Documentos de Académico
Documentos de Profesional
Documentos de Cultura
dmc-gx8 Adv en Om
dmc-gx8 Adv en Om
IRUDGYDQFHGIHDWXUHV
'LJLWDO&DPHUD
0RGHO1R '0&*;
3OHDVHUHDGWKHVHLQVWUXFWLRQVFDUHIXOO\EHIRUHXVLQJWKLVSURGXFW
DQGVDYHWKLVPDQXDOIRUIXWXUHXVH
0HVVDJH'LVSOD\ 3
7URXEOHVKRRWLQJ 3
)LQGLQJWKHLQIRUPDWLRQ\RXQHHG 3
&RQWHQWV 3
&RQWHQWVE\)XQFWLRQ 3
0HQXOLVW 3
5HJLVWHURQOLQHDWKWWSVKRSSDQDVRQLFFRPVXSSRUW 64:
86FXVWRPHUVRQO\ )<'
)LQGLQJWKHLQIRUPDWLRQ\RXQHHG
,QWKLV³2ZQHU¶V0DQXDOIRUDGYDQFHGIHDWXUHV´\RXFDQILQGWKHLQIRUPDWLRQ\RXQHHG
IURPWKHIROORZLQJSDJHV
%\FOLFNLQJDSDJHQXPEHU\RXFDQMXPSWRWKHOLQNHGSDJHDQGTXLFNO\ILQGWKH
LQIRUPDWLRQ
6HDUFKIURP³&RQWHQWV´
3
&OLFNWKLVLFRQWRMXPSWR³&RQWHQWV´
6HDUFKIURPWKHOLVWRIIXQFWLRQQDPHV 3
6HDUFKIURPWKHOLVWRIEXWWRQVDQGGLDOV 3
6HDUFKIURPWKHOLVWRIVFUHHQVDQGLFRQV 3
6HDUFKIURP³0HVVDJH'LVSOD\´ 3
6HDUFKIURP³0HQXOLVW´
3
&OLFNWKLVLFRQWRMXPSWR³0HQXOLVW´
6HDUFKIURP³7URXEOHVKRRWLQJ´ 3
&OLFNWKLVLFRQWRMXPSWR³)LQGLQJWKHLQIRUPDWLRQ\RXQHHG´
&OLFNWKLVLFRQWRUHWXUQWRWKHSUHYLRXVO\GLVSOD\HGSDJH
)RUGHWDLOVRQKRZWRXVHWKLVPDQXDOVHHWKHQH[WSDJH 3
:L)LIXQFWLRQ1)&IXQFWLRQ 3
+RZWRXVHWKLVPDQXDO
$ERXWWKHLQGLFDWLRQRIWKHDSSOLFDEOHPRGH
$SSOLFDEOHPRGHV
7KHLFRQVLQGLFDWHWKHPRGHVDYDLODEOHIRUDIXQFWLRQ
%ODFNLFRQV $SSOLFDEOHPRGHV
*UD\LFRQV 8QDYDLODEOHPRGHV
DQG ZLOOGLIIHUGHSHQGLQJRQWKH5HFRUGLQJ0RGHVUHJLVWHUHGXQGHUFXVWRP
VHWWLQJV
&OLFNDFURVVUHIHUHQFHLQWKHWH[WWRMXPSWRWKHFRUUHVSRQGLQJSDJH
%\HQWHULQJNH\ZRUGVLQWKHVHDUFKILHOGDWWKHWRSRIWKH$GREH5HDGHUVFUHHQ\RXFDQUXQD
NH\ZRUGVHDUFKDQGMXPSWRWKHFRUUHVSRQGLQJSDJH
2SHUDWLRQVDQGRWKHUGHWDLOVRIWKLVPDQXDOPD\YDU\GHSHQGLQJRQWKH$GREH5HDGHUYHUVLRQ
\RXDUHXVLQJ
w $ERXWWKHV\PEROVLQWKHWH[W
MENU ,QGLFDWHVWKDWWKHPHQXFDQEHVHWE\SUHVVLQJ>0(186(7@EXWWRQ
Wi-Fi ,QGLFDWHVWKDWWKH:L)LVHWWLQJFDQEHPDGHE\SUHVVLQJ>:L)L@EXWWRQ
&RQILJXUDWLRQVWKDWFDQEHSHUIRUPHGLQWKH>&XVWRP@PHQX
7LSVIRUVNLOOIXOXVHDQGSRLQWVIRUUHFRUGLQJ
&RQGLWLRQVLQZKLFKDSDUWLFXODUIXQFWLRQFDQQRWEHXVHG
&RQWLQXHGWRQH[WSDJH
,QWKLVRZQHU¶VPDQXDOVWHSVIRUVHWWLQJDPHQXLWHPDUHGHVFULEHGDVIROORZV
([DPSOH,QWKH>5HF@PHQXFKDQJH>4XDOLW\@IURP>A@WR>›@
MENU >5HF@>4XDOLW\@>›@
'HVFULSWLRQLQWKLVRZQHU¶VPDQXDOLVEDVHGRQWKHLQWHUFKDQJHDEOHOHQV+)6
4XLFN6WDUW*XLGH
,I\RXZDQWWRVWDUWWDNLQJSLFWXUHVQRZUHIHUWRWKHVWHSVIRUXVLQJWKH,QWHOOLJHQW$XWR
0RGHDVDJXLGH,Q,QWHOOLJHQW$XWR0RGH\RXFDQOHDYHWKHVHWWLQJVWRWKHFDPHUDDQG
WDNHSLFWXUHVHDVLO\
$WWDFKWKHVKRXOGHU
6WUDS3
$WWDFKWKHRWKHUVLGHRIWKH
VKRXOGHUVWUDS
&KDUJHWKHEDWWHU\3
3OXJLQW\SH
,QOHWW\SH
$WWDFKWKHOHQV3
7RDWWDFKWKHOHQVDOLJQWKHOHQVILWWLQJ
PDUNVDQGURWDWHWKHOHQVLQWKH
GLUHFWLRQRIWKHDUURZ
2SHQWKHPRQLWRU3
+ROGWKHPRQLWRUWRRSHQLWURWDWHLW
QWRWKHOHQVVLGHDQGUHWXUQLWWR
LWVRULJLQDOSRVLWLRQ
7XUQWKHFDPHUDRQDQGVHWWKHFORFN
3
6HWWKHPRGHGLDOWR>¦@3
7KHVHWWLQJVRIWKHPDLQIXQFWLRQVDUHDGMXVWHG
DXWRPDWLFDOO\
3UHVVWKHVKXWWHUEXWWRQKDOIZD\
WRIRFXV
)RFXVLQGLFDWLRQ
2QFHWKHVXEMHFWLVLQIRFXVWKHIRFXV
LQGLFDWLRQLVGLVSOD\HG
3UHVVWKHVKXWWHUEXWWRQIXOO\ 3.5 60
SXVKLWLQIXUWKHUDQGWDNHWKH
SLFWXUH3
&KHFNWKHSLFWXUH\RXKDYHWDNHQ 1/98
7KH>$XWR5HYLHZ@IXQFWLRQGLVSOD\VWKHSLFWXUH\RX
KDYHMXVWWDNHQ3
7RGLVSOD\WKHSLFWXUHLQ3OD\EDFN0RGHSUHVV>(@
3
&RQWHQWV
)LQGLQJWKHLQIRUPDWLRQ\RXQHHG
+RZWRXVHWKLVPDQXDO
4XLFN6WDUW*XLGH
&RQWHQWVE\)XQFWLRQ
%HIRUH8VH
&DUHRIWKHFDPHUD
6WDQGDUG$FFHVVRULHV
1DPHVDQG)XQFWLRQVRI&RPSRQHQWV
$ERXWWKH/HQV
&DUGV&RPSDWLEOHZLWKWKLVXQLW
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$WWDFKLQJWKH6KRXOGHU6WUDS
&KDUJLQJWKH%DWWHU\
&KDUJLQJ
$SSUR[LPDWHRSHUDWLQJWLPHDQGQXPEHURIUHFRUGDEOHSLFWXUHV
,QVHUWLQJDQG5HPRYLQJWKH&DUGRSWLRQDOWKH%DWWHU\
$ERXWWKH&DUG
)RUPDWWLQJWKHFDUGLQLWLDOL]DWLRQ
$SSUR[LPDWHQXPEHURIUHFRUGDEOHSLFWXUHVDQGDYDLODEOHUHFRUGLQJWLPH
$WWDFKLQJ5HPRYLQJWKH/HQV
2SHQLQJWKH0RQLWRU$GMXVWLQJWKH0RQLWRU
6HWWLQJ'DWH7LPH&ORFN6HW
5HDGMXVWLQJWKHFORFN
%DVLF2SHUDWLRQV
7LSVIRUWDNLQJJRRGSLFWXUHV
8VLQJWKH9LHZILQGHU
6KXWWHUEXWWRQ7DNLQJSLFWXUHV
0RWLRQSLFWXUHEXWWRQ5HFRUGLQJPRWLRQSLFWXUHV
0RGHGLDO6HOHFWLQJD5HFRUGLQJ0RGH
)URQW'LDO5HDU'LDO
&XUVRUEXWWRQV>0(186(7@EXWWRQ
>',63@EXWWRQ6ZLWFKLQJWKHGLVSOD\HGLQIRUPDWLRQ
7RXFKVFUHHQ7RXFKRSHUDWLRQV
7DNLQJ3LFWXUHV8VLQJWKH7RXFK)XQFWLRQ
6HWWLQJPHQXLWHPV
&DOOLQJIUHTXHQWO\XVHGPHQXVLQVWDQWO\4XLFN0HQX
&XVWRPL]LQJWKH4XLFN0HQXVHWWLQJV
$VVLJQLQJIUHTXHQWO\XVHGIXQFWLRQVWRWKHEXWWRQVIXQFWLRQEXWWRQV
&RQILJXULQJEDVLFVHWWLQJVRIWKLVXQLW6HWXS0HQX
(QWHULQJ7H[W
5HFRUGLQJ0RGHV
7DNLQJ3LFWXUHVXVLQJWKH$XWRPDWLF)XQFWLRQ,QWHOOLJHQW$XWR0RGH
5HFRUGLQJQLJKWVFHQHV>L+DQGKHOG 1LJKW 6KRW@
&RPELQLQJSLFWXUHVLQWRDVLQJOHSLFWXUHZLWKULFKJUDGDWLRQ>L+'5@
7DNLQJDSLFWXUHZLWKDEOXUUHGEDFNJURXQG'HIRFXV&RQWURO
5HFRUGLQJLPDJHVE\FKDQJLQJWKHEULJKWQHVV([SRVXUHRUFRORUWRQH
$ERXW,QWHOOLJHQW$XWR3OXV0RGHDQG,QWHOOLJHQW$XWR0RGH
7DNLQJ3LFWXUHVZLWK$XWRPDWLFDOO\$GMXVWHG$SHUWXUHDQG6KXWWHU6SHHG
3URJUDP$(0RGH
7DNLQJ3LFWXUHVE\6SHFLI\LQJWKH$SHUWXUH6KXWWHU6SHHG
$SHUWXUH3ULRULW\$(0RGH
6KXWWHU3ULRULW\$(0RGH
0DQXDO([SRVXUH0RGH
&RQILUPWKH(IIHFWVRI$SHUWXUHDQG6KXWWHU6SHHG3UHYLHZ0RGH
(DVLO\VHWDSHUWXUHVKXWWHUVSHHGIRUVXLWDEOHH[SRVXUH2QH3XVK$(
7DNLQJSDQRUDPDSLFWXUHV3DQRUDPD6KRW0RGH
7DNLQJ3LFWXUHVZLWKGLIIHUHQWLPDJHHIIHFWV&UHDWLYH&RQWURO0RGH
5HFRUGLQJPRWLRQSLFWXUHVZLWKPDQXDOO\VHWDSHUWXUHYDOXHVKXWWHUVSHHG
&UHDWLYH9LGHR0RGH
0LQLPL]LQJRSHUDWLRQDOVRXQGVGXULQJPRWLRQSLFWXUHUHFRUGLQJ
5HJLVWHULQJ\RXUSUHIHUUHGVHWWLQJV&XVWRP0RGH
5HJLVWHULQJ3HUVRQDO0HQX6HWWLQJV5HJLVWHULQJFXVWRPVHWWLQJV
5HFRUGLQJXVLQJUHJLVWHUHGFXVWRPVHW
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
$GMXVWLQJWKH3LFWXUH4XDOLW\E\$GGLQJDQ(IIHFW>3KRWR6W\OH@
5HFRUGLQJ,PDJHVZLWK,PDJH(IIHFWV>)LOWHU6HWWLQJV@
$GMXVWLQJ%ULJKW'DUN3RUWLRQV>+LJKOLJKW6KDGRZ@
$GMXVWLQJWKH:KLWH%DODQFH
6HWWLQJWKH3LFWXUH4XDOLW\DQG6L]H
6HWWLQJWKHDVSHFWUDWLRRISLFWXUHV
6HWWLQJWKHQXPEHURISL[HOV
6HWWLQJWKHFRPSUHVVLRQUDWHRISLFWXUHV>4XDOLW\@
8VLQJ,PDJH&RUUHFWLRQ)XQFWLRQV
&RPSHQVDWLQJWKHFRQWUDVWDQGH[SRVXUH>L'\QDPLF@
5DLVLQJWKHUHVROXWLRQ>L5HVROXWLRQ@
&RPELQLQJSLFWXUHVZLWKGLIIHUHQWH[SRVXUHV>+'5@
5HGXFLQJWKHORQJVKXWWHUQRLVH>/RQJ6KWU15@
&RUUHFWLQJWKHEULJKWQHVVRQWKHVFUHHQSHULSKHU\>6KDGLQJ&RPS@
5DLVLQJWKHUHVROXWLRQZKHQWKHDSHUWXUHLVFORVHG
>'LIIUDFWLRQ&RPSHQVDWLRQ@
6HWWLQJWKHFRORUVSDFH>&RORU6SDFH@
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
$GMXVWLQJ)RFXV$XWRPDWLFDOO\
6HOHFWLQJWKH)RFXV0RGH$)6$))$)&
6HOHFWLQJWKH$XWR)RFXV0RGH
6HWWLQJXSSRVLWLRQRIWKH$)DUHDFKDQJLQJVL]HRIWKH$)DUHD
6HWWLQJWKH$)DUHDSRVLWLRQZLWKWKH7RXFK3DG
2SWLPL]LQJWKHIRFXVDQGEULJKWQHVVIRUDWRXFKHGSRVLWLRQ
6HWWLQJWKHGHVLUHGIRFXVPHWKRG
$GMXVWLQJ)RFXV0DQXDOO\
)L[LQJWKH)RFXVDQGWKH([SRVXUH$)$(/RFN
&RPSHQVDWLQJWKH([SRVXUH
6HWWLQJWKH/LJKW6HQVLWLYLW\
6HWWLQJWKHXSSHUOLPLWRQ,62VHQVLWLYLW\
6HWWLQJWKHVWHSLQFUHPHQWRI,62VHQVLWLYLW\
([WHQGLQJ,62VHQVLWLYLW\
6HWWLQJWKH0HWHULQJ0RGH
6KXWWHUDQG'ULYH6HWWLQJV
6HWWLQJWKH6KXWWHU7\SH>(OHFWURQLF6KXWWHU@
0LQLPL]LQJYLEUDWLRQRIWKHVKXWWHU
6HOHFWD'ULYH0RGH
7DNLQJ3LFWXUHVXVLQJ%XUVW0RGH
5HFRUGLQJ.3KRWRV
5HFRUGLQJZLWK>.%XUVW@
5HFRUGLQJZLWK>.%XUVW66@
5HFRUGLQJZLWK>.3UH%XUVW@
6HOHFWLQJSLFWXUHVIURP.EXUVWILOHDQGVDYLQJ
1RWHVRQWKH.3KRWRIXQFWLRQ
7DNLQJ3LFWXUHVXVLQJ$XWR%UDFNHW
7DNLQJ3LFWXUHVZLWKWKH6HOIWLPHU
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
7DNLQJ3LFWXUHV$XWRPDWLFDOO\DW6HW,QWHUYDOV>7LPH/DSVH6KRW@
&UHDWLQJ6WRS0RWLRQ3LFWXUHV>6WRS0RWLRQ$QLPDWLRQ@
0DNLQJ0XOWLSOH([SRVXUHVRQ2QH3LFWXUH>0XOWL([S@
'LVDEOLQJ2SHUDWLRQDO6RXQGVDQGWKH2XWSXWRI/LJKWDWRQFH>6LOHQW0RGH@
7DNLQJ3LFWXUHVZLWKWKH)DFH5HFRJQLWLRQ)XQFWLRQ>)DFH5HFRJ@
5HFRUGLQJ3URILOHVRI%DELHVDQG3HWVRQ,PDJHV
8VLQJVFUHHQVDQGGLVSOD\VVXLWDEOHIRUUHFRUGLQJ
5HFRUGLQJZKLOHPRQLWRULQJFDPHUDLPDJHV
6WDELOL]HU=RRPDQG)ODVK
,PDJH6WDELOL]HU
7DNLQJ3LFWXUHVZLWKWKH=RRP
5DLVLQJWKHWHOHVFRSLFHIIHFW
=RRPLQJXVLQJWRXFKRSHUDWLRQV
7DNLQJ3LFWXUHVZLWKWKH([WHUQDO)ODVK2SWLRQDO
6HWWLQJWKH)ODVK)XQFWLRQV
&KDQJLQJWKHILULQJPRGH
&KDQJLQJ)ODVK0RGH
6HWWLQJWRWKHQG&XUWDLQ6\QFKUR
$GMXVWWKHIODVKRXWSXW
6\QFKURQL]LQJWKHRXWSXWRIWKHIODVKWRWKH([SRVXUH&RPSHQVDWLRQ
7DNLQJ3LFWXUHVZLWK:LUHOHVV)ODVKHV
8VLQJRWKHUVHWWLQJVIRUZLUHOHVVIODVKUHFRUGLQJ
5HFRUGLQJ0RWLRQ3LFWXUHV
5HFRUGLQJ0RWLRQ3LFWXUH
5HFRUGLQJPRWLRQSLFWXUHVLQ.
6HWWLQJWKHIRUPDWVL]HDQGUHFRUGLQJIUDPHUDWH
+RZWRVHWIRFXVZKHQUHFRUGLQJDPRWLRQSLFWXUH>&RQWLQXRXV$)@
5HFRUGLQJVWLOOSLFWXUHVZKLOHUHFRUGLQJPRWLRQSLFWXUHV
5HFRUGLQJ6QDS0RYLHV
8VLQJWKH>0RWLRQ3LFWXUH@0HQX
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3OD\LQJ%DFN3LFWXUHV
3OD\LQJ%DFN0RWLRQ3LFWXUHV
&UHDWLQJ6WLOO3LFWXUHVIURPD0RWLRQ3LFWXUH
6ZLWFKLQJWKH3OD\EDFN0HWKRG
8VLQJWKH3OD\EDFN=RRP
'LVSOD\LQJPXOWLSOHVFUHHQV0XOWL3OD\EDFN
'LVSOD\LQJ3LFWXUHVE\5HFRUGLQJ'DWH&DOHQGDU3OD\EDFN
3OD\LQJ%DFN*URXS3LFWXUHV
'HOHWLQJ3LFWXUHV
8VLQJWKH>3OD\EDFN@0HQX
>''6HWWLQJV@
>6OLGH6KRZ@
>3OD\EDFN0RGH@
>/RFDWLRQ/RJJLQJ@
>5$:3URFHVVLQJ@
>&OHDU5HWRXFK@
>7LWOH(GLW@
>7H[W6WDPS@
>9LGHR'LYLGH@
>7LPH/DSVH9LGHR@
>6WRS0RWLRQ9LGHR@
>5HVL]H@
>&URSSLQJ@
>5RWDWH@>5RWDWH'LVS@
>)DYRULWH@
>3ULQW6HW@
>3URWHFW@
>)DFH5HF(GLW@
>3LFWXUH6RUW@
>'HOHWH&RQILUPDWLRQ@
8VLQJWKH:L)L1)&)XQFWLRQ
:KDW\RXFDQGRZLWKWKH:L)LIXQFWLRQ
:L)LIXQFWLRQ1)&)XQFWLRQ
&RQWUROOLQJZLWKD6PDUWSKRQH7DEOHW
,QVWDOOLQJWKHVPDUWSKRQHWDEOHWDSS³,PDJH$SS´
&RQQHFWLQJWRDVPDUWSKRQHWDEOHW
7DNLQJLPDJHVYLDDVPDUWSKRQHWDEOHWUHPRWHUHFRUGLQJ
3OD\LQJEDFNLPDJHVLQWKHFDPHUD
6DYLQJLPDJHVVWRUHGLQWKHFDPHUD
6HQGLQJLPDJHVLQWKHFDPHUDWRDQ616
$GGLQJORFDWLRQLQIRUPDWLRQWRLPDJHVVWRUHGLQWKHFDPHUDIURPD
VPDUWSKRQHWDEOHW
&RPELQLQJPRWLRQSLFWXUHVUHFRUGHGZLWK6QDS0RYLHDFFRUGLQJWR\RXU
SUHIHUHQFHRQDVPDUWSKRQHWDEOHW
'LVSOD\LQJSLFWXUHVRQD79
6HQGLQJLPDJHV
6HQGLQJLPDJHVWRDVPDUWSKRQHWDEOHW
3ULQWLQJ:LUHOHVVO\
:KHQVHQGLQJLPDJHVWR$9GHYLFH
:KHQVHQGLQJLPDJHVWR3&
8VLQJ:HEVHUYLFHV
:KHQVHQGLQJLPDJHVWRZHEVHUYLFH
:KHQVHQGLQJLPDJHVWR>&ORXG6\QF6HUYLFH@
5HJLVWHULQJWRWKH³/80,;&/8%´
$ERXWWKH>/80,;&/8%@
$ERXW&RQQHFWLRQV
&RQQHFWLQJYLDDZLUHOHVVDFFHVVSRLQWYLDWKHQHWZRUN
&RQQHFWLQJWKHFDPHUDDQGDQRWKHUGHYLFHGLUHFWO\GLUHFWFRQQHFWLRQ
&RQQHFWLQJTXLFNO\ZLWKWKHVDPHVHWWLQJVDVWKHSUHYLRXVRQHV
>6HOHFWDGHVWLQDWLRQIURP+LVWRU\@>6HOHFWDGHVWLQDWLRQIURP)DYRULWH@
>:L)L6HWXS@0HQX
&RQQHFWLQJWRRWKHUHTXLSPHQW
:DWFKLQJ.PRWLRQSLFWXUHVRQD79
6DYLQJ.PRWLRQSLFWXUHVRQ\RXU3&RUUHFRUGHU
:DWFKLQJPRWLRQSLFWXUHVLQ.
6WRULQJ.PRWLRQSLFWXUHV
3OD\LQJ%DFN3LFWXUHVRQD796FUHHQ
8VLQJ9,(5$ /LQN+'0,
6DYLQJVWLOOSLFWXUHVDQGPRWLRQSLFWXUHVRQ\RXU3&
$ERXWWKHVXSSOLHGVRIWZDUH
6DYLQJVWLOOSLFWXUHVDQGPRWLRQSLFWXUHVRQD5HFRUGHU
3ULQWLQJWKH3LFWXUHV
(QMR\LQJ'SLFWXUHV
2WKHUV
2SWLRQDODFFHVVRULHV
0RQLWRU'LVSOD\9LHZILQGHU'LVSOD\
0HVVDJH'LVSOD\
0HQXOLVW
>5HF@
>0RWLRQ3LFWXUH@
>&XVWRP@
>6HWXS@
>3OD\EDFN@
7URXEOHVKRRWLQJ
&DXWLRQVIRU8VH
&RQWHQWVE\)XQFWLRQ
5HFRUGLQJ
0RWLRQ3LFWXUH
0RWLRQ3LFWXUH $XGLR
&UHDWLYH9LGHR0RGH 3 >0LF/HYHO$GM@ 3
>6LOHQW2SHUDWLRQ@ 3 >:LQG1RLVH&DQFHOOHU@ 3
>5HF)RUPDW@ 3
6FUHHQVHWWLQJV
>5HF4XDOLW\@ 3
>&HQWHU0DUNHU@ 3
0RWLRQSLFWXUHVLQ. 3
>=HEUD3DWWHUQ@ 3
5HFRUGLQJVWLOOSLFWXUHVZKLOH
UHFRUGLQJPRWLRQSLFWXUHV 3 >0RQRFKURPH/LYH9LHZ@ 3
>0LF/HYHO'LVS@ 3
>6QDS0RYLH@ 3
,PDJH
>/XPLQDQFH/HYHO@ 3
6HWXS&XVWRP
%DVLFVHWWLQJV &XVWRPL]DWLRQ
>)RUPDW@ 3 >&XVWRP@LQWKH4XLFN0HQX 3
>&ORFN6HW@ 3 )XQFWLRQEXWWRQV 3
'LVSOD\VZLWFKLQJ 3 >&XVWRP0RGH@ 3
+RZWRVHWPHQXLWHPV 3 >&XVWRP@PHQX 3
>40(18@ 3
>%HHS@ 3
>(FRQRP\@ 3
>5HVHW@LQLWLDOL]DWLRQ 3
>6HQVRU&OHDQLQJ@ 3
3OD\EDFN
:L)L
&RQQHFW
³,PDJH$SS´ 3 &RPELQLQJPRWLRQSLFWXUHV
1)& 3 UHFRUGHGZLWK>6QDS0RYLH@ 3
>:363XVK%XWWRQ@ 3 ,QFRPELQDWLRQZLWKRWKHUGHYLFHV
'LUHFWFRQQHFWLRQ 3 3OD\LQJEDFNSLFWXUHVRQD79 3
,PDJH$SS 3ULQWLQJLPDJHV 3
5HPRWHUHFRUGLQJ 3 6HQGLQJLPDJHVWRDQ$9
6HQGLQJLPDJHV 3 GHYLFH 3
6DYLQJLPDJHV 3 6HQGLQJLPDJHVWRD3& 3
>7RXFK6KDULQJ@ 3 6HQGLQJLPDJHVWRDZHE
VHUYLFH 3
6HQGLQJDQGDGGLQJORFDWLRQ
LQIRUPDWLRQ 3 8VLQJ>&ORXG6\QF6HUYLFH@ 3
&RQQHFWLRQVZLWKRWKHUGHYLFHV
1. %HIRUH8VH
&DUHRIWKHFDPHUD
7RDYRLGGDPDJLQJ\RXUFDPHUDDQGWRH[SHULHQFHWKHPD[LPXPHQMR\PHQW\RX
VKRXOGH[HUFLVHWKHIROORZLQJSUHFDXWLRQV
7KHOHQVPRQLWRUDQGWKHFDPHUDERG\FDQVXVWDLQGDPDJHLIWKHFDPHUDERG\LVGURSSHGRU
VXEMHFWHGWRH[FHVVLYHWHPSHUDWXUHPRLVWXUHZDWHURUGXVW
7KHPRQLWRUFDQEHGDPDJHGLIH[FHVVLYHSUHVVXUHLVDSSOLHGWRWKHVFUHHQVXUIDFHGXULQJ
DFWXDOXVHRUZKLOHFOHDQLQJ
w 6SODVK3URRI
6SODVK3URRILVDWHUPXVHGWRGHVFULEHDQH[WUDOHYHORISURWHFWLRQWKLVFDPHUDRIIHUV
DJDLQVWH[SRVXUHWRDPLQLPDODPRXQWRIPRLVWXUHZDWHURUGXVW6SODVK3URRIGRHVQRW
JXDUDQWHHWKDWGDPDJHZLOOQRWRFFXULIWKLVFDPHUDLVVXEMHFWHGWRGLUHFWFRQWDFWZLWK
ZDWHU
,QRUGHUWRPLQLPL]HWKHSRVVLELOLW\RIGDPDJHSOHDVHEHVXUHWKHIROORZLQJSUHFDXWLRQVDUH
WDNHQ
± 7KH6SODVK3URRIIHDWXUHZRUNVLQFRQMXQFWLRQZLWKWKH++6DQG++6OHQVHV
WKDWZHUHVSHFLILFDOO\GHVLJQHGWRVXSSRUWWKLVIHDWXUH
± 0DNHVXUHWKDWDOOGRRUVDUHVHFXUHO\FORVHG
± 0DNHVXUHWKDW\RXDUHLQDGU\DQGVHFXUHSODFHZKHQFKDQJLQJWKHEDWWHU\OHQVRUPHPRU\
FDUG$IWHUFKDQJLQJPDNHVXUHWKHLUSURWHFWLYHGRRUVDUHVHFXUHO\FORVHG
± ,IWKLVFDPHUDLVH[SRVHGWRZDWHUVDQGRUDQ\RWKHUIRUHLJQPDWHULDOFOHDQLWDVVRRQDV
SRVVLEOHWDNLQJWKHQHFHVVDU\SUHFDXWLRQVWKDWWKHIRUHLJQVXEVWDQFHGRHVQRWJHWLQVLGHWKH
FDPHUD
± 8QGHUQRFLUFXPVWDQFHVVKRXOG\RXWRXFKRUSODFHDQ\IRUHLJQREMHFWVZLWKLQWKHFDPHUDRU
LQFORVHSUR[LPLW\RIWKHFDPHUD¶VLPDJHVHQVRU
,IVDQGGXVWRUOLTXLGVVXFKDVZDWHUGURSOHWVDGKHUHWRWKHPRQLWRUZLSHWKHPRIIZLWKD
GU\VRIWFORWK
± 1RWGRLQJVRPD\FDXVHWKHPRQLWRUWRUHVSRQGLQFRUUHFWO\WRWRXFKRSHUDWLRQV
± ,IWKHPRQLWRULVFORVHGZKHQVXFKOLTXLGVDUHSUHVHQWPDOIXQFWLRQPD\UHVXOW
w &RQGHQVDWLRQ
&RQGHQVDWLRQPD\RFFXURQWKHOHQVPRQLWRURULQWKHYLHZILQGHUZKHQWKHURRPWHPSHUDWXUH
RUKXPLGLW\FKDQJHVUDSLGO\7KLVPD\FDXVHWKHLPDJHWRWHPSRUDULO\EHFRPHKD]\,IWKLV
RFFXUVWXUQWKHFDPHUDRIIDQGDOORZWKHFDPHUDWRVLWLQDWHPSHUDWXUHVWDEOHHQYLURQPHQWIRU
VHYHUDOPLQXWHV,WZLOOFOHDUE\LWVHOI
,I\RXNQRZWKDW\RXZLOOEHPRYLQJEHWZHHQDUHDVZKHUHWKHUHZLOOEHDODUJHFKDQJHLQ
WHPSHUDWXUHRUKXPLGLW\\RXFDQKHOSSUHYHQWFRQGHQVDWLRQIRUPLQJRQWKHFDPHUDE\SODFLQJ
WKHFDPHUDLQDODUJHSODVWLF]LSSHUEDJVRFRQGHQVDWLRQZLOOIRUPRQWKHEDJQRWWKHFDPHUD
$OORZWKHWHPSHUDWXUHWRVWDELOL]HEHIRUHUHPRYLQJWKHFDPHUDIURPWKHEDJ
%HIRUH8VH
6WDQGDUG$FFHVVRULHV
&KHFNWKDWDOOWKHDFFHVVRULHVDUHVXSSOLHGEHIRUHXVLQJWKHFDPHUD
7KHDFFHVVRULHVDQGWKHLUVKDSHZLOOGLIIHUGHSHQGLQJRQWKHFRXQWU\RUDUHDZKHUHWKHFDPHUD
ZDVSXUFKDVHG
)RUGHWDLOVRQWKHDFFHVVRULHVUHIHUWR³%DVLF2ZQHU¶V0DQXDO´
%DWWHU\3DFNLVLQGLFDWHGDVEDWWHU\SDFNRUEDWWHU\LQWKHWH[W
%DWWHU\&KDUJHULVLQGLFDWHGDVEDWWHU\FKDUJHURUFKDUJHULQWKHWH[W
6'0HPRU\&DUG6'+&0HPRU\&DUGDQG6';&0HPRU\&DUGDUHLQGLFDWHGDVFDUGLQWKH
WH[W
7KHFDUGLVRSWLRQDO
%HIRUH8VH
1DPHVDQG)XQFWLRQVRI&RPSRQHQWV
w &DPHUDERG\
1 2 5 11 12 13 14 15
6
7
8 16
9
17
10
18
19 3 4
19
25 24 23 22 21 20
%HIRUH8VH
27 28 29 33 34
35
30 31 32 36
37
26
41 38
42
39
40
46 45 44 43
%HIRUH8VH
w /HQV
+)6 /HQVVXUIDFH
7HOH
)RFXVULQJ3
=RRPULQJ3
:LGH
>2,6@VZLWFK3
&RQWDFWSRLQW
/HQVILWWLQJPDUN3
1 2 3 4 5 6 7 8 /HQVPRXQWUXEEHU3
++6
1 2 3 4 5 6 7 9 8
+)6$
1 2 3 4 5 7 8
%HIRUH8VH
$ERXWWKH/HQV
7KLVXQLWFDQXVHWKHGHGLFDWHGOHQVHVFRPSDWLEOHZLWK
WKH0LFUR)RXU7KLUGV706\VWHPOHQVPRXQWVSHFLILFDWLRQ
0LFUR)RXU7KLUGVPRXQW
<RXFDQDOVRXVHDOHQVRIDQ\RIWKHIROORZLQJ
VWDQGDUGVE\DWWDFKLQJDPRXQWDGDSWRU
/HQV 0RXQWDGDSWRU
)RXU7KLUGVPRXQWVSHFLILFDWLRQ 0RXQW$GDSWRU'0:0$RSWLRQDO
OHQV
/HLFD00RXQWLQWHUFKDQJHDEOHOHQV 00RXQW$GDSWRU'0:0$0RSWLRQDO
/HLFD50RXQWLQWHUFKDQJHDEOHOHQV 50RXQW$GDSWRU'0:0$5RSWLRQDO
)RUFHUWDLQOHQVHVWKHDFWXDOGLVWDQFHDWZKLFKWKHVXEMHFWLVLQIRFXVPD\GLIIHUVOLJKWO\IURP
WKHUDWHGGLVWDQFH
:KHQXVLQJD/HLFDOHQVPRXQWDGDSWRUVHW>6KRRWZR/HQV@3WR>21@
$ERXWWKHOHQVDQGIXQFWLRQV
7KHUHDUHIXQFWLRQVWKDWFDQQRWEHXVHGRUWKHRSHUDWLRQPD\EHGLIIHUHQWGHSHQGLQJRQ
WKHOHQVXVHG
)RUGHWDLOVRQWKHOHQVXVHGUHIHUWRWKHZHEVLWH
5HIHUWRFDWDORJV:HESDJHVIRUPRVWFXUUHQWLQIRUPDWLRQUHJDUGLQJFRPSDWLEOHOHQVHV
KWWSSDQDVRQLFMSVXSSRUWJOREDOFVGVF
7KLV6LWHLV(QJOLVKRQO\
7KHDYDLODEOHIODVKUDQJHHWFGLIIHUVGHSHQGLQJRQWKHDSHUWXUHYDOXHRIWKHOHQV\RXDUHXVLQJ
7KHIRFDOOHQJWKQRWHGRQWKHOHQVLQXVHLVHTXLYDOHQWWRGRXEOHZKHQFRQYHUWHGWRWKH PP
ILOPFDPHUD
,WZLOOEHHTXLYDOHQWWR PPOHQVZKHQD PPOHQVLVXVHG
5HIHUWRWKHZHEVLWHIRUGHWDLOVDERXWWKH'LQWHUFKDQJHDEOHOHQV
%HIRUH8VH
$ERXWWKHILUPZDUHRI\RXULQWHUFKDQJHDEOHOHQV
)RUVPRRWKHUUHFRUGLQJZHUHFRPPHQGXSGDWLQJWKHILUPZDUHRIWKHLQWHUFKDQJHDEOHOHQV
WRWKHODWHVWYHUVLRQ
7RYLHZWKHODWHVWLQIRUPDWLRQRQWKHILUPZDUHRUWRGRZQORDGWKHILUPZDUHYLVLWWKH
VXSSRUWVLWHEHORZ
KWWSSDQDVRQLFMSVXSSRUWJOREDOFVGVF
7KLV6LWHLV(QJOLVKRQO\
7RFKHFNWKHILUPZDUHYHUVLRQRIWKHLQWHUFKDQJHDEOHOHQVDWWDFKLWWRWKHFDPHUDERG\DQG
VHOHFW>9HUVLRQ'LVS@LQWKH>6HWXS@PHQX
%HIRUH8VH
&DUGV&RPSDWLEOHZLWKWKLVXQLW
7KHIROORZLQJFDUGVZKLFKFRQIRUPWRWKH6'VWDQGDUGFDQEHXVHGZLWKWKLVXQLW
7KHVHFDUGVDUHLQGLFDWHGDVFDUGLQWKHWH[W
6'+&0HPRU\&DUGVDQG6';&0HPRU\&DUGVFDQEH
6'0HPRU\&DUG
XVHGRQO\ZLWKWKHLUFRPSDWLEOHGHYLFHV
0%WR *%
&KHFNWKDWWKH3&DQGRWKHUHTXLSPHQWDUHFRPSDWLEOHZKHQ
XVLQJWKH6';&0HPRU\&DUGV
6'+&0HPRU\&DUG KWWSSDQDVRQLFQHWDYFVGFDUGLQIRUPDWLRQ6';&KWPO
*%WR *% 7KLVXQLWLVFRPSDWLEOHZLWK8+6,8+66SHHG&ODVV
VWDQGDUG6'+&6';&PHPRU\FDUGV
6';&0HPRU\&DUG 2SHUDWLRQRIWKHFDUGVRQWKHOHIWKDVEHHQFRQILUPHGZLWK
*%WR *% 3DQDVRQLF¶VFDUGV
w $ERXWPRWLRQSLFWXUH.SKRWRUHFRUGLQJDQGVSHHGFODVVUDWLQJV
$FFRUGLQJWRWKH>5HF)RUPDW@3DQG>5HF4XDOLW\@3RIDPRWLRQSLFWXUHWKH
UHTXLUHGFDUGGLIIHUV7RUHFRUG.SKRWRV\RXQHHGDFDUGZLWKDVSHHGFODVVUDWLQJWKDW
VXSSRUWV.SKRWRUHFRUGLQJ8VHDFDUGWKDWPHHWVWKHIROORZLQJUDWLQJVRIWKH6'6SHHG
&ODVVRU8+66SHHG&ODVV
6'6SHHG&ODVVDQG8+66SHHG&ODVVDUHWKHVSHHGVWDQGDUGVUHJDUGLQJFRQWLQXRXVZULWLQJ
7RFKHFNWKHFODVVVHHWKHODEHOOHGVLGHHWFRIWKHFDUG
>5HF)RUPDW@ >5HF4XDOLW\@ 6SHHGFODVV /DEHOH[DPSOH
>$9&+'@ $OO
&ODVVRUKLJKHU
>03@ )+'+'9*$
>03@ . 8+66SHHG&ODVV
:KHQUHFRUGLQJ.SKRWRV 8+66SHHG&ODVV
3OHDVHFRQILUPWKHODWHVWLQIRUPDWLRQRQWKHIROORZLQJZHEVLWH
KWWSSDQDVRQLFMSVXSSRUWJOREDOFVGVF
7KLV6LWHLV(QJOLVKRQO\
2. *HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$WWDFKLQJWKH6KRXOGHU6WUDS
:HUHFRPPHQGDWWDFKLQJWKHVKRXOGHUVWUDSZKHQXVLQJWKHFDPHUDWRSUHYHQWLWIURP
GURSSLQJ
3DVVWKHVKRXOGHUVWUDSWKURXJKWKH
VKRXOGHUVWUDSH\HOHWRQWKHFDPHUDERG\
6KRXOGHUVWUDSH\HOHW
3DVVWKHHQGRIWKHVKRXOGHUVWUDS
WKURXJKWKHULQJLQWKHGLUHFWLRQRIWKHDUURZ
DQGWKHQSDVVLWWKURXJKWKHVWRSSHU
3DVVWKHHQGRIWKHVKRXOGHUVWUDS
WKURXJKWKHKROHRQWKHRWKHUVLGHRIWKH
VWRSSHU
3XOOWKHVKRXOGHUVWUDSDQG
WKHQFKHFNWKDWLWZLOOQRW
FRPHRXW
3HUIRUPVWHSVWRDQGWKHQ
DWWDFKWKHRWKHUVLGHRIWKH
VKRXOGHUVWUDS
8VHWKHVKRXOGHUVWUDSDURXQG\RXUVKRXOGHU
± 'RQRWZUDSWKHVWUDSDURXQG\RXUQHFN
,WPD\UHVXOWLQLQMXU\RUDFFLGHQW
'RQRWOHDYHWKHVKRXOGHUVWUDSZKHUHDQLQIDQWFDQUHDFKLW
± ,WPD\UHVXOWLQDQDFFLGHQWE\PLVWDNHQO\ZUDSSLQJDURXQGWKHQHFN
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
&KDUJLQJWKH%DWWHU\
w $ERXWEDWWHULHVWKDW\RXFDQXVHZLWKWKLVXQLW
,WKDVEHHQIRXQGWKDWFRXQWHUIHLWEDWWHU\SDFNVZKLFKORRNYHU\VLPLODUWRWKH
JHQXLQHSURGXFWDUHPDGHDYDLODEOHIRUSXUFKDVHLQVRPHPDUNHWV6RPHRI
WKHVHEDWWHU\SDFNVDUHQRWDGHTXDWHO\SURWHFWHGZLWKLQWHUQDOSURWHFWLRQWRPHHW
WKHUHTXLUHPHQWVRIDSSURSULDWHVDIHW\VWDQGDUGV7KHUHLVDSRVVLELOLW\WKDW
WKHVHEDWWHU\SDFNVPD\OHDGWRILUHRUH[SORVLRQ3OHDVHEHDGYLVHGWKDWZHDUH
QRWOLDEOHIRUDQ\DFFLGHQWRUIDLOXUHRFFXUULQJDVDUHVXOWRIXVHRIDFRXQWHUIHLW
EDWWHU\SDFN7RHQVXUHWKDWVDIHSURGXFWVDUHXVHGZHUHFRPPHQGWKDWD
JHQXLQH3DQDVRQLFEDWWHU\SDFNLVXVHG
8VHWKHGHGLFDWHGFKDUJHUDQGEDWWHU\
&KDUJLQJ
7KHEDWWHU\LVQRWFKDUJHGZKHQWKHFDPHUDLVVKLSSHG&KDUJHWKHEDWWHU\EHIRUHXVH
&KDUJHWKHEDWWHU\ZLWKWKHFKDUJHULQGRRUV
$WWDFKWKHEDWWHU\
SD\LQJDWWHQWLRQWRWKH
GLUHFWLRQRIWKHEDWWHU\
SOXJLQW\SH LQOHWW\SH
&RQQHFWWKHFKDUJHUWR
WKHHOHFWULFDORXWOHW
7KH>&+$5*(@LQGLFDWRU
OLJKWVXSDQGFKDUJLQJ
EHJLQV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w $ERXWWKH>&+$5*(@LQGLFDWRU
2Q &KDUJLQJ
2II &KDUJLQJKDVFRPSOHWHG
'LVFRQQHFWWKHFKDUJHUIURPWKHHOHFWULFDOVRFNHWDQGGHWDFKWKH
EDWWHU\DIWHUFKDUJLQJLVFRPSOHWHG
:KHQWKH>&+$5*(@LQGLFDWRUIODVKHV
± 7KHEDWWHU\WHPSHUDWXUHLVWRRKLJKRUWRRORZ,WLVUHFRPPHQGHGWRFKDUJHWKHEDWWHU\DJDLQ
LQDQDPELHQWWHPSHUDWXUHRIEHWZHHQ Q&DQG Q&Q)DQGQ)
± 7KHWHUPLQDOVRIWKHFKDUJHURUWKHEDWWHU\DUHGLUW\,QWKLVFDVHZLSHWKHPZLWKDGU\FORWK
w &KDUJLQJWLPH
&KDUJLQJWLPH $SSUR[ PLQ
7KHLQGLFDWHGFKDUJLQJWLPHLVIRUZKHQWKHEDWWHU\KDVEHHQGLVFKDUJHGFRPSOHWHO\
7KHFKDUJLQJWLPHPD\YDU\GHSHQGLQJRQKRZWKHEDWWHU\KDVEHHQXVHG
7KHFKDUJLQJWLPHIRUWKHEDWWHU\LQKRWFROGHQYLURQPHQWVRUDEDWWHU\WKDWKDVQRWEHHQ
XVHGIRUDORQJWLPHPD\EHORQJHUWKDQQRUPDO
w %DWWHU\LQGLFDWLRQ
4:3
L AFS
7KHLQGLFDWLRQWXUQVUHGDQGEOLQNVLIWKHUHPDLQLQJEDWWHU\SRZHULVH[KDXVWHG
98
7KHVWDWXVLQGLFDWRUDOVREOLQNV
5HFKDUJHWKHEDWWHU\RUUHSODFHLWZLWKDIXOO\FKDUJHGEDWWHU\
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$SSUR[LPDWHRSHUDWLQJWLPHDQGQXPEHURIUHFRUGDEOHSLFWXUHV
%\&,3$VWDQGDUGLQ3URJUDP$(0RGH
w 5HFRUGLQJVWLOOSLFWXUHVZKHQXVLQJWKH0RQLWRU
:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG
1XPEHURIUHFRUGDEOHSLFWXUHV $SSUR[ SLFWXUHV
5HFRUGLQJWLPH $SSUR[ PLQ
w 5HFRUGLQJVWLOOSLFWXUHVZKHQXVLQJWKH9LHZILQGHU
:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG
1XPEHURIUHFRUGDEOHSLFWXUHV $SSUR[ SLFWXUHV
5HFRUGLQJWLPH $SSUR[ PLQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
5HFRUGLQJFRQGLWLRQVE\&,3$VWDQGDUG
&,3$LVDQDEEUHYLDWLRQRI>&DPHUD ,PDJLQJ3URGXFWV$VVRFLDWLRQ@
7HPSHUDWXUH Q&Q)+XPLGLW\ 5+ZKHQPRQLWRUYLHZILQGHULVRQ
:KHQXVLQJD3DQDVRQLF6'+&0HPRU\&DUG
8VLQJWKHVXSSOLHGEDWWHU\
6WDUWLQJUHFRUGLQJ VHFRQGVDIWHUWKHFDPHUDLVWXUQHGRQ
:KHQDWWDFKLQJDQLQWHUFKDQJHDEOHOHQVFRPSDWLEOHZLWKWKH,PDJH6WDELOL]HUIXQFWLRQVHWWKH
,PDJH6WDELOL]HUWR> @
5HFRUGLQJRQFHHYHU\ VHFRQGV
7XUQLQJWKHFDPHUDRIIHYHU\ UHFRUGLQJVDQGOHDYLQJLWXQWLOWKHWHPSHUDWXUHRIWKHEDWWHU\
GHFUHDVHV
7KHQXPEHURIUHFRUGDEOHSLFWXUHVYDULHVGHSHQGLQJRQWKHUHFRUGLQJLQWHUYDOWLPH
,IWKHUHFRUGLQJLQWHUYDOWLPHEHFRPHVORQJHUWKHQXPEHURIUHFRUGDEOHSLFWXUHV
GHFUHDVHV
>)RUH[DPSOHLI\RXZHUHWRWDNHRQHSLFWXUHHYHU\WZRPLQXWHVWKHQWKHQXPEHURI
SLFWXUHVZRXOGEHUHGXFHGWRDSSUR[LPDWHO\RQHTXDUWHURIWKHQXPEHURISLFWXUHV
JLYHQDERYHEDVHGXSRQRQHSLFWXUHWDNHQHYHU\VHFRQGV@
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w 5HFRUGLQJPRWLRQSLFWXUHVZKHQXVLQJWKHPRQLWRU
>$9&+'@5HFRUGLQJZLWKSLFWXUHTXDOLW\VHWWR>)+'0L@
:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG
5HFRUGDEOHWLPH $SSUR[ PLQ
$FWXDOUHFRUGDEOHWLPH $SSUR[ PLQ
>03@5HFRUGLQJZLWKSLFWXUHTXDOLW\VHWWR>)+'0S@
:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG
5HFRUGDEOHWLPH $SSUR[ PLQ
$FWXDOUHFRUGDEOHWLPH $SSUR[ PLQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
>03@5HFRUGLQJZLWKSLFWXUHTXDOLW\VHWWR>.0S@
:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG
5HFRUGDEOHWLPH $SSUR[ PLQ
$FWXDOUHFRUGDEOHWLPH $SSUR[ PLQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w 3OD\EDFNZKHQXVLQJWKHPRQLWRU
:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG
3OD\EDFNWLPH $SSUR[ PLQ
7KHRSHUDWLQJWLPHVDQGQXPEHURIUHFRUGDEOHSLFWXUHVZLOOGLIIHUDFFRUGLQJWRWKH
HQYLURQPHQWDQGWKHRSHUDWLQJFRQGLWLRQV
)RUH[DPSOHLQWKHIROORZLQJFDVHVWKHRSHUDWLQJWLPHVVKRUWHQDQGWKHQXPEHURIUHFRUGDEOH
SLFWXUHVLVUHGXFHG
± ,QORZWHPSHUDWXUHHQYLURQPHQWVVXFKDVRQVNLVORSHV
± :KHQIODVKLVXVHGUHSHDWHGO\
:KHQWKHRSHUDWLQJWLPHRIWKHFDPHUDEHFRPHVH[WUHPHO\VKRUWHYHQDIWHUSURSHUO\FKDUJLQJ
WKHEDWWHU\WKHOLIHRIWKHEDWWHU\PD\KDYHH[SLUHG%X\DQHZEDWWHU\
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
,QVHUWLQJDQG5HPRYLQJWKH&DUGRSWLRQDO
WKH%DWWHU\
&KHFNWKDWWKLVXQLWLVWXUQHGRII
:HUHFRPPHQGXVLQJD3DQDVRQLFFDUG
6OLGHWKHUHOHDVHOHYHULQWKH
GLUHFWLRQRIWKHDUURZ
2SHQWKHFDUGEDWWHU\GRRU
$OZD\VXVHJHQXLQH3DQDVRQLF
EDWWHULHV
,I\RXXVHRWKHUEDWWHULHVZHFDQQRW
JXDUDQWHHWKHTXDOLW\RIWKLVSURGXFW
%DWWHU\%HLQJFDUHIXODERXWWKH
EDWWHU\RULHQWDWLRQLQVHUWDOOWKH
ZD\XQWLO\RXKHDUDORFNLQJ
VRXQGDQGWKHQFKHFNWKDWLWLV
ORFNHGE\OHYHU
3XOOWKHOHYHULQWKHGLUHFWLRQRI
WKHDUURZWRUHPRYHWKHEDWWHU\
&DUG3XVKLWVHFXUHO\DOOWKHZD\
XQWLO\RXKHDUD³FOLFN´ZKLOH
EHLQJFDUHIXODERXWWKHGLUHFWLRQ
LQZKLFK\RXLQVHUWLW
7RUHPRYHWKHFDUGSXVKWKHFDUGXQWLOLWFOLFNVWKHQSXOOWKHFDUG
RXWXSULJKW
'RQRWWRXFKWKHFRQQHFWLRQWHUPLQDOVRIWKHFDUG
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
&ORVHWKHFDUGEDWWHU\GRRU
6OLGHWKHUHOHDVHOHYHULQWKH
GLUHFWLRQRIWKHDUURZ
5HPRYHWKHEDWWHU\DIWHUXVH
7KHEDWWHU\ZLOOEHH[KDXVWHGLIOHIWIRUDORQJSHULRGRIWLPHDIWHUEHLQJFKDUJHG
7KHEDWWHU\EHFRPHVZDUPDIWHUXVLQJLWDQGGXULQJDQGDIWHUFKDUJLQJ7KHFDPHUDDOVR
EHFRPHVZDUPGXULQJXVH7KLVLVQRWDPDOIXQFWLRQ
%HIRUHUHPRYLQJWKHFDUGRUEDWWHU\WXUQWKHFDPHUDRIIDQGZDLWXQWLOWKHVWDWXVLQGLFDWRUKDV
JRQHRIIFRPSOHWHO\
2WKHUZLVHWKLVXQLWPD\QRORQJHURSHUDWHQRUPDOO\DQGWKHFDUGLWVHOIPD\EHGDPDJHGRUWKH
UHFRUGHGSLFWXUHVPD\EHORVW
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$ERXWWKH&DUG
$FFHVVWRWKHFDUG
7KHDFFHVVLQGLFDWLRQGLVSOD\VUHGZKHQSLFWXUHVDUHEHLQJUHFRUGHGRQ
WKHFDUG
'XULQJDFFHVVLPDJHZULWLQJUHDGLQJDQGGHOHWLQJIRUPDWWLQJHWFGR
QRWWXUQWKLVXQLWRIIUHPRYHWKHEDWWHU\FDUGRUGLVFRQQHFWWKH$&
DGDSWRURSWLRQDO)XUWKHUPRUHGRQRWVXEMHFWWKHFDPHUDWRYLEUDWLRQLPSDFWRUVWDWLF
HOHFWULFLW\
7KHFDUGRUWKHGDWDRQWKHFDUGPD\EHGDPDJHGDQGWKLVXQLWPD\QRORQJHURSHUDWH
QRUPDOO\
,IRSHUDWLRQIDLOVGXHWRYLEUDWLRQLPSDFWRUVWDWLFHOHFWULFLW\SHUIRUPWKHRSHUDWLRQ
DJDLQ
,I\RXVHWWKH:ULWH3URWHFWVZLWFKWR³/2&.´\RXPD\QRWEHDEOHWRZULWH
GHOHWHRUIRUPDWWKHGDWDRUGLVSOD\LWE\UHFRUGLQJGDWH7KHVHRSHUDWLRQV
EHFRPHDYDLODEOHDJDLQZKHQ\RXXQORFNWKHVZLWFK
7KHGDWDRQWKHFDUGPD\EHGDPDJHGRUORVWGXHWRHOHFWURPDJQHWLFZDYHV
VWDWLFHOHFWULFLW\RUEUHDNGRZQRIWKHFDPHUDRUWKHFDUG:HUHFRPPHQGVWRULQJ
LPSRUWDQWGDWDRQD3&HWF
.HHSWKH0HPRU\&DUGRXWRIUHDFKRIFKLOGUHQWRSUHYHQWVZDOORZLQJ
)RUPDWWLQJWKHFDUGLQLWLDOL]DWLRQ
)RUPDWWKHFDUGEHIRUHUHFRUGLQJDSLFWXUHZLWKWKLVXQLW
6LQFHGDWDFDQQRWEHUHFRYHUHGDIWHUIRUPDWWLQJPDNHVXUHWREDFNXSQHFHVVDU\
GDWDLQDGYDQFH
6HOHFWWKHPHQX3
MENU >6HWXS@>)RUPDW@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$SSUR[LPDWHQXPEHURIUHFRUGDEOHSLFWXUHVDQGDYDLODEOHUHFRUGLQJ
WLPH
w 1XPEHURIUHFRUGDEOHSLFWXUHV
$VSHFWUDWLR>@4XDOLW\>A@
>3LFWXUH6L]H@ *% *% *% *%
/0
00
60
$VSHFWUDWLR>@4XDOLW\> @
>3LFWXUH6L]H@ *% *% *% *%
/0
00
60
w $YDLODEOHUHFRUGLQJWLPHZKHQUHFRUGLQJPRWLRQSLFWXUHV
³K´LVDQDEEUHYLDWLRQIRUKRXU³P´IRUPLQXWHDQG³V´IRUVHFRQG
7KHUHFRUGDEOHWLPHLVWKHWRWDOWLPHRIDOOWKHPRWLRQSLFWXUHVZKLFKKDYHEHHQUHFRUGHG
>$9&+'@
>5HF4XDOLW\@ *% *% *% *%
>)+'0S@
>)+'0S@ PV KP KP KP
>03@
>5HF4XDOLW\@ *% *% *% *%
>.0S@
PV PV PV KP
>.0S@
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
:KHQWKHDPELHQWWHPSHUDWXUHLVKLJKRUPRWLRQSLFWXUHLVUHFRUGHGFRQWLQXRXVO\WKHFDPHUD
PD\GLVSOD\> @DQGVWRSWKHUHFRUGLQJWRSURWHFWLWVHOI:DLWXQWLOWKHFDPHUDFRROVGRZQ
'HSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQVDQGWKHW\SHRIFDUGWKHQXPEHURIUHFRUGDEOHSLFWXUHV
DQGDYDLODEOHUHFRUGLQJWLPHYDU\
03PRWLRQSLFWXUHVZLWKD>5HF4XDOLW\@VL]HRI>)+'@>+'@RU>9*$@
5HFRUGLQJVWRSVZKHQWKHFRQWLQXRXVUHFRUGLQJWLPHH[FHHGV PLQXWHVDQG VHFRQGVRU
WKHILOHVL]HH[FHHGV *%
± 6LQFHWKHILOHVL]HEHFRPHVODUJHUZLWK>)+'@UHFRUGLQJZLWK>)+'@ZLOOVWRSEHIRUH
PLQXWHVVHFRQGV
03PRWLRQSLFWXUHVZLWKD>5HF4XDOLW\@VL]HRI>.@
<RXFDQFRQWLQXHUHFRUGLQJZLWKRXWLQWHUUXSWLRQHYHQLIWKHILOHVL]HH[FHHGV *%EXWWKH
PRWLRQSLFWXUHILOHZLOOEHGLYLGHGDQGUHFRUGHGSOD\HGEDFNVHSDUDWHO\
7KHPD[LPXPDYDLODEOHFRQWLQXRXVUHFRUGLQJWLPHLVGLVSOD\HGRQWKHVFUHHQ
6ZLWFKLQJWKHGLVSOD\EHWZHHQWKHQXPEHURIUHFRUGDEOHSLFWXUHVDQGWKH
DYDLODEOHUHFRUGLQJWLPH
MENU >&XVWRP@>5HPDLQLQJ'LVS@
> @ >5HPDLQLQJ6KRWV@
7KLVZLOOGLVSOD\WKHQXPEHURIUHFRUGDEOHSLFWXUHVIRU
VWLOOSLFWXUHV
> @ >5HPDLQLQJ7LPH@
0 98 0 R5m04s
7KLVZLOOGLVSOD\WKHDYDLODEOHUHFRUGLQJWLPHIRUPRWLRQ
SLFWXUHV
>K@LVGLVSOD\HGLIWKHUHDUHPRUHWKDQSLFWXUHV
UHPDLQLQJ
1XPEHURIUHFRUGDEOHSLFWXUHV
$YDLODEOHUHFRUGLQJWLPH
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$WWDFKLQJ5HPRYLQJWKH/HQV
%\FKDQJLQJWKHOHQV\RXZLOOLQFUHDVH\RXUSLFWXUHWDNLQJRSWLRQVDQGIXUWKHU\RXU
HQMR\PHQWRIWKHFDPHUD&KDQJHWKHOHQVXVLQJWKHIROORZLQJSURFHGXUH
&KHFNWKDWWKHFDPHUDLVWXUQHGRII
&KDQJHOHQVHVZKHUHWKHUHLVQRWDORWRIGLUWRUGXVW5HIHUWR3ZKHQGLUWRUGXVWJHWVRQ
WKHOHQV
$WWDFKLQJWKHOHQV
7XUQWKHOHQVUHDUFDSDQGWKHERG\FDSLQWKHGLUHFWLRQRIWKH
DUURZWRGHWDFKWKHP
'RQRWSXW\RXUKDQGVLQVLGHWKHPRXQW
$OLJQWKHOHQVILWWLQJPDUNVDQGWKHQURWDWHWKHOHQVLQWKHGLUHFWLRQ
RIWKHDUURZXQWLOLWFOLFNV
'RQRWSUHVVWKHOHQVUHOHDVHEXWWRQZKHQ\RXDWWDFKDOHQV
'RQRWWU\WRDWWDFKWKHOHQVZKHQKROGLQJLWDWDQDQJOHWRWKHFDPHUDERG\DVWKHOHQV
PRXQWPD\JHWVFUDWFKHG
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
'HWDFKLQJWKHOHQV
$WWDFKWKHOHQVFDS
:KLOHSUHVVLQJRQWKHOHQVUHOHDVHEXWWRQ
URWDWHWKHOHQVWRZDUGWKHDUURZXQWLOLWVWRSVDQG
WKHQUHPRYH
:KHQWKHOHQVLVUHPRYHGIURPWKHFDPHUDERG\PDNHVXUHWRDWWDFKWKHERG\FDSWRWKH
FDPHUDERG\DQGDWWDFKWKHOHQVUHDUFDSWRWKHOHQV
7RHQDEOHGLVDEOHWKHVKXWWHUUHOHDVHZLWKRXWOHQV
MENU >&XVWRP@>6KRRWZR/HQV@
>21@ 6KXWWHUZLOORSHUDWHUHJDUGOHVVRIWKHOHQVRQWKHXQLW
>2))@ 6KXWWHUZLOOQRWRSHUDWHZKHQDOHQVLVQRWDWWDFKHGWRWKHFDPHUDERG\RULV
QRWDWWDFKHGFRUUHFWO\
=RRPRSHUDWLRQV
:KHQXVLQJWKHLQWHUFKDQJHDEOHOHQV+)6
++6+)6$
5RWDWHWKH]RRPULQJRIWKHOHQV T
VLGH (QODUJHVGLVWDQWVXEMHFW W
VLGH :LGHQVDQJOHRIYLHZ
,I\RXRSHUDWHWKH]RRPDIWHUEULQJLQJWKHVXEMHFWLQWRIRFXVWKH
VXEMHFWPD\JRRXWRIIRFXVVOLJKWO\2SHUDWHWKH]RRPILUVW
<RXFDQHQKDQFHWKHWHOHVFRSLFHIIHFWE\VHWWLQJ>([7HOH&RQY@
3KRWR>([7HOH&RQY@0RWLRQ3LFWXUHDQG>'LJLWDO=RRP@3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$WWDFKLQJWKH/HQV+RRG
:KHQUHFRUGLQJLQWRVWURQJEDFNOLJKWLUUHJXODUUHIOHFWLRQPD\RFFXUZLWKLQWKHOHQV7KH
OHQVKRRGUHGXFHVWKHLQFOXVLRQRIXQZDQWHGOLJKWLQWKHUHFRUGHGLPDJHVDQGORZHUVWKH
GURSLQFRQWUDVW7KHOHQVKRRGFXWVRIIH[FHVVOLJKWLQJDQGLPSURYHVWKHSLFWXUHTXDOLW\
$OLJQWKHPDUN RQWKHOHQVKRRGZLWK
WKHPDUNRQWKHWLSRIWKHOHQV
5RWDWHWKHOHQVKRRGLQWKHGLUHFWLRQRIWKH
DUURZXQWLOLWFOLFNVDQGWKHQDOLJQWKHPDUN
RQWKHOHQVKRRGZLWKWKHPDUNRQWKHWLS
RIWKHOHQV
7HPSRUDULO\6WRULQJWKH/HQV+RRG
7XUQWKHOHQVKRRGLQWKHGLUHFWLRQRIWKHDUURZWRGHWDFKLW
$OLJQWKHPDUN RQWKHOHQVKRRGZLWKWKHPDUNRQWKHWLSRIWKHOHQV
7XUQWKHOHQVKRRGLQWKHGLUHFWLRQRIWKHDUURZXQWLOLWFOLFNVLQWRSODFH
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
2SHQLQJWKH0RQLWRU$GMXVWLQJWKH0RQLWRU
$WWKHWLPHZKHQWKLVFDPHUDLVSXUFKDVHGWKHPRQLWRULVVWRZHGLQWKHFDPHUDERG\
%ULQJRXWWKHPRQLWRUDVVKRZQEHORZ
2SHQWKHPRQLWRU0D[LPXPQ
,WFDQEHURWDWHGQIRUZDUG
5HWXUQWKHPRQLWRUWRLWVRULJLQDOSRVLWLRQ
2QO\URWDWHWKHPRQLWRUDIWHURSHQLQJLWZLGHHQRXJKDQGEHFDUHIXOQRWWRXVH
H[FHVVLYHIRUFHDVLWPD\EHGDPDJHG
w )UHHDQJOHVKRRWLQJ
7KHPRQLWRUFDQEHURWDWHGWRVXLW\RXUQHHGV7KLVLVFRQYHQLHQWDVLWDOORZV\RXWRWDNH
SLFWXUHVIURPYDULRXVDQJOHVE\DGMXVWLQJWKHPRQLWRU
'RQRWFRYHUWKH$)$VVLVW/DPSZLWK\RXUILQJHUVRURWKHUREMHFWV
7DNLQJSLFWXUHVDWDKLJKDQJOH 7DNLQJSLFWXUHVDWDORZDQJOH
:KHQQRWXVLQJWKHPRQLWRULWLVUHFRPPHQGHGWKDW\RXFORVHLWZLWKWKHVFUHHQIDFLQJLQZDUGWR
SUHYHQWGLUWDQGVFUDWFKHV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6HWWLQJ'DWH7LPH&ORFN6HW
7KHFORFNLVQRWVHWZKHQWKHFDPHUDLVVKLSSHG
7XUQWKHFDPHUDRQ
:KHQWKHFDPHUDLVWXUQHGRQWKHVWDWXVLQGLFDWRU
OLJKWVXSJUHHQ
,IWKHODQJXDJHVHOHFWVFUHHQLVQRWGLVSOD\HGSURFHHGWR
VWHS
3UHVV>0(186(7@
3UHVVWRVHOHFWWKHODQJXDJHDQGSUHVV
>0(186(7@
3UHVV>0(186(7@
3UHVVWRVHOHFWWKHLWHPV\HDUPRQWK
GD\KRXUPLQXWHDQGSUHVVWRVHW
7LPHDWWKHKRPHDUHD
7LPHDWWKHWUDYHOGHVWLQDWLRQ
<RXFDQFDQFHOZLWKRXWVHWWLQJWKHFORFNE\SUHVVLQJ
> @
7RVHWWKHGLVSOD\RUGHUDQGWKHWLPHGLVSOD\
IRUPDW
7RGLVSOD\WKHVHWWLQJVFUHHQRIWKHRUGHUWLPHVHOHFW
>6W\OH@DQGWKHQSUHVV>0(186(7@
3UHVV>0(186(7@WRVHW
:KHQ>7KHFORFNVHWWLQJKDVEHHQFRPSOHWHG@LVGLVSOD\HGSUHVV
>0(186(7@
:KHQ>3OHDVHVHWWKHKRPHDUHD@LVGLVSOD\HGSUHVV>0(186(7@
3UHVVWRVHOHFWWKHKRPHDUHDDQGWKHQ
SUHVV>0(186(7@
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
5HDGMXVWLQJWKHFORFN
6HOHFW>&ORFN6HW@LQWKH>6HWXS@PHQX3
7KHFORFNFDQEHUHVHWDVVKRZQLQVWHSVDQGRQ3
7KHFORFNVHWWLQJLVPDLQWDLQHGIRUPRQWKVXVLQJWKHEXLOWLQFORFNEDWWHU\HYHQ
ZLWKRXWWKHEDWWHU\
/HDYHWKHFKDUJHGEDWWHU\LQWKHXQLWIRUKRXUVWRFKDUJHWKHEXLOWLQEDWWHU\
,IWKHFORFNLVQRWVHWWKHFRUUHFWGDWHFDQQRWEHSULQWHGZKHQ\RXVWDPSWKHGDWHRQWKH
SLFWXUHVZLWK>7H[W6WDPS@RURUGHUDSKRWRVWXGLRWRSULQWWKHSLFWXUHV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
%DVLF2SHUDWLRQV
7LSVIRUWDNLQJJRRGSLFWXUHV
+ROGWKHFDPHUDJHQWO\ZLWKERWKKDQGVNHHS\RXUDUPVVWLOODW\RXUVLGH
DQGVWDQGZLWK\RXUIHHWVOLJKWO\DSDUW
'RQRWFRYHUWKH$)DVVLVWODPSPLFURSKRQHRUWKHVSHDNHUZLWK\RXUILQJHUVRU
RWKHUREMHFWV
%HFDUHIXOQRWWRPRYHWKHFDPHUDZKHQ\RXSUHVVWKHVKXWWHUEXWWRQ
%HVXUHWRUHPRYHWKHOHQVFDSZKHQUHFRUGLQJ
:KHQWDNLQJSLFWXUHVPDNHVXUH\RXUIRRWLQJLVVWDEOHDQGWKHUHLVQRGDQJHURIFROOLGLQJZLWK
DQRWKHUSHUVRQDQREMHFWHWF
w 'HWHFWVRULHQWDWLRQRIFDPHUD'LUHFWLRQ'HWHFWLRQ)XQFWLRQ
7KLVIXQFWLRQGHWHFWVWKHYHUWLFDORULHQWDWLRQZKHQ\RXUHFRUG
ZLWKWKHFDPHUDYHUWLFDOO\RULHQWDWHG
:KHQ\RXSOD\EDFNWKHUHFRUGLQJWKHUHFRUGLQJLV
DXWRPDWLFDOO\GLVSOD\HGLQYHUWLFDORULHQWDWLRQ
2QO\DYDLODEOHZKHQ>5RWDWH'LVS@3LVVHWWR>21@
:KHQUHFRUGLQJZLWKWKLVXQLW'LUHFWLRQ'HWHFWLRQFDQEHSHUIRUPHGHYHQLI\RXDUHXVLQJD
OHQVWKDWLVQRWFRPSDWLEOHZLWKWKH'LUHFWLRQ'HWHFWLRQ)XQFWLRQ
:KHQWKHFDPHUDLVKHOGYHUWLFDOO\DQGWLOWHGVLJQLILFDQWO\XSRUGRZQWRUHFRUGWKH'LUHFWLRQ
'HWHFWLRQ)XQFWLRQPD\QRWZRUNFRUUHFWO\
0RWLRQSLFWXUHVWDNHQZLWKWKHFDPHUDKHOGYHUWLFDOO\DUHQRWGLVSOD\HGYHUWLFDOO\
.EXUVWILOHVUHFRUGHGZLWKWKH.3KRWRIXQFWLRQDUHQRWGLVSOD\HGYHUWLFDOO\
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
8VLQJWKH9LHZILQGHU
$GMXVWLQJWKHDQJOHRIWKHYLHZILQGHU
<RXFDQUHFRUGLPDJHVIURPDYDULHW\RIDQJOHVE\DGMXVWLQJWKHDQJOHRIWKHYLHZILQGHU
7DNLQJSLFWXUHVDWDORZDQJOH
%HFDUHIXOQRWWRFDWFK\RXUILQJHUHWFLQWKHYLHZILQGHU
:KHQDGMXVWLQJWKHDQJOHRIWKHYLHZILQGHUEHFDUHIXOQRWWRDSSO\WRRPXFKIRUFHDV
WKLVPD\FDXVHPDOIXQFWLRQ
5HWXUQWKHYLHZILQGHUWRLWVRULJLQDOSRVLWLRQFRPSOHWHO\ZKHQWKHFDPHUDLVQRWLQXVH
:KHQWKHYLHZILQGHUVXUIDFHEHFRPHVGLUW\UHPRYHWKH(\HFXSEORZDZD\WKHGXVWZLWKD
EORZHUFRPPHUFLDOO\DYDLODEOHDQGZLSHWKHVXUIDFHOLJKWO\ZLWKDGU\VRIWFORWK
8VHRIDQH[WHUQDOIODVKRSWLRQDOZLOOOLPLWWKHPD[LPXPDQJOHWRZKLFKWKHYLHZILQGHUFDQEH
DGMXVWHG
'LRSWHUDGMXVWPHQW
$GMXVWWKHGLRSWHUWRVXLW\RXUYLVLRQVRWKDW
\RXFDQVHHWKHFKDUDFWHUVGLVSOD\HGLQWKH
YLHZILQGHUFOHDUO\
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6ZLWFKLQJWKH0RQLWRU9LHZILQGHU
3UHVV>/9)@WRVZLWFKEHWZHHQWKH0RQLWRUDQG9LHZILQGHU
>/9)@EXWWRQ
(\HVHQVRU
>/9)@EXWWRQFDQEHXVHGLQWZRZD\VDV>/9)@RUDV>)Q@
IXQFWLRQ
7KHEXWWRQFDQEHXVHGDVWKH>/9)@EXWWRQDWWKHWLPHRI
SXUFKDVH
5HIHUWR3IRUGHWDLOVDERXWWKHIXQFWLRQEXWWRQ
3UHVV>/9)@
7KHPRQLWRUYLHZILQGHUZLOOVZLWFKDVIROORZV
$XWRPDWLFYLHZILQGHU
9LHZILQGHUGLVSOD\_ 0RQLWRUGLVSOD\
PRQLWRUVZLWFKLQJ_
_ ,I>(\H6HQVRU$)@LQWKH>&XVWRP@PHQXLVVHWWR>21@WKHFDPHUDDXWRPDWLFDOO\DGMXVWVWKH
IRFXVDVWKHH\HVHQVRULVDFWLYDWHG3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w 1RWHVRQDXWRPDWLFYLHZILQGHUPRQLWRUVZLWFKLQJ
$XWRPDWLFYLHZILQGHUPRQLWRUVZLWFKLQJHQDEOHVWKHH\HVHQVRUWRVZLWFKWKHGLVSOD\WRWKH
YLHZILQGHUDXWRPDWLFDOO\ZKHQ\RXEULQJ\RXUH\HRUDQREMHFWQHDULW
(\HVHQVRUPLJKWQRWZRUNSURSHUO\GHSHQGLQJRQWKHVKDSHRI\RXUH\HJODVVHVWKHZD\\RX
KROGWKHFDPHUDRUEULJKWOLJKWVKLQLQJDURXQGWKHH\HSLHFH,QWKDWFDVHSUHVV>/9)@WRVZLWFK
WKHGLVSOD\
'XULQJPRWLRQSLFWXUHSOD\EDFNRUDVOLGHVKRZWKHFDPHUDGRHVQRWDXWRPDWLFDOO\VZLWFKWKH
GLVSOD\WRWKH9LHZILQGHUZLWKWKHH\HVHQVRU
6HWWLQJWKHH\HVHQVRUVHQVLWLYLW\DQGWKHDXWRPDWLFVZLWFKLQJRIWKHGLVSOD\
EHWZHHQWKH0RQLWRUDQG9LHZILQGHU
MENU >&XVWRP@>(\H6HQVRU@
7KLVZLOOVHWWKHVHQVLWLYLW\RIWKHH\HVHQVRU
>6HQVLWLYLW\@
>+,*+@>/2:@
7KLVZLOOVHWWKHPHWKRGIRUVZLWFKLQJEHWZHHQWKHPRQLWRUDQGYLHZILQGHU
>/9)021$872@DXWRPDWLFVZLWFKLQJEHWZHHQWKHPRQLWRUDQG
>/9)0RQLWRU YLHZILQGHU
6ZLWFK@ >/9)@YLHZILQGHU>021@PRQLWRU
,I\RXSUHVV>/9)@WRVZLWFKWKHGLVSOD\WKH>/9)0RQLWRU6ZLWFK@VHWWLQJZLOO
DOVRVZLWFK
$GMXVWLQJQRWDGMXVWLQJWKHIRFXVDXWRPDWLFDOO\ZKHQWKHH\HVHQVRULV
DFWLYDWHG
MENU >&XVWRP@>(\H6HQVRU$)@>21@>2))@
%HHSVRXQGVDUHQRWHPLWWHGZKHQWKHIRFXVLVDFKLHYHGLQ>(\H6HQVRU$)@
>(\H6HQVRU$)@PD\QRWZRUNLQGLPO\OLWFRQGLWLRQV
7KH>(\H6HQVRU$)@IHDWXUHLVGLVDEOHGLQWKHIROORZLQJFRQGLWLRQV
± :LWKOHQVHVWKDWRQO\RIIHU0DQXDO)RFXV
± :LWKVRPH)RXU7KLUGVOHQVHV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6KXWWHUEXWWRQ7DNLQJSLFWXUHV
7KHVKXWWHUEXWWRQZRUNVLQWZRVWHSV7RWDNHDSLFWXUHSUHVVLW
3UHVVWKHVKXWWHUEXWWRQKDOIZD\WRIRFXV
$SHUWXUHYDOXH
6KXWWHUVSHHG
)RFXVLQGLFDWLRQ
$SHUWXUHYDOXHDQGVKXWWHUVSHHGDUHGLVSOD\HG
,WZLOOIODVKLQUHGLIWKHFRUUHFWH[SRVXUHLVQRWDFKLHYHGH[FHSW
ZKHQVHWWRIODVK
2QFHWKHVXEMHFWLVLQIRFXVWKHIRFXVLQGLFDWLRQLVGLVSOD\HG
:KHQWKHVXEMHFWLVQRWLQIRFXVWKHLQGLFDWLRQIODVKHV
3.5 60
3UHVVWKHVKXWWHUEXWWRQIXOO\SXVKLWLQIXUWKHU
DQGWDNHWKHSLFWXUH
:KHQWKHLPDJHLVFRUUHFWO\IRFXVHGWKHSLFWXUHZLOOEHWDNHQVLQFHWKH>)RFXV5HOHDVH
3ULRULW\@3LVVHWLQLWLDOO\WR>)2&86@
7KHIRFXVUDQJHLVGLIIHUHQWGHSHQGLQJRQWKHOHQVXVHG
P IHHWWRcIURPWKHIRFXVGLVWDQFH
UHIHUHQFHOLQH
:KHQWKHLQWHUFKDQJHDEOHOHQV IRFDOOHQJWK PPWR PP
+)6LVXVHG P IHHWWRcIURPWKHIRFXVGLVWDQFH
UHIHUHQFHOLQH
IRFDOOHQJWK PPWR PP
:KHQWKHLQWHUFKDQJHDEOHOHQV P IHHWWRcIURPWKHIRFXVGLVWDQFH
++6LVXVHG UHIHUHQFHOLQH
P IHHWWRcIURPWKHIRFXVGLVWDQFH
UHIHUHQFHOLQH
:KHQWKHLQWHUFKDQJHDEOHOHQV IRFDOOHQJWK PPWR PP
+)6$LVXVHG P IHHWWRcIURPWKHIRFXVGLVWDQFH
UHIHUHQFHOLQH
IRFDOOHQJWK PPWR PP
(YHQGXULQJPHQXRSHUDWLRQRULPDJHSOD\EDFNLI\RXSUHVVWKHVKXWWHUEXWWRQKDOIZD\\RX
FDQLQVWDQWO\VHWWKHFDPHUDUHDG\IRUUHFRUGLQJ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
'LVSOD\LQJDSLFWXUHULJKWDIWHULWLVWDNHQ
MENU >&XVWRP@>$XWR5HYLHZ@
6HWWKHOHQJWKRIWLPHWKDWWKHSLFWXUHLVGLVSOD\HGDIWHUWDNLQJWKH
VWLOOSLFWXUH
>'XUDWLRQ7LPH@ >+2/'@
7KHSLFWXUHVDUHGLVSOD\HGXQWLOVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
>6(&@>6(&@>6(&@>6(&@>6(&@>2))@
>21@ 6ZLWFKLQJWKHGLVSOD\RIWKHSOD\EDFNVFUHHQGHOHWLQJ
>3OD\EDFN2SHUDWLRQ SLFWXUHVHWFDUHSRVVLEOHGXULQJ>$XWR5HYLHZ@
3ULRULW\@ >2))@ %XWWRQRSHUDWLRQVGXULQJ>$XWR5HYLHZ@EHFRPHWKH
VDPHDVWKRVHIRUUHFRUGLQJ
:KHQ>'XUDWLRQ7LPH@LVVHWWR>+2/'@>3OD\EDFN2SHUDWLRQ3ULRULW\@LVIL[HGWR>21@
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQVHWWLQJVDYDLODEOHIRU>'XUDWLRQ7LPH@LQ>$XWR
5HYLHZ@FKDQJHWR>21@DQG>2))@>3OD\EDFN2SHUDWLRQ3ULRULW\@LVIL[HGWR>21@
0RWLRQSLFWXUHEXWWRQ5HFRUGLQJPRWLRQSLFWXUHV
3UHVVWKHPRWLRQSLFWXUHEXWWRQWRVWDUWDQGVWRSUHFRUGLQJDPRWLRQSLFWXUH
6WDUWUHFRUGLQJE\SUHVVLQJWKHPRWLRQSLFWXUH
EXWWRQ
5HOHDVHWKHPRWLRQSLFWXUHEXWWRQULJKWDIWHU\RXSUHVVLW
6WRSWKHUHFRUGLQJE\SUHVVLQJWKHPRWLRQSLFWXUH
EXWWRQDJDLQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
0RGHGLDO6HOHFWLQJD5HFRUGLQJ0RGH
6HOHFWWKHPRGHE\URWDWLQJWKHPRGHGLDO
5RWDWHWKHPRGHGLDOVORZO\WRVHOHFWWKHGHVLUHGPRGH
,QWHOOLJHQW$XWR0RGH3
7KHVXEMHFWVDUHUHFRUGHGXVLQJVHWWLQJVDXWRPDWLFDOO\VHOHFWHGE\WKH
FDPHUD
,QWHOOLJHQW$XWR3OXV0RGH3
$OORZV\RXWRDGMXVWWKHEULJKWQHVV([SRVXUHDQGFRORUKXHZKHQLQ
,QWHOOLJHQW$XWR0RGH
3URJUDP$(0RGH3
5HFRUGVDWWKHDSHUWXUHYDOXHDQGVKXWWHUVSHHGVHWE\WKHFDPHUD
$SHUWXUH3ULRULW\$(0RGH3
7KHVKXWWHUVSHHGLVDXWRPDWLFDOO\GHWHUPLQHGE\WKHDSHUWXUHYDOXH\RXVHW
6KXWWHU3ULRULW\$(0RGH3
7KHDSHUWXUHYDOXHLVDXWRPDWLFDOO\GHWHUPLQHGE\WKHVKXWWHUVSHHG\RXVHW
0DQXDO([SRVXUH0RGH3
7KHH[SRVXUHLVDGMXVWHGE\WKHDSHUWXUHYDOXHDQGWKHVKXWWHUVSHHGZKLFK
DUHPDQXDOO\DGMXVWHG
&UHDWLYH9LGHR0RGH3
5HFRUGVPRWLRQSLFWXUHVZLWKDPDQXDOO\VHWDSHUWXUHYDOXHDQGVKXWWHU
VSHHG
_ <RXFDQQRWWDNHVWLOOSLFWXUHV
&XVWRP0RGH3
8VHWKLVPRGHWRWDNHSLFWXUHVZLWKSUHYLRXVO\UHJLVWHUHGVHWWLQJV
3DQRUDPD6KRW0RGH3
7KLVPRGHDOORZV\RXWRWDNHSDQRUDPDSLFWXUHV
&UHDWLYH&RQWURO0RGH3
5HFRUGZKLOHFKHFNLQJWKHLPDJHHIIHFW
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
)URQW'LDO5HDU'LDO
5RWDWLQJ
6HOHFWLRQRILWHPVRUVHWWLQJRIYDOXHVLVSHUIRUPHGGXULQJWKHYDULRXVVHWWLQJV
7KLVRZQHU¶VPDQXDOGHVFULEHRSHUDWLRQVRIWKHIURQWGLDOUHDUGLDODVIROORZV
HJ:KHQURWDWLQJWKHIURQWGLDOWRWKHOHIW HJ:KHQURWDWLQJWKHUHDUGLDOWRWKHOHIW
RUULJKW RUULJKW
$OORZV\RXWRVHWWKHDSHUWXUHVKXWWHUVSHHGDQGRWKHUVHWWLQJVZKHQLQ
PRGHV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7HPSRUDULO\FKDQJLQJWKHLWHPVDVVLJQHGWRWKHIURQWUHDUGLDOV>'LDO2SHUDWLRQ
6ZLWFK@
<RXFDQWHPSRUDULO\FKDQJHWKHLWHPVDVVLJQHGWRWKHIURQW
UHDUGLDOVXVLQJWKHIXQFWLRQEXWWRQWRZKLFK>'LDO2SHUDWLRQ
6ZLWFK@LVDVVLJQHG
>'LDO2SHUDWLRQ6ZLWFK@LVDVVLJQHGWR>)Q@DWWKHWLPHRI
SXUFKDVH3
)XQFWLRQEXWWRQ>)Q@
6FHQHVDQGUHFRPPHQGHGVHWWLQJV
%HORZDUHH[DPSOHVRIUHFRPPHQGHGIURQWUHDUGLDODVVLJQPHQWVHWWLQJVIRUVFHQHV
6FHQHVZLWK )RUEXUVW
FRPSOH[OLJKW UHFRUGLQJ
VRXUFHVDQG
FRQWUDVWORFDWLRQV
QHDUDZLQGRZ
HWF
5HFRPPHQGHGVHWWLQJV 5HFRPPHQGHGVHWWLQJV
)URQWGLDO >:KLWH%DODQFH@ )URQWGLDO >'ULYH0RGH@
5HDUGLDO >6HQVLWLYLW\@ 5HDUGLDO >.3+272@
6HWWKHFRORUWRQHE\FKDQJLQJWKH>:KLWH &KDQJHWKH>'ULYH0RGH@VHWWLQJZLWKWKH
%DODQFH@VHWWLQJZLWKWKHIURQWGLDODQG IURQWGLDOWRVZLWFKWRWKH%XUVW0RGHRU.
WKHQVHWWKH,62VHQVLWLYLW\E\FKDQJLQJ 3KRWRIXQFWLRQ:KHQXVLQJWKH.3KRWR
WKH>6HQVLWLYLW\@VHWWLQJZLWKWKHUHDUGLDO IXQFWLRQVHOHFWLWVUHFRUGLQJPHWKRGE\
ZKLOHFKHFNLQJWKHVKXWWHUVSHHGDQG FKDQJLQJWKH>.3+272@VHWWLQJZLWKWKH
QRLVH'HIDXOWVHWWLQJV UHDUGLDO
<RXFDQVHWWKHLWHPVWREHDVVLJQHGWHPSRUDULO\WRWKHIURQWUHDUGLDOVLQ>'LDO2SHUDWLRQ6ZLWFK
6HWXS@LQ>'LDO6HW@LQWKH>&XVWRP@PHQX3
3UHVV>)Q@
$JXLGHZLOOEHGLVSOD\HGVKRZLQJWKHLWHPVWHPSRUDULO\ WB
ISO
DVVLJQHGWRWKHIURQWUHDUGLDOV 0 98
,IQRRSHUDWLRQVDUHSHUIRUPHGWKHJXLGHZLOOGLVDSSHDULQ
DIHZVHFRQGV
5RWDWHWKHIURQWUHDUGLDOVZKLOHWKHJXLGHLV
GLVSOD\HG
7KHVHWWLQJVRIWKHLWHPVDVVLJQHGWRWKHGLDOVZLOOFKDQJH
WB AWB
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
3UHVV>0(186(7@DQGVHW
<RXFDQDOVRFRPSOHWHWKLVVWHSE\SHUIRUPLQJHLWKHURIWKHRSHUDWLRQVEHORZ
± 3UHVVWKHVKXWWHUEXWWRQKDOIZD\
± 3UHVV>)Q@
,WHPVWKDWDUHWHPSRUDULO\DVVLJQHGWRWKHIURQWUHDUGLDOVFDQEHXVHGRQO\ZKLOHWKHJXLGH
VWHS RUVHWWLQJVFUHHQVWHS LVGLVSOD\HG
6HWWLQJWKHRSHUDWLRQPHWKRGVRIWKHIURQWGLDODQGUHDUGLDO
MENU >&XVWRP@>'LDO6HW@
$VVLJQVWKHRSHUDWLRQVRIWKHDSHUWXUHYDOXHDQGVKXWWHUVSHHG
LQ0DQXDO([SRVXUH0RGH
> ) 66@
$VVLJQVWKHDSHUWXUHYDOXHWRWKHIURQWGLDODQGWKHVKXWWHU
>$VVLJQ'LDO)66@
VSHHGWRWKHUHDUGLDO
> 66 )@
$VVLJQVWKHVKXWWHUVSHHGWRWKHIURQWGLDODQGWKHDSHUWXUH
YDOXHWRWKHUHDUGLDO
&KDQJHVWKHURWDWLRQGLUHFWLRQRIWKHGLDOVIRUDGMXVWLQJWKH
>5RWDWLRQ)66@ DSHUWXUHYDOXHDQGVKXWWHUVSHHG
> @> @
$OORZV\RXWRH[SDQGWKHH[SRVXUHFRPSHQVDWLRQUDQJHZLWK
WKHIURQWRUUHDUGLDO2QO\ZKHQWKHH[SRVXUHFRPSHQVDWLRQ
>([S&RPS6HWXS@3
GLDOLVVHWWR>L@RU>K@
> @)URQW'LDO> @5HDU'LDO>2))@
6HWVWKHLWHPVWREHDVVLJQHGWHPSRUDULO\WRWKHIURQWUHDUGLDOV
ZKHQ\RXSUHVVWKHIXQFWLRQEXWWRQWRZKLFK>'LDO2SHUDWLRQ
6ZLWFK@LVDVVLJQHG
> @>)URQW'LDO2SHUDWLRQ@> @>5HDU'LDO2SHUDWLRQ@
,WHPVWKDWFDQEHVHWDUHDVIROORZV
± >6HQVLWLYLW\@3 ± >.3+272@3
>'LDO2SHUDWLRQ6ZLWFK ± >:KLWH%DODQFH@3 ± >+LJKOLJKW6KDGRZ@3
6HWXS@ ± >'ULYH0RGH@3 ± >L'\QDPLF@3
± >$)0RGH0)@3 ± >L5HVROXWLRQ@3
± >3KRWR6W\OH@3 ± >)ODVK0RGH@3
± >)LOWHU6HOHFW@3 ± >)ODVK$GMXVW@3
± >$VSHFW5DWLR@3
>+LJKOLJKW6KDGRZ@XVHVWKHWZRGLDOV,WZLOOEHDXWRPDWLFDOO\
DVVLJQHGWRERWKRIWKHGLDOVZKHQ\RXDVVLJQLWWRHLWKHURIWKHP
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
&XUVRUEXWWRQV>0(186(7@EXWWRQ
3UHVVLQJWKHFXUVRUEXWWRQ
6HOHFWLRQRILWHPVRUVHWWLQJRIYDOXHVHWFLVSHUIRUPHG
3UHVVLQJ>0(186(7@
&RQILUPDWLRQRIVHWWLQJFRQWHQWVHWFLVSHUIRUPHG
7KLVRZQHU¶VPDQXDOH[SUHVVHVWKHXSGRZQOHIWDQGULJKWRI
WKHFXUVRUEXWWRQDV
(YHQZKHQWKHFDPHUDLVRSHUDWHGXVLQJWKHWRXFKVFUHHQLW
LVSRVVLEOHWRRSHUDWHZLWKWKHFXUVRUEXWWRQDQG>0(186(7@
EXWWRQLIDJXLGHOLNHWKHRQHVKRZQRQWKHULJKWLVGLVSOD\HG
(YHQRQPHQXVFUHHQVHWFRQZKLFKWKHJXLGHLVQRW
GLVSOD\HG\RXFDQPDNHVHWWLQJVDQGVHOHFWLRQVE\RSHUDWLQJ
WKHEXWWRQV
%\DVVLJQLQJ>&XUVRU%XWWRQ/RFN@WRDIXQFWLRQEXWWRQ\RXFDQ
GLVDEOHWKHFXUVRUEXWWRQVDQGWKH>0(186(7@EXWWRQ3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
>',63@EXWWRQ6ZLWFKLQJWKHGLVSOD\HGLQIRUPDWLRQ
3UHVV>',63@WRVZLWFKWKHLQIRUPDWLRQGLVSOD\HGRQWKH
VFUHHQ
,Q5HFRUGLQJ0RGH
6ZLWFKLQJWKHGLVSOD\PHWKRGRIWKHYLHZILQGHUPRQLWRU
MENU >&XVWRP@>/9)'LVS6W\OH@
MENU >&XVWRP@>0RQLWRU'LVS6W\OH@
0 98 0 98 0 98 0 98
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7KHPRQLWRUVFUHHQLVVZLWFKHGDVVKRZQEHORZ([DPSOHVIRUWKHPRQLWRUVW\OH> @
:LWKLQIRUPDWLRQ :LWKRXW
:LWK :LWKRXW
WLOWVHQVRU LQIRUPDWLRQWLOW
LQIRUPDWLRQ_ LQIRUPDWLRQ
GLVSOD\_ VHQVRUGLVSOD\
4:3 4:3
60p L AFS 60p L AFS
0 98 0 98
2QPRQLWRU
7XUQHGRII UHFRUGLQJ
LQIRUPDWLRQ_
ISO 0 0
AUTO 0
AFS 4:3
L Wi-Fi Fn
AWB 98
_ +LVWRJUDPVDUHGLVSOD\HGZKHQWKH>+LVWRJUDP@RIWKH>&XVWRP@PHQXLVVHWWR>21@
,WLVDOVRSRVVLEOHWRGLVSOD\WKH([SRVXUHPHWHUE\VHWWLQJWKH>([SR0HWHU@RIWKH>&XVWRP@
PHQXWR>21@3
_ ,WLVGLVSOD\HGZKHQWKH>0RQLWRU,QIR'LVS@RIWKH>&XVWRP@PHQXLVVHWWR>21@
6HWWLQJVFDQEHDGMXVWHGGLUHFWO\E\WRXFKLQJHDFKRIWKHLWHPVGLVSOD\HGRQWKHVFUHHQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
'LVSOD\LQJQRWGLVSOD\LQJWKHKLVWRJUDP
MENU >&XVWRP@>+LVWRJUDP@>21@>2))@
<RXFDQVHWWKHSRVLWLRQE\SUHVVLQJ
'LUHFWWRXFKRSHUDWLRQLVDOVRSRVVLEOHIURPWKHUHFRUGLQJVFUHHQ
$KLVWRJUDPLVDJUDSKWKDWGLVSOD\VEULJKWQHVVDORQJWKH
KRUL]RQWDOD[LVEODFNWRZKLWHDQGWKHQXPEHURISL[HOVDWHDFK
EULJKWQHVVOHYHORQWKHYHUWLFDOD[LV
,WDOORZV\RXWRHDVLO\FKHFNDSLFWXUH¶VH[SRVXUH
GDUN
EULJKW
:KHQWKHUHFRUGHGSLFWXUHDQGWKHKLVWRJUDPGRQRWPDWFKHDFKRWKHUXQGHUWKH
IROORZLQJFRQGLWLRQVWKHKLVWRJUDPLVGLVSOD\HGLQRUDQJH
± 'XULQJ([SRVXUH&RPSHQVDWLRQRUZKHQWKH0DQXDO([SRVXUH$VVLVWDQFHLVRWKHUWKDQ>P@
LQWKH0DQXDO([SRVXUH0RGH
± :KHQWKHIODVKLVDFWLYDWHG
± :KHQVXLWDEOHH[SRVXUHLVQRWDFKLHYHG
± :KHQWKHEULJKWQHVVRIWKHVFUHHQLVQRWFRUUHFWO\GLVSOD\HGLQGDUNSODFHV
7KHKLVWRJUDPLVDQDSSUR[LPDWLRQLQWKH5HFRUGLQJ0RGH
7KHKLVWRJUDPGLVSOD\HGLQWKLVFDPHUDGRHVQRWPDWFKKLVWRJUDPVGLVSOD\HGE\SLFWXUHHGLWLQJ
VRIWZDUHXVHGLQ3&VHWF
'LVSOD\LQJQRWGLVSOD\LQJWKHJXLGHOLQHV
MENU >&XVWRP@>*XLGH/LQH@> @> @> @>2))@
7KHJXLGHOLQHLVQRWGLVSOD\HGLQWKH3DQRUDPD6KRW0RGH
:KHQ> @LVVHWJXLGHOLQHSRVLWLRQVFDQEHVHWE\SUHVVLQJ
<RXFDQDOVRVHWWKHSRVLWLRQGLUHFWO\E\WRXFKLQJ> @RQWKHJXLGHOLQH
RIWKHUHFRUGLQJVFUHHQ
'LVSOD\LQJQRWGLVSOD\LQJWKHRQPRQLWRUUHFRUGLQJLQIRUPDWLRQVFUHHQ
MENU >&XVWRP@>0RQLWRU,QIR'LVS@>21@>2))@
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w $ERXWWKHWLOWVHQVRUGLVSOD\
:LWKWKHWLOWVHQVRUGLVSOD\HGLWLVHDV\WRFRUUHFWWKHWLOWRIWKHFDPHUDHWF
3UHVV>',63@WRGLVSOD\WKHWLOWVHQVRU
&KHFNWKHWLOWRIWKHFDPHUD
+RUL]RQWDOGLUHFWLRQ
&RUUHFWLQJWLOWWRWKHOHIW
9HUWLFDOGLUHFWLRQ
&RUUHFWLQJGRZQZDUGWLOW
:KHQWKHWLOWRIWKHFDPHUDLVOLWWOHWKHLQGLFDWRUFKDQJHVWRJUHHQ
:KHQUHFRUGLQJZLWKDYHUWLFDORULHQWDWLRQWKHGLVSOD\DXWRPDWLFDOO\VZLWFKHVWRD
YHUWLFDOO\RULHQWDWHGGLVSOD\
(YHQDIWHUFRUUHFWLQJWKHWLOWWKHUHPD\VWLOOEHDQHUURURIDSSUR[LPDWHO\P
:KHQDIXQFWLRQEXWWRQLVVHWWR>/HYHO *DXJH@WKHWLOWVHQVRUGLVSOD\FDQEHVZLWFKHGRQRIIE\
SUHVVLQJWKHIXQFWLRQEXWWRQ
1RWDYDLODEOHLQWKHVHFDVHV
7LOWVHQVRUGLVSOD\PD\QRWEHGLVSOD\HGFRUUHFWO\ZKHQWKLVXQLWLVLQPRWLRQ
:KHQWLOWHGVLJQLILFDQWO\XSZDUGVRUGRZQZDUGVWRUHFRUGWKHWLOWVHQVRUGLVSOD\PD\QRWEH
GLVSOD\HGFRUUHFWO\DQGWKH'LUHFWLRQ'HWHFWLRQ)XQFWLRQ3PD\QRWZRUNFRUUHFWO\
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
,Q3OD\EDFN0RGH
6FUHHQZLOOVZLWFKDVIROORZV
:LWKRXW
'HWDLOHG
:LWK +LVWRJUDP LQIRUPDWLRQ
LQIRUPDWLRQ
LQIRUPDWLRQ_ GLVSOD\_ +LJKOLJKW
GLVSOD\_
GLVSOD\_
4:3
L
F3.5 60
1/98
98 0
WB AWB
ISO 200 AFS
P STD.
F3.5 60
10:00 DEC. 1.2015 0 ISO200
:LWKRXW
LQIRUPDWLRQ_
_ ,IDSSUR[LPDWHO\ VHFRQGVHODSVHVZLWKRXWDQRSHUDWLRQEHLQJSHUIRUPHGWKHGLVSOD\ZLOO
GLVDSSHDU
3UHVV>',63@RUWRXFKWKHPRQLWRUWRPDNHWKHGLVSOD\UHDSSHDU
7KLVRSHUDWLRQLVWRSUHYHQWVFUHHQEXUQLQDQGLVQRWDPDOIXQFWLRQ
_ 1RWGLVSOD\HGZKLOHXVLQJWKHSOD\EDFN]RRPRUGXULQJPRWLRQSLFWXUHSOD\EDFNVHTXHQWLDO
SOD\EDFNSDQRUDPDSOD\EDFNRUDVOLGHVKRZ
_ 7KLVLVGLVSOD\HGLI>+LJKOLJKW@3LQWKH>&XVWRP@PHQXLVVHWWR>21@
_ ,IQRRSHUDWLRQLVSHUIRUPHGIRUDQXPEHURIVHFRQGV> @DQGRWKHUWRXFKLFRQVZLOO
GLVDSSHDU
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
'LVSOD\LQJQRWGLVSOD\LQJZKLWHVDWXUDWHGDUHDV
MENU >&XVWRP@>+LJKOLJKW@>21@>2))@
:KHQWKH$XWR5HYLHZIXQFWLRQLVDFWLYDWHGRUZKHQSOD\LQJEDFNZKLWHVDWXUDWHGDUHDV
DSSHDUEOLQNLQJLQEODFNDQGZKLWH
7KLVGRHVQRWDIIHFWWKHUHFRUGHGLPDJH
,IWKHUHDUHDQ\ZKLWHVDWXUDWHGDUHDVZH >21@ >2))@
UHFRPPHQGFRPSHQVDWLQJWKHH[SRVXUHWRZDUGV
QHJDWLYH3UHIHUULQJWRWKHKLVWRJUDP3DQG
WKHQWDNLQJWKHSLFWXUHDJDLQ,WPD\UHVXOWLQDEHWWHU
TXDOLW\SLFWXUH
7KLVGRHVQRWZRUNZKLOHLQ0XOWL3OD\EDFN&DOHQGDU
3OD\EDFNRU3OD\EDFN=RRP
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7RXFKVFUHHQ7RXFKRSHUDWLRQV
7RXFKVFUHHQRIWKLVXQLWLVFDSDFLWLYH7RXFKWKHSDQHOGLUHFWO\ZLWK\RXUEDUHILQJHU
w 7RXFK
7RWRXFKDQGUHOHDVHWKHWRXFKVFUHHQ Fn8
:KHQVHOHFWLQJIHDWXUHVXVLQJWKHWRXFKVFUHHQEHVXUH Fn9
WRWRXFKWKHFHQWHURIWKHGHVLUHGLFRQ
Fn10
Fn11
SNAP
Fn12
w 'UDJ
$PRYHPHQWZLWKRXWUHOHDVLQJWKHWRXFKVFUHHQ
7KLVFDQDOVREHXVHGWRPRYHWRWKHQH[WLPDJHGXULQJ
SOD\EDFNHWF
A B
w 3LQFKHQODUJHUHGXFH
3LQFKWKHWRXFKVFUHHQDSDUWHQODUJHRUWRJHWKHU 2.0X
UHGXFHZLWKWZRILQJHUV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
(QDEOLQJGLVDEOLQJWKHWRXFKRSHUDWLRQ
MENU >&XVWRP@>7RXFK6HWWLQJV@
:KHQVHWWR>2))@QRFRUUHVSRQGLQJWRXFKWDERUWRXFKLFRQLVGLVSOD\HGRQWKHVFUHHQ
$OOWRXFKRSHUDWLRQV
>7RXFK6FUHHQ@ :KHQVHWWR>2))@RQO\EXWWRQDQGGLDORSHUDWLRQVFDQEHXVHG
>21@>2))@
2SHUDWLRQWRGLVSOD\WKHWRXFKLFRQVE\WRXFKLQJWDEVVXFKDV> @GLVSOD\HG
>7RXFK7DE@ RQWKHULJKWRIWKHVFUHHQ
>21@>2))@
2SHUDWLRQWRRSWLPL]HWKHIRFXVRUERWKWKHIRFXVDQGEULJKWQHVVIRUD
>7RXFK$)@ WRXFKHGVXEMHFW
>$)@3>$)$(@3>2))@
2SHUDWLRQWRPRYHWKH$)DUHDE\WRXFKLQJWKHPRQLWRUZKHQWKHYLHZILQGHU
>7RXFK3DG$)@ LVLQXVH3
>(;$&7@>2))6(7@>2))@
7RXFKWKHVFUHHQZLWKWKHFOHDQDQGGU\ILQJHU
,I\RXXVHDFRPPHUFLDOO\DYDLODEOHPRQLWRUSURWHFWLRQVKHHWSOHDVHIROORZWKHLQVWUXFWLRQVWKDW
DFFRPSDQ\WKHVKHHW
6RPHPRQLWRUSURWHFWLRQVKHHWVPD\LPSDLUYLVLELOLW\RURSHUDELOLW\
'RQRWSUHVVRQWKHPRQLWRUZLWKKDUGSRLQWHGWLSVVXFKDVEDOOSRLQWSHQV
'RQRWRSHUDWHZLWK\RXUILQJHUQDLOV
:LSHWKHPRQLWRUZLWKGU\VRIWFORWKZKHQLWJHWVGLUW\ZLWKILQJHUSULQWVDQGRWKHUV
'RQRWVFUDWFKRUSUHVVWKHPRQLWRUWRRKDUG
)RULQIRUPDWLRQDERXWWKHLFRQVGLVSOD\HGRQWKHWRXFKVFUHHQUHIHUWR³0RQLWRU'LVSOD\
9LHZILQGHU'LVSOD\´RQ3
1RWDYDLODEOHLQWKHVHFDVHV
7KHWRXFKVFUHHQPD\QRWIXQFWLRQQRUPDOO\LQWKHIROORZLQJFDVHV
± :KHQWRXFKHGE\DJORYHGKDQG
± :KHQWRXFKHGE\DZHWKDQGZDWHURUKDQGFUHDPHWF
± :KHQWKHWRXFKVFUHHQLVZHW
± :KHQ\RXXVHDFRPPHUFLDOO\DYDLODEOHPRQLWRUSURWHFWVKHHW
± :KHQWRXFKHGE\PXOWLSOHKDQGVRUILQJHUVDWWKHVDPHWLPH
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7DNLQJ3LFWXUHV8VLQJWKH7RXFK)XQFWLRQ
7DNLQJSLFWXUHVXVLQJWKH7RXFK6KXWWHUIXQFWLRQ
$SSOLFDEOHPRGHV
-XVWE\WRXFKLQJWKHVXEMHFW\RXZDQWDV\RXUSRLQWRIIRFXVWKHFDPHUDZLOOIRFXVRQWKH
VXEMHFWDQGWDNHWKHSLFWXUHDXWRPDWLFDOO\
7RXFK> @
7RXFK> × @
,FRQZLOOFKDQJHWR> @DQGWDNLQJDSLFWXUHZLWKWKH
7RXFK6KXWWHUIXQFWLRQEHFRPHVSRVVLEOH
AE
7RXFKWKHVXEMHFW\RXZLVKWRIRFXVRQDQG
WKHQWDNHDSLFWXUH
7KHSLFWXUHLVWDNHQZKHQWKHIRFXVLVDFKLHYHG AE
w 7RFDQFHOWKH7RXFK6KXWWHUIXQFWLRQ
7RXFK> @
,IVKRRWLQJZLWKWKHWRXFKVKXWWHUIDLOVWKH$)DUHDWXUQVUHGDQGGLVDSSHDUV,QWKDWFDVHWU\
DJDLQ
0HDVXUHPHQWRIEULJKWQHVVLVSHUIRUPHGRQWKHVSRWWRXFKHGZKHQWKH>0HWHULQJ0RGH@3
LVVHWWR> @
$WWKHHGJHRIWKHVFUHHQWKHPHWHULQJPD\EHDIIHFWHGE\WKHEULJKWQHVVDURXQGWKHWRXFKHG
ORFDWLRQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
(DVLO\2SWLPL]LQJWKH%ULJKWQHVVIRUD6SHFLILHG$UHD7RXFK$(
$SSOLFDEOHPRGHV
<RXFDQHDVLO\RSWLPL]HWKHEULJKWQHVVIRUDWRXFKHGSRVLWLRQ:KHQWKHIDFHRIWKHVXEMHFW
DSSHDUVGDUN\RXFDQEULJKWHQWKHVFUHHQDFFRUGLQJWRWKHEULJKWQHVVRIWKHIDFH
7RXFK> @
7RXFK> AE @
7KHVHWWLQJVFUHHQIRUWKHEULJKWQHVVRSWLPL]DWLRQ
SRVLWLRQLVGLVSOD\HG
>0HWHULQJ0RGH@LVVHWWR> AE @ZKLFKLVXVHG AE
H[FOXVLYHO\IRUWKH7RXFK$(
7RXFKWKHVXEMHFW\RXZDQWWRRSWLPL]HWKH
EULJKWQHVVIRU
7RXFKLQJ>5HVHW@ZLOOEULQJWKHEULJKWQHVVRSWLPL]DWLRQ
SRVLWLRQEDFNWRWKHFHQWHU
ュリヴヱハ 5HVHW 6HW
7RXFK>6HW@
w &DQFHOLQJWKH7RXFK$(IXQFWLRQ
7RXFK> @
>0HWHULQJ0RGH@UHWXUQVWRWKHRULJLQDOVHWWLQJDQGWKHEULJKWQHVVRSWLPL]DWLRQSRVLWLRQLV
FDQFHOHG
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQXVLQJWKH'LJLWDO=RRP
± :KHQ>7RXFK$)@LQ>7RXFK6HWWLQJV@RIWKH>&XVWRP@PHQXKDVEHHQVHWWR>$)$(@3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6HWWLQJPHQXLWHPV
<RXFDQHLWKHURSHUDWHWKHEXWWRQVRUWRXFKWKHPRQLWRUWRVHWPHQXLWHPV
,QWKLVRZQHU¶VPDQXDOVWHSVIRUVHWWLQJDPHQXLWHPDUHGHVFULEHGDVIROORZV
([DPSOH,QWKH>5HF@PHQXFKDQJH>4XDOLW\@IURP>A@WR>›@
MENU >5HF@>4XDOLW\@>›@
3UHVV>0(186(7@
7KLVPHQXOHWV\RXVHWWKHDVSHFWUDWLRQXPEHURISL[HOV.3KRWR
>5HF@3
DQGRWKHUDVSHFWVRIWKHSLFWXUHV\RXDUHUHFRUGLQJ
>0RWLRQ3LFWXUH@ 7KLVPHQXOHWV\RXVHWWKH>5HF)RUPDW@>5HF4XDOLW\@DQGRWKHU
3 DVSHFWVIRUPRWLRQSLFWXUHUHFRUGLQJ
2SHUDWLRQRIWKHXQLWVXFKDVGLVSOD\LQJRIWKHVFUHHQDQGEXWWRQ
>&XVWRP@3 RSHUDWLRQVFDQEHVHWXSDFFRUGLQJWR\RXUSUHIHUHQFHV$OVRLWLV
SRVVLEOHWRUHJLVWHUWKHPRGLILHGVHWWLQJV
7KLVPHQXOHWV\RXSHUIRUPWKHFORFNVHWWLQJVVHOHFWWKHRSHUDWLQJ
EHHSWRQHVHWWLQJVDQGVHWRWKHUVHWWLQJVZKLFKPDNHLWHDVLHUIRU
>6HWXS@3
\RXWRRSHUDWHWKHFDPHUD
<RXFDQDOVRFRQILJXUHWKHVHWWLQJVRI:L)LUHODWHGIXQFWLRQV
7KLVPHQXOHWV\RXVHWWKH3URWHFWLRQ&URSSLQJRU3ULQW6HWWLQJV
>3OD\EDFN@3
HWFRIUHFRUGHGSLFWXUHV
7KH>6HWXS@PHQXFRQWDLQVVRPHLPSRUWDQWVHWWLQJVUHODWLQJWRWKHFDPHUD¶VFORFNDQGSRZHU
&KHFNWKHVHWWLQJVRIWKLVPHQXEHIRUHSURFHHGLQJWRXVHWKHFDPHUD
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
3UHVVRIWKHFXUVRUEXWWRQWRVHOHFW
WKHPHQXLWHPDQGSUHVV>0(186(7@
7KHPHQXLWHPFDQDOVREHVHOHFWHGE\URWDWLQJWKH
UHDUGLDO
<RXFDQDOVRPRYHWRWKHQH[WVFUHHQE\SUHVVLQJ
>',63@
,QWRXFKRSHUDWLRQ
7RXFKWKHPHQXLWHP
7KHSDJHFDQEHFKDQJHGE\WRXFKLQJ> @> @
3UHVVRIWKHFXUVRUEXWWRQWRVHOHFW
WKHVHWWLQJDQGSUHVV>0(186(7@
<RXFDQDOVRVHOHFWWKHVHWWLQJE\URWDWLQJWKHUHDU
GLDO
'HSHQGLQJRQWKHPHQXLWHPLWVVHWWLQJPD\QRW
DSSHDURULWPD\EHGLVSOD\HGLQDGLIIHUHQWZD\
,QWRXFKRSHUDWLRQ
7RXFKWKH6HWWLQJWRVHW
7KHUHDUHIXQFWLRQVWKDWFDQQRWEHVHWRUXVHGGHSHQGLQJRQWKHPRGHVRUPHQXVHWWLQJVEHLQJ
XVHGRQWKHFDPHUDGXHWRWKHVSHFLILFDWLRQV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w 6ZLWFKLQJWRRWKHUPHQXV
HJ6ZLWFKLQJWRWKH>6HWXS@PHQXIURP>5HF@PHQX
3UHVV
3UHVVWRVHOHFWDPHQXVHOHFWRULFRQVXFKDV
> @
<RXFDQDOVRVHOHFWWKHPHQXWRJJOHLFRQVE\URWDWLQJ
WKHIURQWGLDO
3UHVV>0(186(7@
,QWRXFKRSHUDWLRQ
7RXFKDPHQXVHOHFWRULFRQVXFKDV> @
w &ORVHWKHPHQX
3UHVV> @RUSUHVVWKHVKXWWHUEXWWRQKDOIZD\
,QWRXFKRSHUDWLRQ
7RXFK> @
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
&DOOLQJIUHTXHQWO\XVHGPHQXVLQVWDQWO\
4XLFN0HQX
%\XVLQJWKH4XLFN0HQXVRPHRIWKHPHQXVHWWLQJVFDQEHHDVLO\IRXQG
7KHIHDWXUHVWKDWFDQEHDGMXVWHGXVLQJ4XLFN0HQXDUHGHWHUPLQHGE\WKHPRGHRUDGLVSOD\
VW\OHWKHFDPHUDLVLQ
3UHVV>40(18@WRGLVSOD\WKH4XLFN0HQX
AFS
4:3
5RWDWHWKHIURQWGLDOWRVHOHFWWKHPHQXLWHP
60p L
AFS
4:3
5RWDWHWKHUHDUGLDOWRVHOHFWWKHVHWWLQJ
60p L
3UHVV>40(18@WRH[LWWKHPHQXRQFHWKH
VHWWLQJLVFRPSOHWH
3.5 60 0 AUTO AWB
<RXFDQDOVRVHWLWHPVE\SUHVVLQJWKHFXUVRUEXWWRQV
2QPRQLWRUUHFRUGLQJLQIRUPDWLRQLQ> @0RQLWRUVW\OH
3
6HOHFWWKHLWHPE\SUHVVLQJWKH>40(18@EXWWRQDQGURWDWLQJ ISO 0 0
WKHUHDUGLDODQGWKHQVHOHFWWKHVHWWLQJE\URWDWLQJWKHIURQW AUTO 0
<RXFDQDOVRVHWZLWKDQG>0(186(7@ AWB 98
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6ZLWFKLQJWKHPHWKRGIRUVHWWLQJ4XLFN0HQXLWHPV
MENU >&XVWRP@>40(18@
>35(6(7@
7KHGHIDXOWLWHPVFDQEHVHW
>&86720@
7KH4XLFN0HQXZLOOFRQVLVWRIGHVLUHGLWHPV3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
&XVWRPL]LQJWKH4XLFN0HQXVHWWLQJV
:KHQ>40(18@3LQWKH>&XVWRP@PHQXLVVHWWR>&86720@WKH4XLFN0HQXFDQEH
FKDQJHGDVGHVLUHG
8SWRLWHPVFDQEHVHWWRWKH4XLFN0HQX
3UHVVWRVHOHFW> @DQGWKHQSUHVV>0(186(7@
4:3
L AFS
3UHVVWRVHOHFWWKHPHQXLWHPLQWKHWRS
URZDQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHHPSW\VSDFHLQWKHERWWRP 1 23 4 5
URZDQGWKHQSUHVV>0(186(7@
,WHPVWKDWFDQEHVHWXSDV4XLFN0HQXV
,WHPVWKDWFDQEHGLVSOD\HGLQWKH4XLFN0HQXVFUHHQ
4:3
L AFS
<RXFDQDOVRVHWWKHPHQXLWHPE\GUDJJLQJLWIURPWKHWRS
URZWRWKHERWWRPURZ
,IWKHUHLVQRHPSW\VSDFHLQWKHERWWRPURZ\RXFDQ
UHSODFHDQH[LVWLQJLWHPZLWKDQHZVHOHFWLWHPE\VHOHFWLQJWKHH[LVWLQJLWHP
7RFDQFHOWKHVHWWLQJPRYHWRWKHERWWRPURZE\SUHVVLQJDQGVHOHFWDQLWHPWRFDQFHO
DQGWKHQSUHVV>0(186(7@
,WHPVWKDWFDQEHVHWDUHDVIROORZV
>5HF@PHQX5HFRUGLQJIXQFWLRQV
± >3KRWR6W\OH@3 ± >(OHFWURQLF6KXWWHU@3
± >)LOWHU6HOHFW@3 ± >)ODVK0RGH@3
± >3LFWXUH6HWWLQJ@ ± >)ODVK$GMXVW@3
>$VSHFW5DWLR@3>3LFWXUH6L]H@ ± >([7HOH&RQY@
3 VWLOOSLFWXUHVPRWLRQSLFWXUHV3
± >4XDOLW\@3 ± >'LJLWDO=RRP@3
± >$)6$))@3 ± >6WDELOL]HU@3
± >0HWHULQJ0RGH@3 ± >6HQVLWLYLW\@3
± >.3+272@3 ± >:KLWH%DODQFH@3
± >L'\QDPLF@3 ± >$)0RGH@3
± >L5HVROXWLRQ@3 ± >'ULYH0RGH@3
± >+'5@3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
>0RWLRQ3LFWXUH@PHQX
± >6QDS0RYLH@3 ± >3LFWXUH0RGH@3
± >0RWLRQ3LF6HW@
>5HF)RUPDW@3>5HF4XDOLW\@
3
>&XVWRP@PHQX
± >6LOHQW0RGH@3 ± >0RQRFKURPH/LYH9LHZ@3
± >3HDNLQJ@3 ± >5HF$UHD@3
± >+LVWRJUDP@3 ± >6WHS=RRP@3
± >*XLGH/LQH@3 ± >=RRP6SHHG@3
± >=HEUD3DWWHUQ@3 ± >7RXFK6FUHHQ@3
3UHVV> @
,WZLOOUHWXUQWRVFUHHQRIVWHS
3UHVV>0(186(7@WRVZLWFKWRWKHUHFRUGLQJVFUHHQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
$VVLJQLQJIUHTXHQWO\XVHGIXQFWLRQVWRWKH
EXWWRQVIXQFWLRQEXWWRQV
<RXFDQDVVLJQUHFRUGLQJIXQFWLRQVHWFWRVSHFLILFEXWWRQVDQGLFRQV
6HOHFWWKHPHQX3
MENU >&XVWRP@>)Q%XWWRQ6HW@
3UHVVWRVHOHFW>6HWWLQJLQ5(&PRGH@RU
>6HWWLQJLQ3/$<PRGH@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHIXQFWLRQEXWWRQ\RXZDQWWR
DVVLJQDIXQFWLRQWRDQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHIXQFWLRQ\RXZDQWWRDVVLJQ
DQGWKHQSUHVV>0(186(7@
6RPHIXQFWLRQVFDQQRWEHDVVLJQHGGHSHQGLQJRQWKH
IXQFWLRQEXWWRQ
5HIHUWR3IRU>6HWWLQJLQ5(&PRGH@DQG3IRU>6HWWLQJLQ3/$<PRGH@
0DNLQJWKHIXQFWLRQEXWWRQVHWWLQJVIRUUHFRUGLQJ
<RXFDQXVHDVVLJQHGIXQFWLRQVE\SUHVVLQJDIXQFWLRQEXWWRQZKHQUHFRUGLQJ
>5HF@PHQX5HFRUGLQJIXQFWLRQV
± >:L)L@3>)Q@_ ± >4XDOLW\@3
± >40(18@3>)Q@_ ± >$)6$))@3
± >/9)0RQLWRU6ZLWFK@3>)Q@_ ± >0HWHULQJ0RGH@3
± >/9)0RQLWRU'LVS6W\OH@3>)Q@_ ± >.3+272@3>)Q@_
± >$)$(/2&.@3 ± >+LJKOLJKW6KDGRZ@3
± >$)21@3 ± >L'\QDPLF@3
± >3UHYLHZ@3>)Q@_ ± >L5HVROXWLRQ@3
± >2QH3XVK$(@3 ± >+'5@3
± >7RXFK$(@3 ± >(OHFWURQLF6KXWWHU@3
± >/HYHO *DXJH@3>)Q@_ ± >)ODVK0RGH@3
± >)RFXV$UHD6HW@3 ± >)ODVK$GMXVW@3
± >=RRP&RQWURO@3 ± >([7HOH&RQY@
± > 6KRW5$:-3*@3 VWLOOSLFWXUHVPRWLRQSLFWXUHV3
± >6KRW6SRW0HWHULQJ@3 ± >'LJLWDO=RRP@3
± >&XUVRU%XWWRQ/RFN@3>)Q@_ ± >6WDELOL]HU@3
± >'LDO2SHUDWLRQ6ZLWFK@3>)Q@_ ± >6HQVLWLYLW\@3
± >3KRWR6W\OH@3>)Q@_ ± >:KLWH%DODQFH@3
± >)LOWHU6HOHFW@3 ± >$)0RGH0)@3
± >$VSHFW5DWLR@3 ± >'ULYH0RGH@3
± >3LFWXUH6L]H@3 ± >5HVWRUHWR'HIDXOW@3
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
>0RWLRQ3LFWXUH@PHQX
± >6QDS0RYLH@3>)Q@_ ± >3LFWXUH0RGH@3
± >0RWLRQ3LF6HW@
>5HF)RUPDW@3>5HF4XDOLW\@3
>&XVWRP@PHQX
± >6LOHQW0RGH@3>)Q@_ ± >0RQRFKURPH/LYH9LHZ@3
± >3HDNLQJ@3 ± >5HF$UHD@3
± >+LVWRJUDP@3>)Q@_ ± >6WHS=RRP@3
± >*XLGH/LQH@3 ± >=RRP6SHHG@3
± >=HEUD3DWWHUQ@3 ± >7RXFK6FUHHQ@3
_ )XQFWLRQEXWWRQVHWWLQJVDWWKHWLPHRISXUFKDVH
w &RQILJXULQJWKHIXQFWLRQEXWWRQVHWWLQJVIURPWKHRQPRQLWRUUHFRUGLQJ
LQIRUPDWLRQVFUHHQ
7RXFKLQJ>)Q@RQWKHRQPRQLWRUUHFRUGLQJLQIRUPDWLRQVFUHHQ3DOVRDOORZV\RXWR
GLVSOD\WKHVFUHHQLQVWHS
w 8VLQJIXQFWLRQEXWWRQVZLWKWRXFKRSHUDWLRQV
>)Q@>)Q@>)Q@>)Q@DQG>)Q@DUHXVHGE\WRXFKLQJIXQFWLRQEXWWRQV
7RXFK> @
7RXFKIXQFWLRQEXWWRQV Fn8
7KHDVVLJQHGIXQFWLRQZLOORSHUDWH Fn9
Fn10
Fn11
SNAP
Fn12
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6RPHIXQFWLRQVFDQQRWEHXVHGGHSHQGLQJRQWKHPRGHRUGLVSOD\HGVFUHHQ
:KHQXVLQJ>([7HOH&RQY@VWLOOSLFWXUHVFKHFNWKDW>3LFWXUH6L]H@LVVHWWR>0@RU>6@
:KHQVHWWR>)RFXV$UHD6HW@LWLVSRVVLEOHWRGLVSOD\WKHSRVLWLRQVHWWLQJVFUHHQRIHLWKHU$)
DUHDRU0)$VVLVW
:KHQ> 6KRW5$:-3*@LVVHWLWZLOOUHFRUGWKH5$:ILOHDQGDILQH-3(*LPDJH
VLPXOWDQHRXVO\RQFHRQO\,WZLOOUHWXUQWRRULJLQDOTXDOLW\DIWHUUHFRUGLQJ
:KHQ>6KRW6SRW0HWHULQJ@LVVHWLWZLOOUHFRUGZLWK>0HWHULQJ0RGH@VHWWR> @VSRWRQFH
RQO\,WZLOOUHWXUQWRRULJLQDO0HWHULQJ0RGHDIWHUUHFRUGLQJ
2SHUDWLRQVRIWKHFXUVRUEXWWRQDQG>0(186(7@DUHGLVDEOHGZKHQ>&XUVRU%XWWRQ/RFN@LV
VHW3UHVVWKHIXQFWLRQEXWWRQDJDLQWRHQDEOHWKHP
:KHQ>5HVWRUHWR'HIDXOW@LVVHWIXQFWLRQEXWWRQVHWWLQJVUHWXUQWRWKHGHIDXOWFRQILJXUDWLRQ
1RWDYDLODEOHLQWKHVHFDVHV
>)Q@LVQRWDYDLODEOHZKHQUHFRUGLQJZLWK> @>.%XUVW66@RI.3KRWR
>)Q@FDQQRWEHXVHGLQWKHIROORZLQJFDVHV
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
>)Q@FDQQRWEHXVHGLQWKHIROORZLQJFDVHV
± ,QWHOOLJHQW$XWR0RGH
± ,QWHOOLJHQW$XWR3OXV0RGH
± &UHDWLYH&RQWURO0RGH
>)Q@>)Q@>)Q@>)Q@DQG>)Q@FDQQRWEHXVHGZKHQWKHYLHZILQGHULVLQXVH
0DNLQJWKHIXQFWLRQEXWWRQVHWWLQJVIRUSOD\EDFN
<RXFDQGLUHFWO\VHWDQDVVLJQHGIXQFWLRQWRDVHOHFWHGLPDJHE\SUHVVLQJWKHIXQFWLRQ
EXWWRQGXULQJSOD\EDFN
7KHIROORZLQJIXQFWLRQVFDQEHDVVLJQHGWRWKHEXWWRQ>)Q@>)Q@>)Q@>)Q@>)Q@>)Q@RU
>)Q@
>3OD\EDFN@0HQX3OD\EDFNIXQFWLRQV
± >)DYRULWH@3>)Q@_ ± >'HOHWH6LQJOH@3
± >3ULQW6HW@3 ± >2II@>)Q@_>)Q@_>)Q@_>)Q@_>)Q@_
± >3URWHFW@3 >)Q@_
± >5HVWRUHWR'HIDXOW@
_ )XQFWLRQEXWWRQVHWWLQJVDWWKHWLPHRISXUFKDVH
:KHQ>5HVWRUHWR'HIDXOW@LVVHWIXQFWLRQEXWWRQVHWWLQJVUHWXUQWRWKHGHIDXOWFRQILJXUDWLRQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
w 8VLQJWKHIXQFWLRQEXWWRQVGXULQJSOD\EDFN
([DPSOH:KHQ>)Q@LVVHWWR>)DYRULWH@
3UHVVWRVHOHFWWKHSLFWXUH
3UHVV>)Q@>40(18@DQGWKHQVHWWKHLPDJHDV 1/98
>)DYRULWH@
:KHQDVVLJQLQJ>3ULQW6HW@VHWWKHQXPEHURISLFWXUHVWR
EHSULQWHGQH[W
:KHQDVVLJQLQJ>'HOHWH6LQJOH@VHOHFW><HV@RQWKH
FRQILUPDWLRQVFUHHQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
&RQILJXULQJEDVLFVHWWLQJVRIWKLVXQLW
6HWXS0HQX
)RUGHWDLOVRQKRZWRVHOHFWWKH>6HWXS@PHQXVHWWLQJVUHIHUWR3
>&ORFN6HW@DQG>(FRQRP\@DUHLPSRUWDQWLWHPV
&KHFNWKHLUVHWWLQJVEHIRUHXVLQJWKHFDPHUD
>&ORFN6HW@ ²
5HIHUWR3IRUGHWDLOV
6HWWKHWLPHLQ\RXUKRPHDUHDDQGWUDYHOGHVWLQDWLRQ
<RXFDQGLVSOD\WKHORFDOWLPHVDWWKHWUDYHOGHVWLQDWLRQVDQG
UHFRUGWKHPRQWKHSLFWXUHV\RXWDNH
6HW>+RPH@ILUVWWKLQJDIWHUSXUFKDVLQJ
>'HVWLQDWLRQ@FDQEHVHWDIWHUVHWWLQJXS>+RPH@
$IWHUVHOHFWLQJ>'HVWLQDWLRQ@RU>+RPH@SUHVVWRVHOHFW
DQDUHDDQGSUHVV>0(186(7@WRVHW
“>'HVWLQDWLRQ@
7UDYHOGHVWLQDWLRQDUHD
>:RUOG7LPH@ &XUUHQWWLPHRIWKH
GHVWLQDWLRQDUHD
7LPHGLIIHUHQFHIURPKRPH
DUHD
– >+RPH@
<RXUKRPHDUHD
&XUUHQWWLPH
7LPHGLIIHUHQFHIURP*07
*UHHQZLFK0HDQ7LPH
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
'HSDUWXUHGDWHDQGUHWXUQGDWHRIWKHWULSDVZHOODVWKHQDPHRI
WKHWUDYHOGHVWLQDWLRQFDQEHVHW
<RXFDQGLVSOD\WKHQXPEHURIGD\VWKDWKDYHSDVVHGZKHQ
SOD\LQJEDFNWKHSLFWXUHVDQGVWDPSLWRQWKHUHFRUGHGSLFWXUHV
ZLWK>7H[W6WDPS@3
>7UDYHO6HWXS@
>6(7@ 'HSDUWXUHGDWHDQGUHWXUQGDWHDUHVHW(ODSVHGGD\V
KRZPDQ\GD\VDIWHURIWKHWULSDUHUHFRUGHG
>2))@
>7UDYHO'DWH@ 7KHWUDYHOGDWHLVDXWRPDWLFDOO\FDQFHOHGLIWKHFXUUHQWGDWHLVDIWHU
WKHUHWXUQGDWH
,IWKH>7UDYHO6HWXS@LVVHWWR>2))@>/RFDWLRQ@ZLOODOVREHVHWWR
>2))@
>/RFDWLRQ@
>6(7@ 7UDYHOGHVWLQDWLRQLVUHFRUGHGDWWKHWLPHRI
UHFRUGLQJ
>2))@
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´RQ
3
7KHQXPEHURIGD\VWKDWKDYHSDVVHGVLQFHWKHGHSDUWXUHGDWHFDQEHSULQWHGRXWXVLQJWKH
³3+272IXQ678',2´EXQGOHGVRIWZDUHRQWKH'9'VXSSOLHG
7KHWUDYHOGDWHLVFDOFXODWHGXVLQJWKHGDWHLQWKHFORFNVHWWLQJDQGWKHGHSDUWXUHGDWH\RXVHW
,I\RXVHW>:RUOG7LPH@WRWKHWUDYHOGHVWLQDWLRQWKHWUDYHOGDWHLVFDOFXODWHGXVLQJWKHGDWHLQ
WKHFORFNVHWWLQJDQGWKHWUDYHOGHVWLQDWLRQVHWWLQJ
7KH>7UDYHO'DWH@IHDWXUHLVGLVDEOHGZKHQUHFRUGLQJ>$9&+'@PRWLRQSLFWXUHV
>/RFDWLRQ@FDQQRWEHUHFRUGHGLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJ.SKRWRV
>:L)L@ >:L)L)XQFWLRQ@>:L)L6HWXS@
5HIHUWR3IRUGHWDLOV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7KLVDOORZV\RXWRVHWWKHYROXPHIRUHOHFWURQLFVRXQGDQGWKH
HOHFWURQLFVKXWWHUVRXQG
>%HHS9ROXPH@ >(6KXWWHU9RO@
>%HHS@ >u@+LJK > @+LJK
>t@/RZ > @/RZ
>s@2)) > @2))
>(6KXWWHU7RQH@
> 1 @> 2 @> 3 @
:KHQ>6LOHQW0RGH@LVVHWWR>21@>%HHS9ROXPH@DQG>(6KXWWHU9RO@LVVHWWR>2))@
6HWWKHIUDPHUDWHRIWKHUHFRUGLQJVFUHHQ/LYH9LHZVFUHHQ
>ISV@ 5HGXFHVWKHSRZHUFRQVXPSWLRQH[WHQGLQJWKH
>/LYH9LHZ0RGH@
RSHUDWLQJWLPH
>ISV@ 'LVSOD\VPRYHPHQWVVPRRWKHU
:KHQ>/LYH9LHZ0RGH@LVVHWWR>ISV@WKHLPDJHTXDOLW\RQWKHUHFRUGLQJVFUHHQPD\EH
ZRUVHWKDQZKHQLWLVVHWWR>ISV@EXWWKLVGRHVQRWDIIHFWWKHUHFRUGHGLPDJH
,QDGDUNHQYLURQPHQWWKHIUDPHUDWHPD\EHFRPHVORZHU
7KHYLHZILQGHULVIL[HGWR>ISV@
:KHQXVLQJWKH$&DGDSWRURSWLRQDO>/LYH9LHZ0RGH@LVIL[HGWR>ISV@
>/LYH9LHZ0RGH@LVGLVDEOHGZKLOHWKH+'0,RXWSXWLVEHLQJXVHGIRUUHFRUGLQJ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
%ULJKWQHVVFRORURUUHGRUEOXHWLQWRIWKH0RQLWRUYLHZILQGHULV
DGMXVWHG
> @>%ULJKWQHVV@
$GMXVWWKHEULJKWQHVV
> @>&RQWUDVW@
$GMXVWWKHFRQWUDVW
> @>6DWXUDWLRQ@
>0RQLWRU'LVSOD\@ $GMXVWWKHFODULW\RIFRORUV
>9LHZILQGHU@ > @>5HG7LQW@
$GMXVWWKHUHGWLQW
> @>%OXH7LQW@
$GMXVWWKHEOXHWLQW
6HOHFWWKHVHWWLQJVE\SUHVVLQJDQGDGMXVWZLWK
$GMXVWLQJFDQDOVREHSHUIRUPHGE\URWDWLQJWKHUHDUGLDO
3UHVV>0(186(7@WRVHW
,WZLOODGMXVWWKHPRQLWRUZKHQWKHPRQLWRULVLQXVHDQGWKHYLHZILQGHUZKHQWKHYLHZILQGHULVLQ
XVH
6RPHVXEMHFWVPD\DSSHDUGLIIHUHQWO\IURPDFWXDOLW\RQWKHPRQLWRU+RZHYHUWKLVGRHVQRW
DIIHFWWKHUHFRUGHGSLFWXUHV
6HWVWKHPRQLWRUEULJKWQHVVDFFRUGLQJWRWKHDPELHQWOLJKWOHYHO
„>$872@
7KHEULJKWQHVVLVDGMXVWHGDXWRPDWLFDOO\GHSHQGLQJRQKRZEULJKW
>0RQLWRU/XPLQDQFH@ LWLVDURXQGWKHFDPHUD
1 >02'(@
…
0DNHWKHPRQLWRUEULJKWHU
…
2 >02'(@
0DNHWKHPRQLWRUGDUNHU
7KHEULJKWQHVVRISLFWXUHVGLVSOD\HGRQWKHPRQLWRULVHQKDQFHGVRVRPHVXEMHFWVRQWKH
PRQLWRUPD\DSSHDUGLIIHUHQWIURPWKHDFWXDOVXEMHFWV+RZHYHUWKLVHQKDQFHPHQWGRHVQRW
DIIHFWUHFRUGHGSLFWXUHV
>$872@LVRQO\DYDLODEOHLQWKH5HFRUGLQJ0RGH
7KHLQLWLDOVHWWLQJZKHQXVLQJWKH$&DGDSWRURSWLRQDOLV>02'(@
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7KHXQLWFDQEHVHWXSWRSUHYHQWXQQHFHVVDU\EDWWHU\
FRQVXPSWLRQ
>6OHHS0RGH@
7KHFDPHUDLVDXWRPDWLFDOO\WXUQHGRIILIWKHFDPHUDKDVQRWEHHQ
XVHGIRUWKHWLPHVHOHFWHGRQWKHVHWWLQJ
>(FRQRP\@
>0,1@>0,1@>0,1@>0,1@>2))@
>$XWR/9)0RQLWRU2II@
7KHPRQLWRUYLHZILQGHULVDXWRPDWLFDOO\WXUQHGRIILIWKHFDPHUD
KDVQRWEHHQXVHGIRUWKHWLPHVHOHFWHGRQWKHVHWWLQJ
>0,1@>0,1@>0,1@
3UHVVWKHVKXWWHUEXWWRQKDOIZD\RUWXUQWKHFDPHUDRIIDQGRQWRFDQFHO>6OHHS0RGH@
7RWXUQWKHPRQLWRUYLHZILQGHURQDJDLQSUHVVDQ\EXWWRQRUWRXFKWKHPRQLWRU
:KHQWKHPRQLWRUYLHZILQGHUDXWRPDWLFVZLWFKLQJ3LVDFWLYDWHG>$XWR/9)0RQLWRU2II@LV
FDQFHOHG
>(FRQRP\@GRHVQRWZRUNLQWKHIROORZLQJFDVHV
± :KHQFRQQHFWLQJWRD3&RUDSULQWHU
± :KHQUHFRUGLQJRUSOD\LQJEDFNPRWLRQSLFWXUHV
± 'XULQJDVOLGHVKRZ
± :KHQUHFRUGLQJZLWK> @>.3UH%XUVW@RIWKH.3KRWRIXQFWLRQ
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
± :KHQXVLQJWKH+'0,RXWSXWGXULQJUHFRUGLQJ
:KHQXVLQJWKH$&DGDSWRURSWLRQDO>6OHHS0RGH@LVGLVDEOHG
:KHQXVLQJWKH$&DGDSWRURSWLRQDO>$XWR/9)0RQLWRU2II@LVIL[HGWR>0,1@
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
6HOHFWWKH86%FRPPXQLFDWLRQV\VWHPZKHQFRQQHFWLQJWKH
FDPHUDWR\RXU3&RU\RXUSULQWHUZLWKWKH86%FRQQHFWLRQFDEOH
VXSSOLHG
y>6HOHFWRQFRQQHFWLRQ@
6HOHFWWKLVVHWWLQJWRVHOHFWWKH86%FRPPXQLFDWLRQV\VWHPZKHQ
FRQQHFWLQJWRDQRWKHUGHYLFH
z>3&@
6HOHFWWKLVVHWWLQJWRH[SRUWLPDJHVWRDFRQQHFWHG3&
{>3LFW%ULGJH373@
6HOHFWWKLVVHWWLQJZKHQFRQQHFWLQJWRDSULQWHUVXSSRUWLQJ
3LFW%ULGJH
>5HPRWH&RQWURO373@
6HOHFWWKLVVHWWLQJWRFRQWUROWKHFDPHUDIURPD3&HWFRUVHQG
UHFRUGHGLPDJHVWRLW
'RQRWXVHDQ\FDEOHRWKHUWKDQWKHVXSSOLHG86%FRQQHFWLRQFDEOH
RUD3DQDVRQLF86%FRQQHFWLRQFDEOH'0:86%&RSWLRQDO
>86%0RGH@
w $ERXW>5HPRWH &RQWURO373@
7RFRQQHFWWRD3&XVLQJ>5HPRWH &RQWURO373@WRFRQWUROWKH
FDPHUDIURPWKH3&\RXQHHGWRLQVWDOOVRIWZDUHRQWKH3&
&RPSDWLEOHVRIWZDUH$VRI-XO\
86%7HWKHU3URPRWH6\VWHPV
)RUGHWDLOVUHIHUWRWKHVLWHEHORZ
KWWSZZZSURPRWHV\VWHPVFRP
:KHQWKHFDPHUDLVFRQQHFWHGWRDQRWKHUGHYLFHZLWK
>5HPRWH &RQWURO373@LI\RXEUHDNWKHFRPPXQLFDWLRQEHWZHHQ
WKHPEHIRUH\RXKDYHFRPSOHWHGVHQGLQJILOHVIRUH[DPSOHE\
WXUQLQJRIIWKHFDPHUDRUGLVFRQQHFWLQJWKH86%FRQQHFWLRQFDEOH
VXSSOLHGXQVHQWILOHVZLOOQRWEHUHVHQW
,WPD\QRWEHSRVVLEOHWRGHOHWHILOHVRUXVHWKH>3OD\EDFN@PHQX
ZKLOHILOHVDUHEHLQJVHQWZLWK>5HPRWH &RQWURO373@
:KHQ>5HPRWH &RQWURO373@LVVHOHFWHGWKH86%FRQQHFWLRQFDEOH
VXSSOLHGDQGDQ+'0,PLFURFDEOHFDQEHFRQQHFWHGWRWKHFDPHUD
DWWKHVDPHWLPH
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
7KLVVHWVKRZWKHXQLWFRQQHFWVWRDWHOHYLVLRQHWF
>79$VSHFW@
6HWWRPDWFKWKHW\SHRI79
>@
:KHQFRQQHFWLQJWRDVFUHHQ79
>@
:KHQFRQQHFWLQJWRDVFUHHQ79
7KLVZLOOZRUNZKHQWKH$9FDEOHRSWLRQDOLVFRQQHFWHG
>+'0,0RGH3OD\@
6HWWKHIRUPDWIRUWKH+'0,RXWSXWZKHQSOD\LQJEDFNRQWKH
+'0,FRPSDWLEOHKLJKGHILQLWLRQ79FRQQHFWHGZLWKWKLVXQLWXVLQJ
WKH+'0,PLFURFDEOH
>$872@
7KHRXWSXWUHVROXWLRQLVDXWRPDWLFDOO\VHWEDVHGRQWKH
LQIRUPDWLRQIURPWKHFRQQHFWHG79
>.@
7KHSURJUHVVLYHPHWKRGZLWKDYDLODEOHVFDQOLQHVLVXVHG
>79&RQQHFWLRQ@ IRURXWSXW7KHRXWSXWVL]HLVVHWWRM
>S@
7KHSURJUHVVLYHPHWKRGZLWKDYDLODEOHVFDQOLQHVLVXVHG
IRURXWSXW
>L@
7KHLQWHUODFHPHWKRGZLWKDYDLODEOHVFDQOLQHVLVXVHGIRU
RXWSXW
>S@
7KHSURJUHVVLYHPHWKRGZLWKDYDLODEOHVFDQOLQHVLVXVHG
IRURXWSXW
>S@
7KHSURJUHVVLYHPHWKRGZLWKDYDLODEOHVFDQOLQHVLVXVHG
IRURXWSXW
7KLVZLOOZRUNZKHQWKH+'0,PLFURFDEOHLVFRQQHFWHG
7KLVZLOOZRUNRQO\GXULQJSOD\EDFN
,IQRLPDJHDSSHDUVRQWKH79ZLWK>$872@VZLWFKWKHVHWWLQJWRD
FRQVWDQWVHWWLQJRWKHUWKDQ>$872@WRVHWDIRUPDWVXSSRUWHGE\\RXU
795HDGWKHRSHUDWLQJLQVWUXFWLRQVIRUWKH79
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
>+'0,,QIR'LVSOD\5HF@
6HWZKHWKHURUQRWWRGLVSOD\LQIRUPDWLRQZKHQUHFRUGLQJDQ
LPDJHRQWKHFDPHUDZKLOHPRQLWRULQJLWRQD79
>21@ 7KHFDPHUDGLVSOD\LVRXWSXWDVLV
>2))@ 2QO\LPDJHVDUHRXWSXW
7KLVZLOOZRUNZKHQWKH+'0,PLFURFDEOHLVFRQQHFWHG
:KHQWKHFDPHUDLVFRQQHFWHGWRD79ORZHUWKHYROXPHRIWKH79
>' 3OD\EDFN@
6HWWKHRXWSXWPHWKRGIRU'SLFWXUHV
> @ 6HWZKHQFRQQHFWLQJWRD'FRPSDWLEOHWHOHYLVLRQ
> @ 6HWZKHQFRQQHFWLQJWRDWHOHYLVLRQQRWFRPSDWLEOHZLWK
'
6HWWKLVZKHQ\RXZRXOGOLNHWRYLHZSLFWXUHVLQ'
>79&RQQHFWLRQ@ FRQYHQWLRQDOLPDJHRQD'FRPSDWLEOHWHOHYLVLRQ
7KLVZLOOZRUNZKHQWKH+'0,PLFURFDEOHLVFRQQHFWHG
5HIHUWR3IRUWKHPHWKRGWRSOD\EDFN'SLFWXUHVLQ'
>9,(5$/LQN@
6HWWLQJVWKDWDOORZWKLVXQLWWREHFRQWUROOHGE\WKHUHPRWHFRQWURO
RIWKH9,(5$HTXLSPHQWE\DXWRPDWLFDOO\FRXSOLQJWKLVXQLWZLWK
WKH9,(5$/LQNFRPSDWLEOHHTXLSPHQWXVLQJ+'0,PLFURFDEOH
>21@ 5HPRWHFRQWURORSHUDWLRQRIWKH9,(5$/LQNFRPSDWLEOH
HTXLSPHQWLVHQDEOHG
1RWDOORSHUDWLRQVDUHSRVVLEOH
%XWWRQRSHUDWLRQRIWKHPDLQXQLWZLOOEHOLPLWHG
>2))@ 2SHUDWLRQLVSHUIRUPHGZLWKWKHEXWWRQVRQWKLVXQLW
7KLVZLOOZRUNZKHQWKH+'0,PLFURFDEOHLVFRQQHFWHG
5HIHUWR3IRUGHWDLOV
6WRUHVWKHORFDWLRQRIWKHODVWXVHGPHQXLWHPIRUHDFKPHQX
>0HQX5HVXPH@
>21@>2))@
>0HQX%DFNJURXQG@ ²
6HWWKHEDFNJURXQGFRORUIRUWKHPHQXVFUHHQ
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
([SODQDWLRQVRIWKHPHQXLWHPVDQGVHWWLQJVDUHGLVSOD\HGRQWKH
>0HQX,QIRUPDWLRQ@ PHQXVFUHHQ
>21@>2))@
>/DQJXDJH@ 6HWWKHODQJXDJHGLVSOD\HGRQWKHVFUHHQ
,I\RXVHWDGLIIHUHQWODQJXDJHE\PLVWDNHVHOHFW>~@IURPWKHPHQXLFRQVWRVHWWKHGHVLUHG
ODQJXDJH
>9HUVLRQ'LVS@ ²
7KLVHQDEOHVWKHILUPZDUHYHUVLRQVRIWKHFDPHUDDQGOHQVWREHFKHFNHG
3UHVV>0(186(7@RQWKHYHUVLRQGLVSOD\VFUHHQWRGLVSOD\LQIRUPDWLRQDERXWWKHVRIWZDUHRQ
WKHXQLW
6HWWKLVLWHPWRFDQFHOWKHVHOIWLPHUZKHQ\RXWXUQRIIWKH
>6HOI7LPHU$XWR2II@ FDPHUD
>21@>2))@
>1R5HVHW@ 5HVHWWKHILOHQXPEHURIWKHQH[WUHFRUGLQJWR
7KHIROGHUQXPEHULVXSGDWHGDQGWKHILOHQXPEHUVWDUWVIURP
$IROGHUQXPEHUEHWZHHQDQGFDQEHDVVLJQHG
7KHIROGHUQXPEHUVKRXOGEHUHVHWEHIRUHLWUHDFKHV:HUHFRPPHQGIRUPDWWLQJWKHFDUG
3DIWHUVDYLQJWKHGDWDRQD3&RUHOVHZKHUH
7RUHVHWWKHIROGHUQXPEHUWRIRUPDWWKHFDUGILUVWDQGWKHQXVHWKLVIXQFWLRQWRUHVHWWKH
ILOHQXPEHU
$UHVHWVFUHHQIRUWKHIROGHUQXPEHUZLOOWKHQDSSHDU6HOHFW><HV@WRUHVHWWKHIROGHUQXPEHU
7KHUHFRUGLQJRUVHWXSFXVWRPVHWWLQJVDUHUHVHWWRWKHGHIDXOW
7KHIROORZLQJVHWWLQJVDUHUHVHWWRWKHGHIDXOW
>5HVHW@ ± 5HFRUGLQJVHWWLQJV([FHSWIRU>)DFH5HFRJ@DQG>3URILOH6HWXS@
VHWWLQJVDQGGULYHPRGH
± 5HFRUGLQJVHWWLQJV>)DFH5HFRJ@DQG>3URILOH6HWXS@VHWWLQJV
± 6HWXSFXVWRPVHWWLQJV
:KHQWKHVHWXSFXVWRPVHWWLQJVDUHUHVHWWKHIROORZLQJVHWWLQJVDUHDOVRUHVHW
± 7KH>:RUOG7LPH@VHWWLQJ
± 7KHVHWWLQJVRI>7UDYHO'DWH@GHSDUWXUHGDWHUHWXUQGDWHORFDWLRQ
± 7KHVHWWLQJVRI>5RWDWH'LVS@>3LFWXUH6RUW@DQG>'HOHWH&RQILUPDWLRQ@LQWKH>3OD\EDFN@PHQX
7KHIROGHUQXPEHUDQGWKHFORFNVHWWLQJDUHQRWFKDQJHG
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
5HVHWDOOVHWWLQJVLQWKH>:L)L@PHQXWRIDFWRU\GHIDXOWVHWWLQJV
>5HVHW:L)L6HWWLQJV@
([FOXGLQJ>/80,;&/8%@3
$OZD\VUHVHWWKHFDPHUDZKHQGLVSRVLQJRUVHOOLQJLWWRSUHYHQWSHUVRQDOLQIRUPDWLRQVDYHG
ZLWKLQWKHFDPHUDIURPEHLQJPLVXVHG
$OZD\VUHVHWWKHFDPHUDDIWHUPDNLQJDFRS\RISHUVRQDOLQIRUPDWLRQZKHQVHQGLQJWKHFDPHUD
LQWREHUHSDLUHG
,WZLOOSHUIRUPRSWLPL]DWLRQRILPDJLQJGHYLFHDQGLPDJH
>3L[HO5HIUHVK@
SURFHVVLQJ
,PDJLQJGHYLFHDQGLPDJHSURFHVVLQJLVRSWLPL]HGZKHQWKHFDPHUDLVSXUFKDVHG8VHWKLV
IXQFWLRQZKHQEULJKWVSRWVWKDWGRQRWH[LVWLQWKHVXEMHFWJHWUHFRUGHG
7XUQWKHFDPHUDRIIDQGRQDIWHUWKHSL[HOVDUHFRUUHFWHG
'XVWUHGXFWLRQWREORZRIIWKHGHEULVDQGGXVWWKDWKDYHDIIL[HGWR
>6HQVRU&OHDQLQJ@
WKHIURQWRIWKHLPDJLQJGHYLFHLVSHUIRUPHG
'XVW5HGXFWLRQ)XQFWLRQZLOORSHUDWHDXWRPDWLFDOO\ZKHQWKHFDPHUDLVWXUQHGRQEXW\RXFDQ
XVHWKLVIXQFWLRQZKHQ\RXVHHGXVW3
>)RUPDW@ ²
5HIHUWR3IRUGHWDLOV
*HWWLQJ6WDUWHG%DVLF2SHUDWLRQV
(QWHULQJ7H[W
:KHQHQWHULQJFKDUDFWHUV\RXFDQVZLWFKEHWZHHQ
DOSKDEHWVQXPEHUVDQGVSHFLDOFKDUDFWHUV
([DPSOHRIRSHUDWLRQIRUGLVSOD\LQJDVFUHHQ
MENU >5HF@>3URILOH6HWXS@>6(7@
>%DE\@>1DPH@>6(7@
3UHVVWRVHOHFWWH[WDQGWKHQSUHVV>0(186(7@WR
UHJLVWHU
0RYHWKHFXUVRUWR> @DQGWKHQSUHVV>0(186(7@WRVZLWFKWH[WEHWZHHQ>$@
FDSLWDOV>D@ORZHUFDVH>@QXPEHUVDQG> @VSHFLDOFKDUDFWHUV
7RHQWHUWKHVDPHFKDUDFWHUVLQDURZPRYHWKHFXUVRUE\URWDWLQJWKHUHDUGLDOWRWKH
ULJKW
7KHIROORZLQJRSHUDWLRQVFDQEHSHUIRUPHGE\PRYLQJWKHFXUVRUWRWKHLWHPDQG
SUHVVLQJ>0(186(7@
± >?@(QWHUDEODQN
± >'HOHWH@'HOHWHDFKDUDFWHU
± > @0RYHWKHHQWU\SRVLWLRQFXUVRUWRWKHOHIW
± > @0RYHWKHHQWU\SRVLWLRQFXUVRUWRWKHULJKW
$PD[LPXPRIFKDUDFWHUVFDQEHHQWHUHG
0D[LPXPRIFKDUDFWHUVZKHQVHWWLQJQDPHVLQ>)DFH5HFRJ@
$PD[LPXPRIFKDUDFWHUVFDQEHHQWHUHGIRU> @> @> @> @DQG> @
0D[LPXPRIFKDUDFWHUVZKHQVHWWLQJQDPHVLQ>)DFH5HFRJ@
3UHVVWRPRYHWKHFXUVRUWR>6HW@DQGWKHQSUHVV
>0(186(7@WRHQGWH[WLQSXW
7H[WFDQEHVFUROOHGLIDOORIWKHHQWHUHGWH[WGRHVQRWILWRQWKHVFUHHQ
3. 5HFRUGLQJ0RGHV
7DNLQJ3LFWXUHVXVLQJWKH$XWRPDWLF)XQFWLRQ
,QWHOOLJHQW$XWR0RGH
5HFRUGLQJ0RGH
,QWKLVPRGHWKHFDPHUDPDNHVWKHRSWLPDOVHWWLQJVIRUWKHVXEMHFWDQGVFHQHVRZH
UHFRPPHQGLWZKHQ\RXZLVKWROHDYHWKHVHWWLQJVWRWKHFDPHUDDQGUHFRUGZLWKRXW
WKLQNLQJDERXWWKHP
7KHFDPHUDGHWHFWVVFHQHVDXWRPDWLFDOO\6FHQH'HWHFWLRQ
:KHQWDNLQJSLFWXUHV :KHQUHFRUGLQJPRWLRQSLFWXUHV
>L+DQGKHOG 1LJKW
>L)RRG@ >L%DE\@_ >L6XQVHW@ >L/RZ/LJKW@
6KRW@_
_ 'LVSOD\HGZKHQDQH[WHUQDOIODVKLVXVHG
_ 2QO\GLVSOD\HGZKHQ>L+DQGKHOG 1LJKW 6KRW@LVVHWWR>21@3
_ :KHQ>)DFH5HFRJ@LVVHWWR>21@> @ZLOOEHGLVSOD\HGIRU
ELUWKGD\VRIUHJLVWHUHGIDFHVDOUHDG\VHWRQO\ZKHQWKH)DFH(\HRI
DSHUVRQ\HDUVROGRU\RXQJHULVGHWHFWHG
¦ >¦@LVVHWLIQRQHRIWKHVFHQHVDUHDSSOLFDEOHDQGWKHVWDQGDUG
VHWWLQJVDUHVHW
:KHQUHFRUGLQJ.SKRWRV6FHQH'HWHFWLRQZRUNVWKHVDPHZD\DV
ZKHQUHFRUGLQJPRWLRQSLFWXUHV
7KH,QWHOOLJHQW$XWR0RGHDGMXVWVWKHVHWWLQJVRIWKHPDLQIXQFWLRQVDXWRPDWLFDOO\DOORZLQJ
\RXWRUHFRUGLPDJHVZLWKRXWKDYLQJWRPDNHDGYDQFHGVHWWLQJV:KHQ\RXZDQWWRUHFRUG
LPDJHVHDVLO\XVH,QWHOOLJHQW$XWR0RGH
$WWKHWLPHRISXUFKDVHWKHPRGHLVVHWWR,QWHOOLJHQW$XWR3OXV0RGH
5HFRUGLQJ0RGHV
nSRVVLEOH²QRWSRVVLEOH
,QWHOOLJHQW$XWR3OXV0RGH ,QWHOOLJHQW$XWR0RGH
6HWWLQJWKHEULJKWQHVV
n ²
([SRVXUH
6HWWLQJWKHFRORUWRQH n ²
'HIRFXV&RQWURO n n
0HQXVWKDWFDQEHVHW 5HIHUWR3IRUGHWDLOV
6HWWKHPRGHGLDOWR>¦@
7KHFDPHUDZLOOVZLWFKWRHLWKHUWKHPRVWUHFHQWO\XVHG
RI,QWHOOLJHQW$XWR0RGHRU,QWHOOLJHQW$XWR3OXV0RGH
$OLJQWKHVFUHHQZLWKWKHVXEMHFW
:KHQWKHFDPHUDLGHQWLILHVWKHRSWLPXPVFHQHWKHLFRQ
RIWKHVFHQHFRQFHUQHGLVGLVSOD\HGLQEOXHIRU VHFRQGV
DIWHUZKLFKLWVFRORUFKDQJHVWRWKHXVXDOUHG$XWRPDWLF
VFHQHGHWHFWLRQ
w )XQFWLRQVWKDWZRUNDXWRPDWLFDOO\
7KHIROORZLQJIXQFWLRQVDUHSHUIRUPHGDXWRPDWLFDOO\WRDOORZWKHFDPHUDWRPDNHWKHRSWLPDO
VHWWLQJV
± 6FHQH'HWHFWLRQ
± %DFNOLJKW&RPSHQVDWLRQ
± >)DFH(\H'HWHFWLRQ@
± $XWR:KLWH%DODQFH
± ,QWHOOLJHQW ,62VHQVLWLYLW\FRQWURO
± >5HG(\H5HPRYDO@
± >L5HVROXWLRQ@
± >L'\QDPLF@
± >/RQJ6KWU15@
± >6KDGLQJ&RPS@
± >'LIIUDFWLRQ&RPSHQVDWLRQ@
± >4XLFN$)@
± >$)$VVLVW/DPS@
5HFRUGLQJ0RGHV
w $XWR)RFXV)DFH(\H'HWHFWLRQ DQG)DFH5HFRJQLWLRQ
7KH$XWR)RFXV0RGHLVDXWRPDWLFDOO\VHWWR>š@,I\RXWRXFKWKHVXEMHFWWKH$)WUDFNLQJ
IXQFWLRQZLOOZRUN7KH$)WUDFNLQJIXQFWLRQZLOODOVRZRUNLI\RXSUHVVDQGWKHQSUHVV
WKHVKXWWHUEXWWRQKDOIZD\
$ERXWWUDFNLQJ$)UHIHUWR3IRUGHWDLOV
:KHQ> @> @RU> @LVVHWDQH\HFORVHUWRWKHFDPHUDZLOOEHLQIRFXV
ZKLOHWKHH[SRVXUHZLOOEHRSWLPL]HGIRUWKHIDFH
,Q,QWHOOLJHQW$XWR3OXV0RGHRU,QWHOOLJHQW$XWR0RGH\RXFDQQRWFKDQJH
WKHH\HLQIRFXV>)DFH(\H'HWHFWLRQ@
'XULQJ$)7UDFNLQJ6FHQH'HWHFWLRQGRHVQRWZRUNXQWLOWKHVXEMHFWLV
ORFNHG
:KHQ>)DFH5HFRJ@LVVHWWR>21@DQGWKHIDFHVLPLODUWRWKHUHJLVWHUHGIDFHLVGHWHFWHG>5@LV
GLVSOD\HGLQWKHWRSULJKWRI> @> @DQG> @
w $ERXWWKHIODVK
:KHQWKHH[WHUQDOIODVKLVWXUQHGRIILWZLOOEHVHWWR>Œ@ZKHQLWLVWXUQHGRQLWZLOOEHVHW
WR> @$XWR
:KHQWKHH[WHUQDOIODVKLVWXUQHGRQWKHFDPHUDDXWRPDWLFDOO\VHWVWKHIODVKWR> @> @
$XWR5HG(\H5HGXFWLRQ> @RU> @GHSHQGLQJRQWKHW\SHDQGEULJKWQHVVRIWKH
VXEMHFW
)RULQIRUPDWLRQRQWKHH[WHUQDOIODVKUHIHUWR3
:KHQ> @RU> @LVVHW5HG(\H5HPRYDOLVHQDEOHG
6KXWWHUVSHHGZLOOEHVORZHUGXULQJ> @RU> @
5HPRYHWKHH[WHUQDOIODVKZKHQQRWWDNLQJSLFWXUHVZLWKLW
w 6FHQH'HWHFWLRQ
,IDWULSRGLVXVHGIRULQVWDQFHDQGWKHFDPHUDKDVMXGJHGWKDWFDPHUDVKDNHLVPLQLPDOZKHQ
WKHVFHQHGHWHFWLRQKDVEHHQLGHQWLILHGDV> @WKHVKXWWHUVSHHGZLOOEHVORZHUWKDQQRUPDO
7DNHFDUHQRWWRPRYHWKHFDPHUDZKLOHWDNLQJSLFWXUHV
'XHWRFRQGLWLRQVVXFKDVWKHRQHVEHORZDGLIIHUHQWVFHQHPD\EHLGHQWLILHGIRUWKHVDPH
VXEMHFW
± 6XEMHFWFRQGLWLRQV:KHQWKHIDFHLVEULJKWRUGDUNWKHVL]HFRORUDQGVKDSHRIWKHVXEMHFW
WKHGLVWDQFHWRWKHVXEMHFWWKHFRQWUDVWRIWKHVXEMHFWZKHQWKHVXEMHFWLVPRYLQJ
± 5HFRUGLQJFRQGLWLRQV6XQVHWVXQULVHXQGHUORZEULJKWQHVVFRQGLWLRQVZKHQWKHFDPHUD
LVVKDNHQZKHQ]RRPLVXVHG
7KH%DFNOLJKW&RPSHQVDWLRQ
:KHQWKHUHLVDEDFNOLJKWWKHVXEMHFWDSSHDUVGDUNHUDQGWKHFDPHUDZLOODXWRPDWLFDOO\
DWWHPSWWRFRUUHFWLWE\LQFUHDVLQJWKHEULJKWQHVVRIWKHSLFWXUH
,Q,QWHOOLJHQW$XWR3OXV0RGHRU,QWHOOLJHQW$XWR0RGHEDFNOLJKWFRPSHQVDWLRQZRUNV
DXWRPDWLFDOO\
5HFRUGLQJ0RGHV
7KHDQJOHRIYLHZZLOOEHVOLJKWO\QDUURZHU
$PHVVDJHQRWLI\LQJWKDWPXOWLSOHSLFWXUHVZLOOEHWDNHQLVGLVSOD\HG'RQRWPRYHWKHFDPHUD
GXULQJWKHFRQWLQXRXVVKRRWLQJDIWHUSUHVVLQJWKHVKXWWHUEXWWRQ
,IWKHFDPHUDLVPRXQWHGRQDWULSRGRURWKHUW\SHRIVWDQG> @ZLOOQRWEHGHWHFWHG
)ODVKLVIL[HGWR>Œ@IRUFHGIODVKRII
1RWDYDLODEOHLQWKHVHFDVHV
>L+DQGKHOG 1LJKW 6KRW@GRHVQRWZRUNIRUWKHSLFWXUHVWDNHQGXULQJDPRWLRQSLFWXUHUHFRUGLQJ
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJ.SKRWRV
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQ>([7HOH&RQY@LQWKH>5HF@PHQXLVVHW
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
5HFRUGLQJ0RGHV
&RPELQLQJSLFWXUHVLQWRDVLQJOHSLFWXUHZLWKULFKJUDGDWLRQ>L+'5@
5HFRUGLQJ0RGH
:KHQ>L+'5@LVVHWWR>21@DQGWKHUHLVIRUH[DPSOHVWURQJFRQWUDVWEHWZHHQWKH
EDFNJURXQGDQGWKHVXEMHFWPXOWLSOHVWLOOSLFWXUHVDUHUHFRUGHGZLWKGLIIHULQJH[SRVXUHV
DQGFRPELQHGWRFUHDWHDVLQJOHVWLOOSLFWXUHULFKLQJUDGDWLRQ
>L+'5@ZRUNVDXWRPDWLFDOO\DVQHHGHG:KHQLWGRHV> @LVGLVSOD\HGRQWKHVFUHHQ
MENU >5HF@>L+'5@>21@>2))@
7KHDQJOHRIYLHZZLOOEHVOLJKWO\QDUURZHU
$PHVVDJHQRWLI\LQJWKDWPXOWLSOHSLFWXUHVZLOOEHWDNHQLVGLVSOD\HG'RQRWPRYHWKHFDPHUD
GXULQJWKHFRQWLQXRXVVKRRWLQJDIWHUSUHVVLQJWKHVKXWWHUEXWWRQ
<RXFDQQRWWDNHWKHQH[WSLFWXUHXQWLOWKHFRPELQDWLRQRISLFWXUHVLVFRPSOHWH
$PRYLQJVXEMHFWPD\EHUHFRUGHGZLWKXQQDWXUDOEOXUV
1RWDYDLODEOHLQWKHVHFDVHV
>L+'5@GRHVQRWZRUNIRUWKHSLFWXUHVWDNHQGXULQJDPRWLRQSLFWXUHUHFRUGLQJ
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJXVLQJWKHIODVK
± :KHQUHFRUGLQJLQ%XUVW0RGH
± :KHQUHFRUGLQJ.SKRWRV
± :KHQUHFRUGLQJZLWK$XWR%UDFNHW
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQ>([7HOH&RQY@LQWKH>5HF@PHQXLVVHW
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
5HFRUGLQJ0RGHV
7DNLQJDSLFWXUHZLWKDEOXUUHGEDFNJURXQG'HIRFXV&RQWURO
5HFRUGLQJ0RGH
<RXFDQHDVLO\VHWWKHEOXUULQHVVRIWKHEDFNJURXQGZKLOHFKHFNLQJWKHVFUHHQ
3UHVV>)Q@WRGLVSOD\WKHVHWWLQJVFUHHQ
)XQFWLRQEXWWRQ>)Q@
6HWWKHEOXUULQHVVE\URWDWLQJWKHUHDUGLDO
6WURQJGHIRFXV :HDNGHIRFXV
,I\RXSUHVV>0(186(7@\RXFDQUHWXUQWRWKHUHFRUGLQJVFUHHQ
w :KHQRSHUDWLQJWKHWRXFKVFUHHQ
7RXFK> @
7RXFK> @WRGLVSOD\WKHVHWWLQJVFUHHQ
'UDJWKHH[SRVXUHPHWHUWRVHWWKHEOXUULQHVV
,I\RXSUHVV>0(186(7@\RXFDQUHWXUQWRWKHUHFRUGLQJ
VFUHHQ
AE
3UHVVLQJ>)Q@RQWKHEOXUULQHVVVHWWLQJVFUHHQZLOOFDQFHOWKHVHWWLQJ
,Q,QWHOOLJHQW$XWR0RGH RU $XWR)RFXV0RGHLVVHWWR>Ø@
7KHSRVLWLRQRIWKH$)DUHDFDQEHVHWE\WRXFKLQJWKHVFUHHQ,WVVL]HFDQQRWEHFKDQJHG
'HSHQGLQJRQWKHOHQVXVHG\RXPD\KHDUDVRXQGIURPWKHOHQVZKHQWKH'HIRFXV&RQWUROLV
XVHGEXWWKLVLVGXHWRRSHUDWLRQRIWKHDSHUWXUHRIWKHOHQVDQGLWLVQRWDPDOIXQFWLRQ
'HSHQGLQJRQWKHOHQVXVHGRSHUDWLRQDOVRXQGRIWKH'HIRFXV&RQWUROPD\EHUHFRUGHGGXULQJ
WKHUHFRUGLQJRIDPRWLRQSLFWXUHZKHQWKHIXQFWLRQLVXVHG
1RWDYDLODEOHLQWKHVHFDVHV
'HSHQGLQJRQWKHOHQVXVHG'HIRFXV&RQWUROIXQFWLRQPD\QRWRSHUDWH
5HIHUWRWKHZHEVLWHIRUFRPSDWLEOHOHQVHV
5HFRUGLQJ0RGHV
w 6HWWLQJEULJKWQHVV([SRVXUH
5RWDWHWKHH[SRVXUHFRPSHQVDWLRQGLDOWRVHOHFW
WKHEULJKWQHVV([SRVXUH
)RUGHWDLOVRQH[SRVXUHFRPSHQVDWLRQUHIHUWR3
w 6HWWLQJFRORU
3UHVVWRGLVSOD\WKHVHWWLQJVFUHHQ
5RWDWHWKHUHDUGLDOWRDGMXVWFRORU
7KLVZLOODGMXVWWKHFRORURIWKHLPDJHIURPDUHGGLVKFRORU
WRDEOXLVKFRORU
3UHVV>0(186(7@WRUHWXUQWRWKHUHFRUGLQJVFUHHQ
A B
&KDQJHWKHVHWWLQJVE\XVLQJWKHWRXFKVFUHHQ
7RXFK> @
7RXFK> @WRGLVSOD\WKHVHWWLQJVFUHHQ
'UDJWKHVOLGHEDUWRVHW
3UHVV>0(186(7@WRUHWXUQWRWKHUHFRUGLQJVFUHHQ
5HFRUGLQJ0RGHV
$ERXW,QWHOOLJHQW$XWR3OXV0RGHDQG,QWHOOLJHQW$XWR0RGH
w 6ZLWFKLQJEHWZHHQ,QWHOOLJHQW$XWR3OXV0RGHDQG,QWHOOLJHQW$XWR0RGH
3UHVV>0(186(7@
3UHVV
3UHVVWRVHOHFWWKH> @RU> @WDE
3UHVVWRVHOHFW> @RU> @DQGWKHQSUHVV
>0(186(7@
,I>',63@LVSUHVVHGWKHGHVFULSWLRQRIWKHVHOHFWHGPRGH
ZLOOEHGLVSOD\HG
,WLVDOVRSRVVLEOHWRGLVSOD\WKH
VHOHFWLRQVFUHHQE\WRXFKLQJWKH
5HFRUGLQJ0RGHLFRQLQUHFRUGLQJ
VFUHHQ
5HFRUGLQJ0RGHV
w 0HQXVWKDWFDQEHVHW
2QO\WKHIROORZLQJPHQXVFDQEHVHW
,QWHOOLJHQW$XWR3OXV0RGH
0HQX ,WHP
>3KRWR6W\OH@>$VSHFW5DWLR@>3LFWXUH6L]H@>4XDOLW\@>$)6$))@>%XUVW5DWH@
>.3+272@>$XWR%UDFNHW@>6HOI7LPHU@>L+DQGKHOG 1LJKW 6KRW@>L+'5@>7LPH
>5HF@
/DSVH6KRW@>6WRS0RWLRQ$QLPDWLRQ@>(OHFWURQLF6KXWWHU@>6KXWWHU'HOD\@>([
7HOH&RQY@>&RORU6SDFH@>6WDELOL]HU@>)DFH5HFRJ@>3URILOH6HWXS@
>3KRWR6W\OH@>6QDS0RYLH@>5HF)RUPDW@>5HF4XDOLW\@>$)6$))@>&RQWLQXRXV
>0RWLRQ
$)@>/XPLQDQFH/HYHO@>([7HOH&RQY@>0LF/HYHO'LVS@>0LF/HYHO$GM@
3LFWXUH@
>:LQG1RLVH&DQFHOOHU@
>6LOHQW0RGH@>+DOI 3UHVV 5HOHDVH@>3LQSRLQW$)7LPH@>3LQSRLQW$)'LVSOD\@
>)RFXV5HOHDVH3ULRULW\@>$)0)@>0)$VVLVW@>0)$VVLVW'LVSOD\@>0)*XLGH@
>3HDNLQJ@>+LVWRJUDP@>*XLGH/LQH@>&HQWHU0DUNHU@>+LJKOLJKW@>=HEUD
3DWWHUQ@>0RQRFKURPH/LYH9LHZ@>&RQVWDQW3UHYLHZ@>([SR0HWHU@>/9)
>&XVWRP@
'LVS6W\OH@>0RQLWRU'LVS6W\OH@>0RQLWRU,QIR'LVS@>5HF$UHD@>5HPDLQLQJ
'LVS@>$XWR5HYLHZ@>)Q%XWWRQ6HW@>40(18@>'LDO6HW@>9LGHR%XWWRQ@
>3RZHU=RRP/HQV@>(\H6HQVRU@>7RXFK6HWWLQJV@>7RXFK6FUROO@>0HQX
*XLGH@>6KRRWZR/HQV@
>6HWXS@ $OOPHQXLWHPVFDQEHVHW3
,QWHOOLJHQW$XWR0RGH
0HQX ,WHP
>$VSHFW5DWLR@>3LFWXUH6L]H@>$)6$))@>%XUVW5DWH@>.3+272@>6HOI7LPHU@
>5HF@ >L+DQGKHOG 1LJKW 6KRW@>L+'5@>7LPH/DSVH6KRW@>6WRS0RWLRQ$QLPDWLRQ@
>)DFH5HFRJ@
>0RWLRQ
>6QDS0RYLH@>5HF)RUPDW@>5HF4XDOLW\@>$)6$))@
3LFWXUH@
>&XVWRP@ >6LOHQW0RGH@>*XLGH/LQH@>5HPDLQLQJ'LVS@
>6HWXS@ $OOPHQXLWHPVFDQEHVHW3
5HFRUGLQJ0RGHV
7DNLQJ3LFWXUHVZLWK$XWRPDWLFDOO\$GMXVWHG
$SHUWXUHDQG6KXWWHU6SHHG3URJUDP$(0RGH
5HFRUGLQJ0RGH
7KHFDPHUDDXWRPDWLFDOO\VHWVWKHVKXWWHUVSHHGDQGWKHDSHUWXUHYDOXHDFFRUGLQJWRWKH
EULJKWQHVVRIWKHVXEMHFW
<RXFDQWDNHSLFWXUHVZLWKJUHDWHUIUHHGRPE\FKDQJLQJYDULRXVVHWWLQJVLQWKH>5HF@
PHQX
6HWWKHPRGHGLDOWR> @
3UHVVWKHVKXWWHUEXWWRQKDOIZD\DQGGLVSOD\
WKHDSHUWXUHYDOXHDQGVKXWWHUVSHHGYDOXH 3.5 60 0 200 98
RQWKHVFUHHQ
$SHUWXUHYDOXH
6KXWWHUVSHHG
,IWKHH[SRVXUHLVQRWDGHTXDWHZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\WKHDSHUWXUH
YDOXHDQGVKXWWHUVSHHGWXUQUHGDQGEOLQN
5HFRUGLQJ0RGHV
3URJUDP6KLIW
,Q3URJUDP$(0RGH\RXFDQFKDQJHWKHSUHVHWDSHUWXUHYDOXHDQGVKXWWHUVSHHGZLWKRXW
FKDQJLQJWKHH[SRVXUH7KLVLVFDOOHG3URJUDP6KLIW
<RXFDQPDNHWKHEDFNJURXQGPRUHEOXUUHGE\GHFUHDVLQJWKHDSHUWXUHYDOXHRUUHFRUGD
PRYLQJVXEMHFWPRUHG\QDPLFDOO\E\VORZLQJWKHVKXWWHUVSHHGZKHQWDNLQJDSLFWXUHLQ
3URJUDP$(0RGH
3UHVVWKHVKXWWHUEXWWRQKDOIZD\DQGGLVSOD\WKHDSHUWXUHYDOXHDQGVKXWWHU
VSHHGYDOXHRQWKHVFUHHQ
:KLOHWKHYDOXHVDUHGLVSOD\HGDERXWVHFRQGV
SHUIRUP3URJUDP6KLIWE\URWDWLQJWKHUHDUGLDORU SS 250 125 60 30 15
F 4.0 5.6 8.0
IURQWGLDO 4.0 60 0 200 98
3URJUDP6KLIWLQGLFDWLRQ
7RFDQFHO3URJUDP6KLIWWXUQRIIWKLVXQLWRUURWDWHWKH
IURQWUHDUGLDOXQWLOWKH3URJUDP6KLIWLQGLFDWLRQGLVDSSHDUV
3URJUDP6KLIWFDQHDVLO\EHFDQFHOHGE\VHWWLQJDIXQFWLRQEXWWRQWR>2QH3XVK$(@
3
'LVSOD\LQJQRWGLVSOD\LQJWKHH[SRVXUHPHWHU
MENU >&XVWRP@>([SR0HWHU@>21@>2))@
([SRVXUHPHWHU
6HWWR>21@WRGLVSOD\WKH([SRVXUHPHWHUZKHQSHUIRUPLQJ SS 250 125 60 30 15
F 4.0 5.6 8.0
3URJUDP6KLIWVHWWLQJDSHUWXUHDQGVHWWLQJVKXWWHUVSHHG 4.0 60 0 200 98
8QVXLWDEOHDUHDVRIWKHUDQJHDUHGLVSOD\HGLQUHG
:KHQWKH([SRVXUHPHWHULVQRWGLVSOD\HGVZLWFKWKHGLVSOD\
LQIRUPDWLRQIRUVFUHHQE\SUHVVLQJ>',63@3
,IQRRSHUDWLRQVDUHSHUIRUPHGIRUDSSUR[LPDWHO\ VHFRQGVWKH([SRVXUHPHWHUGLVDSSHDUV
5HFRUGLQJ0RGHV
([DPSOHRI3URJUDP6KLIW
>:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG@
㸫1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 㸦(Y㸧
2 17
2.8 18
4 19
(A) 5.6 20
8 21
11 22
16 23
22
4 2 1 1/2 1/4 1/8 1/15 1/30 1/60 1/125 1/250 1/500 1/1000 1/2000 1/4000 1/8000 1/16000
(B)
$ $SHUWXUHYDOXH
% 6KXWWHUVSHHG
3URJUDP6KLIWOLQHFKDUW
5HSUHVHQWVWKHDSHUWXUHDQGVKXWWHUVSHHGVHWDXWRPDWLFDOO\E\WKHFDPHUDDWHDFK
H[SRVXUHYDOXH
3URJUDP6KLIWDPRXQW
5HSUHVHQWVWKHUDQJHRIWKHDSHUWXUHDQGVKXWWHUVSHHGFRPELQDWLRQ\RXFDQFKDQJHZLWK
3URJUDP6KLIWDWHDFKH[SRVXUHYDOXH
3URJUDP6KLIWOLPLW
5HSUHVHQWVWKHUDQJHRIWKHDSHUWXUHDQGVKXWWHUVSHHG\RXFDQVHOHFWZKHQ\RXXVH
3URJUDP6KLIWZLWKWKHFDPHUD
³(9´LVDQDEEUHYLDWLRQRI³([SRVXUH9DOXH´
7KH(9FKDQJHVZLWKWKHDSHUWXUHYDOXHRUWKHVKXWWHUVSHHG
1RWDYDLODEOHLQWKHVHFDVHV
3URJUDP6KLIWLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJ.SKRWRV
± :KHQWKH,62VHQVLWLYLW\LVVHWWR> @
5HFRUGLQJ0RGHV
7DNLQJ3LFWXUHVE\6SHFLI\LQJWKH$SHUWXUH
6KXWWHU6SHHG
5HFRUGLQJ0RGH
7KHHIIHFWVRIWKHVHWDSHUWXUHYDOXHDQGVKXWWHUVSHHGZLOOQRWEHYLVLEOHRQWKHUHFRUGLQJ
VFUHHQ7RFKHFNRQWKHUHFRUGLQJVFUHHQSOHDVHXVH>3UHYLHZ@3
7KHEULJKWQHVVRIWKHVFUHHQDQGWKHUHFRUGHGSLFWXUHVPD\GLIIHU&KHFNWKHSLFWXUHVRQWKH
SOD\EDFNVFUHHQ
$SHUWXUH3ULRULW\$(0RGH
:KHQ\RXVHWWKHDSHUWXUHYDOXHWKHFDPHUDDXWRPDWLFDOO\RSWLPL]HVWKHVKXWWHUVSHHG
IRUWKHEULJKWQHVVRIWKHVXEMHFW
6HWWKHDSHUWXUHYDOXHWRDKLJKHUQXPEHUZKHQ\RXZDQWDVKDUSIRFXVEDFNJURXQG6HW
WKHDSHUWXUHYDOXHWRDORZHUQXPEHUZKHQ\RXZDQWDVRIWIRFXVEDFNJURXQG
6HWWKHPRGHGLDOWR> @
6HWWKHDSHUWXUHYDOXHE\URWDWLQJWKHUHDU
GLDORUWKHIURQWGLDO
$SHUWXUHYDOXH SS 60 30 15 8 4
([SRVXUHPHWHU F 4.0 5.6 8.0 11 16
8.0
$SHUWXUHYDOXH $SHUWXUHYDOXH
5HGXFHV ,QFUHDVHV
,WEHFRPHVHDVLHUWRGHIRFXVWKH ,WEHFRPHVHDVLHUWRPDLQWDLQIRFXV
EDFNJURXQG DVIDUDVWKHEDFNJURXQG
5RWDWHWKHIURQWUHDUGLDOWRGLVSOD\WKH([SRVXUH0HWHU8QVXLWDEOHDUHDVRIWKHUDQJHDUH
GLVSOD\HGLQUHG
,IWKHH[SRVXUHLVQRWDGHTXDWHWKHDSHUWXUHYDOXHDQGWKHVKXWWHUVSHHGWXUQUHGDQGEOLQN
ZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
:KHQXVLQJDOHQVKDYLQJDQDSHUWXUHULQJVHWWKHSRVLWLRQRIWKHDSHUWXUHULQJWR>$@WRDFWLYDWH
WKHIURQWUHDUGLDOVHWWLQJV$WSRVLWLRQVRWKHUWKDQ>$@WKHULQJVHWWLQJWDNHVSULRULW\
5HFRUGLQJ0RGHV
6KXWWHU3ULRULW\$(0RGH
:KHQ\RXVHWWKHVKXWWHUVSHHGWKHFDPHUDDXWRPDWLFDOO\RSWLPL]HVWKHDSHUWXUHYDOXH
IRUWKHEULJKWQHVVRIWKHVXEMHFW
:KHQ\RXZDQWWRWDNHDVKDUSSLFWXUHRIDIDVWPRYLQJVXEMHFWVHWZLWKDIDVWHUVKXWWHU
VSHHG:KHQ\RXZDQWWRFUHDWHDWUDLOHIIHFWVHWWRDVORZHUVKXWWHUVSHHG
6HWWKHPRGHGLDOWR> @
6HWWKHVKXWWHUVSHHGE\URWDWLQJWKHUHDUGLDO
RUWKHIURQWGLDO
6KXWWHUVSHHG SS 60 125 250 500 1000
([SRVXUHPHWHU F 8.0 5.6 4.0
250
6KXWWHUVSHHG 6KXWWHUVSHHG
6ORZ )DVW
,WEHFRPHVHDVLHUWRH[SUHVV ,WEHFRPHVHDVLHUWRIUHH]H
PRYHPHQW PRYHPHQW
$YDLODEOH6KXWWHU6SHHG6HF
WRWKZLWKWKHPHFKDQLFDOVKXWWHU
WRWKZLWKWKHHOHFWURQLFVKXWWHU
5RWDWHWKHIURQWUHDUGLDOWRGLVSOD\WKH([SRVXUH0HWHU8QVXLWDEOHDUHDVRIWKHUDQJHDUH
GLVSOD\HGLQUHG
,IWKHH[SRVXUHLVQRWDGHTXDWHWKHDSHUWXUHYDOXHDQGWKHVKXWWHUVSHHGWXUQUHGDQGEOLQN
ZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
:HUHFRPPHQGXVLQJDWULSRGZKHQWKHVKXWWHUVSHHGLVVORZ
:KHQWKHIODVKLVDFWLYDWHGWKHIDVWHVWVKXWWHUVSHHGWKDWFDQEHVHOHFWHGLVWKRID
VHFRQG3
5HFRUGLQJ0RGHV
0DQXDO([SRVXUH0RGH
'HWHUPLQHWKHH[SRVXUHE\PDQXDOO\VHWWLQJWKHDSHUWXUHYDOXHDQGWKHVKXWWHUVSHHG
7KH0DQXDO([SRVXUH$VVLVWDQFHDSSHDUVRQWKHORZHUSRUWLRQRIWKHVFUHHQWRLQGLFDWH
WKHH[SRVXUH
6HWWKHPRGHGLDOWR> @
5RWDWHWKHUHDUGLDOWRVHWWKHVKXWWHUVSHHG
DQGURWDWHWKHIURQWGLDOWRVHWWKHDSHUWXUH
YDOXH
([SRVXUHPHWHU SS 8 15 30 60 125
$SHUWXUHYDOXH F 4.0 5.6 8.0 11
0 +3
6KXWWHUVSHHG 5.6 30
0DQXDO([SRVXUH$VVLVWDQFH
$SHUWXUHYDOXH
5HGXFHV ,QFUHDVHV
,WEHFRPHVHDVLHUWRGHIRFXVWKH ,WEHFRPHVHDVLHUWRPDLQWDLQ
EDFNJURXQG IRFXVDVIDUDVWKHEDFNJURXQG
6KXWWHUVSHHG
6ORZ )DVW
,WEHFRPHVHDVLHUWRH[SUHVV ,WEHFRPHVHDVLHUWRIUHH]H
PRYHPHQW PRYHPHQW
$YDLODEOH6KXWWHU6SHHG6HF
>%@%XOEWRWKZLWKWKHPHFKDQLFDOVKXWWHU
WRWKZLWKWKHHOHFWURQLFVKXWWHU
5HFRUGLQJ0RGHV
2SWLPL]LQJWKH,62VHQVLWLYLW\IRUWKHVKXWWHUVSHHGDQGDSHUWXUHYDOXH
:KHQWKH,62VHQVLWLYLW\LVVHWWR>$872@WKHFDPHUDVHWVWKH,62VHQVLWLYLW\
DXWRPDWLFDOO\VRWKDWWKHH[SRVXUHZLOOEHDSSURSULDWHIRUWKHVKXWWHUVSHHGDQGDSHUWXUH
YDOXH
'HSHQGLQJRQUHFRUGLQJFRQGLWLRQVDQDSSURSULDWHH[SRVXUHPD\QRWEHVHWRUWKH,62
VHQVLWLYLW\PD\EHFRPHKLJKHU
0DQXDO([SRVXUH$VVLVWDQFH
0 7KHH[SRVXUHLVDGHTXDWH
0 +3
6HWWRIDVWHUVKXWWHUVSHHGRUODUJHUDSHUWXUHYDOXH
−3 0
6HWWRVORZHUVKXWWHUVSHHGRUVPDOOHUDSHUWXUHYDOXH
7KH0DQXDO([SRVXUH$VVLVWDQFHLVDQDSSUR[LPDWLRQ:HUHFRPPHQGFKHFNLQJWKHSLFWXUHV
RQWKHSOD\EDFNVFUHHQ
w $ERXW>%@%XOE
,I\RXVHWWKHVKXWWHUVSHHGWR>%@WKHVKXWWHUVWD\VRSHQZKLOHWKHVKXWWHUEXWWRQLV
SUHVVHGIXOO\XSWRDSSUR[LPDWHO\PLQXWHV
7KHVKXWWHUFORVHVLI\RXUHOHDVHWKHVKXWWHUEXWWRQ
8VHWKLVZKHQ\RXZDQWWRNHHSWKHVKXWWHURSHQIRUDORQJWLPHWRWDNHSLFWXUHVRI
ILUHZRUNVDQLJKWVFHQHHWF
,I\RXVHWWKHVKXWWHUVSHHGWR>%@>%@LVGLVSOD\HGRQWKHVFUHHQ
:KHQ\RXWDNHSLFWXUHVZLWKWKHVKXWWHUVSHHGVHWWR>%@XVHDVXIILFLHQWO\FKDUJHGEDWWHU\
3
7KH0DQXDO([SRVXUH$VVLVWDQFHGRHVQRWDSSHDU
7KLVIXQFWLRQLVQRWDYDLODEOHZKHQXVLQJWKHHOHFWURQLFVKXWWHU
,WFDQRQO\EHXVHGZLWK0DQXDO([SRVXUH0RGH
:HUHFRPPHQGXVLQJDWULSRGRUWKHVKXWWHUUHPRWHFRQWURO'0:56/RSWLRQDO
ZKHQ\RXWDNHSLFWXUHVZLWKWKHVKXWWHUVSHHGVHWWR>%@
5HIHUWR3IRULQIRUPDWLRQDERXWWKHVKXWWHUUHPRWHFRQWURO
:KHQ\RXWDNHSLFWXUHVZLWKWKHVKXWWHUVSHHGVHWWR>%@QRLVHPD\EHFRPHYLVLEOH7R
DYRLGSLFWXUHQRLVHZHUHFRPPHQGVHWWLQJ>/RQJ6KWU15@LQWKH>5HF@PHQXWR>21@
EHIRUHWDNLQJSLFWXUHV3
5HFRUGLQJ0RGHV
&KHFNLQJQRWFKHFNLQJWKHHIIHFWVRIDSHUWXUHDQGVKXWWHUVSHHGRQWKH
UHFRUGLQJVFUHHQ
MENU >&XVWRP@>&RQVWDQW3UHYLHZ@>21@>2))@
7KLVIXQFWLRQGRHVQRWZRUNZKHQXVLQJWKHIODVK
,WFDQRQO\EHXVHGZLWK0DQXDO([SRVXUH0RGH
5RWDWHWKHIURQWUHDUGLDOWRGLVSOD\WKH([SRVXUH0HWHU8QVXLWDEOHDUHDVRIWKHUDQJHDUH
GLVSOD\HGLQUHG
,IWKHH[SRVXUHLVQRWDGHTXDWHWKHDSHUWXUHYDOXHDQGWKHVKXWWHUVSHHGWXUQUHGDQGEOLQN
ZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
:HUHFRPPHQGXVLQJDWULSRGZKHQWKHVKXWWHUVSHHGLVVORZ
:KHQ\RXXVHDOHQVZLWKDQDSHUWXUHULQJWKHDSHUWXUHULQJVHWWLQJWDNHVSULRULW\
:KHQWKHIODVKLVDFWLYDWHGWKHIDVWHVWVKXWWHUVSHHGWKDWFDQEHVHOHFWHGLVWKRID
VHFRQG3
5HFRUGLQJ0RGHV
&RQILUPWKH(IIHFWVRI$SHUWXUHDQG6KXWWHU6SHHG3UHYLHZ0RGH
$SSOLFDEOHPRGHV
7KHHIIHFWVRIDSHUWXUHDQGVKXWWHUVSHHGFDQEHFKHFNHGE\XVLQJWKH3UHYLHZ0RGH
&RQILUPWKHHIIHFWVRIDSHUWXUH<RXFDQFKHFNWKHGHSWKRIILHOGHIIHFWLYHIRFXVUDQJH
EHIRUHWDNLQJDSLFWXUHE\FORVLQJWKHGLDSKUDJPEODGHVWRWKHDSHUWXUHYDOXH\RXVHW
&RQILUPWKHHIIHFWVRIVKXWWHUVSHHG0RYHPHQWFDQEHFRQILUPHGE\GLVSOD\LQJWKHDFWXDO
SLFWXUHWKDWZLOOEHWDNHQZLWKWKDWVKXWWHUVSHHG
:KHQWKHVKXWWHUVSHHGLVVHWIRUKLJKVSHHGGLVSOD\LQWKHVKXWWHUVSHHGSUHYLHZZLOOEH
GLVSOD\HGOLNHDWLPHUHOHDVHILOP,WLVXVHGLQFDVHVVXFKDVVWRSSLQJWKHPRYHPHQWRIUXQQLQJ
ZDWHU
6HWDIXQFWLRQEXWWRQWR>3UHYLHZ@3
7KHIROORZLQJVWHSLVDQH[DPSOHLQZKLFK>3UHYLHZ@LVDVVLJQHGWR>)Q@
3UHVV>)Q@WRVZLWFKWKHHIIHFWSUHYLHZVFUHHQ
6FUHHQLVVZLWFKHGHYHU\WLPH>)Q@LVSUHVVHG
)XQFWLRQEXWWRQ>)Q@
$SHUWXUHHIIHFWSUHYLHZ 6KXWWHUVSHHGHIIHFW
VFUHHQ SUHYLHZVFUHHQ
1RUPDOUHFRUGLQJVFUHHQ
$SHUWXUHHIIHFWn $SHUWXUHHIIHFWn
6KXWWHUVSHHGHIIHFW² 6KXWWHUVSHHGHIIHFWn
'HSWKRIILHOGSURSHUWLHV
$SHUWXUHYDOXH 6PDOO /DUJH
_ )RFXVOHQJWKRIWKHOHQV 7HOH :LGH
'LVWDQFHWRWKHVXEMHFW 1HDU 'LVWDQW
'HSWKRIILHOGHIIHFWLYHIRFXVUDQJH 6KDOORZ1DUURZ_ 'HHS:LGH_
_ 5HFRUGLQJFRQGLWLRQV
_ ([DPSOH:KHQ\RXZDQWWRWDNHDSLFWXUHZLWKDEOXUUHGEDFNJURXQGHWF
_ ([DPSOH:KHQ\RXZDQWWRWDNHDSLFWXUHZLWKHYHU\WKLQJLQIRFXVLQFOXGLQJWKHEDFNJURXQG
HWF
5HFRUGLQJ0RGHV
,WLVSRVVLEOHWRUHFRUGZKLOHLQ3UHYLHZ0RGH
5DQJHIRUVKXWWHUVSHHGHIIHFWFKHFNLVVHFRQGVWRWKRIDVHFRQG
1RWDYDLODEOHLQWKHVHFDVHV
3UHYLHZ0RGHLVQRWDYDLODEOHZKHQUHFRUGLQJZLWK> @>.3UH%XUVW@RIWKH.3KRWR
IXQFWLRQ
(DVLO\VHWDSHUWXUHVKXWWHUVSHHGIRUVXLWDEOHH[SRVXUH2QH3XVK$(
$SSOLFDEOHPRGHV
:KHQWKHH[SRVXUHVHWWLQJLVWRREULJKWRUWRRGDUN\RXFDQXVHRQHSXVK$(WRDFKLHYHD
VXLWDEOHH[SRVXUHVHWWLQJ
+RZWRWHOOLIWKHH[SRVXUHLVQRWDGHTXDWH
,IWKHDSHUWXUHYDOXHVDQGVKXWWHUVSHHGEOLQNUHGZKHQ
WKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
,IWKH0DQXDO([SRVXUH$VVLVWDQFHLVDQ\WKLQJRWKHUWKDQ 3.5 4000
-3 0
200 98
ZKHQLQ0DQXDO([SRVXUHPRGH
)RUPRUHGHWDLOVRQ0DQXDO([SRVXUH$VVLVWDQFHUHIHUWR
3
6HWDIXQFWLRQEXWWRQWR>2QH3XVK$(@3
:KHQH[SRVXUHLVQRWDGHTXDWH
3UHVVIXQFWLRQEXWWRQ
SS 15 30 60 125 250
7KHH[SRVXUHPHWHULVGLVSOD\HGDQGWKHDSHUWXUHDQGVKXWWHUVSHHGDUHFKDQJHGWRJLYH
DVXLWDEOHH[SRVXUH
,QWKHIROORZLQJFDVHVVXLWDEOHH[SRVXUHFDQQRWEHVHW
± :KHQWKHVXEMHFWLVH[WUHPHO\GDUNDQGLWLVQRWSRVVLEOHWRDFKLHYHDGHTXDWHH[SRVXUH
E\FKDQJLQJWKHDSHUWXUHYDOXHRUVKXWWHUVSHHG
± :KHQUHFRUGLQJXVLQJWKHIODVK
± ,Q3UHYLHZ0RGH3
± :KHQXVLQJDOHQVWKDWLQFOXGHVDQDSHUWXUHULQJ
5HFRUGLQJ0RGHV
7DNLQJSDQRUDPDSLFWXUHV3DQRUDPD6KRW0RGH
5HFRUGLQJ0RGH
&RQVHFXWLYHSKRWRVWDNHQZKLOHWKHFDPHUDLVPRYHGDUHFRPELQHGWRIRUPDSDQRUDPD
6HWWKHPRGHGLDOWR> @
$IWHUWKHVFUHHQWKDWDVNV\RXWRFKHFNWKHUHFRUGLQJGLUHFWLRQLVGLVSOD\HGWKH
KRUL]RQWDOYHUWLFDOJXLGHOLQHVZLOOEHGLVSOD\HG
3UHVVWKHVKXWWHUEXWWRQKDOIZD\WRIRFXV
3UHVVWKHVKXWWHUEXWWRQIXOO\DQGPRYHWKHFDPHUDLQDVPDOOFLUFOH
LQWKHGLUHFWLRQRIWKHDUURZRQWKHVFUHHQ
5HFRUGLQJIURPOHIWWRULJKW
,PDJHVL]H>67$1'$5'@ ,PDJHVL]H>:,'(@
0RYHWKHFDPHUDDWDFRQVWDQWVSHHG 5HFRUGLQJGLUHFWLRQDQG
3LFWXUHVPD\QRWEHDEOHWREHUHFRUGHGSURSHUO\LIWKH SDQQLQJ*XLGH
FDPHUDLVPRYHGWRRIDVWRUVORZ
3UHVVWKHVKXWWHUEXWWRQRQFHDJDLQWRHQGWKHSLFWXUHUHFRUGLQJ
5HFRUGLQJFDQDOVREHHQGHGE\NHHSLQJWKHFDPHUDVWLOOZKLOHUHFRUGLQJ
5HFRUGLQJFDQDOVREHHQGHGE\PRYLQJWKHFDPHUDWRWKHHQGRIWKHJXLGH
5HFRUGLQJ0RGHV
6HWVWKHUHFRUGLQJGLUHFWLRQ
>'LUHFWLRQ@ > @OHIWULJKW> @ULJKWOHIW> @ERWWRPWRS> @WRS
ERWWRP
6HWVWKHDQJOHRIYLHZLPDJHVL]H
>67$1'$5'@*LYHVSULRULW\WRWKHLPDJHTXDOLW\
>3LFWXUH
>:,'(@*LYHVSULRULW\WRWKHDQJOHRIYLHZ
6L]H@
:KHQWKHVDPHDQJOHRIYLHZLVUHFRUGHG>67$1'$5'@UHVXOWVLQDODUJHU
QXPEHURIUHFRUGLQJSL[HOV
7KHQXPEHURIUHFRUGLQJSL[HOVLQWKHKRUL]RQWDODQGYHUWLFDOGLUHFWLRQVRIWKHSDQRUDPDSLFWXUH
YDULHVGHSHQGLQJRQWKHLPDJHVL]H WKHUHFRUGLQJGLUHFWLRQDQGWKHQXPEHURIFRPELQHG
SLFWXUHV
7KHPD[LPXPQXPEHURISL[HOVLVVKRZQEHORZ
+RUL]RQWDO
,PDJHVL]H 5HFRUGLQJGLUHFWLRQ 9HUWLFDO5HVROXWLRQ
5HVROXWLRQ
+RUL]RQWDO SL[HOV SL[HOV
>67$1'$5'@
9HUWLFDO SL[HOV SL[HOV
+RUL]RQWDO SL[HOV SL[HOV
>:,'(@
9HUWLFDO SL[HOV SL[HOV
w 7HFKQLTXHIRU3DQRUDPD6KRW0RGH
0RYHWKHFDPHUDLQWKHUHFRUGLQJGLUHFWLRQ
ZLWKRXWVKDNLQJLW
,IWKHFDPHUDVKDNHVWRRPXFKSLFWXUHV
PD\QRWEHDEOHWREHUHFRUGHGRUWKH
UHFRUGHGSDQRUDPDSLFWXUHPD\EHFRPH
QDUURZHUVPDOOHU
0RYHWKHFDPHUDWRZDUGVWKHHGJHRIWKH
UDQJH\RXZLVKWRUHFRUG
7KHHGJHRIWKHUDQJHZLOOQRWEH
UHFRUGHGLQWKHODVWIUDPH
5HFRUGLQJ0RGHV
w $ERXWSOD\EDFN
3UHVVLQJZLOOVWDUWVFUROOLQJSOD\EDFNDXWRPDWLFDOO\LQWKH
VDPHGLUHFWLRQDVWKHUHFRUGLQJ 1/98
7KHIROORZLQJRSHUDWLRQVFDQEHSHUIRUPHGGXULQJVFUROOLQJ
SOD\EDFN
6WDUWSDQRUDPDSOD\EDFN3DXVH_
6WRS
_ :KHQWKHSOD\EDFNLVSDXVHG\RXFDQVFUROOIRUZDUGVDQGEDFNZDUGVE\GUDJJLQJWKH
VFUHHQ
:KHQWKHVFUROOEDULVWRXFKHGWKHSOD\EDFNSRVLWLRQMXPSVWRWKHWRXFKHGSRVLWLRQ
7KHRSWLPDOVSHHGIRUPRYLQJWKHFDPHUDYDULHVGHSHQGLQJRQWKHOHQVEHLQJXVHG
:KHQWKHIRFDOOHQJWKLVORQJVXFKDVZKHQDWHOHSKRWROHQVLVDWWDFKHGPRYHWKHFDPHUD
VORZO\
7KHIRFXV:KLWH%DODQFHDQGH[SRVXUHDUHIL[HGDWWKHRSWLPXPYDOXHVIRUWKHILUVWSLFWXUH$V
DUHVXOWLIWKHIRFXVRUEULJKWQHVVFKDQJHVVXEVWDQWLDOO\GXULQJUHFRUGLQJWKHHQWLUHSDQRUDPD
SLFWXUHPD\QRWEHUHFRUGHGDWWKHVXLWDEOHIRFXVRUEULJKWQHVV
:KHQPXOWLSOHSLFWXUHVDUHFRPELQHGWRFUHDWHDVLQJOHSDQRUDPDSLFWXUHWKHVXEMHFWPD\
DSSHDUGLVWRUWHGRUWKHFRQQHFWLRQSRLQWVPD\EHQRWLFHDEOHLQVRPHFDVHV
1RWDYDLODEOHLQWKHVHFDVHV
$SDQRUDPDSLFWXUHPD\QRWEHDEOHWREHFUHDWHGRUWKHSLFWXUHVPD\QRWEHFRPELQHG
SURSHUO\ZKHQUHFRUGLQJWKHIROORZLQJVXEMHFWVRUXQGHUWKHUHFRUGLQJFRQGLWLRQVEHORZ
± 6XEMHFWVZLWKDVLQJOHXQLIRUPFRORURUUHSHWLWLYHSDWWHUQVXFKDVWKHVN\RUDEHDFK
± 0RYLQJVXEMHFWVSHUVRQSHWFDUZDYHVIORZHUVEORZLQJLQWKHEUHH]HHWF
± 6XEMHFWVZKHUHWKHFRORURUSDWWHUQVFKDQJHLQDVKRUWWLPHVXFKDVDQLPDJHDSSHDULQJRQ
DGLVSOD\
± 'DUNSODFHV
± /RFDWLRQVZLWKIOLFNHULQJOLJKWVRXUFHVVXFKDVIOXRUHVFHQWOLJKWVRUFDQGOHV
5HFRUGLQJ0RGHV
7DNLQJ3LFWXUHVZLWKGLIIHUHQWLPDJHHIIHFWV
&UHDWLYH&RQWURO0RGH
5HFRUGLQJ0RGH
7KLVPRGHUHFRUGVZLWKDGGLWLRQDOLPDJHHIIHFWV
<RXFDQVHWWKHHIIHFWVWRDGGE\VHOHFWLQJH[DPSOHLPDJHVDQGFKHFNLQJWKHPRQWKH
VFUHHQ
6HWWKHPRGHGLDOWR> @
3UHVVWRVHOHFWWKHLPDJHHIIHFWV
ILOWHUV
7KHLPDJHHIIHFWRIWKHVHOHFWHGH[DPSOHLPDJHZLOOEH
DSSOLHGLQDSUHYLHZGLVSOD\
<RXFDQDOVRVHOHFWWKHLPDJHHIIHFWVILOWHUVE\WRXFKLQJ
WKHH[DPSOHLPDJHV
,WLVDOVRSRVVLEOHWRGLVSOD\WKH
EXPS
VHOHFWLRQVFUHHQE\WRXFKLQJWKH
5HFRUGLQJ0RGHLFRQLQUHFRUGLQJ
VFUHHQ
3UHVV>0(186(7@WRVHW
5HFRUGLQJ0RGHV
3UHVV>',63@WRVZLWFKWKHPRQLWRUVFUHHQ
:KHQWKHLPDJHHIIHFWVHOHFWLRQVFUHHQGLVSOD\LVVHWWRWKHJXLGHGLVSOD\GHVFULSWLRQRIWKH
VHOHFWHGLPDJHHIIHFWLVGLVSOD\HG
1RUPDOGLVSOD\ *XLGHGLVSOD\ /LVWGLVSOD\
'LVSOD\LQJQRWGLVSOD\LQJWKHVHOHFWLRQVFUHHQZKHQWKHPRGHGLDOLV
VZLWFKHGWR
MENU >&XVWRP@>0HQX*XLGH@
>21@
'LVSOD\VWKHVHOHFWLRQVFUHHQIRUWKH&UHDWLYH&RQWURO0RGH
>2))@
'LVSOD\VWKHUHFRUGLQJVFUHHQRIWKHFXUUHQWO\VHOHFWHGPRGHRIWKH&UHDWLYH&RQWURO
0RGH
,I\RXVHOHFWWKH> @WDERQWKHPHQXVFUHHQ\RXFDQVHOHFW
WKHIROORZLQJPHQXLWHPV
± >)LOWHU6HOHFW@'LVSOD\VWKHLPDJHHIIHFWILOWHUVHOHFWLRQ
VFUHHQ
± >6LPXOWDQHRXVUHFRUGZRILOWHU@$OORZV\RXWRVHWWKHFDPHUD
WRWDNHDSLFWXUHZLWKDQGZLWKRXWDQLPDJHHIIHFW
VLPXOWDQHRXVO\3
:KLWH%DODQFHZLOOEHIL[HGWR>$:%@DQG>6HQVLWLYLW\@ZLOOEHIL[HGWR>$872@
5HFRUGLQJ0RGHV
$GMXVWWKHHIIHFWWRILW\RXUSUHIHUHQFHV
7KHVWUHQJWKDQGFRORUVRIWKHHIIHFWVFDQEHHDVLO\DGMXVWHGWRILW\RXUSUHIHUHQFHV
3UHVVWRGLVSOD\WKHVHWWLQJVFUHHQ
5RWDWHWKHUHDUGLDOWRVHW
7KHLWHPVWKDWFDQEHVHWGLIIHUGHSHQGLQJRQZKLFK
&UHDWLYH&RQWURO0RGHLVFXUUHQWO\VHW
)RULQIRUPDWLRQRQHDFKLPDJHHIIHFWUHIHUWR³,WHPVWKDW
FDQEHVHW´
3UHVV>0(186(7@WRUHWXUQWRWKHUHFRUGLQJVFUHHQ
:KHQPDNLQJWKHHIIHFWVHWWLQJ> @LVGLVSOD\HGRQWKH
VFUHHQ
,I\RXGRQRWFKDQJHWKHVHWWLQJVVHOHFWWKHFHQWHUVWDQGDUG
7DNLQJDSLFWXUHZLWKDEOXUUHGEDFNJURXQG'HIRFXV&RQWURO
<RXFDQHDVLO\VHWWKHEOXUULQHVVRIWKHEDFNJURXQGZKLOHFKHFNLQJWKHVFUHHQ
3UHVV>)Q@WRGLVSOD\WKHVHWWLQJVFUHHQ
)XQFWLRQEXWWRQ>)Q@
5RWDWHWKHUHDUGLDOWRVHW
,I\RXSUHVV>0(186(7@\RXFDQUHWXUQWRWKHUHFRUGLQJ
VFUHHQ
3UHVVLQJ>)Q@RQWKHEOXUULQHVVVHWWLQJVFUHHQZLOOFDQFHO
WKHVHWWLQJ
SS 500 250 125 60 30
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVH
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
5HFRUGLQJ0RGHV
w &KDQJHWKHVHWWLQJVE\XVLQJWKHWRXFKVFUHHQ
7RXFK> @
7RXFKWKHLWHP\RXZDQWWRVHW EXPS
> @$GMXVWVDQLPDJHHIIHFW
> @'HIRFXVOHYHO
'UDJWKHVOLGHEDUWRVHW
3UHVV>0(186(7@WRUHWXUQWRWKHUHFRUGLQJVFUHHQ
)RUGHWDLOVRQ³&UHDWLYH&RQWURO0RGH´VHWWLQJVUHIHUWR3
>([SUHVVLYH@
7KLVHIIHFWHPSKDVL]HVWKHFRORUWRPDNHDSRSDUWSLFWXUH
,WHPVWKDWFDQEHVHW
)UHVKQHVV 8QGHUVWDWHGFRORUV 3RSFRORUV
>5HWUR@
7KLVHIIHFWJLYHVDIDGHGLPDJH
,WHPVWKDWFDQEHVHW
&RORU <HOORZHPSKDVL]HG 5HGHPSKDVL]HG
5HFRUGLQJ0RGHV
>2OG'D\V@
7KLVHIIHFWDGGVDEULJKWVRIWDQGQRVWDOJLFIHHOWRWKHRYHUDOO
LPDJH
,WHPVWKDWFDQEHVHW
&RQWUDVW /RZFRQWUDVW +LJKFRQWUDVW
>+LJK.H\@
7KLVHIIHFWDGGVDEULJKWDLU\DQGVRIWIHHOWRWKHRYHUDOOLPDJH
,WHPVWKDWFDQEHVHW
$TXDPDULQH
&RORU 3LQNHPSKDVL]HG
HPSKDVL]HG
>/RZ.H\@
7KLVHIIHFWDGGVDGDUNDQGUHOD[LQJIHHOWRWKHRYHUDOOLPDJHDQG
HQKDQFHVEULJKWSDUWV
,WHPVWKDWFDQEHVHW
&RORU 5HGHPSKDVL]HG %OXHHPSKDVL]HG
5HFRUGLQJ0RGHV
>6HSLD@
7KLVHIIHFWFUHDWHVDVHSLDLPDJH
,WHPVWKDWFDQEHVHW
&RQWUDVW /RZFRQWUDVW +LJKFRQWUDVW
>0RQRFKURPH@
7KLVHIIHFWFUHDWHVDEODFNDQGZKLWHSLFWXUH
,WHPVWKDWFDQEHVHW
<HOORZ %OXH
&RORU
HPSKDVL]HG HPSKDVL]HG
>'\QDPLF0RQRFKURPH@
7KLVHIIHFWJLYHVDKLJKHUFRQWUDVWWRFUHDWHDQLPSUHVVLYHEODFN
DQGZKLWHSLFWXUH
,WHPVWKDWFDQEHVHW
&RQWUDVW /RZFRQWUDVW +LJKFRQWUDVW
5HFRUGLQJ0RGHV
>5RXJK0RQRFKURPH@
7KLVHIIHFWFUHDWHVDEODFNDQGZKLWHSLFWXUHZLWKJUDQXODUQRLVH
,WHPVWKDWFDQEHVHW
*ULWWLQHVV /HVVJULWW\ *ULWWLHU
'LVSOD\RIWKHUHFRUGLQJVFUHHQZLOOEHGHOD\HGPRUHWKDQXVXDODQG
WKHVFUHHQZLOOORRNDVLIIUDPHVDUHGURSSLQJ
>6LON\0RQRFKURPH@
7KLVHIIHFWEOXUVWKHRYHUDOOLPDJHWRDGGDVRIWIHHOWRDEODFNDQG
ZKLWHSLFWXUH
,WHPVWKDWFDQEHVHW
([WHQWRIGHIRFXV :HDNGHIRFXV 6WURQJGHIRFXV
'LVSOD\RIWKHUHFRUGLQJVFUHHQZLOOEHGHOD\HGPRUHWKDQXVXDODQG
WKHVFUHHQZLOOORRNDVLIIUDPHVDUHGURSSLQJ
>,PSUHVVLYH$UW@
7KLVHIIHFWJLYHV\RXUSKRWRDGUDPDWLFFRQWUDVWORRN
,WHPVWKDWFDQEHVHW
)UHVKQHVV %ODFNDQGZKLWH 3RSFRORUV
>+LJK'\QDPLF@
7KLVHIIHFWSURGXFHVWKHRSWLPXPEULJKWQHVVIRUERWKGDUNDQG
EULJKWSDUWV
,WHPVWKDWFDQEHVHW
)UHVKQHVV %ODFNDQGZKLWH 3RSFRORUV
5HFRUGLQJ0RGHV
>&URVV3URFHVV@
7KLVHIIHFWJLYHV\RXUSKRWRDGUDPDWLFFRORUORRN
,WHPVWKDWFDQEHVHW
&RORU *UHHQWRQH%OXHWRQH<HOORZWRQH5HGWRQH
6HOHFWWKHGHVLUHGFRORUWRQHE\
URWDWLQJWKHUHDUGLDODQGWKHQSUHVV
>0(186(7@
>7R\(IIHFW@
7KLVHIIHFWUHGXFHVSHULSKHUDOEULJKWQHVVWRJLYHWKHLPSUHVVLRQRI
DWR\FDPHUD
,WHPVWKDWFDQEHVHW
2UDQJH
&RORU %OXHHPSKDVL]HG
HPSKDVL]HG
>7R\3RS@
7KLVHIIHFWFUHDWHVDYLYLGDQGEULJKWLPDJHZLWKWKHORRNRIDWR\
FDPHUD
,WHPVWKDWFDQEHVHW
$UHDZLWKUHGXFHG
SHULSKHUDO 6PDOO /DUJH
EULJKWQHVV
>%OHDFK%\SDVV@
7KLVHIIHFWJLYHVDKLJKHUFRQWUDVWDQGDORZHUVDWXUDWLRQWRFUHDWH
DVREHUDQGWUDQTXLOSLFWXUH
,WHPVWKDWFDQEHVHW
&RQWUDVW /RZFRQWUDVW +LJKFRQWUDVW
5HFRUGLQJ0RGHV
>0LQLDWXUH(IIHFW@
7KLVHIIHFWEOXUVSHULSKHUDODUHDVWRJLYHWKHLPSUHVVLRQRID
GLRUDPD
,WHPVWKDWFDQEHVHW
)UHVKQHVV 8QGHUVWDWHGFRORUV 3RSFRORUV
w 6HWWLQJWKHW\SHRIGHIRFXV
:LWK>0LQLDWXUH(IIHFW@\RXFDQPDNHWKHVXEMHFWVWDQGRXWE\LQWHQWLRQDOO\FUHDWLQJ
GHIRFXVHGDQGLQIRFXVSRUWLRQV
<RXFDQVHWWKHUHFRUGLQJRULHQWDWLRQGHIRFXVRULHQWDWLRQDQGWKHSRVLWLRQDQGVL]HRIWKH
LQIRFXVSRUWLRQ
3UHVV>)Q@WRGLVSOD\WKHVHWWLQJVFUHHQ
6HWWLQJVFUHHQFDQDOVREHGLVSOD\HGE\WRXFKLQJLQRUGHU
RI> @WKHQ> @
)XQFWLRQEXWWRQ>)Q@
3UHVVRUWRPRYHWKHLQIRFXVSRUWLRQ
<RXFDQDOVRPRYHWKHLQIRFXVSRUWLRQE\WRXFKLQJWKH
VFUHHQRQWKHUHFRUGLQJVFUHHQ
7RXFKLQJ> @DOORZV\RXWRVHWWKHUHFRUGLQJRULHQWDWLRQ
GHIRFXVRULHQWDWLRQ
5RWDWHWKHUHDUGLDOWRFKDQJHWKHVL]HRILQIRFXV
SRUWLRQ
7KHSRUWLRQFDQDOVREHHQODUJHGUHGXFHGE\SLQFKLQJRXWSLQFKLQJLQ3WKHVFUHHQ
3UHVVLQJ>',63@ZLOOUHWXUQWKHLQIRFXVSRUWLRQVHWWLQJEDFNWRWKHGHIDXOWVHWWLQJ
3UHVV>0(186(7@WRVHW
'LVSOD\RIWKHUHFRUGLQJVFUHHQZLOOEHGHOD\HGPRUHWKDQXVXDODQGWKHVFUHHQZLOOORRNDVLI
IUDPHVDUHGURSSLQJ
1RVRXQGLVUHFRUGHGLQPRWLRQSLFWXUHV
$SSUR[LPDWHO\RIWKHWLPHSHULRGLVUHFRUGHG
,I\RXUHFRUGIRU PLQXWHVWKHUHVXOWLQJPRWLRQSLFWXUHUHFRUGLQJZLOOEHDSSUR[LPDWHO\
PLQXWHORQJ
7KHGLVSOD\HGDYDLODEOHUHFRUGLQJWLPHLVDSSUR[LPDWHO\WLPHV:KHQVZLWFKLQJWR5HFRUGLQJ
0RGHSOHDVHFKHFNWKHDYDLODEOHUHFRUGLQJWLPH
,I\RXHQGPRWLRQSLFWXUHUHFRUGLQJDIWHUDVKRUWWLPHWKHFDPHUDPD\JRRQUHFRUGLQJIRUD
FHUWDLQSHULRG3OHDVHFRQWLQXHWRKROGWKHFDPHUDXQWLOWKHUHFRUGLQJILQLVKHV
:KHQWKH)RFXV0RGHLVVHWWR>0)@PRYHWKHIRFXVHGORFDWLRQWRWKHLQIRFXVSRUWLRQ
5HFRUGLQJ0RGHV
>6RIW)RFXV@
7KLVHIIHFWEOXUVWKHRYHUDOOLPDJHWRSURGXFHDVRIWIHHO
,WHPVWKDWFDQEHVHW
([WHQWRIGHIRFXV :HDNGHIRFXV 6WURQJGHIRFXV
'LVSOD\RIWKHUHFRUGLQJVFUHHQZLOOEHGHOD\HGPRUHWKDQXVXDODQG
WKHVFUHHQZLOOORRNDVLIIUDPHVDUHGURSSLQJ
>)DQWDV\@
7KLVHIIHFWFUHDWHVDIDQWDVWLFDOLPDJHLQDSDOHFRORUWRQH
,WHPVWKDWFDQEHVHW
)UHVKQHVV 8QGHUVWDWHGFRORUV 3RSFRORUV
>6WDU)LOWHU@
7KLVHIIHFWFUHDWHVDJRUJHRXVDWPRVSKHUHZLWKVWDUOLNHUD\VRI
OLJKWDURXQGOLJKWVRXUFHV
,WHPVWKDWFDQEHVHW
/HQJWKRI
6KRUW /RQJ
WKHUD\VRIOLJKW
1XPEHURI
6PDOOHU /DUJHU
WKHUD\VRIOLJKW
$QJOHRI
5RWDWHWRWKHOHIW 5RWDWHWRWKHULJKW
WKHUD\VRIOLJKW
<RXFDQVHOHFWWKHLWHPWREHVHWE\
SUHVVLQJ
'LVSOD\RIWKHUHFRUGLQJVFUHHQZLOOEHGHOD\HGPRUHWKDQXVXDODQG
WKHVFUHHQZLOOORRNDVLIIUDPHVDUHGURSSLQJ
5HFRUGLQJ0RGHV
>2QH3RLQW&RORU@
7KLVHIIHFWOHDYHVRQHVHOHFWHGFRORUWRHPSKDVL]H
LPSUHVVLYHQHVV
,WHPVWKDWFDQEHVHW
6PDOODPRXQWRI /DUJHDPRXQWRI
$PRXQWRIFRORUOHIW
FRORU FRORU
w 6HWWKHFRORUWROHDYHLQ
6HWWKHFRORUWROHDYHLQE\VHOHFWLQJDORFDWLRQRQWKHVFUHHQ
3UHVV>)Q@WRGLVSOD\WKHVHWWLQJVFUHHQ
6HWWLQJVFUHHQFDQDOVREHGLVSOD\HGE\WRXFKLQJLQRUGHU
RI> @WKHQ> @
)XQFWLRQEXWWRQ>)Q@
6HOHFWWKHFRORU\RXZDQWWROHDYHE\
PRYLQJWKHIUDPHZLWK
<RXFDQDOVRVHOHFWWKHFRORU\RXZDQWWROHDYHE\WRXFKLQJ
WKHVFUHHQ
3UHVVLQJ>',63@ZLOOUHWXUQWKHIUDPHEDFNWRWKHFHQWHU
3UHVV>0(186(7@WRVHW
'HSHQGLQJRQWKHVXEMHFWWKHVHWFRORUPD\QRWEHOHIWLQ
5HFRUGLQJ0RGHV
>6XQVKLQH@
7KLVHIIHFWDGGVDFDVWRIOLJKWWRWKHVFHQH
,WHPVWKDWFDQEHVHW
&RORU <HOORZWRQH5HGWRQH%OXHWRQH:KLWHWRQH
6HOHFWWKHFRORUWRQHE\URWDWLQJWKH
UHDUGLDODQGWKHQSUHVV>0(186(7@
w 6HWWLQJWKHOLJKWVRXUFH
<RXFDQFKDQJHWKHSRVLWLRQDQGVL]HRIWKHOLJKWVRXUFH
3UHVV>)Q@WRGLVSOD\WKHVHWWLQJVFUHHQ
6HWWLQJVFUHHQFDQDOVREHGLVSOD\HGE\WRXFKLQJLQRUGHU
RI> @WKHQ> @
)XQFWLRQEXWWRQ>)Q@
3UHVVWRPRYHWKHFHQWHUSRVLWLRQRIWKH
OLJKWVRXUFH
7KHSRVLWLRQRIWKHOLJKWVRXUFHFDQDOVREHPRYHGE\WRXFKLQJWKHVFUHHQ
7KHFHQWHURIWKHOLJKWVRXUFHFDQEHPRYHGWRWKHHGJHRIWKHVFUHHQ
3RLQWIRUZKHQSODFLQJWKHFHQWHURIWKHOLJKW
VRXUFH
$PRUHQDWXUDODSSHDUDQFHFDQEHFUHDWHGE\
SODFLQJWKHFHQWHURIWKHOLJKWVRXUFHRXWVLGHWKH
LPDJH
$GMXVWWKHVL]HRIWKHOLJKWVRXUFHE\URWDWLQJWKHUHDU
GLDO
7KHGLVSOD\FDQDOVREHHQODUJHGUHGXFHGE\SLQFKLQJRXWSLQFKLQJLQ
3UHVVLQJ>',63@ZLOOUHWXUQWKHOLJKWVRXUFHVHWWLQJEDFNWRWKHGHIDXOWVHWWLQJ
3UHVV>0(186(7@WRVHW
'LVSOD\RIWKHUHFRUGLQJVFUHHQZLOOEHGHOD\HGPRUHWKDQXVXDODQGWKHVFUHHQZLOOORRNDVLI
IUDPHVDUHGURSSLQJ
5HFRUGLQJ0RGHV
5HFRUGLQJPRWLRQSLFWXUHVZLWKPDQXDOO\VHW
DSHUWXUHYDOXHVKXWWHUVSHHG&UHDWLYH9LGHR0RGH
5HFRUGLQJ0RGH
,WLVSRVVLEOHWRPDQXDOO\FKDQJHWKHDSHUWXUHDQGVKXWWHUVSHHGDQGUHFRUGPRWLRQ
SLFWXUHV
6HWWKHPRGHGLDOWR> @
6HOHFWWKHPHQX3
MENU >0RWLRQ3LFWXUH@>([SRVXUH0RGH@
3UHVVWRVHOHFW>3@>$@>6@RU>0@DQGWKHQSUHVV>0(186(7@
7KHRSHUDWLRQIRUFKDQJLQJWKHDSHUWXUHYDOXHRUVKXWWHUVSHHGLVWKHVDPHDVWKH
RSHUDWLRQIRUVHWWLQJWKHPRGHGLDOWR RU
,WLVDOVRSRVVLEOHWRGLVSOD\WKHVHOHFWLRQVFUHHQE\WRXFKLQJWKH
P
5HFRUGLQJ0RGHLFRQLQUHFRUGLQJVFUHHQ
6WDUWUHFRUGLQJ
3UHVVWKHPRWLRQSLFWXUHEXWWRQRUWKHVKXWWHUEXWWRQWRVWDUWUHFRUGLQJDPRWLRQSLFWXUH
6WLOOSLFWXUHVFDQQRWEHWDNHQ
6WRSUHFRUGLQJ
3UHVVWKHPRWLRQSLFWXUHEXWWRQRUWKHVKXWWHUEXWWRQWRVWRSUHFRUGLQJDPRWLRQSLFWXUH
$SHUWXUHYDOXH
± 6HWWKHDSHUWXUHYDOXHWRDKLJKHUQXPEHUZKHQ\RXZDQWDVKDUSIRFXVEDFNJURXQG6HWWKH
DSHUWXUHYDOXHWRDORZHUQXPEHUZKHQ\RXZDQWDVRIWIRFXVEDFNJURXQG
6KXWWHUVSHHG
± :KHQ\RXZDQWWRWDNHDVKDUSSLFWXUHRIDIDVWPRYLQJVXEMHFWVHWZLWKDIDVWHUVKXWWHU
VSHHG:KHQ\RXZDQWWRFUHDWHDWUDLOHIIHFWVHWWRDVORZHUVKXWWHUVSHHG
± 0DQXDOO\VHWWLQJDKLJKHUVKXWWHUVSHHGPD\LQFUHDVHWKHQRLVHRQVFUHHQGXHWRWKHKLJKHU
VHQVLWLYLW\
± :KHQVXEMHFWVDUHUHFRUGHGLQDQH[WUHPHO\EULJKWSODFHRUXQGHUIOXRUHVFHQW/('OLJKWLQJ
WKHFRORUWRQHRUEULJKWQHVVRIWKHLPDJHPD\FKDQJHRUKRUL]RQWDOVWULSHVPD\DSSHDURQ
WKHVFUHHQ,QWKDWFDVHFKDQJHWKH5HFRUGLQJ0RGHRUPDQXDOO\DGMXVWWKHVKXWWHUVSHHGWR
RU
:KHQ>([SRVXUH0RGH@LVVHWWR>0@>$872@RIWKH,62VHQVLWLYLW\ZLOOVZLWFKWR>@
'ULYHPRGHVHWWLQJVDUHGLVDEOHG
5HFRUGLQJ0RGHV
0LQLPL]LQJRSHUDWLRQDOVRXQGVGXULQJPRWLRQSLFWXUHUHFRUGLQJ
7KHRSHUDWLRQDOVRXQGRIWKH]RRPRUEXWWRQRSHUDWLRQPD\EHUHFRUGHGZKHQLWLV
RSHUDWHGGXULQJWKHUHFRUGLQJRIDPRWLRQSLFWXUH
8VLQJWRXFKLFRQVDOORZVVLOHQWRSHUDWLRQZKLOHUHFRUGLQJPRWLRQSLFWXUHV
6HOHFWWKHPHQX3
MENU >0RWLRQ3LFWXUH@>6LOHQW2SHUDWLRQ@>21@
6WDUWUHFRUGLQJ
7RXFK> @
7RXFKLFRQ
=RRP
:KHQDQLQWHUFKDQJHDEOHOHQVFRPSDWLEOHZLWKSRZHU]RRPLVXVHG
F $SHUWXUHYDOXH
SS 6KXWWHUVSHHG
ISO ,62VHQVLWLYLW\
0LFOHYHODGMXVWPHQW
'UDJWKHVOLGHEDUWRVHW
7KHVSHHGRIWKHRSHUDWLRQYDULHVGHSHQGLQJRQWKH
SRVLWLRQ\RXWRXFK
6WRSUHFRUGLQJ
5HFRUGLQJ0RGHV
5HJLVWHULQJ\RXUSUHIHUUHGVHWWLQJV&XVWRP0RGH
5HFRUGLQJ0RGH
<RXFDQUHJLVWHUWKHFXUUHQWFDPHUDVHWWLQJVDVFXVWRPVHWWLQJV
,I\RXWKHQUHFRUGLQ&XVWRP0RGH\RXFDQXVHWKHUHJLVWHUHGVHWWLQJV
,QLWLDOVHWWLQJRIWKH3URJUDP$(0RGHLVUHJLVWHUHGDVWKHFXVWRPVHWWLQJVLQLWLDOO\
5HJLVWHULQJ3HUVRQDO0HQX6HWWLQJV5HJLVWHULQJFXVWRPVHWWLQJV
7RDOORZUHFRUGLQJXVLQJWKHVDPHVHWWLQJVXSWRVHWVRIFXUUHQWFDPHUDVHWWLQJVFDQEH
UHJLVWHUHGXVLQJ>&XVW6HW0HP@
3UHSDUDWLRQV
6HWLQDGYDQFHWKH5HFRUGLQJ0RGH\RXZLVKWRVDYHDQGVHOHFWWKHGHVLUHGPHQX
VHWWLQJVRQWKHFDPHUD
6HOHFWWKHPHQX3
MENU >&XVWRP@>&XVW6HW0HP@
3UHVVWRVHOHFWWKHFXVWRPVHWWRUHJLVWHUDQGWKHQSUHVV
>0(186(7@
7KHVHWWLQJVDUHUHJLVWHUHGIRU RQWKHPRGHGLDO
<RXFDQUHFRUGXVLQJE\VLPSO\URWDWLQJWKHPRGHGLDOWRWKH
FRUUHVSRQGLQJSRVLWLRQ,I\RXUHJLVWHUWKHFXVWRPVHWWLQJV\RX
XVHRIWHQLWLVWKHQFRQYHQLHQWWRXVHWKHP
7KHVHWWLQJVDUHUHJLVWHUHGIRU RQWKHPRGHGLDO
<RXFDQUHFRUGXVLQJE\VLPSO\URWDWLQJWKHPRGHGLDOWRWKH
FRUUHVSRQGLQJSRVLWLRQ,I\RXUHJLVWHUWKHFXVWRPVHWWLQJV\RX
XVHRIWHQLWLVWKHQFRQYHQLHQWWRXVHWKHP
7KHVHWWLQJVDUHUHJLVWHUHGIRU RQWKHPRGHGLDO
<RXFDQUHJLVWHUXSWRVHWVRIFXVWRPVHWWLQJVDQGXVHWKH
GLIIHUHQWVHWVDVFRQGLWLRQGHPDQG
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
7KHIROORZLQJPHQXLWHPVDUHQRWUHJLVWHUHGDVFXVWRPVHWWLQJV
>5HF@PHQX >6HWXS@PHQX >&XVWRP@PHQX >3OD\EDFN@PHQX
± 'DWDUHJLVWHUHGZLWK ± $OOPHQXV ± >7RXFK6FUROO@ ± >5RWDWH'LVS@
>)DFH5HFRJ@ ± >0HQX*XLGH@ ± >3LFWXUH6RUW@
± 7KH>3URILOH6HWXS@ ± >'HOHWH
VHWWLQJ &RQILUPDWLRQ@
5HFRUGLQJ0RGHV
5HFRUGLQJXVLQJUHJLVWHUHGFXVWRPVHW
<RXFDQHDVLO\FDOOXSWKHVHWWLQJV\RXKDYHUHJLVWHUHGXVLQJ>&XVW6HW0HP@
w 7RFKDQJHDFXVWRPVHWLQ> @
6HWWKHPRGHGLDOWR> @
3UHVV>0(186(7@WRGLVSOD\WKHPHQX
3UHVVWRVHOHFWWKHFXVWRPVHWWLQJ\RXZDQWWRXVHDQGWKHQ
SUHVV>0(186(7@
,WLVDOVRSRVVLEOHWRGLVSOD\WKHVHOHFWLRQVFUHHQE\WRXFKLQJWKH C 3 -1
-1
5HFRUGLQJ0RGHLFRQLQUHFRUGLQJVFUHHQ
6DYLQJRIWKHVHOHFWHGFXVWRPVHWWLQJVLVGLVSOD\HGRQWKHVFUHHQ C 3 -1
-1
w &KDQJLQJWKHVHWWLQJV
5HJLVWHUHGFRQWHQWVGRQRWFKDQJHZKHQWKHPHQXVHWWLQJLVFKDQJHGWHPSRUDULO\ZLWKWKH
PRGHGLDOVHWWR RU 7RFKDQJHWKHUHJLVWHUHGVHWWLQJVRYHUZULWHWKH
UHJLVWHUHGFRQWHQWXVLQJ>&XVW6HW0HP@RQWKHFXVWRPVHWWLQJVPHQX
4. 3LFWXUH4XDOLW\DQG&RORU7RQH
6HWWLQJV
$GMXVWLQJWKH3LFWXUH4XDOLW\E\$GGLQJDQ
(IIHFW>3KRWR6W\OH@
$SSOLFDEOHPRGHV
<RXFDQVHOHFWHIIHFWVWRPDWFKWKHW\SHRILPDJH\RXZLVKWRUHFRUG
,WLVSRVVLEOHWRDGMXVWWKHLWHPVVXFKDVFRORURUSLFWXUHTXDOLW\RIWKHHIIHFWWR\RXUGHVLUH
MENU >5HF@>3KRWR6W\OH@
>6WDQGDUG@ 7KLVLVWKHVWDQGDUGVHWWLQJ
>9LYLG@_ %ULOOLDQWHIIHFWZLWKKLJKVDWXUDWLRQDQGFRQWUDVW
>1DWXUDO@_ 6RIWHIIHFWZLWKORZVDWXUDWLRQ
>0RQRFKURPH@ 0RQRFKURPHHIIHFWZLWKQRFRORUVKDGHV
>6FHQHU\@_ $QHIIHFWDSSURSULDWHIRUVFHQHULHVZLWKYLYLGEOXHVNLHVDQG
JUHHQV
>3RUWUDLW@_ $QHIIHFWDSSURSULDWHIRUSRUWUDLWVZLWKDKHDOWK\DQGEHDXWLIXO
VNLQWRQH
>&XVWRP@_ 8VHWKHVHWWLQJUHJLVWHUHGLQDGYDQFH
_ *LYHVSULRULW\WRWKHG\QDPLFUDQJHE\XVLQJDJDPPDFXUYH_
>&LQHOLNH'@
GHVLJQHGWRFUHDWHILOPOLNHLPDJHV6XLWHGIRUHGLWLQJ
*LYHVSULRULW\WRWKHFRQWUDVWE\XVLQJDJDPPDFXUYH_
>&LQHOLNH9@_
GHVLJQHGWRFUHDWHILOPOLNHLPDJHV
_ 7KLVLVGLVDEOHGZKHQ,QWHOOLJHQW$XWR3OXV0RGHLVVHOHFWHG
_ 7KHVHFDQEHVHWRQO\LQ&UHDWLYH9LGHR0RGH
_ :KHQWKHDFWXDOEULJKWQHVVDQGWKHEULJKWQHVVWREHFDSWXUHGDUHDGMXVWHGDWHDFK
EULJKWQHVVOHYHOWKHUHODWLRQVKLSEHWZHHQWKHVHWZRNLQGVRIEULJKWQHVVLVSORWWHGDVD
QRQOLQHDUFXUYH7KLVLVFDOOHGWKHJDPPDFXUYH
,Q,QWHOOLJHQW$XWR3OXV0RGHWKHVHWWLQJZLOOEHUHVHWWR>6WDQGDUG@ZKHQWKHFDPHUDLV
VZLWFKHGWRDQRWKHU5HFRUGLQJ0RGHRUWKLVXQLWLVWXUQHGRQDQGRII
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
w $GMXVWLQJWKHSLFWXUHTXDOLW\ 6WDQGDUG
3LFWXUHTXDOLW\FDQQRWEHDGMXVWHGLQWKH,QWHOOLJHQW$XWR3OXV -5 0 +5
±0
0RGH S ±0
3UHVVWRVHOHFWWKHW\SHRI3KRWR6W\OH ±0
±0
3UHVVWRVHOHFWWKHLWHPVDQGWKHQSUHVV
WRDGMXVW DISP.カスタム登録
,QFUHDVHVWKHGLIIHUHQFHEHWZHHQWKHEULJKWQHVVDQG
>T@
WKHGDUNQHVVLQWKHSLFWXUH
>&RQWUDVW@
'HFUHDVHVWKHGLIIHUHQFHEHWZHHQWKHEULJKWQHVV
>U@
DQGWKHGDUNQHVVLQWKHSLFWXUH
>T@ 7KHSLFWXUHLVVKDUSO\GHILQHG
6 >6KDUSQHVV@
>U@ 7KHSLFWXUHLVVRIWO\IRFXVHG
7KHQRLVHUHGXFWLRQHIIHFWLVHQKDQFHG
>T@
3LFWXUHUHVROXWLRQPD\GHWHULRUDWHVOLJKWO\
>1RLVH5HGXFWLRQ@
7KHQRLVHUHGXFWLRQHIIHFWLVUHGXFHG<RXFDQREWDLQ
>U@
SLFWXUHVZLWKKLJKHUUHVROXWLRQ
>T@ 7KHFRORUVLQWKHSLFWXUHEHFRPHYLYLG
>6DWXUDWLRQ@_
>U@ 7KHFRORUVLQWKHSLFWXUHEHFRPHQDWXUDO
_
>T@ $GGVDEOXLVKWRQH
>&RORU7RQH@
>U@ $GGVD\HOORZLVKWRQH
(QKDQFHVWKHFRQWUDVWRIDQVXEMHFW(IIHFW:HDN
><HOORZ@
7KHEOXHVN\FDQEHUHFRUGHGFOHDUO\
(QKDQFHVWKHFRQWUDVWRIDQVXEMHFW(IIHFW
>2UDQJH@ 0HGLXP
7KHEOXHVN\FDQEHUHFRUGHGLQGDUNHUEOXH
>)LOWHU(IIHFW@_
(QKDQFHVWKHFRQWUDVWRIDQVXEMHFW(IIHFW6WURQJ
>5HG@
7KHEOXHVN\FDQEHUHFRUGHGLQPXFKGDUNHUEOXH
7KHVNLQDQGOLSVRISHRSOHDSSHDULQQDWXUDOWRQHV
>*UHHQ@
*UHHQOHDYHVDSSHDUEULJKWHUDQGPRUHHQKDQFHG
>2II@ ²
_ >&RORU7RQH@LVGLVSOD\HGRQO\ZKHQ>0RQRFKURPH@LVVHOHFWHG,QRWKHUFDVHV
>6DWXUDWLRQ@ZLOOEHGLVSOD\HG
_ 'LVSOD\HGRQO\ZKHQ>0RQRFKURPH@LVVHOHFWHG
,I\RXDGMXVWWKHSLFWXUHTXDOLW\>A@LVGLVSOD\HGEHVLGHWKH3KRWR6W\OHLFRQRQWKHVFUHHQ
3UHVV>0(186(7@
w 5HJLVWHULQJVHWWLQJVWR>&XVWRP@
$GMXVWWKHSLFWXUHTXDOLW\IROORZLQJVWHSRI³$GMXVWLQJWKHSLFWXUHTXDOLW\´DQG
WKHQSUHVV>',63@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
5HFRUGLQJ,PDJHVZLWK,PDJH(IIHFWV
>)LOWHU6HWWLQJV@
$SSOLFDEOHPRGHV
&UHDWLYH&RQWURO0RGH)RULQIRUPDWLRQRQHDFKLPDJHHIIHFWLWV
DGMXVWDEOHVHWWLQJVDQGRWKHUGHWDLOVUHIHUWR3
>1R(IIHFW@ >+LJK'\QDPLF@
>([SUHVVLYH@ >&URVV3URFHVV@
>5HWUR@ >7R\(IIHFW@
>2OG'D\V@ >7R\3RS@
>+LJK.H\@ >%OHDFK%\SDVV@
>/RZ.H\@ >0LQLDWXUH(IIHFW@
>6HSLD@ >6RIW)RFXV@
>0RQRFKURPH@ >)DQWDV\@
>'\QDPLF0RQRFKURPH@ >6WDU)LOWHU@
>5RXJK0RQRFKURPH@ >2QH3RLQW&RORU@
>6LON\0RQRFKURPH@ >6XQVKLQH@
>,PSUHVVLYH$UW@
,IQRLPDJHHIIHFWLVWREHDGGHGVHOHFW>1R(IIHFW@
&KDQJHWKHVHWWLQJVE\XVLQJWKHWRXFKVFUHHQ
7RXFK> @
EXPS
7RXFKWKHLWHP\RXZDQWWRVHW EXPS
> @ $GMXVWVDQLPDJHHIIHFW
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
>5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>0LQLDWXUH(IIHFW@_>6RIW)RFXV@>6WDU)LOWHU@
>6XQVKLQH@DUHQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± &UHDWLYH9LGHR0RGH
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJ.SKRWRV
_,Q&UHDWLYH9LGHR0RGHRUZKHQUHFRUGLQJPRWLRQSLFWXUHVWKLVLWHPLVQRWDYDLODEOHRQO\LI
WKHPRWLRQSLFWXUHVL]HLVVHWWR>.@LQ>5HF4XDOLW\@
>7R\(IIHFW@>7R\3RS@>0LQLDWXUH(IIHFW@>6XQVKLQH@DUHQRWDYDLODEOHLQ3DQRUDPD6KRW0RGH
7KHLPDJHHIIHFWVRI>5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>6RIW)RFXV@>6WDU)LOWHU@DUHQRW
YLVLEOHRQWKHVFUHHQZKHQWDNLQJSDQRUDPDSLFWXUHV
8VLQJ>+LJK.H\@LQ3DQRUDPD6KRW0RGHPD\QRWEHHIIHFWLYHLQGLPO\OLWFRQGLWLRQV
8VLQJ>,PSUHVVLYH$UW@LQ3DQRUDPD6KRW0RGHPD\FDXVHVHDPVEHWZHHQSLFWXUHVWREHFRPH
QRWLFHDEOH
7KHDYDLODEOH,62VHQVLWLYLW\VHWWLQJVZLOOEHOLPLWHGXSWR>,62@7KH,62VHQVLWLYLW\IRU
>+LJK'\QDPLF@ZLOOEHIL[HGWR>$872@
:KHQXVLQJ>)LOWHU6HOHFW@\RXFDQQRWXVHPHQXVRUUHFRUGLQJIXQFWLRQVQRWDYDLODEOHLQ
&UHDWLYH&RQWURO0RGH
)RUH[DPSOH:KLWH%DODQFHZLOOEHIL[HGWR>$:%@DQGWKHIODVKZLOOEHVHWWR>Œ@IRUFHGIODVKRII
7KHVHWWLQJVZLOOEHVWRUHGHYHQLI\RXFKDQJHUHFRUGLQJPRGHRUWXUQRIIWKHFDPHUD
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
7DNLQJDSLFWXUHZLWKDQGZLWKRXWDQLPDJHHIIHFWVLPXOWDQHRXVO\
>6LPXOWDQHRXVUHFRUGZRILOWHU@
<RXFDQSUHVVWKHVKXWWHUEXWWRQRQFHDQGWDNHWZRSLFWXUHVVLPXOWDQHRXVO\RQHZLWKDQ
LPDJHHIIHFWDQGWKHRWKHURQHZLWKRXWLW
MENU >5HF@>)LOWHU6HWWLQJV@>6LPXOWDQHRXVUHFRUGZRILOWHU@
6HWWLQJV>21@>2))@
:KHQWKLVLWHPLVVHWWR>21@DSLFWXUHZLWKDQLPDJHHIIHFWZLOOEHWDNHQILUVWIROORZHGE\D
SLFWXUHZLWKRXWLW
2QO\DQLPDJHZLWKDQLPDJHHIIHFWLVGLVSOD\HGIRU$XWR5HYLHZ
,IWKHGULYHPRGHLVVHWWR>%XUVW@>.3+272@RU>$XWR%UDFNHW@LWLVVZLWFKHGWR>6LQJOH@
1RWDYDLODEOHLQWKHVHFDVHV
,QWKHIROORZLQJFDVH>6LPXOWDQHRXVUHFRUGZRILOWHU@GRHVQRWZRUN
± 3DQRUDPD6KRW0RGH
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± 5HFRUGLQJVWLOOSLFWXUHVZKLOHUHFRUGLQJDPRWLRQSLFWXUH>RQO\ZKHQVHWWR> @>9LGHR
3ULRULW\@@
± :KHQ>)LOWHU6HOHFW@LVVHWWR>1R(IIHFW@
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
$GMXVWLQJ%ULJKW'DUN3RUWLRQV>+LJKOLJKW6KDGRZ@
$SSOLFDEOHPRGHV
<RXFDQDGMXVWWKHEULJKWQHVVRIEULJKWDQGGDUNSRUWLRQVRQDQLPDJHZKLOHFKHFNLQJWKH
EULJKWQHVVRQWKHVFUHHQ
6HOHFWWKHPHQX3
MENU >5HF@>+LJKOLJKW6KDGRZ@
3UHVVWRVHOHFWWKHLWHP
6WDQGDUG $VWDWHZLWKQRDGMXVWPHQWVLVVHW
5DLVHWKHFRQWUDVW %ULJKWDUHDVDUHEULJKWHQHGDQGGDUNDUHDVDUHGDUNHQHG
/RZHUWKHFRQWUDVW %ULJKWDUHDVDUHGDUNHQHGDQGGDUNDUHDVDUHEULJKWHQHG
%ULJKWHQGDUNDUHDV 'DUNDUHDVDUHEULJKWHQHG
ヤヒ ヤビ ヤピ &XVWRP 5HJLVWHUHGFXVWRPVHWWLQJVFDQEHDSSOLHG
5RWDWHWKHIURQWUHDUGLDOWRDGMXVWWKH
EULJKWQHVVRIEULJKWGDUNSRUWLRQV
%ULJKWSRUWLRQ
'DUNSRUWLRQ
3UHYLHZGLVSOD\
7KHUHDUGLDOLVIRUDGMXVWLQJGDUNDUHDVDQGWKHIURQW
GLDOLVIRUDGMXVWLQJEULJKWDUHDV
7RUHJLVWHUDSUHIHUUHGVHWWLQJSUHVVDQGVHOHFWWKH
GHVWLQDWLRQZKHUHWKHFXVWRPVHWWLQJZLOOEHUHJLVWHUHGWR
>&XVWRP@ ヤヒ >&XVWRP@ ヤビ >&XVWRP@ ヤピ
$GMXVWPHQWVFDQDOVREHPDGHE\GUDJJLQJWKHJUDSK
3UHVV>0(186(7@
7KHVFUHHQGLVSOD\FDQEHVZLWFKHGE\SUHVVLQJ>',63@RQWKHEULJKWQHVVDGMXVWPHQWVFUHHQ
6HWWLQJVUHJLVWHUHGWR ヤ ヤ ヤ ZLOOEHVWRUHGHYHQDIWHUWKLVXQLWLVWXUQHGRII
ヒ ビ ピ
7XUQLQJRIIWKLVXQLWZLOOUHWXUQWKHVHWWLQJDGMXVWHGZLWK EDFNWRWKHGHIDXOWVHWWLQJ
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
$GMXVWLQJWKH:KLWH%DODQFH
$SSOLFDEOHPRGHV
,QVXQOLJKWXQGHULQFDQGHVFHQWOLJKWVRULQRWKHUVXFKFRQGLWLRQVZKHUHWKHFRORURIZKLWH
WDNHVRQDUHGGLVKRUEOXLVKWLQJHWKLVLWHPDGMXVWVWRWKHFRORURIZKLWHZKLFKLVFORVHVWWR
ZKDWLVVHHQE\WKHH\HLQDFFRUGDQFHZLWKWKHOLJKWVRXUFH
3UHVV
5RWDWHWKHUHDUGLDORUIURQWGLDOWRVHOHFWWKH
:KLWH%DODQFH
WB AWB
>$:%@ $XWRPDWLFDGMXVWPHQW
>V@ :KHQWDNLQJSLFWXUHVRXWGRRUVXQGHUDFOHDUVN\
>Ð@ :KHQWDNLQJSLFWXUHVRXWGRRUVXQGHUDFORXG\VN\
>î@ :KHQWDNLQJSLFWXUHVRXWGRRUVLQWKHVKDGH
>Ñ@ :KHQWDNLQJSLFWXUHVXQGHULQFDQGHVFHQWOLJKWV
> @_ :KHQWDNLQJSLFWXUHVZLWKWKHIODVKRQO\
6HWWKH:KLWH%DODQFHYDOXH8VHWRPDWFKWKH
FRQGLWLRQZKHQWDNLQJSKRWRJUDSKV
3UHVV
$LPWKHFDPHUDDWDVKHHWRIZKLWHSDSHU
HWFVRWKDWWKHIUDPHLQWKHFHQWHULVILOOHGE\
> 1
@> 2
@ WKHZKLWHREMHFWRQO\DQGWKHQSUHVV>0(186(7@
> 3
@> 4
@ 7KLVZLOOVHWWKH:KLWH%DODQFHDQGUHWXUQ\RXWRWKHUHFRUGLQJ
VFUHHQ
7KHVDPHRSHUDWLRQFDQEHSHUIRUPHGE\SUHVVLQJWKHVKXWWHUEXWWRQ
:KLWH%DODQFHPD\QRWEHVHWZKHQWKHVXEMHFWLVWRREULJKWRUWRR
GDUN6HWWKH:KLWH%DODQFHDJDLQDIWHUDGMXVWLQJWRDSSURSULDWH
EULJKWQHVV
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
<RXFDQVHWWKHFRORUWHPSHUDWXUHPDQXDOO\IRU
WDNLQJQDWXUDOSLFWXUHVLQGLIIHUHQWOLJKWLQJ 6500K
FRQGLWLRQV
7KHFRORURIOLJKWLVPHDVXUHGDVDQXPEHULQ
GHJUHHV.HOYLQ$VWKHFRORUWHPSHUDWXUH
> @ LQFUHDVHVWKHSLFWXUHEHFRPHVPRUHEOXLVK$VWKHFRORU
WHPSHUDWXUHGHFUHDVHVWKHSLFWXUHEHFRPHVPRUHUHGGLVK
3UHVV
3UHVVWRVHOHFWWKHFRORUWHPSHUDWXUHDQGWKHQSUHVV
>0(186(7@
<RXFDQVHWDFRORUWHPSHUDWXUHIURP>.@WR>.@
_,WZLOORSHUDWHDV>$:%@ZKHQUHFRUGLQJPRWLRQSLFWXUHVRU.SKRWRV
3UHVV>0(186(7@WRVHW
<RXFDQDOVRSUHVVWKHVKXWWHUEXWWRQKDOIZD\WRVHW
8QGHUIOXRUHVFHQWOLJKWLQJ/('OLJKWLQJIL[WXUHHWFWKHDSSURSULDWH:KLWH%DODQFH
ZLOOYDU\GHSHQGLQJRQWKHOLJKWLQJW\SHVRXVH>$:%@RU> 1 @> 2 @> 3 @> 4 @
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
w $XWR:KLWH%DODQFH
'HSHQGLQJRQWKHFRQGLWLRQVSUHYDLOLQJZKHQSLFWXUHVDUHWDNHQWKHSLFWXUHVPD\WDNHRQ
DUHGGLVKRUEOXLVKWLQJH)XUWKHUPRUHZKHQDPXOWLSOHQXPEHURIOLJKWVRXUFHVDUHEHLQJ
XVHGRUWKHUHLVQRWKLQJZLWKDFRORUFORVHWRZKLWH$XWR:KLWH%DODQFHPD\QRWIXQFWLRQ
SURSHUO\,QDFDVHOLNHWKLVVHWWKH:KLWH%DODQFHWRDPRGHRWKHUWKDQ>$:%@
$XWR:KLWH%DODQFHZLOOZRUNZLWKLQWKLVUDQJH
%OXHVN\
&ORXG\VN\5DLQ
6KDGH
6XQOLJKW
:KLWHIOXRUHVFHQWOLJKW
,QFDQGHVFHQWOLJKWEXOE
6XQULVHDQGVXQVHW
&DQGOHOLJKW
.N.HOYLQ&RORU7HPSHUDWXUH
)LQHO\DGMXVWLQJWKH:KLWH%DODQFH
<RXFDQILQHO\DGMXVWWKH:KLWH%DODQFHZKHQ\RXFDQQRWDFTXLUHWKHGHVLUHGKXHE\
VHWWLQJWKH:KLWH%DODQFH
6HOHFWWKH:KLWH%DODQFHDQGWKHQSUHVV
3UHVVWRILQHDGMXVWWKH:KLWH%DODQFH G
$$0%(525$1*(
%%/8(%/8,6+ A B
**5((1*5((1,6+
00$*(17$5('',6+ M
<RXFDQDOVRPDNHILQHDGMXVWPHQWVE\WRXFKLQJWKH:KLWH
%DODQFHJUDSK
3UHVVLQJ>',63@UHVHWVWKHSRVLWLRQEDFNWRWKHFHQWHU
3UHVV>0(186(7@
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
:KLWH%DODQFH%UDFNHW
%UDFNHWVHWWLQJLVSHUIRUPHGEDVHGRQWKHDGMXVWPHQWYDOXHVIRUWKH:KLWH%DODQFHILQH
DGMXVWPHQWDQGSLFWXUHVZLWKGLIIHUHQWFRORUVDUHDXWRPDWLFDOO\UHFRUGHGZKHQWKH
VKXWWHUEXWWRQLVSUHVVHGRQFH
)LQHDGMXVWWKH:KLWH%DODQFHLQVWHSRI³)LQHO\ G
DGMXVWLQJWKH:KLWH%DODQFH´DQGWKHQSHUIRUPWKH
EUDFNHWVHWWLQJE\URWDWLQJWKHUHDUGLDO A B
5RWDWLQJWKHUHDUGLDOWRWKHULJKW
+RUL]RQWDO>$@WR>%@ M
5RWDWLQJWKHUHDUGLDOWRWKHOHIW
9HUWLFDO>*@WR>0@
<RXFDQDOVRVHWWKHEUDFNHWE\WRXFKLQJ> @> @
3UHVV>0(186(7@
> @LVGLVSOD\HGLQ:KLWH%DODQFHLFRQLQWKHVFUHHQZKHQWKH:KLWH%DODQFH%UDFNHWLVVHW
7KH:KLWH%DODQFH%UDFNHWVHWWLQJLVUHOHDVHGZKHQWKLVXQLWKDVEHHQWXUQHGRIILQFOXGLQJ
6OHHS0RGH
<RXZLOORQO\KHDUWKHVKXWWHUVRXQGRQFH
1RWDYDLODEOHLQWKHVHFDVHV
7KH:KLWH%DODQFH%UDFNHWGRHVQRWZRUNLQWKHIROORZLQJFDVHV
± 3DQRUDPD6KRW0RGH
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQ>+'5@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
6HWWLQJWKH3LFWXUH4XDOLW\DQG6L]H
6HWWLQJWKHDVSHFWUDWLRRISLFWXUHV
$SSOLFDEOHPRGHV
7KLVDOORZV\RXWRVHOHFWWKHDVSHFWUDWLRRIWKHSLFWXUHVWRVXLWSULQWLQJRUWKHSOD\EDFN
PHWKRG
MENU >5HF@>$VSHFW5DWLR@
>@ >$VSHFW5DWLR@RID79
>@ >$VSHFW5DWLR@RID PPILOPFDPHUD
>@ >$VSHFW5DWLR@RIDKLJKGHILQLWLRQ79HWF
>@ 6TXDUHDVSHFWUDWLR
7KHHQGVRIWKHUHFRUGHGSLFWXUHVPD\EHFXWDWSULQWLQJVRFKHFNEHIRUHSULQWLQJ3
,I\RXXVHWKH+'0,RXWSXWGXULQJUHFRUGLQJWKHVHWWLQJLVIL[HGWR>@
6HWWLQJWKHQXPEHURISL[HOV
$SSOLFDEOHPRGHV
6HWWKHQXPEHURISL[HOV
7KHKLJKHUWKHQXPEHUVRISL[HOVWKHILQHUWKHGHWDLORIWKHSLFWXUHVZLOODSSHDUHYHQZKHQ
WKH\DUHSULQWHGRQWRODUJHVKHHWV
MENU >5HF@>3LFWXUH6L]H@
:KHQWKHDVSHFWUDWLRLV>@ :KHQWKHDVSHFWUDWLRLV>@
6HWWLQJV ,PDJHVL]H 6HWWLQJV ,PDJHVL]H
>/@0 M >/@0 M
> 0@0 M > 0@0 M
> 6@0 M > 6@0 M
:KHQWKHDVSHFWUDWLRLV>@ :KHQWKHDVSHFWUDWLRLV>@
6HWWLQJV ,PDJHVL]H 6HWWLQJV ,PDJHVL]H
>/@0 M >/@0 M
> 0@0 M > 0@0 M
> 6@0 M > 6@0 M
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
6HWWLQJWKHFRPSUHVVLRQUDWHRISLFWXUHV>4XDOLW\@
$SSOLFDEOHPRGHV
6HWWKHFRPSUHVVLRQUDWHDWZKLFKWKHSLFWXUHVDUHWREHVWRUHG
MENU >5HF@>4XDOLW\@
-3(* $VWDQGDUGLPDJHTXDOLW\-3(*LPDJH
>›@ 7KLVLVXVHIXOIRULQFUHDVLQJWKHQXPEHURIVKRWVZLWKRXW
FKDQJLQJWKHQXPEHURISL[HOV
> @ <RXFDQUHFRUGD5$:LPDJHDQGD-3(*LPDJH>A@RU
5$:K-3(*
> @ >›@VLPXOWDQHRXVO\
<RXFDQRQO\UHFRUG5$:LPDJHV
> @ 5$: > @LPDJHVDUHUHFRUGHGZLWKDVPDOOHUGDWDYROXPHWKDQ
> @RU> @
5$:LPDJHVDUHDOZD\VUHFRUGHGLQWKH>@MDVSHFWUDWLRUHJDUGOHVVRIWKH
DVSHFWUDWLRDWWKHWLPHRIUHFRUGLQJ
:KHQ\RXGHOHWHDQLPDJHUHFRUGHGZLWK> @RU> @ERWKWKH5$:DQG-3(*LPDJHV
ZLOOEHGHOHWHGVLPXOWDQHRXVO\
:KHQ\RXSOD\EDFNDQLPDJHUHFRUGHGZLWK> @JUD\DUHDVFRUUHVSRQGLQJWRWKHDVSHFW
UDWLRDWWKHWLPHRIUHFRUGLQJDUHGLVSOD\HG
$ERXW5$:
5$:IRUPDWUHIHUVWRDGDWDIRUPDWRILPDJHVWKDWKDYHQRWEHHQSURFHVVHG3OD\EDFN
DQGHGLWLQJRI5$:LPDJHVUHTXLUHWKHFDPHUDRUWKHGHGLFDWHGVRIWZDUH
<RXFDQPDNHDGYDQFHGDGMXVWPHQWVE\HGLWLQJ5$:LPDJHV)RUH[DPSOH\RXFDQ
DGMXVWWKH:KLWH%DODQFHDIWHUWDNLQJSLFWXUHVRUVDYHWKHPLQILOHIRUPDWVWKDWDUH
FDSDEOHRIGLVSOD\LQJWKHPRQD3&3LFWXUHVWDNHQLQ5$:IRUPDWZLOOKDYHKLJKHU
LPDJHTXDOLW\WKDQWKRVHWDNHQLQ-3(*IRUPDWEXWWKHGDWDVL]HZLOOEHODUJHU
<RXFDQSURFHVV5$:LPDJHVLQ>5$:3URFHVVLQJ@LQWKH>3OD\EDFN@PHQX3
7RSURFHVVDQGHGLW5$:ILOHVRQD3&XVHWKHVRIWZDUH³6,/.<3,;'HYHORSHU6WXGLR´E\
,FKLNDZD6RIW/DERUDWRU\RQWKH'9'VXSSOLHG
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
7KHVHWWLQJLVIL[HGWR>A@ZKHQUHFRUGLQJ.SKRWRV
1RWDYDLODEOHLQWKHVHFDVHV
7KHIROORZLQJHIIHFWVDUHQRWUHIOHFWHGLQ5$:LPDJHV
± ,QWHOOLJHQW$XWR3OXV0RGH
± &UHDWLYH&RQWURO0RGH
± :KLWH%DODQFH
± >3KRWR6W\OH@_>$VSHFW5DWLR@>+LJKOLJKW6KDGRZ@_>L'\QDPLF@_>5HG(\H5HPRYDO@_
>L5HVROXWLRQ@_>'LIIUDFWLRQ&RPSHQVDWLRQ@_>&RORU6SDFH@_>5HF@PHQX
_ ,I\RXSHUIRUP>5$:3URFHVVLQJ@LQWKH>3OD\EDFN@PHQXRQDSLFWXUH\RXFDQSURFHVVLWLQWR
DSLFWXUHLQ-3(*IRUPDWZLWKWKHVHWWLQJVDWWKHWLPHRIUHFRUGLQJ7KHVHWWLQJVZLOOEHXVHG
DVLQLWLDOVHWWLQJVZKHQ\RXVWDUW>5$:3URFHVVLQJ@
_ ,I\RXSHUIRUP>5$:3URFHVVLQJ@LQWKH>3OD\EDFN@PHQXRQDSLFWXUHWDNHQZLWKWKHHIIHFW
WKHHIIHFWZLOOEHDSSOLHGWRWKHSURFHVVHGSLFWXUHLQ-3(*IRUPDW
,QWKHIROORZLQJFDVHV> @> @DQG> @FDQQRWEHVHW
± 3DQRUDPD6KRW0RGH
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
8VLQJ,PDJH&RUUHFWLRQ)XQFWLRQV
&RPSHQVDWLQJWKHFRQWUDVWDQGH[SRVXUH>L'\QDPLF@
$SSOLFDEOHPRGHV
&RQWUDVWDQGH[SRVXUHDUHFRPSHQVDWHGZKHQWKHEULJKWQHVVGLIIHUHQFHEHWZHHQWKH
EDFNJURXQGDQGVXEMHFWLVJUHDWHWF
MENU >5HF@>L'\QDPLF@
6HWWLQJV>$872@>+,*+@>67$1'$5'@>/2:@>2))@
>$872@DXWRPDWLFDOO\VHWVWKHLQWHQVLW\RIWKHHIIHFWDFFRUGLQJWRWKHUHFRUGLQJFRQGLWLRQV
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIHDWXUHPD\EHDXWRPDWLFDOO\GLVDEOHGGHSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQ>+'5@LVVHWWR>21@
5DLVLQJWKHUHVROXWLRQ>L5HVROXWLRQ@
$SSOLFDEOHPRGHV
3LFWXUHVZLWKVKDUSSURILOHDQGUHVROXWLRQFDQEHWDNHQE\XVLQJWKH,QWHOOLJHQW5HVROXWLRQ
7HFKQRORJ\
MENU >5HF@>L5HVROXWLRQ@
6HWWLQJV>+,*+@>67$1'$5'@>/2:@>(;7(1'('@>2))@
>(;7(1'('@DOORZV\RXWRWDNHQDWXUDOSLFWXUHVZLWKDKLJKHUUHVROXWLRQ
7KHVHWWLQJ>(;7(1'('@FKDQJHVWR>/2:@ZKHQUHFRUGLQJPRWLRQSLFWXUHVRU.SKRWRV
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
&RPELQLQJSLFWXUHVZLWKGLIIHUHQWH[SRVXUHV>+'5@
$SSOLFDEOHPRGHV
<RXFDQFRPELQHSLFWXUHVZLWKGLIIHUHQWOHYHOVRIH[SRVXUHLQWRDVLQJOHSLFWXUHZLWKULFK
JUDGDWLRQ
<RXFDQPLQLPL]HWKHORVVRIJUDGDWLRQVLQEULJKWDUHDVDQGGDUNDUHDVZKHQIRUH[DPSOH
WKHFRQWUDVWEHWZHHQWKHEDFNJURXQGDQGWKHVXEMHFWLVODUJH
$QLPDJHFRPELQHGE\+'5LVUHFRUGHGLQ-3(*
MENU >5HF@>+'5@
>21@ 5HFRUGV+'5SLFWXUHV
>2))@ 'RHVQRWUHFRUG+'5SLFWXUHV
>'\QDPLF5DQJH@
>$872@ $XWRPDWLFDOO\DGMXVWVWKHH[SRVXUHUDQJHDFFRUGLQJWRWKHGLIIHUHQFHV
EHWZHHQWKHEULJKWDQGGDUNDUHDV
>P (9@>P (9@>P (9@
$GMXVWVWKHH[SRVXUHZLWKLQWKHVHOHFWHGH[SRVXUHSDUDPHWHUV
>6(7@ >$XWR$OLJQ@
>21@ $XWRPDWLFDOO\FRUUHFWVFDPHUDVKDNHMLWWHUDQGRWKHUSUREOHPVWKDW
FDQFDXVHWKHLPDJHVWRPLVDOLJQ
5HFRPPHQGHGIRUXVHGXULQJKDQGKHOGVKRRWLQJ
>2))@ ,PDJHPLVDOLJQPHQWQRWDGMXVWHG
5HFRPPHQGHGZKHQDWULSRGLVXVHG
w :KDWLV+'5"
+'5VWDQGVIRU+LJK'\QDPLF5DQJHDQGUHIHUVWRDWHFKQLTXHIRUH[SUHVVLQJDZLGH
FRQWUDVWUDQJH
'RQRWPRYHWKHXQLWGXULQJWKHFRQWLQXRXVVKRRWLQJDIWHUSUHVVLQJWKHVKXWWHUEXWWRQ
<RXFDQQRWWDNHWKHQH[WSLFWXUHXQWLOWKHFRPELQDWLRQRISLFWXUHVLVFRPSOHWH
$PRYLQJVXEMHFWPD\EHUHFRUGHGZLWKXQQDWXUDOEOXUV
7KHDQJOHRIYLHZEHFRPHVQDUURZVOLJKWO\ZKHQ>$XWR$OLJQ@LVVHWWR>21@
)ODVKLVIL[HGWR>Œ@IRUFHGIODVKRII
1RWDYDLODEOHLQWKHVHFDVHV
>+'5@GRHVQRWZRUNIRUWKHSLFWXUHVWDNHQGXULQJDPRWLRQSLFWXUHUHFRUGLQJ
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
5HGXFLQJWKHORQJVKXWWHUQRLVH>/RQJ6KWU15@
$SSOLFDEOHPRGHV
7KHFDPHUDDXWRPDWLFDOO\UHPRYHVQRLVHWKDWDSSHDUVZKHQWKHVKXWWHUVSHHGEHFRPHV
VORZHUWRWDNHSLFWXUHVRIQLJKWVFHQHU\HWFVR\RXFDQWDNHEHDXWLIXOSLFWXUHV
MENU >5HF@>/RQJ6KWU15@
6HWWLQJV>21@>2))@
>/RQJVKXWWHUQRLVHUHGXFWLRQRQJRLQJ@LVGLVSOD\HGIRUWKHVDPHWLPHDVWKHVKXWWHUVSHHGIRU
VLJQDOSURFHVVLQJ
:HUHFRPPHQGXVLQJDWULSRGZKHQWKHVKXWWHUVSHHGLVVORZHGWRWDNHSLFWXUHV
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQ>%XUVW5DWH@LVVHWWR>6+@
± :KHQUHFRUGLQJ.SKRWRV
± :KHQXVLQJWKHHOHFWURQLFVKXWWHU
&RUUHFWLQJWKHEULJKWQHVVRQWKHVFUHHQSHULSKHU\>6KDGLQJ&RPS@
$SSOLFDEOHPRGHV
:KHQWKHVFUHHQSHULSKHU\GDUNHQVDVDUHVXOWRIWKHOHQVFKDUDFWHULVWLFV\RXFDQUHFRUG
SLFWXUHVZLWKWKHEULJKWQHVVRIWKHVFUHHQSHULSKHU\FRUUHFWHG
MENU >5HF@>6KDGLQJ&RPS@
6HWWLQJV>21@>2))@
7KLVIHDWXUHPD\EHDXWRPDWLFDOO\GLVDEOHGGHSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQV
1RLVHLQWKHSHULSKHU\RIWKHSLFWXUHPD\VWDQGRXWZLWKKLJKHU,62VHQVLWLYLW\
1RWDYDLODEOHLQWKHVHFDVHV
&RUUHFWLRQLVQRWSRVVLEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± 5HFRUGLQJVWLOOSLFWXUHVZKLOHUHFRUGLQJDPRWLRQSLFWXUH>RQO\ZKHQVHWWR> @>9LGHR
3ULRULW\@@
± :KHQ>%XUVW5DWH@LVVHWWR>6+@
± :KHQUHFRUGLQJ.SKRWRV
'HSHQGLQJRQWKHOHQVXVHG>6KDGLQJ&RPS@PD\QRWRSHUDWH
5HIHUWRWKHZHEVLWHIRUFRPSDWLEOHOHQVHV
3LFWXUH4XDOLW\DQG&RORU7RQH6HWWLQJV
5DLVLQJWKHUHVROXWLRQZKHQWKHDSHUWXUHLVFORVHG
>'LIIUDFWLRQ&RPSHQVDWLRQ@
$SSOLFDEOHPRGHV
7KHFDPHUDUDLVHVWKHUHVROXWLRQE\FRUUHFWLQJWKHEOXUULQHVVFDXVHGE\GLIIUDFWLRQZKHQ
WKHDSHUWXUHLVFORVHG
MENU >5HF@>'LIIUDFWLRQ&RPSHQVDWLRQ@
6HWWLQJV>$872@>2))@
7KLVIHDWXUHPD\EHDXWRPDWLFDOO\GLVDEOHGGHSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQV
1RLVHPD\VWDQGRXWZLWKKLJKHU,62VHQVLWLYLW\
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
1RWDYDLODEOHLQWKHVHFDVHV
'HSHQGLQJRQWKHOHQVXVHG>'LIIUDFWLRQ&RPSHQVDWLRQ@PD\QRWRSHUDWH
6HWWLQJWKHFRORUVSDFH>&RORU6SDFH@
$SSOLFDEOHPRGHV
6HWWKLVZKHQ\RXZDQWWRFRUUHFWWKHFRORUUHSURGXFWLRQRIWKHUHFRUGHGSLFWXUHVRQD3&
SULQWHUHWF
MENU >5HF@>&RORU6SDFH@
&RORUVSDFHLVVHWWRV5*%FRORUVSDFH
>V5*%@
7KLVLVZLGHO\XVHGLQFRPSXWHUUHODWHGHTXLSPHQW
&RORUVSDFHLVVHWWR$GREH5*%FRORUVSDFH
>$GREH5*%@ $GREH5*%LVPDLQO\XVHGIRUEXVLQHVVSXUSRVHVVXFKDVSURIHVVLRQDO
SULQWLQJEHFDXVHLWKDVDJUHDWHUUDQJHRIUHSURGXFLEOHFRORUVWKDQV5*%
6HWWR>V5*%@LI\RXDUHQRWYHU\IDPLOLDUZLWK$GREH5*%
7KHVHWWLQJLVIL[HGWR>V5*%@LQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJ.SKRWRV
5. )RFXVDQG%ULJKWQHVV([SRVXUH
6HWWLQJV
$GMXVWLQJ)RFXV$XWRPDWLFDOO\
%\VHWWLQJWKHRSWLPXP)RFXV0RGHRU$XWR)RFXV0RGHIRUWKHVXEMHFWRUUHFRUGLQJ
FRQGLWLRQ\RXFDQOHWWKHFDPHUDDXWRPDWLFDOO\DGMXVWIRFXVLQYDULRXVVFHQHV
6HWWKHIRFXVPRGHOHYHUWR>$)6$))@RU
>$)&@
7KH)RFXV0RGHZLOOEHVHW3
3UHVV
3UHVVWRVHOHFW$)0RGHDQGWKHQSUHVV
>0(186(7@
7KH$XWR)RFXV0RGHZLOOEHVHW3
3UHVVWKHVKXWWHUEXWWRQKDOIZD\
$XWR)RFXVZLOOEHDFWLYDWHG
3.5 60
:KHQWKHVXEMHFWLV :KHQWKHVXEMHFWLVQRW
)RFXV
IRFXVHG IRFXVHG
)RFXVLQGLFDWLRQ 2Q %OLQNV
$)DUHD *UHHQ ²
6RXQG %HHSV WLPHV ²
7KHIRFXVLQGLFDWLRQLVGLVSOD\HGDV> LOW @LQDGDUNHQYLURQPHQWDQGIRFXVLQJPD\WDNH
ORQJHUWKDQXVXDO
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
,I\RX]RRPLQRXWDIWHUIRFXVLQJRQDVXEMHFWWKHIRFXVPD\ORVHLWVDFFXUDF\,QWKDWFDVH
UHDGMXVWWKHIRFXV
:KHQWKH)RFXV0RGHLVVHWWR>$))@RU>$)&@
± $EHHSZLOOEHHPLWWHGZKHQIRFXVLVILUVWDFKLHYHGGXULQJWKHSUHVVLQJKDOIZD\
± ,I$)0RGHLVVHWWR>&XVWRP0XOWL@VXFKDV> @RU> @WKH$)DUHDLVGLVSOD\HGIRUD
PRPHQWRQO\ZKHQIRFXVLVDFKLHYHGIRUWKHILUVWWLPHE\SUHVVLQJWKHVKXWWHUEXWWRQKDOIZD\
6XEMHFWVDQGUHFRUGLQJFRQGLWLRQVZKLFKDUHGLIILFXOWWRIRFXV
)DVWPRYLQJVXEMHFWVH[WUHPHO\EULJKWVXEMHFWVRUVXEMHFWVZLWKRXWFRQWUDVW
:KHQUHFRUGLQJVXEMHFWVWKURXJKZLQGRZVRUQHDUVKLQ\REMHFWV
:KHQLWLVGDUNRUZKHQMLWWHURFFXUV
:KHQWKHFDPHUDLVWRRFORVHWRWKHVXEMHFWRUZKHQWDNLQJDSLFWXUHRIERWKGLVWDQWDQGQHDU
VXEMHFWV
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HOHFWLQJWKH)RFXV0RGH$)6$))$)&
$SSOLFDEOHPRGHV
7KHPHWKRGIRUDFKLHYLQJIRFXVZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\LVVHW
6HWWKHIRFXVPRGHOHYHUWR>$)6$))@RU>$)&@
7KHPRYHPHQWRIWKH
,WHP VXEMHFWDQGWKHVFHQH 'HVFULSWLRQRIVHWWLQJV
UHFRPPHQGHG
³$)6´LVDQDEEUHYLDWLRQRI
>$)6@ ³$XWR)RFXV6LQJOH´
6XEMHFWLVVWLOO
$XWR )RFXVLVVHWDXWRPDWLFDOO\
6FHQHU\DQQLYHUVDU\
)RFXV ZKHQWKHVKXWWHUEXWWRQLV
SKRWRJUDSKHWF
6LQJOH SUHVVHGKDOIZD\)RFXVZLOOEH
IL[HGZKLOHLWLVSUHVVHGKDOIZD\
>$)6 ³$))´LVDQDEEUHYLDWLRQRI
$))@ ³$XWR)RFXV)OH[LEOH´
,QWKLVPRGHIRFXVLQJLV
>$))@
0RYHPHQWFDQQRWEH SHUIRUPHGDXWRPDWLFDOO\ZKHQ
$XWR
SUHGLFWHG WKHVKXWWHUEXWWRQLVSUHVVHG
)RFXV
&KLOGUHQSHWVHWF KDOIZD\
)OH[LEOH
,IWKHVXEMHFWPRYHVZKLOHWKHVKXWWHUEXWWRQLV
SUHVVHGKDOIZD\WKHIRFXVLVFRUUHFWHGWRPDWFK
WKHPRYHPHQWDXWRPDWLFDOO\
³$)&´LVDQDEEUHYLDWLRQRI
³$XWR)RFXV&RQWLQXRXV´
,QWKLVPRGHZKLOHWKHVKXWWHU
>$)&@ EXWWRQLVSUHVVHGKDOIZD\
6XEMHFWLVPRYLQJ
$XWR)RFXV IRFXVLQJLVFRQVWDQWO\
6SRUWWUDLQVHWF
&RQWLQXRXV SHUIRUPHGWRPDWFKWKHPRYHPHQWRIWKHVXEMHFW
:KHQWKHVXEMHFWLVPRYLQJWKHIRFXVLQJLV
SHUIRUPHGE\SUHGLFWLQJWKHVXEMHFWSRVLWLRQDWWKH
WLPHRIUHFRUGLQJ0RYHPHQWSUHGLFWLRQ
>0)@ 6HWWKHIRFXVPDQXDOO\3
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
w $ERXW>$)6$))@RIWKHIRFXVPRGHOHYHU
,Q>$)6$))@LQWKH>5HF@PHQXRUWKH>0RWLRQ3LFWXUH@PHQX\RXFDQDVVLJQ>$)6@RU
>$))@WR>$)6$))@RIWKHIRFXVPRGHOHYHU
:KHQUHFRUGLQJXVLQJ>$))@>$)&@
,WPD\WDNHWLPHWRIRFXVRQWKHVXEMHFWZKHQ\RXRSHUDWHWKH]RRPIURP:LGHWR7HOHRU
VXGGHQO\FKDQJHWKHVXEMHFWIURPDGLVWDQWRQHWRDQHDUE\RQH
3UHVVWKHVKXWWHUEXWWRQKDOIZD\DJDLQZKHQLWLVGLIILFXOWWRIRFXVRQWKHVXEMHFW
:KLOHWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\VKDNHPD\EHVHHQRQWKHVFUHHQ
:KHQWKHEULJKWQHVVLVLQVXIILFLHQWIRU>$))@RU>$)&@WKHFDPHUDZLOORSHUDWHDVLI>$)6@KDV
EHHQVHW,QWKLVFDVHWKHGLVSOD\ZLOOFKDQJHWRWKH\HOORZ>$)6@
7KHIRFXVPRGH>$))@RU>$)&@RSHUDWHVDV>$)6@LQWKHIROORZLQJFDVHV
± &UHDWLYH9LGHR0RGH
± 3DQRUDPD6KRW0RGH
± :KHQUHFRUGLQJZLWK> @>.%XUVW66@RIWKH.3KRWRIXQFWLRQ
1RWDYDLODEOHLQWKHVHFDVHV
'HSHQGLQJRQWKHOHQVXVHG>$))@DQG>$)&@PD\QRWRSHUDWH
5HIHUWRWKHZHEVLWHIRUFRPSDWLEOHOHQVHV
>$))@LVQRWDYDLODEOHZKHQUHFRUGLQJ.SKRWRV>&RQWLQXRXV$)@ZRUNVGXULQJUHFRUGLQJ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HOHFWLQJWKH$XWR)RFXV0RGH
$SSOLFDEOHPRGHV
7KLVDOORZVWKHIRFXVLQJPHWKRGWKDWVXLWVWKHSRVLWLRQVDQGQXPEHURIWKHVXEMHFWVWREH
VHOHFWHG
3UHVV
3UHVVWRVHOHFW$)0RGHDQGWKHQSUHVV
>0(186(7@
7KHFDPHUDDXWRPDWLFDOO\GHWHFWVWKHSHUVRQ¶VIDFH
DQGH\HV
$QH\HFORVHUWRWKHFDPHUDZLOOEHLQIRFXVZKLOH
WKHH[SRVXUHZLOOEHRSWLPL]HGIRUWKHIDFH
>)DFH(\H :KHQ>0HWHULQJ0RGH@LVVHWWR> @
'HWHFWLRQ@ 8SWRIDFHVFDQEHGHWHFWHG(\HVWKDWFDQEH
GHWHFWHGDUHRQO\WKRVHRIWKHIDFHWKDWLVLQIRFXV
<RXFDQFKDQJHWKHH\HWREHLQIRFXV3
3RVLWLRQDQGVL]HRIWKH$)DUHDFDQEHFKDQJHG3
7KHFDPHUDIRFXVHVRQWKHVXEMHFW\RXVSHFLI\
7KHH[SRVXUHZLOOEHRSWLPL]HGIRUWKHVXEMHFW
:KHQ>0HWHULQJ0RGH@LVVHWWR> @
>7UDFNLQJ@
)RFXVDQGH[SRVXUHZLOONHHSRQIROORZLQJWKH
VXEMHFWHYHQLILWPRYHV'\QDPLFWUDFNLQJ3
8SWR$)DUHDVFDQEHIRFXVHG
7KLVLVHIIHFWLYHZKHQDVXEMHFWLVQRWLQWKHFHQWHU
>$UHD@ RIWKHVFUHHQ
<RXFDQVHOHFWDUHDVWREHLQIRFXV3
)URPDPRQJ$)DUHDV\RXFDQIUHHO\VHWWKH
HWF RSWLPXPVKDSHRIWKH$)DUHDIRUWKHVXEMHFW
>&XVWRP0XOWL@ 3
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
7KHFDPHUDIRFXVHVRQWKHVXEMHFWLQWKH$)DUHD
RQWKHVFUHHQ
>$UHD@ 3RVLWLRQDQGVL]HRIWKH$)DUHDFDQEHFKDQJHG
3
<RXFDQDFKLHYHDPRUHSUHFLVHIRFXVRQDSRLQW
WKDWLVVPDOOHUWKDQ>Ø@
,I\RXSUHVVWKHVKXWWHUEXWWRQKDOIZD\WKHVFUHHQ
>3LQSRLQW@ WKDWOHWV\RXFKHFNWKHIRFXVZLOOEHHQODUJHG
7KHIRFXVSRVLWLRQFDQEHVHWRQDQHQODUJHG
VFUHHQ3
3UHVVLQJWKHVKXWWHUEXWWRQKDOIZD\WRDGMXVWWKHFRPSRVLWLRQ
:KHQWKHVXEMHFWLVQRWLQWKHFHQWHURIWKHFRPSRVLWLRQLQ>Ø@\RXFDQEULQJWKH
VXEMHFWLQWRWKH$)DUHDIL[WKHIRFXVDQGH[SRVXUHE\SUHVVLQJWKHVKXWWHUEXWWRQ
KDOIZD\PRYHWKHFDPHUDWRWKHFRPSRVLWLRQ\RXZDQWZLWKWKHVKXWWHUEXWWRQSUHVVHG
KDOIZD\DQGWKHQWDNHWKHSLFWXUH
2QO\ZKHQWKHIRFXVPRGHLVVHWWR>$)6@
w 5HVWULFWLRQVRQ$XWR)RFXV0RGH
7KH$)0RGHLVIL[HGWR>Ø@LQWKHIROORZLQJFDVHV
± :KHQXVLQJWKH'LJLWDO=RRP
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
>)DFH(\H'HWHFWLRQ@
8QGHUFHUWDLQSLFWXUHWDNLQJFRQGLWLRQVLQFOXGLQJWKHIROORZLQJFDVHVWKH)DFH(\H'HWHFWLRQ
)XQFWLRQPD\IDLOWRZRUNPDNLQJLWLPSRVVLEOHWRGHWHFWIDFHV7KH$)0RGHRSHUDWHVDV> @
± :KHQWKHIDFHLVQRWIDFLQJWKHFDPHUD
± :KHQWKHIDFHLVDWDQDQJOH
± :KHQWKHIDFHLVH[WUHPHO\EULJKWRUGDUN
± :KHQWKHIDFLDOIHDWXUHVDUHKLGGHQEHKLQGVXQJODVVHVHWF
± :KHQWKHIDFHDSSHDUVVPDOORQWKHVFUHHQ
± :KHQWKHUHLVOLWWOHFRQWUDVWRQWKHIDFHV
± :KHQWKHUHLVUDSLGPRYHPHQW
± :KHQWKHVXEMHFWLVRWKHUWKDQDKXPDQEHLQJ
± :KHQWKHFDPHUDLVVKDNLQJ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
>7UDFNLQJ@
> @FDQQRWEHXVHGZLWK>7LPH/DSVH6KRW@
,QWKHIROORZLQJFDVHV> @RSHUDWHVDV>Ø@
± >6HSLD@>0RQRFKURPH@>'\QDPLF0RQRFKURPH@>5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@
>6RIW)RFXV@>6WDU)LOWHU@>6XQVKLQH@&UHDWLYH&RQWURO0RGH
± >0RQRFKURPH@>3KRWR6W\OH@
'\QDPLF7UDFNLQJIXQFWLRQPD\QRWZRUNLQWKHIROORZLQJFDVHV
± :KHQWKHVXEMHFWLVWRRVPDOO
± :KHQWKHUHFRUGLQJORFDWLRQLVWRRGDUNRUEULJKW
± :KHQWKHVXEMHFWLVPRYLQJWRRIDVW
± :KHQWKHEDFNJURXQGKDVWKHVDPHRUVLPLODUFRORUWRWKHVXEMHFW
± :KHQMLWWHULVRFFXUULQJ
± :KHQ]RRPLVRSHUDWHG
>3LQSRLQW@
,QWKHIROORZLQJFDVH> @RSHUDWHVDV>Ø@
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJ.SKRWRV
,WFDQQRWEHVHWWR> @LQWKHIROORZLQJFDVHV
± >$))@>$)&@IRFXVPRGH
$ERXW>š@>)DFH(\H'HWHFWLRQ@
:KHQWKHFDPHUDGHWHFWVDIDFHWKH$)DUHDDQGWKHPDUN
LQGLFDWLQJWKHH\HWREHLQIRFXVDUHGLVSOD\HG
7KHH\HWREHLQIRFXV
<HOORZ
:KHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\WKHIUDPHWXUQV
JUHHQZKHQWKHFDPHUDLVIRFXVHG
:KLWH
'LVSOD\HGZKHQPRUHWKDQRQHIDFHLVGHWHFWHG2WKHUIDFHV
WKDWDUHWKHVDPHGLVWDQFHDZD\DVIDFHVZLWKLQWKH\HOORZ$)DUHDVDUHDOVRIRFXVHG
w &KDQJLQJWKHH\HWREHLQIRFXV
7RXFKWKHH\HWREHLQIRFXV
7RXFKWKHH\HLQWKH\HOORZIUDPH,I\RXWRXFKDQ\RWKHU
ORFDWLRQWKH$)DUHDVHWWLQJVFUHHQZLOOEHGLVSOD\HG3
,I\RXWRXFK> @RUSUHVV>0(186(7@WKHH\HIRFXVVHWWLQJ
ZLOOEHFDQFHOHG
,IWKH\HOORZIUDPHPRYHVWRDQRWKHUIDFHRUWKHIUDPH
GLVDSSHDUVDIWHU\RXFKDQJHWKHFRPSRVLWLRQRUGRVRPHWKLQJVLPLODUWKHH\HIRFXVVHWWLQJZLOO
EHFDQFHOHG
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
/RFNLQJWKHVXEMHFWWREHWUDFNHG >7UDFNLQJ@
%XWWRQRSHUDWLRQ
$LPWKH$)WUDFNLQJIUDPHRYHUWKHVXEMHFWDQGSUHVV
WKHVKXWWHUEXWWRQKDOIZD\
$)WUDFNLQJIUDPH
$)DUHDZLOOWXUQJUHHQZKHQWKHFDPHUDGHWHFWVWKHVXEMHFW
7KH$)DUHDWXUQV\HOORZZKHQWKHVKXWWHUEXWWRQLVUHOHDVHG
/RFNLVFDQFHOHGZKHQ>0(186(7@LVSUHVVHG
7RXFKRSHUDWLRQ
7RXFKWKHVXEMHFW
3HUIRUPWKHRSHUDWLRQDIWHUFDQFHOLQJWKHWRXFKVKXWWHUIXQFWLRQ
7KH$)DUHDWXUQV\HOORZZKLOHWKHVXEMHFWLVORFNHG
/RFNLVFDQFHOHGZKHQ> @LVWRXFKHG
,ILWIDLOVWRORFN$)DUHDZLOOIODVKLQUHGDQGGLVDSSHDU7U\WRORFNDJDLQ
:KHQ$)WUDFNLQJIDLOV>Ø@LVVHW
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKHVKDSHRIWKH$)DUHD>&XVWRP0XOWL@
6HOHFWLQJIURP$)DUHDV\RXFDQIUHHO\VHWWKHRSWLPXPVKDSHRIWKH$)DUHDIRUWKH
VXEMHFW
3UHVV
6HOHFWD&XVWRP0XOWLLFRQ> @HWFDQGSUHVV
,I\RXSUHVVWKH$)DUHDVHWWLQJVFUHHQZLOOEHGLVSOD\HG
3UHVVWRVHOHFWDVHWWLQJ
7KHFXUUHQWVKDSHRIWKH$)DUHDLVGLVSOD\HGRQWKH FREE ヤヒ ヤビ
ERWWRPOHIWRIWKHVFUHHQ
+RUL]RQWDOOLQH
7KLVVKDSHLV
>+RUL]RQWDO FRQYHQLHQWIRUWDNLQJ
3DWWHUQ@ SDQQLQJVKRWVRU
VLPLODUVKRWV
9HUWLFDOOLQH
7KLVVKDSHLV
>9HUWLFDO FRQYHQLHQWIRU
3DWWHUQ@ UHFRUGLQJREMHFWV
VXFKDVEXLOGLQJV
&OXVWHUSODFHGDWWKH
FHQWHU
>&HQWUDO 7KLVVKDSHLV
FRQYHQLHQWZKHQ\RX
3DWWHUQ@
ZDQWWREULQJWKH
FHQWHUDUHDLQWRIRFXV
FREE
>8VHU 8VHUGHILQHGVKDSH
'HILQHG@
ヤヒ ヤビ
>&XVWRP@ <RXFDQVHOHFWDFXVWRPL]HGVHWWLQJ
>&XVWRP@
3UHVV
$)DUHDVHWWLQJVFUHHQLVGLVSOD\HG
6HOHFW$)DUHDV
7KHVHOHFWHG$)DUHDVDUHGLVSOD\HGLQ\HOORZ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
%XWWRQRSHUDWLRQ
3UHVVWRVHOHFWWKH$)DUHDDQGWKHQSUHVV>0(186(7@WRVHWUHSHDW
7KHVHWWLQJLVFDQFHOHGZKHQ>0(186(7@LVSUHVVHGDJDLQ
,I\RXSUHVV>',63@DOOWKHVHOHFWLRQVZLOOEHFDQFHOHG
3UHVV>)Q@>40(18@
)XQFWLRQEXWWRQ>)Q@
w 5HJLVWHULQJWKHVHW$)DUHDWR> ヤヒ @RU> ヤビ @
2QWKHVFUHHQLQVWHSRQ3SUHVV
3UHVVWRVHOHFWDGHVWLQDWLRQWRZKLFKWKHVHWWLQJZLOOEHUHJLVWHUHGDQG
SUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
VHWWLQJ
,I\RXSUHVVDFXUVRUEXWWRQZKHQ>'LUHFW)RFXV$UHD@LQWKH>&XVWRP@PHQXLVVHWWR>21@WKH
$)DUHDVHWWLQJVFUHHQZLOOEHGLVSOD\HG
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJXSSRVLWLRQRIWKH$)DUHDFKDQJLQJVL]HRIWKH$)DUHD
$SSOLFDEOHPRGHV
7KHVSRWPHWHULQJWDUJHWFDQDOVREHPRYHGWRPDWFKWKH$)DUHDZKHQWKH>0HWHULQJ0RGH@
3LVVHWWR> @
$WWKHHGJHRIWKHVFUHHQWKHPHWHULQJPD\EHDIIHFWHGE\WKHEULJKWQHVVDURXQGWKH$)DUHD
1RWDYDLODEOHLQWKHVHFDVHV
:KHQXVLQJGLJLWDO]RRPWKHSRVLWLRQDQGVL]HRIWKH$)DUHDFDQQRWEHFKDQJHG
0RYLQJQRWPRYLQJWKH$)DUHDZLWKWKHFXUVRUEXWWRQ
MENU >&XVWRP@>'LUHFW)RFXV$UHD@>21@>2))@
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
:KHQVHOHFWLQJ>š@>Ø@
3RVLWLRQDQGVL]HRIWKH$)DUHDFDQEHFKDQJHG
3UHVV
6HOHFW>š@RU>Ø@DQGSUHVV
$)DUHDVHWWLQJVFUHHQLVGLVSOD\HG
<RXFDQDOVRGLVSOD\WKH$)DUHDVHWWLQJVFUHHQE\
WRXFKLQJWKHVFUHHQ
&KDQJHWKHSRVLWLRQDQGVL]HRIWKH$)DUHD
%XWWRQ 7RXFK
'HVFULSWLRQRIRSHUDWLRQ
RSHUDWLRQ RSHUDWLRQ
7RXFKLQJ 0RYHVWKH$)DUHD
3LQFKLQJRXWLQ (QODUJHVUHGXFHVWKH$)DUHDLQVPDOOVWHSV
U (QODUJHVUHGXFHVWKH$)DUHDLQODUJHVWHSV
5HVHWVWKH$)DUHDEDFNWRWKHFHQWHU
>',63@ >5HVHW@ ,I\RXSUHVVWKHEXWWRQDJDLQWKHIUDPHVL]HZLOO
EHUHVHWWRWKHGHIDXOWVHWWLQJ
,I\RXVHWWKH$)DUHDRYHUDQH\HLQWKH\HOORZIUDPHZKHQ>š@LVVHOHFWHGWKHH\HWREH
LQIRFXVZLOOEHFKDQJHG3
3UHVV>0(186(7@WRVHW
$)DUHDZLWKWKHVDPHIXQFWLRQDV>Ø@LVGLVSOD\HGLQWKHWRXFKHGSRVLWLRQZKHQWKH>š@
LVVHOHFWHG
6HWWLQJRIWKH$)DUHDLVFOHDUHGZKHQ>0(186(7@LVSUHVVHGRU> @LVWRXFKHG
:KHQVHOHFWLQJ> @
7KH$)DUHDVDUHGLYLGHGLQWRJURXSVHDFKFRQVLVWLQJRI ([DPSOHVRIJURXS
DUHDVRQWKHHGJHRIWKHVFUHHQRUDUHDV
3UHVV
6HOHFW> @DQGSUHVV
$)DUHDVHWWLQJVFUHHQLVGLVSOD\HG
3UHVVWRVHOHFWDQ$)DUHDJURXS
<RXFDQDOVRVHOHFWDJURXSE\WRXFKLQJWKHVFUHHQ
3UHVV>0(186(7@WRVHW
2QO\>K@GLVSOD\FHQWHUSRLQWRIVHOHFWHGJURXSZLOOUHPDLQRQ
WKHVFUHHQ
6HWWLQJRIWKH$)DUHDIUDPHLVFOHDUHGZKHQ>0(186(7@LV
SUHVVHGRU> @LVWRXFKHG
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
:KHQVHOHFWLQJ> @
<RXFDQVHWWKHIRFXVSRVLWLRQSUHFLVHO\E\HQODUJLQJWKHVFUHHQ
7KHIRFXVSRVLWLRQFDQQRWEHVHWDWWKHHGJHRIWKHVFUHHQ
3UHVV
6HOHFW> @DQGSUHVV
3UHVVWRVHWWKHIRFXVSRVLWLRQDQGWKHQ
SUHVV>0(186(7@
7KHDVVLVWVFUHHQIRUVHWWLQJWKHIRFXVSRVLWLRQLVGLVSOD\HG
LQDQHQODUJHGVL]H
7KHDVVLVWVFUHHQFDQDOVREHGLVSOD\HGE\WRXFKLQJWKH
VXEMHFW
0RYH>@WRWKHSRVLWLRQWREHLQIRFXV
%XWWRQ 7RXFK
'HVFULSWLRQRIRSHUDWLRQ
RSHUDWLRQ RSHUDWLRQ
7RXFKLQJ 0RYHV>@
3LQFKLQJRXWLQ (QODUJHVUHGXFHVWKHVFUHHQLQVPDOOVWHSV
U (QODUJHVUHGXFHVWKHVFUHHQLQODUJHVWHSV
6ZLWFKHVWKHHQODUJHGGLVSOD\ZLQGRZHGIXOOVFUHHQ
6HWWLQJWKHGXUDWLRQIRUZKLFKWKHVFUHHQLVHQODUJHG
MENU >&XVWRP@>3LQSRLQW$)7LPH@
&KDQJLQJWKHGLVSOD\RIWKHDVVLVWVFUHHQ
MENU >&XVWRP@>3LQSRLQW$)'LVSOD\@
>)8//@ (QODUJHVDSLFWXUHLQIXOOVFUHHQ
>3,3@ (QODUJHVDSLFWXUHLQDZLQGRZRQWKHVFUHHQ
7KHGLVSOD\RIWKHDVVLVWVFUHHQFDQDOVREHVZLWFKHGE\WRXFKLQJ> @
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKH$)DUHDSRVLWLRQZLWKWKH7RXFK3DG
$SSOLFDEOHPRGHV
<RXFDQPRYHWKH$)DUHDGLVSOD\HGRQWKHYLHZILQGHUE\
WRXFKLQJWKHPRQLWRU
,I\RXWRXFKWKHPRQLWRUZKHQWKH$XWR)RFXV0RGHLVVHWWR
>&XVWRP0XOWL@VXFKDV> @WKH$)DUHDVHWWLQJVFUHHQZLOOEH
GLVSOD\HG3
MENU >&XVWRP@>7RXFK6HWWLQJV@>7RXFK3DG$)@
0RYHVWKH$)DUHDRIWKH
9LHZILQGHUE\WRXFKLQJD
>(;$&7@ GHVLUHGSRVLWLRQRQWKH7RXFK
3DG
0RYHVWKH$)DUHDRIWKH
YLHZILQGHUDFFRUGLQJWRWKH
>2))6(7@ GLVWDQFH\RXGUDJWKHWRXFK
SDG3
>2))@ ²
3UHVVWKHVKXWWHUEXWWRQKDOIZD\WRGHWHUPLQHWKHIRFXVSRVLWLRQ
,I\RXSUHVV>',63@EHIRUHGHWHUPLQLQJWKHIRFXVSRVLWLRQWKH$)DUHDIUDPHUHWXUQVWRWKH
FHQWHUSRVLWLRQ
7RFDQFHOWKH$)DUHDIUDPHZKHQWKH$XWR)RFXV0RGH3LVVHWWR>š@>)DFH(\H
'HWHFWLRQ@> @>7UDFNLQJ@RU> @>$UHD@SUHVV>0(186(7@
1RWDYDLODEOHLQWKHVHFDVHV
>7RXFK3DG$)@LVQRWDYDLODEOHZKHQ>3XOO)RFXV@LQ>6QDS0RYLH@LVVHWWR>21@
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
2SWLPL]LQJWKHIRFXVDQGEULJKWQHVVIRUDWRXFKHGSRVLWLRQ
$SSOLFDEOHPRGHV
<RXFDQRSWLPL]HWKHIRFXVDQGEULJKWQHVVIRUWKHSRVLWLRQ\RXKDYHWRXFKHG
6HOHFWWKHPHQX3
MENU >&XVWRP@>7RXFK6HWWLQJV@>7RXFK$)@>$)$(@
7RXFKWKHVXEMHFW\RXZDQWWRRSWLPL]HWKH
EULJKWQHVVIRU
$)DUHDVHWWLQJVFUHHQLVGLVSOD\HG3
7KHEULJKWQHVVRSWLPL]DWLRQSRVLWLRQLVGLVSOD\HGRQWKH
FHQWHURIWKH$)DUHD7KHSRVLWLRQIROORZVWKHPRYHPHQW ュリヴヱハ 5HVHW 6HW
RIWKH$)DUHD
>0HWHULQJ0RGH@LVVHWWR> AE @ZKLFKLVXVHGH[FOXVLYHO\IRUWKH7RXFK$(
7RXFKLQJ>5HVHW@UHWXUQVWKHEULJKWQHVVRSWLPL]DWLRQSRVLWLRQDQGWKH$)DUHDWRWKH
FHQWHU
7RXFK>6HW@
7KH$)DUHDZLWKWKHVDPHIXQFWLRQDV>Ø@LVGLVSOD\HGRQWKHWRXFKHGSRVLWLRQ
7RXFKLQJ> @UHWXUQV>0HWHULQJ0RGH@WRWKHRULJLQDOVHWWLQJDQGFDQFHOVWKH
EULJKWQHVVRSWLPL]DWLRQSRVLWLRQ7KH$)DUHDVHWWLQJLVDOVRFDQFHOHG
7RXFKLQJ> @UHWXUQV>0HWHULQJ0RGH@WRWKHRULJLQDOVHWWLQJDQGFDQFHOVWKH
EULJKWQHVVRSWLPL]DWLRQSRVLWLRQ
:KHQWKHEDFNJURXQGKDVEHFRPHWRREULJKWHWFWKH
EULJKWQHVVFRQWUDVWZLWKWKHEDFNJURXQGFDQEH
DGMXVWHGE\FRPSHQVDWLQJWKHH[SRVXUH
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
:KHQUHFRUGLQJZLWKWKH7RXFK6KXWWHUWKHIRFXVDQGEULJKWQHVVDUHRSWLPL]HGIRUWKHWRXFKHG
SRVLWLRQEHIRUHUHFRUGLQJWDNHVSODFH
$WWKHHGJHRIWKHVFUHHQWKHPHWHULQJPD\EHDIIHFWHGE\WKHEULJKWQHVVDURXQGWKHWRXFKHG
ORFDWLRQ
1RWDYDLODEOHLQWKHVHFDVHV
>$)$(@ZKLFKRSWLPL]HVWKHIRFXVDQGEULJKWQHVVGRHVQRWZRUNLQWKHIROORZLQJFDVHV
± ,Q0DQXDO)RFXV
± :KHQXVLQJWKH'LJLWDO=RRP
± :KHQWKH$)DUHDKDVEHHQVHWE\XVLQJWKHFXUVRUEXWWRQ
6HWWLQJWKHGHVLUHGIRFXVPHWKRG
8VLQJWKH>&XVWRP@PHQX\RXFDQVHWWKHIRFXVPHWKRGLQGHWDLO
)RFXVLQJQRWIRFXVLQJZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
MENU >&XVWRP@>6KXWWHU$)@>21@>2))@
5HOHDVLQJQRWUHOHDVLQJWKHVKXWWHUE\SUHVVLQJWKHVKXWWHUEXWWRQKDOIZD\
MENU >&XVWRP@>+DOI 3UHVV 5HOHDVH@>21@>2))@
)RFXVLQJ1RWIRFXVLQJLQDGYDQFH
MENU >&XVWRP@>4XLFN$)@>21@>2))@
$VORQJDVWKHFDPHUDLVKHOGVWHDG\WKHFDPHUDZLOODXWRPDWLFDOO\DGMXVWWKHIRFXVDQG
IRFXVDGMXVWPHQWZLOOWKHQEHTXLFNHUZKHQWKHVKXWWHULVSUHVVHG7KLVLVXVHIXOZKHQ\RX
GRQRWZDQWWRPLVVDSLFWXUHWDNLQJRSSRUWXQLW\
7KHEDWWHU\ZLOOEHFRQVXPHGIDVWHUWKDQXVXDO
3UHVVWKHVKXWWHUEXWWRQKDOIZD\DJDLQZKHQLWLVGLIILFXOWWRIRFXVRQWKHVXEMHFW
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± ,Q3UHYLHZ0RGH
± ,QORZOLJKWVLWXDWLRQV
± :LWKOHQVHVWKDWRQO\RIIHU0DQXDO)RFXV
± :LWKVRPH)RXU7KLUGOHQVHVWKDWGRQRWVXSSRUWFRQWUDVW$)
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
7XUQLQJRQQRWWXUQLQJRQWKH$)$VVLVW/DPS
MENU >&XVWRP@>$)$VVLVW/DPS@>21@>2))@
$)DVVLVWODPSZLOOLOOXPLQDWHWKHVXEMHFWZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
PDNLQJLWHDVLHUIRUWKHFDPHUDWRIRFXVZKHQUHFRUGLQJLQORZOLJKWFRQGLWLRQV
/DUJHU$)DUHDLVGLVSOD\HGGHSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQV
7KHHIIHFWLYHUDQJHRIWKH$)$VVLVW/DPSLVGLIIHUHQWGHSHQGLQJRQWKHOHQVXVHG
± :KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVDWWDFKHGDQGDW:LGH
$SSUR[ P IHHWWR P IHHW
± :KHQWKHLQWHUFKDQJHDEOHOHQV++6LVDWWDFKHGDQGDW:LGH
$SSUR[ P IHHWWR P IHHW
± :KHQWKHLQWHUFKDQJHDEOHOHQV+)6$LVDWWDFKHGDQGDW:LGH
$SSUR[ P IHHWWR P IHHW
7KH$)$VVLVW/DPSLVYDOLGRQO\IRUWKHVXEMHFWLQWKHFHQWHURIWKHVFUHHQ8VHLWE\
SRVLWLRQLQJWKHVXEMHFWLQWKHFHQWHURIWKHVFUHHQ
5HPRYHWKHOHQVKRRG
:KHQ\RXGRQRWZDQWWRXVHWKH$)$VVLVW/DPSHJZKHQWDNLQJSLFWXUHVRIDQLPDOVLQGDUN
SODFHVVHWWKH>$)$VVLVW/DPS@WR>2))@,QWKLVFDVHLWZLOOEHFRPHPRUHGLIILFXOWWRIRFXVRQ
WKHVXEMHFW
7KH$)$VVLVW/DPSJHWVVOLJKWO\EORFNHGZKHQWKHLQWHUFKDQJHDEOHOHQV+)6
++6+)6$LVXVHGEXWLWGRHVQRWDIIHFWWKHSHUIRUPDQFH
7KH$)$VVLVW/DPSPD\EHJUHDWO\EORFNHGDQGLWPD\EHFRPHKDUGHUWRIRFXVZKHQDOHQV
ZLWKODUJHGLDPHWHULVXVHG
7KHVHWWLQJLVIL[HGWR>2))@LQWKHIROORZLQJFDVHV
± :KHQ>6LOHQW0RGH@LVVHWWR>21@
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
5HFRUGLQJQRWUHFRUGLQJHYHQZKHQIRFXVLVQRWDFKLHYHG
MENU >&XVWRP@>)RFXV5HOHDVH3ULRULW\@
>)2&86@
<RXFDQQRWWDNHDSLFWXUHXQWLOWKHVXEMHFWLVEURXJKWLQWRIRFXV
>5(/($6(@
7KLVJLYHVSULRULW\WRWKHEHVWWLPHWRWDNHDSLFWXUHVR\RXFDQWDNHDSLFWXUHZKHQWKH
VKXWWHUEXWWRQLVSUHVVHGIXOO\
:KHQVHWWR>5(/($6(@SOHDVHEHDZDUHWKDWIRFXVPD\QRWEHDFKLHYHGHYHQZLWKIRFXV
PRGHVHWWR>$)6@>$))@RU>$)&@
$GMXVWLQJQRWDGMXVWLQJWKHIRFXVPDQXDOO\DIWHUDFKLHYLQJ$XWR)RFXV
MENU >&XVWRP@>$)0)@>21@>2))@
:KHQ$)/RFNLV21SUHVVWKHVKXWWHUEXWWRQKDOIZD\ZLWKWKHIRFXVPRGHVHWWR>$)6@RU
VHW$)/RFNXVLQJ>$)$(/2&.@\RXFDQPDNHILQHDGMXVWPHQWVWRWKHIRFXVPDQXDOO\
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
$GMXVWLQJ)RFXV0DQXDOO\
$SSOLFDEOHPRGHV
8VHWKLVIXQFWLRQZKHQ\RXZDQWWRIL[WKHIRFXVRUZKHQWKHGLVWDQFHEHWZHHQWKHOHQV
DQGWKHVXEMHFWLVGHWHUPLQHGDQG\RXGRQRWZDQWWRDFWLYDWH$XWR)RFXV
6HWWKHIRFXVPRGHOHYHUWR>0)@
3UHVV
3UHVVWRDGMXVWWKHIRFXVSRVLWLRQ
DQGSUHVV>0(186(7@
7KHDVVLVWVFUHHQLVGLVSOD\HGHQODUJLQJWKHDUHD0)
$VVLVW
<RXFDQDOVRHQODUJHWKHDUHDE\URWDWLQJWKHIRFXVULQJ
PRYLQJWKHIRFXVOHYHURUSLQFKLQJRXW3WKHVFUHHQ
RUWRXFKLQJWKHVFUHHQWZLFH
<RXFDQDOVRDGMXVWWKHIRFXVSRVLWLRQE\GUDJJLQJ3WKHVFUHHQ
3UHVVLQJ>',63@UHVHWVWKHIRFXVSRVLWLRQEDFNWRWKHFHQWHU
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
$GMXVWWKHIRFXV
7KHRSHUDWLRQVXVHGWRIRFXVPDQXDOO\GLIIHUGHSHQGLQJRQWKHOHQV
:KHQXVLQJDQLQWHUFKDQJHDEOHOHQV :KHQXVLQJWKHLQWHUFKDQJHDEOHOHQV
+)6++6+)6$ZLWK KDYLQJDIRFXVOHYHU
DIRFXVULQJ
5RWDWHWRVLGH 0RYHWRVLGH
)RFXVHVRQQHDUE\ )RFXVHVRQQHDUE\
VXEMHFW A VXEMHFW C
5RWDWHWRVLGH B 0RYHWRVLGH
)RFXVHVRQGLVWDQW )RFXVHVRQGLVWDQW D
VXEMHFWV VXEMHFWV
7KHIRFXVLQJVSHHGYDULHVGHSHQGLQJRQKRZ
IDU\RXPRYHWKHIRFXVOHYHU
:KHQXVLQJDQLQWHUFKDQJHDEOHOHQVZLWKQRIRFXVULQJ
3UHVV)RFXVHVRQQHDUE\VXEMHFW +
3UHVV)RFXVHVRQGLVWDQWVXEMHFWV リヴヰ
6OLGHEDU
7KHVHRSHUDWLRQVDUHSRVVLEOHRQO\RQWKHIRFXV
DGMXVWPHQWVFUHHQ ョㄏピ
AF
3UHVVLQJDQGKROGLQJZLOOLQFUHDVHWKHIRFXV
VSHHG
)RFXVFDQDOVREHDGMXVWHGE\GUDJJLQJWKHVOLGH
EDU
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
,QGLFDWRUIRUcLQILQLW\
0)$VVLVWHQODUJHGVFUHHQ +
3HDNLQJ
0)*XLGH
7KHLQIRFXVSRUWLRQVZLOOEHKLJKOLJKWHG3HDNLQJ
<RXFDQFKHFNZKHWKHUWKHSRLQWRIIRFXVLVWRWKHQHDU
VLGHRUWRWKHIDUVLGH0)*XLGH
AF
<RXFDQSHUIRUPWKHIROORZLQJRSHUDWLRQV
%XWWRQRSHUDWLRQ 7RXFKRSHUDWLRQ 'HVFULSWLRQRIRSHUDWLRQ
_ 'UDJJLQJ 0RYHVWKHHQODUJHGDUHD
3LQFKLQJRXWLQ (QODUJHVUHGXFHVWKHVFUHHQLQVPDOOVWHSV
U (QODUJHVUHGXFHVWKHVFUHHQLQODUJHVWHSV
6ZLWFKHVWKHHQODUJHGGLVSOD\ZLQGRZHGIXOO
VFUHHQ
5HVHWVWKHDUHDWREHHQODUJHGEDFNWRWKH
>',63@_ >5HVHW@_
FHQWHU
_ :KHQXVLQJDQLQWHUFKDQJHDEOHOHQVZLWKQRIRFXVULQJ\RXFDQSHUIRUPWKHVHRSHUDWLRQV
DIWHUSUHVVLQJWRGLVSOD\WKHVFUHHQWKDWOHWV\RXVHWWKHDUHDWREHHQODUJHG
:KHQWKHSLFWXUHLVGLVSOD\HGLQZLQGRZHGPRGH\RXFDQHQODUJHUHGXFHWKHSLFWXUHE\
DSSUR[LPDWHO\WRMZKHQWKHSLFWXUHLVGLVSOD\HGLQIXOOVFUHHQ\RXFDQHQODUJH
UHGXFHWKHSLFWXUHE\DSSUR[LPDWHO\WRM
,I\RXXVHWKH+'0,RXWSXWGXULQJUHFRUGLQJWKHVFUHHQFDQQRWEHHQODUJHGLQ
ZLQGRZHGPRGH
&KDQJLQJWKHGLVSOD\RIWKH0)$VVLVW
MENU >&XVWRP@>0)$VVLVW'LVSOD\@
>)8//@ (QODUJHVWKHGLVSOD\LQIXOOVFUHHQ
>3,3@ (QODUJHVWKHGLVSOD\LQDZLQGRZRQWKHVFUHHQ
7KHGLVSOD\RIWKHDVVLVWVFUHHQFDQDOVREHVZLWFKHGE\WRXFKLQJ> @RQWKHIRFXV
DGMXVWPHQWVFUHHQ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
3UHVVWKHVKXWWHUEXWWRQKDOIZD\
7KHDVVLVWVFUHHQZLOOFORVH7KHUHFRUGLQJVFUHHQZLOOEHGLVSOD\HG
<RXFDQDOVRFORVHWKHDVVLVWVFUHHQE\SUHVVLQJ>0(186(7@
,I\RXKDYHHQODUJHGWKHSLFWXUHE\URWDWLQJWKHIRFXVULQJRUPRYLQJWKHIRFXVOHYHUWKH
DVVLVWVFUHHQZLOOFORVHDSSUR[LPDWHO\ VHFRQGVDIWHUWKHRSHUDWLRQ
0)$VVLVWRU0)JXLGHPD\QRWGLVSOD\GHSHQGLQJRQWKHOHQVXVHGEXW\RXFDQGLVSOD\0)
$VVLVWE\GLUHFWRSHUDWLRQRIWKHFDPHUDXVLQJWKHWRXFKVFUHHQRUDEXWWRQ
,I\RXSUHVVDFXUVRUEXWWRQRQWKHUHFRUGLQJVFUHHQZKHQ>'LUHFW)RFXV$UHD@LQWKH>&XVWRP@
PHQXLVVHWWR>21@WKHVFUHHQWKDWOHWV\RXVHWWKHDUHDWREHHQODUJHGZLOOEHGLVSOD\HG
0)$VVLVWLVQRWGLVSOD\HGLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJZLWK> @>.3UH%XUVW@RIWKH.3KRWRIXQFWLRQ
± :KHQXVLQJWKH'LJLWDO=RRP
7HFKQLTXHIRU0DQXDO)RFXV
5RWDWHWKHIRFXVULQJWRIRFXVRQWKH
VXEMHFW
5RWDWHLWDOLWWOHPRUH
)LQHO\IRFXVRQWKHVXEMHFWE\URWDWLQJWKH
IRFXVULQJVORZO\LQUHYHUVH
,I\RX]RRPLQRXWDIWHUIRFXVLQJRQDVXEMHFW
WKHIRFXVPD\ORVHLWVDFFXUDF\,QWKDWFDVH
UHDGMXVWWKHIRFXV
$IWHUFDQFHOLQJ6OHHS0RGHIRFXVRQWKHVXEMHFWDJDLQ
,I\RXDUHWDNLQJFORVHXSSLFWXUHV
± :HUHFRPPHQGXVLQJDWULSRGDQGWKHVHOIWLPHU3
± 7KHHIIHFWLYHIRFXVUDQJHGHSWKRIILHOGLVVLJQLILFDQWO\QDUURZHG7KHUHIRUHLIWKHGLVWDQFH
EHWZHHQWKHFDPHUDDQGWKHVXEMHFWLVFKDQJHGDIWHUIRFXVLQJRQWKHVXEMHFWLWPD\EHFRPH
GLIILFXOWWRIRFXVRQLWDJDLQ
± 7KHUHVROXWLRQRIWKHSHULSKHU\RIWKHSLFWXUHPD\GHFUHDVHVOLJKWO\7KLVLVQRWDPDOIXQFWLRQ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
w $ERXWWKHIRFXVGLVWDQFHUHIHUHQFHPDUN
7KHIRFXVGLVWDQFHUHIHUHQFHPDUNLVDPDUNXVHGWRPHDVXUHWKHIRFXVGLVWDQFH
8VHWKLVZKHQWDNLQJSLFWXUHVZLWK0DQXDO)RFXVRUWDNLQJFORVHXSSLFWXUHV
)RFXVUDQJH
)RFXVGLVWDQFHUHIHUHQFHPDUN
)RFXVGLVWDQFHUHIHUHQFHOLQH
P IHHWIRFDOOHQJWK PPWR PP
>:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG@
P IHHWIRFDOOHQJWK PPWR PP
>:KHQWKHLQWHUFKDQJHDEOHOHQV+)6LVXVHG@
P IHHW>:KHQWKHLQWHUFKDQJHDEOHOHQV++6LVXVHG@
P IHHWIRFDOOHQJWK PPWR PP
>:KHQWKHLQWHUFKDQJHDEOHOHQV+)6$LVXVHG@
$FKLHYLQJIRFXVTXLFNO\XVLQJ$XWR)RFXV
MENU >&XVWRP@>$)$(/RFN@>$)21@
,I>$)$(/2&.@LVSUHVVHGLQ0DQXDO)RFXV$XWR)RFXVZLOOZRUN
$XWR)RFXVZRUNVDWWKHFHQWHURIWKHIUDPH
,I$XWR)RFXVLVXVHGZKLOHWKH0)$VVLVWVFUHHQLVGLVSOD\HG
WKHFHQWHURIWKH0)$VVLVWVFUHHQZLOOEHIRFXVHG
$XWR)RFXVDOVRZRUNVZLWKWKHIROORZLQJRSHUDWLRQV
± 3UHVVLQJWKHIXQFWLRQEXWWRQWRZKLFK>$)21@LVDVVLJQHG
AF
± 7RXFKLQJ> AF @
± 'UDJJLQJWKHPRQLWRUDQGUHOHDVLQJ\RXUILQJHUDWWKHSRVLWLRQ
\RXZDQWWRIRFXVRQ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKHGLVSOD\PHWKRGRIWKH0)$VVLVWHQODUJHGVFUHHQ
MENU >&XVWRP@>0)$VVLVW@
$YDLODEOHVHWWLQJVYDU\GHSHQGLQJRQWKHOHQVXVHG
:KHQDQLQWHUFKDQJHDEOHOHQVKDYLQJDIRFXVULQJ+)6++6+)6$LV
XVHG
7KHVFUHHQLVHQODUJHGE\RSHUDWLQJWKHIRFXVULQJRUWKHIRFXVOHYHURIWKHOHQVRUE\
> @
SUHVVLQJ
> @ 7KHVFUHHQLVHQODUJHGE\RSHUDWLQJWKHIRFXVULQJRUWKHIRFXVOHYHURIWKHOHQV
> @ 7KHVFUHHQLVHQODUJHGE\SUHVVLQJ
7KHVFUHHQFDQQRWEHHQODUJHGE\RSHUDWLQJWKHIRFXVULQJRUWKHIRFXVOHYHURIWKH
>2))@
OHQVRUE\SUHVVLQJ
:KHQDQLQWHUFKDQJHDEOHOHQVZLWKQRIRFXVULQJLVXVHG
)RFXVFDQEHDGMXVWHGZKHQ\RXSUHVV DQGWKHVFUHHQWKDWOHWV\RXVHWWKH
>21@
DUHDWREHHQODUJHGLVGLVSOD\HG
)RFXVFDQEHDGMXVWHGZKHQ\RXSUHVV 7KHVFUHHQWKDWOHWV\RXVHWWKHDUHD
>2))@
WREHHQODUJHGLVQRWGLVSOD\HG
'LVSOD\LQJQRWGLVSOD\LQJWKH0)*XLGH
MENU >&XVWRP@>0)*XLGH@>21@>2))@
,QGLFDWRUIRUcLQILQLW\
:KHQ>0)*XLGH@RQWKH>&XVWRP@PHQXLVVHWWR>21@DQG
\RXIRFXVPDQXDOO\WKH0)JXLGHLVGLVSOD\HGRQWKHVFUHHQ
<RXFDQFKHFNZKHWKHUWKHSRLQWRIIRFXVLVWRWKHQHDUVLGH
RUWKHIDUVLGH
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
+LJKOLJKWLQJQRWKLJKOLJKWLQJLQIRFXVSRUWLRQV
MENU >&XVWRP@>3HDNLQJ@
>21@ ,QIRFXVSRUWLRQVDUHKLJKOLJKWHGZLWKFRORU
>2))@ ,QIRFXVSRUWLRQVDUHQRWKLJKOLJKWHG
7KHGHWHFWLRQOHYHOIRULQIRFXVSRUWLRQVLVVHW
:KHQ>+,*+@LVVHWSRUWLRQVWREHKLJKOLJKWHGDUH
>'HWHFW/HYHO@ UHGXFHGDOORZLQJ\RXWRDFKLHYHDPRUHSUHFLVHIRFXV
>+,*+@>/2:@
7KHGHWHFWLRQOHYHOVHWWLQJGRHVQRWDIIHFWWKHIRFXVUDQJH
6HWVWKHKLJKOLJKWLQJFRORUXVHGIRU>3HDNLQJ@
:KHQ>'HWHFW/HYHO@LVVHWWR>+,*+@> @/LJKWEOXH> @
<HOORZ> @<HOORZJUHHQ> @3LQN> @:KLWH
>6(7@ :KHQ>'HWHFW/HYHO@LVVHWWR>/2:@> @%OXH> @
2UDQJH> @*UHHQ> @5HG> @*UD\
>'LVSOD\ &KDQJLQJWKH>'HWHFW/HYHO@VHWWLQJDOVRFKDQJHVWKH
&RORU@ >'LVSOD\&RORU@VHWWLQJDVIROORZV
±> @/LJKWEOXH > @%OXH
±> @<HOORZ > @2UDQJH
±> @<HOORZJUHHQ > @*UHHQ
±> @3LQN > @5HG
±> @:KLWH > @*UD\
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
)L[LQJWKH)RFXVDQGWKH([SRVXUH$)$(/RFN
$SSOLFDEOHPRGHV
7KLVLVXVHIXOZKHQ\RXZDQWWRWDNHDSLFWXUHRIDVXEMHFWRXWVLGHWKH$)DUHDRUWKH
FRQWUDVWLVWRRVWURQJDQG\RXFDQQRWDFKLHYHDSSURSULDWHH[SRVXUH
$OLJQWKHVFUHHQZLWKWKHVXEMHFW
3UHVVDQGKROG>$)$(/2&.@WRIL[WKHIRFXV
RUH[SRVXUH AF/AE
LOCK
,I\RXUHOHDVH>$)$(/2&.@$)$(/RFNLVFDQFHOHG
2QO\WKHH[SRVXUHLVORFNHGLQWKHGHIDXOWVHWWLQJ
:KLOHSUHVVLQJ>$)$(/2&.@PRYHWKH
AEL
FDPHUDDV\RXFRPSRVHWKHSLFWXUHDQGWKHQ 3.5 60 0 200
SUHVVVKXWWHUEXWWRQIXOO\
$(/RFNLQGLFDWLRQ
:KHQ>$(/2&.@LVVHWDIWHUSUHVVLQJWKHVKXWWHUEXWWRQKDOIZD\WRIRFXVSUHVVWKH
VKXWWHUEXWWRQIXOO\
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKHIXQFWLRQVRI>$)$(/2&.@
MENU >&XVWRP@>$)$(/RFN@
2QO\WKHH[SRVXUHLVORFNHG
>$(/2&.@ :KHQWKHH[SRVXUHLVVHW>$(/@WKHDSHUWXUHYDOXHDQGWKHVKXWWHUVSHHG
DUHGLVSOD\HG
2QO\WKHIRFXVLVORFNHG
>$)/2&.@ :KHQWKHVXEMHFWLVIRFXVHG>$)/@WKHIRFXVLQGLFDWLRQWKHDSHUWXUHYDOXH
DQGWKHVKXWWHUVSHHGDUHGLVSOD\HG
%RWKIRFXVDQGH[SRVXUHDUHORFNHG
>$)$(/2&.@ >$)/@>$(/@WKHIRFXVLQGLFDWLRQDSHUWXUHYDOXHDQGVKXWWHUVSHHGDUH
GLVSOD\HGZKHQWKHIRFXVDQGWKHH[SRVXUHDUHRSWLPL]HG
>$)21@ $XWR)RFXVLVSHUIRUPHG
0DLQWDLQLQJQRWPDLQWDLQLQJWKHORFNZKHQ>$)$(/2&.@LVUHOHDVHG
MENU >&XVWRP@>$)$(/RFN+ROG@>21@>2))@
$)/RFNRQO\LVHIIHFWLYHZKHQWDNLQJSLFWXUHVLQ0DQXDO([SRVXUH0RGH
$(/RFNRQO\LVHIIHFWLYHZKHQWDNLQJSLFWXUHVZLWK0DQXDO)RFXV
7KHVXEMHFWFDQEHIRFXVHGDJDLQE\SUHVVLQJWKHVKXWWHUEXWWRQKDOIZD\HYHQZKHQ$(LV
ORFNHG
3URJUDP6KLIWFDQEHVHWHYHQZKHQ$(LVORFNHG
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
&RPSHQVDWLQJWKH([SRVXUH
$SSOLFDEOHPRGHV
8VHWKLVIXQFWLRQZKHQ\RXFDQQRWDFKLHYHDSSURSULDWHH[SRVXUHGXHWRWKHGLIIHUHQFHLQ
EULJKWQHVVEHWZHHQWKHVXEMHFWDQGWKHEDFNJURXQG
5RWDWHWKHH[SRVXUHFRPSHQVDWLRQGLDOWRVHOHFW
DFRPSHQVDWLRQYDOXH
7KH([SRVXUH&RPSHQVDWLRQYDOXHFDQEHVHWZLWKLQDUDQJH
RIL (9WRK (9
&RPSHQVDWHWKHH[SRVXUH &RPSHQVDWHWKHH[SRVXUH
WRZDUGVSRVLWLYH WRZDUGVQHJDWLYH
w ([SDQGLQJWKHH[SRVXUHFRPSHQVDWLRQUDQJH
8VLQJWKHH[SRVXUHFRPSHQVDWLRQGLDODQGIURQWRUUHDUGLDO\RXFDQH[SDQGWKHH[SRVXUH
FRPSHQVDWLRQUDQJHGRZQWRL (9DQGXSWRK (9
6HOHFWWKHPHQX3
MENU >&XVWRP@>'LDO6HW@>([S&RPS6HWXS@
3UHVVWRVHOHFWWKHVHWWLQJDQGWKHQSUHVV>0(186(7@
$VVLJQVWKHRSHUDWLRQIRUH[SDQGLQJWKHH[SRVXUHFRPSHQVDWLRQ
> @IURQWGLDO
UDQJHWRWKHIURQWGLDO
$VVLJQVWKHRSHUDWLRQIRUH[SDQGLQJWKHH[SRVXUHFRPSHQVDWLRQ
> @UHDUGLDO
UDQJHWRWKHUHDUGLDO
>2))@ U
([LWWKHPHQXDIWHULWLVVHW
6HWWKHH[SRVXUHFRPSHQVDWLRQGLDOWR>L@RU>K@
5RWDWHWKHGLDOVHOHFWHGLQVWHSWRH[SDQGWKHH[SRVXUHFRPSHQVDWLRQUDQJH
:KHQ>$XWR([SRVXUH&RPS@LQ>)ODVK@LQWKH>5HF@PHQXLVVHWWR>21@WKHEULJKWQHVVRIWKHIODVK
ZLOODXWRPDWLFDOO\EHVHWWRWKHOHYHODSSURSULDWHWRWKHVHOHFWHG([SRVXUH&RPSHQVDWLRQ3
:KHQWKHH[SRVXUHYDOXHLVRXWRIWKHL (9WRK (9UDQJHWKHEULJKWQHVVRIWKHUHFRUGLQJ
VFUHHQZLOOQRORQJHUFKDQJH
,WLVUHFRPPHQGHGWRUHFRUGE\FKHFNLQJWKHDFWXDOEULJKWQHVVRIWKHUHFRUGHGLPDJHLQWKH
$XWR5HYLHZRUSOD\EDFNVFUHHQ
7KHH[SDQGHGH[SRVXUHFRPSHQVDWLRQUDQJHLVQRWDSSOLHGWRPRWLRQSLFWXUHUHFRUGLQJDQG.
SKRWRUHFRUGLQJ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKH/LJKW6HQVLWLYLW\
$SSOLFDEOHPRGHV
3UHVV
6HOHFWWKH,62VHQVLWLYLW\E\URWDWLQJWKHUHDU
GLDO
<RXFDQVZLWFKWKHIXQFWLRQVEHWZHHQWKHUHDUGLDODQG
WKHIURQWGLDOE\SUHVVLQJ>',63@ AUTO ISO
LIMIT OFF
AUTO 200 40
,62/LPLW6HW
5RWDWHWKHIURQWGLDOWRVHWWKHXSSHUOLPLWRI
,62VHQVLWLYLW\
,WZLOOZRUNZKHQWKH>6HQVLWLYLW\@LVVHWWR>$872@RU> @
3UHVV>0(186(7@WRVHW
<RXFDQDOVRSUHVVWKHVKXWWHUEXWWRQKDOIZD\WRVHW
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
7KH,62VHQVLWLYLW\LVDXWRPDWLFDOO\DGMXVWHGDFFRUGLQJWRWKH
$872 EULJKWQHVV
0D[LPXP>,62@:LWKWKHIODVKRQ>,62@_
7KHFDPHUDGHWHFWVPRYHPHQWRIWKHVXEMHFWDQGWKHQ
DXWRPDWLFDOO\VHWVWKHRSWLPXP,62VHQVLWLYLW\DQGVKXWWHU
VSHHGWRVXLWWKHPRYHPHQWRIWKHVXEMHFWDQGEULJKWQHVVRI
WKHVFHQHWRPLQLPL]HWKHMLWWHURIWKHVXEMHFW
,QWHOOLJHQW 0D[LPXP>,62@:LWKWKHIODVKRQ>,62@_
7KHVKXWWHUVSHHGLVQRWIL[HGZKHQWKHVKXWWHUEXWWRQLV
SUHVVHGKDOIZD\,WLVFRQWLQXRXVO\FKDQJLQJWRPDWFKWKH
PRYHPHQWRIWKHVXEMHFWXQWLOWKHVKXWWHUEXWWRQLVSUHVVHG
IXOO\
7KH,62VHQVLWLYLW\LVIL[HGWRYDULRXVVHWWLQJV
_ :KHQWKH>,62,QFUHPHQWV@LQ>5HF@PHQX3LVVHWWR
> (9@LWHPVRI,62VHQVLWLYLW\WKDWFDQEHVHWZLOO
LQFUHDVH
_ :KHQWKH>,62/LPLW6HW@3RI>5HF@PHQXLVVHWWRDQ\WKLQJH[FHSW>2))@LWLVVHW
DXWRPDWLFDOO\ZLWKLQWKHYDOXHVHWLQ>,62/LPLW6HW@
_ 2QO\DYDLODEOHZKHQ>([WHQGHG,62@LVVHW
&KDUDFWHULVWLFVRIWKH,62VHQVLWLYLW\
5HFRUGLQJORFDWLRQ
:KHQLWLVOLJKWRXWGRRUV :KHQLWLVGDUN
UHFRPPHQGHG
6KXWWHUVSHHG 6ORZ )DVW
1RLVH /HVV ,QFUHDVHG
-LWWHURIWKHVXEMHFW ,QFUHDVHG /HVV
> @LVQRWDYDLODEOHLQ6KXWWHU3ULRULW\$(0RGHDQG0DQXDO([SRVXUH0RGH
>$872@DQG> @DUHQRWDYDLODEOHZKHQWDNLQJSLFWXUHVZLWKWKHVKXWWHUVSHHGVHWWR>%@%XOE
LQ0DQXDO([SRVXUH0RGH
:KHQ>0XOWL([S@LVVHWWKHPD[LPXPVHWWLQJLV>,62@
,Q&UHDWLYH9LGHR0RGHRUZKHQUHFRUGLQJ.SKRWRVWKHVHWWLQJVEHORZDUHDYDLODEOH
>$872@>@WR>@
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKHXSSHUOLPLWRQ,62VHQVLWLYLW\
$SSOLFDEOHPRGHV
,WZLOOVHOHFWRSWLPDO,62VHQVLWLYLW\ZLWKVHWYDOXHDVOLPLWGHSHQGLQJRQWKHEULJKWQHVVRI
WKHVXEMHFW
,WZLOOZRUNZKHQWKH>6HQVLWLYLW\@LVVHWWR>$872@RU> @
MENU >5HF@>,62/LPLW6HW@
6HWWLQJV>@>@>@>@>@>@>@>2))@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
6HWWLQJWKHVWHSLQFUHPHQWRI,62VHQVLWLYLW\
$SSOLFDEOHPRGHV
<RXFDQDGMXVWWKH,62VHQVLWLYLW\VHWWLQJVIRUHYHU\ (9
MENU >5HF@>,62,QFUHPHQWV@
>/@_>/@_>/@_>@>@>@>@>@>@>@>@>@
> (9@ >@>@>@>@>@>@>@>@>@>@>@
>@>@
> (9@ >/@_>@>@>@>@>@>@>@>@
_ 2QO\DYDLODEOHZKHQ>([WHQGHG,62@LVVHW
([WHQGLQJ,62VHQVLWLYLW\
$SSOLFDEOHPRGHV
,62VHQVLWLYLW\FDQEHVHWXSWRPLQLPXP>,62@
MENU >5HF@>([WHQGHG,62@
6HWWLQJV>21@>2))@
1RWDYDLODEOHLQWKHVHFDVHV
>([WHQGHG,62@LVQRWDYDLODEOHIRU.SKRWRUHFRUGLQJ
)RFXVDQG%ULJKWQHVV([SRVXUH6HWWLQJV
6HWWLQJWKH0HWHULQJ0RGH
$SSOLFDEOHPRGHV
7\SHRIRSWLFDOPHDVXUHPHQWWRPHDVXUHEULJKWQHVVFDQEHFKDQJHG
MENU >5HF@>0HWHULQJ0RGH@
7KLVLVWKHPHWKRGLQZKLFKWKHFDPHUDPHDVXUHVWKHPRVWVXLWDEOH
> @ H[SRVXUHE\MXGJLQJWKHDOORFDWLRQRIEULJKWQHVVRQWKHZKROHVFUHHQ
0XOWLSOH DXWRPDWLFDOO\
8VXDOO\ZHUHFRPPHQGXVLQJWKLVPHWKRG
> @ 7KLVLVWKHPHWKRGXVHGWRIRFXVRQWKHVXEMHFWRQWKHFHQWHURIWKH
&HQWHUZHLJKWHG VFUHHQDQGPHDVXUHWKHZKROHVFUHHQHYHQO\
7KLVLVWKHPHWKRGWRPHDVXUHWKHVXEMHFWLQWKHVSRW
> @ PHWHULQJWDUJHW
6SRW
7KRVHPHQXLWHPVDUHVKDUHGE\WKH>5HF@PHQXDQGWKH>0RWLRQ3LFWXUH@PHQX:KHQWKH
VHWWLQJIRUHLWKHURIWKHWZRLVFKDQJHGWKHVHWWLQJIRUWKHRWKHULVDOVRFKDQJHG
6. 6KXWWHUDQG'ULYH6HWWLQJV
6HWWLQJWKH6KXWWHU7\SH>(OHFWURQLF6KXWWHU@
$SSOLFDEOHPRGHV
<RXFDQXVHHLWKHURIWKHWZRVKXWWHUVWRWDNHSLFWXUHVWKHPHFKDQLFDOVKXWWHURUWKH
HOHFWURQLFVKXWWHU
0HFKDQLFDOVKXWWHU (OHFWURQLF6KXWWHU
)ODVK n ²
6KXWWHU6SHHG
%%XOE_WRWK _WRWK
6HF
6HOHFWWKHPHQX3
MENU >5HF@>(OHFWURQLF6KXWWHU@
>21@ 7DNHVSLFWXUHVXVLQJWKHHOHFWURQLFVKXWWHUPHWKRG
>2))@ 7DNHVSLFWXUHVZLWKWKHPHFKDQLFDOVKXWWHU
:KHQ> @LVGLVSOD\HGRQWKHVFUHHQSLFWXUHVZLOOEHWDNHQZLWKWKHHOHFWURQLFVKXWWHU
:KHQ>%XUVW5DWH@LVVHWWR>6+@SLFWXUHVZLOOEHWDNHQZLWKWKHHOHFWURQLFVKXWWHU
.SKRWRVZLOOEHUHFRUGHGZLWKWKHHOHFWURQLFVKXWWHU
:KHQ>6LOHQW0RGH@LVVHWWR>21@SLFWXUHVZLOOEHWDNHQZLWKWKHHOHFWURQLFVKXWWHU
:KHQDPRYLQJVXEMHFWLVUHFRUGHGZLWKWKHHOHFWURQLFVKXWWHUWKHVXEMHFWPD\DSSHDU
GLVWRUWHGRQWKHSLFWXUH
:KHQWKHHOHFWURQLFVKXWWHULVXVHGXQGHUIOXRUHVFHQWRU/('OLJKWLQJHWFKRUL]RQWDO
VWULSHVPD\DSSHDURQWKHSLFWXUH,QVXFKFDVHVORZHULQJWKHVKXWWHUVSHHGPD\
UHGXFHWKHHIIHFWRIWKHKRUL]RQWDOVWULSHV3
%HVXUHWRSD\VSHFLDODWWHQWLRQWRWKHSULYDF\WKHOLNHQHVVULJKWVHWFRIWKHVXEMHFW
ZKHQ\RXXVHWKLVIXQFWLRQ8VHDW\RXURZQULVN
6KXWWHUDQG'ULYH6HWWLQJV
0LQLPL]LQJYLEUDWLRQRIWKHVKXWWHU
$SSOLFDEOHPRGHV
7RUHGXFHWKHLQIOXHQFHRIKDQGVKDNHRUVKXWWHUYLEUDWLRQVKXWWHULVUHOHDVHGDIWHUWKH
VSHFLILHGWLPHKDVSDVVHG
6HOHFWWKHPHQX3
MENU >5HF@>6KXWWHU'HOD\@
6HWWLQJV>6(&@>6(&@>6(&@>6(&@>2))@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJ.SKRWRV
± :KHQ>+'5@LVVHWWR>21@
6KXWWHUDQG'ULYH6HWWLQJV
6HOHFWD'ULYH0RGH
$SSOLFDEOHPRGHV
<RXFDQFKDQJHZKDWWKHFDPHUDZLOOGRZKHQ\RXSUHVVWKHVKXWWHUEXWWRQ
3UHVV
3UHVVWRVHOHFWWKHGULYHPRGHDQGWKHQ
H 31/3
SUHVV>0(186(7@
'ULYHPRGH
:KHQWKHVKXWWHUEXWWRQLVSUHVVHGRQO\RQHSLFWXUHLV
>6LQJOH@
UHFRUGHG
5HFRUGLQJVDUHPDGHLQVXFFHVVLRQZKLOHWKHVKXWWHU
>%XUVW@3
EXWWRQLVSUHVVHG
:KHQWKHVKXWWHUEXWWRQLVSUHVVHGD.SKRWRLV
>.3+272@3
UHFRUGHG
(DFKWLPHWKHVKXWWHUEXWWRQLVSUHVVHGUHFRUGLQJV
>$XWR%UDFNHW@3 DUHPDGHZLWKGLIIHUHQWH[SRVXUHVHWWLQJVDFFRUGLQJWR
WKH([SRVXUH&RPSHQVDWLRQUDQJH
:KHQWKHVKXWWHUEXWWRQLVSUHVVHGUHFRUGLQJWDNHV
>6HOI7LPHU@3
SODFHDIWHUWKHVHWWLPHKDVHODSVHG
7RFDQFHOWKHGULYHPRGHVHOHFW> @7KHVHWWLQJZLOOVZLWFKWR>6LQJOH@
6HWWLQJVIRUHDFKGULYHPRGHFDQEHFKDQJHGE\SUHVVLQJ
6KXWWHUDQG'ULYH6HWWLQJV
7DNLQJ3LFWXUHVXVLQJ%XUVW0RGH
$SSOLFDEOHPRGHV
3LFWXUHVDUHWDNHQFRQWLQXRXVO\ZKLOHWKHVKXWWHUEXWWRQLVSUHVVHG
3LFWXUHVWDNHQZLWKDEXUVWVSHHGRI>6+@ZLOOEHUHFRUGHGDVDVLQJOHEXUVWJURXS3
3UHVV
6HOHFWWKHEXUVWVSHHGZLWKDQGWKHQ
SH H LV
M LV
L
SUHVV>0(186(7@
>6+@ >0@
>+@ >/@
6XSHUKLJK 0LGGOH
+LJKVSHHG /RZVSHHG
VSHHG VSHHG
%XUVW 0HFKDQLFDO $)6 $)6
²
VSHHG VKXWWHU $)& $)&
SLFWXUHV (OHFWURQLF $)6
VHFRQG 6KXWWHU $)&
/LYH9LHZGXULQJ%XUVW
1RQH 1RQH $YDLODEOH $YDLODEOH
0RGH
_
:LWK5$:ILOHV ² RUPRUH
_ :LWKRXW5$:
0D[ RUPRUH_
ILOHV
_ 1XPEHURIUHFRUGDEOHSLFWXUHV
_ :KHQUHFRUGLQJLVSHUIRUPHGXQGHUWKHWHVWFRQGLWLRQVVSHFLILHGE\3DQDVRQLF
_ 'HSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQVWKHQXPEHURIUHFRUGDEOHSLFWXUHVLQDEXUVW
PD\EHUHGXFHG
)RUH[DPSOHZKHQ\RXVHW>L5HVROXWLRQ@RIWKH>5HF@PHQXWKHQXPEHURI
UHFRUGDEOHSLFWXUHVLQDEXUVWPD\EHUHGXFHG
_ 3LFWXUHVFDQEHWDNHQXQWLOWKHFDSDFLW\RIWKHFDUGEHFRPHVIXOO+RZHYHUWKHEXUVW
VSHHGZLOOEHFRPHVORZHUKDOIZD\7KHH[DFWWLPLQJRIWKLVGHSHQGVRQWKHDVSHFW
UDWLRWKHSLFWXUHVL]HWKHVHWWLQJIRUWKHTXDOLW\DQGWKHW\SHRIFDUGXVHG
6KXWWHUDQG'ULYH6HWWLQJV
7KHSLFWXUHVL]HZLOOEHIL[HGWR>6@ZKHQ>%XUVW5DWH@LVVHWWR>6+@
7KHEXUVWVSHHGPD\EHFRPHVORZHUGHSHQGLQJRQWKHIROORZLQJVHWWLQJV
± >3LFWXUH6L]H@3>4XDOLW\@3>6HQVLWLYLW\@3)RFXV0RGH3>)RFXV
5HOHDVH3ULRULW\@3
%XUVWVSHHGFDQDOVREHVHWZLWK>%XUVW5DWH@LQWKH>5HF@PHQX
5HIHUWR3IRULQIRUPDWLRQDERXW5$:ILOHV
)RFXVRQWKHVXEMHFWDQGWDNHDSLFWXUH 4:3
L AFS H
+ROGGRZQWKHVKXWWHUEXWWRQIXOO\WRDFWLYDWHWKH%XUVW0RGH
w &DQFHOLQJWKH%XUVW0RGH
6HOHFW> @>6LQJOH@RU> @IURPDPRQJWKHGULYHPRGHV3
w $ERXWWKHPD[LPXPQXPEHURISLFWXUHVWKDWFDQEHWDNHQFRQWLQXRXVO\
:KHQ\RXSUHVVWKHVKXWWHUEXWWRQKDOIZD\WKHPD[LPXPQXPEHU
RISLFWXUHV\RXFDQWDNHFRQWLQXRXVO\ZLOODSSHDU<RXFDQFKHFN 0 200 r20
20
WKHDSSUR[LPDWHQXPEHURISLFWXUHVWKDWFDQEHWDNHQEHIRUHWKH
EXUVWVSHHGVORZVGRZQ
([DPSOH:KHQSLFWXUHVFDQEHWDNHQ>U@
2QFHUHFRUGLQJVWDUWVWKHPD[LPXPQXPEHURISLFWXUHVWKDWFDQEHWDNHQFRQWLQXRXVO\ZLOO
GHFUHDVH:KHQ>U@DSSHDUVWKHEXUVWVSHHGZLOOVORZGRZQ
:KHQ>U@LVGLVSOD\HG\RXFDQWDNHRUPRUHSLFWXUHVFRQWLQXRXVO\
)RFXVLQJLQ%XUVW0RGH
7KHZD\IRFXVLVDFKLHYHGYDULHVDFFRUGLQJWRWKHIRFXVPRGH3VHWWLQJDQGWKH
>)RFXV5HOHDVH3ULRULW\@3VHWWLQJLQWKH>&XVWRP@PHQX
>)RFXV5HOHDVH
)RFXVPRGH )RFXV
3ULRULW\@
>)2&86@
>$)6@ $WWKHILUVWSLFWXUH
>5(/($6(@
>)2&86@ 1RUPDOIRFXVLQJ_
>$))@>$)&@_
>5(/($6(@ 3UHGLFWHGIRFXVLQJ_
>0)@ ² )RFXVVHWZLWK0DQXDO)RFXV
_ :KHQWKHVXEMHFWLVGDUNRUWKHEXUVWVSHHGLVVHWWR>6+@WKHIRFXVLVIL[HGRQWKHILUVW
SLFWXUH
_ 7KHEXUVWVSHHGPD\EHFRPHVORZHUEHFDXVHWKHFDPHUDLVFRQWLQXRXVO\IRFXVLQJRQWKH
VXEMHFW
_ %XUVWVSHHGWDNHVSULRULW\DQGIRFXVLVHVWLPDWHGZLWKLQSRVVLEOHUDQJH
6KXWWHUDQG'ULYH6HWWLQJV
1RWDYDLODEOHLQWKHVHFDVHV
7KH%XUVW0RGHLVGLVDEOHGLQWKHIROORZLQJFDVHV
± >5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>0LQLDWXUH(IIHFW@>6RIW)RFXV@>6WDU)LOWHU@
>6XQVKLQH@&UHDWLYH&RQWURO0RGH
± :KHQ:KLWH%DODQFH%UDFNHWLVVHW
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJXVLQJWKHIODVK
± :KHQUHFRUGLQJZLWKWKHVKXWWHUVSHHGVHWWR>%@%XOE
± :KHQUHFRUGLQJZLWK>L+DQGKHOG 1LJKW 6KRW@
± :KHQ>+'5@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
± :KHQ>6LPXOWDQHRXVUHFRUGZRILOWHU@RI>)LOWHU6HWWLQJV@LVVHWWR>21@
,QWKHIROORZLQJFDVHV>6+@LQ%XUVW0RGHFDQQRWEHXVHG
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@
± :KHQXVLQJ>6KXWWHU'HOD\@
6KXWWHUDQG'ULYH6HWWLQJV
5HFRUGLQJ.3KRWRV
$SSOLFDEOHPRGHV
3UHVVWKHVKXWWHUEXWWRQWRUHFRUGD.SKRWR<RXFDQVHOHFWWKHGHVLUHGPRPHQWIURPD
EXUVWRISLFWXUHVWDNHQDW IUDPHVVHFRQGDQGVDYHWKDWPRPHQWDVDSLFWXUHRI PLOOLRQ
SL[HOVDSSUR[
5HFRUGD.SKRWR
6HOHFWDQGVDYHSLFWXUHV
7KHSLFWXUHLVFRPSOHWH
8VHD8+66SHHG&ODVV FDUGWRUHFRUG.SKRWRV3
:KHQUHFRUGLQJ.SKRWRVWKHDQJOHRIYLHZLVQDUURZHU
3UHVV
6HOHFWWKHUHFRUGLQJPHWKRGZLWKDQG
WKHQSUHVV>0(186(7@
6HWWLQJVZLOOEHRSWLPL]HGIRU.SKRWRUHFRUGLQJ7KH
UHFRUGLQJPHWKRGLVVHWWR> @>.%XUVW@E\GHIDXOW
)RULQIRUPDWLRQRQWKHIXQFWLRQVZLWKVHWWLQJVWKDWFDQQRW
EHFKDQJHGDQGRWKHUOLPLWDWLRQVUHIHUWR3
<RXFDQDOVRVHOHFWWKHUHFRUGLQJPHWKRGLQWKH>5HF0HWKRG@RI>.3+272@LQWKH
>5HF@PHQX
6KXWWHUDQG'ULYH6HWWLQJV
)RUFDSWXULQJWKHEHVWVKRWRID
IDVWPRYLQJVXEMHFWHJVSRUWV
DHURSODQHVWUDLQV
> @ %XUVWUHFRUGLQJLVSHUIRUPHGZKLOHWKH
>.%XUVW@
VKXWWHUEXWWRQLVSUHVVHGDQGKHOG
3 7KHVKXWWHUVRXQGZLOOEHKHDUGUHSHDWHGO\
3UHVVDQGKROG
5HFRUGLQJLVSHUIRUPHG
$XGLRUHFRUGLQJ1RWDYDLODEOH
)RUFDSWXULQJXQSUHGLFWDEOHSKRWR
RSSRUWXQLWLHVHJSODQWVDQLPDOV
FKLOGUHQ
> @
%XUVWUHFRUGLQJVWDUWVZKHQWKHVKXWWHU
>.%XUVW66@
EXWWRQLVSUHVVHGDQGVWRSVZKHQ
3
SUHVVHGDJDLQ6WDUWDQGVWRSWRQHVZLOO
³66´LVDQ
EHKHDUG
DEEUHYLDWLRQRI
6WDUW)LUVW
³6WDUW6WRS´
6WRS6HFRQG
5HFRUGLQJLVSHUIRUPHG
$XGLRUHFRUGLQJ$YDLODEOH_
)RUUHFRUGLQJDVQHHGHGZKHQHYHUD
SKRWRRSSRUWXQLW\DULVHV
HJWKHPRPHQWZKHQDEDOOLVWKURZQ
%XUVWUHFRUGLQJLVSHUIRUPHGIRU
DSSUR[LPDWHO\ VHFRQGEHIRUHDQGDIWHU
> @ WKHPRPHQWWKDWWKHVKXWWHUEXWWRQLV
>.3UH%XUVW@ SUHVVHG7KHVKXWWHUVRXQGZLOOEHKHDUGRQO\RQFH
3 $SSUR[LPDWHO\ VHFRQG
5HFRUGLQJLVSHUIRUPHG
7KHEDWWHU\GUDLQVIDVWHUZKHQWKHGULYHPRGHLVVHWWR> @>.
3UH%XUVW@
5HFRUGLQJOHQJWK$SSUR[LPDWHO\
$XGLRUHFRUGLQJ1RWDYDLODEOH
VHFRQGV
_ $XGLRLVQRWSOD\HGEDFNZKHQ\RXSHUIRUPSOD\EDFNZLWKWKHFDPHUD
6KXWWHUDQG'ULYH6HWWLQJV
3UHVVWKHVKXWWHUEXWWRQWRSHUIRUPUHFRUGLQJ 4:3
4K AFS
$IWHUWKH.EXUVWSKRWRUHFRUGLQJD.EXUVWILOHZLOOEHVDYHG
.EXUVWILOHVDUHVDYHGDVPRWLRQSLFWXUHVLQ03IRUPDW
w &DQFHOLQJ.3KRWR
6HOHFW> @>6LQJOH@RU> @IURPDPRQJWKHGULYHPRGHV3
6KXWWHUDQG'ULYH6HWWLQJV
5HFRUGLQJZLWK>.%XUVW@
6KXWWHUDQG'ULYH6HWWLQJV
5HFRUGLQJZLWK>.%XUVW66@
5HFRUGLQJWLSV
$GGLQJPDUNHUVWRVHOHFWDQGVDYH SLFWXUHV
<RXFDQDGGPDUNHUVLI\RXSUHVV>)Q@GXULQJ
UHFRUGLQJ8SWRPDUNHUVSHUUHFRUGLQJ:KHQ
VHOHFWLQJDQGVDYLQJ SLFWXUHVIURPD.EXUVWILOH
\RXFDQVNLSWRWKHSRVLWLRQVZKHUH\RXDGGHG
PDUNHUV
)XQFWLRQEXWWRQ>)Q@
)RULQIRUPDWLRQRQKRZWRVHOHFWDQGVDYH SLFWXUHVIURPUHFRUGHG.EXUVWILOHVUHIHUWR3
6KXWWHUDQG'ULYH6HWWLQJV
w 6HWWLQJ/RRS5HFRUGLQJ
7KHFDPHUDSHUIRUPVUHFRUGLQJZKLOHGHOHWLQJWKHGDWDRIWKHSUHFHGLQJSDUWVRWKDW\RX
FDQFRQWLQXHUHFRUGLQJZKLOHZDLWLQJIRUDSKRWRRSSRUWXQLW\ZLWKRXWUHSODFLQJWKHFDUG
2QFH\RXVWDUWUHFRUGLQJWKH.EXUVWILOHZLOOEHUHFRUGHGDQGGLYLGHGDSSUR[LPDWHO\HYHU\
PLQXWHV
$SSUR[LPDWHO\WKHODVW PLQXWHVXSWRDSSUR[LPDWHO\ PLQXWHVZLOOEHVDYHG7KH
SUHFHGLQJSDUWZLOOEHGHOHWHG
6HOHFWWKHPHQX3
MENU >5HF@>.3+272@>/RRS5HFRUGLQJ@
6HWWLQJV>21@>2))@
:HUHFRPPHQGWKDW\RXXVHDVXIILFLHQWO\FKDUJHGEDWWHU\RUDQ$&DGDSWRURSWLRQDO
8SWRKRXUVRIFRQWLQXRXVUHFRUGLQJLVSRVVLEOH
> @LVGLVSOD\HGGXULQJUHFRUGLQJ
7KHDYDLODEOHUHFRUGLQJWLPHDQGHODSVHGUHFRUGLQJWLPHDUHQRWGLVSOD\HGGXULQJUHFRUGLQJ
>/RRS5HFRUGLQJ@LVQRWSRVVLEOHZKHQWKHUHLVLQVXIILFLHQWIUHHVSDFHRQWKHFDUG
>/RRS5HFRUGLQJ@LVDYDLODEOHRQO\IRU> @>.%XUVW66@
6KXWWHUDQG'ULYH6HWWLQJV
5HFRUGLQJZLWK>.3UH%XUVW@
5HFRUGLQJWLSV
)RFXVDQGH[SRVXUH
$XWR)RFXVDGMXVWVIRFXVFRQWLQXRXVO\DQGH[FHSWLQ0DQXDO([SRVXUH0RGHLW
DOVRDGMXVWVH[SRVXUHFRQWLQXRXVO\
)RFXVFDQQRWEHDGMXVWHGDWWKHGHVLUHGWLPLQJE\SUHVVLQJWKHVKXWWHUEXWWRQ
KDOIZD\RURSHUDWLQJRWKHUFRQWUROV
,QVLWXDWLRQVZKHUH\RXZDQWWRORFNIRFXVDQGH[SRVXUHVXFKDVZKHQWKHVXEMHFW
LVQRWDWWKHFHQWHUXVH>$)$(/2&.@3
%DWWHU\GUDLQDJHDQGFDPHUDWHPSHUDWXUH
:KHQWKHGULYHPRGHLVVHWWR> @>.3UH%XUVW@WKHEDWWHU\GUDLQVIDVWHU
DQGWKHFDPHUDWHPSHUDWXUHULVHV
6HOHFW> @>.3UH%XUVW@RQO\ZKHQUHFRUGLQJ
)RULQIRUPDWLRQRQKRZWRVHOHFWDQGVDYH SLFWXUHVIURPUHFRUGHG.EXUVWILOHVUHIHUWR3
6KXWWHUDQG'ULYH6HWWLQJV
6HOHFWLQJSLFWXUHVIURP.EXUVWILOHDQGVDYLQJ
7KHSLFWXUHZLOOEHVDYHGLQ-3(*IRUPDW
7KHSLFWXUHZLOOEHVDYHGZLWKUHFRUGLQJLQIRUPDWLRQ([LILQIRUPDWLRQLQFOXGLQJLWVVKXWWHU
VSHHGDSHUWXUHDQG,62VHQVLWLYLW\LQIRUPDWLRQ
6HWWLQJ>3OD\EDFN0RGH@LQWKH>3OD\EDFN@PHQXWR>.3+272@HQDEOHV\RXWRSOD\
EDFNRQO\.EXUVWILOHVDQGSLFWXUHVFUHDWHGIURPWKHP
6HOHFWD.EXUVWILOHRQWKHSOD\EDFNVFUHHQDQG
SUHVV
.EXUVWILOHVDUHGLVSOD\HGZLWK> @
<RXFDQDOVRSHUIRUPWKHVDPHRSHUDWLRQE\WRXFKLQJWKH
LFRQ> @
7KHVOLGHYLHZVFUHHQIRUVHOHFWLQJSLFWXUHVZLOOEH
GLVSOD\HG,WWDNHVDIHZVHFRQGVXQWLOWKHVFUHHQLV
GLVSOD\HG
7RXFKDQGGUDJWKHIUDPHVWRVHOHFWWKHIUDPH\RXZDQWWRVDYHDVDSLFWXUH
<RXFDQDOVRSHUIRUPWKHVDPHRSHUDWLRQE\SUHVVLQJ
:KHQ\RXVHOHFWSLFWXUHVIURPDQ\.EXUVWILOHZLWKORQJEXUVWWLPHZH
UHFRPPHQGWKDW\RXPDNHDURXJKVHOHFWLRQRIVFHQHVXVLQJWKH.EXUVWSOD\EDFN
VFUHHQDQGWKHQVHOHFWWKHGHVLUHGIUDPHZKLFK\RXZDQWWRVDYHDVDSLFWXUHE\
XVLQJWKHVOLGHYLHZVFUHHQ
6OLGHYLHZVFUHHQ!
3RVLWLRQRIWKH
GLVSOD\HGIUDPH
Fn2 Fn1
6KXWWHUDQG'ULYH6HWWLQJV
6KXWWHUDQG'ULYH6HWWLQJV
.EXUVWSOD\EDFNVFUHHQ!
Fn2
Fn1 Fn1
'XULQJSDXVH 'XULQJFRQWLQXRXVSOD\EDFN
%XWWRQ
7RXFKRSHUDWLRQ 'HVFULSWLRQRIRSHUDWLRQ
RSHUDWLRQ
&RQWLQXRXVSOD\EDFN
&RQWLQXRXVUHZLQG
)UDPHVDUHUHZRXQGLQDSSUR[LPDWHO\
VHFRQGLQWHUYDOVDWDIDVWHUVSHHGWKDQ
WKDWRIFRQWLQXRXVSOD\EDFN
3DXVHGXULQJFRQWLQXRXVSOD\EDFNUHZLQG
)DVWIRUZDUG
)UDPHE\IUDPHIRUZDUG
GXULQJSDXVH
)DVWUHZLQG
)UDPHE\IUDPHUHZLQG
GXULQJSDXVH
6HOHFWVWKHIUDPHVWREHGLVSOD\HGGXULQJ
U
7RXFKLQJ'UDJJLQJ SDXVH
(QODUJHVUHGXFHVWKHGLVSOD\
3LQFKLQJRXWLQ
GXULQJSDXVH
0RYHVWKHHQODUJHGDUHD
'UDJJLQJ
GXULQJHQODUJHGGLVSOD\
'LVSOD\VWKHVOLGHYLHZVFUHHQGXULQJ
>)Q@
SDXVH
6ZLWFKHVWRPDUNHURSHUDWLRQ> @>.
>)Q@
%XUVW66@RQO\
>0(186(7@ 6DYHVWKHSLFWXUHGXULQJSDXVH
,I\RXSHUIRUPQRRSHUDWLRQVIRUDSSUR[LPDWHO\ VHFRQGVGXULQJFRQWLQXRXVSOD\EDFN
UHZLQGWKHRQVFUHHQLQGLFDWLRQVZLOOGLVDSSHDU7RGLVSOD\WKHLQGLFDWLRQVDJDLQWRXFK
WKHVFUHHQ
3UHVV>0(186(7@WRVDYHWKHSLFWXUH
3DXVHWKHSOD\EDFNWRSHUIRUPWKLVRSHUDWLRQZKHQXVLQJWKH.EXUVWSOD\EDFNVFUHHQ
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
6KXWWHUDQG'ULYH6HWWLQJV
.EXUVWILOHVUHFRUGHGZLWK> @>.3UH%XUVW@
6HOHFWD.EXUVWILOHRQWKHSOD\EDFNVFUHHQDQG
SUHVV
.EXUVWILOHVDUHGLVSOD\HGZLWK> @
<RXFDQDOVRSHUIRUPWKHVDPHRSHUDWLRQE\WRXFKLQJWKH
LFRQ> @
7KHVOLGHYLHZVFUHHQIRUVHOHFWLQJSLFWXUHVZLOOEH
GLVSOD\HG,WWDNHVDIHZVHFRQGVXQWLOWKHVFUHHQLV
GLVSOD\HG
7RXFKDQGGUDJWKHIUDPHVWRVHOHFWWKHIUDPH\RXZDQWWRVDYHDVDSLFWXUH
<RXFDQDOVRSHUIRUPWKHVDPHRSHUDWLRQE\SUHVVLQJ
3UHVV>0(186(7@WRVDYHWKHSLFWXUH
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
6KXWWHUDQG'ULYH6HWWLQJV
w 6HOHFWLQJDQGVDYLQJSLFWXUHVRQWKH79VFUHHQ
&RQQHFWWKHFDPHUDDQGD79ZLWKDQ+'0,PLFURFDEOHDQGGLVSOD\WKH
SOD\EDFNVFUHHQ3
7RVHOHFWDQGVDYH SLFWXUHVZKHQWKHFDPHUDLVFRQQHFWHGWRD79ZLWKDQ+'0, PLFURFDEOH
VHW>9,(5$/LQN@LQ>79&RQQHFWLRQ@WR>2))@
,I\RXFRQQHFWWKHFDPHUDWRD79ZLWKDQ+'0,PLFURFDEOHRU$9FDEOHRSWLRQDODQGGLVSOD\
.EXUVWILOHVRQWKH79WKH\ZLOOEHGLVSOD\HGRQO\RQWKH.EXUVWSOD\EDFNVFUHHQ
(YHQLI\RXLQVHUWWKHFDUGWRD.FRPSDWLEOH79ZLWKDQ6'FDUGVORW\RXFDQQRWSOD\EDFN
.EXUVWILOHVUHFRUGHGZLWK>$VSHFW5DWLR@VHWWRDQRSWLRQRWKHUWKDQ>@7RSOD\WKHPEDFN
FRQQHFWWKHFDPHUDDQGD.FRPSDWLEOH79ZLWKDQ+'0,PLFURFDEOH$VRI-XO\
6KXWWHUDQG'ULYH6HWWLQJV
1RWHVRQWKH.3KRWRIXQFWLRQ
w 7RFKDQJHWKHDVSHFWUDWLR
6HOHFWLQJ>$VSHFW5DWLR@LQWKH>5HF@PHQXDOORZV\RXWRFKDQJHWKHDVSHFWUDWLRIRU.
SKRWRV
w 7RUHFRUGWKHVXEMHFWZLWKUHGXFHGEOXU
<RXFDQUHGXFHWKHEOXURIWKHVXEMHFWE\VHWWLQJDIDVWHUVKXWWHUVSHHG
6HWWKHPRGHGLDOWR> @
6HWWKHVKXWWHUVSHHGE\URWDWLQJWKHUHDUGLDORUWKHIURQWGLDO
7RUHFRUGDIDVWPRYLQJVXEMHFWLQFUHDVHWKHVKXWWHUVSHHG
± $SSUR[LPDWHVKXWWHUVSHHGIRURXWGRRUUHFRUGLQJLQILQHZHDWKHUFRQGLWLRQV
VHFRQGVRUIDVWHU
,I\RXLQFUHDVHWKHVKXWWHUVSHHG
± 7KH,62VHQVLWLYLW\EHFRPHVKLJKHU7KLVPD\UHVXOWLQPRUHYLVLEOHQRLVHRQWKH
VFUHHQ
w 6KXWWHUVRXQGIRU.SKRWRUHFRUGLQJ
:KHQXVLQJ> @>.%XUVW@RU> @>.3UH%XUVW@UHFRUGLQJLVSHUIRUPHGZLWKWKH
HOHFWURQLFVKXWWHU<RXFDQFKDQJHWKHHOHFWURQLFVKXWWHUVRXQGVHWWLQJVLQ>(6KXWWHU9RO@
DQG>(6KXWWHU7RQH@3
:KHQUHFRUGLQJZLWK> @>.%XUVW66@\RXFDQVHWWKHVWDUWVWRSWRQHYROXPHLQ
>%HHS9ROXPH@
<RXFDQSHUIRUPKLJKVSHHGEXUVWUHFRUGLQJTXLHWO\XVLQJWKH.3KRWRIXQFWLRQLQFRPELQDWLRQ
ZLWK>6LOHQW0RGH@
w 6FHQHVQRWVXLWDEOHIRUWKH.3KRWRIXQFWLRQ
5HFRUGLQJLQH[WUHPHO\EULJKWORFDWLRQVRULQGRRUV
:KHQVXEMHFWVDUHUHFRUGHGLQDQH[WUHPHO\EULJKWSODFHRUXQGHUIOXRUHVFHQW/('
OLJKWLQJWKHFRORUWRQHRUEULJKWQHVVRIWKHLPDJHPD\FKDQJHRUKRUL]RQWDOVWULSHVPD\
DSSHDURQWKHVFUHHQ
/RZHULQJWKHVKXWWHUVSHHGPD\UHGXFHWKHHIIHFWRIWKHKRUL]RQWDOVWULSHV
6XEMHFWVWKDWDUHPRYLQJIDVWLQWKHKRUL]RQWDOGLUHFWLRQ
,I\RXUHFRUGDVXEMHFWPRYLQJIDVWLQWKHKRUL]RQWDOGLUHFWLRQWKHVXEMHFWLQWKHUHFRUGHG
SLFWXUHVPD\DSSHDUGLVWRUWHG
6KXWWHUDQG'ULYH6HWWLQJV
w /LPLWDWLRQVRQWKH.3KRWRIXQFWLRQ
7RRSWLPL]HVHWWLQJVIRU.SKRWRUHFRUGLQJFHUWDLQOLPLWDWLRQVDSSO\WRVRPHUHFRUGLQJ
IXQFWLRQVPHQXLWHPVDQGRWKHUVHWWLQJV
7KHIROORZLQJLWHPVDUHIL[HGWRWKHVHWWLQJVLQGLFDWHGEHORZ
>.@0
>3LFWXUH6L]H@ )ROORZLQJSLFWXUHVL]HVZLOOEHDSSOLHG
>@32M >@M
>@M >@M
>4XDOLW\@ >A@
>(OHFWURQLF6KXWWHU@ >21@
>5HF)RUPDW@_ >03@
>5HF4XDOLW\@_ >.0S@
>/XPLQDQFH/HYHO@_ >U@
>&RQWLQXRXV$)@_ >21@
_ 6HWWLQJVLQWKH>0RWLRQ3LFWXUH@PHQXDUHQRWDSSOLHGWR.EXUVWILOHVUHFRUGHGZLWKWKH.
3KRWRIXQFWLRQ
7KHIROORZLQJOLPLWDWLRQVDSSO\WRWKHUHFRUGLQJIXQFWLRQVLQGLFDWHGEHORZ
> @>.%XUVW@
> @>.3UH%XUVW@
> @>.%XUVW66@
3URJUDP6KLIW U
([SRVXUH&RPSHQVDWLRQ L (9WRK (9
6KXWWHUVSHHG WKWRWK
)RFXVPRGH$)) U
>$)0RGH@ U
>0)$VVLVW@ n U
:KLWH%DODQFH :KLWH
U
%DODQFH%UDFNHW
,62VHQVLWLYLW\ >$872@WR
)ODVK U
6KXWWHUDQG'ULYH6HWWLQJV
7KHIROORZLQJPHQXLWHPVDUHGLVDEOHG
$SSOLFDEOHWR> @>.%XUVW@> @>.%XUVW66@> @>.3UH%XUVW@
>3LFWXUH6L]H@>4XDOLW\@>$)6$))@>L+DQGKHOG 1LJKW 6KRW@>L+'5@
>3DQRUDPD6HWWLQJV@>(OHFWURQLF6KXWWHU@>6KXWWHU'HOD\@>)ODVK@>([WHQGHG,62@
>5HF@
>/RQJ6KWU15@>6KDGLQJ&RPS@>([7HOH&RQY@>&RORU6SDFH@>6WDELOL]HU@>)DFH
5HFRJ@>3URILOH6HWXS@
>&XVWRP@ >5HF$UHD@
2QO\> @>.3UH%XUVW@
>6HWXS@ >(FRQRP\@
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQWKH>L5HVROXWLRQ@VHWWLQJFKDQJHVIURP
>(;7(1'('@WR>/2:@
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQRQO\WKH,Q/HQV,PDJH6WDELOL]HU> @>1RUPDO@
LVHQDEOHG
'XDO ,6DQGWKH,Q%RG\,PDJH6WDELOL]HUDUHGLVDEOHG
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQ>'HVWLQDWLRQ@LQ>7UDYHO'DWH@FDQQRWEHUHFRUGHG
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQVHWWLQJVDYDLODEOHIRU>'XUDWLRQ7LPH@LQ>$XWR
5HYLHZ@FKDQJHWR>21@DQG>2))@>3OD\EDFN2SHUDWLRQ3ULRULW\@LVIL[HGWR>21@
:KHQUHFRUGLQJZLWK> @>.3UH%XUVW@>6WHS=RRP@LQ>3RZHU=RRP/HQV@LVGLVDEOHG
6FHQH'HWHFWLRQLQ,QWHOOLJHQW$XWR0RGHZRUNVWKHVDPHZD\DVZKHQUHFRUGLQJPRWLRQ
SLFWXUHV
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQLWLVQRWSRVVLEOHWRXVHWKH+'0,RXWSXW
:KHQWKHGULYHPRGHLVVHWWR.3KRWRLWLVQRWSRVVLEOHWRWDNHSLFWXUHVZKLOHUHFRUGLQJ
PRWLRQSLFWXUH2QO\ZKHQ> @>3KRWR3ULRULW\@LVVHW
1RWDYDLODEOHLQWKHVHFDVHV
7KH.3KRWRIXQFWLRQLVGLVDEOHGZKHQXVLQJWKHIROORZLQJVHWWLQJV
± >5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>0LQLDWXUH(IIHFW@>6RIW)RFXV@>6WDU)LOWHU@
>6XQVKLQH@&UHDWLYH&RQWURO0RGH
± :KHQ:KLWH%DODQFH%UDFNHWLVVHW
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJZLWKWKHVKXWWHUVSHHGVHWWR>%@%XOE
± :KHQ>+'5@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@
± :KHQ>6LPXOWDQHRXVUHFRUGZRILOWHU@RI>)LOWHU6HWWLQJV@LVVHWWR>21@
6KXWWHUDQG'ULYH6HWWLQJV
7DNLQJ3LFWXUHVXVLQJ$XWR%UDFNHW
$SSOLFDEOHPRGHV
0D[LPXPRISLFWXUHVZLOOEHUHFRUGHGZLWKGLIIHUHQWH[SRVXUHVHWWLQJVIROORZLQJWKH
([SRVXUH&RPSHQVDWLRQUDQJHHYHU\WLPHWKHVKXWWHUEXWWRQLVSUHVVHG
:LWK$XWR%UDFNHW
>6WHS@ >@>6HTXHQFH@ >UT@
VWSLFWXUH QGSLFWXUH UGSLFWXUH
F (9 L(9 K(9
3UHVV
3UHVVWRWRVHOHFWWKH$XWR%UDFNHWLFRQ
H 31/3
> 3 1/3 @HWFDQGWKHQSUHVV
3UHVVWRVHOHFWWKHFRPSHQVDWLRQUDQJH -3 -2 -1 0 +1 +2 +3
DQGWKHQSUHVV>0(186(7@ 2 1 3
)RFXVRQWKHVXEMHFWDQGWDNHDSLFWXUH 4:3
L AFS
,I\RXSUHVVDQGKROGWKHVKXWWHUEXWWRQWKHQXPEHURI
SLFWXUHVWKDW\RXVHWLVWDNHQ
7KH$XWR%UDFNHWLQGLFDWLRQEOLQNVXQWLOWKHQXPEHURI
SLFWXUHVWKDW\RXVHWLVWDNHQ
7KHSLFWXUHFRXQWLVUHVHWWR>@LI\RXFKDQJHWKH$XWR%UDFNHWVHWWLQJRUWXUQWKH
FDPHUDRIIEHIRUHDOOWKHSLFWXUHVWKDW\RXVHWDUHWDNHQ
w &DQFHOLQJWKH$XWR%UDFNHW
6HOHFW> @>6LQJOH@RU> @IURPDPRQJWKHGULYHPRGHV3
6KXWWHUDQG'ULYH6HWWLQJV
w &KDQJLQJWKHVHWWLQJVIRU>6LQJOH%XUVW6HWWLQJV@>6WHS@DQG>6HTXHQFH@LQ$XWR
%UDFNHW
6HOHFWWKHPHQX3
MENU >5HF@>$XWR%UDFNHW@
3UHVVWRVHOHFW>6LQJOH%XUVW6HWWLQJV@>6WHS@RU>6HTXHQFH@DQGWKHQ
SUHVV>0(186(7@
3UHVVWRVHOHFWWKHVHWWLQJDQGWKHQSUHVV>0(186(7@
> @VLQJOH
>6LQJOH%XUVW6HWWLQJV@
> @EXUVW
>@SLFWXUHV
>@SLFWXUHV
>@SLFWXUHV
>@SLFWXUHV
>6WHS@ >@SLFWXUHV
>@SLFWXUHV
>@SLFWXUHV
>@SLFWXUHV
>@SLFWXUHV
>BA@
>6HTXHQFH@
>BA@
<RXFDQWDNHRQHSLFWXUHDWDWLPHZKHQVHWWR> @
<RXFDQFRQWLQXRXVO\WDNHSLFWXUHVXSWRVHWQXPEHUVZKHQVHWWR> @
([LWWKHPHQXDIWHULWLVVHW
:KHQWDNLQJSLFWXUHVXVLQJ$XWR%UDFNHWDIWHUVHWWLQJWKH([SRVXUH&RPSHQVDWLRQYDOXHWKH
SLFWXUHVWDNHQDUHEDVHGRQWKHVHOHFWHG([SRVXUH&RPSHQVDWLRQYDOXH
1RWDYDLODEOHLQWKHVHFDVHV
$XWR%UDFNHWLVGLVDEOHGLQWKHIROORZLQJFDVHV
± >5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>0LQLDWXUH(IIHFW@>6RIW)RFXV@>6WDU)LOWHU@
>6XQVKLQH@&UHDWLYH&RQWURO0RGH
± :KHQ:KLWH%DODQFH%UDFNHWLVVHW
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJXVLQJWKHIODVK
± :KHQUHFRUGLQJZLWKWKHVKXWWHUVSHHGVHWWR>%@%XOE
± :KHQUHFRUGLQJZLWK>L+DQGKHOG 1LJKW 6KRW@
± :KHQ>+'5@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
± :KHQ>6LPXOWDQHRXVUHFRUGZRILOWHU@RI>)LOWHU6HWWLQJV@LVVHWWR>21@
6KXWWHUDQG'ULYH6HWWLQJV
7DNLQJ3LFWXUHVZLWKWKH6HOIWLPHU
$SSOLFDEOHPRGHV
3UHVV
3UHVVWRVHOHFWWKHVHOIWLPHULFRQ
H 31/3
> 10 @HWFDQGWKHQSUHVV
3UHVVWRVHOHFWWKHWLPHVHWWLQJIRUWKH 10 10 2
VHOIWLPHUDQGWKHQSUHVV>0(186(7@
3LFWXUHLVWDNHQVHFRQGVDIWHUVKXWWHULVSUHVVHG
$IWHU VHFRQGVWKHFDPHUDWDNHV SLFWXUHVDWDERXW VHFRQGVLQWHUYDOV
3LFWXUHLVWDNHQVHFRQGVDIWHUVKXWWHULVSUHVVHG
:KHQXVLQJDWULSRGHWFWKLVVHWWLQJLVDFRQYHQLHQWZD\WRDYRLGWKHMLWWHU
FDXVHGE\SUHVVLQJWKHVKXWWHUEXWWRQ
7LPHVHWWLQJIRUWKHVHOIWLPHUFDQDOVREHVHWE\>6HOI7LPHU@LQWKH>5HF@PHQX
6KXWWHUDQG'ULYH6HWWLQJV
3UHVVWKHVKXWWHUEXWWRQKDOIZD\WRIRFXVDQG
WKHQSUHVVLWIXOO\WRWDNHWKHSLFWXUH
)RFXVDQGH[SRVXUHZLOOEHVHWZKHQWKHVKXWWHUEXWWRQ
LVSUHVVHGKDOIZD\
$IWHUWKHVHOIWLPHULQGLFDWRUIODVKHVUHFRUGLQJVWDUWV
w &DQFHOLQJWKHVHOIWLPHU
6HOHFW> @>6LQJOH@RU> @IURPDPRQJWKHGULYHPRGHV3
,WLVDOVRSRVVLEOHWRFDQFHOE\WXUQLQJRIIWKLVXQLW
:KHQ>6HOI7LPHU$XWR2II@3LVVHWWR>21@
:HUHFRPPHQGXVLQJDWULSRGZKHQUHFRUGLQJZLWKWKHVHOIWLPHU
7KHIODVKRXWSXWPD\YDU\VOLJKWO\ZKHQWKH> @LVVHOHFWHG
1RWDYDLODEOHLQWKHVHFDVHV
,WFDQQRWEHVHWWR> @LQWKHIROORZLQJFDVHV
± :KHQ:KLWH%DODQFH%UDFNHWLVVHW
± :KHQUHFRUGLQJZLWKWKHVKXWWHUVSHHGVHWWR>%@%XOE
± :KHQ>6LPXOWDQHRXVUHFRUGZRILOWHU@RI>)LOWHU6HWWLQJV@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
6HOIWLPHULVGLVDEOHGLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@RQO\ZKHQ>$XWR6KRRWLQJ@LVVHW
7. )XQFWLRQV&XVWRPL]HGIRU9DULRXV
6XEMHFWVDQG3XUSRVHV
7DNLQJ3LFWXUHV$XWRPDWLFDOO\DW6HW,QWHUYDOV
>7LPH/DSVH6KRW@
$SSOLFDEOHPRGHV
7KHFDPHUDFDQDXWRPDWLFDOO\WDNHSLFWXUHVRIVXEMHFWVVXFKDVDQLPDOVRUSODQWVDVWLPH
HODSVHVDQGFUHDWHDPRWLRQSLFWXUH
6HWWKHGDWHDQGWLPHVHWWLQJVLQDGYDQFH3
3LFWXUHVWDNHQZLWK7LPH/DSVH6KRWDUHGLVSOD\HGDVDVHWRIJURXSSLFWXUHV3
6HOHFWWKHPHQX3
MENU >5HF@>7LPH/DSVH6KRW@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(18
6(7@
>1RZ@ 6WDUWVWKHUHFRUGLQJE\IXOO\SUHVVLQJWKHVKXWWHUEXWWRQ
<RXFDQVHWWKHWLPHWRVWDUWUHFRUGLQJ
$Q\WLPHXSWR KRXUV PLQXWHVDKHDGFDQEHVHW
>6WDUW7LPH@ >6WDUW7LPH
6HOHFWWKHLWHPKRXURUPLQXWHE\SUHVVLQJVHW
6HW@
WKHVWDUWWLPHE\SUHVVLQJDQGWKHQSUHVV
>0(186(7@
7KHUHFRUGLQJLQWHUYDODQGWKHQXPEHURISLFWXUHVFDQEHVHW
6HOHFWWKHLWHPPLQXWHVHFRQGQXPEHURISLFWXUHV
>6KRRWLQJ
6HWWLQJ
,QWHUYDO@
>0(186(7@6HW
>,PDJH
$UHFRUGLQJLQWHUYDOUDQJLQJIURP VHFRQGWR PLQXWHVDQG VHFRQGV
&RXQW@
FDQEHVHWDW VHFRQGLQWHUYDO
7KHQXPEHURISLFWXUHVUDQJLQJIURPWRFDQEHVHW
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
6HWWKHUHFRUGLQJLQWHUYDOVRWKDWLWZLOOEHORQJHUWKDQWKHH[SRVXUHWLPHVKXWWHUVSHHG
7KHILJXUHEHORZ
5HFRUGLQJPD\EHVNLSSHGZKHQWKHUHFRUGLQJLQWHUYDOLVVKRUWHUWKDQWKHH[SRVXUH
WLPHVKXWWHUVSHHGIRUH[DPSOHGXULQJQLJKWWLPHUHFRUGLQJ
)LUVW
6HFRQG
7KLUG
5HFRUGLQJPD\QRWEHFRQVLVWHQWZLWKWKHVHWUHFRUGLQJLQWHUYDORUWKHVHWQXPEHURI
SLFWXUHVGHSHQGLQJRQUHFRUGLQJFRQGLWLRQV
3UHVVWRVHOHFW>6WDUW@DQGWKHQSUHVV>0(186(7@
3UHVVWKHVKXWWHUEXWWRQIXOO\
7KHUHFRUGLQJVWDUWVDXWRPDWLFDOO\
'XULQJUHFRUGLQJVWDQGE\WKHSRZHUZLOOWXUQRIIDXWRPDWLFDOO\LIQRRSHUDWLRQLVSHUIRUPHG
IRUDFHUWDLQSHULRG7KH7LPH/DSVH6KRWLVFRQWLQXHGHYHQZLWKWKHSRZHUWXUQHGRII
:KHQWKHUHFRUGLQJVWDUWWLPHDUULYHVWKHSRZHUWXUQVRQDXWRPDWLFDOO\
7RWXUQRQWKHSRZHUPDQXDOO\SUHVVWKHVKXWWHUEXWWRQKDOIZD\
2SHUDWLRQVGXULQJUHFRUGLQJVWDQGE\7KHFDPHUDLVWXUQHGRQ
%XWWRQ 7RXFK
'HVFULSWLRQRIRSHUDWLRQ
RSHUDWLRQ RSHUDWLRQ
'LVSOD\VDVHOHFWLRQVFUHHQWKDWOHWV\RXSDXVHRU
VWRSWKHUHFRUGLQJ
>)Q@
'LVSOD\VDVHOHFWLRQVFUHHQWKDWOHWV\RXUHVXPHRU
VWRSWKHUHFRUGLQJGXULQJSDXVH
&RQILUPDWLRQVFUHHQIRUFUHDWLQJDPRWLRQSLFWXUHLVGLVSOD\HGQH[WVRVHOHFW><HV@
6HOHFWWKHPHWKRGVIRUFUHDWLQJDPRWLRQSLFWXUH
7KHUHFRUGLQJIRUPDWLVVHWWR>03@
6HWVWKHTXDOLW\RIDPRWLRQSLFWXUH
>5HF4XDOLW\@
>.S@>.S@>)+'S@>)+'S@>+'S@>9*$S@
6HWVWKHQXPEHURIIUDPHVSHUVHFRQG
7KHODUJHUWKHQXPEHULVWKHVPRRWKHUWKHPRWLRQSLFWXUHZLOOEH
>ISV@_>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@
>)UDPH5DWH@
_ 2QO\ZKHQVHWWR>)+'S@
:KHQ>.S@LVVHOHFWHGWKHIROORZLQJVHWWLQJVDUHGLVSOD\HG
>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@
>1250$/@
6SOLFHVSLFWXUHVWRJHWKHULQUHFRUGLQJRUGHU
>6HTXHQFH@
>5(9(56(@
6SOLFHVSLFWXUHVWRJHWKHULQUHYHUVHUHFRUGLQJRUGHU
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
6HOHFW>2.@ZLWKDQGWKHQSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@
LVVHOHFWHG
0RWLRQSLFWXUHVFDQDOVREHFUHDWHGIURP>7LPH/DSVH
9LGHR@LQWKH>3OD\EDFN@PHQX3
7KLVIXQFWLRQLVQRWIRUXVHLQDVHFXULW\FDPHUD
,I\RXOHDYHWKHXQLWVRPHZKHUHWRSHUIRUP>7LPH/DSVH6KRW@SOHDVHEHFDUHIXORIWKHIW
5HFRUGLQJIRUORQJSHULRGVLQFROGSODFHVVXFKDVVNLUHVRUWVRUSODFHVDWKLJKDOWLWXGH
RULQZDUPZHWHQYLURQPHQWVPD\FDXVHDPDOIXQFWLRQVRSOHDVHEHFDUHIXO
:HUHFRPPHQGWKDW\RXXVHDVXIILFLHQWO\FKDUJHGEDWWHU\RUDQ$&DGDSWRURSWLRQDODQGD
'&FRXSOHURSWLRQDO
>7LPH/DSVH6KRW@LVSDXVHGLQWKHIROORZLQJFDVHV
± :KHQWKHFKDUJHRQWKHEDWWHU\UXQVRXW
± 7XUQLQJWKHFDPHUDRII
'XULQJ>7LPH/DSVH6KRW@\RXFDQUHSODFHWKHEDWWHU\DQGWKHFDUGDQGWKHQUHVWDUWE\WXUQLQJ
RQWKLVXQLW1RWHWKDWSLFWXUHVWDNHQDIWHUWKHUHVWDUWZLOOEHVDYHGDVDVHSDUDWHVHWRIJURXS
SLFWXUHV7XUQRIIWKLVXQLWZKHQUHSODFLQJWKHEDWWHU\RUWKHFDUG
'RQRWFRQQHFWWKH$9FDEOHRSWLRQDOWKH+'0,PLFURFDEOHRUWKH86%FRQQHFWLRQFDEOH
VXSSOLHGGXULQJ7LPH/DSVH6KRRWLQJ
:KHQDSLFWXUHTXDOLW\GLIIHUHQWIURPWKHDVSHFWUDWLRRIWKHRULJLQDOSLFWXUHVLVVHOHFWHGEODFN
VWULSVZLOOEHGLVSOD\HGRQWKHWRSDQGERWWRPRUWKHOHIWDQGULJKWRIWKHPRWLRQSLFWXUH
,ISRZHUVXSSO\LVORVWE\XQSOXJJLQJWKH$&DGDSWRURUGXHWRDEODFNRXWZKLOHFUHDWLQJD
PRWLRQSLFWXUHZLWKWKH$&DGDSWRUWKHPRWLRQSLFWXUH\RXDUHFUHDWLQJZLOOQRWEHUHFRUGHG
$PRWLRQSLFWXUHWKDWH[FHHGVWKHUHFRUGLQJWLPHRI PLQXWHVDQG VHFRQGVDQGDPRWLRQ
SLFWXUHWKDWH[FHHGVWKHILOHVL]HRI *%FDQQRWEHFUHDWHG
:KHQRQO\RQHSLFWXUHLVWDNHQLWZLOOQRWEHVDYHGDVDJURXSSLFWXUH
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQ>6LPXOWDQHRXVUHFRUGZRILOWHU@RI>)LOWHU6HWWLQJV@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
&UHDWLQJ6WRS0RWLRQ3LFWXUHV>6WRS0RWLRQ
$QLPDWLRQ@
$SSOLFDEOHPRGHV
$VWRSPRWLRQSLFWXUHLVFUHDWHGE\VSOLFLQJSLFWXUHVWRJHWKHU
6HWWKHGDWHDQGWLPHVHWWLQJVLQDGYDQFH3
3LFWXUHVWDNHQZLWK>6WRS0RWLRQ$QLPDWLRQ@DUHGLVSOD\HGDVDVHWRIJURXSSLFWXUHV3
%HIRUHFUHDWLQJDPRWLRQSLFWXUHZLWK>6WRS0RWLRQ$QLPDWLRQ@
:LWK>6WRS0RWLRQ$QLPDWLRQ@\RXFDQPDNHDPRWLRQSLFWXUHLQZKLFKREMHFWVDSSHDUWR
EHPRYLQJE\PDNLQJDUHFRUGLQJHDFKWLPH\RXPRYHDGROOHWFLQVPDOOLQFUHPHQWV
DQGWKHQVSOLFLQJWKHUHFRUGLQJVWRJHWKHU
:LWKWKLVXQLWSLFWXUHVRIWRIUDPHVKDYHWREHWDNHQSHUVHFRQGRIDPRWLRQSLFWXUH
)RUVPRRWKHUPRWLRQUHFRUGPRYHPHQWLQDVVPDOOLQFUHPHQWVDVSRVVLEOHDQGVHWWKHIUDPH
UDWHSHUVHFRQGIUDPHUDWHWRDODUJHYDOXH
6HOHFWWKHPHQX3
MENU >5HF@>6WRS0RWLRQ$QLPDWLRQ@
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
3UHVVWRVHOHFWWKHUHFRUGLQJPHWKRGDQGWKHQ
SUHVV>0(186(7@
>21@ 7DNHVSLFWXUHVDXWRPDWLFDOO\DWDVHWUHFRUGLQJLQWHUYDO
>$XWR :KHQWKHVKXWWHUEXWWRQLVSUHVVHGIXOO\UHFRUGLQJVWDUWV
6KRRWLQJ@
>2))@ 7KLVLVIRUWDNLQJSLFWXUHVPDQXDOO\IUDPHE\IUDPH
2QO\ZKHQ>$XWR6KRRWLQJ@LVVHWWR>21@
6HWVWKHLQWHUYDOIRUDXWRPDWLFUHFRUGLQJ$YDOXHEHWZHHQDQG
>6KRRWLQJ
VHFRQGVFDQEHVHWLQ VHFRQGLQWHUYDOV
,QWHUYDO@
3UHVVWRVHOHFWWKHUHFRUGLQJLQWHUYDOVHFRQGVSUHVV
WRVHWLWDQGSUHVV>0(186(7@
3UHVVWRVHOHFW>6WDUW@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFW>1HZ@DQGWKHQSUHVV>0(186(7@
3UHVVWKHVKXWWHUEXWWRQIXOO\
8SWRIUDPHVFDQEHUHFRUGHG
0RYHWKHVXEMHFWWRGHFLGHRQWKHFRPSRVLWLRQ
5HSHDWUHFRUGLQJLQWKHVDPHZD\
,IWKLVXQLWLVWXUQHGRIIZKLOHUHFRUGLQJDPHVVDJHIRU
UHVXPLQJWKHUHFRUGLQJLVGLVSOD\HGZKHQWKHFDPHUDLV
WXUQHGRQ6HOHFWLQJ><HV@DOORZV\RXWRFRQWLQXHWKH
UHFRUGLQJIURPWKHLQWHUUXSWLRQSRLQW
5HFRUGLQJPDWHULDOVVNLOOIXOO\
7KHUHFRUGLQJVFUHHQGLVSOD\VXSWRWZRSLFWXUHVWDNHQSUHYLRXVO\8VHWKHPDV
UHIHUHQFHIRUWKHDPRXQWRIPRYHPHQW
3UHVVLQJ>(@DOORZV\RXWRFKHFNUHFRUGHGSLFWXUHV
8QQHFHVVDU\SLFWXUHVFDQEHGHOHWHGE\SUHVVLQJ> @
3UHVVLQJ>(@DJDLQZLOOUHWXUQ\RXWRWKHUHFRUGLQJVFUHHQ
7RXFK> @WRHQGWKHUHFRUGLQJ
,WFDQDOVREHHQGHGE\VHOHFWLQJ>6WRS0RWLRQ$QLPDWLRQ@ 30
IURPWKH>5HF@PHQXDQGWKHQSUHVVLQJ>0(186(7@
:KHQ>$XWR6KRRWLQJ@LVVHWWR>21@VHOHFW>(QG@RQWKH
FRQILUPDWLRQVFUHHQ
,I>3DXVH@KDVEHHQVHOHFWHGSUHVVWKHVKXWWHUEXWWRQ
IXOO\WRUHVXPHWKHUHFRUGLQJ
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVHQGHGZKHQ><HV@LVVHOHFWHG
&RQILUPDWLRQVFUHHQIRUFUHDWLQJDPRWLRQSLFWXUHLVGLVSOD\HGQH[WVRVHOHFW><HV@
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
6HOHFWWKHPHWKRGVIRUFUHDWLQJDPRWLRQSLFWXUH
7KHUHFRUGLQJIRUPDWLVVHWWR>03@
6HWVWKHTXDOLW\RIDPRWLRQSLFWXUH
>5HF4XDOLW\@ >.S@>.S@>)+'S@>)+'S@>+'S@>9*$S@
6HWVWKHQXPEHURIIUDPHVSHUVHFRQG
7KHODUJHUWKHQXPEHULVWKHVPRRWKHUWKHPRWLRQSLFWXUHZLOOEH
>ISV@_>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@
>)UDPH5DWH@ _ 2QO\ZKHQVHWWR>)+'S@
:KHQ>.S@LVVHOHFWHGWKHIROORZLQJVHWWLQJVDUHGLVSOD\HG
>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@>ISV@
>1250$/@
6SOLFHVSLFWXUHVWRJHWKHULQUHFRUGLQJRUGHU
>6HTXHQFH@
>5(9(56(@
6SOLFHVSLFWXUHVWRJHWKHULQUHYHUVHUHFRUGLQJRUGHU
3UHVVWRVHOHFW>2.@DQGWKHQSUHVV>0(18
6(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@
LVVHOHFWHG
0RWLRQSLFWXUHVFDQDOVREHFUHDWHGIURP>6WRS0RWLRQ
9LGHR@LQWKH>3OD\EDFN@PHQX3
w $GGLQJSLFWXUHVWRWKH6WRS0RWLRQ$QLPDWLRQJURXS
6HOHFWLQJ>$GGLWLRQDO@LQVWHSZLOOGLVSOD\JURXSSLFWXUHVUHFRUGHGZLWK>6WRS0RWLRQ
$QLPDWLRQ@
6HOHFWDVHWRIJURXSSLFWXUHVSUHVV>0(186(7@DQGWKHQVHOHFW><HV@RQWKH
FRQILUPDWLRQVFUHHQ
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
$XWRPDWLFUHFRUGLQJPD\QRWWDNHSODFHDWVHWLQWHUYDOVEHFDXVHUHFRUGLQJWDNHVWLPHXQGHU
FHUWDLQUHFRUGLQJFRQGLWLRQVVXFKDVZKHQWKHIODVKLVXVHGIRUUHFRUGLQJ
:KHQDSLFWXUHTXDOLW\GLIIHUHQWIURPWKHDVSHFWUDWLRRIWKHRULJLQDOSLFWXUHVLVVHOHFWHGEODFN
VWULSVZLOOEHGLVSOD\HGRQWKHWRSDQGERWWRPRUWKHOHIWDQGULJKWRIWKHPRWLRQSLFWXUH
:HUHFRPPHQGWKDW\RXXVHDVXIILFLHQWO\FKDUJHGEDWWHU\RUDQ$&DGDSWRURSWLRQDODQGD
'&FRXSOHURSWLRQDO
,ISRZHUVXSSO\LVORVWE\XQSOXJJLQJWKH$&DGDSWRURUGXHWRDEODFNRXWZKLOHFUHDWLQJD
PRWLRQSLFWXUHZLWKWKH$&DGDSWRUWKHPRWLRQSLFWXUH\RXDUHFUHDWLQJZLOOQRWEHUHFRUGHG
$PRWLRQSLFWXUHWKDWH[FHHGVWKHUHFRUGLQJWLPHRI PLQXWHVDQG VHFRQGVDQGDPRWLRQ
SLFWXUHWKDWH[FHHGVWKHILOHVL]HRI *%FDQQRWEHFUHDWHG
,IRQO\RQHSLFWXUHZDVWDNHQWKHSLFWXUHLVQRWVDYHGDVDJURXSSLFWXUH
$SLFWXUHFDQQRWEHVHOHFWHGIURP>$GGLWLRQDO@ ZKHQLWLVWKHRQO\RQHWKDWZDVWDNHQ
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQ>6LPXOWDQHRXVUHFRUGZRILOWHU@RI>)LOWHU6HWWLQJV@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQXVLQJ>7LPH/DSVH6KRW@
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
0DNLQJ0XOWLSOH([SRVXUHVRQ2QH3LFWXUH
>0XOWL([S@
$SSOLFDEOHPRGHV
*LYHVDQHIIHFWOLNHPXOWLH[SRVXUHXSWRWLPHVHTXLYDOHQWSHUDVLQJOHLPDJH
6HOHFWWKHPHQX3
MENU >5HF@>0XOWL([S@
3UHVVWRVHOHFW>6WDUW@DQGWKHQSUHVV>0(18
6(7@
'HFLGHRQWKHFRPSRVLWLRQDQGWDNHWKHILUVWSLFWXUH
$IWHUWDNLQJWKHSLFWXUHSUHVVWKHVKXWWHUEXWWRQKDOIZD\
GRZQWRWDNHWKHQH[WSLFWXUH
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@ 1H[W
IRURQHRIWKHIROORZLQJRSHUDWLRQV 5HWDNH
± >1H[W@ $GYDQFHWRWKHQH[WSLFWXUH ([LW
± >5HWDNH@ 5HWXUQWRWKHILUVWSLFWXUH
± >([LW@ 5HFRUGWKHLPDJHRIWKHILUVWSLFWXUHDQG
ILQLVKWKHPXOWLSOHH[SRVXUHSLFWXUHWDNLQJ
VHVVLRQ
6KRRWLQJWKHVHFRQGWKLUGDQGIRXUWKH[SRVXUHV
,I>)Q@LVSUHVVHGZKLOHWDNLQJSLFWXUHVWKHSKRWRJUDSKHG
LPDJHVDUHUHFRUGHGDQGWKHPXOWLSOHH[SRVXUH
SLFWXUHWDNLQJVHVVLRQZLOOEHFRPSOHWHG
3UHVVWRVHOHFW>([LW@DQGWKHQSUHVV>0(186(7@
<RXFDQDOVRSUHVVWKHVKXWWHUEXWWRQKDOIZD\WRILQLVK
5HWDNH
([LW
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
w $ERXW$XWRPDWLF*DLQ&RQWUROVHWWLQJ
6HOHFW>$XWR*DLQ@RQWKHVFUHHQVKRZQLQVWHS DQGVHWLW
>21@ 7KHEULJKWQHVVOHYHOLVDGMXVWHGDFFRUGLQJWRWKHQXPEHURISLFWXUHVWDNHQDQGWKH
SLFWXUHVDUHVXSHULPSRVHGRYHUHDFKRWKHU
>2))@ &RPSHQVDWHWKHH[SRVXUHWRPDWFKWKHVXEMHFWVRWKDWDOOWKHVXSHULPSRVHGH[SRVXUH
HIIHFWVZLOOEHMXVWULJKW
w 6XSHULPSRVLQJSLFWXUHVRQDSLFWXUHDOUHDG\WDNHQ
2QWKHVFUHHQVKRZQLQVWHS VHW>2YHUOD\@WR>21@
$IWHU>6WDUW@LPDJHVLQWKHFDUGZLOOEHGLVSOD\HG6HOHFWWKH5$:LPDJHVSUHVV>0(18
6(7@DQGFRQWLQXHUHFRUGLQJ
>2YHUOD\@LVDYDLODEOHRQO\IRU5$:LPDJHVWDNHQZLWKWKLVXQLW
,PDJHLVQRWUHFRUGHGXQWLOFRPSOHWLRQ
7KHUHFRUGLQJLQIRUPDWLRQGLVSOD\HGIRUSLFWXUHVWDNHQZLWKPXOWLSOHH[SRVXUHVLVWKHUHFRUGLQJ
LQIRUPDWLRQIRUWKHODVWSLFWXUHWDNHQ
,WHPVVKRZQLQJUD\RQWKHPHQXVFUHHQFDQQRWEHVHWGXULQJPXOWLSOHH[SRVXUHV
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
'LVDEOLQJ2SHUDWLRQDO6RXQGVDQGWKH2XWSXW
RI/LJKWDWRQFH>6LOHQW0RGH@
$SSOLFDEOHPRGHV
7KLVIXQFWLRQLVXVHIXOIRUUHFRUGLQJLPDJHVLQDTXLHWHQYLURQPHQWSXEOLFIDFLOLW\HWFRU
UHFRUGLQJLPDJHVRIVXEMHFWVVXFKDVEDELHVRUDQLPDOV
6HOHFWWKHPHQX3
MENU >&XVWRP@>6LOHQW0RGH@
6HWWLQJV>21@>2))@
$XGLRIURPWKHVSHDNHUZLOOEHPXWHGDQGWKHIODVKDQGWKH$)$VVLVWODPSZLOOEHGLVDEOHG
7KHIROORZLQJVHWWLQJVDUHIL[HG
± >(OHFWURQLF6KXWWHU@>21@
± >)ODVK0RGH@>Œ@IRUFHGIODVKRII
± >$)$VVLVW/DPS@>2))@
± >%HHS9ROXPH@>s@2))
± >(6KXWWHU9RO@> @2))
(YHQZKHQ>21@LVVHWWKHIROORZLQJIXQFWLRQVOLJKWXSIODVK
± 6WDWXVLQGLFDWRU
± 6HOIWLPHULQGLFDWRU
± :L)LFRQQHFWLRQODPS
6RXQGVWKDWDUHSURGXFHGE\WKHFDPHUDUHJDUGOHVVRI\RXURSHUDWLRQVVXFKDVWKHOHQV
DSHUWXUHVRXQGFDQQRWEHPXWHG
:KHQDPRYLQJVXEMHFWLVUHFRUGHGZLWKWKHHOHFWURQLFVKXWWHUWKHVXEMHFWPD\DSSHDU
GLVWRUWHGRQWKHSLFWXUH
:KHQWKHHOHFWURQLFVKXWWHULVXVHGXQGHUIOXRUHVFHQWRU/('OLJKWLQJHWFKRUL]RQWDO
VWULSHVPD\DSSHDURQWKHSLFWXUH,QVXFKFDVHVORZHULQJWKHVKXWWHUVSHHGPD\
UHGXFHWKHHIIHFWRIWKHKRUL]RQWDOVWULSHV3
%HVXUHWRSD\VSHFLDODWWHQWLRQWRWKHSULYDF\WKHOLNHQHVVULJKWVHWFRIWKHVXEMHFW
ZKHQ\RXXVHWKLVIXQFWLRQ8VHDW\RXURZQULVN
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
7DNLQJ3LFWXUHVZLWKWKH)DFH5HFRJQLWLRQ
)XQFWLRQ>)DFH5HFRJ@
$SSOLFDEOHPRGHV
)DFH5HFRJQLWLRQLVDIXQFWLRQZKLFKILQGVDIDFHUHVHPEOLQJDUHJLVWHUHGIDFHDQG
SULRULWLHVIRFXVDQGH[SRVXUHDXWRPDWLFDOO\(YHQLIWKHSHUVRQLVORFDWHGWRZDUGVWKHEDFN
RURQWKHHQGRIDOLQHLQDJURXSSKRWRWKHFDPHUDFDQVWLOOWDNHDFOHDUSLFWXUH
KEN KEN
6HOHFWWKHPHQX3
MENU >5HF@>)DFH5HFRJ@
6HWWLQJV>21@>2))@>0(025<@
>)DFH5HFRJ@ZLOOWXUQ>21@DXWRPDWLFDOO\ZKHQWKHIDFHLPDJHLVUHJLVWHUHG
7KHIROORZLQJIXQFWLRQVZLOODOVRZRUNZLWKWKH)DFH
5HFRJQLWLRQIXQFWLRQ
,Q5HFRUGLQJ0RGH
± 'LVSOD\RIFRUUHVSRQGLQJQDPHZKHQFDPHUDGHWHFWVD
UHJLVWHUHGIDFH_LIQDPHKDVEHHQVHWIRUWKHUHJLVWHUHGIDFH
,Q3OD\EDFN0RGH MIKA
± 'LVSOD\RIQDPHDQGDJHLILQIRUPDWLRQKDVEHHQUHJLVWHUHG
± 6HOHFWLYHSOD\EDFNRISLFWXUHVFKRVHQIURPSLFWXUHVUHJLVWHUHGZLWK)DFH5HFRJQLWLRQ
>&DWHJRU\3OD\@3
_ 1DPHVRIXSWRSHRSOHDUHGLVSOD\HG
3UHFHGHQFHIRUWKHQDPHVGLVSOD\HGZKHQWDNLQJSLFWXUHVLVGHWHUPLQHGDFFRUGLQJWRWKH
RUGHURIUHJLVWUDWLRQ
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
>)DFH5HFRJ@RQO\ZRUNVZKHQWKH$)0RGHLVVHWWR>š@
'XULQJWKH%XUVW0RGH>)DFH5HFRJ@SLFWXUHLQIRUPDWLRQFDQEHDWWDFKHGWRRQO\WKHILUVW
SLFWXUH
:KHQJURXSSLFWXUHVDUHSOD\HGEDFNWKHQDPHRIWKHILUVWSLFWXUHRIWKHVHWLVGLVSOD\HG
)DFH5HFRJQLWLRQPD\WDNHPRUHWLPHWRVHOHFWDQGUHFRJQL]HGLVWLQFWLYHIDFLDOIHDWXUHVWKDQ
UHJXODU)DFH(\H'HWHFWLRQ
(YHQZKHQIDFHUHFRJQLWLRQLQIRUPDWLRQKDVEHHQUHJLVWHUHGSLFWXUHVWDNHQZLWK>1DPH@VHWWR
>2))@ZLOOQRWEHFDWHJRUL]HGE\IDFHUHFRJQLWLRQLQ>&DWHJRU\3OD\@
(YHQZKHQ)DFH5HFRJQLWLRQLQIRUPDWLRQLVFKDQJHG3)DFH5HFRJQLWLRQ
LQIRUPDWLRQIRUWKHSLFWXUHVDOUHDG\WDNHQZLOOQRWEHFKDQJHG
)RULQVWDQFHLIWKHQDPHLVFKDQJHGSLFWXUHVUHFRUGHGEHIRUHWKHFKDQJHZLOOQRWEH
FDWHJRUL]HGE\IDFHUHFRJQLWLRQLQ>&DWHJRU\3OD\@
7RFKDQJHWKHQDPHLQIRUPDWLRQRIWKHSLFWXUHVWDNHQSHUIRUPWKH>5(3/$&(@LQ>)DFH5HF
(GLW@3
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJ.SKRWRV
± :KHQXVLQJ>7LPH/DSVH6KRW@
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
)DFH6HWWLQJV
<RXFDQUHJLVWHULQIRUPDWLRQVXFKDVQDPHVDQGELUWKGD\VIRUIDFHLPDJHVRIXSWR
SHRSOH
w 3RLQWRIUHFRUGLQJZKHQUHJLVWHULQJWKHIDFHLPDJHV
)DFHIURQWZLWKH\HVRSHQDQGPRXWKFORVHGPDNLQJ *RRGH[DPSOHIRUUHJLVWHULQJ
VXUHWKHRXWOLQHRIWKHIDFHWKHH\HVRUWKHH\HEURZV
DUHQRWFRYHUHGZLWKKDLUZKHQUHJLVWHULQJ
0DNHVXUHWKHUHLVQRH[WUHPHVKDGLQJRQWKHIDFHZKHQ
UHJLVWHULQJ
)ODVKZLOOQRWIODVKGXULQJUHJLVWUDWLRQ
w :KHQIDFHLVQRWUHFRJQL]HGGXULQJUHFRUGLQJ
5HJLVWHUWKHIDFHRIVDPHSHUVRQLQGRRUVDQGRXWGRRUVRUZLWKGLIIHUHQWH[SUHVVLRQVRU
DQJOHV3
$GGLWLRQDOO\UHJLVWHUDWWKHORFDWLRQRIUHFRUGLQJ
:KHQDSHUVRQZKRLVUHJLVWHUHGLVQRWUHFRJQL]HGFRUUHFWE\UHUHJLVWHULQJ
)DFH5HFRJQLWLRQPD\QRWEHSRVVLEOHRUPD\QRWUHFRJQL]HIDFHVFRUUHFWO\HYHQIRU
UHJLVWHUHGIDFHVGHSHQGLQJRQWKHIDFLDOH[SUHVVLRQDQGHQYLURQPHQW
3UHVVWRVHOHFW>0(025<@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKH)DFH5HFRJQLWLRQ
IUDPHWKDWLVQRWUHJLVWHUHGDQGWKHQSUHVV>0(18 1HZ
6(7@
KEN
>1HZ@ZLOOQRWGLVSOD\LIWKHUHDUHSHRSOHDOUHDG\
UHJLVWHUHG'HOHWHDSHUVRQDOUHDG\UHJLVWHUHGWRUHJLVWHUD
QHZSHUVRQ
7DNHWKHSLFWXUHDGMXVWLQJWKHIDFHZLWKWKHJXLGH
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@
LVVHOHFWHG
7KHIDFHVRIVXEMHFWVRWKHUWKDQSHRSOHSHWVHWFFDQQRW
EHUHJLVWHUHG
7RGLVSOD\WKHGHVFULSWLRQRIWKHIDFHUHJLVWUDWLRQSUHVV
RUWRXFK> @
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
6HWWKHLWHP
<RXFDQUHJLVWHUXSWRIDFHLPDJHV
,WLVSRVVLEOHWRUHJLVWHUQDPHV
3UHVVWRVHOHFW>6(7@DQGWKHQSUHVV>0(186(7@
>1DPH@ (QWHUWKHQDPH
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´
VHFWLRQRQ3
,WLVSRVVLEOHWRUHJLVWHUWKHELUWKGD\
3UHVVWRVHOHFW>6(7@DQGWKHQSUHVV>0(186(7@
>$JH@
3UHVVWRVHOHFWWKHLWHPV<HDU0RQWK'D\DQGWKHQ
SUHVVWRVHWDQGWKHQSUHVV>0(186(7@
$GG,PDJHV
7RDGGDGGLWLRQDOIDFHLPDJHV
6HOHFWWKHXQUHJLVWHUHGIDFHUHFRJQLWLRQIUDPHDQGWKHQSUHVV
>0(186(7@
3HUIRUPVWHSLQ³)DFH6HWWLQJV´
>$GG,PDJHV@ 'HOHWH
7RGHOHWHRQHRIWKHIDFHLPDJHV
3UHVVWRVHOHFWWKHIDFHLPDJHWRGHOHWHDQGWKHQSUHVV
>0(186(7@
7KLVIHDWXUHUHTXLUHVWKDWDWOHDVWRQHIDFLDOLPDJHUHPDLQRQFH
UHJLVWHUHG
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
&KDQJHRUGHOHWHWKHLQIRUPDWLRQIRUDUHJLVWHUHGSHUVRQ
<RXFDQPRGLI\WKHSLFWXUHVRULQIRUPDWLRQRIDQDOUHDG\UHJLVWHUHGSHUVRQ<RXFDQDOVR
GHOHWHWKHLQIRUPDWLRQRIWKHUHJLVWHUHGSHUVRQ
3UHVVWRVHOHFW>0(025<@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHIDFHLPDJHWRHGLWRUGHOHWHDQGWKHQSUHVV
>0(186(7@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
&KDQJLQJWKHLQIRUPDWLRQRIDQDOUHDG\UHJLVWHUHGSHUVRQ
>,QIR(GLW@
3HUIRUPVWHSLQ³)DFH6HWWLQJV´
7KHIRFXVDQGH[SRVXUHDUHSUHIHUHQWLDOO\DGMXVWHGIRU
KLJKHUSULRULW\IDFHV
>3ULRULW\@
3UHVVWRVHOHFWWKHSULRULW\DQGWKHQSUHVV
>0(186(7@
'HOHWLQJLQIRUPDWLRQRIDUHJLVWHUHGSHUVRQ
>'HOHWH@ &RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LV
VHOHFWHG
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
5HFRUGLQJ3URILOHVRI%DELHVDQG3HWVRQ
,PDJHV
$SSOLFDEOHPRGHV
,I\RXVHWWKHQDPHDQGELUWKGD\RI\RXUEDE\RUSHWLQDGYDQFH\RXFDQUHFRUGWKHLUQDPH
DQGDJHLQPRQWKVDQG\HDUVLQWKHLPDJHV
<RXFDQGLVSOD\WKHVHDWSOD\EDFNRUVWDPSWKHUHFRUGHGLPDJHVXVLQJ>7H[W6WDPS@3
JOE LUCKY
w 6HWWLQJ>$JH@RU>1DPH@
6HOHFWWKHPHQX3
MENU >5HF@>3URILOH6HWXS@
6HWWLQJV> @>%DE\@> @>%DE\@> @>3HW@>2))@>6(7@
3UHVVWRVHOHFW>6(7@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFW>%DE\@>%DE\@RU>3HW@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFW>$JH@RU>1DPH@DQGWKHQSUHVV
>0(186(7@
3UHVVWRVHOHFW>6(7@DQGWKHQSUHVV>0(186(7@
(QWHU>$JH@ELUWKGD\
6HOHFWWKHLWHPV\HDUPRQWKGD\
6HWWLQJ
>0(186(7@ 6HW
(QWHU>1DPH@
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ
7H[W´RQ3
3UHVVWRVHOHFW>([LW@DQGWKHQSUHVV>0(186(7@WRILQLVK
w 7RFDQFHO>$JH@DQG>1DPH@
6HOHFWWKH>2))@VHWWLQJLQVWHS
7KHDJHDQGQDPHFDQEHSULQWHGRXWXVLQJWKH³3+272IXQ678',2´EXQGOHGVRIWZDUHRQWKH
'9'VXSSOLHG
1RWDYDLODEOHLQWKHVHFDVHV
>3URILOH6HWXS@LVQRWDYDLODEOHIRU.SKRWRUHFRUGLQJ
$JHVDQGQDPHVDUHQRWUHFRUGHGLQWKHIROORZLQJFDVHV
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± 6WLOOSLFWXUHVUHFRUGHGGXULQJPRWLRQSLFWXUHUHFRUGLQJ> @>9LGHR3ULRULW\@3
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
8VLQJVFUHHQVDQGGLVSOD\VVXLWDEOHIRU
UHFRUGLQJ
'LVSOD\LQJWKHFHQWHURIWKHVFUHHQ>&HQWHU0DUNHU@
$SSOLFDEOHPRGHV
7KHFHQWHURIWKHUHFRUGLQJVFUHHQZLOOEHGLVSOD\HGDV>@
7KLVLVFRQYHQLHQWIRURSHUDWLQJWKH]RRPZKLOHNHHSLQJWKH
VXEMHFWDWWKHFHQWHURIWKHVFUHHQ
MENU >&XVWRP@>&HQWHU0DUNHU@
6HWWLQJV>21@>2))@
&KHFNLQJDUHDVWKDWPD\EHZKLWHVDWXUDWHG>=HEUD3DWWHUQ@
$SSOLFDEOHPRGHV
<RXFDQFKHFNDUHDVWKDWPD\EHZKLWHVDWXUDWHGE\GLVSOD\LQJDUHDVDERYHDFHUWDLQ
OXPLQDQFHOHYHOLQD]HEUDSDWWHUQ<RXFDQDOVRVHWWKHPLQLPXPOXPLQDQFHOHYHO
EULJKWQHVVWREHSURFHVVHGDVD]HEUDSDWWHUQ
MENU >&XVWRP@>=HEUD3DWWHUQ@
'LVSOD\VDUHDVDERYHDFHUWDLQOXPLQDQFHOHYHOE\D
ULJKWOHDQLQJ]HEUDSDWWHUQ
>=(%5$@
'LVSOD\VDUHDVDERYHDFHUWDLQOXPLQDQFHOHYHOE\D
OHIWOHDQLQJ]HEUDSDWWHUQ
>=(%5$@
>2))@ ²
6HWVWKHPLQLPXPEULJKWQHVVOHYHOIRUHDFK]HEUDSDWWHUQ
>=HEUD @>=HEUD @
3UHVVWRVHOHFWWKHEULJKWQHVVDQGSUHVV>0(186(7@
<RXFDQVHOHFWDEULJKWQHVVYDOXHEHWZHHQ>@DQG>@,Q>=HEUD @
>6(7@
\RXFDQVHOHFW>2))@,I\RXVHOHFW>@RU>@RQO\WKHDUHDVWKDW
DUHDOUHDG\ZKLWHVDWXUDWHGDUHGLVSOD\HGLQD]HEUDSDWWHUQ7KHVPDOOHU
WKHYDOXHLVWKHZLGHUWKHEULJKWQHVVUDQJHWREHSURFHVVHGDVD]HEUD
SDWWHUQZLOOEH
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
,IWKHUHDUHDQ\ZKLWHVDWXUDWHGDUHDVZHUHFRPPHQGFRPSHQVDWLQJWKHH[SRVXUHWRZDUGV
QHJDWLYH3UHIHUULQJWRWKHKLVWRJUDP3DQGWKHQWDNLQJWKHSLFWXUH
'LVSOD\HG]HEUDSDWWHUQVZLOOQRWEHUHFRUGHG
,I\RXDVVLJQ>=HEUD3DWWHUQ@WR>)Q%XWWRQ6HW@3LQWKH>&XVWRP@PHQXHDFKWLPH\RX
SUHVVWKHIXQFWLRQEXWWRQWRZKLFKWKHVHWWLQJLVDVVLJQHGWKH]HEUDSDWWHUQWRJJOHVDVIROORZV
>=HEUD @>=HEUD @>2))@
:KHQ>=HEUD @LVVHWWR>2))@WKHVHWWLQJWRJJOHVLQWKHRUGHURI>=HEUD @>2))@DOORZLQJ
\RXWRVZLWFKWKHVHWWLQJTXLFNO\
'LVSOD\LQJWKHUHFRUGLQJVFUHHQLQEODFNDQGZKLWH>0RQRFKURPH/LYH9LHZ@
$SSOLFDEOHPRGHV
<RXFDQGLVSOD\WKHUHFRUGLQJVFUHHQLQEODFNDQGZKLWH7KLVIXQFWLRQLVFRQYHQLHQWZKHQ
DEODFNDQGZKLWHVFUHHQZLOOPDNHLWHDVLHUWRVHWIRFXVZLWK0DQXDO)RFXV
MENU >&XVWRP@>0RQRFKURPH/LYH9LHZ@
6HWWLQJV>21@>2))@
(YHQLI\RXXVHWKH+'0,RXWSXWGXULQJUHFRUGLQJWKLVIXQFWLRQZLOOQRWZRUNIRUWKHFRQQHFWHG
GHYLFH
5HFRUGHGLPDJHVZLOOQRWEHDIIHFWHG
)XQFWLRQV&XVWRPL]HGIRU9DULRXV6XEMHFWVDQG3XUSRVHV
5HFRUGLQJZKLOHPRQLWRULQJFDPHUDLPDJHV
$SSOLFDEOHPRGHV
:KHQXVLQJWKH+'0,RXWSXW\RXFDQWDNHSLFWXUHVZKLOH
PRQLWRULQJWKHFDPHUDLPDJHRQD79HWF
5HIHUWR3RQKRZWRFRQQHFWZLWK79E\XVLQJ+'0,
PLFURFDEOH
7KHFDPHUDLPDJHLVQRWRXWSXWWRWKH79GXULQJPRWLRQSLFWXUH
UHFRUGLQJ
w 6ZLWFKLQJWKHLQIRUPDWLRQGLVSOD\HG
<RXFDQFKDQJHWKHGLVSOD\VKRZQGXULQJ+'0,RXWSXWXVLQJ>+'0,,QIR'LVSOD\5HF@
3LQ>79&RQQHFWLRQ@RQWKH>6HWXS@PHQX
>21@ 7KHFDPHUDGLVSOD\LVRXWSXWDVLV
>2))@ 2QO\LPDJHVDUHRXWSXW
:KHQXVLQJWKH$XWR)RFXV0RGH> @RU0)DVVLVWWKHVFUHHQFDQQRWEHHQODUJHGLQ
ZLQGRZHGPRGH
>$VSHFW5DWLR@LQWKH>5HF@PHQXLVIL[HGWR>@
(OHFWURQLFVRXQGVDQGHOHFWURQLFVKXWWHUVRXQGVDUHPXWHG
,I\RXVHWXSD:L)LFRQQHFWLRQZKLOHXVLQJWKH+'0,RXWSXWQRLPDJHZLOOEHGLVSOD\HGRQWKH
FDPHUDPRQLWRU
,PDJHVDUHQRWRXWSXWWKURXJKWKH+'0,FRQQHFWLRQLQSDQRUDPDSLFWXUHUHFRUGLQJ
:KHQUHFRUGLQJZLWKWKH.3KRWRIXQFWLRQLWLVQRWSRVVLEOHWRXVHWKH+'0,RXWSXW
8. 6WDELOL]HU=RRPDQG)ODVK
,PDJH6WDELOL]HU
7KHFDPHUDFDQDFWLYDWHHLWKHUWKH,Q/HQV,PDJH6WDELOL]HURU,Q%RG\,PDJH6WDELOL]HURU
LWFDQDFWLYDWHERWKRIWKHPDQGUHGXFHMLWWHUHYHQPRUHHIIHFWLYHO\'XDO ,6
)RUPRWLRQSLFWXUHUHFRUGLQJWKH$[LV+\EULG,PDJH6WDELOL]HULVDYDLODEOH,WXVHVERWK
WKHRSWLFDOVWDELOL]HURIWKHOHQVDQGWKHHOHFWURQLFVWDELOL]HURIWKHFDPHUD¶VVHQVRU
7KHLPDJHVWDELOL]HUVWREHDFWLYDWHGGLIIHUGHSHQGLQJRQ\RXUOHQV7KHLFRQIRUWKHFXUUHQWO\
DFWLYDWHGLPDJHVWDELOL]HULVGLVSOD\HGRQWKHUHFRUGLQJVFUHHQ
:KHQUHFRUGLQJ
:KHQWDNLQJSLFWXUHV
PRWLRQSLFWXUHV
3DQDVRQLFOHQVHVFRPSDWLEOHZLWK'XDO ,6
%DVHGRQWKH0LFUR)RXU7KLUGV6\VWHP /HQV
VWDQGDUG3
)RUWKHODWHVWLQIRUPDWLRQRQFRPSDWLEOH /HQV%RG\
OHQVHVSOHDVHUHIHUWRRXUZHEVLWH 'XDO,6
,I> @RU> @LVQRWGLVSOD\HGHYHQZKHQD
$[LV+\EULG
FRPSDWLEOHOHQVLVXVHGXSGDWHWKHOHQV
_
ILUPZDUHWRWKHODWHVWYHUVLRQ3
/HQVHVFRPSDWLEOHZLWKWKHLPDJHVWDELOL]HU /HQV
IXQFWLRQ
/HQV
%DVHGRQWKH0LFUR)RXU7KLUGV6\VWHP $[LV+\EULG
VWDQGDUG)RXU7KLUGV6\VWHPVWDQGDUG _
/HQVHVQRWFRPSDWLEOHZLWKWKHLPDJH
VWDELOL]HUIXQFWLRQ
%DVHGRQWKH0LFUR)RXU7KLUGV6\VWHP
VWDQGDUG)RXU7KLUGV6\VWHPVWDQGDUG ²
%RG\
:KHQXVLQJD/HLFDOHQVPRXQWDGDSWRU
RSWLRQDORUPRXQWDGDSWRUPDGHE\
DQRWKHUPDQXIDFWXUHU
6HW>6KRRWZR/HQV@WR>21@3
_ :KHQ>(6WDELOL]DWLRQ9LGHR@LVVHWWR>21@
6WDELOL]HU=RRPDQG)ODVK
3UHYHQWLQJMLWWHUFDPHUDVKDNH
:KHQWKHMLWWHUDOHUW> @DSSHDUVXVH>6WDELOL]HU@DWULSRGWKHVHOIWLPHU3RUWKH
VKXWWHUUHPRWHFRQWURO'0:56/RSWLRQDO3
6KXWWHUVSHHGZLOOEHVORZHUSDUWLFXODUO\LQWKHIROORZLQJFDVHV.HHSWKHFDPHUDVWLOOIURPWKH
PRPHQWWKHVKXWWHUEXWWRQLVSUHVVHGXQWLOWKHSLFWXUHDSSHDUVRQWKHVFUHHQ
:HUHFRPPHQGXVLQJDWULSRG
± 6ORZ6\QF
± 6ORZ6\QF5HG(\H5HGXFWLRQ
± :KHQ\RXVHWWRDVORZVKXWWHUVSHHG
$SSOLFDEOHPRGHV
6HOHFWWKHPHQX3
MENU >5HF@>6WDELOL]HU@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
9HUWLFDODQGKRUL]RQWDOVKDNHDUH
> @ FRPSHQVDWHGIRU
>1RUPDO@
&DPHUDVKDNHLVFRUUHFWHGIRUXSGRZQ
>2SHUDWLRQ PRYHPHQWV
> @ 7KLVPRGHLVLGHDOIRUSDQQLQJDPHWKRG
0RGH@
>3DQQLQJ@ RIWDNLQJSLFWXUHVZKLFKLQYROYHVWXUQLQJ
WKHFDPHUDWRWUDFNWKHPRYHPHQWVRID
VXEMHFWZKLFKFRQWLQXHVWRPRYHLQDIL[HGGLUHFWLRQ
>6WDELOL]HU@GRHVQRWZRUN
>2))@ :KHQXVLQJDOHQVZLWKDQ2,6VZLWFKVHWWKHVZLWFKWR
>2))@
-LWWHUGXULQJPRWLRQSLFWXUHUHFRUGLQJLVFRUUHFWHGDORQJWKHYHUWLFDO
KRUL]RQWDOUROOSLWFKDQG\DZD[HV$[LV+\EULG,PDJH6WDELOL]HU
>(6WDELOL]DW
>21@>2))@
LRQ9LGHR@
:KHQ>21@LVVHOHFWHGWKHDQJOHRIYLHZRIUHFRUGHGPRWLRQSLFWXUHVPD\
EHFRPHQDUURZHU
,I\RXUOHQVLVFRPSDWLEOHZLWKWKH,Q%RG\,PDJH6WDELOL]HUDQGWKHIRFDO
OHQJWKLVQRWVHWDXWRPDWLFDOO\\RXFDQVHWLWPDQXDOO\3
>)RFDO :KHQDPDQXDOO\VHOHFWHGIRFDOOHQJWKLVVHWDFRQILUPDWLRQVFUHHQDVNLQJ
/HQJWK6HW@ \RXWRFKDQJHWKHIRFDOOHQJWKVHWWLQJLVGLVSOD\HGDIWHU\RXWXUQRQWKH
FDPHUD6HOHFWLQJ><HV@DOORZV\RXWRVHW>)RFDO/HQJWK6HW@LQ>6WDELOL]HU@
([LWWKHPHQXDIWHULWLVVHW
6WDELOL]HU=RRPDQG)ODVK
6HWWLQJWKHIRFDOOHQJWKRIDOHQV
6HOHFWWKHPHQX3
MENU >5HF@>6WDELOL]HU@>)RFDO/HQJWK6HW@
6HOHFWWKHIRFDOOHQJWKRI\RXUOHQVZLWK
$IRFDOOHQJWKUDQJLQJIURP PPWR PPFDQEHVHW
6HWDIRFDOOHQJWKZULWWHQRQWKHERG\RI\RXUOHQVHWF
,IWKHIRFDOOHQJWKVHWWLQJIRU\RXUOHQVLVQRWIRXQGVHOHFWD
YDOXHFORVHWRWKHIRFDOOHQJWKRI\RXUOHQV
,I\RXUOHQVLVD]RRPOHQVVHOHFWDYDOXHDFFRUGLQJWRWKH
IRFDOOHQJWKDWWKHWLPHRIUHFRUGLQJ
3UHVV>0(186(7@
w 5HJLVWHULQJDIRFDOOHQJWK
3HUIRUPVWHSLQ³6HWWLQJWKHIRFDOOHQJWKRIDOHQV´
3UHVV
3UHVVWRVHOHFWWKHIRFDOOHQJWKWREH
RYHUZULWWHQDQGWKHQSUHVV>',63@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@
LVVHOHFWHG
8SWRIRFDOOHQJWKVHWWLQJVFDQEHUHJLVWHUHG
([LWWKHPHQXDIWHULWLVVHW
w 6HWWLQJDUHJLVWHUHGIRFDOOHQJWK
2QWKHVFUHHQLQVWHSRI³6HWWLQJWKHIRFDOOHQJWKRIDOHQV´SUHVV
3UHVVWRVHOHFWWKHUHJLVWHUHGIRFDOOHQJWKDQGWKHQSUHVV>0(186(7@
6WDELOL]HU=RRPDQG)ODVK
7KH,PDJH6WDELOL]HUPD\SURGXFHRSHUDWLRQDOVRXQGRUFDXVHYLEUDWLRQGXULQJLWV
RSHUDWLRQEXWWKHVHDUHQRWPDOIXQFWLRQV
,WLVUHFRPPHQGHGWRGLVDEOHWKH,PDJH6WDELOL]HUZKHQXVLQJDWULSRG> @LVGLVSOD\HGRQWKH
VFUHHQDWWKDWWLPH
:HUHFRPPHQGWDNLQJSLFWXUHVZLWKWKHYLHZILQGHUZKHQSDQQLQJLQ> @
1RWDYDLODEOHLQWKHVHFDVHV
> @LVQRWDYDLODEOHLQ3DQRUDPD6KRW0RGH
7KH'XDO ,6DQG,Q%RG\,PDJH6WDELOL]HUIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQWKHVKXWWHUVSHHGLVVHWWR>%@%XOE
± :KHQWKHVKXWWHUVSHHGH[FHHGV VHFRQGV
± :KHQ>%XUVW5DWH@LVVHWWR>6+@
± 5HFRUGLQJVWLOOSLFWXUHVZKLOHUHFRUGLQJDPRWLRQSLFWXUH>RQO\ZKHQVHWWR> @PRWLRQ
SLFWXUHSULRULWLHV@
± :KHQUHFRUGLQJ.SKRWRV
7KH$[LV+\EULG,PDJH6WDELOL]HUIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQ>5HF)RUPDW@LVVHWWR>03@DQG>5HF4XDOLW\@LVVHWWR>.0S@>.0S@
RU>9*$0S@
± :KHQXVLQJWKH'LJLWDO=RRP
7KHVWDELOL]HUIXQFWLRQPD\QRWEHHIIHFWLYHLQWKHIROORZLQJFDVHV
%HFDUHIXORIFDPHUDMLWWHUZKHQ\RXSUHVVWKHVKXWWHUEXWWRQ
± :KHQWKHUHLVDORWRIMLWWHU
± :KHQWKH]RRPPDJQLILFDWLRQLVKLJK
± :KHQXVLQJWKH'LJLWDO=RRP
± :KHQWDNLQJSLFWXUHVZKLOHIROORZLQJDPRYLQJVXEMHFW
± :KHQWKHVKXWWHUVSHHGEHFRPHVVORZHUWRWDNHSLFWXUHVLQGRRUVRULQGDUNSODFHV
7KHSDQQLQJHIIHFWLQ> @LVPRUHGLIILFXOWWRDFKLHYHLQWKHIROORZLQJFDVHV
± ,QEULJKWO\OLWSODFHVVXFKDVLQEURDGGD\OLJKWRQDVXPPHU¶VGD\
± :KHQWKHVKXWWHUVSHHGLVIDVWHUWKDQWKRIDVHFRQG
± :KHQ\RXPRYHWKHFDPHUDWRRVORZO\EHFDXVHWKHVXEMHFWLVPRYLQJVORZO\7KH
EDFNJURXQGZLOOQRWEHFRPHDEOXU
± :KHQWKHFDPHUDGRHVQRWNHHSXSZLWKWKHVXEMHFWVDWLVIDFWRULO\
6WDELOL]HU=RRPDQG)ODVK
7DNLQJ3LFWXUHVZLWKWKH=RRP
2SWLFDO]RRP
$SSOLFDEOHPRGHV
<RXFDQ]RRPLQWRPDNHSHRSOHDQGREMHFWVDSSHDUFORVHURU]RRPRXWWRUHFRUG
ODQGVFDSHVHWF
VLGH (QODUJHVGLVWDQWVXEMHFW
VLGH :LGHQVDQJOHRIYLHZ
,QWHUFKDQJHDEOHOHQV 5RWDWHWKH]RRPULQJ
ZLWKD]RRPULQJ T
+)6
++6 W
+)6$
0RYHWKH]RRPOHYHU
7KH]RRPVSHHGYDULHVGHSHQGLQJRQ T
,QWHUFKDQJHDEOHOHQV KRZIDU\RXPRYHWKHOHYHU
WKDWVXSSRUWVWKH ,I\RXDVVLJQ>=RRP&RQWURO@WRDIXQFWLRQ W
SRZHU]RRP EXWWRQ\RXFDQRSHUDWHWKHRSWLFDO]RRP
HOHFWULFDOO\RSHUDWHG VORZO\E\SUHVVLQJRUIDVWE\
]RRP SUHVVLQJ
)RULQIRUPDWLRQRQKRZWRRSHUDWHUHIHUWRVWHSDQGWKH
VXEVHTXHQWVWHSVRQ3
,QWHUFKDQJHDEOHOHQV 7KHRSWLFDO]RRPLVQRWDYDLODEOH
WKDWGRHVQRWVXSSRUW
WKH]RRP
6WDELOL]HU=RRPDQG)ODVK
5DLVLQJWKHWHOHVFRSLFHIIHFW
>([7HOH&RQY@
$SSOLFDEOHPRGHV
7KH([WHQGHG7HOH&RQYHUVLRQHQDEOHV\RXWRWDNHSLFWXUHVWKDWDUHIXUWKHUHQODUJHG
ZLWKRXWGHWHULRUDWLQJWKHSLFWXUHTXDOLW\
MPRWLRQSLFWXUHVVL]HLVVHWWR
>)+'@LQ>5HF4XDOLW\@
:KHQUHFRUGLQJPRWLRQ >([7HOH&RQY@ MPRWLRQSLFWXUHVVL]HLVVHWWR
SLFWXUHV >0RWLRQ3LFWXUH@ >+'@LQ>5HF4XDOLW\@
MPRWLRQSLFWXUHVVL]HLVVHWWR
>9*$@LQ>5HF4XDOLW\@
6WDELOL]HU=RRPDQG)ODVK
w ,QFUHDVLQJWKH]RRPPDJQLILFDWLRQLQVWHSV
7KLVFDQEHXVHGRQO\ZKHQUHFRUGLQJSLFWXUHV
6HOHFWWKHPHQX3
MENU >5HF@>([7HOH&RQY@>=220@
6HWDIXQFWLRQEXWWRQWR>=RRP&RQWURO@3
3UHVVWKHIXQFWLRQEXWWRQ
3UHVVRU
7HOH(QODUJHVGLVWDQWVXEMHFW
:LGH:LGHQVDQJOHRIYLHZ
7KH]RRPRSHUDWLRQLVWHUPLQDWHGZKHQWKHIXQFWLRQEXWWRQLVSUHVVHGDJDLQRUDFHUWDLQ
DPRXQWRIWLPHSDVVHV
4:3 4:3
EX1.0x EX2.0x
:KHQXVLQJDQLQWHUFKDQJHDEOHOHQVWKDWVXSSRUWVWKHSRZHU]RRP([WHQGHG7HOH&RQYHUVLRQ
EHFRPHVDYDLODEOHDIWHU]RRPLQJLQWRWKH7HOHHQGRIWKHRSWLFDO]RRP
2SWLFDO=RRPUDQJH)RFDOOHQJWK_
([WHQGHG7HOH&RQYHUVLRQUDQJHIRUVWLOOSLFWXUH
UHFRUGLQJ=RRPPDJQLILFDWLRQ
_ 7KLV]RRPVOLGHULVGLVSOD\HGZKHQXVLQJDQ
LQWHUFKDQJHDEOHOHQVWKDWVXSSRUWVWKHSRZHU]RRP
$FRQVWDQW]RRPVSHHGZLOOEHVHW
7KHLQGLFDWHG]RRPPDJQLILFDWLRQLVDQDSSUR[LPDWLRQ
w )L[LQJWKH]RRPPDJQLILFDWLRQDWWKHPD[LPXPOHYHO
6HOHFWWKHPHQX3
MENU >5HF@>([7HOH&RQY@>7(/(&219@
MENU >0RWLRQ3LFWXUH@>([7HOH&RQY@>21@
>2))@ >7(/(&219@>21@
4:3 4:3
6WDELOL]HU=RRPDQG)ODVK
:KHQWKH([WHQGHG7HOH&RQYHUVLRQLVXVHGDQJOHRIYLHZIRUVWLOOSLFWXUHVZLOOEHGLIIHUHQWIURP
WKHDQJOHRIYLHZIRUPRWLRQSLFWXUHVEHFDXVHWKH]RRPIDFWRULVGLIIHUHQWEHWZHHQWKHP
$QJOHRIYLHZIRUUHFRUGLQJFDQEHFKHFNHGEHIRUHKDQGE\PDWFKLQJWKH>5HF$UHD@3
VHWWLQJWRWKHPRGH\RXZLVKWRUHFRUGLQ
,I\RXDVVLJQ>([7HOH&RQY@WR>)Q%XWWRQ6HW@3LQWKH>&XVWRP@PHQX\RXFDQGLVSOD\
WKH([WHQGHG7HOH&RQYHUVLRQVHWWLQJVFUHHQIRUERWKSLFWXUHVDQGPRWLRQSLFWXUHVE\SUHVVLQJ
WKHDVVLJQHGIXQFWLRQEXWWRQ:KLOHWKLVVFUHHQLVGLVSOD\HG\RXFDQFKDQJHWKH>3LFWXUH6L]H@
VHWWLQJE\SUHVVLQJ>',63@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± >7R\(IIHFW@>7R\3RS@&UHDWLYH&RQWURO0RGH
± :KHQ>4XDOLW\@LVVHWWR> @> @RU> @
± :KHQ>%XUVW5DWH@LVVHWWR>6+@
± :KHQUHFRUGLQJ.SKRWRV
± :KHQ>+'5@LVVHWWR>21@
± :KHQXVLQJ>0XOWL([S@
± :KHQWKHPRWLRQSLFWXUHVL]HLVVHWWR>.@LQ>5HF4XDOLW\@
± :KHQWKHLPDJHRIWKHFDPHUDLVRXWSXWWKURXJKWKH+'0,FRQQHFWLRQH[FHSWIRU&UHDWLYH
9LGHR0RGH
>'LJLWDO=RRP@
$SSOLFDEOHPRGHV
$OWKRXJKWKHLPDJHTXDOLW\GHWHULRUDWHVHYHU\WLPH\RX]RRPLQIXUWKHU\RXFDQ]RRPLQ
XSWRIRXUWLPHVWKHRULJLQDO]RRPPDJQLILFDWLRQ
&RQWLQXRXV]RRPLQJLVQRWSRVVLEOH
MENU >5HF@>'LJLWDO=RRP@>V@>V@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± >7R\(IIHFW@>7R\3RS@>0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
± :KHQXVLQJ>0XOWL([S@
6WDELOL]HU=RRPDQG)ODVK
&KDQJLQJWKHVHWWLQJVIRUDSRZHU]RRPOHQV
$SSOLFDEOHPRGHV
6HWVWKHVFUHHQGLVSOD\DQGOHQVRSHUDWLRQVZKHQXVLQJDQLQWHUFKDQJHDEOHOHQVWKDWLV
FRPSDWLEOHZLWKSRZHU]RRPHOHFWULFDOO\RSHUDWHG]RRP
7KLVPD\RQO\EHVHOHFWHGZKHQXVLQJDOHQVWKDWLVFRPSDWLEOHZLWKSRZHU]RRPHOHFWULFDOO\
RSHUDWHG]RRP
7KHLQWHUFKDQJHDEOHOHQVHV+)6++6+)6$DUHQRWFRPSDWLEOHZLWK
SRZHU]RRP
)RUFRPSDWLEOHOHQVHVSOHDVHUHIHUWRRXUZHEVLWH
MENU >&XVWRP@>3RZHU=RRP/HQV@
:KHQ\RX]RRPWKHIRFDOGLVWDQFHLV
GLVSOD\HGDQG\RXFDQFRQILUPWKH]RRP
>'LVS)RFDO SRVLWLRQ
/HQJWK@ )RFDOGLVWDQFHLQGLFDWLRQ
&XUUHQWIRFDOGLVWDQFH
>21@>2))@
:KHQ\RXRSHUDWHWKH]RRPZLWKWKLVVHWWLQJ
>21@WKH]RRPZLOOVWRSDWSRVLWLRQV
FRUUHVSRQGLQJWRSUHGHWHUPLQHGGLVWDQFHV
6WHS]RRPLQGLFDWLRQ
>6WHS=RRP@
7KLVVHWWLQJGRHVQRWZRUNZKHQUHFRUGLQJ
PRWLRQSLFWXUHVRU.SKRWRVZLWK> @>.
3UH%XUVW@
>21@>2))@
:KHQ\RXWXUQWKLVXQLWRQWKH]RRPSRVLWLRQVZKHQ\RXODVWWXUQHGWKLVXQLW
>=RRP5HVXPH@ RIIDUHDXWRPDWLFDOO\UHVWRUHG
>21@>2))@
<RXFDQVHWWKH]RRPVSHHGIRU]RRPRSHUDWLRQV
,I\RXVHW>6WHS=RRP@WR>21@WKH]RRPVSHHGZLOOQRWFKDQJH
>3KRWR@
>=RRP6SHHG@
>+@+LJKVSHHG>0@0LGGOHVSHHG>/@/RZVSHHG
>9LGHR@
>+@+LJKVSHHG>0@0LGGOHVSHHG>/@/RZVSHHG
7KLVPD\RQO\EHVHOHFWHGZKHQDSRZHU]RRPFRPSDWLEOHOHQVZLWKD]RRP
OHYHUDQG]RRPULQJLVDWWDFKHG
>=RRP5LQJ@ :KHQVHWWR>2))@WKHRSHUDWLRQVFRQWUROOHGE\WKH]RRPULQJDUHGLVDEOHG
WRSUHYHQWDFFLGHQWDORSHUDWLRQ
>21@>2))@
6WDELOL]HU=RRPDQG)ODVK
=RRPLQJXVLQJWRXFKRSHUDWLRQV
<RXFDQSHUIRUP]RRPRSHUDWLRQVE\WRXFKLQJ7RXFK]RRP
2SWLFDO=RRPDQG([WHQGHG7HOH&RQYHUVLRQIRUVWLOOSLFWXUHUHFRUGLQJDUH
RSHUDEOH
,I\RXDUHXVLQJDQLQWHUFKDQJHDEOHOHQVQRWVXSSRUWLQJSRZHU]RRP+)6++6
+)6$\RXFDQRQO\RSHUDWHWKH([WHQGHG7HOH&RQYHUVLRQIRUSLFWXUHVE\VHWWLQJ>([
7HOH&RQY@3WR>=220@
7RXFK> @
7RXFK> @
7KHVOLGHEDULVGLVSOD\HG
AE
3HUIRUP]RRPRSHUDWLRQVE\GUDJJLQJWKH
VOLGHEDU
7KH]RRPVSHHGYDULHVGHSHQGLQJRQWKHWRXFKHG
SRVLWLRQ
7RXFK> @DJDLQWRHQGWRXFK]RRPRSHUDWLRQV
14 18 25
6WDELOL]HU=RRPDQG)ODVK
7DNLQJ3LFWXUHVZLWKWKH([WHUQDO)ODVK
2SWLRQDO
$SSOLFDEOHPRGHV
w 5HPRYLQJWKH+RW6KRH&RYHU
7KHFDPHUDFRPHVZLWKDKRWVKRHFRYHUDWWDFKHGWRWKHKRWVKRH
5HPRYHWKHKRWVKRHFRYHUE\SXOOLQJLWLQWKHGLUHFWLRQ
LQGLFDWHGE\DUURZZKLOHSUHVVLQJLWLQWKHGLUHFWLRQ
LQGLFDWHGE\DUURZ
:KHQWKHKRWVKRHLVQRWLQXVHPDNHVXUHWRDWWDFKWKHKRW
VKRHFRYHU
3OHDVHEHFDUHIXOQRWWRORVHWKHKRWVKRHFRYHU
.HHSWKH+RW6KRH&RYHURXWRIUHDFKRIFKLOGUHQWRSUHYHQW
VZDOORZLQJ
)RUFLQJWKHIODVKRII>Œ@
,QVLWXDWLRQVZKHUHSLFWXUHVFDQQRWEHWDNHQZLWKWKHIODVKVXFKDVZKHQWKHH[WHUQDO
IODVKLVWXUQHGRIIRUZKHQ\RXDUHUHFRUGLQJDPRWLRQSLFWXUH>Œ@IRUFHGIODVKRIILV
GLVSOD\HGRQWKHUHFRUGLQJVFUHHQDQGWKHIODVKGRHVQRWILUH
,QWKHIROORZLQJFDVHVWKHIODVKLVIL[HGWR>Œ@IRUFHGIODVKRII
:KHQUHFRUGLQJPRWLRQSLFWXUHV
:KHQUHFRUGLQJ.SKRWRV
:KHQXVLQJWKHHOHFWURQLFVKXWWHU
:KHQ>+'5@LVVHWWR>21@
:KHQ>6LOHQW0RGH@LVVHWWR>21@
:KHQDQLPDJHHIIHFWLQ>)LOWHU6HOHFW@RI>)LOWHU6HWWLQJV@LVVHW
8VLQJWKHIODVKVNLOOIXOO\
:KHQUHFRUGLQJZLWKWKHIODVKZKLWHVDWXUDWLRQFDQRFFXULIWKHVXEMHFWLVWRRFORVH
,I>+LJKOLJKW@RIWKH>&XVWRP@PHQXLVVHWWR>21@UHJLRQVRIZKLWHVDWXUDWLRQZLOOEOLQNEODFN
DQGZKLWHZKHQ\RXSOD\EDFNRUXVH$XWR5HYLHZ,QWKLVFDVHZHUHFRPPHQGWKDW\RX
DGMXVW>)ODVK$GMXVW@3LQWKHPLQXVGLUHFWLRQDQGUHFRUGWKHSLFWXUHVDJDLQ
:KHQWDNLQJSLFWXUHVZLWKIODVKZLWKWKHOHQVKRRGDWWDFKHGWKHORZHUSRUWLRQRIWKHSKRWR
PD\WXUQGDUNDQGWKHFRQWURORIWKHIODVKPD\EHGLVDEOHGEHFDXVHWKHSKRWRIODVKPD\EH
REVFXUHGE\WKHOHQVKRRG:HUHFRPPHQGGHWDFKLQJWKHOHQVKRRG
6WDELOL]HU=RRPDQG)ODVK
:KHQXVLQJRWKHUFRPPHUFLDOO\DYDLODEOHH[WHUQDOIODVKHVZLWKRXW
FRPPXQLFDWLRQIXQFWLRQVZLWKWKHFDPHUD
,WLVQHFHVVDU\WRVHWWKHH[SRVXUHRQWKHH[WHUQDOIODVK,I\RXZDQWWRXVHWKHH[WHUQDOIODVK
LQ$XWR0RGHXVHDQH[WHUQDOIODVKWKDWDOORZV\RXWRVHWWKHDSHUWXUHYDOXHDQGWKH,62
VHQVLWLYLW\WRPDWFKWKHVHWWLQJVRQWKHFDPHUD
6HWWR$SHUWXUH3ULRULW\$(0RGHRU0DQXDO([SRVXUH0RGHRQWKHFDPHUDDQGWKHQVHWWKH
VDPHDSHUWXUHYDOXHDQG,62VHQVLWLYLW\RQWKHH[WHUQDOIODVK7KHH[SRVXUHFDQQRWEH
FRPSHQVDWHGDGHTXDWHO\GXHWRWKHFKDQJHRQWKHDSHUWXUHYDOXHLQ6KXWWHU3ULRULW\$(
0RGHDQGWKHH[WHUQDOIODVKFDQQRWFRQWUROWKHOLJKWDGHTXDWHO\LQ3URJUDP$(0RGH
EHFDXVHWKHDSHUWXUHYDOXHFDQQRWEHIL[HG
'RQRWEULQJDQ\REMHFWVQHDUWKHIODVK7KHKHDWDQGOLJKWIURPWKHIODVKPD\FDXVHWKHREMHFWV
WRGHIRUPRUGLVFRORU
,WPD\WDNHWLPHWRFKDUJHWKHIODVKLI\RXUHSHDWHGO\WDNHSLFWXUHV<RXPXVWZDLWDPRPHQWWR
WDNHWKHQH[WSLFWXUHZKLOHWKHIODVKLFRQLVEOLQNLQJUHGLQGLFDWLQJWKHIODVKLVFKDUJLQJ7DNHD
SLFWXUHDIWHUWKHDFFHVVLQGLFDWLRQGLVDSSHDUV
<RXFDQVHWWKHDSHUWXUHYDOXHWKHVKXWWHUVSHHGDQGWKH,62VHQVLWLYLW\RQWKHFDPHUDHYHQ
ZKHQDWWDFKLQJWKHH[WHUQDOIODVK
,I\RXXVHWKHH[WHUQDOIODVKZKHQWKH:KLWH%DODQFHLVVHWWR> @ILQHO\DGMXVWWKH:KLWH
%DODQFHGHSHQGLQJRQWKHSLFWXUHTXDOLW\3
,I\RXUHFRUGDWFORVHUDQJHZLWKDZLGHDQJOHOLJKWIURPWKHIODVKPD\EHEORFNHGE\WKHOHQV
GDUNHQLQJWKHORZHUSDUWRIWKHVFUHHQ
7KHFDPHUDZLOOEHFRPHXQVWDEOHZKHQDWWDFKLQJWKHH[WHUQDOIODVKLWLVUHFRPPHQGHGWRXVH
DWULSRGZKHQWDNLQJSLFWXUH
:KHQDWWDFKLQJWKHH[WHUQDOIODVKGRQRWKROGRQO\WKHH[WHUQDOIODVKEHFDXVHLWPD\GHWDFK
IURPWKHFDPHUD
(YHQLIWKHH[WHUQDOIODVKLVWXUQHGRIIWKHFDPHUDPD\HQWHUWKHH[WHUQDOIODVKPRGHZKHQWKH
H[WHUQDOIODVKLVDWWDFKHG5HPRYHWKHH[WHUQDOIODVKZKHQLWLVQRWLQXVHRUZKHQ\RXFDUU\LW
'RQRWXVHFRPPHUFLDOO\DYDLODEOHH[WHUQDOIODVKHVZLWKKLJKYROWDJHV\QFKURWHUPLQDOV
UHYHUVHSRODULW\RUIXQFWLRQVWKDWHQDEOHWKHPWRFRPPXQLFDWHZLWKWKHFDPHUD'RLQJVRPD\
FDXVHWKHFDPHUDWRPDOIXQFWLRQRURSHUDWHLQFRUUHFWO\
5HDGWKHRSHUDWLQJLQVWUXFWLRQVRIWKHH[WHUQDOIODVKIRUGHWDLOV
6WDELOL]HU=RRPDQG)ODVK
6HWWLQJWKH)ODVK)XQFWLRQV
>)ODVK@LQWKH>5HF@PHQXLVDYDLODEOHRQO\ZKHQDQH[WHUQDOIODVKLVDWWDFKHG
&KDQJLQJWKHILULQJPRGH
$SSOLFDEOHPRGHV
6HOHFWZKHWKHUWRVHWWKHIODVKRXWSXWDXWRPDWLFDOO\RUPDQXDOO\
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>)LULQJ0RGH@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
>77/@ 7KHFDPHUDDXWRPDWLFDOO\VHWVWKHIODVKRXWSXW
6HWWKHOXPLQRVLW\UDWLRRIWKHIODVKPDQXDOO\,Q>77/@\RXFDQVKRRWWKH
>0$18$/@ SKRWRJUDSK\RXZDQWHYHQZKHQVKRRWLQJGDUNVFHQHVWKDWPD\
RWKHUZLVHEHWRREULJKWO\OLWE\WKHIODVK
6HWWLQJWKHRXWSXWUDWLRPDQXDOO\
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>0DQXDO)ODVK$GMXVW@
3UHVVWRVHOHFWDQLWHPDQGWKHQSUHVV>0(186(7@
<RXFDQVHWIURP>@IXOOEULJKWQHVVWR>@LQVWHSVRI>@
7KLVLWHPLVDYDLODEOHRQO\ZKHQ>)LULQJ0RGH@LVVHWWR>0$18$/@
6WDELOL]HU=RRPDQG)ODVK
&KDQJLQJ)ODVK0RGH
$SSOLFDEOHPRGHV
6HWWKHIODVKWRPDWFKWKHUHFRUGLQJ
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>)ODVK0RGH@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
7KHIODVKLVDFWLYDWHGHYHU\WLPH
UHJDUGOHVVRIWKHUHFRUGLQJFRQGLWLRQV
‰ >)RUFHG)ODVK2Q@ 8VHWKLVZKHQ\RXUVXEMHFWLV
>)RUFHG2Q
_ EDFNOLWRUXQGHUIOXRUHVFHQWOLJKW
5HG(\H@
:KHQWDNLQJSLFWXUHVDJDLQVWDGDUN
EDFNJURXQGODQGVFDSHWKLVIHDWXUH
ZLOOVORZWKHVKXWWHUVSHHGZKHQWKH
IODVKLVDFWLYDWHG'DUNEDFNJURXQG
>6ORZ6\QF@
ODQGVFDSHZLOODSSHDUEULJKWHU
>6ORZ6\QF
5HG(\H@_ 8VHWKLVZKHQ\RXWDNHSLFWXUHVRI
SHRSOHLQIURQWRIDGDUNEDFNJURXQG
8VLQJDVORZHUVSHHGFDQFDXVHPRWLRQEOXU8VLQJD
WULSRGFDQHQKDQFH\RXUSKRWRV
7KHIODVKLVQRWDFWLYDWHGLQDQ\UHFRUGLQJFRQGLWLRQV
Œ >)RUFHG)ODVK2II@ 8VHWKLVZKHQ\RXWDNHSLFWXUHVLQSODFHVZKHUHWKHXVH
RIIODVKLVQRWSHUPLWWHG
_ ,WFDQEHVHWRQO\ZKHQ>:LUHOHVV@LQ>)ODVK@LVVHWWR>2))@DQG>)LULQJ0RGH@LVVHWWR>77/@
6RPHIODVKPRGHVPD\QRWEHDYDLODEOHGHSHQGLQJRQWKHH[WHUQDOIODVK¶VVHWWLQJV
7KHIODVKLVDFWLYDWHGWZLFH
7KHLQWHUYDOEHWZHHQWKHILUVWDQGVHFRQGIODVKLVORQJHUZKHQ> @RU> @LV
VHW7KHVXEMHFWVKRXOGQRWPRYHXQWLOWKHVHFRQGIODVKLVDFWLYDWHG
7KH5HG(\H5HGXFWLRQHIIHFWGLIIHUVEHWZHHQSHRSOH$OVRLIWKHVXEMHFWZDVIDUDZD\IURP
WKHFDPHUDRUZDVQRWORRNLQJDWWKHILUVWIODVKWKHHIIHFWPD\QRWEHHYLGHQW
w &RUUHFWLQJUHGH\HV
$SSOLFDEOHPRGHV
> @LVGLVSOD\HGRQWKHLFRQZKHQLWLVVHWWR>21@
8QGHUFHUWDLQFLUFXPVWDQFHVUHGH\HFDQQRWEHFRUUHFWHG
6WDELOL]HU=RRPDQG)ODVK
w $YDLODEOHIODVKVHWWLQJVE\5HFRUGLQJ0RGH
7KHDYDLODEOHIODVKVHWWLQJVGHSHQGRQWKH5HFRUGLQJ0RGH
n $YDLODEOH² 1RWDYDLODEOH
5HFRUGLQJ0RGH ‰ Œ
,QWHOOLJHQW$XWR0RGH ²_ ²_ ²_ ²_ ²_
,QWHOOLJHQW$XWR3OXV0RGH ²_ ²_ ²_ ²_ ²_
3URJUDP$(0RGH n n n n n
$SHUWXUH3ULRULW\$(0RGH n n n n n
6KXWWHU3ULRULW\$(0RGH n n ² ² n
0DQXDO([SRVXUH0RGH n n ² ² n
&UHDWLYH9LGHR0RGH ² ² ² ² n
3DQRUDPD6KRW0RGH ² ² ² ² n
&UHDWLYH&RQWURO0RGH ² ² ² ² n
_ &DQQRWEHVHWXVLQJWKH>5HF@PHQX
> @LVVHWZKHQWKHIODVKLVXVHG3
7KHIODVKVHWWLQJPD\FKDQJHLIWKH5HFRUGLQJ0RGHLVFKDQJHG6HWWKHIODVKVHWWLQJDJDLQLI
QHFHVVDU\
w 6KXWWHUVSHHGIRUHDFKIODVKVHWWLQJ
)ODVKVHWWLQJ 6KXWWHUVSHHG6HF )ODVKVHWWLQJ 6KXWWHUVSHHG6HF
‰
WK_WRWK WRWK
6WDELOL]HU=RRPDQG)ODVK
6HWWLQJWRWKHQG&XUWDLQ6\QFKUR
$SSOLFDEOHPRGHV
QGFXUWDLQV\QFKURDFWLYDWHVWKHIODVKMXVWEHIRUHWKHVKXWWHUFORVHVZKHQWDNLQJSLFWXUHV
RIPRYLQJREMHFWVVXFKDVFDUVXVLQJDVORZVKXWWHUVSHHG
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>)ODVK6\QFKUR@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
VWFXUWDLQV\QFKUR
7KHQRUPDOPHWKRGZKHQWDNLQJSLFWXUHVZLWKWKHIODVK
>67@
QGFXUWDLQV\QFKUR
7KHOLJKWVRXUFHDSSHDUVEHKLQGWKHVXEMHFWDQGSLFWXUH
>1'@
EHFRPHVG\QDPLF
6HWLWWR>67@IRUQRUPDOXVH
>QG@LVGLVSOD\HGLQWKHIODVKLFRQRQWKHVFUHHQLI\RXVHW>)ODVK6\QFKUR@WR>1'@
2QO\DYDLODEOHZKHQ>:LUHOHVV@LQ>)ODVK@LVVHWWR>2))@3
:KHQDIDVWVKXWWHUVSHHGLVVHWWKHHIIHFWRI>)ODVK6\QFKUR@PD\GHWHULRUDWH
<RXFDQQRWVHW> @RU> @ZKHQ>)ODVK6\QFKUR@LVVHWWR>1'@
6WDELOL]HU=RRPDQG)ODVK
$GMXVWWKHIODVKRXWSXW
$SSOLFDEOHPRGHV
$GMXVWWKHIODVKEULJKWQHVVZKHQSLFWXUHVWDNHQZLWKWKHIODVKDUHRYHURUXQGHUH[SRVHG
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>)ODVK$GMXVW@
3UHVVWRVHWWKHIODVKRXWSXWDQGWKHQSUHVV>0(186(7@
<RXFDQDGMXVWIURP>L(9@WR>K(9@LQVWHSVRI (9
6HOHFW>P@WRUHWXUQWRWKHRULJLQDOIODVKRXWSXW
>K@RU>L@LVGLVSOD\HGRQWKHIODVKLFRQLQWKHVFUHHQZKHQWKHIODVKOHYHOLVDGMXVWHG
,WFDQEHVHWRQO\ZKHQ>:LUHOHVV@LQ>)ODVK@LVVHWWR>2))@DQG>)LULQJ0RGH@LVVHWWR>77/@
3
6\QFKURQL]LQJWKHRXWSXWRIWKHIODVKWRWKH([SRVXUH&RPSHQVDWLRQ
$SSOLFDEOHPRGHV
7KHFDPHUDDXWRPDWLFDOO\RSWLPL]HVWKHIODVKRXWSXWIRUWKH([SRVXUH&RPSHQVDWLRQ
YDOXH
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>$XWR([SRVXUH&RPS@
6HWWLQJV>21@>2))@
)RUGHWDLOVRQ([SRVXUH&RPSHQVDWLRQUHIHUWR3
6WDELOL]HU=RRPDQG)ODVK
7DNLQJ3LFWXUHVZLWK:LUHOHVV)ODVKHV
$SSOLFDEOHPRGHV
%\XVLQJIODVKHVWKDWVXSSRUWZLUHOHVVUHFRUGLQJ'0:)//'0:)//RSWLRQDO
\RXFDQVHSDUDWHO\FRQWUROWKHILULQJRIWKUHHIODVKJURXSVDQGWKHIODVKDWWDFKHGWRWKHKRW
VKRHRIWKHFDPHUD
w 3ODFLQJZLUHOHVVIODVKHV
3ODFHWKHZLUHOHVVIODVKZLWKLWVZLUHOHVVVHQVRUIDFLQJWRZDUGWKHFDPHUD
7KHIROORZLQJILJXUHVKRZVWKHHVWLPDWHGFRQWUROODEOHUDQJHZKHQ\RXWDNHSLFWXUHVE\
KROGLQJWKHFDPHUDKRUL]RQWDOO\&RQWUROODEOHUDQJHGLIIHUVGHSHQGLQJRQWKHVXUURXQGLQJ
HQYLURQPHQW
3ODFHPHQWUDQJH>ZKHQDIODVK
3ODFHPHQWH[DPSOH
'0:)//RSWLRQDOLVDWWDFKHG@
7m (23 feet)
30° C
5m 30°
(16 feet) 7m
(23 feet)
50° A
50° B
5m
(16 feet)
,QWKLVSODFHPHQWH[DPSOHIODVK&LVSODFHGWRHUDVHWKHVKDGRZRIWKHVXEMHFWWKDWIODVKHV$
DQG%ZLOOFUHDWH
7KHUHFRPPHQGHGQXPEHURIZLUHOHVVIODVKHVIRUHDFKJURXSLVWKUHHRUOHVV
,IWKHVXEMHFWLVWRRFORVHVLJQDOIODVKLQJPD\DIIHFWWKHH[SRVXUH
,I\RXVHW>&RPPXQLFDWLRQ/LJKW@WR>/2:@RUORZHUWKHRXWSXWZLWKDGLIIXVHURUVLPLODUSURGXFW
WKHHIIHFWZLOOEHUHGXFHG
6WDELOL]HU=RRPDQG)ODVK
3UHSDUDWLRQV
$WWDFKWKHIODVK'0:)//'0:)//RSWLRQDOWRWKHFDPHUD
6HWWKHZLUHOHVVIODVKHVWR5&0RGHDQGWKHQSODFHWKHP
6HWDFKDQQHODQGJURXSVIRUWKHZLUHOHVVIODVK
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>:LUHOHVV@
3UHVVWRVHOHFW>21@DQGWKHQSUHVV>0(186(7@
:KHQ>:LUHOHVV@LVVHWWR>21@>:/@LVGLVSOD\HGRQWKHIODVKLFRQRQWKHUHFRUGLQJ
VFUHHQ
3UHVVWRVHOHFW>:LUHOHVV&KDQQHO@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHFKDQQHODQGWKHQSUHVV>0(186(7@
6HOHFWWKHFKDQQHO\RXKDYHVHWIRUWKHZLUHOHVVIODVKHVLQVWHS
3UHVVWRVHOHFW>:LUHOHVV6HWXS@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWDQLWHPDQGWKHQSUHVV>0(186(7@
6WDELOL]HU=RRPDQG)ODVK
3UHVV>',63@WRILUHDWHVWIODVK
)LULQJ0RGH
)ODVKRXWSXW
/XPLQRVLW\UDWLR
>)LULQJ0RGH@
>77/@ 7KHFDPHUDDXWRPDWLFDOO\VHWVWKHRXWSXW
>$872@ )ODVKRXWSXWLVVHWE\WKHH[WHUQDOIODVK
>0$18$/@ 6HWWKHOXPLQRVLW\UDWLRRIWKHH[WHUQDOIODVKPDQXDOO\
>2))@ 7KHIODVKRQWKHFDPHUDVLGHHPLWVRQO\FRPPXQLFDWLRQOLJKW
>([WHUQDO
>)ODVK$GMXVW@
)ODVK@
6HWWKHIODVKRXWSXWRIWKHFDPHUDPDQXDOO\ZKHQ>)LULQJ0RGH@LVVHWWR
>77/@
>0DQXDO)ODVK$GMXVW@
6HWWKHOXPLQRVLW\UDWLRRIWKHH[WHUQDOIODVKZKHQ>)LULQJ0RGH@LVVHWWR
>0$18$/@
<RXFDQVHWIURP>@IXOOEULJKWQHVVWR>@LQVWHSVRI
>)LULQJ0RGH@
>77/@ 7KHFDPHUDDXWRPDWLFDOO\VHWVWKHRXWSXW
>$872@ 7KHZLUHOHVVIODVKHVDXWRPDWLFDOO\VHWWKHRXWSXW
>0$18$/@ 6HWWKHOXPLQRVLW\UDWLRRIWKHZLUHOHVVIODVKHVPDQXDOO\
6WDELOL]HU=RRPDQG)ODVK
8VLQJRWKHUVHWWLQJVIRUZLUHOHVVIODVKUHFRUGLQJ
(QDEOLQJ)3ILULQJIRUWKHZLUHOHVVIODVKHV
'XULQJZLUHOHVVUHFRUGLQJDQH[WHUQDOIODVKILUHVDQ)3IODVKKLJKVSHHGUHSHWLWLRQRIIODVK
ILULQJ7KLVILULQJDOORZVUHFRUGLQJZLWKWKHIODVKDWDIDVWVKXWWHUVSHHG
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>:LUHOHVV)3@
6HWWLQJV>21@>2))@
6HWWLQJWKHRXWSXWRIFRPPXQLFDWLRQOLJKW
6HWWKHFRPPXQLFDWLRQOLJKWOHYHOIRUZLUHOHVVUHFRUGLQJ
6HOHFWWKHPHQX3
MENU >5HF@>)ODVK@>&RPPXQLFDWLRQ/LJKW@
6HWWLQJV>+,*+@>67$1'$5'@>/2:@
9. 5HFRUGLQJ0RWLRQ3LFWXUHV
5HFRUGLQJ0RWLRQ3LFWXUH
$SSOLFDEOHPRGHV
7KLVFDPHUDFDQUHFRUGIXOOKLJKGHILQLWLRQPRWLRQSLFWXUHVFRPSDWLEOHZLWKWKH$9&+'
IRUPDWRUPRWLRQSLFWXUHVUHFRUGHGLQ03
,QDGGLWLRQWKHFDPHUDFDQUHFRUG.PRWLRQSLFWXUHVLQ033
$XGLRZLOOEHUHFRUGHGLQVWHUHR
6WDUWUHFRUGLQJE\SUHVVLQJWKHPRWLRQ
SLFWXUHEXWWRQ
(ODSVHGUHFRUGLQJWLPH
$YDLODEOHUHFRUGLQJWLPH
5HFRUGLQJRIPRWLRQSLFWXUHDSSURSULDWHIRUHDFKPRGHLV
SRVVLEOH
7KHUHFRUGLQJVWDWHLQGLFDWRUUHGZLOOIODVKZKLOH
UHFRUGLQJPRWLRQSLFWXUHV 3s
,IQRRSHUDWLRQLVSHUIRUPHGSDUWRIWKHLQIRUPDWLRQRQ
WKHVFUHHQZLOOJUDGXDOO\EHFRPHGDUNHUDIWHU
DSSUR[LPDWHO\VHFRQGVKDVSDVVHGDQGZLOOQR
ORQJHUEHGLVSOD\HGDIWHUDSSUR[LPDWHO\PLQXWHKDV R1m37s
SDVVHG
3UHVVLQJWKH>',63@EXWWRQRUWRXFKLQJWKHPRQLWRUZLOO
PDNHWKHGLVSOD\UHDSSHDU
7KLVRSHUDWLRQLVWRSUHYHQWVFUHHQEXUQLQDQGLVQRWDPDOIXQFWLRQ
5HOHDVHWKHPRWLRQSLFWXUHEXWWRQULJKWDIWHU\RXSUHVVLW
6WRSWKHUHFRUGLQJE\SUHVVLQJWKHPRWLRQSLFWXUHEXWWRQDJDLQ
6WLOOSLFWXUHUHFRUGLQJLVDOVRSRVVLEOHGXULQJWKHPRWLRQSLFWXUHUHFRUGLQJE\IXOO\
SUHVVLQJWKHVKXWWHUEXWWRQ3
5HFRUGLQJ0RWLRQ3LFWXUHV
$ERXWWKHRSHUDWLRQVRXQGWKDWLVSURGXFHGZKHQ\RXVWRSUHFRUGLQJ
6LQFHPRWLRQSLFWXUHUHFRUGLQJVWRSVRQO\DIWHU\RXSUHVVWKHPRWLRQSLFWXUHEXWWRQWKH
VRXQGRIWKHRSHUDWLRQPD\EHQRWLFHDEOH,IWKHVRXQGERWKHUV\RXWU\WKHIROORZLQJ
± 'LYLGHWKHODVWSDUWRIWKHPRWLRQSLFWXUHXVLQJ>9LGHR'LYLGH@3LQWKH>3OD\EDFN@
PHQX
7KHPRWLRQSLFWXUHPD\QRWEHGLYLGHGQHDUWKHYHU\HQGRILW7RDYRLGWKLVUHFRUG
DSSUR[LPDWHO\ VHFRQGVORQJHU
± 6HWWKHFDPHUDWR&UHDWLYH9LGHR0RGHDQGXVHDVKXWWHUUHPRWHFRQWURORSWLRQDOWR
UHFRUGPRWLRQSLFWXUHV3
(QDEOLQJGLVDEOLQJWKHPRWLRQSLFWXUHEXWWRQ
MENU >&XVWRP@>9LGHR%XWWRQ@>21@>2))@
7KLVIXQFWLRQLVIRUSUHYHQWLQJDFFLGHQWDORSHUDWLRQRIWKHEXWWRQ
6ZLWFKLQJEHWZHHQWKHDQJOHRIYLHZIRUWDNLQJSLFWXUHVDQGWKHRQHIRU
UHFRUGLQJPRWLRQSLFWXUHV
:KHQWKHDVSHFWUDWLRVHWWLQJLVGLIIHUHQWLQVWLOODQGPRWLRQSLFWXUHVWKHDQJOHRIYLHZ
FKDQJHVDWWKHVWDUWRIPRWLRQSLFWXUHUHFRUGLQJ
:KHQ>5HF$UHD@LVVHWWR> @DQJOHRIYLHZGXULQJPRWLRQSLFWXUHUHFRUGLQJLVGLVSOD\HG
7KHUHFRUGLQJDUHDLQGLFDWHGLVDQDSSUR[LPDWLRQ
>5HF$UHD@LVQRWDYDLODEOHIRU.SKRWRUHFRUGLQJ
5HFRUGLQJ0RWLRQ3LFWXUHV
:KHQWKHDPELHQWWHPSHUDWXUHLVKLJKRUPRWLRQSLFWXUHLVUHFRUGHGFRQWLQXRXVO\WKHFDPHUD
PD\GLVSOD\> @DQGVWRSWKHUHFRUGLQJWRSURWHFWLWVHOI:DLWXQWLOWKHFDPHUDFRROVGRZQ
7KHRSHUDWLRQDOVRXQGRIWKH]RRPRUEXWWRQRSHUDWLRQPD\EHUHFRUGHGZKHQLWLVRSHUDWHG
GXULQJWKHUHFRUGLQJRIDPRWLRQSLFWXUH
7KHDYDLODEOHUHFRUGLQJWLPHGLVSOD\HGRQWKHVFUHHQPD\QRWGHFUHDVHUHJXODUO\
'HSHQGLQJRQWKHW\SHRIWKHFDUGWKHFDUGDFFHVVLQGLFDWLRQPD\DSSHDUIRUDZKLOHDIWHU
UHFRUGLQJPRWLRQSLFWXUHV7KLVLVQRWDPDOIXQFWLRQ
7KH>6HQVLWLYLW\@ZLOOEHVHWWR>$872@IRUPRWLRQSLFWXUHVZKHQUHFRUGLQJPRWLRQSLFWXUHV
$OVRWKH>,62/LPLW6HW@ZLOOQRWRSHUDWH
(YHQLI>2SHUDWLRQ0RGH@LQ>6WDELOL]HU@LVVHWWR> @> @ZLOORSHUDWHLQPRWLRQSLFWXUH
UHFRUGLQJ
,WLVUHFRPPHQGHGWRXVHDIXOO\FKDUJHGEDWWHU\RU$&DGDSWRURSWLRQDOZKHQUHFRUGLQJ
PRWLRQSLFWXUHV3
,IZKLOHUHFRUGLQJPRWLRQSLFWXUHVXVLQJWKH$&DGDSWRURSWLRQDOWKHSRZHUVXSSO\LVFXWRII
GXHWRDSRZHUFXWRULIWKH$&DGDSWRURSWLRQDOLVGLVFRQQHFWHGHWFWKHPRWLRQSLFWXUHZLOO
QRWEHUHFRUGHG
7KHIXQFWLRQVDYDLODEOHZKHQUHFRUGLQJPRWLRQSLFWXUHVGLIIHUDFFRUGLQJWRWKHOHQV\RXDUH
XVLQJDQGWKHRSHUDWLRQDOVRXQGRIWKHOHQVPD\EHUHFRUGHG5HIHUWRWKHZHEVLWHIRU
FRPSDWLEOHOHQVHV
,WZLOOEHUHFRUGHGLQWKHIROORZLQJFDWHJRULHVIRUFHUWDLQ5HFRUGLQJ0RGHV$PRWLRQSLFWXUH
UHFRUGLQJPDWFKLQJHDFK5HFRUGLQJ0RGHZLOOEHSHUIRUPHGIRUWKHRQHVQRWOLVWHGEHORZ
5HFRUGLQJ0RGHZKLOH
6HOHFWHG5HFRUGLQJ0RGH
UHFRUGLQJPRWLRQSLFWXUH
± 3URJUDP$(0RGH
± $SHUWXUH3ULRULW\$(0RGH
1RUPDOPRWLRQSLFWXUH
± 6KXWWHU3ULRULW\$(0RGH
± 0DQXDO([SRVXUH0RGH
1RWDYDLODEOHLQWKHVHFDVHV
0RWLRQSLFWXUHVFDQQRWEHUHFRUGHGLQWKHIROORZLQJFDVHV
± >5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>0LQLDWXUH(IIHFW@_>6RIW)RFXV@>6WDU)LOWHU@
>6XQVKLQH@&UHDWLYH&RQWURO0RGH
_ 2QO\ZKHQWKHPRWLRQSLFWXUHVL]HLVVHWWR>.@LQ>5HF4XDOLW\@
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQXVLQJ>6WRS0RWLRQ$QLPDWLRQ@
5HFRUGLQJ0RWLRQ3LFWXUHV
5HFRUGLQJPRWLRQSLFWXUHVLQ.
$SSOLFDEOHPRGHV
<RXFDQFUHDWHILQHO\GHWDLOHGPRWLRQSLFWXUHVLQ.E\UHFRUGLQJPRWLRQSLFWXUHVZLWKWKHLU
VL]HVHWWR>.@LQ>5HF4XDOLW\@
:KHQUHFRUGLQJPRWLRQSLFWXUHVLQ.XVHDFDUGUDWHGDV8+66SHHG&ODVV 3
7KHDQJOHRIYLHZRIPRWLRQSLFWXUHVLQ.LVQDUURZHUWKDQWKRVHRIPRWLRQSLFWXUHVLQRWKHU
VL]HV
7RUHFRUGPRWLRQSLFWXUHVLQ.
6HW>5HF)RUPDW@LQWKH>0RWLRQ3LFWXUH@PHQXWR>03@3
6HW>5HF4XDOLW\@LQWKH>0RWLRQ3LFWXUH@PHQXWR>.0S@RU>.0S@
3
6WDUWUHFRUGLQJE\SUHVVLQJWKHPRWLRQSLFWXUHEXWWRQ
6WRSWKHUHFRUGLQJE\SUHVVLQJWKHPRWLRQSLFWXUHEXWWRQDJDLQ
7KHFDPHUDSHUIRUPVUHFRUGLQJZLWKKLJKO\DFFXUDWHIRFXVDWDUHGXFHG$XWR)RFXVVSHHG$V
DUHVXOWLWPD\VRPHWLPHVEHGLIILFXOWWRIRFXVZLWK$XWR)RFXV7KLVLVQRWDPDOIXQFWLRQ
5HFRUGLQJ0RWLRQ3LFWXUHV
6HWWLQJWKHIRUPDWVL]HDQGUHFRUGLQJIUDPHUDWH
$SSOLFDEOHPRGHV
6HOHFWWKHPHQX3
MENU >0RWLRQ3LFWXUH@>5HF)RUPDW@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
7KLVGDWDIRUPDWLVVXLWDEOHIRUZKHQSOD\LQJEDFNRQDKLJKGHILQLWLRQ
>$9&+'@
79HWF
>03@ 7KLVGDWDIRUPDWLVVXLWDEOHIRUZKHQSOD\LQJEDFNRQD3&HWF
3UHVVWRVHOHFW>5HF4XDOLW\@DQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHLWHPDQGWKHQSUHVV>0(186(7@
([LWWKHPHQXDIWHULWLVVHW
:KHQ>$9&+'@LVVHOHFWHG
5HFRUGLQJIUDPH
,WHP 6L]H 6HQVRURXWSXW %LWUDWH
UDWH
_ $9&+'3URJUHVVLYH
5HFRUGLQJ0RWLRQ3LFWXUHV
:KHQ>03@LVVHOHFWHG
5HFRUGLQJIUDPH
,WHP 6L]H 6HQVRURXWSXW %LWUDWH
UDWH
:KDWLVELWUDWH
7KLVLVWKHYROXPHRIGDWDIRUDGHILQLWHSHULRGRIWLPHDQGWKHTXDOLW\EHFRPHVKLJKHUZKHQWKH
QXPEHUJHWVELJJHU7KLVXQLWLVXVLQJWKH³9%5´UHFRUGLQJPHWKRG³9%5´LVDQDEEUHYLDWLRQIRU
³9DULDEOH%LW5DWH´DQGWKHELWUDWHYROXPHRIGDWDIRUGHILQLWHSHULRGRIWLPHLVFKDQJHG
DXWRPDWLFDOO\GHSHQGLQJRQWKHVXEMHFWWRUHFRUG7KHUHIRUHWKHUHFRUGLQJWLPHLVVKRUWHQHG
ZKHQDVXEMHFWZLWKIDVWPRYHPHQWLVUHFRUGHG
w $ERXWWKHFRPSDWLELOLW\RIWKHUHFRUGHGPRWLRQSLFWXUHV
(YHQZKHQDFRPSDWLEOHGHYLFHLVXVHGUHFRUGHGPRWLRQSLFWXUHVPD\EHSOD\HGEDFN
ZLWKUHGXFHGSLFWXUHDQGVRXQGTXDOLW\RUWKH\PD\QRWEHSOD\HGEDFN
$OVRUHFRUGLQJLQIRUPDWLRQPD\QRWEHGLVSOD\HGFRUUHFWO\8VHWKLVXQLWWRSOD\EDFNLQ
VXFKFDVH
,I\RXZDQWWRXVHDQRWKHUGHYLFHWRSOD\EDFNPRWLRQSLFWXUHVUHFRUGHGLQ>)+'0S@
>)+'0S@>)+'0S@RI>$9&+'@RULI\RXZDQWWRWUDQVIHUWKHPWRWKHGHYLFHD3&
LQVWDOOHGZLWK³3+272IXQ678',2´RUDFRPSDWLEOH%OXUD\GLVFUHFRUGHULVUHTXLUHG
)RUPRWLRQSLFWXUHVUHFRUGHGZLWK>03@VHWWR>.0S@RU>.0S@UHIHUWR
³:DWFKLQJ.PRWLRQSLFWXUHVRQD796DYLQJ.PRWLRQSLFWXUHVRQ\RXU3&RUUHFRUGHU´RQ
3
5HFRUGLQJ0RWLRQ3LFWXUHV
+RZWRVHWIRFXVZKHQUHFRUGLQJDPRWLRQSLFWXUH>&RQWLQXRXV$)@
$SSOLFDEOHPRGHV
:KHQWKHIRFXVPRGHLVVHWWR>$)6@>$))@RU>$)&@LI\RXSUHVVWKHVKXWWHUEXWWRQKDOIZD\
ZKLOHUHFRUGLQJDPRWLRQSLFWXUHWKHFDPHUDZLOOUHDGMXVWWKHIRFXV
'HSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQVRUOHQVXVHGRSHUDWLRQDOVRXQGPD\EHUHFRUGHGZKHQ
WKH$XWR)RFXVLVRSHUDWHGZKLOHUHFRUGLQJDPRWLRQSLFWXUH
,WLVUHFRPPHQGHGWRUHFRUGZLWK>&RQWLQXRXV$)@LQWKH>0RWLRQ3LFWXUH@PHQXVHWWR>2))@LI
WKHVRXQGRIRSHUDWLRQERWKHUV\RXWRDYRLGUHFRUGLQJWKHOHQVQRLVH
:KHQRSHUDWLQJWKH]RRPZKLOHUHFRUGLQJPRWLRQSLFWXUHVLWPD\WDNHWLPHWRFRPHLQWRIRFXV
5HFRUGLQJ0RWLRQ3LFWXUHV
5HFRUGLQJVWLOOSLFWXUHVZKLOHUHFRUGLQJPRWLRQ
SLFWXUHV
$SSOLFDEOHPRGHV
<RXFDQUHFRUGVWLOOSLFWXUHVZKLOHUHFRUGLQJDPRWLRQSLFWXUH6LPXOWDQHRXVUHFRUGLQJ
'XULQJPRWLRQSLFWXUHUHFRUGLQJSUHVVWKH
VKXWWHUEXWWRQIXOO\WRUHFRUGDVWLOOSLFWXUH
6LPXOWDQHRXVUHFRUGLQJLQGLFDWRULVGLVSOD\HGZKLOHUHFRUGLQJ
VWLOOSLFWXUHV
5HFRUGLQJZLWKWKH7RXFK6KXWWHUIXQFWLRQ3LVDOVR
DYDLODEOH 13
w 6HWWLQJWKHPRWLRQSLFWXUHSULRULW\RUVWLOOSLFWXUHSULRULW\PRGH
$SSOLFDEOHPRGHV
5HFRUGLQJPHWKRGIRUWKHVWLOOSLFWXUHVWDNHQZKLOHUHFRUGLQJDPRWLRQSLFWXUHFDQEHVHW
ZLWK>3LFWXUH0RGH@LQWKH>0RWLRQ3LFWXUH@PHQX
3LFWXUHVZLOOEHUHFRUGHGZLWKDSLFWXUHVL]HRI>6@0
7KHSLFWXUHTXDOLW\PD\EHGLIIHUHQWWR>6@0RIVWDQGDUGSLFWXUHV
2QO\-3(*LPDJHVDUHUHFRUGHGZKHQ>4XDOLW\@LVVHWWR> @> @RU
> @
> @ :KHQVHWWR> @VWLOOSLFWXUHVZLOOEHUHFRUGHGLQ>4XDOLW\@RI>A@
>9LGHR3ULRULW\@ 8SWRVWLOOSLFWXUHVFDQEHUHFRUGHGGXULQJUHFRUGLQJRIWKHPRWLRQ
SLFWXUH
8SWRSLFWXUHVZKHQ>03@LVVHWWR>.0S@RU>.0S@
,Q>0LQLDWXUH(IIHFW@RI&UHDWLYH&RQWURO0RGHWKHUHPD\EHDVOLJKWGHOD\
EHWZHHQIXOO\SUHVVLQJWKHVKXWWHUEXWWRQDQGUHFRUGLQJ
3LFWXUHVZLOOEHUHFRUGHGZLWKWKHVHWSLFWXUHVL]HDQGTXDOLW\
7KHVFUHHQZLOOJRGDUNZKLOHUHFRUGLQJSLFWXUHV$VWLOOSLFWXUHZLOOEH
> @ UHFRUGHGLQWKHPRWLRQSLFWXUHGXULQJWKDWSHULRGDQGDXGLRLVQRWUHFRUGHG
>3KRWR3ULRULW\@ 8SWRVWLOOSLFWXUHVFDQEHUHFRUGHGGXULQJUHFRUGLQJRIWKHPRWLRQ
SLFWXUH
8SWRSLFWXUHVZKHQ>03@LVVHWWR>.0S@RU>.0S@
5HFRUGLQJ0RWLRQ3LFWXUHV
7KHSLFWXUHDVSHFWUDWLRZLOOEHIL[HGWR>@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQ>5HF)RUPDW@LVVHWWR>03@DQG>5HF4XDOLW\@LVVHWWR>9*$0S@
± :KHQ>5HF)RUPDW@LVVHWWR>$9&+'@DQG>5HF4XDOLW\@LVVHWWR>)+'0S@>RQO\ZKHQ
> @>3KRWR3ULRULW\@LVVHW@
± :KHQWKHGULYHPRGHLVVHWWR.3KRWRRQO\ZKHQ> @>3KRWR3ULRULW\@LVVHW
± :KHQXVLQJ>([7HOH&RQY@LQWKH>0RWLRQ3LFWXUH@PHQX>RQO\ZKHQ> @>3KRWR3ULRULW\@LV
VHW@
± :KHQ>6QDS0RYLH@LVVHWWR>21@
5HFRUGLQJ0RWLRQ3LFWXUHV
5HFRUGLQJ6QDS0RYLHV
$SSOLFDEOHPRGHV
<RXFDQVSHFLI\WKHUHFRUGLQJWLPHLQDGYDQFHDQGUHFRUGPRWLRQSLFWXUHVFDVXDOO\OLNH\RX
WDNHVQDSVKRWV7KHIXQFWLRQDOVRDOORZV\RXWRVKLIWDIRFXVDWWKHVWDUWRIUHFRUGLQJDQG
DGGIDGHLQRXWHIIHFWVLQDGYDQFH
0RWLRQSLFWXUHVZLOOEHUHFRUGHGZLWK>)+'0S@LQ>03@
8VLQJWKHVPDUWSKRQHWDEOHWDSS³3DQDVRQLF,PDJH$SS´\RXFDQFRPELQHPRWLRQSLFWXUHV
UHFRUGHGZLWKWKHFDPHUD0XVLFFDQEHDGGHGDQGYDULRXVHGLWLQJRSHUDWLRQVFDQEH
SHUIRUPHGZKHQ\RXFRPELQHWKHP,QDGGLWLRQ\RXFDQVHQGWKHFRPELQHGPRWLRQSLFWXUHWRD
ZHEVHUYLFH3
6HOHFWWKHPHQX3
MENU >0RWLRQ3LFWXUH@>6QDS0RYLH@
6HOHFW>21@ZLWKDQGWKHQSUHVV>0(186(7@
7KHUHFRUGLQJWLPHZLOOEHVHWWR>6(&@DQGWKHSXOOIRFXVVHWWLQJDQGIDGHVHWWLQJZLOO
EHVHWWR>2))@
7RFKDQJHWKHVHVHWWLQJVUHIHUWR³&KDQJLQJWKH6QDS0RYLHVHWWLQJV´RQ3
3UHVVWKHVKXWWHUEXWWRQKDOIZD\WRH[LWWKHPHQX
6WDUWUHFRUGLQJE\SUHVVLQJWKHPRWLRQ
SNAP
SLFWXUHEXWWRQ
4SEC
3s
(ODSVHGUHFRUGLQJWLPH
6HWUHFRUGLQJWLPH
5HOHDVHWKHPRWLRQSLFWXUHEXWWRQULJKWDIWHU\RXSUHVVLW
<RXFDQQRWVWRSPRWLRQSLFWXUHUHFRUGLQJLQWKH 4s
PLGGOH7KHUHFRUGLQJZLOOVWRSDXWRPDWLFDOO\ZKHQWKHVHW
UHFRUGLQJWLPHKDVHODSVHG
w 7RGHDFWLYDWH6QDS0RYLH
6HOHFW>2))@LQVWHS
5HFRUGLQJ0RWLRQ3LFWXUHV
w &KDQJLQJWKH6QDS0RYLHVHWWLQJV
6HOHFW>6(7@LQVWHSDQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWDQLWHPDQGWKHQSUHVV>0(186(7@
>5HFRUG 6HWVWKHUHFRUGLQJWLPHRIPRWLRQSLFWXUHV
WLPH@ >6(&@>6(&@>6(&@>6(&@
$OORZVGUDPDWLFLPDJLQJH[SUHVVLRQE\VKLIWLQJIRFXVJUDGXDOO\DWWKHVWDUW
RIUHFRUGLQJ
>3XOO)RFXV@
>21@>2))@
5HIHUWR3IRUGHWDLOV
$GGVDIDGHLQJUDGXDODSSHDUDQFHHIIHFWWRDQLPDJHDQGDXGLRDV
UHFRUGLQJVWDUWVRUDGGVDIDGHRXWJUDGXDOGLVDSSHDUDQFHHIIHFWWRWKHP
DVUHFRUGLQJHQGV
>:+,7(,1@>:+,7(287@
$GGVDIDGHLQRUIDGHRXWHIIHFWWKDWXVHVDZKLWHVFUHHQ
>)DGH@ >%/$&.,1@>%/$&.287@
$GGVDIDGHLQRUIDGHRXWHIIHFWWKDWXVHVDEODFNVFUHHQ
>&2/25,1@>&2/25287@
$GGVDQHIIHFWWKDWIDGHVLQIURPEODFNDQGZKLWHWRFRORURUDQHIIHFWWKDW
IDGHVRXWIURPFRORUWREODFNDQGZKLWH$XGLRZLOOEHUHFRUGHGQRUPDOO\
>2))@
([LWWKHPHQXDIWHULWLVVHW
0RWLRQSLFWXUHVUHFRUGHGZLWK>:+,7(,1@RU>%/$&.,1@DUHGLVSOD\HGDVDOOZKLWHRUDOOEODFN
WKXPEQDLOVLQ3OD\EDFN0RGH
,I\RXDVVLJQ>6QDS0RYLH@WR>)Q%XWWRQ6HW@3\RXFDQGLVSOD\DVFUHHQWKDWOHWV\RX
VZLWFK>6QDS0RYLH@EHWZHHQ>21@>2))@E\SUHVVLQJWKHDVVLJQHGIXQFWLRQEXWWRQ,I\RXSUHVV
>',63@ZKLOHWKHVFUHHQLVGLVSOD\HG\RXFDQFKDQJHWKHVHWWLQJVIRU6QDS0RYLH
>6QDS0RYLH@ZLOOEHVHWWR>2))@ZKHQ\RXFRQQHFWWR:L)LZLWK>5HPRWH6KRRWLQJ 9LHZ@
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
± :KHQWKHGULYHPRGHLVVHWWR.3KRWR
5HFRUGLQJ0RWLRQ3LFWXUHV
6HWWLQJXS>3XOO)RFXV@
$JUHDWHUHIIHFWFDQEHDFKLHYHGE\FUHDWLQJDVWULNLQJFRQWUDVWRIIRFXVEHWZHHQ
WKHVWDUWDQGHQGSRVLWLRQVIRUH[DPSOHE\VKLIWLQJIRFXVIURPWKHEDFNJURXQGWR
IRUHJURXQGRUYLFHYHUVD
$IWHUVHWWLQJIRFXVWU\WRNHHSWKHGLVWDQFHEHWZHHQWKHVXEMHFWDQGWKHFDPHUD
FRQVWDQW
:KHQ>3XOO)RFXV@LVVHWWR>21@
± $XWR)RFXV0RGHZLOOEHVZLWFKHGWR> @DVHWWLQJVSHFLDOO\GHVLJQHGIRU>3XOO)RFXV@
± ,I\RXWDNHDSLFWXUHWKH$XWR)RFXVRSHUDWLRQ>Ø@ZLOOWDNHSODFHDWWKHILUVWIUDPHSRVLWLRQ
7RUHDGMXVWWKHIRFXVZKLOHUHFRUGLQJDPRWLRQSLFWXUHSUHVVWKHVKXWWHUEXWWRQKDOIZD\DIWHU
3XOO)RFXVRSHUDWLRQILQLVKHV
3XOO)RFXVGRHVQRWZRUNZKHQWKHWZRIUDPHVDUHQRWVHW
(YHQZKHQ>0HWHULQJ0RGH@3LVVHWWR> @WKHVSRWPHWHULQJWDUJHWGRHVQRWPRYHZLWK
IRFXV7KHWDUJHWLVIL[HGDWWKHVWDUWSRVLWLRQILUVWSRVLWLRQRI3XOO)RFXV
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± ,Q0DQXDO)RFXV
± :KHQXVLQJWKH'LJLWDO=RRP
± :LWKOHQVHVWKDWRQO\RIIHU0DQXDO)RFXV
± :LWKVRPH)RXU7KLUGVOHQVHV
5HFRUGLQJ0RWLRQ3LFWXUHV
8VLQJWKH>0RWLRQ3LFWXUH@0HQX
)RUGHWDLOVRQ>0RWLRQ3LFWXUH@PHQXVHWWLQJVUHIHUWR3
>3KRWR6W\OH@>)LOWHU6HWWLQJV@>$)6$))@>0HWHULQJ0RGH@>+LJKOLJKW6KDGRZ@>L'\QDPLF@
>L5HVROXWLRQ@>'LIIUDFWLRQ&RPSHQVDWLRQ@DQG>'LJLWDO=RRP@DUHFRPPRQWRERWKWKH>5HF@
PHQXDQG>0RWLRQ3LFWXUH@PHQX&KDQJLQJWKHVHVHWWLQJVLQRQHRIWKHVHPHQXVLVUHIOHFWHGLQ
RWKHUPHQX
>0RWLRQ3LFWXUH@PHQXLVQRWGLVSOD\HGLQWKHIROORZLQJFDVHV
± 3DQRUDPD6KRW0RGH
± >5RXJK0RQRFKURPH@>6LON\0RQRFKURPH@>6RIW)RFXV@>6WDU)LOWHU@>6XQVKLQH@&UHDWLYH
&RQWURO0RGH
>6QDS0RYLH@
5HIHUWR3IRUGHWDLOV
>5HF)RUPDW@
5HIHUWR3IRUGHWDLOV
>5HF4XDOLW\@
5HIHUWR3IRUGHWDLOV
>([SRVXUH0RGH@
5HIHUWR3IRUGHWDLOV
>3LFWXUH0RGH@
5HIHUWR3IRUGHWDLOV
>&RQWLQXRXV$)@
5HIHUWR3IRUGHWDLOV
>/XPLQDQFH/HYHO@
$SSOLFDEOHPRGHV
6HOHFWWKHOXPLQDQFHUDQJHWRPDWFKWKHXVHRIYLGHR
>/XPLQDQFH/HYHO@FDQEHVHWRQO\ZKHQ>03@KDVEHHQVHOHFWHGDVWKH>5HF)RUPDW@VHWWLQJ
6HWWLQJV>@>@
>@LVVXLWDEOHIRUFUHDWLQJVWLOOSLFWXUHVIURPUHFRUGHGPRWLRQSLFWXUHV
>@LVVXLWDEOHIRUQRUPDOPRWLRQSLFWXUHUHFRUGLQJ
5HFRUGLQJ0RWLRQ3LFWXUHV
>([7HOH&RQY@
5HIHUWR3IRUGHWDLOV
>)ONU'HFUHDVH@
$SSOLFDEOHPRGHV
7KHVKXWWHUVSHHGFDQEHIL[HGWRUHGXFHWKHIOLFNHURUVWULSLQJLQWKHPRWLRQSLFWXUH
6HWWLQJV>@>@>@>@>2))@
>6LOHQW2SHUDWLRQ@
5HIHUWR3IRUGHWDLOV
>0LF/HYHO'LVS@
$SSOLFDEOHPRGHV
'LVSOD\WKHPLFURSKRQHOHYHORQWKHUHFRUGLQJVFUHHQ
6HWWLQJV>21@>2))@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVH
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
>0LF/HYHO$GM@
$SSOLFDEOHPRGHV
$GMXVWWKHVRXQGLQSXWOHYHOWRGLIIHUHQWOHYHOV
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVH
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
5HFRUGLQJ0RWLRQ3LFWXUHV
>:LQG1RLVH&DQFHOOHU@
$SSOLFDEOHPRGHV
7KLVZLOOUHGXFHWKHZLQGQRLVHFRPLQJLQWRWKHEXLOWLQPLFURSKRQHZKLOHPDLQWDLQLQJ
VRXQGTXDOLW\
6HWWLQJV>+,*+@>67$1'$5'@>2))@
>+,*+@HIIHFWLYHO\UHGXFHVWKHZLQGQRLVHE\PLQLPL]LQJWKHORZSLWFKHGVRXQGZKHQDVWURQJ
ZLQGLVGHWHFWHG
>67$1'$5'@H[WUDFWVDQGUHGXFHVRQO\WKHZLQGQRLVHZLWKRXWGHWHULRUDWLQJWKHVRXQGTXDOLW\
<RXPD\QRWVHHWKHIXOOHIIHFWGHSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQV
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQZRUNVRQO\IRUWKHEXLOWLQPLFURSKRQHDQGLVQRWDYDLODEOHZKHQDQH[WHUQDO
PLFURSKRQHLVLQXVH
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVH
± >0LQLDWXUH(IIHFW@&UHDWLYH&RQWURO0RGH
10. 3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3OD\LQJ%DFN3LFWXUHV
3UHVV>(@
3UHVV 1/98
3OD\EDFNWKHSUHYLRXVSLFWXUH
3OD\EDFNWKHQH[WSLFWXUH
,I\RXSUHVVDQGKROG\RXFDQSOD\EDFNWKH
SLFWXUHVLQVXFFHVVLRQ
3LFWXUHVFDQDOVREHIRUZDUGHGRUUHZRXQGE\URWDWLQJWKHIURQWGLDORUGUDJJLQJWKH
VFUHHQKRUL]RQWDOO\3
<RXFDQIRUZDUGRUUHZLQGSLFWXUHVFRQWLQXRXVO\E\NHHSLQJ\RXUILQJHURQWKHOHIWRU
ULJKWVLGHVRIWKHVFUHHQDIWHUIRUZDUGLQJUHZLQGLQJDSLFWXUH
3LFWXUHVDUHGLVSOD\HGUHGXFHGLQVL]H
6SHHGRISLFWXUHIRUZDUGLQJUHZLQGLQJFKDQJHVGHSHQGLQJRQWKHSOD\EDFNVWDWXV
6ZLWFKLQJWKHVSHHGIRUIRUZDUGLQJRUUHZLQGLQJSLFWXUHVFRQWLQXRXVO\
6HQGLQJDQLPDJHWRDZHEVHUYLFH
,I\RXSUHVVZKHQGLVSOD\LQJLPDJHVRQHE\RQH\RXFDQHDVLO\VHQGDQLPDJHWR
DZHEVHUYLFH3
w 7RILQLVKSOD\EDFN
3UHVV>(@DJDLQRUSUHVVWKHVKXWWHUEXWWRQKDOIZD\
1RWDYDLODEOHLQWKHVHFDVHV
7KLVFDPHUDFRPSOLHVZLWKWKH'&)VWDQGDUG³'HVLJQ UXOH IRU&DPHUD )LOH V\VWHP´HVWDEOLVKHG
E\-(,7$³-DSDQ(OHFWURQLFVDQG,QIRUPDWLRQ7HFKQRORJ\,QGXVWULHV$VVRFLDWLRQ´DQGZLWK([LI
³([FKDQJHDEOH ,PDJH )LOH )RUPDW´
7KLVFDPHUDFDQRQO\GLVSOD\SLFWXUHVWKDWFRPSO\ZLWKWKH'&)VWDQGDUG
7KHFDPHUDPD\QRWSOD\EDFNLPDJHVUHFRUGHGRQRWKHUGHYLFHVFRUUHFWO\DQGWKHIXQFWLRQV
RIWKHFDPHUDPD\QRWEHDYDLODEOHIRUWKHLPDJHV
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3OD\LQJ%DFN0RWLRQ3LFWXUHV
7KLVXQLWZDVGHVLJQHGWRSOD\PRWLRQSLFWXUHVXVLQJWKH$9&+'DQG03IRUPDWV
0RWLRQSLFWXUHVDUHGLVSOD\HGZLWKWKHPRWLRQSLFWXUHLFRQ
> @
.EXUVWILOHVUHFRUGHGZLWKWKH.3KRWRIXQFWLRQDUHGLVSOD\HG
ZLWK> @ 12s
)RULQIRUPDWLRQRQWKHSOD\EDFNRI.EXUVWILOHVUHIHUWR3
3UHVVWRSOD\EDFN
0RWLRQSLFWXUHUHFRUGLQJWLPH
$IWHUSOD\EDFNVWDUWVWKHHODSVHGSOD\EDFNWLPHLVGLVSOD\HGRQWKHVFUHHQ
)RUH[DPSOH PLQXWHVDQG VHFRQGVLVGLVSOD\HGDV>PV@
6RPHLQIRUPDWLRQUHFRUGLQJLQIRUPDWLRQHWFLVQRWGLVSOD\HGIRUPRWLRQSLFWXUHVUHFRUGHGLQ
>$9&+'@
7RXFKLQJ> @LQWKHPLGGOHRIWKHVFUHHQDOORZV\RXWRSOD\EDFNPRWLRQSLFWXUHV
0RWLRQSLFWXUHVUHFRUGHGZLWK>6QDS0RYLH@DUHSOD\HGEDFNDXWRPDWLFDOO\
w 2SHUDWLRQVGXULQJ0RWLRQ3LFWXUH3OD\EDFN
3OD\3DXVH 6WRS
)DVWUHZLQG_ )DVWIRUZDUG_
)UDPHE\IUDPH )UDPHE\IUDPH
UHZLQG IRUZDUG
ZKLOHSDXVLQJ_ ZKLOHSDXVLQJ
,QFUHDVHYROXPH
5HGXFHYROXPHOHYHO
OHYHO
_7KHIDVWIRUZDUGUHZLQGVSHHGLQFUHDVHVLI\RXSUHVVDJDLQ
_:KHQDPRWLRQSLFWXUHUHFRUGHGZLWK>$9&+'@LVUHZRXQGIUDPHE\IUDPHLWVIUDPHVZLOO
EHVKRZQLQLQWHUYDOVRIDSSUR[LPDWHO\ VHFRQGV
&RQWUROSDQHOGLVDSSHDUVDIWHUDSSUR[LPDWHO\VHFRQGVLIQRRSHUDWLRQLVSHUIRUPHG7RXFK
WKHVFUHHQWRUHGLVSOD\WKHFRQWUROSDQHO
,I\RXSUHVV>0(186(7@GXULQJDSDXVH\RXFDQFUHDWHDSLFWXUHIURPDPRWLRQSLFWXUH
3
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
w 2SHUDWLRQVGXULQJDXWRPDWLF6QDS0RYLHSOD\EDFN
3OD\EDFNIURPWKHEHJLQQLQJ
%DFNWRSUHYLRXVSLFWXUH
$KHDGWRQH[WSLFWXUH
,I\RXWRXFKWKHVFUHHQDXWRPDWLFSOD\EDFNZLOOVWRS
7RSOD\EDFNWKHPRWLRQSLFWXUHVUHFRUGHGE\WKLVXQLWRQD3&XVHWKH³3+272IXQ678',2´
VRIWZDUHRQWKH'9'VXSSOLHG
&UHDWLQJ6WLOO3LFWXUHVIURPD0RWLRQ3LFWXUH
<RXFDQVDYHDVFHQHRIDPRWLRQSLFWXUHDVDSLFWXUH
3UHVVWRSDXVHPRWLRQSLFWXUHSOD\EDFN
<RXFDQILQHO\DGMXVWWKHORFDWLRQIRUGLYLVLRQE\SUHVVLQJZKLOHWKHPRWLRQSLFWXUH
LVSDXVHG
3UHVV>0(186(7@
7KHVDPHRSHUDWLRQFDQEHSHUIRUPHGE\WRXFKLQJ
> @
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ
><HV@LVVHOHFWHG
6WLOOSLFWXUHVZLOOEHVDYHGZLWK>$VSHFW5DWLR@VHWWR>@DQG>4XDOLW\@VHWWR>›@7KHQXPEHU
RISL[HOVZLOOGLIIHUDFFRUGLQJWRWKHPRWLRQSLFWXUH\RXSOD\EDFN
± :KHQWKHPRWLRQSLFWXUHVL]HLVVHWWR>.@LQ>5HF4XDOLW\@>0@0
± :KHQWKHPRWLRQSLFWXUHVL]HLVVHWWR>)+'@>+'@LQ>5HF4XDOLW\@>6@0
6WLOOSLFWXUHVFUHDWHGIURPDPRWLRQSLFWXUHPD\EHFRDUVHUWKDQZLWKQRUPDOSLFWXUHTXDOLW\
> @LVGLVSOD\HGGXULQJSOD\EDFNRIVWLOOSLFWXUHVFUHDWHGIURPPRWLRQSLFWXUHV
7RFUHDWHVWLOOSLFWXUHVIURPPRWLRQSLFWXUHVZKHQWKHFDPHUDLVFRQQHFWHGWRD79ZLWKDQ
+'0,PLFURFDEOHVHW>9,(5$/LQN@LQ>79&RQQHFWLRQ@LQWKH>6HWXS@PHQXWR>2))@
1RWDYDLODEOHLQWKHVHFDVHV
6WLOOSLFWXUHVFDQQRWEHFUHDWHGIURPPRWLRQSLFWXUHVUHFRUGHGLQ>9*$0S@RI>03@
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
6ZLWFKLQJWKH3OD\EDFN0HWKRG
8VLQJWKH3OD\EDFN=RRP
5RWDWHWKHUHDUGLDOULJKW
M M M M M 2.0X
,IWKHUHDUGLDOLVURWDWHGWRWKHOHIWDIWHUWKHLPDJHLVHQODUJHG
WKHPDJQLILFDWLRQZLOOEHUHGXFHG
<RXFDQDOVRHQODUJHUHGXFHWKHLPDJHE\SLQFKLQJRXW
SLQFKLQJLQ3RQWKHSDUW\RXZDQWWRHQODUJHUHGXFH
:KHQ\RXFKDQJHWKHPDJQLILFDWLRQWKH]RRPSRVLWLRQ
LQGLFDWLRQDSSHDUVIRUDERXW VHFRQG
7KHPRUHDSLFWXUHLVHQODUJHGWKHPRUHLWVTXDOLW\
GHWHULRUDWHV
<RXFDQPRYHWKHHQODUJHGSDUWE\SUHVVLQJRIWKH
FXUVRUEXWWRQRUGUDJJLQJWKHVFUHHQ3
<RXFDQDOVRHQODUJHMWKHLPDJHE\GRXEOHWRXFKLQJWKH
SDUW\RXZDQWWRHQODUJH,I\RXGRXEOHWRXFKWKHHQODUJHG
LPDJHWKHPDJQLILFDWLRQLVUHVHWWRM
<RXFDQIRUZDUGRUUHZLQGWKHLPDJHZKLOHPDLQWDLQLQJWKH
VDPH]RRPPDJQLILFDWLRQDQG]RRPSRVLWLRQIRUWKH3OD\EDFN
=RRPE\URWDWLQJWKHIURQWGLDOGXULQJ3OD\EDFN=RRP
'LVSOD\LQJPXOWLSOHVFUHHQV0XOWL3OD\EDFN
5RWDWHWKHUHDUGLDOOHIW 1/98
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
w 7RUHWXUQWR1RUPDO3OD\EDFN
3UHVVWRVHOHFWDSLFWXUHDQGWKHQSUHVV>0(186(7@
'LVSOD\LQJ3LFWXUHVE\5HFRUGLQJ'DWH&DOHQGDU3OD\EDFN
5RWDWHWKHUHDUGLDOOHIWWRGLVSOD\WKH&DOHQGDUVFUHHQ
3UHVVWRVHOHFWWKHUHFRUGLQJGDWHDQG SUN MON TUE WED THU FRI SAT
12
SUHVV>0(186(7@
2015 1 2 3 4 5
6 7 8 9 10 11 12
2QO\WKHLPDJHVUHFRUGHGRQWKDWGDWHZLOOEHGLVSOD\HG
13 14 15 16 17 18 19
5RWDWHWKHUHDUGLDOOHIWWRUHWXUQWRWKH&DOHQGDUVFUHHQ
20 21 22 23 24 25 26
GLVSOD\
27 28 29 30 31
3UHVVWRVHOHFWDSLFWXUHDQGWKHQSUHVV
>0(186(7@
7KHUHFRUGLQJGDWHRIWKHSLFWXUHVHOHFWHGLQWKHSOD\EDFNVFUHHQEHFRPHVWKHGDWHVHOHFWHG
ZKHQWKH&DOHQGDUVFUHHQLVILUVWGLVSOD\HG
<RXFDQGLVSOD\WKH&DOHQGDUEHWZHHQ-DQXDU\DQG'HFHPEHU
,IWKHGDWHLVQRWVHWLQWKHFDPHUDWKHUHFRUGLQJGDWHLVVHWDV-DQXDU\VW
,I\RXWDNHSLFWXUHVDIWHUVHWWLQJWKHWUDYHOGHVWLQDWLRQLQ>:RUOG7LPH@WKHSLFWXUHVDUH
GLVSOD\HGE\WKHGDWHVDWWKHWUDYHOGHVWLQDWLRQLQ&DOHQGDU3OD\EDFN
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3OD\LQJ%DFN*URXS3LFWXUHV
$SLFWXUHJURXSFRQVLVWVRIPXOWLSOHSLFWXUHV<RXFDQSOD\EDFNSLFWXUHVLQDJURXSHLWKHU
FRQWLQXRXVO\RURQHE\RQH
<RXFDQHGLWRUGHOHWHDOOSLFWXUHVLQDJURXSDWRQFH
)RUH[DPSOHLI\RXGHOHWHDSLFWXUHJURXSDOOSLFWXUHVLQWKHJURXSDUHGHOHWHG
> @
$SLFWXUHJURXSFRQVLVWLQJRISLFWXUHVWDNHQLQWKH%XUVW 1/98
SLF
0RGHZLWKWKHEXUVWVSHHG>6+@3
> @
$SLFWXUHJURXSFRQVLVWLQJRISLFWXUHVWDNHQLQD7LPH/DSVH SUB
MENU
6KRW3
> @
$SLFWXUHJURXSFRQVLVWLQJRISLFWXUHVWDNHQLQWKH6WRS
0RWLRQ$QLPDWLRQ3
3LFWXUHVZLOOQRWEHJURXSHGLIUHFRUGHGZLWKRXWVHWWLQJWKHFORFN
&RQWLQXRXVO\SOD\LQJEDFN*URXS3LFWXUHV
3UHVV
7KHVDPHRSHUDWLRQFDQEHSHUIRUPHGE\WRXFKLQJWKHJURXSSLFWXUHLFRQ> @> @
> @
:KHQSOD\LQJEDFNJURXSSLFWXUHVRQHDWDWLPHRSWLRQVDUHGLVSOD\HG
>)URPWKHILUVWSLFWXUH@
3LFWXUHVDUHSOD\HGEDFNFRQWLQXRXVO\IURPWKHILUVWSLFWXUHRIWKHJURXS
>)URPWKHFXUUHQWSLFWXUH@
3LFWXUHVDUHSOD\HGEDFNFRQWLQXRXVO\IURPWKHSLFWXUHEHLQJSOD\HGEDFN
w 2SHUDWLRQVGXULQJ*URXS3LFWXUHVSOD\EDFN
&RQWLQXRXVSOD\EDFN3DXVH 6WRS
)DVWUHZLQG )DVWIRUZDUG
5HZLQG )RUZDUG
ZKLOHSDXVLQJ ZKLOHSDXVLQJ
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3OD\LQJEDFNHDFK*URXS3LFWXUHV
3UHVV
SUB 1/98
7KHVDPHRSHUDWLRQFDQEHSHUIRUPHGE\WRXFKLQJ> MENU @
SLF
3UHVVWRVHOHFW>'LVSOD\,Q*URXS@DQGWKHQ
SUHVV>0(186(7@
SUB
MENU
3UHVVWRIOLSWKURXJKLPDJHV
SUB
3UHVVLQJDJDLQRUWRXFKLQJ> MENU @DQGVHOHFWLQJ>([LW'LVSOD\,Q*URXS@ZLOOUHWXUQ\RXWR
WKHQRUPDOSOD\EDFNVFUHHQ
(DFKSLFWXUHLQDJURXSFDQEHWUHDWHGVDPHDVQRUPDOSLFWXUHVZKHQWKH\DUHSOD\HG
EDFN6XFKDV0XOWL3OD\EDFN3OD\EDFN=RRPDQGGHOHWLQJLPDJHV
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
'HOHWLQJ3LFWXUHV
2QFHGHOHWHGSLFWXUHVFDQQRWEHUHFRYHUHG
3LFWXUHVWKDWDUHQRWLQWKH'&)VWDQGDUGRUWKRVHWKDWDUHSURWHFWHGFDQQRWEHGHOHWHG
7RGHOHWHDVLQJOHSLFWXUH
,Q3OD\EDFN0RGHVHOHFWWKHSLFWXUHWR
GHOHWHDQGWKHQSUHVV> @
7KHVDPHRSHUDWLRQFDQEHSHUIRUPHGE\WRXFKLQJ
> @
3UHVVWRVHOHFW>'HOHWH6LQJOH@DQGWKHQ
'HOHWH6LQJOH
SUHVV>0(186(7@
'HOHWH0XOWL
&RQILUPDWLRQVFUHHQLVGLVSOD\HG 'HOHWH$OO
3LFWXUHLVGHOHWHGE\VHOHFWLQJ><HV@
>'HOHWH&RQILUPDWLRQ@LQWKH>3OD\EDFN@PHQXHQDEOHV\RXWRVHWZKLFKRSWLRQ
RQWKHGHOHWHFRQILUPDWLRQVFUHHQ><HV@RU>1R@ZLOOEHKLJKOLJKWHGILUVW
7KHGHIDXOWVHWWLQJLV>1R@3
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
,Q3OD\EDFN0RGHSUHVV> @
3UHVVWRVHOHFW>'HOHWH0XOWL@RU>'HOHWH$OO@DQGWKHQSUHVV
>0(186(7@
>'HOHWH$OO@&RQILUPDWLRQVFUHHQLVGLVSOD\HG
3LFWXUHVDUHGHOHWHGE\VHOHFWLQJ><HV@
,WLVSRVVLEOHWRGHOHWHDOOSLFWXUHVH[FHSWWKHRQHVVHWDVIDYRULWHZKHQ>$OO'HOHWH
([FHSW)DYRULWH@LVVHOHFWHGZLWKWKH>'HOHWH$OO@VHW
:KHQ>'HOHWH0XOWL@LVVHOHFWHG
3UHVVWRVHOHFWWKHSLFWXUHDQG 2.
WKHQSUHVV>0(186(7@WRVHW5HSHDWWKLV
VWHS
>‚@DSSHDUVRQWKHVHOHFWHGSLFWXUHV
,I>0(186(7@LVSUHVVHGDJDLQWKHVHWWLQJLVFDQFHOHG
:KHQ>'HOHWH0XOWL@LVVHOHFWHG
3UHVVWRVHOHFW>2.@DQGWKHQSUHVV>0(186(7@WRH[HFXWH
&RQILUPDWLRQVFUHHQLVGLVSOD\HG
3LFWXUHVDUHGHOHWHGE\VHOHFWLQJ><HV@
'RQRWWXUQWKHFDPHUDRIIZKLOHGHOHWLQJ8VHDEDWWHU\ZLWKVXIILFLHQWEDWWHU\SRZHURUWKH$&
DGDSWRURSWLRQDO3
'HSHQGLQJRQWKHQXPEHURISLFWXUHVWREHGHOHWHGLWPD\WDNHVRPHWLPHWRGHOHWHWKHP
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
8VLQJWKH>3OD\EDFN@0HQX
:LWKWKLVPHQX\RXFDQXVHYDULRXVSOD\EDFNIXQFWLRQVVXFKDVFURSSLQJDQGRWKHU
HGLWLQJRIUHFRUGHGLPDJHVSURWHFWVHWWLQJVHWF
:LWK>5$:3URFHVVLQJ@>&OHDU5HWRXFK@>7H[W6WDPS@>7LPH/DSVH9LGHR@>6WRS0RWLRQ
9LGHR@>5HVL]H@RU>&URSSLQJ@DQHZHGLWHGSLFWXUHLVFUHDWHG
$QHZSLFWXUHFDQQRWEHFUHDWHGLIWKHUHLVQRIUHHVSDFHRQWKHFDUGVRZHUHFRPPHQG
FKHFNLQJWKDWWKHUHLVIUHHVSDFHEHIRUHHGLWLQJWKHSLFWXUH
7KHFDPHUDPD\QRWSOD\EDFNLPDJHVUHFRUGHGRQRWKHUGHYLFHVFRUUHFWO\DQGWKHIXQFWLRQV
RIWKHFDPHUDPD\QRWEHDYDLODEOHIRUWKHLPDJHV
w +RZWRVHOHFWDQLPDJHVDIWHUVHOHFWLQJ>6LQJOH@RU>0XOWL@
6RPHPHQXLWHPVDOORZ\RXWRVSHFLI\KRZWRVHOHFWDQLPDJHV)ROORZWKHVWHSVEHORZ
WRVHOHFWDQLPDJHV
>6LQJOH@VHWWLQJ
3UHVVWRVHOHFWWKHSLFWXUH
3UHVV>0(186(7@
,I>6HW&DQFHO@LVGLVSOD\HGDWWKHULJKWERWWRPRIWKH
VFUHHQWKHVHWWLQJLVFDQFHOHGZKHQ>0(186(7@LV
SUHVVHGDJDLQ
6HW
>0XOWL@VHWWLQJ
:KHQDVFUHHQVLPLODUWRWKHRQHRQWKHULJKWLVGLVSOD\HG
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV
>0(186(7@UHSHDW 2.
7KHVHWWLQJLVFDQFHOHGZKHQ>0(186(7@LVSUHVVHG
DJDLQ
3UHVVWRVHOHFW>2.@DQGWKHQSUHVV>0(186(7@
WRH[HFXWH
:KHQDVFUHHQVLPLODUWRWKHRQHRQWKHULJKWLVGLVSOD\HG
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV
>0(186(7@WRVHWUHSHDW 1 2 3
7KHVHWWLQJLVFDQFHOHGZKHQ>0(186(7@LVSUHVVHGDJDLQ
4 5 6
6HW&DQFHO
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>''6HWWLQJV@
3OD\EDFNPHWKRGVIRUWKH'SLFWXUHVFDQEHVZLWFKHG
7KLVLVDPHQXWKDWLVRQO\GLVSOD\HGZKHQ'SOD\EDFNLVSRVVLEOH
5HIHUWR3IRUGHWDLOV
>6OLGH6KRZ@
<RXFDQSOD\EDFNWKHSLFWXUHV\RXKDYHWDNHQLQV\QFKURQL]DWLRQZLWKPXVLFDQG\RXFDQ
GRWKLVLQVHTXHQFHZKLOHOHDYLQJDIL[HGLQWHUYDOEHWZHHQHDFKRIWKHSLFWXUHV
<RXFDQDOVRSXWWRJHWKHUDVOLGHVKRZFRPSRVHGRIRQO\VWLOOSLFWXUHVRQO\PRWLRQ
SLFWXUHVRQO\.3KRWRRQO\'SLFWXUHVHWF
:HUHFRPPHQGWKLVIHDWXUHZKHQ\RXYLHZ\RXUSLFWXUHVE\FRQQHFWLQJWKHFDPHUDWRD
79
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>6OLGH6KRZ@
6HOHFWWKHJURXSWRSOD\EDFNE\SUHVVLQJDQG
WKHQSUHVV>0(186(7@
,I\RXVHOHFW>9LGHR2QO\@.EXUVWILOHVUHFRUGHGZLWKWKH
.3KRWRIXQFWLRQZLOODOVREHSOD\HGEDFN
5HIHUWR3IRUWKHPHWKRGWRSOD\EDFN>'@SLFWXUHVLQ
'
:KHQ>&DWHJRU\6HOHFWLRQ@LVVHOHFWHGSUHVV
WRVHOHFWDFDWHJRU\DQGWKHQSUHVV>0(186(7@
)RUGHWDLOVRQFDWHJRULHVUHIHUWR3
3UHVVWRVHOHFW>6WDUW@DQGWKHQSUHVV>0(186(7@
w 2SHUDWLRQVGXULQJDVOLGHVKRZ
%XWWRQ 7RXFK 'HVFULSWLRQRI %XWWRQ 7RXFK 'HVFULSWLRQRI
RSHUDWLRQ RSHUDWLRQ RSHUDWLRQ RSHUDWLRQ RSHUDWLRQ RSHUDWLRQ
3OD\3DXVH ([LWVOLGHVKRZ
%DFNWRSUHYLRXV
$KHDGWRQH[WSLFWXUH
SLFWXUH
,QFUHDVHYROXPH
5HGXFHYROXPHOHYHO
OHYHO
1RUPDOSOD\EDFNUHVXPHVDIWHUWKHVOLGHVKRZILQLVKHV
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
w &KDQJLQJWKHVOLGHVKRZVHWWLQJV
<RXFDQFKDQJHWKHVHWWLQJVIRUVOLGHVKRZSOD\EDFNE\VHOHFWLQJ>(IIHFW@RU>6HWXS@RQWKH
VOLGHVKRZPHQXVFUHHQ
>(IIHFW@
7KLVDOORZV\RXWRVHOHFWWKHVFUHHQHIIHFWVZKHQVZLWFKLQJIURPRQHSLFWXUHWRWKHQH[W
>$872@>1$785$/@>6/2:@>6:,1*@>85%$1@>2))@
:KHQ>85%$1@KDVEHHQVHOHFWHGWKHSLFWXUHPD\DSSHDULQEODFNDQGZKLWHDVDVFUHHQHIIHFW
>$872@FDQEHXVHGRQO\ZKHQ>&DWHJRU\6HOHFWLRQ@KDVEHHQVHOHFWHG7KHSLFWXUHVDUH
SOD\HGEDFNZLWKWKHUHFRPPHQGHGHIIHFWVLQHDFKFDWHJRU\
>(IIHFW@LVIL[HGWR>2))@ZKHQLQ>9LGHR2QO\@RUGXULQJWKHVOLGHVKRZIRU> @> @> @LQ
>&DWHJRU\6HOHFWLRQ@
(YHQLI>(IIHFW@LVVHWLWGRHVQRWZRUNGXULQJDVOLGHVKRZRI*URXS3LFWXUHV
:KHQSLFWXUHVDUHGLVSOD\HGRQD79FRQQHFWHGYLDDQ+'0,PLFURFDEOHRUZKHQ
YHUWLFDOO\GLVSOD\HGSLFWXUHVDUHSOD\HGEDFNVRPHRIWKH>(IIHFW@VHWWLQJVZLOOQRWZRUN
>6HWXS@
>'XUDWLRQ@RU>5HSHDW@FDQEHVHW
>'XUDWLRQ@ >6(&@>6(&@>6(&@>6(&@
>5HSHDW@ >21@>2))@
>$872@ 0XVLFLVSOD\HGZKHQWKHVWLOOSLFWXUHVDUHSOD\HGEDFN
DQGDXGLRLVSOD\HGZKHQWKHPRWLRQSLFWXUHVDUHSOD\HG
EDFN
>6RXQG@ >0XVLF@ 0XVLFLVSOD\HGEDFN
>$XGLR@ $XGLRRQO\IRUPRWLRQSLFWXUHVLVSOD\HGEDFN
>2))@ 7KHUHZLOOEHQRVRXQG
>'XUDWLRQ@FDQEHVHWRQO\ZKHQ>2))@KDVEHHQVHOHFWHGDVWKH>(IIHFW@VHWWLQJ
:KHQSOD\LQJEDFNWKHIROORZLQJSLFWXUHVWKH>'XUDWLRQ@VHWWLQJLVGLVDEOHG
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± 3DQRUDPDSLFWXUHV
± *URXS3LFWXUHV
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>3OD\EDFN0RGH@
3OD\EDFNLQ>1RUPDO3OD\@>3LFWXUH2QO\@>9LGHR2QO\@>.3+272@>' 3OD\@>&DWHJRU\
3OD\@RU>)DYRULWH3OD\@FDQEHVHOHFWHG
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>3OD\EDFN0RGH@
6HOHFWWKHJURXSWRSOD\EDFNE\SUHVVLQJDQGWKHQSUHVV>0(186(7@
,I\RXVHOHFW>9LGHR2QO\@.EXUVWILOHVUHFRUGHGZLWKWKH.3KRWRIXQFWLRQZLOODOVREH
SOD\HGEDFN
5HIHUWR3IRUWKHPHWKRGWRSOD\EDFN>' 3OD\@SLFWXUHVLQ'
:KHQ>&DWHJRU\3OD\@LVVHOHFWHGLQDERYHVWHS
3UHVVWRVHOHFWWKHFDWHJRU\DQGWKHQSUHVV>0(186(7@WRVHW
3LFWXUHVDUHVRUWHGLQWRWKHFDWHJRULHVVKRZQEHORZ
± >)DFH5HFRJ@_
* ± >L3RUWUDLW@>L1LJKW3RUWUDLW@>L%DE\@6FHQH'HWHFWLRQ
, ± >L6FHQHU\@>L6XQVHW@6FHQH'HWHFWLRQ
. ± >L1LJKW3RUWUDLW@>L1LJKW6FHQHU\@>L+DQGKHOG 1LJKW 6KRW@6FHQH'HWHFWLRQ
1 ± >L)RRG@6FHQH'HWHFWLRQ
± >7UDYHO'DWH@
± 6WLOOSLFWXUHVUHFRUGHGFRQWLQXRXVO\ZLWKEXUVWVSHHGVHWWR>6+@
± >7LPH/DSVH6KRW@>7LPH/DSVH9LGHR@
± >6WRS0RWLRQ$QLPDWLRQ@>6WRS0RWLRQ9LGHR@
_ 3UHVV WRVHOHFWWKHSHUVRQWRSOD\EDFNDQGWKHQSUHVV>0(186(7@
$VIRUJURXSSLFWXUHVWKHHQWLUHJURXSLVWUHDWHGDVDVLQJOHSLFWXUHZLWK)DFH
5HFRJQLWLRQLQIRUPDWLRQ
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>/RFDWLRQ/RJJLQJ@
<RXFDQZULWHORFDWLRQLQIRUPDWLRQVHQWIURPDVPDUWSKRQHODWLWXGHDQGORQJLWXGHRQ
LPDJHV
<RXFDQVHQGORFDWLRQLQIRUPDWLRQDQGZULWHLWRQLPDJHVXVLQJDVPDUWSKRQH
3
<RXQHHGWRLQVWDOO³3DQDVRQLF,PDJH$SS´RQ\RXUVPDUWSKRQH3
5HDGWKH>+HOS@LQWKH³,PDJH$SS´PHQXIRUIXUWKHUGHWDLOVRQKRZWRRSHUDWH
3UHSDUDWLRQ
6HQGLQJORFDWLRQLQIRUPDWLRQWRWKHFDPHUDIURPWKHVPDUWSKRQH
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>/RFDWLRQ/RJJLQJ@>$GG/RFDWLRQ'DWD@
3UHVVWRVHOHFWWKHSHULRG\RXLQWHQGWRUHFRUGORFDWLRQLQIRUPDWLRQRQ
LPDJHVWKHQSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
,PDJHVZLWKORFDWLRQLQIRUPDWLRQDUHLQGLFDWHGZLWK> @
w 7RSDXVHWKHUHFRUGLQJRIORFDWLRQLQIRUPDWLRQ
3UHVV>0(186(7@ZKLOHUHFRUGLQJRIWKHORFDWLRQLQIRUPDWLRQRQWRLPDJHVLVWDNLQJ
SODFH
'XULQJDVXVSHQGHGSHULRG>n@LVGLVSOD\HG
6HOHFWWKHSHULRGZLWK>n@WRUHVWDUWWKHUHFRUGLQJSURFHVVIURPWKHSLFWXUH\RXOHIWRII
w 7RGHOHWHWKHUHFHLYHGORFDWLRQLQIRUPDWLRQ
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>/RFDWLRQ/RJJLQJ@>'HOHWH/RFDWLRQ'DWD@
3UHVVWRVHOHFWWKHSHULRG\RXZDQWWRGHOHWHWKHQSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
1RWDYDLODEOHLQWKHVHFDVHV
/RFDWLRQLQIRUPDWLRQFDQQRWEHZULWWHQWRWKHIROORZLQJLPDJHVRULQWKHIROORZLQJVLWXDWLRQV
± ,PDJHVUHFRUGHGDIWHUORFDWLRQLQIRUPDWLRQZDVVHQWWRWKHFDPHUD3
± 0RWLRQSLFWXUHVUHFRUGHGLQ>$9&+'@
± ,PDJHVZLWKORFDWLRQLQIRUPDWLRQDOUHDG\ZULWWHQWRWKHP
± ,PDJHVSURWHFWHGE\>3URWHFW@
± :KHQWKHUHLVLQVXIILFLHQWVSDFHOHIWRQWKHFDUG
± :KHQWKH:ULWH3URWHFWVZLWFKWRWKHFDUGLVVHWWRWKH>/2&.@SRVLWLRQ
± ,PDJHVUHFRUGHGZLWKRWKHUGHYLFHV
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>5$:3URFHVVLQJ@
<RXFDQSURFHVVWKHSLFWXUHVWDNHQLQ5$:IRUPDW7KHSURFHVVHGSLFWXUHVZLOOEHVDYHG
LQ-3(*IRUPDW<RXFDQFKHFNKRZHIIHFWVDUHDSSOLHGWRHDFKSLFWXUHZKLOHSURFHVVLQJLW
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>5$:3URFHVVLQJ@
6HOHFW5$:LPDJHVZLWKDQGWKHQSUHVV>0(18
6(7@
3UHVVWRVHOHFWDQLWHP
<RXFDQVHWWKHIROORZLQJLWHPV7KHVHWWLQJV\RXXVHGIRU
WKHUHFRUGLQJDUHVHOHFWHGZKHQ\RXVWDUWVHWWLQJWKHVHLWHPV
$OORZV\RXWRVHOHFWD:KLWH%DODQFHSUHVHWDQGDGMXVWLW,I\RX
>:KLWH%DODQFH@ VHOHFWDQLWHPZLWK> @\RXFDQSURFHVVWKHLPDJHZLWKWKHVHWWLQJ
DWWKHWLPHRIUHFRUGLQJ
$OORZV\RXWRFRUUHFWWKHH[SRVXUHZLWKLQWKHUDQJHEHWZHHQL (9
>([SRVXUH&RPS@
DQGK (9
$OORZV\RXWRVHOHFWDSKRWRVW\OHHIIHFW>6WDQGDUG@>9LYLG@>1DWXUDO@
>3KRWR6W\OH@
>0RQRFKURPH@>6FHQHU\@>3RUWUDLW@
$OORZV\RXWRVHOHFWDQ>L'\QDPLF@VHWWLQJ>+,*+@>67$1'$5'@
>L'\QDPLF@
>/2:@>2))@
>&RQWUDVW@ $OORZV\RXWRDGMXVWWKHFRQWUDVW
>+LJKOLJKW@ $OORZV\RXWRDGMXVWWKHEULJKWQHVVRIEULJKWSRUWLRQV
>6KDGRZ@ $OORZV\RXWRDGMXVWWKHEULJKWQHVVRIGDUNSRUWLRQV
>6DWXUDWLRQ@>&RORU $OORZV\RXWRDGMXVWWKHVDWXUDWLRQ:KHQ>0RQRFKURPH@LVVHOHFWHG
7RQH@ LQ>3KRWR6W\OH@\RXFDQDGMXVWWKHFRORUWRQH
$OORZV\RXWRVHOHFWDILOWHUHIIHFW2QO\ZKHQ>0RQRFKURPH@LQ
>)LOWHU(IIHFW@
>3KRWR6W\OH@LVVHOHFWHG
>1RLVH5HGXFWLRQ@ $OORZV\RXWRDGMXVWWKHQRLVHUHGXFWLRQVHWWLQJ
$OORZV\RXWRVHOHFWDQ>L5HVROXWLRQ@VHWWLQJ>+,*+@>67$1'$5'@
>L5HVROXWLRQ@
>/2:@>(;7(1'('@>2))@
>6KDUSQHVV@ $OORZV\RXWRDGMXVWWKHUHVROXWLRQHIIHFW
<RXFDQVHWWKHIROORZLQJLWHPV
>5HLQVWDWH$GMXVWPHQWV@
5HWXUQVWKHVHWWLQJVWRWKHRQHV\RXXVHGGXULQJWKHUHFRUGLQJ
>&RORU6SDFH@
>6HWXS@ $OORZV\RXWRVHOHFWD>&RORU6SDFH@VHWWLQJIURP>V5*%@RU>$GREH
5*%@
>3LFWXUH6L]H@
$OORZV\RXWRVHOHFWWKHVL]HLQZKLFKWKHLPDJHZLOOEHVDYHGLQ
-3(*IRUPDW>/@>0@>6@
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3UHVV>0(186(7@DQGVHW
7KHVHWWLQJPHWKRGGLIIHUVDFFRUGLQJWRWKHLWHP
)RUGHWDLOVUHIHUWR³+RZWRVHWHDFKLWHP´RQ3
3UHVV>0(186(7@
7KLVRSHUDWLRQUHWXUQV\RXWRWKHVFUHHQLQVWHS 7RVHWRWKHULWHPVUHSHDWVWHSV
WKURXJK
6HOHFW>%HJLQ3URFHVVLQJ@ZLWKDQGWKHQSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
w +RZWRVHWHDFKLWHP
:KHQ\RXVHOHFWDQLWHPWKHVHWWLQJVFUHHQZLOOEHGLVSOD\HG
%XWWRQ 7RXFK
'HVFULSWLRQRIRSHUDWLRQ
RSHUDWLRQ RSHUDWLRQ
'UDJJLQJ 6HOHFWVDVHWWLQJ
DISP.
'LVSOD\VWKHVFUHHQWKDWOHWV\RX -1 0 +1
>:%. VHWWKHFRORUWHPSHUDWXUH3
6HW@ RQO\ZKHQ>:KLWH%DODQFH@LVVHW
WR> @
'LVSOD\VWKHVFUHHQWKDWOHWV\RX DISP.
ILQHDGMXVWWKH:KLWH%DODQFH
>$GMXVW@ WB AWB AWB
3
RQO\ZKHQ>:KLWH%DODQFH@LVVHW
>',63@ >',63@ 'LVSOD\VWKHFRPSDULVRQVFUHHQ
6HWVWKHDGMXVWHGOHYHODQGUHWXUQV
>0(186(7@ >6HW@
\RXWRWKHLWHPVHOHFWLRQVFUHHQ
:KHQ>1RLVH5HGXFWLRQ@>L5HVROXWLRQ@RU>6KDUSQHVV@LVVHOHFWHGWKHFRPSDULVRQVFUHHQ
FDQQRWEHGLVSOD\HG
,I\RXWRXFKWKHSLFWXUHWZLFHWKHSLFWXUHZLOOEHHQODUJHG,I\RXWRXFKWKHSLFWXUHWZLFHZKHQLW
LVHQODUJHGLWZLOOEHUHGXFHGWRWKHRULJLQDOVL]H
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
2QWKHFRPSDULVRQVFUHHQ\RXFDQXVHWKHIROORZLQJRSHUDWLRQVWRPDNHDGMXVWPHQWV
&XUUHQWVHWWLQJ
0
%XWWRQ 7RXFK
'HVFULSWLRQRIRSHUDWLRQ
RSHUDWLRQ RSHUDWLRQ
'UDJJLQJ 6HOHFWVDVHWWLQJ
>',63@ >',63@ 5HWXUQV\RXWRWKHVHWWLQJVFUHHQ DISP.
6HWVWKHDGMXVWHGOHYHODQGUHWXUQV
>0(186(7@ >6HW@
\RXWRWKHLWHPVHOHFWLRQVFUHHQ
,I\RXWRXFKWKHSLFWXUHDWWKHFHQWHULWZLOOEHHQODUJHG,I\RXWRXFK> @WKHSLFWXUHZLOOEH
UHGXFHGWRWKHRULJLQDOVL]H
>6HWXS@VHWWLQJ
:KHQ\RXVHOHFWDQLWHPWKHVFUHHQWKDWDVNV\RXWRVHOHFW>5HLQVWDWH$GMXVWPHQWV@
>&RORU6SDFH@RU>3LFWXUH6L]H@ZLOOEHGLVSOD\HG
3UHVVWRVHOHFWDQLWHPDQGSUHVV>0(186(7@
,I\RXVHOHFW>5HLQVWDWH$GMXVWPHQWV@DFRQILUPDWLRQVFUHHQZLOOEHGLVSOD\HG6HOHFWLQJ
><HV@ZLOOH[HFXWHWKHRSHUDWLRQDQGUHWXUQ\RXWRWKHLWHPVHOHFWLRQVFUHHQ
3UHVVWRVHOHFWDVHWWLQJDQGSUHVV>0(186(7@
7KHHIIHFWVDSSOLHGWKURXJKWKH5$:SURFHVVLQJRQWKHFDPHUDDQGWKRVHDSSOLHGWKURXJKWKH
5$:SURFHVVLQJRQWKH'9'VRIWZDUHVXSSOLHG³6,/.<3,;'HYHORSHU6WXGLR´DUHQRW
FRPSOHWHO\LGHQWLFDO
5$:LPDJHVDUHDOZD\VUHFRUGHGLQWKH>@MDVSHFWUDWLRUHJDUGOHVVRIWKH
DVSHFWUDWLRDWWKHWLPHRIUHFRUGLQJEXWZKHQ\RXSHUIRUP>5$:3URFHVVLQJ@LQWKH>3OD\EDFN@
PHQXWKH\DUHSURFHVVHGLQWKHDVSHFWUDWLRDWWKHWLPHRIUHFRUGLQJ
7KHUDQJHZLWKLQZKLFK\RXFDQFRUUHFWWKHH[SRVXUHGLIIHUVIURPWKHRQH\RXFDQFRUUHFW
GXULQJUHFRUGLQJ
7KH>:KLWH%DODQFH@VHWWLQJRISLFWXUHVWDNHQZLWKPXOWLSOHH[SRVXUHVLVIL[HGWRWKHVHWWLQJDW
WKHWLPHRIUHFRUGLQJ
,I\RXSHUIRUP>5$:3URFHVVLQJ@LQWKH>3OD\EDFN@PHQXRQDSLFWXUHWDNHQZLWK>5HG(\H
5HPRYDO@WKHHIIHFWZLOOEHDSSOLHGWRWKHSURFHVVHGSLFWXUHLQ-3(*IRUPDW
<RXFDQSURFHVVRQO\RQH5$:LPDJHDWDWLPH
1RWDYDLODEOHLQWKHVHFDVHV
:KHQDQ$9FDEOHRSWLRQDORUDQ+'0,PLFURFDEOHLVFRQQHFWHG>5$:3URFHVVLQJ@LVQRW
DYDLODEOH
<RXFDQSURFHVVRQO\WKH5$:LPDJHV\RXUHFRUGHGZLWKWKHFDPHUD>5$:3URFHVVLQJ@LVQRW
DYDLODEOHIRULPDJHVUHFRUGHGZLWKRWKHUPRGHOVDQGLPDJHVWKDWDUHQRWVWRUHGLQ5$:IRUPDW
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>&OHDU5HWRXFK@
<RXFDQHUDVHXQQHFHVVDU\SDUWVUHFRUGHG
RQWKHSLFWXUHVWDNHQ
7KHHUDVXUHRSHUDWLRQFDQRQO\EHSHUIRUPHG
E\WRXFKLQJ>&OHDU5HWRXFK@DXWRPDWLFDOO\
HQDEOHVWKHWRXFKRSHUDWLRQ
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>&OHDU5HWRXFK@
3UHVVWRVHOHFWDSLFWXUHDQGWKHQSUHVV>0(186(7@
'UDJ\RXUILQJHURYHUWKHSDUW\RXZDQWWRGHOHWH
7KHSDUWVWREHHUDVHGDUHFRORUHG
7RXFKLQJ>8QGR@ZLOOUHWXUQWKHFRORUHGSDUWEDFNWRLWV
SUHYLRXVVWDWH 5(029(
6&$/,1*
8QGR 6HW
(UDVLQJGHWDLOVHQODUJLQJWKHGLVSOD\
7RXFK>6&$/,1*@
3LQFKLQJRXWSLQFKLQJLQ3WKHVFUHHQDOORZV\RX
WRHQODUJHUHGXFHLW
(QODUJHUHGXFHFDQDOVREHSHUIRUPHGE\URWDWLQJ 5(029(
WKHUHDUGLDO 6&$/,1*
'UDJJLQJWKHVFUHHQDOORZV\RXWRPRYHWKH
8QGR 6HW
HQODUJHGSDUW
7RXFK>5(029(@
7KLVZLOOEULQJ\RXEDFNWRWKHRSHUDWLRQRIGUDJJLQJ\RXUILQJHURYHUWKHSDUW\RX
ZDQWWRGHOHWH7KHSDUW\RXZDQWWRGHOHWHFDQEHGUDJJHGHYHQZKLOHWKHSLFWXUHLV
HQODUJHG
7RXFK>6HW@
3UHYLHZVFUHHQLVGLVSOD\HG
7RXFK>6DYH@RUSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3LFWXUHVPD\DSSHDUXQQDWXUDOEHFDXVHWKHEDFNJURXQGRIGHOHWHGSDUWVLVDUWLILFLDOO\FUHDWHG
)RUJURXSSLFWXUHVSHUIRUP>&OHDU5HWRXFK@RQHDFKSLFWXUH
7KH\FDQQRWEHHGLWHGDWRQFH
:KHQ>&OHDU5HWRXFK@LVSHUIRUPHGRQJURXSSLFWXUHVWKH\DUHVDYHGDVQHZSLFWXUHVVHSDUDWH
IURPWKHRULJLQDORQHV
1RWDYDLODEOHLQWKHVHFDVHV
1RWDYDLODEOHZKHQWKHYLHZILQGHULVLQXVH
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± 3LFWXUHVWDNHQLQ3DQRUDPD6KRW0RGH
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± 3LFWXUHVWDNHQZLWK> @
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>7LWOH(GLW@
<RXFDQDGGWH[WFRPPHQWVWRSLFWXUHV$IWHUWH[WKDVEHHQUHJLVWHUHGLWFDQEHVWDPSHG
LQSULQWVXVLQJ>7H[W6WDPS@3
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>7LWOH(GLW@>6LQJOH@>0XOWL@
6HOHFWWKHSLFWXUH3
>’@LVGLVSOD\HGIRUSLFWXUHVZLWKWLWOHVDOUHDG\UHJLVWHUHG
(QWHUWKHWH[W3
([LWWKHPHQXDIWHULWLVVHW
7RGHOHWHWKHWLWOHHUDVHDOOWKHWH[WLQWKHWH[WLQSXWVFUHHQ
<RXFDQSULQWRXWWH[WVFRPPHQWVXVLQJWKH³3+272IXQ678',2´EXQGOHGVRIWZDUHRQWKH
'9'VXSSOLHG
<RXFDQVHWXSWRSLFWXUHVDWRQHWLPHZLWK>0XOWL@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± ,PDJHVUHFRUGHGZLWK>4XDOLW\@VHWWR> @> @RU> @
>7H[W6WDPS@
<RXFDQVWDPSUHFRUGLQJLQIRUPDWLRQRQUHFRUGHGLPDJHV
LISA
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>7H[W6WDPS@>6LQJOH@>0XOWL@
6HOHFWWKHSLFWXUH3
>‘@DSSHDUVRQVFUHHQLIWKHSLFWXUHLVVWDPSHGZLWKWH[W
3UHVVWRVHOHFW>6HW@DQGWKHQSUHVV>0(186(7@
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
3UHVVWRVHOHFWWH[WVWDPSLWHPVDQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHVHWWLQJVDQGWKHQSUHVV>0(186(7@
>:27,0(@ 6WDPSWKH\HDUPRQWKDQGGDWH
>6KRRWLQJ'DWH@ >:,7+7,0(@ 6WDPSWKH\HDUPRQWKGD\KRXUDQGPLQXWHV
>2))@
> @
>)DFH
5HFRJQLWLRQ@ 1DPHUHJLVWHUHGLQ>)DFH5HFRJ@ZLOOEH
VWDPSHG
>1DPH@
> @
>%DE\3HW@ 1DPHUHJLVWHUHGLQ>3URILOH6HWXS@ZLOOEH
VWDPSHG
>2))@
>21@ 6WDPSVWKHWUDYHOGHVWLQDWLRQQDPHVHWXQGHU
>/RFDWLRQ@ >/RFDWLRQ@
>2))@
>21@ 6WDPSVWKHWUDYHOGDWHVHWXQGHU>7UDYHO'DWH@
>7UDYHO'DWH@
>2))@
>21@ 7LWOHLQSXWLQWKH>7LWOH(GLW@ZLOOEHVWDPSHG
>7LWOH@
>2))@
3UHVV> @WRUHWXUQWRWKHSUHYLRXVVFUHHQ
3UHVVWRVHOHFW>2.@DQGWKHQSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
:KHQ\RXSULQWSLFWXUHVVWDPSHGZLWKWH[WWKHGDWHZLOOEHSULQWHGRYHUWKHVWDPSHGWH[WLI\RX
VSHFLI\SULQWLQJRIWKHGDWHDWWKHSKRWRVKRSRURQWKHSULQWHU
<RXFDQVHWXSWRSLFWXUHVDWRQHWLPHLQ>0XOWL@
7KHSLFWXUHTXDOLW\PD\GHWHULRUDWHZKHQWH[WVWDPSLQJLVFDUULHGRXW
'HSHQGLQJRQWKHSULQWHUEHLQJXVHGVRPHFKDUDFWHUVPD\EHFXWDWSULQWLQJ&KHFNEHIRUH
SULQWLQJ
:KHQ\RXVWDPSSLFWXUHVLQDJURXSWKHVWDPSHGRQHVDUHVDYHGVHSDUDWHO\IURPWKHRULJLQDO
RQHVLQWKHJURXS
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± 3LFWXUHVWDNHQLQ3DQRUDPD6KRW0RGH
± 3LFWXUHVUHFRUGHGZLWKRXWVHWWLQJWKHFORFNDQGWLWOH
± 3LFWXUHVVWDPSHGZLWK>7H[W6WDPS@
± 3LFWXUHVWDNHQZLWK> @
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>9LGHR'LYLGH@
5HFRUGHGPRWLRQSLFWXUHFDQEHGLYLGHGLQWZR,WLVUHFRPPHQGHGIRUZKHQ\RXZDQWWR
GLYLGHDSDUW\RXQHHGZLWKDSDUW\RXGRQRWQHHG
'LYLGLQJDPRWLRQSLFWXUHLVSHUPDQHQW'HFLGHEHIRUH\RXGLYLGH
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>9LGHR'LYLGH@
3UHVVWRVHOHFWWKHPRWLRQSLFWXUHWRGLYLGHDQGWKHQSUHVV>0(186(7@
3UHVVDWWKHORFDWLRQWRGLYLGH
<RXFDQILQHO\DGMXVWWKHORFDWLRQIRUGLYLVLRQE\SUHVVLQJ
ZKLOHWKHPRWLRQSLFWXUHLVSDXVHG
3UHVV
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ
><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
0RWLRQSLFWXUHPD\EHORVWLIWKHFDUGRUEDWWHU\LVUHPRYHG
ZKLOHSURFHVVLQJWKHGLYLGLQJ
1RWDYDLODEOHLQWKHVHFDVHV
$YRLGWU\LQJWRGLYLGHPRWLRQSLFWXUHQHDUWKHYHU\EHJLQQLQJRUHQGRIWKHPRWLRQSLFWXUH
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVH
± 0RWLRQSLFWXUHVZLWKDVKRUWUHFRUGLQJWLPH
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>7LPH/DSVH9LGHR@
7KLVIXQFWLRQDOORZV\RXWRFUHDWHDPRWLRQSLFWXUHIURPDSLFWXUHJURXSUHFRUGHGZLWK
>7LPH/DSVH6KRW@
7KHFUHDWHGPRWLRQSLFWXUHLVVDYHGLQ03UHFRUGLQJIRUPDW
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>7LPH/DSVH9LGHR@
6HOHFWWKH>7LPH/DSVH6KRW@SLFWXUHJURXSZLWKDQGWKHQSUHVV>0(18
6(7@
&UHDWHDPRWLRQSLFWXUHE\VHOHFWLQJWKHPHWKRGVIRUFUHDWLQJLW
7KHVWHSVDUHWKHVDPHDVWKRVHIRUFUHDWLQJDPRWLRQSLFWXUHIROORZLQJWKHUHFRUGLQJRI
>7LPH/DSVH9LGHR@
5HIHUWRVWHSRQZDUGVRQ3IRUGHWDLOV
$OVRUHIHUWRWKHQRWHVRQ3IRUFUHDWHGPRWLRQSLFWXUHV
>6WRS0RWLRQ9LGHR@
$0RWLRQSLFWXUHLVFUHDWHGIURPJURXSSLFWXUHVWDNHQZLWK>6WRS0RWLRQ$QLPDWLRQ@
&UHDWHGPRWLRQSLFWXUHVDUHVDYHGLQ03UHFRUGLQJIRUPDW
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>6WRS0RWLRQ9LGHR@
6HOHFWWKH6WRS0RWLRQ$QLPDWLRQJURXSZLWKDQGWKHQSUHVV>0(186(7@
&UHDWHDPRWLRQSLFWXUHE\VHOHFWLQJWKHPHWKRGVIRUFUHDWLQJLW
7KHVWHSVDUHWKHVDPHDVWKRVHIRUFUHDWLQJDPRWLRQSLFWXUHIROORZLQJWKHUHFRUGLQJRI
>6WRS0RWLRQ$QLPDWLRQ@
5HIHUWRVWHSRQZDUGVRQ3IRUGHWDLOV
$OVRUHIHUWRWKHQRWHVRQ3IRUFUHDWHGPRWLRQSLFWXUHV
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>5HVL]H@
7RDOORZHDV\SRVWLQJWRZHESDJHVDWWDFKPHQWWRHPDLOHWFSLFWXUHVL]HQXPEHURI
SL[HOVLVUHGXFHG
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>5HVL]H@>6LQJOH@>0XOWL@
6HOHFWWKHSLFWXUHDQGVL]H
>6LQJOH@VHWWLQJ
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV 4:3
L 20
>0(186(7@
3UHVVWRVHOHFWWKHVL]HDQGWKHQSUHVV 4:3
M 10
>0(186(7@ 4:3
S 5
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ
6HW
><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
>0XOWL@VHWWLQJ
3UHVVWRVHOHFWWKHVL]HDQGWKHQSUHVV
>0(186(7@
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQ 2.
SUHVV>0(186(7@WRVHWUHSHDW
7KHVHWWLQJLVFDQFHOHGZKHQ>0(186(7@LVSUHVVHG
DJDLQ
3UHVVWRVHOHFW>2.@DQGWKHQSUHVV>0(186(7@
WRH[HFXWH
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ
><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
<RXFDQVHWXSWRSLFWXUHVDWRQHWLPHLQ>0XOWL@
7KHSLFWXUHTXDOLW\RIWKHUHVL]HGSLFWXUHZLOOGHWHULRUDWH
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± 3LFWXUHVWDNHQLQ3DQRUDPD6KRW0RGH
± *URXS3LFWXUHV
± 3LFWXUHVVWDPSHGZLWK>7H[W6WDPS@
± 3LFWXUHVWDNHQZLWK> @
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>&URSSLQJ@
<RXFDQHQODUJHDQGWKHQFOLSWKHLPSRUWDQWSDUWRIWKHUHFRUGHGSLFWXUH
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>&URSSLQJ@
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV>0(186(7@
8VHWKHUHDUGLDODQGSUHVVWRVHOHFWWKHSDUWVWREHFURSSHG
5HDUGLDOULJKW(QODUJHPHQW
5HDUGLDOOHIW5HGXFWLRQ
0RYH
<RXFDQDOVRWRXFK> @> @WRHQODUJHUHGXFH
<RXFDQDOVRPRYHE\GUDJJLQJRQWKHVFUHHQ
3UHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
7KHSLFWXUHTXDOLW\RIWKHFURSSHGSLFWXUHZLOOGHWHULRUDWH
&URSRQHSLFWXUHDWDWLPHZKHQ\RXZDQWWRFURSWKHSLFWXUHVLQDSLFWXUHJURXS
<RXFDQQRWHGLWDOOSLFWXUHVLQDJURXSDWRQFH
:KHQ\RXFURSSLFWXUHVLQDJURXSWKHFURSSHGRQHVDUHVDYHGVHSDUDWHO\IURPWKHRULJLQDO
RQHVLQWKHJURXS
,QIRUPDWLRQUHJDUGLQJWKH)DFH5HFRJQLWLRQLQWKHRULJLQDOSLFWXUHZLOOQRWEHFRSLHGWRLPDJHV
KDYLQJXQGHUJRQH>&URSSLQJ@
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± 3LFWXUHVWDNHQLQ3DQRUDPD6KRW0RGH
± 3LFWXUHVVWDPSHGZLWK>7H[W6WDPS@
± 3LFWXUHVWDNHQZLWK> @
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>5RWDWH@>5RWDWH'LVS@
7KLVPRGHDOORZV\RXWRDXWRPDWLFDOO\GLVSOD\SLFWXUHVYHUWLFDOO\LIWKH\ZHUHUHFRUGHG
KROGLQJWKHFDPHUDYHUWLFDOO\RUURWDWHSLFWXUHVPDQXDOO\LQQVWHSV
>5RWDWH@7KHSLFWXUHLVURWDWHGPDQXDOO\
7KH>5RWDWH@IXQFWLRQLVGLVDEOHGZKHQ>5RWDWH'LVS@LVVHWWR>2))@
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>5RWDWH@
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV>0(186(7@
7KH>5RWDWH@IXQFWLRQLVGLVDEOHGIRU*URXS3LFWXUHV
6HOHFWWKHURWDWLRQGLUHFWLRQ
7KHSLFWXUHURWDWHVFORFNZLVHLQVWHSVRIQ
7KHSLFWXUHURWDWHVFRXQWHUFORFNZLVHLQVWHSVRIQ
([LWWKHPHQXDIWHULWLVVHW
>5RWDWH'LVS@7KHSLFWXUHLVDXWRPDWLFDOO\URWDWHGDQGGLVSOD\HG
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>5RWDWH'LVS@>21@
7KHSLFWXUHVDUHGLVSOD\HGZLWKRXWEHLQJURWDWHGZKHQ\RXVHOHFW>2))@
([LWWKHPHQXDIWHULWLVVHW
1RWDYDLODEOHLQWKHVHFDVHV
:KHQ\RXSOD\EDFNSLFWXUHVRQD3&WKH\FDQQRWEHGLVSOD\HGLQWKHURWDWHGGLUHFWLRQXQOHVV
WKH26RUVRIWZDUHLVFRPSDWLEOHZLWK([LI
([LILVDILOHIRUPDWIRUVWLOOSLFWXUHVZKLFKDOORZVUHFRUGLQJLQIRUPDWLRQHWFWREHDGGHG,WZDV
HVWDEOLVKHGE\³-(,7$-DSDQ(OHFWURQLFVDQG,QIRUPDWLRQ7HFKQRORJ\,QGXVWULHV$VVRFLDWLRQ´
>5RWDWH'LVS@PD\QRWZRUNRQDVFUHHQWKDWSOD\VEDFNPXOWLSOHSLFWXUHVVXFKDVWKHRQH
GLVSOD\HGDIWHU>'HOHWH0XOWL@LVVHOHFWHG
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>)DYRULWH@
<RXFDQGRWKHIROORZLQJLIDPDUNKDVEHHQDGGHGWRSLFWXUHVDQGWKH\KDYHEHHQVHWDV
IDYRULWHV
3OD\EDFNWKHSLFWXUHVVHWDVIDYRULWHVRQO\DVDVOLGHVKRZ
3OD\EDFNRQO\WKHSLFWXUHVVHWDVIDYRULWHV>)DYRULWH3OD\@
'HOHWHDOOWKHSLFWXUHVQRWVHWDVIDYRULWHV>$OO'HOHWH([FHSW)DYRULWH@
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>)DYRULWH@>6LQJOH@>0XOWL@
6HOHFWWKHSLFWXUH3
([LWWKHPHQXDIWHULWLVVHW
w &DQFHOLQJDOOWKH>)DYRULWH@VHWWLQJV
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>)DYRULWH@>&DQFHO@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
,Q>3OD\EDFN0RGH@WKH>&DQFHO@LVGLVDEOHG
<RXFDQVHWXSWR SLFWXUHVDVIDYRULWHV
:KHQ\RXVHWSLFWXUHVLQDJURXSDV>)DYRULWH@WKHQXPEHURI\RXU>)DYRULWH@SLFWXUHVLV
GLVSOD\HGRQWKH>)DYRULWH@LFRQRIWKHJURXS¶VWRSSLFWXUH
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVH
± 3LFWXUHVWDNHQZLWK> @
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>3ULQW6HW@
'32)³'LJLWDO3ULQW2UGHU)RUPDW´LVDV\VWHPWKDWDOORZVWKHXVHUWRVHOHFWZKLFKSLFWXUHV
WRSULQWKRZPDQ\FRSLHVRIHDFKSLFWXUHWRSULQWDQGZKHWKHURUQRWWRSULQWWKHUHFRUGLQJ
GDWHRQWKHSLFWXUHVZKHQXVLQJD'32)FRPSDWLEOHSKRWRSULQWHURUSKRWRSULQWLQJVWRUH
)RUGHWDLOVDVNDW\RXUSKRWRSULQWLQJVWRUH
:KHQ\RXVHW>3ULQW6HW@IRUDJURXSSLFWXUHVWKHSULQWVHWWLQJIRUWKHQXPEHURISULQWVZLOOEH
DSSOLHGWRHYHU\SLFWXUHLQWKHJURXS
)RUPRUHLQIRUPDWLRQYLVLW
KWWSSDQDVRQLFMSGFGSRIBZKLWHBHKWP
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>3ULQW6HW@>6LQJOH@>0XOWL@
6HOHFWWKHSLFWXUH3
3UHVVWRVHWWKHQXPEHURISULQWVDQGWKHQSUHVV>0(186(7@WRVHW
:KHQ>0XOWL@KDVEHHQVHOHFWHG
± 5HSHDWVWHSVDQGIRUHDFKSLFWXUH
,WLVQRWSRVVLEOHWRXVHWKHVDPHVHWWLQJIRUDPXOWLSOHQXPEHURISLFWXUHV
>@LVGLVSOD\HGRQWKHVFUHHQLIWKHWRWDOQXPEHURISULQWV\RXVHWIRUDJURXSSLFWXUHV
LVPRUHWKDQSLFWXUHV
([LWWKHPHQXDIWHULWLVVHW
w &DQFHOLQJDOOWKH>3ULQW6HW@VHWWLQJV
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>3ULQW6HW@>&DQFHO@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
w 7RSULQWWKHGDWH
$IWHUVHWWLQJWKHQXPEHURISULQWVVHWFDQFHOSULQWLQJZLWKWKHUHFRUGLQJGDWHE\SUHVVLQJ
'HSHQGLQJRQWKHSKRWRSULQWLQJVWRUHRUWKHSULQWHUWKHGDWHPD\QRWEHSULQWHGHYHQLI\RXVHW
WRSULQWWKHGDWH)RUIXUWKHULQIRUPDWLRQDVNDW\RXUSKRWRSULQWLQJVWRUHRUUHIHUWRWKH
RSHUDWLQJLQVWUXFWLRQVIRUWKHSULQWHU
7KHGDWHSULQWIHDWXUHLVGLVDEOHGIRUSLFWXUHVWKDWDUHVWDPSHGZLWKWH[W
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
7KHQXPEHURISULQWVFDQEHVHWIURPWR
'HSHQGLQJRQWKHSULQWHUWKHGDWHSULQWVHWWLQJVRIWKHSULQWHUPD\WDNHSUHFHGHQFHVRFKHFNLI
WKLVLVWKHFDVH
,WPD\QRWEHSRVVLEOHWRXVHWKHSULQWVHWWLQJVZLWKRWKHUHTXLSPHQW,QWKLVFDVHFDQFHODOOWKH
VHWWLQJVDQGUHVHWWKHVHWWLQJV
:KHQ\RXVHWSLFWXUHVLQDJURXSWR>3ULQW6HW@WKHQXPEHURISLFWXUHVDGGHGWR>3ULQW6HW@DQG
WKHWRWDOQXPEHURISLFWXUHVWREHSULQWHGDUHGLVSOD\HGRQWKH>3ULQW6HW@LFRQRIWKHJURXS¶VWRS
SLFWXUH
1RWDYDLODEOHLQWKHVHFDVHV
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± 0RWLRQSLFWXUHV
± .EXUVWILOHV
± 3LFWXUHVWDNHQZLWK> @
± )LOHWKDWGRHVQRWFRPSO\ZLWKWKH'&)VWDQGDUG
>3URWHFW@
<RXFDQVHWSURWHFWLRQIRUSLFWXUHV\RXGRQRWZDQWWRGHOHWHE\PLVWDNH
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>3URWHFW@>6LQJOH@>0XOWL@
6HOHFWWKHSLFWXUH3
([LWWKHPHQXDIWHULWLVVHW
w &DQFHOLQJDOOWKH>3URWHFW@VHWWLQJV
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>3URWHFW@>&DQFHO@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
(YHQLI\RXGRQRWSURWHFWSLFWXUHVRQDFDUGWKH\FDQQRWEHGHOHWHGZKHQWKH
FDUG¶V:ULWH3URWHFWVZLWFKLVVHWWR>/2&.@
7KH>3URWHFW@IHDWXUHLVRQO\GHVLJQHGWRZRUNZLWKWKLVFDPHUD
(YHQLI\RXSURWHFWSLFWXUHVRQDFDUGWKH\ZLOOEHGHOHWHGLIWKHFDUGLVIRUPDWWHG
:KHQ\RXVHWSLFWXUHVLQDJURXSWR>3URWHFW@WKHQXPEHURISLFWXUHVZLWKWKH>3URWHFW@VHWWLQJLV
GLVSOD\HGRQWKH>3URWHFW@LFRQRIWKHJURXS¶VWRSSLFWXUH
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>)DFH5HF(GLW@
<RXFDQFOHDUDQGUHSODFHDOOLQIRUPDWLRQUHODWLQJWRIDFHUHFRJQLWLRQLQVHOHFWHGLPDJHV
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>)DFH5HF(GLW@>5(3/$&(@>'(/(7(@
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV>0(186(7@
3UHVVWRVHOHFWWKHSHUVRQDQGWKHQSUHVV>0(186(7@
:KHQ>5(3/$&(@LVVHOHFWHG
3UHVVWRVHOHFWWKHSHUVRQWRUHSODFHDQGWKHQSUHVV>0(186(7@
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
([LWWKHPHQXDIWHULWLVH[HFXWHG
&OHDUHGLQIRUPDWLRQUHJDUGLQJWKH>)DFH5HFRJ@FDQQRWEHUHVWRUHG
:KHQDOO)DFH5HFRJQLWLRQLQIRUPDWLRQLQDSLFWXUHKDVEHHQFDQFHOHGWKHSLFWXUHZLOOQRWEH
FDWHJRUL]HGXVLQJ)DFH5HFRJQLWLRQLQ>&DWHJRU\3OD\@
7KH)DFH5HFRJQLWLRQLQIRUPDWLRQRISLFWXUHVLQDJURXSKDVWREHHGLWHGDWRQFH
<RXFDQQRWHGLWRQHSLFWXUHDWDWLPH
(GLWLQJRIJURXSSLFWXUHVFDQEHSHUIRUPHGRQO\RQWKHILUVWSLFWXUHRIHDFKVHW
>3LFWXUH6RUW@
<RXFDQVHWWKHRUGHULQZKLFKWKHFDPHUDGLVSOD\VLPDJHVGXULQJSOD\EDFN
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>3LFWXUH6RUW@
3UHVVWRVHOHFWDQLWHPDQGWKHQSUHVV>0(186(7@
'LVSOD\VLPDJHVE\IROGHUQDPHILOHQDPH7KLVGLVSOD\IRUPDWDOORZV
>),/(1$0(@
\RXWRORFDWHLPDJHVLQWKHFDUGHDVLO\
'LVSOD\VLPDJHVE\UHFRUGLQJGDWH,IWKHFDUGFRQWDLQVSLFWXUHVWDNHQ
>'$7(7,0(@ ZLWKPRUHWKDQRQHFDPHUDWKLVGLVSOD\IRUPDWLVFRQYHQLHQWIRU
ORRNLQJIRULPDJHV
([LWWKHPHQXDIWHULWLVVHW
:KHQ\RXLQVHUWDQRWKHUFDUGLPDJHVPD\QRWEHGLVSOD\HGE\>'$7(7,0(@ILUVW7KHLPDJHV
ZLOOEHGLVSOD\HGE\>'$7(7,0(@LI\RXZDLWIRUDZKLOH
3OD\LQJ%DFNDQG(GLWLQJ,PDJHV
>'HOHWH&RQILUPDWLRQ@
7KLVVHWVZKLFKRSWLRQ><HV@RU>1R@ZLOOEHKLJKOLJKWHGILUVW
ZKHQWKHFRQILUPDWLRQVFUHHQIRUGHOHWLQJDSLFWXUHLV
GLVSOD\HG
,WLVVHWWR>³1R´ILUVW@DWWKHWLPHRISXUFKDVH
Yes No
6HOHFWWKHPHQX3
MENU >3OD\EDFN@>'HOHWH&RQILUPDWLRQ@
3UHVVWRVHOHFWDQLWHPDQGWKHQSUHVV>0(186(7@
>³<HV´ILUVW@ ><HV@LVKLJKOLJKWHGILUVWVRGHOHWLRQFDQEHGRQHTXLFNO\
>³1R´ILUVW@ >1R@LVKLJKOLJKWHGILUVW$FFLGHQWDOGHOHWLRQRISLFWXUHVLVDYRLGHG
([LWWKHPHQXDIWHULWLVVHW
11. 8VLQJWKH:L)L1)&)XQFWLRQ
:KDW\RXFDQGRZLWKWKH:L)LIXQFWLRQ
&RQWUROOLQJZLWKD6PDUWSKRQH7DEOHW3
5HFRUGLQJZLWKDVPDUWSKRQH3
3OD\LQJEDFNSLFWXUHVLQWKHFDPHUD3
6DYLQJLPDJHVVWRUHGLQWKHFDPHUD3
6HQGLQJLPDJHVWRDQ6163
:ULWLQJORFDWLRQLQIRUPDWLRQRQLPDJHV
VWRUHGLQWKHFDPHUD3
&RPELQLQJPRWLRQSLFWXUHVUHFRUGHGZLWK6QDS0RYLHDFFRUGLQJWR
\RXUSUHIHUHQFHRQDVPDUWSKRQH3
(DV\FRQQHFWLRQHDV\WUDQVIHU
<RXFDQGLUHFWO\FRQQHFWWKHFDPHUDWRD
VPDUWSKRQHZLWKHDVHXVLQJWKH1)&IXQFWLRQ
'LVSOD\LQJSLFWXUHVRQD793
3ULQWLQJ:LUHOHVVO\3
:KHQVHQGLQJLPDJHVWR$9GHYLFH3
<RXFDQVHQGSLFWXUHVDQGPRWLRQSLFWXUHVWR$9GHYLFHVLQ\RXUKRXVH
KRPH$9GHYLFHV
:KHQVHQGLQJLPDJHVWR3&3
8VLQJ:HEVHUYLFHV3
<RXFDQVHQGSLFWXUHVDQGPRWLRQSLFWXUHVWRDQ616HWFYLD³/80,;&/8%´
%\XVLQJ>&ORXG6\QF6HUYLFH@\RXFDQUHFHLYHSLFWXUHVDQGPRWLRQSLFWXUHV
RQD3&RUVPDUWSKRQH
7KLVRZQHU¶VPDQXDOUHIHUVWRERWKVPDUWSKRQHVDQGWDEOHWVDV³VPDUWSKRQHV´IURPWKLV
SRLQWRQXQOHVVQRWHGRWKHUZLVH
8VLQJWKH:L)L1)&)XQFWLRQ
:L)LIXQFWLRQ1)&)XQFWLRQ
w %HIRUH8VH
6HWWKHGDWHDQGWLPHVHWWLQJVLQDGYDQFH3
7RXVHWKH:L)LIXQFWLRQRQWKLVXQLWDZLUHOHVVDFFHVVSRLQWRUDGHVWLQDWLRQGHYLFHHTXLSSHG
ZLWKWKHZLUHOHVV/$1IXQFWLRQLVUHTXLUHG
w $ERXWWKH:L)LFRQQHFWLRQODPS
/LWEOXH 7KH:L)LFRQQHFWLRQLVRQVWDQGE\
%OLQNLQJEOXH 6HQGLQJUHFHLYLQJGDWDWKURXJKWKH:L)LFRQQHFWLRQ
w 7KLVXQLWLVFRPSDWLEOHZLWK1)&
8VLQJWKH1)&³1HDU)LHOG&RPPXQLFDWLRQ´IXQFWLRQ\RX
FDQHDVLO\WUDQVIHUGDWDQHFHVVDU\IRUD:L)LFRQQHFWLRQ
EHWZHHQWKLVFDPHUDDQGWKHVPDUWSKRQHWDEOHW
w $ERXWWKH>:L)L@EXWWRQ
,QWKLVRZQHU¶VPDQXDODIXQFWLRQEXWWRQWRZKLFK>:L)L@LV
DVVLJQHGLVUHIHUUHGWRDVWKH>:L)L@EXWWRQ$WWKHWLPHRISXUFKDVH>:L)L@LVDVVLJQHGWR
>)Q@
5HIHUWR3IRUGHWDLOVDERXWWKHIXQFWLRQEXWWRQ
6WHSVIRUSUHVVLQJ>:L)L@
7RXFK> @
7RXFK>
Fn8
@ Fn8
Fn9
Fn10
Fn11
SNAP
Fn12
:KHQWKHFDPHUDLVQRWFRQQHFWHGWR:L)LSUHVV>:L)L@7KHFDPHUDZLOOWKHQEH
UHDG\WREHFRQQHFWHGWRWKHVPDUWSKRQH<RXFDQFRQQHFWWKHFDPHUDGLUHFWO\WR
WKHVPDUWSKRQH3
:KHQWKHFDPHUDLVUHDG\WREHFRQQHFWHG\RXFDQSUHVV>',63@WRFRQQHFWZLWKWKHVDPH
VHWWLQJVDVXVHGSUHYLRXVO\7KLVLVDFRQYHQLHQWDQGTXLFNZD\WRHVWDEOLVKDFRQQHFWLRQ
3
8VLQJWKH:L)L1)&)XQFWLRQ
:KHQWKHFDPHUDLVFRQQHFWHGWR:L)L\RXFDQSUHVV>:L)L@DQGSHUIRUPWKH
IROORZLQJRSHUDWLRQV
>7HUPLQDWHWKH&RQQHFWLRQ@ 7HUPLQDWHVWKH:L)LFRQQHFWLRQ
_ 7HUPLQDWHVWKH:L)LFRQQHFWLRQDQGDOORZV\RXWRVHOHFW
>&KDQJHWKH'HVWLQDWLRQ@
DGLIIHUHQW:L)LFRQQHFWLRQ
>&KDQJH6HWWLQJVIRU6HQGLQJ 5HIHUWR3IRUGHWDLOV
,PDJHV@_
5HJLVWHULQJWKHFXUUHQWFRQQHFWLRQGHVWLQDWLRQRUWKH
>5HJLVWHUWKH&XUUHQW'HVWLQDWLRQ
FRQQHFWLRQPHWKRG\RXFDQHDVLO\FRQQHFWZLWKWKHVDPH
WR)DYRULWH@_
FRQQHFWLRQPHWKRGQH[WWLPH
>1HWZRUN$GGUHVV@ 'LVSOD\VWKH0$&DGGUHVVDQG,3DGGUHVVRIWKLVXQLW
_ 7KHVHLWHPVDUHQRWGLVSOD\HGZKHQ\RXVHQGWKHGLVSOD\HGLPDJHWRDZHEVHUYLFHE\
SUHVVLQJ3
_ 7KLVLVQRWGLVSOD\HGZKHQWKHGHVWLQDWLRQRI>5HPRWH6KRRWLQJ 9LHZ@>3OD\EDFNRQ79@RU
>6HQG,PDJHV6WRUHGLQWKH&DPHUD@LVVHWWR>3ULQWHU@
8VLQJWKH:L)L1)&)XQFWLRQ
w 'HVFULELQJPHWKRG
:KHQ³VHOHFW>6HOHFWDGHVWLQDWLRQIURP+LVWRU\@´HWFLV
GHVFULEHGLQDVWHSSHUIRUPDQ\RIWKHIROORZLQJRSHUDWLRQV
%XWWRQRSHUDWLRQ 6HOHFW>6HOHFWDGHVWLQDWLRQIURP
+LVWRU\@ZLWKWKHFXUVRUEXWWRQDQG
WKHQSUHVV>0(186(7@
7RXFKRSHUDWLRQ 7RXFK>6HOHFWDGHVWLQDWLRQIURP
+LVWRU\@
7KHFDPHUDFDQQRWEHXVHGWRFRQQHFWWRDSXEOLFZLUHOHVV/$1FRQQHFWLRQ
8VHD,(((E,(((JRU,(((QFRPSDWLEOHGHYLFHZKHQXVLQJDZLUHOHVV
DFFHVVSRLQW
:HVWURQJO\UHFRPPHQGWKDW\RXVHWDQHQFU\SWLRQWRPDLQWDLQLQIRUPDWLRQVHFXULW\
,WLVUHFRPPHQGHGWRXVHDIXOO\FKDUJHGEDWWHU\ZKHQVHQGLQJLPDJHV
:KHQWKHEDWWHU\LQGLFDWRULVIODVKLQJUHGWKHFRQQHFWLRQZLWKRWKHUHTXLSPHQWPD\QRWVWDUWRU
WKHFRQQHFWLRQPD\EHGLVUXSWHG
$PHVVDJHVXFKDV>&RPPXQLFDWLRQHUURU@LVGLVSOD\HG
:KHQVHQGLQJLPDJHVRQDPRELOHQHWZRUNKLJKSDFNHWFRPPXQLFDWLRQIHHVPD\EHLQFXUUHG
GHSHQGLQJRQWKHGHWDLOVRI\RXUFRQWUDFW
3LFWXUHVPD\QRWEHFRPSOHWHO\VHQWGHSHQGLQJRQUDGLRZDYHFRQGLWLRQV,IWKHFRQQHFWLRQLV
WHUPLQDWHGZKLOHVHQGLQJSLFWXUHVSLFWXUHVZLWKPLVVLQJVHFWLRQVPD\EHVHQW
'RQRWUHPRYHWKHPHPRU\FDUGRUEDWWHU\RUPRYHWRDQDUHDZLWKRXWDQ\UHFHSWLRQ
ZKLOHVHQGLQJLPDJHV
7KHPRQLWRUGLVSOD\PD\EHFRPHGLVWRUWHGIRUDQLQVWDQWZKLOHFRQQHFWHGWRWKHVHUYLFH
KRZHYHUWKLVZLOOQRWDIIHFWWKHLPDJHEHLQJVHQW
8VLQJWKH:L)L1)&)XQFWLRQ
&RQWUROOLQJZLWKD6PDUWSKRQH7DEOHW
:LWKDVPDUWSKRQH\RXFDQUHFRUGLPDJHVUHPRWHO\
SOD\EDFNLPDJHVRQWKHFDPHUDRUVDYHWKHPWRWKH
VPDUWSKRQH
<RXQHHGWRLQVWDOO³3DQDVRQLF,PDJH$SS´UHIHUUHGWRDV
³,PDJH$SS´IURPWKLVSRLQWRQRQ\RXUVPDUWSKRQH
,QVWDOOLQJWKHVPDUWSKRQHWDEOHWDSS³,PDJH$SS´
7KH³,PDJH$SS´LVDQDSSOLFDWLRQSURYLGHGE\3DQDVRQLF
26
$SSIRU$QGURLG70 $QGURLGRUKLJKHU
$SSIRUL26 L26RUKLJKHU
3OHDVHQRWHWKDWWKHL3KRQH *6LVQRWVXSSRUWHG
&RQQHFWWKHVPDUWSKRQHWRDQHWZRUN
$QGURLG 6HOHFW³*RRJOH3OD\706WRUH´
L26 6HOHFW³$SS6WRUH60´
(QWHU³3DQDVRQLF,PDJH$SS´RU³/80,;´LQWRWKHVHDUFKER[
6HOHFW³3DQDVRQLF,PDJH$SS´ DQGLQVWDOOLW
8VHWKHODWHVWYHUVLRQ
6XSSRUWHG26VDUHFXUUHQWDVRI-XO\DQGDUHVXEMHFWWRFKDQJH
5HDGWKH>+HOS@LQWKH³,PDJH$SS´PHQXIRUIXUWKHUGHWDLOVRQKRZWRRSHUDWH
:KHQ\RXRSHUDWHWKH³,PDJH$SS´RQWKHVPDUWSKRQHWKDWLVFRQQHFWHGWRWKHFDPHUDYLD
:L)L>+HOS@LQWKH³,PDJH$SS´PD\QRWEHGLVSOD\HGGHSHQGLQJRQWKHVPDUWSKRQH,QWKLV
FDVHDIWHUWHUPLQDWLQJWKHFRQQHFWLRQWRWKHFDPHUDUHFRQQHFWWKHVPDUWSKRQHWRDPRELOH
SKRQHQHWZRUNVXFKDVWKH*RU/7(QHWZRUNRUWRD:L)LURXWHUDQGWKHQGLVSOD\>+HOS@LQ
WKH³,PDJH$SS´
6RPHRIWKHVFUHHQVDQGLQIRUPDWLRQSURYLGHGLQWKHVHRSHUDWLQJLQVWUXFWLRQVPD\GLIIHUIURP
\RXUGHYLFHGHSHQGLQJRQWKHVXSSRUWHG26DQG³,PDJH$SS´YHUVLRQ
7KHVHUYLFHPD\QRWEHDEOHWREHXVHGSURSHUO\GHSHQGLQJRQWKHW\SHRIVPDUWSKRQHEHLQJ
XVHG
)RULQIRUPDWLRQRQWKH³,PDJH$SS´UHIHUWRWKHVXSSRUWVLWHEHORZ
KWWSSDQDVRQLFMSVXSSRUWJOREDOFVGVF
7KLV6LWHLV(QJOLVKRQO\
:KHQGRZQORDGLQJWKHDSSRQDPRELOHQHWZRUNKLJKSDFNHWFRPPXQLFDWLRQIHHVPD\EH
LQFXUUHGGHSHQGLQJRQWKHGHWDLOVRI\RXUFRQWUDFW
8VLQJWKH:L)L1)&)XQFWLRQ
&RQQHFWLQJWRDVPDUWSKRQHWDEOHW
&RQQHFWLQJHDVLO\ZLWKRXWDSDVVZRUG
)RUERWKL26GHYLFHVL3KRQHL3RGWRXFKL3DGDQG$QGURLGGHYLFHV 3
&RQQHFWLQJZLWKDSDVVZRUG
,I\RXDUHXVLQJDQL26
GHYLFH ,I\RXDUHXVLQJDQ$QGURLGGHYLFH
>L3KRQHL3RG WRXFKL3DG@
,V\RXUGHYLFHFRPSDWLEOHZLWKWKH1)&IXQFWLRQ"
<HV 1R
<RXFDQHDVLO\VHWXSDGLUHFWFRQQHFWLRQWR\RXUVPDUWSKRQHZLWKRXWHQWHULQJDSDVVZRUG
6HOHFWWKHPHQXRQWKHFDPHUD3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@
>1HZ&RQQHFWLRQ@>5HPRWH6KRRWLQJ 9LHZ@
66,'
:KHQWKHFDPHUDLVUHDG\WREHFRQQHFWHGWRWKH
VPDUWSKRQHWKH66,'LVGLVSOD\HG
<RXFDQDOVRGLVSOD\WKHLQIRUPDWLRQE\SUHVVLQJ>:L)L@RQ
WKHFDPHUD
7XUQRQWKH:L)LIXQFWLRQLQWKHVHWWLQJPHQXRIWKH
VPDUWSKRQH
2QWKH:L)LVHWWLQJVFUHHQRIWKHVPDUWSKRQHVHOHFWWKH
66,'GLVSOD\HGRQWKHFDPHUD
2QWKHVPDUWSKRQHVWDUW³,PDJH$SS ´
Wi-Fi
:KHQWKHFRQQHFWLRQFRQILUPDWLRQVFUHHQLVGLVSOD\HGRQ
WKHFDPHUDVHOHFW><HV@WRFRQQHFW)RUILUVWWLPH 0123456789ABC
FRQQHFWLRQRQO\
8VLQJWKH:L)L1)&)XQFWLRQ
:KHQ>:L)L3DVVZRUG@LVVHWWRWKHGHIDXOWVHWWLQJ>2))@WKLUGSDUWLHVPD\LQWHUFHSW
:L)LUDGLRZDYHVDQGFROOHFWWKHFRQWHQWRIFRPPXQLFDWLRQV6HW>:L)L3DVVZRUG@WR
>21@WRHQDEOHWKHSDVVZRUG3
8VLQJDSDVVZRUGWRVHWXSDFRQQHFWLRQ
&RQQHFWLQJZLWKDSDVVZRUGIXUWKHUHQKDQFHVVHFXULW\<RXFDQXVHWKH1)&IXQFWLRQ
VFDQD45FRGHRUPDQXDOO\HQWHUDSDVVZRUGWRVHWXSDFRQQHFWLRQ
:KHQXVLQJDQ$QGURLGGHYLFH
6HWWLQJXSDFRQQHFWLRQXVLQJWKH1)&IXQFWLRQ
8VLQJWKH1)&³1HDU)LHOG&RPPXQLFDWLRQ´IXQFWLRQ\RXFDQHDVLO\WUDQVIHUGDWD
QHFHVVDU\IRUD:L)LFRQQHFWLRQEHWZHHQWKLVFDPHUDDQGWKHVPDUWSKRQHWDEOHW
w &RPSDWLEOHPRGHOV
7KLVIXQFWLRQFDQEHXVHGZLWKWKH1)&FRPSDWLEOHGHYLFHZLWK$QGURLGH[FOXGLQJ
VRPHPRGHOV
)RULQIRUPDWLRQRQWKHRSHUDWLRQDQGVHWWLQJVRI1)&FRPSDWLEOHVPDUWSKRQHVUHIHUWRWKH
RSHUDWLQJLQVWUXFWLRQVRI\RXUGHYLFH
3UHSDUDWLRQ6HW>1)&2SHUDWLRQ@WR>21@3
,I>@LVQRWGLVSOD\HGRQWKHVPDUWSKRQHWKH1)&IXQFWLRQRIWKHVPDUWSKRQHLVGLVDEOHG
5HDGWKHRSHUDWLQJLQVWUXFWLRQVRI\RXUVPDUWSKRQHDQGHQDEOHLW
2QWKHVPDUWSKRQHVWDUW³,PDJH$SS ´
,IDPHVVDJHDSSHDUVVWDWLQJWKDWDFDPHUDVHDUFKLVLQSURJUHVVFORVHWKHPHVVDJH
:KLOH> @LVGLVSOD\HGRQWKHVFUHHQRI
WKHVPDUWSKRQHWRXFKWKHVPDUWSKRQHWR
> @RIWKHFDPHUD
:KHQWKHFRQQHFWLRQFRQILUPDWLRQVFUHHQ
LVGLVSOD\HGRQWKHFDPHUDVHOHFW><HV@
7RXFKWKHVPDUWSKRQHWR> @RIWKH
FDPHUDDJDLQ
6WHSV WKURXJKDUHQRWUHTXLUHGIURPWKH
VHFRQGWLPHRQ
,WPD\WDNHWLPHWRFRPSOHWHWKHFRQQHFWLRQ
:KHQWKHVPDUWSKRQHKDVFRQQHFWHGDQ
LPDJHRIWKLVFDPHUDZLOOEHGLVSOD\HGRQWKH
VPDUWSKRQH
7KHFRQQHFWHGVPDUWSKRQHLVUHJLVWHUHGWRWKLV
FDPHUD
,IDFRQQHFWLRQDWWHPSWE\WRXFKLQJIDLOVUHVWDUWWKH³,PDJH$SS´DQGWKHQGLVSOD\WKH
VFUHHQLQVWHSDJDLQ
,IDFRQQHFWLRQLVHVWDEOLVKHGGXULQJVLQJOHSLFWXUHSOD\EDFNWKHSLFWXUHZLOOEHWUDQVIHUUHG
WRWKHVPDUWSKRQH3
8VLQJWKH:L)L1)&)XQFWLRQ
<RXFDQUHJLVWHUXSWRVPDUWSKRQHV:KHQWKHQXPEHUH[FHHGVUHJLVWUDWLRQVZLOOEH
GHOHWHGVWDUWLQJIURPWKHROGHVWWRXFKHGRQH
3HUIRUPLQJ>5HVHW:L)L6HWWLQJV@ZLOOGHOHWHWKHVPDUWSKRQHUHJLVWUDWLRQ
,IWKHFDPHUDLVQRWUHFRJQL]HGHYHQZKHQWRXFKLQJWKHVPDUWSKRQHFKDQJHSRVLWLRQVDQGWU\
DJDLQ
'RQRWWRXFKWKHVPDUWSKRQHWRWKLVFDPHUDVWURQJO\
,IWKHUHLVDPHWDOREMHFWEHWZHHQWKLVFDPHUDDQGWKHVPDUWSKRQHUHDGLQJPD\IDLO$OVR
SXWWLQJDVWLFNHUDURXQGWKH1)&DUHDPD\GHWHULRUDWHWKHFRPPXQLFDWLRQSHUIRUPDQFH
7KLVIXQFWLRQLVQRWDYDLODEOHLQWKHIROORZLQJFDVHV
± :KHQFRQQHFWLQJWRD3&RUDSULQWHU
± :KHQUHFRUGLQJPRWLRQSLFWXUHV
± :KHQUHFRUGLQJZLWK> @>.3UH%XUVW@RI.3KRWR
± :KHQXVLQJ>7LPH/DSVH6KRW@
8VLQJWKH:L)L1)&)XQFWLRQ
3UHSDUDWLRQV6HW>:L)L3DVVZRUG@WR>21@
MENU >6HWXS@>:L)L@>:L)L6HWXS@>:L)L3DVVZRUG@>21@
6HOHFWWKHPHQXRQWKHFDPHUD3
MENU >6HWXS@>:L)L@>:L)L
)XQFWLRQ@>1HZ&RQQHFWLRQ@>5HPRWH
6KRRWLQJ 9LHZ@
66,'DQGSDVVZRUG
45FRGH
:KHQWKHFDPHUDLVUHDG\WREHFRQQHFWHGWRWKH
VPDUWSKRQHWKH45FRGH66,'DQGSDVVZRUGDUHGLVSOD\HG
<RXFDQDOVRGLVSOD\WKHLQIRUPDWLRQE\SUHVVLQJ>:L)L@RQWKHFDPHUD
2QWKHVPDUWSKRQHVWDUW³,PDJH$SS ´
6HOHFW>45FRGH@
:KHQWKHVPDUWSKRQHLVFRQQHFWHGWRDZLUHOHVVDFFHVVSRLQWLWPD\WDNHWLPHWRGLVSOD\
>45FRGH@
)RUL26GHYLFHV$FRQILUPDWLRQVFUHHQZLOOEHGLVSOD\HG6HOHFW>2.@WRSURFHHG
8VHWKH³,PDJH$SS´WRVFDQWKH45FRGHGLVSOD\HGRQWKHVFUHHQRIWKH
FDPHUD
,I\RXSUHVV>0(186(7@RQWKHFDPHUDWKH45FRGHZLOOEHHQODUJHG:KHQLWLVGLIILFXOW
WRVFDQWKH45FRGHWU\HQODUJLQJLW
)RUL26GHYLFHVRQO\
,QVWDOOWKHSURILOHWRWKHVPDUWSKRQH
,IWKHVPDUWSKRQHLVORFNHGZLWKDSDVVFRGHHQWHUWKHSDVVFRGHWRXQORFNWKH
VPDUWSKRQH
:KHQDPHVVDJHLVGLVSOD\HGRQWKHEURZVHUSUHVVWKHKRPHEXWWRQWRFORVH
WKHEURZVHU
7XUQRQWKH:L)LIXQFWLRQLQWKHVHWWLQJPHQXRIWKHVPDUWSKRQH
2QWKH:L)LVHWWLQJVFUHHQRIWKHVPDUWSKRQHVHOHFWWKH
66,'GLVSOD\HGRQWKHFDPHUD
2QWKHVPDUWSKRQHVWDUW³,PDJH$SS ´ Wi-Fi
8VLQJWKH:L)L1)&)XQFWLRQ
66,'GLVSOD\HGRQWKHFDPHUD
(QWHUWKHSDVVZRUGGLVSOD\HGRQWKHFDPHUDLQWRWKH 0123456789ABC
VPDUWSKRQH)RUILUVWWLPHFRQQHFWLRQRQO\
,I\RXDUHXVLQJDQ$QGURLGGHYLFHPDUNLQJWKHER[IRUSDVVZRUG
GLVSOD\ZLOODOORZWKHGHYLFHWRGLVSOD\WKHSDVVZRUGDV\RXHQWHULW
2QWKHVPDUWSKRQHVWDUW³,PDJH$SS ´
7RFKDQJHWKHFRQQHFWLRQPHWKRGIROORZWKHVWHSVEHORZ
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@
>1HZ&RQQHFWLRQ@>5HPRWH6KRRWLQJ 9LHZ@
>',63@
RU
Wi-Fi >',63@>1HZ&RQQHFWLRQ@>5HPRWH
6KRRWLQJ 9LHZ@>',63@
8VLQJWKH:L)L1)&)XQFWLRQ
:KHQFRQQHFWLQJYLDDZLUHOHVVDFFHVVSRLQW>9LD1HWZRUN@
2QWKHFDPHUD
6HOHFW>9LD1HWZRUN@
)ROORZWKHFRQQHFWLRQSURFHGXUHGHVFULEHGRQ3WRFRQQHFWWKHFDPHUDWRDZLUHOHVV
DFFHVVSRLQW
2Q\RXUVPDUWSKRQH
7XUQRQWKH:L)LIXQFWLRQ
&RQQHFWWKHVPDUWSKRQHWRWKHZLUHOHVVDFFHVVSRLQWWRZKLFKWKHFDPHUDLV
FRQQHFWHG
6WDUW³,PDJH$SS´3
:KHQGLUHFWO\FRQQHFWLQJWKHFDPHUDDQGVPDUWSKRQH>'LUHFW@
2QWKHFDPHUD
6HOHFW>'LUHFW@
6HOHFW>:L)L'LUHFW@RU>:36&RQQHFWLRQ@_DQGIROORZWKHFRQQHFWLRQSURFHGXUH
GHVFULEHGRQ3WRFRQQHFWWKHFDPHUDWRWKHVPDUWSKRQH
_ :36LVDIXQFWLRQWKDWDOORZV\RXWRHDVLO\VHWXSDFRQQHFWLRQZLWKDZLUHOHVV/$1GHYLFH
DQGPDNHVHFXULW\UHODWHGVHWWLQJV7RFKHFNZKHWKHU\RXUVPDUWSKRQHVXSSRUWVWKH
IXQFWLRQUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKHVPDUWSKRQH
2Q\RXUVPDUWSKRQH
6WDUW³,PDJH$SS´3
8VLQJWKH:L)L1)&)XQFWLRQ
7DNLQJLPDJHVYLDDVPDUWSKRQHWDEOHWUHPRWHUHFRUGLQJ
&RQQHFWWRDVPDUWSKRQH3
2SHUDWHWKHVPDUWSKRQH
6HOHFW> @
5HFRUGDQLPDJH
7KHUHFRUGHGLPDJHVDUHVDYHGLQWKHFDPHUD
6RPHVHWWLQJVDUHQRWDYDLODEOH
:KHQUHFRUGLQJZLWK.3UH%XUVWZLWKWKHVPDUWSKRQH
WHUPLQDWHWKHFRQQHFWLRQRQO\DIWHUVZLWFKLQJWR.%XUVW
A
UHFRUGLQJE\SUHVVLQJ> @RQWKHFDPHUD
1RWDYDLODEOHLQWKHVHFDVHV
,QWKHIROORZLQJFDVHUHPRWHUHFRUGLQJGRHVQRWZRUN
± 3DQRUDPD6KRW0RGH
± :KHQXVLQJ>7LPH/DSVH6KRW@
± :KHQ>6QDS0RYLH@LVVHWWR>21@
8VLQJWKH:L)L1)&)XQFWLRQ
w 7DNLQJDSLFWXUHZKLOHMXPSLQJ
:KHQ\RXKROG\RXUVPDUWSKRQHDQGMXPSWKHFDPHUD¶V
VKXWWHUFDQEHUHOHDVHGDXWRPDWLFDOO\DVWKHVPDUWSKRQH
GHWHFWVWKHSHDNRIWKHMXPS7KLVIXQFWLRQLVFRQYHQLHQWIRU
WDNLQJDSLFWXUHZKLOHMXPSLQJ
2SHUDWHWKHVPDUWSKRQH
> @ > @ 6HOHFWWKHVHQVLWLYLW\
> @ZLOOEHGLVSOD\HGRQWKHUHPRWHUHFRUGLQJVFUHHQRIWKH
VPDUWSKRQH
:HUHFRPPHQGWKDW\RXWDNHWHVWSLFWXUHVWRGHWHUPLQHWKHFDPHUD¶VDQJOHDQGKRZKDUG\RX
MXPSDQGWRPDNHDQ\GHVLUHGDGMXVWPHQWV
)RUGHWDLOVUHIHUWRWKHKHOSVHFWLRQLQWKH³,PDJH$SS´PHQX
8VLQJWKH:L)L1)&)XQFWLRQ
3OD\LQJEDFNLPDJHVLQWKHFDPHUD
&RQQHFWWRDVPDUWSKRQH3
2SHUDWHWKHVPDUWSKRQH
6HOHFW> @
<RXFDQVZLWFKWKHLPDJHVWREH
GLVSOD\HGE\VHOHFWLQJWKHLFRQ
RQWKHWRSOHIWRIWKHVFUHHQ7R
GLVSOD\LPDJHVVWRUHGLQWKHFDPHUD
VHOHFW>/80,;@
7RXFKWKHLPDJHWRHQODUJHLW
:KHQ\RXSOD\DPRWLRQSLFWXUHWKHFDPHUDWUDQVPLWVLWWRWKH³,PDJH$SS´DWDUHGXFHGGDWD
VL]H$VDUHVXOWLWVLPDJHTXDOLW\GLIIHUVIURPWKDWRIWKHDFWXDOUHFRUGHGPRWLRQSLFWXUH,Q
DGGLWLRQGHSHQGLQJRQWKHVPDUWSKRQHRUFRQGLWLRQVRIXVHWKHLPDJHTXDOLW\PD\GHWHULRUDWH
RUWKHVRXQGPD\VNLSGXULQJPRWLRQSLFWXUHRUSLFWXUHSOD\EDFN
6DYLQJLPDJHVVWRUHGLQWKHFDPHUD
&RQQHFWWRDVPDUWSKRQH3
2SHUDWHWKHVPDUWSKRQH
6HOHFW> @
<RXFDQVZLWFKWKHLPDJHVWREH
GLVSOD\HGE\VHOHFWLQJWKHLFRQ
RQWKHWRSOHIWRIWKHVFUHHQ7R
GLVSOD\LPDJHVVWRUHGLQWKHFDPHUD
VHOHFW>/80,;@
7RXFKDQGKROGDQLPDJHDQGGUDJ
LWWRVDYHLW
7KHIXQFWLRQFDQEHDVVLJQHGWRWKHWRSERWWRP
OHIWRUULJKWDFFRUGLQJWR\RXUSUHIHUHQFH
3LFWXUHVLQ5$:IRUPDW$9&+'PRWLRQ
SLFWXUHV03PRWLRQSLFWXUHVZLWKD>5HF4XDOLW\@VL]HRI>.@DQG.EXUVWILOHVFDQQRWEH
VDYHG
'SLFWXUHV032IRUPDWZLOOEHVDYHGDV'SLFWXUHV-3(*IRUPDW
8VLQJWKH:L)L1)&)XQFWLRQ
8VLQJWKH1)&IXQFWLRQWRHDVLO\WUDQVIHULPDJHVRQWKHFDPHUD
$:L)LFRQQHFWLRQXVLQJ1)&IXQFWLRQLVSRVVLEOHE\WRXFKLQJWKHVPDUWSKRQHWRWKLVXQLW
DQG\RXFDQHDVLO\WUDQVIHULPDJHVGLVSOD\HGRQWKHVFUHHQ
$QLPDJHFDQEHVHQWRQVLWHLPPHGLDWHO\DIWHUWDNLQJLWVR\RXFDQHDVLO\VHQGLWWRWKH
VPDUWSKRQH_RI\RXUIDPLO\RUIULHQG
_ ,QVWDOOLQJWKH³,PDJH$SS´LVUHTXLUHGIRUXVH
7KH1)&IXQFWLRQLVQRWDYDLODEOHIRUL26GHYLFHVL3KRQHL3RGWRXFKL3DG
3UHSDUDWLRQ6HW>1)&2SHUDWLRQ@WR>21@3
6HW>7RXFK6KDULQJ@WR>21@3
3OD\EDFNWKHSLFWXUHLQWKHFDPHUD
/DXQFK³,PDJH$SS´RQWKHVPDUWSKRQH
,IDPHVVDJHDSSHDUVVWDWLQJWKDWDFDPHUD
VHDUFKLVLQSURJUHVVFORVHWKHPHVVDJH
:KLOH> @LVGLVSOD\HGRQWKHFRQQHFWLRQ
VFUHHQRIWKH³,PDJH$SS´WRXFKWKH
VPDUWSKRQHWR> @RIWKHFDPHUD
,WPD\WDNHWLPHWRFRPSOHWHWKHFRQQHFWLRQ
,IDFRQQHFWLRQDWWHPSWE\WRXFKLQJIDLOVUHVWDUW
WKH³,PDJH$SS´DQGWKHQGLVSOD\WKHVFUHHQ
LQVWHSDJDLQ
7RWUDQVIHUPRUHWKDQRQHLPDJHUHSHDWVWHSV
DQG
7KH\FDQQRWEHWUDQVIHUUHGDVDEDWFK
'HSHQGLQJRQWKHHQYLURQPHQW\RXDUHXVLQJLWPD\WDNHDIHZPLQXWHVWRFRPSOHWHWKHLPDJH
WUDQVIHU
8VLQJWKH:L)L1)&)XQFWLRQ
6HQGLQJLPDJHVLQWKHFDPHUDWRDQ616
&RQQHFWWRDVPDUWSKRQH3
2SHUDWHWKHVPDUWSKRQH
6HOHFW> @
<RXFDQVZLWFKWKHLPDJHVWREH
GLVSOD\HGE\VHOHFWLQJWKHLFRQ
RQWKHWRSOHIWRIWKHVFUHHQ7R
GLVSOD\LPDJHVVWRUHGLQWKHFDPHUD
VHOHFW>/80,;@
7RXFKDQGKROGDQLPDJHDQGGUDJ
LWWRVHQGLWWRDQ616HWF
7KHLPDJHLVVHQWWRDZHEVHUYLFH
VXFKDVDQ616
7KHIXQFWLRQFDQEHDVVLJQHGWRWKHWRSERWWRP
OHIWRUULJKWDFFRUGLQJWR\RXUSUHIHUHQFH
8VLQJWKH:L)L1)&)XQFWLRQ
$GGLQJORFDWLRQLQIRUPDWLRQWRLPDJHVVWRUHGLQWKHFDPHUDIURPD
VPDUWSKRQHWDEOHW
<RXFDQVHQGORFDWLRQLQIRUPDWLRQDFTXLUHGZLWKDVPDUWSKRQHWRWKHFDPHUD$IWHU
VHQGLQJWKHLQIRUPDWLRQ\RXFDQDOVRZULWHLWRQLPDJHVVWRUHGLQWKHFDPHUD
2QFHWKHORFDWLRQLQIRUPDWLRQLVVHQWWRWKHFDPHUD\RXFDQDOVRZULWHLWRQLPDJHVE\
SHUIRUPLQJ>/RFDWLRQ/RJJLQJ@3LQWKH>3OD\EDFN@PHQX
GPS 3
4
1
2
/RFDWLRQLQIRUPDWLRQGLIIHUHQWIURPWKDWDWWKHWLPHRIUHFRUGLQJPD\EHZULWWHQ.HHSWKH
IROORZLQJSRLQWVLQPLQG
± 6HWWKHFDPHUD¶V>+RPH@VHWWLQJLQ>:RUOG7LPH@WR\RXUUHJLRQ
± 2QFH\RXVWDUWUHFRUGLQJORFDWLRQLQIRUPDWLRQZLWK\RXUVPDUWSKRQHGRQRWFKDQJHWKH
FDPHUD¶V>+RPH@VHWWLQJLQ>:RUOG7LPH@
/RFDWLRQLQIRUPDWLRQFDQQRWEHZULWWHQRQLPDJHVWKDWZHUHUHFRUGHGZKHQWKHFORFNZDVQRW
VHW
w 5HFRUGLQJORFDWLRQLQIRUPDWLRQDQGLPDJHV
6WDUWUHFRUGLQJORFDWLRQLQIRUPDWLRQZLWKWKHVPDUWSKRQH
6WDUW³,PDJH$SS´3
6HOHFW> @
6HOHFW>*HRWDJJLQJ@
6HOHFW> @WRVWDUWUHFRUGLQJORFDWLRQLQIRUPDWLRQ
5HFRUGLPDJHVZLWKWKHFDPHUD
6WRSUHFRUGLQJWKHORFDWLRQLQIRUPDWLRQZLWKWKHVPDUWSKRQH
6HOHFW> @WRVWRSUHFRUGLQJWKHORFDWLRQLQIRUPDWLRQ
8VLQJWKH:L)L1)&)XQFWLRQ
w :ULWLQJWKHORFDWLRQLQIRUPDWLRQWRWKHLPDJHV
3UHSDUDWLRQRQWKHFDPHUD
&RQQHFWWRDVPDUWSKRQH3
2SHUDWHWKHVPDUWSKRQH
6WDUW³,PDJH$SS´3
6HOHFW> @
6HOHFW>*HRWDJJLQJ@
6HOHFW> @WRVHQGDQGZULWHWKHORFDWLRQLQIRUPDWLRQ
)ROORZWKHRQVFUHHQPHVVDJHVWRRSHUDWHWKHVPDUWSKRQH
,PDJHVZLWKORFDWLRQLQIRUPDWLRQDUHLQGLFDWHGZLWK> @
&DXWLRQVIRU8VH
%HVXUHWRSD\VSHFLDODWWHQWLRQWRWKHSULYDF\WKHOLNHQHVVULJKWVHWFRIWKHVXEMHFW
ZKHQ\RXXVHWKLVIXQFWLRQ8VHDW\RXURZQULVN
7KHVPDUWSKRQHEDWWHU\GUDLQVIDVWHUZKLOHORFDWLRQLQIRUPDWLRQLVEHLQJUHFRUGHG
:KHQUHFRUGLQJRIORFDWLRQLQIRUPDWLRQLVQRWQHFHVVDU\VWRSLW
2QWKHVPDUWSKRQH\RXFDQVHWWKHDFTXLVLWLRQLQWHUYDORIORFDWLRQLQIRUPDWLRQDQGFKHFNWKH
WUDQVIHUVWDWXVRIORFDWLRQLQIRUPDWLRQ
5HIHUWR>+HOS@LQWKH³,PDJH$SS´PHQXIRUGHWDLOV
1RWDYDLODEOHLQWKHVHFDVHV
/RFDWLRQLQIRUPDWLRQFDQQRWEHZULWWHQWRWKHIROORZLQJLPDJHVRULQWKHIROORZLQJVLWXDWLRQV
± ,PDJHVUHFRUGHGDIWHUORFDWLRQLQIRUPDWLRQZDVVHQWWRWKHFDPHUD
± 0RWLRQSLFWXUHVUHFRUGHGLQ>$9&+'@
± ,PDJHVZLWKORFDWLRQLQIRUPDWLRQDOUHDG\ZULWWHQWRWKHP
± ,PDJHVSURWHFWHGE\>3URWHFW@
± :KHQWKHUHLVLQVXIILFLHQWVSDFHOHIWRQWKHFDUG
± :KHQWKH:ULWH3URWHFWVZLWFKWRWKHFDUGLVVHWWRWKH>/2&.@SRVLWLRQ
± ,PDJHVUHFRUGHGZLWKRWKHUGHYLFHV
8VLQJWKH:L)L1)&)XQFWLRQ
8VLQJWKH1)&IXQFWLRQWRDGGORFDWLRQLQIRUPDWLRQWRLPDJHVRQWKHFDPHUD
<RXFDQZULWHORFDWLRQLQIRUPDWLRQUHFRUGHGZLWKWKHVPDUWSKRQHWRDQLPDJHEHLQJSOD\HG
EDFNXVLQJWKH1)&IXQFWLRQ
7KH1)&IXQFWLRQLVQRWDYDLODEOHIRUL26GHYLFHVL3KRQHL3RGWRXFKL3DG
GPS
3
1 4
5
2
3UHSDUDWLRQ6HW>1)&2SHUDWLRQ@WR>21@3
w 5HFRUGLQJORFDWLRQLQIRUPDWLRQDQGDQLPDJH
6WDUWUHFRUGLQJORFDWLRQLQIRUPDWLRQZLWKWKHVPDUWSKRQH
6WDUW³,PDJH$SS´3
6HOHFW> @
6HOHFW>*HRWDJJLQJ@
6HOHFW> @WRVWDUWUHFRUGLQJORFDWLRQLQIRUPDWLRQ
5HFRUGDQLPDJHZLWKWKHFDPHUD
6WRSUHFRUGLQJWKHORFDWLRQLQIRUPDWLRQZLWKWKHVPDUWSKRQH
6HOHFW> @WRVWRSUHFRUGLQJWKHORFDWLRQLQIRUPDWLRQ
8VLQJWKH:L)L1)&)XQFWLRQ
w :ULWLQJWKHORFDWLRQLQIRUPDWLRQWRWKHLPDJH
3UHSDUDWLRQRQWKHVPDUWSKRQH
6WDUW³,PDJH$SS´3
6HOHFW> @
6HOHFW>*HRWDJJLQJ@
3OD\EDFNWKHSLFWXUHLQWKHFDPHUD
7RXFKWKHVPDUWSKRQHWR> @RIWKH
FDPHUD
7KHORFDWLRQLQIRUPDWLRQZLOOEHZULWWHQWRWKH
LPDJHEHLQJSOD\HGEDFN
,WPD\WDNHWLPHWRFRPSOHWHWKHFRQQHFWLRQ
,PDJHVZLWKORFDWLRQLQIRUPDWLRQDUHLQGLFDWHG
ZLWK> @
7RZULWHWKHORFDWLRQLQIRUPDWLRQWRPXOWLSOH
LPDJHVUHSHDWVWHSVWR,WFDQQRWEH
ZULWWHQWRPXOWLSOHLPDJHVDWRQFH
8VLQJWKH:L)L1)&)XQFWLRQ
&RPELQLQJPRWLRQSLFWXUHVUHFRUGHGZLWK6QDS0RYLHDFFRUGLQJWR
\RXUSUHIHUHQFHRQDVPDUWSKRQHWDEOHW
8VLQJDVPDUWSKRQH\RXFDQFRPELQHPRWLRQSLFWXUHVUHFRUGHGZLWKWKHFDPHUD¶V>6QDS
0RYLH@IXQFWLRQ30XVLFFDQEHDGGHGWRPRWLRQSLFWXUHVWREHFRPELQHG,Q
DGGLWLRQ\RXFDQVDYHWKHFRPELQHGPRWLRQSLFWXUHRUXSORDGLWRQDZHEVHUYLFH
5HFRUGPRWLRQSLFWXUHVZLWK>6QDS0RYLH@
6HQGWKHUHFRUGHGPRWLRQSLFWXUHV
(GLWWKHPRWLRQSLFWXUHV
&RPELQHWKHPRWLRQSLFWXUHVVDYHWKHFRPELQHGPRWLRQSLFWXUHDQGVHQGLWWRDZHE
VHUYLFH
&RPELQHWKHPRWLRQSLFWXUHVDQGVDYHWKHFRPELQHGPRWLRQSLFWXUH
w &RPELQLQJPRWLRQSLFWXUHVE\RSHUDWLQJDVPDUWSKRQH
&RQQHFWWRDVPDUWSKRQH3
2SHUDWHWKHVPDUWSKRQH
6HOHFW> @
6HOHFW>6QDS0RYLH@
>6QDS0RYLH@PRWLRQSLFWXUHVZLWKUHFHQWUHFRUGLQJGDWHVZLOOEHVHOHFWHGDQG
DXWRPDWLFDOO\VHQWWRWKHVPDUWSKRQH
:KHQPRWLRQSLFWXUHVZLWKUHFHQWUHFRUGLQJGDWHVDUHQRWDYDLODEOHDVFUHHQWKDW
OHWV\RXVHOHFWPRWLRQSLFWXUHVZLOOEHGLVSOD\HG6HOHFWPRWLRQSLFWXUHVDQGVHQG
WKHP
(GLWWKHPRWLRQSLFWXUHV
2SHUDWHWKHVPDUWSKRQHWRHGLWWKHPRWLRQSLFWXUHVVXFKDVUHDUUDQJLQJWKHP
GHOHWLQJWKRVHWKDWDUHXQQHFHVVDU\RUDGGLQJPXVLFWRWKHP
<RXFDQFRPELQHWKHHGLWHGPRWLRQSLFWXUHVDQGVDYHWKHFRPELQHGILOHRQWKH
VPDUWSKRQHRUXSORDGLWRQDZHEVHUYLFH
5HDGWKH>+HOS@LQWKH³,PDJH$SS´PHQXIRUIXUWKHUGHWDLOVRQKRZWRRSHUDWH
>6QDS0RYLH@RIWKH³,PDJH$SS´UHTXLUHVDVPDUWSKRQHWKDWVXSSRUWV$QGURLG26RUKLJKHU
7KHL3KRQH DQGL3RG WRXFKWKJHQHUDWLRQGRQRWVXSSRUW>6QDS0RYLH@RIWKH³,PDJH$SS´
7KHVPDUWSKRQHPD\QRWEHDEOHWRSOD\EDFNDQGVDYH>6QDS0RYLH@PRWLRQSLFWXUHVUHFRUGHG
ZLWKDQRWKHUGHYLFH
8VLQJWKH:L)L1)&)XQFWLRQ
'LVSOD\LQJSLFWXUHVRQD79
<RXFDQGLVSOD\SLFWXUHVRQD79WKDWVXSSRUWVWKH
'LJLWDO0HGLD5HQGHUHU'05IXQFWLRQRIWKH'/1$
VWDQGDUG
3UHSDUDWLRQV
6HWWKH79WR'/1$ZDLWLQJPRGH
5HDGWKHRSHUDWLQJLQVWUXFWLRQVIRU\RXU79
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>3OD\EDFNRQ79@
6HOHFW>9LD1HWZRUN@RU>'LUHFW@DQGFRQQHFW3
6HOHFWDGHYLFH\RXZDQWWRFRQQHFW
:KHQWKHFRQQHFWLRQLVHVWDEOLVKHGWKHVFUHHQLVGLVSOD\HG
7DNHRUSOD\EDFNSLFWXUHVRQWKLVXQLW
7RWHUPLQDWHWKHFRQQHFWLRQIROORZWKHVWHSVEHORZ
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@><HV@
<RXFDQDOVRWHUPLQDWHWKHFRQQHFWLRQE\SUHVVLQJ>:L)L@3
,I\RXGLVSOD\SLFWXUHVXVLQJWKH:L)LIXQFWLRQWKH\FDQQRWEHRXWSXWLQ.UHVROXWLRQ7R
RXWSXWWKHPLQ.UHVROXWLRQFRQQHFWWKHFDPHUDDQGWKH79ZLWKDQ+'0,PLFURFDEOH3
:KHQD79LVFRQQHFWHGWRWKLVXQLWWKH79VFUHHQPD\WHPSRUDULO\UHWXUQWRWKHVWDWXVEHIRUH
WKHFRQQHFWLRQ3LFWXUHVDUHGLVSOD\HGDJDLQZKHQ\RXWDNHRUSOD\EDFNSLFWXUHV
>(IIHFW@DQG>6RXQG@RIWKH6OLGH6KRZDUHGLVDEOHG
1RWDYDLODEOHLQWKHVHFDVHV
0RWLRQSLFWXUHVDQG.EXUVWILOHVFDQQRWEHSOD\HGEDFN
'XULQJWKHPXOWLFDOHQGDUSOD\EDFNSLFWXUHVGLVSOD\HGRQWKHVFUHHQRIWKLVXQLWDUHQRW
GLVSOD\HGRQ79
8VLQJWKH:L)L1)&)XQFWLRQ
6HQGLQJLPDJHV
:KHQVHQGLQJLPDJHVVHOHFWWKHPHWKRGIRUVHQGLQJWKHPDIWHUVHOHFWLQJ>1HZ
&RQQHFWLRQ@
$IWHUWKHFRQQHFWLRQKDVEHHQFRPSOHWHGVHWWLQJVIRUVHQGLQJVXFKDVWKHLPDJHVL]HIRU
VHQGLQJFDQDOVREHFKDQJHG
w ,PDJHVWKDWFDQEHVHQW
.%XUVW
'HVWLQDWLRQ -3(* 5$: 03_ $9&+'_ '
)LOH_
>6PDUWSKRQH@3 n ² n _
² ² ²
>3&@3 n n n n n n
>&ORXG6\QF6HUYLFH@
n ² n_ ² ² n
3
>:HEVHUYLFH@3 n ² n_ ² ² n
>$9GHYLFH@3 n ² ² ² ² n
>3ULQWHU@_3 n ² ² ² ² ²
_ 6HQGLQJE\>6HQG,PDJHV:KLOH5HFRUGLQJ@LVQRWDYDLODEOH
_ $PRWLRQSLFWXUHUHFRUGHGLQ>$9&+'@FDQEHVHQWWR>3&@LIWKHILOHVL]HLV *%RUVPDOOHU,W
FDQQRWEHVHQWLIWKHVL]HLVJUHDWHUWKDQ *%
_ ([FOXGLQJPRWLRQSLFWXUHVUHFRUGHGZLWKWKHLUVL]HVHWWR>.@LQ>5HF4XDOLW\@
6RPHLPDJHVPD\QRWEHSOD\HGEDFNRUVHQWGHSHQGLQJRQWKHGHYLFH
5HIHUWRWKHPDQXDORIWKHGHVWLQDWLRQHTXLSPHQWRUWKHZHEVHUYLFHIRUPRUHLQIRUPDWLRQRQ
KRZWRSOD\EDFNSLFWXUHV
8VLQJWKH:L)L1)&)XQFWLRQ
6HQG,PDJHV:KLOH5HFRUGLQJ
$SLFWXUHFDQEHDXWRPDWLFDOO\VHQWWRDVSHFLILHGGHYLFHHYHU\WLPH\RXWDNHLW
:KHQFRQQHFWHGZLWK>6HQG,PDJHV:KLOH5HFRUGLQJ@> @LV
GLVSOD\HGRQWKHUHFRUGLQJVFUHHQDQG> @LVGLVSOD\HGZKLOH
VHQGLQJDILOH
7RWHUPLQDWHWKHFRQQHFWLRQIROORZWKHVWHSVEHORZ 55
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@><HV@
<RXFDQWHUPLQDWHWKHFRQQHFWLRQRUFKDQJHWKHVHQGVHWWLQJV
E\SUHVVLQJ>:L)L@3
<RXFDQQRWFKDQJHWKHVHWWLQJVZKLOHVHQGLQJSLFWXUHV:DLWXQWLOVHQGLQJLVFRPSOHWH
6LQFHWKHFDPHUDJLYHVSULRULW\WRUHFRUGLQJVHQGLQJPD\WDNHORQJHUGXULQJWKHUHFRUGLQJ
,I\RXWXUQRIIWKLVXQLWRUWKH:L)LFRQQHFWLRQEHIRUHVHQGLQJLVFRPSOHWHXQVHQWSLFWXUHVZLOO
QRWEHUHVHQW
<RXPD\QRWEHDEOHWRGHOHWHILOHVRUXVHWKHSOD\EDFNPHQXZKLOHVHQGLQJ
1RWDYDLODEOHLQWKHVHFDVHV
<RXFDQQRWVHQGPRWLRQSLFWXUHVDQG.EXUVWILOHV
6HQG,PDJHV6WRUHGLQWKH&DPHUD
,PDJHVFDQEHVHOHFWHGDQGVHQWDIWHUUHFRUGLQJ
w +RZWRVHOHFWDQLPDJHVDIWHUVHOHFWLQJ>6LQJOH@RU>0XOWL@
>6LQJOH6HOHFW@VHWWLQJ
6HOHFWWKHSLFWXUH
6HOHFW>6HW@
6HW
>0XOWL6HOHFW@VHWWLQJ
6HOHFWWKHSLFWXUHUHSHDW
7KHVHWWLQJLVFDQFHOHGZKHQWKHSLFWXUHLVVHOHFWHG
DJDLQ 2.
6HOHFW>2.@
7KHQXPEHURISLFWXUHVWKDWFDQEHVHQWE\>0XOWL6HOHFW@
LVOLPLWHG
&RQILUPDWLRQVFUHHQLVGLVSOD\HG,WLVH[HFXWHGZKHQ><HV@LVVHOHFWHG
7RFKDQJHWKHVHQGVHWWLQJVRQDVFUHHQWKDWLVGLVSOD\HGDIWHUWKHLPDJHKDVEHHQVHQW
SUHVV>',63@7RWHUPLQDWHWKHFRQQHFWLRQVHOHFW>([LW@
'HWDLOVRIWKHSOD\EDFNPHQX>)DYRULWH@RU>3ULQW6HW@VHWWLQJVZLOOQRWEHVHQW
1RWDYDLODEOHLQWKHVHFDVHV
6RPHLPDJHVWDNHQZLWKDGLIIHUHQWFDPHUDPD\QRWEHDEOHWREHVHQW
,PDJHVWKDWKDYHEHHQPRGLILHGRUHGLWHGZLWKDFRPSXWHUPD\QRWEHDEOHWREHVHQW
8VLQJWKH:L)L1)&)XQFWLRQ
&KDQJLQJWKHVHWWLQJVIRUVHQGLQJLPDJHV
3UHVVLQJ>',63@DIWHUFRPSOHWLQJDFRQQHFWLRQDOORZV\RXWRFKDQJHWKHVHWWLQJVIRU
VHQGLQJVXFKDVWKHLPDJHVL]HIRUVHQGLQJ
5HVL]HWKHLPDJHWRVHQG
>2ULJLQDO@>$XWR@_>&KDQJH@
,I\RXVHOHFW>$XWR@WKHLPDJHVL]HLVGHWHUPLQHGE\WKH
>6L]H@
FLUFXPVWDQFHVDWWKHGHVWLQDWLRQ
<RXFDQVHOHFWWKHLPDJHVL]HIRU>&KDQJH@IURP>0@>6@RU>9*$@
7KHDVSHFWUDWLRGRHVQRWFKDQJH
>)LOH)RUPDW@_ >-3*@>5$:K-3*@>5$:@
6HOHFWZKHWKHUWRGHOHWHWKHORFDWLRQLQIRUPDWLRQIURPLPDJHVEHIRUH
VHQGLQJWKHP
>21@ 'HOHWHWKHORFDWLRQLQIRUPDWLRQWKHQVHQG
>'HOHWH/RFDWLRQ >2))@ .HHSWKHORFDWLRQLQIRUPDWLRQDQGVHQG
'DWD@_ 7KLVRSHUDWLRQRQO\GHOHWHVWKHORFDWLRQLQIRUPDWLRQIURPWKHLPDJHV
WKDWDUHVHWWREHVHQW
7KHORFDWLRQLQIRUPDWLRQZLOOQRWEHGHOHWHGIURPWKHRULJLQDOLPDJHV
VWRUHGLQWKLVXQLW
<RXFDQVHOHFWZKHWKHUWRVHQGLPDJHVZKHQWKH&ORXG)ROGHUUXQV
_
RXWRIIUHHVSDFH
>&ORXG/LPLW@
>21@ 'RQRWVHQGLPDJHV
>2))@ 'HOHWHLPDJHVIURPWKHROGHVWRQHVWKHQVHQGQHZLPDJHV
_ 2QO\DYDLODEOHZKHQWKHGHVWLQDWLRQLVVHWWR>:HEVHUYLFH@
_ 2QO\DYDLODEOHZKHQWKHGHVWLQDWLRQLVVHWWR>3&@
_ 2QO\DYDLODEOHZKHQWKHGHVWLQDWLRQLVVHWWR>&ORXG6\QF6HUYLFH@RU>:HEVHUYLFH@
_ 2QO\DYDLODEOHZKHQWKHGHVWLQDWLRQLVVHWWR>&ORXG6\QF6HUYLFH@
8VLQJWKH:L)L1)&)XQFWLRQ
6HQGLQJLPDJHVWRDVPDUWSKRQHWDEOHW
3UHSDUDWLRQV
,QVWDOOWKH³,PDJH$SS´LQDGYDQFH3
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>6HQG,PDJHV:KLOH5HFRUGLQJ@RU>6HQG,PDJHV6WRUHGLQWKH&DPHUD@
>6PDUWSKRQH@
6HOHFW>9LD1HWZRUN@RU>'LUHFW@DQGFRQQHFW3
2Q\RXUVPDUWSKRQH
:KHQFRQQHFWLQJZLWK>9LD1HWZRUN@
7XUQRQWKH:L)LIXQFWLRQ
6HOHFWWKHZLUHOHVVDFFHVVSRLQW\RXZDQWWRFRQQHFWWRDQGVHW
6WDUW³,PDJH$SS´3
:KHQFRQQHFWLQJZLWK>:L)L'LUHFW@RU>:36&RQQHFWLRQ@LQ>'LUHFW@
6WDUW³,PDJH$SS´3
:KHQFRQQHFWLQJZLWK>0DQXDO&RQQHFWLRQ@LQ>'LUHFW@
7XUQRQWKH:L)LIXQFWLRQ
6HOHFWWKH66,'WKDWPDWFKHVWKHRQHGLVSOD\HGRQWKHVFUHHQRIWKLVXQLW
6WDUW³,PDJH$SS´3
6HOHFWDGHYLFH\RXZDQWWRFRQQHFW
&KHFNWKHVHQGVHWWLQJVDQGVHOHFW>6HW@
7RFKDQJHWKHVHQGVHWWLQJSUHVV>',63@3
:KHQ>6HQG,PDJHV:KLOH5HFRUGLQJ@KDVEHHQVHOHFWHG
7DNHSLFWXUHV3
:KHQ>6HQG,PDJHV6WRUHGLQWKH&DPHUD@KDVEHHQVHOHFWHG
6HOHFWWKHSLFWXUH3
8VLQJWKH:L)L1)&)XQFWLRQ
3ULQWLQJ:LUHOHVVO\
<RXFDQVHQGLPDJHVWRDFRPSDWLEOHSULQWHUDQGSULQW
WKHPZLUHOHVVO\
3UHSDUDWLRQV
7RSULQWRXWUHFRUGHGSLFWXUHVZLUHOHVVO\\RXPXVWXVHDSULQWHUWKDWVXSSRUWV3LFW%ULGJH
ZLUHOHVV/$1_
_ &RPSOLDQWZLWKWKH'36RYHU,3VWDQGDUGV
)RUGHWDLOVRQWKH3LFW%ULGJHZLUHOHVV/$1FRPSDWLEOHSULQWHUFRQWDFWWKHUHVSHFWLYH
FRPSDQ\
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>6HQG,PDJHV6WRUHGLQWKH&DPHUD@>3ULQWHU@
6HOHFW>9LD1HWZRUN@RU>'LUHFW@DQGFRQQHFW3
6HOHFWDSULQWHU\RXZDQWWRFRQQHFW
6HOHFWSLFWXUHVDQGWKHQSULQW
7KHSURFHGXUHIRUVHOHFWLQJSLFWXUHVLVWKHVDPHDVWKHRQHIRUZKHQWKH86%FRQQHFWLRQ
FDEOHLVFRQQHFWHG
)RUGHWDLOVUHIHUWR3
7RWHUPLQDWHWKHFRQQHFWLRQSUHVV> @
<RXFDQDOVRWHUPLQDWHWKHFRQQHFWLRQE\SUHVVLQJ>:L)L@3
1RWDYDLODEOHLQWKHVHFDVHV
0RWLRQSLFWXUHVDQG.EXUVWILOHVFDQQRWEHSULQWHG
8VLQJWKH:L)L1)&)XQFWLRQ
:KHQVHQGLQJLPDJHVWR$9GHYLFH
<RXFDQVHQGSLFWXUHVDQGPRWLRQSLFWXUHVWR$9GHYLFHVLQ\RXUKRXVHKRPH$9
GHYLFHV
:LUHOHVVDFFHVVSRLQW +RPH$9GHYLFH
3UHSDUDWLRQV
:KHQVHQGLQJDSLFWXUHWR$9GHYLFHVVHW\RXUGHYLFHWR'/1$ZDLWLQJPRGH
5HDGWKHRSHUDWLQJLQVWUXFWLRQVRI\RXUGHYLFHIRUGHWDLOV
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>6HQG,PDJHV:KLOH5HFRUGLQJ@RU>6HQG,PDJHV6WRUHGLQWKH&DPHUD@
>$9GHYLFH@
6HOHFW>9LD1HWZRUN@RU>'LUHFW@DQGFRQQHFW3
6HOHFWDGHYLFH\RXZDQWWRFRQQHFW
&KHFNWKHVHQGVHWWLQJVDQGVHOHFW>6HW@
7RFKDQJHWKHVHQGVHWWLQJSUHVV>',63@3
:KHQ>6HQG,PDJHV:KLOH5HFRUGLQJ@KDVEHHQVHOHFWHG
7DNHSLFWXUHV3
:KHQ>6HQG,PDJHV6WRUHGLQWKH&DPHUD@KDVEHHQVHOHFWHG
6HOHFWWKHSLFWXUH3
8VLQJWKH:L)L1)&)XQFWLRQ
:KHQVHQGLQJLPDJHVWR3&
<RXFDQVHQGSLFWXUHVDQGPRWLRQSLFWXUHVUHFRUGHG
ZLWKWKLVXQLWWRD3&
3UHSDUDWLRQV
2QWKHFDPHUD 2Q\RXU3&
,IWKHZRUNJURXSRIWKHGHVWLQDWLRQ3&KDV 7XUQWKHFRPSXWHURQ
EHHQFKDQJHGIURPWKHVWDQGDUGVHWWLQJ\RX 3UHSDUHIROGHUVIRUUHFHLYLQJLPDJHVRQWKH
DOVRQHHGWRFKDQJHWKHVHWWLQJRIWKLVXQLWLQ 3&EHIRUHVHQGLQJDSLFWXUHWRWKH3&
>3&&RQQHFWLRQ@3 3
7RFUHDWHDIROGHUWKDWUHFHLYHVLPDJHV
&UHDWHD3&XVHUDFFRXQW>DFFRXQWQDPHXSWR FKDUDFWHUVDQGSDVVZRUGXSWR
FKDUDFWHUV@FRQVLVWLQJRIDOSKDQXPHULFFKDUDFWHUV$QDWWHPSWWRFUHDWHDUHFHLYHIROGHU
PD\IDLOLIWKHDFFRXQWLQFOXGHVQRQDOSKDQXPHULFFKDUDFWHUV
w :KHQXVLQJ³3+272IXQ678',2´
,QVWDOO³3+272IXQ678',2´WRWKH3&
)RUGHWDLOVRQKDUGZDUHUHTXLUHPHQWVDQGLQVWDOODWLRQUHDG³$ERXWWKHVXSSOLHGVRIWZDUH´
3
&UHDWHDIROGHUWKDWUHFHLYHVLPDJHVZLWK³3+272IXQ678',2´
7RFUHDWHWKHIROGHUDXWRPDWLFDOO\VHOHFW>$XWRFUHDWH@7RVSHFLI\DIROGHUFUHDWHDQHZ
IROGHURUVHWDSDVVZRUGWRWKHIROGHUVHOHFW>&UHDWHPDQXDOO\@
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRI³3+272IXQ678',2´3')
w :KHQQRWXVLQJ³3+272IXQ678',2´
)RU:LQGRZV
6XSSRUWHG26:LQGRZV9LVWD:LQGRZV:LQGRZV:LQGRZV
([DPSOH:LQGRZV
6HOHFWDIROGHU\RXLQWHQGWRXVHIRUUHFHLYLQJWKHQULJKWFOLFN
6HOHFW>3URSHUWLHV@WKHQHQDEOHVKDULQJRIWKHIROGHU
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRI\RXU3&RU+HOSRQWKH26
8VLQJWKH:L)L1)&)XQFWLRQ
)RU0DF
6XSSRUWHG2626;YWRY
([DPSOH26;Y
6HOHFWDIROGHU\RXLQWHQGWRXVHIRUUHFHLYLQJWKHQFOLFNRQWKHLWHPVLQWKH
IROORZLQJRUGHU
>)LOH@ >*HW,QIR@
(QDEOHVKDULQJRIWKHIROGHU
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRI\RXU3&RU+HOSRQWKH26
6HQGLQJLPDJHVWRWKH3&
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>6HQG,PDJHV:KLOH5HFRUGLQJ@RU>6HQG,PDJHV6WRUHGLQWKH&DPHUD@
>3&@
6HOHFW>9LD1HWZRUN@RU>'LUHFW@DQGFRQQHFW3
6HOHFWWKH3&\RXZDQWWRFRQQHFWWR
:KHQWKH3&\RXZDQWWRFRQQHFWWRLVQRWGLVSOD\HGVHOHFW>0DQXDO,QSXW@DQGHQWHUWKH
FRPSXWHUQDPHRIWKH3&1HW%,26QDPHIRU$SSOH0DFFRPSXWHUV
6HOHFWWKHIROGHU\RXZDQWWRVHQG
&KHFNWKHVHQGVHWWLQJVDQGVHOHFW>6HW@
7RFKDQJHWKHVHQGVHWWLQJSUHVV>',63@3
:KHQ>6HQG,PDJHV:KLOH5HFRUGLQJ@KDVEHHQVHOHFWHG
7DNHSLFWXUHV3
:KHQ>6HQG,PDJHV6WRUHGLQWKH&DPHUD@KDVEHHQVHOHFWHG
6HOHFWWKHSLFWXUH3
)ROGHUVVRUWHGE\WKHVHQWGDWHDUHFUHDWHGLQWKHVSHFLILHGIROGHUDQGSLFWXUHVDUHVDYHGLQ
WKRVHIROGHUV
,IWKHVFUHHQIRUDXVHUDFFRXQWDQGSDVVZRUGHQWU\DSSHDUVHQWHUWKHRQH\RXVHWRQ\RXU3&
:KHQWKHFRPSXWHUQDPH1HW%,26QDPHIRU$SSOH0DFFRPSXWHUVFRQWDLQVDVSDFHEODQN
FKDUDFWHUHWFLWPD\QRWEHUHFRJQL]HGFRUUHFWO\
,IDFRQQHFWLRQDWWHPSWIDLOVZHUHFRPPHQGWKDW\RXFKDQJHWKHFRPSXWHUQDPHRU1HW%,26
QDPHWRWKHRQHFRQVLVWLQJRIRQO\DOSKDQXPHULFFKDUDFWHUVZLWKDPD[LPXPRI
FKDUDFWHUV
8VLQJWKH:L)L1)&)XQFWLRQ
8VLQJ:HEVHUYLFHV
<RXFDQVHQGSLFWXUHVDQGPRWLRQSLFWXUHVWRDQ616HWFYLD³/80,;&/8%´
%\VHWWLQJXSDXWRPDWLFWUDQVIHUVRISLFWXUHVDQGPRWLRQSLFWXUHVWRWKH&ORXG6\QF
6HUYLFH\RXFDQUHFHLYHWKHWUDQVIHUUHGSLFWXUHVRUPRWLRQSLFWXUHVRQD3&RU
VPDUWSKRQH
LUMIX CLUB
3UHSDUDWLRQV
7RVHQGLPDJHVWRDZHEVHUYLFHRUDFORXGIROGHU\RXQHHGWRUHJLVWHUWR³/80,;
&/8%´3
7RVHQGLPDJHVWRDZHEVHUYLFH\RXQHHGWRUHJLVWHUWKHZHEVHUYLFH3
:KHQVHQGLQJLPDJHVWRZHEVHUYLFH 3
:KHQVHQGLQJLPDJHVWR>&ORXG6\QF6HUYLFH@ 3
:KHQVHQGLQJLPDJHVWRZHEVHUYLFH
,PDJHVXSORDGHGWRWKHZHEVHUYLFHFDQQRWEHGLVSOD\HGRUGHOHWHGZLWKWKLVFDPHUD&KHFN
LPDJHVE\DFFHVVLQJWKHZHEVHUYLFHZLWK\RXUVPDUWSKRQHRUFRPSXWHU
,IVHQGLQJLPDJHVIDLOVDUHSRUWHPDLORXWOLQLQJWKHIDLOXUHZLOOEHVHQWWRWKHHPDLODGGUHVV
UHJLVWHUHGZLWK³/80,;&/8%´
,PDJHVPD\FRQWDLQSHUVRQDOLQIRUPDWLRQWKDWFDQEHXVHGWRLGHQWLI\WKHXVHUVXFKDVD
WLWOHWKHWLPHDQGGDWHZKHQWKHLPDJHVZDVWDNHQDQGWKHORFDWLRQZKHUHWKHLPDJH
ZDVWDNHQ&KHFNWKLVLQIRUPDWLRQEHIRUHXSORDGLQJLPDJHVWRZHEVHUYLFHV
3DQDVRQLFDVVXPHVQRUHVSRQVLELOLW\IRUWKHGDPDJHVUHVXOWLQJIURPWKHOHDNDJHORVVHWF
RILPDJHVXSORDGHGRQZHEVHUYLFHV
:KHQXSORDGLQJLPDJHVWRWKHZHEVHUYLFHGRQRWGHOHWHLPDJHVIURPWKLVFDPHUDHYHQ
DIWHUWKH\KDYHILQLVKHGVHQGLQJXQWLO\RXKDYHFKHFNHGWKDWWKH\KDYHEHHQSURSHUO\
XSORDGHGWRWKHZHEVHUYLFH3DQDVRQLFDVVXPHVQRUHVSRQVLELOLW\IRUWKHGDPDJHV
UHVXOWLQJIURPWKHGHOHWLRQRILPDJHVVWRUHGLQWKLVXQLW
8VLQJWKH:L)L1)&)XQFWLRQ
5HJLVWHULQJZHEVHUYLFHV
:KHQVHQGLQJLPDJHVWRZHEVHUYLFHVWKHZHEVHUYLFHEHLQJXVHGPXVWEHUHJLVWHUHG
ZLWKWKH³/80,;&/8%´3
&KHFNWKH³)$4&RQWDFW XV´RQWKHIROORZLQJVLWHIRUFRPSDWLEOHZHEVHUYLFHV
KWWSOXPL[FOXESDQDVRQLFQHWHQJFOXPL[BIDTV
3UHSDUDWLRQ
0DNHVXUHWKDW\RXKDYHFUHDWHGDQDFFRXQWRQWKHZHEVHUYLFH\RXZDQWWRXVHDQG
KDYHWKHORJLQLQIRUPDWLRQDYDLODEOH
&RQQHFWWRWKH³/80,;&/8%´VLWHXVLQJDVPDUWSKRQHRUFRPSXWHU
KWWSOXPL[FOXESDQDVRQLFQHWHQJF
(QWHU\RXU³/80,;&/8%´ORJLQ,'DQGSDVVZRUGDQGORJLQWRWKHVHUYLFH
3
5HJLVWHU\RXUHPDLODGGUHVV
6HOHFWWKHZHEVHUYLFHWREHXVHGDQGUHJLVWHULW
)ROORZWKHLQVWUXFWLRQVRQWKHVFUHHQWRUHJLVWHUWKHVHUYLFH
6HQGLQJLPDJHV
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>6HQG,PDJHV:KLOH5HFRUGLQJ@RU>6HQG,PDJHV6WRUHGLQWKH&DPHUD@
>:HEVHUYLFH@
6HOHFW>9LD1HWZRUN@DQGFRQQHFW3
6HOHFWDZHEVHUYLFH
&KHFNWKHVHQGVHWWLQJVDQGVHOHFW>6HW@
7RFKDQJHWKHVHQGVHWWLQJSUHVV>',63@3
:KHQ>6HQG,PDJHV:KLOH5HFRUGLQJ@KDVEHHQVHOHFWHG
7DNHSLFWXUHV3
:KHQ>6HQG,PDJHV6WRUHGLQWKH&DPHUD@KDVEHHQVHOHFWHG
6HOHFWWKHSLFWXUH3
8VLQJWKH:L)L1)&)XQFWLRQ
w 6HQGLQJLPDJHVLQWKHFDPHUDWRDZHEVHUYLFHZLWKVLPSOHRSHUDWLRQV
2QFH\RXVHQGDQLPDJH\RXFDQVHQGRWKHULPDJHVWRDZHEVHUYLFHZLWKVLPSOH
VPDUWSKRQHOLNHRSHUDWLRQVLQDQHQYLURQPHQWZKHUHDZLUHOHVVDFFHVVSRLQWFRQQHFWLRQLV
DYDLODEOH
7KHLQVWUXFWLRQVEHORZDVVXPHWKDW\RXDUHDOUHDG\UHJLVWHUHGWR³/80,; &/8%´
DQGWKHFDPHUDKDVDUHFRUGRIDFRQQHFWLRQWRDZLUHOHVVDFFHVVSRLQW
'LVSOD\DQLPDJH
3UHVV
:KHQJURXSSLFWXUHVDUHVHOHFWHGSURFHHGWRVHOHFW
>8SORDG:L)L@
7KHVDPHRSHUDWLRQFDQEHSHUIRUPHGE\WRXFKLQJ> @
SUB
:KHQJURXSSLFWXUHVDUHVHOHFWHGWRXFK> MENU @DQGVHOHFW
>8SORDG:L)L@
6HOHFW><HV@RQWKHFRQILUPDWLRQVFUHHQ
6HOHFWDZHEVHUYLFH
&KHFNWKHVHQGVHWWLQJVDQGVHOHFW>6HW@
7KHFDPHUDZLOOFRQQHFWWRDSUHYLRXVO\FRQQHFWHGZLUHOHVVDFFHVVSRLQWDQGVHQGVWKH
LPDJHWRDZHEVHUYLFH
7RFKDQJHWKHVHQGVHWWLQJSUHVV>',63@3
6WHSDUHQRWQHFHVVDU\ZKHQ\RXFRQWLQXHWRVHQGDQRWKHULPDJH
7KHLPDJHZLOOEHVHQWWRWKHVDPHZHEVHUYLFHZLWKWKHVDPHVHQGVHWWLQJV
7RWHUPLQDWHWKHFRQQHFWLRQSUHVV>0(186(7@RURSHUDWHRWKHUFRQWUROVWRH[LWWKH
SOD\EDFNVFUHHQ<RXFDQDOVRWHUPLQDWHWKHFRQQHFWLRQE\SUHVVLQJ>:L)L@3
7RFKDQJHWKHVHWWLQJVIRUVHQGLQJLPDJHVRUZHEVHUYLFH
7HUPLQDWHWKH:L)LFRQQHFWLRQDQGIROORZVWHSDQGRQZDUGVDJDLQ
<RXFDQDOVRFKDQJHWKHVHQGVHWWLQJVE\SUHVVLQJ>:L)L@ZKLOHXVLQJD:L)LFRQQHFWLRQ
3
,IWKHFDPHUDKDVQRUHFRUGVRIFRQQHFWLRQVWRZLUHOHVVDFFHVVSRLQWVWKDWDUHDYDLODEOHD
VFUHHQWKDWDVNV\RXWRVHOHFWDFRQQHFWLRQPHWKRGLVGLVSOD\HG6HOHFWDFRQQHFWLRQPHWKRG
DQGFRQQHFWWKHFDPHUDWRDZLUHOHVVDFFHVVSRLQW3
:KHQ\RXDUHQRWUHJLVWHUHGWR³/80,;&/8%´DVFUHHQWKDWDVNV\RXWRDFTXLUHDQHZORJLQ
,'LVGLVSOD\HG$FTXLUHDORJLQ,'DQGVHWDSDVVZRUG3
:KHQJURXSSLFWXUHVDUHGLVSOD\HGFRQWLQXRXVO\DOOSLFWXUHVLQWKHJURXSZLOOEHVHQW:KHQ
JURXSSLFWXUHVDUHGLVSOD\HGRQHE\RQHWKHFXUUHQWO\GLVSOD\HGSLFWXUHZLOOEHVHQW
8VLQJWKH:L)L1)&)XQFWLRQ
:KHQVHQGLQJLPDJHVWR>&ORXG6\QF6HUYLFH@
w 8VLQJ>&ORXG6\QF6HUYLFH@$VRI-XO\
3UHSDUDWLRQV
,I\RXVHWWKHSLFWXUHGHVWLQDWLRQWR>&ORXG6\QF6HUYLFH@VHQWSLFWXUHVDUHWHPSRUDULO\VDYHG
LQWKHFORXGIROGHUDQGWKH\FDQEHV\QFKURQL]HGZLWKWKHGHYLFHLQXVHVXFKDVWKH3&RU
VPDUWSKRQH
$&ORXG)ROGHUVWRUHVWUDQVIHUUHGLPDJHVIRUGD\VXSWRSLFWXUHV7UDQVIHUUHGLPDJHV
DUHGHOHWHGDXWRPDWLFDOO\GD\VDIWHUWKHWUDQVIHU)XUWKHUPRUHZKHQWKHQXPEHURIVWRUHG
LPDJHVH[FHHGVVRPHLPDJHVPD\EHGHOHWHGGHSHQGLQJRQWKH>&ORXG/LPLW@3
VHWWLQJHYHQZLWKLQGD\VDIWHUWKHWUDQVIHU
:KHQWKHGRZQORDGRILPDJHVIURPD&ORXG)ROGHUWRDOOVSHFLILHGGHYLFHVLVFRPSOHWHLPDJHV
PD\EHGHOHWHGIURPWKH&ORXG)ROGHUHYHQZLWKLQGD\VDIWHUWKHWUDQVIHU
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@
>6HQG,PDJHV:KLOH5HFRUGLQJ@RU>6HQG,PDJHV6WRUHGLQWKH&DPHUD@
>&ORXG6\QF6HUYLFH@
6HOHFW>9LD1HWZRUN@DQGFRQQHFW3
&KHFNWKHVHQGVHWWLQJVDQGVHOHFW>6HW@
7RFKDQJHWKHVHQGVHWWLQJSUHVV>',63@3
:KHQ>6HQG,PDJHV:KLOH5HFRUGLQJ@KDVEHHQVHOHFWHG
7DNHSLFWXUHV3
:KHQ>6HQG,PDJHV6WRUHGLQWKH&DPHUD@KDVEHHQVHOHFWHG
6HOHFWWKHSLFWXUH3
8VLQJWKH:L)L1)&)XQFWLRQ
5HJLVWHULQJWRWKH³/80,;&/8%´
,I\RXUHJLVWHUWKLVXQLWWRWKH³/80,;&/8%´\RXFDQV\QFKURQL]HLPDJHVEHWZHHQWKH
GHYLFHV\RXDUHXVLQJRUWUDQVIHUWKHVHLPDJHVWRZHEVHUYLFHV
8VHWKH³/80,;&/8%´ZKHQXSORDGLQJSLFWXUHVWRZHEVHUYLFHV
$ERXWWKH>/80,;&/8%@
$FTXLUHD³/80,;&/8%´ORJLQ,'IUHH
<RXFDQVHWWKHVDPH³/80,;&/8%´ORJLQ,'IRUWKLVXQLWDQGDVPDUWSKRQH3
5HIHUWRWKH³/80,;&/8%´VLWHIRUGHWDLOV
KWWSOXPL[FOXESDQDVRQLFQHWHQJF
3OHDVHQRWH
7KHVHUYLFHPD\EHVXVSHQGHGGXHWRUHJXODUPDLQWHQDQFHRUXQH[SHFWHGWURXEOHVDQG
WKHVHUYLFHFRQWHQWVPD\EHFKDQJHGRUDGGHGZLWKRXWSULRUQRWLFHWRWKHXVHUV
7KHVHUYLFHPD\EHVWRSSHGLQZKROHRULQSDUWZLWKDUHDVRQDEOHSHULRGRIDGYDQFHQRWLFH
$FTXLULQJDQHZORJLQ,'>1HZDFFRXQW@
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L6HWXS@>/80,;&/8%@
6HOHFW>6HW$GG$FFRXQW@
6HOHFW>1HZDFFRXQW@
&RQQHFWWRWKHQHWZRUN
3URFHHGWRWKHQH[WSDJHE\VHOHFWLQJ>1H[W@
$FRQILUPDWLRQVFUHHQZLOOEHGLVSOD\HGLIDORJLQ,'KDV
DOUHDG\EHHQDFTXLUHGIRUWKHFDPHUD6HOHFW><HV@WR
DFTXLUHDQHZORJLQ,'RU>1R@LI\RXGRQRWQHHGWRDFTXLUH
DQHZORJLQ,'
6HOHFWWKHPHWKRGIRUFRQQHFWLQJWRDZLUHOHVVDFFHVVSRLQWDQGVHW
5HIHUWR3IRUGHWDLOV
$VHWWLQJVFUHHQZLOOEHGLVSOD\HGRQO\ZKHQFRQQHFWLQJIRUWKHILUVWWLPH
2QFH\RXVHWWKHFRQQHFWLRQPHWKRGLWZLOOEHVDYHGRQWKLVXQLWDQGXVHGZKHQ
FRQQHFWLQJWKHQH[WWLPH7RFKDQJHWKHZLUHOHVVDFFHVVSRLQW\RXZDQWWRFRQQHFWWR
SUHVV>',63@DQGFKDQJHWKHFRQQHFWLRQGHVWLQDWLRQ
3URFHHGWRWKHQH[WSDJHE\VHOHFWLQJ>1H[W@
8VLQJWKH:L)L1)&)XQFWLRQ
5HDGWKURXJKWKH³/80,;&/8%´WHUPVRIXVHDQGVHOHFW>$JUHH@
<RXFDQVZLWFKSDJHVE\
<RXFDQHQODUJHMWKHGLVSOD\E\URWDWLQJWKHUHDUGLDOWRWKHULJKW
<RXFDQUHVHWWKHHQODUJHGGLVSOD\WRLWVRULJLQDOVL]HME\URWDWLQJWKHUHDUGLDOWRWKH
OHIW
<RXFDQPRYHWKHSRVLWLRQRIWKHHQODUJHGGLVSOD\ZLWK
3UHVV> @WRFDQFHOWKHSURFHVVZLWKRXWDFTXLULQJDORJLQ,'
(QWHUDSDVVZRUG
(QWHUDQ\FRPELQDWLRQRIWRFKDUDFWHUVDQGQXPEHUVIRUWKHSDVVZRUG
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´VHFWLRQRQ3
&KHFNWKHORJLQ,'DQGVHOHFW>2.@
%HVXUHWRPDNHDQRWHRIWKHORJLQ,'DQGSDVVZRUG
7KHORJLQ,'GLJLWQXPEHUZLOOEHGLVSOD\HG
DXWRPDWLFDOO\
:KHQORJJLQJLQWRWKH³/80,;&/8%´ZLWKDFRPSXWHU
\RXRQO\QHHGWRHQWHUWKHQXPEHUV
$PHVVDJHLVGLVSOD\HGZKHQWKHFRQQHFWLRQLVFRPSOHWH
6HOHFW>2.@
([LWWKHPHQXDIWHULWLVVHW
8VLQJWKH:L)L1)&)XQFWLRQ
8VLQJWKHDFTXLUHGORJLQ,'&KHFNLQJRUFKDQJLQJWKHORJLQ,'RUSDVVZRUG>6HW
/RJLQ,'@
3UHSDUDWLRQ
:KHQXVLQJWKHDFTXLUHGORJLQ,'FKHFNWKH,'DQGSDVVZRUG
7RFKDQJHWKH³/80,;&/8%´SDVVZRUGRQWKHFDPHUDDFFHVVWKH³/80,;&/8%´
ZHEVLWHIURP\RXUVPDUWSKRQHRU3&DQGFKDQJHWKH³/80,;&/8%´SDVVZRUGLQ
DGYDQFH
7KHORJLQ,'DQGSDVVZRUGUHJLVWHUHGWRWKH³/80,;&/8%´FDQQRWEHFKDQJHGRQWKLVXQLW
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L6HWXS@>/80,;&/8%@
6HOHFW>6HW$GG$FFRXQW@
6HOHFW>6HW/RJLQ,'@
7KHORJLQ,'DQGSDVVZRUGDUHGLVSOD\HG
7KHSDVVZRUGLVGLVSOD\HGDV³ ´
&ORVHWKHPHQXLIRQO\FKHFNLQJWKHORJLQ,'
6HOHFWWKHLWHPWRFKDQJH
(QWHUWKHORJLQ,'RUSDVVZRUG
5HIHUWR³(QWHULQJ7H[W´3IRULQIRUPDWLRQRQKRZWR
HQWHUWH[W
(QWHUWKHQHZSDVVZRUG\RXKDYHFUHDWHGRQ\RXU
VPDUWSKRQHRU3&LQWRWKHFDPHUD,IWKHSDVVZRUGGLIIHUV
IURPWKHRQH\RXFUHDWHGRQ\RXUVPDUWSKRQHRU3&\RX
ZLOOQRWEHDEOHWRXSORDGLPDJHV
([LWWKHPHQXDIWHULWLVVHW
8VLQJWKH:L)L1)&)XQFWLRQ
7RVHWWKHVDPHORJLQ,'IRUWKHFDPHUDDQGWKHVPDUWSKRQHWDEOHW
6HWWLQJWKHVDPHORJLQ,'RQWKLVXQLWDQG\RXUVPDUWSKRQHLVFRQYHQLHQWIRUVHQGLQJ
LPDJHVRQWKLVXQLWWRRWKHUGHYLFHVRUZHEVHUYLFHV
:KHQHLWKHUWKLVXQLWRUWKHVPDUWSKRQHWDEOHWKDVDFTXLUHGWKHORJLQ,'
&RQQHFWWKLVXQLWWRWKHVPDUWSKRQH3
)URPWKH³,PDJH$SS´PHQXVHWWKHFRPPRQORJLQ,'
7KHORJLQ,'VIRUWKLVXQLWDQGWKHVPDUWSKRQHEHFRPHWKHVDPH
$IWHUFRQQHFWLQJWKLVXQLWWRWKHVPDUWSKRQHWKHVHWXSVFUHHQIRUDFRPPRQORJLQ,'PD\
DSSHDUZKHQ\RXGLVSOD\WKHSOD\EDFNVFUHHQ<RXFDQDOVRVHWDFRPPRQORJLQ,'E\
IROORZLQJWKHRQVFUHHQLQVWUXFWLRQV
7KLVRSHUDWLRQLVQRWDYDLODEOHIRU>:L)L'LUHFW@FRQQHFWLRQ
:KHQWKLVXQLWDQGWKHVPDUWSKRQHWDEOHWKDYHDFTXLUHGGLIIHUHQWORJLQ,'V
:KHQ\RXZDQWWRXVHWKHVPDUWSKRQH¶VORJLQ,'IRUWKLVXQLW
&KDQJHWKHORJLQ,'DQGSDVVZRUGIRUWKLVXQLWWRWKRVHDFTXLUHGE\WKH
VPDUWSKRQH
:KHQ\RXZDQWWRXVHWKLVXQLW¶VORJLQ,'IRUWKHVPDUWSKRQH
&KDQJHWKHORJLQ,'DQGSDVVZRUGIRUWKHVPDUWSKRQHWRWKRVHDFTXLUHGE\WKLV
XQLW
&KHFNWKH³/80,;&/8%´WHUPVRIXVH
&KHFNWKHGHWDLOVLIWKHWHUPVRIXVHKDYHEHHQXSGDWHG
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L6HWXS@>/80,;&/8%@
6HOHFW>7HUPVRIXVH@
7KHFDPHUDZLOOFRQQHFWWRWKHQHWZRUNDQGWKHWHUPVRIXVHZLOOEHGLVSOD\HG
&ORVHWKHPHQXDIWHUFKHFNLQJWKHWHUPVRIXVH
8VLQJWKH:L)L1)&)XQFWLRQ
'HOHWH\RXUORJLQ,'DQGDFFRXQWIURPWKH³/80,;&/8%´
'HOHWHWKHORJLQ,'IURPWKHFDPHUDZKHQWUDQVIHUULQJLWWRDQRWKHUSDUW\RUGLVSRVLQJRILW
<RXFDQDOVRGHOHWH\RXU³/80,;&/8%´DFFRXQW
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L6HWXS@>/80,;&/8%@
6HOHFW>'HOHWHDFFRXQW@
7KHPHVVDJHLVGLVSOD\HG6HOHFW>1H[W@
6HOHFW><HV@LQWKHORJLQ,'GHOHWHFRQILUPDWLRQVFUHHQ
7KHPHVVDJHLVGLVSOD\HG6HOHFW>1H[W@
6HOHFW><HV@RQWKHFRQILUPDWLRQVFUHHQIRUGHOHWLQJWKH³/80,;&/8%´
DFFRXQW
,I\RXZDQWWRFRQWLQXHXVLQJWKHVHUYLFHVHOHFWLQJ>1R@ZLOORQO\GHOHWHWKHORJLQ,'
([LWWKHPHQXDIWHULWLVH[HFXWHG
6HOHFW>1H[W@
7KHORJLQ,'LVGHOHWHGDQGWKHQWKHPHVVDJHQRWLI\LQJWKHGHOHWLRQRI\RXUDFFRXQWLV
GLVSOD\HG6HOHFW>2.@
([LWWKHPHQXDIWHULWLVH[HFXWHG
&KDQJHVDQGRWKHUDFWLRQVWRORJLQ,'VFDQRQO\EHPDGHWRWKHORJLQ,'DFTXLUHGZLWKWKH
FDPHUD
8VLQJWKH:L)L1)&)XQFWLRQ
$ERXW&RQQHFWLRQV
,I\RXKDYHVHOHFWHG>1HZ&RQQHFWLRQ@VHOHFWD:L)LIXQFWLRQDQGGHVWLQDWLRQILUVWDQG
WKHQVHOHFWDFRQQHFWLRQPHWKRG
,I\RXKDYHVHOHFWHG>6HOHFWDGHVWLQDWLRQIURP+LVWRU\@RU>6HOHFWDGHVWLQDWLRQIURP
)DYRULWH@\RXFDQFRQQHFWZLWKWKHVDPH:L)LFRQQHFWLRQVHWWLQJVDVXVHGSUHYLRXVO\
7KLVVHFWLRQGHVFULEHVFRQQHFWLRQPHWKRGV
:KHQFRQQHFWLQJZLWKWKHVDPHVHWWLQJVDVXVHGSUHYLRXVO\UHIHUWR3
:KHQDVFUHHQVLPLODUWRWKHRQHEHORZLVGLVSOD\HGVHOHFWDFRQQHFWLRQPHWKRG
([DPSOHRIRSHUDWLRQIRUGLVSOD\LQJDVFUHHQ
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>1HZ&RQQHFWLRQ@>6HQG,PDJHV
:KLOH5HFRUGLQJ@>6PDUWSKRQH@
:LUHOHVVDFFHVVSRLQW
3HUIRUPLQJDGLUHFWFRQQHFWLRQLVFRQYHQLHQWIRUZKHQ\RXDUHLQDSODFHDZD\IURPKRPH
ZKHUHZLUHOHVVDFFHVVSRLQWVDUHQRWDYDLODEOHRUIRUZKHQFRQQHFWLQJWHPSRUDULO\WRD
GHYLFH\RXGRQRWXVXDOO\XVH
8VLQJWKH:L)L1)&)XQFWLRQ
&RQQHFWLQJYLDDZLUHOHVVDFFHVVSRLQWYLDWKHQHWZRUN
<RXFDQVHOHFWWKHPHWKRGIRUFRQQHFWLQJWRDZLUHOHVV
DFFHVVSRLQW
_ :36UHIHUVWRDIXQFWLRQWKDWDOORZV\RXWRHDVLO\FRQILJXUH
WKHVHWWLQJVUHODWHGWRWKHFRQQHFWLRQDQGVHFXULW\RIZLUHOHVV
/$1GHYLFHV
7RFKHFNLIWKHZLUHOHVVDFFHVVSRLQW\RXDUHXVLQJLV
FRPSDWLEOHZLWK:36UHIHUWRWKHPDQXDORIWKHZLUHOHVV
DFFHVVSRLQW
6DYHSXVKEXWWRQW\SHZLUHOHVVDFFHVVSRLQWWKDWLVFRPSDWLEOHZLWK
:L)L3URWHFWHG6HWXS70ZLWKD:36PDUN
3UHVVWKHZLUHOHVVDFFHVVSRLQW HJ
:36EXWWRQXQWLOLWVZLWFKHVWR:36
>:363XVK%XWWRQ@ PRGH
5HIHUWRWKHZLUHOHVVDFFHVVSRLQW
LQVWUXFWLRQPDQXDOIRUGHWDLOV
6DYH3,1FRGHW\SHZLUHOHVVDFFHVVSRLQWWKDWLVFRPSDWLEOHZLWK
:L)L3URWHFWHG6HWXSZLWKD:36PDUN
2QWKHFDPHUDVFUHHQVHOHFWWKHZLUHOHVVDFFHVV
SRLQW\RXDUHFRQQHFWLQJWR
>:363,1FRGH@ (QWHUWKH3,1FRGHGLVSOD\HGRQWKHFDPHUDVFUHHQ
LQWRWKHZLUHOHVVDFFHVVSRLQW
3UHVV>0(186(7@RIWKHFDPHUD
5HIHUWRWKHZLUHOHVVDFFHVVSRLQWLQVWUXFWLRQPDQXDOIRU
GHWDLOV
6HOHFWWKLVRSWLRQZKHQ\RXDUHQRWVXUHDERXWWKH:36
FRPSDWLELOLW\RUZKHQ\RXZDQWWRVHDUFKIRUDQGFRQQHFWWRD
>)URP/LVW@
ZLUHOHVVDFFHVVSRLQW
5HIHUWR3IRUGHWDLOV
8VLQJWKH:L)L1)&)XQFWLRQ
,I\RXDUHQRWVXUHDERXWWKH:36FRPSDWLELOLW\FRQQHFWLQJE\>)URP/LVW@
6HDUFKIRUDYDLODEOHZLUHOHVVDFFHVVSRLQWV
&RQILUPHQFU\SWLRQNH\RIWKHVHOHFWHGZLUHOHVVDFFHVVSRLQWLIWKHQHWZRUNDXWKHQWLFDWLRQLV
HQFU\SWHG
:KHQFRQQHFWLQJE\>0DQXDO,QSXW@FRQILUP66,'HQFU\SWLRQW\SHHQFU\SWLRQNH\RIWKH
ZLUHOHVVDFFHVVSRLQW\RXDUHXVLQJ
6HOHFWWKHZLUHOHVVDFFHVVSRLQW\RXDUHFRQQHFWLQJ
WR
3UHVVLQJ>',63@ZLOOVHDUFKIRUDZLUHOHVVDFFHVVSRLQW
DJDLQ
,IQRZLUHOHVVDFFHVVSRLQWLVIRXQGUHIHUWR³:KHQ
FRQQHFWLQJZLWK>0DQXDO,QSXW@´RQ3
,IQHWZRUNDXWKHQWLFDWLRQLVHQFU\SWHG
(QWHUWKHHQFU\SWLRQNH\
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´VHFWLRQRQ3
w :KHQFRQQHFWLQJZLWK>0DQXDO,QSXW@
2QWKHVFUHHQGLVSOD\HGLQVWHSRI³,I\RXDUHQRWVXUHDERXWWKH:36
FRPSDWLELOLW\FRQQHFWLQJE\>)URP/LVW@´VHOHFW>0DQXDO,QSXW@
(QWHUWKH66,'RIWKHZLUHOHVVDFFHVVSRLQW\RXDUHFRQQHFWLQJWRWKHQVHOHFW
>6HW@
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´VHFWLRQRQ3
6HOHFWWKHQHWZRUNDXWKHQWLFDWLRQW\SH
)RULQIRUPDWLRQRQQHWZRUNDXWKHQWLFDWLRQVHHWKHPDQXDORIWKHZLUHOHVVDFFHVVSRLQW
6HOHFWWKHHQFU\SWLRQW\SH
7KHW\SHRIVHWWLQJVWKDWFDQEHFKDQJHGPD\YDU\GHSHQGLQJRQWKHGHWDLOVRIQHWZRUN
DXWKHQWLFDWLRQVHWWLQJV
1HWZRUNDXWKHQWLFDWLRQW\SH (QFU\SWLRQW\SHVWKDWFDQEHVHW
>:3$36.@ >7.,3@>$(6@
>:3$36.@ >7.,3@>$(6@
>&RPPRQ.H\@ >:(3@
>2SHQ@ >1R(QFU\SWLRQ@>:(3@
:KHQDQRSWLRQRWKHUWKDQ>1R(QFU\SWLRQ@LVVHOHFWHG
(QWHUWKHHQFU\SWLRQNH\
8VLQJWKH:L)L1)&)XQFWLRQ
&KHFNWKHZLUHOHVVDFFHVVSRLQWVLQVWUXFWLRQPDQXDODQGVHWWLQJVZKHQVDYLQJDZLUHOHVV
DFFHVVSRLQW
,IQRFRQQHFWLRQFDQEHHVWDEOLVKHGWKHZLUHOHVVDFFHVVSRLQW¶VUDGLRZDYHVPD\EHWRRZHDN
5HIHUWR³0HVVDJH'LVSOD\´3DQG³7URXEOHVKRRWLQJ´3IRUGHWDLOV
'HSHQGLQJRQ\RXUHQYLURQPHQWWUDQVPLVVLRQVSHHGEHWZHHQWKHFDPHUDDQGZLUHOHVVDFFHVV
SRLQWPD\GHFUHDVH,QDGGLWLRQWKHZLUHOHVVDFFHVVSRLQWPD\QRWEHDYDLODEOHIRUXVH
&RQQHFWLQJWKHFDPHUDDQGDQRWKHUGHYLFHGLUHFWO\GLUHFWFRQQHFWLRQ
<RXFDQVHOHFWWKHPHWKRGIRUFRQQHFWLQJWRWKHGHYLFH\RX
DUHXVLQJ
6HOHFWWKHFRQQHFWLRQPHWKRGVXSSRUWHGE\\RXUGHYLFH
6HWWKHGHYLFHWR:L)L'LUHFWPRGH
>:L)L'LUHFW@ 2QWKHFDPHUDVFUHHQVHOHFW>:L)L'LUHFW@
2QWKHFDPHUDVFUHHQVHOHFWWKHGHYLFHWRFRQQHFWWR
>:363XVK%XWWRQ@
2QWKHFDPHUDVHOHFW>:363XVK%XWWRQ@
6HWWKHGHYLFHWR:36PRGH
<RXFDQZDLWORQJHUIRUDFRQQHFWLRQE\SUHVVLQJ>',63@RQWKLV
>:36&RQQHFWLRQ@ XQLW
>:363,1FRGH@
2QWKHFDPHUDVHOHFW>:363,1FRGH@
(QWHUWKH3,1FRGHRIWKHGHYLFHLQWRWKLVFDPHUD
(QWHUWKH66,'DQGSDVVZRUGLQWR
WKHGHYLFH7KH66,'DQG
SDVVZRUGDUHGLVSOD\HGRQWKH
FRQQHFWLRQZDLWLQJVFUHHQRIWKLV
>0DQXDO&RQQHFWLRQ@
XQLW
,IWKHGHVWLQDWLRQLVVHWWR
>6PDUWSKRQH@WKHSDVVZRUGLVQRW
GLVSOD\HG6HOHFWWKH66,'WRHVWDEOLVKDFRQQHFWLRQ3
3OHDVHDOVRUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKHGHYLFHWREHFRQQHFWHG
8VLQJWKH:L)L1)&)XQFWLRQ
&RQQHFWLQJTXLFNO\ZLWKWKHVDPHVHWWLQJVDVWKHSUHYLRXVRQHV
>6HOHFWDGHVWLQDWLRQIURP+LVWRU\@>6HOHFWDGHVWLQDWLRQIURP)DYRULWH@
:KHQWKH:L)LIXQFWLRQLVXVHGDUHFRUGLVVDYHGLQWKHKLVWRU\<RXFDQUHJLVWHUUHFRUGV
DVIDYRULWHV
8VLQJWKHKLVWRU\RUIDYRULWHVOLVW\RXFDQHDVLO\FRQQHFWZLWKWKHVDPHVHWWLQJVDVXVHG
SUHYLRXVO\
&KHFNWRVHHLIWKH:L)LVHWWLQJVRIWKHGHYLFHWRFRQQHFWWRDUHWKHVDPHDVXVHG
SUHYLRXVO\
,IWKHVHWWLQJVRIWKHGHYLFHWRFRQQHFWWRKDYHEHHQFKDQJHGLWPD\QRWEHSRVVLEOHWRFRQQHFW
WRWKHGHYLFH
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@
6HOHFW>6HOHFWDGHVWLQDWLRQIURP+LVWRU\@RU
>6HOHFWDGHVWLQDWLRQIURP)DYRULWH@
&RQQHFWVZLWKWKHVDPH
>6HOHFWDGHVWLQDWLRQIURP
VHWWLQJVDVWKHSUHYLRXV
+LVWRU\@
RQHV
>6HOHFWDGHVWLQDWLRQIURP &RQQHFWVZLWKVHWWLQJV
)DYRULWH@ UHJLVWHUHGDVIDYRULWHV
6HOHFWLWHP
,IWKHGHYLFH\RXZDQWWRFRQQHFWWRVPDUWSKRQHHWFLV
FRQQHFWHGWRDZLUHOHVVDFFHVVSRLQWRWKHUWKDQWKH
FDPHUD\RXFDQQRWFRQQHFWWKHGHYLFHWRWKHFDPHUD
XVLQJ>'LUHFW@&KDQJHWKH:L)LVHWWLQJVRIWKHGHYLFH
\RXZDQWWRFRQQHFWWRVRWKDWWKHDFFHVVSRLQWWREH
XVHGLVVHWWRWKHFDPHUD
<RXFDQDOVRVHOHFW>1HZ&RQQHFWLRQ@DQGUHFRQQHFWWKHGHYLFHV3
5HJLVWHULQJUHFRUGVDVIDYRULWHV
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>6HOHFWDGHVWLQDWLRQ
IURP+LVWRU\@
6HOHFWWKHKLVWRU\\RXZDQWWRUHJLVWHUWRIDYRULWHVDQGWKHQSUHVV
(QWHUDUHJLVWUDWLRQQDPH
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´VHFWLRQRQ3
$PD[LPXPRIFKDUDFWHUVFDQEHHQWHUHG$WZRE\WHFKDUDFWHULVWUHDWHGDVWZR
FKDUDFWHUV
8VLQJWKH:L)L1)&)XQFWLRQ
(GLWLQJWKHKLVWRU\UHJLVWHUHGWRIDYRULWHV
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L)XQFWLRQ@>6HOHFWDGHVWLQDWLRQ
IURP)DYRULWH@
6HOHFWWKHIDYRULWHKLVWRU\\RXZDQWWRHGLWDQGWKHQSUHVV
6HOHFWWKHLWHP
>5HPRYHIURP)DYRULWH@ ²
>&KDQJHWKH2UGHULQ 6HOHFWWKHGHVWLQDWLRQ
)DYRULWH@
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ
>&KDQJHWKH5HJLVWHUHG 7H[W´VHFWLRQRQ3
1DPH@ $PD[LPXPRIFKDUDFWHUVFDQEHHQWHUHG$WZRE\WH
FKDUDFWHULVWUHDWHGDVWZRFKDUDFWHUV
6DYHIUHTXHQWO\XVHG:L)LFRQQHFWLRQVHWWLQJVDVIDYRULWHV
7KHQXPEHUWKDWFDQEHVDYHGLQWKHKLVWRU\LVOLPLWHG
:HUHFRPPHQGWKDW\RXVDYHIUHTXHQWO\XVHG:L)LFRQQHFWLRQVHWWLQJVE\UHJLVWHULQJ
WKHPDVIDYRULWHV3
&KHFNLQJWKHFRQQHFWLRQGHWDLORIDUHFRUGRUIDYRULWH
,I>',63@LVSUHVVHGZKHQVHOHFWLQJDQLWHPLQWKHKLVWRU\RUIDYRULWHVWKHGHWDLORIWKH
FRQQHFWLRQFDQEHGLVSOD\HG
3HUIRUPLQJ>5HVHW:L)L6HWWLQJV@FOHDUVWKHKLVWRU\DQGWKHFRQWHQWVVDYHGLQ>6HOHFWD
GHVWLQDWLRQIURP)DYRULWH@
:KHQFRQQHFWLQJWRDQHWZRUNWRZKLFKPDQ\3&VDUHFRQQHFWHGE\XVLQJ>6HOHFWDGHVWLQDWLRQ
IURP+LVWRU\@RU>6HOHFWDGHVWLQDWLRQIURP)DYRULWH@DFRQQHFWLRQDWWHPSWPD\IDLOEHFDXVHWKH
SUHYLRXVO\FRQQHFWHGGHYLFHZLOOEHLGHQWLILHGIURPDPRQJPDQ\GHYLFHV
,IDFRQQHFWLRQDWWHPSWIDLOVUHFRQQHFWE\XVLQJ>1HZ&RQQHFWLRQ@
8VLQJWKH:L)L1)&)XQFWLRQ
>:L)L6HWXS@0HQX
&RQILJXUHWKHVHWWLQJVUHTXLUHGIRUWKH:L)LIXQFWLRQ
7KHVHWWLQJVFDQQRWEHFKDQJHGZKHQFRQQHFWHGWR:L)L
6HOHFWWKHPHQX3
MENU >6HWXS@>:L)L@>:L)L6HWXS@'HVLUHGLWHPWREHVHW
<RXFDQLPSURYHVHFXULW\E\HQDEOLQJSDVVZRUGHQWU\IRUDGLUHFW
FRQQHFWLRQWRDVPDUWSKRQH
>21@
>:L)L3DVVZRUG@ &RQQHFWVWKHFDPHUDDQGDVPDUWSKRQHXVLQJDQ66,'DQG
SDVVZRUG3
>2))@
&RQQHFWVWKHFDPHUDDQGDVPDUWSKRQHXVLQJDQ66,'3
:KHQ>21@LVVHOHFWHG\RXFDQDOVRVHWXSDFRQQHFWLRQE\VFDQQLQJD45FRGH3
>/80,;&/8%@ $FTXLUHVRUFKDQJHVWKH³/80,;&/8%´ORJLQ,'
5HIHUWR3IRUGHWDLOV
<RXFDQVHWWKHZRUNJURXS
7RVHQGLPDJHVWRD3&DFRQQHFWLRQWRWKHVDPHZRUNJURXSDV
WKHGHVWLQDWLRQ3&LVUHTXLUHG
7KHGHIDXOWVHWWLQJLV³:25.*5283´
>3&&RQQHFWLRQ@
>&KDQJH:RUNJURXS1DPH@
(QWHUWKHZRUNJURXSRIWKHFRQQHFWLQJ3&
>5HVWRUHWR'HIDXOW@
5HVWRUHVWKHGHIDXOWVWDWH
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´VHFWLRQRQ3
,I\RXDUHXVLQJWKH3&ZLWKVWDQGDUGVHWWLQJV\RXGRQRWQHHGWRFKDQJHWKHZRUNJURXS
8VLQJWKH:L)L1)&)XQFWLRQ
&RQILJXUHVWKHVHWWLQJVIRUWKH1)&IXQFWLRQ
>1)&2SHUDWLRQ@ >21@
1)&IXQFWLRQLVZRUNHG
>2))@
6HWVWKHFDPHUDRSHUDWLRQDIWHUWKHFRQQHFWLRQZLWKWKH1)&
IXQFWLRQLVFRPSOHWH
>21@
>7RXFK6KDULQJ@ :KHQD:L)LFRQQHFWLRQLVFRPSOHWHE\XVLQJWKH1)&IXQFWLRQ
GXULQJVLQJOHSLFWXUHSOD\EDFNWKHVLQJOHSLFWXUHFDQEH
WUDQVIHUUHG
>2))@
7RSUHYHQWLQFRUUHFWRSHUDWLRQRUXVHRIWKH:L)LIXQFWLRQE\D
WKLUGSDUW\DQGWRSURWHFWVDYHGSHUVRQDOLQIRUPDWLRQLWLV
UHFRPPHQGHGWKDW\RXSURWHFWWKH:L)LIXQFWLRQZLWKD
SDVVZRUG
>:L)L)XQFWLRQ/RFN@ 6HWWLQJDSDVVZRUGZLOODXWRPDWLFDOO\GLVSOD\WKHSDVVZRUGLQSXW
VFUHHQZKHQWKH:L)LIXQFWLRQLVXVHG
>6HWXS@
(QWHUDQ\GLJLWQXPEHUVDVWKHSDVVZRUG
>&DQFHO@
)RUGHWDLOVRQKRZWRHQWHUFKDUDFWHUVUHIHUWR³(QWHULQJ7H[W´VHFWLRQRQ3
0DNHDFRS\RISDVVZRUG
,I\RXIRUJHWWKHSDVVZRUG\RXFDQUHVHWLWZLWK>5HVHW:L)L6HWWLQJV@LQWKH>6HWXS@PHQX
KRZHYHURWKHUVHWWLQJVZLOODOVREHUHVHWH[FOXGLQJ>/80,;&/8%@
>1HWZRUN$GGUHVV@ 'LVSOD\VWKH0$&DGGUHVVDQG,3DGGUHVVRIWKLVXQLW
$³0$&$GGUHVV´LVDXQLTXHDGGUHVVWKDWLVXVHGWRLGHQWLI\QHWZRUNHTXLSPHQW
³,3DGGUHVV´UHIHUVWRDQXPEHUWKDWLGHQWLILHVD3&FRQQHFWHGWRDQHWZRUNVXFKDVWKH
,QWHUQHW8VXDOO\WKHDGGUHVVHVIRUKRPHVDUHDXWRPDWLFDOO\DVVLJQHGE\WKH'+&3IXQFWLRQ
VXFKDVDZLUHOHVVDFFHVVSRLQW([DPSOH
>$SSURYHG 'LVSOD\VWKHFHUWLILFDWLRQQXPEHUIRUUDGLRUHJXODWLRQV
5HJXODWLRQV@
12. &RQQHFWLQJWRRWKHUHTXLSPHQW
:DWFKLQJ.PRWLRQSLFWXUHVRQD79
6DYLQJ.PRWLRQSLFWXUHVRQ\RXU3&RU
UHFRUGHU
:DWFKLQJPRWLRQSLFWXUHVLQ.
w 3OD\LQJ%DFNRQD796FUHHQ
%\FRQQHFWLQJWKHFDPHUDWRD79WKDWVXSSRUWVPRWLRQSLFWXUHVLQ
.DQGSOD\LQJEDFNPRWLRQSLFWXUHVUHFRUGHGZLWKWKHLUVL]HVHWWR
>.@LQ>5HF4XDOLW\@\RXFDQHQMR\ILQHO\GHWDLOHGPRWLRQSLFWXUHV
LQ.(YHQWKRXJKWKHRXWSXWUHVROXWLRQZLOOEHORZHU\RXFDQDOVR
SOD\WKHPEDFNE\FRQQHFWLQJWKHFDPHUDWRD79WKDWGRHVQRWVXSSRUWPRWLRQSLFWXUHVLQ
.
&RQQHFWWKHFDPHUDDQGD.FRPSDWLEOH79ZLWKDQ+'0,PLFURFDEOH
DQGGLVSOD\WKHSOD\EDFNVFUHHQ3
:KHQ>9,(5$/LQN@LVVHWWR>21@DQGWKHFDPHUDLVFRQQHFWHGWRD79VXSSRUWLQJ9,(5$/LQN
LQSXWRIWKH79ZLOOEHVZLWFKHGDXWRPDWLFDOO\DQGSOD\EDFNVFUHHQZLOOEHGLVSOD\HG5HIHUWR
3IRUGHWDLOV
:KHQ\RXKDYHPRWLRQSLFWXUHVUHFRUGHGZLWK>5HF)RUPDW@VHWWR
>03@DQGWKHLUVL]HVHWWR>.@LQ>5HF4XDOLW\@\RXFDQDOVRSOD\
WKHPEDFNE\LQVHUWLQJWKHFDUGLQWRWKH6'FDUGVORWRID79WKDW
VXSSRUWVPRWLRQSLFWXUHVLQ.
5HDGWKHRSHUDWLQJLQVWUXFWLRQVIRUWKH79
w :DWFKLQJRQD3&
7RSOD\EDFNPRWLRQSLFWXUHVUHFRUGHGZLWKWKHLUVL]HVHWWR>.@LQ>5HF
4XDOLW\@RQD3&XVHWKHVRIWZDUH³3+272IXQ678',2 ´RQWKH'9'
VXSSOLHG
7RSOD\EDFNDQGHGLWPRWLRQSLFWXUHVLQ.\RXQHHGDKLJKSHUIRUPDQFH3&
HQYLURQPHQW
5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRI³3+272IXQ678',2´3')
&RQQHFWLQJWRRWKHUHTXLSPHQW
6WRULQJ.PRWLRQSLFWXUHV
w 6WRULQJRQD3&
<RXFDQDFTXLUHUHFRUGHGSLFWXUHVWRD3&E\FRQQHFWLQJWKHFDPHUDDQGWKH3&
5HIHUWR3IRUGHWDLOV
w 6WRULQJRQD+DUG'LVNRU'9'
<RXFDQQRWGXEPRWLRQSLFWXUHVUHFRUGHGZLWKWKHLUVL]HVHWWR>.@LQ>5HF4XDOLW\@WR
%OXUD\GLVFVDQG'9'VZLWK3DQDVRQLFUHFRUGHUV$VRI-XO\
:LWKWKH³3+272IXQ678',2 ´VRIWZDUHRQWKH'9'VXSSOLHG\RXFDQFRQYHUW.PRWLRQ
SLFWXUHVLQWRVPDOOHUVL]HGPRWLRQSLFWXUHVRUFRS\.PRWLRQSLFWXUHVWRD'9'
5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRI³3+272IXQ678',2´3')
&RQQHFWLQJWRRWKHUHTXLSPHQW
3OD\LQJ%DFN3LFWXUHVRQD796FUHHQ
3LFWXUHVUHFRUGHGZLWKWKLVXQLWFDQEHSOD\HGEDFNRQD79VFUHHQ
3UHSDUDWLRQV
7XUQWKLVXQLWDQGWKH79RII
&RQILUPWKHWHUPLQDOVRQ\RXU79DQG +'0, 9LGHR
XVHDFDEOHFRPSDWLEOHZLWKWKH VRFNHW VRFNHW
WHUPLQDOV
,PDJHTXDOLW\PD\YDU\ZLWKWKH
+LJKTXDOLW\
FRQQHFWHGWHUPLQDOV
&RQQHFWWKHFDPHUDDQGD79
&KHFNWKHGLUHFWLRQRIWKHWHUPLQDOVDQGSOXJLQRXWVWUDLJKWKROGLQJRQWRWKHSOXJ
,WPD\UHVXOWLQPDOIXQFWLRQE\WKHGHIRUPLQJRIWKHWHUPLQDOLILWLVSOXJJHGLQREOLTXHO\
RULQZURQJGLUHFWLRQ
'RQRWFRQQHFWGHYLFHVWRLQFRUUHFWWHUPLQDOV'RLQJVRPD\FDXVHPDOIXQFWLRQ
7RFRQQHFWZLWKDQ+'0,PLFURFDEOH
8VHD³+LJK6SHHG+'0,PLFURFDEOH´ZLWKWKH+'0,ORJR
&DEOHVWKDWGRQRWFRPSO\ZLWKWKH+'0,VWDQGDUGVZLOOQRWZRUN
³+LJK6SHHG+'0,PLFURFDEOH´7\SH '±7\SH $SOXJXSWR P IHHWORQJ
&KHFNWKH>+'0,0RGH3OD\@3
'XULQJSPRWLRQSLFWXUHSOD\EDFNSOHDVHVHW>+'0,0RGH3OD\@WR>$872@
)RUVHWWLQJVRWKHUWKDQ>$872@LWFDQQRWRXWSXWDWIUDPHVVHFRQG
$XGLRZLOOEHSOD\HGEDFNDVVWHUHR
1RSLFWXUHLVGLVSOD\HGRQWKHVFUHHQRIWKLVXQLW
:KHQ>9,(5$/LQN@LVVHWWR>21@RSHUDWLRQVXVLQJWKHEXWWRQVRQWKHFDPHUDDUHUHVWULFWHG
&RQQHFWLQJWRRWKHUHTXLSPHQW
7RFRQQHFWZLWKDQ$9FDEOHRSWLRQDO
$OZD\VXVHDJHQXLQH3DQDVRQLF$9FDEOH'0:$9&RSWLRQDO
&KHFNWKH>79$VSHFW@3
$XGLRZLOOEHSOD\HGEDFNLQPRQDXUDO
7KHYLHZILQGHUFDQQRWEHGLVSOD\HGZKHQFRQQHFWHGZLWKD$9FDEOH
+'0,PLFURFDEOH :KLWH WRWKHDXGLRLQSXWVRFNHW
+'0,VRFNHW $OLJQWKHPDUNVDQGLQVHUW
$9FDEOHRSWLRQDO
,QVHUWWKH$9FDEOHVRWKDWLWV> @PDUN
<HOORZ WRWKHYLGHRLQSXWVRFNHW ZLOOIDFHWKH> @PDUNVLGHRIWKHFDPHUD
&KHFNWKHWHUPLQDO
7XUQRQWKH79DQGVHOHFWWKHLQSXWWRPDWFKWKHFRQQHFWRULQXVH
7XUQWKHFDPHUDRQDQGWKHQSUHVV>(@
,QSXWRIWKH79ZLOOVZLWFKDXWRPDWLFDOO\DQGSOD\EDFNVFUHHQLVGLVSOD\HGZKHQ
FRQQHFWHGWRD9,(5$/LQNFRPSDWLEOH79XVLQJDQ+'0,PLFURFDEOHZLWKWKH>9,(5$
/LQN@VHWWR>21@3
'HSHQGLQJRQWKH>$VSHFW5DWLR@EODFNEDQGVPD\EHGLVSOD\HGRQWKHWRSDQGERWWRPRUWKH
OHIWDQGULJKWRIWKHSLFWXUHV
&KDQJHWKHVFUHHQPRGHRQ\RXU79LIWKHSLFWXUHLVGLVSOD\HGZLWKWKHWRSRUERWWRPFXWRII
2XWSXWIURPWKH+'0,PLFURFDEOHKDVSULRULW\ZKHQERWK$9FDEOHRSWLRQDODQG+'0,PLFUR
FDEOHDUHFRQQHFWHG
7KHFRQQHFWLRQZLWKWKH86%FRQQHFWLRQFDEOHVXSSOLHGZLOOWDNHSULRULW\ZKHQ\RXFRQQHFW
WKH86%FRQQHFWLRQFDEOHVXSSOLHGVLPXOWDQHRXVO\ZLWKWKH+'0,PLFURFDEOH
:KHQ\RXSOD\EDFNDSLFWXUHYHUWLFDOO\LWPD\EHEOXUU\
3URSHUSOD\EDFNZLOOEHGHSHQGHQWRQWKH79XVHGIRUYLHZLQJ
1RVRXQGLVRXWSXWIURPWKHFDPHUDVSHDNHUV
5HDGWKHRSHUDWLQJLQVWUXFWLRQVIRUWKH79
&RQQHFWLQJWRRWKHUHTXLSPHQW
7KHUHFRUGHGSLFWXUHVFDQEHSOD\HGEDFNRQD79ZLWKDQ6'0HPRU\&DUG
VORW
'HSHQGLQJRQWKH79PRGHOSLFWXUHVPD\QRWEHGLVSOD\HGRQWKHIXOOVFUHHQ
7KHILOHIRUPDWRIWKHPRWLRQSLFWXUHVWKDWFDQEHSOD\HGEDFNGLIIHUVGHSHQGLQJRQWKH79
PRGHO
,QVRPHFDVHVSDQRUDPDSLFWXUHVFDQQRWEHSOD\HGEDFN$OVRDXWRVFUROOSOD\EDFNRI
SDQRUDPDSLFWXUHVPD\QRWZRUN
)RUFDUGVFRPSDWLEOHZLWKSOD\EDFNUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKH79
3UHSDUDWLRQV
6HWWKH>9,(5$/LQN@WR>21@3
&RQQHFWWKLVXQLWWRD3DQDVRQLF79FRPSDWLEOHZLWK9,(5$ /LQNZLWK
DQ+'0,PLFURFDEOH3
7XUQWKHFDPHUDRQDQGWKHQSUHVV>(@
2SHUDWHZLWKWKHUHPRWHFRQWUROIRUWKH79
2SHUDWHZLWKUHIHUHQFHWRWKHRSHUDWLRQLFRQVGLVSOD\HGRQWKHVFUHHQ
7RSOD\EDFNWKHVRXQGRIDILOPGXULQJDVOLGHVKRZVHW>6RXQG@WR>$872@RU>$XGLR@RQWKH
6OLGH6KRZVHWWLQJVFUHHQ
,WLVUHFRPPHQGHGWRFRQQHFWWKLVXQLWWRDQ+'0,WHUPLQDORWKHUWKDQWKH+'0,LIWKHUHDUH
RUPRUH+'0,LQSXWWHUPLQDOVRQWKH79
2SHUDWLRQXVLQJWKHEXWWRQVRQWKLVXQLWZLOOEHOLPLWHG
&RQQHFWLQJWRRWKHUHTXLSPHQW
w 2WKHUOLQNHGRSHUDWLRQV
7XUQLQJWKLVXQLWRII
,I\RXXVHWKHUHPRWHFRQWUROIRUWKH79WRWXUQWKH79RIIWKLVXQLWLVDOVRWXUQHGRII
$XWRPDWLFLQSXWVZLWFKLQJ
,I\RXFRQQHFWZLWKDQ+'0,PLFURFDEOHDQGWKHQWXUQWKLVXQLWRQDQGWKHQSUHVV>(@WKH
LQSXWFKDQQHORQWKH79DXWRPDWLFDOO\VZLWFKHVWRWKLVXQLW¶VVFUHHQ,IWKH79¶VSRZHULVLQ
VWDQGE\VWDWXVLWZLOOWXUQRQDXWRPDWLFDOO\LI>6HW@KDVEHHQVHOHFWHGIRUWKH79¶V>3RZHURQ
OLQN@VHWWLQJ
'HSHQGLQJRQ\RXU79¶V+'0,FRQQHFWLRQRQVRPH79¶VLWPD\EHQHFHVVDU\WRPDQXDOO\
VHOHFWWKH+'0,FRQQHFWLRQ\RXDUHXVLQJ,QWKLVFDVHXVHWKHUHPRWHFRQWUROIRUWKH79WR
VZLWFKWKHLQSXWFKDQQHO
)RUGHWDLOVRQKRZWRVZLWFKLQSXWSOHDVHUHDGWKHRSHUDWLQJLQVWUXFWLRQVIRUWKH79
,I9,(5$ /LQNGRHVQRWZRUNSURSHUO\UHIHUWR3
,I\RXDUHXQVXUHZKHWKHURUQRWWKH79\RXDUHXVLQJLVFRPSDWLEOHZLWK9,(5$ /LQNUHDGWKH
RSHUDWLQJLQVWUXFWLRQVIRUWKH79
$YDLODEOHOLQNHGRSHUDWLRQVEHWZHHQWKLVXQLWDQGD3DQDVRQLF79DUHGLIIHUHQWGHSHQGLQJRQ
WKHW\SHVRI3DQDVRQLF79VHYHQLIWKH\DUHFRPSDWLEOHZLWK9,(5$ /LQN5HIHUWRWKHRSHUDWLQJ
LQVWUXFWLRQVRIWKH79IRUWKHRSHUDWLRQVDUHVXSSRUWHGRQWKH79
%HVXUHWRXVHDFDEOHWKDWLV+'0,FHUWLILHG
>+'0,0RGH3OD\@IRUWKLVXQLWLVGHWHUPLQHGDXWRPDWLFDOO\ZKHQWKH9,(5$ /LQNLVRSHUDWLQJ
8VHD³+LJK6SHHG+'0,PLFURFDEOH´ZLWKWKH+'0,ORJR
&DEOHVWKDWGRQRWFRPSO\ZLWKWKH+'0,VWDQGDUGVZLOOQRWZRUN
³+LJK6SHHG+'0,PLFURFDEOH´7\SH '±7\SH $SOXJXSWR P IHHWORQJ
&RQQHFWLQJWRRWKHUHTXLSPHQW
6DYLQJVWLOOSLFWXUHVDQGPRWLRQSLFWXUHVRQ
\RXU3&
<RXFDQDFTXLUHUHFRUGHGSLFWXUHVWRD3&E\FRQQHFWLQJWKHFDPHUDDQGWKH3&
6RPH3&VFDQUHDGGLUHFWO\IURPWKHFDUGUHPRYHGIURPWKHFDPHUD)RUGHWDLOVUHIHUWRWKH
RSHUDWLQJLQVWUXFWLRQVRI\RXU3&
,IWKHFRPSXWHUEHLQJXVHGGRHVQRWVXSSRUW6';&0HPRU\&DUGVDPHVVDJH
SURPSWLQJ\RXWRIRUPDWPD\DSSHDU
'RLQJVRZLOOFDXVHUHFRUGHGLPDJHVWREHHUDVHGVRGRQRWFKRRVHWRIRUPDW
,IWKHFDUGLVQRWUHFRJQL]HGSOHDVHUHIHUWRWKHEHORZVXSSRUWVLWH
KWWSSDQDVRQLFQHWDYFVGFDUGLQIRUPDWLRQ6';&KWPO
w 3&WKDWFDQEHXVHG
7KHXQLWFDQEHFRQQHFWHGWRDQ\3&FDSDEOHRIUHFRJQL]LQJDPDVVVWRUDJHGHYLFH
:LQGRZVVXSSRUW :LQGRZV9LVWD:LQGRZV:LQGRZV:LQGRZV
0DFVXSSRUW 26 ;YWRY
$9&+'PRWLRQSLFWXUHVPD\QRWEHLPSRUWHGFRUUHFWO\ZKHQFRSLHGDVILOHVRU
IROGHU
:LWK:LQGRZVDOZD\VLPSRUW$9&+'PRWLRQSLFWXUHVXVLQJ³3+272IXQ678',2´RQHRIWKH
SURJUDPVRQWKH'9'VXSSOLHG
:LWKD0DF$9&+'PRWLRQSLFWXUHVFDQEHLPSRUWHGXVLQJ³L0RYLH´
3OHDVHQRWHWKDWLPSRUWLQJLVQRWSRVVLEOHGHSHQGLQJRQWKHSLFWXUHTXDOLW\
)RUGHWDLOVDERXWL0RYLHSOHDVHFRQWDFW$SSOH,QF
&RQQHFWLQJWRRWKHUHTXLSPHQW
$ERXWWKHVXSSOLHGVRIWZDUH
7KHVXSSOLHG'9'LQFOXGHVWKHIROORZLQJVRIWZDUH
,QVWDOOWKHVRIWZDUHRQWR\RXUFRPSXWHUEHIRUHXVH
3+272IXQ678',23(:LQGRZV9LVWD:LQGRZV:LQGRZV:LQGRZV
7KLVVRIWZDUHDOORZV\RXWRPDQDJHLPDJHV)RUH[DPSOH\RXFDQVHQGSLFWXUHVDQGPRWLRQ
SLFWXUHVWRD3&DQGVRUWWKHPE\UHFRUGLQJGDWHRUPRGHOQDPH<RXFDQDOVRSHUIRUP
RSHUDWLRQVVXFKDVZULWLQJLPDJHVWRD'9'SURFHVVLQJDQGFRUUHFWLQJLPDJHVDQGHGLWLQJ
PRWLRQSLFWXUHV
6,/.<3,;'HYHORSHU6WXGLR6(
:LQGRZV 9LVWD:LQGRZV :LQGRZV :LQGRZV 0DF26;YWRY
7KLVLVVRIWZDUHWRHGLW5$:IRUPDWLPDJHV
(GLWHGLPDJHVFDQEHVDYHGLQDIRUPDW-3(*7,))HWFWKDWFDQEHGLVSOD\HGRQDSHUVRQDO
FRPSXWHU
)RUGHWDLOVRQKRZWRXVHWKH6,/.<3,;'HYHORSHU6WXGLRUHIHUWRWKH³+HOS´RUWKH
,FKLNDZD6RIW/DERUDWRU\¶VVXSSRUWZHEVLWH
KWWSZZZLVOFRMS6,/.<3,;HQJOLVKSVXSSRUW
/RL/R6FRSHGD\IXOOWULDOYHUVLRQ:LQGRZV9LVWD:LQGRZV:LQGRZV
:LQGRZV
/RL/R6FRSHLVDYLGHRHGLWLQJVRIWZDUHZKHUHWKDWGUDZVRXWWKHIXOOSRZHURI\RXU3&&UHDWLQJ
YLGHRVLVDVHDV\DVRUJDQL]LQJFDUGVRQWRSRIDGHVN8VH\RXUPXVLFSLFWXUHDQGYLGHRILOHV
WRFUHDWHYLGHRVWRVKDUHZLWK\RXUIULHQGVDQGIDPLO\E\EXUQLQJLWWRD'9'XSORDGLQJLWWR
ZHEVLWHVRUVLPSO\VKDUH\RXUYLGHRVZLWK\RXUIULHQGVYLDHPDLO
± 7KLVZLOORQO\LQVWDOODVKRUWFXWWRWKHWULDOYHUVLRQGRZQORDGVLWH
)RUPRUHLQIRUPDWLRQRQKRZWRXVH/RL/R6FRSHUHDGWKH/RL/R6FRSHPDQXDO
DYDLODEOHIRUGRZQORDGDWWKHOLQNEHORZ
0DQXDO85/KWWSORLORWYSURGXFW
&RQQHFWLQJWRRWKHUHTXLSPHQW
w ,QVWDOOLQJVXSSOLHGVRIWZDUH
%HIRUHLQVHUWLQJWKH'9'FORVHDOOUXQQLQJDSSOLFDWLRQV
&KHFNWKHHQYLURQPHQWRI\RXU3&
2SHUDWLQJHQYLURQPHQWRI³3+272IXQ678',2´
± 26
:LQGRZV9LVWDELW63
:LQGRZVELWELW63
:LQGRZVELWELW
:LQGRZVELWELW
± &38
3HQWLXP,,,0+]RUKLJKHU:LQGRZV9LVWD
3HQWLXP,,,*+]RUKLJKHU:LQGRZV:LQGRZV:LQGRZV
± 'LVSOD\
MSL[HOVRUPRUHMSL[HOVRUPRUHUHFRPPHQGHG
± 5$0
0%RUPRUH:LQGRZV9LVWD
*%RUPRUH:LQGRZVELW:LQGRZVELW:LQGRZVELW
*%RUPRUH:LQGRZVELW:LQGRZVELW:LQGRZVELW
± )UHHKDUGGLVNVSDFH
0%RUPRUHIRULQVWDOOLQJVRIWZDUH
7RHGLW.PRWLRQSLFWXUHVD ELWYHUVLRQRI:LQGRZV :LQGRZV :LQGRZV LV
UHTXLUHG
5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRI³3+272IXQ678',2´3')ILOHIRUIXUWKHURSHUDWLQJ
HQYLURQPHQW
)RUGHWDLOVRQ³6,/.<3,;'HYHORSHU6WXGLR´SOHDVHUHDGWKHVXSSRUWVLWHJLYHQRQ3
,QVHUWWKH'9'ZLWKWKHVXSSOLHGVRIWZDUH
,IWKHDXWRPDWLFSOD\EDFNVFUHHQLVGLVSOD\HG\RXFDQGLVSOD\WKHPHQXE\VHOHFWLQJDQG
H[HFXWLQJ>/DXQFKHUH[H@
,Q:LQGRZV :LQGRZV \RXFDQGLVSOD\WKHPHQXE\FOLFNLQJDPHVVDJHWKDWLV
GLVSOD\HGDIWHULQVHUWLQJWKH'9'DQGWKHQVHOHFWLQJDQGH[HFXWLQJ>/DXQFKHUH[H@
<RXFDQDOVRGLVSOD\WKHPHQXE\GRXEOHFOLFNLQJ>6)0;;;;@LQ>&RPSXWHU@;;;;
GLIIHUVGHSHQGLQJRQWKHPRGHO
&OLFN>$SSOLFDWLRQV@
&OLFNRQWKH>5HFRPPHQGHG,QVWDOODWLRQ@RQWKHLQVWDOOPHQXWRLQVWDOO
3URFHHGZLWKLQVWDOODWLRQDFFRUGLQJWRPHVVDJHVDSSHDULQJRQWKHVFUHHQ
7KHVRIWZDUHFRPSDWLEOHZLWK\RXU3&ZLOOEHLQVWDOOHG
2QWKH0DF6,/.<3,;FDQEHLQVWDOOHGPDQXDOO\
,QVHUWWKH'9'ZLWKWKHVXSSOLHGVRIWZDUH
'RXEOHFOLFNWKHDSSOLFDWLRQIROGHURQWKH'9'
'RXEOHFOLFNRQWKHDXWRPDWLFDOO\GLVSOD\HGIROGHU
'RXEOHFOLFNWKHLFRQLQWKHDSSOLFDWLRQIROGHU
1RWDYDLODEOHLQWKHVHFDVHV
³3+272IXQ678',2´DQG³/RL/R6FRSH´DUHQRWFRPSDWLEOHZLWK0DF
&RQQHFWLQJWRRWKHUHTXLSPHQW
w 7UDQVIHUULQJLPDJHVWRD3&
3UHSDUDWLRQV
,QVWDOO³3+272IXQ678',2 ´WRWKH3&
&RQQHFWWKHFRPSXWHUDQGFDPHUDZLWKWKH86%FRQQHFWLRQFDEOH
VXSSOLHG
3OHDVHWXUQWKLVXQLWRQDQG\RXU3&EHIRUHFRQQHFWLQJ
7XUQWKHPRQLWRUWRZDUG\RX
&KHFNWKHGLUHFWLRQRIWKHWHUPLQDOVDQGSOXJLQRXWVWUDLJKWKROGLQJRQWRWKHSOXJ
,WPD\UHVXOWLQPDOIXQFWLRQE\WKHGHIRUPLQJRIWKHWHUPLQDOLILWLVSOXJJHGLQREOLTXHO\
RULQZURQJGLUHFWLRQ
'RQRWFRQQHFWGHYLFHVWRLQFRUUHFWWHUPLQDOV'RLQJVRPD\FDXVHPDOIXQFWLRQ
'RQRWXVHDQ\RWKHU86%FRQQHFWLRQFDEOHVH[FHSWWKHVXSSOLHGRQHRUDJHQXLQH
3DQDVRQLF86%FRQQHFWLRQFDEOH'0:86%&RSWLRQDO
86%FRQQHFWLRQFDEOHVXSSOLHG
,QVHUWWKH86%FRQQHFWLRQFDEOHVRWKDWLWV> @PDUNZLOOIDFHWKH> @PDUNVLGHRI
WKHFDPHUD
&KHFNWKHWHUPLQDO
3UHVVWRVHOHFW>3&@DQGWKHQSUHVV>0(186(7@
,I>86%0RGH@3LVVHWWR>3&@LQWKH>6HWXS@PHQXLQDGYDQFHWKHFDPHUDZLOOEH
DXWRPDWLFDOO\FRQQHFWHGWRWKH3&ZLWKRXWGLVSOD\LQJWKH>86%0RGH@VHOHFWLRQVFUHHQ
:KHQWKHFDPHUDLVFRQQHFWHGWRD3&ZKLOH>86%0RGH@LVVHWWR>3LFW%ULGJH373@D
PHVVDJHPD\DSSHDURQWKH3&VFUHHQ,QWKDWFDVHFORVHWKHPHVVDJHDQGUHPRYH
WKH86%FRQQHFWLRQFDEOHVDIHO\DQGWKHQVHWWKH>86%0RGH@WR>3&@
&RS\WKHLPDJHVWRD3&XVLQJ³3+272IXQ678',2´
'RQRWGHOHWHRUPRYHFRSLHGILOHVRUIROGHUVLQ:LQGRZV([SORUHU
:KHQYLHZLQJLQ³3+272IXQ678',2´\RXZLOOQRWEHDEOHWRSOD\EDFNRUHGLW
&RQQHFWLQJWRRWKHUHTXLSPHQW
w &RS\LQJWRD3&ZLWKRXWXVLQJ³3+272IXQ678',2 ´
,I\RXDUHQRWDEOHWRLQVWDOO³3+272IXQ678',2´\RXFDQFRS\ILOHVDQGIROGHUVWR\RXU
3&E\GUDJJLQJDQGGURSSLQJILOHVIURPWKLVXQLW
7KHFRQWHQWIROGHUVWUXFWXUHRQWKHFDUGRIWKLVXQLWLVDVIROORZV
)RU:LQGRZV $GULYH>/80,;@LVGLVSOD\HGLQ>&RPSXWHU@
)RU0DF $GULYH>/80,;@LVGLVSOD\HGRQWKHGHVNWRS
&DUG
'&,0 ,PDJHV
DCIM )ROGHUQXPEHU
&RORUVSDFH 3V5*%
100_PANA
B$GREH5*%
)LOHQXPEHU
P1000001.JPG
-3* 6WLOOSLFWXUHV
03 >03@0RWLRQSLFWXUHV
P1000002.JPG
5: 3LFWXUHVLQ5$:ILOHV
P1000999.JPG 032 'SLFWXUHV
101_PANA 0,6& '32)SULQW
999_PANA )DYRULWH
MISC $9&+' >$9&+'@0RWLRQSLFWXUHV
PRIVATE
AVCHD
$QHZIROGHULVFUHDWHGZKHQSLFWXUHVDUHWDNHQLQWKHIROORZLQJVLWXDWLRQV
± $IWHU>1R5HVHW@3LQWKH>6HWXS@PHQXKDVEHHQH[HFXWHG
± :KHQDFDUGFRQWDLQLQJDIROGHUZLWKWKHVDPHIROGHUQXPEHUKDVEHHQLQVHUWHG
VXFKDVZKHQSLFWXUHVZHUHWDNHQXVLQJDQRWKHUPDNHURIFDPHUD
± :KHQWKHUHLVDSLFWXUHZLWKILOHQXPEHULQVLGHWKHIROGHU
w &RQQHFWLRQLQWKH3730RGH
6HW>86%0RGH@WR>3LFW%ULGJH373@
'DWDFDQQRZEHUHDGRQO\IURPWKHFDUGLQWKH3&
:KHQWKHUHDUHRUPRUHSLFWXUHVRQDFDUGWKHSLFWXUHVPD\QRWEHLPSRUWHGLQWKH373
0RGH
0RWLRQSLFWXUHFDQQRWEHSOD\HGEDFNLQ3730RGH
&RQQHFWLQJWRRWKHUHTXLSPHQW
6DYLQJVWLOOSLFWXUHVDQGPRWLRQSLFWXUHVRQD
5HFRUGHU
,I\RXLQVHUWFDUGKROGLQJFRQWHQWUHFRUGHGZLWKWKLVXQLWLQWRD
3DQDVRQLFUHFRUGHU\RXFDQGXEWKHFRQWHQWWRD%OXUD\'LVFRU
'9'HWF
0HWKRGVWRH[SRUWVWLOOSLFWXUHVDQGPRWLRQSLFWXUHVWRRWKHU
GHYLFHVZLOOYDU\GHSHQGLQJRQWKHILOHIRUPDW-3(*5$:
032$9&+'RU03
<RXFDQQRWGXE.EXUVWILOHV03IRUPDWZLWK>$VSHFW5DWLR@VHW
WRDQRSWLRQRWKHUWKDQ>@WRKDUGGLVNGULYHVLQFOXGLQJWKRVHRI3DQDVRQLFUHFRUGHUV$VRI
-XO\
6HHWKHRSHUDWLQJLQVWUXFWLRQVIRUWKHUHFRUGHUDERXWWKHGHWDLOVDERXWFRS\LQJDQGSOD\LQJEDFN
w 'XEELQJZLWKQRQFRPSDWLEOHHTXLSPHQW
<RXFDQGXEWKHFRQWHQWSOD\HGEDFNXVLQJWKLVXQLWWRQRQFRPSDWLEOHHTXLSPHQWVXFKDV
UHFRUGHUVDQGYLGHRSOD\HUVE\FRQQHFWLQJWKLVXQLWWRWKHQRQFRPSDWLEOHHTXLSPHQWXVLQJ
DQ$9FDEOHRSWLRQDO
1RQFRPSDWLEOHHTXLSPHQWZLOOEHDEOHWRSOD\EDFNWKHFRQWHQW7KLVLVFRQYHQLHQWLI\RX
ZLVKWRSDVVDURXQGGXEEHGFRQWHQW,QWKLVFDVHWKHFRQWHQWZLOOEHSOD\HGEDFNLQ
VWDQGDUGUDWKHUWKDQKLJKGHILQLWLRQSLFWXUHTXDOLW\
&RQQHFWWKLVXQLWZLWKWKHUHFRUGLQJHTXLSPHQWZLWKDQ$9FDEOHRSWLRQDO
6WDUWWKHSOD\EDFNRIWKLVXQLW
6WDUWWKHUHFRUGLQJRQWKHUHFRUGLQJHTXLSPHQW
:KHQHQGLQJWKHUHFRUGLQJFRS\LQJVWRSWKHSOD\EDFNRQWKLVXQLWDIWHUVWRSSLQJWKH
UHFRUGLQJRQUHFRUGLQJHTXLSPHQW
&RQQHFWLQJWRRWKHUHTXLSPHQW
3ULQWLQJWKH3LFWXUHV
,I\RXFRQQHFWWKHFDPHUDWRDSULQWHUVXSSRUWLQJ3LFW%ULGJH\RXFDQVHOHFWWKHSLFWXUHVWR
EHSULQWHGRXWDQGLQVWUXFWWKDWSULQWLQJEHVWDUWHGRQWKHFDPHUD¶VPRQLWRU
*URXSSLFWXUHVZLOOQRWEHGLVSOD\HGDVJURXSSLFWXUHVEXWDVVLQJOHSLFWXUHV
6RPHSULQWHUVFDQSULQWGLUHFWO\IURPWKHFDUGUHPRYHGIURPWKHFDPHUD)RUGHWDLOVUHIHUWR
WKHRSHUDWLQJLQVWUXFWLRQVRI\RXUSULQWHU
3UHSDUDWLRQV
7XUQRQWKHFDPHUDDQGWKHSULQWHU
3HUIRUPWKHSULQWTXDOLW\DQGRWKHUVHWWLQJVDWWKHSULQWHUEHIRUHSULQWLQJWKHSLFWXUHV
&RQQHFWWKHSULQWHUDQGFDPHUDZLWKWKH86%FRQQHFWLRQFDEOH
VXSSOLHG
7XUQWKHPRQLWRUWRZDUG\RX
&KHFNWKHGLUHFWLRQRIWKHWHUPLQDOVDQGSOXJLQRXWVWUDLJKWKROGLQJRQWRWKHSOXJ
,WPD\UHVXOWLQPDOIXQFWLRQE\WKHGHIRUPLQJRIWKHWHUPLQDOLILWLVSOXJJHGLQREOLTXHO\
RULQZURQJGLUHFWLRQ
'RQRWFRQQHFWGHYLFHVWRLQFRUUHFWWHUPLQDOV'RLQJVRPD\FDXVHPDOIXQFWLRQ
'RQRWXVHDQ\RWKHU86%FRQQHFWLRQFDEOHVH[FHSWWKHVXSSOLHGRQHRUDJHQXLQH
3DQDVRQLF86%FRQQHFWLRQFDEOH'0:86%&RSWLRQDO
86%FRQQHFWLRQFDEOHVXSSOLHG
,QVHUWWKH86%FRQQHFWLRQFDEOHVRWKDWLWV> @PDUNZLOOIDFHWKH> @PDUNVLGHRI
WKHFDPHUD
&KHFNWKHWHUPLQDO
&RQQHFWLQJWRRWKHUHTXLSPHQW
1RWDYDLODEOHLQWKHVHFDVHV
0RWLRQSLFWXUHVDQG.EXUVWILOHVFDQQRWEHSULQWHG
&RQQHFWLQJWRRWKHUHTXLSPHQW
6HOHFWLQJDVLQJOHSLFWXUHDQGSULQWLQJLW
3UHVVWRVHOHFWWKHSLFWXUHDQGWKHQSUHVV PictBridge
>0(186(7@
3UHVVWRVHOHFW>3ULQWVWDUW@DQGWKHQSUHVV
>0(186(7@
5HIHUWR3IRUWKHLWHPVWKDWFDQEHVHWEHIRUHVWDUWLQJ 0XOWL3ULQW
WRSULQWWKHSLFWXUHV 3ULQW
'LVFRQQHFWWKH86%FRQQHFWLRQFDEOHDIWHUSULQWLQJ
6HOHFWLQJPXOWLSOHSLFWXUHVDQGSULQWLQJWKHP
3UHVV
3UHVVWRVHOHFWDQLWHPDQGWKHQSUHVV>0(186(7@
0XOWLSOHSLFWXUHVDUHSULQWHGDWRQHWLPH
3UHVVWRVHOHFWWKHSLFWXUHVDQGWKHQSUHVV>0(18
6(7@
>0XOWL6HOHFW@
:KHQ>0(186(7@LVSUHVVHGDJDLQWKHVHWWLQJLVFDQFHOHG
$IWHUWKHSLFWXUHVKDYHEHHQVHOHFWHGSUHVVWRVHOHFW>2.@DQG
WKHQSUHVV>0(186(7@
>6HOHFW$OO@ 3ULQWVDOOWKHVWRUHGSLFWXUHV
>3ULQW6HW'32)@ 3ULQWVWKHSLFWXUHVVHWLQ>3ULQW6HW@RQO\3
>)DYRULWH@ 3ULQWVWKHSLFWXUHVVHWDVIDYRULWHVRQO\3
3UHVVWRVHOHFW>3ULQWVWDUW@DQGWKHQSUHVV>0(186(7@
,IWKHSULQWFKHFNVFUHHQKDVDSSHDUHGVHOHFW><HV@DQGSULQWWKHSLFWXUHV
5HIHUWR3IRUWKHLWHPVZKLFKFDQEHVHWEHIRUHVWDUWLQJWRSULQWWKHSLFWXUHV
'LVFRQQHFWWKH86%FRQQHFWLRQFDEOHDIWHUSULQWLQJ
&RQQHFWLQJWRRWKHUHTXLSPHQW
3ULQW6HWWLQJV
6HOHFWDQGVHWWKHLWHPVERWKRQWKHVFUHHQLQVWHSRIWKH³6HOHFWLQJDVLQJOH
SLFWXUHDQGSULQWLQJLW´DQGLQVWHSRIWKH³6HOHFWLQJPXOWLSOHSLFWXUHVDQGSULQWLQJ
WKHP´SURFHGXUHV
:KHQ\RXZDQWWRSULQWSLFWXUHVRQDSDSHUVL]HRUDOD\RXWZKLFKLVQRWVXSSRUWHGE\WKH
FDPHUDVHW>3DSHU6L]H@RU>3DJH/D\RXW@WR>{@DQGWKHQVHWWKHSDSHUVL]HRUWKHOD\RXWRQ
WKHSULQWHU
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKHSULQWHU
:KHQ>3ULQW6HW'32)@KDVEHHQVHOHFWHGWKH>3ULQWZLWK'DWH@DQG>1XPRISULQWV@LWHPVDUH
QRWGLVSOD\HG
w >3ULQWZLWK'DWH@
>21@ 'DWHLVSULQWHG
>2))@ 'DWHLVQRWSULQWHG
,IWKHSULQWHUGRHVQRWVXSSRUWGDWHSULQWLQJWKHGDWHFDQQRWEHSULQWHGRQWKHSLFWXUH
'HSHQGLQJRQWKHSULQWHUWKHGDWHSULQWVHWWLQJVRIWKHSULQWHUPD\WDNHSUHFHGHQFHVRFKHFNLI
WKLVLVWKHFDVH
:KHQSULQWLQJLPDJHVZLWKDWH[WVWDPSSOHDVHUHPHPEHUWRVHWSULQWZLWKGDWHWR>2))@RUWKH
GDWHZLOOSULQWRQWRS
,QVRPHSULQWHUVWKHSLFWXUHGDWHIRUSLFWXUHVWDNHQZLWKWKHDVSHFWUDWLRVHWWR>@ZLOOEH
SULQWHGYHUWLFDOO\
:KHQDVNLQJWKHSKRWRVKRSWRSULQWWKHSLFWXUHV
%\VWDPSLQJWKHGDWHXVLQJ>7H[W6WDPS@3RUVHWWLQJGDWHSULQWLQJDWWKHWLPHRIWKH>3ULQW
6HW@3VHWWLQJEHIRUHJRLQJWRDSKRWRVKRSWKHGDWHVFDQEHSULQWHGRQWKHSLFWXUHVDWWKH
SKRWRVKRS
w >1XPRISULQWV@
<RXFDQVHWWKHQXPEHURISULQWVXSWR
&RQQHFWLQJWRRWKHUHTXLSPHQW
w >3DSHU6L]H@
{ 6HWWLQJVRQWKHSULQWHUDUHSULRULWL]HG
>/SMS@ PPM PP
>/SMS@ PPM PP
>3267&$5'@ PPM PP
>@ PPM PP
>$@ PPM PP
>$@ PPMPP
>MFP@ PPMPP
>SMS@ PPM PP
>SMS@ PPM PP
>/(77(5@ PPM PP
>&$5'6,=(@ PPMPP
3DSHUVL]HVQRWVXSSRUWHGE\WKHSULQWHUZLOOQRWEHGLVSOD\HG
w >3DJH/D\RXW@/D\RXWVIRUSULQWLQJWKDWFDQEHVHWZLWKWKLVXQLW
{ 6HWWLQJVRQWKHSULQWHUDUHSULRULWL]HG
á SLFWXUHZLWKQRIUDPHRQ SDJH
â SLFWXUHZLWKDIUDPHRQ SDJH
ã SLFWXUHVRQ SDJH
ä SLFWXUHVRQ SDJH
$QLWHPFDQQRWEHVHOHFWHGLIWKHSULQWHUGRHVQRWVXSSRUWWKHSDJHOD\RXW
&RQQHFWLQJWRRWKHUHTXLSPHQW
w /D\RXWSULQWLQJ
:KHQSULQWLQJDSLFWXUHVHYHUDOWLPHVRQ VKHHWRISDSHU
)RUH[DPSOHLI\RXZDQWWRSULQWWKHVDPHSLFWXUHWLPHVRQVKHHWRISDSHUVHW>3DJH
/D\RXW@WR>ä@DQGWKHQVHW>1XPRISULQWV@WRIRUWKHSLFWXUHWKDW\RXZDQWWRSULQW
:KHQSULQWLQJGLIIHUHQWSLFWXUHVRQ VKHHWRISDSHU
)RUH[DPSOHLI\RXZDQWWRSULQWGLIIHUHQWSLFWXUHVRQ VKHHWRISDSHUVHW>3DJH/D\RXW@
WR>ä@DQGWKHQVHW>1XPRISULQWV@WRIRUHDFKRIWKH SLFWXUHV
7KHFDPHUDLVUHFHLYLQJDQHUURUPHVVDJHIURPWKHSULQWHUZKHQWKH>q@LQGLFDWLRQOLJKWV
RUDQJHGXULQJSULQWLQJ$IWHUILQLVKLQJSULQWLQJPDNHVXUHWKHUHDUHQRSUREOHPVZLWKWKH
SULQWHU
,IWKHQXPEHURISULQWVLVKLJKWKHSLFWXUHVPD\EHSULQWHGVHYHUDOWLPHV,QWKLVFDVHWKH
UHPDLQLQJQXPEHURISULQWVLQGLFDWHGPD\GLIIHUIURPWKHQXPEHUVHW
2QO\SLFWXUHVWDNHQLQ-3(*IRUPDWFDQEHSULQWHG7KRVHWDNHQLQ5$:ZLOOXVHWKH-3(*
SLFWXUHVWKDWZHUHVLPXOWDQHRXVO\FUHDWHG,IDQHTXLYDOHQW-3(*SLFWXUHLVQRWDYDLODEOHQR
SULQWZLOOWDNHSODFH
&RQQHFWLQJWRRWKHUHTXLSPHQW
(QMR\LQJ'SLFWXUHV
7DNLQJ'SLFWXUHV
$WWDFKLQJWKH'LQWHUFKDQJHDEOHOHQV+)7RSWLRQDOWRWKHFDPHUDDOORZV\RXWR
WDNH'SLFWXUHVIRUH[WUDLPSDFW
7RYLHZ'SLFWXUHVDWHOHYLVLRQWKDWVXSSRUWV'LVUHTXLUHG
$WWDFKWKH'LQWHUFKDQJHDEOHOHQVWRWKHFDPHUD
%ULQJWKHVXEMHFWLQWRWKHIUDPHDQGUHFRUGE\SUHVVLQJWKHVKXWWHU
EXWWRQIXOO\
)RFXVLQJLVQRWUHTXLUHGZKHQUHFRUGLQJ'SLFWXUHV
6WLOOSLFWXUHVUHFRUGHGZLWKWKH'LQWHUFKDQJHDEOHOHQVDWWDFKHGDUHVDYHGLQ032
IRUPDW'
7RHQVXUHWKDWWKH'SLFWXUHVFDQEHVDIHO\YLHZHGSD\DWWHQWLRQWRWKH
IROORZLQJSRLQWVZKHQUHFRUGLQJ
:KHUHSRVVLEOHUHFRUGZLWKWKHXQLWLQDKRUL]RQWDOVWDWH
7KHVXJJHVWHGPLQLPXPVXEMHFWGLVWDQFHLV P IHHW
%HFDUHIXOQRWWRVKDNHWKHFDPHUDZKLOHLQDYHKLFOHRUZDONLQJ
,WLVUHFRPPHQGHGWRXVHDWULSRGRUDIODVKWRUHFRUGVWHDG\SLFWXUHV
8SWRDSSUR['SLFWXUHVFDQEHUHFRUGHGRQD *%FDUG
:KHQWKHDVSHFWUDWLRLVVHWWR>@DQGWKHTXDOLW\LVVHWWR> @
5HDGWKHRSHUDWLQJLQVWUXFWLRQVRIWKH'LQWHUFKDQJHDEOHOHQVIRUGHWDLOV
1RWDYDLODEOHLQWKHVHFDVHV
<RXFDQQRWUHFRUG'SLFWXUHVLQYHUWLFDORULHQWDWLRQ
:KHQDGLVWDQFHWRWKHVXEMHFWLV P IHHWWRDSSUR[LPDWHO\ P IHHWKRUL]RQWDO
GLVSDULW\EHFRPHVWRRJUHDWDQG\RXPD\QRWVHHWKH'HIIHFWDWWKHHGJHVRIWKHLPDJH
&RQQHFWLQJWRRWKHUHTXLSPHQW
3OD\LQJEDFN'SLFWXUHV
&RQQHFWLQJWKHFDPHUDWRD'FRPSDWLEOHWHOHYLVLRQDQGSOD\LQJEDFNSLFWXUHVWDNHQLQ
'DOORZV\RXWRHQMR\'SLFWXUHVIRUH[WUDLPSDFW
,WLVDOVRSRVVLEOHWRSOD\EDFNWKHUHFRUGHG'SLFWXUHVE\LQVHUWLQJDQ6'FDUGLQWRWKH
'FRPSDWLEOHWHOHYLVLRQZLWKDQ6'FDUGVORW
&RQQHFWWKHXQLWWRD'FRPSDWLEOHWHOHYLVLRQXVLQJWKH+'0,PLFURFDEOH
DQGGLVSOD\WKHSOD\EDFNVFUHHQ3
:KHQ>9,(5$/LQN@LVVHWWR>21@DQGWKHFDPHUDLVFRQQHFWHGWRD79VXSSRUWLQJ9,(5$/LQN
LQSXWRIWKH79ZLOOEHVZLWFKHGDXWRPDWLFDOO\DQGSOD\EDFNVFUHHQZLOOEHGLVSOD\HG
5HIHUWR3IRUGHWDLOV
)RUWKHSLFWXUHVUHFRUGHGLQ'> @ZLOODSSHDURQWKHWKXPEQDLOGLVSOD\DWSOD\EDFN
w 3OD\EDFNLQ'E\VHOHFWLQJRQO\WKHVWLOOSLFWXUHVUHFRUGHGLQ'
6HOHFW>' 3OD\@LQ>3OD\EDFN0RGH@LQWKH>3OD\EDFN@PHQX3
w 3OD\EDFNDVD'VOLGHVKRZE\VHOHFWLQJRQO\WKHVWLOOSLFWXUHVUHFRUGHGLQ'
6HOHFW>'@LQ>6OLGH6KRZ@LQWKH>3OD\EDFN@PHQX3
w 6ZLWFKWKHSOD\EDFNPHWKRGIRUWKHVWLOOSLFWXUHVUHFRUGHGLQ'
6HOHFWWKHSLFWXUHUHFRUGHGLQ'
6HOHFW>''6HWWLQJV@RQWKH>3OD\EDFN@PHQX3
3OD\EDFNPHWKRGZLOOVZLWFKWR'LILWLVSOD\LQJEDFNLQ'FRQYHQWLRQDOLPDJHRULWZLOO
VZLWFKWR'LILWLVSOD\LQJEDFNLQ'
,I\RXIHHOWLUHGXQFRPIRUWDEOHRURWKHUZLVHVWUDQJHZKHQSOD\LQJEDFNSLFWXUHVUHFRUGHG
LQ'VHWWR'
$EODFNVFUHHQLVGLVSOD\HGIRUDIHZVHFRQGVZKHQVZLWFKLQJSOD\EDFNEDFNDQGIRUWKIURP'
WR'SLFWXUHV
:KHQ\RXVHOHFWD'SLFWXUHWKXPEQDLOLWPD\WDNHDIHZVHFRQGVIRUSOD\EDFNWRVWDUW$IWHU
SOD\EDFNWKHWKXPEQDLOGLVSOD\PD\WDNHDIHZVHFRQGVWRUHDSSHDU
:KHQYLHZLQJ'SLFWXUHV\RXUH\HVPD\EHFRPHWLUHGLI\RXDUHWRRFORVHWRWKHWHOHYLVLRQ
VFUHHQ
,I\RXUWHOHYLVLRQGRHVQRWVZLWFKWRD'SLFWXUHPDNHWKHQHFHVVDU\VHWWLQJVRQWKH79
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKH79
'SLFWXUHVFDQEHVDYHGWR\RXUFRPSXWHURU3DQDVRQLFGHYLFHV3
&RQQHFWLQJWRRWKHUHTXLSPHQW
)XQFWLRQVWKDWFDQQRWEHXVHGRQ'SLFWXUHV
w )XQFWLRQVWKDWFDQQRWEHXVHGGXULQJ'UHFRUGLQJ
:KHQUHFRUGLQJZLWKWKH'LQWHUFKDQJHDEOHOHQV+)7RSWLRQDOWKHIROORZLQJ
IHDWXUHZLOOEHGLVDEOHG
5HFRUGLQJIXQFWLRQV
$XWR)RFXV0DQXDO)RFXVRSHUDWLRQ $SHUWXUHVHWWLQJ
=RRPRSHUDWLRQ 5HFRUGLQJPRWLRQSLFWXUHV_
.3KRWRUHFRUGLQJ 3DQRUDPD6KRW0RGH
>5RXJK0RQRFKURPH@>,PSUHVVLYH$UW@>+LJK'\QDPLF@>7R\(IIHFW@>7R\3RS@>6WDU)LOWHU@>2QH
3RLQW&RORU@>6XQVKLQH@&UHDWLYH&RQWURO0RGH
'HIRFXVFRQWUROIXQFWLRQ
_ 7KHPRWLRQSLFWXUHEXWWRQ&UHDWLYH9LGHR0RGHDQGWKH>0RWLRQ3LFWXUH@PHQXZLOOEH
XQDYDLODEOHRUXQXVDEOH
>5HF@PHQX
>6LPXOWDQHRXVUHFRUGZRILOWHU@LQ>)LOWHU6HWWLQJV@>3LFWXUH6L]H@_>4XDOLW\@_>$)6$))@>6+@RI
>%XUVW5DWH@>L'\QDPLF@>L5HVROXWLRQ@>L+DQGKHOG 1LJKW 6KRW@>L+'5@>+'5@>0XOWL([S@
>3DQRUDPD6HWWLQJV@>5HG(\H5HPRYDO@>6KDGLQJ&RPS@>([7HOH&RQY@>'LJLWDO=RRP@
>6WDELOL]HU@_
_ 7KHVHWWLQJLVIL[HGDVVKRZQEHORZ
$VSHFWUDWLR 3LFWXUHVL]H $VSHFWUDWLR 3LFWXUHVL]H
>@ M >@ M
>@ M >@ M
_ :KHQDWWDFKLQJ'LQWHUFKDQJHDEOHOHQVWKHIROORZLQJLFRQVDUHGLVSOD\HG
> @ %RWK032LPDJHVDQGILQH-3(*LPDJHVDUHUHFRUGHG
>')LQH@ VLPXOWDQHRXVO\
> @ %RWK032LPDJHVDQGVWDQGDUG-3(*LPDJHVDUHUHFRUGHG
>'6WDQGDUG@ VLPXOWDQHRXVO\
_ 7KH,Q%RG\,PDJH6WDELOL]HUZLOORSHUDWH
>&XVWRP@PHQX
>$)$(/RFN@>6KXWWHU$)@>4XLFN$)@>(\H6HQVRU$)@>3LQSRLQW$)7LPH@>3LQSRLQW$)
'LVSOD\@>$)$VVLVW/DPS@>'LUHFW)RFXV$UHD@>)RFXV5HOHDVH3ULRULW\@>$)0)@>0)$VVLVW@
>0)$VVLVW'LVSOD\@>0)*XLGH@>5HF$UHD@>5HPDLQLQJ'LVS@>9LGHR%XWWRQ@>3RZHU=RRP
/HQV@>7RXFK$)@>7RXFK6HWWLQJV@>7RXFK3DG$)@>7RXFK6HWWLQJV@
w )XQFWLRQVWKDWFDQQRWEHXVHGGXULQJ'SLFWXUHSOD\EDFN
'XULQJWKH'SOD\EDFNRI'SLFWXUHVRQD'FRPSDWLEOH79WKHIROORZLQJIXQFWLRQVDUH
GLVDEOHG
>+LJKOLJKW@>&XVWRP@PHQX 3OD\EDFN=RRP
>3OD\EDFN@PHQX
>/RFDWLRQ/RJJLQJ@>5$:3URFHVVLQJ@>&OHDU5HWRXFK@>7LWOH(GLW@>7H[W6WDPS@>9LGHR'LYLGH@
>7LPH/DSVH9LGHR@>6WRS0RWLRQ9LGHR@>5HVL]H@>&URSSLQJ@>5RWDWH@>5RWDWH'LVS@>)DYRULWH@
>3ULQW6HW@>3URWHFW@>)DFH5HF(GLW@>3LFWXUH6RUW@>'HOHWH&RQILUPDWLRQ@
13. 2WKHUV
2SWLRQDODFFHVVRULHV
6RPHRSWLRQDODFFHVVRULHVPD\QRWEHDYDLODEOHLQVRPHFRXQWULHV
([WHUQDO0LFURSKRQHRSWLRQDO
,I\RXXVHWKHVWHUHRPLFURSKRQH'0:06RSWLRQDO\RXFDQ
VZLWFKWRHLWKHUVWHUHRRUPRQDXUDOVRXQGUHFRUGLQJ
,WLVDOVRSRVVLEOHWRUHGXFHWKHZLQGQRLVHHIILFLHQWO\E\VZLWFKLQJ
WKH>:,1'&872))21@VZLWFKWR>21@
%DWWHU\&KHFN/DPS>%$77(5<@
:KHQWKH2II2Q0RGH6HOHFWRU6ZLWFKLVFKDQJHGIURP>2))@WR>0212@RU>67(5(2@WKH
%DWWHU\&KHFN/DPS>%$77(5<@ZLOOOLJKWWHPSRUDULO\LIWKHUHLVVWLOOSOHQW\RISRZHULQWKH
EDWWHU\,IWKH%DWWHU\&KHFN/DPS>%$77(5<@GRHVQRWOLJKWWHPSRUDULO\UHSODFHWKHEDWWHU\
ZLWKDQHZRQH
:KLOHWKHH[WHUQDOPLFURSKRQHLVFRQQHFWHG> @LVGLVSOD\HGRQWKHVFUHHQ
:KHQWKHH[WHUQDOPLFURSKRQHLVFRQQHFWHG>0LF/HYHO'LVS@3LVDXWRPDWLFDOO\VHWWR
>21@DQGWKHPLFOHYHOLVGLVSOD\HGRQWKHVFUHHQ
:KHQDQH[WHUQDOPLFURSKRQHLVDWWDFKHGWRWKHFDPHUDGRQRWKROGRQO\WKHH[WHUQDO
PLFURSKRQHWRSUHYHQWWKHFDPHUDIURPIDOOLQJ
,IWKHQRLVHVDUHUHFRUGHGZKHQ\RXXVHDQ$&DGDSWRURSWLRQDOXVHDEDWWHU\
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKHH[WHUQDOPLFURSKRQH
2WKHUV
6KXWWHU5HPRWH&RQWURORSWLRQDO
,I\RXXVHWKHVKXWWHUUHPRWHFRQWURO'0:56/RSWLRQDO\RXFDQ
DYRLGMLWWHUFDPHUDVKDNHZKHQXVLQJDWULSRGDQG\RXFDQNHHSWKH
VKXWWHUSUHVVHGIXOO\ZKHQWDNLQJSLFWXUHVZLWK>%@%XOERU%XUVW
0RGH7KHVKXWWHUUHPRWHFRQWUROZRUNVVLPLODUWRWKHVKXWWHUEXWWRQ
RQWKHFDPHUD
$OZD\VXVHDJHQXLQH3DQDVRQLFVKXWWHUUHPRWHFRQWURO'0:56/RSWLRQDO
5HFRUGZLWK&UHDWLYH9LGHR0RGH3ZKHQXVLQJIRUPRWLRQSLFWXUHUHFRUGLQJ0RWLRQ
SLFWXUHUHFRUGLQJFDQEHVWDUWHGVWRSSHGZLWKWKHVKXWWHUUHPRWHFRQWURO
5HDGWKHRSHUDWLQJLQVWUXFWLRQVRIWKHVKXWWHUUHPRWHFRQWUROIRUGHWDLOV
1RWDYDLODEOHLQWKHVHFDVHV
<RXFDQQRWXVHWKHVKXWWHUUHPRWHFRQWUROIRUWKHIROORZLQJRSHUDWLRQ
± 6OHHS0RGHFDQFHODWLRQ
2WKHUV
$OZD\VXVHDJHQXLQH3DQDVRQLF$&DGDSWRURSWLRQDO
:KHQXVLQJDQ$&DGDSWRUXVHWKH$&FDEOHVXSSOLHGZLWKWKH$&DGDSWRU
:KHQWKH'&FRXSOHULVEHLQJPRXQWHGWKH'&FRXSOHUFRYHURSHQVVRWKHVWUXFWXUHFHDVHV
WREHGXVWSURRIDQGVSODVKSURRI%HFDUHIXOQRWWRDOORZVDQGGXVWDQGZDWHUHWFWRDGKHUHWR
RUHQWHUWKHVWUXFWXUH$IWHUXVHFKHFNWKDWWKHUHLVQRIRUHLJQPDWWHUDWWDFKHGWRWKHFRXSOHU
FRYHUDQGFORVHLWILUPO\
$OVRUHDGWKHRSHUDWLQJLQVWUXFWLRQVIRUWKH$&DGDSWRUDQG'&FRXSOHU
)LOWHUVRSWLRQDO
7KH0&SURWHFWRULVDWUDQVSDUHQWILOWHUZKLFKDIIHFWVQHLWKHUWKHFRORUVQRUWKHDPRXQWRI
OLJKWVRLWFDQDOZD\VEHXVHGWRSURWHFWWKHFDPHUD¶VOHQV
7KH1'ILOWHUUHGXFHVWKHDPRXQWRIOLJKWWRDSSUR[LPDWHO\WKHTXDOWRDGMXVWLQJWKH
DSHUWXUHYDOXH LQFUHPHQWVZLWKRXWDIIHFWLQJWKHFRORUEDODQFH
3/ILOWHUZLOOVXSSUHVVWKHUHIOHFWHGOLJKWIURPDPHWDORUQRQVSKHULFDOVXUIDFHVIODW
QRQPHWDOOLFVXUIDFHVZDWHUYDSRXURULQYLVLEOHSDUWLFOHVLQWKHDLUPDNLQJLWSRVVLEOHWR
WDNHDSLFWXUHZLWKHQKDQFHGFRQWUDVW
'RQRWDWWDFKPXOWLSOHILOWHUVDWWKHVDPHWLPH
<RXFDQDWWDFKWKHOHQVFDSRUWKHOHQVKRRGZKHQWKHILOWHULVDWWDFKHG
5HIHUWRWKHLQVWUXFWLRQVIRUHDFKILOWHUIRUGHWDLOV
2WKHUV
0RQLWRU'LVSOD\9LHZILQGHU'LVSOD\
7KHIROORZLQJLPDJHVDUHH[DPSOHVRIZKHQWKHGLVSOD\VFUHHQLVVHWWR> @PRQLWRU
VW\OHLQWKHPRQLWRU
,QUHFRUGLQJ
4:3
L AFS
Fn8
60p
ラュン
Fn9
× MINI
F
Fn10
SS
Fn11
SNAP
ISO
AEL BKT
Fn12
0 200 98
3.5 60 AWB
,PDJHVL]H3DQRUDPD6KRW
STD. WIDE
0RGH3
,PDJHHIIHFWILOWHUDGMXVWPHQW
5HFRUGLQJ0RGH3
C3-1
P
GLVSOD\3
EXPS
,PDJHHIIHFWILOWHUVHWWLQJ
&XVWRPVHWWLQJV3
EXPS 3
&DUGGLVSOD\HGRQO\GXULQJ
3KRWR6W\OH3 UHFRUGLQJ3
8m30s (ODSVHGUHFRUGLQJWLPH_3
‰ Œ )ODVK0RGH3 6LPXOWDQHRXVUHFRUGLQJ
LQGLFDWRU3
WL )ODVK3
$XWRPDWLFYLHZILQGHUPRQLWRU
([WHQGHG7HOH&RQYHUVLRQ VZLWFKLQJ3
60p ZKHQUHFRUGLQJPRWLRQ
SLFWXUHV3 3HDNLQJ3
5HFRUGLQJIRUPDW5HFRUGLQJ +LJKOLJKW6KDGRZ3
60p
TXDOLW\3 ラュン +'53L+'53
SNAP
4SEC 6QDS0RYLH3 0XOWLH[SRVXUH3
4:3
L
3LFWXUHVL]H$VSHFW5DWLR 'LJLWDO=RRP3
3
(OHFWURQLFVKXWWHU3
([WHQGHG7HOH&RQYHUVLRQ
4:3
EX M ZKHQWDNLQJVWLOOSLFWXUHV 3LFWXUH0RGH3KRWR3ULRULW\
3 3
2YHUKHDWLQGLFDWRU3
2WKHUV
6SRWPHWHULQJWDUJHW3
š 0LFOHYHOGLVSOD\3
$)0RGH3
Ø 6LOHQW0RGH3
3XOO)RFXV3 ([WHUQDO0LFURSKRQH3
)DFH5HFRJQLWLRQ3 AEL $(/RFN3
AFL $)/RFN3 AE 0HWHULQJ0RGH3
%XUVW3 3URJUDP6KLIW3
.3KRWR3 $SHUWXUHYDOXH3
$XWR%UDFNHW3 6KXWWHUVSHHG3
6HOIWLPHU3 ([SRVXUHFRPSHQVDWLRQYDOXH
%DWWHU\LQGLFDWLRQ3 3
0DQXDO([SRVXUH$VVLVWDQFH
,PDJH6WDELOL]HU3 3
,62VHQVLWLYLW\3
-LWWHUDOHUW3
5HFRUGLQJVWDWH)ODVKHVUHG
)RFXV/LJKWVJUHHQ3 :KLWH%DODQFH%UDFNHW3
BKT
2WKHUV
7RXFKWDE3
7RXFK]RRP3
× 7RXFK6KXWWHU3
AE 7RXFK$(3
3HDNLQJ3
Fn8 Fn9 Fn10
Fn11 Fn12
)XQFWLRQEXWWRQ3
SNAP
&RORU3
'HIRFXVFRQWUROIXQFWLRQ
3
7\SHRIGHIRFXV>0LQLDWXUH
(IIHFW@3
2QHSRLQWFRORU3
3RVLWLRQRIWKHOLJKWVRXUFH
3
,PDJHHIIHFWILOWHU
DGMXVWPHQW3
3
MINI ,PDJHHIIHFWILOWHU3
F $SHUWXUHYDOXH3
SS 6KXWWHUVSHHG3
0LFURSKRQHOHYHO
DGMXVWPHQW3
_ KKRXUPPLQXWHVVHFRQG
_ 7KLVLVGLVSOD\HGIRUDERXW VHFRQGVZKHQWKHFDPHUDLVWXUQHGRQLIWKH>3URILOH6HWXS@
VHWWLQJLVVHW
_ 7KLVLVGLVSOD\HGIRUDERXW VHFRQGVZKHQWKHFDPHUDLVWXUQHGRQDIWHUVHWWLQJWKHFORFN
DQGDIWHUVZLWFKLQJIURP3OD\EDFN0RGHWR5HFRUGLQJ0RGH
_ 7KLVLVGLVSOD\HGGXULQJFRXQWGRZQ
_ ,WLVSRVVLEOHWRVZLWFKWKHGLVSOD\EHWZHHQWKHQXPEHURIUHFRUGDEOHSLFWXUHVDQGDYDLODEOH
UHFRUGLQJWLPHZLWKWKH>5HPDLQLQJ'LVS@VHWWLQJLQWKH>&XVWRP@PHQX
2WKHUV
,QUHFRUGLQJ
2QPRQLWRUUHFRUGLQJLQIRUPDWLRQ
F 3.5 1/60 6LQJOH3
%XUVW3
ISO 0 0
AUTO 0 .3KRWR3
$XWR%UDFNHW3
AFS 4:3
L Wi-Fi Fn
6HOIWLPHU3
AWB 98 AFS AFF AFC MF )RFXV0RGH3
š
$)0RGH3
Ø
C1
5HFRUGLQJ0RGH3 A› 4XDOLW\3
EXPS
4:3 3LFWXUHVL]H$VSHFW5DWLR
) $SHUWXUHYDOXH3 L
3
6KXWWHUVSHHG3 :L)L :L)L3
%DWWHU\LQGLFDWLRQ3 Fn )XQFWLRQEXWWRQVHWWLQJ3
ISO
AUTO ,62VHQVLWLYLW\3
([SRVXUHFRPSHQVDWLRQYDOXH 3KRWR6W\OH3
0
0 3
0DQXDO([SRVXUH$VVLVWDQFH AWB VÐîÑ
3 1 :KLWH%DODQFH3
2WKHUV
,QSOD\EDFN
A› 4XDOLW\3
4:3
1 L
%DWWHU\LQGLFDWLRQ3
1/98
SLF 3LFWXUHQXPEHU7RWDOSLFWXUHV
&RQQHFWHGWR:L)L
67'$<
SLF 1XPEHURIJURXSSLFWXUHV
PRQWK GD\V 0RWLRQSLFWXUHUHFRUGLQJWLPH_
8m30s 3
F3.5 60 0 200 AWB
&OHDU5HWRXFKFRPSOHWHGLFRQ
3OD\EDFN0RGH3 3
3D
&XUUHQWO\UHWULHYLQJLQIRUPDWLRQLFRQ
3URWHFWHGSLFWXUH3 3
(ODSVHGSOD\EDFNWLPH_3
8m30s
5HFRUGLQJLQIRUPDWLRQ_
.3KRWR.EXUVWILOH3
4:3
L 3LFWXUHVL]H$VSHFW5DWLR3
5HFRUGLQJIRUPDW5HFRUGLQJTXDOLW\
60p
3
6QDS0RYLH3
2WKHUV
,QSOD\EDFN
'HWDLOHGLQIRUPDWLRQGLVSOD\
F3.5 60
0
WB AWB
ISO 200 AFS
P STD.
10:00 DEC.1.2015
4:3
L
s
RGB 100-0001
5HFRUGLQJLQIRUPDWLRQ 4:3
L 3LFWXUHVL]H$VSHFW5DWLR3
_
,QWHOOLJHQW'\QDPLF5DQJH&RQWURO 5HFRUGLQJIRUPDW5HFRUGLQJTXDOLW\
3 60p
3
+'5_3L+'5_3 A› 4XDOLW\3
,QWHOOLJHQW5HVROXWLRQ3 &RORUVSDFH_3
_
6KDGLQJ&RPSHQVDWLRQ 3 .3KRWR.EXUVWILOH3
)ROGHU)LOHQXPEHU_3
5HFRUGHGGDWHDQGWLPH:RUOG7LPH3
+LVWRJUDPGLVSOD\
F3.5 60
0 ISO200
1/98 100-0001
+LVWRJUDP3 3LFWXUHQXPEHU7RWDOSLFWXUHV
_ KKRXUPPLQXWHVVHFRQG
_ ,WLVGLVSOD\HGLQRUGHURI>7LWOH@>/RFDWLRQ@>1DPH@>%DE\@>%DE\@>3HW@>1DPH@>)DFH
5HFRJ@
_ 7KLVLVQRWGLVSOD\HGIRUPRWLRQSLFWXUHVUHFRUGHGLQ>$9&+'@
_ 7KLVLVQRWGLVSOD\HGIRUPRWLRQSLFWXUHV
2WKHUV
0HVVDJH'LVSOD\
&RQILUPDWLRQPHVVDJHVRUHUURUPHVVDJHVZLOOEHGLVSOD\HGRQWKHVFUHHQLQVRPHFDVHV
7KHPDMRUPHVVDJHVDUHGHVFULEHGEHORZDVH[DPSOHV
>7KLVSLFWXUHLVSURWHFWHG@
'HOHWHWKHSLFWXUHDIWHUFDQFHOLQJWKHSURWHFWVHWWLQJ3
>6RPHSLFWXUHVFDQQRWEHGHOHWHG@>7KLVSLFWXUHFDQQRWEHGHOHWHG@
7KLVIHDWXUHFDQRQO\EHXVHGZLWKSLFWXUHVWKDWFRPSO\ZLWKWKH'&)VWDQGDUG
3HUIRUPIRUPDWWLQJ3RQWKLVXQLWDIWHUVDYLQJQHFHVVDU\GDWDRQD3&HWF
>&DQQRWEHVHWRQWKLVSLFWXUH@
>7LWOH(GLW@>7H[W6WDPS@>3ULQW6HW@HWFFDQQRWEHVHWIRUSLFWXUHVQRWEDVHGRQWKH'&)
VWDQGDUG
>0HPRU\&DUG(UURU
)RUPDWWKLVFDUG"@
,WLVDIRUPDWWKDWFDQQRWEHXVHGZLWKWKLVXQLW
± ,QVHUWDGLIIHUHQWFDUG
± )RUPDWWKHFDUGDJDLQZLWKWKHFDPHUDDIWHUVDYLQJQHFHVVDU\GDWDRQD3&HWF3
'DWDZLOOEHGHOHWHG
>/HQVQRWIRXQGRUVKRRWZROHQVLQ&XVWRPPHQXLVVHWWRRII@
:KHQXVLQJD/HLFDOHQVPRXQWDGDSWRU'0:0$0'0:0$5RSWLRQDOVHW>6KRRWZR
/HQV@3WR>21@LQWKH>&XVWRP@PHQX
>7KHOHQVLVQRWDWWDFKHGSURSHUO\'RQRWSXVKOHQVUHOHDVHEXWWRQZKLOHOHQVLV
DWWDFKHG@
'HWDFKWKHOHQVRQFHDQGWKHQDWWDFKLWDJDLQZLWKRXWSUHVVLQJWKHOHQVUHOHDVHEXWWRQ3
7XUQWKLVXQLWRQDJDLQDQGLILWLVVWLOOGLVSOD\LQJFRQWDFWWKHGHDOHU
>/HQVDWWDFKPHQWIDLOHG3OHDVHPDNHVXUHWKHOHQVLVDWWDFKHGFRUUHFWO\@
'HWDFKWKHOHQVIURPWKHFDPHUDERG\DQGJHQWO\ZLSHWKHFRQWDFWVRQWKHOHQVDQGWKH
FDPHUDERG\XVLQJDGU\FRWWRQVZDE
$WWDFKWKHOHQVWXUQWKLVXQLWRQDJDLQDQGLILWLVVWLOOGLVSOD\LQJFRQWDFWWKHGHDOHU
>/HQVQRWGHWHFWHG3OHDVHWXUQFDPHUDRQDJDLQ@
7KLVLVGLVSOD\HGZKHQWKHOHQVKDVVWRSSHGRSHUDWLQJQRUPDOO\GXHWREHLQJSUHVVHGRQE\D
KDQGHWF
7XUQWKHFDPHUDRIIDQGRQ,IWKHPHVVDJHSHUVLVWVFRQWDFWWKHGHDOHURU3DQDVRQLF
2WKHUV
>0HPRU\&DUG(UURU@>7KLVPHPRU\FDUGFDQQRWEHXVHG@
8VHDFDUGFRPSDWLEOHZLWKWKLVXQLW3
>,QVHUW6'FDUGDJDLQ@>7U\DQRWKHUFDUG@
$QHUURUKDVRFFXUUHGDFFHVVLQJWKHFDUG
,QVHUWWKHFDUGDJDLQ
,QVHUWDGLIIHUHQWFDUG
>5HDG(UURU:ULWH(UURU
3OHDVHFKHFNWKHFDUG@
,WKDVIDLOHGWRUHDGRUZULWHGDWD
5HPRYHWKHFDUGDIWHUWXUQLQJWKLVXQLWRII,QVHUWWKHFDUGDJDLQWXUQWKLVXQLWRQDQGWU\WR
UHDGRUZULWHWKHGDWDDJDLQ
7KHFDUGPD\EHEURNHQ
,QVHUWDGLIIHUHQWFDUG
>0RWLRQUHFRUGLQJZDVFDQFHOOHGGXHWRWKHOLPLWDWLRQRIWKHZULWLQJVSHHGRIWKH
FDUG@
'HSHQGLQJRQWKH>5HF)RUPDW@DQG>5HF4XDOLW\@RIDPRWLRQSLFWXUHWKHVSHHGFODVVUDWLQJ
UHTXLUHGIRUWKHFDUGGLIIHUV.SKRWRUHFRUGLQJUHTXLUHVDFDUGWKDWPHHWVDSDUWLFXODUVSHHG
FODVVUDWLQJ8VHDFDUGWKDWPHHWVWKHUDWLQJ)RUGHWDLOVUHIHUWR³$ERXWPRWLRQSLFWXUH.
SKRWRUHFRUGLQJDQGVSHHGFODVVUDWLQJV´RQ3
,IWKHUHFRUGLQJVWRSVHYHQZKHQ\RXDUHXVLQJDFDUGWKDWPHHWVWKHVSHHGFODVVUDWLQJWKH
GDWDZULWLQJVSHHGLVWRRVORZ:HUHFRPPHQGPDNLQJDEDFNXSDQGWKHQIRUPDWWKHFDUG
3
'HSHQGLQJRQWKHW\SHRIWKHFDUGUHFRUGLQJPD\VWRSLQWKHPLGGOH
>$IROGHUFDQQRWEHFUHDWHG@
$IROGHUFDQQRWEHFUHDWHGEHFDXVHWKHUHDUHQRUHPDLQLQJIROGHUQXPEHUVWKDWFDQEHXVHG
)RUPDWWKHFDUGRQWKLVXQLWDIWHUVDYLQJQHFHVVDU\GDWDRQD3&HWF3
,I\RXH[HFXWH>1R5HVHW@LQWKH>6HWXS@PHQXDIWHUIRUPDWWLQJWKHIROGHUQXPEHULVUHVHWWR
3
2WKHUV
>3LFWXUHLVGLVSOD\HGIRU79@>3LFWXUHLVGLVSOD\HGIRU79@
6HOHFW>79$VSHFW@LQWKH>6HWXS@PHQXLI\RXZDQWWRFKDQJHWKH79DVSHFW3
7KLVPHVVDJHDOVRDSSHDUVZKHQWKH86%FRQQHFWLRQFDEOHLVFRQQHFWHGWRWKHFDPHUDRQO\
,QWKLVFDVHFRQQHFWWKHRWKHUHQGRIWKH86%FRQQHFWLRQFDEOHWRD3&RUDSULQWHU3
>(GLWLQJRSHUDWLRQFDQQRWSURFHHGDVDQRWKHURSHUDWLRQLVWDNLQJSODFH@
:KHQWKHUHDUHWRRPDQ\LPDJHILOHVWKHFXUUHQWO\UHWULHYLQJLQIRUPDWLRQLFRQ> @
RU> @PD\EHGLVSOD\HGRQWKHSOD\EDFNVFUHHQIRUDORQJSHULRGRIWLPH'XULQJ
WKLVWLPHXVHRIVRPHLWHPVLQWKH>3OD\EDFN@PHQXLVQRWSRVVLEOH
<RXFDQQRWFUHDWHSLFWXUHVIURPPRWLRQSLFWXUHVRUSOD\EDFN.EXUVWILOHVUHFRUGHGZLWK
WKH.3KRWRIXQFWLRQ,I\RXKDYHEHHQSOD\LQJEDFNDPRWLRQSLFWXUHVWRSWKHSOD\EDFN
DQGZDLWIRUZKLOHXQWLOWKHPHVVDJHGLVDSSHDUV
,IWKLVXQLWLVWXUQHGRIIZKLOHDFTXLULQJLQIRUPDWLRQRQO\WKHSLFWXUHVWKDWKDYHDOUHDG\
DFTXLUHGWKHLQIRUPDWLRQDUHVDYHGDVDJURXS
:KHQ\RXVZLWFKRQDJDLQWKHLQIRUPDWLRQUHWULHYDOZLOOUHVWDUWIURPWKHVDPHSRLQW
>7KLVEDWWHU\FDQQRWEHXVHG@
8VHDJHQXLQH3DQDVRQLFEDWWHU\,IWKLVPHVVDJHLVGLVSOD\HGHYHQZKHQDJHQXLQH
3DQDVRQLFEDWWHU\LVXVHGFRQWDFWWKHGHDOHURU3DQDVRQLF
,IWKHEDWWHU\WHUPLQDOLVGLUW\FOHDQLWDQGUHPRYHDQ\REMHFWV
>3OHDVHPDNHVXUHWRWXUQRQWKHSRZHURIH[WHUQDOPLFURSKRQH@
:KHQDWWDFKLQJWKHVWHUHRPLFURSKRQH'0:06RSWLRQDOFKHFNWKHEDWWHU\VWDWXVDQG
PDNHVXUHWKLVXQLWLVRQEHIRUHXVH3
>)DLOHGWRFRQQHFWZLUHOHVVDFFHVVSRLQW@>&RQQHFWLRQIDLOHG@>1RGHVWLQDWLRQ
IRXQG@
&KHFNIROORZLQJUHJDUGLQJWKHZLUHOHVVDFFHVVSRLQW
± 7KHZLUHOHVVDFFHVVSRLQWLQIRUPDWLRQVHWRQWKLVXQLWLVZURQJ
&KHFNWKHDXWKHQWLFDWLRQW\SHHQFU\SWLRQW\SHDQGHQFU\SWLRQNH\3
± 3RZHURIWKHZLUHOHVVDFFHVVSRLQWLVQRWWXUQHGRQ
± 6HWWLQJRIWKHZLUHOHVVDFFHVVSRLQWLVQRWVXSSRUWHGE\WKLVXQLW
&KHFNWKHQHWZRUNVHWWLQJRIWKHGHVWLQDWLRQ
5DGLRZDYHVIURPRWKHUGHYLFHVPD\EORFNWKHFRQQHFWLRQWRDZLUHOHVVDFFHVVSRLQW
&KHFNRWKHUGHYLFHVWKDWDUHFRQQHFWHGWRWKHZLUHOHVVDFFHVVSRLQWDQGGHYLFHVWKDWXVHWKH
*+]EDQG
2WKHUV
>1RSLFWXUHWRVHQG@
7KLVLVGLVSOD\HGZKHQWKHUHLVQRLPDJHWRWUDQVPLWGXHWRWKHUHVWULFWLRQRIWKHGHVWLQDWLRQ
&KHFNWKHILOHIRUPDWRIWKHLPDJHWRVHQG3
>&RQQHFWLRQIDLOHG3OHDVHUHWU\LQDIHZPLQXWHV@>1HWZRUNGLVFRQQHFWHG7UDQVIHU
VWRSSHG@
5DGLRZDYHVIURPWKHZLUHOHVVDFFHVVSRLQWDUHJHWWLQJZHDN
3HUIRUPWKHFRQQHFWLRQFORVHUWRWKHZLUHOHVVDFFHVVSRLQW
7KHUHLVQRUHSO\IURPWKHVHUYHURULWKDVH[FHHGHGWKHFRPPXQLFDWLRQSURFHVVLQJWLPH
7U\DJDLQDIWHUDZKLOH
'HSHQGLQJRQWKHZLUHOHVVDFFHVVSRLQWFRQQHFWLRQPD\EHDXWRPDWLFDOO\GLVFRQQHFWHGDIWHU
VSHFLILFWLPHKDVSDVVHG
5HFRQQHFWWKHFRQQHFWLRQDJDLQ
>8SORDGWRWKH&ORXG)ROGHULVDYDLODEOHDIWHU&ORXG6\QFVHWWLQJVKDYHEHHQVHWXS
RQGRZQORDGDEOHGHYLFHVVXFKDV3&VRUVPDUWSKRQHV@
'HYLFHVWKDWGRZQORDGLPDJHVIURPDFORXGIROGHUDUHQRWUHJLVWHUHG
3HUIRUP&ORXG6\QFVHWWLQJ&RQILJXUHWKHVHWWLQJVRQD3&ZLWK³3+272IXQ678',2´RURQD
VPDUWSKRQHZLWK³,PDJH$SS´
5HIHUWR3IRUGHWDLOVRQ>&ORXG6\QF6HUYLFH@
>&RQQHFWLRQIDLOHG@
&KHFNIROORZLQJUHJDUGLQJWKHVPDUWSKRQHV\RXLQWHQGWRFRQQHFW
± 7KHVPDUWSKRQHGRHVQRWRSHUDWH
± &KDQJHWKHDFFHVVSRLQWWRFRQQHFWWRLQWKHVPDUWSKRQH:L)LVHWWLQJVWRWKLVFDPHUD
± 7KHUHLVQRIUHHVWRUDJHVSDFHRQWKHVPDUWSKRQH
2WKHUV
>/RJLQIDLOHG3OHDVHFKHFN/RJLQ,'DQG3DVVZRUG@
/RJLQ,'RUSDVVZRUGIRUWKH³/80,;&/8%´LVQRWFRUUHFW
3OHDVHHQWHULWDJDLQ
,I\RXKDYHIRUJRWWHQWKHORJLQ,'RUWKHSDVVZRUGWKHUHLVLQIRUPDWLRQLQWKHORJLQVFUHHQRI
WKH³/80,;&/8%´ZHEVLWH
>6RPHILOHVFDQQRWEHVHQWEHFDXVHRIGHVWLQDWLRQOLPLW@>7UDQVIHUFRPSOHWHG
6RPHILOHVDUHOHIWEHFDXVHRIGHVWLQDWLRQOLPLW@
&KHFNWKHILOHIRUPDWRIWKHLPDJHWRVHQG3
6HQGLQJPRWLRQSLFWXUHVPD\IDLOLIWKHILOHVL]HLVWRRODUJH
6SOLWWKHPRWLRQSLFWXUHXVLQJ>9LGHR'LYLGH@3
>8QDYDLODEOH3OHDVHVHW/RJLQVHWWLQJVRQ/80,;&/8%ZHEVLWH@
/RJLQWRWKH³/80,;&/8%´IURP\RXUVPDUWSKRQHRU3&DQGVHWWKHORJLQGHWDLOVRIWKH
GHVWLQDWLRQZHEVHUYLFH
>%RWKSLFWXUHDQGYLGHRVKDULQJVHUYLFHFDQQRWEHVHOHFWHGWRJHWKHU@
:HEVHUYLFHVGHVLJQHGRQO\IRUSLFWXUHVDQGZHEVHUYLFHVGHVLJQHGRQO\IRUPRWLRQSLFWXUHV
FDQQRWEHVHOHFWHGDWWKHVDPHWLPH
'HVHOHFWRQHRIWKHVHUYLFHV
>&DQQRWJHW,3DGGUHVV3OHDVHVHWZLUHOHVV$3¶V,3DGGUHVVVHWWLQJWR'+&3@
7XUQRQ'+&3VHWWLQJVRIWKH,3DGGUHVVRIWKHFRQQHFWHGZLUHOHVVDFFHVVSRLQWV
>&DQQRWFRQQHFWWRVHUYHU@
,IDPHVVDJHLVGLVSOD\LQJDVNLQJWRXSGDWHWKHURRWFHUWLILFDWHDJUHHWRXSGDWHWKHURRW
FHUWLILFDWH
2WKHUV
0HQXOLVW
>5HF@ 3 >0RWLRQ3LFWXUH@ 3 >&XVWRP@ 3
>3KRWR6W\OH@>)LOWHU6HWWLQJV@>$)6$))@>0HWHULQJ0RGH@>+LJKOLJKW6KDGRZ@>L'\QDPLF@
>L5HVROXWLRQ@>'LIIUDFWLRQ&RPSHQVDWLRQ@DQG>'LJLWDO=RRP@DUHFRPPRQWRERWKWKH>5HF@
PHQXDQG>0RWLRQ3LFWXUH@PHQX&KDQJLQJWKHVHVHWWLQJVLQRQHRIWKHVHPHQXVLVUHIOHFWHGLQ
RWKHUPHQX
>5HF@
<RXFDQVHOHFWHIIHFWVWRPDWFKWKHW\SHRILPDJH\RXZLVK
>3KRWR6W\OH@ WRUHFRUG 3
<RXFDQDGMXVWWKHFRORUDQGLPDJHTXDOLW\RIWKHHIIHFWV
>)LOWHU6HWWLQJV@ &KDQJHVWKHVHWWLQJVUHODWHGWRLPDJHHIIHFWVILOWHUV 3
>$VSHFW5DWLR@ 6HWVWKHDVSHFWUDWLRRIWKHLPDJH 3
>3LFWXUH6L]H@ 6HWWKHQXPEHURISL[HOV 3
6HWWKHFRPSUHVVLRQUDWHDWZKLFKWKHSLFWXUHVDUHWREH
>4XDOLW\@ 3
VWRUHG
$VVLJQV>$)6@RU>$))@WR>$)6$))@RIWKHIRFXVPRGH
>$)6$))@ 3
OHYHU
>0HWHULQJ0RGH@ 6HWVWKHOLJKWPHWHULQJPHWKRGIRUPHDVXULQJEULJKWQHVV 3
>%XUVW5DWH@ 6HWVWKHEXUVWVSHHGIRUEXUVWUHFRUGLQJ 3
>.3+272@ 6HWVKRZWRUHFRUG.SKRWRV 3
6HWVVLQJOHEXUVWUHFRUGLQJFRPSHQVDWLRQUDQJHDQG
>$XWR%UDFNHW@ 3
UHFRUGLQJVHTXHQFHIRU$XWR%UDFNHWUHFRUGLQJ
>6HOI7LPHU@ 6HWVWKHPDQQHULQZKLFKWKHVHOIWLPHUZRUNV 3
<RXFDQDGMXVWWKHEULJKWQHVVRIEULJKWDQGGDUNSRUWLRQV
>+LJKOLJKW6KDGRZ@ 3
RQDQLPDJHZKLOHFKHFNLQJWKHEULJKWQHVVRQWKHVFUHHQ
>L'\QDPLF@,QWHOOLJHQW $GMXVWVWKHFRQWUDVWDQGH[SRVXUH
3
G\QDPLFUDQJHFRQWURO
5HFRUGVLPDJHVZLWKPRUHGHILQHGRXWOLQHVDQGVHQVHRI
>L5HVROXWLRQ@ 3
FODULW\
3LFWXUHVRIWKHQLJKWVFHQHU\ZLOOEHWDNHQDWDKLJKEXUVW
>L+DQGKHOG 1LJKW 6KRW@ 3
VSHHGDQGFRPSRVHGLQWRDVLQJOHSLFWXUH
2WKHUV
7KHUHLVIRUH[DPSOHVWURQJFRQWUDVWEHWZHHQWKH
EDFNJURXQGDQGWKHVXEMHFWPXOWLSOHVWLOOSLFWXUHVDUH
>L+'5@ 3
UHFRUGHGZLWKGLIIHULQJH[SRVXUHVDQGFRPELQHGWRFUHDWH
DVLQJOHVWLOOSLFWXUHULFKLQJUDGDWLRQ
<RXFDQFRPELQHSLFWXUHVZLWKGLIIHUHQWOHYHOVRI
>+'5@ 3
H[SRVXUHLQWRDVLQJOHSLFWXUHZLWKULFKJUDGDWLRQ
*LYHVDQHIIHFWOLNHPXOWLH[SRVXUHXSWRWLPHV
>0XOWL([S@ 3
HTXLYDOHQWSHUDVLQJOHLPDJH
7KHFDPHUDFDQDXWRPDWLFDOO\WDNHSLFWXUHVRIVXEMHFWV
>7LPH/DSVH6KRW@ VXFKDVDQLPDOVRUSODQWVDVWLPHHODSVHVDQGFUHDWHD 3
PRWLRQSLFWXUH
$VWRSPRWLRQSLFWXUHLVFUHDWHGE\VSOLFLQJSLFWXUHV
>6WRS0RWLRQ$QLPDWLRQ@ 3
WRJHWKHU
6HWVWKHUHFRUGLQJGLUHFWLRQDQGLPDJHVL]HIRU3DQRUDPD
>3DQRUDPD6HWWLQJV@ 3
6KRW0RGH
>(OHFWURQLF6KXWWHU@ <RXFDQWDNHSLFWXUHVZLWKWKHHOHWURQLFVKXWWHU 3
7RUHGXFHWKHLQIOXHQFHRIKDQGVKDNHWKHVKXWWHULV
>6KXWWHU'HOD\@ UHOHDVHGZKHQDVSHFLILHGWLPHSHULRGKDVHODSVHGVLQFH 3
WKHVKXWWHUEXWWRQZDVSUHVVHG
>)ODVK@ 6HWVWKHPDQQHULQZKLFKWKHIODVKZRUNV 3
$XWRPDWLFDOO\GHWHFWVUHGH\HFDXVHGE\WKHIODVKDQG
>5HG(\H5HPRYDO@ 3
FRUUHFWVWKHLPDJHGDWDDFFRUGLQJO\
:KHQWKH,62VHQVLWLYLW\LVVHWWR>$872@RU> @DQ
>,62/LPLW6HW@ RSWLPDO,62VHQVLWLYLW\LVVHWZLWKWKHVHOHFWHGYDOXHDVDQ 3
XSSHUOLPLW
7KH,62VHQVLWLYLW\VHWWLQJVYDOXHVFKDQJHVLQVWHSVRI
>,62,QFUHPHQWV@ 3
(9RU (9
>([WHQGHG,62@ ,62VHQVLWLYLW\FDQEHVHWXSWRPLQLPXP>,62@ 3
<RXFDQHOLPLQDWHWKHQRLVHFDXVHGE\UHFRUGLQJZLWKD
>/RQJ6KWU15@ 3
VORZHUVKXWWHUVSHHG
,IWKHVFUHHQSHULSKHU\GDUNHQVDVDUHVXOWRIOHQV
>6KDGLQJ&RPS@ FKDUDFWHULVWLFVWKHEULJKWQHVVLQWKLVUHJLRQZLOOEH 3
FRUUHFWHG
7KHFDPHUDUDLVHVWKHUHVROXWLRQE\FRUUHFWLQJWKH
>'LIIUDFWLRQ
EOXUULQHVVFDXVHGE\GLIIUDFWLRQZKHQWKHDSHUWXUHLV 3
&RPSHQVDWLRQ@
FORVHG
2WKHUV
:KHQWKHQXPEHURISL[HOVLVVHWWRDQ\WKLQJRWKHUWKDQ>/@
>([7HOH&RQY@ WKH7HOHHIIHFWLVLQFUHDVHGZLWKRXWGHJUDGDWLRQLQLPDJH 3
TXDOLW\
,QFUHDVHVWKH7HOHHIIHFW
>'LJLWDO=RRP@ 7KHKLJKHUWKHOHYHORIPDJQLILFDWLRQWKHJUHDWHUWKH 3
GHJUDGDWLRQLQLPDJHTXDOLW\
6HWWKLVZKHQ\RXZDQWWRFRUUHFWWKHFRORUUHSURGXFWLRQRI
>&RORU6SDFH@ 3
WKHUHFRUGHGSLFWXUHVRQD3&SULQWHUHWF
>6WDELOL]HU@ &KDQJHVWKHLPDJHVWDELOL]HUVHWWLQJV 3
6HWVWKHIRFXVDQGH[SRVXUHDXWRPDWLFDOO\SULRULWL]LQJ
>)DFH5HFRJ@ 3
UHJLVWHUHGIDFHV
,I\RXVHWWKHQDPHDQGELUWKGD\RI\RXUEDE\RUSHWLQ
>3URILOH6HWXS@ DGYDQFH\RXFDQUHFRUGWKHLUQDPHDQGDJHLQPRQWKV 3
DQG\HDUVLQWKHLPDJHV
2WKHUV
>0RWLRQ3LFWXUH@
<RXFDQVHOHFWHIIHFWVWRPDWFKWKHW\SHRILPDJH\RXZLVK
>3KRWR6W\OH@ WRUHFRUG 3
<RXFDQDGMXVWWKHFRORUDQGLPDJHTXDOLW\RIWKHHIIHFWV
>)LOWHU6HWWLQJV@ &KDQJHVWKHVHWWLQJVUHODWHGWRLPDJHHIIHFWVILOWHUV 3
/HWV\RXVSHFLI\WKHUHFRUGLQJWLPHLQDGYDQFHDQGUHFRUGV
>6QDS0RYLH@ 3
PRWLRQSLFWXUHVMXVWOLNH\RXWDNHVQDSVKRWV
>5HF)RUPDW@ 6HWVWKHILOHIRUPDWIRUWKHPRWLRQSLFWXUHV\RXUHFRUG 3
>5HF4XDOLW\@ 7KLVVHWVXSWKHSLFWXUHTXDOLW\RIPRWLRQSLFWXUHV 3
6HOHFWWKHPHWKRGIRUVHWWLQJWKHDSHUWXUHYDOXHDQG
>([SRVXUH0RGH@ 3
VKXWWHUVSHHGLQ&UHDWLYH9LGHR0RGH
$VVLJQV>$)6@RU>$))@WR>$)6$))@RIWKHIRFXVPRGH
>$)6$))@ 3
OHYHU
6HWVWKHUHFRUGLQJPHWKRGIRUVWLOOSLFWXUHVGXULQJPRWLRQ
>3LFWXUH0RGH@ 3
SLFWXUHUHFRUGLQJ
&RQWLQXHVWRIRFXVRQWKHVXEMHFWIRUZKLFKIRFXVKDVEHHQ
>&RQWLQXRXV$)@ 3
DFKLHYHG
>0HWHULQJ0RGH@ 6HWVWKHOLJKWPHWHULQJPHWKRGIRUPHDVXULQJEULJKWQHVV 3
<RXFDQDGMXVWWKHEULJKWQHVVRIEULJKWDQGGDUNSRUWLRQV
>+LJKOLJKW6KDGRZ@ 3
RQDQLPDJHZKLOHFKHFNLQJWKHEULJKWQHVVRQWKHVFUHHQ
>L'\QDPLF@,QWHOOLJHQW $GMXVWVWKHFRQWUDVWDQGH[SRVXUH
3
G\QDPLFUDQJHFRQWURO
5HFRUGVLPDJHVZLWKPRUHGHILQHGRXWOLQHVDQGVHQVHRI
>L5HVROXWLRQ@ 3
FODULW\
7KHFDPHUDUDLVHVWKHUHVROXWLRQE\FRUUHFWLQJWKH
>'LIIUDFWLRQ
EOXUULQHVVFDXVHGE\GLIIUDFWLRQZKHQWKHDSHUWXUHLV 3
&RPSHQVDWLRQ@
FORVHG
>/XPLQDQFH/HYHO@ 6HOHFWWKHOXPLQDQFHUDQJHWRPDWFKWKHXVHRIYLGHR 3
>([7HOH&RQY@ ,QFUHDVHVWKH7HOHHIIHFW 3
2WKHUV
,QFUHDVHVWKH7HOHHIIHFW
>'LJLWDO=RRP@ 7KHKLJKHUWKHOHYHORIPDJQLILFDWLRQWKHJUHDWHUWKH 3
GHJUDGDWLRQLQLPDJHTXDOLW\
7KHVKXWWHUVSHHGFDQEHIL[HGWRUHGXFHWKHIOLFNHURU
>)ONU'HFUHDVH@ 3
VWULSLQJLQWKHPRWLRQSLFWXUH
(QDEOHVWRXFKRSHUDWLRQVWRDOORZVLOHQWXVHZKLOH
>6LOHQW2SHUDWLRQ@ 3
UHFRUGLQJPRWLRQSLFWXUHV
>0LF/HYHO'LVS@ 'LVSOD\WKHPLFURSKRQHOHYHORQWKHUHFRUGLQJVFUHHQ 3
>0LF/HYHO$GM@ $GMXVWWKHVRXQGLQSXWOHYHOWRGLIIHUHQWOHYHOV 3
7KLVZLOOUHGXFHWKHZLQGQRLVHFRPLQJLQWRWKHEXLOWLQ
>:LQG1RLVH&DQFHOOHU@ 3
PLFURSKRQHZKLOHPDLQWDLQLQJVRXQGTXDOLW\
2WKHUV
>&XVWRP@
2WKHUV
7KLVDOORZV\RXWRVHWHLWKHUWRGLVSOD\RUQRWGLVSOD\WKH
>+LVWRJUDP@ 3
KLVWRJUDP
7KLVZLOOVHWWKHSDWWHUQRIJXLGHOLQHVGLVSOD\HGZKHQ
>*XLGH/LQH@ 3
WDNLQJDSLFWXUH
'LVSOD\V>@ZKLFKLQGLFDWHVWKHFHQWHURIWKHUHFRUGLQJ
>&HQWHU0DUNHU@ 3
VFUHHQ
:KHQWKH$XWR5HYLHZIXQFWLRQLVDFWLYDWHGRUZKHQ
>+LJKOLJKW@ SOD\LQJEDFNZKLWHVDWXUDWHGDUHDVDSSHDUEOLQNLQJLQ 3
EODFNDQGZKLWH
,QGLFDWHVSDUWVWKDWPD\EHZKLWHGRXWWKURXJK
>=HEUD3DWWHUQ@ 3
RYHUH[SRVXUHLQD]HEUDSDWWHUQ
>0RQRFKURPH/LYH <RXFDQGLVSOD\WKHUHFRUGLQJVFUHHQLQEODFNDQGZKLWH
3
9LHZ@
<RXFDQFKHFNWKHHIIHFWVRIWKHFKRVHQDSHUWXUHDQG
>&RQVWDQW3UHYLHZ@ VKXWWHUVSHHGRQWKHUHFRUGLQJVFUHHQLQ0DQXDO([SRVXUH 3
0RGH
>([SR0HWHU@ 6HWZKHWKHURUQRWWRGLVSOD\WKHH[SRVXUHPHWHU 3
>/9)'LVS6W\OH@ 7KLVZLOOVHWWKHGLVSOD\VW\OHRIWKHYLHZILQGHU 3
>0RQLWRU'LVS6W\OH@ 7KLVZLOOVHWWKHGLVSOD\VW\OHRIWKHPRQLWRU 3
>0RQLWRU,QIR'LVS@ 'LVSOD\WKHUHFRUGLQJLQIRUPDWLRQVFUHHQ 3
7KLVFKDQJHVWKHDQJOHRIYLHZGXULQJPRWLRQSLFWXUH
>5HF$UHD@ 3
UHFRUGLQJDQGVWLOOSLFWXUHUHFRUGLQJ
2WKHUV
7KLVZLOOVZLWFKGLVSOD\EHWZHHQWKHQXPEHURIUHFRUGDEOH
>5HPDLQLQJ'LVS@ 3
SLFWXUHVDQGDYDLODEOHUHFRUGLQJWLPH
>$XWR5HYLHZ@ 'LVSOD\VDSLFWXUHLPPHGLDWHO\DIWHULWLVWDNHQ 3
<RXFDQDVVLJQYDULRXVUHFRUGLQJDQGRWKHUIXQFWLRQVWR
>)Q%XWWRQ6HW@ 3
WKHIXQFWLRQEXWWRQ
>40(18@ 6ZLWFKWKHVHWWLQJPHWKRGRI4XLFN0HQX 3
&KDQJHVWKHRSHUDWLRQPHWKRGVRIWKHIURQWGLDODQGUHDU
>'LDO6HW@ 3
GLDO
>9LGHR%XWWRQ@ (QDEOHVGLVDEOHVWKHPRWLRQSLFWXUHEXWWRQ 3
6HWVWKHVFUHHQGLVSOD\DQGOHQVRSHUDWLRQVZKHQXVLQJDQ
>3RZHU=RRP/HQV@ LQWHUFKDQJHDEOHOHQVWKDWLVFRPSDWLEOHZLWKSRZHU]RRP 3
HOHFWULFDOO\RSHUDWHG]RRP
6HWWLQJWKHH\HVHQVRUVHQVLWLYLW\DQGWKHPHWKRGIRU
>(\H6HQVRU@ 3
VZLWFKLQJEHWZHHQWKHPRQLWRUDQGYLHZILQGHU
>7RXFK6HWWLQJV@ (QDEOHVGLVDEOHVWKH7RXFKRSHUDWLRQ 3
7KLVDOORZV\RXWRVHWWKHVSHHGRIFRQWLQXRXVO\IRUZDUGLQJ
>7RXFK6FUROO@ 3
RUUHZLQGLQJSLFWXUHVXVLQJWRXFKRSHUDWLRQ
6HWWKHVFUHHQWKDWLVGLVSOD\HGZKHQWKHPRGHGLDOLVVHW
>0HQX*XLGH@ 3
WR
6HWVZKHWKHURUQRWWKHVKXWWHUFDQEHUHOHDVHGZKHQQR
>6KRRWZR/HQV@ 3
OHQVLVDWWDFKHGWRWKHPDLQERG\
2WKHUV
>6HWXS@
2WKHUV
6HWWKLVLWHPWRFDQFHOWKHVHOIWLPHUZKHQ\RXWXUQRIIWKH
>6HOI7LPHU$XWR2II@ 3
FDPHUD
>1R5HVHW@ 5HWXUQVWKHLPDJHILOHQXPEHUWR 3
7KHUHFRUGLQJRUVHWXSFXVWRPVHWWLQJVDUHUHVHWWRWKH
>5HVHW@ 3
GHIDXOW
5HVHWDOOVHWWLQJVLQWKH>:L)L@PHQXWRIDFWRU\GHIDXOW
>5HVHW:L)L6HWWLQJV@ VHWWLQJV 3
([FOXGLQJ>/80,;&/8%@
,WZLOOSHUIRUPRSWLPL]DWLRQRILPDJLQJGHYLFHDQGLPDJH
>3L[HO5HIUHVK@ 3
SURFHVVLQJ
'XVWUHGXFWLRQWREORZRIIWKHGHEULVDQGGXVWWKDWKDYH
>6HQVRU&OHDQLQJ@ 3
DIIL[HGWRWKHIURQWRIWKHLPDJLQJGHYLFHLVSHUIRUPHG
>)RUPDW@ 7KHFDUGLVIRUPDWWHG 3
2WKHUV
>3OD\EDFN@
2WKHUV
7URXEOHVKRRWLQJ
)LUVWWU\RXWWKHIROORZLQJSURFHGXUHV3WR3
%DWWHU\DQGSRZHUVRXUFH
7KHFDPHUDFDQQRWEHRSHUDWHGHYHQZKHQLWLVWXUQHGRQ
7KHFDPHUDWXUQVRIILPPHGLDWHO\DIWHULWLVWXUQHGRQ
7KHEDWWHU\LVH[KDXVWHG
&KDUJHWKHEDWWHU\
,I\RXOHDYHWKHFDPHUDRQWKHEDWWHU\ZLOOEHH[KDXVWHG
7XUQWKHFDPHUDRIIIUHTXHQWO\E\XVLQJWKH>(FRQRP\@HWF3
7KLVXQLWLVWXUQHGRIIDXWRPDWLFDOO\
>(FRQRP\@LVHQDEOHG3
,VWKHOLQNHGRSHUDWLRQRI9,(5$ /LQNHQDEOHG"
,I\RXDUHQRWXVLQJ9,(5$ /LQNVHW>9,(5$/LQN@WR>2))@3
&DUGEDWWHU\GRRUGRHVQRWFORVH
,QVHUWWKHEDWWHU\VHFXUHO\DOOWKHZD\LQ3
7KHEDWWHU\EHFRPHVIODWWRRTXLFNO\
,VWKHGULYHPRGHVHWWR> @>.3UH%XUVW@":KHQ> @>.3UH%XUVW@LVVHOHFWHGWKH
EDWWHU\GUDLQVIDVWHU
6HOHFW> @>.3UH%XUVW@RQO\ZKHQUHFRUGLQJ
,VD:L)LFRQQHFWLRQEHLQJXVHGIRUDORQJSHULRGRIWLPH"
7KHEDWWHU\FDQEHFRPHIODWTXLFNO\ZKHQFRQQHFWHGWR:L)L
7XUQWKHFDPHUDRIIIUHTXHQWO\E\XVLQJWKH>(FRQRP\@HWF3
5HFRUGLQJ
7DNLQJSLFWXUHVLVQRWSRVVLEOH
7KHVKXWWHUZLOOQRWRSHUDWHLPPHGLDWHO\ZKHQWKHVKXWWHUEXWWRQLVSUHVVHG
:KHQWKHGULYHPRGHLVVHWWR> @>.3UH%XUVW@WKHFDPHUDWHPSHUDWXUHULVHV,QVRPH
FDVHVWKHFDPHUDPD\GLVSOD\> @VZLWFKWR> @>.%XUVW@DQGVWRSWKHUHFRUGLQJWR
SURWHFWLWVHOI:DLWXQWLOWKHFDPHUDFRROVGRZQ
,VWKHVXEMHFWIRFXVHG"
,V>)RFXV5HOHDVH3ULRULW\@LQWKH>&XVWRP@PHQXVHWWR>)2&86@"3
<RXFDQQRWWDNHDSLFWXUHXQWLOWKHVXEMHFWLVEURXJKWLQWRIRFXV
2WKHUV
7KHUHFRUGHGSLFWXUHLVZKLWLVK
3LFWXUHPLJKWORRNZKLWLVKZKHQOHQVRULPDJHVHQVRUJHWVGLUW\ZLWKILQJHUSULQWVRUVLPLODU
,IWKHOHQVLVGLUW\WXUQWKHFDPHUDRIIDQGWKHQJHQWO\ZLSHWKHOHQVVXUIDFHZLWKDVRIWGU\
FORWK
5HIHUWR3ZKHQWKHLPDJHVHQVRUJHWVGLUW\
7KHUHFRUGHGSLFWXUHLVWRREULJKWRUGDUN
&KHFNWKDWWKHH[SRVXUHLVFRUUHFWO\FRPSHQVDWHG3
,VWKH$(/RFN3DSSOLHGLQFRUUHFWO\"
0XOWLSOHSLFWXUHVDUHWDNHQDWRQHWLPH
&DQFHOWKHIROORZLQJVHWWLQJV
± %XUVW$XWR%UDFNHW> @RIWKHVHOIWLPHU3
± :KLWH%DODQFH%UDFNHW3
7KHVXEMHFWLVQRWIRFXVHGSURSHUO\
7KHVXEMHFWLVEH\RQGWKHIRFXVUDQJHRIWKHFDPHUD3
7KHUHLVFDPHUDVKDNHMLWWHURUWKHVXEMHFWLVPRYLQJVOLJKWO\3
,V>)RFXV5HOHDVH3ULRULW\@LQWKH>&XVWRP@PHQXVHWWR>5(/($6(@"3
,V>6KXWWHU$)@LQWKH>&XVWRP@PHQXVHWWR>2))@"3
,VWKH$)/RFN3DSSOLHGLQFRUUHFWO\"
7KHUHFRUGHGSLFWXUHLVEOXUUHG
7KH,PDJH6WDELOL]HULVQRWHIIHFWLYH
7KHVKXWWHUVSHHGZLOOEHFRPHVORZHUDQGWKH,PDJH6WDELOL]HUIXQFWLRQPD\QRWZRUNSURSHUO\
ZKHQWDNLQJSLFWXUHVHVSHFLDOO\LQGDUNSODFHV
:HUHFRPPHQGKROGLQJWKHFDPHUDILUPO\ZLWKERWKKDQGVZKHQWDNLQJSLFWXUHV3
:HUHFRPPHQGXVLQJDWULSRGDQGWKHVHOIWLPHU3ZKHQWDNLQJSLFWXUHVZLWKDVORZ
VKXWWHUVSHHG
:KHQDPRYLQJVXEMHFWLVUHFRUGHGZLWKWKHHOHFWURQLFVKXWWHUWKHVXEMHFWPD\DSSHDU
GLVWRUWHGRQWKHSLFWXUH3
7DNLQJSLFWXUHVXVLQJ:KLWH%DODQFH%UDFNHWLVQRWSRVVLEOH
,VWKHUHDQ\PHPRU\UHPDLQLQJRQWKHFDUG"
2WKHUV
7KHUHFRUGHGSLFWXUHORRNVURXJK
1RLVHDSSHDUVRQWKHSLFWXUH
7U\WKHIROORZLQJ
7DNHSLFWXUHVLQEULJKWSODFHV
'HFUHDVHWKH,62VHQVLWLYLW\3
,QFUHDVHWKHVHWWLQJIRU>1RLVH5HGXFWLRQ@LQ>3KRWR6W\OH@RUORZHUWKHVHWWLQJIRUHDFKRI
WKHLWHPVRWKHUWKDQ>1RLVH5HGXFWLRQ@3
6HWWKH>/RQJ6KWU15@WR>21@3
,VWKH>3LFWXUH6L]H@3RUWKH>4XDOLW\@3VHWORZ"
,VWKH>'LJLWDO=RRP@VHW"3
7KHVXEMHFWDSSHDUVGLVWRUWHGRQWKHSLFWXUH
,I\RXUHFRUGDPRYLQJVXEMHFWZKHQXVLQJWKHHOHFWURQLFVKXWWHURUUHFRUGLQJPRWLRQSLFWXUHRU
D.SKRWRWKHVXEMHFWPD\DSSHDUGLVWRUWHGRQWKHSLFWXUH7KLVLVFKDUDFWHULVWLFRI026
VHQVRUVZKLFKVHUYHDVWKHFDPHUD¶VSLFNXSVHQVRUV7KLVLVQRWDPDOIXQFWLRQ
6WULSLQJRUIOLFNHUPD\DSSHDUXQGHUOLJKWLQJVXFKDVIOXRUHVFHQWOLJKWLQJDQG
/('OLJKWLQJIL[WXUH
7KLVLVFKDUDFWHULVWLFRI026VHQVRUVZKLFKVHUYHDVWKHFDPHUD¶V
SLFNXSVHQVRUV
7KLVLVQRWDPDOIXQFWLRQ
$UH\RXWDNLQJSLFWXUHVZLWKWKHHOHFWURQLFVKXWWHU"3
:KHQXVLQJWKHHOHFWURQLFVKXWWHUORZHULQJWKHVKXWWHUVSHHGPD\
UHGXFHWKHHIIHFWRIWKHKRUL]RQWDOVWULSHV
,IQRWLFHDEOHIOLFNHURUVWULSLQJLVVHHQXQGHUOLJKWLQJVXFKDVDIOXRUHVFHQWRU/('OLJKWLQJIL[WXUH
ZKHQUHFRUGLQJPRWLRQSLFWXUHV\RXFDQUHGXFHWKHIOLFNHURUVWULSLQJE\VHWWLQJXS
>)ONU'HFUHDVH@3DQGIL[LQJWKHVKXWWHUVSHHG,WLVSRVVLEOHWRVHOHFWDVKXWWHUVSHHGIURP
>@>@>@RU>@<RXFDQVHWWKHVKXWWHUVSHHGPDQXDOO\LQWKH&UHDWLYH9LGHR
0RGH3
6WULSHVDSSHDULQKLJK,62VHQVLWLYLW\
6WULSHVPD\DSSHDULQKLJK,62VHQVLWLYLW\RUGHSHQGLQJRQWKHOHQV\RXXVH
'HFUHDVHWKH,62VHQVLWLYLW\3
7KHEULJKWQHVVRUWKHKXHRIWKHUHFRUGHGSLFWXUHLVGLIIHUHQWIURPWKHDFWXDO
VFHQH
:KHQUHFRUGLQJXQGHUIOXRUHVFHQWRU/('OLJKWLQJIL[WXUHHWFLQFUHDVLQJWKHVKXWWHUVSHHG
PD\LQWURGXFHVOLJKWFKDQJHVWREULJKWQHVVDQGFRORU7KHVHDUHDUHVXOWRIWKHFKDUDFWHULVWLFV
RIWKHOLJKWVRXUFHDQGGRQRWLQGLFDWHDPDOIXQFWLRQ
:KHQUHFRUGLQJVXEMHFWVLQH[WUHPHO\EULJKWORFDWLRQVRUUHFRUGLQJXQGHUIOXRUHVFHQWOLJKWLQJ
/('OLJKWLQJIL[WXUHPHUFXU\ODPSVRGLXPOLJKWLQJHWFWKHFRORUVDQGVFUHHQEULJKWQHVVPD\
FKDQJHRUKRUL]RQWDOVWULSLQJPD\DSSHDURQWKHVFUHHQ
2WKHUV
%ULJKWVSRWQRWLQVXEMHFWLVUHFRUGHG
7KHUHPD\EHGHIHFWLYHSL[HOVLQWKHLPDJHVHQVRU
3HUIRUP>3L[HO5HIUHVK@3
6XEMHFWFDQQRWEHORFNHG
$)WUDFNLQJQRWSRVVLEOH
6HWWKH$)DUHDWRWKHGLVWLQFWLYHFRORURIWKHVXEMHFWLIWKHUHLVDSDUWWKDWLVGLIIHUHQWIURPWKH
VXUURXQGLQJFRORU3
2SHUDWLRQVRXQGLVVPDOO
,V\RXUILQJHUFRYHULQJXSWKHVSHDNHU"3
5HFRUGLQJE\3DQRUDPD6KRW0RGHLVHQGHGEHIRUHILQLVKLQJ
,IWKHFDPHUDLVPRYHGWRRVORZO\WKHFDPHUDKDVDVVXPHGWKDWFDPHUDPRWLRQZDVVWRSSHG
DQGZLOOHQGWKHVWLOOSLFWXUHUHFRUGLQJ
,IWKHUHLVDJUHDWGHDORIVKDNLQJWRZDUGVWKHUHFRUGLQJGLUHFWLRQZKLOHPRYLQJWKHFDPHUD
UHFRUGLQJZLOOHQG
.SKRWRUHFRUGLQJVWRSVEHIRUHILQLVKLQJ
0RWLRQSLFWXUHV
5HFRUGLQJPRWLRQSLFWXUHVLVQRWSRVVLEOH
<RXPD\QRWEHDEOHWRUHFRUGIRUDVKRUWZKLOHDIWHUWXUQLQJWKLVXQLWRQZKHQXVLQJDODUJH
FDSDFLW\FDUG
0RWLRQSLFWXUHUHFRUGLQJVWRSVLQWKHPLGGOH
:KHQWKHDPELHQWWHPSHUDWXUHLVKLJKRUPRWLRQSLFWXUHLVUHFRUGHGFRQWLQXRXVO\WKHFDPHUD
PD\GLVSOD\> @DQGVWRSWKHUHFRUGLQJWRSURWHFWLWVHOI:DLWXQWLOWKHFDPHUDFRROVGRZQ
'HSHQGLQJRQWKH>5HF)RUPDW@DQG>5HF4XDOLW\@RIDPRWLRQSLFWXUHWKHVSHHGFODVVUDWLQJ
UHTXLUHGIRUWKHFDUGGLIIHUV8VHDFDUGWKDWPHHWVWKHUDWLQJ)RUGHWDLOVUHIHUWR³$ERXWPRWLRQ
SLFWXUH.SKRWRUHFRUGLQJDQGVSHHGFODVVUDWLQJV´RQ3
:KHQDFDUGZLWKDVORZGDWDZULWLQJVSHHGLVXVHGPRWLRQSLFWXUHUHFRUGLQJPD\VWRSPLGZD\
,IDFDUGRQZKLFKUHFRUGLQJDQGGHOHWLQJKDYHEHHQUHSHDWHGPDQ\WLPHVRUDFDUGWKDW
KDVEHHQIRUPDWWHGRQD3&RURWKHUHTXLSPHQWLVEHLQJXVHGZHUHFRPPHQGWKDW\RX
PDNHDEDFNXSRIWKHGDWDDQGIRUPDW3WKHFDUGRQWKHXQLW
2WKHUV
:KHQUHFRUGLQJDPRWLRQSLFWXUHWKHVFUHHQPD\JRGDUN
:KHQUHFRUGLQJDPRWLRQSLFWXUHWKHVFUHHQPD\JRGDUNDIWHUDFHUWDLQSHULRGWRUHGXFH
EDWWHU\FRQVXPSWLRQEXWWKLVZLOOQRWDIIHFWWKHUHFRUGHGPRWLRQSLFWXUH
7KHVFUHHQPD\EHEODFNHGRXWPRPHQWDULO\RUWKHXQLWPD\UHFRUGQRLVH
'HSHQGLQJRQWKHHQYLURQPHQWDWWKHWLPHRIPRWLRQSLFWXUHUHFRUGLQJWKHVFUHHQPD\EH
EODFNHGRXWPRPHQWDULO\RUWKHXQLWPD\UHFRUGQRLVHGXHWRVWDWLFHOHFWULFLW\RUSRZHUIXO
HOHFWURPDJQHWLFZDYHVUDGLRWRZHUVKLJKYROWDJHSRZHUOLQHVHWF
6RPHWLPHVLWLVGLIILFXOWWRIRFXVZLWK$XWR)RFXVZKHQUHFRUGLQJ.PRWLRQ
SLFWXUHV
7KLVSKHQRPHQRQRFFXUVZKHQWKHFDPHUDLVWU\LQJWRUHFRUGZLWKKLJKO\DFFXUDWHIRFXVDWD
UHGXFHG$XWR)RFXVVSHHGDQGLVQRWDPDOIXQFWLRQ
,QPRWLRQSLFWXUHVDEQRUPDOFOLFNLQJDQGEX]]LQJVRXQGVDUHUHFRUGHG
7KHUHFRUGHGVRXQGLVYHU\TXLHW
:LWKUHFRUGLQJLQDTXLHWHQYLURQPHQWGHSHQGLQJRQWKHOHQVHVXVHGWKHVRXQGRIDSHUWXUH
DQGIRFXVDFWLRQVPD\EHUHFRUGHGLQPRWLRQSLFWXUHV
)RFXVRSHUDWLRQFDQEHVHWWR>2))@LQ>&RQWLQXRXV$)@3
8VHRI>6LOHQW2SHUDWLRQ@LVUHFRPPHQGHGLI\RXDUHFRQFHUQHGDERXWRSHUDWLRQDOVRXQGV
3
:KLOHUHFRUGLQJPRWLRQSLFWXUHVSOXJJLQJWKHDSHUWXUHRIWKHPLFURSKRQHZLWKDILQJHUPD\
UHGXFHWKHOHYHORIDXGLRUHFRUGLQJRUDXGLRPD\QRWUHFRUGDWDOO$OVREHFDUHIXOEHFDXVHWKH
RSHUDWLRQVRXQGRIOHQVHVFDQHDVLO\EHUHFRUGHGDWWKLVWLPH
$QRSHUDWLRQVRXQGLVUHFRUGHGDWWKHHQGRIDPRWLRQSLFWXUH
6LQFHPRWLRQSLFWXUHUHFRUGLQJVWRSVRQO\DIWHU\RXSUHVVWKHPRWLRQSLFWXUHEXWWRQWKH
VRXQGRIWKHRSHUDWLRQPD\EHQRWLFHDEOH,IWKHVRXQGERWKHUV\RXWU\WKHIROORZLQJ
'LYLGHWKHODVWSDUWRIWKHPRWLRQSLFWXUHXVLQJ>9LGHR'LYLGH@3LQWKH>3OD\EDFN@
PHQX
7KHPRWLRQSLFWXUHPD\QRWEHGLYLGHGQHDUWKHYHU\HQGRILW7RDYRLGWKLVUHFRUG
DSSUR[LPDWHO\ VHFRQGVORQJHU
6HWWKHFDPHUDWR&UHDWLYH9LGHR0RGHDQGXVHDVKXWWHUUHPRWHFRQWURORSWLRQDOWR
UHFRUGPRWLRQSLFWXUHV3
2WKHUV
/HQV
5HFRUGHGLPDJHPD\EHZDUSHGRUQRQH[LVWHQWFRORULVVXUURXQGLQJWKH
VXEMHFW
'HSHQGLQJRQWKHOHQVXVHGSLFWXUHPD\EHZDUSHGVOLJKWO\RU\RXPD\VHHFRORUVDORQJWKH
HGJHGHSHQGLQJRQWKH]RRPIDFWRUGXHWRWKHFKDUDFWHULVWLFVRIWKHOHQV$OVRWKHSHULSKHUDOV
RIWKHLPDJHPLJKWORRNZDUSHGEHFDXVHWKHSHUVSHFWLYHLVHQKDQFHGZKHQWKHZLGHDQJOHLV
XVHG7KLVLVQRWDPDOIXQFWLRQ
:KHQWKHOHQVLVDWWDFKHGWRDQRWKHUGLJLWDOFDPHUDVWDELOL]HUIXQFWLRQFDQQRWEH
WXUQHGRIIRUVWDELOL]HUIXQFWLRQGRHVQRWZRUN
7KH,PDJH6WDELOL]HUIXQFWLRQRIWKHLQWHUFKDQJHDEOHOHQV+)6$RQO\ZRUNVFRUUHFWO\
ZLWKVXSSRUWHGFDPHUDV
:KHQROGHU3DQDVRQLFGLJLWDOFDPHUDV'0&*)'0&*+'0&*DUHXVHG
>6WDELOL]HU@LQWKH>5HF@PHQXFDQQRWEHVHWWR>2))@
,WLVUHFRPPHQGHGWRXSGDWHWKHILUPZDUHRIWKHGLJLWDOFDPHUDDWWKHIROORZLQJZHEVLWH
KWWSSDQDVRQLFMSVXSSRUWJOREDOFVGVFGRZQORDG
7KLV6LWHLV(QJOLVKRQO\
:KHQXVLQJWKLVOHQVZLWKDQRWKHUPDNHRIGLJLWDOFDPHUDVWKH,PDJH6WDELOL]HUIXQFWLRQ
ZLOOQRWZRUN
$VRI-XO\
)RUGHWDLOVFRQWDFWWKHUHVSHFWLYHFRPSDQ\
2WKHUV
)ODVK
7KHIODVKLVQRWDFWLYDWHG
:KHQWKHHOHFWURQLFVKXWWHULVXVHGWKHIODVKLVQRWDFWLYDWHG3
6HW>(OHFWURQLF6KXWWHU@WR>2))@
:KHQ>6LOHQW0RGH@LVVHWWR>21@WKHIODVKLVQRWDFWLYDWHG3
6HW>6LOHQW0RGH@WR>2))@
7KHIODVKLVDFWLYDWHG WLPHV
([FHSWIRUZKHQ>)LULQJ0RGH@LQ>)ODVK@LVVHWWR>0$18$/@7KHIODVKLVDFWLYDWHG WLPHV
7KHLQWHUYDOEHWZHHQWKHILUVWDQGVHFRQGIODVKLVORQJHUZKHQ5HG(\H5HGXFWLRQ3LV
VHWVRWKHVXEMHFWVKRXOGQRWPRYHXQWLOWKHVHFRQGIODVKLVDFWLYDWHG
0RQLWRU9LHZILQGHU
7KH0RQLWRU9LHZILQGHUWXUQVRIIDOWKRXJKWKHFDPHUDLVWXUQHGRQ
,IQRRSHUDWLRQVDUHSHUIRUPHGGXULQJWKHVHWWLPHSHULRG>$XWR/9)0RQLWRU2II@3LV
DFWLYDWHGDQGWKH0RQLWRU9LHZILQGHUWXUQVRII
:KHQDQREMHFWRU\RXUKDQGLVSRVLWLRQHGQHDUWKHH\HVHQVRUWKH0RQLWRUGLVSOD\PD\VZLWFK
WRWKH9LHZILQGHUGLVSOD\3
7KH0RQLWRU9LHZILQGHULVWRREULJKWRUGDUN
&KHFN>0RQLWRU/XPLQDQFH@VHWWLQJ3
3HUIRUP>0RQLWRU'LVSOD\@>9LHZILQGHU@3
,WPD\IOLFNHUIRUDQLQVWDQWRUWKHEULJKWQHVVRIWKHVFUHHQPD\FKDQJH
VLJQLILFDQWO\IRUDQLQVWDQW
7KLVRFFXUVGXHWRWKHDSHUWXUHRIWKHOHQVFKDQJLQJZKHQWKHVKXWWHUEXWWRQLVSUHVVHG
KDOIZD\RUZKHQWKHEULJKWQHVVRIWKHVXEMHFWFKDQJHV7KLVLVQRWDPDOIXQFWLRQ
7KHSLFWXUHLVQRWGLVSOD\HGRQWKHPRQLWRU
'RHVWKHSLFWXUHDSSHDURQWKHYLHZILQGHU"
3UHVV>/9)@WRVZLWFKWRPRQLWRUGLVSOD\3
,VWKHPRQLWRUVZLWFKHGRII"
6ZLWFKWKHGLVSOD\E\SUHVVLQJ>',63@3
0RQLWRUDQGYLHZILQGHUGRQRWVZLWFKZKHQ>/9)@LVSUHVVHG
,WLVRQO\GLVSOD\HGRQWKHPRQLWRUZKHQWKHFDPHUDLVFRQQHFWHGWRD3&RUSULQWHU
2WKHUV
%ODFNZKLWHUHGEOXHDQGJUHHQGRWVDSSHDURQWKH0RQLWRU9LHZILQGHU
7KLVLVQRWDPDOIXQFWLRQ
7KHVHSL[HOVGRQRWDIIHFWWKHUHFRUGHGSLFWXUHV
1RLVHDSSHDUVRQWKHPRQLWRU
,QGDUNSODFHVQRLVHPD\DSSHDUWRPDLQWDLQWKHEULJKWQHVVRIWKHPRQLWRU
8QHYHQO\EULJKWSDUWVRULUUHJXODUFRORUVDSSHDURQWKH0RQLWRU9LHZILQGHU
0RQLWRUYLHZILQGHURIWKLVXQLWDGRSWV2/('6FUHHQEXUQLQPD\RFFXURQWKHVFUHHQ
YLHZILQGHUZKHQDVDPHLPDJHLVGLVSOD\HGIRUDORQJSHULRGRIWLPHEXWLWGRHVQRWDIIHFWWKH
UHFRUGHGLPDJHV
&KDQJHWKHRQVFUHHQLPDJHVIUHTXHQWO\E\XVLQJ>(FRQRP\@3>(\H6HQVRU@IXQFWLRQ
3RUWXUQLQJRIIWKHVFUHHQOLJKW3
0RQLWRUDSSHDUVWREHFRORUHGZKHQ\RXVHHLWIURPDQDQJOH
7KLVLVDFKDUDFWHULVWLFRIWKLVXQLW¶VPRQLWRUDQGWKLVLVQRWDPDOIXQFWLRQ
7KHFRORUWRQHRIWKHYLHZILQGHUGLIIHUVIURPWKHDFWXDOWRQH
%HLQJDFKDUDFWHULVWLFRIWKHYLHZILQGHURIWKLVXQLWWKLVSKHQRPHQRQLVQRWDSUREOHP
5HFRUGHGLPDJHVDUHQRWDIIHFWHG
3OD\EDFN
7KHSLFWXUHEHLQJSOD\HGEDFNLVQRWURWDWHGRULVURWDWHGLQDQXQH[SHFWHG
GLUHFWLRQZKHQGLVSOD\HG
<RXFDQGLVSOD\WKHSLFWXUHVZLWKRXWEHLQJURWDWHGZKHQ>5RWDWH'LVS@3LVVHWWR>2))@
<RXFDQURWDWHSLFWXUHVZLWKWKH>5RWDWH@IXQFWLRQ3
7KHSLFWXUHLVQRWSOD\HGEDFN
7KHUHDUHQRUHFRUGHGSLFWXUHV
,VWKHFDUGLQVHUWHG"
,VWKHUHDSLFWXUHRQWKHFDUG"
,VWKLVDIROGHURUSLFWXUHZKLFKZDVSURFHVVHGLQWKH3&"
,ILWLVLWFDQQRWEHSOD\HGEDFNE\WKLVXQLW
,WLVUHFRPPHQGHGWRXVHWKH³3+272IXQ678',2´VRIWZDUHLQWKH'9'VXSSOLHGWRZULWH
SLFWXUHVIURP3&WRFDUG
+DV>3OD\EDFN0RGH@EHHQVHWIRUSOD\EDFN"
&KDQJHWR>1RUPDO3OD\@3
2WKHUV
7KHIROGHUQXPEHUDQGWKHILOHQXPEHUDUHGLVSOD\HGDV>²@DQGWKHVFUHHQWXUQV
EODFN
,VWKLVDQRQVWDQGDUGSLFWXUHDSLFWXUHZKLFKKDVEHHQHGLWHGXVLQJD3&RUDSLFWXUHZKLFK
ZDVWDNHQE\DQRWKHUPDNHRIGLJLWDOFDPHUD"
'LG\RXUHPRYHWKHEDWWHU\LPPHGLDWHO\DIWHUSLFWXUHWDNLQJRUGLG\RXWDNHWKHSLFWXUHXVLQJD
EDWWHU\ZLWKDORZUHPDLQLQJFKDUJH"
7RGHOHWHVXFKSLFWXUHVPDNHDEDFNXSRIWKHGDWDDQGIRUPDWWKHFDUG3
3OD\EDFNVRXQGRURSHUDWLRQVRXQGLVWRRORZ
,VVRPHWKLQJFRYHULQJXSWKHVSHDNHU"3
,PDJHVZLWKGLIIHUHQWGDWHDVUHFRUGHGGDWHDUHSOD\HGEDFNLQWKH&DOHQGDU
3OD\EDFN
,VWKHFORFNLQWKHFDPHUDVHWSURSHUO\"3
,PDJHVHGLWHGRQD3&RULPDJHVUHFRUGHGRQRWKHUFDPHUDVPLJKWGLVSOD\DGLIIHUHQWGDWHWR
WKHUHFRUGHGGDWHGXULQJWKH&DOHQGDU3OD\EDFN
:KLWHURXQGVSRWVOLNHVRDSEXEEOHVDSSHDURQWKHUHFRUGHGSLFWXUH
,I\RXWDNHDSLFWXUHZLWKWKHIODVKLQDGDUNSODFHRULQGRRUVZKLWH
URXQGVSRWVPD\DSSHDURQWKHSLFWXUHFDXVHGE\WKHIODVKUHIOHFWLQJRI
SDUWLFOHVRIGXVWLQWKHDLU7KLVLVQRWDPDOIXQFWLRQ
>7KXPEQDLOLVGLVSOD\HG@DSSHDUVRQWKHVFUHHQ
,VLWDSLFWXUHWKDWKDVEHHQUHFRUGHGZLWKRWKHUHTXLSPHQW"
,QVXFKFDVHVWKHVHSLFWXUHVPD\EHGLVSOD\HGZLWKDGHWHULRUDWHGSLFWXUHTXDOLW\
5HGSDUWRIWKHUHFRUGHGLPDJHKDVFKDQJHGFRORUWREODFN
:KHQ5HG(\H5HPRYDO> @RU> @LVSHUIRUPHGUHGSDUWVPD\EHFRUUHFWHGWREODFN
:HUHFRPPHQGVHWWLQJ)ODVK0RGHWR>‰@RU>5HG(\H5HPRYDO@WR>2))@ZKHQXVLQJDQ
H[WHUQDOIODVK3
0RWLRQSLFWXUHVUHFRUGHGZLWKWKLVPRGHOFDQQRWEHSOD\HGEDFNRQRWKHU
HTXLSPHQW
7KHSLFWXUHTXDOLW\RUVRXQGTXDOLW\RIUHFRUGHGPRWLRQSLFWXUHVPD\EHGHWHULRUDWHGHYHQZKHQ
WKHVHDUHSOD\HGEDFNZLWKWKHFRPSDWLEOHGHYLFHV$OVRUHFRUGLQJLQIRUPDWLRQPD\QRWEH
GLVSOD\HGFRUUHFWO\
2WKHUV
:L)LIXQFWLRQ
$:L)LFRQQHFWLRQFDQQRWEHHVWDEOLVKHG
5DGLRZDYHVJHWGLVFRQQHFWHG
:LUHOHVVDFFHVVSRLQWLVQRWGLVSOD\HG
w *HQHUDOWLSVIRUXVLQJD:L)LFRQQHFWLRQ
8VHZLWKLQWKHFRPPXQLFDWLRQUDQJHRIWKHGHYLFHWREHFRQQHFWHG
,VDQ\GHYLFHVXFKDVPLFURZDYHRYHQFRUGOHVVSKRQHHWFWKDWXVHV *+]IUHTXHQF\
RSHUDWHGQHDUE\"
5DGLRZDYHVPD\JHWLQWHUUXSWHGZKHQXVHGVLPXOWDQHRXVO\8VHWKHPVXIILFLHQWO\DZD\
IURPWKHGHYLFH
:KHQWKHEDWWHU\LQGLFDWRULVIODVKLQJUHGWKHFRQQHFWLRQZLWKRWKHUHTXLSPHQWPD\QRWVWDUWRU
WKHFRQQHFWLRQPD\EHGLVUXSWHG
$PHVVDJHVXFKDV>&RPPXQLFDWLRQHUURU@LVGLVSOD\HG
,I\RXSODFHWKHFDPHUDRQDPHWDOWDEOHRUVKHOIWKHUDGLRZDYHVPD\EHDGYHUVHO\DIIHFWHG,Q
VXFKFDVHV\RXPD\QRWEHDEOHWRHVWDEOLVKDFRQQHFWLRQ0RYHWKHFDPHUDDZD\IURPWKH
PHWDOVXUIDFH
w $ERXWDZLUHOHVVDFFHVVSRLQW
&KHFNLIWKHZLUHOHVVDFFHVVSRLQWWRFRQQHFWLVLQRSHUDWLQJVWDWH
7KHFDPHUDPD\QRWGLVSOD\RUFRQQHFWWRDZLUHOHVVDFFHVVSRLQWGHSHQGLQJRQWKHUDGLR
ZDYHFRQGLWLRQ
0RYHWKLVXQLWFORVHUWRWKHZLUHOHVVDFFHVVSRLQW
5HPRYHWKHREVWDFOHVEHWZHHQWKLVXQLWDQGWKHZLUHOHVVDFFHVVSRLQW
&KDQJHWKHGLUHFWLRQRIWKLVXQLW
&KDQJHWKHORFDWLRQDQGRULHQWDWLRQRIWKHZLUHOHVVDFFHVVSRLQW
3HUIRUPWKH>0DQXDO,QSXW@3
,WPD\QRWGLVSOD\HYHQLIWKHUDGLRZDYHVH[LVWGHSHQGLQJRQWKHVHWWLQJRIWKHZLUHOHVVDFFHVV
SRLQW
&KHFNWKHVHWWLQJVRIWKHZLUHOHVVDFFHVVSRLQW
:KHQWKHQHWZRUN66,'RIWKHZLUHOHVVDFFHVVSRLQWLVVHWQRWWREURDGFDVWWKHZLUHOHVV
DFFHVVSRLQWPD\QRWEHGHWHFWHG(QWHUWKHQHWZRUN66,'WRVWDUWWKHFRQQHFWLRQ3RU
HQDEOHWKH66,'EURDGFDVWRIWKHZLUHOHVVDFFHVVSRLQW
&RQQHFWLRQW\SHVDQGVHFXULW\VHWWLQJPHWKRGVDUHGLIIHUHQWGHSHQGLQJRQWKHZLUHOHVVDFFHVV
SRLQW5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKHZLUHOHVVDFFHVVSRLQW
,VWKH *+] *+]VZLWFKDEOHZLUHOHVVDFFHVVSRLQWFRQQHFWHGWRRWKHUHTXLSPHQWXVLQJWKH
*+]EDQG"
7KHXVHRIDZLUHOHVVDFFHVVSRLQWWKDWFDQXVH *+] *+]VLPXOWDQHRXVO\LV
UHFRPPHQGHG,WFDQQRWEHXVHGVLPXOWDQHRXVO\ZLWKWKLVFDPHUDLILWLVQRWFRPSDWLEOH
,WWDNHVORQJWLPHHYHU\WLPHWRFRQQHFWWRDVPDUWSKRQH
,WPD\WDNHORQJHUWLPHWRFRQQHFWGHSHQGLQJRQWKH:L)LFRQQHFWLRQVHWWLQJRIWKH
VPDUWSKRQHEXWLWLVQRWDPDOIXQFWLRQ
2WKHUV
7KLVXQLWLVQRWGLVSOD\HGLQWKH:L)LVHWWLQJVFUHHQRIWKHVPDUWSKRQH
)URPWKH:L)LVHWWLQJPHQXRQWKHVPDUWSKRQHWXUQRIIDQGWKHQRQWKH:L)LIXQFWLRQ
,KDYHIRUJRWWHQWKHORJLQ,'RUSDVVZRUGIRUWKH³/80,;&/8%´
&KHFNWKHLQIRUPDWLRQLQWKHORJLQVFUHHQRI³/80,;&/8%´
KWWSOXPL[FOXESDQDVRQLFQHWHQJF
,GRQRWKDYHDZLUHOHVVDFFHVVSRLQWDWP\KRPHEXW,ZRXOGOLNHWRSHUIRUP
VHUYLFHXVHUUHJLVWUDWLRQRIWKH³/80,;&/8%´
6HUYLFHXVHUUHJLVWUDWLRQIRUWKH³/80,;&/8%´LVQRWSRVVLEOHLQWKHHQYLURQPHQWZLWKRXWD
ZLUHOHVVDFFHVVSRLQW
,FDQQRWVHQGLPDJHVWRDQ$9GHYLFH
6HQGLQJPD\IDLOGHSHQGLQJRQWKHRSHUDWLRQDOVWDWXVRIWKH$9GHYLFH$OVRVHQGLQJPD\WDNH
DZKLOH
,PDJHVFDQQRWEHWUDQVPLWWHGWRD3&
:KHQWKHILUHZDOORIWKH26VHFXULW\VRIWZDUHHWFLVHQDEOHGFRQQHFWLQJWRWKH3&PD\QRW
EHSRVVLEOH
:KHQ,WU\WRVHWXSD:L)LFRQQHFWLRQZLWKD:LQGRZV3&P\XVHUQDPHDQG
SDVVZRUGDUHQRWUHFRJQL]HGVR,FDQQRWFRQQHFWWRWKH3&
6RPH26YHUVLRQVLQFOXGLQJ:LQGRZVXVHWZRW\SHVRIDFFRXQWVDORFDODFFRXQWDQGD
0LFURVRIWDFFRXQW
%HVXUHWRXVHWKHXVHUQDPHDQGSDVVZRUGIRUWKHORFDODFFRXQW
,I\RXKDYHQ¶WVHWXSDORFDODFFRXQWSOHDVHFUHDWHRQH
7KH3&LVQRWUHFRJQL]HGZKHQ,XVHD:L)LFRQQHFWLRQ7KHFDPHUDFDQQRWEH
FRQQHFWHGWR3&YLD:L)LFRQQHFWLRQ
7KHGHIDXOWZRUNJURXSQDPHLVVHWWR³:25.*5283´,I\RXFKDQJHGWKHZRUNJURXSQDPH
WKH3&ZLOOQRWEHUHFRJQL]HG
,Q>&KDQJH:RUNJURXS1DPH@LQ>3&&RQQHFWLRQ@RIWKH>:L)L6HWXS@PHQXFKDQJHWKH
ZRUNJURXSQDPHWRWKDWRIWKH3&\RXDUHFRQQHFWLQJWR5HIHUWR3IRUGHWDLOV
3OHDVHFRQILUPORJLQQDPHDQGSDVVZRUGDUHFRUUHFWO\W\SHG
:KHQWKHV\VWHPWLPHRI0DFFRPSXWHURU:LQGRZV3&FRQQHFWHGWRDFDPHUDGLIIHUVVHYHUHO\
IURPWKDWRIWKHFDPHUDWKHFDPHUDFDQQRWEHFRQQHFWHGWRWKHFRPSXWHURU3&LQVRPH26V
3OHDVHFRQILUP>&ORFN6HW@DQG>:RUOG7LPH@RIWKHFDPHUDPDWFKHVZLWKWLPHGDWHDQG
WLPH]RQHLQ:LQGRZV3&RU0DFFRPSXWHU:KHQERWKVHWWLQJVGRQRWPDWFKVHYHUHO\
SOHDVHPDWFKWKHP
2WKHUV
,PDJHVFDQQRWEHWUDQVPLWWHGWRWKHZHEVHUYLFH
&RQILUPWKDWWKHORJLQLQIRUPDWLRQORJLQ,'XVHUQDPHHPDLODGGUHVVSDVVZRUGLVFRUUHFW
:HEVHUYLFHVHUYHURUWKHQHWZRUNPD\EHEXV\
7U\DJDLQDIWHUDZKLOH
&KHFNWKHVLWHRIWKHZHEVHUYLFH\RXDUHVHQGLQJWKHLPDJHWR
,WWDNHVWLPHWRWUDQVPLWDQLPDJHWRWKHZHEVHUYLFH
,VWKHVL]HRIWKHLPDJHWRRODUJH"
5HGXFHWKHLPDJHVL]HDW>6L]H@3DQGWKHQVHQG
7UDQVPLWDIWHUGLYLGLQJWKHPRWLRQSLFWXUHZLWK>9LGHR'LYLGH@3
,WPD\WDNHORQJHUWLPHWRWUDQVPLWZKHQGLVWDQFHWRWKHZLUHOHVVDFFHVVSRLQWLVIDU
7UDQVPLWFORVHUWRWKHZLUHOHVVDFFHVVSRLQW
7KHLPDJHWKDWZDVVXSSRVHGWRKDYHXSORDGHGWRWKHZHEVHUYLFHLVQRWWKHUH
8SORDGPD\QRWFRPSOHWHZKHQLWLVGLVFRQQHFWHGZKLOHWUDQVPLWWLQJWKHLPDJH
,WPD\WDNHVRPHWLPHDIWHUXSORDGLQJWKHLPDJHWREHUHIOHFWHGLQWKHZHEVHUYLFHGHSHQGLQJ
RQWKHVWDWXVRIWKHVHUYHU
:DLWIRUDZKLOHDQGWU\DJDLQ
<RXFDQFKHFNWKHWUDQVPLVVLRQVWDWXVRQWKHZHEVHUYLFHOLQNVHWWLQJVE\ORJJLQJLQWR³/80,;
&/8%´
,ZRXOGOLNHWRUHWXUQWKHLPDJHLQWKHZHEVHUYLFHWRWKHFDPHUD
7KHLPDJHVLQWKHZHEVHUYLFHFDQQRWEHVDYHGGRZQORDGHGWRWKLVXQLW
'RQRWGHOHWHWKHXSORDGHGLPDJHVDQGPDNHDEDFNXSRIWKHP
,FDQQRWGLVSOD\RUGHOHWHWKHLPDJHVXSORDGHGWRWKHZHEVHUYLFHE\WKLVXQLW
7KHLPDJHVXSORDGHGWRWKHZHEVHUYLFHFDQQRWEHGLVSOD\HGRUGHOHWHGE\WKLVXQLW
3HUIRUPWKHWDVNXVLQJDVPDUWSKRQHRUD3&
7UDQVPLVVLRQRIWKHLPDJHIDLOVPLGZD\6RPHLPDJHVFDQQRWEHWUDQVPLWWHG
,PDJHFDQQRWEHWUDQVPLWWHGZKHQWKHEDWWHU\LQGLFDWRULVIODVKLQJUHG
,VWKHVL]HRIWKHLPDJHWRRODUJH"
5HGXFHWKHLPDJHVL]HDW>6L]H@3DQGWKHQVHQG
7UDQVPLWDIWHUGLYLGLQJWKHPRWLRQSLFWXUHZLWK>9LGHR'LYLGH@3
)LOHIRUPDWRIWKHPRWLRQSLFWXUHWKDWFDQEHVHQWGLIIHUVGHSHQGLQJRQWKHGHVWLQDWLRQ3
&DSDFLW\RUQXPEHURILPDJHVLQWKHZHEVHUYLFHLVIXOO
/RJLQWR³/80,;&/8%´DQGFKHFNWKHVWDWXVRIWKHGHVWLQDWLRQRQWKHZHEVHUYLFHOLQN
VHWWLQJV
2WKHUV
<RXU³/80,;&/8%´ORJLQ,'DQGSDVVZRUGZHUHGHOHWHGDIWHUVHQGLQJWKH
FDPHUDLQWREHUHSDLUHG
7KHVHWWLQJVVWRUHGLQWKHFDPHUDPD\EHGHOHWHGGHSHQGLQJRQWKHW\SHRIUHSDLU
$OZD\VPDNHDFRS\RILPSRUWDQWVHWWLQJV
,KDYHIRUJRWWHQWKHSDVVZRUGIRUWKH:L)L
([HFXWHWKH>5HVHW:L)L6HWWLQJV@LQWKH>6HWXS@PHQX3
+RZHYHUDOOWKHLQIRUPDWLRQ\RXKDYHVHWRQWKH>:L)L6HWXS@PHQXZLOOEHUHVHWH[FOXGLQJ
>/80,;&/8%@
&DQQRWEHFRQQHFWHGXVLQJ1)&
,V\RXUVPDUWSKRQHFRPSDWLEOHZLWK1)&"
7KLVXQLWFDQEHXVHGZLWK1)&FRPSDWLEOHWHUPLQDOVYLD$QGURLG
0DNHVXUHWKH1)&IXQFWLRQRI\RXUVPDUWSKRQHLV21
,V>1)&2SHUDWLRQ@VHWWR>2))@"3
6RPHVPDUWSKRQHVFDQQRWEHHDVLO\FKHFNHGVLPSO\E\WRXFKLQJ
,IWKHFDPHUDLVQRWUHFRJQL]HGHYHQDIWHUWRXFKLQJFKDQJHSRVLWLRQVDQGWU\DJDLQE\
WRXFKLQJVORZO\
,IWKHGXUDWLRQRIWRXFKLQJLVVKRUWWKHVPDUWSKRQHPD\QRWEHUHFRJQL]HG
7RXFKDQGKROGWKHVPDUWSKRQHIRUDZKLOH
2WKHUV
793&DQGSULQWHU
7KHSLFWXUHGRHVQRWDSSHDURQWKHWHOHYLVLRQ
,VWKHFDPHUDFRQQHFWHGWRWKH79FRUUHFWO\"3
6HWWKH79LQSXWWRH[WHUQDOLQSXWPRGH
7KHSLFWXUHLVQRWGLVSOD\HGIXOO\RQWKH79
7KHGLVSOD\DUHDVRQWKH79VFUHHQDQGWKHFDPHUD¶VPRQLWRUDUHGLIIHUHQW
&KHFN>79$VSHFW@VHWWLQJ3
'HSHQGLQJRQWKH79PRGHOWKHSLFWXUHVPD\EHH[WHQGHGKRUL]RQWDOO\RUYHUWLFDOO\RUWKH\
PD\EHGLVSOD\HGZLWKWKHLUHGJHVFXWRII
7KHPRWLRQSLFWXUHVFDQQRWEHSOD\HGEDFNRQD79
$UH\RXWU\LQJWRSOD\EDFNWKHPRWLRQSLFWXUHVE\GLUHFWO\LQVHUWLQJWKHFDUGLQWKHFDUGVORWRI
WKH79"
&RQQHFWWKHFDPHUDWRWKH79ZLWKWKH$9FDEOHRSWLRQDORUZLWKWKH+'0,PLFURFDEOH
DQGWKHQSOD\EDFNWKHPRWLRQSLFWXUHVRQWKHFDPHUD3
6RXQGLVQRWRXWSXWIURPWKHVSHDNHURIWKHFDPHUD
:KHQDQ$9FDEOHRSWLRQDORUDQ+'0,PLFURFDEOHLVFRQQHFWHGVRXQGLVQRWRXWSXWIURPWKH
FDPHUD
9,(5$ /LQNGRHVQRWZRUN
,VLWFRQQHFWHGSURSHUO\ZLWKWKH+'0,PLFURFDEOH"3
,VWKH>9,(5$/LQN@RQWKLVXQLWVHWWR>21@"3
,IWKHLQSXWFKDQQHOGRHVQRWVZLWFKDXWRPDWLFDOO\XVHWKHUHPRWHFRQWUROIRUWKH79WR
VZLWFKLW
&KHFNWKH9,(5$ /LQNVHWWLQJRQWKHFRQQHFWHGGHYLFH
7XUQWKLVXQLWRIIDQGRQ
6HW>+'$9,&RQWURO@WR>2II@RQWKH79DQGWKHQWXUQLWEDFNWR>2Q@
5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVRIWKH79IRUGHWDLOV
&DQQRWFRPPXQLFDWHZLWKWKH3&
,VWKHFDPHUDUHFRJQL]HGE\WKH3&FRUUHFWO\"
6HWWR>3&@LQ>86%0RGH@3
7XUQWKLVXQLWRIIDQGRQ
2WKHUV
7KHFDUGLVQRWUHFRJQL]HGE\WKH3&
'LVFRQQHFWWKH86%FRQQHFWLRQFDEOH&RQQHFWLWDJDLQZKLOHWKHFDUGLVLQVHUWHGLQWKH
FDPHUD
,IWKHUHDUHWZRRUPRUH86%WHUPLQDORQDVLQJOH3&WU\FRQQHFWLQJWKH86%FRQQHFWLRQFDEOH
WRDQRWKHU86%WHUPLQDO
7KHFDUGLVQRWUHFRJQL]HGE\WKH3&
6';&PHPRU\FDUGLVXVHG
&KHFNLI\RXU3&LVFRPSDWLEOHZLWK6';&PHPRU\FDUGV
KWWSSDQDVRQLFQHWDYFVGFDUGLQIRUPDWLRQ6';&KWPO
$PHVVDJHSURPSWLQJWRIRUPDWWKHFDUGPD\EHGLVSOD\HGZKHQFRQQHFWLQJEXWGRQRWIRUPDW
,IWKH>$FFHVV@GLVSOD\HGRQWKHPRQLWRUGRHVQRWGLVDSSHDUGLVFRQQHFWWKH86%FRQQHFWLRQ
FDEOHDIWHUWXUQLQJWKLVXQLWRII
7KHSLFWXUHFDQQRWEHSULQWHGZKHQWKHFDPHUDLVFRQQHFWHGWRDSULQWHU
3LFWXUHVFDQQRWEHSULQWHGXVLQJDSULQWHUWKDWGRHVQRWVXSSRUW3LFW%ULGJH
6HWWR>3LFW%ULGJH373@LQ>86%0RGH@3
7KHHQGVRIWKHSLFWXUHVDUHFXWDWSULQWLQJ
:KHQXVLQJDSULQWHUZLWKD&URSSLQJRUERUGHUOHVVSULQWLQJIXQFWLRQFDQFHOWKLVIXQFWLRQEHIRUH
SULQWLQJ
)RUGHWDLOVUHIHUWRWKHRSHUDWLQJLQVWUXFWLRQVIRUWKHSULQWHU
:KHQ\RXRUGHUSKRWRVWXGLRVWRSULQWSLFWXUHVDVNWKHSKRWRVWXGLRLIWKHSLFWXUHVFDQEH
SULQWHG
7KHSDQRUDPDSLFWXUHLVQRWSULQWLQJFRUUHFWO\
6LQFHDVSHFWUDWLRRIDSDQRUDPDSLFWXUHGLIIHUVIURPQRUPDOSLFWXUHVLWPD\QRWDOZD\VEH
SRVVLEOHWRSULQWLWFRUUHFWO\
3OHDVHXVHDSULQWHUWKDWVXSSRUWVSDQRUDPDSLFWXUHV
)RUGHWDLOVSOHDVHVHHWKHRSHUDWLQJLQVWUXFWLRQVRI\RXUSULQWHU
:HUHFRPPHQGXVLQJWKH³3+272IXQ678',2´VRIWZDUHRQWKH'9'VXSSOLHGWRDGMXVW
WKHVL]HRIWKHVWLOOSLFWXUHWRWKHSULQWSDSHUVL]H
2WKHUV
:KHQ,VKDNHWKHFDPHUD,KHDUDUDWWOLQJVRXQGIURPWKHDWWDFKHGOHQV
'HSHQGLQJRQWKHOHQV\RXDWWDFKLWPD\PRYHLQVLGHDQGFUHDWHDVRXQG7KLVLVQRWD
PDOIXQFWLRQ
7KHFDPHUDPDNHVDQRLVHZKHQWKLVXQLWLVWXUQHGRQ
7KLVLVWKHQRLVHRIWKH'XVW5HGXFWLRQ)XQFWLRQZRUNLQJ3LWLVQRWDPDOIXQFWLRQ
2WKHUV
7KHUHLVDVRXQGIURPOHQVXQLW
,WLVDVRXQGRIOHQVPRYHPHQWRUDSHUWXUHRSHUDWLRQZKHQWKLVXQLWLVWXUQHGRQRURIIDQGLWLV
QRWDPDOIXQFWLRQ
7KHVRXQGZKLFKLVFDXVHGE\WKHDXWRPDWLFDGMXVWPHQWRIWKHDSHUWXUHLVKHDUGZKHQWKH
EULJKWQHVVKDVFKDQJHGGXHWRIRUH[DPSOH]RRPLQJRUWKHPRYHPHQWRIWKHFDPHUD7KLVLV
QRWDPDOIXQFWLRQ
$QXQUHDGDEOHODQJXDJHZDVVHOHFWHGE\PLVWDNH
3UHVV>0(186(7@VHOHFWWKH>6HWXS@PHQXLFRQ> @DQGWKHQVHOHFWWKH>~@LFRQWRVHWWKH
GHVLUHGODQJXDJH3
3DUWRIWKHSLFWXUHLVIODVKLQJLQEODFNDQGZKLWH
7KLVLVDKLJKOLJKWIXQFWLRQVKRZLQJWKHZKLWHVDWXUDWHGDUHD3
$UHGODPSVRPHWLPHVWXUQVRQZKHQWKHVKXWWHUEXWWRQLVSUHVVHGKDOIZD\
,QGDUNSODFHVWKH$)$VVLVW/DPS3OLJKWVUHGWRPDNHLWHDVLHUWRIRFXVRQDVXEMHFW
7KH$)$VVLVW/DPSGRHVQRWWXUQRQ
,V>$)$VVLVW/DPS@VHWWR>21@"3
7KH$)$VVLVW/DPSGRHVQRWWXUQRQLQEULJKWSODFHV
7KHFDPHUDEHFRPHVZDUP
7KHVXUIDFHRIWKHFDPHUDDQGWKHUHYHUVHVLGHRIWKHPRQLWRUPD\EHFRPHZDUPGXULQJXVH
7KLVGRHVQRWDIIHFWWKHSHUIRUPDQFHRUTXDOLW\RIWKHFDPHUD
7KHFORFNLVUHVHW
,I\RXGRQRWXVHWKHFDPHUDIRUDORQJWLPHWKHFORFNPD\EHUHVHW
>3OHDVHVHWWKHFORFN@PHVVDJHZLOOEHGLVSOD\HGSOHDVHUHVHWWKHFORFN3
7KHILOHQXPEHUVDUHQRWUHFRUGHGFRQVHFXWLYHO\
:KHQ\RXSHUIRUPDQRSHUDWLRQDIWHUWDNLQJDFHUWDLQDFWLRQWKHSLFWXUHVPD\EHUHFRUGHGLQ
IROGHUVZLWKGLIIHUHQWQXPEHUVIURPWKHRQHVXVHGSULRUWRWKHRSHUDWLRQ
7KHILOHQXPEHUVDUHUHFRUGHGZLWKSUHYLRXVO\XVHGQXPEHUV
,I\RXLQVHUWRUUHPRYHWKHEDWWHU\EHIRUHWXUQLQJRIIWKLVXQLWWKHIROGHUDQGILOHQXPEHUVIRUWKH
SLFWXUHVWDNHQZLOOQRWEHVWRUHGLQWKHPHPRU\:KHQWKLVXQLWLVWXUQHGRQDJDLQDQGSLFWXUHV
DUHWDNHQWKH\PD\EHVWRUHGXQGHUILOHQXPEHUVZKLFKVKRXOGKDYHEHHQDVVLJQHGWR
SUHYLRXVSLFWXUHV
2WKHUV
&DXWLRQVIRU8VH
2SWLPDOXVHRIWKHFDPHUD
.HHSWKLVXQLWDVIDUDZD\DVSRVVLEOHIURPHOHFWURPDJQHWLFHTXLSPHQWVXFKDV
PLFURZDYHRYHQV79VYLGHRJDPHVHWF
,I\RXXVHWKLVXQLWRQWRSRIRUQHDUD79WKHSLFWXUHVDQGRUVRXQGRQWKLVXQLWPD\EH
GLVUXSWHGE\HOHFWURPDJQHWLFZDYHUDGLDWLRQ
'RQRWXVHWKLVXQLWQHDUFHOOSKRQHVEHFDXVHGRLQJVRPD\UHVXOWLQQRLVHDGYHUVHO\DIIHFWLQJ
WKHSLFWXUHVDQGRUVRXQG
5HFRUGHGGDWDPD\EHGDPDJHGRUSLFWXUHVPD\EHGLVWRUWHGE\VWURQJPDJQHWLFILHOGV
FUHDWHGE\VSHDNHUVRUODUJHPRWRUV
(OHFWURPDJQHWLFZDYHUDGLDWLRQPD\DGYHUVHO\DIIHFWWKLVXQLWGLVWXUELQJWKHSLFWXUHVDQGRU
VRXQG
,IWKLVXQLWLVDGYHUVHO\DIIHFWHGE\HOHFWURPDJQHWLFHTXLSPHQWDQGVWRSVIXQFWLRQLQJSURSHUO\
WXUQWKLVXQLWRIIDQGUHPRYHWKHEDWWHU\RUGLVFRQQHFW$&DGDSWRURSWLRQDO7KHQUHLQVHUWWKH
EDWWHU\RUUHFRQQHFW$&DGDSWRUDQGWXUQWKLVXQLWRQ
'RQRWXVHWKLVXQLWQHDUUDGLRWUDQVPLWWHUVRUKLJKYROWDJHOLQHV
,I\RXUHFRUGQHDUUDGLRWUDQVPLWWHUVRUKLJKYROWDJHOLQHVWKHUHFRUGHGSLFWXUHVDQGRUVRXQG
PD\EHDGYHUVHO\DIIHFWHG
$OZD\VXVHWKHVXSSOLHGFRUGVDQGFDEOHV
,I\RXXVHRSWLRQDODFFHVVRULHVXVHWKHFRUGVDQGWKHFDEOHVVXSSOLHGZLWKWKHP
'RQRWH[WHQGWKHFRUGVRUWKHFDEOHV
'RQRWVSUD\WKHFDPHUDZLWKLQVHFWLFLGHVRUYRODWLOHFKHPLFDOV
,IWKHFDPHUDLVVSUD\HGZLWKVXFKFKHPLFDOVWKHERG\RIWKHFDPHUDPD\EHGDPDJHGDQGWKH
VXUIDFHILQLVKPD\SHHORII
'RQRWNHHSUXEEHURUSODVWLFSURGXFWVLQFRQWDFWZLWKWKHFDPHUDIRUDORQJSHULRG
RIWLPH
2WKHUV
&OHDQLQJ
%HIRUHFOHDQLQJWKHFDPHUDUHPRYHWKHEDWWHU\RUWKH'&FRXSOHURSWLRQDORU
GLVFRQQHFWWKHSRZHUSOXJIURPWKHRXWOHW7KHQZLSHWKHFDPHUDZLWKDGU\VRIW
FORWK
:KHQWKHFDPHUDLVVRLOHGEDGO\LWFDQEHFOHDQHGE\ZLSLQJWKHGLUWRIIZLWKDZUXQJZHWFORWK
DQGWKHQZLWKDGU\FORWK
:LSHRIIDQ\GLUWRUGXVWRQWKH]RRPULQJDQGWKHIRFXVULQJZLWKDGU\GXVWOHVVFORWK
'RQRWXVHVROYHQWVVXFKDVEHQ]LQHWKLQQHUDOFRKRONLWFKHQGHWHUJHQWVHWFWRFOHDQWKH
FDPHUDVLQFHLWPD\GHWHULRUDWHWKHH[WHUQDOFDVHRUWKHFRDWLQJPD\SHHORII
:KHQXVLQJDFKHPLFDOFORWKEHVXUHWRIROORZWKHDFFRPSDQ\LQJLQVWUXFWLRQV
w $ERXWGLUWRQWKHLPDJHVHQVRU
7KLVFDPHUDIHDWXUHVDQLQWHUFKDQJHDEOHOHQVV\VWHPVRGLUWPD\JHWLQVLGHWKHFDPHUD
ERG\ZKHQFKDQJLQJOHQVHV'HSHQGLQJRQWKHUHFRUGLQJFRQGLWLRQVGLUWRQWKHLPDJH
VHQVRUPD\DSSHDURQWKHUHFRUGHGSLFWXUH
7RSUHYHQWGHEULVRUGXVWDGKHULQJWRLQWHUQDOSDUWVRIWKHERG\DYRLGFKDQJLQJWKHOHQVLQ
DGXVW\HQYLURQPHQWDQGDOZD\VILWWKHERG\FDSRUDOHQVZKHQVWRULQJWKHFDPHUD
5HPRYHDQ\GLUWRQWKHERG\FDSEHIRUHDWWDFKLQJLW
'XVWUHGXFWLRQIXQFWLRQ
7KLVXQLWKDVDGXVWUHGXFWLRQIXQFWLRQWKDWZLOOEORZRIIWKHGHEULVDQGGXVWWKDWKDYH
DIIL[HGWRWKHIURQWRIWKHLPDJLQJGHYLFH
7KLVIXQFWLRQZLOOIXQFWLRQDXWRPDWLFDOO\ZKHQWKHFDPHUDLVWXUQHGRQEXWLI\RXVHH
GXVWSHUIRUPWKH>6HQVRU&OHDQLQJ@3LQWKH>6HWXS@PHQX
5HPRYLQJGLUWRQWKHLPDJHVHQVRU
7KHLPDJHVHQVRULVYHU\SUHFLVHDQGGHOLFDWHVREHVXUHWRREVHUYHWKHIROORZLQJZKHQ
\RXGRKDYHWRFOHDQLW\RXUVHOI
%ORZRIIWKHGXVWRQWKHVXUIDFHRIWKHLPDJHVHQVRUZLWKDFRPPHUFLDOO\DYDLODEOHEORZHU
EUXVK%HFDUHIXOQRWWREORZWRRVWURQJO\
'RQRWSXWWKHEORZHUEUXVKIXUWKHULQVLGHWKDQWKHOHQVPRXQW
'RQRWOHWWKHEORZHUEUXVKWRXFKWKHLPDJHVHQVRUDVWKHLPDJHVHQVRUPD\JHWVFUDWFKHG
'RQRWXVHDQ\REMHFWVH[FHSWDEORZHUEUXVKWRFOHDQWKHLPDJHVHQVRU
,I\RXFDQQRWUHPRYHWKHGLUWRUGXVWZLWKWKHEORZHUFRQVXOWWKHGHDOHURU3DQDVRQLF
2WKHUV
w )RUFDUHRIWKHYLHZILQGHU(\HFXS
%HIRUH\RXUHPRYHVWDLQVRQWKHYLHZILQGHU
DQG(\HFXSRUVWDUWRWKHUW\SHVRIFOHDQLQJ
UHPRYHWKH(\HFXS%ORZDZD\WKHGXVWRQ
WKHYLHZILQGHUVXUIDFHZLWKDEORZHU
FRPPHUFLDOO\DYDLODEOHDQGZLSHWKH
VXUIDFHOLJKWO\ZLWKDGU\VRIWFORWK$WWDFKWKH
(\HFXSDIWHUWKHFOHDQLQJ
%HFDUHIXOQRWWRORVHWKH(\HFXS
.HHSWKH(\HFXSRXWRIUHDFKRIFKLOGUHQWR
SUHYHQWVZDOORZLQJ
$ERXWWKH0RQLWRU9LHZILQGHU
'RQRWSUHVVWKHPRQLWRUZLWKH[FHVVLYHIRUFH8QHYHQFRORUVPD\DSSHDURQWKHPRQLWRUDQGLW
PD\PDOIXQFWLRQ
,IWKHFDPHUDLVFROGZKHQ\RXWXUQLWRQWKHSLFWXUHRQWKH0RQLWRU9LHZILQGHUZLOOEHVOLJKWO\
GDUNHUWKDQXVXDODWILUVW+RZHYHUWKHSLFWXUHZLOOUHWXUQWRQRUPDOEULJKWQHVVZKHQWKHLQWHUQDO
WHPSHUDWXUHRIWKHFDPHUDLQFUHDVHV
([WUHPHO\KLJKSUHFLVLRQWHFKQRORJ\LVHPSOR\HGWRSURGXFHWKH0RQLWRU
9LHZILQGHUVFUHHQ+RZHYHUWKHUHPD\EHVRPHGDUNRUEULJKWVSRWVUHGEOXHRU
JUHHQRQWKHVFUHHQ7KLVLVQRWDPDOIXQFWLRQ7KRXJKWKH0RQLWRU9LHZILQGHU
VFUHHQSDUWVDUHSURGXFHGZLWKKLJKO\FRQWUROOHGSUHFLVLRQWHFKQRORJ\VRPH
SL[HOVPD\EHLQDFWLYHRUDOZD\VOLW7KHVSRWVZLOOQRWEHUHFRUGHGRQSLFWXUHV
RQDFDUG
$ERXWWKH/HQV
'RQRWSUHVVWKHOHQVZLWKH[FHVVLYHIRUFH
'RQRWOHDYHWKHFDPHUDZLWKWKHOHQVIDFLQJWKHVXQDVUD\VRIOLJKWIURPWKHVXQPD\FDXVHLW
WRPDOIXQFWLRQ$OVREHFDUHIXOZKHQSODFLQJWKHFDPHUDRXWVLGHRUQHDUDZLQGRZ
:KHQWKHUHLVGLUWZDWHURLODQGILQJHUSULQWVHWFRQWKHVXUIDFHRIWKHOHQVWKHSLFWXUHPD\
EHDIIHFWHG/LJKWO\ZLSHWKHVXUIDFHRIWKHOHQVZLWKDVRIWGU\FORWKEHIRUHDQGDIWHUWDNLQJ
SLFWXUHV
'RQRWSODFHWKHOHQVPRXQWIDFLQJGRZQZDUGV'RQRWDOORZWKHOHQV
PRXQWFRQWDFWVWREHFRPHGLUW\
7RLPSURYHWKHGXVWDQGVSODVKSURRISHUIRUPDQFHWKHPRXQWRIWKH
LQWHUFKDQJHDEOHOHQV++6LVHPEHGGHGZLWKWKHOHQVPRXQW
UXEEHU,I\RXFKDQJHWKHOHQVUHSHDWHGO\IULFWLRQZLWKWKHOHQVPRXQW
UXEEHUPD\OHDYHVFUDWFKHVRQWKHFDPHUD¶VPRXQW+RZHYHUWKRVH
VFUDWFKHVGRQRWDIIHFWWKHSHUIRUPDQFHRIWKLVXQLW)RUWKH
UHSODFHPHQWRIWKHOHQVPRXQWUXEEHUFRQWDFW3DQDVRQLF
2WKHUV
%DWWHU\
7KHEDWWHU\LVDUHFKDUJHDEOHOLWKLXPLRQEDWWHU\,WVDELOLW\WRJHQHUDWHSRZHUFRPHV
IURPWKHFKHPLFDOUHDFWLRQWKDWWDNHVSODFHLQVLGHLW7KLVUHDFWLRQLVVXVFHSWLEOHWR
WKHVXUURXQGLQJWHPSHUDWXUHDQGKXPLGLW\,IWKHWHPSHUDWXUHLVWRRKLJKRUWRRORZ
WKHRSHUDWLQJWLPHRIWKHEDWWHU\ZLOOEHFRPHVKRUWHU
$OZD\VUHPRYHWKHEDWWHU\DIWHUXVH
3ODFHWKHUHPRYHGEDWWHU\LQDSODVWLFEDJDQGVWRUHRUNHHSDZD\IURPPHWDOOLFREMHFWVFOLSV
HWF
,I\RXGURSWKHEDWWHU\DFFLGHQWDOO\FKHFNWRVHHLIWKHERG\RIWKHEDWWHU\DQGWKH
WHUPLQDOVDUHGDPDJHG
,QVHUWLQJDGDPDJHGEDWWHU\LQWKHFDPHUDZLOOGDPDJHWKHFDPHUD
%ULQJFKDUJHGVSDUHEDWWHULHVZKHQJRLQJRXW
%HDZDUHWKDWWKHRSHUDWLQJWLPHRIWKHEDWWHU\EHFRPHVVKRUWHULQORZWHPSHUDWXUHFRQGLWLRQV
VXFKDVDWDVNLUHVRUW
:KHQ\RXWUDYHOGRQRWIRUJHWWREULQJWKHEDWWHU\FKDUJHUVXSSOLHGVRWKDW\RXFDQFKDUJH
WKHEDWWHU\LQWKHFRXQWU\WKDW\RXDUHWUDYHOLQJLQ
'LVSRVHRIXQXVDEOHEDWWHU\
7KHEDWWHU\KDVDOLPLWHGOLIH
'RQRWWKURZWKHEDWWHU\LQWRILUHEHFDXVHLWPD\FDXVHDQH[SORVLRQ
7KHXQXVDEOHEDWWHU\VKRXOGEHGLVFDUGHGLQDFFRUGDQFHZLWKEDWWHU\UHF\FOLQJODZV&DOOWKH
5%5&KRWOLQHDWIRULQIRUPDWLRQ
'RQRWDOORZEDWWHU\WHUPLQDOVWRFRPHLQWRFRQWDFWZLWKPHWDOREMHFWVVXFKDV
QHFNODFHVKDLUSLQVHWF
7KLVFDQFDXVHVKRUWFLUFXLWLQJRUKHDWJHQHUDWLRQDQG\RXPD\EHEDGO\EXUQHGLI\RXWRXFKD
EDWWHU\
&KDUJHU
7KH>&+$5*(@LQGLFDWRUPD\EOLQNXQGHUWKHLQIOXHQFHRIVWDWLFHOHFWULFLW\RUHOHFWURPDJQHWLF
ZDYH7KLVSKHQRPHQRQKDVQRHIIHFWVRQFKDUJLQJ
,I\RXXVHWKHEDWWHU\FKDUJHUQHDUDUDGLRWKHUDGLRUHFHSWLRQPD\EHGLVWXUEHG
.HHSWKHFKDUJHU P IHHWRUPRUHDZD\IURPUDGLR
7KHFKDUJHUPD\JHQHUDWHZKLUULQJVRXQGVZKHQLWLVEHLQJXVHG7KLVLVQRWDPDOIXQFWLRQ
$IWHUXVHEHVXUHWRGLVFRQQHFWWKHSRZHUVXSSO\GHYLFHIURPWKHHOHFWULFDORXWOHW
$YHU\VPDOODPRXQWRIFXUUHQWLVFRQVXPHGLILWLVOHIWFRQQHFWHG
.HHSWKHWHUPLQDOVRIWKHFKDUJHUDQGEDWWHU\FOHDQ
2WKHUV
$ERXW'
w $ERXW'UHFRUGLQJ
:LWKWKH'LQWHUFKDQJHDEOHOHQVDWWDFKHGGRQRWUHFRUGDVXEMHFWDWOHVVWKDQWKH
PLQLPXPIRFXVGLVWDQFH
7KH'HIIHFWVPD\EHPRUHSURQRXQFHGDQGWKHUHIRUHFDXVHWLUHGQHVVRUGLVFRPIRUW
:KHQWKH'LQWHUFKDQJHDEOHOHQV+)7RSWLRQDOLVXVHGWKHPLQLPXPIRFXVGLVWDQFHLV
P IHHW
:KHQUHFRUGLQJZLWKWKH'LQWHUFKDQJHDEOHOHQVDWWDFKHGEHFDUHIXOQRWWRVKDNH
WKHXQLW
7LUHGQHVVRUGLVFRPIRUWPD\UHVXOWLIWKHVKDNHLVSURQRXQFHGGXHWRULGLQJLQDYHKLFOHRU
ZDONLQJHWF
:HUHFRPPHQGXVLQJDWULSRG
&DUG
'RQRWOHDYHWKHFDUGZKHUHWKHWHPSHUDWXUHLVKLJKZKHUHHOHFWURPDJQHWLFZDYHV
RUVWDWLFHOHFWULFLW\DUHHDVLO\JHQHUDWHGRUH[SRVHGWRGLUHFWVXQOLJKW
'RQRWEHQGRUGURSWKHFDUG
7KHFDUGPD\EHGDPDJHGRUWKHUHFRUGHGFRQWHQWPD\EHGDPDJHGRUGHOHWHG
3XWWKHFDUGLQWKHFDUGFDVHRUWKHVWRUDJHEDJDIWHUXVHDQGZKHQVWRULQJRUFDUU\LQJWKH
FDUG
'RQRWDOORZGLUWGXVWRUZDWHUWRJHWLQWRWKHWHUPLQDOVRQWKHEDFNRIWKHFDUGDQGGRQRW
WRXFKWKHWHUPLQDOVZLWK\RXUILQJHUV
1RWLFHIRUZKHQWUDQVIHUULQJWRDQRWKHUSDUW\RUGLVSRVLQJRIWKHPHPRU\FDUG
³)RUPDW´RU³GHOHWH´XVLQJWKHFDPHUDRUD3&ZLOORQO\PRGLI\WKHILOHPDQDJHPHQW
LQIRUPDWLRQLWZLOOQRWHUDVHWKHGDWDLQWKHPHPRU\FDUGFRPSOHWHO\
,WLVUHFRPPHQGHGWRSK\VLFDOO\GHVWUR\WKHPHPRU\FDUGRUXVHWKHFRPPHUFLDOO\
DYDLODEOHFRPSXWHUGDWDGHOHWLRQVRIWZDUHWRFRPSOHWHO\HUDVHWKHGDWDLQWKH
PHPRU\FDUGEHIRUHWUDQVIHUULQJWRDQRWKHUSDUW\RUGLVSRVLQJ
0DQDJHPHQWRIGDWDLQWKHPHPRU\FDUGLVWKHUHVSRQVLELOLW\RIWKHXVHU
2WKHUV
$ERXWWKHSHUVRQDOLQIRUPDWLRQ
,IDQDPHRUELUWKGD\LVVHWIRU>3URILOH6HWXS@)DFH5HFRJQLWLRQIXQFWLRQWKLVSHUVRQDO
LQIRUPDWLRQLVNHSWLQWKHFDPHUDDQGUHFRUGHGLQWKHLPDJH
:HUHFRPPHQGWKDW\RXHQDEOH>:L)L3DVVZRUG@DQG>:L)L)XQFWLRQ/RFN@WRSURWHFW
SHUVRQDOLQIRUPDWLRQ3
'LVFODLPHU
,QIRUPDWLRQLQFOXGLQJSHUVRQDOLQIRUPDWLRQPD\EHDOWHUHGRUYDQLVKGXHWRHUURQHRXV
RSHUDWLRQHIIHFWRIVWDWLFHOHFWULFLW\DFFLGHQWPDOIXQFWLRQUHSDLURURWKHUKDQGOLQJV
3OHDVHQRWHLQDGYDQFHWKDW3DQDVRQLFLVQRWOLDEOHLQDQ\ZD\IRUDQ\GLUHFWRULQGLUHFWGDPDJH
IURPWKHDOWHUDWLRQRUYDQLVKLQJRILQIRUPDWLRQRUSHUVRQDOLQIRUPDWLRQ
:KHQUHTXHVWLQJDUHSDLUWUDQVIHUULQJWRDQRWKHUSDUW\RUGLVSRVLQJ
$IWHUPDNLQJDFRS\RISHUVRQDOLQIRUPDWLRQDOZD\VGHOHWHLQIRUPDWLRQVXFKDVSHUVRQDO
LQIRUPDWLRQDQGZLUHOHVV/$1FRQQHFWLRQVHWWLQJVWKDW\RXKDYHVDYHGZLWKLQWKHFDPHUDZLWK
>5HVHW:L)L6HWWLQJV@>'HOHWHDFFRXQW@3
5HVHWWKHVHWWLQJVWRSURWHFWWKHSHUVRQDOLQIRUPDWLRQ3
5HPRYHWKHPHPRU\FDUGIURPWKHFDPHUDZKHQUHTXHVWLQJDUHSDLU
6HWWLQJVPD\UHWXUQWRIDFWRU\GHIDXOWZKHQFDPHUDLVUHSDLUHG
3OHDVHFRQWDFWWKHGHDOHUZKHUH\RXSXUFKDVHGWKHFDPHUDRU3DQDVRQLFLIDERYHRSHUDWLRQV
DUHQRWSRVVLEOHGXHWRPDOIXQFWLRQ
:KHQWUDQVIHUULQJWRDQRWKHUSDUW\RUGLVSRVLQJRIWKHPHPRU\FDUGSOHDVHUHIHUWR
³1RWLFHIRUZKHQWUDQVIHUULQJWRDQRWKHUSDUW\RUGLVSRVLQJRIWKHPHPRU\FDUG´
3
:KHQXSORDGLQJLPDJHVRQZHEVHUYLFHV
,PDJHVPD\FRQWDLQLQIRUPDWLRQWKDWFDQEHXVHGIRULGHQWLI\LQJLQGLYLGXDOVVXFKDVWLWOHV
UHFRUGLQJGDWHVDQGORFDWLRQLQIRUPDWLRQ:KHQXSORDGLQJLPDJHVRQZHEVHUYLFHVFKHFN
FDUHIXOO\DQGWKHQXSORDG
:KHQQRWXVLQJWKHFDPHUDIRUDORQJSHULRGRIWLPH
6WRUHWKHEDWWHU\LQDFRRODQGGU\SODFHZLWKDUHODWLYHO\VWDEOHWHPSHUDWXUH>5HFRPPHQGHG
WHPSHUDWXUH Q&WR Q&Q)WRQ)5HFRPPHQGHGKXPLGLW\ 5+WR5+@
$OZD\VUHPRYHWKHEDWWHU\DQGWKHFDUGIURPWKHFDPHUD
,IWKHEDWWHU\LVOHIWLQVHUWHGLQWKHFDPHUDLWZLOOGLVFKDUJHHYHQLIWKHFDPHUDLVWXUQHGRII,I
WKHEDWWHU\FRQWLQXHVWREHOHIWLQWKHFDPHUDLWZLOOGLVFKDUJHH[FHVVLYHO\DQGPD\EHFRPH
XQXVDEOHHYHQLIFKDUJHG
:KHQVWRULQJWKHEDWWHU\IRUDORQJSHULRGRIWLPHZHUHFRPPHQGFKDUJLQJLWRQFHD\HDU
5HPRYHWKHEDWWHU\IURPWKHFDPHUDDQGVWRUHLWDJDLQDIWHULWKDVFRPSOHWHO\GLVFKDUJHG
:HUHFRPPHQGVWRULQJWKHFDPHUDZLWKDGHVLFFDQWVLOLFDJHOZKHQ\RXNHHSLWLQDFORVHWRU
DFDELQHW
&KHFNDOOWKHSDUWVEHIRUHWDNLQJSLFWXUHVZKHQ\RXKDYHQRWXVHGWKHFDPHUDIRUDORQJSHULRG
RIWLPH
2WKHUV
$ERXWWKHSLFWXUHGDWD
5HFRUGHGGDWDPD\EHGDPDJHGRUORVWLIWKHFDPHUDEUHDNVGRZQGXHWRLQDSSURSULDWH
KDQGOLQJ3DQDVRQLFZLOOQRWEHOLDEOHIRUDQ\GDPDJHFDXVHGGXHWRORVVRIUHFRUGHGGDWD
$ERXWWULSRGVRUXQLSRGV
:KHQ\RXXVHDWULSRGPDNHVXUHWKHWULSRGLVVWDEOHZKHQWKLVXQLWLVDWWDFKHGWRLW
<RXPD\QRWEHDEOHWRUHPRYHWKHFDUGRUWKHEDWWHU\ZKHQXVLQJDWULSRGRUXQLSRG
0DNHVXUHWKDWWKHVFUHZRQWKHWULSRGRUXQLSRGLVQRWDWDQDQJOHZKHQDWWDFKLQJRUGHWDFKLQJ
WKHFDPHUD<RXPD\GDPDJHWKHVFUHZRQWKHFDPHUDLI\RXXVHH[FHVVLYHIRUFHZKHQ
WXUQLQJLW$OVRWKHFDPHUDERG\DQGWKHUDWLQJODEHOPD\EHGDPDJHGRUVFUDWFKHGLIWKH
FDPHUDLVDWWDFKHGWRRWLJKWO\WRWKHWULSRGRUXQLSRG
:KHQXVLQJWKLVXQLWZLWKDODUJHGLDPHWHUOHQVWKHOHQVPD\FRPHLQWRFRQWDFWZLWKWKH
SHGHVWDOGHSHQGLQJRQWKHWULSRGXQLSRG7LJKWHQLQJWKHVFUHZZLWKWKHOHQVDQGSHGHVWDOLQ
FRQWDFWZLWKHDFKRWKHUPD\GDPDJHWKLVXQLWRUWKHOHQV7KHUHIRUHLWLVUHFRPPHQGHGWR
DWWDFKWKHWULSRGDGDSWRU'0:7$RSWLRQDOEHIRUHPRXQWLQJRQWKHWULSRGXQLSRG
5HDGWKHRSHUDWLQJLQVWUXFWLRQVIRUWKHWULSRGRUXQLSRGFDUHIXOO\
$ERXWWKHVKRXOGHUVWUDS
,I\RXDWWDFKDKHDY\LQWHUFKDQJHDEOHOHQVPRUHWKDQDERXW NJ R]WRWKHFDPHUDERG\
GRQRWFDUU\WKHFDPHUDE\WKHVKRXOGHUVWUDS
+ROGWKHFDPHUDDQGWKHOHQVZKHQFDUU\LQJWKHP
:L)LIXQFWLRQ
w 8VHWKHFDPHUDDVDZLUHOHVV/$1GHYLFH
:KHQXVLQJHTXLSPHQWRUFRPSXWHUV\VWHPVWKDWUHTXLUHPRUHUHOLDEOHVHFXULW\WKDQ
ZLUHOHVV/$1GHYLFHVHQVXUHWKDWWKHDSSURSULDWHPHDVXUHVDUHWDNHQIRUVDIHW\GHVLJQV
DQGGHIHFWVIRUWKHV\VWHPVXVHG3DQDVRQLFZLOOQRWWDNHDQ\UHVSRQVLELOLW\IRUDQ\
GDPDJHWKDWDULVHVZKHQXVLQJWKHFDPHUDIRUDQ\SXUSRVHRWKHUWKDQDVDZLUHOHVV/$1
GHYLFH
w 8VHRIWKH:L)LIXQFWLRQRIWKLVFDPHUDLVSUHVXPHGWREHLQFRXQWULHVZKHUHWKLV
FDPHUDLVVROG
7KHUHLVWKHULVNWKDWWKHFDPHUDYLRODWHVWKHUDGLRZDYHUHJXODWLRQVLIXVHGLQFRXQWULHV
RWKHUWKDQWKRVHZKHUHWKLVFDPHUDLVVROGDQG3DQDVRQLFWDNHVQRUHVSRQVLELOLW\IRUDQ\
YLRODWLRQV
w 7KHUHLVWKHULVNWKDWGDWDVHQWDQGUHFHLYHGYLDUDGLRZDYHVPD\EHLQWHUFHSWHG
3OHDVHQRWHWKDWWKHUHLVWKHULVNWKDWGDWDVHQWDQGUHFHLYHGYLDUDGLRZDYHVPD\EH
LQWHUFHSWHGE\DWKLUGSDUW\
2WKHUV
w 'RQRWXVHWKHFDPHUDLQDUHDVZLWKPDJQHWLFILHOGVVWDWLFHOHFWULFLW\RU
LQWHUIHUHQFH
'RQRWXVHWKHFDPHUDLQDUHDVZLWKPDJQHWLFILHOGVVWDWLFHOHFWULFLW\RULQWHUIHUHQFHVXFKDV
QHDUPLFURZDYHRYHQV7KHVHPD\FDXVHWKHLQWHUUXSWLRQRIWKHUDGLRZDYHV
8VLQJWKHFDPHUDQHDUGHYLFHVVXFKDVPLFURZDYHRYHQVRUFRUGOHVVWHOHSKRQHVWKDWXVHWKH
*+]UDGLRZDYHEDQGPD\FDXVHDGHFUHDVHLQSHUIRUPDQFHLQERWKGHYLFHV
w 'RQRWFRQQHFWWRWKHZLUHOHVVQHWZRUN\RXDUHQRWDXWKRUL]HGWRXVH
:KHQWKHFDPHUDXWLOL]HVLWV:L)LIXQFWLRQZLUHOHVVQHWZRUNVZLOOEHVHDUFKHG
DXWRPDWLFDOO\:KHQWKLVKDSSHQVZLUHOHVVQHWZRUNVWKDW\RXDUHQRWDXWKRUL]HGWRXVH
66,'_PD\EHGLVSOD\HGKRZHYHUGRQRWDWWHPSWWRFRQQHFWWRWKHQHWZRUNDVLWPD\EH
FRQVLGHUHGDVXQDXWKRUL]HGDFFHVV
_ 66,'UHIHUVWRWKHQDPHWKDWLVXVHGWRLGHQWLI\DQHWZRUNRYHUDZLUHOHVV/$1FRQQHFWLRQ,I
WKH66,'PDWFKHVIRUERWKGHYLFHVWUDQVPLVVLRQLVSRVVLEOH
2WKHUV
*0,&526<67(0LVDOHQVH[FKDQJHW\SHGLJLWDOFDPHUD
V\VWHPRI/80,;EDVHGRQD0LFUR)RXU7KLUGV6\VWHP
VWDQGDUG
0LFUR)RXU7KLUGVDQG0LFUR)RXU7KLUGV/RJRPDUNVDUH
WUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRI2O\PSXV,PDJLQJ
&RUSRUDWLRQLQ-DSDQWKH8QLWHG6WDWHVWKH(XURSHDQ8QLRQ
DQGRWKHUFRXQWULHV
)RXU7KLUGVDQG)RXU7KLUGV/RJRPDUNVDUHWUDGHPDUNVRU
UHJLVWHUHGWUDGHPDUNVRI2O\PSXV,PDJLQJ&RUSRUDWLRQLQ
-DSDQWKH8QLWHG6WDWHVWKH(XURSHDQ8QLRQDQGRWKHU
FRXQWULHV
6';&/RJRLVDWUDGHPDUNRI6'&//&
³$9&+'´³$9&+' 3URJUHVVLYH´DQGWKH³$9&+' 3URJUHVVLYH´
ORJRDUHWUDGHPDUNVRI3DQDVRQLF&RUSRUDWLRQDQG6RQ\
&RUSRUDWLRQ
0DQXIDFWXUHGXQGHUOLFHQVHIURP'ROE\/DERUDWRULHV
'ROE\DQGWKHGRXEOH'V\PERODUHWUDGHPDUNVRI'ROE\
/DERUDWRULHV
+'0,WKH+'0,/RJRDQG+LJK'HILQLWLRQ0XOWLPHGLD
,QWHUIDFHDUHWUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRI+'0,
/LFHQVLQJ//&LQWKH8QLWHG6WDWHVDQGRWKHUFRXQWULHV
+'$9,&RQWUROLVDWUDGHPDUNRI3DQDVRQLF&RUSRUDWLRQ
$GREHLVDWUDGHPDUNRUUHJLVWHUHGWUDGHPDUNRI$GREH6\VWHPV,QFRUSRUDWHGLQWKH8QLWHG
6WDWHVDQGRURWKHUFRXQWULHV
3HQWLXPLVDWUDGHPDUNRI,QWHO&RUSRUDWLRQLQWKH86DQGRURWKHUFRXQWULHV
L0RYLH0DFDQG0DF26DUHWUDGHPDUNVRI$SSOH,QFUHJLVWHUHGLQWKH86DQGRWKHU
FRXQWULHV
L3DGL3KRQHL3RGDQGL3RGWRXFKDUHWUDGHPDUNVRI$SSOH,QFUHJLVWHUHGLQWKH86DQG
RWKHUFRXQWULHV
$SS 6WRUHLVDVHUYLFHPDUNRI$SSOH ,QF
:LQGRZVDQG:LQGRZV9LVWDDUHHLWKHUUHJLVWHUHGWUDGHPDUNVRUWUDGHPDUNVRI0LFURVRIW
&RUSRUDWLRQLQWKH8QLWHG6WDWHVDQGRURWKHUFRXQWULHV
$QGURLGDQG*RRJOH 3OD\DUHWUDGHPDUNVRUUHJLVWHUHG
WUDGHPDUNVRI*RRJOH,QF
7KH:L)L&(57,),('/RJRLVDFHUWLILFDWLRQPDUNRI
:L)L$OOLDQFH
7KH:L)L3URWHFWHG6HWXS,GHQWLILHUPDUNLVD
FHUWLILFDWLRQPDUNRI:L)L$OOLDQFH
³:L)L´DQG³:L)L'LUHFW´DUHUHJLVWHUHGWUDGHPDUNV
RI:L)L$OOLDQFH
³:L)L3URWHFWHG6HWXS´³:3$´DQG³:3$´DUH
WUDGHPDUNVRI:L)L$OOLDQFH
'/1$WKH'/1$/RJRDQG'/1$&(57,),('DUH
WUDGHPDUNVVHUYLFHPDUNVRUFHUWLILFDWLRQPDUNVRIWKH
'LJLWDO/LYLQJ1HWZRUN$OOLDQFH
7KLVSURGXFWXVHV³'\QD)RQW´IURP'\QD&RPZDUH
&RUSRUDWLRQ'\QD)RQWLVDUHJLVWHUHGWUDGHPDUNRI
'\QD&RPZDUH7DLZDQ,QF
45&RGHLVDUHJLVWHUHGWUDGHPDUNRI'(162:$9(
,1&25325$7('
2WKHUQDPHVRIV\VWHPVDQGSURGXFWVPHQWLRQHGLQ
WKHVHLQVWUXFWLRQVDUHXVXDOO\WKHUHJLVWHUHGWUDGHPDUNV
RUWUDGHPDUNVRIWKHPDQXIDFWXUHUVZKRGHYHORSHGWKHV\VWHPRUSURGXFWFRQFHUQHG
7KLVSURGXFWLVOLFHQVHGXQGHUWKH$9&3DWHQW3RUWIROLR/LFHQVHIRUWKHSHUVRQDOXVHRID
FRQVXPHURURWKHUXVHVLQZKLFKLWGRHVQRWUHFHLYHUHPXQHUDWLRQWRLHQFRGHYLGHRLQ
FRPSOLDQFHZLWKWKH$9&6WDQGDUG³$9&9LGHR´DQGRULLGHFRGH$9&9LGHRWKDWZDV
HQFRGHGE\DFRQVXPHUHQJDJHGLQDSHUVRQDODFWLYLW\DQGRUZDVREWDLQHGIURPDYLGHR
SURYLGHUOLFHQVHGWRSURYLGH$9&9LGHR1ROLFHQVHLVJUDQWHGRUVKDOOEHLPSOLHGIRUDQ\RWKHU
XVH$GGLWLRQDOLQIRUPDWLRQPD\EHREWDLQHGIURP03(*/$//&
6HHKWWSZZZPSHJODFRP