7UM511 Manual

1XPHULFDO 0DFKLQH 3URWHFWLRQ
80 9
,QVWUXFWLRQ 0DQXDO 2UGHU 1R &*&
8QGHUH[FLWDWLRQ SURWHFWLRQ ! )RUZDUG SRZHU VXSHUYLVLRQ 3I!

9ROWDJH SURWHFWLRQ 8! 5HYHUVH SRZHU SURWHFWLRQ ]3U]!
(DUWK IDXOW SURWHFWLRQ ,H! 8QEDODQFHG ORDG SURWHFWLRQ ,!
6WDWRU HDUWK IDXOW SURWHFWLRQ 8! 2YHUFXUUHQW WLPH SWRWHFWLRQ ,!
)UHTXHQF\ SURWHFWLRQ I! 7KHUPDO RYHUORDG SURWHFWLRQ 7!
)LJXUH ,OOXVWUDWLRQ RI WKH QXPHULFDO PDFKLQH SURWHFWLRQ 80 LQ KRXVLQJ IRU VXUIDFH PRXQWLQJ
. 6LHPHQV $*

80 9 &RQIRUPLW\
&RQIRUPLW\
7KLV SURGXFW LV LQ FRQIRUPLW\ ZLWK WKH GLUHFWLYH RI WKH &RXQFLO RI WKH (XURSHDQ &RPPXQLWLHV RQ WKH DSSUR[LPD
WLRQ RI WKH ODZV RI WKH 0HPEHU 6WDWHV UHODWLQJ WR HOHFWURPDJQHWLF FRPSDWLELOLW\ (0& &RXQFLO 'LUHFWLYH
((& DQG FRQFHUQLQJ HOHFWULFDO HTXLSPHQW IRU DSSOLFDWLRQ ZLWKLQ VSHFLILHG YROWDJH OLPLWV /RZ YROWDJH
GLUHFWLYH ((&
&RQIRUPLW\ LV SURYHG E\ WHVWV WKDW KDG EHHQ SHUIRUPHG DFFRUGLQJ WR DUWLFOH RI WKH &RXQFLO 'LUHFWLYH LQ DFFRU
GDQFH ZLWK WKH JHQHULF VWDQGDUGV (1 DQG (1 IRU (0& GLUHFWLYH DQG WKH VWDQGDUGV (1
IRU ORZ YROWDJH GLUHFWLYH E\ 6LHPHQV $*
7KH GHYLFH LV GHVLJQHG DQG PDQXIDFWXUHG IRU DSSOLFDWLRQ LQ LQGXVWULDO HQYLURQPHQW
7KH GHYLFH LV GHVLJQHG LQ DFFRUGDQFH ZLWK WKH LQWHUQDWLRQDO VWDQGDUGV RI ,(& DQG WKH *HUPDQ VWDQGDUGV
',1 SDUW FRUUHVSRQGLQJ WR 9'( SDUW
&*&
80 9 &RQWHQWV
&RQWHQWV
,QWURGXFWLRQ
$SSOLFDWLRQ
)HDWXUHV
,PSOHPHQWHG IXQFWLRQV
'HVLJQ
$UUDQJHPHQWV
'LPHQVLRQV
2UGHULQJ GDWD
$FFHVVRULHV
7HFKQLFDO 'DWD
*HQHUDO GDWD
,QSXWVRXWSXWV
(OHFWULFDO WHVWV
0HFKDQLFDO VWUHVV WHVWV
&OLPDWLF VWUHVV WHVWV
6HUYLFH FRQGLWLRQV
'HVLJQ
8QGHUH[FLWDWLRQ SURWHFWLRQ
9ROWDJH SURWHFWLRQ
6WDWRU HDUWK IDXOW SURWHFWLRQ 8!
)UHTXHQF\ SURWHFWLRQ
)RUZDUG DFWLYH SRZHU VXSHUYLVLRQ
5HVHUYH SRZHU SURWHFWLRQ
8QEDODQFHG ORDG SURWHFWLRQ
2YHUFXUUHQW WLPH SURWHFWLRQ DQG KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
7KHUPDO RYHUORDG SURWHFWLRQ
$QFLOODU\ IXQFWLRQV
2SHUDWLQJ UDQJHV RI WKH SURWHFWLRQ IXQFWLRQV
0HWKRG RI RSHUDWLRQ
2SHUDWLRQ RI FRPSOHWH XQLW
8QGHUYROWDJH SURWHFWLRQ
2YHUYROWDJH SURWHFWLRQ
&*&
80 9 &RQWHQWV

5HYHUVH SRZHU SURWHFWLRQ
2YHUFXUUHQW WLPH SURWHFWLRQ SKDVH FXUUHQWV
+LJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
6WDWRU RYHUORDG SURWHFWLRQ
([WHUQDO WULS FRPPDQGV YLD ELQDU\ LQSXW
6ZLWFK RYHU RI SKDVH URWDWLRQ
7ULS PDWUL[
&LUFXLW EUHDNHU WULS WHVW
7ULS FLUFXLW VXSHUYLVLRQ
$QFLOODU\ IXQFWLRQV
3URFHVVLQJ RI DQQXQFLDWLRQV
,QGLFDWRUV DQG ELQDU\ RXWSXWV VLJQDO UHOD\V
,QIRUPDWLRQ RQ WKH GLVSOD\ SDQHO RU WR D SHUVRQDO FRPSXWHU
,QIRUPDWLRQ WR D FHQWUDO XQLW
'DWD VWRUDJH DQG WUDQVPLVVLRQ IRU IDXOW UHFRUGLQJ
2SHUDWLQJ PHDVXUHPHQWV DQG FRQYHUVLRQ
0RQLWRULQJ IXQFWLRQV
+DUGZDUH PRQLWRULQJ
6RIWZDUH PRQLWRULQJ
0RQLWRULQJ RI H[WHUQDO PHDVXULQJ WUDQVIRUPHU FLUFXLWV
,QVWDOODWLRQ LQVWUXFWLRQV
8QSDFNLQJ DQG UHSDFNLQJ
3UHSDUDWLRQV
0RXQWLQJ DQG FRQQHFWLRQV
0RGHO 8044'444 IRU SDQHO VXUIDFH PRXQWLQJ
0RGHO 8044&444 IRU SDQHO IOXVK PRXQWLQJ RU 8044(444 IRU
FXELFOH LQVWDOODWLRQ
&KHFNLQJ WKH UDWHG GDWD
&RQWURO GF YROWDJH RI ELQDU\ LQSXWV
,QVHUWLQJ WKH EDFN XS EDWWHU\
&KHFNLQJ /6$ WUDQVPLVVLRQ OLQN
&RQQHFWLRQV
&KHFNLQJ WKH FRQQHFWLRQV
&RQILJXUDWLRQ RI RSHUDWLRQ DQG PHPRU\ IXQFWLRQV
2SHUDWLRQDO SUHFRQGLWLRQV DQG JHQHUDO
6HWWLQJV IRU WKH LQWHJUDWHG RSHUDWLRQ DGGUHVV EORFN
&KDQJLQJ WKH FRGHZRUGV DGGUHVV EORFN
&RQILJXUDWLRQ RI WKH VHULDO LQWHUIDFHV DGGUHVV EORFN
6HWWLQJV IRU IDXOW UHFRUGLQJ DGGUHVV EORFN
&RQILJXUDWLRQ RI WKH SURWHFWLYH IXQFWLRQV
,QWURGXFWLRQ
3URJUDPPLQJ WKH VFRSH RI IXQFWLRQV DGGUHVV EORFN
0DUVKDOOLQJ RI ELQDU\ LQSXWV ELQDU\ RXWSXWV DQG /(' LQGLFDWRUV
,QWURGXFWLRQ
0DUVKDOOLQJ RI WKH ELQDU\ LQSXWV DGGUHVV EORFN
0DUVKDOOLQJ RI WKH VLJQDO RXWSXW UHOD\V DGGUHVV EORFN
0DUVKDOOLQJ RI WKH /(' LQGLFDWRUV DGGUHVV EORFN
0DUVKDOOLQJ RI WKH FRPPDQG WULS UHOD\V DGGUHVV EORFN
&*&
80 9 &RQWHQWV
2SHUDWLQJ LQVWUXFWLRQV

6DIHW\ SUHFDXWLRQV
'LDORJ ZLWK WKH UHOD\

0HPEUDQH NH\ERDUG DQG GLVSOD\ SDQHO
2SHUDWLRQ ZLWK D SHUVRQDO FRPSXWHU
2SHUDWLRQDO SUHFRQGLWLRQV
5HSUHVHQWDWLRQ RI WKH UHOD\ IURQW YLHZ
6HWWLQJ WKH IXQFWLRQDO SDUDPHWHUV

,QWURGXFWLRQ
3DUDPHWHUL]LQJ SURFHGXUH
6HOHFWDEOH SDUDPHWHU VHWV
6HWWLQJ RI GDWH DQG WLPH
,QLWLDO GLVSOD\V DGGUHVV EORFNV DQG
0DFKLQH DQG SRZHU V\VWHP GDWD DGGUHVV EORFNV DQG
6HWWLQJV IRU XQGHUH[FLWDWLRQ SURWHFWLRQ DGGUHVV EORFNV DQG
6HWWLQJV IRU XQGHUYROWDJH SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU RYHUYROWDJH SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU VWDWRU HDUWK IDXOW SURWHFWLRQ 8! DGGUHVV EORFN
6HWWLQJV IRU IUHTXHQF\ SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU IRUZDUG SRZHU VXSHUYLVLRQ DGGUHVV EORFN
6HWWLQJV IRU UHYHUVH SRZHU SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU XQEDODQFHG ORDG SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU RYHUFXUUHQW WLPH SURWHFWLRQ DGGUHVV EORFNV DQG
6HWWLQJV IRU WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU VWDWRU RYHUORDG SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU PHDVXUHG YDOXH PRQLWRULQJ DGGUHVV EORFN
&RXSOLQJ H[WHUQDO WULS VLJQDOV DGGUHVV EORFNV WR
6HWWLQJV IRU WULS FLUFXLW VXSHUYLVLRQ DGGUHVV EORFN
$QQXQFLDWLRQV

,QWURGXFWLRQ
2SHUDWLRQDO DQQXQFLDWLRQV DGGUHVV EORFN
)DXOW DQQXQFLDWLRQV DGGUHVV EORFNV WR
5HDGRXW RI RSHUDWLRQDO PHDVXUHG YDOXHV DGGUHVV EORFNV WR
2SHUDWLRQDO FRQWURO IDFLOLWLHV

$GMXVWLQJ DQG V\QFKURQL]LQJ WKH UHDO WLPH FORFN DGGUHVV EORFN
(UDVLQJ VWRUHG DQQXQFLDWLRQV DGGUHVV EORFN
,QIRUPDWLRQ WR /6$ GXULQJ WHVW RSHUDWLRQ DGGUHVV EORFN
6HOHFWLRQ RI SDUDPHWHU VHWV DGGUHVV EORFN
5HDGRXW RI VHWWLQJV RI D SDUDPHWHU VHW
&KDQJHRYHU RI WKH DFWLYH SDUDPHWHU VHW IURP WKH RSHUDWLQJ SDQHO
&KDQJHRYHU RI WKH DFWLYH SDUDPHWHU VHW YLD ELQDU\ LQSXWV
7HVWLQJ DQG FRPPLVVLRQLQJ

*HQHUDO
7HVWLQJ WKH XQGHUH[FLWDWLRQ SURWHFWLRQ
7HVWLQJ WKH YROWDJH SURWHFWLRQ IXQFWLRQV
7HVWLQJ WKH VWDWRU HDUWK IDXOW SURWHFWLRQ 8!
7HVWLQJ WKH IUHTXHQF\ SURWHFWLRQ IXQFWLRQV
7HVWLQJ WKH SRZHU SURWHFWLRQ IXQFWLRQV
7HVWLQJ WKH XQEDODQFHG ORDG SURWHFWLRQ
7HVWLQJ WKH RYHUFXUUHQW WLPH SURWHFWLRQ
7HVWLQJ WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
7HVWLQJ WKH VWDWRU RYHUORDG SURWHFWLRQ
7HVWLQJ WKH FRXSOLQJ RI H[WHUQDO WULS IXQFWLRQV
7HVWLQJ WKH WULS FLUFXLW VXSHUYLVLRQ
&*&
80 9 &RQWHQWV
&RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV

*HQHUDO DGYLFHV
&KHFNLQJ WKH FXUUHQW FLUFXLWV
&KHFNLQJ WKH YROWDJH FLUFXLWV
&KHFNLQJ WKH HDUWK IDXOW SURWHFWLRQ 8!
&DOFXODWLRQ RI SURWHFWHG ]RQH
&KHFNLQJ IRU PDFKLQH HDUWK IDXOW
&KHFN XVLQJ QHWZRUN HDUWK IDXOW
&KHFNLQJ WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DV URWRU HDUWK IDXOW SURWHFWLRQ
7HVWV ZLWK PDFKLQH FRQQHFWHG WR WKH QHWZRUN
&KHFNLQJ WKH FRUUHFW FRQQHFWLRQ SRODULW\
0HDVXUHPHQW RI PRWRULQJ SRZHU DQG DQJOH HUURU FRUUHFWLRQ
&KHFNLQJ WKH UHYHUVH SRZHU SURWHFWLRQ
&KHFNLQJ WKH XQGHUH[FLWDWLRQ SURWHFWLRQ
&KHFNLQJ WKH FRXSOLQJ RI H[WHUQDO WULS VLJQDOV
7ULSSLQJ WHVW LQFOXGLQJ FLUFXLW EUHDNHU DGGUHVV EORFN
6WDUWLQJ D WHVW IDXOW UHFRUG DGGUHVV EORFN
3XWWLQJ WKH UHOD\ LQWR RSHUDWLRQ
0DLQWHQDQFH DQG IDXOW WUDFLQJ

5RXWLQH FKHFNV
5HSODFLQJ WKH EDFN XS EDWWHU\
)DXOW WUDFLQJ
5HSODFLQJ WKH PLQLIXVH
5HSDLUV
6WRUDJH
$SSHQGL[
$ *HQHUDO GLDJUDPV

% &RQQHFWLRQ GLDJUDP
& 7DEOHV
127(
7KLV LQVWUXFWLRQ PDQXDO GRHV QRW SXUSRUW WR FRYHU DOO 7KH FRQWHQWV RI WKLV LQVWUXFWLRQ PDQXDO VKDOO QRW EH
GHWDLOV LQ HTXLSPHQW QRU WR SURYLGH IRU HYHU\ SRVVL FRPH SDUW QRU PRGLI\ DQ\ SULRU RU H[LVWLQJ DJUHH
EOH FRQWLQJHQF\ WR EH PHW LQ FRQQHFWLRQ ZLWK LQVWDO PHQW FRPPLWPHQW RU UHODWLRQVKLS 7KH VDOHV FRQ
ODWLRQ RSHUDWLRQ RU PDLQWHQDQFH WUDFW FRQWDLQV WKH HQWLUH REOLJDWLRQV RI 6LHPHQV 7KH
ZDUUDQW\ FRQWDLQHG LQ WKH FRQWUDFW EHWZHHQ WKH SDU
6KRXOG IXUWKHU LQIRUPDWLRQ EH GHVLUHG RU VKRXOG SDU WLHV LV WKH VROH ZDUUDQW\ RI 6LHPHQV $Q\ VWDWHPHQWV
WLFXODU SUREOHPV DULVH ZKLFK DUH QRW FRYHUHG VXIIL FRQWDLQHG KHUHLQ GR QRW FUHDWH QHZ ZDUUDQWLHV QRU
FLHQWO\ IRU WKH SXUFKDVHU
V SXUSRVH WKH PDWWHU PRGLI\ WKH H[LVWLQJ ZDUUDQW\
VKRXOG EH UHIHUUHG WR WKH ORFDO 6LHPHQV VDOHV RIILFH
&*&
80 9 ,QWURGXFWLRQ
,QWURGXFWLRQ
$SSOLFDWLRQ )HDWXUHV
7KH 80 LV D QXPHULFDO PDFKLQH SURWHFWLRQ XQLW 3URFHVVRU V\VWHP ZLWK SRZHUIXO ELW PLFUR
IURP WKH l1XPHULFDO 0DFKLQH 3URWHFWLRQ VHULHV SURFHVVRU
80l DQG SURYLGHV D SUDFWLFDO FRPELQDWLRQ RI WKH
PRVW LPSRUWDQW JHQHUDWRU SURWHFWLRQ IXQFWLRQV FRPSOHWH GLJLWDO PHDVXUHG YDOXH SURFHVVLQJ DQG
FRQWURO IURP GDWD DFTXLVLWLRQ DQG GLJLWL]LQJ RI WKH
,W SURYLGHV FRPSUHKHQVLYH DQG VDIH SURWHFWLRQ IRU PHDVXUHG YDOXHV XS WR WKH WULS GHFLVLRQ IRU WKH FLU
VPDOOHU JHQHUDWRUV VXFK DV HPHUJHQF\ GLHVHO JHQ FXLW EUHDNHUV
HUDWRU VHWV UXQ RI WKH ULYHU K\GUR SODQWV RU SULYDWH
SRZHU VWDWLRQV FRPSOHWH JDOYDQLF DQG UHOLDEOH VHSDUDWLRQ RI WKH
LQWHUQDO SURFHVVLQJ FLUFXLWV IURP WKH PHDVXUH
)XUWKHUPRUH WKH VFRSH RI IXQFWLRQV RI WKH UHOD\ DO PHQW FRQWURO DQG VXSSO\ FLUFXLWV RI WKH V\VWHP
ORZV WR XVH LW DV QHWZRUN VSOLWWLQJ GHYLFH ZLWK VFUHHQHG DQDORJ LQSXW WUDQVGXFHUV ELQDU\
LQSXW DQG RXWSXW PRGXOHV DQG GF FRQYHUWHU
$GGLWLRQDOO\ WKH XQLW IRUPV WKH EDVLV IRU WKH SURWHF
WLRQ RI ODUJHU JHQHUDWRUV %\ DGGLQJ RWKHU XQLWV RI WKH LQVHQVLWLYH WR YW DQG FW HUURUV WUDQVLHQW FRQGL
80 VHULHV DOO SURWHFWLRQ UHTXLUHPHQWV HQFRXQ WLRQV DQG LQWHUIHUHQFHV
WHUHG IRU WKH VPDOOHVW WR WKH ODUJHVW PDFKLQHV FDQ EH
PHW $ VXUYH\ RI WKLV PDFKLQH SURWHFWLRQ VHULHV LV ODUJH IUHTXHQF\ UDQJH RSHUDWHV DERYH +]
VKRZQ LQ )LJXUH WKHUHIRUH DOVR RSHUDWLYH GXULQJ UXQXS DQG VKXW
WLQJ GRZQ RI WKH JHQHUDWRU
$ ODUJH QXPEHU RI DODUP UHOD\V DQG /('V RQ WKH IURQW
SDQHO RI WKH XQLW SURYLGH LQIRUPDWLRQ DERXW WKH GH FRQWLQXRXV FDOFXODWLRQ RI RSHUDWLRQDO PHDVXUHG
WHFWHG IDXOWV WKH PRQLWRUHG RSHUDWLQJ FRQGLWLRQV RI YDOXHV DQG LQGLFDWLRQ RQ WKH IURQW GLVSOD\
WKH SURWHFWHG PDFKLQH DQG DERXW WKH XQLW LWVHOI )LYH
WULS UHOD\V DUH DYDLODEOH IRU GLUHFW WULSSLQJ RI FLUFXLW VLPSOH VHWWLQJ DQG RSHUDWLRQ XVLQJ WKH LQWHJUDWHG
EUHDNHUV DQG RWKHU FRQWURO GHYLFHV RSHUDWLRQ SDQHO RU D FRQQHFWHG SHUVRQDO FRPSXW
HU ZLWK PHQXJXLGHG VRIWZDUH
6SDFHVDYLQJ FRQVWUXFWLRQ DQG VHQVLEOH PRXQWLQJ
DQG FRQQHFWLRQ WHFKQLTXHV SHUPLW HDV\ H[FKDQJH VWRUDJH RI IDXOW GDWD VWRUDJH RI LQVWDQWDQHRXV RU
ZLWK FRQYHQWLRQDO SURWHFWLRQ HTXLSPHQW LQ H[LVWLQJ UPV YDOXHV GXULQJ D IDXOW IRU IDXOW UHFRUGLQJ
SODQWV &RPSUHKHQVLYH LQWHUQDO PRQLWRULQJ RI KDUG
ZDUH DQG VRIWZDUH UHGXFHV WKH WLPH UHTXLUHG IRU WHVW FRPPXQLFDWLRQ ZLWK FHQWUDO FRQWURO DQG VWRUDJH
LQJ DQG SURYLGHV DQ H[WUHPHO\ KLJK DYDLODELOLW\ RI WKH GHYLFHV YLD VHULDO LQWHUIDFHV LV SRVVLEOH RSWLRQDOO\
SURWHFWLRQ V\VWHP ZLWK N9 LQVXODWLRQ RU IRU FRQQHFWLRQ RI RSWLFDO
ILEUH
6HULDO LQWHUIDFHV DOORZ FRPSUHKHQVLYH FRPPXQLFD
WLRQ ZLWK RWKHU GLJLWDO FRQWURO DQG VWRUDJH GHYLFHV FRQWLQXRXV PRQLWRULQJ RI WKH PHDVXUHG YDOXHV
)RU GDWD WUDQVPLVVLRQ D VWDQGDUGL]HG SURWRFRO DF DQG WKH KDUGZDUH DQG VRIWZDUH RI WKH UHOD\
FRUGLQJ 9'(:=9(, LV XVHG DV ZHOO DV LQ DFFRU
GDQFH ZLWK ',1 7KH GHYLFH FDQ WKHUHIRUH EH
LQFRUSRUDWHG LQ /RFDOL]HG 6XEVWDWLRQ $XWRPDWLRQ
QHWZRUNV /6$ 7KH V\VWHP LQWHUIDFH LV HLWKHU VXLWHG
WR FRPPXQLFDWLRQ YLD D PRGHP OLQN
&*&
80 9 ,QWURGXFWLRQ
80 80
8QGHUH[FLWDWLRQ SURWHFWLRQ 2YHUYROWDJH SURWHFWLRQ DQG IUHTXHQF\ GH
2YHUYROWDJH SURWHFWLRQ WZRVWDJH SHQGHQW XQGHUYROWDJH SURWHFWLRQ
8QGHUYROWDJH SURWHFWLRQ (DUWK IDXOW SURWHFWLRQ 8! ,! GLUHFWLRQDO
6WDWRU HDUWK IDXOW SURWHFWLRQ 8! )UHTXHQF\ SURWHFWLRQ WZRVWDJH
)UHTXHQF\ SURWHFWLRQ IRXUVWDJH 6LQJOHSKDVH SRZHU SURWHFWLRQ
)RUZDUG SRZHU VXSHUYLVLRQ 8QEDODQFHG ORDG SURWHFWLRQ
5HYHUVH SRZHU SURWHFWLRQ 2YHUFXUUHQW WLPH SURWHFWLRQ ZLWK XQGHU
8QEDODQFHG ORDG SURWHFWLRQ YROWDJH VHDOLQ
2YHUFXUUHQW WLPH SURWHFWLRQ WZRVWDJH 2YHUFXUUHQWXQGHUFXUUHQW VXSHUYLVLRQ
+LJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ 5RWRU HDUWK IDXOW SURWHFWLRQ WZRVWDJH
7KHUPDO VWDWRU RYHUORDG SURWHFWLRQ '& YROWDJH WLPH SURWHFWLRQ
)RXU H[WHUQDO WULS VLJQDOV FDQ EH SUR )RXU H[WHUQDO WULS VLJQDOV FDQ EH SUR
FHVVHG FHVVHG
7ZR WULS FLUFXLW VXSHUYLVLRQ FKDQQHOV 7ZR WULS FLUFXLW VXSHUYLVLRQ FKDQQHOV
80 80
2YHUIOX[ SURWHFWLRQ 8I ,PSHGDQFH SURWHFWLRQ
8QGHUYROWDJH SURWHFWLRQ LQYHUVH WLPH 3RZHU VZLQJ EORFNLQJ
2YHUYROWDJH SURWHFWLRQ WZRVWDJH 6WDWRU HDUWK IDXOW SURWHFWLRQ 8!
6WDWRU HDUWK IDXOW SURWHFWLRQ 2XW RIVWHS SURWHFWLRQ
(DUWK IDXOW SURWHFWLRQ 8! )RUZDUG SRZHU VXSHUYLVLRQ
)UHTXHQF\ SURWHFWLRQ IRXUVWDJH 5HYHUVH SRZHU SURWHFWLRQ
,QWHUWXUQ IDXOW SURWHFWLRQ 8QEDODQFHG ORDG SURWHFWLRQ
5RWRU HDUWK IDXOW SURWHFWLRQ WZRVWDJH )RXU H[WHUQDO WULS VLJQDOV FDQ EH SUR
)RXU H[WHUQDO WULS VLJQDOV FDQ EH SUR FHVVHG
FHVVHG 7ZR WULS FLUFXLW VXSHUYLVLRQ FKDQQHOV
7ZR WULS FLUFXLW VXSHUYLVLRQ FKDQQHOV
87 87
'LIIHUHQWLDO SURWHFWLRQ IRU JHQHUDWRUV DQG 'LIIHUHQWLDO SURWHFWLRQ IRU JHQHUDWRUV DQG
PRWRUV PRWRUV
RU RU
'LIIHUHQWLDO SURWHFWLRQ IRU WZRZLQGLQJ 'LIIHUHQWLDO SURWHFWLRQ IRU WKUHHZLQGLQJ
WUDQVIRUPHUV RU XQLWV WUDQVIRUPHUV RU XQLWV
2YHUFXUUHQW WLPH SURWHFWLRQ 5HVWULFWHG HDUWK IDXOW SURWHFWLRQ RU
7KHUPDO RYHUORDG SURWHFWLRQ 7DQN OHDNDJH SURWHFWLRQ
7ZR H[WHUQDO WULS VLJQDOV FDQ EH SUR 2YHUFXUUHQW WLPH SURWHFWLRQ
FHVVHG 7KHUPDO RYHUORDG SURWHFWLRQ
WULS UHOD\V VPDOO VL]H FDVH 7ZR H[WHUQDO WULS VLJQDOV FDQ EH SUR
FHVVHG
WULS UHOD\V ODUJH VL]H FDVH
)LJXUH 6XUYH\ RI WKH QXPHULFDO PDFKLQH SURWHFWLRQ VHULHV
&*&
80 9 ,QWURGXFWLRQ
,PSOHPHQWHG IXQFWLRQV
7KH SURWHFWLYH DQG VXSHUYLVRU\ IXQFWLRQV RI WKH QX DGMXVWDEOH QXPEHU RI UHSHDWHG PHDVXUHPHQWV
PHULFDO PDFKLQH SURWHFWLRQ XQLW FDQ EH LQGLYLGXDOO\
VZLWFKHG WR EH RSHUDWLYH RU LQRSHUDWLYH 7KH XQLW
FRPSULVHV WKH IROORZLQJ IXQFWLRQV )RUZDUG DFWLYH SRZHU VXSHUYLVLRQ
FDOFXODWLRQ RI IRUZDUG SRZHU 3I IURP SRVLWLYH VH

8QGHUH[FLWDWLRQ SURWHFWLRQ TXHQFH FRPSRQHQWV
FRQGXFWDQFH PHDVXUHPHQW IURP SRVLWLYH VH VXSHUYLVLRQ RI RYHUSRZHU 3I! DQGRU XQGHU
TXHQFH FRPSRQHQWV SRZHU 3I ZLWK LQGLYLGXDOO\ DGMXVWDEOH SRZHU
OLPLWV
PXOWLVWHS FKDUDFWHULVWLF IRU VWHDG\VWDWH DQG
G\QDPLF VWDELOLW\ OLPLWV RSWLRQDOO\ KLJKVSHHG RU KLJKDFFXUDF\ SRZHU
PHDVXUHPHQW
GHWHFWLRQ RI WKH H[FLWDWLRQ YROWDJH E\ PHDVXUH
PHQW RU E\ LQSXW RI WKH XQGHUYROWDJH FULWHULRQ
9ROWDJH SURWHFWLRQ FDOFXODWLRQ RI SRZHU IURP SRVLWLYH VHTXHQFH FRP

SRQHQWV
FDOFXODWLRQ IURP SRVLWLYH VHTXHQFH FRPSRQHQWV
KLJKO\ VHQVLWLYH DFWLYH SRZHU PHDVXUHPHQW
WZRVWDJH RYHUYROWDJH PHDVXUHPHQW
KLJK PHDVXUHPHQW DFFXUDF\ DQG DQJOH HUURU
VHSDUDWH XQGHUYROWDJH PHDVXUHPHQW FRPSHQVDWLRQ
GHWHFWLRQ RI VPDOO PRWRULQJ SRZHUV HYHQ ZLWK

6WDWRU HDUWK IDXOW SURWHFWLRQ 8! VPDOO SRZHU IDFWRU FRV j
FDOFXODWLRQ RI WKH GLVSODFHPHQW YROWDJH 8 IURP LQVHQVLWLYH WR SRZHU VZLQJV
WKH VXP RI WKH IXQGDPHQWDO ZDYHV RI WKH WKUHH
SKDVHWRHDUWK YROWDJHV ]HUR VHTXHQFH YROW VKRUW WLPH VWDJH ZLWK VWRS YDOYH WULSSHG
DJH
LQGHSHQGHQW ORQJWLPH VWDJH
FDQ EH EORFNHG RQ WULSSLQJ RI WKH YROWDJH WUDQV
IRUPHU VHFRQGDU\ PLQLDWXUH FLUFXLW EUHDNHU
SURWHFWLYH UDQJH WR RI WKH VWDWRU ZLQG
LQJV IRU PDFKLQHV LQ EORFN FRQQHFWLRQ HYDOXDWLRQ RI QHJDWLYH VHTXHQFH FRPSRQHQW RI
FXUUHQWV
)UHTXHQF\ PHDVXUHPHQW LQVHQVLWLYH WR IUHTXHQF\ IOXFWXDWLRQV
VXSHUYLVLRQ RI XQGHUIUHTXHQF\ I DQGRU RYHU DODUP VWDJH ZKHQ D VHW XQEDODQFHG ORDG LV H[
IUHTXHQF\ I! ZLWK IRXU LQGLYLGXDOO\ DGMXVWDEOH FHHGHG
IUHTXHQF\ OLPLWV
WKHUPDO UHSOLFD IRU URWRU WHPSHUDWXUH ULVH ZLWK DG
KLJKDFFXUDF\ PHDVXUHPHQW E\ WZRVWHS MXVWDEOH KHDWLQJXS WLPH FRQVWDQW
PHWKRG RI FDOFXODWLRQ
ZLWK WKHUPDO DODUP DQG WULS VWDJH
LQVHQVLWLYH WR KDUPRQLFV DQG SKDVH MXPSV
KLJKVSHHG WULS VWDJH IRU ODUJH XQEDODQFHG
DGMXVWDEOH XQGHUYROWDJH ORFN RXW ORDGV
&*&
80 9 ,QWURGXFWLRQ
2YHUFXUUHQW WLPH SURWHFWLRQ &RXSOLQJ RI H[WHUQDO ELQDU\ VLJQDOV
WZRVWDJH ,! DQG ,!! ZLWK VHSDUDWH WLPH GHOD\V IRU SURFHVVLQJ RU UHWUDQVPLWWLQJ RI H[WHUQDO VLJ
QDOV RU FRPPDQGV
FXUUHQW PHDVXUHPHQW VHSDUDWH LQ HDFK SKDVH
FRQQHFWLRQ WR VLJQDO UHOD\V /('V DQG YLD VHULDO
XQGHUYROWDJH VHDOLQ IRU V\QFKURQRXV PDFKLQHV LQWHUIDFH WR ORFDOL]HG VXEVWDWLRQ FRQWURO DQG PRQL
WKH H[FLWDWLRQ YROWDJH RI ZKLFK LV GHULYHG IURP WKH WRULQJ IDFLOLW\ HJ /6$
PDFKLQH WHUPLQDOV
&RXSOLQJ RI H[WHUQDO WULS VLJQDOV

FRPELQLQJ XS WR H[WHUQDOV VLJQDO LQWR WKH DQQXQ
KLJKO\ VHQVLWLYH HDUWK FXUUHQW GHWHFWLRQ FDQ EH FLDWLRQ SURFHVVLQJ
XVHG IRU VWDWRU HDUWK IDXOW RU URWRU HDUWK IDXOW GHWHF
WLRQ WULSSLQJ E\ XS WR H[WHUQDO VLJQDOV YLD WKH LQWH
JUDWHG WULS PDWUL[
PHDVXUHG FLUFXLW PRQLWRULQJ ZKHQ XVHG IRU URWRU
HDUWK IDXOW SURWHFWLRQ WLPH GHOD\ SRVVLEOH
6WDWRU RYHUORDG SURWHFWLRQ ,QWHJUDWHG WULSSLQJ PDWUL[
WUXH UPV PHDVXUHPHQW IRU HDFK SKDVH ZLWK WULS UHOD\V HDFK ZLWK 12 FRQWDFWV IRU XS
WR SURWHFWLRQ FRPPDQGV
DGMXVWDEOH DODUP DQG WULS VWDJHV
LQSXW RI FRROLQJ PHGLXP RU DPELHQW WHPSHUDWXUH ,QWHJUDWHG WULS WHVW

SRVVLEOH ZLWK H[WHUQDO WHPSHUDWXUH VHQVRU
LQLWLDWLRQ RI OLYH WULSSLQJ E\ WKH RSHUDWRU SDQHO RU
,QGLFDWLRQ RI FRROLQJ PHGLXP WHPSHUDWXUH DQG YLD WKH RSHUDWLQJ LQWHUIDFH
FDOFXODWHG WRWDO WHPSHUDWXUH SRVVLEOH
,QWHJUDWHG WULS FLUFXLW VXSHUYLVLRQ
GHWHFWLRQ RI LQWHUUXSWLRQV VKRUW FLUFXLWV DQG

YROWDJH IDLOXUH IRU WZR WULSSLQJ FLUFXLWV
&*&
80 9 'HVLJQ
'HVLJQ
$UUDQJHPHQWV
$OO SURWHFWLRQ IXQFWLRQV LQFOXGLQJ GFGF FRQYHUWHU 804 4&444 LQ KRXVLQJ ;3 IRU
DUH DFFRPPRGDWHG RQ WZR SOXJLQ PRGXOHV RI SDQHO IOXVK PRXQWLQJ RU 804 4(444 IRU
'RXEOH (XURSD )RUPDW 7KHVH PRGXOHV DUH LQVWDOOHG FXELFOH LQVWDOODWLRQ
LQ D KRXVLQJ ;3 7ZR GLIIHUHQW W\SHV RI KRXVLQJV
FDQ EH GHOLYHUHG 7KH KRXVLQJ KDV IXOO VKHHWPHWDO FRYHUV DV ZHOO
DV D UHPRYDEOH IURQW FRYHU ZLWK WUDQVSDUHQW SODV
804 4'444 LQ KRXVLQJ ;3 IRU WLF ZLQGRZ IRU SDQHO PRXQWLQJ
SDQHO VXUIDFH PRXQWLQJ
3ODVWLF JXLGH UDLOV DUH EXLOW LQ IRU WKH VXSSRUW RI
7KH KRXVLQJ KDV IXOO VKHHWPHWDO FRYHUV DV ZHOO SOXJLQ PRGXOHV 1H[W WR WKH JXLGH UDLO DW WKH ERW
DV D UHPRYDEOH IURQW FRYHU ZLWK WUDQVSDUHQW SODV WRP RQ WKH OHIWKDQG VLGH RI HDFK PRGXOH D FRQ
WLF ZLQGRZ WDFW DUHD ZKLFK LV HOHFWULFDOO\ FRQQHFWHG WR WKH
KRXVLQJ LV LQVWDOOHG WR PDWH ZLWK WKH HDUWKLQJ
3ODVWLF JXLGH UDLOV DUH EXLOW LQ IRU WKH VXSSRUW RI VSULQJ RI WKH PRGXOH &RQQHFWLRQ WR HDUWK LV PDGH
SOXJLQ PRGXOHV 1H[W WR WKH JXLGH UDLO DW WKH ERW EHIRUH WKH SOXJV PDNH FRQWDFW (DUWKLQJ VFUHZV
WRP RQ WKH OHIWKDQG VLGH RI HDFK PRGXOH D FRQ KDYH EHHQ SURYLGHG RQ WKH UHDU ZDOO RI WKH KRXV
WDFW DUHD ZKLFK LV HOHFWULFDOO\ FRQQHFWHG WR WKH LQJ
KRXVLQJ LV LQVWDOOHG WR PDWH ZLWK WKH HDUWKLQJ
VSULQJ RI WKH PRGXOH &RQQHFWLRQ WR HDUWK LV PDGH $OO H[WHUQDO VLJQDOV DUH FRQQHFWHG WR FRQQHFWRU
EHIRUH WKH SOXJV PDNH FRQWDFW (DUWKLQJ VFUHZV PRGXOHV ZKLFK DUH PRXQWHG RQ WKH UHDU FRYHU
KDYH EHHQ SURYLGHG RQ WKH OHIW KDQG VLGH RI WKH RYHU FXWRXWV )RU HDFK HOHFWULFDO FRQQHFWLRQ
KRXVLQJ $GGLWLRQDOO\ WHUPLQDO LV FRQQHFWHG WR RQH VFUHZHG WHUPLQDO DQG RQH SDUDOOHO VQDSLQ
WKH FDVH WHUPLQDO DUH SURYLGHG )RU ILHOG ZLULQJ WKH XVH RI
WKH VFUHZHG WHUPLQDOV LV UHFRPPHQGHG VQDSLQ
$OO H[WHUQDO VLJQDOV DUH FRQQHFWHG WR VFUHZHG FRQQHFWLRQ UHTXLUHV VSHFLDO WRROV
WHUPLQDOV ZKLFK DUH DUUDQJHG RYHU FXWRXWV RQ
WKH WRS DQG ERWWRP FRYHUV 7KH WHUPLQDOV DUH 7KH KHDY\ GXW\ FXUUHQW SOXJ FRQQHFWRUV SURYLGH
QXPEHUHG FRQVHFXWLYHO\ IURP OHIW WR ULJKW DW WKH DXWRPDWLF VKRUWLQJ RI WKH FW FLUFXLWV ZKHQHYHU
ERWWRP DQG WRS WKH PRGXOHV DUH ZLWKGUDZQ 7KLV GRHV QRW UHOHDVH
IURP WKH FDUH WR EH WDNHQ ZKHQ FW VHFRQGDU\ FLU
7KH KHDY\ GXW\ FXUUHQW SOXJ FRQQHFWRUV SURYLGH FXLWV DUH FRQFHUQHG
DXWRPDWLF VKRUWLQJ RI WKH FW FLUFXLWV ZKHQHYHU
WKH PRGXOHV DUH ZLWKGUDZQ 7KLV GRHV QRW UHOHDVH 7KH LVRODWHG LQWHUIDFH WR D FHQWUDO FRQWURO DQG VWRU
IURP WKH FDUH WR EH WDNHQ ZKHQ FW VHFRQGDU\ FLU DJH XQLW 804444444% LV OHG WR D
FXLWV DUH FRQFHUQHG SROH FRQQHFWLRQ PRGXOH ,Q WKH LQWHUIDFH IRU
RSWLFDO ILEUH FRQQHFWLRQ 804444444&
)RU WKH LVRODWHG LQWHUIDFH WR D FHQWUDO FRQWURO DQG D PRGXOH ZLWK )60$ FRQQHFWRUV LV SURYLGHG
VWRUDJH XQLW DQ DGGLWLRQDO FRXSOLQJ IDFLOLW\ KDV LQVWHDG
EHHQ SURYLGHG )RU WKH KDUGZLUHG 9
56& VHULDO LQWHUIDFH 80444444 7KH SOXJ PRGXOHV DUH ODEHOOHG DFFRUGLQJ WR WKHLU
4% VFUHZHG WHUPLQDOV DUH SURYLGHG )RU WKH LQ PRXQWLQJ SRVLWLRQ E\ PHDQV RI D JULG V\VWHP HJ
WHUIDFH IRU RSWLFDO ILEUH FRQQHFWLRQ PRGHO $ 7KH LQGLYLGXDO FRQQHFWLRQV ZLWKLQ D PRGXOH
804444444& WZR )60$ FRQQHFWRUV DUH QXPEHUHG FRQVHFXWLYHO\ IURP OHIW WR ULJKW
KDYH EHHQ SURYLGHG ZKHQ YLHZHG IURP WKH UHDU HJ $ UHIHU WR
)LJXUH
7KH GHJUHH RI SURWHFWLRQ IRU WKH KRXVLQJ LV ,3
IRU WKH WHUPLQDOV ,3 )RU GLPHQVLRQV SOHDVH UH 'HJUHH RI SURWHFWLRQ IRU WKH KRXVLQJ LV ,3 IRU
IHU WR )LJXUH FXELFOH LQVWDOODWLRQ ,3 IRU WKH WHUPLQDOV ,3
)RU GLPHQVLRQV SOHDVH UHIHU WR )LJXUH
&*&
80 9 'HVLJQ
' & % $

' & % $

9ROWDJH FRQQHFWRU +HDY\ FXUUHQW FRQQHFWRU

HJ % HJ $
$
KRUL]RQWDO SRVLWLRQ
YHUWLFDO SRVLWLRQ
FRQVHFXWLYH FRQQHFWLRQ QXPEHU

% $
)LJXUH &RQQHFWLRQ SOXJV UHDU YLHZ KRXVLQJ IRU IOXVK PRXQWLQJ H[DPSOH
&*&
80 9 'HVLJQ
'LPHQVLRQV
)LJXUHV DQG VKRZ WKH GLPHQVLRQV RI WKH YDULRXV W\SHV RI KRXVLQJV DYDLODEOH
80 +RXVLQJ IRU SDQHO VXUIDFH PRXQWLQJ ;3

,QWHUIDFH IRU RSWLFDO

ILEUH EHORZ 5HVHW DQG SDJ
LQJ EXWWRQV

(DUWKLQJ WHUPLQDO
0D[ WHUPLQDOV IRU FURVVVHFWLRQ PD[ PP

2SWLFDO ILEUH FRQQHFWRUV
LQWHJUDWHG ) 60$ FRQQHFWRU
ZLWK FHUDPLF SRVW
HJ IRU JODVV ILEUH XP
'LPHQVLRQV LQ PP
)LJXUH 'LPHQVLRQV IRU KRXVLQJ ;3 IRU SDQHO VXUIDFH PRXQWLQJ
&*&
80 9 'HVLJQ
80 +RXVLQJ IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ ;3

0RXQWLQJ SODWH

' & % $
5HVHW DQG SDJLQJ

EXWWRQV &RQQHFWRU PRGXOHV

+HDY\ FXUUHQW FRQQHFWRUV

6FUHZHG WHUPLQDO IRU PD[ PP
7ZLQ VSULQJ FULPS FRQQHFWRU LQ SDUDOOHO IRU
RU 0 PD[ PP
)XUWKHU FRQQHFWRUV
PD[ PP

2SWLFDO ILEUH FRQQHFWRUV

3DQHO FXWRXW LQWHJUDWHG )60$ FRQQHFWRU
ZLWK FHUDPLF SRVW
HJ IRU JODVV ILEUH XP

'LPHQVLRQV LQ PP

)LJXUH 'LPHQVLRQV IRU KRXVLQJ ;3 IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ
&*&
80 9 'HVLJQ
2UGHULQJ GDWD

1XPHULFDO 0DFKLQH 3URWHFWLRQ
80 % %
5DWHG FXUUHQW UDWHG IUHTXHQF\
$ +]
$ +]
$X[LOLDU\ YROWDJH
9 GF
9 GF
9 GF
&RQVWUXFWLRQ
LQ KRXVLQJ ;3 IRU SDQHO VXUIDFH PRXQWLQJ '
LQ KRXVLQJ ;3 IRU SDQHO IOXVK PRXQWLQJ &
LQ KRXVLQJ ;3 IRUFXELFOH LQVWDOODWLRQ

ZLWKRXW JODVV IURQW (
6HULDO LQWHUIDFH IRU FRXSOLQJ WR D FRQWURO FHQWUH
LVRODWHG VHULDO LQWHUIDFH VLPLODU 9 RU 56 & %
VHULDO LQWHUIDFH IRU RSWLFDO ILEUH FRQQHFWLRQ &
&*&
80 9 'HVLJQ
$FFHVVRULHV
7KH LVRODWLQJ DPSOLILHU IRU WKH JDOYDQLFDOO\ LVRODWHG LQ XQLW W\SH ;5 $ LV VXLWDEOH IRU FRXSOLQJ
SXW RI WKH GF H[FLWDWLRQ YROWDJH LV GHVLJQHG IRU D RI WKH URWRU FLUFXLW ELDV YROWDJH 7KLV FRXSOLQJ XQLW
YROWDJH UDQJH RI WR 9 $ VXLWDEOH RKPLF YROWDJH FRQWDLQV WZR FRXSOLQJ FDSDFLWRUV N) N) WRJHWK
GLYLGHU RU LV UHTXLUHG IRU PDWFKLQJ WR WKH HU ZLWK WZR SURWHFWLYH UHVLVWRUV DV ZHOO DV D ILOWHU
XVXDO H[FLWDWLRQ YROWDJHV )RU H[DPSOH YROWDJH GL FKRNH ZKLFK PD\ EH XVHG LQ FDVH RI KLJK ULSSOH FRQ
YLGHU 33 %= LV VXLWDEOH IRU WKLV WHQW LQ WKH H[FLWDWLRQ YROWDJH 7KLV XQLW SURYLGHV DOVR
SXUSRVH )RU FLUFXLW VFKHPDWLF SOHDVH UHIHU WR )LJXUH WKH FRQQHFWLRQ EHWZHHQ WKH SURWHFWLRQ GHYLFH DQG
IRU GLPHQVLRQV )LJXUH WKH URWRU FLUFXLW 5HIHU WR )LJXUH IRU VFKHPDWLF FLU
FXLW GLDJUDP 7KH GLPHQVLRQV RI D SDQHO VXUIDFH
:KHQ WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ LV PRXWHG KRXVLQJ LV VKRZQ LQ )LJXUH WKH IOXVK
XVHG IRU URWRU HDUWK IDXOW SURWHFWLRQ WKH FRXSOLQJ PRXQWHG KRXVLQJ LQ )LJXUH
8 8 8

)LJXUH 6FKHPDWLF RI YROWDJH GLYLGHU 33%=
$XIEDX*HK XVH 685)$&( 02817,1* &$6(

(LQEDX*HK XVH )/86+ 02817,1* &$6(
$
%
%
$
%
$ %
9 $& % ELV 9 $&

9 $&
$
ELV 9 $&
ELV 9 $& 9 $&
$ 9 $& 9 $& %
EHL ELV 9 $& ]ZLVFKHQ $ XQG $

$7 WR 9 $& %(7:((1 $ $1' $
EHL 9 $& ]ZLVFKHQ $ XQG $
$7 9 $& %(7:((1 $ $1' $
)LJXUH 6FKHPDWLF GLDJUDP RI FRXSOLQJ XQLW ;5 $
&*&
80 9 'HVLJQ
'ULSSURRI URRI
6SDFH UHTXLUHG IRU

UHPRYLQJ WKH FRYHU
&RYHU
33 GHJUHH RI SURWHFWLRQ ,3 ZLWK GULSSURRI URRI ,3 'LPHQVLRQV LQ PP
7\SH D E F G H I J K L N O P ]
33 [
33 [
)LJXUH 'LPHQVLRQV 33

33 IRU YROWDJH GLYLGHU 33%=
&*&
80 9 'HVLJQ

% $
6LGH YLHZ
&RQQHFWRU PRGXOHV 5HDU YLHZ
z RU 0

'LPHQVLRQV LQ PP

'LPHQVLRQV RQ WKH
PRXQWLQJ SODWH
%LOG 'LPHQVLRQV FRXSOLQJ XQLW ;5%$ IRU SDQHO VXUIDFH PRXQWLQJ
&*&
80 9 'HVLJQ

0RXQWLQJ SODWH
% $

&RQQHFWRU PRGXOHV

+HDY\ FXUUHQW FRQQHFWRUV

RU 0 6FUHZHG WHUPLQDO IRU PD[ PP
PD[ PP
PD[ WRUTXH EDOXH 1P

)XUWKHU FRQQHFWRUV

6FKDOWWDIHODXVVFKQLWW
3DQHO FXWRXW 7ZLQ VSULQJ FULPS FRQQHFWRU LQ SDUDOOHO IRU
PD[ PP
PD[ WRUTXH YDOXH 1P

'LPHQVLRQV LQ PP

%LOG 'LPHQVLRQV FRXSOLQJ XQLW ;5&$ IRU SDQHO IOXVK PRXQWLQJ
&*&
80 9 7HFKQLFDO GDWD
7HFKQLFDO GDWD
*HQHUDO GDWD
,QSXWVRXWSXWV
0HDVXULQJ FLUFXLWV
5DWHG FXUUHQW ,1 $ RU $
5DWHG YROWDJH 81 9 WR 9 VHOHFWDEOH
5DWHG IUHTXHQF\ I1 +] RU +] VHOHFWDEOH
([FLWDWLRQ YROWDJH LQSXW 9 GF WR 9 GF

IRU H[FLWDWLRQ YROWDJH PRQLWRULQJ IURP H[WHUQDO YROWDJH GLYLGHU
&RROLQJ PHGLXP WHPSHUDWXUH LQSXW 9 GF RU 9 GF WR 9 GF VHOHFWDEOH

IRU SURFHVVLQJ RI FRROLQJ PHGLXP WHPSHUDWXUH YLD H[WHUQDO PHDVXUHPHQW WUDQVGXFHU
%XUGHQ FW FLUFXLWV SHU SKDVH DW ,1 $ { 9$

DW ,1 $ { 9$
%XUGHQ YW FLUFXLWV DW 9 { 9$
,QSXW UHVLVWDQFH RI GF YROWDJH LQSXWV DSSUR[ 08
2YHUORDG FDSDELOLW\ FW FLUFXLWV

WKHUPDO UPV l,1 IRU VHFRQG
l,1 IRU VHFRQGV
l,1 FRQWLQXRXV
G\QDPLF LPSXOVH l,1 KDOI F\FOH
2YHUORDG FDSDELOLW\ IRU KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ LQSXW

WKHUPDO UPV $ IRU { V
$ IRU { V
$ FRQWLQXRXV
2YHUORDG FDSDELOLW\ YW FLUFXLWV

WKHUPDO UPV 9 FRQWLQXRXV
2YHUORDG FDSDELOLW\ H[FLWDWLRQ YROWDJH

DQG WHPSHUDWXUH LQSXWV
WKHUPDO 9 GF FRQWLQXRXV
$X[LOLDU\ '& VXSSO\
$X[LOLDU\ GF YROWDJH VXSSO\ YLD LQWHJUDWHG GFGF FRQYHUWHU
$X[LOLDU\ YROWDJH 8+ 9 GF 9 GF 9 GF
2SHUDWLQJ UDQJHV WR 9 GF WR 9 GF WR 9 GF
6XSHULPSRVHG DF YROWDJH { DW UDWHG YROWDJH

SHDN WRSHDN { DW WKH OLPLWV RI WKH YROWDJH UDQJHV
3RZHU FRQVXPSWLRQ TXLHVFHQW DSSUR[ :

SLFNHGXS DSSUR[ :
%ULGJLQJ WLPH GXULQJ IDLOXUHVKRUW FLUFXLW
RI DX[LOLDU\ GF YROWDJH | PV DW 8 | 9 GF
&*&
80 9 7HFKQLFDO GDWD
+HDY\ GXW\ WULS FRQWDFWV
7ULS UHOD\V QXPEHU

&RQWDFWV SHU UHOD\ [ 12 [ 12
6ZLWFKLQJ FDSDFLW\ 0$.( :9$

%5($. :9$
6ZLWFKLQJ YROWDJH 9
3HUPLVVLEOH FXUUHQW $ FRQWLQXRXV
$ IRU V
6LJQDO FRQWDFWV
6LJQDO UHOD\V QXPEHU SOXV GHYLFH IDXOW

&RQWDFWV SHU UHOD\ &2 RU 12
6ZLWFKLQJ FDSDFLW\ 0$.(%5($. :9$
6ZLWFKLQJ YROWDJH 9
3HUPLVVLEOH FXUUHQW $
%LQDU\ LQSXWV QXPEHU
9ROWDJH UDQJH WR 9 GF DV GHOLYHUHG

3LFN XS YDOXH UHFRQQHFWDEOH E\ VROGHU EULGJHV LQ UDQJHV
IRU UDWHG FRQWURO YROWDJH 9GF 9GF
3LFN XS YDOXH DSSUR[ 9GF 9GF
&XUUHQW FRQVXPSWLRQ DSSUR[ P$ LQGHSHQGHQW RI RSHUDWLQJ YROWDJH
6HULDO LQWHUIDFHV
2SHUDWRU WHUPLQDO LQWHUIDFH QRQLVRODWHG

&RQQHFWLRQ DW WKH IURQW SROH VXEPLQLDWXUH FRQQHFWRU
DFFRUGLQJ ,62 IRU FRQQHFWLRQ RI D SHUVRQDO
FRPSXWHU RU VLPLODU
7UDQVPLVVLRQ VSHHG DV GHOLYHUHG %DXG
PLQ %DXG PD[ %DXG
,QWHUIDFH IRU GDWD WUDQVIHU WR D FRQWURO FHQWUH
6WDQGDUGV VLPLODU 99 WR &&,77 56 & WR (,$

3URWRFRO WR 9'(:=9(, RU DFFRUGLQJ ',1
7UDQVPLVVLRQ VSHHG DV GHOLYHUHG %DXG
PLQ %DXG PD[ %DXG
7UDQVPLVVLRQ VHFXULW\ +DPPLQJ GLVWDQFH G
&RQQHFWLRQ GLUHFWO\ DW KRXVLQJ WHUPLQDOV
FRUH SDLUV ZLWK LQGLYLGXDO DQG FRPPRQ VFUHHQLQJ
HJ /, <&<&< [ [ PP
7UDQVPLVVLRQ GLVWDQFH PD[ P
7HVW YROWDJH N9 +]
&RQQHFWLRQ RSWLFDO ILEUH LQWHJUDWHG )60$ FRQQHFWRU IRU GLUHFW RSWLFDO ILEUH
FRQQHFWLRQ ZLWK FHUDPLF SRVW
HJ JODVV ILEUH NP
IRU IOXVK PRXQWHG KRXVLQJ DW WKH UHDU
IRU VXUIDFH PRXQWHG KRXVLQJ RQ WKH ERWWRP FRYHU
2SWLFDO ZDYH OHQJWK QP
3HUPLVVLEOH OLQH DWWHQXDWLRQ PD[ G%
7UDQVPLVVLRQ GLVWDQFH PD[ NP
1RUPDO VLJQDO SRVLWLRQ UHFRQQHFWDEOH IDFWRU\ VHWWLQJ lOLJKW RIIl
&*&
80 9 7HFKQLFDO GDWD
(OHFWULFDO WHVWV
,QVXODWLRQ WHVWV
6WDQGDUGV ,(&
+LJK YROWDJH WHVW URXWLQH WHVW N9 UPV +]

H[FHSW GF YROWDJH VXSSO\ LQSXW
+LJK YROWDJH WHVW URXWLQH WHVW N9 GF

RQO\ GF YROWDJH VXSSO\ LQSXW
,PSXOVH YROWDJH WHVW W\SH WHVW N9 SHDN NV - SRVLWLYH
DOO FLUFXLWV FODVV ,,, DQG QHJDWLYH VKRWV DW LQWHUYDOV RI V
(0& WHVWV LPPXQLW\ W\SH WHVWV
6WDQGDUGV ,(& ,(& SURGXFW VWDQGDUGV

(1 JHQHULF VWDQGDUG
9'( SDUW
+LJK IUHTXHQF\ N9 SHDN 0+] U NV VKRWVV

,(& FODVV ,,, GXUDWLRQ V
(OHFWURVWDWLF GLVFKDUJH N9 N9 FRQWDFW GLVFKDUJH N9 DLU GLVFKDUJH

,(& FODVV ,,, ERWK SRODULWLHV S) 5L
8
DQG ,(& FODVV ,,,
5DGLRIUHTXHQF\ HOHFWURPDJQHWLF ILHOG 9P 0+] WR 0+]

QRQPRGXODWHG ,(& UHSRUW FODVV ,,,
5DGLRIUHTXHQF\ HOHFWURPDJQHWLF ILHOG 9P 0+] WR 0+] $0 N+]
DPSOLWXGH PRGXODWHG ,(& FODVV ,,,
5DGLRIUHTXHQF\ HOHFWURPDJQHWLF ILHOG SXOVH 9P 0+] UHSHWLWLRQ IUHTXHQF\ +]
PRGXODWHG ,(& (19 FODVV ,,, GXW\ F\FOH
)DVW WUDQVLHQWV

,(& DQG ,(& FODVV ,,, N9 QV N+] EXUVW OHQJWK PV
UHSHWLWLRQ UDWH PV ERWK SRODULWLHV 5 L
8
GXUDWLRQ PLQ
&RQGXFWHG GLVWXUEDQFHV LQGXFHG E\

UDGLRIUHTXHQF\ ILHOGV DPSOLWXGH PRGXODWHG 9 N+] WR 0+] $0 N+]
,(& FODVV ,,,
3RZHU IUHTXHQF\ PDJQHWLF ILHOG

,(& FODVV ,9 $P FRQWLQXRXV $P IRU V +]
,(& P7 +]
(0& WHVWV HPLVVLRQ W\SH WHVWV
6WDQGDUG (1 4 JHQHULF VWDQGDUG
&RQGXFWHG LQWHUIHUHQFH YROWDJH DX[ YROWDJH N+] WR 0+]

&,635 (1 FODVV %
,QWHUIHUHQFH ILHOG VWUHQJWK 0+] WR 0+]
&,635 (1 FODVV $
&*&
80 9 7HFKQLFDO GDWD
0HFKDQLFDO VWUHVV WHVWV
9LEUDWLRQ DQG VKRFN GXULQJ RSHUDWLRQ
6WDQGDUGV ,(&

DQG ,(&
9LEUDWLRQ VLQXVRLGDO

,(& FODVV +] WR +] PP DPSOLWXGH
,(& +] WR +] J DFFHOHUDWLRQ
VZHHS UDWH RFWDYHPLQ
F\FOHV LQ RUWKRJRQDO D[HV
6KRFN KDOI VLQH

,(& FODVV DFFHOHUDWLRQ J GXUDWLRQ PV VKRFNV LQ
HDFK GLUHFWLRQ RI RUWKRJRQDO D[HV
6HLVPLF YLEUDWLRQ VLQXVRLGDO

,(& FODVV +] WR +] PP DPSOLWXGH KRU D[LV
,(& +] WR +] PP DPSOLWXGH YHUW D[LV
+] WR +] J DFFHOHUDWLRQ KRU D[LV
+] WR +] J DFFHOHUDWLRQ YHUW D[LV
F\FOH LQ RUWKRJRQDO D[HV
9LEUDWLRQ DQG VKRFN GXULQJ WUDQVSRUW
6WDQGDUGV ,(&

DQG ,(&
9LEUDWLRQ VLQXVRLGDO

,(& FODVV +] WR +] PP DPSOLWXGH
,(& +] WR +] J DFFHOHUDWLRQ
F\FOHV LQ RUWKRJRQDO D[HV
6KRFN KDOI VLQH

,(& FODVV DFFHOHUDWLRQ J GXUDWLRQ PV VKRFNV LQ
,(& HDFK GLUHFWLRQ RI RUWKRJRQDO D[HV
&RQWLQXRXV VKRFN KDOI VLQH

,(& FODVV DFFHOHUDWLRQ J GXUDWLRQ PV VKRFNV
,(& HDFK GLUHFWLRQ RI RUWKRJRQDO D[HV
&OLPDWLF VWUHVV WHVWV
UHFRPPHQGHG WHPSHUDWXUH GXULQJ VHUYLFH & WR & ! & GHFUHDVHG
SHUPLVVLEOH WHPSHUDWXUH GXULQJ VHUYLFH & WR & GLVSOD\ FRQWUDVW
SHUPLVVLEOH WHPSHUDWXUH GXULQJ VWRUDJH & WR &

SHUPLVVLEOH WHPSHUDWXUH GXULQJ WUDQVSRUW & WR &
6WRUDJH DQG WUDQVSRUW ZLWK VWDQGDUG ZRUNV SDFNDJLQJ
&*&
80 9 7HFKQLFDO GDWD
3HUPLVVLEOH KXPLGLW\ PHDQ YDOXH SHU \HDU { UHODWLYH KXPLGLW\

RQ GD\V SHU \HDU UHODWLYH KXPLGLW\
&RQGHQVDWLRQ QRW SHUPLVVLEOH
:H UHFRPPHQG WKDW DOO XQLWV DUH LQVWDOOHG VXFK WKDW WKH\ DUH QRW VXEMHFWHG WR GLUHFW VXQOLJKW QRU WR ODUJH WHP
SHUDWXUH IOXFWXDWLRQV ZKLFK PD\ JLYH ULVH WR FRQGHQVDWLRQ
6HUYLFH FRQGLWLRQV
7KH UHOD\ LV GHVLJQHG IRU XVH LQ LQGXVWULDO HQYLURQ QRUPDOO\ QHFHVVDU\ IRU VXEVWDWLRQV RI ORZHU YROW
PHQW IRU LQVWDOODWLRQ LQ VWDQGDUG UHOD\ URRPV DQG DJHV
FRPSDUWPHQWV VR WKDW ZLWK SURSHU LQVWDOODWLRQ HOHF
WUR PDJQHWLF FRPSDWLELOLW\ (0& LV HQVXUHG ,W LV QRW SHUPLVVLEOH WR ZLWKGUDZ RU LQVHUW LQGLYLGXDO
7KH IROORZLQJ VKRXOG DOVR EH KHHGHG PRGXOHV XQGHU YROWDJH ,Q WKH ZLWKGUDZQ FRQGL
WLRQ VRPH FRPSRQHQWV DUH HOHFWURVWDWLFDOO\ HQ
$OO FRQWDFWRUV DQG UHOD\V ZKLFK RSHUDWH LQ WKH GDQJHUHG GXULQJ KDQGOLQJ WKH VWDQGDUGV IRU HOHF
VDPH FXELFOH RU RQ WKH VDPH UHOD\ SDQHO DV WKH WURVWDWLFDOO\ HQGDQJHUHG FRPSRQHQWV PXVW EH
GLJLWDO SURWHFWLRQ HTXLSPHQW VKRXOG DV D UXOH EH REVHUYHG 7KH PRGXOHV DUH QRW HQGDQJHUHG
ILWWHG ZLWK VXLWDEOH VSLNH TXHQFKLQJ HOHPHQWV ZKHQ SOXJJHG LQ
$OO H[WHUQDO FRQQHFWLRQ OHDGV LQ VXEVWDWLRQV :$51,1* 7KH UHOD\ LV QRW GHVLJQHG IRU XVH LQ UHVL
IURP N9 XSZDUGV VKRXOG EH VFUHHQHG ZLWK D GHQWLDO FRPPHUFLDO RU OLJKW LQGXVWULDO HQYLURQPHQW
VFUHHQ FDSDEOH RI FDUU\LQJ SRZHU FXUUHQWV DQG DV GHILQHG LQ (1
HDUWKHG DW ERWK VLGHV 1R VSHFLDO PHDVXUHV DUH
'HVLJQ
+RXVLQJ ;3 UHIHU WR 6HFWLRQ
'LPHQVLRQV UHIHU WR 6HFWLRQ
:HLJKW
LQ KRXVLQJ IRU VXUIDFH PRXQWLQJ DSSUR[ NJ
LQ KRXVLQJ IRU IOXVK PRXQWLQJ DSSUR[ NJ
'HJUHH RI SURWHFWLRQ DFF WR (1

+RXVLQJ ,3
7HUPLQDOV ,3
,3 IRU FXELFOH LQVWDOODWLRQ WKH GHJUHH RI SURWHFWLRQ UHTXLUHG IRU WKH SRLQW RI LQVWDOODWLRQ PXVW EH HQVXUHG E\ WKH FXELFOH
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
&RQGXFWDQFH VHFWLRQV M M M WR VWHSV
$QJOH RI LQFOLQDWLRQ B B B E WR E VWHSV E
7LPH GHOD\V 7 7 7 V WR V VWHSV V RU *
5HVHW GHOD\ 7U V WR V VWHSV V
8QGHUYROWDJH ORFN RXW 9 IL[HG
([FLWDWLRQ YROWDJH 9 WR 9 VWHSV 9

YLD H[WHUQDO XSVWUHDP YROWDJH GLYLGHU
3LFN XS WLPHV

6WDWRU FULWHULRQ M B { PV DW I1
5RWRU FULWHULRQ 8H[F { PV
8QGHUYROWDJH ORFN RXW 8 { PV
5HVHW WLPHV
6WDWRU FULWHULRQ M B { PV
5HVHW K\VWHUHVLV
6WDWRU FULWHULRQ M B DSSUR[
8QGHUYROWDJH VHDOLQ 8 DSSUR[
5RWRU FULWHULRQ 8H[F DSSUR[ RU 9
2XWSXW RI FDOFXODWHG SROH DQJOH J E WR E
7ROHUDQFHV
6WDWRU FULWHULRQ M RI VHW YDOXH

6WDWRU FULWHULRQ B E HOHFWULFDO
5RWRU FULWHULRQ 8H[F RI VHW YDOXH
8QGHUYROWDJH ORFN RXW
7LPH GHOD\V 7 EXW PLQ PV
,QIOXHQFH YDULDEOHV
$X[LOLDU\ GF YROWDJH

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
LQ UDQJH E& { JDPE { E& { .
)UHTXHQF\
LQ UDQJH I1 WR I1 {
&*&
80 9 7HFKQLFDO GDWD
9ROWDJH SURWHFWLRQ
6HWWLQJ UDQJHVVWHSV
2YHUYROWDJH 8! 9 WR 9 VWHSV 9
2YHUYROWDJH 8# 9 WR 9 VWHSV 9
7LPH GHOD\V 78! 78# V WR V VWHSV V RU *
8QGHUYROWDJH 8 9 WR 9 VWHSV 9
7LPH GHOD\ 78 V WR V VWHSV V RU *
5HVHW GHOD\V 7U V WR V VWHSV V
3LFN XS WLPHV

2YHUYROWDJH 8! 8# DSSUR[ PV
8QGHUYROWDJH 8 DSSUR[ PV
5HVHW WLPHV
2YHUYROWDJH 8! 8# DSSUR[ PV
8QGHUYROWDJH 8 DSSUR[ PV
5HVHW UDWLRV
2YHUYROWDJH 8! 8# DSSUR[
8QGHUYROWDJH 8 DSSUR[
7ROHUDQFHV
9ROWDJH OLPLW YDOXHV RI VHW YDOXH RU 9

,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
)UHTXHQF\
LQ UDQJH I1 WR I1 {
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
'LVSODFHPHQW YROWDJH 8! 9 WR 9 VWHSV 9
7LPH GHOD\V 7 V WR V VWHSV V RU *
'URSRII WLPH 7U V WR V VWHSV V
3LFN XS WLPHV

'LVSODFHPHQW YROWDJH 8! DSSUR[ PV
'URSRII WLPH { PV
'URSRII UDWLR DSSUR[
7ROHUDQFHV
'LVSODFHPHQW YROWDJH 8! RI VHW YDOXH
,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
)UHTXHQF\
LQ UDQJH { II1 { {
LQ UDQJH { I+] { {
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
2YHUIUHTXHQF\ I! +] WR +] VWHSV +]
8QGHUIUHTXHQF\ I +] WR +] VWHSV +]
1XPEHU RI UHSHDWHG PHDVXUHPHQWV WR VWHSV

DF SHULRGV SHU PHDVXUHPHQW
8QGHUYROWDJH ORFN RXW 8 IRU I! I 9 WR 9 VWHSV 9
3LFN XS WLPHV
)UHTXHQF\ I! I GHSHQGHQW RQ IUHTXHQF\ DQG QXPEHU RI UH

SHDWHG PHDVXUHPHQWV
DSSUR[ PV SOXV
HJ PV ZLWK PHDVXUHPHQWV DW +]
5HVHW WLPHV GHSHQGHQW RQ IUHTXHQF\ DQG QXPEHU RI UH

SHDWHG PHDVXUHPHQWV
DSSUR[ PV SOXV
HJ PV ZLWK PHDVXUHPHQWV DW +]
5HVHW GLIIHUHQFH

]SLFN XS YDOXH UHVHW YDOXH] P+]
5HVHW UDWLR XQGHUYROWDJH ORFN RXW 8 DSSUR[
7ROHUDQFHV
)UHTXHQF\ I I I I P+] DW I I1

8QGHUYROWDJH ORFN RXW 8 RI VHW YDOXH
,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
)UHTXHQF\
LQ UDQJH +] WR +] {
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
)RUZDUG SRZHU 3I WR 61 VWHSV 61
)RUZDUG SRZHU 3I! WR 61 VWHSV 61
7LPH GHOD\V 73I 73I! V WR V VWHSV V RU *
'URSRII GHOD\V V WR V VWHSV V
3LFN XS WLPHV

DFWLYH SRZHU 3I 3I! { PV DW +] ZLWK KLJKDFFXUDF\
{ PV DW +] PHDVXUHPHQW
{ PV DW +] ZLWK KLJKVSHHG
5HVHW WLPHV
DFWLYH SRZHU 3I 3I! { PV DW +] ZLWK KLJKDFFXUDF\
{ PV DW +] ZLWK KLJKVSHHG
'URSRII UDWLRVUHVHW K\VWHUHVLV

DFWLYH SRZHU 3I DSSUR[ RU 61
DFWLYH SRZHU 3I! DSSUR[ RU 61
7ROHUDQFHV
DFWLYH SRZHU 3I 3I! 61 p RI VHW YDOXH ZLWK KLJKDFFXUDF\
PHDVXUHPHQW
61 p RI VHW YDOXH ZLWK KLJKVSHHG
PHDVXUHPHQW
DW 4 61
61UDWHG DSSDUHQW SRZHU
4UHDFWLYH SRZHU
WLPH GHOD\V 7 EXW PLQ PV
,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
)UHTXHQF\
LQ UDQJH I1 WR I1 {
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
5HYHUVH SRZHU ]3U]! WR VWHSV
7LPH GHOD\V 7 7 V WR V VWHSV V RU *

VWRS YDOYH QRUPDO VWDWH WULSSHG
'URSRII GHOD\ 7U V WR V VWHSV V
3LFN XS WLPHV

5HYHUVH SRZHU ]3U]! { PV DW +]
{ PV DW +]
'URSRII WLPHV { PV DW +]

5HYHUVH SRZHU ]3U]! { PV DW +]
'URSRII UDWLR DSSUR[
7ROHUDQFHV
5HYHUVH SRZHU ]3U]! 61 p RI VHW YDOXH

DW 4 61
61UDWHG DSSDUHQW SRZHU
4 UHDFWLYH SRZHU
,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
)UHTXHQF\
LQ UDQJH I1 WR I1 {
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
3HUPLVVLEOH XQEDODQFHG ORDG ,!,1 WR VWHSV
7KHUPDO WLPH FRQVWDQW U V WR V VWHSV V
7KHUPDO ZDUQLQJ VWDJH 3ZDUQ3WULS WR VWHSV
7ULSSLQJ VWDJH GHILQLWH WLPH ,!!,1 WR VWHSV
7LPH GHOD\V 7,! 7,!! V WR V VWHSV V RU *
'URSRII GHOD\V 7U V WR V VWHSV V
7ULS FKDUDFWHULVWLFV RI WKH WKHUPDO UHSOLFD , ,SHUP

W U k OQ
UHIHU DOVR WR )LJXUH , ,SHUP
IRU { ,,SHUP { DQG ,,1 { W WULSSLQJ WLPH

U WKHUPDO WLPH FRQVWDQW
, 1HJDWLYH VHTXHQFH FXUUHQW
,SHUP FRQWLQXRXVO\ SHUPLVVLEOH QHJDWLYH
VHTXHQFH FXUUHQW
3LFN XS WLPHV

:DUQLQJ VWDJH ,! WULSSLQJ VWDJH ,# { PV
'URSRII WLPHV
:DUQLQJ VWDJH ,! WULSSLQJ VWDJH ,# { PV
'URSRII UDWLRV
:DUQLQJ VWDJH ,! WULSSLQJ VWDJH ,# DSSUR[
33WULS GURSRII DW 3ZDUQ
33ZDUQ DSSUR[
7ROHUDQFHV
WKHUPDO UHSOLFD UHIHUUHG WR , FODVV DFF ,(&

WR SLFN XS YDOXHV ,! ,# RI VHW YDOXH
WR VWDJH WLPHV EXW PLQ PV
,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
LQ UDQJH & { JDPE { & { .
)UHTXHQF\
LQ UDQJH { II1 { {
&*&
80 9 7HFKQLFDO GDWD
WV

3DUDPHWHU
WLPH FRQVWDQW UV

V

V

V

V

V

,,SHUP
, ,SHUP
W U k OQ IRU ,,1 {
, ,SHUP
)LJXUH 7ULS FKDUDFWHULVWLFV RI WKH WKHUPDO XQEDODQFHG ORDG SURWHFWLRQ VWDJH
&*&
80 9 7HFKQLFDO GDWD
2YHUFXUUHQW WLPH SURWHFWLRQ DQG KLJKO\ VHQVLWLYH HDUWK FXUUHQW SUR
WHFWLRQ
6HWWLQJ UDQJHVVWHSV
2YHUFXUUHQW SLFN XS ,! SKDVHV ,,1 WR VWHSV
2YHUFXUUHQW SLFN XS ,(! HDUWK P$ WR P$ VWHSV P$
2YHUFXUUHQW SLFN XS ,!! SKDVHV ,,1 WR VWHSV
'HOD\ WLPHV 7 IRU ,! ,!! DQG ,(! V WR V VWHSV V RU *
5HVHW GHOD\ 7U V WR V VWHSV V
8QGHUYROWDJH VHDOLQ SKDVHWRSKDVH 9 WR 9 VWHSV 9
8QGHUYROWDJH VHDOLQ GXUDWLRQ V WR V VWHSV V
3LFN XS WLPHV
,! ,!! ,(!

DW | [ VHWWLQJ YDOXH DSSUR[ PV
5HVHW WLPHV { PV
5HVHW UDWLRV
RYHUFXUUHQW SKDVHV ,! ,!! DSSUR[
RYHUFXUUHQW HDUWK ,(! DSSUR[
XQGHUYROWDJH 8 DSSUR[
7ROHUDQFHV
3LFN XS YDOXHV ,! ,!! SKDVHV RI VHWWLQJ YDOXH

3LFN XS YDOXHV ,(! KLJKO\ VHQVLWLYLW\
HDUWK FXUUHQW SURWHFWLRQ RI VHWWLQJ YDOXH
8QGHUYROWDJH RI VHWWLQJ YDOXH
'HOD\ WLPHV 7 RI VHWWLQJ YDOXH RU PV
,QIOXHQFH YDULDEOHV
$X[LOLDU\ YROWDJH LQ UDQJH

{ 8+8+1 { {
7HPSHUDWXUH LQ UDQJH
E& { JDPE { E& { .
)UHTXHQF\ LQ UDQJH
{ II1 { {
&*&
80 9 7HFKQLFDO GDWD
6HWWLQJ UDQJHVVWHSV
)DFWRU N DFFRUGLQJ WR ,(& WR VWHSV
7KHUPDO WLPH FRQVWDQW UWK V WR V VWHSV V
7KHUPDO ZDUQLQJ VWDJH 3ZDUQ3WULS WR UHIHUUHG WR WULS WHPSHUDWXUH ULVH

VWHSV
5DWHG WHPSHUDWXUH ULVH E& WR E& VWHSV E&
&RROLQJ PHGLXP WHPSHUDWXUH GF YROWDJH LQSXW 9 GF WR 9 GF RU 9 GF WR 9 GF VHOHFWDEOH
)LQDO FRROLQJ PHGLXP WHPSHUDWXUH E& WR E& VWHSV E&
7ULS WLPH FKDUDFWHULVWLF , N ,1 , SUH N ,1

W UWK OQ
, N ,1
LQ WKH UDQJH ,Nk,1 W WULS WLPH

WULSSLQJ WLPHV GR QRW UWK WLPH FRQVWDQW
GHFUHDVH DERYH ,Nk,1 ! , ORDG FXUUHQW
,SUH SUHORDG FXUUHQW
N IDFWRU DFFRUGLQJ WR ,(&
UHIHU DOVR )LJXUHV DQG
5HVHW UDWLRV
33WULS UHVHW DW 3ZDUQ
33ZDUQ DSSUR[
7ROHUDQFHV
UHIHUULQJ WR Ni ,1 DW W* FODVV DFF WR ,(&

UHIHUULQJ WR WULS WLPH FODVV DFF WR ,(& ZLWK WKH IROORZLQJ PXOWLSOHV
, Nk,1 PXOWLSOH WROHUDQFH LQ
WR
! WR
! WR
GF YROWDJH SURSRUW WR DPELHQW WHPSHUDWXUH RI IXOOVFDOH YDOXH
,QIOXHQFH YDULDEOHV UHIHUUHG WR Ni,1
$X[LOLDU\ GF YROWDJH LQ UDQJH

{ 8+8+1 { {
7HPSHUDWXUH LQ UDQJH
& { JDPE { & { .
)UHTXHQF\ LQ UDQJH
{ II1 { {
&*&
80 9 7HFKQLFDO GDWD
WV WV

3DUDPHWHU 3DUDPHWHU

VHW YDOXH VHW YDOXH
WLPH FRQVWDQW UV WLPH FRQVWDQW UV

, Nk,1 , Nk,1
, N , 1 , N ,1 , SUH N ,1
W U OQ U OQ
, N , 1 W
, N ,1
)LJXUH 7ULS WLPH FKDUDFWHULVWLF )LJXUH 7ULS WLPH FKDUDFWHULVWLF
RI RYHUORDG SURWHFWLRQ RI RYHUORDG SURWHFWLRQ
ZLWKRXW SUHORDG ZLWK SUHORDG
&*&
80 9 7HFKQLFDO GDWD
$QFLOODU\ IXQFWLRQV
([WHUQDO WULS FRPPDQGV YLD ELQDU\ LQSXW
6HWWLQJ UDQJHVVWHSV
7LPH GHOD\V 7 V WR V VWHSV V RU *
'URSRII GHOD\ 7U V WR V VWHSV V
7LPHV
RSHUDWLQJ WLPH GHSHQGHQW RQ IUHTXHQF\ DSSUR[ PV DW +] +]
'URSRII WLPHV GHSHQGHQW RQ IUHTXHQF\ DSSUR[ PV DW +] +]
7ROHUDQFH
7LPH GHOD\V 7 7U EXW PLQ PV
,QIOXHQFH YDULDEOHV

LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH
)UHTXHQF\
LQ UDQJH +] WR +] { PV
&*&
80 9 7HFKQLFDO GDWD
2XWSXW RI PHDVXUHG YDOXHV
2SHUDWLRQDO YDOXHV RI FXUUHQWV ,/ ,/ ,/

LQ N$ SULPDU\ DQG LQ ,1
0HDVXUHPHQW UDQJH WR ,1
7ROHUDQFH RI UDWHG YDOXH
3RVLWLYH VHTXHQFH FXUUHQW FRPSRQHQW ,SRV

0HDVXUHPHQW UDQJH WR ,1
8QEDODQFHG ORDG ,,1

0HDVXUHPHQW UDQJH WR
&DOFXODWHG WHPSHUDWXUH ULVH GXH WR

XQEDODQFHG ORDG , WKHUP
7ROHUDQFH UHIHUUHG WR 3WULS
2SHUDWLRQDO YROWDJH YDOXHV 8/ 1 8/ 1 8/ 1

LQ N9 SULPDU\ DQG LQ 9 VHFRQGDU\
0HDVXUHPHQW UDQJH WR 9
3RVLWLYH VHTXHQFH YROWDJH FRPSRQHQW c k 8SRV

'LVSODFHPHQW YROWDJH 8

(DUWK FXUUHQW ,(

0HDVXUHPHQW UDQJH P$ WR P$
7ROHUDQFH RU RI IXOOVFDOH YDOXH
([FLWDWLRQ YROWDJH 8H[F

0HDVXUHPHQW UDQJH WR 9 GF IURP XSVWUHDP YROWDJH GLYLGHU
7ROHUDQFH
2SHUDWLRQDO YDOXHV RI SRZHUV 3 4 DFWLYH DQG UHDFWLYH SRZHU

LQ 61 c 81 ,1
3RZHU IDFWRU FRV j

7ROHUDQFH
3RZHU DQJOH j
7ROHUDQFH
3ROH DQJOH R

0HDVXUHPHQW UDQJH E WR E
7ROHUDQFH E
&*&
80 9 7HFKQLFDO GDWD
)UHTXHQF\ I
0HDVXUHPHQW UDQJH +] WR +]
2YHUORDG SURWHFWLRQ PHDVXUHG YDOXHV

&DOFXODWHG WHPSHUDWXUH ULVH 33WULS
7ROHUDQFH UHIHUUHG WR 3WULS
&RROLQJ PHGLXP WHPSHUDWXUH 3DPE

0HDVXUHPHQW UDQJH E& WR ILQDO WHPSHUDWXUH DFFRUGLQJ WR WKH
VHWWLQJV
7ROHUDQFH
$OO LQGLFDWLRQV GLJLW GLVSOD\ WROHUDQFH
0HDVXUHG YDOXHV SODXVLELOLW\ FKHFNV
6XP RI FXUUHQWV SKDVHV
6WHDG\ VWDWH PHDVXUHG YDOXH VXSHUYLVLRQ
&XUUHQW XQEDODQFH ,PD[,PLQ ! V\PPHWU\ IDFWRU

DV ORQJ DV , ! ,OLPLW
9ROWDJH XQEDODQFH 8PD[8PLQ ! V\PPHWU\ IDFWRU

DV ORQJ DV 8 ! 8OLPLW
3KDVH VHTXHQFH FORFNZLVH SKDVH URWDWLRQ
)DXOW HYHQW GDWD VWRUDJH
6WRUDJH RI DQQXQFLDWLRQV RI WKH IRXU ODVW IDXOW HYHQWV WKUHH RI ZKLFK FDQ EH UHDG RXW ORFDOO\
5HDO WLPH FORFN
5HVROXWLRQ IRU RSHUDWLRQDO DQQXQFLDWLRQV PLQ

5HVROXWLRQ IRU IDXOW HYHQW DQQXQFLDWLRQV PV
0D[ WLPH GHYLDWLRQ
%XIIHU EDWWHU\ /LWKLXP%DWWHU\ 9 $K 7\SH &5 $$
6HOIGLVFKDUJH WLPH ! \HDUV
&*&
80 9 7HFKQLFDO GDWD
'DWD VWRUDJH IRU IDXOW UHFRUGLQJ RSWLRQDOO\ LQVWDQWDQHRXV YDOXHV RU UPV YDOXHV
,QVWDQWDQHRXV YDOXHV
6WRUDJH SHULRG SLFN XS RU WULS FRPPDQG PV PD[ V VHOHFWDEOH SUHWULJJHU DQG SRVW IDXOW WLPH
6DPSOLQJ UDWH LQVWDQWDQHRXV YDOXH SHU PV DW +]

LQVWDQWDQHRXV YDOXH SHU PV DW +]
SKDVH FXUUHQWV L/ L/ L/

HDUWK FXUUHQW L(
SKDVH YROWDJHV X/ 1 X/ 1 X/ 1
([FLWDWLRQ YROWDJH 8H[F
UPV YDOXHV
6WRUDJH SHULRG PD[ V VHOHFWDEOH SUHWULJJHU DQG SRVW IDXOW WLPH
6DPSOLQJ UDWH UPV YDOXH SHU PV DW +]

UPV YDOXH SHU PV DW +]
SKDVH FXUUHQWV ,/ ,/ ,/

HDUWK FXUUHQW ,(
SRVLWLYH VHTXHQFH FRPSRQHQW RI FXUUHQWV ,SRV

SRVLWLYH VHTXHQFH FRPSRQHQW RI SKDVH YROWDJHV
ck8SRV
SKDVH DQJOH j
IUHTXHQF\ GHYLDWLRQ I I1
&*&
80 9 7HFKQLFDO GDWD
2SHUDWLQJ UDQJHV RI WKH SURWHFWLRQ IXQFWLRQV
2SHUDW FRQG 2SHUDWLQJ FRQGLWLRQ 2SHUDW FRQG

3URWHFWLRQ IXQFWLRQ I { +] {I+]{ {I+]{ I | +]
8QGHUH[FLWDWLRQ SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
8QGHUYROWDJH SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
2YHUYROWDJH SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
6WDWRU HDUWK IDXOW SURWHFWLRQ 8! LQDFWLYH DFWLYH DFWLYH LQDFWLYH
8QGHUIUHTXHQF\ SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
2YHUIUHTXHQF\ SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
)RUZDUG DFWLYH SRZHU VXSHUYLVLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
5HYHUVH SRZHU SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
VWHSSHG FKDUDFWHULVWLF LQDFWLYH DFWLYH DFWLYH LQDFWLYH
8QEDODQFHG ORDG SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
WKHUPDO UHSOLFD
2YHUFXUUHQW WLPH SURWHFWLRQ ,! ,!! LQDFWLYH DFWLYH DFWLYH LQDFWLYH
6HQVLWLYH HDUWK FXUUHQW SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
6WDWRU RYHUORDG SURWHFWLRQ LQDFWLYH DFWLYH DFWLYH LQDFWLYH
([WHUQDO WULS FRPPDQGV DFWLYH DFWLYH DFWLYH DFWLYH
YROWDJHV DUH PHDVXUHG WRR VPDOO EHORZ +] LQSXW VDWXUDWLRQ

SLFN XS ZKHQ DOUHDG\ SUHVHQW LV PDLQWDLQHG
QR H[DFW IUHTXHQF\ PHDVXUHPHQW SRVVLEOH EXW SLFN XS LV HQVXUHG GXH WR XQGHUIUHTXHQF\
QR H[DFW IUHTXHQF\ PHDVXUHPHQW SRVVLEOH EXW SLFN XS ZKHQ SUHVHQW LV UHVHW
QR H[DFW IUHTXHQF\ PHDVXUHPHQW SRVVLEOH EXW SLFN XS ZKHQ SUHVHQW LV UHVHW
QR H[DFW IUHTXHQF\ PHDVXUHPHQW SRVVLEOH EXW SLFN XS LV HQVXUHG GXH WR RYHUIUHTXHQF\
WKHUPDO UHSOLFD UHJLVWHUV FRROLQJGRZQ
)LJXUH 2SHUDWLQJ UDQJHV RI WKH SURWHFWLRQ IXQFWLRQV
&*&
80 9 0HWKRG RI RSHUDWLRQ
0HWKRG RI RSHUDWLRQ
2SHUDWLRQ RI FRPSOHWH XQLW
7KH QXPHULFDO PDFKLQH SURWHFWLRQ 80 LV PHDVXUHPHQW WUDQVIRUPHUV RI WKH VZLWFKJHDU DQG
HTXLSSHG ZLWK D SRZHUIXO DQG SURYHQ ELW PLFUR PDWFK WKHP WR WKH LQWHUQDO SURFHVVLQJ OHYHO RI WKH
SURFHVVRU 7KLV SURYLGHV IXOO\ GLJLWDO SURFHVVLQJ RI DOO XQLW $SDUW IURP WKH JDOYDQLF DQG ORZ FDSDFLWLYH LVR
IXQFWLRQV IURP GDWD DFTXLVLWLRQ RI PHDVXUHG YDOXHV ODWLRQ SURYLGHG E\ WKH LQSXW WUDQVIRUPHUV ILOWHUV DUH
WR WKH WULS VLJQDOV IRU WKH FLUFXLW EUHDNHUV SURYLGHG IRU WKH VXSSUHVVLRQ RI LQWHUIHUHQFH 7KH ILO
WHUV KDYH EHHQ RSWLPL]HG ZLWK UHJDUG WR EDQGZLGWK
)LJXUH VKRZV WKH EDVH VWUXFWXUH RI WKH XQLW DQG SURFHVVLQJ VSHHG WR VXLW WKH PHDVXUHG YDOXH
SURFHVVLQJ 7KH PDWFKHG DQDORJ YDOXHV DUH WKHQ
7KH WUDQVGXFHUV RI WKH PHDVXUHG YDOXH LQSXW VHFWLRQ SDVVHG WR WKH DQDORJ LQSXW VHFWLRQ $(
0( WUDQVIRUP WKH FXUUHQWV DQG YROWDJHV IURP WKH
1 / / / 0( $(
¬ /&' GLVSOD\
[
FKDUDFWHUV
5HDG\
)DXOW
)DXOW
8H[F
VLJQDOV
FDQ EH
PDUVKDOOHG
N&
/('
FDQ EH PDUVKDOOHG
R.
/('
5HVHW WULS
&: FRPPDQGV
5 FDQ EH
2SHUDWRU SDQHO PDUVKDOOHG
)
'$ *
06 -< 1 (
,VRODWHG
VHULDO &RQWURO
LQWHUIDFH FHQWUH
ELQDU\
LQSXWV
6HULDO 3HUVRQDO
LQWHUIDFH FRPSXWHU
3RZHU VXSSO\
)LJXUH +DUGZDUHVWUXFWXUH RI PDFKLQH SURWHFWLRQ UHOD\ 80
&*&
7KH H[FLWDWLRQ YROWDJH FDQ EH IHG WR WKH XQLW YLD D YROW ,I QR VXLWDEOH DF PHDVXUHG YDOXHV DUH SUHVHQW RU LI
DJH GLYLGHU 9LD D GF YROWDJH WUDQVIRUPHU D JDOYDQL WKH IUHTXHQF\ LV EHORZ +] RU DERYH +] WKH
FDOO\ LVRODWHG YDOXH LV SURGXFHG ZKLFK LV SURSRUWLRQ UHOD\ FDQQRW RSHUDWH UHIHU WR 6HFWLRQ
DO WR WKH H[FLWDWLRQ YROWDJH DQG ZKLFK LV DOVR SDVVHG
WR WKH DQDORJ LQSXW VHFWLRQ $( )XUWKHUPRUH IRU WKH %LQDU\ LQSXWV DQG RXWSXWV WR DQG IURP WKH SURFHVVRU
VWDWRU RYHUORDG SURWHFWLRQ WKH FRROLQJ PHGLXP WHP DUH FKDQQHOOHG YLD WKH LQSXWRXWSXW HOHPHQWV )URP
SHUDWXUH FDQ EH FRQQHFWHG WR WKH XQLW DV D WHPSHUD WKHVH WKH SURFHVVRU UHFHLYHV LQIRUPDWLRQ IURP WKH
WXUHSURSRUWLRQDO YROWDJH 7KLV LV DOVR JDOYDQLFDOO\ VZLWFKJHDU HJ UHPRWH UHVHWWLQJ RU IURP RWKHU
LVRODWHG DQG WKHQ SDVVHG WR WKH $( HTXLSPHQW HJ EORFNLQJ VLJQDOV 2XWSXWV LQFOXGH
LQ SDUWLFXODU WULS FRPPDQGV WR WKH FLUFXLW EUHDNHUV
7KH DQDORJ LQSXW VHFWLRQ $( FRQWDLQV LQSXW DPSOLIL VLJQDOV IRU UHPRWH VLJQDOOLQJ RI LPSRUWDQW HYHQWV DQG
HUV VDPSOH DQG KROG HOHPHQWV IRU HDFK LQSXW DQD FRQGLWLRQV DV ZHOO DV YLVXDO LQGLFDWRUV /('V DQG DQ
ORJWRGLJLWDO FRQYHUWHUV DQG PHPRU\ FLUFXLWV IRU DOSKDQXPHULFDO GLVSOD\ RQ WKH IURQW
WKH GDWD WUDQVIHU WR WKH PLFURSURFHVVRU
$Q LQWHJUDWHG PHPEUDQH NH\ERDUG LQ FRQQHFWLRQ
$SDUW IURP FRQWURO DQG VXSHUYLVLRQ RI WKH PHDVXUHG ZLWK D EXLOW LQ DOSKDQXPHULFDO /&' GLVSOD\ HQDEOHV
YDOXHV WKH PLFURSURFHVVRU SURFHVVHV WKH DFWXDO FRPPXQLFDWLRQ ZLWK WKH XQLW $OO RSHUDWLRQDO GDWD
SURWHFWLYH IXQFWLRQV 7KHVH LQFOXGH LQ SDUWLFXODU VXFK DV VHWWLQJ YDOXHV SODQW GDWD HWF DUH HQWHUHG
LQWR WKH SURWHFWLRQ IURP WKLV SDQHO UHIHU WR 6HFWLRQ
ILOWHULQJ DQG IRUPDWLRQ RI WKH PHDVXUHG TXDQWLWLHV 8VLQJ WKLV SDQHO WKH SDUDPHWHUV FDQ EH UH
FDOFXODWLRQ RI WKH SRVLWLYH VHTXHQFH FRPSRQHQWV FDOOHG DQG WKH UHOHYDQW GDWD IRU WKH HYDOXDWLRQ RI D
RI FXUUHQWV DQG YROWDJHV WKH QHJDWLYH VHTXHQFH IDXOW FDQ EH UHDG RXW DIWHU D IDXOW KDV RFFXUUHG UHIHU
FXUUHQW IRU XQEDODQFHG ORDG GHWHFWLRQ DQG WKH WR 6HFWLRQ 7KH GLDORJ ZLWK WKH UHOD\ FDQ EH FDU
]HUR VHTXHQFH YROWDJH ULHG RXW DOWHUQDWLYHO\ YLD WKH VHULDO LQWHUIDFH LQ WKH
IURQW SODWH E\ PHDQV RI DQ RSHUDWRU SDQHO RU D SHU
GHWHUPLQDWLRQ RI WKH DFWLYH DQG UHDFWLYH FRPSR VRQDO FRPSXWHU
QHQWV RI SRZHU
FDOFXODWLRQ RI UPV YDOXHV IRU RYHUORDG PHDVXUH 9LD D VHFRQG VHULDO LQWHUIDFH IDXOW GDWD FDQ EH WUDQV
PHQW DQG VFDQQLQJ RI WKH WKHUPDO UHSOLFD PLWWHG WR D FHQWUDO HYDOXDWLRQ XQLW 'XULQJ KHDOWK\ RS
VFDQQLQJ RI YDOXHV IRU WKH WKHUPDO UHSOLFD RI URWRU HUDWLRQ PHDVXUHG YDOXHV FDQ DOVR EH WUDQVPLWWHG
VXUIDFH HJ ORDG FXUUHQWV 7KLV VHFRQG LQWHUIDFH LV LVRODWHG
DQG WKXV VDWLVILHV WKH UHTXLUHPHQWV IRU H[WHUQDO VLJ
IUHTXHQF\ PHDVXUHPHQW
QDOV LH LVRODWLRQ DQG LQWHUIHUHQFH VXSSUHVVLRQ
FRQWLQXRXV FDOFXODWLRQ RI WKH YDOXHV ZKLFK DUH FRPSO\ ZLWK WKH UHTXLUHPHQWV DFFRUGLQJ WR ,(&
UHOHYDQW IRU IDXOW GHWHFWLRQ DQG 9'( SDUW
VFDQQLQJ RI OLPLW YDOXHV DQG WLPH VHTXHQFHV
GHFLVLRQ DERXW WULS FRPPDQGV &RPPXQLFDWLRQ YLD WKLV LQWHUIDFH LV DOWHUQDWLYHO\ SRV
VLEOH E\ PHDQV RI ILEUH RSWLF OLQNV SURYLGHG WKLV LQWHU
VWRUDJH DQG LVVXH RI PHVVDJHV DQG IDXOW HYHQW IDFH LV DFFRUGLQJO\ RUGHUHG UHIHU WR 6HFWLRQ 2U
GDWD IRU IDXOW DQDO\VLV GHULQJ GDWD
7KH IUHTXHQF\ RI WKH PHDVXUHG TXDQWLWLHV LV FRQWLQX $ SRZHU VXSSO\ XQLW SURYLGHV WKH DX[LOLDU\ VXSSO\ RQ
RXVO\ PHDVXUHG DQG XVHG LQ DQ LQWHJUDWHG IROORZ WKH YDULRXV YROWDJH OHYHOV WR WKH GHVFULEHG IXQFWLRQDO
XS FLUFXLW WKLV HQVXUHV WKDW WKH SURWHFWLRQ IXQFWLRQV XQLWV 9 LV XVHG IRU WKH UHOD\ RXWSXWV 7KH DQDORJ
DUH DOZD\V SURFHVVHG ZLWK DOJRULWKPV PDWFKHG WR LQSXW UHTXLUHV 9 ZKHUHDV WKH SURFHVVRU DQG LWV
WKH DFWXDO IUHTXHQF\ 7KXV D ZLGH IUHTXHQF\ UDQJH LPPHGLDWH SHULSKHUDOV DUH VXSSOLHG ZLWK 9 7UDQ
IURP +] WR +] LV VSHFLILHG ZLWK VPDOO IUHTXHQF\ VLHQW IDLOXUHV LQ WKH VXSSO\ YROWDJH XS WR PV
LQIOXHQFH ,Q JHQHUDO SURFHVVLQJ LV HYHQ SRVVLEOH ZKLFK PD\ RFFXU GXULQJ VKRUW FLUFXLWV LQ WKH GF
IURP DSSUR[ +] RQ EXW ZLWK UHVSHFWLYHO\ VORZHU VXSSO\ V\VWHP RI WKH SODQW DUH EULGJHG E\ D GF YROW
VSHHG DJH VWRUDJH HOHPHQW UDWHG DX[LOLDU\ YROWDJH |
9
7KH IUHTXHQF\ IROORZ XS FLUFXLW FDQ KRZHYHU RSHU
DWH RQO\ ZKHQ DW OHDVW RQH DF PHDVXUHG TXDQWLW\ LV 7KH SURWHFWLYH IXQFWLRQV DUH GHVFULEHG LQ GHWDLO LQ WKH
SUHVHQW DW RQH RI WKH WKH DQDORJ LQSXWV ZLWK DQ DP IROORZLQJ VHFWLRQV (DFK IXQFWLRQ FDQ EH LQGLYLGXDOO\
SOLWXGH RI DW OHDVW RI UDWHG YDOXH RSHUDWLRQDO DFWLYDWHG RU UHQGHUHG LQRSHUDWLYH $V HDFK IXQFWLRQ
FRQGLWLRQ LV UHDOL]HG E\ LWV RZQ DXWRQRPRXV ILUPZDUH PXWXDO
LQWHUIHUHQFH LV H[FOXGHG
&*&

7KH XQGHUH[FLWDWLRQ SURWHFWLRQ SURWHFWV D V\QFKUR WHFWHG HYHQ GXULQJ DV\PPHWULFDO IDXOWV ZLWKLQ RU RXW
QRXV PDFKLQH IURP DV\QFKURQRXV RSHUDWLRQ LQ WKH VLGH RI WKH PDFKLQH
HYHQW RI D PDOIXQFWLRQ LQ WKH H[FLWDWLRQ V\VWHP DQG
IURP ORFDO RYHUKHDWLQJ RI WKH URWRU )XUWKHUPRUH LW )LJXUH VKRZV WKH ORDGLQJ GLDJUDP RI WKH V\Q
SUHYHQWV HQGDQJHULQJ RI WKH QHWZRUN VWDELOLW\ LQ WKH FKURQRXV PDFKLQH LQ WKH DGPLWWDQFH SODQH ,DFWLYH8
FDVH RI XQGHUH[FLWDWLRQ RI ODUJH V\QFKURQRXV PD ,UHDFWLYH8 ZLWK WKH VWHDG\VWDWH VWDELOLW\ OLPLW ZKLFK
FKLQHV LQWHUVHFWV WKH UHDFWLYH D[LV LQ FORVH SUR[LPLW\ WR ;G
UHFLSURFDO YDOXH RI WKH V\QFKURQRXV GLUHFW UHDF
,Q RUGHU WR GHWHFW XQGHUH[FLWDWLRQ WKH XQLW SUR WDQFH
FHVVHV DOO WKUHH SKDVH FXUUHQWV DQG DOO WKUHH YROW
DJHV WR IRUP WKH VWDWRU FLUFXLW FULWHULRQ ,W DOVR SUR 7KH XQGHUH[FLWDWLRQ SURWHFWLRQ VLPXODWHV WKH VWDELO
FHVVHV WKH H[FLWDWLRQ YROWDJH DQGRU WKH VLJQDO IURP LW\ FKDUDFWHULVWLF RI WKH PDFKLQH E\ PHDQV RI WZR
DQ H[WHUQDO H[FLWDWLRQ YROWDJH PRQLWRU WR IRUP WKH UR SDUWLDO FKDUDFWHULVWLFV DV VKRZQ LQ )LJXUH 7KH
WRU FLUFXLW FULWHULRQ FKDUDFWHULVWLFV RI WKH SDUWLDO FKDUDFWHULVWLFV DUH WKH
GLVWDQFHV IURP WKH RULJLQ l DQG l DV ZHOO DV WKH DV
)RU WKH VWDWRU FLUFXLW FULWHULRQ WKH DGPLWWDQFH LV FDO VRFLDWHG LQFOLQDWLRQ DQJOHV a DQG a
FXODWHG IURP WKH SRVLWLYH VHTXHQFH V\VWHP RI WKH
FXUUHQWV DQG YROWDJHV ,Q WKH DGPLWWDQFH SODQH WKH ,I WKH UHVXOWLQJ FKDUDFWHULVWLF la la LV H[FHHG
VWDELOLW\ OLPLW RI WKH PDFKLQH LV LQGHSHQGHQW RI WKH HG LQ )LJXUH WR WKH OHIW KDQG VLGH WKHQ DQ DODUP
YROWDJH WKXV WKH SURWHFWLRQ FKDUDFWHULVWLF FDQ EH RU D WULS VLJQDO LV LQLWLDWHG DIWHU D WLPH GHOD\ HJ
RSWLPDOO\ PDWFKHG WR WKH VWDELOLW\ FKDUDFWHULVWLF RI V 7KH WLPH GHOD\ LV QHFHVVDU\ LQ RUGHU WR DOORZ
WKH PDFKLQH %\ HYDOXDWLQJ WKH SRVLWLYH VHTXHQFH WLPH IRU WKH YROWDJH UHJXODWRU WR LQFUHDVH WKH H[FLWD
V\VWHP XQGHUH[FLWDWLRQ FRQGLWLRQV DUH UHOLDEO\ GH WLRQ YROWDJH
,D
8
,(1
81
,1
81
j1
J1
,U

8
;G
81 UDWHG YROWDJH ;G V\QFKURQRXV UHDFWDQFH

,1 UDWHG FXUUHQW 8 WHUPLQDO YROWDJH
,(1 UDWHG H[FLWDWLRQ FXUUHQW ,D DFWLYH FXUUHQW
J1 UDWHG SROH DQJOH ,U UHDFWLYH FXUUHQW
j1 UDWHG ORDG DQJOH
)LJXUH $GPLWWDQFH GLDJUDP RI WXUERJHQHUDWRUV
&*&
,D8
FKDUDFWHULVWLF
FKDUDFWHULVWLF
FKDUDFWHULVWLF
(8
a ,8
a a ,U
8
l
l
l
)LJXUH 6WDWRU FULWHULRQ SLFN XS FKDUDFWHULVWLF LQ DGPLWWDQFH GLDJUDP
8SRQ PDOIXQFWLRQ RI WKH YROWDJH UHJXODWRU RU IDLOXUH TXLUHG LQ WKLV FDVH

RI WKH H[FLWDWLRQ YROWDJH WKH PDFKLQH FDQ EH GLVFRQ
QHFWHG DIWHU D VKRUW WLPH GHOD\ HJ V )RU WKLV 7KH DGPLWWDQFH FDOFXODWLRQ UHTXLUHV D PLQLPXP
WKH H[FLWDWLRQ YROWDJH FDQ EH IHG LQWR WKH XQLW YLD D PHDVXUHPHQW YROWDJH 'XULQJ D VHYHUH FROODSVH
YROWDJH GLYLGHU DV WKH URWRU FULWHULRQ ,I WKH H[FLWDWLRQ VKRUW FLUFXLW RU IDLOXUH RI WKH VWDWRU YROWDJHV WKH
YROWDJH IDOOV EHORZ DQ DGMXVWDEOH PLQLPXP YDOXH SURWHFWLRQ LV WKHUHIRUH EORFNHG E\ DQ LQWHJUDWHG DF
WKHQ VKRUW WLPH WULSSLQJ LV LQLWLDWHG YROWDJH PRQLWRU 8 9
,QVWHDG RI RU LQ DGGLWLRQ WR WKH H[FLWDWLRQ YROWDJH :KHQ VHWWLQJ WKH PDFKLQH GDWD WKH UHFLSURFDO YDOXH
PHDVXUHPHQW WKH VLJQDO IURP DQ H[WHUQDO H[FLWDWLRQ RI WKH V\QFKURQRXV UHDFWDQFH ;T LV DOVR LQSXW LQWR
YROWDJH PRQLWRU FDQ EH IHG LQWR WKH XQLW YLD D ELQDU\ WKH XQLW 7KH XQLW XVHV WKLV YDOXH DV ZHOO DV VWDWRU FXU
LQSXW ,Q WKLV FDVH VKRUW WLPH WULSSLQJ LV DOVR LQLWL UHQW DQG YROWDJH IRU DQ DSSUR[LPDWH FDOFXODWLRQ RI
DWHG LI H[FLWDWLRQ YROWDJH IDLOXUH LV VLJQDOOHG WKH SROH DQJOH J 7KLV YDOXH LV DOVR DYDLODEOH DV DQ
RSHUDWLRQDO PHDVXUHG YDOXH UHIHU WR 6HFWLRQ
$ IXUWKHU FKDUDFWHULVWLF l a FDQ EH PDWFKHG WR WKH
G\QDPLF VWDELOLW\ FKDUDFWHULVWLF RI WKH V\QFKURQRXV )LJXUH LOOXVWUDWHV WKH ORJLF GLDJUDP RI WKH XQGHU
PDFKLQH 6LQFH VWDEOH RSHUDWLRQ LV LPSRVVLEOH LI WKLV H[FLWDWLRQ SURWHFWLRQ
FKDUDFWHULVWLF LV H[FHHGHG LPPHGLDWH WULSSLQJ LV UH
&*&
&*&
)LJXUH
80 9
FKDUDFWHULVWLFV
l
a
)
1
R

([F 7ULS
/RJLF GLDJUDP RI XQGHUH[FLWDWLRQ SURWHFWLRQ
|
M 7&K
B
75,3
%ORFN
)
1
R

!&KDU EON PDWUL[

FKDUDFWHULVWLFV
)
1
R

DQG ([F8 7ULS
)
1
R

8H[F IDLOXUH
8
76+57 8H
H
[F

|
)
1
R

8H[F IDLOXUH ! 8H[F IDLO

)
1
R

([F 8 EON
8
|
%ORFN
XQGHUH[FLWDWLRQ 75(6(7
SURWHFWLRQ
)
1
R

)
1
R

([FLWEORFNHG | ([F )DXOW

FKDUDFWHULVWLF
)
1
R

([F 7ULS
0HWKRG RI RSHUDWLRQ
M
B
7&K

%ORFN
FKDUDFWHULVWLF
%ORFNLQJ RI
)
1
R

!&KDU EON WULS VLJQDO

)
X
Q
FW
LR
Q
Q
X
P
E
H
U
$QQXQFLDWLRQ

8QGHUYROWDJH SURWHFWLRQ
7KH XQGHUYROWDJH SURWHFWLRQ GHWHFWV YROWDJH GURSV 7KH XQGHUYROWDJH SURWHFWLRQ LV VLQJOHVWDJH ,Q RU
LQ HOHFWULFDO PDFKLQHV DQG SUHYHQWV LPSHUPLVVLEOH GHU WR DYRLG PDOIXQFWLRQ RI WKH SURWHFWLRQ LQ WKH
RSHUDWLQJ FRQGLWLRQV DQG SRVVLEOH ORVV RI VWDELOLW\ HYHQW RI VHFRQGDU\ YROWDJH IDLOXUH LW FDQ EH EORFNHG
YLD D ELQDU\ LQSXW HJ E\ D YROWDJH WUDQVIRUPHU
)RU WKLV WKH IXQGDPHQWDO ZDYH RI WKH SRVLWLYH VH PFE
TXHQFH V\VWHP LV SDUDPRXQW 7KH SKDVH YROWDJHV
DUH ILOWHUHG E\ WKH SURWHFWLRQ )RXULHU DQDO\VLV DQG :KHQ WKH XQGHUYROWDJH SURWHFWLRQ KDV SLFNHG XS
RQO\ WKH IXQGDPHQWDO ZDYHV DUH HYDOXDWHG 2I WKHVH ZKLOH WKH UHOD\ FKDQJHV WR WKH RSHUDWLQJ FRQGLWLRQ
WKH SURWHFWLRQ RQO\ GHWHFWV WKH SRVLWLYH VHTXHQFH LH QR VXLWDEOH PHDVXUHG TXDQWLWLHV DUH SUHVHQW
V\VWHP 7KLV LV UHIHUUHG WR WKH UDWHG YROWDJH SKDVH SLFN XS ZLOO EH VHDOHG LQ 7KXV WULS LV HQVXUHG HYHQ
WRSKDVH DIWHU WKH YROWDJHV KDYH FRPSOHWHO\ FROODSVHG 7KLV
VHDOLQ FDQ EH FDQFHOOHG RQO\ DIWHU WKH YROWDJH KDV
,Q WKH HYHQW RI WZRSKDVH VKRUW FLUFXLWV RU HDUWK UHYHUWHG WR D YDOXH DERYH WKH XQGHUYROWDJH GURSRII
IDXOWV DV\PPHWULFDO YROWDJH GURSV ZLOO RFFXU ,Q FRQ YDOXH RU E\ DFWLYDWLQJ WKH EORFNLQJ LQSXW IRU XQGHUYRO
WUDVW WR WKUHH VLQJOHSKDVH PHDVXULQJ V\VWHPV WKH WDJH SURWHFWLRQ
PHDVXUHPHQW RI WKH SRVLWLYH VHTXHQFH V\VWHP LV QRW
LQIOXHQFHG E\ WKHVH HYHQWV DQG KDV DQ DGYDQWDJH LQ )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH XQGHUYRO
SDUWLFXODU ZKHQ FRQVLGHULQJ VWDELOLW\ SUREOHPV WDJH SURWHFWLRQ
)1R
8 IDXOW )1R 7ULS
8 WULS PDWUL[
8 78

%ORFN 8 )1R

75(6(7
8 EORFN
%ORFNLQJ RI
WULS VLJQDO
)XQFWLRQ QXPEHU
$QQXQFLDWLRQ
)LJXUH /RJLF GLDJUDP RI WKH XQGHUYROWDJH SURWHFWLRQ
&*&
2YHUYROWDJH SURWHFWLRQ
2YHUYROWDJH SURWHFWLRQ KDV WKH WDVN RI SURWHFWLQJ WKH 7KH RYHUYROWDJH SURWHFWLRQ LV RI WZRVWDJH GHVLJQ
HOHFWULFDO PDFKLQH DQG WKH DVVRFLDWHG HOHFWULFDO DQG HYDOXDWHV WKH SRVLWLYH VHTXHQFH FRPSRQHQW 8
SODQW FRQQHFWHG WR LW IURP WKH HIIHFWV RI LPSHUPLVVL RI WKH YROWDJHV $ ODUJH RYHUYROWDJH LQLWLDWHV D IDVW
EOH YROWDJH LQFUHDVHV WULS D VPDOO RYHUYROWDJH LQLWLDWHV D VORZ WULS 9ROWDJH
OLPLW YDOXHV DQG WLPH GHOD\V FDQ EH VHW LQGLYLGXDOO\
2YHUYROWDJHV FDQ EH FDXVHG E\ LQFRUUHFW PDQXDO IRU HDFK VWDJH
RSHUDWLRQ RI WKH H[FLWDWLRQ V\VWHP IDXOW\ RSHUDWLRQ
RI WKH DXWRPDWLF YROWDJH UHJXODWRU IXOO ORDG VKHG )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH RYHUYRO
GLQJ RI D JHQHUDWRU VHSDUDWLRQ RI WKH JHQHUDWRU IURP WDJH SURWHFWLRQ
WKH V\VWHP RU GXULQJ LVODQG RSHUDWLRQ
)1R )1R

8 !! IDXOW 8 !! 7ULS
8 # 78!! 7ULS
PDWUL[

)1R
8 ! IDXOW )1R
8 ! 7ULS
8 ! 78!

75(6(7
%ORFN 8! )1R

RY EON
)XQFWLRQ QXPEHU
$QQXQFLDWLRQ
%ORFNLQJ RI
WULS VLJQDO
)LJXUH /RJLF GLDJUDP RI WKH RYHUYROWDJH SURWHFWLRQ
&*&
7KH VWDWRU HDUWK IDXOW SURWHFWLRQ GHWHFWV HDUWK IDXOWV :KHQ RQH RU WZR SKDVH YROWDJHV IDLO WKHQ D GLV
LQ WKH VWDWRU ZLQGLQJV RI WKUHHSKDVH PDFKLQHV LQ SODFHPHQW YROWDJH ZLOO EH VLPXODWHG HLWKHU ,Q RUGHU
EORFN FRQQHFWLRQ YLD PDFKLQH WUDQVIRUPHU 7KH FUL WR SUHYHQW IURP HUURQHRXV RSHUDWLRQ FDXVHG E\ WKLV
WHULRQ IRU WKH RFFXUUHQFH RI DQ HDUWK IDXOW LV WKH RF ZURQJ ]HUR VHTXHQFH YROWDJH WKH UHOD\ LQFOXGHV D
FXUUHQFH RI D QHXWUDO GLVSODFHPHQW YROWDJH 7KLV EORFNLQJ LQSXW IRU VWDWRU HDUWK IDXOW SURWHFWLRQ ZKLFK
SULQFLSOH UHVXOWV LQ D SURWHFWHG ]RQH RI WR FDQ EH RSHUDWHG IRU H[DPSOH E\ DQ DX[LOLDU\ FRQ
RI WKH VWDWRU ZLQGLQJ WDFW RI WKH PLQLDWXUH FLUFXLW EUHDNHU RI WKH YROWDJH
WUDQVIRUPHU VHFRQGDU\ FLUFXLW
7KH DFKLHYHG VHQVLWLYLW\ RI WKH SURWHFWLRQ LV RQO\ OLP
LWHG E\ SRZHU IUHTXHQF\ LQWHUIHUHQFH YROWDJHV GXU $V LQ DOO NLQGV RI GLVSODFHPHQW YROWDJH IRUPDWLRQ WKH
LQJ DQ HDUWK IDXOW LQ WKH QHWZRUN 7KHVH LQWHUIHUHQFH FRPSRQHQWV RI WKH WKLUG KDUPRQLF LQ HDFK SKDVH DUH
YROWDJHV DUH WUDQVIHUUHG WR WKH PDFKLQH VLGH YLD WKH VXPPHG VLQFH WKH\ DUH LQ SKDVH LQ WKH WKUHHSKDVH
FRXSOLQJ FDSDFLWDQFHV RI WKH XQLW WUDQVIRUPHU ,I QHF V\VWHP ,Q RUGHU WR REWDLQ UHOLDEOH PHDVXUHG TXDQWL
HVVDU\ D ORDGLQJ UHVLVWRU FDQ EH SURYLGHG WR UHGXFH WLHV RQO\ WKH IXQGDPHQWDO RI WKH GLVSODFHPHQW YROW
WKHVH LQWHUIHUHQFH YROWDJHV 7KH SURWHFWLRQ LQLWLDWHV DJH LV HYDOXDWHG LQ WKH VWDWRU HDUWK IDXOW SURWHFWLRQ
GLVFRQQHFWLRQ RI WKH PDFKLQH ZKHQ DQ HDUWK IDXOW LQ +DUPRQLFV DUH ILOWHUHG RXW E\ QXPHULFDO ILOWHU DOJR
WKH SURWHFWHG ]RQH KDV EHHQ SUHVHQW IRU D VHW WLPH ULWKPV
7KH GLVSODFHPHQW YROWDJH 8 LV FDOFXODWHG IURP WKH )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH HDUWK IDXOW
VXP RI WKH WKUHH SKDVHWRHDUWK YROWDJHV DFFRUG SURWHFWLRQ
LQJ WR WKH HTXDWLRQ
]8/ 8/ 8/]c c k 8
LH UDWHG YROWDJH DW IXOO GLVSODFHPHQW
)1R )1R

8! )DXOW 8! 7ULS
8 78!
8 !
7ULS PDWUL[
7 5(6(7
%ORFN RI
%ORFN 8 )1R WULS VLJQDO
8! EORFNHG
)XQFWLRQ QXPEHU
$QQXQFLDWLRQV
)LJXUH /RJLF GLDJUDP RI WKH VWDWRU HDUWK IDXOW SURWHFWLRQ 8!
&*&
)UHTXHQF\ SURWHFWLRQ LV XVHG WR GLVFRQQHFW HOHFWUL UDWHO\ IRU D QXPEHU ZKLFK FDQ EH VHW DV lPHDVXUH
FDO PDFKLQHV IURP WKH QHWZRUN LQ WKH HYHQW RI DQ LP PHQW UHSHWLWLRQVl %\ WKLV ZD\ WULS GHOD\ LV GHWHU
SHUPLVVLEOH XQGHUIUHTXHQF\ RU RYHUIUHTXHQF\ FRQ PLQHG E\ WKH VHW QXPEHU RI PHDVXUHPHQW UHSHWL
GLWLRQ WLRQV (DFK PHDVXUHPHQW WDNHV WKUHH DF SHULRGV
7KXV WKH WULS GHOD\ FDQ EH GHULYHG IURP WKH IRUPXOD
7KH FDXVH RI XQGHUIUHTXHQF\ LV HLWKHU DQ H[FHVVLYH
GHPDQG RI DFWLYH SRZHU IURP WKH QHWZRUN RU IDXOW\ Q
RSHUDWLRQ RI WKH JRYHUQRU RU RI WKH IUHTXHQF\ UHJXOD WWULS k PV
WRU 8QGHUIUHTXHQF\ SURWHFWLRQ LV DOVR DSSOLHG RQ IV\VWHP
JHQHUDWRUV ZKLFK RSHUDWH WHPSRUDULO\ LQ DQ LVODQG
QHWZRUN ,Q LVODQG RSHUDWLRQ WKH UHYHUVH SRZHU SUR ZKHUH IV\VWHP DFWXDO V\VWHP IUHTXHQF\
Q QXPEHU RI UHSHDWHG PHDVXUH
WHFWLRQ FDQQRW RSHUDWH VKRXOG WKH SULPH PRYHU IDLO
PHQWV DV VHW E\ WKH RSHUDWRU
7KH XQGHUIUHTXHQF\ SURWHFWLRQ FDQ EH XVHG WR VHS
DUDWH WKH JHQHUDWRU IURP WKH QHWZRUN
2YHUIUHTXHQF\ LV FDXVHG IRU H[DPSOH E\ ORDG $ lIUHTXHQF\ IDXOWl VLJQDO LV JLYHQ DIWHU KDOI WKH QXP
VKHGGLQJ LVODQG RSHUDWLRQ RU E\ IDXOW\ RSHUDWLRQ RI EHU RI PHDVXUHPHQW UHSHWLWLRQV LQGLYLGXDOO\ IRU HDFK
WKH IUHTXHQF\ UHJXODWRU 7KH GDQJHU LQ WKLV FDVH LV VWDJH 1RWH WKDW WKLV IDXOW VLJQDO UHSUHVHQWV WKH VWDUW
WKDW PDFKLQHV FRQQHFWHG WR ORQJ XQORDGHG OLQHV LQVWDQW IRU IDXOW GHWHFWLRQ 7KH WULS WLPH DV LQGLFDWHG
PD\ FRPPHQFH WR VHOIH[FLWH LQ WKH IDXOW DQQXQFLDWLRQV VKRZV WKH WLPH IURP IDXOW
GHWHFWLRQ WR WULS LH LQ FDVH RI IUHTXHQF\ SURWHFWLRQ
7KH PDFKLQH SURWHFWLRQ 80 LQFOXGHV IRXU RQO\ KDOI WKH WRWDO WLPH IURP XQGHURYHUIUHTXHQF\ WR
KLJKDFFXUDF\ IUHTXHQF\ VWDJHV (DFK VWDJH FDQ WULS
EH VHW LQGLYLGXDOO\ DV DQ XQGHUIUHTXHQF\ RU RYHUIUH
TXHQF\ VWDJH DQG LV LQGHSHQGHQWO\ IURP WKH RWKHU 7KH XQLW FRQWLQXRXVO\ VXSHUYLVHV WKH PHDVXUHPHQW
VWDJHV DQG FDQ LQLWLDWH GLIIHUHQW FRQWURO IXQFWLRQV YROWDJH ,I WKH SRVLWLYH VHTXHQFH FRPSRQHQW RI WKH
YROWDJHV GURSV EHORZ D FHUWDLQ YDOXH WKH PHDVXUH
7KH XQLW XVHV WZR RSHUDWLQJ VWHSV WR GHWHUPLQH WKH PHQW UHSHWLWLRQ FRXQWHUV DUH UHVHW WR ]HUR ,I lIUH
IUHTXHQF\ IURP WKH SRVLWLYH VHTXHQFH V\VWHP RI WKH TXHQF\ IDXOWl KDG EHHQ GHWHFWHG WKLV VLJQDO LV
YROWDJHV HTXDOO\ UHVHW
)LUVWO\ WKH IUHTXHQF\ LV URXJKO\ DVFHUWDLQHG IURP WKH %ORFNLQJ RI HDFK IUHTXHQF\ VWDJH LV SRVVLEOH DV ZHOO
PHDVXUHPHQW RI WKH SHULRG GXUDWLRQ LH IURP WKH DV EORFNLQJ RI WKH HQWLUH IUHTXHQF\ SURWHFWLRQ E\
GLVWDQFH EHWZHHQ WZR ]HUR SDVVHV 7KLV UHVXOWV LQ FRQQHFWLQJ H[WHUQDO VLJQDOV YLD ELQDU\ LQSXWV ,Q WKLV
WKH lEDVH IUHTXHQF\l IE FDVH DOVR WKH FRXQWHUV DUH UHVHW WR DV DERYH
,Q RUGHU WR DFFXUDWHO\ GHWHUPLQH WKH IUHTXHQF\ WKH ,I WKH IUHTXHQF\ UHYHUWV WR OHVV WKDQ +] KLJKDF
DQJXODU VSHHG RI WKH PHDVXUHG YROWDJH YHFWRU ZLWK FXUDF\ PHDVXUHPHQW LV QRW SRVVLEOH EXW XQGHUIUH
DFWXDO IUHTXHQF\ UHIHUUHG WR WKH EDVH IUHTXHQF\ LV TXHQF\ LV GHWHFWHG 7KH FRXQWHUV RI XQGHUIUHTXHQ
PHDVXUHG LH WKH GLIIHUHQFH EHWZHHQ DFWXDO IUH F\ SURWHFWLRQ DUH LQFUHPHQWHG XQWLO lXQGHUIUHTXHQ
TXHQF\ DQG EDVH IUHTXHQF\ IE 7KLV LV GRQH E\ PHD F\ IDXOWl DQG ILQDOO\ WULS VLJQDO DUH JLYHQ 7KH RYHUIUH
VXULQJ WKH SKDVH DQJOH EHWZHHQ PHDVXUHG IUHTXHQ TXHQF\ SURWHFWLRQ FRXQWHU LV GHFUHPHQWHG XQWLO
F\ YHFWRU DQG EDVH IUHTXHQF\ YHFWRU RYHU VDPSOH VKRXOG LW KDG EHHQ JUHDWHU WKDQ
YDOXHV LH LQ WKH WLPH LQWHUYDO RI DF SHULRGV
,I WKH IUHTXHQF\ LV EHORZ +] RU KLJKHU WKDQ +]
6LQFH WKH IUHTXHQF\ LV QRW GHULYHG GLUHFWO\ IURP WKH RU LI WKH PHDVXUHG YROWDJH LV WRR VPDOO IRU IUHTXHQF\
VLQH RI WKH YROWDJH EXW IURP WKH FKDQJH LQ DQJOH RI GHWHUPLQDWLRQ lRSHUDWLQJ FRQGLWLRQ l LV QRW IXOILOOHG
WZR VLQXVRLGDO VLJQDOV ZLWK VPDOO IUHTXHQF\ GLIIHU LH QR VXLWDEOH PHDVXUHG TXDQWLWLHV DUH SUHVHQW
HQFH D KLJK DFFXUDF\ FDQ EH DFKLHYHG
7KH FRXQWHUV RI WKH XQGHUIUHTXHQF\ SURWHFWLRQ LV
7ULS VLJQDO LV LQLWLDWHG ZKHQ WKH IUHTXHQF\ KDV H[ GHFUHPHQWHG XQWLO ,I lIUHTXHQF\ IDXOWl KDG EHHQ
FHHGHG WKH VHW WKUHVKROG YDOXH IRU HDFK VWDJH VHSD GHWHFWHG WKLV VLJQDO UHVHWV ZKHQ WKH FRXQWHU LV
&*&
,I WKH RYHUIUHTXHQF\ SURWHFWLRQ FRXQWHU KDV DOUHDG\ ,I RYHUIUHTXHQF\ LV QRW GHWHFWHG EHIRUH WKH lRSHUDW
FRXQWHG WR RU KLJKHU ZKHQ lRSHUDWLQJ FRQGLWLRQ l LQJ FRQGLWLRQ l KDV GLVDSSHDUHG RU LI QRQH RI WKH
GLVDSSHDUV WKH FRXQWHU LV LQFUHPHQWHG HYHU\ WKUHH WKUHH YROWDJHV LV SUHVHQW RI VXIILFLHQW PDJQLWXGH WKH
DF SHULRGV SURYLGHG WKH PHDVXUHG YROWDJH LV RI VXI FRXQWHU LV GHFUHPHQWHG XQWLO ]HUR LV UHDFKHG WKH
ILFLHQW PDJQLWXGH DERYH +] 7KLV HQVXUHV RYHU SURWHFWLRQ GURSV RII
IUHTXHQF\ WULSSLQJ HYHQ LQ FDVH WKH IUHTXHQF\ ULVH
KLJKHU WKDQ +] )RU DSSOLFDWLRQ DV RYHUVSHHG SUR :KHQ D WULS FRPPDQG KDV EHHQ LVVXHG EHIRUH WKH
WHFWLRQ RI VPDOO K\GURHOHFWULF PDFKLQHV RU JDV XSSHU RSHUDWLQJ OLPLW RI +] KDV EHHQ H[FHHGHG
WXUELQH VHWV ZLWK SRVVLEO\ KLJK UDWHRIFKDQJH LQ WULS LV VHDOHG LQ XQWLO WKH IUHTXHQF\ SURWHFWLRQ VWDJH
IUHTXHQF\ GIGW LW PXVW EH HQVXUHG WKDW RYHUIUHTXHQ LV EORFNHG RU XQWLO VXLWDEOH PHDVXUHG TXDQWLWLHV LH
F\ KDV EHHQ GHWHFWHG EHIRUH WKH IUHTXHQF\ OHDYHV ZLWKLQ WKH SHUPLVVLEOH RSHUDWLQJ UDQJH DUH SUHVHQW
WKH RSHUDWLQJ UDQJH RI WKH IUHTXHQF\ SURWHFWLRQ LH DJDLQ
WKH IUHTXHQF\ ULVHV DERYH +] 7KLV LV IXOILOOHG
ZKHQ WKH UDWHRIFKDQJH LQ IUHTXHQF\ LV EHORZ )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH IUHTXHQF\
+]V SURWHFWLRQ
&*&
)1R )1R
I I )DXOW I 7ULS
Q

Q

%ORFN I
)1R
!I EORFN
)1R )1R
I I )DXOW I 7ULS
Q

Q

%ORFN I
)1R
!I EORFN
)1R )1R 7ULS PDWUL[
I I )DXOW I 7ULS
Q

Q

%ORFN I
)1R
!I EORFN
)1R
)1R
I! I ! )DXOW
I ! 7ULS
Q

Q

%ORFN I
)1R
!I EORFN
)1R
)54 8 EORFN
8
|
%ORFN %ORFN RI
IUHTX )XQFWLRQ QXPEHU
WULS VLJQDO $QQXQFLDWLRQV
)1R
)54 EORFNHG
7KH SLFN XS V\PEROV DQG WKH DQQXQFLDWLRQV DUH LOOXVWUDWHG IRU WKH SUHVHW FRQILJXUDWLRQ RI WKH IUHTXHQF\ SURWHFWLRQ ,I WKH FRQ
ILJXUDWLRQ LV FKDQJHG WKH V\PEROV DQG ! PD\ DSSHDU LQWHUFKDQJHG
)LJXUH /RJLF GLDJUDP RI WKH IUHTXHQF\ SURWHFWLRQ
&*&

7KH PDFKLQH SURWHFWLRQ 80 LQFOXGHV DQ DFWLYH KDV FHUWDLQ PHDVXUHV RI LWV RZQ JHQHUDWLRQ LV
SRZHU VXSHUYLVLRQ ZKLFK PRQLWRUV ZKHWKHU WKH DF FRXSOHG YLD D FRXSOLQJ FLUFXLW EUHDNHU ZLWK D +9 XWLO
WLYH SRZHU IDOOV EHORZ RQH VHW YDOXH DV ZHOO DV ZKHWK LW\ QHWZRUN DQG VKRXOG EH GHFRXSOHG ZKHQ D IDXOW LQ
HU D VHSDUDWH VHFRQG VHW YDOXH LV H[FHHGHG (DFK RI WKH XWLOLW\ QHWZRUN LV QRW FOHDUHG ZLWKLQ D FULWLFDO WLPH
WKHVH IXQFWLRQV FDQ LQLWLDWH GLIIHUHQW FRQWURO IXQF $V D FULWHULRQ IRU GHFRXSOLQJ XQGHUIUHTXHQF\ XQ
WLRQV GHUYROWDJH RYHUFXUUHQW SRZHU GLUHFWLRQ RU FRPEL
QDWLRQV RI WKHVH FDQ EH XVHG 7KHVH FULWHULD DUH
:KHQ IRU H[DPSOH ZLWK JHQHUDWRUV RSHUDWLQJ LQ SDU DYDLODEOH LQ 87 9
DOOHO WKH DFWLYH SRZHU RXWSXW RI RQH PDFKLQH EH
FRPHV VR VPDOO WKDW RWKHU JHQHUDWRUV FRXOG WDNH )RU SRZHU PHDVXUHPHQW WZR PHDVXUHPHQW PHWKRG
RYHU WKLV SRZHU WKHQ LW LV RIWHQ DSSURSULDWH WR VKXW DUH DYDLODEOH LQ 87 'HSHQGLQJ RQ WKH DSSOLFD
GRZQ WKH OLJKWO\ ORDGHG PDFKLQH 7KH FULWHULRQ LQ WKLV WLRQ HLWKHU KLJKVSHHG PHDVXUHPHQW RU KLJKDF
FDVH LV WKDW WKH lIRUZDUGl SRZHU VXSSOLHG LQWR WKH FXUDF\ PHDVXUHPHQW DYHUDJH DERXW DF SHULRG
QHWZRUN IDOOV EHORZ D FHUWDLQ YDOXH PD\ EH VHOHFWHG +LJKVSHHG PHDVXUHPHQW LV VXLW
DEOH HJ IRU QHWZRUN VSOLWWLQJ
,Q VRPH DSSOLFDWLRQV LW FDQ EH GHVLUDEOH WR RXWSXW D
FRQWURO VLJQDO LI WKH DFWLYH SRZHU RXWSXW H[FHHGV D 7KH XQLW FDOFXODWHV WKH DFWLYH SRZHU IURP WKH SRVLWLYH
FHUWDLQ YDOXH VHTXHQFH V\VWHPV RI WKH JHQHUDWRU FXUUHQWV DQG
YROWDJHV 7KLV YDOXH LV FRPSDUHG ZLWK WKH VHW YDOXHV
$QRWKHU SRVVLELOLW\ WR XVH SRZHU GLUHFWLRQ LV LQ FDVH (DFK VWDJH FDQ EH EORFNHG LQGLYLGXDOO\ DV FDQ EH
RI QHWZRUN VSOLWWLQJ 7R UHGXFH DV IDU DV SRVVLEOH WKH WKH FRPSOHWH IRUZDUG DFWLYH SRZHU VXSHUYLVLRQ YLD
HIIHFW RQ DQ\ QHWZRUN RI GLVWXUEDQFHV ZKLFK RFFXU ELQDU\ LQSXWV
RQ DQRWKHU QHWZRUN WR ZKLFK LW LV FRXSOHG VRFDOOHG
GHFRXSOLQJ RU QHWZRUN VSOLWWLQJ LV XVHG DW WKH FRX )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH IRUZDUG
SOLQJ SRLQW )RU H[DPSOH DQ LQGXVWULDO QHWZRUN ZKLFK DFWLYH SRZHU VXSHUYLVLRQ
)1R )1R )1R

!3I EORFN 3I IOW GHW 3I 7ULS
39 7 3

%ORFN 3I
7ULS PDWUL[
)1R
3I! IOW GHW )1R
3I! 7ULS
39! 7 3!

75(6(7
%ORFN 3I!
)1R
!3I! EORFN
)1R
%ORFN 3I
3I EORFNHG )XQFWLRQ QXPEHU
$QQXQFLDWLRQV
%ORFN RI
WULS VLJQDO
)LJXUH /RJLF GLDJUDP RI WKH IRUZDUG DFWLYH SRZHU VXSHUYLVLRQ
&*&
5HYHUVH SRZHU SURWHFWLRQ LV XVHG WR SURWHFW D WXU %\ HYDOXDWLQJ RQO\ WKH SRVLWLYH VHTXHQFH V\VWHP
ERJHQHUDWRU XQLW LQ FDVH RI IDLOXUH RI HQHUJ\ WR WKH WKH UHYHUVH SRZHU PHDVXUHPHQW UHPDLQV LQGHSHQ
SULPH PRYHU ,Q WKLV FDVH WKH V\QFKURQRXV JHQHUDWRU GHQW RI DV\PPHWULFDO FXUUHQWV DQG YROWDJHV DQG UHS
UXQV DV D PRWRU DQG GULYHV WKH WXUELQH ZKHUHE\ WKH UHVHQWV WKH DFWXDO ORDG RQ WKH GULYH VLGH
UHTXLUHG PRWRULQJ HQHUJ\ LV WDNHQ IURP WKH QHWZRUN
7KLV FRQGLWLRQ OHDGV WR RYHUKHDWLQJ RI WKH WXUELQH ,Q RUGHU WR EULGJH D SRVVLEOH WUDQVLHQW UHYHUVH SRZHU
EODGHV DQG PXVW EH LQWHUUXSWHG ZLWKLQ D VKRUW WLPH GXULQJ V\QFKURQL]LQJ RU GXULQJ SRZHU RVFLOODWLRQV
E\ WULSSLQJ WKH QHWZRUN FLUFXLW EUHDNHU GXH WR QHWZRUN IDXOWV WKH WULS FRPPDQG LV GHOD\HG
E\ DQ DGMXVWDEOH WLPH 769 23(1 +RZHYHU LI WKH
7KH UHYHUVH SRZHU SURWHFWLRQ RI WKH 80 SUH VWRS YDOYH KDV WULSSHG D VKRUW WLPH GHOD\ LV VXIIL
FLVHO\ FDOFXODWHV WKH DFWLYH SRZHU IURP WKH V\PPHWUL FLHQW %\ LQSXWWLQJ WKH VWDWXV RI WKH VWRS YDOYH YLD D
FDO FRPSRQHQWV RI WKH YROWDJHV DQG FXUUHQWV E\ DY ELQDU\ LQSXW WKH VKRUW WLPH GHOD\ 769 &/26('
HUDJLQJ WKH YDOXHV RI WKH ODVW DF SHULRGV %\ WDN EHFRPHV HIIHFWLYH ZKHQ WKH VWRS YDOYH KDV WULSSHG
LQJ WKH HUURU DQJOHV RI WKH LQVWUXPHQW WUDQVIRUPHUV
LQWR DFFRXQW WKH DFWLYH SRZHU FRPSRQHQW LV FDOFX ,W LV SRVVLEOH WR EORFN WULSSLQJ E\ PHDQV RI DQ H[WHU
ODWHG HYHQ ZLWK YHU\ KLJK DSSDUHQW SRZHUV DQG VPDOO QDO VLJQDO
SRZHU IDFWRU &RUUHFWLRQ RI WKH HUURU DQJOH LV FDUULHG
RXW E\ D FRQVWDQW FRUUHFWLRQ DQJOH : DQG D FXUUHQW )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH UHYHUVH
SURSRUWLRQDO FRUUHFWLRQ DQJOH : DV H[SODLQHG LQ SRZHU SURWHFWLRQ
6HFWLRQ )LJXUH 7KHVH SDUDPHWHUV FDQ EH
H[DPLQHG GXULQJ FRPPLVVLRQLQJ E\ WKH UHOD\ LWVHOI
DQG HQWHUHG WR WKH FXUUHQW WUDQVIRUPHU GDWD
)1R )1R
3U IDXOW GHW 3U 7ULS
]3U]! 7 69 23(1

7ULS PDWUL[

)1R
3U69 7ULS
7 69 &/26
)1R
7 5(6(7
%ORFN , 3U,

3U EORFNHG
)1R
7ULS YDOYH
!69 WULSSHG
)XQFWLRQ QXPEHU
$QQXQFLDWLRQV
%ORFN RI
WULS VLJQDO
)LJXUH /RJLF GLDJUDP RI WKH UHYHUVH SRZHU SURWHFWLRQ
&*&
8QEDODQFHG ORDG SURWHFWLRQ LV XVHG WR GHWHFW DV\P ,I WKH ILUVW DGMXVWDEOH WHPSHUDWXUH ULVH WKUHVKROG LV
PHWULFDO ORDGLQJ RQ WKUHHSKDVH LQGXFWLRQ PD UHDFKHG DQ DODUP LV LQLWLDWHG ,I WKH VHFRQG WHPSHUD
FKLQHV $V\PPHWULFDO ORDGLQJ SURGXFHV DQ LQYHUVH WXUH OLPLW LV UHDFKHG WKH PDFKLQH FDQ EH GLVFRQ
QHJDWLYH VHTXHQFH URWDWLQJ ILHOG ZKLFK DFWV ZLWK QHFWHG IURP WKH QHWZRUN
GRXEOH IUHTXHQF\ RQ WKH URWRU (GG\ FXUUHQWV DUH LQ
GXFHG RQ WKH VXUIDFH RI WKH URWRU ZKLFK OHDG WR ORFDO 6LQFH WKH WHPSHUDWXUH ULVH GXULQJ VWHDG\VWDWH
L]HG RYHUKHDWLQJ LQ WKH URWRU HQG ]RQHV DQG LQ WKH RSHUDWLRQ LV SURSRUWLRQDO WR WKH VTXDUH RI WKH QHJD
VORW ZHGJHV WLYH VHTXHQFH FXUUHQW LW LV QRW QHFHVVDU\ WR NQRZ WKH
SHUPLVVLEOH WHPSHUDWXUH ULVH 7KH PD[LPXP FRQWLQ
,Q WKH XQEDODQFHG ORDG SURWHFWLRQ RI WKH 80 XRXVO\ SHUPLVVLEOH QHJDWLYH VHTXHQFH FXUUHQW ,!
WKH IXQGDPHQWDO ZDYHV RI WKH SKDVH FXUUHQWV DUH ILO DQG WKH WLPH FRQVWDQW WLPHGHSHQGHQW XQEDO
WHUHG RXW DQG VHSDUDWHG LQWR V\PPHWULFDO FRPSR DQFHG ORDG FDSDELOLW\ DUH WKH RQO\ SDUDPHWHUV WR EH
QHQWV 2QO\ WKH QHJDWLYH VHTXHQFH FRPSRQHQW WKH VHW
LQYHUVH FXUUHQW , LV HYDOXDWHG
,I WKH YDOXH RI WKH FRQWLQXRXVO\ SHUPLVVLEOH QHJDWLYH
7KH XQEDODQFHG ORDG SURWHFWLRQ XVHV D WKHUPDO UHS VHTXHQFH FXUUHQW LV H[FHHGHG DQ DODUP LV LQLWLDWHG
OLFD XWLOL]LQJ WKH QHJDWLYH VHTXHQFH FXUUHQW , LQ UHIHU WR )LJXUH $IWHU WKH WLPH FRUUHVSRQGLQJ WR
RUGHU WR VLPXODWH KHDWLQJXS RI WKH URWRU 7KH UH WKH DFWXDO QHJDWLYH VHTXHQFH FXUUHQW DQG WKH WLPH
IHUUHG WHPSHUDWXUH ULVH LV FDOFXODWHG DFFRUGLQJ WR FRQVWDQW KDV HODSVHG WKH PDFKLQH LV GLVFRQQHFWHG
WKH IROORZLQJ WKHUPDO GLIIHUHQWLDO HTXDWLRQ
,I ODUJH QHJDWLYH VHTXHQFH FXUUHQWV RFFXU D WZR
G3
U 3 U ,
SKDVH QHWZRUN VKRUW FLUFXLW FDQ EH DVVXPHG ZKLFK
GW
PXVW EH GLVFRQQHFWHG LQ DFFRUGDQFH ZLWK WKH WLPH
ZKHUHE\ JUDGLQJ SODQ RI WKH QHWZRUN 7KHUHIRUH DQ DGMXVW
3 DFWXDO WHPSHUDWXUH ULVH UHIHUUHG WR HQG WHP DEOH GHILQLWHWLPH QHJDWLYH VHTXHQFH FXUUHQW WLPH
SHUDWXUH ULVH DW PD[LPXP SHUPLVVLEOH QHJD VWDJH LV VXSHULPSRVHG RQ WKH WKHUPDO FKDUDFWHULVWLF
WLYH VHTXHQFH FXUUHQW , UHIHU WR )LJXUH 1HJDWLYH VHTXHQFH FXUUHQW
U WKHUPDO WLPH FRQVWDQW RI KHDWLQJXS RI URWRU DERYH WLPHV WKH SHUPLVVLEOH YDOXH GR QRW UHGXFH
VXUIDFH WULSSLQJ WLPH VHH DOVR )LJXUH
, DFWXDO QHJDWLYH VHTXHQFH FXUUHQW , UHIHUUHG
WR PD[LPXP SHUPLVVLEOH QHJDWLYH VHTXHQFH )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH XQEDO
FXUUHQW DQFHG ORDG SURWHFWLRQ
W 8QEDODQFHG ORDG
DODUP VWDJH ,!
7:$51
7ULS DUHD
7KHUPDO
WULS VWDJH
8QEDODQFHG ORDG
WULS VWDJH ,!!
7KHUPDO
7!! 75,3
DODUP VWDJH
,SHUP ,!! ,
)LJXUH 7ULS FKDUDFWHULVWLFV RI WKH XQEDODQFHG ORDG SURWHFWLRQ
&*&
7
(
PDWUL[
6
7ULS
(
5

7
U
$QQXQFLDWLRQ
H
, WK :DUQ
E
, 3 7ULS
P
X
Q

Q

LR
W
R R F
1 Q
1 X
) )
)
,!! 7ULS
,! :DUQ

%ORFNLQJ RI
R R
WULS VLJQDO
50 WK UHSO
1 1
) )

,
R
1
)

,!! )DXOW
3
7,!!

7,!

U

, EORFNHG
R
3
1
W )
G G

R
1
)

!
B
!50 WK UHSO

, !!

, !
R
1
)
,
\
U
R
O
/ / / P S
, , , H H N
U F
P
W OR
H P E
V U
H H !
K
5 W ,
)LJXUH /RJLF GLDJUDP RI WKH XQEDODQFHG ORDG SURWHFWLRQ
&*&
2YHUFXUUHQW WLPH SURWHFWLRQ SKDVH FXUUHQWV
7KH RYHUFXUUHQW WLPH SURWHFWLRQ UHSUHVHQWV WKH 7KH SLFN XS YDOXHV IRU HDFK VWDJH ,! SKDVH FXU
VKRUW FLUFXLW SURWHFWLRQ IRU VPDOO RU ORZ YROWDJH UHQWV DQG ,!! SKDVH FXUUHQWV DQG WKH UHVSHFWLYH
PDFKLQHV )RU ODUJHU PDFKLQHV LW LV XVHG DV EDFN WLPH GHOD\V IRU HDFK RI WKHVH VWDJHV FDQ EH VHW LQGL
XS SURWHFWLRQ IRU WKH PDFKLQH VKRUW FLUFXLW SURWHF YLGXDOO\
WLRQ GLIIHUHQWLDO SURWHFWLRQ DQGRU LPSHGDQFH SUR
WHFWLRQ ,W SURYLGHV EDFN XS SURWHFWLRQ IRU QHWZRUN (DFK VWDJH FDQ EH EORFNHG LQGLYLGXDOO\ YLD D ELQDU\
IDXOWV ZKLFK DUH QRW SURPSWO\ GLVFRQQHFWHG DQG WKXV LQSXW
PD\ HQGDQJHU WKH PDFKLQH
,Q JHQHUDWRUV ZKHUH WKH H[FLWDWLRQ YROWDJH LV WDNHQ
)RU WKHVH SXUSRVHV WKH SURWHFWLRQ LV SURYLGHG ZLWK IURP WKH PDFKLQH WHUPLQDOV WKH VKRUW FLUFXLW FXU
WZR VWDJHV IRU SKDVH IDXOWV UHQW VXEVLGHV YHU\ TXLFNO\ LQ WKH HYHQW RI FORVHXS
IDXOWV LH LQ WKH JHQHUDWRU RU XQLW WUDQVIRUPHU UDQJH
,Q RUGHU WR HQVXUH WKDW SLFN XS DOZD\V RFFXUV HYHQ GXH WR WKH DEVHQFH RI H[FLWDWLRQ FXUUHQW DQG GH
ZLWK LQWHUQDO IDXOWV WKH SURWHFWLRQ IRU JHQHUDWRUV FUHDVHV ZLWKLQ D IHZ VHFRQGV WR D YDOXH EHORZ WKH
LV DOZD\V FRQQHFWHG WR WKH FXUUHQW WUDQVIRUPHU VHW LQ SLFN XS YDOXH RI WKH RYHUFXUUHQW WLPH SURWHFWLRQ
WKH QHXWUDO OHDGV RI WKH PDFKLQH )RU WKLV UHDVRQ WKH RYHUFXUUHQW WLPH SURWHFWLRQ LQ
FOXGHV D GLVFRQQHFWDEOH XQGHUYROWDJH VWDJH
,QLWLDOO\ WKH FXUUHQWV DUH QXPHULFDOO\ ILOWHUHG VR WKDW ZKLFK PDLQWDLQV WKH SLFN XS VLJQDO IRU D VHW VHDOLQ
RQO\ WKH IXQGDPHQWDO ZDYH RI WKH FXUUHQW LV XVHG IRU WLPH LI WKH SRVLWLYH VHTXHQFH FRPSRQHQW RI WKH YROW
WKH PHDVXUHPHQW 7KLV PDNHV WKH PHDVXUHPHQW LQ DJHV GURSV EHORZ D VHW OHYHO IROORZLQJ SLFN XS RI
VHQVLWLYH WR WUDQVLHQW FRQGLWLRQV DW WKH LQFHSWLRQ RI D WKH RYHUFXUUHQW WLPH SURWHFWLRQ HYHQ LI WKH RYHUFXU
VKRUW FLUFXLW DQG WR RIIVHW VKRUW FLUFXLW FXUUHQWV UHQW GURSV EHORZ WKH VHW YDOXH ,Q WKLV ZD\ WKH UXQ
GF FRPSRQHQW QLQJ RI WKH WULS GHOD\ WLPH DQG WULSSLQJ RI WKH DVVR
FLDWHG FLUFXLW EUHDNHUV LV HQVXUHG HYHQ IRU WKRVH
(DFK SKDVHFXUUHQW LV LQGLYLGXDOO\ FRPSDUHG ZLWK FDVHV ,I WKH YROWDJH UHFRYHUV EHIRUH WKH VHDOLQ
WKH VHWWLQJ YDOXHV ,! DQG ,!! ZKLFK DUH FRPPRQ WR WLPH KDV HODSVHG WKHQ WKH SURWHFWLRQ UHVHWV 7KH XQ
HDFK VWDJH DQG D SKDVHVHOHFWLYH DQQXQFLDWLRQ LV GHUYROWDJH VHDOLQ IHDWXUH FDQ EH EORFNHG YLD D
LQLWLDWHG ZKHQ D VHWWLQJ YDOXH LV H[FHHGHG LQ DQ\ RI ELQDU\ LQSXW HJ LQ FDVH RI WKH YROWDJH WUDQVIRUPHU
WKH SKDVHV $IWHU WKH DVVRFLDWHG GHOD\ WLPH 7,! RU VHFRQGDU\ PFE KDV WULSSHG RU WKH PDFKLQH LV
7,!! KDV HODSVHG D WULS VLJQDO LV LQLWLDWHG ZKLFK LV VZLWFKHG RII
DOVR DYDLODEOH LQGLYLGXDOO\ SHU VWDJH
)LJ VKRZV WKH ORJLF GLDJUDP RI WKH RYHUFXUUHQW
WLPH SURWHFWLRQ IRU SKDVH FXUUHQWV
&*&
)1R
8 VHDOLQ
,/! )1R

| ,! )DXOW /
)1R
)1R
,! )DXOW /
,! 7ULS
,/!
7,!
| |

75(6(7 ,!
,/! )1R

| ,! )DXOW /
)1R
%ORFN ,! %ORFN RI
,! EORFNHG
WULS VLJQDO ,!
|
8 6($/,,1
2)) 21
8
6 4 7ULS
PDWUL[
| 5
%ORFN
XQGHUYRO
WDJH KROGLQJ 76($/,1
)1R
!8VHDOLQ EON
)1R 75(6(7 ,!!

,/# ,!! )DXOW /

)1R
)1R ,# 7ULS
,!! )DXOW /
,/# 7,#
|

)1R
,/#
,!! )DXOW /
)1R %ORFN RI

%ORFN
,!! ,!! EORFNHG WULS VLJQDO ,!!
)XQFWLRQ QXPEHU
$QQXQFLDWLRQV
)LJXUH /RJLF GLDJUDP RI WKH RYHUFXUUHQW WLPH SURWHFWLRQ IRU SKDVH FXUUHQWV
&*&
7KH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ KDV WKH $ PHDVXUHG YDOXH VXSHUYLVLRQ LV SURYLGHG IRU WKH
WDVN WR GHWHFW HDUWK IDXOW LQ V\VWHPV ZLWK LVRODWHG RU DSSOLFDWLRQ DV URWRU HDUWK IDXOW SURWHFWLRQ 7KH PHD
KLJKLPSHGDQFH HDUWKHG VWDUSRLQW 7KH SLFN XS VXUHPHQW FLUFXLW LV DVVXPHG WR EH FORVHG DV ORQJ DV
FULWHULRQ LV WKH PDJQLWXGH RI WKH UHVLGXDO HDUWK FXU D VPDOO HDUWK FXUUHQW VHWWDEOH LV IORZLQJ ZKLFK LV GH
UHQW 7KH PDJQLWXGH RI WKH UHVLGXDO FXUUHQW DOORZV WHUPLQHG E\ WKH URWRUHDUWK FDSDFLWDQFH ,I QRW DQ
HDUWK IDXOW GHWHFWLRQ IRU H[DPSOH RQ HOHFWULFDO PD DODUP LV LVVXHG DIWHU D VKRUW GHOD\ WLPH RI V
FKLQHV ZKLFK DUH GLUHFWO\ FRQQHFWHG WR WKH EXVEDU
RI DQ LVRODWHG SRZHU V\VWHP ZKHQ LQ FDVH RI D QHW 7KLV SURWHFWLRQ LV QRW VXLWHG IRU GHWHFWLRQ RI KLJK
ZRUN HDUWK IDXOW WKH PDFKLQH VXSSOLHV RQO\ D QHJOLJL HDUWK FXUUHQW ZKLFK PD\ DULVH LQ FDVH RI HDUWKHG V\V
EOH HDUWK IDXOW FXUUHQW DFURVV WKH PHDVXUHPHQW ORFD WHP VWDUSRLQWV KLJKHU WKDQ DSSUR[ $ DW WKH UHOD\
WLRQ ZKLFK PXVW EH VLWXDWHG EHWZHHQ WKH PDFKLQH WHUPLQDOV IRU KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHF
WHUPLQDOV DQG WKH QHWZRUN ZKHUHDV LQ FDVH RI D PD WLRQ
FKLQH HDUWK IDXOW WKH KLJKHU HDUWK IDXOW FXUUHQW SUR
GXFHG E\ WKH WRWDO QHWZRUN LV DYDLODEOH ,QLWLDOO\ WKH UHVLGXDO FXUUHQW LV QXPHULFDOO\ ILOWHUHG VR
WKDW RQO\ WKH IXQGDPHQWDO ZDYH RI WKH FXUUHQW LV XVHG
7KH PHDVXUHG FXUUHQW PD\ EH GHULYHG IURP VSHFLDO IRU WKH PHDVXUHPHQW 7KLV PDNHV WKH PHDVXUHPHQW
ZLQGRZ W\SH VXPPDWLRQ FXUUHQW WUDQVIRUPHUV RU LQVHQVLWLYH WR WUDQVLHQW FRQGLWLRQV DW WKH LQFHSWLRQ RI
IURP WKUHH VWDUFRQQHFWHG FXUUHQW WUDQVIRUPHUV D VKRUW FLUFXLW DQG WR KDUPRQLF FRQWHQW LQ WKH FXU
+ROPJUHHQ FRQQHFWLRQ )XUWKHUPRUH LW LV SRVVLEOH UHQW
WR XVH WKH GLVSODFHPHQW YROWDJH RI DQ HDUWKLQJ WUDQV
IRUPHU ZKLFK LV WUDQVIRUPHG LQWR D FXUUHQW E\ PHDQV 7KH HDUWK FXUUHQW LV FRPSDUHG ZLWK WKH VHWWLQJ YDOXH
RI D VXLWDEOH VKXQW UHVLVWRU ,(! DQG DQ DQQXQFLDWLRQ LV LQLWLDWHG ZKHQ D VHWWLQJ
YDOXH LV H[FHHGHG $IWHU WKH GHOD\ WLPH 7,(! KDV
$OWHUQDWLYHO\ WKLV SURWHFWLRQ FDQ EH XVHG DV URWRU HODSVHG D WULS VLJQDO LV LQLWLDWHG
HDUWK IDXOW SURWHFWLRQ ZKHQ D V\VWHP IUHTXHQF\ ELDV
YROWDJH LV DSSOLHG WR WKH URWRU FLUFXLW ,Q WKLV FDVH WKH 7KH SURWHFWLRQ FDQ EH EORFNHG YLD D ELQDU\ LQSXW
PHDVXUHG FXUUHQW LV GHWHUPLQHG E\ WKH PDJQLWXGH RI
WKH ELDV YROWDJH DQG WKH FDSDFLWDQFH RI WKH FRXSOLQJ )LJ VKRZV WKH ORJLF GLDJUDP RI WKH HDUWK FXUUHQW
FDSDFLWRUV RI WKH URWRU FLUFXLW SURWHFWLRQ
)1R )1R

,(! )DXOW ,(! 7ULS
,H! 7,H!

7ULS
)1R PDWUL[
%ORFN ,H!
,H! EORFNHG
75(6(7
)1R
V )DLOXUH 5()
,H
)XQFWLRQ QXPEHU
%ORFN RI
$QQXQFLDWLRQV
WULS VLJQDO
)LJXUH /RJLF GLDJUDP RI WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
&*&
6WDWRU RYHUORDG SURWHFWLRQ
7KH RYHUORDG SURWHFWLRQ SUHYHQWV WKH VWDWRU ZLQG ,PD[ N k ,1

LQJV RI WKH SURWHFWHG PDFKLQH IURP WKHUPDO RYHUORDG
GDPDJH ,Q DGGLWLRQ WR WKLV N IDFWRU WKH WLPH FRQVWDQW U DV
ZHOO DV WKH ZDUQLQJ WHPSHUDWXUH ULVH 3ZDUQ LQ RI
7KH XQLW FRPSXWHV WKH WHPSHUDWXUH ULVH DFFRUGLQJ WR WULS WHPSHUDWXUH ULVH PXVW EH HQWHUHG LQWR WKH XQLW
D WKHUPDO VLQJOHERG\ PRGHO DFFRUGLQJ WR WKH WKHU 7KXV WKH UHOD\ LV DEOH WR FRPSXWH WKH WHPSHUDWXUH
PDO GLIIHUHQWLDO HTXDWLRQ ULVH FDXVHG E\ WKH WKHUPDO ORVVHV
G3 %\ PHDQV RI DQ H[WHUQDO WHPSHUDWXUH VHQVRU WKH

U 3 U , U 3DPE
GW FRROLQJ PHGLXP WHPSHUDWXUH FDQ EH LQSXW DV D WHP
SHUDWXUHSURSRUWLRQDO YROWDJH YDOXH 7KLV HQDEOHV
ZKHUHE\ GHWHUPLQDWLRQ RI WRWDO WHPSHUDWXUH 7KLV YROWDJH PD\
EH GHULYHG IURP D PHDVXUHPHQW WUDQVGXFHU ZKLFK
3 DFWXDO WHPSHUDWXUH ULVH UHIHUUHG WR WKH VWHD GHOLYHUV 9 WR 9 GF DV D WHPSHUDWXUHSURSRU
G\VWDWH WHPSHUDWXUH ULVH DW PD[LPXP SHU WLRQDO YROWDJH $OWHUQDWLYHO\ D PHDVXUHPHQW WUDQV
PLVVLEOH SKDVH FXUUHQW N k ,1 GXFHU ZLWK P$ WR P$ GF PD\ EH XVHG ,Q WKH
3DPE DPELHQW WHPSHUDWXUH GLIIHUHQFH WR WKH UHIHU ODWWHU FDVH WKH FXUUHQW PXVW EH FRQYHUWHG LQWR D SUR
HQFH WHPSHUDWXUH & SRUWLRQDO YROWDJH RI 9 WR 9 GF E\ PHDQV RI D
U WKHUPDO WLPH FRQVWDQW IRU KHDWLQJXS RI WKH VKXQW UHVLVWRU DGGLWLRQDOO\ WKH PHDVXUHPHQW FLUFXLW
FRQGXFWRUV FDQ EH PRQLWRUHG :KHQ WKH PHDVXUHPHQW FLUFXLW LV
, DFWXDO UPV YDOXH RI SKDVH FXUUHQW UHIHUUHG LQWHUUXSWHG RU VKRUW FLUFXLWHG WKH YROWDJH DW WKH GF
WR WKH PD[LPXP SHUPLVVLEOH SKDVH FXUUHQW YROWDJH LQSXW ZLOO EHFRPH 7KH DPELHQW WHPSHUD
,PD[ N k ,1 WXUH LV VHW WR & WKLV FRUUHVSRQGV WR WKH DVVXPHG
DPELHQW WHPSHUDWXUH ZLWKRXW DPELHQW WHPSHUDWXUH
:KHQ WKH WHPSHUDWXUH ULVH UHDFKHV WKH ILUVW VHW SURFHVVLQJ DQG DQ DODUP LV LVVXHG
WKUHVKROG D ZDUQLQJ DODUP LV JLYHQ WR HQDEOH DQ DS
SURSULDWH ORDG UHGXFWLRQ 7KLV ZDUQLQJ VWDJH UHSUH 7KH PD[LPXP SHUPLVVLEOH FXUUHQW LV LQIOXHQFHG E\
VHQWV WKH UHVHW YDOXH RI WKH RYHUORDG SURWHFWLRQ ,I WKH WKH FRROLQJ PHGLXP DPELHQW WHPSHUDWXUH ,W LV
VHFRQG WHPSHUDWXUH WKUHVKROG LV UHDFKHG WKH PD VPDOOHU WKH KLJKHU WKH FRROLQJ PHGLXP WHPSHUDWXUH
FKLQH FDQ EH GLVFRQQHFWHG IURP WKH QHWZRUN EHFRPHV FI WKH ULJKW WHUP RI WKH GLIIHUHQWLDO HTXD
WLRQ
$GGLWLRQDOO\ D FXUUHQW ZDUQLQJ VWDJH LV DYDLODEOH
ZKLFK RSHUDWHV ZKHQ RQH SKDVH FXUUHQW H[FHHGV 7KH WKHUPDO UHSOLFD FDQ EH UHVHW LH WKH FXUUHQW
,PD[ N k ,1 GHSHQGHQW WHPSHUDWXUH ULVH LV VHW WR ]HUR 7KLV FDQ
EH DFFRPSOLVKHG HLWKHU E\ HQHUJL]LQJ WKH UHVHW LQSXW
7KH WHPSHUDWXUH ULVH LV FDOFXODWHG IURP HDFK RI WKH 56 WK 5HSO UHVHW WKHUPDO UHSOLFD RU YLD WKH EORFN
SKDVH FXUUHQWV $ WUXH UPV YDOXH PHDVXUHPHQW LV LQJ LQSXW %ORFN RYHUORDG SURWHFWLRQ ,Q WKH ODWWHU
SHUIRUPHG LQ RUGHU WR LQFOXGH WKH HIIHFW RI KDUPRQ FDVH WKH WRWDO SURWHFWLRQ IXQFWLRQ LV EORFNHG LQFOXG
LFV LQJ WKH ZDUQLQJ VWDJHV
7KH PD[LPXP SHUPLVVLEOH FRQWLQXRXV WKHUPDO FXU 7KH ORJLF GLDJUDP RI WKH RYHUORDG SURWHFWLRQ LV LOOXV
UHQW ,PD[ LV VWDWHG DV D PXOWLSOH RI WKH UDWHG FXUUHQW ,1 WUDWHG LQ )LJXUH
RI WKH UHOD\
&*&
,/ ! N k ,1 3DPE
,/ ! N k ,1 3DPE | )1R

2/ :DUQ ,
,/ ! N k ,1 3DPE
,/ G3
)1R
U 3
U , U 3DPE GW 2/ :DUQ 3
,/ G3
U 3
)1R
U , U 3DPE GW 3PD[ 2/ 7ULS
,/ G3
U 3
U , U 3DPE GW
3 7ULS
3DPE
PDWUL[
7(03 ,13
121 (;,67 %ORFNLQJ RI
3X E& IL[ WULS VLJQDO
3W 3W
WR 9GF
&RROLQJ
PHGLXP WHPSHUDWXUH
0DWFK P$
LQJ WR 9GF
)1R
)DLO7HPSLQS
,P$
)1R
2/ EORFNHG
%ORFN WKHUPDO
RYHUORDG
SURWHFWLRQ
)1R
)1R
| 50 WKUHSO,
5HVHW WKHUPDO !50 WKUHSO, )XQFWLRQ QXPEHU
UHSOLFD
$QQXQFLDWLRQV
)LJXUH /RJLF GLDJUDP RI WKH VWDWRU RYHUORDG SURWHFWLRQ
&*&
([WHUQDO WULS FRPPDQGV YLD ELQDU\ LQSXWV
8S WR IRXU GHVLUHG VLJQDO IURP H[WHUQDO SURWHFWLRQ RU 7KH VWDWXV RI WKH DVVLJQHG LQSXWV LV FKHFNHG LQ F\FOLF
VXSHUYLVLRQ XQLWV FDQ EH LQFRUSRUDWHG LQWR WKH SUR LQWHUYDOV $OWHUDWLRQ RI WKH LQSXW VWDWXV LV FRQVLGHUHG
FHVVLQJ RI 80 7KH VLJQDOV DUH FRXSOHG DV l([ RQO\ DIWHU WZR VXEVHTXHQW VWDWXV FKHFNV ZLWK HTXDO
WHUQDO VLJQDOl YLD ELQDU\ LQSXWV /LNH WKH LQWHUQDO SUR UHVXOW $Q DGGLWLRQDO WLPH GHOD\ 7'(/$< LV DYDLO
WHFWLRQ DQG VXSHUYLVLRQ VLJQDOV WKH\ FDQ EH DQQXQ DEOH IRU HDFK RI WKH H[WHUQDO WULS FRPPDQG FKDQQHOV
FLDWHG WLPH GHOD\HG WUDQVPLWWHG WR WKH WULS PDWUL[ D GURSRII GHOD\ 75(6(7 FDQ HTXDOO\ EH VHW
DQG EORFNHG %\ PHDQV RI WKHVH VLJQDOV LW LV SRVVLEOH
WR LQFOXGH H[WHUQDO SURWHFWLRQ FRPPDQGV HJ IURP 7KH ORJLF GLDJUDP RI RQH H[WHUQDO WULS FRPPDQG
%XFKKRO] SURWHFWLRQ RU VKDIW FXUUHQW VXSHUYLVLRQ FKDQQHO LV LOOXVWUDWHG LQ )LJXUH ,Q WRWDO WKH UHOD\
LQWR WKH SURFHVVLQJ RI DQQXQFLDWLRQV DQG WULS FRP LQFRUSRUDWHV IRXU VXFK FKDQQHOV LH IRXU WLPHV WKLV
PDQGV RI 80 )XUWKHUPRUH DQ LQWHUDFWLRQ RI ORJLF 7KH LOOXVWUDWHG IXQFWLRQ QXPEHUV DUH YDOLG IRU
SURWHFWLRQ IXQFWLRQV RI GLIIHUHQW QXPHULFDO PDFKLQH WKH ILUVW H[WHUQDO WULS FRPPDQG FKDQQHO
SURWHFWLRQ UHOD\V RI WKH VHULHV 80 FDQ EH SHU
IRUPHG
)1R

!([W WULS
)1R )1R
([W *HQ)OW ([W *HQ7US
,QFOXVLRQ
RI H[WHUQDO WULS 7'(/$<
IXQFWLRQV WR

75(6(7
)1R %ORFNLQJ RI

%ORFN H[WHUQDO WULS VLJQDO
([W EORFNHG
LQFOXVLRQ WR
)XQFWLRQ QXPEHU
$QQXQFLDWLRQV
)LJXUH /RJLF GLDJUDP RI RQH H[WHUQDO WULS FRPPDQG FKDQQHO
&*&
6ZLWFKRYHU RI WKH SKDVH URWDWLRQ
7KH UHOD\ SURYLGHV WKH IDFLOLW\ WR FKDQJH WKH SKDVH 'XULQJ lRSHUDWLQJ FRQGLWLRQ l WKH SKDVH URWDWLRQ LV
URWDWLRQ YLD HQHUJL]DWLRQ RI D ELQDU\ LQSXW 7KLV DOORZV GHWHUPLQHG E\ WKH VWDWH RI WKH DVVLJQHG ELQDU\ LQSXW
WR XVH DOO SURWHFWLRQ IXQFWLRQV LQ FDVH WKH SKDVH URWD IRU SKDVH URWDWLRQ SURYLGHG WKH VWDWXV FKDQJH RI WKH
WLRQ LV FRXQWHUFORFNZLVH ZLWKRXW LQWHUFKDQJLQJ RI ELQDU\ LQSXW ODVWV PV RU ORQJHU :KHQ WKH VWDWXV
SKDVHV 7KLV LV XVHIXO IRU H[DPSOH ZKHQ WKH UHOD\ LV FKDQJH LV VKRUWHU WKDQ PV LW LV QRW UHJLVWHUHG
XVHG IRU WKH SURWHFWLRQ RI JHQHUDWRUPRWRUV LQ D 7KH VWDWXV FKDQJH LV QHLWKHU UHJLVWHUHG ZKHQ WKH
SXPSHGVWRUDJH SRZHU VWDWLRQ ZKHUH WKH URWDWLRQ lRSHUDWLQJ FRQGLWLRQ l LV OHIW EHIRUH WKH PV
LV UHYHUVHG GXULQJ SXPSLQJ RSHUDWLRQ RI WKH WXUER KDYH HODSVHG 'XULQJ lRSHUDWLQJ FRQGLWLRQ l VXLW
VHW :KHQ WKH DVVLJQHG ELQDU\ LQSXW LV HQHUJL]HG DOO DEOH PHDVXUHG TXDQWLWLHV DUH SUHVHQW VZLWFKRYHU
SURWHFWLRQ IXQFWLRQV ZKLFK RSHUDWH GHSHQGHQW RQ RI WKH SKDVH URWDWLRQ LV QRW SRVVLEOH $Q DSSOLHG VLJ
WKH SKDVH VHTXHQFH DUH LQWHUQDOO\ VZLWFKHG RYHU WR QDO WR WKH ELQDU\ LQSXW RQFH KDYLQJ EHHQ UHJLV
FRXQWHUFORFNZLVH SKDVH URWDWLRQ WHUHG PLJKW EH UHPRYHG GXULQJ lRSHUDWLQJ FRQGL
WLRQ l
6ZLWFKRYHU RI WKH SKDVH URWDWLRQ LV UHJLVWHUHG E\
WKH UHOD\ RQO\ ZKLOH LWV VWDWH LV lRSHUDWLQJ FRQGLWLRQ %XW LW LV UHFRPPHQGHG WKDW WKH UHYHUVHG SKDVH URWD
l QR VXLWDEOH PHDVXUHG TXDQWLWLHV SUHVHQW )XU WLRQ VLJQDO EH DSSOLHG FRQWLQXRXVO\ IRU VDIHW\ UHD
WKHUPRUH WKH VZLWFKRYHU VLJQDO PXVW EH SUHVHQW VRQV 0DORSHUDWLRQ FRXOG RFFXU ZKHQ WKH SURFHVVRU
IRU DW OHDVW PV $IWHU WKLV WKH SKDVH TXDQWLWLHV RI V\VWHP LV UHVHW IRU H[DPSOH DIWHU DOWHUDWLRQ RI WKH
WKH SKDVHV / DQG / DUH VZDSSHG %XW WKLV LV UHOH FRQILJXUDWLRQ SDUDPHWHUV RI WKH UHOD\
YDQW RQO\ IRU WKH LQWHUQDO FDOFXODWLRQ RI WKH V\PPHWUL
FDO FRPSRQHQWV WKH SKDVH GHGLFDWHG DQQXQFL )LJXUH VKRZV WKH ORJLF GLDJUDP RI WKH VZLWFK
DWLRQV IDXOW UHFRUGLQJV DQG PHDVXUHG YDOXHV DUH RYHU IXQFWLRQ RI WKH SKDVH URWDWLRQ
QRW DIIHFWHG
)1R
2SHUDW &RQG
VXLWDEOH PHDVXUHG
TXDQWLWLHV DUH SUHVHQW
)1R
PV
5 4 &ORFNZLVH
)1R
PV
6 4 $QWLFORFNZ
)1R
6ZLWFKRYHU RI
!3KDVH URWDW
SKDVH URWDWLRQ
)XQFWLRQ QXPEHU
$QQXQFLDWLRQV
)LJXUH /RJLF GLDJUDP RI WKH VZLWFKRYHU RI WKH SKDVH URWDWLRQ
&*&
7ULS PDWUL[ 7ULS FLUFXLW VXSHUYLVLRQ
7KH QXPHULFDO PDFKLQH SURWHFWLRQ 80 LQFOXGHV 7KH QXPHULFDO PDFKLQH SURWHFWLRQ 80 LQFOXGHV
DQ LQWHJUDWHG WULS PDWUL[ 7KH WULS PDWUL[ UHSUHVHQWV WZR WULS FLUFXLW VXSHUYLVLRQ IXQFWLRQV 7ZR WULS FLUFXLWV
WKH VZLWFKLQJ FHQWUH RI WKH SURWHFWLRQ 7KH FURVV FDQ EH VXSHUYLVHG 7ZR ELQDU\ LQSXWV PXVW EH UH
EDU GLVWULEXWRU EHWZHHQ WKH SURWHFWLRQ WULS VLJQDOV VHUYHG IRU HDFK WULS FLUFXLW VXSHUYLVLRQ 7KH\ KDYH WR
DQG WKH VZLWFKLQJ HOHPHQWV LQ WKH SODQW EH FRQQHFWHG DV VKRZQ LQ )LJXUH 2QH LQSXW LV
FRQQHFWHG LQ SDUDOOHO WR WKH WULS UHOD\ WKH FLUFXLW RI
7KH FRPPDQG VLJQDOV RXWSXW E\ WKH GLIIHUHQW SURWHF ZKLFK LV WR EH VXSHUYLVHG WKH RWKHU LQSXW LV FRQ
WLYH IXQFWLRQV DV GHVFULEHG LQ 6HFWLRQV WR QHFWHG LQ SDUDOOHO WR WKH FLUFXLW EUHDNHU DX[LOLDU\ FRQ
FDQ EH PDUVKDOOHG WR WKH WULS UHOD\V RI WKH XQLW DV WDFW RU RYHU WKH 12 DQG 1& DX[LOLDU\ FRQWDFWV DV )LJ
UHTXLUHG ([WHUQDO VLJQDOV VXFK DV IRU H[DPSOH IURP XUH VKRZV
WKH %XFKKRO] SURWHFWLRQ SUHVVXUH RU WHPSHUDWXUH
VXSHUYLVLRQ VKDIW YLEUDWLRQ PHDVXUHPHQW HWF FDQ 7KH ELQDU\ LQSXWV DUH HQHUJL]HG ORJLFDO l+l RU
EH FRXSOHG LQWR WKH 80 YLD D ELQDU\ LQSXW DQG VKRUW FLUFXLWHG ORJLFDO l/l GHSHQGLQJ RQ WKH VWDWXV
PDUVKDOOHG WR WKH WULS UHOD\V YLD WKH WULS PDWUL[ (DFK RI WKH WULS UHOD\ DQG WKH FLUFXLW EUHDNHU
WULS UHOD\ FDQ EH DVVLJQHG WR D VZLWFKLQJ HOHPHQW
VXFK DV D FLUFXLW EUHDNHU GHH[FLWDWLRQ FLUFXLW 'XULQJ QRUPDO RSHUDWLRQ LW LV QRW SRVVLEOH WKDW ERWK
EUHDNHU WULS YDOYH RU RWKHU FRQWURO JHDU $OWHUQDWLYH WKH ELQDU\ LQSXWV DUH GHHQHUJL]HG ORJLFDO l/l DW
O\ ILYH GLIIHUHQW WULSSLQJ SURJUDPV FDQ EH UHDOL]HG E\ WKH VDPH WLPH XQOHVV IRU WKH VKRUW WLPH ZKHUH WKH WULS
XVLQJ H[WHUQDO PDVWHU WULS UHOD\V UHOD\ KDV DOUHDG\ FORVHG EXW WKH EUHDNHU LV QRW \HW
RSHQ
7KH SURFHGXUH IRU SURJUDPPLQJ WKH WULS PDWUL[ DQG
DOVR WKH PDUVKDOOLQJ FRQGLWLRQ DV GHOLYHUHG IURP IDF ,I ERWK WKH ELQDU\ LQSXWV DUH GHHQHUJL]HG FRQWLQX
WRU\ DUH GHVFULEHG LQ GHWDLO LQ 6HFWLRQ RXVO\ WKLV LQGLFDWHV WKDW HLWKHU WKH WULS FLUFXLW LV LQWHU
UXSWHG RU WKH WULS FLUFXLW LV VKRUW FLUFXLWHG RU WKH
FRQWURO YROWDJH IRU WULSSLQJ LV DEVHQW RU WKH EUHDNHU
KDV QRW SURSHUO\ RSHUDWHG 7KXV WKLV VWDWXV LQGL
FDWHV D IDXOW LQ WKH WULS FLUFXLW
&LUFXLW EUHDNHU WULS WHVW 7KH VWDWXV RI WKH WZR ELQDU\ LQSXWV LV FKHFNHG WZLFH
WR WKUHH WLPHV SHU VHFRQG $Q LQWHQWLRQDO WLPH GHOD\
IRU DODUP FDQ EH SURGXFHG E\ VHWWLQJ WKH QXPEHU RI
1XPHULFDO PDFKLQH SURWHFWLRQ UHOD\ 80 DOORZV UHSHDWHG VWDWXV FKHFNV EHIRUH DQ DODUP LV JLYHQ
VLPSOH FKHFNLQJ RI WKH WULSSLQJ FLUFXLWV DQG WKH FLU
FXLW EUHDNHUV
3UHUHTXLVLWH IRU WKH VWDUW RI D WHVW F\FOH LV WKDW QR SUR

WHFWLYH IXQFWLRQ KDV SLFNHG XS
,QLWLDWLRQ RI WKH WHVW F\FOH FDQ EH JLYHQ IURP WKH RSHU

DWRU NH\ERDUG RU YLD WKH IURQW RSHUDWRU LQWHUIDFH DV
GHVFULEHG LQ 6HFWLRQ
&*&
/
80
80 75 %, 75
l)DLOXUH
7ULS FLUFXLWl
%, 7&
75 7ULS UHOD\ RI 80

%, %LQDU\ LQSXW RI 80
FORVHG RSHQ 7& &LUFXLW EUHDNHU FRLO
&% DX[LOLDU\ FRQWDFWV VKRZQ IRU

FORVHG EUHDNHU
7&
/
1R 7ULS UHOD\ &% SRVLWLRQ %, 75 %, 7&
RSHQ &/26(' + /
RSHQ 23(1 + +
FORVHG &/26(' / /
FORVHG 23(1 / +
%, 75 /
+ + l)DLOXUH
%, 7& / | Q
7ULS FLUFXLWl
Q 1XPEHU RI UHSHDWHG VWDWXV FKHFNV
)LJXUH 3ULQFLSOH RI WULS FLUFXLW VXSHUYLVLRQ RQH VXSHUYLVLRQ FKDQQHO
&*&
$QFLOODU\ IXQFWLRQV
7KH DQFLOODU\ IXQFWLRQV RI WKH PDFKLQH SURWHFWLRQ 6RPH LQGLFDWRUV DQG UHOD\V LQGLFDWH FRQGLWLRQV LW LV
80 LQFOXGH QRW DSSURSULDWH WKDW WKHVH VKRXOG EH VWRUHG (TXDOO\
WKH\ FDQQRW EH UHVHW XQWLO WKH RULJLQDWLQJ FULWHULRQ
3URFHVVLQJ RI DQQXQFLDWLRQV KDV EHHQ UHPRYHG 7KLV PDLQO\ FRQFHUQV IDXOW LQGL
FDWLRQV VXFK DV lDX[LOLDU\ YROWDJH IDXOWl HWF
6WRUDJH RI VKRUW FLUFXLW GDWD IRU IDXOW UHFRUGLQJ
$ JUHHQ /(' LQGLFDWHV UHDGLQHVV IRU RSHUDWLRQ 7KLV
2SHUDWLRQDO PHDVXUHPHQWV DQG WHVWLQJ URXWLQHV /(' FDQQRW EH UHVHW DQG UHPDLQV LOOXPLQDWHG ZKHQ
WKH PLFURSURFHVVRU LV ZRUNLQJ FRUUHFWO\ DQG WKH XQLW
0RQLWRULQJ IXQFWLRQV LV QRW IDXOW\ 7KH /(' H[WLQJXLVKHV ZKHQ WKH VHOI
FKHFNLQJ IXQFWLRQ RI WKH PLFURSURFHVVRU GHWHFWV D
IDXOW RU ZKHQ WKH DX[LOLDU\ YROWDJH LV DEVHQW
:LWK WKH DX[LOLDU\ YROWDJH SUHVHQW EXW ZLWK DQ H[LVWLQJ

3URFHVVLQJ RI DQQXQFLDWLRQV LQWHUQDO IDXOW LQ WKH XQLW D UHG /(' LOOXPLQDWHV
l%ORFNHGl DQG EORFNV WKH XQLW
$IWHU D IDXOW LQ WKH SURWHFWHG PDFKLQH LQIRUPDWLRQ
FRQFHUQLQJ WKH UHVSRQVH RI WKH SURWHFWLYH GHYLFH
DQG NQRZOHGJH RI WKH PHDVXUHG YDOXHV DUH RI LPSRU
WDQFH IRU DQ H[DFW DQDO\VLV RI WKH KLVWRU\ RI WKH IDXOW
)RU WKLV SXUSRVH WKH GHYLFH SURYLGHV DQQXQFLDWLRQ ,QIRUPDWLRQ RQ WKH GLVSOD\ SDQHO RU WR
SURFHVVLQJ ZKLFK LV HIIHFWLYH LQ WKUHH GLUHFWLRQV D SHUVRQDO FRPSXWHU
(YHQWV DQG FRQGLWLRQV FDQ EH UHDG RII LQ WKH GLVSOD\

RQ WKH IURQW SODWH RI WKH GHYLFH $GGLWLRQDOO\ D SHU
,QGLFDWRUV DQG ELQDU\ RXWSXWV VLJQDO VRQDO FRPSXWHU IRU H[DPSOH FDQ EH FRQQHFWHG YLD
UHOD\V WKH RSHUDWLRQ LQWHUIDFH DQG DOO WKH LQIRUPDWLRQV FDQ
WKHQ EH VHQW WR LW
,PSRUWDQW HYHQWV DQG FRQGLWLRQV DUH LQGLFDWHG E\
RSWLFDO LQGLFDWRUV /(' RQ WKH IURQW SODWHV 7KH PRG ,Q WKH TXLHVFHQW VWDWH LH DV ORQJ DV QR IDXOWV DUH
XOHV DOVR FRQWDLQ VLJQDO UHOD\V IRU UHPRWH LQGLFDWLRQ SUHVHQW WKH GLVSOD\ RXWSXWV VHOHFWDEOH RSHUDWLQJ LQ
0RVW RI WKH VLJQDOV DQG LQGLFDWLRQV FDQ EH PDU IRUPDWLRQ XVXDOO\ DQ RSHUDWLRQDO PHDVXUHG YDOXH
VKDOOHG LH WKH\ FDQ EH DOORFDWHG PHDQLQJV RWKHU LQ HDFK RI WKH WZR OLQHV ,Q WKH HYHQW RI D IDXOW VHOHFW
WKDQ WKH IDFWRU\ VHWWLQJV ,Q 6HFWLRQ WKH GHOLYHUHG DEOH LQIRUPDWLRQ RQ WKH IDXOW DSSHDUV LQVWHDG RI WKH
FRQGLWLRQ DQG WKH PDUVKDOOLQJ IDFLOLWLHV DUH GH RSHUDWLQJ LQIRUPDWLRQ HJ GHWHFWHG SKDVHV DQG
VFULEHG LQ GHWDLO HODSVHG WLPH IURP IDXOW GHWHFWLRQ WR WULS FRPPDQG
7KH TXLHVFHQW LQIRUPDWLRQ LV GLVSOD\HG DJDLQ RQFH
7KH RXWSXW VLJQDO UHOD\V DUH QRW ODWFKHG DQG DXWR WKHVH IDXOW DQQXQFLDWLRQV KDYH EHHQ DFNQRZOHGJHG
PDWLFDOO\ UHVHW DV VRRQ DV WKH RULJLQDWLQJ VLJQDO GLV 7KH DFNQRZOHGJHPHQW LV LGHQWLFDO WR UHVHWWLQJ RI WKH
DSSHDUV 7KH /('V FDQ EH DUUDQJHG WR ODWFK RU WR EH VWRUHG /(' GLVSOD\V DV LQ 6HFWLRQ
VHOIUHVHWWLQJ
7KH GHYLFH DOVR KDV VHYHUDO HYHQW EXIIHUV HJ IRU
7KH PHPRULHV RI WKH /('V DUH VDYHG DJDLQVW VXSSO\ RSHUDWLQJ PHVVDJHV HWF VHH 6HFWLRQ ZKLFK DUH
YROWDJH IDLOXUH 7KH\ FDQ EH UHVHW VDYHG DJDLQVW VXSSO\ YROWDJH IDLOXUH E\ D EXIIHU EDW
WHU\ 7KHVH PHVVDJHV DV ZHOO DV DOO DYDLODEOH RSHUDW
ORFDOO\ E\ RSHUDWLRQ RI WKH UHVHW EXWWRQ RQ WKH
LQJ YDOXHV FDQ EH WUDQVIHUUHG LQWR WKH IURQW GLVSOD\ DW
UHOD\
DQ\ WLPH XVLQJ WKH NH\ERDUG RU WR WKH SHUVRQDO FRP
UHPRWHO\ E\ HQHUJL]DWLRQ RI WKH UHPRWH UHVHW LQ
SXWHU YLD WKH RSHUDWLQJ LQWHUIDFH
SXW
UHPRWHO\ YLD RQH RI WKH LQWHUIDFHV
&*&
$IWHU D IDXOW IRU H[DPSOH LPSRUWDQW LQIRUPDWLRQ FRQ 7KH LQVWDQWDQHRXV YDOXHV RI WKH PHDVXUHG YDOXHV
FHUQLQJ LWV KLVWRU\ VXFK DV SLFN XS DQG WULSSLQJ
FDQ EH FDOOHG XS RQ WKH GLVSOD\ RI WKH GHYLFH 7KH L/ L/ L/ LH X/ 1 X/ 1 X/ 1 XH[F
IDXOW LQFHSWLRQ LV LQGLFDWHG ZLWK WKH DEVROXWH WLPH RI
WKH RSHUDWLQJ V\VWHP SURYLGHG WKH UHDO WLPH FORFN LV FDQ EH VDPSOHG DW LQWHUYDOV RI YDOXHV SHU DF SHUL
DYDLODEOH 7KH VHTXHQFH RI WKH HYHQWV LV WDJJHG ZLWK RG DQG VWRUHG LQ D FLUFXODWLQJ VKLIW UHJLVWHU ,Q FDVH RI
WKH UHODWLYH WLPH UHIHUUHG WR WKH PRPHQW DW ZKLFK WKH D IDXOW WKH GDWD DUH VWRUHG RYHU D VHOHFWDEOH WLPH SH
IDXOW GHWHFWRU KDV SLFNHG XS 7KXV WKH HODSVHG WLPH ULRG EXW PD[ RYHU VHFRQGV
XQWLO WULSSLQJ LV LQLWLDWHG DQG XQWLO WKH WULS VLJQDO LV UH
VHW FDQ EH UHDG RXW 7KH UHVROXWLRQ LV PV 7KH UPV YDOXHV RI WKH TXDQWLWLHV
,/ ,/ ,/ ,H ,SRV VHT 8SRV VHT j II1
7KH HYHQWV FDQ DOVR EH UHDG RXW ZLWK D SHUVRQDO
FRPSXWHU E\ PHDQV RI WKH DSSURSULDWH SURJUDP FDQ DOWHUQDWLYHO\ EH VDPSOHG LQ LQWHUYDOV RI DF SH
',*6, 7KLV SURYLGHV WKH FRPIRUW RI D &57 VFUHHQ ULRG DQG VWRUHG LQ D FLUFXODWLQJ VKLIW UHJLVWHU ,Q FDVH
DQG PHQXJXLGHG RSHUDWLRQ $GGLWLRQDOO\ WKH GDWD RI D IDXOW WKH GDWD DUH VWRUHG RYHU D VHOHFWDEOH WLPH
FDQ EH GRFXPHQWHG RQ D SULQWHU RU VWRUHG RQ D SHULRG EXW PD[ RYHU VHFRQGV
IORSS\ GLVF IRU HYDOXDWLRQ HOVHZKHUH
7KH PD[LPXP QXPEHU RI IDXOW UHFRUGV ZLWKLQ WKLV
7KH SURWHFWLRQ GHYLFH VWRUHV WKH GDWD RI WKH ODVW IRXU WLPH SHULRG LV 7KHVH GDWD DUH WKHQ DYDLODEOH IRU
IDXOWV LI D ILIWK IDXOW RFFXUV WKH ROGHVW IDXOW LV RYHUZULW IDXOW DQDO\VLV )RU HDFK UHQHZHG IDXOW HYHQW WKH DF
WHQ LQ WKH IDXOW PHPRU\ 7KH ORFDO GLVSOD\ DOORZV WKH WXDO QHZ IDXOW GDWD DUH VWRUHG ZLWKRXW DFNQRZOHGJH
PHVVDJHV RI WKH ODVW WKUHH IDXOWV WR EH UHDG RXW PHQW RI WKH ROG GDWD
$ IDXOW EHJLQV ZLWK UHFRJQLWLRQ RI WKH IDXOW E\ SLFN 7KH GDWD FDQ EH WUDQVIHUUHG WR D FRQQHFWHG SHUVRQDO
XS RI DQ\ SURWHFWLRQ IXQFWLRQ DQG HQGV ZLWK WKH ODWHVW FRPSXWHU YLD WKH RSHUDWLRQ LQWHUIDFH DW WKH IURQW DQG
UHVHW RI D SURWHFWLRQ IXQFWLRQ HYDOXDWHG E\ WKH SURWHFWLRQ GDWD HYDOXDWLRQ SURJUDP
',*6, 7KH FXUUHQWV DQG YROWDJHV DUH UHIHUUHG WR
WKHLU PD[LPXP YDOXHV QRUPDOL]HG WR WKHLU UDWHG YDO
XHV DQG SUHSDUHG IRU JUDSKLF YLVXDOL]DWLRQ ,Q DGGL
WLRQ VLJQDOV FDQ EH PDUNHG DV ELQDU\ WUDFHV HJ
,QIRUPDWLRQ WR D FHQWUDO XQLW l3LFN XSl DQG l7ULSl
,Q DGGLWLRQ DOO VWRUHG LQIRUPDWLRQ FDQ EH WUDQVPLWWHG $GGLWLRQDOO\ WKH IDXOW UHFRUG GDWD FDQ EH WUDQVPLWWHG
YLD DQ RSWLFDO ILEUH FRQQHFWRU RU WKH LVRODWHG VHFRQG WR D FRQWURO FHQWUH YLD WKH VHULDO V\VWHP LQWHUIDFH
LQWHUIDFH V\VWHP LQWHUIDFH WR D FRQWURO FHQWUH IRU (YDOXDWLRQ RI WKH GDWD LV PDGH LQ WKH FRQWURO FHQWUH
H[DPSOH WKH 6,(0(16 /RFDOL]HG 6XEVWDWLRQ $XWR XVLQJ DSSURSULDWH VRIWZDUH SURJUDPV 7KH FXUUHQWV
PDWLRQ 6\VWHP /6$ 7UDQVPLVVLRQ XVHV D VWDQ DQG YROWDJHV DUH UHIHUUHG WR WKHLU PD[LPXP YDOXHV
GDUGL]HG WUDQVPLVVLRQ SURWRFRO DFFRUGLQJ WR 9'(: QRUPDOL]HG WR WKHLU UDWHG YDOXHV DQG SUHSDUHG IRU
=9(, RU VHOHFWDEOH DFFRUGLQJ WR ',1 JUDSKLF YLVXDOL]DWLRQ ,Q DGGLWLRQ VLJQDOV FDQ EH
PDUNHG DV ELQDU\ WUDFHV HJ l3LFN XSl DQG l7ULSl
:KHQ WKH GDWD DUH WUDQVIHUUHG WR D FHQWUDO XQLW

UHDGRXW FDQ SURFHHG DXWRPDWLFDOO\ RSWLRQDOO\ DI
WHU HDFK SLFN XS RI WKH UHOD\ RU RQO\ DIWHU D WULS 7KH
'DWD VWRUDJH DQG WUDQVPLVVLRQ IROORZLQJ WKHQ DSSOLHV
IRU IDXOW UHFRUGLQJ
7KH UHOD\ VLJQDOV WKH DYDLODELOLW\ RI IDXOW UHFRUG
7KH GHYLFH LQFRUSRUDWHV D GDWD VWRUH ZKLFK FDQ RS GDWD
WLRQDOO\ VWRUH WKH LQVWDQWDQHRXV YDOXHV RU WKH UPV
YDOXHV RI YDULRXV PHDVXUHG TXDQWLWLHV 7KH GDWD UHPDLQ DYDLODEOH IRU UHFDOO XQWLO FRP
PHQFHPHQW RI WKH QH[W IDXOW HYHQW
$ WUDQVPLVVLRQ LQ SURJUHVV FDQ EH DERUWHG E\ WKH

FHQWUDO XQLW
&*&
2SHUDWLQJ PHDVXUHPHQWV DQG 0RQLWRULQJ IXQFWLRQV

FRQYHUVLRQ
80 LQFRUSRUDWHV FRPSUHKHQVLYH PRQLWRULQJ
)RU ORFDO UHFDOO RU WUDQVPLVVLRQ RI GDWD WKH WUXH UPV IXQFWLRQV ZKLFK FRYHU ERWK KDUGZDUH DQG VRIWZDUH
YDOXHV RI WKH FXUUHQWV DQG YROWDJHV DUH DOZD\V DYDLO IXUWKHUPRUH WKH PHDVXUHG YDOXHV DUH FRQWLQXRXVO\
DEOH DV DUH WKH SRVLWLYH VHTXHQFH FRPSRQHQWV RI WKH FKHFNHG IRU SODXVLELOLW\ VR WKDW WKH FXUUHQW DQG YROW
FXUUHQWV DQG YROWDJHV DJH WUDQVIRUPHU FLUFXLWV DUH DOVR LQFOXGHG LQ WKH
PRQLWRULQJ V\VWHP
7KH IROORZLQJ LV YDOLG
,/ ,/ ,/ SKDVH FXUUHQWV LQ DPSV SULPDU\ DQG

LQ RI UDWHG FXUUHQW ,1 +DUGZDUH PRQLWRULQJ
,SRVVHT SRVLWLYH VHTXHQFH FXUUHQW 7KH FRPSOHWH KDUGZDUH LV PRQLWRUHG IRU IDXOWV DQG
LQDGPLVVLEOH IXQFWLRQV IURP WKH PHDVXUHG YDOXH LQ
8/( 8/( YROWDJHV SKDVHHDUWK LQ NLORYROWV
SXWV WR WKH RXWSXW UHOD\V ,Q GHWDLO WKLV LV DFFRP
8/( SULPDU\ DQG LQ 9 VHFRQGDU\
SOLVKHG E\ PRQLWRULQJ
c k 8SRV SRVLWLYH VHTXHQFH YROWDJH
$X[LOLDU\ DQG UHIHUHQFH YROWDJHV
,H HDUWK FXUUHQWV LQ PLOOLDPSV
7KH SURFHVVRU PRQLWRUV WKH RIIVHW DQG UHIHUHQFH
$GGLWLRQDOO\ WKH DFWLYH DQG UHDFWLYH SRZHU WKH SRZ YROWDJH RI WKH $'& DQDORJGLJLWDO FRQYHUWHU 7KH
HU IDFWRU DQG SRZHU DQJOH WKH SROH DQJOH WKH H[FLWD SURWHFWLRQ LV EORFNHG DV VRRQ DV LPSHUPLVVLEOH
WLRQ YROWDJH WKH GLVSODFHPHQW YROWDJH FDOFXODWHG GHYLDWLRQV RFFXU 3HUPDQHQW IDXOWV DUH DQQXQ
IURP WKH WKUHH SKDVHWRHDUWK YROWDJHV WKH WHP FLDWHG
SHUDWXUH ULVH DQG DPELHQW WHPSHUDWXUH RI WKH WKHU
PDO RYHUORDG SURWHFWLRQ DV ZHOO DV WKH IUHTXHQF\ WKH )DLOXUH RU VZLWFKRII RI WKH DX[LOLDU\ YROWDJH DXWR
XQEDODQFHG ORDG DQG WKH FDOFXODWHG URWRU WHPSHUD PDWLFDOO\ SXWV WKH V\VWHP RXW RI RSHUDWLRQ WKLV
WXUH ULVH FDQ EH UHDG RXW VWDWXV LV LQGLFDWHG E\ D IDLOVDIH FRQWDFW 7UDQ
VLHQW GLSV LQ VXSSO\ YROWDJH RI OHVV WKDQ PV ZLOO
7KH IROORZLQJ LV YDOLG QRW GLVWXUE WKH IXQFWLRQ RI WKH UHOD\ UDWHG DX[LOLDU\
YROWDJH ! 9
3 DFWLYH SRZHU LQ RI c,181
0HDVXUHG YDOXH DFTXLVLWLRQ
4 UHDFWLYH SRZHU LQ RI c,181
&26 3+, SRZHU IDFWRU 7KH FRPSOHWH FKDLQ IURP WKH LQSXW WUDQVIRUPHUV
XS WR DQG LQFOXGLQJ WKH DQDORJGLJLWDO FRQYHUWHUV
3+, SRZHU DQJOH DUH PRQLWRUHG E\ WKH SODXVLELOLW\ FKHFN RI WKH
PHDVXUHG YDOXHV
7+(7$ SROH DQJOH
,Q WKH FXUUHQW SDWK WKHUH DUH WKUHH LQSXW FRQYHU
8H[FLW H[FLWDWLRQ YROWDJH
WHUV WKH GLJLWL]HG VXP RI WKH RXWSXWV RI WKHVH PXVW
I >+]@ IUHTXHQF\ LQ +] EH DOPRVW ]HUR XQGHU QRUPDO RSHUDWLRQ :KHQ WKH
VWDUSRLQW RI WKH PDFKLQH LV QRW RU KLJKRKPLF
c k 8 GLVSODFHPHQW YROWDJH 8/ HDUWKHG DGGUHVV FXUUHQW VXP FKHFN LV FDU
8/ 8/c ULHG RXW $ IDXOW LQ WKH FXUUHQW SDWK LV WKHQ UHFRJ
QL]HG ZKHQ
,QHJVHT XQEDODQFHG ORDG FXUUHQW
]L/ L/ L/] !
7KHUP5HSO WHPSHUDWXUH ULVH FDOFXODWHG IURP WKH
680,WKUHV [ ,1 680)DFW, [ ,PD[
XQEDODQFHG ORDG FXUUHQW
33WULS/ WKH FDOFXODWHG WHPSHUDWXUH ULVH IRU 680,WKUHV DQG 680)DFW, DUH VHWWLQJ SDUDPH
HDFK SKDVH LQ RI WKH WULS WHPSHUD WHUV UHIHU 7KH FRPSRQHQW 680)DFW, [
WXUH ULVH ,PD[ WDNHV LQWR DFFRXQW SHUPLVVLEOH FXUUHQW SUR
SRUWLRQDO WUDQVIRUPDWLRQ HUURUV LQ WKH LQSXW FRQ
$0%7(03 DPELHQW WHPSHUDWXUH LQ E& LI FRQ YHUWHUV ZKLFK PD\ SDUWLFXODUO\ RFFXU XQGHU FRQ
QHFWHG DQG DFFRUGLQJO\ PDWFKHG GLWLRQV RI KLJK FXUUHQWV )LJXUH
&*&
6RIWZDUH PRQLWRULQJ

,) ,) )DXOW FXUUHQW
,1 )RU FRQWLQXRXV PRQLWRULQJ RI WKH SURJUDP VH
6ORSH
680)DFW, TXHQFHV D ZDWFKGRJ WLPHU LV SURYLGHG ZKLFK ZLOO UH
VHW WKH SURFHVVRU LQ WKH HYHQW RI SURFHVVRU IDLOXUH RU
LI D SURJUDP IDOOV RXW RI VWHS )XUWKHU LQWHUQDO SODXVL
680,WKUHV ELOLW\ FKHFNV HQVXUH WKDW DQ\ IDXOW LQ SURFHVVLQJ RI
WKH SURJUDPV FDXVHG E\ LQWHUIHUHQFH ZLOO EH UHFRJ
QL]HG 6XFK IDXOWV OHDG WR UHVHW DQG UHVWDUW RI WKH SUR
FHVVRU
,PD[
,1
,I VXFK D IDXOW LV QRW HOLPLQDWHG E\ UHVWDUWLQJ IXUWKHU
)LJXUH &XUUHQW VXP PRQLWRULQJ UHVWDUWV DUH LQLWLDWHG ,I WKH IDXOW LV VWLOO SUHVHQW DIWHU
WKUHH UHVWDUW DWWHPSWV WKH SURWHFWLYH V\VWHP ZLOO
VZLWFK LWVHOI RXW RI VHUYLFH DQG LQGLFDWH WKLV FRQGLWLRQ
E\ GURSRII RI WKH DYDLODELOLW\ UHOD\ WKXV LQGLFDWLQJ
lHTXLSPHQW IDXOWl DQG VLPXOWDQHRXVO\ WKH /('
&XUUHQW VXP PRQLWRULQJ LV QRW HIIHFWLYH ZKHQ WKH l%ORFNHGl FRPHV RQ
VWDUSRLQW RI WKH PDFKLQH LV ORZ UHVLVWDQFH
HDUWKHG FI SDUDPHWHU DGGUHVV
&RPPDQG RXWSXW FKDQQHOV

0RQLWRULQJ RI H[WHUQDO PHDVXULQJ
WUDQVIRUPHU FLUFXLWV
7KH FRPPDQG UHOD\V IRU WULSSLQJ DUH FRQWUROOHG E\
WZR FRPPDQG DQG RQH DGGLWLRQDO UHOHDVH FKDQ
7R GHWHFW LQWHUUXSWLRQV RU VKRUW FLUFXLWV LQ WKH H[WHU
QHOV $V ORQJ DV QR SLFN XS FRQGLWLRQ H[LVWV WKH
QDO PHDVXULQJ WUDQVIRUPHU FLUFXLWV RU IDXOWV LQ WKH
FHQWUDO SURFHVVRU PDNHV D F\FOLF FKHFN RI WKHVH
FRQQHFWLRQV DQ LPSRUWDQW FRPPLVVLRQLQJ DLG WKH
FRPPDQG RXWSXW FKDQQHOV IRU DYDLODELOLW\ E\ H[
PHDVXUHG YDOXHV DUH FKHFNHG DW F\FOLF LQWHUYDOV DV
FLWLQJ HDFK FKDQQHO RQH DIWHU WKH RWKHU DQG FKHFN
ORQJ DV QR SLFN XS FRQGLWLRQ H[LVWV
LQJ IRU FKDQJH LQ WKH RXWSXW VLJQDO OHYHO &KDQJH
RI WKH IHHGEDFN VLJQDO WR ORZ OHYHO LQGLFDWHV D
&XUUHQW V\PPHWU\
IDXOW LQ RQH RI WKH FRQWURO FKDQQHOV RU LQ WKH UHOD\
FRLO 6XFK D FRQGLWLRQ OHDGV DXWRPDWLFDOO\ WR DODUP
DQG EORFNLQJ RI WKH FRPPDQG RXWSXW ,Q KHDOWK\ RSHUDWLRQ LW FDQ EH H[SHFWHG WKDW WKH
FXUUHQWV ZLOO EH DSSUR[LPDWHO\ V\PPHWULFDO 7KH
IROORZLQJ DSSOLHV
0HPRU\ PRGXOHV
7KH PHPRU\ PRGXOHV DUH SHULRGLFDOO\ FKHFNHG ] ,PLQ ] ] ,PD[ ] 6<0)DFW,

IRU IDXOW E\ LI
,PD[ ,1 ! 6<0,WKUHV ,1
- :ULWLQJ D GDWD ELW SDWWHUQ IRU WKH ZRUNLQJ
PHPRU\ 5$0 DQG UHDGLQJ LW ,PD[ LV DOZD\V WKH ODUJHVW RI WKH WKUHH SKDVH FXU
UHQWV DQG ,PLQ DOZD\V WKH VPDOOHVW 7KH V\PPHWU\
- )RUPDWLRQ RI WKH PRGXOXV IRU WKH SURJUDP IDFWRU 6<0)DFW, UHSUHVHQWV WKH PDJQLWXGH RI
PHPRU\ (3520 DQG FRPSDULVRQ RI LW ZLWK D DV\PPHWU\ RI WKH SKDVH FXUUHQWV DQG WKH WKUHVK
UHIHUHQFH SURJUDP PRGXOXV VWRUHG WKHUH ROG 6<0,WKUHV LV WKH ORZHU OLPLW RI WKH SURFHVVLQJ
DUHD RI WKLV PRQLWRULQJ IXQFWLRQ VHH )LJXUH
- )RUPDWLRQ RI WKH PRGXOXV RI WKH YDOXHV VWRUHG %RWK SDUDPHWHUV FDQ EH VHW VHH 6HFWLRQ
LQ WKH SDUDPHWHU VWRUH ((3520 WKHQ FRP
SDULQJ LW ZLWK WKH QHZO\ GHWHUPLQHG PRGXOXV DI
WHU HDFK SDUDPHWHU DVVLJQPHQW SURFHVV
&*&
3KDVH URWDWLRQ

, PLQ
,1 6LQFH FRUUHFW IXQFWLRQLQJ RI WKH SURWHFWLRQ IXQF
WLRQV UHOLHV XSRQ D FORFNZLVH VHTXHQFH RI WKH
6ORSH
SKDVH YROWDJHV V\PPHWULFDO FRPSRQHQWV WKH
6<0)DFW, GLUHFWLRQ RI URWDWLRQ LV PRQLWRUHG
8/ EHIRUH 8/ EHIRUH 8/
7KLV FKHFN LV FDUULHG RXW ZKHQ WKH PHDVXUHG YROW

6<0,WKUHV , PD[ DJHV DV GHVFULEHG LQ DUH SODXVLEOH DQG
,1 KDYH D PLQLPXP YDOXH RI DW OHDVW
)LJXUH &XUUHQW V\PPHWU\ PRQLWRULQJ

]8/] ]8/] ]8/] ! 9c
9ROWDJH V\PPHWU\

&RXQWHUFORFNZLVH URWDWLRQ ZLOO FDXVH DQ DODUP
,Q KHDOWK\ RSHUDWLRQ LW FDQ EH H[SHFWHG WKDW WKH
YROWDJHV ZLOO EH DSSUR[LPDWHO\ V\PPHWULFDO ,I QR YROWDJHV DUH SUHVHQW IRU SKDVH VHTXHQFH
7KHUHIRUH WKH GHYLFH FKHFNV WKH WKUHH SKDVH PHDVXUHPHQW WKH FXUUHQWV DUH FKHFNHG IRU WKHLU
WRSKDVH YROWDJHV IRU V\PPHWU\ 0RQLWRULQJ RI SKDVH URWDWLRQ 7KLV UHTXLUHV WKDW HDFK SKDVH FXU
WKH V\PPHWU\ RI WKH SKDVHWRSKDVH YROWDJHV LV UHQW LV DW OHDVW WLPHV UDWHG FXUUHQW
QRW LQIOXHQFHG E\ HDUWK IDXOWV ,Q WKRVH FDVHV ZKHUH FRXQWHUFORFNZLVH SKDVH
URWDWLRQ FDQ RFFXU GXULQJ RSHUDWLRQ HJ LQ SXP
7KH IROORZLQJ DSSOLHV SHGVWRUDJH SRZHU VWDWLRQV WKH UHOD\ PXVW EH
LQIRUPHG DERXW WKH UHYHUVDO RI WKH SKDVH VH
] 8PLQ ] ] 8PD[ ] 6<0)DFW8 TXHQFH YLD D DSSURSULDWHO\ DVVLJQHG ELQDU\ LQSXW
LI :KHQ WKLV LQSXW LV HQHUJL]HG WKH SKDVHV / DQG
] 8PD[ ] ! 6<08WKUHV / DUH LQWHUQDOO\ VZDSSHG LQ RUGHU WR HQVXUH FRU
UHFW V\PPHWULFDO FRPSRQHQW FDOFXODWLRQ VHH DOVR
6HFWLRQ 7KH SKDVH GHGLFDWHG DQQXQFL
ZKHUHE\ 8PD[ LV WKH ODUJHVW RI WKH WKUHH YROWDJHV
DWLRQV IDXOW UHFRUGLQJV DQG PHDVXUHG YDOXHV DUH
DQG 8PLQ WKH VPDOOHVW 7KH V\PPHWU\ IDFWRU
QRW DIIHFWHG
6<0)DFW8 UHSUHVHQWV WKH PDJQLWXGH RI WKH
DV\PPHWU\ RI WKH YROWDJHV 7KH WKUHVKROG
6<08WKUHV LV WKH ORZHU OLPLW RI WKH SURFHVVLQJ
DUHD RI WKLV PRQLWRULQJ IXQFWLRQ VHH )LJXUH 7DEOH JLYHV D VXUYH\ RI DOO WKH IXQFWLRQV RI WKH
%RWK SDUDPHWHUV FDQ EH VHW VHH 6HFWLRQ PHDVXUHG YDOXH PRQLWRULQJ V\VWHP WRJHWKHU ZLWK
WKH SRVVLEOH FDXVHV DQG WKH DVVRFLDWHG DQQXQFL
DWLRQV ,W LV SRVVLEOH WKDW PRUH WKDQ RQH PRQLWRULQJ
IXQFWLRQ RSHUDWHV GXULQJ D FHUWDLQ GLVWXUEDQFH
%ORFNLQJ RI DQ\ SURWHFWLRQ IXQFWLRQ GRHV QRW WDNH
8 PLQ SODFH
8 1
6ORSH
6<0)DFW8
6<08WKUHV 8 PD[
81
)LJXUH 9ROWDJH V\PPHWU\ PRQLWRULQJ
&*&
0RQLWRULQJ )DLOXUH FRYHUHG UHDFWLRQ

3ODXVLELOLW\ FKHFN RI FXUUHQWV 5HOD\ IDLOXUHV LQ WKH VLJQDO DFTXLVLWLRQ FLUFXLWV
L/ L/ L/
]L/ L/ L/] !
680,WKUHV [ ,1 680)DFW, [ ,PD[ GHOD\HG DODUP l)DLOXUH 5,l
&XUUHQW XQEDODQFH 6LQJOH RU SKDVHWRSKDVH VKRUW FLUFXLWV RU EUR

_,PLQ] NHQ FRQGXFWRUV LQ WKH FW FLUFXLWV L/ L/ L/
6<0)DFW, RU
_,PD[] 8QEDODQFHG ORDG
DQG _,PD[] ! 6<0,WKUHV GHOD\HG DODUP l)DLOXUH ,V\PPl
9ROWDJH XQEDODQFH SKDVHSKDVH 6KRUW FLUFXLW RU LQWHUUXSWLRQ SKDVH SKDVH

LQ YW VHFRQGDU\ FLUFXLWV
_8PLQ] RU
6<0)DFW8 XQEDODQFHG YROWDJH RQ WKH V\VWHP
_8PD[]
GHOD\HG DODUP l)DLOXUH 8V\PPl
DQG _8PD[] ! 6<08WKUHV
3KDVH URWDWLRQ 6ZDSSHG YROWDJH FRQQHFWLRQV RU UHYHUVH URWDWLRQ

VHTXHQFH
/ EHIRUH / EHIRUH /
DV ORQJ DV _8/_ _8/_ _8/_ ! 9c
GHOD\HG DODUP l)DLO3KDVH6HTl
DQGRU _,/_ _,/_ _,/_ ! k ,1
2SHUDWLQJ FRQGLWLRQ
DQG FRXQWHUFORFNZLVH URWDWLRQ LV QRW LQGLFDWHG
YLD D ELQDU\ LQSXW
%ROWHG ILJXUHV DUH VHWWLQJ YDOXHV
7DEOH 6XPPDU\ RI PHDVXULQJ FLUFXLW PRQLWRULQJ
&*&
80 9 ,QVWDOODWLRQ LQVWUXFWLRQV
,QVWDOODWLRQ LQVWUXFWLRQV
:DUQLQJ
7KH VXFFHVVIXO DQG VDIH RSHUDWLRQ RI WKLV GHYLFH LV GHSHQGHQW RQ SURSHU KDQGOLQJ DQG LQVWDOODWLRQ
E\ TXDOLILHG SHUVRQQHO XQGHU REVHUYDQFH RI DOO ZDUQLQJV DQG KLQWV FRQWDLQHG LQ WKLV PDQXDO
,Q SDUWLFXODU WKH JHQHUDO HUHFWLRQ DQG VDIHW\ UHJXODWLRQV HJ ,(& ',1 9'( RU QDWLRQDO VWDQGDUGV
UHJDUGLQJ WKH FRUUHFW XVH RI KRLVWLQJ JHDU PXVW EH REVHUYHG 1RQREVHUYDQFH FDQ UHVXOW LQ GHDWK
SHUVRQDO LQMXU\ RU VXEVWDQWLDO SURSHUW\ GDPDJH
8QSDFNLQJ DQG UHSDFNLQJ 3UHSDUDWLRQV
:KHQ GLVSDWFKHG IURP WKH IDFWRU\ WKH HTXLSPHQW LV 7KH RSHUDWLQJ FRQGLWLRQV PXVW DFFRUG ZLWK 9'(
SDFNHG LQ DFFRUGDQFH ZLWK WKH JXLGHOLQHV ODLG GRZQ DQG 9'( SDUW RU FRUUHVSRQG
LQ ,(& ZKLFK VSHFLILHV WKH LPSDFW UHVLV LQJ QDWLRQDO VWDQGDUGV IRU HOHFWULFDO SRZHU LQVWDOOD
WDQFH RI SDFNDJLQJ WLRQV
7KLV SDFNLQJ VKDOO EH UHPRYHG ZLWK FDUH ZLWKRXW

IRUFH DQG ZLWKRXW WKH XVH RI LQDSSURSULDWH WRROV 7KH &DXWLRQ
HTXLSPHQW VKRXOG EH YLVXDOO\ FKHFNHG WR HQVXUH

WKDW WKHUH DUH QR H[WHUQDO WUDFHV RI GDPDJH 7KH PRGXOHV RI GLJLWDO UHOD\V FRQWDLQ &026
FLUFXLWV 7KHVH VKDOO QRW EH ZLWKGUDZQ RU LQ
7KH WUDQVSRUW SDFNLQJ FDQ EH UHXVHG IRU IXUWKHU VHUWHG XQGHU OLYH FRQGLWLRQV 7KH PRGXOHV
WUDQVSRUW ZKHQ DSSOLHG LQ WKH VDPH ZD\ 7KH VWRU PXVW EH VR KDQGOHG WKDW DQ\ SRVVLELOLW\ RI
DJH SDFNLQJ RI WKH LQGLYLGXDO UHOD\V LV QRW VXLWHG WR GDPDJH GXH WR VWDWLF HOHFWULFDO FKDUJHV LV
H[FOXGHG 'XULQJ DQ\ QHFHVVDU\ KDQGOLQJ
WUDQVSRUW ,I DOWHUQDWLYH SDFNLQJ LV XVHG WKLV PXVW
RI LQGLYLGXDO PRGXOHV WKH UHFRPPHQGD
DOVR SURYLGH WKH VDPH GHJUHH RI SURWHFWLRQ DJDLQVW WLRQV UHODWLQJ WR WKH KDQGOLQJ RI HOHFWURVWDWL
PHFKDQLFDO VKRFN DV ODLG GRZQ LQ ,(& FDOO\ HQGDQJHUHG FRPSRQHQWV ((& PXVW
FODVV DQG ,(& FODVV EH REVHUYHG
%HIRUH LQLWLDO HQHUJL]DWLRQ ZLWK VXSSO\ YROWDJH WKH ,Q LQVWDOOHG FRQGLWLRQV WKH PRGXOHV DUH LQ QR GDQJHU
UHOD\ VKDOO EH VLWXDWHG LQ WKH RSHUDWLQJ DUHD IRU DW
OHDVW WZR KRXUV LQ RUGHU WR HQVXUH WHPSHUDWXUH
HTXDOL]DWLRQ DQG WR DYRLG KXPLGLW\ LQIOXHQFHV DQG
FRQGHQVDWLRQ
&*&
0RXQWLQJ DQG FRQQHFWLRQV ODEHOOLQJ RI WKH LQGLYLGXDO FRQQHFWRU PRGXOHV WR

HQVXUH FRUUHFW ORFDWLRQ REVHUYH WKH PD[ SHUPLV
0RGHO 804 4'444 IRU SDQHO VXU VLEOH FRQGXFWRU FURVVVHFWLRQV 7KH XVH RI WKH
VFUHZHG WHUPLQDOV LV UHFRPPHQGHG VQDSLQ
IDFH PRXQWLQJ
FRQQHFWLRQ UHTXLUHV VSHFLDO WRROV DQG PXVW QRW EH
XVHG IRU ILHOG ZLULQJ XQOHVV SURSHU VWUDLQ UHOLHI DQG
6HFXUH WKH XQLW ZLWK IRXU VFUHZV WR WKH SDQHO )RU WKH SHUPLVVLEOH EHQGLQJ UDGLXV DUH REVHUYHG
GLPHQVLRQV UHIHU WR )LJXUH
7KH VFUHZ W\SH WHUPLQDOV VKRXOG EH XVHG ZLWK
&RQQHFW HDUWKLQJ WHUPLQDO 7HUPLQDO RI WKH XQLW RXW ZLUH HQG IHUUXOHV 3LQHQG FRQQHFWRUV JHQHU
WR WKH SURWHFWLYH HDUWK RI WKH SDQHO DOO\ PXVW QRW EH XVHG &DUH KDV WR EH WDNHQ IRU D
VXIILFLHQWO\ ORQJ EDUH ZLUH DSSUR[ PP
0DNH D VROLG ORZ RKPLF DQG ORZ LQGXFWLYH RS LQFK DW OHDVW PP LQFK
HUDWLRQDO HDUWK FRQQHFWLRQ EHWZHHQ WKH HDUWKLQJ
VXUIDFH DW WKH VLGH RI WKH XQLW XVLQJ DW OHDVW RQH
VWDQGDUG VFUHZ 0 DQG WKH HDUWKLQJ FRQWLQXLW\
V\VWHP RI WKH SDQHO UHFRPPHQGHG JURXQGLQJ
VWUDS ',1 IRUP $ HJ 2UGHU1R RI
0HVVUV 'UXVHLGW 5HPVFKHLG *HUPDQ\ &KHFNLQJ WKH UDWHG GDWD
0DNH FRQQHFWLRQV YLD VFUHZHG WHUPLQDOV 2E
VHUYH ODEHOOLQJ RI WKH LQGLYLGXDO FRQQHFWRUV DQG 7KH UDWHG GDWD RI WKH XQLW PXVW EH FKHFNHG DJDLQVW
WKH PD[ SHUPLVVLEOH FRQGXFWRU FURVVVHFWLRQV WKH SODQW GDWD 7KLV DSSOLHV LQ SDUWLFXODU WR WKH DX[LOLD
U\ YROWDJH DQG WKH UDWHG FXUUHQW RI WKH FXUUHQW WUDQV
IRUPHUV 7KH YROWDJH GLYLGHU IRU WKH PHDVXUHPHQW RI
WKH H[FLWDWLRQ YROWDJH VKRXOG EH GLPHQVLRQHG VXFK
0RGHO 804 4&444 IRU SDQHO IOXVK WKDW XQGHU UDWHG H[FLWDWLRQ QR PRUH WKDQ 9 DSSHDU
PRXQWLQJ RU 804 4(444 IRU FX DW WKH XQLW LQSXW LI WKH H[FLWDWLRQ YROWDJH LQSXW LV
XVHG
ELFOH LQVWDOODWLRQ
/LIW XS ERWK ODEHOOLQJ VWULSV RQ WKH OLG RI WKH XQLW DQG
UHPRYH FRYHU WR JDLQ DFFHVV WR IRXU KROHV IRU WKH &RQWURO GF YROWDJH RI ELQDU\ LQSXWV
IL[LQJ VFUHZV
:KHQ GHOLYHUHG IURP IDFWRU\ WKH ELQDU\ LQSXWV DUH
,QVHUW WKH XQLW LQWR WKH SDQHO FXW RXW DQG VHFXUH LW GHVLJQHG WR RSHUDWH LQ WKH WRWDO FRQWURO YROWDJH
ZLWK WKH IL[LQJ VFUHZV )RU GLPHQVLRQV UHIHU WR )LJ UDQJH IURP 9 WR 9 7KH SLFN XS WKUHVKROG OLHV
XUH QHDU 9 ,Q RUGHU WR RSWLPL]H WKH RSHUDWLRQ RI WKH
LQSXWV WKH\ VKRXOG EH PDWFKHG WR WKH UHDO FRQWURO
&RQQHFW HDUWKLQJ VFUHZ RQ WKH UHDU RI WKH XQLW WR YROWDJH WR LQFUHDVH VWDELOLW\ DJDLQVW VWUD\ YROWDJHV LQ
WKH SURWHFWLYH HDUWK RI WKH SDQHO RU FXELFOH WKH GF FLUFXLWV
0DNH D VROLG ORZ RKPLF DQG ORZ LQGXFWLYH RS 7R ILW D KLJKHU SLFN XS WKUHVKROG RI DSSUR[LPDWHO\
HUDWLRQDO HDUWK FRQQHFWLRQ EHWZHHQ WKH HDUWKLQJ 9 WR D ELQDU\ LQSXW D VROGHU EULGJH PXVW EH UH
VXUIDFH DW WKH UHDU RI WKH XQLW XVLQJ DW OHDVW RQH PRYHG )LJXUH VKRZV WKH DVVLJQPHQW RI WKHVH
VWDQGDUG VFUHZ 0 DQG WKH HDUWKLQJ FRQWLQXLW\ VROGHU EULGJHV IRU WKH LQSXWV %, WR %, DQG WKHLU OR
V\VWHP RI WKH SDQHO RU FXELFOH UHFRPPHQGHG FDWLRQ RQ WKH EDVLF SFE RI WKH EDVLF LQSXWRXWSXW
JURXQGLQJ VWUDS ',1 IRUP $ HJ 2UGHU PRGXOH *($ )LJXUH VKRZV WKH DVVLJQPHQW RI
1R RI 0HVVUV 'UXVHLGW 5HPVFKHLG *HU WKHVH VROGHU EULGJHV IRU WKH LQSXWV %, WR %, DQG
PDQ\ WKHLU ORFDWLRQ RQ WKH DGGLWLRQDO LQSXWRXWSXW PRGXOH
=($
0DNH FRQQHFWLRQV YLD WKH VFUHZHG RU VQDSLQ
WHUPLQDOV RI WKH VRFNHWV RI WKH KRXVLQJ 2EVHUYH
&*&
; ; ; ;
%LQDU\ LQSXW 6ROGHU EULGJH ;

)RU UDWHG YROWDJHV 9 6ROGHU EULGJHV PXVW EH ILWWHG

3LFNXS WKUHVKROG DSSUR[ 9
)RU UDWHG YROWDJHV 9 6ROGHU EULGJHV PD\ EH UHPRYHG

&XW DQG EHQG DVLGH
)LJXUH &KHFNLQJ IRU FRQWURO YROWDJHV IRU ELQDU\ LQSXWV WR RQ EDVLF PRGXOH *($
; ; ; ;

)RU UDWHG YROWDJHV 9 6ROGHU EULGJHV PXVW EH ILWWHG

)RU UDWHG YROWDJHV 9 6ROGHU EULGJHV PD\ EH UHPRYHG

&XW DQG EHQG DVLGH
)LJXUH &KHFNLQJ IRU FRQWURO YROWDJHV IRU ELQDU\ LQSXWV WR RQ DGGLWLRQDO PRGXOH =($
&*&
2SHQ KRXVLQJ FRYHU &KHFN WKH VROGHU EULGJHV DFFRUGLQJ WR )LJXUH
UHPRYH EULGJHV ZKHUH QHFHVVDU\
/RRVHQ WKH EDVLF PRGXOH XVLQJ WKH SXOOLQJ DLGV
SURYLGHG DW WKH WRS DQG ERWWRP ,QVHUW EDVLF PRGXOH LQWR WKH KRXVLQJ HQVXUH WKDW
WKH UHOHDVLQJ OHYHU LV SXVKHG IXOO\ WR WKH OHIW EHIRUH
&DXWLRQ WKH PRGXOH LV SUHVVHG LQ

(OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSR )LUPO\ SXVK LQ WKH PRGXOH XVLQJ WKH UHOHDVLQJ OH
QHQW FRQQHFWLRQV WKH 3&% WUDFNV RU WKH YHU
FRQQHFWLQJ SLQV RI WKH PRGXOHV PXVW EH
DYRLGHG XQGHU DOO FLUFXPVWDQFHV E\ SUH 6LPLODUO\ FKHFN RQ WKH DGGLWLRQDO LQSXWRXWSXW
YLRXVO\ WRXFKLQJ DQ HDUWKHG PHWDO VXU PRGXOH =($ DFFRUGLQJ WR )LJXUH 7KLV
IDFH
VPDOOHU PRGXOH KDV SXOOLQJ KDQGOHV LQVWHDG RI WKH
UHOHDVLQJ OHYHU
3XOO RXW EDVLF PRGXOH DQG SODFH RQWR D FRQGXF
WLYH VXUIDFH &ORVH KRXVLQJ FRYHU
,QVHUWLQJ WKH EDFN XS EDWWHU\
7KH GHYLFH DQQXQFLDWLRQV DUH VWRUHG LQ 19 5$0V VHUWHG EHIRUH WKH UHOD\ LV LQVWDOOHG 6HFWLRQ H[
$ EDFN XS EDWWHU\ LV DYDLODEOH VR WKDW WKH\ DUH UH SODLQV LQ GHWDLO KRZ WR UHSODFH WKH EDFN XS EDWWHU\
WDLQHG HYHQ ZLWK D ORQJHU IDLOXUH RI WKH GF VXSSO\ -RLQ WKLV VHFWLRQ DFFRUGLQJO\ ZKHQ LQVHUWLQJ WKH EDW
YROWDJH 7KH EDFN XS EDWWHU\ LV DOVR UHTXLUHG IRU WKH WHU\ IRU WKH ILUVW WLPH
LQWHUQDO V\VWHP FORFN ZLWK FDOHQGHU WR FRQWLQXH LQ WKH
HYHQW RI D SRZHU VXSSO\ IDLOXUH 7KH EDWWHU\ LV DOUHDG\ LQVWDOOHG DW GHOLYHU\ LQ QHZHU
PRGHOV ,W VKRXOG EH FKHFNHG DFFRUGLQJ WR 6HFWLRQ
7KH EDWWHU\ LV QRUPDOO\ VXSSOLHG VHSDUDWHO\ ZLWK UH WKDW WKH EDWWHU\ LV FRUUHFWO\ LQ SODFH
OD\V RI SURGXFWLRQ VHULHV XS WR ** ,W VKRXOG EH LQ
&*&
&KHFNLQJ /6$ WUDQVPLVVLRQ OLQN
,I WKH LQWHUIDFH IRU D FHQWUDO GDWD SURFHVVLQJ VWDWLRQ 7UDQVPLVVLRQ YLD RSWLFDO ILEUH LV UHFRPPHQGHG ,W LV
HJ /6$ LV XVHG WKHVH FRQQHFWLRQV PXVW DOVR EH SDUWLFXODUO\ LQVHQVLWLYH DJDLQVW GLVWXUEDQFHV DQG DX
FKHFNHG ,W LV LPSRUWDQW WR YLVXDOO\ FKHFN WKH DOORFD WRPDWLFDOO\ SURYLGHV JDOYDQLF LVRODWLRQ 7UDQVPLW DQG
WLRQ RI WKH WUDQVPLWWHU DQG UHFHLYHU FKDQQHOV 6LQFH UHFHLYH FRQQHFWRU DUH GHVLJQDWHG ZLWK WKH V\PEROV
HDFK FRQQHFWLRQ LV XVHG IRU RQH WUDQVPLVVLRQ GLUHF IRU WUDQVPLW RXWSXW DQG IRU UHFHLYH LQ
WLRQ WKH WUDQVPLW FRQQHFWLRQ RI WKH UHOD\ PXVW EH SXW
FRQQHFWHG WR WKH UHFHLYH FRQQHFWLRQ RI WKH FHQWUDO
XQLW DQG YLFH YHUVD 7KH QRUPDO VLJQDO SRVLWLRQ IRU WKH GDWD WUDQVPLVVLRQ
LV IDFWRU\ SUHVHW DV lOLJKW RIIl 7KLV FDQ EH FKDQJHG
,I GDWD FDEOHV DUH XVHG WKH FRQQHFWLRQV DUH PDUNHG E\ PHDQV RI D SOXJ MXPSHU ; ZKLFK LV DFFHVVLEOH
LQ V\PSDWK\ ZLWK ,62 DQG ',1 ZKHQ WKH EDVLF LQSXWRXWSXW PRGXOH LV UHPRYHG
IURP WKH FDVH 7KH MXPSHU LV VLWXDWHG LQ WKH UHDU DUHD
7;' 7UDQVPLW OLQH RI WKH UHVSHFWLYH XQLW RI WKH SRZHU VXSSO\ ERDUG FHQWUH ERDUG )LJXUH
07 )UDPH UHIHUHQFH IRU WKH WUDQVPLW OLQH
5;' 5HFHLYH OLQH RI WKH UHVSHFWLYH XQLW

05 )UDPH UHIHUHQFH IRU WKH UHFHLYH OLQH -XPSHU 3RVLWLRQ 1RUPDO VLJQDO SRVLWLRQ
7KH FRQGXFWRU VFUHHQ DQG WKH FRPPRQ RYHUDOO ; l/LJKW RIIl
; l/LJKW RQl
VFUHHQ PXVW EH HDUWKHG DW RQH OLQH HQG RQO\ 7KLV
SUHYHQWV FLUFXODWLQJ FXUUHQWV IURP IORZLQJ YLD WKH
VFUHHQ LQ FDVH RI SRWHQWLDO GLIIHUHQFHV

; '
;
;
;
;
;
;
;
; &
; ;
;

3OXJ MXPSHU VKRZQ DV GHOLYHUHG

; 3RVLWLRQ l/LJKW RIIl

)LJXUH 3RVLWLRQ RI WKH MXPSHU ; RQ WKH SRZHU VXSSO\ ERDUG
&*&
&RQQHFWLRQV
*HQHUDO DQG FRQQHFWLRQ GLDJUDPV DUH VKRZQ LQ $S PXVW DOZD\V EH ORFDWHG EHWZHHQ WKH JHQHUDWRU DQG
SHQGL[ % 7KH VFRSH RI FRQQHFWLRQV EHWZHHQ PD WKH EXVEDU ,Q RUGHU WR LQFUHDVH WKH HDUWK IDXOW FXU
FKLQH DQG 80 GHSHQGV RQ KRZ WKH GLIIHUHQW UHQW WR DSSUR[LPDWHO\ $ D ORDG UHVLVWRU 5% LV XVX
SURWHFWLRQ IXQFWLRQV DUH XVHG 7KH FRQQHFWLRQV DUH DOO\ FRQQHFWHG WR WKH HDUWKLQJ WUDQVIRUPHU 6LQFH
JHQHUDOO\ H[HFXWHG DV IROORZV QHWZRUN HDUWK IDXOWV DUH JHQHUDOO\ QRW LPPHGLDWHO\
GLVFRQQHFWHG WKH ORDG UHVLVWRU PD\ RQO\ UHPDLQ
8QGHUH[FLWDWLRQ SURWHFWLRQ RYHUFXUUHQW WLPH SUR FRQQHFWHG IRU D OLPLWHG WLPH ,Q FRPSHQVDWHG QHW
WHFWLRQ WKHUPDO RYHUORDG SURWHFWLRQ SRZHU SUR ZRUNV WKH ORDG UHVLVWRU VKRXOG RQO\ EHFRPH HIIHFWLYH
WHFWLRQ DQG XQEDODQFHG ORDG SURWHFWLRQ DUH FRQ DIWHU D WLPH GHOD\ LQ RUGHU QRW WR KLQGHU WKH H[WLQ
QHFWHG WR FXUUHQW WUDQVIRUPHUV LQ WKH VWDUSRLQW OHDGV JXLVKLQJ SURFHVV )XUWKHU LQIRUPDWLRQ LV FRQWDLQHG
RI WKH SURWHFWHG PDFKLQH LQ WKH SDPSKOHW l3ODQQLQJ 0DFKLQH 3URWHFWLRQ 6\V
WHPVl 2UGHU 1R (88
)RU SURFHVVLQJ RI WKH H[FLWDWLRQ GF YROWDJH D YROW $
DJH GLYLGHU HJ W\SH 33 %= ZLWK
UDWLRV RI PXVW EH LQVHUWHG EHFDXVH WKH ODUJ $ FRQQHFWLRQ H[DPSOH IRU WKH KLJKO\ VHQVLWLYH HDUWK
HVW VHWWLQJ YDOXH LV 9 7KH WKHUPDO RYHUORDG FDSD FXUUHQW SURWHFWLRQ DV URWRU HDUWK IDXOW SURWHFWLRQ LV
ELOLW\ RI WKH LQSXW PXVW EH REVHUYHG 6HFWLRQ VKRZQ LQ )LJXUH ,Q WKLV FDVH DQ H[WHUQDO DF YROW
DJH VRXUFH RI DSSUR[LPDWHO\ 9 LV UHTXLUHG HJ
7KH GLVSODFHPHQW YROWDJH IRU VWDWRU HDUWK IDXOW SUR IURP WKH DX[LOLDU\ XQLW ;5 )LJXUH 7KLV
WHFWLRQ 8 LV FDOFXODWHG LQWHUQDOO\ IURP WKH WKUHH SKD GUDZV LWV SRZHU UHTXLUHPHQWV IURP WKH YROWDJH
VHWRHDUWK YROWDJHV LW QHHGV QR VSHFLDO FRQQHF WUDQVIRUPHUV HJ 8// DQG VXSSOLHV WKH PHD
WLRQV VXUHG YROWDJH DQG WKH PHDVXUHG FXUUHQW IRU WKH URWRU
HDUWK UHVLVWDQFH FDOFXODWLRQ 7KH PHDVXUHG YROWDJH
7KH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ FDQ LV FDSDFLWLYHO\ FRXSOHG EHWZHHQ WKH H[FLWDWLRQ FLUFXLW
RSWLRQDOO\ EH XVHG IRU GHWHFWLRQ RI VWDWRU HDUWK IDXOWV YLD WKH FRXSOLQJ XQLW DQG HDUWK HJ HDUWKLQJ
RU URWRU HDUWK IDXOWV ,I LW LV XVHG IRU VWDWRU HDUWK IDXOW EUXVKHV RI WKH VKDIW 7KH FDSDFLWRU RI WKH FRXSOLQJ
SURWHFWLRQ WKH HDUWK FXUUHQW LV VXSSOLHG WR WKH XQLW XQLW LV SURWHFWHG E\ WKH VHULHV UHVLVWRUV RI WKH FRX
E\ D WRURLGDO WUDQVIRUPHU )LJXUH LOOXVWUDWHV D FRQ SOLQJ XQLW
QHFWLRQ H[DPSOH ,I WKH PDJQLWXGH RI WKH HDUWK FXU
UHQW LQ WKH HYHQW RI D JHQHUDWRU HDUWK IDXOW LV VXIIL $OWHUQDWLYH FRXSOLQJ LV SRVVLEOH ZLWK WKH DX[LOLDU\ XQLW
FLHQWO\ KLJKHU WKDQ WKH RSHUDWLRQDO DV\PPHWULFDO ;5 WKH FRXSOLQJ XQLW ;5 DQG WKH UH
FXUUHQWV FRQQHFWLRQ LQ WKH UHVLGXDO FLUFXLW RI WKUHH VLVWRU XQLW 33'=
FXUUHQW WUDQVIRUPHUV +ROPJUHHQ FRQQHFWLRQ )LJ
XUH LV DOVR SRVVLEOH 7KH FXUUHQW WUDQVIRUPHUV
7RURLGDO ]HUR VHT

FXUUHQW WUDQVI
81c
(DUWKLQJ
WUDQVIRUPHU 9
,(
5%
80 /RDG UHVLVWRU
)LJXUH &RQQHFWLRQV IRU WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DV VWDWRU HDUWK IDXOW SURWHFWLRQ
PDFKLQHV LQ EXVEDU FRQQHFWLRQ ZLWK WRURLGDO ]HUR VHTXHQFH FXUUHQW WUDQVIRUPHU
&*&
81c
(DUWKLQJ
WUDQVIRUPHU 9
,(
5%
/RDG UHVLVWRU
80
)LJXUH &RQQHFWLRQV IRU WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DV VWDWRU HDUWK IDXOW SURWHFWLRQ
PDFKLQHV LQ EXVEDU FRQQHFWLRQ FXUUHQW WUDQVIRUPHUV LQ +ROPJUHHQ FRQQHFWLRQ
,I WKH H[FLWDWLRQ YROWDJH LV WK\ULVWRU FRQWUROOHG WKH VH GXFH WKH KLJK KDUPRQLF FRQWHQW LQ WKH H[FLWDWLRQ
ULHV UHDFWRU WHUPLQDOV $ % VKDOO EH FRQ YROWDJH
QHFWHG LQ VHULHV WR WKH FRXSOLQJ FLUFXLW LQ RUGHU WR UH
/
/
/
$ %
[ N)
[ 8
%
;5
$
+
%
,URW
80
% DSS 9
9 $
% DSS 9
9 $
8URW 9 $
% 9
*HQHUDWRU HDUWK
)LJXUH &RQQHFWLRQV IRU WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DV URWRU HDUWK IDXOW SURWHFWLRQ
&*&
&KHFNLQJ WKH FRQQHFWLRQV
,I WHVW VZLWFKHV KDYH EHHQ ILWWHG LQ WKH VHFRQGDU\

:DUQLQJ FLUFXLWV FKHFN WKHLU IXQFWLRQ SDUWLFXODUO\ WKDW LQ
6RPH RI WKH IROORZLQJ WHVW VWHSV DUH FDUULHG WKH lWHVWl SRVLWLRQ WKH FXUUHQW WUDQVIRUPHU VHF
RXW LQ SUHVHQFH RI KD]DUGRXV YROWDJHV 7KH\ RQGDU\ FLUFXLWV DUH DXWRPDWLFDOO\ VKRUW FLUFXLWHG
VKDOO EH SHUIRUPHG E\ TXDOLILHG SHUVRQQHO
RQO\ ZKLFK LV WKRURXJKO\ IDPLOLDU ZLWK DOO (QVXUH WKDW WKH PLQLDWXUH VOLGH VZLWFK RQ WKH IURQW
VDIHW\ UHJXODWLRQV DQG SUHFDXWLRQDU\ PHD SODWH LV LQ WKH l2))l Li SRVLWLRQ UHIHU )LJXUH
VXUHV DQG SD\ GXH DWWHQWLRQ WR WKHP
1RQREVHUYDQFH FDQ UHVXOW LQ VHYHUH SHU
VRQDO LQMXU\
)LW D GF DPPHWHU LQ WKH DX[LOLDU\ SRZHU FLUFXLW
UDQJH DSSUR[ $ WR $
%HIRUH LQLWLDO HQHUJL]DWLRQ ZLWK VXSSO\ YROWDJH WKH
&ORVH WKH EDWWHU\ VXSSO\ FLUFXLW EUHDNHU FKHFN
SRODULW\ DQG PDJQLWXGH RI YROWDJH DW WKH WHUPLQDOV
RI WKH XQLW RU DW WKH FRQQHFWRU PRGXOH
HTXDOL]DWLRQ DQG WR DYRLG KXPLGLW\ LQIOXHQFHV DQG
FRQGHQVDWLRQ
7KH PHDVXUHG FXUUHQW FRQVXPSWLRQ VKRXOG EH LQ
VLJQLILFDQW 7UDQVLHQW PRYHPHQW RI WKH DPPHWHU
6ZLWFK RII WKH FLUFXLW EUHDNHUV IRU WKH GF VXSSO\
SRLQWHU RQO\ LQGLFDWHV WKH FKDUJLQJ FXUUHQW RI WKH
DQG WKH YROWDJH WUDQVIRUPHU FLUFXLWV
VWRUDJH FDSDFLWRUV
&KHFN WKH FRQWLQXLW\ RI DOO WKH FXUUHQW DQG YROWDJH
WUDQVIRUPHU FLUFXLWV DJDLQVW WKH SODQW DQG FRQQHF 3XW WKH PLQLDWXUH VOLGH VZLWFK RI WKH IURQW SODWH LQ
WLRQ GLDJUDPV WKH l21l SRVLWLRQ v 7KH XQLW VWDUWV XS DQG RQ
FRPSOHWLRQ RI WKH UXQXS SHULRG WKH JUHHQ /('
RQ WKH IURQW FRPHV RQ DW ODVW VHF WKH UHG /('
- $UH WKH FXUUHQW WUDQVIRUPHUV FRUUHFWO\ HDUWKHG"
JHWV RII DIWHU DW PRVW VHF
- $UH WKH SRODULWLHV RI WKH FXUUHQW WUDQVIRUPHU
2SHQ WKH FLUFXLW EUHDNHU IRU WKH GF SRZHU VXSSO\
FRQQHFWLRQV FRQVLVWHQW"
5HPRYH GF DPPHWHU UHFRQQHFW WKH DX[LOLDU\
- ,V WKH SKDVH UHODWLRQVKLS RI WKH FXUUHQW WUDQV
IRUPHUV FRUUHFW" YROWDJH OHDGV
&ORVH WKH YROWDJH WUDQVIRUPHU PFE VHFRQGDU\

- ,V WKH HDUWK FXUUHQW WUDQVIRUPHU FRUUHFWO\
FLUFXLW
HDUWKHG LI XVHG"
&KHFN WKH GLUHFWLRQ RI SKDVH URWDWLRQ DW WKH UHOD\
- $UH WKH YROWDJH WUDQVIRUPHUV FRUUHFWO\ HDUWKHG"
WHUPLQDOV FORFNZLVH
- $UH WKH SRODULWLHV RI WKH YROWDJH WUDQVIRUPHU FLU
2SHQ WKH PFE
V IRU YROWDJH WUDQVIRUPHU VHF
FXLWV FRUUHFW"
RQGDU\ FLUFXLWV DQG GF SRZHU VXSSO\
- ,V WKH SKDVH UHODWLRQVKLS RI WKH YROWDJH WUDQV
IRUPHUV FRUUHFW" &KHFN WKURXJK WKH WULSSLQJ FLUFXLWV WR WKH FLUFXLW
EUHDNHUV
- $UH WKH FRQQHFWLRQ DQG WKH WUDQVIRUPDWLRQ UDWLR
&KHFN WKURXJK WKH FRQWURO ZLULQJ WR DQG IURP RWK
RI H[FLWDWLRQ YROWDJH GLYLGHU FRUUHFW LI
HU GHYLFHV
XVHG"
- ,V WKH SRODULW\ RI WKH H[FLWDWLRQ YROWDJH FRUUHFW LI &KHFN WKH VLJQDO FLUFXLWV
XVHG"
5HFORVH WKH SURWHFWLYH PFE
V
- ,V WKH SRODULW\ RI UHPRWH DPELHQW WHPSHUDWXUH
PHWHU FRUUHFW LI XVHG"
&*&
&RQILJXUDWLRQ RI RSHUDWLRQ DQG PHPRU\ IXQFWLRQV
2SHUDWLRQDO SUHFRQGLWLRQV DQG JHQHUDO
)RU PRVW RSHUDWLRQDO IXQFWLRQV WKH LQSXW RI D FRGH )RU RSHUDWLRQV RI VSHFLDO LPSRUWDQFH OLNH WKH SDUD
ZRUG LV QHFHVVDU\ 7KLV DSSOLHV IRU DOO HQWULHV YLD WKH PHWHUL]DWLRQ RI IXQFWLRQV DQG SLFN XS YDOXHV WKH
PHPEUDQH NH\ERDUG RU IURQW LQWHUIDFH ZKLFK FRQ VWDUW RI WHVW URXWLQHV UHVHW RI DQQXQFLDWLRQ EXIIHUV
FHUQ WKH RSHUDWLRQ RQ WKH UHOD\ IRU H[DPSOH HWF FRGH OHYHO LV UHTXLUHG 7KH FRGHZRUG IRU WKLV
OHYHO FRPSULVHV WKH LWHPV IURP FRGH OHYHO WRR
FRQILJXUDWLRQ SDUDPHWHUV IRU RSHUDWLRQ ODQJXDJH
LQWHUIDFH FRQILJXUDWLRQ DQG GHYLFH FRQILJXUDWLRQ )RU WKH FRQILJXUDWLRQ LH WKH PDUVKDOOLQJ DQG FRQ
ILJXUDWLRQ RI WKH UHOD\ FRGH OHYHO LV DSSOLFDEOH
DOORFDWLRQ RU PDUVKDOOLQJ RI DQQXQFLDWLRQ VLJQDOV
ELQDU\ LQSXWV RSWLFDO LQGLFDWLRQV WULS FRPPDQGV 7KH FRGHZRUGV SUHVHW XSRQ GHOLYHU\ RI WKH UHOD\
FDQ EH VXEVWLWXWHG E\ VHOIVHOHFWHG FRGHZRUGV
VHWWLQJ RI IXQFWLRQDO SDUDPHWHUV WKUHVKROGV &KDQJLQJ RI WKH FRGHZRUGV LV GRQH XQGHU DGGUHVV
IXQFWLRQV HV WR 7KHVH DGGUHVVHV DUH YLVLEOH RQO\
ZKHQ FRGH OHYHO LV IXOILOOHG 7KH SURFHGXUH LV GH
LQLWLDWLRQ RI WHVW SURFHGXUHV VFULEHG LQ 6HFWLRQ
7KH FRGHZRUG LV QRW UHTXLUHG IRU WKH UHDGRXW RI DQ 7R LQGLFDWH DXWKRUL]HG RSHUDWRU XVH SUHVV NH\ &:
QXQFLDWLRQV RSHUDWLQJ GDWD RU IDXOW GDWD RU IRU WKH HQWHU WKH FRGHZRUG DQG FRQILUP ZLWK ( 7KH
UHDGRXW RI VHWWLQJ SDUDPHWHUV FRGHlZRUGl LV D QXPEHU RI XS WR GLJLWV 8SRQ GHOLY
HU\ RI WKH UHOD\ WKH QXPEHU ll LV SUHVHW IRU DOO FRGH
7KH 80 GLVSRVHV RI IRXU GLIIHUHQW FRGH OHYHOV OHYHOV &RGHZRUG HQWU\ FDQ DOVR EH PDGH UHWURVSHF
LH GLIIHUHQW DXWKRUL]DWLRQ OHYHOV &RGH OHYHO UH WLYHO\ DIWHU SDJLQJ RU GLUHFW DGGUHVVLQJ WR DQ\ VHWWLQJ
OHDVHV WKH VHWWLQJ RI WKH WLPH FORFN FUHDWLQJ RI D DGGUHVV
PHDVXULQJ UHFRUG DQG VZLWFKRYHU RI WKH DFWLYH SD
UDPHWHU VHW 7KDW PHDQV ZLWK D FRGHZRUG WKH RSHUD
WRU FDQ FDUU\ RXW VSHFLILF VHWWLQJV ZKLFK DUH W\SLFDO
IRU QRUPDO RSHUDWLRQ FRQGLWLRQV
( 1 7 ( 5 & 2 ' ( : 2 5 ' 7KH HQWHUHG FKDUDFWHUV GR QRW DSSHDU LQ WKH GLVSOD\
LQVWHDG RQO\ D V\PERO # DSSHDUV $IWHU FRQILUPDWLRQ
# # # # # #
RI WKH FRUUHFW LQSXW ZLWK ( WKH GLVSOD\ UHVSRQGV ZLWK
& : $ & & ( 3 7 ( ' &: $&&(37(' 3UHVV WKH HQWU\ NH\ ( DJDLQ
,I WKH FRGHZRUG LV QRW FRUUHFW WKH GLVSOD\ VKRZV &2

& 2 ' ( : 2 5 ' : 5 2 1 * '(:25' :521* 3UHVVLQJ WKH &: NH\ DOORZV
DQRWKHU DWWHPSW DW FRGHZRUG HQWU\
$GGUHVV EORFNV WR DUH SURYLGHG IRU FRQILJXUD 7KH VLPSOHVW ZD\ RI DUULYLQJ DW WKH EHJLQQLQJ RI WKLV
WLRQ RI WKH VRIWZDUH RSHUDWLQJ V\VWHP 7KHVH VHW FRQILJXUDWLRQ EORFNV LV WR XVH NH\ '$ IROORZHG E\
WLQJV FRQFHUQ WKH RSHUDWLRQ RI WKH UHOD\ FRPPXQLFD WKH DGGUHVV QXPEHU DQG (17(5 NH\ ( 7KH
WLRQ ZLWK H[WHUQDO RSHUDWLQJ DQG SURFHVVLQJ GHYLFHV DGGUHVV DSSHDUV ZKLFK IRUPV WKH KHDGLQJ RI
YLD WKH VHULDO LQWHUIDFHV DQG WKH LQWHUDFWLRQ RI WKH GH WKH FRQILJXUDWLRQ EORFNV
YLFH IXQFWLRQV
2 3 6 < 6 7 ( 0 %HJLQQLQJ RI WKH EORFN l2SHUDWLQJ V\VWHP FRQILJXUD

& 2 1 ) , * 8 5 $ 7 , 2 1 WLRQl
&*&
7KH GRXEOH DUURZ NH\ Â VZLWFKHV RYHU WR WKH ILUVW FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
FRQILJXUDWLRQ EORFN VHH EHORZ 8VH WKH NH\ WR FDQ EH PDGH LQHIIHFWLYH
ILQG WKH DGGUHVV 7KH GLVSOD\ VKRZV WKH IRXU
GLJLW DGGUHVV QXPEHU LH EORFN DQG VHTXHQFH QXP ,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH FRQILJX
EHU 7KH WLWOH RI WKH UHTXHVWHG SDUDPHWHU DSSHDUV EH UDWLRQ EORFNV LH DGGUHVV EORFNV WR ZLWK NH\V
KLQG WKH EDU VHH EHORZ 7KH VHFRQG OLQH RI WKH Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ l(1' 2)
GLVSOD\ VKRZV WKH WH[W DSSOLFDEOH WR WKH SDUDPHWHU &2'(:25' 23(5$7,21 "l 3UHVV WKH l1RlNH\
7KH SUHVHQW WH[W FDQ EH UHMHFWHG E\ WKH l1RlNH\ 1 1 WR FRQWLQXH FRQILJXUDWLRQ ,I \RX SUHVV WKH
7KH QH[W WH[W FKRLFH WKHQ DSSHDUV DV VKRZQ LQ WKH l<HVlNH\ -< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV
ER[HV EHORZ 7KH FKRVHQ DOWHUQDWLYH PXVW EH FRQ l6$9( 1(: 6(77,1*6 "l 1RZ \RX FDQ FRQILUP
ILUPHG ZLWK HQWHU NH\ ( ZLWK -< RU DERUW ZLWK 1 DV DERYH
7KH VHWWLQJ SURFHGXUH FDQ EH HQGHG DW DQ\ WLPH E\ :KHQ RQH H[LWV WKH VHWWLQJ SURJUDP WKH DOWHUHG SD
WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ UDPHWHUV ZKLFK XQWLO WKHQ KDYH EHHQ VWRUHG LQ EXIIHU
NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV VWRUHV DUH SHUPDQHQWO\ VHFXUHG LQ ((3520V DQG
WKH TXHVWLRQ l6$9( 1(: 6(77,1*6"l &RQILUP SURWHFWHG DJDLQVW SRZHU RXWDJH ,I FRQILJXUDWLRQ SD
ZLWK WKH l<HVlNH\ < WKDW WKH QHZ VHWWLQJV VKDOO EH UDPHWHUV KDYH EHHQ FKDQJHG WKH SURFHVVRU V\VWHP
FRPH YDOLG QRZ ,I \RX SUHVV WKH l1RlNH\ 1 LQ ZLOO UHVHW DQG UHVWDUW 'XULQJ UHVWDUW WKH GHYLFH LV
VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO QRW RSHUDWLRQDO
WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
6HWWLQJV IRU WKH LQWHJUDWHG RSHUDWLRQ DGGUHVV EORFN
2SHUDWLQJ SDUDPHWHUV FDQ EH VHW LQ DGGUHVV EORFN :KHQ WKH UHOD\ LV GHOLYHUHG IURP WKH IDFWRU\ WKH GH
7KLV EORFN DOORZV WKH RSHUDWRU ODQJXDJH WR EH YLFH LV SURJUDPPHG WR JLYH IXQFWLRQ QDPHV DQG RXW
FKDQJHG 7KH GDWH IRUPDW FDQ EH VHOHFWHG 0HV SXWV LQ WKH *HUPDQ ODQJXDJH 7KLV FDQ EH FKDQJHG
VDJHV RQ WKH IURQW GLVSOD\ FDQ EH VHOHFWHG KHUH IRU XQGHU DGGUHVV 7KH RSHUDWRU ODQJXDJHV DYDLO
WKH TXLHVFHQW VWDWH RI WKH XQLW RU DIWHU D IDXOW HYHQW DEOH DW SUHVHQW DUH VKRZQ LQ WKH ER[HV EHORZ 7KH
7R FKDQJH DQ\ RI WKHVH SDUDPHWHUV FRGHZRUG HQWU\ GDWH LV GLVSOD\HG LQ WKH (XURSHDQ IRUPDW ZKHQ WKH
LV QHFHVVDU\ FRGH OHYHO UHOD\ LV GHOLYHUHG
, 1 7 ( * 5 $ 7 ( '
%HJLQQLQJ RI WKH EORFN l,QWHJUDWHG RSHUDWLRQl
2 3 ( 5 $ 7 , 2 1
7KH DYDLODEOH ODQJXDJHV FDQ EH FDOOHG XS E\ UHSHDWHGO\

/ $ 1 * 8 $ * (
SUHVVLQJ WKH l1RlNH\ 1 (DFK ODQJXDJH LV VSHOOHG LQ
' ( 8 7 6 & + WKH FRUUHVSRQGLQJ FRXQWU\
V ODQJXDJH ,I \RX GRQ
W XQ
GHUVWDQG D ODQJXDJH \RX VKRXOG ILQG \RXU RZQ ODQ
( 1 * / , 6 + JXDJH
7KH UHTXLUHG ODQJXDJH LV FKRVHQ ZLWK WKH HQWHU NH\ (
&*&
7KH GDWH LQ WKH GLVSOD\ LV SUHVHW WR WKH (XURSHDQ IRUPDW

' $ 7 ( ) 2 5 0 $ 7
'D\0RQWK<HDU 6ZLWFKRYHU WR WKH $PHULFDQ IRUPDW
' ' 0 0 < < < < 0RQWK'D\<HDU LV DFKLHYHG E\ GHSUHVVLQJ WKH
l1RlNH\ 1 WKHQ FRQILUP ZLWK WKH HQWU\ NH\ (
0 0 ' ' < < < < '' WZR ILJXUHV IRU WKH GD\
00 WZR ILJXUHV IRU WKH PRQWK
<<<< IRXU ILJXUHV IRU WKH \HDU LQFO FHQWXU\
2 3 ( 5 V W / 0HVVDJH WR EH GLVSOD\HG LQ WKH VW GLVSOD\ OLQH GXULQJ

Q R W D O O R F D W H G RSHUDWLRQ $Q\ RI WKH RSHUDWLRQDO PHDVXUHG YDOXHV DF
FRUGLQJ WR 6HFWLRQ FDQ EH VHOHFWHG DV PHVVDJHV
LQ WKH WKH TXLHVFHQW VWDWH RI WKH UHOD\ E\ UHSHDWHGO\ GH
, / > @ SUHVVLQJ WKH l1RlNH\ 1 7KH YDOXH VHOHFWHG E\ WKH
HQWU\ NH\ ( XQGHU DGGUHVV ZLOO DSSHDU LQ WKH ILUVW
, / > @ OLQH RI WKH GLVSOD\
, / > @
HWF
2 3 ( 5 Q G / 0HVVDJH WR EH GLVSOD\HG LQ WKH QG GLVSOD\ OLQH GXULQJ

Q R W D O O R F D W H G RSHUDWLRQ 7KH YDOXH VHOHFWHG E\ WKH HQWU\ NH\ ( XQGHU
DGGUHVV ZLOO DSSHDU LQ WKH VHFRQG OLQH RI WKH GLV
SOD\
HWF
)DXOW HYHQW DQQXQFLDWLRQV FDQ EH GLVSOD\HG DIWHU D HGJHG GXULQJ RSHUDWLRQ ZLWK WKH 5(6(7 NH\ RU YLD
IDXOW RQ WKH IURQW 7KHVH FDQ EH FKRVHQ XQGHU DG WKH UHPRWH UHVHW LQSXW RI WKH GHYLFH RU YLD WKH VHULDO
GUHVVHV DQG 7KH SRVVLEOH PHVVDJHV FDQ LQWHUIDFHV $IWHU DFNQRZOHGJHPHQW WKH RSHUDWLRQDO
EH VHOHFWHG E\ UHSHDWHGO\ SUHVVLQJ WKH l1RlNH\ 1 PHVVDJHV RI WKH TXLHVFHQW VWDWH ZLOO EH GLVSOD\HG
7KH GHVLUHG PHVVDJH LV FRQILUPHG ZLWK WKH HQWHU NH\ DJDLQ DV FKRVHQ XQGHU DGGUHVVHV DQG
( 7KHVH VSRQWDQHRXV PHVVDJHV DUH DFNQRZO
$IWHU D IDXOW HYHQW WKH ILUVW OLQH RI WKH GLVSOD\ VKRZV

) $ 8 / 7 V W /
3 U R W 3 L F N X S WKH ILUVW SURWHFWLRQ IXQFWLRQ ZKLFK KDV SLFNHG XS
3 U R W 7 U L S WKH ODWHVW SURWHFWLRQ IXQFWLRQ ZKLFK KDV WULSSHG
7 ) D X O W WKH HODSVHG WLPH IURP SLFN XS WR GURSRII
7 7 U L S WKH HODSVHG WLPH IURP SLFN XS WR WULS FRPPDQG
) $ 8 / 7 Q G / $IWHU D IDXOW HYHQW WKH VHFRQG OLQH RI WKH GLVSOD\ VKRZV

3 U R W 7 U L S
WKH SRVVLELOLWLHV DUH WKH VDPH DV XQGHU DGGUHVV
HWF
&*&
&KDQJLQJ WKH FRGHZRUGV DGGUHVV EORFN
7KH FRGHZRUGV FDQ EH FKDQJHG LQ DGGUHVVHV LWV 7KHQ WKH\ KDYH WR EH HQWHUHG ZLWK H[DFWO\ WKH
WR IRU DOO IRXU DYDLODEOH FRGH OHYHOV 7KLV DOORZV D VDPH QXPEHU RI GLJLWV IRU HDFK FRGH ZRUG HQWU\
GRZQJUDGLQJ RI WKH RSHUDWLQJ DXWKRUL]DWLRQ
,I WKH XVHU GRHV QRW FKDQJH WKH FRGHZRUGV WKHQ WKH
7KHVH IRXU DGGUHVVHV DUH YLVLEOH DQG FKDQJHDEOH SUHVHW FRGH ZRUGV UHPDLQ YDOLG 7KH\ DUH ll IRU DOO
RQO\ ZKHQ FRGHZRUG OHYHO KLJKHVW DXWKRUL]DWLRQ IRXU FRGH OHYHOV (QWU\ RI WKH SUHYLRXVO\ XVHG SUH
VWDJH LV IXOILOOHG 7KLV UHTXLUHV HQWU\ RI WKH OHYHO VHW FRGH ZRUG ll LV DFFHSWHG WRR
FRGHZRUG
$WWHQWLRQ 'R QRW IRUJHW WKH FRGHZRUGV )RUJHWWLQJ
,W DSSOLHV IRU DOO FRGH OHYHOV WKDW WKH KLJKHU OHYHO DO D FRGHZRUG LV OLNH ORRVLQJ D NH\ $FFHVV WR WKH UHOD\
ZD\V LQFOXGHV WKH RSHUDWLRQ IDFLOLWLHV RI WKH ORZHU LV QRW SRVVLEOH ZLWKRXW NQRZOHGJH RI WKH FRUUH
FRGH OHYHOV VSRQGLQJ FRGHZRUG :LWKRXW NQRZOHGJH RI WKH
FRGHZRUG RI OHYHO \RX QHYHU ZLOO KDYH WKH FKDQFH
&RGHZRUGV FDQ EH DEEUHYLDWHG WR OHVV WKDQ VL[ GLJ WR VHW QHZ FRGHZRUGV
&RGH OHYHO WKLV DXWKRUL]DWLRQ OHYHO DOORZV RSHUD

& : / ( 9 ( / WLRQV IRU WKH QRUPDO RSHUDWLQJ SURFHGXUHV VWDUWLQJ
IDXOW UHFRUGLQJ VHWWLQJ WKH FORFN VHOHFWLQJ WKH DF
WLYH SDUDPHWHU VHW
6PDOOHVW VHWWLQJ YDOXH
/DUJHVW VHWWLQJ YDOXH
&RGH OHYHO WKLV DXWKRUL]DWLRQ OHYHO DOORZV RSHUD

& : / ( 9 ( / WLRQV RI VSHFLILF LPSRUWDQFH IXQFWLRQDO SDUDPHWHUV
DGGUHVV EORFNV WR WHVW URXWLQHV DGGUHVV
EORFNV WR UHVHW RI DQQXQFLDWLRQ EXIIHUV DG
GUHVV EORFN DQG SURFHVV SDUDPHWHU VHWV DG
GUHVV EORFN
&RGH OHYHO WKLV DXWKRUL]DWLRQ OHYHO DOORZV WKH

& : / ( 9 ( / FRQILJXUDWLRQ PDUVKDOOLQJ DGGUHVV EORFNV WR
LQWHUIDFHV DGGUHVV EORFNV WR IDXOW UH
FRUGLQJ DGGUHVV EORFN VFRSH RI IXQFWLRQV
DGGUHVV EORFN FRQILJXUDWLRQ RI WKH UHOD\ DG
GUHVV EORFN
&RGH OHYHO WKLV LV WKH KLJKHVW DXWKRUL]DWLRQ OHYHO

& : / ( 9 ( / IRU WKH XVHU DQG DOORZV DOWHUDWLRQ RI WKH FRGH ZRUGV
DGGUHVVHV WR
&*&
&RQILJXUDWLRQ RI WKH VHULDO LQWHUIDFHV DGGUHVV EORFN
7KH GHYLFH SURYLGHV WZR VHULDO LQWHUIDFHV RQH 3& LQ 7KHVH GDWD DUH HQWHUHG WR WKH UHOD\ LQ DGGUHVV EORFN
WHUIDFH IRU RSHUDWLRQ E\ PHDQV RI D RSHUDWRU WHUPLQDO &RGHZRUG LQSXW RI FRGH OHYHO LV QHFHVVDU\ UH
RU SHUVRQDO FRPSXWHU LQ WKH IURQW DQG D IXUWKHU V\V IHU WR 6HFWLRQ 7KH GDWD PXVW EH FRRUGLQDWHG
WHP LQWHUIDFH IRU FRQQHFWLRQ RI D FHQWUDO FRQWURO DQG ZLWK WKH FRQQHFWHG GHYLFHV
VWRUDJH XQLW HJ 6LHPHQV /6$ &RPPXQLFDWLRQ
YLD WKHVH LQWHUIDFHV UHTXLUHV VRPH GDWD SUHDUUDQJH $OO DQQXQFLDWLRQV ZKLFK FDQ EH SURFHVVHG E\ WKH
PHQWV LGHQWLILFDWLRQ RI WKH UHOD\ WUDQVPLVVLRQ IRU /6$ DUH VWRUHG ZLWKLQ WKH GHYLFH LQ D VHSDUDWH WDEOH
PDW WUDQVPLVVLRQ VSHHG 7KLV LV OLVWHG LQ $SSHQGL[ &
3 & 6 < 6 7 ( 0 %HJLQQLQJ RI WKH EORFN l,QWHUIDFHV IRU SHUVRQDO

, 1 7 ( 5 ) $ & ( 6 FRPSXWHU DQG FHQWUDO FRPSXWHU V\VWHPl
,GHQWLILFDWLRQ QXPEHU RI WKH UHOD\ ZLWKLQ WKH VWDWLRQ RU

' ( 9 , & ( $ ' ' VXEVWDWLRQ YDOLG IRU ERWK WKH LQWHUIDFHV RSHUDWLQJ DQG
V\VWHP LQWHUIDFH 7KH QXPEHU FDQ EH FKRVHQ DW OLEHUW\
EXW PXVW EH XVHG RQO\ RQFH ZLWKLQ WKH SODQW V\VWHP
6PDOOHVW SHUPLVVLEOH QXPEHU
/DUJHVW SHUPLVVLEOH QXPEHU
1XPEHU RI WKH IHHGHU ZLWKLQ WKH VWDWLRQ RU VXEVWDWLRQ

) ( ( ' ( 5 $ ' ' YDOLG IRU ERWK WKH LQWHUIDFHV RSHUDWLQJ DQG V\VWHP
LQWHUIDFH
,GHQWLILFDWLRQ QXPEHU RI WKH VWDWLRQ RU VXEVWDWLRQ LQ

6 8 % 6 7 $ ' ' FDVH PRUH WKDQ RQH VWDWLRQ RU VXEVWDWLRQ FDQ EH
FRQQHFWHG WR D FHQWUDO GHYLFH
)XQFWLRQ W\SH LQ DFFRUGDQFH ZLWK 9'(:=9(, IRU

) 8 1 & 7 7 < 3 ( 80 QR
7KLV DGGUHVV LV PDLQO\ IRU LQIRUPDWLRQ LW VKRXOG QRW EH
FKDQJHG
'HYLFH W\SH IRU LGHQWLILFDWLRQ RI WKH GHYLFH LQ 6LHPHQV

' ( 9 , & ( 7 < 3 ( /6$ DQG ',*6, )RU 80 9 QR
7KLV DGGUHVV LV RQO\ IRU LQIRUPDWLRQ LW FDQQRW EH
FKDQJHG
&*&
$GGUHVVHV WR DUH YDOLG IRU WKH RSHUDWLQJ DQG GLIIHUHQFHV RI WKH %DXGUDWH :LWK JRRG WUDQV
3& LQWHUIDFH RQ WKH IURQW RI WKH UHOD\ PLVVLRQ TXDOLW\ V LV DGHTXDWH 7KH YDOXH VKRXOG
EH LQFUHDVHG ZKHQ WUDQVPLVVLRQ TXDOLW\ LV QRW VR
1RWH )RU RSHUDWRU SDQHO ;5 WKH 3&LQWHUIDFH IRU JRRG ,W PXVW EH QRWHG WKDW *$36 PXVW EH VPDOOHU
PDW DGGUHVV PXVW EH $6&,, WKH 3& %DXG WKDQ WKH VHWWLQJ RI lUHDFWLRQ WLPH SURWHFWLRQ UHOD\l LQ
UDWH DGGUHVV PXVW EH %$8' WKH 3& SDU WKH SURWHFWLRQ VRIWZDUH ',*6,9 9 5HFRPPHQGHG
LW\ DGGUHVV PXVW EH 12 6723 YDOXH
7KH VHWWLQJ RI WKH 3& *$36 DGGUHVV IRU WKH UHDFWLRQ WLPH SURWHFWLRQ UHOD\
RSHUDWLQJ LQWHUIDFH RU WKH 6<6 *$36 DGGUHVV *$36

IRU WKH V\VWHP LQWHUIDFH LV UHOHYDQW RQO\ ZKHQ WKH
UHOD\ LV LQWHQGHG WR FRPPXQLFDWH YLD D PRGHP 7KH +LJKHU YDOXHV IRU lUHDFWLRQ WLPH SURWHFWLRQ UHOD\l UH
VHWWLQJV DUH WKH PD[LPXP WLPH SHULRG ZKLFK LV WROHU GXFH WKH WUDQVPLVVLRQ VSHHG LQ FDVH RI WUDQVPLVVLRQ
DWHG E\ WKH UHOD\ ZKHQ JDSV RFFXU GXULQJ WUDQVPLV HUURUV ,I WKH UHOD\ LQWHUIDFH LV FRQQHFWHG GLUHFWO\ WR D
VLRQ RI D WHOHJUDP *DSV PD\ RFFXU ZKHQ PRGHPV SHUVRQDO FRPSXWHU WKHQ *$36 PD\ EH VHW WR V
DUH XVHG E\ FRPSUHVVLRQ RI GDWD HUURU FRUUHFWLRQ
3 & , 1 7 ( 5 ) 'DWD IRUPDW IRU WKH 3& RSHUDWLQJ LQWHUIDFH

' , * 6 , 9 IRUPDW IRU 6LHPHQV SURWHFWLRQ GDWD SURFHVVLQJ SURJUDP
',*6,9 9HUVLRQ 9
$ 6 & , , $6&,, IRUPDW
0D[LPXP WLPH SHULRG RI GDWD JDSV ZLWKLQ WHOHJUDPV

3 & * $ 3 6 ZKLFK PD\ RFFXU GXULQJ GDWD WUDQVPLVVLRQ YLD PRGHP
V RQ WKH RSHUDWLQJ 3& LQWHUIDFH
6PDOOHVW VHWWLQJ YDOXH V
/DUJHVW VHWWLQJ YDOXH V
3 & % $ 8 ' 5 $ 7 ( 7KH WUDQVPLVVLRQ %DXGUDWH IRU FRPPXQLFDWLRQ YLD WKH

3& RSHUDWLQJ LQWHUIDFH DW WKH IURQW FDQ EH DGDSWHG WR
% $ 8 ' WKH RSHUDWRU
V FRPPXQLFDWLRQ LQWHUIDFH HJ SHUVRQDO
FRPSXWHU LI QHFHVVDU\ 7KH DYDLODEOH SRVVLELOLWLHV FDQ
% $ 8 ' EH GLVSOD\HG E\ UHSHDWHGO\ GHSUHVVLRQ RI WKH l1RlNH\
1 &RQILUP WKH GHVLUHG %DXGUDWH ZLWK WKH HQWU\ NH\ (
% $ 8 '
% $ 8 '
% $ 8 '
3 & 3 $ 5 , 7 < 3DULW\ DQG VWRSELWV IRU WKH 3& RSHUDWLQJ LQWHUIDFH
',*6,9 9HUVLRQ 9 ZLWK RGG SDULW\ DQG VWRSELW
1 2 6 7 2 3 QR SDULW\ VWRSELWV
1 2 6 7 2 3 QR SDULW\ VWRSELW HJ PRGHP
&*&
$GGUHVVHV WR DUH YDOLG IRU WKH V\VWHP /6$ LQWHUIDFH
'DWD IRUPDW IRU WKH V\VWHP /6$ LQWHUIDFH

6 < 6 , 1 7 ( 5 )
GDWD LQ DFFRUGDQFH ZLWK 9'(: (;7(1'(' E\ 6LHPHQV
9 ' ( : ( ; 7 ( 1 ' ( ' VSHFLILHG GDWD
',*6,9 9HUVLRQ 9
/ 6 $ IRUPDW RI WKH IRUPHU 6LHPHQV /6$ YHUVLRQ
)RUPDW RI PHDVXUHG YDOXHV IRU WKH V\VWHP /6$ LQWHU

6 < 6 0 ( $ 6 8 5 IDFH
9 ' ( : ( ; 7 ( 1 ' ( ' GDWD LQ DFFRUGDQFH ZLWK 9'(:=9(, (;7(1'(' E\
6LHPHQV VSHFLILHG GDWD
0D[LPXP WLPH SHULRG RI GDWD JDSV ZLWKLQ WHOHJUDPV

6 < 6 * $ 3 6 ZKLFK PD\ RFFXU GXULQJ GDWD WUDQVPLVVLRQ YLD PRGHP
V RQ WKH V\VWHP /6$ LQWHUIDFH
6 < 6 % $ 8 ' 5 7KH WUDQVPLVVLRQ %DXGUDWH IRU FRPPXQLFDWLRQ YLD WKH

V\VWHP LQWHUIDFH FDQ EH DGDSWHG WR WKH V\VWHP LQWHU
% $ 8 ' IDFH HJ /6$ LI QHFHVVDU\ 7KH DYDLODEOH SRVVLELOLWLHV
FDQ EH GLVSOD\HG E\ UHSHDWHGO\ GHSUHVVLRQ RI WKH
% $ 8 ' l1RlNH\ 1 &RQILUP WKH GHVLUHG %DXGUDWH ZLWK WKH
HQWU\ NH\ (
% $ 8 '
% $ 8 '
% $ 8 '
6 < 6 3 $ 5 , 7 < 3DULW\ DQG VWRSELWV IRU WKH V\VWHP /6$ LQWHUIDFH
IRUPDW IRU 9'(:SURWRFRO RU 6LHPHQV SURWHFWLRQ GDWD
SURFHVVLQJ SURJUDP ',*6,9 9HUVLRQ DQG IRUPHU /6$
9 ' ( : ' , * 6 , 9 / 6 $
1 2 6 7 2 3 QR SDULW\ VWRSELWV
1 2 6 7 2 3 QR SDULW\ VWRSELW HJ PRGHP
$GGUHVV LV UHOHYDQW RQO\ LQ FDVH WKH V\VWHP LQWHUIDFH LV FRQQHFWHG ZLWK D KDUGZDUH WKDW RSHUDWHV ZLWK WKH
SURWHFWLRQ GDWD SURFHVVLQJ SURJUDP ',*6,9 DGGUHVV 6<6 ,17(5) ',*6, 9 WKLV DGGUHVV GHWHUPLQHV
ZKHWKHU LW VKDOO EH SHUPLWWHG WR FKDQJH SDUDPHWHUV YLD WKLV LQWHUIDFH
6 < 6 3 $ 5 $ 0 ( 7 5HPRWH SDUDPHWHUL]LQJ YLD WKH V\VWHP LQWHUIDFH

1 2 12 LV QRW SHUPLWWHG
< ( 6 <(6 LV SHUPLWWHG
&*&
6HWWLQJV IRU IDXOW UHFRUGLQJ DGGUHVV EORFN
7KH PDFKLQH SURWHFWLRQ UHOD\ LV HTXLSSHG ZLWK D IDXOW 1RWH 7KH VHW WLPHV DUH UHODWHG RQ D V\VWHP IUHTXHQ
GDWD VWRUH VHH 6HFWLRQ 'LVWLQFWLRQ PXVW EH F\ RI +] 7KH\ DUH WR EH PDWFKHG DFFRUGLQJO\ IRU
PDGH EHWZHHQ WKH UHIHUHQFH LQVWDQW DQG WKH VWRUDJH GLIIHUHQW IUHTXHQFLHV
FULWHULRQ DGGUHVV 1RUPDOO\ WKH JHQHUDO IDXOW
GHWHFWLRQ VLJQDO RI WKH SURWHFWLRQ LV WKH UHIHUHQFH LQ 1RWH ,Q WKH LOOXVWUDWLRQ EHORZ WKH WLPH YDOXHV DUH GLV
VWDQW 7KH VWRUDJH FULWHULRQ FDQ EH WKH JHQHUDO IDXOW SOD\HG IRU VWRUDJH RI LQVWDQWDQHRXV YDOXHV :KHQ
GHWHFWLRQ WRR 6725$*( %< )' RU WKH WULS FRP UPV YDOXHV DUH VWRUHG WKH WLPHV DSSHDU DV
PDQG 6725$*( %< 75,3 $OWHUQDWLYHO\ WKH WULS WLPHV WKH LOOXVWUDWHG YDOXHV
FRPPDQG FDQ EH VHOHFWHG DV UHIHUHQFH LQVWDQW
67$57 :,7+ 75,3 LQ WKLV FDVH WKH WULS FRPPDQG LV 'DWD VWRUDJH FDQ DOVR EH LQLWLDWHG YLD D ELQDU\ LQSXW
WKH VWRUDJH FULWHULRQ WRR RU E\ RSHUDWRU DFWLRQ IURP WKH PHPEUDQH NH\ERDUG
RQ WKH IURQW RI WKH UHOD\ RU YLD WKH RSHUDWLQJ LQWHUIDFH
7KH DFWXDO UHFRUGLQJ WLPH VWDUWV ZLWK WKH SUHWULJJHU 7KH VWRUDJH LV WULJJHUHG G\QDPLFDOO\ LQ WKHVH FDVHV
WLPH 735( DGGUHVV EHIRUH WKH UHIHUHQFH LQ 7KH OHQJWK RI WKH GDWD VWRUDJH LV GHWHUPLQHG E\ WKH
VWDQW DQG HQGV ZLWK WKH SRVW IDXOW WLPH 73267 VHWWLQJV LQ DGGUHVVHV DQG EXW PD[ 7
DGGUHVV DIWHU WKH UHFRUGLQJ FULWHULRQ KDV GLV 0$; DGGUHVV 3UHWULJJHU WLPH DQG SRVW
DSSHDUHG 7KH SHUPLVVLEOH UHFRUGLQJ WLPH IRU HDFK IDXOW WLPH DUH DGGLWLYH WR WKH VHW YDOXHV ,I WKH VWRUDJH
UHFRUG LV VHW XQGHU DGGUHVV $OWRJHWKHU V DUH WLPH IRU VWDUW YLD ELQDU\ LQSXW LV VHW WR * WKHQ WKH
DYDLODEOH IRU IDXOW UHFRUGLQJ RI LQVWDQWDQHRXV YDOXHV VWRUDJH WLPH HQGV DIWHU GHHQHUJL]DWLRQ RI WKH
V IRU UHFRUGLQJ RI UPV YDOXHV FI DGGUHVV ELQDU\ LQSXW VWDWLFDOO\ EXW QRW DIWHU 70$; DG
,Q WKLV WLPH UDQJH XS WR IDXOW UHFRUGV FDQ EH VWRUHG GUHVV

%HJLQQLQJ RI EORFN l)DXOW UHFRUGLQJVl
) $ 8 / 7 5 ( & 2 5 ' , 1 * 6
, 1 , 7 , $ 7 , 2 1 'DWD VWRUDJH LV LQLWLDWHG

6 7 2 5 $ * ( % < ) ' IDXOW GHWHFWLRQ LV UHIHUHQFH LQVWDQW
IDXOW GHWHFWLRQ LV VWRUDJH FULWHULRQ
6 7 2 5 $ * ( % < 7 5 , 3 IDXOW GHWHFWLRQ LV UHIHUHQFH LQVWDQW
WULS FRPPDQG LV VWRUDJH FULWHULRQ
6 7 $ 5 7 : , 7 + 7 5 , 3 WULS FRPPDQG LV UHIHUHQFH LQVWDQW
WULS FRPPDQG LV VWRUDJH FULWHULRQ
0D[LPXP WLPH SHULRG RI D IDXOW UHFRUG

7 0 $ ;
V /DUJHVW VHWWLQJ YDOXH V
7KH WLPHV DUH PXOWLSOLHG E\ LQ FDVH RI VWRUDJH RI
UPV YDOXHV FI DGGUHVV
3UHWULJJHU WLPH EHIRUH WKH UHIHUHQFH LQVWDQW

7 3 5 (
&*&
3RVW IDXOW WLPH DIWHU WKH VWRUDJH FULWHULRQ GLVDSSHDUV

7 3 2 6 7
) $ 8 / 7 9 $ / 8 ( 7KH VWRUHG IDXOW YDOXHV VKRXOG EH

, 1 6 7 $ 1 7 $ 1 ( 2 8 6 ,167$17$1(286 YDOXHV ZLWK YDOXHV SHU DF F\FOH
5 0 6 9 $ / 8 ( 6 506 9$/8(6 ZLWK RQH YDOXH SHU F\FOH
6WRUDJH WLPH ZKHQ IDXOW UHFRUGLQJ LV LQLWLDWHG YLD D

7 % , 1 $ 5 < , 1
ELQDU\ LQSXW SUHWULJJHU DQG SRVW IDXOW WLPHV DUH
V DGGLWLYH
RU * LH DV ORQJ DV WKH ELQDU\ LQSXW LV HQHUJL]HG EXW
QRW ORQJHU WKDQ 70$;
6WRUDJH WLPH ZKHQ IDXOW UHFRUGLQJ LV LQLWLDWHG YLD WKH

7 . ( < % 2 $ 5 '
PHPEUDQH NH\ERDUG SUHWULJJHU DQG SRVW IDXOW
V WLPHV DUH DGGLWLYH
$GGUHVV LV QRW UHOHYDQW LQ FDVH WKDW WKH UHOD\ LV FRQQHFWHG WR D FRQWURO DQG VWRUDJH SURFHVVLQJ V\VWHP
ZKLFK RSHUDWHV ZLWK WKH SURWRFRO DFFRUGLQJ WR 9'(:=9(, %XW LI WKH UHOD\ LV FRQQHFWHG WR D IRUPHU /6$ V\V
WHP WKH UHOD\ PXVW EH LQIRUPHG KRZ ORQJ D WUDQVPLWWHG IDXOW UHFRUG PXVW EH VR WKDW WKH IRUPHU /6$ V\VWHP
UHFHLYHV WKH FRUUHFW QXPEHU RI IDXOW UHFRUG YDOXHV
2QO\ IRU FRPPXQLFDWLRQ ZLWK D IRUPHU /6$ V\VWHP

/HQJWK RI D IDXOW UHFRUG ZKLFK LV WUDQVPLWWHG YLD WKH VHULDO
6 < 6 / ( 1 * 7 + V\VWHP LQWHUIDFH
9 $ / 8 ( 6 ) , ; YDOXHV IL[ RU
9 $ / 9 $ 5 YDULDEOH OHQJWK ZLWK D PD[LPXP RI YDOXHV
&*&
&RQILJXUDWLRQ RI WKH SURWHFWLYH IXQFWLRQV
,QWURGXFWLRQ
7KH GHYLFH 80 LV FDSDEOH RI SURYLGLQJ D VHULHV FLDWHG WH[W HJ l(;,67l ,I WKLV WH[W LV DSSURSULDWH
RI SURWHFWLRQ DQG VXSSOHPHQWDU\ IXQFWLRQV 7KH WKH DUURZ NH\V RU FDQ EH XVHG WR SDJH WKH QH[W
VFRSH RI WKH KDUG DQG ILUPZDUH LV PDWFKHG WR DGGUHVV ,I WKH WH[W VKRXOG EH DOWHUHG SUHVV WKH
WKHVH IXQFWLRQV )XUWKHUPRUH LQGLYLGXDO IXQFWLRQV l1RlNH\ 1 DQ DOWHUQDWLYH WH[W WKHQ DSSHDUV HJ
FDQ EH VHW FRQILJXUHG WR EH HIIHFWLYH RU QRQHIIHF l121 (;,67l 7KHUH PD\ EH RWKHU DOWHUQDWLYHV
WLYH $GGLWLRQDOO\ WKH UHOD\ FDQ EH DGDSWHG WR WKH ZKLFK FDQ WKHQ EH GLVSOD\HG E\ UHSHDWHG GHSUHV
V\VWHP IUHTXHQF\ VLRQ RI WKH l1RlNH\ 1 7KH UHTXLUHG DOWHUQDWLYH
PXVW EH FRQILUPHG ZLWK WKH NH\ (
7KH FRQILJXUDWLRQ SDUDPHWHUV DUH LQSXW WKURXJK WKH
LQWHJUDWHG RSHUDWLRQ NH\ERDUG DW WKH IURQW RI WKH GH 7KH FRQILJXUDWLRQ SURFHGXUH FDQ EH HQGHG DW DQ\
YLFH RU E\ PHDQV RI D SHUVRQDO FRPSXWHU FRQQHFWHG WLPH E\ WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH
WR WKLV IURQW LQWHUIDFH 7KH XVH RI WKH LQWHJUDWHG RS IXQFWLRQ NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLV
HUDWLQJ NH\ERDUG LV GHVFULEHG LQ GHWDLO LQ 6HFWLRQ SOD\ VKRZV WKH TXHVWLRQ l6$9( 1(: 6(77,1*6 "l
$OWHUDWLRQ RI WKH SURJUDPPHG SDUDPHWHUV UH &RQILUP ZLWK WKH l<HVlNH\ -< WKDW WKH QHZ VHWWLQJV
TXLUHV WKH LQSXW RI WKH FRGHZRUG RI FRGH OHYHO VHH VKDOO EHFRPH YDOLG QRZ ,I \RX SUHVV WKH l1RlNH\ 1
6HFWLRQ :LWKRXW FRGHZRUG WKH VHWWLQJ FDQ EH LQVWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO
UHDG RXW EXW QRW DOWHUHG DOWHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
)RU WKH SXUSRVH RI FRQILJXUDWLRQ DGGUHVV EORFN FDQ EH PDGH LQHIIHFWLYH
LV SURYLGHG 2QH FDQ DFFHVV WKH EHJLQQLQJ RI WKH
FRQILJXUDWLRQ EORFNV HLWKHU E\ GLUHFW GLDO ,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH FRQILJX
UDWLRQ EORFNV LH DGGUHVV EORFNV WR ZLWK NH\V
SUHVV GLUHFW DGGUHVV NH\ '$ Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ l(1' 2)
W\SH LQ DGGUHVV &2'(:25' 23(5$7,21 "l 3UHVV WKH l1RlNH\
SUHVV H[HFXWH NH\ ( 1 WR FRQWLQXH FRQILJXUDWLRQ ,I \RX SUHVV WKH
l<HVlNH\ -< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV
RU E\ SDJLQJ ZLWK WKH NH\V Â IRUZDUGV RU Ä EDFN l6$9( 1(: 6(77,1*6 "l 1RZ \RX FDQ FRQILUP
ZDUGV XQWLO DGGUHVV DSSHDUV ZLWK -< RU DERUW ZLWK 1 DV GHVFULEHG DERYH
:LWKLQ WKH ERFN RQH FDQ SDJH IRUZDUG ZLWK RU :KHQ RQH H[LWV WKH VHWWLQJ SURJUDP WKH DOWHUHG SD
EDFN ZLWK (DFK SDJLQJ DFWLRQ OHDGV WR D IXUWKHU UDPHWHUV ZKLFK XQWLO WKHQ KDYH EHHQ VWRUHG LQ YROD
DGGUHVV IRU WKH LQSXW RI D FRQILJXUDWLRQ SDUDPHWHU ,Q WLOH PHPRULHV DUH WKHQ SHUPDQHQWO\ VHFXUHG LQ ((
WKH IROORZLQJ VHFWLRQV HDFK DGGUHVV LV VKRZQ LQ D 3520V DQG SURWHFWHG DJDLQVW SRZHU RXWDJH 7KH
ER[ DQG H[SODLQHG ,Q WKH XSSHU OLQH RI WKH GLVSOD\ SURFHVVRU V\VWHP ZLOO UHVHW DQG UHVWDUW 'XULQJ
EHKLQG WKH QXPEHU DQG WKH EDU VWDQGV WKH DVVR UHVWDUW WKH GHYLFH LV QRW RSHUDWLRQDO
FLDWHG GHYLFH IXQFWLRQ ,Q WKH VHFRQG OLQH LV WKH DVVR
&*&
3URJUDPPLQJ WKH VFRSH RI IXQFWLRQV DGGUHVV EORFN
7KH DYDLODEOH SURWHFWLYH DQG DGGLWLRQDO IXQFWLRQV IXQFWLRQV OLPLW YDOXHV ZLOO QRW EH UHTXHVWHG GXULQJ
FDQ EH SURJUDPPHG DV H[LVWLQJ RU QRW H[LVWLQJ )RU VHWWLQJ 6HFWLRQ ,Q FRQWUDVW VZLWFK RII RI D
VRPH IXQFWLRQV LW PD\ DOVR EH SRVVLEOH WR VHOHFW EH IXQFWLRQ PHDQV WKDW WKH IXQFWLRQ ZLOO EH SURFHVVHG
WZHHQ PXOWLSOH DOWHUQDWLYHV WKDW LQGLFDWLRQ ZLOO DSSHDU HJ l VZLWFKHG RIIl EXW
WKDW WKH IXQFWLRQ ZLOO KDYH QR HIIHFW RQ WKH UHVXOW RI
)XQFWLRQV ZKLFK DUH FRQILJXUHG DV 121 (;,67 ZLOO WKH SURWHFWLYH SURFHVV HJ QR WULSSLQJ FRPPDQG
QRW EH SURFHVVHG LQ 80 7KHUH ZLOO EH QR DQ
QXQFLDWLRQV DQG WKH DVVRFLDWHG VHWWLQJ SDUDPHWHUV 7KH IROORZLQJ ER[HV VKRZ WKH SRVVLELOLWLHV
6 & 2 3 ( 2 ) %HJLQQLQJ RI WKH EORFN lVFRSH RI IXQFWLRQVl

) 8 1 & 7 , 2 1 6
8QGHUH[FLWDWLRQ SURWHFWLRQ )UHTXHQF\ SURWHFWLRQ
8 1 ' ( 5 ( ; & , 7 ) 5 ( 4 8 ( 1 & <

( ; , 6 7 ( ; , 6 7
1 2 1 ( ; , 6 7 1 2 1 ( ; , 6 7
8QGHUYROWDJH SURWHFWLRQ )RUZDUG SRZHU VXSHUYLVLRQ
8 1 ' ( 5 9 2 / 7 ) 2 5 3 2 : ( 5
( ; , 6 7 ( ; , 6 7
1 2 1 ( ; , 6 7 1 2 1 ( ; , 6 7
2YHUYROWDJH SURWHFWLRQ 5HYHUVH SRZHU SURWHFWLRQ
2 9 ( 5 9 2 / 7 5 ( 9 3 2 : ( 5
( ; , 6 7 ( ; , 6 7
1 2 1 ( ; , 6 7 1 2 1 ( ; , 6 7
6WDWRU HDUWK IDXOW SURWHFWLRQ 8QEDODQFHG ORDG SURWHFWLRQ
6 ( ) 3 5 2 7 8 1 % $ / / 2 $ '
( ; , 6 7 ( ; , 6 7
1 2 1 ( ; , 6 7 1 2 1 ( ; , 6 7
&*&
2YHUFXUUHQW WLPH SURWHFWLRQ ,!VWDJH

( ; 7 7 5 , 3
( ; , 6 7
2 & , !
( ; , 6 7 1 2 1 ( ; , 6 7
1 2 1 ( ; , 6 7
2YHUFXUUHQW WLPH SURWHFWLRQ ,!!VWDJH ( ; 7 7 5 , 3

( ; , 6 7
2 & , ! !
( ; , 6 7 1 2 1 ( ; , 6 7
1 2 1 ( ; , 6 7
( ; 7 7 5 , 3
( ; , 6 7
2 & , H ! 1 2 1 ( ; , 6 7
( ; , 6 7
1 2 1 ( ; , 6 7 7ULS FLUFXLW VXSHUYLVLRQ

7 5 3 6 8 3 ( 5 9
( ; , 6 7
2 9 ( 5 / 2 $ '
( ; , 6 7 1 2 1 ( ; , 6 7
1 2 1 ( ; , 6 7
3DUDPHWHU FKDQJHRYHU
([WHUQDO WULS IDFLOLWLHV YLD ELQDU\ LQSXW
3 $ 5 $ 0 & 2
( ; 7 7 5 , 3 1 2 1 ( ; , 6 7
( ; , 6 7
( ; , 6 7
1 2 1 ( ; , 6 7
7KH UDWHG V\VWHP IUHTXHQF\ PXVW FRPSO\ ZLWK WKH VHWWLQJ XQGHU DGGUHVV ,I WKH V\VWHP IUHTXHQF\ LV QRW
+] DGGUHVV PXVW EH FKDQJHG
) 5 ( 4 8 ( 1 & <
5DWHG V\VWHP IUHTXHQF\ +] RU +]
I 1 + ]
I 1 + ]
&*&
0DUVKDOOLQJ RI ELQDU\ LQSXWV ELQDU\ RXWSXWV DQG /(' LQGLFDWRUV
,QWURGXFWLRQ
7KH IXQFWLRQV RI WKH ELQDU\ LQSXWV DQG RXWSXWV UHSUH WLRQ QDPHO\ EORFNLQJ 7KH FRUUHVSRQGLQJ TXHVWLRQ
VHQWHG LQ WKH JHQHUDO GLDJUDPV $SSHQGL[ $ UHODWH WR WKH RSHUDWRU LV WKHQ :KLFK VLJQDO IURP D SK\VL
WR WKH IDFWRU\ VHWWLQJV 7KH DVVLJQPHQW RI WKH LQSXWV FDO LQSXW UHOD\ VKRXOG LQLWLDWH ZKLFK UHDFWLRQ LQ WKH
DQG RXWSXWV RI WKH LQWHUQDO IXQFWLRQV FDQ EH UHDU GHYLFH" 2QH SK\VLFDO LQSXW VLJQDO FDQ LQLWLDWH XS WR
UDQJHG DQG WKXV DGDSWHG WR WKH RQVLWH FRQGLWLRQV ORJLFDO IXQFWLRQV
0DUVKDOOLQJ RI WKH LQSXWV RXWSXWV DQG /('V LV SHU 7KH WULS UHOD\V FDQ DOVR EH DVVLJQHG GLIIHUHQW IXQF
IRUPHG E\ PHDQV RI WKH LQWHJUDWHG RSHUDWRU SDQHO RU WLRQV (DFK WULS UHOD\ FDQ EH FRQWUROOHG E\ HDFK FRP
YLD WKH RSHUDWLQJ LQWHUIDFH LQ WKH IURQW 7KH RSHUDWLRQ PDQG IXQFWLRQ RU FRPELQDWLRQ RI XS WR FRPPDQG
RI WKH RSHUDWRU SDQHO LV GHVFULEHG LQ GHWDLO LQ 6HFWLRQ IXQFWLRQV
0DUVKDOOLQJ EHJLQV DW WKH SDUDPHWHU DGGUHVV
7KH ORJLFDO DQQXQFLDWLRQ IXQFWLRQV FDQ EH XVHG LQ
PXOWLSOH PDQQHU (J RQH DQQXQFLDWLRQ IXQFWLRQ FDQ
7KH LQSXW RI WKH FRGHZRUG LV UHTXLUHG IRU PDUVKDOOLQJ WULJJHU VHYHUDO VLJQDO UHOD\V VHYHUDO WULS UHOD\V DGGL
UHIHU 6HFWLRQ :LWKRXW FRGHZRUG HQWU\ SD WLRQDOO\ EH LQGLFDWHG E\ /('V DQG EH FRQWUROOHG E\ D
UDPHWHUV FDQ EH UHDG RXW EXW QRW EH FKDQJHG 'XU ELQDU\ LQSXW XQLW 7KH UHVWULFWLRQ LV WKDW WKH WRWDO RI DOO
LQJ FRGHZRUG RSHUDWLRQ LH IURP FRGHZRUG HQWU\ SK\VLFDO LQSXWRXWSXW XQLWV ELQDU\ LQSXWV SOXV VLJQDO
XQWLO WKH WHUPLQDWLRQ RI WKH PDUVKDOOLQJ SURFHGXUH UHOD\V SOXV /('V SOXV WULS UHOD\V ZKLFK DUH WR EH DV
WKH VROLG EDU LQ WKH GLVSOD\ IODVKHV VRFLDWHG ZLWK RQH ORJLFDO IXQFWLRQ PXVW QRW H[FHHG D
QXPEHU RI ,I WKLV QXPEHU LV WULHG WR EH H[FHHGHG
:KHQ WKH 80 SURJUDPV DUH UXQQLQJ WKH VSHFLI WKH GLVSOD\ ZLOO VKRZ D FRUUHVSRQGLQJ PHVVDJH
LF ORJLF IXQFWLRQV ZLOO EH DOORFDWHG WR WKH SK\VLFDO LQ
SXW DQG RXWSXW PRGXOHV RU /('V LQ DFFRUGDQFH ZLWK 7KH PDUVKDOOLQJ SURFHGXUH LV VHW XS VXFK WKDW IRU
WKH VHOHFWLRQ HDFK SK\VLFDO ELQDU\ LQSXW HDFK RXWSXW UHOD\ DQG
IRU HDFK PDUVKDOODEOH /(' WKH RSHUDWRU ZLOO EH
([DPSOH 2YHUFXUUHQW LV UHJLVWHUHG LQ SKDVH / DVNHG ZKLFK ORJLFDO IXQFWLRQ VKRXOG EH DOORFDWHG
7KLV HYHQW LV JHQHUDWHG LQ 80 DV DQ l$QQXQFL
DWLRQl ORJLFDO IXQFWLRQ DQG VKRXOG EH DYDLODEOH DW 7KH RIIHUHG ORJLFDO IXQFWLRQV DUH WDEXODWHG IRU WKH
FHUWDLQ WHUPLQDOV RI WKH XQLW DV D 12 FRQWDFW 6LQFH ELQDU\ LQSXWV RXWSXWV DQG /('V LQ WKH IROORZLQJ VHF
VSHFLILF XQLW WHUPLQDOV DUH KDUGZLUHG WR D VSHFLILF WLRQV
SK\VLFDO VLJQDO UHOD\ HJ WR WKH VLJQDO UHOD\ WKH
SURFHVVRU PXVW EH DGYLVHG WKDW WKH ORJLFDO VLJQDO l,! 7KH EHJLQQLQJ RI WKH PDUVKDOOLQJ SDUDPHWHU EORFNV
/l VKRXOG EH WUDQVPLWWHG WR WKH VLJQDO UHOD\ 7KXV LV UHDFKHG E\ GLUHFWO\ VHOHFWLQJ WKH DGGUHVV
ZKHQ PDUVKDOOLQJ LV SHUIRUPHG WZR VWDWHPHQWV RI LH
WKH RSHUDWRU DUH LPSRUWDQW :KLFK ORJLFDO DQQXQFL
DWLRQ JHQHUDWHG LQ WKH SURWHFWLRQ XQLW SURJUDP SUHVV GLUHFW DGGUHVV NH\ '$
VKRXOG WULJJHU ZKLFK SK\VLFDO VLJQDO UHOD\" 8S WR HQWHU DGGUHVV
ORJLFDO DQQXQFLDWLRQV FDQ WULJJHU RQH SK\VLFDO SUHVV HQWHU NH\ (
VLJQDO UHOD\
RU E\ SDJLQJ ZLWK NH\V Â IRUZDUGV RU Ä EDFNZDUGV
$ VLPLODU VLWXDWLRQ DSSOLHV WR ELQDU\ LQSXWV ,Q WKLV XQWLO DGGUHVV KDV EHHQ UHDFKHG 7KH EHJLQ
FDVH H[WHUQDO LQIRUPDWLRQ HJ YROWDJH WUDQVIRUPHU QLQJ RI WKH PDUVKDOOLQJ EORFNV WKHQ DSSHDUV
PFE WULSSHG LV FRQQHFWHG WR WKH XQLW YLD D SK\VL
FDO LQSXW PRGXOH DQG VKRXOG LQLWLDWH D ORJLFDO IXQF
%HJLQQLQJ RI PDUVKDOOLQJ EORFNV

0 $ 5 6 + $ / / , 1 *
&*&
2QH FDQ SURFHHG WKURXJK WKH PDUVKDOOLQJ EORFNV NH\ ( ,PPHGLDWHO\ WKH DVVRFLDWHG LGHQWLILFDWLRQ RI
ZLWK WKH NH\ Â RU JR EDFN ZLWK WKH NH\ Ä :LWKLQ D WKH IXQFWLRQ DSSHDUV IRU FKHFNLQJ SXUSRVHV 7KLV
EORFN RQH JRHV IRUZDUGV ZLWK RU EDFNZDUGV ZLWK FDQ EH DOWHUHG HLWKHU E\ HQWHULQJ D GLIIHUHQW IXQFWLRQ
(DFK IRUZDUG RU EDFNZDUG VWHS OHDGV WR GLVSOD\ RI QXPEHU RU E\ SDJLQJ WKURXJK WKH SRVVLEOH IXQFWLRQV
WKH QH[W LQSXW RXWSXW RU /(' SRVLWLRQ ,Q WKH GLVSOD\ IRUZDUGV ZLWK WKH l1RlNH\ 1 RU EDFNZDUGV ZLWK WKH
EHKLQG WKH DGGUHVV DQG WKH VROLG EDU WKH SK\VLFDO LQ EDFNVSDFH NH\ 5 ,I WKH IXQFWLRQ KDV EHHQ FKDQJHG
SXWRXWSXW XQLW IRUPV WKH KHDGLQJ DQRWKHU FRQILUPDWLRQ LV QHFHVVDU\ ZLWK WKH HQWHU
NH\ (
7KH NH\ FRPELQDWLRQ ) LH GHSUHVVLQJ WKH IXQF
WLRQ NH\ ) IROORZHG E\ WKH DUURZ NH\ VZLWFKHV RYHU ,Q WKH IROORZLQJ SDUDJUDSKV DOORFDWLRQ SRVVLELOLWLHV
WR WKH VHOHFWLRQ OHYHO IRU WKH ORJLFDO IXQFWLRQV WR EH DO IRU ELQDU\ LQSXWV ELQDU\ RXWSXWV DQG /(' LQGLFDWRUV
ORFDWHG 'XULQJ WKLV FKDQJHRYHU LH IURP SUHVV DUH JLYHQ 7KH DUURZV ÂÄ RU DW WKH OHIW KDQG VLGH RI
LQJ WKH ) NH\ XQWLO SUHVVLQJ WKH NH\ WKH EDU EHKLQG WKH GLVSOD\ ER[ LQGLFDWH SDJLQJ IURP EORFN WR EORFN
WKH DGGUHVV QXPEHU LV UHSODFHG E\ D l)l 7KH GLV ZLWKLQ WKH EORFN RU RQ WKH VHOHFWLRQ OHYHO 7KH FKDUDF
SOD\ VKRZV LQ WKH XSSHU OLQH WKH SK\VLFDO LQSXWRXW WHU ) EHIRUH WKH DUURZ LQGLFDWHV WKDW WKH IXQFWLRQ NH\
SXW XQLW WKLV WLPH ZLWK D WKUHH GLJLW LQGH[ QXPEHU ) PXVW EH SUHVVHG EHIRUH SXVKLQJ WKH DUURZ NH\
7KH VHFRQG GLVSOD\ OLQH VKRZV WKH ORJLFDO IXQFWLRQ
ZKLFK LV SUHVHQWO\ DOORFDWHG 7KH IXQFWLRQ QXPEHUV DQG GHVLJQDWLRQV DUH OLVWHG
FRPSOHWHO\ LQ $SSHQGL[ &
2Q WKLV VHOHFWLRQ OHYHO WKH DOORFDWHG IXQFWLRQ FDQ EH
FKDQJHG E\ SUHVVLQJ WKH l1RlNH\ 1 %\ UHSHDWHG 7KH PDUVKDOOLQJ SURFHGXUH FDQ EH HQGHG DW DQ\
XVH RI WKH NH\ 1 DOO PDUVKDOODEOH IXQFWLRQV FDQ EH WLPH E\ WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH
SDJHG WKURXJK WKH GLVSOD\ %DFN SDJLQJ LV SRVVL IXQFWLRQ NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLV
EOH ZLWK WKH EDFNVSDFH NH\ 5 :KHQ WKH UHTXLUHG SOD\ VKRZV WKH TXHVWLRQ l6$9( 1(: 6(77,1*6"l
IXQFWLRQ DSSHDUV SUHVV WKH H[HFXWH NH\ ( $IWHU WKLV &RQILUP ZLWK WKH l<HVlNH\ -< WKDW WKH QHZ DOORFD
IXUWKHU IXQFWLRQV FDQ EH DOORFDWHG WR WKH VDPH SK\VL WLRQV VKDOO EHFRPH YDOLG QRZ ,I \RX SUHVV WKH
FDO LQSXW RU RXWSXW PRGXOH ZLWK IXUWKHU LQGH[ QXP l1RlNH\ 1 LQVWHDG FRGHZRUG RSHUDWLRQ ZLOO EH
EHUV E\ XVLQJ WKH NH\ (DFK VHOHFWLRQ PXVW EH DERUWHG LH DOO DOWHUDWLRQV ZKLFK KDYH EHHQ
FRQILUPHG E\ SUHVVLQJ WKH NH\ ( ,I D VHOHFWLRQ FKDQJHG VLQFH WKH ODVW FRGHZRUG HQWU\ DUH ORVW
SODFH VKDOO QRW EH DVVLJQHG WR D IXQFWLRQ VHOHFWLRQ LV 7KXV HUURQHRXV DOWHUDWLRQV FDQ EH PDGH LQHIIHFWLYH
PDGH ZLWK WKH IXQFWLRQ lQRW DOORFDWHGl
,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH FRQILJX
<RX FDQ OHDYH WKH VHOHFWLRQ OHYHO E\ SUHVVLQJ WKH NH\ UDWLRQ EORFNV LH DGGUHVV EORFNV WR ZLWK NH\V
FRPELQDWLRQ ) LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ l(1' 2) &2
IROORZHG E\ WKH DUURZ NH\ 7KH GLVSOD\ VKRZV '(:25' 23(5$7,21 "l 3UHVV WKH l1RlNH\ 1 WR
DJDLQ WKH IRXU GLJLW DGGUHVV QXPEHU RI WKH SK\VLFDO FRQWLQXH PDUVKDOOLQJ ,I \RX SUHVV WKH l<HVlNH\ -<
LQSXWRXWSXW PRGXOH 1RZ \RX FDQ SDJH ZLWK NH\ LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV l6$9( 1(:
WR WKH QH[W LQSXWRXWSXW PRGXOH RU ZLWK WR WKH SUH 6(77,1*6 "l 1RZ \RX FDQ FRQILUP ZLWK -< RU DERUW
YLRXV WR UHSHDW VHOHFWLRQ SURFHGXUH DV DERYH ZLWK 1 DV DERYH
7KH ORJLFDO IXQFWLRQV DUH DOVR SURYLGHG ZLWK IXQFWLRQ :KHQ RQH H[LWV WKH PDUVKDOOLQJ SURJUDP WKH DOWHUHG
QXPEHUV ZKLFK DUH HTXDOO\ OLVWHG LQ WKH WDEOHV ,I WKH SDUDPHWHUV ZKLFK XQWLO WKHQ KDYH EHHQ VWRUHG LQ YRO
IXQFWLRQ QXPEHU LV NQRZQ WKLV FDQ EH LQSXW GLUHFWO\ DWLOH PHPRU\ DUH WKHQ SHUPDQHQWO\ VHFXUHG LQ ((
RQ WKH VHOHFWLRQ OHYHO 3DJLQJ WKURXJK WKH SRVVLEOH 3520V DQG SURWHFWHG DJDLQVW SRZHU RXWDJH 7KH
IXQFWLRQV LV WKHQ VXSHUIOXRXV :LWK GLUHFW LQSXW RI WKH SURFHVVRU V\VWHP ZLOO UHVHW DQG UHVWDUW 'XULQJ
IXQFWLRQ QXPEHU OHDGLQJ ]HURV QHHG QRW EH HQWHUHG UHVWDUW WKH GHYLFH LV QRW RSHUDWLRQDO
$IWHU LQSXW RI WKH IXQFWLRQ QXPEHU XVH WKH HQWHU
&*&
0DUVKDOOLQJ RI WKH ELQDU\ LQSXWV DGGUHVV EORFN
7KH XQLW FRQWDLQV ELQDU\ LQSXWV ZKLFK DUH GHVLJ :LWK GLUHFW LQSXW RI WKH IXQFWLRQ QXPEHU OHDGLQJ ]HU
QDWHG ,1387 WR ,1387 7KH\ FDQ EH PDUVKDOOHG RV QHHG QRW EH XVHG 7R LQGLFDWH WKH FRQWDFW PRGH
LQ DGGUHVV EORFN 7KH DGGUHVV EORFN LV UHDFKHG WKH IXQFWLRQ QXPEHU FDQ EH H[WHQGHG E\ D GHFLPDO
E\ SDJLQJ LQ EORFNV ÂÄ RU E\ GLUHFW DGGUHVVLQJ ZLWK SRLQW IROORZHG E\ RU ZKHUHE\
'$ ( 7KH VHOHFWLRQ SURFHGXUH LV FDUULHG RXW
DV GHVFULEHG LQ 6HFWLRQ PHDQV lQRUPDOO\ RSHQl PRGH FRUUHVSRQGV WR
l12l DV DERYH
$ FKRLFH FDQ EH PDGH IRU HDFK LQGLYLGXDO LQSXW IXQF
WLRQ DV WR ZKHWKHU WKH GHVLUHG IXQFWLRQ VKRXOG EH PHDQV lQRUPDOO\ FORVHGl PRGH FRUUHVSRQGV
FRPH RSHUDWLYH LQ WKH lQRUPDOO\ RSHQl PRGH RU LQ WR l1&l DV DERYH
WKH lQRUPDOO\ FORVHGl PRGH ZKHUHE\
,I WKH H[WHQVLRQ ZLWK RU LV RPLWWHG WKH GLVSOD\ ILUVW
12 lQRUPDOO\ RSHQl PRGH WKH LQSXW DFWV DV D 12 LQGLFDWHV WKH IXQFWLRQ GHVLJQDWLRQ LQ lQRUPDOO\
FRQWDFW LH WKH FRQWURO YROWDJH DW WKH LQSXW WHU RSHQl PRGH 12 %\ SUHVVLQJ WKH l1RlNH\ 1 WKH
PLQDOV DFWLYDWHV WKH IXQFWLRQ
PRGH LV FKDQJHG WR 1& $IWHU GLUHFW LQSXW RWKHU IXQF
WLRQV FDQ EH VHOHFWHG E\ SDJLQJ WKURXJK WKH IXQF
1& lQRUPDOO\ FORVHGl PRGH WKH LQSXW DFWV DV D 1&
WLRQV IRUZDUGV ZLWK WKH l1RlNH\ 1 RU EDFNZDUGV
FRQWDFW LH FRQWURO YROWDJH SUHVHQW DW WKH WHU
ZLWK WKH EDFNVSDFH NH\ 5 7KH FKDQJHG IXQFWLRQ
PLQDOV WXUQV RII WKH IXQFWLRQ FRQWURO YROWDJH DE
WKHQ PXVW EH UHFRQILUPHG E\ WKH HQWU\ NH\ (
VHQW DFWLYDWHV WKH IXQFWLRQ
:KHQ SDJLQJ WKURXJK WKH GLVSOD\ HDFK LQSXW IXQF 1RWH 2QH ORJLFDO IXQFWLRQ PXVW QRW EH PDUVKDOOHG WR
WLRQ LV GLVSOD\HG ZLWK WKH LQGH[ l12l RU l1&l ZKHQ VHYHUDO ELQDU\ LQSXWV EHFDXVH DQ 25ORJLF RI WKH
SURFHHGLQJ ZLWK WKH l1RlNH\ 1 VLJQDOV FDQ QRW EH JXDUDQWHHG
7DEOH VKRZV D FRPSOHWH OLVW RI DOO WKH ELQDU\ LQSXW 7KH DVVLJQPHQW RI WKH ELQDU\ LQSXWV DV GHOLYHUHG
IXQFWLRQV ZLWK WKHLU DVVRFLDWHG IXQFWLRQ QXPEHU IURP IDFWRU\ LV VKRZQ LQ WKH JHQHUDO GLDJUDPV LQ $S
)1R ,QSXW IXQFWLRQV QDWXUDOO\ KDYH QR HIIHFW LI WKH SHQGL[ $ 7KH IROORZLQJ ER[HV VKRZ DV DQ H[DPSOH
FRUUHVSRQGLQJ SURWHFWLRQ IXQFWLRQ KDV EHHQ SUR WKH DOORFDWLRQ IRU ELQDU\ LQSXW 7DEOH VKRZV DOO
JUDPPHG RXW lGHFRQILJXUHGl UHIHU 6HFWLRQ ELQDU\ LQSXWV DV SUHVHW IURP WKH IDFWRU\

0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI EORFN l0DUVKDOOLQJ ELQDU\ LQSXWVl

% , 1 $ 5 < , 1 3 8 7 6
7KH ILUVW ELQDU\ LQSXW LV UHDFKHG ZLWK WKH NH\
) % , 1 $ 5 <
$OORFDWLRQV IRU ELQDU\ LQSXW
, 1 3 8 7
&KDQJH RYHU WR WKH VHOHFWLRQ OHYHO ZLWK )
, 1 3 8 7 5HVHW RI VWRUHG /(' LQGLFDWLRQV )1R

lQRUPDOO\ RSHQl RSHUDWLRQ
! / ( ' U H V H W 1 2 /('V DUH UHVHW ZKHQ FRQWURO YROWDJH SUHVHQW
, 1 3 8 7 1R IXUWKHU IXQFWLRQV DUH LQLWLDWHG E\ ELQDU\ LQSXW

Q R W D O O R F D W H G
&*&
/HDYH WKH VHOHFWLRQ OHYHO ZLWK NH\ FRPELQDWLRQ ) <RX FDQ JR WKHQ WR WKH QH[W ELQDU\ LQSXW ZLWK WKH DUURZ NH\
)1R $EEUHYLDWLRQ 'HVFULSWLRQ

QRW DOORFDWHG %LQDU\ LQSXW LV QRW DOORFDWHG WR DQ\ LQSXW IXQFWLRQ
!7LPH 6\QFKUR 6\QFKURQL]H LQWHUQDO UHDO WLPH FORFN
!6WDUW )OW5HF 6WDUW IDXOW UHFRUGLQJ IURP H[WHUQDO FRPPDQG YLD ELQDU\ LQSXW
!/(' UHVHW 5HVHW VWRUHG /(' LQGLFDWRUV
!3DUDP6HOHF 3DUDPHWHU VHW VHOHFWLRQ LQ FRQMXQFWLRQ ZLWK
!3DUDP6HOHF 3DUDPHWHU VHW VHOHFWLRQ LQ FRQMXQFWLRQ ZLWK
!$QQXQF 8VHU GHILQDEOH DQQXQFLDWLRQ
!6\V7HVW 6\VWHP LQWHUIDFH PHVVDJHVYDOXHV DUH PDUNHG ZLWK l7HVW RSHUDWLRQl
!6\V00EORFN 6\VWHP LQWHUIDFH PHVVDJHV DQG PHDVXUHG YDOXHV DUH EORFNHG
!2/ EORFN %ORFN WKHUPDO RYHUORDG SURWHFWLRQ
!50 WKUHSO, 5HVHW PHPRU\ IRU WKHUPDO UHSOLFD RI VWDWRU RYHUORDG SURWHFWLRQ
!,!! EORFN %ORFN RYHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!!
!,! EORFN %ORFN RYHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!
!,(! EORFN %ORFN RYHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,(!
!8VHDOLQ EON %ORFN XQGHUYROWDJH VHDOLQ RI RYHUFXUUHQW WLPH SURWHFWLRQ
!([W EORFN %ORFN H[WHUQDO WULS FRPPDQG
!([W WULS ([WHUQDO WULS VLJQDO
!3KDVH URWDW 3KDVH URWDWLRQ LV UHYHUVHG WR FRXQWHUFORFNZLVH
!3U EORFN %ORFN UHYHUVH SRZHU SURWHFWLRQ 3UHY!
!69 WULSSHG 6WRS YDOYH WULSSHG
!3I EORFN %ORFN IRUZDUG SRZHU VXSHUYLVLRQ 3I!
!3I EORFN %ORFN IRUZDUG SRZHU VXSHUYLVLRQ 3I
!3I! EORFN %ORFN IRUZDUG SRZHU VXSHUYLVLRQ 3I!
!, EORFN %ORFN ORDG XQEDODQFHG SURWHFWLRQ ,!
!50 WKUHSO 5HVHW WKHUPDO UHSOLFD RI XQEDODQFHG ORDG SURWHFWLRQ
!8! EORFN %ORFN VWDWRU HDUWK IDXOW SURWHFWLRQ 8!
!)UT EORFN %ORFN IUHTXHQF\ SURWHFWLRQ
!I EORFN %ORFN IUHTXHQF\ SURWHFWLRQ VWDJH I
!([F EORFN %ORFN XQGHUH[FLWDWLRQ SURWHFWLRQ
!&KDU EON %ORFN FKDUDFWHULVWLF RI XQGHUH[FLWDWLRQ SURWHFWLRQ
!&KDU EON %ORFN FKDUDFWHULVWLF RI XQGHUH[FLWDWLRQ SURWHFWLRQ
!8H[F IDLO ([FLWDWLRQ YROWDJH IDLOXUH
!X EORFN %ORFN XQGHUYROWDJH SURWHFWLRQ
!RY EORFN %ORFN RYHUYROWDJH SURWHFWLRQ
!7ULS UHO 7ULS FLUFXLW VXSHUYLVLRQ LQSXW LQ SDUDOOHO WR WULS UHOD\
!&%DX[ 7ULS FLUFXLW VXSHUYLVLRQ LQSXW LQ SDUDOOHO WR &% DX[LOLDU\ FRQWDFW
UHFRPPHQGHG FRQWDFW PRGH 12 RSHUDWLRQ
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU ELQDU\ LQSXWV
&*&
$GGU VW GLVSOD\ OLQH QG GLVSOD\ OLQH )1R 5HPDUNV
0$56+$//,1* %,1$5< ,13876 +HDGLQJ RI WKH DGGUHVV EORFN
%,1$5< ,1387 $FNQRZOHGJH DQG UHVHW RI VWRUHG /(' DQG GLV
,1387 !/(' UHVHW 12 SOD\ LQGLFDWLRQV /(' WHVW
%,1$5< ,1387

,1387 !3I EORFN 12 %ORFN IRUZDUG SRZHU VXSHUYLVLRQ
%,1$5< ,1387

,1387 !3U EORFN 12 %ORFN UHYHUVH SRZHU SURWHFWLRQ
%,1$5< ,1387

,1387 !I EORFN 12
!I EORFN 12 %ORFN IUHTXHQF\ SURWHFWLRQ VWDJHV I WR I
!I EORFN 12
%,1$5< ,1387

,1387 !8H[F IDLO 12 )DLOXUH RI H[FLWDWLRQ YROWDJH
%,1$5< ,1387

,1387 !69 WULSSHG 12 6WRS YDOYH WULSSHG
%,1$5< ,1387

,1387 !([W WULS 12 ([WHUQDO WULS VLJQDO
%,1$5< ,1387

,1387 !([W WULS 12 ([WHUQDO WULS VLJQDO
7DEOH 3UHVHW ELQDU\ LQSXWV
&*&
0DUVKDOOLQJ RI WKH VLJQDO RXWSXW UHOD\V DGGUHVV EORFN
7KH XQLW FRQWDLQV VLJQDO RXWSXWV DODUP UHOD\V JUDPPHG RXW lGHFRQILJXUHGl UHIHU 6HFWLRQ
2QH VLJQDO UHOD\ LV SHUPDQHQWO\ DVVLJQHG DQG DQ
QXQFLDWHV WKH UHDGLQHVV IRU RSHUDWLRQ RI WKH XQLW7KH
RWKHU VLJQDO UHOD\V DUH GHVLJQDWHG 6,*1$/ 5(/$< 1RWH DV WR 7DEOH $QQXQFLDWLRQV ZKLFK DUH LQGL
WR 6,*1$/ 5(/$< DQG FDQ EH PDUVKDOOHG LQ DG FDWHG E\ D OHDGLQJ l!l VLJQ UHSUHVHQW WKH GLUHFW
GUHVV EORFN 7KH EORFN LV UHDFKHG E\ SDJLQJ LQ FRQILUPDWLRQ RI WKH ELQDU\ LQSXWV DQG DUH DYDLODEOH DV
EORFNV ZLWK Â Ä RU E\ GLUHFWO\ DGGUHVVLQJ '$ ORQJ DV WKH FRUUHVSRQGLQJ ELQDU\ LQSXW LV HQHUJL]HG
( 7KH VHOHFWLRQ SURFHGXUH LV FDUULHG RXW DV GH
VFULEHG LQ 6HFWLRQ 0XOWLSOH DQQXQFLDWLRQV DUH )XUWKHU LQIRUPDWLRQ DERXW DQQXQFLDWLRQV VHH 6HF
SRVVLEOH LH RQH ORJLFDO DQQXQFLDWLRQ IXQFWLRQ FDQ WLRQ
EH JLYHQ WR VHYHUDO SK\VLFDO VLJQDO UHOD\V VHH DOVR
6HFWLRQ 7KH DVVLJQPHQW RI WKH RXWSXW VLJQDO UHOD\V DV GHOLY
HUHG IURP IDFWRU\ LV VKRZQ LQ WKH JHQHUDO GLDJUDPV LQ
7DEOH JLYHV D OLVWLQJ RI DOO DQQXQFLDWLRQ IXQFWLRQV $SSHQGL[ $ 7KH IROORZLQJ ER[HV VKRZ DQ H[DPSOH
ZLWK WKH DVVRFLDWHG IXQFWLRQ QXPEHUV )1R $QQXQ IRU PDUVKDOOLQJ VLJQDO UHOD\ 7DEOH VKRZV DOO VLJ
FLDWLRQ IXQFWLRQV DUH QDWXUDOO\ QRW HIIHFWLYH ZKHQ WKH QDO UHOD\V DV SUHVHW IURP WKH IDFWRU\
FRUUHVSRQGLQJ SURWHFWLRQ IXQFWLRQ KDV EHHQ SUR
0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI WKH EORFN l0DUVKDOOLQJ RI WKH RXWSXW

6 , * 1 $ / 5 ( / $ < 6 VLJQDO UHOD\Vl
7KH WKLUG VLJQDO UHOD\ LV UHDFKHG ZLWK WKH NH\
)
6 , * 1 $ /
$OORFDWLRQV IRU VLJQDO UHOD\
5 ( / $ <
5 ( / $ < 6LJQDO UHOD\ KDV EHHQ SUHVHW IRU

8 ! W U L S VW 2YHUYROWDJH SURWHFWLRQ 8! WULS )1R
5 ( / $ <
QR IXUWKHU IXQFWLRQV DUH SUHVHW IRU VLJQDO UHOD\
/HDYH WKH VHOHFWLRQ OHYHO ZLWK NH\ FRPELQDWLRQ ) <RX FDQ JR WKHQ WR WKH QH[W VLJQDO RXWSXW UHOD\ ZLWK WKH
DUURZ NH\
6 , * 1 $ /
$OORFDWLRQV IRU VLJQDO UHOD\
5 ( / $ <
&*&

QRW DOORFDWHG 1R DQQXQFLDWLRQ DOORFDWHG
!7LPH 6\QFKUR 6\QFKURQL]H LQWHUQDO UHDO WLPH FORFN
!6WDUW )OW5HF 6WDUW IDXOW UHFRUGLQJ IURP H[WHUQDO FRPPDQG YLD ELQDU\ LQSXW
!5HVHW /(' 5HVHW /(' LQGLFDWRUV
!3DUDP6HOHF 3DUDPHWHU VHW VHOHFWLRQ LQ FRQQHFWLRQ ZLWK
!3DUDP6HOHF 3DUDPHWHU VHW VHOHFWLRQ LQ FRQQHFWLRQ ZLWK
!6\V7HVW 6\VWHP LQWHUIDFH PHVVDJHVYDOXHV DUH PDUNHG ZLWK l7HVW RSHUDWLRQl
!6\V00EORFN 6\VWHP LQWHUIDFH PHVVDJHV DQG PHDVXUHG YDOXHV DUH EORFNHG
'HYRSHUDWLYH 3URWHFWLRQ UHOD\ RSHUDWLYH
3URW RSHUDW $W OHDVW RQH SURWHFWLRQ IXQFWLRQ RSHUDWLYH
5HVHW /(' 6WRUHG /(' DUH UHVHW
3DUDPUXQQLQJ 3DUDPHWHUV DUH EHLQJ VHW
3DUDP 6HW $ 3DUDPHWHU 6HW $ LV DFWLYDWHG
3DUDP 6HW % 3DUDPHWHU 6HW % LV DFWLYDWHG
3DUDP 6HW & 3DUDPHWHU 6HW & LV DFWLYDWHG
3DUDP 6HW ' 3DUDPHWHU 6HW ' LV DFWLYDWHG
)DLOXUH 9 )DLOXUH 9 LQWHUQDO GF VXSSO\
)DLOXUH 9 )DLOXUH 9 $' FRQYHUWHU
, VXSHUYLVLRQ 0HDVXUHG YDOXH VXSHUYLVLRQ FXUUHQWV JHQHUDO
)DLOXUH 5, )DLOXUH VXSHUYLVLRQ 5, PHDVXUHG FXUUHQWV
)DLOXUH ,V\PP )DLOXUH VXSHUYLVLRQ V\PPHWU\ ,
)DLOXUH 8V\PP )DLOXUH VXSHUYLVLRQ V\PPHWU\ 8
)DLO3KDVH6HT )DLOXUH VXSHUYLVLRQ SKDVH VHTXHQFH
'HY 'URSRII *HQHUDO GURSRII RI GHYLFH
!2/ EORFN %ORFN WKHUPDO RYHUORDG SURWHFWLRQ
!50 WKUHSO, 5HVHW PHPRU\ IRU WKHUPDO UHSOLFD RI VWDWRU RYHUORDG SURWHFWLRQ
2/ 3URW RII 7KHUPDO RYHUORDG SURWHFWLRQ LV VZLWFKHG RII
2/ EORFNHG 7KHUPDO RYHUORDG SURWHFWLRQ LV EORFNHG
2/ DFWLYH 7KHUPDO RYHUORDG SURWHFWLRQ LV DFWLYH
)DLO7HPSLQS )DLOXUH LQ FRROLQJ PHGLXP WHPSHUDWXUH LQSXW FLUFXLW
2/ :DUQ , 7KHUPDO RYHUORDG SURWHFWLRQ &XUUHQW ZDUQLQJ VWDJH
2/ :DUQ 3 7KHUPDO RYHUORDG SURWHFWLRQ 7KHUPDO ZDUQLQJ VWDJH
50 WKUHSO, 5HVHW WKHUPDO UHSOLFD RI VWDWRU HDUWK IDXOW SURWHFWLRQ
2/ 7ULS 7KHUPDO RYHUORDG SURWHFWLRQ WULS
!,!! EORFN %ORFN RYHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!!
!,! EORFN %ORFN RYHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!
!,(! EORFN %ORFN RYHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,(!
,!! )DXOW / 2YHUFXUUHQW IDXOW GHWHFWLRQ VWDJH ,!! SKDVH /
,!! 7ULS 2YHUFXUUHQW IDXOW GHWHFWLRQ ,!! SKDVH WULS
,! )DXOW / 2YHUFXUUHQW IDXOW GHWHFWLRQ VWDJH ,! SKDVH /
,! 7ULS 2YHUFXUUHQW IDXOW GHWHFWLRQ ,! SKDVH WULS
,(! )DXOW 2YHUFXUUHQW IDXOW GHWHFWLRQ ,(! HDUWK
,(! 7ULS 2YHUFXUUHQW IDXOW GHWHFWLRQ ,(! HDUWK WULS
!8VHDOLQ EON %ORFN XQGHUYROWDJH VHDOLQ RI RYHUFXUUHQW WLPH SURWHFWLRQ
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU VLJQDO UHOD\V DQG /('V FRQWLQXHG QH[W SDJH
&*&

,!! RII 2YHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!! LV VZLWFKHG RII
,!! EORFNHG 2YHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!! LV EORFNHG
,!! DFWLYH 2YHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,!! LV DFWLYH
,! RII 2YHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,! LV VZLWFKHG RII
,! EORFNHG 2YHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,! LV EORFNHG
,! DFWLYH 2YHUFXUUHQW WLPH SURWHFWLRQ VWDJH ,! LV DFWLYH
8 VHDO LQ 8QGHUYROWDJH VHDOLQ IRU RYHUFXUUHQW WLPH SURWHFWLRQ RSHUDWHG
,H! RII +LJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ LV VZLWFKHG RII
,H! EORFNHG +LJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ LV EORFNHG
,H DFWLYH +LJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ LV DFWLYH
([W RII ([WHUQDO WULS VLJQDO LV VZLWFKHG RII
([W EORFNHG ([WHUQDO WULS VLJQDO LV EORFNHG
([W DFWLYH ([WHUQDO WULS VLJQDO LV DFWLYH
([W *HQ)OW ([WHUQDO WULS VLJQDO JHQHUDO IDXOW GHWHFWLRQ VLJQDO
([W *HQ7US ([WHUQDO WULS VLJQDO JHQHUDO WULS FRPPDQG LVVXHG
2SHUDW &RQG 2SHUDWLQJ FRQGLWLRQ VXLWDEOH PHDVXUHG YDOXHV DUH SUHVHQW
!3KDVH URWDW 3KDVH URWDWLRQ LV UHYHUVHG WR FRXQWHUFORFNZLVH
&ORFNZLVH &ORFNZLVH SKDVH URWDWLRQ
$QWLFORFNZ &RXQWHUFORFNZLVH SKDVH URWDWLRQ
!3U EORFN %ORFN UHYHUVH SRZHU SURWHFWLRQ 3UHY!
!69 WULSSHG 6WRS YDOYH WULSSHG
3U RII 5HYHUVH SRZHU SURWHFWLRQ LV VZLWFKHG RII
3U EORFNHG 5HYHUVH SRZHU SURWHFWLRQ LV EORFNHG
3U DFWLYH 5HYHUVH SRZHU SURWHFWLRQ LV DFWLYH
3U IDXOW GHW 5HYHUVH SRZHU SURWHFWLRQ IDXOW GHWHFWLRQ
3U 7ULS 5HYHUVH SRZHU SURWHFWLRQ WULS FRPPDQG LVVXHG
3U69 7ULS 5HYHUVH SRZHU SURWHFWLRQ WULS ZLWK VWRS YDOYH WULSSHG
!3I EORFN %ORFN IRUZDUG SRZHU VXSHUYLVLRQ 3I!
!3I EORFN %ORFN IRUZDUG SRZHU VXSHUYLVLRQ 3I
!3I! EORFN %ORFN IRUZDUG SRZHU VXSHUYLVLRQ 3I!
&*&

3I RII )RUZDUG SRZHU VXSHUYLVLRQ LV VZLWFKHG RII
3I EORFNHG )RUZDUG SRZHU VXSHUYLVLRQ LV EORFNHG
3I DFWLYH )RUZDUG SRZHU VXSHUYLVLRQ LV DFWLYH
3I IOW GHW )RUZDUG SRZHU VXSHUYLVLRQ IDXOW GHWHFWLRQ RI 3I VWDJH
3I! IOW GHW )RUZDUG SRZHU VXSHUYLVLRQ IDXOW GHWHFWLRQ RI 3I! VWDJH
3I 7ULS )RUZDUG SRZHU VXSHUYLVLRQ WULS FRPPDQG E\ 3I VWDJH
3I! 7ULS )RUZDUG SRZHU VXSHUYLVLRQ WULS FRPPDQG E\ 3I! VWDJH
!, EORFN %ORFN ORDG XQEDODQFHG SURWHFWLRQ ,!
!50 WKUHSO 5HVHW WKHUPDO UHSOLFD RI XQEDODQFHG ORDG SURWHFWLRQ
, RII 8QEDODQFHG ORDG SURWHFWLRQ LV VZLWFKHG RII
, EORFNHG 8QEDODQFHG ORDG SURWHFWLRQ LV EORFNHG
, DFWLYH 8QEDODQFHG ORDG SURWHFWLRQ LV DFWLYH
,! :DUQ 8QEDODQFHG ORDG SURWHFWLRQ FXUUHQW ZDUQLQJ VWDJH
, WK :DUQ 8QEDODQFHG ORDG SURWHFWLRQ WKHUPDO ZDUQLQJ VWDJH
50 WK UHSO 8QEDODQFHG ORDG SURWHFWLRQ PHPRU\ RI WKHUPDO UHSOLFD UHVHW
,!! )DXOW 8QEDODQFHG ORDG SURWHFWLRQ IDXOW GHWHFWLRQ RI KLJK FXUUHQW VWDJH
,!! 7ULS 8QEDODQFHG ORDG SURWHFWLRQ WULS E\ KLJK FXUUHQW VWDJH
, 3 7ULS 8QEDODQFHG ORDG SURWHFWLRQ WULS E\ WKHUPDO VWDJH
!8! EORFN %ORFN VWDWRU HDUWK IDXOW SURWHFWLRQ 8!
8! RII 6WDWRU HDUWK IDXOW SURWHFWLRQ 8! LV VZLWFKHG RII
8! EORFNHG 6WDWRU HDUWK IDXOW SURWHFWLRQ 8! LV EORFNHG
8! DFWLYH 6WDWRU HDUWK IDXOW SURWHFWLRQ 8! LV DFWLYH
8! )DXOW 6WDWRU HDUWK IDXOW SURWHFWLRQ IDXOW GHWHFWLRQ
8! 7ULS 6WDWRU HDUWK IDXOW SURWHFWLRQ WULS FRPPDQG LVVXHG
!)UT EORFN %ORFN IUHTXHQF\ SURWHFWLRQ
)54 RII )UHTXHQF\ SURWHFWLRQ LV VZLWFKHG RII
)54 EORFNHG )UHTXHQF\ SURWHFWLRQ LV EORFNHG
)54 DFWLYH )UHTXHQF\ SURWHFWLRQ LV DFWLYH
)54 8 EORFN )UHTXHQF\ SURWHFWLRQ LV EORFNHG GXH WR XQVXLWDEOH YROWDJH
I! )DXOW )UHTXHQF\ SURWHFWLRQ IDXOW GHWHFWLRQ RI I!VWDJH
I )DXOW )UHTXHQF\ SURWHFWLRQ IDXOW GHWHFWLRQ RI IVWDJH
I! 7ULS 7ULS E\ RYHUIUHTXHQF\ SURWHFWLRQ VWDJH I!
I 7ULS 7ULS E\ XQGHUIUHTXHQF\ SURWHFWLRQ VWDJH I
!([F EORFN 8QGHUH[FLWDWLRQ SURWHFWLRQ EORFNHG
!&KDU EON 8QGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLF DQG DUH EORFNHG
!&KDU EON 8QGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLF LV EORFNHG
!8H[F IDLO ([FLWDWLRQ YROWDJH IDLOXUH
&*&

([FLW RII 8QGHUH[FLWDWLRQ SURWHFWLRQ LV VZLWFKHG RII
([FLWEORFNHG 8QGHUH[FLWDWLRQ SURWHFWLRQ LV EORFNHG
([FLWDFWLYH 8QGHUH[FLWDWLRQ SURWHFWLRQ LV DFWLYH
([F 8 EON 8QGHUH[FLWDWLRQ SURWHFWLRQ 8 VWDJH LV EORFNHG
8H[F IDLOXUH ([FLWDWLRQ YROWDJH IDLOXUH XQGHUH[FLWDWLRQ SURWHFWLRQ
([F )DXOW 8QGHUH[FLWDWLRQ SURWHFWLRQ IDXOW GHWHFWLRQ
([F 7ULS 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS JHQHUDO
([F87ULS 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS E\ 8 VWDJH FKDU 8H[F
([F 7ULS 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS E\ 8 VWDJH FKDUDFWHULVWLF
)DLOXUH 5() )DLOXUH LQ PHDVXULQJ FLUFXLW RI KLJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ
ZKHQ XVHG DV URWRU HDUWK IDXOW SURWHFWLRQ
!X EORFN %ORFN XQGHUYROWDJH SURWHFWLRQ 8
!RY EORFN %ORFN RYHUYROWDJH SURWHFWLRQ 8!
8 RII 8QGHUYROWDJH SURWHFWLRQ LV VZLWFKHG RII
8 EORFN 8QGHUYROWDJH SURWHFWLRQ LV EORFNHG
8 DFWLYH 8QGHUYROWDJH SURWHFWLRQ LV DFWLYH
8 IDXOW 8QGHUYROWDJH SURWHFWLRQ IDXOW GHWHFWLRQ 8
8 WULS 8QGHUYROWDJH SURWHFWLRQ WULS 8
RY RII 2YHUYROWDJH SURWHFWLRQ LV VZLWFKHG RII
RY EON 2YHUYROWDJH SURWHFWLRQ LV EORFNHG
RY DFWLYH 2YHUYROWDJH SURWHFWLRQ LV DFWLYH
8! IDXOW 2YHUYROWDJH SURWHFWLRQ IDXOW GHWHFWLRQ 8!
8! WULS 2YHUYROWDJH SURWHFWLRQ 8! WULS 8!
8!! 7ULS 2YHUYROWDJH SURWHFWLRQ 8!! WULS 8!!
)DLOXUH 7ULS )DLOXUH GHWHFWHG LQ WULS FLUFXLW
)DLOXUH 7ULS )DLOXUH GHWHFWHG LQ WULS FLUFXLW
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU VLJQDO UHOD\V DQG /('V
&*&

0$56+$//,1* 6,*1$/ 5(/$<6 +HDGLQJ RI WKH DGGUHVV EORFN
6,*1$/ 5(/$< 7ULS E\ RYHUFXUUHQW WLPH SURWHFWLRQ

5(/$< ,! 7ULS ,! SKDVHV
6,*1$/ 5(/$< 7ULS E\ RYHUFXUUHQW WLPH SURWHFWLRQ

5(/$< ,!! 7ULS ,!! SKDVHV
6,*1$/ 5(/$<

5(/$< 8! WULS 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!
6,*1$/ 5(/$<

7ULS E\ IUHTXHQF\ SURWHFWLRQ VWDJH I
5(/$< I 7ULS
6,*1$/ 5(/$< 7ULS E\ UHYHUVH SRZHU SURWHFWLRQ

5(/$< 3U 7ULS
6,*1$/ 5(/$< 5HYHUVH SRZHU SURWHFWLRQ 7ULS FRPPDQG ZLWK

5(/$< 3U69 7ULS VWRS YDOYH WULSSHG
6,*1$/ 5(/$< 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULV

5(/$< ([F 7ULS WLFV DQGRU KDV EHHQ SDVVHG
6,*1$/ 5(/$< 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULV

5(/$< ([F 7ULS WLF KDYH EH SDVVHG
6,*1$/ 5(/$< 7ULS E\ WKHUPDO VWDWRU RYHUORDG SURWHFWLRQ

5(/$< 2/ 7ULS
6,*1$/ 5(/$< 7KHUPDO VWDWRU RYHUORDG SURWHFWLRQ 7KHUPDO

5(/$< 2/ :DUQ ZDUQLQJ VWDJH
6,*1$/ 5(/$<

5(/$< ,!! 7ULS 7ULS E\ XQEDODQFHG ORDG SURWHFWLRQ
5(/$< , 3 7ULS
6,*1$/ 5(/$< 3LFN XS XQGHUH[FLWDWLRQ SURWHFWLRQ

5(/$< ([F )DXOW
6,*1$/ 5(/$< 4 'HYLFH RSHUDWLYH4 WKH 1& FRQWDFW FDQ EH
5(/$< 'HYRSHUDWLYH XVHG IRU l'HYLFH IDXOW\l DQQXQFLDWLRQ
4SHUPDQHQWO\ DVVLJQHG FDQQRW EH DOWHUHG
7DEOH 3UHVHW DQQXQFLDWLRQV IRU VLJQDO UHOD\V
&*&
0DUVKDOOLQJ RI WKH /(' LQGLFDWRUV DGGUHVV EORFN
7KH XQLW FRQWDLQV /('V IRU RSWLFDO LQGLFDWLRQV :LWK GLUHFW LQSXW RI WKH IXQFWLRQ QXPEHU LW LV QRW QHF
RI ZKLFK FDQ EH PDUVKDOOHG 7KH\ DUH GHVLJQDWHG HVVDU\ WR LQSXW WKH OHDGLQJ ]HURV 7R LQGLFDWH ZKHWK
/(' WR /(' DQG FDQ EH PDUVKDOOHG LQ DGGUHVV HU WKH VWRUHG RU XQVWRUHG PRGH VKDOO EH HIIHFWLYH WKH
EORFN 7KH EORFN LV UHDFKHG E\ SDJLQJ LQ EORFNV IXQFWLRQ QXPEHU FDQ EH H[WHQGHG E\ D GHFLPDO SRLQW
ZLWK Â Ä RU E\ GLUHFWO\ DGGUHVVLQJ ZLWK '$ IROORZHG E\ RU ZKHUHE\
( 7KH VHOHFWLRQ SURFHGXUH LV FDUULHG RXW DV GH XQVWRUHG LQGLFDWLRQ QRW PHPRUL]HG FRUUH
VFULEHG LQ 6HFWLRQ 0XOWLSOH DQQXQFLDWLRQV DUH VSRQGV WR lQPl DV DERYH
SRVVLEOH LH RQH ORJLFDO DQQXQFLDWLRQ IXQFWLRQ FDQ VWRUHG LQGLFDWLRQ PHPRUL]HG FRUUHVSRQGV WR
EH JLYHQ WR VHYHUDO /('V VHH DOVR 6HFWLRQ lPl DV DERYH
$SDUW IURP WKH ORJLFDO IXQFWLRQ HDFK /(' FDQ EH ,I WKH H[WHQVLRQ ZLWK RU LV RPLWWHG WKH GLVSOD\
PDUVKDOOHG WR RSHUDWH HLWKHU LQ WKH VWRUHG PRGH P VKRZV ILUVW WKH IXQFWLRQ GHVLJQDWLRQ LQ XQVWRUHG
IRU PHPRUL]HG RU XQVWRUHG PRGH QP IRU lQRW PHP PRGH ZLWK lQPl 3UHVV WKH l1RlNH\ 1 WR FKDQJH WR
RUL]HGl (DFK DQQXQFLDWLRQ IXQFWLRQ LV GLVSOD\HG VWRUHG PRGH lPl $IWHU GLUHFW LQSXW RWKHU IXQFWLRQV
ZLWK WKH LQGH[ P RU QP ZKHQ SURFHHGLQJ ZLWK WKH 1 FDQ EH VHOHFWHG E\ SDJLQJ WKURXJK WKH IXQFWLRQV IRU
NH\ ZDUGV ZLWK WKH l1RlNH\ 1 RU EDFNZDUGV ZLWK WKH
EDFNVSDFH NH\ 5 7KH FKDQJHG IXQFWLRQ WKHQ PXVW
7KH PDUVKDOODEOH DQQXQFLDWLRQ IXQFWLRQV DUH WKH EH UHFRQILUPHG E\ WKH HQWHUNH\ (
VDPH DV WKRVH OLVWHG LQ 7DEOH $QQXQFLDWLRQ IXQF
7KH DVVLJQPHQW RI WKH /('V DV SUHVHW E\ WKH IDFWRU\
WLRQV DUH RI FRXUVH QRW HIIHFWLYH ZKHQ WKH FRUUH
LV VKRZQ LQ WKH IURQW RI WKH XQLW )LJXUH 7KH IRO
VSRQGLQJ SURWHFWLRQ IXQFWLRQ KDV EHHQ SUR
ORZLQJ ER[HV VKRZ DV DQ H[DPSOH WKH DVVLJQPHQW
JUDPPHG RXW GHFRQILJXUHG
IRU /(' 7DEOH VKRZV DOO /(' LQGLFDWRUV DV
WKH\ DUH SUHVHW IURP WKH IDFWRU\
0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI WKH EORFN l0DUVKDOOLQJ RI WKH /(' LQ

/ ( ' ,1 ' , & $ 7 2 5 6 GLFDWRUVl
7KH GHVLUHG PDUVKDOODEOH /(' LV UHDFKHG ZLWK WKH NH\

/ ( '
$OORFDWLRQV IRU /('
/ ( ' /(' KDV EHHQ SUHVHW IRU

VW )DLOXUH RI LQWHUQDO 9GF SRZHU VXSSO\
) D L O X U H 9 Q P )1R

QG )DLOXUH RI LQWHUQDO 9GF SRZHU VXSSO\
) D L O X U H 9 Q P )1R

UG )DLOXUH RI LQWHUQDO 9GF SRZHU VXSSO\
) D L O X U H 9 Q P )1R

WK )DLOXUH RI LQWHUQDO 9GF SRZHU VXSSO\
) D L O X U H 9 Q P )1R
/ ( ' QR IXUWKHU DOORFDWLRQ IRU /('

&*&
$IWHU LQSXW RI DOO DQQXQFLDWLRQ IXQFWLRQV IRU /(' FKDQJHEDFN WR WKH PDUVKDOOLQJ OHYHO LV FDUULHG RXW ZLWK
)
/ ( '
$OORFDWLRQV IRU /(' 0HDQLQJ l)DLOXUH LQ RQH RI
WKH LQWHUQDO GF VXSSO\ FLUFXLWVl

0$56+$//,1* /('V +HDGLQJ RI WKH DGGUHVV EORFN
/(' 7ULS E\ RYHUFXUUHQW WLPH SURWHFWLRQ

/(' ,! 7ULS P ,! SKDVHV
/('
/(' 8! WULS P 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!
/('
/(' I 7ULS P 7ULS E\ IUHTXHQF\ SURWHFWLRQ VWDJH I
/('
/(' 3U 7ULS P 7ULS E\ UHYHUVH SRZHU SURWHFWLRQ
/(' 5HYHUVH SRZHU SURWHFWLRQ 7ULS ZLWK WULSSHG

/(' 3U69 7ULS P VWRS YDOYH
/(' )RUZDUG SRZHU VXSHUYLVLRQ WULS FRPPDQG

/(' 3I 7ULS P E\ 3I VWDJH
/('
/(' ([F 7ULS P 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS E\ WKH LQGL
FDWHG VWDJH
/('
/(' ([F 7ULS P
/(' 7ULS E\ WKHUPDO VWDWRU RYHUORDG SURWHFWLRQ

/(' 2/ 7ULS P
/('
/(' ,! )DXOW / QP
/(' )DXOW GHWHFWLRQV RI RYHUFXUUHQW WLPH SURWHF

/(' ,! )DXOW / QP WLRQ
/('
/(' ,! )DXOW / QP
/(' )DXOW GHWHFWLRQ RI KLJKO\ VHQVLWLYH HDUWK FXU

/(' ,(! )DXOW QP UHQW SURWHFWLRQ
/('
/(' )DLOXUH 9 QP
)DLOXUH LQ RQH RI WKH LQWHUQDO GF VXSSO\ FLU
/(' )DLOXUH 9 QP
FXLWV
/(' )DLOXUH 9 QP
/(' )DLOXUH 9 QP
7DEHOOH 3UHVHW /(' LQGLFDWRUV
&*&
0DUVKDOOLQJ RI WKH FRPPDQG WULS UHOD\V DGGUHVV EORFN
7KH XQLW FRQWDLQV WULS UHOD\V ZKLFK DUH GHVLJQDWHG 7DEOH VKRZV WKH OLVW RI DOO WKH FRPPDQG IXQFWLRQV
75,3 5(/$< WR 75,3 5(/$< 7KH WULS UHOD\V FDQ ZLWK WKHLU DVVRFLDWHG IXQFWLRQ QXPEHU )1R ,QSXW
EH PDUVKDOOHG LQ WKH DGGUHVV EORFN 7KH EORFN LV IXQFWLRQV QDWXUDOO\ KDYH QR HIIHFW LI WKH FRUUHVSRQG
UHDFKHG E\ SDJLQJ LQ EORFNV ZLWK Â Ä RU E\ GLUHFWO\ LQJ SURWHFWLRQ IXQFWLRQ KDV EHHQ SURJUDPPHG RXW
DGGUHVVLQJ ZLWK '$ LQSXW RI WKH DGGUHVV QXPEHU lGHFRQILJXUHGl UHIHU 6HFWLRQ
DQG SUHVVLQJ WKH HQWHU NH\ ( 7KH VHOHFWLRQ
SURFHGXUH LV FDUULHG RXW DV GHVFULEHG LQ 6HFWLRQ 7KH IROORZLQJ ER[HV VKRZ DQ H[DPSOH IRU PDUVKDO
0XOWLSOH FRPPDQGV DUH SRVVLEOH LH RQH ORJ OLQJ RI WULS UHOD\V 7DEOH VKRZV DOO WULS UHOD\V DV
LFDO FRPPDQG IXQFWLRQ FDQ EH JLYHQ WR VHYHUDO WULS SUHVHW IURP WKH IDFWRU\ )LJXUH DW WKH HQG RI WKLV
UHOD\V VHH DOVR 6HFWLRQ VHFWLRQ LOOXVWUDWHV WKH SUHVHW DVVLJQPHQW DV D WULS
SLQJ PDWUL[
0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI WKH EORFN l0DUVKDOOLQJ RI WKH WULS UH

7 5 , 3 5 ( / $ < 6 OD\Vl
7KH GHVLUHG WULS UHOD\ LV UHDFKHG ZLWK WKH NH\
7 5 , 3
$OORFDWLRQV IRU WULS UHOD\
5 ( / $ <
7ULS UHOD\ KDV EHHQ SUHVHW IRU

7 5 , 3 5 ( /
VW 7ULS E\ WHVW WULS IXQFWLRQ IRU WULS UHOD\ )1R
7 H V W 7 U L S WKLV IXQFWLRQ LV IL[ DOORFDWHG DQG FDQQRW EH
FKDQJHG
7 5 , 3 5 ( / 7ULS UHOD\ KDV EHHQ SUHVHW IRU

QG 7ULS E\ RYHUFXUUHQW WLPH SURWHFWLRQ ,!
, ! 7 U L S SKDVHV )1R

3 U 7 U L S UG 7ULS E\ UHYHUVH SRZHU SURWHFWLRQ )1R

7 5 , 3 5 ( /
WK 7ULS E\ UHYHUVH SRZHU SURWHFWLRQ ZLWK WULSSHG
3 U 6 9 7 U L S VWRS YDOYH )1R

8 ! W U L S WK 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8! )1R

8 ! ! 7 U L S WK 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!!
)1R
&*&

7 5 , 3 5 ( /
WK 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHU
( [ F 8 7 U L S LVWLFV DQG 8H[F IDLOXUH
)1R
7 5 , 3 5 ( /
WK 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQFKDUDFWHU
( [ F 7 U L S LVWLF )1R

Q R W D O O R F D W H G WK QR IXQFWLRQ DOORFDWHG
/HDYH WKH VHOHFWLRQ OHYHO ZLWK NH\ FRPELQDWLRQ ) <RX FDQ JR WKHQ WR WKH QH[W WULS UHOD\ ZLWK WKH DUURZ NH\ RU
JR EDFN ZLWK
)1R $EEUHYLDWLRQ /RJLFDO FRPPDQG IXQFWLRQ

QRW DOORFDWHG QR FRPPDQG IXQFWLRQ DOORFDWHG
2/ 7ULS 7ULS E\ WKHUPDO VWDWRU RYHUORDG SURWHFWLRQ
,!! 7ULS 7ULS E\ RYHUFXUUHQW WLPH SURWHFWLRQ ,!! SKDVHV
,! 7ULS 7ULS E\ RYHUFXUUHQW WLPH SURWHFWLRQ ,! SKDVHV
,(! 7ULS 7ULS E\ KLJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ
([W *HQ7US 7ULS E\ H[WHUQDO WULS VLJQDO YLD ELQDU\ LQSXW
3U 7ULS 7ULS E\ UHYHUVH SRZHU SURWHFWLRQ
3U69 7ULS 7ULS E\ UHYHUVH SRZHU SURWHFWLRQ ZLWK VWRS YDOYH WULSSHG
3I 7ULS 7ULS E\ IRUZDUG SRZHU VXSHUYLVLRQ VWDJH 3I
3I! 7ULS 7ULS E\ IRUZDUG SRZHU VXSHUYLVLRQ VWDJH 3I!
,!! 7ULS 7ULS E\ ORDG XQEDODQFHG SURWHFWLRQ VWDJH ,!!
, 3 7ULS 7ULS E\ ORDG XQEDODQFHG SURWHFWLRQ WKHUPDO VWDJH
8! 7ULS 7ULS E\ VWDWRU HDUWK IDXOW SURWHFWLRQ
I! 7ULS 7ULS E\ IUHTXHQF\ SURWHFWLRQ VWDJH I!
I 7ULS 7ULS E\ IUHTXHQF\ SURWHFWLRQ VWDJH I
([F 7ULS 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS JHQHUDO
([F87ULS 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS E\ 8 VWDJH FKDU 8H[F
([F 7ULS 8QGHUH[FLWDWLRQ SURWHFWLRQ WULS E\ 8 VWDJH FKDUDFWHULVWLF
8 WULS 7ULS E\ XQGHUYROWDJH SURWHFWLRQ 8
8! WULS 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!
8!! 7ULS 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!!
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU FRPPDQG IXQFWLRQV
&*&

0$56+$//,1* 75,3 5(/$<6 +HDGLQJ RI WKH DGGUHVV EORFN
75,3 5(/$<

75,3 5(/ 7HVW 7ULS
75,3 5(/ ,!! 7ULS
75,3 5(/ , 3 7ULS HJ WULS IRU QHWZRUN FLUFXLW EUHDNHU
75,3 5(/ 8 7ULS
75,3 5(/ I 7ULS
75,3 5(/$<

75,3 5(/ 7HVW 7ULS
75,3 5(/ ,! 7ULS
75,3 5(/ 3U 7ULS
75,3 5(/ 3U69 7ULS
75,3 5(/ 8! 7ULS HJ WULS IRU JHQHUDWRU FLUFXLW EUHDNHU
75,3 5(/ 8!! 7ULS
75,3 5(/ ([F87ULS
75,3 5(/ ([F 7ULS
75,3 5(/ 2/ 7ULS
75,3 5(/$<

75,3 5(/ 7HVW 7ULS
75,3 5(/ ,! 7ULS
75,3 5(/ 3U 7ULS
75,3 5(/ 3U69 7ULS HJ WULS IRU VWRS YDOYH
75,3 5(/ 8! 7ULS
75,3 5(/ 8!! 7ULS
75,3 5(/ ([F87ULS
75,3 5(/ ([F 7ULS
75,3 5(/$<

75,3 5(/ 7HVW 7ULS
75,3 5(/ ,! 7ULS
75,3 5(/ 3U 7ULS
75,3 5(/ 3U69 7ULS HJ WULS IRU GHH[FLWDWLRQ
75,3 5(/ 8! 7ULS
75,3 5(/ 8!! 7ULS
75,3 5(/ ([F87ULS
75,3 5(/ ([F 7ULS
75,3 5(/$<

75,3 5(/ 7HVW 7ULS
75,3 5(/ ,! 7ULS
75,3 5(/ 8! 7ULS HJ WULS IRU VWDWLRQ DX[LOLDU\ VXSSO\
75,3 5(/ 8!! 7ULS FKDQJHRYHU
75,3 5(/ ([F87ULS
75,3 5(/ ([F 7ULS
7ULS WHVW IRU HDFK WULS UHOD\ LV IL[ DOORFDWHG DQG FDQQRW EH DOWHUHG
7DEOH 3UHVHW FRPPDQG IXQFWLRQV IRU WULS UHOD\V
&*&
\O
SS
UH UH QR XV U
ND N WLD [ HY
UR DHU HYO XD R
NU HUE WD E DY
LWF
[H QR HJ
R LWX UH LW
Z
WH FU QH XFU SR WLD QD
1 LF * LF W6 H' W6 KF
([W *HQ7US )1R
([W *HQ7US )1R
([W *HQ7US )1R
([W *HQ7US )1R
2/ 7ULS )1R
,(! 7ULS )1R
,!! 7ULS )1R
,! 7ULS )1R
, 3 7ULS )1R
,!! 7ULS )1R
3U69 7ULS )1R
3U 7ULS )1R
3I! 7ULS )1R
3I 7ULS )1R
I ! 7ULS )1R
I 7ULS )1R
I 7ULS )1R
I 7ULS )1R
8! 7ULS )1R
8!! 7ULS )1R
8! WULS )1R
8 WULS )1R
([F 7ULS )1R
([F87ULS )1R
([F 7ULS )1R

)LJXUH 7ULSSLQJ PDWUL[ SUHVHWWLQJV
&*&
80 9 2SHUDWLQJ LQVWUXFWLRQV
2SHUDWLQJ LQVWUXFWLRQV
6DIHW\ SUHFDXWLRQV 7KH NH\ERDUG FRPSULVHV NH\V ZLWK QXPEHUV

<HV1R DQG FRQWURO EXWWRQV 7KH VLJQLILFDQFH RI WKH
NH\V LV H[SODLQHG LQ GHWDLO LQ WKH IROORZLQJ
:DUQLQJ 1XPHULFDO NH\V IRU WKH LQSXW RI QXPHUDOV
$OO VDIHW\ SUHFDXWLRQV ZKLFK DSSO\ IRU ZRUN
LQ HOHFWULFDO LQVWDOODWLRQV DUH WR EH REVHUYHG
GXULQJ WHVWV DQG FRPPLVVLRQLQJ WR 'LJLWV WR IRU QXPHULFDO LQSXW

&DXWLRQ
'HFLPDO SRLQW
&RQQHFWLRQ RI WKH GHYLFH WR D EDWWHU\ FKDU
JHU ZLWKRXW FRQQHFWHG EDWWHU\ PD\ FDXVH
LPSHUPLVVLEO\ KLJK YROWDJHV ZKLFK GDPDJH
WKH GHYLFH 6HH DOVR 6HFWLRQ XQGHU * ,QILQLW\ V\PERO
7HFKQLFDO GDWD IRU OLPLWV
&KDQJH RI VLJQ LQSXW RI QHJDWLYH

QXPEHUV
'LDORJ ZLWK WKH UHOD\

6HWWLQJ RSHUDWLRQ DQG LQWHUURJDWLRQ RI GLJLWDO SURWHF <HV1R NH\V IRU WH[W SDUDPHWHUV
WLRQ V\VWHPV FDQ EH FDUULHG RXW YLD WKH LQWHJUDWHG
PHPEUDQH NH\ERDUG DQG GLVSOD\ SDQHO ORFDWHG RQ
WKH IURQW SODWH $OO WKH QHFHVVDU\ RSHUDWLQJ SDUDPH <HV NH\ RSHUDWRU DIILUPV WKH GLV
-<
SOD\HG TXHVWLRQ
WHUV FDQ EH HQWHUHG DQG DOO WKH LQIRUPDWLRQ FDQ EH
UHDG RXW IURP KHUH 2SHUDWLRQ LV DGGLWLRQDOO\ SRVVL
EOH YLD WKH LQWHUIDFH VRFNHW E\ PHDQV RI D SHUVRQDO 1R NH\ RSHUDWRU GHQLHV WKH GLV
FRPSXWHU RU VLPLODU 1 SOD\HG TXHVWLRQ RU UHMHFWV D VXJ
JHVWLRQ DQG UHTXHVWV IRU DOWHUQDWLYH
0HPEUDQH NH\ERDUG DQG GLV

SOD\ SDQHO
.H\V IRU SDJLQJ WKURXJK WKH GLVSOD\
7KH PHPEUDQH NH\ERDUG DQG GLVSOD\ SDQHO LV H[WHU

QDOO\ DUUDQJHG VLPLODU WR D SRFNHW FDOFXODWRU )LJXUH 3DJLQJ IRUZDUGV WKH QH[W DGGUHVV
LOOXVWUDWHV WKH IURQW YLHZ LV GLVSOD\HG
$ WZROLQH HDFK FKDUDFWHU OLTXLG FU\VWDO GLVSOD\ 3DJLQJ EDFNZDUGV WKH SUHYLRXV
SUHVHQWV WKH LQIRUPDWLRQ (DFK FKDUDFWHU FRPSULVHV DGGUHVV LV GLVSOD\HG
D [ GRW PDWUL[ 1XPEHUV OHWWHUV DQG D VHULHV RI
VSHFLDO V\PEROV FDQ EH GLVSOD\HG
%ORFN SDJLQJ IRUZDUGV WKH EHJLQ
QLQJ RI WKH QH[W DGGUHVV EORFN LV GLV
'XULQJ GLDORJ WKH XSSHU OLQH JLYHV D IRXU ILJXUH QXP
SOD\HG
EHU IROORZHG E\ D EDU 7KLV QXPEHU SUHVHQWV WKH VHW
WLQJ DGGUHVV 7KH ILUVW WZR GLJLWV LQGLFDWH WKH DG %ORFN SDJLQJ EDFNZDUGV WKH EHJLQ
GUHVV EORFN WKHQ IROORZV WKH WZRGLJLW VHTXHQFH QLQJ RI SUHYLRXV DGGUHVV EORFN LV
QXPEHU ,Q PRGHOV ZLWK SDUDPHWHU FKDQJHRYHU ID GLVSOD\HG
FLOLW\ WKH LGHQWLILHU RI WKH SDUDPHWHU VHW LV VKRZQ EH
IRUH WKH VHWWLQJ DGGUHVV
&*&
&RQILUPDWLRQ NH\ 2SHUDWLRQ ZLWK D SHUVRQDO FRP

(QWHU RU FRQILUPDWLRQ NH\ HDFK QX SXWHU
( PHULFDO LQSXW RU FKDQJH YLD WKH <HV
1R NH\V PXVW EH FRQILUPHG E\ WKH $ SHUVRQDO FRPSXWHU DOORZV MXVW DV WKH RSHUDWRU
HQWHU NH\ RQO\ WKHQ GRHV WKH GH SDQHO DOO WKH DSSURSULDWH VHWWLQJV LQLWLDWLRQ RI WHVW
YLFH DFFHSW WKH FKDQJH 7KH HQWHU URXWLQHV DQG UHDGRXW RI GDWD EXW ZLWK WKH DGGHG
NH\ FDQ DOVR EH XVHG WR DFNQRZO
FRPIRUW RI VFUHHQEDVHG YLVXDOL]DWLRQ DQG D PH
HGJH DQG FOHDU D IDXOW SURPSW LQ
WKLV GLVSOD\ D QHZ LQSXW DQG UH QXJXLGHG SURFHGXUH
SHDWHG XVH RI WKH HQWHU NH\ LV WKHQ
QHFHVVDU\ $OO GDWD FDQ EH UHDG LQ IURP RU FRSLHG RQWR PDJQHW
LF GDWD FDUULHU IORSS\ GLVF HJ IRU VHWWLQJV DQG FRQ
ILJXUDWLRQ $GGLWLRQDOO\ DOO WKH GDWD FDQ EH GRFX
PHQWHG RQ D FRQQHFWHG SULQWHU ,W LV DOVR SRVVLEOH E\
&RQWURO DQG VSHFLDO NH\V FRQQHFWLQJ D SORWWHU WR SULQW RXW WKH IDXOW KLVWRU\
WUDFHV
&RGHZRUG SUHYHQWV XQDXWKRUL]HG
&: DFFHVV WR VHWWLQJ SURJUDPV QRW
QHFHVVDU\ IRU FDOOXS RI DQQXQFL )RU RSHUDWLRQ RI WKH SHUVRQDO FRPSXWHU WKH LQVWUXF
DWLRQV RU PHVVDJHV WLRQ PDQXDOV RI WKLV GHYLFH DUH WR EH REVHUYHG 7KH
3& SURJUDP ',*6, LV DYDLODEOH IRU VHWWLQJ DQG SUR
5 %DFNVSDFH HUDVXUH RI LQFRUUHFW HQ FHVVLQJ RI DOO GLJLWDO SURWHFWLRQ GDWD 1RWH WKDW WKH
WULHV RSHUDWLQJ LQWHUIDFH LQ WKH IURQW RI WKH UHOD\ LV QRW JDO
YDQLFDOO\ LVRODWHG DQG WKDW RQO\ DGHTXDWH FRQQHFWLRQ
) )XQFWLRQ NH\ H[SODLQHG ZKHQ FDEOHV DUH DSSOLHG HJ ;9 )XUWKHU LQIRU
XVHG PDWLRQ DERXW IDFLOLWLHV RQ UHTXHVW
'$ 'LUHFW DGGUHVVLQJ LI WKH DGGUHVV

QXPEHU LV NQRZQ WKLV NH\ DOORZV
GLUHFW FDOOXS RI WKH DGGUHVV 2SHUDWLRQDO SUHFRQGLWLRQV
06 0HVVDJHV6LJQDOV LQWHUURJDWLRQ )RU PRVW RSHUDWLRQDO IXQFWLRQV WKH LQSXW RI D FRGH
RI DQQXQFLDWLRQV RI IDXOW DQG RSHU ZRUG LV QHFHVVDU\ 7KLV DSSOLHV IRU DOO HQWULHV YLD WKH
DWLQJ GDWD UHIHU 6HFWLRQ PHPEUDQH NH\ERDUG RU IURQW LQWHUIDFH ZKLFK FRQ
FHUQ WKH RSHUDWLRQ RQ WKH UHOD\ IRU H[DPSOH
VHWWLQJ RI IXQFWLRQDO SDUDPHWHUV WKUHVKROGV

7KH WKUHH NH\V Â 5(6(7 ZKLFK DUH VRPHZKDW IXQFWLRQV
VHSDUDWHG IURP WKH UHVW RI WKH NH\V FDQ EH DFFHVVHG
ZKHQ WKH IURQW FRYHU LV FORVHG 7KH DUURZV KDYH WKH DOORFDWLRQ RU PDUVKDOOLQJ RI VLJQDOV ELQDU\ LQSXWV
VDPH IXQFWLRQ DV WKH NH\V ZLWK LGHQWLFDO V\PEROV LQ /(' LQGLFDWRUV WULS UHOD\V
WKH PDLQ ILHOG DQG HQDEOH SDJLQJ LQ IRUZDUG GLUHF
WLRQ 7KXV DOO VHWWLQJ YDOXHV DQG HYHQW GDWD FDQ EH FRQILJXUDWLRQ SDUDPHWHUV IRU RSHUDWLQJ ODQJXDJH
GLVSOD\HG ZLWK WKH IURQW FRYHU FORVHG )XUWKHUPRUH LQWHUIDFH DQG GHYLFH FRQILJXUDWLRQ
VWRUHG /(' LQGLFDWLRQV RQ WKH IURQW FDQ EH HUDVHG YLD
WKH 5(6(7 NH\ ZLWKRXW RSHQLQJ WKH IURQW FRYHU 'XU LQLWLDWLRQ RI WHVW SURFHGXUHV
LQJ UHVHW RSHUDWLRQ DOO /('V RQ WKH IURQW ZLOO EH LOOXPL
QDWHG WKXV SHUIRUPLQJ D /(' WHVW :LWK WKLV UHVHW DG 7KH FRGHZRUG LV QRW UHTXLUHG IRU WKH UHDGRXW RI DQ
GLWLRQDOO\ WKH IDXOW HYHQW LQGLFDWLRQV LQ WKH GLVSOD\ RQ QXQFLDWLRQV RSHUDWLQJ GDWD RU IDXOW GDWD RU IRU WKH
WKH IURQW SDQHO RI WKH GHYLFH DUH DFNQRZOHGJHG WKH UHDGRXW RI VHWWLQJ SDUDPHWHUV
GLVSOD\ VKRZV WKHQ WKH RSHUDWLRQDO YDOXHV RI WKH
TXLHVFHQW VWDWH 7KH GLVSOD\ LV VZLWFKHG RYHU WR RS 7KH PHWKRG RI HQWU\ RI WKH FRGHZRUG LV H[SODLQHG LQ
HUDWLQJ PRGH DV VRRQ DV RQH RI WKH NH\V '$ 06 GHWDLO LQ WKH LQVWDOODWLRQ LQVWUXFWLRQV XQGHU 6HFWLRQ
&: RU Â LV SUHVVHG
&*&
5HSUHVHQWDWLRQ RI WKH UHOD\ IURQW YLHZ
8QLW IDXOW\ LQGLFDWLRQ 5HDGLQHVV LQGLFDWLRQ

UHG JUHHQ
/(' WR UHG
7ZR OLQH GLVSOD\ FDQ EH PDUVKDOOHG
%HWULHE6HUYLFH SUHVHWWLQJ EHORZ
/&' ZLWK
FKDUDFWHUV HDFK 6WÐUXQJ%ORFNHG

0DVFKLQHQVFKXW]
*HQHUDWRU 3URWHFWLRQ
R! 8 !
,! 7! 3! 3 ! I!

212)) VZLWFK
IRU LQWHJUDWHG
SRZHU VXSSO\

$GGLWLRQDO NH\V
FDQ EH DFFHVVHG &:
ZKHQ FRYHU LV FORVHG 2SHUDWRU SDQHO
5
)
5(6(7
/('
'$
06 -< 1 (

SROH VRFNHW
IRU FRQQHFWLQJ
D SHUVRQDO FRPSXWHU
,1 $+]
a
81 9
8+ 9
>b,,,@
'LDJU & $ ;
80 &% %%** )1U
o %DVH PRGXOH w $GGLWLRQDO PRGXOH

&$$
)DFWRU\ SUHVHWWLQJ /('V

,SK! 7ULS 3I 7ULS ,/ )DXOW
8! 7ULS ([F 7ULS ,/ )DXOW
I 7ULS ([F 7ULS ,H )DXOW
3U 7ULS 2/ 7ULS 'HYLFH IDXOW
3U69 7ULS ,/ )DXOW KDUGZDUH IDXOW
)LJXUH )URQW YLHZ RI RSHUDWLQJ NH\ ERDUG DQG GLVSOD\ SDQHO
&*&
6HWWLQJ WKH IXQFWLRQDO SDUDPHWHUV
,QWURGXFWLRQ
3DUDPHWHUL]LQJ SURFHGXUH $GGUHVVHV ZKLFK UHTXLUH WH[W LQSXW
7KH GLVSOD\ VKRZV WKH IRXUGLJLW DGGUHVV LH

)RU VHWWLQJ WKH IXQFWLRQDO SDUDPHWHUV LW LV QHFHVVDU\
EORFN DQG VHTXHQFH QXPEHU HJ IRU EORFN
WR HQWHU WKH FRGHZRUG RI FRGH OHYHO VHH 6HFWLRQ VHTXHQFH QXPEHU %HKLQG WKH EDU DSSHDUV
:LWKRXW FRGHZRUG HQWU\ SDUDPHWHUV FDQ EH WKH PHDQLQJ RI WKH UHTXLUHG SDUDPHWHU LQ WKH VHF
UHDG RXW EXW QRW EH FKDQJHG RQG GLVSOD\ OLQH WKH DSSOLFDEOH WH[W :KHQ WKH
UHOD\ LV GHOLYHUHG D WH[W KDV EHHQ SUHVHW ,Q WKH IRO
,I WKH FRGHZRUG LV DFFHSWHG SDUDPHWHUL]LQJ FDQ EH ORZLQJ VHFWLRQV WKLV WH[W LV VKRZQ ,I LW LV WR EH UH
JLQ ,Q WKH IROORZLQJ VHFWLRQV HDFK DGGUHVV LV LOOXV WDLQHG QR RWKHU LQSXW LV QHFHVVDU\ 2QH FDQ SDJH
WUDWHG LQ D ER[ DQG LV H[SODLQHG 7KHUH DUH WKUHH IRUZDUGV RU EDFNZDUGV ZLWKLQ WKH EORFN RU WR WKH
IRUPV RI GLVSOD\ QH[W RU SUHYLRXV EORFN ,I WKH WH[W QHHGV WR EH DO
WHUHG SUHVV WKH l1Rl NH\ 1 7KH QH[W DOWHUQDWLYH
WH[W DOVR SULQWHG LQ WKH GLVSOD\ ER[HV LOOXVWUDWHG LQ
$GGUHVVHV ZLWKRXW UHTXHVW IRU RSHUDWRU LQSXW
WKH IROORZLQJ VHFWLRQV WKHQ DSSHDUV ,I WKH DOWHU
QDWLYH WH[W LV QRW GHVLUHG WKH 1 NH\ LV SUHVVHG
7KH DGGUHVV LV LGHQWLILHG E\ WKH EORFN QXPEHU IRO DJDLQ HWF 7KH DOWHUQDWLYH ZKLFK LV FKRVHQ LV
ORZHG E\ DV VHTXHQFH QXPEHU HJ IRU FRQILUPHG ZLWK WKH HQWU\ NH\ ( 7KH FKDQJHG SD
EORFN 'LVSOD\HG WH[W IRUPV WKH KHDGLQJ RI WKLV UDPHWHUV DUH RQO\ VDYHG DIWHU WHUPLQDWLRQ RI SDUD
EORFN 1R LQSXW LV H[SHFWHG %\ XVLQJ NH\V Â RU Ä PHWHUL]LQJ UHIHU EHORZ
WKH QH[W RU WKH SUHYLRXV EORFN FDQ EH VHOHFWHG %\
XVLQJ WKH NH\V RU WKH ILUVW RU ODVW DGGUHVV ZLWKLQ )RU HDFK RI WKH DGGUHVVHV WKH SRVVLEOH SDUDPHWHUV
WKH EORFN FDQ EH VHOHFWHG DQG SDJHG DQG WH[W DUH JLYHQ LQ WKH IROORZLQJ VHFWLRQV ,I WKH
PHDQLQJ RI D SDUDPHWHU LV QRW FOHDU LW LV XVXDOO\ EHVW
$GGUHVVHV ZKLFK UHTXLUH QXPHULFDO LQSXW WR OHDYH LW DW WKH IDFWRU\ VHWWLQJ 7KH DUURZV ÂÄ RU
DW WKH OHIW KDQG VLGH RI WKH LOOXVWUDWHG GLVSOD\ ER[HV
7KH GLVSOD\ VKRZV WKH IRXUGLJLW DGGUHVV LH LQGLFDWH WKH PHWKRG RI PRYLQJ IURP EORFN WR EORFN RU
EORFN DQG VHTXHQFH QXPEHU HJ IRU EORFN ZLWKLQ WKH EORFN 8QXVHG DGGUHVVHV DUH DXWRPDWL
VHTXHQFH QXPEHU %HKLQG WKH EDU DSSHDUV FDOO\ SDVVHG RYHU
WKH PHDQLQJ RI WKH UHTXLUHG SDUDPHWHU LQ WKH VHF
RQG GLVSOD\ OLQH WKH YDOXH RI WKH SDUDPHWHU :KHQ ,I WKH SDUDPHWHU DGGUHVV LV NQRZQ WKHQ GLUHFW DG
WKH UHOD\ LV GHOLYHUHG D YDOXH KDV EHHQ SUHVHW ,Q GUHVVLQJ LV SRVVLEOH 7KLV LV DFKLHYHG E\ GHSUHVVLQJ
WKH IROORZLQJ VHFWLRQV WKLV YDOXH LV VKRZQ ,I WKLV NH\ '$ IROORZHG E\ WKH IRXUGLJLW DGGUHVV DQG VXE
YDOXH LV WR EH UHWDLQHG QR RWKHU LQSXW LV QHFHV VHTXHQWO\ SUHVVLQJ WKH HQWHU NH\ ( $IWHU GLUHFW DG
VDU\ 2QH FDQ SDJH IRUZDUGV RU EDFNZDUGV ZLWKLQ GUHVVLQJ SDJLQJ E\ PHDQV RI NH\V Â Ä DQG NH\V
WKH EORFN RU WR WKH QH[W RU SUHYLRXV EORFN ,I WKH LV SRVVLEOH
YDOXH QHHGV WR EH DOWHUHG LW FDQ EH RYHUZULWWHQ XV
LQJ WKH QXPHULFDO NH\V DQG LI UHTXLUHG WKH GHFL 7KH VHWWLQJ SURFHGXUH FDQ EH HQGHG DW DQ\ WLPH E\
PDO SRLQW DQGRU FKDQJH VLJQ RU ZKHUH DS WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ
SURSULDWH LQILQLW\ VLJQ * 7KH SHUPLVVLEOH VHWWLQJ NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV
UDQJH LV JLYHQ LQ WKH IROORZLQJ WH[W QH[W WR WKH DV WKH TXHVWLRQ l6$9( 1(: 6(77,1*6"l &RQILUP
VRFLDWHG ER[ (QWHUHG YDOXHV EH\RQG WKLV UDQJH ZLWK WKH l<HVlNH\ < WKDW WKH QHZ VHWWLQJV VKDOO EH
ZLOO EH UHMHFWHG 7KH VHWWLQJ VWHSV FRUUHVSRQG WR FRPH YDOLG QRZ ,I \RX SUHVV WKH l1RlNH\ 1 LQ
WKH ODVW GHFLPDO SODFH DV VKRZQ LQ WKH VHWWLQJ ER[ VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO
,QSXWV ZLWK PRUH GHFLPDO SODFHV WKDQ SHUPLWWHG WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
ZLOO EH WUXQFDWHG GRZQ WR WKH SHUPLVVLEOH QXPEHU FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
7KH YDOXH PXVW EH FRQILUPHG ZLWK WKH HQWU\ NH\ FDQ EH PDGH LQHIIHFWLYH
( 7KH GLVSOD\ WKHQ FRQILUPV WKH DFFHSWHG YDOXH
7KH FKDQJHG SDUDPHWHUV DUH RQO\ VDYHG DIWHU WHU
PLQDWLRQ RI SDUDPHWHUL]LQJ UHIHU EHORZ
&*&
,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH IXQFWLRQ $OO SDUDPHWHU VHWV FDQ EH DFFHVVHG LQ D VLPLODU PDQ
DO SDUDPHWHU EORFNV LH DGGUHVV EORFNV WR QHU
ZLWK NH\V Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ l(1'
2) &2'(:25' 23(5$7,21 "l 3UHVV WKH l1Rl - .H\ FRPELQDWLRQ )
NH\ 1 WR FRQWLQXH SDUDPHWHUL]LQJ ,I \RX SUHVV WKH DFFHVV WR SDUDPHWHU VHW $
l<HVlNH\ -< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV
l6$9( 1(: 6(77,1*6 "l 1RZ \RX FDQ FRQILUP - .H\ FRPELQDWLRQ )
ZLWK -< RU DERUW ZLWK 1 DV DERYH DFFHVV WR SDUDPHWHU VHW %
$IWHU FRPSOHWLRQ RI WKH SDUDPHWHUL]LQJ SURFHVV WKH - .H\ FRPELQDWLRQ )

FKDQJHG SDUDPHWHUV ZKLFK VR IDU KDYH RQO\ EHHQ DFFHVV WR SDUDPHWHU VHW &
VWRUHG LQ YRODWLOH PHPRU\ DUH WKHQ SHUPDQHQWO\
VWRUHG LQ ((3520V 7KH GLVSOD\ FRQILUPV l1(: - .H\ FRPELQDWLRQ )
6(77,1*6 6$9('l $IWHU SUHVVLQJ WKH NH\ 06 IRO DFFHVV WR SDUDPHWHU VHW '
ORZHG E\ 5(6(7 /(' WKH LQGLFDWLRQV RI WKH TXLHV
FHQW VWDWH DSSHDU LQ WKH GLVSOD\ ,QSXW RI WKH FRGHZRUG LV DJDLQ QHFHVVDU\ IRU WKH VHW
WLQJ RI D QHZ VHOHFWHG SDUDPHWHU VHW :LWKRXW LQSXW
RI WKH FRGHZRUG WKH VHWWLQJV FDQ RQO\ EH UHDG EXW
QRW PRGLILHG
6HOHFWDEOH SDUDPHWHU VHWV 6LQFH RQO\ D IHZ SDUDPHWHUV ZLOO EH GLIIHUHQW LQ PRVW
DSSOLFDWLRQV LW LV SRVVLEOH WR FRS\ SUHYLRXVO\ VWRUHG
SDUDPHWHU VHWV LQWR DQRWKHU SDUDPHWHU VHW
8S WR GLIIHUHQW VHWV RI SDUDPHWHUV FDQ EH VHOHFWHG
IRU WKH IXQFWLRQDO SDUDPHWHUV LH WKH DGGUHVVHV
,W LV DGGLWLRQDOO\ SRVVLEOH WR VHOHFW WKH RULJLQDO VHW
DERYH DQG EHORZ 7KHVH SDUDPHWHU VHWV
WLQJV LH WKH VHWWLQJV SUHVHW RQ GHOLYHU\ IRU D PRGL
FDQ EH VZLWFKHG RYHU GXULQJ RSHUDWLRQ ORFDOO\ XVLQJ
ILHG DQG VWRUHG SDUDPHWHU VHW 7KLV LV GRQH E\ FRS\
WKH RSHUDWRU SDQHO RU YLD WKH RSHUDWLQJ LQWHUIDFH XV
LQJ WKH l25,*6(7l WR WKH GHVLUHG SDUDPHWHU VHW
LQJ D SHUVRQDO FRPSXWHU RU DOVR UHPRWHO\ XVLQJ
ELQDU\ LQSXWV
,W LV ILQDOO\ VWLOO SRVVLEOH WR GHILQH WKH DFWLYH SDUDPHWHU
VHW LH WKH SDUDPHWHU VHW ZKLFK LV YDOLG IRU WKH IXQF
,I WKLV IDFLOLW\ LV QRW XVHG WKHQ LW LV VXIILFLHQW WR VHW WKH
WLRQV DQG WKUHVKROG YDOXHV RI WKH XQLW 6HH 6HFWLRQ
SDUDPHWHUV IRU WKH SUHVHOHFWHG VHW 7KH UHVW RI WKLV
IRU PRUH GHWDLOV
VHFWLRQ LV RI QR LPSRUWDQFH 2WKHUZLVH WKH SDUDPH
WHU FKDQJHRYHU IDFLOLW\ PXVW EH FRQILJXUHG DV (;
7KH SDUDPHWHU VHWV DUH SURFHVVHG LQ DGGUHVV EORFN
,67 XQGHU DGGUHVV UHIHU 6HFWLRQ 7KH
7KH PRVW VLPSOH PDQQHU WR FRPH WR WKLV EORFN LV
ILUVW SDUDPHWHU VHW LV LGHQWLILHG DV VHW $ WKH RWKHU
XVLQJ GLUHFW DGGUHVVLQJ
VHWV DUH % & DQG ' (DFK RI WKHVH VHWV LV DGMXVWHG
RQH DIWHU WKH RWKHU
SUHVV GLUHFW DGGUHVV NH\ '$
HQWHU DGGUHVV HJ
,I WKH VZLWFKRYHU IDFLOLW\ LV WR EH XVHG ILUVW VHW DOO SD
SUHVV HQWHU NH\ (
UDPHWHUV IRU WKH QRUPDO VWDWXV RI SDUDPHWHU VHW $
7KHQ VZLWFK RYHU WR SDUDPHWHU VHW %
7KH KHDGLQJ RI WKH EORFN IRU SURFHVVLQJ WKH SDUDPH
WHU VHWV WKHQ DSSHDUV
)LVW FRPSOHWH WKH SDUDPHWHUL]LQJ SURFHGXUH IRU
VHW $ DV GHVFULEHG LQ 6HFWLRQ
,W LV SRVVLEOH WR VFUROO WKURXJK WKH LQGLYLGXDO DGGUHVV
HV XVLQJ WKH NH\ 7KH FRS\LQJ IDFLOLWLHV DUH VXPPD
3UHVV NH\ FRPELQDWLRQ ) LH ILUVW WKH IXQFWLRQ
UL]HG LQ 7DEOH
NH\ ) DQG WKHQ WKH QXPEHU NH\ $OO IROORZLQJ LQ
SXWV WKHQ UHIHU WR SDUDPHWHU VHW %
3 $ 5 $ 0 ( 7 ( 5 %HJLQQLQJ RI WKH EORFN l3DUDPHWHU FKDQJHRYHUl

& + $ 1 * ( 2 9 ( 5 SURFHVVLQJ RI SDUDPHWHU VHWV
&*&
)ROORZLQJ FRS\LQJ RQO\ VXFK SDUDPHWHUV QHHG EH

&RS\
$GGU FKDQJHG ZKLFK DUH WR EH GLIIHUHQW IURP WKH VRXUFH
IURP WR SDUDPHWHU VHW
25,*6(7 6(7 $
3DUDPHWHUL]LQJ PXVW EH WHUPLQDWHG IRU HDFK SDUDP
25,*6(7 6(7 % HWHU VHW DV GHVFULEHG LQ 6HFWLRQ
25,*6(7 6(7 &
25,*6(7 6(7 '

6HWWLQJ RI GDWH DQG WLPH
6(7 $ 6(7 %
6(7 $ 6(7 & 7KH GDWH DQG WLPH FDQ EH VHW LI WKH WKH UHDO WLPH FORFN
LV DYDLODEOH 6HWWLQJ LV FDUULHG RXW LQ EORFN ZKLFK LV
6(7 $ 6(7 ' UHDFKHG E\ GLUHFW DGGUHVVLQJ '$ ( RU E\
SDJLQJ ZLWK Â DQG Ä ,QSXW RI WKH FRGHZRUG LV UH
6(7 % 6(7 $ TXLUHG WR FKDQJH WKH GDWD
6(7 % 6(7 & 6HOHFWLRQ RI WKH LQGLYLGXDO DGGUHVVHV LV E\ IXUWKHU

VFUROOLQJ XVLQJ DV VKRZQ EHORZ (DFK PRGLILFD
6(7 % 6(7 ' WLRQ PXVW EH FRQILUPHG ZLWK WKH HQWHU NH\ (
6(7 & 6(7 $
7KH GDWH DQG WLPH DUH HQWHUHG ZLWK GRWV DV VHSDUDWRU
6(7 & 6(7 % VLJQV VLQFH WKH NH\ERDUG GRHV QRW KDYH D FRORQ RU
VODVK IRU $PHULFDQ GDWH
6(7 & 6(7 '
7KH FORFN LV V\QFKURQL]HG DW WKH PRPHQW ZKHQ WKH
6(7 ' 6(7 $ HQWHU NH\ ( LV SUHVVHG IROORZLQJ LQSXW RI WKH FRP
SOHWH WLPH 7KH GLIIHUHQFH WLPH IDFLOLW\ DGGUHVV
6(7 ' 6(7 % HQDEOHV H[DFW VHWWLQJ RI WKH WLPH VLQFH WKH GLI
IHUHQFH FDQ EH FDOFXODWHG SULRU WR WKH LQSXW DQG WKH
6(7 ' 6(7 &
V\QFKURQL]DWLRQ RI WKH FORFN GRHV QRW GHSHQG RQ WKH
PRPHQW ZKHQ WKH HQWHU NH\ ( LV SUHVVHG
7DEOH &RS\LQJ SDUDPHWHU VHWV
6 ( 7 7 , 1 * %HJLQQLQJ RI WKH EORFN l6HWWLQJ WKH UHDO WLPH FORFNl

5 ( $ / 7 , 0 ( & / 2 & . &RQWLQXH ZLWK
$W ILUVW WKH DFWXDO GDWH DQG WLPH DUH GLVSOD\HG

&RQWLQXH ZLWK
(QWHU WKH QHZ GDWH GLJLWV IRU GD\ GLJLWV IRU PRQWK
' $ 7 ( DQG GLJLWV IRU \HDU LQFOXGLQJ FHQWXU\ XVH WKH RUGHU
DV FRQILJXUHG XQGHU DGGUHVV 6HFWLRQ EXW
DOZD\V XVH D GRW IRU VHSDUDWRU
''00<<<< RU 00''<<<<
7 , 0 ( (QWHU WKH QHZ WLPH KRXUV PLQXWHV VHFRQGV HDFK

ZLWK GLJLWV VHSDUDWHG E\ D GRW
++0066
8VLQJ WKH GLIIHUHQFH WLPH WKH FORFN LV VHW IRUZDUGV E\

' , ) ) 7 , 0 ( WKH HQWHUHG WLPH RU EDFNZDUGV XVLQJ WKH NH\
7KH IRUPDW LV WKH VDPH DV ZLWK WKH WLPH VHWWLQJ DERYH
&*&
,QLWLDO GLVSOD\V DGGUHVV EORFNV DQG
:KHQ WKH UHOD\ LV VZLWFKHG RQ ILUVWO\ WKH DGGUHVV DQG WKH W\SH LGHQWLILFDWLRQ RI WKH UHOD\ DSSHDUV $OO 6LHPHQV
UHOD\V KDYH DQ 0/)% PDFKLQH UHDGDEOH W\SH QXPEHU :KHQ WKH GHYLFH LV RSHUDWLYH DQG GLVSOD\V D TXLHVFHQW
PHVVDJH DQ\ GHVLUHG DGGUHVV FDQ EH UHDFKHG HJ E\ SUHVVLQJ WKH GLUHFW DGGUHVV NH\ '$ IROORZHG E\ WKH
DGGUHVV QXPEHU
7KH UHOD\ LQWURGXFHV LWVHOI E\ JLYLQJ LWV W\SH QXP

8 0 9 % EHU DQG WKH YHUVLRQ RI ILUPZDUH ZLWK ZKLFK LW LV
8 0 HTXLSSHG 7KH VHFRQG GLVSOD\ OLQH VKRZV WKH
FRPSOHWH RUGHULQJ GHVLJQDWLRQ
$IWHU DGGUHVV WKH IXQFWLRQDO SDUDPHWHUV EHJLQ ,I VZLWFKRYHU RI SDUDPHWHU VHWV LV XVHG WKH LGHQWLILHU RI
WKH SDUDPHWHU VHW LV LQGLFDWHG DV D OHDGLQJ FKDUDFWHU )XUWKHU DGGUHVV SRVVLELOLWLHV DUH OLVWHG XQGHU l$QQXQFL
DWLRQVl DQG l7HVWVl
$ &RPPHQFHPHQW RI IXQFWLRQDO SDUDPHWHU EORFNV

3 $ 5 $ 0 ( 7 ( 5 6 H[DPSOH LOOXVWUDWHG IRU SDUDPHWHU VHW $
0DFKLQH DQG SRZHU V\VWHP GDWD DGGUHVV EORFNV DQG
7KH UHOD\ UHTXHVWV EDVLF GDWD RI WKH SRZHU V\VWHP DQG RI WKH SURWHFWHG PDFKLQH 7KH\ DUH QRW DEVROXWHO\ QHF
HVVDU\ IRU WKH DFWXDO SURWHFWLRQ IXQFWLRQV KRZHYHU WKH\ DUH XVHG IRU WKH GHWHUPLQDWLRQ RI RSHUDWLRQDO GDWD
0 $ & + , 1 ( %HJLQQLQJ RI WKH EORFN l0DFKLQH DQG SRZHU

3 2 : ( 5 6 < 6 7 ( 0 ' $ 7 $ V\VWHP GDWDl
)RU H[DPSOH WKH FDOFXODWHG DSSUR[LPDWH SROH DQJOH FDQ RQO\ EH FRUUHFWO\ LQGLFDWHG LI UDWHG RXWSXW UDWHG FXU
UHQW UDWHG YROWDJH DQG WKH UHFLSURFDO YDOXH RI WKH TXDGUDWXUH UHDFWDQFH KDYH EHHQ FRUUHFWO\ SDUDPHWHUL]HG
3 2 : ( 5 5DWHG DSSDUHQW SRZHU RI PDFKLQH

0 9 $ 6HWWLQJ UDQJH 09$ WR 09$
& 2 6 3 + , 5DWHG SRZHU IDFWRU FRV j

6HWWLQJ UDQJH WR
, Q 5DWHG FXUUHQW RI PDFKLQH

N $ 6HWWLQJ UDQJH N$ WR N$
8 Q 5DWHG YROWDJH RI PDFKLQH

SKDVHWRSKDVH
N 9 6HWWLQJ UDQJH N9 WR N9
&*&
$ ' 0 , 7 [ G 5HFLSURFDO YDOXH RI V\QFKURQRXV UHDFWDQFH

6HWWLQJ UDQJH WR
6 7 $ 5 3 2 , 1 7 7\SH RI VWDUSRLQW HDUWKLQJ RI PDFKLQH

+ , * + 5 ( 6 , 6 7 $ 1 & (
/ 2 : 5 ( 6 , 6 7 $ 1 & (
, 1 6 7 5 8 0 ( 1 7 %HJLQQLQJ RI EORFN
7 5 $ 1 6 ) 2 5 0 ( 5 ' $ 7 $ l,QVWUXPHQW WUDQVIRUPHU GDWDl
7KH LQVWUXPHQW WUDQVIRUPHU GDWD DUH HQWHUHG LQ 7KH VHFRQGDU\ UDWHG YROWDJH RI WKH WUDQVIRUPHUV DG
EORFN 2I SDUWLFXODU LPSRUWDQFH KHUH LV WKH FRUUHFW GUHVV LV QHFHVVD\ IRU SRZHU SURWHFWLRQ DQG
SRODULW\ ZKLFK LV GHWHUPLQHG E\ WKH LQSXW RI WKH VWDU XQGHUH[FLWDWLRQ SURWHFWLRQ
SRLQW VLGH RI WKH FXUUHQW WUDQVIRUPHUV DGGUHVV
7KH GHVFULSWLRQV 72:$5'6 0$&+,1( DQG )RU WKH UHYHUVH SRZHU SURWHFWLRQ LQ SDUWLFXODU DQJOH
72:$5'6 67$532,17 SUHVXSSRVH WKDW WKH FXUUHQW HUURU FRUUHFWLRQ IRU WKH FXUUHQW DQG YROWDJH WUDQV
WUDQVIRUPHUV DUH ORFDWHG EHWZHHQ WKH PDFKLQH DQG IRUPHUV LV RI LPSRUWDQFH DGGUHVVHV DQG
WKH PDFKLQH VWDUSRLQW VHH )LJXUH )XUWKHUPRUH DV KHUH D YHU\ VPDOO DFWLYH SRZHU PXVW EH FDO
JHQHUDWRU RSHUDWLRQ LV DVVXPHG ,I WKH FXUUHQW FXODWHG IURP D FRQVLGHUDEOH DSSDUHQW SRZHU LQ FDVH
WUDQVIRUPHUV DUH DUUDQJHG GLIIHUHQWO\ RU LI WKH SUR RI VPDOO SRZHU IDFWRU
WHFWHG PDFKLQH LV D V\QFKURQRXV PRWRU WKHQ WKH
HQWU\ PXVW EH FKDQJHG DFFRUGLQJO\ 7KH VXP E RI WKH DQJOH HUURUV RI FXUUHQW DQG YROWDJH
WUDQVIRUPHUV LV XVHG IRU WKH FRUUHFWLRQ DQJOH 7KH
DQJOH LV FRPSRVHG RI D FRQVWDQW FRPSRQHQW DV WKH
YROWDJH WUDQVIRUPHU YROWDJH DQG WKXV LWV DQJOH FDQ
EH DVVXPHG WR EH FRQVWDQW DQG D FXUUHQW GHSHQ
GHQW FRPSRQHQW
* 7KH GHSHQGHQFH RI WKH FXUUHQW LV DSSUR[LPDWHG E\ D

VWUDLJKW FXUYH DV LOOXVWUDWHG LQ )LJXUH ZKLFK
VKRZV WKH DQJOH HUURU DV D IXQFWLRQ RI WKH FXUUHQW
PDJQLWXGH 7KLV FRUUHFWLRQ FXUYH LV GHILQHG E\ WKH
LQWHUVHFWLRQ RI WKH ED[LV : DQG WKH VORSH :
D &7 67$5317 72:$5'6 0$&+,1( :KHQ WKH DQJOH HUURU FXUYH LV NQRZQ WKH YDOXHV :
DQG : PXVW EH HQWHUHG LQ DGGUHVVHV DQG
ZLWK UHYHUVHG VLJQ 7KH WRWDO DQJOH HUURU FDQ
DOVR EH GHWHUPLQHG GXULQJ FRPPLVVLRQLQJ DQG HQ
WHUHG UHIHU WR VHFWLRQ
*
E &7 67$5317 72:5'6 67$532,17
)LJXUH *HQHUDWRUPRWRU FW RULHQWDWLRQ

DGGUHVV
&*&
,,1 &KDUDFWHULVWLFV RI WKH OLQH

, ,
E
E E
6ORSH :
, ,
E
ED[LV LQWHUVHFWLRQ : E : k ,
:
)LJXUH ([DPSOH IRU DQJOH HUURU E DV D IXQFWLRQ RI WKH FXUUHQW ,,1
, 1 & 7 3 5 , 0 3ULPDU\ UDWHG FXUUHQW RI FXUUHQW WUDQVIRUPHUV

N $ 6HWWLQJ UDQJH N$ WR N$
3ULPDU\ UDWHG YROWDJH RI YROWDJH WUDQVIRUPHUV SKDVH

8 1 9 7 3 5 , 0
WRSKDVH
N 9 6HWWLQJ UDQJH N9 WR N9
8 1 6 ( & 2 1 ' 6HFRQGDU\ UDWHG YROWDJH RI YROWDJH WUDQVIRUPHUV SKDVH

WRSKDVH
9 6HWWLQJ UDQJH 9 WR 9
& 7 6 7 $ 5 3 1 7 3RODULW\ RI FXUUHQW WUDQVIRUPHUV

7 2 : $ 5 ' 6 0 $ & + , 1 ( 6WDUSRLQW IRUPHG RQ PDFKLQH WHUPLQDO VLGH
7 2 : 5 ' 6 6 7 $ 5 3 2 , 1 7 6WDUSRLQW IRUPHG RQ PDFKLQH VWDUSRLQW VLGH
&RUUHFWLRQ DQJOH IRU FXUUHQW WUDQVIRUPHU

& 7 $ 1 * : 6HWWLQJ UDQJH HO WR HO
G H J 7KH SUHVHWWLQJ FRUUHVSRQGV WR WKH DQJOH GHYLDWLRQ RI WKH LQ
WHUQDO WUDQVGXFHUV
&XUUHQW GHSHQGHQW FRUUHFWLRQ : IRU WKH LQVWUXPHQW

& 7 $ 1 * : WUDQVIRUPHUV
G H J 6HWWLQJ UDQJH HO WR HO
7KH SUHVHWWLQJ FRUUHVSRQGV WR WKH DQJOH GHYLDWLRQ RI WKH
LQWHUQDO WUDQVGXFHUV ([DFW WHVW RI WKH DQJOH HUURU LV SRV
VLEOH GXULQJ FRPPLVVLRQLQJ ZLWK WKH PDFKLQH UHIHU 6HF
WLRQ
&*&
6HWWLQJV IRU XQGHUH[FLWDWLRQ SURWHFWLRQ DGGUHVV EORFNV DQG
8 1 ' ( 5 ( ; & , %HJLQQLQJ RI WKH EORFN

) 8 1 & 7 , 2 1 l8QGHUH[FLWDWRQ SURWHFWLRQ FKDUDFWHULVWLF OLQHVl
8 1 ' ( 5 ( ; & , 6ZLWFK 2)) RI XQGHUH[FLWDWLRQ SURWHFWLRQ IXQFWLRQ

2 ) )
2 1 6ZLWFK 21 RI XQGHUH[FLWDWLRQ SURWHFWLRQ IXQFWLRQ
% / 2 & . 7 5 , 3 5 ( / 8QGHUH[FLWDWLRQ SURWHFWLRQ RSHUDWHV EXW 75,3

5(/D\ LV %/2&.HG
7KH LQVWUXPHQW WUDQVIRUPHU GDWD PXVW EH SDUDPH 6HWWLQJ WKH H[FLWDWLRQ YROWDJH OLPLW
WHUL]HG FRUUHFWO\ DV XQGHU 6HFWLRQ
8H[F >9@
(;&,792/7 >9@ [
7KH H[FLWDWLRQ YROWDJH VXSHUYLVLRQ LV VHW WR DSSUR[L N8
PDWHO\ WR RI WKH QRORDG H[FLWDWLRQ YROW
DJH ,W PXVW EH QRWHG WKDW WKH XQLW DV D UXOH LV FRQ ZKHUH 8H[F 1RORDG H[FLWDWLRQ YROWDJH
QHFWHG WR WKH H[FLWDWLRQ YROWDJH YLD D YROWDJH GLYLGHU N8 9ROWDJH GLYLGHU UDWLR
1RWH ,I YHU\ VKRUW GHOD\ WLPHV DUH ZRXOG EH VHW XQ ([DPSOH
GHUYROWDJH EORFNLQJ PD\ QRW RSHUDWH IDVW HQRXJK WR
DYRLG WULSSLQJ LQ FDVH RI VHFRQGDU\ YROWDJH FROODSVH 8H[F1 9
,W LV UHFRPPHQGHG QRW WR XQGHUJR WKH PLQLPXP 8H[F 9
GHOD\ WLPHV JLYHQ EHORZ N8
9
(;&,792/7 >9@ [ 9

( ; & , 9 2 / 7 6ZLWFK 2)) RI XQGHUH[FLWDWLRQ YROWDJH VXSHUYLVLRQ

2 ) )
2 1 6ZLWFK 21 RI XQGHUH[FLWDWLRQ YROWDJH VXSHUYLVLRQ
8 H [ F L W 6HWWLQJ RI H[FLWDWLRQ YROWDJH VXSHUYLVLRQ

/RQJWLPH GHOD\ ZKHQ H[FHHGLQJ FKDUDFWHULVWLF RU

7 & K VWHDG\VWDWH VWDELOLW\ OLPLW
V 6HWWLQJ UDQJH V WR V
DQG * QR WULS ZLWK FKDUDFWHULVWLFV
6KRUW WLPH GHOD\ ZKHQ H[FHHGLQJ FKDUDFWHULVWLF RU
7 6 + 5 7 8 H VWHDG\VWDWH VWDELOLW\ OLPLW DQG VLPXOWDQHRXV
H[FLWDWLRQ IDLOXUH
V
6HWWLQJ UDQJH V WR V
DQG * QR WULS
6KRUW WLPH GHOD\ ZKHQ H[FHHGLQJ FKDUDFWHULVWLF
7 & K G\QDPLF VWDELOLW\ OLPLW
DQG * QR WULS ZLWK FKDUDFWHULVWLF
&*&
7 5 ( 6 ( 7 5HVHW GHOD\ DIWHU WULS VLJQDO KDV EHHQ LQLWLDWHG

V
7KH WULS FKDUDFWHULVWLFV RI WKH XQGHUH[FLWDWLRQ SUR 81

WHFWLRQ DUH PDGH XS RI VWUDLJKW OLQHV LQ WKH DGPLW [
[G ;G c k ,1
WDQFH GLDJUDP 7KH\ DUH GHILQHG E\ WKHLU FRQGXF
WDQFH LQWHUVHFW M GLVWDQFH IURP WKH FRRUGLQDWH RUL ,I WKH YROWDJH UHJXODWRU RI WKH V\QFKURQRXV PDFKLQH
JLQ DQG WKHLU DQJOH RI LQFOLQDWLRQ B 7KH VWUDLJKW OLQHV LQFOXGHV DQ XQGHUH[FLWDWLRQ OLPLWHU WKHQ WKH VWHD
MB FKDUDFWHULVWLF DQG MB FKDUDFWHULVWLF G\VWDWH FKDUDFWHULVWLFV DUH DGMXVWHG VXFK WKDW WKH
IRUP WKH VWHDG\VWDWH XQGHUH[FLWDWLRQ OLPLW UHIHU XQGHUH[FLWDWLRQ OLPLWHU KDV D FKDQFH WR RSHUDWH EH
)LJXUH M FRUUHVSRQGV WR WKH UHFLSURFDO YDOXH RI IRUH WKH SURWHFWLRQ SLFNV XS UHIHU )LJXUH
WKH SHU XQLW V\QFKURQRXV UHDFWDQFH
*D
B
B B
*U M
M
M
)LJXUH 8QGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLFV LQ WKH DGPLWWDQFH SODQH
8QGHUH[FLWDWLRQ
OLPLWHU UHJXODWRU
,D
81
VLPXODWHG
FKDUDFWHULVWLF ,(
81
,1
81
j1
1

;G ,U
81
)LJXUH $GPLWWDQFH GLDJUDP RI D WXUERJHQHUDWRU
&*&
7KH UDWHG PDFKLQH GDWD PXVW EH UHIHUUHG WR VHFRQG &XUUHQW WUDQVIRUPHUV $ $ 75,
DU\ YDOXHV WR HQDEOH VHWWLQJ )XUWKHUPRUH LW PXVW EH 9 9
QRWHG WKDW UDWHG FXUUHQW DQG UDWHG YROWDJH RI WKH PD 9ROWDJH WUDQVIRUPHUV
c c
FKLQH LQ JHQHUDO DUH QRW HTXDO WR WKH UDWHG GDWD RI WKH
LQVWUXPHQW WUDQVIRUPHUV 0DWFKLQJ LV SHUIRUPHG DF 758
FRUGLQJ WR WKH IROORZLQJ IRUPXOD
7KLV UHVXOWV LV D VHWWLQJ YDOXH RI

M 9 k $
[GVHF k k
[GVHF $ 9
81VHF ,1PDFK 758
k k k
[GPDFK ,1VHF 81PDFK 75,
M
ZKHUHE\
[GVHF VHFRQGDU\ SHU XQLW V\QFKURQRXV ZKLFK LQFOXGHV D VDIHW\ IDFWRU RI
UHDFWDQFH
[GPDFK SHU XQLW V\QFKURQRXV UHDFWDQFH )RU B WKH DQJOH RI WKH XQGHUH[FLWDWLRQ OLPLWHU RI WKH
RI PDFKLQH YROWDJH UHJXODWRU LV FKRVHQ RU HOVH WKH LQFOLQDWLRQ
81VHF VHFRQGDU\ UDWHG YROWDJH YW DQG DQJOH LV WDNHQ IURP WKH VWDELOLW\ FKDUDFWHULVWLF RI WKH
XQLW PDFKLQH B OLHV QRUPDOO\ EHWZHHQ WR E
,1VHF VHFRQGDU\ UDWHG FXUUHQW FW DQG
XQLW &KDUDFWHULVWLF VKRXOG LQWHUVHFW FKDUDFWHULVWLF DW D
,1PDFK 5DWHG PDFKLQH FXUUHQW VPDOO DFWLYH ORDG M LV WKHUHIRUH VHW WR DSSUR[LPDWHO\
81PDFK 5DWHG PDFKLQH YROWDJH [ M B WR E 7KLV UHVXOWV LQ WKH EHQW WULS OLPLW
758 7UDQVIRUPDWLRQ UDWLR RI YROWDJH OLQH DV VKRZQ LQ )LJXUH &KDUDFWHULVWLF FKDUDF
WUDQVIRUPHUV WHULVWLF
75, 7UDQVIRUPDWLRQ UDWLR RI FXUUHQW
WUDQVIRUPHUV 7KH SURWHFWLRQ FDQ EH PDWFKHG WR WKH G\QDPLF VWD
ELOLW\ OLPLWV RI WKH PDFKLQH ZLWK FKDUDFWHULVWLF ,I QR
,QVWHDG RI [GPDFK RQH FDQ VHW ,.,1 DV DQ DSSUR[L RWKHU LQIRUPDWLRQ LV DYDLODEOH WKHQ D YDOXH EHWZHHQ
PDWLRQ WKH V\QFKURQRXV UHDFWDQFH [G DQG WKH WUDQVLHQW
UHDFWDQFH [G
LV FKRVHQ +RZHYHU WKH YDOXH VKRXOG
6HWWLQJ H[DPSOH EH JUHDWHU WKDQ
0DFKLQH GDWD 81 9 WR LV XVXDOO\ FKRVHQ IRU DQJOH B LQ RUGHU WR
,1 $ HQVXUH WKDW RQO\ D G\QDPLF LQVWDELOLW\ OHDGV WR SLFN
[G XS ZLWK FKDUDFWHULVWLF
8 1 ' ( 5 ( ; & , %HJLQQLQJ RI WKH EORFN

& + $ 5 $ & 7 ( 5 , 6 7 , & 6 l8QGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLF DQJOHVl
/ $ 0 % ' $ &RQGXFWDQFH LQWHUVHFW M RI FKDUDFWHULVWLF 6HW

WLQJ UDQJH WR
$ / 3 + $ ,QFOLQDWLRQ DQJOH B RI FKDUDFWHULVWLF

G H J 6HWWWLQJ UDQJH E WR E
&*&
/ $ 0 % ' $ &RQGXFWDQFH LQWHUVHFW M RI FKDUDFWHULVWLF

6HWWLQJ UDQJH WR

G H J 6HWWLQJ UDQJH E WR E
/ $ 0 % ' $ &RQGXFWDQFH LQWHUVHFW M RI FKDUDFWHULVWLF

6HWWLQJ UDQJH WR

G H J 6HWWLQJ UDQJH E WR E
:KHQ VWHDG\VWDWH OLPLW FKDUDFWHULVWLF FRQVLVWLQJ RI WKHQ WKH H[FLWDWLRQ FLUFXLW FULWHULRQ DOVR SLFNV XS DF
FKDUDFWHULVWLFV DQG LV H[FHHGHG WKHQ WKH YROWDJH FRUGLQJ WR DGGUHVV RU YLD ELQDU\ LQSXW ,Q
UHJXODWRU VKRXOG EH JLYHQ DQ RSSRUWXQLW\ WR LQFUHDVH WKLV FDVH WULSSLQJ FDQ EH H[HFXWHG ZLWK D VKRUW GHOD\
WKH H[FLWDWLRQ 7KHUHIRUH D lORQJWLPHl GHOD\HG 7KH FRPPRQO\ XVHG VHWWLQJV IRU DODUPV DQG WULS
DODUP LV LQLWLDWHG GXH WR WKLV FULWHULRQ DW OHDVW V ,I FRPPDQGV DUH VKRZQ LQ WKH WDEOH EHORZ
DW WKH VDPH WLPH WKH H[FLWDWLRQ YROWDJH LV DEVHQW
&KDUDFWHULVWLF DQG QRW GHOD\HG $QQXQFLDWLRQ

VWHDG\VWDWH VWDELOLW\ l3LFN 8Sl
FKDUDFWHULVWLF DQG ORQJWLPH GHOD\HG $ODUP

VWHDG\VWDWH VWDELOLW\ 7&K V
FKDUDFWHULVWLF DQG DQG VKRUW WLPH GHOD\HG 7ULS

H[FLWDWLRQ YROWDJH IDLOXUH 7&K 8 V
FKDUDFWHULVWLF VKRUW WLPH GHOD\HG 7ULS

G\QDPLF VWDELOLW\ 7&K V
7DEOH 6HWWLQJ RI WKH XQGHUH[FLWDWLRQ SURWHFWLRQ
)LQDOO\ WKH UHVHW WLPH RI WKH XQGHUH[FLWDWLRQ SURWHFWLRQ DIWHU WULSSLQJ FDQ EH VHW $OO VHW GHOD\ WLPHV DUH DGGLWLRQ
DO GHOD\ WLPHV ZKLFK GR QRW LQFOXGH WKH RSHUDWLQJ WLPHV PHDVXULQJ WLPH UHVHW WLPH RI WKH SURWHFWLRQ IXQFWLRQ
LWVHOI
&*&
6HWWLQJV IRU XQGHUYROWDJH SURWHFWLRQ DGGUHVV EORFN
8 1 ' ( 5 %HJLQQLQJ RI WKH EORFN

9 2 / 7 $ * ( l8QGHUYROWDJH SURWHFWLRQl
8 1 ' ( 5 9 2 / 7 6ZLWFK 2)) RI WKH YROWDJH SURWHFWLRQ

2 ) )
2 1 6ZLWFK 21 RI WKH YROWDJH SURWHFWLRQ
8QGHUYROWDJH SURWHFWLRQ RSHUDWHV EXW 75,3

% / 2 & . 7 5 , 3 5 ( /
5(/D\ LV %/2&.HG
7KH XQGHUYROWDJH SURWHFWLRQ LV XVXDOO\ VHW WR DS $OO VHWWLQJ WLPHV DUH DGGLWLRQDO GHOD\ WLPHV ZKLFK GR
SUR[LPDWHO\ RI UDWHG PDFKLQH YROWDJH 7KH WLPH QRW LQFOXGH WKH QRUPDO RSHUDWLQJ WLPHV PHDVXULQJ
VHWWLQJ PXVW EH FKRVHQ VXFK WKDW YROWDJH GURSV WLPH UHVHW WLPH RI WKH SURWHFWLRQ IXQFWLRQ LWVHOI
ZKLFK OHDG WR XQVWDEOH RSHUDWLRQ DUH GLVFRQQHFWHG
7KH GHOD\ KRZHYHU VKRXOG EH ORQJ HQRXJK WR DYRLG
GLVFRQQHFWLRQ GXULQJ SHUPLVVLEOH VKRUW WLPH YROW
DJH GURSV
8 3LFN XS YDOXH RI 8 VWDJH RI XQGHUYROWDJH SURWHFWLRQ

6HWWLQJ UDQJH 9 WR 9
9
7 8 7ULS GHOD\ RI XQGHUYROWDJH SURWHFWLRQ 8

V DQG * QR WULS

&*&
6HWWLQJV IRU RYHUYROWDJH SURWHFWLRQ DGGUHVV EORFN
2 9 ( 5 %HJLQQLQJ RI WKH EORFN

9 2 / 7 $ * ( l2YHUYROWDJH SURWHFWLRQl
2 9 ( 5 9 2 / 7 6ZLWFK 2)) RI WKH YROWDJH SURWHFWLRQ

2 ) )
2 1 6ZLWFK 21 RI WKH YROWDJH SURWHFWLRQ
2YHUYROWDJH SURWHFWLRQ RSHUDWHV EXW 75,3 5(/D\

% / 2 & . 7 5 , 3 5 ( /
LV %/2&.HG
7KH VHWWLQJ RI WKH RYHUYROWDJH SURWHFWLRQ GHSHQGV ,I WKH JHQHUDWRU VKHGV IXOO ORDG WKH YROWDJH LQLWLDOO\ LQ
RQ WKH VSHHG ZLWK ZKLFK WKH YROWDJH UHJXODWRU FDQ FUHDVHV GHSHQGLQJ RQ WKH WUDQVLHQW YROWDJH DQG LV
UHJXODWH YROWDJH FKDQJHV 7KH SURWHFWLRQ PXVW QRW WKHQ UHGXFHG EDFN WR WKH UDWHG YDOXH E\ WKH YROWDJH
LQWHUIHUH LQ WKH RSHUDWLRQ RI D FRUUHFWO\ RSHUDWLQJ YROW UHJXODWRU 7KH 8!! VWDJH DV D VKRUW WLPH VWDJH LV
DJH UHJXODWRU 7KH WZRVWDJH FKDUDFWHULVWLF WKHUH XVXDOO\ VHW VXFK WKDW WKH WUDQVLHQWV DIWHU IXOOORDG UH
IRUH PXVW DOZD\V OLH DERYH WKH YROWDJHWLPH FKDUDF MHFWLRQ GR QRW LQLWLDWH WULSSLQJ $ FRPPRQ VHWWLQJ LV
WHULVWLF RI WKH UHJXODWRU HJ 81 ZLWK D GHOD\ RI V
7KH 8! VWDJH ORQJWLPH VWDJH VKRXOG LQWHUYHQH $OO VHWWLQJ WLPHV DUH DGGLWLRQDO GHOD\ WLPHV ZKLFK GR
LQ WKH HYHQW RI VWHDG\VWDWH RYHUYROWDJHV ,W LV VHW WR QRW LQFOXGH WKH QRUPDO RSHUDWLQJ WLPHV PHDVXULQJ
DSSUR[LPDWHO\ 81 DQG GHSHQGLQJ RQ WKH UHJ WLPH UHVHW WLPH RI WKH SURWHFWLRQ IXQFWLRQ LWVHOI
XODWLQJ VSHHG WR V WR V
8 ! 3LFN XS YDOXH RI 8! VWDJH RI RYHUYROWDJH SURWHFWLRQ

9
8 ! ! 3LFN XS YDOXH RI 8!! VWDJH RI RYHUYROWDJH SURWHFWLRQ

9
7ULS GHOD\ RI RYHUYROWDJH SURWHFWLRQ

7 8 ! 8! ORQJWLPH VWDJH
DQG * QR WULS ZLWK RYHUYROWDJH 8!
7ULS GHOD\ RI RYHUYROWDJH SURWHFWLRQ

7 8 ! ! 8!! VKRUW WLPH VWDJH
DQG * QR WULS ZLWK RYHUYROWDJH 8!!

&*&
6HWWLQJV IRU VWDWRU HDUWK IDXOW SURWHFWLRQ 8! DGGUHVV EORFN
%HJLQQLQJ RI WKH EORFN

( $ 5 7 + ) $ 8 / 7 8 ! l(DUWK IDXOW SURWHFWLRQ 8!l
6 ( ) 3 5 2 7 6ZLWFK 2)) RI HDUWK IDXOW SURWHFWLRQ 8!

2 ) )
2 1 6ZLWFK 21 RI HDUWK IDXOW SURWHFWLRQ 8!
(DUWK IDXOW SURWHFWLRQ RSHUDWHV EXW 75,3 5(/D\ LV

% / 2 & . 7 5 , 3 5 ( /
%/2&.HG
7KH FULWHULRQ IRU WKH LQFHSWLRQ RI DQ HDUWK IDXOW LQ WKH RI WKH XQLW WUDQVIRUPHU WR WKH VWDWRU FLUFXLW GR QRW
VWDWRU FLUFXLW LV WKH RFFXUUHQFH RI D QHXWUDO GLVSODFH OHDG WR SLFN XS 7KH GDPSLQJ HIIHFW RI WKH ORDG UH
PHQW YROWDJH ([FHHGLQJ WKH VHWWLQJ YDOXH 8! DG VLVWRU PXVW DOVR EH FRQVLGHUHG LQ WKLV FDVH
GUHVV WKHUHIRUH UHSUHVHQWV WKH SLFN XS IRU
WKLV SURWHFWLRQ 7KH VHWWLQJ YDOXH LV WZLFH WKH GLVSODFHPHQW YDOXH
ZKLFK LV FRXSOHG LQ DW IXOO QHWZRUN GLVSODFHPHQW )L
7KH VHWWLQJ PXVW EH FKRVHQ VXFK WKDW WKH SURWHFWLRQ QDO GHWHUPLQDWLRQ RI WKH VHWWLQJ YDOXH RFFXUV GXULQJ
GRHV QRW SLFN XS GXULQJ RSHUDWLRQDO DV\PPHWULHV FRPPLVVLRQLQJ ZLWK SULPDU\ YDOXHV DFFRUGLQJ WR
7KH SLFN XS YDOXH VKRXOG EH DW OHDVW WZLFH WKH YDOXH 6HFWLRQ
RI WKH RSHUDWLRQDO DV\PPHWU\ $ YDOXH RI WR
RI WKH IXOO GLVSODFHPHQW YDOXH LV QRUPDO 7KH IXOO GLV 7KH HDUWK IDXOW WULS LV GHOD\HG E\ WKH WLPH VHW XQGHU
SODFHPHQW YROWDJH FRUUHVSRQGV WR WKH UDWHG VHF DGGUHVV
RQGDU\ YROWDJH RI WKH YROWDJH WUDQVIRUPHUV
$OO VHW WLPHV DUH DGGLWLRQDO GHOD\ WLPHV DQG GR QRW LQ
$GGLWLRQDOO\ WKH SLFN XS YDOXH KDV WR EH FKRVHQ FOXGH RSHUDWLQJ WLPHV PHDVXUHPHQW WLPHV UHVHW
VXFK WKDW GLVSODFHPHQWV GXULQJ QHWZRUN HDUWK IDXOWV WLPHV RI WKH SURWHFWLRQ IXQFWLRQ LWVHOI
ZKLFK DUH WUDQVIHUUHG YLD WKH FRXSOLQJ FDSDFLWDQFHV
8 ! 3LFN XS YDOXH RI HDUWK IDXOW GHWHFWLRQ

7 8 ! 7LPH GHOD\ IRU WULS

DQG * QR WULS ZLWK 8!

&*&
6HWWLQJV IRU IUHTXHQF\ SURWHFWLRQ DGGUHVV EORFN
2 9 ( 5 8 1 ' ( 5 %HJLQQLQJ RI WKH EORFN

) 5 ( 4 8 ( 1 & < l2YHUIUHTXHQF\ DQG XQGHUIUHTXHQF\ SURWHFWLRQl
I ! I 6ZLWFK 2)) RI WKH IUHTXHQF\ SURWHFWLRQ

2 ) )
2 1 6ZLWFK 21 RI WKH IUHTXHQF\ SURWHFWLRQ
)UHTXHQF\ SURWHFWLRQ RSHUDWHV EXW 75,3 5(/D\ LV

% / 2 & . 7 5 , 3 5 ( /
%ORFNHG
)RXU KLJKDFFXUDF\ IUHTXHQF\ VWDJHV DUH DYDLO SURYLGHG WKDW WKH DSSDUHQW SRZHU LV UHGXFHG E\ WKH
DEOH(DFK VWDJH FDQ EH VHW DV RYHUIUHTXHQF\ VWDJH VDPH DPRXQW )RU WKH LQGXFWLYH FRQVXPHUV KRZHY
RU XQGHUIUHTXHQF\ VWDJH 7KLV LV GHWHUPLQHG E\ WKH HU WKH UHGXFWLRQ LQ IUHTXHQF\ GRHV QRW RQO\ UHVXOW LQ
UDWHG IUHTXHQF\ DV FRQILJXUHG XQGHU DGGUHVV LQFUHDVHG FXUUHQW LQWDNH EXW DOVR HQGDQJHUV WKH RS
UHIHU WR 6HFWLRQ DQG WKH VHW OLPLW YDOXH :KHQ HUDWLRQDO VWDELOLW\ 7KHUHIRUH RQO\ D VKRUW WLPH IUH
WKH OLPLW YDOXH LV VHW VPDOOHU WKDQ WKH UDWHG IUHTXHQF\ TXHQF\ UHGXFWLRQ GRZQ WR +] DW I1 +] RU
WKH VWDJH RSHUDWHV DV XQGHUIUHTXHQF\ VWDJH ZKHQ +] I1 +] LV XVXDOO\ SHUPLWWHG
WKH OLPLW YDOXH LV VHW KLJKHU WKDQ WKH UDWHG IUHTXHQF\
WKH VWDJH RSHUDWHV DV RYHUIUHTXHQF\ VWDJH :KHQ 2YHUIUHTXHQF\ FDQ RFFXU IRU H[DPSOH GXULQJ ORDG
WKH OLPLW YDOXH LV VHW HTXDO WR WKH UDWHG IUHTXHQF\ VKHGGLQJ RU IDXOW\ RSHUDWLRQ RI WKH VSHHG UHJXODWRU
WKH FRQFHUQHG VWDJH LV LQHIIHFWLYH HJ LQ LVODQG RSHUDWLRQ 7KXV WKH RYHUIUHTXHQF\
VWDJH FDQ EH XVHG HJ DV RYHUVSHHG SURWHFWLRQ
$V D PDWWHU RI SULQFLSOH WKH VHWWLQJ YDOXHV IRU IUH
TXHQF\ DQG GHOD\ WLPHV GHSHQG RQ WKH YDOXHV 7KH RSHUDWLQJ WLPH RI WKH IUHTXHQF\ SURWHFWLRQ
VXSSOLHG E\ WKH SRZHU VWDWLRQ RSHUDWRU VWDJHV GHSHQGV RQ WKH VHW QXPEHU RI UHSHDWHG PHD
VXUHPHQWV Q ZKHUH WKH WLPH SHULRG RI WKH DFWXDO
,Q SRZHU VWDWLRQV WKH XQGHUIUHTXHQF\ SURWHFWLRQ F\FOH PXVW EH FRQVLGHUHG +LJKDFFXUDF\ IUHTXHQ
XVXDOO\ KDV WKH WDVN RI PDLQWDLQLQJ WKH SRZHU VWDWLRQ F\ FDOFXODWLRQ WDNHV DF F\FOHV WKXV WKH RSHUDWLQJ
DX[LOLDU\ VXSSO\ E\ SURPSWO\ GLVFRQQHFWLQJ LW IURP WLPH FRUUHVSRQGV WR k Q k F\FOH SHULRG WR
WKH QHWZRUN 7KH WXUELQH UHJXODWRU WKHQ UHJXODWHV WKH UHSHDWHG PHDVXUHPHQWV FDQ EH VHW IRU HDFK IUH
JHQHUDWRU VHW WR UDWHG VSHHG VR WKDW WKH SRZHU VWD TXHQF\ VWDJH WKLV FRUUHVSRQGV WR DSSUR[LPDWHO\
WLRQ DX[LOLDU\ VXSSO\ FDQ EH PDLQWDLQHG ZLWK UDWHG WKH IROORZLQJ WLPH GHOD\V
IUHTXHQF\
DW I +] V WR V
,Q JHQHUDO WXUELQHJHQHUDWRU VHWV FDQ EH FRQWLQX DW I +] V WR V
RXVO\ RSHUDWHG DW GRZQ WR RI UDWHG IUHTXHQF\
I 6 7 $ * ( 3LFN XS YDOXH RI WKH IUHTXHQF\ VWDJH I

6HWWLQJ UDQJH +] WR +]
+ ] 7KH SUHVHW YDOXH UHVXOWV LQ DQ XQGHUIUHTXHQF\ VWDJH
0 ( $ 5 ( 3 I 1XPEHU RI PHDVXUHPHQW UHSHWLWLRQV DF SHULRGV

HDFK IRU IUHTXHQF\ VWDJH I
6HWWLQJ UDQJH WR
&*&


6HWWLQJ UDQJH WR


6HWWLQJ UDQJH WR

+ ] 7KH SUHVHW YDOXH UHVXOWV ZLWK UDWHG IUHTXHQF\ I1 +]
LQ DQ RYHUIUHTXHQF\ VWDJH

6HWWLQJ UDQJH WR
% / 2 & . 8 0LQLPXP RSHUDWLQJ YROWDJH EHORZ ZKLFK IUHTXHQF\

PHDVXUHPHQW I! LV EORFNHG
&*&
6HWWLQJV IRU IRUZDUG SRZHU VXSHUYLVLRQ DGGUHVV EORFN
) 2 5 : 3 2 : ( 5
%HJLQQLQJ RI WKH EORFN l)RUZDUG SRZHU VXSHUYLVLRQl
6 8 3 ( 5 9 , 6 , 2 1
) 2 5 : 3 2 : ( 5 6ZLWFK 2)) RI IRUZDUG SRZHU VXSHUYLVLRQ

2 ) )
2 1 6ZLWFK 21 RI IRUZDUG SRZHU VXSHUYLVLRQ
IRUZDUG SRZHU VXSHUYLVLRQ RSHUDWHV EXW 75,3

% / 2 & . 7 5 , 3 5 ( / 5(/D\ LV %/2&.HG
6HWWLQJ RI WKH IRUZDUG SRZHU VXSHUYLVLRQ LV YHU\ PXFK GHSHQGHQW RQ WKH DSSOLFDWLRQ *HQHUDO VHWWLQJ UHFRP
PHQGDWLRQV FDQQRW EH PDGH 7KH VWDJHV RSHUDWH LQGHSHQGHQW RI HDFK RWKHU 7KH SLFN XS YDOXHV PXVW EH VHW
DV D SHUFHQWDJH RI WKH VHFRQGDU\ UDWHG SRZHU 61VHF c k 81VHF k ,1VHF 7KH PDFKLQH RXWSXW PXVW WKHUHIRUH
EH UHIHUUHG WR VHFRQGDU\ YDOXHV
3VHF 3PDFK 81PDFK ,1PDFK

k k
61VHF 61PDFK 81SUL ,1SUL
ZKHUHE\ 3VHF VHFRQGDU\ DFWLYH SRZHU DFFRUGLQJ WR VHWWLQJ YDOXH

61VHF VHFRQGDU\ UDWHG DSSDUHQW SRZHU c k 81VHF k ,1VHF
3PDFK DFWLYH SRZHU RI PDFKLQH DFFRUGLQJ WR VHWWLQJ YDOXH
61PDFK UDWHG DSSDUHQW SRZHU RI PDFKLQH
81PDFK UDWHG YROWDJH RI PDFKLQH
,1PDFK UDWHG FXUUHQW RI PDFKLQH
81SUL SULPDU\ UDWHG YROWDJH RI YROWDJH WUDQVIRUPHUV
,1SUL SULPDU\ UDWHG FXUUHQW RI FXUUHQW WUDQVIRUPHUV
8QGHU DGGUHVV LW FDQ EH VHOHFWHG ZKHWKHU IRUZDUG SRZHU PHDVXUHPHQW VKRXOG EH FDUULHG RXW E\ DQ DF
FXUDWH DOJRULWKP RU E\ D IDVW DOJRULWKP 7KH DFFXUDWH DOJRULWKP LV SUHIHUUHG LQ SRZHU VWDWLRQV ZKHUHDV WKH IDVW
DOJRULWKP LV LQWHQGHG IRU XVH DV QHWZRUN VSOLWWLQJ UHOD\
7KH VHW WLPHV DUH DGGLWLRQDO GHOD\ WLPHV ZKLFK GR QRW LQFOXGH WKH RSHUDWLQJ WLPHV PHDVXULQJ WLPH UHVHW WLPH
RI WKH SURWHFWLRQ IXQFWLRQ LWVHOI
6XSHUYLVLRQ RI GHFUHDVH LQ IRUZDUG DFWLYH SRZHU

3 I
6HWWLQJ UDQJH WR
RI VHFRQGDU\ UDWHG DSSDUHQW SRZHU
3 I ! 6XSHUYLVLRQ RI LQFUHDVH LQ IRUZDUG DFWLYH SRZHU

6HWWLQJ UDQJH WR
RI VHFRQGDU\ UDWHG DSSDUHQW SRZHU
&*&
7 3 I 7ULS GHOD\ RQ GHFUHDVH RI IRUZDUG DFWLYH SRZHU

V DQG * QR WULS
7 3 I ! 7ULS GHOD\ RQ LQFUHDVH RI IRUZDUG DFWLYH SRZHU

V DQG * QR WULS
7 5 ( 6 ( 7 'URSRII WLPH DIWHU WULS VLJQDO KDV EHHQ LVVXHG

6HOHFWLRQ RI WKH PHDVXUHPHQW DOJRULWKP

0 ( $ 0 ( 7 + 2 '
$&&85$7( PHDVXUHPHQW HJ IRU XVH DV IRUZDUG SRZ
$ & & 8 5 $ 7 (
HU SURWHFWLRQ
) $ 6 7 )$67 PHDVXUHPHQW HJ IRU XVH DV QHWZRUN VSOLWWLQJ
UHOD\
6HWWLQJV IRU UHYHUVH SRZHU SURWHFWLRQ DGGUHVV EORFN
%HJLQQLQJ RI WKH EORFN

5 ( 9 ( 5 6 ( 3 2 : ( 5 l5HYHUVH SRZHU SURWHFWLRQl
6ZLWFK 2)) RI UHYHUVH SRZHU SURWHFWLRQ

5 ( 9 3 2 : ( 5
2 ) )
6ZLWFK 21 RI UHYHUVH SRZHU SURWHFWLRQ
2 1
UHYHUVH SRZHU SURWHFWLRQ RSHUDWHV EXW 75,3
5(/D\ LV %/2&.HG
% / 2 & . 7 5 , 3 5 ( /
,I UHYHUVH SRZHU RSHUDWLRQ RFFXUV WKHQ WKH WXUELQH 8VXDOO\ WKH WLPH GHOD\ LV VHW WR DSSUR[LPDWHO\ W
JHQHUDWRU VHW PXVW EH GLVFRQQHFWHG IURP WKH QHW V
ZRUN VLQFH RSHUDWLRQ RI WKH WXUELQH ZLWKRXW D FHUWDLQ
PLQLPXP VWHDP WKURXJKSXW FRROLQJ HIIHFW LV LP ,Q WKH HYHQW RI IDXOWV WKDW OHDG WR D WULS RI WKH VWRS
SHUPLVVLEOH ,Q FDVH RI D JDV WXUELQH WKH PRWRULQJ YDOYH GLVFRQQHFWLRQ E\ WKH UHYHUVH SRZHU SURWHF
ORDG PD\ EHFRPH WRR ODUJH IRU WKH QHWZRUN ,Q WKH WLRQ LV SHUIRUPHG DIWHU D VKRUW WLPH GHOD\ IROORZLQJ
HYHQW RI UHYHUVH SRZHU ZLWK WKH VWRS YDOYH LQ QRUPDO FRQILUPDWLRQ WKDW WKH VWRS YDOYH KDV VXFFHVVIXOO\ RS
VWDWH D VXLWDEOH WLPH GHOD\ PXVW EH SURYLGHG LQ RUGHU HUDWHG 7KLV FRQILUPDWLRQ LV QRUPDOO\ YLD DQ RLO SUHV
WR EULGJH D SRVVLEOH WUDQVLHQW UHYHUVH SRZHU LQWDNH VXUH VZLWFK RU D OLPLW VZLWFK RQ WKH VWRS YDOYH ,W PXVW
IROORZLQJ V\QFKURQL]LQJ RU GXULQJ SRZHU RVFLOODWLRQV EH D FRQGLWLRQ IRU WULSSLQJ WKDW WKH UHYHUVH SRZHU LV
DIWHU QHWZRUN IDXOWV HJ WKUHHSROH VKRUW FLUFXLW FDXVHG VROHO\ E\ WKH IDLOXUH RI HQHUJ\ WR WKH WXUELQH
&*&
$ WLPH GHOD\ LV UHTXLUHG WR EULGJH RXW WKH DFWLYH SRZ IRUH EH UHIHUUHG WR VHFRQGDU\ YDOXHV
HU RVFLOODWLRQV FDXVHG E\ D UDSLG FORVXUH RI WKH
YDOYHV LH WR ZDLW XQWLO D VWHDG\VWDWH DFWLYH SRZHU 3VHF 3PDFK 81PDFK ,1PDFK
YDOXH KDV EHHQ UHDFKHG $ WLPH GHOD\ RI WR V LV 61VHF 61PDFK
k
81SUL
k
,1SUL
VXIILFLHQW LQ WKLV FDVH DSSUR[LPDWHO\ V DUH UHF
RPPHQGHG IRU JDV WXUELQHV 7KH VHW WLPHV DUH DGGL
WLRQDO WLPH GHOD\V ZKLFK GR QRW LQFOXGH WKH UHOD\ RS ZKHUHE\
HUDWLQJ WLPHV PHDVXUHPHQW WLPH UHVHW WLPH
3VHF VHFRQGDU\ DFWLYH SRZHU DFFRUGLQJ WR
7KH UHYHUVH SRZHU LV PHDVXUHG E\ WKH SURWHFWLRQ VHWWLQJ YDOXH
XQLW LWVHOI GXULQJ WKH SULPDU\ WHVWV UHIHU VHFWLRQ 61VHF VHFRQGDU\ UDWHG DSSDUHQW SRZHU
$SSUR[LPDWHO\ WLPHV WKH PHDVXUHG UH c k 81VHF k ,1VHF
YHUVH SRZHU YDOXH LV FKRVHQ DV WKH VHWWLQJ YDOXH 3PDFK DFWLYH SRZHU RI PDFKLQH DFFRUGLQJ WR
7KLV YDOXH PXVW EH HQWHUHG ZLWK LWV QHJDWLYH VLJQ ,Q VHWWLQJ YDOXH
FDVHV RI ODUJH PDFKLQHV ZLWK VPDOO PRWRULQJ SRZHU 61PDFK UDWHG DSSDUHQW SRZHU RI PDFKLQH
LW LV DGYLVDEOH WR FRUUHFW WKH DQJOH HUURU RI WKH LQVWUX 81PDFK UDWHG YROWDJH RI PDFKLQH
PHQW WUDQVIRUPHUV VHH 6HFWLRQ ,1PDFK UDWHG FXUUHQW RI PDFKLQH
81SUL SULPDU\ UDWHG YROWDJH RI YROWDJH WUDQV
7KH SLFN XS YDOXH PXVW EH VHW DV D SHUFHQWDJH RI IRUPHUV
WKH VHFRQGDU\ UDWHG DSSDUHQW SRZHU 61VHF ,1SUL SULPDU\ UDWHG FXUUHQW RI FXUUHQW WUDQV
c k 81VHF k ,1VHF 7KH PDFKLQH RXWSXW PXVW WKHUH IRUPHUV
3LFN XS YDOXH RI UHYHUVH SRZHU LQ SHUFHQW RI

3 ! 5 ( 9 ( 5 6 (
VHFRQGDU\ UDWHG DSSDUHQW SRZHU
6HWWLQJ UDQJH WR
7 6 9 2 3 ( 1 7ULS GHOD\ IRU UHYHUVH SRZHU ZLWK VWRS YDOYH QRUPDO VWDWH
DQG * QR WULS
7 6 9 & / 2 6 7ULS GHOD\ IRU UHYHUVH SRZHU ZLWK VWRS YDOYH WULSSHG
DQG * QR WULS ZLWK VKRUW WLPH VWDJH
7 5 ( 6 ( 7 'URSRII WLPH DIWHU WULS FRPPDQG KDV EHHQ LVVXHG

&*&
6HWWLQJV IRU XQEDODQFHG ORDG SURWHFWLRQ DGGUHVV EORFN
%HJLQQLQJ RI WKH EORFN l8QEDODQFHG ORDG SUR

8 1 % $ / $ 1 & ( ' / 2 $ ' WHFWLRQl
8 1 % $ / / 2 $ ' 6ZLWFK 2)) RI XQEDODQFHG ORDG SURWHFWLRQ

2 ) )
2 1 6ZLWFK 21 RI XQEDODQFHG ORDG SURWHFWLRQ
XQEDODQFHG ORDG SURWHFWLRQ RSHUDWHV EXW 75,3

% / 2 & . 7 5 , 3 5 ( /
5(/D\ LV %/2&.HG
7KH PD[LPXP FRQWLQXRXVO\ SHUPLVVLEOH QHJDWLYH 7KH XQEDODQFHG ORDG SURWHFWLRQ VLPXODWHV WKH WHP
VHTXHQFH FXUUHQW LV GHFLVLYH IRU WKH WKHUPDO UHSOLFD SHUDWXUH ULVH DFFRUGLQJ WR WKH WKHUPDO GLIIHUHQWLDO
)URP H[SHULHQFH WKLV FXUUHQW DPRXQWV WR DSSUR[L HTXDWLRQ WKH VROXWLRQ RI ZKLFK LV DQ HIXQFWLRQ LQ
PDWHO\ WR RI UDWHG PDFKLQH FXUUHQW IRU PD VWHDG\ VWDWH RSHUDWLRQ 7KH WLPH FRQVWDQW U LV GHFL
FKLQHV XS WR 09$ DQG ZLWK WXUER URWRUV DQG DW VLYH IRU WKH WLPH WR UHDFK WKH OLPLW WHPSHUDWXUH DQG
OHDVW RI WKH UDWHG PDFKLQH FXUUHQW IRU PDFKLQHV WKXV IRU WKH WULS WLPH
ZLWK VDOLHQW SROH URWRUV )RU ODUJHU PDFKLQHV DQG LQ
FDVHV RI GRXEW WKH GDWD VXSSOLHG E\ WKH PDQXIDF ,I WKH WLPH FRQVWDQW LV VWDWHG E\ WKH PDQXIDFWXUHU
WXUHU VKRXOG SUHYDLO WKHQ WKDW YDOXH LV VHW DGGUHVV 7KH WKHUPDO FD
SDELOLW\ WLPH FDQ DOVR EH H[SUHVVHG E\ WKH FRQVWDQW
7KH YDOXHV PXVW EH FRQYHUWHG WR WKH VHFRQGDU\ & ,,1 k W RU E\ WKH WKHUPDO XQEDODQFHG ORDG
TXDQWLWLHV ZKHQ VHWWLQJ WKH 80 7KH IROORZLQJ
FKDUDFWHULVWLF
DSSOLHV
,PD[PDFK ,1PDFK 7KH FRQVWDQW & LV SURSRUWLRQDO WR WKH SHUPLVVLEOH
6HWWLQJ YDOXH ,!
,1PDFK ,1SUL
k
ORVV HQHUJ\ 6WULFWO\ VSHDNLQJ LW RQO\ DSSOLHV LI D FRQ
VWDQW ORVV HQHUJ\ LV VXSSOLHG ZLWKRXW KHDW GLVVLSDW
ZKHUHE\ LQJ 7KLV FRUUHVSRQGV WR D OLQHDU WHPSHUDWXUH FKDU
,PD[PDFK PD[LPXP FRQWLQXRXVO\ SHU DFWHULVWLF DV SUHVHQW LQ WKH LQLWLDO VWDJH RI WKH HIXQF
PLVVLEOH WKHUPDO QHJDWLYH WLRQ LH GXULQJ D ODUJH XQEDODQFHG ORDG 8QGHU WKLV
VHTXHQFH FXUUHQW SURYLVLRQ WKH JUDGLHQW WULDQJOH DFFRUGLQJ )LJXUH
,1PDFK 5DWHG PDFKLQH FXUUHQW UHVXOWV LQ WKH IROORZLQJ HTXDWLRQ
,1SUL SULPDU\ UDWHG FW FXUUHQW
,,1 N
7KLV YDOXH ,! LV VHW XQGHU DGGUHVV ,W DOVR UHS RU ,,1 k W N k U
U W
UHVHQWV WKH SLFN XS YDOXH RI D FXUUHQW GHSHQGHQW
DODUP VWDJH WKH GHILQLWH GHOD\ WLPH RI ZKLFK 7,!
ZKHUHE\
LV VHW XQGHU DGGUHVV
,,1 DQ\ XQEDODQFHG ORDG
U WKH WKHUPDO WLPH FRQVWDQW
([DPSOH
N WKH SHUPLVVLEOH XQEDODQFHG ORDG RI
WKH PDFKLQH
0DFKLQH ,1 $ W WKH WLPH DW ZKLFK N LV UHDFKHG
,PD[
&XUUHQW WUDQVIRUPHU $ $
$
,! k
$
&*&

1
,
,

,
1
,

3DUDPHWHU U
.

W U W
WLPH WLPH
)LJXUH , W FKDUDFWHULVWLF )LJXUH 7KHUPDO XQEDODQFHG ORDG FKDUDFWHU
LVWLF
,I ,,1 k W LV UHSODFHG E\ WKH FRQVWDQW & WKHQ LW IRO ([DPSOH

ORZV WKDW
& )URP WKH XQEDODQFHG ORDG FKDUDFWHULVWLF
U W V DW
N
,,1
6LQFH WKH FRQVWDQW & DSSOLHV IRU WKH PDFKLQH WKH
SHUPLVVLEOH XQEDODQFHG ORDG UHIHUUHG WR UDWHG PD
&RQWLQXRXV SHUPLVVLEOH XQEDODQFHG ORDG
FKLQH FXUUHQW PXVW EH LQVHUWHG IRU N DQG QRW WKH YDO
,,1
XH UHIHUUHG WR WKH VHFRQGDU\ VLGH
([DPSOH V
U V

& V
,
N 7KH FDOFXODWHG WLPH FRQVWDQW LV VHW DV 7,0( &2167
,1 XQGHU DGGUHVV
7KHQ LW IROORZV WKDW 7KH FKDUDFWHULVWLF RI WKH WKHUPDO XQEDODQFHG ORDG

V SURWHFWLRQ GRHV QRW IXUWKHU UHGXFH IRU KLJK QHJDWLYH
U V VHTXHQFH FXUUHQWV DERYH WLPHV WKH SHUPLVVLEOH

QHJDWLYH VHTXHQFH FXUUHQW 7KHUHIRUH WKH WKHUPDO
,I WKH WKHUPDO XQEDODQFHG ORDG FKDUDFWHULVWLF LV SUR FKDUDFWHULVWLF LV LQWHUVHFWHG E\ D GHILQLWHWLPH QHJ
YLGHG WKH SURWHFWLRQ FKDUDFWHULVWLF PXVW EH DWLYH VHTXHQFH FXUUHQW FKDUDFWHULVWLF ,!! DG
PDWFKHG WR FRLQFLGH ZLWK LW DV IDU DV SRVVLEOH $OVR LQ GUHVV $ VHWWLQJ WR DSSUR[ HQVXUHV WKDW
WKLV FDVH D OLQHDU HIXQFWLRQ FKDUDFWHULVWLF FDQ EH LQ WKH HYHQW RI D SKDVH IDLOXUH XQEDODQFHG ORDG DO
DVVXPHG RQ WKH EDVLV RI D ODUJH XQEDODQFHG ORDG ZD\V VPDOOHU WKDQ c LH , WULSSLQJ
PRVW VLPSO\ ,,1 7KH QHJDWLYH VHTXHQFH FXU DOZD\V RFFXUV DFFRUGLQJ WR WKH WKHUPDO FKDUDFWHULV
UHQWWLPH FRRUGLQDWHV IRU HJ ,,1 DUH UHDG IURP WLF 2Q WKH RWKHU KDQG D WZRSKDVH VKRUW FLUFXLW
WKH FKDUDFWHULVWLF )LJXUH DQG WKH WLPH FRQVWDQW FDQ EH DVVXPHG WR EH SUHVHQW LI PRUH WKDQ XQ
U LV FDOFXODWHG DFFRUGLQJ WR WKH IROORZLQJ IRUPXOD EDODQFHG ORDG H[LVWV &RQVHTXHQWO\ WKH WLPH GHOD\
7,!! DGGUHVV LV FRRUGLQDWHG DFFRUGLQJ
W
U WR WKH WLPH JUDGLQJ IRU SKDVH VKRUW FLUFXLWV
N
ZKHUHE\ W LV WKH SHUPLVVLEOH GXUDWLRQ DW ,,1 7KH VHW WLPHV DUH DGGLWLRQDO GHOD\ WLPHV ZKLFK GR QRW
DQG N LV WKH SHUPLVVLEOH FRQWLQXRXV XQEDODQFHG LQFOXGH WKH RSHUDWLQJ WLPHV PHDVXUHPHQW WLPH UH
ORDG VHW WLPH RI WKH SURWHFWLRQ IXQFWLRQ LWVHOI
&*&
, ! 0D[LPXP FRQWLQXRXVO\ SHUPLVVLEOH QHJDWLYH VHTXHQFH

FXUUHQW LQ RI ,1
6HWWLQJ UDQJH WR
7 , ! 7LPH GHOD\ IRU GHILQLWH WLPH ZDUQLQJ VWDJH RS

HUDWHV DIWHU SLFN XS RI ,! DGGUHVV
DQG * QR ZDUQLQJ ZLWK ,! VWDJH
7 , 0 ( & 2 1 6 7 7KHUPDO WLPH FRQVWDQW U

7 + ( 5 0 : $ 5 1 7KHUPDO ZDUQLQJ WHPSHUDWXUH ULVH LQ RI WULS

SLQJ WHPSHUDWXUH ULVH
6HWWLQJ UDQJH WR
, ! ! 3LFN XS YDOXH IRU KLJK FXUUHQW GHILQLWH WLPH WULS

VWDJH
6HWWLQJ UDQJH WR
7 , ! ! 7LPH GHOD\ IRU KLJK FXUUHQW GHILQLWH WLPH WULS VWDJH

,!! DGGUHVV
V 6HWWLQJ UDQJH V WR
DQG * QR WULS ZLWK ,!! VWDJH
7 5 ( 6 ( 7 'URSRII WLPH DIWHU WULS VLJQDO KDV EHHQ LVVXHG

&*&
6HWWLQJV IRU RYHUFXUUHQW WLPH SURWHFWLRQ DGGUHVV EORFNV DQG
2 9 ( 5 & 8 5 5 %HJLQQLQJ RI WKH EORFN

, ! l2YHUFXUUHQW WLPH SURWHFWLRQ ,! VWDJHl
2 & , !
6ZLWFK 2)) RI RYHUFXUUHQW WLPH VWDJH ,!
2 ) )
2 1 6ZLWFK 21 RI RYHUFXUUHQW WLPH VWDJH ,!
% / 2 & . 7 5 , 3 5 ( / RYHUFXUUHQW WLPH VWDJH ,! RSHUDWHV EXW 75,3

5(/D\ LV %/2&.HG
7KH RYHUFXUUHQW WLPH SURWHFWLRQ LV D VKRUW FLUFXLW WHFWLRQ XQLW ZKLFK LV FORVHVW WR WKH IDXOW ORFDWLRQ LV WKH
SURWHFWLRQ ,W LV WKH ODVW EDFN XS IRU QHWZRUN IDXOWV ILUVW WR WULS VHOHFWLYLW\ $OO VHW WLPHV DUH DGGLWLRQDO
DQG UHSUHVHQWV WKH EDFN XS SURWHFWLRQ IRU WKH GLI WLPH GHOD\V ZKLFK GR QRW LQFOXGH RSHUDWLQJ WLPHV
IHUHQWLDO SURWHFWLRQ )RU VPDOO PDFKLQHV LW LV RIWHQ WKH PHDVXULQJ WLPH UHVHW WLPH
RQO\ VKRUW FLUFXLW SURWHFWLRQ 7KH RYHUFXUUHQW VWDJH
,! VKRXOG EH VHW DW OHDVW DERYH WKH PD[LPXP 7KH XQGHUYROWDJH VHDOLQ IHDWXUH 8 SRVLWLYH VH
RSHUDWLRQDO FXUUHQW WKDW FDQ EH H[SHFWHG ,QFUHDVHG TXHQFH FRPSRQHQW VKRXOG RSHUDWH EHORZ WKH
ORDG FXUUHQWV DUH GHWHFWHG E\ WKH RYHUORDG SURWHF VPDOOHVW RSHUDWLRQ YROWDJH SKDVHSKDVH HJ VHW
WLRQ WLQJ YDOXH 9
7KH WULS GHOD\ WLPH 7,! PXVW EH FRRUGLQDWHG ZLWK 7KH KROGLQJ WLPH 76($/,1 SURYLGHV WKH WLPH OLPLW
WKH WLPH JUDGLQJ SODQ RI WKH QHWZRUN VR WKDW WKH SUR RI WKH XQGHUYROWDJH VHDOLQ
, ! 3LFN XS YDOXH RI ,! VWDJH UHIHUUHG WR UDWHG FXUUHQW RI

SURWHFWLRQ XQLW
, , Q 6HWWLQJ UDQJH ,1 WR ,1
7 , ! 7ULS GHOD\ RI ,! VWDJH

DQG * QR WULS

8 6 ( $ / , 1 6ZLWFK 2)) RI XQGHUYROWDJH VHDOLQ FLUFXLW

2 ) )
2 1 6ZLWFK 21 RI XQGHUYROWDJH VHDOLQ FLUFXLW
&*&
8 3LFN XS YDOXH RI XQGHUYROWDJH VHDOLQ

'XUDWLRQ RI XQGHUYROWDJH VHD LQ PXVW EH ORQJHU WKDQ WULS

7 6 ( $ / , 1
GHOD\ WLPH SOXV FLUFXLW EUHDNHU RSHQLQJ WLPH
7KH KLJKFXUUHQW LQVWDQWDQHRXV WULS VWDJH ,!! FDQ EH VHW WR EH RSHUDWLYH RU LQRSHUDWLYH LQGHSHQGHQWO\ RI WKH
,! VWDJH
2 9 ( 5 & 8 5 5 %HJLQQLQJ RI WKH

, ! ! l+LJKFXUUHQW LQVWDQWDQHRXV WULS ,!! VWDJHl
& , ! ! 6ZLWFK 2)) RI WKH KLJKFXUUHQW VWDJH ,!!

2 ) )
2 1 6ZLWFK 21 RI WKH KLJKFXUUHQW VWDJH ,!!
RYHUFXUUHQW WLPH VWDJH ,!! RSHUDWHV EXW 75,3

% / 2 & . 7 5 , 3 5 ( /
5(/D\ LV %/2&.HG
7KH KLJKFXUUHQW LQVWDQWDQHRXV WULS VWDJH ,!! LV XVXDOO\ XVHG IRU FXUUHQW JUDGLQJ ZLWK ODUJH LPSHGDQFHV
ZKLFK DUH QRUPDOO\ SUHVHQW LQ JHQHUDWRUV PRWRUV RU EORFN WUDQVIRUPHUV 7KH ,!! VWDJH LV VHW VXFK WKDW LW SLFNV
XS IRU VKRUW FLUFXLW FXUUHQWV JUDGHG IRU H[DPSOH LQWR WKH EORFN WUDQVIRUPHU
,!! ,1PDFKLQH ,!! ,1PDFKLQH

6HWWLQJ ! !
[
G k X.7UDQVI [
G
k
,1
k
,1FW ,1 ,1FW
'HFD\LQJ GF FRPSRQHQWV LQ WKH FXUUHQW DUH VWURQJO\ UHGXFHG LQ 80 1HYHUWKHOHVV LW FDQ EH DGYLVDEOH WR
GHOD\ WKH ,!! VWDJH E\ WKH GHOD\ WLPH 7,!! LI D UHODWLYHO\ VHQVLWLYH VHWWLQJ RI ,!! LV XVHG )RU JHQHUDWRUV RU
PRWRUV PV WR PV LV XVXDOO\ VXIILFLHQW 7KH VHW WLPHV DUH DGGLWLRQDO WLPH GHOD\V ZKLFK GR QRW LQFOXGH WKH
RSHUDWLQJ WLPHV PHDVXULQJ UHVHW WLPH
, ! ! 3LFN XS YDOXH RI ,!! VWDJH UHIHUUHG WR UDWHG FXUUHQW

RI SURWHFWLRQ XQLW
, , Q 6HWWLQJ UDQJH ,1 WR ,1
7 , ! ! 7ULS GHOD\ RI ,!! VWDJH

V DQG * QR WULS
7 5 ( 6 ( 7 5HVHW GHOD\ WLPH DIWHU WULS VLJQDO KDV EHHQ LQLWLDWHG

V
&*&
6HWWLQJV IRU WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DGGUHVV EORFN
2 9 ( 5 & 8 5 5 %HJLQQLQJ RI WKH EORFN

l2YHUFXUUHQW WLPH SURWHFWLRQ ,H! VWDJHl
, H ! !
2 & , H !
6ZLWFK 2)) RI RYHUFXUUHQW WLPH VWDJH ,H!
2 ) )
2 1 6ZLWFK 21 RI RYHUFXUUHQW WLPH VWDJH ,H!
% / 2 & . 7 5 , 3 5 ( / RYHUFXUUHQW WLPH VWDJH ,H! RSHUDWHV EXW 75,3

5(/D\ LV %/2&.HG
7KH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ FDQ EH ,I WKH GLVSODFHPHQW YROWDJH 8HQ RI DQ HDUWKLQJ WUDQV
XVHG WR GHWHFWV HDUWK IDXOW HLWKHU LQ WKH VWDWRU RU LQ WKH IRUPHU LV WR EH XVHG DV PHDVXULQJ FULWHULRQ WKLV
URWRU ZLQGLQJ RI WKH PDFKLQH $ SUHFRQGLWLRQ LV WKDW PXVW EH FRQYHUWHG LQWR D SURSRUWLRQDO FXUUHQW ,( E\
WKH PDJQLWXGH RI WKH PHDVXUHG FXUUHQW LV D VXIILFLHQW DQ H[WHUQDO UHVLVWRU 5G 7KH IROORZLQJ HTXDWLRQ LV
FULWHULRQ :KHQ WKH SURWHFWHG ZLQGLQJ LV LVRODWHG RU DSSOLFDEOH
KLJKUHVLVWDQFH HDUWKHG VXIILFLHQW PDJQLWXGH RI
WKH HDUWK FXUUHQW PXVW EH SURGXFHG :KHQ IRU H[
8HQ PLQ 8HQ PD[
DPSOH XVHG DV URWRU HDUWK IDXOW SURWHFWLRQ D V\VWHP 5G 3Y
,( PLQ 5Y
IUHTXHQF\ ELDV YROWDJH PXVW EH DSSOLHG WR WKH URWRU
FLUFXLW FI 6HFWLRQ ,Q WKLV FDVH WKH PHDVXUHG
FXUUHQW LV GHWHUPLQHG E\ WKH PDJQLWXGH RI WKH ELDV 8HQ PLQ PLQLPXP GLVSODFHPHQW YROWDJH WR EH
YROWDJH DQG WKH FDSDFLWDQFH RI WKH FRXSOLQJ FDSDFL GHWHFWHG
WRUV RI WKH URWRU FLUFXLW ZKLFK FDQ EH PHDVXUHG LQ RU
8HQ PD[ PD[LPXP GLVSODFHPHQW YROWDJH
GHU WR HQVXUH D FORVHG PHDVXULQJ FLUFXLW DGGUHVV
,( PLQ HDUWK FXUUHQW WR EH GHWHFWHG DW PLQL
PXP GLVSODFHPHQW YROWDJH DGGUHVV
7KH HDUWK FXUUHQW SLFN XS YDOXH DGGUHVV LV
FKRVHQ VXFK WKDW DQ HDUWK UHVLVWDQFH ORZHU WKDQ DS
SUR[LPDWHO\ 8 LV FRYHUHG 2Q WKH RWKHU KDQG
WKH VHWWLQJ YDOXH VKDOO FRUUHVSRQG WR DW OHDVW WZLFH )RU ORZ YROWDJH PRWRUV ZLWK QHXWUDO FRQGXFWRU
WKH LQWHUIHUHQFH FXUUHQW FDXVHG E\ WKH HDUWK FDSDFL ZLUH V\VWHP RU PDFKLQHV ZLWK ORZ RKPLF
WDQFHV RI WKH URWRU FLUFXLW HDUWKHG QHXWUDOV WKH RYHUFXUUHQW WLPH SURWHFWLRQ
SURYLGHV HDUWK IDXOW GHWHFWLRQ 6KRXOG WKH KLJKO\ VHQ
)RU XVH DV VWDWRU HDUWK IDXOW SURWHFWLRQ D VXIILFLHQW VLWLYH HDUWK FXUUHQW SURWHFWLRQ EH XVHG IRU HDUWK IDXOW
FXUUHQW PXVW EH SURGXFHG E\ DQ HDUWKLQJ WUDQVIRUP SURWHFWLRQ LQ V\VWHPV ZLWK HDUWKHG QHXWUDO WKHQ LW
HU LI QHFHVVDU\ )XUWKHU LQIRUPDWLRQ DERXW GLPHQ PXVW EH HQVXUHG WKDW WKH WKHUPDO OLPLWV FI 6HFWLRQ
VLRQLQJ RI WKH HDUWKLQJ WUDQVIRUPHU DQG ORDG UHVLVWRU DUH QRW H[FHHGHG GXULQJ HDUWK IDXOW ,I QHFHV
LV FRQWDLQHG LQ WKH SDPSKOHW l3ODQQLQJ 0DFKLQH 3UR VDU\ DQ LQWHUPHGLDWH FXUUHQW WUDQVIRUPHU PXVW EH LQ
WHFWLRQ 6\VWHPVl 2UGHU 1R (8 VWDOOHG LQ RUGHU WR UHGXFH WKH FXUUHQW WR WKH UHOD\ LQ
8$ SXW
, H ! 3LFN XS YDOXH RI ,H!VWDJH

P $ 6HWWLQJ UDQJH P$ WR P$
&*&
7ULS GHOD\ RI ,H!VWDJH

7 , H !
V DQG * QR WULS ZLWK ,H!VWDJH
7 5 ( 6 ( 7 5HVHW GHOD\ WLPH DIWHU WULS VLJQDO KDV EHHQ LQLWLDWHG

3LFN XS YDOXH RI WKH PHDVXULQJ FLUFXLW VXSHUYLVLRQ

, H VWDJH ,H
P $ 6HWWLQJ UDQJH P$ WR P$
DQG P$ LH VXSHUYLVLRQ VWDJH LV LQHIIHFWLYH
6HWWLQJV IRU WKH VWDWRU RYHUORDG SURWHFWLRQ DGGUHVV EORFN
7 + ( 5 0 $ / %HJLQQLQJ RI WKH EORFN

2 9 ( 5 / 2 $ ' 3 5 2 7 l7KHUPDO VWDWRU RYHUORDG SURWHFWLRQl
2 9 ( 5 / 2 $ ' 6ZLWFK 2)) RI WKH RYHUORDG SURWHFWLRQ

2 ) )
2 1 6ZLWFK 21 RI WKH RYHUORDG SURWHFWLRQ
RYHUORDG SURWHFWLRQ RSHUDWHV EXW 75,3 5(/D\ LV

% / 2 & . 7 5 , 3 5 ( /
%/2&.HG
7KH PD[LPXP SHUPLVVLEOH FRQWLQXRXV FXUUHQW RI WKH ,1PDFKLQH

.)$&725 NPDFKLQH [
PDFKLQH LV GHFLVLYH IRU RYHUORDG GHWHFWLRQ 7KLV ,1FWSULP
PXVW EH PDWFKHG WR WKH UDWHG FXUUHQW FRQGLWLRQV RI
WKH FXUUHQW WUDQVIRUPHUV VLQFH WKH UHOD\ XVHV LWV
,PD[PDFKLQH
[ 1PDFKLQH
,
UDWHG FXUUHQW DV WKH EDVH FXUUHQW IRU GHWHFWLRQ RI DQ .)$&725
RYHUORDG 7KH UDWHG UHOD\ FXUUHQW VKRXOG HTXDO WKH ,1PDFKLQH ,1FWSULP
UDWHG VHFRQGDU\ FXUUHQW RI WKH FXUUHQW WUDQVIRUPHUV
7KH IROORZLQJ LV YDOLG FRQFHUQLQJ WKH PDFKLQH ZKHUHE\
NPDFKLQH RYHUORDG IDFWRU RI WKH PDFKLQH

,PD[PDFKLQH
NPDFKLQH ,PD[PDFKLQH PD[LPXP SHUPLVVLEOH FRQWLQXRXV
,1PDFKLQH FXUUHQW RI WKH PDFKLQH
,1PDFKLQH UDWHG FXUUHQW RI WKH PDFKLQH
7KH VHWWLQJ YDOXH .B)$&725 LV WKH GHWHUPLQHG ,1FWSULP SULPDU\ UDWHG FXUUHQW RI WKH FW
V
&*&
7KH PD[LPXP SHUPLVVLEOH FRQWLQXRXV WKHUPDO PD 7KH RYHUORDG SURWHFWLRQ VLPXODWHV WKH WHPSHUDWXUH
FKLQH FXUUHQW VKRXOG EH VSHFLILHG E\ WKH PDQXIDF ULVH RI WKH WKHUPDO GLIIHUHQWLDO HTXDWLRQ WKH VROXWLRQ
WXUHU ,I QR RWKHU LQIRUPDWLRQ LV DYDLODEOH [ WKH RI ZKLFK UHSUHVHQWV DQ HIXQFWLRQ LQ VWHDG\VWDWH
UDWHG PDFKLQH FXUUHQW LV FKRVHQ RSHUDWLRQ 7KH WLPH FRQVWDQW U LV GHFLVLYH IRU WKH WLPH
WR UHDFK WKH WHPSHUDWXUH ULVH WKUHVKROG DQG WKXV IRU
WKH WULS WLPH DGGUHVV
([DPSOH
,I WKH RYHUORDG FKDUDFWHULVWLF RI WKH SURWHFWHG PD
0DFKLQH ,1PDFKLQH $ FKLQH LV NQRZQ WKHQ WKH WULS FKDUDFWHULVWLF RI WKH SUR
,PD[PDFKLQH [ ,1PDFK WHFWLRQ PXVW EH FKRVHQ VXFK WKDW LW PDWFKHV WKH PD
FKLQH RYHUORDG FKDUDFWHULVWLF DW OHDVW IRU VPDOO RYHU
&XUUHQW WUDQVIRUPHUV $ $ ORDGV
$ 6LPLODU FRQVLGHUDWLRQV DSSO\ LI WKH SHUPLVVLEOH RSHU

.)$&725 [ DWLQJ WLPH IRU D SDUWLFXODU RYHUORDG YDOXH LV VWDWHG
$
. ) $ & 7 2 5 6HWWLQJ YDOXH RI N IDFWRU ,PD[,1

6HWWLQJ UDQJH WR
$Q RYHUFXUUHQW DODUP LV LVVXHG ZKHQ RQH RI WKH WKUHH SKDVH FXUUHQWV H[FHHGV WKH YDOXH ,PD[ N k ,1
7 & 2 1 6 7 $ 1 7 6HWWLQJ YDOXH RI WLPH FRQVWDQW U

V 6HWWLQJ UDQJH WR V
%\ VHWWLQJ D ZDUQLQJ VWDJH IRU WKH WHPSHUDWXUH ULVH

DGGUHVV DQ DODUP FDQ EH RXWSXW EHIRUH WKH
33WULS
WULS WHPSHUDWXUH ULVH LV UHDFKHG 3URPSW ORDG VKHG
GLQJ IRU H[DPSOH PD\ WKHQ SUHYHQW WULSSLQJ
7KHUHIRUH WKH DODUP VWDJH VKRXOG EH VHW EHWZHHQ
5HPDUN :LWK WKH XVXDO N YDOXH RI DQG ZLWK UDWHG
WKH VWHDG\VWDWH WHPSHUDWXUH ULVH DW UDWHG FXUUHQW
PDFKLQH FXUUHQW DQG FRUUHFW PDWFKLQJ RI WKH FW FXU
DQG WULS WHPSHUDWXUH ULVH
UHQW WKH IROORZLQJ VWHDG\VWDWH WHPSHUDWXUH ULVH LV
REWDLQHG LQ SHUFHQW RI WULS WHPSHUDWXUH ULVH
3 : $ 5 1 :DUQLQJ WHPSHUDWXUH ULVH LQ SHUFHQW RI WULS

WHPSHUDWXUH ULVH 3:$51375,3
6HWWLQJ UDQJH WR
7KH DERYH GDWD DUH VXIILFLHQW WR VLPXODWH WKH WHPSHU E\ D D PHDVXUHPHQW WUDQVGXFHU ZLWK OLIH]HUR VLJ
DWXUH ULVH 7KH PDFKLQH SURWHFWLRQ DOVR SURYLGHV WKH QDO P$ WR P$ DGGUHVV ,Q WKH ODWWHU FDVH
SRVVLELOLW\ WR SURFHVV WKH DPELHQW WHPSHUDWXUH RU DQG H[WHUQDO PHDVXUHPHQW VKXQW PXVW EH DYDLODEOH
WKH FRROLQJ PHGLXP WHPSHUDWXUH 7KLV WHPSHUDWXUH ZKLFK FRQYHUWV WKH FXUUHQW LQWR D YROWDJH 9 WR 9
PXVW EH LQSXW DV D WHPSHUDWXUHSURSRUWLRQDO GF 7KH FRQYHUVLRQ IDFWRU EHWZHHQ WKH LQSXW GF YROWDJH
YROWDJH YLD WKH LQEXLOW DQDORJ LQSXW 7KH UHOD\ PXVW DW WKH UHOD\ DQG WKH WHPSHUDWXUH GHSHQGV RQ WKH
EH LQIRUPHG ZKHWKHU WKLV GF YROWDJH LV SURGXFHG E\ DYDLODEOH PHDVXUHPHQW WUDQVGXFHU DQG LV VHW XQGHU
D PHDVXUHPHQW WUDQVGXFHU ZLWK 9 WR 9 RXWSXW RU DGGUHVV
&*&
,W PXVW EH QRWHG LQ WKLV FDVH WKDW WKH VHWWLQJ IDFWRU N ZLWK U WLPH FRQVWDQW DGGUHVVH
UHIHUV WR DQ DPELHQW WHPSHUDWXUH RI & LH LW FRU N .)$&725 DGGUHVVH
UHVSRQGV WR WKH FRQWLQXRXV SHUPLVVLEOH FXUUHQW DW ,1 UDWHG FXUUHQW RI WKH UHOD\
&
, DFWXDOO\ IORZLQJ VHFRQGDU\ FXUUHQW
,Q RUGHU WR GHWHUPLQH WKH OLPLW WHPSHUDWXUH WKH SUR ,SUH SUHORDG FXUUHQW
WHFWLRQ DOVR UHTXLUHV WKH UDWHG WHPSHUDWXUH ULVH LH 31 UDWHG WHPSHUDWXUH ULVH DW UDWHG UHOD\
WKH WHPSHUDWXUH ULVH RI WKH PDFKLQH DW UDWHG FXUUHQW FXUUHQW ,1 DGGUHVVH
DGGUHVV ,W VKRXOG DOVR EH QRWHG KHUH WKDW 3DPE PHDVXUHG DPELHQW WHPSHUDWXUH
JHQHUDOO\ WKH UDWHG PDFKLQH FXUUHQW GLIIHUV IURP WKH UHIHUUHG WR DGGUHVVH
UDWHG FW FXUUHQW DQG WKHUHIRUH WKH VHW N IDFWRU GRHV
QRW FRUUHVSRQG WR WKH PDFKLQH
V N IDFWRU $FFRUG
LQJO\ WKH WHPSHUDWXUH ULVH DW UDWHV PDFKLQH FXUUHQW ([DPSOH
PXVW EH DGMXVWHG DV IROORZV
0DFKLQH ,1 $
,PD[ k ,1 DW 3DPE E&
,1SUL 31 GHJUHHV WHPSHUDWXUH
31VHF 31PDFK [
,1PDFK ULVH DW ,1
ZKHUHE\
31VHF WHPSHUDWXUH ULVH RI PDFKLQH DW &XUUHQW WUDQVIRUPHUV $ $
VHFRQGDU\ UDWHG FXUUHQW VHWWLQJ
YDOXH LQ 80 DGGUHVV $ DGGUHVV
N [
31PDFK WHPSHUDWXUH ULVH RI PDFKLQH DW $
UDWHG PDFKLQH FXUUHQW
,1SUL SULPDU\ UDWHG FXUUHQW RI FW
V
31VHN GHJ [ GHJ
,1PDFK UDWHG PDFKLQH FXUUHQW DGGUHVV
)XUWKHUPRUH WKH WKH WULSSLQJ WLPH GHSHQGV RQ DPEL

HQW WHPSHUDWXUH LI WKLV LV WR EH WDNHQ LQWR DFFRXQW 7KH IROORZLQJ H[DPSOH VKRZV WKH LQIOXHQFH RI WKH
7KH LQWHUQDO FDOFXODWLRQV DUH EDVHG RQ DPELHQW WHP DPELHQW WHPSHUDWXUH RQ WKH WULS WLPH $VVXPLQJ D
SHUDWXUH RI & 7KH DFWXDO WULS WHPSHUDWXUH FDQ EH FXUUHQW RI WLPHV UDWHG UHOD\ FXUUHQW ZLWKRXW SUH
FDOFXODWHG DFFRUGLQJ WR WKH IROORZLQJ IRUPXOD ZKHQ ORDG ,SUH
WKH DPELHQW WHPSHUDWXUH GLIIHUV IURP &

Nk, ,1 38 E&

N k J1
,
NkSUH
,1
W U k OQ
Nk, ,1 3N8 k 3 E&
1

E& E&
k E&
DW 3DPE E& W V k OQ V

E& E&
k E&

E& E&
k E&

E& E&
k E&

E&k E&
E&


E& E&
k E&
&*&
7 0 3 5 , 6 ( , 7HPSHUDWXUH ULVH DW UDWHG FXUUHQW VHFRQGDU\

G H J 6HWWLQJ UDQJH GHJUHHV WR GHJUHHV
5HPRWH PHDVXUHPHQW WUDQVGXFHU IRU FRROLQJ PHGLXP

7 ( 0 3 , 1 3 WHPSHUDWXUH PHDVXUHPHQW
1 2 1 ( ; , 6 7 121 (;,67 LH QRW LQVWDOOHG RU FRQQHFWHG RU
3 7 37 UHPRWH WKHUPRPHWHU 3W LQVWDOOHG DQG

FRQQHFWHG RXWSXW 9 WR 9 RU
P $ P$ UHPRWH PHDVXUHPHQW WUDQVGXFHU ZLWK RXW

SXW P$ WR P$ FRQYHUWHG WR 9 WR 9
$PELHQW WHPSHUDWXUH DW 9 DW WKH WHPSHUDWXUH LQ SXW

7 ( 0 3 0 $ ;
RI WKH UHOD\
E & 6HWWLQJ UDQJH GHJUHHV WR GHJUHHV
)LQDOO\ LW VKRXOG EH QRWHG WKDW ZKHQ FRQVLGHULQJ WKH FRROLQJ PHGLXP WHPSHUDWXUH WKH SHUFHQWDJH RI WKH ZDUQ
LQJ WHPSHUDWXUH UHIHUV WR WKH GLIIHUHQFH EHWZHHQ WULS WHPSHUDWXUH DQG & LH & FRUUHVSRQGV WR WULS
WHPSHUDWXUH FRUUHVSRQGV WR
7KH WULS WHPSHUDWXUH RI WKH DERYH H[DPSOH LV WKHQ

3WULS E& [ GHJ E& VHFRQGDU\ RU
3WULS E& [ GHJ E& UHIHUUHG WR PDFKLQH YDOXHV
7KLV WHPSHUDWXUH YDOXH FRUUHVSRQGV WR WKH GLVSOD\ 33WULS XQGHU WKH RSHUDWLRQDO YDOXHV DGGUHVV
EORFN
&*&
6HWWLQJV IRU PHDVXUHG YDOXH PRQLWRULQJ DGGUHVV EORFN
7KH GLIIHUHQW PRQLWRULQJ IXQFWLRQV RI WKH SURWHFWLYH SHFWHG RU LI GXULQJ RSHUDWLRQ RQH RU PRUH PRQLWRU
UHOD\ DUH GHVFULEHG LQ 6HFWLRQ 7KH\ SDUWO\ LQJ IXQFWLRQV UHDFW VSRUDGLFDOO\ WKHQ WKH VHQVLWLYLW\
PRQLWRU WKH UHOD\ LWVHOI SDUWO\ WKH VWHDG\VWDWH PHD VKRXOG EH UHGXFHG
VXUHG YDOXHV RI WKH WUDQVIRUPHU FLUFXLWV
127( 3UHUHTXLVLWH IRU FRUUHFW IXQFWLRQ RI WKH PHD
7KH VHQVLWLYLW\ RI WKH PHDVXUHG YDOXH PRQLWRULQJ FDQ VXUHG YDOXH PRQLWRUV LV WKH SURSHU VHWWLQJ RI WKH JHQ
EH FKDQJHG LQ EORFN 7KH IDFWRU\ VHWWLQJV DUH VXI HUDO SRZHU V\VWHP GDWD 6HFWLRQ HVSHFLDOO\
ILFLHQW LQ PRVW FDVHV ,I SDUWLFXODUO\ KLJK RSHUDWLRQDO WKH SDUDPHWHUV FRQFHUQLQJ YROWDJH FRQQHFWLRQV
DV\PPHWULHV RI WKH FXUUHQWV DQGRU YROWDJHV DUH H[ DQG WKH PDWFKLQJ IDFWRU
0 ( $ 6 9 $ / 8 ( %HJLQQLQJ RI EORFN
6 8 3 ( 5 9 , 6 , 2 1 l0HDVXUHG YDOXH VXSHUYLVLRQl
0 9 6 8 3 ( 5 9 0HDVXUHG YDOXH PRQLWRULQJ LV

2 ) ) 2)) VZLWFKHG RII
2 1 21 VZLWFKHG RQ
&XUUHQW WKUHVKROG DERYH ZKLFK WKH V\PPHWU\ PRQL

6 < 0 , W K U H V
WRULQJ LV HIIHFWLYH UHIHU WR )LJXUH
, , Q 6PDOOHVW VHWWLQJ YDOXH k ,1
/DUJHVW VHWWLQJ YDOXH k ,1
6\PPHWU\ IDFWRU IRU WKH FXUUHQW V\PPHWU\ VORSH RI

6 < 0 ) D F W ,
WKH V\PPHWU\ FKDUDFWHULVWLF VHH WR )LJXUH
&XUUHQW WKUHVKROG DERYH ZKLFK WKH VXPPDWLRQ PRQL

6 8 0 , W K U H V WRULQJ UHIHU WR )LJXUH UHDFWV DEVROXWH FRQWHQW
, , Q UHODWHG WR ,1 RQO\
6PDOOHVW VHWWLQJ YDOXH k ,1
/DUJHVW VHWWLQJ YDOXH k ,1
5HODWLYH FRQWHQW UHODWHG WR WKH PD[LPXP FRQGXFWRU

6 8 0 ) D F W , FXUUHQW IRU RSHUDWLRQ RI WKH FXUUHQW VXPPDWLRQ PRQ
LWRULQJ UHIHU WR )LJXUH
9ROWDJH WKUHVKROG SKDVHSKDVH DERYH ZKLFK WKH

6 < 0 8 W K U H V V\PPHWU\ PRQLWRULQJ LV HIIHFWLYH UHIHU WR )LJXUH
9 6PDOOHVW VHWWLQJ YDOXH 9
/DUJHVW VHWWLQJ YDOXH 9
6\PPHWU\ IDFWRU IRU WKH YROWDJH V\PPHWU\ VORSH RI

6 < 0 ) D F W 8 WKH V\PPHWU\ FKDUDFWHULVWLF UHIHU WR )LJXUH
&*&
&RXSOLQJ H[WHUQDO WULS VLJQDOV DGGUHVV EORFNV WR
8S WR IRXU GHVLUHG VLJQDOV IURP H[WHUQDO SURWHFWLRQ RU DQG VXSHUYLVLRQ VLJQDOV WKH\ FDQ EH DQQXQFLDWHG DV
VXSHUYLVLRQ XQLWV FDQ EH LQFOXGHG LQWR WKH SURFHVV l([WHUQDO WULSl WLPH GHOD\HG DQG WUDQVPLWWHG WR WKH
LQJ RI 80 7KH VLJQDOV DUH FRXSOHG DV l([WHUQDO WULS PDWUL[
VLJQDOVl YLD ELQDU\ LQSXWV /LNH WKH LQWHUQDO SURWHFWLRQ
( ; 7 ( 5 1 $ / %HJLQQLQJ RI WKH EORFN l,QFOXGLQJ RI DQ H[WHUQDO WULS

7 5 , 3 ) 8 1 & 7 , 2 1 IXQFWLRQ l
( ; 7 7 5 , 3 6ZLWFK 2)) RI H[WHUQDO WULS IXQFWLRQ

2 ) )
2 1 6ZLWFK 21 RI H[WHUQDO WULS IXQFWLRQ
H[WHUQDO WULS IXQFWLRQ RSHUDWHV EXW 75,3 5(/D\ LV

% / 2 & . 7 5 , 3 5 ( /
%/2&.HG
7 ' ( / $ < 7LPH GHOD\ IRU H[WHUQDO WULS IXQFWLRQ

V DQG * QR WULS


7 5 , 3 ) 8 1 & 7 , 2 1 IXQFWLRQ l

2 ) )

% / 2 & . 7 5 , 3 5 ( /
%/2&.HG

V DQG * QR WULS

&*&

7 5 , 3 ) 8 1 & 7 , 2 1 IXQFWLRQ l

2 ) )

% / 2 & . 7 5 , 3 5 ( /
%/2&.HG

V DQG * QR WULS


7 5 , 3 ) 8 1 & 7 , 2 1 IXQFWLRQ l

2 ) )

% / 2 & . 7 5 , 3 5 ( /
%/2&.HG

V DQG * QR WULS

&*&
6HWWLQJV IRU WULS FLUFXLW VXSHUYLVLRQ DGGUHVV EORFN
%LQDU\ LQSXWV RI WKH GHYLFH FDQ EH XVHG IRU WKH WZR 7KH WULS FLUFXLWV DUH FKHFNHG DSSUR[ WZR WR WKUHH
WULS FLUFXLW VXSHUYLVLRQ IXQFWLRQV UHIHU 6HFWLRQ WLPHV SHU VHFRQG $ODUP GHOD\ LV GHWHUPLQHG E\ WKH
(DFK WULS FLUFXLW VXSHUYLVLRQ QHHGV WZR ELQDU\ LQ QXPEHU RI PHDVXUHPHQW UHSHWLWLRQV DGGUHVV
SXWV +LJKHU QXPEHU RI PHDVXUHPHQW UHSHWLWLRQV FRUUH
VSRQGV WR ORQJHU DODUP GHOD\ DQG RI FRXUVH WR LQ
7KH WULS FLUFXLW LV VXSHUYLVHG IRU RSHQFLUFXLW FUHDVHG VDIHW\ DJDLQVW IDXOW\ DODUP (TXDOO\ WKH WLPH
VKRUW FLUFXLW DQG FRQWURO YROWDJH IDLOXUH GHOD\ FDQ EULGJH RXW VKRUW LQWHUUXSWLRQV GXULQJ
EUHDNHU RSHUDWLRQ
7 5 , 3 & , 5 · 7
%HJLQQLQJ RI WKH EORFN l7ULS FLUFXLW VXSHUYLVLRQl
6 8 3 ( 5 9 , 6 , 2 1
7 5 3 6 8 3 ( 5 9 7ULS FLUFXLW VXSHUYLVLRQ LV

2 ) ) 2)) VZLWFKHG RII
2 1 21 VZLWFKHG RQ
1 R & , 5 & 7 1XPEHU RI VXSHUYLVHG WULS FLUFXLWV

SRVVLEOH WR
1XPEHU RI PHDVXUHPHQW UHSHWLWLRQV

0 ( $ 5 ( 3 ( 7 6HWWLQJ UDQJH WR
FRUUHVSRQGLQJ WR DQ DODUP GHOD\ RI DSSUR[ V
WR V
&*&
$QQXQFLDWLRQV
,QWURGXFWLRQ
$IWHU D IDXOW DQQXQFLDWLRQV DQG PHVVDJHV SURYLGH D 3UHVV NH\ 06 0 VWDQGV IRU lPHVVDJHVl 6 IRU
VXUYH\ RI LPSRUWDQW IDXOW GDWD DQG WKH IXQFWLRQ RI WKH lVLJQDOVl WKHQ WKH DGGUHVV DSSHDUV DXWR
UHOD\ DQG VHUYH IRU FKHFNLQJ VHTXHQFHV RI IXQFWLRQ PDWLFDOO\ DV WKH EHJLQQLQJ RI WKH DQQXQFLDWLRQ
DO VWHSV GXULQJ WHVWLQJ DQG FRPPLVVLRQLQJ )XUWKHU EORFNV
WKH\ SURYLGH LQIRUPDWLRQ DERXW WKH FRQGLWLRQ RI PHD
VXUHG GDWD DQG WKH UHOD\ LWVHOI GXULQJ QRUPDO RSHUD )RU FRQILJXUDWLRQ RI WKH WUDQVIHU RI DQQXQFLDWLRQV YLD
WLRQ WKH VHULDO LQWHUIDFHV WKH QHFHVVDU\ GDWD DUH HQWHUHG
LQ EORFN VHH 6HFWLRQ
7R UHDG RXW UHFRUGHG DQQXQFLDWLRQV QR FRGHZRUG
LQSXW LV QHFHVVDU\ 7KH DQQXQFLDWLRQV DUH DUUDQJHG DV IROORZV
7KH DQQXQFLDWLRQV JHQHUDWHG LQ WKH UHOD\ DUH SUHV %ORFN 2SHUDWLRQDO DQQXQFLDWLRQV WKHVH DUH
HQWHG LQ YDULRXV ZD\V PHVVDJHV ZKLFK FDQ DSSHDU GXULQJ WKH
RSHUDWLRQ RI WKH UHOD\ LQIRUPDWLRQ DERXW
/(' LQGLFDWLRQV LQ WKH IURQW SODWHV RI WKH UHOD\ )LJ FRQGLWLRQ RI UHOD\ IXQFWLRQV PHDVXUH
XUH PHQW GDWD HWF
%LQDU\ RXWSXWV RXWSXW UHOD\V YLD WKH FRQQHFWLRQV %ORFN (YHQW DQQXQFLDWLRQV IRU WKH ODVW IDXOW
RI WKH UHOD\ SLFN XS WULS H[SLUHG WLPHV RU VLPLODU $V
GHILQHG D IDXOW EHJLQV ZLWK SLFN XS RI
,QGLFDWLRQV LQ WKH GLVSOD\ RQ WKH IURQW SODWH RU RQ DQ\ IDXOW GHWHFWRU DQG HQGV DIWHU GURSRII
WKH VFUHHQ RI D SHUVRQDO FRPSXWHU YLD WKH RSHUDW RI WKH ODVW IDXOW GHWHFWRU
LQJ LQWHUIDFH
%ORFN (YHQW DQQXQFLDWLRQV IRU WKH SUHYLRXV QHW
7UDQVPLVVLRQ YLD WKH VHULDO LQWHUIDFH WR ORFDO RU UH ZRUN IDXOW DV EORFN
PRWH FRQWURO IDFLOLWLHV
%ORFN (YHQW DQQXQFLDWLRQV IRU WKH ODVW EXW WZR
QHWZRUN IDXOW DV EORFN
0RVW RI WKHVH DQQXQFLDWLRQV FDQ EH UHODWLYHO\ IUHHO\
DOORFDWHG WR WKH /('V DQG ELQDU\ RXWSXWV VHH 6HF
%ORFN ,QGLFDWLRQ RI RSHUDWLRQDO PHDVXUHG YDOXHV
WLRQ $OVR ZLWKLQ VSHFLILF OLPLWDWLRQV JURXS DQG
FXUUHQWV YROWDJHV IUHTXHQF\
PXOWLSOH LQGLFDWLRQV FDQ EH IRUPHG
%ORFN ,QGLFDWLRQ RI RSHUDWLRQDO PHDVXUHG YDOXHV
7R FDOO XS DQQXQFLDWLRQV RQ WKH RSHUDWRU SDQHO WKH SRZHU SRZHU IDFWRU SROH DQJOH H[FLWD
IROORZLQJ SRVVLELOLWLHV H[LVW WLRQ YROWDJH
%ORFN SDJLQJ ZLWK WKH NH\V Â IRUZDUGV RU Ä EDFN %ORFN ,QGLFDWLRQ RI RSHUDWLRQDO PHDVXUHG YDOXHV
ZDUGV XS WR DGGUHVV RI RYHUORDG SURWHFWLRQ DQG RI WKH XQEDO
DQFHG ORDG SURWHFWLRQ QHJDWLYH VH
'LUHFW VHOHFWLRQ ZLWK DGGUHVV FRGH XVLQJ NH\ '$ TXHQFH FXUUHQW FDOFXODWHG WKHUPDO YDO
DGGUHVV DQG H[HFXWH ZLWK NH\ ( XHV

&RPPHQFHPHQW RI lDQQXQFLDWLRQ EORFNVl
$ 1 1 8 1 & , $ 7 , 2 1 6
$ FRPSUHKHQVLYH OLVW RI WKH SRVVLEOH DQQXQFLDWLRQV DQG RXWSXW IXQFWLRQV ZLWK WKH DVVRFLDWHG IXQFWLRQ QXPEHU
)1R LV JLYHQ LQ $SSHQGL[ & ,W LV DOVR LQGLFDWHG WR ZKLFK GHYLFH HDFK DQQXQFLDWLRQ FDQ EH URXWHG
&*&
2SHUDWLRQDO DQQXQFLDWLRQV DGGUHVV EORFN
2SHUDWLRQDO DQG VWDWXV DQQXQFLDWLRQV FRQWDLQ LQIRU $IWHU VHOHFWLRQ RI WKH DGGUHVV E\ GLUHFW VHOHF
PDWLRQ ZKLFK WKH XQLW SURYLGHV GXULQJ RSHUDWLRQ DQG WLRQ ZLWK '$ ( DQGRU SDJLQJ ZLWK Â RU Ä
DERXW WKH RSHUDWLRQ 7KH\ EHJLQ DW DGGUHVV DQG IXUWKHU VFUROOLQJ RU WKH RSHUDWLRQDO DQQXQFL
,PSRUWDQW HYHQWV DQG VWDWXV FKDQJHV DUH FKURQR DWLRQV DSSHDU 7KH ER[HV EHORZ VKRZ DOO DYDLODEOH
ORJLFDOO\ OLVWHG VWDUWLQJ ZLWK WKH PRVW UHFHQW PHV RSHUDWLRQDO DQQXQFLDWLRQV ,Q HDFK VSHFLILF FDVH RI
VDJH 7LPH LQIRUPDWLRQ LV VKRZQ LQ KRXUV DQG PLQ FRXUVH RQO\ WKH DVVRFLDWHG DQQXQFLDWLRQV DSSHDU LQ
XWHV 8S WR RSHUDWLRQDO LQGLFDWLRQV FDQ EH VWRUHG WKH GLVSOD\
,I PRUH RFFXU WKH ROGHVW DUH HUDVHG LQ VHTXHQFH
1H[W WR WKH ER[HV EHORZ WKH DEEUHYLDWHG IRUPV DUH
)DXOWV LQ WKH PDFKLQH DUH RQO\ LQGLFDWHG DV l)DXOWl H[SODLQHG ,W LV LQGLFDWHG ZKHWKHU DQ HYHQW LV DQ
WRJHWKHU ZLWK WKH VHTXHQFH QXPEHU RI WKH IDXOW 'H QRXQFHG RQ RFFXUUHQFH & l&RPLQJl RU D VWDWXV
WDLOHG LQIRUPDWLRQ DERXW WKH KLVWRU\ RI WKH IDXOW LV FRQ LV DQQRXQFHG l&RPLQJl DQG l*RLQJl &* 7KH ILUVW
WDLQHG LQ EORFNV l)DXOW DQQXQFLDWLRQVl UHIHU 6HFWLRQ OLVWHG PHVVDJH LV DV H[DPSOH DVVLJQHG ZLWK GDWH
DQG WLPH LQ WKH ILUVW OLQH WKH VHFRQG OLQH VKRZV WKH
EHJLQQLQJ RI D FRQGLWLRQ ZLWK WKH FKDUDFWHU & WR LQGL
7KH LQSXW RI WKH FRGHZRUG LV QRW UHTXLUHG FDWH WKDW WKLV FRQGLWLRQ RFFXUUHG DW WKH GLVSOD\HG
WLPH
2 3 ( 5 $ 7 , 2 1 $ / %HJLQQLQJ RI WKH EORFN l2SHUDWLRQDO

DQQXQFLDWLRQVl
$ 1 1 8 1 & , $ 7 , 2 1 6
VW OLQH 'DWH DQG WLPH RI WKH HYHQW RU VWDWXV

FKDQJH
3 U E O R F N H G & QG OLQH $QQXQFLDWLRQ WH[W LQ WKH H[DPSOH &RPLQJ
,I WKH UHDO WLPH FORFN LV QRW DYDLODEOH WKH GDWH LV UHSODFHG E\ 444444 WKH WLPH LV JLYHQ DV UHODWLYH WLPH IURP WKH
ODVW UHVWDUW RI WKH SURFHVVRU V\VWHP
'LUHFW UHVSRQVH IURP ELQDU\ LQSXWV
! 6 W D U W ) O W 5 H F )DXOW UHFRUGLQJ VWDUWHG YLD ELQDU\ LQSXW &
! $ Q Q X Q F 8VHU GHILQHG DQQXQFLDWLRQ 1R UHFHLYHG YLD ELQDU\

LQSXW &*

LQSXW &*

LQSXW &*

LQSXW &*
! 6 \ V 7 H V W 7HVWLQJ YLD V\VWHPLQWHUIDFH &*
! 6 \ V 0 0 E O R F N %ORFNLQJ RI PRQLWRULQJ GLU YLD V\VWHPLQWHUIDFH &*
&*&
! 8 V H D O L Q E O N 8QGHUYROWDJH VHDOLQ RI RYHUFXUUHQW WLPH SURWHFWLRQ

LV EORFNHG &*
! ( [ W W U L S ([WHUQDO WULS VLJQDO YLD ELQDU\ LQSXW &*
! 3 K D V H U R W D W &KDQJHRYHU WR FRXQWHUFORFNZLVH SKDVH URWDWLRQ

YLD ELQDU\ LQSXW .*
! 6 9 W U L S S H G 6WRS YDOYH WULSSHG &*
! 3 I E O R F N %ORFN IRUZDUG SRZHU 3I VXSHUYLVLRQ &*
! 3 I ! E O R F N %ORFN IRUZDUG SRZHU 3I! VXSHUYLVLRQ &*
! I E O R F N %ORFN IUHTXHQF\ SURWHFWLRQ VWDJH I YLD ELQDU\ LQSXW

&*
&*
&*
&*
! & K D U E O N %ORFN FKDUDFWHULVWLF RI XQGHUH[FLWDWLRQ SURWHFWLRQ
&*
! & K D U E O N %ORFN FKDUDFWHULVWLF RI XQGHUH[FLWDWLRQ SURWHFWLRQ
&*
! 8 H [ F I D L O ([FLWDWLRQ YROWDJH IDLOXUH LQGLFDWHG E\ ELQDU\ LQSXW &
*
! 7 U L S U H O 7ULS FLUFXLW VXSHUYLVLRQ LQSXW LQ SDUDOOHO WR WULS UHOD\
&*
! & % D X [ 7ULS FLUFXLW VXSHUYLVLRQ LQSXW LQ SDUDOOHO WR &% DX[LO
LDU\ FRQWDFW &*
! 7 U L S U H O 7ULS FLUFXLW VXSHUYLVLRQ LQSXW LQ SDUDOOHO WR WULS UHOD\
&*
! & % D X [ 7ULS FLUFXLW VXSHUYLVLRQ LQSXW LQ SDUDOOHO WR &% DX[LO
LDU\ FRQWDFW &*
&*&
*HQHUDO RSHUDWLRQDO DQQXQFLDWLRQV RI WKH SURWHFWLRQ GHYLFH
' H Y R S H U D W L Y H 'HYLFH RSHUDWLYH KHDOWK\ &*
3 U R W R S H U D W $Q\ SURWHFWLRQ IXQFWLRQ LV RSHUDWLYH &*
, Q L W L D O V W D U W ,QLWLDO VWDUW RI WKH SURFHVVRU V\VWHP &
/ ( ' U H V H W 6WRUHG /(' LQGLFDWLRQV UHVHW &
/ R J 0 H W H U % O R F N 0HVVDJHV DQG PHDVXUHG YDOXHV YLD WKH V\VWHP LQWHU

IDFH DUH EORFNHG &*
7 H V W P R G H 0HVVDJHV DQG PHDVXUHG YDOXH YLD WKH V\VWHP LQWHU

IDFH DUH PDUNHG ZLWK l7HVW RSHUDWLRQl &*
3 D U D P U X Q Q L Q J 3DUDPHWHUV DUH EHLQJ VHW &*
3 D U D P 6 H W $ 3DUDPHWHU VHW $ LV DFWLYH &*
3 D U D P 6 H W % 3DUDPHWHU VHW % LV DFWLYH &*
3 D U D P 6 H W & 3DUDPHWHU VHW & LV DFWLYH &*
3 D U D P 6 H W ' 3DUDPHWHU VHW ' LV DFWLYH &*
6 \ V W H P ) O W 3RZHU V\VWHP IDXOW &* GHWDLOHG LQIRUPDWLRQ LQ WKH

IDXOW DQQXQFLDWLRQV
) O W 5 H F ' D W ' H O )DXOW UHFRUGLQJ GDWD GHOHWHG &
) O W 5 H F Y L D % , )DXOW UHFRUGLQJ WULJJHUHG YLD ELQDU\ LQSXW &
) O W 5 H F Y L D . % )DXOW UHFRUGLQJ WULJJHUHG YLD WKH IURQW NH\ERDUG &
) O W 5 H F Y L D 3 & )DXOW UHFRUGLQJ WULJJHUHG YLD RSHUDWLQJ 3& LQWHUIDFH

&
2 S H U D W & R Q G 2SHUDWLQJ FRQGLWLRQ LH VXLWDEOH PHDVXUHG YDOXHV
DUH SUHVHQW &*
& O R F N Z L V H &ORFNZLVH SKDVH URWDWLRQ &
$ Q W L F O R F N Z &RXQWHUFORFNZLVH SKDVH URWDWLRQ &
$QQXQFLDWLRQV RI PRQLWRULQJ IXQFWLRQV
: U R Q J 6 : Y H U V 6RIWZDUH YHUVLRQ RI WKH GHYLFH LV ZURQJ &
: U R Q J G H Y , ' 'HYLFH LGHQWLILFDWLRQ QXPEHU LV ZURQJ &
$ Q Q X Q F O R V W $QQXQFLDWLRQV ORVW EXIIHU RYHUIORZ &
&*&
$ Q Q X 3 & O R V W $QQXQFLDWLRQV IRU RSHUDWLQJ 3& LQWHUIDFH ORVW &
2 S H U $ Q Q , Q Y D 2SHUDWLRQDO DQQXQFLDWLRQV LQYDOLG &*
) O W $ Q Q , Q Y D O )DXOW DQQXQFLDWLRQV LQYDOLG &*
/ ( ' % X I I , Q Y D %XIIHU IRU VWRUHG /('V LQYDOLG &*
9 ' ( : 6 W D W H , Q Y 9'(: VWDWH LQYDOLG &*
& K V ( U U R U &KHFN VXP HUURU GHWHFWHG &*
& K V $ ( U U R U &KHFN VXP HUURU GHWHFWHG IRU SDUDPHWHU VHW $

QR RSHUDWLRQ SRVVLEOH ZLWK WKLV VHW &*
& K V % ( U U R U &KHFN VXP HUURU GHWHFWHG IRU SDUDPHWHU VHW %

& K V & ( U U R U &KHFN VXP HUURU GHWHFWHG IRU SDUDPHWHU VHW &
& K V ' ( U U R U &KHFN VXP HUURU GHWHFWHG IRU SDUDPHWHU VHW '
) D L O X U H 9 )DLOXUH LQ LQWHUQDO VXSSO\ YROWDJH 9 &*
) D L O X U H 9 )DLOXUH LQ RIIVHW YROWDJH 9 &*
) D L O 7 U L S 5 H O )DLOXUH RQ WULS UHOD\ &*
/ 6 $ G L V U X S W H G /6$OLQN GLVUXSWHG V\VWHP LQWHUIDFH &*
) D L O X U H 5 , )DLOXUH GHWHFWHG E\ FXUUHQW SODXVLELOLW\ PRQLWRU 5, &*
) D L O X U H , V \ P P )DLOXUH GHWHFWHG E\ FXUUHQW V\PPHWU\ PRQLWRU &*
) D L O X U H 8 V \ P P )DLOXUH GHWHFWHG E\ YROWDJH V\PPHWU\ PRQLWRU &*
) D L O 3 K D V H 6 H T )DLOXUH GHWHFWHG E\ SKDVH VHTXHQFH PRQLWRU &*
$QQXQFLDWLRQV RI XQGHUH[FLWDWLRQ SURWHFWLRQ
( [ F L W R I I 8QGHUH[FLWDWLRQ SURWHFWLRQ LV VZLWFKHG RII &*
( [ F L W E O R F N H G 8QGHUH[FLWDWLRQ SURWHFWLRQ LV EORFNHG &*
&*&
( [ F L W D F W L Y H 8QGHUH[FLWDWLRQ SURWHFWLRQ LV DFWLYH &*
( [ F 8 E O N 8QGHUH[FLWDWLRQ SURWHFWLRQ LV EORFNHG GXH WR LQVXIIL

FLHQW SRVLWLYH VHTXHQFH YROWDJH PDJQLWXGH &*
8 H [ F I D L O X U H ([FLWDWLRQ YROWDJH IDLOXUH UHFRJQL]HG &*
$QQXQFLDWLRQV RI XQGHUYROWDJH SURWHFWLRQ
8 R I I 8QGHUYROWDJH SURWHFWLRQ LV VZLWFKHG RII &*
8 E O R F N H G 8QGHUYROWDJH SURWHFWLRQ LV EORFNHG &*
8 D F W L Y H 8QGHUYROWDJH SURWHFWLRQ LV DFWLYH &*
$QQXQFLDWLRQV RI RYHUYROWDJH SURWHFWLRQ
R Y R I I 2YHUYROWDJH SURWHFWLRQ LV VZLWFKHG RII &*
R Y E O N 2YHUYROWDJH SURWHFWLRQ LV EORFNHG &*
R Y D F W L Y H 2YHUYROWDJH SURWHFWLRQ LV DFWLYH &*
$QQXQFLDWLRQV RI VWDWRU HDUWK IDXOW SURWHFWLRQ
8 ! R I I 6WDWRU HDUWK IDXOW SURWHFWLRQ LV VZLWFKHG RII &*
8 ! E O R F N H G 6WDWRU HDUWK IDXOW SURWHFWLRQ LV EORFNHG &*
8 ! D F W L Y H 6WDWRU HDUWK IDXOW SURWHFWLRQ LV DFWLYH &*
$QQXQFLDWLRQV RI IUHTXHQF\ SURWHFWLRQ
) 5 4 R I I )UHTXHQF\ SURWHFWLRQ LV VZLWFKHG RII &*
) 5 4 E O R F N H G )UHTXHQF\ SURWHFWLRQ LV EORFNHG &*
) 5 4 D F W L Y H )UHTXHQF\ SURWHFWLRQ LV DFWLYH &*
) 5 4 8 E O R F N )UHTXHQF\ SURWHFWLRQ LV EORFNHG GXH WR LQVXIILFLHQW

SRVLWLYH VHTXHQFH YROWDJH PDJQLWXGH &*
&*&
$QQXQFLDWLRQV RI IRUZDUG SRZHU VXSHUYLVLRQ
3 I R I I )RUZDUG SRZHU VXSHUYLVLRQ LV VZLWFKHG RII &*
3 I E O R F N H G )RUZDUG SRZHU VXSHUYLVLRQ LV EORFNHG &*
3 I D F W L Y H )RUZDUG SRZHU VXSHUYLVLRQ LV DFWLYH &*
$QQXQFLDWLRQV RI UHYHUVH SRZHU SURWHFWLRQ
3 U R I I 5HYHUVH SRZHU SURWHFWLRQ LV VZLWFKHG RII &*
3 U E O R F N H G 5HYHUVH SRZHU SURWHFWLRQ LV EORFNHG &*
3 U D F W L Y H 5HYHUVH SRZHU SURWHFWLRQ LV DFWLYH &*
$QQXQFLDWLRQV RI XQEDODQFHG ORDG SURWHFWLRQ
, R I I 8QEDODQFHG ORDG SURWHFWLRQ LV VZLWFKHG RII &*
, E O R F N H G 8QEDODQFHG ORDG SURWHFWLRQ LV EORFNHG &*
, D F W L Y H 8QEDODQFHG ORDG SURWHFWLRQ LV DFWLYH &*
, ! : D U Q 8QEDODQFHG ORDG SURWHFWLRQ FXUUHQW ZDUQLQJ VWDJH

RSHUDWHG &*
, W K : D U Q 8QEDODQFHG ORDG SURWHFWLRQ WKHUPDO ZDUQLQJ VWDJH

RSHUDWHG &*
5 0 W K U H S O 7KHUPDO UHSOLFD RI WKHUPDO VWDJH RI XQEDODQFHG SUR

WHFWLRQ UHVHW &
$QQXQFLDWLRQV RI RYHUFXUUHQW WLPH SURWHFWLRQ
, ! ! R I I 2YHUFXUUHQW WLPH SURWHFWLRQ ,!!VWDJH LV VZLWFKHG

RII &*
, ! ! E O R F N H G 2YHUFXUUHQW WLPH SURWHFWLRQ ,!!VWDJH LV EORFNHG

&*
, ! ! D F W L Y H 2YHUFXUUHQW WLPH SURWHFWLRQ ,!!VWDJH LV DFWLYH

&*
, ! R I I 2YHUFXUUHQW WLPH SURWHFWLRQ ,!VWDJH LV VZLWFKHG RII

&*
&*&
, ! E O R F N H G 2YHUFXUUHQW WLPH SURWHFWLRQ ,!VWDJH LV EORFNHG

&*
, ! D F W L Y H 2YHUFXUUHQW WLPH SURWHFWLRQ ,!VWDJH LV DFWLYH

&*
$QQXQFLDWLRQV RI WKH KLJKO\ VHQVLWLYH HDUWK IDXOW SURWHFWLRQ
, H ! R I I +LJKO\ VHQVLWLYH HDUWK IDXOW SURWHFWLRQ ,( LV VZLWFKHG RII

&*
, H ! E O R F N H G +LJKO\ VHQVLWLYH HDUWK IDXOW SURWHFWLRQ ,( LV EORFNHG

&*
, H ! D F W L Y H +LJKO\ VHQVLWLYH HDUWK IDXOW SURWHFWLRQ ,( LV DFWLYH

&*
) D L O X U H 5 ( ) )DLOXUH LQ PHDVXULQJ FLUFXLW RI KLJKVHQVLWLYLW\ HDUWK

FXUUHQW SURWHFWLRQ ZKHQ XVHG DV URWRU HDUWK IDXOW SUR
WHFWLRQ &*
$QQXQFLDWLRQV RI WKHUPDO RYHUORDG SURWHFWLRQ
2 / 3 U R W R I I 7KHUPDO RYHUORDG SURWHFWLRQ LV VZLWFKHG RII &*
2 / E O R F N H G 7KHUPDO RYHUORDG SURWHFWLRQ LV EORFNHG &*
2 / D F W L Y H 7KHUPDO RYHUORDG SURWHFWLRQ LV DFWLYH &*
) D L O 7 H P S L Q S )DLOXUH LQ WHPSHUDWXUH LQSXW &*
2 / : D U Q , 7KHUPDO RYHUORDG SURWHFWLRQ &XUUHQW ZDUQLQJ &*
2 / : D U Q 3 7KHUPDO RYHUORDG SURWHFWLRQ 7KHUPDO ZDUQLQJ &*
5 0 W K U H S O , 7KHUPDO RYHUORDG SURWHFWLRQ 5HVHW PHPRU\ IRU WKHU

PDO UHSOLFD &*
$QQXQFLDWLRQV RI WKH H[WHUQDO WULS IXQFWLRQV
( [ W R I I ([WHUQDO WULS IXQFWLRQ LV VZLWFKHG RII &*
( [ W E O R F N H G ([WHUQDO WULS IXQFWLRQ LV EORFNHG &*
( [ W D F W L Y H ([WHUQDO WULS IXQFWLRQ LV DFWLYH &*
&*&
$QQXQFLDWLRQV RI WULS WHVW IXQFWLRQV
7 H V W 7 U L S 7HVW WULS UHOD\ LV LQ SURJUHVV &*
$QQXQFLDWLRQV RI WULS FLUFXLW VXSHUYLVLRQ
) D L O X U H 7 U L S )DLOXUH LQ WULS FLUFXLW &*
) D L O X U H 7 U L S )DLOXUH LQ WULS FLUFXLW &*
)XUWKHU PHVVDJHV
7 D E O H R Y H U I O R Z ,I PRUH PHVVDJHV KDYH EHHQ UHFHLYHG WKH ODVW YDOLG

PHVVDJH LV 7DEOH RYHUIORZ
( Q G R I W D E O H ,I QRW DOO PHPRU\ SODFHV DUH XVHG WKH ODVW PHVVDJH LV
(QG RI WDEOH
&*&
)DXOW DQQXQFLDWLRQV DGGUHVV EORFNV WR
7KH DQQXQFLDWLRQV ZKLFK RFFXUUHG GXULQJ WKH ODVW FDQ SDJH WKH LQGLYLGXDO DQQXQFLDWLRQV IRUZDUGV RU
WKUHH IDXOWV FDQ EH UHDG RII RQ WKH IURQW SDQHO RU YLD EDFNZDUGV (DFK DQQXQFLDWLRQ LV DVVLJQHG ZLWK D
WKH RSHUDWLQJ LQWHUIDFH 7KH LQGLFDWLRQV DUH UH VHTXHQFH LWHP QXPEHU
FRUGHG LQ WKH VHTXHQFH IURP WKH \RXQJHVW WR WKH
ROGHVW XQGHU DGGUHVVHV DQG :KHQ )RU WKHVH SXUSRVHV WKH lIDXOWl PHDQV WKH SHULRG
D IXUWKHU IDXOW RFFXUV WKH GDWD UHODWLQJ WR WKH ROGHVW IURP ILUVW SLFN XS RI DQ\ SURWHFWLRQ IXQFWLRQ XS WR
DUH HUDVHG (DFK IDXOW GDWD EXIIHU FDQ FRQWDLQ XS WR ODVW GURSRII RI D SURWHFWLRQ IXQFWLRQ
DQQXQFLDWLRQV
,Q WKH IROORZLQJ FODULILFDWLRQ DOO WKH DYDLODEOH IDXOW DQ
,QSXW RI WKH FRGHZRUG LV QRW UHTXLUHG QXQFLDWLRQV DUH LQGLFDWHG ,Q WKH FDVH RI D VSHFLILF
IDXOW RI FRXUVH RQO\ WKH DVVRFLDWHG DQQXQFLDWLRQV
7R FDOO XS WKH ODVW IDXOW GDWD RQH JRHV WR DGGUHVV DSSHDU LQ WKH GLVSOD\ $W ILUVW DQ H[DPSOH LV JLYHQ IRU
HLWKHU E\ GLUHFW DGGUHVV '$ ( RU E\ D V\VWHP IDXOW DQG H[SODLQHG
SDJLQJ ZLWK WKH NH\V Â RU Ä :LWK WKH NH\V RU RQH
/ $ 6 7 %HJLQQLQJ RI WKH EORFN l)DXOW DQQXQFLDWLRQV RI WKH ODVW

V\VWHP IDXOWl
) $ 8 / 7
XQGHU LWHP WKH GDWH RI WKH V\VWHP IDXOW LV LQGLFDWHG LQ

6 \ V W H P ) O W WKH VHFRQG OLQH WKH FRQVHFXWLYH QXPEHU RI WKH V\VWHP
IDXOW
XQGHU LWHP WKH WLPH RI WKH EHJLQQLQJ RI WKH IDXOW LV JLY

) D X O W & HQ WLPH UHVROXWLRQ LV PV
7KH IROORZLQJ LWHPV LQGLFDWH DOO IDXOW DQQXQFLDWLRQV

P V ZKLFK KDYH RFFXUUHG IURP IDXOW GHWHFWLRQ XQWLO GURSRII
( [ F ) D X O W & RI WKH GHYLFH LQ FKURQRORJLFDO VHTXHQFH 7KHVH DQQXQ
FLDWLRQV DUH WDJJHG ZLWK WKH UHODWLYH WLPH LQ PLOOLVHFRQGV
VWDUWLQJ ZLWK WKH ILUVW IDXOW GHWHFWLRQ
P V
8 H [ F I D L O X U H &
P V
( [ F 8 7 U L S &
P V
' H Y ' U R S R I I &
HWF
&*&
*HQHUDO IDXOW DQQXQFLDWLRQV RI WKH GHYLFH
) O W % X I I 2 Y H U )DXOW DQQXQFLDWLRQV ORVW EXIIHU RYHUIORZ
6 \ V W H P ) O W 6\VWHP IDXOW ZLWK FRQVHFXWLYH QXPEHU
) D X O W %HJLQQLQJ RI IDXOW
' H Y L F H ) O W ' H W )DXOW GHWHFWLRQ RI WKH GHYLFH JHQHUDO
' H Y L F H 7 U L S 7ULS E\ WKH GHYLFH JHQHUDO
' H Y ' U R S R I I 'URSRII RI WKH GHYLFH JHQHUDO
)DXOW DQQXQFLDWLRQV RI XQGHUH[FLWDWLRQ SURWHFWLRQ
( [ F ) D X O W )DXOW GHWHFWLRQ RI XQGHUH[FLWDWLRQ SURWHFWLRQ
( [ F 7 U L S 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLFV

DQG
( [ F 8 7 U L S 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLFV
DQG DQG XQGHUYROWDJH LQ H[FLWDWLRQ FLUFXLW
( [ F 7 U L S 7ULS E\ XQGHUH[FLWDWLRQ SURWHFWLRQ FKDUDFWHULVWLF
)DXOW DQQXQFLDWLRQV RI XQGHUYROWDJH SURWHFWLRQ
8 I D X O W 8QGHUYROWDJH IDXOW GHWHFWLRQ 8
8 W U L S 7ULS E\ XQGHUYROWDJH SURWHFWLRQ 8
)DXOW DQQXQFLDWLRQV RI RYHUYROWDJH SURWHFWLRQ
8 ! I D X O W RYHUYROWDJH IDXOW GHWHFWLRQ 8!
8 ! W U L S 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!
8 ! ! 7 U L S 7ULS E\ RYHUYROWDJH SURWHFWLRQ 8!!
)DXOW DQQXQFLDWLRQV RI VWDWRU HDUWK IDXOW SURWHFWLRQ
8 ! ) D X O W )DXOW GHWHFWLRQ RI VWDWRU HDUWK IDXOW SURWHFWLRQ
8 ! 7 U L S 7ULS E\ VWDWRU HDUWK IDXOW SURWHFWLRQ
&*&
)DXOW DQQXQFLDWLRQV RI IUHTXHQF\ SURWHFWLRQ
I ! ) D X O W )DXOW GHWHFWLRQ RI IUHTXHQF\ SURWHFWLRQ VWDJH I!
I ) D X O W )DXOW GHWHFWLRQ RI IUHTXHQF\ SURWHFWLRQ VWDJH I
I ! 7 U L S 7ULS E\ IUHTXHQF\ SURWHFWLRQ VWDJH I!
I 7 U L S 7ULS E\ IUHTXHQF\ SURWHFWLRQ VWDJH I
)DXOW DQQXQFLDWLRQ RI IRUZDUG SRZHU VXSHUYLVLRQ
3 I I O W G H W )RUZDUG SRZHU VXSHUYLVLRQ SLFNHG XS RQ 3I
3 I ! I O W G H W )RUZDUG SRZHU VXSHUYLVLRQ SLFNHG XS RQ 3I!
3 I 7 U L S )RUZDUG SRZHU VXSHUYLVLRQ WULS E\ 3I VWDJH
3 I ! 7 U L S )RUZDUG SRZHU VXSHUYLVLRQ WULS E\ 3I! VWDJH
)DXOW DQQXQFLDWLRQV RI UHYHUVH SRZHU SURWHFWLRQ
3 U I D X O W G H W 5HYHUVH SRZHU SURWHFWLRQ SLFNHG XS
&*&
3 U 7 U L S 5HYHUVH SRZHU SURWHFWLRQ WULS
3 U 6 9 7 U L S 5HYHUVH SRZHU SURWHFWLRQ WULS ZLWK WULSSHG VWRS YDOYH
)DXOW DQQXQFLDWLRQV RI XQEDODQFHG ORDG SURWHFWLRQ
, ! ! ) D X O W )DXOW GHWHFWLRQ RI WKH VWHSSHG FKDUDFWHULVWLF
, ! ! 7 U L S 7ULS E\ WKH VWHSSHG FKDUDFWHULVWLF
, 3 7 U L S 7ULS E\ WKH WKHUPDO FKDUDFWHULVWLF
)DXOW DQQXQFLDWLRQV RI RYHUFXUUHQW WLPH SURWHFWLRQ
, ! ! ) D X O W / )DXOW GHWHFWLRQ RQ KLJK FXUUHQW VWDJH ,!! SKDVH /
, ! ! 7 U L S 7ULS E\ KLJK FXUUHQW VWDJH ,!! RI RYHUFXUUHQW SURWHF

WLRQ
, ! ) D X O W / )DXOW GHWHFWLRQ VWDJH ,! SKDVH /
, ! 7 U L S 7ULS E\ RYHUFXUUHQW VWDJH ,!
8 V H D O L Q 8QGHUYROWDJH VHDOLQ KDV RSHUDWHG
)DXOW DQQXQFLDWLRQV RI WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
, ( ! ) D X O W 3LFN XS RI KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
, ( ! 7 U L S 7ULS E\ KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
)DXOW DQQXQFLDWLRQ RI WKHUPDO RYHUORDG SURWHFWLRQ
2 / 7 U L S 7ULS E\ WKHUPDO RYHUORDG SURWHFWLRQ
&*&
)DXOW DQQXQFLDWLRQV IRU WULS IURP H[WHUQDO VRXUFH YLD ELQDU\ LQSXW
( [ W * H Q ) O W ([WHUQDO WULS IXQFWLRQ SLFNHG XS
( [ W * H Q 7 U S 7ULS E\ H[WHUQDO WULS IXQFWLRQ
)XUWKHU PHVVDJHV
7 D E O H H P S W \ PHDQV WKDW QR IDXOW HYHQW KDV EHHQ UHFRUGHG
7 D E O H R Y H U I O R Z PHDQV WKDW RWKHU IDXOW GDWD KDYH RFFXUUHG KRZHYHU

PHPRU\ LV IXOO
7 D E O H V X S H U F H G H G D QHZ IDXOW HYHQW KDV RFFXUUHG GXULQJ UHDGRXW
SDJH RQ ZLWK RU WKH GLVSOD\ VKRZV WKH ILUVW DQ
QXQFLDWLRQ LQ WKH DFWXDOL]HG RUGHU
( Q G R I W D E O H ,I QRW DOO PHPRU\ SODFHV DUH XVHG WKH ODVW PHVVDJH LV

(QG RI WDEOH
7KH GDWD RI WKH VHFRQG WR ODVW IDXOW FDQ EH IRXQG XQGHU DGGUHVV 7KH DYDLODEOH DQQXQFLDWLRQV DUH WKH
VDPH DV IRU WKH ODVW IDXOW
Q G 7 2 / $ 6 7 %HJLQQLQJ RI WKH EORFN l)DXOW DQQXQFLDWLRQV RI

WKH VHFRQG WR ODVW IDXOWl
) $ 8 / 7
HWF
7KH GDWD RI WKH WKLUG WR ODVW IDXOW FDQ EH IRXQG XQGHU DGGUHVV 7KH DYDLODEOH DQQXQFLDWLRQV DUH WKH VDPH
DV IRU WKH ODVW IDXOW
U G 7 2 / $ 6 7 %HJLQQLQJ RI WKH EORFN l)DXOW DQQXQFLDWLRQV RI

WKH WKLUG WR ODVW IDXOWl
) $ 8 / 7
HWF
&*&
5HDGRXW RI RSHUDWLRQDO PHDVXUHG YDOXHV DGGUHVV EORFNV WR
7KH VWHDG\ VWDWH UPV RSHUDWLQJ YDOXHV FDQ EH UHDG WHUHG WR WKH GHYLFH XQGHU DGGUHVV EORFN DV GH
RXW DW DQ\ WLPH XQGHU WKH DGGUHVV EORFNV WR VFULEHG LQ 6HFWLRQ
7KH ILUVW DGGUHVV EORFN FDQ EH FDOOHGXS GLUHFWO\ XV
LQJ '$ ( RU E\ SDJLQJ ZLWK Â RU Ä 7KH LQGL ,Q WKH IROORZLQJ H[DPSOH VRPH W\SLFDO YDOXHV KDYH
YLGXDO PHDVXUHG YDOXHV FDQ EH IRXQG E\ IXUWKHU SDJ EHHQ LQVHUWHG ,Q SUDFWLFH WKH DFWXDO YDOXHV DSSHDU
LQJ ZLWK RU (QWU\ RI WKH FRGHZRUG LV QRW QHFHV 7KH SRVVLEOH UDQJHV DUH JLYHQ LQ WH[W DW WKH ULJKW RI
VDU\ 7KH YDOXHV ZLOO EH XSGDWHG LQ DSSUR[LPDWHO\ WKH ER[HV 9DOXHV EH\RQG WKH OLPLWV DUH VKRZQ DV
VHFRQG LQWHUYDOV 4444
7KH GDWD DUH GLVSOD\HG LQ DEVROXWH SULPDU\ YDOXHV )XUWKHU PHDVXUHG RU FDOFXODWHG YDOXHV DUH GLV
DQG LQ SHUFHQW RI WKH UDWHG GHYLFH YDOXHV 7R HQVXUH SOD\HG LQ DGGUHVV EORFNV DQG
FRUUHFW SULPDU\ YDOXHV WKH UDWHG GDWD PXVW EH HQ
2 3 ( 5 $ 7 , 2 1 $ / %HJLQQLQJ RI WKH EORFN l2SHUDWLRQDO PHDVXUHG YDO

XHV Dl
0 ( $ 6 8 5 ( ' 9 $ / 8 ( 6
8VH NH\ WR PRYH WR WKH QH[W DGGUHVV ZLWK WKH QH[W PHDVXUHG YDOXH
0 ( $ 6 9 $ / 8 ( 3DJH RQ ZLWK WKH NH\ WR UHDG RII WKH QH[W DGGUHVV ZLWK
WKH QH[W PHDVXUHG YDOXH RU SDJH EDFN ZLWK
, / N $
2QH DGGUHVV LV DYDLODEOH IRU HDFK PHDVXUHG YDOXH 7KH

0 ( $ 6 9 $ / 8 ( YDOXHV FDQ EH UHDFKHG DOVR E\ GLUHFW DGGUHVVLQJ XVLQJ
, / N $ NH\ '$ IROORZHG E\ WKH DGGUHVV QXPEHU DQG H[HFXWH
ZLWK (
7KH SULPDU\ YDOXHV DGGUHVVHV WR DUH UH

0 ( $ 6 9 $ / 8 ( IHUUHG WR WKH SULPDU\ UDWHG YDOXHV DV SDUDPHWHUL]HG
, / N $ XQGHU DGGUHVVHV IRU ,1 DQG IRU 81 UHIHU
6HFWLRQ
0 ( $ 6 9 $ / 8 (
8 / ( N 9
0 ( $ 6 9 $ / 8 (
8 / ( N 9
0 ( $ 6 9 $ / 8 (
8 / ( N 9
&*&
0 ( $ 6 9 $ / 8 (
, / > @ 7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG FXUUHQW
0 ( $ 6 9 $ / 8 (
, / > @
0 ( $ 6 9 $ / 8 (
, / > @
0 ( $ 6 9 $ / 8 (
, H P $
0 ( $ 6 9 $ / 8 ( 7KH VHFRQGDU\ YROWDJHV DGGUHVVHV WR DUH

UHIHUUHG WR WKH YROWDJHV DSSOLHG WR WKH UHOD\ WHUPLQDOV
8 / ( 9
0 ( $ 6 9 $ / 8 (
8 / ( 9
0 ( $ 6 9 $ / 8 (
8 / ( 9
0 ( $ 6 9 $ / 8 ( 'LVSODFHPHQW YROWDJH FDOFXODWHG IURP WKH WKUHH

SKDVHWRHDUWK YROWDJHV ]8/ 8/ 8/] c
8 9 c k 8
0 ( $ 6 9 $ / 8 ( 7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG FXUUHQW

, S R V > @
0 ( $ 6 9 $ / 8 (
7KH SHUFHQWDJH LV UHIHUUHG WR WKH SKDVHWRSKDVH
8 S R V 9 YROWDJH LH c k 8SRV
0 ( $ 6 9 $ / 8 ( )UHTXHQF\ LQ +] FDQ RQO\ GLVSOD\HG ZKHQ DQ DF PHD

I + ] VXUHG TXDQWLW\ LV SUHVHQW
&*&
2 3 ( 5 $ 7 , 2 1 $ / %HJLQQLQJ RI WKH EORFN l2SHUDWLRQDO PHDVXUHG YDOXHV

El SRZHUV DQG LPSHGDQFHV
0 ( $ 6 8 5 ( ' 9 $ / 8 ( 6
0 ( $ 6 9 $ / 8 ( 7KH SHUFHQWDJH RI DFWLYH SRZHU 3 DQG UHDFWLYH SRZHU

4 LV UHIHUUHG WR UDWHG DSSDUHQW SRZHU
3 > @ c i 81 i ,1
0 ( $ 6 9 $ / 8 (
4 > @
0 ( $ 6 9 $ / 8 (
3RZHU IDFWRU RI WKH PDFKLQH
& 2 6 3 + ,
0 ( $ 6 9 $ / 8 (
3RZHU DQJOH RI WKH PDFKLQH
3 + , G H J
0 ( $ 6 9 $ / 8 (
3ROH DQJOH FDOFXODWHG IURP VWDWRU GDWD
7 + ( 7 $ G H J
0 ( $ 6 9 $ / 8 ( ([FLWDWLRQ YROWDJH EHKLQG WKH YROWDJH GLYLGHU

8 H [ F L W 9 LH DW WKH UHOD\ WHUPLQDOV
)XUWKHU PHDVXUHG YDOXHV DUH GLVSOD\HG LQ DGGUHVV EORFN
&*&
2 3 ( 5 $ 7 , 2 1 $ / %HJLQQLQJ RI WKH EORFN l2SHUDWLRQDO PHDVXUHG YDOXHV

&l QHJDWLYH VHTXHQFH YDOXHV
0 ( $ 6 9 $ / 8 ( 6 &
0 ( $ 6 9 $ / 8 ( 7HPSHUDWXUH ULVH LQ RI WULS WHPSHUDWXUH ULVH

33 W U L S /
0 ( $ 6 9 $ / 8 (
33 W U L S /
0 ( $ 6 9 $ / 8 (
33 W U L S /
0 ( $ 6 9 $ / 8 ( &RROLQJ PHGLXP WHPSHUDWXUH LQ & LI LWV SURFHVVLQJ LV

HIIHFWLYH DQG D WHPSHUDWXUH SURSRUWLRQDO YROWDJH LV
$ 0 % 7 ( 0 3 FRQQHFWHG WR WKH UHVSHFWLYH LQSXW
0 ( $ 6 9 $ / 8 ( &DOFXODWHG QHJDWLYH VHTXHQFH FXUUHQW LQ RI UDWHG

UHOD\ FXUUHQW
, Q H J V H T
0 ( $ 6 9 $ / 8 ( &DOFXODWHG WHPSHUDWXUH ULVH LQ RI WKH WKHUPDO WULS

YDOXH LI XQEDODQFHG ORDG SURWHFWLRQ LV VZLWFKHG RII
7 K H U P 5 H S O WKHQ LV LQGLFDWHG
127( :LWKRXW LQSXW RI WKH FRROLQJ PHGLXP WHPSHU 3 3. E&

DWXUH WKH WHPSHUDWXUH YDOXHV GLVSOD\HG DUH WKH WHP 33WULS
N k 31
SHUDWXUH ULVHV FDOFXODWHG IURP WKH FXUUHQW FKDUDFWHU
LVWLF DQG UHIHUUHG WR WKH WULS WHPSHUDWXUH ULVH FRUUH
VSRQGLQJ WR WKH SDUDPHWHUL]HG N IDFWRU ZKHUHE\
33WULS GLVSOD\HG WHPSHUDWXUH
,I WKH FRROLQJ WHPSHUDWXUH LV FRQVLGHUHG WKHQ WKH 3 WHPSHUDWXUH ULVH FDOFXODWHG IURP
SHUFHQWDJH UHIHUV WR WKH GLIIHUHQFH EHWZHHQ WULS WHP FXUUHQW DQG N IDFWRU
SHUDWXUH DQG & LH & FRUUHVSRQGV WR 3. FRROLQJ PHGLXP WHPSHUDWXUH LQSXW
DQG WKH WULS WHPSHUDWXUH FRUUHVSRQGV WR 7KH YLD DQDORJ LQSXW
WULS WHPSHUDWXUH UHVXOWV IURP WKH SDUDPHWHUL]HG N N SDUDPHWHUL]HG N IDFWRU DGGUHVV
IDFWRU DQG WKH SDUDPHWHUL]HG UDWHG WHPSHUDWXUH ULVH
WHPSHUDWXUH ULVH DW UDWHG FXUUHQW 7KH IROORZLQJ 31 SDUDPHWHUL]HG UDWHG WHPSHUDWXUH
UHODWLRQVKLS DSSOLHV ULVH DGGUHVV
&*&
2SHUDWLRQDO FRQWURO IDFLOLWLHV
'XULQJ RSHUDWLRQ RI WKH SURWHFWLRQ UHOD\ LW PD\ EH GH VKDOOHG WR WKH FRUUHVSRQGLQJ VZLWFKLQJ IXQFWLRQV
VLUHG WR LQWHUYHQH LQ IXQFWLRQV RU DQQXQFLDWLRQV PDQ GXULQJ LQVWDOODWLRQ RI WKH GHYLFH DQG WKDW WKH\ KDYH
XDOO\ RU IURP V\VWHP FULWHULD 80 FRPSULVHV ID EHHQ FRQQHFWHG UHIHU WR 6HFWLRQ 0DUVKDOOLQJ
FLOLWLHV HJ WR UHDGMXVW WKH UHDO WLPH FORFN WR HUDVH RI WKH ELQDU\ LQSXWV
VWRUHG LQIRUPDWLRQV RU WR FKDQJH RYHU SUHVHOHFWHG
VHWV RI IXQFWLRQ SDUDPHWHUV 7KH FRQWURO IDFLOLWLHV EHJLQ ZLWK DGGUHVV EORFN
7KLV DGGUHVV LV UHDFKHG
7KH IXQFWLRQV FDQ EH FRQWUROOHG IURP WKH RSHUDWLQJ
SDQHO RQ WKH IURQW RI WKH GHYLFH YLD WKH RSHUDWLQJ LQ E\ EORFN SDJLQJ ZLWK WKH NH\V Â IRUZDUGV RU Ä
WHUIDFH LQ WKH IURQW DV ZHOO DV YLD ELQDU\ LQSXWV EDFNZDUGV XS WR DGGUHVV RU
,Q RUGHU WR FRQWURO IXQFWLRQV YLD ELQDU\ LQSXWV LW LV E\ GLUHFW VHOHFWLRQ ZLWK DGGUHVV FRGH XVLQJ NH\
QHFHVVDU\ WKDW WKH ELQDU\ LQSXWV KDYH EHHQ PDU '$ DGGUHVV DQG H[HFXWH ZLWK NH\ (
' ( 9 , & ( %HJLQQLQJ RI WKH EORFN l'HYLFH FRQWUROl

& 2 1 7 5 2 /
$GMXVWLQJ DQG V\QFKURQL]LQJ WKH UHDO WLPH FORFN DGGUHVV EORFN
7KH GDWH DQG WLPH FDQ EH DGMXVWHG DW DQ\ WLPH GXU ,QSXW RI WKH FRGHZRUG LV UHTXLUHG WR FKDQJH WKH GDWD
LQJ RSHUDWLRQ DV ORQJ DV WKH UHDO WLPH FORFN LV RSHUD FRGH OHYHO 6HOHFWLRQ RI WKH LQGLYLGXDO DGGUHVVHV
WLYH 6HWWLQJ LV FDUULHG RXW LQ EORFN ZKLFK LV LV E\ IXUWKHU VFUROOLQJ XVLQJ DV VKRZQ EHORZ
UHDFKHG E\ GLUHFW DGGUHVVLQJ '$ ( RU E\ (DFK PRGLILFDWLRQ PXVW EH FRQILUPHG ZLWK WKH HQWHU
SDJLQJ ZLWK Â DQG Ä NH\ (
6 ( 7 7 , 1 * %HJLQQLQJ RI WKH EORFN l6HWWLQJ WKH UHDO WLPH FORFNl

5 ( $ / 7 , 0 ( & / 2 & . &RQWLQXH ZLWK
$W ILUVW WKH DFWXDO GDWH DQG WLPH DUH GLVSOD\HG

&RQWLQXH ZLWK

(QWHU WKH QHZ GDWH GLJLWV IRU GD\ GLJLWV IRU PRQWK
' $ 7 ( DQG GLJLWV IRU \HDU LQFOXGLQJ FHQWXU\ XVH WKH RUGHU
DV FRQILJXUHG XQGHU DGGUHVV 6HFWLRQ EXW
DOZD\V XVH D GRW IRU VHSDUDWRU
''00<<<< RU 00''<<<<
7 , 0 ( (QWHU WKH QHZ WLPH KRXUV PLQXWHV VHFRQGV HDFK

ZLWK GLJLWV VHSDUDWHG E\ D GRW
++0066
8VLQJ WKH GLIIHUHQFH WLPH WKH FORFN LV VHW IRUZDUGV E\

' , ) ) 7 , 0 ( WKH HQWHUHG WLPH RU EDFNZDUGV XVLQJ WKH NH\
7KH IRUPDW LV WKH VDPH DV ZLWK WKH WLPH VHWWLQJ DERYH
&*&
(UDVLQJ VWRUHG DQQXQFLDWLRQV DGGUHVV EORFN
7KH DQQXQFLDWLRQV DQG WKH VWDWXV RI WKH /(' PHPR HQWU\ LV QHFHVVDU\ FRGH OHYHO WR HUDVH WKH VWRUHG
ULHV DUH VWRUHG LQ 19 5$0V DQG WKXV VDYHG SUR LWHPV 5HVHW LV VHSDUDWH IRU WKH GLIIHUHQW JURXSV RI
YLGHG WKH EDFN XS EDWWHU\ LV LQVWDOOHG 7KHVH VWRUHV PHPRULHV DQG DQQXQFLDWLRQV 2QH UHDFKHV WKH LQGL
FDQ EH FOHDUHG LQ EORFN %ORFN LV FDOOHG XS E\ YLGXDO LWHPV E\ SDJLQJ (UDVXUH UHTXLUHV FRQILU
SDJLQJ ZLWK WKH NH\V Â RU Ä RU GLUHFWO\ E\ NH\LQJ LQ PDWLRQ ZLWK WKH NH\ -< 7KH GLVSOD\ WKHQ FRQILUPV
WKH FRGH '$ ( :LWK WKH H[FHSWLRQ RI UHVHW WKH HUDVXUH ,I HUDVXUH LV QRW UHTXLUHG SUHVV NH\ 1 RU
WLQJ WKH /(' LQGLFDWLRQV DGGUHVV FRGHZRUG VLPSO\ SDJH RQ
%HJLQQLQJ RI EORFN l5HVHWl

5 ( 6 ( 7
5 ( 6 ( 7 5HTXHVW ZKHWKHU WKH /(' PHPRULHV VKRXOG EH UHVHW

/ ( ' "
5 ( 6 ( 7 5HTXHVW ZKHWKHU WKH RSHUDWLRQDO DQQXQFLDWLRQ EXIIHU

2 3 ( 5 $ 7 $ 1 1 8 1 & " VWRUH VKRXOG EH HUDVHG
5 ( 6 ( 7 5HTXHVW ZKHWKHU WKH IDXOW DQQXQFLDWLRQ EXIIHU DQG

) $ 8 / 7 $ 1 1 8 1 & " IDXOW UHFRUGLQJ VWRUHV VKRXOG EH HUDVHG
'XULQJ HUDVXUH RI WKH VWRUHV ZKLFK PD\ WDNH VRPH WLPH WKH GLVSOD\ VKRZV 7$6. ,1 352*5(66 $IWHU HUDVXUH
WKH UHOD\ DFNQRZOHGJHV HUDVXUH HJ
5 ( 6 ( 7
6 8 & & ( 6 6 ) 8 /
&*&
,QIRUPDWLRQ WR /6$ GXULQJ WHVW RSHUDWLRQ DGGUHVV EORFN
:KHQ WKH UHOD\ LV FRQQHFWHG WR D FHQWUDO VWRUDJH GH )1R !6\V00EORFN IRU EORFNLQJ DOO PHV
YLFH RU ORFDOL]HG VXEVWDWLRQ DXWRPDWLRQ V\VWHP DQG VDJHV DQG PHDVXUHG YDOXHV
WKH SURWRFRO DFFRUGLQJ 9'(:=9(, LV XVHG WKHQ WKH
LQIRUPDWLRQV ZKLFK DUH WUDQVPLWWHG WR WKH FHQWUDO ,Q RUGHU WR FDUU\ RXW VZLWFKRYHU E\ WKH RSHUDWRU
FRPSXWLQJ V\VWHP FDQ EH LQIOXHQFHG HQWU\ RI WKH FRGHZRUG FRGH OHYHO LV QHFHVVDU\ UH
IHU WR 6HFWLRQ )RU WKLV SXUSRVH DGGUHVV EORFN
7KH VWDQGDUGL]HG SURWRFRO DOORZV DOO DQQXQFLDWLRQV LV DYDLODEOH SURYLGHG WKH 9'(:=9(, SURWRFRO
PHVVDJHV DQG PHDVXUHG YDOXHV WR EH WDJJHG ZLWK KDV EHHQ FKRVHQ GXULQJ FRQILJXUDWLRQ RI WKH VHULDO
WKH RULJLQ lWHVW RSHUDWLRQl ZKLFK RFFXU ZKLOH WKH V\VWHP LQWHUIDFH 6HFWLRQ DGGUHVV DQG
UHOD\ LV WHVWHG 7KXV WKHVH PHVVDJHV FDQ EH GLVWLQ RU 9'(: (;7(1'(' 7KH EORFN LV FDOOHG XS E\
JXLVKHG IURP WKRVH ZKLFK RFFXU GXULQJ UHDO RSHUD SDJLQJ ZLWK WKH NH\V Â RU Ä RU GLUHFWO\ E\ NH\LQJ LQ
WLRQ $GGLWLRQDOO\ LW LV SRVVLEOH WR EORFN DOO DQQXQFL WKH FRGH '$ ( 8VH NH\ WR VFUROO WR DG
DWLRQV PHVVDJHV DQG PHDVXUHG YDOXHV WR /6$ GXU GUHVV %\ SUHVVLQJ WKH l1RlNH\ 1 WKH SRVL
LQJ WHVW RSHUDWLRQ WLRQV RI WKLV VZLWFK DUH FKDQJHG 7KH GHVLUHG SRVL
WLRQ PXVW EH FRQILUPHG ZLWK WKH HQWHU NH\ (
7KLV IHDWXUHV FDQ EH DFFRPSOLVKHG YLD ELQDU\ LQSXWV
RU XVLQJ WKH LQWHJUDWHG RSHUDWLQJ NH\ERDUG RU YLD WKH $V ZLWK HYHU\ VHWWLQJV RI WKH GHYLFH IRU ZKLFK FRGH
RSHUDWLQJ 3& LQWHUIDFH ZRUG LQSXW LV QHFHVVDU\ FRGHZRUG RSHUDWLRQ PXVW
EH WHUPLQDWHG 7KLV LV GRQH E\ XVLQJ WKH NH\ FRPEL
,Q RUGHU WR DFFRPSOLVK VZLWFKRYHU YLD ELQDU\ LQ QDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) IRO
SXWV WKH UHVSHFWLYH LQSXWV PXVW KDYH EHHQ DV ORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV WKH
VLJQHG GXULQJ PDUVKDOOLQJ UHIHU WR 6HFWLRQ TXHVWLRQ l6$9( 1(: 6(77,1*6"l &RQILUP ZLWK
7KH IROORZLQJ LQSXW IXQFWLRQV DUH VXLWDEOH WKH l<HVlNH\ -< WKDW WKH QHZ VHWWLQJV VKDOO EH
FRPH YDOLG QRZ ,I \RX SUHVV WKH l1RlNH\ 1 LQ
)1R !6\V7HVW IRU WDJJLQJ WKH PHVVDJHV VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO
DQG PHDVXUHG YDOXHV ZLWK WKH RULJLQ l7HVW WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
RSHUDWLRQl FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
FDQ EH PDGH LQHIIHFWLYH
6 < 6 9 ' ( : %HJLQQLQJ RI EORFN l$QQXQFLDWLRQV DQG PHDVXUHG YDO

XHV IRU WKH V\VWHP LQWHUIDFH ZLWK 9'(:=9(, FRPSDW
$ 1 1 8 1 & 0 ( $ 6 9 $ / LEOH SURWRFROl
6 < 6 7 ( 6 7 2QO\ IRU 9'(:=9(, FRPSDWLEOH SURWRFRO

2 ) ) LQ 21 SRVLWLRQ WKH 9'(:=9(,FRPSDWLEOH DQQXQFL
DWLRQV DUH DVVLJQHG ZLWK WKH RULJLQ lWHVW RSHUDWLRQl
2 1
6 < 6 % / 2 & . 2QO\ IRU 9'(:=9(, FRPSDWLEOH SURWRFRO

2 ) ) LQ 21 SRVLWLRQ QR DQQXQFLDWLRQV DQG PHDVXUHG YDOXHV
DUH WUDQVPLWWHG WR WKH V\VWHP LQWHUIDFH
2 1
'R QRW IRUJHW WR VZLWFK WKH DGGUHVVHV EDFN WR 2)) DIWHU KDYLQJ ILQLVKHG WHVW RSHUDWLRQV
&*&
6HOHFWLRQ RI SDUDPHWHU VHWV DGGUHVV EORFN
8S WR GLIIHUHQW VHWV RI SDUDPHWHUV FDQ EH VHOHFWHG 7KH FRUUHVSRQGLQJ SURFHGXUH LV XVHG IRU WKH RWKHU
IRU WKH IXQFWLRQDO SDUDPHWHUV LH WKH DGGUHVVHV SDUDPHWHU VHWV
DERYH DQG EHORZ 7KHVH SDUDPHWHU VHWV
FDQ EH VZLWFKHG RYHU GXULQJ RSHUDWLRQ ORFDOO\ XVLQJ - .H\ FRPELQDWLRQ )
WKH RSHUDWRU SDQHO RU YLD WKH RSHUDWLQJ LQWHUIDFH XV DFFHVV WR SDUDPHWHU VHW $
LQJ D SHUVRQDO FRPSXWHU RU DOVR UHPRWHO\ XVLQJ
ELQDU\ LQSXWV - .H\ FRPELQDWLRQ )
DFFHVV WR SDUDPHWHU VHW %
7KH ILUVW SDUDPHWHU VHW LV LGHQWLILHG DV VHW $ WKH RWKHU
VHWV DUH % & DQG ' (DFK RI WKHVH VHWV KDV EHHQ VHW - .H\ FRPELQDWLRQ )
GXULQJ SDUDPHWHUL]LQJ 6HFWLRQ SURYLGHG DFFHVV WR SDUDPHWHU VHW &
WKH VZLWFKRYHU IDFLOLW\ LV XVHG
- .H\ FRPELQDWLRQ )
DFFHVV WR SDUDPHWHU VHW '
5HDG RXW RI VHWWLQJV RI D SDUDPHWHU
VHW 7KH UHOD\ RSHUDWHV DOZD\V ZLWK WKH DFWLYH SDUDPHWHU
VHW HYHQ GXULQJ UHDGRXW RI WKH SDUDPHWHUV RI DQ\
,Q RUGHU WR ORRN XS WKH VHWWLQJV RI D SDUDPHWHU VHW LQ GHVLUHG SDUDPHWHU VHW 7KH FKDQJHRYHU SURFH
WKH GLVSOD\ LW LV VXIILFLHQW WR JR WR DQ\ DGGUHVV RI WKH GXUH GHVFULEHG KHUH LV WKHUHIRUH RQO\ YDOLG IRU
IXQFWLRQ SDUDPHWHUV LH DGGUHVVHV DERYH DQG UHDG RXW RI SDUDPHWHUV LQ WKH GLVSOD\
EHORZ HLWKHU E\ GLUHFW DGGUHVVLQJ XVLQJ NH\
'$ HQWHULQJ WKH IRXUILJXUH DGGUHVV FRGH DQG WHU
PLQDWLQJ ZLWK HQWHU NH\ ( RU E\ SDJLQJ WKURXJK WKH &KDQJH RYHU RI WKH DFWLYH SDUDPHWHU
GLVSOD\ ZLWK Â RU Ä <RX FDQ VZLWFKRYHU WR ORRN XS D VHW IURP WKH RSHUDWLQJ SDQHO
GLIIHUHQW SDUDPHWHU VHW HJ
)RU FKDQJH RYHU WR D GLIIHUHQW SDUDPHWHU VHW LH LI
3UHVV NH\ FRPELQDWLRQ ) LH ILUVW WKH IXQFWLRQ D GLIIHUHQW VHW VKDOO EH DFWLYDWHG WKH DGGUHVV EORFN
NH\ ) DQG WKHQ WKH QXPEHU NH\ $OO GLVSOD\HG LV WR EH XVHG )RU WKLV FRGHZRUG HQWU\ FRGH OHYHO
SDUDPHWHUV QRZ UHIHU WR SDUDPHWHU VHW % LV UHTXLUHG
7KH SDUDPHWHU VHW LV LQGLFDWHG LQ WKH GLVSOD\ E\ D 7KH EORFN IRU SURFHVVLQJ SDUDPHWHU VHWV LV UHDFKHG
OHDGLQJ FKDUDFWHU $ WR ' EHIRUH WKH DGGUHVV QXP E\ SUHVVLQJ WKH GLUHFW DGGUHVV NH\ '$ IROORZHG E\
EHU LQGLFDWLQJ WKH SDUDPHWHU VHW LGHQWLILFDWLRQ WKH DGGUHVV DQG HQWHU NH\ ( RU E\ SDJLQJ
WKURXJK WKH GLVSOD\ ZLWK Â RU Ä 7KH KHDGLQJ RI WKH
EORFN ZLOO DSSHDU
3 $ 5 $ 0 ( 7 ( 5 %HJLQQLQJ RI WKH EORFN l3DUDPHWHU FKDQJHRYHUl

& + $ 1 * ( 2 9 ( 5 SURFHVVLQJ RI SDUDPHWHU VHWV
,W LV SRVVLEOH WR VFUROO WKURXJK WKH LQGLYLGXDO DGGUHVV $V ZLWK HYHU\ VHWWLQJV RI WKH GHYLFH IRU ZKLFK FRGH
HV XVLQJ WKH NH\ RU WR VFUROO EDFNZDUGV ZLWK ZRUG LQSXW LV QHFHVVDU\ FRGHZRUG RSHUDWLRQ PXVW
EH WHUPLQDWHG 7KLV LV GRQH E\ XVLQJ WKH NH\ FRPEL
$GGUHVV VKRZV WKH DFWXDOO\ DFWLYH SDUDPHWHU QDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) IRO
VHW ZLWK ZKLFK WKH UHOD\ RSHUDWHV ORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV WKH
TXHVWLRQ l6$9( 1(: 6(77,1*6"l &RQILUP ZLWK
,Q RUGHU WR VZLWFKRYHU WR D GLIIHUHQW SDUDPHWHU VHW WKH l<HVlNH\ < WKDW WKH QHZ VHWWLQJV VKDOO EHFRPH
VFUROO RQ ZLWK WR DGGUHVV 8VLQJ WKH YDOLG QRZ ,I \RX SUHVV WKH l1RlNH\ 1 LQVWHDG
l1RlNH\ 1 \RX FDQ FKDQJH WR DQ\ GHVLUHG SDUDPH FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DOWHU
WHU VHW DOWHUQDWLYHO\ \RX FDQ GHFLGH WKDW WKH SDUDPH DWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
WHU VHWV DUH WR EH VZLWFKHG RYHU IURP ELQDU\ LQSXWV RU FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
YLD WKH V\VWHP LQWHUIDFH ,I WKH GHVLUHG VHW RU SRVVLELO FDQ EH PDGH LQHIIHFWLYH
LW\ DSSHDUV LQ WKH GLVSOD\ SUHVV WKH HQWHU NH\ (
&*&
$ & 7 , 9 3 $ 5 $ 0
$GGUHVV VKRZV WKH DFWXDOO\ DFWLYH SDUDPHWHU VHW
6 ( 7 $
$ & 7 , 9 $ 7 , 1 * 8VH WKH l1RlNH\ 1 WR SDJH WKURXJK WKH DOWHUQDWLYH

SRVVLELOLWLHV 7KH GHVLUHG SRVVLELOLW\ LV VHOHFWHG E\
6 ( 7 $ SUHVVLQJ WKH HQWHU NH\ (
6 ( 7 %
6 ( 7 &
6 ( 7 '
,I \RX VHOHFW 6(7 %< %,1,1387 WKHQ WKH SDUDPHWHU
6 ( 7 % < % , 1 , 1 3 8 7 VHW FDQ EH FKDQJHGRYHU YLD ELQDU\ LQSXWV VHH 6HF
WLRQ
6 ( 7 % < / 6 $ & 2 1 7 5 ,I \RX VHOHFW 6(7 %< /6$ &2175 WKHQ WKH SDUDPHWHU
VHW FDQ EH FKDQJHGRYHU YLD WKH V\VWHP LQWHUIDFH
&KDQJH RYHU RI WKH DFWLYH SDUDPH

%LQDU\ LQSXW FDXVHV
WHU VHW YLD ELQDU\ LQSXWV
3DUDP6HOHF 3DUDP6HOHF DFWLYH VHW
,I FKDQJHRYHU RI SDUDPHWHU VHWV LV LQWHQGHG WR EH QR QR 6HW $
FDUULHG RXW YLD ELQDU\ LQSXWV WKH IROORZLQJ LV WR EH
KHHGHG \HV QR 6HW %
QR \HV 6HW &
/RFDOO\ LH IURP WKH RSHUDWRU SDQHO RU IURP 3& YLD \HV \HV 6HW '
WKH RSHUDWLQJ LQWHUIDFH $&7,9$7,21 PXVW EH
VZLWFKHG WR 6(7 %< %,1,1387 UHIHU 6HFWLRQ QR LQSXW QRW HQHUJL]HG
\HV LQSXW HQHUJL]HG
ORJLFDO ELQDU\ LQSXWV DUH DYDLODEOH IRU FRQWURO RI 7DEOH 3DUDPHWHU VHOHFWLRQ YLD ELQDU\ LQSXW
WKH SDUDPHWHU VHWV 7KHVH ELQDU\ LQSXWV DUH GHV
LJQDWHG l!3DUDP6HOHFl DQG l!3DUDP6H
OHFl )1R DQG 6HOHFWRU VZLWFK IRU
SDUDP VHW
7KH ORJLFDO ELQDU\ LQSXWV PXVW EH DOORFDWHG WR $
SK\VLFDO LQSXW PRGXOHV UHIHU 6HFWLRQ LQ RU %
GHU WR DOORZ FRQWURO $Q LQSXW LV WUHDWHG DV QRW HQ / /
&
HUJL]HG ZKHQ LW LV QRW DVVLJQHG WR DQ\ SK\VLFDO LQ
' %LQDU\ LQSXW
SXW
!3DUDP6HOHF
7KH FRQWURO LQSXW VLJQDOV PXVW EH FRQWLQXRXVO\
SUHVHQW DV ORQJ DV WKH VHOHFWHG SDUDPHWHU VHW $
VKDOO EH DFWLYH %
/ &
/
7KH DFWLYH SDUDPHWHU VHWV DUH DVVLJQHG WR WKH ORJLFDO '
ELQDU\ LQSXWV DV VKRZQ LQ 7DEOH %LQDU\ LQSXW
!3DUDP6HOHF
$ VLPSOLILHG FRQQHFWLRQ H[DPSOH LV VKRZQ LQ )LJXUH
2I FRXUVH WKH ELQDU\ LQSXWV PXVW EH GHFODUHG LQ )LJXUH &RQQHFWLRQ VFKHPH IRU SDUDPHWHU
QRUPDOO\ RSHQ l12l PRGH FKDQJHRYHU YLD ELQDU\ LQSXWV
&*&
7HVWLQJ DQG FRPPLVVLRQLQJ
*HQHUDO
3UHUHTXLVLWH IRU FRPPLVVLRQLQJ LV WKH FRPSOHWLRQ RI

WKH SUHSDUDWLRQ SURFHGXUHV GHWDLOHG LQ &KDSWHU '$1*(5
6HFRQGDU\ FRQQHFWLRQV RI WKH FXUUHQW
WUDQVIRUPHUV PXVW EH VKRUW FLUFXLWHG
:DUQLQJ EHIRUH WKH FXUUHQW OHDGV WR WKH UHOD\ DUH
LQWHUUXSWHG
+D]DUGRXV YROWDJHV DUH SUHVHQW LQ WKLV ,I D WHVW VZLWFK LV LQVWDOOHG ZKLFK DXWRPDWL
HOHFWULFDO HTXLSPHQW GXULQJ RSHUDWLRQ FDOO\ VKRUW FLUFXLWV WKH FXUUHQW WUDQVIRUP
1RQREVHUYDQFH RI WKH VDIHW\ UXOHV FDQ HU VHFRQGDU\ OHDGV LW LV VXIILFLHQW WR VHW WKLV
UHVXOW LQ VHYHUH SHUVRQDO LQMXU\ RU SURSHU VZLWFK WR WKH l7HVWl SRVLWLRQ 7KH VKRUW
W\ GDPDJH FLUFXLW VZLWFK PXVW EH FKHFNHG EHIRUH
KDQG UHIHU WR 6HFWLRQ
2QO\ TXDOLILHG SHUVRQQHO VKDOO ZRUN RQ
DQG DURXQG WKLV HTXLSPHQW DIWHU EHFRP ,W LV UHFRPPHQGHG WKDW WKH DFWXDO VHWWLQJV IRU WKH
LQJ WKRURXJKO\ IDPLOLDU ZLWK DOO ZDUQLQJV UHOD\ EH XVHG IRU WKH WHVWLQJ SURFHGXUH ,I WKHVH YDO
DQG VDIHW\ QRWLFHV RI WKLV PDQXDO DV ZHOO XHV DUH QRW \HW DYDLODEOH WHVW WKH UHOD\ ZLWK WKH IDF
DV ZLWK WKH DSSOLFDEOH VDIHW\ UHJXODWLRQV WRU\ VHWWLQJV ,Q WKH IROORZLQJ GHVFULSWLRQ RI WKH WHVW
VHTXHQFH WKH SUHVHW VHWWLQJV DUH DVVXPHG XQOHVV
3DUWLFXODU DWWHQWLRQ PXVW EH GUDZQ WR WKH RWKHUZLVH QRWHG IRU GLIIHUHQW VHWWLQJ YDOXHV IRUPXODH
IROORZLQJ
DUH JLYHQ ZKHUH QHFHVVDU\
7KH HDUWKLQJ VFUHZ RI WKH GHYLFH
PXVW EH FRQQHFWHG VROLGO\ WR WKH )RU WKH IXQFWLRQDO WHVW D WKUHHSKDVH V\PPHWULFDO
SURWHFWLYH HDUWK FRQGXFWRU EHIRUH YROWDJH VRXUFH ZLWK DGMXVWDEOH YROWDJH RXWSXWV WR
DQ\ RWKHU FRQQHFWLRQ LV PDGH JHWKHU ZLWK D WKUHHSKDVH V\PPHWULFDO FXUUHQW
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW VRXUFH ZLWK DGMXVWDEOH FXUUHQWV VKRXOG EH DYDLO
RQ DOO FLUFXLWV DQG FRPSRQHQWV FRQ DEOH 3KDVH GLVSODFHPHQW EHWZHHQ WHVW FXUUHQWV ,3
QHFWHG WR WKH VXSSO\ YROWDJH RU WR WKH DQG WHVW YROWDJHV 83 VKRXOG SUHIHUDEO\ EH FRQWLQX
PHDVXULQJ DQG WHVW TXDQWLWLHV RXVO\ DGMXVWDEOH
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW
LQ WKH GHYLFH HYHQ DIWHU GLVFRQQHF ,I XQV\PPHWULFDO FXUUHQWV DQG YROWDJHV RFFXU GXULQJ
WLRQ RI WKH VXSSO\ YROWDJH VWRUDJH WKH WHVWV LW LV OLNHO\ WKDW WKH DV\PPHWU\ PRQLWRULQJ ZLOO
FDSDFLWRUV IUHTXHQWO\ RSHUDWH 7KLV LV RI QR FRQFHUQ EHFDXVH
7KH OLPLW YDOXHV JLYHQ LQ WKH 7HFKQL WKH FRQGLWLRQ RI VWHDG\VWDWH PHDVXUHG YDOXHV LV
FDO GDWD 6HFWLRQ PXVW QRW EH H[ PRQLWRUHG DQG XQGHU QRUPDO RSHUDWLQJ FRQGLWLRQV
FHHGHG DW DOO QRW HYHQ GXULQJ WHVWLQJ WKHVH DUH V\PPHWULFDO XQGHU VKRUW FLUFXLW FRQGLWLRQV
DQG FRPPLVVLRQLQJ WKHVH PRQLWRULQJ V\VWHPV DUH QRW HIIHFWLYH
127( 7KH DFFXUDF\ ZKLFK FDQ EH DFKLHYHG GXULQJ

WHVWLQJ GHSHQGV RQ WKH DFFXUDF\ RI WKH WHVWLQJ
:KHQ WHVWLQJ WKH XQLW ZLWK D VHFRQGDU\ LQMHFWLRQ WHVW HTXLSPHQW 7KH DFFXUDF\ YDOXHV VSHFLILHG LQ WKH
VHW LW PXVW EH HQVXUHG WKDW QR RWKHU PHDVXUHG YDO 7HFKQLFDO GDWD FDQ RQO\ EH UHSURGXFHG XQGHU WKH
XHV DUH FRQQHFWHG DQG WKDW WKH WULSSLQJ OHDGV WR WKH UHIHUHQFH FRQGLWLRQV VHW GRZQ LQ ,(& UHVS 9'(
FLUFXLW EUHDNHU WULSFRLOV KDYH EHHQ LQWHUUXSWHG SDUW DQG ZLWK WKH XVH RI SUHFLVLRQ PHDVXU
LQJ LQVWUXPHQWV 7KH WHVWV DUH WKHUHIRUH WR EH ORRNHG
XSRQ SXUHO\ DV IXQFWLRQDO WHVWV
&*&
'XULQJ DOO WKH WHVWV LW LV LPSRUWDQW WR HQVXUH WKDW WKH WKH DFWXDO IUHTXHQF\ 7KLV H[SODLQV WKH ZLGH IUHTXHQ
FRUUHFW FRPPDQG WULS FRQWDFWV FORVH WKDW WKH F\ UDQJH DQG WKH VPDOO IUHTXHQF\ LQIOXHQFH +RZHY
SURSHU LQGLFDWLRQV DSSHDU DW WKH /('V DQG WKH RXW HU LW UHTXLUHV WKDW PHDVXUHPHQW YDOXHV EH SUHVHQW
SXW UHOD\V IRU UHPRWH VLJQDOOLQJ ,Q WKH WHVWLQJ KLQWV EHIRUH D G\QDPLF WHVW FDQ WDNH SODFH VR WKDW WKH IUH
WKH DQQXQFLDWLRQV DV VHW E\ WKH IDFWRU\ DUH VWDWHG TXHQF\ IROORZ XS FDQ RSHUDWH ,I D PHDVXUHPHQW
$GGLWLRQDO DQQXQFLDWLRQV ZKLFK FDQ EH JHQHUDWHG YDOXH LV VZLWFKHG IURP WR WKH XQLW ZLWKRXW D GLIIHUHQW
E\ RWKHU SURWHFWLRQ IXQFWLRQV RU SDUW IXQFWLRQV DUH PHDVXUHPHQW YDOXH KDYLQJ EHHQ SUHVHQW EHIRUH
QRW PHQWLRQHG ,I WKH UHOD\ LV FRQQHFWHG WR D FHQWUDO KDQG DQ DGGLWLRQDO WLPH GHOD\ RI DSSUR[LPDWHO\
PHPRU\ GHYLFH YLD WKH VHULDO LQWHUIDFH FRUUHFW FRP PV LV LQFXUUHG VLQFH WKH XQLW PXVW ILUVWO\ FDOFXODWH WKH
PXQLFDWLRQ EHWZHHQ WKH UHOD\ DQG WKH PDVWHU VWDWLRQ IUHTXHQF\ IURP WKH PHDVXUHPHQW YDOXH ,Q DGGLWLRQ
PXVW EH FKHFNHG QR RXWSXW VLJQDO LV SRVVLEOH LI QR PHDVXUHPHQW YDOXH
LV FRQQHFWHG $ WULS VLJQDO RQFH LVVXHG RI FRXUVH LV
$IWHU WHVWV ZKLFK FDXVH /(' LQGLFDWLRQV WR DSSHDU PDLQWDLQHG IRU DW OHDVW WKH GXUDWLRQ RI WKH SDUDPHWHU
WKHVH VKRXOG EH UHVHW DW OHDVW RQFH E\ HDFK RI WKH L]HG UHVHW WLPH UHIHU DOVR WR 6HFWLRQ
SRVVLEOH PHWKRGV WKH UHVHW EXWWRQ RQ WKH IURQW SODWH
DQG YLD WKH UHPRWH UHVHW UHOD\ VHH FRQQHFWLRQ GLD 127(
JUDPV $SSHQGL[ $ :KHQ WKH XQLW LV GHOLYHUHG IURP WKH IDFWRU\ DOO SURWHF
WLYH IXQFWLRQV KDYH EHHQ VZLWFKHG RII 7KLV KDV WKH
127( DGYDQWDJH WKDW HDFK IXQFWLRQ FDQ EH VHSDUDWHO\
7KH XQLW FRQWDLQV DQ LQWHJUDWHG IUHTXHQF\ IROORZ WHVWHG ZLWKRXW EHLQJ LQIOXHQFHG E\ RWKHU IXQFWLRQV
XS FLUFXLW WKLV HQVXUHV WKDW WKH SURWHFWLRQ IXQFWLRQV 7KH UHTXLUHG IXQFWLRQV PXVW EH DFWLYDWHG IRU WHVWLQJ
DUH DOZD\V SURFHVVHG ZLWK DOJRULWKPV PDWFKHG WR DQG FRPPLVVLRQLQJ
&*&
7HVWLQJ WKH XQGHUH[FLWDWLRQ SURWHFWLRQ
7KH IXQFWLRQ RI WKH XQGHUH[FLWDWLRQ SURWHFWLRQ FDQ &RQQHFW DSSUR[LPDWHO\ 9 GF WR WKH H[FLWDWLRQ
RQO\ EH WHVWHG LI WKLV IXQFWLRQ LV FRQILJXUHG DV (;,67 YROWDJH LQSXW ,QMHFW WHVW FXUUHQW RI ,1
LQ DGGUHVV DV GHOLYHUHG UHIHU WR 6HFWLRQ : $QQXQFLDWLRQ l([F )DXOWl VLJQDO UHOD\ DQG
DQG KDV EHHQ SDUDPHWHUL]HG DV RSHUDWLYH FRQWUDU\ /('
WR WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\DGGUHVV : $IWHU 7&K V DGGUHVV DQQXQFL
81'(5(;&, 21 RU %/2&. 75,3 5(/ DWLRQl([F 7ULSlVLJQDO UHOD\ DQG /('
: 7ULS UHOD\V DQG
7KH LQWHUQDO PHDVXUHPHQW IRUPDWLRQ RI WKH FRQGXF 'LVFRQQHFW WHVW FXUUHQW
WDQFH YDOXHV XWLOL]HV WKH SRVLWLYH VHTXHQFH V\VWHP RI
FXUUHQWV DQG YROWDJHV 0HDVXUHPHQWV ZLWK WKH XQ &RQQHFW WHVW FXUUHQW RI ,1
GHUH[FLWDWLRQ SURWHFWLRQ VKRXOG WKHUHIRUH EH SHU : $QQXQFLDWLRQ l([F )DXOWl VLJQDO UHOD\ DQG
IRUPHG ZLWK WKUHHSKDVH V\PPHWULFDO YDOXHV ,I /('
DV\PPHWULFDO YDOXHV DUH FRQQHFWHG GHYLDWLRQV : $IWHU 7&K V DGGUHVV DQQXQFL
PXVW EH H[SHFWHG :LWK VLQJOHSKDVH PHDVXUH DWLRQ l([F 7ULSl VLJQDO UHOD\ DQG /('
PHQWV WKH SLFN XS YDOXHV WKHRUHWLFDOO\ GR QRW 'LVFRQQHFW WHVW FXUUHQW
FKDQJH VLQFH WKH SRVLWLYH VHTXHQFH FRPSRQHQW LQ
WKH FXUUHQW DV ZHOO DV LQ WKH YROWDJH DPRXQWV WR (QHUJL]H ELQDU\ LQSXW l!8H[F IDLOl LQSXW
+RZHYHU WKH XQGHUYROWDJH EORFNLQJ IHDWXUH FRXOG &RQQHFW WHVW FXUUHQW
EH FDXVHG WR SLFN XS GXH WR WKH UHGXFHG YROWDJHV : $QQXQFLDWLRQ l8H[F IDLOXUHl QRW PDUVKDOOHG
DQG EORFN WKH XQGHUH[FLWDWLRQ SURWHFWLRQ E\ IDFWRU\
: $QQXQFLDWLRQl([F )DXOWl VLJQDO UHOD\ DQG
6LPSOH IXQFWLRQ WHVWLQJ LV SRVVLEOH E\ FRQQHFWLQJ /('
UDWHG V\PPHWULFDO YROWDJHV DV ZHOO DV V\PPHWULFDO : $IWHU 76+57 8H V DGGUHVV DQQXQ
FXUUHQWV ZKLFK OHDG WKH YROWDJHV E\ 7KH SURWHF FLDWLRQ l([F87ULSl QRW PDUVKDOOHG E\ IDFWR
WLRQ WKHQ SLFNV XS ZKHQ WKH FXUUHQWV DUH LQFUHDVHG U\
WR D YDOXH ZKLFK FRUUHVSRQGV WR M [ ,1 IRU M : 7ULS UHOD\V DQG
LH [ ,1 ,W LV DVVXPHG WKDW WKH IROORZLQJ DSSOLHV 'LVFRQQHFW WHVW FXUUHQW 'HHQHUJL]H ELQDU\ LQSXW
IRU WKH VHWWLQJV M ! M ! M
: $QQXQFLDWLRQ l([F )DXOWl IDFWRU\ VHWWLQJ LV 'HFUHDVH GF YROWDJH WR 9 &RQQHFW WHVW FXUUHQW
VLJQDO UHOD\ DQG /(' ,1
: $QQXQFLDWLRQ l([F )DXOWl VLJQDO UHOD\ DQG
7KH GHOD\ WLPHV DUH FKHFNHG ZLWK WZLFH WKH SLFN XS /('
YDOXH IRU WKH VWHDG\VWDWH FKDUDFWHULVWLF WKHUHIRUH $IWHU 76+57 8H V DGGUHVV DQQXQ
ZLWK DSSUR[LPDWHO\ ,1 DQG IRU WKH G\QDPLF FKDU FLDWLRQ l([F87ULSl QRW PDUVKDOOHG E\ IDFWR
DFWHULVWLF ZLWK DSSUR[LPDWHO\ ,1 ,W PXVW EH QRWHG U\
WKDW WKH VHW WLPHV DUH SXUH GHOD\ WLPHV RSHUDWLQJ : 7ULS UHOD\V DQG
WLPHV RI WKH PHDVXUHPHQW IXQFWLRQV DUH QRW LQ 'LVFRQQHFW WHVW FXUUHQW
FOXGHG
)XUWKHU FKHFNV DUH SHUIRUPHG ZLWK SULPDU\ YDOXHV
GXULQJ FRPPLVVLRQLQJ 6HFWLRQ
&*&
7HVWLQJ WKH YROWDJH SURWHFWLRQ IXQFWLRQV
7KH IXQFWLRQV RI WKH XQGHU DQG RYHUYROWDJH SURWHF WKH PHDVXUHPHQW IXQFWLRQV DUH QRW LQFOXGHG
WLRQV FDQ RQO\ EH WHVWHG LI WKHVH IXQFWLRQV DUH FRQIL
JXUHG DV (;,67 LQ DGGUHVV IRU XQGHUYROWDJH 1RWH 'XULQJ YROWDJH WHVWLQJ D FXUUHQW RI ,1
SURWHFWLRQ DV GHOLYHUHG UHIHU WR 6HFWLRQ DQG LQ VKRXOG EH DSSOLHG UHIHU DOVR 127( LQ 6HFWLRQ
DGGUHVV IRU RYHUYROWDJH SURWHFWLRQ $GGLWLRQDO
O\ WKH\ PXVW KDYH EHHQ SDUDPHWHUL]HG DV RSHUDWLYH &RQQHFW YROWDJH RI [ SLFN XS YDOXH 8! DGGUHVV
DGGUHVVHV 81'(592/7 21 RU %/2&.
75,3 5(/ IRU XQGHUYROWDJH SURWHFWLRQ DQGRU : $QQXQFLDWLRQ l8! IDXOWl QRW PDUVKDOOHG ZKHQ
29(592/7 21 RU %/2&. 75,3 5(/ IRU RYHUYROW GHOLYHUHG IURP IDFWRU\
DJH SURWHFWLRQ FRQWUDU\ WR WKH FRQGLWLRQ DV GHOLY : $IWHU 78! V DGGUHVV DQQXQFLDWLRQ
HUHG IURP IDFWRU\ l8! WULSl/(' DQG VLJQDO UHOD\
: 7ULS UHOD\V DQG
7KH SRVLWLYH VHTXHQFH FRPSRQHQW RI WKH YROWDJHV LV
XVHG IRU WKH LQWHUQDO IRUPDWLRQ RI WKH PHDVXUHG YDO 'LVFRQQHFW YROWDJH
XH 0HDVXUHPHQWV RQ WKH YROWDJH SURWHFWLRQ IXQF : $QQXQFLDWLRQ l8 IDXOWl QRW PDUVKDOOHG ZKHQ
WLRQV VKRXOG WKHUHIRUH EH SHUIRUPHG ZLWK WKUHH GHOLYHUHG IURP IDFWRU\
SKDVH V\PPHWULFDO PHDVXUHPHQW YDOXHV ,I DV\P : $IWHU 78 V DGGUHVV DQQXQFLDWLRQ
PHWULFDO YDOXHV DUH XVHG GHYLDWLRQV PXVW EH H[ l8 WULSlQRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP
SHFWHG IDFWRU\
: 7ULS UHOD\
7KH VHW YROWDJHV DUH DOZD\V UHIHUUHG WR SKDVHWR
SKDVH YROWDJHV 7KHUHIRUH ZKHQ FKHFNLQJ WKH 6HW YROWDJH WR DSSUR[LPDWHO\ UDWHG YROWDJH $FWLYDWH
SLFN XS YDOXHV WKH SKDVHWRSKDVH YROWDJH PXVW ELQDU\ LQSXW l!X EORFNl QRW PDUVKDOOHG ZKHQ
EH PHDVXUHG 6LQJOHSKDVH PHDVXUHPHQW LV QRW GHOLYHUHG IURP IDFWRU\ 'LVFRQQHFW YROWDJH
SRVVLEOH IRU RYHUYROWDJH PHDVXUHPHQW ZLWK XVXDO : $QQXQFLDWLRQ l8 EORFNl QRW PDUVKDOOHG ZKHQ
SLFN XS YDOXHV VLQFH WKH YROWDJH WR EH FRQQHFWHG GHOLYHUHG IURP IDFWRU\
ZRXOG KDYH WR EH LQFUHDVHG E\ WKH IDFWRU c VLQFH : 1R IXUWKHU DODUPV UHJDUGLQJ XQGHUYROWDJH SURWHF
WKH SRVLWLYH VHTXHQFH FRPSRQHQW DPRXQWV WR c WLRQ
RQO\ UHIHUUHG WR SKDVHWRSKDVH YDOXHV VXFK 'HDFWLYDWH ELQDU\ LQSXW
YDOXHV OLH RXWVLGH WKH RSHUDWLQJ UDQJH RI WKH XQLW
6KRXOG LW EH XQDYRLGDEOH WR WHVW ZLWK VLQJOHSKDVH 6HW YROWDJH WR [ SLFN XS YDOXH 8!! DGGUHVV
YROWDJH WKH SLFN XS YDOXHV PXVW EH GHFUHDVHG
HJ WR 9 : $QQXQFLDWLRQ l8!! IDXOWl QRW PDUVKDOOHG
ZKHQ GHOLYHUHG IURP IDFWRU\
: $IWHU 78!! V DGGUHVV DQQXQFLDWLRQ
&DXWLRQ l8!! 7ULSl QRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP
IDFWRU\
7HVW YROWDJHV ODUJHU WKDQ 9 PD\ RYHU : 7ULS UHOD\V DQG
ORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG FRQ
'LVFRQQHFW YROWDJH DQG FXUUHQW
WLQXRXVO\ UHIHU WR 6HFWLRQ IRU RYHU
ORDG FDSDELOLW\
$WWHQWLRQ ,I VHWWLQJ YDOXHV KDYH EHHQ FKDQJHG IRU
WHVWLQJ UHVHW WR FRUUHFW YDOXHV DGGUHVVHV WR
7KH WLPH GHOD\V IRU RYHUYROWDJHV DUH FKHFNHG ZLWK DEEU WR
DSSUR[LPDWHO\ [ SLFN XS YDOXH IRU XQGHUYROWDJH
E\ VZLWFKLQJ WKH YROWDJH WR 9 ,W PXVW EH QRWHG WKDW )XUWKHU FKHFNV DUH SHUIRUPHG ZLWK SULPDU\ YDOXHV
WKH VHW WLPHV DUH SXUH GHOD\ WLPHV RSHUDWLQJ WLPHV RI GXULQJ FRPPLVVLRQLQJ 6HFWLRQ
&*&
7HVWLQJ WKH VWDWRU HDUWK IDXOW SURWHFWLRQ 8!
7KH IXQFWLRQV RI WKH VWDWRU HDUWK IDXOW SURWHFWLRQ FDQ : DQQXQFLDWLRQ l8! )DXOWl QRW PDUVKDOOHG
RQO\ EH WHVWHG LI WKLV SURWHFWLRQ LV FRQILJXUHG DV (; ZKHQ GHOLYHUHG IURP IDFWRU\
,67 LQ DGGUHVV DV GHOLYHUHG UHIHU WR 6HFWLRQ : DIWHU 78! V DGGUHVV DQQXQFLDWLRQ
DQG KDV EHHQ SDUDPHWHUL]HG DV RSHUDWLYH l8! 7ULSl QRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP
FRQWUDU\ WR WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ IDFWRU\
DGGUHVV 6() 3527 21 RU %/2&. 75,3 : FRPPDQG UHOD\ QRW PDUVKDOOHG ZKHQ GHOLYHUHG
5(/ IURP IDFWRU\
'LVFRQQHFW YROWDJH
7KH UHOD\ FDOFXODWHV WKH GLVSODFHPHQW YROWDJH E\
IRUPLQJ WKH VXP RI WKH YHFWRUV RI WKH SKDVHWR $FWLYDWH ELQDU\ LQSXW l!8! EORFNl QRW PDU
HDUWK YROWDJHV DFFRUGLQJ WR WKH IROORZLQJ IRUPXOD VKDOOHG ZKHQ GHOLYHUHG IURP IDFWRU\ &RQQHFW YROW
DJH 2QH RI WKH WKUHH YROWDJHV LV GHFUHDVHG WR ]HUR
8 ]8/ 8/ 8/] c VWDUWLQJ ZLWK UDWHG YROWDJH
7KXV WKH SURWHFWLRQ IXQFWLRQ FDQ EH WHVWHG XVLQJ D : DQQXQFLDWLRQ l8! EORFNHGl QRW PDUVKDOOHG
WKUHHSKDVH YROWDJH VRXUFH ZLWK LQGLYLGXDOO\ FRQ ZKHQ GHOLYHUHG IURP IDFWRU\
WUROOHG SKDVH YROWDJHV 2QH RI WKH WKUHH YROWDJHV LV : 1R IXUWKHU DODUPV UHJDUGLQJ VWDWRU HDUWK IDXOW SUR
GHFUHDVHG VWDUWLQJ ZLWK UDWHG YROWDJH XQWLO WKH YROW WHFWLRQ
DJH WULDQJOH LV VR GHIRUPHG WKDW WKH SURWHFWLRQ SLFNV
XS 7KLV KDSSHQV DFFRUGLQJ WR DERYH IRUPXOD ZKHQ 'LVFRQQHFW YROWDJH 'HHQHUJL]H ELQDU\ LQSXW
GHFUHDVLQJ WKH YROWDJH E\ c WLPHV WKH SDUDPHWHU
L]HG SLFN XS WKUHVKROG 8! DGGUHVV (YHQ $WWHQWLRQ ,I VHWWLQJ YDOXHV KDYH EHHQ FKDQJHG IRU
WXDOO\ WKH WKUHVKROG KDV WR EH VHW WR D ORZHU YDOXH IRU WKHVH WHVWV PDNH VXUH WKDW WKH RULJLQDO VHWWLQJV DUH
WKLV WHVW UHVWRUHG DGGUHVVHV WR
7HVWLQJ LV SRVVLEOH ZLWK D VLQJOHSKDVH WHVW YROWDJH ,W PXVW EH QRWHG WKDW WKH VHW WLPHV DUH SXUH GHOD\
,Q WKLV FDVH WKH LQLWLDO WHVW YROWDJH PXVW EH KLJKHU WLPHV RSHUDWLQJ WLPHV RI WKH PHDVXUHPHQW IXQF
WKDQ c WLPHV WKH SDUDPHWHUL]HG SLFN XS WKUHVK WLRQV DUH QRW LQFOXGHG
ROG 8! DGGUHVV (YHQWXDOO\ WKH WKUHVKROG
KDV WR EH VHW WR D ORZHU YDOXH IRU WKLV WHVW 3LFN XS 1RWH 'XULQJ GLVSODFHPHQW YROWDJH WHVWLQJ D FXUUHQW
RFFXUV ZKHQ WKH WHVW YROWDJH LV GHFUHDVHG EHORZ RI ,1 VKRXOG EH DSSOLHG UHIHU DOVR 127( LQ 6HF
c WLPHV WKH SDUDPHWHUL]HG SLFN XS YDOXH WLRQ

GXULQJ FRPPLVVLRQLQJ 6HFWLRQ
&*&
7HVWLQJ WKH IUHTXHQF\ SURWHFWLRQ IXQFWLRQV
7KH IXQFWLRQV RI WKH IUHTXHQF\ SURWHFWLRQ FDQ RQO\ WKH VHW PHDVXUHPHQW UHSHWLWLRQV DGGUHVV
EH WHVWHG LI WKLV SURWHFWLRQ LV FRQILJXUHG DV (;,67 LQ 0($5(3I DW GHOLYHU\
DGGUHVV DV GHOLYHUHG UHIHU WR 6HFWLRQ
DQG KDV EHHQ SDUDPHWHUL]HG DV RSHUDWLYH FRQ : $QQXQFLDWLRQ lI 7ULSl DIWHU WKH IXOO WLPH IRU
WUDU\ WR WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ DG WKH VHW PHDVXUHPHQW UHSHWLWLRQV /(' DQG VLJ
GUHVV I! I 21 RU %/2&. 75,3 5(/ QDO UHOD\V
: 7ULS UHOD\
7KH VLPSOHVW IXQFWLRQ FKHFN LV D UHDGRXW RI WKH IUH
TXHQF\ DV PHDVXUHG E\ WKH XQLW 7KLV YDOXH LV IRXQG )XUWKHU UHGXFH IUHTXHQF\ XQWLO WKH VHFRQG XQGHUIUH
LQ WKH RSHUDWLRQDO PHDVXUHG YDOXHV D XQGHU DG TXHQF\ VWDJH I SLFNV XS
GUHVV
: $QQXQFLDWLRQ lI )DXOWl QRW PDUVKDOOHG
,I D YROWDJH VRXUFH ZLWK DGMXVWDEOH IUHTXHQF\ LV DYDLO ZKHQ GHOLYHUHG IURP IDFWRU\ DIWHU KDOI WKH WLPH IRU
DEOH WKHQ WKH OLPLWV RI WKH RYHUIUHTXHQF\ I! DQG RI WKH VHW PHDVXUHPHQW UHSHWLWLRQV DGGUHVV
WKH XQGHUIUHTXHQF\ VWDJHV FDQ EH FKHFNHG ZLWKRXW 0($5(3I DW GHOLYHU\
GLIILFXOWLHV
: $QQXQFLDWLRQ lI 7ULSl DIWHU WKH IXOO WLPH IRU
:KHQ PHDVXULQJ WLPHV LW PXVW EH FRQVLGHUHG WKDW WKH VHW PHDVXUHPHQW UHSHWLWLRQV QRW PDUVKDOOHG
WKH GHOD\ WLPH RI WKH IUHTXHQF\ SURWHFWLRQ LV GHWHU ZKHQ GHOLYHUHG IURP IDFWRU\
PLQHG E\ WKH QXPEHU RI UHSHDWHG PHDVXUHPHQWV
: 7ULS UHOD\V QRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP
(DFK PHDVXUHPHQW WDNHV DF SHULRGV 7KXV WKH
IDFWRU\
GHOD\ LV I WLPHV WKH VHW QXPEHU RI UHSHDWHG PHD
VXUHPHQWV 1RWH WKDW WKH WULSSLQJ WLPH DV LQGLFDWHG
)XUWKHU UHGXFH IUHTXHQF\ XQWLO WKH WKLUG XQGHUIUH
LQ WKH IDXOW DQQXQFLDWLRQV VWDUWV ZLWK WKH IDXOW GHWHF
TXHQF\ VWDJH I SLFNV XS
WLRQ VLJQDO ZKLFK RFFXUV DIWHU KDOI WKH QXPEHU RI UH
SHDWHG PHDVXUHPHQWV 7KXV WKH LQGLFDWHG WULSSLQJ : $QQXQFLDWLRQ lI )DXOWl QRW PDUVKDOOHG
WLPH FRUUHVSRQGV WR WKH RWKHU KDOI RI WKH QXPEHU RI ZKHQ GHOLYHUHG IURP IDFWRU\ DIWHU KDOI WKH WLPH IRU
UHSHDWHG PHDVXUHPHQWV WKH VHW PHDVXUHPHQW UHSHWLWLRQV DGGUHVV
0($5(3I DW GHOLYHU\
&RQQHFW UDWHG YROWDJH LQFUHDVH IUHTXHQF\ XQWLO
RYHUIUHTXHQF\ SURWHFWLRQ I SLFNV XS : $QQXQFLDWLRQ lI 7ULSl DIWHU WKH IXOO WLPH IRU
WKH VHW PHDVXUHPHQW UHSHWLWLRQV QRW PDUVKDOOHG
: $QQXQFLDWLRQ lI! )DXOWl QRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP IDFWRU\
ZKHQ GHOLYHUHG IURP IDFWRU\ DIWHU KDOI WKH WLPH IRU
WKH VHW PHDVXUHPHQW UHSHWLWLRQV DGGUHVV : 7ULS UHOD\V QRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP
0($5(3I DW GHOLYHU\ IDFWRU\
: $QQXQFLDWLRQ lI! 7ULSl DIWHU WKH IXOO WLPH IRU
WKH VHW PHDVXUHPHQW UHSHWLWLRQV QRW PDUVKDOOHG $FWLYDWH ELQDU\ LQSXW l!I EORFNl l!I
EORFNl DQG l!I EORFNl
ZKHQ GHOLYHUHG IURP IDFWRU\
: 7ULS UHOD\ QRW PDUVKDOOHG ZKHQ GHOLYHUHG : 7KH EORFNLQJ DQQXQFLDWLRQV DSSHDU QRW PDU
VKDOOHG ZKHQ GHOLYHUHG IURP IDFWRU\
5HGXFH IUHTXHQF\ XQWLO DQQXQFLDWLRQ GLVDSSHDUV
: $QQXQFLDWLRQV lI )DXOWl lI )DXOWl
QRWH WKDW WKH QXPEHU RI UHSHDWHG PHDVXUHPHQWV LV
lI )DXOWl DQG lI 7ULSl lI 7ULSl
YDOLG IRU UHVHW GHOD\ WRR
DQG lI 7ULSl GLVDSSHDU
6HW WR UDWHG YROWDJH UHGXFH IUHTXHQF\ XQWLO WKH ILUVW
%ULQJ IUHTXHQF\ EDFN WR UDWHG IUHTXHQF\ 'HDFWL
XQGHUIUHTXHQF\ SURWHFWLRQ VWDJH I DGGUHVV
YDWH ELQDU\ LQSXW 6ZLWFK RII WHVW TXDQWLW\
SLFNV XS
: $QQXQFLDWLRQ lI )DXOWl QRW PDUVKDOOHG )XUWKHU FKHFNV DUH SHUIRUPHG ZLWK SULPDU\ YDOXHV
ZKHQ GHOLYHUHG IURP IDFWRU\ DIWHU KDOI WKH WLPH IRU GXULQJ FRPPLVVLRQLQJ 6HFWLRQ
&*&
7HVWLQJ WKH SRZHU SURWHFWLRQ IXQFWLRQV
7KH IRUZDUG SRZHU VXSHUYLVLRQ DQG WKH UHYHUVH SRZ ` $QJOH FRUUHFWLRQ
HU SURWHFWLRQ FDQ EH WHVWHG VLPXOWDQHRXVO\
6HW WKH DQJOH FRUUHFWLRQ SDUDPHWHUV RI WKH UHOD\ :
7KH IRUZDUG SRZHU VXSHUYLVLRQ FDQ EH WHVWHG LI LW LV LQ DGGUHVV DQG : LQ DGGUHVV WR
FRQILJXUHG DV (;,67 LQ DGGUHVV UHIHU WR 6HF
WLRQ DQG SDUDPHWHUL]HG DV RSHUDWLYH FRQWUDU\ &RQQHFW WKUHHSKDVH WHVW FXUUHQW DQG WHVW YROWDJH
WR WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ DGGUHVV WR WKH UHOD\ $GMXVW WHVW YROWDJHV WR UDWHG YROWDJH DG
)25: 32:(5 21 RU %/2&. 75,3 5(/ MXVW SKDVH DQJOH WR
$GMXVW WHVW FXUUHQW , WR UDWHG FXUUHQW UHDG RXW DQG

7KH UHYHUVH SRZHU SURWHFWLRQ FDQ EH WHVWHG LI LW LV
QRWH DV WKH SKDVH DQJOH XQGHU WKH RSHUDWLRQDO
FRQILJXUHG DV (;,67 LQ DGGUHVV UHIHU WR 6HF PHDVXUHG YDOXHV XQGHU DGGUHVV
WLRQ DQG SDUDPHWHUL]HG DV RSHUDWLYH FRQWUDU\
WR WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ DGGUHVV $GMXVW WHVW FXUUHQW , WR WLPHV UDWHG FXUUHQW UHDG
5(9 32:(5 21 RU %/2&. 75,3 5(/ RXW DQG QRWH DV WKH SKDVH DQJOH XQGHU WKH RSHUD
WLRQDO PHDVXUHG YDOXHV XQGHU DGGUHVV
7KH LQWHUQDO SURFHVVLQJ RI WKH SRZHU YDOXHV XVHV WKH
SRVLWLYH VHTXHQFH FRPSRQHQWV RI WKH FXUUHQWV DQG &DOFXODWH WKH FRUUHFWLRQ IDFWRUV DFFRUGLQJ WKH IRO
YROWDJHV 7HVWLQJ RI WKH SRZHU IXQFWLRQV VKRXOG ORZLQJ IRUPXODH DQG VHW WKHP ZLWK UHYHUVHG VLJQ LQ
WKHUHIRUH EH ZLWK WKUHHSKDVH V\PPHWULFDO YDOXHV DGGUHVVHV DQG
,I DV\PPHWULFDO PHDVXUHPHQW YDOXHV DUH XVHG WKHQ : , , DGGUHVV
GHYLDWLRQV DUH WR EH H[SHFWHG ,I VLQJOH SKDVH PHD : ::, DGGUHVV
VXUHPHQWV DUH SHUIRUPHG WKHQ WKH SRZHU YDOXHV ZLOO
EH ORZHU E\ WKH IDFWRU VLQFH WKH SRVLWLYH VH 5HSHDW DERYH WHVW QRZ WKH GLVSOD\HG DQJOHV VKRXOG
TXHQFH FRPSRQHQW DPRXQWV WR LQ WKH FXUUHQW DV EH QHJOLJLEOH
ZHOO DV LQ WKH YROWDJH
` )RUZDUG SRZHU
3RODULW\ RI SRZHU LV GHILQHG IRU JHQHUDWRU RSHUDWLRQ
LH 7HVW FXUUHQW DQG WHVW YROWDJH LQ SKDVH YROWDJH
3 )RUZDUG SRZHU 0DFKLQH GHOLYHUV DW 81 'LVUHJDUG LQLWLDO /(' LQGLFDWLRQV
DFWLYH SRZHU
3 5HYHUVH SRZHU 0DFKLQH WDNHV XS &RQQHFW WHVW FXUUHQW [ ,1 IRU FRQGLWLRQ DV GHOLY
DFWLYH SRZHU HUHG IURP IDFWRU\
: $QQXQFLDWLRQ l3I! IOW GHWl QRW DOOR
4 RYHUH[FLWHG RSHUDWLRQ 0DFKLQH GHOLYHUV
FDWHG E\ IDFWRU\
LQGXFWLYH SRZHU
: $IWHU 73I! V DGGUHVV DQQXQFL
4 XQGHUH[FLWHG RSHUDWLRQ 0DFKLQH WDNHV XS DWLRQ l3I! 7ULSl QRW DOORFDWHG DW GHOLYHU\
LQGXFWLYH SRZHU : 7ULS UHOD\V QRW DOORFDWHG ZKHQ GHOLYHUHG
'LVFRQQHFW WHVW FXUUHQW
7KH GHOD\ WLPHV IRU SRZHU LQFUHDVH DUH WHVWHG ZLWK : $QQXQFLDWLRQ l3I IOW GHWl QRW DOOR
WZLFH WKH SLFN XS YDOXH IRU SRZHU GHFUHDVH E\ FDWHG DW GHOLYHU\
VZLWFKLQJ WKH FXUUHQW WR 1RWH 5HYHUVH SRZHU SUR : $IWHU 73I V DGGUHVV DQQXQFL
WHFWLRQ LV D SRZHU LQFUHDVH SURWHFWLRQ VLQFH LW PHD DWLRQ l3I 7ULSl QRW DOORFDWHG DW GHOLYHU\
VXUHV WKH ULVH RI D QHJDWLYH DFWLYH SRZHU ,W PXVW EH : 7ULS UHOD\V QRW DOORFDWHG DW GHOLYHU\
QRWHG WKDW WKH VHW WLPHV DUH SXUH GHOD\ WLPHV RSHUDW
LQJ WLPHV RI WKH PHDVXULQJ IXQFWLRQV DUH QRW LQ $FWLYDWH ELQDU\ LQSXW l!3I EORFNl LQSXW &RQ
FOXGHG QHFW WHVW FXUUHQW
: $QQXQFLDWLRQ l3I EORFNHGl QRW DOORFDWHG DW
GHOLYHU\
,Q FDVH DFFXUDF\ WHVWV VKRXOG EH SHUIRUPHG RQ WKH
: 1R IXUWKHU DODUPV UHJDUGLQJ IRUZDUG SRZHU VX
UHYHUVH SRZHU SURWHFWLRQ LW LV DGYLVDEOH WR DGMXVW WKH
SHUYLVLRQ
DQJOH HUURU FRUUHFWLRQ EHIRUH EHFDXVH RI WKH KLJK DF
FXUDF\ GHPDQG UHIHU DOVR WR 6HFWLRQ 7KLV UH 'LVFRQQHFW WHVW FXUUHQW
TXLUHV D KLJKDFFXUDF\ WHVW VHW HJ W\SH &0& RI : $QQXQFLDWLRQ l3I EORFNHGlQRW DOORFDWHG DW
0HVVUV 2PLFURQ 7KH DQJOH HUURU RI WKH LQWHUQDO LQ GHOLYHU\ UHPDLQV
SXW WUDQVGXFHUV DUH WKHQ PHDVXUHG DQG FRUUHFWHG : 1R IXUWKHU DODUPV UHJDUGLQJ IRUZDUG SRZHU VX
DV IROORZV 7KH H[WHUQDO HUURU DUH FRUUHFWHG LQ D ODWHU SHUYLVLRQ
VWHS DFFRUGLQJ WR 6HFWLRQ 'HDFWLYDWH ELQDU\ LQSXW
&*&
` 5HYHUVH SRZHU : $QQXQFLDWLRQ l3U IDXOW GHWl QRW DOOR

FDWHG DW GHOLYHU\
1RWH 7KHVH WHVWV FDXVH WKH IRUZDUG SRZHU VXSHUYL : $IWHU 769 &/26 V DGGUHVV DQ
VLRQ WR SLFN XS ZKHQ LW LV HIIHFWLYH QXQFLDWLRQ l3U69 7ULSl /(' DQG VLJQDO
UHOD\
7HVW FXUUHQW DQG WHVW YROWDJH LQ SKDVH RSSRVLWLRQ : 7ULS UHOD\V DQG
9ROWDJH VHW WR 81 'LVFRQQHFW WHVW FXUUHQW 'HDFWLYDWH ELQDU\ LQ
SXW
&RQQHFW WHVW FXUUHQW RI ,1
: $QQXQFLDWLRQ l3U IDXOW GHWl QRW DOOR
$FWLYDWH ELQDU\ LQSXW l!3U EORFNl LQSXW &RQ
FDWHG DW GHOLYHU\ QHFW WHVW FXUUHQW
: $IWHU l769 23(1l V DGGUHVV DQ : $QQXQFLDWLRQ l3U EORFNHGl QRW DOORFDWHG DW
QXQFLDWLRQ l3U 7ULSl /(' DQG VLJQDO UHOD\ GHOLYHU\
: 1R IXUWKHU DODUPV UHJDUGLQJ UHYHUVH SRZHU SUR
: 7ULS UHOD\V DQG WHFWLRQ
'LVFRQQHFW WHVW FXUUHQW 6ZLWFK RII WHVW TXDQWLWLHV 'HDFWLYDWH ELQDU\ LQSXW
$FWLYDWH ELQDU\ LQSXW l!69 WULSSHGl LQSXW )XUWKHU FKHFNV DUH SHUIRUPHG ZLWK SULPDU\ YDOXHV
&RQQHFW WHVW FXUUHQW GXULQJ FRPPLVVLRQLQJ 6HFWLRQ
7HVWLQJ WKH XQEDODQFHG ORDG SURWHFWLRQ
7KH XQEDODQFHG ORDG SURWHFWLRQ FDQ RQO\ EH WHVWHG LI RFFXU LI D FXUUHQW VPDOOHU WKDQ WKUHH WLPHV WKH VHWWLQJ
WKLV IXQFWLRQ LV FRQILJXUHG DV (;,67 LQ DGGUHVV YDOXH DGGUHVV LV FRQQHFWHG $IWHU DQ DSSUR
DV GHOLYHUHG UHIHU WR 6HFWLRQ DQG SDUDPHWHU SULDWH WLPH DSSUR[LPDWHO\ [ U D WKHUPDO VWHDG\
L]HG DV RSHUDWLYH DGGUHVV FRQWUDU\ WR WKH VWDWH YDOXH LV REWDLQHG 7KH IROORZLQJ FDQ EH UHDG
FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ RXW XQGHU WKH 2SHUDWLRQDO 0HDVXUHG 9DOXHV & DG
GUHVV EORFN
7KH XQEDODQFHG ORDG SURWHFWLRQ KDV WZR GHILQLWH
WLPH GHOD\ VWDJHV DQG WZR WKHUPDO VWDJHV 7KH QHJDWLYH VHTXHQFH FXUUHQW LQ RI UDWHG XQLW
FXUUHQW DV XQEDODQFHG ORDG LW VKRXOG FRUUHVSRQG
7KH VHWWLQJ YDOXH ,! DGGUHVV UHSUHVHQWV WKH WR DSSUR[LPDWHO\ RQH WKLUG RI WKH WHVW FXUUHQW
SLFN XS YDOXH RI WKH XQEDODQFHG ORDG DODUP VWDJH
DQG DW WKH VDPH WLPH WKH EDVH FXUUHQW IRU WKH WKHUPDO WKH WKHUPDO VWHDG\VWDWH YDOXH RI WKH WKHUPDO
UHSOLFD UHSOLFD ZKLFK VKRXOG DPRXQW WR DSSUR[LPDWHO\
LI D WHVW FXUUHQW FRUUHVSRQGLQJ WR WKUHH
,! DGGUHVV ZLWK WLPHV WKH VHWWLQJ YDOXH LV FRQQHFWHG
7,! DGGUHVV
GHILQLWH WLPH DODUP VWDJH :KHQ WKH SLFN XS YDOXH LV H[FHHGHG WHVW FXUUHQW
JUHDWHU WKDQ [ ,!
,!! DGGUHVV ZLWK : 7LPH 7,! DGGUHVV HODSVHV
7,!! DGGUHVV : $QQXQFLDWLRQ l,! :DUQl QRW DOORFDWHG DW GHOLY
GHILQLWH WLPH WULS VWDJH HU\
,! DGGUHVV ZLWK
7,0( &2167 $''5(66 1RWH 5DWHG YROWDJH VKRXOG EH FRQQHFWHG WR RQH RI
WKHUPDO WULS VWDJH WKH YROWDJH PHDVXUHPHQW LQSXWV GXULQJ WKH G\QDPLF
WHVWV UHIHU DOVR WR QRWH LQ 6HFWLRQ
7+(50:$51 DGGUHVV
DV D SHUFHQWDJH RI WKH WKHUPDO WULS VWDJH 6ZLWFK FXUUHQW WR DSSUR[ [ VHWWLQJ YDOXH ,!!
WKHUPDO DODUP VWDJH DGGUHVV
: $QQXQFLDWLRQ l,!! )DXOWl QRW DOORFDWHG DW GH
7KH XQEDODQFHG ORDG SURWHFWLRQ LV WHVWHG ZLWK D OLYHU\
VLQJOH SKDVH FXUUHQW ,Q WKLV FDVH WKH XQEDODQFHG : $IWHU 7,!! V DGGUHVV DQQXQFLDWLRQ
ORDG DPRXQWV WR RQH WKLUG RI WKH WHVW FXUUHQW ZKLFK LV l,!! 7ULSl VLJQDO UHOD\
UHIHUUHG WR WKH UDWHG XQLW FXUUHQW 7ULSSLQJ PXVW QRW : 7ULS UHOD\
&*&
1RWH 'HSHQGLQJ RQ WKH VHWWLQJ RI WKH WLPH GHOD\ 7 'LVFRQQHFW WHVW FXUUHQW
,!! DGGUHVV WKH WKHUPDO VWDJHV l,
WK:DUQl DQGRU l, 3 7ULSl PD\ SLFN XS HDUOL 1RWH %HIRUH PHDVXULQJ WKH WKHUPDO WULS WLPH LW PXVW
HU DQG UHPDLQ VR DIWHU WKH GLVFRQQHFWLRQ RI WKH WHVW EH HQVXUHG WKDW WKH WKHUPDO PHPRU\ LV UHVHW WR
FXUUHQW 7KLV LV SHUIRUPHG YLD WKH ELQDU\ LQSXW l!50
WK UHSOl UHVHW PHPRU\ RI WKHUPDO UHSOLFD 7KLV
7KH WKHUPDO VWDJHV DUH WHVWHG ZLWK D VLQJOH SKDVH IXQFWLRQ LV QRW DOORFDWHG ZKHQ GHOLYHUHG IURP IDFWRU\
FXUUHQW RI WLPHV VHWWLQJ YDOXH ,! DGGUHVV $Q DOWHUQDWLYH DSSURDFK LV WR REVHUYH D FXUUHQW IUHH
FRUUHVSRQGLQJ WR DQ XQEDODQFHG ORDG RI WLPHV SDXVH RI DW OHDVW [ U
VHWWLQJ YDOXH
1RWH 'HSHQGLQJ RQ WKH VHWWLQJ RI WKH WLPH FRQVWDQW &DXWLRQ

DGGUHVV WKH GHILQLWH WLPH VWDJHV l,!l DQG
RU l,!!l PD\ SLFN XS HDUOLHU 7HVW FXUUHQWV ODUJHU WKDQ WLPHV ,1 PD\
RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG
FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU
6ZLWFK RQ WHVW FXUUHQW
RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ
: $IWHU UHDFKLQJ WKH WKHUPDO ZDUQLQJ VWDJH DG
GRZQ SHULRG
GUHVV DQQXQFLDWLRQ l, WK :DUQl QRW
DOORFDWHG DW GHOLYHU\
: 2Q UHDFKLQJ WKH WKHUPDO WULS VWDJH DIWHU D WLPH ,I WHVWLQJ ZLWK SUHORDG LV SHUIRUPHG LW PXVW EH HQ
ZKLFK FRUUHVSRQGV WR KDOI WKH WLPH FRQVWDQW DQ VXUHG WKDW D WKHUPDO HTXLOLEULXP KDV EHHQ HVWDE
QXQFLDWLRQ l, 3 7ULSl QRW DOORFDWHG DW GHOLY OLVKHG SULRU WR WKH VWDUW RI WKH WLPH PHDVXUHPHQW
HU\ 7KLV LV WKH FDVH RQO\ ZKHQ WKH SUHORDG KDV EHHQ
: 7ULS UHOD\ FRQWLQXRXVO\ FRQQHFWHG IRU D SHULRG RI DW OHDVW [ U
7HVWLQJ WKH RYHUFXUUHQW WLPH SURWHFWLRQ
7KH IXQFWLRQV RI WKH RYHUFXUUHQW WLPH SURWHFWLRQ FDQ )RU WHVWV FXUUHQWV DERYH [ ,1 PHDVXUHPHQW VKDOO EH
RQO\ EH WHVWHG LI WKHVH IXQFWLRQV DUH FRQILJXUHG DV SHUIRUPHG G\QDPLFDOO\ ,W VKRXOG EH HQVXUHG WKDW
(;,67 LQ DGGUHVV IRU WKH ,! VWDJH DV GHOLY WKH UHOD\ SLFNV XS DW WLPHV VHWWLQJ YDOXH DQG GRHV
HUHG UHIHU WR 6HFWLRQ DQGRU LQ DGGUHVV QRW SLFN XS DW WLPHV VHWWLQJ YDOXH 7KH UHVHW YDOXH
IRU WKH ,!! VWDJH DV GHOLYHUHG UHIHU WR 6HFWLRQ VKRXOG OLH DW RI WKH SLFN XS YDOXH
DQG KDYH EHHQ SDUDPHWHUL]HG DV RSHUDWLYH
IRU WKH ,! VWDJH DGGUHVV 2& ,! 21 RU 7KH GHOD\ WLPHV DUH FKHFNHG DW DSSUR[ WLPHV
%/2&. 75,3 5(/ IRU WKH ,!! VWDJH DGGUHVV SLFN XS YDOXH ,W PXVW EH QRWHG WKDW WKH VHW WLPHV
2& ,!! 21 RU %/2&. 75,3 5(/ DUH SXUH GHOD\ WLPHV RSHUDWLQJ WLPHV RI WKH PHD
VXUHPHQW IXQFWLRQV DUH QRW LQFOXGHG
7HVWLQJ FDQ EH SHUIRUPHG VLQJOHSKDVH WZR
SKDVH RU WKUHHSKDVH ZLWKRXW GLIILFXOWLHV 1RWH 'XULQJ G\QDPLF FXUUHQW WHVWV DW OHDVW RQH
SKDVH RI WKH XQLW VKRXOG EH FRQQHFWHG WR UDWHG YROW
6HWWLQJ SDUDPHWHU ,! DGGUHVV LV GHFLVLYH IRU DJH UHIHU DOVR WR 127( LQ 6HFWLRQ
WKH ,! VWDJH )RU VHWWLQJ YDOXHV XS WR [ ,1 WKH FXU
UHQW FDQ EH LQFUHDVHG JUDGXDOO\ LQ DQ\ SKDVH XQWLO 6ZLWFK RQ WHVW FXUUHQW RI WLPHV SLFN XS YDOXH ,!
WKH ,! VWDJH SLFNV XS DGGUHVV
: $QQXQFLDWLRQ l,! )DXOW /l IRU / /('
&DXWLRQ
7HVW FXUUHQWV ODUJHU WKDQ WLPHV ,1 PD\ : $IWHU H[SLU\ RI 7,! V DGGUHVV DQQXQFL
RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG DWLRQ l,! 7ULSl /(' DQG VLJQDO UHOD\V
FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU : 7ULS UHOD\V DQG
RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ
GRZQ SHULRG 6ZLWFK RII WHVW FXUUHQW
&*&
6HWWLQJ SDUDPHWHU ,!! DGGUHVV LV GHFLVLYH : $QQXQFLDWLRQ l,! 8l QRW PDUVKDOOHG ZKHQ
IRU WKH KLJK VHW RYHUFXUUHQW VWDJH ,!! GHOLYHUHG
7HVWV DUH SHUIRUPHG G\QDPLFDOO\ DV VXJJHVWHG 3LFN XS VLJQDO ZLOO EH PDLQWDLQHG DQG WULS ZLOO RFFXU
DERYH IRU KLJKHU FXUUHQWV DIWHU 7,! DGGUHVV DV DERYH
1RWH 'XULQJ G\QDPLF FXUUHQW WHVWV DW OHDVW RQH
SKDVH RI WKH XQLW VKRXOG EH FRQQHFWHG WR UDWHG YROW $IWHU WKH KROGLQJ WLPH 76($/,1 DGGUHVV
DJH UHIHU DOVR WR 127( LQ 6HFWLRQ SLFN XS DQG WULS VLJQDOV GLVDSSHDU
6ZLWFK RQ WHVW FXUUHQW RI WLPHV DW OHDVW WLPHV (QHUJL]H ELQDU\ LQSXW l!8VHDOLQ EONl QRW DOOR
SLFN XS YDOXH ,!! DGGUHVV FDWHG ZKHQ GHOLYHUHG 5HSHDW WKH ODWHVW WHVW
: $QQXQFLDWLRQ l,! )DXOW /4µ GHSHQGLQJ RQ : $QQXQFLDWLRQ l!8VHDOLQ EONl QRW DOORFDWHG
SKDVH VHH DERYH ZKHQ GHOLYHUHG
: $IWHU 7,!! V DGGUHVV DQQXQFLDWLRQ : $QQXQFLDWLRQ l,! )DXOW /l IRU ZKHQ SKDVH /
l,!! 7ULSl VLJQDO UHOD\ LV WHVWHG /('
0 7ULS UHOD\V QRW PDUVKDOOHG ZKHQ GHOLYHUHG
6ZLWFK RII WHVW FXUUHQW $IWHU WKH FXUUHQW LV VZLWFKHG RII SLFN XS ZLOO UHVHW
LPPHGLDWHO\ ZLWKRXW VHDOLQ 1R IXUWKHU DQQXQFL
,I WKH XQGHUYROWDJH VHDOLQ FLUFXLW LV XVHG DGGUHVV DWLRQV FRQFHUQLQJ WKH RYHUFXUUHQW WLPH SURWHFWLRQ
8 6($/,1 21 WKLV FDQ EH WHVWHG G\QDP
LFDOO\ 'HHQHUJL]H ELQDU\ LQSXW 6ZLWFK RII PHDVXUHG
TXDQWLWLHV
$SSO\ WKUHHSKDVH WHVW YROWDJH DERYH VHWWLQJ YDOXH
8 DGGUHVV 6ZLWFK RQ D WHVW FXUUHQW HJ LQ $WWHQWLRQ 6KRXOG VHWWLQJ SDUDPHWHUV KDYH EHHQ
SKDVH / DERYH ,! DGGUHVV FKDQJHG GXULQJ WKHVH WHVW UHDGMXVW WKHP WR WKHLU
FRUUHFW YDOXHV DGGUHVVHV WR DQG WR
6ZLWFK RII WHVW YROWDJHV EHIRUH WKH WLPH 7,! KDV H[
SLUHG
6ZLWFK RII WHVW FXUUHQW GXULQJ FRPPLVVLRQLQJ 6HFWLRQ
7HVWLQJ WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
7KH IXQFWLRQ RI WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SUR (QHUJL]H ELQDU\ LQSXW l!,(! EORFNl QRW DOORFDWHG
WHFWLRQ FDQ RQO\ EH WHVWHG LI WKLV IXQFWLRQ LV FRQIL ZKHQ GHOLYHUHG 6ZLWFK RQ WHVW FXUUHQW
JXUHG DV (;,67 LQ DGGUHVV DV GHOLYHUHG UHIHU : $QQXQFLDWLRQ l!,(! EORFNl QRW DOORFDWHG
WR 6HFWLRQ DQG KDV EHHQ SDUDPHWHUL]HG DV RS ZKHQ GHOLYHUHG
HUDWLYH DGGUHVV 2& ,H! 21 RU %/2&. : 1R IXUWKHU DODUPV UHJDUGLQJ WKH KLJKO\ VHQVLWLYH
75,3 5(/ HDUWK FXUUHQW SURWHFWLRQ
1RWH 'XULQJ G\QDPLF FXUUHQW WHVWV DW OHDVW RQH ,I WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ LV XVHG
SKDVH RI WKH XQLW VKRXOG EH FRQQHFWHG WR UDWHG YROW IRU URWRU HDUWK IDXOW SURWHFWLRQ WKHQ WKH PHDVXUHG
DJH UHIHU DOVR WR 127( LQ 6HFWLRQ FLUFXLW IDLOXUH DODUP VKRXOG EH FKHFNHG
6HWWLQJ SDUDPHWHU ,H! DGGUHVV LV GHFLVLYH IRU 5HGXFH WKH PHDVXUHG FXUUHQW EHORZ P$
WKH ,H! VWDJH : $IWHU V DQQXQFLDWLRQ l)DLOXUH 5()l QRW DO
ORFDWHG ZKHQ GHOLYHUHG
6ZLWFK RQ WHVW FXUUHQW RI WLPHV SLFN XS YDOXH ,H!
6ZLWFK RII WHVW FXUUHQW DQG WHVW YROWDJH
: $QQXQFLDWLRQ l,(! )DXOWl /('
: $IWHU H[SLU\ RI 7,(! V DGGUHVV DQQXQ
FLDWLRQ l,(! 7ULSl QRW PDUVKDOOHG ZKHQ GHOLY
HUHG GXULQJ FRPPLVVLRQLQJ 6HFWLRQV DQG
: 7ULS UHOD\V QRW PDUVKDOOHG ZKHQ GHOLYHUHG
&*&
7HVWLQJ WKH VWDWRU RYHUORDG SURWHFWLRQ
7KH LQWHJUDWHG RYHUORDG SURWHFWLRQ FDQ RQO\ EH UHOD\ WHUPLQDOV 7KDW PHDQV WKDW ZLWK WKH 3W
WHVWHG LI WKLV IXQFWLRQ LV FRQILJXUHG DV (;,67 LQ DG WKHUPRPHWHU 9 FRUUHVSRQG WR & 9 FRUUH
GUHVV DV GHOLYHUHG UHIHU WR 6HFWLRQ DQG VSRQG WR & ,I D PHDVXUHPHQW WUDQVGXFHU ZLWK
KDV EHHQ SDUDPHWHUL]HG DV RSHUDWLYH FRQWUDU\ WR P$ WR P$ ZLWK PHDVXULQJ VKXQW 8 LV XVHG
WKH SRVLWLRQ DV GHOLYHUHG IURP IDFWRU\ DGGUHVV WKHQ 9 FRUUHVSRQG WR & 9 FRUUHVSRQG WR
29(5/2$' 21 RU 29(5/2$' %/2&. 75,3 &
5(/
1RWH $ VXGGHQ FKDQJH LQ WKH LQSXW FRROLQJ PHGLXP
7KH EDVLV FXUUHQW IRU WKH GHWHFWLRQ RI RYHUORDG LV WKH WHPSHUDWXUH LV FRQVLGHUHG LQ WKH WKHUPDO UHSOLFD RI
UDWHG FXUUHQW RI WKH XQLW $Q RYHUORDG FDOFXODWLRQ LV WKH XQLW ZLWK D GHOD\ FRUUHVSRQGLQJ WR WKH WKHUPDO
SHUIRUPHG LQ WKH XQLW LQGLYLGXDOO\ SHU SKDVH WLPH FRQVWDQW WKLV LV DOVR SK\VLFDOO\ FRUUHFW
:KHQ DSSO\LQJ UDWHG FXUUHQW WULSSLQJ PXVW QRW RFFXU )RU D VLPSOH FKHFN RI WKH WLPH FRQVWDQW LW LV SUHVXS
ZLWK IDFWRU\ VHWWLQJ $IWHU DQ DSSURSULDWH WLPH DS SRVHG WKDW WKH lFROGl FRQGLWLRQ DSSOLHV DW WKH FRP
SUR[LPDWHO\ [ U D VWHDG\VWDWH WHPSHUDWXUH YDOXH PHQFHPHQW RI WKH PHDVXUHPHQW LH WKH PHPRU\ RI
DFFRUGLQJ WR WKH IROORZLQJ UHODWLRQVKLS LV HVWDE WKH WKHUPDO UHSOLFD LV HPSW\ DQG WKH FRROLQJ PHGLXP
OLVKHG WHPSHUDWXUH LV & RU 7(03,13 121 (;,67
7KH PHPRU\ RI WKH WKHUPDO UHSOLFD FDQ EH FOHDUHG YLD
3 WKH ELQDU\ LQSXW IXQFWLRQ l50 WKUHSO,l UHVHW
3WULS N PHPRU\ RI WKHUPDO UHSOLFD WKLV IXQFWLRQ LV KRZHYHU
QRW PDUVKDOOHG LQ WKH XQLW DV GHOLYHUHG IURP WKH IDFWR
U\ ,W LV HDVLHU WR UHVHW WKH PHPRU\ E\ GHDFWLYDWLQJ
7KH IROORZLQJ PXVW EH QRWHG FRQFHUQLQJ WKH DODUP
DQG UHDFWLYDWLQJ WKH RYHUORDG SURWHFWLRQ DGGUHVV
DQG WULS WLPHV
7KH XQLW LV WKHQ FRQQHFWHG WR [ SLFN XS
YDOXH LH [ N [ ,1 7KLV UHVXOWV LQ WKH WULS WHPSHUD
:LWKRXW FRROLQJ PHGLXP WHPSHUDWXUH PHDVXUHPHQW
WXUH EHLQJ UHDFKHG DIWHU D WLPH ZKLFK FRUUHVSRQGV
7(03 ,13 121 (;,67 XQGHU DGGUHVV
WR KDOI WKH WLPH FRQVWDQW
FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ DOO FDOFXODWHG
: $IWHU UHDFKLQJ WKH DODUP WHPSHUDWXUH ULVH DG
YDOXHV RI WKH WKHUPDO UHSOLFD FRUUHVSRQG WR WKH WHP
GUHVV DQQXQFLDWLRQ l2/ :DUQ 3l VLJ
SHUDWXUH ULVH UHIHUUHG WR WKH WULS WHPSHUDWXUH ULVH
QDO UHOD\
&DOFXODWLRQ RI WKH DFWXDO WHPSHUDWXUH LV WKHUHIRUH QRW
QHFHVVDU\ 2QO\ WKH WHPSHUDWXUH ULVH DV D SHUFHQW
: $IWHU UHDFKLQJ WKH WULS WHPSHUDWXUH ULVH DQQXQFL
DJH RI WKH WULS WHPSHUDWXUH ULVH ZKLFK LV GHILQHG E\
DWLRQ l2/ 7ULSl /(' VLJQDO UHOD\
N [ ,1 LV RI LQWHUHVW 7KHUHIRUH PHDQV WULS
: 7ULS UHOD\
WHPSHUDWXUH ULVH WKH ZDUQLQJ WHPSHUDWXUH ULVH LV VHW
DV D SHUFHQWDJH RI WKH WULS WHPSHUDWXUH ULVH DGGUHVV
,I WKH WULS FKDUDFWHULVWLF )LJXUH LV WR EH FKHFNHG

WKHQ EHIRUH HDFK PHDVXUHPHQW WKH WHPSHUDWXUH ULVH
PXVW EH UHGXFHG WR ]HUR 7KH PHPRU\ RI WKH WKHUPDO
,I WKH FRROLQJ PHGLXP WHPSHUDWXUH LV FRQVLGHUHG
UHSOLFD FDQ EH FOHDUHG YLD WKH ELQDU\ LQSXW IXQFWLRQ
7(03 ,13 37 RU P$ XQGHU DGGUHVV
l50 WKUHSO,l UHVHW PHPRU\ RI WKHUPDO UHSOL
WKHQ WKH VDPH FRQGLWLRQV DV GHVFULEHG DERYH
FD WKLV IXQFWLRQ LV KRZHYHU QRW PDUVKDOOHG LQ WKH
DSSO\ IRU D FRROLQJ PHGLXP WHPSHUDWXUH RI &
XQLW DV GHOLYHUHG IURP WKH IDFWRU\ ,W LV HDVLHU WR GH
'HYLDWLQJ FRROLQJ PHGLXP WHPSHUDWXUHV JHQHUDWH
DFWLYDWH DQG UHDFWLYDWH WKH RYHUORDG IXQFWLRQ DG
DQ DSSURSULDWH FRUUHFWLRQ +RZHYHU WKH ZDUQLQJ
GUHVV 2WKHUZLVH D FXUUHQW IUHH SHULRG RI DW
WHPSHUDWXUH SHUFHQWDJH DOZD\V UHIHUV MXVW DV GR
OHDVW [ U PXVW EH REVHUYHG
WKH RYHUORDG PHDVXUHG YDOXHV GLVSOD\HG XQGHU DG
GUHVV EORFN WR WKH GLIIHUHQFH EHWZHHQ WKH WULS
WHPSHUDWXUH DQG & LH & FRUUHVSRQGV WR &DXWLRQ
WULS WHPSHUDWXUH FRUUHVSRQGV WR
7KH FRQYHUVLRQ IDFWRU EHWZHHQ WKH LQSXW GF YROWDJH 7HVW FXUUHQWV ODUJHU WKDQ WLPHV ,1 PD\
DW WKH UHOD\ DQG WKH WHPSHUDWXUH GHSHQGV RQ WKH RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG
DYDLODEOH PHDVXUHPHQW WUDQVGXFHU DQG LV GHWHU FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU
PLQHG E\ WKH VHWWLQJV XQGHU DGGUHVVHV DQG RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ
UHIHU WR 6HFWLRQ :LWK WKH SUHVHW YDO GRZQ SHULRG
XHV & FRUUHVSRQG WR 9 LQSXW YROWDJH DW WKH
&*&
,I WHVWLQJ ZLWK SUHORDG LV SHUIRUPHG LW PXVW EH HQ WKH UHOD\ 7R VLPXODWH WKLV VZLWFK RII WKH GF YROWDJH
VXUHG WKDW D FRQGLWLRQ RI WKHUPDO HTXLOLEULXP KDV LQSXW IRU FRROLQJ PHGLXP WHPSHUDWXUH
EHHQ HVWDEOLVKHG EHIRUH WLPH PHDVXUHPHQW FRP : $QQXQFLDWLRQ l)DLO7HPSLQSl QRW DOORFDWHG
PHQFHV 7KLV LV WKH FDVH ZKHQ WKH SUHORDG KDV ZKHQ GHOLYHUHG
EHHQ DSSOLHG FRQVWDQWO\ IRU D SHULRG RI [ U
7KH UHOD\ ZLOO VZLWFK RYHU WR D FRROLQJ PHGLXP WHP
,I WKH PHDVXUHPHQW WUDQVGXFHU P$ WR P$ LV SHUDWXUH RI &
XVHG WKHQ WKH PHDVXULQJ FLUFXLW FDQ EH FKHFNHG E\
7HVWLQJ WKH FRXSOLQJ RI H[WHUQDO WULS IXQFWLRQV
)RXU GHVLUHG VLJQDOV IURP H[WHUQDO SURWHFWLRQ RU VX $FWLYDWH ELQDU\ LQSXW RI WKH WHVWHG H[WHUQDO WULS IXQF
SHUYLVRU\ XQLWV FDQ EH FRQQHFWHG LQWR WKH SURFHVV WLRQ
LQJ RI WKH 80 YLD ELQDU\ LQSXWV /LNH WKH LQWHUQDO : $QQXQFLDWLRQ l!([W WULS l WKLV LV D VWUDLJKW
VLJQDOV WKH\ FDQ EH DQQXQFLDWHG GHOD\HG DQG DFNQRZOHGJHPHQW PHVVDJH E\ WKH ELQDU\ LQSXW
WUDQVPLWWHG WR WKH WULS PDWUL[ DV RSHUDWLRQDO LQGLFDWLRQ QRW DOORFDWHG ZKHQ GH
OLYHUHG IURP IDFWRU\
7KH H[WHUQDO VLJQDOV FDQ EH FKHFNHG ZKHQ WKH\ : $QQXQFLDWLRQ l([W *HQ)OWl WKLV LV WKH DF
KDYH EHHQ FRQILJXUHG DV (;7 75,3 (;,67 DG WXDO IDXOW HYHQW DQQXQFLDWLRQ QRW DOORFDWHG ZKHQ
GUHVVHV DQGRU UHIHU WR 6HF GHOLYHUHG IURP IDFWRU\
WLRQ DQG SDUDPHWHUL]HG DV RSHUDWLYH DG : $IWHU 7'(/$< DGGUHVV RU RU RU
GUHVVHV DQGRU FRQWUDU\ WR V ZKHQ GHOLYHUHG IURP IDFWRU\ DQQXQFL
WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ DWLRQ l([W *HQ7USl QRW DOORFDWHG ZKHQ GH
OLYHUHG IURP IDFWRU\
$W WKH WLPH RI GHOLYHU\ WZR RI WKH H[WHUQDO WULS IXQF : 7ULS UHOD\V QRW DOORFDWHG ZKHQ GHOLYHUHG IURP IDF
WLRQV DUH SDUDPHWHUL]HG WR ,1387 DGGUHVV WRU\
DQG ,1387 DGGUHVV 7KH VHW WLPHV DUH SXUH
GHOD\ WLPHV 'HDFWLYDWH ELQDU\ LQSXW
&*&
7HVWLQJ WKH WULS FLUFXLW VXSHUYLVLRQ
7KH WULS FLUFXLW VXSHUYLVLRQ FDQ EH FKHFNHG ZKHQ LW WHVWHG FKDQQHO LQGLYLGXDOO\ RQH DIWHU WKH RWKHU E\
KDV EHHQ FRQILJXUHG DV 753 683(59 (;,67 DG DSSO\LQJ D GF YROWDJH RI ! 9GF %XW LI D KLJKHU
GUHVVHV VHW DV GHOLYHUHG UHIHU WR 6HFWLRQ SLFN XS WKUHVKROG KDV EHHQ VHW IRU WKH ELQDU\ LQSXWV
DQG SDUDPHWHUL]HG DV RSHUDWLYH DGGUHVV UHIHU WR 6HFWLRQ DSSO\ D YROWDJH RI
FRQWUDU\ WR WKH FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ ! 9GF $V ORQJ DV RQO\ RQH RI WKH LQSXWV LV HQHU
JL]HG QR WULS FLUFXLW DODUP LV JLYHQ
7ZR ELQDU\ LQSXWV FDQ EH XVHG IRU RQH FKDQQHO RI WKH
WULS FLUFXLW VXSHUYLVLRQ $GGUHVV VHH 6HFWLRQ (QHUJL]H ERWK ELQDU\ LQSXWV ZKLFK EHORQJ WR WKH
GHWHUPLQHV ZKHWKHU RQH RU WZR VXFK WULS FLU WHVWHG FKDQQHO
FXLW VXSHUYLVLRQ FLUFXLWV VKDOO EH XVHG : 1R DODUP DQQXQFLDWLRQ FRQFHUQLQJ WULS FLUFXLW VX
SHUYLVLRQ
7KH VXSHUYLVHG WULS FLUFXLW LV GHWHFWHG DV IDXOW\ LI
QRQH RI WKH LQSXWV LV HQHUJL]HG DW WKH VDPH WLPH UH 'HHQHUJL]H ERWK ELQDU\ LQSXWV ZKLFK EHORQJ WR WKH
IHU WR 6HFWLRQ $ODUP LV JLYHQ DIWHU D WLPH GHOD\ WHVWHG FKDQQHO
ZKLFK LV VSHFLILHG E\ WKH VHW QXPEHU RI UHSHDWHG : $QQXQFLDWLRQ l)DLOXUH 7ULS l QRW DOORFDWHG
PHDVXUHPHQWV ZKHQ GHOLYHUHG DIWHU D VKRUW GHOD\ ZKLFK LV VSHFL
ILHG E\ WKH QXPEHU RI UHSHDWHG PHDVXUHPHQWV
7KH WULS FLUFXLW VXSHUYLVLRQ FDQ RQO\ EH WHVWHG LI WKLV DGGUHVV 6LQFH WKH VXSHUYLVLRQ RSHUDWHV
IXQFWLRQ LV SDUDPHWHUL]HG DV RSHUDWLYH DGGUHVV WLPHV WR WLPHV D VHFRQG RQH FDQ H[SHFW D GHOD\
753 683(59 21 6HFWLRQ FRQWUDU\ RI DSSUR[ V WR V SHU UHSHDWHG PHDVXUH
WR WKH SRVLWLRQ DV GHOLYHUHG IURP IDFWRU\ PHQW
(QHUJL]H WKH WZR ELQDU\ LQSXWV ZKLFK EHORQJ WR WKH 7HVW WKH VHFRQG FKDQQHO LQ WKH VDPH ZD\
&*&
&RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV
*HQHUDO DGYLFHV 3URWHFWLRQ IXQFWLRQ 21 7KH SURWHFWLRQ IXQFWLRQ LV
RSHUDWLYH DQG RXWSXWV DQQXQFLDWLRQV DQG PHD
$OO VHFRQGDU\ WHVW HTXLSPHQW PXVW EH UHPRYHG VXUHG YDOXHV 7KH WULS FRPPDQG DFWLYDWHV WKH WULS
&RQQHFW PHDVXUHPHQW YDOXHV $OO LQVWDOODWLRQ SUHSD UHOD\V ZKLFK KDYH EHHQ PDUVKDOOHG WR WKH SURWHF
UDWLRQV DFFRUGLQJ WR 6HFWLRQ PXVW KDYH EHHQ WLRQ IXQFWLRQ DFFRUGLQJ WR 6HFWLRQ ,I WKH SUR
FRPSOHWHG ,Q FDVH D YROWDJH FRUUHVSRQGLQJ WR WKH WHFWLRQ FRPPDQG LV QRW PDUVKDOOHG WR DQ\ WULS
FRROLQJ PHGLXP WHPSHUDWXUH LV FRQQHFWHG WR WKH UHOD\ WULSSLQJ GRHV QRW RFFXU
XQLW YLD D WUDQVGXFHU IURP D WHPSHUDWXUH VHQVRU
3W LW LV DVVXPHG WKDW WKH RXWSXW YROWDJH RI WKH
PHDVXUHPHQW WUDQVGXFHU DQG WKH SDUDPHWHUL]HG LQ
SXW TXDQWLWLHV DUH SURSHUO\ PDWFKHG DFFRUGLQJ WR
6HFWLRQ 3ULPDU\ WHVWV DUH SHUIRUPHG ZLWK WKH &KHFNLQJ WKH FXUUHQW FLUFXLWV
PDFKLQH
6ZLWFK XQEDODQFHG ORDG SURWHFWLRQ DGGUHVV
RYHUFXUUHQW WLPH SURWHFWLRQ DGGUHVVHV DQG
:DUQLQJ DQG RYHUORDG SURWHFWLRQ DGGUHVV WR
%/2&. 75,3 5(/
3ULPDU\ WHVWV VKDOO EH SHUIRUPHG RQO\ E\
TXDOLILHG SHUVRQQHO ZKLFK LV WUDLQHG LQ
FRPPLVVLRQLQJ RI SURWHFWLRQ V\VWHPV DQG :LWK WKH SULPDU\ SODQW YROWDJHIUHH DQG HDUWKHG LQ
IDPLOLDU ZLWK WKH RSHUDWLRQ RI WKH SURWHFWHG VWDOO D WKUHHSROH VKRUW FLUFXLW EULGJH ZKLFK LV FD
REMHFW DV ZHOO DV WKH UXOHV DQG UHJXODWLRQV SDEOH RI FDUU\LQJ UDWHG FXUUHQW HJ HDUWKLQJ LVROD
VZLWFKLQJ HDUWKLQJ HWF WRU WR WKH PDFKLQH OLQHVLGH WHUPLQDOV
3ULPDU\ WHVWLQJ LV XVXDOO\ SHUIRUPHG LQ WKH IROORZLQJ '$1*(5

RUGHU
2SHUDWLRQV LQ SULPDU\ DUHD PXVW RQO\ EH
VKRUW FLUFXLW WHVWV SHUIRUPHG ZLWK WKH PDFKLQH DW VWDQG
HDUWK IDXOW WHVWV VWLOO DQG ZLWK SODQW VHFWLRQV YROWDJH
YROWDJH WHVWV IUHH DQG HDUWKHG
WHVWV ZLWK WKH PDFKLQH FRQQHFWHG WR WKH QHWZRUN 6ORZO\ H[FLWH JHQHUDWRU KRZHYHU VWDWRU FXUUHQW
PXVW QRW LQFUHDVH WR DERYH PDFKLQH UDWHG FXUUHQW
7KH IROORZLQJ KLQWV DUH DUUDQJHG LQ WKLV RUGHU $OO SUR
WHFWLRQ IXQFWLRQV VKRXOG EH LQLWLDOO\ VZLWFKHG 2)) 5HDG RXW FXUUHQW YDOXHV LQ DOO WKUHH SKDVHV XQGHU DG
FRQGLWLRQ DV GHOLYHUHG IURP IDFWRU\ VR WKDW WKH\ GR GUHVV EORFN 7KH\ DUH GLVSOD\HG LQ SULPDU\ YDOXHV
QRW LQIOXHQFH RQH DQRWKHU 'XULQJ SULPDU\ WHVWLQJ WKH DV ZHOO DV LQ RI WKH XQLW UDWHG FXUUHQW DQG FDQ EH
IXQFWLRQV DUH SURJUHVVLYHO\ VZLWFKHG WR EHLQJ RSHUD FRPSDUHG ZLWK WKH DFWXDO FXUUHQWV IORZLQJ ,I VXE
WLYH VWDQWLDO GHYLDWLRQV RFFXU WKHQ WKH FXUUHQW WUDQVIRUP
HU FRQQHFWLRQV DUH LQFRUUHFW
,I D SDUWLFXODU SURWHFWLRQ IXQFWLRQ LV QRW UHTXLUHG DW
DOO LW VKRXOG EH lGHFRQILJXUHGl UHIHU WR 6HFWLRQ 7KH SKDVH VHTXHQFH PXVW EH FORFNZLVH ,I WKH PD
,W LV WKHQ WUHDWHG DV 121 (;,67LQJ FKLQH KDV FRXQWHUFORFNZLVH URWDWLRQ WZR SKDVHV
PXVW EH LQWHUFKDQJHG RU WKH DFFRUGLQJO\ DOORFDWHG
6ZLWFKLQJ RQ RI D SDUWLFXODU IXQFWLRQ FDQ EH SHU ELQDU\ LQSXW l!3KDVH URWDWl PXVW EH HQHUJL]HG DW
IRUPHG LQ WZR GLIIHUHQW ZD\V 7KH VHWWLQJ DGGUHVVHV JHQHUDWRU VWDQGVWLOO 7KH XQEDODQFHG ORDG FDQ EH
FRQFHUQHG DUH VKRZQ LQ WKH UHVSHFWLYH VHFWLRQV UHDG RXW XQGHU DGGUHVV ,W PXVW EH SUDFWLFDOO\
]HUR ,I WKLV LV QRW WKH FDVH FKHFN IRU FURVVHG FXUUHQW
%/2&. 75,3 5(/ 7KH SURWHFWLRQ IXQFWLRQ LV RS WUDQVIRUPHU OHDGV
HUDWLYH DQG RXWSXWV DQQXQFLDWLRQV DQG PHDVXUHG
YDOXHV +RZHYHU WKH WULS FRPPDQG LV EORFNHG ,I WKH XQEDODQFHG ORDG DPRXQWV WR DERXW RI WKH
DQG LW LV QRW WUDQVPLWWHG WR WKH WULS PDWUL[ SKDVH FXUUHQWV WKHQ FXUUHQW LV IORZLQJ LQ RQO\ RQH RU
LQ RQO\ WZR RI WKH SKDVHV
&*&
,I WKH XQEDODQFHG ORDG DPRXQWV WR DERXW RI WKH &KHFNLQJ WKH YROWDJH FLUFXLWV
SKDVH FXUUHQWV WKHQ RQH FXUUHQW WUDQVIRUPHU KDV
ZURQJ SRODULW\ &KHFN LQ WKH XQH[FLWHG FRQGLWLRQ RI WKH PDFKLQH ZLWK
WKH KHOS RI UHPDQHQW FXUUHQWV WKDW FXUUHQW WUDQV
,I WKH XQEDODQFHG ORDG LV DERXW WKH VDPH DV WKH IRUPHU FLUFXLWV DUH QRW RSHQ QRU VKRUW FLUFXLWHG DQG
SKDVH FXUUHQWV WKHQ WZR SKDVHV KDYH EHHQ DOO VKRUW FLUFXLW EULGJHV DUH UHPRYHG
FURVVHG
6ZLWFK XQGHU DQG RYHUYROWDJH SURWHFWLRQ DG
6KXW GRZQ DQG GHH[FLWH JHQHUDWRU GUHVVHV DQG DQG IUHTXHQF\ SURWHFWLRQ
DSSO\ SODQW HDUWKV DGGUHVV WR %/2&. 75,3 5(/
VKRUW FLUFXLW FXUUHQW WUDQVIRUPHUV
FKHFN FXUUHQW WUDQVIRUPHU FLUFXLWV DQG PDNH FRU %ORFNLQJ RI WKH XQGHUYROWDJH SURWHFWLRQ RQ WULSSLQJ
UHFWLRQV RI WKH 97 PFE VKRXOG DOVR EH FKHFNHG GXULQJ YROW
UHSHDW WHVW DJH WHVWLQJ ,W LV DVVXPHG WKDW WKH DX[LOLDU\ FRQWDFW RI
WKH PFE LV PDUVKDOOHG WR D ELQDU\ LQSXW l!X
7KH UHODWLYH WHPSHUDWXUH ULVHV DV LQGLFDWHG XQGHU EORFNl QRW DOORFDWHG ZKHQ GHOLYHUHG
DGGUHVV EORFN PXVW EH WKH VDPH IRU DOO WKUHH
SKDVHV ,I WKH DQDORJ LQSXW IRU WKH FRROLQJ PHGLXP 6ZLWFK YROWDJH WUDQVIRUPHU PFE WR WULSSHG SRVL
WHPSHUDWXUH LV FRQQHFWHG WKHQ D SRVLWLYH FRROLQJ WLRQ
PHGLXP WHPSHUDWXUH PXVW EH LQGLFDWHG ,I WKLV LV QRW FKHFN WKDW WKH PHVVDJH l8 EORFNHGl LV LQGL
WKH FDVH FKHFN FRQQHFWLRQV DQG PDWFKLQJ RI WKH FDWHG LQ WKH RSHUDWLRQDO DQQXQFLDWLRQV DGGUHVV
PHDVXUHPHQW WUDQVGXFHU IRU WKH FRROLQJ PHGLXP EORFN ZLWK WKH &RPLQJ LQGH[
WHPSHUDWXUH VORZO\ H[FLWH JHQHUDWRU WR UDWHG YROWDJH
FKHFN WKDW WKH YROWDJHV LQ DGGUHVV EORFN DUH DO
7KH VKRUW FLUFXLW WHVWV DUH FRPSOHWHG DIWHU WKH JHQ PRVW ]HUR
HUDWRU KDV EHHQ VKXW GRZQ DQG GHH[FLWHG DQG DI VZLWFK RQ YROWDJH WUDQVIRUPHU PFE
WHU WKH VKRUW FLUFXLW EULGJH KDV EHHQ UHPRYHG 1R FKHFN WKDW WKH PHVVDJH l8 EORFNHGl LV LQGL
IXUWKHU WHVWV DUH UHTXLUHG IRU WKH RYHUFXUUHQW WLPH FDWHG LQ WKH RSHUDWLRQDO DQQXQFLDWLRQV EXW WKLV
SURWHFWLRQ XQEDODQFHG ORDG SURWHFWLRQ DQG WKH WLPH ZLWK WKH *RLQJ LQGH[
RYHUORDG SURWHFWLRQ WKHVH IXQFWLRQV ZHUH WHVWHG DO
UHDG\ XQGHU RU 7KH RYHUFXUUHQW 6KRXOG WKH PHVVDJH QRW EH JLYHQ WKHQ FKHFN WKH
WLPH SURWHFWLRQ LV VZLWFKHG WR EH RSHUDWLYH DGGUHVV FRQQHFWLRQ RI WKH YROWDJH WUDQVIRUPHU VHFRQGDU\ FLU
2& ,! 21 DQG VHUYHV IURP QRZ RQ DV FXLWV DQG FKHFN FRUUHFW PDUVKDOOLQJ RI WKH ELQDU\ LQ
VKRUW FLUFXLW SURWHFWLRQ IRU DOO IXUWKHU WHVWV ,I XVHG SXW IURP WKH DX[LOLDU\ FRQWDFW RI WKH PFE UHIHU WR
WKH ,!! VWDJH DGGUHVV 2& ,!! 21 WKH 6HFWLRQ
RYHUORDG SURWHFWLRQ DGGUHVV 29(5/2$'
21 DQG WKH XQEDODQFHG ORDG SURWHFWLRQ DGGUHVV ,I WKH LQGLFHV l&l IRU l&RPLQJl DQG l*l IRU l*RLQJl
81%$//2$' 21 FDQ EH VZLWFKHG WR EH DUH LQWHUFKDQJHG FKHFN DQG FRUUHFW WKH FRQWDFW
RSHUDWLYH 2WKHUZLVH WKH\ DUH VHW WR 2)) PRGH RI WKH ELQDU\ LQSXWV l12l RU l1&l FRQWDFW LQ
DFFRUGDQFH ZLWK 6HFWLRQ
6KXW GRZQ DQG GHH[FLWH JHQHUDWRU 5HPRYH
VKRUW FLUFXLW EULGJHV 7KHQ VORZO\ H[FLWH JHQHUDWRU WR UDWHG YROWDJH 5HDG
RXW YROWDJHV LQ DOO WKUHH SKDVHV LQ DGGUHVV EORFN
7KH\ FDQ EH FRPSDUHG ZLWK WKH DFWXDO YROWDJHV 7KH
YROWDJH RI WKH SRVLWLYH VHTXHQFH V\VWHP DGGUHVV
PXVW EH DSSUR[LPDWHO\ c WLPHV WKH LQGL
FDWHG SKDVH YROWDJHV LW LV UHIHUUHG WR WKH SKDVH
WRSKDVH YROWDJH WKH QHJDWLYH VHTXHQFH YROWDJH
VKRXOG EH DOPRVW ]HUR ,I WKLV LV QRW WKH YROWDJH WUDQV
IRUPHU FRQQHFWLRQV DUH LQFRUUHFW FURVVRYHUV
&*&
7KH SKDVH VHTXHQFH DW WKH UHOD\ PXVW EH FORFNZLVH SHDWHG PHDVXUHPHQWV DGGUHVV DQQXQFL
,I QRW WKH DQQXQFLDWLRQ l)DLO3KDVH6HTl DSSHDUV DWLRQ lI! 7ULSl QRW PDUVKDOOHG ZKHQ GHOLY
LQ WKH RSHUDWLRQDO DQQXQFLDWLRQ DGGUHVV EORFN HUHG IURP IDFWRU\
7KH SKDVH URWDWLRQ LV LQGLFDWHG LQ WKH RSHUDWLRQDO
PHDVXUHG YDOXHV XQGHU DGGUHVV WRR ,I WKH PD 5HGXFH PDFKLQH VSHHG VR WKDW DOO XQGHUIUHTXHQF\
FKLQH KDV FRXQWHUFORFNZLVH URWDWLRQ WZR SKDVHV SURWHFWLRQ VWDJHV DW GHOLYHU\ IUHTXHQF\ VWDJHV I
PXVW EH LQWHUFKDQJHG RU D ELQDU\ LQSXW PXVW EH DOOR I DQG I SLFN XS DGGUHVVHV DQG
FDWHG WR WKH LQSXW IXQFWLRQ l!3KDVH URWDWl DQG
HQHUJL]HG DW JHQHUDWRU VWDQGVWLOO ,I GHYLDWLRQV RF : $QQXQFLDWLRQV lI )DXOWl QRW PDUVKDOOHG
FXU SURFHHG DV IROORZV ZKHQ GHOLYHUHG IURP IDFWRU\
: $IWHU D GHOD\ WLPH GHWHUPLQHG E\ WKH QXPEHU RI UH
6KXW GRZQ WXUERVHW DQG GHH[FLWH JHQHUDWRU SHDWHG PHDVXUHPHQWV DQQXQFLDWLRQ
DSSO\ SODQW HDUWKV lI 7ULSl /(' DQG VLJQDO UHOD\V ZKHQ GH
FKHFN YROWDJH WUDQVIRUPHU FLUFXLWV DQG PDNH FRU OLYHUHG IURP IDFWRU\ DQQXQFLDWLRQ lI 7ULSl
UHFWLRQV DQG lI 7ULSl QRW PDUVKDOOHG ZKHQ GHOLYHUHG
UHSHDW WHVW IURP IDFWRU\
,I WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ LV XVHG ,I D ELQDU\ LQSXW LV XVHG IRU EORFNLQJ WKH XQGHUIUH
IRU URWRU HDUWK IDXOW SURWHFWLRQ WKH YROWDJH WHVWV FDQ TXHQF\ VWDJHV LQSXW ZKHQ GHOLYHUHG IURP IDFWRU\
EH XVHG WR FKHFN WKH PHDVXUHG FLUFXLW VXSHUYLVLRQ DFWLYDWH WKH EORFN $QQXQFLDWLRQV RI WKH XQGHUIUH
TXHQF\ SURWHFWLRQ GLVDSSHDU 'HDFWLYDWH ELQDU\ LQ
6WDUW XS PDFKLQH DQG H[FLWH WR UDWHG YROWDJH ,I SXW
DSSOLFDEOH SODFH PHDVXUHPHQW EUXVKHV LQWR RSHUD
WLRQ $ ELDV DF YROWDJH LV SURGXFHG E\ WKH FRQQHF $GMXVW PDFKLQH WR UDWHG VSHHG DQG VORZO\ GHH[
WLRQ XQLW ;5 DQG DSSOLHG WR WKH URWRU FLUFXLW YLD FLWH WKH JHQHUDWRU :KHQ WKH JHQHUDWRU YROWDJH SKD
WKH FRXSOLQJ XQLW ;5 7KH FXUUHQW FDXVHG E\ VHWRSKDVH YROWDJH GURSV EHORZ WKH YDOXH VHW IRU
WKH URWRUHDUWK FDSDFLWDQFH LV QRZ PHDVXUHG DQG 8 DGGUHVV SLFN XS DQQXQFLDWLRQ
GLVSOD\HG LQ WKH RSHUDWLRQDO PHDVXUHG YDOXHV XQGHU l8 )DXOWl DSSHDUV QRW PDUVKDOOHG ZKHQ GHOLY
DGGUHVV HUHG IURP IDFWRU\ DIWHU 78 DGGUHVV WULS
FRPPDQG l8 7ULSl DSSHDUV QRW PDUVKDOOHG
5HDG RXW WKLV FXUUHQW ,H DQG VHW WKH VHWWLQJ YDOXH ,H ZKHQ GHOLYHUHG IURP IDFWRU\
DGGUHVV WR DSSUR[LPDWHO\ KDOI WKLV PHDVXUHG
FXUUHQW $GGLWLRQDOO\ FKHFN WKDW WKH VHW SLFN XS YDO 7KH DQQXQFLDWLRQV UHPDLQ DIWHU WKH PDFKLQH KDV
XH ,H! DGGUHVV LV DW OHDVW WZLFH WKLV PHDVXUHG EHHQ FRPSOHWHO\ GHH[FLWHG 7KH\ FDQ EH UHVHW E\
FXUUHQW &KDQJH WKH VHWWLQJ LI QHFHVVDU\ HQHUJL]LQJ WKH DFFRUGLQJO\ DOORFDWHG ELQDU\ LQSXW
l8 EORFNl )1R
6ZLWFK PDFKLQH VSHHG UHJXODWLRQ WR lPDQXDO l RSHU
DWLRQ 7KH YROWDJH WHVWV DUH FRPSOHWHG DIWHU WKH JHQHUDWRU
KDV EHHQ VKXW GRZQ 7KH UHTXLUHG YROWDJH DQG IUH
,QFUHDVH PDFKLQH VSHHG VR WKDW RYHUIUHTXHQF\ SUR TXHQF\ SURWHFWLRQ IXQFWLRQV DUH VZLWFKHG WR EH RS
WHFWLRQ MXVW SLFNV XS DW GHOLYHU\ IUHTXHQF\ VWDJH I HUDWLYH DGGUHVV 81'(592/7 21 RU 2))
DGGUHVV DGGUHVV 29(592/7 21 RU 2)) DQG DG
: $QQXQFLDWLRQ lI! )DXOWl QRW PDUVKDOOHG GUHVV I! I 21 RU 2)) 3DUWLDO IXQFWLRQV
ZKHQ GHOLYHUHG IURP IDFWRU\ FDQ EH VZLWFKHG WR EH LQRSHUDWLYH E\ DSSURSULDWH
: $IWHU D GHOD\ WLPH GHWHUPLQHG E\ WKH QXPEHU RI UH OLPLW YDOXH VHWWLQJV HJ I VHW WR UDWHG IUHTXHQF\
&*&
&KHFNLQJ WKH HDUWK IDXOW SURWHFWLRQ 8!
,Q RUGHU WR FKHFN LQWHUIHUHQFH VXSSUHVVLRQ RI WKH UHDFWDQFH RI WKH FRXSOLQJ FDSDFLWDQFH LV PXFK ODUJ
ORDGLQJ UHVLVWRU DQG LQ RUGHU WR YHULI\ WKH SURWHFWHG HU WKDQ WKH UHIHUUHG UHVLVWDQFH RI WKH ORDGLQJ UHVLVWRU
]RQH RI WKH HDUWK IDXOW SURWHFWLRQ SULPDU\ WHVWV DUH 5%
8& FDQ EH DVVXPHG WR EH 818c FRPSDUH
VXJJHVWHG RQFH ZLWK DQ HDUWK IDXOW DW WKH PDFKLQH DOVR YHFWRU GLDJUDP )LJXUH ZKHUHE\ 818c
WHUPLQDOV DQG RQFH ZLWK D QHWZRUN HDUWK IDXOW LV WKH QHXWUDO GLVSODFHPHQW YROWDJH ZLWK D IXOO GLV
SODFHPHQW RI WKH QHWZRUN XSSHUYROWDJH QHXWUDO
7KH IROORZLQJ DSSOLHV
&DOFXODWLRQ RI SURWHFWHG ]RQH 818

5%
8 5

W&. c
7KH SURWHFWHG ]RQH VKRXOG ILUVW EH YHULILHG E\ FDOFX
ODWLRQ
8 5
5%
k W&. k 818c
,Q WKH HYHQW RI DQ H[WHUQDO KLJKYROWDJH VLGH
VKRUW FLUFXLW DQ LQWHUIHUHQFH YROWDJH LV WUDQVPLWWHG ,QVHUWLQJ WKH YROWDJH WUDQVIRUPDWLRQ UDWLR 75 RI WKH
YLD WKH FRXSOLQJ FDSDFLWDQFH &. )LJXUH ZKLFK HDUWKLQJ WUDQVIRUPHU
LQGXFHV D QHXWUDO GLVSODFHPHQW YROWDJH RQ WKH PD
FKLQH VLGH 7R HQVXUH WKDW WKLV YROWDJH LV QRW LQWHU 75
SUHWHG E\ WKH SURWHFWLRQ DV DQ HDUWK IDXOW ZLWKLQ WKH 5%
k 5%

PDFKLQH LW LV UHGXFHG E\ D VXLWDEOH ORDGLQJ UHVLVWRU
WR D YDOXH ZKLFK FRUUHVSRQGV WR DSSUR[LPDWHO\ RQH ZH REWDLQ
KDOI WKH SLFN XS YROWDJH RI WKH HDUWK IDXOW SURWHFWLRQ
8! DGGUHVV 2Q WKH RWKHU KDQG WKH HDUWK 75
IDXOW FXUUHQW UHVXOWLQJ IURP WKH ORDGLQJ UHVLVWRU LQ WKH 85
k 5% k W&. k 818c

HYHQW RI DQ HDUWK IDXOW DW WKH PDFKLQH WHUPLQDOV
7KH HDUWK IDXOW SURWHFWLRQ FDOFXODWHV WKH GLVSODFH
VKRXOG QRW H[FHHG $
PHQW YROWDJH 8( IURP WKH VXP RI WKH SKDVHWR
HDUWK YROWDJHV LQ WKH IROORZLQJ ZD\
&RXSOLQJ FDSDFLWDQFH &. DQG ORDGLQJ UHVLVWRU 5%
UHSUHVHQW D YROWDJH GLYLGHU HTXLYDOHQW FLUFXLW GLD
8/ 8/ 8/
JUDP )LJXUH ZKHUHE\ 5%
LV WKH UHVLVWDQFH 5% 8( c k 8
UHIHUUHG WR WKH PDFKLQH WHUPLQDO FLUFXLW 6LQFH WKH c
&.
&* &/ &7U
5% ORDGLQJ UHVLVWRU

85 QHXWUDO GLVSODFHPHQW YROWDJH DW ORDGLQJ 5%
UHVLVWRU
81VHF VHFRQGDU\ UDWHG YROWDJH RI WKH YROWDJH
WUDQVIRUPHUV 81VHF 85
&* JHQHUDWRUHDUWK FDSDFLWDQFH
&/ OLQHHDUWK FDSDFLWDQFH
&7U ZLQGLQJHDUWK FDSDFLWDQFH RI XQLW WUDQV
IRUPHU
&. FRXSOLQJ FDSDFLWDQFH RI XQLW WUDQVIRUPHU
)LJXUH %ORFN GLDJUDP ZLWK HDUWKLQJ WUDQVIRUPHU
&*&
:KHQ RQH FRQVLGHUV WKH WUDQVIRUPDWLRQ RI WKH YROW 81VHF 75

8L k k 5% k W&. k 818
DJH WUDQVIRUPHUV ZLWK 81SULP DV WKH SULPDU\ UDWHG 81SULP
YROWDJH DQG 81VHF DV WKH VHFRQGDU\ UDWHG YROWDJH
WKHQ WKH LQWHUIHUHQFH YROWDJH FDXVHG E\ DQ HDUWK
7KH SLFN XS YDOXH 8! IRU WKH QHXWUDO GLVSODFH
IDXOW LQ WKH QHWZRUN DV SURFHVVHG LQ WKH UHOD\
PHQW YROWDJH VKRXOG DPRXQW WR DW OHDVW WZLFH WKH YDO
DPRXQWV WR
XH RI WKLV LQWHUIHUHQFH YROWDJH
81VHF k c 75 ([DPSOH
8
8L k k 5% k W&. k 18
81SULP c 1HWZRUN 818 N9
I1 +]
&. N)
8&
9ROWDJH WUDQVIRUPHUV N9 N9
W&. (DUWKLQJ WUDQVIRUPHU
818 75
8 5
5%

c
/RDGLQJ UHVLVWRU
5% 8
818 5DWHG YROWDJH RQ XSSHUYROWDJH VLGH RI XQLW
WUDQVIRUPHU 81VHF 75
8& 9ROWDJH DW FRXSOLQJ FDSDFLWDQFH &. 8L k k 5% k W&. k 818
&. 7RWDO FRXSOLQJ FDSDFLWDQFH EHWZHHQ XSSHUYROW 81SULP
DJH DQG ORZHUYROWDJH ZLQGLQJV
85
9ROWDJH DFURVV ORDGLQJ UHVLVWRU 9
5%
/RDGLQJ UHVLVWRU RI HDUWKLQJ WUDQVIRUPHU UH 8L k k 8 k V k
k 9
IHUUHG WR PDFKLQH FLUFXLW
k k ) k k 9 9
)LJXUH (TXLYDOHQW GLDJUDP
,I HJ 9 KDV EHHQ FKRVHQ DV WKH VHWWLQJ YDOXH IRU

8! LQ DGGUHVV WKHQ WKLV FRUUHVSRQGV WR D SUR
WHFWLYH ]RQH RI
818c
8 5
1RWH :KHQ XVLQJ D QHXWUDO HDUWKLQJ WUDQVIRUPHU 75
PXVW EH LQVHUWHG DV WKH YROWDJH WUDQVIRUPDWLRQ UDWLR
8& LQVWHDG RI 75 7KH UHVXOW LV WKH VDPH VLQFH WKH QHX
)LJXUH 9HFWRU GLDJUDP WUDO HDUWKLQJ WUDQVIRUPHU KDV RQH ZLQGLQJ
8(
8HDUWK! 3LFN XS YDOXH

(DUWK IDXOW RQ PDFKLQH VLGH
9DOXH H[WUDSRODWHG
WR 81PDFK
(DUWK IDXOW RQ
XSSHUYROWDJH VLGH
8
810DVFK
FRUUHVSRQGV WR SURWHFWHG ]RQH
)LJXUH 1HXWUDO GLVSODFHPHQW YROWDJH GXULQJ HDUWK IDXOWV
&*&
&KHFNLQJ IRU PDFKLQH HDUWK IDXOW &KHFN XVLQJ QHWZRUN HDUWK IDXOW
6ZLWFK VWDWRU HDUWK IDXOW SURWHFWLRQ DGGUHVV WR :LWK WKH SULPDU\ SODQW YROWDJHIUHH DQG HDUWKHG LQ
%/2&. 75,3 5(/ ,I WKH KLJKVHQVLWLYLW\ HDUWK FXU VWDOO D VLQJOHSROH HDUWK IDXOW EULGJH RQ WKH KLJK
UHQW SURWHFWLRQ LV XVHG IRU VWDWRU HDUWK IDXOW SURWHF YROWDJH VLGH RI WKH EORFN WUDQVIRUPHU
WLRQ VZLWFK LW WR %/2&. 75,3 5(/ DGGUHVV
:LWK WKH SULPDU\ SODQW YROWDJHIUHH DQG HDUWKHG LQ

VWDOO D VLQJOHSROH HDUWK IDXOW LQ WKH SUR[LPLW\ RI WKH
'$1*(5
PDFKLQH WHUPLQDOV 2SHUDWLRQV LQ SULPDU\ DUHD PXVW RQO\ EH
SHUIRUPHG ZLWK WKH PDFKLQH DW VWDQG
VWLOO DQG ZLWK SODQW VHFWLRQV YROWDJH
'$1*(5 IUHH DQG HDUWKHG
2SHUDWLRQV LQ SULPDU\ DUHD PXVW RQO\ EH
SHUIRUPHG ZLWK WKH PDFKLQH DW VWDQG
VWLOO DQG ZLWK SODQW VHFWLRQV YROWDJH &DXWLRQ
IUHH DQG HDUWKHG
7KH VWDU SRLQWV RI WKH WUDQVIRUPHU
6WDUW XS PDFKLQH DQG VORZO\ H[FLWH KRZHYHU QRW PXVW QRW EH FRQQHFWHG WR HDUWK GXULQJ
DERYH 81c XQWLO WKH HDUWK IDXOW SURWHFWLRQ 8! WKLV WHVW
SLFNV XS QRW PDUVKDOOHG ZKHQ GHOLYHUHG IURP IDFWR
U\
6WDUW XS PDFKLQH DQG VORZO\ H[FLWH WR RI UDWHG
PDFKLQH YROWDJH PD[ (DUWK IDXOW SURWHFWLRQ
5HDG RXW 8 LQ 23(5$7,21$/ 0($6 9$/8(6 DG
GRHV QRW SLFN XS
GUHVV ,I WKH FRQQHFWLRQV DUH FRUUHFW WKLV YDOXH
FRUUHVSRQGV ZLWK WKH PDFKLQH WHUPLQDO YROWDJH LQ
5HDG RXW 8 LQ WKH 23(5$7,21$/ 0($6 9$/8(6
SHUFHQW UHIHUUHG WR UDWHG PDFKLQH YROWDJH 7KLV YDO
DGGUHVV 7KLV YDOXH LV H[WUDSRODWHG WR UDWHG
XH DOVR FRUUHVSRQGV ZLWK WKH VHWWLQJ YDOXH 8! XQ
PDFKLQH YROWDJH )LJXUH DV DQ H[DPSOH 7KH
GHU DGGUHVV VHH )LJXUH
YROWDJH YDOXH WKXV FDOFXODWHG VKRXOG FRUUHVSRQG DW
WKH PRVW WR KDOI WKH SLFN XS YDOXH 8! DGGUHVV
7KH SURWHFWLRQ ]RQH LV
LQ RUGHU WR DFKLHYH WKH GHVLUHG VDIHW\ PDUJLQ
81VHF 8! >9@
= k ,I WKH KLJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ LV
81VHF XVHG IRU VWDWRU HDUWK IDXOW SURWHFWLRQ UHDG RXW WKH
FXUUHQW ,H LQ DGGUHVV DJDLQ 7KLV YDOXH DJDLQ
0DFKLQH YROWDJH DW SLFN XS k 81 H[WUDSRODWHG WR WKH FXUUHQW DW UDWHG PDFKLQH YROWDJH
UDWHG YW YROWDJH 81VHF 9 VKRXOG EH LQVLJQLILFDQW LH QRW KLJKHU WKDQ KDOI WKH
0HDVXUHG YDOXH 8 VHW SLFN XS YDOXH DGGUHVV
6HWWLQJ YDOXH 8! 9
3URWHFWHG ]RQH = 6KXW GRZQ PDFKLQH 5HPRYH HDUWK IDXOW EULGJH
,I WKH KLJKVHQVLWLYLW\ HDUWK FXUUHQW SURWHFWLRQ LV ,I WKH VWDUSRLQW RI WKH KLJK YROWDJH VLGH RI WKH
XVHG IRU VWDWRU HDUWK IDXOW SURWHFWLRQ UHDG RXW WKH EORFN WUDQVIRUPHU LV WR EH HDUWKHG GXULQJ QRUPDO
FXUUHQW ,H LQ DGGUHVV 7KH SURWHFWLRQ WULSV ZKHQ RSHUDWLRQ UH HVWDEOLVK VWDUSRLQW HDUWKLQJ
LWV SLFN XS YDOXH ,H! DGGUHVV LV H[FHHGHG
$QQXQFLDWLRQ LV l,(! )DXOWl QRW DOORFDWHG ZKHQ 6ZLWFK HDUWK IDXOW SURWHFWLRQ WR EH RSHUDWLYH DG
GHOLYHUHG GUHVV 6() 3527 21 RU DGGUHVV 2&
,H! 21
6KXW GRZQ PDFKLQH 5HPRYH HDUWK IDXOW EULGJH
&*&
&KHFNLQJ WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ DV URWRU HDUWK IDXOW
SURWHFWLRQ
,I WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ LV XVHG $Q HDUWK IDXOW LV LQVWDOOHG YLD D UHVLVWRU ZKLFK FRUUH
IRU URWRU HDUWK IDXOW SURWHFWLRQ VZLWFK LW HIIHFWLYH DG VSRQGV WR WKH GHVLUHG WULS UHVLVWDQFH ,Q WKH FDVH RI
GUHVV 2& ,H! %/2&. 75,3 5(/ PDFKLQHV ZLWK URWDWLQJ UHFWLILHU H[FLWDWLRQ )LJXUH
WKH HDUWK IDXOW LV LQVWDOOHG EHWZHHQ WKH WZR
&DXWLRQ PHDVXUHPHQW VOLS ULQJV ZLWK WKH PHDVXUHPHQW
EUXVKHV LQ SODFH ,Q FDVH RI PDFKLQHV ZLWK H[FLWDWLRQ
7KH H[FLWDWLRQ FLUFXLW PXVW EH IUHH RI DQ\ YLD VOLS ULQJV )LJXUH WKH HDUWK IDXOW LV LQVWDOOHG
HDUWK FRQQHFWLRQ GXULQJ WKLV WHVW EHWZHHQ RQH VOLS ULQJ DQG HDUWK
6WDUW XS PDFKLQH DQG H[FLWH WR UDWHG YROWDJH ,I

DSSOLFDEOH SODFH PHDVXUHPHQW EUXVKHV LQWR RSHUD
WLRQ ,W LV LUUHOHYDQW ZKHWKHU WKH SURWHFWLRQ WULSV RU
QRW 7KH HDUWK FXUUHQW FDQ EH UHDG RXW LQ WKH RSHUD
WLRQDO PHDVXUHG YDOXHV $ XQGHU DGGUHVV
&KHFN WKDW WKLV PHDVXUHG FXUUHQW FRUUHVSRQGV WR

WKH SLFN XS YDOXH RI WKH KLJKVHQVLWLYLW\ HDUWK FXU
UHQW SURWHFWLRQ ,H! XQGHU DGGUHVV 7KLV VHWWLQJ
PXVW QRW EH UHGXFHG EHORZ WKH YDOXH DV GHWHU
PLQHG GXULQJ WKH YROWDJH FKHFNV DFFRUGLQJ WR 6HF
([FLWDWLRQ WLRQ
PDFKLQH
)RU PDFKLQHV ZLWK H[FLWDWLRQ YLD VOLS ULQJV WKH WHVW LV
UHSHDWHG IRU WKH RWKHU VOLS ULQJ
&RXSOLQJ
XQLW
6KXW GRZQ PDFKLQH 5HPRYH HDUWK IDXOW UHVLVWRU
)LJXUH ([FLWDWLRQ YLD URWDWLQJ UHFWLILHUV ZLWK
PHDVXUHPHQW EUXVKHV
([DPSOH
SURWHFWLRQ UHVLVWDQFH 5( 8

PHDVXUHG HDUWK FXUUHQW ,( P$
([FLWDWLRQ VHW DGGUHVV WR ,H! P$

HTXLSPHQW EXW QRW EHORZ WKH DFWXDO VHWWLQJ DFF
,I GHVLUHG WKH DERYH PHQWLRQHG FKHFN FDQ EH UH

SHDWHG LQ RUGHU WR PDNH WKH URWRU HDUWK IDXOW SURWHF
WLRQ JLYLQJ WULS VLJQDO 5HGXFH WKH URWRU HDUWK UHVLV
WDQFH WR DSSUR[LPDWHO\ RI WKH GHVLUHG SLFN XS
UHVLVWDQFH 7KH SURWHFWLRQ ZLOO SLFN XS DQQXQFL
DWLRQ l,H! )DXOWl QRW DOORFDWHG ZKHQ GHOLYHUHG
DQG DIWHU H[SLU\ RI WKH GHOD\ WLPH 7,H DGGUHVV
DQQXQFLDWLRQ l,H! WULSl
&RXSOLQJ 6KXW GRZQ PDFKLQH 5HPRYH HDUWK IDXOW UHVLVWRU

XQLW
6ZLWFK WKH KLJKO\ VHQVLWLYH HDUWK FXUUHQW SURWHFWLRQ
)LJXUH ([FLWDWLRQ HTXLSPHQW IHG YLD VOLS
2& ,H! 21 XQGHU DGGUHVV
ULQJV
&*&
7HVWV ZLWK WKH PDFKLQH FRQQHFWHG WR WKH QHWZRUN
&KHFNLQJ WKH FRUUHFW FRQQHFWLRQ SR 7KH VXFFHVVIXO DQJOH FRUUHFWLRQ SURFHGXUH DV
ODULW\ GHVFULEHG LQ 6HFWLRQ LV D SUHFRQGLWLRQ IRU
WKH FRUUHFW UHVXOWV RI WKH IROORZLQJ SULPDU\ WHVWV
7KH IROORZLQJ WHVW LQVWUXFWLRQV DSSO\ WR D V\QFKUR
QRXV JHQHUDWRU 5HGXFH GULYLQJ SRZHU WR ]HUR E\ FORVLQJ WKH UHJXODW
LQJ YDOYHV 7KH JHQHUDWRU QRZ WDNHV PRWRULQJ HQHU
5XQXS JHQHUDWRU DQG V\QFKURQL]H ZLWK QHWZRUN J\ IURP WKH QHWZRUN
6ORZO\ LQFUHDVH GULYLQJ SRZHU LQSXW XS WR DSSUR[L
PDWHO\ 7KH DFWLYH SRZHU LV UHDG RXW XQGHU WKH
&DXWLRQ
RSHUDWLRQDO PHDVXUHG YDOXHV XQGHU DGGUHVV
DV D SRVLWLYH DFWLYH SRZHU 3D )RU D WXUELQH VHW WKH LQWDNH RI UHYHUVH SRZ
HU LV RQO\ SHUPLVVLEOH IRU D VKRUW WLPH VLQFH
,I D QHJDWLYH DFWLYH SRZHU YDOXH VKRXOG EH UHDG RXW RSHUDWLRQ RI WKH WXUELQH ZLWKRXW D FHUWDLQ
WKHQ WKH DFWXDO SRODULW\ UHODWLRQVKLS EHWZHHQ FXUUHQW WKURXJKSXW RI VWHDP FRROLQJ HIIHFW FDQ
WUDQVIRUPHUV DQG YROWDJH WUDQVIRUPHUV GRHV QRW DF OHDG WR RYHUKHDWLQJ RI WKH WXUELQH EODGHV
FRUG ZLWK WKH SRODULW\ SDUDPHWHUL]HG XQGHU DGGUHVV
5HSDUDPHWHUL]H DGGUHVV ,I WKH SRZHU
UHDGLQJ LV VWLOO LQFRUUHFW WKH IDXOW PXVW EH LQ WKH LQ
)LW WKH H[FLWDWLRQ FXUUHQW VR WKDW WKH UHDFWLYH SRZ
VWUXPHQW WUDQVIRUPHU FRQQHFWLRQV HJ F\FOLF H[
HU DPRXQWV WR )RU D FKHFN UHDG RXW DQG QRWH LW
FKDQJH RI SKDVHV
GRZQ LQ WKH WDEOH EHORZ XQGHU DGGUHVV WKH
DFWLYH SRZHU 3 DQG XQGHU DGGUHVV WKH UHDF
6KXW GRZQ DQG GHH[FLWH JHQHUDWRU
DSSO\ SODQW HDUWKV WLYH SRZHU 4
VKRUW FLUFXLW FXUUHQW WUDQVIRUPHUV
FRUUHFW IDXOW LQ LQVWUXPHQW WUDQVIRUPHU OHDGV FW ,I SRVVLEOH LQFUHDVH H[FLWDWLRQ WR DSSUR[LPDWHO\
DQGRU YW WLPHV UDWHG DSSDUHQW SRZHU RI JHQHUDWRU
UHSHDW WHVW RYHUH[FLWHG
5HDG RXW WKH PRWRULQJ SRZHU ZLWK SRODULW\ QHJD

WLYH VLJQ LQ WKH RSHUDWLRQDO PHDVXUHG YDOXHV XQ
0HDVXUHPHQW RI PRWRULQJ SRZHU DQG GHU DGGUHVV DQG QRWH LW GRZQ DV 3 LQ WKH
DQJOH HUURU FRUUHFWLRQ WDEOH EHORZ
)RU D JHQHUDWRU OHDYH WKH UHYHUVH SRZHU SURWHFWLRQ 5HDG RXW WKH UHDFWLYH SRZHU ZLWK SRODULW\ SRVLWLYH
VZLWFKHG WR 2)) DGGUHVV IRU WKH PRPHQW VLJQ LQ WKH RSHUDWLRQDO PHDVXUHG YDOXHV XQGHU
7KLV IXQFWLRQ DQG WKH IROORZLQJ PHDVXUHPHQWV DUH DGGUHVV DQG QRWH LW GRZQ DV 4 LQ WKH WDEOH
QRW UHTXLUHG IRU PRWRUV EHORZ
7KH PRWRULQJ SRZHU LV DV DQ DFWLYH SRZHU DO ,I SRVVLEOH VORZO\ GHFUHDVH H[FLWDWLRQ WR WLPHV
PRVW FRQVWDQW DQG LQGHSHQGHQW RI WKH UHDFWLYH SRZ UDWHG DSSDUHQW SRZHU RI JHQHUDWRU XQGHUH[
HU LH LQGHSHQGHQW RI WKH H[FLWDWLRQ FXUUHQW +RZHY FLWHG
HU WKH SURWHFWLRQ UHOD\ PD\ FDOFXODWH GLIIHUHQW DFWLYH
SRZHU YDOXHV GHSHQGHQW RI WKH H[FLWDWLRQ EHFDXVH
&DXWLRQ
RI SRVVLEOH DQJOH HUURUV RI WKH FXUUHQW DQG YROWDJH
WUDQVIRUPHUV 7KH PRWRULQJ SRZHU FXUYH WKHQ ZRXOG 8QGHUH[FLWDWLRQ PD\ FDXVH WKH JHQHUDWRU
QRW EH D VWUDLJKW OLQH LQ SDUDOOHO WR WKH UHDO D[LV RI WKH IDOO RXW RI VWHS
SRZHU GLDJUDP RI WKH PDFKLQH 7KHUHIRUH WKH DQJOH
GHYLDWLRQV VKRXOG EH PHDVXUHG DW WKUHH PHDVXULQJ
SRLQWV RI WKH SRZHU GLDJUDP DQG WKH FRUUHFWLRQ SD 5HDG RXW WKH PRWRULQJ SRZHU ZLWK SRODULW\ QHJD
UDPHWHUV VKRXOG EH HVWDEOLVKHG ,Q FRQMXQFWLRQ ZLWK WLYH VLJQ LQ WKH RSHUDWLRQDO PHDVXUHG YDOXHV XQ
WKH VHFRQGDU\ WHVWV DV GHVFULEHG LQ 6HFWLRQ GHU DGGUHVV DQG QRWH LW GRZQ DV 3 LQ WKH
WKH DQJOH HUURU FDQ EH PLQLPL]HG WDEOH EHORZ
&*&
5HDG RXW WKH UHDFWLYH SRZHU ZLWK SRODULW\ QHJD &KHFNLQJ WKH UHYHUVH SRZHU SURWHFWLRQ
WLYH VLJQ LQ WKH RSHUDWLRQDO PHDVXUHG YDOXHV XQ
GHU DGGUHVV DQG QRWH LW GRZQ DV 4 LQ WKH ,I WKH JHQHUDWRU LV FRQQHFWHG ZLWK WKH QHWZRUN UH
WDEOH EHORZ YHUVH SRZHU FDQ EH FDXVHG E\
$GMXVW JHQHUDWRU WR QRORDG H[FLWDWLRQ DQG VKXW LW FORVLQJ RI WKH UHJXODWLQJ YDOYHV
GRZQ RU DGMXVW LW WR WKH GHVLUHG FRQGLWLRQ
FORVLQJ RI WKH WULS YDOYH
331 %HFDXVH RI SRVVLEOH OHDNDJHV LQ WKH YDOYHV WKH UH

YHUVH SRZHU WHVW VKRXOG LI SRVVLEOH EH SHU
XQGHUH[FLWHG 4 4 RYHUH[FLWHG IRUPHG IRU ERWK FDVHV
441
3 ,Q RUGHU WR FRQILUP WKH FRUUHFW VHWWLQJV UHSHDW UH
3 3 YHUVH SRZHU WHVW DJDLQ )RU WKLV WKH UHYHUVH SRZHU
SURWHFWLRQ DGGUHVV LV VHW WR %/2&. 75,3 5(/
LQ RUGHU WR FKHFN LWV HIIHFWLYHQHVV XVLQJ WKH DQQXQ
FLDWLRQV
6WDUW XS JHQHUDWRU DQG V\QFKURQL]H ZLWK QHWZRUN

,WHP PRWRULQJ SRZHU UHDFWLYH SRZHU &ORVH UHJXODWLQJ YDOYHV
: $W DSSUR[LPDWHO\ PRWRULQJ SRZHU DQQXQFL
3 4 DWLRQ l3U IDXOW GHWl QRW DOORFDWHG ZKHQ GH
3 4 OLYHUHG IURP IDFWRU\
: $IWHU 769 23(1 DGGUHVV WULS VLJQDO
3 4 l3U 7ULSl /(' DQG VLJQDO UHOD\ DV GHOLY
HUHG
,QFUHDVH GULYLQJ SRZHU
3HUIRUP DQJOH HUURU FRUUHFWLRQ LQ WKH IROORZLQJ ZD\
&DOFXODWH WKH FRUUHFWLRQ YDOXH FRUU XVLQJ WKH SDLUV RI 7KH ODVW WHVW ZLWK WKH VWRS YDOYH FDQ EH SHUIRUPHG
YDOXHV DV GHWHUPLQHG EHIRUH DFFRUGLQJ WR WKH IRUPX
ZLWK D OLYH WULS ,W LV DVVXPHG WKDW WKH ELQDU\ LQSXW
OD
l!69 WULSSHGl LV PDUVKDOOHG FRUUHFWO\ DQG LV FRQ
WUROOHG E\ WKH VWRS YDOYH VWDWXV E\ D SUHVVXUH VZLWFK
3 3 RU D OLPLW VZLWFK DW WKH VWRS YDOYH
WDQ EFRUU
4 4
&ORVH VWRS YDOYH
7KH SRZHU YDOXHV PXVW EH LQVHUWHG ZLWK WKHLU FRU : $QQXQFLDWLRQ l3U IDXOW GHWl QRW DOORFDWHG
UHFW SRODULW\ DV UHDG RXW 2WKHUZLVH IDXOW\ UHVXOW ZKHQ GHOLYHUHG IURP IDFWRU\
: $IWHU 769 &/26 DGGUHVV DQQXQFLDWLRQ
7KLV DQJOH EFRUU LV XVHG WR FDOFXODWH D QHZ VHWWLQJ YDO l3U69 7ULSl /(' DQG VLJQDO UHOD\ DV GHOLY
XH : LQ DGGUHVV HUHG
,I WKLV WHVW KDV QRW EHHQ FDUULHG RXW ZLWK D OLYH WULS
1HZ VHWWLQJ : SUHVHWWLQJ : EFRUU
VKXW GRZQ PDFKLQH
$ TXDUWHU RI WKH VXP RI WKH PHDVXUHG YDOXHV 3 3
6ZLWFK 21 WKH UHYHUVH SRZHU SURWHFWLRQ DGGUHVV
LV VHW DV SLFN XS YDOXH RI WKH UHYHUVH SRZHU SURWHF
DQG LI XVHG WKH IRUZDUG SRZHU VXSHUYLVLRQ
WLRQ 3! 5(9(56( XQGHU DGGUHVV QHJDWLYH
DGGUHVV
VLJQ
&*&
&KHFNLQJ WKH XQGHUH[FLWDWLRQ SURWHF ([DPSOH )LJXUH

WLRQ
0DFKLQH 61 09$
6ZLWFK XQGHUH[FLWDWLRQ SURWHFWLRQ DGGUHVV WR
%/2&. 75,3 5(/ 6HWWLQJV UHIHUUHG WR M
WKH PDFKLQH B E
7KH FRUUHFW IXQFWLRQLQJ LV WHVWHG E\ DSSURDFKLQJ D
ORDG SRLQW RQ WKH VHW VWHDG\VWDWH OLPLW FKDUDFWHULV $FWLYH SRZHU 3 09$
WLF FKDUDFWHULVWLFV DQG 7KH DFWLYH SRZHU LV NHSW
FRQVWDQW ZKLOH WKH UHDFWLYH SRZHU LV FKDQJHG XQ ,W LV SUHVXPHG WKDW WKH PDFKLQH YDOXHV DUH FRUUHFWO\
GHUH[FLWHG XQWLO WKH SURWHFWLRQ SLFNV XS FRQYHUWHG WR WKH VHFRQGDU\ YDOXHV UHIHU WR 6HFWLRQ

&DXWLRQ 7KH XQGHUH[FLWDWLRQ SURWHFWLRQ ZLOO SLFN XS DW

3
8QGHUH[FLWDWLRQ PD\ FDXVH WKH JHQHUDWRU 4 M [ 61
WR IDOO RXW RI VWHS LQ SDUWLFXODU ZLWK LQ WDQ B
FUHDVHG DFWLYH SRZHU 0:
[ 09$
WDQ E
: $QQXQFLDWLRQ l([F )DXOWl 09$U
: $IWHU 7&K DGGUHVV WULS VLJQDO l([F
7ULSl /(' DQG VLJQDO UHOD\ 1RWH 5DWHG PDFKLQH YROWV KDYH EHHQ DVVXPHG ,I
GLIIHUHQW YROWDJH XVHG WKH SLFN XS SRZHU FKDQJHV
LQ SURSRUWLRQ WR WKH YROWDJH
3
0:

FDSDFLWLYH B LQGXFWLYH
409$U
M 09$U
)LJXUH 3RZHU GLDJUDP ZLWK XQGHUH[FLWDWLRQ FKDUDFWHULVWLF
&*&
7KH DQJOH HUURU FRUUHFWLRQV ZKLFK DUH GHWHUPLQHG &KHFNLQJ WKH FRXSOLQJ RI H[WHU
DFFRUGLQJ WR 6HFWLRQ DQG VHW XQGHU WKH DG QDO WULS VLJQDOV
GUHVVHV DQG DUH HIIHFWLYH DOVR IRU WKH XQ
GHUH[FLWDWLRQ SURWHFWLRQ
,I WKH FRXSOLQJ RI H[WHUQDO IXQFWLRQV IRU WKH DODUP
,I RSHUDWLRQ ZLWK FDSDFLWLYH ORDG LV QRW SRVVLEOH WKHQ DQGRU WULS SURFHVVLQJ LV XVHG LQ WKH 80 WKHQ
WKH ORDG SRLQW FDQ DOVR EH FKHFNHG LQ WKH LQGXFWLYH RQH RU PRUH RI WKHVH IXQFWLRQV PXVW EH FRQILJXUHG
RYHUH[FLWHG UDQJH ,Q WKLV FDVH WKH SRODULW\ RI WKH DV (;,67 LQ WKH DGGUHVVHV WR 7KH XVHG
LQVWUXPHQW WUDQVIRUPHU FRQQHFWLRQV PXVW EH UHSD IXQFWLRQ LV DGGLWLRQDOO\ VZLWFKHG LQ DGGUHVV
UDPHWHUL]HG DGGUHVV 7KXV WKH FKDUDFWHULV DQGRU (;7 75,3 4 %/2&.
WLFV RI WKH XQGHUH[FLWDWLRQ SURWHFWLRQ DUH PLUURUHG 75,3 5(/
DURXQG WKH RULJLQ ,W PXVW EH QRWHG WKDW WKH UHYHUVH
SRZHU SURWHFWLRQ PXVW DOVR EH VZLWFKHG 2)) DG 7KH IXQFWLRQ RI WKH FRXSOLQJ LV WR EH FKHFNHG IRU RQH
GUHVV DV LWV FKDUDFWHULVWLF LV DOVR PLUURUHG IURP DIWHU DQRWKHU )RU WKLV WKH VRXUFH REMHFW RI WKH
WKH PRWRU LQWR WKH JHQHUDWRU UDQJH FRXSOHG VLJQDO LV RSHUDWHG DQG WKH HIIHFW FKHFNHG
'R QRW IRUJHW WR VHW WKH SRODULW\ RI WKH LQVWUXPHQW )LQDOO\ WKH XVHG IXQFWLRQV DUH SDUDPHWHUL]HG WR 21
WUDQVIRUPHUV WR WKH FRUUHFW SDUDPHWHU DGGUHVV LQ WKH DVVRFLDWHG DGGUHVVHV DQG
DQG VZLWFK UHYHUVH SRZHU SURWHFWLRQ 21 DG RU
GUHVV DIWHU FRPSOHWLRQ RI WKH WHVW
$ ODVW WHVW ZLWK DQ H[FLWDWLRQ YROWDJH WULS FDQ EH SHU

IRUPHG ZLWK D OLYH WULS 7KH XQGHUH[FLWDWLRQ SURWHF
WLRQ DGGUHVV LV VZLWFKHG WR 21 ,W LV DVVXPHG
WKDW HLWKHU WKH ELQDU\ LQSXW l!8H[F IDLOl LV FRU
UHFWO\ PDUVKDOOHG DQG FRQWUROOHG E\ DQ H[WHUQDO H[FL
WDWLRQ YROWDJH VXSHUYLVLRQ RU WKDW WKH H[FLWDWLRQ YROW
DJH KDV EHHQ FRUUHFWO\ FRQQHFWHG WR WKH UHVSHFWLYH
LQSXW RI WKH XQLW ZLWK FRUUHFW SRODULW\ DQG FRUUHFWO\
PDWFKHG
'LVFRQQHFW H[FLWDWLRQ YROWDJH

: $QQXQFLDWLRQ l([F )DXOWl
: $IWHU 76+57 8H WULS E\ WKH WULS UHOD\V PDU
VKDOOHG YLD WKH WULS PDWUL[
,I WKLV ODVW WHVW KDG QRW EHHQ FDUULHG RXW ZLWK D OLYH WULS
VKXW GRZQ PDFKLQH
&*&
7ULSSLQJ WHVW LQFOXGLQJ FLUFXLW EUHDNHU DGGUHVV EORFN
0DFKLQH SURWHFWLRQ 80 DOORZV VLPSOH FKHFNLQJ :DUQLQJ

RI WKH WULSSLQJ FLUFXLW DQG HDFK WULS UHOD\
$IWHU FRQILUPDWLRQ E\ WKH RSHUDWRU WKH
,QLWLDWLRQ RI WKH WHVW FDQ EH JLYHQ IURP WKH RSHUDWRU VZLWFKLQJ GHYLFH ZLOO EH RSHUDWHG (QVXUH
NH\ERDUG RU IURP WKH IURQW RSHUDWRU LQWHUIDFH 7KH EHIRUH HDFK WHVW WKDW VZLWFKLQJ LV SHUPLV
SURFHGXUH LV VWDUWHG ZLWK DGGUHVV ZKLFK FDQ VLEOH XQGHU WKH DFWXDO VZLWFKJHDU VWDWXV
EH UHDFKHG E\ SDJLQJ ZLWK Â RU Ä RU E\ GLUHFW GLDOOLQJ (J LVRODWH FLUFXLW EUHDNHU E\ RSHQLQJ LVR
'$ ( &RGHZRUG LQSXW LV QHFHVVDU\ FRGH ODWRUV DW HDFK VLGH
OHYHO
%\ IXUWKHU SDJLQJ ZLWK HDFK RI WKH WULS UHOD\V FDQ

EH VHOHFWHG IRU WHVW 7KH WHVW SURFHGXUH FDQ EH HQGHG RU DERUWHG E\
SUHVVLQJ WKH l1RlNH\ 1 DIWHU WKH TXHVWLRQ l(1(5
$IWHU FRQILUPDWLRQ E\ WKH l<HVlNH\ -< WKH VHOHFWHG *,=( 75,3 5(/$< Q " DSSHDUV
UHOD\ FORVHV LWV FRQWDFWV IRU V
&RPPHQFHPHQW RI WKH WHVW EORFNV

7 ( 6 7 6
& % 7 ( 6 7 %HJLQQLQJ RI WKH EORFN lWULS FLUFXLW EUHDNHU WHVW

/LYH WULSl
/ , 9 ( 7 5 , 3
( 1 ( 5 * , = ( 7HVW WULS FLUFXLW RI WULS UHOD\ "

7 5 , 3 5 ( / $ < " &RQILUP ZLWK l-<lNH\ RU DERUW ZLWK l1lNH\

7 5 , 3 5 ( / $ < " &RQILUP ZLWK l-<lNH\ RU DERUW ZLWK l1lNH\

&RQILUP ZLWK l-<lNH\ RU DERUW ZLWK l1lNH\
7 5 , 3 5 ( / $ < "

7 5 , 3 5 ( / $ < "

7 5 , 3 5 ( / $ <
&*&
6WDUWLQJ D WHVW IDXOW UHFRUG DGGUHVV EORFN
$ IDXOW UHFRUG VWRUDJH FDQ EH VWDUWHG DW DQ\ WLPH XV RSHUDWLQJ NH\ERDUG RU YLD WKH RSHUDWLQJ LQWHUIDFH
LQJ WKH RSHUDWLQJ SDQHO RU YLD WKH RSHUDWLQJ LQWHU 7KH SUHWULJJHU WLPH ZDV VHW XQGHU DGGUHVV
IDFH 6WDUWLQJ D WHVW IDXOW UHFRUG LV DOVR SRVVLEOH YLD D
ELQDU\ LQSXW SURYLGHG WKLV LV DFFRUGLQJO\ DOORFDWHG ,I WKH IDXOW UHFRUG LV WULJJHUHG YLD D ELQDU\ LQSXW UH
)1R l!6WDUW )OW5HFl FRUGLQJ VWDUWV DXWRPDWLFDOO\ ZLWK DQ H[WHUQDO HYHQW
HJ DW WKH LQVWDQW RI D VZLWFKLQJ FRPPDQG
7KH FRQILJXUDWLRQ SDUDPHWHUV DV VHW LQ DGGUHVV
EORFN DUH GHFLVLYH IRU WKLV IDXOW UHFRUGLQJ UHIHU WR 0DQXDO VWDUWLQJ RI D IDXOW UHFRUG FDQ EH FDUULHG RXW LQ
6HFWLRQ 6HOHFWLRQ LV PDGH XQGHU DGGUHVV DGGUHVV EORFN ZKLFK FDQ EH UHDFKHG E\ SDJLQJ
ZKHWKHU LQVWDQWDQHRXV YDOXHV RU UPV YDOXHV ZLWK Â RU Ä RU E\ GLUHFW GLDOOLQJ ZLWK '$ (
VKRXOG EH VFDQQHG DGGUHVV FRQFHUQV WULJJHU 7KH VWDUW DGGUHVV LV UHDFKHG ZLWK
LQJ YLD ELQDU\ LQSXW DGGUHVV WULJJHULQJ YLD WKH
7 ( 6 7 %HJLQQLQJ RI EORFN l7HVW IDXOW UHFRUGLQJl

) $ 8 / 7 5 ( & 2 5 ' , 1 * SDJH RQ ZLWK WR DGGUHVV
) $ 8 / 7 5 ( & 6WDUW IDXOW UHFRUGLQJ" &RQILUP ZLWK l-<l NH\ RU DERUW

6 7 $ 5 7 " ZLWK SDJHRQ NH\
6 8 & & ( 6 6 ) 8 / 7KH UHOD\ DFNQRZOHGJHV VXFFHVVIXO FRPSOHWLRQ RI WKH

WHVW UHFRUGLQJ
&*&
3XWWLQJ WKH UHOD\ LQWR RSHUDWLRQ
$OO VHWWLQJ YDOXHV VKRXOG EH FKHFNHG DJDLQ LQ FDVH IURQW VR WKDW IURP WKHQ RQ RQO\ UHDO IDXOWV DUH LQGL
WKH\ ZHUH DOWHUHG GXULQJ WKH WHVWV 3DUWLFXODUO\ FKHFN FDWHG )URP WKDW PRPHQW WKH PHDVXUHG YDOXHV RI
WKDW DOO GHVLUHG SURWHFWLRQ IXQFWLRQV KDYH EHHQ SUR WKH TXLHVFHQW VWDWH DUH GLVSOD\HG 'XULQJ SXVKLQJ
JUDPPHG LQ WKH FRQILJXUDWLRQ SDUDPHWHUV DGGUHVV WKH 5(6(7 EXWWRQ WKH /('V RQ WKH IURQW ZLOO OLJKW
EORFNV DQG UHIHU WR 6HFWLRQ (QVXUH WKDW XS H[FHSW WKH l%ORFNHGl/(' WKXV D /(' WHVW LV
WKH WULS WLPHV DUH QRW VHW WR * IRU WKRVH IXQFWLRQV RU SHUIRUPHG DW WKH VDPH WLPH
VWDJHV ZKLFK VKRXOG WULS DQG WKDW DOO GHVLUHG SURWHF
WLRQ IXQFWLRQV KDYH EHHQ VZLWFKHG 21 7KRVH IXQF &KHFN WKDW WKH PRGXOHV DUH SURSHUO\ LQVHUWHG 7KH
WLRQV ZKLFK VKRXOG RQO\ JLYH LQIRUPDWLRQ PD\ EH JUHHQ /(' PXVW EH RQ RQ WKH IURQW WKH UHG /(' PXVW
VZLWFKHG WR %/2&. 75,3 5(/ QRW EH RQ
3XVK WKH NH\ 06 RQ WKH IURQW 7KH GLVSOD\ VKRZV WKH &ORVH KRXVLQJ FRYHU
EHJLQQLQJ RI WKH DQQXQFLDWLRQ EORFNV 7KXV LW LV SRV
VLEOH WKDW WKH PHDVXUHG YDOXHV IRU WKH TXLHVFHQW $OO WHUPLQDO VFUHZV HYHQ WKRVH QRW LQ XVH PXVW
VWDWH RI WKH UHOD\ FDQ EH GLVSOD\HG VHH EHORZ EH WLJKWHQHG
7KHVH YDOXHV KDYH EHHQ FKRVHQ GXULQJ FRQILJXUD
WLRQ UHIHU WR 6HFWLRQ XQGHU WKH DGGUHVVHV ,I D WHVW VZLWFK LV DYDLODEOH WKHQ WKLV PXVW EH LQ WKH
DQG RSHUDWLQJ SRVLWLRQ
6WRUHG LQGLFDWLRQV RQ WKH IURQW SODWH VKRXOG EH UHVHW 7KH SURWHFWLRQ UHOD\ LV QRZ UHDG\ IRU RSHUDWLRQ
E\ SUHVVLQJ WKH SXVKEXWWRQ l5(6(7 /('l RQ WKH
&*&
80 9 0DLQWHQDQFH DQG IDXOW WUDFLQJ
0DLQWHQDQFH DQG IDXOW WUDFLQJ
6LHPHQV GLJLWDO SURWHFWLRQ UHOD\V DUH GHVLJQHG WR UH 5RXWLQH FKHFNV
TXLUH QR VSHFLDO PDLQWHQDQFH $OO PHDVXUHPHQW DQG
VLJQDO SURFHVVLQJ FLUFXLWV DUH IXOO\ VROLG VWDWH DQG
WKHUHIRUH FRPSOHWHO\ PDLQWHQDQFH IUHH ,QSXW PRG 5RXWLQH FKHFNV RI FKDUDFWHULVWLFV RU SLFN XS YDOXHV
XOHV DUH HYHQ VWDWLF UHOD\V DUH KHUPHWLFDOO\ VHDOHG RU DUH QRW QHFHVVDU\ DV WKH\ IRUP SDUW RI WKH FRQWLQX
SURYLGHG ZLWK SURWHFWLYH FRYHUV RXVO\ VXSHUYLVHG ILUPZDUH SURJUDPV 7KH SODQQHG
PDLQWHQDQFH LQWHUYDOV IRU FKHFNLQJ DQG PDLQWH
,I WKH GHYLFH LV HTXLSSHG ZLWK D EDFN XS EDWWHU\ IRU QDQFH RI WKH SODQW FDQ EH XVHG WR SHUIRUP RSHUDWLRQ
VDYLQJ RI VWRUHG DQQXQFLDWLRQV DQG WKH LQWHUQDO WLPH DO WHVWLQJ RI WKH SURWHFWLRQ HTXLSPHQW 7KLV PDLQWH
FORFN WKH EDWWHU\ VKRXOG EH UHSODFHG DIWHU DW PRVW QDQFH VHUYHV PDLQO\ IRU FKHFNLQJ WKH LQWHUIDFHV RI
\HDUV RI RSHUDWLRQ UHIHU WR 6HFWLRQ 7KLV UHF WKH XQLW LH WKH FRXSOLQJ ZLWK WKH SODQW 7KH IROORZ
RPPHQGDWLRQ LV YDOLG LQGHSHQGHQW RQ ZKHWKHU WKH LQJ SURFHGXUH LV UHFRPPHQGHG
EDWWHU\ KDV EHHQ GLVFKDUJHG E\ RFFDVLRQDO VXSSO\
YROWDJH IDLOXUHV RU QRW 5HDGRXW RI RSHUDWLRQDO YDOXHV DGGUHVV EORFNV
WR DQG FRPSDULVRQ ZLWK WKH DFWXDO YDOXHV
$V WKH SURWHFWLRQ LV DOPRVW FRPSOHWHO\ VHOIPRQL IRU FKHFNLQJ WKH DQDORJ LQWHUIDFHV
WRUHG IURP WKH PHDVXULQJ LQSXWV WR WKH FRPPDQG
RXWSXW UHOD\V KDUGZDUH DQG VRIWZDUH IDXOWV DUH DX 6LPXODWLRQ RI DQ LQWHUQDO VKRUW FLUFXLW ZLWK [ ,1
WRPDWLFDOO\ DQQXQFLDWHG 7KLV HQVXUHV WKH KLJK DYDLO IRU FKHFNLQJ WKH DQDORJ LQSXW DW KLJK FXUUHQWV
DELOLW\ RI WKH UHOD\ DQG DOORZV D PRUH FRUUHFWLYH UDWK
HU WKDQ SUHYHQWLYH PDLQWHQDQFH VWUDWHJ\ 7HVWV DW
VKRUW LQWHUYDOV EHFRPH WKHUHIRUH VXSHUIOXRXV :DUQLQJ
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW RQ
:LWK GHWHFWHG KDUGZDUH IDXOWV WKH UHOD\ EORFNV LWVHOI
DOO FLUFXLWV DQG FRPSRQHQWV FRQQHFWHG
GURSRII RI WKH DYDLODELOLW\ UHOD\ VLJQDOV lHTXLSPHQW
ZLWK WKH VXSSO\ YROWDJH RU ZLWK WKH PHDV
IDXOWl ,I WKHUH LV D IDXOW GHWHFWHG LQ WKH H[WHUQDO PHD
XULQJ DQG WHVW TXDQWLWLHV
VXULQJ FLUFXLWV JHQHUDOO\ DQ DODUP LV JLYHQ RQO\
5HFRJQL]HG VRIWZDUH IDXOWV FDXVH WKH SURFHVVRU WR &DXWLRQ

UHVHW DQG UHVWDUW ,I VXFK D IDXOW LV QRW HOLPLQDWHG E\

UHVWDUWLQJ IXUWKHU UHVWDUWV DUH LQLWLDWHG ,I WKH IDXOW LV 7HVW FXUUHQWV ODUJHU WKDQ WLPHV ,1 PD\
VWLOO SUHVHQW DIWHU WKUHH UHVWDUW DWWHPSWV WKH SURWHFWLYH RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG
V\VWHP ZLOO VZLWFK LWVHOI RXW RI VHUYLFH DQG LQGLFDWH FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU
WKLV FRQGLWLRQ E\ WKH UHG /(' l%ORFNHGl RQ WKH IURQW RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ
SODWH 'URSRII RI WKH DYDLODELOLW\ UHOD\ VLJQDOV GRZQ SHULRG
lHTXLSPHQW IDXOWl
&LUFXLW EUHDNHU WULS FLUFXLWV DUH WHVWHG E\ DFWXDO
7KH UHDFWLRQ WR GHIHFWV DQG LQGLFDWLRQV JLYHQ E\ WKH OLYH WULSSLQJ 5HVSHFWLYH QRWHV DUH JLYHQ LQ 6HF
UHOD\ FDQ EH LQGLYLGXDOO\ DQG LQ FKURQRORJLFDO VH WLRQ
TXHQFH UHDG RII DV RSHUDWLRQDO DQQXQFLDWLRQV XQGHU
WKH DGGUHVV IRU GHIHFW GLDJQRVLV UHIHU WR 6HF
WLRQ
,I WKH UHOD\ LV FRQQHFWHG WR D ORFDO VXEVWDWLRQ DXWR

PDWLRQ V\VWHP /6$ GHIHFW LQGLFDWLRQV ZLOO DOVR EH
WUDQVIHUUHG YLD WKH VHULDO LQWHUIDFH WR WKH FHQWUDO FRQ
WURO V\VWHP
:DUQLQJ
(QVXUH WKDW WKH FRQQHFWLRQ PRGXOHV DUH QRW
GDPDJHG ZKHQ UHPRYLQJ RU LQVHUWLQJ WKH
GHYLFH PRGXOHV +D]DUGRXV YROWDJHV PD\
RFFXU ZKHQ WKH KHDY\ FXUUHQW SOXJV DUH
GDPDJHG
&*&
5HSODFLQJ WKH EDFNXS EDWWHU\
7KH GHYLFH DQQXQFLDWLRQV DUH VWRUHG LQ 19 5$0V 6KRUWHQ WKH OHJV WR PP LQFK HDFK DQG
$ EDFN XS EDWWHU\ LV LQVHUWHG VR WKDW WKH\ DUH UH EHQG RYHU DW D OHQJWK RI PP LQFK
WDLQHG HYHQ ZLWK D ORQJHU IDLOXUH RI WKH GF VXSSO\
YROWDJH 7KH EDFN XS EDWWHU\ LV DOVR UHTXLUHG IRU WKH
LQWHUQDO V\VWHP FORFN ZLWK FDOHQGHU WR FRQWLQXH LQ WKH
HYHQW RI D SRZHU VXSSO\ IDLOXUH
7KH EDFN XS EDWWHU\ VKRXOG EH UHSODFHG DW WKH ODW

HVW DIWHU \HDUV RI RSHUDWLRQ 7KH ZD\ RI GLVSODFH
PHQW GHSHQGV RQ WKH DSSOLHG EDWWHU\ KROGHU
5HFRPPHQGHG EDWWHU\
'LPHQVLRQV
LQ PP
/LWKLXP EDWWHU\ 9 $K W\SH &5 $$ HJ
9$57$ 2UGHU 1R IRU UHOD\V ZLWK
VFUHZHG WHUPLQDO IRU WKH EDWWHU\ )LJXUH %HQGLQJ WKH EDFN XS EDWWHU\ IRU UH
9$57$ 2UGHU 1R IRU UHOD\V VQDS OD\V ZLWK VFUHZHG WHUPLQDO IRU WKH
RQ EDWWHU\ KROGHU EDWWHU\
7KH EDWWHU\ LV ORFDWHG DW WKH UHDU HGJH RI WKH SURFHV
VRU ERDUG RI WKH EDVLF PRGXOH *($ 7KH EDVLF PRG /DWHU YHUVLRQ GR QRW KDYH D[LDO OHJV EXW DUH VQDSSHG
XOH PXVW EH UHPRYHG IURP WKH KRXVLQJ LQ RUGHU WR UH RQ D EDWWHU\ KROGHU
SODFH WKH EDWWHU\
3UHSDUH DUHD RI ZRUN SURYLGH FRQGXFWLYH VXUIDFH SURYLGHG DW WKH WRS DQG ERWWRP )LJXUH
IRU WKH EDVLF PRGXOH
2SHQ KRXVLQJ FRYHU :DUQLQJ

5HDG RXW GHYLFH DQQXQFLDWLRQV LH DOO DGGUHVVHV +D]DUGRXV YROWDJHV FDQ EH SUHVHQW LQ
ZKLFK FRPPHQFH ZLWK RQZDUGV 7KLV LV WKH GHYLFH HYHQ DIWHU GLVFRQQHFWLRQ RI
FDUULHG RXW PRVW FRQYHQLHQW XVLQJ WKH IURQW RSHU WKH VXSSO\ YROWDJH RU DIWHU UHPRYDO RI WKH
DWLQJ LQWHUIDFH DQG D SHUVRQDO FRPSXWHU ZLWK WKH PRGXOHV IURP WKH KRXVLQJ VWRUDJH FD
',*6,X SURWHFWLRQ GDWD SURFHVVLQJ SURJUDP WKH SDFLWRUV
LQIRUPDWLRQ LV WKXV VWRUHG LQ WKH 3&
&DXWLRQ
1RWH $OO FRQILJXUDWLRQ GDWD DQG VHWWLQJV RI WKH GH
YLFH DUH VWRUHG LQ ((3520V SURWHFWHG DJDLQVW (OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSR
VZLWFKLQJ RII RI WKH SRZHU VXSSO\ 7KH\ DUH VWRUHG QHQW FRQQHFWLRQV WKH 3&% WUDFNV RU WKH
LQGHSHQGHQW RI WKH EDFN XS EDWWHU\ 7KH\ DUH FRQQHFWLQJ SLQV RI WKH PRGXOHV PXVW EH
WKHUHIRUH QHLWKHU ORVW ZKHQ WKH EDWWHU\ LV UH DYRLGHG XQGHU DOO FLUFXPVWDQFHV E\ SUH
SODFHG QRU ZKHQ WKH GHYLFH LV RSHUDWHG ZLWKRXW D YLRXVO\ WRXFKLQJ DQ HDUWKHG PHWDO VXU
EDWWHU\ IDFH
3XOO RXW EDVLF PRGXOH DQG SODFH RQWR WKH FRQGXF
2QO\ IRU UHOD\V ZLWK VFUHZHG WHUPLQDO IRU WKH WLYH VXUIDFH
EDWWHU\ 3UHSDUH WKH EDWWHU\ DV LQ )LJXUH
8QVFUHZ XVHG EDWWHU\ IURP WKH WHUPLQDOV RU UH
&DXWLRQ PRYH LW IURP WKH KROGHU GR QRW SODFH RQ WKH FRQ
GXFWLYH VXUIDFH
'R QRW VKRUW FLUFXLW EDWWHU\ 'R QRW UH
YHUVH EDWWHU\ SRODULWLHV 'R QRW FKDUJH
,QVHUW WKH SUHSDUHG EDWWHU\ LQWR WKH WHUPLQDOV DV LQ
EDWWHU\
)LJXUH DQG WLJKWHQ WKH VFUHZV RU VQDS LW RQWR
WKH KROGHU DV LQ )LJXUH
&*&
9LHZ XSRQ
WKH SFE
5HDU YLHZ RQ WKH
UHPRYHG EDVLF PRGXOH
)LJXUH ,QVWDOODWLRQ RI WKH EDFN XS EDWWHU\ IRU UHOD\V ZLWK VFUHZHG EDWWHU\ WHUPLQDOV
,QVHUW EDVLF PRGXOH LQWR WKH KRXVLQJ HQVXUH WKDW 'R QRW UHYHUVH SRODULWLHV 'R QRW UH
WKH UHOHDVLQJ OHYHU LV SXVKHG IXOO\ WR WKH OHIW EHIRUH FKDUJH 'R QRW WKURZ LQWR ILUH 'DQJHU
WKH PRGXOH LV SUHVVHG LQ RI H[SORVLRQ
)LUPO\ SXVK LQ WKH PRGXOH XVLQJ WKH UHOHDVLQJ OH 3URYLGHG WKH LQWHUQDO V\VWHP FORFN LV QRW DXWRPDW
YHU )LJXUH LFDOO\ V\QFKURQL]HG YLD WKH /6$ LQWHUIDFH LW FDQ
QRZ EH VHW RU V\QFKURQL]HG DV GHVFULEHG LQ 6HF
WLRQ
:DUQLQJ
&ORVH KRXVLQJ FRYHU
7KH GLVFKDUJHG EDWWHU\ FRQWDLQV /LWKLXP
,W PXVW RQO\ EH GLVSRVHG RII LQ OLQH ZLWK WKH 7KH UHSODFHPHQW RI WKH EDFN XS EDWWHU\ KDV WKXV
DSSOLFDEOH UHJXODWLRQV EHHQ FRPSOHWHG
9LHZ XSRQ
5HDU YLHZ RQ WKH WKH SFE
UHPRYHG EDVLF PRGXOH
)LJXUH ,QVWDOODWLRQ RI WKH EDFN XS EDWWHU\ IRU UHOD\V ZLWK VQDSRQ EDWWHU\ KROGHU
&*&
)DXOW WUDFLQJ
,I WKH SURWHFWLYH GHYLFH LQGLFDWHV D GHIHFW WKH IROORZ 5HSODFLQJ WKH PLQL IXVH
LQJ SURFHGXUH LV VXJJHVWHG
6HOHFW D UHSODFHPHQW IXVH l PP (QVXUH
,I QRQH RI WKH /('V RQ WKH IURQW SODWH RI WKH PRGXOH LV
WKDW WKH UDWHG YDOXH WLPH ODJ PHGLXP VORZ DQG
RQ WKHQ FKHFN
FRGH OHWWHUV DUH FRUUHFW )LJXUH
+DYH WKH PRGXOHV EHHQ SURSHUO\ SXVKHGLQ DQG
ORFNHG" 3UHSDUH DUHD RI ZRUN SURYLGH FRQGXFWLYH VXUIDFH
IRU WKH EDVLF PRGXOH
,V WKH 212)) VZLWFK RQ WKH IURQW SODWH LQ WKH 21
SRVLWLRQ v " 2SHQ KRXVLQJ FRYHU
,V WKH DX[LOLDU\ YROWDJH DYDLODEOH ZLWK WKH FRUUHFW

SRODULW\ DQG RI DGHTXDWH PDJQLWXGH FRQQHFWHG
:DUQLQJ
WR WKH FRUUHFW WHUPLQDOV *HQHUDO GLDJUDPV LQ $S +D]DUGRXV YROWDJHV FDQ EH SUHVHQW LQ
SHQGL[ $" WKH GHYLFH HYHQ DIWHU GLVFRQQHFWLRQ RI
WKH VXSSO\ YROWDJH RU DIWHU UHPRYDO RI WKH
+DV WKH PLQLIXVH LQ WKH SRZHU VXSSO\ VHFWLRQ PRGXOHV IURP WKH KRXVLQJ VWRUDJH FD
EORZQ VHH )LJXUH " ,I DSSURSULDWH UHSODFH WKH SDFLWRUV
IXVH DFFRUGLQJ WR 6HFWLRQ
,I WKH UHG IDXOW LQGLFDWRU l%ORFNHGl RQ WKH IURQW LV RQ
SURYLGHG DW WKH WRS DQG ERWWRP )LJXUH
DQG WKH JUHHQ UHDG\ /(' UHPDLQV GDUN WKH GHYLFH
KDV UHFRJQL]HG DQ LQWHUQDO IDXOW 5HLQLWLDOL]DWLRQ RI
WKH SURWHFWLRQ V\VWHP FRXOG EH WULHG E\ VZLWFKLQJ WKH &DXWLRQ
GF DX[LOLDU\ YROWDJH RII DQG RQ DJDLQ 7KLV KRZHYHU
UHVXOWV LQ ORVV RI IDXOW GDWD DQG PHVVDJHV LI WKH UHOD\ (OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSR
LV QRW HTXLSSHG ZLWK D EXIIHU EDWWHU\ DQG LI D SDUD QHQW FRQQHFWLRQV WKH 3&% WUDFNV RU WKH
PHWHUL]LQJ SURFHVV KDV QRW \HW EHHQ FRPSOHWHG WKH FRQQHFWLQJ SLQV RI WKH PRGXOHV PXVW EH
DYRLGHG XQGHU DOO FLUFXPVWDQFHV E\ SUH
ODVW SDUDPHWHUV DUH QRW VWRUHG
YLRXVO\ WRXFKLQJ DQ HDUWKHG PHWDO VXU
IDFH
0LQLIXVH RI WKH SRZHU VXSSO\

PHGLXP VORZ 0
5HDU YLHZ RQ WKH UH
PRYHG EDVLF PRGXOH UDWHG
DW 8+19 YDOXH
$(
$(
$*
)LJXUH 0LQLIXVH RI WKH SRZHU VXSSO\
&*&
3XOO RXW EDVLF PRGXOH DQG SODFH RQWR WKH FRQGXF )LUPO\ SXVK LQ WKH PRGXOH XVLQJ WKH UHOHDVLQJ OH
WLYH VXUIDFH YHU )LJXUH
5HPRYH EORZQ IXVH IURP WKH KROGHU )LJXUH &ORVH KRXVLQJ FRYHU
)LW QHZ IXVH LQWR WKH KROGHU )LJXUH 6ZLWFK RQ WKH GHYLFH DJDLQ ,I D SRZHU VXSSO\ IDLOXUH
LV VWLOO VLJQDOOHG D IDXOW RU VKRUW FLUFXLW LV SUHVHQW LQ
,QVHUW EDVLF PRGXOH LQWR WKH KRXVLQJ HQVXUH WKDW WKH LQWHUQDO SRZHU VXSSO\ 7KH GHYLFH VKRXOG EH UH
WKH UHOHDVLQJ OHYHU LV SXVKHG IXOO\ WR WKH OHIW EHIRUH WXUQHG WR WKH IDFWRU\ VHH &KDSWHU
WKH PRGXOH LV SUHVVHG LQ )LJXUH
5HPRYLQJ WKH EDVLF PRGXOH

SURYLGHG DW WKH WRS DQG ERWWRP
3XOO RXW EDVLF PRGXOH DQG SODFH RQWR FRQGXFWLYH
VXUIDFH
,QVHUWLQJ WKH EDVLF PRGXOH

3XVK UHOHDVLQJ OHYHU IXOO\ WR WKH OHIW
,QVHUW PRGXOH
)LUPO\ SXVK LQ WKH PRGXOH XVLQJ WKH
UHOHDVLQJ OHYHU
9LHZ IURP DERYH RQWR D VL]H

PRGXOH ZLWK UHOHDVLQJ OHYHU
)LJXUH $LG IRU UHPRYLQJ DQG LQVHUWLQJ EDVLF PRGXOH
&*&
80 9 5HSDLUV 6WRUDJH
5HSDLUV 6WRUDJH
5HSDLU RI GHIHFWLYH PRGXOHV LV QRW UHFRPPHQGHG DW 6ROLG VWDWH SURWHFWLYH UHOD\V VKDOO EH VWRUHG LQ GU\
DOO EHFDXVH VSHFLDOO\ VHOHFWHG HOHFWURQLF FRPSR DQG FOHDQ URRPV 7KH WHPSHUDWXUH UDQJH IRU VWRUDJH
QHQWV DUH XVHG ZKLFK PXVW EH KDQGOHG LQ DFFRU RI WKH UHOD\V RU DVVRFLDWHG VSDUH SDUWV LV E& WR
GDQFH ZLWK WKH SURFHGXUHV UHTXLUHG IRU (OHFWURVWDWL E& UHIHU 6HFWLRQ XQGHU WKH 7HFKQLFDO
FDOO\ (QGDQJHUHG &RPSRQHQWV ((& )XUWKHU GDWD FRUUHVSRQGLQJ WR E) WR E)
PRUH VSHFLDO PDQXIDFWXULQJ WHFKQLTXHV DUH QHFHV
VDU\ IRU DQ\ ZRUN RQ WKH SULQWHG FLUFXLW ERDUGV LQ RU 7KH UHODWLYH KXPLGLW\ PXVW EH ZLWKLQ OLPLWV VXFK WKDW
GHU WR GR QRW GDPDJH WKH EDWKVROGHUHG PXOWLOD\HU QHLWKHU FRQGHQVDWLRQ QRU LFH IRUPV
ERDUGV WKH VHQVLWLYH FRPSRQHQWV DQG WKH SURWHF
WLYH ILQLVK ,W LV UHFRPPHQGHG WR UHGXFH WKH VWRUDJH WHPSHUD
WXUH WR WKH UDQJH E& WR E& E) WR E)
7KHUHIRUH LI D GHIHFW FDQQRW EH FRUUHFWHG E\ RSHUD WKLV SUHYHQWV IURP HDUO\ DJHLQJ RI WKH HOHFWURO\WLF FD
WRU SURFHGXUHV VXFK DV GHVFULEHG LQ &KDSWHU LW LV SDFLWRUV ZKLFK DUH FRQWDLQHG LQ WKH SRZHU VXSSO\
UHFRPPHQGHG WKDW WKH FRPSOHWH UHOD\ VKRXOG EH UH
WXUQHG WR WKH PDQXIDFWXUHU 8VH WKH RULJLQDO WUDQV )RU YHU\ ORQJ VWRUDJH SHULRGV LW LV UHFRPPHQGHG
SRUW SDFNDJLQJ IRU UHWXUQ ,I DOWHUQDWLYH SDFNLQJ LV WKDW WKH UHOD\ VKRXOG EH FRQQHFWHG WR WKH DX[LOLDU\
XVHG WKLV PXVW SURYLGH WKH GHJUHH RI SURWHFWLRQ YROWDJH VRXUFH IRU RQH RU WZR GD\V HYHU\ RWKHU \HDU
DJDLQVW PHFKDQLFDO VKRFN DV ODLG GRZQ LQ ,(& LQ RUGHU WR UHJHQHUDWH WKH HOHFWURO\WLF FDSDFLWRUV
FODVV DQG ,(& FODVV 7KH VDPH LV YDOLG EHIRUH WKH UHOD\ LV ILQDOO\ LQVWDOOHG
,Q H[WUHPH FOLPDWLF FRQGLWLRQV WURSLFV SUHZDUP
,I LW LV XQDYRLGDEOH WR UHSODFH LQGLYLGXDO PRGXOHV LW LV LQJ ZRXOG WKXV EH DFKLHYHG DQG FRQGHQVDWLRQ
LPSHUDWLYH WKDW WKH VWDQGDUGV UHODWHG WR WKH KDQGOLQJ DYRLGHG
RI (OHFWURVWDWLFDOO\ (QGDQJHUHG &RPSRQHQWV DUH
REVHUYHG %HIRUH LQLWLDO HQHUJL]DWLRQ ZLWK VXSSO\ YROWDJH WKH
:DUQLQJ HTXDOL]DWLRQ DQG WR DYRLG KXPLGLW\ LQIOXHQFHV DQG
FRQGHQVDWLRQ
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW LQ WKH
GHYLFH HYHQ DIWHU GLVFRQQHFWLRQ RI WKH VXS
SO\ YROWDJH RU DIWHU UHPRYDO RI WKH PRGXOH
IURP WKH KRXVLQJ VWRUDJH FDSDFLWRUV
&DXWLRQ
(OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSRQHQW
FRQQHFWLRQV WKH 3&% WUDFNV RU WKH FRQQHFW
LQJ SLQV RI WKH PRGXOHV PXVW EH DYRLGHG XQ
GHU DOO FLUFXPVWDQFHV E\ SUHYLRXVO\ WRXFK
LQJ DQ HDUWKHG PHWDO VXUIDFH 7KLV DSSOLHV
HTXDOO\ IRU WKH UHSODFHPHQW RI UHPRYDEOH
FRPSRQHQWV VXFK DV (3520 RU ((3520
FKLSV )RU WUDQVSRUW DQG UHWXUQLQJ RI LQGLYLG
XDO PRGXOHV HOHFWURVWDWLF SURWHFWLYH SDFN
LQJ PDWHULDO PXVW EH XVHG
&RPSRQHQWV DQG PRGXOHV DUH QRW HQGDQJHUHG DV

ORQJ DV WKH\ DUH LQVWDOOHG ZLWKLQ WKH UHOD\
6KRXOG LW EHFRPH QHFHVVDU\ WR H[FKDQJH DQ\ GH

YLFH RU PRGXOH WKH FRPSOHWH SDUDPHWHU DVVLJQPHQW
VKRXOG EH UHSHDWHG 5HVSHFWLYH QRWHV DUH FRQWDLQHG
LQ &KDSWHU DQG
&*&
80 9 $SSHQGL[
$SSHQGL[
$ *HQHUDO GLDJUDPV
% &RQQHFWLRQ GLDJUDPV
$ 7DEOHV
&*&
80 9 $SSHQGL[
$ *HQHUDO GLDJUDPV

< <
$ $
/ /
( (
5 5
' '
1 1
$ $
0 0
0 0
2 2 (
' & & 9
,
1 7
$ ,3 ,3 $
0 5 5 5
0 7 7 ,3 (
2
5 ,3 ,3 3
,3 7 5 5 2
& R R < 7 7 (
G G $ 5 !
6
, Q Q /
(
7 ! ! ,&
$ D D ! , 8 I 9
/ P P 5 , (
( P P 6 6 '
5 R R 6
, 6 8 6
. . $ 8 8 WL
2 $ 8 $ $
' V V / $ ! UH
1 X X ( ! H
$ $ $ 5 !
, !
, 8 I E
( W
0 ' U
0 / H
2 . . ( 0 0 0 0 *
. 0

% % % % $ $ $ $ % % % % % % % % % % % % $ $ $

(
6 (
$ 6
& $
* &
1
, *
7 ,1
1 7
8 1 $
2 8 (
0 2 *
( 0
& +
$ 6
) 8
5 /
8 )
6 $ $ $
HV ( ( ( $
HV = (
X * * *
X K
K H
H *
*
X
X D
D E
E
I LQ
X (
$

$$$$$$ '' % % %% % % $ $ $ $ $ $ $ $

D !
3
D
' 3
(
/
.
7 &
8 7 2 .
3 ( / &
1 6 % 2 I
, ( / .
5 %
( ( Z
U &
% 7 R 2
/
$ 2 Y !
* Z Z %
0 3
1
, ( 3
( 5
I
J J J
W Q Q Q
HV
H UX X
U UX
HL LHN HL
5 NF NF
' F
( OR R
O OR
/ % % %
/ /
H /
/ / / 8 8 8 / ( / ( / ( / (
,
,
,
,

)LJXUH $ *HQHUDO GLDJUDP 80 VKHHW RI
&*&
80 9 $SSHQGL[

' (
(6 *
$7 3
2 8

/
&
5
$ 6 .
,&
W (9 + 1
5 3
5 & $
( /$ 1 3, : 1
2 5 ,3 2
: 9
3,
,7 $
+
5
7 $
& 5 7,$
<$ <$ <$ 2 $7 & $ /,3 7 7,
/ / / 3 75
$
,
& 7
, ,&
/3 (
'
$ &
' ( ( ( ( ;( & 5 2 ;(
1 5 5 5 ;(
$ ' ' ' 6 5 (
5 / /
1 1 1 5 ( 5 / $ '
( 5
(
0 $ $ $ ( : (
' 5 $ 0
5 & '
0 0 0 0 9 2
3 1 (
' 0 ( 1 1
2 0 0 0 ( 8 1 5 + /$ 8
2 2 2 5 (6 8 ( 7
& & & & < 5 + $
% JQ
,3 ,3 ,3 $ (9
7 JQ 1 XJ
6 5 5 5 / 6 UH XQ
,
$ 7 7 7 ( 6 (
5
OQ
QH
OQ
QH VÐ UD 8
K HU
/ 5 H OV Q$
( Q . . : W
5 RG RG RG 6
, K 6
6W JQ JQ X$ G ! JQ
2 QD QD QD $ R L XJ XJ UH LOE L XJ
' P P P / P KF E$ WV
1 P P P ( W
W
HU
UH
HU
UH VL ODI UHU
$ R. R. R. 5 Z UH UH P P HL HU
( 3 Z WQ WQ UH UH WHQ
0 VX VX VX '
3 FK
0 $ $ $ / 8 8 7K K7 6 8
2 (
. 0

. . . 0 0 0 0 0 0 0 0

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' & & & & & & & &

( (
6 6
$ $
& &
* *
,1 ,1
7 7
1 1 $
8 8 (
2 2 =
0 0
(
& +
$ 6
) 8
/
5 )
8
6 HV $
( 9
H X = 6
V
X K
K H
H *

*
X
X D
D E
IE LQ
X (
$

' ' ' ' ' ' ' ' && && % %

7
8
3
1
, 1 7 <
/
3
,,2
3
, & 3
5 7$5 $7 3
( 7 7 0 3
% / ,7
/ 1
2 (7 8
$ $ &
$
;( & 6
* ( 0 5
1 1 1)
(9
$* ,8 (
, 5 52 /$ 7/ '
( ( (66 9 ( :
7 7 3,
2
9 0 2
; ; 2 * 3
( ( / 75 1 1
,/
WO W 2
,7 J
KH 2 Q
J J I
ND
WQ 7$, 2 X
Q Q JQ & &
U J
X
O X
O RN ;( U
S S
XQ |X XW R
VU
S S QD OK JQ DU
R R SV FV XQ HS HY
N N UH O P P
LQ LQ JH QHK
QD HWO
( ( UU( F6 SV HWW UR
W
UH L 6 /
J OP
UHU KÚ 8 +
/ ( / ( / ( / ( / ( / . /

&*&
80 9 $SSHQGL[
5[' $ $ 7['

9
05 $ $ 07

69
(LQEDX XQG $XIEDXJHK XVH PLW 9 6FKQLWWVWHOOH

)/86+ $1' 685)$&( 02817,1* &$6( :,7+ 9 '$7$ /,1.
80 '%%%
80 &%%%
80 (%%%
)60$
$ $
)60$
69
(LQEDX *HK XVH PLW /:/ 0RGXO

)/86+ 02817,1* &$6( :,7+ ),%(5 237,& ,17(5)$&(
80 &%&%
80 (%&%
$ $
)60$ $ $ )60$
69
$XIEDX *HK XVH PLW /:/ 0RGXO

685)$&( 02817,1* &$6( :,7+ ),%(5 237,& ,17(5)$&(
80 '%&%
&*&
80 9 $SSHQGL[
% &RQQHFWLRQ GLDJUDP

LSUW
HYO LSUW
DY FWL FWL
HJ HJ LVU VUL LFW HF
DWV SR HW QR
DWV WV FD HW LW SR DUI
WV GQ LSWU WKL UD FD
UK SLU
P
UOD LSWU WDLF HU HWLQ
\F ZU KF F W D GD [H LEIO OD
SUL SUL SUL UH GD GD
WW WW W QH ZR HZ QR
LW
QR
LW ROU
RO UH UHX GQ GQ GQ GQ GQ DQ U LUH
QH QH HJ XT RS DWL ORU GH GQ LOD D D D D D LRW R V
UU UU DWO HUI S [H WDL[ HY HY FQ X IO P P P P P S
XF XF RY UH HV HV UH UHH RU RU ODD SX D P
R P
R P
R P
RF P RF 2 9
UH UH UH UH UH 0 0 QU F F F
Y Y Y GQ YH YH GQ GQ WRD WRD EQ NFL WHQ LSU LSU LSU LSU LSU '[ 7
2 2 2 8 5 5 8 8 W6 W6 8 3 / / , / 7 / / 7 / / 7 // 7 / 7 7 0

JQ
WLQ %

%

%

%

%

%

%

%

%

%

%

%

'

''

''

'

''

&

&&

&

&

&

&

&

$

$

$

%

%%

%

$

$

$

$

'

'

'

'

'

'

'

'

$

$

XR
P
HOF
OLE XQLW
JQ XF $ODUP UHOD\V
IDXOW G
WLQ 7ULS UHOD\V H
J DODUP W
OD
X FH
XR QWL V
LQ D
UI
P QX 9
N WH
Q
HF R 80

L
LFW
DUI P H
F S
XV KV ID
U
R
UH
OH XIO H
W
LQ LE
QD OH $QDORJ LQSXWV %LQDU\ LQSXWV GF

)
QD LQSXWV 9
SU SU
RI RI
QR QR
LV LV
UH UH
/ /
9 9

%

%

%

%

%

%

$

$

$

$

$

$

'

'

$

$

$

$

$

$

$

$

'

'

'

'

'

'

'

'

&

&

&

&

%

%

$

$

/ / / 1/ / '
[ 5
,/ ,/ ,1 O\ 5 0
8 8 8 8 , U
H
ILOL
S
S
S VX
O W W P U
D Q X H
WU H
UU S D Z
X
H
1
X
F
LQ
F[

R
S
N
F
N
F
N
F
S

8
H W
3
&
'
W R
O OR OR S ULW LS
UW
E W ULW
VH E
U
E
U \F O
D O
D
H
U H H Q UR H Q
U UQ
Z Z S P
WH R R
H
X WL WL WH
[
H
W[
R S S T J H
H [F Q OY ( (
/ / / 1 GD P
H
U UG
D
H
YU UI
U
H
H
U
H
OR
WU
D
Y
OR ' Z H
V G G S
88 8 8 ( U H Q Q R R
W H
R
FH / ) 5 8 8 K
V 6 J
D
WO
LV R
/ Y
Q
R
LW
9 / / / LWD
\< 1 F[
, , , , (

/
*
/ V
L
OD
/ GD
UH
H
U
D
P
U
V
R D
O '
,/
D (
/
U V
WH
L[ W G
Q H
O
X D E
( S D
Q
L \ OO
\U OD D
K
H
U VU
D
Q
L LS D
% UW P
)LJXUH % &RQQHFWLRQ H[DPSOH 80
&*&
80 9 $SSHQGL[
& 7DEOHV
7DEOH & $QQXQFLDWLRQV IRU /6$
7DEOH & $QQXQFLDWLRQV IRU 3& /&GLVSOD\ DQG ELQDU\ LQSXWVRXWSXWV
7DEOH & 5HIHUHQFH WDEOH IRU IXQFWLRQDO SDUDPHWHUV DGGUHVV EORFNV WR
7DEOH & 7HVWV DQG FRPPLVVLRQLQJ DLGV DGGUHVV EORFNV WR
7DEOH & $QQXQFLDWLRQV PHDVXUHG YDOXHV HWF DGGUHVV EORFNV WR
7DEOH & 5HIHUHQFH WDEOH IRU FRQILJXUDWLRQ SDUDPHWHUV DGGUHVV EORFNV WR
7DEOH & 2SHUDWLRQDO GHYLFH FRQWURO IDFLOLWLHV DGGUHVV EORFNV WR
127( 7KH IROORZLQJ WDEOHV OLVW DOO GDWD ZKLFK DUH DYDLODEOH LQ WKH PD[LPXP FRPSOHPHQW RI WKH GHYLFH 'HSHQ
GHQW RQ WKH RUGHUHG PRGHO DQG FRQILJXUDWLRQ RQO\ WKRVH GDWD PD\ EH SUHVHQW ZKLFK DUH YDOLG IRU WKH LQGLYLGXDO
YHUVLRQ
127( 7KH DFWXDO WDEOHV DUH DWWDFKHG WR WKH SXUFKDVHG UHOD\
&*&
80 (QJOLVK
Annunciations 7UM511 for LSA (DIN 19244 and according VDEW/ZVEI)

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
FNo. - Function number of annunciation
Op/Ft - Operation/Fault annunciation
C/CG: Coming/Coming and Going annunciation
V : Annunciation with Value
LSA No.- Number of annunciation for former LSA (DIN 19244)
according to VDEW/ZVEI:
CA - Compatible Annunciation
GI - Annunciation for General Interrogation
BT - Binary Trace for fault recordings
Typ - Device type (p: according to the configured device type)
Inf - Information number
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
FNo. Meaning OpFtNo.CAGIBTTypInf
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
11>User defined annunciation 1 CG 90CAGIBT p 27
15>Testing via system-interface 135 53
16>Block. of monitoring dir. via sys.-int 135 54
51Device operative / healthy CG 1 GI 135 81
52Any protection operative CG CAGI p 18
55Re-start of processor system C 193CA p 4
56Initial start of processor system C 3CA p 5
59Real time response to LSA C 192
60LED Reset C 12CA p 19
61Logging and measuring functions blockedCG CAGI p 20
62Test mode CG CAGI p 21
63PC operation via system interface CG 135 83
95Parameters are being set CG 97CAGI p 22
96Parameter set A is active CG 40CAGI p 23
97Parameter set B is active CG 41CAGI p 24
98Parameter set C is active CG 42CAGI p 25
99Parameter set D is active CG 43CAGI p 26
110Annunciations lost (buffer overflow) C 195 135130
112Annunciations for LSA lost C 196 135131
140General internal failure of device CG CAGI p 47
141Failure of internal 24 VDC power supplyCG 88 GI 135161
143Failure of internal 15 VDC power supplyCG 83 GI 135163
144Failure of internal 5 VDC power supply CG 89 GI 135164
145Failure of internal 0 VDC power supply CG 84 GI 135165
154Supervision trip circuit CG 100CAGI p 36
160Common alarm CG CAGI p 46
161Measured value supervision of currents CG CAGI p 32
162Failure: Current summation supervision CG 104 GI 135182
163Failure: Current symmetry supervision CG 107 GI 135183
167Failure: Voltage symmetry supervision CG 108 GI 135186
171Failure: Phase sequence supervision CG 111CAGI p 35
301Fault in the power system CG 2 135231
302Flt. event w. consecutive no. C 135232
501General fault detection of device C 5 BT150151
502General drop-off of device C 6 150152
511General trip of device C 7 BT150161
601Current in phase IL1 [%] = V
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&%&
(QJOLVK 80
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
694Frequency f [Hz] = V
771Secondary voltage UL1E is V
774Secondary earth voltage U0 V
930Current phase IL1 [%] = V 134144
933Secondary voltage UL1E is V 134144
936Secondary earth voltage U0 is V 134144
937Frequency f [Hz] = (only LSA) V 134144
938Positive sequence voltage V 134144
939Positive sequence current V 134144
940Negative sequence current/unbal. load V 134144
941Power factor of the machine V 134144
944Active power Pa [%] = V 134144
945Reactive power Pr [%] = V 134144
1175Trip test for trip relay 1 in progress CG 70 GI 151 90
1503>Block thermal overload protection CG GI 167 3
1506>Reset memory for thermal replica CG GI 167 6
1511Thermal overload prot. is switched off CG 115 GI 167 11
1512Thermal overload protection is blocked CG 135 GI 167 12
1513Thermal overload protection is active CG 125 GI 167 13
1514Failure temperature input CG GI 167 14
1515Thermal overload prot.: Current warningCG 16 GI 167 15
1516Thermal overload prot.: Thermal warningCG 17 GI 167 16
1519Reset memory for thermal replica CG 54 GI 167 19
1521Thermal overload protection trip C 250 BT167 21
1721>Overcurrent protection:block stage I>>CG GI 60 1
1722>Overcurrent protection:block stage I> CG GI 60 2
1725>Overcurrent protection:block stage IE>CG GI 60 5
1801O/C fault detection stage I>> phase L1 CG222 GIBT 60 46
1805O/C protection I>> phase trip C 243 BT 60 70
1811O/C fault detection stage I> phase L1 CG209 GIBT 60 50
1815O/C protection I> phase trip C 242 BT 60 71
1834O/C fault detection IE> earth CG215 GIBT 60 62
1836O/C protection IE> earth trip C 251 BT 60 72
1950>O/C prot. : Block undervoltage seal-inCG GI 60200
1955O/C prot. stage I>> is switched off CG 117 GI 60205
1956O/C prot. stage I>> is blocked CG 137 GI 60206
1957O/C prot. stage I>> is active CG 127 GI 60207
1965O/C prot. stage I> is switched off CG 116 GI 60215
1966O/C prot. stage I> is blocked CG 136 GI 60216
1967O/C prot. stage I> is active CG 126 GI 60217
1970O/C prot. undervoltage seal-in CG221 GIBT 60220
1980O/C prot. stage Ie> is switched off CG 118 GI 60230
1981O/C prot. stage Ie> is blocked CG 138 GI 60231
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&%&
80 (QJOLVK
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
1982O/C prot. stage Ie> is active CG 128 GI 60232
4523>Block external trip 1 CG GI 51123
4526>Trigger external trip 1 CG 65 GI 51126
4531External trip 1 is switched off CG 21 GI 51131
4532External trip 1 is blocked CG 60 GI 51132
4533External trip 1 is active CG 31 GI 51133
4536External trip 1: General fault det. CG200 GIBT 51136
4537External trip 1: General trip C 244 BT 51137
5002Suitable measured quantities present CG 45 GI 71 2
5004>Phase rotation counter-clockwise CG GI 71 4
5005Phase rotation is clockwise C 71 5
5006Phase rotation is counter-clockwise C 71 6
5083>Block reverse power protection CG GI 70 76
5086>Stop valve tripped CG 55 GI 70 77
5091Reverse power prot. is switched off CG 26 GI 70 81
5092Reverse power protection is blocked CG 49 GI 70 82
5093Reverse power protection is active CG 36 GI 70 83
5096Reverse power: Fault detection CG228 GIBT 70 84
5097Reverse power: Trip C 248 BT 70 85
5098Reverse power: Trip with stop valve C 249 BT 70 86
5113>Block forward power supervision CG GI 70101
5116>Block forw. power superv. Pf< stage CG GI 70102
5117>Block forw. power superv. Pf> stage CG GI 70103
5121Forward power supervis. is switched offCG 27 GI 70106
5122Forward power supervision is blocked CG 48 GI 70107
5123Forward power supervision is active CG 37 GI 70108
5126Forward power: Fault detect. Pf< stage CG230 GIBT 70109
5127Forward power: Fault detect. Pf> stage CG232 GIBT 70110
5128Forward power: Trip Pf< stage C 254 BT 70111
5129Forward power: Trip Pf> stage C 255 BT 70112
5143>Block unbalanced load protection CG GI 70126
5146>Reset memory for thermal replica I2 CG GI 70127
5151Unbalanced load prot. is switched off CG 28 GI 70131
5152Unbalanced load protection is blocked CG 50 GI 70132
5153Unbalanced load protection is active CG 38 GI 70133
5156Unbalanced load: Current warning stage CG 13 GI 70134
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&%&
(QJOLVK 80
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
5157Unbalanced load: Thermal warning stage CG 14 GI 70135
5158Reset memory of thermal replica I2 CG 53 GI 70137
5159Unbalanced load: Fault detec. I2>> CG226 GIBT 70138
5160Unbalanced load: Trip of current stage C 238 BT 70139
5161Unbalanced load: Trip of thermal stage C 15 BT 70140
5173>Block stator earth fault protection CG GI 70151
5181Stator earth fault prot. is switch off CG 29 GI 70156
5182Stator earth fault protection is block.CG 57 GI 70157
5183Stator earth fault protection is activeCG 39 GI 70158
5186Stator earth fault: Fault detection U0 CG216 GIBT 70159
5187Stator earth fault: Trip U0 stage C 237 BT 70160
5203>Block frequency protection CG GI 70176
5206>Block frequency prot. f1 stage CG GI 70177
5211Frequency protection is switched off CG 119 GI 70181
5212Frequency protection is blocked CG 139 GI 70182
5213Frequency protection is active CG 129 GI 70183
5214Frequency protection blocked by U< CG GI 70184
5216Frequency protection: Fault stage f1> CG170 GIBT 70185
5217Frequency protection: Fault stage f1< CG171 GIBT 70186
5224Frequency protection: Trip stage f1> C 180 BT 70193
5225Frequency protection: Trip stage f1< C 181 BT 70194
5323>Block underexcitation protection CG GI 71 51
5326>Block underexc. prot. char. 1+2 CG GI 71 52
5327>Block underexc. prot. char. 3 CG GI 71 53
5328>Exc. voltage failure recognized CG GI 71 54
5331Underexc. prot. is switched off CG 120 GI 71 55
5332Underexc. prot. is blocked CG 140 GI 71 56
5333Underexc. prot. is active CG 130 GI 71 57
5334Underexc. prot. blocked by U< CG GI 71 58
5336Exc. voltage failure recognized CG GI 71 59
5337Underexc. prot. fault detection CG207 GIBT 71 60
5341Underexc. prot. trip char. 1+2 C 231 BT 71 61
5342Underexc. prot. trip char. 1+2+Uexc< C 233 BT 71 62
5343Underexc. prot. trip char. 3 C 234 BT 71 63
5396Failure rotor earth fault protection CG 98 GI 71126
6506>Block undervoltage protection U< stageCG GI 74 6
6513>Block overvoltage protection CG GI 74 13
6530Undervoltage protection is switched offCG 121 GI 74 30
6531Undervoltage protection is blocked CG 141 GI 74 31
6532Undervoltage protection is active CG 131 GI 74 32
6533Undervoltage fault detection U< CG219 GIBT 74 33
6539Undervoltage protection, U< trip C 241 BT 74 39
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&%&
80 (QJOLVK
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
6565Overvoltage protection is switched off CG 122 GI 74 65
6566Overvoltage protection is blocked CG 142 GI 74 66
6567Overvoltage protection is active CG 132 GI 74 67
6568Overvoltage fault detection U> CG217 GIBT 74 68
6570Overvoltage protection U> trip C 239 BT 74 70
6571Overvoltage prot. fault detec. U>> CG218 GIBT 74 71
6573Overvoltage protection U>> trip C 240 BT 74 73
6872>Trip circuit superv. trip relay 1 CG GI 153 10
6873>Trip circuit superv. CBaux 1 CG GI 153 11
6879Failure trip circuit 1 CG 101 GI 153 12
6892>Trip circuit superv. trip relay 2 CG GI 153 13
6893>Trip circuit superv. CBaux 2 CG GI 153 14
6899Failure trip circuit 2 CG 102 GI 153 15
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&%&
(QJOLVK 80
Annunciations 7UM511 for PC, LC-display and binary inputs/outputs

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
FNo. - Function number of annunciation
Op/Ft - Operation/Fault annunciation
C/CG: Coming/Coming and Going annunciation
V : Annunciation with Value
Ear - Earth fault annunciation
IO - I: can be marshalled to binary input
O: can be marshalled to binary output (LED, trip/signal relais)
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©©©§©©¤
FNo.Abbreviation Meaning OpFtEarIO
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©
3>Time Synchro>Time synchronization IO
4>Start FltRec>Start fault recording C IO
5>LED reset >Reset LED indicators IO
7>ParamSelec.1>Parameter set selection 1 (with No.8) IO
8>ParamSelec.2>Parameter set selection 2 (with No.7) IO
11>Annunc. 1 >User defined annunciation 1 CG IO
15>Sys-Test >Testing via system-interface IO
16>Sys-MM-block>Block. of monitoring dir. via sys.-int IO
51Dev.operativeDevice operative / healthy CG O
52Prot. operat.Any protection operative CG O
56Initial startInitial start of processor system C
60LED reset LED Reset C O
61LogMeasBlock Logging and measuring functions blockedCG
62Test mode Test mode CG
95Param.runningParameters are being set CG O
96Param. Set A Parameter set A is active CG O
97Param. Set B Parameter set B is active CG O
98Param. Set C Parameter set C is active CG O
99Param. Set D Parameter set D is active CG O
100Wrong SW-versWrong software-version C
101Wrong dev. IDWrong device identification C
110Annunc. lost Annunciations lost (buffer overflow) C
111Annu. PC lostAnnunciations for PC lost C
115Flt.Buff.OverFault annunciation buffer overflow C
120Oper.Ann.InvaOperational annunciations invalid CG
121Flt.Ann.InvalFault annunciations invalid CG
123Stat.Buff.InvStatistic annunciation buffer invalid CG
124LED Buff.InvaLED annunciation buffer invalid CG
129VDEW-StateInvVDEW state invalid CG
135Chs Error Error in check sum CG
136Chs.A Error Error in check sum for parameter set A CG
137Chs.B Error Error in check sum for parameter set B CG
138Chs.C Error Error in check sum for parameter set C CG
139Chs.D Error Error in check sum for parameter set D CG
141Failure 24V Failure of internal 24 VDC power supplyCG O
143Failure 15V Failure of internal 15 VDC power supplyCG O
144Failure 5V Failure of internal 5 VDC power supply CG O
145Failure 0V Failure of internal 0 VDC power supply CG O
154Fail. TripRelSupervision trip circuit CG
159LSA disruptedLSA (system interface) disrupted CG
161I supervisionMeasured value supervision of currents O
162Failure ÉI Failure: Current summation supervision CG O
163Failure IsymmFailure: Current symmetry supervision CG O
167Failure UsymmFailure: Voltage symmetry supervision CG O
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¾
&%&
80 (QJOLVK
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©©©§©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©
171Fail.PhaseSeqFailure: Phase sequence supervision CG O
203Flt.RecDatDelFault recording data deleted C
204Flt.Rec.viaBIFault recording initiated via bin.inputC
205Flt.Rec.viaKBFault recording initiated via keyboard C
206Flt.Rec.viaPCFault recording initiated via PC interfC
244D Time= Diff. time of clock synchronism V
301Syst.Flt Fault in the power system CGC
302Fault Flt. event w. consecutive no. C
501Device FltDetGeneral fault detection of device C
502Dev. Drop-offGeneral drop-off of device C O
511Device Trip General trip of device C
545T-Drop Time from fault detection to drop-off
546T-Trip Time from fault detection to trip
601IL1[%] = Current in phase IL1 [%] = V
641Pa[%]= Active power Pa [%] = V
642Pr[%]= Reactive power Pr [%] = V
651IL1 = Current in phase IL1 = V
671UL1E= Voltage UL1E = V
694f [Hz]= Frequency f [Hz] = V
771UL1E = Secondary voltage UL1E is V
774U0 = Secondary earth voltage U0 V
802Î/ÎtripL1= Temperature rise for phase L1 V
901COS PHI= Power factor cos phi V
902PHI= Power angle V
905Ipos.seq= Positive sequence current V
906Ineg.seq= Negative sequence current/unbal. load V
907Upos.seq= Positive sequence voltage V
908THETA= Pole angle V
909Uexcit.= Excitation voltage V
910ThermRep.= Calculated rotor temp. (unbal. load) V
911AMB.TEMP= Cooling medium temperature V
915Ie= Earth current V
1175Test Trip 1 Trip test for trip relay 1 in progress CG
1503>O/L block >Block thermal overload protection IO
1506>RM th.repl.Î>Reset memory for thermal replica IO
1511O/L Prot. offThermal overload prot. is switched off CG O
1512O/L blocked Thermal overload protection is blocked CG O
1513O/L active Thermal overload protection is active CG O
1514Fail.Temp.inpFailure temperature input CG O
1515O/L Warn I Thermal overload prot.: Current warningCG O
1516O/L Warn Î Thermal overload prot.: Thermal warningCG O
1519RM th.repl.Î Reset memory for thermal replica CG O
1521O/L Trip Thermal overload protection trip C O
1721>I>> block >Overcurrent protection:block stage I>> IO
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¾
&%&
(QJOLVK 80
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©©©§©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©
1722>I> block >Overcurrent protection:block stage I> IO
1725>IE> block >Overcurrent protection:block stage IE> IO
1801I>> Fault L1 O/C fault detection stage I>> phase L1 CG O
1805I>> Trip O/C protection I>> phase trip C O
1811I> Fault L1 O/C fault detection stage I> phase L1 CG O
1815I> Trip O/C protection I> phase trip C O
1834IE> Fault O/C fault detection IE> earth CG O
1836IE> Trip O/C protection IE> earth trip C O
1950>Useal-in blk>O/C prot. : Block undervoltage seal-inCG IO
1955I>> off O/C prot. stage I>> is switched off CG O
1956I>> blocked O/C prot. stage I>> is blocked CG O
1957I>> active O/C prot. stage I>> is active CG O
1965I> off O/C prot. stage I> is switched off CG O
1966I> blocked O/C prot. stage I> is blocked CG O
1967I> active O/C prot. stage I> is active CG O
1970U< seal in O/C prot. undervoltage seal-in CG O
1980Ie> off O/C prot. stage Ie> is switched off CG O
1981Ie> blocked O/C prot. stage Ie> is blocked CG O
1982Ie> active O/C prot. stage Ie> is active CG O
4523>Ext 1 block >Block external trip 1 IO
4526>Ext trip 1 >Trigger external trip 1 CG IO
4531Ext 1 off External trip 1 is switched off CG O
4532Ext 1 blockedExternal trip 1 is blocked CG O
4533Ext 1 active External trip 1 is active CG O
4536Ext 1 Gen.FltExternal trip 1: General fault det. CG O
4537Ext 1 Gen.TrpExternal trip 1: General trip C O
5002Operat. Cond.Suitable measured quantities present CG O
5004>Phase rotat.>Phase rotation counter-clockwise CG IO
5005Clockwise Phase rotation is clockwise C O
5006Counter-clockPhase rotation is counter-clockwise C O
5083>Pr block >Block reverse power protection IO
5086>SV tripped >Stop valve tripped CG IO
5091Pr off Reverse power prot. is switched off CG O
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¾
&%&
80 (QJOLVK
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©©©§©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©
5092Pr blocked Reverse power protection is blocked CG O
5093Pr active Reverse power protection is active CG O
5096Pr Fault det.Reverse power: Fault detection CG O
5097Pr Trip Reverse power: Trip C O
5098Pr+SV Trip Reverse power: Trip with stop valve C O
5113>Pf block >Block forward power supervision IO
5116>Pf< block >Block forw. power superv. Pf< stage CG IO
5117>Pf> block >Block forw. power superv. Pf> stage CG IO
5121Pf off Forward power supervis. is switched offCG O
5122Pf blocked Forward power supervision is blocked CG O
5123Pf active Forward power supervision is active CG O
5126Pf< Flt. det.Forward power: Fault detect. Pf< stage CG O
5127Pf> Flt. det.Forward power: Fault detect. Pf> stage CG O
5128Pf< Trip Forward power: Trip Pf< stage C O
5129Pf> Trip Forward power: Trip Pf> stage C O
5143>I2 block >Block unbalanced load protection IO
5146>RM th.repl. >Reset memory for thermal replica I2 IO
5151I2 off Unbalanced load prot. is switched off CG O
5152I2 blocked Unbalanced load protection is blocked CG O
5153I2 active Unbalanced load protection is active CG O
5156I2> Warn Unbalanced load: Current warning stage CG O
5157I2 th. Warn Unbalanced load: Thermal warning stage CG O
5158RM th. repl. Reset memory of thermal replica I2 CG O
5159I2>> Fault Unbalanced load: Fault detec. I2>> CG O
5160I2>> Trip Unbalanced load: Trip of current stage C O
5161I2 Î Trip Unbalanced load: Trip of thermal stage C O
5173>U0> block >Block stator earth fault protection IO
5181U0> off Stator earth fault prot. is switch off CG O
5182U0> blocked Stator earth fault protection is block.CG O
5183U0> active Stator earth fault protection is activeCG O
5186U0> Fault Stator earth fault: Fault detection U0 CG O
5187U0> Trip Stator earth fault: Trip U0 stage C O
5203>Frq. block >Block frequency protection IO
5206>f1 block >Block frequency prot. f1 stage CG IO
5211FRQ off Frequency protection is switched off CG O
5212FRQ blocked Frequency protection is blocked CG O
5213FRQ active Frequency protection is active CG O
5214FRQ U< block Frequency protection blocked by U< CG O
5216f1> Fault Frequency protection: Fault stage f1> CG O
5217f1< Fault Frequency protection: Fault stage f1< CG O
5224f1> Trip Frequency protection: Trip stage f1> C O
5225f1< Trip Frequency protection: Trip stage f1< C O
5323>Exc. block >Block underexcitation protection IO
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¾
&%&
(QJOLVK 80
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©©©§©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©
5326>Char.1/2 blk>Block underexc. prot. char. 1+2 CG IO
5327>Char. 3 blk >Block underexc. prot. char. 3 CG IO
5328>Uexc fail. >Exc. voltage failure recognized CG IO
5331Excit. off Underexc. prot. is switched off CG O
5332Excit.blockedUnderexc. prot. is blocked CG O
5333Excit.active Underexc. prot. is active CG O
5334Exc. U< blk Underexc. prot. blocked by U< CG O
5336Uexc failure Exc. voltage failure recognized CG O
5337Exc< Fault Underexc. prot. fault detection CG O
5341Exc< Trip Underexc. prot. trip char. 1+2 C O
5342Exc<U<Trip Underexc. prot. trip char. 1+2+Uexc< C O
5343Exc<< Trip Underexc. prot. trip char. 3 C O
5396Failure R/E/FFailure rotor earth fault protection CG O
6506>U< block >Block undervoltage protection U< stage IO
6513>o/v block >Block overvoltage protection IO
6530U< off Undervoltage protection is switched offCG O
6531U< blocked Undervoltage protection is blocked CG O
6532U< active Undervoltage protection is active CG O
6533U< Fault Undervoltage fault detection U< CG O
6539U< Trip Undervoltage protection, U< trip C O
6565o/v off Overvoltage protection is switched off CG O
6566o/v blk Overvoltage protection is blocked CG O
6567o/v active Overvoltage protection is active CG O
6568U> Fault Overvoltage fault detection U> CG O
6570U> Trip Overvoltage protection U> trip C O
6571U>> Fault Overvoltage prot. fault detec. U>> CG O
6573U>> Trip Overvoltage protection U>> trip C O
6872>Trip rel 1 >Trip circuit superv. trip relay 1 CG IO
6873>CBaux 1 >Trip circuit superv. CBaux 1 CG IO
6879Failure Trip1Failure trip circuit 1 CG O
6892>Trip rel 2 >Trip circuit superv. trip relay 2 CG IO
6893>CBaux 2 >Trip circuit superv. CBaux 2 CG IO
6899Failure Trip2Failure trip circuit 2 CG O
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¾
&%&
80 (QJOLVK
Reference Table for Functional Parameters 7UM511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
1000 PARAMETERS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1100 MACHINE & POWERSYSTEM DATA
1103 POWER Rated apparent power of the machine
min. 0.1 MVA
max. 2000.0 ©©©©
1104 COS PHI Rated power factor of the machine
min. 0.000
max. 1.000 ©©©©
1105 In Rated current of the machine
min. 0.050 kA
max. 50.000 ©©©©
1106 Un Rated voltage of the machine (phase-phase)
min. 0.30 kV
max. 100.00 ©©©©
1107 ADMIT.1/xd Reciprocal value of synchronous reactance
min. 0.20
max. 3.00 ©©©©
1108 STAR-POINT Earthing condition of the machine star-point
HIGH-RESISTANCE [ ] Starpt. high resist.
LOW-RESISTANCE [ ] Starpt. low resist.
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1200 INSTRUMENT TRANSFORMER DATA
1201 IN CT PRIM Primary rated CT current
min. 0.050 kA
max. 50.000 ©©©©
1202 UN VT PRIM Primary rated VT voltage

min. 0.30 kV
max. 50.00 ©©©©
1204 Un SECOND. Secondary rated voltage

min. 100 V
max. 125 ©©©©
1205 CT STARPNT Polarity of current transformers

TOWARDS MACHINE [ ] Starpt. toward mach.
TOWRDS STARPOINT [ ] Starpt. toward stapt
1206 CT ANG. W0 Correction angle CT W0 (base angle)

min. -2.50 Ý
max. 7.50 ©©©©
1207 CT ANG. W1 Correction angle CT W1 (slope)

min. -2.50 Ý
max. 0.00 ©©©©
&%&
(QJOLVK 80
1400 UNDEREXCIT PROTECTION

1401 UNDEREXCI. State of the underexcitation protection
OFF [ ] off
ON [ ] on
BLOCK TRIP REL [ ] Block trip relay
1402 EXCI.VOLT. State of the excitation voltage supervision
OFF [ ] off
ON [ ] on
1403 Uexcit. Setting of excitation voltage supervision
min. 0.50 V
max. 8.00 ©©©©
1404 T-Ch. 1/2 Long time delay (characteristic 1 or 2)
min. 0.00 s
max. 32.00/Ñ ©©©©
1405 T-SHRT Ue< Short time delay (characteristic 1 or 2)
min. 0.00 s
max. 32.00/Ñ ©©©©
1406 T-Ch. 3 Time delay (characteristic 3)
min. 0.00 s
max. 32.00/Ñ ©©©©
1407 T-RESET Reset delay after trip
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1500 UNDEREXCIT CHARACTERISTICS

1501 LAMBDA 1 Conductance intersect of char. 1
min. 0.25
max. 3.00 ©©©©
1502 ALPHA 1 Inclination angle of char. 1
min. 50 Ý
max. 120 ©©©©
min. 0.25
max. 3.00 ©©©©
min. 50 Ý
max. 120 ©©©©
min. 0.25
max. 3.00 ©©©©
min. 50 Ý
max. 120 ©©©©
&%&
80 (QJOLVK
1600 UNDER VOLTAGE

1601 UNDERVOLT. State of the undervoltage protection
OFF [ ] off
ON [ ] on
1602 U< Pick-up value of the U<-protection
min. 20 V
max. 100 ©©©©
1603 T-U< Time delay for trip U<
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1700 OVER VOLTAGE

1701 OVERVOLT. State of the overvoltage protection
OFF [ ] off
ON [ ] on
1702 U> Pick-up value of the U> stage
min. 30 V
max. 180 ©©©©
1703 U>> Pick-up value of the U>> stage
min. 30 V
max. 180 ©©©©
1704 T-U> Time delay for trip U>
min. 0.00 s
max. 32.00/Ñ ©©©©
1705 T-U>> Time delay for trip U>>
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1900 EARTH FAULT U0>

1901 SEF PROT. State of the stator earth fault protection
OFF [ ] off
ON [ ] on
1902 U0> Pick-up value of displacement voltage U0>

min. 5.0 V
max. 100.0 ©©©©
&%&
(QJOLVK 80
1903 T-U0> Time delay for trip

min. 0.00 s
max. 32.00/Ñ ©©©©

min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2100 OVER/UNDER FREQUENCY
2101 f> / f< State of the frequency protection

OFF [ ] off
ON [ ] on
2102 f STAGE 1 Pick-up value for stage f1

min. 40.00 Hz
max. 65.00 ©©©©
2103 MEA.REP.f1 Number of meas. repetitions stage f1

min. 2
max. 10000 ©©©©

min. 40.00 Hz
max. 65.00 ©©©©
min. 2
max. 10000 ©©©©
min. 40.00 Hz
max. 65.00 ©©©©
min. 2
max. 10000 ©©©©

min. 40.00 Hz
max. 65.00 ©©©©

min. 2
max. 10000 ©©©©
2110 BLOCK. U< Minimum operating voltage for frequency prot.

min. 40 V
max. 100 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2200 FORW.POWER SUPERVISION
2201 FORW.POWER State of the forward power supervision

OFF [ ] off
ON [ ] on
&%&
80 (QJOLVK
2202 Pf< Supervision of decrease in forw. active power

min. 0.5 %
max. 120.0 ©©©©
2203 Pf> Supervision of increase in forw. active power

min. 1.0 %
max. 120.0 ©©©©
2204 T-Pf< Time delay for trip Pf<

min. 0.00 s
max. 32.00/Ñ ©©©©
2205 T-Pf> Time delay for trip Pf>
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
2207 MEA.METHOD Method of operation
ACCURATE [ ] Method: Accurate
FAST [ ] Method: Fast
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2300 REVERSE POWER
2301 REV. POWER State of the reverse power protection
OFF [ ] off
ON [ ] on
2302 P> REVERSE Pick-up value of reverse power

min. -30.00 %
max. -0.50 ©©©©
2303 T-SV-OPEN Time delay for trip with stop valve open
min. 0.00 s
max. 32.00/Ñ ©©©©
2304 T-SV-CLOS. Time delay for trip with stop valve closed
min. 0.00 s
max. 32.00/Ñ ©©©©

min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2400 UNBALANCED LOAD
2401 UNBAL.LOAD State of the unbalanced load protection

OFF [ ] off
ON [ ] on
2402 I2> Continously permissible neg. sequence current

min. 3 %
max. 30 ©©©©
&%&
(QJOLVK 80
2403 T-I2> Time delay for warning stage

min. 0.00 s
max. 32.00/Ñ ©©©©
2404 TIME CONST Thermal time constant

min. 100 s
max. 2500 ©©©©
2405 THERM.WARN Thermal warning stage in % of trip temperature

min. 70 %
max. 99 ©©©©
2406 I2>> Pick-up value for high current stage
min. 10 %
max. 80 ©©©©
2407 T-I2>> Trip time delay for high current stage
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2500 OVERCURR. I>
2501 O/C I> State of overcurrent I> stage
OFF [ ] off
ON [ ] on
2502 I> Pick-up value I> stage

min. 0.10 I/In
max. 8.00 ©©©©
2503 T-I> Time delay for trip I>
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
2505 U< SEAL-IN State of undervoltage seal-in

OFF [ ] off
ON [ ] on
2506 U< Pick-up value of undervoltage seal-in
min. 20.0 V
max. 100.0 ©©©©
2507 T-SEAL-IN Duration of undervoltage seal-in

min. 0.10 s
max. 32.00 ©©©©
&%&
80 (QJOLVK
2600 OVERCURR. I>>

2601 O/C I>> State of O/C I>> stage
OFF [ ] off
ON [ ] on
2602 I>> Pick-up value I>>
min. 0.10 I/In
max. 8.00 ©©©©
2603 T-I>> Time delay for trip I>>
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2700 OVERCURR. Ie>>

2701 O/C Ie> State of O/C Ie> stage
OFF [ ] off
ON [ ] on
2702 Ie> Pick-up value of earth current
min. 10 mA
max. 1000 ©©©©
2703 T-Ie> Time delay for trip Ie>
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
2705 Ie< Setting Ie< supervision
min. 2.0 mA
max. 50.0 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2800 THERMAL OVERLOAD PROT.
2801 OVERLOAD State of the stator overload protection
OFF [ ] off
ON [ ] on
2802 K-FACTOR K-factor for thermal overload protection

min. 0.50
max. 2.50 ©©©©
2803 T-CONSTANT Time constant for thermal overload protection

min. 30 s
max. 32000 ©©©©
&%&
(QJOLVK 80
2804 Î WARN Thermal warning stage

min. 70 %
max. 100 ©©©©
2805 TMP.RISE I Temperature rise at rated secondary current

min. 40 ÝC
max. 200 ©©©©
2806 TEMP. INP. Temperature input (PT100/4..20mA)

NON-EXIST [ ] Non-existent
PT 100 [ ] PT100
4-20 mA [ ] 4..20 mA
2807 TEMP. MAX Maximum temperature (PT100/4..20mA)

min. 40 ÝC
max. 150 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2900 MEAS.VALUE SUPERVISION
2901 M.V.SUPERV State of measured values supervision

OFF [ ] off
ON [ ] on
2903 SYM.Ithres Symmetry threshold for current monitoring
min. 0.10 I/In
max. 1.00 ©©©©
2904 SYM.Fact.I Symmetry factor for current monitoring

min. 0.10
max. 0.95 ©©©©
2905 SUM.Ithres Summation threshold for current monitoring

min. 0.10 I/In
max. 2.00 ©©©©
2906 SUM.Fact.I Factor for current summation monitoring
min. 0.00
max. 0.95 ©©©©
2907 SYM.Uthres Symmetry threshold for voltage monitoring
min. 10 V
max. 100 ©©©©
2908 SYM.Fact.U Symmetry factor for voltage monitoring

min. 0.58
max. 0.95 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
3000 EXTERNAL TRIP FUNCTION 1
3001 EXT.TRIP 1 State of external trip function 1

OFF [ ] off
ON [ ] on
3002 T-DELAY Time delay of external trip function 1

min. 0.00 s
max. 32.00/Ñ ©©©©
&%&
80 (QJOLVK

min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©

OFF [ ] off
ON [ ] on

min. 0.00 s
max. 32.00/Ñ ©©©©

min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
OFF [ ] off
ON [ ] on
min. 0.00 s
max. 32.00/Ñ ©©©©

min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
OFF [ ] off
ON [ ] on
min. 0.00 s
max. 32.00/Ñ ©©©©
min. 0.00 s
max. 32.00 ©©©©
&%&
(QJOLVK 80
3900 TRIP CIR'T SUPERVISION

3901 TRP SUPERV State of the trip circuit supervision
OFF [ ] off
ON [ ] on
3902 No.CIRCT. Number of supervised circuits
min. 1
max. 2 ©©©©
3903 MEA.REPET. Number of meas. repetitions
min. 2
max. 6 ©©©©
&%&
80 (QJOLVK
Tests and Commissioning Aids 7UM511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
4000 TESTS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4400 CB TEST LIVE TRIP
4401 TRIP RELAY1 Trip of relay #1
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4900 TEST FAULT RECORDING
4901 FAULT REC. Initiation of fault recording
&%&
(QJOLVK 80
Annunciations, Measured Values etc. 7UM511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
5000 ANNUNCIATIONS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5100 OPERATIONAL ANNUNCIATIONS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5200 LAST FAULT
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5300 2nd TO LAST FAULT
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5400 3rd TO LAST FAULT

©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5700 OPERATIONAL MEAS. VALUES A
5701 IL1 = Current in phase IL1 =
5704 UL1E= Voltage UL1E =
5707 IL1[%] = Current in phase IL1 [%] =
5710 Ie= Earth current
5711 UL1E = Secondary voltage UL1E is
5714 U0 = Secondary earth voltage U0
5715 Ipos.seq= Positive sequence current
5716 Upos.seq= Positive sequence voltage
5717 f [Hz]= Frequency f [Hz] =
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5800 OPERATIONAL MEAS. VALUES B

5801 Pa[%]= Active power Pa [%] =
5802 Pr[%]= Reactive power Pr [%] =
5803 COS PHI= Power factor cos phi
5804 PHI= Power angle
5805 THETA= Pole angle
5806 Uexcit.= Excitation voltage
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5900 OPERATIONAL MEAS. VALUES C
5901 Î/ÎtripL1= Temperature rise for phase L1
5904 AMB.TEMP= Cooling medium temperature
5905 Ineg.seq= Negative sequence current/unbal. load
5906 ThermRep.= Calculated rotor temp. (unbal. load)
&%&
80 (QJOLVK
Reference Table for Configuration Parameters 7UM511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
6000 MARSHALLING
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6100 MARSHALLING BINARY INPUTS
6101 BINARY INPUT 1 Binary input 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&%&
(QJOLVK 80

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6200 MARSHALLING SIGNAL RELAYS
6201 SIGNAL RELAY 1 Signal relay 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&%&
80 (QJOLVK

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&%&
(QJOLVK 80

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6300 MARSHALLING LED INDICATORS
6301 LED 1 LED 1

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6302 LED 2 LED 2
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6303 LED 3 LED 3
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

6304 LED 4 LED 4
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

6305 LED 5 LED 5
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6306 LED 6 LED 6
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&%&
80 (QJOLVK
6307 LED 7 LED 7

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6308 LED 8 LED 8

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6309 LED 9 LED 9
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6310 LED 10 LED 10
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

6311 LED 11 LED 11
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
6312 LED 12 LED 12
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

6313 LED 13 LED 13
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&%&
(QJOLVK 80
6314 LED 14 LED 14

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6400 MARSHALLING TRIP RELAYS
6401 TRIP RELAY 1 Trip relay 1

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7000 OP. SYSTEM CONFIGURATION

©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7100 INTEGRATED OPERATION

7101 LANGUAGE Language
DEUTSCH [ ] German
ENGLISH [ ] English
&%&
80 (QJOLVK
7102 DATE FORMAT Date format

DD.MM.YYYY [ ] dd.mm.yyyy
MM/DD/YYYY [ ] mm/dd/yyyy
7105 OPER. 1st L Operational message for 1st display line

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7106 OPER. 2nd L Operational message for 2nd display line

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7107 FAULT 1st L Fault message for 1st display line

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7108 FAULT 2nd L Fault message for 2nd display line
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7151 CW-LEVEL 1 Codeword for level 1
min. 1
max. 999999 ©©©©
min. 1
max. 999999 ©©©©
min. 1
max. 999999 ©©©©
min. 1
max. 999999 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7200 PC/SYSTEM INTERFACES
7201 DEVICE ADD. Device address
min. 1
max. 254 ©©©©
7202 FEEDER ADD. Feeder address
min. 1
max. 254 ©©©©
7203 SUBST. ADD. Substation address
min. 1
max. 254 ©©©©
7208 FUNCT. TYPE Function type in accordance with VDEW/ZVEI
min. 1
max. 254 ©©©©
7209 DEVICE TYPE Device type
min. 1
max. 254 ©©©©
&%&
(QJOLVK 80
7211 PC INTERF. Data format for PC-interface

DIGSI V3 [ ] DIGSI V3
ASCII [ ] ASCII
7214 PC GAPS Transmission gaps for PC-interface

min. 0.0 s
max. 5.0 ©©©©
7215 PC BAUDRATE Transmission baud rate for PC-interface

9600 BAUD [ ] 9600 Baud
19200 BAUD [ ] 19200 Baud
1200 BAUD [ ] 1200 Baud
2400 BAUD [ ] 2400 Baud
4800 BAUD [ ] 4800 Baud
7216 PC PARITY Parity and stop-bits for PC-interface
NO 2 STOP [ ] No parity,2 stopbits
NO 1 STOP [ ] No parity,1 stopbit
7221 SYS INTERF. Data format for system-interface
VDEW EXTENDED [ ] VDEW extended
LSA [ ] LSA
7222 SYS MEASUR. Measurement format for system-interface
VDEW EXTENDED [ ] VDEW extended
7224 SYS GAPS Transmission gaps for system-interface
min. 0.0 s
max. 5.0 ©©©©
7225 SYS BAUDR. Transmission baud rate for system-interface
9600 BAUD [ ] 9600 Baud
19200 BAUD [ ] 19200 Baud
1200 BAUD [ ] 1200 Baud
2400 BAUD [ ] 2400 Baud
4800 BAUD [ ] 4800 Baud
7226 SYS PARITY Parity and stop-bits for system-interface
VDEW/DIGSIV3/LSA [ ] VDEW/DIGSI V3/LSA
NO 2 STOP [ ] No parity,2 stopbits
NO 1 STOP [ ] No parity,1 stopbit
7235 SYS PARAMET Parameterizing via system-interface
NO [ ] no
YES [ ] yes
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7400 FAULT RECORDINGS

7402 INITIATION Initiation of data storage
STORAGE BY FD. [ ] Storage by fault det
STORAGE BY TRIP [ ] Storage by trip
START WITH TRIP [ ] Start with trip
7410 T-MAX Maximum time period of a fault recording

min. 0.30 s
max. 5.00 ©©©©
&%&
80 (QJOLVK
7411 T-PRE Pre-trigger time for fault recording

min. 0.05 s
max. 4.00 ©©©©
7412 T-POST Post-fault time for fault recording

min. 0.05 s
max. 1.00 ©©©©
7420 FAULT VALUE Fault values

INSTANT. VALUES [ ] Instantaneous values
R.M.S. VALUES [ ] R.M.S. values
7431 T-BINARY IN Storage time by initiation via binary input
min. 0.10 s
max. 5.00/Ñ ©©©©
7432 T-KEYBOARD Storage time by initiation via keyboard
min. 0.10 s
max. 5.00 ©©©©
7490 SYS LENGTH Length of fault record (former LSA)
660 VALUES FIX [ ] 660 values fix
<=3000 VAL. VAR [ ] <=3000 val. var
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7800 SCOPE OF FUNCTIONS
7801 UNDEREXCIT. Underexcitation protection
EXIST [ ] Existent
7802 UNDERVOLT. Undervoltage protection
EXIST [ ] Existent
7803 OVERVOLT. Overvoltage protection
EXIST [ ] Existent
7804 SEF PROT. Stator earth fault protection
EXIST [ ] Existent
7805 FREQUENCY Frequency protection
EXIST [ ] Existent
7806 FOR. POWER Forward power supervision
EXIST [ ] Existent
7807 REV. POWER Reverse power protection
EXIST [ ] Existent
7808 UNBAL. LOAD Unbalanced load protection
EXIST [ ] Existent
&%&
(QJOLVK 80
7809 O/C I> Overcurrent protection I>

EXIST [ ] Existent
7810 O/C I>> Overcurrent protection I>>

EXIST [ ] Existent
7811 O/C Ie> Overcurrent protection Ie>

EXIST [ ] Existent
7812 OVERLOAD Stator overload protection
EXIST [ ] Existent
7830 EXT. TRIP 1 External trip function 1
EXIST [ ] Existent
EXIST [ ] Existent
EXIST [ ] Existent
EXIST [ ] Existent
7839 TRP SUPERV Trip circuit supervision
EXIST [ ] Existent
7885 PARAM. C/O Parameter change-over
EXIST [ ] Existent
7899 FREQUENCY Rated system frequency
fN 50 Hz [ ] fN 50 Hz
fN 60 Hz [ ] fN 60 Hz
&%&
80 (QJOLVK
Operational Device Control Facilities 7UM511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
7900 DEVICE CONFIGURATION
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8000 DEVICE CONTROL
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8100 SETTING REAL TIME CLOCK
8101 DATE / TIME Actual date and time

8102 DATE Setting new date
8103 TIME Setting new time
8104 DIFF. TIME Setting difference time
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8200 RESET
8201 RESET Reset of LED memories
8202 RESET Reset of operational annunciation buffer
8203 RESET Reset of fault annunciation buffer
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8300 SYS-VDEW ANNUNC.-MEAS.VAL
8301 SYS TEST Testing via system-interface

OFF [ ] off
ON [ ] on
8302 SYS BLOCK Blocking of monitoring direction via sys.-int.
OFF [ ] off
ON [ ] on
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
8500 PARAMETER CHANGE-OVER
8501 ACTIV PARAM Actual active parameter set

8503 ACTIVATING Activation of parameter set
SET A [ ] Set a
SET B [ ] Set b
SET C [ ] Set c
SET D [ ] Set d
SET BY BIN.INPUT [ ] Set via binary input
SET BY LSA CONTR [ ] Set by lsa control
8510 COPY Copy original parameter set to set A
8511 COPY Copy original parameter set to set B

8512 COPY Copy original parameter set to set C
&%&
(QJOLVK 80
8513 COPY Copy original parameter set to set D

8514 COPY Copy parameter set A to set B
8515 COPY Copy parameter set A to set C

8516 COPY Copy parameter set A to set D
8517 COPY Copy parameter set B to set A

8518 COPY Copy parameter set B to set C
8519 COPY Copy parameter set B to set D

8520 COPY Copy parameter set C to set A
8521 COPY Copy parameter set C to set B
8522 COPY Copy parameter set C to set D
8523 COPY Copy parameter set D to set A
8524 COPY Copy parameter set D to set B
8525 COPY Copy parameter set D to set C
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
9800 OPERATING SYSTEM CONTROL
9802 MONITOR Monitor
&%&
80 9 &RUUHFWLRQV6XJJHVWLRQV
7R )URP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6,(0(16 $.7,(1*(6(//6&+$)7 1DPH
'HSW (9 6 ' 361

' %(5/,1 &RPSDQ\'HSW
*HUPDQ\
$GGUHVV
'HDU UHDGHU
SULQWLQJ HUURUV FDQ QHYHU EH HQWLUHO\ HOLPLQDWHG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

WKHUHIRUH VKRXOG \RX FRPH DFURVV DQ\ ZKHQ 7HOHSKRQH QR
UHDGLQJ WKLV PDQXDO NLQGO\ HQWHU WKHP LQ WKLV
IRUP WRJHWKHU ZLWK DQ\ FRPPHQWV RU VXJ
JHVWLRQV IRU LPSURYHPHQW WKDW \RX PD\ KDYH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RUUHFWLRQV6XJJHVWLRQV
&*&
6XEVWDQWLDO DOWHUDWLRQV DJDLQVW SUHYLRXV LVVXH
$FFHVVRU\ GHYLFH ;5 IRU URWRU HDUWK IDXOW SURWHFWLRQ
&RS\LQJ RI WKLV GRFXPHQW DQG JLYLQJ LW WR RWKHUV DQG WKH XVH

RUFRPPXQLFDWLRQ RI WKH FRQWHQWVWKHUHRIDUH IRUELGGHQ ZLWK
RXW H[SUHVV DXWKRULW\ 2IIHQGHUV DUH OLDEOH WR WKH SD\PHQW RI
GDPDJHV $OO ULJKWV DUH UHVHUYHG LQ WKH HYHQW RI WKH JUDQW RI
6XEMHFW WR WHFKQLFDO DOWHUDWLRQ D SDWHQW RU WKH UHJLVWUDWLRQ RI D XWLOLW\ PRGHO RU GHVLJQ
6LHPHQV $NWLHQJHVHOOVFKDIW 2UGHU 1R & * &

$YDLODEOH IURP /=) )ÚUWK %LVORKH
3ULQWHG LQ WKH )HGHUDO 5HSXEOLF RI *HUPDQ\
$* )2 (Q

7UM511 Manual

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

7UM511 Manual

Uploaded by

Copyright:

Available Formats

1XPHULFDO 0DFKLQH 3URWHFWLRQ

 8QGHUH[FLWDWLRQ SURWHFWLRQ !  )RUZDUG SRZHU VXSHUYLVLRQ 3I!

. 6LHPHQV $*  

7KH GHYLFH LV GHVLJQHG DQG PDQXIDFWXUHG IRU DSSOLFDWLRQ LQ LQGXVWULDO HQYLURQPHQW

 )RUZDUG DFWLYH SRZHU VXSHUYLVLRQ                                                     

 2SHUDWLQJ LQVWUXFWLRQV                                                          

 'LDORJ ZLWK WKH UHOD\                                                                

 6HWWLQJ WKH IXQFWLRQDO SDUDPHWHUV                                                    

 $QQXQFLDWLRQV                                                                      

 2SHUDWLRQDO FRQWURO IDFLOLWLHV                                                         

 7HVWLQJ DQG FRPPLVVLRQLQJ                                                          

 &RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV                                                  

 0DLQWHQDQFH DQG IDXOW WUDFLQJ                                                  

$ *HQHUDO GLDJUDPV                                                                   

 $SSOLFDWLRQ  )HDWXUHV

)LJXUH  6XUYH\ RI WKH QXPHULFDO PDFKLQH SURWHFWLRQ VHULHV

 ,PSOHPHQWHG IXQFWLRQV

 FDOFXODWLRQ RI IRUZDUG SRZHU 3I IURP SRVLWLYH VH

9ROWDJH SURWHFWLRQ  FDOFXODWLRQ RI SRZHU IURP SRVLWLYH VHTXHQFH FRP

 GHWHFWLRQ RI VPDOO PRWRULQJ SRZHUV HYHQ ZLWK

)UHTXHQF\ PHDVXUHPHQW  LQVHQVLWLYH WR IUHTXHQF\ IOXFWXDWLRQV

2YHUFXUUHQW WLPH SURWHFWLRQ &RXSOLQJ RI H[WHUQDO ELQDU\ VLJQDOV

&RXSOLQJ RI H[WHUQDO WULS VLJQDOV

6WDWRU RYHUORDG SURWHFWLRQ ,QWHJUDWHG WULSSLQJ PDWUL[

 LQSXW RI FRROLQJ PHGLXP RU DPELHQW WHPSHUDWXUH ,QWHJUDWHG WULS WHVW

,QWHJUDWHG WULS FLUFXLW VXSHUYLVLRQ

 GHWHFWLRQ RI LQWHUUXSWLRQV VKRUW FLUFXLWV DQG

9ROWDJH FRQQHFWRU +HDY\ FXUUHQW FRQQHFWRU

80 +RXVLQJ IRU SDQHO VXUIDFH PRXQWLQJ ;3

0D[  WHUPLQDOV IRU FURVVVHFWLRQ PD[  PP

ZLWK FHUDPLF SRVW

HJ IRU JODVV ILEUH  XP

80 +RXVLQJ IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ ;3

   

5HVHW DQG SDJLQJ

+HDY\ FXUUHQW FRQQHFWRUV

2SWLFDO ILEUH FRQQHFWRUV

 2UGHULQJ GDWD

         

5DWHG FXUUHQW UDWHG IUHTXHQF\

LQ KRXVLQJ ;3 IRU SDQHO VXUIDFH PRXQWLQJ              '

LQ KRXVLQJ ;3 IRU SDQHO IOXVK PRXQWLQJ                &

LQ KRXVLQJ ;3 IRUFXELFOH LQVWDOODWLRQ

6HULDO LQWHUIDFH IRU FRXSOLQJ WR D FRQWURO FHQWUH

LVRODWHG VHULDO LQWHUIDFH VLPLODU 9 RU 56  &                                       %

VHULDO LQWHUIDFH IRU RSWLFDO ILEUH FRQQHFWLRQ                                             &

 8  8  8

)LJXUH  6FKHPDWLF RI YROWDJH GLYLGHU 33%=

$XIEDX*HK XVH  685)$&( 02817,1* &$6(

 9 $& %  ELV  9 $& 

 EHL  ELV  9 $& ]ZLVFKHQ $ XQG $

)LJXUH  6FKHPDWLF GLDJUDP RI FRXSOLQJ XQLW ;5 $

6SDFH UHTXLUHG IRU

33 GHJUHH RI SURWHFWLRQ ,3  ZLWK GULSSURRI URRI ,3  'LPHQVLRQV LQ PP

33     [           

33     [           

)LJXUH  'LPHQVLRQV 33

   

+HDY\ FXUUHQW FRQQHFWRUV

  

 *HQHUDO GDWD

5DWHG YROWDJH 81  9 WR  9 VHOHFWDEOH

5DWHG IUHTXHQF\ I1  +] RU  +] VHOHFWDEOH

([FLWDWLRQ YROWDJH LQSXW  9 GF WR  9 GF

8QGHUH[FLWDWLRQ SURWHFWLRQ ! )RUZDUG SRZHU VXSHUYLVLRQ 3I!

. 6LHPHQV $*

7KH GHYLFH LV GHVLJQHG DQG PDQXIDFWXUHG IRU DSSOLFDWLRQ LQ LQGXVWULDO HQYLURQPHQW

)RUZDUG DFWLYH SRZHU VXSHUYLVLRQ

2SHUDWLQJ LQVWUXFWLRQV

'LDORJ ZLWK WKH UHOD\

6HWWLQJ WKH IXQFWLRQDO SDUDPHWHUV

$QQXQFLDWLRQV

2SHUDWLRQDO FRQWURO IDFLOLWLHV

7HVWLQJ DQG FRPPLVVLRQLQJ

&RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV

0DLQWHQDQFH DQG IDXOW WUDFLQJ

$ *HQHUDO GLDJUDPV

$SSOLFDWLRQ )HDWXUHV

)LJXUH 6XUYH\ RI WKH QXPHULFDO PDFKLQH SURWHFWLRQ VHULHV

,PSOHPHQWHG IXQFWLRQV

FDOFXODWLRQ RI IRUZDUG SRZHU 3I IURP SRVLWLYH VH

9ROWDJH SURWHFWLRQ FDOFXODWLRQ RI SRZHU IURP SRVLWLYH VHTXHQFH FRP

GHWHFWLRQ RI VPDOO PRWRULQJ SRZHUV HYHQ ZLWK

)UHTXHQF\ PHDVXUHPHQW LQVHQVLWLYH WR IUHTXHQF\ IOXFWXDWLRQV

LQSXW RI FRROLQJ PHGLXP RU DPELHQW WHPSHUDWXUH ,QWHJUDWHG WULS WHVW

GHWHFWLRQ RI LQWHUUXSWLRQV VKRUW FLUFXLWV DQG

80 +RXVLQJ IRU SDQHO VXUIDFH PRXQWLQJ ;3

0D[ WHUPLQDOV IRU FURVVVHFWLRQ PD[ PP

ZLWK FHUDPLF SRVW

HJ IRU JODVV ILEUH XP

80 +RXVLQJ IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ ;3

+HDY\ FXUUHQW FRQQHFWRUV

2SWLFDO ILEUH FRQQHFWRUV

2UGHULQJ GDWD

5DWHG FXUUHQW UDWHG IUHTXHQF\

LQ KRXVLQJ ;3 IRU SDQHO VXUIDFH PRXQWLQJ '

LQ KRXVLQJ ;3 IRU SDQHO IOXVK PRXQWLQJ &

LQ KRXVLQJ ;3 IRUFXELFOH LQVWDOODWLRQ

LVRODWHG VHULDO LQWHUIDFH VLPLODU 9 RU 56 & %

VHULDO LQWHUIDFH IRU RSWLFDO ILEUH FRQQHFWLRQ &

8 8 8

)LJXUH 6FKHPDWLF RI YROWDJH GLYLGHU 33%=

$XIEDXHK XVH 685)$&( 02817,1 &$6(

9 $& % ELV 9 $&

EHL ELV 9 $& ]ZLVFKHQ $ XQG $

)LJXUH 6FKHPDWLF GLDJUDP RI FRXSOLQJ XQLW ;5 $

33 GHJUHH RI SURWHFWLRQ ,3 ZLWK GULSSURRI URRI ,3 'LPHQVLRQV LQ PP

33 [

33 [

)LJXUH 'LPHQVLRQV 33

+HDY\ FXUUHQW FRQQHFWRUV

*HQHUDO GDWD

5DWHG YROWDJH 81 9 WR 9 VHOHFWDEOH

5DWHG IUHTXHQF\ I1 +] RU +] VHOHFWDEOH

([FLWDWLRQ YROWDJH LQSXW 9 GF WR 9 GF

&RROLQJ PHGLXP WHPSHUDWXUH LQSXW 9 GF RU 9 GF WR 9 GF VHOHFWDEOH

%XUGHQ FW FLUFXLWV SHU SKDVH DW ,1 $ { 9$

,QSXW UHVLVWDQFH RI GF YROWDJH LQSXWV DSSUR[ 08

2YHUORDG FDSDELOLW\ FW FLUFXLWV

2YHUORDG FDSDELOLW\ YW FLUFXLWV

$X[LOLDU\ GF YROWDJH VXSSO\ YLD LQWHJUDWHG GFGF FRQYHUWHU

$X[LOLDU\ YROWDJH 8+ 9 GF 9 GF 9 GF

2SHUDWLQJ UDQJHV WR 9 GF WR 9 GF WR 9 GF

6XSHULPSRVHG DF YROWDJH { DW UDWHG YROWDJH

3RZHU FRQVXPSWLRQ TXLHVFHQW DSSUR[ :

7ULS UHOD\V QXPEHU

6ZLWFKLQJ FDSDFLW\ 0$.( :9$

6LJQDO UHOD\V QXPEHU SOXV GHYLFH IDXOW

%LQDU\ LQSXWV QXPEHU

9ROWDJH UDQJH WR 9 GF DV GHOLYHUHG

&XUUHQW FRQVXPSWLRQ DSSUR[ P$ LQGHSHQGHQW RI RSHUDWLQJ YROWDJH

2SHUDWRU WHUPLQDO LQWHUIDFH QRQLVRODWHG

6WDQGDUGV VLPLODU 99 WR &&,77 56 & WR (,$

(OHFWULFDO WHVWV

6WDQGDUGV ,(&

+LJK YROWDJH WHVW URXWLQH WHVW N9 UPV +]

+LJK YROWDJH WHVW URXWLQH WHVW N9 GF

(0& WHVWV LPPXQLW\ W\SH WHVWV

6WDQGDUGV ,(& ,(& SURGXFW VWDQGDUGV

+LJK IUHTXHQF\ N9 SHDN 0+] U NV VKRWVV

(OHFWURVWDWLF GLVFKDUJH N9 N9 FRQWDFW GLVFKDUJH N9 DLU GLVFKDUJH

5DGLRIUHTXHQF\ HOHFWURPDJQHWLF ILHOG 9P 0+] WR 0+]

)DVW WUDQVLHQWV

&RQGXFWHG GLVWXUEDQFHV LQGXFHG E\