDUG
DVVHPEO\ 7KH PDMRU UHSODFHDEOH SDUWV RI WKLV GLVSOD\  5HPRYH WKH IURQW VWHHULQJ FROXPQ FRYHU ZLWK WKH GLV
SDQHO DUH  NH\ VZLWFK  KRXVLQJ WRS FRYHU DQG 2 SOD\ SDQHO DVVHPEO\ DWWDFKHG &DUHIXOO\ GLVFRQQHFW WKH
ULQJ VHDO  KRXVLQJ DQG OLJKW ILOWHU IRU /(' ZDUQLQJ  SLQ FRQQHFWRU WKH NH\ VZLWFK ZLUHV DQG RQ WKH %DVLF
OLJKWV  KRXU PHWHU DQG JDVNHW  EDWWHU\ LQGLFDWRU  SDQHO WKH WZR SLQ FRQQHFWRU IURP LQVLGH WKH FROXPQ
EX]]HU DQG FLUFXLW ERDUG DQG  MXPSHU KDUQHVV DQG WKH FRYHU
ZLUHV WR WKH NH\ VZLWFK  5HPRYH WKH IRXU VFUHZV WKDW IDVWHQ WKH GLVSOD\ SDQHO
WR WKH FROXPQ FRYHU
127( 7KH RQO\ UHSODFHDEOH SDUWV RI WKH 3HUIRUPDQFH
GLVSOD\ SDQHO DUH WKH 2ULQJ VHDO NH\ VZLWFK ZLUHV WR  ,QVWDOO WKH UHSODFHPHQW GLVSOD\ SDQHO DVVHPEO\ WR WKH
WKH NH\ VZLWFK DQG WKH KRXVLQJ WKDW IDVWHQV WR WKH VWHHU FRYHU RI WKH VWHHULQJ FROXPQ DQG WLJKWHQ WKH VFUHZV


,QVWDOO WKH FRQQHFWRUV DQG WKH NH\ VZLWFK ZLUHV 2Q WKH DVVHPEO\ 6HH 5HSODFLQJ 3DUWV 2I 7KH %DVLF 'LVSOD\
%DVLF SDQHO VHW WKH ',3 VZLWFKHV QHDU WKH FRQQHFWRU IRU 3DQHO RI WKLV VHFWLRQ 7KH /(' LQGLFDWRUV RI WKH 3HUIRU
WKH SDQHO WR WKH YROWDJH RI WKH OLIW WUXFN 6HH ),*85(  PDQFH GLVSOD\ SDQHO FDQQRW EH UHSODFHG ,I WKHVH /('
0RYH WKH ',3 VZLWFK IRU WKH FRUUHFW YROWDJH WR WKH XS LQGLFDWRUV DUH EDG UHSODFH WKH GLVSOD\ SDQHO 6HH 5H
SRVLWLRQ DQG DOO RWKHUV WR WKH GRZQ SRVLWLRQ ,QVWDOO WKH SODFLQJ 'LVSOD\ 3DQHO $VVHPEO\ RI WKLV VHFWLRQ
FROXPQ FRYHU RQ WKH VWHHULQJ FROXPQ
%DWWHU\ ,QGLFDWRUV

 7KHUH DUH WZR W\SHV RI EDWWHU\ LQGLFDWRUV IRU WKHVH
21 83 $6 6+2:1 WUXFNV 2QH W\SH LV D PHWHU PRYHPHQW ZLWK FRORUHG
9 6: 21 27+(56 2)) EDQGV VKRZLQJ WKH EDWWHU\ FKDUJH %DVLF GLVSOD\ SDQHO
9 6: 21 27+(56 2))
9 6: 21 27+(56 2)) 7KH RWKHU W\SH LV D /LJKW (PLWWLQJ 'LRGH /(' GLVSOD\
9 6: 21 27+(56 2))
ZLWK /('V RI GLIIHUHQW FRORUV VKRZLQJ EDWWHU\ FKDUJH
3HUIRUPDQFH GLVSOD\ SDQHO
127( 7KH EDWWHU\ LQGLFDWRU LV UHSODFHG DV RQH RI WKH
9 9 9 9
FRPSRQHQWV RI WKH GLVSOD\ SDQHO 6HH SURFHGXUH XQGHU
5HSODFLQJ 3DUWV 2I 7KH %DVLF 'LVSOD\ 3DQHO RI WKLV VHF
%51 WLRQ 7KH EDWWHU\ LQGLFDWRU RI WKH 3HUIRUPDQFH GLVSOD\
5('%51 SDQHO FDQQRW EH UHSODFHG DV D VHSDUDWH FRPSRQHQW 7KH
 LQGLFDWRU PXVW EH UHSODFHG DV SDUW RI WKH 3HUIRUPDQFH
GLVSOD\ SDQHO 6HH 5HSODFLQJ 'LVSOD\ 3DQHO $VVHPEO\
RI WKLV VHFWLRQ

6HH WKH VHFWLRQ %$77(5< ,1',&$7256 

 650  WR DGMXVW WKHVH EDWWHU\ LQGLFDWRUV

 

5('%51
 %51

6(7 ',3 6:,7&+(6 72 758&. 92/7$*( ,) 758&.  
92/7$*( ,6 127 .12:1 6(7 86 81,76 72 9

 ',63/$< 3$1(/
 67((5,1* &2/801  

 (/(&75,&$/ &211(&725
 ',3 6:,7&+(6  ',63/$< 3$1(/
5()(5(1&(
),*85(  ',3 6:,7&+(6  ´/;µ $1' ´=;µ  .(< 6:,7&+
 187
5HSODFH 7KH .H\ 6ZLWFK 6HH ),*85(  ),*85(  .(< 6:,7&+  ´/;µ $1' ´=;µ
127( 7KH NH\ VZLWFK LV UHSODFHG DV RQH RI WKH FRPSR
QHQWV RI WKH GLVSOD\ SDQHO 6HH SURFHGXUH XQGHU 5HSODF 'LJLWDO 'LVSOD\
LQJ 3DUWV 2I 7KH %DVLF 'LVSOD\ 3DQHO WR UHSODFH WKH NH\ 3HUIRUPDQFH 'LVSOD\ 3DQHO 2QO\
VZLWFK RI HLWKHU GLVSOD\ SDQHO DVVHPEO\
127( 7KH GLJLWDO GLVSOD\ RI WKH 3HUIRUPDQFH GLVSOD\
SDQHO FDQQRW EH UHSODFHG DV D VHSDUDWH FRPSRQHQW 7KH
,QGLFDWRU /('V GLVSOD\ PXVW EH UHSODFHG DV SDUW RI WKH 3HUIRUPDQFH GLV
127( 7KH LQGLFDWRU /('V RI WKH %DVLF GLVSOD\ SDQHO SOD\ SDQHO 6HH 5HSODFLQJ 'LVSOD\ 3DQHO $VVHPEO\ RI
DUH SDUW RI WKH FLUFXLW ERDUG DQG PXVW EH UHSODFHG DV DQ WKLV VHFWLRQ


 


/
/ /
/ /
/
/ /

/ /
/ 





 

 723 &29(5
  ),/7(5 )25 /(' ,1',&$7256
 +286,1* )25 /(' ,1',&$7256
 .(< 6:,7&+
 $66(0%/< +286,1*
 25,1* *$6.(7

  %8==(5
 ),%(5 ,168/$7,1* :$6+(56


 &,5&8,7 %2$5' /+ )25 %$77(5<

,1',&$725
 %$77(5< ,1',&$725
 -803(5 +$51(66
 +2850(7(5
 *$6.(7 )25 +2850(7(5
 &,5&8,7 %2$5' )25 /(' ,1',&$7256
 *$6.(7 )25 /(' ,1',&$7256

),*85(  %$6,& ',63/$< 3$1(/  ´/;µ $1' ´=;µ


6WDWXV &RGH 2U 3HUIRUPDQFH /HYHO 6ZLWFKHV  $OLJQ WKH QRWFK LQ WKH VKDIW KRXVLQJ RI WKH NH\ VZLWFK
$QG ,QGLFDWRU /('V ZLWK WKH WDE LQ WKH KRXVLQJ RI WKH GLVSOD\ SDQHO ,QVWDOO
3HUIRUPDQFH 'LVSOD\ 3DQHO 2QO\ WKH UHSODFHPHQW VZLWFK 7LJKWHQ WKH QXW DQG FRQQHFW WKH
127( 7KHVH VZLWFKHV RI WKH 3HUIRUPDQFH GLVSOD\ SDQ ZLUHV
HO FDQQRW EH UHSODFHG DV VHSDUDWH FRPSRQHQWV 7KH 127( ,W LV QRW QHFHVVDU\ WR GR 6WHS  LI RQO\ WKH PHWHU
VZLWFKHV PXVW EH UHSODFHG DV SDUW RI WKH 3HUIRUPDQFH PRYHPHQW RI WKH EDWWHU\ LQGLFDWRU ZLOO EH UHSODFHG RQ
GLVSOD\ SDQHO 6HH 5HSODFLQJ 'LVSOD\ 3DQHO $VVHPEO\ WKH H[LVWLQJ FLUFXLW ERDUG &DUHIXOO\ OLIW WKH PHWHU PRYH
RI WKLV VHFWLRQ PHQW XS RII WKH SLQV RI WKH FLUFXLW ERDUG ZLWKRXW EHQGLQJ
WKH SLQV 6HH ),*85(  &DUHIXOO\ LQVWDOO WKH UHSODFH
5HSODFH 3DUWV 2I 7KH %DVLF 'LVSOD\ 3DQHO PHQW PHWHU PRYHPHQW RQ WKH SLQV 0DNH VXUH WKH SLQV
6HH ),*85(  DUH FRUUHFWO\ DOLJQHG RQ WKH EDFN RI WKH PHWHU EHIRUH
127( 7KH SDUWV RI WKH %DVLF 'LVSOD\ 3DQHO FDQ EH UH SXVKLQJ WKH PHWHU RQ WKH SLQV
SODFHG ZLWK WKH GLVSOD\ SDQHO RQ WKH VWHHULQJ FROXPQ ,I  ,I WKH EDWWHU\ LQGLFDWRU FLUFXLW ERDUG IRU WKH KRXU PH
WKH DVVHPEO\ KRXVLQJ ZLOO EH UHSODFHG UHPRYH WKH FRP WHU RU WKH EX]]HU ZLOO EH UHSODFHG UHPRYH WKH VFUHZV WKDW
SOHWH DVVHPEO\ IURP WKH VWHHULQJ FROXPQ DV GHVFULEHG LQ IDVWHQ WKH FLUFXLW ERDUG WR WKH KRXVLQJ 'LVFRQQHFW WKH
5HSODFLQJ 'LVSOD\ 3DQHO $VVHPEO\ FRQQHFWRU IURP WKH FLUFXLW ERDUG 5HPRYH WKH EX]]HU
127( 7KH IROORZLQJ LV D FRPSOHWH GLVDVVHPEO\ SURFH IURP WKH ERWWRP RI WKH FLUFXLW ERDUG 0DNH VXUH WR LQVWDOO
GXUH 'R 21/< WKRVH VWHSV QHFHVVDU\ WR UHSODFH WKH SDUW WKH ILEHU ZDVKHU ZKHQ LQVWDOOLQJ WKH UHSODFHPHQW EX]]HU
\RX ZDQW UHSODFHG RQ WKH UHSODFHPHQW FLUFXLW ERDUG ,I QHFHVVDU\ FDUHIXOO\
OLIW WKH PHWHU PRYHPHQW XS RII WKH SLQV RI WKH FLUFXLW
5HPRYH DQG UHSODFH WKH FRPSRQHQWV RI WKH %DVLF GLV ERDUG ZLWKRXW EHQGLQJ WKH SLQV 6HH ),*85(  &DUH
SOD\ SDQHO DV IROORZV IXOO\ LQVWDOO WKH UHSODFHPHQW PHWHU PRYHPHQW RQ WKH
SLQV RI WKH UHSODFHPHQW FLUFXLW ERDUG 0DNH VXUH WKH SLQV
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\ DUH FRUUHFWO\ DOLJQHG RQ WKH EDFN RI WKH PHWHU EHIRUH
SXVKLQJ WKH PHWHU RQ WKH SLQV &RQQHFW WKH HOHFWULFDO
 5HPRYH WKH HLJKW VFUHZV WKDW IDVWHQ WKH WRS FRYHU WR
FRQQHFWRU WR WKH FLUFXLW ERDUG DQG LQVWDOO WKH FLUFXLW
WKH SDQHO KRXVLQJ 7KH VFUHZV DUH DW WKH ERWWRP RI WKH
ERDUG DVVHPEO\ LQ WKH KRXVLQJ
KRXVLQJ 6HH ),*85(  7KH KRXUPHWHU LV IDVWHQHG WR
WKH WRS FRYHU ZLWK WKH HOHFWULFDO FRQQHFWRU RQ WKH FLUFXLW  ,I WKH /(' LQGLFDWRU DVVHPEO\ ZLOO EH UHSODFHG ILUVW
ERDUG LQVLGH WKH KRXVLQJ &DUHIXOO\ OLIW WKH WRS FRYHU XS UHPRYH WKH  SLQ FRQQHFWRU ,W LV QHFHVVDU\ WR UHPRYH
RII WKH KRXVLQJ DQG WKH LQGLFDWRU /('V ZLWKRXW GDPDJ WKH IURQW VWHHULQJ FROXPQ FRYHU ZLWK WKH GLVSOD\ SDQHO
LQJ WKH 2ULQJ JDVNHW 7KH JDVNHW IRU WKH /(' LQGLFDWRUV DVVHPEO\ DWWDFKHG IRU DFFHVV WR WKH FRQQHFWRU $IWHU UH
FDQ VWLFN WR WKH /(' KRXVLQJ DV WKH WRS FRYHU LV UH PRYLQJ WKH VFUHZV WKDW IDVWHQ WKH IURQW FRYHU FDUHIXOO\
PRYHG 'R QRW ORVH RU GDPDJH WKH JDVNHW 'LVFRQQHFW GLVFRQQHFW WKH FRQQHFWRU ,W FDQ EH QHFHVVDU\ WR GLVFRQ
WKH WKUHH ZLUH FRQQHFWRU IRU WKH KRXUPHWHU QHFW WKH NH\ VZLWFK ZLUHV 6WHS  DQG WKH WZR ZLUH FRQ
QHFWRU IRU HQRXJK FOHDUDQFH WR GLVFRQQHFW WKH  SLQ
 ,I WKH KRXVLQJ RU ILOWHU IRU WKH LQGLFDWRUV ZLOO EH UH FRQQHFWRU 5HPRYH WKH WZR VFUHZV WKDW IDVWHQ WKH /('
SODFHG UHPRYH WKH VFUHZV WKDW IDVWHQ WKH /(' KRXVLQJ DVVHPEO\ WR WKH KRXVLQJ ,QVWDOO WKH UHSODFHPHQW /('
WR WKH FRYHU ,I WKH KRXUPHWHU RU KRXUPHWHU JDVNHW ZLOO DVVHPEO\ FDUHIXOO\ FRQQHFW DOO FRQQHFWRUV DQG ZLUHV
EH UHSODFHG UHPRYH WKH VFUHZV WKDW IDVWHQ LW WR WKH WRS ,QVWDOO WKH IURQW VWHHULQJ FROXPQ FRYHU ZLWK WKH GLVSOD\
FRYHU ,QVWDOO WKH UHSODFHPHQW SDUWV WR WKH WRS FRYHU SDQHO DVVHPEO\ DWWDFKHG ,QVWDOO WKH /(' JDVNHW RYHU WKH
0DNH VXUH WKDW WKH KRXUPHWHU LV LQVWDOOHG VR WKDW LW FDQ EH /(' LQGLFDWRUV
UHDG DIWHU WKH FRYHU LV LQVWDOOHG
 ,I QHFHVVDU\ LQVWDOO D QHZ 2ULQJ JDVNHW &DUHIXOO\
 5HPRYH WKH QXW WKDW IDVWHQV WKH NH\ VZLWFK 6HH LQVWDOO WKH 2ULQJ JDVNHW LQ WKH JURRYH RI WKH WRS FRYHU
),*85(  5HPRYH WKH NH\ VZLWFK IURP WKH KRXVLQJ &DUHIXOO\ LQVWDOO WKH WRS FRYHU DVVHPEO\ RYHU WKH /('
0DNH D QRWH RI ZKLFK ZLUHV DUH RQ ZKLFK WHUPLQDOV DQG LQGLFDWRUV DQG DVVHPEO\ KRXVLQJ ZLWKRXW GDPDJLQJ HL
GLVFRQQHFW WKH ZLUHV ,QVWDOO WKH ZLUHV RQ WKH VDPH WHUPL WKHU WKH /(' JDVNHW RU 2ULQJ JDVNHW 0DNH VXUH WKH 2
QDOV RI WKH UHSODFHPHQW VZLWFK ULQJ JDVNHW LV VWLOO FRUUHFWO\ DOLJQHG ZLWK WKH FRYHU DQG


KRXVLQJ EHIRUH LQVWDOOLQJ WKH VFUHZV ,QVWDOO WKH HLJKW DUH WKH 2ULQJ VHDO NH\ VZLWFK ZLUHV WR WKH NH\ VZLWFK
VFUHZV WKDW IDVWHQ WKH WRS FRYHU WR WKH SDQHO KRXVLQJ DQG DQG WKH KRXVLQJ WKDW IDVWHQV WR WKH VWHHULQJ FROXPQ $OO
WLJKWHQ WKHP LQ D FURVV SDWWHUQ RWKHU SDUWV RI WKH SDQHO PXVW EH UHSODFHG DV D VLQJOH XQLW
5HSODFH 3DUWV 2I 7KH 3HUIRUPDQFH 'LVSOD\ 6HH 5HSODFLQJ 'LVSOD\ 3DQHO $VVHPEO\ RI WKLV VHFWLRQ
3DQHO
127( 7KH RQO\ UHSODFHDEOH SDUWV RI WKH GLVSOD\ SDQHO



6

     



  




 3,1 &211(&725

 3,1 )81&7,21
 1R &RQQHFWLRQ
 %DWWHU\ 6KXQW
V
 1R &RQQHFWLRQ
 7UDFWLRQ &RQWURO 75;
 7UDFWLRQ &RQWURO 5&9
 3XPS &RQWURO 75;
 3XPS &RQWURO 5&9
 1R &RQQHFWLRQ
  %DWWHU\ 1HJDWLYH 
 1R &RQQHFWLRQ
 3DUNLQJ %UDNH 6ZLWFK
 V  %UDNH )OXLG 6ZLWFK
 6HDW 6ZLWFK 2XWSXW
 6HDW 6ZLWFK % ,QSXW
 6(0 ',63/$< 3$1(/  &211(&725 )25  .H\ 6ZLWFK ,*1
 ,167580(17 3$1(/ 3(5621$/ &20387(5  %DWWHU\ 3RVLWLYH 
 02817 %5$&.(7 &211(&7,21
 02817 187   3,1 &211(&725

),*85(  02817,1* 2) 7+( 6(0 ',63/$< 3$1(/


6(0 ',63/$< 3$1(/ 6HH ),*85(   ,QVWDOO WKH UHSODFHPHQW 6(0 'LVSOD\ 3DQHO LQ WKH LQ
VWUXPHQW SDQHO
7KH 6(0 'LVSOD\ 3DQHO LV IDVWHQHG LQ WKH LQVWUXPHQW  ,QVWDOO WKH PRXQW EUDFNHW DQG PRXQW QXWV 7LJKWHQ WKH
SDQHO 7KH 6(0 'LVSOD\ 3DQHO FDQQRW EH UHSDLUHG DQG QXWV WKDW IDVWHQ WKH 6(0 'LVSOD\ 3DQHO LQ WKH LQVWUXPHQW
PXVW EH UHSODFHG LI LW KDV D PDOIXQFWLRQ SDQHO DQG LQVWDOO WKH SOXJ FRQQHFWRU
:$51,1* 5(3/$&( 02725 &21752//(5 65 RU
%HIRUH UHSODFLQJ WKH 6(0 'LVSOD\ 3DQHOV IXOO\ ORZ 63 6HH ),*85(  DQG ),*85( 
HU DOO SDUWV RI WKH PDVW DQG WLOW LW IRUZDUG XQWLO WKH
WLSV RI WKH IRUNV WRXFK WKH JURXQG 7KLV DFWLRQ ZLOO 0DNH VXUH WKH EDWWHU\ LV GLVFRQQHFWHG DQG WKH FDSDFLWRU
SUHYHQW WKH PDVW IURP ORZHULQJ VXGGHQO\ LI WKH FRQ LV GLVFKDUJHG XVLQJ WKH KRUQ DV SUHYLRXVO\ GHVFULEHG
WURO OHYHU LV DFFLGHQWO\ PRYHG 5HSODFH WKH PRWRU FRQWUROOHU DV GHVFULEHG LQ WKH IROORZ
$OZD\V GLVFRQQHFW WKH EDWWHU\ UHPRYH WKH NH\ DQG LQJ SURFHGXUH
GLVFKDUJH WKH FDSDFLWRUV RI WKH PRWRU FRQWUROOHUV  0DNH DQ LGHQWLILFDWLRQ IRU FRUUHFW FRQQHFWLRQ RI WKH
EHIRUH UHSODFLQJ WKH 6(0 'LVSOD\ 3DQHOV 'LVFKDUJH SRZHU FDEOHV RQ WKH SRZHU WHUPLQDOV RI WKH PRWRU FRQ
WKH FDSDFLWRUV E\ KROGLQJ WKH KRUQ EXWWRQ GRZQ WUROOHU 'LVFRQQHFW WKH SRZHU FDEOHV DQG WKH FRQQHFWRU
XQWLO WKH KRUQ VWRSV PDNLQJ D VRXQG SOXJ IRU WKH FRQWURO ZLUHV
1HYHU KDYH DQ\ PHWDO RQ \RXU ILQJHUV DUPV RU QHFN  5HPRYH WKH HLJKW WUDFWLRQ RU VL[ SXPS PRXQWLQJ
7KHVH PHWDO LWHPV FDQ DFFLGHQWDOO\ PDNH DQ HOHFWUL VFUHZV WKDW IDVWHQ WKH SODWH RI WKH PRWRU FRQWUROOHU WR WKH
FDO FRQQHFWLRQ DQG FDXVH DQ LQMXU\ OLIW WUXFN IUDPH &DUHIXOO\ UHPRYH WKH PRWRU FRQWUROOHU

&$87,21 &$87,21
$ VKRUWFLUFXLW DQG GDPDJH FDQ RFFXU LI ZLUHV DUH 'R QRW UHPRYH WKH VPDOO VFUHZV WKDW IDVWHQ WKH FRYHU
QRW LQVWDOOHG FRUUHFWO\ 0DNH VXUH ZLUH FRQQHFWRUV GR RI WKH PRWRU FRQWUROOHU
QRW WRXFK WKH RWKHU PHWHU WHUPLQDOV RU ZLUH FRQQHF 0DNH VXUH WKHUH LV QR GLUW EHWZHHQ WKH SODWH RI WKH
WRUV PHWDO EUDFNHWV RU WKH EUDFNHW PRXQWLQJ QXWV PRWRU FRQWUROOHU DQG WKH PRXQW VXUIDFH RI WKH OLIW
0DNH VXUH WKH ZLUHV DUH QRW SXOOHG WLJKW DQG DUH QRW WUXFN IUDPH
WRXFKLQJ RWKHU SDUWV WR GDPDJH WKH LQVXODWLRQ
 3XW D WKLQ HYHQ FRDW RI WKH VLOLFRQH FRPSRXQG +\VWHU
3DUW 1R  RU HTXLYDOHQW RQ WKH SODWH RI WKH PR
5HPRYDO $QG 5HSODFHPHQW WRU FRQWUROOHU 0DNH VXUH WKHUH DUH QR DLU VSDFHV EHWZHHQ
WKH SODWH DQG PRXQW VXUIDFH RI WKH OLIW WUXFN IUDPH 7KH
7KH 6(0 'LVSOD\ 3DQHO LV LQ WKH LQVWUXPHQW SDQHO
SODWH RI WKH PRWRU FRQWUROOHU PXVW PDNH IXOO FRQWDFW ZLWK
GDVK 7KH 6(0 'LVSOD\ 3DQHO FDQQRW EH UHSDLUHG DQG
WKH OLIW WUXFN IUDPH ,QVWDOO WKH PRXQW VFUHZV WKDW IDVWHQ
PXVW EH UHSODFHG LI LW KDV D PDOIXQFWLRQ 7KHVH 6(0
WKH PRWRU FRQWUROOHU WR WKH OLIW WUXFN IUDPH
'LVSOD\ 3DQHOV PXVW EH UHSODFHG DV D XQLW
 ,QVWDOO WKH SRZHU FDEOHV DW WKH SRZHU WHUPLQDOV RI WKH
 'LVFRQQHFW WKH EDWWHU\ FRQQHFWRU 0DNH VXUH WKH FD PRWRU FRQWUROOHU DV LGHQWLILHG GXULQJ UHPRYDO ,QVWDOO WKH
SDFLWRUV RI WKH PRWRU FRQWUROOHUV DUH GLVFKDUJHG DV GH FRQQHFWRU SOXJ IRU WKH FRQWURO ZLUHV RQ WKH FRQQHFWRU RI
VFULEHG LQ WKH ZDUQLQJ WKH PRWRU FRQWUROOHU 0$.( 685( 7+( 3/8* &29
(5 ,6 ,167$//(' 21 7+( 60$// &211(&725
 'LVFRQQHFW WKH SOXJ FRQQHFWRU RQ WKH EDFN RI WKH
2) 7+( 02725 &21752//(5
6(0 'LVSOD\ 3DQHO $FFHVV LV XQGHU WKH LQVWUXPHQW SDQ
HO 27+(5 &21752/ &20321(176
 5HPRYH WKH WZR QXWV WKDW IDVWHQ WKH 6(0 'LVSOD\
6WDUW 6ZLWFK 6HH ),*85( 
3DQHO DQG PRXQW EUDFNHW 5HPRYH WKH QXWV DQG EUDFNHW
/LIW WKH 6(0 'LVSOD\ 3DQHO XS RXW RI WKH LQVWUXPHQW 7KH VWDUW VZLWFK LV D VPDOO VZLWFK IDVWHQHG WR WKH PRXQW
SDQHO SODWH IRU WKH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO 7KLV


VZLWFK LV LQ WKH QRUPDOO\ RSHQ SRVLWLRQ ZKHQ WKH SHGDO LV
LQ WKH 83 SRVLWLRQ 7KH VZLWFK RSHUDWHV DV VRRQ DV WKH  %5$.( 3('$/ 
SHGDO VWDUWV WR PRYH IRU DQ LQSXW WR WKH FRQWURO FDUG WR  %5$.( /,*+7
HQHUJL]H WKH WUDFWLRQ PRWRU 5HSODFH WKH VWDUW VZLWFK DV 6:,7&+
 6:,7&+ $&78$
IROORZV 725
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\ 
<(/5('
%51385
 5HPRYH WKH IORRU SODWHV 7KH VWDUW VZLWFK LV XQGHU WKH
DFFHOHUDWRU RU 0RQRWURO SHGDO 6HH ),*85(  

 ,QVWDOO WDJV RQ WKH ZLUHV RI WKH VWDUW VZLWFK IRU FRUUHFW

FRQQHFWLRQ GXULQJ LQVWDOODWLRQ 5HPRYH WKH ZLUHV DQG 
WKH PRXQW VFUHZV IRU WKH VWDUW VZLWFK 

 ,QVWDOO WKH UHSODFHPHQW VWDUW VZLWFK LQ WKH VDPH SRVL

WLRQ 'R QRW EHQG RU GDPDJH WKH OHDI RI WKH VZLWFK GXULQJ
LQVWDOODWLRQ &RQQHFW WKH ZLUHV DV UHPRYHG GXULQJ UH
PRYDO


 $GMXVW WKH VWDUW VZLWFK DV GHVFULEHG LQ &+(&.6 $1'

127( (;0;0 DQG 1;0+;0+
$'-8670(176 ,QVWDOO WKH IORRU SODWHV PRGHOV VKRZQ -;0;0 DQG (;0
;0 (;06;06 PRGHOV VLPLODU


),*85(  %5$.( /,*+7 6:,7&+
 
%UDNH /LJKW 6ZLWFK 6HH ),*85( 
 7KH EUDNH OLJKW VZLWFK LV IDVWHQHG WR WKH PRXQW SODWH IRU
WKH EUDNH SHGDO DVVHPEO\ 7KLV VZLWFK LV QRUPDOO\ RSHQ
7KH EUDNH OLJKW VZLWFK LV RSHUDWHG E\ WKH EUDNH SHGDO WR
HQHUJL]H WKH EUDNH OLJKWV RQ WKH UHDU OHJV RI WKH RYHUKHDG
 JXDUG 7KHVH OLJKWV DUH VWDQGDUG RQ 86 XQLWV DQG RS
WLRQDO RQ (XURSHDQ XQLWV 5HSODFH WKH EUDNH OLJKW VZLWFK
 DV IROORZV
5('3,1.
  'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
%/8/7
  5HPRYH WKH IORRUSODWHV 7KH EUDNH OLJKW VZLWFK LV EH
WZHHQ WKH SHGDO DUP DQG WKH PRXQW IRU WKH EUDNH SHGDO
6HH ),*85( 

:+7
 ,QVWDOO WDJV RQ WKH ZLUHV RI WKH EUDNH OLJKW VZLWFK IRU
 5('<(/
 5('3,1.
*51 FRUUHFW FRQQHFWLRQ GXULQJ LQVWDOODWLRQ 5HPRYH WKH
:+7 25
:+7%/. ZLUHV DQG WKH PRXQW VFUHZV IRU WKH VZLWFK
 0212752/ 3('$/ 25 $&&(/(5$725  ,QVWDOO WKH UHSODFHPHQW VZLWFK LQ WKH VDPH SRVLWLRQ
3('$/ 'R QRW EHQG RU GDPDJH WKH DFWXDWRU DUP DQG UROOHU RI WKH
 72 $&&(/(5$725 326,7,21 6(1625
 67$57 6:,7&+ VZLWFK GXULQJ LQVWDOODWLRQ &RQQHFW WKH ZLUHV DV UH
 72 ',5(&7,21 &21752/ /(9(5 ,) PRYHG GXULQJ UHPRYDO
,167$//('
 $&78$725 2) 67$57 6:,7&+  
 $GMXVW WKH EUDNH OLJKW VZLWFK DV GHVFULEHG LQ
&+(&.6 $1' $'-8670(176 ,QVWDOO WKH IORRU
),*85(  67$57 6:,7&+
SODWHV


 
  PP
 LQ






6($7 &$1 %(
 ',))(5(17 7+$1
6+2:1

 6($7 3$1
 6($7 6:,7&+
 :,5( &211(&725

),*85(  6($7 6:,7&+ 5(3/$&(0(17



 6($7
6HDW 6ZLWFK  3/$7(
 6:,7&+ %$55(/
127( ,I WKH OLIW WUXFN KDV D VHDW EUDNH WKHUH LV QR VHDW  -$0 1876
VZLWFK 7KHUH LV D VZLWFK RQ WKH VHDW EUDNH OLQNDJH WKDW  6:,7&+
PXVW EH DGMXVWHG E\ PRYLQJ LW LQ VORWV RI WKH PRXQW ),*85(  (;7(51$/ 6($7 6:,7&+
EUDFNHW 7R UHSODFH WKLV VZLWFK VHH 6ZLWFK )RU 2SWLRQDO $'-8670(17 )25 /,)7 758&.6 :,7+ $
6HDW %UDNH 6($7 %5$.(

7KH VHDW VZLWFK KDV QR DGMXVWPHQWV 7KH VHDW VZLWFK LV

LQVLGH WKH FXVKLRQ RI WKH RSHUDWRU VHDW DQG PXVW EH UH
SODFHG LI LW LV GDPDJHG 7KH VZLWFK LV QRUPDOO\ RSHQ 5H  8VH D IODW EODGH VFUHZGULYHU RU RWKHU WRRO ZLWK D IODW
SODFH WKH VHDW VZLWFK DV IROORZV EODGH WR FDUHIXOO\ OLIW WKH VZLWFK IUHH RI WKH VHDW SDQ
6OLGH WKH VZLWFK RXW RI WKH VHDW FXVKLRQ
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
 &DUHIXOO\ VOLGH WKH UHSODFHPHQW VZLWFK LQWR WKH FDYLW\
 2SHQ WKH KRRG 'LVFRQQHFW WKH FRQQHFWRU IRU WKH VHDW RI WKH VHDW FXVKLRQ XQWLO WKH HQG RI WKH VZLWFK ZLWK WKH
VZLWFK ZLUHV QHDU WKH UHDU RI WKH KRRG IUDPH 3XVK WKH ZLUHV LV DOLJQHG RYHU WKH KROH LQ WKH SDQ 3XVK RQ WKH
FRQQHFWRU WKURXJK WKH JURPPHW LQ WKH KRRG ,W FDQ EH VZLWFK XQWLO WKH FOLSV RI WKH VZLWFK DUH IDVWHQHG WR WKH
QHFHVVDU\ WR UHPRYH WKH JURPPHW IURP WKH KROH LQ WKH VHDW
KRRG IRU HQRXJK FOHDUDQFH WR JHW WKH FRQQHFWRU WKURXJK
WKH JURPPHW  &DUHIXOO\ LQVWDOO WKH JURPPHW RYHU WKH ZLUH FRQQHF
WRU ,QVWDOO WKH VHDW RQ WKH KRRG DQG WLJKWHQ WKH QXWV
 5HPRYH WKH VFUHZV WKDW IDVWHQ WKH VHDW WR WKH KRRG DQG ,QVWDOO WKH JURPPHW LQ WKH KROH RI WKH KRRG FRQQHFW WKH
KRRG IUDPH &ORVH DQG ODWFK WKH KRRG DQG SXW WKH VHDW RQ ZLUH FRQQHFWRU DQG SXVK WKH FRQQHFWRU EDFN LQVLGH WKH
LW·V VLGH IRU DFFHVV WR WKH VHDW VZLWFK KRRG IUDPH


$GMXVW 7KH ([WHUQDO 6HDW 6ZLWFK  0DNH D QRWH RI ZKLFK ZLUHV DUH FRQQHFWHG WR ZKLFK
6HH ),*85(  WHUPLQDOV IRU FRUUHFW FRQQHFWLRQ GXULQJ LQVWDOODWLRQ 5H
PRYH WKH ZLUHV DQG LQVWDOO WKHP RQ WKH UHSODFHPHQW
 7KH VWDQGDUG VHDW VZLWFK KDV QR DGMXVWPHQWV ,W FDQ EH
VZLWFK
FKHFNHG ZLWK DQ RKPPHWHU 7KH FRUUHFW UHVLVWDQFH LV OHVV
WKDQ  RKPV ZKHQ WKH VHDW VZLWFK LV FORVHG  ,QVWDOO WKH VZLWFK XVLQJ WKH VDPH VFUHZV DQG QXWV

 /LIW WUXFNV HTXLSSHG ZLWK DQ RSWLRQDO VHDW EUDNH KDYH  $GMXVW WKH VZLWFK DV GHVFULEHG LQ &+(&.6 $1'
D VHDW VZLWFK LQVWDOOHG DV VKRZQ LQ ),*85(  7KLV $'-8670(176 ,QVWDOO WKH FRYHU RYHU WKH OLQNDJH
VHDW VZLWFK KDV D KLJKHU FXUUHQW UDWLQJ WKDQ WKH VWDQGDUG
VHDW VZLWFK

$GMXVW WKH MDP QXWV  WR PRYH WKH VZLWFK DGMXVW WKH

VZLWFK VR WKDW WKHUH LV  PP  LQ FOHDUDQFH EH 
WZHHQ WKH VZLWFK EDUUHO DQG WKH SODWH  DV VKRZQ LQ 
),*85( 




 (;0;0

(;06;60
21/<




 /,1.$*( /(9(5
 %$77(5< &203$570(17
(;0;0 )5217 3/$7(
DQG 1;0+  6:,7&+
;0+ 21/<  $&78$725 2) 6:,7&+
5

),*85(  6($7 %5$.( $66(0%/<



 /,1.$*( /(9(5 3DUNLQJ %UDNH 6ZLWFK 6HH ),*85( 

 %$77(5< &203$570(17
)5217 3/$7( 7KH SDUNLQJ EUDNH VZLWFK LV IDVWHQHG QHDU WKH OLQNDJH IRU
 6:,7&+ DSSO\LQJ WKH SDUNLQJ EUDNH 7KLV VZLWFK RSHUDWHV WKH LQ
 $&78$725 2) 6:,7&+
GLFDWRU LQ WKH GLVSOD\ SDQHO DQG WKH DODUP WKURXJK WKH
),*85(  6($7 %5$.( $66(0%/< FRQWURO FDUG IRU WKH GLVSOD\ SDQHO
7KH SDUN EUDNH DODUP ZLOO RSHUDWH IRU  VHFRQGV ZKHQ
6ZLWFK )RU 2SWLRQDO 6HDW %UDNH WKH RSHUDWRU JHWV RII WKH VHDW RU WKH NH\ LV PRYHG WR WKH
6HH ),*85(  RU ),*85(  2)) SRVLWLRQ LI WKH SDUN EUDNH LV QRW DSSOLHG 7KH DODUP
7KLV VZLWFK KDV WKH VDPH IXQFWLRQ DV WKH VHDW VZLWFK DQG LV RSHUDWHG E\ WKH GLVSOD\ SDQHO IURP WKH VZLWFK VLJQDO
LV ORFDWHG QHDU WKH ERWWRP RI WKH OLQNDJH WKDW RSHUDWHV WKH DQG LV ORFDWHG ZLWKLQ WKH GLVSOD\ SDQHO KRXVLQJ 7KH
VHDW EUDNH 6HH ),*85(  RU ),*85(  5HSODFH DODUP ZLOO QRW RSHUDWH LI WKH SDUNLQJ EUDNH VZLWFK LV
WKLV VZLWFK DV IROORZV GDPDJHG RU QRW DGMXVWHG FRUUHFWO\ $Q DODUP WKDW GRHV
QRW RSHUDWH FDQQRW EH UHSDLUHG DQG PXVW EH UHSODFHG DV
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\ SDUW RI WKH GLVSOD\ SDQHO 6HH 'LVSOD\ 3DQHO $VVHPEO\
5HSODFH WKH SDUNLQJ EUDNH VZLWFK DV IROORZV
 5HPRYH WKH FRYHU RYHU WKH OLQNDJH XQGHU WKH VHDW 5H
PRYH WKH PRXQW VFUHZV IRU WKH VZLWFK  'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\


  ,QVWDOO WKH UHSODFHPHQW VZLWFK XVLQJ WKH VDPH VFUHZV
 QXWV RU ZDVKHUV 'R QRW GDPDJH WKH OHDI RI WKH VZLWFK
GXULQJ LQVWDOODWLRQ 7LJKWHQ WKH VFUHZV DQG QXWV



 
 



 


 WR
 PP
 WR
 LQ






127( (;0;0 DQG 1;0+;0+

PRGHOV VKRZQ -;0;0 VZLWFK  5

PRXQWLQJ LV VLPLODU
 5(/($6( .12%
 5(/($6( .12% (;0;0  3('$/ :(/'0(17
 3('$/ (;06;06  6:,7&+ $&78$725
 $&78$725 2) 6:,7&+ 21/<  /,1.$*(
 /,1.$*(  6:,7&+
 6:,7&+
 $'-8670(17 .12% ),*85(  3$5.,1* %5$.( $66(0%/<
 $&78$725 0(&+$1,60
 &KHFN IRU FRUUHFW RSHUDWLRQ DQG LI QHFHVVDU\ DGMXVW
),*85(  3$5.,1* %5$.( $66(0%/< WKH VZLWFK DV GHVFULEHG LQ &+(&.6 $1' $'-867
0(176 ,QVWDOO WKH IORRU SODWHV $SSO\ WKH SDUNLQJ
EUDNH DQG UHPRYH WKH ZKHHO EORFNV
'LUHFWLRQ 6ZLWFKHV 0RQRWURO 3HGDO
 ,QVWDOO EORFNV RQ HDFK VLGH RI D VWHHU ZKHHO WR SUHYHQW 6HH ),*85( 
PRYHPHQW RI WKH OLIW WUXFN 5HOHDVH WKH SDUNLQJ EUDNH
7KHUH LV D VPDOO GLUHFWLRQ VZLWFK XQGHU HDFK SDG RI WKH
 5HPRYH WKH IORRU SODWH XQGHU WKH SDUNLQJ EUDNH SHGDO 0RQRWURO SHGDO 6HH ),*85(  (DFK VZLWFK FRQWUROV
5HPRYH WKH VFUHZV DQG QXWV WKDW IDVWHQ WKH VZLWFK WR WKH RQH GLUHFWLRQ ,I ERWK VLGHV RI WKH 0RQRWURO SHGDO DUH
EUDFNHW 'R QRW ORVH WKH VFUHZV QXWV RU ZDVKHUV SXVKHG DW WKH VDPH WLPH WKH GLUHFWLRQ FLUFXLW LV GHHQHU
JL]HG DQG WKH OLIW WUXFN ZLOO QRW PRYH 7KH FRQWDFWV RI WKH
 7XUQ WKH VZLWFK VR WKDW \RX FDQ VHH WKH WHUPLQDOV WZR GLUHFWLRQ VZLWFKHV DUH LQ D VHULHV DQG SDUDOOHO DU
0DNH D QRWH RI WKH ZLUHV IDVWHQHG WR WKH VZLWFK WHUPLQDOV UDQJHPHQW VR WKDW ERWK GLUHFWLRQ FRQWDFWRUV FDQ QRW EH
IRU FRUUHFW FRQQHFWLRQ GXULQJ LQVWDOODWLRQ 5HPRYH WKH HQHUJL]HG DW WKH VDPH WLPH
ZLUHV IURP WKH VZLWFK WHUPLQDOV &RQQHFW WKH ZLUHV WR 127( 7KH GLUHFWLRQ VZLWFKHV XVHG LQ WKH 0RQRWURO
WKH UHSODFHPHQW VZLWFK DV GLVFRQQHFWHG GXULQJ UHPRYDO SHGDO DUH PDGH IRU +\VWHU &RPSDQ\ ZLWK D VSHFLDO FRQ


WDFW FOHDUDQFH DQG PDWHULDOV 2WKHU VZLWFKHV ORRN WKH  %HIRUH LQVWDOOLQJ WKH SHGDO SDG DGMXVW WKH GLUHFWLRQ
VDPH DQG ZLOO ILW LQ WKH VDPH VSDFH LQ WKH 0RQRWURO VZLWFKHV DV GHVFULEHG LQ &+(&.6 $1' $'-867
SHGDO 7KHVH RWKHU VZLWFKHV ZLOO QRW RSHUDWH WKH VDPH 0(176 ,QVWDOO WKH SHGDO SDG RQ WKH SHGDO DIWHU DGMXVW
DQG ZLOO RIWHQ QRW JLYH JRRG VHUYLFH 7KH VZLWFKHV PXVW PHQWV DUH FRPSOHWH
EH UHSODFHG DV DQ DVVHPEO\ WKDW LQFOXGHV WZR VZLWFKHV
DQG WKH ZLUH FDEOH ZLWK FRQQHFWRUV 8VH RQO\ UHSODFH  ,I UHPRYHG LQVWDOO WKH SLYRW FDSVFUHZ DQG ZDVKHU LQ
PHQW VZLWFKHV LQ WKH DVVHPEO\ ZLWK WKH +\VWHU SDUW QXP WKH SHGDO FDVWLQJ &DUHIXOO\ LQVWDOO WKH SHGDO DVVHPEO\
EHU 5HSODFH WKH GLUHFWLRQ VZLWFK DVVHPEO\ DV IROORZV RQ WKH WUXFN ZKLOH DOLJQLQJ WKH SLQ LQ WKH VORW RI WKH DUP
RI WKH DFFHOHUDWRU SRVLWLRQ VHQVRU
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
 0DNH VXUH WKH SHGDO LV GRZQ ORZ HQRXJK VR WKDW WKH
 5HPRYH WKH IORRU SODWHV 0DNH D QRWH RI WKH ORFDWLRQ OHDI RI WKH VWDUW VZLWFK LV QRW GDPDJHG ,QVWDOO WKH ORFN
RI WKH ZLUH IRU FRUUHFW FRQQHFWLRQ GXULQJ LQVWDOODWLRQ ZDVKHU DQG QXW RQ WKH SLYRW FDSVFUHZ
'LVFRQQHFW WKH ZLUHV IRU WKH 0RQRWURO SHGDO 'LVFRQ
QHFW DQG UHPRYH WKH UHWXUQ VSULQJ IRU WKH SHGDO  ,QVWDOO WKH UHWXUQ VSULQJ DQG FRQQHFW WKH ZLUHV DV GLV
FRQQHFWHG ,QVWDOO WKH IORRU SODWHV
 5HPRYH WKH QXW DQG ZDVKHU IURP WKH SLYRW FDSVFUHZ
RI WKH SHGDO &DUHIXOO\ PRYH WKH SHGDO DVVHPEO\ WR WKH
ULJKW WR GLVHQJDJH WKH DUP RI WKH DFFHOHUDWRU SRVLWLRQ 'LUHFWLRQ &RQWURO 6ZLWFKHV
6WHHULQJ &ROXPQ 6HH ),*85( 
VHQVRU 7KLV PRYHPHQW PXVW DOVR PDNH FOHDUDQFH EH
WZHHQ WKH SHGDO DVVHPEO\ DQG WKH OHDI RI WKH VWDUW VZLWFK
7KH GLUHFWLRQ FRQWURO VZLWFKHV VHQG D VLJQDO WR WKH WUDF
5HPRYH WKH SHGDO DVVHPEO\
WLRQ FRQWURO FDUG WR FORVH WKH )RUZDUG RU 5HYHUVH FRQ
 7XUQ WKH SHGDO DVVHPEO\ XSVLGH GRZQ DQG UHPRYH WKH WDFWRUV 7KLV GLUHFWLRQ FRQWURO KDV D SDLU RI VPDOO
SHGDO SDG VZLWFKHV LQ WKH VWHHULQJ FROXPQ 6HH ),*85(  (DFK
SRVLWLRQ RI WKH WZR VZLWFKHV FRQWUROV RQH GLUHFWLRQ %RWK
 5HPRYH WKH QXWV WKDW IDVWHQ WKH VZLWFKHV 5HPRYH WKH VZLWFKHV PXVW IXQFWLRQ FRUUHFWO\ EHFDXVH ERWK VZLWFKHV
VFUHZV DQG VSHFLDO ZDVKHUV WKDW IDVWHQ WKH ZLUHV WR WKH DUH XVHG WR FORVH WKH FLUFXLW $ EDG VZLWFK PXVW EH UH
SHGDO &XW WKH FDEOH WLHV WKDW IDVWHQ WKH FDEOH ZLUHV WR WKH SODFHG 5HSODFH WKH VZLWFKHV DV IROORZV
SHGDO FDVWLQJ 5HPRYH WKH VZLWFK DVVHPEO\ IURP WKH
SHGDO 127( 7KH GLUHFWLRQ VZLWFKHV XVHG LQ WKH GLUHFWLRQ
FRQWURO DUH PDGH IRU +\VWHU &RPSDQ\ ZLWK D VSHFLDO
 ,QVWDOO WKH UHSODFHPHQW VZLWFK DVVHPEO\ RQ WKH SHGDO FRQWDFW FOHDUDQFH DQG PDWHULDOV 2WKHU VZLWFKHV ORRN WKH
0DNH VXUH WKDW WKH )RUZDUG VZLWFK ZLWK ZLUH  OLJKW VDPH DQG ZLOO ILW LQ WKH VDPH VSDFH LQ WKH 0RQRWURO
EOXH LV RQ WKH ULJKW RI WKH EDFN VLGH RI WKH SHGDO 7KH 5H SHGDO 7KHVH RWKHU VZLWFKHV ZLOO QRW RSHUDWH WKH VDPH
YHUVH VZLWFK ZLWK ZLUH  ZKLWH LV RQ WKH OHIW RI WKH EDFN DQG ZLOO RIWHQ QRW JLYH JRRG VHUYLFH 7KH VZLWFKHV PXVW
VLGH RI WKH SHGDO EH UHSODFHG DV DQ DVVHPEO\ WKDW LQFOXGHV WZR VZLWFKHV
DQG WKH ZLUH FDEOH ZLWK FRQQHFWRUV 8VH RQO\ UHSODFH
 7HPSRUDULO\ LQVWDOO WKH QXWV WKDW IDVWHQ WKH VZLWFKHV PHQW VZLWFKHV LQ WKH DVVHPEO\ ZLWK WKH +\VWHU SDUW QXP
EXW GR QRW WLJKWHQ WKH QXWV EHU

 $OLJQ WKH ZLUHV DV VKRZQ LQ ),*85(  3XW /RF

WLWHÇ  RQ WKH VFUHZV IRU WKH VSHFLDO ZDVKHUV WKDW IDV 5HSODFH WKH GLUHFWLRQ VZLWFK DVVHPEO\ DV IROORZV
WHQ WKH ZLUHV ,QVWDOO WKH VFUHZV DQG ZDVKHUV DQG WLJKWHQ
WKH VFUHZV WR  WR  1P  WR  OEI LQ  'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\

 ,QVWDOO FDEOH WLHV DV UHPRYHG GXULQJ UHPRYDO 0DNH  0RYH WKH VWHHULQJ FROXPQ WR WKH IRUZDUG SRVLWLRQ DQG
VXUH WKH WLH ORFN RI WKH FDEOH WLH LV FRPSOHWHO\ LQVLGH WKH UHPRYH WKH UHDU FRYHU RI WKH VWHHULQJ FROXPQ IRU DFFHVV
´8µ FKDQQHO RI WKH FDVWLQJ WR WKH VZLWFKHV


 
 

 




  



 )25:$5' $1'
5(9(56( /(9(5
 ,1',&$725
 5(9(56( 6:,7&+
 )25:$5' 6:,7&+
 02817 %5$&.(7
 6+877/(
),*85(  ',5(&7,21 &21752/ /(9(5  ',5(&7,21 &21752/ /(9(5
$1' 6:,7&+(6  6:,7&+ %5$&.(7
 5(9(56( 6:,7&+
 635,1*
 )25:$5' 6:,7&+
 02817 %5$&.(7

),*85(  ',5(&7,21 &21752/ /(9(5

 0DNH D QRWH RI WKH ORFDWLRQ RI WKH ZLUHV IRU FRUUHFW $1' 6:,7&+(6
FRQQHFWLRQ GXULQJ LQVWDOODWLRQ DQG GLVFRQQHFW WKH WKUHH
ZLUHV IURP WKH VZLWFK 5HSODFH WKH VZLWFK DQG FRQQHFW
%UDNH )OXLG 6ZLWFK
WKH ZLUHV WR WKH UHSODFHPHQW VZLWFK
7KLV VZLWFK LV D PDJQHWLF VZLWFK RQ WKH UHVHUYRLU RI WKH
 7KHUH LV QR DGMXVWPHQW IRU WKHVH VZLWFKHV ,QVWDOO WKH PDVWHU F\OLQGHU IRU WKH VHUYLFH EUDNHV ,W VHQGV D VLJQDO
FRYHU IRU WKH VWHHULQJ FROXPQ WR WKH FRQWURO FDUG RI WKH GLVSOD\ SDQHO WR LOOXPLQDWH WKH
LQGLFDWRU IRU ORZ IOXLG OHYHO 7KH VZLWFK LV SDUW RI WKH UHV
HUYRLU 7R UHSODFH WKH UHVHUYRLU VHH 7+( %5$.( 6<6
'LUHFWLRQ &RQWURO 6ZLWFKHV (;/ 7(0 IRU \RXU XQLW
6WHHULQJ &ROXPQ 6HH ),*85( 
%UXVK :HDU $QG 2YHU 7HPSHUDWXUH 6HQVRUV
7KH GLUHFWLRQ FRQWURO VZLWFKHV VHQG EDWWHU\ YROWDJH WR 7KH %UXVK :HDU ,QGLFDWRUV LOOXPLQDWH ZKHQ WKH PRWRU
FORVH WKH )RUZDUG RU 5HYHUVH FRQWDFWRUV 7KLV FRQWURO EUXVKHV PXVW EH UHSODFHG 7KH VHQVRU ZLUHV IRU WKH EUXVK
KDV D SDLU RI PLFURVZLWFKHV LQ WKH VWHHULQJ FROXPQ 6HH ZHDU LQGLFDWRUV DUH DQ LQVHUW LQ WKH EUXVK PDWHULDO ZKHQ
),*85(  (DFK PLFURVZLWFK FRQWUROV RQH GLUHFWLRQ LW LV PDGH 7KH VHQVRU ZLUHV DUH LQVXODWHG IURP WKH EUXVK
5HPRYH WKH FRYHU RI WKH VWHHULQJ FROXPQ VR WKDW \RX FDQ PDWHULDO :KHQ WKH EUXVK ZHDUV ZLWKLQ DSSUR[LPDWHO\
GLVFRQQHFW WKH WKUHH ZLUHV IURP WKH VZLWFK 5HSODFH WKH  PP  LQ RI WKH EUXVK OHDG WKH LQVXODWLRQ EH
VZLWFK DQG UHFRQQHFW WKH ZLUHV $GMXVW WKH VZLWFK LQ LWV WZHHQ WKH VHQVRU ZLUH DQG WKH EUXVK PDWHULDO LV GH
PRXQW EUDFNHW VR WKDW WKH VZLWFK RSHQV DQG FORVHV FRU VWUR\HG 7KH FRQQHFWLRQ EHWZHHQ WKH EUXVK DQG WKH VHQ
UHFWO\ ZKHQ WKDW GLUHFWLRQ LV VHOHFWHG ,QVWDOO WKH FRYHU VRU ZLUH FDXVHV WKH ZDUQLQJ LQGLFDWRU WR LOOXPLQDWH LI WKH
IRU WKH VWHHULQJ FROXPQ FLUFXLW LV RSHUDWLQJ FRUUHFWO\ 0RWRU LQGLFDWRUV RQ WKH


GLVSOD\ SDQHO ZLOO DOVR LOOXPLQDWH WR VKRZ ZKLFK PRWRU RU WKH EUDFNHW PRXQWLQJ QXWV 0DNH VXUH WKHUH LV QR
KDV ZRUQ EUXVKHV WHQVLRQ RU ELQGLQJ RQ WKH ZLUHV RU FRQQHFWRUV

7KH 2YHU 7HPSHUDWXUH 6HQVRUV DUH WKHUPDO VZLWFKHV

7KHVH VZLWFKHV DUH LQ WKH WUDFWLRQ DQG OLIW SXPS PRWRUV
7KH\ VHQG D VLJQDO WR WKH FRQWURO FDUG RI WKH 3HUIRU
PDQFH GLVSOD\ SDQHO WR LOOXPLQDWH WKH FRUUHFW LQGLFDWRUV 
WR WHOO WKH RSHUDWRU WKDW WKH PRWRU LV WRR KRW 7KH 2YHU 

7HPSHUDWXUH ZDUQLQJ LQGLFDWRU ZLOO LOOXPLQDWH LI WKH FLU
FXLW LV RSHUDWLQJ FRUUHFWO\ 0RWRU LQGLFDWRUV RQ WKH GLV
SOD\ SDQHO ZLOO DOVR LOOXPLQDWH WR VKRZ ZKLFK PRWRU LV
WRR KRW 7KH FRQWURO FDUG RI WKH 3HUIRUPDQFH GLVSOD\
SDQHO VHQGV D VLJQDO WR WKH WUDFWLRQ FRQWURO FDUG IRU D
VORZHU WUDYHO VSHHG LI HLWKHU PRWRU LV WRR KRW 

 6:,7&+ $66(0%/<
5RFNHU 6ZLWFKHV )RU /LJKWV  /(16 $1' )81&
6HH ),*85(   7,21 6<0%2/ 127
 21 $// 6:,7&+(6
7KHVH VZLWFKHV DUH 212)) VZLWFKHV WKDW FRQWURO WKH  ,167580(17 3$1(/
 5(7$,1(5 &/,3
RSWLRQDO IURQW UHDU DQG RSHUDWRU FRPSDUWPHQW OLJKWV  6:,7&+ /,*+7
5RFNHU VZLWFKHV IRU WKH RSWLRQDO OLJKWV DUH PRXQWHG WR 27+(5 7(50,1$/6
WKH LQVWUXPHQW SDQHO WR WKH ULJKW RI WKH VWHHULQJ FROXPQ  32:(5 7(50,1$/6
5HPRYH WKH FRYHU XQGHU WKH LQVWUXPHQW SDQHO IRU DFFHVV   

WR WKH XQGHU VLGH RI WKH LQVWUXPHQW SDQHO RU VZLWFK

),*85(  52&.(5 6:,7&+
PRXQWLQJ VXUIDFH 5HSODFH D VZLWFK DV GHVFULEHG LQ WKH
IROORZLQJ SDUDJUDSKV
 ,QVWDOO WKH FRYHU XQGHU WKH LQVWUXPHQW SDQHO
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
$FFHOHUDWRU 3RVLWLRQ 6HQVRU
 3XW WDJV RQ WKH VZLWFK ZLUHV RU ZLUH KDUQHVV IRU FRU 6HH ),*85( 
UHFW LGHQWLILFDWLRQ GXULQJ LQVWDOODWLRQ 5HPRYH WKH ZLUHV
7KH DFFHOHUDWRU SRVLWLRQ VHQVRU LV D YROWDJH GLYLGHU WKDW
IURP WKH VZLWFK WHUPLQDOV
VHQGV D VLJQDO WR WKH FRQWURO FDUG 7KH DFFHOHUDWRU SRVL
WLRQ VHQVRU KDV D OLQN WR WKH 0RQRWURO SHGDO RU DFFHOHUD
 8VH D IODW EODGH VFUHZ GULYHU RU RWKHU VLPLODU WRRO DQG
WRU SHGDO $V WKH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO
SUHVV LQ RQ WKH UHWDLQHU FOLSV DW HDFK VLGH RI WKH VZLWFK
SRVLWLRQ FKDQJHV WKH VLJQDO FKDQJHV WR FKDQJH WKH
5HPRYH WKH VZLWFK IURP WKH IDFH RI WKH LQVWUXPHQW SDQHO
VSHHG 7KH DFFHOHUDWRU SRVLWLRQ VHQVRU DQG VWDUW VZLWFK
RU VZLWFK PRXQWLQJ VXUIDFH ZKLOH KROGLQJ WKH UHWDLQHU
PXVW EH DGMXVWHG DV VKRZQ LQ ),*85( 
FOLSV LQ WKH ´UHOHDVHGµ SRVLWLRQ
127( ,I \RX PXVW UHSODFH DQ DFFHOHUDWRU SRVLWLRQ VHQ
 5HPRYH WKH VZLWFK DQG LQVWDOO WKH UHSODFHPHQW VZLWFK VRU PDNH VXUH WKDW \RX XVH WKH FRUUHFW SDUW QXPEHU
LQ WKH SDQHO 0DNH VXUH WKH VZLWFK LV LQ WKH FRUUHFW SRVL 0DQ\ SRWHQWLRPHWHUV ORRN WKH VDPH DQG ZLOO ILW LQ WKH
WLRQ IRU UHDGLQJ E\ WKH RSHUDWRU VDPH SRVLWLRQ EXW WKH\ ZLOO 127 ZRUN

 &RQQHFW WKH ZLUHV RU ZLUH KDUQHVV WR WKH HOHFWULFDO WHU  'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
PLQDOV RQ WKH VZLWFK DV UHPRYHG GXULQJ UHPRYDO
 5HPRYH WKH IORRU SODWHV 7KH DFFHOHUDWRU SRVLWLRQ VHQ
&$87,21 VRU LV XQGHU WKH DFFHOHUDWRU RU 0RQRWURO SHGDO 6HH
0DNH VXUH ZLUH FRQQHFWRUV GR QRW WRXFK RWKHU VZLWFK ),*85(  'LVFRQQHFW WKH HOHFWULFDO FRQQHFWRU IRU WKH
RU PHWHU WHUPLQDO ZLUH FRQQHFWRUV PHWDO EUDFNHWV VHQVRU


  $&&(/(5$725 25 
0212752/ 3('$/
 )/225 3/$7(
 3('$/ 02817 3/$7( 
 (/(&75,&$/ &211(&7,216 
 6(1625 02817 3/$7(
  WR  PP
 635,1*
 WR  LQ
 02817 187
 )25:$5'5(9(56( 
6:,7&+ &$%/( $66(0%/< 
 &/$03 6&5(:
 &$%/( 7,(6
 3,1
 3,927 &$36&5(:
 6(1625 $50
 $&&(/(5$725 326,7,21
6(1625
 3('$/ 83 6723
 3('$/ '2:1 6723
 67$57 6:,7&+ 


 










  PP
 
 LQ
0$;,080 

&20 1&








 
 
5

 
5

127( $GMXVW WKH )RUZDUG5HYHUVH VZLWFKHV EHIRUH LQVWDOOLQJ WKH SHGDO SDG $GMXVW WKH SHGDO IXOO\ GHSUHVVHG
GRZQ SRVLWLRQ ILUVW 7KHQ DGMXVW WKH VWDUW VZLWFK DQG WKHQ WKH DFFHOHUDWRU RU 0RQRWURO SHGDO SRVLWLRQ VHQVRU
6HH WKH WH[W IRU WKH DGMXVWPHQW SURFHGXUHV

),*85(  0212752/ 25 $&&(/(5$725 3('$/  $'-8670(17 $1' 5(3$,5


 5HPRYH WKH FDSVFUHZV ZDVKHUV DQG QXWV WKDW IDVWHQ \RXU OLIW WUXFN IRU WKH HOHFWULFDO FRQQHFWLRQV IRU 2Q'H
WKH PRXQW SODWH IRU WKH VHQVRU &DUHIXOO\ PRYH WKH VHQ PDQG VWHHULQJ )RU DGGLWLRQDO LQIRUPDWLRQ RQ WKH 2Q
VRU DVVHPEO\ GRZQ ZKLOH SXVKLQJ GRZQ RQ WKH 'HPDQG VWHHULQJ VHH WKH VHFWLRQ 67((5,1* 6<6
0RQRWURO SHGDO VR WKDW WKH SLQ RI WKH SHGDO DVVHPEO\ ZLOO 7(0  650 
FRPH RXW RI WKH DUP RI WKH VHQVRU 5HPRYH WKH VHQVRU DV
127( 7KH IROORZLQJ SURFHGXUH KDV WKH VWHSV WR UH
VHPEO\
SODFH WKH RSWLFDO HQFRGHU DQG WKH DFWXDWRU DVVHPEO\ ,W LV
QRW XVXDOO\ QHFHVVDU\ WR UHSODFH ERWK FRPSRQHQWV DW WKH
 &XW WKH FDEOH WLH WKDW IDVWHQV WKH ZLUHV IRU WKH VHQVRU
VDPH WLPH 'R RQO\ WKH VWHSV RI WKH SURFHGXUH QHFHVVDU\
5HPRYH WKH WZR VFUHZV ZDVKHUV DQG QXWV WKDW IDVWHQ WKH
WR UHSODFH HDFK SDUW VHSDUDWHO\ 5HSODFH WKH SDUWV RI WKH
VHQVRU WR WKH PRXQW SODWH
2Q'HPDQG VWHHULQJ DV IROORZV
 ,QVWDOO WKH UHSODFHPHQW VHQVRU RQ WKH PRXQW SODWH XV
LQJ WKH VDPH VFUHZV ZDVKHUV DQG QXWV 5RWDWH WKH VHQVRU  'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
DV IDU DV SRVVLEOH FORFNZLVH RQ WKH VORWV 7LJKWHQ WKH QXWV
WR KROG WKH VHQVRU VR WKDW LW FDQ VWLOO EH PRYHG RQ WKH  0RYH WKH VWHHULQJ FROXPQ WR WKH IXOO\ IRUZDUG SRVL
SODWH EXW ZLOO VWD\ LQ SRVLWLRQ ,QVWDOO D FDEOH WLH WR IDVWHQ WLRQ DQG UHPRYH WKH VWHHULQJ FROXPQ FRYHUV )DVWHQ WKH
WKH ZLUHV IURQW FRYHU WR SUHYHQW GDPDJH WR WKH ZLUHV RI WKH GLVSOD\
SDQHO RQ WKH FRYHU
 ,QVWDOO WKH PRXQW SODWH LQ WKH WUXFN XVLQJ WKH UHYHUVH RI
WKH UHPRYDO SURFHGXUH 0DNH VXUH WKH SLQ RI WKH  5HPRYH WKH HLJKW VFUHZV WKDW IDVWHQ WKH FRYHU RYHU WKH
0RQRWURO DVVHPEO\ LV LQ WKH VHQVRU DUP FRZO 0RYH WKH FRYHU IRU DFFHVV WR WKH DFWLYDWRU )DVWHQ
WKH FRZO FRYHU WR SUHYHQW GDPDJH WR WKH ZLUHV RI WKH
 ,QVWDOO WKH FDSVFUHZV ZDVKHUV DQG QXWV WKDW IDVWHQ WKH URFNHU VZLWFKHV LI LQVWDOOHG
PRXQW SODWH VR WKDW LW FDQ VWLOO EH PRYHG EXW ZLOO VWD\ LQ
SRVLWLRQ  0DNH D QRWH RI WKH ORFDWLRQ RI WKH ZLUHV IDVWHQHG WR WKH
DFWLYDWRU IRU FRUUHFW FRQQHFWLRQ GXULQJ LQVWDOODWLRQ 5H
 $GMXVW WKH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO PRYH PRYH WKH ZLUHV
PHQW DQG WKH SRVLWLRQ VHQVRU DV GHVFULEHG LQ &+(&.6
 5HPRYH WKH WZR VFUHZV WKDW IDVWHQ WKH DFWLYDWRU DQG
$1' $'-8670(176 ,QVWDOO WKH IORRUSODWHV
UHPRYH WKH DFWLYDWRU ,QVWDOO WKH UHSODFHPHQW DFWLYDWRU LQ
WKH VDPH DOLJQPHQW DV WKH ROG DFWLYDWRU
2Q'HPDQG 6WHHULQJ &RPSRQHQWV
6HH ),*85(   &DUHIXOO\ UHPRYH WKH VSULQJ WKDW IDVWHQ WKH RSWLFDO HQ
FRGHU DVVHPEO\ WR WKH FRYHU RYHU WKH VWHHULQJ VKDIW 5H
)RU WKH RSWLRQDO 2Q'HPDQG VWHHULQJ WKHUH LV DQ HQ PRYH WKH HQFRGHU DVVHPEO\ 5HPRYH WKH HQFRGHU IURP
FRGHU WR VHQVH VWHHULQJ ZKHHO PRYHPHQW DQ DFWLYDWRU WKH HQFRGHU KRXVLQJ DQG UHPRYH WKH JHDU IURP WKH VKDIW
DVVHPEO\ WR HQHUJL]H WKH FRQWDFWRU IRU WKH VWHHULQJ SXPS RI WKH HQFRGHU
PRWRU DQG D SUHVVXUH VZLWFK RQ WKH VWHHULQJ SXPS WR WHOO
WKH V\VWHP WKDW WKH VWHHULQJ SXPS LV RSHUDWLQJ 7KH HQ  ,I GDPDJHG UHSODFH WKH JHDU DW WKLV WLPH ,QVWDOO WKH
FRGHU LV LQ WKH VWHHULQJ FROXPQ 7KH DFWLYDWRU DVVHPEO\ JHDU RQ WKH UHSODFHPHQW HQFRGHU LQ WKH VDPH ORFDWLRQ RQ
LV XQGHU WKH LQVWUXPHQW SDQHO WR WKH OHIW RI WKH VWHHULQJ WKH VKDIW 3XW D FRDWLQJ RI PXOWLSXUSRVH JUHDVH RQ WKH
FROXPQ QHZ JHDU RU D JHDU ZLWKRXW JUHDVH ,QVWDOO WKH HQFRGHU LQ
WKH KRXVLQJ ,QVWDOO WKH KRXVLQJ LQ WKH KROH RI WKH VKDIW
$ JHDU RQ WKH VKDIW RI WKH VWHHULQJ ZKHHO GULYHV WKH JHDU FRYHU VR WKDW WKH HQFRGHU FDQQRW PRYH ,QVWDOO WKH VSULQJ
RI WKH RSWLFDO HQFRGHU DV WKH VWHHULQJ ZKHHO LV PRYHG WR WR KROG WKH HQFRGHU DVVHPEO\ LQ FRUUHFW DOLJQPHQW
VWHHU WKH OLIW WUXFN 7KH RSWLFDO HQFRGHU VHQGV D VLJQDO WR
WKH DFWLYDWRU 7KH DFWLYDWRU FRPSOHWHV WKH EDWWHU\ QHJD  &RQQHFW WKH ZLUHV WR WKH DFWLYDWRU DV UHPRYHG GXULQJ
WLYH FLUFXLW IRU WKH VWHHULQJ FRQWDFWRU WR HQHUJL]H WKH UHPRYDO ,QVWDOO WKH FRYHU RYHU WKH FRZO ,QVWDOO WKH FRY
VWHHULQJ SXPS PRWRU 6HH WKH VHFWLRQ ',$*5$06 IRU HUV RQ WKH VWHHULQJ FROXPQ 7KHUH DUH QR DGMXVWPHQWV


 





 






 +251 6:,7&+ &29(5
  (1&2'(5 +286,1*
 635,1*

 6+$)7 &29(5
 ',5(&7,21 &21752/
/(9(5 127 21 $// 81,76
 237,&$/ (1&2'(5 
 *($5
 ',63/$< 3$1(/ +286,1* 
 67((5,1* &2/801
 $&7,9$725
 &2:/ &29(5

%/. %$77 

:+7%/.
:+7 (1&
 :+7 67$57 6:
<(/ 62/(12,' :+7 (1&
5(' %$77 
5(' 0$5.('
9

 



),*85(  +251 6:,7&+ $1' 21'(0$1' 67((5,1* &20321(176


/LJKWV &RQYHUWHU 5HOD\ $QG 5HYHUVH $ODUP  $VVHPEOH WKH EDVH DQG OHQVH RI WKH OLJKW DVVHPEO\ DQG
6HH ),*85(  LQVWDOO WKH WZR VFUHZV $OLJQ WKH DVVHPEO\ LQ WKH EUDFN
HWV DQG WLJKWHQ WKH VFUHZV
7KH OLJKWV DUH DOO IDVWHQHG WR WKH RYHUKHDG JXDUG 7KH
EUDNH WDLO DQG UHYHUVH OLJKW DVVHPEOLHV DUH RQ WKH UHDU 5HSODFH WKH )ODVKLQJ /LJKW $VVHPEO\ DV IROORZV
OHJV RI WKH RYHUKHDG JXDUG DQG DUH VWDQGDUG LQ 1RUWK
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
$PHULFD DQG RSWLRQDO LQ (XURSH 7KHVH OLJKW VHWV RSHU
DWH RQ   RU  YROWV 7KH IODVKLQJ OLJKW LV IDVWHQHG WR  5HPRYH WKH WZR VFUHZV QXWV DQG ZDVKHUV WKDW IDVWHQ
WKH WRS RU UHDU RI WKH RYHUKHDG JXDUG DQG LV RSWLRQDO RQ WKH IODVKLQJ OLJKW
DOO XQLWV 7KLV  YROW OLJKW RSHUDWHV IURP WKH EDWWHU\ RI
 5HPRYH WKH ZLUH JXDUG
WKH OLIW WUXFN DQG LV 21 ZKHQ WKH NH\ LV LQ WKH 21 SRVL
WLRQ 7KH UHDU GULYLQJ OLJKW RSWLRQDO LV DOVR IDVWHQHG WR  7R UHSODFH D EXOE RQO\ UHPRYH WKH OHQVH IURP WKH
WKH WRS RU UHDU RI WKH RYHUKHDG JXDUG $Q RSWLRQDO OLJKW EDVH &DUHIXOO\ UHPRYH WKH EXOE *R WR 6WHS  LI WKH DV
IRU WKH RSHUDWRU FRPSDUWPHQW LV DOVR IDVWHQHG WR WKH WRS VHPEO\ ZLOO QRW EH UHSODFHG
RI WKH RYHUKHDG JXDUG 7KH RSWLRQDO VSRW OLJKW QRW DYDLO
 &DUHIXOO\ SXOO WKH ZLUHV DZD\ IURP WKH OLIW WUXFN IRU DV
DEOH LQ 1RUWK $PHULFD DQG WKH RSWLRQDO IURQW GULYLQJ
PXFK OHQJWK DV SRVVLEOH ,W FDQ EH QHFHVVDU\ WR ORRVHQ
OLJKWV DUH DOO IDVWHQHG WR WKH IURQW OHJV RI WKH RYHUKHDG
WKH ZLUH FODPS WRS PRXQWHG XQLWV RQO\ ,I WKH FRPSOHWH
JXDUG $OO RI WKHVH OLJKWV RSHUDWH RQ   RU  YROWV
OLJKW DVVHPEO\ LV EHLQJ UHSODFHG FXW HDFK RI WKH ZLUHV DV
127( ,W LV QRW QHFHVVDU\ WR UHSODFH WKH FRPSOHWH OLJKW FORVH WR WKH VSOLFH FRQQHFWRUV OLIW WUXFN HQG DV SRVVLEOH
DVVHPEOLHV WR UHSODFH D EXOE 'R RQO\ WKH VWHSV QHFHV
VDU\ IRU \RXU UHSODFHPHQW QHHGV  &DUHIXOO\ UHPRYH  PP LQ RI LQVXODWLRQ IURP
WKH HQGV RI ERWK WKH OLIW WUXFN DQG IODVKLQJ OLJKW ZLUHV
5HSODFH WKH %UDNH 7DLO DQG 5HYHUVH /LJKW $VVHPEO\ ,QVWDOO D  PP  LQ OHQJWK RI KHDWVKULQN WXELQJ RQ
DV IROORZV HDFK ZLUH RI WKH SDLU &RQQHFW WKH UHG DQG UHGJUHHQ
ZLUHV XVLQJ D EXWW VSOLFH +\VWHU 31  &RQQHFW
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\ WKH EODFN DQG EODFNWDQ ZLUHV XVLQJ DQRWKHU EXWW VSOLFH
6OLGH WKH WXELQJ RYHU HDFK EXWW VSOLFH VR WKDW WKH\ DUH
 2SHQ WKH KRRG IRU DFFHVV WR WKH HOHFWULFDO SOXJ RI WKH FHQWHUHG 8VH D KRW DLUGHYLFH WR KHDW DQG ´VKULQNµ WKH
OLJKW DVVHPEO\ 6HH ),*85(  'LVFRQQHFW WKH UHFWDQ WXELQJ RQWR HDFK VSOLFH
JXODU VL[ SLQ SOXJ IRU WKH OLJKW DVVHPEO\
 $OLJQ WKH IODVKLQJ OLJKW LQ WKH FRUUHFW SRVLWLRQ RQ WKH
 5HPRYH WKH WZR VFUHZV LQ WKH OHQVH RI WKH OLJKW DVVHP OLIW WUXFN DQG SXVK WKH H[FHVV ZLUH LQWR WKH OHJ RI WKH
EO\ 7R UHSODFH D EXOE RQO\ UHPRYH WKH OHQVH IURP WKH RYHUKHDG JXDUG ,I QHFHVVDU\ WLJKWHQ WKH ZLUH FODPS
EDVH 3XVK DQG WXUQ WKH EXOE  WXUQ FRXQWHUFORFNZLVH
 ,QVWDOO WKH OHQV DQG JXDUG RQ WKH EDVH ,QVWDOO WKH WZR
0DNH VXUH \RX DUH UHSODFLQJ WKH FRUUHFW EXOE RI WKH VHW
PRXQW VFUHZV
0DNH VXUH WKH UHSODFHPHQW EXOE LV WKH FRUUHFW YROWDJH
DQG KDV WKH FRUUHFW SLQ FRQILJXUDWLRQ ,QVWDOO WKH UHSODFH 5HSODFH WKH )URQW RU 5HDU 'ULYLQJ /LJKW RU WKH 6SRW
PHQW EXOE LQ WKH VRFNHW XVLQJ WKH UHYHUVH SURFHGXUH *R /LJKW $VVHPEOLHV DV IROORZV
WR 6WHS  LI WKH DVVHPEO\ ZLOO QRW EH UHSODFHG
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
 ,I WKH FRPSOHWH OLJKW DVVHPEO\ LV EHLQJ UHSODFHG UH
 5HSODFH WKH EXOE RQO\ E\ FDUHIXOO\ PRYLQJ WKH UXEEHU
PRYH WKH OLJKW DVVHPEO\ IURP WKH EUDFNHW
KRXVLQJ DZD\ IURP WKH HGJH RI WKH OHQVH WR JHW WKH OLJKW
 ,I QHFHVVDU\ LQVWDOO WKH JURPPHW RQ WKH ZLUHV RI WKH DVVHPEO\ RXW RI WKH KRXVLQJ 5HPRYH WKH VRFNHW DVVHP
UHSODFHPHQW OLJKW DVVHPEO\ ,QVWDOO WKH FRQQHFWRU ZLUH EO\ IURP WKH EDFN RI WKH OLJKW DVVHPEO\ 7XUQ WKH VRFNHW
FDEOH DQG JURPPHW LQ WKH OHJ RI WKH RYHUKHDG JXDUG OHJ DVVHPEO\  WXUQ FRXQWHUFORFNZLVH 3XVK DQG WXUQ WKH
EXOE  WXUQ FRXQWHUFORFNZLVH 0DNH VXUH WKH UHSODFH
 3XW WKH ZLUH DQG FRQQHFWRU LQ WKH VDPH SRVLWLRQ DV WKH PHQW EXOE LV WKH FRUUHFW YROWDJH DQG KDV WKH FRUUHFW SLQ
ROG ZLUH DQG FRQQHFWRU &RQQHFW WKH OLJKW DVVHPEO\ DQG FRQILJXUDWLRQ 8VH D FORWK WR LQVWDOO WKH UHSODFHPHQW
ZLUH KDUQHVV FRQQHFWRUV &ORVH WKH KRRG TXDUW] EXOE RI WKH VSRW OLJKW ZLWKRXW WRXFKLQJ WKH EXOE


ZLWK \RXU ILQJHUV ,QVWDOO WKH UHSODFHPHQW EXOE DQG VRFN DVVHPEO\ LQ WKH KRXVLQJ
HW DVVHPEO\ XVLQJ WKH UHYHUVH SURFHGXUH ,QVWDOO WKH OLJKW

 

 




)5217 /,*+76 5($5 /,*+76



 


 6327 /,*+7 5(3/$&(6 5,*+7 

'5,9,1* /,*+7 :+(1 ,167$//('
 '5,9,1* /,*+7
 23(5$725·6 &203$570(17
/,*+7
 )/$6+,1* /,*+7 
 5(9(56( $/$50
 %5$.( 7$,/ $1' 5(9(56( /,*+7
$66(0%/<
 /,*+7 6:,7&+ &211(&725 6(( 7+( 6(&7,21
 &21752/ &,5&8,7 &211(&725 ',$*5$06  650
  92/7 &219(57(5 %/.
 ',$*5$06 
 5(/$< 650  25 ',$
*5$06  650 
127( 6SRW /LJKWV DUH QRW %51:+7 )25 &255(&7 &21
LQVWDOOHG LQ WKH 8QLWHG 6WDWHV RU 1(&7,216
&DQDGD
127( (;0;0 DQG 
1;0+;0+ PRGHOV VKRZQ
-;0;0 PRGHOV VLPLODU %51385


%/.385

),*85(  /,*+76


 &DUHIXOO\ UHPRYH WKH ZLUH FDEOH IURP WKH OHJ RI WKH  ,QVWDOO WKH KRXVLQJ DQG OLJKW DVVHPEO\ RQ WKH RYHUKHDG
RYHUKHDG JXDUG ,W FDQ EH QHFHVVDU\ WR UHPRYH WKH JURP JXDUG XVLQJ WKH IRXU VFUHZV
PHW IRU HQRXJK FOHDUDQFH WR UHPRYH WKH HOHFWULFDO FRQ
5HSODFH WKH &RQYHUWHU
QHFWRU
7KH &RQYHUWHU FKDQJHV WKH OLIW WUXFN YROWDJH   
 5HPRYH WKH QXW WKDW IDVWHQV WKH KRXVLQJ WR WKH OLIW RU  YROWV WR  YROWV IRU WKH  YROW OLJKW V\VWHP 7KH
WUXFN &DUHIXOO\ SXOO WKH ZLUHV DZD\ IURP WKH OLIW WUXFN FRQYHUWHU PXVW EH UHSODFHG DV D XQLW 5HSODFH WKH FRQ
IRU DV PXFK OHQJWK DV SRVVLEOH &XW HDFK RI WKH OLJKW YHUWHU DV IROORZV
ZLUHV DV FORVH WR WKH VSOLFH FRQQHFWRUV OLIW WUXFN HQG DV
SRVVLEOH  'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\

 &DUHIXOO\ UHPRYH  PP  LQ RI LQVXODWLRQ IURP  5HPRYH WKH EDWWHU\ DV GHVFULEHG LQ WKH VHFWLRQ 3(
WKH HQGV RI ERWK WKH OLIW WUXFN DQG IODVKLQJ OLJKW ZLUHV 5,2',& 0$,17(1$1&( RI WKH 6(59,&(
,QVWDOO D  PP  LQ OHQJWK RI KHDWVKULQN WXELQJ RQ 0$18$/ RU 23(5$7,1* 0$18$/ IRU \RXU OLIW
HDFK ZLUH RI WKH SDLU )RU WKH IURQW GULYLQJ OLJKW RU VSRW WUXFN
OLJKW FRQQHFW WKH ZKLWH DQG \HOORZEODFN ZLUHV XVLQJ D  5HPRYH WKH IURQW OHIW DFFHVV SODWH IRU DFFHVV WR WKH
EXWW VSOLFH +\VWHU 31  &RQQHFW WKH EODFN DQG FRQYHUWHU
EODFNJUHHQ ZLUHV XVLQJ DQRWKHU EXWW VSOLFH 6OLGH WKH
 5HPRYH WKH 0 FDSVFUHZV QXWV DQG ZDVKHUV WKDW IDV
WXELQJ RYHU HDFK EXWW VSOLFH VR WKDW WKH\ DUH FHQWHUHG
WHQ WKH ERWWRP RI WKH EUDFNHW WR WKH OLIW WUXFN IUDPH 6HH
8VH D KRW DLUGHYLFH WR KHDW DQG ´VKULQNµ WKH WXELQJ RQWR
),*85(  0RYH WKH FRQYHUWHU DVVHPEO\ IRU EHWWHU
HDFK VSOLFH
DFFHVV WR WKH WHUPLQDOV
 ,QVWDOO WKH OLJKW DVVHPEO\ RQ WKH OLIW WUXFN XVLQJ WKH QXW
 0DNH D QRWH RI WKH ZLUHV IDVWHQHG WR WKH WHUPLQDOV IRU
DQG SXVK WKH H[WUD ZLUH LQWR WKH OHJ RI WKH RYHUKHDG
FRUUHFW LQVWDOODWLRQ 5HPRYH WKH ZLUHV IURP WKH WHUPL
JXDUG
QDOV
5HSODFH WKH 2SHUDWRU &RPSDUWPHQW /LJKW $VVHP  5HPRYH WKH IRXU  VFUHZV QXWV DQG ZDVKHUV WKDW
EO\ DV IROORZV IDVWHQ WKH FRQYHUWHU WR WKH EUDFNHW ,QVWDOO WKH UHSODFH
PHQW FRQYHUWHU RQ WKH EUDFNHW XVLQJ WKH VDPH VFUHZV
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
ZDVKHUV DQG QXWV 0DNH VXUH WKH FRQYHUWHU LV LQVWDOOHG VR
 5HPRYH WKH IRXU VFUHZV WKDW IDVWHQ WKH DVVHPEO\ WKDW WKH ZLUHV FDQ EH FRQQHFWHG
EODFN SODVWLF KRXVLQJ WR WKH RYHUKHDG JXDUG 6HH
 ,QVWDOO WKH ZLUHV RQ WKH FRUUHFW WHUPLQDOV DV UHPRYHG
),*85( 
 ,QVWDOO WKH FRQYHUWHU DVVHPEO\ RQ WKH OLIW WUXFN IUDPH
 5HSODFH WKH EXOE RQO\ E\ UHPRYLQJ WKH VRFNHW DVVHP XVLQJ WKH VDPH 0 FDSVFUHZV ZDVKHUV DQG QXWV 7LJKW
EO\ IURP WKH EDFN RI WKH OLJKW DVVHPEO\ 7XUQ WKH VRFNHW HQ WKH QXWV DQG FDSVFUHZV
DVVHPEO\  WXUQ FRXQWHUFORFNZLVH 3XVK DQG WXUQ WKH
EXOE  WXUQ FRXQWHUFORFNZLVH 0DNH VXUH WKH UHSODFH  ,QVWDOO WKH DFFHVV SODWH ,QVWDOO WKH EDWWHU\ DV GHVFULEHG
PHQW EXOE LV WKH FRUUHFW YROWDJH DQG KDV WKH FRUUHFW SLQ LQ WKH VHFWLRQ 3(5,2',& 0$,17(1$1&( RI WKH
FRQILJXUDWLRQ ,QVWDOO WKH UHSODFHPHQW EXOE DQG VRFNHW 6(59,&( 0$18$/ RU 23(5$7,1* 0$18$/
DVVHPEO\ XVLQJ WKH UHYHUVH SURFHGXUH IRU \RXU OLIW WUXFN
5HSODFH WKH 5HOD\
 ,I QHFHVVDU\ UHSODFH WKH FRPSOHWH OLJKW DVVHPEO\ LQ
WKH EODFN SODVWLF KRXVLQJ 'LVFRQQHFW WKH WZR ZLUHV 3XOO 7KH 5HOD\ LV DQ HOHFWULFDO ´VZLWFKµ WKDW LV HQHUJL]HG ZLWK
RQ WKH OLJKW DVVHPEO\ ZKLOH FDUHIXOO\ SXVKLQJ WKH FOLS WKH 5HYHUVH FRQWDFWRU FRLO WR RSHUDWH WKH 5HYHUVH OLJKWV
DZD\ IURP WKH HGJH RI WKH OLJKW DVVHPEO\ 0DNH VXUH WKH 7KH UHOD\ LV LQ WKH WRS FDYLW\ RI WKH FRXQWHUZHLJKW 5H
UHSODFHPHQW DVVHPEO\ LV WKH FRUUHFW YROWDJH ,QVWDOO WKH SODFH WKH UHOD\ DV IROORZV
UHSODFHPHQW DVVHPEO\ LQ WKH KRXVLQJ DQG SXVK XQWLO WKH
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
FOLSV KROG WKH DVVHPEO\ VHFXUHO\ &RQQHFW WKH WZR ZLUHV
WR WKH VSDGH WHUPLQDOV  2SHQ WKH KRRG IRU DFFHVV WR WKH UHOD\


 3XOO WKH UHOD\ DZD\ IURP WKH UHOD\ VRFNHW

 ,QVWDOO WKH UHSODFHPHQW UHOD\ RQ WKH VRFNHW DQG FORVH

WKH KRRG

5HSODFH WKH 5HYHUVH $ODUP 


7KH 5HYHUVH $ODUP LV IDVWHQHG WR WKH OHIW UHDU OHJ RI WKH
RYHUKHDG JXDUG 7KH DODUP RSHUDWHV IURP VLJQDOV IURP
WKH WUDFWLRQ FRQWURO FDUG WR OHW SHRSOH NQRZ WKH OLIW WUXFN
LV WUDYHOLQJ LQ WKH UHYHUVH GLUHFWLRQ 5HSODFH WKH UHYHUVH
DODUP DV IROORZV

  


 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\

 

 2SHQ WKH KRRG IRU DFFHVV WR WKH HOHFWULFDO SOXJ RI WKH

DODUP 6HH ),*85(  'LVFRQQHFW WKH VTXDUH VL[ SLQ
SOXJ IRU WKH DODUP  
 
 +251 

 7XUQ WKH VSHFLDO URXQG QXW RQ WKH UHDU RI WKH EUDFNHW  7(50,1$/6
WKDW IDVWHQV WKH UHYHUVH DODUP FRXQWHUFORFNZLVH WR UH  +251 %5$&.(7 
PRYH LW 5HPRYH WKH UHYHUVH DODUP  /,)7 758&. )5$0( 
 187
 ,168/$7,1* :$6+(5
 $OLJQ DQG LQVWDOO WKH UHSODFHPHQW DODUP RQ WKH EUDFNHW  ,168/$7,1* ,16(57
DQG WLJKWHQ WKH VSHFLDO URXQG QXW  &$36&5(:
 &29(5
 &217$&7 3/$7(
 &217$&7 6(7 6(76&5(:
 3XW WKH ZLUH DQG FRQQHFWRU LQ WKH VDPH SRVLWLRQ DV WKH
 635,1*
ROG ZLUH DQG FRQQHFWRU &RQQHFW WKH DODUP DQG ZLUH KDU
QHVV FRQQHFWRUV &ORVH WKH KRRG ),*85(  +251 $1' +251 %87721
 +ROG WKH KRUQ DQG UHPRYH WKH FDSVFUHZ QXW ZDVKHUV
DQG LQVHUW WKDW IDVWHQ WKH KRUQ WR WKH OLIW WUXFN IUDPH 'R
+RUQ $QG +RUQ %XWWRQ QRW ORVH WKH SDUWV 5HPRYH WKH KRUQ
6HH ),*85(  DQG ),*85( 
 ,QVWDOO WKH FDSVFUHZV DQG ZDVKHUV RQ WKH KRUQ EUDFNHW
DV VKRZQ LQ ),*85(  .HHS WKH LQVHUW LQ WKH KROH RI
7KH KRUQ LV XQGHU WKH EUDNH SHGDO DQG IORRU SODWH 5H WKH EUDFNHW GXULQJ LQVWDOODWLRQ
SODFH WKH KRUQ DV IROORZV
 $OLJQ WKH KRUQ DVVHPEO\ WR LQVWDOO WKH FDSVFUHZ LQ WKH
KROH RI WKH IUDPH DQG LQVWDOO WKH QXW 0DNH VXUH WKH LQVHUW
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\ LV LQ WKH KROH RI WKH EUDFNHW EHIRUH WLJKWHQLQJ WKH QXW WR
SUHYHQW GDPDJLQJ WKH LQVHUW
 5HPRYH WKH IORRU SODWHV  $OLJQ WKH KRUQ LQ WKH VDPH SRVLWLRQ DV WKH ROG KRUQ DQG
WLJKWHQ WKH FDSVFUHZ DQG QXW
 'LVFRQQHFW WKH ZLUHV IDVWHQHG WR WKH KRUQ WHUPLQDOV  ,QVWDOO WKH ZLUHV RQ WKH KRUQ WHUPLQDOV DQG LQVWDOO WKH
GR QRW ORVH WKH VFUHZV IORRU SODWHV


7KH +RUQ 6ZLWFK $QG &RYHU EXWWRQ DUH LQ WKH FHQWHU RI
WKH VWHHULQJ ZKHHO 6HH ),*85(  5HSODFH WKH KRUQ :$51,1*
EXWWRQ DVVHPEO\ DV IROORZV ,I WKH VWHHULQJ ZKHHO KDV EHHQ UHPRYHG PDNH VXUH
WKH VWHHULQJ ZKHHO QXW KDV EHHQ WLJKWHQHG 7KH FRU
UHFW WRUTXH LV  WR 1P  WR  OEI IW
 'LVFRQQHFW WKH EDWWHU\ DQG UHPRYH WKH NH\
 3XW WKH UHSODFHPHQW DVVHPEO\ LQ SRVLWLRQ RYHU WKH
VWHHULQJ ZKHHO DQG LQVWDOO WKH ZLUHV LQ WKH FRQWDFWV
 &DUHIXOO\ OLIW WKH FRYHU DQG KRUQ EXWWRQ DVVHPEO\ XS
7LJKWHQ WKH VHWVFUHZV WR IDVWHQ WKH ZLUHV
RII WKH VWHHULQJ ZKHHO /LIW WKH DVVHPEO\ IDU HQRXJK IRU
DFFHVV WR WKH VHWVFUHZV WKDW IDVWHQ WKH KRUQ ZLUHV 7KHUH 127( ,I WKH FRQWDFW VHW VSULQJ FRQWDFW SODWH DQG FRY
LV VRPH H[WUD OHQJWK RI WKH KRUQ ZLUHV EXW WKH DVVHPEO\ HU DUH VHSDUDWHG PDNH VXUH WKH\ DUH LQVWDOOHG DQG
ZLOO QRW FRPH XS YHU\ IDU ,I QHFHVVDU\ IRU DGGLWLRQDO DOLJQHG FRUUHFWO\
FOHDUDQFH WKH FRYHU FRQWDFW SODWH DQG VSULQJ FDQ EH UH
PRYHG IURP WKH FRQWDFW VHW  &DUHIXOO\ SXVK WKH ZLUHV LQWR WKH VKDIW ERUH DV IDU DV
SRVVLEOH $OLJQ WKH KRUQ EXWWRQ DVVHPEO\ DQG SUHVV
GRZQ RQ WKH HGJHV RI WKH FRYHU WR LQVWDOO LW LQ WKH VWHHULQJ
 /RRVHQ WKH VHWVFUHZV WKDW IDVWHQ WKH FRQWDFW VHW WR WKH ZKHHO
KRUQ ZLUHV
+\GUDXOLF 3XPS 6ZLWFKHV
 3XOO WKH KRUQ ZLUHV RXW RI WKH FRQWDFW VHW DQG UHPRYH 6HH WKH VHFWLRQ 7+( 0$,1 &21752/ 9$/9( IRU
WKH DVVHPEO\ \RXU XQLW WR UHSODFH DQG DGMXVW WKHVH VZLWFKHV

&+(&.6 $1' $'-8670(176

*(1(5$/
&$87,21
&RUUHFW PHWHU SRODULW\ LV QHFHVVDU\ IRU VRPH FKHFNV
&$87,21
0HWHU FRUUHFW SRVLWLYH LV LQGLFDWHG DV  0HWHU FRU
7KH 6(0 'LVSOD\ 3DQHO PXVW EH DGMXVWHG XVLQJ D
UHFW QHJDWLYH LV LQGLFDWHG DV 
FRPSXWHU WR DOORZ OLIW WUXFN RSHUDWLRQ 5HIHU WR WKH
VHFWLRQ 6(0 ',63/$< 3$1(/  650  IRU
8VH D PHWHU ZLWK D PLQLPXP UDWLQJ RI   RKPV
WKH DGMXVWPHQW SURFHGXUH
SHU YROW WR PDNH PHDVXUHPHQWV 0RVW GLJLWDO YROW
PHWHUV DUH JRRG
:$51,1*
6RPH FKHFNV DQG DGMXVWPHQWV LQ WKLV VHFWLRQ PXVW EH
GRQH ZLWK WKH EDWWHU\ FRQQHFWHG DQG SRZHU DSSOLHG &21752/ $1' 32:(5 )86(6  ´/;µ
WR WKH FRQWUROOHU /LIW WUXFN PRYHPHQW GXULQJ FKHFNV 25 ´=;µ 6HH ),*85(  ),*85( 
RU DGMXVWPHQWV FDQ FDXVH SHUVRQDO LQMXU\ 5DLVH WKH DQG ),*85( 
GULYH ZKHHOV WR SUHYHQW OLIW WUXFN PRYHPHQW 6HH WKH
23(5$7,1* 0$18$/ RU WKH VHFWLRQ 3(5,2',& 7KH FRQGLWLRQ RI IXVHV FDQ QRUPDOO\ EH FKHFNHG E\
0$,17(1$1&( RI WKH 6(59,&( 0$18$/ IRU ORRNLQJ DW WKHP 6RPH IXVHV GR QRW FKDQJH LQ DSSHDU
\RXU OLIW WUXFN WR UDLVH WKH GULYH ZKHHOV DQFH DQG PXVW EH FKHFNHG ZLWK DQ RKPPHWHU 'LVFRQ
1HYHU KDYH DQ\ PHWDO RQ \RXU ILQJHUV DUPV RU QHFN QHFW WKH EDWWHU\ DQG FRQQHFW D MXPSHU WR WKH WHUPLQDOV RI
7KHVH PHWDO LWHPV FDQ DFFLGHQWDOO\ PDNH DQ HOHFWUL WKH 6&5 FRQWUROOHU FDSDFLWRUV WR GLVFKDUJH WKH FDSDFL
FDO FRQQHFWLRQ DQG FDXVH DQ LQMXU\ WRUV EHIRUH FKHFNLQJ IXVHV 6L]HV DQG ORFDWLRQV RI WKH
IXVHV DUH VKRZQ LQ ),*85( 
$/:$<6 GLVFRQQHFW WKH EDWWHU\ EHIRUH PDNLQJ
FKHFNV RU DGMXVWPHQWV WKDW GR QRW QHHG SRZHU DS 5HSODFH DOO EDG IXVHV &KHFN WR VHH ZKDW FDXVHG WKH IXVH
SOLHG WR RSHQ EHIRUH FRQQHFWLQJ WKH EDWWHU\


 
       



 )86(   75$&7,21 32:(5 )86(  $03

 )86(   /,)7 3803 32:(5 )86(  $0321 /,)7 3803
&217$&725 :,7+287 6&5 3803 &21752//(5
 )86(   &21752/ )86(  $03
 )86(   32:(5 67((5,1* 32:(5 )86(  $03
 )86(   $8;,/,$5< )86(  $03
 )86(   $8;,/,$5< )86(  $03
 )86(   )25:$5'5(9(56( &217$&725 &2,/ )86(  $03
 &$3$&,725

),*85(  )86( /2&$7,216 )25 7+( (9=; 6&5

02725 &21752//(5 2) 7+( (;0 $1' 1;0+


  


 

 )86(   75$&7,21 32:(5  )86(   &21752/ )86(  $03

)86(  $03  )86(   32:(5 67((5,1* 32:(5 )86(
 
 )86(   /,)7 3803 32:(5    $03
)86(  $0321 /,)7  )86(   $8;,/,$5< )86(  $03
3803 &217$&725  )86(   $8;,/,$5< )86(  $03
:,7+287 6&5 3803  )86(   )25:$5'5(9(56( &217$&725
&21752//(5 &2,/ )86(  $03
),*85(  )86( /2&$7,216 )25 7+( (9=; 6&5
02725 &21752//(5 2) 7+( -;0

  

 

 )86(   75$&7,21 32:(5  )86(   &21752/ )86(  $03

)86(  $03   )86(   32:(5 67((5,1* 32:(5 )86(
  
 )86(   /,)7 3803  $03
32:(5 )86(  $0321  )86(   $8;,/,$5< )86(  $03
/,)7 3803 &217$&725  )86(   $8;,/,$5< )86(  $03
:,7+287 75$16,6725  )86(   )25:$5'5(9(56( &217$&725
3803 &21752//(5 &2,/ )86(  $03
),*85(  )86( /2&$7,216 )25 7+( (97 75$16,6725
02725 &21752//(5 2) 7+( -;0


  
  



 )86(   $8;,/,$5< )86(  $03
 )86(   75$&7,21  )86(  ):' 5(9 &217$&725 )86(
32:(5 )86(  $03  $03
 )86(   32:(5  )86(   /,)7 3803 32:(5 )86( 
67((5,1* 32:(5 )86( $03)25 /,)7 3803 02725 
 $037:2 ($&+  )86(   /,)7 3803 32:(5 )86( 
 )86(   &21752/ $03)25 /,)7 3803 02725 
)86(  $03  &$3$&,725

),*85(  )86( /2&$7,216 )25 7+( (9=; 6&5

02725 &21752//(5 2) 7+( (;/

&21752/ $1' 32:(5 )86(6  6(0 WKH KRUQ VWRSV PDNLQJ D VRXQG EHIRUH FKHFNLQJ IXVHV
6HH ),*85(  DQG ),*85(  7KLV DFWLRQ ZLOO GLVFKDUJH WKH FDSDFLWRUV LQ WKH PRWRU
FRQWUROOHUV 6L]HV DQG ORFDWLRQV RI WKH IXVHV DUH VKRZQ LQ
7KH FRQGLWLRQ RI IXVHV FDQ QRUPDOO\ EH FKHFNHG E\ ),*85(  RU ),*85( 
ORRNLQJ DW WKHP 6RPH IXVHV GR QRW FKDQJH LQ DSSHDU
DQFH DQG PXVW EH FKHFNHG ZLWK DQ RKPPHWHU 'LVFRQ 5HSODFH DOO EDG IXVHV &KHFN WR VHH ZKDW FDXVHG WKH IXVH
QHFW WKH EDWWHU\ DQG SXVK DQG KROG WKH KRUQ EXWWRQ XQWLO WR RSHQ EHIRUH FRQQHFWLQJ WKH EDWWHU\


   
   (;0




V

 









(;/


 )86(  $    
 )86(  $ 
 )86(  $
 )86(  $ 5

 32:(5 67((5,1* &217$&725

 )86(  32:(5 67((5,1* $
 /,1( &217$&725  3803 )86(
 75$&7,21 02725 &21752//(5  )86(
 )86(  75$&7,21 02725  $ &217$&725
 )86(  /,)7 3803 02725  /,1( &217$&725
 02725 &21752//(5 )25  3803  &217$&725
/,)7 3803 02725  3803  )86(

),*85(  75$&7,21 $1' 3803 02725 &21752//(56  6(0


       (;0







V


  


(;/



 



5



 
 )86(  $
 )86(  $ 

 )86(  $ 
 )86(  $
 32:(5 67((5,1* &217$&725
 )86(  32:(5 67((5,1* $
 /,1( &217$&725  )86(
 75$&7,21 02725 &21752//(5  $ &217$&725
 )86(  75$&7,21 02725  3803  &217$&725
 &217$&725 )25 /,)7 3803 02725  3803  &217$&725 '8$/ 38036 21/<
 &217$&725 '5,9(5 02'8/(  3803  )86( '8$/ 38036 21/<
 )86(  /,)7 3803 02725 $  3803  )86(

),*85(  75$&7,21 02725 &21752//(5 $1' &217$&725 &21752/ )25

/,)7 3803 02725  6(0


 DOVR LOOXPLQDWH WR VKRZ ZKLFK PRWRU LV WRR KRW &KHFN
 WKDW WKH FRUUHFW LQGLFDWRU FRPHV RQ IRU HDFK PRWRU DV
ZHOO DV WKH ZDUQLQJ LQGLFDWRU 7KH PRWRU IRU WKH SRZHU
VWHHULQJ SXPS GRHV QRW KDYH D WKHUPDO VZLWFK
 8VH D MXPSHU FDEOH VR WKDW WKH EDWWHU\ FDQ EH FRQQHFWHG
IRU RSHUDWLRQ RI WKH PRWRUV 6HH ),*85(  5HPRYH
WKH EDWWHU\ DV GHVFULEHG LQ WKH VHFWLRQ 3(5,2',&
0$,17(1$1&( RI WKH 6(59,&( 0$18$/ RU
23(5$7,1* 0$18$/ IRU \RXU OLIW WUXFN 5DLVH WKH
GULYH ZKHHOV 6HH ´+RZ 7R 5DLVH 7KH 'ULYH 7LUHVµ LQ
WKH VDPH 3(5,2',& 0$,17(1$1&( VHFWLRQ

'LVFRQQHFW WKH VHQVRU ZLUHV IURP WKH RXWVLGH RI WKH PR
WRU FDVH 7RXFK WKH HQGV RI WKH VHQVRU ZLUHV WRJHWKHU
 %$77(5< 1(;7 72 /,)7 758&. 7KH ZDUQLQJ DQG PRWRU OLJKW ZLOO LOOXPLQDWH LI WKH FLUFXLW
 -803(5 &$%/(
 &211(&7 72 %$77(5< LV RSHUDWLQJ FRUUHFWO\ 7KH WKHUPDO VZLWFK FDQ EH UH
&211(&725 21 /,)7 758&. SODFHG LI LW LV GDPDJHG +RZHYHU WKH PRWRU PXVW EH GLV
DVVHPEOHG WR UHSODFH WKH WKHUPDO VZLWFK 6HH WKH VHFWLRQ
),*85(  &211(&7 7+( %$77(5< 62
7+$7 7+( 02725 &$1 %( 23(5$7(' '& 02725 0$,17(1$1&(  650 

&+(&. %586+ :($5 $1' 29(5 7+(50$/ 6(16256  6(0

7(03(5$785( 6(16256  7KH WKHUPDO VHQVRUV LQGLFDWH WR WKH PRWRU FRQWUROOHU WKDW
´/;µ 25 ´=;µ WKH PRWRU LV WRR KRW :KHQ D PRWRU JHWV WRR KRW WKH VHQ
VRU PDNHV DQ HOHFWULFDO FRQQHFWLRQ WR WR VHQG D VLJQDO WR
7KH RSHUDWLRQ RI WKH EUXVK ZHDU DQG RYHU WHPSHUDWXUH
WKH PRWRU FRQWUROOHU
LQGLFDWRUV FDQ EH FKHFNHG GXULQJ SHULRGLF PDLQWHQDQFH
7KH EDWWHU\ PXVW EH UHPRYHG IURP WKH OLIW WUXFN IRU DF :$51,1*
FHVV WR WKH PRWRUV 7R KHOS SUHYHQW GDPDJH RU LQMXU\ UDLVH WKH GULYH
7KH %UXVK :HDU ,QGLFDWRUV LOOXPLQDWH ZKHQ WKH PRWRU ZKHHOV EHIRUH GRLQJ WKHVH FKHFNV 5DLVH WKH GULYH
EUXVKHV PXVW EH UHSODFHG 7KH VHQVRU ZLUHV IRU WKH EUXVK ZKHHOV DV GHVFULEHG LQ WKH 23(5$7,1* 0$18$/
ZHDU LQGLFDWRUV DUH DQ LQVHUW LQ WKH EUXVK PDWHULDO ZKHQ RU WKH VHFWLRQ 3(5,2',& 0$,17(1$1&( RI WKH
LW LV PDGH 7KH VHQVRU ZLUHV DUH LQVXODWHG IURP WKH EUXVK 6(59,&( 0$18$/
PDWHULDO :KHQ WKH EUXVK ZHDUV ZLWKLQ DSSUR[LPDWHO\
8VH D MXPSHU FDEOH VR WKDW WKH EDWWHU\ FDQ EH FRQQHFWHG
 PP  LQ RI WKH EUXVK OHDG WKH LQVXODWLRQ EH
IRU RSHUDWLRQ RI WKH PRWRUV 6HH ),*85(  'LVFRQ
WZHHQ WKH VHQVRU ZLUH DQG WKH EUXVK PDWHULDO LV GH
QHFW WKH VHQVRU ZLUHV IURP WKH RXWVLGH RI WKH PRWRU FDVH
VWUR\HG 7KH FRQQHFWLRQ EHWZHHQ WKH EUXVK DQG WKH VHQ
7RXFK WKH HQGV RI WKH VHQVRU ZLUHV WRJHWKHU 7KH ZDUQ
VRU ZLUH FDXVHV WKH ZDUQLQJ LQGLFDWRU WR LOOXPLQDWH LI WKH
LQJ OLJKW ZLOO LOOXPLQDWH LI WKH FLUFXLW LV RSHUDWLQJ FRU
FLUFXLW LV RSHUDWLQJ FRUUHFWO\ 0RWRU LQGLFDWRUV RQ WKH
UHFWO\ 7KH WKHUPDO VZLWFK FDQ EH UHSODFHG LI LW LV GDP
3HUIRUPDQFH GLVSOD\ SDQHO ZLOO DOVR LOOXPLQDWH WR VKRZ
DJHG +RZHYHU WKH PRWRU PXVW EH GLVDVVHPEOHG WR UH
ZKLFK PRWRU KDV ZRUQ EUXVKHV &KHFN WKDW WKH FRUUHFW
SODFH WKH WKHUPDO VZLWFK
LQGLFDWRU FRPHV RQ IRU HDFK PRWRU DV ZHOO DV WKH ZDUQLQJ
LQGLFDWRU
$'-867 7+( 67$57 6:,7&+
7KH 2YHU 7HPSHUDWXUH 6HQVRUV DUH WKHUPDO VZLWFKHV 6HH ),*85( 
WKDW FRPSOHWH D FLUFXLW WR VHQG D VLJQDO WR WKH GLVSOD\
SDQHO LI WKH PRWRU JHWV WRR KRW 7KH 2YHU 7HPSHUDWXUH &$87,21
ZDUQLQJ LQGLFDWRU ZLOO LOOXPLQDWH LI WKH FLUFXLW LV RSHUDW 7KH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO PRYHPHQW
LQJ FRUUHFWO\ 0RWRU LQGLFDWRUV RQ WKH GLVSOD\ SDQHO ZLOO 0867 EH DGMXVWHG EHIRUH DGMXVWLQJ WKH VWDUW VZLWFK


6HH 0RQRWURO 3HGDO 2U $FFHOHUDWRU 3HGDO $GMXVW WKH SHGDO PRYHV ,I QHFHVVDU\ DGMXVW WKH VZLWFK DJDLQ
PHQW RI WKLV VHFWLRQ WR DGMXVW WKH SHGDO PRYHPHQW XQWLO WKH VZLWFK RSHUDWHV FRUUHFWO\ &RQQHFW WKH VZLWFK
ZLUHV DQG LQVWDOO WKH IORRU SODWHV
7KH VWDUW VZLWFK LV D VPDOO VZLWFK IDVWHQHG WR WKH PRXQW
IRU WKH DFFHOHUDWRU SHGDO DVVHPEO\ 6HH ),*85(  $FFHOHUDWRU 3RWHQWLRPHWHU $QG 6WDUW 6ZLWFK
7KH QRUPDOO\ RSHQ DQG FRPPRQ FRQWDFWV RI WKH VWDUW (;/ (;/ 6HH ),*85( 
VZLWFK DUH FORVHG ZKHQ WKH SHGDO LV LQ WKH 83 SRVLWLRQ 127( $GMXVWPHQW RI WKH DFFHOHUDWRU OLQNDJH ZLOO
PDNH QHFHVVDU\ WKH DGMXVWPHQW RI WKH ´67$57µ VZLWFK
7KH DFFHOHUDWRU RU 0RQRWURO SHGDO DFWXDWHV WKH VWDUW
VZLWFK WKURXJK WKH OHDI RI WKH VZLWFK 7KH ´VWDUWµ VZLWFK 7KH DFFHOHUDWRU SRWHQWLRPHWHU KDV D UDQJH RI 
SUHYHQWV WKH RSHUDWLRQ RI WKH OLIW WUXFN XQWLO WKH 652 FLU RKPV ,I \RX PXVW UHSODFH DQ DFFHOHUDWRU SRWHQWLRPHWHU
FXLW LV FRPSOHWH 7KH VWDUW VZLWFK PXVW EH DGMXVWHG VR PDNH VXUH \RX XVH WKH FRUUHFW SDUW QXPEHU 0DQ\ SRWHQ
WKDW WKH VZLWFK QRUPDOO\ FORVHG FRQWDFWV FORVH DV VRRQ DV WLRPHWHUV KDYH DSSUR[LPDWHO\ • PHFKDQLFDO URWD
WKH DFFHOHUDWRU RU 0RQRWURO SHGDO VWDUW WR PRYH 7KH DG WLRQ EXW WKH DFFHOHUDWRU SRWHQWLRPHWHU KDV DSSUR[L
MXVWPHQW RI WKH ´VWDUWµ VZLWFK PXVW EH FKHFNHG DIWHU WKH PDWHO\ • HOHFWULFDO URWDWLRQ 7KH DFFHOHUDWRU SRWHQWL
0RQRWURO SHGDO RU DFFHOHUDWRU SRVLWLRQ DGMXVWPHQW LV RPHWHU LV FRQQHFWHG WR WKH DFFHOHUDWRU SHGDO
FRUUHFW 6HH 0212752/ 3('$/ 25 $&&(/(5$
725 3('$/ $'-8670(17 RI WKLV VHFWLRQ WR DGMXVW 7KH VWDUW VZLWFK LV RQO\ XVHG RQ XQLWV ZLWKRXW D
WKH SHGDO SRVLWLRQ 0212752/ SHGDO 7KH VWDUW VZLWFK DQG DFFHOHUDWRU
SRWHQWLRPHWHU PXVW EH DGMXVWHG WRJHWKHU $GMXVW WKH DF
127( 7KH IROORZLQJ FKHFN FDQ 127 EH DFFXUDWH LI WKH FHOHUDWRU SRWHQWLRPHWHU DQG VWDUW VZLWFK DV VKRZQ LQ
0RQRWURO SHGDO RU DFFHOHUDWRU SRVLWLRQ VHQVRU DOVR QHHGV ),*85( 
DGMXVWPHQW ,I WKH SRVLWLRQ VHQVRU ZDV DOVR UHSODFHG RU
QHHGV DGMXVWPHQW DGMXVW WKH VWDUW VZLWFK WR PDNH VXUH LW
LV FRUUHFWO\ DGMXVWHG

&KHFN WKDW WKH VWDUW VZLWFK RSHUDWHV DV VRRQ DV WKH SHGDO

PRYHV RII WKH 83 VWRS OLIW WUXFN VWDUWV WR PRYH ,I LW
GRHVQ·W DGMXVW WKH VZLWFK 'LVFRQQHFW WKH EDWWHU\ DQG
UHPRYH WKH NH\ 5HPRYH WKH IORRU SODWHV ,I \RX FDQ·W
KHDU WKH VZLWFK RSHUDWH FKHFN WKH VZLWFK ZLWK DQ RKP
PHWHU 7HPSRUDULO\ GLVFRQQHFW WKH ZLUHV WR WKH VZLWFK
DQG FRQQHFW WKH RKPPHWHU EHWZHHQ WKH FRPPRQ &20
DQG QRUPDOO\ FORVHG 1& WHUPLQDOV DW WKH VZLWFK $
JRRG VZLWFK ZLOO LQGLFDWH OHVV WKDQ  RKPV EHWZHHQ WKH
WHUPLQDOV DV VRRQ DV WKH SHGDO PRYHV RII WKH VWRS

6HH ),*85(  7R DGMXVW WKH VWDUW VZLWFK WKH PRXQW



VFUHZV IRU WKH VZLWFK PXVW EH WLJKW HQRXJK WR KROG WKH  3('$/ 3$'
VZLWFK LQ SRVLWLRQ EXW ORRVH HQRXJK WR SHUPLW VZLWFK  )25:$5' ',5(&7,21 6:,7&+
PRYHPHQW 0RYH WKH VZLWFK VR WKDW WKH QRUPDOO\ RSHQ  &$3$&,725
 5(9(56( ',5(&7,21 6:,7&+
FRQWDFWV MXVW FORVH 7LJKWHQ WKH VZLWFK PRXQW VFUHZV  635,1*
ZLWKRXW PRYLQJ WKH VZLWFK &KHFN WKDW WKH QRUPDOO\
RSHQ 12 FRQWDFWV RI WKH VWDUW VZLWFK FORVH DV VRRQ DV ),*85(  0212752/ 3('$/


 
 PP
 LQ
6+,0

 
 PP
  LQ
 6+,0
% $
$ %

&
(;/ (;/
&

 $&&(/(5$725 0212752/ 3('$/ 

 635,1* 

 3,927 &$36&5(:  
 &5$1.
 327(17,20(7(5 +286,1*
 327(17,20(7(5 6+$)7
 67$57 6:,7&+
 3('$/ 6723

(;/ (;/
 5RWDWH WKH SRWHQWLRPHWHU KRXVLQJ WR WKH HQG RI  5RWDWH WKH SRWHQWLRPHWHU KRXVLQJ WR WKH HQG RI WKH
WKH PRXQW VORWV DV VKRZQ LQ WKH LOOXVWUDWLRQ 7LJKWHQ PRXQW VORWV DV VKRZQ LQ WKH LOOXVWUDWLRQ 7LJKWHQ WKH
WKH PRXQWLQJ VFUHZV PRXQWLQJ VFUHZV
 /RRVHQ WKH FUDQN RQ WKH VKDIW RI WKH DFFHOHUDWRU  /RRVHQ WKH FUDQN RQ WKH VKDIW RI WKH DFFHOHUDWRU
SRWHQWLRPHWHU 3XVK WKH DFFHOHUDWRU 0212752/ SRWHQWLRPHWHU 3XVK WKH DFFHOHUDWRU 0212752/
SHGDO GRZQ DQG LQVWDOO D  PP  LQ VKLP EH SHGDO GRZQ DQG LQVWDOO D  PP  LQ VKLP EH
WZHHQ WKH SHGDO DQG WKH PRXQW EUDFNHW VHH LOOXVWUD WZHHQ WKH SHGDO DQG WKH PRXQW EUDFNHW VHH LOOXVWUD
WLRQ $GMXVW WKH VKDIW RI WKH DFFHOHUDWRU SRWHQWLRPH WLRQ $GMXVW WKH VKDIW RI WKH DFFHOHUDWRU SRWHQWLRPH
WHU VR WKDW WKH UHVLVWDQFH EHWZHHQ WHUPLQDOV % DQG & WHU VR WKDW WKH YROWDJH EHWZHHQ WHUPLQDOV % DQG &
LV  WR  RKPV 5 [  VFDOH 7LJKWHQ WKH FUDQN GURSV EHORZ  YROWV MXVW DV WKH SHGDO FRQWDFWV WKH
RQ WKH SRWHQWLRPHWHU VKDIW DQG FKHFN WKH UHVLVWDQFH  PP  LQ VKLP 7LJKWHQ WKH FUDQN RQ WKH SRWHQ
DJDLQ WLRPHWHU VKDIW DQG FKHFN WKH YROWDJH DJDLQ
 /RRVHQ WKH EROW WKDW KROGV WKH SHGDO VWRS 5DLVH  $GMXVW WKH SRVLWLRQ RI WKH VWDUW VZLWFK  VR WKDW
WKH SHGDO WR WKH SHGDO VWRS ,QVWDOO D  PP  ZKLOH VORZO\ GHSUHVVLQJ WKH SHGDO WKH QRUPDOO\ RSHQ
LQ VKLP EHWZHHQ WKH SHGDO DQG WKH SHGDO VWRS $G FLUFXLW ´RSHQVµ ZKHQ WKH YROWDJH EHWZHHQ WHUPLQDOV
MXVW WKH SHGDO VWRS VR WKDW WKH UHVLVWDQFH EHWZHHQ % DQG & LV  WR  YROWV ,I WKH VZLWFK DGMXVWPHQW
WHUPLQDOV % DQG & LV  WR  RKPV 5 [  UDQJH GRHV QRW SHUPLW WKLV DGMXVWPHQW UHSHDW VWHS 
VFDOH 7LJKWHQ WKH EROW WKDW KROGV WKH SHGDO VWRS DQG
FKHFN WKH UHVLVWDQFH DJDLQ  5RWDWH WKH SHGDO VWRS  XQWLO WKHUH LV D  WR  PP
 WR  LQ JDS EHWZHHQ WKH SHGDO DQG WKH SHG
 $GMXVW WKH SRVLWLRQ RI WKH 67$57 VZLWFK  VR DO VWRS ZKHQ WKH VZLWFK  QRUPDOO\ RSHQ FLUFXLW
WKDW LW ZLOO DFWXDWH ZKHQ WKH  PP  LQ VKLP LV ´RSHQVµ ,I WKH SHGDO VWRS DGMXVWPHQW UDQJH GRHV QRW
LQ SRVLWLRQ EHWZHHQ WKH SHGDO DQG WKH SHGDO VWRS SHUPLW WKLV DGMXVWPHQW UHSHDW VWHSV  DQG 

),*85(  $&&(/(5$725 327(17,20(7(5 $1' 67$57 6:,7&+ $'-8670(17

(;/ (;/


'LUHFWLRQ 6ZLWFKHV 0212752/ $'-867 7+( %5$.( /,*+7 6:,7&+
6HH ),*85(  6HH ),*85( 

7KHUH LV D VPDOO GLUHFWLRQ VZLWFK XQGHU HDFK SDG RI WKH &KHFN WKH EUDNH OLJKW VZLWFK E\ FKHFNLQJ WKDW WKH EUDNH
0212752/ SHGDO 6HH ),*85(  (DFK VZLWFK OLJKWV FRPH RQ ZKHQ WKH EUDNH SHGDO LV GHSUHVVHG $G
FRQWUROV RQH GLUHFWLRQ $ FDSDFLWRU LV LQ SDUDOOHO ZLWK MXVW WKH VZLWFK E\ ILUVW GLVFRQQHFWLQJ WKH EDWWHU\ DQG UH
HDFK GLUHFWLRQ VZLWFK WR GHFUHDVH DUFV DW WKH VZLWFK FRQ PRYLQJ WKH NH\ 5HPRYH WKH IORRU SODWHV 7KH EUDNH
WDFWV ,I ERWK VLGHV RI WKH 0212752/ SHGDO DUH SXVKHG OLJKW VZLWFK LV EHWZHHQ WKH SHGDO DUP DQG WKH PRXQW IRU
DW WKH VDPH WLPH WKH GLUHFWLRQ FLUFXLW LV GHHQHUJL]HG DQG WKH EUDNH SHGDO 0DNH VXUH WKH EUDNH SHGDO KHLJKW LV FRU
WKH OLIW WUXFN ZLOO QRW PRYH 7KH FRQWDFWV RI WKH WZR GL UHFWO\ DGMXVWHG DV VKRZQ LQ ),*85(  ,I WKH SHGDO DG
UHFWLRQ VZLWFKHV DUH LQ D VHULHV DQG SDUDOOHO DUUDQJHPHQW MXVWPHQW LV QRW FRUUHFW DGMXVW WKH SHGDO KHLJKW DQG PDV
VR WKDW ERWK GLUHFWLRQ FRQWDFWRUV FDQ QRW EH HQHUJL]HG DW WHU F\OLQGHU SXVK URG DV GHVFULEHG LQ 7+( %5$.(
WKH VDPH WLPH 6<67(0 IRU \RXU XQLW
$IWHU WKH SHGDO DQG SXVK URG DUH FRUUHFWO\ DGMXVWHG ORRV
(DFK GLUHFWLRQ VZLWFK PXVW EH DGMXVWHG VR WKDW RQH VHW RI HQ WKH VFUHZV DQG QXWV WKDW IDVWHQ WKH VZLWFK WR WKH SODWH
VZLWFK FRQWDFWV DUH FORVHG ZKHQ WKH SHGDO SDG LV DW HDFK ,QVWDOO D  WR  PP  WR  LQ VKLP EHWZHHQ
SRVLWLRQ RI LWV WUDYHO 7KH SHGDO SDG PXVW EH UHPRYHG WKH DGMXVWPHQW VFUHZ IRU WKH SHGDO VWRS DQG WKH VWRS VXU
IURP WKH SHGDO DVVHPEO\ WR PDNH DGMXVWPHQWV (DFK IDFH 0RYH WKH EUDNH OLJKW VZLWFK VR WKDW WKH VZLWFK RS
VZLWFK LV QRUPDOO\ DGMXVWHG VR WKDW WKH ERG\ RI WKH HUDWHV IURP WKH QRUPDOO\ RSHQ SRVLWLRQ WR WKH FORVHG
VZLWFK LV HYHQ ZLWK WKH VWRS RQ WKH SHGDO SDG SRVLWLRQ 7LJKWHQ WKH VZLWFK PRXQW VFUHZV DQG QXWV WR 
WR  1P  WR  OEI LQ ZLWKRXW PRYLQJ WKH VZLWFK
5HPRYH WKH VKLP DQG FKHFN WKDW WKH VZLWFK RSHUDWHV FRU
UHFWO\
 %5$.( 3('$/  ,I \RX FDQ QRW KHDU WKH VZLWFK RSHUDWH FKHFN WKH VZLWFK
 %5$.( /,*+7 ZLWK DQ RKPPHWHU 6HSDUDWH WKH FRQQHFWRU DQG FRQQHFW
6:,7&+
 6:,7&+ $&78$725 WKH RKPPHWHU EHWZHHQ WKH FRPPRQ &20 DQG QRU
 )/2253/$7( PDOO\ FORVHG 1& WHUPLQDOV DW WKH VZLWFK $ JRRG
 $'-8670(17 VZLWFK ZLOO LQGLFDWH OHVV WKDQ  RKPV EHWZHHQ WKH WHU
6&5(: $1' -$0  PLQDOV DV VRRQ DV WKH SHGDO PRYHV RII WKH VWRS &RQQHFW
187
 ,167$// 6+,0 +(5( WKH VZLWFK FRQQHFWRU DIWHU WKH VZLWFK RSHUDWLRQ LV FRUUHFW
 DQG LQVWDOO WKH IORRU SODWHV

 &+(&. 6($7 6:,7&+

 127( 7KHUH LV QR DGMXVWPHQW IRU WKH VHDW VZLWFK OR
 WR  PP FDWHG LQ WKH FXVKLRQ RI WKH RSHUDWRU VHDW &KHFN WKDW WKH
 WR  LQ (6(5,(6 VHDW VZLWFK LV JRRG &KHFN DV IROORZV  VLW RQ WKH VHDW
 PP  LQ -6(5,(6  WXUQ WKH NH\ WR WKH 67$57 DQG 21 SRVLWLRQV DQG 
 GHSUHVV WKH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO ,I WKH
VHDW VZLWFK LV EDG WKH OLIW WUXFN ZLOO QRW RSHUDWH 5HSODFH
 WKH VHDW VZLWFK 6HH 5(3/$&(0(17 RI WKLV VHFWLRQ

$'-867 7+( 6:,7&+ )25 237,21$/



6($7 %5$.( 6HH ),*85( 
127( (;0;0 DQG 1;0+;0+ &KHFN WKH RSHUDWLRQ RI WKH VZLWFK IRU WKH RSWLRQDO VHDW
PRGHOV VKRZQ -;0;0 PRGHOV VLPLODU
EUDNH E\ OHDYLQJ WKH SDUNLQJ EUDNH 2)) PRYLQJ WKH
),*85(  %5$.( /,*+7 6:,7&+ NH\ WR WKH 21 SRVLWLRQ DQG JHWWLQJ RII WKH VHDW ,I DODUP
PDNHV D QRLVH WKH VZLWFK LV RSHUDWLQJ FRUUHFWO\


7KLV VZLWFK LV ORFDWHG QHDU WKH ERWWRP RI WKH OLQNDJH WKDW ',5(&7,21 6:,7&+(6
RSHUDWHV WKH VHDW EUDNH 6HH ),*85(  0DNH VXUH WKH 67((5,1* &2/801 6HH ),*85( 
VHDW EUDNH OLQNDJH LV FRUUHFWO\ DGMXVWHG DV GHVFULEHG LQ
7+( )5$0( VHFWLRQ IRU \RXU XQLW 5HPRYH WKH FRYHU 7KH FRQWUROOHU LQFOXGHV ORJLF FLUFXLWV IRU DQ RSWLRQDO
RYHU WKH OLQNDJH XQGHU WKH VHDW /RRVHQ WKH PRXQW GLUHFWLRQ FRQWURO RQ WKH VWHHULQJ FROXPQ 6HH
VFUHZV IRU WKH VZLWFK $GMXVW WKH VZLWFK VR WKH VZLWFK ),*85(  7KH )RUZDUG DQG 5HYHUVH VZLWFKHV FRP
OHDI LV DFWXDWHG HDFK WLPH WKH OLQNDJH OHYHU FRQWDFWV WKH SOHWH WKH FLUFXLW IRU WKH FRQWUROOHU FDUG WR HQHUJL]H WKH
EDWWHU\ FRPSDUWPHQW 7LJKWHQ WKH PRXQW VFUHZV ZLWKRXW )RUZDUG RU 5HYHUVH FRQWDFWRUV
PRYLQJ WKH VZLWFK &KHFN WKDW WKH VZLWFK RSHUDWHV FRU
UHFWO\ DIWHU WKH VFUHZV DUH WLJKW ,QVWDOO WKH FRYHU RYHU WKH &KHFN WKDW WKH GLUHFWLRQ VZLWFKHV RSHUDWH FRUUHFWO\ E\
OLQNDJH RSHUDWLQJ WKH OLIW WUXFN LQ WKH IRUZDUG DQG UHYHUVH GLUHF
WLRQV ,I WKH OLIW WUXFN RSHUDWHV FRUUHFWO\ WKH VZLWFKHV DUH
JRRG 6HH 5(3/$&(0(17 WR UHSODFH EDG GLUHFWLRQ
$'-867 7+( 3$5.,1* %5$.( 6:,7&+ VZLWFKHV 7KHUH LV QR DGMXVWPHQW IRU WKHVH VZLWFKHV
6HH ),*85( 
+<'5$8/,& 3803 6:,7&+(6
&KHFN WKH RSHUDWLRQ RI WKH VZLWFK IRU WKH SDUNLQJ EUDNH
E\ DSSO\LQJ WKH SDUNLQJ EUDNH ZLWK WKH NH\ LQ WKH 21 6HH WKH VHFWLRQ 7+( 0$,1 &21752/ 9$/9( IRU
SRVLWLRQ 7KH LQGLFDWRU RQ WKH GLVSOD\ SDQHO ZLOO EH 21 \RXU OLIW WUXFN WR UHSODFH DQG DGMXVW WKHVH VZLWFKHV
LI WKH VZLWFK LV JRRG DQG FRUUHFWO\ DGMXVWHG
0212752/ 3('$/ 25 $&&(/(5$725
7KH SDUNLQJ EUDNH VZLWFK LV IDVWHQHG QHDU WKH OLQNDJH IRU 3('$/ $'-8670(17 6HH ),*85( 
DSSO\LQJ WKH SDUNLQJ EUDNH 7KH VZLWFK PXVW EH DGMXVWHG
VR WKDW LW LV FORVHG ZKHQ WKH SDUNLQJ EUDNH LV DSSOLHG 7KH ,I WKH XQLW KDV D 0RQRWURO SHGDO WKHUH DUH GLUHFWLRQ
SDUNLQJ EUDNH PXVW DOVR EH FRUUHFWO\ DGMXVWHG EHIRUH WKH VZLWFKHV WKDW PXVW EH FRUUHFWO\ DGMXVWHG 7KHUH LV DOVR D
VZLWFK LV DGMXVWHG 6HH 7+( %5$.( 6<67(0 IRU VWDUW VZLWFK IRU HLWKHU WKH 0RQRWURO SHGDO RU DFFHOHUDWRU
\RXU XQLW WR DGMXVW WKH SDUNLQJ EUDNH OLQNDJH SHGDO 7KHUH LV DOVR DQ DFFHOHUDWRU SRVLWLRQ VHQVRU IRU HL
WKHU SHGDO $GMXVW WKH SHGDO PRYHPHQW LQ WKLV SURFHGXUH
',5(&7,21 6:,7&+(6 EHIRUH DGMXVWLQJ WKH VZLWFKHV 6HH 6WDUW 6ZLWFK DQG $F
0212752/ 3('$/ 6HH ),*85(  FHOHUDWRU 3RVLWLRQ 6HQVRU RI WKLV VHFWLRQ WR DGMXVW WKHVH
SDUWV

&KHFN WKDW WKH GLUHFWLRQ VZLWFKHV RSHUDWH FRUUHFWO\ E\ 7KH PRYHPHQW RI WKH 0RQRWURO SHGDO RU DFFHOHUDWRU
RSHUDWLQJ WKH OLIW WUXFN LQ WKH IRUZDUG DQG UHYHUVH GLUHF SHGDO PXVW EH FRUUHFWO\ DGMXVWHG EHIRUH WKH VWDUW VZLWFK
WLRQV ,I WKH OLIW WUXFN RSHUDWHV FRUUHFWO\ WKH VZLWFKHV DUH RU DFFHOHUDWRU SRVLWLRQ VHQVRU LV DGMXVWHG 7KH IORRU
JRRG DQG FRUUHFWO\ DGMXVWHG 7KH SHGDO DVVHPEO\ PXVW SODWH PXVW EH LQ SRVLWLRQ WR FKHFN RU DGMXVW WKH SHGDO
EH GLVDVVHPEOHG WR DGMXVW WKH VZLWFKHV 6HH 5(3/$&( PRYHPHQW 3XVK WKH SHGDO GRZQ &KHFN WKDW WKH SHGDO
0(17 WR UHPRYH DQG GLVDVVHPEOH WKH SHGDO DVVHPEO\ DUP LV DJDLQVW WKH GRZQ VWRS ZKHQ WKH SHGDO LV ZLWKLQ 
PP  LQ RI WKH IORRU SODWH ,I DGMXVWPHQW LV QHFHV
(DFK GLUHFWLRQ VZLWFK PXVW EH DGMXVWHG VR WKDW RQH VHW RI VDU\ ORRVHQ WKH EROWV WKDW IDVWHQ WKH SHGDO PRXQW SODWH WR
VZLWFK FRQWDFWV DUH FORVHG ZKHQ WKH SHGDO SDG LV DW HDFK WKH IUDPH 6HH ),*85(  7KH EROWV PXVW EH WLJKW
SRVLWLRQ RI LWV WUDYHO 7KH SHGDO SDG PXVW EH UHPRYHG HQRXJK WR KROG WKH SRVLWLRQ EXW ORRVH HQRXJK WR SHUPLW
IURP WKH SHGDO DVVHPEO\ WR PDNH DGMXVWPHQWV 0RYH SODWH PRYHPHQW 0RYH WKH SODWH WR WKH PD[LPXP 83
HDFK VZLWFK VR WKDW WKH ERG\ RI WKH VZLWFK LV HYHQ RU SRVLWLRQ DQG LQVWDOO WKH IORRU SODWH 6ORZO\ SXVK GRZQ RQ
ZLWKLQ  PP  LQ RI WKH VZLWFK PRXQW RI WKH WKH SHGDO XQWLO LW WRXFKHV WKH GRZQ VWRS &RQWLQXH WR
SHGDO SDG 3XW /RFWLWHÇ  RQ WKH VFUHZV IRU WKH SXVK WKH SHGDO GRZQ WR PRYH WKH SODWH XQWLO WKH SHGDO LV
VZLWFKHV DQG WLJKWHQ WKH QXWV DIWHU HDFK VZLWFK LV DG ZLWKLQ  PP  LQ RI WKH IORRUSODWH 6HH
MXVWHG $VVHPEOH DQG LQVWDOO WKH SHGDO DVVHPEO\ DV GH ),*85(  7LJKWHQ WKH EROWV ZLWKRXW FKDQJLQJ WKH
VFULEHG LQ 5(3/$&(0(17 SODWH SRVLWLRQ &KHFN WKDW WKH DGMXVWPHQW LV VWLOO FRUUHFW


$'-867 7+( $&&(/(5$725   
326,7,21 6(1625
6HH ),*85(  DQG ),*85( 

&$87,21
7KH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO PRYHPHQW
DQG VWDUW VZLWFK 0867 EH DGMXVWHG EHIRUH DGMXVWLQJ
WKH DFFHOHUDWRU SRVLWLRQ VHQVRU 6HH 0RQRWURO 3HGDO
2U $FFHOHUDWRU 3HGDO $GMXVWPHQW RI WKLV VHFWLRQ WR
DGMXVW WKH SHGDO PRYHPHQW 6HH $GMXVWLQJ 6WDUW
6ZLWFK RI WKLV VHFWLRQ WR DGMXVW WKH VWDUW VZLWFK

127( 7KH IORRUSODWHV PXVW EH LQVWDOOHG WR FKHFN WKH

PD[LPXP VSHHG DGMXVWPHQW RI WKH DFFHOHUDWRU SRVLWLRQ
VHQVRU

:KHQ WKH SRVLWLRQ RI WKH 0RQRWURO SHGDO RU DFFHOHUDWRU

SHGDO DQG WKH VWDUW VZLWFK DGMXVWPHQWV DUH FRUUHFWO\ DG


MXVWHG DGMXVW WKH DFFHOHUDWRU SRVLWLRQ VHQVRU DV IROORZV  7(50,1$/ 7% 2) 75$&7,21 &21752/
&$5' 0(7(5 
 75$&7,21 &$3$&,725 & /,)7
 5DLVH WKH GULYH WLUHV DV GHVFULEHG LQ WKH 23(5$7
&$3$&,725 127 6+2:1
,1* 0$18$/ RU WKH 3(5,2',& 0$,17(1$1&(  %$77(5< 1(*$7,9( 0(7(5 
VHFWLRQ
),*85(  92/7 0(7(5 &211(&7,21
32,176 21 6&5 02725 &21752//(56
:$51,1*
2Q 6&5 XQLWV GR QRW WRXFK WKH WHUPLQDOV RI FDSDFL
WRU & RI WKH WUDFWLRQ RU OLIW PRWRU FRQWUROOHUV 7KH
 7KH FRUUHFW YROW PHWHU UHDGLQJ LV  YROWV RU PRUH ,I
FKDUJH RQ WKH FDSDFLWRUV FDQ FDXVH HOHFWULFDO VKRFN
WKH YROWDJH UHDGLQJ LV WRR ORZ UHPRYH WKH WRS IORRU SODWH
DQG SHUVRQDO LQMXU\ 'LVFRQQHFW WKH EDWWHU\ DQG XVH
DQG DGMXVW WKH PRXQW SODWH IRU WKH SRVLWLRQ VHQVRU 0RYH
DQ LQVXODWHG VFUHZGULYHU RU MXPSHU ZLUH WR GLV
WKH SODWH WR D SRVLWLRQ IRU WKH FRUUHFW YROWDJH 5HSHDW
FKDUJH WKH FDSDFLWRUV EHIRUH FRQQHFWLQJ WKH YROW PH
6WHS  DQG 6WHS  XQWLO WKH YROWDJH LV FRUUHFW DIWHU WKH
WHU OHDGV 0DNH D VKRUWFLUFXLW DFURVV WKH FDSDFLWRU
VFUHZV KDYH EHHQ WLJKWHQHG ZLWK WKH PRXQW SODWH LQ WKH
WHUPLQDOV WR GLVFKDUJH HDFK FDSDFLWRU DQG SUHYHQW
FRUUHFW SRVLWLRQ
HOHFWULFDO VKRFNV
 ,QVWDOO WKH IORRU SODWH DQG VLW LQ WKH VHDW RU SXW D ZHLJKW
 5HPRYH WKH FRYHU IURP WKH FRXQWHUZHLJKW IRU DFFHVV LQ WKH VHDW WR FORVH WKH VHDW VZLWFK RU WKH VZLWFK RI WKH
WR WKH WUDFWLRQ FRQWURO FDUG VHDW EUDNH 7XUQ WKH NH\ WR WKH 67$57 DQG 21 SRVLWLRQ
'HSUHVV WKH 0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO WR WKH
 &RQQHFW D YROW PHWHU EHWZHHQ WKH 7% WHUPLQDO  RI IORRU SODWH 7KH FRUUHFW YROW PHWHU UHDGLQJ LV  YROW RU
WKH WUDFWLRQ FRQWURO FDUG DQG D EDWWHU\ QHJDWLYH  6HH PRUH ,I WKH YROWDJH UHDGLQJ LV WRR ORZ UHPRYH WKH WRS
),*85(  &RQQHFW WKH EDWWHU\ DIWHU WKH YROW PHWHU LV IORRU SODWH DQG DGMXVW WKH SRVLWLRQ VHQVRU RQ WKH PRXQW
FRQQHFWHG SODWH IRU  YROW &KHFN WKDW WKH YROWDJH RI 6WHS  LV FRU
UHFW 5HSHDW 6WHSV  WKURXJK  XQWLO ERWK YROWDJHV 6WHS 
 6LW LQ WKH VHDW RU SXW D ZHLJKW LQ WKH VHDW WR FORVH WKH DQG  DUH FRUUHFW
VHDW VZLWFK RU WKH VZLWFK RI WKH VHDW EUDNH 7XUQ WKH NH\
WR WKH 67$57 DQG 21 SRVLWLRQ 'R 127 GHSUHVV WKH  ,QVWDOO WKH IORRU SODWH UHPRYH WKH YROW PHWHU DQG ORZHU
0RQRWURO SHGDO RU DFFHOHUDWRU SHGDO WKH OLIW WUXFN RII WKH EORFNV


127(6