Professional Documents
Culture Documents
6RFNHW+HDG&DS6FUHZV
+H[+HDG6FUHZV
6RFNHW%XWWRQ+HDG6FUHZV
)ODW+HDG6FUHZV 8
6RFNHW6HW6FUHZV
$FFHVVRULHV
&RQWHQWV
6WDQGDUG5DQJHVRI9DFXXP&RPSDWLEOH6FUHZV
6RFNHW+HDG&DS6FUHZ 3DJH 8
+H[+HDG6FUHZV 3DJH 8
6RFNHW)ODW+HDG6FUHZV 3DJH 8
)ODW+HDG6FUHZV 3DJH 8
6RFNHW6HW6FUHZV 3DJH 8
$FFHVVRULHV 3DJH 8
8 ZZZYDFRPYDFXXPFRP
,QWURGXFWLRQ
,QWURGXFWLRQ
,QYDFXXPWHFKQRORJ\\RXEDVLFDOO\KDYHWRGLIIHUHQWLDWHWZRILHOGVRIDSSOLFDWLRQRIIDVWHQLQJHOHPHQWVHJOLNHVFUHZV7KHFKDSWHU
9DFXXP&RPSDWLEOH6FUHZVFRQWDLQVFRQQHFWLQJFRPSRQHQWVDSSOLFDEOHLQDYDFXXPHQYLURQPHQW&RQQHFWLQJFRPSRQHQWVXVHGLQ
DWPRVSKHUHIRULQVWDQFHIRUIODQJHDVVHPEOLHVFDQEHIRXQGLQFKDSWHU6WDQGDUG&RPSRQHQWVRIWKLVFDWDORJ
&RQFHSWLQJ D YDFXXP HTXLSPHQW VWDJH \RX KDYH WR FRQVLGHU WKH VSHFLDO
FKDUDFWHULVWLFV RI YDFXXP WHFKQRORJ\ ZKHQ XVLQJ RIWHQ LQGLVSHQVDEOH VFUHZ
FRQQHFWLRQV+ROORZVSDFHVLQWKUHDGHGEOLQGKROHVEHWZHHQWKUHDGVDQGXQGHU
WKHVFUHZKHDGVDUHWUDSVIRUJDVLQVLGHWKHYDFXXPFKDPEHUZKLFKDUHRXWJDVVLQJ
JDVLQFOXVLRQV GXULQJ WKH SXPS GRZQ 7KHVH VR FDOOHG YLUWXDO OHDNV VLPXODWH WKH H[LVWHQFH RI
UHDOOHDNVDVH[WHQGHGSXPSGRZQWLPHVRFFXUDQGWKHGHVLUHGXOWLPDWHSUHVVXUH
FDQQRWEHDWWDLQHG
5LJRURXVUHTXLUHPHQWVWRWKHFOHDQOLQHVVRIYDFXXPFRPSRQHQWVIRUELGWROXEULFDWHEROWHGMRLQWV/XEULFDQWVDUHPRVWO\PDGHIURP
ORQJFKDLQRUJDQLFSRO\PHUV7KHRXWJDVVLQJRIWKHVHVXEVWDQFHVFDQFRQWDPLQDWHWKHZKROHYDFXXPFKDPEHU0DQ\SURFHVVHVFDQQRW
EHUXQXQGHUVXFKFLUFXPVWDQFHV(YHQZLWKDZHOOGHILQHGWLJKWHQLQJWRUTXHRQVFUHZVQRQJUHDVHGWKUHDGVZLOOFDXVHXQGHILQHG
SUHWHQVLRQ IRUFHV 6WDLQOHVV VWHHO VFUHZV FOHDQHG IRU XVH LQ YDFXXP DUH WRWDOO\ RLOIUHH ZKLFK ZLOO LQFUHDVH WKH GDQJHU RI JDOOLQJ
GUDPDWLFDOO\,QFRQVHTXHQFH\RXZLOOKDYHORQJGRZQWLPHVRI\RXUYDFXXPV\VWHPLQFDVHRIPRGLILFDWLRQRUPDLQWHQDQFH
9HQWHG6FUHZVIRU8VHLQ+LJKDQG8OWUDKLJK9DFXXP&RQGLWLRQV
7KHDSSHDUDQFHRIJDVWUDSVLQDYDFXXPLQVWDOODWLRQFDQEHSUHYHQWHGE\DYDFXXPVXLWDEOHGHVLJQRIWKHXVHGFRQVWUXFWLRQSDUWV
,QPRVWFDVHVWKLVIDFWOHDGVWRDQLQFUHDVHGSURGXFWLRQHIIRUWZKLFKLVUHIOHFWHGLQWKHFRVWVRIWKHFRQVWUXFWLRQSDUWV$UHDVRQDEOH
DOWHUQDWLYHDUHYHQWHGIDVWHQHUV
:HRIIHUVFUHZVZLWKFHQWULFYHQWKROHVE\GHIDXOW:DVKHUVZLWKYHQWJURRYHVRUORFNZDVKHUVHQVXUHWKHYHQWLQJRIWKHFDYLW\XQGHU
WKHVFUHZKHDG$OWHUQDWLYHO\VFUHZVZLWKDODWHUDOORQJLWXGLQDOVORWFDQEHRIIHUHG7KLVDOORZVWKHYHQWLQJRIWKHFDYLW\XQGHUWKHVFUHZ
KHDGZLWKRXWXVLQJDJURRYHGZDVKHU
ORFNZDVKHU
8
FHQWULFKROH
ODWHUDOORQJLWXGLQDOVORW
:KHQWLJWKHQLQJVFUHZVZLWKFHQWULFYHQWKROHVWKHPD[LPDOUHFRPPHQGHGWLJKWHQLQJWRUTXHVVWDWHGLQWKHWDEOHEHORZVKRXOGEHXVHG
FRQVLGHULQJWKHUHGXFHGSURILOHRIWKHVHVFUHZV6FUHZVZLWKYHQWLQJVORWFDQEHWLJKWHQHGZLWKWKHIXOOSHUPLVVLEOHWRUTXH01%:H
UHFRPPHQGWRRUGHUWKHVHVFUHZVZLWKHOHFWURSROLVKHGVXUIDFHGXHWRWKHHGJHVDULVLQJDWWKHWKUHDG
VXSSRVHGIULFWLRQDOFRHI¿FLHQWRI
01%PD[LPXPWLJKWHQLQJWRUTXHIRUQRQYHQWHGVFUHZVUHVSHFWLYHO\IRUVFUHZVZLWKODWHUDOO\PLOOHGVORW
0%PD[LPXPWLJKWHQLQJWRUTXHIRUKROHYHQWHGVFUHZV
GLDPHWHURIWKHYHQWKROH
ZZZYDFRPYDFXXPFRP 8
,QWURGXFWLRQ
6XUIDFH0RGLILHG6FUHZV
7RDYRLGJDOOLQJRIDQXQOXEULFDWHGVWDLQOHVVVWHHOFRQQHFWLRQLWLVUHFRPPHQGHGWRXVHVSHFLDOSURFHVVHGIDVWHQHUVLQYDFXXPHQYLURQ
PHQW:HRIIHUYHQWHGDQGQRQYHQWHGVFUHZVLQYDULRXVVXUIDFHPRGLILFDWLRQV
(OHFWURSROLVKHGIDVWHQHUVIHDWXUHDUHGXFHGVXUIDFHURXJKQHVV%XUUVIRUPHGGXULQJWKHPDFKLQLQJRIWKHWKUHDGDUHUHOLDEO\UHPRYHG
E\WKHSROLVKLQJSURFHVVDQGWKHHIIHFWLYHVXUIDFHZLOOEHGUDVWLFDOO\UHGXFHG7KHUHE\VXUIDFHGHVRUSWLRQDQGSURSHQVLW\IRUJDOOLQJ
DUHREYLRXVO\GHFUHDVHG
6LOYHUDQGJROGFRDWLQJVKDYHWKHSXUSRVHWRUHGXFHWKHIULFWLRQYDOXHEHWZHHQWKHWKUHDGV7KXVUHSURGXFLEOHSUHORDGIRUFHVFDQ
EHUHDFKHGE\XVLQJDZHOOGHILQHGWRUTXH7KHFRPPRQO\DSSOLHGSODWLQJVRIWKHVFUHZVSUHYHQWJDOOLQJ7KHOD\HURIQREOHPHWDOV
LQFUHDVHVWKHFKHPLFDOUHVLVWDQFHHYHQLQDKDUVKHQYLURQPHQWVRWKDWWKHFRUURVLRQRIWKHFRQQHFWLQJHOHPHQWVLVSUHYHQWHGDVZHOO
)DVWHQHUVFRDWHGZLWKWXQJVWHQVXOILGH:6RUPRO\EGHQXPVXOILGH0R6DUHSUHGHVWLQDWHGIRUWKHXVHLQDYDFXXPHQYLURQPHQWXQGHU
KLJKWHPSHUDWXUHV7KHWKHUPDOVWDELOLW\LQYDFXXPLVDWPRUHWKDQ&)IRUHDFK%RWKFRPSRXQGVDUHHVWDEOLVKHGDV
ZHDUUHGXFLQJVROLGOXEULFDQWVLQPHFKDQLFDOHQJLQHHULQJDQGFRQVWUXFWLRQIRUPDQ\\HDUV7KH\JXDUDQWHHDYDFXXPFRPSOLDQWWKUHDG
OXEULFDWLRQHYHQIRUUHSHDWHGXVHVHHWKHLQIRER[EHORZ
1LFNHO SODWHG IDVWHQHUV UHDFK H[FHOOHQW FRUURVLRQ SURWHFWLRQ GXH WR WKH VXSHULRU FKHPLFDO UHVLVWDQFH RI QLFNHO7KLV FRDWLQJ UHOLDEO\
SUHYHQWVIURPJDOOLQJRIWKHVWDLQOHVVVWHHOWKUHDGVZKLOHUHGXFLQJWKHIULFWLRQYDOXHDWWKHVDPHWLPH
6FUHZPDWHULDOV
$OOFRQQHFWLQJHOHPHQWVSURYLGHGIURPXVIRUXVHLQYDFXXPHQYLURQPHQWDUHPDGHRIVWDLQOHVVVWHHO$VWUHQJWKFODVVE\GHIDXOW
7KH\DUH8+9FRPSDWLEOHFOHDQHGDQGSDFNHGLQDFODVV,62FOHDQURRPHQYLURQPHQW)XUWKHUPRUHFOHDQURRPFRPSDWLEOH
GRXEOHSDFNDJLQJLVDYDLODEOHRQUHTXHVW,QDGGLWLRQWRRXUFDWDORJDVVRUWPHQWZHFDQPHHWPDQ\PRUHUHTXLUHPHQWVIRUVWDQGDUG
SDUWVZKHWKHUWKH\DUHYHQWHGRUQRQYHQWHGSODWHGRUQRWSODWHG3OHDVHUHTXHVWDQLQGLYLGXDOTXRWH
'LIIHULQJPDWHULDOVVXFKDVVWDLQOHVVVWHHO$WLWDQLXPDOXPLQXPHWFHWHUDFDQEHOLNHZLVHUHTXHVWHG:HJODGO\DGYLVH\RXDERXWWKH
VXLWDELOLW\RIWKHGLIIHUHQWPDWHULDOVIRU\RXULQGLYLGXDODSSOLFDWLRQ:HFDQDOVRSURYLGHFXVWRPL]HGFRQQHFWLQJHOHPHQWVZLWKRUZLWKRXW
FRDWLQJ3OHDVHGRQRWKHVLWDWHWRFRQWDFWXV
6FUHZIRUPVVSHFLILHGGLPHQVLRQVVHHIROORZLQJWDEOH
9)&6RFNHWKHDGFDSVFUHZ 9))$6RFNHWGULYHÀDWKHDGVFUHZ
,QIRER[
,62',1 ,62',1
6FUHZPDWHULDOV
0XOWLSOHXVHRIVFUHZV
8 ZZZYDFRPYDFXXPFRP
,QWURGXFWLRQ
6RFNHWGULYH
6RFNHWKHDGFDS 6RFNHWGULYHIODW 3KLOOLSVGULYHIODW
6L]H EXWWRQKHDG +H[KHDGVFUHZV
VFUHZV KHDGVFUHZV KHDGVFUHZV
VFUHZV
9)& 9)%8 9)+ 9))$ 9))
' + ' + ' + ) ' + ' +
0
0
0
0
0
0
0
0
0
2UGHULQJ,QIRUPDWLRQ)DVWHQHUV
3OHDVHXVHWKHIROORZLQJSURGXFWNH\WRRUGHUYDFXXPFRPSDWLEOHVFUHZV
6FUHZIRUP
6L]H
/HQJWK
$GGLWLRQ
4XDQWLW\RISDFNLQJXQLW
3OHDVHDVNIRURWKHUSDFNLQJXQLWV
([DPSOH
9)& 9)&69(3 8
6RFNHWKHDGFDSVFUHZ 6RFNHWKHDGFDSVFUHZ
,62',1 ,62',1
6L]H0[PP 6L]H0[PP
FHQWHUYHQWHG VORWYHQWHGHOHFWURSROLVKHG
SDFNLQJXQLWRISLHFHV SDFNLQJXQLWRISLHFHV
9))$(3 9)7
6RFNHWGULYHIODWKHDGVFUHZ 6RFNHWGULYHVHWVFUHZZLWKFXSSRLQW
,62',1 ,62',1
6L]H0[PP 6L]H0[PP
FHQWHUYHQWHGHOHFWURSROLVKHG FHQWHUYHQWHG
SDFNLQJXQLWRISLHFHV SDFNLQJXQLWRISLHFHV
9)+1$8 9)%8:
+H[KHDGVFUHZV 6RFNHWGULYHEXWWRQKHDGVFUHZV
,62',1 ,62
6L]H0[PP 6L]H0[PP
QRQYHQWHGJROGSODWHG FHQWHUYHQWHG:6FRDWHG
SDFNLQJXQLWRISLHFHV SDFNLQJXQLWRISLHFHV
6FUHZVRIRXUVWRFNDVVRUWPHQWFDQDOVREHRUGHUHGLQRXURQOLQHVKRSZZZYDFRPVKRSFRP
ZZZYDFRPYDFXXPFRP 8
6WDQGDUG$VVRUWPHQWVRI9DFXXP&RPSDWLEOH6FUHZV
6RFNHW+HDG&DS6FUHZV
9)&,62',1ZLWKKH[DJRQVRFNHWFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG
/HQJWK 0 0 0 0 0 0 0 0 0
zz
zz zz
zz zz
zz zz zz zz zz
zz zz zz zz
zz zz zz zz
zz zz zz
zz zz
zz zz
zz
ƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
Ŷ 6WDQGDUGDVVRUWPHQW
+H[+HDG6FUHZV
9)+,62',1ZLWKRXWVKDQNFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG
ƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
Ŷ 6WDQGDUGDVVRUWPHQW
3OHDVHXVHSURGXFWNH\SDJHIRUUHTXHVWDQGRUGHUV
3OHDVHDVNIRUVL]HVGLIIHULQJIURPVWDQGDUGDVVRUWPHQW
8- ZZZYDFRPYDFXXPFRP
6WDQGDUG$VVRUWPHQWVRI9DFXXP&RPSDWLEOH6FUHZV
6RFNHW%XWWRQ+HDG6FUHZV
9)%8,62ZLWKKH[DJRQVRFNHWFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG
)ODW+HDG6FUHZV
9)),62',13KLOOLSVGULYHFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG
3OHDVHXVHSURGXFWNH\SDJHIRUUHTXHVWDQGRUGHUV
3OHDVHDVNIRUVL]HVGLIIHULQJIURPVWDQGDUGDVVRUWPHQW
ZZZYDFRPYDFXXPFRP 8
6WDQGDUG$VVRUWPHQWVRI9DFXXP&RPSDWLEOH6FUHZV
6HW6FUHZV
9)7,62',1VRFNHWGULYHFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG
3OHDVHXVHSURGXFWNH\SDJHIRUUHTXHVWDQGRUGHUV
3OHDVHDVNIRUVL]HVGLIIHULQJIURPVWDQGDUGDVVRUWPHQW
$FFHVVRLUHV
$VDVWDQGDUGZHSURYLGHDFFHVVRULHVIRUVFUHZFRQQHFWLRQVZLWKLQDYDFXXPLQVWDOODWLRQVXFKDVIODWZDVKHUVZLWKRUZLWKRXWYHQW
VORWV:DVKHUVDFFRUGLQJWR',1FDQEHDSSOLHGDVDUHDVRQDEO\SULFHGDOWHUQDWLYH+H[QXWVFRPSOHWHWKHUDQJHRIDFFHVVRULHV
$OOPHQWLRQHGDUWLFOHVFRQVLVWRIVWDLQOHVVVWHHO$DVVWDQGDUGDUHFOHDQHGIRUWKHXVHLQ8+9HQYLURQPHQWDQGSDFNHGLQDFOHDQURRP
FODVV,QDGLWLRQWKHVHFRQQHFWLQJHOHPHQWVFDQEHSURYLGHGLQRWKHUPDWHULDOVDQGLQYDULRXVVXUIDFHPRGLILFDWLRQVRQUHTXHVW
9)/: ',1%/RFNZDVKHUVFOHDQHGIRU8+9DSSOLFDWLRQ
8 ZZZYDFRPYDFXXPFRP