




4XH W RQ
6Hu H 2

RRNoHW 6o 1R
:u WH KHuH 5Roo 1XpeHu dQG Q Hu 6KHHW 1R





5Roo 1R Q Hu 6KHHW 1R

UDWLRQ +R U 7RWDO 0DUNV

HFodudW RQ e QY odWRu
, HUWLI W DW , DYH F HFNHG W DW W H 5ROO 1 PEHU DQG W H
QVZHU 6 HHW 1 PEHU ZULWWHQ E W H DQGLGDWH RQ W H T HVWLRQ
SDSHU DQG W H 205 6 HHW DUH FRUUHFW DQG W H QVZHU 6 HHW
1 PEHU PDWF HV W H 4 HVWLRQ RRNOHW 1 PEHU H DFWO
HFodudW RQ e dQG GdWH
, QGHUWDNH QRW WR HPSOR DQ QIDLU PHDQV LQ W LV H DP , DYH F HFNHG W H 4 HVWLRQ
RRNOHW 1 PEHU DQG W H QVZHU 6 HHW 1 PEHU DQG ERW DUH LGHQWLFDO DQG DYH
EHHQ FRUUHFWO HQWHUHG E PH Z HUHYHU LQGLFDWHG

6 QdWXuH RI WKH QY odWRu WK 1dpH 6 QdWXuH RI WKH dQG GdWH WK 1dpH

5HDG W H IROORZLQ LQVWU FWLRQV FDUHI OO EHIRUH R EH LQ WR DQVZHU W H T HVWLRQV

03257 17 16758 7 216 72 1 7 6

7 H 5ROO 1R LV D GL LW 1R W H FDQGLGDWH QHHGV WR FLUFOH W H 5ROO 1R LQ W H QVZHU 6 HHW
7 H DSSURSULDWH LUFOH V R OG EH V DGHG IRU 5ROO 1R 7 LV V R OG EH GRQH FDUHI OO EHFD VH RQO
W H V DGHG FLUFOHV DUH VFDQQHG
9DO DWLRQ RI QVZHU 6 HHW ZLOO EH GRQH RQ W H FRPS WHU DQGLGDWH V R OG QRW PDNH DQ VWUD
PDUNV RQ W H QVZHU 6 HHW WDPSHU ZLW RU P WLODWH LW 2W HUZLVH LW ZLOO QRW EH HYDO DWHG
3OHDVH F HFN DOO W H SD HV RI W H RRNOHW FDUHI OO ,Q FDVH RI DQ GHIHFW SOHDVH DVN W H ,QYL LODWRU
IRU UHSODFHPHQW RI W H RRNOHW
R P VW QRW WHDU RII RU UHPRYH DQ V HHW IURP W LV RRNOHW 7 H QVZHU 6 HHW P VW EH DQGHG
RYHU WR W H ,QYL LODWRU EHIRUH R OHDYH W H ( DPLQDWLRQ +DOO
OO T HVWLRQV DUH FRPS OVRU DQG HDF 4 HVWLRQ FDUULHV PDUNV
7KH SdSHu Fduu H QH dW YH pduN Q Ru HdFK uRQ dQ Hu pduN oo eH GHGXFWHG
7 LV RRNOHW FRQWDLQV T HVWLRQV
8VH RI DOF ODWRU 3DOPWRS /DSWRS 2W HU L LWDO ,QVWU PHQW 0RELOH HOO 3 RQH 3D HU LV QRW DOORZHG
DQGLGDWHV IR QG LOW RI PLVFRQG FW VLQ QIDLU PHDQV LQ W H ( DPLQDWLRQ +DOO ZLOO EH OLDEOH IRU DSSURSULDWH SHQDO OH DO
DFWLRQ
1R 5RX K :RuN WR eH GRQH RQ WKH Q Hu 6KHHW dQG RQo Q oH 205 Q Hu 6KHHW oo eH SuRY GHG
7 LV ERRNOHW FRQWDLQV SD HV
uHFW RQ (DF T HVWLRQ RU LQFRPSOHWH VWDWHPHQW LV IROORZHG E IR U DOWHUQDWLYH V HVWHG DQVZHUV RU FRPSOHWLRQV
,Q HDF FDVH R DUH UHT LUHG WR VHOHFW W H RQH W DW FRUUHFWO DQVZHUV W H T HVWLRQ RU FRPSOHWHV W H VWDWHPHQW DQG EODFNHQ
DSSURSULDWH FLUFOH D E F RU G E O H ODFN DOO 3RLQW 3HQ SURYLGHG E W H ERDUG D DLQVW W H T HVWLRQ FRQFHUQHG LQ W H
QVZHU 6 HHW
0DUN R U DQVZHU E V DGLQ W H DSSURSULDWH FLUFOH D DLQVW HDF T HVWLRQ 7 H FLUFOH V R OG EH V DGHG FRPSOHWHO ZLW R W
OHDYLQ DQ VSDFH 7 H FRUUHFW PHW RG RI V DGLQ LV LYHQ EHORZ

:URQ 0HW RG :URQ 0HW RG :URQ 0HW RG RUUHFW 0HW RG

  

7 H DQGLGDWH P VW PDUN LV HU UHVSRQVH DIWHU FDUHI O FRQVLGHUDWLRQ DV LW LV QRW SRVVLEOH WR F DQ H W H UHVSRQVH RQFH LW
LV PDUNHG

7 HUH LV RQO RQH FRUUHFW DQVZHU WR HDF T HVWLRQ R V R OG EODFNHQ W H FLUFOH RI W H DSSURSULDWH FRO PQ YL D E F RU G
,I R EODFNHQ PRUH W DQ RQH FLUFOH D DLQVW DQ RQH T HVWLRQ W H DQVZHU ZLOO EH WUHDWHG DV ZURQ
8VH W H VSDFH IRU UR ZRUN LYHQ DW W H EH LQQLQ RI W H 4 HVWLRQ RRNOHW RQO DQG QRW RQ W H QVZHU 6 HHW
RX duH 127 uHtX uHG WR pduN RXu dQ Hu Q WK RRNoHW oo dQ Hu pX W eH QG FdWHG Q WKH Q Hu 6KHHW RQo


 5(
+(
7(
5,
:
2 7
1
2
63 25 528 :25.
63 25 528 :25.
7 H SDUW W DW GRHVQ W EHORQ WR 7 VT DUH LV
D :RUNLQ HG H E ODGH
F 6WRFN G (ERQ

: LF LV QRW W H VH RI GLYLGHU
D 7R GLYLGH F UYHG RU VWUDL W OLQHV LQWR GHVLUHG Q PEHU RI HT DO SDUWV
E 7R GUDZ FLUFOHV
F 7R WUDQVIHU GLPHQVLRQV IURP RQH SDUW RI W H GUDZLQ WR DQRW HU SDUW
G 7R VHW RII LYHQ GLVWDQFHV IURP W H VFDOH WR W H GUDZLQ

FFRUGLQ WR W H ,QGLDQ 6WDQGDUG ,QVWLW WLRQ ,6, Z LF DPRQ W H IROORZLQ

GHVL QDWLRQ DV W H VL H LQ PP
D E F G

BBBBBBBBB LV VHG WR GUDZ F UYHV Z LF DUH QRW FLUF ODU

D RPSDVV E 3URWUDFWRU
F )UHQF F UYHV G 3UR FLUFOH

: DW LV W H QH W L HVW WULPPHG VL H RI PP PP LQ GUDZLQ SDSHUV

D PP PP
E PP PP
F PP PP
G PP PP

7 H UDGH EHFRPHV BBBBBBBBB DFFRUGLQ WR W H IL UH SODFHG LQ IURQW RI W H OHWWHU

HWF
D DUGHU E OL WHU
F GDUNHU G VRIWHU

FFRUGLQ WR W H ,QGLDQ 6WDQGDUG ,QVWLW WLRQ ,6, Z DW LV W H VL H RI W H

GHVL QDWLRQ LQ PP
D E
F G

: DW LV W H I OO IRUP RI ,6
D 7 H VLQHVV RI ,QWHUQDWLRQDO 6WDQGDUGV
E UHD RI ,QWHUQDWLRQDO 6WDQGDUGV
F UHD RI ,QGLDQ 6WDQGDUGV
G 7 H VLQHVV RI ,QGLDQ 6WDQGDUGV
3 W W H VWDWHPHQWV LQ DQ RUGHU WR GLYLGH W H OLQH LQWR SDUWV VLQ W H
SULQFLSOH RI GLD RQDO VFDOHV
L 1 PEHU W H GLYLVLRQ SRLQWV DV S WR VWDUWLQ IURP DQG ODWHU MRLQ
LL LYLGH W H OLQH LQWR HT DO SDUWV
LLL UDZ D SHUSHQGLF ODU OLQH WR W H OLQH
LY +HQFH ′ LV DQG VLPLODUO RW HU ′ LV
Y 1 PEHU W H F WWLQ SRLQWV RQ DV ′ ′ ′ DQG VR RQ S WR ′
YL UDZ OLQHV SDUDOOHO WR W UR W H GLYLVLRQ SRLQWV
D L LY Y LL YL LLL E L Y YL LL LY LLL
F LLL LL L YL Y LY G L LL LLL LY Y YL

)RU W H V HHWV DQG Z DW LV W H ZLGW RI W H ERUGHU

D PP E PP F PP G PP

1DPHV RI W H SHUVRQV Z R DYH GHVL QHG DQG GUDZQ W H GUDZLQ DUH PHQWLRQHG LQ
D RUGHUV E 0DU LQV F 7LWOH ER G ULG V VWHP

1LQH IROGV DUH DOORZHG WR Z LF RI W H V HHW GHVL QDWLRQ PHW RG , Z HQ W H DUH

ILOHG
D E F G

: LF RI W H IROORZLQ LV QRW W H SLFWRULDO SURMHFWLRQ

D 2EOLT H SURMHFWLRQ E ,VRPHWULF SURMHFWLRQ
F 2UW R UDS LF SURMHFWLRQ G 3HUVSHFWLYH SURMHFWLRQ

,Q SHUVSHFWLYH SURMHFWLRQ Z LF RI W H IROORZLQ LYHV W H SRVLWLRQ RI W H

REVHUYHU V H H OHYHO
D UR QG SODQH E 9DQLV LQ SRLQW
F +RUL RQ OLQH G 6WDWLRQ SRLQW

,Q LVRPHWULF SURMHFWLRQ W H LVRPHWULF D HV PDNHV HT DO DQ OHV RI BBBBBBBBB ZLW

HDF RW HU
D E F G

RQRPHWULF SURMHFWLRQ FDQ EH V E FODVVLILHG LQWR

D ,VRPHWULF GLPHWULF WULPHWULF
E LPHWULF WULPHWULF WUL RQRPHWULF
F ,VRPHWULF WUL RQRPHWULF WULPHWULF
G 7UL RQRPHWULF GLPHWULF LVRPHWULF
7 H LPD HV RI W H LQGLYLG DO V UIDFHV DUH FDOOHG
D 3LFWRULDO SLFW UHV E 9LHZV
F ,VRPHWULF SURMHFWLRQV G 2EOLT H SURMHFWLRQV

,I W H REMHFW LV SODFHG LQ W H ILUVW T DGUDQW W H SURMHFWHG YLHZ UHV OWV LQ W H

D )LUVW DQ OH SURMHFWLRQ E 6HFRQG DQ OH SURMHFWLRQ
F 7 LUG DQ OH SURMHFWLRQ G )R UW DQ OH SURMHFWLRQ

,6 RGH RI 3UDFWLFH IRU HQHUDO (Q LQHHULQ UDZLQ LV S EOLV HG LQ

D E F G

,Q W LUG DQ OH SURMHFWLRQ W H SURMHFWLRQV RI W H REMHFW DUH LQ W H BBBBBBBBB

GLUHFWLRQ RI W H UD RI VL W
D 6DPH E 2SSRVLWH
F 8SZDUG G RZQZDUG

7 H OLQH LYHQ EHORZ LV VHG IRU

D /RQ EUHDN OLQH E WWLQ SODQHV

F HQWURLGDO OLQHV G 2 WOLQHV RI DGMDFHQW SDUWV

: LF DUH W H WZR V VWHPV RI SODFLQ GLPHQVLRQV

L OL QHG V VWHP
LL UHDN V VWHP
LLL 8QLGLUHFWLRQDO V VWHP
LY LUHFWLRQDO V VWHP
D L LL E L LLL F LL LY G L LY

7 H UDWLR RI HL W WR OHQ W RI DQ DUURZ LQ GLPHQVLRQLQ LV

D E F G

LPHQVLRQ OLQHV V R OG EH GUDZQ DW OHDVW BBBBBBBBB PP DZD IURP W H R WOLQHV

DQG IURP HDF RW HU
D E F G

,I W HUH LV D QHHG IRU W H FHQWHU OLQH W HQ LW FDQ EH VHG DV D

D LPHQVLRQ OLQH E /HDGHU OLQH
F ( WHQVLRQ OLQH G 6HFWLRQ OLQH
5HSUHVHQWDWLYH IUDFWLRQ LV W H
D UDWLR RI W H OHQ W LQ GUDZLQ WR W H DFW DO OHQ W RI REMHFW
E UDWLR RI W H DFW DO OHQ W RI REMHFW WR W H OHQ W LQ GUDZLQ
F UHFLSURFDO RI DFW DO OHQ W RI REMHFW
G VT DUH RI W H OHQ W LQ GUDZLQ

7 H UHODWLRQ EHWZHHQ 0DLQ 6FDOH LYLVLRQ 0 6 DQG 9HUQLHU 6FDOH LYLVLRQ

96 IRU EDFNZDUG 9HUQLHU VFDOH LV
D Q∗9 6 Q ∗0 6 E Q∗0 6 Q ∗9 6
F Q∗0 6 Q ∗9 6 G Q∗9 6 Q ∗0 6

LYHQ DUH W H VWHSV WR FRQVWU FW D VT DUH Z HQ W H OHQ W RI D VLGH LV LYHQ 8VLQ

7 VT DUH VHW VT DUHV RQO
UUDQ H W H VWHSV
L 5HSHDW W H SUHYLR V VWHS DQG MRLQ DQG WR IRUP D VT DUH
LL :LW D 7 VT DUH GUDZ D OLQH ZLW LYHQ OHQ W
LLL W DQG GUDZ YHUWLFDOV ( DQG )
LY :LW VHW VT DUHV GUDZ D OLQH PDNLQ ZLW DW F WV ) DW
D L LY LL LLL E LLL LL LY L F LY LLL L LL G LL LLL LY L

SRLQW 3 LV EHORZ +3 LQ IURQW RI 93 W HQ W H SRLQW LV LQ BBBBBBBBB T DGUDQW

D ILUVW E VHFRQG F W LUG G IR UW

VT DUH RI PP VLGH DV LWV FRUQHU LQ W H +3 LWV GLD RQDO LV

LQFOLQHG DW WR W H +3 DQG W H GLD RQDO LQFOLQHG DW WR W H 93 DQG
SDUDOOHO LWV WRS YLHZ LV
D OLQH E VT DUH F UHFWDQ OH G SDUDOOHOR UDP

: HQ D S UDPLG RU D FRQH LV F W E D SODQH SDUDOOHO WR LWV EDVH W V UHPRYLQ W H

WRS SRUWLRQ W H UHPDLQLQ SRUWLRQ LV FDOOHG
D F OLQGHU E IU VW P F SULVP G SRO HGURQ

6WUDL W OLQHV GUDZQ IURP W H DSH RI D FRQH WR W H FLUF PIHUHQFH RI W H

EDVH FLUFOH DUH DOO HT DO DQG DUH FDOOHG
D HG HV E FRQQHFWLQ OLQHV F SURMHFWRUV G HQHUDWRUV

7 H VROLG IRUPHG E HT DO DQG UH ODU SHQWD RQV DV IDFHV LV FDOOHG

D SODQWRQLF VROLG E GRGHFD HGURQ
F LFRVD HGURQ G S ULWR HGURQ
7R QGHUVWDQG VRPH RI W H LGGHQ HRPHWU RI FRPSRQHQWV DQ LPD LQDU SODQH LV
VHG WR F W W H REMHFW Z LF LV FDOOHG
D D LOLDU SODQH E SLFW UH SODQH
F VHFWLRQ SODQH G DGGLWLRQDO SODQH

7R ILQG W H BBBBBBBBB RI W H VHFWLRQ LW P VW EH SURMHFWHG RQ D SODQH SDUDOOHO WR W H

VHFWLRQ SODQH
D DFW DO V DSH E PLUURU V DSH F D LOLDU V DSH G WU H V DSH

,Q BBBBBBBBB GHYHORSPHQW PHW RG W H VWUHWF R W OLQHV SULQFLSOH LV WR GHWHUPLQH

W H V UIDFH
D SSUR LPDWH GHYHORSPHQW E 3DUDOOHO OLQH GHYHORSPHQW
F 7ULDQ ODWLRQ PHW RG G 5DGLDO OLQH GHYHORSPHQW

HYHORSPHQWV RI W H ODWHUDO V UIDFH RI D SULVP FRQVLVW RI W H VDPH Q PEHU RI

BBBBBBBBB LQ FRQWDFW DV W H Q PEHU RI W H VLGHV RI EDVH RI W H SULVP
D VT DUHV E UHFWDQ OHV F WULDQ OHV G SDUDOOHOR UDPV

7 H GHYHORSPHQW RI ODWHUDO V UIDFH RI D S UDPLG FRQVLVWV RI D Q PEHU RI HT DO

BBBBBBBBB WULDQ OH LQ FRQWDFW
D HT LODWHUDO E LVRVFHOHV F VFDOHQH G UL W DQ OHG

: LF PHW RG RI GHYHORSPHQW LV HPSOR HG LQ FDVH RI S UDPLGV

D 3DUDOOHO OLQH GHYHORSPHQW E SSUR LPDWLRQ PHW RG
F 7ULDQ ODWLRQ GHYHORSPHQW G 5DGLDO OLQH GHYHORSPHQW

7 H YDO H RI W H UDWLR RI LVRPHWULF OHQ W WR WU H OHQ W LV

D E F G

: HQ D VROLG FRPSOHWHO SHQHWUDWHV DQRW HU VROLG W HUH ZLOO EH WZR OLQHV RI

LQWHUVHFWLRQ 7 HVH OLQHV DUH FDOOHG
D F UYHV RI LQWHUSHQHWUDWLRQ E FRQF FOLF F UYHV RI OLQHV
F LGGHQ OLQHV G LQVLGH OLQH

/LQHV RI VL WV SURMHFWRUV IRU REOLT H SURMHFWLRQ ZLOO EH

D 3DUDOOHO WR HDF RW HU DQG SHUSHQGLF ODU WR SURMHFWLRQ SODQH
E 1RW SDUDOOHO WR HDF RW HU DQG SHUSHQGLF ODU WR SURMHFWLRQ SODQH
F 3DUDOOHO WR HDF RW HU DQG LQFOLQHG WR SURMHFWLRQ SODQH
G 1RW SDUDOOHO WR HDF RW HU DQG LQFOLQHG WR SURMHFWLRQ SODQH
: LF DUH QRW V DOO VHG DV DQ OH EHWZHHQ W H SURMHFWLRQ SODQH DQG UHFHGLQ
OLQHV IRU REOLT H SURMHFWLRQ
D GH UHHV E GH UHHV
F GH UHHV G GH UHHV

,Q REOLT H SURMHFWLRQ W H REMHFW LV DVV PHG WR EH SODFHG ZLW RQH IDFH

D SDUDOOHO WR SODQH RI SURMHFWLRQ
E SDUDOOHO WR DGMDFHQW HG H
F SHUSHQGLF ODU WR SODQH RI SURMHFWLRQ
G SHUSHQGLF ODU WR DGMDFHQW HG H

: LF RI W H IROORZLQ VWDWHPHQWV LV WU H ZLW UHVSHFW WR W H IROORZLQ SURMHFWLRQ

d′ F′
e′

G′ H′ I′

e
H

F
I

G
d
D RQH ZLW W H EDVH SHUSHQGLF ODU WR 93 DQG +3
E 3 UDPLG ZLW W H EDVH SHUSHQGLF ODU WR 93
F 7ULDQ ODU SULVP ZLW W H EDVH SDUDOOHO WR +3
G RQH ZLW EDVH LQFOLQHG WR +3
: LF RI W H IROORZLQ FRQVWU FWLRQV VH SDUDEROLF F UYHV
D RROLQ WRZHUV
E :DWHU F DQQHOV
F /L W UHIOHFWRUV
G 0DQ ROHV

: LF RI W H IROORZLQ VWDWHPHQW LV LQFRUUHFW ZLW UH DUG WR SODLQ VFDOHV

D 3ODLQ VFDOHV UHSUHVHQW WZR QLWV
E =HUR V R OG EH SODFHG EHWZHHQ W H QLWV DQG LWV V EGLYLVLRQV
F 7 H UHSUHVHQWDWLYH IDFWRU V R OG EH PHQWLRQHG EHORZ W H VFDOH
G ,W FDQ UHDG S WR W UHH GHFLPDO SODFHV

6FDOHV Z LF FDQ UHDG GLIIHUHQW QLWV DQG DYLQ W H VDPH UHSUHVHQWDWLYH IUDFWLRQ
LV FDOOHG
D LD RQDO VFDOHV
E 9HUQLHU VFDOHV
F RPSDUDWLYH VFDOHV
G 3ODLQ VFDOHV

: DW LV W H V EWHQGHG DQ OH YDO H IRU W H VHFWRU VHG LQ W H GHYHORSPHQW RI W H

FRQH
D UDGL V RI FLUF ODU EDVH HL W
E FLUF PIHUHQFH RI FLUF ODU EDVH VODQW HL W
F UDGL V RI FLUF ODU EDVH VODQW HL W
G GLDPHWHU RI FLUF ODU EDVH VODQW HL W

: DW ZLOO EH W H YDO H RI W H UDGL V RI W H DUF LQ W H GHYHORSPHQW RI W H S UDPLGV

D +HL W RI W H S UDPLG
E 7 H VODQW HL W RI W H S UDPLG
F ∗6LGH RI W H S UDPLG
G ∗+HL W RI W H S UDPLG
 


