Danfoss TLX Reference Manual GB L00410320-04_02 A4

Transcription

MAKING MODERN LIVING POSSIBLE
TripleLynx
Reference Manual
Three phase – 8, 10, 12.5 and 15 kW
SOLAR INVERTERS
&RQWHQWV
&RQWHQWV
6DIHW\DQG&RQIRUPLW\
,PSRUWDQW6DIHW\,QIRUPDWLRQ
+D]DUGVRI396\VWHPV
39/RDG6ZLWFK
&RQIRUPLW\
,QWURGXFWLRQ
,QWURGXFWLRQ
/LVWRI6\PEROV
/LVWRI$EEUHYLDWLRQV
6RIWZDUH9HUVLRQ
0DQXDO+LVWRU\
5HODWHG/LWHUDWXUH
'HVFULSWLRQRIWKH,QYHUWHU
9DULDQWV
0HFKDQLFDO2YHUYLHZRILQYHUWHU
)XQFWLRQDO2YHUYLHZ
)XQFWLRQDO6DIHW\
,QWHUQDWLRQDO,QYHUWHU
'HUDWLQJ
0337
(IILFLHQF\
6WDUWXS
$XWRWHVW3URFHGXUH,WDO\2QO\
&KDQJHRI)XQFWLRQDO6DIHW\6HWWLQJV
)XQFWLRQDO6DIHW\6HWWLQJV
3URFHGXUHIRU&KDQJHRI6HWWLQJV
5HTXLUHPHQWVIRU&RQQHFWLRQ
3UHLQVWDOODWLRQ*XLGHOLQHV
5HTXLUHPHQWVIRU$&&RQQHFWLRQ
0DLQV&LUFXLW%UHDNHU&DEOH)XVHDQG/RDG6ZLWFK
&DEOH5HTXLUHPHQWV
*ULG,PSHGDQFH
5HTXLUHPHQWVIRU39&RQQHFWLRQ
5HFRPPHQGDWLRQVDQG*RDOVZKHQ'LPHQVLRQLQJ
7KLQ)LOP
/B
&RQWHQWV
/LJKWQLQJ3URWHFWLRQ
7KHUPDO0DQDJHPHQW
6LPXODWLRQRI39
,QVWDOODWLRQDQG6WDUWXS
,QVWDOODWLRQ'LPHQVLRQVDQG3DWWHUQV
0RXQWLQJWKH,QYHUWHU
5HPRYLQJWKH,QYHUWHU
2SHQLQJDQG&ORVLQJWKH,QYHUWHU
$&*ULG&RQQHFWLRQ
39&RQQHFWLRQ
0DQXDO39&RQILJXUDWLRQ
&RQQHFWLRQRI3HULSKHUDO8QLWV
2YHUYLHZ
,QVWDOODWLRQRI3HULSKHUDO&DEOHV
563HULSKHUDODQG(WKHUQHW8QLWVZKLFKDSSO\5-
2WKHU3HULSKHUDO8QLWV
6HQVRU,QSXWV
7HPSHUDWXUH6HQVRU
,UUDGLDWLRQ6HQVRU
(QHUJ\0HWHU6HQVRU6
$ODUP2XWSXW
*600RGHP
56&RPPXQLFDWLRQ
([WHUQDO'DWDORJJHU
([WHUQDO:HEORJJHU
(WKHUQHW&RPPXQLFDWLRQ
8VHU,QWHUIDFH
,QWHJUDWHG'LVSOD\8QLW
9LHZ
9LHZ
6WDWXV
3URGXFWLRQ/RJ
6HWXS
2YHUYLHZRI(YHQW/RJ
3HULSKHUDO8QLWV6HWXS
6HQVRU6HWXS
$ODUP2XWSXW
*60PRGHP
/B
&RQWHQWV
56&RPPXQLFDWLRQ
6WDUWXSDQG&KHFNRI6HWWLQJV
0DVWHU0RGH
:HE6HUYHU4XLFN*XLGH
,QWURGXFWLRQ
6XSSRUWHG&KDUDFWHUV
$FFHVVDQG,QLWLDO6HWXS
6HWXS:L]DUG
2SHUDWLRQ
:HE6HUYHU6WUXFWXUH
3ODQW*URXSDQG,QYHUWHU9LHZV
$GGLWLRQDO,QIRUPDWLRQ
$QFLOODU\6HUYLFHV
,QWURGXFWLRQ
3RZHU/HYHO$GMXVWPHQW
3ULPDU\)UHTXHQF\&RQWURO09
5HDFWLYH3RZHU09RQO\
0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;
0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;3UR
'DQIRVV*ULG0DQDJHPHQW%R[
7KHRU\
)DXOW5LGH7KURXJK
6HUYLFHDQG5HSDLU
7URXEOHVKRRWLQJ
0DLQWHQDQFH
&OHDQLQJWKH&DELQHW
&OHDQLQJWKH+HDWVLQN
7HFKQLFDO'DWD
7HFKQLFDO'DWD
1RUPVDQG6WDQGDUGV
,QVWDOODWLRQ
7RUTXH6SHFLILFDWLRQVIRU,QVWDOODWLRQ
$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQV
56&RPPXQLFDWLRQ%RDUG&RQQHFWLRQV
1HWZRUN7RSRORJ\
/B
6DIHW\DQG&RQIRUPLW\
6DIHW\DQG&RQIRUPLW\
,PSRUWDQW6DIHW\,QIRUPDWLRQ
$OOSHUVRQVLQVWDOOLQJDQGVHUYLFLQJLQYHUWHUVPXVWEH

7UDLQHGDQGH[SHULHQFHGLQJHQHUDOVDIHW\UXOHVIRUZRUNRQHOHFWULFDOHTXLSPHQW

)DPLOLDUZLWKORFDOUHTXLUHPHQWVUXOHVDQGUHJXODWLRQVIRUWKHLQVWDOODWLRQ
6DIHW\LQIRUPDWLRQLPSRUWDQWIRUKXPDQVDIHW\9LRODWLRQRIZDUQLQJVPD\UHVXOWLQ
LQMXU\WRSHUVRQVRUGHDWK
,QIRUPDWLRQ LPSRUWDQW IRU WKH SURWHFWLRQ RI SURSHUW\ 9LRODWLRQ RI WKLV W\SH RI LQ
IRUPDWLRQPD\FDXVHGDPDJHDQGORVVRISURSHUW\
1RWH
8VHIXODGGLWLRQDOLQIRUPDWLRQRU³7LSVDQG7ULFNV´RQVSHFLILFVXEMHFWV
5HDGWKLVEHIRUHLQVWDOOLQJRSHUDWLQJRUPDLQWDLQLQJWKHLQYHUWHU
/B
6DIHW\DQG&RQIRUPLW\
%HIRUHLQVWDOODWLRQ
&KHFNIRUGDPDJHWRLQYHUWHUDQGSDFNDJLQJ,ILQGRXEWFRQWDFWWKHVXSSOLHUEH
IRUHLQVWDOOLQJWKHLQYHUWHU
,QVWDOODWLRQ
)RURSWLPXPVDIHW\IROORZWKHVWHSVGHVFULEHGLQWKLVPDQXDO.HHSLQPLQGWKDW
WKHLQYHUWHUKDVWZRYROWDJHFDUU\LQJVLGHVWKH39LQSXWDQGWKH$&JULG
'LVFRQQHFWLQJWKHLQYHUWHU
%HIRUHVWDUWLQJZRUNRQWKHLQYHUWHUVZLWFKRII$&JULGDWWKHPDLQVVZLWFKDQG39
XVLQJWKH39ORDGVZLWFK(QVXUHWKDWWKHGHYLFHFDQQRWEHXQLQWHQWLRQDOO\UHFRQ
QHFWHG 8VH D YROWDJH WHVWHU WR HQVXUH WKDW WKH XQLW LV GLVFRQQHFWHG DQG YROWDJH
IUHH7KHLQYHUWHUFDQVWLOOEHFKDUJHGZLWKYHU\KLJKYROWDJHDWKD]DUGRXVOHYHOV
HYHQZKHQLWLVGLVFRQQHFWHGIURPJULGPDLQVDQGVRODUPRGXOHV:DLWDWOHDVW
PLQIROORZLQJGLVFRQQHFWLRQIURPJULGDQG39SDQHOVEHIRUHSURFHHGLQJ
0DLQWHQDQFHDQGPRGLILFDWLRQ
2QO\DXWKRULVHGSHUVRQQHODUHDOORZHGWRUHSDLURUPRGLI\WKHLQYHUWHU7RHQVXUH
RSWLPXP SHUVRQDO VDIHW\ RQO\ RULJLQDO VSDUH SDUWV DYDLODEOH IURP WKH VXSSOLHU
VKRXOG EH XVHG ,I QRQRULJLQDO VSDUH SDUWV DUH XVHG WKH FRPSOLDQFH ZLWK &(
JXLGHOLQHV LQ UHVSHFW RI HOHFWULFDO VDIHW\ (0& DQG PDFKLQH VDIHW\ LV QRW JXDUDQ
WHHG
$OVRREVHUYHWKHGDQJHURIEXUQLQMXU\7KHWHPSHUDWXUHRIWKHFRROLQJUDFNVDQG
FRPSRQHQWVLQVLGHWKHLQYHUWHUPD\H[FHHG&
)XQFWLRQDOVDIHW\SDUDPHWHUV
1HYHUFKDQJHWKHSDUDPHWHUVRIWKHLQYHUWHUZLWKRXWDXWKRULVDWLRQIURPWKHORFDO
HQHUJ\VXSSO\FRPSDQ\DQGLQVWUXFWLRQVIURP'DQIRVV
8QDXWKRULVHG FKDQJHV RI IXQFWLRQDO VDIHW\ SDUDPHWHUV PD\ FDXVH LQMXU\ RU DFFL
GHQWVWRSHRSOHRULQYHUWHU$GGLWLRQDOO\LWZLOOOHDGWRWKHFDQFHOODWLRQRIDOOLQYHU
WHURSHUDWLQJDSSURYDOFHUWLILFDWHV
7KH 'DQIRVV LQYHUWHUV DUH DOO GHVLJQHG DFFRUGLQJ WR WKH *HUPDQ 9'(
)HEUXDU\VWDQGDUGZKLFKLQFOXGHVDQLQVXODWLRQWHVWEHWZHHQ39DUUD\V
DQG(DUWKDQGDW\SH%5&08DFFRUGLQJWR',19'(
+D]DUGVRI396\VWHPV
9HU\KLJK'&YROWDJHVDUHSUHVHQWLQWKHV\VWHPHYHQZKHQWKH$&JULGLVGLVFRQQHFWHG)DXOWV
RULQDSSURSULDWHXVHPD\OHDGWRHOHFWULFDUFLQJ'RQRWZRUNRQWKHLQYHUWHUZKLOHLWKDVFXU
UHQWFRQQHFWHGWRLW
7KHVKRUWFLUFXLWFXUUHQWRIWKHSKRWRYROWDLFSDQHOVLVRQO\VOLJKWO\KLJKHUWKDQWKHPD[LPXPRS
HUDWLQJFXUUHQWDQGGHSHQGVRQWKHOHYHORIVRODULUUDGLDWLRQ
39/RDG6ZLWFK
7KH LQYHUWHU KDV EHHQ HTXLSSHG ZLWK D 39
ORDG VZLWFK IRU VDIH GLVFRQQHFWLRQ RI '&
FXUUHQW
,OOXVWUDWLRQ7ULSOH/\Q[39/RDG6ZLWFK
/B
6DIHW\DQG&RQIRUPLW\
&RQIRUPLW\
$SSURYDOVDQG&HUWLILFDWLRQV
&(&RQIRUPLW\
&RXQWU\6HWWLQJV
&RXQWU\VSHFLILFGHFODUDWLRQ±*UHHFH
&RXQWU\VSHFLILFGHFODUDWLRQ±,WDO\
&RXQWU\VSHFLILFGHFODUDWLRQ±6SDLQ
)XQFWLRQDOVDIHW\
)XQFWLRQDOVDIHW\
+DUPRQLFV
9'(:
9'(:
7ULSOH/\Q[(&'HFODUDWLRQRI&RQIRUPLW\
7ULSOH/\Q[&RXQWU\6HWWLQJV
7ULSOH/\Q['HFODUDWLRQRI&RQIRUPLW\±*UHHFH
7ULSOH/\Q['HFODUDWLRQRI&RQIRUPLW\±,WDO\'.
7ULSOH/\Q['HFODUDWLRQRI&RQIRUPLW\±6SDLQ5'
7ULSOH/\Q[)XQFWLRQDO6DIHW\9'(9
7ULSOH/\Q[)XQFWLRQDO6DIHW\5&08'HFODUDWLRQ
7ULSOH/\Q[+DUPRQLFV'HFODUDWLRQ,(&DQG,(&
7ULSOH/\Q['HFODUDWLRQRI&RQIRUPLW\3ODQWV*UHDWHUWKDQN9$
7ULSOH/\Q[9'(:.RQIRUPLWlWVHUNOlUXQJ
7DEOH$SSURYDOVDQG&HUWLILFDWLRQV
)RUPRUHLQIRUPDWLRQJRWRWKHGRZQORDGDUHDDWZZZGDQIRVVFRPVRODU$SSURYDOVDQG&HU
WLILFDWLRQV
&(PDUNLQJ7KLVFHUWLILHVWKHFRQIRUPLW\RIWKHHTXLSPHQWZLWKWKHUHJXOD
WLRQVZKLFKDSSO\LQDFFRUGDQFHZLWKWKHGLUHFWLYHV(&DQG
(&
/B
,QWURGXFWLRQ
,QWURGXFWLRQ
,QWURGXFWLRQ
7KLVPDQXDOGHVFULEHVSODQQLQJLQVWDOODWLRQDQGRSHUDWLRQRIWKHIXOOUDQJHRI7ULSOH/\Q[VRODU
LQYHUWHUV
,OOXVWUDWLRQ7ULSOH/\Q[N:7ULSOH/\Q[N:7ULSOH/\Q[N:7ULSOH/\Q[N:
&KDSWHUVDQGH[SODLQWKHIXQFWLRQVDQGVSHFLILFDWLRQVRIWKHLQYHUWHU
&KDSWHUVDQGGHVFULEHSUHLQVWDOODWLRQFRQVLGHUDWLRQVDQGSODQQLQJWDVNV
&KDSWHUVDQGH[SODLQLQVWDOODWLRQRILQYHUWHUVDQGSHULSKHUDOXQLWV
&KDSWHUH[SODLQVORFDOVHWXSDQGPRQLWRULQJRIWKHLQYHUWHU
&KDSWHUH[SODLQVUHPRWHVHWXSDQGPRQLWRULQJYLD:HE6HUYHUDFFHVV
&KDSWHUH[SODLQVDQFLOODU\VHUYLFHIHDWXUHVIRUVXSSRUWRISRZHUWUDQVSRUWRQWKHJULG
)RUPDLQWHQDQFHDQGWURXEOHVKRRWLQJUHIHUWR&KDSWHU
$FFHVVWRVRPHPHQXVLVSDVVZRUGSURWHFWHG5HIHUWRFKDSWHUVDQGIRULQIRUPDWLRQRQRE
WDLQLQJDFFHVV
7KH7/;3URLQYHUWHUFDQDOVREHFRQILJXUHGYLDWKH:HE6HUYHU)RUIXUWKHULQIRUPDWLRQUHIHUWR
WKH:HE6HUYHU8VHU0DQXDO
/B
,QWURGXFWLRQ
/LVWRI6\PEROV
6\PERO
,WDOLFV
>@XVHGLQWH[W
>[@VXSHUVFULSWHGLQKHDGOLQHV
>3ODQW@
>*URXS@
>,QYHUWHU@
ൺ
([SODQDWRU\QRWH
,QGLFDWHVUHIHUHQFHWRDVHFWLRQRIWKHSUHVHQWPDQXDO
,WDOLFVDUHDOVRXVHGWRLQGLFDWHDQRSHUDWLRQPRGH
HJRSHUDWLRQPRGH&RQQHFWLQJ
(QFORVHVDSDWKRIPHQXQDYLJDWLRQ
$OVRXVHGWRHQFORVHDEEUHYLDWLRQVVXFKDV>N:@
,QGLFDWHVVHFXULW\OHYHO
0HQXLWHPDFFHVVLEOHDWSODQWOHYHO
0HQXLWHPDFFHVVLEOHDWJURXSOHYHORUDERYH
0HQXLWHPDFFHVVLEOHDWLQYHUWHUOHYHORUDERYH
,QGLFDWHVDVWHSZLWKLQPHQXQDYLJDWLRQ
1RWHXVHIXOLQIRUPDWLRQ
&DXWLRQLPSRUWDQWVDIHW\LQIRUPDWLRQ
1DPHRISODQWJURXSRULQYHUWHULQVPVRUHPDLOPHV
VDJHHJSODQWQDPH
6LWH0DS
6\PERO
ඛ
>[@
([SODQDWRU\QRWH
,QGLFDWHVDVXEPHQX
'HILQHVFXUUHQWVHFXULW\OHYHOZKHUH[LVEHWZHHQ
7DEOH6\PEROV
/LVWRI$EEUHYLDWLRQV
$EEUHYLDWLRQ
'12
'6/
(0&'LUHFWLYH
(6'
)57
*60
,(&
/('
/9''LUHFWLYH
033
0337
3
3&%
3(
3(/9
3/$
3120
367&
39
5&08
5,62
52&2)
57&
4
6
67&
6:
7+'
7/;
716
71&
71&6
77
'HVFULSWLRQ
'LVWULEXWLRQ1HWZRUN2SHUDWRU
'LJLWDO6XEVFULEHU/LQH
(OHFWURPDJQHWLF&RPSDWLELOLW\'LUHFWLYH
(OHFWURVWDWLF'LVFKDUJH
)DXOWULGHWKURXJK
*OREDO6\VWHPIRU0RELOHFRPPXQLFDWLRQV
,QWHUQDWLRQDO(OHFWURWHFKQLFDO&RPPLVVLRQ
/LJKWHPLWWLQJGLRGH
/RZ9ROWDJH'LUHFWLYH
0D[LPXPSRZHUSRLQW
0D[LPXPSRZHUSRLQWWUDFNLQJ
3LVWKHV\PEROIRUUHDOSRZHUDQGLVPHDVXUHGLQ:DWWV:
3ULQWHG&LUFXLW%RDUG
3URWHFWLYH(DUWK
3URWHFWHGH[WUDORZYROWDJH
3RZHU1RPLQDOFRQGLWLRQV
3RZHU6WDQGDUG7HVW&RQGLWLRQV
3KRWRYROWDLFSKRWRYROWDLFFHOOV
5HVLGXDO&XUUHQW0RQLWRULQJ8QLW
,QVXODWLRQ5HVLVWDQFH
5DWH2I&KDQJH2I)UHTXHQF\
5HDO7LPH&ORFN
4LVWKHV\PEROIRUUHDFWLYHSRZHUDQGLVPHDVXUHGLQUHDFWLYHYROWDPSHUHV9$U
6LVWKHV\PEROIRUDSSDUHQWSRZHUDQGLVPHDVXUHGLQYROWDPSHUHV9$
6WDQGDUGWHVWFRQGLWLRQV
6RIWZDUH
7RWDO+DUPRQLF'LVWRUWLRQ
7ULSOH/\Q[
7HUUH1HXWUDO6HSDUDWH$&1HWZRUN
7HUUH1HXWUDO&RPELQHG$&1HWZRUN
7HUUH1HXWUDO&RPELQHG6HSDUDWH$&1HWZRUN
7HUUH7HUUH$&1HWZRUN
7DEOH$EEUHYLDWLRQV
/B
,QWURGXFWLRQ
6RIWZDUH9HUVLRQ
$OZD\VUHDGWKHQHZHVWYHUVLRQRIWKLVPDQXDO7KLVPDQXDOLVDSSOLFDEOHIRU7ULSOH/\Q[LQYHUWHU
VRIWZDUHDQGRQZDUGV7RVHHWKHVRIWZDUHYHUVLRQJRWR>6WDWXVൺLQYHUWHUൺVHULDOQRDQG
6:YHU@LQWKHXVHULQWHUIDFH
0DQXDO+LVWRU\
7KLVLVWKHWKYHUVLRQRIWKH7ULSOH/\Q[LQYHUWHUUHIHUHQFHPDQXDO
5HODWHG/LWHUDWXUH

7ULSOH/\Q[,QVWDOODWLRQ0DQXDO

7ULSOH/\Q[8VHU0DQXDO

'DWDORJJHU0DQXDO

:HEORJJHU0DQXDO

*600DQXDO

:HE6HUYHU8VHU0DQXDO

6HQVRU.LW/LJKW4XLFN*XLGH

'DQIRVV*ULG0DQDJHPHQW%R[0DQXDO
)RUPRUHLQIRUPDWLRQVHHWKHGRZQORDGDUHDDWZZZGDQIRVVFRPVRODURUFRQWDFWWKHVXSSOLHU
RIWKHVRODULQYHUWHU
/B
9DULDQWV
7KH7ULSOH/\Q[LQYHUWHUVHULHVFRPSULVHV
7/;
7/;
7/;3UR
7/;3UR
&RPPRQIHDWXUHVRIWKH7ULSOH/\Q[YDULDQWV

2XWSXWUDWLQJRIN:N:N:RUN:

,3HQFORVXUH

39ORDGVZLWFK

0&FRQQHFWRUV
7ULSOH/\Q[ YDU 8VHULQWHUIDFH
$QFLOODU\VHUYLFHV
LDQW
/RFDO :HE6HUYHU 3RZHU/HYHO$G
MXVWPHQW
3ULPDU\)UHTXHQ
F\&RQWURO
ᅚ
ᅚ
7/;
ᅚ
ᅚ
7/;
ᅚ
ᅚ
ᅚ
7/;3UR
ᅚ
ᅚ
ᅚ
7/;3UR
'&SRZHUUDWLQJ
5LGH7KURXJK )DXOW5LGH
7KURXJK
5HDFWLYH3RZHU
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
N: N:
N:
N:
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
7DEOH'LIIHULQJ)HDWXUHVRI7ULSOH/\Q[9DULDQWV
9DULDQW
7/;
7/;
7/;3UR
7/;3UR
5HIHUHQFHLQPDQXDOXQOHVVRWKHUZLVHVSHFLILHG
7ULSOH/\Q[
7/;
7/;3UR
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
ᅚ
7DEOH5HIHUHQFHWR7ULSOH/\Q[9DULDQWV
3URGXFW/DEHO
7KHSURGXFWODEHORQWKHVLGHRIWKHLQYHUWHU
VKRZV

,QYHUWHUW\SH

,PSRUWDQWVSHFLILFDWLRQV

6HULDO QXPEHU VHH IRU LGHQWLIL
FDWLRQE\'DQIRVV
,OOXVWUDWLRQ3URGXFW/DEHO
/B
0HFKDQLFDO2YHUYLHZRILQYHUWHU
,OOXVWUDWLRQ0HFKDQLFDO2YHUYLHZRI'DQIRVV7ULSOH/\Q[,QYHUWHU
,WHPQXPEHU
3DUW1DPH
:DOO3ODWH
6LGH3ODWH
'LH&DVW$OXPLQLXP+HDWVLQN
'&VZLWFK39ORDGVZLWFK
%DVHSODWH
)DQJULOO[PP
)DQ6XQRQ[[
&RYHUIRU[PPIDQKROH
$X[ERDUG
*60PRGHPRSWLRQDO
&RPPXQLFDWLRQERDUG
'LVSOD\
)URQW&RYHU
*DVNHW&DELQHWIURQWFRYHU
&RQWUROERDUG
)DQ6XQRQ[[
0RXQWLQJSODWHIRU3&%
3RZHUERDUG
&RLOER[
7RSSODWH
*60DQWHQQD
4XDQWLW\
N:DQGN:
N:DQGN:
N:DQGN:
N:DQGN:
2QO\N:DQGN:
7DEOH,QYHUWHU&RPSRQHQWV
/B
)XQFWLRQDO2YHUYLHZ
7KH7ULSOH/\Q[VHULHVFRPSULVHVWUDQVIRUPHUOHVVSKDVHLQYHUWHUVZLWKDKLJKSHUIRUPDQFH
OHYHOLQYHUWHUEULGJH)RUPD[LPXPIOH[LELOLW\WKHLQYHUWHUKDVRUVHSDUDWHLQSXWVDQGHTXLYD
OHQWQXPEHURI033WUDFNHUVWKHQXPEHURIWUDFNHUVDQGLQSXWVGHSHQGRQWKHW\SH7KHLQ
YHUWHUKDVDQLQWHJUDWHGUHVLGXDOFXUUHQWPRQLWRULQJXQLWLQVXODWLRQWHVWIXQFWLRQDOLW\DQGDQLQ
WHJUDWHG 39 ORDG VZLWFK 7R VXSSRUW UHOLDEOH SRZHU JHQHUDWLRQ GXULQJ JULG IDXOWV WKH LQYHUWHU
KDVH[WHQGHG)DXOW5LGH7KURXJKFDSDELOLWLHV7ULSOH/\Q[LVDGGLWLRQDOO\DQLQWHUQDWLRQDOLQYHUWHU
WKDWVXSSRUWVPXOWLSOHFRXQWULHV
7KHLQYHUWHUKDVDZLGHUDQJHRILQWHUIDFHV

8VHULQWHUIDFH
'LVSOD\
:HE6HUYHU7/;3UR
&RPPXQLFDWLRQLQWHUIDFH
6WDQGDUG56
2SWLRQDO*60PRGHP
(WKHUQHW7/;3UR
6HQVRULQSXWV
6PHWHULQJLQSXW
,UUDGLDWLRQVHQVRULQSXW3\UDQRPHWHU
[7HPSHUDWXUHLQSXWV37
$ODUPRXWSXWV
[SRWHQWLDOIUHHUHOD\
,OOXVWUDWLRQ2YHUYLHZRI'DQIRVV7ULSOH/\Q[&RQQHFWLRQ$UHD
/B
$&FRQQHFWLRQDUHDVHHVHFWLRQ$&*ULG&RQQHFWLRQ
'&FRQQHFWLRQDUHDVHHVHFWLRQ39&RQQHFWLRQ
&RPPXQLFDWLRQVHHVHFWLRQ&RQQHFWLRQRI3HULSKHUDO8QLWV
)XQFWLRQDO6DIHW\
7KHLQYHUWHUVLQWKH7ULSOH/\Q[UDQJHDUHGHVLJQHGDFFRUGLQJWRWKH*HUPDQ)XQFWLRQDO6DIHW\
9'( VWDQGDUG WKH ,WDOLDQ '. VWDQGDUG DQG WKH 6SDQLVK 5'
5R\DO'HFUHH7KH\WKHUHIRUHFRYHUDZLGHUDQJHRIFRXQWULHVZLWKUHJDUGWRWKH
GHVLJQRIWKHIXQFWLRQDOVDIHW\FLUFXLWV7KLVPHDQVWKHLQYHUWHUFDQEHLQVWDOOHGLQDUDQJHRI
FRXQWULHVVHHVHFWLRQ,QWHUQDWLRQDO,QYHUWHU
6LQJOH)DXOW,PPXQLW\
7KH IXQFWLRQDO VDIHW\ FLUFXLW LV GHVLJQHG ZLWK WZR LQGHSHQGHQW PRQLWRULQJ XQLWV HDFK KDYLQJ
FRQWURORIDVHWRIJULGVHSDUDWLRQUHOD\VWRJXDUDQWHHVLQJOHIDXOWLPPXQLW\$OOIXQFWLRQDOVDIHW\
FLUFXLWVDUHWHVWHGGXULQJVWDUWXSWRHQVXUHVDIHRSHUDWLRQIRUHYHU\RQH,IDFLUFXLWIDLOVPRUH
WKDQRQFHRXWRIWKUHHWLPHVGXULQJWKHVHOIWHVWWKHLQYHUWHUJRHVLQWRIDLOVDIHPRGH,IWKH
PHDVXUHGJULGYROWDJHVJULGIUHTXHQFLHVRUUHVLGXDOFXUUHQWGXULQJQRUPDORSHUDWLRQGLIIHUWRR
PXFK EHWZHHQ WKH WZR LQGHSHQGHQW FLUFXLWV WKH LQYHUWHU FHDVHV WR HQHUJLVH WKH JULG DQG UH
SHDWVWKHVHOIWHVW7KHIXQFWLRQDOVDIHW\FLUFXLWVDUHDOZD\VDFWLYDWHGDQGFDQQRWEHGLVDEOHG
*ULG6XUYHLOODQFH
7KHJULGLVXQGHUFRQVWDQWVXUYHLOODQFHZKHQWKHLQYHUWHUHQHUJLVHVWKHJULG7KHIROORZLQJSD
UDPHWHUVDUHPRQLWRUHG

*ULGYROWDJHPDJQLWXGHLQVWDQWDQHRXVDQGPLQXWHDYHUDJH

*ULGYROWDJHIUHTXHQF\

7KUHHSKDVH/RVVRI0DLQV/R0GHWHFWLRQ

5DWHRI&KDQJHRI)UHTXHQF\52&2)

'&FRQWHQWRIJULGFXUUHQW

5HVLGXDO&XUUHQW0RQLWRULQJ8QLW5&08
7KHLQYHUWHUFHDVHVWRHQHUJLVHWKHJULGLIRQHRIWKHSDUDPHWHUVYLRODWHVWKHFRXQWU\VSHFLILF
VHWWLQJV 7KH LQVXODWLRQ UHVLVWDQFH EHWZHHQ WKH 39 DUUD\V DQG HDUWK LV DOVR WHVWHG GXULQJ WKH
VHOIWHVW7KHLQYHUWHUZLOOQRWHQHUJLVHWKHJULGLIWKHUHVLVWDQFHLVWRRORZ,WZLOOWKHQZDLW
PLQXWHVEHIRUHPDNLQJDQHZDWWHPSWWRHQHUJLVHWKHJULG
7KHLQYHUWHUKDVIRXURSHUDWLRQPRGHV
)RULQIRUPDWLRQRQ/('VUHIHUWRWKHFKDSWHU8VHU,QWHUIDFH
2IIJULG/('VRII
:KHQQRSRZHUKDVEHHQGHOLYHUHGWRWKH$&JULGIRUPRUHWKDQPLQXWHVWKHLQYHUWHUGLV
FRQQHFWVIURPWKHJULGDQGVKXWVGRZQ7KLVLVWKHQRUPDOQLJKWPRGH7KHXVHUDQGFRPPXQL
FDWLRQLQWHUIDFHVDUHVWLOOSRZHUHGIRUFRPPXQLFDWLRQSXUSRVHV
&RQQHFWLQJ*UHHQ/('IODVKLQJ
7KHLQYHUWHUVWDUWVXSZKHQWKH39LQSXWYROWDJHUHDFKHV97KHLQYHUWHUSHUIRUPVDVHULHV
RILQWHUQDOVHOIWHVWVLQFOXGLQJ39DXWRGHWHFWLRQDQGPHDVXUHPHQWRIWKHUHVLVWDQFHEHWZHHQ
WKH 39 DUUD\V DQG HDUWK 0HDQZKLOH LW DOVR PRQLWRUV WKH JULG SDUDPHWHUV :KHQ WKH JULG SD
UDPHWHUV KDYH EHHQ ZLWKLQ WKH VSHFLILFDWLRQV IRU WKH UHTXLUHG DPRXQW RI WLPH GHSHQGV RQ
FRXQWU\VHWWLQJVWKHLQYHUWHUVWDUWVWRHQHUJLVHWKHJULG
2QJULG*UHHQ/('RQ
7KHLQYHUWHULVFRQQHFWHGWRWKHJULGDQGHQHUJLVHVWKHJULG7KHLQYHUWHUGLVFRQQHFWVLI,WGH
WHFWVDEQRUPDOJULGFRQGLWLRQVGHSHQGLQJRQFRXQWU\VHWWLQJVLIDQLQWHUQDOHYHQWRFFXUVRULI
/B
QR 39 SRZHU LV DYDLODEOH QR SRZHU LV VXSSOLHG WR WKH JULG IRU PLQXWHV ,W WKHQ JRHV LQWR
FRQQHFWLQJPRGHRURIIJULGPRGH
)DLO6DIH5HG/('IODVKLQJ
,IWKHLQYHUWHUGHWHFWVDQHUURULQLWVFLUFXLWVGXULQJWKHVHOIWHVWLQFRQQHFWLQJPRGHRUGXULQJ
RSHUDWLRQWKHLQYHUWHUJRHVLQWRIDLOVDIHPRGH7KHLQYHUWHUZLOOUHPDLQLQIDLOVDIHPRGHXQWLO
39SRZHUKDVEHHQDEVHQWIRUDPLQLPXPRIPLQXWHVRUWKHLQYHUWHUKDVEHHQVKXWGRZQ
FRPSOHWHO\$&39
5HIHUWRWKHVHFWLRQRQ7URXEOHVKRRWLQJIRUIXUWKHULQIRUPDWLRQ
,QWHUQDWLRQDO,QYHUWHU
7KHLQYHUWHULVVKLSSHGZLWKDVHWRIVHWWLQJVIRUGLIIHUHQWFRXQWULHV,QWKLVZD\LWLVSRVVLEOHWR
KDYHRQO\RQHYDULDQWRIWKHLQYHUWHUWKHLQWHUQDWLRQDOLQYHUWHU+RZHYHUDOZD\VREWDLQDSSUR
YDOIURPWKHORFDOGLVWULEXWLRQQHWZRUNRSHUDWRU'12SULRUWRFRQQHFWLQJDQ\LQYHUWHUVWRWKH
JULG
7KHFRXQWU\LVVHOHFWHGRQFHDWLQVWDOODWLRQZKHQWKHLQYHUWHUSURPSWVIRULQSXW9LHZWKHFXU
UHQWFRXQWU\VHWWLQJYLDWKHGLVSOD\>6WDWXVൺ,QYHUWHU@RUWKH:HE6HUYHU>,QYHUWHUൺ6WDWXVൺ
,QYHUWHU ൺ *HQHUDO@ 1RWH WKDW LW LV RQO\ SRVVLEOH WR FKDQJH WKLV FRXQWU\ VHWWLQJ LQ WKH VHWXS
PHQXZKLFKUHTXLUHVDFFHVVDWVHFXULW\OHYHOPLQLPXP>6HWXSൺ6HFXULW\@
&RXQWU\RSWLRQV
$XVWULD
$XVWULD09
%HOJLXP
%HOJLXP09
&]HFK5HSXEOLF
&]HFK5HSXEOLF09
'HQPDUN
)UDQFH
)UDQFH09
*HUPDQ\
*HUPDQ\09
*UHHFH
,WDO\
/X[HPERXUJ
0DOWD
1HWKHUODQGV
3RUWXJDO
6SDLQ
6SDLQ09
6ZHGHQ
6ZLW]HUODQG
7XUNH\
7DEOH&RXQWU\6HWWLQJV2SWLRQV
1RWH
7RPHHWPHGLXPYROWDJHJULGUHTXLUHPHQWVVHOHFWDFRXQWU\RSWLRQHQGLQJLQ09
)RU GHWDLOV RI LQGLYLGXDO FRXQWU\ VHWWLQJV VHH WKH ZZZGDQIRVVFRPVRODU GRZQORDG DUHD $S
SURYDOVDQG&HUWLILFDWLRQV
6HOHFWLRQRIDFRXQWU\DFWLYDWHVDVHULHVRIVHWWLQJVDVIROORZV
*ULGSRZHUTXDOLW\HQKDQFHPHQWVHWWLQJV

7KHF\FOH506YDOXHVRIWKHJULGYROWDJHVDUHFRPSDUHGZLWKWZRORZHUDQG
WZRXSSHUWULSVHWWLQJVHJRYHUYROWDJHVWDJH,IWKH506YDOXHVYLRODWHV
WKHWULSVHWWLQJVIRUPRUHWKDQWKHGXUDWLRQRIFOHDUDQFHWLPHWKHLQYHUWHU
FHDVHVWRHQHUJLVHWKHJULG

7KHF\FOH506YDOXHLVDYHUDJHGRYHUPLQXWHV,IWKLVPHDQYDOXHH[FHHGV
WKHWULSVHWWLQJWKHLQYHUWHUFHDVHVWRHQHUJLVHWKHJULG
)XQFWLRQDOVDIHW\VHWWLQJV

7KHF\FOHWRF\FOHYDOXHRIWKHJULGIUHTXHQF\LVDOVRFRPSDUHGZLWKWZROLP
LWVORZHUDQGXSSHU,IWKHIUHTXHQF\YLRODWHVWKHWULSVHWWLQJVIRUPRUHWKDQ
WKHGXUDWLRQRIFOHDUDQFHWLPHWKHLQYHUWHUVFHDVHWRHQHUJLVHWKHJULG
/B

/RVVRI0DLQV/R0LVGHWHFWHGE\WZRGLIIHUHQWDOJRULWKPV
SKDVH YROWDJH VXUYHLOODQFH WKH LQYHUWHU KDV LQGLYLGXDO FRQWURO RI
WKHWKUHHSKDVHFXUUHQWV7KHF\FOH506YDOXHVRIWKHSKDVHSKDVH
JULGYROWDJHVDUHFRPSDUHGZLWKDORZHUWULSVHWWLQJ,IWKH506YDO
XHVYLRODWHWKHWULSVHWWLQJVIRUPRUHWKDQWKHGXUDWLRQRIFOHDUDQFH
WLPHWKHLQYHUWHUVFHDVHWRHQHUJLVHWKHJULG
5DWHRIFKDQJHRIIUHTXHQF\52&2)7KH52&2)YDOXHVSRVLWLYH
RU QHJDWLYH DUH FRPSDUHG WR WKH WULS VHWWLQJV DQG WKH LQYHUWHU
FHDVHVWRHQHUJLVHWKHJULGZKHQWKHOLPLWVDUHYLRODWHG
5HVLGXDOFXUUHQWLVPRQLWRUHG7KHLQYHUWHUFHDVHVWRHQHUJLVHWKHJULGZKHQ
WKHF\FOH506YDOXHRIWKHUHVLGXDOFXUUHQWYLRODWHVWKHWULSVHWWLQJV
IRUPRUHWKDQWKHGXUDWLRQRIFOHDUDQFHWLPH
DVXGGHQMXPSLQWKH'&YDOXHRIWKHUHVLGXDOFXUUHQWLVGHWHFWHG

(DUWKWR39LVRODWLRQUHVLVWDQFHLVPRQLWRUHGGXULQJVWDUWXSRIWKHLQYHUWHU,I
WKHYDOXHLVWRRORZWKHLQYHUWHUZLOOZDLWPLQXWHVDQGWKHQPDNHDQHZ
DWWHPSWWRHQHUJLVHWKHJULG1RWH7KHYDOXHLVFRUUHFWHGLQWHUQDOO\E\DQDG
GLWLRQDONƻLQRUGHUWRFRPSHQVDWHIRUPHDVXULQJLQDFFXUDF\

,IWKHLQYHUWHUFHDVHVWRHQHUJLVHWKHJULGGXHWRJULGIUHTXHQF\RUJULGYROW
DJHQRWSKDVH/R0DQGLIWKHIUHTXHQF\RUYROWDJHDUHUHVWRUHGZLWKLQD
VKRUWWLPHVKRUWLQWHUUXSWLRQWLPHWKHLQYHUWHUFDQUHFRQQHFWZKHQWKHJULG
SDUDPHWHUV KDYH EHHQ ZLWKLQ WKHLU OLPLWV IRU WKH VSHFLILHG WLPH UHFRQQHFW
WLPH2WKHUZLVHWKHLQYHUWHUJRHVEDFNWRWKHQRUPDOFRQQHFWLRQVHTXHQFH
6HH WKH $QFLOODU\ 6HUYLFHV FKDSWHU IRU DGGLWLRQDO QRQVDIHW\ IXQFWLRQDOLWLHV ZKLFK DUH FRXQWU\
VSHFLILF
'HUDWLQJ
'HUDWLQJWKHRXWSXWSRZHULVDPHDQVRISURWHFWLQJWKHLQYHUWHUDJDLQVWRYHUORDGDQGSRWHQWLDO
IDLOXUH)XUWKHUPRUHGHUDWLQJFDQDOVREHDFWLYDWHGWRUHGXFHWKHRXWSXWSRZHUWRWKHJULG'H
UDWLQJLVDFWLYDWHGE\

39RYHUFXUUHQW

,QWHUQDORYHUWHPSHUDWXUH

([FHVVLYHJULGFXUUHQW

([FHVVLYHJULGYROWDJH

([FHVVLYHJULGSRZHU

*ULGRYHUIUHTXHQF\

([WHUQDOFRPPDQGIRU3RZHU/HYHO$GMXVWPHQW3/$IHDWXUH

([FHVVLYHUHDFWLYHSRZHU
&DQRQO\EHDFWLYDWHGZKHQWKHLQYHUWHULVFRQQHFWHGWRDPHGLXPKLJKYROWDJH$&QHWZRUNHJWKH
FRXQWU\LVVHOHFWHGDVB09FRXQWU\
'HUDWLQJ LV DFFRPSOLVKHG E\ DGMXVWLQJ WKH 39 YROWDJH DQG VXEVHTXHQWO\ RSHUDWLQJ RXWVLGH WKH
PD[LPXP SRZHU SRLQW RI WKH 39 DUUD\V 7KH LQYHUWHU FRQWLQXHV WR UHGXFH WKH SRZHU XQWLO WKH
SRWHQWLDORYHUORDGFHDVHVRUWKHFRPPDQGHG3/$OHYHOLVUHDFKHG7KHWRWDODPRXQWRIWLPHWKH
LQYHUWHUKDVGHUDWHGFDQEHVHHQLQWKHGLVSOD\>/RJൺ'HUDWLQJ@6HFXULW\OHYHOSDVVZRUGSUR
YLGHVDFFHVVWRYLHZWKHGLVWULEXWLRQRIWKHYDULRXVW\SHVRIGHUDWLQJ
/B
'HUDWLQJGXHWR39FXUUHQWRUJULGSRZHULQGLFDWHVWKDWWRRPXFK39SRZHUKDVEHHQLQVWDOOHG
ZKHUHDVGHUDWLQJGXHWRJULGFXUUHQWJULGYROWDJHDQGJULGIUHTXHQF\LQGLFDWHLVVXHVZLWKWKH
JULG
6HHWKH$QFLOODU\6HUYLFHVFKDSWHUIRUPRUHLQIRUPDWLRQ
:KHQGHUDWLQJRQWHPSHUDWXUHWKHRXWSXWSRZHUPD\RVFLOODWHE\XSWRN:
*ULG9ROWDJH'HUDWLQJ
:KHQWKHJULGYROWDJHH[FHHGVDGHILQHGOLPLW8WKHLQYHUWHUGHUDWHVWKHRXWSXWSRZHU,IWKH
JULGYROWDJHLQFUHDVHVDQGH[FHHGVWKHGHILQHGOLPLW PLQPHDQ8WKHLQYHUWHUFHDVHVWR
HQHUJLVHWKHJULGLQRUGHUWRPDLQWDLQSRZHUTXDOLW\DQGSURWHFWRWKHUHTXLSPHQWFRQQHFWHGWR
WKH JULG 7KH ORFDO OLPLWV 8 DQG 8 DUH OLVWHG LQ WKH LQYHUWHU FRXQWU\ VHWWLQJV DW WKH
ZZZGDQIRVVFRPVRODUDUHD$SSURYDOVDQG&HUWLILFDWLRQV
,OOXVWUDWLRQ*ULG9ROWDJH'HUDWLQJ
&XUUHQW'HUDWLQJ
$W JULG YROWDJHV ORZHU WKDQ WKH QRPLQDO YROWDJH WKH LQYHUWHU PD\ GHUDWH WR NHHS WKH RXWSXW
FXUUHQWZLWKLQWKHVSHFLILFDWLRQV
,OOXVWUDWLRQ&XUUHQW'HUDWLQJ
/B
7HPSHUDWXUH'HUDWLQJ
'HUDWLQJ GXH WR WHPSHUDWXUH LV D VLJQ RI H[FHVVLYH DPELHQW WHPSHUDWXUH D GLUW\ KHDWVLQN D
EORFNHGIDQRUVLPLODU5HIHUWRWKHVHFWLRQ0DLQWHQDQFHIRUDGYLFH
,OOXVWUDWLRQ'HUDWLQJ7HPSHUDWXUH
7ULSOH/\Q[N:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
39FXUUHQWSHULQSXW
$
$
$
$
*ULGFXUUHQWSHUSKDVH
$
$
$
$
*ULGSRZHUWRWDO
:
:
:
:
7RDYRLGXQLQWHQWLRQDOGHUDWLQJGXHWRPHDVXUHPHQWLQDFFXUDF\WKHYDOXHVLQEUDFNHWVDUHDGGHGWRWKHOLPLWV
7DEOH'HUDWLQJ/LPLWV
393RZHU6HWWLQJV
7KH39SRZHUVHWWLQJVFRPSULVH39SRZHUDQG39DUUD\DUHDIRUHDFKLQSXWWRWKHLQYHUWHU
$OZD\VVHWWKHLQVWDOOHG39SRZHURQWKHLQSXWV7KLVLVSDUWLFXODUO\LPSRUWDQWLIWKH39SRZHU
YDOXHGLIIHUVIRUWKHLQGLYLGXDO39LQSXWV
'HWHUPLQDWLRQRI39,QSXW6HWWLQJV

,QSXWVLQVHULHV

7KHVHWWLQJLVWKHUDWHG39SRZHU67&IRUWKHLQVWDOODWLRQ
,QSXWVFRQQHFWHGLQSDUDOOHO
7KHVHWWLQJIRUHDFK39LQSXWLQWKHSDUDOOHOJURXSLVWKHWRWDODPRXQWRI39
SRZHULQVWDOOHGWRWKDWJURXSGLYLGHGE\WKHQXPEHURISDUDOOHOLQSXWV
)RUH[DPSOHVVHHWKHVHFWLRQ6WDUWXSDQG&KHFNRI6HWWLQJV
&RQILJXUH39,QSXWV
(QWHU39LQSXWYDOXHVIRUDV\PPHWULFDOOD\RXWV
$FFHVVDWVHFXULW\OHYHOLVUHTXLUHG
,QWKHGLVSOD\JRWR>6HWXSൺ&DOLEUDWLRQൺ39DUUD\@
,QWKH:HE6HUYHUJRWR>,QYHUWHUൺ6HWXSൺ&DOLEUDWLRQൺ39DUUD\@
(QWHU39LQSXWYDOXHV
(QWHU39DUUD\DUHDVRSWLRQDO
/B
([FHVVLYH*ULG3RZHU
7KHIDFWRU\VHWWLQJVLQFOXGHDSUHVHW'&SRZHUFDSDFLW\SHULQSXWZKLFKLVN:SHU39LQSXW
7RDYRLGH[FHHGLQJWKHPD[LPXP'&SRZHUDOORZHGWKHLQYHUWHUZLOOUHGXFHWKHYDOXHHYHQO\
KHQFH
7ULSOH/\Q[LQYHUWHUW\SH 1RRI39
LQSXWV
7ULSOH/\Q[N:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
2YHUDOO'&OLPLWIRU
WKHLQYHUWHU
N:
N:
N:
N:
'HIDXOW'&SRZHUOLPLW
SHU39LQSXW
N:
N:
N:
N:
'&SRZHUOLPLWSHU
39LQSXW
N:
N:
N:
N:
7DEOH'&3RZHU/LPLWV
393RZHU6HWWLQJVIRU$V\PPHWULFDO39&RQILJXUDWLRQ
:KHQWKHOHYHOVRIWKHFRQQHFWHG39SRZHUGLIIHUIURPRQHLQSXWWRWKHQH[WWKH39FRQILJXUD
WLRQLVGHILQHGDVDV\PPHWULF
)RUDV\PPHWULF39FRQILJXUDWLRQFKRRVHLQVWDOOHG39SRZHUVHWWLQJVRSWLPDOO\WRXWLOLVHWKHSR
WHQWLDORIN:SHULQSXWWRLQFUHDVHSHUIRUPDQFHDQGDYRLGXQLQWHQWLRQDOORVV
7KHLQVWDOOHG39SRZHULVGHILQHGDVWKHJHQHUDWHG39WR*ULGSRZHU7RFDOFXODWHWKHVHYDOXHV
XVHWKHPRGXOHVWDQGDUGWHVWFRQGLWLRQ67&YDOXHV>N:S@DQGGLYLGHE\WKH39WR*ULGUDWLR
.SYDF
'HWHUPLQDWLRQRI39,QSXW6HWWLQJV
$OORFDWHYDOXHVIRUHDFK39LQSXWHQVXULQJWKDW

7KHDPRXQWRILQVWDOOHG39SRZHULVFRUUHFW

7KHµRYHUDOO'&OLPLWIRUWKHLQYHUWHU¶LVQRWH[FHHGHG

(DFKYDOXHGRHVQRWH[FHHGWKHPD[LPXPN:'&SRZHUSHU39LQSXW
&RQILJXUH39,QSXWV
7RHQWHUWKH39SRZHUVHWWLQJVIRUDQDV\PPHWULFOD\RXWDFFHVVDWVHFXULW\OHYHOLVUHTXLUHG

,QWKHGLVSOD\JRWR>6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQ@
,QWKH:HE6HUYHUJRWR>,QYHUWHUൺ6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQ@

'HVHOHFW$XWRGHWHFW

6HOHFW,QGLYLGXDORU3DUDOOHO

(QWHU39LQSXWYDOXHV

(QWHU39DUUD\DUHDVRSWLRQDO
0337
$0D[LPXP3RZHU3RLQW7UDFNHU0337LVDQDOJRULWKPZKLFKLVFRQVWDQWO\WU\LQJWRPD[LPLVH
WKHRXWSXWIURPWKH39DUUD\7KH0337LQFOXGHGLQWKH7ULSOH/\Q[UDQJHRILQYHUWHUVLVEDVHG
RQWKH,QFUHPHQWDO&RQGXFWDQFHDOJRULWKP7KHDOJRULWKPXSGDWHVWKH39YROWDJHIDVWHQRXJK
WRIROORZTXLFNFKDQJHVLQVRODULUUDGLDQFH:PV
/B
,OOXVWUDWLRQ0HDVXUHG0337(IILFLHQF\IRU7ZR'LIIHUHQW5DPS3URILOHV
(IILFLHQF\
7KHHIILFLHQF\KDVEHHQPHDVXUHGZLWKD<RNRJDZD:7SUHFLVLRQSRZHUDQDO\VHURYHUD
SHULRGRIVHFDWr&DQG9$&JULG7KHHIILFLHQF\JUDSKVIRUWKHLQGLYLGXDOW\SHVLQ
WKH7ULSOH/\Q[LQYHUWHUUDQJHDUHGHSLFWHGEHORZ
,OOXVWUDWLRQ(IILFLHQF\7ULSOH/\Q[N:
/B
/B
339839
(8
7ULSOH/\Q[N:
9 9
9
7ULSOH/\Q[N:
9 9 9
7ULSOH/\Q[N:
9 9 9
7ULSOH/\Q[N:
9 9 9
7DEOH(IILFLHQFLHV
6WDUWXS
39RYHUYROWDJHSURWHFWLRQ
,QYHUWHUVLQWKH7ULSOH/\Q[UDQJHLQFOXGHDIHDWXUHZKLFKDFWLYHO\SURWHFWVWKHLQYHUWHUDQG39
PRGXOHVDJDLQVWRYHUYROWDJH7KHIXQFWLRQLVLQGHSHQGHQWRIJULGFRQQHFWLRQDQGUHPDLQVDFWLYH
DVORQJDVWKHLQYHUWHULVIXOO\IXQFWLRQDO
'XULQJQRUPDORSHUDWLRQWKH033YROWDJHZLOOEHLQWKH±9UDQJHDQGWKH39RYHUYROW
DJHSURWHFWLRQUHPDLQVLQDFWLYH,IWKHLQYHUWHULVGLVFRQQHFWHGIURPJULGWKH39YROWDJHZLOOEH
LQDQRSHQFLUFXLWVFHQDULR:LWKKLJKLUUDGLDWLRQDQGORZPRGXOHWHPSHUDWXUHWKHYROWDJHPD\
ULVHDQGH[FHHG9$WWKLVSRLQWWKHSURWHFWLRQIXQFWLRQEHFRPHVDFWLYH
8SRQ DFWLYDWLRQ WKH IXQFWLRQ ZLOO ZLWKLQ PV DQG LQ D FRQWUROOHG ZD\ WDNH WKH 39 YROWDJH
IURPEHLQJLQRSHQFLUFXLWWRQHDUVKRUWFLUFXLW7KLVLVGRQHE\DFWLYHO\XVLQJWKHWUDQVLVWRUVLQ
WKHLQYHUWHU
VSRZHUPRGXOH:LWKWKH39RYHUYROWDJHSURWHFWLRQDFWLYDWHGWKHLQSXWYROWDJHZLOO
EHDSSUR[LPDWHO\9OHDYLQJMXVWHQRXJKSRZHUWRVXSSO\WKHLQWHUQDOFLUFXLWV
:KHQQRUPDOJULGFRQGLWLRQLVUHHVWDEOLVKHGWKHLQYHUWHUZLOOH[LWWKH39RYHUYROWDJHSURWHFWLRQ
LQDFRQWUROOHGPDQQHUWDNLQJWKH033YROWDJHIURPWKHDOPRVWVKRUWFLUFXLWOHYHOXSWRWKH033
SRLQWLQWKH9UDQJH
$XWRWHVW3URFHGXUH,WDO\2QO\
$QDXWRPDWLFWHVWRIWKHLQYHUWHUFDQEHLQLWLDOLVHGE\DFWLYDWLQJWKH,QYHUWHU$XWRWHVW6RIWZDUH
LQWKHGLVSOD\2QWKHGLVSOD\ILQG>6HWXSൺ6HWXSGHWDLOVൺ$XWRWHVW@DQGSUHVV2.7KHDXWRW
HVWRIWKHLQYHUWHUZLOOQRZVWDUW
7KHLQYHUWHUDXWRWHVWPDQXDOFDQEHREWDLQHGIURPWKHLQYHUWHUPDQXIDFWXUHU
/B
)XQFWLRQDO6DIHW\6HWWLQJV
&KDQJLQJDQ\RIWKHIXQFWLRQDOVDIHW\VHWWLQJVLQVLGHWKHLQYHUWHULVSURKLELWHGDV
WKLVFRXOGWUDQVIRUPDPLQRUPLVWDNHLQWRDOHWKDODFFLGHQW
,QVRPHVSHFLDOFDVHVLWLVKRZHYHUQHFHVVDU\WRDOWHUVHWWLQJVGXHWRH[WHUQDOFRQGLWLRQVHJ
DZHDN$&JULGKLJKYROWDJHDQGRUUHVLVWDQFH
2QO\WKHIROORZLQJVHWWLQJVFDQEHFKDQJHGZLWKDOHYHOSDVVZRUGDOORWKHULQGLYLGXDOVHWWLQJV
FDQRQO\EHFKDQJHGE\DXWKRUL]HGVHUYLFHSHUVRQQHO

PLQXWHDYHUDJHRIJULGYROWDJHPDJQLWXGH

52&2)UDWHRIFKDQJHRIIUHTXHQF\

6HOHFWLRQFKDQJHRIFRXQWU\
7KLVFDQEHGRQHHLWKHUYLDWKHGLVSOD\RUYLDWKH:HE6HUYHU
,QDGGLWLRQLWLVRQO\SRVVLEOHWRFKDQJHWKHVHVHWWLQJVYLDWKH:HE6HUYHULIWKHUHPRWHDFFHVV
>6HWXSൺFRPPXQLFDWLRQൺUHPRWHDFFHVV@LVHQDEOHG
:KHQFKDQJLQJWKHPLQXWHDYHUDJHRIJULGYROWDJHPDJQLWXGHDQG52&2)WKHFRXQWU\,'LV
DXWRPDWLFDOO\VHWWRµ&XVWRP¶
3URFHGXUHIRU&KDQJHRI6HWWLQJV
'XULQJLQVWDOODWLRQDQGEHIRUHWKHLQYHUWHUFDQVXSSO\SRZHUWRWKHJULGWKHLQYHUWHUSURPSWV
WKHLQVWDOOHUWRHQWHUZKLFKFRXQWU\LWLVLQVWDOOHGLQ,WLVSRVVLEOHWRFKDQJHWKHFRXQWU\ODWHUE\
IROORZLQJWKHSURFHGXUHGHVFULEHGEHORZ&KDQJHVDUHPDGHE\PHDQVRIWKH:HE6HUYHURUE\
XVLQJWKHGLVSOD\
7KHSURFHGXUHIRUFKDQJLQJWKHVHWWLQJVLVDVIROORZVVHHDOVRWKH:HE6HUYHU8VHU0DQXDOIRU
GHWDLOVRQKRZWRJHQHUDWHDVHWWLQJVUHSRUW

7KHSHUVRQZLWKWKHMXGLFLDOUHVSRQVLELOLW\RIWKH39SODQWDVNVVHUYLFHRUWKHLQVWDOOHU
WRFKDQJHWKHVHWWLQJ7KHGHFLVLRQFDQEHEDVHGRQFRQWLQXRXVLQVWDELOLW\SUREOHPV
HJDZHDN$&JULG%\GRLQJVRKHWDNHVWKHIXOOUHVSRQVLELOLW\RIDQ\IXWXUHFRQIOLFWV
$GGLWLRQDOO\ WKH µFKDQJH RI IXQFWLRQDO VDIHW\ SDUDPHWHUV¶ IRUP SURYLGHG E\ WKH :HE
6HUYHUPXVWEHFRPSOHWHG

$IWHUWKHFKDQJHWKHIRUPPXVWEHVKLSSHGWRWKHORFDO'LVWULEXWLRQ1HWZRUN2SHUDWRU
'12 IRU DXWKRULVDWLRQ $ OHWWHU VKDOO EH LQFOXGHG WR WKH '12 DVNLQJ WKHP WR UHWXUQ
WKHDXWKRULVHGFRS\WRWKHRZQHU,IWKHFKDQJHVDUHSHUIRUPHGWKURXJKWKHGLVSOD\D
KDQGZULWWHQYHUVLRQRIWKHIRUPLVDFFHSWDEOH

7KH VHUYLFH SHUVRQ RU LQVWDOOHU DVNV WKH VHUYLFH KRWOLQH IRU D RQH GD\ OHYHO SDVV
ZRUGDQGDOVRVLJQVWKHIRUPFRQILUPLQJWKDWKHKDVIROORZHGWKH'DQIRVVSURFHGXUH
7KHLQYHUWHUORJVWKHSDUDPHWHUFKDQJH
$OORWKHULQGLYLGXDOFRXQWU\VHWWLQJVFDQRQO\EHFKDQJHGE\DXWKRULVHGVHUYLFHSHUVRQQHO7KLV
DOVRUHTXLUHVWKDWWKHµFKDQJHRIIXQFWLRQDOVDIHW\SDUDPHWHUV¶IRUPLVFRPSOHWHGDQGVKLSSHGWR
WKH'12IRUDXWKRULVDWLRQ
/B
,IDZURQJFRXQWU\LVVHOHFWHGGXULQJLQVWDOODWLRQWKHFRXQWU\FDQEHFKDQJHGLQWKHGLVSOD\RU
YLDWKH:HE6HUYHUZKHQORJJHGLQZLWKDVHFXULW\OHYHOSDVVZRUG>,QYHUWHUൺ6HWXSൺ6HWXS
GHWDLOVൺ&RXQWU\@$RQHGD\OHYHOORJRQFDQEHUHTXHVWHGYLDWKHVHUYLFHKRWOLQH
6HHWKHVHFWLRQUHJDUGLQJWKHGLVSOD\IRUGHWDLOVRQKRZWRRSHUDWHWKHGLVSOD\)RUWKH7/;3UR
YHUVLRQVHHWKH:HE6HUYHU8VHU0DQXDOIRULQVWUXFWLRQVRQKRZWRXVHWKH:HE6HUYHU
/B
3UHLQVWDOODWLRQ*XLGHOLQHV
7KHDLPRIWKLVVHFWLRQLVWRSURYLGHJHQHUDOLQIRUPDWLRQDERXWWKHXVHRIWKH7ULSOH/\Q[LQYHU
WHUV
7KHVHFWLRQVKRXOGEHUHDGEHIRUHGHVLJQLQJWKH39V\VWHP7KHVHFWLRQFRYHUV$&JULGFRQQHF
WLRQ UHTXLUHPHQWV HJ WKH FKRLFH RI $& FDEOH SURWHFWLRQ WKH GHVLJQ RI WKH 39 V\VWHP HJ
JURXQGLQJDQGILQDOO\WKHDPELHQWFRQGLWLRQVHJYHQWLODWLRQ
5HTXLUHPHQWVIRU$&&RQQHFWLRQ
$OZD\VIROORZORFDOUXOHVDQGUHJXODWLRQV
3UHYHQWWKHV\VWHPIURPUHFRQQHFWLQJE\PDUNLQJFORVLQJRUORFNLQJRIIWKHZRUN
DUHD8QLQWHQWLRQDOUHFRQQHFWLRQPD\UHVXOWLQVHYHUHDFFLGHQWV
&RYHUXSDOOYROWDJHFDUU\LQJV\VWHPFRPSRQHQWVWKDWPD\FDXVHSHUVRQDOLQMXU\
ZKLOHZRUNLQJ0DNHVXUHWKDWGDQJHUDUHDVDUHFOHDUO\PDUNHG
7KH LQYHUWHUV DUH GHVLJQHG ZLWK D SKDVH QHXWUDO DQG SURWHFWLYH HDUWK $& JULG LQWHUIDFH IRU
RSHUDWLRQXQGHUWKHIROORZLQJFRQGLWLRQV
3DUDPHWHU
/LPLWV
0LQ 0D[
*ULGYROWDJHSKDVH±QHXWUDO 9 9 9
*ULGIUHTXHQF\
+] +] +]
7DEOH$&2SHUDWLQJ&RQGLWLRQV
:KHQFKRRVLQJWKHFRXQWU\RILQVWDOODWLRQWKHSDUDPHWHUVLQWKHDERYHVSHFLILFDWLRQZLOOEHOLPL
WHGWRFRPSO\ZLWKWKHFRXQWU\VSHFLILFJULGFRGHV([DPSOHWKHFRXQWU\RILQVWDOODWLRQLVFKRV
HQWR*(50$1<7KHLQYHUWHUKDVWRFRPSO\ZLWKWKH*HUPDQ)XQFWLRQDO6DIHW\9'(WR
RSHUDWHLQ*HUPDQ\DQGWKHOLPLWVZLOODXWRPDWLFDOO\EHVHWDFFRUGLQJWRWKLVVWDQGDUG
(DUWKLQJV\VWHPV
7KHLQYHUWHUVFDQRSHUDWHRQ71671&71&6DQG77V\VWHPV
1RWH
:KHUHDQH[WHUQDO5&08LVUHTXLUHGLQD77V\VWHPDP$5&08PXVWEHXVHGLQRUGHU
WRDYRLGWULSSLQJ,7V\VWHPVDUHQRWVXSSRUWHG
1RWH
7R DYRLG HDUWK FXUUHQWV LQ WKH FRPPXQLFDWLRQ FDEOH HQVXUH WKHUH LV QR GLIIHUHQFH LQ WKH
HDUWKLQJSRWHQWLDORIWKHGLIIHUHQWLQYHUWHUVZKHQXVLQJ71&HDUWKLQJ
0DLQV&LUFXLW%UHDNHU&DEOH)XVHDQG/RDG6ZLWFK
1R FRQVXPHU ORDG VKRXOG EH DSSOLHG EHWZHHQ WKH PDLQV FLUFXLW EUHDNHU DQG WKH LQYHUWHU $Q
RYHUORDGRIWKHFDEOHPD\QRWEHUHFRJQLVHGE\WKHFDEOHIXVHVHHWKHVHFWLRQ)XQFWLRQDO2YHU
YLHZ $OZD\V XVH VHSDUDWH IXVHV IRU FRQVXPHU ORDG 8VH GHGLFDWHG FLUFXLW EUHDNHUV ZLWK ORDG
VZLWFK IXQFWLRQDOLW\ IRU ORDG VZLWFKLQJ 7KUHDGHG IXVH HOHPHQWV OLNH µ'LD]HG¶ DQG µ1HR]HG¶ DUH
QRWFRQVLGHUHGDVDORDGVZLWFK)XVHKROGHUHWFPD\EHGDPDJHGLIGLVPRXQWHGXQGHUORDG
/B
7XUQ RII WKH LQYHUWHU E\ PHDQV RI WKH 39 ORDG VZLWFK EHIRUH UHPRYLQJUHSODFLQJ WKH IXVH HOH
PHQWV
7KHVHOHFWLRQRIWKHPDLQVFLUFXLWEUHDNHUUDWLQJGHSHQGVRQWKHZLULQJGHVLJQZLUHFURVVVHF
WLRQDODUHDFDEOHW\SHZLULQJPHWKRGDPELHQWWHPSHUDWXUHLQYHUWHUFXUUHQWUDWLQJHWF'HUDW
LQJRIWKHFLUFXLWEUHDNHUUDWLQJPD\EHQHFHVVDU\GXHWRVHOIKHDWLQJRULIH[SRVHGWRKHDW7KH
PD[LPXPRXWSXWFXUUHQWSHUSKDVHFDQEHIRXQGLQWKHWDEOH
7ULSOH/\Q[N:
0D[LPXPLQYHUWHUFXUUHQW
5HFRPPHQGHGIXVHW\SHJ/J*
$
$
7ULSOH/\Q[
N:
$
$
7ULSOH/\Q[ 7ULSOH/\Q[N:
N:
$
$
$
$
7DEOH0DLQV&LUFXLW6SHFLILFDWLRQV
&DEOH5HTXLUHPHQWV
&DEOH
$&
2XWHUGLDPHWHU
,QVXODWLRQVWULS
0D[UHFRPPHQGHGFDEOHOHQJWK
7ULSOH/\Q[NDQGN
&RQGLWLRQ
6SHFLILFDWLRQ
ZLUHFDEOH
&RSSHU
PP
$OOZLUHV
PP
P
PP
P
PP
P
PP
P
PP
P
0D[UHFRPPHQGHGFDEOHOHQJWK PP
7ULSOH/\Q[N
P
PP
P
PP
P
0D[UHFRPPHQGHGFDEOHOHQJWK PP
7ULSOH/\Q[N
P
PP
3(&DEOHGLDPHWHU
DWOHDVW
DVSKDVHFDEOHV
'&
0D[9$
&DEOHOHQJWK
P
PPȍNP
&DEOHOHQJWK
!P
PPȍNP
0DWLQJFRQQHFWRU
0XOWLFRQWDFW
39$'6339$'%3
7KHGLVWDQFHEHWZHHQLQYHUWHUDQG39DUUD\DQGEDFNSOXVWKHVXPPDULVHGOHQJWKRIWKHFDEOHVXVHGIRU
39DUUD\LQVWDOODWLRQ
7DEOH&DEOH5HTXLUHPHQWV
1RWH
$YRLGSRZHUORVVLQFDEOHVRIPRUHWKDQRIQRPLQDOLQYHUWHUUDWLQJ
1RWH
,Q)UDQFHREVHUYHWKH87(&DQG1)&UHTXLUHPHQWV
/B
,OOXVWUDWLRQ7ULSOH/\Q[N:&DEOH/RVVHV>@YHUVXV&DEOH/HQJWK>P@
/B
&RQVLGHUDOVRWKHIROORZLQJZKHQFKRRVLQJFDEOHW\SHDQGFURVVVHFWLRQDODUHD
$PELHQWWHPSHUDWXUH
/D\RXWW\SHLQVLGHZDOOXQGHUJURXQGIUHHDLUHWF
89UHVLVWDQFH
*ULG,PSHGDQFH
7KH JULG LPSHGDQFH PXVW FRUUHVSRQG WR WKH VSHFLILFDWLRQV WR DYRLG XQLQWHQGHG GLVFRQQHFWLRQ
IURPWKHJULGRUGHUDWLQJRIWKHRXWSXWSRZHU,WLVVLPLODUO\LPSRUWDQWWKDWSURSHUFDEOHGLPHQ
VLRQVDUHXVHGWRDYRLGORVVHV$GGLWLRQDOO\WKHQRORDGYROWDJHDWWKHFRQQHFWLRQSRLQWPXVWEH
WDNHQLQWRDFFRXQW7KHPD[LPXPSHUPLWWHGJULGLPSHGDQFHDVIXQFWLRQRIQRORDGYROWDJHIRU
WKH7ULSOH/\Q[LQYHUWHUVHULHVFDQEHIRXQGLQWKHIROORZLQJJUDSK
/B
,OOXVWUDWLRQ*ULGLPSHGDQFH0D[LPXPSHUPLVVLEOHJULGLPSHGDQFH>വ@YHUVXV1RORDGJULGYROWDJH>9@
5HTXLUHPHQWVIRU39&RQQHFWLRQ
0D[LPXP2SHQ&LUFXLW9ROWDJH
7KHPD[LPXPRSHQFLUFXLWYROWDJHIURPWKH39VWULQJVPXVWQRWH[FHHGWKHDEVROXWHPD[LPXP
ZKLFKWKHLQYHUWHULVDEOHWRZLWKVWDQG&KHFNWKHVSHFLILFDWLRQRIWKHRSHQFLUFXLWYROWDJHDWWKH
ORZHVW39PRGXOHRSHUDWLQJWHPSHUDWXUH$OVRFKHFNWKDWWKHPD[LPXPV\VWHPYROWDJHRIWKH
39PRGXOHVLVQRWH[FHHGHG'XULQJLQVWDOODWLRQWKHYROWDJHVKRXOGEHYHULILHGEHIRUHFRQQHFW
LQJWKH39PRGXOHVWRWKHLQYHUWHUXVHDFDWHJRU\,,,YROWPHWHUWKDWFDQPHDVXUH'&YDOXHVXS
WR96SHFLDODWWHQWLRQPXVWEHSDLGWRWKLQILOPPRGXOHVVHHWKHVHFWLRQRQ7KLQ)LOP
1RPLQDO2SHUDWLQJ$UHD
7KHQRPLQDOPD[LPXPLQSXWVSHFLILFDWLRQSHU39LQSXWDQGWRWDODUHJLYHQLQWKHWDEOHEHORZ
3DUDPHWHU
7ULSOH/\Q[
N:
1XPEHURILQSXWV
1RPLQDOPD[LPXP39SRZ :
HUSHULQSXW
0D[LPXPLQSXWYROWDJH
9
RSHQFLUFXLW
0D[LPXPLQSXWFXUUHQW
$
1RPLQDOPD[LPXP39
:
SRZHUWRWDO
7ULSOH/\Q[
N:
:
7ULSOH/\Q[ N:
:
7ULSOH/\Q[
N:
:
9
9
9
$
:
$
:
$
:
7DEOH392SHUDWLQJ&RQGLWLRQV
/B
,OOXVWUDWLRQ033$UHD7ULSOH/\Q[N:
$ERYH9LVUHVHUYHGIRUGHUDWLQJ
/B
,OOXVWUDWLRQ033$UHD7ULSOH/\Q[N:
/B
,OOXVWUDWLRQ033$UHD7ULSOH/\Q[N:DQGN:
5HYHUVHG3RODULW\
7KHLQYHUWHULVSURWHFWHGDJDLQVWUHYHUVHGSRODULW\EXWLWZLOOQRWJHQHUDWHSRZHUXQWLOWKHSRODUL
W\LVFRUUHFWHG5HYHUVHGSRODULW\GDPDJHQHLWKHUWKHLQYHUWHUQRUWKHFRQQHFWRUV
/B
5HPHPEHUWRVZLWFKRIIWKH39ORDGVZLWFKEHIRUHFRUUHFWLQJSRODULW\
39WR(DUWK5HVLVWDQFH
7KHPRQLWRULQJRIWKH39WRHDUWKUHVLVWDQFHLVLPSOHPHQWHGIRUDOOFRXQWULHVDVVXSSO\LQJHQHU
J\WRWKHJULGZLWKWRRORZDUHVLVWDQFHFRXOGEHKDUPIXOWRWKHLQYHUWHUDQGRUWKH39PRGXOHV
$FFRUGLQJ WR WKH *HUPDQ 9'( VWDQGDUG WKH PLQLPXP UHVLVWDQFH EHWZHHQ WKH WHUPL
QDOVRIWKH39DUUD\VDQGHDUWKPXVWEHNƻ92&WKXVIRUD9V\VWHPWKLVFRUUHVSRQGV
WRDPLQLPXPUHVLVWDQFHRI0ƻ+RZHYHU39PRGXOHVGHVLJQHGDFFRUGLQJWRWKH,(&
VWDQGDUGDUHRQO\WHVWHGWRDVSHFLILFUHVLVWDQFHRIPLQLPXP0ƻP7KHUHIRUHIRUDN:
SRZHU SODQW ZLWK D 39 PRGXOH HIILFLHQF\ WKH WRWDO DUHD RI WKH PRGXOHV \LHOGV P
ZKLFKDJDLQ\LHOGVDPLQLPXPUHVLVWDQFHRI0ƻPP Nƻ
7KHUHTXLUHGOLPLWRI0ƻKDVIRUWKDWUHDVRQEHHQORZHUHGWRNƻNƻWRFRPSHQ
VDWHIRUPHDVXULQJLQDFFXUDF\ZLWKWKHDSSURYDORIWKHDXWKRULWLHV'HXWVFKH*HVHW]OLFKH8Q
IDOOVYHUVLFKHUXQJ)DFKKDXVVFKXVV(OHNWURWHFKQLN
'XULQJLQVWDOODWLRQWKHUHVLVWDQFHPXVWEHYHULILHGEHIRUHFRQQHFWLQJWKH39PRGXOHVWRWKHLQ
YHUWHU7KHSURFHGXUHIRUYHULI\LQJWKHUHVLVWDQFHLVIRXQGLQWKHVHFWLRQRQ39&RQQHFWLRQ
*URXQGLQJ
,WLVQRWSRVVLEOHWRJURXQGDQ\RIWKHWHUPLQDOVRIWKH39DUUD\V+RZHYHULWLVFRPSXOVRU\WR
JURXQGDOOFRQGXFWLYHPDWHULDOVHJWKHPRXQWLQJV\VWHPWRFRPSO\ZLWKWKHJHQHUDOFRGHVIRU
HOHFWULFDOLQVWDOODWLRQV
3DUDOOHO&RQQHFWLRQRI39$UUD\V
7KH39LQSXWVRIWKHLQYHUWHUFDQEHLQWHUQDOO\RUH[WHUQDOO\FRQQHFWHGLQSDUDOOHO6HHEHORZ
IRUH[DPSOHV7KHSURVDQGFRQVE\GRLQJVRDUH

3URV
/D\RXWIOH[LELOLW\
3DUDOOHO FRQQHFWLRQ PDNHV LW SRVVLEOH WR DSSO\ D VLQJOH WZRZLUH FDEOH IURP
WKH39DUUD\WRWKHLQYHUWHUUHGXFHVWKHLQVWDOODWLRQFRVW
&RQV
0RQLWRULQJRIHDFKLQGLYLGXDOVWULQJLVQRWSRVVLEOH
6WULQJIXVHVVWULQJGLRGHVPD\EHQHFHVVDU\
$IWHUPDNLQJWKHSK\VLFDOFRQQHFWLRQWKHLQYHUWHUFDUULHVRXWDQDXWRWHVWRIWKHFRQILJXUDWLRQ
DQGFRQILJXUHVLWVHOIDFFRUGLQJO\
/B
([DPSOHVRI396\VWHPV
([DPSOHV RI GLIIHUHQW 39 FRQQHFWLRQVV\VWHPV DUH IRXQG EHORZ ZLWK WKH IROORZLQJ H[SODQDWRU\
RYHUYLHZWDEOH
([
6WULQJ
DPSOH FDSDFLW\
RULHQWDWLRQ
DQGLQFOLQDWLRQ
&RQQHFWLRQSRLQW
$
,QYHUWHU
*HQHUDWRU
FRQQHFWLRQ
ER[
[
%
([WHUQDO
VSOLWWHU
([WHUQDO
SDUDOOHO
FRQQHFWLRQ
<HV
LQSDUDOOHO
LGHQWLFDO
LGHQWLFDO
GLIIHUHQW
GLIIHUHQW
LGHQWLFDO
[
[
[
LGHQWLFDO
[
<HV
LQSDUDOOHO
LGHQWLFDO
[
[
<HV
LGHQWLFDO
LGHQWLFDO
[
[
[
LQSDUDOOHO
LQVHULHV
:KHQWRWDOLQSXWFXUUHQWH[FHHGV$H[WHUQDOVSOLWWHULVUHTXLUHG
&
,QWHUQDO
SDUDOOHO
FRQQHFWLRQ
LQLQYHUWHU
5HTXLUHG
,QYHUWHULQSXWV
6SOLWWHU
RXWSXW
RSWLRQDO
2SWLRQDO
VWULQJ
1RWSHUPLWWHG
VWULQJ
1RWSHUPLWWHGIRU VWULQJ
VWULQJ
2SWLRQDOIRU
VWULQJVDQG
5HTXLUHG
6SOLWWHU
RXWSXW
RSWLRQDO
2SWLRQDO
5HTXLUHG
5HTXLUHG
VWULQJV
VWULQJVYLD
<FRQQHFWRU
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
VWULQJ
VWULQJ
VWULQJ
VWULQJ
VWULQJ
VWULQJ
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
VWULQJV
VWULQJ
6SOLWWHU
RXWSXW
VWULQJV
VWULQJ
7DEOH2YHUYLHZRI396\VWHP([DPSOHV
/B
,OOXVWUDWLRQ396\VWHP([DPSOH
([
6WULQJ
DPSOH FDSDFLW\
RULHQWDWLRQ
DQGLQFOLQDWLRQ
LGHQWLFDO
&RQQHFWLRQSRLQW
$
,QYHUWHU
*HQHUDWRU
FRQQHFWLRQ
ER[
[
%
([WHUQDO
VSOLWWHU
([WHUQDO
SDUDOOHO
FRQQHFWLRQ
<HV
LQSDUDOOHO
LGHQWLFDO
[
&
,QWHUQDO
SDUDOOHO
FRQQHFWLRQ
LQLQYHUWHU
5HTXLUHG
2SWLRQDO
/B
,QYHUWHULQSXWV
6SOLWWHU
RXWSXW
RSWLRQDO
VWULQJ
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
VWULQJ
VWULQJ
([
6WULQJ
DPSOH FDSDFLW\
RULHQWDWLRQ
DQGLQFOLQDWLRQ
GLIIHUHQW
GLIIHUHQW
LGHQWLFDO
&RQQHFWLRQSRLQW
$
,QYHUWHU
*HQHUDWRU
FRQQHFWLRQ
ER[
[
[
%
([WHUQDO
VSOLWWHU
([WHUQDO
SDUDOOHO
FRQQHFWLRQ
/B
&
,QWHUQDO
SDUDOOHO
FRQQHFWLRQ
LQLQYHUWHU
1RWSHUPLWWHG
1RWSHUPLWWHGIRU
VWULQJ
2SWLRQDOIRU
VWULQJVDQG
,QYHUWHULQSXWV
VWULQJ
VWULQJ
VWULQJ
VWULQJ
VWULQJ
VWULQJ
([
6WULQJ
DPSOH FDSDFLW\
RULHQWDWLRQ
DQGLQFOLQDWLRQ
LGHQWLFDO
&RQQHFWLRQSRLQW
$
,QYHUWHU
*HQHUDWRU
FRQQHFWLRQ
ER[
[
LGHQWLFDO
[
([WHUQDO
SDUDOOHO
FRQQHFWLRQ
<HV
LQSDUDOOHO
<HV
LQSDUDOOHO
LQVHULHV
[
%
([WHUQDO
VSOLWWHU
&
,QWHUQDO
SDUDOOHO
FRQQHFWLRQ
LQLQYHUWHU
5HTXLUHG
2SWLRQDO
/B
,QYHUWHULQSXWV
6SOLWWHU
RXWSXW
RSWLRQDO
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
6SOLWWHU
RXWSXW
([
6WULQJ
DPSOH FDSDFLW\
RULHQWDWLRQ
DQGLQFOLQDWLRQ
LGHQWLFDO
LGHQWLFDO
&RQQHFWLRQSRLQW
$
,QYHUWHU
*HQHUDWRU
FRQQHFWLRQ
ER[
[
[
[
%
([WHUQDO
VSOLWWHU
([WHUQDO
SDUDOOHO
FRQQHFWLRQ
/B
&
,QWHUQDO
SDUDOOHO
FRQQHFWLRQ
LQLQYHUWHU
5HTXLUHG
5HTXLUHG
,QYHUWHULQSXWV
VWULQJV
VWULQJVYLD
<FRQQHFWRU
VWULQJV
VWULQJ
VWULQJV
VWULQJ
39&DEOH'LPHQVLRQVDQG/D\RXW
$VDUXOHRIWKXPEWKHSRZHUORVVLQWKH39FDEOHVVKRXOGQRWH[FHHGRIQRPLQDOYDOXHLQ
RUGHUWRDYRLGORVVHV)RUDQDUUD\RI:DW9WKLVFRUUHVSRQGVWRDPD[LPXPUHVLVW
DQFHRIƻ$VVXPLQJDOXPLQLXPFDEOHLVXVHGPPൺƻNPPPൺƻNP
WKHPD[LPXPOHQJWKIRUDPPFDEOHLVDSSUR[LPDWHO\PDQGIRUDPPFDEOHDSSUR[L
PDWHO\P7KHWRWDOOHQJWKLVGHILQHGDVWZLFHWKHSK\VLFDOGLVWDQFHEHWZHHQWKHLQYHUWHU
DQGWKH39DUUD\SOXVWKHOHQJWKRIWKH39FDEOHVLQFOXGHGLQWKHPRGXOHV$YRLGORRSLQJWKH'&
FDEOHVDVWKH\FDQDFWDVDQDQWHQQDRIUDGLRQRLVHFDXVHGE\WKHLQYHUWHU3OXVDQGPLQXVFD
EOHVVKRXOGEHSODFHGVLGHE\VLGHZLWKDVOLWWOHVSDFHEHWZHHQWKHPDVSRVVLEOH7KLVDOVRORZ
HUVWKHLQGXFHGYROWDJHLQFDVHRIOLJKWQLQJDQGUHGXFHVWKHULVNRIGDPDJH
'&
0D[9$
P
&DEOHOHQJWK
PP ȍNP
!P
&DEOHOHQJWK
PPȍNP
7KHGLVWDQFHEHWZHHQLQYHUWHUDQG39DUUD\DQGEDFNSOXVWKHVXPPDULVHGOHQJWKRIWKHFD
EOHVXVHGIRU39DUUD\LQVWDOODWLRQ
7DEOH&DEOH6SHFLILFDWLRQV
5HFRPPHQGDWLRQVDQG*RDOVZKHQ'LPHQVLRQLQJ
2SWLPLVLQJWKH39&RQILJXUDWLRQ9ROWDJH
7KHRXWSXWSRZHUIURPWKHLQYHUWHUFDQEHRSWLPLVHGE\DSSO\LQJDVPXFKµRSHQFLUFXLWYROWDJH¶
DV SRVVLEOHDOORZHG SHU LQSXW +RZHYHU WKH ORZHVW µRSHQ FLUFXLW YROWDJH¶ VKRXOG QRW EH ORZHU
WKDQ9
([DPSOHV
,QD39V\VWHPRIPRGXOHVHDFKZLWKDQRSHQFLUFXLWYROWDJHRI9DW&DQG
:PðLWLVSRVVLEOHWRFRQQHFWXSWRPRGXOHVLQRQHVWULQJ9 97KLVDOORZVIRUWKUHHVWULQJVDQGHYHU\VWULQJUHDFKHVWKHPD[LPXPLQYHUWHULQSXW
YROWDJHRI9DW&DQG:PVLPLODUWR39V\VWHPH[DPSOHVDQG
$QRWKHU 39 V\VWHP RQO\ KDV PRGXOHV RI WKH VDPH W\SH DV DERYH 7KXV RQO\ WZR
VWULQJVFDQUHDFKWKHRSWLPXPRI97KHUHPDLQLQJPRGXOHVUHDFKDYROWDJH
YDOXH RI 9 DW & 7KLV VWULQJ VKRXOG WKHQ EH FRQQHFWHG WR WKH ODVW LQYHUWHU
LQSXWVLPLODUWR39V\VWHPH[DPSOH
)LQDOO\ D WKLUG 39 V\VWHP KDV PRGXOHV RI WKH W\SH GHVFULEHG DERYH :LWK WZR
VWULQJVRIPRGXOHVPRGXOHVUHPDLQIRUWKHODVWLQYHUWHULQSXWPRGXOHVRQO\
SURGXFH9RSHQFLUFXLWYROWDJHDW&7KHYROWDJHDWWKHODVWLQYHUWHULQSXWLV
FRQVHTXHQWO\WRRORZ$FRUUHFWVROXWLRQLVWRFRQQHFWPRGXOHVWRWKHILUVWLQYHUWHU
LQSXWDQGWZRWLPHVPRGXOHVWRWKHUHPDLQLQJWZRLQSXWV7KLVFRUUHVSRQGVWR
9DQG9DW&DQG:PVLPLODUWR39V\VWHPH[DPSOH
2SWLPLVLQJ393RZHU
7KHUDWLREHWZHHQLQVWDOOHG39SRZHUDW67&367&DQGQRPLQDOLQYHUWHUSRZHU3120WKHVR
FDOOHG39WRJULGUDWLR.39$&LVXVHGWRHYDOXDWHWKHVL]LQJRIWKHLQYHUWHU7RUHDFKDPD[LPXP
3HUIRUPDQFH5DWLRZLWKDFRVWHIILFLHQWVROXWLRQWKHIROORZLQJXSSHUOLPLWVVKRXOGQRWEHH[FHH
GHG
/B
6\VWHPW\SH
0D[
$&
7UDFNHUV\VWHPV
)L[HGV\VWHPVZLWKRSWLPDOFRQ GLWLRQV&ORVHWRLGHDORULHQWDWLRQ
EHWZHHQ6:DQG6(DQGLQFOL
QDWLRQPRUHWKDQ
)L[HGV\VWHPVZLWKVHPLRSWLPDO FRQGLWLRQV2ULHQWDWLRQRULQFOL
QDWLRQH[FHHGWKHDERYHPHQ
WLRQHGOLPLWV
)L[HGV\VWHPVZLWKVXERSWLPDO FRQGLWLRQV2ULHQWDWLRQDQGLQFOL
QDWLRQH[FHHGWKHDERYHPHQ
WLRQHGOLPLWV
&RUUHVSRQGLQJSRZHUIRULQYHUWHUW\SH
.39 7ULSOH/\Q[ 7ULSOH/\Q[ 7ULSOH/\Q[ 7ULSOH/\Q[
N:
N:
N:
N:
N:S
N:S N:S N:S
N:S
N:S N:S N:S
N:S
N:S
N:S
N:S
N:S
N:S
N:S
N:S
$FFRUGLQJWR'U%%XUJHU$XVOHJXQJXQG'LPHQVLRQLHUXQJYRQ:HFKVHOULFKWHUQIUQHW]JH
NRSSHOWH39$QODJHQ)UDXQKRIHU,QVWLWXWIU6RODUH(QHUJLHV\VWHPH,6(
7DEOH2SWLPLVDWLRQRI39&RQILJXUDWLRQ
1RWH
7KHGDWDLVRQO\YDOLGIRUQRUWKHUQ(XURSHDQFRQGLWLRQV!1RUWK7KH39WRJULGUDWLRLV
JLYHQVSHFLILFDOO\IRU39V\VWHPVWKDWDUHRSWLPLVHGZLWKUHVSHFWWRLQFOLQDWLRQDQGRULHQWD
WLRQ
'HVLJQIRU5HDFWLYH3RZHU
7KH QRPLQDO DFWLYH 3 DQG DSSDUHQW 6 SRZHUV RI WKH LQYHUWHU DUH HTXDO 7KXV WKHUH LV QR
RYHUKHDGIRUSURGXFLQJUHDFWLYH4SRZHUDWIXOODFWLYHSRZHU:KHQWKHLQYHUWHUVDUHLQVWDOOHG
LQD39SRZHUSODQWZKLFKKDVWRJHQHUDWHDFHUWDLQDPRXQWRIUHDFWLYHSRZHUWKHDPRXQWRI
LQVWDOOHG39FDSDFLW\SHULQYHUWHUPXVWWKHUHIRUHEHUHGXFHG
7ZRFDVHVPXVWEHIRUHVHHQ
$FHUWDLQSRZHUIDFWRU3)LVUHTXLUHGHJ3) WKXVWKH39WRJULGUDWLR.39
$&VKRXOGEHPXOWLSOLHGZLWK7KHFRUUHFWHGUDWLRLVWKHQXVHGIRUGLPHQVLRQLQJ
WKHSODQW
7KH'12VSHFLILHVDUHTXLUHGDPRXQWRIUHDFWLYHSRZHU4WKHQRPLQDOSRZHU3RI
WKHSODQWLVNQRZQ7KH3)FDQWKHQEHFDOFXODWHGDV3) 645733A47KH
3)LVWKHQDSSOLHGDVDERYH
'HVLJQIRU/RZ$&*ULG9ROWDJH
7KHQRPLQDORXWSXWSRZHURIWKHLQYHUWHULVVSHFLILHGDWDJULGYROWDJHRI97KHLQSXWSRZ
HU VKRXOG EH GHUDWHG IRU DQ $& JULG ZKHUH WKH YROWDJH LV ORZHU WKDQ WKLV /RZHU JULG YROWDJH
PD\ RFFXU LI WKH LQYHUWHU LV LQVWDOOHG LQ D QHWZRUN IDU DZD\ IURP WKH WUDQVIRUPHU DQGRU ZLWK
KLJKORFDOORDGVHJLQDQLQGXVWULDODUHD,IWKH$&JULGYROWDJHLVXQGHUWKHVXVSLFLRQRIEHLQJ
ORZWKHIROORZLQJVWHSVVKRXOGEHDGKHUHGWRZKHQGHVLJQLQJWKH39SODQW0HDVXUHWKHJULG
YROWDJHDWDQGR¶FORFNQRWGXULQJKROLGD\VZKHQWKHORDGDQGLUUDGLDQFHLVKLJK,I
WKHYROWDJHLVEHORZ9WKH39SODQWVKRXOGEHGRZQVL]HG2WKHUZLVHFRQWDFWWKHORFDO'12
WRKDYHWKHPLQFUHDVHWKHWDSRQWKHWUDQVIRUPHULISRVVLEOH7KH39SODQWVKRXOGEHGRZQ
VL]HGDFFRUGLQJWR
367& 3120.39$&PHDVXUHGJULGYROWDJH
:KHUH367&LVWKHLQVWDOOHG39SRZHUDW67&3120LVWKHQRPLQDOLQYHUWHUSRZHUDQG.39$&LV
WKHVRFDOOHG39WRJULGUDWLR
/B
7KLQ)LOP
7KHXVHRI7ULSOH/\Q[LQYHUWHUVZLWKWKLQILOPPRGXOHVKDVEHHQDSSURYHGE\VRPHPDQXIDFWXU
HUV 'HFODUDWLRQV DQG DSSURYDOV FDQ EH IRXQG DW ZZZGDQIRVVFRPVRODU ,I QR GHFODUDWLRQ LV
DYDLODEOHIRUWKHSUHIHUUHGPRGXOHLWLVLPSRUWDQWWRREWDLQDSSURYDOIURPWKHPRGXOHPDQXIDF
WXUHUEHIRUHLQVWDOOLQJWKLQILOPPRGXOHVZLWKWKHLQYHUWHUV
7KHSRZHUFLUFXLWRIWKHLQYHUWHUVLVEDVHGRQDQLQYHUWHGDV\PPHWULFDOERRVWFRQYHUWHUDQGEL
SRODU'&OLQN7KHQHJDWLYHSRWHQWLDOEHWZHHQWKH39DUUD\VDQGHDUWKLVWKHUHIRUHFRQVLGHUDEO\
ORZHUFRPSDUHGWRRWKHUWUDQVIRUPHUOHVVLQYHUWHUV
0RGXOHYROWDJHGXULQJLQLWLDOGHJUDGDWLRQPD\EHKLJKHUWKDQWKHUDWHGYROWDJHLQ
WKHGDWDVKHHW7KLVPXVWEHWDNHQLQWRFRQVLGHUDWLRQZKHQGHVLJQLQJVLQFHWRR
KLJKD'&YROWDJHFDQGDPDJHWKHLQYHUWHU0RGXOHFXUUHQWPD\DOVROLHDERYHWKH
LQYHUWHU FXUUHQW OLPLW GXULQJ WKH LQLWLDO GHJUDGDWLRQ ,Q WKLV FDVH WKH LQYHUWHU GH
FUHDVHVWKHRXWSXWSRZHUDFFRUGLQJO\UHVXOWLQJLQORZHU\LHOG7KHUHIRUHZKHQGH
VLJQLQJWDNHLQYHUWHUDQGPRGXOHVSHFLILFDWLRQVERWKEHIRUHDQGDIWHULQLWLDOGHJ
UDGDWLRQLQWRFRQVLGHUDWLRQ
/LJKWQLQJ3URWHFWLRQ
7KHLQYHUWHULVPDQXIDFWXUHGZLWKLQWHUQDORYHUYROWDJHSURWHFWLRQRQWKH$&DQG39VLGH,IWKH
39V\VWHPLVLQVWDOOHGRQDEXLOGLQJZLWKDQH[LVWLQJOLJKWQLQJSURWHFWLRQV\VWHPWKH39V\VWHP
PXVWDOVREHSURSHUO\LQFOXGHGLQWKHOLJKWQLQJSURWHFWLRQV\VWHP7KHLQYHUWHUVDUHFODVVLILHGDV
KDYLQJFODVV'3URWHFWLRQOLPLWHGSURWHFWLRQ7KH\DUHDGGLWLRQDOO\FODVVLILHGDV3URWHFWLYHFODVV
,2YHUYROWDJH&DWDJRU\,,,DFFRUGLQJWR(1RQWKH$&VLGHDQG2YHUYROWDJH&DWDJRU\,,
RQWKH39VLGH9DULVWRUVLQWKHLQYHUWHUDUHFRQQHFWHGEHWZHHQSKDVHDQGQHXWUDOFDEOHVDQG
EHWZHHQ 39 SOXV DQG PLQXV WHUPLQDOV 2QH YDULVWRU LV SRVLWLRQHG EHWZHHQ WKH QHXWUDO DQG 3(
FDEOHV
7KHUPDO0DQDJHPHQW
$OOSRZHUHOHFWURQLFVHTXLSPHQWJHQHUDWHVZDVWHKHDWZKLFKPXVWEHFRQWUROOHGDQGUHPRYHG
WR DYRLG GDPDJH DQG WR DFKLHYH KLJK UHOLDELOLW\ DQG ORQJ OLIH 7KH WHPSHUDWXUH DURXQG FULWLFDO
FRPSRQHQWV OLNH WKH LQWHJUDWHG SRZHU PRGXOHV LV FRQWLQXRXVO\ PHDVXUHG WR SURWHFW WKH HOHF
WURQLFV DJDLQVW RYHUKHDWLQJ ,I WKH WHPSHUDWXUH H[FHHGV WKH OLPLWV WKH LQYHUWHU UHGXFHV LQSXW
SRZHUWRNHHSWKHWHPSHUDWXUHDWDVDIHOHYHO
7KHWKHUPDOPDQDJHPHQWFRQFHSWRIWKHLQYHUWHULVEDVHGRQIRUFHGFRROLQJE\PHDQVRIWKUHH
VSHHGFRQWUROOHGIDQV7KHIDQVDUHHOHFWURQLFDOO\FRQWUROOHGDQGDUHRQO\DFWLYHZKHQQHHGHG
7KHEDFNVLGHRIWKHLQYHUWHULVGHVLJQHGDVDKHDWVLQNWKDWUHPRYHVWKHKHDWJHQHUDWHGE\WKH
SRZHU VHPLFRQGXFWRUV LQ WKH LQWHJUDWHG SRZHU PRGXOHV $GGLWLRQDOO\ WKH PDJQHWLF SDUWV DUH
YHQWLODWHGE\IRUFH
$WKLJKDOWLWXGHVWKHFRROLQJFDSDFLW\RIWKHDLULVUHGXFHG7KHIDQFRQWUROZLOODWWHPSWWRFRP
SHQVDWHIRUWKHUHGXFHGFRROLQJ$WDOWLWXGHVKLJKHUWKDQPGHUDWLQJRIWKHLQYHUWHUSRZ
HUDWV\VWHPOD\RXWVKRXOGEHFRQVLGHUHGWRDYRLGORVVRIHQHUJ\$VDUXOHRIWKXPEWKHIROORZ
LQJWDEOHFDQEHXVHG
$OWLWXGH
P P
0D[ORDGRILQYHUWHU 7DEOH&RPSHQVDWLRQIRU$OWLWXGH
1RWH
3(/9SURWHFWLRQLVHIIHFWLYHXSWRPDERYHVHDOHYHORQO\
/B
2WKHUIDFWRUVOLNHKLJKHULUUDGLDWLRQVKRXOGDOVREHWDNHQLQWRDFFRXQW7KHKHDWVLQNVKRXOGEH
FOHDQHGUHJXODUO\DQGFKHFNHGIRUGXVWDQGEORFNLQJHOHPHQWVRQFHD\HDU
2SWLPLVHUHOLDELOLW\DQGOLIHWLPHE\PRXQWLQJWKHLQYHUWHULQDORFDWLRQZLWKORZDPELHQWWHPSHU
DWXUH
1RWH
)RUFDOFXODWLRQRIYHQWLODWLRQFRQVLGHUDPD[KHDWGLVVLSDWLRQRI:SHULQYHUWHU
6LPXODWLRQRI39
&RQWDFWWKHVXSSOLHUEHIRUHFRQQHFWLQJWKHLQYHUWHUWRDSRZHUVXSSO\IRUWHVWLQJSXUSRVHVHJ
VLPXODWLRQRI397KHLQYHUWHUKDVEXLOWLQIXQFWLRQDOLWLHVWKDWPD\KDUPWKHSRZHUVXSSO\)RU
PRUHLQIRUPDWLRQVHHVHFWLRQ'HVFULSWLRQRIWKH,QYHUWHU6WDUWXS
/B
,QVWDOODWLRQ'LPHQVLRQVDQG3DWWHUQV
$YRLGFRQVWDQWVWUHDPRIZDWHU
$YRLGGLUHFWVXQOLJKW
(QVXUHDGHTXDWHDLUIORZ
0RXQWRQQRQIODPPDEOHVXUIDFH
0RXQWXSULJKWRQYHUWLFDOVXUIDFH
3UHYHQWGXVWDQGDPPRQLDJDVHV
/B
,OOXVWUDWLRQ6DIH'LVWDQFHV
2EVHUYH WKHVH GLVWDQFHV ZKHQ LQVWDOOLQJ RQH RU PRUH LQYHUWHUV 2QH URZ PRXQWLQJ LV UHFRP
PHQGHG&RQWDFWWKHVXSSOLHUIRULQIRUPDWLRQRQPRXQWLQJLQPRUHURZV
,OOXVWUDWLRQ:DOO3ODWH
1RWH
8VHRIWKHZDOOSODWHGHOLYHUHGZLWKWKHLQYHUWHULVPDQGDWRU\
8VHVFUHZVWKDWFDQVDIHO\FDUU\WKHZHLJKWRIWKHLQYHUWHU7KHLQYHUWHUPXVWEHDOLJQHGDQGLW
LVLPSRUWDQWWKDWWKHLQYHUWHULVDFFHVVLEOHDWWKHIURQWWRDOORZURRPIRUVHUYLFLQJ
/B
0RXQWLQJWKH,QYHUWHU
)RUWKHVDIHKDQGOLQJRIWKHLQYHUWHUWZRSHRSOHPXVWFDUU\WKHXQLWRUDVXLWDEOH
WUDQVSRUWWUROOH\PXVWEHXVHG6DIHW\ERRWVPXVWEHZRUQ
7LOW WKH LQYHUWHU DV VKRZQ LQ WKH LOOXVWUDWLRQ
DQGSODFHWKHWRSRIWKHLQYHUWHUDJDLQVWWKH
PRXQWLQJEUDFNHW8VHWKHWZRJXLGHVDW
WKHWRSSODWHWRFRQWUROWKHLQYHUWHUKRUL]RQ
WDOO\
,OOXVWUDWLRQ0RXQWLQJWKH,QYHUWHU
/LIWWKHLQYHUWHUXSZDUGVRYHUWKHWRSRI
WKHPRXQWLQJSODWHXQWLOWKHLQYHUWHUWLOWVWR
ZDUGVWKHZDOO
,OOXVWUDWLRQ6HFXUHWKHLQYHUWHU
/B
3ODFH WKH ORZHU SDUW RI WKH LQYHUWHU DJDLQVW
WKHPRXQWLQJEUDFNHW
,OOXVWUDWLRQ 3ODFH ,QYHUWHU LQ 0RXQWLQJ
%UDFNHW
/RZHU WKH LQYHUWHU DQG PDNH VXUH WKDW
WKHKRRNRIWKHLQYHUWHUEDVHSODWHLVSODFHG
LQ WKH ORZHU SDUW RI WKH PRXQWLQJ EUDFNHW
&KHFN WKDW LW LV QRW SRVVLEOH WR OLIW WKH
ERWWRPRIWKHLQYHUWHUDZD\IURPWKHPRXQW
LQJEUDFNHW
)DVWHQ WKH VFUHZV RQ HLWKHU VLGH RI WKH
ZDOOSODWHWRVHFXUHWKHLQYHUWHU
,OOXVWUDWLRQ)DVWHQVFUHZV
/B
5HPRYLQJWKH,QYHUWHU
/RRVHQWKHORFNLQJVFUHZVRQHLWKHUVLGHRIWKHLQYHUWHU
5HPRYDOLVSHUIRUPHGLQWKHUHYHUVHRUGHURIPRXQWLQJ:LWKDILUPJULSDWWKHORZHUHQGRIWKH
LQYHUWHUOLIWWKHLQYHUWHUDSSUR[LPDWHO\PPYHUWLFDOO\3XOOWKHLQYHUWHUVOLJKWO\DZD\IURPWKH
ZDOO3XVKXSZDUGVDWDQDQJOHXQWLOWKHZDOOSODWHUHOHDVHVWKHLQYHUWHU/LIWWKHLQYHUWHUDZD\
IURPWKHZDOOSODWH
2SHQLQJDQG&ORVLQJWKH,QYHUWHU
5HPHPEHUWRREVHUYHDOO(6'VDIHW\UHJXODWLRQV$Q\HOHFWURVWDWLFFKDUJHPXVWEH
GLVFKDUJHGE\WRXFKLQJWKHJURXQGHGKRXVLQJEHIRUHKDQGOLQJDQ\HOHFWURQLFFRP
SRQHQW
8VH D 7; VFUHZGULYHU WR ORRVHQ WKH WZR
IURQW VFUHZV 7XUQ WKH VFUHZGULYHU XQWLO WKH
VFUHZV SRS XS 7KH\ DUH VHFXUHG ZLWK D
VSULQJDQGFDQQRWIDOORXW
,OOXVWUDWLRQ/RRVHQ)URQW6FUHZV
/B
3XVKWKHIURQWFRYHUXSZDUGV:KHQDVOLJKW
UHVLVWDQFH LV IHOW JLYH WKH IURQW FRYHU D WDS
RQ WKH ERWWRP WR VQDS LW LQWR KROGLQJ SRVL
WLRQ ,W LV UHFRPPHQGHG WR XVH WKH KROGLQJ
SRVLWLRQ LQVWHDG RI GLVPRXQWLQJ WKH IURQW
FRYHUFRPSOHWHO\
,OOXVWUDWLRQ2SHQWKH,QYHUWHU
/B
7R FORVH WKH LQYHUWHU KROG RQ WR WKH ORZHU
HQG RI WKH IURQW FRYHU ZLWK RQH KDQG DQG
JLYH LW D WDS RQ WKH WRS XQWLO LW IDOOV LQWR
SODFH *XLGH WKH IURQW FRYHU LQWR SODFH DQG
IDVWHQWKHWZRIURQWVFUHZV
,OOXVWUDWLRQ&ORVHWKH,QYHUWHU
,OOXVWUDWLRQ )DVWHQ )URQW 6FUHZV DQG (Q
VXUH3URSHU3(&RQQHFWLRQ
7KH WZR IURQW VFUHZV DUH WKH 3( FRQQHFWLRQ WR WKH IURQW FRYHU 0DNH VXUH WKDW
ERWKVFUHZVDUHPRXQWHGDQGIDVWHQHGZLWKWKHVSHFLILHGWRUTXH
/B
$&*ULG&RQQHFWLRQ
,OOXVWUDWLRQ$&&DEOH:LUH6WULS
/HJHQG
%OXHFDEOH1HXWUDO
<HOORZJUHHQFDEOH(DUWK
7KHLOOXVWUDWLRQVKRZVWKHVWULSSLQJRILQVXODWLRQRIDOOZLUHVRIWKH$&FDEOH7KHOHQJWKRIWKH
3(ZLUHPXVWEHORQJHUWKDQWKHPDLQVDQGQHXWUDOZLUHV
,OOXVWUDWLRQ$&&RQQHFWLRQ$UHD
9HULI\WKHLQYHUWHUPDWFKHVWKHJULGYROWDJH
5HOHDVHPDLQFLUFXLWEUHDNHUDQGPDNHSUHFDXWLRQVWRSUHYHQWUHFRQQHFWLRQ
2SHQWKHIURQWFRYHU
/B
,QVHUWWKHFDEOHWKURXJKWKH$&JODQGWRWKHWHUPLQDOEORFNV
7KHWKUHHPDLQVZLUHV///DQGWKH1HXWUDOZLUH1DUHPDQGDWRU\DQGPXVW
EHFRQQHFWHGWRWKHSROHWHUPLQDOEORFNZLWKWKHUHVSHFWLYHPDUNLQJV
7KH 3URWHFWLYH (DUWK ZLUH 3( LV PDQGDWRU\ DQG PXVW EH FRQQHFWHG GLUHFWO\ WR WKH
FKDVVLV3(WHUPLQDO,QVHUWWKHZLUHDQGIDVWHQWKHVFUHZWRVHFXUHWKHZLUH
$OOZLUHVPXVWEHSURSHUO\IDVWHQHGZLWKWKHFRUUHFWWRUTXH6HHWKHVHFWLRQ 7HFKQLFDO
'DWD7RUTXH6SHFLILFDWLRQVIRU,QVWDOODWLRQ
&ORVHWKHIURQWFRYHUDQGUHPHPEHUWRYHULI\WKDWERWKIURQWVFUHZVDUHDSSOLHGZLWK
WKHFRUUHFWWRUTXHWRREWDLQ3(FRQQHFWLRQ
&ORVHPDLQFLUFXLWEUHDNHU
)RUVDIHW\FKHFNDOOZLULQJ&RQQHFWLQJDSKDVHZLUHWRWKHQHXWUDOWHUPLQDOPD\
SHUPDQHQWO\GDPDJHWKHLQYHUWHU'RQRWUHPRYHWKHVKRUWFLUFXLWEULGJHDW
39&RQQHFWLRQ
'R127FRQQHFW39WRHDUWK
8VHDVXLWDEOHYROWPHWHUWKDWFDQPHDVXUHXSWR9'&
)LUVW YHULI\ WKH SRODULW\ DQG PD[LPXP YROWDJH RI WKH 39 DUUD\V E\ PHDVXULQJ WKH 39
RSHQFLUFXLWYROWDJH7KH39RSHQFLUFXLWYROWDJHPXVWQRWH[FHHG9'&
0HDVXUHWKH'&YROWDJHEHWZHHQWKHSOXVWHUPLQDORIWKH39DUUD\DQG(DUWKRUWKH
JUHHQ\HOORZ3(FDEOH7KHYROWDJHPHDVXUHGVKRXOGDSSUR[LPDWH]HUR,IWKHYROWDJH
LVFRQVWDQWDQGQRW]HURWKHUHLVDQLQVXODWLRQIDLOXUHVRPHZKHUHLQWKH39DUUD\
/RFDWHDQGIL[WKHIDLOXUHEHIRUHFRQWLQXLQJ
5HSHDWWKLVSURFHGXUHIRUDOODUUD\V,WLVDOORZHGWRGLVWULEXWHWKHLQSXWSRZHURQWKH
LQSXWVXQHYHQO\SUHVXPLQJWKDW

7KHQRP39SRZHURIWKHLQYHUWHULVQRWH[FHHGHG
N:

7KHLQGLYLGXDOLQSXWLVQRWH[FHHGLQJO\ORDGHGDQGQRWPRUHWKDQ:
/B

7KHPD[LPXPVKRUWFLUFXLWFXUUHQWRIWKH39PRGXOHVDW67&6WDQGDUG7HVW
&RQGLWLRQVPXVWQRWH[FHHG$SHULQSXW
2QWKHLQYHUWHUWXUQWKH39ORDGVZLWFKLQWR
RIISRVLWLRQ&RQQHFWWKH39FDEOHVE\PHDQV
RI 0& FRQQHFWRUV (QVXUH FRUUHFW SRODULW\
7KH39ORDGVZLWFKFDQQRZEHVZLWFKHGRQ
ZKHQUHTXLUHG
,OOXVWUDWLRQ'&&RQQHFWLRQ$UHD
:KHQXQPDWHGWKH0&FRQQHFWRUVDUHQRW,37KHLQWUXVLRQRIPRLVWXUHPD\
RFFXULQWKHIROORZLQJVLWXDWLRQV
7KH LQYHUWHU UXQV LQ 0DVWHU6ODYH RSHUDWLRQ DQG RQO\ RQH RU WZR 39 LQ
SXWV DUH LQ XVH ,Q WKLV FDVH WKH RWKHU LQSXWV DUH QRW FRQQHFWHG WR 39
DQGWKH\DUHWKHUHIRUHRSHQWRLQWUXVLRQ
1RWDOO39LQSXWVDUHFRQQHFWHG
39 FRQQHFWRUV DUH QRW ILWWHG IRU H[DPSOH LQ FDVH RI GLVFRQQHFWLRQ RI
SDUWVRID39SODQWRYHUDORQJHUSHULRGRIWLPH
,QVLWXDWLRQVZKHUHWKH39FRQQHFWRUVDUHQRWILWWHGDVHDOFDSPXVWEHPRXQWHG
LQFOXGHGLQWKHVFRSHRIWKHGHOLYHU\$OOLQYHUWHUVZLWK0&FRQQHFWLRQVDUHGH
OLYHUHGZLWKVHDOFDSVRQLQSXWVDQG'XULQJLQVWDOODWLRQWKHVHDOFDSVRIWKRVH
LQSXWVWKDWDUHWREHXVHGDUHGLVFDUGHG
1RWH
7KHLQYHUWHULVSURWHFWHGDJDLQVWUHYHUVHGSRODULW\EXWLWZLOOQRWJHQHUDWHSRZHUXQWLOWKHSR
ODULW\LVFRUUHFWHG7RDFKLHYHRSWLPXPSURGXFWLRQWKHRSHQFLUFXLWYROWDJH67&RIWKH39
PRGXOHVPXVWEHORZHUWKDQWKHPD[LQSXWYROWDJHRIWKHLQYHUWHUVHHWKHVSHFLILFDWLRQV
PXOWLSOLHGZLWKDIDFWRURI82&67&[80$;LQY
0DQXDO39&RQILJXUDWLRQ
6HWXSWKHLQYHUWHUIRUPDQXDOFRQILJXUDWLRQDWVHFXULW\OHYHO

YLDWKHGLVSOD\DW>6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQ@

YLDWKH:HE6HUYHUDW>,QYHUWHUൺ6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQ@
7KH FRQILJXUDWLRQ RI WKH LQYHUWHU FDQ EH FKDQJHG IURP DXWRPDWLF WR PDQXDO XVLQJ D OHYHO SDVVZRUG>6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQ@RUYLDWKH:HE6HUYHU
7KHDXWRGHWHFWLRQLVVXEVHTXHQWO\RYHUULGGHQ
7RVHWWKHFRQILJXUDWLRQYLDWKHGLVSOD\PDQXDOO\
7XUQRQ$&WRVWDUWWKHLQYHUWHU
(QWHU,QVWDOOHUSDVVZRUGVXSSOLHGE\GLVWULEXWRULQWKHGLVSOD\6HWXSPHQX>6HWXSൺ
6HFXULW\ൺ3DVVZRUG@
/B
3UHVV%DFNDQGXVHWKHDUURZVWRILQGWKH39FRQILJXUDWLRQPHQXXQGHUWKHPHQX6HW
XSGHWDLOV>6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQ@
6HOHFW 39 FRQILJXUDWLRQ PRGH 0DNH VXUH WKDW WKH FRQILJXUDWLRQ WKDW FRUUHVSRQGV WR
WKHZLULQJLVVHOHFWHG>6HWXSൺ6HWXSGHWDLOVൺ39FRQILJXUDWLRQൺ0RGH3DUDOOHO@
/B
2YHUYLHZ
$X[LOLDU\ LQWHUIDFHV DUH SURYLGHG YLD 3(/9 FLUFXLWV DQG DUH VDIH WR WRXFK GXULQJ
QRUPDORSHUDWLRQ$&DQG39PXVWKRZHYHUEHWXUQHGRIIEHIRUHLQVWDOODWLRQRI
SHULSKHUDOXQLWV
1RWH
)RUZLULQJGHWDLOVUHIHUWRWKHVHFWLRQ$X[LOLDU\6SHFLILFDWLRQV
7KHLQYHUWHUKDVWKHIROORZLQJDX[LOLDU\LQSXWRXWSXW
&RPPXQLFDWLRQLQWHUIDFHV

*60PRGHP

56FRPPXQLFDWLRQ

(WKHUQHWFRPPXQLFDWLRQ7/;3URYHUVLRQ
6HQVRULQSXWV

37WHPSHUDWXUHVHQVRULQSXW[

,UUDGLDWLRQVHQVRULQSXW

(QHUJ\PHWHU6LQSXW
$ODUP2XWSXW
([FHSWIRUWKH*60PRGHPZKLFKKDVDQH[WHUQDOO\PRXQWHGDQWHQQDDOODX[LOLDU\LQWHUIDFHV
DUHORFDWHGLQWHUQDOO\LQWKHLQYHUWHU)RUVHWXSLQVWUXFWLRQVUHIHUWRWKHFKDSWHU8VHU,QWHUIDFH
RUWKH:HE6HUYHU8VHU0DQXDO
,OOXVWUDWLRQ$X[LOLDU\&RQQHFWLRQ$UHD
&RPPXQLFDWLRQERDUG
&DEOHJODQGV
(0&FODPSV
/B
,QVWDOODWLRQRI3HULSKHUDO&DEOHV
7RHQVXUHIXOILOPHQWRIWKH,3HQFORVXUHUDWLQJFRUUHFWO\PRXQWHGFDEOHJODQGVDUH
HVVHQWLDOIRUDOOSHULSKHUDOFDEOHV
+ROHIRUFDEOHJODQG
7KHEDVHSODWHRIWKHLQYHUWHULVSUHSDUHGIRUFDEOHJODQGV0SFVDQG0SFV+ROHV
DQGWKUHDGVDUHSUHGULOOHGDQGVKLSSHGZLWKEOLQGSOXJV
,OOXVWUDWLRQ$X[LOLDU\&RQQHFWLRQ$UHD&DEOH*ODQGV[0DQG[0
02WKHUSHULSKHUDOXQLWVVHQVRUVDODUPRXWSXWVDQG56SHULSKHUDOZKLFKLQWHU
IDFHWKHWHUPLQDOEORFN
0)RU56DQG(WKHUQHWSHULSKHUDOXQLWVZKLFKDSSO\5-SOXJV
563HULSKHUDODQG(WKHUQHW8QLWVZKLFKDSSO\5-
8QVFUHZWKHEOLQGSOXJV
3ODFHWKH0FDEOHJODQGLQWKHFDELQHWDGGWKHQXWDQGIDVWHQWKHFDEOHJODQG
8QVFUHZWKHFDSRIWKHFDEOHJODQGDQGVOLGHLWRYHUWKHFDEOHV
7KHVSHFLDO0SOXJSURYLGHGLQWKHVFRSHRIGHOLYHU\DOORZVRQHRUWZRFDEOHVZLWK
SUHDVVHPEOHG5-SOXJVWREHDSSOLHG$GDSWWKH0SOXJDVIROORZV
$FFRUGLQJWRWKHQXPEHURI56RU(WKHUQHWFDEOHVFXWRQHRUWZRUXEEHUNQREVDQGRQH
RUWZRVORWVLQWKHVLGHRIWKHVHDOLQJLQVHUWDVLQGLFDWHGZLWKLQWKHIROORZLQJLOOXVWUDWLRQV
7KLVHQDEOHVWKHFDEOHVWREHLQVHUWHGIURPWKHVLGH
,OOXVWUDWLRQ&XWD6ORW
,OOXVWUDWLRQ6HDOLQJ,QVHUW6LGH9LHZ
,OOXVWUDWLRQ&XW5XEEHU
.QRE
$GGWKHDGDSWHGSOXJWRWKHFDEOHVDQGLQVHUWWKHFDEOHVZLWK5-SOXJWKURXJK
WKHFDEOHJODQGKROH
/B
0RXQWWKH5-SOXJLQWKH5-VRFNHWDVVKRZQLQWKHLOOXVWUDWLRQ$X[LOLDU\&RQQHF
WLRQ$UHDDUURZDQGIDVWHQWKHFDEOHJODQGFDS
2SWLRQDOO\WKH(0&FDEOHFODPSLOOXVWUDWLRQ $X[LOLDU\&RQQHFWLRQ$UHDDUURZFDQ
EHXVHGIRUDPHFKDQLFDOIL[DWLRQRIWKHFDEOH±SURYLGHGWKDWVRPHRIWKHFODPSV
DUHIUHH
2WKHU3HULSKHUDO8QLWV
6HQVRUV DODUPV DQG 56 SHULSKHUDO XQLWV ZKLFK DUH DSSOLHG WR WKH WHUPLQDO EORFN PXVW XVH
0FDEOHJODQGVDQG(0&FDEOHFODPSV
&DEOHJODQG
3ODFH WKH 0 FDEOH JODQG LQ WKH FDELQHW DGG WKH QXW DQG IDVWHQ WKH FDEOH
JODQG
8QVFUHZWKHFDSRIWKHFDEOHJODQGDQGVOLGHLWRYHUWKHFDEOH
,QVHUWWKHFDEOHWKURXJKWKHFDEOHJODQGKROH
(0&FDEOHFODPSV
/RRVHQWKHVFUHZLQWKH(0&FDEOHFODPS
6WULSWKHFDEOHMDFNHWRIILQDOHQJWKHTXDOWRWKHGLVWDQFHIURPWKH(0&FDEOH
FODPS WR WKH WHUPLQDO EORFN LQ TXHVWLRQ VHH LOOXVWUDWLRQ $X[LOLDU\ &RQQHFWLRQ
$UHDDUURZ
,IVKLHOGHGFDEOHLVXVHGFXWWKHFDEOHVKLHOGDSSUR[PPDQGIL[WKHFDEOH
LQWKHFDEOHFODPSDVVKRZQLQWKHIROORZLQJLOOXVWUDWLRQV

7KLQVKLHOGHGFDEOHFDEOHVKLHOGLVIROGHGEDFNRYHUWKHMDFNHW

7KLFNVKLHOGHGFDEOH!DSSUR[PP

8QVKLHOGHGFDEOHDODUPRXWSXW
)DVWHQWKHFDEOHFODPSVFUHZWRVHFXUHLWDQGFKHFNWKDWWKHFDEOHVKLHOGLV
PHFKDQLFDOO\IL[HG
)DVWHQWKHFDEOHJODQGFDS
7HUPLQDOEORFN
6WULSRIILQVXODWLRQIURPWKHZLUHVDSSUR[PP
,QVHUWWKHZLUHVLQWKHWHUPLQDOEORFNDQGIDVWHQWKHVFUHZVWRVHFXUHWKHP
SURSHUO\
,OOXVWUDWLRQ7KLQ6KLHOGHG&DEOHFDEOHVKLHOG
LVIROGHGEDFNRYHUWKHMDFNHW
/B
,OOXVWUDWLRQ7KLFN6KLHOGHG&DEOH!DSSUR[
PP
,OOXVWUDWLRQ8QVKLHOGHG&DEOH$ODUP2XWSXW
6HQVRU,QSXWV
7HPSHUDWXUH6HQVRU
7KUHHWHPSHUDWXUHLQSXWVDUHSURYLGHG
7HPSHUDWXUHVHQVRULQSXW )XQFWLRQ
$PELHQWWHPSHUDWXUH
5HDGRXWYLDGLVSOD\RU:HE6HUYHUDQGRUFRPPXQLFDWLRQORJ
JLQJ
39PRGXOHWHPSHUDWXUH
5HDGRXWYLDGLVSOD\RU:HE6HUYHUDQGRUFRPPXQLFDWLRQORJ
JLQJ
,UUDGLDWLRQVHQVRU
,QWHUQDO XVH IRU WHPSHUDWXUH FRUUHFWLRQ RI LUUDGLDWLRQ PHDVXUH
WHPSHUDWXUH
PHQW
7DEOH7HPSHUDWXUH6HQVRU,QSXWV
7KHVXSSRUWHGWHPSHUDWXUHVHQVRUW\SHLV37)RUOD\RXWRIWKHWHPSHUDWXUHVHQVRUWHUPL
QDOEORFNVHHWKHLOOXVWUDWLRQ $X[LOLDU\&RQQHFWLRQ$UHD)RUGHWDLOHGVSHFLILFDWLRQVUHIHUWRWKH
VHFWLRQ$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQV
)RU VHWXS VXSSRUW RIIVHW DGMXVWPHQW DQG PRUH VHH WKH VHFWLRQ RQ &RQQHFWLRQ RI 3HULSKHUDO
8QLWVIRULQVWUXFWLRQV
,UUDGLDWLRQ6HQVRU
7KHLUUDGLDWLRQPHDVXUHPHQWLVUHDGRXWYLDWKHGLVSOD\RU:HE6HUYHUDQGRUFRPPXQLFDWLRQ
ORJJLQJ 7KH VXSSRUWHG LUUDGLDWLRQ VHQVRU W\SH LV SDVVLYH ZLWK D PD[ RXWSXW YROWDJH RI P9
)RUOD\RXWRIWKHLUUDGLDWLRQVHQVRUWHUPLQDOEORFNUHIHUHQFHLVPDGHWRWKHRYHUYLHZRI3HULSK
HUDO8QLWV)RUGHWDLOHGVSHFLILFDWLRQVUHIHUHQFHLVPDGHWRWKHVHFWLRQ $X[LOLDU\,QWHUIDFH6SHFL
ILFDWLRQV)RUVHWXSVXSSRUWVHQVLWLYLW\DGMXVWPHQWDQGPRUHVHHWKHVHFWLRQRQ&RQQHFWLRQRI
3HULSKHUDO8QLWVIRULQVWUXFWLRQV
/B
(QHUJ\0HWHU6HQVRU6
7KHHQHUJ\PHWHULQSXWLVUHDGRXWYLDWKHGLVSOD\RU:HE6HUYHUDQGFRPPXQLFDWLRQORJJLQJ
7KH VXSSRUWHG HQHUJ\ PHWHU LV VXSSRUWHG DFFRUGLQJ WR (1 $QQH[ ' 6 LV D ORJLFDO
FRXQWLQSXW
7RFKDQJHWKH6FDOLEUDWLRQSDUDPHWHUILUVWHQWHUWKHQHZVHWWLQJWKHQUHVWDUWWKHLQYHUWHUWR
DFWLYDWHWKHFKDQJH
)RUOD\RXWRIWKH6WHUPLQDOEORFNVHHWKHLOOXVWUDWLRQ $X[LOLDU\&RQQHFWLRQ$UHD )RUGHWDLOHG
VSHFLILFDWLRQVUHIHUHQFHLVPDGHWRWKHVHFWLRQ$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQV )RUVHWXSVXS
SRUWSXOVHVSHUN:KDQGPRUHVHHWKHVHFWLRQ&RQQHFWLRQRI3HULSKHUDO8QLWVIRULQVWUXFWLRQV
$ODUP2XWSXW
2QHDODUPRXWSXWLVSURYLGHGDVSRWHQWLDOIUHHFRQWDFWV7\SH121RUPDOO\2SHQ)RUVHWXS
DFWLYDWLRQDQGGHDFWLYDWLRQUHIHUWRWKHVHFWLRQ&RQQHFWLRQRI3HULSKHUDO8QLWV
*600RGHP
$Q RSWLRQDO *60 PRGHP LV RIIHUHG WR PRQLWRU SURGXFWLRQ GDWD IURP WKH LQYHUWHU YLD D GDWD
ZDUHKRXVHVHUYLFH7KH*60RSWLRQLVRUGHUHGDVD*356NLWIRUODWHULQVWDOODWLRQ
/B
,OOXVWUDWLRQ3ODFHPHQWRI*600RGHPDQG([WHUQDO$QWHQQD
&RPPXQLFDWLRQERDUG
*60PRGHP
*60DQWHQQD
)RUPRUHGHWDLOVUHIHUWRWKH*600DQXDO
56&RPPXQLFDWLRQ
56FRPPXQLFDWLRQVXSSRUWVWKHIROORZLQJ'DQIRVVSHULSKHUDOXQLWV

&RP/\Q['DWDORJJHU

&RP/\Q[:HEORJJHU
)RUOD\RXWRIWKH56LQWHUIDFHVHHWKHVHFWLRQ ,QVWDOODWLRQRI3HULSKHUDO&DEOHV)RUGHWDLOHG
VSHFLILFDWLRQVUHIHUHQFHLVPDGHWRWKHVHFWLRQ$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQV5HIHUWR56
$SSOLFDWLRQ1RWHIRUGHWDLOVRQ56
/B
'RQRWFRQQHFWWKH'DWDORJJHURU:HEORJJHUWRD7ULSOH/\Q[3URLQYHUWHUZKHQLWLVFRQILJXUHG
DVPDVWHU
([WHUQDO'DWDORJJHU
7KH 56 FRPPXQLFDWLRQ LQWHUIDFH LV DPRQJ VHYHUDO XVDJHV XVHG WR FRQQHFW D &RP/\Q[
'DWDORJJHU
7KH'DWDORJJHULVVXLWDEOHIRUXVHLQ39SODQWVZLWKXSWRLQYHUWHUV,WFROOHFWVDQGWUDQVPLWV
GDWD IURP ORQJ GLVWDQFH LQYHUWHUV WR D 3& 7KH 'DWDORJJHU FDQ EH FRQQHFWHG GLUHFWO\ WR D 3&
DQGLVVXSSOLHGZLWKDVRIWZDUHSURJUDPRIIHULQJWKHIHDWXUHWRYLHZDQGORJWKHSODQW¶VSRZHU
JHQHUDWLRQDQGKLVWRULFDOGDWDRQVFUHHQ
7KH:LQGRZVEDVHGVRIWZDUHSURJUDPKDVDXVHUIULHQGO\LQWHUIDFHWKDWHQDEOHVNH\SDUDPH
WHUV RI D SODQW LQ WR EH YLHZHG LQ JUDSKLF IRUP 7UDQVPLVVLRQ UDQJH LV XS WR P DQG WKH
PD[LPXPGLVWDQFHEHWZHHQWKH'DWDORJJHUDQGWKH3&LVPHWHUV)RUDPRUHGHWDLOHGRYHU
YLHZUHIHUWRWKHGDWDVKHHWRIWKH'DWDORJJHUDQGIRUPRUHGHWDLOHGLQIRUPDWLRQUHIHUWRWKH
'DWDORJJHU8VHU0DQXDO7KH'DWDORJJHUDOVRFRQQHFWVWRDPRGHPPDNLQJWKHGDWDDYDLODEOH
IURPDQ\ZKHUHLQWKHZRUOG
([WHUQDO:HEORJJHU
7KH56FRPPXQLFDWLRQLQWHUIDFHPD\DOVREHXWLOLVHGWRFRQQHFWD&RP/\Q[:HEORJJHU
7KH:HEORJJHULVVXLWDEOHIRUXVHLQ39SODQWVZLWKXSWRLQYHUWHUVDQGSURYLGHVDFFHVVWR
39SODQWGDWDIURPDQ\ZKHUH$OOLWUHTXLUHVLVDQ,QWHUQHWEURZVHU7KH:HEORJJHUORJVGDWD
IURP HDFK LQGLYLGXDO LQYHUWHU DQG FDQ YLD D ZHE SDJH VKRZ LQIRUPDWLRQ IURP HDFK LQYHUWHU
DORQJZLWKRYHUDOOV\VWHPVWDWXV)RUDGGLWLRQDOLQIRUPDWLRQRQDPELHQWWHPSHUDWXUHLUUDGLDWLRQ
DQG RWKHU FRQGLWLRQV D 6HQVRU ,QWHUIDFH FDQ EH FRQQHFWHG $GGLWLRQDOO\ WKH:HEORJJHU FDQ
PRQLWRUVSHFLILHGYDOXHVDQGVHQGDQDODUPLIWKHVHH[FHHGGHILQHGWKUHVKROGV)RULQVWDQFHLI
GDLO\SURGXFWLRQGURSVEHORZDVHWOHYHOWKH:HEORJJHUFDQEHFRQILJXUHGWRSURYLGHDQRWLILFD
WLRQDODUPYLDHPDLO)RUDPRUHGHWDLOHGRYHUYLHZUHIHUWRWKHGDWDVKHHWRIWKH:HEORJJHU
DQGIRUPRUHGHWDLOHGLQIRUPDWLRQUHIHUWRWKH:HEORJJHU8VHU0DQXDO
7KH (WKHUQHW FRPPXQLFDWLRQ LV XVHG ZKHQ DSSO\LQJ WKH PDVWHU LQYHUWHU IXQFWLRQDOLW\ YLD WKH
:HE6HUYHURIWKH7/;3URLQYHUWHUYHUVLRQ
)RUOD\RXWRIWKH(WKHUQHW,QWHUIDFHVHHWKHVHFWLRQV$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQVDQG1HW
ZRUN7RSRORJ\
/B
8VHU,QWHUIDFH
8VHU,QWHUIDFH
,QWHJUDWHG'LVSOD\8QLW
1RWH
'XHWRWKHDGYDQFHGIXQFWLRQDOLWLHVRIWKHLQYHUWHULWPD\WDNHXSWRVHFRQGVEHIRUHWKH
GLVSOD\EHFRPHVDYDLODEOHDIWHUSRZHUXS
7KHLQWHJUDWHGGLVSOD\RQWKHLQYHUWHUIURQWJLYHVWKHXVHUDFFHVVWRDOOLQIRUPDWLRQDERXWWKH
39V\VWHPDQGWKHLQYHUWHU
7KHGLVSOD\KDVWZRPRGHV
1RUPDO
3RZHUVDYLQJ
7KHGLVSOD\LVLQXVH
$IWHUPLQRIQRGLVSOD\DFWLYLW\WKHEDFNOLJKWRIWKHGLVSOD\WXUQVRIIWRVDYHSRZHU
5HDFWLYDWHWKHGLVSOD\E\SUHVVLQJDQ\NH\
2YHUYLHZRIGLVSOD\EXWWRQVDQGIXQFWLRQDOLW\
)
9LHZ9LHZ6FUHHQ
)
6WDWXV0HQX
)
3URGXFWLRQ/RJ0HQX
)
6HWXS0HQX
:KHQDQ)NH\LVVHOHFWHGWKH/('DERYHLWZLOOOLJKW
XS
+RPH
5HWXUQWR9LHZ6FUHHQ
2.
(QWHUVHOHFW
$UURZXS
$VWHSXSLQFUHDVHYDOXH
$UURZ'RZQ
$VWHSGRZQGHFUHDVHYDOXH
$UURZ5LJKW
0RYHVFXUVRUULJKW
$UURZ/HIW
0RYHVFXUVRUOHIW
%DFN
5HWXUQGHVHOHFW
2Q*UHHQ/(' 2QIODVKLQJ 2QJULG&RQQHFWLQJ
$ODUP5HG/(' )ODVKLQJ )DLOVDIH
7KHLQYHUWHULVFRQILJXUHGDVPDV
WHU,FRQVFDQEHIRXQGLQWKHWRS
ULJKWFRUQHU
7KHLQYHUWHULVFRQQHFWHGWRDPDV
WHU,FRQVFDQEHIRXQGLQWKHWRS
ULJKWFRUQHU
7/;3URDQG7/;3URRQO\
,OOXVWUDWLRQ'LVSOD\
1RWH
7KHFRQWUDVWOHYHORIWKHGLVSOD\FDQEHDOWHUHGE\SUHVVLQJWKHDUURZXSGRZQEXWWRQZKLOH
KROGLQJGRZQWKH)EXWWRQ
7KHPHQXVWUXFWXUHLVGLYLGHGLQWRIRXUPDLQVHFWLRQV
9LHZ
6WDWXV
3URGXFWLRQ/RJ
6HWXS
3UHVHQWVDVKRUWOLVWRILQIRUPDWLRQUHDGRQO\
6KRZVLQYHUWHUSDUDPHWHUUHDGLQJVUHDGRQO\
6KRZVORJJHGGDWD
6KRZVFRQILJXUDEOHSDUDPHWHUVUHDGZULWH
6HHWKHIROORZLQJVHFWLRQVIRUPRUHGHWDLOHGLQIRUPDWLRQ
/B
8VHU,QWHUIDFH
7KUHHSUHGHILQHGVHFXULW\OHYHOVILOWHUXVHUDFFHVVWRPHQXVDQGRSWLRQV
6HFXULW\OHYHOV

/HYHO(QGXVHUQRSDVVZRUGLVQHHGHG

/HYHO,QVWDOOHUVHUYLFHWHFKQLFLDQ

/HYHO,QVWDOOHUVHUYLFHWHFKQLFLDQH[WHQGHG
:KHQORJJHGRQWRWKH:HE6HUYHUDV$GPLQDFFHVVLVDWVHFXULW\OHYHO6XEVHTXHQWXVHUDF
FRXQWVFUHDWHGJLYHDFFHVVWRDSUHGHILQHGVXEVHWRIPHQXVDFFRUGLQJWRXVHUSURILOH
'HILQHXVHUSURILOHDW>3ODQWൺ6HWXSൺ:HE6HUYHUൺ3URILOHV@
$FFHVVWROHYHOVDQGUHTXLUHVDVHUYLFHORJRQFRPSULVLQJDXVHU,'DQGDSDVVZRUG

7KHVHUYLFHORJRQGLUHFWDFFHVVWRDVSHFLILFVHFXULW\OHYHIRUWKHGXUDWLRQRIWKHFXU
UHQWGD\

2EWDLQWKHVHUYLFHORJRQIURP'DQIRVV

(QWHUWKHORJRQYLDWKH:HE6HUYHUORJRQGLDORJ

:KHQWKHVHUYLFHWDVNLVFRPSOHWHORJRIIDW>6HWXSൺ6HFXULW\@

7KH:HE6HUYHUDXWRPDWLFDOO\ORJVWKHXVHURIIDIWHUPLQXWHVRILQDFWLYLW\
6HFXULW\OHYHOVDUHVLPLODURQWKHLQYHUWHUGLVSOD\DQGWKH:HE6HUYHU
$VHFXULW\OHYHOJUDQWVDFFHVVWRDOOPHQXLWHPVDWWKHVDPHOHYHODVZHOODVDOOPHQXLWHPVRID
ORZHUVHFXULW\OHYHO
7KURXJKRXWWKHPDQXDODQ>@>@RU>@LQFRQQHFWLRQZLWKWKHPHQXLWHPLQGLFDWHVWKHPLQL
PXPVHFXULW\OHYHOUHTXLUHGIRUDFFHVV
9LHZ
0HQX6WUXFWXUH9LHZ
3DUDPHWHU
>@0RGH2QJULG
>@3URGWRGD\N:K
>@3RZHURXWSXW:
>@>XWLOL]DWLRQEDU@
'HVFULSWLRQ
'LVSOD\VSUHVHQWLQYHUWHUPRGH6HH0RGHGHILQLWLRQV
(QHUJ\SURGXFWLRQWRGD\LQN:K9DOXHIURPLQYHUWHURU6HQHUJ\PHWHU
&XUUHQWRXWSXWSRZHULQ:DWW
6KRZVOHYHORILQYHUWHUXWLOL]DWLRQDVRIPD[XWLOL]DWLRQ
7DEOH9LHZ
9LHZ
3UHVVLQJ)RQFHPRUHZLOOUHVXOWLQWKHIROORZLQJVFUHHQEHLQJVKRZQVHHVHFWLRQRQEXWWRQV
IRUPRUHLQIRUPDWLRQ
0HQX6WUXFWXUH9LHZ
3DUDPHWHU
'HVFULSWLRQ
,QGLFDWHVZKHWKHURUQRWDQ\JULGPDQDJHPHQWPHDVXUHVDUHLQHIIHFW
2QO\YLVLEOHLIHQDEOHGE\WKHFXUUHQWFRXQWU\VHWWLQJ
3HUIRUPDQFHUDWLRLVVKRZQLILUUDGLDWLRQVHQVRULVDYDLODEOHORFDORUPDVWHU
>@3HUIRUPDQFHUDWLR
/LIHWLPH&2HPLVVLRQVDYHGFDOFXODWHGXVLQJFRQILJXUHGYDOXH
>@7RWDO&2VDYHG7
>@7RWDOUHYHQXH(XUR /LIHWLPHUHYHQXHFDOFXODWHGXVLQJFRQILJXUHGYDOXH
>@*ULGPJPW
7DEOH9LHZ
)RU7/;3URRQO\
/B
8VHU,QWHUIDFH
6WDWXV
0HQX6WUXFWXUH6WDWXV
'LVSOD\)XQFWLRQV
>@$PELHQW&RQGLWLRQV
>@,UUDGLDQFH:P
>@39PRGXOHWHPSR&
>@$PELHQWWHPSR&
>@,UUVHQVRUWHPSR&
>@3KRWRYROWDLF
>@3UHVHQWYDOXHV
>@39LQSXW
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@39LQSXW
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@39LQSXW
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@0D[LPXPYDOXHV
>@39LQSXW
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@39LQSXW
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@39LQSXW
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@,QVXODWLRQ5HVLVWDQFH
>@5HVLVWDQFH0ȍ
>@0LQLPXP0ȍ
>@0D[LPXP0ȍ
>@39,QSXW(QHUJ\
>@7RWDON:K
>@39N:K
>@39N:K
>@39N:K
>@39&RQILJXUDWLRQ
>@39LQSXW
>@39LQSXW
>@39LQSXW
'HVFULSWLRQ
2QO\DSSOLFDEOHLIVHQVRUVDUHFRQQHFWHG
,UUDGLDQFHDVGHWHFWHGE\VHQVRU1&LIQRWFRQQHFWHG
39PRGXOHWHPSHUDWXUHDVGHWHFWHGE\VHQVRU1&LIQRWFRQQHFWHG
$PELHQWWHPSHUDWXUHDVGHWHFWHGE\VHQVRU1&LIQRWFRQQHFWHG
,UUDGLDWLRQVHQVRUWHPSHUDWXUHDVGHWHFWHGE\VHQVRU1&LIQRWFRQQHFWHG
9ROWDJHGHWHFWHGDW39LQSXW
&XUUHQWGHWHFWHGDW39LQSXW
3RZHUGHWHFWHGDW39LQSXW
1RWYLVLEOHLILQYHUWHURQO\KDV39LQSXWV
39LQVXODWLRQUHVLVWDQFHDWVWDUWXS
'DLO\SURGXFWLRQRIDOO39LQSXW
'DLO\SURGXFWLRQRI39LQSXW
'DLO\SURGXFWLRQRI39LQSXW
'DLO\SURGXFWLRQRI39LQSXW1RWYLVLEOHLILQYHUWHURQO\KDV39LQSXWV
&RQILJXUDWLRQRI39LQSXW7KHFRQILJXUDWLRQLVRQO\VKRZQZKHQWKHLQ
YHUWHULVLQ&RQQHFWLQJRU2QJULGPRGH
7DEOH0HQX6WUXFWXUH6WDWXV
/B
8VHU,QWHUIDFH
0HQX6WUXFWXUH6WDWXV&RQWLQXHG
'LVSOD\)XQFWLRQV
>@$&JULG
>@3UHVHQW9DOXHV
>@3KDVH
>@9ROWDJH9
>@PLQPHDQ9
>@//9
>@&XUUHQW$
>@'&FRQWRIFXUUHQWP$
>@)UHTXHQF\+]
>@3RZHU:
>@$SSDUHQW369$
>@5HDFWLYH349$U
>@3KDVH
>@9ROWDJH9
>@PLQPHDQ9
>@//9
>@&XUUHQW$
>@'&FRQWRIFXUUHQWP$
>@)UHTXHQF\+]
>@3RZHU:
>@$SSDUHQW369$
>@5HDFWLYH349$U
>@3KDVH
>@9ROWDJH9
>@PLQPHDQ9
>@//9
>@&XUUHQW$
>@'&FRQWRIFXUUHQWP$
>@)UHTXHQF\+]
>@3RZHU:
>@$SSDUHQW369$
>@5HDFWLYH349$U
>@0D[LPXPYDOXHVRI$&
>@3KDVH
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@3KDVH
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@3KDVH
>@9ROWDJH9
>@&XUUHQW$
>@3RZHU:
>@5HVLGXDO&XUUHQW0RQLWRU
>@&XUUHQWP$
>@0D[LPXPYDOXHP$
>@*ULGPDQDJHPHQW
>@3RZHUOHYHODGMXVWPHQW
>@3UHVHQWOLPLW
>@5HDFWLYH3RZHU
>@6HWSRLQWW\SH2II
>@9DOXH
'HVFULSWLRQ
9ROWDJHRQSKDVH
$YHUDJHYROWDJHVDPSOHGRYHUPLQRQSKDVH
3KDVHWRSKDVHYROWDJH
&XUUHQWRQSKDVH
'&FRQWHQWRI$&JULGFXUUHQWRQSKDVH
)UHTXHQF\RQSKDVH
3RZHURQSKDVH
$SSDUHQWSRZHU6RQSKDVH
5HDFWLYHSRZHU4RQSKDVH
0D[LPXPYDOXHVUHJLVWHUHG
2QO\YLVLEOHLIHQDEOHGE\WKHFXUUHQWFRXQWU\VHWWLQJ
0D[LPXP DOORZHG SRZHU RXWSXW LQ RI QRPLQDO SRZHU RXW
SXW³2II´PHDQVWKDWWKHSRZHUOHYHODGMXVWPHQWIXQFWLRQDOLW\
KDVEHHQGLVDEOHGLQWKHLQYHUWHU
7KHVHWSRLQWW\SHIRU5HDFWLYH3RZHU
2II
PHDQVWKDWQRLQ
WHUQDOVHWSRLQWVDUHXVHGEXWWKHLQYHUWHUZLOODFFHSWDQH[WHU
QDOVHWSRLQW
7KH UHDOWLPH YDOXH RI WKH VHWSRLQW IRU UHDFWLYH SRZHU WKH
XQLWGHSHQGVRQWKHVHOHFWHGVHWSRLQWW\SH
7DEOH0HQX6WUXFWXUH6WDWXV&RQWLQXHG
/B
8VHU,QWHUIDFH
0HQX6WUXFWXUH6WDWXV&RQWLQXHG
'LVSOD\)XQFWLRQV
>@,QYHUWHU
>@&RXQWU\*HUPDQ\
>@'&EXVYROWDJHV
>@8SSHU9
>@0D[XSSHU9
>@/RZHU9
>@0D[ORZHU9
>@,QWHUQDO&RQGLWLRQV
>@3RZHUPRGXOHR&
>@3RZHUPRGXOHR&
>@3RZHUPRGXOHR&
>@3RZHUPRGXOHR&
>@3&%$X[R&
>@3&%&WUOR&
>@3&%3RZR&
>@)DQ530
>@)DQ530
>@)DQ530
>@)DQ530
>@0D[YDOXHV
>@3RZHUPRGXOHR&
>@3RZHUPRGXOHR&
>@3RZHUPRGXOHR&
>@3RZHUPRGXOHR&
>@3&%$X[R&
>@3&%&WUOR&
>@3&%3RZR&
>@6HULDOQRDQG6:YHU
>@,QYHUWHU
>@3URGDQGVHULDOQXPEHU
>@$
>@$
>@6RIWZDUHYHUVLRQ
>@0$&DGGUHVV
>@
>@&RQWUROERDUG
>@3DUWDQGVHULDOQXPEHU
>@$
>@$
>@6RIWZDUHYHUVLRQ
>@2SHUDWLQJWLPHK
>@3RZHUERDUG
>@$
>@$
>@2SHUDWLQJWLPHK
>@$8;ERDUG
>@$
>@$
>@2SHUDWLQJWLPHK
>@&RPPXQLFDWLRQERDUG
>@$
>@$
>@6RIWZDUHYHUVLRQ
>@2SHUDWLQJWLPHK
>@)XQF6DIHW\3URFHVVRU
>@6RIWZDUHYHUVLRQ
>@'LVSOD\
>@6RIWZDUHYHUVLRQ
>@8SORDGVWDWXV
>@8SORDGVWDWXV2II
>@6LJQDOVWUHQJWK
>@*60VWDWXV1RQH
>@1HWZRUN
>@)DLOHGXSORDGV
>@/DVWHUURU
>@
>@/DVWXSORDG
>@
9LVLEOHZKHQFRPPXQLFDWLRQFKDQQHOLVVHWWR*60
'HVFULSWLRQ
5HDGRQO\7RFKDQJHJRWR6HWXSPHQX
7HPSHUDWXUHGHWHFWHGDWWKHSRZHUPRGXOH
7HPSHUDWXUHGHWHFWHGDWWKH3&%
6SHHGRIWKHIDQ
,QYHUWHUSURGXFWQXPEHU
,QYHUWHUVHULDOQXPEHU
,QYHUWHUVRIWZDUHYHUVLRQ
7KH0$&DGGUHVVRIWKHFRPPXQLFDWLRQERDUG
&RQWUROERDUGSDUWQXPEHU
&RQWUROERDUGVHULDOQXPEHU
&RQWUROERDUGVRIWZDUHYHUVLRQ
3RZHUERDUGSDUWQXPEHU
3RZHUERDUGVHULDOQXPEHU
$X[ERDUGSDUWQXPEHU
$X[ERDUGVHULDOQXPEHU
&RPPXQLFDWLRQERDUGSDUWQXPEHU
&RPPXQLFDWLRQERDUGVHULDOQXPEHU
&RPPXQLFDWLRQERDUGVRIWZDUHYHUVLRQ
)XQFWLRQDO6DIHW\SURFHVVRUVRIWZDUHYHUVLRQ
'LVSOD\VRIWZDUHYHUVLRQ
&XUUHQWXSORDGVWDWXV
6LJQDO VWUHQJWK 6KRXOG SUHIHUDEO\ EH EHWZHHQ ,QGL
FDWHVQRVLJQDO
&XUUHQW*60QHWZRUNVWDWXV
1HWZRUNWRZKLFKWKHPRGHPLVFRQQHFWHG
1XPEHURIFRQVHFXWLYHIDLOHGXSORDGV
/DVWHUURU,'VHHWKH*600DQXDOIRUIXUWKHUDVVLVWDQFH
7LPHDQGGDWHRIODVWHUURU
7LPHDQGGDWHRIODVWVXFFHVVIXOXSORDG
7DEOH0HQX6WUXFWXUH6WDWXV&RQWLQXHG
/B
8VHU,QWHUIDFH
3URGXFWLRQ/RJ
0HQX6WUXFWXUH3URGXFWLRQ/RJ
'LVSOD\)XQFWLRQV
>@7RWDOSURGXFWLRQ
N:K
>@7RWDORSHUDWLQJWLPH
K
>@3URGXFWLRQORJ
>@7KLVZHHN
>@0RQGD\N:K
>@7XHVGD\N:K
>@:HGQHVGD\N:K
>@7KXUVGD\N:K
>@)ULGD\N:K
>@6DWXUGD\N:K
>@6XQGD\N:K
>@3DVWZHHNV
>@7KLVZHHNN:K
>@/DVW:HHN.:K
>@:HHNVDJR.:K
>@:HHNVDJR.:K
>@:HHNVDJR.:K
>@7KLV\HDU
>@-DQXDU\N:K
>@)HEUXDU\.:K
>@0DUFK.:K
>@$SULO.:K
>@0D\.:K
>@-XQH.:K
>@-XO\.:K
>@$XJXVW.:K
>@6HSWHPEHU.:K
>@2FWREHU.:K
>@1RYHPEHU.:K
>@'HFHPEHU.:K
>@3DVW\HDUV
>@7KLV\HDUN:K
>@/DVW\HDUN:KP
>@\HDUVDJRN:KP
>@\HDUVDJRN:KP
>@\HDUVDJRN:K
>@,UUDGLDWLRQORJ
>@7KLVZHHN
>@0RQGD\N:KP
>@7XHVGD\N:KP
>@:HGQHVGD\N:KP
>@7KXUVGD\N:KP
>@)ULGD\N:KP
>@6DWXUGD\N:KP
>@6XQGD\N:KP
>@3DVWZHHNV
>@7KLVZHHNN:KP
>@/DVWZHHNN:KP
>@ZHHNVDJRN:KP
>@ZHHNVDJRN:KP
>@ZHHNVDJRN:KP
>@7KLV\HDU
>@-DQXDU\N:KP
>@)HEUXDU\N:KP
>@0DUFKN:KP
>@$SULON:KP
>@0D\N:KP
>@-XQHN:KP
>@-XO\N:KP
>@$XJXVWN:KP
>@6HSWHPEHUN:KP
>@2FWREHUN:KP
>@1RYHPEHUN:KP
>@'HFHPEHUN:KP
>@3DVW\HDUV
>@7KLV\HDUN:KP
>@/DVW\HDUN:KP
>@\HDUVDJRN:KP
>@\HDUVDJRN:KP
>@\HDUVDJRN:KP
'HVFULSWLRQ
7RWDOSURGXFWLRQVLQFHLQVWDOODWLRQRILQYHUWHU
7RWDORSHUDWLQJWLPHVLQFHLQVWDOODWLRQRILQYHUWHU
3URGXFWLRQIURPWKLVZHHN
3URGXFWLRQIURPRQHGD\VKRZQLQ.:K
3URGXFWLRQIURPWKLVZHHNVKRZQLQ.:K
3URGXFWLRQIURPRQHPRQWKVKRZQLQN:K
<HDUO\SURGXFWLRQXSWR\HDUVEDFN
3URGXFWLRQIURPWKLV\HDUVKRZQLQ.:K
2QO\YLVLEOHLILWFRQWDLQVQRQ]HURYDOXHV
,UUDGLDWLRQIURPWKLVZHHN
,UUDGLDWLRQIURPRQHGD\VKRZQLQN:KP
,UUDGLDWLRQIURPWKLVZHHNVKRZQLQN:KP
,UUDGLDWLRQIURPRQHPRQWKVKRZQLQN:KP
<HDUO\LUUDGLDWLRQXSWR\HDUVEDFNDUHVKRZQ
7DEOH3URGXFWLRQ/RJ
/B
8VHU,QWHUIDFH
0HQX6WUXFWXUH3URGXFWLRQ/RJ&RQWLQXHG
'LVSOD\)XQFWLRQV
>@7LPHVWDPSV
>@,QVWDOOHG
>@3RZHUGRZQ
>@3URGLQLWLDWHG
>@'HUDWLQJ
>@7RWDOGHUDWHK
>@*ULGYROWDJHK
'HVFULSWLRQ
'DWHRIILUVWJULGFRQQHFWLRQ
:KHQWKHLQYHUWHUODVWFKDQJHGWRRSHUDWLRQPRGHRIIJULG
:KHQWKHLQYHUWHUODVWFKDQJHGWRRSHUDWLRQPRGHRQJULG
3HULRGRIWLPHWKHLQYHUWHUKDVOLPLWHGSRZHUSURGXFWLRQLQWRWDO
3HULRG RI WLPH WKH LQYHUWHU KDV OLPLWHG SRZHU SURGXFWLRQ GXH WR
JULGYROWDJH
>@*ULGFXUUHQWK
JULGFXUUHQW
>@*ULGSRZHUK
JULGSRZHU
3HULRGRIWLPHWKHLQYHUWHUKDVOLPLWHGSRZHUSURGXFWLRQGXHWR39
>@39FXUUHQWK
FXUUHQW
3HULRGRIWLPHWKHLQYHUWHUKDVOLPLWHGSRZHUSURGXFWLRQGXHWR39
>@39SRZHUK
SRZHU
3HULRGRIWLPHWKHLQYHUWHUKDVOLPLWHGSRZHUSURGXFWLRQGXHWRH[
>@7HPSHUDWXUHK
FHVVLYHWHPSHUDWXUHV
>@3ZUOHYHODGMXVWK
3RZHU OHYHO DGMXVWPHQW 2QO\ YLVLEOH LI HQDEOHG E\ WKH FXUUHQW
FRXQWU\VHWWLQJ
>@)UHTVWDELOL]DK
IUHTXHQF\ VXSSRUW 2QO\ YLVLEOH LI HQDEOHG E\ WKH FXUUHQW FRXQWU\
VHWWLQJ
>@5HDFWLYH3RZHUK
'XHWRUHDFWLYHHQHUJ\VXSSRUW
2QO\YLVLEOHLIWKHFXUUHQWFRXQWU\VHWWLQJLVDQ09FRXQWU\RUFXV
>@5HDFWLYH3RZHU
WRPDQGLQ7/;YHUVLRQV
>@5HDFWLYH(QHUJ\XQGHUH[FLWHG 9$UK
>@5HDFWLYH(QHUJ\RYHUH[FLWHG 9$UK
>@(YHQWORJ
>@/DWHVWHYHQW
7KHODWHVWHYHQWLVGLVSOD\HG7KHQXPEHULVXVHGIRUVHUYLFHSXU
SRVHV
=HURLQGLFDWHVQRHUURU
>@/DVWHYHQWV
7KHODWHVWHYHQWVDUHGLVSOD\HG
>@
'DWHDQGWLPHRIWKHHYHQW
>@*ULGRII
*URXS,'6WDWXVRIHYHQW
>@
>@*ULGRQ
>@
7DEOH3URGXFWLRQ/RJ&RQWLQXHG
/B
8VHU,QWHUIDFH
6HWXS
0HQX6WUXFWXUH6HWXS
'LVSOD\)XQFWLRQV
>@([WHUQDO$ODUP
>@6WRS$ODUP
>@7HVW$ODUP
>@$ODUPWLPHRXWV
>@$ODUPVWDWH'LVDEOHG
>@6HWXSGHWDLOV
>@/DQJXDJH(QJOLVK
'HVFULSWLRQ
2QO\DSSOLFDEOHLIH[WHUQDODODUPLVFRQQHFWHG
6WRSDODUP
,QFOXGHVWHVWLQJUHG/('RQIURQW
$ODUPWLPHOLPLW,IWKHDODUPZLOOEHDFWLYHXQWLOIL[HG
7KHODQJXDJHLQWKHGLVSOD\FKDQJLQJWKHODQJXDJHGRHVQRW
DIIHFWFRXQWU\VHWWLQJ
>@&RXQWU\'HQPDUN
7KHFRXQWU\VHWWLQJZKLFKGHILQHVIXQFWLRQDOVDIHW\VHWWLQJV
>@6DIHW\DIIHFWLQJVHWWLQJV
6HWWLQJVWKDWKDYHLQIOXHQFHLQIXQFWLRQDOVDIHW\
>@PLQPHDQYROWDJH
>@$YJYROWDJHOLPLW9
8SSHUPLQDYHUDJHYROWDJHOLPLW
0D[LPXP DPRXQW RI WLPH EHIRUH WKH LQYHUWHU PXVW GLVFRQ
>@7LPHWRGLVFRQQHFWPV
QHFWIURPWKHJULGGXHWRWRRKLJKDYJYROWDJH
>@52&2)
52&2)5DWHRI&KDQJHRI)UHTXHQF\
>@52&2)OLPLW+]V
>@7LPHWRGLVFRQPV
>@39&RQILJXUDWLRQ
6HHWKHVHFWLRQRQ3DUDOOHOFRQQHFWLRQ
>@0RGH$XWRPDWLF
0D\EHFKDQJHGWR 0DQXDO LIWKHDXWRPDWLF39FRQILJXUDWLRQ
LVWREHRYHUULGGHQ
>@39LQSXW$XWRPDWLF
>@39LQSXW$XWRPDWLF
>@39LQSXW$XWRPDWLF
>@)RUFHLQYHUWHUSRZHUXS
7XUQVRQJULGVXSSO\WR&75/ERDUG
>@,QYHUWHUGHWDLOV
>@,QYHUWHUQDPH
7KHLQYHUWHU
VQDPH0D[FKDUDFWHUV
'DQIRVV
0D[FKDUDFWHUVDQGQRWRQO\QXPEHUV
7KHQDPHRIWKHJURXSWKHLQYHUWHULVSDUWRI
>@*URXSQDPH
0D[FKDUDFWHUV
>@*URXS
>@0DVWHUPRGH
>@0DVWHUPRGH(QDEOHG
2QO\YLVLEOHLI0DVWHUPRGHLVHQDEOHG
>@1HWZRUN
>@,QLWLDWHQHWZRUNVFDQ
>@6FDQSURJUHVV
>@,QYHUWHUVIRXQG
>@3ODQWQDPH
7KHQDPHRIWKHSODQW0D[FKDUDFWHUV
SODQWQDPH
>@5HVHWPD[YDOXHV
>@6HWGDWHDQGWLPH
>@'DWHGGPP\\\\
6HWWKHFXUUHQWGDWH
>@7LPHKKPPVV
6HWWKHFXUUHQWWLPH
>@&DOLEUDWLRQ
>@39DUUD\
>@39LQSXW:
>@39DUHDP
>@39LQSXW:
>@39DUHDP
>@39LQSXW:
>@39DUHDP
>@,UUDGLDWLRQVHQVRU
6HQVRUFDOLEUDWLRQ
>@6FDOHP9:P
6HQVRUFDOLEUDWLRQ
>@7HPSFRHIIR&
>@7HPSVHQVRURIIVHW
6HQVRUFDOLEUDWLRQRIIVHW
>@39PRGXOHWHPSR&
6HQVRUFDOLEUDWLRQRIIVHW
>@$PELHQW7HPSR&
>@6VHQVRULQSXW
>@6FDOHSXOVHVN:K
6HQVRUFDOLEUDWLRQ6HHQRWH
7DEOH6HWXS
)RU7/;3URRQO\
/B
8VHU,QWHUIDFH
0HQX6WUXFWXUH6HWXS&RQWLQXHG
'LVSOD\)XQFWLRQV
>@(QYLURQPHQW
>@&2HPLVVLRQIDFWRU
>@NJN:K
>@5HPXQHUDWLRQSHUN:K
>@FWN:K
'HVFULSWLRQ
9DOXHWREHXVHGIRUWRWDO&2VDYHGFDOFXODWLRQ
9DOXHWREHXVHGIRUWRWDOUHYHQXHFDOFXODWLRQ
$YDOXHXVHGDVDQRIIVHWIURPWKHFXUUHQWSURGXFWLRQYDO
>@<LHOGVWDUWFRXQWN:K
XHZKHQFDOFXODWLQJWKH\LHOG
>@&RPPXQLFDWLRQVHWXS
>@56VHWXS
>@1HWZRUN
>@6XEQHW
>@$GGUHVV
>@,36HWXS
>@,3FRQILJ$XWRPDWLF
>@,3DGGUHVV
>@
>@6XEQHWPDVN
>@
>@'HIDXOWJDWHZD\
>@
>@'16VHUYHU
>@
>@*356FRQQHFWLRQVHWXS
>@6,03,1FRGH
FKDUDFWHUV
>@$FFHVVSRLQWQDPH
QDPH
0D[FKDUDFWHUV
>@8VHUQDPH
XVHU
0D[FKDUDFWHUV
>@3DVVZRUG
SDVVZRUG
0D[FKDUDFWHUV
>@5RDPLQJ'LVDEOHG
>@'DWDZDUHKRXVHVHUYLFH
>@8SORDGWLPHKP
>@6WDUWORJXSORDG
5HTXLUHVGDWDIURPDWOHDVWPLQRIHQHUJ\SURGXFWLRQ
>@':)73VHUYHUDGGUHVV
ZZZLQYHUWHUGDWDFRP
>@':VHUYHUSRUW
>@)73PRGH$FWLYH
>@':VHUYHUXVHUQDPH
'HIDXOWVHULDOQXPEHURIWKHLQYHUWHU
XVHU
8VHUQDPHIRU'DWDZDUHKRXVHDFFRXQWPD[FKDUV
>@':VHUYHUSDVVZRUG
SDVVZRUG
3DVVZRUGIRU'DWDZDUHKRXVHDFFRXQWPD[FKDUV
>@&RPPXQLFDWLRQFKDQQHO
>@&RPPXQLFDWLRQFKDQQHO*60 7DEOH6HWXS&RQWLQXHG
)RU7/;3URRQO\
/B
8VHU,QWHUIDFH
0HQX6WUXFWXUH6HWXS&RQWLQXHG
'LVSOD\)XQFWLRQV
>@$XWRWHVW
>@6WDWXV2II
>@8JULG9
>@8WHVW9
>@)JULG+]
>@)WHVW+]
>@'LVFRQQHFWLRQWLPHPV
>@/RJJLQJ
>@,QWHUYDOPLQ
>@/RJJLQJFDSDFLW\
>@'D\V
>@'HOHWHHYHQWORJ
>@'HOHWHSURGXFWLRQORJ
>@'HOHWHLUUDGLDWLRQORJ
>@'HOHWHGDWDORJ
>@:HE6HUYHU
>@5HVHWSDVVZRUG
>@6HUYLFH
>@6WRUHVHWWLQJV
>@5HVWRUHVHWWLQJV
'HVFULSWLRQ
,QLWLDWHDXWRWHVWRQO\DSSOLFDEOHZLWKFRXQWU\VHWWLQJ,WDO\
2QO\YLVLEOHGXULQJYROWDJHWHVWV
2QO\YLVLEOHGXULQJYROWDJHWHVWV
2QO\YLVLEOHGXULQJIUHTXHQF\WHVWV
2QO\YLVLEOHGXULQJIUHTXHQF\WHVWV
1RWYLVLEOHLQ2IIDQG&RPSOHWHG2.VWDWHV
7KHLQWHUYDOEHWZHHQHDFKORJJLQJ
5HVHWVWKHSDVVZRUGRIWKH:HE6HUYHUWRLWVGHIDXOWYDOXH
6WRUHLQYHUWHUVHWWLQJVDQGGDWDLQWKHGLVSOD\RIWKHLQYHUWHU
5HVWRUHDOOLQYHUWHUVHWWLQJVDQGGDWDVWRUHGLQWKHGLVSOD\RIWKHLQYHUWHU
5HSOLFDWHDOOLQYHUWHUVHWWLQJVWRDOORWKHUNQRZQLQYHUWHUVLQWKHQHWZRUN2QO\
>@5HSOLFDWHVHWWLQJV
YLVLEOHLIPDVWHUPRGHLVHQDEOHG
>@6HFXULW\
>@3DVVZRUG
3DVVZRUG
>@6HFXULW\OHYHO
&XUUHQWVHFXULW\OHYHO
>@/RJRXW
/RJRXWWRVHFXULW\OHYHO
>@6HUYLFHORJRQ
2QO\WREHXVHGE\DXWKRULVHGVHUYLFHSHUVRQQHO
>@8VHUQDPH
>@XVHUQDPH >@3DVVZRUG
>@SDVVZRUG 7DEOH6HWXS&RQWLQXHG
)RU7/;3URRQO\
2YHUYLHZRI(YHQW/RJ
7KHHYHQWORJPHQXIRXQGXQGHU/RJGLVSOD\VWKHODVWHYHQWZKLFKKDVRFFXUUHG
/DWHVWHYHQW
([DPSOH7KHODWHVWHYHQWLVRIW\SH³*ULG´DQGWKHVSHFLILFHYHQW,'LV³´7KLVFDQEHXVHG
WRGLDJQRVHWKHSUREOHP6HHWKHVHFWLRQRQ 7URXEOHVKRRWLQJ IRUPRUHLQIRUPDWLRQRQVSHFLILF
HYHQWV/DWHVWHYHQWLVVHWWRRQFHDQHYHQWLVFOHDUHG
,OOXVWUDWLRQ/DWHVW(YHQW
/B
8VHU,QWHUIDFH
/DVWHYHQWV
7KHHYHQWORJPHQXFRQWDLQVWKHVXEPHQX/DVWHYHQWVZKLFKLVDORJRIWKHODVWHYHQWV
,QDGGLWLRQWRWKHLQIRUPDWLRQSURYLGHGE\ODWHVWHYHQWWKLVORJDOVRSURYLGHVWKHWLPHDQGGDWH
RIWKHHYHQWDVZHOODVWKHVWDWXV2Q2IIRIWKHHYHQW
,OOXVWUDWLRQ3DVW(YHQWV
7KH ODWHVW HYHQW LV VKRZQ DW WKH WRS RI WKH VFUHHQ 7KH HYHQW ZDV UHJLVWHUHG DW RQ
-DQXDU\WK7KHHYHQWLVJULGUHODWHGWKHVSHFLILF,'LVDQGWKHHYHQWLVQRORQJHU
DFWLYH 1RWH WKDW VHYHUDO HQWULHV UHJLVWHUHG DW WKH VDPH WLPH PD\ EH SUHVHQW 7KLV KRZHYHU
GRHVQRWPHDQWKDWWKHLQYHUWHUH[SHULHQFHGDOOUHJLVWHUHGHYHQWV6RPHRIWKHHYHQWVPD\EHD
UHVXOWRIWKHRULJLQDOHYHQW
3HULSKHUDO8QLWV6HWXS
6HQVRU6HWXS
7KLV VHFWLRQ GHVFULEHV WKH ILQDO VWHS RI FRQILJXULQJ WKH VHQVRU LQSXWV XVLQJ WKH GLVSOD\ RU WKH
:HE6HUYHU*RWRWKH&DOLEUDWLRQPHQXXQGHU6HWXS>6HWXSൺ&DOLEUDWLRQ@DQGFKRRVHWKHVHQ
VRUWREHFRQILJXUHG
7HPSHUDWXUH6HQVRU
7KH WHPSHUDWXUH VHQVRU LQSXWV IRU WKH 39 PRGXOH WHPSHUDWXUH DQG WKH DPELHQW WHPSHUDWXUH
PD\EHFDOLEUDWHGXVLQJDQRIIVHWUDQJLQJIURPWR&(QWHUWKHFRUUHFWYDOXHVIRUWKH
VHQVRUVXQGHUWKH7HPSVHQVRURIIVHWPHQX>6HWXSൺ&DOLEUDWLRQൺ7HPSVHQVRURIIVHW@
,UUDGLDWLRQ6HQVRU3\UDQRPHWHU
,QRUGHUWRXVHDQLUUDGLDWLRQVHQVRUWKHVFDOHDQGWHPSHUDWXUHFRHIILFLHQWRIWKHVHQVRUPXVW
EH HQWHUHG (QWHU WKH FRUUHFW YDOXHV IRU WKH VHQVRU DW >6HWXS ൺ &DOLEUDWLRQ ൺ ,UUDGLDWLRQ VHQ
VRU@
(QHUJ\0HWHU6VHQVRU
,QRUGHUWRXVHDQHQHUJ\PHWHU6VHQVRUWKHVFDOHRIWKHHQHUJ\PHWHUPXVWEHHQWHUHGLQ
SXOVHVN:K7KLVLVGRQHXQGHUWKH6VHQVRULQSXWPHQX>6HWXSൺ&DOLEUDWLRQൺ6VHQVRULQ
SXW@
$ODUP2XWSXW
7KHLQYHUWHUKDVRQHDODUPRXWSXWUHOD\%\GHIDXOWWKHDODUPIXQFWLRQDOLW\LVGLVDEOHGDQGPXVW
WKHUHIRUH EH DFWLYDWHG XQGHU WKH ([WHUQDO DODUP PHQX >6HWXS ൺ ([WHUQDO DODUP@ LI LW LV WR EH
XVHG 7KH DODUP IXQFWLRQDOLW\ LQFOXGLQJ WKH UHOD\ FDQ DOVR EH WHVWHG IURP WKLV PHQX ,I WKH
/B
8VHU,QWHUIDFH
DODUPLVWULJJHUHGLWZLOOUHPDLQDFWLYHIRUWKHSHULRGRIWLPHGHILQHGXQGHU$ODUPWLPHRXWWKH
YDOXH GLVDEOHV WKH WLPHRXW IXQFWLRQDOLW\ DQG WKH DODUP ZLOO VRXQG FRQWLQXRXVO\ :KLOH WKH
DODUPLVDFWLYHLWPD\EHVWRSSHGDWDQ\WLPHE\JRLQJWRWKHPHQX6WRSDODUP>6HWXSൺ([WHU
QDODODUP@DQGSUHVVLQJ2.WZLFHWKXVVHOHFWLQJDQGDFFHSWLQJ

6WRSDODUP

7HVWDODUP

$ODUPVWDWH

$ODUPWLPHRXW
7KHDODUPLVDFWLYDWHGE\DQ\RIWKHIROORZLQJHYHQWVRFFXUULQJ
(YHQW,' 'HVFULSWLRQ
7KH$&JULGKDVEHHQRXWRIUDQJHIRUPRUHWKDQPLQXWHV
7KHLQVXODWLRQUHVLVWDQFHEHWZHHQJURXQGDQG39LVWRRORZ7KLVZLOOIRUFHWKHLQ
YHUWHUWRPDNHDQHZPHDVXUHPHQWDIWHUPLQXWHV
,QWHUQDOPHPRU\HUURU
,QWHUQDOFRPPXQLFDWLRQHUURU
,QWHUQDOHUURU
7KHIXQFWLRQDOVDIHW\SURFHVVRUKDVUHSRUWHG)DLOVDIH
$QLQWHUQDOHUURUKDVVHWWKHLQYHUWHULQ)DLOVDIH
7DEOH$FWLYDWLRQRI$ODUP
7KHDODUPRXWSXWFDQDOVREHFRQILJXUHGYLDWKHLQWHJUDWHG:HE6HUYHU)RUGHWDLOVUHIHUWRWKH
:HE6HUYHU8VHU0DQXDO
*60PRGHP
5HIHUWRWKH*600DQXDO
56&RPPXQLFDWLRQ
7KHFRQILJXUDWLRQRIWKH56QHWZRUNLQWHUIDFHFRQVLVWVRISDUDPHWHUVLQWKHPHQX>6HWXS
ൺ&RPPXQLFDWLRQVVHWXSൺ56VHWXS@UHTXLUHVDVHFXULW\OHYHORUKLJKHU

1HWZRUN

6XEQHW

$GGUHVV
1RWH
7KHLQYHUWHULVSUHFRQILJXUHGZLWKDXQLTXH56DGGUHVV,IWKHDGGUHVVLVFKDQJHGPDQ
XDOO\HQVXUHWKDWLQYHUWHUVFRQQHFWHGLQDQHWZRUNGRQRWKDYHLGHQWLFDODGGUHVVHV
5HIHUWRWKHVHFWLRQ $X[LOLDU\,QWHUIDFH6SHFLILFDWLRQVIRU(WKHUQHWFRPPXQLFDWLRQFRQILJXUDWLRQ
GHWDLOV
/B
8VHU,QWHUIDFH
6WDUWXSDQG&KHFNRI6HWWLQJV
1RWH
'XHWRWKHDGYDQFHGIXQFWLRQDOLWLHVRIWKHLQYHUWHULWPD\WDNHXSWRVHFRQGVEHIRUHWKH
GLVSOD\EHFRPHVDYDLODEOHDIWHUSRZHUXS
1RWH
)RUWKH7/;3URYHUVLRQWKHILUVWVWDUWXSDQGFKHFNRIVHWWLQJVFDQDOVREHSHUIRUPHGYLDWKH
LQWHJUDWHG:HE6HUYHU)RUIXUWKHUGHWDLOVUHIHUWRWKH:HE6HUYHU8VHU0DQXDO
7KHLQYHUWHULVVKLSSHGZLWKDSUHGHILQHGVHWRIVHWWLQJVIRUGLIIHUHQWFRXQWULHV$OOFRXQWU\VSH
FLILFOLPLWVDUHVWRUHGLQWKHLQYHUWHUDQGPXVWEHVHOHFWHGDWLQVWDOODWLRQ,WLVDOZD\VSRVVLEOHWR
VHHWKHDSSOLHGFRXQWU\OLPLWVLQWKHGLVSOD\7KHLQYHUWHUDFFRXQWVIRUGD\OLJKWVDYLQJDXWRPDWL
FDOO\
$IWHULQVWDOODWLRQFKHFNDOOFDEOHVDQGWKHQFORVHWKHLQYHUWHU
7XUQRQ$&DWWKHPDLQVVZLWFK
/B
8VHU,QWHUIDFH
:KHQSURPSWHGE\WKHGLVSOD\VHOHFWODQJXDJH7KLVVHOHFWLRQKDVQRLQIOXHQFHRQWKHRSHUDWLQJ
SDUDPHWHUVRIWKHLQYHUWHUDQGLVQRWDFRXQWU\VHOHFWLRQ
7KHODQJXDJHLVVHWWR(QJOLVKDWLQLWLDOVWDUW
XS7RFKDQJHWKLVVHWWLQJSUHVVWKH2.EXW
WRQ 3UHVV µ ▼ ¶ WR VFUROO GRZQ WKURXJK WKH
ODQJXDJHV6HOHFWODQJXDJHE\SUHVVLQJµ2.¶
,OOXVWUDWLRQ6HOHFW/DQJXDJH
1RWH
7R XVH WKH GHIDXOW ODQJXDJH (QJOLVK VLPSO\ SUHVV WKH 2.
EXWWRQ WZLFH WR VHOHFW DQG DF
FHSW
6HW WLPH DV SURPSWHG E\ WKH GLVSOD\ 3UHVV
2.
WRVHOHFWQXPEHU3UHVVµ ▲¶WRVFUROOXS
WKURXJK WKH QXPEHUV 6HOHFW E\ SUHVVLQJ
2.
7KHFORFNLVKRXUIRUPDW
,OOXVWUDWLRQ6HW7LPH
1RWH
,WLVYHU\LPSRUWDQWWRVHWWKHWLPHDQGGDWHDFFXUDWHO\DVWKHLQYHUWHUXVHVWKLVIRUORJJLQJ
,IDZURQJWLPHGDWHLVDFFLGHQWDOO\VHWFRUUHFWLWLPPHGLDWHO\LQWKHVHWGDWHDQGWLPHPHQX
>6HWXSൺ,QYHUWHUGHWDLOVൺ6HWGDWHDQGWLPH@
/B
8VHU,QWHUIDFH
6HW GDWH DV SURPSWHG E\ WKH GLVSOD\ 3UHVV
2.
WRVHOHFW3UHVVµ▲¶WRVFUROOXSWKURXJK
WKHQXPEHUV6HOHFWE\SUHVVLQJ
2.
,OOXVWUDWLRQ6HW'DWH
(QWHU WKH DPRXQW RI LQVWDOOHG 39 SRZHU IRU
HDFKRIWKH39LQSXWV:KHQWZRRUPRUH39
LQSXWVDUHFRQQHFWHGLQSDUDOOHOHDFK39LQ
SXW LQ WKH SDUDOOHO JURXS PXVW EH VHW WR WKH
WRWDO DPRXQW RI 39 SRZHU LQVWDOOHG WR WKDW
JURXS GLYLGHG E\ WKH QXPEHU RI SDUDOOHO LQ
SXWV6HHWKHWDEOHEHORZIRUH[DPSOHVRILQ
VWDOOHG39SRZHU
,OOXVWUDWLRQ,QVWDOOHG393RZHU
7KH GLVSOD\ ZLOO QRZ VKRZ ³6HOHFW FRXQWU\´
7KH FRXQWU\ LV VHW WR ³XQGHILQHG´ DW LQLWLDO
VWDUWXS7RVHOHFWFRXQWU\SUHVV
2.
3UHVVµ
▼ ¶ WR VFUROO GRZQ WKURXJK WKH OLVW RI FRXQ
WULHV6HOHFWWKHFRXQWU\LQZKLFKWKHLQYHUWHU
LV LQVWDOOHG E\ SUHVVLQJ µ2.¶ 7R PHHW PHGL
XPYROWDJHJULGUHTXLUHPHQWVVHOHFWDFRXQ
WU\RSWLRQHQGLQJLQ09,WLVYHU\LPSRUWDQW
WKDWWKHFRUUHFWFRXQWU\LVFKRVHQ
,OOXVWUDWLRQ6HOHFW&RXQWU\
/B
8VHU,QWHUIDFH
&RQILUP WKH FKRLFH E\ VHOHFWLQJ WKH FRXQWU\
DJDLQ DQG SUHVV 2.¶ 7KH VHWWLQJV IRU WKH
FKRVHQFRXQWU\KDYHQRZEHHQDFWLYDWHG
,OOXVWUDWLRQ&RQILUP&RXQWU\6HOHFWLRQ
7KHLQYHUWHURQO\FRPSOLHVZLWKORFDODQGQDWLRQDOVWDQGDUGVSURYLGHGWKHFRUUHFW
FRXQWU\KDVEHHQVHOHFWHG,IDGLIIHUHQWFRXQWU\WKDQWKHRQHWKHLQYHUWHULVLQ
VWDOOHGLQLVFKRVHQLWFDQKDYHVHULRXVFRQVHTXHQFHV
1RWH
,IWKHWZRFRXQWU\VHOHFWLRQVGRQRWPDWFKWKH\ZLOOEHFDQFHOOHGDQGLWZLOOEHQHFHVVDU\WR
UHGRWKHVHOHFWLRQV,IDZURQJFRXQWU\LVDFFLGHQWDOO\DFFHSWHGDWWKHILUVWVHOHFWLRQVLPSO\
DFFHSWWKH³&RXQWU\8QGHILQHG´LQWKHFRQILUPFRXQWU\VFUHHQ7KLVZLOOFDQFHOWKHFRXQWU\
VHOHFWLRQDQGDQHZVHOHFWLRQLVSRVVLEOH,IDZURQJFRXQWU\LVVHOHFWHGWZLFHFDOOVHUYLFH
7KHLQYHUWHUZLOOVWDUWDXWRPDWLFDOO\LIVXIILFLHQWVRODUUDGLDWLRQLVDYDLODEOH7KHVWDUWXSZLOOWDNH
DIHZPLQXWHV'XULQJWKLVSHULRGWKHLQYHUWHUZLOOFDUU\RXWDVHOIWHVW
³,QVWDOOHG 39 SRZHU´ WR EH
SURJUDPPHG
3939DQG39DUHDOOVHWLQWRLQGLYLGXDOPRGH7KHQRPLQDO39SRZHU LQVWDOOHGDUH
39:
39:
39:
39:
39:
39:
39DQG39DUHVHWLQWRSDUDOOHOPRGHDQGKDYHDWRWDORIN:39
39:
SRZHULQVWDOOHG39LVVHWLQWRLQGLYLGXDOPRGHDQGKDVQRPLQDON:39 39:
SRZHU
39:
39DQG39DUHVHWLQWRSDUDOOHOPRGHDQGKDYHDWRWDORIN:39
39:
SRZHULQVWDOOHG39LVVHWWRµ2II¶DQGKDVQR39LQVWDOOHG
39:
39:
$FWXDO&RQILJXUDWLRQ
7DEOH([DPSOHVRI,QVWDOOHG393RZHU
0DVWHU0RGH
7KH7/;3URLQYHUWHUVLQFOXGHD0DVWHU0RGHIHDWXUHWKDWDOORZVRQHLQYHUWHUWREHDSSRLQWHG
DV0DVWHU,QYHUWHU)URPWKH0DVWHU,QYHUWHU¶VZHELQWHUIDFHLWLVSRVVLEOHWRDFFHVVDQ\LQYHUWHU
LQ WKH QHWZRUN IURP RQH VLQJOH SRLQW XVLQJ D VWDQGDUG ZHE EURZVHU 7KH 0DVWHU ,QYHUWHU FDQ
DFW DV D GDWDORJJHU FROOHFWLQJ GDWD IURP DOO LQYHUWHUV LQ WKH QHWZRUN 7KHVH GDWD FDQ EH GLV
SOD\HGJUDSKLFDOO\IURPWKH0DVWHU,QYHUWHU¶VRZQZHEVHUYHURUFDQDOVREHXSORDGHGWRH[WHU
QDOZHESRUWDOVRUH[SRUWHGGLUHFWO\WRD3&7KH0DVWHU,QYHUWHULVDOVRDEOHWRUHSOLFDWHVHWWLQJV
DQGGDWDWRWKHRWKHU7/;3URLQYHUWHUVLQWKHQHWZRUNHQDEOLQJHDV\FRPPLVVLRQLQJDQGGDWD
/B
8VHU,QWHUIDFH
PDQDJHPHQWRIODUJHUQHWZRUNV5HSOLFDWLRQFDQEHSHUIRUPHGRQFHSULRUWRGHILQLQJWKHFRXQ
WU\VHWWLQJLQIROORZHULQYHUWHUV
7R HQDEOH 0DVWHU PRGH JR WR WKH ,QYHUWHU
GHWDLOV PHQX >6HWXS ൺ ,QYHUWHU GHWDLOV ൺ
0DVWHU PRGH@ DQG VHW 0DVWHU PRGH WR (QD
EOHG (QVXUH WKDW QR RWKHU PDVWHU LQYHUWHUV
DUH SUHVHQW LQ WKH QHWZRUN SULRU WR FDUU\LQJ
RXWWKLVDFWLRQ
:KHQ0DVWHUPRGHLVHQDEOHGLWLVSRVVLEOH
WR LQLWLDWH D QHWZRUN VFDQ >6HWXS ൺ ,QYHUWHU
GHWDLOVൺ0DVWHUPRGHൺ1HWZRUN@7KLVZLOO
VKRZ DOO LQYHUWHUV FRQQHFWHG WR WKH PDVWHU
LQYHUWHU
,OOXVWUDWLRQ0DVWHU0RGH
/B
:HE6HUYHU4XLFN*XLGH
:HE6HUYHU4XLFN*XLGH
,QWURGXFWLRQ
7KHVH LQVWUXFWLRQV GHVFULEH WKH 7ULSOH/\Q[ 3UR :HE 6HUYHU ZKLFK IDFLOLWDWHV UHPRWH DFFHVV WR
WKHLQYHUWHU
5HIHUWRWKHGRZQORDGDUHDDWZZZGDQIRVVFRPVRODUIRUWKHQHZHVWLQVWUXFWLRQV
6XSSRUWHG&KDUDFWHUV
,Q DOO ODQJXDJH YHUVLRQV WKH IROORZLQJ FKDUDFWHUV DUH VXSSRUWHG DQG FDQ EH HQWHUHG YLD WKH
:HE6HUYHU
/HWWHUV
DEFGHIJKLMNOPQRSTUVWXYZ[\]
&DSLWDOOHWWHUV
$%&'()*+,-./0123456789:;<=
1XPEHUV
6SHFLDOFKDUDFWHUV "#?B
1RWH1RVSDFHVDUHDOORZHGLQLQYHUWHUQDPH
)RUSODQWJURXSDQGLQYHUWHUQDPHRQO\WKHIROORZLQJFKDUDFWHUVDUHVXSSRUWHG
/HWWHUV
DEFGHIJKLMNOPQRSTUVWXYZ[\]
&DSLWDOOHWWHUV
$%&'()*+,-./0123456789:;<=
1XPEHUV
6SHFLDOFKDUDFWHUV B
1RWH1RVSDFHVDUHDOORZHGLQLQYHUWHUQDPH
$FFHVVDQG,QLWLDO6HWXS
$FFHVVYLD3&(WKHUQHW,QWHUIDFH
&KDQJH WKH :HE 6HUYHU ORJRQ DQG SDVVZRUG RI WKH PDVWHU LQYHUWHU LPPHGLDWHO\
IRURSWLPDOVHFXULW\ZKHQFRQQHFWLQJWRWKHLQWHUQHW7RFKDQJHWKHSDVVZRUGJR
WR>6HWXSൺ:HE6HUYHUൺ$GPLQ@
6HWXS6HTXHQFH
6HOHFWZKLFKLQYHUWHUZLOOEHVHWXSDVPDVWHU
2SHQWKHFRYHURIWKLVLQYHUWHU5HIHUWRWKH7ULSOH/\Q[,QVWDOODWLRQ0DQXDOIRULQVWUXF
WLRQV
&RQQHFW WKH LQYHUWHU 5- LQWHUIDFH WR WKH 3& (WKHUQHW LQWHUIDFH XVLQJ D SDWFK FDEOH
QHWZRUNFDEOHFDWHFURVVHGRUVWUDLJKWWKURXJK
2Q WKH 3& ZDLW XQWLO :LQGRZV UHSRUWV OLPLWHG FRQQHFWLYLW\ LI QR '+&3 LV SUHVHQW
7KHQRSHQWKHLQWHUQHWEURZVHU
7\SHKWWSLQYHUWHUQDPHLQWKHDGGUHVVILHOG

)LQGWKHVHULDOQXPEHURQWKHSURGXFWODEHOORFDWHGRQWKHVLGHRIWKHKRXV
LQJ

,QYHUWHUQDPH
LVWKHILQDOGLJLWVRIWKHVHULDOQXPEHU
/B
:HE6HUYHU4XLFN*XLGH
,OOXVWUDWLRQ3URGXFW/DEHO
7KH:HE6HUYHUORJRQGLDORJRSHQV
7\SH
DGPLQ
LQWKHXVHUDQGSDVVZRUGILHOGVDQGFOLFN>/RJLQ@
$W LQLWLDO ORJRQ WKH LQYHUWHU UXQV D VHWXS ZL]DUG (QVXUH SRSXSV DUH HQDEOHG EHIRUH
WKHZL]DUGVWDUWV
/B
:HE6HUYHU4XLFN*XLGH
6HWXS:L]DUG
6WHSRI0DVWHUVHWWLQJ
7RVHWXSDPDVWHULQYHUWHUFOLFNRQ>6HWWKLVLQYHUWHUDVPDVWHU@

$VFDQUXQVWRLGHQWLI\LQYHUWHUVLQWKHQHWZRUN

$SRSXSZLQGRZVKRZVWKHLQYHUWHUVVXFFHVVIXOO\LGHQWLILHG
&OLFN>RN@WRFRQILUPWKDWWKHFRUUHFWQXPEHURILQYHUWHUVKDVEHHQIRXQG
,OOXVWUDWLRQ6WHSRI0DVWHU6HWWLQJ
7RFKDQJHWKLVVHWWLQJODWHUUHIHUWR6HWXS,QYHUWHU'HWDLOV
6WHSRI'LVSOD\ODQJXDJH
6HOHFWGLVSOD\ODQJXDJH7KLVLVQRWDFRXQWU\VHWWLQJ

7KHGHIDXOWODQJXDJHLV(QJOLVK
,OOXVWUDWLRQ6WHSRI'LVSOD\/DQJXDJH
7RFKDQJHWKHODQJXDJHVHWWLQJODWHUUHIHUWR6HWXS6HWXS'HWDLOV
/B
:HE6HUYHU4XLFN*XLGH
6WHSRI7LPHDQGGDWH
(QWHU

WLPHLQKRXUIRUPDW

GDWH

WLPH]RQH
$FFXUDF\ LV LPSRUWDQW EHFDXVH GDWH DQG WLPH DUH XVHG IRU ORJJLQJ SXUSRVHV $GMXVWPHQW IRU
GD\OLJKWVDYLQJVLVDXWRPDWLF
,OOXVWUDWLRQ6WHSRI7LPHDQG'DWH
7RFKDQJHWKHVHVHWWLQJVODWHUUHIHUWR6HWXS,QYHUWHUGHWDLOV6HW'DWHDQG7LPH
6WHSRI,QVWDOOHGSRZHU
)RUHDFK39LQSXWHQWHU

VXUIDFHDUHD

LQVWDOOHGSRZHU
)RUPRUHLQIRUPDWLRQUHIHUWRWKH7ULSOH/\Q[5HIHUHQFH0DQXDO
,QFRUUHFWVHWWLQJFDQKDYHVHULRXVFRQVHTXHQFHVIRUSURGXFWLRQHIILFLHQF\
/B
:HE6HUYHU4XLFN*XLGH
,OOXVWUDWLRQ6WHSRI,QVWDOOHG3RZHU
7RFKDQJHWKHLQVWDOOHGSRZHUUHIHUWR6HWXS&DOLEUDWLRQ39$UUD\
6WHSRI&RXQWU\VHWWLQJ
6HOHFWWKHFRXQWU\VHWWLQJWRPDWFKWKHLQVWDOODWLRQ7RPHHWPHGLXPYROWDJHJULGUHTXLUHPHQWV
VHOHFWDFRXQWU\RSWLRQHQGLQJLQ09

7KHGHIDXOWVHWWLQJLV>XQGHILQHG@
6HOHFWWKHFRXQWU\VHWWLQJDJDLQWRFRQILUP

7KHVHWWLQJLVDFWLYDWHGLPPHGLDWHO\
&RUUHFWVHOHFWLRQLVHVVHQWLDOWRFRPSO\ZLWKORFDODQGQDWLRQDOVWDQGDUGV
$QLQFRUUHFWVHWWLQJFDQKDYHVHULRXVFRQVHTXHQFHV
/B
:HE6HUYHU4XLFN*XLGH
,OOXVWUDWLRQ6WHSRI&RXQWU\6HWWLQJ
1RWH
,IWKHLQLWLDODQGFRQILUPDWLRQVHWWLQJVDUHGLIIHUHQW

FRXQWU\VHOHFWLRQLVFDQFHOOHG

WKHZL]DUGUHFRPPHQFHVVWHS
,ILQLWLDODQGFRQILUPDWLRQVHWWLQJVPDWFKEXWDUHLQFRUUHFWFRQWDFWVHUYLFH
7RFKDQJHWKHFRXQWU\VHWWLQJODWHUUHIHUWR6HWXS6HWXS'HWDLOV
6WHSRI5HSOLFDWLRQ
7RUHSOLFDWHWKHVHWWLQJVIURPVWHSVWRWRRWKHULQYHUWHUVLQWKHVDPHQHWZRUN

6HOHFWLQYHUWHUV

&OLFN>5HSOLFDWH@
1RWH
:KHQWKH39FRQILJXUDWLRQLQVWDOOHG39SRZHUDQG39DUUD\DUHDRIIROORZHULQYHUWHUVLQWKH
QHWZRUNGLIIHUIURPWKDWRIWKHPDVWHUGRQRWUHSOLFDWH6HWXSWKHIROORZHULQYHUWHUVLQGLYLG
XDOO\
/B
:HE6HUYHU4XLFN*XLGH
,OOXVWUDWLRQ6WHSRI5HSOLFDWLRQ
6WHSRI,QYHUWHUVWDUWXS
7KH LQYHUWHU ZLOO VWDUW DXWRPDWLFDOO\ ZKHQ WKH LQVWDOODWLRQ VHTXHQFH LV FRPSOHWH VHH WKH
7ULSOH/\Q[,QVWDOODWLRQ0DQXDODQGVRODUUDGLDWLRQLVVXIILFLHQW
7KHVWDUWXSVHTXHQFHLQFOXGLQJVHOIWHVWWDNHVDIHZPLQXWHV
,OOXVWUDWLRQ6WHSRI,QYHUWHUVWDUWXS
7RFKDQJHWKHVHWXSODWHUDFFHVVWKHLQYHUWHUYLDWKHLQWHJUDWHGZHELQWHUIDFHRUWKHGLVSOD\DW
LQYHUWHUOHYHO

7RFKDQJHWKHQDPHRIWKHLQYHUWHUJRWR>6HWXSൺ,QYHUWHUGHWDLOV@

7RHQDEOHPDVWHUPRGHJRWR>6HWXSൺ,QYHUWHUGHWDLOV@
2SHUDWLRQ
:HE6HUYHU6WUXFWXUH
7KH:HE6HUYHURYHUYLHZLVVWUXFWXUHGDVIROORZV
/B
:HE6HUYHU4XLFN*XLGH
,OOXVWUDWLRQ2YHUYLHZ
3ODQWQDPH'LVSOD\VWKHFXUUHQWSODQWQDPH

&OLFNRQWKHSODQWQDPHWRGLVSOD\WKHSODQWYLHZ

&KDQJHWKHSODQWQDPHDW>6HWXSൺ3ODQWGHWDLOV@
*URXSPHQX'LVSOD\VJURXSVRILQYHUWHUV

,QYHUWHUVMRLQJURXSE\GHIDXOW

&OLFNRQDJURXSQDPHWRGLVSOD\WKHJURXSYLHZDQGDOLVWRILQYHUWHUVLQWKH
JURXS

&KDQJHWKHJURXSQDPHYLD>6HWXSൺ,QYHUWHUGHWDLOV@LQWKHLQYHUWHUYLHZ
*URXS PHPEHUV 'LVSOD\V WKH LQYHUWHU QDPHV LQ WKH JURXS FXUUHQWO\ VHOHFWHG 7KH
GHIDXOW LQYHUWHU QDPH LV EDVHG RQ WKH VHULDO QXPEHU VHH VHFWLRQ $FFHVVLQJ WKH :HE
6HUYHU

&OLFNRQDQLQYHUWHUQDPHWRGLVSOD\WKHLQYHUWHUYLHZ

&KDQJHWKHQDPHRIWKHLQYHUWHUYLD>6HWXSൺ,QYHUWHUGHWDLOV@LQWKHLQYHUWHU
YLHZ
0DLQPHQX7KLVPHQXFRUUHVSRQGVWRWKHLQYHUWHUGLVSOD\PDLQPHQX
6XEPHQX7KHVXEPHQXFRUUHVSRQGVWRWKHPDLQPHQXLWHPFXUUHQWO\VHOHFWHG$OO
VXEPHQXLWHPVEHORQJLQJWRDSDUWLFXODUPDLQPHQXLWHPDUHGLVSOD\HGKHUH
&RQWHQWDUHD7KH:HE6HUYHUPDLQPHQXDQGVXEPHQXVDUHLGHQWLFDOWRWKHPHQXV
LQWKHLQYHUWHUGLVSOD\7KHVXEPHQXFRQWHQWGLVSOD\HGKHUHFRUUHVSRQGVWRWKHVXE
PHQXVHOHFWHG>2YHUYLHZ@2QVRPHSDJHVDKRUL]RQWDOPHQXSURYLGHGIRULPSURYHG
UHDGDELOLW\
)RRWHU2SWLRQVRQWKHIRRWHUEDU

/DQJXDJH2SHQVDSRSXSZLQGRZ&OLFNRQWKHFRXQWU\IODJWRFKDQJHWKH
ODQJXDJHRIWKH:HE6HUYHUWRWKHGHVLUHGODQJXDJHIRUWKHDFWLYHVHVVLRQ

&RQWDFW 2SHQV D SRSXS ZLQGRZ ZKLFK GLVSOD\V 'DQIRVV FRQWDFW LQIRUPD
WLRQ

/RJRXW2SHQVWKHORJLQORJRXWGLDORJER[
/B
:HE6HUYHU4XLFN*XLGH

6HFXULW\OHYHO'LVSOD\VWKHFXUUHQWVHFXULW\OHYHODVH[SODLQHGLQWKHVHFWLRQ
6HFXULW\/HYHOV
1RWH
7KHFRQWHQWRIWKHPDLQPHQXFKDQJHVGHSHQGLQJRQZKLFKYLHZLVFXUUHQWO\VHOHFWHGWKH
SODQW D JURXS RI LQYHUWHUV RU DQ LQGLYLGXDO LQYHUWHU 7KH DFWLYH YLHZ LV LQGLFDWHG E\ WH[W LQ
UHG
3ODQW*URXSDQG,QYHUWHU9LHZV
7KH RYHUYLHZ VFUHHQV IRU SODQW YLHZ JURXS YLHZ DQG LQYHUWHU YLHZ GLVSOD\ WKH VDPH RYHUDOO
VWDWXVLQIRUPDWLRQ
,OOXVWUDWLRQ3ODQW9LHZ
/B
:HE6HUYHU4XLFN*XLGH
,WHP
8QLW
2YHUDOO SODQW VWD WXV
9LHZ
3ODQW
DQG
*URXS
[
,QYHUWHU
[
&XUUHQWSURGXFWLRQ
<LHOGWRGD\
7RWDOUHYHQXH
7RWDO&2VDYLQJ
3HUIRUPDQFHUDWLR
7RWDO\LHOG
3RZHUOLPLWDGMXVW
PHQW
N:
N:K
(XUR
NJ
N:K
[
[
[
[
[
[
[
[
[
[
[
[
[
'HVFULSWLRQ
5HG3ODQW35RU
$Q\LQYHUWHULQWKHQHWZRUN
LQIDLOVDIHPRGHRU
PLVVLQJIURPWKHVFDQOLVWQRFRQWDFWZLWKWKHPDVWHU
<HOORZ$Q\LQYHUWHULQWKHQHWZRUN
ZLWK35RU
LQ&RQQHFWLQJRU2IIJULGPRGH
*UHHQ3ODQW35DQG
DOOLQYHUWHUVZLWK35DQG
DOOLQYHUWHUVLQ2QJULGPRGH
5HG,QYHUWHU35RULQYHUWHUKDVDQHUURU
<HOORZ,QYHUWHU35EHWZHHQDQGRULQYHUWHU
LQ&RQQHFWLQJPRGH
*UHHQ1RHUURUVDQG
LQYHUWHU35DQG
LQYHUWHULQRQJULGPRGH
5HDOWLPHHQHUJ\SURGXFWLRQOHYHO
&XPXODWLYH\LHOGIRUWKHGD\
&XPXODWLYHUHYHQXHHDUQHGVLQFHLQLWLDOVWDUWXS
&XPXODWLYH&2VDYHGVLQFHLQLWLDOVWDUWXS
5HDOWLPHSHUIRUPDQFHUDWLR
&XPXODWLYH\LHOGVLQFHLQLWLDOVWDUWXS
0D[LPXPSRZHUOLPLWDVRIQRPLQDOLQYHUWHU$&RXWSXW
UDWLQJ
1RWH
7R FDOFXODWH SHUIRUPDQFH UDWLR 35 DQ LUUDGLDWLRQ VHQVRU LV UHTXLUHG VHH >6HWXS ൺ &DOLEUD
WLRQ@
$GGLWLRQDO,QIRUPDWLRQ
5HIHUWRWKH:HE6HUYHU8VHU0DQXDOWROHDUQPRUHDERXW

,QYHUWHUVWDUWXSDQGFKHFNRIVHWWLQJV

0HVVDJLQJ

*UDSKV

5HPRWHDFFHVV

:HESRUWDOXSORDG

/RJJLQJFDSDFLW\DQGFKDQJLQJWKHORJJLQJLQWHUYDO

6HWWLQJVEDFNXSDQGUHVWRUH
/B
$QFLOODU\6HUYLFHV
$QFLOODU\6HUYLFHV
,QWURGXFWLRQ
$QFLOODU\VHUYLFHVDUHWKRVHVHUYLFHVUHTXLUHGWRVXSSRUWWUDQVSRUWRISRZHURQJULGV
)RUVRPHORFDO'12VWKHVXSSRUWRIVXFKVHUYLFHVLVPDQGDWRU\
$QFLOODU\VHUYLFHVDYDLODEOHZLWK7ULSOH/\Q[LQFOXGH

5HDFWLYH3RZHU09

)DXOW5LGH7KURXJK09
1RWH
&KHFNORFDOOHJDOUHTXLUHPHQWVEHIRUHFKDQJLQJVHWWLQJVIRU$QFLOODU\6HUYLFHV
+HDGLQJV HQGLQJ LQ 09 LQGLFDWHV WKDW WKLV IXQFWLRQ LV DFWLYH ZKHQ D 0HGLXP 9ROWDJH FRXQWU\
VHWWLQJLVFKRVHQ
7KH LQYHUWHU VXSSRUWV 3RZHU /HYHO $GMXVWPHQW 3/$ DV UHTXLUHG E\ WKH *HUPDQ ((* IRU V\V
WHPV DERYH N: 7R FRQWURO WKH IXQFWLRQDOLW\ D JULG PDQDJHPHQW LQWHUIDFH LV QHFHVVDU\
7KLV LV DYDLODEOH YLD WKLUGSDUW\ VXSSOLHUV IRU DOO 7ULSOH/\Q[ LQYHUWHUV RU YLD WKH 'DQIRVV *ULG
0DQDJHPHQW%R[IRU7/;3UR7/;3URLQYHUWHUV
)RUFHUWLILFDWLRQSXUSRVHVDFFXUDF\LVSHUPLWWHGDQGWKLVUHTXLUHPHQWLVPHW
7KHLQYHUWHUGHUDWHVRXWSXWSRZHUZKHQUHTXLUHGWRVXSSRUWJULGIUHTXHQF\VWDELOLVDWLRQ

:KHQ JULG IUHTXHQF\ H[FHHGV D GHILQHG OLPLW $FWLYDWLRQ I WKH LQYHUWHU GHUDWHV WKH
RXWSXWSRZHU

:KHQ JULG IUHTXHQF\ KDV GHFUHDVHG WR D GHILQHG OLPLW 'HDFWLYDWLRQ I WKH RXWSXW
SRZHULQFUHDVHV
,OOXVWUDWLRQ3ULPDU\)UHTXHQF\&RQWURO
/B
$QFLOODU\6HUYLFHV
7KHLQFUHDVHLQRXWSXWSRZHUIROORZVDWLPHUDPSWLPHJUDGLHQW7KHIUHTXHQF\SRZHUJUDGL
HQWDQGWKHWLPHUDPSDUHDGMXVWDEOH
7KHIUHTXHQF\OLPLWYDOXHVIDQGIDFWLYDWLRQDQGGHDFWLYDWLRQIUHTXHQFLHVGLIIHULQWHUQDWLRQ
DOO\
)RU ORFDO YDOXHV RI I DQG I JR WR WKH GRZQORDG DUHD DW ZZZGDQIRVVFRPVRODU $SSURYDOV
DQG&HUWLILFDWLRQV
5HDFWLYH3RZHU09RQO\
,QWURGXFWLRQ
7KH7/;DQG7/;3URLQYHUWHUVDUHHTXLSSHGZLWKDQFLOODU\VHUYLFHIHDWXUHVHQDEOLQJWKHPWR
SURYLGHFRQWUROOHGUHDFWLYHSRZHUDQGWRVXSSRUWWKHJULGLQWKHHYHQWRIWHPSRUDU\YROWDJHUH
GXFWLRQV
1RWH
7KHVHWWLQJVIRUPDQDJLQJUHDFWLYHSRZHUGLIIHUIRU7/;DQG7/;3UR
1RWH
:KHQXVLQJWKLUGSDUW\SURGXFWVWKHIDFWRU\VHWWLQJVGHIDXOWVHWWLQJ2))PXVWEHDSSOLHG
)RUIXUWKHUGHWDLOVVHHVHFWLRQRQ0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;
)RU7/;
6HOHFWWKHPRGHRIRSHUDWLRQRU 6HWSRLQWW\SHIRUUHDFWLYHSRZHUYLD>6HWXSൺ5HDFWLYH3RZ
HU@6HHWKHGHVFULSWLRQLQWKHVHFWLRQ0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;
)RU7/;3UR
6HOHFWWKH6HWSRLQWW\SHIRUUHDFWLYHSRZHUYLDWKHZHELQWHUIDFHVHHWKHGHVFULSWLRQLQWKHVHF
WLRQ0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;3UR
)RUIXUWKHULQIRUPDWLRQRQUHDFWLYHSRZHULQJHQHUDOUHIHUWRWKHVHFWLRQ 7KHRU\DWWKHHQGRI
WKLVFKDSWHU
0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;
7KH7/;LQYHUWHUSURYLGHVFRQWUROOHGUHDFWLYHSRZHUE\XVLQJDQH[WHUQDOVHWSRLQWVRXUFHLH
DQH[WHUQDOGHYLFH
1RWH
)RU7/;LQYHUWHUV
,QYHUWHUFRQWURORIUHDFWLYHSRZHULVRQO\SRVVLEOHIRUPHGLXPYROWDJHJULGVRUFXVWRPFRXQ
WU\VHOHFWLRQ
/B
$QFLOODU\6HUYLFHV
,OOXVWUDWLRQ([DPSOH0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;
'12LQWHUIDFHUDGLRUHFHLYHU
([WHUQDOGHYLFH
0RGH
7KHLQYHUWHUFRQWUROVWKHUHDFWLYHSRZHUVHWWLQJLQRQHRIWKUHHPRGHV
2IIGHIDXOWVHWWLQJ
&RQVWDQWUHDFWLYHSRZHU4
&RQVWDQWSRZHUIDFWRU3)
2II
7KH LQYHUWHU ZLOO QRW XVH DQ\ LQWHUQDO VHWSRLQW IRU UHDFWLYH SRZHU EXW DQ H[WHUQDO VHWSRLQW
VRXUFHFDQEHXVHG
'DQIRVV7/;LQYHUWHUVVXSSRUWDQXPEHURIWKLUGSDUW\JULGPDQDJHPHQWXQLWVIRUPDQDJLQJ
UHDFWLYHSRZHU
&RQVWDQWUHDFWLYHSRZHU4
7KHLQYHUWHUZLOOJHQHUDWHDIL[HGOHYHORIUHDFWLYHSRZHUVSHFLILHGDVDSHUFHQWDJHRIWKHLQYHU
WHU¶VQRPLQDODSSDUHQWSRZHU6
7KHYDOXHRIFRQVWDQWUHDFWLYHSRZHU4FDQEHVHWLQWKHUDQJHIURPXQGHUH[FLWHGWR
RYHUH[FLWHG
,QYHUWHUW\SH
1RP$SSDUHQWSRZHU
6QRP
N9$
N9$
N9$
7/;7/;3URN
7/;7/;3URN
7/;7/;3URN
5HDFWLYHSRZHU4
XQGHUH[FLWHGRURYHUH[FLWHG
N9$U
N9$U
N9$U
7DEOH5HDFWLYH3RZHU5DQJH
1RWH
7KHPD[LPXPDPRXQWRIUHDFWLYHSRZHULVDYDLODEOHZKHQWKHLQYHUWHUJHQHUDWHVRIWKH
QRPLQDOUHDOSRZHUDQGDERYH
&RQVWDQWSRZHUIDFWRU3)
&RQVWDQW3RZHUIDFWRUVSHFLILHVDIL[HGUHODWLRQEHWZHHQUHDODQGDSSDUHQWSRZHU36LHD
IL[HG&RVĳ
7KHSRZHUIDFWRU3)FDQEHVHWLQWKHUDQJHIURPXQGHUH[FLWHGWRRYHUH[FLWHG
/B
$QFLOODU\6HUYLFHV
7KHUHDFWLYHSRZHUJHQHUDWHGE\WKHLQYHUWHULVWKXVGHSHQGHQWRQWKHUHDOSRZHUJHQHUDWHG
([DPSOH
3) *HQHUDWHGUHDOSRZHU3 N:
$SSDUHQWSRZHU6 N9$
5HDFWLYHSRZHU4 ¥ N9$U
6HWWKH 6HWSRLQWW\SHWR³2II´7KLVZLOOHQDEOHWKHLQYHUWHUWRDFFHSWDVHWSRLQWIRU3)DQG4
WUDQVPLWWHGYLD56IURPWKHH[WHUQDOVRXUFH
9LHZWKHVHWSRLQWVRI4RU3)XQGHU>6WDWXVൺ*ULG0DQDJHPHQW@
0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;3UR
7KH7/;3URLQYHUWHULVFDSDEOHRIFRQWUROOLQJUHDFWLYHSRZHUIRUDQHQWLUHSODQWYLDWKHPDVWHU
LQYHUWHUIXQFWLRQDOLW\FRQILJXUDEOHYLDWKH:HE6HUYHUDW>3ODQWൺ6HWXSൺ*ULGPDQDJHPHQW@
0RGH
7KHLQYHUWHUDOORFDWHGWRDFWDVPDVWHUFRQWUROVWKHUHDFWLYHSRZHUVHWWLQJVRIDOORWKHULQYHUWHUV
LQWKHSODQWWUDQVPLWWLQJVHWWLQJVIRU5HDFWLYH3RZHU4DQG3RZHU)DFWRU3)

$VDIXQFWLRQRIJULGYROWDJHRURXWSXWSRZHURU

6HWWLQJ4DQG3)DVFRQVWDQWYDOXHVRU

6HWWLQJ4DQG3)DVH[WHUQDOVHWSRLQWUHIHUHQFHVYLD'DQIRVV*ULG0DQDJHPHQW%R[
,OOXVWUDWLRQ([DPSOH0DQDJLQJ5HDFWLYH3RZHU8VLQJ7/;3UR
'12LQWHUIDFHUDGLRUHFHLYHU
6HWWKHIROORZLQJSDUDPHWHUVDW>3ODQWൺ6HWXSൺ*ULGPDQDJHPHQWൺ*HQHUDO@
1RPLQDO3ODQW$&SRZHU7KHQRPLQDODSSDUHQWSRZHURIWKHHQWLUHSODQWPXVWEHHQWHUHG
KHUHLQRUGHUIRUWKHPDVWHULQYHUWHUWRPDNHWKHFRUUHFWVFDOLQJRIWKHUHDFWLYHSRZHUJHQHU
DWHG
/B
$QFLOODU\6HUYLFHV
6HWUHIHUHQFHYDOXHXQGHU

*ULGPDQDJHPHQWER[7KHH[WHUQDOUHIHUHQFHIRUUHDFWLYHSRZHUIRUWKHZKROHSODQWLV
UHFHLYHGYLDWKH'DQIRVV*ULG0DQDJHPHQW%R[

5HDFWLYHSRZHU4DQG3RZHUIDFWRU3)
7KHPDVWHULQYHUWHUVHWVWKHHQWHUHGYDOXHVRI4RU3)WRDOOLQYHUWHUVLQWKHSODQW)RU
&RQVWDQW5HDFWLYH3RZHU 4WKHVHWSRLQWFDQEHHQWHUHGHLWKHUDVDFRQVWDQWQXPHULF
YDOXHLQN9$URUDVDSHUFHQWDJHRIWKH1RPLQDO3ODQW$&SRZHU

6HWSRLQW&XUYH48
7KH PDVWHU LQYHUWHU FRQWUROV UHDFWLYH SRZHU DV D IXQFWLRQ RI WKH JULG YROWDJH 8 7KH
YDOXHVIRUWKHVHWSRLQWFXUYHDUHGHWHUPLQHGE\WKHORFDOXWLOLW\FRPSDQ\DQGPXVWEH
REWDLQHGIURPWKHP

6HWSRLQW&XUYH3)3
7KHPDVWHULQYHUWHUFRQWUROVUHDFWLYHSRZHUDVDIXQFWLRQRIWKHSODQWUHDORXWSXWSRZ
HU37KHYDOXHVIRUWKHVHWSRLQWFXUYHDUHGHWHUPLQHGE\WKHORFDOXWLOLW\FRPSDQ\DQG
PXVWEHREWDLQHGIURPWKHP
7KHLQGLYLGXDOVHWSRLQWVDUHHQWHUHGDVXSWRQLQHGDWDVHWV(LWKHUJULGSRZHUZLWKWKHFRUUH
VSRQGLQJUHTXLUHG3)RUWKH*ULGYROWDJHZLWKWKHFRUUHVSRQGLQJUHTXLUHGDPRXQWRIUHDFWLYH
SRZHUDUHHQWHUHGHLWKHUDVQXPHULFYDOXHVLQN9$URUDVDSHUFHQWDJHRIWKH1RPLQDO3ODQW$&
SRZHU
6HWSRLQWVDUHHQWHUHGXQGHU
>6HWXSൺ*ULGPDQDJHPHQWൺ3)SFXUYH@RU
>6HWXSൺ*ULGPDQDJHPHQWൺ!4XFXUYH@
)DOOEDFN9DOXHV
,IJULGPDQDJHPHQWER[LVVHOHFWHGDVUHIHUHQFHYDOXHIL[HGIDOOEDFNYDOXHVDUHXVHGLQFDVHRI
FRPPXQLFDWLRQORVVEHWZHHQWKHPDVWHULQYHUWHUDQGWKHJULGPDQDJHPHQWER[RUE\WKHLQGL
YLGXDOLQYHUWHULQFDVHRIFRPPXQLFDWLRQORVVWRWKHPDVWHULQYHUWHU
>6HWXSൺ*ULGPDQDJHPHQWൺ)DOOEDFNYDOXHV@
$OOVHWWLQJVIRUSODQWFRQWURODUHPDGHDWWKHPDVWHULQYHUWHU
)RU DOO RWKHU LQYHUWHUV QRQPDVWHU LQYHUWHUV WKH VHWSRLQW W\SH PXVW EH VHW WR ³2II´ GHIDXOW
VHWWLQJHQDEOLQJWKHPWRDFFHSWDQH[WHUQDOVHWSRLQWFRPLQJIURPWKHPDVWHULQYHUWHU8VHWKH
PDVWHULQYHUWHUWRGLVWULEXWHWKHVHWWLQJ³2II´WRWKHHQWLUHQHWZRUN
7KH'DQIRVV*ULG0DQDJHPHQW%R[LVXVHGIRULQWHUIDFLQJWRH[WHUQDOUHIHUHQFHVRXUFHVVXFKDV
UHOD\RUFXUUHQWORRS
:KHQJULGPDQDJHPHQWER[LVVHOHFWHGDVUHIHUHQFHVRXUFHSHUIRUPWKHUHOD\FRQILJXUDWLRQDW
>6HWXSൺ*ULG0DQDJHPHQWൺ5HOD\FRQILJXUDWLRQ@
:LWK 5HOD\LQSXWWKHUHIHUHQFHVRXUFHLVUHFHLYHGYLDIRXUGLVFUHWHVLJQDOV..7KLVDOORZV
IRU GLIIHUHQW FRPELQDWLRQV DQG HDFK RQH FDQ EH FRQILJXUHG IRU D VSHFLILF YDOXH RI 4 RU 3)
DQGSRZHUUHGXFWLRQ3/$
1RWH
)RUPRUHLQIRUPDWLRQUHIHUWRWKH:HE6HUYHU8VHU0DQXDODQGWKH'DQIRVV*ULG0DQDJH
PHQW%R[0DQXDO
/B
$QFLOODU\6HUYLFHV
7KHRU\
7KHSULQFLSOHLQJHQHUDWLQJUHDFWLYHSRZHULVWKDWWKHSKDVHVEHWZHHQWKHYROWDJHDQGWKHFXU
UHQWDUHVKLIWHGLQDFRQWUROOHGZD\
5HDFWLYHSRZHUFDQLQFRQWUDVWWRUHDOSRZHUQRWWUDQVSRUWDQ\FRQVXPDEOHHQHUJ\EXWLWJHQ
HUDWHVORVVHVLQSRZHUOLQHVDQGWUDQVIRUPHUVDQGLVQRUPDOO\XQZDQWHG
5HDFWLYHORDGVFDQEHHLWKHUFDSDFLWLYHRULQGXFWLYHLQQDWXUHGHSHQGLQJRQWKHFXUUHQWOHDGVRU
ODJVLQUHODWLRQWRWKHYROWDJH
8WLOLW\FRPSDQLHVKDYHDQLQWHUHVWLQFRQWUROOLQJUHDFWLYHSRZHULQWKHLUJULGVIRUH[DPSOHLQ

&RPSHQVDWLRQIRULQGXFWLYHORDGLQJE\LQVHUWLRQRIFDSDFLWLYHUHDFWLYHSRZHU

9ROWDJHFRQWURO
7RFRPSHQVDWHIRUWKLVDJHQHUDWRUVXSSO\LQJUHDFWLYHSRZHURSHUDWHVHLWKHUDWDODJJLQJSRZHU
IDFWRUDOVRNQRZQDVRYHUH[FLWHGRUDWDOHDGLQJSRZHUIDFWRUDOVRNQRZQDVXQGHUH[FLWHG
7KHWHFKQLFDOGHILQLWLRQRIUHDFWLYHSRZHU
5HDOSRZHU3PHDVXUHGLQ:DWWV>:@
5HDFWLYHSRZHU4PHDVXUHGLQYROWDPSHUHUHDFWLYH>9$U@
$SSDUHQWSRZHU6LVWKHYHFWRUVXPRI3DQG4DQGLVPHDVXUHGLQYROWDPSHUH>9$@
ĳLVWKHDQJOHEHWZHHQ3DQG6
,OOXVWUDWLRQ5HDFWLYH3RZHU
,QWKHLQYHUWHUWKHUHDFWLYHSRZHULVGHILQHGHLWKHUDV
47KHDPRXQWRIUHDFWLYHSRZHUDVDSHUFHQWDJHRIWKHQRPLQDODSSDUHQWSRZHURI
WKHLQYHUWHU
3)3RZHU)DFWRU7KHUDWLREHWZHHQ3DQG636DOVRUHIHUUHGWRDV&RVĳ
)DXOW5LGH7KURXJK
7KHJULGYROWDJHXVXDOO\KDVDVPRRWKZDYHIRUPEXWRFFDVLRQDOO\WKHYROWDJHGURSVRUGLVDS
SHDUVIRUVHYHUDOPLOOLVHFRQGV7KLVLVRIWHQGXHWRVKRUWFLUFXLWRIRYHUKHDGOLQHVRUFDXVHGE\
RSHUDWLRQRIVZLWFKJHDURUVLPLODULQWKHKLJKYROWDJHWUDQVPLVVLRQOLQHV,QVXFKFDVHVLWLVHV
VHQWLDOWKDWWKHLQYHUWHUFRQWLQXHVWRVXSSO\SRZHUWRWKHJULG7KHWZRPDLQUHDVRQVIRUWKLV
DUH
7RKHOSSUHYHQWDFRPSOHWHYROWDJHEODFNRXWDQGVWDELOLVHWKHYROWDJHLQWKHJULG
7RLQFUHDVHWKHHQHUJ\GHOLYHUHGWRWKH$&JULG
/B
$QFLOODU\6HUYLFHV
7KHLQYHUWHUVKDYHDKLJKLPPXQLW\DJDLQVWVXFKGLVWXUEDQFHVDVGHSLFWHGEHORZ
,OOXVWUDWLRQ([DPSOHRI)DXOW5LGH7KURXJKZLWKWKH&RXQWU\6HWWLQJ³*HUPDQ\´
/HJHQG
$
,QYHUWHUUHPDLQVFRQQHFWHGWRJULG
%
,QYHUWHUGLVFRQQHFWVIURPJULG
&
9'(GLVFRQQHFWLRQUHTXLUHPHQW
+RZIDXOWULGHWKURXJKZRUNV
7KHGLDJUDPEHORZVKRZVWKHUHTXLUHPHQWVWREHIROORZHGE\WKHIDXOWULGHWKURXJK)577KLV
H[DPSOHLVIRU*HUPDQPHGLXPDQGKLJKYROWDJHJULGV

$ERYHOLQH
7KHLQYHUWHUPXVW127GLVFRQQHFWIURPWKHJULGGXULQJWKH)DXOW5LGH7KURXJK)57

$UHD$
7KHLQYHUWHUPXVWQRWGLVFRQQHFWZLWKYROWDJHVEHWZHHQOLQHDQG,QVRPHFDVHVD
.7(.XU]]HLWLJH7UHQQXQJGHU(U]HXJXQJVDQODJHLVDOORZHGE\WKH'12762,QWKDW
FDVHWKHLQYHUWHUPXVWEHEDFNRQJULGZLWKLQV

$UHD%
%HORZOLQHD.7(LVDOZD\VDOORZHG7KHUHFRQQHFWWLPHDQGSRZHUJUDGLHQWFDQEH
QHJRWLDWHGZLWKWKH'12762

%HORZOLQH
1RUHTXLUHPHQWVWRVWD\RQJULG
,IWKHLQYHUWHUPDGHDVKRUWGXUDWLRQGLVFRQQHFW.7(IURPJULGWKHLQYHUWHUPXVWEH
EDFN RQ JULG DIWHU V DQG WKH DFWLYH SRZHU PXVW EH UDPSHG EDFN ZLWK PLQLPXP
VRIQRPLQDOSRZHU
/B
$QFLOODU\6HUYLFHV
,OOXVWUDWLRQ*HUPDQ([DPSOH
1RWH
)RULQYHUWHUVFRQQHFWHGWRWKHLURZQGLVWULEXWLRQWUDQVIRUPHUVHOHFWDFRXQWU\RSWLRQHQGLQJ
LQ097KLVHQDEOHVG\QDPLFYROWDJHFRQWURO7KDWLVUHDFWLYHFXUUHQWGXULQJ)57
3DUDPHWHUVUHODWHGWR)DXOW5LGH7KURXJK)57
7KHVHSDUDPHWHUVDUHVHWDXWRPDWLFDOO\XSRQVHOHFWLQJWKHFRXQWU\RIRSHUDWLRQ
3DUDPHWHU
)57XSSHUWKUHVKROGOHYHO
)57ORZHUWKUHVKROGOHYHO
6WDWLFUHDFWLYHSRZHUN
7UDQVLWLRQWLPH
'HVFULSWLRQ
8SSHUJULGYROWDJHPDJQLWXGHIRUHQJDJLQJDKLJKYROWDJH)57
/RZHUJULGYROWDJHPDJQLWXGHIRUHQJDJLQJDORZYROWDJH)57
5DWLREHWZHHQDGGLWLRQDOUHDFWLYHFXUUHQWWREHLQMHFWHGGXULQJ
WKH)57DQGWKHGHSWKRIWKHVDJN ˂,%,1˂881
SX
'XUDWLRQ RI SHULRG DIWHU WKH VDJ KDV FOHDUHG ZKHUH UHDFWLYH
FXUUHQWLVVWLOOLQMHFWHG
7DEOH3DUDPHWHUVUHODWHGWR)DXOW5LGH7KURXJK)57
/B
6HUYLFHDQG5HSDLU
6HUYLFHDQG5HSDLU
7URXEOHVKRRWLQJ
7KLV JXLGH LV LQWHQGHG WR TXLFNO\ GLDJQRVH DQG LI SRVVLEOH UHPHG\ DQ HUURU DIIHFWLQJ WKH
7ULSOH/\Q[LQYHUWHU
*RWRWKH/RJPHQXDQGHQWHUWKH(YHQWORJPHQX7KHODWHVWHYHQWUHJLVWHUHGE\WKHLQYHUWHU
DVZHOODVDOLVWRIWKHPRVWUHFHQWHYHQWVLVVKRZQKHUH:KHQWKHLQYHUWHUHQWHUVWKH 2Q
JULGPRGHWKHPRVWUHFHQWHYHQWLVFOHDUHGDQGLVVKRZQDV
7KHHYHQWFRGHLVPDGHXSRIWZRHOHPHQWVWKHJURXSFODVVLILHUDQGWKHHYHQW,'7KHJURXS
FODVVLILHUGHVFULEHVWKHJHQHUDOW\SHRIWKHHYHQWZKLOHWKHHYHQW,'LVXVHGWRLGHQWLI\WKHVSH
FLILFHYHQW
7KH 6WDWXV PHQX FRQWDLQV PDQ\ XVHIXO VHQVRU UHDGRXWV ZKLFK PD\ EH KHOSIXO LQ GLDJQRVLQJ
WKH H[DFW SUREOHP 5HYLHZ WKH FRQWHQWV RI WKH 6WDWXV PHQX WR REWDLQ DQ RYHUYLHZ RI WKHVH
UHDGRXWV
%HORZLVDQRYHUYLHZRIKRZWKHWDEOHVRILQYHUWHUHYHQWVDUHFRQVWUXFWHGDQGKRZWRXVHWKHP
7KHWDEOHVFRQWDLQGHVFULSWLRQVDVZHOODVZKLFKDFWLRQVWRWDNHLQWKHFDVHRIDQHYHQW
(YHQW7\SH
,' 'LVSOD\
7RRKLJKWHPSHUD
WXUHZDLWLQJ
'HVFULSWLRQ
7KHLQWHUQDOWHPSHUDWXUHRI
WKHLQYHUWHULVWRRKLJK
$FWLRQ
&KHFNZKHWKHUWKHDLUIORZ
WRWKHKHDWVLQNLVEORFNHG
'12 +RWOLQH 39
[
7DEOH+RZWR5HDGWKH(YHQW7DEOHV
(YHQW7\SH
,'
'LVSOD\
'HVFULSWLRQ
$FWLRQ
'12
+RWOLQH
39
,QGLFDWHVZKHWKHUWKHHYHQWUHODWHVWRJULG39LQWHUQDORUIDLOVDIHLVVXHV
7KHVSHFLILFHYHQW,'
7H[WVKRZQLQGLVSOD\
'HVFULSWLRQRIWKHHYHQW
'HVFULSWLRQRIZKLFKDFWLRQWRWDNHSULRUWRFRQWDFWLQJDQ\RWKHUSDUWLHV
,IWKHSUHVFULEHGDFWLRQKDVQRWLGHQWLILHGWKHPDOIXQFWLRQFRQWDFWWKH'12IRUIXU
WKHUDVVLVWDQFH
,IWKHSUHVFULEHGDFWLRQKDVQRWLGHQWLILHGWKHPDOIXQFWLRQFRQWDFWWKHLQYHUWHUKRW
OLQHIRUIXUWKHUDVVLVWDQFH
,I WKH SUHVFULEHG DFWLRQ KDV QRW LGHQWLILHG WKH PDOIXQFWLRQ FRQWDFW WKH 39 VXSSOLHU
IRUIXUWKHUDVVLVWDQFH
/B
6HUYLFHDQG5HSDLU
*ULG
*ULGUHODWHGHYHQWV
,'
'LVSOD\ 'HVFULSWLRQ
±
7KHJULGYROWDJHLVWRRORZ
'12 +RWOLQH 39
[
±
$FWLRQ
&KHFNYROWDJHDQG$&LQVWDOODWLRQLI
WKHYROWDJHLV]HURFKHFNWKHIXVHV
7KHJULGPHDQYROWDJHLVWRR &KHFNWKDWWKHLQVWDOODWLRQLVFRUUHFW
KLJK
DFFRUGLQJWRWKHLQVWDOODWLRQPDQXDO
DQGLIIRXQGRND\WKHQLQFUHDVHWKH
PHDQYROWDJHOLPLWDFFRUGLQJWRVHF
WLRQ)XQFWLRQDO6DIHW\
7KHJULGYROWDJHLVWRRKLJK &KHFNYROWDJHDQG$&LQVWDOODWLRQ
7KHPRPHQWDU\JULGYROWDJH &KHFNYROWDJHDQG$&LQVWDOODWLRQ
LVWRRKLJK
[
[
[
7KHJULGIUHTXHQF\LVRXWRI
UDQJH
/RVVRIPDLQVOLQHWROLQH
YROWDJHWRRORZ
/RVVRIPDLQV52&2)RXWRI
UDQJH
'&FRQWHQWRIWKHJULGFXU
UHQWLVWRRKLJK
7KHGHWHFWHGUHVLGXDOFXU
UHQWLVWRRKLJK
7KH$&JULGKDVEHHQRXWRI
UDQJHIRUPRUHWKDQPL
QXWHV
$JULGHYHQWZDVGHWHFWHG
DQGLQYHUWHUZDVVWRSSHGE\
WKHUHGXQGDQWVDIHW\FLUFXLW
[
&KHFNWKHOLQHWROLQHYROWDJHDQGWKH
$&LQVWDOODWLRQ
[
[
[
0DNHDYLVXDOLQVSHFWLRQRIDOO39FD
EOHVDQGPRGXOHV
&KHFNWKH$&LQVWDOODWLRQ
[
[
$JULGHYHQWZDVGHWHFWHGDQGLQYHUWHU ZDVVWRSSHGE\WKHUHGXQGDQWVDIHW\
FLUFXLW&KHFNWKHHYHQWORJLIWKHPD
MRULW\RIHQWULHVDUHRIW\SHFDOO
WKHVHUYLFHGHSDUWPHQW2WKHUZLVH
ZDLWKDQGFKHFNDJDLQ
[
± ± ± ± ± ± ± $&JULG
QRW2.
7DEOH*ULGUHODWHG(YHQWV
39
39UHODWHGHYHQWV
,'
'LVSOD\
39FXUUHQWLV
WRRKLJKZDLW
LQJ
39LQVXODWLRQ
UHVLVWDQFHLV
WRRORZUHWU\
LQJ
39YROWDJHWRR
KLJKZDLWLQJ
'HVFULSWLRQ
$FWLRQ
39FXUUHQWLVWRRKLJK
'12 +RW
OLQH
[
&KHFNWKDWLQVWDOODWLRQDQGOD\RXW
FRUUHVSRQGVWRUHFRPPHQGDWLRQV
LQWKLVPDQXDO
7KHLQVXODWLRQUHVLVW
0DNHDYLVXDOLQVSHFWLRQRIDOO39
DQFHEHWZHHQJURXQG FDEOHVDQGPRGXOHV&KHFNWKDW
DQG39LVWRRORZ7KLV WKHLQVWDOODWLRQLVFRUUHFWDFFRUGLQJ
ZLOOIRUFHWKHLQYHUWHU
WRWKHLQVWDOODWLRQPDQXDODVLW
WRPDNHDQHZPHDV FRXOGLQGLFDWHWKDWWKH3(FRQQHF
WLRQLVPLVVLQJ
XUHPHQWDIWHUPL
QXWHVKDYHSDVVHG
39YROWDJHLVWRRKLJK &KHFNWKDWLQVWDOODWLRQDQGOD\RXW
FRUUHVSRQGVWRUHFRPPHQGDWLRQV
LQWKLVPDQXDO
39
[
[
[
[
[
7DEOH39UHODWHG(YHQWV
/B
6HUYLFHDQG5HSDLU
,QWHUQDO
(YHQWVFDXVHGE\WKHLQYHUWHU
,'
'LVSOD\
'HVFULSWLRQ
±
7RR KLJK 7KHLQWHUQDOWHPSHUDWXUHRIWKH
WHPSHUD
LQYHUWHULVWRRKLJK
WXUH ZDLW
LQJ
7KHLQWHUPHGLDWHYROWDJHVLQVLGH
WKHLQYHUWHUDUHWRRKLJK
1RWDFKRVLJQDOIURPIDQ
7KHLQWHUPHGLDWHYROWDJHVLQVLGH
WKHLQYHUWHUDUHRXWRIEDODQFH
$FWLRQ
'12 +RWOLQH 39
&KHFNZKHWKHUWKHDLU [
IORZWRWKHKHDWVLQNLV
EORFNHG
&KHFNWKHPD[LPXP
39YROWDJHXVLQJWKH
GLVSOD\WRVHHLILWLV
DERYHWKHOLPLWV
&KHFNWKHHYHQWORJLI
WKHPDMRULW\RIHQWULHV
DUHRIW\SHFDOO
WKHLQYHUWHUKRWOLQH
&KHFNWKH'&EXVYDO
XHVDQGFDOOWKHLQYHU
WHUKRWOLQH
[
[
[
±
7KHJULGFXUUHQWLVWRRKLJK
,VODQGLQJSURWHFWLRQWULS
&KHFNJULGLVDYDLODEOH
[
[
±
$ZLUHLVEURNHQLQWKH5&08
,QWHUQDOPHPRU\HUURU
,QWHUQDOFRPPXQLFDWLRQHUURU
[
[
[
[
[
[
±
[
,QWHUQDOHUURU
$SODXVLELOLW\WHVWLQWKHIXQFWLRQDO
VDIHW\SURFHVVRUKDVIDLOHG
7KHIXQFWLRQDOVDIHW\SURFHVVRU
KDVUHSRUWHG)DLOVDIH
3ODXVLELOLW\HUURUEHWZHHQLQWHUQDO
PHDVXUHPHQWV
$XWRWHVWFRQGXFWHGRQO\DSSOLFD
EOHLQ,WDO\
1RDFWLRQUHTXLUHG
'12
+RWOLQH
[
[
[
[
39
7DEOH,QWHUQDO(YHQWV
)DLO6DIH
(YHQWVFDXVHGE\WKHVHOIWHVW
,'
'HVFULSWLRQ
5&08VHOIWHVWIDLOHG
&XUUHQWVHQVRUWHVWIDLOHG
7UDQVLVWRUUHOD\WHVWIDLOHG
3RWHQWLDOHUURULQWKH$&LQVWDOOD
WLRQ
$FWLRQ
(QVXUHFRUUHFWSRODULW\RQ39DUUD\V
9HULI\WKDWWKH$&LQVWDOODWLRQLVFRUUHFWDF
FRUGLQJWRWKHLQVWDOODWLRQPDQXDO9HULI\
WKDWWKH1HXWUDOZLUHLVFRQQHFWHG
7DEOH(YHQWV&DXVHGE\WKH6HOIWHVW
0DLQWHQDQFH
1RUPDOO\WKHLQYHUWHUQHHGVQRPDLQWHQDQFHRUFDOLEUDWLRQ
(QVXUHWKHKHDWVLQNDWWKHUHDURIWKHLQYHUWHULVQRWFRYHUHG
&OHDQWKHFRQWDFWVRIWKH39ORDGVZLWFKRQFHSHU\HDU3HUIRUPFOHDQLQJE\F\FOLQJWKHVZLWFK
WRRQDQGRIISRVLWLRQVWHQWLPHV7KH39ORDGVZLWFKLVORFDWHGDWWKHEDVHRIWKHLQYHUWHU
&OHDQLQJWKH&DELQHW
&OHDQWKHLQYHUWHUFDELQHWXVLQJSUHVVXULVHGDLUDVRIWFORWKRUDEUXVK
/B
6HUYLFHDQG5HSDLU
&OHDQLQJWKH+HDWVLQN
&OHDQWKHKHDWVLQNXVLQJSUHVVXULVHGDLUDVRIWFORWKRUDEUXVK
)RUFRUUHFWRSHUDWLRQDQGORQJVHUYLFHOLIHHQVXUHIUHHDLUFLUFXODWLRQ
DURXQGWKHKHDWVLQNDWWKHUHDURIWKHLQYHUWHU
WRWKHIDQDWWKHLQYHUWHUEDVH
'RQRWWRXFKWKHKHDWVLQNGXULQJRSHUDWLRQ
7HPSHUDWXUHFDQH[FHHG&
1RWH
'RQRWFRYHUWKHLQYHUWHU
'R QRW XVH D ZDWHU KRVH DJJUHVVLYH FKHPLFDOV FOHDQLQJ VROYHQWV RU VWURQJ GHWHUJHQWV WR
FOHDQWKHLQYHUWHU
/B
7HFKQLFDO'DWD
7HFKQLFDO'DWD
7HFKQLFDO'DWD
1RPHQ
FOD
WXUH
3DFU
9DFU
,DFPD[
FRVSKLDFU
IU
9GFU
9PSSPLQ
9PSSPD[
9GFPD[
9GFVWDUW
9GFPLQ
,GFPD[
3DUDPHWHU
$&
0D[1RPSRZHU$&
5HDFWLYHSRZHUUDQJH
$&YROWDJHUDQJH31
1RPLQDOFXUUHQW$&
0D[FXUUHQW$&
$&FXUUHQWGLVWRUWLRQ7+'
3RZHUIDFWRUDWORDG
&RQWUROOHGSRZHU
IDFWRUUDQJH
³&RQQHFWLQJ´SRZHUORVV
1LJKWWLPHSRZHUORVVRII
JULG
*ULGIUHTXHQF\
'&
1RPLQDOSRZHU'&
0D[UHFRPPHQGHG39
SRZHUDW67&
1RPLQDOYROWDJH'&
033YROWDJHQRPLQDO
SRZHU
033HIILFLHQF\
0D['&YROWDJH
7XUQRQYROWDJH'&
7XUQRIIYROWDJH'&
0D[FXUUHQW'&
0D[VKRUWFLUFXLWFXUUHQW
'&DW67&
0LQRQJULGSRZHU
(IILFLHQF\
0D[HIILFLHQF\
(XURHIILFLHQF\9DWGFU
2WKHU
'LPHQVLRQV/:+
0RXQWLQJUHFRPPHQGDWLRQ
:HLJKW
$FRXVWLFQRLVHOHYHO
033WUDFNHUV
2SHUDWLRQWHPSHUDWXUH
UDQJH
1RPWHPSHUDWXUHUDQJH
6WRUDJHWHPSHUDWXUH
2YHUORDGRSHUDWLRQ
7ULSOH/\Q[N:
:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
[9
[$
[$
:
N9$U
[9
[$
[$
:
N9$U
[9
[$
[$
:
N9$U
[9
[$
[$
RYHUH[FLWHG
XQGHUH[FLWHG
:
:
RYHUH[FLWHG
XQGHUH[FLWHG
:
:
RYHUH[FLWHG
XQGHUH[FLWHG
:
:
RYHUH[FLWHG
XQGHUH[FLWHG
:
:
+]
:
:
+]
:
:S
+]
:
:S
+]
:
:S
9
9
9
9
9
9
9
9
9
9
9
[$
[$
9
9
9
[$
[$
9
9
9
[$
[$
9
9
9
[$
[$
:
[[PP
:DOOEUDFNHW
NJ
G%$
&
:
[[PP
:DOOEUDFNHW
NJ
G%$
&
:
[[PP
:DOOEUDFNHW
NJ
G%$
&
:
[[PP
:DOOEUDFNHW
NJ
G%$
&
&
&
&KDQJHRIRSHUDW
LQJSRLQW
&ODVV,,,
&ODVV,,
,QFOXGHG
7/;DQG7/;3UR
7KUHHSKDVHPRQL
WRULQJ52&2)
,QFOXGHG
,QFOXGHG
,QFOXGHG
,QFOXGHG
,QFOXGHG
<HVFODVV,JURXQ
GHG
<HV
&
&
&KDQJHRIRSHUDW
LQJSRLQW
&ODVV,,,
&ODVV,,
,QFOXGHG
7/;DQG7/;3UR
7KUHHSKDVHPRQL
WRULQJ52&2)
,QFOXGHG
,QFOXGHG
,QFOXGHG
,QFOXGHG
,QFOXGHG
<HVFODVV,JURXQ
GHG
<HV
&
&
&KDQJHRIRSHUDW
LQJSRLQW
&ODVV,,,
&ODVV,,
,QFOXGHG
&
&
&KDQJHRIRSHUDW
LQJSRLQW
2YHUYROWDJHFDWHJRU\$&
&ODVV,,,
2YHUYROWDJHFDWHJRU\'&
&ODVV,,
3/$
,QFOXGHG
7/;DQG7/;3UR
5HDFWLYHSRZHU
)XQFWLRQDO6DIHW\
,VODQGLQJGHWHFWLRQORVVRI 7KUHHSKDVHPRQL 7KUHHSKDVHPRQL
PDLQV
WRULQJ52&2)
WRULQJ52&2)
9ROWDJHPDJQLWXGH
,QFOXGHG
,QFOXGHG
)UHTXHQF\
,QFOXGHG
,QFOXGHG
'&FRQWHQWRI$&FXUUHQW
,QFOXGHG
,QFOXGHG
,QVXODWLRQUHVLVWDQFH
,QFOXGHG
,QFOXGHG
5&087\SH%
,QFOXGHG
,QFOXGHG
,QGLUHFWFRQWDFWSURWHFWLRQ <HVFODVV,JURXQ <HVFODVV,JURXQ
GHG
GHG
6KRUWFLUFXLWSURWHFWLRQ
<HV
<HV
7DEOH6SHFLILFDWLRQV
/B
7HFKQLFDO'DWD
$FFRUGLQJWR)SU(1
)RUIL[HGV\VWHPVZLWKVHPLRSWLPDOFRQGLWLRQV
$WLGHQWLFDOLQSXWYROWDJHV$WXQHTXDOLQSXWYROWDJHV9PSSPLQFDQEHDVORZDV9GHSHQGLQJRQWRWDOLQSXWSRZHU
63/6RXQG3UHVVXUH/HYHODWP
1RUPVDQG6WDQGDUGV
1RUPDWLYH
5HIHUHQFHV
'LUHFWLYH/9'
'LUHFWLYH(0&
6DIHW\
,QWHJUDWHG39ORDG
VZLWFK
(0&LPPXQLW\
(0&HPLVVLRQ
8WLOLW\LQWHUIHUHQFH
&(
8WLOLW\FKDUDFWHULVWLFV
6(QHUJ\0HWHU
)XQFWLRQDO6DIHW\
*HUPDQ\
*UHHFH
,WDO\
6SDLQ
5HDFWLYH3RZHU
$XVWULD
%HOJLXP
&]HFK5HSXEOLF
7ULSOH/\Q[N:
(1
7ULSOH/\Q[N:
(&
(&
(1
(1
7ULSOH/\Q[N:
(1
9'(
(1
(1
(1
(1
(1
(1
(1
(1
<HV
,(&
(1
(1$QQH['
)RUWUDQVIRUPHUOHVVLQYHUWHU
',19'(
7HFKQLFDOUHTXLUHPHQWVIRUWKHFRQQHFWLRQRILQGHSHQGHQWJHQHUDWLRQWRWKHJULG3XEOLF3RZHU
&RUSRUDWLRQ33&
'.
5'
5'
7/;DQG7/;3UR
7ULSOH/\Q[N:
7ULSOH/\Q[N:
7ULSOH/\Q[N:
725±+DXSWDEVFKQLWW'725±+DXSWDEVFKQLWW'
6\QHUJULG&±UHYLVLHPHL6\QHUJULG&UHYLVLH
PHL
&]HFK(QHUJ\$FW$FW1R$UWLFOH3DUDJUDSKSDUW
,,,,,,UHY
)UDQFH
7ULSOH/\Q[N:
*HUPDQ\
6SDLQ
87(1)&81,217(&+1,48('(/
(/(&75,&,7(*8,'(
35$7,48(,QVWDOODWLRQVSKRWRYROWDwTXHVUDFFRUGpHVDXUpVHDXSXEOLF
GHGLVWULEXWLRQ
1)&,QVWDOODWLRQVpOHFWULTXHVjEDVVHWHQVLRQ
-RXUQDO2IILFLHO'pFUHWQGXDYULOUHODWLIDX[SUH
VFULSWLRQVWHFKQLTXHVJpQpUDOHVGHFRQFHSWLRQHWGHIRQFWLRQQHPHQW
SRXUOHUDFFRUGHPHQWG
LQVWDOODWLRQVGHSURGXFWLRQDX[UpVHDX[SXEOLFV
G
pOHFWULFLWp
%'(:7HFKQLVFKH5LFKWOLQLH(U]HXJXQJVDQODJHQDP0LWWHOVSDQQXQJV
QHW]$XVJDEH-XQL
5((%2(Q~P
7DEOH1RUPVDQG6WDQGDUGV
'HYLDQWIURP9'(VHFWLRQWKHLVRODWLRQUHVLVWDQFHPHDVXUHPHQWOLPLWLVVHWWR
NȍLQDFFRUGDQFHZLWKDXWKRULWLHV
/B
7HFKQLFDO'DWD
,QVWDOODWLRQ
3DUDPHWHU
7HPSHUDWXUH
(QYLURQPHQWDOFODVVDFFRUGLQJWR,(&
6SHFLILFDWLRQ
&&!&GHUDWLQJ
,(&
.%60
$LUTXDOLW\
,6$6
/HYHO*DW5+
&RDVWDOKHDY\LQGXVWULDODQGIDUPHUDUHDV 0XVWEHPHDVXUHGDQGFODVVLILHGDFFWR,6$6
9LEUDWLRQ
*
,QJUHVVSURWHFWLRQFODVV
0D[RSHUDWLQJDOWLWXGH
PDERYHVHDOHYHO
3(/9SURWHFWLRQLVHIIHFWLYHXSWRPDERYHVHDOHYHORQO\
,QVWDOODWLRQ
$YRLGFRQVWDQWVWUHDPRIZDWHU
$YRLGGLUHFWVXQOLJKW
0RXQWRQQRQIODPPDEOHVXUIDFH
0RXQWXSULJKWRQYHUWLFDOVXUIDFH
3UHYHQWGXVWDQGDPPRQLDJDVHV
7DEOH&RQGLWLRQVIRU,QVWDOODWLRQ
3DUDPHWHU
:DOO3ODWH
&RQGLWLRQ
+ROHGLDPHWHU
$OLJQPHQW
6SHFLILFDWLRQ
[PP
3HUSHQGLFXODUDOODQJOHV
7DEOH:DOO3ODWH6SHFLILFDWLRQV
7RUTXH6SHFLILFDWLRQVIRU,QVWDOODWLRQ
,OOXVWUDWLRQ2YHUYLHZRI,QYHUWHUZLWK7RUTXH,QGLFDWLRQV
/B
7HFKQLFDO'DWD
3DUDPHWHU
)URQWVFUHZV
/RFNLQJVFUHZ
7HUPLQDOEORFNVVPDOO
7HUPLQDOEORFNVODUJH
3(
0
0
6FUHZGULYHU
7;
7;
6WUDLJKWVORW[PP
6WUDLJKWVORW[PP
6WUDLJKWVORW[PP
6:PP
6:PP
7LJKWHQLQJ7RUTXH
1P
1P
1P
0LQ1P
1P
1P
1P
7DEOH1P6SHFLILFDWLRQV
/B
7HFKQLFDO'DWD
$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQV
3DUDPHWHU
6HULDO&RPPXQLFDWLRQ
&RPPRQFDEOHVSHFLILFDWLRQ
5-SFVFRQQHFWRUV
3DUDPHWHUGHWDLOV
&DEOHMDFNHWGLDPHWHU໅
&DEOHW\SH
&DEOH&KDUDFWHULVWLF,PSHGDQFH
0D[FDEOHOHQJWK
:LUHJDXJH
&DEOHVKLHOGWHUPLQDWLRQ
0D[LPXPZLUHJDXJH
0D[QXPEHURILQYHUWHUQRGHV *DOYDQLFLQWHUIDFHLQVXODWLRQ
'LUHFWFRQWDFWSURWHFWLRQ
'RXEOH5HLQIRUFHGLQVXODWLRQ
&RPPXQLFDWLRQ
6WDUDQGGDLV\FKDLQ
&RPPRQFDEOH
0D[FDEOHOHQJWKEHWZHHQLQYHU
WHUV
6SHFLILFDWLRQ
0D[QXPEHURILQYHUWHUV
&DEOHW\SH
7HPSHUDWXUHVHQVRULQSXW
&DEOHVSHFLILFDWLRQ
&DEOHW\SH
0D[LPXPZLUHJDXJH
0D[LPXPUHVLVWDQFHSHUZLUH
0D[LPXPFDEOHOHQJWK
6HQVRUVSHFLILFDWLRQ
1RPLQDOUHVLVWDQFHWHPSHUDWXUH
FRHIILFLHQW
0HDVXUHPHQWUDQJH
0HDVXUHPHQWDFFXUDF\
,UUDGLDWLRQVHQVRULQSXW
&DEOHVSHFLILFDWLRQ
&DEOHW\SH
7HUPLQDOEORFN
6HQVRU6SHFLILFDWLRQ
(QHUJ\PHWHULQSXW
&DEOHVSHFLILFDWLRQ
6HQVRU,QSXW6SHFLILFDWLRQ
6SHFLILFDWLRQ
56
[PP
6KLHOGHG7ZLVWHG3DLU673&DWH
ȍ±ȍ
P
$:* GHSHQGLQJ RQ PDWLQJ
PHWDOOLF5-SOXJ
9LDPHWDOOLF5-SOXJ
PP
9LD(0&FDEOHFODPS
<HV9UPV
<HV
<HV
(WKHUQHW
P WRWDO QHWZRUN OHQJWK XQOLPL
WHG
6KLHOGHG7ZLVWHG3DLU673&DWH
[37
PP
6KLHOGHG6LQJOH3DLUZLUH
9LD(0&FDEOHFODPS
PP
വ
P
വR&
R&R&

<HV
<HV
[
PP
6KLHOGHG6LQJOH3DLU1XPEHURIZLUHV
GHSHQGRQWKHVHQVRUW\SHXVHG
9LD(0&FDEOHFODPS
0D[LPXPZLUHJDXJH
PP
0D[LPXPUHVLVWDQFHSHUZLUH
വ
0D[LPXPFDEOHOHQJWK
P
6HQVRUW\SH
3DVVLYH
0HDVXUHPHQWDFFXUDF\
P9VHQVRURXWSXWYROWDJH
2XWSXWYROWDJHRIVHQVRU
P9
0D[RXWSXWLPSHGDQFHVHQVRU വ
,QSXWLPSHGDQFHHOHFWURQLFV
Nവ
<HV
<HV
6LQSXW
[
PP
&DEOHW\SH
6KLHOGHG6LQJOH3DLUZLUH
9LD(0&FDEOHFODPS
0D[LPXPZLUHJDXJH
PP
0D[LPXPFDEOHOHQJWK
P
6HQVRULQSXWFODVV
&ODVV$
1RPLQDORXWSXWFXUUHQW
P$IRUDQവORDG
0D[LPXPVKRUWFLUFXLWRXWSXWFXU P$
UHQW
2SHQFLUFXLWRXWSXWYROWDJH
9'&
0D[LPXPSXOVHIUHTXHQF\
+]
<HV
<HV
7DEOH$X[LOLDU\,QWHUIDFH6SHFLILFDWLRQV
/B
7HFKQLFDO'DWD
0D[QXPEHURILQYHUWHUVDUH,I*60PRGHPLVXVHGIRUSRUWDOXSORDGWKHDPRXQWRILQYHUWHUVLQD
QHWZRUNLVOLPLWHGWR
)RURXWGRRUXVHZHUHFRPPHQGRXWGRRUEXULDOW\SHFDEOHLIEXULHGLQWKHJURXQGIRUERWK(WKHUQHW
DQG56
7KLUGLQSXWLVXVHGIRUFRPSHQVDWLRQRIWKHLUUDGLDWLRQVHQVRU
7KHQXPEHURILQYHUWHUVWREHFRQQHFWHGLQWKH56QHWZRUNGHSHQGRQZKLFKSHULSKHUDOGHYLFHLV
FRQQHFWHG
7RHQVXUHIXOILOPHQWRI,3HQFORVXUHUDWLQJFRUUHFWO\PRXQWHGFDEOHJODQGVDUHHV
VHQWLDOIRUDOOSHULSKHUDOFDEOHV
7RHQVXUH(0&FRPSOLDQFHVKLHOGHGFDEOHVPXVWEHDSSOLHGIRU6HQVRULQSXWVDQG
56FRPPXQLFDWLRQ8QVKLHOGHGFDEOHVPD\EHDSSOLHGIRUDODUPRXWSXWV
2WKHUDX[LOLDU\FDEOHVPXVWSDVVWKURXJKWKHGHVLJQDWHG(0&FDEOHFODPSVWRHV
WDEOLVKPHFKDQLFDOIL[LQJDQGLQFDVHRIVKLHOGHGFDEOHWHUPLQDWLRQWRWKHVKLHOGLQJ
GHYLFH
3DUDPHWHU
3RWHQWLDOIUHHFRQWDFW
5DWLQJ$&
5DWLQJ'&
0D[LPXPZLUHJDXJH
2YHUYROWDJHFDWHJRU\
2SWLRQDO
0RGHP
&RQGLWLRQ
5HOD\RXWSXW
6SHFLILFDWLRQ
[
9$&$:
9'&$:
PP
&ODVV,,,
*60
7DEOH$X[LOLDU\,QSXW6SHFLILFDWLRQV
,OOXVWUDWLRQ&RPPXQLFDWLRQ%RDUG
/B
7HFKQLFDO'DWD
56&RPPXQLFDWLRQ%RDUG&RQQHFWLRQV
,OOXVWUDWLRQ56'HWDLORI&RPPXQLFDWLRQ%RDUG
%,$6/DQG%LDV+DUHWREHFRQQHFWHGWR5;7;%DQG5;7;$UHVSHFWLYHO\IRUWHUPLQDWLRQRI
56EXV
3LQRXW56
3LQRXW(WKHUQHWRQO\YLDWKH
5-FRQQHFWRU
*1'
5;
*1'
5;
5;7;$
7;
%,$6/
%,$6+
5;7;%
7;
1RWFRQQHFWHG
1RWFRQQHFWHG
%ROG &RPSXOVRU\&DWFDEOHFRQWDLQVDOOZLUHV
)RU(WKHUQHW%DVH7;DQG%DVH7;DXWRFURVVRYHU
7DEOH5-3LQRXW'HWDLO
1RWH
7KH56FRPPXQLFDWLRQEXVPXVWEHWHUPLQDWHGDWERWKFDEOHHQGV
1RWH
7KHWZRQHWZRUNW\SHVFDQQRWEHPL[HG7KHLQYHUWHUVFDQRQO\EHFRQQHFWHGLQQHWZRUNV
ZKLFKDUHHLWKHUVROHO\56RUVROHO$WKHUQHW
1RWH
(DFKLQYHUWHUKDVDXQLTXH56DGGUHVVZKHQLWLVGHOLYHUHG7KLVDGGUHVVLVGHILQHGDWWKH
WLPHRISURGXFWLRQ
1RWH
(WKHUQHWFRQQHFWLRQLVUHFRPPHQGHGIRUIDVWHUFRPPXQLFDWLRQ
56FRQQHFWLRQLVUHTXLUHGZKHQDZHEORJJHURUGDWDORJJHULVFRQQHFWHGWRWKHLQYHUWHU
/B
7HFKQLFDO'DWD
1HWZRUN7RSRORJ\
7KHLQYHUWHUKDVWZR(WKHUQHW5-FRQQHFWRUVHQDEOLQJWKHFRQQHFWLRQRIVHYHUDOLQYHUWHUVLQD
OLQHWRSRORJ\DVDQDOWHUQDWLYHWRWKHW\SLFDOVWDUWRSRORJ\7KHWZRSRUWVDUHVLPLODUDQGPD\
EHXVHGLQWHUFKDQJHDEO$RU56RQO\OLQHDUGDLV\FKDLQFRQQHFWLRQVFDQEHXVHG
1RWH
5LQJWRSRORJ\LVQRWDOORZHG
,OOXVWUDWLRQ1HWZRUN7RSRORJ\
/LQHDU'DLV\&KDLQ
6WDU7RSRORJ\
5LQJ7RSRORJ\QRWDOORZHG
(WKHUQHW6ZLWFK
/B
Danfoss Solar Inverters A/S
Ulsnaes 1
DK-6300 Graasten
Denmark
Tel: +45 7488 1300
Fax: +45 7488 1301
E-mail: solar-inverters@danfoss.com
www.solar-inverters.danfoss.com
Danfoss can accept no responsibility for possible errors in catalogues, brochures and other printed material. Danfoss reserves the right to alter its products without notice. This also applies to products
already on order provided that such alterations can be made without subsequential changes being necessary in specifications already agreed.
All trademarks in this material are property of the respective companies. Danfoss and the Danfoss logotype are trademarks of Danfoss A/S. All rights reserved.
Rev. date 2011-01-01 Lit. No. L00410320-04_02

Danfoss TLX Reference Manual GB L00410320-04_02 A4

Transcription

Similar documents

Meters - Distech Controls

42V PowerNet