7SA511 Manual A6 V3.2 en PDF

1XPHULFDO 'LVWDQFH 3URWHFWLRQ 5HOD\
6,3527(& 6$ 9

,QVWUXFWLRQ 0DQXDO 2UGHU 1R &*&
)LJXUH ,OOXVWUDWLRQ RI WKH QXPHULFDO GLVWDQFH SURWHFWLRQ UHOD\ 6$ LQ KRXVLQJ IRU VXUIDFH PRXQWLQJ
. 6LHPHQV $*
6$ 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 $*
7KH GHYLFH LV GHVLJQHG DQG PDQXIDFWXUHG IRU DSSOLFDWLRQ LQ LQGXVWULDO HQYLURQPHQW
7KH GHYLFH LV GHVLJQHG LQ DFFRUGDQFH ZLWK WKH LQWHUQDWLRQDO VWDQGDUGV RI ,(& DQG WKH *HUPDQ VWDQGDUGV
',1 SDUW FRUUHVSRQGLQJ WR 9'( SDUW
&*&
6$ 9 &RQWHQWV
&RQWHQWV
,QWURGXFWLRQ
$SSOLFDWLRQ
)HDWXUHV
,PSOHPHQWHG IXQFWLRQV
'HVLJQ
$UUDQJHPHQWV
'LPHQVLRQV
2UGHULQJ GDWD
7HFKQLFDO 'DWD
*HQHUDO GDWD
,QSXWVRXWSXWV
(OHFWULFDO WHVWV
0HFKDQLFDO VWUHVV WHVWV
&OLPDWLF VWUHVV WHVWV
6HUYLFH FRQGLWLRQV
'HVLJQ
'LVWDQFH SURWHFWLRQ
3RZHU VZLQJ VXSSOHPHQW RSWLRQDO RQO\ ZLWK LPSHGDQFH IDXOW GHWHFWLRQ
7HOHSURWHFWLRQ LQWHUIDFH
8VHU GHILQDEOH ORJLF IXQFWLRQV
7KHUPDO RYHUORDG SURWHFWLRQ
(DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV RSWLRQDO
+LJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ VROLGO\ HDUWKHG V\VWHPV RSWLRQDO
$XWRUHFORVXUH RSWLRQDO
6\QFKURQLVP DQG YROWDJH FKHFN RSWLRQDO
)DXOW ORFDWLRQ
$QFLOODU\ IXQFWLRQV
&*&
6$ 9 &RQWHQWV
0HWKRG RI RSHUDWLRQ
2SHUDWLRQ RI FRPSOHWH XQLW
'LVWDQFH SURWHFWLRQ
)DXOW GHWHFWLRQ
(DUWK IDXOW GHWHFWLRQ DQG SURFHVVLQJ
2YHUFXUUHQW IDXOW GHWHFWLRQ
,PSHGDQFH IDXOW GHWHFWLRQ IL[LPSHGDQFH RSWLRQDO
9ROWDJH FRQWUROOHG IDXOW GHWHFWLRQ XQGHULPSHGDQFH IDXOW GHWHFWLRQ RSWLRQDO
'HWHUPLQDWLRQ RI WKH IDXOWHG ORRS
/RRS GHWHUPLQDWLRQ IRU VROLGO\ HDUWKHG V\VWHPV
/RRS GHWHUPLQDWLRQ IRU QRQHDUWKHG V\VWHPV
)DXOW LPSHGDQFH FDOFXODWLRQ
'LUHFWLRQDO GHWHUPLQDWLRQ
7ULSSLQJ FKDUDFWHULVWLFV
7ULSSLQJ ORJLF
6ZLWFKRQWRIDXOW SURWHFWLRQ
'HILQLWH WLPH RYHUFXUUHQW DQG HPHUJHQF\ SURWHFWLRQ
0HDVXUHV WR EH WDNHQ LQ WKH FDVH RI SRZHU VZLQJV RSWLRQDO ZLWK LPSHGDQFH IDXOW
GHWHFWLRQ
'HWHFWLRQ RI SRZHU VZLQJV
3RZHU VZLQJ EORFNLQJ
2XWRIVWHS WULSSLQJ
8QLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH
3HUPLVVLYH XQGHUUHDFK WUDQVIHU WULS ZLWK IDXOW GHWHFWLRQ
=RQH DFFHOHUDWLRQ ZLWK =%
3HUPLVVLYH RYHUUHDFK WUDQVIHU WULS ZLWK =%
'LUHFWLRQDO FRPSDULVRQ IDXOW GHWHFWLRQ ]RQH UHOHDVH
8QEORFNLQJ PRGH ZLWK =%
'LUHFWLRQDO XQEORFNLQJ PRGH ZLWK IDXOW GHWHFWLRQ
%ORFNLQJ PRGH
2YHUUHDFKLQJ ]RQH FRPSDULVRQ YLD SLORW ZLUHV
5HYHUVH LQWHUORFNLQJ
:HDN LQIHHG PHDVXUHV HFKR IXQFWLRQ
7UDQVLHQW EORFNLQJ
8VHU GHILQDEOH ORJLF IXQFWLRQV WULS FRPPDQGV DQG DQQXQFLDWLRQV
(PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
(DUWK IDXOW GHWHFWLRQ LQ V\VWHPV ZLWK QRQHDUWKHG VWDUSRLQW RSWLRQDO
)DXOW GHWHFWLRQ
'HWHUPLQDWLRQ RI WKH HDUWKIDXOWHG SKDVH
6HQVLWLYH HDUWK IDXOW GLUHFWLRQDO GHWHUPLQDWLRQ
)DXOWHG OLQH ORFDWLRQ
+LJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ HDUWKHG V\VWHPV RSWLRQDO
'LUHFWLRQDO HDUWK IDXOW SURWHFWLRQ
'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
,QYHUVH WLPH RYHUFXUUHQW WLPH SURWHFWLRQ IRU HDUWK IDXOWV
$XWRPDWLF UHFORVXUH RSWLRQDO
6HOHFWLYLW\ GXULQJ DXWRPDWLF UHFORVXUH
$FWLRQ WLPHV DQG UHFODLP WLPHV
,QWHUURJDWLRQ IRU UHDGLQHVV RI WKH FLUFXLW EUHDNHU
7KUHHSROH DXWRUHFORVXUH
6LQJOHSROH DXWRUHFORVXUH
6LQJOH DQG WKUHHSROH DXWRUHFORVXUH
&*&
6$ 9 &RQWHQWV
7UHDWPHQW RI HYROYLQJ IDXOWV

0XOWLVKRW DXWRUHFORVH
&RQQHFWLRQ RI H[WHUQDO DXWRUHFORVH V\VWHP
&RQWURO RI WKH LQWHUQDO DXWRUHFORVH IXQFWLRQ E\ DQ H[WHUQDO SURWHFWLYH UHOD\
7ZR SURWHFWLRQ UHOD\V ZLWK WZR $5 GHYLFHV
2SHUDWLQJ PRGHV
'HDGOLQH RU GHDG EXV VZLWFKLQJ
6ZLWFKLQJ DW V\QFKURQLVP
$V\QFKURQRXV VZLWFKLQJ
'LVWDQFHWRIDXOW ORFDWLRQ
&LUFXLW EUHDNHU WULS WHVW
$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 RSWLRQDO
'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 6$44%444 IRU SDQHO VXUIDFH PRXQWLQJ
0RGHO 6$44&444 IRU SDQHO IOXVK PRXQWLQJ RU 4(444 IRU FXELFOH LQVWDOODWLRQ
&KHFNLQJ WKH UDWHG GDWD
&RQWURO GF YROWDJH RI ELQDU\ LQSXWV
,QVHUWLQJ WKH EDFNXS EDWWHU\
&KHFNLQJ WKH /6$ WUDQVPLVVLRQ OLQN
&RQQHFWLRQV
&KHFNLQJ WKH FRQQHFWLRQV
&RQILJXUDWLRQ RI RSHUDWLRQ DQG PHPRU\ IXQFWLRQV
2SHUDWLRQDO SUHFRQGLWLRQV DQG JHQHUDO
6HWWLQJV IRU WKH LQWHJUDWHG RSHUDWLRQ 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
6HWWLQJ WKH GHYLFH FRQILJXUDWLRQ 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
&*&
6$ 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 RSWLRQDO
6HWWLQJ RI GDWH DQG WLPH
,QLWLDO GLVSOD\V DGGUHVV EORFNV DQG
3RZHU V\VWHP GDWD DGGUHVV EORFN
*HQHUDO GDWD
/LQH GDWD JHQHUDO
$GGLWLRQDO SODQW GDWD
*HQHUDO GHYLFH GDWD
6HWWLQJV IRU GLVWDQFH SURWHFWLRQ
*HQHUDO VHWWLQJV DGGUHVV EORFN
6HWWLQJ RI WKH GLVWDQFH VWDJHV DGGUHVV EORFNV DQG
6HOHFWLRQ RI WKH IDXOW GHWHFWLRQ SURJUDP DGGUHVV EORFN
*HQHUDO VHWWLQJ IRU IDXOW GHWHFWLRQ DGGUHVV EORFN
6HWWLQJ IRU YROWDJH FRQWUROOHG IDXOW GHWHFWLRQ 8,
6HWWLQJV IRU LPSHGDQFH IDXOW GHWHFWLRQ
6HWWLQJV IRU GHWHUPLQDWLRQ RI WKH IDXOWHG ORRS DGGUHVV EORFNV DQG
6HWWLQJV IRU WKH SRZHU VZLQJ VXSSOHPHQW DGGUHVV EORFN
6HWWLQJV IRU WHOHSURWHFWLRQ DGGUHVV EORFNV DQG
8QGHUUHDFK WUDQVIHU VFKHPHV DGGUHVV EORFN
2YHUUHDFK WUDQVIHU VFKHPHV DGGUHVV EORFN
6HWWLQJV IRU XVHU GHILQDEOH ORJLF IXQFWLRQV DGGUHVV EORFN
6HWWLQJV IRU HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU WKHUPDO RYHUORDG SURWHFWLRQ DGGUHVV EORFN
6HWWLQJV IRU PHDVXUHG YDOXH PRQLWRULQJ DGGUHVV EORFN
6HWWLQJV IRU HDUWK IDXOW GHWHFWLRQ LQ V\VWHPV ZLWK LVRODWHG RU FRPSHQVDWHG VWDU SRLQW
DGGUHVV EORFN
6HWWLQJV IRU KLJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ DGGUHVV EORFNV WR
'LUHFWLRQDO HDUWK IDXOW SURWHFWLRQ GHILQLWH WLPH DGGUHVV EORFN
'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ DGGUHVV EORFN
1RQGLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ LQYHUVH WLPH DGGUHVV EORFN
6HWWLQJV IRU DXWRUHFORVXUH DGGUHVV EORFN
6HWWLQJV IRU V\QFKURQLVP DQG YROWDJH FKHFN DGGUHVV EORFN
6HWWLQJV IRU IDXOW ORFDWLRQ DGGUHVV EORFN
$QQXQFLDWLRQV

,QWURGXFWLRQ
2SHUDWLRQDO DQQXQFLDWLRQV DGGUHVV EORFN
)DXOW DQQXQFLDWLRQV DGGUHVV EORFNV WR
'DWD RI HDUWK IDXOWV LQ QRQHDUWKHG V\VWHPV DGGUHVV EORFN
&LUFXLW EUHDNHU RSHUDWLRQ VWDWLVWLFV DGGUHVV EORFN
5HDGRXW RI RSHUDWLRQDO PHDVXUHG YDOXHV DGGUHVV EORFNV DQG
5HDGRXW RI HDUWK IDXOW PHDVXUHG YDOXHV LQ QRQHDUWKHG V\VWHPV DGGUHVV EORFN
&*&
6$ 9 &RQWHQWV
2SHUDWLRQDO FRQWURO IDFLOLWLHV

$GMXVWLQJ DQG V\QFKURQL]LQJ WKH UHDO WLPH FORFN DGGUHVV EORFN
(UDVLQJ VWRUHG DQQXQFLDWLRQV DQG FRXQWHUV DGGUHVV EORFN
2II2Q FRQWURO RI SDUW IXQFWLRQV RI WKH GHYLFH
,QIRUPDWLRQ WR /6$ 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 RYHUFXUUHQW IDXOW GHWHFWLRQ VWDJH DQG HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
7HVWLQJ WKH YROWDJH FRQWUROOHG IDXOW GHWHFWLRQ LI ILWWHG
7HVWLQJ WKH LPSHGDQFH IDXOW GHWHFWLRQ LI ILWWHG
7HVWLQJ WKH GLVWDQFH ]RQHV
7HVWLQJ WKH JUDGLQJ WLPHV
7HVWLQJ WKH VLJQDO WUDQVPLVVLRQ IXQFWLRQV
3HUPLVVLYH XQGHUUHDFK SURFHGXUHV
3HUPLVVLYH RYHUUHDFK SURFHGXUHV
7HVWLQJ WKH XVHU GHILQDEOH ORJLF IXQFWLRQV
7HVWLQJ WKH WKHUPDO RYHUORDG SURWHFWLRQ IXQFWLRQ
7HVWLQJ WKH HDUWK IDXOW GHWHFWLRQ IXQFWLRQ IRU QRQHDUWKHG V\VWHPV LI ILWWHG
7HVWLQJ WKH KLJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG V\VWHPV LI ILWWHG
7HVWLQJ WKH LQWHUQDO DXWRUHFORVH IXQFWLRQV LI ILWWHG
7HVWLQJ WKH LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQV LI ILWWHG
&RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV

&XUUHQW YROWDJH DQG SKDVH VHTXHQFH FKHFNV
'LUHFWLRQ FKHFN ZLWK ORDG FXUUHQW
(DUWK IDXOW FKHFNV IRU QRQHDUWKHG V\VWHPV LI XVHG
'LUHFWLRQ FKHFN IRU GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ LI XVHG
&KHFNLQJ WKH YROWDJH SRODULW\ IRU V\QFKURQLVP FKHFN
&KHFNLQJ WKH FDUULHU WUDQVPLVVLRQ V\VWHP
&KHFNLQJ RYHUUHDFK ]RQH FRPSDULVRQ YLD SLORW ZLUHV
&KHFNLQJ UHYHUVH LQWHUORFNLQJ
&KHFNLQJ FDUULHU WUDQVPLVVLRQ ZLWK UHOHDVH VLJQDO
&KHFNLQJ FDUULHU WUDQVPLVVLRQ ZLWK EORFNLQJ VLJQDO
&KHFNLQJ FDUULHU WUDQVPLVVLRQ ZLWK XQGHUUHDFK WUDQVIHU VLJQDO
&KHFNLQJ FDUULHU WUDQVPLVVLRQ IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
7ULSSLQJ WHVW LQFOXGLQJ FLUFXLW EUHDNHU
75,3&/26( WHVW F\FOH DGGUHVV EORFN
/LYH WULSSLQJ RI WKH FLUFXLW EUHDNHU DGGUHVV EORFN
6WDUWLQJ D WHVW IDXOW UHFRUG DGGUHVV EORFN
3XWWLQJ WKH UHOD\ LQWR RSHUDWLRQ
0DLQWHQDQFH DQG IDXOW WUDFLQJ

5RXWLQH FKHFNV
5HSODFLQJ WKH EDFNXS EDWWHU\
)DXOW WUDFLQJ

5HSODFLQJ WKH PLQLIXVH
&*&
6$ 9 &RQWHQWV
5HSDLUV
6WRUDJH
$SSHQGL[
$ *HQHUDO GLDJUDPV

% &RQQHFWLRQ GLDJUDPV
& 7DEOHV
127(
7KLV LQVWUXFWLRQ PDQXDO GRHV QRW SXUSRUW WR FRYHU DOO 7KH FRQWHQWV RI WKLV LQVWUXFWLRQ PDQXDO VKDOO QRW
GHWDLOV LQ HTXLSPHQW QRU WR SURYLGH IRU HYHU\ SRVVL EHFRPH 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 WLHV LV WKH VROH ZDUUDQW\ RI 6LHPHQV $Q\ VWDWHPHQWV
SDUWLFXODU SUREOHPV DULVH ZKLFK DUH QRW FRYHUHG FRQWDLQHG KHUHLQ GR QRW FUHDWH QHZ ZDUUDQWLHV QRU
VXIILFLHQWO\ IRU WKH SXUFKDVHU
V SXUSRVH WKH PDWWHU PRGLI\ WKH H[LVWLQJ ZDUUDQW\
VKRXOG EH UHIHUUHG WR WKH ORFDO 6LHPHQV VDOHV RIILFH
&*&
6$ 9 ,QWURGXFWLRQ
,QWURGXFWLRQ
$SSOLFDWLRQ )HDWXUHV
1XPHULFDO GLVWDQFH SURWHFWLRQ UHOD\ 6,3527(& 3URFHVVRU V\VWHP ZLWK SRZHUIXO ELW PLFUR
6$ SURYLGHV IDVW UHOLDEOH DQG VHOHFWLYH FOHDU SURFHVVRU
DQFH RI DOO NLQGV RI JURXQG DQG SKDVH IDXOWV LQ VLQJOH
DQGRU PXOWLSOH IHG RYHUKHDG OLQHV DQG FDEOHV LQ UD FRPSOHWH GLJLWDO PHDVXUHG YDOXH SURFHVVLQJ DQG
GLDO ULQJ RU DQ\ W\SH RI PHVKHG QHWZRUNV 7KH V\V FRQWURO IURP GDWD DFTXLVLWLRQ DQG GLJLWL]LQJ RI WKH
WHP VWDUSRLQW PD\ EH LVRODWHG FRPSHQVDWHG DUF PHDVXUHG YDOXHV XS WR WKH WULS DQG FORVH GHFLVLRQ
VXSSUHVVHG E\ 3HWHUVHQ FRLO VROLGO\ HDUWKHG RU ORZ IRU WKH FLUFXLW EUHDNHU
UHVLVWDQFH HDUWKHG
FRPSOHWH JDOYDQLF DQG UHOLDEOH VHSDUDWLRQ RI WKH
,W FRQWDLQV DOO WKH YLWDO IXQFWLRQV IRU WKH SURWHFWLRQ RI D LQWHUQDO SURFHVVLQJ FLUFXLWV IURP WKH PHDVXUH
OLQH IHHGHU FLUFXLW DQG LV WKXV XQLYHUVDOO\ DSSOLFDEOH PHQW FRQWURO DQG VXSSO\ FLUFXLWV RI WKH V\VWHP
,W FDQ DOVR EH XVHG DV D WLPHJUDGHG EDFNXS SURWHF ZLWK DQDORJ LQSXW WUDQVGXFHUV ELQDU\ LQSXW DQG
WLRQ IRU GLIIHUHQWLDO SURWHFWLRQ V\VWHPV RI DOO NLQGV IRU RXWSXW PRGXOHV DQG GFGF FRQYHUWHU
OLQHV WUDQVIRUPHUV JHQHUDWRUV PRWRUV DQG EXV
EDUV
FRPSOHWH VFRSH RI IXQFWLRQV UHTXLUHG IRU WKH SUR
WHFWLRQ RI D KLJK YROWDJH IHHGHU FLUFXLW
,WV IXQGDPHQWDO IXQFWLRQ LV GHWHUPLQDWLRQ RI WKH GLV
WDQFH RI WKH VKRUW FLUFXLW E\ LPSHGDQFH PHDVXUH
RYHUFXUUHQW IDXOW GHWHFWLRQ RSWLRQDOO\ YROWDJH
PHQW 7KLV FDQ EH VXSSOHPHQWHG E\ D VHULHV RI RS
WLRQDO IXQFWLRQ PRGXOHV ZKLFK SURYLGH SRZHU VZLQJ FRQWUROOHG 8, RU SKDVHDQJOH GHSHQGHQW LP
VXSSOHPHQW WHOHSURWHFWLRQ LQWHUIDFH IRU UDS SHGDQFH IDXOW GHWHFWLRQ
LG FOHDUDQFH WKHUPDO RYHUORDG SURWHFWLRQ IRU
FDEOHV HDUWK IDXOW GHWHFWLRQ IRU LVRODWHG RU FRP SRO\JRQDO WULSSLQJ FKDUDFWHULVWLF ZLWK LQGHSHQ
SHQVDWHG QHWZRUNV KLJKO\ VHQVLWLYH HDUWK IDXOW SUR GHQW VHWWLQJ RI UHDFK DORQJ WKH 5 DQG ;D[LV
WHFWLRQ IRU KLJKUHVLVWDQFH HDUWK IDXOW LQ HDUWKHG QHW ZLWK VHSDUDWH 5VHWWLQJ IRU HDUWK IDXOWV
ZRUNV DXWRPDWLF UHFORVXUH IRU RYHUKHDG OLQHV
V\QFKURQLVP DQG YROWDJH FKHFN IDXOW ORFDWLRQ IRU GLUHFWLRQDO GHWHUPLQDWLRQ XVLQJ VRXQG SKDVH SR
VSHHG\ ORFDWLRQ RI WKH GDPDJHG DUHD ([WHUQDO DF ODUL]DWLRQ DQG YROWDJH PHPRU\ JLYLQJ XQOLPLWHG
FHVVRULHV DUH WKHUHIRUH QRUPDOO\ QRW UHTXLUHG GLUHFWLRQDO VHQVLWLYLW\
7KURXJKRXW D IDXOW LQ WKH QHWZRUN WKH PDJQLWXGHV RI FRPSUHKHQVLYH VXSSOHPHQWDU\ IXQFWLRQV FDQ EH
WKH LQVWDQWDQHRXV YDOXHV DUH VWRUHG IRU D SHULRG RI DW RUGHUHG DV DQ RSWLRQ
PRVW VHFRQGV DQG DUH DYDLODEOH IRU VXEVHTXHQW
IDXOW DQDO\VLV FRQWLQXRXV FDOFXODWLRQ RI RSHUDWLRQDO PHDVXUHG
YDOXHV DQG LQGLFDWLRQ RQ WKH IURQW GLVSOD\
&RQWLQXRXV PRQLWRULQJ RI WKH PHDVXUHG YDOXHV SHU
PLWV UDSLG DQQXQFLDWLRQ RI DQ\ IDXOW LQ WKH PHDVXULQJ VLPSOH VHWWLQJ DQG RSHUDWLRQ XVLQJ WKH LQWHJUDWHG
WUDQVIRUPHU FLUFXLWV &RQWLQXRXV SODXVLELOLW\ PRQL RSHUDWLRQ SDQHO RU D FRQQHFWHG SHUVRQDO FRPSXW
WRULQJ RI WKH LQWHUQDO PHDVXUHG YDOXH SURFHVVLQJ FLU HU ZLWK PHQXJXLGHG VRIWZDUH
FXLWV DQG PRQLWRULQJ RI WKH DX[LOLDU\ YROWDJHV WR HQ
VXUH WKDW WKH\ UHPDLQ ZLWKLQ WROHUDQFH DUH REYLRXVO\ VWRUDJH RI IDXOW GDWD VWRUDJH RI LQVWDQWDQHRXV YDO
LQKHUHQW IHDWXUHV XHV GXULQJ D IDXOW IRU IDXOW UHFRUGLQJ
6HULDO LQWHUIDFHV DOORZ FRPSUHKHQVLYH FRPPXQLFD FRPPXQLFDWLRQ ZLWK FHQWUDO FRQWURO DQG VWRUDJH
WLRQ ZLWK RWKHU GLJLWDO FRQWURO DQG VWRUDJH GHYLFHV
GHYLFHV YLD VHULDO LQWHUIDFHV LV SRVVLEOH RSWLRQDOO\
)RU GDWD WUDQVPLVVLRQ D VWDQGDUGL]HG SURWRFRO LQ DF
ZLWK N9 LQVXODWLRQ RU IRU FRQQHFWLRQ RI RSWLFDO
FRUGDQFH ZLWK 9'(:=9(, DQG ,(&
ILEUH
LV XVHG DV ZHOO DV DFFRUGLQJ ',1 VHOHFW
DEOH 7KH GHYLFH FDQ WKHUHIRUH EH LQFRUSRUDWHG LQ
/RFDOL]HG 6XEVWDWLRQ $XWRPDWLRQ QHWZRUNV /6$ FRQWLQXRXV PRQLWRULQJ RI WKH PHDVXUHG YDOXHV
7KH V\VWHP LQWHUIDFH LV VXLWHG WR FRPPXQLFDWLRQ YLD DQG WKH KDUGZDUH DQG VRIWZDUH RI WKH UHOD\
D PRGHP OLQN
&*&
6$9 ,QWURGXFWLRQ
,PSOHPHQWHG IXQFWLRQV
6$ FRQWDLQV WKH IROORZLQJ IXQFWLRQV (PHUJHQF\ RYHUFXUUHQW IXQFWLRQ
'LVWDQFH SURWHFWLRQ ZLWK ZLWK WZRVWDJH GHILQLWH WLPH RYHUFXUUHQW FKDUDF

WHULVWLF DQG VHSDUDWH HDUWK FXUUHQW VWDJH
SKDVH VHOHFWLYH RYHUFXUUHQW IDXOW GHWHFWLRQ
IRU kHPHUJHQF\ RSHUDWLRQl LI YROWDJH WUDQVIRUPHU
RSWLRQDO YROWDJH FRQWUROOHG 8, IDXOW GHWHFWLRQ RU PFE WULSV RU
LPSHGDQFH IDXOW GHWHFWLRQ ZLWK SRO\JRQDOO\
VKDSHG DQJOHGHSHQGHQW FKDUDFWHULVWLF IRU kHPHUJHQF\ RSHUDWLRQl LQ FDVH RI YROWDJH
WUDQVIRUPHU VHFRQGDU\ IXVH IDLOXUH
ILYH GLVWDQFH ]RQHV FDQ EH VHW WR RSHUDWH HLWKHU LQ
WKH IRUZDUG GLUHFWLRQ RU LQ WKH UHYHUVH GLUHFWLRQ RU 7KHUPDO RYHUORDG SURWHFWLRQ
QRQGLUHFWLRQDO DQG WZR FDQ EH XVHG DV JUDGHG
RYHUUHDFK ]RQHV
SURYLGHV WKHUPDO UHSOLFD RI WKH FXUUHQW KHDW
ORVVHV
VHYHQ WLPH VWDJHV
WUXH UPV PHDVXUHPHQW RI DOO WKUHH FRQGXFWRU
SRO\JRQDO WULSSLQJ FKDUDFWHULVWLF ZLWK LQGHSHQ
GHQW VHWWLQJ RI UHDFK DORQJ WKH 5 DQG ;D[LV FXUUHQWV
VHSDUDWH 5VHWWLQJ IRU SKDVH DQG HDUWK IDXOWV
DGMXVWDEOH ZDUQLQJ VWDJHV
GLUHFWLRQDO GHWHUPLQDWLRQ XVLQJ VRXQG SKDVH SR
ODUL]DWLRQ DQG YROWDJH PHPRU\ WKXV VXLWDEOH IRU (DUWK IDXOW GHWHFWLRQ RSWLRQDO
XVH ZLWK FDSDFLWLYH YROWDJH WUDQVIRUPHUV DQG JLY
LQJ XQOLPLWHG GLUHFWLRQDO VHQVLWLYLW\ IRU FRPSHQVDWHG RU LVRODWHG QHWZRUNV ZLWK
SKDVH VHJUHJDWHG WULS IRU XVH ZLWK VLQJOHSROH SKDVH VHOHFWLYH IDXOW GHWHFWLRQ
DXWRUHFORVXUH
VHQVLWLYH GLUHFWLRQDO GHWHUPLQDWLRQ
3RZHU VZLQJ VXSSOHPHQW RSWLRQDO ZLWK LPSHG
DQFH IDXOW GHWHFWLRQ +LJKO\ VHQVLWLYH HDUWK IDXOW SURWHFWLRQ RSWLRQDO
SRZHU VZLQJ GHWHFWLRQ E\ G5GW PHDVXUHPHQW IRU KLJKUHVLVWLYH HDUWK IDXOWV LQ QHWZRUNV ZLWK
HDUWKHG VWDUSRLQW
DYRLGV XQZDQWHG WULS RFFXUUHQFHV GXULQJ SRZHU
VZLQJV LQ WKH V\VWHP ZLWK WZRVWDJH HDUWK FXUUHQW SLFNXS
IRU XVH RI SRZHU VZLQJ EORFNLQJ RU RXWRIVWHS GLUHFWLRQDO GHWHUPLQDWLRQ XVLQJ ]HUR VHTXHQFH
WULSSLQJ FRPSRQHQWV RI FXUUHQWV DQG YROWDJHV
8QLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH RSWLRQDOO\ ZLWK GLUHFWLRQDO FRPSDULVRQ YLD FRP
PXQLFDWLRQ OLQN HJ 3/& RU RSWLFDO ILEUH
SURJUDPPDEOH IRU GLIIHUHQW VFKHPHV RI
EDFNXS IXQFWLRQ LQ FDVH RI YROWDJH IDLOXUH XVLQJ
SHUPLVVLYH XQGHUUHDFK WUDQVIHU WULSSLQJ 3877
GHILQLWH WLPH HDUWK FXUUHQW SURWHFWLRQ
SHUPLVVLYH RYHUUHDFK WUDQVIHU WULSSLQJ 3277 LQ
DOWHUQDWLYHO\ QRQGLUHFWLRQDO LQYHUVH WLPH HDUWK
UHOHDVH RU EORFN PRGH
FXUUHQW SURWHFWLRQ ZLWK WKUHH VHOHFWDEOH FKDUDF
'HDGIDXOW SURWHFWLRQ WHULVWLFV QRW LQ FRQMXQFWLRQ ZLWK GLUHFWLRQDO HDUWK
IDXOW SURWHFWLRQ
SURYLGHV KLJK VSHHG RSHUDWLRQ DW HLWKHU OLQH HQG
ZKHQ VZLWFKLQJ PDQXDOO\ RQWR D EROWHG IDXOW
&*&
6$ 9 ,QWURGXFWLRQ
$XWRPDWLF UHFORVH IXQFWLRQ RSWLRQDO RXWSXW RI IDXOW GLVWDQFH LQ RKPV SULPDU\ DQG VHF
RQGDU\ NLORPHWHUV DQG OLQH OHQJWK
VLQJOHSROH WKUHHSROH RU VLQJOH DQG WKUHHSROH
RSWLRQDOO\ ZLWK SDUDOOHO OLQH PXWXDO FRPSHQVDWLRQ
VLQJOH RU PXOWLVKRW HJ 5$5 DQG '$5 WKUHH
SROH '$5 IURP VHFRQG VKRW RQ 7KH VWDQGDUG IXQFWLRQV DOVR LQFOXGH
ZLWK VHSDUDWHO\ DOORFDWHG DFWLRQ WLPHV DQG GHDG WZR ORJLFDO IXQFWLRQV ZLWK WLPH VWDJHV ZKLFK FDQ
WLPHV IRU VLQJOHSROH WKUHHSROH 5$5 UDSLG $5 IRU EH GHILQHG E\ WKH XVHU LQ RUGHU WR FRPELQH GHOD\
ILUVW VKRW DQG WKUHHSROH '$5 GHOD\HG $5 IRU IXU RU SURFHVV H[WHUQDO VLJQDOV
WKHU VKRWV
FRQWLQXRXV VHOIPRQLWRULQJ ULJKW IURP WKH '& FLU
6\QFKURQLVP DQG YROWDJH FKHFN RSWLRQDO FXLWV WKURXJK WKH FXUUHQW DQG YROWDJH WUDQVIRUPHU
LQSXWV WR WKH WULSSLQJ UHOD\V WKXV DFKLHYLQJ PD[L
V\QFKURFKHFN EHIRUH DXWRUHFORVXUH DIWHU WKUHH PXP DYDLODELOLW\ DQG D PRUH FRUUHFWLYH WKDQ SUH
SROH WULS YHQWLYH PDLQWHQDQFH VWUDWHJ\
KLJKVSHHG PHDVXUHPHQW RI YROWDJH GLIIHUHQFH PHDVXUHPHQW DQG WHVW URXWLQHV XQGHU QRUPDO
'8 SKDVH DQJOH GLIIHUHQFH ' DQG IUHTXHQF\ GLI ORDG FRQGLWLRQV
IHUHQFH 'I PHDVXUHPHQW RI ORDG FXUUHQWV DQG RSHUDWLQJ YROW
DJHV
VHWWDEOH DOWHUQDWLYHO\ IRU GHDGOLQH FKHFN DQGRU PHDVXUHPHQW RI SRZHU DQG IUHTXHQF\
GHDGEXV FKHFN RXWSXW RI PHDVXUHG LPSHGDQFHV GLUHFWLRQDO DQG
SKDVH VHTXHQFH FKHFN
DV\QFKURQRXV VZLWFKLQJ SRVVLEOH ZLWK SUHGHWHU
PLQDWLRQ RI WKH LQVWDQW RI V\QFKURQLVP DQQXQFLDWLRQ VWRUDJH DQG WUDQVPLVVLRQ RI WKH ODVW
IRXU QHWZRUN IDXOWV ZLWK UHDO WLPH FORFN
VHWWDEOH PLQLPXP YROWDJH
VWRUDJH RI GDWD RI WKH ODVW WKUHH HDUWK IDXOWV LQ LVR
V\QFKURFKHFN GHDGOLQH FKHFN RU GHDGEXV ODWHG RU DUF FRPSHQVDWHG V\VWHPV
FKHFN DOVR SRVVLEOH EHIRUH PDQXDO FORVH RI WKH
FLUFXLW EUHDNHU GDWD VWRUDJH DQG WUDQVPLVVLRQ IRU IDXOW UHFRUGV
JLYLQJ
PHDVXUHG YROWDJHV FDQ EH FRQQHFWHG HLWKHU UDSLG IDXOW DQDO\VLV
SKDVHWRSKDVH RU SKDVHWRHDUWK GHWDLOHG IDXOW UHFRUGV
'LVWDQFHWRIDXOW ORFDWLRQ FRXQWLQJ RI WULSSLQJ DQG FORVLQJ FRPPDQGV DV

ZHOO DV UHFRUGLQJ RI IDXOW GDWD DQG DFFXPXODWLYH
FDQ EH VWDUWHG E\ IDXOW GHWHFWLRQ RU WULS FRPPDQG DGGLWLRQ RI WKH LQWHUUXSWHG IDXOW FXUUHQWV
RU E\ H[WHUQDO FRPPDQG
FRPPLVVLRQLQJ DLGV VXFK DV GLUHFWLRQDO YHULILFD
FDOFXODWLRQ RI WKH IDXOW GLVWDQFH WLRQ DQG FLUFXLW EUHDNHU OLYH WHVW
&*&
6$ 9 'HVLJQ
'HVLJQ
$UUDQJHPHQWV
$OO SURWHFWLRQ IXQFWLRQV LQFOXGLQJ GFGF FRQYHUWHU 6$4 4&444 LQ KRXVLQJ ;3 IRU
DUH DFFRPPRGDWHG RQ WZR SOXJLQ PRGXOHV RI SDQHO IOXVK PRXQWLQJ RU 6$4 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 SODVWLF
6$4 4%444 LQ KRXVLQJ ;3 IRU 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 RQH
KRXVLQJ $GGLWLRQDOO\ WHUPLQDO LV FRQQHFWHG WR VFUHZHG WHUPLQDO DQG RQH SDUDOOHO VQDSLQ WHUPL
WKH FDVH QDO DUH SURYLGHG )RU ILHOG ZLULQJ WKH XVH RI WKH
VFUHZHG WHUPLQDOV LV UHFRPPHQGHG VQDSLQ FRQ
$OO H[WHUQDO VLJQDOV DUH FRQQHFWHG WR VFUHZHG QHFWLRQ UHTXLUHV VSHFLDO WRROV
WHUPLQDOV ZKLFK DUH DUUDQJHG RYHU FXWRXWV RQ WKH
WRS DQG ERWWRP FRYHUV 7KH WHUPLQDOV DUH QXP 7KH KHDY\ GXW\ FXUUHQW SOXJ FRQQHFWRUV SURYLGH
EHUHG FRQVHFXWLYHO\ IURP OHIW WR ULJKW DW WKH ERW DXWRPDWLF VKRUWLQJ RI WKH FW FLUFXLWV ZKHQHYHU
WRP 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
7KH LVRODWHG LQWHUIDFH WR D FHQWUDO FRQWURO DQG VWRU
WKH PRGXOHV DUH ZLWKGUDZQ 7KLV GRHV QRW UHOHDVH
DJH XQLW 6$4444444% LV OHG WR D SROH
IURP WKH FDUH WR EH WDNHQ ZKHQ FW VHFRQGDU\ FLU
FRQQHFWLRQ PRGXOH ,Q WKH LQWHUIDFH IRU RSWLFDO
FXLWV DUH FRQFHUQHG
ILEUH FRQQHFWLRQ 6$4444444& D PRG
XOH ZLWK )60$ FRQQHFWRUV LV SURYLGHG LQVWHDG
)RU WKH LVRODWHG LQWHUIDFH WR D FHQWUDO FRQWURO DQG
VWRUDJH XQLW DQ DGGLWLRQDO FRXSOLQJ IDFLOLW\ KDV
7KH SOXJ PRGXOHV DUH ODEHOOHG DFFRUGLQJ WR WKHLU
EHHQ SURYLGHG )RU WKH KDUGZLUHG 9 56&
PRXQWLQJ SRVLWLRQ E\ PHDQV RI D JULG V\VWHP HJ
VHULDO LQWHUIDFH 6$4444444% IRXU
$ 7KH LQGLYLGXDO FRQQHFWLRQV ZLWKLQ D PRGXOH
VFUHZHG WHUPLQDOV DUH SURYLGHG )RU WKH LQWHUIDFH
DUH QXPEHUHG FRQVHFXWLYHO\ IURP OHIW WR ULJKW
IRU RSWLFDO ILEUH FRQQHFWLRQ PRGHO 6$4 ZKHQ YLHZHG IURP WKH UHDU HJ $ UHIHU WR
444444& WZR )60$ FRQQHFWRUV KDYH EHHQ )LJXUH
SURYLGHG
'HJUHH RI SURWHFWLRQ IRU WKH KRXVLQJ LV ,3 IRU
7KH GHJUHH RI SURWHFWLRQ IRU WKH KRXVLQJ LV ,3 FXELFOH LQVWDOODWLRQ ,3 IRU WKH WHUPLQDOV ,3
IRU WKH WHUPLQDOV ,3 )RU GLPHQVLRQV SOHDVH UH )RU GLPHQVLRQV SOHDVH UHIHU WR )LJXUH
IHU WR )LJXUH
&*&
6$ 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
&*&
6$ 9 'HVLJQ
'LPHQVLRQV
)LJXUHV DQG VKRZ WKH GLPHQVLRQV RI WKH YDULRXV W\SHV RI KRXVLQJV DYDLODEOH
6$ +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
&*&
6$ 9 'HVLJQ
6$ +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
PD[ PP
RU 0
)XUWKHU FRQQHFWRUV
6FUHZHG WHUPLQDO IRU PD[ PP
7ZLQ VSULQJ FULPS FRQQHFWRU LQ SDUDOOHO IRU
PD[ PP
2SWLFDO ILEUH FRQQHFWRUV
LQWHJUDWHG )60$ FRQQHFWRU
3DQHO FXWRXW ZLWK FHUDPLF SRVW
HJ IRU JODVV ILEUH XP
'LPHQVLRQV LQ PP

)LJXUH 'LPHQVLRQV IRU KRXVLQJ ;3 IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ
&*&
6$ 9 'HVLJQ
2UGHULQJ GDWD
1XPHULFDO GLVWDQFH SURWHFWLRQ
UHOD\ 6$
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 IRU FXELFOH LQVWDOODWLRQ
ZLWKRXW JODVV IURQW (
2SHUDWLQJ ODQJXDJH
*HUPDQ $
(QJOLVK $
)UHQFK %
)DXOW GHWHFWLRQ V\VWHPV

2YHUFXUUHQW IDXOW GHWHFWRUV
2YHUFXUUHQW DQG YROWDJH FRQWUROOHG XQGHULPSHGDQFH 8,

DQG SRO\JRQDO LPSHGDQFH IDXOW GHWHFWRUV
2YHUFXUUHQW DQG XQGHULPSHGDQFH 8, IDXOW GHWHFWRUV
0HDVXUHG FXUUHQW LQSXW IRU HDUWK FXUUHQW
,QSXW IRU ,( UHVLGXDO FXUUHQW RI SURWHFWHG OLQH
,QSXW IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV
,QSXW IRU ,(3 SDUDOOHO OLQH FRPSHQVDWLRQ IRU IDXOW ORFDWLRQ
6HULDO LQWHUIDFH IRU FRXSOLQJ WR D FRQWURO FHQWUH
ZLWKRXW VHULDO LQWHUIDFH $

ZLWK LVRODWHG VHULDO LQWHUIDFH VLPLODU 9 RU 56 & %
ZLWK VHULDO LQWHUIDFH IRU RSWLFDO ILEUH FRQQHFWLRQ &
QH[W SDJH
&*&
6$ 9 'HVLJQ
1XPHULFDO GLVWDQFH SURWHFWLRQ
UHOD\ 6$
6XSSOHPHQWV
$5 $XWR5HFORVXUH
3&2 3DUDPHWHU &KDQJH2YHU IDFLOLW\
6& 6\QFKURQLVP DQG YROWDJH &KHFN
ZLWKRXW $5 ZLWKRXW 6& ZLWKRXW 3&2 $
ZLWK $5 SROH ZLWK 6& ZLWKRXW 3&2 %
ZLWK $5 SROH ZLWK 6& ZLWKRXW 3&2 &
ZLWKRXW $5 ZLWK 6& ZLWK 3&2 (
ZLWK $5 SROH ZLWK 6& ZLWK 3&2 )
ZLWK $5 SROH ZLWK 6& ZLWK 3&2 *
6XSSOHPHQWV
36 3RZHU 6ZLQJ RSWLRQ

() +LJKUHVLVWDQFH (DUWK )DXOW SURWHFWLRQ IRU HDUWKHG V\VWHPV
ZLWKRXW 36 ZLWKRXW ()
ZLWK 36 ZLWKRXW ()
ZLWKRXW 36 ZLWK ()
ZLWK 36 ZLWK ()
RQO\ ZLWK SRO\JRQDO LPSHGDQFH IDXOW GHWHFWRUV WK ILJXUH RI RUGHULQJ FRGH
RQO\ ZLWK HDUWK FXUUHQW LQSXW IRU , RU , WK ILJXUH RI RUGHULQJ FRGH RU
( (3
&*&
6$ 9 7HFKQLFDO GDWD
7HFKQLFDO GDWD
*HQHUDO GDWD
,QSXWVRXWSXWV
0HDVXULQJ FLUFXLWV
5DWHG FXUUHQW ,1 $ RU $
5DWHG YROWDJH 81 9 WR 9 VHWWDEOH
5DWHG IUHTXHQF\ I1 +] RU +] VHWWDEOH
%XUGHQ FW FLUFXLWV SHU SKDVH DQG UHVLGXDO SDWK

DW ,1 $ DSSUR[ 9$
DW ,1 $ DSSUR[ 9$
IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ DW $ DSSUR[ 9$
%XUGHQ YW FLUFXLWV
DW 9 9$
IRU HDUWK IDXOW GHWHFWLRQ RU EXVEDU YROWDJH DW 9 9$
2YHUORDG FDSDELOLW\ FW FLUFXLWV SKDVHV DQG HDUWK

WKHUPDO UPV l,1 IRU VHFRQG
l,1 IRU VHFRQGV
l,1 FRQWLQXRXV
G\QDPLF LPSXOVH l,1 KDOI F\FOH
2YHUORDG FDSDELOLW\ FW FLUFXLW IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ

WKHUPDO UPV $ IRU VHFRQG
$ IRU VHFRQGV
$ FRQWLQXRXV
2YHUORDG FDSDELOLW\ YW FLUFXLWV

WKHUPDO UPV 9 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

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

SLFNHG XS DSSUR[ :
%ULGJLQJ WLPH GXULQJ IDLOXUHVKRUWFLUFXLW

RI DX[LOLDU\ GF YROWDJH | PV DW 8 | 9 GF
&*&
6$ 9 7HFKQLFDO GDWD
+HDY\ GXW\ WULS FRQWDFWV
7ULS UHOD\V QXPEHU

&RQWDFWV SHU UHOD\ 12
6ZLWFKLQJ FDSDFLW\ 0$.( :9$
%5($. :9$
6ZLWFKLQJ YROWDJH 9
3HUPLVVLEOH FXUUHQW $ FRQWLQXRXV
$ IRU V
6LJQDO FRQWDFWV
6LJQDO UHOD\V
&RQWDFWV SHU UHOD\ &2 RU 12
6ZLWFKLQJ FDSDFLW\0$.(%5($. :9$
6ZLWFKLQJ YROWDJH 9
3HUPLVVLEOH FXUUHQW $
%LQDU\ LQSXWV QXPEHU
9ROWDJH UDQJH UHFRQQHFWDEOH WR 9 GF XS WR SURGXFWLRQ VHULHV **

LQ IURP SURGXFWLRQ VHULHV ++ RU ODWHU LQ UDQJHV
IRU UDWHG FRQWURO YROWDJH 9GF 9GF 9GF 9GF
SLFNXS YDOXH DSSUR[ 9GF 9GF 9GF 9GF
0D[ FRQWURO YROWDJH 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 DFFRUGLQJ WR ,(& RU ',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 ZLWK UDWHG IUHTXHQF\
&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 kOLJKW RIIl
&*&
6$ 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 $
&*&
6$ 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
&*&
6$ 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
WURPDJQHWLF FRPSDWLELOLW\ (0& LV HQVXUHG 7KH ,W LV QRW SHUPLVVLEOH WR ZLWKGUDZ RU LQVHUW LQGLYLGX
IROORZLQJ VKRXOG DOVR EH KHHGHG DO 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
VDPH FXELFOH RU RQ WKH VDPH UHOD\ SDQHO DV WKH HOHFWURVWDWLFDOO\ HQGDQJHUHG FRPSRQHQWV PXVW
GLJLWDO SURWHFWLRQ HTXLSPHQW VKRXOG DV D UXOH EH EH REVHUYHG 7KH PRGXOHV DUH QRW HQGDQJHUHG
ILWWHG ZLWK VXLWDEOH VSLNH TXHQFKLQJ HOHPHQWV ZKHQ SOXJJHG LQ
$OO H[WHUQDO FRQQHFWLRQ OHDGV LQ VXEVWDWLRQV IURP :$51,1* 7KH UHOD\ LV QRW GHVLJQHG IRU XVH LQ UHVL
N9 XSZDUGV VKRXOG EH VFUHHQHG ZLWK D GHQWLDO FRPPHUFLDO RU OLJKWLQGXVWULDO 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 6HFWLRQ
:HLJKW IURP SURGXFWLRQ VHULHV ++ RU ODWHU

XS WR ** LQ SDUHQWKHVLV
LQ KRXVLQJ IRU VXUIDFH PRXQWLQJ DSSUR[ NJ NJ
LQ KRXVLQJ IRU IOXVK PRXQWLQJ DSSUR[ NJ 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
&*&
6$ 9 7HFKQLFDO GDWD
'LVWDQFH SURWHFWLRQ
(DUWK LPSHGDQFH PDWFKLQJ

5(5/ WR VWHSV
;(;/ WR VWHSV
0XWXDO LPSHGDQFH PDWFKLQJ IRU IDXOW ORFDWLRQ ZLWK SDUDOOHO OLQH

FRPSHQVDWLRQ RSWLRQDO
505/ WR VWHSV
;0;/ WR VWHSV
3KDVH SUHIHUHQFHV
IRU GRXEOH HDUWK IDXOWV SKDVH WR SKDVH RU
LQ VROLGO\ HDUWKHG V\VWHPV OHDGLQJ SKDVH WR HDUWK RU
ODJJLQJ SKDVH WR HDUWK
IRU GRXEOH HDUWK IDXOWV / / RU / / DF\FOLF RU
LQ LVRODWHG RU / / RU / / DF\FOLF RU
DUF FRPSHQVDWHG V\VWHPV / / RU / / DF\FOLF RU
/ / RU / / F\FOLF
'LVSODFHPHQW YROWDJH SLFNXS 8H! c 8
LQ LVRODWHG RU DUF FRPSHQVDWHG V\VWHPV 9 WR 9 VWHSV 9
)DXOW GHWHFWLRQ
2YHUFXUUHQW IDXOW GHWHFWLRQ JHQHUDO IDXOW GHWHFWLRQ SDUDPHWHUV
3KDVH FXUUHQWV ,SK!!,1 WR VWHSV
(DUWK FXUUHQW ,H!,1 WR VWHSV
'LVSODFHPHQW YROWDJH SLFNXS 8H! c 8 9 WR 9 VWHSV 9 *
'URSRII UDWLRV DSSUR[
0HDVXULQJ WROHUDQFHV DFFRUGLQJ 9'( SDUW
9ROWDJH FRQWUROOHG FXUUHQW IDXOW GHWHFWLRQ XQGHULPSHGDQFH IDXOW GHWHFWLRQ RSWLRQDO

&KDUDFWHULVWLF WZRVWDJH ZLWK VHWWDEOH LQFOLQDWLRQ
9ROWDJH FRQWURO E\ 8SKH RU 8SKSK VHOHFWDEOH
6HWWLQJ UDQJHV
PLQLPXP FXUUHQW SLFNXS ,SK! WR k ,1 VWHSV k ,1
8QGHUYROWDJH SLFNXS 8SKH 9 WR 9 VWHSV 9
8SKSK 9 WR 9 VWHSV 9
'URSRII UDWLRV
,SK! DSSUR[
8SKH 8SKSK DSSUR[

&KDUDFWHULVWLF SRO\JRQDO SKDVH DQJOH GHSHQGHQW 5VHFWLRQ
6HWWLQJ YDOXHV EDVHG RQ ,1 $
;$ IRUZDUGV UHDFK IRU DOO IDXOWV 8 WR 8 VWHSV 8
;$ UHYHUVH UHDFK IRU DOO IDXOWV 8 WR 8 VWHSV 8
5$ UHVLVWDQFH WROHUDQFH SKDVHSKDVH 6& ! $ 8 WR 8 VWHSV 8
5$ UHVLVWDQFH WROHUDQFH SKDVHSKDVH 6& $ 8 WR 8 VWHSV 8
$ OLPLW DQJOH EHWZHHQ 5$ DQG 5$ WR VWHSV
5$( UHVLVWDQFH WROHUDQFH SKDVHHDUWK 6& ! $( 8 WR 8 VWHSV 8
5$( UHVLVWDQFH WROHUDQFH SKDVHHDUWK 6& $( 8 WR 8 VWHSV 8
$( OLPLW DQJOH EHWZHHQ 5$( DQG 5$( WR VWHSV
,SK! PLQLPXP RSHUDWLQJ SKDVH FXUUHQW WR ,1 VWHSV k ,1
'URSRII UDWLRV
IRU 5 ; DSSUR[
IRU ,SK! DSSUR[ IRU , | ,1
6HFRQGDU\ YDOXHV DUH UHODWHG RQ ,1 $ IRU ,1 $ WKH YDOXHV DUH WR EH GLYLGHG E\
&*&
6$ 9 7HFKQLFDO GDWD
0HDVXULQJ WROHUDQFHV DFFRUGLQJ 9'( SDUW '; $ IRU $ $
VF
ZLWK VLQXVRLGDO TXDQWLWLHV ;
'5 $ IRU $ $
VF
5
'LVWDQFH PHDVXUHPHQW
&KDUDFWHULVWLF SRO\JRQDO LQGHSHQGHQW FRQWUROOHG VWDJHV
6HWWLQJ YDOXHV EDVHG RQ ,1 $

; IRUZDUGV UHDFK IRU DOO IDXOWV 8 WR 8 VWHSV 8
5 UHVLVWDQFH WROHUDQFH SKDVHSKDVH 8 WR 8 VWHSV 8
5( UHVLVWDQFH WROHUDQFH SKDVHHDUWK 8 WR 8 VWHSV 8
0HDVXULQJ WROHUDQFHV DFFRUGLQJ 9'( SDUW '; $ IRU $ $
VF
ZLWK VLQXVRLGDO TXDQWLWLHV ;
'5 $ IRU $ $
VF
5
)RU DOO W\SHV RI IDXOWV ZLWK TXDGUDWXUH YROWDJHV DQG

YROWDJH PHPRU\
6HQVLWLYLW\ G\QDPLFDOO\ XQOLPLWHG
7LPHV
6KRUWHVW WULSSLQJ WLPH DSSUR[ PV

'URSRII WLPH DSSUR[ PV
7LPH VWDJHV
6HWWLQJ UDQJHV V WR V VWHSV V
IRU DOO VWDJHV RU * LH VWDJH LQHIIHFWLYH
7LPH H[SLU\ WROHUDQFHV { RI VHW YDOXH RU PV
$OO VWDJHV FDQ EH VHW WR RSHUDWH LQ IRUZDUG RU UHYHUVH GLUHFWLRQ RU QRQGLUHFWLRQDO 7KH VHW WLPHV DUH SXUH GHOD\ WLPHV
2YHUFXUUHQW HPHUJHQF\ SURWHFWLRQ
ZLWK PHDVXUHG YROWDJH IDLOXUH HJ 97 VHFRQGDU\ PFE WULS RU GHWHFWHG IXVH IDLOXUH
+LJKVHW SKDVH RYHUFXUUHQW ,!!,1 WR VWHSV

'HILQLWH WLPH GHOD\ 7,!! V WR V VWHSV V
RU * LH VWDJH LQHIIHFWLYH
3KDVH RYHUFXUUHQW ,SK!,1 WR VWHSV
'HILQLWH WLPH GHOD\ 7,SK! V WR V VWHSV V
(DUWK RYHUFXUUHQW ,(!,1 WR VWHSV
'HILQLWH WLPH GHOD\ 7,(! V WR V VWHSV V
'URSRII UDWLRV
IRU , | ,1 DSSUR[
IRU , | [ ,1 DSSUR[
&*&
6$ 9 7HFKQLFDO GDWD
3RZHU VZLQJ VXSSOHPHQW RSWLRQDO RQO\ ZLWK LPSHGDQFH IDXOW GH
WHFWLRQ
3RZHU VZLQJ GHWHFWLRQ UDWH RI FKDQJH RI WKH LPSHGDQFH YHFWRU

EHWZHHQ kSRZHU VZLQJ SRO\JRQl DQG
kIDXOW GHWHFWLRQ SRO\JRQl
6HWWLQJ WKH GLIIHUHQFH '5 EHWZHHQ WKH SRO\JRQV 8 WR 8 VWHSV 8
VHFRQGDU\ EDVHG RQ ,1 $
6HWWLQJ UDWH RI FKDQJH G5G7 8V WR 8V VWHSV 8V
3URJUDPV EORFN ILUVW GLVWDQFH ]RQH RQO\

EORFN DOO ]RQHV EXW ILUVW ]RQH
EORFN DOO GLVWDQFH ]RQHV
RXWRIVWHS WULSSLQJ
$FWLRQ WLPH V WR V VWHSV V

RU * LH XQWLO GURSRII RI WKH SRZHU VZLQJ
SRO\JRQ
7HOHSURWHFWLRQ LQWHUIDFH
7HOHSURWHFWLRQ PRGHV VHOHFWDEOH
3HUPLVVLYH XQGHUUHDFK WUDQVIHU WULS IDXOW GHWHFWLRQ DFFHOHUDWLRQ

]RQH DFFHOHUDWLRQ VSHFLDO ]RQH =%
7UDQVPLW VLJQDO SURORQJDWLRQ V WR V VWHSV V

7UDQVPLW VLJQDO GHOD\ V WR V VWHSV V
5HFHLYHG VLJQDO SURORQJDWLRQ V WR V VWHSV V
3HUPLVVLYH RYHUUHDFK WUDQVIHU WULS UHOHDVH RYHUUHDFKLQJ ]RQH =%

UHOHDVH IDXOW GHWHFWLRQ ]RQH GLUHFWLRQDO
XQEORFNLQJ ]RQH =%
XQEORFNLQJ IDXOW GHWHFWLRQ ]RQH GLUHFWLRQDO
EORFNLQJ ]RQH =%
7UDQVPLW VLJQDO SURORQJDWLRQ V WR V VWHSV V

7UDQVPLW VLJQDO GHOD\ V WR V VWHSV V
(FKR GHOD\ WLPH V WR V VWHSV V *
(FKR SXOVH GXUDWLRQ V WR V VWHSV V
(FKR EORFN GXUDWLRQ V WR V VWHSV V
7UDQVLHQW EORFNLQJ WLPH V WR V VWHSV V
:DLWLQJ WLPH IRU WUDQVLHQW EORFNLQJ V WR V VWHSV V *
2YHUUHDFKLQJ WUDQVIHU YLD SLORW ZLUHV 1& OLQN ZLWK '& FRQWURO FDEOH DQG VXSSOHPHQWDU\
DX[LOLDU\ UHOD\
5HYHUVH LQWHUORFNLQJ ZLWK 12 RU 1& LQWHUORFN ORRS
&*&
6$ 9 7HFKQLFDO GDWD
1XPEHU
ORJLFDO LQSXWV YLD ELQDU\ LQSXW 6WDUW DQG 6WRS

ORJLFDO RXWSXWV IRU ELQDU\ RXWSXWV WLPH H[SLUHG
RSHUDWLQJ WLPH DSSUR[ PV
GHOD\ V WR V VWHSV V
WLPH WROHUDQFH RI VHW YDOXH RU PV
7KH GHOD\ WLPHV GR QRW LQFOXGH WKH LQKHUHQW RSHUDWLQJ WLPHV
6HWWLQJ UDQJHVVWHSV
)DFWRU N DFFRUGLQJ WR ,(& WR VWHSV

7LPH FRQVWDQW U WR PLQ VWHSV PLQ
7KHUPDO ZDUQLQJ VWDJH 3ZDUQ3WULS WR UHIHUUHG WR WULS
WHPSHUDWXUH ULVH VWHSV
&XUUHQW ZDUQLQJ VWDJH ,ZDUQ,1 WR VWHSV

7ULS WLPH FKDUDFWHULVWLF Æ,N ô , 1É Æ,SUHN ô ,1É
W
U ô OQ
Æ,N ô , 1É
W WULS WLPH
U WLPH FRQVWDQW
, ORDG FXUUHQW
,SUH SUHORDG FXUUHQW
N IDFWRU DFFRUGLQJ WR ,(&
UHIHU DOVR WR )LJXUHV DQG
'URSRII UDWLRV
33WULS DSSUR[
33ZDUQ DSSUR[
,,ZDUQ DSSUR[
7ROHUDQFHV
UHIHUULQJ WR Ni ,1
UHIHUULQJ WR WULS WLPH V
,QIOXHQFH YDULDEOHV UHIHUUHG WR Ni,1

$X[LOLDU\ GF YROWDJH LQ UDQJH { 8+8+1 { {
7HPSHUDWXUH LQ UDQJH & { DPE { & { .
)UHTXHQF\ LQ UDQJH { II1 { {
&*&
6$ 9 7HFKQLFDO GDWD
WPLQ WPLQ

3DUDPHWHU 3DUDPHWHU
VHWWLQJ YDOXH VHWWLQJ YDOXH
WLPH FRQVWDQW WLPH FRQVWDQW
UPLQ UPLQ

,N k ,1 ,N k ,1
Æ,N ô ,1É
Æ,N ô , 1É Æ,SUHN ô ,1É

W
U ô OQ W
U ô OQ
Æ,N ô , 1É
Æ,N ô , 1É
IRU SUHORDG
)LJXUH 7ULS WLPH FKDUDFWHULVWLF RI RYHUORDG )LJXUH 7ULS WLPH FKDUDFWHULVWLF RI RYHUORDG
SURWHFWLRQ ZLWKRXW SUHORDG SURWHFWLRQ ZLWK SUHORDG
&*&
6$ 9 7HFKQLFDO GDWD
(DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV RSWLRQDO
'HWHFWLRQ
'LVSODFHPHQW YROWDJH 8H! 9 WR 9 VWHSV 9
'HOD\ DSSUR[ V VHWWDEOH XS WR V

RSWLRQDO WULS
0HDVXULQJ WROHUDQFH DFFRUGLQJ 9'( SDUW { RI VHW YDOXH
)DXOWHG SKDVH GHWHUPLQDWLRQ
0HDVXULQJ SULQFLSOH YROWDJH PHDVXUHPHQW SKDVH WR HDUWK
8 IDXOWHG SKDVH 9 WR 9 VWHSV 9

8! XQIDXOWHG SKDVHV 9 WR 9 VWHSV 9
0HDVXULQJ SULQFLSOH PHDVXUHPHQW RI DFWLYH DQG UHDFWLYH SRZHU
3LFNXS YDOXH ,H! DFWLYH RU UHDFWLYH FRPSRQHQW P$ WR P$ VWHSV P$

&7 DQJOH HUURU FRUUHFWLRQ WR VWHSV IRU RSHUDWLQJ SRLQWV
RI WKH &7 FKDUDFWHULVWLF

IRU WDQ { ZLWK DFWLYH FRPSRQHQW
&*&
6$ 9 7HFKQLFDO GDWD
+LJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ VROLGO\ HDUWKHG V\VWHPV

RSWLRQDO
)DXOW GHWHFWLRQ
(DUWK FXUUHQW SLFNXS ,(!,1 IRU WULS WR VWHSV
/RZHU SLFNXS YDOXH IRU PHDVXUHPHQW UHOHDVH ,(!,1
'LVSODFHPHQW YROWDJH 8(! 9 WR 9 VWHSV 9
'URSRII UDWLR DSSUR[

0HDVXULQJ SULQFLSOH ZLWK ,( , DQG 8( c 8
)RUZDUGV DQJOH DSSUR[ E WR E

0HDVXULQJ WROHUDQFHV DW 81 DQG ,1 { E
ZLWK VLQXVRLGDO TXDQWLWLHV
'LUHFWLRQDO FRPSDULVRQ UHOHDVH PRGH
7LPHV
6KRUWHVW WULSSLQJ WLPH DSSUR[ PV

5HRULHQWDWLRQ WLPH DIWHU FKDQJH RI GLUHFWLRQ DSSUR[ PV
7ULS GHOD\ WLPH V WR V VWHSV V *

%DFNXS WLPH 7 GLUHFWLRQDO V WR V VWHSV V *
%DFNXS WLPH 7 QRQGLUHFWLRQDO V WR V VWHSV V *
(FKR GHOD\ WLPH V WR V VWHSV V *
(FKR SXOVH GXUDWLRQ V WR V VWHSV V
(FKR EORFN GXUDWLRQ V WR V VWHSV V
7UDQVLHQW EORFNLQJ WLPH V WR V VWHSV V
:DLWLQJ WLPH IRU WUDQVLHQW EORFNLQJ V WR V VWHSV V *
7LPH H[SLU\ WROHUDQFHV { RU PV
,QYHUVH WLPH HDUWK IDXOW EDFNXS SURWHFWLRQ
FDQ EH XVHG LQVWHDG RI WKH HDUWK IDXOW SURWHFWLRQ DV GHVFULEHG EHIRUH
&KDUDFWHULVWLFV QRUPDO LQYHUVH RU

YHU\ LQYHUVH RU
H[WUHPHO\ LQYHUVH
W\SH $ RU % RU & DFFRUGLQJ ,(&
RU %6 UHIHU WR )LJXUH
3LFNXS YDOXH ,(!,1 WR VWHSV

7LPH VHWWLQJ 7,(! V WR V VWHSV V *
FRUUHVSRQGV WR 70 IDFWRU WR VWHSV *
0HDVXULQJ WROHUDQFHV
HDUWK FXUUHQW SLFNXS YDOXH WR
WLPH H[SLU\ { PV IRU { ,,( { DQG
{ 7,(V {
&*&
6$ 9 7HFKQLFDO GDWD
W>V@ W>V@

7 >V@ 7 >V@
,( ,(

, , (
, ,
(
7 7

ô ,(
W
ô ,(
>V@
1RUPDO LQYHUVH W
Æ,, É
>V@ 9HU\ LQYHUVH
Æ,, É
(
(

W>V@

7,( FRUUHVSRQGV WR WKH
XVXDO WLPH PXOWLSOLHU 70

7 >V@
,(

W WULSSLQJ WLPH
7,( VHW WLPH GHOD\

SDUDPHWHU 7,H!
, HDUWK IDXOW FXUUHQW
,( VHW HDUWK IDXOW SLFNXS YDOXH

SDUDPHWHU ,H!

, , (
7

([WUHPHO\ LQYHUVH W
ô ,(
>V@
Æ,, É

(

)LJXUH 7ULSSLQJ WLPH FKDUDFWHULVWLFV RI LQYHUVH WLPH HDUWK IDXOW SURWHFWLRQ
&*&
6$ 9 7HFKQLFDO GDWD
$XWRUHFORVXUH RSWLRQDO
0D[ QXPEHU RI SRVVLEOH VKRWV 5$5 ILUVW VKRW

XS WR '$5 IXUWKHU VKRWV
$XWRUHFORVH PRGHV VLQJOHSROH RU WKUHHSROH RU

VLQJOHWKUHHSROH VW VKRW 5$5
IXUWKHU VKRWV WKUHHSROH '$5
$FWLRQ WLPHV V WR V VWHSV V

5$5 GHDG WLPH VLQJOHSROH V WR V VWHSV V
5$5 GHDG WLPH WKUHHSROH V WR V VWHSV V
'$5 GHDG WLPHV V WR V VWHSV V
'LVFULPLQDWLRQ WLPH IRU HYROYLQJ IDXOWV V WR V VWHSV V
5HFODLP WLPH V WR V VWHSV V

/RFNRXW WLPH V WR V VWHSV V *
5HFODLP WLPH DIWHU PDQXDO FORVH V WR V VWHSV V
'XUDWLRQ RI 5(&/26( FRPPDQG V WR V VWHSV V
2SHUDWLRQ PRGHV
&KHFN SURJUDPV IRU DXWRUHFORVH V\QFKURFKHFN

GHDGOLQH OLYHEXV FKHFN
GHDGEXV OLYHOLQH FKHFN
GHDGEXV GHDGOLQH FKHFN
RU FRPELQDWLRQV
&KHFN SURJUDPV IRU PDQXDO FORVH VDPH DV IRU DXWRUHFORVH LQGHSHQGHQW VHWWLQJ
9ROWDJHV
8 IRU GHDGOLQH RU GHDGEXV FKHFN 9 WR 9 VWHSV 9

8! IRU OLYHOLQH RU OLYHEXV FKHFN 9 WR 9 VWHSV 9
'8 PHDVXUHPHQW
VHWWLQJ UDQJH 9 WR 9 VWHSV 9
PHDVXULQJ WROHUDQFH 9
' PHDVXUHPHQW
VHWWLQJ UDQJH WR VWHSV
PHDVXULQJ WROHUDQFH
'I PHDVXUHPHQW
VHWWLQJ UDQJH IRU DV\QFKURQRXV VZLWFKLQJ +] WR +] VWHSV +]
VHWWLQJ UDQJH IRU V\QFKURQRXV VZLWFKLQJ +] WR +] VWHSV +] *
PHDVXULQJ WROHUDQFH P+]
PLQ RSHUDWLQJ YROWDJH 9
7LPHV
PLQLPXP PHDVXULQJ WLPH DSSUR[ PV
DFWLYH WLPH V WR V VWHSV V
&*&
6$ 9 7HFKQLFDO GDWD
)DXOW ORFDWLRQ
2XWSXW RI IDXOW GLVWDQFH LQ 8 SULPDU\

LQ 8 VHFRQGDU\
LQ NP OLQH OHQJWK
LQ SHUFHQW OLQH OHQJWK
6WDUWWRPHDVXUH FRPPDQG E\ WULS VLJQDO RU E\ GURSRII RI IDXOW GHWHFWLRQ

RU E\ H[WHUQDO FRPPDQG YLD ELQDU\ LQSXW
6HWWLQJ UHDFWDQFH SHU XQLW OLQH OHQJWK VHFRQGDU\ 8NP WR 8NP VWHSV 8NP
3DUDOOHO OLQH PXWXDO FRPSHQVDWLRQ FDQ EH RUGHUHG DV DQ RSWLRQ

VHWWLQJ RI PDWFKLQJ UHIHU WR 6HFWLRQ
0HDVXULQJ WROHUDQFHV DFFRUGLQJ 9'( SDUW { RI OLQH OHQJWK ZLWKRXW LQWHUPHGLDWH
VLQXVRLGDO TXDQWLWLHV LQIHHG
IRU { VF { DQG 8VF81 |

2XWSXW RI IDXOW GLVWDQFH LQ NP RU PLOHV RU SHUFHQWV RQO\ IRU KRPRJHQHRXV OLQHV :KHQ VHWWLQJ UHODWHG UHDFWDQFH LQ 8PLOH
WKH RXWSXW FDQ EH UHDG LQ PLOHV
&*&
6$ 9 7HFKQLFDO GDWD
$QFLOODU\ IXQFWLRQV
2XWSXW RI PHDVXUHG YDOXHV

2SHUDWLRQDO YDOXHV RI FXUUHQWV ,/ ,/ ,/
LQ $ SULPDU\ DQG LQ ,1
UDQJH WR ,1
WROHUDQFH RI ,1 IRU , ,1
RI PHDV YDOXH IRU , ! ,1
2SHUDWLRQDO YDOXHV RI YROWDJHV 8/ ( 8/ ( 8/ (

LQ N9 SULPDU\ DQG LQ 81c
UDQJH WR 81c
WROHUDQFH RI 81
2SHUDWLRQDO YDOXHV RI YROWDJHV 8/ / 8/ / 8/ /

LQ N9 SULPDU\ DQG LQ 81
UDQJH WR 81
WROHUDQFH RI 81
2SHUDWLRQDO YDOXHV RI SRZHUV 3D 3U DFWLYH DQG UHDFWLYH SRZHU

LQ 0: RU 09$U SULPDU\ DQG
LQ 61 c 81 ,1
UDQJH WR 61
WROHUDQFH RI 61
2SHUDWLRQDO YDOXH RI IUHTXHQF\ I

LQ I1
UDQJH WR I1
WROHUDQFH RI I1
2SHUDWLRQDO YDOXHV RI RYHUORDG SURWHFWLRQ FDOFXODWHG WHPSHUDWXUH ULVH UHODWHG RQ

WULS WHPSHUDWXUH ULVH
(DUWK IDXOW PHDVXUHG YDOXHV LQ QRQHDUWKHG V\VWHPV ,(D ,(U DFWLYH DQG UHDFWLYH HDUWK FXUUHQW
PRGHOV ZLWK VHQVLWLYH UHVLGXDO FXUUHQW LQSXW LQ $ SULPDU\ DQG P$ DW UHOD\ LQSXW
0HDVXUHG YDOXHV SODXVLELOLW\ FKHFNV

6XP RI FXUUHQWV SKDVHV DQG HDUWK
6XP RI YROWDJHV SKDVHV DQG HDUWK

SKDVHWRSKDVH
SKDVHWRSKDVH DJDLQVW SKDVHWRHDUWK
6WHDG\VWDWH PHDVXUHG YDOXH VXSHUYLVLRQ

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

SKDVHWRSKDVH DQG SKDVHWRHDUWK DV ORQJ DV 8 ! 8OLPLW
9ROWDJH IDLOXUH WKUHHSKDVH _8_ OLPLW YROWDJH DV ORQJ DV _,PD[_ ! OLPLW FXUUHQW
9ROWDJH IDLOXUH VLQJOHSKDVH 8(! DQG ,(
3KDVH VHTXHQFH FORFNZLVH SKDVH URWDWLRQ
&*&
6$ 9 7HFKQLFDO GDWD
)DXOW HYHQW GDWD VWRUDJH
6WRUDJH RI DQQXQFLDWLRQV RI WKH ODVW IRXU IDXOW HYHQWV WKH WKUHH ODVW FDQ EH UHDG RXW ORFDOO\
5HDO WLPH FORFN
5HVROXWLRQ IRU RSHUDWLRQDO DQQXQFLDWLRQV PLQ PV ZLWK SHUVRQDO FRPSXWHU

5HVROXWLRQ IRU IDXOW HYHQW DQQXQFLDWLRQV PV
5HVROXWLRQ IR HDUWK IDXOW DQQXQFLDWLRQV PV
0D[ WLPH GHYLDWLRQ

%XIIHU EDWWHU\ /LWKLXP%DWWHU\ 9 $K 7\SH &5 $$
6HOIGLVFKDUJH WLPH ! \HDUV
'DWD VWRUDJH IRU IDXOW UHFRUGLQJ
6WRUDJH SHULRG IDXOW GHWHFWLRQ RU WULS FRPPDQG PV

PD[ V VHOHFWDEOH SUHWULJJHU DQG SRVWIDXOW WLPH
6DPSOLQJ UDWH LQVWDQWDQHRXV YDOXH SHU PV DW +]

LQVWDQWDQHRXV YDOXH SHU PV DW +]
&LUFXLW EUHDNHU RSHUDWLRQ ORJ
1XPEHU RI VWRUHG WULS HYHQWV FDXVHG E\ 6$ XS WR GHFLPDO GLJLWV

SROH VHJUHJDWHG
1XPEHU RI VWRUHG UHFORVH HYHQWV XS WR GHFLPDO GLJLWV

IRU HDFK NLQG RI DXWRUHFORVXUH
7RWDO RI WULSSHG FXUUHQWV XS WR GHFLPDO GLJLWV SOXV DIWHU GHFLPDO SRLQW

SROH VHJUHJDWHG
7ULS FRPPDQG DQG DQQXQFLDWLRQV YLD ELQDU\ LQSXW
XVHU GHILQDEOH WULS FRPPDQG IRU DQQXQFLDWLRQ SURFHVVLQJ DQG GLUHFW ORFDO WULS
XVHU GHILQDEOH DQQXQFLDWLRQV IRU DQQXQFLDWLRQ SURFHVVLQJ
&RPPLVVLRQLQJ DLGV
3KDVH VHTXHQFH DQG GLUHFWLRQDO FKHFN
&LUFXLW EUHDNHU WHVW

ZLWK DXWRUHFORVXUH VLQJOHSROH RU WKUHHSROH
ZLWKRXW DXWRUHFORVXUH WKUHHSROH
6WRUDJH RI D WHVW UHFRUG
&*&
6$9 0HWKRG RI RSHUDWLRQ
0HWKRG RI RSHUDWLRQ
2SHUDWLRQ RI FRPSOHWH XQLW
7KH QXPHULFDO GLVWDQFH SURWHFWLRQ 6,3527(& 7KH WUDQVGXFHUV RI WKH PHDVXUHG YDOXH LQSXW VHF
6$ LV HTXLSSHG ZLWK D SRZHUIXO DQG SURYHQ WLRQ 0( WUDQVIRUP WKH FXUUHQWV DQG YROWDJHV IURP WKH
ELW PLFURSURFHVVRU 7KLV SURYLGHV IXOO\ GLJLWDO SUR PHDVXUHPHQW WUDQVIRUPHUV RI WKH VZLWFKJHDU DQG
FHVVLQJ RI DOO IXQFWLRQV IURP GDWD DFTXLVLWLRQ RI PHD PDWFK WKHP WR WKH LQWHUQDO SURFHVVLQJ OHYHO RI WKH
VXUHG YDOXHV WR WKH WULS VLJQDOV IRU WKH FLUFXLW EUHDN XQLW $SDUW IURP WKH JDOYDQLF DQG ORZFDSDFLWLYH LVR
HUV ODWLRQ SURYLGHG E\ WKH LQSXW WUDQVIRUPHUV ILOWHUV DUH
SURYLGHG IRU WKH VXSSUHVVLRQ RI LQWHUIHUHQFH 7KH ILO
)LJXUH VKRZV WKH EDVH VWUXFWXUH RI WKH XQLW WHUV KDYH EHHQ RSWLPL]HG ZLWK UHJDUG WR EDQGZLGWK
/ / / 0( $(
¬ /&' GLVSOD\
[
FKDUDFWHUV
)DXOW
5HDG\
VLJQDOV
FDQ EH PDU
VKDOOHG
N&
/(' FDQ EH
PDUVKDOOHG
/('
&: 5HVHW [ WULS FRP
5 PDQGV FDQ EH
PDUVKDOOHG
2SHUDWRU )
SDQHO *
'$
06 -< 1 (
6HULDO
LQWHUIDFH &RQWURO FHQWUH
ELQDU\ LVRODWHG
LQSXWV FDQ EH
PDUVKDOOHG
6HULDO 3HUVRQDO
LQWHUIDFH FRPSXWHU
3RZHU
VXSSO\
)LJXUH +DUGZDUH VWUXFWXUH RI GLVWDQFH SURWHFWLRQ UHOD\ 6$
&*&
DQG SURFHVVLQJ VSHHG WR VXLW WKH PHDVXUHG YDOXH $Q LQWHJUDWHG PHPEUDQH NH\ERDUG LQ FRQQHFWLRQ
SURFHVVLQJ 7KH PDWFKHG DQDORJ YDOXHV DUH WKHQ ZLWK D EXLOWLQ DOSKDQXPHULFDO /&' GLVSOD\ HQDEOHV
SDVVHG WR WKH DQDORJ LQSXW VHFWLRQ $( FRPPXQLFDWLRQ ZLWK WKH XQLW $OO RSHUDWLRQDO GDWD
VXFK DV VHWWLQJ YDOXHV SODQW GDWD HWF DUH HQWHUHG
7KH DQDORJ LQSXW VHFWLRQ $( FRQWDLQV LQSXW DPSOLIL LQWR WKH SURWHFWLRQ IURP WKLV SDQHO UHIHU 6HFWLRQ
HUV VDPSOH DQG KROG HOHPHQWV IRU HDFK LQSXW DQD 8VLQJ WKLV SDQHO WKH SDUDPHWHUV FDQ EH UHFDOOHG DQG
ORJWRGLJLWDO FRQYHUWHUV DQG PHPRU\ FLUFXLWV IRU WKH WKH UHOHYDQW GDWD IRU WKH HYDOXDWLRQ RI D IDXOW FDQ EH
GDWD WUDQVIHU WR WKH PLFURSURFHVVRU UHDG RXW DIWHU D IDXOW KDV RFFXUUHG UHIHU 6HFWLRQ
7KH GLDORJ ZLWK WKH UHOD\ FDQ EH FDUULHG RXW DOWHUQD
$SDUW IURP FRQWURO DQG VXSHUYLVLRQ RI WKH PHDVXUHG WLYHO\ YLD WKH VHULDO LQWHUIDFH LQ WKH IURQW SODWH E\
YDOXHV WKH PLFURSURFHVVRU SURFHVVHV WKH DFWXDO PHDQV RI D SHUVRQDO FRPSXWHU
SURWHFWLYH IXQFWLRQV 7KHVH LQFOXGH LQ SDUWLFXODU
9LD D VHFRQG VHULDO LQWHUIDFH RSWLRQ IDXOW GDWD FDQ
)LOWHULQJ DQG IRUPDWLRQ RI WKH PHDVXUHG TXDQWL EH WUDQVPLWWHG WR D FHQWUDO HYDOXDWLRQ XQLW 'XULQJ
WLHV KHDOWK\ RSHUDWLRQ PHDVXUHG YDOXHV FDQ DOVR EH
&RQWLQXRXV FDOFXODWLRQ RI WKH YDOXHV ZKLFK DUH WUDQVPLWWHG HJ ORDG FXUUHQWV 7KLV VHFRQG LQWHU
UHOHYDQW IRU IDXOW GHWHFWLRQ IDFH LV LVRODWHG DQG WKXV VDWLVILHV WKH UHTXLUHPHQWV
'HWHUPLQDWLRQ RI WKH IDXOWHG SKDVHV LQ FDVH RI D IRU H[WHUQDO VLJQDOV LH LVRODWLRQ DQG LQWHUIHUHQFH
IDXOW VXSSUHVVLRQ FRPSO\ ZLWK WKH UHTXLUHPHQWV DFFRUG
LQJ WR ,(& DQG 9'( SDUW
6FDQQLQJ RI OLPLW YDOXHV DQG WLPH VHTXHQFHV
&RQWUROOLQJ RI VLJQDOV DQG VHTXHQFHV IRU WHOHSUR &RPPXQLFDWLRQ YLD WKLV LQWHUIDFH LV DOWHUQDWLYHO\ SRV
WHFWLRQ DXWRUHFORVXUH HWF VLEOH E\ PHDQV RI ILEUH RSWLF OLQNV SURYLGHG WKLV LQ
'HFLVLRQ DERXW WULS DQG FORVH FRPPDQGV WHUIDFH LV DFFRUGLQJO\ RUGHUHG UHIHU 6HFWLRQ 2U
6WRUDJH RI LQVWDQWDQHRXV FXUUHQW DQG YROWDJH YDO GHULQJ GDWD
XHV GXULQJ D IDXOW IRU DQDO\VLV
$ SRZHU VXSSO\ XQLW SURYLGHV WKH DX[LOLDU\ VXSSO\ RQ
%LQDU\ LQSXWV DQG RXWSXWV WR DQG IURP WKH SURFHVVRU WKH YDULRXV YROWDJH OHYHOV WR WKH GHVFULEHG IXQFWLRQDO
DUH FKDQQHOOHG YLD WKH LQSXWRXWSXW HOHPHQWV )URP XQLWV 9 LV XVHG IRU WKH UHOD\ RXWSXWV 7KH DQDORJ
WKHVH WKH SURFHVVRU UHFHLYHV LQIRUPDWLRQ IURP WKH LQSXW UHTXLUHV 9 ZKHUHDV WKH SURFHVVRU DQG LWV
VZLWFKJHDU HJ UHPRWH UHVHWWLQJ RU IURP RWKHU LPPHGLDWH SHULSKHUDOV DUH VXSSOLHG ZLWK 9 7UDQ
HTXLSPHQW HJ EORFNLQJ VLJQDOV 2XWSXWV LQFOXGH VLHQW IDLOXUHV LQ WKH VXSSO\ YROWDJH XS WR PV
LQ SDUWLFXODU WULS FRPPDQGV WR WKH FLUFXLW EUHDNHUV ZKLFK PD\ RFFXU GXULQJ VKRUWFLUFXLWV LQ WKH GF
VLJQDOV IRU UHPRWH VLJQDOOLQJ RI LPSRUWDQW HYHQWV DQG VXSSO\ V\VWHP RI WKH SODQW DUH EULGJHG E\ D GF YROW
FRQGLWLRQV DV ZHOO DV YLVXDO LQGLFDWRUV /('V DQG DQ DJH VWRUDJH HOHPHQW UDWHG DX[LOLDU\ YROWDJH |
DOSKDQXPHULFDO GLVSOD\ RQ WKH IURQW 9GF
&*&
'LVWDQFH SURWHFWLRQ
'LVWDQFH SURWHFWLRQ LV WKH PDLQ IXQFWLRQ RI WKH UHOD\ 7KH RYHUFXUUHQW IDXOW GHWHFWLRQ RSHUDWHV ZLWK KLJK
,W LV FKDUDFWHUL]HG E\ KLJK PHDVXULQJ DFFXUDF\ DQG VKRUW FLUFXLW FXUUHQWV ,I WKHUH LV QR VLJQLILFDQW GLIIHU
IOH[LEOH DGDSWDWLRQ SRVVLELOLWLHV IRU WKH JLYHQ QHWZRUN HQFH EHWZHHQ QRUPDO RSHUDWLRQ LQFOXGLQJ RYHU
FKDUDFWHULVWLFV ,W FDQ EH H[WHQGHG E\ D UDQJH RI ORDG DQG VKRUWFLUFXLW LQ WHUPV RI WKH FXUUHQW ZKLFK
DX[LOLDU\ IXQFWLRQV ZLOO IORZ HJ LQ QHWZRUNV ZLWK KLJKO\ IOXFWXDWLQJ
V\VWHP LPSHGDQFH RU ZKHUH VKRUW FLUFXLW FXUUHQW
OLPLWLQJ GHYLFHV DUH LQVWDOOHG WKHQ XQGHULPSHG
DQFH IDXOW GHWHFWLRQ YROWDJH FRQWUROOHG FXUUHQW RU
)DXOW GHWHFWLRQ LPSHGDQFH IDXOW GHWHFWLRQ PXVW EH XVHG :LWK WKHVH
RSWLRQV FRPSUHKHQVLYH IDFLOLWLHV DUH SRVVLEOH WR
)DXOW GHWHFWLRQ KDV WKH GXW\ WR GHWHFW D IDXOW\ FRQGL PDWFK WR WKH QHWZRUN FRQGLWLRQV DQG WKH XVHU
V SKL
WLRQ LQ WKH QHWZRUN DQG WR LQLWLDWH DOO WKH QHFHVVDU\ ORVRSK\
SURFHGXUHV IRU VHOHFWLYH FOHDUDQFH RI WKH IDXOW
6WDUW WKH GHOD\ WLPHV

6HOHFWLRQ RI WKH PHDVXUHG YDOXHV (DUWK IDXOW GHWHFWLRQ DQG SURFHVVLQJ
5HOHDVH RI LPSHGDQFH FDOFXODWLRQ DQG GLUHFWLRQDO
LGHQWLILFDWLRQ $Q LPSRUWDQW HOHPHQW IRU DOO IDXOW GHWHFWLRQ PHWKRGV
5HOHDVH RI WULSSLQJ FRPPDQG LV WKH GHWHFWLRQ RI DQ HDUWK IDXOW VLQFH WKH GHWHUPLQD
,QLWLDWLRQ RI DX[LOLDU\ IXQFWLRQV WLRQ RI WKH IDXOW\ OLQH ORRSV 6HFWLRQ HVVHQWLDOO\
,QGLFDWLRQRXWSXW RI WKH IDXOW\ FRQGXFWRUV GHSHQGV RQ ZKHWKHU LW LV DQ HDUWK IDXOW RU QRW 7KH
PRGHO 6$ LV HTXLSSHG ZLWK VWDELOL]HG PHDVXUH
7KH GLVWDQFH SURWHFWLRQ UHOD\ KDV D YDULHW\ RI IDXOW PHQW RI WKH HDUWK FXUUHQW ZLWK GHOD\ IDFLOLW\ DV ZHOO
GHWHFWLRQ IXQFWLRQV IURP ZKLFK WKH RSWLPXP FDQ EH DV GHWHFWLRQ RI WKH GLVSODFHPHQW YROWDJH 0HDVXUHV
FKRVHQ IRU WKH V\VWHP XQGHU FRQVLGHUDWLRQ UHIHU WR KDYH DOVR EHHQ SURYLGHG WR VXSSUHVV IDXOW GHWHFWLRQ
6HFWLRQ 2UGHULQJ GDWD LQ WKH FDVH RI VLQJOHSKDVH HDUWK IDXOWV LQ LVRODWHG RU
FRPSHQVDWHG V\VWHPV
, (!
,1

,( UHVHW
, ( SLFNXS

, SK PD[
,1
)LJXUH (DUWK FXUUHQW GHWHFWRU SLFNXSUHVHW FKDUDFWHULVWLF H[DPSOH ,(!,1 VHW DW
&*&
7KH HDUWK FXUUHQW GHWHFWRU PRQLWRUV WKH IXQGDPHQ DEOH GHOD\ WLPH 7,H 3+$6( DGGUHVV WKLV LV
WDO ZDYH RI WKH WRWDO RI WKH SKDVH FXUUHQWV ,( k , QHFHVVDU\ VR WKDW WKH GLVWDQFH SURWHFWLRQ LV VWLOO DEOH
LQ FRPSDULVRQ ZLWK WKH WKUHVKROG YDOXH ,W LV VWDEL WR UHFRJQL]H D FURVV FRXQWU\ GRXEOH HDUWK IDXOW ZLWK
OL]HG DJDLQVW IDXOW\ SLFNXS FDXVHG E\ DV\PPHWULF RQH EDVH SRLQW RQ D VSXU IHHGHU ,I KRZHYHU DQ HDUWK
RSHUDWLQJ FXUUHQWV RU GLVWRUWHG FXUUHQWV LQ WKH VHF IDXOW LV DOUHDG\ SUHVHQW LQ WKH V\VWHP WKLV LV GHWHFWHG
RQGDU\ FLUFXLW RI WKH FXUUHQW WUDQVIRUPHUV UHVXOWLQJ E\ WKH GLVSODFHPHQW YROWDJH PRQLWRU WKH GHOD\ LV
IURP GLIIHUHQW FXUUHQW WUDQVIRUPHU VDWXUDWLRQ ZLWK WKHQ QRW HIIHFWLYH DQ HDUWK IDXOW ZKLFK QRZ RFFXUV LQ
HDUWKIUHH VKRUWFLUFXLWV WKH DFWXDO SLFNXS YDOXH LV DQRWKHU SKDVH FDQ RQO\ EH D GRXEOHSKDVH HDUWK
DXWRPDWLFDOO\ LQFUHDVHG DV WKH SKDVH FXUUHQWV LQ IDXOW
FUHDVH )LJXUH ([DPSOH IRU VHWWLQJ WKH KRU
L]RQWDO EUDQFK LV VKLIWHG DFFRUGLQJ GLIIHUHQW VHW
WLQJV 7KH GURSRII YDOXH LV DSSUR[ RI WKH SLFN 2YHUFXUUHQW IDXOW GHWHFWLRQ
XS YDOXH
7KH RYHUFXUUHQW IDXOW GHWHFWLRQ LV D SKDVHGHGLFDWHG
7KH GLVSODFHPHQW YROWDJH GHWHFWRU PRQLWRUV WKH IXQ IDXOW GHWHFWLRQ SURFHGXUH )ROORZLQJ QXPHULF ILOWHU
GDPHQWDO ZDYH RI WKH GLVSODFHPHQW YROWDJH 8( LQJ WKH FXUUHQWV LQ HDFK SKDVH DUH PRQLWRUHG LQ
c k 8 LQ FRPSDULVRQ ZLWK WKH VHW WKUHVKROG YDOXH FRPSDULVRQ ZLWK D VHW WKUHVKROG YDOXH $ SLFNXS VLJ
7KH GURSRII YDOXH LV DSSUR[ RI WKH SLFNXS YDO QDO LV RXWSXW IRU WKDW WKRVH SKDVHV LQ ZKLFK WKH VHW
XH WKUHVKROG KDV EHHQ H[FHHGHG
,Q V\VWHPV ZLWK DQ HDUWKHG VWDUSRLQW VROLGO\ HDUWKHG 7R HQDEOH PHDVXUHG YDOXH VHOHFWLRQ VHH 6HFWLRQ
RU ORZUHVLVWDQFH HDUWKHG WKH SLFNXS RI WKH HDUWK WKH SKDVHGHGLFDWHG IDXOW GHWHFWLRQ VLJQDOV
FXUUHQW PRQLWRU DV ZHOO DV WKDW RI WKH GLVSODFHPHQW DUH FRQYHUWHG LQWR SKDVHORRS LQIRUPDWLRQ 7KLV LV
YROWDJH PRQLWRU OHDG WR SLFNXS RI WKH HDUWK IDXOW GH FDUULHG RXW GHSHQGLQJ RQ WKH HDUWK IDXOW GHWHFWLRQ
WHFWRU 'HWHFWLRQ RI DQ HDUWK IDXOW RQ LWV RZQ GRHV QRW DFFRUGLQJ 6HFWLRQ DQG LQ HDUWKHG V\VWHPV
OHDG WR JHQHUDO IDXOW GHWHFWLRQ VLJQDO RI WKH GLVWDQFH RQ WKH SDUDPHWHU 3+ )$8/76 DGGUHVV DF
SURWHFWLRQ EXW RQO\ FRQWUROV WKH RWKHU IDXOW GHWHFWLRQ FRUGLQJ WR 7DEOH ,Q QRQHDUWKHG V\VWHP WKH
PRGXOHV ,W LV QRW DQQXQFLDWHG RQ LWV RZQ HLWKHU SKDVHSKDVH ORRS LV DOZD\V VHOHFWHG LQ WKH FDVH RI D
VLQJOHSKDVH IDXOW GHWHFWLRQ ZLWKRXW HDUWK IDXOW GH
,Q QRQHDUWKHG V\VWHPV LVRODWHG VWDUSRLQW RU ZLWK WHFWLRQ
DUF FRPSHQVDWLRQ E\ PHDQV RI 3HWHUVHQ FRLO WKH
GLVSODFHPHQW YROWDJH PRQLWRU LV QRW XVHG IRU HDUWK 7KH IDXOW\ SKDVHV DUH DQQXQFLDWHG $Q HDUWK IDXOW LV
IDXOW GHWHFWLRQ $ VLQJOHSKDVH HDUWK IDXOW LV DOVR LQL DOVR DQQXQFLDWHG LI GHWHFWHG DFFRUGLQJ WR 6HFWLRQ
WLDOO\ DVVXPHG LQ WKHVH V\VWHPV LQ WKH HYHQW RI D
VLQJOHSKDVH IDXOW GHWHFWLRQ DQG WKH GHWHFWLRQ LV
VXSSUHVVHG WR SUHYHQW IDXOW\ SLFNXS E\ WKH RVFLOOD 7KH RYHUFXUUHQW IDXOW GHWHFWRU LV UHVHW ZKHQ RI
WLRQ WUDQVLHQWV RQ WKH RFFXUUHQFH RI D VLPSOH HDUWK WKH SLFNXS YDOXH LV IDOOHQ EHORZ
IDXOW 3LFNXS LV HQDEOHG DJDLQ IROORZLQJ DQ DGMXVW
)DXOW GHWHFWLRQ (DUWK IDXOW 3DUDPHWHU 5HVXOWDQW $QQXQFL

PRGXOH GHWHFWLRQ 3+ )$8/76 ORRS DWLRQ
/ QR 3+$6( 3+$6( // / /

/ QR // / /
/ QR // / /
/ QR 3+$6( ($57+ /( /

/ QR /( /
/ QR /( /
/ \HV LUUHOHYDQW /( / (

/ \HV /( / (
/ \HV /( / (
RQO\ IRU HDUWKHG V\VWHP VWDUSRLQW
7DEOH /LQH ORRSV DQG SKDVH DQQXQFLDWLRQV ZLWK VLQJOH SKDVH RYHUFXUUHQW
IDXOW GHWHFWLRQ
&*&
,PSHGDQFH IDXOW GHWHFWLRQ LV D ORRSGHGLFDWHG IDXOW ;

GHWHFWLRQ SURFHGXUH (LWKHU WKH WKUHH SKDVHSKDVH
ORRSV ZLWKRXW HDUWK IDXOW RU WKH WKUHH SKDVHHDUWK
ORRSV ZLWK HDUWK IDXOW DUH PRQLWRUHG GHSHQGLQJ RQ ;$
WKH UHVXOW RI WKH HDUWK IDXOW GHWHFWLRQ 6HFWLRQ )RUZDUGV
$ SUHUHTXLVLWH IRU PHDVXUHPHQW RI D ORRS GLUHFWLRQ
LPSHGDQFH LV WKDW DW OHDVW RQH RI WKH DVVLJQHG SKDVH
FXUUHQWV DV ZHOO DV WKH GLIIHUHQFH FXUUHQW GHFLVLYH IRU
WKH ORRS KDYH H[FHHGHG DQ DGMXVWDEOH PLQLPXP YDO
XH ,SK!
3LFNXS FDXVHG E\ VLQJOHSKDVH HDUWK IDXOWV LQ V\V

WHPV ZLWK D QRQHDUWKHG VWDUSRLQW LV HIIHFWLYHO\ VXS 5$( 5$ $ 5$ 5$(
SUHVVHG E\ WKH PHDVXUHV GHVFULEHG LQ 6HFWLRQ 5$ 5$ 5

7KH LPSHGDQFHV DUH FDOFXODWHG VHSDUDWHO\ IRU 5 DQG

; LQ F\FOLF WLPH LQWHUYDOV DQG FRPSDUHG ZLWK WKH VHW
YDOXHV $ PHDVXUHG YDOXH VWHS FKDQJH PRQLWRU LV
5HYHUVH
XVHG WR V\QFKURQL]H WKH PHDVXUHPHQW ZLQGRZ RQ
GLUHFWLRQ
RFFXUUHQFH RI D IDXOW &DOFXODWLRQ SURFHGXUH LV WKH
VDPH DV WKDW GHVFULEHG IRU GLVWDQFH PHDVXUHPHQW ;$
LQ 6HFWLRQ
)LJXUH ,PSHGDQFH IDXOW GHWHFWLRQ FKDUDFWHU
$Q H[DPSOH RI WKH IDXOW GHWHFWLRQ FKDUDFWHULVWLF LQ
LVWLFV
WKH FRPSOH[ 5; SODQH LV VKRZQ LQ )LJXUH 7KH
EROG GRWV LGHQWLI\ WKH VHWWLQJ SDUDPHWHUV ZKLFK GH
WHUPLQH WKH JHRPHWU\ RI WKH IDXOW GHWHFWLRQ SRO\JRQ
7KH ; LQWHUVHFWLRQV ;$ DQG ;$ DUH GHFLVLYH IRU
3LFNXS UHVXOWV IRU WKH PHDVXUHPHQW ORRS LQ ZKLFK
WKH IDXOW UHDFK LQ WKH IRUZDUG OLQH GLUHFWLRQ DQG LQ
WKH LPSHGDQFH YHFWRU OLHV ZLWKLQ WKH IDXOW GHWHFWLRQ
WKH UHYHUVH EXVEDU GLUHFWLRQ 7KH 5 LQWHUVHFWLRQV
SRO\JRQ ,I GHWHFWLRQ RFFXUV LQ PRUH WKDQ RQH ORRS
FDQ EH VHW GLIIHUHQWO\ IRU SKDVHSKDVH ORRSV 5$
WKH UHOD\ UHJDUGV DV YDOLG DOO WKRVH ORRSV ZKRVH LP
DQG SKDVHHDUWK ORRSV 5$( ,W LV WKXV SRVVLEOH
SHGDQFH LV QRW JUHDWHU WKDQ RI WKDW VPDOOHVW
HJ WR SHUPLW D ODUJHU IDXOW UHVLVWDQFH WROHUDQFH IRU
LPSHGDQFH 7KLV DYRLGV ZURQJ SLFNXS VLJQDOV
HDUWK IDXOWV EROG GRWWHG OLQH LQ )LJXUH
ZKLFK FRXOG EH FDXVHG E\ WKH LQIOXHQFH RI WKH IDXOW
FXUUHQWV DQG YROWDJHV RQ WKH XQIDXOWHG OLQH ORRSV
,Q RUGHU WR JXDUDQWHH XQHTXLYRFDO FULWHULD IRU GLV
HVSHFLDOO\ LQ FDVHV RI VPDOO VRXUFH LPSHGDQFHV
FULPLQDWLRQ EHWZHHQ ORDG RSHUDWLRQ DQG D VKRUWFLU
FXLW HVSHFLDOO\ LQ WKH FDVH RI ORQJ KLJKORDGHG
7KH LPSHGDQFH IDXOW GHWHFWLRQ IRU SKDVHHDUWK LV
OLQHV WKH FKDUDFWHULVWLFV FDQ EH VHW GHSHQGHQW RQ
VXSSOHPHQWHG E\ DQ RYHUFXUUHQW VWDJH ,SK!!
WKH SKDVH DQJOH WKH 5 VHFWLRQ 5$ WKHQ DSSOLHV WR
ZKHUH SLFNXS RI WKH RYHUFXUUHQW VWDJH RQO\ OHDGV WR
SKDVH DQJOHV DERYH D VHWWDEOH YDOXH $ WKH 5 VHF
GHWHFWLRQ LI WKH DVVRFLDWHG LPSHGDQFH ORRS KDV
WLRQ 5$ EHORZ $
EHHQ HOLPLQDWHG DV GHVFULEHG LQ WKH SUHYLRXV SDUD
JUDSK ,Q WKLV PDQQHU GRXEOH IDXOWV ZLWK KLJK FXUUHQW
7R DYRLG LQWHUPLWWHQW SLFNXS VLJQDOV QHDU WKH ERUGHU
DUH DOVR FRUUHFWO\ GHWHFWHG HYHQ LI D IDXOW ORRS KDV
OLQHV RI WKH FKDUDFWHULVWLF D K\VWHUHVLV RI LV SUR
EHHQ HOLPLQDWHG E\ WKH SURFHGXUH GHVFULEHG DERYH
YLGHG
6LQFH WKH RYHUFXUUHQW VWDJH FDQ RQO\ UHHVWDEOLVK
HOLPLQDWHG ORRSV IRU SLFNXS HUURQHRXV IDXOW GHWHF
3KDVH DQJOH GHSHQGHQFH FDQ VHSDUDWHO\ EH
WLRQ DV D UHVXOW RI DQ RYHUFXUUHQW LV SUHYHQWHG DW WKH
DFKLHYHG IRU HDUWK IDXOW ZLWK 5$( DQG $( EXW IRU
VDPH WLPH LI WKH VKRUWFLUFXLW FXUUHQWV LQ WKH IDXOWIUHH
UHDVRQV RI VLPSOLILFDWLRQ WKLV LV QRW LOOXVWUDWHG LQ )LJ
SKDVHV FDQ H[FHHG WKH VHW RYHUFXUUHQW YDOXH RQ
XUH
QRQHDUWKHG IHHGLQJ WUDQVIRUPHUV RU HDUWKHG FRQ
VXPHU WUDQVIRUPHUV
&*&
,W LV DGGLWLRQDOO\ SRVVLEOH WR XVH WKH LPSHGDQFH IDXOW 89

GHWHFWLRQ MXVW RQO\ IRU HDUWK IDXOWV ,Q WKLV FDVH WKH
SKDVHHDUWK PHDVXUHPHQW LV HQDEOHG E\ PHDQV RI
WKH HDUWK IDXOW GHWHFWLRQ LW LV QRW HIIHFWLYH IRU SKDVH
SKDVH IDXOWV 2YHUFXUUHQW GHWHFWLRQ LV HIIHFWLYH LQ
VWHDG LQ WKLV FDVH 7KLV GHWHFWLRQ SURJUDP LV RI DG 8,!!
YDQWDJH LQ V\VWHPV ZLWK OLPLWHUV IRU HDUWK FXUUHQWV
HDUWKHG DW ORZ LPSHGDQFH VRFDOOHG UHVLVWDQFH
8,!
HDUWKLQJ ZKHUH D VKRUWFLUFXLW FXUUHQW VXIILFLHQW IRU
WKH RYHUFXUUHQW VWDJH IORZV IRU SKDVHSKDVH IDXOWV
EXW QRW IRU SKDVHHDUWK IDXOWV (DUWKIUHH IDXOWV DUH

WKXV GHWHFWHG E\ WKH RYHUFXUUHQW VWDJH ,SK!!

9ROWDJH FRQWUROOHG IDXOW GHWHFWLRQ
8QGHULPSHGDQFH IDXOW GHWHFWLRQ
RSWLRQDO
,SK! ,SK!!

7KH YROWDJH FRQWUROOHG IDXOW GHWHFWLRQ LV D SKDVH

GHGLFDWHG IDXOW GHWHFWLRQ SURFHGXUH ZKLFK DOVR ,,1
WDNHV LQWR FRQVLGHUDWLRQ ORRS LQIRUPDWLRQ 'HFLVLYH
LV WKH H[FHHGLQJ RI SKDVH FXUUHQWV ZKHUH WKH SLFN
XS YDOXH GHSHQGV RQ WKH PDJQLWXGH RI WKH ORRS YROW )LJXUH 9ROWDJH FRQWUROOHG IDXOW GHWHFWRUV
DJHV 8, FKDUDFWHULVWLF
7KH EDVLF FKDUDFWHULVWLF FDQ EH JDWKHUHG IURP WKH

FXUUHQWYROWDJH FKDUDFWHULVWLF VKRZQ LQ )LJXUH
7KH H[FHHGLQJ RI D PLQLPXP FXUUHQW ,SK! LV WKH ILUVW
SUHUHTXLVLWH IRU HDFK SKDVH SLFNXS $ERYH WKLV FXU &RQWURO ZLWK 83K( LV FKDUDFWHUL]HG E\ D KLJK VHQVL
UHQW YROWDJHFRQWUROOHG RYHUFXUUHQW GHWHFWLRQ LV HI WLYLW\ WR HDUWK VKRUWFLUFXLWV DQG LV WKHUHIRUH SDUWLFX
IHFWLYH ZKRVH VORSH LV GHILQHG E\ WKH SDUDPHWHUV ODUO\ DGYDQWDJHRXV LQ V\VWHPV ZLWK DQ HDUWKHG VWDU
8,! DQG 8,!! $ KLJKVHW RYHUFXUUHQW VWDJH SRLQW ,W LV DXWRPDWLFDOO\ DGDSWHG WR WKH H[LVWLQJ ORDG
,SK!! LV VXSHULPSRVHG LQ WKH FDVH RI VKRUWFLUFXLWV FRQGLWLRQV LH LW EHFRPHV PRUH FXUUHQWVHQVLWLYH
RI KLJK FXUUHQW 7KH EROG GRWV LQ )LJXUH LGHQWLI\ GXULQJ ORZORDG RSHUDWLRQ WKH SLFNXS WKUHVKROG LV
WKH VHWWLQJ SDUDPHWHUV ZKLFK GHWHUPLQH WKH JHRPH KLJKHU LQ WKH FDVH RI KLJK ORDG FXUUHQWV 7DEOH
WU\ RI WKH FXUUHQWYROWDJH FKDUDFWHULVWLF VKRZV WKH DVVLJQPHQW RI WKH SKDVH FXUUHQWV ORRS
YROWDJHV DQG RXWSXW UHVXOWV ZLWK VLQJOHSKDVH SLFN
)DXOW GHWHFWLRQ RI D SKDVH LV UHVHW ZKHQ RI WKH XS LI FRQWURO ZLWK SKDVHHDUWK YROWDJHV LV VHOHFWHG
UHVSHFWLYH FXUUHQW LV IDOOHQ EHORZ RU RI WKH UH
VSHFWLYH YROWDJH LV H[FHHGHG 7KH PHDVXUHG OLQH ORRS GHSHQGV RQ WKH HDUWK IDXOW
GHWHFWLRQ DFFRUGLQJ WR 6HFWLRQ DQG LQ
7KH GHYLFH KDV WKUHH VXFK IDXOW GHWHFWLRQ PRGXOHV HDUWKHG V\VWHPV RQ WKH SDUDPHWHU 3+ )$8/76
HDFK RI ZKLFK LV FRQWUROOHG E\ WKH SKDVHHDUWK YROW DGGUHVV DFFRUGLQJ WR 7DEOH ,Q QRQ
DJHV RU WKH SKDVHSKDVH YROWDJHV 3DUDPHWHUV DUH HDUWKHG V\VWHPV WKH SKDVHSKDVH ORRS LV DOZD\V
XVHG WR GHILQH ZKHWKHU WKH YROWDJHV 83K( RU WKH VHOHFWHG LQ WKH FDVH RI VLQJOHSKDVH SLFNXS ZLWKRXW
YROWDJHV 83K3K DUH GHFLVLYH RU ZKHWKHU WKLV GH HDUWK IDXOW GHWHFWLRQ
SHQGV RQ WKH HDUWK IDXOW GHWHFWLRQ DV GHVFULEHG LQ
6HFWLRQ 7KLV HQDEOHV KLJKO\ IOH[LEOH DGDSWD 7KH GHWHFWHG SKDVHV DUH DQQXQFLDWHG $Q HDUWK
WLRQ WR WKH V\VWHP FRQGLWLRQV 2SWLPXP FRQWURO IDXOW LV DOVR DQQXQFLDWHG LI GHWHFWHG DFFRUGLQJ WR
ODUJHO\ GHSHQGV RQ ZKHWKHU WKH V\VWHP VWDUSRLQW LV
QRW HDUWKHG LVRODWHG RU FRPSHQVDWHG HDUWKHG ZLWK
D ORZ LPSHGDQFH UHVLVWDQFH HDUWKHG RU VROLGO\
HDUWKHG 7KH SRVLWLRQ RI WKH VWDUSRLQW HDUWKLQJ LV DOVR
VLJQLILFDQW LQ WKH ODWWHU FDVH ,QIRUPDWLRQ RQ WKH VHW
WLQJ LV FRQWDLQHG LQ 6HFWLRQ
&*&
)DXOW GHWHFWLRQ 0HDVXUHG 0HDVXUHG (DUWK IDXOW 3DUDPHWHU 5HVXOWDQW $QQXQFL

PRGXOH FXUUHQW YROWDJH GHWHFWLRQ 3+ )$8/76 OLQH ORRS DWLRQ
/ / /( QR 3+$6( 3+$6( // / /

/ / /( QR // / /
/ / /( QR // / /
/ / /( QR 3+$6( ($57+ /( /

/ / /( QR /( /
/ / /( QR /( /
/ / /( \HV LUUHOHYDQW /( / (
/ / /( \HV /( / (
/ / /( \HV /( / (
RQO\ IRU HDUWKHG V\VWHP VWDUSRLQW
7DEOH /LQH ORRSV DQG SKDVH DQQXQFLDWLRQV ZLWK VLQJOHSKDVH YROWDJH FRQWUROOHG
IDXOW GHWHFWLRQ SKDVHHDUWK
7KH VHQVLWLYLW\ LV SDUWLFXODUO\ KLJK LQ WKH FDVH RI ORDG FXUUHQWV 7DEOH VKRZV WKH DVVLJQPHQW RI WKH
SKDVHSKDVH IDXOWV ZKHQ FRQWUROOLQJ ZLWK 83K3K SKDVH FXUUHQWV ORRS YROWDJHV DQG RXWSXW UHVXOWV LQ
7KLV FRQWURO LV DGYDQWDJHRXV ZLWK H[WHQGHG FRP WKH FDVH RI SLFNXS RI RQO\ RQH IDXOW GHWHFWLRQ PRG
SHQVDWHG V\VWHPV EHFDXVH LWV SULQFLSOH H[FOXGHV XOH LI FRQWURO ZLWK SKDVHSKDVH YROWDJHV LV VHOHFWHG
SLFNXS E\ VLQJOH HDUWK IDXOWV ,W LV DXWRPDWLFDOO\
DGDSWHG WR WKH H[LVWLQJ ORDG FRQGLWLRQV LQ WKH FDVH RI 7KH PHDVXUHG OLQH ORRS LQ WKLV FDVH LV LQGHSHQGHQW
WZRSKDVH DQG WKUHHSKDVH IDXOWV LH LW EHFRPHV RI WKH HDUWK IDXOW GHWHFWLRQ DQG WKLV PHWKRG LV WKHUH
PRUH FXUUHQWVHQVLWLYH GXULQJ ORZORDG RSHUDWLRQ IRUH QRW VXLWDEOH IRU HDUWKHG V\VWHPV
WKH SLFNXS WKUHVKROG LV KLJKHU LQ WKH FDVH RI KLJK

/ / // LUUHOHYDQW LUUHOHYDQW // / /

/ / // // / /
/ / // // / /
IDXOW GHWHFWLRQ SKDVHSKDVH
,I WKH SRVVLELOLW\ RI PDNLQJ WKH YROWDJH ORRSV GHSHQ SRLQW LW DVVXPHV KRZHYHU WKDW WKH HDUWK IDXOW FULWH
GHQW RQ WKH HDUWK IDXOW GHWHFWLRQ LV XVHG WKH KLJK ULD DFFRUGLQJ WR 6HFWLRQ KDYH EHHQ VDWLVILHG
VHQVLWLYLW\ IRU SKDVHHDUWK IDXOWV WKHQ DOVR DSSOLHV WR VDIHO\ IRU DOO HDUWK IDXOWV 7DEOH DSSOLHV WR WKH IDXOW
SKDVHSKDVH IDXOWV 7KLV SRVVLELOLW\ LV LQ SULQFLSOH GHWHFWLRQ SURJUDP SKDVHHDUWK RU SKDVHSKDVH
LQGHSHQGHQW RI WKH WUHDWPHQW RI WKH V\VWHP VWDU YROWDJHV ZLWK VLQJOHSKDVH SLFNXS
&*&

/ / // QR LUUHOHYDQW // / /

/ / // QR // / /
/ / // QR // / /
/ / /( \HV /( / (
/ / /( \HV /( / (
7DEOH /LQH ORRSV DQG SKDVH DQQXQFLDWLRQV ZLWK VLQJOHSKDVH YROWDJH FRQWUROOHG IDXOW GHWHFWLRQ
YROWDJHV SKDVHHDUWK ZLWK HDUWK IDXOW YROWDJHV SKDVHSKDVH ZLWKRXW HDUWK IDXOW
,W LV ILQDOO\ DOVR SRVVLEOH WR RQO\ FRQWURO ZLWK WKH YROWD WUROOHG IDXOW GHWHFWLRQ ,W LV XVXDOO\ HYHQ XQGHVLUDEOH
JH ORRSV 83K( ZKHQ DQ HDUWK IDXOW KDV EHHQ GH WKDW SKDVHSKDVH VKRUWFLUFXLWV OHDG WR XQGHULP
WHFWHG 'HWHFWLRQ IRU SKDVHSKDVH IDXOWV WKHQ RQO\ SHGDQFH IDXOW GHWHFWLRQ
WDNHV SODFH ZLWK KLJKVHW RYHUFXUUHQW ,!! 7KLV LV
DGYDQWDJHRXV LQ V\VWHPV ZLWK D ORZLPSHGDQFH 7KH PHDVXUHG ORRS LV LQGHSHQGHQW RI WKH SDUDPHWHU
HDUWKHG VWDUSRLQW LH ZLWK HDUWK IDXOW OLPLWLQJ DLGV 3+ )$8/76 7DEOH VKRZV WKH DVVLJQPHQW RI WKH
VRFDOOHG UHVLVWDQFH HDUWKLQJ ,Q WKHVH FDVHV RQO\ SKDVH FXUUHQWV ORRS YROWDJHV DQG RXWSXW UHVXOWV
HDUWK IDXOWV DUH WR EH GHWHFWHG E\ WKH YROWDJH FRQ


/ / /( \HV /( / (
/ / /( \HV /( / (
/ / /( QR LUUHOHYDQW QR SLFNXS DQG
/ / /( QR QR DQQXQFLDWLRQ
/ / /( QR E\ 83K(,!
IDXOW GHWHFWLRQ SKDVHHDUWK ZLWK HDUWK IDXOW GHWHFWLRQ RQO\
ZLWKRXW HDUWK IDXOW RYHUFXUUHQW IDXOW GHWHFWLRQ ,!! PXVW SLFN XS
&*&
'HWHUPLQDWLRQ RI WKH IDXOWHG ORRS
)RU FDOFXODWLRQ RI WKH GLVWDQFH WR IDXOW WKH FXUUHQWV ZKHUHE\ WKH IDFWRU =(=/ LV GHSHQGHQW RQO\ XSRQ WKH
DQG YROWDJHV RI WKH IDXOW\ ORRS DUH GHFLVLYH 7KH OLQH FRQVWDQWV DQG QRW XSRQ WKH GLVWDQFH WR IDXOW
SKDVH VHOHFWLYH IDXOW GHWHFWRU GHWHUPLQHV WKH IDXOWHG
ORRS DQG UHOHDVHV WKH FRUUHVSRQGLQJ PHDVXUHPHQW
YDOXHV IRU LPSHGDQFH FDOFXODWLRQ
/
)RU FDOFXODWLRQ RI D SKDVHSKDVH ORRS IRU H[DPSOH
IRU D WZR SKDVH VKRUW FLUFXLW // )LJXUH WKH
IROORZLQJ LGHQWLW\ DSSOLHV /
,/ =/ ,/ =/ 8/ ( 8/ ( ,/ =/

/
ZKHUH 8 , DUH FRPSOH[ PHDVXUHG YDOXHV
DQG 8/ (
= 5 M; LV WKH FRPSOH[ OLQH LPSHGDQFH ,( =(
(
7KH OLQH LPSHGDQFH LV WKXV
)LJXUH 3KDVHHDUWK VKRUW FLUFXLW ORRS

8/( 8/(
=/
,/ ,/
)DXOW ORRS VHOHFWLRQ LV VXFK WKDW IRU HDFK W\SH RI IDXOW

,/ =/ WKH FRUUHFW PHDVXUHG YDOXHV DUH XVHG IRU WKH FDOFX
ODWLRQ )RU PXOWLSOH IDXOWV ZKHUHE\ PRUH WKDQ WZR
/
SKDVHV RU HDUWK DUH LQYROYHG RQH RI WKH SRVVLEOH
8/ ( ,/ IDXOW ORRSV ZLOO EH JLYHQ SUHIHUHQFH
=/
/
7KH VHOHFWLRQ RI YDOLG VKRUWFLUFXLW ORRSV YDULHV FRQ
VLGHUDEO\ GHSHQGHQW XSRQ ZKHWKHU WKH V\VWHP VWDU
SRLQW LV HDUWKHG LVRODWHG RU FRPSHQVDWHG 3HWHUVHQ
/ FRLO $FFRUGLQJO\ WKH WUHDWPHQW RI WKH V\VWHP VWDU
SRLQW KDV WR EH NQRZQ EHIRUH WKH GHYLFH LV SXW LQWR
8/ ( RSHUDWLRQ VHH 6HFWLRQ
)LJXUH 3KDVHSKDVH VKRUW FLUFXLW ORRS

/RRS GHWHUPLQDWLRQ IRU VROLGO\ HDUWKHG
V\VWHPV
)RU WKH FDOFXODWLRQ RI D SKDVHHDUWK ORRS IRU H[DP ,Q QHWZRUNV ZLWK HDUWKHG VWDUSRLQW HDFK FRQWDFW RI D
SOH IRU D VKRUW FLUFXLW /( )LJXUH LW PXVW EH SKDVH ZLWK HDUWK LV D VKRUW FLUFXLW ZKLFK PXVW EH LQ
REVHUYHG WKDW WKH LPSHGDQFH RI WKH HDUWK UHWXUQ WHUUXSWHG LPPHGLDWHO\ E\ WKH QHDUHVW SURWHFWLYH GH
SDWK LV QRW QRUPDOO\ HTXDO ZLWK WKH LPSHGDQFH RI WKH YLFH ,I DOO SRZHU WUDQVIRUPHUV IHHGLQJ WRZDUGV WKH
SKDVH ,Q WKH ORRS HTXDWLRQ VKRUW FLUFXLW DUH HDUWKHG WKHQ WKH HDUWK IDXOW HOHPHQW
ZLOO UHVSRQG 7KH HDUWK IDXOW HOHPHQW LV
WKHUHIRUH XVHG DV DQ DGGLWLRQDO FULWHULRQ IRU HDUWK
, / ô = / , ( ô = (
8 /(
IDXOWV
=(
=( LV UHSODFHG E\ ô = / ZKLFK JLYHV XV
=/ :LWK GRXEOH HDUWK IDXOWV SLFNXS QRUPDOO\ RFFXUV LQ
= WZR SKDVHV DQG HDUWK ZLWK RYHUFXUUHQW GHWHFWLRQ RU
, / ô = / , ( ô = / ô (
8 /(
=/ IRU WZR SKDVHHDUWK ORRSV LPSHGDQFH GHWHFWLRQ ,Q
IURP ZKLFK RQH REWDLQV WKH OLQH LPSHGDQFH WKLV FDVH LW LV SRVVLEOH WR VHW WKH UHOD\ VR WKDW RQO\ WKH
8 /( SKDVHSKDVH ORRS SDUDPHWHU 3+3+( )/76
=/
3+$6( 3+$6( 21/< RU WKH ORRS RI WKH OHDGLQJ
,/ =(= / ô , (
SKDVH WR HDUWK 3+3+( )/76 /($',1* 3+ ( RU
&*&
WKH ORRS RI WKH ODJJLQJ SKDVH WR HDUWK 3+3+( )/76 HUV VKDOO EH FRQQHFWHG WR WKH ,( FXUUHQW SDWK RI WKH
/$**,1* 3+ ( ZLOO EH VHOHFWHG UHOD\ ,I WKH ,( FXUUHQW SDWK RI WKH UHOD\ LV IHG IURP WKH
VWDU SRLQW OHDG RI WKH FXUUHQW WUDQVIRUPHU VHW RI D SDU
7DEOHV DQG VKRZ WKH PHDVXUHPHQW TXDQWL DOOHO OLQH IRU SDUDOOHO OLQH FRPSHQVDWLRQ RI WKH IDXOW OR
WLHV ZKLFK ZLOO EH VHOHFWHG IRU GLVWDQFH PHDVXUH FDWRU LI WKLV RSWLRQ LV DYDLODEOH WKH UHOD\ FDOFXODWHV
PHQW LQ HDUWKHG QHWZRUNV WKH HDUWK IDXOW FXUUHQW IURP WKH VXP RI WKH WKUHH
SKDVH FXUUHQWV ,I WKH YROWDJH WUDQVIRUPHUV KDYH UH
1RWH ,Q V\VWHPV ZLWK HDUWKHG VWDU SRLQW WKH UHOD\ VLGXDO YROWDJH ZLQGLQJV WKHVH VKRXOG EH FRQQHFWHG
PXVW EH FRQQHFWHG WR WKUHH VWDU FRQQHFWHG YROWDJH LQ RSHQ GHOWD WR WKH YROWDJH LQSXW SURYLGHG IRU WKH
WUDQVIRUPHUV 8/ 1 8/ 1 8/ 1 ZLWK HDUWKHG SUL SXUSRVH WKLV DOORZV WKH UHOD\ WR JLYH FRPSOHWH PRQL
PDU\ VWDU SRLQW DQG WR WKUHH FXUUHQW WUDQVIRUPHUV ,/ WRULQJ RI WKH YROWDJH WUDQVIRUPHUV
VHFRQGDU\ FLU
,/ ,/ 7KH VWDU SRLQW OHDG IRU WKH FXUUHQW WUDQVIRUP FXLWV
)DXOW GHWHFWLRQ 6HOHFWHG 6HOHFWHG

SKDVHV ORRS VHWWLQJ SDUDPHWHU
/ ( /( LUUHOHYDQW

/ ( /(
/ ( /(
/ / // LUUHOHYDQW

/ / //
/ / //
/ / ( // 3+3+( )/76

/ / ( // 3+$6( 3+$6( 21/<
/ / ( //
/ / ( /( 3+3+( )/76

/ / ( /( /($',1* 3+ (
/ / ( /(
/ / ( /( 3+3+( )/76

/ / ( /( /$**,1* 3+ (
/ / ( /(
/ / / // 3+ )$8/76

/ / / ( /( () &21752/
/ / / // 3+ )$8/76

/ / / ( // 3+$6( 3+$6( 21/<
/ / / /( 3+ )$8/76

/ / / ( /( 3+$6( ($57+ 21/<
7DEOH 6HOHFWHG PHDVXUHPHQW TXDQWLWLHV LQ HDUWKHG V\VWHPV ZLWK RYHUFXUUHQW RU XQGHULPSHGDQFH
IDXOW GHWHFWLRQ
&*&

SKDVH ORRSV ORRS VHWWLQJ SDUDPHWHU
/( /( LUUHOHYDQW

/( /(
/( /(
// // LUUHOHYDQW

// //
// //
/( /( // 3+3+( )/76

/( /( // 3+$6( 3+$6( 21/<
/( /( //
/( /( /( 3+3+( )/76

/( /( /( /($',1* 3+ (
/( /( /(
/( /( /( 3+3+( )/76

/( /( /( /$**,1* 3+ (
/( /( /(
// // // LUUHOHYDQW

// // //
// // //
/( /( /( /( 3+ )$8/76

// // // // () &21752/
/( /( /( // 3+ )$8/76

// // // // 3+$6( 3+$6( 21/<
/( /( /( /( 3+ )$8/76

// // // /( 3+$6( ($57+ 21/<
7DEOH 6HOHFWHG PHDVXUHPHQW TXDQWLWLHV LQ HDUWKHG V\VWHPV ZLWK LPSHGDQFH IDXOW GHWHFWLRQ
&*&
/RRS GHWHUPLQDWLRQ IRU QRQHDUWKHG V\VWHPV
,Q LVRODWHG RU FRPSHQVDWHG QHWZRUNV QR FXUUHQWV HDUWK YROWDJH RI WKH IDXOW\ SKDVH LV ]HUR WKURXJKRXW
UHVHPEOLQJ D VKRUW FLUFXLW DUH SUHVHQW LQ WKH FDVH RI D WKH ZKROH JDOYDQLFDOO\ LQWHUFRQQHFWHG QHWZRUN 7KLV
VLQJOHSKDVH HDUWK IDXOW 2QO\ D GLVSODFHPHQW RI WKH ZRXOG OHDG WR D PHDVXUHG LPSHGDQFH HTXDO ]HUR IRU
YROWDJH WULDQJOH RFFXUV )LJXUH 7KLV FRQGLWLRQ WKH IDXOW\ SKDVHHDUWK ORRS DW HDFK PHDVXULQJ
GRHV QRW UHSUHVHQW DQ\ LPPHGLDWH GDQJHU IRU WKH SRLQW )RU WKLV UHDVRQ SLFNXS RI RQH VLQJOH SKDVHWR
RSHUDWLRQ RI WKH QHWZRUN ,Q WKLV FDVH WKH GLVWDQFH HDUWK IDXOW GHWHFWRU LV DYRLGHG LQ 6$ UHOD\
SURWHFWLRQ PXVW QRW UHVSRQG VLQFH WKH SKDVHWR
8/
8/
(
( 8
8/ 8/
8/ 8/
D VRXQG QHWZRUN ZLWKRXW HDUWK IDXOW E HDUWK IDXOW LQ SKDVH /
)LJ (DUWK IDXOW LQ D QRQHDUWKHG QHWZRUN
2Q WKH RFFXUUHQFH RI DQ HDUWK IDXOW DERYH DOO LQ H[ F\FOLF / EHIRUH / EHIRUH / EHIRUH /
WHQVLYH FRPSHQVDWHG QHWZRUNV D VLJQLILFDQW LJQL DEEUHYLDWHG // F\FOLF
WLRQ FXUUHQW FDQ IORZ ZKLFK FDQ FDXVH WKH HDUWK FXU F\FOLF / EHIRUH / EHIRUH / EHIRUH /
UHQW GHWHFWRU WR SLFN XS RU IRU WKH RYHUFXUUHQW HOH DEEUHYLDWHG // F\FOLF
PHQW LQ FHUWDLQ FLUFXPVWDQFHV HYHQ D SKDVH FXU
UHQW SLFNXS 6$ KDV VSHFLDO IHDWXUHV WR SUHYHQW 2QH HDUWK IDXOW ZLOO EH FOHDUHG LQ DFFRUGDQFH ZLWK WKH
VXFK IDXOW\ UHDFWLRQ VHH 6HFWLRQ VHOHFWHG SUHIHUHQFH D VHFRQG FURVVFRXQWU\ IDXOW
ZRXOG UHPDLQ RQ WKH QHWZRUN DQG FDQ EH GHWHFWHG
,Q WKH FDVH RI D GRXEOH HDUWK IDXOW LQ LVRODWHG RU FRP E\ WKH HDUWK IDXOW GHWHFWLRQ IDFLOLW\ VHH 6HFWLRQ
SHQVDWHG QHWZRUNV LW LV VXIILFLHQW WR HOLPLQDWH RQH
IDXOW 7KH VHFRQG IDXOW UHPDLQV LQ WKH QHWZRUN DV D )RU XQHDUWKHG QHWZRUNV PHDVXULQJ TXDQWLWLHV ZLOO
VLPSOH HDUWK IDXOW :KLFK RQH RI WKH IDXOWV ZLOO EH LQ EH VHOHFWHG LQ DFFRUGDQFH ZLWK 7DEOHV DQG
WHUUXSWHG LV GHSHQGHQW XSRQ WKH GRXEOH HDUWK IDXOW
SULRULW\ ZKLFK LV VHW WR EH WKH VDPH WKURXJKRXW WKH 1RWH *HQHUDOO\ LW LV DVVXPHG WKDW WKUHH FXUUHQW
ZKROH JDOYDQLFDOO\ FRQQHFWHG QHWZRUN :LWK WUDQVIRUPHUV ,/ ,/ ,/ DQG WKUHH VWDU FRQQHFWHG
6$ WKH IROORZLQJ GRXEOH HDUWK IDXOW SULRULWLHV YROWDJH WUDQVIRUPHUV DUH SURYLGHG ,I RQO\ WZR FXU
FDQ EH VHOHFWHG UHQW WUDQVIRUPHUV DQGRU WZR YROWDJH WUDQVIRUPHUV
LQ 9 FRQQHFWLRQ DUH DYDLODEOH UHOLDEOH GHWHFWLRQ RI
DF\FOLF / EHIRUH / EHIRUH / GRXEOH HDUWK IDXOWV LQ QRQHDUWKHG QHWZRUNV LV QRW DO
DEEUHYLDWHG // DF\FOLF ZD\V SRVVLEOH )RU WKH GRXEOH HDUWK IDXOW SUHIHUHQFH
DF\FOLF / EHIRUH / EHIRUH / WKH SUHIHUUHG SKDVHV PXVW DOZD\V EH HTXLSSHG ZLWK
DEEUHYLDWHG // DF\FOLF WKH FXUUHQW WUDQVIRUPHUV LI RQO\ WZR FXUUHQW WUDQV
DF\FOLF / EHIRUH / EHIRUH / IRUPHUV DUH FRQQHFWHG
DEEUHYLDWHG // DF\FOLF
DF\FOLF / EHIRUH / EHIRUH /
&*&

SKDVHV ORRS VHWWLQJ SDUDPHWHU
/ ( /( LUUHOHYDQW
/ ( /(
/ ( /(
/ / // LUUHOHYDQW
/ / //
/ / //
/ / ( /( 3+$6( 35()

/ / ( /( // $&<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // $&<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // $&<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // $&<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // $&<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // $&<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // &<&/,&
/ / ( /(
/ / / //
/ / / ( /(
/ / ( /( 3+$6( 35()

/ / ( /( // &<&/,&
/ / ( /(
/ / / //
/ / / ( /(
7DEOH 6HOHFWHG PHDVXUHPHQW TXDQWLWLHV LQ QRQHDUWKHG V\VWHPV ZLWK RYHUFXUUHQW IDXOW GHWHFWLRQ
RU XQGHULPSHGDQFH IDXOW GHWHFWLRQ
&*&

/( /( LUUHOHYDQW

/( /(
/( /(
// // LUUHOHYDQW
// //
// //
/( /( /( 3+$6( 35()
/( /( /( // $&<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
/( /( /( 3+$6( 35()
/( /( /( // $&<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
/( /( /( 3+$6( 35()
/( /( /( // $&<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
/( /( /( 3+$6( 35()
/( /( /( // $&<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
/( /( /( 3+$6( 35()
/( /( /( // $&<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
FRQWLQXHG QH[W SDJH
&*&

/( /( /( 3+$6( 35()

/( /( /( // $&<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
/( /( /( 3+$6( 35()
/( /( /( // &<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
/( /( /( 3+$6( 35()
/( /( /( // &<&/,&
/( /( /(
/( /( /( /(
// // //
// // //
// // //
// // // //
7DEOH 6HOHFWHG PHDVXUHPHQW TXDQWLWLHV LQ QRQHDUWKHG V\VWHPV ZLWK LPSHGDQFH IDXOW GHWHFWLRQ
&*&
)DXOW LPSHGDQFH FDOFXODWLRQ
7KH UHOD\ FDOFXODWHV WKH UHVLVWDQFH 5 DQG WKH UHDF

WDQFH ; RI WKH IDXOW ORRS VHSDUDWHO\ XVLQJ WKH PHD
5(
5/
5

ô
5
Æ É
VXUHG YDOXHV GHWHUPLQHG E\ WKH VHOHFWLRQ GHVFULEHG
LQ 6HFWLRQ $V ORQJ DV D IDXOW GHWHFWRU KDV DQG
SLFNHG XS WKH FDOFXODWLRQ LV HIIHFWHG FRQWLQXRXVO\
7KH DOJRULWKP HYDOXDWHV DOO WKH XSGDWHG LQVWDQWD
QHRXV YDOXHV RI FXUUHQW DQG YROWDJH WKURXJKRXW DW
;(
;/
;

ô
;
Æ É
OHDVW WKH ODVW KDOI F\FOH :LWK GLIILFXOW PHDVXUHPHQW
FRQGLWLRQV HJ YHU\ VPDOO PHDVXUHPHQW YROWDJHV RU UHIHU WR 6HFWLRQ
QHDU WKH EDODQFHG SRLQW WKH GDWD ZLQGRZ DQG WKXV
WKH QXPEHU RI HYDOXDWHG YDOXHV LV DXWRPDWLFDOO\ LQ 7KH VHSDUDWH VHWWLQJ IDFLOLWLHV IRU WKH IDFWRUV DOORZV
FUHDVHG WKH SRVVLEOH SKDVH GLIIHUHQFH EHWZHHQ HDUWK DQG
FRQGXFWRU LPSHGDQFH WR EH WDNHQ LQWR DFFRXQW LQ
7KH FDOFXODWLRQ LV DQ LQWHJUDWLRQ RI WKH OLQH LGHQWLW\ DGGLWLRQ WR WKH UHODWLRQVKLS =(=/ 7KLV GLIIHUHQFH
FDQ EH RI VLJQLILFDQW YDOXH LQ FDEOH QHWZRUNV
/ GL 5 L X
GW
DQG DOORZV ZLWK LWV LGHDO ILOWHU FKDUDFWHULVWLFV GHWHU

, / 5/ ;/
PLQDWLRQ RI WKH 5 DQG ; W/ FRPSRQHQWV IRU WKH
VKRUW FLUFXLW ORRS LQGHSHQGHQW RI WKH VHWWLQJ RI WKH /
WULSSLQJ FKDUDFWHULVWLFV 5)
8/ ( , / 5/ ;/
)RU FDOFXODWLRQ RI D SKDVHWRSKDVH ORRS YDOXHV FRQ /
IRUPLQJ WR WKH VHOHFWLRQ JLYHQ LQ IRU X WKH LQ
VWDQWDQHRXV YDOXHV RI SKDVHWRSKDVH YROWDJH DQG
IRU L WKH GLIIHUHQFH RI WKH SKDVH FXUUHQWV DUH XVHG /
HJ )LJXUH
8/ (
/ô ÆGLGW GLGW É 5 ô L
/ /
/ L /
X /( X /( (
)LJXUH 3KDVHSKDVH VKRUW FLUFXLW ORRS

)RU FDOFXODWLRQ RI D SKDVHWRHDUWK ORRS DFFRUGLQJ
WR )LJXUH
/ô ÆGLGW ;; ô GLGW É 5 ô ÆL
/ (
/
(
/
5(
É
L
X/(
5/ ( /
5 DQG / DUH WKH UHTXLUHG LPSHGDQFH FRPSRQHQWV

/
7KH FDOFXODWHG UHDFWDQFH LV WKH OLQH UHDFWDQFH ;/ XS
WR WKH SRLQW RI IDXOW 7KLV GHWHUPLQHV WKH GLVWDQFH WR ,/ 5/ ;/
IDXOW 7KH UHVLVWDQFH YDOXH RQ WKH RWKHU KDQG FRQ /
WDLQV LQ DGGLWLRQ WR WKH FRQGXFWRU UHVLVWDQFH 5/ WKH
IDXOW UHVLVWDQFH 5) UHIHU WR )LJXUHV DQG
8/ ( 5)
,( 5( ;(
1RWH 7KH IDFWRUV 5(5/ DQG ;(;/ DUH SXUHO\ PDWKH
PDWLFDO YDOXHV DQG KDYH QR SK\VLFDO PHDQLQJ 7KH\ (
FDQ EH UHODWLYHO\ HDVLO\ FDOFXODWHG IURP WKH OLQH GDWD
ZLWKRXW XVLQJ FRPSOH[ IRUPV IURP WKH IRUPXODH )LJXUH 3KDVHHDUWK VKRUW FLUFXLW ORRS
&*&
7KH GLUHFWLRQ RI WKH IORZ RI IDXOW HQHUJ\ LV GHWHUPLQHG 7KH UHIHUHQFH YROWDJH IRU ERWK D SKDVHHDUWK ORRS
LQ D VLPLODU ZD\ WR GLVWDQFH PHDVXUHPHQW 6HFWLRQ DQG D SKDVHSKDVH ORRS LV DOZD\V DW ULJKW DQJOHV WR
)RU WKH GLUHFWLRQDO GHWHUPLQDWLRQ KRZHYHU WKH VKRUW FLUFXLW YROWDJHV )LJXUH 7KLV LV FRQ
VRXQG SKDVH DQG VWRUHG UHIHUHQFH YROWDJHV DUH VLGHUHG LQ WKH FDOFXODWLRQ RI WKH GLUHFWLRQDO YHFWRU
XVHG ,W LV WKXV HQVXUHG WKDW WKH UHOD\ FRUUHFWO\ GHWHU 7DEOH VKRZV WKH DOORFDWLRQ RI PHDVXUHG YDOXHV
PLQHV WKH GLUHFWLRQ RI DOO W\SHV RI IDXOW HYHQ ZKHQ IRU WKH FDOFXODWLRQ RI GLVWDQFH DQG GLUHFWLRQ WR WKH
WKH VKRUWFLUFXLW YROWDJH KDV FROODSVHG 7KH GHSWK RI SRVVLEOH IDXOW ORRSV
WKH VWRUHG YROWDJH YDULHV GHSHQGHQW RQ WKH PHDVXU
LQJ FRQGLWLRQV 7KH VWRUHG YROWDJH LV RQO\ RI LPSRU 7KH WKHRUHWLFDO GLUHFWLRQDO OLQH LV VKRZQ LQ )LJXUH
WDQFH LI WKH PHDVXULQJFLUFXLW YROWDJH LV QRW VXIIL ,Q SUDFWLFH WKH SRVLWLRQ RI WKH GLUHFWLRQDO FKDU
FLHQW IRU D SUHFLVH GLUHFWLRQDO GHWHUPLQDWLRQ 6LQFH DFWHULVWLF LV GHSHQGHQW XSRQ WKH VRXUFH LPSHGDQFH
WKH SKDVH UHODWLRQVKLS RI WKH VWRUHG YROWDJHV LV IUH DV ZHOO DV WKH ORDG FXUUHQW FDUULHG E\ WKH OLQH LPPHGL
TXHQF\ GHSHQGDQW WKH IUHTXHQF\ LV PHDVXUHG DQG DWHO\ EHIRUH IDXOW LQFHSWLRQ
IHG LQWR WKH FDOFXODWLRQ
8 /
8 / / 8 /
8 / /
8 / 8 / 8 / 8 /
8 / / 8 / /
D /RRS SKDVHHDUWK /( E /RRS SKDVHSKDVH //
)LJXUH 5HIHUHQFH YROWDJHV IRU GLUHFWLRQDO GHWHUPLQDWLRQ
)DXOWHG 0HDVXULQJ FXUUHQW 0HDVXULQJ YROWDJH 0HDVXULQJ YROWDJH

ORRS GLVWDQFHGLUHFWLRQ GLVWDQFH GLUHFWLRQ
/( ,/ N( k ,( 8/( 8//
/( ,/ N( k ,( 8/( 8//
/( ,/ N( k ,( 8/( 8//
// ,/ ,/ 8// 8// 8//
// ,/ ,/ 8// 8// 8//
// ,/ ,/ 8// 8// 8//
1RWH N( =(=/
7DEOH 0HDVXUHG YDOXHV IRU GLVWDQFH FDOFXODWLRQ DQG GLUHFWLRQDO GHWHUPLQDWLRQ
&*&
)LJXUH VKRZV WKH GLUHFWLRQDO FKDUDFWHULVWLF WDN

; LQJ LQWR FRQVLGHUDWLRQ WKH VRXUFH LPSHGDQFH ZLWK
LQGXFWLYH
RXW ORDG FXUUHQW 6LQFH WKH XQIDXOWHG YROWDJH HTXDOV
WKH JHQHUDWRU YROWDJH DQG GRHV QRW FKDQJH DIWHU
= IRUZDUGV IDXOW LQFHSWLRQ WKH GLUHFWLRQDO FKDUDFWHULVWLF LQ WKH
LPSHGDQFH GLDJUDP DSSHDUV WR EH GLVSODFHG E\ WKH
VRXUFH LPSHGDQFH ,I WKH ORFDWLRQ RI WKH IDXOW LV )
'LUHFWLRQDO )LJXUH D WKH VKRUW FLUFXLW OLHV LQ WKH IRUZDUG GL
FKDUDFWHULVWLF
UHFWLRQ WKH VRXUFH LPSHGDQFH LQ WKH UHYHUVH GLUHF
WLRQ $OO IDXOW ORFDWLRQV ULJKW XS WR WKH UHOD\ ORFDWLRQ
E 5
UHYHUVH FWV DUH FOHDUO\ UHFRJQL]HG DV kIRUZDUGVl )LJXUH
E :KHQ WKH FXUUHQW IORZV LQ WKH RSSRVLWH GLUHF
FDSDFLWLYH WLRQ WKH GLUHFWLRQDO FKDUDFWHULVWLF FKDQJHV LPPHGL
DWHO\ )LJXUH F 7KHQ WKH UHYHUVHG FXUUHQW
ZKLFK LV GHWHUPLQHG E\ WKH VRXUFH LPSHGDQFH =6
=/ IORZV WKURXJK WKH PHDVXULQJ SRLQW FXUUHQW
WUDQVIRUPHU
)LJXUH 6$ GLUHFWLRQDO FKDUDFWHULVWLFV
) )
= 6 =/ = 6
D 6$
M;
M;
= /= 6
)
= /= 6
= 6 5 5
)
= 6
E F
)LJXUH 'LUHFWLRQDO FKDUDFWHULVWLF ZLWK VRXUFH LPSHGDQFH ZLWKRXW ORDG WUDQVSRUW
,I ORDG LV FDUULHG E\ WKH OLQH WKHQ WKLV UHVXOWV LQ D YROW XUHV E DQG F 7KHUHIRUH WKH GLUHFWLRQDO
DJH GURS DW WKH VRXUFH LPSHGDQFH )LJXUH D FKDUDFWHULVWLF KDV D VDIHW\ GLVWDQFH IURP WKH OLPLWV RI
6LQFH DW WKH PHDVXULQJ SRLQW WKH YROWDJH 8 LV PHD WKH ILUVW TXDGUDQW LQ WKH 5;GLDJUDP )LJXUH
VXUHG QRW JHQHUDWRU YROWDJH ( WKH GLUHFWLRQDO FKDU
DFWHULVWLF VXIIHUV D URWDWLRQ E\ WKH ORDG DQJOH E )LJ
&*&
= 6 k , /
( / ( /
8 /
E
8 /
8 /
( / ( / ( / ( /
8 / 8 / 8 /
EHIRUH IDXOW LQFHSWLRQ DIWHU IDXOW LQFHSWLRQ
D 9ROWDJH YHFWRU GLDJUDP IRU HDUWK IDXOW RQ ORDGHG OLQH
M; M;
=6 = /
5
E
E
= 6
5
E F
)LJXUH 'LUHFWLRQDO FKDUDFWHULVWLF ZLWK VRXUFH LPSHGDQFH DQG ORDG WUDQVSRUW
&*&
7ULSSLQJ FKDUDFWHULVWLFV
7KH WULSSLQJ ]RQHV RI WKH GLVWDQFH SURWHFWLRQ UHOD\ %HVLGHV WKHVH LQGHSHQGHQW ]RQHV WZR FRQWUROOHG
6$ KDYH D SRO\JRQDO FKDUDFWHULVWLF 7KH\ FRQ ]RQHV DUH DYDLODEOH ZKLFK FDQ EH DFWLYDWHG E\ ORJ
VLVW RI WKH GLUHFWLRQDO OLQHV LQ DFFRUGDQFH ZLWK 6HF LFDO FRQGLWLRQV
WLRQ DQG LQ HDFK FDVH D UHDFWDQFH DQG UHVLV
WDQFH OLPLW 5HDFWDQFH LQWHUVHFWLRQ ; DQG UHVLVWDQFH 2YHUUHDFK ]RQH =% IRU ]RQH H[WHQVLRQ HJ IRU
LQWHUVHFWLRQ 5 FDQ EH VHW VHSDUDWHO\ DQG LQGHSHQ WHOHSURWHFWLRQ DXWRUHFORVXUH RU FRQWUROOHG YLD
GHQWO\ IURP HDFK RWKHU ,Q DGGLWLRQ WKH 5LQWHUVHF ELQDU\ LQSXW ZLWK WKH VHWWLQJ SDUDPHWHUV
WLRQV FDQ EH VHW VHSDUDWHO\ IRU SKDVHSKDVH IDXOWV
DQG SKDVHHDUWK IDXOWV 5( VR WKDW D KLJKHU UHVLV ;% 5HDFWDQFH UHDFK
WDQFH PDUJLQ FDQ EH REWDLQHG IRU HDUWK IDXOWV LI UH 5% 5HVLVWDQFH SKDVHSKDVH
TXLUHG 5%( 5HVLVWDQFH SKDVHHDUWK
7% 7% RU GHOD\HG LI UHTXLUHG VHSDUDWH
$V VKRZQ LQ )LJXUH WKH UHOD\ SRVVHVVHV WKH IRO WLPH VHWWLQJV IRU VLQJOHSKDVH DQG PXOWL
ORZLQJ FKDUDFWHULVWLFV ZKLFK FDQ EH VHW LQGHSHQ SKDVH IDXOWV
GHQWO\
2YHUUHDFK ]RQH =/ DFWLYDWHG E\ PXOWLVKRW $5
VW ]RQH LQVWDQWDQHRXV ]RQH = ZLWK WKH VHWWLQJ QG DQG IXUWKHU F\FOHV VRFDOOHG '$5RU FRQ
SDUDPHWHUV WUROOHG YLD ELQDU\ LQSXW ZLWK WKH VHWWLQJ SDUDPH
WHUV
; 5HDFWDQFH UHDFK
5 5HVLVWDQFH SKDVHSKDVH ;/ 5HDFWDQFH UHDFK
5( 5HVLVWDQFH SKDVHHDUWK 5/ 5HVLVWDQFH SKDVHSKDVH
7 7 RU GHOD\HG LI UHTXLUHG VHSDUDWH 5/( 5HVLVWDQFH SKDVHHDUWK
WLPH VHWWLQJV IRU VLQJOHSKDVH DQG PXOWL 7/ 7/ RU GHOD\HG LI UHTXLUHG
SKDVH IDXOWV
$OO ]RQHV FDQ EH VHW WR RSHUDWH HLWKHU LQ IRUZDUG GL
QG ]RQH GHOD\HG EDFNXS ]RQH = ZLWK WKH VHW UHFWLRQ RU LQ UHYHUVH GLUHFWLRQ RU QRQGLUHFWLRQDO
WLQJ SDUDPHWHUV
)LJXUH VKRZV WKH WULSSLQJ FKDUDFWHULVWLFV )RU
DQ HDVLHU FODULILFDWLRQ VHSDUDWH 5VHWWLQJ IRU HDUWK
; 5HDFWDQFH UHDFK
IDXOWV LV VKRZQ IRU VW ]RQH RQO\ =RQH =/ LV RPLWWHG
5 5HVLVWDQFH SKDVHSKDVH
IRU WKH VDPH UHDVRQ
5( 5HVLVWDQFH SKDVHHDUWK
7 'HOD\VHSDUDWH VHWWLQJV IRU VLQJOH
$GGLWLRQDOO\ D GLUHFWLRQDO DQG D QRQGLUHFWLRQDO ILQDO
SKDVH DQG PXOWLSKDVH IDXOWV
VWDJH DUH DYDLODEOH &KDUDFWHULVWLF DQG UHDFK RI
WKHVH DUH GHWHUPLQHG E\ WKH VHOHFWHG IDXOW GHWHFWLRQ
UG ]RQH GHOD\HG EDFNXS ]RQH = ZLWK WKH VHW
RSWLRQ UHIHU 6HFWLRQ )RU PRGHOV ZLWK LPSHG
WLQJ SDUDPHWHUV
DQFH IDXOW GHWHFWLRQ IDXOW GHWHFWLRQ ]RQH
=$ LV SURYLGHG DV VKRZQ LQ )LJXUH 7KH UHDFKHV
; 5HDFWDQFH UHDFK RI WKH RWKHU W\SHV RI IDXOW GHWHFWLRQ DUH GHSHQGHQW
5 5HVLVWDQFH SKDVHSKDVH RQ WKH LQIHHG FKDUDFWHULVWLFV HJ V\VWHP LPSHG
5( 5HVLVWDQFH SKDVHHDUWK DQFH UDWLR VR WKDW WKH\ KDYH QR IL[HG VKDSH LQ WKH
7 'HOD\ 5;SODQH
&*&
M;
)DXOW GHWHFWLRQ
; 7 7
7
;
7
;%
7%
;
7
5 5( 5 5% 5
5 5% 5 FDE 5( 5 5
;
;%
;
7 i 7 ;
)LJXUH 7ULSSLQJ FKDUDFWHULVWLFV
&*&
7ULSSLQJ ORJLF 6ZLWFKRQWRIDXOW SURWHFWLRQ
:KHQ WKH UHOD\ KDV GHWHFWHG D IDXOW VHH 6HFWLRQ ,I RQH VZLWFKHV D GHDG EXW VKRUW FLUFXLWHG OLQH RQWR D
WKH GHOD\ WLPHV DUH VWDUWHG 7KH LPSHGDQFH OLYH EXVEDU LW LV HVVHQWLDO LQ JHQHUDO WKDW WKLV OLQH EH
RI WKH VHOHFWHG IDXOW ORRS DFFRUGLQJ WR 6HFWLRQ LPPHGLDWHO\ GLVFRQQHFWHG 8VLQJ GLVWDQFH SURWHF
DUH FRPSDUHG ZLWK WKH WKUHVKROG RI WKH VHW ]RQHV WLRQ DORQH KRZHYHU GLVFRQQHFWLRQ IRU IDXOWV FORVH WR
7ULSSLQJ RFFXUV ZKHQ WKH LPSHGDQFH LV ZLWKLQ D HLWKHU OLQH HQG LV QRW DOZD\V SRVVLEOH IRU D WKUHH
]RQH ZKRVH FRUUHVSRQGLQJ WLPH VWDJH KDV H[SLUHG SKDVH IDXOW DW WKH ORFDWLRQ RI D UHOD\ DQ DFFXUDWH
DQG WKH IDXOW GLUHFWLRQ FRPSOLHV ZLWK WKH GLUHFWLRQ DV PHDVXUHG YROWDJH IRU FRUUHFW GLUHFWLRQDO GHWHUPLQD
VHW IRU WKDW ]RQH )RU ]RQH = DQG =% WKH GHOD\ WLRQ ZLOO QRW QHFHVVDULO\ EH DYDLODEOH ZKHQ WKH YROW
WLPH FDQ HTXDO ]HUR LH WULSSLQJ RFFXUV DV VRRQ DV LW DJH WUDQVIRUPHUV DUH FRQQHFWHG RQ WKH OLQH VLGH
KDV EHHQ FRQILUPHG WKDW WKH IDXOW OLHV ZLWKLQ WKH HYHQ VWRUHG YROWDJH YDOXHV DUH QRW DYDLODEOH ,I WKH
]RQH $Q DXWRPDWLF UHSHWLWLRQ RI WKH PHDVXUHPHQW IDXOW LV DW WKH RSSRVLWH OLQH HQG GLVWDQFH SURWHFWLRQ
EHFRPHV HIIHFWLYH QHDU WR WKH EDODQFHG SRLQW LQ RU ZLOO RSHUDWH RQO\ DIWHU D WLPH GHOD\
GHU WR SUHYHQW DQ\ WUDQVLHQW RYHUUHDFK 7KLV FDQ OHDG
WR D VOLJKW LQFUHDVH LQ WKH UHDFWLRQ WLPH )RU FORVHXS IDXOWV WKH GLVWDQFH SURWHFWLRQ ZLOO GH
FLGH RQ kIRUZDUGVl DIWHU FRQQHFWLRQ RI WKH OLQH ZKHQ
,Q VWDJHV = DQG =% DQG LI GHVLUHG LQ VWDJH = WKH YROWDJH VLJQDO LV PLVVLQJ 7KXV LQVWDQWDQHRXV
VLQJOHSKDVH IDXOWV FDQ EH WULSSHG VLQJOHSROH 7KLV WULS E\ WKH ILUVW ]RQH LV SRVVLEOH
LV DOZD\V PHDQLQJIXO ZKHQ WKH QHWZRUN SUDFWLFH UH
TXLUHV VLQJOHSROH DXWRUHFORVXUH 0XOWLSKDVH IDXOWV 7R EH VXUH RI DQ LPPHGLDWH GLVFRQQHFWLRQ XQGHU DQ\
ZLOO DOZD\V UHVXOW LQ WKUHHSROH FOHDUDQFH ,I WKH $5 FRQGLWLRQ DQG HVSHFLDOO\ ZKHQ VZLWFKLQJ RQWR EROWHG
IXQFWLRQ LV QRW UHDG\ WR FDUU\ RXW DQ DXWRUHFORVXUH IDXOW WKH PDQXDO FORVH FRPPDQG IURP WKH GLVFUHS
F\FOH VHH 6HFWLRQ WKUHHSROH FOHDUDQFHV ZLOO DQF\ VZLWFK FDQ EH UHSHDWHG YLD D ELQDU\ LQSXW WR
DOZD\V UHVXOW ,I VLQJOHSROH DXWRUHFORVXUH LV QRW FDXVH DQ LPPHGLDWH WULS VLJQDO ZKHQ D IDXOW LV GH
DYDLODEOH HDFK FOHDUDQFH ZLOO HTXDOO\ EH WKUHHSROH WHFWHG ZLWKLQ DQ DGMXVWDEOH WLPH )LJXUH 7KH
,I DQ H[WHUQDO $5UHOD\ LV XVHG WKH WULSSLQJ FRP IDXOW LV FOHDUHG HLWKHU ZLWK SLFNXS RI RYHUUHDFKLQJ
PDQG FDQ DOVR EH FRXSOHG WKUHHSROH YLD D ELQDU\ ]RQH =% GLUHFWLRQDO DV LOOXVWUDWHG LQ )LJXUH RU
LQSXW SLFNXS RI RYHUUHDFKLQJ ]RQH =% QRQGLUHFWLRQDO
RU SLFNXS RI WKH IDXOW GHWHFWRU VHOHFWDEOH ZLWKRXW
0RUHRYHU H[WHUQDO ELQDU\ LQSXWV FDQ EH XVHG WR UH GHOD\
OHDVH WKH RYHUUHDFK ]RQHV =% DQGRU =/
7KH LQWHJUDWHG VZLWFKRQWRIDXOW ORJLF RI 6$ DX
)LJXUH LOOXVWUDWHV WKH EORFN GLDJUDP RI WKH WULS WRPDWLFDOO\ GLVWLQJXLVKHV EHWZHHQ DQ H[WHUQDO FRQ
SLQJ ORJLF WURO FRPPDQG DQG DQ DXWRPDWLF UHFORVH FRPPDQG
E\ PHDQV RI WKH LQWHUQDO DXWRUHFORVH FLUFXLWV VR
7KH LQWHJUDWHG VZLWFKRQWRIDXOW ORJLF 6HFWLRQ WKDW WKH ELQDU\ LQSXW kPDQXDO FORVHl FDQ EH FRQ
FDQ EH VHW WR DFWLYDWH HLWKHU ]RQH =% GLUHF QHFWHG GLUHFWO\ WR WKH FRQWURO FLUFXLW RI WKH FORVLQJ
WLRQDO RU QRQGLUHFWLRQDO RU IDXOW GHWHFWLRQ QRQGL FRLO RI WKH FLUFXLW EUHDNHU ,I KRZHYHU H[WHUQDO FORV
UHFWLRQDO DQG QRQGHOD\HG LQJ FRPPDQGV DUH SRVVLEOH ZKLFK WKH VZLWFKRQWR
IDXOW SURWHFWLRQ VKDOO QRW RSHUDWH HJ H[WHUQDO DXWR
)RU WKH LVVXH RI WULSSLQJ FRPPDQGV WR WKH FLUFXLW UHFORVH GHYLFHV WKH ELQDU\ LQSXW kPDQXDO FORVHl
EUHDNHU DSSURSULDWHO\ SRZHUIXO WULSSLQJ UHOD\V DUH PXVW EH WULJJHUHG E\ D VHSDUDWH DX[LOLDU\ FRQWDFW RQ
SURYLGHG HDFK ZLWK WZR FORVLQJ FRQWDFWV 7KH WULS WKH GLVFUHSDQF\ VZLWFK
SLQJ UHOD\V DUH DXWRPDWLFDOO\ UHVHW ZKHQ WKH IDXOW
GHWHFWRU UHVHWV DQG WKH IDXOW FXUUHQW KDV EHHQ
VZLWFKHG RII UHVHW RI PLQLPXP FXUUHQW PRQLWRU
,1 8S WR WKDW SRLQW WKH WULSSLQJ FLUFXLW PXVW EH
EURNHQ E\ DQ DX[LOLDU\ FRQWDFW RQ WKH FLUFXLW EUHDNHU
&*&
)DXOW
GLUHF
WLRQ
SROH WULS )DXOW GHWHFWLRQ
'LUHF SHUPLWWHG
/ / /
55
7ULS /
;; 7
/ / /
'LUHF
55
75,332/ = 7ULS /
<(6 !

;; 7 12
/ / /
'LUHF
7ULS /
55
*HQ IDXOW
;; 7
'LU%
55% PXOWLSKDVH
;;% 7%
! 7ULS /
%, WKUHHSROH
73 !
*HQ IDXOW
5$5
0&
!
'LU/
55/
;;/ 7/
'LUHF 'LUHFWLRQ VHW IRU ]RQH
= HWF
'$5
55
;; )DXOW LQ ]RQH HWF
'LU)'
7 7LPH 7 HWF H[SLUHG
*HQ %, &RQWURO VLJQDO YLD ELQDU\ LQSXW

)DXOW
73 &RQWURO VLJQDO IURP WHOH
SURWHFWLRQ ORJLF
7 ! 5$5 &RQWURO VLJQDO IURP DXWR
73 UHFORVH ORJLF 5DSLG $5
ILUVW VKRW
'$5 &RQWURO VLJQDO IURP

7 DXWRUHFORVH ORJLF
73 ! 'HOD\HG $5 IXUWKHU VKRWV
0& 0& 0DQXDO FORVH FRPPDQG
)LJXUH 6FKHPDWLF EORFN GLDJUDP RI WKH WULSSLQJ ORJLF RI WKH GLVWDQFH SURWHFWLRQ
&*&
/LQH / /
(DUWKLQJ
GLVFRQQHFWRU =%
7ULS
&ORVH

'LVFUHSDQF\ 70&
VZLWFK 352/
6$
&LUFXLW
EUHDNHU
/
/ %XVEDU
/
)LJXUH )XQFWLRQDO GLDJUDP RI WKH VZLWFKRQWRIDXOW SURWHFWLRQ
'HILQLWH WLPH RYHUFXUUHQW DQG HPHUJHQF\ SURWHFWLRQ
6$ SURYLGHV DQ RYHUFXUUHQW SURWHFWLRQ 7KLV ,I HLWKHU RI WKHVH IDFWRUV RFFXUV GLVWDQFH SURWHFWLRQ
IHDWXUH PD\ IRU H[DPSOH EH XVHIXO ZKHQ GXULQJ LV LPPHGLDWHO\ EORFNHG DQG HPHUJHQF\ RYHUFXUUHQW
ILUVW FRPPLVVLRQLQJ YROWDJH WUDQVIRUPHU RXWSXW LV SURWHFWLRQ PD\ EHFRPH RSHUDWLYH VHOHFWDEOH
QRW DYDLODEOH
8QGHU WKLV FRQGLWLRQ VHOHFWLYLW\ FDQ RQO\ EH
7KH RYHUFXUUHQW IXQFWLRQ PD\ DOVR FRPH DXWRPDWL DFKLHYHG E\ WLPH GHOD\ MXVW DV IRU DOO W\SHV RI RYHU
FDOO\ LQWR RSHUDWLRQ ZKHQ WKH PHDVXUHG YROWDJH LV FXUUHQW SURWHFWLRQ VFKHPH
QRW DYDLODEOH HJ GXULQJ VKRUWFLUFXLW RU DQ LQWHUUXS
WLRQ LQ WKH 97 FLUFXLWV $V VRRQ DV WKH GHYLFH UHFRJQL]HV WKDW WKH PHDVXUHG
YROWDJHV KDYH UHDSSHDUHG WKH V\VWHP VZLWFKHV
2YHUFXUUHQW SURWHFWLRQ EDFNV XS WKH GLVWDQFH SUR EDFN WR GLVWDQFH SURWHFWLRQ
WHFWLRQ ZKHQ IDLOXUH RI WKH PHDVXUHG YROWDJHV LV GH
WHFWHG E\ DQ\ RQH RI WKH IROORZLQJ FRQGLWLRQV )RU IXUWKHU GHWDLOV UHIHU WR 6HFWLRQ
RSHUDWLRQ RI WKH IXVH IDLOXUH PRQLWRU UHIHU 6HFWLRQ
RU WKH VLJQDO k97 PFE WULSSHGl LV DSSOLHG WR
DQ LQSXW UHOD\
&*&
0HDVXUHV WR EH WDNHQ LQ WKH FDVH RI SRZHU VZLQJV RSWLRQDO ZLWK

LPSHGDQFH IDXOW GHWHFWLRQ
$IWHU G\QDPLF RFFXUUHQFHV VXFK DV ORDG IOXFWXD 'HWHFWLRQ RI SRZHU VZLQJV
WLRQV VKRUW FLUFXLWV DXWRUHFORVXUHV RU VZLWFKLQJ RS
HUDWLRQV WKH JHQHUDWRUV PD\ KDYH WR DGMXVW WR WKH 3RZHU VZLQJV DUH WKUHHSKDVH V\PPHWULFDO RFFXU
QHZ ORDG FRQGLWLRQV LQ WKH QHWZRUN 7KH GLVWDQFH UHQFHV 7KH ILUVW SUHUHTXLVLWH LV WKHUHIRUH WKH DE
SURWHFWLRQ UHJLVWHUV WKH KLJK HTXDOL]LQJ FXUUHQWV DQG VHQFH RI DQ\ HDUWK IDXOW DQG WKH V\PPHWU\ RI WKH
LQ SDUWLFXODU LQ WKH HOHFWULFDO FHQWUH UHGXFHG YROW PHDVXUHG LPSHGDQFHV $V ORQJ DV WKH HDUWK IDXOW
DJHV GXULQJ SRZHU VZLQJV )LJXUH 6PDOO YROW GHWHFWLRQ KDV SLFNHG XS VHH 6HFWLRQ RU WKH
DJHV ZLWK VLPXOWDQHRXVO\ KLJK FXUUHQWV VLPXODWH DS WKUHH LPSHGDQFHV SKDVHSKDVH GLIIHU IURP HDFK
SDUHQWO\ VPDOO LPSHGDQFHV ZKLFK FDQ OHDG WR WULS RWKHU E\ PRUH WKDQ SRZHU VZLQJV DUH QRW GH
SLQJ ,Q H[WHQVLYH QHWZRUNV ZKLFK FDUU\ KLJK ORDGV WHFWHG $V\PPHWULFDO VKRUW FLUFXLWV LH DOO RQH
HYHQ WKH VWDELOLW\ RI WKH HQHUJ\ WUDQVIHU FDQ EH HQ SKDVH DQG WZRSKDVH VKRUW FLUFXLWV FDQ WKHUHIRUH
GDQJHUHG E\ VXFK SRZHU VZLQJV QRW UHVXOW LQ SLFNXS RI WKH SRZHU VZLQJ EORFNLQJ
IXQFWLRQ (YHQ ZKHQ D SRZHU VZLQJ KDV EHHQ UHFRJ
QL]HG WKH IROORZLQJ DV\PPHWULFDO VKRUW FLUFXLW FXU
( (
0 UHQWV OHDG WR IDVW UHOHDVH RI WKH SRZHU VZLQJ EORFN
LQJ IXQFWLRQ DQG UHQGHU SRVVLEOH WULSSLQJ E\ WKH GLV
WDQFH SURWHFWLRQ
,Q RUGHU WR GHWHFW D SRZHU VZLQJ WKH UDWH RI FKDQJH

, RI WKH LPSHGDQFH YHFWRU LV PHDVXUHG %HFDXVH RI
WKH V\PPHWU\ FRQGLWLRQV LW LV VXIILFLHQW WR OLPLW WKH
0 SRZHU VZLQJ GHWHFWLRQ WR RQH ORRS // 7KH
PHDVXUHPHQW FRPPHQFHV ZKHQ WKH LPSHGDQFH
8 YHFWRU PRYHV LQWR WKH SRZHU VZLQJ SRO\JRQ 332/
( ( VHH )LJXUH ,Q WKH FDVH RI D WKUHHSKDVH VKRUW
FLUFXLW WKH LPSHGDQFH YHFWRU LPPHGLDWHO\ PRYHV
LQWR WKH IDXOW GHWHFWLRQ SRO\JRQ $32/ +RZHYHU LQ
( ( WKH FDVH RI D SRZHU VZLQJ WKH DSSDUHQW LPSHGDQFH
,
DW PHDVXULQJ SRLQW 0 YHFWRU ILUVW PRYHV LQWR WKH SRZHU VZLQJ SRO\JRQ
;
332/ DQG ODWHU LQWR WKH IDXOW GHWHFWLRQ SRO\JRQ
$32/ ,W LV DOVR SRVVLEOH IRU WKH LPSHGDQFH YHFWRU
)LJXUH 3RZHU VZLQJ
WR HQWHU DQG OHDYH WKH SRZHU VZLQJ SRO\JRQ ZLWKRXW
PRYLQJ LQWR WKH IDXOW GHWHFWLRQ SRO\JRQ ,I WKH LP
SHGDQFH YHFWRU PRYHV WKURXJK WKH ZKROH DUHD UHS
UHVHQWHG E\ WKH SRZHU VZLQJ SRO\JRQ WKHQ SDUWV RI
,Q RUGHU WR SUHYHQW XQFRQWUROOHG WULSSLQJ WKH GLV
WKH QHWZRUN VHHQ IURP WKH SURWHFWLYH GHYLFH KDYH
WDQFH SURWHFWLRQ GHYLFHV DUH SURYLGHG ZLWK SRZHU
EHFRPH DV\QFKURQRXV WKH WUDQVIHU RI HQHUJ\
VZLQJ EORFNLQJ GHYLFHV ,Q FHUWDLQ VWUDWHJLF ORFD
KDV EHFRPH XQVWDEOH
WLRQV ZLWKLQ WKH QHWZRUN RXWRIVWHS WULSSLQJ GHYLFHV
DUH LQVWDOOHG VR WKDW WKH QHWZRUN FDQ EH VSOLW LQWR
,I WKH UDWH RI FKDQJH RI WKH LPSHGDQFH YHFWRU LV
SDUW QHWZRUNV LQ WKH FDVH RI ORVV RI V\QFKURQLVP GXH
VPDOOHU WKDQ D VHOHFWDEOH YDOXH G5GW D SRZHU
WR VWURQJ XQVWDEOH SRZHU VZLQJV
VZLQJ LV UHFRJQL]HG 7KH PHDVXULQJ WLPH RI WKH
SRZHU VZLQJ GHWHFWRU LV FRRUGLQDWHG ZLWK WKH GLV
,Q PRGHOV ZLWK LPSHGDQFH IDXOW GHWHFWRU WKH SURWHF
WDQFH EHWZHHQ SRZHU VZLQJ SRO\JRQ 332/ DQG IDXOW
WLRQ UHOD\ 6$ FDQ EH HTXLSSHG ZLWK D SRZHUIXO
GHWHFWLRQ SRO\JRQ $32/ VR WKDW WKH SRZHU VZLQJ LV
SRZHU VZLQJ VXSSOHPHQWDU\ IXQFWLRQ GHSHQGHQW RI
GHWHFWHG EHIRUH WKH YHFWRU PRYHV LQWR WKH IDXOW GH
WKH RUGHUHG PRGHO ZKLFK SUHYHQWV WULSSLQJ E\ WKH
WHFWLRQ SRO\JRQ
GLVWDQFH SURWHFWLRQ GXULQJ SRZHU VZLQJV SRZHU
VZLQJ EORFNLQJ EXW DOVR DOORZV WULSSLQJ DW SUHGHWHU
PLQHG ORFDWLRQV LQ WKH FDVH RI XQVWDEOH SRZHU
VZLQJV RXWRIVWHS WULSSLQJ
&*&
;
332/
332/$32/
$32/
;$

5$ 5
332/
$32/
;$
332/ 3RZHU VZLQJ SRO\JRQ
$32/ )DXOW GHWHFWLRQ SRO\JRQ
)LJXUH 3LFNXS FKDUDFWHULVWLF IRU WKH GHWHFWLRQ RI SRZHU VZLQJV
3RZHU VZLQJ EORFNLQJ 2XWRIVWHS WULSSLQJ
:KHQ WKH FULWHULD IRU SRZHU VZLQJ GHWHFWLRQ KDYH :KHQ WKH FULWHULD IRU SRZHU VZLQJ GHWHFWLRQ DUH PHW
EHHQ PHW WKHQ WKH IROORZLQJ UHDFWLRQV DUH SRVVLEOH DQG ZKHQ RXWRIVWHS WULSSLQJ LV VHOHFWHG WKHQ WKH
VHWWDEOH IRU SRZHU VZLQJ EORFNLQJ GLVWDQFH SURWHFWLRQ ZLWK DOO RI LWV VWDJHV LV EORFNHG
LQ RUGHU WR SUHYHQW WULSSLQJ E\ WKH GLVWDQFH SURWHF
%ORFNLQJ RI WKH ILUVW VWDJH RQO\ WLRQ
7KH ILUVW VWDJH RI WKH GLVWDQFH SURWHFWLRQ = DQG
=% FDQQRW WULS )DXOWV IURP WKH VHFRQG VWDJH :KHQ WKH LPSHGDQFH YHFWRU OHDYHV WKH SRZHU VZLQJ
RQZDUGV 7 H[SLUHG DUH WULSSHG DIWHU WKHLU GHOD\
SRO\JRQ WKH YHFWRU LV FKHFNHG E\ LWV 5FRPSRQ
WLPH
HQW ,I WKH 5FRPSRQHQW VWLOO KDV WKH VDPH VLJQ DV DW
%ORFNLQJ RI DOO VWDJHV EXW WKH ILUVW WKH SRLQW RI HQWU\ WKHQ WKH SRZHU VZLQJ LV LQ WKH SUR
2QO\ WKH ILUVW VWDJH RI WKH GLVWDQFH SURWHFWLRQ = FHVV RI VWDELOL]LQJ 2WKHUZLVH WKH YHFWRU KDV SDVVHG
RU =% LV DYDLODEOH +LJKHU VWDJHV DUH QRW DYDLO WKURXJK WKH SRO\JRQ ORVV RI V\QFKURQLVP FDVH
DEOH LQ )LJXUH 7KH GHYLFH LVVXHV D WULSSLQJ FRP
PDQG RI DGMXVWDEOH GXUDWLRQ 7KH RXWRIVWHS WULS LV
%ORFNLQJ RI DOO VWDJHV DQQRXQFHG 7KH LPSHGDQFH YHFWRU PXVW KDYH
7KH GLVWDQFH SURWHFWLRQ LV EORFNHG ZLWK DOO RI LWV SDVVHG WKURXJK WKH SRZHU VZLQJ SRO\JRQ ZLWKLQ DQ
VWDJHV DFWLYH WLPH ZKLFK LV LGHQWLFDO ZLWK 36 7$&7
7KH VHOHFWHG UHDFWLRQ UHPDLQV HIIHFWLYH XQWLO WKH

PHDVXUHG LPSHGDQFH YHFWRU OHDYHV WKH SRZHU
VZLQJ SRO\JRQ 332/ RU ZKHQ GXH WR HDUWK IDXOW
SLFNXS RU DV\PPHWU\ WKH SRZHU VZLQJ FULWHULD DUH
QR ORQJHU PHW 7KH DFWLRQ WLPH RI WKH SRZHU VZLQJ
EORFNLQJ GHYLFH FDQ DOVR EH OLPLWHG E\ D VHOHFWDEOH
WLPH 36 7$&7
&*&
8QLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH
6KRUW FLUFXLWV RQ WKH SURWHFWHG OLQH ZKLFK OLH EH\RQG =RQH =% FRPSDULVRQ XQEORFNLQJ PRGH
WKH ILUVW GLVWDQFH ]RQH FDQ EH VHOHFWLYHO\ FOHDUHG E\ 'LUHFWLRQDO FRPSDULVRQ XQEORFNLQJ PRGH ZLWK
GLVWDQFH SURWHFWLRQ RQO\ DIWHU D GHOD\ WLPH )RU OLQH IDXOW GHWHFWLRQ
OHQJWKV ZKLFK DUH VKRUWHU WKDQ WKH VKRUWHVW UHDVRQ
DEOH GLVWDQFH VHWWLQJ VKRUW FLUFXLWV FDQ HTXDOO\ QRW %ORFNLQJ PRGH
EH VHOHFWLYHO\ FOHDUHG LQVWDQWDQHRXVO\ %ORFNLQJ RI WKH RYHUUHDFK ]RQH =%
7KXV WR DFKLHYH LQVWDQWDQHRXV FOHDUDQFH RI DOO 3LORW ZLUH PRGHV

IDXOWV IRU RI OLQH OHQJWK 6$ FDQ H[FKDQJH =RQH =% RYHUUHDFK WUDQVIHU WULS YLD SLORW
DQG SURFHVV LQIRUPDWLRQ IURP WKH RSSRVLWH HQG VWD 5HYHUVH LQWHUORFNLQJ
WLRQ E\ WKH XVH RI DQ LQFRUSRUDWHG WHOHSURWHFWLRQ LQ
WHUIDFH )RU WKLV SXUSRVH WKH UHOD\ KDV WUDQVPLWWHU 7KH FRPSDULVRQ YLD SLORW ZLUH LV SDUWLFXODUO\ XVHIXO LQ
RXWSXW DQG UHFHLYHU LQSXW FDEOH QHWZRUNV ZLWK VKRUW GLVWDQFHV +HUH WKH LQIRU
PDWLRQ H[FKDQJH EHWZHHQ WKH OLQH HQGV FDQ EH
'LVWLQFWLRQ LV PDGH EHWZHHQ SHUPLVVLYH XQGHUUHDFK PDGH YLD RQH SLORW ZLUH SDLU RU FRQWURO FRUHV XVLQJ
WUDQVIHU WULS PRGHV 3877 DQG SHUPLVVLYH RYHU GLUHFW FXUUHQW 7KH UHYHUVH LQWHUORFNLQJ VFKHPH
UHDFK FRPSDULVRQ WUDQVIHU PRGHV 3277 ZRUNV ZLWK GF FRQWURO VLJQDOV WRR
)RU XQGHUUHDFK WUDQVIHU WULSSLQJ WKH UHOD\ LV VHW ZLWK )RU WKH RWKHU WHOHSURWHFWLRQ PRGHV D YRLFH IUHTXHQ
QRUPDO GLVFULPLQDWLRQ VWHSV ,I D WULSSLQJ FRPPDQG F\ FKDQQHO LV PRVW IUHTXHQWO\ XVHG HJ 6LHPHQV
LV JLYHQ LQ WKH ILUVW ]RQH WKLV LV WUDQVPLWWHG WR WKH RWK WUDQVPLVVLRQ GHYLFH 6:7 ) ZLWK IUHTXHQF\
HU OLQH HQG WKURXJK D WHOHSURWHFWLRQ V\VWHP 7KHUH VKLIW PRGXODWLRQ 7KH YRLFH IUHTXHQF\ LV WUDQVPLWWHG
WKH UHFHLYHG VLJQDO ZLOO FDXVH LQWHUWULSSLQJ DV ORQJ YLD WHOHSKRQH FDEOH SRZHU OLQH FDUULHU RU UDGLR
DV WKH UHOD\ DW WKDW HQG KDV SLFNHG XS RU KDV UHFRJ WUDQVPLVVLRQ $OWHUQDWLYHO\ WKH VLJQDOV FDQ EH WUDQV
QL]HG D IDXOW LQ LWV RYHUUHDFKLQJ ]RQH 6$ SHU PLWWHG YLD RSWLFDO ILEUH FRQQHFWLRQV
PLWV
,I D IDXOW RFFXUV LQ WKH UHFHLYLQJ GHYLFH RU RQ WKH
XQGHUUHDFK WUDQVIHU WULS YLD IDXOW GHWHFWLRQ ]RQH WUDQVPLVVLRQ OLQN WKH UHFHLYHU ORJLF RI WKH XQLYHUVDO
)' QRQGLUHFWLRQDO WHOHSURWHFWLRQ LQWHUIDFH FDQ EH EORFNHG E\ WKH LQSXW
RI D ELQDU\ VLJQDO ZLWKRXW DIIHFWLQJ WKH QRUPDO GLV
XQGHUUHDFK WUDQVIHU WULS YLD RYHUUHDFK ]RQH =% WDQFH SURWHFWLRQ JUDGLQJ 0HDVXUHPHQW UDQJH FRQ
DFFHOHUDWLRQ GLUHFWLRQDO WURO UHOHDVH RI ]RQH =% FDQ WKHQ EH WUDQVIHUUHG WR
WKH DXWRUHFORVH IXQFWLRQ VHH DOVR 6HFWLRQ
)RU WKH FRPSDULVRQ RYHUUHDFK WUDQVIHU PRGHV WKH RU WKH DXWRUHFORVH IXQFWLRQ FDQ EH EORFNHG
UHOD\ ZLOO DOUHDG\ LQFRUSRUDWH D IDVW RYHUUHDFK ]RQH
7KLV FDQ KRZHYHU JLYH D WULS VLJQDO RQO\ ZKHQ D IDXOW 6LQFH LQ 6$ DOO ]RQHV RSHUDWH LQGHSHQGHQWO\ LW
LV DOVR GHWHFWHG DW WKH RWKHU OLQH HQG LQ DQ RYHUUHDFK LV DOVR SRVVLEOH WR JLYH UDSLG WULS LQ = ZLWKRXW UHFHLSW
]RQH (LWKHU D UHOHDVH RU D EORFNLQJ VLJQDO FDQ EH RI D UHOHDVH VLJQDO RU ZLWK D EORFNLQJ VLJQDO SUHVHQW
WUDQVPLWWHG LQ WKH FRPSDULVRQ PRGHV ,I LQVWDQWDQHRXV WULS LV QRW
GHVLUHG HJ IRU H[WUHPHO\ VKRUW OLQHV IRU UHDVRQV RI
'LVWLQFWLRQ LV PDGH EHWZHHQ VHOHFWLYLW\ WKHQ ]RQH = PXVW EH GHOD\HG E\ WLPH
VWDJH 7
5HOHDVH PRGHV
3HUPLVVLYH RYHUUHDFK WUDQVIHU ZLWK RYHUUHDFK :KHQ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ LV RSHUDW
]RQH =% LQJ WKH XQLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH IXQFWLRQ LV
'LUHFWLRQDO FRPSDULVRQ WUDQVIHU ZLWK IDXOW GHWHF RXW RI RSHUDWLRQ
WLRQ
&*&
3HUPLVVLYH XQGHUUHDFK WUDQVIHU =RQH DFFHOHUDWLRQ ZLWK =%

WULS ZLWK IDXOW GHWHFWLRQ
-XVW DV IRU D SHUPLVVLYH XQGHUUHDFK WUDQVIHU WULS ZLWK
:LWK D IDXOW LQ ]RQH = DQ LQWHUWULS VLJQDO LV WUDQV IDXOW GHWHFWLRQ WKH WULSSLQJ VLJQDO RI GLVWDQFH ]RQH
PLWWHG WR WKH RSSRVLWH HQG RI WKH OLQH 7KLV FDQ EH = ZLOO WUDQVPLW DQ LQWHUWULS VLJQDO WR WKH RSSRVLWH OLQH
GHOD\HG E\ 7G 7KH VLJQDO UHFHLYHG WKHUH ZLOO UHVXOW LQ HQG LI GHVLUHG GHOD\HG E\ 7G 7KHUH D WULS FRP
D WULS DV ORQJ DV WKH UHOHYDQW SURWHFWLYH GHYLFH KDV PDQG LV JLYHQ ZKHQ WKH IDXOW KDV EHHQ GHWHFWHG LQ
SLFNHG XS IDXOW GHWHFWLRQ )' 7KH GXUDWLRQ RI WKH ]RQH =% LQ WKH VHW GLUHFWLRQ 7KH GLIIHUHQFH EH
WUDQVPLW VLJQDO FDQ EH LQFUHDVHG E\ 7V SURJUDP WZHHQ SHUPLVVLYH XQGHUUHDFK WULS ZLWK IDXOW GHWHF
WLRQ DQG ]RQH =% DFFHOHUDWLRQ LV WKDW DW WKH UHFHLY
PDEOH LQ RUGHU WR PDWFK ZLWK GLIIHUHQW SLFNXS WLPHV
LQJ HQG WKH WULSSLQJ DUHD LV GHILQHG E\ WKH H[WHQGHG
RI WKH UHOD\V DW WKH OLQH HQGV 7KH GXUDWLRQ RI WKH UH
]RQH =% GLUHFWLRQDO 7KH GXUDWLRQ RI WKH WUDQVPLW
FHLYH VLJQDO FDQ EH LQFUHDVHG E\ 7U
VLJQDO FDQ EH LQFUHDVHG E\ 7V WKH GXUDWLRQ RI WKH UH
FHLYH VLJQDO FDQ EH LQFUHDVHG E\ 7U
)LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH RI WKLV
IXQFWLRQ
)LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH RI WKLV
IXQFWLRQ
,Q WKLV RSHUDWLQJ PRGH WKH RYHUUHDFK ]RQH =% LV RI
QR LPSRUWDQFH IRU WKH XQLYHUVDO WHOHSURWHFWLRQ LQWHU
,I WKH WUDQVPLVVLRQ OLQN LV IDXOW\ WKH RYHUUHDFK ]RQH
IDFH EXW LW FDQ EH LQLWLDWHG E\ WKH DXWRUHFORVXUH =% FDQ EH LQLWLDWHG E\ WKH DXWRUHFORVXUH IXQFWLRQ
IXQFWLRQ VHH 6HFWLRQ VHH 6HFWLRQ
=
)DXOW GHWHFWLRQ )DXOW GHWHFWLRQ

=
= =
7G 7V 7V 7G
7 7
)RUZ )RUZ
GLUHF 7 7 GLUHF
)OWGHW )OWGHW
! 7ULS 7ULS !
)XUWKHU )XUWKHU
]RQHV ]RQHV
7U 7U
5 5
= )DXOW LQ ILUVW GLVWDQFH ]RQH 7 'HOD\ RI ILUVW ]RQH QRUPDOO\

)RUZGLUHF )DXOW LQ SDUDPHWHUL]HG GLUHFWLRQ 7G 'HOD\ RI WUDQVPLVVLRQ VLJQDO
7 7UDQVPLWWHU 7V 3URORQJDWLRQ RI WUDQVPLVVLRQ VLJQDO
5 5HFHLYHU 7U 3URORQJDWLRQ RI UHFHLYHG VLJQDO
)LJXUH 3HUPLVVLYH XQGHUUHDFK WUDQVIHU WULS )' DFFHOHUDWLRQ EORFN VFKHPH
&*&
=
=%
)DXOW GHWHFWLRQ )DXOW GHW
)DXOW GHW )DXOW GHWHFWLRQ

=%
=
= =
7G 7V 7V 7G
7 7
=% 7 7 =%

7% 7%
)RUZ )RUZ
! 7ULS 7ULS !
GLUHF GLUHF
)XUWKHU )XUWKHU
]RQHV ]RQHV
7U 7U
5 5
= )DXOW LQ ILUVW GLVWDQFH ]RQH 7 'HOD\ RI ILUVW ]RQH QRUPDOO\

=% )DXOW LQ RYHUUHDFK ]RQH =% 7% 'HOD\ RI RYHUUHDFK ]RQH =% QRUPDOO\
5 5HFHLYHU 7U 3URORQJDWLRQ RI UHFHLYHG VLJQDO
)LJXUH =RQH DFFHOHUDWLRQ =% EORFN VFKHPH
3HUPLVVLYH RYHUUHDFK WUDQVIHU WULS ZLWK =%
7KH SHUPLVVLYH RYHUUHDFK WUDQVIHU WULS IXQFWLRQ XVHV )LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH
D SHUPLVVLYH UHOHDVH SULQFLSOH =RQH =% LV RI VLJQLIL
FDQFH DV LW LV VHW WR LQFOXGH WKH QH[W VWDWLRQ DQG EH ,I WKH GLVWDQFH SURWHFWLRQ GHWHFWV D IDXOW ZLWKLQ WKH
\RQG 7KLV PHWKRG RI VLJQDO FRPSDULVRQ FDQ DOVR EH RYHUUHDFK ]RQH =% D UHOHDVH VLJQDO LV VHQW WR WKH
XVHG IRU H[WUHPHO\ VKRUW OLQH OHQJWKV ZKHQ D VHWWLQJ RSSRVLWH OLQH HQG LI GHVLUHG GHOD\HG E\ 7G ,I D UH
WR RI WKH OLQH OHQJWK DQG WKHUHIRUH VHOHFWLYH LP OHDVH VLJQDO LV DOVR UHFHLYHG IURP WKH RSSRVLWH HQG RI
PHGLDWH GLVFRQQHFWLRQ LV QRW SRVVLEOH ,Q WKH ODWWHU WKH OLQH WKH WULSSLQJ FRPPDQG LV WUDQVPLWWHG WR WKH
FDVH =RQH = KDV WR EH GHOD\HG E\ 7 EHFDXVH LW FRPPDQG UHOD\ 3UHUHTXLVLWH IRU LPPHGLDWH GLVFRQ
ZLOO RSHUDWH LQGHSHQGHQW RI UHFHLSW RI D VLJQDO QHFWLRQ LV WKHUHIRUH WKH GHWHFWLRQ RI D IDXOW ZLWKLQ
]RQH =% IURP ERWK OLQH HQGV LQ WKH SDUDPHWHUL]HG
GLUHFWLRQ
&*&
7KH GXUDWLRQ RI WKH WUDQVPLW VLJQDO FDQ EH LQFUHDVHG FDQ WKHQ EH LQLWLDWHG IURP WKH $5 IXQFWLRQ VHH 6HF
E\ 7V SURJUDPPDEOH EXW WKLV SURORQJDWLRQ LV HIIHF WLRQ
WLYH RQO\ DIWHU WKH SURWHFWLRQ KDV LVVXHG D WULS FRP
PDQG 7KLV HQVXUHV WKH UHPRWH OLQH HQG WR EH UH )DOVH VLJQDOV ZKLFK PD\ KDYH EHHQ FDXVHG E\ WUDQ
OHDVHG DOVR LQ FDVH WKH ORFDO OLQH HQG LV WULSSHG YHU\ VLHQW RVFLOODWLRQV DIWHU WKH LQWHUUXSWLRQ RI H[WHUQDO
TXLFNO\ E\ WKH LQGHSHQGHQW ILUVW GLVWDQFH ]RQH IDXOWV RU E\ UHYHUVDO RI GLUHFWLRQ RI IORZ DIWHU LQWHUUXS
WLRQ RI IDXOWV RQ SDUDOOHO OLQHV DUH UHQGHUHG KDUPOHVV
)RU WKH RWKHU ]RQHV = = = WULSSLQJ RFFXUV E\ D WUDQVLHQW EORFNLQJ IXQFWLRQ UHIHU 6HFWLRQ
ZLWKRXW UHOHDVH IURP WKH RSSRVLWH OLQH HQG VR WKDW
WKH GLVWDQFH SURWHFWLRQ ZRUNV QRUPDOO\ HYHQ ZLWKRXW
WUDQVPLVVLRQ )RU OLQHV ZKLFK DUH IHG IURP RQH OLQH HQG RQO\ QR UH
OHDVH VLJQDO FDQ EH IRUPHG DW WKH XQIHG OLQH HQG
,I WKH WHOHSURWHFWLRQ FKDQQHO LV PRQLWRUHG DQG D VLQFH QR SLFNXS FDQ RFFXU WKHUH ,Q RUGHU WR DFKLHYH
WUDQVPLVVLRQ IDXOW LV GHWHFWHG WKH UHFHLYLQJ HQG ORJ HYHQ LQ WKLV FDVH LPPHGLDWH WULSSLQJ RYHU RI
LF FDQ EH PDGH LQHIIHFWLYH E\ WKH LQSXW RI D ELQDU\ WKH OLQH OHQJWK DQ DGGLWLRQDO HFKR IXQFWLRQ LV DYDLO
VLJQDO 'LVWDQFH SURWHFWLRQ WKHQ RSHUDWHV ZLWK QRU DEOH VHH 6HFWLRQ
PDO JUDGLQJ UDSLG WULS LQ = 2YHUUHDFK ]RQH =%
=
=%

=%
=
=% =%
7G 7G
7 7
7% 7%
7V 7V

)RUZ )RUZ

GLUHF ! ! GLUHF
7ULS 7ULS
= DQG = DQG
IXUWKHU IXUWKHU
]RQHV ]RQHV
5 5
=% )DXOW LQ RYHUUHDFK ]RQH =% 7% 'HOD\ RI RYHUUHDFK ]RQH QRUPDOO\
5 5HFHLYHU
)LJXUH 3HUPLVVLYH RYHUUHDFK WUDQVIHU WULS UHOHDVH RI =% EORFN VFKHPH
&*&
'LUHFWLRQDO FRPSDULVRQ IDXOW GHWHFWLRQ ]RQH UHOHDVH
'LUHFWLRQDO FRPSDULVRQ DOVR SHUIRUPV D WUDQVIHU UH ,I WKH WUDQVPLVVLRQ FKDQQHO LV PRQLWRUHG DQG D IDXOW
OHDVH IXQFWLRQ LV GHWHFWHG WKLV ZLOO RQO\ EORFN WKH GLUHFWLRQDO FRP
SDULVRQ IXQFWLRQ YLD WKH LQSXW FKDQQHO k5HFHSWLRQ
)LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH IDXOW\l
,I WKH UHOD\ GHWHFWV D IDXOW LQ WKH OLQH GLUHFWLRQ LW VHQGV )DOVH VLJQDOV ZKLFK PD\ KDYH EHHQ FDXVHG E\ WUDQ
DIWHU D VHWWDEOH WLPH WG LI GHVLUHG D UHOHDVH VLJQDO WR VLHQW RVFLOODWLRQV DIWHU WKH LQWHUUXSWLRQ RI H[WHUQDO
WKH UHOD\ DW WKH RSSRVLWH OLQH HQG DQG ZKHQ D FRUUH IDXOWV RU E\ UHYHUVDO RI GLUHFWLRQ RI IORZ DIWHU LQWHUUXS
VSRQGLQJ FRQILUPDWLRQ VLJQDO LV UHFHLYHG LVVXHV WKH WLRQ RI IDXOWV RQ SDUDOOHO OLQHV DUH UHQGHUHG KDUPOHVV
WULSSLQJ VLJQDO 7KH GLVWDQFH JUDGLQJ RSHUDWHV LQGH E\ D WUDQVLHQW EORFNLQJ IXQFWLRQ UHIHU 6HFWLRQ
SHQGHQWO\ RI WKH GLUHFWLRQDO FRPSDULVRQ
7KH GXUDWLRQ RI WKH WUDQVPLW VLJQDO FDQ EH LQFUHDVHG )RU OLQHV ZKLFK DUH IHG IURP RQH OLQH HQG RQO\ QR UH
E\ 7V SURJUDPPDEOH EXW WKLV SURORQJDWLRQ LV HIIHF OHDVH VLJQDO FDQ EH IRUPHG DW WKH XQIHG OLQH HQG
WLYH RQO\ DIWHU WKH SURWHFWLRQ KDV LVVXHG D WULS FRP VLQFH QR SLFNXS FDQ RFFXU WKHUH ,Q RUGHU WR DFKLHYH
PDQG 7KLV HQVXUHV WKH UHPRWH OLQH HQG WR EH UH HYHQ LQ WKLV FDVH LPPHGLDWH WULSSLQJ RYHU RI
OHDVHG DOVR LQ FDVH WKH ORFDO OLQH HQG LV WULSSHG YHU\ WKH OLQH OHQJWK DQ DGGLWLRQDO HFKR IXQFWLRQ LV DYDLO
TXLFNO\ E\ WKH LQGHSHQGHQW ILUVW GLVWDQFH ]RQH DEOH VHH 6HFWLRQ
=

=
)OWGHW )OWGHW
7G 7G
7 7
7V 7V

)RUZ )RUZ

GLUHF ! ! GLUHF
7ULS 7ULS
= DQG = DQG
IXUWKHU IXUWKHU
]RQHV ]RQHV
5 5
7 7UDQVPLWWHU 7G 'HOD\ RI WUDQVPLVVLRQ VLJQDO

5 5HFHLYHU 7V 3URORQJDWLRQ RI WUDQVPLVVLRQ VLJQDO
)LJXUH 'LUHFWLRQDO FRPSDULVRQ EORFN VFKHPH
&*&
8QEORFNLQJ PRGH ZLWK =%
7KH XQEORFN PRGH LV D UHOHDVLQJ SURFHGXUH =RQH )RU VLJQDO WUDQVPLVVLRQ RQH UHTXLUHV WZR VLJQDO IUH
=% LV VHW WR UHDFK EH\RQG WKH QH[W VWDWLRQ 7KH GLI TXHQFLHV ZKLFK DUH VKLIWHG RYHU IURP WKH WUDQVPLWWHU
IHUHQFH IURP SHUPLVVLYH RYHUUHDFK WUDQVIHU WULS ZLWK RXWSXW LQ 6$ ,I WKH 3/& V\VWHP LQFRUSRUDWHV
=% 6HFWLRQ LV WKDW D WULS FRPPDQG LV DOVR FKDQQHO PRQLWRULQJ HJ 6LHPHQV YRLFH IUHTXHQF\
SRVVLEOH ZKHQ QR UHOHDVH VLJQDO LV UHFHLYHG IURP WKH XQLW 6:7 ) WKHQ WKH PRQLWRULQJ IUHTXHQF\ I LV
RSSRVLWH HQG ,W LV WKHUHIRUH SULQFLSDOO\ XVHG IRU ORQJ VZLWFKHG WR D ZRUNLQJ IUHTXHQF\ ,I WKH UHOD\ GHWHFWV
OLQHV ZKHQ WKH VLJQDO KDV WR EH WUDQVPLWWHG RYHU WKH D IDXOW ZLWKLQ WKH RYHUUHDFK ]RQH =% LW LQLWLDWHV
SURWHFWHG OLQH XVLQJ D 3/& V\VWHP DQG WKH GDPSLQJ WUDQVPLVVLRQ RI WKH ZRUNLQJ IUHTXHQF\ I8 XQEORFN
RI WKH WUDQVPLWWHG VLJQDO FDQ EH VR ODUJH DW WKH SRLQW LQJ IUHTXHQF\ FDQ EH GHOD\HG E\ 7G 8QGHU QRUPDO
RI IDXOW WKDW LWV UHFHLSW IURP WKH RWKHU OLQH HQG FDQQRW FRQGLWLRQV RU ZLWK D IDXOW RXWVLGH WKH =% ]RQH RU LQ
EH XQFRQGLWLRQDOO\ JXDUDQWHHG )RU WKLV SDUWLFXODU WKH GLUHFWLRQ RSSRVLWH WR WKDW VHW WKH PRQLWRULQJ IUH
FDVH D VSHFLDO XQEORFNLQJ ORJLF FRPHV LQWR RSHUD TXHQF\ I LV WUDQVPLWWHG ,I WKH WUDQVPLVVLRQ FKDQQHO
WLRQ LV GLVWRUWHG WKH UHFHLYHU XQLW ZLOO LVVXH WKH IDXOW VLJQDO
) 5HFHLYHG VLJQDO DQG IDXOW VLJQDO SDVV WKURXJK DQ
)LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH RI WKLV XQEORFNLQJ ORJLF FLUFXLW ZKLFK FDQ EH VHHQ LQ )LJXUH
IXQFWLRQ
=
=%

=%
=
=% =%
7G 7G
7 7
8 8
7% 7%
7V 7V

)RUZ )RUZ

GLUHF ! ! GLUHF
7ULS 7ULS
= DQG = DQG
IXUWKHU IXUWKHU
]RQHV 8 ]RQHV
8QEORFN 8 8QEORFN
5 5
) 5 5 )
ORJLF ORJLF
=% )DXOW LQ RYHUUHDFK ]RQH =% 7% 'HOD\ RI RYHUUHDFK ]RQH QRUPDOO\
5 5HFHLYHU
)LJXUH 8QEORFNLQJ PRGH ZLWK =% EORFN VFKHPH
&*&
,I WKH XQEORFNLQJ VLJQDO 8 LV IDXOWOHVVO\ UHFHLYHG WKHQ ,I WKH WUDQVPLVVLRQ GHYLFH KDV QR FKDQQHO VXSHUYL
WKH UHOHDVH VLJQDO 5 LV IRUPHG LQ )LJXUH XSSHU VLRQ IDFLOLW\ EXW RQO\ GHPRGXODWHV WKH WZR IUHTXHQ
VLJQDO URXWH WKDW LV WKH WULSSLQJ VLJQDO RI ]RQH =% FLHV XQEORFNLQJ IUHTXHQF\ DQG EORFNLQJ IUHTXHQ
LV IRUZDUGHG WR WKH WULSSLQJ UHOD\ DV ZLWK RYHUUHDFK F\ WKH IDXOW VLJQDO ) FDQ EH SURGXFHG E\ D VLPSOH
WUDQVIHU ZLWK =% ,I IDXOW VLJQDO ) DSSHDUV QR UH ORJLF DFFRUGLQJ WR )LJXUH ,QVWHDG RI WKH $1'
OHDVH LV JLYHQ JDWH DQ H[FOXVLYH25 JDWH FDQ EH LQFRUSRUDWHG
6WDQGLQJ WUDQVPLVVLRQ IDXOWV ZLOO EH UHFRJQL]HG E\
,I WKH VLJQDO WR EH WUDQVPLWWHG GRHV QRW UHDFK WKH RWK 6$ DIWHU DSSUR[LPDWHO\ V DQG DQQXQFLDWHG
HU OLQH HQG EHFDXVH D VKRUW FLUFXLW RQ WKH OLQH FDXVHV
H[FHVVLYH GDPSLQJ RU UHIOHFWLRQ RI WKH VLJQDO WKH UH )DOVH VLJQDOV ZKLFK PD\ KDYH EHHQ FDXVHG E\ WUDQ
FHLYHU UHFRJQL]HV D IDXOW DQG LVVXHV IDXOW VLJQDO ) ,Q VLHQW RVFLOODWLRQV DIWHU WKH LQWHUUXSWLRQ RI H[WHUQDO
WKLV FDVH DIWHU D VDIHW\ GHOD\ WLPH RI PV UHOHDVH IDXOWV RU E\ UHYHUVDO RI GLUHFWLRQ RI IORZ DIWHU LQWHUUXS
VLJQDO 5 LV GLVSDWFKHG EXW E\ WKH WLPH VWDJH WLRQ RI IDXOWV RQ SDUDOOHO OLQHV DUH UHQGHUHG KDUPOHVV
PV LW LV FDQFHOOHG DIWHU D IXUWKHU PV E\ D WUDQVLHQW EORFNLQJ IXQFWLRQ UHIHU 6HFWLRQ
:KHQ WKH IDXOW VLJQDO GLVDSSHDUV DJDLQ WKH TXLHV
FHQW FRQGLWLRQ LV UHHVWDEOLVKHG DIWHU DQRWKHU PV
UHVHW GHOD\ RI WLPH VWDJH PV WKDW LV WKH )RU OLQHV ZKLFK DUH IHG IURP RQH OLQH HQG RQO\ QR UH
XSSHU UHOHDVH URXWH LQ )LJXUH LV DJDLQ DYDLODEOH OHDVH VLJQDO FDQ EH IRUPHG DW WKH XQIHG OLQH HQG
VLQFH QR SLFNXS FDQ RFFXU WKHUH ,Q RUGHU WR DFKLHYH
)RU DOO ]RQHV ZLWK WKH H[FHSWLRQ RI =% WULSSLQJ LV HYHQ LQ WKLV FDVH LPPHGLDWH WULSSLQJ RYHU RI
SHUPLWWHG ZLWKRXW UHOHDVH VR WKDW WKH UHOD\ RSHUDWHV WKH OLQH OHQJWK DQ DGGLWLRQDO HFKR IXQFWLRQ LV DYDLO
LQGHSHQGHQW RI VLJQDO WUDQVPLVVLRQ 7KH RYHUUHDFK DEOH VHH 6HFWLRQ
]RQH =% FDQ WKHQ EH LQLWLDWHG IURP WKH DXWRPDWLF
UHFORVLQJ V\VWHP VHH 6HFWLRQ
=

=
)OWGHW )OWGHW
7G 7G
7 7
7V 7V

)RUZ )RUZ

GLUHF ! ! GLUHF
7ULS 7ULS
= DQG = DQG
IXUWKHU IXUWKHU
]RQHV 8 8 ]RQHV
5 8QEORFN 8QEORFN 5
) 5 5 )
ORJLF ORJLF
7 7UDQVPLWWHU 7G 'HOD\ RI WUDQVPLVVLRQ VLJQDO

5 5HFHLYHU 7V 3URORQJDWLRQ RI WUDQVPLVVLRQ VLJQDO
)LJXUH 'LUHFWLRQDO FRPSDULVRQ XQEORFNLQJ PRGH ZLWK IDXOW GHWHFWLRQ EORFN VFKHPH
&*&
'LUHFWLRQDO XQEORFNLQJ PRGH ZLWK IDXOW GHWHFWLRQ
7KH XQEORFNLQJ PRGH LV D UHOHDVH SURFHGXUH 7KH IDXOW LQ OLQH GLUHFWLRQ DV ZLWK GLUHFWLRQDO FRPSDUL
GLIIHUHQFH IURP GLUHFWLRQDO FRPSDULVRQ SURFHGXUHV VRQ ,I IDXOW VLJQDO ) DSSHDUV QR UHOHDVH LV JLYHQ
6HFWLRQ LV WKDW D WULSSLQJ VLJQDO LV DOVR SRVVL
EOH ZKHQ QR UHOHDVH VLJQDO LV UHFHLYHG IURP WKH RS ,I WKH VLJQDO WR EH WUDQVPLWWHG GRHV QRW UHDFK WKH RWK
SRVLWH HQG ,W LV WKHUHIRUH SULQFLSDOO\ XVHG IRU ORQJ HU OLQH HQG EHFDXVH D VKRUW FLUFXLW RQ WKH OLQH FDXVHV
OLQHV ZKHQ WKH VLJQDO PXVW EH WUDQVPLWWHG RYHU WKH H[FHVVLYH GDPSLQJ RU UHIOHFWLRQ RI WKH VLJQDO WKH UH
SURWHFWHG OLQH E\ D 3/& V\VWHP DQG WKH GDPSLQJ RI FHLYHU UHFRJQL]HV D IDXOW DQG LVVXHV IDXOW VLJQDO ) ,Q
WKH WUDQVPLWWHG VLJQDO DW WKH SRLQW RI IDXOW LV VR ODUJH WKLV FDVH DIWHU D VDIHW\ GHOD\ WLPH RI PV UHOHDVH
WKDW UHFHLSW IURP WKH RWKHU OLQH HQG FDQQRW EH XQFRQ VLJQDO 5 LV GLVSDWFKHG EXW E\ WKH WLPH VWDJH
GLWLRQDOO\ JXDUDQWHHG ,Q WKLV FDVH D VSHFLDO XQ PV LW LV FDQFHOOHG DIWHU D IXUWKHU PV
EORFNLQJ ORJLF FRPHV LQWR RSHUDWLRQ :KHQ WKH IDXOW VLJQDO GLVDSSHDUV DJDLQ WKH TXLHV
FHQW FRQGLWLRQ LV UHHVWDEOLVKHG DIWHU DQRWKHU PV
)LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH RI WKLV UHVHW GHOD\ RI WLPH VWDJH PV WKDW LV WKH
IXQFWLRQ XSSHU UHOHDVH URXWH LQ )LJXUH LV DJDLQ DYDLODEOH
)RU VLJQDO WUDQVPLVVLRQ RQH UHTXLUHV WZR VLJQDO IUH ,I WKH WUDQVPLVVLRQ GHYLFH KDV QR FKDQQHO VXSHUYL
TXHQFLHV ZKLFK DUH VKLIWHG RYHU IURP WKH WUDQVPLWWHU VLRQ IDFLOLW\ EXW RQO\ GHPRGXODWHV WKH WZR IUHTXHQ
RXWSXW LQ 6$ ,I WKH 3/& V\VWHP LQFRUSRUDWHV FLHV XQEORFNLQJ IUHTXHQF\ DQG EORFNLQJ IUHTXHQ
FKDQQHO PRQLWRULQJ HJ 6LHPHQV YRLFH IUHTXHQF\ F\ WKH IDXOW VLJQDO ) FDQ EH SURGXFHG E\ D VLPSOH
XQLW 6:7 ) WKHQ WKH PRQLWRULQJ IUHTXHQF\ I LV ORJLF LQ DFFRUGDQFH ZLWK )LJXUH ,QVWHDG RI WKH
VZLWFKHG WR D ZRUNLQJ IUHTXHQF\ ,I WKH UHOD\ GHWHFWV $1' JDWH DQ H[FOXVLYH 25 JDWH FDQ EH LQFRUSR
D IDXOW LQ WKH OLQH GLUHFWLRQ LW LQLWLDWHV WUDQVPLVVLRQ RI UDWHG 6WDQGLQJ WUDQVPLVVLRQ IDXOWV ZLOO EH UHFRJ
WKH ZRUNLQJ IUHTXHQF\ I8 XQEORFNLQJ IUHTXHQF\ QL]HG E\ 6$ DIWHU DSSUR[LPDWHO\ V DQG DQ
FDQ EH GHOD\HG 8QGHU QRUPDO FRQGLWLRQV RU ZLWK D QXQFLDWHG
IDXOW LQ WKH GLUHFWLRQ RSSRVLWH WR WKDW VHW WKH PRQLWRU
LQJ IUHTXHQF\ I LV WUDQVPLWWHG ,I WKH WUDQVPLVVLRQ
FKDQQHO LV GLVWRUWHG WKH UHFHLYHU XQLW ZLOO LVVXH WKH
IDXOW VLJQDO ) 5HFHLYHG VLJQDO DQG IDXOW VLJQDO SDVV
WKURXJK DQ XQEORFNLQJ ORJLF FLUFXLW ZKLFK FDQ EH
VHHQ LQ )LJXUH 8QEORFN IUHTXHQF\
)
%ORFN IUHTXHQF\
)LJXUH 3URGXFLQJ WKH IDXOW VLJQDO )

8
!
) 5

)DOVH VLJQDOV ZKLFK PD\ KDYH EHHQ FDXVHG E\ WUDQ
VLHQW RVFLOODWLRQV DIWHU WKH LQWHUUXSWLRQ RI H[WHUQDO

IDXOWV RU E\ UHYHUVDO RI GLUHFWLRQ RI IORZ DIWHU LQWHUUXS
PV PV WLRQ RI IDXOWV RQ SDUDOOHO OLQHV DUH UHQGHUHG KDUPOHVV
E\ D WUDQVLHQW EORFNLQJ IXQFWLRQ UHIHU 6HFWLRQ
)LJXUH 8QEORFNLQJ /RJLF
)RU OLQHV ZKLFK DUH IHG IURP RQH OLQH HQG RQO\ QR UH
OHDVH VLJQDO FDQ EH IRUPHG DW WKH XQIHG OLQH HQG
,I WKH XQEORFNLQJ VLJQDO 8 LV IDXOWOHVVO\ UHFHLYHG WKHQ VLQFH QR SLFNXS FDQ RFFXU WKHUH ,Q RUGHU WR DFKLHYH
WKH UHOHDVH VLJQDO 5 LV IRUPHG LQ )LJXUH XSSHU HYHQ LQ WKLV FDVH LPPHGLDWH WULSSLQJ RYHU RI
VLJQDO URXWH WKDW LV DQ XQGHOD\HG WULSSLQJ VLJQDO WKH OLQH OHQJWK DQ DGGLWLRQDO HFKR IXQFWLRQ LV DYDLO
FDQ EH IRUZDUGHG WR WKH WULSSLQJ UHOD\ IRU D GHWHFWHG DEOH VHH 6HFWLRQ
&*&
%ORFNLQJ PRGH
,Q WKH EORFNLQJ SURFHGXUH WKH WUDQVPLVVLRQ OLQN LV EHHQ FDXVHG E\ WUDQVLHQW RVFLOODWLRQV DIWHU WKH LQWHU
XVHG WR VHQG D EORFNLQJ VLJQDO IURP RQH OLQH HQG WR UXSWLRQ RI H[WHUQDO IDXOWV RU E\ UHYHUVDO RI GLUHFWLRQ RI
WKH RWKHU 7KH VLJQDO LV WUDQVPLWWHG ZKHQ WKH UHOD\ IORZ DIWHU LQWHUUXSWLRQ RI IDXOWV RQ SDUDOOHO OLQH 6HH
GHWHFWV D IDXOW LQ WKH UHYHUVH GLUHFWLRQ WUDQVLHQW EORFNLQJ IXQFWLRQ 6HFWLRQ
)LJXUH VKRZV D VLPSOLILHG EORFN VFKHPH ,I WKH WHOHSURWHFWLRQ FKDQQHO LV PRQLWRUHG DQG D
WUDQVPLVVLRQ IDXOW LV GHWHFWHG WKH UHFHLYLQJ HQG ORJ
)DXOWV LQ WKH RYHUUHDFK ]RQH =% ZKLFK LV VHW WR DS LF FDQ EH PDGH LQHIIHFWLYH E\ WKH LQSXW RI D ELQDU\
SUR[LPDWHO\ RI WKH OLQH OHQJWK OHDG WR D WULS VLJ VLJQDO 'LVWDQFH SURWHFWLRQ WKHQ RSHUDWHV ZLWK QRU
QDO DV ORQJ DV QR EORFNLQJ VLJQDO LV UHFHLYHG IURP WKH PDO JUDGLQJ UDSLG WULS LQ = 2YHUUHDFK ]RQH =%
RSSRVLWH OLQH HQG %HFDXVH RI SRVVLEOH GLIIHUHQFHV FDQ WKHQ EH LQLWLDWHG IURP WKH $5 IXQFWLRQ VHH 6HF
LQ WKH SLFNXS WLPHV RI WKH UHOD\V DW HDFK OLQH HQG DQG WLRQ
EHFDXVH RI WKH WUDQVPLVVLRQ WLPH ]RQH =% PXVW EH
VRPHZKDW GHOD\HG ZLWK WLPH 7% $Q LQKHUHQW FKDUDFWHULVWLF RI WKH EORFNLQJ IXQFWLRQ LV
WKDW UDSLG GLVFRQQHFWLRQ RI VLQJOH HQG IHG IDXOWV LV
(TXDOO\ WR DYRLG FRPSHWLWLRQ D GLVSDWFKHG VLJQDO HQVXUHG HYHQ ZLWKRXW VSHFLDO PHDVXUHV VLQFH QR
ZLOO EH OHQJWKHQHG E\ WKH DGMXVWDEOH WLPH EORFNLQJ VLJQDO FDQ EH IRUPHG DW WKH QRQIHHGLQJ
76(1' 35/ 7V LQ )LJXUH $OVR WKH UHFHLYH HQG $OVR WKH SURFHGXUH LV SDUWLFXODUO\ VXLWDEOH ZKHQ
VLJQDO ZLOO EH OHQJWKHQHG E\ WKH WUDQVLHQW EORFNLQJ WKH VLJQDO PXVW EH WUDQVPLWWHG YLD WKH SURWHFWHG OLQH
WLPH 775$16%/2 7% LQ )LJXUH SURYLGHG LW XVLQJ D 3/& V\VWHP DQG WKH GDPSLQJ RI WKH WUDQV
KDV EHHQ UHFHLYHG IRU WKH ZDLWLQJ WLPH 7: 7KH PLWWHG VLJQDO FDQ EH VR ODUJH DW WKH SRLQW RI IDXOW WKDW
WUDQVLHQW EORFNLQJ WLPH DJDLQ FRPHV LQWR RSHUDWLRQ LWV UHFHLSW IURP WKH RWKHU OLQH HQG FDQQRW EH XQFRQGL
WR UHQGHU KDUPOHVV IDXOW VLJQDOV ZKLFK PD\ KDYH WLRQDOO\ JXDUDQWHHG
=%
=

=
=%
)OWGHW )OWGHW
7V 7V
7 7
=% =%

7% 7%
)RUZ )RUZ
! !
GLUHF 7ULS 7ULS GLUHF
= DQG = DQG
IXUWKHU IXUWKHU
]RQHV ]RQHV
7% 7: 7: 7%
! 5 5 !
)LJXUH %ORFNLQJ PRGH EORFN VFKHPH
&*&
2YHUUHDFKLQJ ]RQH FRPSDULVRQ 7KH UHFHLYH VLJQDOV DUH PDLQWDLQHG DW ERWK OLQH HQGV
YLD SLORW ZLUHV DQG WKHUHIRUH QR WULS UHVXOWV 7KH UHPDLQLQJ GLVWDQFH
VWDJHV KRZHYHU RSHUDWH LQGHSHQGHQWO\ VR WKDW WKH
EDFNXS SURWHFWLRQ IXQFWLRQV DUH QRW DIIHFWHG
,Q WKLV PRGH WKH RYHUUHDFK ]RQH =% WDNHV RQ WKH
IXQFWLRQ RI WKH LQVWDQWDQHRXV VWDJH DW ERWK HQGV RI )RU OLQHV VKRUWHU WKDQ WKH VKRUWHVW GLVWDQFH VHWWLQJ
WKH SURWHFWHG OLQH =RQH =% LV VHW EH\RQG WKH QH[W RQH PXVW QHYHUWKHOHVV REVHUYH WKDW WKH ILUVW GLV
VWDWLRQ 7KH FRPSDULVRQ IXQFWLRQ SUHYHQWV QRQVH WDQFH ]RQH VKDOO EH VHW WR EH HLWKHU LQHIIHFWLYH RU WKH
OHFWLYH WULSSLQJ WLPH 7 VKDOO EH VHW HTXDO WR WKH VHFRQG GLVWDQFH
]RQH
7KH LQIRUPDWLRQ H[FKDQJH EHWZHHQ WKH WZR OLQH
HQGV LV PDGH YLD D SLORW ZLUH RU FRQWURO FRUH ORRS :LWK VLQJOH HQG IHHG LQVWDQWDQHRXV WULS ZLOO HTXDOO\
FRQQHFWHG DW HDFK HQG YLD DQ DX[LOLDU\ UHOD\ DQG IHG EH DFKLHYHG IRU WKH WRWDO SURWHFWHG OLQH OHQJWK 6LQFH
IURP WKH GF EDWWHU\ RI RQH RI WKH VXEVWDWLRQV )RU QR SLFNXS UHVXOWV DW WKH QRQIHHGLQJ HQG WKH ORRS LV
HDFK OLQH HQG DQ LQWHUSRVLQJ UHOD\ 3$$ LV QRW LQWHUUXSWHG WKHUH :KHQ DW WKH RWKHU HQG WKH
WKHUHIRUH QHFHVVDU\ )LJXUH &RQQHFWLRQ GLD IDXOW LV GHWHFWHG ZLWKLQ =% WKH ORRS LV DJDLQ FORVHG
JUDPV DUH LQFOXGHG LQ $SSHQGL[ % DQG WKH WULS VLJQDO UHOHDVHG
8QGHU KHDOWK\ FRQGLWLRQV WKH SLORW ZLUHV FDUU\ GLUHFW 6R WKDW VXIILFLHQW WLPH LV DYDLODEOH WR RSHQ DQG FORVH
FXUUHQW WKXV DFKLHYLQJ SLORW ZLUH PRQLWRULQJ %RWK WKH SLORW ZLUH ORRS EHWZHHQ SLFNXS DQG WULS VLJQDO
DX[LOLDU\ UHOD\V . DUH HQHUJL]HG LQ FRQWUDVW WR WKH IURP WKH UHOD\ 7% PXVW EH VOLJKWO\ GHOD\HG ,I WKH
LOOXVWUDWLRQ LQ )LJXUH RYHUUHDFKLQJ ]RQH FRPSDULVRQ YLD SLORW ZLUHV LV
DFKLHYHG ZLWK WZR GLIIHUHQW UHOD\ W\SHV DW WKH WZR OLQH
'LVWDQFH SURWHFWLRQ SLFNXS DW HLWKHU OLQH HQG ZLOO LQ HQGV HJ 6$ DW RQH HQG DQG D FRQYHQWLRQDO
WHUUXSW WKH ZLUH ORRS YLD WKH VHQG VLJQDO DQG DX[LOLDU\ UHOD\ DW WKH RWKHU LW PXVW EH HQVXUHG WKDW SRVVLEOH
UHOD\ . %RWK . GURS RII DQG EORFN WULSSLQJ LQ =% IXQGDPHQWDO GLIIHUHQFHV LQ SLFNXS DQG WULSSLQJ
YLD WKH UHFHLYH VLJQDO ,I WKH UHOD\ WKHQ GHWHFWV WKH WLPHV RI ERWK UHOD\V GR QRW OHDG WR IDOVH UHOHDVH VLJ
IDXOW ZLWKLQ WKH RYHUUHDFK ]RQH =% WKH VHQG VLJQDO QDOV 7KLV LV DOVR WR EH FRYHUHG E\ WKH GHOD\ WLPH
GLVDSSHDUV DJDLQ ,I WKH ORRS DW WKH RSSRVLWH HQG VWD 7%
WLRQ LV DOVR FORVHG E\ WKH VDPH SURFHGXUH UHOD\V .
DUH HQHUJL]HG DJDLQ DQG DV D UHVXOW WKH UHFHLYH VLJ 7KH QRUPDOO\ FORVHG GF SLORW ZLUH ORRS DOORZV FRQ
QDOV GLVDSSHDU DQG WULSSLQJ LV UHOHDVHG DW ERWK OLQH WLQXRXV PRQLWRULQJ RI WKH SLORW ZLUHV 6LQFH ZLWK
HQGV HDFK OLQH IDXOW WKH ORRS LV LQWHUUXSWHG WKH SLORW ZLUH
LQWHUUXSWLRQ VLJQDO LV GHOD\HG IRU VHFRQGV 7KH
,I D IDXOW RFFXUV EH\RQG WKH SURWHFWHG OLQH WKH GF FRPSDULVRQ IXQFWLRQ LV WKHQ EORFNHG 7KH UHPDLQLQJ
ORRS ZLOO EH LQWHUUXSWHG E\ IDXOW GHWHFWRU SLFNXS RI VWDJHV RI WKH GLVWDQFH SURWHFWLRQ FRQWLQXH WR IXQF
WKH GHYLFHV DW ERWK HQGV 6LQFH KRZHYHU DW OHDVW WLRQ QRUPDOO\ 7KH LQSXW k5HFHSWLRQ IDXOW\l RQ
RQH OLQH HQG ZLOO QRW GHHQHUJL]H WKH VHQG VLJQDO 6$ LV QRW XVHG EHFDXVH D SLORW ZLUH IDXOW ZLOO EH
IDXOW QRW LQ ]RQH =% LQ OLQH GLUHFWLRQ WKH ORRS UH UHFRJQL]HG ZLWKLQ WKH UHOD\ LWVHOI
PDLQV RSHQ
6XEVWDWLRQ $ 6XEVWDWLRQ %
6$ 3$ 3$ 6$
. .
6LJQDO VHQG 6LJQDO VHQG
)DXOW / / )DXOW
=% 7% / 7% =%

GLUHF GLUHF
7ULS 3LORW 7ULS
. :LUHV .
/
/
4 6 6LJQDO 6LJQDO 6 4
UHFHLYH / UHFHLYH
5 5
)DXOW )DXOW
/ / 3LORW ZLUH ORRS YROWDJH

/ / 3URWHFWLRQ YROWDJH
/ / UHVSHFWLYH VXEVWDWLRQ
)LJXUH 2YHUUHDFKLQJ ]RQH FRPSDULVRQ YLD SLORW ZLUHV VFKHPDWLF GLDJUDP
&*&
5HYHUVH LQWHUORFNLQJ
,I WKH SURWHFWLRQ V\VWHP LV LQVWDOOHG DV EDFNXS SUR SXUSRVH DQG LQ WKH DEVHQFH RI VXFK DQ LQSXW VLJQDO
WHFWLRQ LQ D VLQJOH HQG IHHG WUDQVIRUPHU FLUFXLW WKH WKLV ]RQH JXDUDQWHHV UDSLG GLVFRQQHFWLRQ RI WKH
GLVWDQFH UHOD\ FDQ EH XVHG WR SURYLGH KLJK VSHHG EXVEDU LQ WKH FDVH RI
SURWHFWLRQ IRU WKH EXVEDU ZLWKRXW HQGDQJHULQJ WKH
VHOHFWLYLW\ IRU WKH RXWJRLQJ OLQHV )DXOW LQ WKH RXWJRLQJ WUDQVIRUPHU FLUFXLW IRU H[DP
SOH LQ $
'LVWDQFH ]RQHV = DQG = WKHQ VHUYH DV EDFNXS )DLOXUH RI D OLQH SURWHFWLRQ UHOD\
VWDJHV IRU IDXOWV RQ WKH RXWJRLQJ OLQHV IRU H[DPSOH
DW % DV LOOXVWUDWHG LQ )LJXUH 7KH GLVWDQFH ]RQH 5HYHUVH LQWHUORFNLQJ LV DFKLHYHG E\ GHOLEHUDWH UH
VHWWLQJV VKRXOG EH EDVHG RQ WKH FKDUDFWHULVWLFV RI OHDVH RU EORFNLQJ RI WKH RYHUUHDFKLQJ ]RQH =% ,W
WKH VKRUWHVW OLQH FDQ EH XVHG LQ D EORFNLQJ PRGH DV VKRZQ LQ )LJXUH
RU LQ UHOHDVH PRGH E\ D QRUPDOO\ FORVHG FLUFXLW
7KH RYHUUHDFKLQJ ]RQH =% ZKRVH GHOD\ WLPH 7%
ZLOO EH VHW KLJKHU WKDQ WKH SLFNXS WLPH RI DQ\ VXERU 7R DYRLG WUDQVLHQW IDOVH VLJQDOV DIWHU GLVFRQQHFWLRQ
GLQDWH UHOD\ ZLOO EH EORFNHG LI D VXERUGLQDWH UHOD\ RI H[WHUQDO IDXOWV WKH EORFNLQJ IXQFWLRQ LV H[WHQGHG
KDV SLFNHG XS $V LOOXVWUDWHG LQ )LJXUH WKH SLFN E\ D WUDQVLHQW EORFNLQJ WLPH 775$16%/2 7% LQ
XS VLJQDO ZLOO EH IHG WKURXJK WKH UHFHLYHU LQSXW WR WKH )LJXUH XQGHU UHYHUVH LQWHUORFN FRQGLWLRQV
SURWHFWLRQ V\VWHP +RZHYHU LQ DFFRUGDQFH ZLWK LWV
= 7
= 7
=% 7$
7%
VKRUWHVW
OLQH
$ / )DXOW %
/ )DXOW
7%
=% 7ULS
/ )DXOW
7% / )DXOW
)LJXUH 5HYHUVH LQWHUORFNLQJ VFKHPH JUDGLQJ RI GLVWDQFH ]RQHV H[DPSOH
&*&
:HDN LQIHHG PHDVXUHV HFKR IXQFWLRQ
,Q WKRVH FDVHV ZKHUH DW RQH OLQH HQG WKHUH LV QR RU ZKDW ODWHU EHFDXVH RI XQIDYRXUDEOH VKRUW FLUFXLW FXU
RQO\ D ZHDN LQIHHG VR WKDW WKH SURWHFWLRQ GHYLFH DW UHQW GLVWULEXWLRQ ,I KRZHYHU WKH FLUFXLW EUHDNHU DW
WKDW HQG FDQQRW SLFN XS DQG WKHUHIRUH FDQQRW VHQG WKH QRQIHHGLQJ OLQH HQG LV RSHQ GHOD\ RI WKH HFKR LV
DQ\ UHOHDVH VLJQDO DQ HFKR LQWHUWULS VLJQDO FDQ EH QRW QHFHVVDU\ 7KH HFKR GHOD\ WLPH FDQ WKHQ EH E\
VHQW LQ FRQMXQFWLRQ ZLWK RYHUUHDFKLQJ PRGHV ZLWK SDVVHG DV ORQJ DV WKH UHOD\ LV LQIRUPHG RI WKH VWDWXV
UHOHDVH VLJQDO 7KLV IHDWXUH FDQ EH PDGH HIIHFWLYH RU RI WKH FLUFXLW EUHDNHU YLD D ELQDU\ LQSXW
LQHIIHFWLYH E\ D VRIWZDUH 212)) VZLWFK )LJXUH
VKRZV WKH ORJLF GLDJUDP 7R SUHYHQW WKH IRUPDWLRQ RI DQ HFKR DIWHU GLVFRQQHF
WLRQ RI WKH OLQH DQG UHVHW RI WKH IDXOW GHWHFWLRQ HOH
,Q WKH HYHQW RI SLFNXS IDLOXUH DW RQH OLQH HQG WKH PHQW QR HFKR FDQ EH IRUPHG ZKHQ IDXOW GHWHFWLRQ
HFKR IXQFWLRQ HQVXUHV WKDW WKH UHFHLYHG VLJQDO LV KDV SUHYLRXVO\ EHHQ SUHVHQW 56PHPRU\ LQ )LJXUH
VHQW EDFN WR WKH RWKHU OLQH HQG DV DQ kHFKRl DQG )RU WKH VDPH UHDVRQ DQ DGMXVWDEOH WLPH 7
WKHUH SHUPLWV UHOHDVH RI WKH WULSSLQJ FRPPDQG 7KH (&+2%/2 SUHYHQWV IRUPDWLRQ RI DQ HFKR DIWHU D
GXUDWLRQ RI WKH HFKR LPSXOVH LV DGMXVWDEOH WULSSLQJ FRPPDQG
7(&+2,03
:LWK WKH EORFNLQJ PRGH DQG IRU WUDQVIHU WULS PRGHV
7KH HFKR LV GHOD\HG E\ DQ DGMXVWDEOH WLPH WKH HFKR IXQFWLRQ LV QRW HIIHFWLYH (TXDOO\ LW KDV QR
7(&+2'(/ 7KLV GHOD\ LV QHFHVVDU\ VR WKDW WKH IXQFWLRQ LQ RYHUUHDFKLQJ ]RQH FRPSDULVRQ YLD SLORW
HFKR LV QRW HIIHFWLYH ZKHQ WKH UHOD\ DW RQH OLQH HQG ZLUHV RU UHYHUVH LQWHUORFNLQJ VFKHPHV
KDV D KLJKHU SLFNXS WLPH RU ZKHQ LW SLFNV XS VRPH
&RPSDULVRQ UHOHDVH ORJLF

5

6 4
5H
FHS
WLRQ
)DXOW 7 7

(&+2 | 6HQG
GHW (&+2
'(/ ,03
7ULS 7
(&+2
VLJQDO %/2
&%

RSHQ
)LJXUH %ORFN GLDJUDP RI HFKR IXQFWLRQ IRU UHOHDVH PRGHV
&*&
7UDQVLHQW EORFNLQJ
,Q RYHUUHDFK WUDQVIHU DQG FRPSDULVRQ PRGHV WUDQ 775$16%/2 LGHQWLILHG LQ )LJXUH ZLWK 7%
VLHQW EORFNLQJ SURYLGHV DGGLWLRQDO VHFXULW\ DJDLQVW HYHQ DIWHU WKH EORFNLQJ FULWHULRQ KDV EHHQ UHPRYHG
IDOVH VLJQDOV ZKLFK PD\ KDYH EHHQ FDXVHG E\ WUDQ
VLHQW RVFLOODWLRQ DIWHU WKH LQWHUUXSWLRQ RI H[WHUQDO 6LPLODUO\ WKH UHOHDVH RI RYHUUHDFKLQJ ]RQH =% RU GL
IDXOWV RU E\ UHYHUVDO RI GLUHFWLRQ RI IORZ DIWHU LQWHUUXS UHFWLRQDO WULS FDQ EH UHVWULFWHG ZKHQ DIWHU IDXOW GH
WLRQ RI IDXOWV RQ SDUDOOHO OLQHV WHFWLRQ QR UHOHDVH VLJQDO LV UHFHLYHG IURP WKH RSSR
VLWH OLQH HQG ZLWKLQ WKH VHWWDEOH ZDLWLQJ WLPH 7: 7KLV
7KH SULQFLSOH RI WUDQVLHQW EORFNLQJ LV WKDW DIWHU WKH RF EORFNLQJ ZLOO DOVR EH H[WHQGHG E\ WKH WUDQVLHQW
FXUUHQFH RI DQ H[WHUQDO IDXOW IRUPDWLRQ RI D UHOHDVH EORFNLQJ WLPH 1RUPDOO\ WKLV PRGH RI WUDQVLHQW
VLJQDO LV SUHYHQWHG IRU D VSHFLILF DGMXVWDEOH WLPH EORFNLQJ LV UHDVRQDEOH RQO\ ZKHQ WKH SURWHFWLRQ
775$16%/2 ,Q WKH UHOHDVH PRGHV WKLV LV DFFRP VFKHPH DW WKH UHPRWH OLQH HQG KDV QR WUDQVLHQW
SOLVKHG E\ EORFNLQJ WKH WUDQVPLVVLRQ DQG UHFHLYHU EORFNLQJ IHDWXUH 7UDQVLHQW EORFNLQJ LV VXSSUHVVHG
FLUFXLWV LQ WKH EORFNLQJ PRGH E\ OHQJWKHQLQJ RI WKH ZKHQ WKH ZDLWLQJ WLPH 7: LV VHW WR LQILQLW\
EORFNLQJ VLJQDO DW WKH UHFHLYHU HQG
,Q WKH EORFNLQJ PRGH QRQUHFHLSW RI WKH UHOHDVH VLJ
)LJXUH VKRZV WKH SULQFLSOH RI WUDQVLHQW EORFNLQJ QDO TXDOLILHV DV UHFHLSW RI D EORFNLQJ VLJQDO +HUH
IRU D UHOHDVH PRGH ,I DIWHU IDXOW GHWHFWLRQ D IDXOW LV WUDQVLHQW EORFNLQJ PHDQV SURORQJDWLRQ RI WKH EORFN
VKRZQ WR EH LQ WKH UHYHUVH GLUHFWLRQ RSSRVLWH WR WKH LQJ VLJQDO 7KH EORFNLQJ VLJQDO PXVW KDYH EHHQ UH
VHW GLUHFWLRQ WKH WUDQVPLVVLRQ FLUFXLW DQG WKH UH FHLYHG IRU WKH ZDLWLQJ WLPH 7: 7KH WUDQVPLVVLRQ VLJ
OHDVH RI RYHUUHDFKLQJ ]RQH =% RU GLUHFWLRQDO WULS ZLOO QDO FDQ EH OHQJWKHQHG E\ WKH WLPH 76(1' 35/
EH EORFNHG DIWHU D ZDLWLQJ WLPH RI PV 7KLV EORFN VHH DOVR 6HFWLRQ
LQJ ZLOO EH PDLQWDLQHG IRU WKH WUDQVLHQW EORFNLQJ WLPH
)RUZ 7% %ORFN WUDQVPLVVLRQ

DQG UHOHDVH VLJQDO
GLUHF
)DXOW
GHWHF
5H 7: 7%
FHS %ORFN UHOHDVH VLJQDO
WLRQ
)LJXUH 7UDQVLHQW EORFNLQJ ZLWK UHOHDVH PRGH
&*&
8VHU GHILQDEOH ORJLF IXQFWLRQV WULS FRPPDQGV DQG DQQXQFLDWLRQV
6$ FRQWDLQV WZR XVHU GHILQDEOH ORJLF PRGXOHV %LQDU\ LQSXW

7KHVH FRPSULVH HDFK D WLPHU ZKLFK FDQ EH VWDUWHG
!8VHU 76WDUW
DQG EORFNHG YLD D ELQDU\ LQSXW )LJXUH $ SLFN * 8VHU RXWSXW 7
XS WLPH GHOD\ DQG D GURSRII WLPH GHOD\ FDQ EH VHW !8VHU 75HVHW
7KH WLPHV FDQ DOVR EH VHW WR RU *
6HW PHPRU\ ZLWK k!8VHU 7 6WDUWl
5HVHW PHPRU\ ZLWK k!8VHU 7 5HVHWl
%LQDU\ LQSXWV %LQDU\ RXWSXW

)LJXUH )OLSIORS
!8VHU 76WDUW
7SLFN 7GURS 8VHU RXWSXW 7
!8VHU 75HVHW
)LJXUH 8VHU GHILQDEOH ORJLF RQH PRGXOH $Q\ GHVLUHG WULS VLJQDO IURP DQ H[WHUQDO SURWHFWLRQ RU
VXSHUYLVLRQ XQLW FDQ EH LQFRUSRUDWHG LQWR WKH SUR
FHVVLQJ RI 6$ 7KH VLJQDO LV FRXSOHG DV k([WHU
QDO VLJQDOl YLD D ELQDU\ LQSXW /LNH WKH LQWHUQDO SURWHF
WLRQ DQG VXSHUYLVLRQ VLJQDOV LW FDQ EH DQQXQFLDWHG
7KH RXWSXWV DUH LQFOXGHG LQ WKH DQQXQFLDWLRQ SUR DV k([WHUQDO IDXOWl DQG WUDQVPLWWHG WR WKH WULS UHOD\V
FHVVLQJ RI WKH GHYLFH 7KH\ FDQ EH DVVLJQHG WR VLJ
QDO UHOD\V /('V RU WULS UHOD\V $GGLWLRQDOO\ IRXU DQQXQFLDWLRQV DUH DYDLODEOH ZKLFK
FDQ EH GHILQHG E\ WKH XVHU KLPVHOI 6LJQDOV DQG
7KH IROORZLQJ IXQFWLRQV FDQ EH UHDOL]HG IRU H[DPSOH PHVVDJHV RI RWKHU GHYLFHV ZKLFK KDYH QR LQWHUIDFHV
3& RU /6$ LQWHUIDFH FDQ EH LQFOXGHG LQ WKH DQQXQ
SLFNXS GHOD\ ZLWK 7SLFN 7GURS FLDWLRQ SURFHVVLQJ RI WKH GHYLFH /LNH WKH LQWHUQDO DQ
QXQFLDWLRQV WKH\ FDQ EH DOORFDWHG WR VLJQDO UHOD\V
GURSRII GHOD\ SXOVH OHQJWKHQLQJ ZLWK 7GURS /('V RU WULS UHOD\V RU WUDQVPLWWHG WR WKH IURQW GLV
7SLFN SOD\ D 3& RU /6$
SLFNXS GHOD\ DQG GURSRII GHOD\
ELVWDEOH PHPRU\ IOLSIORS UHIHU WR )LJXUH
IOLSIORS ZLWK GHOD\
&*&
(PHUJHQF\ RYHUFXUUHQW 7KHUPDO RYHUORDG SURWHF

WLPH SURWHFWLRQ WLRQ
6$ SURYLGHV DQ HPHUJHQF\ RYHUFXUUHQW WLPH 7KH WKHUPDO RYHUORDG SURWHFWLRQ SUHYHQWV WKH SRZHU
SURWHFWLRQ :KHUHDV GLVWDQFH SURWHFWLRQ FDQ RSHU OLQH SDUWLFXODUO\ LQ FDVH RI FDEOHV IURP GDPDJH
DWH RQO\ DV ORQJ DV WKH OLQH YROWDJHV DUH SURSHUO\ FDXVHG E\ WKHUPDO RYHUORDGLQJ
DYDLODEOH WKH RYHUFXUUHQW WLPH SURWHFWLRQ QHHGV WKH
FXUUHQWV RQO\ 7KH XQLW FRPSXWHV WKH WHPSHUDWXUH ULVH DFFRUGLQJ
WR D WKHUPDO VLQJOHERG\ PRGHO DV SHU WKH IROORZLQJ
7KH RYHUFXUUHQW IXQFWLRQ FRPHV DXWRPDWLFDOO\ LQWR WKHUPDO GLIIHUHQWLDO HTXDWLRQ
RSHUDWLRQ ZKHQ IDLOXUH RI WKH PHDVXUHG YROWDJHV LV
GHWHFWHG E\ DQ\ RQH RI WKH IROORZLQJ FRQGLWLRQV
G3 ô 3
ô ,
GW U U
RSHUDWLRQ RI WKH IXVH IDLOXUH PRQLWRU RU WKUHH
SKDVH YROWDJH IDLOXUH VXSHUYLVLRQ UHIHU 6HFWLRQ
RU ZKHUH
WKH VLJQDO k97 PFE WULSSHGl LV DSSOLHG WR D ELQDU\ 3 LQVWDQWDQHRXV WHPSHUDWXUH ULVH UHODWHG
LQSXW RQ WKH ILQDO WHPSHUDWXUH ULVH IRU WKH PD[L
PXP SHUPLVVLEOH FDEOH FXUUHQW Ni,1
,I HLWKHU RI WKHVH IDFWRUV RFFXUV GLVWDQFH SURWHFWLRQ
U WKHUPDO WLPH FRQVWDQW IRU KHDWLQJXS RI
LV LPPHGLDWHO\ EORFNHG DQG HPHUJHQF\ RYHUFXUUHQW
WKH FDEOH
SURWHFWLRQ PD\ EHFRPH RSHUDWLYH VHOHFWDEOH
, LQVWDQWDQHRXV FDEOH FXUUHQW UPV YDOXH
8QGHU WKLV FRQGLWLRQ VHOHFWLYLW\ FDQ RQO\ EH UHODWHG RQ WKH PD[LPXP SHUPLVVLEOH
DFKLHYHG E\ WLPH GHOD\ MXVW DV IRU DOO RWKHU W\SHV RI FDEOH FXUUHQW ,PD[ N i ,1
RYHUFXUUHQW SURWHFWLRQ VFKHPH
:KHQ WKH WHPSHUDWXUH ULVH UHDFKHV WKH ILUVW VHW
$V VRRQ DV WKH GHYLFH UHFRJQL]HV WKDW WKH PHDVXUHG WKUHVKROG D ZDUQLQJ DODUP LV JLYHQ LQ RUGHU WR UHQ
YROWDJHV KDYH UHDSSHDUHG WKH V\VWHP VZLWFKHV GHU SRVVLEOH DQ HDUO\ ORDG UHGXFWLRQ ,I WKH VHFRQG
EDFN WR GLVWDQFH SURWHFWLRQ WHPSHUDWXUH WKUHVKROG LV UHDFKHG WKH OLQH FDQ EH
GLVFRQQHFWHG IURP WKH QHWZRUN VHOHFWDEOH
7KH HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV GH
VLJQHG WZRVWDJH IRU SKDVH FXUUHQW ZLWK DQ DGGL 7KH WHPSHUDWXUH ULVHV DUH FDOFXODWHG VHSDUDWHO\ IRU
WLRQDO HDUWK FXUUHQW VWDJH $OO VWDJHV DUH LQGHSHQ HDFK LQGLYLGXDO SKDVH $ FKRLFH FDQ EH PDGH
GHQW IURP HDFK RWKHU DQG FDQ EH VHW LQGLYLGXDOO\ ZKHWKHU WKH PD[LPXP FDOFXODWHG WHPSHUDWXUH ULVH
RI WKH WKUHH SKDVHV WKH DYHUDJH WHPSHUDWXUH ULVH RU
,!! KLJK FXUUHQW OLPLW YDOXH WKUHVKROG IRU WKH WHPSHUDWXUH ULVH FDOFXODWHG IURP WKH SKDVH ZLWK
SKDVH FXUUHQWV PD[LPXP FXUUHQW VKRXOG EH GHFLVLYH $ WUXH UPV
7,!! FRUUHVSRQGLQJ GHOD\ WLPH YDOXH PHDVXUHPHQW LV SHUIRUPHG LQ RUGHU WR LQFOXGH
IRU WKH HIIHFW RI KDUPRQLF FRQWHQW
,SK! GHILQLWH WLPH OLPLW YDOXH WKUHVKROG IRU
SKDVH FXUUHQWV 7KH PD[LPXP SHUPLVVLEOH FRQWLQXRXV WKHUPDO RYHU
7,! FRUUHVSRQGLQJ GHOD\ WLPH ORDG FXUUHQW ,PD[ LV GHVFULEHG DV D PXOWLSOH RI WKH
UDWHG FXUUHQW ,1
,(! GHILQLWH WLPH OLPLW YDOXH WKUHVKROG IRU
HDUWK FXUUHQWV ,PD[ N ,1
7,(! FRUUHVSRQGLQJ GHOD\ WLPH
,Q DGGLWLRQ WR WKLV N YDOXH WKH WLPH FRQVWDQW U DV
8QGHU FRQGLWLRQV RI PDQXDO FORVLQJ RQWR IDXOW WKH ZHOO DV WKH DODUP WHPSHUDWXUH 3ZDUQ PXVW EH HQ
HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ FDQ DOVR SURYLGH WHUHG LQWR WKH SURWHFWLRQ XQLW
D UDSLG WULS $ FKRLFH FDQ EH PDGH ZKHWKHU WKH ,!!
VWDJHV RU WKH ,! VWDJHV DUH GHFLVLYH IRU DQ XQGH $SDUW IURP WKH WKHUPDO ZDUQLQJ VWDJH WKH RYHUORDG
OD\HG WULS LH WKH DVVRFLDWHG WLPH GHOD\ LV E\ SURWHFWLRQ DOVR LQFOXGHV D FXUUHQWGHSHQGHQW ZDUQ
SDVVHG IRU WKLV FRQGLWLRQ 7KH HPHUJHQF\ SURWHFWLRQ LQJ VWDJH 7KLV ODWWHU DODUP VWDJH FDQ JLYH DQ HDUO\
FDQ DOVR EH XVHG LQ FRQMXQFWLRQ ZLWK DXWRUHFORVXUH DQQXQFLDWLRQ RI DQ LPSHQGLQJ RYHUORDG FXUUHQW HYHQ
,Q WKHVH FDVHV WKH ,!! VWDJHV EHFRPHV YDOLG EHIRUH LI WKH WHPSHUDWXUH ULVH KDV QRW \HW UHDFKHG WKH DODUP
UHFORVXUH RU WULS WHPSHUDWXUH ULVH YDOXHV
&*&
(DUWK IDXOW GHWHFWLRQ LQ V\VWHPV ZLWK QRQHDUWKHG VWDUSRLQW RSWLRQ

DO
,Q V\VWHPV ZKRVH VWDUSRLQW LV HLWKHU LVRODWHG RU )DXOW GHWHFWLRQ

HDUWKHG WKURXJK DQ DUF VXSSUHVVLRQ FRLO 3HWHUVHQ
FRLO VLQJOH SKDVH HDUWK IDXOWV ZLOO QRW EH GHWHFWHG E\ 7KH HDUWK IDXOW SURWHFWLRQ IXQFWLRQ FDQ EH VZLWFKHG
WKH VKRUW FLUFXLW SURWHFWLRQ VLQFH QR VLJQLILFDQW HDUWK RQ DQG RII E\ SDUDPHWHU :KHQ RQ SLFNXS RFFXUV
IDXOW FXUUHQW IORZV )XUWKHUPRUH VLQFH QHWZRUN RSHU ZKHQ DQ DGMXVWDEOH WKUHVKROG IRU WKH GLVSODFHPHQW
DWLRQ LV QRW LPPHGLDWHO\ DIIHFWHG E\ DQ HDUWK IDXOW YROWDJH 8(! LV H[FHHGHG 7R HQVXUH PHDVXUHPHQW
WKH YROWDJH WULDQJOH LV PDLQWDLQHG )LJXUH UDS RI VWDEOH YDOXHV DOO HDUWK IDXOW GHWHFWLRQ IXQFWLRQV
LG GLVFRQQHFWLRQ LV QRW QRUPDOO\ GHVLUHG ,W LV PRUH DUH GHOD\HG XQWLO VHFRQG VHWWDEOH DIWHU LQFHSWLRQ
LPSRUWDQW WKDW WKH HDUWK IDXOW EH UHFRJQL]HG LQGL RI YROWDJH GLVSODFHPHQW )XUWKHU HDFK DOWHUDWLRQ RI
FDWHG DQG ZKHQ SRVVLEOH ORFDWHG $IWHU VZLWFKLQJ WKH HDUWK IDXOW FRQGLWLRQV HJ DOWHUHG GLUHFWLRQ LV
WR DOWHUQDWLYH QHWZRUN URXWHV LW FDQ WKHQ EH FOHDUHG UHFRJQL]HG RQO\ DIWHU WKLV GHOD\ (DUWK IDXOW DQQXQFL
%XW LW LV SRVVLEOH WR WULS RQ GLUHFWLRQDO HDUWK IDXOW LQ DWLRQ LV RQO\ LVVXHG DIWHU HDUWK IDXOW GHWHFWLRQ LV HQ
QRQHDUWKHG V\VWHPV VXUHG DFFRUGLQJ
8/
'HWHUPLQDWLRQ RI WKH HDUWK

IDXOWHG SKDVH
(
$IWHU UHFRJQLWLRQ RI GLVSODFHG YROWDJH FRQGLWLRQV WKH
ILUVW REMHFWLYH RI WKH GHYLFH LV VHOHFWLYH GHWHFWLRQ RI
8/ 8/ WKH HDUWKIDXOWHG SKDVH )RU WKLV SXUSRVH WKH LQGLYLG
XDO SKDVHWRHDUWK YROWDJHV DUH PHDVXUHG 7KH DI
D +HDOWK\ QHWZRUN ZLWKRXW HDUWK IDXOW IHFWHG SKDVH LV WKH RQH LQ ZKLFK WKH YROWDJH LV EHORZ
8/ WKH VHWWDEOH WKUHVKROG 8SK ZKHQ VLPXOWDQHRXVO\
( WKH RWKHU WZR YROWDJHV H[FHHG DQ HTXDOO\ VHWWDEOH
PD[LPXP WKUHVKROG 8SK!
8
8/ 8/
6HQVLWLYH HDUWK IDXOW GLUHFWLRQDO
GHWHUPLQDWLRQ
E (DUWK IDXOW LQ SKDVH / 7KH GLUHFWLRQ RI WKH HDUWK IDXOW FDQ EH GHWHUPLQHG
IURP WKH GLUHFWLRQ RI WKH HDUWK IDXOW FDSDFLWLYH RU
)LJXUH (DUWK IDXOW LQ QRQHDUWKHG QHXWUDO RKPLF FXUUHQW UHODWHG WR WKH GLVSODFHPHQW YROWDJH
QHWZRUN 7KH RQO\ UHVHUYDWLRQ LV WKDW WKH DFWLYH RU UHDFWLYH FXU
UHQW FRPSRQHQWV PXVW EH DYDLODEOH LQ VXIILFLHQW
PDJQLWXGH DW WKH SRLQW RI PHDVXUHPHQW
'HSHQGHQW XSRQ WKH FKRVHQ PRGHO WKH UHOD\ FDQ
EH ILWWHG ZLWK RSWLRQDO HDUWK IDXOW GHWHFWLRQ PRGXOH ,Q QHWZRUNV ZLWK LVRODWHG VWDUSRLQW WKH HDUWK IDXOW
ZKLFK LQFOXGHV WKH IROORZLQJ IXQFWLRQV FXUUHQW IORZV DV FDSDFLWLYH FXUUHQW IURP WKH KHDOWK\
OLQHV YLD WKH PHDVXULQJ SRLQW WR WKH SRLQW RI IDXOW 7KLV
'HWHFWLRQ RI DQ HDUWK IDXOW SLFNXS E\ PRQLWRULQJ FDSDFLWLYH FXUUHQW GHWHUPLQHV WKH GLUHFWLRQ
WKH GLVSODFHPHQW YROWDJH
,Q QHWZRUNV ZLWK DUF VXSSUHVVLRQ FRLOV WKH 3HWHUVHQ
'HWHUPLQDWLRQ RI WKH IDXOWHG SKDVH E\ PHDVXULQJ FRLO VXSHULPSRVHV D FRUUHVSRQGLQJ LQGXFWLYH FXU
WKH SKDVH WR HDUWK YROWDJHV UHQW RQ WKH FDSDFLWLYH HDUWK IDXOW FXUUHQW ZKHQ DQ
HDUWK IDXOW RFFXUV VR WKDW WKH FDSDFLWLYH FXUUHQW DW
'HWHUPLQDWLRQ RI WKH GLUHFWLRQ RI WKH HDUWK IDXOW WKH SRLQW RI IDXOW LV FRPSHQVDWHG 'HSHQGHQW XSRQ
UHVLGXDO FXUUHQW E\ KLJK DFFXUDF\ UHDO DQG UHDF WKH SRLQW RI PHDVXUHPHQW LQ WKH QHWZRUN WKH UHVXO
WLYH FRPSRQHQW PHDVXUHPHQW WDQW PHDVXUHG FXUUHQW FDQ KRZHYHU EH LQGXFWLYH RU
&*&
FDSDFLWLYH DQG WKH UHDFWLYH FXUUHQW LV WKHUHIRUH QRW 5HDFWLYH SRZHU

VXLWDEOH IRU WKH GHWHUPLQDWLRQ RI GLUHFWLRQ ,Q WKLV W7
FDVH RQO\ WKH RKPLF UHVLGXDO FXUUHQW ZKLFK UHVXOWV

IURP WKH ORVVHV RI WKH 3HWHUVHQ FRLO FDQ EH XVHG IRU
3 (U
ô
7
q X W ô L W ô GW
( (
W
GLUHFWLRQDO GHWHUPLQDWLRQ 7KLV HDUWK IDXOW RKPLF FXU
UHQW LV RQO\ D IHZ SHUFHQW RI WKH FDSDFLWLYH HDUWK IDXOW ZKHUH 7 HTXDOV SHULRG RI LQWHJUDWLRQ
FXUUHQW
7KH XVH RI DQ HIILFLHQW FDOFXODWLRQ DOJRULWKP DQG VL
,Q 6$ WKH HDUWK IDXOW GLUHFWLRQ LV GHWHUPLQHG PXOWDQHRXV QXPHULFDO ILOWHULQJ DOORZV WKH GLUHFWLRQDO
IURP D KLJKO\ DFFXUDWH FDOFXODWLRQ RI DFWLYH DQG UHDF GHWHUPLQDWLRQ WR EH DFKLHYHG ZLWK KLJK DFFXUDF\
WLYH SRZHU XVLQJ WKH GHILQLWLRQV DQG VKDUSO\ GHILQHG WKUHVKROG OLPLWV VHH )LJXUH
DQG LQVHQVLWLYLW\ WR KDUPRQLF LQIOXHQFHV SDU
$FWLYH SRZHU WLFXODUO\ WKH IUHTXHQWO\ VWURQJ WKLUG DQG ILIWK KDUPRQ
W7
3 (D
ô
7
q X W ô L W ô GW
( (
LFV ZKLFK RFFXU SDUWLFXODUO\ LQ RKPLF HDUWK IDXOW FXU
UHQWV 7KH GLUHFWLRQDO GHFLVLRQ UHVXOWV IURP WKH VLJQV
W RI DFWLYH DQG UHDFWLYH SRZHU
,(D DFWLYH FRPSRQHQW
P$

P$
5HYHUVH )RUZDUGV )RUZDUGV 5HYHUVH
P$
,( OHDGLQJ ,( ODJJLQJ
E E E E E E E
)LJXUH 'LUHFWLRQDO HDUWK IDXOW PHDVXUHPHQW FKDUDFWHULVWLF
6LQFH WKH DFWLYH DQG UHDFWLYH FRPSRQHQW RI WKH FXU ,Q QHWZRUNV ZLWK LVRODWHG VWDUSRLQW WKH IROORZLQJ FUL
UHQW QRW WKH SRZHU GHWHUPLQH SLFNXS RI WKH WHULD DSSO\
HDUWK IDXOW GLUHFWLRQDO GHFLVLRQ WKHVH FXUUHQW FRP
SRQHQWV DUH FDOFXODWHG IURP WKH SRZHU FRPSR HDUWK IDXOW IRUZDUGV ZKHQ 3(U ! DQG ,(U ! VHW
QHQWV 7KXV IRU GHWHUPLQDWLRQ RI WKH GLUHFWLRQ RI WKH YDOXH
HDUWK IDXOW DFWLYH DQG UHDFWLYH FRPSRQHQWV RI WKH
HDUWK IDXOW FXUUHQW DV ZHOO DV WKH GLUHFWLRQ RI WKH DF HDUWK IDXOW EDFNZDUGV ZKHQ 3(U DQG ,(U ! VHW
WLYH DQG UHDFWLYH SRZHU DUH HYDOXDWHG YDOXH
&*&
,Q FRPSHQVDWHG QHWZRUNV ZLWK DUF VXSSUHVVLRQ VHHV DOPRVW WKH HQWLUH SURVSHFWLYH HDUWK IDXOW FXUUHQW
FRLO WKH IROORZLQJ FULWHULD DSSO\ RI WKH QHWZRUN LQ FRPSHQVDWHG QHWZRUNV WKH ZDWW
PHWULF UHVLGXDO FXUUHQW IURP WKH 3HWHUVHQ FRLO IORZV
HDUWK IDXOW IRUZDUGV ZKHQ 3(D ! DQG ,(D ! VHW WKURXJK WKH PHDVXULQJ SRLQW )RU WKH IDXOWHG OLQH RU
YDOXH FDEOH D GHILQLWH kIRUZDUGVl GHFLVLRQ ZLOO UHVXOW
ZKLOVW LQ WKH UHPDLQLQJ FLUFXLWV D kUHYHUVHl LQGLFDWLRQ
HDUWK IDXOW EDFNZDUGV ZKHQ 3(D DQG ,(D ! VHW ZLOO EH JLYHQ XQOHVV WKH HDUWK FXUUHQW LV VR VPDOO WKDW
YDOXH QR PHDVXUHPHQW FDQ EH WDNHQ ,Q DQ\ FDVH WKH
IDXOWHG FDEOH FDQ EH FOHDUO\ GHWHUPLQHG
,Q WKH ODWWHU FDVH LW PXVW EH QRWHG WKDW GHSHQGHQW
XSRQ WKH ORFDWLRQ RI WKH SURWHFWLYH UHOD\ D FRQVLGHU
DEOH UHDFWLYH FRPSRQHQW PD\ EH VXSHULPSRVHG
ZKLFK LQ WKH PRVW XQIDYRXUDEOH FDVHV FDQ DWWDLQ
WLPHV WKH DFWLYH FRPSRQHQW (YHQ WKH H[WUHPHO\
KLJK DFFXUDF\ RI WKH FDOFXODWLRQ DOJRULWKP LV WKHQ LQ
DGHTXDWH LI WKH FXUUHQW WUDQVIRUPHUV GR QRW H[DFWO\
FRQYHUW WKH SULPDU\ YDOXHV
7KH PHDVXUHPHQW LQSXW FLUFXLW RI WKH UHOD\ PRGHO

ZLWK HDUWK IDXOW GHWHFWLRQ LV SDUWLFXODUO\ GHVLJQHG IRU
WKLV SXUSRVH DQG SHUPLWV DQ H[WUHPHO\ KLJK VHQVLWLY
LW\ IRU WKH GLUHFWLRQDO GHWHUPLQDWLRQ RI WKH ZDWWPHWULF
UHVLGXDO FXUUHQW ,Q RUGHU WR XWLOL]H WKLV VHQVLWLYLW\ LW LV
UHFRPPHQGHG WKDW ZLQGRZW\SH FXUUHQW WUDQVIRUP )LJXUH )DXOWHG OLQH ORFDWLRQ LQ UDGLDO QHW
HUV EH XVHG IRU HDUWK IDXOW GHWHFWLRQ LQ FRPSHQVDWHG ZRUN
QHWZRUNV $V HYHQ WKH FRUH EDODQFH WUDQVIRUPHUV
KDYH DQ DQJOH RI HUURU WKH SURWHFWLRQ V\VWHP DOORZV ,Q PHVKHG RU ULQJ QHWZRUNV WKH PHDVXULQJ SRLQWV DW
WKH VHWWLQJ RI IDFWRUV ZKLFK GHSHQGHQW XSRQ WKH WKH HQGV RI WKH IDXOWHG FDEOH HTXDOO\ VHH D PD[LPXP
UHDFWLYH FXUUHQW ZLOO FRUUHFW WKH HUURU DQJOH RI HDUWK IDXOW FDSDFLWLYH RU RKPLF FXUUHQW 2QO\ LQ
WKLV FDEOH ZLOO WKH GLUHFWLRQ kIRUZDUGVl EH LQGLFDWHG
RQ ERWK OLQH HQGV )LJXUH (YHQ WKH UHPDLQLQJ
GLUHFWLRQDO LQGLFDWLRQV LQ WKH QHWZRUN FDQ DLG ORFD
)DXOWHG OLQH ORFDWLRQ WLRQ RI WKH HDUWK IDXOW %XW XQGHU FHUWDLQ FLUFXP
VWDQFHV RQH RU PRUH LQGLFDWLRQV PD\ QRW EH JLYHQ
,Q UDGLDO QHWZRUNV ORFDWLRQ RI WKH IDXOWHG OLQH LV UHOD GXH WR LQVXIILFLHQW HDUWK FXUUHQW )XUWKHU DGYLFH FDQ
WLYHO\ VLPSOH 6LQFH DOO FLUFXLWV RQ D EXVEDU )LJXUH EH IRXQG LQ WKH OHDIOHW k(DUWKIDXOW GHWHFWLRQ LQ LVR
FDUU\ D FDSDFLWLYH SDUWLDO FXUUHQW WKH PHDVXU ODWHG QHXWUDO RU DUFVXSSUHVVLRQ FRLO HDUWKHG KLJK
LQJ SRLQW RQ WKH IDXOWHG OLQH LQ DQ LVRODWHG QHWZRUN YROWDJH V\VWHPVl
)LJXUH /RFDWLRQ RI HDUWK IDXOW EDVHG RQ WKH GLUHFWLRQDO LQGLFDWRUV LQ D PHVKHG QHWZRUN
&*&
+LJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ HDUWKHG V\VWHPV RSWLRQDO
,Q HDUWKHG QHWZRUNV LQ ZKLFK WKH HDUWK SDWK UHVLV 'LUHFWLRQDO HDUWK IDXOW SURWHFWLRQ
WDQFH FDQ EH H[WUHPHO\ KLJK HJ RYHUKHDG OLQHV
ZLWKRXW OLJKWQLQJ SURWHFWLRQ FRQGXFWRU RU VDQG\ 7KH GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ )LJXUH
VRLOV WKH RYHUFXUUHQW VRPHWLPHV HYHQ WKH XQGHU KDV DQ DGMXVWDEOH HDUWK FXUUHQW GHWHFWLRQ HOHPHQW
LPSHGDQFH HOHPHQW ZLOO RIWHQ QRW SLFN XS VR WKDW ,(! DQG DQ DGMXVWDEOH GHOD\ WLPH %HFDXVH RI WKH
QR SKDVH VHOHFWLRQ LV SRVVLEOH IRU WKH GLVWDQFH PHD SRVVLELOLW\ RI GLUHFWLRQDO FRPSDULVRQ VHH 6HFWLRQ
VXUHPHQW (YHQ ZKHQ XVLQJ LPSHGDQFH IDXOW GHWHF GHWHFWLRQ LV WZRVWDJH D ORZHU YDOXH ,(!
WLRQ HDUWK IDXOW LPSHGDQFHV FDQ RFFXU ZKLFK DS UHOHDVHV GLUHFWLRQDO GHWHUPLQDWLRQ )RU WULSSLQJ WKH
SHDU WR OLH RXWVLGH WKH SLFNXS FKDUDFWHULVWLF RI WKH KLJK YDOXH VWDJH PXVW DGGLWLRQDOO\ EH H[FHHGHG
GLVWDQFH UHOD\ FRUUHVSRQGLQJ WR WKH VHW YDOXH RI ,(!
'LVWDQFH SURWHFWLRQ 6$ GHSHQGHQW XSRQ WKH 'LUHFWLRQDO GHWHUPLQDWLRQ UHTXLUHV D OHDVW YDOXH GLV
PRGHO RUGHUHG VHH 6HFWLRQ 2UGHULQJ GDWD FDQ SODFHPHQW YROWDJH IRU ZKLFK WKH 8(! VHWWLQJ LV
SURYLGH SURWHFWLYH IXQFWLRQV IRU VXFK KLJK UHVLVWDQFH XVHG ,I WKH GLVSODFHPHQW YROWDJH LV WRR VPDOO D GL
HDUWK IDXOWV 2QH RI WKH IROORZLQJ IHDWXUHV FDQ WKHQ UHFWLRQDO GHWHUPLQDWLRQ DQG WKXV GLUHFWLRQDOGHSHQ
EH VHOHFWHG GHQW WULSSLQJ LV QRW SRVVLEOH 'LUHFWLRQDO GHWHUPLQD
WLRQ LV DOVR VXSSUHVVHG DQG WULSSLQJ SUHYHQWHG ZKHQ
GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ GHILQLWH WLPH WKH LQGLFDWLRQ kYROWDJH WUDQVIRUPHU SURWHFWLYH GHYLFH
HDUWK RYHUFXUUHQW SURWHFWLRQ ZLWK QRQGLUHFWLRQDO WULSSHGl LV VLJQDOOHG WR WKH UHOD\ YLD D ELQDU\ LQSXW
EDFNXS DQG VWDQGE\ SURWHFWLRQ IXQFWLRQ
7KH FULWHULRQ IRU WKH GHOD\ WLPH LV WKH VHWWLQJ 7 ',
QRQGLUHFWLRQDO LQYHUVH WLPH ODJ RYHUFXUUHQW WLPH 5(&7
SURWHFWLRQ IRU HDUWK IDXOWV ZLWK VHOHFWDEOH FKDUDF
WHULVWLFV $ IXUWKHU WLPH VWDJH 7121',5 ZLOO FDXVH WULSSLQJ
ZLWKRXW GLUHFWLRQDO PHDVXUHPHQW ,W FDQ EH VHW DV D
7KH GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ FDQ EH H[ QRQGLUHFWLRQDO EDFNXS VWDJH IRU WKH GLUHFWLRQDO
WHQGHG E\ DQ LQWHJUDWHG GLUHFWLRQDO FRPSDULVRQ ORJ VWDJH ,I WKH GLVSODFHPHQW YROWDJH LV WRR VPDOO RU LI
LF VR WKDW E\ PHDQV RI D FDUULHU FKDQQHO IDVW DQG VH WKH YROWDJH WUDQVIRUPHU SURWHFWLYH GHYLFH KDV RSHU
OHFWLYH WULSSLQJ IRU KLJK UHVLVWDQFH HDUWK IDXOWV LV DOVR DWHG WKLV VWDJH UHPDLQV HIIHFWLYH DQG FDQ DOVR VHUYH
SRVVLEOH DV DQ HPHUJHQF\ IXQFWLRQ IRU WKH GLUHFWLRQDO HDUWK
IDXOW SURWHFWLRQ DQG WKH HDUWK IDXOW GLUHFWLRQDO FRP
7KH QRQGLUHFWLRQDO LQYHUVH WLPH SURWHFWLRQ LV XVHG SDULVRQ SURWHFWLRQ
PRVWO\ IRU KLJKO\ LQWHUOLQNHG DOOURXQG HDUWKHG QHW
ZRUNV ZLWK KLJK UHVLVWDQFH HDUWK IDXOWV ZKHUH WKH 7KH HDUWK IDXOW GLUHFWLRQDO IXQFWLRQ LV EORFNHG IURP
HQGV RI WKH IDXOW\ OLQH VHFWLRQ FDUU\ WKH ODUJHVW IDXOW WKH GLVWDQFH SURWHFWLRQ RU HPHUJHQF\ RYHUFXUUHQW
FXUUHQW DQG WKXV SURGXFH WKH VKRUWHVW WULSSLQJ WLPH SURWHFWLRQ :KHQ WKH IDXOW LV GHWHFWHG E\ WKH GLV
WDQFH SURWHFWLRQ RU HPHUJHQF\ RYHUFXUUHQW WLPH
SURWHFWLRQ WKH HDUWK IDXOW SURWHFWLRQ GRHV QRW RSHU
DWH 7KLV JLYHV VHOHFWLYH IDXOW GHWHUPLQDWLRQ E\ WKH
8(! 'LUHF GLVWDQFH SURWHFWLRQ SUHIHUHQFH RYHU WULSSLQJ E\ WKH
WLRQ
HDUWK IDXOW SURWHFWLRQ $GGLWLRQDOO\ WKH HDUWK IDXOW GL
UHFWLRQDO SURWHFWLRQ LV EORFNHG GXULQJ D VLQJOHSROH
DXWRUHFORVH F\FOH WR SUHYHQW IURP HUURQHRXV PHD
VXUHPHQW ZLWK WKH ]HUR VHTXHQFH TXDQWLWLHV ZKLFK
,(! 7',5(&7 !
DUH QRZ SUHVHQW ,Q FDVH D IDXOW LV FOHDUHG E\ DQ H[
WHUQDO SURWHFWLRQ GHYLFH EORFNLQJ RI WKH HDUWK IDXOW
7ULS SURWHFWLRQ FDQ EH H[WHQGHG E\ DQ DGMXVWDEOH WLPH
,(! 7121 7%/2&. WR DOORZ D VLQJOH SKDVH DXWRUHFORVLQJ
',5 F\FOH WR EH FDUULHG RXW
)LJXUH 'LUHFWLRQDO HDUWK SURWHFWLRQ ZLWK

QRQGLUHFWLRQDO EDFNXS VWDJH
&*&
'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
:LWK WKH DLG RI WKH LQWHJUDWHG FRPSDULVRQ ORJLF WKH PHDQV RI D WUDQVLHQW EORFNLQJ IXQFWLRQ )LJXUH
GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ FDQ EH H[WHQGHG WR 7KH SULQFLSOH RI WKLV WUDQVLHQW EORFNLQJ LV WKDW DIWHU
IRUP D GLUHFWLRQDO FRPSDULVRQ SURWHFWLRQ )RU WKLV WKH RFFXUUHQFH RI DQ H[WHUQDO IDXOW WKH IRUPDWLRQ RI D
SXUSRVH D FDUULHU FKDQQHO LV QHFHVVDU\ IRU HDFK GL UHOHDVH VLJQDO LV SUHYHQWHG IRU D VSHFLILF DGMXVWDEOH
UHFWLRQ ZKLFK WUDQVPLWV WKH VLJQDOV RI WKH GLUHFWLRQDO WLPH 775$16%/2
HDUWK IDXOW SURWHFWLRQ HJ YLD 3/& WR WKH DVVR
FLDWHG RWKHU OLQH HQG 7KLV FDQ DOVR EH WKH VDPH ,I DIWHU IDXOW GHWHFWLRQ LW LV GHWHUPLQHG WKDW WKH IDXOW LV
FKDQQHO DV IRU VLJQDO WUDQVPLVVLRQ ZLWK GLVWDQFH SUR LQ WKH UHYHUVH GLUHFWLRQ RSSRVLWH WR WKH VHW GLUHFWLRQ
WHFWLRQ 6HFWLRQ XQGHU WKH FRQGLWLRQ WKDW D FRU WKH WUDQVPLVVLRQ FLUFXLW DQG UHOHDVH DUH VXSSUHVVHG
UHVSRQGLQJ FRPSDULVRQ SURFHGXUH 3HUPLV DIWHU D ZDLWLQJ WLPH RI PV 7KLV EORFNLQJ ZLOO EH
VLYH RYHUUHDFK WUDQVIHU WULS ZLWK =% RU 'LUHF PDLQWDLQHG IRU WKH WUDQVLHQW EORFNLQJ WLPH 7
WLRQDO FRPSDULVRQ KDV EHHQ VHOHFWHG DW WKH GLV 75$16%/2 LQ )LJXUH DEEUHYLDWHG WR 7%
WDQFH SURWHFWLRQ HOHPHQW HYHQ DIWHU WKH EORFNLQJ FULWHULRQ LV UHPRYHG
$IWHU WKH SLFNXS ,(! WKH UHOD\ FDUULHV RXW GLUHF 6LPLODUO\ WKH UHOHDVH RI GLUHFWLRQDO WULS FDQ EH UH
WLRQDO GHWHUPLQDWLRQ XVLQJ WKH HDUWK FXUUHQW ,( VWULFWHG ZKHQ DIWHU IDXOW GHWHFWLRQ QR UHOHDVH VLJQDO
k, DQG WKH GLVSODFHPHQW YROWDJH 8( c k 8 LV UHFHLYHG IURP WKH RSSRVLWH OLQH HQG ZLWKLQ WKH VHW
:LWK DQ HDUWK IDXOW LQ WKH OLQH GLUHFWLRQ D UHOHDVH VLJ WDEOH ZDLWLQJ WLPH 7: 7KLV EORFNLQJ ZLOO DOVR EH H[
QDO LV VHQW WR WKH RSSRVLWH HQG LI D UHOHDVH VLJQDO LV WHQGHG E\ WKH WUDQVLHQW EORFNLQJ WLPH 1RUPDOO\ WKLV
WKHQ UHFHLYHG IURP WKDW HQG WULSSLQJ UHVXOWV DV ORQJ PRGH RI WUDQVLHQW EORFNLQJ LV QHFHVVDU\ RQO\ ZKHQ
DV WKLV UHOD\ KDV DOVR GHWHFWHG DQ HDUWK IDXOW LQ WKH WKH SURWHFWLRQ VFKHPH DW WKH UHPRWH OLQH HQG KDV QR
OLQH GLUHFWLRQ DQG WKH VHW SLFNXS YDOXH ,(! LV H[ WUDQVLHQW EORFNLQJ IHDWXUH 7UDQVLHQW EORFNLQJ LV VXS
FHHGHG )LJXUH 7UDQVPLVVLRQ VLJQDO DQG WULS SUHVVHG ZKHQ WKH ZDLWLQJ WLPH 7: LV VHW WR LQILQLW\
SLQJ FDQ ERWK EH PDGH GHSHQGHQW RQ D GHOD\ WLPH
7'(/$< )RU OLQHV ZLWK VLQJOH HQG LQIHHG RU VWDU SRLQW HDUWKLQJ
DW RQH OLQH HQG RQO\ QR UHOHDVH FDQ EH IRUPHG IURP
'HOD\ E\ 7'(/$< FDQ EH DSSURSULDWH ZKHQ DQ H[ WKH UHVLGXDOFXUUHQWIUHH OLQH VLQFH QR IDXOW GHWHF
WHUQDO SURWHFWLRQ UHOD\ VKDOO RSHUDWH LQ FRQMXQFWLRQ WLRQ VLJQDO RFFXUV DW WKDW HQG 7R DFKLHYH WULSSLQJ E\
ZLWK VLQJOH SROH DXWRUHFORVXUH 6LQFH WKH HDUWK IDXOW WKH GLUHFWLRQDO FRPSDULVRQ HOHPHQW HYHQ LQ WKLV
GLUHFWLRQDO FRPSDULVRQ GRHV QRW VXSSO\ DQ\ LQIRU FDVH DQ HFKR IXQFWLRQ LV DGGLWLRQDOO\ DYDLODEOH )LJ
PDWLRQ DERXW WKH IDXOWHG SKDVHV LW FDQ RQO\ LQLWLDWH XUH 7KLV KDV WKH HIIHFW WKDW ZKHQ WKH ORZ YDOXH
WKUHHSKDVH DXWRUHFORVH GHWHFWLRQ VLJQDO LV QRW SUHVHQW DW RQH OLQH HQG
,(! WKH UHFHLYHG VLJQDO ZLOO EH VHQW EDFN WR WKH
$Q\ IDXOW\ VLJQDOV ZKLFK FRXOG EH FDXVHG E\ WUDQ RWKHU OLQH HQG DV DQ kHFKRl DQG WKXV SHUPLWV WKH UH
VLHQW RVFLOODWLRQV GXULQJ WKH FOHDUDQFH RI H[WHUQDO OHDVH RI D WULSSLQJ FRPPDQG DW WKDW HQG 7KH GXUD
IDXOWV RU GXULQJ FKDQJH RI GLUHFWLRQ DIWHU FOHDUDQFH WLRQ RI WKLV HFKR LPSXOVH LV DGMXVWDEOH 7(&+2
RI IDXOWV RQ SDUDOOHO OLQHV DUH PDGH KDUPOHVV E\ ,03
)RUZ )RUZ
8(! 7 7 8(!
GLUHF GLUHF

7ULS 7ULS
,(! 7
'(/$<
7
'(/$<
,(!
,(! 5 5 ,(!
)LJXUH (DUWK IDXOW GLUHFWLRQDO FRPSDULVRQ SURWHFWLRQ
&*&
DQ HFKR LV QRW IRUPHG ZKHQ D SLFNXS KDV DOUHDG\

EHHQ SUHVHQW 56 PHPRU\ LQ )LJXUH )RU WKH
'LUHF 7% %ORFNLQJ RI VDPH UHDVRQ QR HFKR LV SHUPLWWHG IRU DQ DGMXVWDEOH
WLRQ WLPH 7(&+2%/2 DIWHU D WULSSLQJ FRPPDQG KDV
WUDQVPLVVLRQ
DQG WULS EHHQ LVVXHG
,QGHSHQGHQW RI WKH UHVXOW RI WKH GLUHFWLRQDO FRPSDUL

,(! VRQ WKH GLUHFWLRQDO HDUWK IDXOW VWDJH GHVFULEHG LQ
VHFWLRQ LV HIIHFWLYH ZLWK WKH WLPH 7',5(&7
5HFHS 7: 7% %ORFNLQJ DQG WKH QRQGLUHFWLRQDO EDFNXS VWDJH ZLWK WKH WLPH
WLRQ
RI WULS 7121',5 ,I RQH RI WKHVH VWDJHV LV QRW UHTXLUHG
WKH FRUUHVSRQGLQJ WLPH PXVW EH VHW WR LQILQLW\
7KH HDUWK IDXOW GLUHFWLRQDO FRPSDULVRQ SURWHFWLRQ

)LJXUH 7UDQVLHQW %ORFNLQJ IXQFWLRQ LV EORFNHG IURP WKH GLVWDQFH SURWHFWLRQ RU
HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ 7KHUHIRUH LI D
IDXOW LV UHFRJQL]HG E\ WKH GLVWDQFH SURWHFWLRQ RU
7KH HFKR LV GHOD\HG E\ DQ DGMXVWDEOH WLPH HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ WKHQ WKH
7(&+2'(/ 7KLV GHOD\ LV QHFHVVDU\ VR WKDW HDUWK IDXOW SURWHFWLRQ GRHV QRW RSHUDWH 7KLV JLYHV
WKH HFKR ZLOO QRW EH HIIHFWLYH ZKHQ WKH SURWHFWLRQ DW VHOHFWLYH IDXOW HYDOXDWLRQ E\ WKH GLVWDQFH SURWHFWLRQ
RQH OLQH HQG KDV D KLJKHU IDXOW GHWHFWLRQ WLPH RU LI LW SUHIHUHQFH RYHU WULSSLQJ YLD WKH HDUWK IDXOW SURWHF
SLFNV XS VRPHZKDW ODWHU GXH WR XQIDYRXUDEOH HDUWK WLRQ $GGLWLRQDOO\ WKH HDUWK IDXOW GLUHFWLRQDO FRPSDUL
FXUUHQW GLVWULEXWLRQ ,I KRZHYHU WKH FLUFXLW EUHDNHU DW VRQ SURWHFWLRQ LV EORFNHG GXULQJ D VLQJOHSROH DXWR
WKH QRQLQIHHG OLQH HQG LV RSHQ WKH GHOD\ RI WKH HFKR UHFORVH F\FOH WR SUHYHQW IURP HUURQHRXV PHDVXUH
LV QRW QHFHVVDU\ 7KH HFKR GHOD\ WLPH FDQ WKHQ EH PHQW ZLWK WKH ]HUR VHTXHQFH TXDQWLWLHV ZKLFK DUH
E\SDVVHG LI WKH UHOD\ LV LQIRUPHG RI WKH SRVLWLRQ RI QRZ SUHVHQW ,Q FDVH D IDXOW LV FOHDUHG E\ DQ H[WHUQDO
WKH FLUFXLW EUHDNHU WKURXJK D ELQDU\ LQSXW SURWHFWLRQ GHYLFH EORFNLQJ RI WKH HDUWK IDXOW SURWHF
WLRQ FDQ EH H[WHQGHG E\ DQ DGMXVWDEOH WLPH 7
7R SUHYHQW WKH IRUPDWLRQ RI DQ HFKR DIWHU FOHDUDQFH %/2&. WR DOORZ D VLQJOH SKDVH DXWRUHFORVLQJ F\FOH
RI WKH OLQH DQG UHVHW RI WKH IDXOW GHWHFWLRQ HOHPHQWV WR EH FDUULHG RXW
&RPSDULVRQ ORJLF
5

6 4
5H
FHSW
7 |
7 6HQG
,(! (&+2 (&+2
'(/ ,03
7ULS 7
VLJ (&+2
QDO %/2&
&%

RSHQ
)LJXUH %ORFN GLDJUDP RI HFKR IXQFWLRQ IRU GLUHFWLRQDO FRPSDULVRQ
&*&
,QYHUVH WLPH RYHUFXUUHQW WLPH SURWHFWLRQ IRU HDUWK IDXOWV
7KH LQYHUVH WLPH RYHUFXUUHQW WLPH SURWHFWLRQ LV QRQ WKH IDXOW\ OLQH VHFWLRQ WKH LQYHUVH FKDUDFWHULVWLF KDV
GLUHFWLRQDO ,W FDQ EH XVHG LQVWHDG RI WKH GLUHFWLRQDO WKH HIIHFW WKDW KHUH WKH VKRUWHVW UHVSRQVH WLPH RF
HDUWK IDXOW SURWHFWLRQ GHVFULEHG LQ 6HFWLRQ RU FXUV DQG WKH UHPDLQLQJ UHOD\V UHVHW
7KH UHTXLUHG FKDUDFWHULVWLFV FDQ EH FKRVHQ
IURP WKH WKUHH ZKLFK DUH DYDLODEOH 7KH UDQJH RI GHILQLWLRQ RI WKH FKDUDFWHULVWLFV JRHV
IXUWKHU WKDQ WKDW RI WKH VWDQGDUGV 7KH\ DUH GH
QRUPDO LQYHUVH W\SH $ ,(& %6 ILQHG IURP DERYH WKH VHW YDOXH XS WR WLPHV
WKH VHW YDOXH %H\RQG WKDW SRLQW QR IXUWKHU UHGXFWLRQ
YHU\ LQYHUVH W\SH % ,(& RI WKH WULSSLQJ WLPH RFFXUV
H[WUHPHO\ LQYHUVH W\SH & ,(& 7KH HDUWK IDXOW RYHUFXUUHQW WLPH SURWHFWLRQ IXQFWLRQ
LV EORFNHG IURP WKH GLVWDQFH SURWHFWLRQ RU HPHUJHQ
7KH VKDSH RI WKH FKDUDFWHULVWLFV DQG WKH IRUPXODH RQ F\ RYHUFXUUHQW SURWHFWLRQ 7KHUHIRUH LI D IDXOW LV UHF
ZKLFK WKH\ DUH EDVHG DUH JLYHQ LQ WKH 7HFKQLFDO GDWD RJQL]HG E\ WKH GLVWDQFH SURWHFWLRQ RU HPHUJHQF\
6HFWLRQ )LJXUH RYHUFXUUHQW WLPH SURWHFWLRQ WKHQ WKH HDUWK IDXOW SUR
WHFWLRQ GRHV QRW RSHUDWH 7KLV JLYHV VHOHFWLYH IDXOW
7ULSSLQJ WLPH LV WKHQ GHSHQGHQW RQ WKH OHYHO RI FXU HYDOXDWLRQ E\ WKH GLVWDQFH SURWHFWLRQ SUHIHUHQFH
UHQW ,I WKLV YDOXH FKDQJHV GXULQJ WKH IDXOW WKH WULS RYHU WULSSLQJ YLD WKH HDUWK IDXOW SURWHFWLRQ $GGLWLRQ
SLQJ WLPH ZLOO EH GHWHUPLQHG VWULFWO\ LQ DFFRUGDQFH DOO\ WKH HDUWK IDXOW GLUHFWLRQDO FRPSDULVRQ SURWHFWLRQ
ZLWK WKH FKDQJLQJ FXUUHQW YDOXH 7KLV LV DFKLHYHG E\ LV EORFNHG GXULQJ D VLQJOHSROH DXWRUHFORVH F\FOH WR
DQ LQWHJUDWLQJ SURFHVV VLPLODU WR WKDW RI FRQYHQWLRQDO SUHYHQW IURP HUURQHRXV SLFNXS RQ WKH ]HUR VH
LQYHUVH WLPH RYHUFXUUHQW SURWHFWLRQ UHOD\V 7KXV WKH TXHQFH FXUUHQW ZKLFK PD\ QRZ EH SUHVHQW ,Q FDVH
JUDGLQJ SODQ FDQ HDVLO\ EH FRRUGLQDWHG ZLWK LQYHUVH D IDXOW LV FOHDUHG E\ DQ H[WHUQDO SURWHFWLRQ GHYLFH
WLPH RYHUFXUUHQW UHOD\V RI FRQYHQWLRQDO FRQVWUXF EORFNLQJ RI WKH HDUWK IDXOW SURWHFWLRQ FDQ EH H[
WLRQ ,Q VWURQJO\ PHVKHG DOOURXQG HDUWKHG QHW WHQGHG E\ DQ DGMXVWDEOH WLPH 7%/2&. WR DOORZ D
ZRUNV WKH ODUJHVW IDXOW FXUUHQWV IORZ DW WKH HQGV RI VLQJOH SKDVH DXWRUHFORVLQJ F\FOH WR EH FDUULHG RXW
&*&
$XWRPDWLF UHFORVXUH RSWLRQDO
([SHULHQFH KDV VKRZQ WKDW DSSUR[LPDWHO\ RI ILQDO GLVFRQQHFWLRQ 2SWLRQDOO\

VKRUW FLUFXLWV DUH FDXVHG E\ DQ DUF RQ RYHUKHDG VLQJOHSROH $5 LV SRVVLEOH DIWHU
OLQHV DQG VHOIH[WLQJXLVK DIWHU LQWHUUXSWLRQ E\ WKH WZRSKDVH IDXOWV ZLWKRXW HDUWK
SURWHFWLYH GHYLFH 7KH OLQH FDQ WKHUHIRUH EH UHHQHU FRQQHFWLRQ
JL]HG 7KLV LV FDUULHG RXW E\ WKH DXWRPDWLF UHFORVXUH
$5 IXQFWLRQ )LJXUH VKRZV DQ H[DPSOH IRU WKH 5$5 352* 6,1*/(7+5(( 32/H LH VLQJOH
WLPH VHTXHQFH RI VXFK DQ DXWRUHFORVH F\FOH SKDVH IDXOW RU WZRSKDVH ZLWKRXW
HDUWK UHVXOW LQ VLQJOHSROH $5
,I WKH FLUFXLW EUHDNHU SROHV FDQ EH WULSSHG LQGLYLGXDO PXOWLSKDVH IDXOWV LQ WKUHHSROH
O\ WKHQ $5 LV RIWHQ FDUULHG RXW VLQJOHSROH IRU VLQJOH $5
SKDVH IDXOWV DQG WKUHHSROH IRU PXOWLSKDVH IDXOWV LQ
QHWZRUNV ZLWK HDUWKHG VWDUSRLQW ,I WKH VKRUW FLUFXLW LV ,I PRUH WKDQ RQH UHFORVH DWWHPSW ZLOO EH FDUULHG RXW
VWLOO SUHVHQW DIWHU WKH DXWRUHFORVXUH DUF QRW WKH VHFRQG DQG DQ\ IXUWKHU DXWRUHFORVH F\FOH DUH
TXHQFKHG RU PHWDOOLF VKRUW FLUFXLW WKHQ WKH SURWHF GHVLJQDWHG LQ WKH IROORZLQJ ZLWK '$5 GHOD\HG DXWR
WLYH UHOD\ ILQDOO\ GLVFRQQHFWV WKH SRZHU 0XOWLSOH UHFORVXUH LQGHSHQGHQW RQ WKH VHWWLQJ RI WKH GHDG
DXWRUHFORVXUH DWWHPSWV RIWHQ ZLWK D ILUVW UDSLG DXWR WLPHV RI WKH F\FOHV ,W LV SRVVLEOH WR VNLS WKH 5$5
UHFORVXUH 5$5 DQG VXEVHTXHQW GHOD\HG DXWRUH F\FOH VR WKDW RQO\ '$5 F\FOHV RFFXU '$5 F\FOHV DUH
FORVH F\FOHV '$5 DUH SRVVLEOH LQ VRPH QHWZRUNV DOZD\V WKUHHSROH )RU WKH '$5IXQFWLRQ WKH IRO
ORZLQJ SURJUDPV DUH VHOHFWDEOH
7KH VWULQJHQW ORRS GHWHUPLQDWLRQ RI 6$ VHH
6HFWLRQ DOORZV UHOLDEO\ VLQJOHSROH DXWRUHFOR '$5 352* 12 '$5 LH QR '$5 RFFXUV XQ
VXUH 7KH 6$ DOVR DOORZV DXWRPDWLF VLQJOH DQG VXFFHVVIXO 5$5 UHVXOWV LQ ILQDO WULS
WKUHHSROH DV ZHOO DV VLQJOH DQG PXOWLVKRW UHFOR
VXUH LI WKH $5 IXQFWLRQ LV DFFRUGLQJO\ RUGHUHG UHIHU '$5 352* '$5 :,7+287 5$5 LH '$5 F\
6HFWLRQ 2UGHULQJ GDWD FOHV FDQ EH FDUULHG RXW HYHQ ZL
WKRXW D SUHFHGLQJ 5$5 F\FOH HJ
6$ FDQ DOVR ZRUN LQ FRQMXQFWLRQ ZLWK DQ H[WHU 5$5 LV E\SDVVHG EHFDXVH
QDO DXWRUHFORVH V\VWHP ,Q WKLV FDVH WKH VLJQDO H[ EORFNHG
FKDQJH EHWZHHQ 6$ DQG WKH H[WHUQDO $5XQLW
PXVW EH DFFRPSOLVKHG YLD WKH ELQDU\ LQSXWV DQG RXW '$5 352* '$5 $)7(5 5$5 LH WKH '$5 F\
SXWV VHH 6HFWLRQ FOHV FDQ RQO\ EH LQLWLDWHG DIWHU DQ
XQVXFFHVVIXO 5$5
)XUWKHUPRUH LW LV DOVR SRVVLEOH WR DOORZ WKH LQWHUQDO
$5IXQFWLRQ WR EH WULJJHUHG IURP DQ H[WHUQDO SUR 7KH SRVVLELOLWLHV DQG IXQFWLRQV RI WKH LQWHUQDO $5
WHFWLRQ UHOD\ HJ EDFNXS UHOD\ VHH 6HFWLRQ XQLW DUH GHVFULEHG LQ WKH IROORZLQJ VHFWLRQV 3UHUHT
7KH XVH RI WZR 6$ ZLWK LQWHUQDO $5 XLVLWH IRU LQLWLDWLRQ RI WKH $5IXQFWLRQ LV DOZD\V WKDW
IXQFWLRQ LV DOVR SRVVLEOH DV ZHOO DV WKH XVH RI RQH WKH FLUFXLW EUHDNHU LV UHDG\ IRU RSHUDWLRQ ZKHQ WKH
6$ ZLWK $5IXQFWLRQ DQG D VHFRQG SURWHFWLRQ $5IXQFWLRQ LV DFWLYDWHG 7KLV LQIRUPDWLRQ KDV WR EH
UHOD\ ZLWK VHSDUDWH $5XQLW H[DPSOH VHH 6HFWLRQ WUDQVPLWWHG WR WKH GHYLFH YLD D ELQDU\ LQSXW

)XUWKHUPRUH UHFORVXUH LV EORFNHG LI WKH WULSSLQJ
7KH SRVVLEOH SURJUDPV RI WKH LQWHUQDO $5IXQFWLRQ FRPPDQG RFFXUV DIWHU WKH DFWLRQ WLPH ZKLFK FDQ EH
IRU WKH ILUVW $5F\FOH GHVLJQDWHG LQ WKH IROORZLQJ VHW LQGLYLGXDOO\ IRU 5$5 DQG '$5 $GGLWLRQDOO\ WKH
ZLWK 5$5 UDSLG DXWRUHFORVXUH DUH DXWRUHFORVXUH IXQFWLRQ LV QRW UHDG\ ZKHQ DW WKH PR
PHQW RI LQLWLDWLRQ WKH FLUFXLW EUHDNHU LV DQQRXQFHG
5$5 352* 7+5(( 32/( LH DOO W\SHV RI YLD D ELQDU\ LQSXW WR EH RSHQ 7KLV SUHYHQWV IURP DQ
IDXOWV UHVXOW LQ WKUHHSROH $5 DFFLGHQWDO FORVH FRPPDQG VKRXOG WKH DXWRUHFOR
VXUH IXQFWLRQ UHFHLYH DQ HUURQHRXV WULS FRPPDQG
5$5 352* 6,1*/( 32/( LH VLQJOHSKDVH IRU DQ\ UHDVRQ HJ YLD D ELQDU\ LQSXW HYHQ
IDXOWV UHVXOW LQ VLQJOHSROH $5 WKRXJK WKH EUHDNHU LV RSHQ DQG WKH OLQH PD\ EH
PXOWLSKDVH IDXOWV LQ WKUHHSROH GHDG
&*&
,0 H
$/ LP
W
(6 &
(5 P
LD
2 OF
/ 7 H5
&
7
H UH /
LP
W KWU 2
GD 3
HG XI
GQ 7
GQ D 5$
'
7
&
$
7
5$
'
/
2
3
//
3 2
2 3 7
H 7 7 5$
LP
W 5 / 5
GD 5$ 5$ & 2
HG 55 6, 3
WV OHR OHR '
7 7G
S S 5$ HW
5 LP
RW UH
7 UH S
& YR 5
$ JQ $HO
7 LK R
5$ WFL S
5 Z
H 6 LI
LP
W
QR H
F H LW P
HW DQ WL
HG HV LP
W L P
QR LP LD
OWX ORF WLF
UF OF
D) LSU H5 LV' H5
7 $
)LJXUH 6$ 'LDJUDP RI UHFORVXUH VHTXHQFH
&*&
6HOHFWLYLW\ GXULQJ DXWRPDWLF UHFORVXUH
)RU WKH DXWRUHFORVXUH VHTXHQFH WR EH VXFFHVVIXO ,I WKH GLVWDQFH SURWHFWLRQ LV RSHUDWHG ZLWK RQH RI WKH
IDXOWV RQ DQ\ SDUW RI WKH OLQH PXVW EH FOHDUHG IURP FDUULHU VLJQDO WHOHSURWHFWLRQ V\VWHPV GHVFULEHG LQ
ERWK OLQH HQGV ZLWKLQ WKH VDPH VKRUWHVW SRVVL 6HFWLRQ WKH RYHUUHDFK ]RQH LV FRQWUROOHG E\ WKH
EOH WLPH 8VXDOO\ WKHUHIRUH DQ LQVWDQWDQHRXV XQLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH LH WKH LQWHUIDFH
VWDJH RI WKH VKRUWFLUFXLW SURWHFWLRQ LV VHW WR RSHUDWH GHWHUPLQHV LI DQ XQGHOD\HG WULS RU ZLWK 7% LV SHU
EHIRUH D UHFORVXUH E\ WKH $5XQLW 7KHUHIRUH WKH PLWWHG IRU IDXOWV LQ WKH RYHUUHDFK ]RQH LH WR WKH OLPLW
VKRUWFLUFXLW SURWHFWLRQ IXQFWLRQ RI 6$ ZKLFK RI ]RQH =% DQG WKXV LI WULSSLQJ LV VLPXOWDQHRXV DW
FDQ LQLWLDWH WKH DXWRUHFORVH IXQFWLRQV SURYLGH D VSH ERWK OLQH HQGV :KHWKHU WKH $5IXQFWLRQ LV UHDG\ IRU
FLDO 5$5 VWDJH )XUWKHUPRUH RQH FDQ GHFLGH IRU RSHUDWLRQ RU QRW LV LUUHOHYDQW LQ WKLV FDVH VLQFH WKH
HDFK VKRUWFLUFXLW SURWHFWLRQ ZKHWKHU RU QRW LW VKDOO WUDQVPLVVLRQ V\VWHP JXDUDQWHHV VHOHFWLYLW\ RYHU
LQLWLDWH WKH DXWRUHFORVH IXQFWLRQ RI WKH OLQH OHQJWK DQG IDVW VLPXOWDQHRXV GLVFRQ
QHFWLRQ 6LPLODU DSSOLHV IRU GLUHFWLRQDO FRPSDULVRQ
:LWK GLVWDQFH SURWHFWLRQ WKH ILUVW $5F\FOH LQ WKH HDUWK IDXOW SURWHFWLRQ UHIHU 6HFWLRQ
IROORZLQJ FDOOHG 5$5 DOORZV IDXOWV LQ WKH RYHUUHDFK
]RQH =% WR EH FOHDUHG LQVWDQWDQHRXVO\ KRZHYHU +RZHYHU LI WKH XQLYHUVDO WHOHSURWHFWLRQ LV VZLWFKHG
WKLV FDQ EH FKDQJHG ZKHQ VHWWLQJ WKH UHOD\ )RU SRV RII RU LI WKH FDUULHU GHYLFH LV IDXOW\ WKHQ WKH $5IXQF
VLEOH IXUWKHU F\FOHV LQ WKH IROORZLQJ FDOOHG '$5 D WLRQ GHWHUPLQHV ZKLFK VWDJH = RU =% LV GHFLVLYH
VHSDUDWH ]RQH =/ ZLWK D VHSDUDWH WLPH VWDJH 7/ IRU IDVW WULSSLQJ ,I QR DXWRUHFORVXUH LV DYDLODEOH IRU
EHFRPHV HIIHFWLYH H[DPSOH FLUFXLW EUHDNHU QRW UHDG\ IRU RSHUDWLRQ
WKHQ WKH QRUPDO JUDGLQJ RI WKH GLVWDQFH SURWHFWLRQ
7KH QRUPDO GLVWDQFH ]RQHV = = = DQG WKH GLUHF PXVW EH YDOLG LH LQVWDQWDQHRXV WULSSLQJ RQO\ IRU
WLRQDO DQG QRQGLUHFWLRQDO ILQDO VWDJHV RI WKH GLV IDXOWV ZLWKLQ VWDJH = LQ RUGHU WR PDLQWDLQ VHOHFWLYLW\
WDQFH SURWHFWLRQ DUH LQGHSHQGHQW RI WKH DXWRPDWLF )LJXUH
UHFORVH IXQFWLRQ 7KLV PXVW EH FRQVLGHUHG ZKHQ D
IDXOW VKDOO EH FOHDUHG DIWHU D WLPH GHOD\ IRU VHOHFWLYLW\ ,W LV DOVR SRVVLEOH WR EORFN WKH $5IXQFWLRQ LI WKH
UHDVRQV ZKHQ QR DXWRUHFORVH ZLOO RFFXU 7KXV LW LV WUDQVPLVVLRQ V\VWHP LV QRW ZRUNLQJ
QRW UHDVRQDEOH WR VHW D VKRUWHU WLPH GHOD\ IRU QRUPDO
GLVWDQFH ]RQHV WKDQ IRU WKH 5$5 RYHUUHDFK ]RQH
=%
=
= =%
=RQH UHDFK XQWLO WKH HQG RI WKH ILUVW GHDG WLPH =% UHOHDVH
=
= =%
=RQH UHDFK DIWHU WKH ILUVW GHDG WLPH XQWLO H[SLU\ RI UHFODLP WLPH =% EORFNHG
)LJXUH =RQH UHDFK FRQWURO ZLWK WKH $5IXQFWLRQ
&*&
6$ SURYLGHV D VHOHFWLRQ SURFHGXUH ZKLFK FDQ $GGLWLRQDOO\ GLIIHUHQW GHDG WLPHV FDQ EH VHW DW ERWK
LPSURYH VHOHFWLYLW\ GXULQJ VLQJOHSROH DXWRUHFOR OLQH HQGV VR WKDW RQH HQG HJ DW WKH ORFDWLRQ , LV
VXUH LQ WKRVH FDVHV ZKHUH QR WHOHSURWHFWLRQ PRGH LV UHFORVHG DW ILUVW ,I UHFORVXUH KDV EHHQ VXFFHVVIXO
DYDLODEOH RU XVHG 8 SURFHVVLQJ SDUDPHWHU WKHQ WKH KHDOWK\ YROWDJH LV SUHVHQW DOVR DW WKH RWKHU
$ SUHUHTXLVLWH LV WKDW WKH YROWDJH WUDQVIRUPHUV DUH LQ OLQH HQG ,, VR WKDW WKH ]HUR VHTXHQFH YROWDJH LV YHU\
VWDOOHG DW WKH OLQH VLGH DV VHHQ IURP WKH FLUFXLW EUHDN VPDOO WKLV OLQH HQG FDQ EH UHFORVHG ZLWK D VOLJKWO\
HU KLJKHU GHDG WLPH ,I WKH IDXOW KDV UHPDLQHG XQ
VXFFHVVIXO DXWRUHFORVXUH LW FDQ EH LQVWDQWDQHRXV
:KHQ D VKRUWFLUFXLW RFFXUV QHDU RQH HQG RI WKH OLQH O\ FOHDUHG DW OLQH HQG , DW OLQH HQG ,, D VLJQLILFDQW
HYHQ WKH QHLJKERXULQJ OLQHV DUH WULSSHG DW ILUVW EH ]HUR VHTXHQFH YROWDJH UHPDLQV EHFDXVH RQH VLQJOH
FDXVH WKH\ UHFRJQL]H WKH IDXOW LQ WKHLU RYHUUHDFKLQJ SROH RI WKH FLUFXLW EUHDNHU LV RSHQ UHFORVXUH LV
]RQH =% UHIHU )LJXUH ,I WKH QHWZRUN LV LQWHU EORFNHG 7KH FLUFXLW EUHDNHU SROHV ZKLFK DUH VWLOO
FRQQHFWHG DQG WKH EXVEDU % LV ILWWHG ZLWK DW OHDVW FORVHG FDQ EH WULSSHG E\ WKH SROH GLVFUHSDQF\ SUR
RQH HDUWKHG WUDQVIRUPHU ZLWK D GHOWD ZLQGLQJ WKH WHFWLRQ RU E\ 6$ LWVHOI 7KLV PHWKRG E\ WKH ZD\
YROWDJHV ZLOO EH V\PPHWUL]HG WKHUH 7KXV GLVWLQFWLRQ VDYHV WKH FLUFXLW EUHDNHU DW ORFDWLRQ ,, EHFDXVH WKLV
FDQ EH PDGH EHWZHHQ WKH IDXOWHG OLQH DQG WKH XQ &% QHHG QRW VZLWFK RQWR WKH IDXOW DJDLQ
IDXOWHG OLQHV DIWHU GLVFRQQHFWLRQ DW WKH ORFDWLRQV , ,,
DQG ,,, 7KH VHWWLQJ SDUDPHWHUV IRU WKH DXWRUHFORVH IXQF
WLRQV DW ERWK OLQH HQGV GHWHUPLQH DW ZKLFK OLQH HQG
6LQFH OLQH % & LV LQWHUUXSWHG DW RQH HQG RQO\ D UH WKH EUHDNHU LV UHFORVHG ZLWK QRUPDO GHDG WLPH ZLWK
YHUVH YROWDJH DSSHDUV IURP WKH QRQLQWHUUXSWHG OLQH RXW ]HUR VHTXHQFH YROWDJH FKHFN DQG DW ZKLFK OLQH
HQG 7KXV WKH LQWHUUXSWHG SKDVH FDUULHV YROWDJH HQG WKH ]HUR VHTXHQFH YROWDJH LV PHDVXUHG WR GH
DJDLQ 7KHUHIRUH WKH ]HUR VHTXHQFH YROWDJH PHD FLGH ZKHWKHU UHFORVXUH WDNHV SODFH ZLWK D VOLJKWO\
VXUHG DW WKH UHOD\ ORFDWLRQ ,,, LV YHU\ VPDOO ,I WKH UHOD\ KLJKHU GHDG WLPH RU QRW
DW WKLV ORFDWLRQ UHFRJQL]HV WKLV LW FDQ UHFORVH LPPH
GLDWHO\ RU ZLWK RQO\ D VPDOO GHDG WLPH ZKLFK PD\ ,I D OLQH WR EH SURWHFWHG LV FRPSRVHG RI RYHUKHDG OLQH
FRYHU WKH PHDVXULQJ WLPH 7KH KHDOWK\ OLQHV DUH LQ DQG FDEOH VHFWLRQV WKH FRQWUROOHG ]RQHV =% DQG
RSHUDWLRQ YHU\ VRRQ E\ WKLV SURFHGXUH =/ FDQ EH XVHG WR GLVWLQJXLVK EHWZHHQ IDXOWV RQ WKH
WKH RYHUKHDG VHFWLRQ DQG FDEOH IDXOWV WR D FHUWDLQ
/LQH $ % KDV EHHQ LQWHUUXSWHG DW ERWK HQGV 7KXV GHJUHH 5HFORVXUH FDQ EH EORFNHG IRU FDEOH IDXOWV
D VLJQLILFDQW ]HUR VHTXHQFH YROWDJH LV SUHVHQW XVLQJ VHWWLQJ SDUDPHWHUV UHIHU WR 6HFWLRQ
ZKLFK LGHQWLILHV DW ERWK OLQH HQGV WKLV OLQH DV WKH ,I IRU H[DPSOH D FDEOH VHFWLRQ LV IROORZHG E\ DQ
IDXOW\ OLQH 7KH QRUPDO GHDG WLPH IRU VLQJOHSROH RYHUKHDG OLQH VHFWLRQ UHIHU WR )LJXUH ]RQH
DXWRUHFORVXUH EHFRPHV YDOLG =% LV VHW WR FRYHU WKH FDEOH VHFWLRQ DQG UHFORVXUH
LV EORFNHG IRU IDXOWV ZLWKLQ =% EXW UHOHDVHG IRU IDXOWV
)XUWKHUPRUH 6$ SUHVHQWV WKH SRVVLELOLW\ WR WULS RXW RI =% &RQYHUVHO\ WKH RWKHU OLQH HQG LV VHW VXFK
D UHPDLQLQJ IDXOW LQVWDQWDQHRXVO\ RYHU OLQH WKDW IDXOWV ZLWKLQ ]RQH =% ZKLFK QHDUO\ FRYHUV WKH
OHQJWK HYHQ DIWHU XQVXFFHVVIXO DXWRUHFORVXUH $V RYHUKHDG OLQH VHFWLRQ DUH FOHDUHG ZLWK DXWRUHFOR
OLQH $ % KDV EHHQ LGHQWLILHG DV WKH IDXOWHG OLQH E\ VXUH ZKHUHDV UHFORVXUH LV EORFNHG IRU IDXOW RXW RI
WKH PHWKRG SUHYLRXVO\ GHVFULEHG WKH RYHUUHDFK ]RQH =% ,I IXUWKHU VHJUHJDWLRQ LV QHFHVVDU\ HJ
]RQH FDQ UHPDLQ HIIHFWLYH HYHQ DIWHU XQVXFFHVVIXO FDEOH RYHUKHDG OLQH FDEOH GLVWLQFWLRQ FDQ EH
DXWRUHFORVXUH VR WKDW D SHUVLVWHQW IDXOW FDQ EH PDGH E\ D IXUWKHU ]RQH =/ LQ VLPLODU ZD\
FOHDUHG LPPHGLDWHO\ HYHQ DW OLQH HQG ,
$ = % =%
&
, =% ,, ,,,
$ % & EXVEDUV
, ,, ,,, 5HOD\ ORFDWLRQV
; WULSSHG FLUFXLW EUHDNHUV
)LJXUH ([DPSOH IRU WKH 8 SURFHGXUH
&*&

$FWLRQ WLPHV DQG UHFODLP WLPHV
=% =
$ %
,W LV RIWHQ DSSURSULDWH WR SUHYHQW UHDGLQHVV IRU UHFOR
= =% VXUH ZKHQ WKH IDXOW KDV SHUVLVWHG IRU D VSHFLILHG
WLPH IRU H[DPSOH ZKHQ LW FDQ EH DVVXPHG WKDW WKH
DUF KDV EXUQW LWVHOI LQ WR VXFK DQ H[WHQW WKDW WKHUH LV
QR FKDQFH RI QDWXUDO TXHQFKLQJ GXULQJ WKH GHDG
6XEVWDWLRQ $ WLPH
XS WR =% DXWRUHFORVXUH EORFNHG
RXW RI =% DXWRUHFORVXUH SHUPLWWHG
7ULSSLQJ DIWHU IDXOWV ZKLFK DUH FOHDUHG LQ D GHOD\HG
6XEVWDWLRQ % WLPH VKRXOG IRU UHDVRQV RI VHOHFWLYLW\ DOVR QRW UHVXOW
XS WR =% DXWRUHFORVXUH SHUPLWWHG
LQ DQ DXWRUHFORVXUH
RXW RI =% DXWRUHFORVXUH EORFNHG
7KH $5IXQFWLRQV RI 6$ DUH SURYLGHG ZLWK VHW

RYHUKHDG OLQH VHFWLRQ WDEOH DFWLRQ WLPHV VHSDUDWH IRU 5$5 DQG '$5 ZKLFK
FDEOH VHFWLRQ
DUH VWDUWHG E\ WKH IDXOW GHWHFWLRQ VLJQDO ,I DIWHU H[SL
U\ RI WKH DFWLRQ WLPH QR WULSSLQJ VLJQDO KDV EHHQ JLY
)LJXUH /LQH ZLWK RYHUKHDG DQG FDEOH VHF HQ UHFORVXUH LV EORFNHG
WLRQ
7KH $5IXQFWLRQV RI 6$ DUH SURYLGHG ZLWK
WKUHH VHWWDEOH UHFODLP WLPHV ZKLFK GR QRW GLVFULPL
QDWH EHWZHHQ 5$5 DQG '$5 *HQHUDOO\ WKH UHFODLP
)RU RYHUFXUUHQW WLPH SURWHFWLRQ HPHUJHQF\ PRGH WLPH LV WKH WLPH SHULRG GXULQJ ZKLFK QR IXUWKHU UHFOR
VWDJH ,!! RSHUDWHV XQGHOD\HG DV 5$5 VWDJH %H VXUH DWWHPSW LV SHUPLWWHG
IRUH DQ\ UHFRQQHFWLRQ LH ZKHQ WKH 5$5IXQFWLRQ
LV UHDG\ IRU RSHUDWLRQ GLVFRQQHFWLRQ LV HIIHFWHG ZLWK 7KH UHFODLP WLPH 75(&/$,0 LV VWDUWHG DW HYHU\ UH
,!! $IWHU DQ XQVXFFHVVIXO DXWRUHFORVXUH DWWHPSW FORVH FRPPDQG ,I DXWRUHFORVXUH KDV EHHQ VXFFHV
RU ZKHQ WKH $5IXQFWLRQ LV QRW UHDG\ IRU RSHUDWLRQ VIXO DOO IXQFWLRQV UHVHW WR WKH TXLHVFHQW FRQGLWLRQ DI
VWDJH ,!! LV EORFNHG ,Q RUGHU WR PDLQWDLQ VHOHFWLY WHU H[SLU\ RI 75(&/$,0 DQ\ IDXOW RFFXUULQJ DIWHU
LW\ GLVFRQQHFWLRQ WKHQ LV HIIHFWHG ZLWK ,! DIWHU H[SLU\ WKH H[SLU\ RI WKH UHFODLP WLPH LV FRQVLGHUHG WR EH D
RI WKH GHOD\ WLPH 7,! :KHQ WKH $5IXQFWLRQ LV QHZ V\VWHP IDXOW :KHQ D UHQHZHG WULS FRPPDQG LV
EORFNHG RU VZLWFKHG RII ,!! LV DOVR EORFNHG 7KLV JLYHQ ZLWKLQ WKLV UHFODLP WLPH WKH QH[W DXWRUHFORVH
FDQ EH FKDQJHG LQ WKDW WKH ,!! VWDJH LV HIIHFWLYH DO F\FOH LV VWDUWHG LI PXOWLVKRW $5 LV SHUPLWWHG LI QR IXU
ZD\V LQGHSHQGHQW RI WKH 5$5 WKHU $5 F\FOH LV SHUPLWWHG D UHQHZHG WULS FRPPDQG
ZLWKLQ WKH UHFODLP WLPH LV ILQDO $5 KDV EHHQ XQ
$OO SURWHFWLRQ IXQFWLRQV ZKLFK FDQ RSHUDWH GLUHFWLRQ VXFFHVVIXO
DO FDQ EORFN UHFORVXUH LQ FDVH WKH IDXOW OLHV LQ UHYHUVH
GLUHFWLRQ 7KLV DSSOLHV DOVR LI D WULS FRPPDQG LV JLYHQ 7KH ORFNRXW WLPH 7/2&. LV WKH WLPH SHULRG GXULQJ
IRU D UHYHUVH IDXOW EHIRUH WKH DFWLRQ WLPH KDV ZKLFK DQ\ IXUWKHU FORVH FRPPDQG E\ WKH 6$
HODSVHG UHOD\ LV EORFNHG DIWHU ILQDO GLVFRQQHFWLRQ 7KLV DS
SOLHV IRU DOO FORVLQJ DWWHPSWV ZKLFK DUH SHUIRUPHG E\
WKH UHOD\ ,I WKLV WLPH LV VHW WR * FORVLQJ LV ORFNHG RXW
XQWLO WKH $5 IXQFWLRQ LV UHVHW E\ HQHUJL]DWLRQ RI WKH
ELQDU\ LQSXW k!$5 5HVHWl $IWHU WKH UHVHW VLJQDO DOO
IXQFWLRQV UHVHW WR WKH TXLHVFHQW FRQGLWLRQ
$ VSHFLDO UHFODLP WLPH 7%/2&. 0& LV SURYLGHG IRU

PDQXDO FORVLQJ 'XULQJ WKLV WLPH DIWHU PDQXDO FORVH
UHFORVXUH LV EORFNHG DQ\ WULS FRPPDQG ZLOO EH D
WKUHHSROH ILQDO WULS
&*&
,QWHUURJDWLRQ IRU UHDGLQHVV RI 7KUHHSROH DXWRUHFORVXUH

WKH FLUFXLW EUHDNHU
:KHQ WKH $5 IXQFWLRQ LV UHDG\ IRU RSHUDWLRQ WKH
$ SUHFRQGLWLRQ IRU D UHFORVH DWWHPSW DIWHU VKRUWFLU VKRUWFLUFXLW SURWHFWLRQ WULSV WKUHHSROH IRU DOO IDXOWV
FXLW LQWHUUXSWLRQ LV WKDW WKH FLUFXLW EUHDNHU LV UHDG\ IRU ZLWKLQ WKH VWDJH YDOLG IRU 5$5 HJ WKH GLVWDQFH SUR
DW OHDVW RQH 75,3&/26(75,3F\FOH ZKHQ WKH WHFWLRQ LQ ]RQH =% 7KH $5IXQFWLRQ LV LQLWLDWHG
$5 IXQFWLRQ LV LQLWLDWHG LH DW WKH LQVWDQW RI WULS FRP SURYLGHG WULSSLQJ RFFXUV ZLWKLQ WKH DFWLRQ WLPH UHIHU
PDQG 7KH UHDGLQHVV LQIRUPDWLRQ IURP WKH EUHDNHU 6HFWLRQ :LWK IDXOW FOHDUDQFH WKH VHWWDEOH
KDV WR EH WUDQVPLWWHG WR WKH GHYLFH YLD D ELQDU\ LQSXW GHDG WLPH 5$5 732/ FRPPHQFHV IRU WKUHHSROH
,Q FDVH WKDW VXFK UHDGLQHVV LQIRUPDWLRQ LV QRW DYDLO 5$5 $IWHU WKLV WKH FLUFXLW EUHDNHU UHFHLYHV D FORVLQJ
DEOH LQWHUURJDWLRQ FDQ EH VXSSUHVVHG VLQFH RWKHU FRPPDQG WKH GXUDWLRQ RI ZKLFK LV VHWWDEOH 6LPXOWD
ZLVH QR DXWRUHFORVH ZRXOG EH SRVVLEOH DW DOO QHRXVO\ WKH VHWWDEOH UHFODLP WLPH 75(&/$,0
6HFWLRQ LV VWDUWHG
:KHQ VLQJOHVKRW DXWRUHFORVXUH LV SHUIRUPHG LW LV
VXIILFLHQW WR LQWHUURJDWH WKH EUHDNHU UHDGLQHVV RQH ,I WKH IDXOW LV FOHDUHG VXFFHVVIXO 5$5 WKH UHFODLP
VLQJOH WLPH EHIRUH LQLWLDWLRQ RI $5 $V IRU H[DPSOH WLPH 75(&/$,0 6HFWLRQ H[SLUHV DQG DOO
WKH DLU SUHVVXUH IRU EUHDNHU RSHUDWLRQ ZLOO FROODSVH IXQFWLRQV UHVHW WR WKH TXLHVFHQW FRQGLWLRQ 7KH QHW
GXULQJ WKH WULS H[HFXWLRQ QR IXUWKHU LQWHUURJDWLRQ ZRUN IDXOW LV FOHDUHG
VKRXOG EH FDUULHG RXW
,I WKH IDXOW KDV QRW EHHQ FOHDUHG XQVXFFHVVIXO $5
:KHQ PXOWLVKRW DXWRUHFORVXUH LV XVHG LW LV DGYDQ WKHQ WKH VKRUWFLUFXLW SURWHFWLRQ FDUULHV RXW D ILQDO
WDJHRXV WR LQWHUURJDWH EUHDNHU UHDGLQHVV QRW RQO\ DW GLVFRQQHFWLRQ LQ WKH VWDJH WKDW LV YDOLG ZLWKRXW 5$5
WKH LQVWDQW RI WKH ILUVW WULS FRPPDQG EXW DOVR EHIRUH ZKHQ WKH XQLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH LV LQ RS
HYHU\ UHFORVH DWWHPSW RU EHIRUH HYHU\ RWKHU UHFORVH HUDWLRQ ZLWK GLVWDQFH SURWHFWLRQ WKHQ =% FDQ UH
DWWHPSW ,I WKLV IDFLOLW\ LV VHOHFWHG UHFORVXUH LV PDLQ HIIHFWLYH IRU GLVWDQFH SURWHFWLRQ VHH 6HFWLRQ
EORFNHG DV ORQJ DV WKH FLUFXLW EUHDNHU LV QRW UHDG\ IRU $OVR HYHU\ IDXOW GXULQJ WKH UHFODLP WLPH ZLOO UH
DQRWKHU 75,3&/26( VHTXHQFH VXOW LQ ILQDO GLVFRQQHFWLRQ
7KH UHFRYHU\ WLPH RI WKH FLUFXLW EUHDNHU FDQ EH VX $IWHU XQVXFFHVVIXO $5 ILQDO GLVFRQQHFWLRQ WKH ORFN
SHUYLVHG E\ WKH 6$ UHOD\ 7KLV VXSHUYLVLRQ WLPH RXW WLPH 7/2&. 6HFWLRQ LV VWDUWHG )RU WKLV
7&%6839 ZLOO UXQ DV ORQJ DV WKH FLUFXLW EUHDNHU WLPH DQ\ FORVH FRPPDQG IURP 6$ LV ORFNHG
GRHV QRW LQIRUP DERXW UHDGLQHVV ,Q WKLV FDVH WKH
GHDG WLPH PD\ EH H[WHQGHG ZKHQ WKH EUHDNHU LV QRW 7KH DERYH VHTXHQFH FRPHV LQWR HIIHFW ZLWK VLQJOH
UHDG\ DIWHU H[SLU\ RI WKH VHW GHDG WLPH %XW LI WKH VKRW 5$5 :LWK 6$ PXOWLSOH $5DWWHPSWV XS
EUHDNHU LV QRW \HW UHDG\ DIWHU H[SLU\ RI WKH VXSHUYL WR '$5VKRWV UHIHU 6HFWLRQ DUH DOVR SRV
VLRQ WLPH WKHQ UHFORVXUH LV EORFNHG 7KLV EORFNLQJ LV VLEOH $GGLWLRQDOO\ LW LV SRVVLEOH WR VNLS WKH 5$5 F\FOH
FDQFHOHG RQO\ DIWHU WKH ORFNRXW WLPH 7/2&. UHIHU E\ D VLJQDO YLD D ELQDU\ LQSXW RI WKH GHYLFH ,Q WKLV
WR 6HFWLRQ KDV HODSVHG ,I 7/2&. LV VHW WR FDVH RQO\ '$5 LV HIIHFWLYH UHIHU 6HFWLRQ
* FORVLQJ LV ORFNHG RXW XQWLO WKH $5 IXQFWLRQ LV UHVHW
E\ HQHUJL]DWLRQ RI WKH ELQDU\ LQSXW k!$5 5HVHWl $I
WHU WKH UHVHW VLJQDO DOO IXQFWLRQV UHVHW WR WKH TXLHV
FHQW FRQGLWLRQ
&*&
6LQJOHSROH DXWRUHFORVXUH 6LQJOH DQG WKUHHSROH DXWRUH

FORVXUH
:KHQ RQO\ VLQJOHSROH DXWRUHFORVXUH LV FDUULHG RXW
DQG WKH 5$5 IXQFWLRQ LV UHDG\ IRU UHFORVH WKH VKRUW :KHQ WKH $5 IXQFWLRQ LV UHDG\ IRU RSHUDWLRQ WKH
FLUFXLW SURWHFWLRQ WULSV VLQJOHSROH LI D VLQJOHSKDVH VKRUWFLUFXLW SURWHFWLRQ WULSV VLQJOHSROH IRU VLQJOH
IDXOW LV GHWHFWHG LQ WKH VWDJH YDOLG IRU 5$5 )RU GLV SKDVH IDXOWV DQG WKUHHSROH IRU PXOWLSKDVH IDXOWV
WDQFH SURWHFWLRQ HJ ]RQH =% LV HIIHFWLYH RQO\ IRU 7KH UHOD\ FDQ DOVR EH VHW WR WULS VLQJOHSROH LQ FDVH RI
VLQJOHSKDVH IDXOWV 7KH UHOD\ FDQ DOVR EH VHW WR WULS WZRSKDVH IDXOWV ZLWKRXW HDUWK FRQQHFWLRQ 7KH
VLQJOHSROH LQ FDVH RI WZRSKDVH IDXOWV ZLWKRXW HDUWK VWDJH YDOLG IRU 5$5 HJ WKH GLVWDQFH SURWHFWLRQ
FRQQHFWLRQ ]RQH =% LV YDOLG IRU DOO W\SHV RI IDXOW
$IWHU RFFXUUHQFHV RI PXOWLSKDVH IDXOWV WKH VKRUWFLU 7KH $5IXQFWLRQ LV LQLWLDWHG SURYLGHG WULSSLQJ RF
FXLW SURWHFWLRQ WULSV ILQDOO\ WKUHHSROH DIWHU WKH WLPH FXUV ZLWKLQ WKH DFWLRQ WLPH UHIHU 6HFWLRQ
WKDW LV YDOLG ZLWKRXW 5$5 )RU GLVWDQFH SURWHFWLRQ :LWK IDXOW FOHDUDQFH WKH VHWWDEOH GHDG WLPH
HJ ]RQH = LV GHFLVLYH QRW =% ZKHQ WKH XQLYHUVDO 5$5 732/ FRPPHQFHV IRU VLQJOHSROH 5$5 RU
WHOHSURWHFWLRQ LV LQ RSHUDWLRQ ]RQH =% FDQ UHPDLQ WKH VHSDUDWHO\ VHWWDEOH GHDG WLPH 5$5 732/ IRU
HIIHFWLYH VHH 6HFWLRQ (YHU\ WKUHHSROH WULS LV D WKUHHSROH 5$5 $IWHU WKLV WKH FLUFXLW EUHDNHU UH
ILQDO WULS 7KH ORFNRXW WLPH 7/2&. 6HFWLRQ
FHLYHV D FORVLQJ FRPPDQG WKH GXUDWLRQ RI ZKLFK LV
LV VWDUWHG )RU WKLV WLPH DQ\ FORVH FRPPDQG IURP
VHWWDEOH 6LPXOWDQHRXVO\ WKH VHWWDEOH UHFODLP WLPH
6$ LV ORFNHG
75(&/$,0 6HFWLRQ LV VWDUWHG
$IWHU D VLQJOHSROH WULS WKH $5IXQFWLRQ LV LQLWLDWHG
,I WKH IDXOW LV FOHDUHG VXFFHVVIXO 5$5 WKH UHFODLP
SURYLGHG WULSSLQJ RFFXUV ZLWKLQ WKH DFWLRQ WLPH :LWK
WLPH 75(&/$,0 6HFWLRQ H[SLUHV DQG DOO
WKH FOHDUDQFH RI WKH IDXOW WKH VHWWDEOH GHDG WLPH
IXQFWLRQV UHVHW WR WKH TXLHVFHQW FRQGLWLRQ 7KH QHW
5$5 732/ IRU VLQJOHSROH 5$5 FRPPHQFHV $I
ZRUN IDXOW LV FOHDUHG
WHU WKLV WKH FLUFXLW EUHDNHU UHFHLYHV D FORVLQJ FRP
PDQG WKH GXUDWLRQ RI ZKLFK LV VHWWDEOH 6LPXOWD
QHRXVO\ WKH VHWWDEOH UHFODLP WLPH 75(&/$,0 ,I WKH IDXOW KDV QRW EHHQ FOHDUHG XQVXFFHVVIXO $5
6HFWLRQ LV VWDUWHG ,I DXWRUHFORVXUH LV WKHQ WKH VKRUWFLUFXLW SURWHFWLRQ FDUULHV RXW D ILQDO
EORFNHG GXULQJ WKH GHDG WLPH DIWHU VLQJOHSROH WULS GLVFRQQHFWLRQ LQ WKH VWDJH WKDW LV YDOLG ZLWKRXW 5$5
WKHQ WKH EUHDNHU FDQ EH WULSSHG WKUHHSROH LPPHGL ZKHQ WKH XQLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH LV LQ RS
DWHO\ VHOHFWDEOH HUDWLRQ ZLWK GLVWDQFH SURWHFWLRQ VHH 6HFWLRQ RU
ZKHQ WKH 8 SURFHVVLQJ IHDWXUH LV RSHUDWLYH VHH
,I WKH IDXOW LV FOHDUHG VXFFHVVIXO 5$5 WKH UHFODLP 6HFWLRQ WKHQ =% FDQ UHPDLQ HIIHFWLYH IRU
WLPH 75(&/$,0 6HFWLRQ H[SLUHV DQG DOO GLVWDQFH SURWHFWLRQ $OVR HYHU\ IDXOW GXULQJ WKH UH
IXQFWLRQV UHVHW WR WKH TXLHVFHQW FRQGLWLRQ 7KH QHW FODLP WLPH ZLOO UHVXOW LQ ILQDO GLVFRQQHFWLRQ
ZRUN IDXOW LV FOHDUHG
$IWHU XQVXFFHVVIXO $5 ILQDO GLVFRQQHFWLRQ WKH ORFN
,I WKH IDXOW KDV QRW EHHQ FOHDUHG XQVXFFHVVIXO $5 RXW WLPH 7/2&. 6HFWLRQ LV VWDUWHG )RU WKLV
WKHQ WKH VKRUWFLUFXLW SURWHFWLRQ FDUULHV RXW D ILQDO WLPH DQ\ FORVH FRPPDQG IURP 6$ LV ORFNHG
GLVFRQQHFWLRQ LQ WKH VWDJH WKDW LV YDOLG ZLWKRXW 5$5
ZKHQ WKH XQLYHUVDO WHOHSURWHFWLRQ LQWHUIDFH LV LQ RS 7KH DERYH VHTXHQFH FRPHV LQWR HIIHFW ZLWK VLQJOH
HUDWLRQ ZLWK GLVWDQFH SURWHFWLRQ VHH 6HFWLRQ RU VKRW 5$5 :LWK 6$ PXOWLSOH $5DWWHPSWV XS
ZKHQ WKH 8 SURFHVVLQJ IHDWXUH LV RSHUDWLYH VHH WR '$5VKRWV UHIHU 6HFWLRQ DUH DOVR SRV
6HFWLRQ WKHQ =% FDQ UHPDLQ HIIHFWLYH IRU VLEOH $GGLWLRQDOO\ LW LV SRVVLEOH WR VNLS WKH 5$5 F\FOH
GLVWDQFH SURWHFWLRQ $OVR HYHU\ IDXOW GXULQJ WKH UH E\ D VLJQDO YLD D ELQDU\ LQSXW RI WKH GHYLFH ,Q WKLV
FODLP WLPH ZLOO UHVXOW LQ ILQDO GLVFRQQHFWLRQ FDVH RQO\ '$5 LV HIIHFWLYH UHIHU 6HFWLRQ
$IWHU XQVXFFHVVIXO $5 ILQDO GLVFRQQHFWLRQ WKH ORFN

RXW WLPH 7/2&. 6HFWLRQ LV VWDUWHG )RU WKLV
WLPH DQ\ FORVH FRPPDQG IURP 6$ LV ORFNHG
,Q WKLV PRGH RQO\ VLQJOHVKRW DXWRUHFORVXUH LV SRV

VLEOH
&*&
7UHDWPHQW RI HYROYLQJ IDXOWV 0XOWLVKRW DXWRUHFORVXUH
:KHQ VLQJOHSROH RU VLQJOH DQG WKUHHSROH DXWRUH 7KH LQWHUQDO DXWRUHFORVH IHDWXUH LQ 6$ ZLOO DOVR
FORVXUHV DUH FDUULHG RXW LQ WKH QHWZRUN VSHFLDO DW SHUPLW PXOWLVKRW UHFORVXUH XS WR FRQVHFXWLYH
WHQWLRQ KDV WR EH GLUHFWHG WR HYROYLQJ IDXOWV (YROYLQJ '$5F\FOHV 7KH VHFRQG DQG HDFK IXUWKHU F\FOH DUH
IDXOWV DUH WKRVH ZKLFK DIWHU FOHDUDQFH RI WKH ILUVWGH DOZD\V WKUHHSROH $Q LQGLYLGXDO ]RQH =/ ZLWK GHOD\
WHFWHG IDXOW RFFXU GXULQJ WKH GHDG WLPH WLPH 7/ LV DYDLODEOH IRU WKH GLVWDQFH SURWHFWLRQ $OVR
WKH DFWLRQ WLPH DQG VHYHUDO GHDG WLPHV FDQ EH LQGH
6$ DOORZV VHYHUDO SRVVLELOLWLHV IRU WKH WUHDWPHQW SHQGHQWO\ VHW IRU WKHVH '$5 F\FOHV
RI HYROYLQJ IDXOWV GHSHQGHQW XSRQ WKH UHTXLUHPHQWV
RI WKH QHWZRUN
'LIIHUHQW QXPEHUV RI '$5 F\FOHV FDQ EH VHW IRU
7KH FULWHULRQ IRU UHFRJQLWLRQ RI HYROYLQJ IDXOWV FDQ EH VLQJOHSKDVH IDXOWV DQG PXOWLSKDVH IDXOW WULSSLQJ
VHOHFWHG WR EH HLWKHU 75,3 &200$1' LQ DQRWKHU FRPPDQG LV QHYHUWKHOHVV DOZD\V WKUHHSROH 7KH
SKDVH GXULQJ WKH GHDG WLPH RU DQ\ IXUWKHU )$8/7 '( VHW QXPEHU RI '$5 F\FOHV GRHV QRW LQFOXGH WKH ILUVW
7(&7,21 5$5 F\FOH
7KH UHDFWLRQ RI WKH $5IXQFWLRQ WR D UHFRJQL]HG 'HDG WLPHV FDQ EH LQGLYLGXDOO\ VHW IRU WKH ILUVW WKUHH
HYROYLQJ IDXOW FDQ DOVR EH VHOHFWHG $5 F\FOHV IXUWKHU F\FOHV RSHUDWH ZLWK WKH GHDG WLPH
RI WKH WKLUG F\FOH ,Q WKLV FDVH DOO $5 F\FOHV DUH GHFL
D 12 VSHFLDO UHDFWLRQ WR HYROYLQJ IDXOWV VLYH LH DOVR WKH 5$5 F\FOH 7KH 5$5 F\FOH RSHUDWHV
ZLWK LWV GHDG WLPH 5$5 732/ IRU VLQJOH RU 5$5
$V VRRQ DV DQ HYROYLQJ IDXOW KDV EHHQ GHWHFWHG
732/ IRU WKUHHSROH 5$5 WKH ILUVW '$5 LV WKH VHF
WKH XQLW VZLWFKHV WR WKH WKUHHSROH DXWRUHFORVXUH
F\FOH $ WKUHHSROH WULS RFFXUV ,I WKUHHSROH DXWR RQG F\FOH ZLWK WKH GHDG WLPH IRU WKH VHFRQG F\FOH
UHFORVXUH LV SHUPLWWHG WKHQ WKH GHDG WLPH IRU '$5 732/ HWF ,I QR 5$5 F\FOH KDV RFFXUUHG
WKUHHSROH DXWRUHFORVXUH EHJLQV VLPXOWDQHRXVO\ HJ 5$5 EORFNHG WKHQ WKH ILUVW '$5 F\FOH RSHUDWHV
ZLWK WKH LQWHUUXSWLRQ RI WKH HYROYLQJ IDXOW :KHQ ZLWK WKH GHDG WLPH IRU WKH ILUVW F\FOH '$5 732/
WKH GHDG WLPH KDV H[SLUHG WKH FLUFXLW EUHDNHU UH HWF
FHLYHV WKH FRPPDQG WR FORVH 7KH IXUWKHU VH
TXHQFH LV WKH VDPH DV IRU VLQJOH DQG WKUHHSROH (DFK QHZ SLFNXS UHVWDUWV WKH DFWLRQ WLPH
DXWRUHFORVXUH '$5 7$&7 ZLWKLQ ZKLFK D WULSSLQJ FRPPDQG PXVW
RFFXU $IWHU IDXOW FOHDUDQFH WKH GHDG WLPH EHJLQV $W
7KH WRWDO GHDG WLPH LQ WKLV FDVH FRQVLVWV RI WKH
WKH HQG RI WKLV WKH FLUFXLW EUHDNHU LV JLYHQ D QHZ
GHDG WLPH IRU WKH VLQJOHSROH DXWRUHFORVXUH
ZKLFK KDV H[SLUHG ZKHQ WKH HYROYLQJ IDXOW LV LQWHU FORVLQJ FRPPDQG 6LPXOWDQHRXVO\ WKH UHFODLP WLPH
UXSWHG SOXV WKH GHDG WLPH IRU WKH WKUHHSROH DXWR 75(&/$,0 6HFWLRQ LV VWDUWHG
UHFORVXUH 7KLV LV XVHIXO EHFDXVH RQO\ WKH GHDG
WLPH IRU WKUHHSROH DXWRUHFORVXUH LV RI LPSRU $V ORQJ DV WKH SHUPLWWHG QXPEHU RI F\FOHV KDV QRW
WDQFH IRU WKH VWDELOLW\ RI WKH QHWZRUN EHHQ UHDFKHG WKH UHFODLP WLPH LV UHVHW E\ HDFK QHZ
SLFNXS DQG UHFRPPHQFHV ZLWK WKH QH[W FORVLQJ
E %ORFNLQJ RI UHFORVXUH DIWHU HYROYLQJ IDXOWV $/ FRPPDQG
:$<6
,I RQH RI WKH F\FOHV LV VXFFHVVIXO WKDW LV DIWHU UHFORVH
$V VRRQ DV DQ HYROYLQJ IDXOW KDV EHHQ GHWHFWHG
UHFORVXUH LV EORFNHG 7KH WULS LV WKUHHSROH DQG RF WKH IDXOW LV QR ORQJHU SUHVHQW WKH UHFODLP WLPH 7
FXUV UHJDUGOHVV ZKHWKHU WKUHHSROH $5 LV SHU 5(&/$,0 HTXDOO\ UXQV RXW DQG DOO IXQFWLRQV UHWXUQ WR
PLWWHG RU QRW WKH TXLHVFHQW FRQGLWLRQ 7KH QHWZRUN IDXOW LV
FOHDUHG
F %ORFNLQJ DIWHU HYROYLQJ IDXOWV DIWHU DQ DGMXVWDEOH
GLVFULPLQDWLRQ WLPH !7 ',6&5,0 ,I QRQH RI WKH $5F\FOHV KDV EHHQ VXFFHVVIXO WKHQ
WKH VKRUWFLUFXLW SURWHFWLRQ FDUULHV RXW D ILQDO GLVFRQ
7KH GLVFULPLQDWLRQ WLPH VWDUWV VLPXOWDQHRXVO\ QHFWLRQ DIWHU WKH ODVW SHUPLVVLEOH F\FOH 7KH ORFNRXW
ZLWK WKH GHDG WLPH ,W LV XVHG WR GLVFULPLQDWH IURP WLPH 7/2&. 6HFWLRQ LV VWDUWHG )RU WKLV
ZKLFK SRLQW LQ WLPH DQ HYROYLQJ IDXOW LV LGHQWLILHG DV
WLPH DQ\ FORVH FRPPDQG IURP 6$ LV ORFNHG
VXFK ,I WKH HYROYLQJ IDXOW RFFXUV EHIRUH WKH H[SLU\
RI WKH GLVFULPLQDWLRQ WLPH D WKUHHSROH WULS LV FDU
ULHG RXW DQG WKH GHYLFH LV VZLWFKHG WR D WKUHHSROH 7KH VXEVHTXHQW F\FOHV '$5 FDQ EH EORFNHG E\ D
$5F\FOH LI SHUPLWWHG DV XQGHU D ,I KRZHYHU ELQDU\ LQSXW LQGHSHQGHQWO\ RI WKH IXQFWLRQ RI WKH
WKH HYROYLQJ IDXOW RFFXUV DIWHU WKH GLVFULPLQDWLRQ 5$5 F\FOH
WLPH KDV H[SLUHG D WKUHHSROH WULS LV FDUULHG RXW
DQG UHFORVXUH LV EORFNHG DV XQGHU E
&*&
&RQQHFWLRQ RI H[WHUQDO DXWRUHFORVH V\VWHP
6$ FDQ RSHUDWH LQ FRQMXQFWLRQ ZLWK DQ H[WHUQDO SLQJ 7KH 5$5 VWDJHV RI WKH
DXWRUHFORVH V\VWHP 7KH LQWHUQDO $5IXQFWLRQ FDQ VKRUWFLUFXLW SURWHFWLRQ IXQF
QRW WKHQ EH DOORZHG WR RSHUDWH LW PXVW EH SUR WLRQV RI 6$ DUH UHOHDVHG
JUDPPHG WR EH LQHIIHFWLYH GHFRQILJXUHG VHH 6HF E\ ELQDU\ LQSXW RQO\
WLRQ ZKHQ D VLQJOHSKDVH IDXOW LV
GHWHFWHG ZKHQ D PXOWL
SKDVH IDXOW LV GHWHFWHG WKH
6LJQDO H[FKDQJH EHWZHHQ 6$ DQG WKH H[WHUQDO
5$5 VWDJHV DUH QRW UHOHDVHG
DXWRUHFORVH GHYLFH PXVW EH PDGH YLD WKH ELQDU\ LQ EXW WKH QRUPDO JUDGLQJ
SXWV DQG RXWSXWV RI WKH UHOD\ 7KH IROORZLQJ OLVW PD\ VWDJHV DUH HIIHFWLYH RQO\
EH UHJDUGHG DV D UHFRPPHQGDWLRQ
!S 7ULS 3HUP 7KH H[WHUQDO $5 GHYLFH SHU
%LQDU\ LQSXWV PLWV VLQJOHSROH WULSSLQJ LH
LV UHDG\ IRU UHFORVXUH DIWHU
!5$5 5HOHDVH 7KH H[WHUQDO $5 GHYLFH UH VLQJOHSROH WULS 7KLV IXQFWLRQ
OHDVHV WKH 5$5 VWDJHV RI DOO LV WKH ORJLFDO LQYHUVLRQ RI
VKRUWFLUFXLW SURWHFWLRQ IXQF WKUHHSROH FRXSOLQJ ,I WKLV
WLRQV ZLWKLQ 6$ ZKLFK ELQDU\ LQSXW LV QRW DOORFDWHG
VKDOO RSHUDWH ZLWK $5 HJ WKHQ RQO\ WKUHHSROH WULSSLQJ
]RQH =% RI WKH GLVWDQFH FDQ RFFXU
SURWHFWLRQ YLD WKLV ELQDU\ LQ
SXW !'$5 5HOHDVH 7KH H[WHUQDO $5 GHYLFH FRQ
WUROV WKH '$5 VWDJH =/ RI
!2QO\ SROH 7KH H[WHUQDO $5 GHYLFH LV WKH GLVWDQFH SURWHFWLRQ RQO\
SURJUDPPHG WR UHFORVH RQO\ UHOHYDQW ZKHQ PXOWLVKRW
LQ FDVH RI VLQJOHSROH WULS DXWRUHFORVXUH LV XVHG
6$ H[WHUQDO
$5 GHYLFH
)DXOW GHWHFWLRQ
7ULS /
7ULS /
7ULS /
/ /
5$5 5HOHDVH
SROH FRXSOLQJ
/
SROH RQO\
/
S
SROH S /
SROH FRXSOLQJ FDQ EH 6HOHFWLRQ
LQYHUWHG LQ 6$ / 6ZLWFK
)LJXUH ([DPSOH RI FRQQHFWLRQV ZLWK H[WHUQDO $5V\VWHP
&*&
%LQDU\ RXWSXWV
,Q RUGHU WR DFKLHYH D SKDVH VHJUHJDWHG WULS VLJQDO
'HYLFH)OW'HW *HQHUDO IDXOW GHWHFWLRQ RI WKH WKH VLQJOHSROH WULS FRPPDQG IRU HDFK SROH DQG WKH
GHYLFH WKUHHSROH WULS FRPPDQG PXVW EH FRPELQHG WR WKH
SKDVH WULS VLJQDO
'HY7ULS S 7KUHHSROH WULS FRPPDQG RI
WKH GHYLFH 'HSHQGHQW RI WKH IHDWXUHV RI WKH H[WHUQDO DXWRUH
'HY7ULS S/ 6LQJOHSROH WULS FRPPDQG / FORVH GHYLFH LW LV DOVR SRVVLEOH WR FRPELQH WKH WKUHH
RI WKH GHYLFH VLQJOHSROH WULS FRPPDQGV )1R WR D
VLJQDO kVLQJOHSROH WULSl WKH WKUHHSROH WULS FRP
'HY7ULS S 7KUHHSROH WULS FRPPDQG RI PDQG )1R JLYHV WKH VLJQDO kWKUHHSROH WULSl
WKH GHYLFH
'HY7ULS S/ 6LQJOHSROH WULS FRPPDQG / )RU WKUHHSROH $5 WKH JHQHUDO IDXOW GHWHFWLRQ DQG
RI WKH GHYLFH WULSSLQJ VLJQDOV DUH QRUPDOO\ VXIILFLHQW
'HY7ULS S 7KUHHSROH WULS FRPPDQG RI )LJXUH VKRZV D FRQQHFWLRQ H[DPSOH IRU WKH LQ
WKH GHYLFH WHUFRQQHFWLRQ EHWZHHQ 6$ DQG DQ H[WHUQDO
'HY7ULS S/ 6LQJOHSROH WULS FRPPDQG / $5V\VWHP XVLQJ D SURJUDP VHOHFWRU VZLWFK
RI WKH GHYLFH
&RQWURO RI WKH LQWHUQDO DXWRUHFORVH IXQFWLRQ E\ DQ H[WHUQDO SURWHFWLYH UHOD\
,I 6$ LV ILWWHG ZLWK DQ LQWHUQDO $5IXQFWLRQ WKLV WKUHHSROH FRXSOLQJ VKRXOG EH DYDLODEOH H[WHUQDOO\ ,I
FDQ EH FRQWUROOHG IURP DQ H[WHUQDO SURWHFWLYH GHYLFH RQO\ WKUHHSROH $5 LV WR EH FDUULHG RXW DOO WKUHH
7KLV LV DSSOLFDEOH IRU H[DPSOH IRU OLQH HQGV ZLWK GX ELQDU\ LQSXW IRU WKH WULSSLQJ VLJQDOV PXVW EH DOOR
SOLFDWHG SURWHFWLRQ RU DGGLWLRQDO EDFNXS SURWHFWLRQ FDWHG WR D SK\VLFDO ELQDU\ LQSXW PRGXOH
ZKHQ D VHFRQG SURWHFWLYH GHYLFH LV XVHG IRU WKH
VDPH OLQH HQG DQG VKDOO RSHUDWH ZLWK WKH $5IXQF 7R FRXSOH WKH H[WHUQDO UHOD\ WKUHHSROH DQG WR UH
WLRQ LQFRUSRUDWHG LQ 6$ OHDVH LWV RYHUUHDFK ]RQH WKH IROORZLQJ RXWSXW IXQF
WLRQV DUH VXLWDEOH
6LJQDO H[FKDQJH EHWZHHQ 6$ DQG WKH H[WHUQDO
DXWRUHFORVH GHYLFH PXVW EH PDGH YLD WKH ELQDU\ LQ S 7ULS 3HUP LQWHUQDO $5 LV UHDG\ IRU
SXWV DQG RXWSXWV RI WKH UHOD\ 7KH IROORZLQJ OLVW PD\ VLQJOHSROH UHFORVXUH ORJ
EH UHJDUGHG DV D UHFRPPHQGDWLRQ LFDO LQYHUVLRQ RI WKUHHSROH
FRXSOLQJ
7KH LQWHUQDO $5IXQFWLRQ FDQ EH VWDUWHG IRU H[DP
5$5 =RQH 5HO LQWHUQDO $5 LV UHDG\ IRU DQ
SOH YLD WKH ELQDU\ LQSXWV
5$5 F\FOH LH UHOHDVHV
5$5 ]RQH IRU WKH H[WHUQDO
!6WDUW $5 *HQHUDO VWDUW VLJQDO IRU $5
SURWHFWLRQ UHOD\
!7ULS / $5 7ULSSLQJ FRPPDQG / IRU '$5 =RQH 5HO LQWHUQDO $5 LV UHDG\ IRU D
$5 '$5 F\FOH LH UHOHDVHV
'$5 ]RQH IRU WKH H[WHUQDO
!7ULS / $5 7ULSSLQJ FRPPDQG / IRU SURWHFWLRQ UHOD\
$5
5$5 S 3URJ LQWHUQDO 5$5 SURJUDPPHG
!7ULS / $5 7ULSSLQJ FRPPDQG / IRU WR VLQJOHSROH UHFORVXUH
$5 RQO\ LH ZLOO UHFORVH RQO\ DI
WHU VLQJOHSROH WULS
7KH JHQHUDO VWDUW VLJQDO LV WKH FULWHULRQ IRU WKH VWDUW RI
WKH DFWLRQ WLPHV $W WKH LVVXH RI WKH WULSSLQJ FRP 'HSHQGLQJ RQ WKH DFWXDO SKLORVRSK\ DQG WKH XVHG
PDQG LW LV GHFLGHG ZKHWKHU WKH GHDG WLPH IRU VLQJOH IXQFWLRQV RI WKH DXWRUHFORVXUH IXQFWLRQ RQH RU WKH
SROH $5 RU WKUHHSROH $5 ZLOO EH HIIHFWHG RU LI IRU RWKHU ELQDU\ RXWSXW PD\ EH RPLWWHG )RU H[DPSOH
WKUHHSROH WULSSLQJ UHFORVXUH ZLOO EH EORFNHG GH WKH k5$5 =RQH 5HOl RXWSXW )1R LV VXIIL
SHQGHQW XSRQ WKH VHW $5 SURJUDP $ SRVVLELOLW\ IRU FLHQW ZKHQ RQO\ WKUHHSROH DXWRUHFORVXUH LV XVHG
&*&
7ZR SURWHFWLRQ UHOD\V ZLWK WZR $5 GHYLFHV
,I D IHHGHU LV HTXLSSHG ZLWK GXSOLFDWHG SURWHFWLRQ SROH FRXSOLQJ VKRXOG EH DUUDQJHG ZLWK DQ H[WHUQDO
DQG HDFK SURWHFWLRQ UHOD\ VKRXOG FRQWURO LWV RZQ FRXSOLQJ XQLW ZKLFK LQWHUDFWV GLUHFWO\ ZLWK WKH FLUFXLW
DXWRUHFORVH GHYLFH FHUWDLQ H[FKDQJH RI LQIRUPD EUHDNHU WULS FLUFXLWV 7KLV HQVXUHV WKUHHSROH WULSSLQJ
WLRQ LV QHFHVVDU\ EHWZHHQ WKH WZR FRPELQDWLRQV XQGHU DOO FLUFXPVWDQFHV RI PXOWLSROH IDXOWV
7KLV LV VKRZQ DV DQ H[DPSOH LQ )LJXUH 7KUHH
6$ 6HFRQG UHOD\
LQWHUQDO QG $5
$5 IXQFWLRQ GHYLFH
/
6 $5 EORFNG\Q $5 EORFN LQW 6 /
%, !$5 EORFN $5 EORFNHG %, /

/
%, !6WDUW $5 6WDUW $5 %,
%, !7ULS / $5 7ULS / IRU $5 %,
%, !7ULS / $5 7ULS / IRU $5 %,
%, !7ULS / $5 7ULS / IRU $5 %,
/ /
/LQH SURWHFWLRQ QG SURWHFWLRQ
/ IXQFWLRQ UHOD\ /
6 *HQ )DXOW *HQ )DXOW 6
6 7ULS / 7ULS / 6
6 7ULS / 7ULS / 6
6 7ULS / 7ULS / 6
/ /
'HY7ULS S/
& 'HY7ULS S 7ULS / &
'HY7ULS S/
'HY7ULS S/
%, %LQDU\ LQSXW

6 6LJQDOOLQJ RXWSXW SROH
& 7ULS FRPPDQG FRXSOLQJ
IRU DOO SURWHFWLRQ IXQFWLRQV
ZKLFK RSHUDWH ZLWK $5
/ / /
WR FLUFXLW EUHDNHU
)LJXUH &RQQHFWLRQ H[DPSOH IRU SURWHFWLRQ UHOD\V ZLWK DXWRUHFORVXUH GHYLFHV
&*&
7KH V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ ZLOO HQ :KHQ D SRZHU WUDQVIRUPHU OLHV EHWZHHQ WKH IHHGHU
VXUH ZKHQ VZLWFKLQJ D OLQH FLUFXLW RQWR D EXVEDU YROWDJH WUDQVIRUPHU DQG WKH EXVEDU YROWDJH WUDQV
WKDW WKH VWDELOLW\ RI WKH QHWZRUN ZLOO QRW EH HQGDQ IRUPHU )LJXUH LWV YHFWRU JURXS FDQ EH
JHUHG 7KH IXQFWLRQ FDQ EH SURJUDPPHG WR SHUIRUP PDWFKHG DW WKH 6$ UHOD\ VR WKDW QR H[WHUQDO
WKH V\QFKURFKHFN RQO\ IRU DXWRUHFORVH RQO\ IRU PDWFKLQJ WUDQVIRUPHUV DUH QHFHVVDU\
PDQXDO FORVH RU IRU ERWK FDVHV 'LIIHUHQW SHUPLV
VLRQ FULWHULD FDQ DOVR EH SURJUDPPHG IRU DXWRPDWLF 7KH V\QFKURFKHFN IXQFWLRQ LQ 6$ QRUPDOO\ RS
FORVH DQG IRU PDQXDO FORVH HUDWHV LQ FRQMXQFWLRQ ZLWK WKH LQWHJUDWHG DXWRUH
FORVH DQG PDQXDO FORVH IXQFWLRQV ,W LV KRZHYHU SRV
VLEOH WR RSHUDWH ZLWK DQ H[WHUQDO SURWHFWLRQ UHOD\
DQGRU ZLWK DQ H[WHUQDO DXWRUHFORVH UHOD\ ,Q WKLV
%XVEDU
FDVH WKH VLJQDO H[FKDQJH EHWZHHQ WKH GHYLFHV
PXVW EH SHUIRUPHG WKURXJK ELQDU\ LQSXWV DQG RXW
)HHGHU SXWV
, 8
)XUWKHUPRUH V\QFKURQRXV RU DV\QFKURQRXV VZLWFK
LQJ LV SRVVLEOH 6\QFKURQRXV VZLWFKLQJ PHDQV WKDW
6$
/ WKH FORVLQJ FRPPDQG LV JLYHQ DV VRRQ DV WKH FULWLFDO
75,3 3URWHFWLRQ YDOXHV YROWDJH PDJQLWXGH GLIIHUHQFH '8 DQJOH GLI
'LVFUHS IHUHQFH ' DQG IUHTXHQF\ GLIIHUHQFH 'I OLH ZLWKLQ
DQF\
&/26( $5 FRQWURO WKH VHW WROHUDQFHV )RU DV\QFKURQRXV VZLWFKLQJ WKH
VZLWFK
GHYLFH FDOFXODWHV WKH FRUUHFW WLPLQJ RI WKH FORVLQJ
6\QF
FRPPDQG IURP WKH DQJOH GLIIHUHQFH ' DQG WKH IUH
8 TXHQF\ GLIIHUHQFH 'I VXFK WKDW WKH YROWDJHV DW WKH
EXVEDU DQG WKH IHHGHU FLUFXLW DUH H[DFWO\ WKH VDPH
DW WKH LQVWDQW WKDW WKH FLUFXLW EUHDNHU FRQWDFWV WRXFK
)LJXUH 6\QFKURFKHFN RQ FORVLQJ
)RU WKDW SXUSRVH WKH FLUFXLW EUHDNHU FORVLQJ WLPH
PXVW EH SURJUDPPHG LQWR WKH UHOD\ )RU V\QFKUR
QRXV DQG DV\QFKURQRXV VZLWFKLQJ GLIIHUHQW IUH
TXHQF\ GLIIHUHQFH OLPLWV FDQ EH SURJUDPPHG
)RU FRPSDULVRQ RI WKH WZR YROWDJHV WKH V\QFKUR 7KH V\QFKURFKHFN IXQFWLRQ RSHUDWHV RQO\ ZKHQ LW LV
FKHFN HOHPHQW XVHV WKH IHHGHU YROWDJH 8 DQG DQ UHTXHVWHG WR GR VR 7KLV UHTXHVW FDQ FRPH IURP WKH
DGGLWLRQDOO\ FRQQHFWHG EXVEDU YROWDJH 8 7KH ODW LQWHUQDO DXWRUHFORVH IXQFWLRQ IURP WKH PDQXDO FORV
WHU FDQ EH DQ\ FRQYHQLHQW SKDVHHDUWK RU SKDVH LQJ FRPPDQG RU IURP DQ H[WHUQDO DXWRUHFORVH UHOD\
SKDVH YROWDJH IURP WKH EXVEDU YROWDJH WUDQVIRUP E\ ELQDU\ LQSXW
HUV
7KH V\QFKURFKHFN IXQFWLRQ JLYHV SHUPLVVLRQ IRU
SDVVDJH RI WKH FORVLQJ FRPPDQG SURYLGHG WKH IHHG
%XVEDU HU LV FXUUHQWIUHH , ,1 ,I QRW HLWKHU WKH EUHDNHU
LV QRW RSHQ RU D IDXOW LV VLWXDWHG EHWZHHQ WKH EUHDNHU
DQG WKH FXUUHQW WUDQVIRUPHUV
, 8 2SWLRQDOO\ D FORVLQJ FRPPDQG FDQ EH JLYHQ E\ WKH

V\QFKURFKHFN IXQFWLRQ 7KLV FDQ FRQWURO WKH FORVLQJ
/ FRLO RI WKH FLUFXLW EUHDNHU RU $5 FORVLQJ FRPPDQG
6$
75,3 DQG V\QFKURFKHFN FORVLQJ FRPPDQG FDQ EH FRQ
3URWHFWLRQ
QHFWHG LQ VHULHV
&/26( 6\QF
7KH SHUPLVVLRQ WLPH ZLQGRZ LV OLPLWHG E\ DQ DGMXVW
DEOH V\QFKURQRXV PRQLWRULQJ WLPH :LWKLQ WKLV SHUL
8 RG WKH SURJUDPPHG FRQGLWLRQV PXVW KDYH EHHQ
PHW RWKHUZLVH FORVLQJ SHUPLVVLRQ ZLOO QRW EH JLYHQ
$ QHZ V\QFKURFKHFN VHTXHQFH UHTXLUHV D QHZ UH
)LJXUH 6\QFKURFKHFN DFURVV WUDQVIRUPHU TXHVW
&*&
2SHUDWLQJ PRGHV 6ZLWFKLQJ DW V\QFKURQLVP
7KH FORVLQJ FKHFN SURFHGXUH FDQ EH VHOHFWHG IURP 7R UHOHDVH D FORVLQJ FRPPDQG WKH IROORZLQJ FRQGL
WKH IROORZLQJ IXQFWLRQV WLRQV DUH FKHFNHG
6<1&+5 5HOHDVH DW V\QFKURQLVP 7KDW LV 'RHV WKH YROWDJH 8 OLH DERYH WKH VHW YDOXH 8!"
ZKHQ WKH FULWLFDO YDOXHV '8 ' DQG
'I OLH ZLWKLQ WKH VHW OLPLWV 'RHV WKH YROWDJH 8 OLH DERYH WKH VHW YDOXH 8!"
8! 8 5HOHDVH IRU HQHUJL]HG OLQH 8! ,V WKH YROWDJH PDJQLWXGH GLIIHUHQFH
DQG GHHQHUJL]HG EXVEDU 8 __!8_ _8__ ZLWKLQ WKH SHUPLVVLEOH WROHU
DQFH '8"
8 8! 5HOHDVH IRU GHHQHUJL]HG OLQH 8
DQG HQHUJL]HG EXVEDU 8! ,V WKH DQJOH GLIIHUHQFH _ _ ZLWKLQ WKH SHU
PLVVLEOH WROHUDQFH '"
8 8 5HOHDVH IRU GHHQHUJL]HG OLQH 8
DQG GHHQHUJL]HG EXVEDU 8 ,V WKH IUHTXHQF\ GLIIHUHQFH _I I_ ZLWKLQ WKH
SHUPLVVLEOH WROHUDQFH 'I"
29(55,'( 5HOHDVH ZLWKRXW DQ\ FKHFN
:KHQ WKH FRQGLWLRQV DUH VDWLVILHG WKH FORVLQJ FRP
(DFK RI WKHVH FRQGLWLRQV FDQ EH VZLWFKHG WR HIIHF PDQG LV UHOHDVHG 7KH GXUDWLRQ RI WKH FRPPDQG FDQ
WLYH RU QRW HIIHFWLYH FRPELQDWLRQV DUH DOVR SRVVLEOH EH DGMXVWHG
HJ UHOHDVH ZKHQ 8! 8 RU 8 8! DUH VDWLV
ILHG &RPELQDWLRQ RI 29(55,'( ZLWK RWKHU SDUDPH
WHUV LV RI FRXUVH QRW PHDQLQJIXO
7KH UHOHDVH FRQGLWLRQV FDQ EH VHW LQGLYLGXDOO\ IRU DX

$V\QFKURQRXV VZLWFKLQJ
WRPDWLF DQG IRU PDQXDO FORVLQJ HJ RQH FDQ SHUPLW
PDQXDO FORVLQJ DW V\QFKURQLVP RU GHDG OLQH ZKLOVW
EHIRUH DQ DXWRUHFORVH DW RQH OLQH HQG RQO\ IUHHGRP )RU UHOHDVH RI D FORVLQJ FRPPDQG WKH IROORZLQJ
IURP YROWDJH DQG DW WKH RWKHU RQO\ V\QFKURQLVP ZLOO FRQGLWLRQV DUH FKHFNHG
EH FKHFNHG
'RHV WKH YROWDJH 8 OLH DERYH WKH VHW YDOXH 8!"
'RHV WKH YROWDJH 8 OLH DERYH WKH VHW YDOXH 8!"
'HDGOLQH RU GHDGEXV VZLWFKLQJ ,V WKH YROWDJH GLIIHUHQFH __8_ _8__ ZLWKLQ
WKH SHUPLVVLEOH OLPLW '8"
)RU UHOHDVH RI WKH FORVLQJ FRPPDQG WR HQHUJL]H D
YROWIUHH OLQH IURP WKH EXVEDU WKH IROORZLQJ FRQGL ,V WKH IUHTXHQF\ GLIIHUHQFH _I I_ ZLWKLQ WKH
WLRQV DUH FKHFNHG SHUPLVVLEOH GLIIHUHQFH 'I EXW ODUJHU WKDQ 'IV\QF"
'RHV WKH YROWDJH 8 OLH EHORZ WKH VHW YDOXH 8" :KHQ WKH FRQGLWLRQV DUH VDWLVILHG WKH GHYLFH FDOFX
ODWHV WKH WLPH WR WKH QH[W LQVWDQW RI V\QFKURQLVP
'RHV WKH YROWDJH 8 OLH DERYH WKH VHW YDOXH 8!" IURP WKH UDWH RI FKDQJH RI DQJOH DQG IUHTXHQF\ GLI
IHUHQFH 7KH FORVLQJ FRPPDQG LV WKHQ UHOHDVHG DW
:KHQ WKH FRQGLWLRQV DUH VDWLVILHG WKH FORVLQJ FRP WKH LQVWDQW WKDW WKH FORVLQJ WLPH RI WKH EUHDNHU
PDQG LV UHOHDVHG 7KH GXUDWLRQ RI WKH FRPPDQG FDQ HTXDOV WKH GLIIHUHQFH EHWZHHQ LQVWDQW RI FRPPDQG
EH DGMXVWHG DQG WKH QH[W LQVWDQW RI V\QFKURQLVP 7KH GXUDWLRQ RI
WKH FRPPDQG LV DGMXVWDEOH
&RUUHVSRQGLQJ FRQGLWLRQV DSSO\ ZKHQ VZLWFKLQJ D
OLYH OLQH RQWR D GHDG EXVEDU RU D GHDG OLQH RQWR D
GHDG EXVEDU
&*&
'LVWDQFHWRIDXOW ORFDWLRQ
'LVWDQFHWRIDXOW PHDVXUHPHQW EHIRUH FOHDUDQFH RI WKH UHDFWDQFH SHU SKDVH LQ 2KPV SULPDU\ DQG
WKH IDXOW LV DQ LPSRUWDQW DGGLWLRQ WR WKH IXQFWLRQ RI D VHFRQGDU\
GLVWDQFH SURWHFWLRQ UHOD\ $YDLODELOLW\ RI WKH OLQH IRU
HQHUJ\ WUDQVPLVVLRQ LQ WKH QHWZRUN FDQ EH LQ WKH UHVLVWDQFH SHU SKDVH LQ 2KPV SULPDU\ DQG
FUHDVHG E\ UDSLG ORFDWLRQ RI SRLQW RI IDXOW DQG UHSDLU VHFRQGDU\
RI DQ\ UHVXOWDQW GDPDJH
WKH IDXOW GLVWDQFH LQ NP OLQH OHQJWK SURSRUWLRQDO WR
'LVWDQFH WR IDXOW ORFDWLRQ LQ GLVWDQFH SURWHFWLRQ UHOD\ WKH UHDFWDQFH FDOFXODWHG RQ WKH EDVLV RI WKH VHW
6$ LV D IXQFWLRQ LQGHSHQGHQW RI GLVWDQFH SUR XQLW UHDFWDQFH RI WKH OLQH
WHFWLRQ ,W SRVVHVVHV LQGHSHQGHQW PHDVXUHG YDOXH
VWRUHV DQG LWV RZQ ILOWHU DOJRULWKPV 'LVWDQFH SURWHF WKH GLVWDQFH WR IDXOW LQ RI WKH OLQH OHQJWK FDOFX
WLRQ SURYLGHV RQO\ D VWDUWWRPHDVXUH FRPPDQG LQ ODWHG RQ WKH EDVLV RI WKH VHW XQLW UHDFWDQFH DQG WKH
RUGHU WR GHWHUPLQH WKH YDOLG PHDVXUHPHQW ORRS DQG VHW OLQH OHQJWK
WKH PRVW IDYRXUDEOH WLPH LQWHUYDO IRU PHDVXUHG YDOXH
VWRUDJH 1RWH &DOFXODWLRQ RI WKH GLVWDQFH LQ NP DQG SHUFHQW
FDQ RQO\ EH DSSOLFDEOH WR KRPRJHQHRXV OLQH
1RUPDOO\ WKH IDXOW ORFDWLRQ IXQFWLRQ LV VWDUWHG E\ WKH OHQJWKV %XW LI WKH OLQH LV PDGH XS RI VHFWLRQV ZLWK
WULSSLQJ FRPPDQG IURP WKH GLVWDQFH SURWHFWLRQ GLIIHULQJ UHDFWDQFH YDOXHV HJ RYHUKHDG OLQH
3DLUHG YDOXHV RI VKRUW FLUFXLW FXUUHQW DQG VKRUW FLUFXLW FDEOH FRPELQDWLRQV WKH GLVWDQFH WR IDXOW FDQ VWLOO EH
YROWDJH WDNHQ DW LQWHUYDOV RI RI D F\FOH DQG FDOFXODWHG PDQXDOO\ IURP WKH UHDFWDQFH GHWHUPLQHG
VWRUHG LQ D FLUFXODWLQJ EXIIHU DUH IUR]HQ PV ODWHU E\ WKH IDXOW ORFDWLRQ LI WKH OLQH FKDUDFWHULVWLFV DUH
ZKLFK HYHQ ZLWK H[WUHPHO\ IDVW FLUFXLW EUHDNHUV HQ NQRZQ
VXUHV WKDW WKH PHDVXUHPHQWV DUH QRW GLVWRUWHG E\
WKH WULSSLQJ WUDQVLHQWV )LOWHULQJ RI WKH PHDVXUHG YDO :LWK HDUWK IDXOWV RQ SDUDOOHO FLUFXLW OLQHV WKH ORRS
XHV DQG TXDQWLW\ RI WKH LPSHGDQFH FDOFXODWLRQV DUH HTXDWLRQ XVHG IRU FDOFXODWLRQ RI WKH LPSHGDQFH VHH
DXWRPDWLFDOO\ PDWFKHG WR WKH QXPEHU RI LQFRPLQJ 6HFWLRQ LV LQIOXHQFHG E\ WKH FRXSOLQJ RI WKH
YDOXH SDLUV IURP WKH WLPH RI IDXOW LQFHSWLRQ WR PV HDUWK LPSHGDQFHV RI ERWK FRQGXFWRU V\VWHPV ,I QR
DIWHU WULSSLQJ FRPPDQG VSHFLDO PHDVXUHV DUH WDNHQ WKLV ZLOO OHDG WR PHD
VXUHPHQW HUURUV LQ WKH UHVXOW RI WKH LPSHGDQFH FDO
)DXOW ORFDWLRQ FDQ DOVR EH LQLWLDWHG YLD D ELQDU\ LQSXW FXODWLRQ 7KH UHOD\ FDQ WKHUHIRUH EH ILWWHG ZLWK D SDU
7KXV FDOFXODWLRQ LV SRVVLEOH ZKHQ D GLIIHUHQW SURWHF DOOHO OLQH FRPSHQVDWLRQ PRGXOH IRU VXFK IDXOW ORFD
WLRQ GHYLFH HIIHFWV FOHDUDQFH RI D VKRUW FLUFXLW )XU WLRQ VHH 6HFWLRQ 2UGHULQJ GDWD 7KLV WDNHV LQWR
WKHU IDXOW FDOFXODWLRQ FDQ EH VWDUWHG ZLWKRXW UHFHLSW DFFRXQW WKH HDUWK FXUUHQW RI WKH SDUDOOHO OLQH LQ WKH
RI DQ\ WULSSLQJ FRPPDQG ,Q WKLV FDVH WKH VWDUWWR OLQH HTXDWLRQ DQG WKXV FRPSHQVDWHV IRU WKH LQIOX
PHDVXUH FULWHULRQ LV IDXOW GHWHFWLRQ E\ WKH 6$ HQFH RI WKH FRXSOLQJ )RU WKLV SXUSRVH WKLV HDUWK FXU
UHOD\ UHQW PXVW EH IHG LQWR WKH UHOD\ 7KH ORRS HTXDWLRQ LQ
GLIIHUHQWLDO IRUP LV WKHQ DV IROORZV
(YDOXDWLRQ RI WKH PHDVXUHG YDOXHV RFFXUV DIWHU WKH
IDXOW KDV EHHQ FOHDUHG )URP WKH VWRUHG DQG ILOWHUHG
YDOXHV DW OHDVW WKUHH UHVXOWDQW SDLUV IRU 5 DQG ; DUH /ô ÆGLGW ;; ô GLGW ;; ô GLGWÉ
/ (
/
( 0
/
(
GHWHUPLQHG ,I OHVV WKDQ WKUHH UHVXOWDQW SDLUV DUH

5 ô ÆL ô L É
8
5 ( 5 0
DYDLODEOH QR IDXOW ORFDWLRQ LV JLYHQ )URP WKH UHVXO / ôL ( ( / (
5 / 5 /
WDQW SDLUV DYHUDJH YDOXH DQG VWDQGDUG GHYLDWLRQ DUH
FDOFXODWHG $IWHU HOLPLQDWLRQ RI kH[FHSWLRQVl ZKLFK ZKHUH L(
LV WKH HDUWK FXUUHQW RI WKH SDUDOOHO OLQH DQG
DUH UHFRJQL]HG E\ WKHLU H[FHVVLYH GLIIHUHQFH IURP WKH UDWLRV ;0;/ DQG 505/ DUH OLQH FRQVWDQWV ZKLFK
WKH VWDQGDUG GHYLDWLRQ DQRWKHU DYHUDJH LV DJDLQ FDO UHVXOW IURP WKH JHRPHWU\ RI WKH GRXEOH OLQH DQG WKH
FXODWHG IRU ; 7KLV DYHUDJH LV WDNHQ DV IDXOW UHDF FKDUDFWHULVWLFV RI WKH HDUWK UHWXUQ SDWK 7KH OLQH FRQ
WDQFH VWDQWV DUH LQSXW WR WKH UHOD\ MXVW DV WKH RWKHU OLQH GDWD
DUH DOVR VHW
$V D UHVXOW RI WKH IDXOW ORFDWLRQ FDOFXODWLRQ WKH IROORZ
LQJ RXWSXWV DUH JLYHQ 7KH SDUDOOHO OLQH FRPSHQVDWLRQ LV YDOLG RQO\ IRU IDXOWV
RQ WKH SURWHFWHG OLQH )RU IDXOWV EH\RQG WKH SUR
WKH VKRUW FLUFXLW ORRS IURP ZKLFK WKH IDXOW UHDF WHFWHG ]RQH DQG IDXOWV RQ WKH SDUDOOHO OLQH FRPSHQ
WDQFH LV GHWHUPLQHG VDWLRQ LV QRW SRVVLEOH
&*&
&LUFXLW EUHDNHU WULS WHVW
1XPHULFDO GLVWDQFH SURWHFWLRQ UHOD\ 6$ DOORZV :KHQ D SXUH WULS WHVW LV VWDUWHG WKH UHOD\ LVVXHV D
VLPSOH FKHFNLQJ RI WKH WULSSLQJ FLUFXLW DQG WKH FLUFXLW WKUHHSROH WULS FRPPDQG
EUHDNHU ,I WKH GHYLFH LQFRUSRUDWHV DQ LQWHUQDO DXWR
UHFORVH V\VWHP D 75,3&/26( WHVW F\FOH LV DOVR $ 75,3&/26( F\FOH FDQ EH SHUIRUPHG WKUHHSROH
SRVVLEOH WKH ODWWHU FDQ DOVR EH SHUIRUPHG ZLWK DQ H[ RU VLQJOHSROH 7KUHHSROH WULS LV LQLWLDWHG RQO\ ZKHQ
WHUQDO DXWRUHFORVH GHYLFH WKH $5 IXQFWLRQ LQWHUQDO RU H[WHUQDO SHUPLWV WKUHH
SROH UHFORVXUH 6LQJOHSROH WULS LV LQLWLDWHG RQO\ ZKHQ
3UHUHTXLVLWH IRU WKH VWDUW RI D WHVW F\FOH LV WKDW QR SUR WKH $5 IXQFWLRQ LQWHUQDO RU H[WHUQDO SHUPLWV VLQJOH
WHFWLYH IXQFWLRQ KDV SLFNHG XS ,I WKH FLUFXLW EUHDNHU SROH UHFORVXUH 6LQJOHSROH WULS WHVW FDQ DOVR EH FDU
DX[LOLDU\ FRQWDFWV DGYLVH WKH UHOD\ WKURXJK D ELQDU\ ULHG RXW ZLWK D VHTXHQFH 75,3 / 5(&/26(
LQSXW RI WKH FLUFXLW EUHDNHU SRVLWLRQ WKH WHVW F\FOH 75,3 / 5(&/26( 75,3 / 5(&/26(
FDQ RQO\ EH VWDUWHG ZKHQ WKH FLUFXLW EUHDNHU LV
FORVHG 7KLV DGGLWLRQDO VHFXULW\ IHDWXUH VKRXOG QRW 7KH WHVW VHTXHQFH LV VXSHUYLVHG E\ 6$ E\
EH RPLWWHG PHDQV RI WKH FLUFXLW EUHDNHU DX[LOLDU\ FRQWDFW SRVL
WLRQ SURYLGHG WKH DX[LOLDU\ FRQWDFW LV FRQQHFWHG WR D
)RU VWDUWLQJ D 75,3&/26( F\FOH D IXUWKHU FRQGLWLRQ ELQDU\ LQSXW ,I WKH EUHDNHU GRHV QRW UHDFW FRUUHFWO\
LV WKDW WKH FRQGLWLRQV IRU UHFORVH FLUFXLW EUHDNHU WKHQ WKH WHVW VHTXHQFH LV DERUWHG D FRUUHVSRQGLQJ
PHVVDJH LV JLYHQ LQ WKH GLVSOD\ RU RQ WKH 3& VFUHHQ
UHDG\ $5 QRW EORFNHG DUH IXOILOOHG 7KLV DSSOLHV DOVR
IRU DQ H[WHUQDO DXWRUHFORVH GHYLFH
7ULS WHVW FDQ DOVR EH VWDUWHG E\ HQHUJL]DWLRQ RI D
ELQDU\ LQSXW $ SXUH WULS WHVW ZLWKRXW UHFORVXUH E\ LQ
,QLWLDWLRQ RI WKH WHVW F\FOH FDQ EH JLYHQ IURP WKH RSHU
WHUQDO RU H[WHUQDO DXWRUHFORVXUH LV QRW UHFRP
DWRU NH\ERDUG RU YLD WKH IURQW RSHUDWRU LQWHUIDFH
PHQGHG IRU VDIHW\ UHDVRQV
&*&
$QFLOODU\ IXQFWLRQV
7KH DQFLOODU\ IXQFWLRQV RI WKH GLVWDQFH SURWHFWLRQ 6RPH LQGLFDWRUV DQG UHOD\V LQGLFDWH FRQGLWLRQV LW LV
6$ 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 kDX[LOLDU\ YROWDJH IDXOWl kHPHUJHQF\
6WRUDJH RI VKRUW FLUFXLW GDWD IRU IDXOW UHFRUGLQJ 2&l HWF
2SHUDWLRQDO PHDVXUHPHQWV DQG WHVWLQJ URXWLQHV $ JUHHQ /(' LQGLFDWHV UHDGLQHVV IRU RSHUDWLRQ 7KLV
/(' FDQQRW EH UHVHW DQG UHPDLQV LOOXPLQDWHG ZKHQ
0RQLWRULQJ IXQFWLRQV WKH PLFURSURFHVVRU LV ZRUNLQJ FRUUHFWO\ DQG WKH XQLW
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
3URFHVVLQJ RI DQQXQFLDWLRQV :LWK WKH DX[LOLDU\ YROWDJH SUHVHQW EXW ZLWK DQ H[LVW
LQJ LQWHUQDO IDXOW LQ WKH XQLW D UHG /(' LOOXPLQDWHV
$IWHU D IDXOW LQ WKH QHWZRUN LQIRUPDWLRQ FRQFHUQLQJ k%ORFNHGl DQG EORFNV WKH XQLW
WKH UHVSRQVH RI WKH SURWHFWLYH GHYLFH DQG NQRZO
HGJH RI WKH PHDVXUHG YDOXHV DUH RI LPSRUWDQFH IRU
DQ H[DFW DQDO\VLV RI WKH KLVWRU\ RI WKH IDXOW )RU WKLV
SXUSRVH WKH GHYLFH SURYLGHV DQQXQFLDWLRQ SURFHVV
LQJ ZKLFK LV HIIHFWLYH LQ WKUHH GLUHFWLRQV ,QIRUPDWLRQ RQ WKH GLVSOD\ SDQHO RU WR
D SHUVRQDO FRPSXWHU
(YHQWV DQG FRQGLWLRQV FDQ EH UHDG RII LQ WKH GLVSOD\

,QGLFDWRUV DQG ELQDU\ RXWSXWV VLJQDO RQ WKH IURQW SODWH RI WKH GHYLFH $GGLWLRQDOO\ D SHU
UHOD\V VRQDO FRPSXWHU IRU H[DPSOH FDQ EH FRQQHFWHG YLD
WKH RSHUDWLRQ LQWHUIDFH DQG DOO WKH LQIRUPDWLRQV FDQ
,PSRUWDQW HYHQWV DQG FRQGLWLRQV DUH LQGLFDWHG E\ WKHQ EH VHQW WR LW
RSWLFDO LQGLFDWRUV /(' RQ WKH IURQW SODWHV 7KH
PRGXOHV DOVR FRQWDLQ VLJQDO UHOD\V IRU UHPRWH LQGL ,Q WKH TXLHVFHQW VWDWH LH DV ORQJ DV QR QHWZRUN
FDWLRQ 0RVW RI WKH VLJQDOV DQG LQGLFDWLRQV FDQ EH IDXOWV DUH SUHVHQW WKH GLVSOD\ RXWSXWV VHOHFWDEOH RS
PDUVKDOOHG LH WKH\ FDQ EH DOORFDWHG PHDQLQJV RWK HUDWLQJ LQIRUPDWLRQ XVXDOO\ DQ RSHUDWLRQDO PHD
HU WKDQ WKH IDFWRU\ VHWWLQJV ,Q 6HFWLRQ WKH GHOLY VXUHG YDOXH LQ HDFK RI WKH WZR OLQHV ,Q WKH HYHQW RI D
HUHG FRQGLWLRQ DQG WKH PDUVKDOOLQJ IDFLOLWLHV DUH GH QHWZRUN IDXOW VHOHFWDEOH LQIRUPDWLRQ RQ WKH IDXOW DS
VFULEHG LQ GHWDLO SHDUV LQVWHDG RI WKH RSHUDWLQJ LQIRUPDWLRQ HJ GH
WHFWHG SKDVHV DQG HODSVHG WLPH IURP IDXOW GHWHF
7KH RXWSXW VLJQDO UHOD\V DUH QRW ODWFKHG DQG DXWR WLRQ WR WULS FRPPDQG 7KH TXLHVFHQW LQIRUPDWLRQ LV
PDWLFDOO\ UHVHW DV VRRQ DV WKH RULJLQDWLQJ VLJQDO GLV GLVSOD\HG DJDLQ RQFH WKHVH IDXOW DQQXQFLDWLRQV
DSSHDUV 7KH /('V FDQ EH DUUDQJHG WR ODWFK RU WR EH KDYH EHHQ DFNQRZOHGJHG 7KH DFNQRZOHGJHPHQW
VHOIUHVHWWLQJ LV LGHQWLFDO WR UHVHWWLQJ RI WKH VWRUHG /(' GLVSOD\V DV
LQ 6HFWLRQ
7KH PHPRULHV RI WKH /('V DUH VDYHG DJDLQVW VXSSO\
YROWDJH IDLOXUH 7KH\ FDQ EH UHVHW 7KH GHYLFH DOVR KDV VHYHUDO HYHQW EXIIHUV HJ IRU
RSHUDWLQJ PHVVDJHV FLUFXLW EUHDNHU RSHUDWLRQ VWD
ORFDOO\ E\ RSHUDWLRQ RI WKH UHVHW EXWWRQ RQ WKH WLVWLFV HWF VHH 6HFWLRQ ZKLFK DUH VDYHG DJDLQVW
UHOD\ VXSSO\ YROWDJH IDLOXUH E\ D EXIIHU EDWWHU\ 7KHVH
UHPRWHO\ E\ HQHUJL]DWLRQ RI WKH UHPRWH UHVHW LQ PHVVDJHV DV ZHOO DV DOO DYDLODEOH RSHUDWLQJ YDOXHV
SXW FDQ EH WUDQVIHUUHG LQWR WKH IURQW GLVSOD\ DW DQ\ WLPH
UHPRWHO\ YLD RQH RI WKH LQWHUIDFHV XVLQJ WKH NH\ERDUG RU WR WKH SHUVRQDO FRPSXWHU YLD
DXWRPDWLFDOO\ RQ RFFXUUHQFH RI D QHZ JHQHUDO WKH RSHUDWLQJ LQWHUIDFH
IDXOW GHWHFWLRQ VLJQDO
&*&
$IWHU D IDXOW IRU H[DPSOH LPSRUWDQW LQIRUPDWLRQ FRQ 'DWD VWRUDJH DQG WUDQVPLVVLRQ
FHUQLQJ LWV KLVWRU\ VXFK DV SLFNXS DQG WULSSLQJ FDQ IRU IDXOW UHFRUGLQJ
EH FDOOHG XS RQ WKH GLVSOD\ RI WKH GHYLFH 7KH IDXOW
LQFHSWLRQ LV LQGLFDWHG ZLWK WKH DEVROXWH WLPH RI WKH
RSHUDWLQJ V\VWHP SURYLGHG WKH UHDO WLPH FORFN LV 7KH LQVWDQWDQHRXV YDOXHV RI WKH PHDVXUHG YDOXHV
DYDLODEOH 7KH VHTXHQFH RI WKH HYHQWV LV WDJJHG ZLWK
L/ L/ L/ L( X/ 1 X/ 1 X/ 1 X(1
WKH UHODWLYH WLPH UHIHUUHG WR WKH PRPHQW DW ZKLFK WKH
IDXOW GHWHFWRU KDV SLFNHG XS 7KXV WKH HODSVHG WLPH
XQWLO WULSSLQJ LV LQLWLDWHG DQG XQWLO UHVHW FDQ EH UHDG DUH VDPSOHG DW PV LQWHUYDOV IRU +] DQG VWRUHG
LQ D FLUFXODWLQJ VKLIW UHJLVWHU ,Q FDVH RI D IDXOW WKH
RXW 7KH UHVROXWLRQ LV PV
GDWD DUH VWRUHG RYHU D VHOHFWDEOH WLPH SHULRG EXW
7KH HYHQWV FDQ DOVR EH UHDG RXW ZLWK D SHUVRQDO PD[ RYHU VHFRQGV 7KH PD[LPXP QXPEHU RI IDXOW
UHFRUGV ZLWKLQ WKLV WLPH SHULRG LV 7KHVH GDWD DUH
FRPSXWHU E\ PHDQV RI WKH DSSURSULDWH SURJUDP
',*6, 7KLV SURYLGHV WKH FRPIRUW RI D &57 VFUHHQ WKHQ DYDLODEOH IRU IDXOW DQDO\VLV )RU HDFK UHQHZHG
IDXOW HYHQW WKH DFWXDO QHZ IDXOW GDWD DUH VWRUHG ZLWK
DQG PHQXJXLGHG RSHUDWLRQ $GGLWLRQDOO\ WKH GDWD
RXW DFNQRZOHGJHPHQW RI WKH ROG GDWD
FDQ EH GRFXPHQWHG RQ D SULQWHU RU VWRUHG RQ D
IORSS\ GLVF IRU HYDOXDWLRQ HOVHZKHUH
7KH GDWD FDQ EH WUDQVIHUUHG WR D FRQQHFWHG SHUVRQDO
FRPSXWHU YLD WKH RSHUDWLRQ LQWHUIDFH DW WKH IURQW DQG
7KH SURWHFWLRQ GHYLFH VWRUHV WKH GDWD RI WKH ODVW IRXU
HYDOXDWHG E\ WKH SURWHFWLRQ GDWD HYDOXDWLRQ SURJUDP
QHWZRUN IDXOWV LI D ILIWK IDXOW RFFXUV WKH ROGHVW IDXOW LV
',*6, 7KH FXUUHQWV DQG YROWDJHV DUH UHIHUUHG WR
RYHUZULWWHQ LQ WKH IDXOW PHPRU\ 7KH DQQXQFLDWLRQV
WKHLU PD[LPXP YDOXHV QRUPDOL]HG WR WKHLU UDWHG YDO
RI WKH ODVW WKUHH QHWZRUN IDXOW FDQ EH UHDG RXW LQ WKH
ORFDO GLVSOD\ XHV DQG SUHSDUHG IRU JUDSKLF YLVXDOL]DWLRQ ,Q DGGL
WLRQ VLJQDOV FDQ EH PDUNHG DV ELQDU\ WUDFHV HJ
k3LFNXSl DQG k7ULSl
$ QHWZRUN IDXOW EHJLQV ZLWK UHFRJQLWLRQ RI WKH IDXOW E\
SLFNXS RI DQ\ IDXOW GHWHFWRU DQG HQGV ZLWK IDXOW GH
WHFWRU UHVHW RU H[SLU\ RI WKH DXWRUHFORVH VHTXHQFH $GGLWLRQDOO\ WKH IDXOW UHFRUG GDWD FDQ EH WUDQVPLWWHG
WR D FRQWURO FHQWUH YLD WKH VHULDO V\VWHP LQWHUIDFH LI
VR WKDW QRQVXFFHVVIXO DXWRUHFORVH DWWHPSWV ZLOO
DOVR EH VWRUHG DV SDUW RI RQH QHWZRUN IDXOW 7KXV ILWWHG (YDOXDWLRQ RI WKH GDWD LV PDGH LQ WKH FRQWURO
RQH QHWZRUN IDXOW FDQ LQFOXGH GLIIHUHQW IDXOW HYHQWV FHQWUH XVLQJ DSSURSULDWH VRIWZDUH SURJUDPV 7KH
FXUUHQWV DQG YROWDJHV DUH UHIHUUHG WR WKHLU PD[LPXP
IURP SLFNXS XQWLO GURSRII 7KLV LV SDUWLFXODUO\ DG
YDQWDJHRXV IRU DOORFDWLRQ RI WLPH GDWD YDOXHV QRUPDOL]HG WR WKHLU UDWHG YDOXHV DQG SUH
SDUHG IRU JUDSKLF YLVXDOL]DWLRQ ,Q DGGLWLRQ VLJQDOV
FDQ EH PDUNHG DV ELQDU\ WUDFHV HJ k3LFNXSl DQG
k7ULSl
:KHQ WKH GDWD DUH WUDQVIHUUHG WR D FHQWUDO XQLW UHDG

,QIRUPDWLRQ WR D FHQWUDO XQLW RSWLRQDO
RXW FDQ SURFHHG DXWRPDWLFDOO\ RSWLRQDOO\ DIWHU HDFK
SLFNXS RI WKH UHOD\ RU RQO\ DIWHU D WULS 7KH IROORZLQJ
,Q DGGLWLRQ DOO VWRUHG LQIRUPDWLRQ FDQ EH WUDQVPLWWHG
WKHQ DSSOLHV
YLD DQ RSWLFDO ILEUH FRQQHFWRU RU WKH LVRODWHG VHFRQG
LQWHUIDFH V\VWHP LQWHUIDFH WR D FRQWURO FHQWUH IRU
H[DPSOH WKH 6,(0(16 /RFDOL]HG 6XEVWDWLRQ $XWR 7KH UHOD\ VLJQDOV WKH DYDLODELOLW\ RI IDXOW UHFRUG
GDWD
PDWLRQ 6\VWHP /6$ 7UDQVPLVVLRQ XVHV D VWDQ
GDUGL]HG WUDQVPLVVLRQ SURWRFRO DFFRUGLQJ WR ,(&
DQG 9'(:=9(, RU VHOHFWDEOH DF 7KH GDWD UHPDLQ DYDLODEOH IRU UHFDOO XQWLO WKH\ DUH
RYHUZULWWHQ E\ QHZ GDWD
FRUGLQJ WR ',1
$ WUDQVPLVVLRQ LQ SURJUHVV FDQ EH DERUWHG E\ WKH
FHQWUDO XQLW
&*&
2SHUDWLQJ PHDVXUHPHQWV DQG 0RQLWRULQJ IXQFWLRQV

FRQYHUVLRQ
6$ 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 DFWLYH DQG UHDFWLYH SRZHU DV ZHOO DV WKH FKHFNHG IRU SODXVLELOLW\ VR WKDW WKH FXUUHQW DQG YROW
IUHTXHQF\ FDOFXODWHG IURP DQ DYHUDJH RI PV DV DJH WUDQVIRUPHU FLUFXLWV DUH DOVR LQFOXGHG LQ WKH
ORQJ DV DW OHDVW RQH SKDVH YROWDJH LV SUHVHQW PRQLWRULQJ V\VWHP
7KH IROORZLQJ LV YDOLG

+DUGZDUH PRQLWRULQJ
,/ ,/ ,/ 3KDVH FXUUHQWV LQ DPSV SULPDU\ DQG
LQ RI UDWHG FXUUHQW ,1 7KH FRPSOHWH KDUGZDUH LV PRQLWRUHG IRU IDXOWV DQG
LQDGPLVVLEOH IXQFWLRQV IURP WKH PHDVXUHG YDOXH LQ
8/( 8/( 9ROWDJHV SKDVHHDUWK LQ NLORYROWV SXWV WR WKH RXWSXW UHOD\V ,Q GHWDLO WKLV LV DFFRP
8/( SULPDU\ DQG LQ RI UDWHG YROWDJH SOLVKHG E\ PRQLWRULQJ
81c
$X[LOLDU\ DQG UHIHUHQFH YROWDJHV
8/ 8/ 9ROWDJHV SKDVHSKDVH LQ NLORYROWV
8/ SULPDU\ DQG LQ RI UDWHG YROWDJH 7KH SURFHVVRU PRQLWRUV WKH RIIVHW DQG UHIHUHQFH
81 YROWDJH RI WKH $'& DQDORJGLJLWDO FRQYHUWHU 7KH
SURWHFWLRQ LV EORFNHG DV VRRQ DV LPSHUPLVVLEOH
3D $FWLYH SRZHU LQ PHJDZDWWV SULPDU\ GHYLDWLRQV RFFXU 3HUPDQHQW IDXOWV DUH DQQXQ
DQG LQ RI c,181 FLDWHG
3U 5HDFWLYH SRZHU LQ PHJYDUV SULPDU\ )DLOXUH RU VZLWFKRII RI WKH DX[LOLDU\ YROWDJH DXWR
DQG LQ RI c,181 PDWLFDOO\ SXWV WKH V\VWHP RXW RI RSHUDWLRQ WKLV
VWDWXV LV LQGLFDWHG E\ D IDLOVDIH FRQWDFW 7UDQVLHQW
I )UHTXHQF\ LQ RI UDWHG IUHTXHQF\ GLSV LQ VXSSO\ YROWDJH RI OHVV WKDQ PV ZLOO QRW
GLVWXUE WKH IXQFWLRQ RI WKH UHOD\ 8+ ! 9
33WULS RYHUORDG PHDVXUHG YDOXHV UHIHUUHG
WR WULS WHPSHUDWXUH ULVH 0HDVXUHG YDOXH DFTXLVLWLRQ
$GGLWLRQDOO\ WKH FRPSRQHQWV RI WKH HDUWK IDXOW FXU 7KH FRPSOHWH FKDLQ IURP WKH LQSXW WUDQVIRUPHUV
UHQW FDQ EH RXWSXW IRU UHOD\V ZLWK KLJKO\ VHQVLWLYH XS WR DQG LQFOXGLQJ WKH DQDORJGLJLWDO FRQYHUWHUV
HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV DUH PRQLWRUHG E\ WKH SODXVLELOLW\ FKHFN RI WKH
PHDVXUHG YDOXHV
,(D ,(U DFWLYH DQG UHDFWLYH FRPSRQHQW RI
HDUWK IDXOW FXUUHQW LQ QRQHDUWKHG ,Q WKH FXUUHQW SDWK WKHUH DUH IRXU LQSXW FRQYHU
V\VWHPV WHUV WKH GLJLWL]HG VXP RI WKH RXWSXWV RI WKHVH
PXVW DOZD\V EH ]HUR $ IDXOW LQ WKH FXUUHQW SDWK LV
(YHQ WKH GLUHFWLRQ RI WKH HQHUJ\ IORZ IRUZDUGV UHFRJQL]HG ZKHQ
OLQH GLUHFWLRQ FDQ EH UHFDOOHG XSRQ UHTXHVW 7KHVH
GDWD DUH SDUWLFXODUO\ XVHIXO ZKHQ FKHFNLQJ WKDW WKH _L/ L/ L/ N, [ L(_ !
WUDQVIRUPHU FRQQHFWLRQV DUH FRUUHFW GXULQJ FRP 680,WKUHV [ ,1 680)DFW, [ ,PD[
PLVVLRQLQJ VHH 6HFWLRQ
&*&
$Q DGMXVWDEOH IDFWRU N, SDUDPHWHU ,H,SK FDQ EH 6LQFH WKH SKDVHWRSKDVH YROWDJHV DUH VHSDUDWHO\
VHW WR FRUUHFW WKH GLIIHUHQW UDWLRV RI SKDVH DQG IRUPHG DQG PHDVXUHG ZLWKLQ WKH GHYLFH D VLPLODU
HDUWK FXUUHQW WUDQVIRUPHUV HJ ZLQGRZW\SH PRQLWRULQJ SURFHGXUH DSSOLHV
WUDQVIRUPHU IRU HDUWK IDXOW GHWHFWLRQ ,I WKH UHVLGX
DO HDUWK FXUUHQW LV GHULYHG IURP WKH FXUUHQW WUDQV _X/ / X/ / X/ /_ ! 9
IRUPHU VWDUSRLQW N, 680,WKUHV DQG
680)DFW, DUH VHWWLQJ SDUDPHWHUV UHIHU WR $GGLWLRQDOO\ WKH SKDVHSKDVH YROWDJHV DUH FRP
7KH FRPSRQHQW 680)DFW, [ ,PD[ WDNHV SDUHG ZLWK WKH DVVRFLDWHG SKDVHHDUWK YROWDJHV
LQWR DFFRXQW SHUPLVVLEOH FXUUHQW SURSRUWLRQDO $ IDXOW ZLOO EH UHFRJQL]HG ZKHQ
WUDQVIRUPDWLRQ HUURUV LQ WKH LQSXW FRQYHUWHUV
ZKLFK PD\ SDUWLFXODUO\ RFFXU XQGHU FRQGLWLRQV RI _X/ / X/ X/_ ! 9
KLJK VKRUW FLUFXLW FXUUHQWV )LJXUH _X/ / X/ X/_ ! 9
_X/ / X/ X/_ ! 9
1RWH &XUUHQW VXP PRQLWRULQJ FDQ RSHUDWH SURS
HUO\ RQO\ ZKHQ WKH UHVLGXDO FXUUHQW RI WKH SUR ,I DQ\ RI WKHVH PRQLWRULQJ IXQFWLRQV GHWHFWV WKDW
WHFWHG OLQH LV IHG WR WKH ,( LQSXW RI WKH UHOD\ WKH PHDVXUHG YDOXHV DUH QRW SODXVLEOH LW ZLOO FRQ
FOXGH WKDW WKHUH LV D IDXOW LQ WKH DQDORJ PHDVXUH
PHQW FLUFXLWV $IWHU DSSUR[LPDWHO\ VHFRQG DQ
DODUP ZLOO EH JLYHQ
,
)
)
, )DXOW FXUUHQW &RPPDQG RXWSXW FKDQQHOV
,
1
6ORSH
680)DFW,
7KH FRPPDQG UHOD\V IRU WULSSLQJ DQG FORVLQJ DUH
FRQWUROOHG E\ WZR FRPPDQG DQG RQH DGGLWLRQDO
UHOHDVH FKDQQHOV $V ORQJ DV QR SLFNXS FRQGLWLRQ
680,WKUHV
H[LVWV WKH FHQWUDO SURFHVVRU PDNHV D F\FOLF
FKHFN RI WKHVH FRPPDQG RXWSXW FKDQQHOV IRU
DYDLODELOLW\ E\ H[FLWLQJ HDFK FKDQQHO RQH DIWHU WKH
, PD[
RWKHU DQG FKHFNLQJ IRU FKDQJH LQ WKH RXWSXW VLJ
,
QDO OHYHO &KDQJH RI WKH IHHGEDFN VLJQDO WR ORZ
1
OHYHO LQGLFDWHV D IDXOW LQ RQH RI WKH FRQWURO FKDQ
)LJXUH &XUUHQW VXP PRQLWRULQJ FXUUHQW QHOV RU LQ WKH UHOD\ FRLO 6XFK D FRQGLWLRQ OHDGV DX
SODXVLELOLW\ FKHFN WRPDWLFDOO\ WR DODUP DQG EORFNLQJ RI WKH FRPPDQG
RXWSXW
0HPRU\ PRGXOHV

,Q WKH YROWDJH SDWK WKHUH DUH VHYHQ LQSXW FRQYHU
WHUV WKUHH FRQQHFWHG WR HDFK SKDVHHDUWK YROW 7KH PHPRU\ PRGXOHV DUH SHULRGLFDOO\ FKHFNHG
DJH WKUHH FRQQHFWHG WR HDFK SKDVHSKDVH YROW IRU IDXOW E\
DJH RQH IXUWKHU FRQQHFWHG WR WKH GLVSODFHPHQW
YROWDJH 8(1 RU D EXVEDU YROWDJH $ IDXOW LQ WKH - :ULWLQJ D GDWD ELW SDWWHUQ IRU WKH ZRUNLQJ
YROWDJH FLUFXLWV ZLOO EH UHFRJQL]HG ZKHQ PHPRU\ 5$0 DQG UHDGLQJ LW
_X/ X/ X/ N8 k X(1_ ! 9 - )RUPDWLRQ RI WKH PRGXOXV IRU WKH SURJUDP
PHPRU\ (3520 DQG FRPSDULVRQ RI LW ZLWK D
)DFWRU N8 SDUDPHWHU 8SK8GHOWD FDQ EH VHW WR UHIHUHQFH SURJUDP PRGXOXV VWRUHG WKHUH
FRUUHFW GLIIHUHQW UDWLRV RI SKDVH DQG RSHQ GHOWD
YROWDJH WUDQVIRUPHU ZLQGLQJV - )RUPDWLRQ RI WKH PRGXOXV RI WKH YDOXHV VWRUHG
LQ WKH SDUDPHWHU VWRUH ((3520 WKHQ FRP
1RWH 9ROWDJH VXP SKDVHHDUWK PRQLWRULQJ FDQ SDULQJ LW ZLWK WKH QHZO\ GHWHUPLQHG PRGXOXV DI
RSHUDWH SURSHUO\ RQO\ ZKHQ DQ H[WHUQDOO\ IRUPHG WHU HDFK SDUDPHWHU DVVLJQPHQW SURFHVV
RSHQ GHOWD YROWDJH 8(1 LV FRQQHFWHG WR WKH UHVLG
XDO YROWDJH LQSXW RI WKH UHOD\
&*&
6RIWZDUH PRQLWRULQJ ,

PLQ
,
1
)RU FRQWLQXRXV PRQLWRULQJ RI WKH SURJUDP VH
TXHQFHV D ZDWFKGRJ WLPHU LV SURYLGHG ZKLFK ZLOO UH
VHW WKH SURFHVVRU LQ WKH HYHQW RI SURFHVVRU IDLOXUH RU 6ORSH
LI D SURJUDP IDOOV RXW RI VWHS )XUWKHU LQWHUQDO SODXVL
6<0)DFW,
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[
6<0,WKUHV ,
1
,I VXFK D IDXOW LV QRW HOLPLQDWHG E\ UHVWDUWLQJ IXUWKHU
UHVWDUWV DUH LQLWLDWHG ,I WKH IDXOW LV VWLOO SUHVHQW DIWHU )LJXUH &XUUHQW V\PPHWU\ PRQLWRULQJ
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
kHTXLSPHQW IDXOWl DQG VLPXOWDQHRXVO\ WKH /('
9ROWDJH V\PPHWU\
k%ORFNHGl FRPHV RQ
,Q KHDOWK\ RSHUDWLRQ LW FDQ EH H[SHFWHG WKDW WKH
YROWDJHV ZLOO EH DSSUR[LPDWHO\ V\PPHWULFDO
7KHUHIRUH WKH GHYLFH FKHFNV WKH WKUHH SKDVHWR
SKDVH YROWDJHV IRU V\PPHWU\ 0RQLWRULQJ RI WKH
0RQLWRULQJ RI H[WHUQDO PHDVXULQJ
VXP RI WKH SKDVHWRSKDVH YROWDJHV LV QRW LQ
WUDQVIRUPHU FLUFXLWV
IOXHQFHG E\ HDUWK IDXOWV ZKLFK FDQ EH D ODVWLQJ
RSHUDWLQJ FRQGLWLRQ LQ QRQHDUWKHG QHWZRUNV
7R GHWHFW LQWHUUXSWLRQV RU VKRUW FLUFXLWV LQ WKH H[WHU
QDO PHDVXULQJ WUDQVIRUPHU FLUFXLWV RU IDXOWV LQ WKH
7KH IROORZLQJ DSSOLHV
FRQQHFWLRQV DQ LPSRUWDQW FRPPLVVLRQLQJ DLG WKH
PHDVXUHG YDOXHV DUH FKHFNHG DW F\FOLF LQWHUYDOV DV
_ 8PLQ _ _ 8PD[ _ 6<0)DFW8
ORQJ DV QR SLFNXS FRQGLWLRQ H[LVWV
LI
_ 8PD[ _ ! 6<08WKUHV
&XUUHQW V\PPHWU\
ZKHUHE\ 8PD[ LV WKH ODUJHVW RI WKH WKUHH YROWDJHV
,Q KHDOWK\ RSHUDWLRQ LW FDQ EH H[SHFWHG WKDW WKH DQG 8PLQ WKH VPDOOHVW 7KH V\PPHWU\ IDFWRU
FXUUHQWV ZLOO EH DSSUR[LPDWHO\ V\PPHWULFDO 7KH
6<0)DFW8 UHSUHVHQWV WKH PDJQLWXGH RI WKH
IROORZLQJ DSSOLHV
DV\PPHWU\ RI WKH VXP RI WKH YROWDJHV 7KH WKUHVK
ROG 6<08WKUHV LV WKH ORZHU OLPLW RI WKH SURFHVVLQJ
_ ,PLQ _ _ ,PD[ _ 6<0)DFW,
DUHD RI WKLV PRQLWRULQJ IXQFWLRQ VHH )LJXUH
LI %RWK SDUDPHWHUV FDQ EH VHW VHH 6HFWLRQ
,PD[ ,1 ! 6<0,WKUHV ,1
,PD[ LV DOZD\V WKH ODUJHVW RI WKH WKUHH SKDVH FXU

UHQWV DQG ,PLQ DOZD\V WKH VPDOOHVW 7KH V\PPHWU\
IDFWRU 6<0)DFW, UHSUHVHQWV WKH PDJQLWXGH RI 8PLQ
DV\PPHWU\ RI WKH SKDVH FXUUHQWV DQG WKH WKUHVK 81
ROG 6<0,WKUHV LV WKH ORZHU OLPLW RI WKH SURFHVVLQJ
DUHD RI WKLV PRQLWRULQJ IXQFWLRQ VHH )LJXUH 6ORSH
%RWK SDUDPHWHUV FDQ EH VHW VHH 6HFWLRQ 6<0)DFW8
8PD[
6<08WKUHV 81
)LJXUH 9ROWDJH V\PPHWU\ PRQLWRULQJ
&*&
0HDVXUHG YROWDJH IDLOXUH WDQFH IXQFWLRQ LV WKHQ EORFNHG DQG WKH UHOD\ FDQ
EH VZLWFKHG WR HPHUJHQF\ RYHUFXUUHQW RSHUDWLRQ
)DLOXUH RI WKH PHDVXUHPHQW YROWDJH FDQ EH GH VHH 6HFWLRQ ,PPHGLDWH EORFNLQJ LV SHU
WHFWHG ZKHQ D PLQLPXP FXUUHQW IORZV RQ WKH SUR IRUPHG SURYLGHG DW OHDVW RQH SKDVH FXUUHQW LV
WHFWHG OLQH EXW WKH FXUUHQW VWDJHV ,SK! RI WKH IDXOW IORZLQJ
GHWHFWRUV KDYH QRW \HW SLFNHG XS 9ROWDJH IDLOXUH
LV GHWHFWHG ZKHQ ,I ZLWKLQ DSSUR[LPDWHO\ VHFRQGV RI UHFRJQLWLRQ
RI WKLV FULWHULRQ DQ HDUWK FXUUHQW RFFXUV GLVWDQFH
8SKSK 80($6 8 DQG DW WKH VDPH WLPH SURWHFWLRQ DXWRPDWLFDOO\ EHFRPHV RSHUDWLYH IRU
,PD[ ! 80($6 ,! WKH GXUDWLRQ RI WKH WLPH RI WKH HDUWK IDXOW ,I WKH IXVH
IDLOXUH FULWHULRQ ODVWV ORQJHU WKDQ DSSUR[LPDWHO\
ZKHUHE\ 8SKSK UHSUHVHQWV DQ\ SKDVHSKDVH VHFRQGV WKH GLVWDQFH SURWHFWLRQ LV EORFNHG DQG
YROWDJH 80($6 8 DQG 80($6 ,! DUH VHWWLQJ ZLOO QRW EH UHOHDVHG XQWLO WKH FDXVH RI WKH YROWDJH
SDUDPHWHUV VHH 6HFWLRQ 7KLV PRQLWRU IDLOXUH KDV EHHQ UHPRYHG 7KH GLVWDQFH SURWHF
GRHV QRW RSHUDWH RQFH WKH PLQLPXP FXUUHQW WLRQ IXQFWLRQ ZLOO WKHQ DXWRPDWLFDOO\ EH UHVWRUHG
WKUHVKROG RI DQ\ IDXOW GHWHFWRU KDV EHHQ H[FHHG
HG VLQFH WKLV PD\ LQGLFDWH D UHDO V\VWHP IDXOW 1RWH :KHQ IRU H[DPSOH RQ OLQHV IHG E\ XQ
HDUWKHG WUDQVIRUPHUV WKH HDUWK FXUUHQW GXULQJ
$IWHU WKLV PRQLWRU KDV RSHUDWHG GLVWDQFH SURWHF HDUWK IDXOW LV LQVLJQLILFDQWO\ VPDOO RU DEVHQW WKH
WLRQ LV EORFNHG DQG ZLOO QRW EH UHOHDVHG XQWLO WKH IXVH IDLOXUH PRQLWRULQJ PXVW QRW EH DFWLYDWHG ,Q
FDXVH RI WKH YROWDJH IDLOXUH KDV EHHQ UHPRYHG QRQHDUWKHG QHWZRUNV WKLV IXVH IDLOXUH PRQLWRU
7KH GLVWDQFH SURWHFWLRQ IXQFWLRQ ZLOO WKHQ DXWR LQJ IDFLOLW\ LV SRLQWOHVV DQG ZLOO EH LJQRUHG E\
PDWLFDOO\ EH UHVWRUHG &KDQJHRYHU WR RYHUFXU 6$
UHQW HPHUJHQF\ SURWHFWLRQ LV SRVVLEOH
3KDVH URWDWLRQ
)XVH IDLOXUH PRQLWRU
6LQFH FRUUHFW IXQFWLRQLQJ RI PHDVXUHG YDOXH VH
,I DQ\ PHDVXUHG YROWDJH LV QRW SUHVHQW GXH WR OHFWLRQ DQG GLUHFWLRQDO GHWHUPLQDWLRQ UHOLHV XSRQ
VKRUW FLUFXLW RU FRQGXFWRU EUHDNDJH LQ WKH YROWDJH D FORFNZLVH VHTXHQFH RI WKH SKDVH YROWDJHV WKH
WUDQVIRUPHU VHFRQGDU\ V\VWHP LW PD\ DSSHDU GLUHFWLRQ RI URWDWLRQ LV PRQLWRUHG
WKDW WKH YROWDJH LV ]HUR IRU FHUWDLQ PHDVXUHG
ORRSV 8/ EHIRUH 8/ EHIRUH 8/
,I QR SURWHFWLYH PFE ZLWK DSSURSULDWHO\ VHW DX[LO 7KLV FKHFN LV FDUULHG RXW ZKHQ WKH PHDVXUHG YROW
LDU\ FRQWDFW LV DYDLODEOH LQ WKH 97 VHFRQGDU\ FLU DJHV DV GHVFULEHG LQ DUH SODXVLEOH DQG
FXLW EXW LQVWHDG IRU H[DPSOH IXVHV DUH ILWWHG WKH KDYH D PLQLPXP YDOXH RI DW OHDVW
RSWLRQDO IXQFWLRQ kIXVH IDLOXUH PRQLWRUl FDQ EH
PDGH HIIHFWLYH LQ VROLGO\ HDUWKHG QHWZRUNV 2E _8/__8/__8/_ ! 9c
YLRXVO\ WKLV IXQFWLRQ FDQ DOVR EH XVHG WRJHWKHU
ZLWK WKH DERYH PHQWLRQHG 97SURWHFWLYH PFE &RXQWHUFORFNZLVH URWDWLRQ ZLOO FDXVH DQ DODUP
:KHQ D ]HUR VHTXHQFH YROWDJH LV LQGLFDWHG ZLWK 7DEOH JLYHV D VXUYH\ RI DOO WKH IXQFWLRQV RI WKH
RXW VLPXOWDQHRXV UHFRJQLWLRQ RI DQ HDUWK IDXOW WKLV PHDVXUHG YDOXH PRQLWRULQJ V\VWHP
LV LQGLFDWLYH RI D VLQJOH SKDVH IDXOW LQ WKH VHFRQG
DU\ FLUFXLWV RI WKH YROWDJH WUDQVIRUPHUV 7KH GLV
&*&
0RQLWRULQJ )DLOXUH FRYHUHG UHDFWLRQ

3ODXVLELOLW\ FKHFN RI FXUUHQWV 5HOD\ IDLOXUHV LQ WKH VLJQDO DFTXLVLWLRQ FLUFXLWV
L/ L/ L/ L(
_L/ L/ L/ ,H,SK [ L(_ !
680,WKUHV [ ,1 680)DFW, [ ,PD[ GHOD\HG DODUP k)DLOXUH 5,l
3ODXVLELOLW\ FKHFN RI YROWDJHV SKDVHHDUWK 5HOD\ IDLOXUHV LQ WKH VLJQDO DFTXLVLWLRQ FLUFXLWV
X/ X/ X/ X(
_X/ X/ X/ 8SK8GHOWD [ X(1_ ! 9
GHOD\HG DODUP k)DLOXUH 58SKHl
3ODXVLELOLW\ FKHFN RI YROWDJH SKDVHSKDVH 5HOD\ IDLOXUHV LQ WKH VLJQDO DFTXLVLWLRQ FLUFXLWV
X/ / X/ / X/ /
_X/ / X/ / X/ /_ ! 9 GHOD\HG DODUP k)DLOXUH 58SSl
3KDVHSKDVH YROWDJHV DJDLQVW YROWDJH &RQQHFWLRQ HUURU LQ RQH RI WKH YROWDJH FRQQHF
GLIIHUHQFHV WLRQV SKDVHSKDVH DQGRU SKDVHHDUWK
_X/ / X/ X/_ ! 9
_X/ / X/ X/_ ! 9 GHOD\HG DODUP k)DLOXUH 58SSl
_X/ / X/ X/_ ! 9
&XUUHQW XQEDODQFH 6LQJOH RU SKDVHWRSKDVH VKRUW FLUFXLWV RU EURNHQ
_, PLQ_ FRQGXFWRUV LQ WKH FW FLUFXLWV L/ L/ L/
6<0)DFW, RU
_, PD[_ 8QEDODQFHG ORDG
DQG _,PD[U ! 6<0,WKUHV GHOD\HG DODUP k)DLOXUH ,V\PPl
9ROWDJH XQEDODQFH SKDVHSKDVH 6KRUWFLUFXLW RU LQWHUUXSWLRQ SKDVH SKDVH LQ

_8 PLQ_ YW VHFRQGDU\ FLUFXLWV
6<0)DFW8 RU
_8 PD[_ XQEDODQFHG YROWDJH RQ WKH V\VWHP
DQG _8PD[] ! 6<08WKUHV GHOD\HG DODUP k)DLOXUH 8V\PPl
0HDVXUHG YROWDJH IDLOXUH /RVV RI PHDVXUHG YROWDJHV
8SK SK 80($6 8 DQG ,PD[ ! 80($6 ,! GHOD\HG DODUP k)DLOXUH 8PHDVl

DQG EORFN RI GLVWDQFH SURWHFWLRQ
)XVH IDLOXUH PRQLWRU )XVH IDLOXUH RU FRQGXFWRU LQWHUUXSWLRQ QRQV\P

PHWULF LQ YW VHFRQGDU\ FLUFXLW
_X/ X/ X/_ ! ))0 m8R DQG
GHOD\HG DODUP k)XVH)DLOXUHl
_L/ L/ L/_ ))0 ,H DQG LPPHGLDWH EORFN RI GLVWDQFH SURWHFWLRQ
3KDVH URWDWLRQ 6ZRSSHG YROWDJH FRQQHFWLRQV RU UHYHUVH URWDWLRQ
VHTXHQFH
X/ EHIRUH X/ EHIRUH X/
DV ORQJ DV _8/_ _8/_ _8/_ ! 9c GHOD\HG DODUP k)DLO3KDVH6HTl
%ROWHG ILJXUHV DUH VHWWLQJ YDOXHV
7DEOH 6XPPDU\ RI PHDVXULQJ FLUFXLW PRQLWRULQJ
&*&
6$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

&DXWLRQ
IRUFH DQG ZLWKRXW WKH XVH RI LQDSSURSULDWH WRROV 7KH
HTXLSPHQW VKRXOG EH YLVXDOO\ FKHFNHG WR HQVXUH 7KH PRGXOHV RI GLJLWDO UHOD\V FRQWDLQ &026
WKDW WKHUH DUH QR H[WHUQDO WUDFHV RI GDPDJH FLUFXLWV 7KHVH VKDOO QRW EH ZLWKGUDZQ RU LQ
VHUWHG XQGHU OLYH FRQGLWLRQV 7KH PRGXOHV
7KH WUDQVSRUW SDFNLQJ FDQ EH UHXVHG IRU IXUWKHU PXVW EH VR KDQGOHG WKDW DQ\ SRVVLELOLW\ RI
WUDQVSRUW ZKHQ DSSOLHG LQ WKH VDPH ZD\ 7KH VWRU GDPDJH GXH WR VWDWLF HOHFWULFDO FKDUJHV LV
DJH SDFNLQJ RI WKH LQGLYLGXDO UHOD\V LV QRW VXLWHG WR H[FOXGHG 'XULQJ DQ\ QHFHVVDU\ KDQGOLQJ
RI LQGLYLGXDO PRGXOHV WKH UHFRPPHQGD
WUDQVSRUW ,I DOWHUQDWLYH SDFNLQJ LV XVHG WKLV PXVW
WLRQV UHODWLQJ WR WKH KDQGOLQJ RI HOHFWURVWDWL
DOVR SURYLGH WKH VDPH GHJUHH RI SURWHFWLRQ DJDLQVW FDOO\ HQGDQJHUHG FRPSRQHQWV ((& PXVW
PHFKDQLFDO VKRFN DV ODLG GRZQ LQ ,(& EH REVHUYHG
FODVV DQG ,(& FODVV
,Q LQVWDOOHG FRQGLWLRQV WKH PRGXOHV DUH LQ QR GDQ
%HIRUH LQLWLDO HQHUJL]DWLRQ ZLWK VXSSO\ YROWDJH WKH
JHU
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 &KHFNLQJ WKH UDWHG GDWD
0RGHO 6$4 4%444 IRU SDQHO VXU 7KH UDWHG GDWD RI WKH XQLW PXVW EH FKHFNHG DJDLQVW
IDFH PRXQWLQJ WKH SODQW GDWD 7KLV DSSOLHV LQ SDUWLFXODU WR WKH DX[LO
LDU\ YROWDJH DQG WKH UDWHG FXUUHQW RI WKH FXUUHQW
6HFXUH WKH XQLW ZLWK IRXU VFUHZV WR WKH SDQHO )RU WUDQVIRUPHUV
GLPHQVLRQV UHIHU WR )LJXUH
&RQQHFW HDUWKLQJ WHUPLQDO 7HUPLQDO RI WKH XQLW

WR WKH SURWHFWLYH HDUWK RI WKH SDQHO &RQWURO GF YROWDJH RI ELQDU\ LQSXWV
0DNH D VROLG ORZRKPLF DQG ORZLQGXFWLYH RSHUD :KHQ GHOLYHUHG IURP IDFWRU\ WKH ELQDU\ LQSXWV DUH
WLRQDO HDUWK FRQQHFWLRQ EHWZHHQ WKH HDUWKLQJ VXU GHVLJQHG WR RSHUDWH ZLWK D FRQWURO YROWDJH ZKLFK
IDFH DW WKH VLGH RI WKH XQLW XVLQJ DW OHDVW RQH VWDQ FRUUHVSRQGV ZLWK WKH UDWHG YROWDJH RI WKH SRZHU
GDUG VFUHZ 0 DQG WKH HDUWKLQJ FRQWLQXLW\ VXSSO\ RI WKH UHOD\ ,Q RUGHU WR RSWLPL]H WKH RSHUDWLRQ
V\VWHP RI WKH SDQHO UHFRPPHQGHG JURXQGLQJ RI WKH LQSXWV WKH\ VKRXOG EH PDWFKHG WR WKH UHDO
VWUDS ',1 IRUP $ HJ 2UGHU1R RI FRQWURO YROWDJH ,W GHSHQGV RQ WKH KDUGZDUH VWDWH
0HVVUV 'UXVHLGW 5HPVFKHLG *HUPDQ\ SURGXFWLRQ VHULHV RI WKH UHOD\ KRZ WKLV LV FDUULHG
RXW 7KLV VWDWH LV IRXQG RQ WKH QDPH SODWH EHKLQG WKH
0DNH FRQQHFWLRQV YLD VFUHZHG WHUPLQDOV FRPSOHWH RUGHU GHVLJQDWLRQ
7KH IROORZLQJ LV YDOLG IRU SURGXFWLRQ VHULHV **
0RGHO 6$4 4&444 IRU SDQHO IOXVK 7KH ELQDU\ LQSXWV UHDFW RQ FRQWURO GF YROWDJHV LQ
PRXQWLQJ RU 6$4 4(444 IRU FX WKH WRWDO YROWDJH UDQJH IURP 9 WR 9 7KH
SLFNXS WKUHVKROG OLHV QHDU 9 ,I WKH UDWHG FRQ
ELFOH LQVWDOODWLRQ
WURO YROWDJH IRU ELQDU\ LQSXWV LV 9 RU KLJKHU LW LV
DGYLVDEOH WR ILW D KLJKHU SLFNXS WKUHVKROG WR WKHVH
/LIW XS ERWK ODEHOOLQJ VWULSV RQ WKH OLG RI WKH XQLW LQSXWV WR LQFUHDVH VWDELOLW\ DJDLQVW VWUD\ YROWDJHV
DQG UHPRYH FRYHU WR JDLQ DFFHVV WR IRXU KROHV IRU LQ WKH GF FLUFXLWV
WKH IL[LQJ VFUHZV
7R ILW D KLJKHU SLFNXS WKUHVKROG RI DSSUR[LPDWHO\
,QVHUW WKH XQLW LQWR WKH SDQHO FXWRXW DQG VHFXUH LW 9 WR D ELQDU\ LQSXW D VROGHU EULGJH PXVW EH UH
ZLWK WKH IL[LQJ VFUHZV )RU GLPHQVLRQV UHIHU WR )LJ PRYHG )LJXUH VKRZV WKH DVVLJQPHQW RI WKHVH
XUH VROGHU EULGJHV IRU WKH LQSXWV %, WR %, DQG WKHLU
ORFDWLRQ RQ WKH EDVLF SFE RI WKH EDVLF LQSXWRXW
&RQQHFW HDUWKLQJ VFUHZ RQ WKH UHDU RI WKH XQLW WR SXW PRGXOH *($ )LJXUH VKRZV WKH DVVLJQ
WKH SURWHFWLYH HDUWK RI WKH SDQHO RU FXELFOH PHQW RI WKHVH VROGHU EULGJHV IRU WKH LQSXWV %, WR
%, DQG WKHLU ORFDWLRQ RQ WKH DGGLWLRQDO LQSXW
0DNH D VROLG ORZRKPLF DQG ORZLQGXFWLYH RSHUD RXWSXW PRGXOH =($
WLRQDO HDUWK FRQQHFWLRQ EHWZHHQ WKH HDUWKLQJ VXU
IDFH DW WKH UHDU RI WKH XQLW XVLQJ DW OHDVW RQH VWDQ 7KH IROORZLQJ LV YDOLG IRU SURGXFWLRQ VHULHV ++ RU ODW
GDUG VFUHZ 0 DQG WKH HDUWKLQJ FRQWLQXLW\ HU
V\VWHP RI WKH SDQHO RU FXELFOH UHFRPPHQGHG
JURXQGLQJ VWUDS ',1 IRUP $ HJ 2UGHU1R 7DEOH VKRZV WKH DVVLJQPHQW RI WKH SUHVHW
RI 0HVVUV 'UXVHLGW 5HPVFKHLG *HUPDQ\ WLQJV RI WKH FRQWURO YROWDJH RI WKH ELQDU\ LQSXWV
DJDLQVW WKH UDWHG VXSSO\ YROWDJH RI WKH UHOD\ ,I WKH
0DNH FRQQHFWLRQV YLD WKH VFUHZHG RU VQDSLQ WHU FRQWURO YROWDJH RI D ELQDU\ LQSXW LV RI WKH VDPH
PLQDOV RI WKH VRFNHWV RI WKH KRXVLQJ 2EVHUYH OD PDJQLWXGH DV WKH VXSSO\ YROWDJH RI WKH UHOD\ QR
EHOOLQJ RI WKH LQGLYLGXDO FRQQHFWRU PRGXOHV WR HQ PDWFKLQJ LV QHFHVVDU\ (YHQ ZLWK KLJKHU FRQWURO
VXUH FRUUHFW ORFDWLRQ REVHUYH WKH PD[ YROWDJH WKH ELQDU\ LQSXW ZLOO RSHUDWH %XW LW LV DG
SHUPLVVLEOH FRQGXFWRU FURVVVHFWLRQV 7KH XVH RI YLVDEOH WR ILW D KLJKHU SLFNXS WKUHVKROG WR LQFUHDVH
WKH VFUHZHG WHUPLQDOV LV UHFRPPHQGHG VQDSLQ VWDELOLW\ DJDLQVW VWUD\ YROWDJHV 5HIHU WR 7DEOH
FRQQHFWLRQ UHTXLUHV VSHFLDO WRROV DQG PXVW QRW EH IRU SRVVLELOLWLHV ,I D ELQDU\ LQSXW LV WR EH FRQWUROOHG
XVHG IRU ILHOG ZLULQJ XQOHVV SURSHU VWUDLQ UHOLHI DQG E\ D ORZHU YROWDJH WKHQ WKH SLFNXS WKUHVKROG
WKH SHUPLVVLEOH EHQGLQJ UDGLXV DUH REVHUYHG PXVW EH PDWFKHG 2WKHUZLVH LW FDQQRW EH HQHU
JL]HG
&*&
; ; ; ;
%LQDU\ LQSXW 6ROGHU EULGJH ;

)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 EDVLF PRGXOH *($ XS WR SUR
GXFWLRQ VHULHV **
; ; ; ; ; ;

)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 =($ XS WR
SURGXFWLRQ VHULHV **
&*&
7DEOH VKRZV WKH VHWWLQJ SRVVLELOLWLHV IRU WKH

2UGHU FRGH 5DWHG DX[LOLDU\ 3UHVHWWLQJ RI ELQDU\ LQSXWV %, WR %, RQ WKH EDVLF SFE RI WKH
6$4 YROWDJH UDQJH ELQDU\ LQSXWV
EDVLF LQSXWRXWSXW PRGXOH *($ 7DEOH IRU WKH
LQSXWV %, WR %, RQ WKH DGGLWLRQDO LQSXWRXWSXW
44444444 9GF 9GF PRGXOH =($ 7KH ILJXUHV DQG VKRZ WKH
SULQWHG FLUFXLWV ERDUGV YLHZHG IURP WKH FRPSRQHQW
44444444 9GF 9GF
VLGH ZLWK WKH VHWWLQJ SOXJV IRU WKH FRQWURO YROWDJH RI
44444444 9GF 9GF WKH ELQDU\ LQSXWV 7KH\ DUH YDOLG IRU UHOD\V IURP SUR
GXFWLRQ VHULHV ++ ,I WKH DFWXDO FRQWURO YROWDJH LV QRW
IRXQG RQ WKH SFE VHOHFW WKH VHWWLQJ IRU WKH QH[W
7DEOH 3UHVHWWLQJ RI FRQWURO YROWDJH IRU ORZHU YROWDJH 7KH ILJXUHV VKRZ IXUWKHU SOXJV ZKLFK
ELQDU\ LQSXWV IRU SURGXFWLRQ VHULHV PXVW QRW EH FKDQJHG
++ RU ODWHU
%LQDU\ LQSXW 6HWWLQJV IRU UDWHG FRQWURO YROWDJH

RQ *($ 9GF 9GF 9GF 9GF
%, SOXJ ;; SOXJ ;; SOXJ ;; QR SOXJ

8QXVHG SOXJV PD\ EH SDUNHG RQ WKH SLQV ; WR ;
7DEOH &KHFNLQJ IRU FRQWURO YROWDJHV RI ELQDU\ LQSXWV WR RQ WKH EDVLF PRGXOH *($ YDOLG IURP
SURGXFWLRQ VHULHV ++
%LQDU\ LQSXW 6HWWLQJV IRU UDWHG FRQWURO YROWDJH

RQ =($ 9GF 9GF 9GF 9GF
%, SOXJ 9 SOXJ 9 SOXJ 9 SOXJ 9

7DEOH &KHFNLQJ IRU FRQWURO YROWDJHV RI ELQDU\ LQSXWV WR RQ WKH DGGLWLRQDO PRGXOH =($ YDOLG
IURP SURGXFWLRQ VHULHV ++
&*&
; WR ; XQXVHG SOXJV

PD\ EH SDUNHG KHUH

; ; ; ; ; ; ; ;

; ; ; ;

; ; ; ;

; ; ; ;
; ; ; ;

; ; ; ;
; ; ; ;
FG FG
9 9 FG
FG 9
9
W GH W W W
XS UND XS XS XS
GH ; GH G GH
QL WD S QL WD QL WHD QL WD
G \U UW LV \U UW \U UW \U U
WHD DQ
L VX JX
O3
;
QR
DQ
L VX DQ
L VX DQ
L VXW
UW % OL % OL % OL % OL
VX
OL
GH VD
JJ G
XO HJ
SW J
RQ OXS

$$

,W 1 ,W 1
DD
;
;

; ;
;
; ;
)LJXUH 6HWWLQJ SOXJV RQ EDVLF LQSXWRXWSXW PRGXOH *($ IURP SURGXFWLRQ VHULHV ++
&*&
9
9
9
9
9

9
9 9
9 9
9 9
9 9
9 9
9

9
9
9
9
9
9

FG FG FG FG
9 9 9 9 FG
FG 9
9
W W W W W
WX XS XS XS XS XS
SQ GH GH GH GH G GH
L WD QL WD QL WD QL WD QL WHD QL WD
\U WUV \U WUV \U WUV \U WUV \U UW \U UW
DQ DQ DQ DQ DQ VX DQ VX
L XOL L XOL L XOL L XOL L OL L OL
% % % % % %

;
;
DW ,1 $ QRW SOXJJHG
DW ,1 $ SOXJJHG DV LOOXVWUDWHG
ZLWK KLJKO\ VHQVLWLYH HDUWK FXUUHQW
LQSXW QRW SOXJJHG
)LJXUH 6HWWLQJ SOXJV RQ DGGLWLRQDO LQSXWRXWSXW PRGXOH =($ IURP SURGXFWLRQ VHULHV ++
&*&
2SHQ KRXVLQJ FRYHU ZKHUH QHFHVVDU\

)RU SURGXFWLRQ VHULHV IURP ++ FKHFN WKH SOXJV
/RRVHQ WKH EDVLF PRGXOH XVLQJ WKH SXOOLQJ DLGV DFFRUGLQJ WR )LJXUH
SURYLGHG DW WKH WRS DQG ERWWRP
,QVHUW EDVLF PRGXOH LQWR WKH KRXVLQJ HQVXUH WKDW
&DXWLRQ WKH UHOHDVLQJ OHYHU LV SXVKHG IXOO\ WR WKH OHIW EHIRUH
WKH PRGXOH LV SUHVVHG LQ
(OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSR
QHQW FRQQHFWLRQV WKH 3&% WUDFNV RU WKH )LUPO\ SXVK LQ WKH PRGXOH XVLQJ WKH UHOHDVLQJ OH
FRQQHFWLQJ SLQV RI WKH PRGXOHV PXVW EH YHU
DYRLGHG XQGHU DOO FLUFXPVWDQFHV E\ SUH
YLRXVO\ WRXFKLQJ DQ HDUWKHG PHWDO VXU
6LPLODUO\ FKHFN RQ WKH DGGLWLRQDO LQSXWRXWSXW
IDFH
PRGXOH =($
)RU SURGXFWLRQ VHULHV XS WR ** FKHFN VROGHU
3XOO RXW EDVLF PRGXOH DQG SODFH RQWR D FRQGXF EULGJHV DFFRUGLQJ WR )LJXUH
WLYH VXUIDFH )RU SURGXFWLRQ VHULHV IURP ++ FKHFN WKH SOXJV
DFFRUGLQJ WR )LJXUH
)RU SURGXFWLRQ VHULHV XS WR ** FKHFN WKH VROGHU
EULGJHV DFFRUGLQJ WR )LJXUH UHPRYH EULGJHV &ORVH KRXVLQJ FRYHU
,QVHUWLQJ WKH EDFNXS EDWWHU\
7KH GHYLFH DQQXQFLDWLRQV DUH VWRUHG LQ 19 5$0V 7KH EDWWHU\ LV VXSSOLHG VHSDUDWHO\ ZLWK UHOD\V RI SUR
(YHQ WKH IDXOW UHFRUGLQJ GDWD DUH VWRUHG LQ 19 GXFWLRQ VHULHV XS WR ** ,W VKRXOG EH LQVHUWHG EH
5$0V IRU UHOD\V IURP SURGXFWLRQ VHULHV ** RU ODWHU IRUH WKH UHOD\ LV LQVWDOOHG 6HFWLRQ H[SODLQV LQ GH
$ EDFNXS EDWWHU\ LV DYDLODEOH VR WKDW WKH\ DUH UH WDLO KRZ WR UHSODFH WKH EDFNXS EDWWHU\ -RLQ WKLV
WDLQHG HYHQ ZLWK D ORQJHU IDLOXUH RI WKH GF VXSSO\ VHFWLRQ DFFRUGLQJO\ ZKHQ LQVHUWLQJ WKH EDWWHU\ IRU
YROWDJH 7KH EDFNXS EDWWHU\ LV DOVR UHTXLUHG IRU WKH WKH ILUVW WLPH
LQWHUQDO V\VWHP FORFN ZLWK FDOHQGHU WR FRQWLQXH LQ
WKH HYHQW RI D SRZHU VXSSO\ IDLOXUH :KHQ WKH SURGXFWLRQ VHULHV RI WKH UHOD\ LV ++ RU ODW
HU WKH EDWWHU\ LV LQVWDOOHG DW GHOLYHU\ VR WKDW QR DFWLYL
WLHV DUH QHFHVVDU\ KHUH
&KHFNLQJ /6$ WUDQVPLVVLRQ OLQN
)RU PRGHOV ZLWK LQWHUIDFH IRU D FHQWUDO GDWD SURFHVV 7;' 7UDQVPLW OLQH RI WKH UHVSHFWLYH XQLW
LQJ VWDWLRQ HJ /6$ WKHVH FRQQHFWLRQV PXVW DOVR 07 )UDPH UHIHUHQFH IRU WKH WUDQVPLW OLQH
EH FKHFNHG ,W LV LPSRUWDQW WR YLVXDOO\ FKHFN WKH DOOR
FDWLRQ RI WKH WUDQVPLWWHU DQG UHFHLYHU FKDQQHOV 5;' 5HFHLYH OLQH RI WKH UHVSHFWLYH XQLW
6LQFH HDFK FRQQHFWLRQ LV XVHG IRU RQH WUDQVPLVVLRQ 05 )UDPH UHIHUHQFH IRU WKH UHFHLYH OLQH
GLUHFWLRQ WKH WUDQVPLW FRQQHFWLRQ RI WKH UHOD\ PXVW
EH FRQQHFWHG WR WKH UHFHLYH FRQQHFWLRQ RI WKH FHQ 7KH FRQGXFWRU VFUHHQ DQG WKH FRPPRQ RYHUDOO
WUDO XQLW DQG YLFH YHUVD VFUHHQ PXVW EH HDUWKHG DW RQH OLQH HQG RQO\ 7KLV
SUHYHQWV FLUFXODWLQJ FXUUHQWV IURP IORZLQJ YLD WKH
,I GDWD FDEOHV DUH XVHG WKH FRQQHFWLRQV DUH PDUNHG VFUHHQ LQ FDVH RI SRWHQWLDO GLIIHUHQFHV
LQ V\PSDWK\ ZLWK ,62 DQG ',1
&*&
7UDQVPLVVLRQ YLD RSWLFDO ILEUH LV UHFRPPHQGHG ,W LV RI WKH SRZHU VXSSO\ ERDUG FHQWUH ERDUG )LJXUH
SDUWLFXODUO\ LQVHQVLWLYH DJDLQVW GLVWXUEDQFHV DQG DX
WRPDWLFDOO\ SURYLGHV JDOYDQLF LVRODWLRQ 7UDQVPLW DQG
UHFHLYH FRQQHFWRU DUH GHVLJQDWHG ZLWK WKH V\PEROV
IRU WUDQVPLW RXWSXW DQG IRU UHFHLYH LQ -XPSHU 3RVLWLRQ 1RUPDO VLJQDO SRVLWLRQ
SXW
; k/LJKW RIIl
; k/LJKW RQl
7KH QRUPDO VLJQDO SRVLWLRQ IRU WKH GDWD WUDQVPLVVLRQ
LV IDFWRU\ SUHVHW DV kOLJKW RIIl 7KLV FDQ EH FKDQJHG
E\ PHDQV RI D SOXJ MXPSHU ; ZKLFK LV DFFHVVLEOH 7KH ILJXUH VKRZV DGGLWLRQDOO\ WKH SRVLWLRQ RI IXUWKHU
ZKHQ WKH EDVLF LQSXWRXWSXW PRGXOH LV UHPRYHG SOXJV ZKLFK DUH SUHVHW E\ WKH IDFWRU\ DQG PXVW QRW
IURP WKH FDVH 7KH MXPSHU LV VLWXDWHG LQ WKH UHDU DUHD EH FKDQJHG

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

3OXJ MXPSHU VKRZQ DV GHOLYHUHG
; 3RVLWLRQ k/LJKW RIIl

ZLWK 9 LQWHUIDFH ZLWK RSWLFDO ILEUH LQ

WHUIDFH
)LJXUH 3RVLWLRQ RI WKH MXPSHU ; RQ WKH SRZHU VXSSO\ ERDUG
&*&
&RQQHFWLRQV - ,V WKH SRODULW\ RI WKH RSHQ GHOWD ZLQGLQJ RQ WKH

YROWDJH WUDQVIRUPHUV DQG WKH FRQQHFWLRQ FRU
UHFW LI ILWWHG"
*HQHUDO DQG FRQQHFWLRQ GLDJUDPV DUH VKRZQ LQ $S
SHQGL[ $ DQG % 7KH PDUVKDOOLQJ SRVVLELOLWLHV RI WKH
- $UH WKH SRODULWLHV RI WKH EXVEDU YROWDJH WUDQV
ELQDU\ LQSXWV DQG RXWSXWV DUH GHVFULEHG LQ 6HFWLRQ IRUPHUV FRUUHFW LI XVHG IRU V\QFKURQLVP RU YROW
DJH FKHFN"
,I WHVW VZLWFKHV KDYH EHHQ ILWWHG LQ WKH VHFRQGDU\

FLUFXLWV FKHFN WKHLU IXQFWLRQ SDUWLFXODUO\ WKDW LQ
WKH kWHVWl SRVLWLRQ WKH FXUUHQW WUDQVIRUPHU VHF
&KHFNLQJ WKH FRQQHFWLRQV RQGDU\ FLUFXLWV DUH DXWRPDWLFDOO\ VKRUWFLUFXLWHG
(QVXUH WKDW WKH PLQLDWXUH VOLGH VZLWFK RQ WKH IURQW

:DUQLQJ SODWH LV LQ WKH k2))l Li SRVLWLRQ UHIHU )LJXUH
6RPH RI WKH IROORZLQJ WHVW VWHSV DUH FDUULHG
RXW LQ SUHVHQFH RI KD]DUGRXV YROWDJHV
7KH\ VKDOO EH SHUIRUPHG E\ TXDOLILHG SHU )LW D GF DPPHWHU LQ WKH DX[LOLDU\ SRZHU FLUFXLW
VRQQHO RQO\ ZKLFK LV WKRURXJKO\ IDPLOLDU ZLWK UDQJH DSSUR[ $ WR $
DOO VDIHW\ UHJXODWLRQV DQG SUHFDXWLRQDU\
PHDVXUHV DQG SD\ GXH DWWHQWLRQ WR WKHP &ORVH WKH EDWWHU\ VXSSO\ FLUFXLW EUHDNHU FKHFN
1RQREVHUYDQFH FDQ UHVXOW LQ VHYHUH SHU SRODULW\ DQG PDJQLWXGH RI YROWDJH DW WKH WHUPLQDOV
VRQDO LQMXU\
RI WKH XQLW RU DW WKH FRQQHFWRU PRGXOH
%HIRUH LQLWLDO HQHUJL]DWLRQ ZLWK VXSSO\ YROWDJH WKH 7KH PHDVXUHG FXUUHQW FRQVXPSWLRQ VKRXOG EH LQ
UHOD\ VKDOO EH VLWXDWHG LQ WKH RSHUDWLQJ DUHD IRU DW VLJQLILFDQW 7UDQVLHQW PRYHPHQW RI WKH DPPHWHU
OHDVW WZR KRXUV LQ RUGHU WR HQVXUH WHPSHUDWXUH SRLQWHU RQO\ LQGLFDWHV WKH FKDUJLQJ FXUUHQW RI WKH
VWRUDJH FDSDFLWRUV
FRQGHQVDWLRQ
3XW WKH PLQLDWXUH VOLGH VZLWFK RI WKH IURQW SODWH LQ
WKH k21l SRVLWLRQ v 7KH XQLW VWDUWV XS DQG RQ
6ZLWFK RII WKH FLUFXLW EUHDNHUV IRU WKH GF VXSSO\
FRPSOHWLRQ RI WKH UXQXS SHULRG WKH JUHHQ /('
DQG WKH YROWDJH WUDQVIRUPHU FLUFXLWV
RQ WKH IURQW FRPHV RQ WKH UHG /(' JHWV RII DIWHU DW
PRVW VHF
&KHFN WKH FRQWLQXLW\ RI DOO WKH FXUUHQW DQG YROWDJH
WUDQVIRUPHU FLUFXLWV DJDLQVW WKH SODQW DQG FRQQHF 2SHQ WKH FLUFXLW EUHDNHU IRU WKH GF SRZHU VXSSO\
WLRQ GLDJUDPV
5HPRYH GF DPPHWHU UHFRQQHFW WKH DX[LOLDU\ YROW
- $UH WKH FXUUHQW WUDQVIRUPHUV FRUUHFWO\ DJH OHDGV
HDUWKHG"
&ORVH WKH YROWDJH WUDQVIRUPHU PFE VHFRQGDU\
- $UH WKH SRODULWLHV RI WKH FXUUHQW WUDQVIRUPHU FLUFXLW
FRQQHFWLRQV FRQVLVWHQW"
&KHFN WKH GLUHFWLRQ RI SKDVH URWDWLRQ DW WKH UHOD\
- ,V WKH SKDVH UHODWLRQVKLS RI WKH FXUUHQW WUDQV WHUPLQDOV FORFNZLVH
IRUPHUV FRUUHFW"
2SHQ WKH PFE
V IRU YROWDJH WUDQVIRUPHU VHF
- $UH WKH YROWDJH WUDQVIRUPHUV FRUUHFWO\ HDUWKHG" RQGDU\ FLUFXLWV DQG GF SRZHU VXSSO\
- $UH WKH SRODULWLHV RI WKH YROWDJH WUDQVIRUPHU FLU &KHFN WKURXJK WKH WULSSLQJ FLUFXLWV WR WKH FLUFXLW
FXLWV FRUUHFW" EUHDNHU
- ,V WKH SKDVH UHODWLRQVKLS RI WKH YROWDJH WUDQV &KHFN WKURXJK WKH FRQWURO ZLULQJ WR DQG IURP RWK
IRUPHUV FRUUHFW" HU GHYLFHV
- ,V WKH SRODULW\ RI WKH ZLQGRZW\SH VXPPDWLRQ &KHFN WKH VLJQDO FLUFXLWV
FXUUHQW WUDQVIRUPHU FRUUHFW IRU WKH PRGHO ZLWK
HDUWK IDXOW GHWHFWLRQ" 5HFORVH WKH SURWHFWLYH PFE
V
&*&
&RQILJXUDWLRQ RI RSHUDWLRQ DQG PHPRU\ IXQFWLRQV
2SHUDWLRQDO SUHFRQGLWLRQV DQG JHQHUDO
)RU PRVW RSHUDWLRQDO IXQFWLRQV WKH LQSXW RI D FRGH LQLWLDWLRQ RI WHVW SURFHGXUHV
ZRUG LV QHFHVVDU\ 7KLV DSSOLHV IRU DOO HQWULHV YLD WKH
PHPEUDQH NH\ERDUG RU IURQW LQWHUIDFH ZKLFK FRQ 7KH FRGHZRUG LV QRW UHTXLUHG IRU WKH UHDGRXW RI DQ
FHUQ WKH RSHUDWLRQ RQ WKH UHOD\ IRU H[DPSOH QXQFLDWLRQV RSHUDWLQJ GDWD RU IDXOW GDWD RU IRU WKH
UHDGRXW RI VHWWLQJ SDUDPHWHUV
FRQILJXUDWLRQ SDUDPHWHUV IRU FRQILJXUDWLRQ RI WKH
LQWHUIDFHV DQG WKH GHYLFH IXQFWLRQV 7R LQGLFDWH DXWKRUL]HG RSHUDWRU XVH SUHVV NH\ &:
HQWHU WKH VL[ ILJXUH FRGH DQG FRQILUP
DOORFDWLRQ RU PDUVKDOOLQJ RI DQQXQFLDWLRQ VLJQDOV ZLWK ( &RGHZRUG HQWU\ FDQ DOVR EH PDGH UHWUR
ELQDU\ LQSXWV RSWLFDO LQGLFDWLRQV DQG WULS UHOD\V VSHFWLYHO\ DIWHU SDJLQJ RU GLUHFW DGGUHVVLQJ WR DQ\
VHWWLQJ DGGUHVV
VHWWLQJ RI IXQFWLRQDO SDUDPHWHUV WKUHVKROGV
IXQFWLRQV
( 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 5 ' : 5 2 1 * &2'(: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\ FRPPXQL WKH DGGUHVV QXPEHU DQG (17(5 NH\ ( 7KH
FDWLRQ ZLWK H[WHUQDO RSHUDWLQJ DQG SURFHVVLQJ DGGUHVV DSSHDUV ZKLFK IRUPV WKH KHDGLQJ RI
GHYLFHV YLD WKH VHULDO LQWHUIDFHV DQG WKH LQWHUDFWLRQ WKH FRQILJXUDWLRQ EORFNV
RI WKH GHYLFH IXQFWLRQV
2 3 6 < 6 7 ( 0 %HJLQQLQJ RI WKH EORFN k2SHUDWLQJ V\VWHP FRQILJXUD

& 2 1 ) , * 8 5 $ 7 , 2 1 WLRQl
7KH GRXEOH DUURZ NH\ Â VZLWFKHV RYHU WR WKH ILUVW ER[HV EHORZ 7KH FKRVHQ DOWHUQDWLYH PXVW EH FRQ
FRQILJXUDWLRQ EORFN VHH EHORZ 8VH WKH NH\ WR ILUPHG ZLWK HQWHU NH\ (
ILQG WKH QH[W DGGUHVV 7KH GLVSOD\ VKRZV WKH IRXU
GLJLW DGGUHVV QXPEHU LH EORFN DQG VHTXHQFH QXP 7KH VHWWLQJ SURFHGXUH FDQ EH HQGHG DW DQ\ WLPH E\
EHU 7KH WLWOH RI WKH UHTXHVWHG SDUDPHWHU DSSHDUV WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ
EHKLQG WKH EDU VHH EHORZ 7KH VHFRQG OLQH RI WKH NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV
GLVSOD\ VKRZV WKH WH[W DSSOLFDEOH WR WKH SDUDPHWHU WKH TXHVWLRQ k6$9( 1(: 6(77,1*6"l &RQILUP
7KH SUHVHQW WH[W FDQ EH UHMHFWHG E\ WKH k1RlNH\ 1 ZLWK WKH k<HVlNH\ -< WKDW WKH QHZ VHWWLQJV VKDOO
7KH QH[W WH[W FKRLFH WKHQ DSSHDUV DV VKRZQ LQ WKH EHFRPH YDOLG QRZ ,I \RX SUHVV WKH k1RlNH\ 1 LQ
&*&
VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO 6(77,1*6 "l 1RZ \RX FDQ FRQILUP ZLWK -< RU
WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW DERUW ZLWK 1 DV DERYH
FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
FDQ EH PDGH LQHIIHFWLYH :KHQ RQH H[LWV WKH VHWWLQJ SURJUDP WKH DOWHUHG SD
UDPHWHUV ZKLFK XQWLO WKHQ KDYH EHHQ VWRUHG LQ EXIIHU
,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH FRQILJX VWRUHV DUH SHUPDQHQWO\ VHFXUHG LQ ((3520V DQG
UDWLRQ EORFNV LH DGGUHVV EORFNV WR ZLWK NH\V SURWHFWHG DJDLQVW SRZHU RXWDJH ,I FRQILJXUDWLRQ SD
Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ k(1' 2) &2'( UDPHWHUV KDYH EHHQ FKDQJHG WKH SURFHVVRU V\VWHP
:25' 23(5$7,21 "l 3UHVV WKH k1RlNH\ 1 WR ZLOO UHVHW DQG UHVWDUW 'XULQJ UHVWDUW WKH GHYLFH LV
FRQWLQXH FRQILJXUDWLRQ ,I \RX SUHVV WKH k<HVlNH\ QRW RSHUDWLRQDO
-< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV k6$9( 1(:
6HWWLQJV IRU WKH LQWHJUDWHG RSHUDWLRQ DGGUHVV EORFN
2SHUDWLQJ SDUDPHWHUV FDQ EH VHW LQ DGGUHVV EORFN ZRUG HQWU\ LV QHFHVVDU\

7KLV EORFN DOORZV WKH GDWH IRUPDW WR EH VHOHFWHG
0HVVDJHV RQ WKH IURQW GLVSOD\ FDQ EH VHOHFWHG KHUH :KHQ GHOLYHUHG IURP IDFWRU\ WKH GDWH LV VKRZQ LQ WKH
IRU WKH TXLHVFHQW VWDWH RI WKH XQLW RU DIWHU D IDXOW (XURSHDQ IRUPDW
HYHQW 7R FKDQJH DQ\ RI WKHVH SDUDPHWHUV FRGH
, 1 7 ( * 5 $ 7 ( '
%HJLQQLQJ RI WKH EORFN k,QWHJUDWHG RSHUDWLRQl
2 3 ( 5 $ 7 , 2 1
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
k1RlNH\ 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

, / > @ 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 k1RlNH\ 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

8 / > @ 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 DUH DFNQRZOHGJHG GXULQJ RSHUDWLRQ ZLWK WKH 5(6(7
IDXOW RQ WKH IURQW 7KHVH FDQ EH FKRVHQ XQGHU DG NH\ RU YLD WKH UHPRWH UHVHW LQSXW RI WKH GHYLFH RU YLD
GUHVVHV DQG 7KH SRVVLEOH PHVVDJHV WKH V\VWHP LQWHUIDFH LI ILWWHG $IWHU DFNQRZOHGJH
FDQ EH VHOHFWHG E\ UHSHDWHGO\ SUHVVLQJ WKH PHQW WKH RSHUDWLRQDO PHVVDJHV RI WKH TXLHVFHQW
k1RlNH\ 1 7KH GHVLUHG PHVVDJH LV FRQILUPHG VWDWH ZLOO EH GLVSOD\HG DJDLQ DV FKRVHQ XQGHU DG
ZLWK WKH HQWHU NH\ ( 7KHVH VSRQWDQHRXV PHVVDJHV GUHVVHV DQG
$IWHU D IDXOW HYHQW WKH ILUVW OLQH RI WKH GLVSOD\ VKRZV

) $ 8 / 7 V W /
) D X O W 7 \ S H W\SH RI IDXOW IDXOW\ SKDVHV
7 U L S 7 \ S H W\SH RI WULS FRPPDQG WULSSHG EUHDNHU SROH RU WKUHH

SROH WULS
3 U R W 3 L F N X S
SURWHFWLRQ IXQFWLRQ ZKLFK KDV SLFNHG XS
3 U R W 7 U L S SURWHFWLRQ IXQFWLRQ ZKLFK KDV WULSSHG
7 ' U R S WKH HODSVHG WLPH IURP SLFNXS WR GURSRII
7 7 U L S WKH HODSVHG WLPH IURP SLFNXS WR WULS FRPPDQG
) D X O W O R F D W IRU WKH IDXOW ORFDWLRQ HDFK RI WKH IDXOW ORFDWRU PHVVDJHV

DFFRUGLQJ FDQ EH VHOHFWHG
) $ 8 / 7 Q G / $IWHU D IDXOW HYHQW WKH VHFRQG OLQH RI WKH GLVSOD\ VKRZV

7 7 U L S
WKH SRVVLELOLWLHV DUH WKH VDPH DV XQGHU DGGUHVV
HWF
) $ 8 / 7 , 1 ' , & 6WRUHG /(' LQGLFDWLRQV DQG WKH IDXOW HYHQW PHVVDJHV LQ
WKH GLVSOD\ FDQ EH GLVSOD\HG HLWKHU ZLWK HDFK IDXOW GH
: , 7 + ) $ 8 / 7 ' ( 7 ( & WHFWLRQ RU RQO\ DIWHU WULS FRPPDQG LV JLYHQ 7KLV PRGH
FDQ EH FKDQJHG E\ GHSUHVVLQJ WKH k1RlNH\ 1 DQG
: , 7 + 7 5 , 3 & 2 0 0 FRQILUPHG ZLWK WKH HQWHUNH\ (
&*&
&RQILJXUDWLRQ RI WKH VHULDO LQWHUIDFHV DGGUHVV EORFN
7KH GHYLFH SURYLGHV RQH RU WZR VHULDO LQWHUIDFHV RQH 7KHVH GDWD DUH HQWHUHG WR WKH UHOD\ LQ DGGUHVV EORFN
3& LQWHUIDFH LQ WKH IURQW IRU RSHUDWLRQ E\ PHDQV RI D &RGHZRUG LQSXW LV QHFHVVDU\ UHIHU WR 6HFWLRQ
SHUVRQDO FRPSXWHU DQG GHSHQGHQW RI WKH RUGHUHG 7KH GDWD PXVW EH FRRUGLQDWHG ZLWK WKH FRQ
PRGHO D IXUWKHU V\VWHP LQWHUIDFH IRU FRQQHFWLRQ RI QHFWHG GHYLFHV
D FHQWUDO FRQWURO DQG VWRUDJH XQLW HJ 6LHPHQV /6$
&RPPXQLFDWLRQ YLD WKHVH LQWHUIDFHV UHTXLUHV $OO DQQXQFLDWLRQV ZKLFK FDQ EH SURFHVVHG E\ WKH
VRPH GDWD SUHDUUDQJHPHQWV LGHQWLILFDWLRQ RI WKH /6$ DUH VWRUHG ZLWKLQ WKH GHYLFH LQ D VHSDUDWH WDEOH
UHOD\ WUDQVPLVVLRQ IRUPDW WUDQVPLVVLRQ VSHHG 7KLV LV OLVWHG LQ $SSHQGL[ &
3 & 6 < 6 7 ( 0 %HJLQQLQJ RI WKH EORFN k,QWHUIDFHV IRU SHUVRQDO

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

' ( 9 , & ( $ ' ' 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 VXEVWDWLRQ YDOLG IRU

) ( ( ' ( 5 $ ' ' ERWK WKH LQWHUIDFHV RSHUDWLQJ DQG V\VWHP LQWHUIDFH
,GHQWLILFDWLRQ QXPEHU RI WKH VXEVWDWLRQ LQ FDVH PRUH

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

) 8 1 & 7 7 < 3 ( IRU GLVWDQFH SURWHFWLRQ 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 SURJUDP ',*6,9 )RU 6$ 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 JRRG ,W PXVW EH QRWHG WKDW *$36 PXVW EH VPDOOHU
IRUPDW DGGUHVV PXVW EH $6&,, WKH 3& %DXG WKDQ WKH VHWWLQJ RI kUHDFWLRQ 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 kUHDFWLRQ 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 k1RlNH\
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 HYHQ SDULW\ DQG VWRSELW
1 2 6 7 2 3 WUDQVPLVVLRQ ZLWK 12 SDULW\ DQG 6723ELWV
1 2 6 7 2 3 WUDQVPLVVLRQ ZLWK 12 SDULW\ DQG 6723ELW HJ PRGHP
&*&
$GGUHVVHV WR DUH YDOLG IRU WKH V\VWHP /6$ LQWHUIDFH LI ILWWHG
6 < 6 , 1 7 ( 5 ) )RUPDW RI DQQXQFLDWLRQV DQG IDXOW UHFRUGV IRU WKH V\V

WHP /6$ LQWHUIDFH
9 ' ( : & 2 0 3 $ 7 , % / ( RQO\ GDWD LQ DFFRUGDQFH ZLWK 9'(:=9(, ,(&

9 ' ( : ( ; 7 ( 1 ' ( ' GDWD LQ DFFRUGDQFH ZLWK 9'(:=9(, ,(&

H[WHQGHG E\ 6LHPHQV VSHFLILHG GDWD
',*6,9 9HUVLRQ 9
/ 6 $ IRUPDW RI WKH IRUPHU 6LHPHQV /6$ YHUVLRQ
6 < 6 0 ( $ 6 8 5 )RUPDW RI PHDVXUHG YDOXHV IRU WKH V\VWHP /6$ LQWHU

IDFH
9 ' ( : & 2 0 3 $ 7 , % / ( RQO\ GDWD LQ DFFRUGDQFH ZLWK 9'(:=9(, ,(&

9 ' ( : ( ; 7 ( 1 ' ( ' GDWD LQ DFFRUGDQFH ZLWK 9'(:=9(, ,(&
H[WHQGHG 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 ' k1RlNH\ 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
9 ' ( : ' , * 6 , 9 / 6 $
9HUVLRQ DQG IRUPHU /6$
1 2 6 7 2 3 WUDQVPLVVLRQ ZLWK 12 SDULW\ DQG 6723ELWV
1 2 6 7 2 3 WUDQVPLVVLRQ ZLWK 12 SDULW\ DQG 6723ELW HJ PRGHP
&*&
,W LV SRVVLEOH WR VZLWFK WKH 9'(:SURWRFRO ,(& SHUPLW WR VZLWFK RYHU IURP 9'(:SURWRFRO ,(&
RYHU WR WKH WUDQVPLVVLRQ SURWRFRO WR ',*6,9 SURWRFRO DQG YLFH YHUVD
DFFRUGLQJ WR WKH RSHUDWLRQ VRIWZDUH ',*6,9 GXULQJ DW WKH V\VWHP LQWHUIDFH 7KH DFWXDO VZLWFKRYHU LV DU
RSHUDWLRQ $ SUHFRQGLWLRQ LV WKDW D WUDQVPLVVLRQ IRU UDQJHG E\ D VSHFLDO WHOHJUDP ZKLFK LV VHQW E\
PDW LV VHOHFWHG IRU WKH V\VWHP LQWHUIDFH ZKLFK LV ',*6,9 WR WKH V\VWHP LQWHUIDFH ZKHQ WR 3&RSHUD
FRPSDWLEOH WR WKH 9'(:SURWRFRO ,(& WRU LQLWLDWHV WKH FRUUHVSRQGLQJ FRPPDQG :KHQ DG
LH DGGUHVV 6<6 ,17(5) LV VZLWFKHG WR GUHVV VHH EHORZ LV HTXDOO\ VHW WR <(6 WKHQ UH
9'(: &203$7,%/( RU 9'(: (;7(1'(' ,I WKLV ID PRWH SDUDPHWHUL]LQJ LV SRVVLEOH YLD WKH V\VWHP
FLOLW\ LV WR EH XVHG DGGUHVV 6<6 6:,7&+ PXVW LQWHUIDFH E\ PHDQV RI ',*6,9 SURFHGXUHV
EH VHW WR <(6 7KLV FRQILJXUDWLRQ DGGUHVV GRHV RQO\
6ZLWFKRYHU EHWZHHQ 9'(: WUDQVPLVVLRQ SURWRFRO ,(&

6 < 6 6 : , 7 & + DQG ',*6,9 SURWRFRO YLD WKH V\VWHP
1 2 LQWHUIDFH
12 LV QRW SHUPLWWHG
< ( 6 <(6 LV SHUPLWWHG
$GGUHVV LV UHOHYDQW RQO\ LQ FDVH WKH V\VWHP LQ HLWKHU DGGUHVV 6<6 ,17(5) LV VHW WR ',*6,
WHUIDFH LV FRQQHFWHG ZLWK D KDUGZDUH WKDW RSHUDWHV 9
ZLWK WKH SURWHFWLRQ GDWD SURFHVVLQJ SURJUDP ',*
6,9 7KLV DGGUHVV GHWHUPLQHV ZKHWKHU LW VKDOO EH RU DGGUHVV 6<6 ,17(5) LV VHW WR 9'(:
SHUPLWWHG WR FKDQJH SDUDPHWHUV YLD WKLV LQWHUIDFH &203$7,%/( RU 9'(: (;7(1'(' DQG DW WKH
2QH RI WKH IROORZLQJ SUHFRQGLWLRQV PXVW EH IXOILOOHG VDPH WLPH DGGUHVV 6<6 6:,7&+ VHH
DERYH LV VHW WR <(6
6 < 6 3 $ 5 $ 0 ( 7 5HPRWH SDUDPHWHUL]LQJ YLD WKH V\VWHP LQWHUIDFH

1 2 12 LV QRW SHUPLWWHG
< ( 6 <(6 LV SHUPLWWHG
6 0 ,I D IDXOW ORFDWLRQ RXWSXW GHYLFH 60 RU 60 LV FRQ

QHFWHG WR WKH V\VWHP LQWHUIDFH DGGUHVV 60
1 2 7 & 2 1 1 ( & 7 ( ' LV WR EH VHW WR &211(&7(' ,Q DOO RWKHU FDVHV WKH DG
GUHVV UHPDLQV 127 &211(&7('
& 2 1 1 ( & 7 ( '
&*&
6HWWLQJV IRU IDXOW UHFRUGLQJ DGGUHVV EORFN
7KH GLVWDQFH SURWHFWLRQ UHOD\ LV HTXLSSHG ZLWK D IDXOW WLPH 735( DGGUHVV EHIRUH WKH UHIHUHQFH LQ
GDWD VWRUH VHH 6HFWLRQ 'LVWLQFWLRQ PXVW EH VWDQW DQG HQGV ZLWK WKH SRVWIDXOW WLPH 73267 DG
PDGH EHWZHHQ WKH UHIHUHQFH LQVWDQW DQG WKH VWRUDJH GUHVV DIWHU WKH UHFRUGLQJ FULWHULRQ KDV GLVDS
FULWHULRQ DGGUHVV 1RUPDOO\ WKH JHQHUDO IDXOW SHDUHG 7KH SHUPLVVLEOH UHFRUGLQJ WLPH IRU HDFK
GHWHFWLRQ VLJQDO RI WKH SURWHFWLRQ LV WKH UHIHUHQFH LQ UHFRUG LV VHW XQGHU DGGUHVV $OWRJHWKHU V DUH
VWDQW 7KH VWRUDJH FULWHULRQ FDQ EH WKH JHQHUDO IDXOW DYDLODEOH IRU IDXOW UHFRUGLQJ ,Q WKLV WLPH UDQJH XS WR
GHWHFWLRQ WRR 6725$*( %< )' RU WKH WULS FRP IDXOW UHFRUGV FDQ EH VWRUHG
PDQG 6725$*( %< 75,3 $OWHUQDWLYHO\ WKH WULS
FRPPDQG FDQ EH VHOHFWHG DV UHIHUHQFH LQVWDQW 1RWH 7KH VHW WLPHV DUH UHODWHG RQ D V\VWHP IUHTXHQ
67$57 :,7+ 75,3 LQ WKLV FDVH WKH WULS FRPPDQG LV F\ RI +] 7KH\ DUH WR EH PDWFKHG DFFRUGLQJO\ IRU
WKH VWRUDJH FULWHULRQ WRR GLIIHUHQW IUHTXHQFLHV
$ IDXOW HYHQW EHJLQV ZLWK WKH IDXOW GHWHFWLRQ RI DQ\ 'DWD VWRUDJH FDQ DOVR EH LQLWLDWHG YLD D ELQDU\ LQSXW
SURWHFWLRQ IXQFWLRQV DQG HQGV ZLWK GURSRII RI WKH RU E\ RSHUDWRU DFWLRQ IURP WKH PHPEUDQH NH\ERDUG
ODWHVW IDXOW GHWHFWLRQ 7KH VFRSH RI D IDXOW UHFRUG LV RQ WKH IURQW RI WKH UHOD\ RU YLD WKH RSHUDWLQJ LQWHUIDFH
QRUPDOO\ WKLV IDXOW HYHQW DGGUHVV ,I DXWRUH 7KH VWRUDJH LV WULJJHUHG G\QDPLFDOO\ LQ WKHVH FDVHV
FORVXUH LV FDUULHG RXW WKH FRPSOHWH QHWZRUN IDXOW VH 7KH OHQJWK RI WKH GDWD VWRUDJH LV GHWHUPLQHG E\ WKH
TXHQFH ZLWK RQH RU PRUH UHFORVXUH DWWHPSWV VHWWLQJV LQ DGGUHVVHV DQG EXW PD[ 7
FDQ EH UHFRUGHG XQWLO ILQDO IDXOW FOHDUDQFH 7KLV 0$; DGGUHVV 3UHWULJJHU WLPH DQG SRVWIDXOW
VKRZV WKH WRWDO WLPH VHTXHQFH RI WKH IDXOW EXW XWLOL]HV WLPH DUH DGGLWLYH WR WKH VHW YDOXHV ,I WKH VWRUDJH WLPH
PRUH PHPRU\ VSDFH HYHQ GXULQJ WKH GHDG WLPHV IRU VWDUW YLD ELQDU\ LQSXW LV VHW WR * WKHQ WKH VWRUDJH
WLPH HQGV DIWHU GHHQHUJL]DWLRQ RI WKH ELQDU\ LQSXW
7KH DFWXDO UHFRUGLQJ WLPH VWDUWV ZLWK WKH SUHWULJJHU VWDWLFDOO\ EXW QRW DIWHU 70$; DGGUHVV

%HJLQQLQJ RI EORFN k)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
6 & 2 3 ( 6FRSH RI D IDXOW UHFRUG

) $ 8 / 7 ( 9 ( 1 7 D IDXOW UHFRUG LV VWRUHG IRU HDFK )$8/7 (9(17 LH IURP
SLFNXS XQWLO GURSRII
) $ 8 / 7 , 1 3 2 : 6 < 6 D IDXOW UHFRUG FRPSULVHV WKH WRWDO 1(7:25. )$8/7 LQ
FOXGLQJ DXWRUHFORVXUH DWWHPSWV
0D[LPXP WLPH SHULRG RI D IDXOW UHFRUG

7 0 $ ;
V /DUJHVW VHWWLQJ YDOXH V
&*&
3UHWULJJHU WLPH EHIRUH WKH UHIHUHQFH LQVWDQW

7 3 5 (
3RVWIDXOW WLPH DIWHU WKH VWRUDJH FULWHULRQ GLVDSSHDUV

7 3 2 6 7
6WRUDJH WLPH ZKHQ IDXOW UHFRUGLQJ LV LQLWLDWHG YLD D

7 % , 1 $ 5 < , 1
ELQDU\ LQSXW SUHWULJJHU DQG SRVWIDXOW 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 SRVWIDXOW WLPHV
V 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\VWHP 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 6$ LV FDSDEOH RI SURYLGLQJ D VHULHV :LWKLQ WKH ERFN RQH FDQ SDJH IRUZDUG ZLWK RU
RI SURWHFWLRQ DQG DGGLWLRQDO IXQFWLRQV 7KH VFRSH RI EDFN ZLWK (DFK SDJLQJ DFWLRQ OHDGV WR D IXUWKHU
WKH KDUG DQG ILUPZDUH LV PDWFKHG WR WKHVH IXQF DGGUHVV IRU WKH LQSXW RI D FRQILJXUDWLRQ SDUDPHWHU ,Q
WLRQV )XUWKHUPRUH LQGLYLGXDO IXQFWLRQV FDQ EH VHW WKH IROORZLQJ VHFWLRQV HDFK DGGUHVV LV VKRZQ LQ D
FRQILJXUHG WR EH HIIHFWLYH RU QRQHIIHFWLYH RU WKH LQ ER[ DQG H[SODLQHG ,Q WKH XSSHU OLQH RI WKH GLVSOD\
WHUDFWLRQ RI WKH IXQFWLRQV FDQ EH PRGLILHG E\ FRQILJ EHKLQG WKH QXPEHU DQG WKH EDU VWDQGV WKH DVVR
XUDWLRQ SDUDPHWHUV $GGLWLRQDOO\ WKH UHOD\ FDQ EH FLDWHG GHYLFH IXQFWLRQ ,Q WKH VHFRQG OLQH LV WKH DVVR
DGDSWHG WR WKH V\VWHP IUHTXHQF\ FLDWHG WH[W HJ k(;,67l ,I WKLV WH[W LV DSSURSULDWH
WKH DUURZ NH\V RU FDQ EH XVHG WR SDJH WKH QH[W
VW H[DPSOH IRU FRQILJXUDWLRQ RI WKH VFRSH RI WKH GH DGGUHVV ,I WKH WH[W VKRXOG EH DOWHUHG SUHVV WKH
YLFH k1RlNH\ 1 DQ DOWHUQDWLYH WH[W WKHQ DSSHDUV HJ
$VVXPH D QHWZRUN FRPSULVLQJ RYHUKHDG OLQHV DQG k121 (;,67l 7KHUH PD\ EH RWKHU DOWHUQDWLYHV
FDEOH VHFWLRQV )RU UHDVRQV RI XQLIRUPLW\ DOO GHYLFHV ZKLFK FDQ WKHQ EH GLVSOD\HG E\ UHSHDWHG GHSUHV
KDYH EHHQ VSHFLILHG ZLWK DXWRUHFORVH IDFLOLWLHV VLRQ RI WKH k1RlNH\ 1 7KH UHTXLUHG DOWHUQDWLYH
6LQFH DXWRUHFORVH LV RQO\ DSSOLFDEOH IRU WKH RYHU PXVW EH FRQILUPHG ZLWK WKH NH\ (
KHDG OLQH VHFWLRQV WKLV IXQFWLRQ ZLOO EH kGHFRQILJ
XUHGl IRU WKH GHYLFHV SURWHFWLQJ WKH FDEOH VHFWLRQV 8VH RI WKH GRXEOH DUURZ NH\ Â EULQJV RQH WR WKH QH[W
DGGUHVV EORFN LQ WKLV FDVH 7KHUH RQH ILQGV IXU
QG H[DPSOH IRU WKH LQWHUDFWLRQ RI WKH IXQFWLRQV WKHU VHWWLQJ SDUDPHWHUV ZKLFK FDQ HTXDOO\ EH FRQ
7KH GHYLFH LQFOXGHV GLVWDQFH SURWHFWLRQ DQG HDUWK ILUPHG RU DOWHUHG
IDXOW SURWHFWLRQ IRU KLJK UHVLVWDQFH HDUWK IDXOWV LQ
HDUWKHG QHWZRUNV 7KH GLVWDQFH SURWHFWLRQ LV UH 7KH FRQILJXUDWLRQ SURFHGXUH FDQ EH HQGHG DW DQ\
TXLUHG WR RSHUDWH ZLWK VLQJOHSROH DXWRUHFORVH WKH WLPH E\ WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH
HDUWK IDXOW SURWHFWLRQ VKDOO RSHUDWH ZLWKRXW DXWRUH IXQFWLRQ NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLV
FORVXUH 7KH GHYLFH ZLOO EH kLQIRUPHGl RI WKLV FRQGL SOD\ VKRZV WKH TXHVWLRQ k6$9( 1(: 6(77,1*6 "l
WLRQ GXULQJ FRQILJXUDWLRQ &RQILUP ZLWK WKH k<HVlNH\ -< WKDW WKH QHZ VHW
WLQJV VKDOO EHFRPH YDOLG QRZ ,I \RX SUHVV WKH
7KH FRQILJXUDWLRQ SDUDPHWHUV DUH LQSXW WKURXJK WKH k1RlNH\ 1 LQVWHDG FRGHZRUG RSHUDWLRQ ZLOO EH
LQWHJUDWHG RSHUDWLRQ NH\ERDUG DW WKH IURQW RI WKH GH DERUWHG LH DOO DOWHUDWLRQV ZKLFK KDYH EHHQ
YLFH RU E\ PHDQV RI D SHUVRQDO FRPSXWHU FRQQHFWHG FKDQJHG VLQFH WKH ODVW FRGHZRUG HQWU\ DUH ORVW
WR WKLV IURQWLQWHUIDFH 7KH XVH RI WKH LQWHJUDWHG RSHU 7KXV HUURQHRXV DOWHUDWLRQV FDQ EH PDGH LQHIIHF
DWLQJ NH\ERDUG LV GHVFULEHG LQ GHWDLO LQ 6HFWLRQ WLYH
$OWHUDWLRQ RI WKH SURJUDPPHG SDUDPHWHUV UHTXLUHV
WKH LQSXW RI WKH FRGHZRUG VHH 6HFWLRQ :LWK ,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH FRQILJX
RXW FRGHZRUG WKH VHWWLQJ FDQ EH UHDG RXW EXW QRW DO UDWLRQ EORFNV LH DGGUHVV EORFNV WR ZLWK NH\V
WHUHG Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ k(1' 2) &2'(
:25' 23(5$7,21 "l 3UHVV WKH k1RlNH\ 1 WR
)RU WKH SXUSRVH RI FRQILJXUDWLRQ DGGUHVVHV 44 FRQWLQXH FRQILJXUDWLRQ ,I \RX SUHVV WKH k<HVlNH\
DQG 44 DUH SURYLGHG 2QH FDQ DFFHVV WKH EHJLQ -< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV k6$9( 1(:
QLQJ RI WKH FRQILJXUDWLRQ EORFNV HLWKHU E\ GLUHFW GLDO 6(77,1*6 "l 1RZ \RX FDQ FRQILUP ZLWK -< RU
DERUW ZLWK 1 DV GHVFULEHG DERYH
SUHVV GLUHFW DGGUHVV NH\ '$
W\SH LQ DGGUHVV :KHQ RQH H[LWV WKH VHWWLQJ SURJUDP WKH DOWHUHG SD
SUHVV H[HFXWH NH\ ( UDPHWHUV ZKLFK XQWLO WKHQ KDYH EHHQ VWRUHG LQ YROD
WLOH PHPRULHV DUH WKHQ SHUPDQHQWO\ VHFXUHG LQ ((
RU E\ SDJLQJ ZLWK WKH NH\V Â IRUZDUGV RU Ä EDFN 3520V DQG SURWHFWHG DJDLQVW SRZHU RXWDJH 7KH
ZDUGV XQWLO DGGUHVV DSSHDUV SURFHVVRU V\VWHP ZLOO UHVHW DQG UHVWDUW 'XULQJ UH
VWDUW WKH GHYLFH LV QRW RSHUDWLRQDO
&*&
3URJUDPPLQJ WKH VFRSH RI IXQFWLRQV DGGUHVV EORFN
7KH DYDLODEOH SURWHFWLYH DQG DGGLWLRQDO IXQFWLRQV IXQFWLRQ PHDQV WKDW WKH IXQFWLRQ ZLOO EH SURFHVVHG
FDQ EH SURJUDPPHG DV H[LVWLQJ RU QRW H[LVWLQJ )RU WKDW LQGLFDWLRQ ZLOO DSSHDU HJ k VZLWFKHG RIIl EXW
VRPH IXQFWLRQV LW PD\ DOVR EH SRVVLEOH WR VHOHFW EH WKDW WKH IXQFWLRQ ZLOO KDYH QR HIIHFW RQ WKH UHVXOW RI
WZHHQ PXOWLSOH DOWHUQDWLYHV WKH SURWHFWLYH SURFHVV HJ QR WULSSLQJ FRPPDQG
)XQFWLRQV ZKLFK DUH FRQILJXUHG DV 121 (;,67 ZLOO 7KH IROORZLQJ ER[HV VKRZ WKH SRVVLELOLWLHV IRU WKH
QRW EH SURFHVVHG LQ 6$ 7KHUH ZLOO EH QR DQ PD[LPXP VFRSH RI WKH GHYLFH ,Q DQ DFWXDO FDVH
QXQFLDWLRQV DQG WKH DVVRFLDWHG VHWWLQJ SDUDPHWHUV IXQFWLRQV ZKLFK DUH QRW DYDLODEOH ZLOO QRW DSSHDU LQ
IXQFWLRQV OLPLW YDOXHV ZLOO QRW EH UHTXHVWHG GXULQJ WKH GLVSOD\
VHWWLQJ 6HFWLRQ ,Q FRQWUDVW VZLWFKRII RI D
6 & 2 3 ( 2 ) %HJLQQLQJ RI WKH EORFN k6FRSH RI IXQFWLRQVl

) 8 1 & 7 , 2 1 6
'LVWDQFH SURWHFWLRQ 7HOHSURWHFWLRQ PRGH
' , 6 7 3 5 2 7 7 ( / ( 3 5 2 7 ( &
( ; , 6 7 1 2 1 ( ; , 6 7
1 2 1 ( ; , 6 7 8 1 ' ( 5 5 ( $ & +
2 9 ( 5 5 ( $ & +
)DXOW GHWHFWLRQ PRGH IRU GLVWDQFH SURWHFWLRQ

' , 6 7 ) ' ( 7
2 9 ( 5 & 8 5 5 ( 1 7
8 6 ( 5 / 2 * , &
, 0 3 ( ' $ 1 & ( = 2 1 ( 1 2 1 ( ; , 6 7
8 , ) $ 8 / 7 ' ( 7 ( ; , 6 7
3RZHU VZLQJ GHWHFWLRQ (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
3 2 : ( 5 6 : , 1 * ( 0 ( 5 * 2 &
1 2 1 ( ; , 6 7 ( ; , 6 7
( ; , 6 7 1 2 1 ( ; , 6 7
&*&
7KHUPDO RYHUORDG SURWHFWLRQ ,QWHUQDO DXWRUHFORVXUH IXQFWLRQ
7 + ( 5 0 $ / 2 / , 1 7 ( 5 1 $ / $ 5
1 2 1 ( ; , 6 7 1 2 1 ( ; , 6 7
( ; , 6 7 ( ; , 6 7
,QWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
(DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHP

6 < 1 & + & + ( & .
1 2 1 ( ; , 6 7
, 6 2 / ( )
1 2 1 ( ; , 6 7 ( ; , 6 7
( ; , 6 7
)DXOW ORFDWLRQ
) $ 8 / 7 / 2 & $ 7
+LJK UHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ HDUWKHG ( ; , 6 7
V\VWHP
1 2 1 ( ; , 6 7
( $ 5 7 + ) $ 8 / 7
1 2 1 ( ; , 6 7
3DUDPHWHU VHW FKDQJHRYHU
' , 5 1 2 1 ' , 5
3 $ 5 $ 0 & 2
' , 5 ( & & 2 0 3 $ 5 , 6 2 1 1 2 1 ( ; , 6 7
, 1 9 ( 5 6 ( 7 , 0 ( ( ; , 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 + ]
&*&
6HWWLQJ WKH GHYLFH FRQILJXUDWLRQ DGGUHVV EORFN
7KH FRQILJXUDWLRQ DIIHFWV WKH LQWHUDFWLRQ RI WKH SURWHFWLYH DQG DGGLWLRQDO IXQFWLRQV DERYH DOO IRU 6$ WKH
LQWHUDFWLRQ RI WKH DXWRUHFORVLQJ V\VWHP ZLWK WKH SURWHFWLRQ IXQFWLRQV
' ( 9 , & (
%HJLQQLQJ RI WKH EORFN k'HYLFH FRQILJXUDWLRQl
& 2 1 ) , * 8 5 $ 7 , 2 1
& % 7 ( 6 7 % , &LUFXLW EUHDNHU WHVW YLD ELQDU\ LQSXW LV FDUULHG RXW

7 5 , 3 & / 2 6 ( 3 2 / (
75,3 &/26( 32/( WKDW LV WKUHHSROH $5 F\FOH RU
HDFK SROH RQH DIWHU WKH RWKHU ZLWK D
6 ( 4 8 / / /
6(48 / / / RSHQ DQG FORVH WKLV LV RQO\ DSSOLFD
EOH ZKHQ VLQJOHSROH $5 LV XVHG RU
7 + 5 ( ( 3 2 / ( 7 5 , 3
7+5(( 32/( 75,3 ZLOO EH LQLWLDWHG ZLWKRXW UHFORVH
$ 5 Z ' , 6 7
$XWRUHFORVLQJ ZRUNV WRJHWKHU ZLWK GLVWDQFH SURWHFWLRQ
< ( 6 RU QRW
1 2
$ 5 Z R 7 ( / (
:KHQ VLJQDO WUDQVPLVVLRQ LV GLVWRUWHG RU VZLWFKHG RII
< ( 6
<(6 $5 RSHUDWHV DV VHW
12 $5 LV EORFNHG
1 2
$ 5 Z ( 0 ( 5 * (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ RSHUDWLRQ

< ( 6 <(6 $5 ZRUNV LQ DFFRUGDQFH ZLWK WKH VHWWLQJ EXW
QR DXWRUHFORVH ZKHQ RQO\ ,( SLFNXS
1 2
12 $5 LV EORFNHG
$ 5 Z , 6 ( ) (DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV

< ( 6 <(6 $5 ZRUNV LQ DFFRUGDQFH ZLWK WKH VHWWLQJ RQO\
ZKHQ WULSSLQJ RQ HDUWK IDXOW LV DOORZHG
1 2 12 $5 LV EORFNHG
&*&
$ 5 Z ( ) :LWK HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG QHWZRUNV

< ( 6
<(6 $5 ZLOO EH FDUULHG RXW EXW RQO\ WKUHHSROH
12 QR $5 ZLOO EH FDUULHG RXW
1 2
$ 5 Z ( ; 7 :LWK H[WHUQDO WULS YLD ELQDU\ LQSXW

< ( 6
<(6 $5 ZLOO EH FDUULHG RXW EXW RQO\ WKUHHSROH
12 QR $5 ZLOO EH FDUULHG RXW
1 2
&*&
0DUVKDOOLQJ RI ELQDU\ LQSXWV ELQDU\ RXWSXWV DQG /(' LQGLFDWRUV
,QWURGXFWLRQ
7KH IXQFWLRQV RI WKH ELQDU\ LQSXWV DQG RXWSXWV UHSUH FDO LQSXW PRGXOH DQG VKRXOG LQLWLDWH D ORJLFDO IXQF
VHQWHG LQ WKH JHQHUDO GLDJUDPV $SSHQGL[ $ UHODWH WLRQ QDPHO\ EORFNLQJ 7KH FRUUHVSRQGLQJ TXHVWLRQ
WR WKH IDFWRU\ VHWWLQJV 7KH DVVLJQPHQW RI WKH LQSXWV WR WKH RSHUDWRU LV WKHQ :KLFK VLJQDO IURP D SK\VL
DQG RXWSXWV RI WKH LQWHUQDO IXQFWLRQV FDQ EH UHDU FDO LQSXW UHOD\ VKRXOG LQLWLDWH ZKLFK UHDFWLRQ LQ WKH
UDQJHG DQG WKXV DGDSWHG WR WKH RQVLWH FRQGLWLRQV GHYLFH" 2QH SK\VLFDO LQSXW VLJQDO FDQ LQLWLDWH XS WR
ORJLFDO IXQFWLRQV
0DUVKDOOLQJ RI WKH LQSXWV RXWSXWV DQG /('V LV SHU
IRUPHG E\ PHDQV RI WKH LQWHJUDWHG RSHUDWRU SDQHO RU 7KH WULS UHOD\V FDQ DOVR EH DVVLJQHG GLIIHUHQW IXQF
YLD WKH RSHUDWLQJ LQWHUIDFH LQ WKH IURQW 7KH RSHUDWLRQ WLRQV (DFK WULS UHOD\ FDQ EH FRQWUROOHG E\ HDFK FRP
RI WKH RSHUDWRU SDQHO LV GHVFULEHG LQ GHWDLO LQ 6HFWLRQ PDQG IXQFWLRQ RU FRPELQDWLRQ RI FRPPDQG IXQF
0DUVKDOOLQJ EHJLQV DW WKH SDUDPHWHU DGGUHVV WLRQV

7KH ORJLFDO DQQXQFLDWLRQ IXQFWLRQV FDQ EH XVHG LQ
7KH LQSXW RI WKH FRGHZRUG LV UHTXLUHG IRU PDUVKDO PXOWLSOH PDQQHU (J RQH DQQXQFLDWLRQ IXQFWLRQ FDQ
OLQJ UHIHU WR 6HFWLRQ :LWKRXW FRGHZRUG HQWU\ WULJJHU VHYHUDO VLJQDO UHOD\V VHYHUDO WULS UHOD\V DGGL
SDUDPHWHUV FDQ EH UHDG RXW EXW QRW EH FKDQJHG WLRQDOO\ EH LQGLFDWHG E\ /('V DQG EH FRQWUROOHG E\ D
'XULQJ FRGHZRUG RSHUDWLRQ LH IURP FRGHZRUG ELQDU\ LQSXW XQLW 7KH UHVWULFWLRQ LV WKDW WKH WRWDO RI DOO
HQWU\ XQWLO WKH WHUPLQDWLRQ RI WKH PDUVKDOOLQJ SURFH SK\VLFDO LQSXWRXWSXW XQLWV ELQDU\ LQSXWV SOXV VLJQDO
GXUH WKH VROLG EDU LQ WKH GLVSOD\ IODVKHV UHOD\V SOXV /('V SOXV WULS UHOD\V ZKLFK DUH WR EH DV
VRFLDWHG ZLWK RQH ORJLFDO IXQFWLRQ PXVW QRW H[FHHG D
:KHQ WKH 6$ SURJUDPV DUH UXQQLQJ WKH VSHFLILF QXPEHU RI ,I WKLV QXPEHU LV WULHG WR EH H[FHHGHG
ORJLF IXQFWLRQV ZLOO EH DOORFDWHG WR WKH SK\VLFDO LQSXW WKH GLVSOD\ ZLOO VKRZ D FRUUHVSRQGLQJ PHVVDJH
DQG RXWSXW PRGXOHV RU /('V LQ DFFRUGDQFH ZLWK WKH
VHOHFWLRQ 7KH PDUVKDOOLQJ SURFHGXUH LV VHW XS VXFK WKDW IRU
HDFK SK\VLFDO ELQDU\ LQSXW HDFK RXWSXW UHOD\ DQG
([DPSOH )DXOW GHWHFWLRQ LV UHJLVWHUHG IURP WKH GLV IRU HDFK PDUVKDOODEOH /(' WKH RSHUDWRU ZLOO EH
WDQFH SURWHFWLRQ LQ SKDVH / 7KLV HYHQW LV JHQHU DVNHG ZKLFK ORJLFDO IXQFWLRQ VKRXOG EH DOORFDWHG
DWHG LQ 6$ DV DQ k$QQXQFLDWLRQl ORJLFDO IXQF
WLRQ DQG VKRXOG EH DYDLODEOH DW FHUWDLQ WHUPLQDOV RI 7KH RIIHUHG ORJLFDO IXQFWLRQV DUH WDEXODWHG IRU WKH
WKH XQLW DV D 12 FRQWDFW 6LQFH VSHFLILF XQLW WHUPL ELQDU\ LQSXWV RXWSXWV DQG /('V LQ WKH IROORZLQJ VHF
QDOV DUH KDUGZLUHG WR D VSHFLILF SK\VLFDO VLJQDO WLRQV
UHOD\ HJ WR WKH VLJQDO UHOD\ WKH SURFHVVRU PXVW
EH DGYLVHG WKDW WKH ORJLFDO VLJQDO k'LVW)DXOW 7KH EHJLQQLQJ RI WKH PDUVKDOOLQJ SDUDPHWHU EORFNV
/l VKRXOG EH WUDQVPLWWHG WR WKH VLJQDO UHOD\ 7KXV LV UHDFKHG E\ GLUHFWO\ VHOHFWLQJ WKH DGGUHVV
ZKHQ PDUVKDOOLQJ LV SHUIRUPHG WZR VWDWHPHQWV RI LH
WKH RSHUDWRU DUH LPSRUWDQW :KLFK ORJLFDO DQQXQFL
DWLRQ JHQHUDWHG LQ WKH SURWHFWLRQ XQLW SURJUDP SUHVV GLUHFW DGGUHVV NH\ '$
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 EDFN
$ VLPLODU VLWXDWLRQ DSSOLHV WR ELQDU\ LQSXWV ,Q WKLV ZDUGV XQWLO DGGUHVV KDV EHHQ UHDFKHG 7KH
FDVH H[WHUQDO LQIRUPDWLRQ HJ YROWDJH WUDQVIRUPHU EHJLQQLQJ RI WKH PDUVKDOOLQJ EORFNV WKHQ DSSHDUV
PFE WULSSHG LV FRQQHFWHG WR WKH XQLW YLD D SK\VL
%HJLQQLQJ RI PDUVKDOOLQJ EORFNV

0 $ 5 6 + $ / / , 1 *
&*&
2QH FDQ SURFHHG WKURXJK WKH PDUVKDOOLQJ EORFNV ( ,PPHGLDWHO\ WKH DVVRFLDWHG LGHQWLILFDWLRQ RI WKH
ZLWK WKH NH\ Â RU JR EDFN ZLWK WKH NH\ Ä :LWKLQ D IXQFWLRQ DSSHDUV IRU FKHFNLQJ SXUSRVHV 7KLV FDQ
EORFN RQH JRHV IRUZDUGV ZLWK RU EDFNZDUGV ZLWK EH DOWHUHG HLWKHU E\ HQWHULQJ D GLIIHUHQW IXQFWLRQ
(DFK IRUZDUG RU EDFNZDUG VWHS OHDGV WR GLVSOD\ RI QXPEHU RU E\ SDJLQJ WKURXJK WKH SRVVLEOH IXQF
WKH QH[W LQSXW RXWSXW RU /(' SRVLWLRQ ,Q WKH GLVSOD\ WLRQV IRUZDUGV ZLWK WKH k1RlNH\ 1 RU EDFNZDUGV
EHKLQG WKH DGGUHVV DQG WKH VROLG EDU WKH SK\VLFDO ZLWK WKH EDFNVSDFH NH\ 5 ,I WKH IXQFWLRQ KDV EHHQ
LQSXWRXWSXW XQLW IRUPV WKH KHDGLQJ FKDQJHG 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 SUHVVLQJ DUH JLYHQ 7KH DUURZV Â Ä RU DW WKH OHIW KDQG VLGH RI
WKH ) NH\ XQWLO SUHVVLQJ WKH NH\ WKH EDU EHKLQG WKH WKH GLVSOD\ ER[ LQGLFDWH SDJLQJ IURP EORFN WR EORFN
DGGUHVV QXPEHU LV UHSODFHG E\ DQ k)l 7KH GLVSOD\ ZLWKLQ WKH EORFN RU RQ WKH VHOHFWLRQ OHYHO 7KH FKDUDF
VKRZV LQ WKH XSSHU OLQH WKH SK\VLFDO LQSXWRXWSXW WHU ) EHIRUH WKH DUURZ LQGLFDWHV WKDW WKH IXQFWLRQ NH\
XQLW WKLV WLPH ZLWK D WKUHH GLJLW LQGH[ QXPEHU 7KH ) PXVW EH SUHVVHG EHIRUH SXVKLQJ WKH DUURZ NH\
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 k1RlNH\ 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\ %DFNSDJLQJ LV SRVVLEOH IXQFWLRQ NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLV
ZLWK WKH EDFNVSDFH NH\ 5 :KHQ WKH UHTXLUHG IXQF SOD\ VKRZV WKH TXHVWLRQ k6$9( 1(: 6(77,1*6"l
WLRQ DSSHDUV SUHVV WKH H[HFXWH NH\ ( $IWHU WKLV IXU &RQILUP ZLWK WKH k<HVlNH\ -< WKDW WKH QHZ DOORFD
WKHU IXQFWLRQV FDQ EH DOORFDWHG WR WKH VDPH SK\VLFDO WLRQV VKDOO EHFRPH YDOLG QRZ ,I \RX SUHVV WKH
LQSXW RU RXWSXW PRGXOH ZLWK IXUWKHU LQGH[ QXPEHUV k1RlNH\ 1 LQVWHDG FRGHZRUG RSHUDWLRQ ZLOO EH
E\ XVLQJ WKH NH\ (DFK VHOHFWLRQ PXVW EH FRQ DERUWHG LH DOO DOWHUDWLRQV ZKLFK KDYH EHHQ
ILUPHG E\ SUHVVLQJ WKH NH\ ( ,I D VHOHFWLRQ SODFH FKDQJHG VLQFH WKH ODVW FRGHZRUG HQWU\ DUH ORVW
VKDOO QRW EH DVVLJQHG WR D IXQFWLRQ VHOHFWLRQ LV PDGH 7KXV HUURQHRXV DOWHUDWLRQV FDQ EH PDGH LQHIIHF
ZLWK WKH IXQFWLRQ kQRW DOORFDWHGl WLYH
<RX FDQ OHDYH WKH VHOHFWLRQ OHYHO E\ SUHVVLQJ WKH NH\ ,I RQH WULHV WR OHDYH WKH VHWWLQJ UDQJH IRU WKH FRQILJX
FRPELQDWLRQ ) LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) UDWLRQ EORFNV LH DGGUHVV EORFNV WR ZLWK NH\V
IROORZHG E\ WKH DUURZ NH\ 7KH GLVSOD\ VKRZV Â Ä WKH GLVSOD\ VKRZV WKH TXHVWLRQ k(1' 2)
DJDLQ WKH IRXU GLJLW DGGUHVV QXPEHU RI WKH SK\VLFDO &2'(:25' 23(5$7,21 "l 3UHVV WKH k1RlNH\
LQSXWRXWSXW PRGXOH 1RZ \RX FDQ SDJH ZLWK NH\ 1 WR FRQWLQXH PDUVKDOOLQJ ,I \RX SUHVV WKH
WR WKH QH[W LQSXWRXWSXW PRGXOH RU ZLWK WR WKH SUH k<HVlNH\ -< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV
YLRXV WR UHSHDW VHOHFWLRQ SURFHGXUH DV DERYH k6$9( 1(: 6(77,1*6 "l 1RZ \RX FDQ FRQILUP
ZLWK -< RU DERUW ZLWK 1 DV DERYH
7KH ORJLFDO IXQFWLRQV DUH DOVR SURYLGHG ZLWK IXQFWLRQ
QXPEHUV ZKLFK DUH HTXDOO\ OLVWHG LQ WKH WDEOHV ,I WKH :KHQ RQH H[LWV WKH PDUVKDOOLQJ SURJUDP WKH DOWHUHG
IXQFWLRQ QXPEHU LV NQRZQ WKLV FDQ EH LQSXW GLUHFWO\ SDUDPHWHUV ZKLFK XQWLO WKHQ KDYH EHHQ VWRUHG LQ
RQ WKH VHOHFWLRQ OHYHO 3DJLQJ WKURXJK WKH SRVVLEOH YRODWLOH PHPRU\ DUH WKHQ SHUPDQHQWO\ VHFXUHG LQ
IXQFWLRQV LV WKHQ VXSHUIOXRXV :LWK GLUHFW LQSXW RI WKH ((3520V DQG SURWHFWHG DJDLQVW SRZHU RXWDJH
IXQFWLRQ QXPEHU OHDGLQJ ]HURV QHHG QRW EH HQWHUHG 7KH SURFHVVRU V\VWHP ZLOO UHVHW DQG UHVWDUW 'XULQJ
$IWHU LQSXW RI WKH IXQFWLRQ QXPEHU XVH WKH HQWHU NH\ UHVWDUW WKH GHYLFH LV QRW RSHUDWLRQDO
&*&
0DUVKDOOLQJ RI WKH ELQDU\ LQSXWV DGGUHVV EORFN
7KH XQLW FRQWDLQV ELQDU\ LQSXWV ZKLFK DUH GHVLJ

QDWHG ,1387 WR ,1387 7KH\ FDQ EH PDUVKDOOHG :LWK GLUHFW LQSXW RI WKH IXQFWLRQ QXPEHU OHDGLQJ ]HU
LQ DGGUHVV EORFN 7KH DGGUHVV EORFN LV UHDFKHG RV QHHG QRW EH XVHG 7R LQGLFDWH WKH FRQWDFW PRGH
E\ SDJLQJ LQ EORFNV Â Ä RU E\ GLUHFW DGGUHVVLQJ ZLWK WKH IXQFWLRQ QXPEHU FDQ EH H[WHQGHG E\ D GHFLPDO
'$ ( 7KH VHOHFWLRQ SURFHGXUH LV FDUULHG RXW SRLQW IROORZHG E\ RU ZKHUHE\
DV GHVFULEHG LQ 6HFWLRQ
PHDQV kQRUPDOO\ RSHQl PRGH FRUUHVSRQGV
$ FKRLFH FDQ EH PDGH IRU HDFK LQGLYLGXDO LQSXW IXQF WR k12l DV DERYH
WLRQ DV WR ZKHWKHU WKH GHVLUHG IXQFWLRQ VKRXOG EH
FRPH RSHUDWLYH LQ WKH kQRUPDOO\ RSHQl PRGH RU LQ PHDQV kQRUPDOO\ FORVHGl PRGH FRUUHVSRQGV
WKH kQRUPDOO\ FORVHGl PRGH ZKHUHE\ WR k1&l DV DERYH
12 kQRUPDOO\ RSHQl PRGH WKH LQSXW DFWV DV D 12 ,I WKH H[WHQVLRQ ZLWK RU LV RPLWWHG WKH GLVSOD\ ILUVW
FRQWDFW LH WKH FRQWURO YROWDJH DW WKH LQSXW LQGLFDWHV WKH IXQFWLRQ GHVLJQDWLRQ LQ kQRUPDOO\
WHUPLQDOV DFWLYDWHV WKH IXQFWLRQ RSHQl PRGH 12 %\ SUHVVLQJ WKH k1RlNH\ 1 WKH
PRGH LV FKDQJHG WR 1& $IWHU GLUHFW LQSXW RWKHU IXQF
1& kQRUPDOO\ FORVHGl PRGH WKH LQSXW DFWV DV D WLRQV FDQ EH VHOHFWHG E\ SDJLQJ WKURXJK WKH IXQF
1& FRQWDFW LH FRQWURO YROWDJH SUHVHQW DW WKH WLRQV IRUZDUGV ZLWK WKH k1RlNH\ 1 RU EDFNZDUGV
WHUPLQDOV WXUQV RII WKH IXQFWLRQ FRQWURO YROW ZLWK WKH EDFNVSDFH NH\ 5 7KH FKDQJHG IXQFWLRQ
DJH DEVHQW DFWLYDWHV WKH IXQFWLRQ WKHQ PXVW EH UHFRQILUPHG E\ WKH HQWU\ NH\ (
:KHQ SDJLQJ WKURXJK WKH GLVSOD\ HDFK LQSXW IXQF 1RWH 2QH ORJLFDO IXQFWLRQ PXVW QRW EH PDUVKDOOHG WR
WLRQ LV GLVSOD\HG ZLWK WKH LQGH[ k12l RU k1&l ZKHQ WZR RU PRUH ELQDU\ LQSXWV EHFDXVH DQ 25ORJLF RI
SURFHHGLQJ ZLWK WKH k1RlNH\ 1 WKH 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 LV QRW ILWWHG LQ WKH WKH DOORFDWLRQ IRU ELQDU\ LQSXW 7DEOH VKRZV DOO
UHOD\ RU KDV EHHQ SURJUDPPHG RXW kGHFRQILJ ELQDU\ LQSXWV DV SUHVHW IURP WKH IDFWRU\
XUHGl UHIHU WR 6HFWLRQ
0 $ 5 6 + $ / / , 1 *
%HJLQQLQJ RI EORFN k0DUVKDOOLQJ 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

kQRUPDOO\ 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\
% , 1 $ 5 < 0DUVKDOOLQJ ELQDU\ LQSXW

, 1 3 8 7
)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 /(' LQGLFDWRUV
!3DUDP6HOHF 3DUDPHWHU VHW VHOHFWLRQ LQ FRQMXQFWLRQ ZLWK )1R
!$QQXQF 8VHU GHILQDEOH DQQXQFLDWLRQ
!6\V7HVW 6\VWHP LQWHUIDFH PHVVDJHVYDOXHV DUH PDUNHG ZLWK k7HVW RSHUDWLRQl
!6\V00EORFN 6\VWHP LQWHUIDFH PHVVDJHV DQG PHDVXUHG YDOXHV DUH EORFNHG
!&% $X[S FO &LUFXLW EUHDNHU LV SROH FORVHG IURP &% DX[LOLDU\ FRQWDFW
!0DQXDO &ORVH &LUFXLW EUHDNHU LV PDQXDOO\ FORVHG IURP GLVFUHSDQF\ VZLWFK
!&ORVH&PG%OR %ORFN DOO FORVLQJ FRPPDQGV
!97 PFE 7ULS 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE IHHGHU KDV WULSSHG
!9 PFE 7ULS 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE EXVEDU KDV WULSSHG
!S 7ULS 3HUP ([WHUQDO $5 UHDG\ IRU VLQJOHSROH UHFORVXUH
!2QO\ SROH ([WHUQDO $5 LV SURJUDPPHG VLQJOHSROH RQO\
!5$5 5HOHDVH 5HOHDVH 5$5 VWDJHV IURP H[WHUQDO HJ H[WHUQDO $5 GHYLFH
!'$5 5HOHDVH 5HOHDVH '$5 VWDJH IURP H[WHUQDO HJ H[WHUQDO $5 GHYLFH
!6WDUW )OW/RF 6WDUW IDXOW ORFDWRU IURP H[WHUQDO FRPPDQG YLD ELQDU\ LQSXW
!&% 7HVW 7ULJJHU FLUFXLW EUHDNHU WHVW
!() 'HW RQ 6ZLWFK RQ HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP
!() 'HW RII 6ZLWFK RII HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP
!() 'HWEORF %ORFN HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP
!() EORFN %ORFN HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG V\VWHP
!() FRPS RQ 6ZLWFK RQ GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
!() FRPSRII 6ZLWFK RII GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
!() 5HFHSW &DUULHU UHFHSWLRQ VLJQDO IRU GLUHFWLRQDO () FRPSDULVRQ
!() 5HF)DLO &DUULHU UHFHSWLRQ IRU GLUHFWLRQDO HDUWK IDXOW FRPSDULVRQ IDXOW\
!2/ RQ 6ZLWFK RQ RYHUORDG SURWHFWLRQ
!2/ RII 6ZLWFK RII RYHUORDG SURWHFWLRQ
!2/ EORFN %ORFN RYHUORDG SURWHFWLRQ
!(PHU EORFN %ORFN HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
!,!! EORFN %ORFN ,!! VWDJH RI HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
!$5 RQ 6ZLWFK RQ LQWHUQDO DXWRUHFORVH IXQFWLRQ
!$5 RII 6ZLWFK RII LQWHUQDO DXWRUHFORVH IXQFWLRQ
!$5 EORFN %ORFN LQWHUQDO DXWRUHFORVH IXQFWLRQ VWDWLFDOO\
!$5 UHVHW 5HVHW LQWHUQDO DXWRUHFORVH IXQFWLRQ
!S 5$5 EORFN %ORFN VLQJOHSROH 5$5
!S 5$5 EORFN %ORFN WKUHHSROH 5$5
!5$5 EORFN %ORFN FRPSOHWH 5$5
!'$5 EORFN %ORFN FRPSOHWH '$5
!6WDUW $5 6WDUW VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO $5
!7ULS / $5 7ULS VLJQDO / IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO $5
!7ULS S $5 7ULS VLJQDO VLQJOHSROH IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO $5
!7ULS S $5 7ULS VLJQDO WKUHHSROH IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO $5
!'$5 DIW 5$5 '$5 LV SHUPLWWHG RQO\ DIWHU XQVXFFHVVIXO 5$5
!&% UHDG\ &LUFXLW EUHDNHU UHDG\ IRU $5 F\FOH
!6\QFUHOHDVH 5HFORVH UHOHDVH IURP DQ H[WHUQDO V\QFKURQLVPFKHFN UHOD\
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU ELQDU\ LQSXWV FRQWLQXHG QH[W SDJH
&*&

!6\QF RQ 6ZLWFK RQ LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
!6\QF RII 6ZLWFK RII LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
!6\QF EORFN %ORFN LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
!6\QF 6WDUW 6WDUWWRPHDVXUH VLJQDO IRU LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN
!6\QF V\QFK 6\QFKURFKHFN SURJUDP FKHFN V\QFKURQLVP
!6\QF 8!8 6\QFKURFKHFN SURJUDP OLYH OLQH GHDG EXV
!6\QF 88! 6\QFKURFKHFN SURJUDP GHDG OLQH OLYH EXV
!6\QF 88 6\QFKURFKHFN SURJUDP GHDG OLQH GHDG EXV
!6\QF RULGH 6\QFKURFKHFN SURJUDP RYHUULGH DQ\ FKHFN
!'LVW EORFN %ORFN GLVWDQFH SURWHFWLRQ
!([WHQV =% 5HOHDVH GLVWDQFH RYHUUHDFKLQJ ]RQH =% IURP H[WHUQDO
!([WHQV =/ 5HOHDVH GLVWDQFH RYHUUHDFKLQJ ]RQH =/ IURP H[WHUQDO
!'LV 5HFHSW &DUULHU UHFHSWLRQ VLJQDO IRU GLVWDQFH SURWHFWLRQ
!'LV5HF)DLO &DUULHU UHFHSWLRQ IRU GLVWDQFH SURWHFWLRQ IDXOW\
!'LV3277 RQ 6ZLWFK RQ SHUPLVVLYH RYHUUHDFK WUDQVIHU IXQFWLRQ
!'LV3277 RII 6ZLWFK RII SHUPLVVLYH RYHUUHDFK WUDQVIHU IXQFWLRQ
!'LV3877 RQ 6ZLWFK RQ SHUPLVVLYH XQGHUUHDFK WUDQVIHU IXQFWLRQ
!'LV3877 RII 6ZLWFK RII SHUPLVVLYH XQGHUUHDFK WUDQVIHU IXQFWLRQ
!([W7ULS EON %ORFN WULS VLJQDO IURP H[WHUQDO SURWHFWLRQ IXQFWLRQ
!([W7ULS / 7ULS VLJQDO / IURP H[WHUQDO SURWHFWLRQ IXQFWLRQ
!([W7USZR$5 7ULS VLJQDO IURP H[WHUQDO SURWHFWLRQ IXQFWLRQ ZLWKRXW DXWRUHFORVXUH
!8VHU 76WDUW 8VHU GHILQDEOH ORJLF IXQFWLRQ WLPHU VWDUW
!8VHU 75HVHW 8VHU GHILQDEOH ORJLF IXQFWLRQ WLPHU UHVHW
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 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE KDV

,1387 !97 PFE 7ULS 12 WULSSHG
%,1$5< ,1387 IURP FLUFXLW EUHDNHU DX[LOLDU\ FRQWDFW &% SRVL
,1387 !&% $X[S FO 12 WLRQ LV 21
%,1$5< ,1387 0DQXDO FORVH FRPPDQG IURP GLVFUHSDQF\

,1387 !0DQXDO &ORVH 12 VZLWFK
%,1$5< ,1387

,1387 !'LV 5HFHSW 12
IURP FDUULHU GHYLFH IRU WHOHSURWHFWLRQ ZLWK GLV
%,1$5< ,1387 WDQFH SURWHFWLRQ
,1387 !'LV5HF)DLO 12
%,1$5< ,1387

,1387 !&% UHDG\ 12
%,1$5< ,1387 %LQDU\ LQSXWV WR DUH RQO\ HIIHFWLYH ZKHQ WKH
,1387 !$5 EORFN 12 LQWHUQDO DXWRUHFORVH IXQFWLRQ LV DYDLODEOH LQ WKH
UHOD\ DQG KDV EHHQ FRQILJXUHG DV (;,67 UHIHU
%,1$5< ,1387 WR 6HFWLRQ
,1387 !$5 RQ 12
%,1$5< ,1387

,1387 !$5 RII 12
7DEOH 3UHVHW ELQDU\ LQSXWV
&*&
0DUVKDOOLQJ RI WKH VLJQDO RXWSXW UHOD\V DGGUHVV EORFN
7KH XQLW FRQWDLQV VLJQDO RXWSXWV DODUP UHOD\V 1RWH DV WR 7DEOH $QQXQFLDWLRQV ZKLFK DUH LQGL
7KH VLJQDO UHOD\V DUH GHVLJQDWHG 6,*1$/ 5(/$< FDWHG E\ D OHDGLQJ k!l VLJQ UHSUHVHQW WKH GLUHFW
WR 6,*1$/ 5(/$< DQG FDQ EH PDUVKDOOHG LQ DG FRQILUPDWLRQ RI WKH ELQDU\ LQSXWV DQG DUH DYDLODEOH DV
GUHVV EORFN 7KH EORFN LV UHDFKHG E\ SDJLQJ LQ ORQJ DV WKH FRUUHVSRQGLQJ ELQDU\ LQSXW LV HQHUJL]HG
EORFNV ZLWK Â Ä RU E\ GLUHFWO\ DGGUHVVLQJ '$
( 7KH VHOHFWLRQ SURFHGXUH LV FDUULHG RXW DV GH )XUWKHU LQIRUPDWLRQ DERXW DQQXQFLDWLRQV VHH 6HF
VFULEHG LQ 6HFWLRQ 0XOWLSOH DQQXQFLDWLRQV DUH WLRQ
SRVVLEOH LH RQH ORJLFDO DQQXQFLDWLRQ IXQFWLRQ FDQ
EH JLYHQ WR VHYHUDO SK\VLFDO VLJQDO UHOD\V VHH DOVR 7KH DVVLJQPHQW RI WKH RXWSXW VLJQDO UHOD\V DV GHOLY
6HFWLRQ HUHG IURP IDFWRU\ LV VKRZQ LQ WKH JHQHUDO GLDJUDPV
LQ $SSHQGL[ $ 7KH IROORZLQJ ER[HV VKRZ H[DPSOHV
7DEOH JLYHV D OLVWLQJ RI DOO DQQXQFLDWLRQ IXQFWLRQV IRU PDUVKDOOLQJ ,Q WKH H[DPSOH IRU VLJQDO UHOD\ WKH
ZLWK WKH DVVRFLDWHG IXQFWLRQ QXPEHUV )1R $QQXQ JURXS DQQXQFLDWLRQ IRU VHYHUDO DQQXQFLDWLRQ IXQF
FLDWLRQ IXQFWLRQV DUH QDWXUDOO\ QRW HIIHFWLYH ZKHQ WKH WLRQV RQ RQH VLJQDO UHOD\ LV VKRZQ 7DEOH VKRZV
FRUUHVSRQGLQJ SURWHFWLRQ IXQFWLRQ LV QRW ILWWHG LQ WKH DOO VLJQDO UHOD\V DV SUHVHW IURP WKH IDFWRU\
UHOD\ RU KDV EHHQ SURJUDPPHG RXW kGHFRQILJXUHGl
UHIHU WR 6HFWLRQ
0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI WKH EORFN k0DUVKDOOLQJ RI WKH RXWSXW

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

7UDQVPLVVLRQ VLJQDO IRU FDUULHU IRU WHOHSURWHFWLRQ
' L V 6 H Q G ZLWK GLVWDQFH SURWHFWLRQ )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\ 6LJQDO UHOD\ UHSUHVHQWV DV SUHVHW IURP WKH IDFWRU\ DQ H[DPSOH IRU D JURXS DQQXQFLDWLRQ LH
VHYHUDO ORJLFDO DQQXQFLDWLRQ IXQFWLRQV DUH JLYHQ WR RQH RXWSXW VLJQDO UHOD\
) 6 , * 1 $ / $OORFDWLRQV IRU VLJQDO UHOD\

5 ( / $ < 0HDQLQJ k)DLOXUH LQ PHDVXUHG TXDQWLWLHVl

VW 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE KDV
! 9 7 P F E 7 U L S
WULSSHG )1R
&*&

QG )DLOXUH GHWHFWHG E\ PHDVXUHG FXUUHQW VXP
) D L O X U H 5 , PRQLWRU )1R

UG )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH VXP
) D L O X U H 58 S H PRQLWRU SKDVHWRHDUWK )1R

WK )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH VXP
) D L O X U H 5 8 S S
PRQLWRU SKDVHWRSKDVH )1R

) D L O X U H , V \ P P WK )DLOXUH GHWHFWHG E\ PHDVXUHG FXUUHQW V\PPH
WU\ PRQLWRU )1R

) D L O X U H 8 V \ P P WK )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH V\P
PHWU\ PRQLWRU SKDVHWRSKDVH )1R

) D L O X U H 8 P H D V WK )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH PRQLWRU
PHDVXUHG YROWDJH FROODSVHG )1R
5 ( / $ <
6LJQDO UHOD\ KDV EHHQ SUHVHW IRU
) X V H ) D L O X U H WK )DLOXUH GHWHFWHG E\ IXVH IDLOXUH PRQLWRU )1R

5 ( / $ <
6LJQDO UHOD\ KDV EHHQ SUHVHW IRU
) D L O 3 K D V H 6 H T
WK )DLOXUH GHWHFWHG E\ SKDVH VHTXHQFH PRQLWRU
)1R
5 ( / $ <
Q R W D O O R F D W H G QR IXUWKHU IXQFWLRQV DUH SUHVHW IRU VLJQDO UHOD\
$IWHU LQSXW RI DOO DQQXQFLDWLRQ IXQFWLRQV IRU VLJQDO UHOD\ FKDQJH EDFN WR WKH PDUVKDOOLQJ OHYHO LV FDUULHG RXW
ZLWK )
6 , * 1 $ / $OORFDWLRQV IRU VLJQDO UHOD\

5 ( / $ < 0HDQLQJ k)DLOXUH LQ PHDVXUHG TXDQWLWLHVl
&*&

QRW DOORFDWHG 1R DQQXQFLDWLRQ DOORFDWHG
!7LPH 6\QFKUR 6\QFKURQL]H LQWHUQDO UHDO WLPH FORFN
!6WDUW )OW5HF 6WDUW IDXOW UHFRUGLQJ E\ H[WHUQDO FRPPDQG YLD ELQDU\ LQSXW
!/(' UHVHW 5HVHW /(' LQGLFDWRUV
!6\V7HVW 6\VWHP LQWHUIDFH PHVVDJHVYDOXHV DUH PDUNHG ZLWK k7HVW RSHUDWLRQl
!6\V00EORFN 6\VWHP LQWHUIDFH PHVVDJHV DQG PHDVXUHG YDOXHV DUH EORFNHG
'HYRSHUDWLYH 3URWHFWLRQ GHYLFH RSHUDWLYH
3URW RSHUDW $W OHDVW RQH SURWHFWLRQ IXQFWLRQ LV RSHUDWLYH
/(' UHVHW 6WRUHG DQQXQFLDWLRQV 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 $' FRQYHUWHU
)DLOXUH ,2 )DLOXUH LQ ILUVW LQSXWRXWSXW PRGXOH EDVH PRGXOH *($
)DLOXUH ,2 )DLOXUH LQ DGGLWLRQDO LQSXWRXWSXW PRGXOH DGGLWLRQDO PRGXOH =($
, VXSHUYLVLRQ *HQHUDO IDLOXUH GHWHFWHG E\ FXUUHQW VXSHUYLVLRQ
)DLOXUH 5, )DLOXUH VXSHUYLVLRQ 5, PHDVXUHG FXUUHQWV
)DLOXUH ,V\PP )DLOXUH VXSHUYLVLRQ V\PPHWU\ ,
8 VXSHUYLVLRQ *HQHUDO IDLOXUH GHWHFWHG E\ YROWDJH VXSHUYLVLRQ
)DLOXUH 58SH )DLOXUH VXSHUYLVLRQ 58 SKDVHHDUWK
)DLOXUH 58SS )DLOXUH VXSHUYLVLRQ 58 SKDVHSKDVH
)DLOXUH 8V\PP )DLOXUH VXSHUYLVLRQ V\PPHWU\ 8
)DLOXUH 8PHDV )DLOXUH PHDVXUHG YROWDJH
)XVH)DLOXUH )XVH IDLOXUH PRQLWRU RSHUDWHG
)DLO3KDVH6HT )DLOXUH VXSHUYLVLRQ SKDVH VHTXHQFH
!&% $X[S FO &LUFXLW EUHDNHU SRVLWLRQ LV 21 IURP &% DX[LOLDU\ FRQWDFW
!0DQXDO &ORVH &LUFXLW EUHDNHU LV PDQXDOO\ FORVHG IURP GLVFUHSDQF\ VZLWFK
!&ORVH&PG%OR %ORFN FORVLQJ FRPPDQG
!97 PFE 7ULS 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE IHHGHU KDV WULSSHG
!9 PFE 7ULS 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE EXVEDU KDV WULSSHG
!S 7ULS 3HUP ([WHUQDO $5 UHDG\ IRU SROH UHFORVXUH
!2QO\ SROH ([WHUQDO $5 LV SURJUDPPHG SROH RQO\
!5$5 5HOHDVH 5HOHDVH 5$5 VWDJHV IURP H[WHUQDO
!'$5 5HOHDVH 5HOHDVH '$5 VWDJHV IURP H[WHUQDO
'HYLFH )OW'HW *HQHUDO IDXOW GHWHFWLRQ RI WKH GHYLFH
'HY)OW'HW / )DXOW GHWHFWLRQ RI WKH GHYLFH SKDVH /
'HY)OW'HW ( )DXOW GHWHFWLRQ RI WKH GHYLFH HDUWK IDXOW
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU VLJQDO UHOD\V DQG /('V FRQWLQXHG QH[W SDJH
&*&

'HYLFH 7ULS *HQHUDO WULS RI WKH GHYLFH
'HY7ULS S/ 7ULS E\ WKH GHYLFH VLQJOHSROH /
'HY7ULS S 7ULS E\ WKH GHYLFH WKUHHSROH ///
'HY7ULS IRUZ 7ULS E\ WKH GHYLFH RQ IDXOW LQ IRUZDUG OLQH GLUHFWLRQ
'HY7ULS UHY 7ULS E\ WKH GHYLFH RQ IDXOW LQ UHYHUVH EXVEDU GLUHFWLRQ
0DQXDO &ORVH 0DQXDO FORVH LQGLFDWLRQ RI FLUFXLW EUHDNHU
0DQ&ORVH &PG 0DQXDO FORVH FRPPDQG IRU WKH FLUFXLW EUHDNHU
&% $ODUP 6XSS &LUFXLW EUHDNHU RSHUDWLRQ DODUP VXSSUHVVHG
!6WDUW )OW/RF 6WDUW IDXOW ORFDWRU E\ H[WHUQDO FRPPDQG YLD ELQDU\ LQSXW
!&% 7HVW 7ULJJHU FLUFXLW EUHDNHU WHVW
&% LQ 7HVW &LUFXLW EUHDNHU WHVW LV LQ SURJUHVV
&% 7HVW 7ULS 7ULS E\ LQWHUQDO FLUFXLW EUHDNHU WHVW IXQFWLRQ JHQHUDO
&% 7HVW S / 7ULS E\ LQWHUQDO FLUFXLW EUHDNHU WHVW IXQFWLRQ VLQJOHSROH /
&% 7HVW S 7ULS E\ LQWHUQDO FLUFXLW EUHDNHU WHVW IXQFWLRQ WKUHHSROH /
!() 'HW RQ 6ZLWFK RQ HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP
!() 'HW RII 6ZLWFK RII HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP
!() 'HWEORF %ORFN HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP
() 'HW RII (DUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP LV VZLWFKHG RII
() 'HWEORFN (DUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP LV EORFNHG
() 'HWDFWLY (DUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHP LV DFWLYH
() 'HWHFWLRQ (DUWK IDXOW LQ QRQHDUWKHG V\VWHP GHWHFWHG
() 'HWHF / (DUWK IDXOW QRQHDUWKHG LQ SKDVH / GHWHFWHG
() IRUZDUGV (DUWK IDXOW QRQHDUWKHG LQ IRUZDUG GLUHFWLRQ GHWHFWHG
() UHYHUVH (DUWK IDXOW QRQHDUWKHG LQ UHYHUVH GLUHFWLRQ GHWHFWHG
() XQGHILQHG (DUWK IDXOW QRQHDUWKHG GLUHFWLRQ XQGHILQHG
() 'HW 7ULS 7ULS E\ HDUWK IDXOW GHWHFWLRQ
!() EORFN %ORFN HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG QHWZRUNV
!() FRPS RQ 6ZLWFK RQ HDUWK IDXOW SURWHFWLRQ
!() FRPSRII 6ZLWFK RII HDUWK IDXOW SURWHFWLRQ
!() 5HFHSW 5HFHSWLRQ VLJQDO IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
!() 5HF)DLO 5HFHSWLRQ IDLOXUH IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ
() 3URW RII (DUWK IDXOW SURWHFWLRQ LV VZLWFKHG RII
() EORFNHG (DUWK IDXOW SURWHFWLRQ LV EORFNHG
() DFWLYH (DUWK IDXOW SURWHFWLRQ LV DFWLYH
() 'LUEORFN (DUWK IDXOW SURWHFWLRQ GLUHFWLRQDO VWDJH LV EORFNHG
() )OW,H! (DUWK IDXOW SURWHFWLRQ ORZ YDOXH VWDJH ,( SLFNHG XS
() )OW ,H! (DUWK IDXOW SURWHFWLRQ QRQGLUHFWLRQDO VWDJH ,( SLFNHG XS GHILQLWH RU
LQYHUVH WLPH
() )OW ,H ! (DUWK IDXOW SURWHFWLRQ GLUHFWLRQDO VWDJH ,( SLFNHG XS
() 8H! (DUWK IDXOW GLVSODFHPHQW YROWDJH 8H! SLFNHG XS
() 7'HOD\ (DUWK IDXOW SURWHFWLRQ GHOD\ WLPH H[SLUHG
() 7! (DUWK IDXOW SURWHFWLRQ GLUHFWLRQDO GHOD\ WLPH H[SLUHG
() 7! (DUWK IDXOW SURWHFWLRQ QRQGLUHFWLRQDO GHOD\ WLPH H[SLUHG
() 7ULS 7ULS E\ HDUWK IDXOW SURWHFWLRQ JHQHUDO
() 'LU RII 'LUHFWLRQDO HDUWK IDXOW SURWHFWLRQ LV VZLWFKHG RII
() 6HQG &DUULHU WUDQVPLVVLRQ VLJQDO IRU GLUHFWLRQDO FRPSDULVRQ ()
() (FKR (FKR VLJQDO VHQW IRU GLUHFWLRQDO FRPSDULVRQ ()
() 7UDQV%ORF 7UDQVLHQW EORFNLQJ RI HDUWK IDXOW SURWHFWLRQ DIWHU H[WHUQDO IDXOW
&*&

!2/ RQ 6ZLWFK RQ WKHUPDO RYHUORDG SURWHFWLRQ
!2/ RII 6ZLWFK RII WKHUPDO RYHUORDG SURWHFWLRQ
!2/ EORFN %ORFN WKHUPDO 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
2/ :DUQ , 7KHUPDO RYHUORDG SURWHFWLRQ FXUUHQW ZDUQLQJ VWDJH SLFNHG XS
2/ :DUQ 3 7KHUPDO RYHUORDG SURWHFWLRQ WKHUPDO ZDUQLQJ VWDJH SLFNHG XS
2/ SLFNXS 3 7KHUPDO RYHUORDG SURWHFWLRQ IDXOW GHWHFWLRQ RI WULS VWDJH
2/ 7ULS 7KHUPDO RYHUORDG SURWHFWLRQ WULS E\ WULS VWDJH
!(PHU EORFN %ORFN HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
!,!! EORFN %ORFN ,!! VWDJH RI HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
(PHU RII (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV VZLWFKHG RII
(PHU EORFN (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV EORFNHG
(PHU DFWLYH (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV DFWLYH
(PHU PRGH (PHUJHQF\ RYHUFXUUHQW WLPH PRGH LV UXQQLQJ
(PHU*HQ)OW *HQHUDO IDXOW GHWHFWLRQ RI HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
(PHU )OW / )DXOW GHWHFWLRQ / RI HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
(PHU )OW ( (DUWK IDXOW GHWHFWLRQ RI HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
(PHU ,!! )DXOW GHWHFWLRQ RI ,!! VWDJH RI HPHUJHQF\ 2& SURWHFWLRQ
(PHU ,! )DXOW GHWHFWLRQ RI ,! VWDJH RI HPHUJHQF\ 2& SURWHFWLRQ
(PHU ,(! )DXOW GHWHFWLRQ RI ,(! VWDJH RI HPHUJHQF\ 2& SURWHFWLRQ
(PHU 7,!! (PHUJHQF\ 2& SURWHFWLRQ WLPH 7,!! H[SLUHG
(PHU 7,! (PHUJHQF\ 2& SURWHFWLRQ WLPH 7,! H[SLUHG
(PHU 7,(! (PHUJHQF\ 2& SURWHFWLRQ WLPH 7,(! H[SLUHG
(PHU*HQ7ULS *HQHUDO WULS E\ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
(PHU7ULSS/ 7ULS VLQJOHSROH / E\ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
(PHU7ULS S 7ULS WKUHHSROH E\ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
!$5 RQ 6ZLWFK RQ LQWHUQDO DXWRUHFORVH IXQFWLRQ
!$5 RII 6ZLWFK RII LQWHUQDO DXWRUHFORVH IXQFWLRQ
!$5 EORFN %ORFN LQWHUQDO DXWRUHFORVH IXQFWLRQ DERUW
!$5 UHVHW 5HVHW LQWHUQDO DXWRUHFORVH IXQFWLRQ
!S 5$5 EORFN %ORFN VLQJOHSROH UDSLG DXWRUHFORVXUH 5$5 VW VKRW
!S 5$5 EORFN %ORFN WKUHHSROH UDSLG DXWRUHFORVXUH 5$5 VW VKRW
!5$5 EORFN %ORFN FRPSOHWH UDSLG DXWRUHFORVXUH 5$5 VW VKRW
!'$5 EORFN %ORFN FRPSOHWH GHOD\HG DXWRUHFORVXUH '$5 IXUWKHU VKRWV
!6WDUW $5 6WDUW VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU $5
!7ULS / $5 7ULS VLJQDO / IURP H[WHUQDO SURWHFWLRQ IRU $5
!7ULS S $5 7ULS VLJQDO VLQJOHSROH IURP H[WHUQDO SURWHFWLRQ IRU $5
!7ULS S $5 7ULS VLJQDO WKUHHSROH IURP H[WHUQDO SURWHFWLRQ IRU $5
!'$5 DIW 5$5 '$5 LV SHUPLWWHG RQO\ DIWHU XQVXFFHVVIXO 5$5
!&% UHDG\ &LUFXLW EUHDNHU UHDG\ IRU $5 F\FOH
!6\QFUHOHDVH 5HFORVH UHOHDVH E\ DQ H[WHUQDO V\QFKURQLVPFKHFN UHOD\
$5 RII ,QWHUQDO DXWRUHFORVH IXQFWLRQ LV VZLWFKHG RII
$5 RQ ,QWHUQDO DXWRUHFORVH IXQFWLRQ LV VZLWFKHG RQ
&*&

$5 LQRSHUDWLY ,QWHUQDO DXWRUHFORVH IXQFWLRQ LV QRW RSHUDWLYH
$5 QRW UHDG\ ,QWHUQDO DXWRUHFORVH IXQFWLRQ LV QRW UHDG\ IRU UHFORVH
$5 EORFNG\Q ,QWHUQDO DXWRUHFORVH IXQFWLRQ LV EORFNHG G\QDPLFDOO\
&% QRW UHDG\ &LUFXLW EUHDNHU QRW UHDG\ IRU D WULSUHFORVH F\FOH
$5 7&% ([S &LUFXLW EUHDNHU VXSHUYLVLRQ WLPH H[SLUHG
$5 LQ SURJ $XWRUHFORVH F\FOH LV LQ SURJUHVV
5$5 RQO\ ,QWHUQDO $5 IXQFWLRQ LV SURJUDPPHG WR SHUIRUP RQO\ 5$5 F\FOH
5$5 7DFWUXQ $XWRUHFORVH IXQFWLRQ DFWLRQ WLPH IRU 5$5 LV UXQQLQJ
5$5 7S UXQ $XWRUHFORVH IXQFWLRQ VLQJOHSROH GHDG WLPH IRU 5$5 LV UXQQLQJ
5$5 7S UXQ $XWRUHFORVH IXQFWLRQ WKUHHSROH GHDG WLPH IRU 5$5 LV UXQQLQJ
5$5 S 3URJ 5$5 IXQFWLRQ LV SURJUDPPHG WR SHUIRUP RQO\ VLQJOHSROH $5
5$5 S 3URJ 5$5 IXQFWLRQ LV SURJUDPPHG WR SHUIRUP RQO\ WKUHHSROH $5
5$5 =RQH 5HO ,QWHUQDO $5 IXQFWLRQ LV UHDG\ WR SHUPLW WULS LQ 5$5 VWDJH
$5 HYROYIOW $XWRUHFORVH IXQFWLRQ HYROYLQJ IDXOW UHFRJQL]HG GXULQJ GHDG WLPH
'$5 RQO\ ,QWHUQDO $5 IXQFWLRQ LV SURJUDPPHG WR SHUIRUP RQO\ '$5 F\FOHV
'$5 7DFW UXQ $XWRUHFORVH IXQFWLRQ DFWLRQ WLPH IRU '$5 LV UXQQLQJ
'$5 7S UXQ $XWRUHFORVH IXQFWLRQ GHDG WLPH IRU ILUVW '$5 LV UXQQLQJ
'$5 7S UXQ $XWRUHFORVH IXQFWLRQ GHDG WLPH IRU VHFRQG '$5 LV UXQQLQJ
'$5 7S UXQ $XWRUHFORVH IXQFWLRQ GHDG WLPH IRU IXUWKHU '$5 LV UXQQLQJ
'$5 =RQH 5HO LQWHUQDO $5 IXQFWLRQ LV UHDG\ WR SHUPLW WULS LQ '$5 VWDJH
$5 &ORVH &PG 5HFORVH FRPPDQG E\ LQWHUQDO DXWRUHFORVH IXQFWLRQ
5$5 S &ORVH 5HFORVH FRPPDQG DIWHU SROH 5$5
5$5 S &ORVH 5HFORVH FRPPDQG DIWHU SROH 5$5 UDSLG $5
'$5 S &ORVH 5HFORVH FRPPDQG DIWHU SROH '$5 GHOD\HG $5
$5 75HFOUXQ $XWRUHFORVH IXQFWLRQ UHFODLP WLPH LV UXQQLQJ
$5 VXFFHVVIXO $XWRUHFORVXUH ZDV VXFFHVVIXO
'HILQLW7ULS 'HILQLWLYH ILQDO WULS VLJQDO
S 7ULS SHUP ,QWHUQDO $5 IXQFWLRQ LV UHDG\ WR SHUPLW VLQJOH SROH WULS
6\QF0HDV5HT ,QWHUQDO $5 IXQFWLRQ UHTXHVW IRU V\QFKURQLVP RU YROWDJH FKHFN
$5 7ULS S ,QWHUQDO $5 IXQFWLRQ WULSV WKUHHSROH EHFDXVH EORFNHG
!6\QF RQ 6ZLWFK RQ V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
!6\QF RII 6ZLWFK RII V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
!6\QF EORFN %ORFN V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
!6\QF 6WDUW 6WDUWWRPHDVXUH VLJQDO IRU LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN
!6\QF V\QFK 6\QFKURFKHFN SURJUDP FKHFN V\QFKURQLVP
!6\QF 8!8 6\QFKURFKHFN SURJUDP OLYH OLQH GHDG EXV
!6\QF 88! 6\QFKURFKHFN SURJUDP GHDG OLQH OLYH EXV
!6\QF 88 6\QFKURFKHFN SURJUDP GHDG OLQH GHDG EXV
!6\QF RULGH 6\QFKURFKHFN SURJUDP RYHUULGH DQ\ FKHFN
6\QF RII 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV VZLWFKHG RII
6\QF EORFNHG 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV EORFNHG
6\QF IDXOW\ 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV GLVWXUEHG
6\QF7VXS([S &LUFXLW EUHDNHU VXSHUYLVLRQ WLPH H[SLUHG
6\QF UXQQLQJ 6\QFKURQLVP DQG YROWDJH FKHFN LV UXQQLQJ
6\QF2YHUULGH 6\QFKURQLVP DQG YROWDJH FKHFN KDV VWDWHG RYHUULGH
6\QF 6\QFKUR 6\QFKURQLVP DQG YROWDJH FKHFN KDV VWDWHG V\QFKURQLVP
6\QF 8!8 6\QFKURQLVP DQG YROWDJH FKHFN KDV VWDWHG OLYH OLQH GHDG EXV
6\QF 88! 6\QFKURQLVP DQG YROWDJH FKHFN KDV VWDWHG GHDG OLQH OLYH EXV
6\QF 88 6\QFKURQLVP DQG YROWDJH FKHFN KDV VWDWHG GHDG OLQH GHDG EXV
6\QF 8GLII! 6\QFKURQLVP FKHFN '8 H[FHHGHG
6\QF IGLII! 6\QFKURQLVP FKHFN 'I H[FHHGHG
6\QF GLII! 6\QFKURQLVP FKHFN ' H[FHHGHG
&*&

6\QF UHOHDVH 6\QFKURQLVP DQG YROWDJH FKHFN FORVLQJ UHOHDVH
6\QF&ORVH&PG 6\QFKURQLVP DQG YROWDJH FKHFN FORVLQJ FRPPDQG
!'LVW EORFN %ORFN GLVWDQFH SURWHFWLRQ
!([WHQV =% 5HOHDVH GLVWDQFH RYHUUHDFKLQJ ]RQH =% IURP H[WHUQDO
!([WHQV =/ 5HOHDVH GLVWDQFH RYHUUHDFKLQJ ]RQH =/ IURP H[WHUQDO
'LVW RII 'LVWDQFH SURWHFWLRQ LV VZLWFKHG RII
'LVW EORFNHG 'LVWDQFH SURWHFWLRQ LV EORFNHG
'LVW DFWLYH 'LVWDQFH SURWHFWLRQ LV DFWLYH
'LV=% $5 EON 'LVWDQFH SURWHFWLRQ EORFNV UHFORVXUH DIWHU IDXOW LQ ]RQH =%
'LV=/ $5 EON 'LVWDQFH SURWHFWLRQ EORFNV UHFORVXUH DIWHU IDXOW LQ ]RQH =/
'LVW*HQ)OW 'LVWDQFH SURWHFWLRQ *HQHUDO IDXOW GHWHFWLRQ
'LVW)DXOW / 'LVWDQFH SURWHFWLRQ )DXOW GHWHFWLRQ /
'LVW)DXOW ( 'LVWDQFH SURWHFWLRQ (DUWK IDXOW GHWHFWLRQ
/RRS /( I 'LVWDQFH SURWHFWLRQ )DXOW LQ ORRS /( LQ IRUZDUG GLUHFWLRQ
/RRS / I 'LVWDQFH SURWHFWLRQ )DXOW LQ ORRS // LQ IRUZDUG GLUHFWLRQ
/RRS /( U 'LVWDQFH SURWHFWLRQ )DXOW LQ ORRS /( LQ UHYHUVH GLUHFWLRQ
/RRS / U 'LVWDQFH SURWHFWLRQ )DXOW LQ ORRS // LQ UHYHUVH GLUHFWLRQ
'LVW )RU'LU 'LVWDQFH SURWHFWLRQ )DXOW LQ IRUZDUG GLUHFWLRQ
'LVW 5HY'LU 'LVWDQFH SURWHFWLRQ )DXOW LQ UHYHUVH GLUHFWLRQ
'LVW 7 'LVWDQFH SURWHFWLRQ 7LPH 7 VW VWDJH H[SLUHG
'LVW 7 'LVWDQFH SURWHFWLRQ 7LPH 7 QG VWDJH H[SLUHG
'LVW 7 'LVWDQFH SURWHFWLRQ 7LPH 7 UG VWDJH H[SLUHG
'LVW 7 'LVWDQFH SURWHFWLRQ 7LPH 7 WK VWDJH GLUHFWLRQDO H[SLUHG
'LVW 7 'LVWDQFH SURWHFWLRQ 7LPH 7 ILQDO VWDJH H[SLUHG
'LVW 7% 'LVWDQFH SURWHFWLRQ 7LPH 7% VW H[WHQGHG VWDJH H[SLUHG
'LVW 7/ 'LVWDQFH SURWHFWLRQ 7LPH 7/ QG H[WHQGHG VWDJH H[SLUHG
'LV*HQ 7ULS 'LVWDQFH SURWHFWLRQ *HQHUDO 7ULS FRPPDQG
'LV7ULS S/ 'LVWDQFH SURWHFWLRQ 7ULS VLQJOHSROH /
'LV7ULS S 'LVWDQFH SURWHFWLRQ 7ULS WKUHHSROH
'LV7ULS EDFN 'LVWDQFH SURWHFWLRQ 7ULS ZLWK D KLJKHU EDFNXS VWDJH
'LV7ULS=S 'LVWDQFH SURWHFWLRQ 7ULS LQ VWDJH =7 VLQJOHSROH
'LV7ULS=S 'LVWDQFH SURWHFWLRQ 7ULS LQ VWDJH =7 WKUHHSROH
'LV7ULS=%S 'LVWDQFH SURWHFWLRQ 7ULS LQ H[WHQGHG VWDJH =%7% VLQJOHSROH
'LV7ULS=%S 'LVWDQFH SURWHFWLRQ 7ULS LQ H[WHQGHG VWDJH =%7% WKUHHSROH
'LV7ULS =/ 'LVWDQFH SURWHFWLRQ 7ULS LQ H[WHQGHG VWDJH =/7/
'LV7ULS=S 'LVWDQFH SURWHFWLRQ 7ULS LQ VWDJH =7 VLQJOHSROH
'LV7ULS=S 'LVWDQFH SURWHFWLRQ 7ULS LQ VWDJH =7 WKUHHSROH
'LV7ULS=7 'LVWDQFH SURWHFWLRQ 7ULS LQ VWDJH =7
'LV7ULS )'! 'LVWDQFH SURWHFWLRQ 7ULS LQ GLUHFWLRQDO VWDJH IDXOW GHWHFWLRQ
'LV7ULS ! 'LVWDQFH SURWHFWLRQ 7ULS LQ QRQGLUHFWLRQDO VWDJH IDXOW GHWHFWLRQ
&*&

!'LV 5HFHSW &DUULHU UHFHSWLRQ VLJQDO IRU GLVWDQFH SURWHFWLRQ
!'LV5HF)DLO &DUULHU UHFHSWLRQ IDXOW\ VLJQDO IRU GLVWDQFH SURWHFWLRQ
!'LV3277 RQ 6ZLWFK RQ SHUPLVVLYH RYHUUHDFK WUDQVIHU IXQFWLRQ
!'LV3277 RII 6ZLWFK RII SHUPLVVLYH RYHUUHDFK WUDQVIHU IXQFWLRQ
!'LV3877 RQ 6ZLWFK RQ SHUPLVVLYH XQGHUUHDFK WUDQVIHU IXQFWLRQ
!'LV3877 RII 6ZLWFK RII SHUPLVVLYH XQGHUUHDFK WUDQVIHU IXQFWLRQ
'LV7HOH RQ 7HOHSURWHFWLRQ ZLWK GLVWDQFH SURWHFWLRQ LV VZLWFKHG RQ
'LV7HOH RII 7HOHSURWHFWLRQ ZLWK GLVWDQFH SURWHFWLRQ LV VZLWFKHG RII
'LV 5HFHSW &DUULHU VLJQDO IRU GLVWDQFH SURWHFWLRQ UHFHLYHG
'LV 5HF)DLO &DUULHU UHFHSWLRQ IRU GLVWDQFH SURWHFWLRQ IDXOW\
'LV 6HQG 7UDQVPLVVLRQ VLJQDO IURP GLVWDQFH SURWHFWLRQ
'LV3277 (FKR (FKR VLJQDO GLVWDQFH SURWHFWLRQ WUDQVPLWWHG
'LV7UDQV%OR 7UDQVLHQW EORFNLQJ GLVWDQFH SURWHFWLRQ LV UXQQLQJ
3RZHU 6ZLQJ 3RZHU VZLQJ GHWHFWHG
36 7DFWLRQ 3RZHU VZLQJ DFWLRQ WLPH LV UXQQLQJ
26 7ULS 2XWRIVWHS 7ULS FRPPDQG
!([W7ULS EON %ORFN WULS VLJQDO E\ H[WHUQDO WULS IXQFWLRQ
!([W7ULS / 7ULS VLJQDO / E\ H[WHUQDO WULS IXQFWLRQ
!([W7USZR$5 7ULS VLJQDO E\ H[WHUQDO WULS IXQFWLRQ ZLWKRXW DXWRUHFORVXUH
([W*HQ7ULS *HQHUDO WULS E\ H[WHUQDO WULS IXQFWLRQ
([W7ULS S/ 7ULS VLQJOHSROH / E\ H[WHUQDO WULS IXQFWLRQ
([W7ULS S 7ULS WKUHHSROH E\ H[WHUQDO WULS IXQFWLRQ
([W7ULS ZR$5 7ULS WKUHHSROH E\ H[WHUQDO WULS IXQFWLRQ ZLWKRXW DXWRUHFORVXUH
8VHU RXWSXW 2XWSXW VLJQDO RI XVHU GHILQDEOH ORJLF IXQFWLRQ
7DEOH 0DUVKDOOLQJ SRVVLELOLWLHV IRU VLJQDO UHOD\V DQG /('V
&*&

0$56+$//,1* 6,*1$/ 5(/$<6 +HDGLQJ RI WKH DGGUHVV EORFN
6,*1$/ 5(/$< 7UDQVPLVVLRQ VLJQDO IRU FDUULHU IURP WHOHSUR

5(/$< 'LV 6HQG WHFWLRQ ZLWK GLVWDQFH SURWHFWLRQ
6,*1$/ 5(/$<

5(/$< $5 LQRSHUDWLY RQO\ ZKHQ DXWRUHFORVH IXQFWLRQ LV DYDLODEOH
DQG FRQILJXUHG DV (;,67
6,*1$/ 5(/$<
5(/$< &% $ODUP 6XSS
6,*1$/ 5(/$<

5(/$< !97 PFE 7ULS
5(/$< )DLOXUH 5,
5(/$< )DLOXUH 58SH
5(/$< )DLOXUH 58SS *URXS DQQXQFLDWLRQ RI DOO GLVWXUEDQFHV LQ
5(/$< )DLOXUH ,V\PP PHDVXUHG TXDQWLWLHV
5(/$< )DLOXUH 8V\PP
5(/$< )DLOXUH 8PHDV
5(/$< )XVH)DLOXUH
5(/$< )DLO3KDVH6HT
6,*1$/ 5(/$< 7KH 1& FRQWDFW RI WKLV UHOD\ LQGLFDWHV k'H
5(/$< 'HYRSHUDWLYH YLFH IDXOWl
6,*1$/ 5(/$< 7ULS VLJQDO JLYHQ E\ HLWKHU SURWHFWLRQ IXQF

5(/$< 'HYLFH 7ULS WLRQ RI WKH GHYLFH
6,*1$/ 5(/$<

5(/$< 'LVW)DXOW /
5(/$< (PHU )OW /
6,*1$/ 5(/$<

5(/$< 'LVW)DXOW / )DXOW GHWHFWLRQ DQQXQFLDWLRQV RI
5(/$< (PHU )OW / WKH GLVWDQFH SURWHFWLRQ IXQFWLRQ
RU HPHUJHQF\ RYHUFXUUHQW WLPH
6,*1$/ 5(/$< SURWHFWLRQ
5(/$< 'LVW)DXOW /
5(/$< (PHU )OW /
6,*1$/ 5(/$<

5(/$< 'LVW)DXOW (
5(/$< (PHU )OW (
6,*1$/ 5(/$< )DXOW LQ UHYHUVH GLUHFWLRQ

5(/$< 'HY7ULS 5HY
7DEOH 3UHVHW DQQXQFLDWLRQV IRU VLJQDO UHOD\V
&*&
0DUVKDOOLQJ RI WKH /(' LQGLFDWRUV DGGUHVV EORFN
7KH XQLW FRQWDLQV /('V IRU RSWLFDO LQGLFDWLRQV HVVDU\ WR LQSXW WKH OHDGLQJ ]HURV 7R LQGLFDWH ZKHWK
RI ZKLFK FDQ EH PDUVKDOOHG 7KH\ DUH GHVLJQDWHG HU WKH VWRUHG RU XQVWRUHG PRGH VKDOO EH HIIHFWLYH WKH
/(' WR /(' DQG FDQ EH PDUVKDOOHG LQ DGGUHVV IXQFWLRQ QXPEHU FDQ EH H[WHQGHG E\ D GHFLPDO
EORFN 7KH EORFN LV UHDFKHG E\ SDJLQJ LQ EORFNV SRLQW IROORZHG E\ RU ZKHUHE\
ZLWK Â Ä RU E\ GLUHFWO\ DGGUHVVLQJ ZLWK '$
( 7KH VHOHFWLRQ SURFHGXUH LV FDUULHG RXW DV GH XQVWRUHG LQGLFDWLRQ QRW PHPRUL]HG FRUUH
VFULEHG LQ 6HFWLRQ 0XOWLSOH DQQXQFLDWLRQV DUH VSRQGV WR kQPl DV DERYH
SRVVLEOH LH RQH ORJLFDO DQQXQFLDWLRQ IXQFWLRQ FDQ VWRUHG LQGLFDWLRQ PHPRUL]HG FRUUHVSRQGV WR
EH JLYHQ WR VHYHUDO /('V VHH DOVR 6HFWLRQ kPl 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 kQRW PHP PRGH ZLWK kQPl 3UHVV WKH k1RlNH\ 1 WR FKDQJH WR
RUL]HGl (DFK DQQXQFLDWLRQ IXQFWLRQ LV GLVSOD\HG VWRUHG PRGH kPl $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 k1RlNH\ 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
WLRQV DUH RI FRXUVH QRW HIIHFWLYH ZKHQ WKH FRUUH 7KH DVVLJQPHQW RI WKH /('V DV SUHVHW E\ WKH IDFWRU\
VSRQGLQJ SURWHFWLRQ IXQFWLRQ LV QRW ILWWHG LQ WKH UHOD\ LV VKRZQ LQ WKH IURQW RI WKH XQLW )LJXUH 7KH IRO
RU KDV EHHQ SURJUDPPHG RXW GHFRQILJXUHG ORZLQJ ER[HV VKRZ DV DQ H[DPSOH WKH DVVLJQPHQW
IRU /(' 7DEOH VKRZV DOO /(' LQGLFDWRUV DV WKH\
DUH SUHVHW IURP WKH IDFWRU\
:LWK GLUHFW LQSXW RI WKH IXQFWLRQ QXPEHU LW LV QRW QHF
0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI WKH EORFN k0DUVKDOOLQJ RI WKH /(' LQ

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

0HDQLQJ k)DLOXUH LQ PHDVXUHG TXDQWLWLHVl
/ ( ' /(' KDV EHHQ SUHVHW IRU

VW 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE KDV
! 9 7 P F E 7 U L S Q P WULSSHG )1R

) D L O X U H 5 , Q P QG )DLOXUH GHWHFWHG E\ PHDVXUHG FXUUHQW VXP
PRQLWRU )1R
&*&

UG )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH VXP
) D L O X U H 5 8 S H Q P PRQLWRU SKDVHWRHDUWK )1R

WK )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH VXP
) D L O X U H 5 8 S S Q P
PRQLWRU SKDVHWRSKDVH )1R

WK )DLOXUH GHWHFWHG E\ PHDVXUHG FXUUHQW V\PPH
) D L O X U H , V \ P P Q P
WU\ PRQLWRU )1R

) D L O X U H 8 V \ P P Q P WK )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH V\P
PHWU\ PRQLWRU SKDVHWRSKDVH )1R

) D L O X U H 8 P H D V Q P WK )DLOXUH GHWHFWHG E\ PHDVXUHG YROWDJH PRQLWRU
PHDVXUHG YROWDJH FROODSVHG )1R

WK )DLOXUH GHWHFWHG E\ IXVH IDLOXUH PRQLWRU )1R
) X V H ) D L O X U H Q P


WK )DLOXUH GHWHFWHG E\ SKDVH VHTXHQFH PRQLWRU
) D L O 3 K D V H 6 H T Q P )1R
/ ( '
QR IXUWKHU IXQFWLRQV DUH SUHVHW IRU /('
$IWHU LQSXW RI DOO DQQXQFLDWLRQ IXQFWLRQV IRU /(' FKDQJH EDFN WR WKH PDUVKDOOLQJ OHYHO LV FDUULHG RXW ZLWK
)
/ ( ' $OORFDWLRQV IRU /('

0HDQLQJ k)DLOXUH LQ PHDVXUHG TXDQWLWLHVl
7KH FRPSOHWH SUHVHWWLQJV IRU /(' LQGLFDWRUV DUH OLVWHG LQ 7DEOH
&*&

0$56+$//,1* /('V +HDGLQJ RI WKH DGGUHVV EORFN
/('
/(' !97 PFE 7ULS QP
/(' )DLOXUH 5 , QP
/(' )DLOXUH 5 8SH QP
/(' )DLOXUH 5 8SS QP *URXS DQQXQFLDWLRQ RI DOO GLVWXUEDQFHV LQ
/(' )DLOXUH ,V\PP QP PHDVXUHG TXDQWLWLHV
/(' )DLOXUH 8V\PP QP
/(' )DLOXUH 8PHDV QP
/(' )XVH)DLOXUH QP
/(' )DLO3KDVH6HT QP
/('
/(' 'LVW)DXOW / P
/(' (PHU )OW / P
/('
/(' 'LVW)DXOW / P
/(' (PHU )OW / P )DXOW GHWHFWLRQ DQQXQFLDWLRQV RI WKH
GLVWDQFH SURWHFWLRQ IXQFWLRQ RU WKH HPHU
/(' JHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
/(' 'LVW)DXOW / P
/(' (PHU )OW / P
/('
/(' 'LVW)DXOW ( P
/(' (PHU )OW ( P
/(' RQO\ ZKHQ WKH LQWHUQDO DXWRUHFORVH IXQFWLRQ

/(' $5 QRW UHDG\ QP LV DYDLODEOH DQG FRQILJXUHG DV (;,67
/('
/(' 'LVW 7 P
/(' (PHU 7,!! P
/('
/(' 'LVW 7 P
/(' ,QGLFDWLRQ RI H[SLU\ RI WKH GLVWDQFH SURWHF

/(' 'LVW 7 P WLRQ VWDJHV RU RI WKH WLPH VWDJHV RI WKH
HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
/('
/(' 'LVW 7 P
/('
/(' 'LVW 7 P
/(' (PHU 7,! P
/(' (PHU 7,(! P
/('
/(' 'HY7ULS S/ P
/(' 'HY7ULS S P
/(' 7ULS VLJQDO JLYHQ E\ HLWKHU SURWHFWLRQ IXQF

/(' 'HY7ULS S/ P WLRQ RI WKH GHYLFH
/(' 'HY7ULS S P
/('
/(' 'HY7ULS S/ P
/(' 'HY7ULS S P
7DEOH 3UHVHW /(' LQGLFDWRUV
&*&
0DUVKDOOLQJ RI WKH FRPPDQG WULS UHOD\V DGGUHVV EORFN
7KH XQLW FRQWDLQV WULS UHOD\V ZKLFK DUH GHVLJQDWHG IDFWRU\ LV VKRZQ LQ WKH JHQHUDO GLDJUDPV LQ $SSHQ
75,3 5(/$< WR 75,3 5(/$< (DFK WULS UHOD\ FDQ GL[ $ 7KH IROORZLQJ ER[HV VKRZ H[DPSOHV IRU PDU
EH FRQWUROOHG E\ XS WR ORJLFDO FRPPDQGV 7KH WULS VKDOOLQJ RI WULS UHOD\V DQG ,Q WKH H[DPSOH IRU WULS
UHOD\V FDQ EH PDUVKDOOHG LQ WKH DGGUHVV EORFN UHOD\ WKH JURXS FRPPDQG IRU VHYHUDO FRPPDQG
7KH EORFN LV UHDFKHG E\ SDJLQJ LQ EORFNV ZLWK Â Ä RU IXQFWLRQV RQ RQH WULS UHOD\ LV VKRZQ 7DEOH VKRZV
E\ GLUHFWO\ DGGUHVVLQJ ZLWK '$ LQSXW RI WKH DGGUHVV DOO WULS UHOD\V DV SUHVHW IURP WKH IDFWRU\
QXPEHU DQG SUHVVLQJ WKH HQWHU NH\ ( 7KH
VHOHFWLRQ SURFHGXUH LV FDUULHG RXW DV GHVFULEHG LQ ,PSRUWDQW QRWH :LWK VLQJOHSROH DXWRUHFORVXUH LW LV
6HFWLRQ 0XOWLSOH FRPPDQGV DUH SRVVLEOH LH LPSHUDWLYH WKDW IRU HDFK FLUFXLW EUHDNHU SROH WKH FRU
RQH ORJLFDO FRPPDQG IXQFWLRQ FDQ EH JLYHQ WR VHY UHVSRQGLQJ SKDVH VHJUHJDWHG FRPPDQG HJ
HUDO WULS UHOD\V VHH DOVR 6HFWLRQ k'HY7ULS S/l )1R IRU SROH / DV DOVR
WKH WKUHHSROH FRPPDQG k'HY7ULS Sl )1R
0RVW RI WKH DQQXQFLDWLRQ IXQFWLRQV LQ DFFRUGDQFH LV PDUVKDOOHG WR WKH FRUUHFW WULSSLQJ UHOD\ 7KLV
ZLWK 7DEOH FDQ EH PDUVKDOOHG WR RXWSXW FRP LV WDNHQ FDUH RI LQ WKH SUHVHWWLQJ RI WKH UHOD\ EXW PXVW
PDQG UHOD\V %XW WKRVH OLVWHG LQ 7DEOH DUH SDUWLFX DOVR EH FRQVLGHUHG LI WKH DOORFDWLRQ RI WKH WULS UHOD\V
ODUO\ VXLWDEOH IRU WULS UHOD\ RXWSXW 5HJDUG WKH WDEOH DV
LV DOWHUHG
D UHFRPPHQGHG SUHVHOHFWLRQ &RPPDQG IXQFWLRQV
DUH QDWXUDOO\ QRW HIIHFWLYH ZKHQ WKH FRUUHVSRQGLQJ
,I IXUWKHU SURWHFWLRQ IXQFWLRQV VKDOO WULS WKH VDPH
SURWHFWLRQ IXQFWLRQ LV QRW ILWWHG LQ WKH UHOD\ RU KDV
EUHDNHU HDFK FRPPDQG UHOD\ PXVW EH WULJJHUHG E\
EHHQ SURJUDPPHG RXW GHFRQILJXUHG
WKH FRUUHVSRQGLQJ FRPPDQG IXQFWLRQ 6LPLODU LV YDO
7KH DVVLJQPHQW RI WKH WULS UHOD\V DV GHOLYHUHG IURP LG IRU FORVLQJ FRPPDQGV
0 $ 5 6 + $ / / , 1 * %HJLQQLQJ RI WKH EORFN k0DUVKDOOLQJ RI WKH WULS UH

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

$XWRUHFORVH FRPPDQG E\ LQWHUQDO DXWRUHFORVH
$ 5 & O R V H & P G IXQFWLRQ )1R
7 5 , 3 5 ( /
QR IXUWKHU IXQFWLRQV DUH SUHVHW IRU WULS UHOD\
/HDYH WKH VHOHFWLRQ OHYHO ZLWK NH\ FRPELQDWLRQ ) <RX FDQ JR WKHQ WR WKH QH[W WULS UHOD\ ZLWK WKH DUURZ NH\
7ULS UHOD\ UHSUHVHQWV DV SUHVHW IURP WKH IDFWRU\ DQ H[DPSOH IRU WULSSLQJ RI WKH FLUFXLW EUHDNHU SROH / )RU
WKLV DOO FRPPDQG IXQFWLRQV ZKLFK VKDOO WULS SROH / DUH DOORFDWHG
&*&
7 5 , 3 $OORFDWLRQV IRU WULS UHOD\

5 ( / $ < k7ULS FLUFXLW EUHDNHU SROH /l

VW *HQHUDO VLQJOHSROH WULS FRPPDQG RI WKH GH
' H Y 7 U L S S /
YLFH IRU EUHDNHU SROH / )1R

QG *HQHUDO WKUHHSROH WULS FRPPDQG RI WKH GH
' H Y 7 U L S S
YLFH )1R
)1R $EEUHYLDWLRQ /RJLFDO FRPPDQG IXQFWLRQ

QRW DOORFDWHG 1R IXQFWLRQ DOORFDWHG
'HYLFH )OW'HW *HQHUDO IDXOW GHWHFWLRQ RI WKH GHYLFH
'HY7ULS S 7ULS E\ WKH GHYLFH WKUHHSROH ///
'HY7ULS IRUZ 7ULS E\ WKH GHYLFH RQ IDXOW LQ IRUZDUG OLQH GLUHFWLRQ
'HY7ULS UHY 7ULS E\ WKH GHYLFH RQ IDXOW LQ UHYHUVH EXVEDU GLUHFWLRQ
0DQ&ORVH &PG 0DQXDO FORVH FRPPDQG IRU WKH FLUFXLW EUHDNHU
&% 7HVW S 7ULS E\ LQWHUQDO FLUFXLW EUHDNHU WHVW IXQFWLRQ WKUHHSROH /
() 'HW 7ULS 7ULS E\ HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV
() )OW,H! (DUWK IDXOW SURWHFWLRQ ORZ YDOXH VWDJH ,( SLFNHG XS
() )OW ,H! (DUWK IDXOW SURWHFWLRQ QRQGLUHFWLRQDO VWDJH ,( SLFNHG XS GHILQLWH
WLPH RU LQYHUVH WLPH
() )OW ,H ! (DUWK IDXOW SURWHFWLRQ GLUHFWLRQDO VWDJH ,( SLFNHG XS
() 7'HOD\ (DUWK IDXOW SURWHFWLRQ GHOD\ WLPH H[SLUHG
() 7! (DUWK IDXOW SURWHFWLRQ GLUHFWLRQDO GHOD\ WLPH H[SLUHG
() 7! (DUWK IDXOW SURWHFWLRQ QRQGLUHFWLRQDO GHOD\ WLPH H[SLUHG
() 7ULS 7ULS E\ HDUWK IDXOW SURWHFWLRQ JHQHUDO
() 6HQG &DUULHU WUDQVPLVVLRQ VLJQDO IRU GLUHFWLRQDO FRPSDULVRQ ()
2/ 7ULS 7KHUPDO RYHUORDG SURWHFWLRQ WULS E\ WULS VWDJH
(PHUJ*HQ)OW *HQHUDO IDXOW GHWHFWLRQ RI HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
(PHU7ULS S 7ULS WKUHHSROH E\ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
$5 &ORVH &PG 5HFORVH FRPPDQG E\ LQWHUQDO DXWRUHFORVH IXQFWLRQ
5$5 S &ORVH 5HFORVH FRPPDQG DIWHU SROH 5$5
5$5 S &ORVH 5HFORVH FRPPDQG DIWHU SROH 5$5 UDSLG $5
'$5 S &ORVH 5HFORVH FRPPDQG DIWHU SROH '$5 GHOD\HG $5
6\QF&ORVH&PG 6\QFKURQLVP DQG YROWDJH FKHFN FORVLQJ FRPPDQG
'LVW*HQ)OW 'LVWDQFH SURWHFWLRQ *HQHUDO IDXOW GHWHFWLRQ
7DEOH &RPPDQG IXQFWLRQV FRQWLQXHG QH[W SDJH
&*&
)1R $EEUHYLDWLRQ /RJLFDO FRPPDQG IXQFWLRQ

'LV7ULS S 'LVWDQFH SURWHFWLRQ 7ULS WKUHHSROH
'LV7ULS EDFN 'LVWDQFH SURWHFWLRQ 7ULS ZLWK D KLJKHU EDFNXS VWDJH
'LV 6HQG 7UDQVPLVVLRQ VLJQDO IURP GLVWDQFH SURWHFWLRQ
26 7ULS 2XWRIVWHS WULS FRPPDQG
([W7ULS S 7ULS WKUHHSROH E\ H[WHUQDO WULS IXQFWLRQ
([W7ULS ZR$5 7ULS WKUHHSROH E\ H[WHUQDO WULS IXQFWLRQ ZLWKRXW $5
7DEOH &RPPDQG IXQFWLRQV

0$56+$//,1* 75,3 5(/$<6 +HDGLQJ RI WKH DGGUHVV EORFN
75,3 5(/$< RQO\ ZKHQ LQWHUQDO DXWRUHFORVH IXQFWLRQ LV

75,3 5(/ $5 &ORVH &PG DYDLODEOH DQG FRQILJXUHG DV (;,67
75,3 5(/$<

75,3 5(/ 'HYLFH )OW'HW *HQHUDO IDXOW GHWHFWLRQ RI WKH GHYLFH
75,3 5(/$<

75,3 5(/ 'HY7ULS S/ 7ULS FRPPDQG IRU FLUFXLW EUHDNHU SROH /
75,3 5(/ 'HY7ULS S
75,3 5(/$<

75,3 5(/ 'HY7ULS S
75,3 5(/$<

75,3 5(/ 'HY7ULS S
7DEOH 3UHVHW FRPPDQG IXQFWLRQV IRU WULS UHOD\V
&*&
6$ 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 * ,QILQLW\ V\PERO
WKH GHYLFH 6HH DOVR 6HFWLRQ XQGHU
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 DQG DXWRPDWLRQ V\VWHPV FDQ EH FDUULHG RXW YLD
WKH LQWHJUDWHG PHPEUDQH NH\ERDUG DQG GLVSOD\
<HV NH\ RSHUDWRU DIILUPV WKH GLV
SDQHO ORFDWHG RQ WKH IURQW SODWH $OO WKH QHFHVVDU\ -<
SOD\HG TXHVWLRQ
RSHUDWLQJ SDUDPHWHUV FDQ EH HQWHUHG DQG DOO WKH LQ
IRUPDWLRQ FDQ EH UHDG RXW IURP KHUH 2SHUDWLRQ LV
DGGLWLRQDOO\ SRVVLEOH YLD WKH LQWHUIDFH VRFNHW E\ 1R NH\ RSHUDWRU GHQLHV WKH GLV
PHDQV RI D SHUVRQDO 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
LV GLVSOD\HG
LOOXVWUDWHV WKH IURQW YLHZ
3DJLQJ EDFNZDUGV WKH SUHYLRXV
$ WZROLQH HDFK FKDUDFWHU OLTXLG FU\VWDO GLVSOD\
DGGUHVV LV GLVSOD\HG
SUHVHQWV WKH LQIRUPDWLRQ (DFK FKDUDFWHU FRPSULVHV
D [ GRW PDWUL[ 1XPEHUV OHWWHUV DQG D VHULHV RI
VSHFLDO V\PEROV FDQ EH GLVSOD\HG
%ORFN SDJLQJ IRUZDUGV WKH EHJLQ
'XULQJ GLDORJ WKH XSSHU OLQH JLYHV D IRXU ILJXUH QXP QLQJ RI WKH QH[W DGGUHVV EORFN LV GLV
EHU IROORZHG E\ D EDU 7KLV QXPEHU SUHVHQWV WKH VHW SOD\HG
WLQJ DGGUHVV 7KH ILUVW WZR GLJLWV LQGLFDWH WKH DG
GUHVV EORFN WKHQ IROORZV WKH WZRGLJLW VHTXHQFH %ORFN SDJLQJ EDFNZDUGV WKH EHJLQ
QXPEHU ,Q PRGHOV ZLWK SDUDPHWHU FKDQJHRYHU ID QLQJ RI SUHYLRXV DGGUHVV EORFN LV
FLOLW\ WKH LGHQWLILHU RI WKH SDUDPHWHU VHW LV VKRZQ EH GLVSOD\HG
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 PHQX
HGJH DQG FOHDU D IDXOW SURPSW LQ
JXLGHG SURFHGXUH
WKLV GLVSOD\ D QHZ LQSXW DQG UH
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 $GGLWLRQDOO\ DOO WKH GDWD FDQ EH GRFX
PHQWHG RQ D FRQQHFWHG SULQWHU ,W LV DOVR SRVVLEOH E\
&RQWURO DQG VSHFLDO NH\V FRQQHFWLQJ D SORWWHU WR SULQW RXW WKH IDXOW KLVWRU\
WUDFHV
&RGHZRUG SUHYHQWV XQDXWKRUL]HG
&: DFFHVV WR VHWWLQJ SURJUDPV QRW
QHFHVVDU\ IRU FDOOXS RI DQQXQFL )RU RSHUDWLRQ RI WKH SHUVRQDO FRPSXWHU WKH LQVWUXF
DWLRQV RU PHVVDJHV WLRQ PDQXDOV RI WKLV GHYLFH DUH WR EH REVHUYHG 7KH
3& SURJUDP ',*6, LV DYDLODEOH IRU VHWWLQJ DQG SUR
5 %DFNVSDFH HUDVXUH RI LQFRUUHFW HQ FHVVLQJ RI DOO GLJLWDO SURWHFWLRQ GDWD 1RWH WKDW WKH
WULHV RSHUDWLQJ LQWHUIDFH LQ WKH IURQW RI WKH UHOD\ LV QRW JDO
YDQLFDOO\ LVRODWHG DQG WKDW RQO\ DGHTXDWH FRQQHF
) )XQFWLRQ NH\ H[SODLQHG ZKHQ WLRQ FDEOHV DUH DSSOLHG HJ ;9 )XUWKHU
XVHG LQIRUPDWLRQ DERXW IDFLOLWLHV RQ UHTXHVW
'$ 'LUHFW DGGUHVVLQJ LI WKH DGGUHVV

QXPEHU LV NQRZQ WKLV NH\ DOORZV
GLUHFW FDOOXS RI WKH DGGUHVV 2SHUDWLRQDO SUHFRQGLWLRQV
0HVVDJHV6LJQDOV LQWHUURJDWLRQ )RU PRVW RSHUDWLRQDO IXQFWLRQV WKH LQSXW RI D FRGH

06
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 DF
FHVVHG ZKHQ WKH IURQW FRYHU LV FORVHG 7KH DUURZV DOORFDWLRQ RU PDUVKDOOLQJ RI VLJQDOV ELQDU\ LQSXWV
KDYH WKH VDPH IXQFWLRQ DV WKH NH\V ZLWK LGHQWLFDO /(' LQGLFDWRUV
V\PEROV LQ WKH PDLQ ILHOG DQG HQDEOH SDJLQJ LQ IRU
ZDUG GLUHFWLRQ 7KXV DOO VHWWLQJ YDOXHV DQG HYHQW FRQILJXUDWLRQ SDUDPHWHUV IRU LQWHUIDFH DQG GHYLFH
GDWD FDQ EH GLVSOD\HG ZLWK WKH IURQW FRYHU FORVHG FRQILJXUDWLRQ
)XUWKHUPRUH VWRUHG /(' LQGLFDWLRQV RQ WKH IURQW FDQ
EH HUDVHG YLD WKH 5(6(7 NH\ ZLWKRXW RSHQLQJ WKH LQLWLDWLRQ RI WHVW SURFHGXUHV
IURQW FRYHU 'XULQJ UHVHW RSHUDWLRQ DOO /('V RQ WKH
IURQW ZLOO EH LOOXPLQDWHG WKXV SHUIRUPLQJ D /(' WHVW 7KH FRGHZRUG LV QRW UHTXLUHG IRU WKH UHDGRXW RI DQ
:LWK WKLV UHVHW DGGLWLRQDOO\ WKH IDXOW HYHQW LQGLFD QXQFLDWLRQV RSHUDWLQJ GDWD RU IDXOW GDWD RU IRU WKH
WLRQV LQ WKH GLVSOD\ RQ WKH IURQW SDQHO RI WKH GHYLFH UHDGRXW RI VHWWLQJ SDUDPHWHUV
DUH DFNQRZOHGJHG WKH GLVSOD\ VKRZV WKHQ WKH RS
HUDWLRQDO YDOXHV RI WKH TXLHVFHQW VWDWH 7KH GLVSOD\ LV 7KH PHWKRG RI HQWU\ RI WKH FRGHZRUG LV H[SODLQHG LQ
VZLWFKHG RYHU WR RSHUDWLQJ PRGH DV VRRQ DV RQH RI GHWDLO LQ WKH LQVWDOODWLRQ LQVWUXFWLRQV XQGHU 6HFWLRQ
WKH NH\V '$ 06 &: RU Â LV SUHVVHG
&*&
5HSUHVHQWDWLRQ RI WKH UHOD\ IURQW YLHZ
5HDGLQHVV LQGLFDWLRQ
JUHHQ
8QLW IDXOW\ LQGLFDWLRQ
UHG
/(' WR
UHG FDQ EH
%HWULHE6HUYLF PDUVKDOOHG
SUHVHWWLQJ EH
6WÐUXQJ%ORFNHG ORZ
7ZR OLQH GLVSOD\
/&' ZLWK FKDUDF
WHUV HDFK

2Q2II VZLWFK IRU
LQWHJUDWHG SRZHU
VXSSO\

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

SROH VRFNHW
IRU FRQQHFWLQJ D
SHUVRQDO FRP
SXWHU
'LVWDQ]VFKXW]
'LVWDQFH 3URWHFWLRQ
8 +
,1 $ +]
81 9 $& ,,,
8+ 9 '&
'LDJU & $ ; $
2SHUDWLRQ RQO\ ZLWK IL[HG FRYHU
%HWULHE QXU PLW DQJHVFKUDXEWHU .DSSH
6$&$&*++
)1U %)
o %DVLF PRGXOH w $GGLWLRQDO PRGXOH

XS WR SURGXFWLRQ VHULHV **
)DFWRU\ SUHVHWWLQJ /('V &$$ 6$ $
&$$ 6$ $
&$$ 6$ ,(5'
0HDV YDOXHV IDXOW\ 7 H[SLUHG LH VHQVLWLYH HDUWK
)DXOW / 7 H[SLUHG FXUUHQW LQSXW
)DXOW / 7 H[SLUHG IURP SURGXFWLRQ VHULHV ++
)DXOW / 77,! H[SLUHG &$$ 6$ $
)DXOW ( 7ULS / &$$ 6$ $
$5 QRW UHDG\ 7ULS / &$$ 6$ ,(5'
77,!! H[SLUHG 7ULS / LH VHQVLWLYH HDUWK
FXUUHQW LQSXW
)LJXUH )URQW YLHZ RI RSHUDWLQJ NH\ ERDUG DQG GLVSOD\ SDQHO
&*&
6HWWLQJ WKH IXQFWLRQDO SDUDPHWHUV
,QWURGXFWLRQ
3DUDPHWHUL]LQJ SURFHGXUH $GGUHVVHV ZKLFK UHTXLUH WH[W LQSXW
)RU VHWWLQJ WKH IXQFWLRQDO SDUDPHWHUV LW LV QHFHVVDU\ 7KH GLVSOD\ VKRZV WKH IRXUGLJLW DGGUHVV LH
WR HQWHU WKH FRGHZRUG VHH :LWKRXW FRGH EORFN DQG VHTXHQFH QXPEHU HJ IRU EORFN
ZRUG HQWU\ SDUDPHWHUV FDQ EH UHDG RXW EXW QRW EH VHTXHQFH QXPEHU %HKLQG WKH EDU DSSHDUV
FKDQJHG WKH PHDQLQJ RI WKH UHTXLUHG SDUDPHWHU LQ WKH VHF
RQG GLVSOD\ OLQH WKH DSSOLFDEOH WH[W :KHQ WKH
,I WKH FRGHZRUG LV DFFHSWHG SDUDPHWHUL]LQJ FDQ EH UHOD\ LV GHOLYHUHG D WH[W KDV EHHQ SUHVHW ,Q WKH
JLQ ,Q WKH IROORZLQJ VHFWLRQV HDFK DGGUHVV LV LOOXV IROORZLQJ VHFWLRQV WKLV WH[W LV VKRZQ ,I LW LV WR EH
WUDWHG LQ D ER[ DQG LV H[SODLQHG 7KHUH DUH WKUHH UHWDLQHG QR RWKHU LQSXW LV QHFHVVDU\ 2QH FDQ
IRUPV RI GLVSOD\ SDJH IRUZDUGV RU EDFNZDUGV ZLWKLQ WKH EORFN RU WR
WKH QH[W RU SUHYLRXV EORFN ,I WKH WH[W QHHGV WR EH
$GGUHVVHV ZLWKRXW UHTXHVW IRU RSHUDWRU LQSXW DOWHUHG SUHVV WKH *HQHUDO WULS RI WKH GHYLFH
k1RlNH\ 1 7KH QH[W DOWHUQDWLYH WH[W DOVR
7KH DGGUHVV LV LGHQWLILHG E\ WKH EORFN QXPEHU IRO SULQWHG LQ WKH GLVSOD\ ER[HV LOOXVWUDWHG LQ WKH IRO
ORZHG E\ DV VHTXHQFH QXPEHU HJ IRU ORZLQJ VHFWLRQV WKHQ DSSHDUV ,I WKH DOWHUQDWLYH
EORFN 'LVSOD\HG WH[W IRUPV WKH KHDGLQJ RI WKLV WH[W LV QRW GHVLUHG WKH 1 NH\ LV SUHVVHG DJDLQ HWF
EORFN 1R LQSXW LV H[SHFWHG %\ XVLQJ NH\V Â RU Ä 7KH DOWHUQDWLYH ZKLFK LV FKRVHQ LV FRQILUPHG
WKH QH[W RU WKH SUHYLRXV EORFN FDQ EH VHOHFWHG %\ ZLWK WKH HQWU\ NH\ ( 7KH FKDQJHG SDUDPHWHUV
XVLQJ WKH NH\V RU WKH ILUVW RU ODVW DGGUHVV ZLWKLQ DUH RQO\ VDYHG DIWHU WHUPLQDWLRQ RI SDUDPHWHUL]LQJ
WKH EORFN FDQ EH VHOHFWHG DQG SDJHG UHIHU EHORZ
$GGUHVVHV ZKLFK UHTXLUH QXPHULFDO LQSXW )RU HDFK RI WKH DGGUHVVHV WKH SRVVLEOH SDUDPHWHUV
DQG WH[W DUH JLYHQ LQ WKH IROORZLQJ VHFWLRQV ,I WKH
7KH GLVSOD\ VKRZV WKH IRXUGLJLW DGGUHVV LH PHDQLQJ RI D SDUDPHWHU LV QRW FOHDU LW LV XVXDOO\ EHVW
EORFN DQG VHTXHQFH QXPEHU HJ IRU EORFN WR OHDYH LW DW WKH IDFWRU\ VHWWLQJ 7KH DUURZV Â Ä RU
VHTXHQFH QXPEHU %HKLQG WKH EDU DSSHDUV DW WKH OHIW KDQG VLGH RI WKH LOOXVWUDWHG GLVSOD\ ER[HV
WKH PHDQLQJ RI WKH UHTXLUHG SDUDPHWHU LQ WKH VHF LQGLFDWH WKH PHWKRG RI PRYLQJ IURP EORFN WR EORFN RU
RQG GLVSOD\ OLQH WKH YDOXH RI WKH SDUDPHWHU :KHQ ZLWKLQ WKH EORFN 8QXVHG DGGUHVVHV DUH DXWRPDWL
WKH UHOD\ LV GHOLYHUHG D YDOXH KDV EHHQ SUHVHW ,Q FDOO\ SDVVHG RYHU
WKH IROORZLQJ VHFWLRQV WKLV YDOXH LV VKRZQ ,I WKLV
YDOXH LV WR EH UHWDLQHG QR RWKHU LQSXW LV QHFHV ,I WKH SDUDPHWHU DGGUHVV LV NQRZQ WKHQ GLUHFW DG
VDU\ 2QH FDQ SDJH IRUZDUGV RU EDFNZDUGV ZLWKLQ
GUHVVLQJ LV SRVVLEOH 7KLV LV DFKLHYHG E\ GHSUHVVLQJ
WKH EORFN RU WR WKH QH[W RU SUHYLRXV EORFN ,I WKH
NH\ '$ IROORZHG E\ WKH IRXUGLJLW DGGUHVV DQG VXE
YDOXH QHHGV WR EH DOWHUHG LW FDQ EH RYHUZULWWHQ XV
VHTXHQWO\ SUHVVLQJ WKH HQWHU NH\ ( $IWHU GLUHFW DG
LQJ WKH QXPHULFDO NH\V DQG LI UHTXLUHG WKH GHFL
GUHVVLQJ SDJLQJ E\ PHDQV RI NH\V Â Ä DQG NH\V
PDO SRLQW DQGRU FKDQJH VLJQ RU ZKHUH DS
LV SRVVLEOH
SURSULDWH LQILQLW\ VLJQ * 7KH SHUPLVVLEOH VHWWLQJ
UDQJH LV JLYHQ LQ WKH IROORZLQJ WH[W QH[W WR WKH DV
VRFLDWHG ER[ (QWHUHG YDOXHV EH\RQG WKLV UDQJH 7KH VHWWLQJ SURFHGXUH FDQ EH HQGHG DW DQ\ WLPH E\
ZLOO EH UHMHFWHG 7KH VHWWLQJ VWHSV FRUUHVSRQG WR WKH NH\ FRPELQDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ
WKH ODVW GHFLPDO SODFH DV VKRZQ LQ WKH VHWWLQJ ER[ NH\ ) IROORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV
,QSXWV ZLWK PRUH GHFLPDO SODFHV WKDQ SHUPLWWHG WKH TXHVWLRQ k6$9( 1(: 6(77,1*6"l &RQILUP
ZLOO EH WUXQFDWHG GRZQ WR WKH SHUPLVVLEOH QXPEHU ZLWK WKH k<HVlNH\ < WKDW WKH QHZ VHWWLQJV VKDOO EH
7KH YDOXH PXVW EH FRQILUPHG ZLWK WKH HQWU\ NH\ FRPH YDOLG QRZ ,I \RX SUHVV WKH k1RlNH\ 1 LQ
( 7KH GLVSOD\ WKHQ FRQILUPV WKH DFFHSWHG YDOXH VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO
7KH FKDQJHG SDUDPHWHUV DUH RQO\ VDYHG DIWHU WHU WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
PLQDWLRQ RI SDUDPHWHUL]LQJ UHIHU EHORZ FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
FDQ EH PDGH LQHIIHFWLYH
&*&
,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 k(1'
2) &2'(:25' 23(5$7,21 "l 3UHVV WKH k1Rl - .H\ FRPELQDWLRQ )
NH\ 1 WR FRQWLQXH SDUDPHWHUL]LQJ ,I \RX SUHVV WKH DFFHVV WR SDUDPHWHU VHW $
k<HVlNH\ -< LQVWHDG DQRWKHU TXHVWLRQ DSSHDUV
k6$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 k1(: - .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 RSWLRQDO 6LQFH RQO\ D IHZ SDUDPHWHUV ZLOO EH GLIIHUHQW LQ PRVW
DSSOLFDWLRQV LW LV SRVVLEOH WR FRS\ SUHYLRXVO\ VWRUHG
8S WR GLIIHUHQW VHWV RI SDUDPHWHUV FDQ EH VHOHFWHG SDUDPHWHU VHWV LQWR DQRWKHU SDUDPHWHU VHW
IRU WKH IXQFWLRQDO SDUDPHWHUV LH WKH DGGUHVVHV
DERYH DQG EHORZ 7KHVH SDUDPHWHU VHWV ,W LV DGGLWLRQDOO\ SRVVLEOH WR VHOHFW WKH RULJLQDO VHW
FDQ EH VZLWFKHG RYHU GXULQJ RSHUDWLRQ ORFDOO\ XVLQJ WLQJV LH WKH VHWWLQJV SUHVHW RQ GHOLYHU\ IRU D PRGL
WKH RSHUDWRU SDQHO RU YLD WKH RSHUDWLQJ LQWHUIDFH XV ILHG DQG VWRUHG SDUDPHWHU VHW 7KLV LV GRQH E\ FRS\
LQJ D SHUVRQDO FRPSXWHU RU DOVR UHPRWHO\ XVLQJ LQJ WKH k25,*6(7l WR WKH GHVLUHG SDUDPHWHU VHW
ELQDU\ LQSXWV
,W LV ILQDOO\ VWLOO SRVVLEOH WR GHILQH WKH DFWLYH SDUDPHWHU
,I WKLV IDFLOLW\ LV QRW XVHG WKHQ LW LV VXIILFLHQW WR VHW WKH VHW LH WKH SDUDPHWHU VHW ZKLFK LV YDOLG IRU WKH IXQF
SDUDPHWHUV IRU WKH SUHVHOHFWHG VHW 7KH UHVW RI WKLV WLRQV DQG WKUHVKROG YDOXHV RI WKH XQLW 6HH 6HFWLRQ
VHFWLRQ LV RI QR LPSRUWDQFH 2WKHUZLVH WKH SDUDPH IRU PRUH GHWDLOV
WHU FKDQJHRYHU IDFLOLW\ PXVW EH FRQILJXUHG DV (;,67
XQGHU DGGUHVV UHIHU WR 6HFWLRQ 7KH ILUVW 7KH SDUDPHWHU VHWV DUH SURFHVVHG LQ DGGUHVV EORFN
SDUDPHWHU VHW LV LGHQWLILHG DV VHW $ WKH RWKHU VHWV DUH 7KH PRVW VLPSOH PDQQHU WR FRPH WR WKLV EORFN LV
% & DQG ' (DFK RI WKHVH VHWV LV DGMXVWHG RQH DIWHU XVLQJ GLUHFW DGGUHVVLQJ
WKH RWKHU
SUHVV GLUHFW DGGUHVV NH\ '$
,I WKH VZLWFKRYHU IDFLOLW\ LV WR EH XVHG ILUVW VHW DOO SD
HQWHU DGGUHVV HJ
UDPHWHUV IRU WKH QRUPDO VWDWXV RI SDUDPHWHU VHW $
7KHQ VZLWFK RYHU WR SDUDPHWHU VHW % SUHVV HQWHU NH\ (
)LVW FRPSOHWH WKH SDUDPHWHUL]LQJ SURFHGXUH IRU 7KH KHDGLQJ RI WKH EORFN IRU SURFHVVLQJ WKH SDUDPH
VHW $ DV GHVFULEHG LQ 6HFWLRQ WHU VHWV WKHQ DSSHDUV
3UHVV NH\ FRPELQDWLRQ ) LH ILUVW WKH IXQFWLRQ ,W LV SRVVLEOH WR VFUROO WKURXJK WKH LQGLYLGXDO DGGUHVV
NH\ ) DQG WKHQ WKH QXPEHU NH\ $OO IROORZLQJ LQ HV XVLQJ WKH NH\ 7KH FRS\LQJ IDFLOLWLHV DUH VXPPD
SXWV WKHQ UHIHU WR SDUDPHWHU VHW % UL]HG LQ 7DEOH
3 $ 5 $ 0 ( 7 ( 5 %HJLQQLQJ RI WKH EORFN k3DUDPHWHU FKDQJHRYHUl SUR

& + $ 1 * ( 2 9 ( 5 FHVVLQJ 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 VHSDUD
6(7 & 6(7 % WRU 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 k6HWWLQJ 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 QXPEHU

6 $ 9 WKH YHUVLRQ RI ILUPZDUH ZLWK ZKLFK LW LV HTXLSSHG DQG
6 $ D KDUGZDUH LGHQWLILHU 7KH VHFRQG GLVSOD\ OLQH VKRZV
WKH FRPSOHWH RUGHULQJ GHVLJQDWLRQ
$IWHU DGGUHVV WKH IXQFWLRQDO SDUDPHWHUV EHJLQ )XUWKHU DGGUHVV SRVVLELOLWLHV DUH OLVWHG XQGHU k$QQXQFL
DWLRQVl DQG k7HVWVl
&RPPHQFHPHQW RI IXQFWLRQDO SDUDPHWHU EORFNV

3 $ 5 $ 0 ( 7 ( 5 6
3RZHU V\VWHP GDWD DGGUHVV EORFN
*HQHUDO GDWD
7KH UHOD\ UHTXHVWV EDVLF GDWD RI WKH SRZHU V\VWHP DQG WKH VZLWFKJHDU

%HJLQQLQJ RI WKH EORFN k3RZHU V\VWHP GDWDl
3 2 : ( 5 6 < 6 7 ( 0 ' $ 7 $
&XUUHQW WUDQVIRUPHU SRODULW\

& 7 6 7 $ 5 3 1 7 /,1( FW VWDUSRLQW WRZDUGV OLQH
7 2 : $ 5 ' 6 / , 1 ( %86%$5 FW VWDUSRLQW WRZDUGV EXVEDU
7KLV VHWWLQJ GHWHUPLQHV WKH PHDVXUHPHQW
7 2 : $ 5 ' 6 % 8 6 % $ 5 GLUHFWLRQ RI WKH UHOD\ IRUZDUGV OLQH GLUHFWLRQ
6\VWHP VWDUSRLQW FRQGLWLRQ

6 < 6 7 ( 0 6 7 $ 5 ,PSRUWDQW IRU HDUWK IDXOW DQG GRXEOH HDUWK IDXOW
6 2 / , ' / < ( $ 5 7 + ( ' FRQGLWLRQV
& 2 0 3 ( 1 6 $ 7 ( '
, 6 2 / $ 7 ( '
8 Q 3 5 , 0 $ 5 < 9ROWDJH WUDQVIRUPHU SULPDU\ YROWDJH OLQHWROLQH

6PDOOHVW VHWWLQJ YDOXH N9
N 9 /DUJHVW VHWWLQJ YDOXH N9
&*&
9ROWDJH WUDQVIRUPHU VHFRQGDU\ YROWDJH OLQHWROLQH

8 Q 6 ( & 2 1 ' 6PDOOHVW VHWWLQJ YDOXH 9
9 /DUJHVW VHWWLQJ YDOXH 9
, Q 3 5 , 0 $ 5 < &XUUHQW WUDQVIRUPHU SULPDU\ UDWHG FXUUHQW SKDVHV

6PDOOHVW VHWWLQJ YDOXH $
$ /DUJHVW VHWWLQJ YDOXH $
:LWK DGGUHVVHV WR WKH GHYLFH LV LQ 7KUHH SRVVLELOLWLHV H[LVW IRU WKH HDUWK FXUUHQW SDWK
VWUXFWHG DV WR KRZ WKH DGGLWLRQDO FXUUHQW DQG YROWDJH
LQSXWV DUH FRQQHFWHG 7KLV LQIRUPDWLRQ LV LPSRUWDQW &RQQHFWLRQ RI WKH HDUWK FXUUHQW IURP WKH VWDU SRLQW
IRU WKH WUHDWPHQW RI HDUWK IDXOWV LQ HDUWKHG QHW RI WKH FXUUHQW WUDQVIRUPHUV VWDQGDUG FLUFXLW DU
ZRUNV HDUWK OHDNDJH LQ XQHDUWKHG QHWZRUNV SDU UDQJHPHQW VHH DOVR $SSHQGL[ % )LJXUH %
DOOHO OLQH FRPSHQVDWLRQ IRU IDXOW ORFDWLRQ LI XVHG
V\QFKURQLVP DQG YROWDJH FKHFN LI XVHG DQG WKH $GGUHVV LV WKHQ VHW DV
PRQLWRULQJ RI PHDVXUHG YDOXHV ,H &7 3527(&7(' /,1(
7KH DGGLWLRQDO YROWDJH LQSXW LV GHVLJQDWHG LQ DG $GGUHVV LV VHW DV ,H,SK
GUHVV ZLWK 8[ &211(&7 LW FDQ EH GHFODUHG DV
127 &211(&7(' RU 8GHOWD 75$16)250 RU 8 &RQQHFWLRQ RI WKH HDUWK FXUUHQW IURP WKH WUDQV
75$16)250(5 IRUPHU VWDU SRLQW RI D SDUDOOHO OLQH FRPSHQVDWLRQ
RI IDXOW ORFDWLRQ IRU SDUDOOHO OLQHV RQO\ IRU W\SH
,I WKH YROWDJH WUDQVIRUPHU VHW KDV HQ RSHQ GHOWD 6$444444444 VHH DOVR $SSHQGL[ %
ZLQGLQJV DQG LI WKHVH DUH FRQQHFWHG WR WKH GHYLFH )LJXUH %
UHIHU )LJXUH % LQ $SSHQGL[ % WKHQ WKLV KDV WR EH
UHFRUGHG LQ DGGUHVV ZLWK 8[ &211(&7 $GGUHVV LV WKHQ VHW DV
8GHOWD 75$16)250 6LQFH WKH UDWLR RI WKH YROWDJH ,H &7 3$5$//(/ /,1(
WUDQVIRUPHUV LV QRUPDOO\
$GGUHVV LV VHW DV ,H,SK
81 SULP 8 8
1 VHF 1 VHF
» » EXW LI WKH WUDQVIRUPHUV RI WKH SDUDOOHO OLQH KDYH D
UDWLR ZKLFK GLIIHUV IURP WKRVH RI WKH SURWHFWHG OLQH
WKH UHODWLRQ RI WKHVH UDWLRV KDV WR EH VHW IRU ,H,SK
WKH IDFWRU 8SK8GHOWD VHFRQGDU\ YDOXHV DGGUHVV HJ
VKDOO EH VHW DV c c ZKHQ WKH
GHOWD ZLQGLQJV DUH FRQQHFWHG ,I WKH UDWLR LV GLIIHUHQW FXUUHQW WUDQVIRUPHUV SURWHFWHG OLQH $$
HJ ZKHQ WKH GLVSODFHPHQW YROWDJH LV IRUPHG E\ LQ FXUUHQW WUDQVIRUPHUV SDUDOOHO OLQH $$
WHUPHGLDWH WUDQVIRUPHUV WKH IDFWRU KDV WR EH VH
OHFWHG DFFRUGLQJO\ UHVXOWV LQ ,H,SK
,I WKH V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV WR &RQQHFWLRQ RI WKH HDUWK FXUUHQW IURP D VHSDUDWH
EH XVHG DW WKH IHHGHU WKHQ WKH DGGLWLRQDO YROWDJH LQ HDUWK FXUUHQW GHWHFWLRQ WUDQVIRUPHU HJ ZLQGRZ
SXW RI WKH GHYLFH PXVW EH FRQQHFWHG WR WKH EXVEDU W\SH FXUUHQW WUDQVIRUPHU IRU HDUWK IDXOW GHWHFWLRQ
YROWDJH ,Q WKLV FDVH DGGUHVV PXVW EH VHW DV VHH DOVR $SSHQGL[ % )LJXUH %
8[ &211(&7 8 75$16)250(5 UHIHU )LJXUH
% LQ $SSHQGL[ % 8QGHU DGGUHVV WKH GHYLFH $GGUHVV LV WKHQ VHW DV
PXVW EH LQIRUPHG WR ZKLFK YROWDJH RI WKH EXVEDU ,H &7 3527(&7(' /,1(
YROWDJH WUDQVIRUPHUV LV XVHG SKDVHWRSKDVH RU
SKDVHWRJURXQG DQG ZKLFK SKDVHV 7KH GHYLFH )RU XQLWV ZLWK KLJKO\ VHQVLWLYH HDUWK FXUUHQW LQSXW
DXWRPDWLFDOO\ VHOHFWV WKH FRUUHVSRQGLQJ IHHGHU YROW DGGUHVV QHHGV QRW EH VHW LW LV QRW DYDLODEOH
DJH IRU V\QFKURQLVP DQG YROWDJH FKHFN
&*&
$GGUHVV LV VHW DV ([DPSOH

3KDVH FXUUHQW WUDQVIRUPHUV $ $
:LQGRZ W\SH VXPPDWLRQ WUDQVIRUPHU $ $
UDWLR RI WKH HDUWK FXUUHQW &7
,H,SK
UDWLR RI WKH SKDVH FXUUHQW &7 5HOD\ W\SH IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ

OHOSK

7KH DGGLWLRQDO PHDVXUHG YROWDJH LQSXW 8[ RI WKH

8 [ & 2 1 1 ( & 7 GHYLFH LV
1 2 7 & 2 1 1 ( & 7 ( ' 127 &211(&7(' RU
FRQQHFWHG WR WKH HQ RSHQ GHOWD ZLQGLQJV RI
8 H Q 7 5 $ 1 6 ) 2 5 0 WKH YROWDJH WUDQVIRUPHU VHW RI WKH IHHGHU RU
FRQQHFWHG WR WKH D YROWDJH WUDQVIRUPHU RI WKH
8 7 5 $ 1 6 ) 2 5 0 ( 5 EXVEDU IRU V\QFKURQLVP DQG YROWDJH FKHFN
8 S K 8 G H O W D 0DWFKLQJ IDFWRU IRU UHVLGXDO YROWDJH

UDWHG VHFRQGDU\ YROWDJH RI YW SKDVH ZLQGLQJ

UDWHG VHFRQGDU\ YROWDJH RI RSHQ GHOWD ZLQGLQJ
QRUPDOO\
6PDOOHVW VHWWLQJ YDOXH
ODUJHVW VHWWLQJ YDOXH
&XUUHQW ZKLFK LV FRQQHFWHG WR WKH ,( PHDVXULQJ

, H & 7 LQSXW RI WKH UHOD\
3 5 2 7 ( & 7 ( ' / , 1 ( 1RWH $GGUHVV LV RQO\ DYDLODEOH LQ PRGHOV ZLWK
SDUDOOHO OLQH FRPSHQVDWLRQ 6$444444444 LQ
3 $ 5 $ / / ( / / , 1 ( RWKHU FDVHV 3527(&7(' /,1( LV LQWHUQDOO\ IL[HG
0DWFKLQJ IDFWRU IRU HDUWK FXUUHQW

, H , S K
IRU FRQQHFWLRQ LQ FW VWDUSRLQW

ZLQGRZ W\SH HDUWK FW UDWLR
SKDVH FW UDWLR
IRU FRQQHFWLRQ WR VHSDUDWH HDUWK FXUUHQW
WUDQVIRUPHU
/DUJHVW VHWWLQJ YDOXH
3KDVH DOORFDWLRQ IRU WKH EXVEDU YROWDJH 8 LI LW LV XVHG

8 & 1 1 ( & 7 IRU V\QFKURQLVP DQG YROWDJH FKHFN
/ /
:KHQ V\QFKURQLVP RU YROWDJH LV WR EH FKHFNHG EHIRUH
/ / FORVLQJ RI WKH FLUFXLW EUHDNHU WKH EXVEDU YROWDJH FRQ
QHFWHG WR WKH 8 YROWDJH LQSXW RI WKH UHOD\ LV FRPSDUHG
/ / ZLWK WKH YROWDJH RI WKH IHHGHU YROWDJH WUDQVIRUPHUV DV VH
OHFWHG LQ WKLV DGGUHVV
/ (
/ (
/ (
&*&
/LQH GDWD JHQHUDO
*HQHUDO OLQH GDWD DUH WKRVH ZKLFK DUH LQGHSHQGHQW )RU WKH HDUWK LPSHGDQFH UDWLR ZH KDYH
RI UHDFK RI WKH GLVWDQFH ]RQHV DQG WKH JUDGLQJ SODQ
0DWFKLQJ RI WKH HDUWK LPSHGDQFH UDWLR LV DFKLHYHG
E\ HQWHULQJ WKH UHVLVWDQFH UDWLR 5(5/ DQG WKH UHDF
5(
5/
5
Æ

ô
5
É
WDQFH UDWLR ;(;/ 7KHVH DUH SXUHO\ IRUPDOO\ FDOFX
ODWHG DQG DUH QRW LGHQWLFDO ZLWK UHDO DQG LPDJLQDU\
SDUWV RI =(=/ 1R FRPSOH[ FDOFXODWLRQ LV QHFHVVDU\
Æ
8NP
É
ô 8NP

7KH VHWWLQJ SDUDPHWHUV FDQ EH GHWHUPLQHG IURP WKH

OLQH GDWD XVLQJ WKH IROORZLQJ IRUPXODH ;(
;/
;
Æ

ô
;
É
Æ É
5HVLVWDQFH UDWLR
ô 8NP

8NP
5(
5/
5
Æ

ô
5
É :LWK GRXEOH OLQHV WKHUH LV PXWXDO FRXSOLQJ EHWZHHQ
WKH WZR FRQGXFWRU V\VWHPV 7KLV LV RQO\ UHOHYDQW IRU
6$ ZKHQ LW LQFRUSRUDWHV WKH SDUDOOHO OLQH IDXOW OR
5HDFWDQFH UDWLR FDWLRQ IHDWXUH DQG KDV EHHQ RUGHUHG ZLWK SDUDOOHO
OLQH FRPSHQVDWLRQ 7KLV FRPSHQVDWLRQ FDQ RQO\ EH
;(
;/
;
Æ

ô
;
É HIIHFWLYH IRU IDXOW ORFDWLRQ ZKHQ DGGLWLRQDOO\ DG
GUHVV LV VHW DV 3$5$//(/ /,1( <(6 6HFWLRQ

:KHUHE\ 7KH VHWWLQJ SDUDPHWHUV FDQ EH GHWHUPLQHG E\ WKH

5 =HUR VHTXHQFH OLQH UHVLVWDQFH IROORZLQJ IRUPXODH
; =HUR VHTXHQFH OLQH UHDFWDQFH
5 3RVLWLYH VHTXHQFH OLQH UHVLVWDQFH 5HVLVWDQFH UDWLR
; 3RVLWLYH VHTXHQFH OLQH UHDFWDQFH
50 5
,W LV XQLPSRUWDQW ZKHWKHU WRWDO OLQH YDOXHV RU YDOXHV
ô 0
SHU XQLW OHQJWK DUH XVHG VLQFH WKH UDWLRV DUH LQGH 5/ 5
SHQGHQW RI WKH OLQH OHQJWK
5HDFWDQFH UDWLR
&DOFXODWLRQ ([DPSOH
;0 ;
N9 RYHUKHDG OLQH $OX6WHHO PP ZLWK WKH
ô 0
OLQH SDUDPHWHUV ;/ ;
V OHQJWK NP :KHUH ;0 PXWXDO UHDFWDQFH FRXSOH UHDF

WDQFH RI WKH OLQH V\VWHPV
5V 8NP
;V 8NP
Z 3RV VHT LPSHGDQFH
; SRVLWLYH VHTXHQFH UHDFWDQFH RI WKH
OLQHV
5V 8NP Z =HUR VHT LPSHGDQFH
;V 8NP 7KHVH GDWD FDQ EH VHW HLWKHU IRU WKH WRWDO SDUDOOHO FLU
&XUUHQW WUDQVIRUPHUV $ $ FXLW OLQH OHQJWK RU DV OHQJWK UHODWHG YDOXHV VLQFH WKH
9ROWDJH WUDQVIRUPHUV N9 N9 TXRWLHQWV DUH LQGHSHQGHQW RI OHQJWK
&*&
0DWFKLQJ RI HDUWK LPSHGDQFH UHVLVWDQFH UDWLR

5 ( 5 /
0DWFKLQJ RI HDUWK LPSHGDQFH UHDFWDQFH UDWLR

; ( ; /
2QO\ IRU SDUDOOHO FLUFXLW OLQHV LI IDXOW ORFDWRU LV XVHG ZLWK SDUDOOHO OLQH FRPSHQVDWLRQ
0DWFKLQJ RI PXWXDO LPSHGDQFH UHVLVWDQFH UDWLR

5 0 5 /
0DWFKLQJ RI PXWXDO LPSHGDQFH UHDFWDQFH UDWLR

; 0 ; /
6RPH DGGLWLRQDO GDWD DUH UHTXHVWHG IRU YDULRXV SUR :KHUH 1FW FW UDWLR
WHFWLRQ IXQFWLRQV 7KHVH KDYH WR EH HQWHUHG WR WKH 1YW YW UDWLR
UHOD\ XQGHU WKH DGGUHVVHV WR ,1$ UDWHG FXUUHQW RI WKH FXUUHQW WUDQV
IRUPHUV UDWHG FXUUHQW RI WKH GH
7KH UHDFWDQFH SHU XQLW OLQH OHQJWK DGGUHVV LV YLFH
HQWHUHG DV VHFRQGDU\ YDOXH 7KLV FDQ EH GHULYHG
IURP WKH SULPDU\ YDOXH XVLQJ WKH IRUPXOD )LQDOO\ WKH OLQH OHQJWK LV HQWHUHG XQGHU DGGUHVV
1FW , ,W LV XVHG IRU IDXOW ORFDWLRQ
; VHF
ô ;SULP ô 1
1 YW $
/LQH UHDFWDQFH SHU XQLW OLQH OHQJWK VHFRQGDU\ RQO\ IRU

; 6 ( &
IDXOW ORFDWLRQ UHIHU WR 6HFWLRQ
W N P 6PDOOHVW VHWWLQJ YDOXH 8NP
/DUJHVW VHWWLQJ YDOXH 8NP
/HQJWK RI WKH WRWDO OLQH VHFRQGDU\ RQO\ IRU IDXOW ORFD

/ , 1 ( / ( 1 * 7 +
WLRQ UHIHU WR 6HFWLRQ
N P 6PDOOHVW VHWWLQJ YDOXH NP
/DUJHVW VHWWLQJ YDOXH NP
1RWH :KHQ WKH OLQH OHQJWK LV HQWHUHG LQ PLOHV LQVWHDG RI NLORPHWHUV DQG WKH OLQH FRQVWDQWV DUH HQWHUHG
LQ RKPV SHU PLOH WKHQ WKH UHOD\ ZLOO RSHUDWH SURSHUO\
&*&
$GGLWLRQDO SODQW GDWD
$GGLWLRQDO SODQW GDWD DUH UHTXHVWHG IRU VRPH GHYLFH DOO SURWHFWLRQ IXQFWLRQV RI WKH GHYLFH ZKLFK FDQ LVVXH
IXQFWLRQV D WULS VLJQDO 'LVWLQFWLRQ FDQ EH PDGH EHWZHHQ WKH
PLQLPXP WULS FRPPDQG GXUDWLRQ ZLWK FXUUHQW IORZ 7
8QGHU DGGUHVVHV DQG WKH PLQLPXP WULS 75,3 ,! DGGUHVV , ! ,1 DQG WKH GXUDWLRQ
FRPPDQG GXUDWLRQ FDQ EH VHW 7KLV LV WKHQ YDOLG IRU ZLWKRXW FXUUHQW IORZ 7 75,3 , DGGUHVV
0LQLPXP GXUDWLRQ RI WULS FRPPDQG ZLWK FXUUHQW IORZ

7 7 5 , 3 , !
0LQLPXP GXUDWLRQ RI WULS FRPPDQG ZLWKRXW FXUUHQW

7 7 5 , 3 ,
IORZ
V 6PDOOHVW VHWWLQJ YDOXH V
,I WKH V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV ([DPSOH

XVHG QRWH WKH IROORZLQJ
%XVEDU N9 SULPDU\
7KH IHHGHU YROWDJH LV GHVLJQDWHG ZLWK 8 LW LV WKH UHI 9 VHFRQGDU\
HUHQFH YROWDJH IRU DOO GHYLFH IXQFWLRQV ZKLFK RSHUDWH
ZLWK PHDVXUHG YROWDJHV 7KH EXVEDU YROWDJH LV GHV )HHGHU N9 SULPDU\
LJQDWHG 8 7KH PRGH RI FRQQHFWLRQ RI 8 LH 9 VHFRQGDU\
ZKLFK YROWDJH SKDVHSKDVH RU SKDVHHDUWK KDV
EHHQ HQWHUHG WR WKH UHOD\ XQGHU DGGUHVV DQG $ SRZHU WUDQVIRUPHU VKRXOG EH LQVWDOOHG EHWZHHQ
,I D SRZHU WUDQVIRUPHU LV LQVWDOOHG EHWZHHQ WKH EXVEDU YROWDJH WUDQVIRUPHUV DQG IHHGHU YROWDJH
EXVEDU DQG WKH ORFDWLRQ RI WKH IHHGHU YROWDJH WUDQV WUDQVIRUPHUV
IRUPHUV WKHQ WKH SKDVH GLVSODFHPHQW DFFRUGLQJ WR
WKH SRZHU WUDQVIRUPHU FRQQHFWLRQ JURXS PXVW EH 3RZHU WUDQVIRUPHU N9 N9
FRPSHQVDWHG 7KLV FDQ EH GRQH XVLQJ WKH SDUDPH FRQQHFWLRQ JURXS '\Q
WHU DGGUHVV
7KH FRQQHFWLRQ JURXS RI WKH SRZHU WUDQVIRUPHU LV
7KH VHFRQGDU\ UDWHG YROWDJHV RI WKH YROWDJH WUDQV GHILQHG IURP WKH XSSHU YROWDJH VLGH WR WKH ORZHU YROW
IRUPHUV PXVW EH HTXDO $GGLWLRQDOO\ WKH SULPDU\ DJH VLGH 7KH IHHGHU YROWDJH WUDQVIRUPHUV ZKLFK
UDWHG YROWDJHV RI WKH IHHGHU YROWDJH WUDQVIRUPHUV RQ DUH WKH UHIHUHQFH YROWDJHV IRU WKH SURWHFWLRQ UHOD\
WKH RQH KDQG DQG WKH EXVEDU YROWDJH WUDQVIRUPHUV DUH LQVWDOOHG RQ WKH ORZHU YROWDJH VLGH RI WKH SRZHU
RQ WKH RWKHU KDQG PXVW UHODWH WR WKH WUDQVIRUPDWLRQ WUDQVIRUPHU 7KXV WKH SKDVH GLVSODFHPHQW DFFRUG
UDWLR RI WKH SRZHU WUDQVIRUPHU LQJ WR WKH FRQQHFWLRQ JURXS QXPHUDO LH l E
PXVW EH HQWHUHG DV QHJDWLYH YDOXH
,I QR SKDVH VKLIWLQJ WUDQVIRUPHU LV LQVWDOOHG EHWZHHQ
IHHGHU DQG EXVEDU WKHQ DGGUHVV UHPDLQV 6HWWLQJ ZLOO EH
RWKHUZLVH LW PXVW EH FKDQJHG 7KH YROWDJH LV GH
ILQHG IURP 8 WR 8 DGGUHVV 3+, 88 E
3KDVH GLVSODFHPHQW EHWZHHQ 8 IHHGHU YROWDJH DQG

8 8 $ 1 * / 8 EXVEDU YROWDJH IRU V\QFKURQLVP FKHFN
E 6PDOOHVW VHWWLQJ YDOXH E
/DUJHVW VHWWLQJ YDOXH E
&*&
*HQHUDO GHYLFH GDWD
8QGHU DGGUHVVHV WR VRPH DGGLWLRQDO FRPPDQG 7KLV FRUUHVSRQGV WR WKH SUHVHWWLQJ RI DG
JHQHUDO GHYLFH GDWD DUH HQWHUHG WR WKH SURWHFWLRQ GUHVV 3 &283/ :,7+ )$8/7 '(7(& ,I
UHOD\ WR PDWFK LW WR WKH VZLWFK JHDU FRQGLWLRQV DGGUHVV LV VHW WR :,7+ 75,3 &200 WKUHHSROH
FRXSOLQJ RI WKH WULS FRPPDQG LV VXSSUHVVHG ZKHQ
7KH FORVLQJ WLPH RI WKH FLUFXLW EUHDNHU DGGUHVV SLFNXS LQ DQRWKHU SKDVH LV UHJLVWHUHG RQO\ DIWHU WKH
LV QHFHVVDU\ LI WKH V\QFKURFKHFN IXQFWLRQ RI VLQJOHSROH WULS LV LQLWLDWHG 7KLV VHWWLQJ LV UHDVRQDEOH
WKH UHOD\ LV XVHG DOVR IRU DV\QFKURQRXV VZLWFKLQJ ,Q ZKHQ LV FDQ EH DVVXPHG WKDW D IXUWKHU SLFNXS DIWHU
WKLV FDVH WKH SURWHFWLRQ FDOFXODWHV WKH LGHDO FORVLQJ LQLWLDWLRQ RI WKH WULS FRPPDQG PXVW DULVH IURP D GLI
LQVWDQW VXFK WKDW WKH WZR YROWDJHV EXVEDU DQG IHHG IHUHQW LQGHSHQGHQW IDXOW HYHQW 7KLV VHWWLQJ LV YDOLG
HU DUH LQ V\QFKURQLVP DW WKH LQVWDQW ZKHQ WKH EUHDN IRU DOO SURWHFWLRQ IXQFWLRQV RI WKH UHOD\ ZKLFK FDQ WULS
HU SROHV FRQWDFW HDFK RWKHU VLQJOHSROH
8QGHU DGGUHVV WKH PD[LPXP FORVH FRPPDQG $GGUHVV GHWHUPLQHV ZKHWKHU WKH VKRUWFLUFXLW
GXUDWLRQ FDQ EH VHW 7KLV WLPH LV WKHQ YDOLG IRU DOO SURWHFWLRQ IXQFWLRQV ZLOO WULS VLQJOHSROH LQ FDVH RI DQ
IXQFWLRQV RI WKH GHYLFH ZKLFK FDQ FORVH WKH FLUFXLW LVRODWHG WZRSKDVH IDXOW LH ZLWKRXW HDUWK DV ORQJ
EUHDNHU ,W PXVW EH ORQJ HQRXJK WR HQVXUH UHOLDEOH DV VLQJOHSROH WULSSLQJ LV DOORZHG 7KLV SDUDPHWHU
FORVXUH RI WKH FLUFXLW EUHDNHU 7KH FORVLQJ FRPPDQG FDQ EH FKDQJHG LI VLQJOHSROH DXWRUHFORVXUH VKRXOG
ZLOO EH LQWHUUXSWHG DW RQFH RQ UHQHZHG WULS RI DQ\ RI EH SHUIRUPHG ZLWK WKLV IDXOW W\SH
WKH SURWHFWLRQ IXQFWLRQV
7KH SDUDPHWHU 70&352/ DGGUHVV LV RS
7KH SKDVHV LQ ZKLFK IDXOW GHWHFWLRQ LV UHJLVWHUHG HUDWLYH RQO\ DIWHU PDQXDO FORVLQJ RI WKH EUHDNHU 7KLV
DUH GHFLVLYH IRU WKH VHOHFWHG OLQH ORRS DQG WKXV IRU WLPH LV GHFLVLYH IRU WKRVH SURWHFWLRQ VWDJHV ZKLFK
WKH WULS FRPPDQG EHLQJ VLQJOHSROH RU WKUHHSROH LQ VKDOO RSHUDWH RQO\ GXULQJ PDQXDO FORVLQJ HJ RYHU
6$ $QRWKHU SLFNXS GXULQJ RXWSXW RI WKH WULS UHDFK ]RQH RI WKH GLVWDQFH SURWHFWLRQ
FRPPDQG UHVXOWV LQ WKUHHSROH FRXSOLQJ RI WKH WULS
&LUFXLW EUHDNHU FORVLQJ WLPH UHOHYDQW RQO\ LQ FDVH

7 & % & / 2 6 ( DV\QFKURQRXV VZLWFKLQJ LV XVHG LQ FRQQHFWLRQ ZLWK
V V\QFKURFKHFN
0D[LPXP GXUDWLRQ RI FORVH FRPPDQG

7 & / 2 6 (
7KUHHSROH FRXSOLQJ
3 & 2 8 3 /
: , 7 + ) $ 8 / 7 ' ( 7 ( & HDFK PXOWLSKDVH )$8/7 '(7(&WLRQ UHVXOWV LQ
WKUHHSROH FRXSOLQJ RI WKH WULS FRPPDQG
: , 7 + 7 5 , 3 & 2 0 0 DIWHU LQLWLDWLRQ RI D VLQJOHSROH 75,3 GHFLVLRQ
QR WKUHHSROH FRXSOLQJ LV HIIHFWLYH
&*&
:LWK WZRSKDVH IDXOWV ZLWKRXW HDUWK

7 5 , 3 S K ) / 7
7 + 5 ( ( 3 2 / ( WKUHHSROH WULS ZLOO DOZD\V RFFXU
3 2 / ( / ( $ ' , 1 * VLQJOHSROH WULS RI WKH OHDGLQJ SKDVH ZLOO RFFXU

SURYLGHG VLQJOHSROH WULS LV DOORZHG
3 2 / ( / $ * * , 1 * VLQJOHSROH WULS RI WKH ODJJLQJ SKDVH ZLOO RFFXU
SURYLGHG VLQJOHSROH WULS LV DOORZHG
3URORQJDWLRQ WLPH DIWHU PDQXDO FORVLQJ IRU ZKLFK WKH

7 0 & 3 5 2 / DVVRFLDWHG SURWHFWLRQ VWDJH VKDOO RSHUDWH
6WDELOL]DWLRQ WLPH GHOD\ IRU H[WHUQDO WULS FRPPDQG

7 ( ; 7 6 7 $ %
YLD ELQDU\ LQSXW
)LOWHU IRU PHDVXUHG TXDQWLWLHV

) , / 7 ( 5
1 2 5 0 $ / 1250$/ ILOWHU
/ 2 1 * /21* ILOWHU IRU GLIILFXOW PHDVXULQJ FRQGLWLRQV
&*&
6$9 2SHUDWLQJ LQVWUXFWLRQV
6HWWLQJV IRU GLVWDQFH SURWHFWLRQ
6LQFH WKH PDLQ IXQFWLRQ RI 6$ LV WKDW RI GLVWDQFH &RQWUROOHG RYHUUHDFKLQJ VWDJHV
SURWHFWLRQ LW LV DVVXPHG LQ WKH IROORZLQJ WKDW LQ VHW ]RQH =% GHOD\ 7%
WLQJ WKH VFRSH RI WKH GHYLFH 6HFWLRQ WKH GLV ]RQH =/ GHOD\ 7/
WDQFH SURWHFWLRQ IXQFWLRQ KDV EHHQ VHW DV (;,67 DG
GUHVV ,I WKH UHVSRQVH 121 (;,67 KDV EHHQ )LQDO VWDJHV
VHW IRU WKH GLVWDQFH SURWHFWLRQ IRU H[DPSOH EH IDXOW GHWHFWLRQ GLUHFWLRQDO GHOD\ 7
FDXVH RQO\ RWKHU IXQFWLRQV VKDOO EH XVHG WKLV VHF IDXOW GHWHFWLRQ QRQGLUHFWLRQDO GHOD\ 7
WLRQ LV LUUHOHYDQW
)RU = = DQG =% GLIIHUHQW GHOD\ WLPHV FDQ EH VHW
IRU VLQJOHSKDVH IDXOWV DQG PXOWLSKDVH IDXOWV UH
VSHFWLYHO\
*HQHUDO VHWWLQJV DGGUHVV EORFN
,Q DGGUHVV EORFN WKH GLUHFWLRQ RI WKH GLUHFWLRQDO
6$ FRPSULVHV GLVWDQFH ]RQHV DQG WLPH VWDJH DQG WKH GHOD\ WLPHV 7 DQG 7 DUH VHW
VWDJHV DUUDQJHG DV IROORZV
127(
,QGHSHQGHQW GLVWDQFH VWDJHV 7KH GLUHFWLRQ ZKLFK LV VHW IRU WKH GLUHFWLRQDO ILQDO
]RQH = GHOD\ 7 VWDJH DGGUHVV LV QRW YDOLG IRU RWKHU GLUHFWLRQ
]RQH = GHOD\ 7 DOO\ GHSHQGHQW IXQFWLRQV RI WKH IDXOW GHWHFWLRQ IXQF
]RQH = GHOD\ 7 WLRQV IRU H[DPSOH IRU GLUHFWLRQDO FRPSDULVRQ ZKHQ
WKLV LV VHOHFWHG
' , 6 7 3 5 2 7 %HJLQQLQJ RI WKH EORFN

k'LVWDQFH SURWHFWLRQ JHQHUDO VHWWLQJVl
* ( 1 ( 5 $ / 6 ( 7 7 , 1 * 6
' , 6 7 3 5 2 7 'LVWDQFH SURWHFWLRQ LV

2 1 21 VZLWFKHG RQ
RU
2 ) ) 2)) VZLWFKHG RII
' , 5 ) ' 7 'LUHFWLRQ IRU GLUHFWLRQDO WULS ZLWK IDXOW GHWHFWLRQ

ZKLFK FDQ EH VHW
) 2 5 : $ 5 ' 6 )25:$5'6 OLQH GLUHFWLRQ RU
5 ( 9 ( 5 6 ( 5(9(56( EXVEDU GLUHFWLRQ RU
1 2 1 ' , 5 ( & 7 , 2 1 $ / 121 ',5(&7,21$/ HLWKHU GLUHFWLRQ
'HOD\ IRU 7 IDXOW GHWHFWLRQ GLUHFWLRQDO WULS

7 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR GLUHFWLRQDO WULS
'HOD\ IRU 7 IDXOW GHWHFWLRQ QRQGLUHFWLRQDO WULS

7 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR QRQGLUHFWLRQDO WULS
&*&
)RU PDQXDO FORVXUH RQWR WKH VKRUW FLUFXLW WKH GLV GLVWDQFH ]RQH =/ LV DYDLODEOH 5HOHDVH RI WKLV ]RQH
WDQFH SURWHFWLRQ FDQ EH VHW IRU YDULRXV YDOXHV RI EHIRUH D '$5 F\FOH FDQ EH EORFNHG E\ VHWWLQJ DG
UHDFK DGGUHVV )RU = ())(&7,9( QR VSHFLDO GUHVV '$5 !=/ WR 12 7KH '$5 F\FOHV FDQ
PHDVXUHV DUH WDNHQ 3RVVLEOH PHDVXUHV DUH VZLWFK DOVR EH EORFNHG E\ D ELQDU\ LQSXW 2QH FDQ VHOHFW WKH
WR RYHUUHDFK ]RQH LQVWDQWDQHRXV GLUHFWLRQDO =% VWDJH WKDW VKRXOG EH HIIHFWLYH GXULQJ EORFNLQJ RI WKH
',5(&7,21$/ RU RYHUUHDFK ]RQH LQVWDQWDQHRXV '$5 F\FOHV DGGUHVV 1RUPDOO\ = ZLWK 7 LV
QRQGLUHFWLRQDO =% 121 ',5(&7 RU )' ())(& HIIHFWLYH LQ WKLV FDVH WKLV FDQ EH FKDQJHG WR = ZLWK
7,9( LH IDXOW GHWHFWLRQ LQVWDQWDQHRXV QRQGLUHF 7%
WLRQDO 3UHUHTXLVLWH LV WKDW WKH PDQXDO FORVLQJ FRP
PDQG LV IHG WR WKH UHOD\ YLD D ELQDU\ LQSXW IURP WKH ,I D OLQH WR EH SURWHFWHG LV FRPSRVHG RI RYHUKHDG OLQH
GLVFUHSDQF\ VZLWFK DQG FDEOH VHFWLRQV WKH FRQWUROOHG ]RQHV =% DQG
=/ FDQ EH XVHG WR GLVWLQJXLVK EHWZHHQ IDXOWV RQ WKH
,I WKH GLVWDQFH SURWHFWLRQ RSHUDWHV WRJHWKHU ZLWK WKH WKH RYHUKHDG VHFWLRQ DQG FDEOH IDXOWV WR D FHUWDLQ
LQWHJUDWHG RU DQ H[WHUQDOO\ FRQQHFWHG DXWRUHFORVH GHJUHH 5HFORVXUH FDQ EH EORFNHG IRU FDEOH IDXOWV
GHYLFH DGGUHVV GHWHUPLQHV ZKLFK GLVWDQFH XVLQJ DGGUHVVHV DQG ,I IRU H[DPSOH D
]RQH LV YDOLG EHIRUH DXWRUHFORV]UH 1RUPDOO\ PHD FDEOH VHFWLRQ LV IROORZHG E\ DQ RYHUKHDG OLQH VHF
VXUHPHQW IRU WKH 5$5 F\FOH WDNHV SODFH LQ WKH H[ WLRQ ]RQH =% LV VHW WR FRYHU WKH FDEOH VHFWLRQ DQG
WHQGHG RYHUUHDFK ]RQH =% 7KLV FDQ EH FKDQJHG DGGUHVV LV VHW VXFK WKDW UHFORVXUH LV EORFNHG
E\ VHWWLQJ 5$5 ! =% WR 12 2YHUUHDFKLQJ ]RQH IRU IDXOWV :,7+,1 =% ,I IXUWKHU VHJUHJDWLRQ LV QHFHV
=% LV QRW UHOHDVHG E\ WKH 5$5 IXQFWLRQ LQ WKLV FDVH VDU\ HJ FDEOH RYHUKHDG OLQH FDEOH GLVWLQFWLRQ
=RQH = LV HIIHFWLYH FRQWLQXRXVO\ FDQ EH PDGH E\ DGGUHVV LQ VLPLODU ZD\ ,Q DOO
RWKHU FDVHV ERWK DGGUHVVHV UHPDLQ LQ SRVLWLRQ 12
)RU '$5 IXUWKHU DXWRUHFORVH F\FOHV D VHSDUDWH
'LVWDQFH PHDVXULQJ UDQJH ZKLFK LV YDOLG ZKHQ WKH

0 $ 1 & / 2 6 ( FLUFXLW EUHDNHU LV FORVHG PDQXDOO\
= % ' , 5 ( & 7 , 2 1 $ / =% ',5(&7,21$/ LH WKH RYHUUHDFK ]RQH GLUHF
WLRQDO DV VHW LQ DGGUHVV
= % 1 2 1 ' , 5 ( & 7 =% 121 ',5(&7 LH WKH RYHUUHDFK ]RQH QRQ
GLUHFWLRQDO
) ' ( ) ) ( & 7 , 9 ( )' ())(&7,9( LH IDXOW GHWHFWLRQ ]RQH QRQ
GLUHFWLRQDO
= ( ) ) ( & 7 , 9 ( = ())(&7,9( LH WKH QRUPDO ILUVW ]RQH
QR VSHFLDO PHDVXUHV
=RQH =% LV HIIHFWLYH EHIRUH 5$5

5 $ 5 ! = %
<(6 RU
< ( 6
1 2 12
,I '$5 QG DQG IXUWKHU VKRWV LV EORFNHG

' $ 5 % / 2 & .
= 7 = 7 ]RQH = LV YDOLG ZLWK GHOD\ 7
= 7 % = 7% ]RQH = LV YDOLG ZLWK GHOD\ 7%
&*&
' $ 5 ! = / =RQH =/ LV HIIHFWLYH EHIRUH '$5

<(6 RU
< ( 6
1 2 12
$XWRUHFORVXUH LV EORFNHG IRU IDXOWV

% / . $ 5 = %
1 2 12 QRUPDO VHWWLQJ
: , 7 + , 1 :,7+,1 ]RQH =%
2 8 7 6 , ' ( 2876,'( RI ]RQH =%
$XWRUHFORVXUH LVW EORFNHG IRU IDXOWV

% / . $ 5 = /
1 2 12 QRUPDO VHWWLQJ
: , 7 + , 1 :,7+,1 ]RQH =/
2 8 7 6 , ' ( 2876,'( RI ]RQH =/
6HWWLQJ RI WKH GLVWDQFH VWDJHV DGGUHVV EORFNV DQG
7KH UHOHYDQW SDUDPHWHUV DUH VHW IRU HDFK GLVWDQFH ,W LV UHFRPPHQGHG WKDW D FRPSUHKHQVLYH JUDGLQJ
VWDJH 7KH UHDFWDQFH ; GHWHUPLQHV WKH UHDFK RI LWV SODQ VKRXOG EH PDGH IRU WKH FRPSOHWH HOHFWULFDOO\
DVVRFLDWHG ]RQH 7KH UHVLVWDQFH 5 IRUPV WKH DOORZ FRQQHFWHG QHWZRUN ,W VKRXOG EH PDGH EHIRUH WKLV
DQFH IRU OLQH DQG IDXOW UHVLVWDQFH ,W FDQ EH VHW VHSD HQWU\ VHULHV LV DWWHPSWHG 7KLV SODQ VKRXOG FRQWDLQ
UDWHO\ IRU SKDVHSKDVH IDXOWV DQG IRU SKDVHHDUWK WKH OLQH OHQJWKV ZLWK WKHLU SULPDU\ UHDFWDQFHV ; LQ 8
IDXOWV WR DOORZ IRU H[DPSOH IRU HDUWK IDXOWV ZLWK KLJK SKDVH 7KHVH UHDFWDQFHV ; DUH WKH EDVLV IRU ]RQH
HU IDXOW SDWK UHVLVWDQFH UHDFK GHWHUPLQDWLRQ
0HDVXUHPHQW GLUHFWLRQ FDQ EH VHW LQGLYLGXDOO\ IRU )RU WKH ILUVW ]RQH = RQH QRUPDOO\ VHOHFWV QR GHOD\
HDFK ]RQH 7KLV DOORZV IUHH FKRLFH RI IRUZDUGV UH WLPH LH 7 V IRU WKH ILUVW RI WKH
YHUVH RU QRQGLUHFWLRQDO VWDJHV HJ DW WUDQVIRUPHUV SURWHFWHG OLQH OHQJWK 2YHU WKLV GLVWDQFH WKH UHOD\ ZLOO
JHQHUDWRUV RU EXVEDU FRXSOHUV WKHQ GLVFRQQHFW IDXOWV ZLWKLQ LWV LQKHUHQW RSHUDWLQJ
WLPH
7KH GHOD\ WLPHV 7 DQG 7 FDQ HDFK EH VHW LQGLYLGX
DOO\ DQG GLIIHUHQWO\ IRU VLQJOH SKDVH IDXOWV DQG PXOWL )RU HDFK RI WKH IROORZLQJ VWDJHV WKH GHOD\ WLPH LV LQ
SKDVH IDXOWV 7KXV RQH FDQ IRU H[DPSOH PDNH D VHW FUHDVHG E\ RQH JUDGLQJ WLPH XQLW 7KLV JUDGLQJ WLPH
WLQJ IRU VLQJOH SROH IDXOWV KLJKHU WKDQ WKDW RI DQ XQLW PXVW EH DGHTXDWH WR FRYHU WKH FLUFXLW EUHDNHU
DVVRFLDWHG GLIIHUHQWLDO HDUWK IDXOW SURWHFWLRQ 7 RSHUDWLQJ WLPH LQFOXVLYH WROHUDQFH WKH UHVHW WLPH RI
3+$6( JUDWHU WKDQ 7 !3+$6( RU VHW D VKRUWHU WKH SURWHFWLRQ GHYLFHV DQG WKH WROHUDQFH RI WKH GHOD\
UHVHUYH WLPH IRU PXOWLSROH IDXOWV FORVH WR D SRZHU WLPHV 1RUPDOO\ V WR V LV XVHG 5HDFK LV VH
VWDWLRQ 7 !3+$6( OHVV WKDQ 7 3+$6( OHFWHG VR WKDW LW FRYHUV XS WR RI WKH HTXDO WLPH
VWDJH RI WKH UHOD\ IRU WKH VKRUWHVW IROORZLQJ OLQH VHF
7KH LQGHSHQGHQW ]RQHV = = = RSHUDWH LQGHSHQ WLRQ
GHQWO\ IURP RQH DQRWKHU DQG LQGHSHQGHQWO\ RI WKH
RYHUUHDFK ]RQHV =% =/
&*&
7KH YDOXHV GHWHUPLQHG IURP WKH JUDGLQJ SODQ PXVW &DOFXODWLRQ ([DPSOH
EH FRQYHUWHG IRU WKH VHFRQGDU\ VLGH RI FXUUHQW DQG
YROWDJH WUDQVIRUPHUV ,Q JHQHUDO N9 RYHUKHDG OLQH $OX6WHHO PP ZLWK
WKH FKDUDFWHULVWLFV
=VHFRQGDU\
V OHQJWK NP
&XUUHQW WUDQVIRUPHU UDWLR
ô = SULPDU\
9ROWDJH WUDQVIRUPHU UDWLR 5V 8NP
;V 8NP
5V 8NP
7KH VHFRQGDU\ YDOXHV JLYHQ WR WKH UHOD\ PXVW EH UH
;V 8NP
ODWHG WR D FXUUHQW RI $ 7KXV WKH FRQYHUVLRQ IRUPX
OD IRU UHDFK IRU DQ\ GLVWDQFH ]RQH LV &XUUHQW WUDQVIRUPHUV $ $
9ROWDJH WUDQVIRUPHUV N9 N9
1FW ,
; VHF
ô ;SULP ô 1 0D[LPXP RYHUORDG
1 YW $
3PD[ 09$ FRUUHVSRQGLQJ
,PD[ $
:KHUH 1FW FW UDWLR
1YW YW UDWLR )LJXUH VKRZV D VDPSOH QHWZRUN VHFWLRQ ZLWK SUL
,1$ UDWHG UHOD\ FXUUHQW LQ $PSHUH PDU\ JUDGLQJ SODQ
VHFRQGDU\ UDWHG FXUUHQW RI FXU
UHQW WUDQVIRUPHUV :KLFK JLYHV WKH OLQH GDWD
5HVLVWDQFH VHWWLQJ 5 DOORZV D PDUJLQ IRU IDXOW UHVLV ;D 8NP NP 8
WDQFH ZKLFK DSSHDUV DV DQ LQSKDVH UHVLVWDQFH DG 5D 8NP NP 8
GLWLRQ WR WKH OLQH LPSHGDQFH DW WKH SRLQW RI IDXOW ,W
FRPSULVHV IRU H[DPSOH DUF UHVLVWDQFHV WRZHU IRRW ;E 8NP NP 8
LQJ UHVLVWDQFHV RU VLPLODU 7KH VHWWLQJ VKRXOG WDNH 5E 8NP NP 8
WKHVH IDXOW UHVLVWDQFHV LQWR DFFRXQW EXW QRW EH VHW
KLJKHU WKDQ DEVROXWHO\ QHFHVVDU\ $Q DGHTXDWH GLI ;F 8NP NP 8
IHUHQFH IURP WKH RSHUDWLQJ LPSHGDQFH PXVW EH HQ 5F 8NP NP 8
VXUHG HYHQ XQGHU FRQGLWLRQV RI WHPSRUDU\ RYHU
7KXV WKH IROORZLQJ ]RQH OLPLWV DULVH
ORDG 7KH UHVLVWDQFH PDUJLQ FDQ EH VHW VHSDUDWHO\
IRU SKDVHSKDVH IDXOWV DQG IRU SKDVHHDUWK IDXOWV =RQH SULPDU\ RI OLQH OHQJWK
;SULP ;D 8 8
=
=
$ = % & '
;D 5D ;E 5E ;F 5F
; ;D V$ % NP
; ;D ;E V% & NP
; > ;D ;E ;F@ V& ' NP
)LJXUH *UDGLQJ SODQ UHODWHG WR DERYH FDOFXODWLRQ H[DPSOH
&*&
=RQH VHFRQGDU\ ,Q WKLV H[DPSOH IRU SKDVHSKDVH DUFV DQ DUF YROW

DJH GURS RI PD[ N9 LV DVVXPHG :LWK DQ DV
1FW , VXPHG PLQLPXP VKRUW FLUFXLW FXUUHQW RI $ WKLV
; VHF
ô ;SULP ô 1 FRUUHVSRQGV WR 8 SULPDU\ )RU WKH UHVLVWDQFH VHW
1 YW $
WLQJ RI WKH ILUVW ]RQH WKLV UHVXOWV LQ

ô 8 ô $
8
$
5 SULP
5OLQH ô 5 DUF

=RQH SULPDU\ XS WR = RI WKH QH[W OLQH E
8 ô 8
8

;SULP ;D ;E
8 8
1FW ,
8 5 VHF
ô 5SULP ô 1
1 YW $
=RQH VHFRQGDU\

ô 8 ô $
$
1FW ,
8
; VHF
ô ;SULP ô 1
1 YW $
2QO\ KDOI RI WKH DUF UHVLVWDQFH YDOXH ZDV XVHG EH

ô 8 ô $
8
$ FDXVH LW LV DGGLWLYH WR WKH ORRS LPSHGDQFH DQG RQO\
KDOI VKRXOG EH DGGHG WR WKH LPSHGDQFH SHU SKDVH
=RQH SULPDU\ XS WR = RI WKH QH[W OLQH E
)RU HDUWK IDXOWV D VHSDUDWH UHVLVWDQFH WROHUDQFH FDQ
;SULP >;D ;E ;F@ EH VHW ,I DQ DUF UHVLVWDQFH RI 8 DQG D UHVLVWDQFH RI
> 8 8 8 IRU WKH WRZHU IRRWLQJ HDUWK SDWK DUH DVVXPHG
WKLV WKHQ OHDGV WR
8@
8
5( SULP
5OLQH 5DUF 5WRZHU
=RQH VHFRQGDU\

8 8 8
1FW ,
8
; VHF
ô ;SULP ô 1
1 YW $ 1FW ,
5( VHF
ô 5(SULP ô 1
1 YW $

ô 8 ô $
8
$

ô 8 ô $
$
5HVLVWDQFH VHWWLQJ

8
)RU UHVLVWDQFH VHWWLQJ LQ UHODWLRQ WR RYHUKHDG OLQHV
FRQVLGHUDWLRQ RI WKH DUF UHVLVWDQFH LV PRVW LPSRU 7KLV YDOXH JLYHV DQ DGHTXDWH FOHDUDQFH WR WKH PLQL
WDQW ,Q FDEOH QHWZRUNV DQ H[WHQVLYH DUF LV QRW SRVVL PXP ORDG LPSHGDQFH 7KH SRZHU VZLQJ SRO\JRQ
EOH WKXV WKH HIIHFWLYH UHVLVWDQFH RI WKH FDEOH LWVHOI FDQ EH LJQRUHG IRU WKH SKDVHHDUWK IDXOWV EHFDXVH
QRUPDOO\ SOD\V WKH PRUH LPSRUWDQW UROH :LWK YHU\ WKH SRZHU VZLQJ GHWHFWLRQ ZRUNV RQO\ ZLWK SKDVH
VKRUW FDEOH OHQJWKV KRZHYHU LW PXVW EH HQVXUHG SKDVH PHDVXUHPHQW
WKDW WKH UHVLVWDQFH RI DQ DUF DW WKH WHUPLQDOV DW WKH
FORVHXS FDEOH HQG LV FRYHUHG E\ WKH UHVLVWDQFH 127( 7KH VHWWLQJ YDOXHV 5 IRU HDFK ]RQH VKRXOG LI
ZKLFK LV VHW IRU WKH ILUVW ]RQH SRVVLEOH QRW H[FHHG WLPHV WKH VHW ;YDOXH
,QGHSHQGHQW ]RQHV = = DQG = DGGUHVV EORFN
%HJLQQLQJ RI EORFN
' , 6 7 3 5 2 7 k'LVWDQFH SURWHFWLRQ LQGHSHQGHQW ]RQHV = =
, 1 ' ( 3 ( 1 ' = 2 1 ( 6 DQG =l
&*&
)LUVW ]RQH =
5HVLVWDQFH IRU SKDVHSKDVH

5 8
5HDFWDQFH YDOXH UHDFK

; 8
5 ( 5HVLVWDQFH IRU SKDVHHDUWK

6PDOOHVW VHWWLQJ YDOXH 8
'LUHFWLRQ IRU ]RQH = FDQ EH

' , 5 ( & = )25:$5'6 OLQH GLUHFWLRQ RU
) 2 5 : $ 5 ' 6 5(9(56( EXVEDU GLUHFWLRQ
121 ',5(&7,21$/ HLWKHU GLUHFWLRQ
5 ( 9 ( 5 6 (
1 2 1 ' , 5 ( & 7 , 2 1 $ /
7 3 + $ 6 ( 'HOD\ IRU ]RQH = VLQJOHSKDVH IDXOWV

DQG * QR WULS LQ ]RQH = IRU VLQJOHSKDVH IDXOWV
7 ! 3 + $ 6 ( 'HOD\ IRU ]RQH = PXOWLSKDVH IDXOWV

DQG * QR WULS LQ ]RQH = IRU PXOWLSKDVH IDXOWV
1RUPDOO\ DGGUHVVHV DQG DUH VHW WR WKH VDPH YDOXH
6HFRQG ]RQH =

5 8

; 8
&*&


' , 5 ( & = )25:$5'6 OLQH GLUHFWLRQ RU
5 ( 9 ( 5 6 (
1 2 1 ' , 5 ( & 7 , 2 1 $ /
'HOD\ IRU ]RQH = VLQJOHSKDVH IDXOWV

7 3 + $ 6 ( 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR WULS LQ ]RQH = IRU VLQJOHSKDVH IDXOWV
'HOD\ IRU ]RQH = PXOWLSKDVH IDXOWV

7 ! 3 + $ 6 ( 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR WULS LQ ]RQH = IRU PXOWLSKDVH IDXOWV
6LQJOHSROH WULS ZLWK VLQJOHSKDVH IDXOW HYHQ LQ

7 5 , 3 3 = ]RQH ="
1 2 12 RU
< ( 6 <(6
7KLUG ]RQH =

5 8

; 8


' , 5 ( & =
) 2 5 : $ 5 ' 6 )25:$5'6 OLQH GLUHFWLRQ RU
5 ( 9 ( 5 6 ( 5(9(56( EXVEDU GLUHFWLRQ
1 2 1 ' , 5 ( & 7 , 2 1 $ / 121 ',5(&7,21$/ HLWKHU GLUHFWLRQ
&*&
7 'HOD\ IRU ]RQH =

DQG * QR WULS LQ ]RQH =
&RQWUROOHG RYHUUHDFK ]RQHV =% DQG =/ DGGUHVV EORFN
7KH WZR RYHUUHDFK ]RQHV =% DQG =/ DUH FRQ %RWK VWDJHV FDQ DOVR EH XVHG IRU VHOHFWLRQ EHWZHHQ
WUROOHG VWDJHV 7KH\ GR QRW LQIOXHQFH WKH QRUPDO FDEOH DQG RYHUKHDG OLQH VHFWLRQV LQ FDVH RI PL[HG
]RQHV = = = 7KHUH LV WKHUHIRUH QR VZLWFKRYHU OLQHV UHIHU WR 6HFWLRQ IRU PRUH GHWDLOV (DFK
UDWKHU WKH RYHUUHDFK ]RQHV ZLOO EH VZLWFKHG HIIHFWLYH RI WKHVH VWDJHV KDYH WKHLU RZQ GHOD\ WLPH ZKHUHE\
RU QRQHIIHFWLYH E\ WKH DSSURSULDWH FULWHULD ,I RQH RI IRU =% RQH FDQ DJDLQ GLVWLQJXLVK EHWZHHQ VLQJOH
WKHVH VWDJHV LV QRW UHTXLUHG WKH FRUUHVSRQGLQJ VHW SKDVH 7% 3+$6( DQG PXOWLSKDVH IDXOWV 7%
WLQJV DUH LUUHOHYDQW !3+$6
=RQH =% LV HIIHFWLYH LQ FRQMXQFWLRQ ZLWK UDSLG UH 0HDVXUHPHQW GLUHFWLRQ FDQ DOVR EH VHW LQGLYLGXDOO\
FORVLQJ ILUVW VKRW DQGRU WHOHSURWHFWLRQ PRGHV ,W
IRU WKH RYHUUHDFK ]RQHV
FDQ DOVR EH DFWLYDWHG YLD D ELQDU\ LQSXW FLUFXLW ,W LV
JHQHUDOO\ VHW DW DW OHDVW RI WKH OLQH OHQJWK
127( 7KH GLUHFWLRQV VHW IRU ]RQH =% DQG =/ DS
7KH ]RQH =/ LV XVHG IRU PXOWLSOH UHFORVLQJ DIWHU WKH SO\ LQ JHQHUDO IRU WKLV VWDJH LQGHSHQGHQW RI WKH
VHFRQG VKRW '$5 kGHOD\HG DXWRUHFORVXUHl ,W FDXVH ZKLFK OHDGV WR DFWLYDWLRQ RI RQH RI WKHVH
FDQ DOVR EH DFWLYDWHG YLD D ELQDU\ LQSXW FLUFXLW ]RQHV
%HJLQQLQJ RI EORFN
' , 6 7 3 5 2 7 k'LVWDQFH SURWHFWLRQ FRQWUROOHG ]RQHV
& 2 1 7 5 2 / / ( ' = 2 1 ( 6 =% DQG =/l
2YHUUHDFK ]RQH =% FRQWUROOHG E\ 5$5 WHOHSURWHFWLRQ VLJQDOV RU ELQDU\ LQSXW

5 % 8

; % 8
5 % ( 5HVLVWDQFH IRU SKDVHHDUWK

&*&
'LUHFWLRQ IRU ]RQH =% FDQ EH

' , 5 ( & = % )25:$5'6 OLQH GLUHFWLRQ RU
5 ( 9 ( 5 6 (
1 2 1 ' , 5 ( & 7 , 2 1 $ /
7 % 3 + $ 6 ( 'HOD\ IRU ]RQH =% VLQJOHSKDVH IDXOWV

DQG * QR WULS LQ ]RQH =% IRU VLQJOHSKDVH IDXOWV
7 % ! 3 + $ 6 'HOD\ IRU ]RQH =% PXOWLSKDVH IDXOWV

DQG * QR WULS LQ ]RQH =% IRU PXOWLSKDVH IDXOWV
2YHUUHDFK ]RQH =/ FRQWUROOHG E\ '$5 RU ELQDU\ LQSXW

5 / 8

; / 8
5 / ( 5HVLVWDQFH IRU SKDVHHDUWK

'LUHFWLRQ IRU ]RQH =/ FDQ EH

' , 5 ( & = / )25:$5'6 OLQH GLUHFWLRQ RU
5 ( 9 ( 5 6 (
1 2 1 ' , 5 ( & 7 , 2 1 $ /
'HOD\ IRU ]RQH =/

7 /
DQG * QR WULS LQ ]RQH =/
&*&
6HOHFWLRQ RI WKH IDXOW GHWHFWLRQ SURJUDP DGGUHVV EORFN
7KH GLVWDQFH SURWHFWLRQ UHOD\ KDV D YDULHW\ RI IDXOW HTXLSSHG ZLWK PRUH WKDQ RQH IDXOW GHWHFWRU VHOHF
GHWHFWLRQ IXQFWLRQV IURP ZKLFK WKH RSWLPXP FDQ EH WLRQ KDV EHHQ PDGH GXULQJ FRQILJXUDWLRQ DFFRUGLQJ
FKRVHQ IRU WKH V\VWHP XQGHU FRQVLGHUDWLRQ UHIHU WR 6HFWLRQ DGGUHVV 7KH IROORZLQJ SDUD
6HFWLRQ 2UGHULQJ GDWD JUDSKV VKRZ WKH SDUDPHWHUV IRU DOO IDXOW GHWHFWLRQ ID
FLOLWLHV :KHQ SDJLQJ WKURXJK WKH GLVSOD\ RQO\ WKRVH
7KH SRVVLEOH IDXOW GHWHFWLRQ PHWKRGV DUH LQGLYLGXDO DGGUHVVHV DSSHDU ZKLFK DUH YDOLG IRU WKH VHOHFWHG
O\ GHVFULEHG LQ 6HFWLRQ ,I WKH GHYLFH LV IDXOW GHWHFWLRQ PHWKRGV
' , 6 7 3 5 2 7 %HJLQQLQJ RI WKH EORFN k'LVWDQFH SURWHFWLRQ

) $ 8 / 7 ' ( 7 ( & 3 5 2 * IDXOW GHWHFWLRQ SURJUDPl
RQO\ ZLWK YROWDJH FRQWUROOHG 8, IDXOW GHWHFWLRQ

3 5 2 * 8 , PHDVXUHPHQW FRQWURO
/ ( 8 S K H / / 8 S K S K 8SK( ZLWK GHWHFWHG HDUWK IDXOW
8SKSK ZLWKRXW GHWHFWHG HDUWK IDXOW
/ ( 8 S K S K / / 8 S K S 8SKSK ZLWK GHWHFWHG HDUWK IDXOW

8SKSK ZLWKRXW GHWHFWHG HDUWK IDXOW
/ ( 8 S K H / / 8 S K H 8SK( ZLWK GHWHFWHG HDUWK IDXOW

8SK( ZLWKRXW GHWHFWHG HDUWK IDXOW
/ ( 8 S K H / / , ! ! 8SK( ZLWK GHWHFWHG HDUWK IDXOW

,!! ZLWKRXW GHWHFWHG HDUWK IDXOW RYHUFXUUHQW
SLFNXS RQO\
127( 0HDVXUHPHQW FRQWURO ZLWK /(8SKSK//8SKSK H[FOXGHV PHDVXUHPHQW RI SKDVHWRHDUWK ORRS WKXV LW
LV QRW XVHG IRU V\VWHPV ZLWK HDUWKHG VWDUSRLQW XQOHVV D GLIIHUHQW SURWHFWLYH UHOD\ RU IXQFWLRQ LV DFWLYDWHG IRU HDUWK
IDXOWV
RQO\ IRU LPSHGDQFH IDXOW GHWHFWLRQ

3 5 2 * = $ IL[ LPSHGDQFH =$ 0HDVXUHPHQW FRQWURO
/ ( = S K H / / = S K S K =SK( ZLWK GHWHFWHG HDUWK IDXOW
=SKSK ZLWKRXW GHWHFWHG HDUWK IDXOW
/ ( = S K H / / , ! ! =SK( ZLWK GHWHFWHG HDUWK IDXOW

,!! ZLWKRXW GHWHFWHG HDUWK IDXOW
RYHUFXUUHQW SLFNXS RQO\
&*&
*HQHUDO VHWWLQJ IRU IDXOW GHWHFWLRQ DGGUHVV EORFN
' , 6 7 3 5 2 7 %HJLQQLQJ RI WKH EORFN k)DXOW GHWHFWLRQ IRU GLVWDQFH

) $ 8 / 7 ' ( 7 ( & 7 , 2 1 SURWHFWLRQl
3DUDPHWHUV IRU RYHUFXUUHQW GHWHFWLRQ DUH VHW LQ DG &DOFXODWLRQ H[DPSOH

GUHVV IRU SKDVH FXUUHQWV DQG IRU HDUWK
FXUUHQWV 7KH GHWHUPLQLQJ IDFWRU IRU RYHUFXUUHQW )RU WKH OLQH XVHG LQ WKH H[DPSOH LQ 6HFWLRQ
WKH PD[LPXP RSHUDWLQJ FXUUHQW LV $ ZLWK
VHWWLQJ LV WKH PD[LPXP SRVVLEOH RSHUDWLQJ FXUUHQW
$ $ FXUUHQW WUDQVIRUPHUV DQG WKH PLQLPXP
3LFNXS XQGHU FRQGLWLRQV RI SHUPLVVLEOH RYHUORDG
VKRUW FLUFXLW FXUUHQW LV DVVXPHG WR EH $ 7KH
PXVW EH H[FOXGHG 7KH WKUHVKROG YDOXH ,SK!! $G IROORZLQJ VHWWLQJ ZRXOG WKHUHIRUH EH XVHG
GUHVV PXVW WKHUHIRUH EH VHW DERYH WKH PD[L
PXP DQWLFLSDWHG RYHUORDG FXUUHQW DSSUR[ ,!!
, /PD[ ô
$ ô

WLPHV ,W PXVW WKHQ EH FKHFNHG WKDW WKH PLQLPXP ,1 ,1 $
VKRUW FLUFXLW FXUUHQW LV DERYH WKLV OLPLW ,I WKDW LV QRW
WKH FDVH D UHOD\ ZLWK YROWDJH FRQWUROOHG 8, IDXOW
GHWHFWLRQ RU LPSHGDQFH GHWHFWLRQ LV QHFHVVDU\ 7KLV YDOXH OLHV DGHTXDWHO\ EHORZ WKH PLQLPXP VKRUW
FLUFXLW FXUUHQW RI $ $ k ,1
)RU WKH HDUWK IDXOW FXUUHQW D VHSDUDWH VHWWLQJ YDOXH
,H! $GGUHVV LV SURYLGHG ,Q VROLGO\ HDUWKHG 7KH FRQGLWLRQ IRU WKH PLQLPXP VKRUW FLUFXLW FXUUHQW LV
QHWZRUNV WKLV ZRXOG EH VHW EHORZ WKH PLQLPXP H[ DOVR YDOLG IRU HDUWK IDXOW FXUUHQWV LQ VROLGO\ HDUWKHG
SHFWHG HDUWK IDXOW FXUUHQW YDOXH ,Q LVRODWHG RU FRP QHWZRUNV HTXDOO\ IRU GRXEOH HDUWK IDXOWV LQ HLWKHU
V\VWHP
SHQVDWHG QHWZRUNV WKH VHWWLQJ YDOXH IRU FRUUHFW GH
WHFWLRQ RI GRXEOH HDUWK IDXOWV PXVW EH VHW EHORZ WKH
,I LPSHGDQFH IDXOW GHWHFWLRQ LV XVHG WKH
PLQLPXP H[SHFWHG GRXEOH HDUWK IDXOW FXUUHQW ,!!VWDJH FDQ EH VHW PRUH VHQVLWLYH EHFDXVH WKLV
LV QRW DQ LQGHSHQGHQW VWDJH EXW VXSSOHPHQWV WKH
LPSHGDQFH IDXOW GHWHFWLRQ SKDVHWRHDUWK ZKHQ D
OLQH ORRS ZRXOG EH HOLPLQDWHG DV GHVFULEHG LQ 6HF
WLRQ )RU ORQJ OLQHV LW FDQ EH VHW VXFK WKDW LV
GRHV QRW RSHUDWH LQ FDVH RI UHYHUVH IDXOW EHFDXVH RI
WKH GDPSLQJ HIIHFW RI WKH OLQH LWVHOI
2YHUFXUUHQW GHWHFWLRQ WKUHVKROG YDOXH ,SK!!

, S K ! !
6PDOOHVW VHWWLQJ YDOXH ,1
, , Q /DUJHVW VHWWLQJ YDOXH ,1
7KUHVKROG YDOXH IRU HDUWK FXUUHQW GHWHFWLRQ ,(!

, H !
&*&
6HWWLQJ IRU YROWDJH FRQWUROOHG IDXOW GHWHFWLRQ 8,
127( 7KLV VHFWLRQ DSSOLHV RQO\ IRU PRGHOV ZLWK YROW ,Q PRVW FDVHV FRQWURO ZLWK 83K( IRU HDUWK IDXOWV DQG
DJH FRQWUROOHG IDXOW GHWHFWLRQ IDFLOLW\ 83K3K IRU HDUWKIUHH IDXOWV LV SUHIHUUHG LQ V\VWHPV
6$44444 RU 4444 DQG ZKHQ WKLV ZLWK HDUWKHG VWDUSRLQW DGGUHVV /(8SKH
PHWKRG KDV EHHQ VHOHFWHG 6HFWLRQ 2WKHU //8SKSK 7KLV HQVXUHV PD[LPXP VHQVLWLYLW\ IRU DOO
ZLVH LW FDQ EH SDVVHG RYHU NLQGV RI IDXOW $ SUHUHTXLVLWH LV KRZHYHU WKDW WKH
HDUWK IDXOW FULWHULD DUH VDWLVILHG DW WKH PHDVXULQJ
7KH PHDQLQJ RI WKH SDUDPHWHUV FDQ EH JDWKHUHG SRLQW VDIHO\ IRU DOO HDUWK IDXOWV UHIHU 6HFWLRQ
IURP WKH FXUUHQWYROWDJH FKDUDFWHULVWLF VKRZQ LQ )LJ 2WKHUZLVH FRQWURO ZLWK 83K( IRU DOO NLQGV RI IDXOW LV
XUH ,SK! DGGUHVV LV WKH PLQLPXP RSHUDW UHDVRQDEOH DGGUHVV /(8SKH//8SKH
LQJ FXUUHQW WKH SUHUHTXLVLWH IRU HDFK SKDVH SLFNXS ZKLFK LV OHVV VHQVLWLYH IRU HDUWKIUHH VKRUWFLUFXLWV ,Q
,W PXVW EH VHW EHORZ WKH PLQLPXP SUHVXPHG VKRUW PDQ\ FDVHV WKLV FDQ EH DFFHSWHG EHFDXVH SKDVH
FLUFXLW FXUUHQW WRSKDVH IDXOWV DUH FRYHUHG E\ WKH RYHUFXUUHQW IDXOW
GHWHFWLRQ IXQFWLRQV ,SK!!
7KH YROWDJH GHSHQGHQW EUDQFK FDQ EH VHW HLWKHU IRU
SKDVHWRHDUWK YROWDJHV LQ DGGUHVVHV DQG
7KH SRVVLELOLW\ WR FRQWURO ZLWK WKH YROWDJH ORRSV
RU IRU SKDVHWRSKDVH YROWDJHV XQGHU DGGUHVV
83K( RQO\ ZKHQ DQ HDUWK IDXOW KDV EHHQ GHWHFWHG LV
HV DQG 7KLV GHSHQGV RQ ZKHWKHU YROWDJH
DGYDQWDJHRXV LQ V\VWHPV ZLWK D ORZLPSHGDQFH
FRQWURO LV VHOHFWHG ZLWK 8SKSK RU ZLWK 8SKH 7KH FKDU
DFWHULVWLF PXVW EH VHW VXFK WKDW LW KDV D VXIILFLHQW HDUWKHG VWDUSRLQW LH ZLWK HDUWK IDXOW OLPLWLQJ DLGV
VDIHW\ GLVWDQFH IURP WKH PD[LPXP RSHUDWLRQ FXUUHQW VRFDOOHG UHVLVWDQFH HDUWKLQJ ,Q WKHVH V\VWHPV
DW PLQLPXP RSHUDWLRQ YROWDJH ,Q FDVHV RI GRXEW RQH RQO\ HDUWK IDXOWV DUH WR EH GHWHFWHG E\ WKH YROWDJH
VKRXOG FKHFN WKH SLFNXS FRQGLWLRQV DJDLQVW WKH FRQWUROOHG IDXOW GHWHFWLRQ )RU SKDVHSKDVH IDXOWV
FKDUDFWHULVWLF :LWK FRPSUHKHQVLYH QHWZRUNV WKH KLJKVHW RYHUFXUUHQW IDXOW GHWHFWRUV ,SK!! ZLOO
VKRUWFLUFXLW FDOFXODWLRQV PD\ EH XVHIXO SLFN XS DGGUHVV /(8SKH//,!!
89
,Q RUGHU WR SUHYHQW IDXOW\ SLFNXS RI WKH HDUWK IDXOW GH
WHFWRU E\ WKH RVFLOODWLRQ WUDQVLHQWV RQ RFFXUUHQFH RI
D VLPSOH HDUWK IDXOW LQ LVRODWHG RU FRPSHQVDWHG
3HWHUVHQFRLO QHWZRUNV HDUWK IDXOW GHWHFWLRQ FDQ
EH GHOD\HG E\ WKH SDUDPHWHU 7,H 3+$6( DGGUHVV
8,!!
UHIHU 6HFWLRQ ,I WKH HDUWK FXUUHQW
FRXOG H[FHHG WKH HDUWK IDXOW WKUHVKROG HYHQ XQGHU
8,! VWHDG\VWDWH FRQGLWLRQV 7,H 3+$6( VKRXOG EH VHW

WR * SLFNXS RQ RQH VLQJOHSKDVH IDXOW LV WKHQ QR
PRUH SRVVLEOH HYHQ ZKHQ D KLJK HDUWK FXUUHQW ZLOO
IORZ 'RXEOH HDUWK IDXOWV ZLOO QHYHUWKHOHVV EH GH
WHFWHG FRUUHFWO\ DQG FOHDUHG LQ DFFRUGDQFH ZLWK WKH
GRXEOH IDXOW SUHIHUHQFH SURJUDP 6HFWLRQ
$GGLWLRQDOO\ LW LV SRVVLEOH WR PDNH YROWDJH FRQWURO

ZLWK SKDVHWRSKDVH YROWDJHV RQO\ DGGUHVV
,SK! ,SK!! /(8SKSK//8SKSK 7KH PHDVXUHG OLQH ORRS LQ
WKLV FDVH LV LQGHSHQGHQW RI WKH HDUWK IDXOW GHWHFWLRQ
WKLV PHWKRG H[FOXGHV SLFNXS RQ HDUWK IDXOWV DEVR
,,1
OXWHO\ KRZHYHU FRUUHFW GRXEOH HDUWK IDXOW SUHIHU
)LJXUH 9ROWDJH FRQWUROOHG IDXOW GHWHFWRUV HQFH LV QRW SRVVLEOH
8, FKDUDFWHULVWLF
0LQLPXP RSHUDWLQJ FXUUHQW IRU IDXOW GHWHFWLRQ ,SK!

, S K ! ,1
, , Q /DUJHVW VHWWLQJ YDOXH ,
1
&*&
8QGHUYROWDJH SLFNXS YDOXH DW ,SK!! DGGUHVV

8 S K H , ! ! )LJXUH SKDVHWRHDUWK YROWDJH
9 6PDOOHVW VHWWLQJ YDOXH 9
/DUJHVW VHWWLQJ YDOXH 9
8QGHUYROWDJH SLFNXS YDOXH DW ,SK! DGGUHVV

8 S K H , !
)LJXUH SKDVHWRHDUWK YROWDJH
8QGHUYROWDJH SLFNXS YDOXH DW ,SK!! DGGUHVV

8 S K S K , ! ! )LJXUH SKDVHWRSKDVH YROWDJH
8QGHUYROWDJH SLFNXS YDOXH DW ,SK! DGGUHVV

8 S K S K , !
)LJXUH SKDVHWRSKDVH YROWDJH
6HWWLQJV IRU LPSHGDQFH IDXOW GHWHFWLRQ
127( 7KLV VHFWLRQ DSSOLHV RQO\ IRU PRGHOV ZLWK LP

SHGDQFH GHWHFWLRQ IDFLOLW\ 6$44444
4444 DQG ZKHQ WKLV PHWKRG KDV EHHQ VHOHFWHG
6HFWLRQ 2WKHUZLVH LW FDQ EH SDVVHG RYHU
7KH LPSHGDQFH IDXOW GHWHFWLRQ IRU SKDVHHDUWK LV

VXSSOHPHQWHG E\ DQ RYHUFXUUHQW VWDJH ,SK!!
ZKHUH SLFNXS RI WKH RYHUFXUUHQW VWDJH RQO\ OHDGV WR
GHWHFWLRQ LI WKH DVVRFLDWHG LPSHGDQFH ORRS KDV
EHHQ HOLPLQDWHG UHIHU 6HFWLRQ 7KH UHVSHF
WLYH SDUDPHWHUV KDYH EHHQ VHW LQ 6HFWLRQ
7KH PHDQLQJ RI WKH SDUDPHWHUV FDQ EH JDWKHUHG

IURP WKH LPSHGDQFH FKDUDFWHULVWLF VKRZQ LQ )LJXUH
7KH EROG GRWV LGHQWLI\ WKH VHWWLQJ SDUDPHWHUV
ZKLFK GHWHUPLQH WKH JHRPHWU\ RI WKH IDXOW GHWHFWLRQ
SRO\JRQ ,SK! LV WKH PLQLPXP RSHUDWLQJ FXUUHQW WKH
SUHUHTXLVLWH IRU HDFK SKDVH SLFNXS ,W PXVW EH VHW
EHORZ WKH PLQLPXP SUHVXPHG VKRUWFLUFXLW FXUUHQW
,PSHGDQFH GHWHFWLRQ VKRXOG ZLWK VDIHW\ EH ORRNHG )DXOW GHWHFWLRQ DUHD

XSRQ DV WKH XOWLPDWH SURWHFWLRQ 7DNLQJ LQWR DFFRXQW 3KDVHSKDVH IDXOWV
LQWHUPHGLDWH IHHGLQJ IRU UHPRWH IDXOWV D ODUJHU UDWK
HU WKDQ VPDOOHU WKUHVKROG YDOXH VKRXOG EH FKRVHQ ,I 3KDVHHDUWK IDXOWV
WKH OLQH FDUULHV UHDFWLYH SRZHU WKH SLFNXS WKUHVKROG
PXVW OLH EHORZ WKH UHDFWLYH SRZHU LPSHGDQFH KRZ )LJXUH ,PSHGDQFH IDXOW GHWHFWLRQ FKDUDFWHU
HYHU LVWLF
&*&
&RQVLGHULQJ WKH FDOFXODWLRQ H[DPSOH LQ 6HFWLRQ $ VDIHW\ PDUJLQ RI DW OHDVW VKRXOG EH PDLQ
ZH VHOHFW DSSUR[LPDWHO\ WLPHV WKH YDOXH RI WDLQHG ZLWK UHVSHFW WR WKLV YDOXH
WKH WKLUG ]RQH $ FDOFXODWLRQ XVLQJ SULPDU\ YDOXHV LV
VXSHUIOXRXV LQ WKLV FRQVLGHUDWLRQ 5PD[ 8 8
;$VHF 8 :KHQ WKH SRZHU VZLQJ EORFNLQJ IXQFWLRQ LV XVHG

WKLV YDOXH PXVW QRW EH H[FHHGHG E\ WKH SRZHU VZLQJ
)RU WKH UHYHUVH GLUHFWLRQ GR QRW IRUJHW WKDW ZLWK SRO\JRQ HLWKHU VR WKH SLFNXS YDOXH LQ WKH 5GLUHF
RYHUUHDFK WHOHSURWHFWLRQ SURFHGXUHV D UHYHUVH IDXOW
WLRQ PXVW EH VHW FRQVLGHUDEO\ VPDOOHU LQ RUGHU WR RE
PXVW GHILQLWHO\ EH UHFRJQL]HG LI LW OLHV ZLWKLQ WKH RYHU
WDLQ DGHTXDWH PHDVXULQJ FOHDUDQFH EHWZHHQ WKH
UHDFK ]RQH RI WKH UHOD\ DW WKH RWKHU OLQH HQG 1RUPDO
VHWWLQJ YDOXHV DUH DSSUR[LPDWHO\ KDOI WKRVH RI WKH SRZHU VZLQJ SRO\JRQ DQG WKH IDXOW GHWHFWLRQ SRO\
UHDFK LQ WKH IRUZDUGV GLUHFWLRQ JRQ UHIHU WR 6HFWLRQ
;$VHF 8 ,Q RUGHU WR JXDUDQWHH XQHTXLYRFDO FULWHULD IRU GLV

FULPLQDWLRQ EHWZHHQ ORDG RSHUDWLRQ DQG D VKRUWFLU
)RU WKH UHVLVWDQFH VHWWLQJ WKHUH LV D ORZHU DQG DQ XS FXLW LQ WKH FDVH RI ORQJ KLJKORDGHG OLQHV LQ RWK
SHU OLPLW 7KH VHWWLQJ 5$ PXVW VWLOO UHFRJQL]H DUF HU ZRUGV LI DERYH SUHFRQGLWLRQV FDQQRW EH IXOILOOHG
IDXOWV ZLWKLQ LWV WROHUDQFH UDQJH 5RXJKO\ RU WKH FKDUDFWHULVWLF FDQ EH VHW GHSHQGHQW RQ WKH
WLPHV WKH YDOXH RI WKH WKLUG ]RQH DSSOLHV KHUH DOVR SKDVH DQJOH WKH 5 LQWHUVHFWLRQ 5$ DGGUHVV
WKHQ DSSOLHV WR SKDVH DQJOHV DERYH WKH YDOXH
$W WKH XSSHU HQG WKH VHWWLQJ YDOXH 5$ VKRXOG QRW H[ $1*/( 3+,$ DGGUHVV WKH 5 LQWHUVHFWLRQ 5$
FHHG WLPHV WKH VHWWLQJ IRU ;$ DGGUHVV WR SKDVH DQJOHV EHORZ $1*/(
3+,$ 7KH VDIHW\ PDUJLQ IURP WKH PLQLPXP ORDG LP
)RU ORQJ RYHUKHDG OLQHV LW PXVW EH FRQVLGHUHG WKDW SHGDQFH LV QHFHVVDU\ RQO\ IRU 5$ 7KH DQJOH
WKH VHWWLQJ LQ WKH UHVLVWLYH GLUHFWLRQ PXVW KDYH D VXIIL $1*/( 3+,$ PXVW EH VHW KLJKHU WKDQ WKH PD[LPXP
FLHQW VDIHW\ PDUJLQ IURP WKH PLQLPXP ORDG LPSHG
SKDVH DQJOH GXULQJ ORDG WUDQVSRUW )XQGDPHQWDOO\ LW
DQFH 7KH PLQLPXP ORDG LPSHGDQFH RFFXUV DW PD[L
LV PRVW LPSRUWDQW WKDW WKH IDXOW GHWHFWLRQ FKDUDFWHU
PXP ORDG FXUUHQW DQG PLQLPXP RSHUDWLQJ YROWDJH
,Q WKLV H[DPSOH WKHUHIRUH LVWLF QHYHU H[FHHGV WKH ORDG LPSHGDQFH GXULQJ RSHU
DWLRQ
8 PLQ
5 /SULP

ô N9
¯ ô , ¯ ô $
/PD[ )RU HDUWK IDXOWV D VHSDUDWH UHVLVWDQFH WROHUDQFH DQG

8 D VHSDUDWH OLPLW DQJOH $1* 3+,$( FDQ EH VHW DG
GUHVV /RDG LPSHGDQFH FDQ EH LJQRUHG IRU WKH
RU VHFRQGDU\ SKDVHHDUWK IDXOWV XQOHVV WKH SLFNXS YDOXH RI WKH
HDUWK FXUUHQW GHWHFWLRQ DGGUHVV FRXOG EH H[
FHHGHG E\ ]HUR VHTXHQFH FXUUHQWV FDXVHG E\
1FW ,
5 /VHF
ô 5/SULP ô 1 DV\PPHWULHV LQ FXUUHQWV
1 YW $
$ 7KH SRZHU VZLQJ GHWHFWLRQ XVHV SKDVHWRSKDVH

ô 8 ô
$ TXDQWLWLHV 7KXV VHWWLQJ RI WKH UVHFWLRQ IRU SKDVH
HDUWK PHDVXUHPHQW DUH LUUHOHYDQW

8
0LQLPXP FXUUHQW IRU LPSHGDQFH GHWHFWLRQ

, S K ! ,1
5HDFWDQFH YDOXH UHDFK IRUZDUGV

; $ 8
&*&
5HDFWDQFH YDOXH UHDFK UHYHUVH

; $ 8
5HVLVWDQFH IRU SKDVHSKDVH SKDVH DQJOH EHORZ

5 $ $1*/( 3+,$ DGGUHVV ORDG DUHD
5HVLVWDQFH IRU SKDVHSKDVH SKDVH DQJOH DERYH

5 $
$1*/( 3+,$ DGGUHVV IDXOW DUHD
5HVLVWDQFH IRU SKDVHHDUWK SKDVH DQJOH EHORZ $1*

5 $ ( 8
3+,$( DGGUHVV
5HVLVWDQFH IRU SKDVHHDUWK SKDVH DQJOH DERYH $1*

5 $ (
3+,$( DGGUHVV
/LPLW DQJOH IRU SKDVHSKDVH PHDVXUHPHQW EHORZ

$ 1 * / ( 3 + , $
ZKLFK UHVLVWDQFH LQWHUVHFWLRQ 5$ DGGUHVV LV
E YDOLG ORDG DUHD DERYH ZKLFK UHVLVWDQFH LQWHUVHFWLRQ
5$ DGGUHVV LV YDOLG IDXOW DUHD
6PDOOHVW VHWWLQJ YDOXH E
$ 1 * 3 + , $ ( /LPLW DQJOH IRU SKDVHHDUWK PHDVXUHPHQW EHORZ

ZKLFK UHVLVWDQFH LQWHUVHFWLRQ 5$( DGGUHVV LV
E YDOLG DERYH ZKLFK UHVLVWDQFH LQWHUVHFWLRQ 5$( DG
GUHVV LV YDOLG
6PDOOHVW VHWWLQJ YDOXH E
1RWH 'LVWLQFWLRQ EHWZHHQ 5$ DQG 5$ FDQ EH PDGH IRU XVH RQ ORQJ KHDY\ORDGHG OLQHV ,Q RWKHU FDVHV ERWK
WKH SDUDPHWHUV DUH WR EH VHW WR WKH VDPH YDOXH 'LVWLQFWLRQ EHWZHHQ 5$( DQG 5$( LV XVXDOO\ QRW QHFHVVDU\
&*&
6HWWLQJV IRU GHWHUPLQDWLRQ RI WKH IDXOWHG ORRS DGGUHVV EORFNV DQG
7KH VHOHFWLRQ RI YDOLG VKRUWFLUFXLWHG ORRSV YDULHV VRPH FDVHV IDXOW UHVLVWDQFH SKDVHSKDVH ODUJHU
FRQVLGHUDEO\ GHSHQGHQW XSRQ ZKHWKHU WKH V\VWHP WKDQ SKDVHHDUWK /($',1* 3+ ( FDQ EH PRUH ID
VWDUSRLQW LV HDUWKHG LVRODWHG RU FRPSHQVDWHG 3HW YRXUDEOH
HUVHQ FRLO $FFRUGLQJO\ WKH WUHDWPHQW RI WKH V\VWHP
VWDUSRLQW KDV WR EH NQRZQ EHIRUH WKH GHYLFH LV SXW )RU WKUHH SKDVH SLFNXS WKH VHWWLQJ RI DGGUHVV
LQWR RSHUDWLRQ VHH 6HFWLRQ DGGUHVV GHWHUPLQHV WKH W\SH RI ORRS ZKLFK ZLOO EH VHOHFWHG
3+ )$8/76 () &21752/ PHDQV WKDW LI WKHUH LV
7KH SDUDPHWHU EORFN LV LPSRUWDQW IRU QHWZRUNV QR HDUWK IDXOW GHWHFWHG WKHQ D SKDVHSKDVH ORRS
ZLWK VROLGO\ HDUWKHG VWDUSRLQW :LWK XQHDUWKHG VWDU ZLOO EH PHDVXUHG EXW ZLWK HDUWK IDXOW GHWHFWLRQ D
SRLQW LW LV LUUHOHYDQW DQG FDQ EH SDVVHG RYHU SKDVH ORRS SKDVHHDUWK 7KH RWKHU SRVVLELOLWLHV
3+ 3+ 21/< DQG 3+ ( 21/< DUH LQGHSHQGHQW RI
3DUDPHWHU EORFN LV IRU LVRODWHG DQG FRPSHQVDWHG WKH ,( SLFNXS
QHWZRUNV )RU QHWZRUNV ZLWK HDUWKHG VWDUSRLQWV LW LV
LUUHOHYDQW DQG FDQ EH SDVVHG RYHU 8QGHU DGGUHVV RQH FDQ VHOHFW ZKHWKHU XQGHU
FRQGLWLRQV RI D VLQJOH SKDVH SLFNXS ZLWKRXW HDUWK
,Q HDUWKHG QHWZRUNV DQ HDUWK IDXOW FDQ EH GHWHFWHG
IDXOW GHWHFWLRQ D FRQGXFWRUHDUWK ORRS LV VHOHFWHG
E\ HDUWK FXUUHQW RU GLVSODFHPHQW YROWDJH DGGUHVV
7KH VHWWLQJ 3+ )$8/76 3+$6( ($57+ RQO\
)DXOW ORRS VHOHFWLRQ IRU GRXEOH HDUWK IDXOWV
PDNHV VHQVH LQ HDUWKHG QHWZRUNV ZKHQ QR FXUUHQW
FDQ EH SURJUDPPHG XQGHU DGGUHVV 1RUPDOO\
RU RQO\ H[WUHPHO\ ORZ FXUUHQW FDQ IORZ LQ WKH FDVH RI
WKH 3+$6( 3+$6( ORRS ZLOO EH VHOHFWHG ,I KLJK
DQ HDUWK IDXOW )RU LPSHGDQFH IDXOW GHWHFWLRQ WKLV SD
IRRWLQJ UHVLVWDQFHV DUH H[SHFWHG WKHQ /$**,1*
UDPHWHU LV LUUHOHYDQW EHFDXVH LPSHGDQFH IDXOW GH
3+ ( ORRS PD\ EH PRUH IDYRXUDEOH EHFDXVH WKH
WHFWLRQ DOZD\V LV UHODWHG WR D IDXOW ORRS
OHDGLQJ SKDVHHDUWK ORRS WHQGV WR RYHUUHDFK ,Q
%HJLQQLQJ RI EORFN
) $ 8 / 7 k'HWHUPLQDWLRQ RI WKH IDXOW ORRS LQ VROLGO\ HDUWKHG
( $ 5 7 + ( ' 1 ( 7 : 2 5 . 6 QHWZRUNVl
'LVSODFHPHQW YROWDJH 8H c k 8 IRU HDUWK IDXOW

8 H !
GHWHFWLRQ LQ HDUWKHG V\VWHPV 1RWH $GGUHVV KDV
9 QR LQIOXHQFH RQ WKLV SLFNXS YDOXH
RU * QR HDUWK IDXOW GHWHFWLRQ EDVHG RQ GLVSODFHPHQW
YROWDJH PHDVXUHPHQW
)RU GRXEOH HDUWK IDXOWV LQ HDUWKHG QHWZRUNV

3 + 3 + ( ) / 7 6 PHDVXUHPHQW LV FDUULHG RXW LQ
3 + $ 6 ( 3 + $ 6 ( 2 1 / < 3+$6( 3+$6( ORRS 21/<
/ ( $ ' , 1 * 3 + ( 3+DVH (DUWK ORRS RI WKH /($',1* SKDVH
/ $ * * , 1 * 3 + ( 3+DVH (DUWK ORRS RI WKH /$**,1* SKDVH
:LWK IDXOW GHWHFWLRQ LQ DOO SKDVHV

3 + ) $ 8 / 7 6
() &21752/OHG IDXOW ORRS LV VHOHFWHG GHSHQ
( ) & 2 1 7 5 2 / GHQW RQ HDUWK IDXOW GHWHFWLRQ
3+$6( 3+$6( 21/< IDXOW ORRS SKDVHWRSKDVH LV
3 + $ 6 ( 3 + $ 6 ( 2 1 / < VHOHFWHG HYHQ ZLWK HDUWK
IDXOW GHWHFWLRQ
3 + $ 6 ( ( $ 5 7 + 2 1 / <
3+$6( ($57+ 21/< IDXOW ORRS SKDVHWRHDUWK LV
VHOHFWHG HYHQ ZLWKRXW HDUWK
IDXOW GHWHFWLRQ
&*&
ZLWK IDXOW GHWHFWLRQ LQ RQH VLQJOH SKDVH

3 + ) $ 8 / 7 6
3+$6( ($57+ IDXOW ORRS SKDVHWRHDUWK LV
3 + $ 6 ( ( $ 5 7 + VHOHFWHG HYHQ ZLWKRXW HDUWK
IDXOW GHWHFWLRQ
3 + $ 6 ( 3 + $ 6 ( 3+$6( 3+$6( IDXOW ORRS SKDVHWRSKDVH LV
VHOHFWHG
,Q LVRODWHG RU FRPSHQVDWHG QHWZRUNV LW PXVW EH SURWHFWLRQ WDNHV SODFH LI RQO\ RQH SKDVH SLFNV XS ,I
HQVXUHG WKDW WKH SUHIHUHQFH XQGHU FRQGLWLRQV RI KRZHYHU D FURVVFRXQWU\ GRXEOH HDUWK IDXOW RFFXUV
GRXEOH FURVVFRXQWU\ HDUWK IDXOWV LV WKH VDPH DIWHU GHWHFWLRQ RI D VLPSOH HDUWK IDXOW WKLV LV UHFRJ
WKURXJKRXW WKH ZKROH HOHFWULFDOO\ FRQQHFWHG QHW QL]HG E\ WKH UHOD\ DQG PHDVXUHG DFFRUGLQJ WR WKH
ZRUN DGGUHVV 7R SUHYHQW SLFNXS GXULQJ WKH VHOHFWHG GRXEOH HDUWK IDXOW SUHIHUHQFH SURJUDP
WUDQVLHQW VZLQJV RQ LQFHSWLRQ RI D VLQJOH SKDVH IDXOW 6LQJOH HDUWK IDXOW LV UHFRJQL]HG E\ WKH GLVSODFHPHQW
,( SLFNXS LV GHOD\HG IRU VLQJOH SKDVH SLFNXS E\ VHW YROWDJH 8H! DGGUHVV GHOD\ 7,H 3+$6( LV
WLQJ 7,H 3+$6( DW VHFRQGV DGGUHVV ,Q QRW HIIHFWLYH WKHUHDIWHU D IXUWKHU HDUWK IDXOW DIWHU RF
H[WHQGHG FRPSHQVDWHG QHWZRUNV WKLV WLPH VKRXOG FXUUHQFH RI D VLQJOH HDUWK IDXOW FDQ RQO\ EH D GRXEOH
EH LQFUHDVHG ,I LW LV VHW WR * QR VWDUW RI WKH GLVWDQFH HDUWK IDXOW
%HJLQQLQJ RI EORFN
) $ 8 / 7 k'HWHUPLQDWLRQ RI WKH IDXOW ORRS LQ QRQHDUWKHG
1 2 1 ( $ 5 7 + ( ' 1 ( 7 LVRODWHG RU FRPSHQVDWHG QHWZRUNVl
7 , H 3 + $ 6 ( 'HOD\ IRU ,( GHWHFWLRQ ZLWK VLQJOHSKDVH

SLFNXS LQ QRQHDUWKHG V\VWHPV
DQG * ,( SLFNXS WRWDOO\ DYRLGHG
'LVSODFHPHQW YROWDJH 8H c k 8 IRU HDUWK

8 H !
IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV 1RWH
9 $GGUHVV KDV QR LQIOXHQFH RQ WKLV SLFNXS
YDOXH
3KDVH SUHIHUHQFH IRU GRXEOH FURVVFRXQWU\ HDUWK

3 + $ 6 ( 3 5 (
IDXOWV )RU LVRODWHG RU FRPSHQVDWHG QHWZRUNV WKH
) / / $ & < & / , & SUHIHUHQFH VHTXHQFH PXVW EH WKH VDPH WKURXJKRXW
WKH ZKROH HOHFWULFDOO\ LQWHUFRQQHFWHG QHWZRUN
/ / $ & < & / , &
/ / $ & < & / , &
/ / $ & < & / , &
/ / $ & < & / , &
/ / $ & < & / , &
/ / & < & / , &
/ / & < & / , &
&*&
6HWWLQJV IRU WKH SRZHU VZLQJ VXSSOHPHQW DGGUHVV EORFN
127( 7KLV VHFWLRQ DSSOLHV RQO\ IRU PRGHOV ZLWK 7KH GLVWDQFH EHWZHHQ SRZHU VZLQJ SRO\JRQ DQG
SRZHU VZLQJ RSWLRQ PRGHO 6$444444 IDXOW GHWHFWLRQ SRO\JRQ SKDVHSKDVH VKRXOG EH
444 2WKHUZLVH LW FDQ EH SDVVHG RYHU 7KH SRZ DV ODUJH DV SRVVLEOH WKH 5LQWHUVHFWLRQ LV GHFLVLYH
HU VZLQJ VXSSOHPHQW RQO\ RSHUDWHV LI LW LV FRQILJXUHG 2Q WKH RWKHU KDQG WKH SRZHU VZLQJ SRO\JRQ PXVW
DGGUHVV 32:(56:,1* (;,67 UHIHU 6HF QRW H[WHQG LQWR WKH RSHUDWLRQDO LPSHGDQFH
WLRQ DQG LI WKH GHYLFH KDV LPSHGDQFH IDXOW GH
WHFWLRQ 7R VHW WKH UDWH RI FKDQJH RI WKH LPSHGDQFH YHFWRU
ERWK WKH PD[LPXP SRZHU VZLQJ IUHTXHQF\ LQ WKH LQ
7KUHH SRVVLEOH SURJUDPV FDQ EH VHOHFWHG IRU WKH VWDQW RI HQWU\ RI WKH LPSHGDQFH YHFWRU LQWR WKH SRZHU
SRZHU VZLQJ EORFNLQJ IXQFWLRQ LQ DGGLWLRQ D WULS VZLQJ SRO\JRQ DQG WKH WLPH UHTXLUHG E\ 6$ IRU
SLQJ IXQFWLRQ LQ WKH FDVH RI XQVWDEOH SRZHU VZLQJV WKH GHWHFWLRQ RI WKH SRZHU VZLQJ PXVW EH WDNHQ LQWR
DV\QFKURQLVP FDQ EH SURJUDPPHG )RU WKH GHWHF FRQVLGHUDWLRQ 8QGHU WKH PRVW GLIILFXOW FRQGLWLRQV DW
WLRQ RI SRZHU VZLQJV WKH IROORZLQJ FRQVLGHUDWLRQV OHDVW PV VKRXOG EH DOORZHG IRU WKH GHWHFWLRQ RI D
DUH RI LPSRUWDQFH VHH DOVR 6HFWLRQ SRZHU VZLQJ
%HJLQQLQJ RI EORFN
k3RZHU VZLQJ GHWHFWLRQl
3 2 : ( 5 6 : , 1 *
3 6 3 5 2 * 5 )XQFWLRQDO SURJUDP RI WKH SRZHU VZLQJ

VXSSOHPHQW
% / 2 & . $ / /
EORFNLQJ RI DOO GLVWDQFH ]RQHV
% / 2 & . = 2 1 / < EORFNLQJ RI WKH ILUVW ]RQH RQO\
EORFNLQJ RI WKH KLJKHU GHOD\HG ]RQHV
% / 2 & . $ / / % 8 7 = RQO\ = LV UHOHDVHG
2 8 7 2 ) 6 7 ( 3 7 5 , 3 WULS LQ WKH HYHQW RI XQVWDEOH SRZHU VZLQJ

DV\QFKURQLVP DOO ]RQHV DUH EORFNHG
'LVWDQFH '5 EHWZHHQ SRZHU VZLQJ SRO\JRQ DQG IDXOW

' H O W D 5
GHWHFWLRQ SRO\JRQ VHFRQGDU\ VHH LQ 8
5DWH RI FKDQJH RI WKH SRZHU VZLQJ YHFWRU EHWZHHQ

G 5 G 7
WKH SRZHU VZLQJ SRO\JRQ DQG IDXOW GHWHFWLRQ SRO\JRQ
8 V LQ 8V EHORZ ZKLFK WKH SRZHU VZLQJ LV GHWHFWHG
6PDOOHVW VHWWLQJ YDOXH 8V
/DUJHVW VHWWLQJ YDOXH 8V
3RZHU VZLQJ DFWLRQ WLPH

3 6 7 $ & 7 7KH IXQFWLRQ FDQ EH OLPLWHG WR WKH WLPH 36 7$&7
* V :LWK WKH VHWWLQJ * WKH SRZHU VZLQJ IXQFWLRQ LV
HIIHFWLYH XQWLO WKH LPSHGDQFH YHFWRU KDV OHIW WKH SRZHU
VZLQJ SRO\JRQ DJDLQ
DQG * RQO\ DIWHU GLVFRQWLQXDWLRQ RI WKH SRZHU VZLQJ
FULWHULRQ
&*&
6HWWLQJV IRU WHOHSURWHFWLRQ DGGUHVV EORFNV DQG
,Q SURJUDPPLQJ RI WKH VFRSH RI WKH IXQFWLRQV 6HF 8QGHUUHDFK WUDQVIHU VFKHPHV DG
WLRQ RQH VHOHFWV ZKHWKHU D SHUPLVVLYH XQGHU GUHVV EORFN
UHDFK WUDQVIHU VFKHPH 81'(55($&+ RU D SHUPLV
VLYH RYHUUHDFKLQJ WUDQVIHU VFKHPH 29(55($&+ )RU WKH XQGHUUHDFK WUDQVIHU VFKHPHV WKH WUDQVPLV
VLRQ VLJQDO SURORQJDWLRQ 76(1' 35/ DGGUHVV
VKDOO EH XVHG IRU WKH WHOHSURWHFWLRQ DGGUHVV ,I
VKDOO HQVXUH WKDW WKH WUDQVPLVVLRQ VLJQDO VDIH
WKH WHOHSURWHFWLRQ LV SURJUDPPHG DV 121 (;,67 O\ UHDFKHV WKH RSSRVLWH OLQH HQG HYHQ ZKHQ WKH VLJ
WKLV 6HFWLRQ LV LUUHOHYDQW QDO IURP WKH WUDQVPLWWLQJ OLQH HQG LV LQWHUUXSWHG
TXLFNO\ DQGRU ZKHQ WKH WUDQVPLVVLRQ WLPH LV UHOD
7KH IXQFWLRQ RI WKH YDULRXV SURFHGXUHV LV GHVFULEHG WLYHO\ ORQJ 6LPLODU FRQVLGHUDWLRQV FDQ DSSO\ IRU WKH
LQ 6HFWLRQ UHFHLYHG VLJQDO SURORQJDWLRQ 75(&352/ DG
GUHVV 'HOD\ RI WKH ILUVW ]RQH = GRHV QRW GHOD\
WKH WUDQVPLVVLRQ VLJQDO EXW DQ RZQ WLPH GHOD\ 7
6(1' '(/ DGGUHVV LV DYDLODEOH
%HJLQQLQJ RI EORFN
7 ( / ( 3 5 2 7 ( & k7HOHSURWHFWLRQ SHUPLVVLYH XQGHUUHDFK WUDQVIHU
3 ( 5 0 8 1 ' ( 5 5 ( $ & + VFKHPHVl
3 8 7 7 3HUPLVVLYH XQGHUUHDFK WUDQVIHU WULS LV

2 1 21 VZLWFKHG RQ
0RGH VHOHFWLRQ RI SHUPLVVLYH XQGHUUHDFK

3 8 7 7 0 2 ' ( WUDQVIHU WULS
= % $ & & ( / ( 5 $ 7 , 2 1 =RQH DFFHOHUDWLRQ =% ZLWK 7%
) ' $ & & ( / ( 5 $ 7 , 2 1 7ULS ZLWK IDXOW GHWHFWLRQ QRQGLUHFWLRQDO

LQVWDQWDQHRXV
3URORQJDWLRQ RI WUDQVPLW VLJQDO ZLWK XQGHUUHDFK

7 6 ( 1 ' 3 5 /
PRGHV
3URORQJDWLRQ RI UHFHLYHG VLJQDO ZLWK XQGHUUHDFK

7 5 ( & 3 5 2 /
PRGHV
'HOD\ RI WUDQVPLVVLRQ VLJQDO LQ SHUPLVVLYH XQGHU

7 6 ( 1 ' ' ( /
UHDFK PRGHV 7 LV QRW GHFLVLYH IRU WUDQVPLVVLRQ
V VLJQDO GHOD\ HYHQ LI D GHOD\ LV VHW
&*&
2YHUUHDFK WUDQVIHU VFKHPHV DG 7KH WUDQVLHQW EORFNLQJ WLPH 775$16%/2 DGGUHVV
GUHVV EORFN PXVW EH ORQJHU WKDQ WKH WUDQVPLVVLRQ WLPH LQ
DGGLWLRQ WKH GXUDWLRQ RI KHDY\ WUDQVLHQW UHDFWLRQV DW
)RU WKH RYHUUHDFK WUDQVIHU VFKHPHV LW PXVW EH QRWHG WKH LQFHSWLRQ DQG LQWHUUXSWLRQ RI VKRUW FLUFXLWV KDV WR
WKDW WKH QRUPDO ]RQHV SDUWLFXODUO\ WKHUHIRUH DOVR EH WDNHQ LQWR FRQVLGHUDWLRQ
= RSHUDWH LQGHSHQGHQWO\ ,I WKH GLVWDQFH SURWHF
WLRQ GHYLFHV DW WKH WZR OLQH HQGV KDYH VLJQLILFDQWO\ 7KH WLPH 7:$,7 DGGUHVV LV D ZDLWLQJ WLPH
GLIIHUHQW FRPPDQG WLPHV PRUH WKDQ DSSUR[LPDWHO\ IRU LQLWLDWLRQ RI WUDQVLHQW EORFNLQJ :KHQ WKH GLVWDQFH
PV GLIIHUHQFH WKH ILUVW ]RQH ZLWK GHOD\ 7 VKDOO SURWHFWLRQ KDV GHWHFWHG D IDXOW WKH UHFHSWLRQ FLUFXLW
UHOHDVH ZLOO EH EORFNHG LI QR UHFHSWLRQ VLJQDO KDV
EH DSSURSULDWHO\ GHOD\HG DGGUHVVHV DQG
EHHQ UHFHLYHG ZLWKLQ WKLV WLPH WKHUHDIWHU D UHFHSWLRQ
IRU WKH UHOHDVH SURFHGXUHV =% 5(/($6( )'
VLJQDO FDQ RQO\ EH HIIHFWLYH DIWHU WKH WUDQVLHQW EORFN
',5(& 5(/($6( =% 81%/2&. DQG )' 81 LQJ WLPH 775$16%/2 UHIHU DOVR 6HFWLRQ ,I
%/2&. VHW WR * QR EORFNLQJ WDNHV SODFH IRU WKLV FDVH
)RU WKH EORFNLQJ SURFHGXUHV =% %/2&.,1* DQG 3URORQJDWLRQ RI WKH WUDQVPLVVLRQ VLJQDO 76(1'
5(9(56 ,17(5/2&. 7% DGGUHVVHV DQG 35/ DGGUHVV LV RQO\ HIIHFWLYH GXULQJ WKH UH
PXVW EH VXIILFLHQWO\ GHOD\HG WKDW WKH EORFNLQJ OHDVH SURFHGXUH ZKHQ WKH UHOD\ KDV DOUHDG\ LVVXHG D
VLJQDO LV VDIHO\ WUDQVPLWWHG XQGHU FRQGLWLRQV RI H[WHU WULSSLQJ FRPPDQG 7KLV DOVR JXDUDQWHHV UHOHDVH RI
QDO IDXOW )RU 3,/27 :,5( &203 D GHOD\ RI 7% LV WKH RWKHU OLQH HQG ZKHQ WKH VKRUW FLUFXLW LV UDSLGO\
HTXDOO\ QHFHVVDU\ ZKHQ VLJQLILFDQW GLIIHUHQFHV DUH FOHDUHG E\ WKH LQGHSHQGHQW ]RQH = ,Q WKH EORFNLQJ
SUHVHQW EHWZHHQ WKH SLFNXS DQG GURSRII WLPHV RI SURFHGXUH =% %/2&.,1* WKH WUDQVPLVVLRQ VLJQDO
WKH GHYLFHV DW WZR OLQH HQGV $GGLWLRQDOO\ D VXIILFLHQW LV DOZD\V SURORQJHG E\ WKLV WLPH
WLPH SHULRG PXVW UHPDLQ EHWZHHQ IDXOW GHWHFWLRQ
SLFNXS DQG WULS VLJQDO LQ ]RQH =% VR WKDW WKH FORVHG ,I D GHOD\ 7% LV VHW IRU WKH RYHUUHDFK ]RQH =% WKLV
ZLUH ORRS FDQ VDIHO\ EH LQWHUUXSWHG E\ IDXOW GHWHF GRHV QRW OHDG WR GHOD\ RI WKH WUDQVPLW VLJQDO EXW
WLRQ DQG UHFORVHG E\ WULS LQ =% ,I QHFHVVDU\ 7% WUDQVPLVVLRQ FDQ EH GHOD\HG E\ WKH WLPH 76(1'
PXVW EH GHOD\HG IRU WKLV FDVH WRR '(/ DGGUHVV
%HJLQQLQJ RI EORFN
7 ( / ( 3 5 2 7 ( & k7HOHSURWHFWLRQ SHUPLVVLYH RYHUUHDFK WUDQVIHU
3 ( 5 0 2 9 ( 5 5 ( $ & + VFKHPHVl
3 2 7 7 3HUPLVVLYH RYHUUHDFK WUDQVIHU WULS LV

2 1 21 VZLWFKHG RQ
3 2 7 7 0 2 ' ( 0RGH VHOHFWLRQ RI SHUPLVVLYH RYHUUHDFK WUDQVIHU WULS

=% 5(/($6( SHUPLVVLYH RYHUUHDFK ZLWK
= % 5 ( / ( $ 6 ( ]RQH =% UHOHDVH PRGH
)' ',5(& 5(/($6( GLUHFWLRQDO FRPSDULVRQ
) ' ' , 5 ( & 5 ( / ( $ 6 ( UHOHDVH IDXOW GHWHFWLRQ
=% 81%/2&. 8QEORFNLQJ PRGH ZLWK ]RQH
= % 8 1 % / 2 & . =%
)' 81%/2&. 8QEORFNLQJ PRGH ZLWK
) ' 8 1 % / 2 & . IDXOW GHWHFWLRQ GLUHFWLRQDO
=% %/2&.,1* %ORFNLQJ PRGH ZLWK ]RQH
= % % / 2 & . , 1 * =%
3,/27 :,5( &203 &RPSDULVRQ =% YLD
3 , / 2 7 : , 5 ( & 2 0 3 SLORW ZLUHV
5(9(56 ,17(5/2&. 5HYHUVH LQWHUORFNLQJ
5 ( 9 ( 5 6 , 1 7 ( 5 / 2 & .
&*&
7UDQVLHQW EORFNLQJ WLPH DIWHU H[WHUQDO IDXOW

7 7 5 $ 1 6 % /
2 V /DUJHVW VHWWLQJ YDOXH V
:DLWLQJ WLPH EHIRUH WUDQVLHQW EORFNLQJ ZLWK PLVVLQJ

7 : $ , 7 UHFHSWLRQ VLJQDO
* V 6PDOOHVW VHWWLQJ YDOXH V
RU * LH QR WUDQVLHQW EORFNLQJ ZLWK PLVVLQJ UHFHSWLRQ
$WWHQWLRQ ,Q EORFNLQJ PRGH DGGUHVV 3277
02'( =% %/2&.,1* WKH ZDLWLQJ WLPH PXVW EH
VHW WR WKH VPDOOHVW YDOXH LQ RUGHU WR HQVXUH WUDQVLHQW
EORFNLQJ DIWHU UHFHSWLRQ
3URORQJDWLRQ RI WKH WUDQVPLVVLRQ VLJQDO HIIHFWLYH

7 6 ( 1 ' 3 5 / RQO\ ZLWK =% %/2&.,1* RU DIWHU D WULS VLJQDO KDV
V EHHQ LVVXHG
3 2 7 7 ' L U ) ' (IIHFWLYH GLUHFWLRQ IRU GLUHFWLRQDO 3277 PRGHV )' ',
5(& 5(/($6( DQG )' 81%/2&. QRW UHOHYDQW IRU WKH
) 2 5 : $ 5 ' 6 RWKHU 3277 PRGHV
)25:$5'6 1RUPDO DSSOLFDWLRQ
5 ( 9 ( 5 6 (
5(9(56(
IRU VSHFLDO DSSOLFDWLRQ RQO\
1 2 1 ' , 5 ( & 7 , 2 1 $ / 121 ',5(&7,21$/
'HOD\ RI WUDQVPLVVLRQ VLJQDO LQ SHUPLVVLYH RYHU

7 6 ( 1 ' ' ( / UHDFK PRGHV 7% LV QRW GHFLVLYH IRU WUDQVPLVVLRQ
V VLJQDO GHOD\ HYHQ LI D GHOD\ LV VHW
)RU OLQH HQGV ZLWK ZHDN SRZHU LQIHHG WKH HFKR IXQF 7KH HFKR LPSXOVH GXUDWLRQ 7(&+2,03 DGGUHVV
WLRQ LV UHDVRQDEOH ZKHQ XVLQJ RYHUUHDFK WUDQVIHU FDQ EH DGMXVWHG LQ DFFRUGDQFH ZLWK WKH UH
VFKHPHV ZLWK UHOHDVH SHUPLVVLRQ VLJQDOV VR WKDW TXLUHPHQWV RI WKH QHWZRUN ,W KDV WR EH ORQJ HQRXJK
WKH VWURQJ IHHGLQJ OLQH HQG FDQ EH UHOHDVHG HYHQ VR WKDW HYHQ ZLWK GLIIHULQJ RSHUDWLQJ WLPHV RI WKH SUR
ZKHQ WKH ZHDN LQIHHG HQG GRHV QRW SLFN XS )RU RWK WHFWLYH GHYLFHV DW ERWK OLQH HQGV DQG RI WKH WUDQVPLV
HU WUDQVIHU VFKHPHV WKH HFKR IXQFWLRQ LV QRW HIIHF VLRQ GHYLFHV UHFRJQLWLRQ RI WKH UHFHLYH VLJQDO LV
WLYH UHVSHFWLYH SDUDPHWHUV DUH RI QR FRQFHUQ WKHQ JXDUDQWHHG
7KH HFKR GHOD\ WLPH 7(&+2'(/ DGGUHVV 7R DYRLG IDOVH HFKR VLJQDOV DIWHU GLVFRQQHFWLRQ RI WKH
PXVW EH VHW WR VXFK D ORQJ GXUDWLRQ WKDW GLIIHULQJ OLQH D EORFNLQJ WLPH IRU HFKR JHQHUDWLRQ 7(&+2
UHDFWLRQ WLPHV RI WKH IDXOW GHWHFWRUV RI WKH SURWHFWLYH %/2 DGGUHVV LV VHW 7KLV VKRXOG LQFOXGH WKH
UHOD\V DW ERWK OLQH HQGV FDQQRW UHVXOW LQ D IDOVH HFKR HFKR GHOD\ WLPH 7(&+2'(/ SOXV WKH HFKR LP
VLJQDO LQ WKH FDVH RI H[WHUQDO IDXOWV SXOVH GXUDWLRQ 7(&+2,03 SOXV D VDIHW\ PDUJLQ
RI DW OHDVW WZLFH WKH WUDQVPLVVLRQ WLPH
&*&
( & + 2 7KH HFKR IXQFWLRQ IRU ZHDNLQIHG OLQH HQGV LV

2 1
21 VZLWFKHG RQ
(FKR GHOD\ WLPH

7 ( & + 2 ' ( / 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR HFKR VLJQDO ZKHQ FLUFXLW EUHDNHU LV FORVHG
7 ( & + 2 , 0 3 'XUDWLRQ RI HFKR LPSXOVH

7 ( & + 2 % / 2 (FKR EORFNLQJ WLPH

6HWWLQJV IRU XVHU GHILQDEOH ORJLF IXQFWLRQV DGGUHVV EORFN
7ZR XVHU GHILQDEOH ORJLFDO IXQFWLRQV DUH DYDLODEOH SLFNXS DQG GURSRII GHOD\ WLPHV FDQ EH VHW LQ DG
7KH\ FDQ RSHUDWH LI WKH\ DUH FRQILJXUHG DV (;,67 XQ GUHVV EORFN
GHU DGGUHVV GXULQJ FRQILJXUDWLRQ RI WKH VFRSH
RI IXQFWLRQV UHIHU WR 6HFWLRQ (DFK IXQFWLRQ 1RWH WKDW WKH VHW WLPHV DUH SXUH GHOD\ WLPHV ZKLFK GR
FDQ EH WULJJHUHG E\ ELQDU\ LQSXWV DQG PDUVKDOOHG WR QRW LQFOXGH WKH LQKHUHQW RSHUDWLQJ WLPHV RI WKH
ELQDU\ RXWSXWV /('V VLJQDO UHOD\V WULS UHOD\V )RU ELQDU\ LQSXWV DQG RXWSXWV
8 6 ( 5 %HJLQQLQJ RI EORFN
/ 2 * , & ) 8 1 & 7 , 2 1 6 k8VHU GHILQDEOH ORJLFDO IXQFWLRQVl
3LFNXS WLPH GHOD\ IRU WKH ILUVW XVHU GHILQDEOH

7 3 , & . 8 3 ORJLFDO IXQFWLRQ
DQG * LH QR VWDUW
'URSRII WLPH GHOD\ IRU WKH ILUVW XVHU GHILQDEOH

7 ' 5 2 3 ORJLFDO IXQFWLRQ
DQG * LH GURSRII RQO\ E\ UHVHW VLJQDO
&*&
3LFNXS WLPH GHOD\ IRU WKH VHFRQG XVHU GHILQDEOH

7 3 , & . 8 3 ORJLFDO IXQFWLRQ
DQG * LH QR VWDUW
'URSRII WLPH GHOD\ IRU WKH VHFRQG XVHU GHILQDEOH

7 ' 5 2 3 ORJLFDO IXQFWLRQ
DQG * LH GURSRII RQO\ E\ UHVHW VLJQDO
6HWWLQJV IRU HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ DGGUHVV EORFN
,I WKH PHDVXUHG YROWDJH IDLOV HJ EHFDXVH WKH YW DWH H[FHSWLRQDOO\ IRU D FHUWDLQ WLPH SHULRG HJ EH
SURWHFWLRQ PFE KDV WULSSHG WKH UHOD\ FDQ VWLOO EH FDXVH RI PLVVLQJ YROWDJH WUDQVIRUPHUV RQO\ DV GHIL
RSHUDWHG DV D GHILQLWH WLPH RYHUFXUUHQW SURWHFWLRQ QLWH WLPH RYHUFXUUHQW SURWHFWLRQ WKH GLVWDQFH
HPHUJHQF\ RYHUFXUUHQW IXQFWLRQ $ SUHFRQGLWLRQ SURWHFWLRQ HOHPHQWV FDQ EH EORFNHG E\ LQSXW RI WKH
LV WKDW WKH HPHUJHQF\ SURWHFWLRQ KDV EHHQ FRQIL H[WHUQDO VLJQDO kYW SURWHFWLYH PFE WULSSHGl
JXUHG XQGHU DGGUHVV DV (0(5* 2& (;,67
UHIHU WR 6HFWLRQ ,I SDUWV RI WKH RYHUFXUUHQW SURWHFWLRQ DUH QRW UHTXLUHG
DW DOO WKHQ WKH FRUUHVSRQGLQJ GHOD\ WLPHV FDQ EH VHW
7KH SDUDPHWHUV RI WKH RYHUFXUUHQW WLPH SURWHFWLRQ DW *
DUH VHW LQ EORFN 7KH SLFNXS YDOXH ,! DGGUHVV
PXVW EH VHW DERYH WKH PD[LPXP H[SHFWHG $GGUHVVHV DQG GHWHUPLQH ZKLFK VWDJHV
RYHUORDG FXUUHQW DSSUR[LPDWHO\ WLPHV 7KH DUH HIIHFWLYH LI WKH FLUFXLW EUHDNHU LV PDQXDOO\ FORVHG
SLFNXS YDOXH ,!! DGGUHVV DOORZV D FXUUHQW $ SUHUHTXLVLWH LV WKDW WKH PDQXDO FORVH FRPPDQG
JUDGLQJ 7KH FRUUHVSRQGLQJ GHOD\ WLPHV 7,! DG IRU WKH EUHDNHU LV UHSHDWHG YLD D ELQDU\ LQSXW WR WKH
GUHVV DQG 7,!! DGGUHVV DUH VHW LQ UHOD\ VR WKDW LW LV LQIRUPHG DERXW PDQXDO FORVLQJ RI
VXFK D ZD\ WKDW WKH\ DOORZ WKH KLJKHVW SRVVLEOH GH WKH EUHDNHU ,1())(&7,9( PHDQV WKDW WKH VWDJHV RS
JUHH RI VHOHFWLYLW\ ,Q D ULQJ QHWZRUN IRU H[DPSOH HUDWH DFFRUGLQJ WR WKH VHWWLQJV
RQH FDQ VHW XS D GHOLEHUDWH EUHDN SRLQW ZLWK UDSLG
LQWHUUXSWLRQ WR DOORZ IRU HPHUJHQF\ FDVHV HJ IDXOW ,W LV DOVR SRVVLEOH WR FDUU\ RXW DXWRUHFORVXUH LQ WKH
LQ WKH YW VHFRQGDU\ FLUFXLW 7KH UHVXOWDQW UDGLDO QHW HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ PRGH 7KLV KDV
ZRUNV FDQ EH SURWHFWHG LQ DFFRUGDQFH ZLWK WKH FRQ WR EH HQWHUHG LQWR WKH GHYLFH GXULQJ FRQILJXUDWLRQ
YHQWLRQDO SUDFWLFH RI JUDGLQJ RI GHILQLWH WLPH RYHUFXU XQGHU DGGUHVV UHIHU WR 6HFWLRQ ,Q WKLV
UHQW SURWHFWLRQ FDVH WKH ,!! VWDJH ZLWK 7,!! LV GHFLVLYH IRU WKH
DXWRUHFORVXUH )LQDO GLVFRQQHFWLRQ LV FDUULHG RXW YLD
)RU HDUWK IDXOWV ERWK WKH SLFNXS YDOXH ,(! DGGUHVV ,! ZLWK 7,! GHOD\HG ,!! DQG ,! VKRXOG WKHQ EH
DQG WKH GHOD\ WLPH 7,(! DGGUHVV FDQ VHW WR WKH VDPH YDOXH 7,!! LV VHW XQGHOD\HG
EH VHW VHSDUDWHO\ ,Q WKLV ZD\ LW LV RIWHQ SRVVLEOH WR
DFKLHYH D VHSDUDWH JUDGLQJ ZLWK VKRUWHU WLPHV IRU
HDUWK IDXOWV $GGUHVV GHWHUPLQHV ZKHWKHU WKH ,!! VWDJH LQ
HIIHFWLYH RQO\ LQ FRQMXQFWLRQ ZLWK DXWRUHFORVXUH RU
'XULQJ HPHUJHQF\ RSHUDWLRQ WHOHSURWHFWLRQ FRP ZKHWKHU LW RSHUDWHV LQGHSHQGHQWO\
PXQLFDWLRQ LV QRW SRVVLEOH
1RWH WKDW WKH VHW WLPHV DUH SXUH GHOD\ WLPHV ZKLFK GR
,I WKH GLVWDQFH SURWHFWLRQ V\VWHP LV UHTXLUHG WR RSHU QRW LQFOXGH WKH LQKHUHQW RSHUDWLQJ WLPHV
&*&
( 0 ( 5 * ( 1 & < %HJLQQLQJ RI EORFN

2 9 ( 5 & 8 5 5 ( 1 7 3 5 2 7 k(PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQl
( 0 ( 5 * 2 & (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV

2 1
21 VZLWFKHG RQ
+LJK RYHUFXUUHQW GHWHFWLRQ YDOXH ,!! IRU

, ! ! SKDVH FXUUHQWV
, , Q 6PDOOHVW VHWWLQJ YDOXH ,1
/DUJHVW VHWWLQJ YDOXH ,1
'HOD\ IRU ,!! SKDVH FXUUHQWV

7 , ! ! 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR WULS ZLWK ,!! SKDVHV
2YHUFXUUHQW GHWHFWLRQ YDOXH ,! IRU SKDVH

, ! FXUUHQWV
'HOD\ IRU ,! SKDVH FXUUHQWV

7 , ! 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR WULS ZLWK ,! SKDVHV
3KDVH RYHUFXUUHQW VWDJH ZKLFK LV HIIHFWLYH GXULQJ

0 & / 2 6 ( 3 + PDQXDO FORVLQJ RI WKH FLUFXLW EUHDNHU
, ! ! 8 1 ' ( / $ < ( ' ,!! LH ,!! VWDJH EXW ZLWKRXW GHOD\ 7,!!
, ! 8 1 ' ( / $ < ( ' ,! LH ,! VWDJH EXW ZLWKRXW GHOD\ 7,!
, 1 ( ) ) ( & 7 , 9 ( ,1())(&7,9( LH SKDVH FXUUHQW VWDJHV RSHUDWH DV

SDUDPHWHUL]HG
$5 IXQFWLRQ RSHUDWHV ZLWK WKH ,!!VWDJH

5 $ 5 = 2 1 ( 3
,!! :,7+ $5 LH ,!! LV UHOHDVHG RQO\ LI $5 LV UHDG\
, ! ! : , 7 + $ 5
,!! $/:$<6 LH ,!! VWDJH RSHUDWHV DOZD\V LQGH
, ! ! $ / : $ < 6 SHQGHQW RI WKH $5 IXQFWLRQ
2YHUFXUUHQW GHWHFWLRQ YDOXH ,(! IRU HDUWK FXUUHQWV

, ( ! ,1
&*&
'HOD\ IRU ,(! HDUWK FXUUHQW

7 , ( ! 6PDOOHVW VHWWLQJ YDOXH V
DQG * QR WULS ZLWK ,! HDUWK
(DUWK RYHUFXUUHQW WLPH VWDJH ZKLFK LV HIIHFWLYH GXULQJ

0 & / 2 6 ( ( PDQXDO FORVH RI WKH FLUFXLW EUHDNHU
, ( ! 8 1 ' ( / $ < ( ' ,(! 81'(/$<(' LH WKH ,(!VWDJH EXW ZLWKRXW
GHOD\
, 1 ( ) ) ( & 7 , 9 ( ,1())(&7,9( HDUWK FXUUHQW VWDJH RSHUDWHV DV
SDUDPHWHUL]HG HYHQ GXULQJ
PDQXDO FORVXUH
6HWWLQJV IRU WKHUPDO RYHUORDG SURWHFWLRQ DGGUHVV EORFN
7KH UHOD\ LQFOXGHV D WKHUPDO RYHUORDG SURWHFWLRQ 7KH SHUPLVVLEOH FRQWLQXRXV FXUUHQW GHSHQGV RQ
IXQFWLRQ UHIHU WR 6HFWLRQ 7KLV FDQ RSHUDWH RQO\ FURVVVHFWLRQ LQVXODWLRQ PDWHULDO W\SH RI FRQVWUXF
ZKHQ LW LV FRQILJXUHG WR 7+(50$/ 2/ (;,67 XQGHU WLRQ DQG PHWKRG RI LQVWDOODWLRQ RI WKH FDEOH HWF ,Q
DGGUHVV GXULQJ FRQILJXUDWLRQ RI WKH GHYLFH JHQHUDO WKH PDJQLWXGH RI WKH FXUUHQW FDQ EH WDNHQ
IXQFWLRQV UHIHU 6HFWLRQ IURP ZLGHO\ DYDLODEOH WDEOHV RU RWKHUZLVH LV WR EH
VWDWHG E\ WKH PDQXIDFWXUHU
&DEOHV DUH SDUWLFXODUO\ HQGDQJHUHG E\ RYHUORDGV RI
ORQJHU GXUDWLRQ 7KHVH RYHUORDGV FDQQRW DQG 7KH KHDWLQJXS WLPH FRQVWDQW U GHSHQGV RQ WKH
VKRXOG QRW EH GHWHFWHG E\ WKH VKRUWFLUFXLW SURWHF FDEOH GDWD DQG WKH FDEOH VXUURXQGLQJV ,I WKH WLPH
WLRQ $ EDFNXS VWDJH RI WKH GLVWDQFH SURWHFWLRQ IRU FRQVWDQW LV QRW UHDGLO\ DYDLODEOH LW FDQ EH FDOFXODWHG
H[DPSOH PXVW EH VHW VXIILFLHQWO\ KLJK VR DV WR RQO\ IURP WKH VKRUWWHUP RYHUORDG FDSDFLW\ RI WKH FDEOH
GHWHFW VKRUWFLUFXLWV 2QO\ VKRUW GHOD\V DUH SHU )UHTXHQWO\ WKH V FXUUHQW LH WKH PD[LPXP SHUPLV
PLWWHG IRU VKRUWFLUFXLW SURWHFWLRQ 7KHVH VKRUW WLPH VLEOH FXUUHQW IRU V GXUDWLRQ LV NQRZQ RU FDQ EH WDN
GHOD\V KRZHYHU GR QRW SHUPLW PHDVXUHV WR XQORDG HQ IURP WDEOHV 7KH WLPH FRQVWDQW FDQ WKHQ EH FDOFX
WKH RYHUORDGHG FDEOH QRU WR XWLOL]H LWV OLPLWHG RYHU ODWHG DFFRUGLQJ WR WKH IROORZLQJ IRUPXOD
ORDG FDSDFLW\
6HWWLQJ YDOXH U >PLQ@

7KH SURWHFWLRQ UHOD\ 6$ LQFOXGHV DQ RYHUORDG
IXQFWLRQ ZLWK D WKHUPDO WULS FKDUDFWHULVWLF ZKLFK FDQ ô

Æ SHUPLVVLEOH V FXUUHQW
FRQWLQXRXVO\ SHUPLVVLEOH FXUUHQW
É
EH PDWFKHG WR WKH RYHUORDG FDSDFLW\ RI WKH SUR
WHFWHG FDEOH 7KLV IXQFWLRQ LV XVXDOO\ QRW UHTXLUHG IRU
RYHUKHDG OLQHV DV WKH FXUUHQW FDUU\LQJ FDSDFLW\ RI ,I WKH VKRUWWLPH RYHUORDG FDSDFLW\ LV VWDWHG IRU D GX
RYHUKHDG OLQHV LV JHQHUDOO\ QRW GHILQHG UDWLRQ RWKHU WKDQ V WKHQ WKDW VKRUWWHUP FXUUHQW LV
LQVHUWHG LQWR WKH DERYH IRUPXOD LQVWHDG RI WKH V FXU
7KH RYHUORDG SURWHFWLRQ IXQFWLRQ FDQ EH VHW WR EH LQ UHQW +RZHYHU WKH UHVXOW LV WKHQ PXOWLSOLHG ZLWK WKH
RSHUDWLYH WR LQLWLDWH DODUPV RQO\ RU WR LQLWLDWH WULSSLQJ VWDWHG GXUDWLRQ LH LQ FDVH RI DQ V FXUUHQW
LQFOXGLQJ DODUP DGGUHVV

7KH UDWHG FXUUHQW RI WKH FXUUHQW WUDQVIRUPHUV LV XVHG
DV WKH EDVH FXUUHQW IRU WKH RYHUORDG PHDVXUHPHQW
ô

Æ SHUPLVVLEOH V FXUUHQW
FRQWLQXRXVO\ SHUPLVVLEOH FXUUHQW
É
7KH VHWWLQJ IDFWRU N LV GHWHUPLQHG E\ WKH UDWLR RI WKH
FRQWLQXRXVO\ SHUPLVVLEOH WKHUPDO FXUUHQW ,PD[ WR WKH
,W VKRXOG EH QRWHG WKDW WKH UHVXOW EHFRPHV PRUH LQ
UDWHG FXUUHQW
DFFXUDWH WKH ORQJHU WKH VWDWHG GXUDWLRQ RI WKH FXU
,
N
PD[ UHQW EHFRPHV
,1
&*&
7 + ( 5 0 $ / %HJLQQLQJ RI EORFN k7KHUPDO RYHUORDG SURWHFWLRQl

2 9 ( 5 / 2 $ ' 3 5 2 7
7 + ( 5 0 $ / 2 / 7KHUPDO RYHUORDG SURWHFWLRQ FDQ EH VHW WR

$ / $ 5 0 2 1 / < LVVXH $/$50V 21/< RU
2 1 EH VZLWFKHG 21 LH WULS DQG DODUPV RU
2 ) ) EH VZLWFKHG 2))
. ) $ & 7 2 5 6HWWLQJ YDOXH RI N IDFWRU ,PD[,1

6HWWLQJ UDQJH WR
7 & 2 1 6 7 $ 1 7 7LPH FRQVWDQW U

P L Q 6HWWLQJ UDQJH WR PLQ
%\ VHWWLQJ D ZDUQLQJ WHPSHUDWXUH ULVH DGGUHVV WLQJ 3ZDUQ3WULS WR WKH WHPSHUDWXUH ZDUQLQJ LV
DQ DODUP FDQ EH RXWSXW EHIRUH WKH WULS WHP SUDFWLFDOO\ LQHIIHFWLYH
SHUDWXUH ULVH LV UHDFKHG VR WKDW IRU H[DPSOH E\
SURPSW ORDG VKHGGLQJ WULSSLQJ PD\ EH SUHYHQWHG $ FKRLFH FDQ EH PDGH ZKHWKHU WKH WHPSHUDWXUH ULVH
ZKLFK LV GHFLVLYH IRU WKH WKUHVKROG VWDJHV LV WKH
$ IXUWKHU FXUUHQW ZDUQLQJ VWDJH LV DYDLODEOH DGGUHVV PD[LPXP FDOFXODWHG WHPSHUDWXUH ULVH RI WKH WKUHH
7KLV FDQ EH VHW DV D IDFWRU RI WKH UDWHG FXUUHQW FRQGXFWRUV WKH PHDQ YDOXH RI WKH FDOFXODWHG WHP
DQG VKRXOG EH HTXDO RU OHVV WKDQ WKH FRQWLQXRXVO\ SHUDWXUH ULVHV RI WKH WKUHH FRQGXFWRUV RU WKH WHP
DGPLVVLEOH FXUUHQW ,W FDQ EH XVHG EHVLGHV WKH WHP SHUDWXUH ULVH FDOFXODWHG IURP WKH PD[LPXP FXUUHQW
SHUDWXUH ZDUQLQJ VWDJH RU LQVWHDG RI WKDW :KHQ VHW RI WKH WKUHH FRQGXFWRUV DGGUHVV
3 : $ 5 1 7KHUPDO ZDUQLQJ VWDJH LQ RI WULS WHPSHUDWXUH ULVH

3ZDUQ3WULS
6HWWLQJ UDQJH WR
, : $ 5 1 &XUUHQW ZDUQLQJ VWDJH VHW DV D PXOWLSOH RI ,1

6HWWLQJ UDQJH k ,1 WR k ,1
, , Q
2 / & $ / & 8 / &DOFXODWLRQ PHWKRG GHFLVLYH IRU WKHUPDO VWDJHV

3 0 $ ; PD[LPXP RI WKH WHPSHUDWXUH ULVHV RI WKH WKUHH FRQGXF
WRUV
PHDQ YDOXH RI WKH WHPSHUDWXUH ULVHV RI WKH WKUHH FRQ
3 0 ( $ 1 GXFWRUV
WHPSHUDWXUH ULVH FDOFXODWHG IURP WKH PD[LPXP FRQ
3 ) 5 2 0 , 0 $ ; GXFWRU FXUUHQW
&*&
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 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 HDUWK FXUUHQW YROWDJH
DV\PPHWULHV RI WKH FXUUHQWV DQGRU YROWDJHV DUH H[ FRQQHFWLRQV DQG WKH PDWFKLQJ IDFWRUV
0 ( $ 6 9 $ / 8 ( %HJLQQLQJ RI EORFN
k0HDVXUHG YDOXH VXSHUYLVLRQl
6 8 3 ( 5 9 , 6 , 2 1
9ROWDJH WKUHVKROG SKDVHSKDVH DERYH ZKLFK WKH

6 < 0 8 W K U H V
V\PPHWU\ PRQLWRULQJ LV HIIHFWLYH UHIHU )LJXUH
6\PPHWU\ IDFWRU IRU WKH YROWDJH V\PPHWU\ VORSH RI

6 < 0 ) D F W 8
WKH V\PPHWU\ FKDUDFWHULVWLF UHIHU )LJXUH
&XUUHQW WKUHVKROG DERYH ZKLFK WKH V\PPHWU\ PRQL

6 < 0 , W K U H V
WRULQJ LV HIIHFWLYH UHIHU )LJXUH
6\PPHWU\ IDFWRU IRU WKH FXUUHQW V\PPHWU\ VORSH RI

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

6 8 0 , W K U H V
WRULQJ UHIHU )LJXUH UHDFWV DEVROXWH FRQWHQW UH
, , Q IHUUHG WR ,1 RQO\
5HODWLYH FRQWHQW UHODWHG WR WKH PD[LPXP FRQGXFWRU

6 8 0 ) D F W ,
FXUUHQW IRU RSHUDWLRQ RI WKH FXUUHQW VXPPDWLRQ PRQL
WRULQJ UHIHU )LJXUH
&*&
9ROWDJH WKUHVKROG SKDVHWRSKDVH EHORZ ZKLFK WKH

8 0 ( $ 6 8
YROWDJH IDLOXUH PRQLWRU RSHUDWHV
0LQLPXP FXUUHQW WR GHWHFW D YROWDJH IDLOXUH

8 0 ( $ 6 , !
7KH VHWWLQJ YDOXHV RI WKH IXVH IDLOXUH PRQLWRU DG XUH PRQLWRUl PXVW QRW EH FKRVHQ IRU OLQHV LQ
GUHVVHV DQG KDYH WR EH FKRVHQ VR WKDW LW HDUWKHG QHWZRUNV LQ ZKLFK HDUWK IDXOWV ZLWK VPDOO
SLFNV XS UHOLDEO\ LQ WKH FDVH RI VLQJOH SKDVH YROWDJH RU ]HUR HDUWK FXUUHQWV FDQ RFFXU IRU H[DPSOH
IDLOXUH FULWHULRQ [ 8 EXW RQ WKH RWKHU KDQG GRHV ZKHQ IHHGHU WUDQVIRUPHUV PD\ QRW EH HDUWKHG ,Q
QRW SLFNXS LQ WKH FDVH RI HDUWK IDXOWV LQ DQ HDUWKHG QRQHDUWKHG QHWZRUNV WKLV IXVH IDLOXUH PRQLWRU LV QRW
QHWZRUN ,( PXVW WKHUHIRUH EH VHW DW D FRUUHVSRQG PHDQLQJIXO DQG ZLOO EH LJQRUHG E\ WKH 6$ 7KH
LQJO\ VHQVLWLYH OHYHO EHORZ WKH VPDOOHVW IDXOW FXUUHQW IXVH IDLOXUH PRQLWRU FDQ EH VZLWFKHG RII XQGHU DG
LQ WKH FDVH RI HDUWK IDXOWV 7KH IXQFWLRQ k)XVH IDLO GUHVV
) 8 6 ( ) $ , / )XVH IDLOXUH PRQLWRU LV

2 1
21 VZLWFKHG RQ
'LVSODFHPHQW YROWDJH 8 DERYH ZKLFK IXVH IDLO

) ) 0 8 R !
XUH VKRXOG EH GHWHFWHG
(DUWK FXUUHQW DERYH ZKLFK QR IXVH IDLOXUH LV DV

) ) 0 , H
VXPHG
&*&
6HWWLQJV IRU HDUWK IDXOW GHWHFWLRQ LQ V\VWHPV ZLWK LVRODWHG RU FRPSHQVDWHG
VWDUSRLQW DGGUHVV EORFN
7KLV VHFWLRQ DSSOLHV RQO\ IRU UHOD\ PRGHOV ZLWK HDUWK FRPSHQVDWHG QHWZRUNV LV LPSRUWDQW
IDXOW GHWHFWLRQ PRGXOH 6$444444444
VHH 6HFWLRQ 2UGHULQJ GDWD DQG RQO\ ZKHQ WKHVH ,Q LVRODWHG QHWZRUNV DQ HDUWK IDXOW LQ D FDEOH ZLOO DO
DUH XVHG LQ QHWZRUNV ZLWK LVRODWHG RU FRPSHQVDWHG ORZ WKH WRWDO FDSDFLWLYH HDUWK IDXOW FXUUHQWV RI WKH HQ
VWDUSRLQW ,Q RWKHU FDVHV WKLV VHFWLRQ FDQ EH SDVVHG WLUH HOHFWULFDOO\ FRQQHFWHG QHWZRUN ZLWK WKH H[FHS
RYHU WLRQ RI WKH IDXOWHG FDEOH LWVHOI WR IORZ WKURXJK WKH
PHDVXULQJ SRLQW ,W LV QRUPDO WR XVH KDOI WKH YDOXH RI
(DUWK IDXOW GHWHFWLRQ LV RQO\ SRVVLEOH LI WKH UHVSHFWLYH WKLV HDUWK IDXOW FXUUHQW DV WKH WKUHVKROG YDOXH
FRQILJXUDWLRQ SDUDPHWHU 6HFWLRQ DGGUHVV
LV VHW WR (;,67 ,I WKH GHYLFH LV HTXLSSHG ZLWK ([DPSOH $ N9 EXVEDU IHHGV VHYHQ FDEOH FLU
HDUWK IDXOW GHWHFWRU EXW VXSSRVHG WR RSHUDWH LQ DQ FXLWV (DFK FLUFXLW KDV D FXUUHQW WUDQVIRUPHU VHW
HDUWKHG QHWZRUN FRQILJXUDWLRQ SDUDPHWHU $ $ 7KH HDUWK IDXOW FXUUHQW LV $NP 7KH
,62/ () PXVW EH VHW WR 121 (;,67 FDEOHV PLJKW EH DV IROORZV
7KH IXQFWLRQ kHDUWK IDXOW GHWHFWLRQl FRPSULVHV UHVLG &DEOH NP $
XDO YROWDJH GHWHFWLRQ GHWHUPLQDWLRQ RI WKH HDUWK &DEOH NP $
IDXOWHG SKDVH DQG WKH GHWHUPLQDWLRQ RI WKH HDUWK &DEOH NP $
IDXOW GLUHFWLRQ 7KH ODWWHU LV RQO\ SRVVLEOH ZKHQ ERWK &DEOH NP $
HDUWK FXUUHQW DQG UHVLGXDO YROWDJH DUH DYDLODEOH WR &DEOH NP $
WKH UHOD\ &DEOH NP $
&DEOH NP $
7KH UHVLGXDO YROWDJH 8H! LQLWLDWHV HDUWK IDXOW GHWHF
WLRQ DQG LV VHW LQ DGGUHVV 6LQFH IRU HDUWK IDXOWV 7RWDO NP $
LQ LVRODWHG RU FRPSHQVDWHG QHWZRUNV WKH IXOO GLV
SODFHPHQW YROWDJH DSSHDUV WKH VHWWLQJ YDOXH LV QRW :LWK DQ HDUWK IDXOW RQ FDEOH $ $
FULWLFDO LW VKRXOG OLH EHWZHHQ 9 DQ 9 (DUWK IDXOW $ HDUWK IDXOW FXUUHQW ZLOO IORZ WKURXJK WKH PHDVXU
LV GHWHFWHG DQG DQQXQFLDWHG RQO\ ZKHQ WKH GLV LQJ SRLQW VLQFH $ IORZV GLUHFW IURP FDEOH LQWR
SODFHPHQW YROWDJH KDV EHHQ VWD\HG IRU WKH GXUDWLRQ WKH IDXOW 6LQFH WKDW FDEOH LV DPRQJVW WKH ORQJHVW
7() DGGUHVV WKLV LV WKH PRVW XQIDYRXUDEOH FDVH VPDOOHVW HDUWK
IDXOW FXUUHQW IORZV WKURXJK WKH PHDVXULQJ SRLQW 2Q
)RU SKDVH GHWHUPLQDWLRQ 8SK DGGUHVV LV WKH VHFRQGDU\ VLGH IORZV
WKH FULWHULRQ IRU WKH HDUWKIDXOWHG SKDVH ZKHQ VLPXO
WDQHRXVO\ WKH RWKHU WZR SKDVH YROWDJHV KDYH H[ $ $
FHHGHG 8SK! DGGUHVV $FFRUGLQJO\ 8SK
PXVW EH VHW ORZHU WKDQ WKH PLQLPXP RSHUDWLRQDO 7KH UHOD\ VKRXOG EH VHW DW DSSUR[LPDWHO\ KDOI WKLV YDO
SKDVHHDUWK YROWDJH 7KLV VHWWLQJ LV KRZHYHU DOVR XH HJ $
QRW FULWLFDO 9 IDFWRU\ VHWWLQJ VKRXOG DOZD\V EH
DGHTXDWH 8SK! PXVW OLH DERYH WKH PD[LPXP RS ,Q FRPSHQVDWHG QHWZRUNV GLUHFWLRQDO GHWHUPLQD
HUDWLRQDO SKDVHHDUWK YROWDJH EXW EHORZ WKH PLQL WLRQ LV PDGH PRUH GLIILFXOW VLQFH D PXFK ODUJHU UHDF
PXP RSHUDWLRQDO SKDVHSKDVH YROWDJH WKHUHIRUH WLYH FXUUHQW RI FDSDFLWLYH RU LQGXFWLYH FKDUDFWHU LV VX
IRU H[DPSOH 9 DW 81 9 7KH LGHQWLILFDWLRQ RI SHULPSRVHG RQ WKH FULWLFDO ZDWWPHWULF FXUUHQW 7KH
WKH IDXOW\ SKDVH LV D IXUWKHU SUHFRQGLWLRQ IRU DQQXQFL WRWDO HDUWK FXUUHQW DYDLODEOH WR WKH UHOD\ FDQ WKHUH
DWLRQ RI DQ HDUWK IDXOW IRUH GHSHQGHQW XSRQ WKH QHWZRUN FRQILJXUDWLRQ DQG
ORFDWLRQ RI WKH FRPSHQVDWLRQ FRLO DVVXPH YHU\ GLI
)RU GHWHUPLQDWLRQ RI WKH GLUHFWLRQ RI WKH HDUWK IDXOW LQ IHUHQW YDOXHV LQ PDJQLWXGH DQG SKDVH DQJOH 7KH
SULQFLSOH WKH WKUHVKROG FXUUHQW DGGUHVV UHOD\ KRZHYHU PXVW HYDOXDWH RQO\ WKH UHDO FRPSR
VKRXOG EH VHW DV KLJK DV SRVVLEOH WR SUHYHQW IDXOW\ QHQW RI WKH HDUWK IDXOW FXUUHQW WKDW LV ,( i FRV 7KLV
RSHUDWLRQ GXH WR DV\PPHWULFDO FXUUHQWV LQ WKH QHW GHPDQGV H[WUHPHO\ KLJK DFFXUDF\ SDUWLFXODUO\ ZLWK
ZRUN DQG WKURXJK WKH FXUUHQW WUDQVIRUPHUV SDUWLFX UHJDUG WR SKDVH DQJOH DFFXUDF\ RI DOO WKH LQVWUXPHQW
ODUO\ LQ +ROPJUHHQ FRQQHFWLRQ 'HSHQGHQW XSRQ WUDQVIRUPHUV $OVR WKH UHOD\ VKRXOG QRW EH VHW XQ
WKH WUHDWPHQW RI WKH QHWZRUN VWDU SRLQW WKH PDJQL QHFHVVDULO\ VHQVLWLYH :KHQ XVHG LQ FRPSHQVDWHG
WXGH RI WKH FDSDFLWLYH HDUWK IDXOW FXUUHQW IRU LVRODWHG QHWZRUNV WKHUHIRUH UHOLDEOH GLUHFWLRQDO GHWHUPLQD
QHWZRUNV RU WKH ZDWWPHWULF UHVLGXDO FXUUHQW IRU WLRQ LV RQO\ H[SHFWHG ZKHQ FRUH EDODQFH RU ZLQGRZ
&*&
W\SH WUDQVIRUPHUV DUH XVHG +HUH DOVR XVH WKH UHQW ZKLFK FDQ DPRXQW WR XS WR $ IRU HDUWK IDXOWV
WKXPE UXOH VHWWLQJ DW KDOI WKH H[SHFWHG PHDVXUHG QHDU WKH 3HWHUVHQ FRLO 2Q WKH VHFRQGDU\ VLGH ZH
FXUUHQW ZKHUHE\ RQO\ WKH UHVLGXDO ZDWWPHWULF FXU KDYH
UHQW LV DSSOLFDEOH 7KLV UHVLGXDO ZDWWPHWULF FXUUHQW LV
SURYLGHG SULQFLSDOO\ E\ WKH ORVVHV LQ WKH 3HWHUVHQ $ $
FRLO
$V VHWWLQJ YDOXH $ LV VHOHFWHG
([DPSOH 7KH VDPH QHWZRUN DV LQ WKH SUHYLRXV H[
DPSOH LV FRQVLGHUHG WR EH FRPSHQVDWHG E\ D 3HWHU 7KH KLJK UHDFWLYH FXUUHQW FRPSRQHQW LQ FRPSHQ
VHQ FRLO 7KH FRLO LV PDWFKHG WR WKH WRWDO QHWZRUN 7KH VDWHG QHWZRUNV DQG WKH XQDYRLGDEOH DLU JDS RI WKH
FRPSHQVDWLRQ FXUUHQW LV WKXV $ 7KH ORVVHV ZLQGRZW\SH FXUUHQW WUDQVIRUPHUV RIWHQ PDNH FRP
VKRXOG EH )RU HDUWK IDXOW GLUHFWLRQDO GHWHUPLQD SHQVDWLRQ RI WKH DQJOH HUURU RI WKH FXUUHQW WUDQVIRUP
WLRQ ZLQGRZW\SH FXUUHQW WUDQVIRUPHUV $ $ DUH HU QHFHVVDU\ 7KLV LV SRVVLEOH WKURXJK DGGUHVVHV
ILWWHG WR 7KH PD[ DQJOH HUURU ) RI WKH FW ZLWK
LWV DVVRFLDWHG FXUUHQW , DV ZHOO DV DQRWKHU FW RSHU
6LQFH WKH UHVLGXDO ZDWWPHWULF FXUUHQW LV GHULYHG SULQ DWLQJ SRLQW ,) DERYH ZKLFK WKH DQJOH HUURU UH
FLSDOO\ IURP WKH FRLO ORVVHV LW LV LQGHSHQGHQW RI HDUWK PDLQV SUDFWLFDOO\ FRQVWDQW DUH HQWHUHG IRU WKH DF
IDXOW ORFDWLRQ DSSUR[LPDWHO\ WKH VDPH WXDOO\ FRQQHFWHG EXUGHQ 7KH UHOD\ WKHQ DSSUR[L
PDWHV ZLWK DGHTXDWH DFFXUDF\ WR WKH FKDUDFWHULVWLF
RI $ $ RI WKH WUDQVIRUPHU ,Q LVRODWHG QHWZRUNV WKLV DQJOH HU
URU FRPSHQVDWLRQ LV QRW QHFHVVDU\
7KLV UHDO FXUUHQW LV VXSHULPSRVHG E\ D UHDFWLYH FXU
( $ 5 7 + ) $ 8 / 7 %HJLQQLQJ RI EORFN
1 2 1 ( $ 5 7 + ( ' 1 ( 7 k(DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPl
( $ 5 7 + ) $ 8 / 7 (DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV LV

$ / $ 5 0 2 1 / < UHTXLUHG WR JLYH $/$50 21/< QR WULS
2 1 21 VZLWFKHG RQ DQG ZLOO WULS
8 H ! 7KUHVKROG YDOXH IRU GLVSODFHPHQW YROWDJH 8H!

c k 8 1RWH $GGUHVV KDV QR LQIOXHQFH RQ
9 WKLV SLFNXS YDOXH
8 S K 3KDVHHDUWK YROWDJH RI D IDXOWHG SKDVH ZKLFK ZLOO EH

FHUWDLQO\ XQGHUVKRW XQGHU HDUWK IDXOW FRQGLWLRQV
8 S K ! 3KDVHHDUWK YROWDJH RI KHDOWK\ SKDVHV ZKLFK ZLOO

FHUWDLQO\ EH H[HHGHG XQGHU HDUWK IDXOW FRQGLWLRQV
&*&
, H ! 7KUHVKROG YDOXH IRU GLUHFWLRQDO GHWHUPLQDWLRQ

)RU LVRODWHG QHWZRUN FDSDFLWLYH HDUWK IDXOW FXUUHQW
$ )RU FRPSHQVDWHG QHWZRUN RKPLF ZDWWPHWULF HDUWK
IDXOW UHVLGXDO FXUUHQW
6PDOOHVW VHWWLQJ YDOXH $
/DUJHVW VHWWLQJ YDOXH $
& 7 ( 5 5 , 6HFRQGDU\ FXUUHQW IRU PD[ HUURU DQJOH RI

FXUUHQW WUDQVIRUPHU
$ 6PDOOHVW VHWWLQJ YDOXH $
/DUJHVW VHIWLQJ YDOXH $
(UURU DQJOH RI FXUUHQW WUDQVIRUPHU DW ,

& 7 ( 5 5 )
6PDOOHVW VHWWLQJ YDOXH GHJ
/DUJHVW VHWWLQJ YDOXH GHJ
& 7 ( 5 5 , 6HFRQGDU\ FXUUHQW DERYH ZKLFK WKH DQJOH

HUURU LV SUDFWLFDOO\ FRQVWDQW
$ 6PDOOHVW VHWWLQJ YDOXH $
/DUJHVW VHWWLQJ YDOXH $
& 7 ( 5 5 ) (UURU DQJOH RI FXUUHQW WUDQVIRUPHU DW ,

6PDOOHVW VHWWLQJ YDOXH GHJ
/DUJHVW VHWWLQJ YDOXH GHJ
7 ( ) 'XUDWLRQ RI GLVSODFHPHQW YROWDJH DIWHU ZKLFK HDUWK

IDXOW LV GHWHFWHG DQG DQQXQFLDWHG WKLV GHOD\ LV DOVR
V YDOLG IRU DQQXQFLDWLRQV ZKHQ WKH HDUWK IDXOW FRQGL
WLRQV FKDQJH HJ DOWHUDWLRQ RI GLUHFWLRQ
&*&
6HWWLQJV IRU KLJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ DGGUHVV EORFNV WR
,I WKH GHYLFH LV HTXLSSHG ZLWK SURWHFWLRQ IRU KLJKUH DGGUHVV EORFN 7KH SLFNXS YDOXH ,H! DGGUHVV
VLVWDQFH HDUWK IDXOWV LQ DQ HDUWKHG QHWZRUN W\SH VKRXOG EH VHW VRPHZKDW EHORZ WKH PLQLPXP
6$444444444 VHH 6HFWLRQ 2UGHU H[SHFWHG HDUWK IDXOW FXUUHQW 7KH VHW YDOXH RI WKH
LQJ GDWD WKH IROORZLQJ SRVVLELOLWLHV DUH DYDLODEOH IRU HDUWK YROWDJH 8H! DGGUHVV VKDOO QRW EH H[
WKH GHWHFWLRQ RI KLJKUHVLVWDQFH HDUWK IDXOWV FHHGHG E\ RSHUDWLRQDO DV\PPHWU\ RI WKH YROWDJHV
8H PHDQV WKH YROWDJH DW WKH LQSXW WR WKH GHYLFH ZLWK
GLUHFWLRQDO GHILQLWH WLPH RYHUFXUUHQW SURWHFWLRQ RSHQ GHOWD 97 LI WKLV LQSXW LV QRW XVHG WKH UHOD\ FDO
ZLWK QRQGLUHFWLRQDO EDFNXS VWDJH FXODWHV
GLUHFWLRQDO GHILQLWH WLPH RYHUFXUUHQW SURWHFWLRQ 8H 8/ 8/ 8/ c
ZLWK GLUHFWLRQDO FRPSDULVRQ DQG QRQGLUHFWLRQDO
EDFNXS VWDJH
7KH GLUHFWLRQDO GHSHQGHQW WULSSLQJ WLPH 7',5(&7
QRQGLUHFWLRQDO RYHUFXUUHQW SURWHFWLRQ ZLWK LQ DGGUHVV LV LQGHSHQGHQW RI GLUHFWLRQDO FRP
YHUVH WLPH FKDUDFWHULVWLF SDULVRQ DQG UHFHLYHG VLJQDO 7KH GLUHFWLRQ VHW XQGHU
DGGUHVV LV GHFLVLYH IRU WKH GLUHFWLRQDO VWDJH
,Q 6$ RQH RI WKHVH WKUHH SRVVLELOLWLHV FDQ EH 1RUPDOO\ WKH OLQH GLUHFWLRQ LV VHW DV )25:$5'6 GL
SURJUDPPHG RU HDUWK IDXOW SURWHFWLRQ FDQ EH PDGH UHFWLRQ
LQHIIHFWLYH VHH 6HFWLRQ
7KH QRQGLUHFWLRQDO EDFNXS VWDJH 7121',5
DGGUHVV DOVR RSHUDWHV ZKHQ QR GLUHFWLRQDO
'LUHFWLRQDO HDUWK IDXOW SURWHFWLRQ GHIL GHWHUPLQDWLRQ LV SRVVLEOH EHFDXVH WKH PHDVXUHG
QLWH WLPH DGGUHVV EORFN YROWDJH LV WRR VPDOO RU LI WKH YROWDJH WUDQVIRUPHU SUR
WHFWLYH PFE KDV WULSSHG RXW ,W WKXV DOVR SHUIRUPV WKH
)RU GLUHFWLRQDO RYHUFXUUHQW WLPH SURWHFWLRQ ZLWK QRQ HPHUJHQF\ IXQFWLRQ IRU HDUWK IDXOW SURWHFWLRQ DV ZHOO
GLUHFWLRQDO EDFNXS VWDJH WKH SDUDPHWHUV DUH VHW LQ DV D EDFNXS VWDJH
k(DUWK IDXOW GLUHFWLRQDO GHILQLWH WLPH SURWHFWLRQ ZLWK
' , 5 ( & 1 2 1 ' , 5 ( & QRQGLUHFWLRQDO EDFNXS VWDJHl
( ) ' 7 (DUWK IDXOW GHILQLWH WLPH SURWHFWLRQ LV

2 1
21 VZLWFKHG RQ
, H ! 3LFNXS YDOXH IRU HDUWK FXUUHQW GHWHFWLRQ

[ ,H! IRU WUDQVPLW VLJQDO
, , Q 6PDOOHVW VHWWLQJ YDOXH ,,1
/DUJHVW VHWWLQJ YDOXH ,,1
8 H ! 0LQLPXP YROWDJH IRU GLUHFWLRQDO GLVFULPLQDWLRQ

7 ' , 5 ( & 7 'HOD\ WLPH IRU GLUHFWLRQDO WULS

&*&
' , 5 ( & 7 , 2 1 'LUHFWLRQ IRU GLUHFWLRQDO VWDJH

FDQ EH VHW WR WULS
) 2 5 : $ 5 ' 6
)25:$5'6 LQ OLQH GLUHFWLRQ
5 ( 9 ( 5 6 ( 5(9(56( LQ EXVEDU GLUHFWLRQ
1 2 1 ' , 5 ( & 7 , 2 1 $ / 121 ',5(&7,21$/ LQ HLWKHU GLUHFWLRQ
7 1 2 1 ' , 5 'HOD\ WLPH IRU QRQGLUHFWLRQDO EDFNXS VWDJH

7LPH GXULQJ ZKLFK HDUWKIDXOW SURWHFWLRQ LV EORFNHG DIWHU

7 % / 2 & . GLVWDQFH SURWHFWLRQ KDV UHVHW ZKHQ D VHFRQG H[WHUQDO
V SURWHFWLRQ UHOD\ ZLWK $5 LV SUHVHQW WKLV WLPH PXVW EH
ORQJHU WKDQ D VLQJOHSROH DXWRUHFORVH F\FOH
6PDOOHVW VHWWLQJ V
'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ DGGUHVV EORFN
,I WKH HDUWK IDXOW GLUHFWLRQDO SURWHFWLRQ LV H[WHQGHG E\ VLHQW EORFNLQJ WLPH 775$16%/2 UHIHU DOVR WR 6HF
GLUHFWLRQDO FRPSDULVRQ WKH SDUDPHWHUV DUH VHW LQ WLRQ ,I VHW WR * QR EORFNLQJ WDNHV SODFH IRU
DGGUHVV EORFN LQ DGGLWLRQ WR WKRVH RI DGGUHVV WKLV FDVH
EORFN 6HFWLRQ
)RU OLQHV ZLWK RQH ZHDNLQIHHG RU QRQLQIHHG HQG
7KH GLUHFWLRQDO FRPSDULVRQ FDQ EH VZLWFK 21 DQG WKH HFKR IXQFWLRQ LV UHDVRQDEOH 6R WKH VWURQJ IHHG
2)) XQGHU DGGUHVV 7KH IXQFWLRQV DFFRUGLQJ LQJ OLQH HQG FDQ EH UHOHDVHG HYHQ ZKHQ WKH ZHDNLQ
WR DGGUHVV EORFN 6HFWLRQ RSHUDWH LQGH IHHG HQG GRHV QRW SLFN XS 7KH HFKR IXQFWLRQ FDQ EH
SHQGHQWO\ %XW ZKHQ WKH HDUWK IDXOW SURWHFWLRQ LV VHW HIIHFWLYH RU QRW XQGHU DGGUHVV
VZLWFKHG RII XQGHU DGGUHVV 6HFWLRQ
WKH GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ LV 7KH HFKR GHOD\ WLPH 7(&+2'(/ DGGUHVV
LQHIIHFWLYH WRR PXVW EH VHW WR VXFK D ORQJ GXUDWLRQ WKDW GLIIHULQJ
UHDFWLRQ WLPHV RI WKH IDXOW GHWHFWRUV RI WKH SURWHFWLYH
7UDQVPLVVLRQ VLJQDO DQG WULS ZLOO EH GHOD\HG E\ WKH UHOD\V DW ERWK OLQH HQGV FDQQRW UHVXOW LQ D IDOVH HFKR
GHOD\ WLPH WLPH 7'(/$< DGGUHVV 7KLV DO VLJQDO LQ WKH FDVH RI H[WHUQDO IDXOWV
ORZV FRPSHQVDWLRQ IRU GLIIHUHQW UHDFWLRQ WLPHV RI WKH
GHYLFHV DW WKH WZR OLQH HQGV 7KH HFKR LPSXOVH GXUDWLRQ 7(&+2,03 DGGUHVV
FDQ EH DGMXVWHG LQ DFFRUGDQFH ZLWK WKH UH
7KH WUDQVLHQW EORFNLQJ WLPH DGGUHVV PXVW EH TXLUHPHQWV RI WKH QHWZRUN ,W KDV WR EH ORQJ HQRXJK
ORQJHU WKDQ WKH WUDQVPLVVLRQ WLPH LQ DGGLWLRQ WKH VR WKDW HYHQ ZLWK GLIIHULQJ RSHUDWLQJ WLPHV RI WKH SUR
GXUDWLRQ RI KHDY\ WUDQVLHQW UHDFWLRQV DW WKH LQFHSWLRQ WHFWLYH GHYLFHV DW ERWK OLQH HQGV DQG RI WKH WUDQVPLV
DQG LQWHUUXSWLRQ RI VKRUW FLUFXLWV KDV WR EH WDNHQ LQWR VLRQ GHYLFHV UHFRJQLWLRQ RI WKH UHFHLYH VLJQDO LV
FRQVLGHUDWLRQ JXDUDQWHHG
7KH WLPH 7:$,7 DGGUHVV LV D ZDLWLQJ WLPH 7R DYRLG IDOVH HFKR VLJQDOV DIWHU GLVFRQQHFWLRQ RI WKH
IRU LQLWLDWLRQ RI WUDQVLHQW EORFNLQJ :KHQ WKH HDUWK OLQH D EORFNLQJ WLPH IRU HFKR JHQHUDWLRQ 7(&+2
IDXOW SURWHFWLRQ KDV GHWHFWHG D IDXOW WKH UHFHSWLRQ %/2 DGGUHVV LV VHW 7KLV VKRXOG LQFOXGH WKH
FLUFXLW UHOHDVH ZLOO EH EORFNHG LI QR UHFHSWLRQ VLJQDO HFKR GHOD\ WLPH 7(&+2'(/ SOXV WKH HFKR LP
KDV EHHQ UHFHLYHG ZLWKLQ WKLV WLPH WKHUHDIWHU D UH SXOVH GXUDWLRQ 7(&+2,03 SOXV WZLFH WKH WUDQV
FHSWLRQ VLJQDO FDQ RQO\ EH HIIHFWLYH DIWHU WKH WUDQ PLVVLRQ WLPH SOXV D VDIHW\ PDUJLQ
&*&
' , 5 ( & & 2 0 3 $ 5 , 6 2 1 k(DUWK IDXOW GLUHFWLRQDO FRPSDULVRQl
( ) & 2 0 3 $ 5 'LUHFWLRQDO FRPSDULVRQ IRU HDUWK IDXOW GHILQLWH WLPH

SURWHFWLRQ LV
2 1
21 VZLWFKHG RQ
7 ' ( / $ < 'HOD\ WLPH IRU WUDQVPLVVLRQ DQG WULS RQ UHFHSWLRQ IRU
GLUHFWLRQDO FRPSDULVRQ
DQG * QR WUDQVPLVVLRQ QR WULS
7 7 5 $ 1 6 % / 2 7UDQVLHQW EORFNLQJ WLPH DIWHU H[WHUQDO IDXOW

7 : $ , 7 :DLWLQJ WLPH EHIRUH WUDQVLHQW EORFNLQJ ZLWK PLVVLQJ

UHFHSWLRQ VLJQDO
* V 6PDOOHVW VHWWLQJ YDOXH V
RU * LH QR WUDQVLHQW EORFNLQJ ZLWK PLVVLQJ UHFHSWLRQ
( ) ( & + 2 (FKR IXQFWLRQ IRU GLUHFWLRQDO FRPSDULVRQ HDUWK

IDXOW SURWHFWLRQ LV
2 1
21 VZLWFKHG RQ
7 ( & + 2 ' ( / (FKR GHOD\ WLPH ZKHQ FLUFXLW EUHDNHU LV FORVHG

DQG * QR HFKR VLJQDO ZKHQ FLUFXLW EUHDNHU LV FORVHG
7 ( & + 2 , 0 3 'XUDWLRQ RI HFKR LPSXOVH

7 ( & + 2 % / 2 (FKR EORFNLQJ WLPH

&*&
1RQGLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ LQYHUVH WLPH DGGUHVV EORFN
,QVWHDG RI WKH DERYH PHQWLRQHG IXQFWLRQV D QRQGL )LJXUH 6HFWLRQ
UHFWLRQDO HDUWK IDXOW SURWHFWLRQ FDQ EH VHW $ FKRLFH
RI WKUHH FKDUDFWHULVWLFV LV JLYHQ QRUPDO LQYHUVH YHU\ :KHQ VHWWLQJ WKH WLPH 7,H! DGGUHVV RQH
LQYHUVH DQG H[WUHPH LQYHUVH ,H! VKDOO EH VHW EHORZ PXVW FRQVLGHU WKDW WKH VHWWLQJ YDOXH FRUUHVSRQGV WR
WKH PLQLPXP H[SHFWHG HDUWK IDXOW FXUUHQW DW RU WLPHV WKH WLPH IDFWRU RI WKH WULSSLQJ WLPH IRUPXOD
OHVV VLQFH DFFRUGLQJ WR ,(& WKH SURWHF HJ
WLRQ VKDOO QRW RSHUDWH IRU FXUUHQWV XS WR WLPHV
WKH VHWWLQJ YDOXH DQG WKH FKDUDFWHULVWLFV DUH GHILQHG 7,H! V
RQO\ IURP WLPHV WKH VHWWLQJ YDOXH RQZDUGV ,Q DQ\ IRU QRUPDO LQYHUVH 70 WKXV
HYHQW 6$ DOUHDG\ WULSV IRU FXUUHQWV DERYH DS
SUR[LPDWHO\ WLPHV WKH VHWWLQJ YDOXH LQ DFFRU WWULS V WULSSLQJ WLPH DW WLPHV WKH VHW
GDQFH ZLWK WKH IRUPXODH YDOLG IRU WKH FKDUDFWHULVWLFV YDOXH ,H!
k(DUWK IDXOW QRQGLUHFWLRQDO LQYHUVH WLPH RYHUFXUUHQW
1 2 1 ' , 5 ( & 7 , 2 1 $ / SURWHFWLRQl
( ) , 7 1RQGLUHFWLRQDO LQYHUVH WLPH HDUWK IDXOW SURWHFWLRQ

LV
2 1
21 VZLWFKHG RQ
7ULS WLPH FKDUDFWHULVWLF IRU WKH QRQGLUHFWLRQDO LQYHUVH

( ) & + $ 5 $ & WLPH RYHUFXUUHQW SURWHFWLRQ DFFRUGLQJ
1 2 5 0 $ / , 1 9 ( 5 6 ( ,(& RU %6
1250$/ ,19(56( WLPH FKDUDFWHULVWLF W\SH $
9 ( 5 < , 1 9 ( 5 6 (
9(5< ,19(56( WLPH FKDUDFWHULVWLF W\SH %
( ; 7 5 ( 0 ( / < , 1 9 ( 5 6 (;75(0(/< ,19(56H WLPH FKDUDFWHULVWLF W\SH &
, H ! 3LFNXS YDOXH IRU HDUWK FXUUHQW GHWHFWLRQ

6PDOOHVW VHWWLQJ YDOXH ,,1
, , Q /DUJHVW VHWWLQJ YDOXH ,,1
7 , H ! 'HOD\ WLPH FRUUHVSRQGV [ 70

DQG * QR WULS E\ ,H!
7 % / 2 & . 7LPH GXULQJ ZKLFK HDUWKIDXOW SURWHFWLRQ LV EORFNHG DIWHU

GLVWDQFH SURWHFWLRQ KDV UHVHW ZKHQ D VHFRQG H[WHUQDO
V SURWHFWLRQ UHOD\ ZLWK $5 LV SUHVHQW WKLV WLPH PXVW EH ORQ
JHU WKDQ D VLQJOHSROH DXWRUHFORVH F\FOH
&*&
6HWWLQJV IRU DXWRUHFORVXUH DGGUHVV EORFN
127( 7KLV VHFWLRQ LV YDOLG RQO\ IRU PRGHOV ZLWK LQWH DGGUHVV VKRXOG UHPDLQ LQ SRVLWLRQ 0& %/2&.
JUDWHG DXWRUHFORVH IXQFWLRQ 6$444444 <(6
44%&)*4 2WKHUZLVH LW FDQ EH SDVVHG RYHU
$XWRUHFORVH IXQFWLRQ LV HIIHFWLYH RQO\ LI FRQILJXUHG 7KH UHFODLP WLPH 75(&/$,0 DGGUHVV LV WKH
DV (;,67 XQGHU DGGUHVV UHIHU WR 6HFWLRQ WLPH SHULRG DIWHU ZKLFK WKH QHWZRUN IDXOW LV VXS
SRVHG WR EH WHUPLQDWHG DIWHU D VXFFHVVIXO DXWRUH
FORVH F\FOH $ UHQHZHG WULS RI DQ\ SURWHFWLRQ IXQF
:KHQ QR DXWRUHFORVXUH LV WR EH FDUULHG RXW RQ WKH WLRQ ZLWKLQ WKLV WLPH LQFUHPHQWV WKH $5 FRXQWHU
IHHGHU ZKLFK LV SURWHFWHG E\ WKH GLVWDFH SURWHFWLRQ ZKHQ PXOWLVKRW $5 LV XVHG VR WKDW WKH QH[W $5
UHOD\ HJ FDEOHV WUDQVIRUPHUV PRWRUV HWF WKHQ F\FOH VWDUWV LI QR IXUWKHU $5 LV DOORZHG WKH ODVW $5 LV
WKH LQWHUQDO $5 IXQFWLRQ PXVW EH FRQILJXUHG DV WUHDWHG DV XQVXFFHVVIXO
121 (;,67 LQ DGGUHVV UHIHU WR 6HFWLRQ
7KH $5 IXQFWLRQ LV WKHQ QRW HIIHFWLYH DW DOO LH 7KH ORFNRXW WLPH 7/2&. DGGUHVV LV WKH
6$ GRHV QRW SURFHVV WKH $5 IXQFWLRQ 1R FRUUH WLPH SHULRG GXULQJ ZKLFK DIWHU DQ XQVXFFHVVIXO DXWR
VSRQGLQJ DQQXQFLDWLRQV DUH JLYHQ ELQDU\ LQSXWV IRU UHFORVXUH IXUWKHU UHFORVXUHV E\ 6$ DUH EORFNHG
DXWRUHFORVXUH DUH LJQRUHG $OO SDUDPHWHUV LQ EORFN ,I WKH PDQXDO FORVH FRPPDQG LV OHG YLD WKH 6$
DUH LUUHOHYDQW DQG XQDYDLODEOH 7ULSSLQJ RFFXUV WKHQ WKLV ZLOO EH EORFNHG DOVR 7KLV WLPH PXVW EH
WKUHHSROH ZLWK DOO NLQGV RI IDXOW ORQJHU WKDQ WKH UHQHZHG UHDGLQHVV IRU RSHUDWLRQ RI
WKH FLUFXLW EUHDNHU XQOHVV WKH &% LV VXSHUYLVHG LQ WKH
,I WKH UHOD\ LV UHTXLUHG WR RSHUDWH ZLWK DQ H[WHUQDO $5 UHOD\ VHH EHORZ DGGUHVV ,I WKLV WLPH LV VHW WR
GHYLFH WKH UHOHYDQW ELQDU\ LQSXWV DQG RXWSXWV DUH WR * EUHDNHU FORVH FRPPDQGV DUH ORFNHG ,Q WKLV FDVH
EH XVHG 3DUWLFXODUO\ WKH FRUUHVSRQGLQJ FRQWURO VLJ VZLWFKLQJ FDQ EH XQORFNHG RQO\ ZKHQ WKH ELQDU\ LQ
QDOV PXVW EH FRQQHFWHG WR 6$ HJ UHOHDVH RI SXW k!$5 5HVHWl )1R LV HQHUJL]HG
5$5 RU '$5 VWDJHV DQG VLQJOHWKUHHSROH WULSSLQJ LI
QHFHVVDU\ WKH IDXOW GHWHFWLRQ DQG WULS VLJQDO RXW 7KH VHW WLPH IRU 7%/2&. 0& DGGUHVV PXVW
SXWV RI 6$ PXVW EH FRQQHFWHG WR WKH H[WHUQDO FRYHU WKH WLPH IRU VDIH FORVLQJ DQG RSHQLQJ RI WKH FLU
$5 GHYLFH 7KH LQWHUQDO $5 IXQFWLRQ PXVW EH VHW DV FXLW EUHDNHU V WR V ,I DQ\ RI WKH SURWHFWLRQ
121 (;,67 6HFWLRQ DGGUHVV LQ WKLV IXQFWLRQV RI 6$ GHWHFWV D IDXOW ZLWKLQ WKLV WLPH
FDVH WKUHHSROH GHILQLWLYH WULS FRPPDQG LV LVVXHG DQG UH
FORVXUH LV EORFNHG SURYLGHG 0& %/2&. DGGUHVV
:LWK WKH LQWHUQDO $5 IXQFWLRQ JHQHUDOO\ GLVWLQFWLRQ LV VHH DERYH LV VZLWFKHG WR <(6
PDGH EHWZHHQ WKH ILUVW $5F\FOH LGHQWLILHG LQ WKH
IROORZLQJ ZLWK 5$5 UDSLG DXWRUHFORVXUH DQG IXU 7KH GXUDWLRQ RI WKH FORVLQJ FRPPDQG KDV DOUHDG\
WKHU $5F\FOHV ZLWK PXOWLVKRW DXWRUHFORVXUH LGHQ EHHQ VHW ZKHQ VHWWLQJ WKH JHQHUDO SDUDPHWHUV RI WKH
WLILHG LQ WKH IROORZLQJ ZLWK '$5 GHOD\HG DXWRUHFOR GHYLFH DGGUHVV 6HFWLRQ
VXUH 7KH DERYH LGHQWLILFDWLRQV DUH UHJDUGOHVV
ZKHWKHU WKH GHDG WLPHV DUH UHDOO\ kUDSLGl RU $ SUHUHTXLVLWH IRU LQLWLDWLRQ RI WKH $5 IXQFWLRQ LV WKDW
kGHOD\HGl 6HWWLQJ DGGUHVV WR DUH FRP WKH FLUFXLW EUHDNHU LV UHDG\ IRU DW OHDVW RQH WULSFORVH
PRQ IRU DOO W\SHV RI DXWRUHFORVXUH F\FOH ZKHQ DQ\ VKRUWFLUFXLW SURWHFWLRQ IXQFWLRQ
WULSV 7KLV LQIRUPDWLRQ KDV WR EH JLYHQ WR WKH UHOD\ YLD
0RVW RI WKH VKRUWFLUFXLW SURWHFWLRQ IXQFWLRQV RI WKH ELQDU\ LQSXW k!&% UHDG\l )1R ,Q FDVH
6$ KDYH VHYHUDO VWDJHV ZKLFK RSHUDWH LQGH VXFK LQIRUPDWLRQ LV QRW DYDLODEOH IURP WKH &% FLUFXLW
SHQGHQW RQ HDFK RWKHU HJ IRU WKH GLVWDQFH SURWHF LQWHUURJDWLRQ RI k!&% UHDG\l FDQ EH VXSSUHVVHG
WLRQ VWDJHV WLPH GHOD\ DQG GLUHFWLRQ FDQ EH VHOHFWHG E\ VHWWLQJ WKH SDUDPHWHU &%" 75,3 12 LH &%
IRU HDFK VWDJH LQGLYLGXDOO\ DQG LQGHSHQGHQWO\ LQWHUURJDWLRQ VW WULS DGGUHVV RWKHUZLVH UH
7KHUHIRUH UHFORVXUH LV QRUPDOO\ EORFNHG LI D SURWHF FORVXUH ZRXOG QRW EH SRVVLEOH DW DOO
WLRQ WULSV D IDXOW UHYHUVH GLUHFWLRQ $FFRUGLQJO\ DG
GUHVV LV SUHVHW WR $5 %/2 5(9 <(6 $GGLWLRQDOO\ LW LV SRVVLEOH WR LQWHUURJDWH UHDGLQHVV RI
WKH FLUFXLW EUHDNHU EHIRUH HDFK IXUWKHU UHFORVH FRP
:KHQ VZLWFKLQJ PDQXDOO\ RQ D GHDG IDXOW LW LV QRU PDQG RU EHIRUH HYHU\ RWKHU UHFORVH FRPPDQG 6HW
PDOO\ GHVLUHG WKDW WKH VKRUWFLUFXLW SURWHFWLRQ WULSV LQ WLQJ LV PDGH LQ DGGUHVV
VWDQWDQHRXVO\ DQG WKH $5 IXQFWLRQ LV EORFNHG 7KXV
&*&
&%" &/26( &%" 1(9(5 LQWHUURJDWLRQ LV QRW ,Q RUGHU WR PRQLWRU WKH UHJHQHUDWLRQ WLPH RI WKH FLU
PDGH RU RQO\ DW WKH PRPHQW RI WKH FXLW EUHDNHU D VSHFLDO FLUFXLW EUHDNHU VXSHUYLVLRQ
ILUVW WULS FRPPDQG DV SDUDPHWHUL]HG WLPH 7&%6839 FDQ EH VHW XQGHU DGGUHVV
XQGHU DGGUHVV 7KLV WLPH VKRXOG EH VHW VOLJKWO\ DERYH WKH UHJHQHUD
WLRQ WLPH RI WKH EUHDNHU DIWHU D WULSFORVH F\FOH ,I WKH
&%" &/26( &%" :,7+ ($&+ $5 LQWHUURJDWLRQ LV FLUFXLW EUHDNHU LV QRW \HW UHDG\ DIWHU WKLV WLPH UHFOR
PDGH EHIRUH HDFK UHFORVH FRP VXUH LV VXSSUHVVHG
PDQG
)LQDOO\ DGGUHVV GHWHUPLQHV IRU ZKLFK UHFORVH
&%" &/26( &%" :,7+ QG $5 LQWHUURJDWLRQ LV F\FOHV V\QFKURQLVP VKDOO EH FKHFNHG E\ WKH V\Q
PDGH EHIRUH HYHU\ RWKHU UHFORVH FKURQLVP DQG YROWDJH FKHFN IXQFWLRQ ,Q WKH FDVHV
FRPPDQG LH EHIRUH WKH QG WK ZKLFK DUH SDUDPHWHUL]HG LQ WKLV DGGUHVV UHFORVXUH
HWF HYHU\ WULSFORVH F\FOH LV YDOLG LV EORFNHG DV ORQJ DV WKH FRQGLWLRQV DV VHW IRU WKH
UHJDUGOHVV ZKHWKHU LW LV 5$5 RU '$5 V\QFKURFKHFN IXQFWLRQ 6HFWLRQ DUH QRW IXO
ILOOHG
$ 8 7 2 %HJLQQLQJ RI EORFN
k$XWRUHFORVXUH IXQFWLRQVl
5 ( & / 2 6 ( ) 8 1 & 7 , 2 1
$ 5 ) 8 1 & 7 $XWRUHFORVH IXQFWLRQ LV

2 1
21 VZLWFKHG RQ
$ 5 % / 2 5 ( 9 $5 ZLOO EH EORFNHG ZKHQ D IDXOW LQ UHYHUVH GLUHFWLRQ LV

WULSSHG IRU DOO VKRUWFLUFXLW SURWHFWLRQ IXQFWLRQV ZKLFK
< ( 6 FDQ RSHUDWH GLUHFWLRQDO
1 2 QRUPDO VHWWLQJ <(6
0 & % / 2 & . %ORFNLQJ RI UHFORVLQJ DIWHU PDQXDO FORVH RI WKH FLUFXLW

EUHDNHU
< ( 6
QRUPDO VHWWLQJ <(6
1 2
5HFODLP WLPH DIWHU VXFFHVVIXO $5 F\FOH

7 5 ( & / $ , 0
/RFNRXW WLPH DIWHU XQVXFFHVVIXO $5 DQ\ FORVH FRP

7 / 2 & .
PDQG LV EORFNHG
DQG * ORFNHG XQWLO k!$5 5HVHWl YLD ELQDU\ LQSXW
&*&
5HFODLP WLPH DIWHU PDQXDO FORVLQJ RI FLUFXLW EUHDNHU

7 % / 2 & . 0 & 6PDOOHVW VHWWLQJ YDOXH V
&% UHDG\ LQWHUURJDWLRQ DW WKH ILUVW WULS FRPPDQG

& % " 7 5 , 3
< ( 6 <(6 QRUPDO VHWWLQJ
1 2 12 RQO\ LI WKHUH LV QR SRVVLELOLW\ WR LQWHUURJDWH &%

UHDGLQHVV
& % " & / 2 6 ( &% UHDG\ LQWHUURJDWLRQ EHIRUH UHFORVLQJ

& % " 1 ( 9 ( 5 1(9(5 QR &% UHDG\ LQWHUURJDWLRQ EH
IRUH UHFORVLQJ
& % " : , 7 + ( $ & + $ 5 :,7+ ($&+ $5 &% UHDG\ LQWHUURJDWLRQ EHIRUH
HDFK UHFORVLQJ
& % " : , 7 + Q G $ 5 :,7+ ($&+ QG $5 &% UHDG\ LQWHUURJDWLRQ EHIRUH
QG WK WK HWF UHFORVLQJ
5$5 RU '$5
7 & % 6 8 3 9 &% VXSHUYLVLRQ WLPH ZLWKLQ ZKLFK &% PXVW EH UHDG\

5HTXHVW IRU V\QFKURQLVP RU YROWDJH FKHFN LQWHUQDO RU

6 < 1 5 ( 4 8 6 7 H[WHUQDO LV PDGH
% ( ) 2 5 ( 3 2 / ( $ 5 EHIRUH HYHU\ UHFORVH DIWHU WKUHHSROH WULSSLQJ
2 1 / < % ( ) 2 5 ( ' $ 5 RQO\ EHIRUH UHFORVH GXULQJ '$5
% ( ) 2 5 ( Q G ' $ 5 RQO\ EHIRUH UHFORVH GXULQJ '$5 IURP WKH QG
'$5 VKRW RQ
1 ( 9 ( 5 QR UHTXHVW IRU V\QFKURFKHFN
)RU 5$5 ILUVW DXWRUHFORVH F\FOH VHYHUDO SURJUDPV DXWRUHFORVXUH ZLWKRXW 8 LQWHUURJDWLRQ ,I RQO\ WKH
DUH SRVVLEOH DGGUHVV WKUHHSROH VLQJOH LPPHGLDWH UHFORVXUH RI WKH KHDOWK\ OLQHV VKRXOG EH
SROH RU VLQJOH DQG WKUHHSROH XVHG ERWK OLQH HQGV FDQ EH VHW WR 8 352&
32/( :2 8 $GGUHVV VHH EHORZ PXVW
,I WKH 8 SURFHVVLQJ IHDWXUH LV XVHG IRU LGHQWLILFD EH REVHUYHG IRU LPPHGLDWH UHFORVXUH RI WKH XQ
WLRQ RI WKH IDXOW\ OLQH WKHQ DGGUHVV PXVW EH IDXOWHG OLQHV WRR
FKDQJHG DFFRUGLQJO\ RWKHUZLVH LW UHPDLQV LQ SRVL
WLRQ 8 352& ,1())(&7,9( 7KLV IHDWXUH LV H[ :KHQ VHWWLQJ WKH DFWLRQ WLPH 5$5 7$&7 DGGUHVV
SODLQHG LQ GHWDLO LQ VHFWLRQ ,W PXVW EH HQVXUHG LW PXVW EH HQVXUHG WKDW WKLV WLPH LV DW OHDVW DV
WKDW RQO\ RQH HQG RI WKH OLQH PXVW EH SDUDPHWHUL]HG ORQJ DV WKH FRPPDQG WLPH RI WKH SURWHFWLYH UHOD\ LQ
8 352& 32/( :,7+ 8 LH VLQJOHSROH FOXGLQJ DQ\ SRVVLEOH VLJQDO WUDQVPLVVLRQ WLPHV EXW
DXWRUHFORVXUH ZLWK 8 LQWHUURJDWLRQ 7KH RWKHU HQG VPDOOHU WKDQ WKH GHOD\ 7 RI WKH VHFRQG GLVWDQFH
LV VHW 8 352& 32/( :2 8 LH VLQJOHSROH ]RQH XVXDOO\ V
&*&
:LWK VLQJOHSROH DXWRUHFORVXUH WKH GHDG WLPH 5$5 ZLWK WKH V\QFKURFKHFN IXQFWLRQ D ORQJHU WLPH PD\
732/ DGGUHVV PXVW EH ORQJ HQRXJK WR HQ RIWHQ EH WROHUDWHG
VXUH WKDW WKH IDXOW DUF LV H[WLQJXLVKHG DQG WKH DLU VXU
URXQGLQJ WKH DUF LV GHLRQL]HG VR WKDW DXWRUHFOR 7KH SRVVLELOLWLHV IRU WKH WUHDWPHQW RI PXOWLSOH DQG
VXUH FDQ EH VXFFHVVIXO %HFDXVH RI WKH GLVFKDUJH HYROYLQJ IDXOWV KDYH EHHQ GHVFULEHG LQ GHWDLO LQ 6HF
DQG UHFKDUJH RI WKH FRQGXFWRU FDSDFLWDQFHV WKLV WLRQ 7KH UHFRJQLWLRQ RI DQ HYROYLQJ IDXOW FDQ
WLPH LQFUHDVHV ZLWK WKH OHQJWK RI WKH OLQH &RQYHQ EH PDGH GHSHQGHQW XSRQ D WULSSLQJ FRPPDQG RU
WLRQDO YDOXHV OLH EHWZHHQ V DQG V XSRQ IDXOW GHWHFWLRQ GXULQJ WKH GHDG WLPH DGGUHVV
7KH UHDFWLRQ WR HYROYLQJ IDXOWV LV VHW LQ DG
$GGUHVV 5$5 732/ LV RQO\ UHOHYDQW ZKHQ GUHVV EORFNLQJ LQ WKH FDVH RI DQ HYROYLQJ IDXOW
WKH 8 SURFHVVLQJ IHDWXUH LV XVHG WR GLVFULPLQDWH WKH HLWKHU RFFXUV $/:$<6 LH ZLWK HDFK HYROYLQJ IDXOW
XQIDXOWHG OLQHV GXULQJ VLQJOHSROH UHFORVXUH ,Q WKHVH RU 1(9(5 DW DOO RU EORFNLQJ RFFXUV RQO\ DIWHU WKH IDXOW
FDVHV DGGUHVV GHWHUPLQHV WKH GHDG WLPH LV GHWHFWHG DIWHU WKH GLVFULPLQDWLRQ WLPH !7',6&5,0
ZKLFK LV YDOLG DIWHU WKH OLQH KDV EHHQ LGHQWLILHG E\ WKH ZKLFK KDV WR EH VHW LQ DGGUHVV %ORFNLQJ LQ
8 SURFHVVLQJ IHDWXUH DV WKH XQIDXOWHG OLQH ,W FDQ WKHVH FDVHV RFFXUV HYHQ ZKHQ WKUHHSROH DXWRUH
WKHUHIRUH EH YHU\ VKRUW V LV VXIILFLHQW 7KLV LP FORVXUH LV SHUPLWWHG
PHGLDWH UHFORVXUH LV LQGHSHQGHQW RQ ZKHWKHU DG
GUHVV KDV EHHQ VHW WR 8 352& 32/( $OVR IRU WKH WUHDWPHQW RI HYROYLQJ IDXOWV DQG IRU WKH
:,7+ 8 RU 8 352& 32/( :2 8 1HYHU GLVFULPLQDWLRQ WLPH 7',6&5,0 WKH VWDELOLW\ RI WKH
WKHOHVV LW PXVW EH REVHUYHG WKDW D VOLJKWO\ KLJKHU QHWZRUN LV RI WKH XWPRVW LPSRUWDQFH ,Q DGGLWLRQ WKH
VLQJOHSROH GHDG WLPH DGGUHVV PXVW EH VHW DW G\QDPLF EXUGHQ RI WKH JHQHUDWRUV PXVW EH WDNHQ
WKH OLQH HQG ZLWK 8 LQWHUURJDWLRQ 8 352& LQWR DFFRXQW LQ WKH FDVH RI IDXOWV FORVH WR D SRZHU
32/( :,7+ 8 LW VKRXOG EH KLJKHU WKDQ WKH VWDWLRQ )RU WKH GLVFULPLQDWLRQ WLPH 7',6&5,0 DG
GHDG WLPH RI WKH OLQH HQG ZLWKRXW 8 LQWHUURJDWLRQ GUHVV LW LV RQO\ PHDQLQJIXO WR FKRVH D YDOXH
SOXV WKH FLUFXLW EUHDNHU FORVLQJ WLPH SOXV DSSUR[L ZKLFK LV VPDOOHU WKDQ WKH GHDG WLPH IRU VLQJOHSROH
PDWHO\ WR PV $5 5$5 732/ DGGUHVV
:LWK WKUHHSROH DXWRUHFORVXUH DGGUHVV WKH )LQDOO\ DGGUHVV GHWHUPLQHV ZKHWKHU WKH SUR
VWDELOLW\ RI WKH QHWZRUN LV WKH PRVW LPSRUWDQW FRQVLG WHFWLRQ UHOD\ VKRXOG LVVXH D WKUHHSROH WULS ZKHQ
HUDWLRQ 6LQFH WKH GLVFRQQHFWHG OLQH FDQ QR ORQJHU GXULQJ WKH GHDG WLPH RI D VLQJOHSROH DXWRUHFORVH
SURGXFH DQ\ V\QFKURQL]LQJ SRZHU RQO\ D VKRUW GHDG F\FOH UHFORVXUH LV EORFNHG HJ EHFDXVH RI GHWHF
WLPH LV SHUPLWWHG LQ PRVW FDVHV &RQYHQWLRQDO YDOXHV WLRQ RI DQ HYROYLQJ IDXOW
OLH EHWZHHQ V DQG V ,I WKH GHYLFH LV HTXLSSHG
$XWRUHFORVH SURJUDP IRU WKH ILUVW $5 F\FOH 5$5

5 $ 5 3 5 2 *
7+5(( 32/( IRU HDFK W\SH RI IDXOW
7 + 5 ( ( 3 2 / ( WKUHHSROH DXWRUHFORVXUH
6,1*/( 32/( VLQJOHSROH $5
6 , 1 * / ( 3 2 / ( IRU PXOWLSKDVH IDXOWV QR UHFORVXUH
WDNHV SODFH $5 EORFNHG
6 , 1 * / ( 7 + 5 ( ( 3 2 / 6,1*/( IRU VLQJOHSKDVH IDXOWV VLQJOHSROH
7+5(( 32/H $5 IRU PXOWLSKDVH IDXOWV WKUHH
SROH $5
8VH RI WKH 8 SURFHVVLQJ IRU GLVFULPLQDWLRQ RI WKH

8 3 5 2 & IDXOWHG OLQH
, 1 ( ) ) ( & 7 , 9 (
,1())(&7,9( 8 SURFHVVLQJ LV LQHIIHFWLYH
3 2 / ( : , 7 + 8 32/( :,7+ 8 8 SURFHVVLQJ ZLWK 8 LQWHUURJD
WLRQ
3 2 / ( : 2 8 32/( :2 8 8 SURFHVVLQJ ZLWKRXW 8 LQWHU
URJDWLRQ
&*&
$FWLRQ WLPH IRU 5$5 ILUVW $5VKRW LI WULS VLJQDO

5 $ 5 7 $ & 7
LV JLYHQ DIWHU WKLV WLPH $5 LV EORFNHG
DQG *
5 $ 5 7 3 2 / 'HDG WLPH IRU ILUVW WKUHHSROH 5$5 F\FOH

5 $ 5 7 3 2 / 'HDG WLPH IRU ILUVW $5 F\FOH 5$5 VLQJOHSROH

5 $ 5 7 3 2 / 'HDG WLPH IRU ILUVW $5 F\FOH 5$5 VLQJOHSROH ZKHQ

WKH OLQH KDV EHHQ LGHQWLILHG DV XQIDXOWHG E\ WKH 8 SUR
V FHVVLQJ IHDWXUH
5HFRJQLWLRQ RI HYROYLQJ IDXOWV RQO\ ZLWK VLQJOHSROH

( 9 ) 5 ( & 2 * $5
: , 7 + ) $ 8 / 7 ' ( 7 ( & :,7+ )$8/7 '(7(&WLRQ HDFK IDXOW GHWHFWLRQ GXULQJ
VLQJOHSROH GHDG WLPH LV
UHFRJQL]HG DV DQ HYROYLQJ
IDXOW
: , 7 + 7 5 , 3 & 2 0 0 :,7+ 75,3 &200DQG IDXOWV GXULQJ VLQJOHSROH
GHDG WLPH DUH UHFRJQL]HG
DV HYROYLQJ IDXOWV RQO\ ZKHQ
WKH UHOD\ WULSV
7UHDWPHQW RI HYROYLQJ IDXOWV RQO\ ZLWK SROH $5

( 9 ) % / 2 & . HDFK HYROYLQJ IDXOW UHVXOWV LQ ILQDO WKUHHSROH WULS
$ / : $ < 6 UHFORVXUH LV EORFNHG
QR EORFNLQJ RI UHFORVXUH LQ WKH FDVH RI HYROYLQJ
1 ( 9 ( 5 IDXOWV D FKDQJH IURP VLQJOHSROH $5 WR WKUHH
SROH $5 RFFXUV ZKHQ SHUPLWWHG
EHIRUH H[SLU\ RI 7',6&5 D FKDQJH WR WKUHH
! 7 ' , 6 & 5
SROH $5 ZKHQ SHUPLWWHG RFFXUV
DIWHU H[SLU\ RI 7',6&5 UHFORVXUH LV EORFNHG
'LVFULPLQDWLRQ WLPH IRU HYROYLQJ IDXOWV RQO\ ZLWK

7 ' , 6 & 5 , 0
VLQJOHSROH $5
7KUHHSROH WULS LV JLYHQ ZKHQ WKH $5 IXQFWLRQ LV

$ 5 7 5 , 3 3 EORFNHG GXULQJ D VLQJOHSROH GHDG WLPH F\FOH
< ( 6 <(6 RU
12
1 2
&*&
)RU '$5 IXUWKHU DXWRUHFORVH F\FOHV VHYHUDO SUR 7KH QXPEHU RI '$5V FDQ EH VHW GLIIHUHQWO\ DIWHU
JUDPV DUH SRVVLEOH DGGUHVV '$5 FDQ EH H[ VLQJOHSROH 5$5 DGGUHVV DQG DIWHU WKUHHSROH
FOXGHG '$5 352* 12 '$5 '$5 FDQ EH SHU 5$5 DGGUHVV 1HYHUWKHOHVV WULS RFFXUV DO
PLWWHG DOVR LI QR 5$5 KDV EHHQ SUHFHGHG '$5 ZD\V WKUHHSROH
352* '$5 :,7+287 5$5 '$5 FDQ EH SHU
PLWWHG RQO\ DIWHU DQ XQVXFFHVVIXO 5$5 '$5 352* )RU '$5 D VHSDUDWH DFWLRQ WLPH '$5 7$&7 FDQ EH
'$5 $)7(5 5$5 '$5 LV DOZD\V WKUHHSROH VHW DGGUHVV
0XOWLSOH DXWRUHFORVXUH ZLWK ORQJHU WKUHHSROH GHDG 'LIIHUHQW GHDG WLPHV FDQ EH VHW IRU WKH ILUVW VHFRQG
DQG WKLUG WULSFORVH F\FOH 7KH GHDG WLPH IRU WKH ILUVW
WLPHV DUH RQO\ SHUPLWWHG LQ QHWZRUNV LQ ZKLFK QR VWD
F\FOH DGGUHVV LV RQO\ YDOLG LI WKH '$5 F\FOH LV
ELOLW\ SUREOHPV DUH WR EH H[SHFWHG IRU H[DPSOH GXH
UHDOO\ WKH ILUVW F\FOH LH 5$5 LV VXSSUHVVHG )RU WKH
WR D KLJK GHJUHH RI PHVKLQJ RU LQ UDGLDO QHWZRUNV
VHFRQG DGGUHVV DQG WKLUG DGGUHVV
RU LI V\QFKURFKHFN LV XVHG UHIHU WR 6HFWLRQ F\FOH D 5$5 FRXQWV RQO\ LI LW KDV RFFXUUHG )XUWKHU
F\FOHV DUH WUHDWHG OLNH WKH WKLUG F\FOH
$XWRUHFORVH SURJUDP IRU '$5 F\FOHV

' $ 5 3 5 2 *
1 2 ' $ 5 12 '$5 QR GHOD\HG $5
'$5 :,7+287 5$5 '$5 ZLOO EH FDUULHG RXW DOVR
' $ 5 : , 7 + 2 8 7 5 $ 5 ZKHQ QR 5$5 KDV SUHFHGHG
' $ 5 $ ) 7 ( 5 5 $ 5 '$5 $)7(5 5$5 '$5 ZLOO EH FDUULHG RXW RQO\

DIWHU DQ XQVXFFHVVIXO 5$5
F\FOH
1XPEHU RI SHUPLVVLEOH '$5 F\FOHV DIWHU VLQJOHSROH

' $ 5 1 R 3 +
5$5 WKH 5$5 LV QRW LQFOXGHG LQ WKLV QXPEHU
1XPEHU RI SHUPLVVLEOH '$5 F\FOHV DIWHU WKUHHSROH

' $ 5 1 R 3 +
5$5 WKH 5$5 LV QRW LQFOXGHG LQ WKLV QXPEHU RU
ZLWKRXW SUHFHGLQJ 5$5
$FWLRQ WLPH IRU '$5 IXUWKHU $5VKRWV LI WULS VLJQDO

' $ 5 7 $ & 7
LV JLYHQ DIWHU WKLV WLPH $5 LV EORFNHG
DQG *
'HDG WLPH IRUWKH ILUVW $5 F\FOH LI LW LV D '$5 F\FOH

' $ 5 7 3 2 /
'HDG WLPH IRU WKH VHFRQG $5 F\FOH

' $ 5 7 3 2 /
'HDG WLPH IRU IXUWKHU $5 F\FOHV

' $ 5 7 3 2 /
&*&
6HWWLQJV IRU V\QFKURQLVP DQG YROWDJH FKHFN DGGUHVV EORFN
127( 7KLV VHFWLRQ LV YDOLG RQO\ IRU PRGHOV ZLWK LQWH 7KH JHQHUDO IXQFWLRQV DQG OLPLW YDOXHV IRU FORVXUH DUH
JUDWHG V\QFKURFKHFN IXQFWLRQ 6$444444 VHW XQGHU DGGUHVVHV WR DQG $GGL
44%&()*4 DQG ZKHQ WKLV IXQFWLRQ LV FRQILJXUHG WLRQDOO\ DGGUHVVHV WR DUH UHOHYDQW IRU DX
DV (;,67 XQGHU DGGUHVV UHIHU WR 6HFWLRQ WRPDWLF UHFORVXUH DGGUHVVHV WR DUH UHOH
YDQW IRU PDQXDO FORVXUH *HQHUDOO\ D FORVXUH FRP
PDQG LV QRW UHOHDVHG DV ORQJ DV D FXUUHQW NHHSV
:KHQ VHWWLQJ WKH JHQHUDO SRZHU V\VWHP GDWD 6HF IORZLQJ ,! ,1
WLRQ WKH UHOD\ KDV EHHQ LQIRUPHG ZKLFK YROW
DJHV DUH FRQQHFWHG WR WKH UHOD\ WR ZKLFK LQSXWV 7KLV 7KH FRPSOHWH V\QFKURQLVP DQG YROWDJH FKHFN IXQF
FRQFHUQV WKH SDUDPHWHUV WLRQ LV VZLWFKHG 2)) RU 21 XQGHU DGGUHVV
81 6(&21' UDWHG VHFRQGDU\ YROWDJH RI

WKH IHHGHU YROWDJH WUDQVIRUP :DUQLQJ
HUV SKDVHWRSKDVH LQ 9 LW ,I V\QFKURQLVP FKHFN IXQFWLRQ LV VZLWFKHG
PXVW EH HTXDO WR WKH UDWHG RII DGGUHVV HDFK PDQXDO RU DXWRPDW
VHFRQGDU\ YROWDJH RI WKH EXV LF FORVXUH LV FDUULHG RXW ZLWKRXW V\QFKUR
EDU YROWDJH WUDQVIRUPHUV QLVP FKHFN
8[ &211(&7 FRQQHFWLRQ RI WKH DGGLWLRQDO

7KH YROWDJH EHORZ ZKLFK WKH OLQH RU EXVEDU LV UH
YROWDJH WUDQVIRUPHU LQSXW RI
JDUGHG VDIHO\ DV GHDG LV VHW XQGHU DGGUHVV
WKH GHYLFH PXVW EH 8
8 IRU GHDG OLQH RU GHDG EXV FKHFN
75$16)250
7KH YROWDJH DERYH ZKLFK WKH OLQH RU EXVEDU LV UH
8 &211(&7 W\SH RI YROWDJH ZKLFK LV FRQ
JDUGHG VDIHO\ DV OLYH LV VHW XQGHU DGGUHVV 8!
QHFWHG WR WKH GHYLFH IURP WKH
IRU OLYH OLQH RU OLYH EXV FKHFN ,W PXVW EH VHW EHORZ
EXVEDU YROWDJH WUDQVIRUPHUV
WKH PLQLPXP RSHUDWLQJ YROWDJH XQGHU QRUPDO FRQGL
WLRQV
88 $1*/(
SKDVH DQJOH GLVSODFHPHQW
7KH SHUPLVVLEOH PDJQLWXGH GLIIHUHQFH '8 EHWZHHQ
EHWZHHQ WKH YROWDJHV RI WKH
WKH YROWDJHV LV VHW XQGHU DGGUHVV '(/7$ 8
EXVEDU YROWDJH WUDQVIRUPHUV
DQG WKH IHHGHU YROWDJH WUDQV
'HSHQGLQJ RQ WKH EXVEDU YROWDJH FRQQHFWLRQ 8
IRUPHUV
&211(&7 DGGUHVV WKH OLQHWROLQH YROWDJH RU
WKH OLQHWRHDUWK YROWDJH LV WR EH VHW
DQG LI DV\QFKURQRXV VZLWFKLQJ VKDOO EH DOORZHG
7KH SHUPLVVLEOH IUHTXHQF\ GLIIHUHQFH 'I EHWZHHQ
7&% &/26( WKH FORVLQJ WLPH RI WKH FLUFXLW
WKH YROWDJHV LV VHW XQGHU DGGUHVV '(/7$ I
EUHDNHU
7KH SHUPLVVLEOH SKDVH DQJOH GLIIHUHQFH ' EHWZHHQ
'LIIHUHQW LQWHUURJDWLRQ FRQGLWLRQV FDQ EH SDUDPHWHU
WKH YROWDJHV LV VHW XQGHU DGGUHVV '(/7$ 3+,
L]HG IRU DXWRPDWLF UHFORVXUH RQ RQH KDQG DQG IRU
PDQXDO FORVXUH RQ WKH RWKHU KDQG
& + ( & . %HJLQQLQJ RI WKH EORFN k6\QFKURQLVP DQG YROWDJH

6 < 1 & + 5 2 1 , 6 0 FKHFNl
&*&
6\QFKURFKHFN IXQFWLRQ FRPSOHWH LV

6 < 1 & & + ( & .
2 1 21 VZLWFKHG RQ
2 ) ) 2II VZLWFKHG RII
9ROWDJH PDJQLWXGH EHORZ ZKLFK WKH OLQH RU EXVEDU

8 FDQ EH UHJDUGHG DV GHDG SKDVHSKDVH RU SKDVH
9 HDUWK LQ 9
9ROWDJH PDJQLWXGH DERYH ZKLFK WKH OLQH RU EXVEDU

8 ! FDQ EH UHJDUGHG DV OLYH SKDVHSKDVH RU SKDVH
9 HDUWK LQ 9
/LPLW YDOXH '8 IRU WKH SHUPLVVLEOH YROWDJH GLIIHUHQFH LQ

' ( / 7 $ 8 PDJQLWXGH SKDVHSKDVH RU SKDVHHDUWK LQ 9
/LPLW YDOXH 'I IRU WKH SHUPLVVLEOH IUHTXHQF\ GLIIHUHQFH

' ( / 7 $ I LQ +]
+ ] 6PDOOHVW VHWWLQJ YDOXH +]
/DUJHVW VHWWLQJ YDOXH +]
/LPLW YDOXH ' IRU WKH SHUPLVVLEOH SKDVH DQJOH GLIIHU

' ( / 7 $ 3 + , HQFH LQ E
E 6PDOOHVW VHWWLQJ YDOXH E
7KH V\QFKURFKHFN IXQFWLRQ LQ 6$ FDQ DOVR JLYH QHWZRUNV DUH UHJDUGHG DV V\QFKURQRXV $ERYH WKLV
FORVLQJ FRPPDQGV LQ DV\QFKURQRXV QHWZRUNV ,Q IUHTXHQF\ GLIIHUHQFH DV\QFKURQRXV FORVLQJ LV FDU
WKLV FDVH FORVLQJ FRPPDQG LV JLYHQ VXFK WKDW XQ ULHG RXW XQGHU FRQVLGHUDWLRQ RI WKH SKDVH DQJOH GLI
GHU FRQVLGHUDWLRQ RI WKH FLUFXLW EUHDNHU FORVLQJ WLPH IHUHQFH IUHTXHQF\ GLIIHUHQFH DQG WKH FLUFXLW EUHDNHU
DGGUHVV WKH YROWDJH SKDVRUV RI WKH OLQH DQG FORVLQJ WLPH %HORZ WKLV IUHTXHQF\ GLIIHUHQFH WKH
EXVEDU YROWDJHV DJUHH LQ SKDVH DW WKH LQVWDQW ZKHQ V\QFKURFKHFN FRQGLWLRQV DV VHW XQGHU DGGUHVVHV
WKHUH LV FRQWDFW RI WKH EUHDNHU SROHV DQG DUH RQO\ UHOHYDQW 7KH VHWWLQJ
YDOXH RI DGGUHVV PXVW OLH EHORZ WKDW RI DGGUHVV
$GGUHVV '(/I6<1& GHILQHV WKH OLPLW ZLWKLQ ,I VHW WR * DV\QFKURQRXV VZLWFKLQJ LV VXS
ZKLFK WKH IUHTXHQF\ GLIIHUHQFH PXVW OLH ZKHQ WKH SUHVVHG IRU DXWRPDWLF UHFORVXUH
/LPLW YDOXH 'I IRU V\QFKURQRXV DXWRUHFORVXUH

' ( / I 6 < 1 & +]
* + ] /DUJHVW VHWWLQJ YDOXH +]
DQG * QR DV\QFKURQRXV DXWRUHFORVXUH
&*&
7KH IXUWKHU UHOHDVH FRQGLWLRQV IRU DXWRPDWLF UHFORV DGGUHVV WKH EXVEDU
LQJ DUH VHW XQGHU DGGUHVVHV WR 8 PXVW EH OLYH 8! UHIHU
DGGUHVV
6<1&+5 V\QFKURQLVP FKHFN WKH FRQ
GLWLRQV IRU V\QFKURQLVP '8 88 GHDGOLQH DQG GHDGEXV
'I DQG ' DUH FKHFNHG EH FKHFN WKH IHHGHU 8 DQG WKH
IRUH UHFORVXUH EXVEDU 8 PXVW ERWK EH
8!8 GHDGEXV FKHFN WKH IHHGHU GHDG 8 UHIHU DGGUHVV
8 PXVW EH OLYH 8! UHIHU
DGGUHVV WKH EXVEDU
8 PXVW EH GHDG 8 UHIHU 29(55,'( DXWRPDWLF UHFORVXUH LV UH
DGGUHVV OHDVHG ZLWKRXW DQ\ FKHFN
88! GHDGOLQH FKHFN WKH IHHGHU 7KH ILYH SRVVLEOH UHOHDVH FRQGLWLRQV DUH LQGHSHQ
8 PXVW EH GHDG 8 UHIHU GHQW IURP HDFK RWKHU DQG FDQ EH FRPELQHG
6\QFKURQLVP FKHFN EHIRUH DXWRPDWLF UHFORVXUH

6 < 1 & + 5
< ( 6 <(6 V\QFKURFKHFN LV GRQH EHIRUH DXWRUHFORVXUH
1 2 12 DXWRUHFORVXUH ZLWKRXW V\QFKURFKHFN
'HDGEXV FKHFN EHIRUH DXWRPDWLF UHFORVXUH

8 ! 8
1 2 12 DXWRUHFORVXUH LV QRW SHUPLWWHG RQWR D GHDG EXV
<(6 DXWRUHFORVXUH LV SHUPLWWHG RQWR D GHDG EXV

< ( 6
'HDGOLQH FKHFN EHIRUH DXWRPDWLF UHFORVXUH

8 8 !
1 2 12 DXWRUHFORVXUH LV QRW SHUPLWWHG RQWR D GHDG OLQH
<(6 DXWRUHFORVXUH LV SHUPLWWHG RQWR D GHDG OLQH

< ( 6
'HDGOLQH DQG GHDGEXV FKHFN EHIRUH DXWRPDWLF UHFORV

8 8 XUH
1 2 12 DXWRUHFORVXUH LV QRW SHUPLWWHG RQWR D GHDG OLQH
DQG GHDG EXV
< ( 6 <(6 DXWRUHFORVXUH LV SHUPLWWHG RQWR D GHDG OLQH DQG
GHDG EXV
2YHUULGH RI DQ\ FKHFN EHIRUH DXWRPDWLF UHFORVXUH

2 9 ( 5 5 , ' (
1 2 12
< ( 6 <(6 DXWRUHFORVXUH LV H[HFXWHG ZLWKRXW DQ\ FKHFN
&*&
7KH IXUWKHU UHOHDVH FRQGLWLRQV IRU PDQXDO FORVLQJ 0& 6<1&+5 V\QFKURQLVP FKHFN WKH FRQ
DUH VHW XQGHU DGGUHVVHV WR 7KH V\QFKUR GLWLRQV IRU V\QFKURQLVP '8
QLVP DQ YROWDJH FKHFN IXQFWLRQ IRU PDQXDO FORVLQJ 'I DQG ' DUH FKHFNHG EH
FDQ EH LQGLYLGXDOO\ VZLWFKHG RII RU RQ XQGHU DGGUHVV IRUH PDQXDO FORVXUH
:KHQ 6<10$1&/ LV VZLWFKHG 2)) QR 0& 8!8 GHDGEXV FKHFN WKH IHHGHU
FKHFNV DUH FDUULHG RXW IRU PDQXDO FORVLQJ 8 PXVW EH OLYH 8! UHIHU WR
DGGUHVV WKH EXVEDU
$ VHSDUDWH IUHTXHQF\ GLIIHUHQFH OLPLW FDQ EH VHW IRU 8 PXVW EH GHDG 8 UHIHU
DV\QFKURQRXV VZLWFKLQJ DIWHU PDQXDO FORVH FRP WR DGGUHVV
PDQG $GGUHVV 0& 'I6<1 GHILQHV WKH OLPLW 0& 88! GHDGOLQH FKHFN WKH IHHGHU
ZLWKLQ ZKLFK WKH IUHTXHQF\ GLIIHUHQFH PXVW OLH ZKHQ 8 PXVW EH GHDG 8 UHIHU
WKH QHWZRUNV DUH UHJDUGHG DV V\QFKURQRXV $ERYH DGGUHVV WKH EXVEDU
WKLV IUHTXHQF\ GLIIHUHQFH DV\QFKURQRXV FORVLQJ LV 8 PXVW EH OLYH 8! UHIHU
FDUULHG RXW XQGHU FRQVLGHUDWLRQ RI WKH SKDVH DQJOH DGGUHVV
GLIIHUHQFH IUHTXHQF\ GLIIHUHQFH DQG WKH FLUFXLW
0& 88 GHDGOLQH DQG GHDGEXV
EUHDNHU FORVLQJ WLPH %HORZ WKLV IUHTXHQF\ GLIIHU
FKHFN WKH IHHGHU 8 DQG WKH
HQFH WKH V\QFKURFKHFN FRQGLWLRQV DV VHW XQGHU DG
EXVEDU 8 PXVW ERWK EH
GUHVVHV DQG DUH RQO\ UHOHYDQW 7KH
GHDG 8 UHIHU WR DGGUHVV
VHWWLQJ YDOXH RI DGGUHVV PXVW OLH EHORZ WKDW RI

DGGUHVV ,I VHW WR * DV\QFKURQRXV VZLWFKLQJ LV
VXSSUHVVHG IRU PDQXDO FORVXUH 0& 25,'( PDQXDO FORVLQJ LV UHOHDVHG
ZLWKRXW DQ\ FKHFN
7KH IXUWKHU UHOHDVH FRQGLWLRQV IRU PDQXDO FORVLQJ
DUH VHW XQGHU DGGUHVVHV WR 7KH ILYH SRVVLEOH UHOHDVH FRQGLWLRQV DUH LQGHSHQ
GHQW IURP HDFK RWKHU DQG FDQ EH FRPELQHG
6\QFKURFKHFN EHIRUH PDQXDO FORVH FRPPDQG LV

6 < 1 0 $ 1 & / 21 VZLWFKHG RQ
2 1
2)) VZLWFKHG RII
2 ) )
/LPLW YDOXH 'I IRU V\QFKURQRXV PDQXDO FORVXUH

0 & ' I 6 < 1 6PDOOHVW VHWWLQJ YDOXH +]
* + ] /DUJHVW VHWWLQJ YDOXH +]
DQG * QR DV\QFKURQRXV PDQXDO VZLWFKLQJ
6\QFKURQLVP FKHFN EHIRUH PDQXDO FORVXUH

0 & 6 < 1 & + 5
< ( 6 <(6 V\QFKURFKHFN LV GRQH EHIRUH PDQXDO FORVXUH
1 2 12 PDQXDO FORVXUH ZLWKRXW V\QFKURFKHFN
'HDGEXV FKHFN EHIRUH PDQXDO FORVXUH

0 & 8 ! 8
1 2 12 PDQXDO FORVXUH LV QRW SHUPLWWHG RQWR D GHDG EXV
< ( 6 <(6 PDQXDO FORVXUH LV SHUPLWWHG RQWR D GHDG EXV
&*&
'HDGOLQH FKHFN EHIRUH PDQXDO FORVXUH

0 & 8 8 !
1 2 12 PDQXDO FORVXUH LV QRW SHUPLWWHG RQWR D GHDG OLQH
< ( 6 <(6 PDQXDO FORVXUH LV SHUPLWWHG RQWR D GHDG OLQH
'HDGOLQH DQG GHDGEXV FKHFN EHIRUH PDQXDO FORVXUH

0 & 8 8
1 2 12 PDQXDO FORVXUH LV QRW SHUPLWWHG RQWR D GHDG OLQH
DQG GHDG EXV
< ( 6 <(6 PDQXDO FORVXUH LV SHUPLWWHG RQWR D GHDG OLQH DQG
GHDG EXV
2YHUULGH RI DQ\ FKHFN EHIRUH PDQXDO FORVXUH

0 & 2 5 , ' (
1 2 12
< ( 6 <(6 PDQXDO FORVXUH LV H[HFXWHG ZLWKRXW DQ\ FKHFN
)LQDOO\ DGGUHVV GHWHUPLQHV WKH WLPH SHULRG VXULQJ UHTXHVW WKH WLPH VWDUWV DJDLQ DQG D QHZ
EHJLQQLQJ IURP WKH PHDVXULQJ UHTXHVW LH IURP FKHFN LV FDUULHG RXW
FORVH FRPPDQG ZLWKLQ ZKLFK WKH FKHFN FRQGLWLRQV
DV SDUDPHWHUL]HG PXVW EH IXOILOOHG 7KLV WLPH LV YDOLG ,I WKH FRQGLWLRQV IRU V\QFKURQRXV RSHUDWLRQ VKRXOG
IRU DXWRPDWLF UHFORVXUH DV ZHOO DV IRU PDQXDO FOR EH FKHFNHG WR EH PDLQWDLQHG IRU D FHUWDLQ GXUDWLRQ
VXUH :KHQ WKH FRQGLWLRQV DUH QRW IXOILOOHG ZLWKLQ WKLV WKLV PLQLPXP GXUDWLRQ FDQ EH VHW XQGHU DGGUHVV
WLPH FORVLQJ LV EORFNHG 2QO\ DIWHU D UHQHZHG PHD
6XSHUYLVLRQ WLPH SHULRG ZLWKLQ ZKLFK WKH FKHFN FRQGL

7 6 < 1 6 8 3 9 WLRQV PXVW EH IXOILOOHG
0LQLPXP WLPH GXULQJ ZKLFK WKH V\QFKURQRXV FRQGL

7 , 1 6 < 1 & WLRQV PXVW EH IXOILOOHG
&*&
6HWWLQJV IRU IDXOW ORFDWLRQ DGGUHVV EORFN
'LVWDQFH WR IDXOW ZLOO EH FDOFXODWHG SURYLGHG )$8/7 1FW ,

; VHF
ô ;SULP ô 1
/2&$7 (;,67 KDV EHHQ VHW LQ DGGUHVV GXU 1 YW $
LQJ FRQILJXUDWLRQ VHH 6HFWLRQ $

ô 8NP ô
8NP
$
1RUPDOO\ IDXOW ORFDWLRQ FDOFXODWLRQ LV LQLWLDWHG DW WKH
LQVWDQW ZKHQ D WULSSLQJ FRPPDQG LV LVVXHG ,W FDQ
KRZHYHU DOVR EH VWDUWHG RQ IDXOW GHWHFWLRQ GURSRII /HQJWK NP
DGGUHVV LI IRU H[DPSOH DQRWKHU SURWHFWLRQ
GHYLFH FOHDUV WKH IDXOW $GGLWLRQDOO\ IDXOW ORFDWLRQ ,I IRU H[DPSOH D IDXOW UHDFWDQFH RI 8 SULPDU\ LV
FDQ EH LQLWLDWHG E\ DQ H[WHUQDO FRPPDQG YLD D ELQDU\ FDOFXODWHG WKLV H[DPSOH JLYHV XV WKH IDXOW ORFDWLRQ
LQSXW )1R UHIHU WR 6HFWLRQ SURYLGHG GDWD
WKH GLVWDQFH SURWHFWLRQ KDV SLFNHG XS
;SUL 8
7R FDOFXODWH WKH GLVWDQFH LQ NLORPHWHUV WKH GHYLFH UH G NP
TXLUHV WKH UHDFWDQFH YDOXH LQ 8NP DV D VHFRQGDU\ G
YDOXH UHIHUUHG WR $ &RQYHUVLRQ IURP SULPDU\ WR
VHFRQGDU\ YDOXH LV PDGH E\ XVLQJ WKH VDPH IRUPXOD ,I WKH UHOD\ LV HTXLSSHG ZLWK SDUDOHO OLQH FRPSHQVD
DV IRU WKH GLVWDQFH VHWWLQJ 6HFWLRQ ,I RQH WLRQ 6$444444444 VHH 2UGHULQJ GDWD
SXWV LQ WKH UHDFWDQFH YDOXH RI WKH OLQH LQ 8NP IRU 6HFWLRQ WKLV FDQ RQO\ IXQFWLRQ FRUUHFWO\ LI
;SULP RQH REWDLQV WKH UHTXLUHG VHWWLQJ YDOXH ; 6(&
DGGUHVV WKH HDUWK FXUUHQW RI WKH SDUDOOHO OLQH LV FRQQHFWHG
ZLWK WKH FRUUHFW SRODULW\ WR WKH HDUWK FXUUHQW SDWK
)RU FRUUHFW RXWSXW RI WKH GLVWDQFH WR IDXOW LQ RI OLQH DQG
OHQJWK WKH WRWDO OLQH OHQJWK LQ NP PXVW DOVR EH LQSXW
DGGUHVV ,I WKH UHDFWDQFH ; 6(& LV HQWHUHG LQ LQ WKH SRZHU V\VWHP GDWD VHH 6HFWLRQ WKH
8PLOH DQG WKH /,1( /(1*7+ HQWHUHG LQ PLOHV WKH SDUDPHWHU OH &7 LV VHW DV 3$5$//(/ /,1( DG
UHVXOW RI IDXOW FDOFXODWLRQ ZRXOG EH UHDG LQ PLOHV LQ GUHVV DQG
VWHDG RI NLORPHWHUV
LQ WKH OLQH GDWD VHH 6HFWLRQ WKH FRXSOLQJ
([DPSOH LPSHGDQFHV 505/ DQG ;0;/ DGGUHVVHV
DQG DUH FRUUHFWO\ VHW DQG
)RU WKH H[DPSOH JLYHQ LQ 6HFWLRQ ZH REWDLQ
IRU WKH IDXOW ORFDWLRQ WKH FRPSHQVDWLRQ LV VZLWFKHG
;SULP 8NP WR HIIHFWLYH XQGHU DGGUHVV

%HJLQQLQJ RI EORFN k)DXOW ORFDWLRQl
) $ 8 / 7 / 2 & $ 7 , 2 1
6WDUWWRPHDVXUH RI IDXOW ORFDWLRQ LV LQLWLDWHG

6 7 $ 5 7
' 5 2 3 2 ) ) R U 7 5 , 3 E\ '523 2)) RI WKH IDXOW GHWHFWRU RU E\ 75,3
FRPPDQG
7 5 , 3 & 2 0 0 $ 1 '
RQO\ E\ 75,3 &200$1'
3 $ 5 $ / / , 1 ( 7KLV SDUDPHWHU GHWHUPLQHV ZKHWKHU SDUDOOHO OLQH

1 2 FRPSHQVDWLRQ LV HIIHFWLYH SURYLGHG DERYH
SUHUHTXLWHV DUH IXOILOOHG RU QRW
< ( 6
&*&
$QQXQFLDWLRQV
,QWURGXFWLRQ
$IWHU D QHWZRUN IDXOW DQQXQFLDWLRQV DQG PHVVDJHV 7KH DQQXQFLDWLRQV DUH DUUDQJHG DV IROORZV
SURYLGH D VXUYH\ RI LPSRUWDQW IDXOW GDWD DQG WKH IXQF
WLRQ RI WKH UHOD\ DQG VHUYH IRU FKHFNLQJ VHTXHQFHV %ORFN 2SHUDWLRQDO DQQXQFLDWLRQV WKHVH DUH
RI IXQFWLRQDO VWHSV GXULQJ WHVWLQJ DQG FRPPLVVLRQ PHVVDJHV ZKLFK FDQ DSSHDU GXULQJ WKH
LQJ )XUWKHU WKH\ SURYLGH LQIRUPDWLRQ DERXW WKH FRQ RSHUDWLRQ RI WKH UHOD\ LQIRUPDWLRQ DERXW
GLWLRQ RI PHDVXUHG GDWD DQG WKH UHOD\ LWVHOI GXULQJ FRQGLWLRQ RI UHOD\ IXQFWLRQV PHDVXUH
QRUPDO RSHUDWLRQ PHQW GDWD HWF
7R UHDG RXW UHFRUGHG DQQXQFLDWLRQV QR FRGHZRUG %ORFN (YHQW DQQXQFLDWLRQV IRU WKH ODVW IDXOW SLFN
LQSXW LV QHFHVVDU\ XS WULS $5 H[SLUHG WLPHV FDOFXODWHG GLV
WDQFH RU VLPLODU $V GHILQHG D QHWZRUN
7KH DQQXQFLDWLRQV JHQHUDWHG LQ WKH UHOD\ DUH SUHV IDXOW EHJLQV ZLWK SLFNXS RI DQ\ IDXOW GH
HQWHG LQ YDULRXV ZD\V WHFWRU ,I DXWRUHFORVH LV FDUULHG RXW WKH
QHWZRUN IDXOW HQGV DIWHU H[SLU\ RI WKH ODVW
/(' LQGLFDWLRQV LQ WKH IURQW SODWHV RI WKH UHOD\ )LJ UHFODLP WLPH WKXV DQ $5VKRW RU DOO
XUH VKRWV RFFXS\ RQO\ RQH IDXOW GDWD VWRUH
%LQDU\ RXWSXWV RXWSXW UHOD\V YLD WKH FRQQHFWLRQV :LWKLQ D QHWZRUN IDXOW VHYHUDO IDXOW HYHQWV
RI WKH UHOD\ FDQ RFFXU IURP SLFNXS RI DQ\ IDXOW GHWHF
WLRQ XQWLO GURSRII
,QGLFDWLRQV LQ WKH GLVSOD\ RQ WKH IURQW SODWH RU RQ
WKH VFUHHQ RI D SHUVRQDO FRPSXWHU YLD WKH RSHUDW %ORFN (YHQW DQQXQFLDWLRQV IRU WKH SUHYLRXV QHW
LQJ LQWHUIDFH ZRUN IDXOW DV EORFN
7UDQVPLVVLRQ YLD WKH V\VWHP LQWHUIDFH WR ORFDO RU
UHPRWH FRQWURO IDFLOLWLHV LI DYDLODEOH %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 $QQXQFLDWLRQV RI DQ HDUWK IDXOW UHSRUW
WLRQ $OVR ZLWKLQ VSHFLILF OLPLWDWLRQV JURXS DQG PRGHOV ZLWK HDUWK IDXOW GHWHFWLRQ LQ QRQ
PXOWLSOH LQGLFDWLRQV FDQ EH IRUPHG HDUWKHG V\VWHPV RQO\
7R FDOO XS DQQXQFLDWLRQV RQ WKH RSHUDWRU SDQHO WKH %ORFN $QQXQFLDWLRQV IRU &% RSHUDWLRQ VWDWLVWLFV
IROORZLQJ SRVVLELOLWLHV H[LVW WKDW LV FRXQWHUV IRU ILUVW $5 5$5 VHFRQG
RU IXUWKHU $5 '$5 DQG WULSSLQJ FRP
%ORFN SDJLQJ ZLWK WKH NH\V Â IRUZDUGV RU Ä EDFN PDQGV WRJHWKHU ZLWK DFFXPXODWHG VKRUW
ZDUGV XS WR DGGUHVV FLUFXLW FXUUHQWV RI HDFK EUHDNHU SROH
'LUHFW VHOHFWLRQ ZLWK DGGUHVV FRGH XVLQJ NH\ '$
DGGUHVV DQG H[HFXWH ZLWK NH\ ( %ORFN ,QGLFDWLRQ RI RSHUDWLRQDO PHDVXUHG YDO
XHV FXUUHQWV YROWDJHV SRZHUV IUHTXHQ
3UHVV NH\ 06 0 VWDQGV IRU kPHVVDJHVl 6 IRU F\
kVLJQDOVl WKHQ WKH DGGUHVV DSSHDUV DXWR
PDWLFDOO\ DV WKH EHJLQQLQJ RI WKH DQQXQFLDWLRQ %ORFN ,QGLFDWLRQ RI HDUWK IDXOW YDOXHV PRGHOV
EORFNV ZLWK HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG
V\VWHPV RQO\
)RU FRQILJXUDWLRQ RI WKH WUDQVIHU RI DQQXQFLDWLRQV YLD
WKH VHULDO LQWHUIDFHV WKH QHFHVVDU\ GDWD DUH HQWHUHG %ORFN ,QGLFDWLRQ RI PHDVXUHG YDOXHV RI WKH WKHU
LQ DGGUHVV EORFN VHH 6HFWLRQ PDO RYHUORDG SURWHFWLRQ
&RPPHQFHPHQW RI k$QQXQFLDWLRQ 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\ 7KH DQQXQFLDWLRQV ZKLFK DUH LQGLFDWHG
,I PRUH RFFXU WKH ROGHVW DUH HUDVHG LQ VHTXHQFH
E\ D OHDGLQJ k!l VLJQ UHSUHVHQW WKH GLUHFW FRQILUPD
WLRQ RI WKH ELQDU\ LQSXWV
)DXOWV LQ WKH QHWZRUN DUH RQO\ LQGLFDWHG DV k6\VW
)OWl WRJHWKHU ZLWK WKH VHTXHQFH QXPEHU RI WKH
IDXOW 'HWDLOHG LQIRUPDWLRQ DERXW WKH KLVWRU\ RI WKH 1H[W WR WKH ER[HV EHORZ WKH DEEUHYLDWHG IRUPV DUH
IDXOW LV FRQWDLQHG LQ EORFNV k)DXOW DQQXQFLDWLRQVl UH H[SODLQHG ,W LV LQGLFDWHG ZKHWKHU DQ HYHQW LV DQ
IHU WR 6HFWLRQ QRXQFHG RQ RFFXUUHQFH & k&RPLQJl RU D VWDWXV
LV DQQRXQFHG k&RPLQJl DQG k*RLQJl &*
,I WKH GHYLFH LV HTXLSSHG ZLWK HDUWK IDXOW GHWHFWLRQ IRU
QRQHDUWKHG V\VWHPV DQ HDUWK IDXOW LV LQGLFDWHG ZLWK 7KH ILUVW OLVWHG PHVVDJH LV DV H[DPSOH DVVLJQHG
k() 'HWl GHWDLOHG LQIRUPDWLRQ FDQ EH IRXQG LQ ZLWK GDWH DQG WLPH LQ WKH ILUVW OLQH WKH VHFRQG OLQH
WKH HDUWK IDXOW UHSRUW UHIHU 6HFWLRQ VKRZV WKH EHJLQQLQJ RI D FRQGLWLRQ ZLWK WKH FKDUDF
WHU & WR LQGLFDWH WKDW WKLV FRQGLWLRQ RFFXUUHG DW WKH
7KH LQSXW RI WKH FRGHZRUG LV QRW UHTXLUHG GLVSOD\HG WLPH
2 3 ( 5 $ 7 , 2 1 $ %HJLQQLQJ RI WKH EORFN k2SHUDWLRQDO DQQXQFL

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

FKDQJH
( P H U 0 R G H &
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 GHILQDEOH DQQXQFLDWLRQ 1R UHFHLYHG YLD ELQDU\

LQSXW &*
LQSXW &*
LQSXW &*
LQSXW &*
! & O R V H & P G % O R %ORFN DOO FORVLQJ FRPPDQGV &*
&*&
! 9 7 P F E 7 U L S 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE IHHGHU YW

WULSSHG &*
! 9 P F E 7 U L S 9ROWDJH WUDQVIRUPHU VHFRQGDU\ PFE EXVEDU YW

WULSSHG &*
! S 7 U L S 3 H U P 6LQJOHSROH WULSSLQJ LV SHUPLWWHG IURP H[WHUQDO $5 GH
YLFH &*
! 2 Q O \ S R O H ([WHUQDO $5 GHYLFH LV SURJUDPPHG IRU VLQJOHSROH UH
FORVXUH RQO\ &*
! 5 $ 5 5 H O H D V H 5HOHDVH 5$5 VWDJHV IURP H[WHUQDO $5 GHYLFH &*
! ' $ 5 5 H O H D V H 5HOHDVH '$5 VWDJH IURP H[WHUQDO $5 GHYLFH &*
! 6 W D U W ) O W / R F 6WDUW IDXOW ORFDWRU YLD ELQDU\ LQSXW &*
! ( ) 5 H F H S W &DUULHU VLJQDO IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW

SURWHFWLRQ UHFHLYHG &
! ( ) 5 H F ) D L O &DUULHU UHFHSWLRQ IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW

SURWHFWLRQ IDXOW\ &*
! , ! ! E O R F N %ORFN ,!! VWDJH RI HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ
IURP DQ H[WHUQDO GHYLFH &*
! $ 5 E O R F N %ORFN DXWRUHFORVXUH VWDWLFDOO\ YLD ELQDU\ LQSXW &*
! $ 5 U H V H W 5HVHW DXWRUHFORVXUH IXQFWLRQ IURP H[WHUQDO YLD ELQDU\

LQSXW &
! S 5 $ 5 E O R F N %ORFN VLQJOHSROH 5$5 YLD ELQDU\ LQSXW &*
! S 5 $ 5 E O R F N %ORFN WKUHHSROH 5$5 YLD ELQDU\ LQSXW &*
! 5 $ 5 E O R F N %ORFN FRPSOHWH 5$5 YLD ELQDU\ LQSXW &*
! ' $ 5 E O R F N %ORFN FRPSOHWH '$5 YLD ELQDU\ LQSXW &*
! 6 W D U W $ 5 6WDUWLQJ VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO $5

&
! 7 U L S / $ 5 7ULS VLJQDO SROH / IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO

$5 &

$5 &

$5 &
! 7 U L S S $ 5 6LQJOHSROH WULS VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQ

WHUQDO $5 &
! 7 U L S S $ 5 7KUHHSROH WULS VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQ

WHUQDO $5 &
! ' $ 5 D I W 5 $ 5 '$5 SHUPLWWHG RQO\ DIWHU XQVXFFHVVIXO 5$5 &*
! ( [ W H Q V = % 6ZLWFK GLVWDQFH UHDFK WR H[WHQGHG ]RQH =% IURP H[

WHUQDO VLJQDO &*
! ( [ W H Q V = / 6ZLWFK GLVWDQFH UHDFK WR H[WHQGHG ]RQH =/ IURP H[
WHUQDO VLJQDO &*
&*&
! ' L V 5 H F H S W &DUULHU VLJQDO IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SURWHF

WLRQ UHFHLYHG &
! ' L V 5 H F ) D L O &DUULHU UHFHSWLRQ IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SUR

WHFWLRQ IDXOW\ &*
! ( [ W 7 U L S E O N %ORFN H[WHUQDO WULS IXQFWLRQ &*
! ( [ W 7 U L S / 7ULJJHU H[WHUQDO WULS IXQFWLRQ IRU SROH / &
! ( [ W 7 U S Z R $ 5 7ULJJHU H[WHUQDO WULS IXQFWLRQ WKUHHSROH ZLWKRXW

UHFORVXUH &*
! 8 V H U 7 6 W D U W 6WDUW XVHU GHILQDEOH WLPHU 7 &*
! 8 V H U 7 5 H V H W 5HVHW XVHU GHILQDEOH WLPHU 7 &
*HQHUDO RSHUDWLRQDO DQQXQFLDWLRQV RI WKH SURWHFWLRQ GHYLFH
' H Y R S H U D W L Y H 'HYLFH RSHUDWLYH &*
3 U R W R S H U D W $W OHDVW RQH 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 D V % 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 k7HVW 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 ) O W 1HWZRUN V\VWHP IDXOW &* GHWDLOHG LQIRUPDWLRQ LQ

WKH IDXOW DQQXQFLDWLRQV
&*&
( ) ' H W (DUWK IDXOW GHWHFWHG LQ QRQHDUWKHG V\VWHP &*

GHWDLOHG LQIRUPDWLRQ LQ WKH HDUWK IDXOW UHSRUW
0 D Q X D O & O R V H 0DQXDO FORVH FRPPDQG UHJLVWHUHG LPSXOVH &
& % L Q 7 H V W &LUFXLW EUHDNHU WHVW LV LQ SURJUHVV &*
) 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

&
$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 &*
( ) 3 U R W , Q Y D (DUWK IDXOW UHSRUW IRU QRQHDUWKHG V\VWHPV LQYDOLG

&*
6 W D W % X I I , Q Y %XIIHU IRU RSHUDWLRQ VWDWLVWLFV 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 &KHFNVXP HUURU GHWHFWHG &*
& K V $ ( U U R U &KHFNVXP HUURU GHWHFWHG IRU SDUDPHWHU VHW $

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

& K V & ( U U R U &KHFNVXP HUURU GHWHFWHG IRU SDUDPHWHU VHW &

& K V ' ( U U R U &KHFNVXP 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 X U H , 2 )DLOXUH RQ ILUVW LQSXWRXWSXW PRGXOH *($ &*
) D L O X U H , 2 )DLOXUH RQ VHFRQG LQSXWRXWSXW PRGXOH =($ &*
) D L O 7 U L S 5 H O )DLOXUH LQ LQWHUQDO WULS UHOD\ FLUFXLW &*
/ 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 5 8 S H )DLOXUH GHWHFWHG E\ YROWDJH SODXVLELOLW\ PRQLWRU

58SKH &*
) D L O X U H 5 8 S S )DLOXUH GHWHFWHG E\ YROWDJH SODXVLELOLW\ PRQLWRU
58SKSK &*
) D L O X U H 8 V \ P P )DLOXUH GHWHFWHG E\ YROWDJH V\PPHWU\ PRQLWRU &*
) D L O X U H 8 P H D V /RVV RI PHDVXUHG YROWDJHV &*
) ) 0 S L F N X S )XVH IDLOXUH PRQLWRU SLFNHG XS XQGHOD\HG DQQXQFL

DWLRQ &*
) X V H ) D L O X U H )XVH IDLOXUH PRQLWRU RSHUDWHG GHOD\HG DQQXQFLDWLRQ

DSSUR[ V &*
) D L O 3 K D V H 6 H T )DLOXUH GHWHFWHG E\ SKDVH VHTXHQFH PRQLWRU &*
2SHUDWLRQDO DQQXQFLDWLRQ RI GLVWDQFH SURWHFWLRQ DQG WHOHSURWHFWLRQ IHDWXUHV
' L V W R I I 'LVWDQFH SURWHFWLRQ LV VZLWFKHG RII &*
' L V W E O R F N H G 'LVWDQFH SURWHFWLRQ LV EORFNHG &*
( P H U P R G H (PHUJHQF\ RYHUFXUUHQW WLPH PRGH LV UXQQLQJ &*
! ( [ W H Q V = % 5HOHDVH ]RQH H[WHQVLRQ VWDJH =% &*
! ( [ W H Q V = / 5HOHDVH ]RQH H[WHQVLRQ VWDJH =/ &*
' L V 7 H O H R I I 7HOHSURWHFWLRQ IXQFWLRQ ZLWK GLVWDQFH SURWHFWLRQ LV

VZLWFKHG RII &*
&*&
! ' L V 5 H F H S W &DUULHU VLJQDO IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SURWHF

WLRQ UHFHLYHG &
' L V 5 H F ) D L O 5HFHSWLRQ VLJQDO IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SUR

WHFWLRQ LV IDXOW\ &*
' L V 3 2 7 7 ( F K R (FKR VLJQDO IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SURWHFWLRQ

WUDQVPLWWHG &
2SHUDWLRQDO DQQXQFLDWLRQV RI SRZHU VZLQJ VXSSOHPHQW
3 R Z H U 6 Z L Q J 3RZHU VZLQJ GHWHFWHG &*
2 6 7 U L S 2XWRIVWHS WULS VLJQDO LVVXHG &
2SHUDWLRQDO DQQXQFLDWLRQV RI XVHU GHILQDEOH ORJLF IXQFWLRQV DQG H[WHUQDO WULS IXQFWLRQ
8 V H U R X W S X W 2XWSXW RI XVHU GHILQDEOH WLPHU 7 &*
8 V H U R X W S X W 2XWSXW RI XVHU GHILQDEOH WLPHU 7 &*
! ( [ W 7 U L S E O N %ORFN H[WHUQDO WULS IXQFWLRQ &*
! ( [ W 7 U S Z R $ 5 7ULJJHU H[WHUQDO WULS IXQFWLRQ WKUHHSROH ZLWKRXW

UHFORVXUH &*
2SHUDWLRQDO DQQXQFLDWLRQV RI HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
( P H U R I I (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV VZLWFKHG RII

&*
( P H U E O R F N (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ LV EORFNHG

&*
&*&
( P H U P R G H (PHUJHQF\ RYHUFXUUHQW WLPH PRGH LV UXQQLQJ &*
! , ! ! E O R F N %ORFN ,!! VWDJH RI HPHUJHQF\ RYHUFXUUHQW WLPH SUR

WHFWLRQ IURP DQ H[WHUQDO GHYLFH &*
2SHUDWLRQDO DQQXQFLDWLRQV 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 U Q , 7KHUPDO RYHUORDG SURWHFWLRQ FXUUHQW ZDUQLQJ VWDJH

&*
2 / : D U Q 3 7KHUPDO RYHUORDG SURWHFWLRQ WKHUPDO ZDUQLQJ VWDJH

&*
2 / 3 L F N X S 3 7KHUPDO RYHUORDG SURWHFWLRQ SLFNXS RI WKHUPDO WULS

VWDJH &*
2SHUDWLRQDO DQQXQFLDWLRQV RI HDUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHPV
( ) ' H W R I I (DUWK IDXOW GHWHFWLRQ LV VZLWFKHG RII &*
( ) ' H W E O R F N (DUWK IDXOW GHWHFWLRQ LV EORFNHG &*
'HWDLOHG LQIRUPDWLRQ DERXW WKH HDUWK IDXOW DUH JLYHQ LQ WKH HDUWK IDXOW UHSRUW DGGUHVV EORFN
UHIHU 6HFWLRQ
2SHUDWLRQDO DQQXQFLDWLRQV RI KLJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ HDUWKHG V\VWHPV
( ) 3 U R W R I I (DUWK IDXOW SURWHFWLRQ LV VZLWFKHG RII &*
( ) E O R F N H G (DUWK IDXOW SURWHFWLRQ LV EORFNHG &*
( ) ' L U R I I (DUWK IDXOW GLUHFWLRQDO FRPSDULVRQ LV VZLWFKHG RII &

*
! ( ) 5 H F H S W &DUULHU VLJQDO IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW

SURWHFWLRQ UHFHLYHG &
! ( ) 5 H F ) D L O &DUULHU UHFHSWLRQ IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW

SURWHFWLRQ IDXOW\ &*
( ) ( F K R (FKR VLJQDO IRU GLUHFWLRQDO FRPSDULVRQ WUDQVPLWWHG &
&*&
2SHUDWLRQDO DQQXQFLDWLRQ RI WKH LQWHUQDO DXWRUHFORVH IXQFWLRQ
$ 5 R I I $XWRUHFORVH IXQFWLRQ LV VZLWFKHG RII &*
$XWRUHFORVH IXQFWLRQ LQRSHUDWLYH LH FDQQRW EH LQLWL

$ 5 L Q R S H U D W L Y
DWHG &*
! $ 5 E O R F N %ORFN DXWRUHFORVXUH VWDWLFDOO\ YLD ELQDU\ LQSXW &*
! $ 5 U H V H W 5HVHW DXWRUHFORVXUH IXQFWLRQ IURP H[WHUQDO YLD ELQDU\

LQSXW &
! S 5 $ 5 E O R F N %ORFN VLQJOHSROH 5$5 YLD ELQDU\ LQSXW &*
! S 5 $ 5 E O R F N %ORFN WKUHHSROH 5$5 YLD ELQDU\ LQSXW &*
! 5 $ 5 E O R F N %ORFN FRPSOHWH 5$5 YLD ELQDU\ LQSXW &*
! ' $ 5 E O R F N %ORFN FRPSOHWH '$5 YLD ELQDU\ LQSXW &*
! 6 W D U W $ 5 6WDUWLQJ VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQWHUQDO $5

&

$5 &

$5 &

$5 &
! 7 U L S S $ 5 6LQJOHSROH WULS VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQ

WHUQDO $5 &
! 7 U L S S $ 5 7KUHHSROH WULS VLJQDO IURP H[WHUQDO SURWHFWLRQ IRU LQ

WHUQDO $5 &
! ' $ 5 D I W 5 $ 5 '$5 SHUPLWWHG RQO\ DIWHU XQVXFFHVVIXO 5$5 &*
$ 5 & O R V H & P G 5HFORVH FRPPDQG IURP DXWRUHFORVH IXQFWLRQ LVVXHG

&
2SHUDWLRQDO DQQXQFLDWLRQ RI WKH LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
6 \ Q F R I I 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV VZLWFKHG

RII FORVLQJ LV UHOHDVHG &*
6 \ Q F E O R F N H G 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV EORFNHG
&*
6 \ Q F I D X O W \ 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ LV GLVWXUEHG

&*
6 \ Q F 7 V X S ( [ S 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ VXSHUYLVLRQ

WLPH H[SLUHG &
6 \ Q F 2 Y H U U L G H 6\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ RYHUULGGHQ

&*
6 \ Q F 6 \ Q F K U R 6\QFKURQLVP GHWHFWHG &*
&*&
6 \ Q F 8 ! 8 /LYH OLQH 8! DQG GHDG EXVEDU 8 GHWHFWHG

&*
6 \ Q F 8 8 ! 'HDG OLQH 8 DQG OLYH EXVEDU 8! GHWHFWHG &
*
6 \ Q F 8 8 'HDG OLQH 8 DQG GHDG EXVEDU 8 GHWHFWHG
&*
6 \ Q F 8 G L I I ! 6\QFKURQLVP FKHFN '8 H[FHHGHG &*
6 \ Q F I G L I I ! 6\QFKURQLVP FKHFN 'I H[FHHGHG &*
6 \ Q F G L I I ! 6\QFKURQLVP FKHFN ' H[FHHGHG &*
2SHUDWLRQDO DQQXQFLDWLRQV RI IDXOW ORFDWLRQ
! 6 W D U W ) O W / R F 6WDUW IDXOW ORFDWRU YLD ELQDU\ LQSXW &*
2SHUDWLRQDO DQQXQFLDWLRQV IURP WKH FLUFXLW EUHDNHU WHVW IXQFWLRQ
& % L Q 7 H V W &LUFXLW EUHDNHU WHVW LQ SURJUHVV &*
& % 7 H V W S / 7ULS VLQJOHSROH / E\ LQWHUQDO FLUFXLW EUHDNHU WHVW

IXQFWLRQ &
IXQFWLRQ &
IXQFWLRQ &
& % 7 H V W S 7ULS WKUHHSROH E\ LQWHUQDO FLUFXLW EUHDNHU WHVW IXQFWLRQ
&
)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 )RU WKHVH SXUSRVHV WKH WHUP kV\VWHP IDXOWl PHDQV
WKUHH QHWZRUN IDXOWV FDQ EH UHDG RII RQ WKH IURQW SDQ WKH SHULRG IURP VKRUW FLUFXLW LQFHSWLRQ XS WR ILQDO
HO RU YLD WKH RSHUDWLQJ LQWHUIDFH 7KH LQGLFDWLRQV DUH FOHDUDQFH ,I DXWRUHFORVH RFFXUV WKHQ WKH kV\VWHP
UHFRUGHG LQ WKH VHTXHQFH IURP WKH \RXQJHVW WR WKH IDXOWl LV ILQLVKHG RQ H[SLU\ RI WKH ODVW UHFODLP RU ORFN
ROGHVW XQGHU DGGUHVVHV DQG :KHQ RXW WLPH WKDW LV DIWHU VXFFHVVIXO RU XQVXFFHVVIXO $5
D IXUWKHU IDXOW RFFXUV WKH GDWD UHODWLQJ WR WKH ROGHVW 7KXV WKH WRWDO IDXOW FOHDUDQFH SURFHGXUH LQFOXVLYH
DUH HUDVHG (DFK IDXOW GDWD EXIIHU FDQ FRQWDLQ XS WR $5F\FOHV RFFXSLHV RQO\ RQH IDXOW DQQXQFLDWLRQ
DQQXQFLDWLRQV VWRUH :LWKLQ RQH V\VWHP IDXOW VHYHUDO IDXOW HYHQWV
FDQ KDYH RFFXUUHG LH IURP SLFNXS RI DQ\ SURWHF
,QSXW RI WKH FRGHZRUG LV QRW UHTXLUHG WLRQ IXQFWLRQ XQWLO GURSRII RI WKH ODWHVW SLFNXS RI D
SURWHFWLRQ IXQFWLRQ
7R FDOO XS WKH ODVW IDXOW GDWD RQH JRHV WR DGGUHVV
HLWKHU E\ GLUHFW DGGUHVV '$ ( RU E\ ,Q WKH IROORZLQJ FODULILFDWLRQ DOO WKH DYDLODEOH IDXOW DQ
SDJLQJ ZLWK WKH NH\V Â RU Ä :LWK WKH NH\V RU RQH QXQFLDWLRQV DUH LQGLFDWHG ,Q WKH FDVH RI D VSHFLILF
FDQ SDJH WKH LQGLYLGXDO DQQXQFLDWLRQV IRUZDUGV RU IDXOW RI FRXUVH RQO\ WKH DVVRFLDWHG DQQXQFLDWLRQV
EDFNZDUGV (DFK DQQXQFLDWLRQ LV DVVLJQHG ZLWK D DSSHDU LQ WKH GLVSOD\ $W ILUVW DQ H[DPSOH LV JLYHQ IRU
VHTXHQFH LWHP QXPEHU D V\VWHP IDXOW DQG H[SODLQHG
/ $ 6 7 %HJLQQLQJ RI WKH EORFN k)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 ) 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
P V 7KH IROORZLQJ LWHPV LQGLFDWH DOO IDXOW DQQXQFLDWLRQV

ZKLFK KDYH RFFXUUHG IURP IDXOW GHWHFWLRQ XQWLO GURSRII
' L V W ) O W / ( & RI WKH GHYLFH LQ FKURQRORJLFDO VHTXHQFH 7KHVH DQQXQ
FLDWLRQV DUH WDJJHG ZLWK WKH UHODWLYH WLPH LQ PLOOLVHFRQGV
VWDUWLQJ ZLWK WKH IDXOW GHWHFWLRQ
P V
' L V 7 U L S S &
P V
' H Y ' U R S R I I &
)RU IDXOW ORFDWLRQ WKH FRQGXFWRU ORRS LV JLYHQ IURP

P V ZKLFK WKH IDXOW ORFDWLRQ KDV EHHQ GHULYHG )DXOW GLVWDQFH
) / / R R S / ( LV GLVSOD\HG LQ 2KPV SULPDU\ LQ 2KPV VHFRQGDU\ LQ NL
ORPHWHUV DQG LQ SHUFHQWDJH OLQH OHQJWK FDOFXODWHG IURP
WKH SDUDPHWHUV ZKLFK KDYH EHHQ VHW IRU OLQH DQG WUDQV
IRUPHU GDWD UHIHU WR 6HFWLRQ
G N P
,I WKH SHU XQLW OLQH UHDFWDQFH KDV EHHQ SDUDPHWHUL]HG LQ
8PLOH LQVWHDG RI 8NP DGGUHVV WKHQ WKH IDXOW
GLVWDQFH LV WR EH UHDG LQ PLOHV

G > @
HWF
&*&
*HQHUDO IDXOW DQQXQFLDWLRQV RI WKH GHYLFH
6 \ V W ) O W 6\VWHP IDXOW ZLWK FRQVHFXWLYH QXPEHU
) D X O W %HJLQQLQJ RI IDXOW
) O W % X I I 2 Y H U )DXOW DQQXQFLDWLRQV ORVW EXIIHU RYHUIORZ
! 5 $ 5 5 H O H D V H 5HOHDVH 5$5 VWDJHV IURP H[WHUQDO $5 GHYLFH ZKHQ

RFFXUUHG GXULQJ D IDXOW
! ' $ 5 5 H O H D V H 5HOHDVH '$5 VWDJH IURP H[WHUQDO $5 GHYLFH ZKHQ
RFFXUUHG GXULQJ D IDXOW
' H Y 7 U L S U H Y 7ULS RQ IDXOW LQ UHYHUVH EXVEDU GLUHFWLRQ
, / , Q ,QWHUUXSWHG IDXOW FXUUHQW RI SKDVH /
' H Y L F H 7 U L S 7KH JHQHUDO WULS FRPPDQG RI WKH GHYLFH LV DQQXQ

FLDWHG *RLQJ LH UHVHW RI WKH WULS LV LQGLFDWHG
' H Y ' U R S R I I 'URSRII RI WKH GHYLFH JHQHUDO
)DXOW DQQXQFLDWLRQV RI GLVWDQFH SURWHFWLRQ
' L V = % $ 5 E O N $XWRUHFORVXUH EORFNHG E\ IDXOW LQ ]RQH =%
' L V = / $ 5 E O N $XWRUHFORVXUH EORFNHG E\ IDXOW LQ ]RQH =/
' L V W ) O W / )DXOW GHWHFWLRQ GLVWDQFH SURWHFWLRQ SKDVH /
' L V W ) O W / ( )DXOW GHWHFWLRQ GLVWDQFH SURWHFWLRQ SKDVH / (
' L V W ) O W / )DXOW GHWHFWLRQ GLVWDQFH SURWHFWLRQ SKDVHV / /
' L V W ) O W / ( )DXOW GHWHFWLRQ GLVWDQFH SURWHFWLRQ SKDVHV / / (
&*&
' L V W ) O W / )DXOW GHWHFWLRQ GLVWDQFH SURWHFWLRQ SKDVHV

/ / /
' L V W ) O W ( )DXOW GHWHFWLRQ GLVWDQFH SURWHFWLRQ SKDVHV
/ / / (
/ R R S / ( I ,Q OLQH ORRS / ( D IDXOW LQ IRUZDUG GLUHFWLRQ LV GH
WHFWHG
WHFWHG
WHFWHG
/ R R S / I ,Q OLQH ORRS / / D IDXOW LQ IRUZDUG GLUHFWLRQ LV GH
WHFWHG
WHFWHG
WHFWHG
/ R R S / ( U ,Q OLQH ORRS / ( D IDXOW LQ UHYHUVH GLUHFWLRQ LV GH
WHFWHG
WHFWHG
WHFWHG
/ R R S / U ,Q OLQH ORRS / / D IDXOW LQ UHYHUVH GLUHFWLRQ LV GH
WHFWHG
WHFWHG
WHFWHG
' L V 7 U L S S / 7ULS VLQJOHSROH / E\ GLVWDQFH SURWHFWLRQ
' L V 7 U L S S 7ULS WKUHHSROH E\ GLVWDQFH SURWHFWLRQ
! ' L V W 5 H F H S W &DUULHU VLJQDO IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SURWHF

WLRQ UHFHLYHG
' L V 6 H Q G &DUULHU VHQG VLJQDO IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH
SURWHFWLRQ WUDQVPLWWHG
' L V 7 U D Q V % O R 7UDQVLHQW EORFNLQJ IXQFWLRQ RI WHOHSURWHFWLRQ ZLWK GLV
WDQFH SURWHFWLRQ KDV RSHUDWHG
)DXOW DQQXQFLDWLRQ RI SRZHU VZLQJ VXSSOHPHQW
2 6 7 U L S 2XW RIVWHS WULS VLJQDO LVVXHG
&*&
)DXOW DQQXQFLDWLRQV RI XVHU GHILQDEOH ORJLF IXQFWLRQV DQG H[WHUQDO WULS IXQFWLRQ
! 8 V H U 7 6 W D U W 6WDUW XVHU GHILQDEOH WLPHU 7 GXULQJ IDXOW
! 8 V H U 7 5 H V H W 5HVHW XVHU GHILQDEOH WLPHU 7 GXULQJ IDXOW
8 V H U R X W S X W 2XWSXW RI XVHU GHILQDEOH WLPHU 7 GXULQJ IDXOW
! 8 V H U 7 6 W D U W 6WDUW XVHU GHILQDEOH WLPHU 7 GXULQJ IDXOW
! 8 V H U 7 5 H V H W 5HVHW XVHU GHILQDEOH WLPHU 7 GXULQJ IDXOW
8 V H U R X W S X W 2XWSXW RI XVHU GHILQDEOH WLPHU 7 GXULQJ IDXOW
( [ W 7 U L S S / 7ULS E\ H[WHUQDO WULS IXQFWLRQ VLQJOHSROH /
( [ W 7 U L S S 7ULS E\ H[WHUQDO WULS IXQFWLRQ WKUHHSROH
( [ W 7 U L S Z R $ 5 7ULS E\ H[WHUQDO WULS IXQFWLRQ WKUHHSROH ZLWKRXW

UHFORVXUH
)DXOW DQQXQFLDWLRQV RI HPHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ
( P H U ) O W ( (DUWK IDXOW GHWHFWLRQ RI HPHUJHQF\ RYHUFXUUHQW WLPH

SURWHFWLRQ
( P H U ) O W / )DXOW GHWHFWLRQ HPHUJHQF\ RYHUFXUUHQW WLPH SURWHF
WLRQ SKDVH /
( P H U ) O W / ( )DXOW GHWHFWLRQ HPHUJHQF\ RYHUFXUUHQW WLPH SURWHF
WLRQ SKDVH /HDUWK
WLRQ SKDVH /
WLRQ SKDVH /HDUWK
WLRQ SKDVHV //
WLRQ SKDVHV //HDUWK
WLRQ SKDVH /
WLRQ SKDVH /HDUWK
WLRQ SKDVHV //
WLRQ SKDVHV //HDUWK
&*&

WLRQ SKDVHV //

WLRQ SKDVHV //HDUWK
WLRQ SKDVHV ///
( P H U ) O W ( )DXOW GHWHFWLRQ HPHUJHQF\ RYHUFXUUHQW WLPH SURWHF
WLRQ SKDVHV ///HDUWK
( P H U , ! ! )DXOW GHWHFWLRQ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ RQ
KLJK SKDVH FXUUHQW VWDJH ,!!
( P H U , ! )DXOW GHWHFWLRQ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ RQ

SKDVH RYHUFXUUHQW VWDJH ,!
( P H U , ( ! )DXOW GHWHFWLRQ HPHUJHQF\ RYHUFXUUHQW SURWHFWLRQ RQ

HDUWK RYHUFXUUHQW VWDJH ,(!
( P H U 7 U L S S / 7ULS VLQJOHSROH / E\ HPHUJHQF\ RYHUFXUUHQW WLPH

SURWHFWLRQ
( P H U 7 U L S S / 7ULS VLQJOHSROH / E\ HPHUJHQF\ RYHUFXUUHQW WLPH
SURWHFWLRQ
( P H U 7 U L S S / 7ULS VLQJOHSROH / IURP HPHUJHQF\ RYHUFXUUHQW WLPH
SURWHFWLRQ
( P H U 7 U L S S 7ULS WKUHHSROH E\ HPHUJHQF\ RYHUFXUUHQW WLPH SURWHF
WLRQ
)DXOW DQQXQFLDWLRQ RI WKHUPDO RYHUORDG SURWHFWLRQ
2 / 7 U L S 7ULS E\ WKHUPDO RYHUORDG SURWHFWLRQ
)DXOW DQQXQFLDWLRQ RI HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV
1RWH 7KHVH DQQXQFLDWLRQ RFFXU RQO\ LQ WKH IDXOW DQQXQFLDWLRQV ZKHQ WKH KLJKVHQVLWLYLW\ HDUWK IDXOW SURWHFWLRQ
LV FRQILJXUHG WR WULS RQ HDUWK IDXOW DGGUHVV ($57+ )$8/7 21 UHIHU DOVR WR 6HFWLRQ 2WKHUZLVH
WKH DQQXQFLDWLRQV DUH VWRUHG RQO\ LQ WKH HDUWK IDXOW UHSRUW UHIHU WR 6HFWLRQ
( ) ' H W H F W L R Q (DUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV
( ) ' H W 7 U L S 7ULS E\ HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV
)DXOW DQQXQFLDWLRQV RI KLJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ LQ HDUWKHG V\VWHPV
( ) E O R F N H G (DUWK IDXOW SURWHFWLRQ EORFNHG ZKHQ GXULQJ IDXOW
( ) ) O W , H ! )DXOW GHWHFWLRQ HDUWK IDXOW SURWHFWLRQ ,(! VWDJH

YDOLG IRU GLUHFWLRQDO GHWHUPLQDWLRQ DQG WUDQVPLVVLRQ
( ) ) O W , H ! )DXOW GHWHFWLRQ HDUWK IDXOW SURWHFWLRQ QRQGLUHFWLRQDO
&*&
( ) ) O W , H ! )DXOW GHWHFWLRQ HDUWK IDXOW SURWHFWLRQ GLUHFWLRQDO
( ) 7 U L S 7ULS E\ HDUWK IDXOW SURWHFWLRQ
( ) 6 H Q G 'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ FDUULHU

VLJQDO WUDQVPLWWHG
! ( ) 5 H F H S W 'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ FDUULHU
VLJQDO UHFHLYHG
( ) 7 U D Q V % O R F 7UDQVLHQW EORFNLQJ IXQFWLRQ RI GLUHFWLRQDO HDUWK IDXOW
SURWHFWLRQ KDV RSHUDWHG
)DXOW DQQXQFLDWLRQV RI LQWHUQDO DXWRUHFORVH IXQFWLRQ
$ 5 L Q S U R J $XWRUHFORVH F\FOH LQ SURJUHVV
5 $ 5 7 S U X Q 'HDG WLPH RI VLQJOHSROH 5$5 LV UXQQLQJ
5 $ 5 7 S U X Q 'HDG WLPH RI WKUHHSROH 5$5 LV UXQQLQJ
' $ 5 7 S U X Q 'HDG WLPH RI ILUVW WKUHHSROH '$5 LV UXQQLQJ
' $ 5 7 S U X Q 'HDG WLPH RI VHFRQG WKUHHSROH '$5 LV UXQQLQJ
' $ 5 7 S U X Q 'HDG WLPH RI WKLUG RU IXUWKHU WKUHHSROH '$5 LV UXQ

QLQJ
$ 5 E O R F N G \ Q $5 IXQFWLRQ G\QDPLFDOO\ EORFNHG E\ LQWHUQDO FDXVH
$ 5 & O R V H & P G 5HFORVH FRPPDQG IURP DXWRUHFORVH IXQFWLRQ LVVXHG
$ 5 7 U L S S 7KUHHSROH WULS E\ LQWHUQDO DXWRUHFORVH IXQFWLRQ

FDXVHG E\ EORFNLQJ GXULQJ VLQJOHSROH $5 F\FOH
)DXOW DQQXQFLDWLRQ RI LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ
6 \ Q F 7 V X S ( [ S 6XSHUYLVLRQ WLPH IRU V\QFKURQLVP DQG YROWDJH FKHFN

H[SLUHG QR PRUH FORVH UHOHDVH
)DXOW DQQXQFLDWLRQV RI IDXOW ORFDWLRQ
) D X O W / R F D W )DXOW ORFDWLRQ GDWD WKH OLQH ORRS LV LQGLFDWHG IURP

ZKLFK IDXOW GDWD KDYH EHHQ FDOFXODWHG
5 S U L 8 &DOFXODWHG SULPDU\ IDXOW UHVLVWDQFH LQ RKPV EDVHG RQ
WKH SDUDPHWHUL]HG UDWHG YDOXHV DGGUHVVHV WR
UHIHU WR 6HFWLRQ
; S U L 8 &DOFXODWHG SULPDU\ IDXOW UHDFWDQFH LQ RKPV EDVHG RQ
UHIHU WR 6HFWLRQ
&*&
5 V H F 8 &DOFXODWHG VHFRQGDU\ IDXOW UHVLVWDQFH LQ RKPV EDVHG

RQ $
; V H F 8 &DOFXODWHG VHFRQGDU\ IDXOW UHDFWDQFH LQ RKPV EDVHG
RQ $
G N P &DOFXODWHG IDXOW GLVWDQFH LQ NLORPHWHUV EDVHG RQ WKH
SDUDPHWHUL]HG UDWHG YDOXHV DGGUHVVHV WR
UHIHU WR 6HFWLRQ DQG WKH OLQH GDWD DV SDUDPH
WHUL]HG XQGHU DGGUHVVHV DQG UHIHU WR 6HF
WLRQ
G > @ &DOFXODWHG IDXOW GLVWDQFH LQ RI OLQH OHQJWK EDVHG RQ
UHIHU WR 6HFWLRQ DQG WKH OLQH GDWD DV
SDUDPHWHUL]HG XQGHU DGGUHVVHV DQG UHIHU
WR 6HFWLRQ
)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 DQQXQFL
DWLRQ 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 V\VWHP 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 k)DXOW DQQXQFLDWLRQV RI

) $ 8 / 7 WKH VHFRQG WR ODVW V\VWHP IDXOWl
HWF
7KH GDWD RI WKH WKLUG WR ODVW V\VWHP 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 k)DXOW DQQXQFLDWLRQV RI

WKH WKLUG WR ODVW V\VWHP IDXOWl
) $ 8 / 7
HWF
&*&
'DWD RI HDUWK IDXOWV LQ QRQHDUWKHG V\VWHPV DGGUHVV EORFN
)RU HDUWK IDXOWV LQ LVRODWHG RU FRPSHQVDWHG QHWZRUNV NH\V Â RU Ä WR WKH DGGUHVV :LWK WKH NH\V RU
D VSHFLDO HDUWK IDXOW GDWD VWRUH LV DYDLODEOH XQGHU DG RQH FDQ SDJH IRUZDUGV RU EDFNZDUGV ZLWKLQ WKH LQGL
GUHVV 8S WR PHVVDJHV FDQ EH VWRUHG IRU FDWLRQV
HDFK RI WKH ODVW WKUHH HDUWK IDXOWV ,QSXW RI WKH FRGH
ZRUG LV QRW UHTXLUHG ,Q WKH IROORZLQJ OLVW WKH DYDLODEOH HDUWK IDXOW DQQXQFL
DWLRQV DUH DWWDFKHG WR WKH ER[ ZLWK PDLQ KHDGLQJ ,Q
7KH HDUWK IDXOW UHSRUWV FDQ EH FDOOHG XS E\ GLUHFW DG D VSHFLILF FDVH RI FRXUVH RQO\ WKH DVVRFLDWHG LQGL
GUHVVLQJ XVLQJ '$ ( RU E\ SDJLQJ ZLWK WKH FDWLRQV DSSHDU LQ WKH GLVSOD\
, 6 2 / $ 7 ( ' %HJLQQLQJ RI EORFN k(DUWK IDXOW HYHQW GDWD IRU

QRQHDUWKHG V\VWHPl
( $ 5 7 + ) / 7 ' $ 7 $
XQGHU LWHP 1R WKH GDWH DQG WKH VHTXHQFH QXPEHU

( ) ' H W RI WKH HDUWK IDXOW DUH GLVSOD\HG
,WHP 1R VKRZV WKH WLPH RI FRPPHQFHPHQW RI WKH

( ) ' H W H F W L R Q & HDUWK IDXOW
7KH IROORZLQJ LWHPV VKRZ WKH HDUWK IDXOW GDWD

( ) ' H W H F / (DUWK IDXOW GHWHFWHG LQ SKDVH /
( ) I R U Z D U G V (DUWK IDXOW LQ IRUZDUG GLUHFWLRQ
( ) U H Y H U V H (DUWK IDXOW LQ UHYHUVH GLUHFWLRQ
( ) X Q G H I L Q H G (DUWK IDXOW GLUHFWLRQ XQGHILQHG HJ FXUUHQW WRR VPDOO
, H D P $ $FWLYH FRPSRQHQW RI HDUWK IDXOW FXUUHQW
, H U P $ UHDFWLYH FRPSRQHQW RI HDUWK IDXOW FXUUHQW
( ) ' H W 7 U L S 7ULS RQ HDUWK IDXOW RQO\ ZKHQ HDUWK IDXOW GHWHFWLRQ LV

FRQILJXUHG WR WULS
( ) % X I I 2 Y H U (DUWK IDXOW DQQXQFLDWLRQV ORVW EXIIHU RYHUIORZ
7 D E O H H P S W \ PHDQV WKDW QR HDUWK IDXOW KDV EHHQ UHFRUGHG \HW
5HSRUWV RI IXUWKHU HDUWK IDXOWV EHJLQ ZLWK LWHP QXPEHU DQG HJ
XQGHU ,WHP 1R WKH GDWH RI DQRWKHU HDUWK IDXOW

( ) ' H W FDQ EH GLVSOD\HG IROORZHG E\ WKH UHVSHFWLYH GDWD
&*&
&LUFXLW EUHDNHU RSHUDWLRQ VWDWLVWLFV DGGUHVV EORFN
7KH QXPEHU RI WULS FRPPDQGV LQLWLDWHG E\ WKH UHOD\ DJDLQVW DX[LOLDU\ YROWDJH IDLOXUH DQG FDQ EH UHDG RII
LV FRXQWHG VHSDUDWHO\ IRU HDFK RI WKH EUHDNHU SROHV LQ DGGUHVV EORFN 7KH DGGUHVV FDQ EH UHDFKHG E\
$OVR WKH QXPEHU RI DXWRUHFORVH DWWHPSWV LV GLUHFW DGGUHVVLQJ '$ ( RU E\ SDJLQJ ZLWK
FRXQWHG VHSDUDWHO\ IRU VLQJOHSROH 5$5 WKUHHSROH WKH NH\V Â RU Ä XQWLO DGGUHVV LV UHDFKHG 7KH
5$5 ILUVW VKRW DQG WKUHHSROH '$5 IXUWKHU VKRWV FRXQWHUV FDQ EH FDOOHG XS XVLQJ WKH NH\ IRU IRU
$GGLWLRQDOO\ WKH LQWHUUXSWHG FXUUHQWV DUH VWDWHG IRU ZDUGV SDJLQJ RU IRU EDFNZDUGV SDJLQJ
HDFK LQGLYLGXDO SROH DQG JLYHQ XQGHU WKH IDXOW DQ
QXQFLDWLRQV UHIHU WR 6HFWLRQ IROORZLQJ HDFK (QWU\ RI WKH FRGHZRUG LV QRW UHTXLUHG IRU UHDGRII RI
WULS FRPPDQG 7KHVH FXUUHQWV DUH DFFXPXODWHG DQG FRXQWHU VWDWHV
VWRUHG &RXQWHU VWDWXV DQG VWRUHV DUH VHFXUHG
& % 2 3 ( 5 $ 7 %HJLQQLQJ RI WKH EORFN k&LUFXLW EUHDNHU RSHUDWLRQ

VWDWLVWLFVl
6 7 $ 7 , 6 7 , & 6
$ 5 S R O H 1XPEHU RI DXWRUHFORVH DWWHPSWV DIWHU VLQJOH

SROH WULS HJ
3DJH RQ ZLWK NH\ WR JHW IXUWKHU FRXQWHU VWDWHV
1XPEHU RI DXWRUHFORVH DWWHPSWV DIWHU WKUHHSROH

$ 5 S R O H WULS VW $5 F\FOH 5$5
' $ 5 S R O 1XPEHU RI DXWRUHFORVH DWWHPSWV DIWHU WKUHHSROH

WULS IXUWKHU $5 F\FOHV '$5
7 5 , 3 1 R / 1XPEHU RI WULS FRPPDQGV IRU FLUFXLW EUHDNHU SROH

/
7 5 , 3 1 R / 1XPEHU RI WULS FRPPDQGV IRU FLUFXLW EUHDNHU

SROH /
1XPEHU RI WULS FRPPDQGV IRU FLUFXLW EUHDNHU

7 5 , 3 1 R / SROH /
5 , / , Q $FFXPXODWHG LQWHUUXSWHG FXUUHQWV IRU &% SROH /
7KH PD[LPXP YDOXHV RI WKH FRXQWHUV DUH

5$5 SROH 5$5 SROH '$5 SROH GLJLWV
7ULS 1R / 7ULS 1R / 7ULS 1R / GLJLWV
5,/,Q 5,/,Q 5,/,Q GLJLWV SOXV GHFLPDO GLJLW
7KH FRXQWHUV FDQ EH UHVHW WR LQ EORFN VHH 6HFWLRQ
&*&
5HDGRXW RI RSHUDWLRQDO PHDVXUHG YDOXHV DGGUHVV EORFNV DQG
7KH VWHDG\ VWDWH UPV RSHUDWLQJ YDOXHV FDQ EH UHDG 7KH GDWD DUH GLVSOD\HG LQ DEVROXWH SULPDU\ YDOXHV
RXW DW DQ\ WLPH LQ DGGUHVV EORFN 7KH DGGUHVV FDQ DQG LQ SHUFHQW RI WKH UDWHG GHYLFH YDOXHV 7R HQVXUH
EH FDOOHG XS GLUHFWO\ XVLQJ '$ ( RU E\ SDJ FRUUHFW SULPDU\ YDOXHV WKH UDWHG GDWD PXVW EH HQ
LQJ ZLWK Â RU Ä 7KH LQGLYLGXDO PHDVXUHG YDOXHV FDQ WHUHG WR WKH GHYLFH XQGHU DGGUHVV EORFN DV GH
EH IRXQG E\ IXUWKHU SDJLQJ ZLWK RU (QWU\ RI WKH VFULEHG LQ 6HFWLRQ
FRGHZRUG LV QRW QHFHVVDU\ 7KH YDOXHV ZLOO EH XS
GDWHG LQ DSSUR[LPDWHO\ WR VHFRQGV LQWHUYDOV ,Q WKH IROORZLQJ H[DPSOH VRPH W\SLFDO YDOXHV KDYH
EHHQ LQVHUWHG ,Q SUDFWLFH WKH DFWXDO YDOXHV DSSHDU
2 3 ( 5 $ 7 , 2 1 $ / %HJLQQLQJ RI WKH EORFN k2SHUDWLRQDO PHDVXUHG YDO

XHVl
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
, / $
2QH DGGUHVV LV DYDLODEOH IRU HDFK PHDVXUHG YDOXH 7KH

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

0 ( $ 6 9 $ / 8 (
EDVHG RQ WKH SULPDU\ UDWHG YDOXHV DV SDUDPHWHUL]HG
, / $ XQGHU DGGUHVVHV IRU 81 DQG IRU ,1 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 (
8 / N 9
&*&
0 ( $ 6 9 $ / 8 (
8 / N 9
0 ( $ 6 9 $ / 8 (
8 / N 9
0 ( $ 6 9 $ / 8 (
3 D 0 :
0 ( $ 6 9 $ / 8 (
3 U 0 9 $ U
0 ( $ 6 9 $ / 8 ( 7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG IUHTXHQF\ +] RU

+] DV SDUDPHWHUL]HG XQGHU DGGUHVV UHIHU WR
I > @ 6HFWLRQ
0 ( $ 6 9 $ / 8 (
, / > @ 7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG FXUUHQW
0 ( $ 6 9 $ / 8 (
, / > @
0 ( $ 6 9 $ / 8 (
, / > @
0 ( $ 6 9 $ / 8 ( 7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG YROWDJH GLYLGHG E\

8 / ( > @ c
0 ( $ 6 9 $ / 8 (
8 / ( > @
0 ( $ 6 9 $ / 8 (
8 / ( > @
&*&
0 ( $ 6 9 $ / 8 (
7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG YROWDJH
8 / > @
0 ( $ 6 9 $ / 8 (
8 / > @
0 ( $ 6 9 $ / 8 (
8 / > @
0 ( $ 6 9 $ / 8 ( 7KH SHUFHQWDJH LV UHIHUUHG WR UDWHG DSSDUHQW SRZHU

3 D > @ c i 81 i ,1
0 ( $ 6 9 $ / 8 (
3 U > @
7KH FDOFXODWHG WHPSHUDWXUH ULVH IRU WKH RYHUORDG 7KH YDOXHV DUH DYDLODEOH DV ORQJ DV WKH WKHUPDO RYHU
SURWHFWLRQ FDQ EH UHDG RXW LQ DGGUHVV EORFN 7KH ORDG SURWHFWLRQ LV FRQILJXUHG DV 7+(50$/ 2/ (;
DGGUHVV FDQ EH FDOOHG XS GLUHFWO\ XVLQJ '$ ,67 DGGUHVV DQG VZLWFKHG RQ DGGUHVV
( RU E\ SDJLQJ ZLWK Â RU Ä 7KH LQGLYLGXDO PHDVXUHG 3DJH RQ ZLWK WKH NH\ WR UHDG RII WKH QH[W DGGUHVV
YDOXHV FDQ EH IRXQG E\ IXUWKHU SDJLQJ ZLWK RU ZLWK WKH QH[W PHDVXUHG YDOXH RU SDJH EDFN ZLWK
(QWU\ RI WKH FRGHZRUG LV QRW QHFHVVDU\
0 ( $ 6 9 $ / 8 ( 7KH FDOFXODWHG WHPSHUDWXUH ULVHV RI WKH LQGLYLGXDO

SKDVHV DUH QRW SUHVHQWHG LI WKH PHDVXULQJ PHWKRG 3
3 3 W U L S / ZLWK ,PD[ KDV EHHQ VHOHFWHG DGGUHVV
0 ( $ 6 9 $ / 8 (
3 3 W U L S /
0 ( $ 6 9 $ / 8 (
3 3 W U L S /
7KH SHUFHQWDJH LV UHIHUUHG WR WKH WULS WHPSHUDWXUH ULVH

0 ( $ 6 9 $ / 8 (
DFFRUGLQJ WR WKH PHDVXUHPHQW PHWKRG DV VHOHFWHG LQ
3 3 W U L S DGGUHVV
&*&
5HDGRXW RI HDUWK IDXOW PHDVXUHG YDOXHV LQ QRQHDUWKHG V\VWHPV DGGUHVV
EORFN
7KH PHDVXUHG YDOXHV GXULQJ DQ HDUWK IDXOW FDQ EH 7KH GLVSOD\HG YDOXHV DUH WKH DFWLYH FRPSRQHQW ,HD
UHDG RXW LQ DGGUHVV EORFN 7KH DGGUHVV FDQ EH GL DQG WKH UHDFWLYH FRPSRQHQW ,HU RI WKH HDUWK FXUUHQW
UHFWO\ FDOOHG XS XVLQJ '$ ( RU E\ SDJLQJ DV SULPDU\ YDOXHV DQG DV VHFRQGDU\ YDOXHV DW WKH
ZLWK NH\V Â RU Ä 7KH LQGLYLGXDO YDOXHV FDQ EH IRXQG UHOD\ WHUPLQDOV 3UHUHTXLVLWH IRU FRUUHFW RXWSXW RI WKH
WKHQ E\ IXUWKHU SDJLQJ ZLWK RU (QWU\ RI WKH FRGH FXUUHQW YDOXHV LV WKDW WKH UDWHG GDWD DUH FRUUHFWO\ SD
ZRUG LV QRW QHFHVVDU\ 7KH YDOXHV DUH UHFRUGHG RQO\ UDPHWHUL]HG LQ DGGUHVV EORFN UHIHU WR 6HFWLRQ

LI WKH UHOD\ LV HTXLSSHG ZLWK WKH HDUWK IDXOW GHWHFWLRQ
IXQFWLRQ DQG ZKHQ WKLV LV FRQILJXUHG WR (;,67
,Q WKH IROORZLQJ H[DPSOH VRPH W\SLFDO YDOXHV KDYH
EHHQ LQVHUWHG ,Q SUDFWLFH WKH DFWXDO YDOXHV DSSHDU
, 6 2 / ( ) %HJLQQLQJ RI WKH EORFN k0HDVXUHG YDOXHV RI

HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPVl
0 ( $ 6 8 5 ( ' 9 $ / 8 ( 6
8VH NH\ WR GLVSOD\ WKH QH[W DGGUHVV ZLWK WKH QH[W

0 ( $ 6 9 $ / 8 ( PHDVXUHG YDOXH RU XVH NH\ IRU WKH SUHYLRXV DG
, H D $ GUHVV
(DFK PHDVXUHG YDOXH LV DVVLJQHG WR RQH DGGUHVV

HDFK DGGUHVV DOWHUQDWLYHO\ FDQ EH UHDFKHG E\ GLUHFW
DGGUHVVLQJ XVLQJ NH\ '$ IROORZHG E\ WKH DGGUHVV
0 ( $ 6 9 $ / 8 (
QXPEHU
, H U $
7KH SULPDU\ YDOXHV DGGUHVVHV DQG DUH
EDVHG RQ WKH SULPDU\ UDWHG YDOXHV DV SDUDPHWHUL]HG
XQGHU DGGUHVVHV DQG UHIHU WR 6HFWLRQ

0 ( $ 6 9 $ / 8 (
, H D > P $ @ P $
0 ( $ 6 9 $ / 8 (
, H U > P $ @ P $
&*&
2SHUDWLRQDO FRQWURO IDFLOLWLHV
'XULQJ RSHUDWLRQ RI WKH SURWHFWLRQ UHOD\ LW PD\ EH GH ,Q RUGHU WR FRQWURO IXQFWLRQV YLD ELQDU\ LQSXWV LW LV
VLUHG WR LQWHUYHQH LQ IXQFWLRQV RU DQQXQFLDWLRQV PDQ QHFHVVDU\ WKDW WKH ELQDU\ LQSXWV KDYH EHHQ PDU
XDOO\ RU IURP V\VWHP FULWHULD 6$ FRPSULVHV IDFL VKDOOHG WR WKH FRUUHVSRQGLQJ VZLWFKLQJ IXQFWLRQV
OLWLHV HJ WR UHDGMXVW WKH UHDO WLPH FORFN WR HUDVH GXULQJ LQVWDOODWLRQ RI WKH GHYLFH DQG WKDW WKH\ KDYH
VWRUHG LQIRUPDWLRQV DQG HYHQW FRXQWHUV WR VZLWFK RQ EHHQ FRQQHFWHG UHIHU WR 6HFWLRQ 0DUVKDOOLQJ
RU RII SDUWLDO IXQFWLRQV XQGHU VSHFLILF FRQGLWLRQV RU RI WKH ELQDU\ LQSXWV
WR FKDQJH RYHU SUHVHOHFWHG VHWV RI IXQFWLRQ SDUDPH
WHUV 7KH VFRSH RI RSHUDWLRQDO FRQWURO IDFLOLWLHV GH 7KH FRQWURO IDFLOLWLHV EHJLQ ZLWK DGGUHVV EORFN
SHQGV RQ WKH RUGHUHG VFRSH RI IXQFWLRQV RI WKH GH 7KLV DGGUHVV LV UHDFKHG
YLFH UHIHU WR 6HFWLRQ 2UGHULQJ GDWD E\ EORFN SDJLQJ ZLWK WKH NH\V Â IRUZDUGV RU Ä
EDFNZDUGV XS WR DGGUHVV RU
7KH IXQFWLRQV FDQ EH FRQWUROOHG IURP WKH RSHUDWLQJ
SDQHO RQ WKH IURQW RI WKH GHYLFH YLD WKH RSHUDWLQJ E\ GLUHFW VHOHFWLRQ ZLWK DGGUHVV FRGH XVLQJ NH\
DQG V\VWHP LQWHUIDFH DV ZHOO DV YLD ELQDU\ LQSXWV '$ DGGUHVV DQG H[HFXWH ZLWK NH\ (
' ( 9 , & ( %HJLQQLQJ RI WKH EORFN k'HYLFH FRQWUROl

& 2 1 7 5 2 /
$GMXVWLQJ DQG V\QFKURQL]LQJ WKH UHDO WLPH FORFN DGGUHVV EORFN
7KH GDWH DQG WLPH FDQ EH DGMXVWHG DW DQ\ WLPH GXU TXLUHG WR FKDQJH WKH GDWD
LQJ RSHUDWLRQ DV ORQJ DV WKH UHDO WLPH FORFN LV RSHUD
WLYH 6HWWLQJ LV FDUULHG RXW LQ EORFN ZKLFK LV 6HOHFWLRQ RI WKH LQGLYLGXDO DGGUHVVHV LV E\ IXUWKHU
UHDFKHG E\ GLUHFW DGGUHVVLQJ '$ ( RU E\ VFUROOLQJ XVLQJ DV VKRZQ EHORZ (DFK PRGLILFD
SDJLQJ ZLWK Â DQG Ä ,QSXW RI WKH FRGHZRUG LV UH WLRQ PXVW EH FRQILUPHG ZLWK WKH HQWHU NH\ (
6 ( 7 7 , 1 * %HJLQQLQJ RI WKH EORFN k6HWWLQJ 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 DQG FRXQWHUV DGGUHVV EORFN
7KH VWDWLVWLFDO LQGLFDWLRQV 6HFWLRQ DGGUHVV RI UHVHWWLQJ WKH /(' LQGLFDWLRQV DGGUHVV FR
EORFN DUH VWRUHG LQ ((3520V LQ WKH GHYLFH 7KH\ GHZRUG HQWU\ LV QHFHVVDU\ WR HUDVH WKH VWRUHG LWHPV
DUH QRW WKHUHIRUH HUDVHG LI WKH DX[LOLDU\ SRZHU VXSSO\ 5HVHW LV VHSDUDWH IRU WKH GLIIHUHQW JURXSV RI FRXQW
IDLOV $GGLWLRQDOO\ DQQXQFLDWLRQV DQG WKH VWDWXV RI HUV PHPRULHV DQG DQQXQFLDWLRQV 2QH UHDFKHV WKH
WKH /(' PHPRULHV DUH VWRUHG LQ 19 5$0V DQG WKXV LQGLYLGXDO LWHPV E\ SDJLQJ (UDVXUH UHTXLUHV FRQ
VDYHG SURYLGHG WKH EDFNXS EDWWHU\ LV RSHUDWLRQDO ILUPDWLRQ ZLWK WKH NH\ -< 7KH GLVSOD\ WKHQ FRQILUPV
7KHVH VWRUHV FDQ EH FOHDUHG LQ EORFN %ORFN LV WKH HUDVXUH ,I HUDVXUH LV QRW UHTXLUHG SUHVV NH\ 1 RU
FDOOHG XS E\ SDJLQJ ZLWK WKH NH\V Â RU Ä RU GLUHFWO\ E\ VLPSO\ SDJH RQ
NH\LQJ LQ WKH FRGH '$ ( :LWK WKH H[FHSWLRQ
%HJLQQLQJ RI EORFN k5HVHWl

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
5 ( 6 ( 7 5HTXHVW ZKHWKHU WKH &% RSHUDWLRQ FRXQWHUV VKRXOG

& 2 8 1 7 ( 5 6 " EH VHW WR ]HUR
5 ( 6 ( 7 5HTXHVW ZKHWKHU WKH WRWDO RI VZLWFKHG VKRUWFLUFXLW

7 2 7 $ / , V F " FXUUHQWV VKRXOG EH VHW WR ]HUR
5 ( 6 ( 7 5HTXHVW ZKHWKHU WKH HDUWK IDXOW UHSRUW EXIIHU VWRUH IRU

HDUWK IDXOWV LQ QRQHDUWKHG V\VWHPV VKRXOG EH HUDVHG
( ) $ 1 1 8 1 & "
'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
( ; ( & 8 7 ( '
&*&
2II2Q FRQWURO RI SDUW IXQFWLRQV RI WKH GHYLFH
'XULQJ RSHUDWLRQ RI WKH SURWHFWLRQ UHOD\ LW PD\ EH GH $ IXQFWLRQ LV VZLWFKHG 2)) ZKHQ WKH RIIFRPPDQG LV
VLUHG WR FRQWURO WKH UHOD\ PDQXDOO\ RU IURP V\VWHP FUL JLYHQ E\ (,7+(5 WKH ELQDU\ LQSXW 25 IURP WKH RSHUD
WHULD WHPSRUDULO\ WR VZLWFK RII SDUWLDO IXQFWLRQV RI WKH WRU SDQHO RU WKH RSHUDWLQJ LQWHUIDFH 7KXV LW LV HQ
UHOD\ RU WR VZLWFK WKHP RQ RQO\ XQGHU VSHFLILF FRQGL VXUHG WKDW D SDUWLDO IXQFWLRQ FDQ RQO\ EH VZLWFKHG RQ
WLRQV ([DPSOHV PD\ EH WKH VZLWFKLQJ RII RI WKH WHOH IURP WKDW SODFH ZKHUH LW ZDV SUHYLRXVO\ VZLWFKHG RII
SURWHFWLRQ IXQFWLRQ GXULQJ PDLQWHQDQFH RU UHSDLU RI
WKH WUDQVPLVVLRQ PHGLXP RU WKH VZLWFKLQJ RQ RU RII &RQWURO LQSXWV ZKLFK DUH QRW PDUVKDOOHG WR D ELQDU\
RI WKH DXWRUHFORVH V\VWHP ZKHQ D WUDQVIHU EXV LV EH LQSXW DUH UHJDUGHG IURP WKDW ORFDWLRQ DV VZLWFKHG
LQJ XVHG GHSHQGHQW XSRQ ZKHWKHU D WUDQVIRUPHU RU RQ VR WKDW FKDQJH RI WKH FRQGLWLRQ LV SRVVLEOH IURP
OLQH EUDQFK LV VZLWFKHG WR WKH WUDQVIHU WKH RSHUDWRU SDQHO RU WKH RSHUDWLQJ LQWHUIDFH
6$ DOORZV SDUWLDO IXQFWLRQV WR EH VZLWFKHG RQ RU
$W WKH RSHUDWRU SDQHO DQG WKH RSHUDWLQJ LQWHUIDFH WKH
RII YLD ELQDU\ LQSXWV RU PDQXDO RSHUDWLRQ YLD WKH LQWH
IDFWRU\ VHWWLQJ LV HTXDOO\ WKDW DOO SDUWLDO IXQFWLRQV DUH
JUDWHG RSHUDWRU SDQHO RU YLD WKH RSHUDWLQJ LQWHUIDFH
VZLWFKHG RQ VR WKDW VZLWFKLQJ YLD ELQDU\ LQSXWV LV
DW WKH IURQW XVLQJ D SHUVRQDO FRPSXWHU
SRVVLEOH
)RU VZLWFKLQJ YLD ELQDU\ LQSXWV LW LV RI FRXUVH QHFHV
VDU\ WKDW WKH ELQDU\ LQSXWV KDYH EHHQ PDUVKDOOHG WR 7KH FRPSOHWLRQ RI D VZLWFKLQJ FRPPDQG LV LQGH
WKH FRUUHVSRQGLQJ VZLWFKLQJ IXQFWLRQV )XUWKHU SHQGHQW RI LWV FDXVH RXWSXW DV DQ RSHUDWLRQDO DQ
PRUH LW PXVW EH QRWHG WKDW D ELQDU\ LQSXW LV UHTXLUHG QXQFLDWLRQ
IRU HDFK IXQFWLRQ VZLWFKLQJ RII DQG VZLWFKLQJ RQ
7KH VZLWFKLQJ FRPPDQG LV VWRUHG LQ WKH UHOD\ DQG kIXQFWLRQ RIIl &RPHV DW WKH LQVWDQW RI
SURWHFWHG DJDLQVW DX[LOLDU\ YROWDJH IDLOXUH WKH IXQF VZLWFKRII
WLRQ RI D ELVWDEOH VWRUH 7KH FRPPDQG FDQ EH DQ
QXQFLDWHG YLD DQ DQQXQFLDWLRQ UHOD\ RU /(' GLVSOD\ kIXQFWLRQ RIIl *RHV DW WKH LQVWDQW WKDW LW LV
VZLWFKHG RQ
)RU VZLWFKLQJ YLD WKH LQWHJUDWHG RSHUDWRU SDQHO RU
WKH IURQW LQWHUIDFH D FRGH ZRUG LV QHFHVVDU\ 7KH 7KHVH DQQXQFLDWLRQV DUH OLVWHG LQ EORFN XQGHU
FRQWURO IXQFWLRQV DUH IRXQG DW WKH EHJLQQLQJ RI WKH 23(5$7,21$/ $1181&,$7,216 DQG FDQ DOVR EH
SDUDPHWHU EORFN RI HDFK SURWHFWLRQ RU VXSSOHPHQWD WUDQVPLWWHG YLD WKH V\VWHP /6$ LQWHUIDFH WR D FHQ
U\ IXQFWLRQ 7KH VZLWFK FRQGLWLRQ VKRZQ LQ WKH GLV WUDO FRPSXWHU $OVR WKH\ FDQ EH PDUVKDOOHG DV ELQDU\
SOD\ FDQ EH FKDQJHG RYHU XVLQJ WKH k1RlNH\ 1 RXWSXWV WKH VLJQDO UHOD\ WKHQ LQGLFDWHV WKH VZLWFKHG
7KH RSSRVLWH VZLWFK FRQGLWLRQ WKHQ DSSHDUV LQ WKH RII FRQGLWLRQ
GLVSOD\ (DFK FKDQJH RI FRQGLWLRQ PXVW EH FRQ
ILUPHG ZLWK WKH (NH\ 7KH FKDQJHRYHU LV ILUVW UH )RU DQQXQFLDWLRQV RQH PXVW GLIIHUHQWLDWH
FRUGHG LQ WKH UHOD\ ZKHQ FRGHZRUG RSHUDWLRQ KDV
EHHQ WHUPLQDWHG 7KLV LV GRQH E\ WKH NH\ FRPELQD
'LUHFW FRQILUPDWLRQ RI D ELQDU\ LQSXW LV DYDLODEOH DV
WLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) IROORZHG
ORQJ DV WKH FRUUHVSRQGLQJ ELQDU\ LQSXW LV HQHU
E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV WKH TXHVWLRQ
JL]HG ,W FDQ EH RXWSXW YLD D VLJQDO UHOD\ RU /(' ,Q
k6$9( 1(: 6(77,1*6"l &RQILUP ZLWK WKH
k<HVlNH\ -< WKDW WKH QHZ VHWWLQJV VKDOO EHFRPH WKH VXPPDU\ RI DOO DQQXQFLDWLRQV $SSHQGL[ &
YDOLG QRZ 7KH VZLWFKHG FRQGLWLRQV DUH WKHQ SHUPD WKHVH DQQXQFLDWLRQV DUH LGHQWLILHG ZLWK D
!
V\P
QHQWO\ VWRUHG LQ ((3520V DQG SURWHFWHG DJDLQVW ERO
DX[LOLDU\ YROWDJH IDLOXUH WKH GLVSOD\ FRQILUPV k1(:
6(77,1*6 6$9('l ,I \RX SUHVV WKH k1RlNH\ 1 LQ 7KH FRPSOHWLRQ LQGLFDWLRQ RI WKH VZLWFKHGRII FRQ
VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO GLWLRQ LV VLJQDOL]HG LQGHSHQGHQWO\ RI WKH VRXUFH RI
WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW WKH FRPPDQG ,W DSSHDUV k&RPHVl DW WKH LQVWDQW
FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV RI VZLWFKRII DQG GLVDSSHDUV k*RHVl DW WKH LQ
FDQ EH PDGH LQHIIHFWLYH VWDQW RI VZLWFKLQJ RQ
$ IXQFWLRQ LV VZLWFKHG 21 ZKHQ WKH RQFRPPDQG 7KH IROORZLQJ VXUYH\ VKRZV WKH FRQWURO IXQFWLRQV
KDV EHHQ JLYHQ E\ ERWK WKH ELQDU\ LQSXW $1' DOVR DQG DOVR LQGLFDWHV ZKLFK FRQILUPDWLRQ LQGLFDWLRQV
IURP WKH RSHUDWRU SDQHO RU LQWHUIDFH DUH JHQHUDWHG
&*&
%LQDU\ LQSXW &RPSOHWLRQ LQGLFDWLRQ

FRQILUPDWLRQ
FRPHV
DQG
JRHV

' , 6 7 3 5 2 7 'LVWDQFH SURWHFWLRQ ZLWKRXW HPHUJHQF\ 2& SURW

2 1
2 ) ) 'LVW RII
3HUPLVVLYH XQGHUUHDFK WUDQVIHU WULS PRGH IRU GLVWDQFH

3 8 7 7 SURWHFWLRQ
2 1
!'LV3877 RQ
2 ) )
!'LV3877 RII 'LV7HOH RII
3 2 7 7 3HUPLVVLYH RYHUUHDFK WUDQVIHU WULS PRGH IRU GLVWDQFH

SURWHFWLRQ
2 1
!'LV3277 RQ
2 ) )
!'LV3277 RII 'LV7HOH RII
( & + 2 (FKR IXQFWLRQ IRU WHOHSURWHFWLRQ ZLWK GLVWDQFH SURWHF

WLRQ
2 1
LV VZLWFKHG RII DOVR WRJHWKHU ZLWK
2 ) )
( 0 ( 5 * 2 & (PHUJHQF\ RYHUFXUUHQW WLPH SURWHFWLRQ

2 1
2 ) ) (PHU RII
7 + ( 5 0 $ / 2 / 7KHUPDO RYHUORDG SURWHFWLRQ

$ / $ 5 0 2 1 / <
2 1 !2/ RQ
2 ) ) !2/ RII 2/ 3URW RII
) 8 6 ( ) $ , / )XVH IDLOXUH PRQLWRU

2 1
2 ) )
&*&
( $ 5 7 + ) $ 8 / 7 (DUWK IDXOW GHWHFWLRQ IRU QRQHDUWKHG V\VWHPV

$ / $ 5 0 2 1 / <
2 1 !() 'HW RQ
2 ) ) !() 'HW RII () 'HW RII
+LJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG V\V

( ) ' 7 WHPV GLUHFWLRQDO GHILQLWH WLPH ZLWK QRQGLUHFWLRQDO
2 1 EDFNXS VWDJH
2 ) )
() 3URW RII
'LUHFWLRQDO FRPSDULVRQ HDUWK IDXOW SURWHFWLRQ IRU

( ) & 2 0 3 $ 5 HDUWKHG V\VWHPV
2 1
!() FRPSRQ
2 ) ) !() FRPSRII () 'LU RII
( ) ( & + 2 (FKR IXQFWLRQ IRU GLUHFWLRQDO FRPSDULVRQ HDUWK IDXOW

SURWHFWLRQ
2 1
LV VZLWFKHG RII WRJHWKHU ZLWK () &203$5
2 ) )
+LJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG V\V

( ) , 7 WHPV QRQGLUHFWLRQDO LQYHUVH WLPH
2 1
2 ) )
() 3URW RII
$ 5 ) 8 1 & 7 ,QWHUQDO DXWRUHFORVH IXQFWLRQ

2 1
!$5 RQ
2 ) ) !$5 RII $5 RII
,QWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ

6 < 1 & & + ( & .
2 1 !6\QF RQ
2 ) ) !6\QF RII 6\QF RII

$WWHQWLRQ :KHQ WKH LQWHUQDO V\QFKURQLVP DQG YROW
DJH FKHFN IXQFWLRQ LV VZLWFKHG RII HDFK FORVLQJ FRP
PDQG LV UHOHDVHG ZLWKRXW DQ\ FKHFN
6 < 1 0 $ 1 & / ,QWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN GXULQJ PDQX

DO FORVH
2 1
LV VZLWFKHG RII WRJHWKHU ZLWK DGGUHVV
2 ) )
&*&
,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 ,Q RUGHU WR FDUU\ RXW VZLWFKRYHU E\ WKH RSHUDWRU
WUDQVPLWWHG WR WKH FHQWUDO FRPSXWLQJ V\VWHP FDQ EH HQWU\ RI WKH FRGHZRUG LV QHFHVVDU\ UHIHU WR 6HFWLRQ
LQIOXHQFHG )RU WKLV SXUSRVH DGGUHVV EORFN LV DYDLO
DEOH SURYLGHG WKH 9'(:=9(, SURWRFRO ,(&
7KH VWDQGDUGL]HG SURWRFRO DOORZV DOO DQQXQFLDWLRQV KDV EHHQ FKRVHQ GXULQJ FRQILJXUD
PHVVDJHV DQG PHDVXUHG YDOXHV WR EH WDJJHG ZLWK WLRQ RI WKH VHULDO V\VWHP LQWHUIDFH 6HFWLRQ DG
WKH RULJLQ kWHVW RSHUDWLRQl ZKLFK RFFXU ZKLOH WKH GUHVV DQGRU 9'(: &203$7,%/( RU
9'(: (;7(1'(' 7KH EORFN LV FDOOHG XS E\ SDJLQJ
UHOD\ LV WHVWHG 7KXV WKHVH PHVVDJHV FDQ EH GLVWLQ
ZLWK WKH NH\V Â RU Ä RU GLUHFWO\ E\ NH\LQJ LQ WKH FRGH
JXLVKHG IURP WKRVH ZKLFK RFFXU GXULQJ UHDO RSHUD
'$ ( 8VH NH\ WR VFUROO WR DGGUHVV
WLRQ $GGLWLRQDOO\ LW LV SRVVLEOH WR EORFN DOO DQQXQFL
%\ SUHVVLQJ WKH k1RlNH\ 1 WKH SRVLWLRQV RI WKLV
DWLRQV PHVVDJHV DQG PHDVXUHG YDOXHV WR /6$ GXU VZLWFK DUH FKDQJHG 7KH GHVLUHG SRVLWLRQ PXVW EH
LQJ WHVW RSHUDWLRQ FRQILUPHG ZLWK WKH HQWHU NH\ (
7KLV IHDWXUHV FDQ EH DFFRPSOLVKHG YLD ELQDU\ LQSXWV $V ZLWK HYHU\ VHWWLQJV RI WKH GHYLFH IRU ZKLFK FRGH
RU XVLQJ WKH LQWHJUDWHG RSHUDWLQJ NH\ERDUG RU YLD WKH ZRUG LQSXW LV QHFHVVDU\ FRGHZRUG RSHUDWLRQ PXVW
RSHUDWLQJ 3& LQWHUIDFH EH WHUPLQDWHG 7KLV LV GRQH E\ XVLQJ WKH NH\ FRPEL
QDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) IRO
,Q RUGHU WR DFFRPSOLVK VZLWFKRYHU YLD ELQDU\ LQSXWV ORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV WKH
WKH UHVSHFWLYH LQSXWV PXVW KDYH EHHQ DVVLJQHG GXU TXHVWLRQ k6$9( 1(: 6(77,1*6"l &RQILUP ZLWK
LQJ PDUVKDOOLQJ UHIHU WR 6HFWLRQ 7KH IROORZ WKH k<HVlNH\ -< WKDW WKH QHZ VHWWLQJV VKDOO EH
LQJ LQSXW IXQFWLRQV DUH VXLWDEOH FRPH YDOLG QRZ ,I \RX SUHVV WKH k1RlNH\ 1 LQ
VWHDG FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DO
)1R !6\V7HVW IRU WDJJLQJ WKH PHVVDJHV WHUDWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
DQG PHDVXUHG YDOXHV ZLWK WKH RULJLQ k7HVW FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
RSHUDWLRQl FDQ EH PDGH LQHIIHFWLYH
6 < 6 9 ' ( : %HJLQQLQJ RI EORFN k$QQXQFLDWLRQV DQG PHDVXUHG YDO

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

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

2 ) )
LQ 21 SRVLWLRQ QR DQQXQFLDWLRQV DQG PHDVXUHG YDOXHV
2 1 DUH WUDQVPLWWHG WR WKH V\VWHP LQWHUIDFH
'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 RU WKH V\VWHP LQWHUIDFH - .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 '
5HDGRXW RI VHWWLQJV RI D SDUDPHWHU
7KH UHOD\ RSHUDWHV DOZD\V ZLWK WKH DFWLYH SDUDPHWHU
VHW VHW HYHQ GXULQJ UHDGRXW RI WKH SDUDPHWHUV RI DQ\
GHVLUHG SDUDPHWHU VHW 7KH FKDQJHRYHU SURFHGXUH
,Q RUGHU WR ORRN XS WKH VHWWLQJV RI D SDUDPHWHU VHW LQ GHVFULEHG KHUH LV WKHUHIRUH RQO\ YDOLG IRU UHDGRXW
WKH GLVSOD\ LW LV VXIILFLHQW WR JR WR DQ\ DGGUHVV RI WKH RI SDUDPHWHUV LQ WKH GLVSOD\
IXQFWLRQ SDUDPHWHUV LH DGGUHVVHV DERYH DQG
EHORZ HLWKHU E\ GLUHFW DGGUHVVLQJ XVLQJ NH\
'$ HQWHULQJ WKH IRXUILJXUH DGGUHVV FRGH DQG WHUPL &KDQJHRYHU RI WKH DFWLYH SDUDPHWHU
QDWLQJ ZLWK HQWHU NH\ ( RU E\ SDJLQJ WKURXJK WKH GLV VHW IURP WKH RSHUDWLQJ SDQHO
SOD\ ZLWK Â RU Ä <RX FDQ VZLWFKRYHU WR ORRN XS D GLI
IHUHQW SDUDPHWHU VHW HJ )RU FKDQJH RYHU WR D GLIIHUHQW SDUDPHWHU VHW LH LI
D GLIIHUHQW VHW VKDOO EH DFWLYDWHG WKH DGGUHVV EORFN
3UHVV NH\ FRPELQDWLRQ ) LH ILUVW WKH IXQFWLRQ LV WR EH XVHG )RU WKLV FRGHZRUG HQWU\ LV UH
NH\ ) DQG WKHQ WKH QXPEHU NH\ $OO GLVSOD\HG TXLUHG
SDUDPHWHUV QRZ UHIHU WR SDUDPHWHU VHW %
7KH EORFN IRU SURFHVVLQJ SDUDPHWHU VHWV LV UHDFKHG
7KH SDUDPHWHU VHW LV LQGLFDWHG LQ WKH GLVSOD\ E\ D E\ SUHVVLQJ WKH GLUHFW DGGUHVV NH\ '$ IROORZHG E\
OHDGLQJ FKDUDFWHU $ WR ' EHIRUH WKH DGGUHVV QXP WKH DGGUHVV DQG HQWHU NH\ ( RU E\ SDJLQJ
EHU LQGLFDWLQJ WKH SDUDPHWHU LGHQWLILFDWLRQ WKURXJK WKH GLVSOD\ ZLWK Â RU Ä 7KH KHDGLQJ RI WKH
EORFN ZLOO DSSHDU
3 $ 5 $ 0 ( 7 ( 5 %HJLQQLQJ RI WKH EORFN k3DUDPHWHU FKDQJHRYHUl

& + $ 1 * ( 2 9 ( 5 SURFHVVLQJ RI SDUDPHWHU VHWV
,W LV SRVVLEOH WR VFUROO WKURXJK WKH LQGLYLGXDO DGGUHVV WHU NH\ (

HV XVLQJ WKH NH\ RU WR VFUROO EDFNZDUGV ZLWK
$V ZLWK HYHU\ VHWWLQJV RI WKH GHYLFH IRU ZKLFK FRGH
$GGUHVV VKRZV WKH DFWXDOO\ DFWLYH SDUDPHWHU ZRUG LQSXW LV QHFHVVDU\ FRGHZRUG RSHUDWLRQ PXVW
VHW ZLWK ZKLFK WKH UHOD\ RSHUDWHV EH WHUPLQDWHG 7KLV LV GRQH E\ XVLQJ WKH NH\ FRPEL
QDWLRQ ) ( LH GHSUHVVLQJ WKH IXQFWLRQ NH\ ) IRO
,Q RUGHU WR VZLWFKRYHU WR D GLIIHUHQW SDUDPHWHU VHW ORZHG E\ WKH HQWU\ NH\ ( 7KH GLVSOD\ VKRZV WKH
VFUROO RQ ZLWK WR DGGUHVV 8VLQJ WKH TXHVWLRQ k6$9( 1(: 6(77,1*6"l &RQILUP ZLWK
k1RlNH\ 1 \RX FDQ FKDQJH WR DQ\ GHVLUHG SDUDP WKH k<HVlNH\ < WKDW WKH QHZ VHWWLQJV VKDOO EHFRPH
HWHU VHW DOWHUQDWLYHO\ \RX FDQ GHFLGH WKDW WKH SD YDOLG QRZ ,I \RX SUHVV WKH k1RlNH\ 1 LQVWHDG
UDPHWHU VHWV DUH WR EH VZLWFKHG RYHU IURP ELQDU\ LQ FRGHZRUG RSHUDWLRQ ZLOO EH DERUWHG LH DOO DOWHU
SXWV RU YLD WKH V\VWHP LQWHUIDFH XVLQI WKH 9'(: DWLRQV ZKLFK KDYH EHHQ FKDQJHG VLQFH WKH ODVW
=9(,SURWRFRO ,(& ,I WKH GHVLUHG FRGHZRUG HQWU\ DUH ORVW 7KXV HUURQHRXV DOWHUDWLRQV
VHW RU SRVVLELOLW\ DSSHDUV LQ WKH GLVSOD\ SUHVV WKH HQ FDQ EH PDGH LQHIIHFWLYH
&*&
$ & 7 , 9 3 $ 5 $ 0 $GGUHVV VKRZV WKH DFWXDOO\ DFWLYH SDUDPHWHU VHW

6 ( 7 $
$ & 7 , 9 $ 7 , 2 1 8VH WKH k1RlNH\ 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 FKDQJHG RYHU 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 FKDQJHG RYHU YLD WKH V\VWHP LQWHUIDFH
&KDQJHRYHU RI WKH DFWLYH SDUDPHWHU

VHW YLD ELQDU\ LQSXWV %LQDU\ LQSXW FDXVHV
3DUDP6HOHF 3DUDP6HOHF DFWLYH VHW
,I FKDQJHRYHU RI SDUDPHWHU VHWV LV LQWHQGHG WR EH
FDUULHG RXW YLD ELQDU\ LQSXWV WKH IROORZLQJ LV WR EH QR QR 6HW $
KHHGHG
\HV QR 6HW %
/RFDOO\ LH IURP WKH RSHUDWRU SDQHO RU IURP 3& YLD QR \HV 6HW &
WKH RSHUDWLQJ LQWHUIDFH $&7,9$7,21 PXVW EH \HV \HV 6HW '
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
GHVLJQDWHG k!3DUDP6HOHFl DQG k!3DUDP
6HOHFl )1R DQG
6HOHFWRU VZLWFK IRU
7KH ORJLFDO ELQDU\ LQSXWV PXVW EH DOORFDWHG WR SDUDP VHW
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 / /
&
SXW
' %LQDU\ LQSXW
7KH FRQWURO LQSXW VLJQDOV PXVW EH FRQWLQXRXVO\ !3DUDP6HOHF
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
$ VLPSOLILHG FRQQHFWLRQ H[DPSOH LV VKRZQ LQ )LJXUH !3DUDP6HOHF
2I FRXUVH WKH ELQDU\ LQSXWV PXVW EH GHFODUHG LQ
)LJXUH &RQQHFWLRQ VFKHPH IRU SDUDPHWHU
QRUPDOO\ RSHQ k12l 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 VKRUWFLUFXLWHG
EHIRUH WKH FXUUHQW OHDGV WR WKH UHOD\ DUH
LQWHUUXSWHG
:DUQLQJ ,I D WHVW VZLWFK LV LQVWDOOHG ZKLFK DXWRPDWL
FDOO\ VKRUWFLUFXLWV WKH FXUUHQW WUDQVIRUPHU
+D]DUGRXV YROWDJHV DUH SUHVHQW LQ WKLV VHFRQGDU\ OHDGV LW LV VXIILFLHQW WR VHW WKLV
HOHFWULFDO HTXLSPHQW GXULQJ RSHUDWLRQ VZLWFK WR WKH k7HVWl SRVLWLRQ 7KH VKRUWFLU
1RQREVHUYDQFH RI WKH VDIHW\ UXOHV FDQ FXLW VZLWFK PXVW EH FKHFNHG EHIRUHKDQG
UHVXOW LQ VHYHUH SHUVRQDO LQMXU\ RU SURSHU UHIHU 6HFWLRQ
W\ GDPDJH
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 IRUPX
IROORZLQJ ODH DUH JLYHQ ZKHUH QHFHVVDU\
7KH HDUWKLQJ VFUHZ RI WKH GHYLFH
)RU WKH IXQFWLRQDO WHVW D WKUHHSKDVH V\PPHWULFDO
PXVW EH FRQQHFWHG VROLGO\ WR WKH
YROWDJH VRXUFH ZLWK LQGLYLGXDOO\ DGMXVWDEOH YROWDJH
SURWHFWLYH HDUWK FRQGXFWRU EHIRUH
DQ\ RWKHU FRQQHFWLRQ LV PDGH RXWSXWV WRJHWKHU ZLWK D WKUHHSKDVH V\PPHWULFDO
FXUUHQW VRXUFH ZLWK LQGLYLGXDOO\ DGMXVWDEOH FXUUHQWV
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW
RQ DOO FLUFXLWV DQG FRPSRQHQWV FRQ VKRXOG EH DYDLODEOH )RU FKHFNLQJ WKH GLVWDQFH
QHFWHG WR WKH VXSSO\ YROWDJH RU WR WKH ]RQHV $5 WHOHSURWHFWLRQ DQG EDFNXS RYHUFXUUHQW
PHDVXULQJ DQG WHVW TXDQWLWLHV D VLQJOHSKDVH FXUUHQW VRXUFH LV VXIILFLHQW EXW WKLV LV
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW QRW DGHTXDWH IRU D FRUUHFW IXQFWLRQDO FKHFN RI WKH
LQ WKH GHYLFH HYHQ DIWHU GLVFRQQHF PHDVXUHG YDOXH PRQLWRULQJ V\VWHPV DQG SRZHU
WLRQ RI WKH VXSSO\ YROWDJH VWRUDJH VZLQJ GHWHFWRU 3KDVH GLVSODFHPHQW EHWZHHQ WHVW
FDSDFLWRUV FXUUHQW ,3 DQG WHVW YROWDJH 83 VKRXOG SUHIHUDEO\ EH
7KH OLPLW YDOXHV JLYHQ LQ WKH 7HFKQL FRQWLQXRXVO\ DGMXVWDEOH EXW DW OHDVW VHWWLQJV RI E
FDO GDWD 6HFWLRQ PXVW QRW EH H[ DQG E VKDOO EH DYDLODEOH
FHHGHG DW DOO QRW HYHQ GXULQJ WHVWLQJ
DQG FRPPLVVLRQLQJ ,I XQV\PPHWULFDO FXUUHQWV DQG YROWDJHV RFFXU GXULQJ
WKH WHVWV LW LV OLNHO\ WKDW WKH DV\PPHWU\ PRQLWRULQJ ZLOO
IUHTXHQWO\ RSHUDWH 7KLV LV RI QR FRQFHUQ EHFDXVH
WKH FRQGLWLRQ RI VWHDG\VWDWH PHDVXUHG YDOXHV LV
PRQLWRUHG DQG XQGHU QRUPDO RSHUDWLQJ FRQGLWLRQV
:KHQ WHVWLQJ WKH XQLW ZLWK D VHFRQGDU\ LQMHFWLRQ WHVW WKHVH DUH V\PPHWULFDO XQGHU VKRUW FLUFXLW FRQGL
VHW LW PXVW EH HQVXUHG WKDW QR RWKHU PHDVXUHG YDO WLRQV WKHVH PRQLWRULQJ V\VWHPV DUH QRW HIIHFWLYH $G
XHV DUH FRQQHFWHG DQG WKDW WKH WULSSLQJ OHDGV WR WKH GLWLRQDOO\ XQV\PPHWULFDO YROWDJHV PD\ FDXVH WKH
FLUFXLW EUHDNHU WULS FRLOV KDYH EHHQ LQWHUUXSWHG IXVH IDLOXUH PRQLWRU WR RSHUDWH 7KLV VZLWFKHV WKH GLV
WDQFH SURWHFWLRQ RXW RI VHUYLFH VR WKDW GLVWDQFH PHD
VXUHPHQW LV QRW SRVVLEOH ,I WKLV KDSSHQV WKLV PRQL
WRULQJ PXVW HLWKHU EH PDGH LQHIIHFWLYH GXULQJ WKH WHVW
E\ VZLWFKLQJ LW 2)) XQGHU $GGUHVV RU LW PXVW
EH HQVXUHG WKDW GXULQJ DOO WHVWV ZLWKRXW HDUWK FXUUHQW
GHWHFWLRQ QR UHVLGXDO YROWDJH RFFXUV
&*&
127( 7KH DFFXUDF\ ZKLFK FDQ EH DFKLHYHG GXULQJ $IWHU WHVWV ZKLFK FDXVH /(' LQGLFDWLRQV WR DSSHDU
WHVWLQJ GHSHQGV RQ WKH DFFXUDF\ RI WKH WHVWLQJ WKHVH VKRXOG EH UHVHW DW OHDVW RQFH E\ HDFK RI WKH
HTXLSPHQW 7KH DFFXUDF\ YDOXHV VSHFLILHG LQ WKH SRVVLEOH PHWKRGV WKH UHVHW EXWWRQ RQ WKH IURQW SODWH
7HFKQLFDO GDWD FDQ RQO\ EH UHSURGXFHG XQGHU WKH DQG YLD WKH UHPRWH UHVHW UHOD\ VHH FRQQHFWLRQ GLD
UHIHUHQFH FRQGLWLRQV VHW GRZQ LQ ,(& UHVS JUDPV $SSHQGL[ $ ,I WKH UHVHW IXQFWLRQV KDYH EHHQ
9'( SDUW DQG ZLWK WKH XVH RI SUHFLVLRQ WHVWHG UHVHWWLQJ WKH VWRUHG LQGLFDWLRQV LV QR PRUH
PHDVXULQJ LQVWUXPHQWV 7KH WHVWV DUH WKHUHIRUH WR EH QHFHVVDU\ DV WKH\ DUH HUDVHG DXWRPDWLFDOO\ ZLWK
ORRNHG XSRQ SXUHO\ DV IXQFWLRQDO WHVWV HDFK QHZ SLFNXS RI WKH UHOD\ DQG UHSODFHG E\ WKH
QHZ DQQXQFLDWLRQV
'XULQJ DOO WKH WHVWV LW LV LPSRUWDQW WR HQVXUH WKDW WKH
FRUUHFW FRPPDQG WULS FRQWDFWV FORVH WKDW WKH 127( :KHQ WKH UHOD\ LV FRQILJXUHG VXFK WKDW WKH
SURSHU LQGLFDWLRQV DSSHDU DW WKH /('V DQG WKH RXW SRVLWLRQ RI WKH DX[LOLDU\ FRQWDFW RI WKH FLUFXLW EUHDNHU
SXW UHOD\V IRU UHPRWH VLJQDOOLQJ ,I WKH UHOD\ LV FRQ LV SURFHVVHG LH WKH FRUUHVSRQGLQJ LQSXW LV PDU
QHFWHG WR D FHQWUDO PHPRU\ GHYLFH YLD WKH VHULDO LQ VKDOOHG WKH WULS FRPPDQG RI WKH UHOD\ LV PDLQWDLQHG
WHUIDFH FRUUHFW FRPPXQLFDWLRQ EHWZHHQ WKH UHOD\ DV ORQJ DV WKH FLUFXLW EUHDNHU LV VLJQDOOHG WR EH
DQG WKH PDVWHU VWDWLRQ PXVW EH FKHFNHG FORVHG %XW WKH WULS FRPPDQG LV GHHQHUJL]HG DIWHU
V SURYLGHG WKH IDXOW FXUUHQW LV VZLWFKHG RII
7HVWLQJ WKH RYHUFXUUHQW IDXOW GHWHFWLRQ VWDJH DQG HPHUJHQF\ RYHUFXUUHQW
WLPH SURWHFWLRQ
$SSO\ V\PPHWULFDO UDWHG YROWDJHV WR DOO WKUHH SKDVHV :KHQ IRU WHVW FXUUHQW SKDVHHDUWK WKH VHW YDOXH IRU
WR DYRLG LPPHGLDWH WULS DIWHU SLFNXS ,SK!! IDFWRU\ VHWWLQJ [ ,1 LV H[FHHGHG WKH
SLFNXS LQGLFDWLRQ IRU ,(! /(' DW IDFWRU\ VHWWLQJ
7HVWLQJ FDQ EH SHUIRUPHG ZLWK VLQJOHSKDVH WZR DQG SLFNXS LQGLFDWLRQ DSSHDUV IRU WKH WHVWHG SKDVH
SKDVH RU WKUHHSKDVH WHVW FXUUHQW ZLWKRXW GLIILFXO /(' IRU / RU /(' IRU / RU /(' IRU / DW IDFWRU\
WLHV VHWWLQJ :KHQ WHVWLQJ SKDVHSKDVH SLFNXS LQGL
FDWLRQ DSSHDUV IRU WKH DVVRFLDWHG SKDVHV
6HWWLQJ SDUDPHWHU ,SK!! DGGUHVV LV GHFLVLYH
IRU WKH SKDVH FXUUHQWV )RU VHWWLQJ YDOXHV XS WR )LQDO WLPHV DUH QRUPDOO\ WHVWHG DW [ VHWWLQJ YDOXH
[ ,1 WKH FXUUHQW FDQ EH LQFUHDVHG JUDGXDOO\ LQ DQ\ 'HSHQGHQW XSRQ SRODULW\ RI WKH YROWDJH GLUHFWLRQDO
SKDVH XQWLO WKH VWDJH SLFNV XS ILQDO WLPH 7 RU QRQGLUHFWLRQDO ILQDO WLPH 7 ZLOO DSSO\
DGGUHVV RU FRQVLGHU DOVR DGGUHVV
IRU GLUHFWLRQDO WULS ,W PXVW EH QRWHG WKDW WKH VHW
&DXWLRQ WLPHV DUH SXUH GHOD\ WLPHV RSHUDWLQJ WLPHV RI WKH

PHDVXUHPHQW IXQFWLRQV DUH QRW LQFOXGHG
7HVW FXUUHQWV ODUJHU WKDQ WLPHV ,1 PD\
RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG
3XW YROWDJH WUDQVIRUPHU PFE LQ WULSSHG SRVLWLRQ
FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU
RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ 5HSHDW WLPH PHDVXUHPHQW IRU RQH SKDVH 1RZ WKH
GRZQ SHULRG GHOD\ WLPH IRU HPHUJHQF\ EDFNXS RSHUDWLRQ LV
DSSOLFDEOH 7,! DGGUHVV 7,!! DGGUHVV
7,(! DGGUHVV $ SUHUHTXLVLWH LV WKDW
)RU WHVWV FXUUHQWV DERYH [ ,1 PHDVXUHPHQW VKDOO EH WKH IXQFWLRQ (0(5* 2& (;,67 LV VHOHFWHG XQGHU
SHUIRUPHG G\QDPLFDOO\ ,W VKRXOG EH HQVXUHG WKDW DGGUHVV LQ WKH VFRSH RI IXQFWLRQV 6HFWLRQ
WKH UHOD\ SLFNV XS DW WLPHV VHWWLQJ YDOXH DQG GRHV DQG WKLV IXQFWLRQ LV VZLWFKHG 21 XQGHU DG
QRW SLFN XS DW WLPHV VHWWLQJ YDOXH 7KH UHVHW YDOXH GUHVV
VKRXOG OLH DW RI WKH SLFNXS YDOXH
&*&
7HVWLQJ WKH YROWDJH FRQWUROOHG IDXOW GHWHFWLRQ 8, LI ILWWHG
&ORVH YROWDJH WUDQVIRUPHU PFE 6ORZO\ GHFUHDVH YROWDJH XQWLO WKH IDXOW GHWHFWRU SLFNV
XS
7HVWLQJ FDQ EH SHUIRUPHG ZLWK VLQJOHSKDVH WZR - :KHQ WKH WHVW YROWDJH JRHV EHORZ WKH VHW YDOXH RI
SKDVH RU WKUHHSKDVH WHVW FXUUHQW ZLWKRXW GLIILFXO DGGUHVV 9 DW GHOLYHU\ SLFNXS DQ
WLHV QXQFLDWLRQ RFFXUV IRU WKH DVVRFLDWHG SKDVH
k'LVW)OW /l DQG /(' DW GHOLYHU\ IRU
6HW WHVW YROWDJH WR 9 SKDVH / IRU D GLIIHUHQW SKDVH DFFRUGLQJO\
k'LVW)OW /l DQG /(' IRU /
6ORZO\ LQFUHDVH WHVW FXUUHQW RI RQH SKDVH XQWLO WKH k'LVW)OW /l DQG /(' IRU /
IDXOW GHWHFWRU SLFNV XS
,I YROWDJH FRQWURO LV FDUULHG RXW ZLWK 8SKSK VHW WHVW
- :KHQ WKH WHVW FXUUHQW H[FHHGV WKH VHWWLQJ YDOXH YROWDJH RI WKH WHVWHG ORRS WR DSSUR[LPDWHO\ WKH UDWHG
DGGUHVV WLPHV ,1 ZKHQ GHOLYHUHG SLFN YROWDJH VHW WHVW FXUUHQW RI ERWK WKH SKDVHV WR WZLFH
XS DQQXQFLDWLRQ RFFXUV IRU WKH DVVRFLDWHG WKH VHWWLQJ YDOXH ,SK! DGGUHVV SKDVH UHOD
SKDVHV WLRQVKLS RI WHVW YROWDJH DQG WHVW FXUUHQW LV LUUHOHYDQW
k'LVW)OW /l DQG /(' ZKHQ GHOLYHUHG IRU 7KH SKDVHWRSKDVH YROWDJH LV GHFLVLYH IRU SLFNXS
SKDVH / IRU D GLIIHUHQW SKDVH DFFRUGLQJO\
/(' IRU / /(' IRU / 6ORZO\ GHFUHDVH YROWDJH XQWLO WKH IDXOW GHWHFWRU SLFNV
6ZLWFK RII WHVW FXUUHQW XS
- :KHQ WKH WHVW YROWDJH JHWV VPDOOHU WKDQ WKH VHW
7KH YROWDJH GHSHQGHQW EUDQFK RI WKH SLFNXS FKDU YDOXH RI DGGUHVV 9 DW GHOLYHU\
DFWHULVWLF LV VKRZQ LQ )LJXUH :KHQ GHOLYHUHG WKH SLFNXS DQQXQFLDWLRQ RFFXUV IRU ERWK WKH DVVR
VORSH RI WKH YROWDJH GHSHQGHQW EUDQFK LV FLDWHG SKDVHV
k'LVW)OW/l DQG /(' DQG /(' DW GHOLY
HU\ IRU SKDVH ORRS // IRU D GLIIHUHQW ORRS DF
89 FRUGLQJO\ k'LVW)OW/l DQG /(' DQG
/(' IRU SKDVH ORRS // k'LVW)OW/l
DQG /(' DQG /(' IRU SKDVH ORRS //

7KH SURFHGXUH GHVFULEHG DERYH LV YDOLG IRU WKH SUH
8,!! VHW YDOXHV RI 8SKH,!! DGGUHVV 8SKH,!
DGGUHVV 8SKSK,!! DGGUHVV DQG
8SKSK,! DGGUHVV ,Q WKLV FDVH WKH VORSH RI
8,!
WKH YROWDJH GHSHQGHQW EUDQFK RI WKH SLFNXS FKDUDF
WHULVWLF LV LH 8SKH,!! 8SKH,! DQG
8SKSK,!! 8SKSK,!

,I WKH YROWDJH GHSHQGHQW EUDQFK LV LQFOLQHG WKH H[
SHFWHG SLFNXS YDOXH RI WKH YROWDJH FDQ EH FDOFX
ODWHG DFFRUGLQJ WKH IROORZLQJ IRUPXOD SURYLGHG WKH
WHVW FXUUHQW LV WLPHV WKH VHWWLQJ YDOXH RI ,SK!

,SK! ,SK!! 3LFNXS YDOXH 8

,SK!

8,! > 8,!! 8,! @ ô
,,1 ,SK!! ,SK!
)LJXUH 9ROWDJH FRQWUROOHG IDXOW GHWHFWLRQ 8,
FKDUDFWHULVWLF ZKHUH
8,! LV WKH VHWWLQJ YDOXH 8SKH,! DGGUHVV

,I YROWDJH FRQWURO LV FDUULHG RXW ZLWK 8SK( VHW WHVW ZLWK 8SKH FRQWURO EXW 8SKSK,! DGGUHVV
YROWDJH RI WKH WHVWHG SKDVH WR DSSUR[LPDWHO\ WKH ZLWK 8SKSK FRQWURO
UDWHG SKDVHWRHDUWK YROWDJH VHW WHVW FXUUHQW RI WKH
VDPH SKDVH WR WZLFH WKH VHWWLQJ YDOXH ,SK! DGGUHVV 8,!! LV WKH VHWWLQJ YDOXH 8SKH,!! DGGUHVV
7KH SKDVHWRHDUWK YROWDJH LV GHFLVLYH IRU ZLWK 8SKH FRQWURO EXW 8SKSK,!! DGGUHVV
SLFNXS ZLWK 8SKSK FRQWURO
&*&
7HVWLQJ WKH LPSHGDQFH IDXOW GHWHFWLRQ LI ILWWHG
&ORVH YROWDJH WUDQVIRUPHU PFE 'HWHUPLQH WKH WKUHVKROG SRLQW E\ VORZ UHGXFWLRQ RI
WKH YROWDJH &KHFN LQGLFDWRUV DQG RXWSXWV 6LQFH WKH
$OZD\V DSSO\ WKUHHSKDVH WHVW YROWDJH HQVXUH IDXOW GHWHFWLRQ SRO\JRQ LV PDGH XS RI VWUDLJKW OLQHV
FORFNZLVH SKDVH URWDWLRQ )LJXUH GLIIHUHQW IRUPXODH PXVW EH XVHG IRU WKH
WKUHVKROG YROWDJHV GHSHQGHQW XSRQ WKH LQWHUVHF
)HHG D WHVW FXUUHQW ,3 [ ,1 LQWR WKH ORRS XQGHU WHVW WLRQV RI WKHVH OLQHV 7KH JHQHUDO IRUPXODH DUH
,I WKH WHVW YROWDJH ZRXOG H[FHHG UDWHG YROWDJH ZKHQ
WKH WKUHVKROG LV UHDFKHG UHGXFH WHVW FXUUHQW EXW )RU WKH UHDFWDQFH LQWHUVHFWLRQV ;UHDFK
RQO\ VR IDU WKDW RSHUDWLRQ RI PLQLPXP FXUUHQW GHWHF
WLRQ ,SK! DGGUHVV LV JXDUDQWHHG 7KH WHVW 839 .; ; $ ,3,1
FXUUHQW PXVW EH NHSW FRQVWDQW GXULQJ D WHVW
)RU WKH UHVLVWDQFH LQWHUVHFWLRQV 5OLPLWDWLRQ
839 .5 5$ ,3,1
; 9DOLGLW\ UDQJH .; ZKHUH ,3 WHVW FXUUHQW

9DOLGLW\ ,1 UDWHG FXUUHQW RI UHOD\
UDQJH .5 ;$
83 WHVW YROWDJH DW WKUHVKROG
; $ VHWWLQJ YDOXH ;$ IRU ;D[LV SRVL
WLYH RU VHWWLQJ YDOXH ;$ IRU ;D[LV
83 QHJDWLYH
5$ VHWWLQJ YDOXH 5$ RU 5$( IRU 5D[LV
SRVLWLYH IRU 5D[LV QHJDWLYH

.; IDFWRU IRU ; LQWHUVHFWLRQ DFFRUGLQJ
7DEOH
.5 IDFWRU IRU 5 LQWHUVHFWLRQ DFFRUGLQJ
7DEOH
3 ,3
5$ 5$( 5 )RU SKDVHWRHDUWK WHVWLQJ WKH WHVW FXUUHQW LV DSSOLHG
WR RQH SKDVH DQG WKH HDUWK FXUUHQW SDWK 7HVW YROWDJH
LV WKH SKDVHWRHDUWK YROWDJH
)RU WHVWLQJ SKDVHWRSKDVH WKH FXUUHQW PXVW IORZ

WKURXJK WKH WHVWHG SKDVHV LQ RSSRVLWH GLUHFWLRQV
7HVW YROWDJH LV WKH SKDVHWRSKDVH YROWDJH ,W LV HV
9DOLGLW\ VHQWLDO WR HQVXUH DEVROXWH V\PPHWU\ RI WKH WZR
UDQJH .5
SKDVH YROWDJHV RWKHUZLVH HUURU ZLOO RFFXU
;$
)RU WKUHHSKDVH WHVWLQJ LW LV UHDVRQDEOH WR PHDVXUH
9DOLGLW\ UDQJH .; RQH SKDVHWRHDUWK YROWDJH DQG WKH DVVRFLDWHG
SKDVH FXUUHQW
)LJXUH ,PSHGDQFH IDXOW GHWHFWLRQ FKDUDFWHU
LVWLF )RU WKH IDFWRU\ VHW YDOXHV DQG ,3,1 WKH UHVXOWDQW
YROWDJHV ZLOO EH DV 7DEOH
R R R R R
ZLWK IDXOW W\SH 3 3 3 3
SKDVH 83 9 83 9 83 9 83 9
SKDVH 83 9 83 9 83 9 83 9
SKDVH 83 9 83 9 83 9 83 9
7DEOH 7HVW YROWDJHV 83 ZLWK WHVW FXUUHQW ,3 k ,1 DQG SUHVHWWLQJ
&*&
.; .5
ZLWK IDXOW W\SH
3 EE JHQHUDO 3 EE JHQHUDO
SKDVH
VLQ 3 FRV 3

SKDVH FRV 3
VLQ 3
; (; / 5 (5 /
SKDVH ;( ;/ 5( 5/
VLQ 3 FRV 3
7DEOH 7HVW IDFWRUV .; DQG .5 IRU LQGLYLGXDO VHWWLQJV
,I GLIIHUHQW YDOXHV KDYH EHHQ VHW IRU 5$ DGGUHVV 7HVWLQJ WKH GLVWDQFH ]RQHV
DQG 5$ DGGUHVV WKHQ 5$ LV YDOLG IRU
SKDVH DQJOHV EHWZHHQ 3+, $ DQG 3+, $ DG $OZD\V DSSO\ WKUHHSKDVH WHVW YROWDJH HQVXUH
GUHVV DQG EHWZHHQ WKH FRPSOHPHQW DQJOHV FORFNZLVH SKDVH URWDWLRQ .HHS WKH YROWDJHV LQ WKH
3+, $ DQG 3+, $ )RU RWKHU SKDVH XQWHVWHG SKDVHV DW DSSUR[LPDWHO\ UDWHG YDOXH
DQJOHV VHWWLQJ YDOXH 5$ LV GHFLVLYH
)HHG D WHVW FXUUHQW ,3 ,1 LQWR WKH ORRS XQGHU WHVW
,I GLIIHUHQW YDOXHV KDYH EHHQ VHW IRU 5$( DGGUHVV ,I WKH WHVW YROWDJH ZRXOG H[FHHG UDWHG YROWDJH ZKHQ
DQG 5$( DGGUHVV WKHQ 5$( LV YDOLG WKH WKUHVKROG LV UHDFKHG UHGXFH WHVW FXUUHQW EXW
IRU SKDVH DQJOHV EHWZHHQ 3+, $( DQG 3+, $( RQO\ VR IDU WKDW RSHUDWLRQ RI WKH RYHUFXUUHQW GHWHF
DGGUHVV DQG EHWZHHQ WKH FRPSOHPHQW WLRQ DGGUHVV RU RI WKH PLQLPXP FXUUHQW GH
DQJOHV 3+, $( DQG 3+, $( )RU GLI WHFWLRQ ,SK! LV JXDUDQWHHG DGGUHVV RU
IHUHQW SKDVH DQJOHV VHWWLQJ YDOXH 5$( LV GHFLVLYH 7KH WHVW FXUUHQW PXVW EH NHSW FRQVWDQW GXULQJ D WHVW
7DEOH JLYHV WKH IDFWRUV .; DQG .5 IRU \RXU RZQ
VHWWLQJV IRU WHVW DQJOHV 3 DQG DQG WKH
JHQHUDOO\ DSSOLFDEOH IRUPXODH
M;
; 9DOLGLW\ UDQJH . ;
83
9DOLGLW\ UDQJH . 5
E
3
,3 5 5(
5
E
)LJXUH 'LVWDQFH ]RQH FKDUDFWHULVWLFV
&*&
'HWHUPLQH WKH WKUHVKROG SRLQW E\ VORZ UHGXFWLRQ RI

WKH YROWDJH &KHFN LQGLFDWRUV DQG RXWSXWV 6LQFH WKH =RQH = 3 3
WULSSLQJ SRO\JRQ LV PDGH XS RI VWUDLJKW OLQHV )LJXUH
GLIIHUHQW IRUPXODH PXVW EH XVHG IRU WKH WKUHVK SKDVH 83 9 83 9
ROG YROWDJHV GHSHQGHQW XSRQ WKH LQWHUVHFWLRQ RI SKDVH 83 9 83 9
WKHVH OLQHV 7KH JHQHUDO IRUPXODH DUH SKDVH 83 9 83 9
)RU WKH UHDFWDQFH LQWHUVHFWLRQV ;UHDFK

7DEOH 7HVW YROWDJHV 83 IRU ]RQH = DW ,3
839 .; ;=RQH ,3,1 k ,1 DQG SUHVHWWLQJ
)RU WKH UHVLVWDQFH LQWHUVHFWLRQV 5OLPLWDWLRQ

839 .5 5=RQH ,3,1
=RQH = 3 3
ZKHUH ,3 WHVW FXUUHQW
,1 UDWHG FXUUHQW RI UHOD\
SKDVH 83 9 83 9
83 WHVW YROWDJH DW WKUHVKROG
;=RQH VHWWLQJ YDOXH ; RI WKH GLVWDQFH ]RQH SKDVH 83 9 83 9
WR EH FKHFNHG SKDVH 83 9 83 9
5=RQH VHWWLQJ YDOXH 5 RU 5( RI WKH GLVWDQFH
]RQH WR EH FKHFNHG 7DEOH 7HVW YROWDJHV 83 IRU ]RQH = DW ,3
.; IDFWRU IRU ; LQWHUVHFWLRQ DFFRUGLQJ k ,1 DQG SUHVHWWLQJ
7DEOH
.5 IDFWRU IRU 5 LQWHUVHFWLRQ DFFRUGLQJ
7DEOH
2YHUUHDFK ]RQH =% FDQ RQO\ EH FKHFNHG XQGHU
)RU SKDVHWRHDUWK WHVWLQJ WKH WKH WHVW FXUUHQW LV VWHDG\VWDWH FRQGLWLRQV ZKHQ DQ LQSXW UHOD\ KDV
DSSOLHG WR RQH SKDVH DQG WKH HDUWK FXUUHQW SDWK EHHQ DOORFDWHG WR WKH LQSXW IXQFWLRQ k([WHQV
7HVW YROWDJH LV WKH SKDVHWRHDUWK YROWDJH =%l DQG LV HQHUJL]HG )1R QRW DOORFDWHG DW
GHOLYHU\
)RU WHVWLQJ SKDVHWRSKDVH WKH WHVW FXUUHQW PXVW
IORZ WKURXJK WKH WHVWHG SKDVHV LQ RSSRVLWH GLUHF
WLRQV 7HVW YROWDJH LV WKH SKDVHWRSKDVH YROWDJH ,W LV =RQH =% 3 3
HVVHQWLDO WR HQVXUH DEVROXWH V\PPHWU\ RI WKH WZR
SKDVH YROWDJHV RWKHUZLVH HUURU ZLOO RFFXU SKDVH 83 9 83 9
SKDVH 83 9 83 9
)RU WKUHHSKDVH WHVWLQJ LW LV UHDVRQDEOH WR PHDVXUH SKDVH 83 9 83 9
RQH SKDVHWRHDUWK YROWDJH DQG WKH DVVRFLDWHG
SKDVH FXUUHQW
7DEOH 7HVW YROWDJHV 83 IRU ]RQH =% DW ,3 k ,1
)RU WKH IDFWRU\ VHW YDOXHV DQG ,3,1 WKH UHVXOWDQW DQG SUHVHWWLQJ
YROWDJHV ZLOO EH DV 7DEOHV WR
2YHUUHDFK ]RQH =/ FDQ RQO\ EH FKHFNHG XQGHU
7DEOH JLYHV WKH IDFWRUV .; DQG .5 IRU \RXU RZQ VWHDG\VWDWH FRQGLWLRQV ZKHQ DQ LQSXW UHOD\ KDV
VHWWLQJV IRU WHVW DQJOHV 3 E DQG E DQG WKH EHHQ DOORFDWHG WR WKH LQSXW IXQFWLRQ k!([WHQV
JHQHUDOO\ DSSOLFDEOH IRUPXODH =/l DQG LV HQHUJL]HG )1R QRW DOORFDWHG DW
GHOLYHU\
=RQH = =RQH =/ 3 3

3 3
SKDVH 83 9 83 9 SKDVH 83 9 83 9
SKDVH 83 9 83 9 SKDVH 83 9 83 9
SKDVH 83 9 83 9 SKDVH 83 9 83 9
7DEOH 7HVW YROWDJHV 83 IRU ]RQH = DW ,3 7DEOH 7HVW YROWDJHV 83 IRU ]RQH =/ DW ,3
k ,1 DQG SUHVHWWLQJ k ,1 DQG SUHVHWWLQJ
&*&
7HVWLQJ WKH JUDGLQJ WLPHV
)RU HDFK WLPH VWDJH DW OHDVW RQH DGGLWLRQDO G\QDPLF :KHQ PHDVXULQJ WKH UHVSRQVH WLPHV GR QRW IRUJHW
WHVW VKRXOG EH PDGH WR FKHFN WKH FRUUHFW VLJQDOOLQJ WKDW WKH SURJUDPPHG YDOXHV DUH GHOD\ WLPHV 7KH LQ
RI WKH WLPH VWDJHV )RU WKLV SXUSRVH D VKRUW FLUFXLW KHUHQW PHDVXUHPHQW DQG WULS WLPH RI WKH UHOD\ LV DG
DSSUR[LPDWHO\ LQ WKH PLGGOH RI WZR ]RQHV ZRXOG EH GLWLRQDO
VLPXODWHG
7HVWLQJ WKH VLJQDO WUDQVPLVVLRQ IXQFWLRQV
:KHQ SURJUDPPLQJ WKH VFRSH RI WKH IXQFWLRQV RI WKH 3HUPLVVLYH RYHUUHDFK SURFHGXUHV
UHOD\ 6HFWLRQ LW LV GHFLGHG ZKHWKHU WKH GLV
WDQFH SURWHFWLRQ RSHUDWHV ZLWK LQWHUWULS IDFLOLW\ RU 7KH WUDQVPLVVLRQ VLJQDO LV FKHFNHG E\ VLPXODWLRQ RI
FRPSDULVRQ SURWHFWLRQ RU LI QR WHOHSURWHFWLRQ ZLOO EH D VKRUW FLUFXLW LQ WKH DSSOLFDEOH ]RQH
XVHG DGGUHVV :KHQ XVLQJ D WHOHSURWHFWLRQ
IHDWXUH WUDQVPLVVLRQ DQG UHFHLYHU FLUFXLWV PXVW EH :LWK WKH UHOHDVH SURFHGXUHV 3277 02'( =%
FKHFNHG 6LQFH FRUUHFW IXQFWLRQ RI WKH RYHUUHDFKLQJ 5(/($6( RU =% 81%/2&. DGGUHVV D
]RQH LV D SUHUHTXLVLWH WKH DXWRUHFORVH IXQFWLRQ VKRUW FLUFXLW LV VLPXODWHG LQ =%
DV IDU DV ILWWHG VKRXOG EH VZLWFKHG RII DGGUHVV
&RPPXQLFDWLRQ EHWZHHQ WKH GHYLFHV DQG WKH ZLWK 3277 02'( )' ',5(& 5(/($6( RU )'
FDUULHU FKDQQHO ZLOO EH FKHFNHG GXULQJ FRPPLVVLRQ 81%/2&. IDXOW GHWHFWLRQ LQ WKH IRUZDUG GLUHFWLRQ
LQJ ZLWK SULPDU\ YDOXHV VHH 6HFWLRQ LV VLPXODWHG
ZLWK WKH EORFNLQJ SURFHGXUH 3277 02'( =%

%/2&.,1* RU 3,/27 :,5( &203 D VKRUW FLUFXLW LQ
WKH UHYHUVH GLUHFWLRQ LV VLPXODWHG
3HUPLVVLYH XQGHUUHDFK SURFHGXUHV
,Q DOO WKHVH FDVHV WKH WUDQVPLWWLQJ UHOD\ FORVHV LWV
6LPXODWH D VKRUW FLUFXLW LQ ]RQH = )RU WKH GXUDWLRQ ZRUNLQJ FRQWDFW
RI WKH FRPPDQG UHVSHFWLYHO\ H[WHQGHG E\ WUDQV
PLVVLRQ VLJQDO SURORQJDWLRQ 76(1' 35/ DG 6LPLODUO\ WR FKHFN WKH UHFHLYHU FLUFXLW D VKRUW FLUFXLW
GUHVV WKH WUDQVPLVVLRQ VLJQDO DSSHDUV LV VLPXODWHG DQG VLPXOWDQHRXVO\ DQ H[WHUQDO ELQDU\
LQSXW k!'LV 5HFHSWl )1R LV HQHUJL]HG DV
:LWK SHUPLVVLYH XQGHUUHDFK WUDQVIHU WULS LQ ]RQH =% IROORZV
DGGUHVV 3877 02'( =% $&&(/(5$
7,21 VLPXODWH D VKRUW FLUFXLW LQ =% EXW EH\RQG = ZLWK 3277 02'( =% 5(/($6( RU =% 81
7ULSSLQJ UHVXOWV LPPHGLDWHO\ WKH UHFHLYHG VLJQDO %/2&. DGGUHVV D VKRUW FLUFXLW LQ =% EXW
k!'LV 5HFHSWl )1R DSSHDUV UHVSHFWLYH EH\RQG = LPPHGLDWH WULS UHVXOWV UHVSHFWLYHO\
O\ LQ 7% RU ZLWKRXW UHFHLYHG VLJQDO ILUVW LQ D 7%
GHOD\HG VWDJH
ZLWK 3277 02'( )' ',5(& 5(/($6( RU )'
)RU WKH FRQGLWLRQ SHUPLVVLYH XQGHUUHDFK WUDQVIHU 81%/2&. ZLWKLQ WKH IDXOW GHWHFWLRQ ]RQH EH\RQG
WULS E\ IDXOW GHWHFWLRQ DGGUHVV )' $&&(/ =% LPPHGLDWH WULS UHVXOWV
(5$7,21 WKH UHOD\ PXVW WULS LPPHGLDWHO\ XSRQ UH
FHLSW RI WKH VLJQDO k!'LV 5HFHSWl )1R DV ZLWK 3277 02'( =% %/2&. RU 3,/27 :,5(
ORQJ DV LW KDV DOUHDG\ SLFNHG XS &203 RU 5(9(56( ,17(5/2&. ZLWKLQ =% EXW
EH\RQG = WULSSLQJ FDQ RQO\ RFFXU LQ D KLJKHU
VWDJH
&*&
7HVWLQJ WKH XVHU GHILQDEOH ORJLF IXQFWLRQV
7KH RSHUDWLRQ RI WKH XVHU GHILQDEOH ORJLF IXQFWLRQV LV :KHQ PHDVXULQJ WKH GHOD\ WLPHV LW PXVW EH QRWHG
ZLGHO\ GHSHQGHQW RI WKH DSSOLFDWLRQ 7KH LQSXW FRQ WKDW WKH VHW WLPH SLFNXS DQGRU GURSRII GHOD\V GR
GLWLRQ KDYH WR EH SURGXFHG LQ DFFRUGDQFH ZLWK WKH QRW LQFOXGH WKH LQKHUHQW WLPH RI WKH LQSXW DQG RXWSXW
LQWHQGHG IXQFWLRQ DQG WKH RXWSXW FRQGLWLRQV PXVW PRGXOHV WKHVH DUH DGGLWLRQDO
EH FKHFNHG
7HVWLQJ WKH WKHUPDO RYHUORDG SURWHFWLRQ IXQFWLRQ
7KH RYHUORDG IXQFWLRQ FDQ RQO\ EH WHVWHG LI LW KDV 7R FKHFN WKH WLPH FRQVWDQW WKH FXUUHQW LQSXW LV VLP
EHHQ FRQILJXUHG DV 7+(50$/ 2/ (;,67 DGGUHVV SO\ VXEMHFWHG WR [ WKH SLFNXS YDOXH L H
UHIHU 6HFWLRQ DQG SDUDPHWHUL]HG DV RS
HUDWLYH XQGHU DGGUHVV [ N [ ,1
7KH EDVLV FXUUHQW IRU WKH GHWHFWLRQ RI RYHUORDG LV DO 7ULSSLQJ ZLOO WKHQ EH LQLWLDWHG DIWHU D WLPH LQWHUYDO
ZD\V WKH UDWHG FXUUHQW RI WKH GHYLFH 2YHUORDG GDWD ZKLFK FRUUHVSRQGV WR KDOI WKH WLPH FRQVWDQW
DUH FDOFXODWHG IRU HDFK LQGLYLGXDO SKDVH ,I WKH WHVWV
DUH SHUIRUPHG ZLWK WKUHHSKDVH FXUUHQWV QR IXUWKHU ,W LV DOVR SRVVLEOH WR FKHFN WKH WULS FKDUDFWHULVWLF )LJ
FRQGLWLRQV DUH WR EH FRQVLGHUHG :KHQ WHVWLQJ ZLWK D XUH ,W PXVW EH QRWHG WKDW EHIRUH HDFK PHDVXUH
VLQJOHSKDVH FXUUHQW LW PXVW EH QRWHG WKDW WKH DYHU PHQW WKH WHPSHUDWXUH ULVH PXVW EH UHGXFHG WR ]HUR
DJH YDOXH GLIIHUV IURP WKH H[SHFWHG UHVXOW ZKHQ 7KLV FDQ EH DFKLHYHG E\ HLWKHU GHDFWLYDWLQJ DQG UH
3PHDQ KDV EHHQ VHW IRU WKH RSHUDWLRQ PRGH XQGHU DFWLYDWLQJ WKH RYHUORDG IXQFWLRQ DGGUHVV RU
DGGUHVV UHIHU WR 6HFWLRQ E\ REVHUYLQJ D FXUUHQW IUHH SHULRG RI DW OHDVW [ U
:KHQ DSSO\LQJ D WHVW FXUUHQW

&DXWLRQ
N k ,1
RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG
WULSSLQJ PXVW QRW RFFXU $IWHU DQ DSSURSULDWH WLPH FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU
DSSUR[LPDWHO\ [ U D VWHDG\VWDWH WHPSHUDWXUH ULVH RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ
DFFRUGLQJ WR WKH IROORZLQJ UHODWLRQVKLS LV HVWDE GRZQ SHULRG
OLVKHG
3
,I WHVWLQJ ZLWK SUHORDG LV SHUIRUPHG WKHQ LW PXVW EH
3 N
WULS

HQVXUHG WKDW D FRQGLWLRQ RI WKHUPDO HTXLOLEULXP KDV
EHHQ HVWDEOLVKHG EHIRUH WLPH PHDVXUHPHQW FRP
7KLV YDOXH FDQ EH UHDG RXW LQ DGGUHVV EORFN IRU PHQFHV 7KLV LV WKH FDVH ZKHQ WKH SUHORDG KDV
HDFK SKDVH EHHQ DSSOLHG FRQVWDQWO\ IRU D SHULRG RI DW OHDVW [ U
7HVWLQJ WKH HDUWK IDXOW GHWHFWLRQ IXQFWLRQ IRU QRQHDUWKHG V\VWHPV LI ILWWHG
7HVWLQJ RI WKH HDUWK IDXOW SURWHFWLRQ LV QRW FRPSOHWHO\ DQG SRODULW\ RI WKH PHDVXULQJ WUDQVIRUPHU FRQQHF
SRVVLEOH ZLWK FRQYHQWLRQDO WHVW VHWV VLQFH WKH VLPX WLRQV HVVHQWLDO IRU SURSHU HDUWK IDXOW GHWHFWLRQ FDQ
ODWLRQ RI DQ HDUWK IDXOW UHTXLUHV D FRPSOHWH GLVSODFH RQO\ EH WHVWHG ZKHQ SULPDU\ ORDG FXUUHQW LV DYDLODEOH
PHQW RI WKH YROWDJH WULDQJOH 7KH FRUUHFW UHODWLRQVKLS GXULQJ FRPPLVVLRQLQJ VHH 6HFWLRQ
&*&
7HVWLQJ WKH KLJKUHVLVWDQFH HDUWK IDXOW SURWHFWLRQ IRU HDUWKHG V\VWHPV LI
ILWWHG
7KLV SURWHFWLYH IXQFWLRQ LI ILWWHG FDQ EH SUR 7R WHVW WKH GLUHFWLRQDO VWDJH D UHVLGXDO YROWDJH LV QHF
JUDPPHG DV GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ ZLWK RU HVVDU\ ,I DGGUHVV LV VHW DV 8[ &211(&7
ZLWKRXW GLUHFWLRQDO FRPSDULVRQ DQG ZLWK QRQGLUHF 8GHOWD 75$16)250 WKH YROWDJH IURP WKH UHVLGXDO
WLRQDO EDFNXS RU DV QRQGLUHFWLRQDO LQYHUVH WLPH YROWDJH ZLQGLQJ LV DSSOLHG WR WKH PHDVXUHG YDOXH LQ
RYHUFXUUHQW DGGUHVV VHH 6HFWLRQ SXW RU D VLQJOHSKDVH YROWDJH LV DSSOLHG WR WKH SKDVH
LQWR ZKLFK WKH FXUUHQW LV IHG ,W PXVW EH UHPHPEHUHG
%HIRUH WHVWLQJ WKH HDUWK IDXOW SURWHFWLRQ WKH GLVWDQFH WKDW FXUUHQW DQG YROWDJH LQ WKDW VDPH SKDVH PXVW EH
SURWHFWLRQ VKDOO EH VZLWFKHG RII DGGUHVV ',67 LQ SKDVH RSSRVLWLRQ VR WKDW WKH UHOD\ WULSV LQ WKH kIRU
3527 2)) VR WKDW LW ZLOO QRW SLFN XS SLFNXS RI ZDUGVl GLUHFWLRQ DQQXQFLDWLRQ k() 7!l )1R
WKH GLVWDQFH SURWHFWLRQ EORFNV WKH HDUWK IDXOW SURWHF QRW DOORFDWHG LQ WKH IDFWRU\ VHWWLQJ
WLRQ
,I GLUHFWLRQDO FRPSDULVRQ LV DOVR FDUULHG RXW WKH
,I WKH GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ GHILQLWH WLPH WUDQVPLVVLRQ FLUFXLW FDQ EH VLPXOWDQHRXVO\
RYHUFXUUHQW LV VHOHFWHG WKHQ ILUVWO\ LWV QRQGLUHF FKHFNHG WUDQVPLWWLQJ UHOD\ k() 6HQGl )1R
WLRQDO EDFNXS VWDJH LV FKHFNHG E\ VORZO\ UDLVLQJ WKH QRW DOORFDWHG LQ IDFWRU\ VHWWLQJ
HDUWK FXUUHQW LI WKH HDUWK FXUUHQW SDWK RI WKH UHOD\ LV
QRW FRQQHFWHG WR WKH VWDU SRLQW RI WKH FXUUHQW WUDQV 7R FKHFN WKH UHFHLYHU FLUFXLW D VLQJOHSKDVH IDXOW LQ
IRUPHU VHW EXW LV FRQQHFWHG VR WKDW LW ZRXOG GHWHFW WKH IRUZDUGV GLUHFWLRQ LV VLPLODUO\ VLPXODWHG VLPXOWD
WKH HDUWK IDXOW FXUUHQW LQ D SDUDOOHO OLQH DGGUHVV QHRXVO\ ZLWK H[WHUQDO LQSXW RI WKH ELQDU\ VLJQDO k!(
,H&7 3$5$//(/ /,1( WKHQ RQH SKDVH FXUUHQW LV ) 5HFHSWl )1R LV DSSOLHG
UDLVHG
)RU QRQGLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ RQH ZRUN
&DXWLRQ LQJ SRLQW RQ WKH LQYHUVH WLPH FKDUDFWHULVWLF VHH )LJ
XUH LV FKHFNHG QRUPDOO\ DW WLPHV WKH VHW YDOXH
RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG ,H! DGGUHVV 3LFNXS LQGLFDWLRQ k() )OW
FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU ,H!l )1R DW DSSUR[LPDWHO\ WLPHV VHW
RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ YDOXH QRW DOORFDWHG LQ WKH IDFWRU\ VHWWLQJ WULS DIWHU
GRZQ SHULRG WLPH GHOD\ H[SLU\ k() 7ULSl )1R DOORFDWHG
LQ WKH IDFWRU\ VHWWLQJ WR WKH WKUHH WULSSLQJ UHOD\V
$IWHU SDVVLQJ WKH YDOXH RI WKH VHW YDOXH ,H! DG
GUHVV WKH DQQXQFLDWLRQ k() )OW,H!l &DXWLRQ
DSSHDUV )1R QRW DOORFDWHG LQ WKH IDFWRU\ VHW
WLQJ DQG DIWHU SDVVLQJ WKH VHW YDOXH WKH DQQXQFL 7HVW FXUUHQWV ODUJHU WKDQ WLPHV ,1 PD\
DWLRQ k() )OW ,H!l )1R QRW DOORFDWHG RYHUORDG DQG GDPDJH WKH UHOD\ LI DSSOLHG
LQ WKH IDFWRU\ VHWWLQJ FRQWLQXRXVO\ UHIHU WR 6HFWLRQ IRU
RYHUORDG FDSDELOLW\ 2EVHUYH D FRROLQJ
$IWHU H[SLU\ RI WKH WLPH 7121',5 DGGUHVV GRZQ SHULRG
WKH DQQXQFLDWLRQ k() 7!l )1R QRW DOOR
FDWHG LQ WKH IDFWRU\ VHWWLQJ DQG WULS k() 7ULSl 6ZLWFK GLVWDQFH SURWHFWLRQ RQ DGGUHVV
)1R DSSHDU ',673527 21
7HVWLQJ WKH LQWHUQDO DXWRUHFORVH IXQFWLRQV LI ILWWHG
7KH LQWHUQDO $5 IXQFWLRQ FDQ EH GHSHQGLQJ RQ WKH 7R FKHFN WKH FRQWURO RI WKH RYHUUHDFK ]RQH SURSHUO\
RUGHUHG PRGHO SURJUDPPHG WR VLQJOHSROH WKH WHOHSURWHFWLRQ IXQFWLRQ VKRXOG EH VZLWFKHG WR
WKUHHSROH RU VLQJOHWKUHHSROH $5 DGGUHVV 3877 2)) DGGUHVV RU 3277 2)) DG
SURYLGHG LW LV FRQILJXUHG XQGHU DGGUHVV DV ,1 GUHVV DQG DGGUHVV PXVW EH VHW $5 ZR
7(51$/ $5 (;,67 UHIHU WR 6HFWLRQ DQG 7(/( <(6
VZLWFKHG WR $5 )81&7 21 $GGUHVV
&*&
7KH ELQDU\ LQSXW kFLUFXLW EUHDNHU UHDG\l PXVW EH VLP 'HSHQGLQJ RI WKH VHOHFWHG $5 SURJUDP DGGUHVV
XODWHG XQOHVV DQ RSHQ FLUFXLW FRQWDFW KDV EHHQ SUR 5$5 352* D VLQJOHSKDVH DQGRU WZRSKDVH
JUDPPHG IRU WKLV SXUSRVH )1R k!&% VKRUW FLUFXLW VKRXOG EH VLPXODWHG ZLWKLQ = DQG EH
UHDG\l UHIHU DOVR WR 6HFWLRQ ,I WKH FLUFXLW \RQG = EXW ZLWKLQ =% HDFK WLPH RQFH ZLWK VXFFHV
EUHDNHU LV QRW UHDG\ EHIRUH EHJLQQLQJ RI D WHVW D UH VIXO DQG RQFH ZLWK XQVXFFHVVIXO $5 &KHFN WKH
FORVH DWWHPSW PXVW QRW UHVXOW FOHDUDQFH RI VKRUW FLU SURSHU UHDFWLRQ RI WKH UHOD\ DFFRUGLQJ WR WKH VHW $5
FXLWV EH\RQG = LV GHOD\HG E\ 7 RU LQ D ODWHU VWDJH SURJUDP )RU PXOWLVKRW $5 '$5 ]RQH =/ LV GHFL
VLYH IURP WKH VHFRQG VKRW RQ
5HFORVLQJ LV HYHQ EORFNHG ZKHQ DW WKH PRPHQW RI
$5 LQLWLDWLRQ WULS FRPPDQG WKH FLUFXLW EUHDNHU LV 1RWH WKDW HDFK QHZ WHVW FDQ EHJLQ RQO\ DIWHU WKH UH
VLJQDOOHG WR EH RSHQ LH WKH EUHDNHU DX[LOLDU\ FRQ FODLP WLPH RU ORFNRXW WLPH IRU WKH SUHYLRXV WHVW KDV
WDFW LV PDUVKDOOHG WR D ELQDU\ LQSXW )1R DQG H[SLUHG RWKHUZLVH DQ DXWRUHFORVH FDQQRW UHVXOW
WKLV LQSXW LQGLFDWHV DQ RSHQ EUHDNHU )RU VHFXULW\ /(' k$5 QRW UHDG\l )1R /(' DV GHOLY
UHDVRQV DXWRPDWLF UHFORVXUH VKDOO RQO\ EH FDUULHG HUHG PXVW QRW EH LOOXPLQDWHG
RXW ZKHQ WKH FORVHG FLLUFXLW EUHDNHU KDV EHHQ
RSHQHG EHIRUH :KHQ PXOWLVKRW DXWRUHFORVXUH LV XVHG WKH VH
TXHQFH DFFRUGLQJ WR WKH GHVLUHG SURJUDPV DQG
QXPEHU RI UHFORVH DWWHPSWV LV WR EH FKHFNHG
7HVWLQJ WKH LQWHUQDO V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQV LI ILWWHG
7KH V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ FDQ 6<1&+5 <(6 ,I WKH YROWDJH DV SDUDPHWHUL]HG
RSHUDWH ZLWK WKH LQWHJUDWHG DXWRUHFORVH IXQFWLRQ RU XQGHU DGGUHVV LV LQ SKDVH
ZLWK DQ H[WHUQDO DXWRUHFORVXUH GHYLFH $GGLWLRQDOO\ ZLWK WKH 8[YROWDJH FORVH FRP
V\QFKURQLVP RU GHDGOLQH FKHFN FDQ EH SHUIRUPHG PDQG LV UHOHDVHG LI WKH YROWDJHV
EHIRUH PDQXDO FORVLQJ RI WKH FLUFXLW EUHDNHU $ 3UH DUH LQ FRXQWHUSKDVH QR UHOHDVH
UHTXLVLWH LV WKDW LW LV FRQILJXUHG DV 6<1&+&+(&. RFFXUV
(;,67 $GGUHVV UHIHU WR 6HFWLRQ DQG
VZLWFKHG WR 6<1&&+(&. 21 $GGUHVV 8!8 <(6 ,I WKH PHDVXUHG IHHGHU YROWDJH
8 LV SUHVHQW EXW WKH 8[YROW
7KH PHDVXUHG YROWDJH LQSXW 8[ PXVW EH SDUDPHWHU DJH 8 VZLWFKHG RII FORVH
L]HG DV FRQQHFWHG WR WKH EXVEDU YROWDJH 8 LH DG FRPPDQG LV UHOHDVHG
GUHVV 8[ &211(&7 8 75$16)250(5 ,W
PXVW EH FRQVLGHUHG ZKLFK YROWDJH RI WKH EXVEDU 88! <(6 ,I WKH 8[YROWDJH 8 LV SUHVHQW
VKDOO EH XVHG $GGUHVV PXVW EH PDWFKHG EXW WKH PHDVXUHG IHHGHU YROWDJH
/ / / / / / / ( / ( RU / ( 7KH 8 VZLWFKHG RII FORVH FRP
FRUUHVSRQGLQJ WHVW YROWDJH KDV WR EH FRQQHFWHG WR PDQG LV UHOHDVHG
WKH 8[LQSXW RI WKH UHOD\ 1R WHVW FXUUHQW PXVW EH
DSSOLHG GXULQJ WKLV WHVW 88 <(6 ,I WKH 8[YROWDJH 8 DQG WKH
PHDVXUHG IHHGHU YROWDJH 8
7KH VWDUWWRPHDVXUH VLJQDO FDQ EH JLYHQ WR WKH UHOD\ DUH VZLWFKHG RII FORVH FRP
YLD WKH ELQDU\ LQSXW k!6\QF 6WDUWl )1R PDQG LV UHOHDVHG
7KH GHYLFH FKHFNV IRU FORVH SHUPLVVLRQ DFFRUGLQJ
WR WKH FKHFN SURJUDP ZKLFK LV VHW XQGHU WKH DG 29(55,'( <(6 &ORVH FRPPDQG LV UHOHDVHG LQ
GUHVVHV WR ,I WKH FKHFN UHVXOW LV SRVLWLYH GHSHQGHQW RQ ZKHWKHU YROWDJHV
FORVH FRPPDQG LV UHOHDVHG $QQXQFLDWLRQ DUH SUHVHQW RU QRW RU ZKDW LV WKH
k6\QF 5HOHDVHl )1R SKDVH UHODWLRQVKLS
&*&
&RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV
$OO VHFRQGDU\ WHVWLQJ VHWV DQG HTXLSPHQW PXVW EH WKH VHWWLQJ IRU GRXEOH HDUWK IDXOW SUHIHUHQFH LQ LVR
UHPRYHG 5HFRQQHFW FXUUHQW DQG YROWDJH WUDQVIRUP ODWHG RU FRPSHQVDWHG QHWZRUNV DGGUHVV
HUV )RU WHVWLQJ ZLWK SULPDU\ YDOXHV WKH OLQH PXVW EH 6HFWLRQ RU IRU GRXEOH HDUWK IDXOW WUHDWPHQW
HQHUJL]HG LQ HDUWKHG QHWZRUNV DGGUHVV 6HFWLRQ
DQG ZKHQ DSSURSULDWH LQ WKH DOORFDWLRQ RI
WKH LQGLYLGXDO SKDVH SLFNXS LQGLFDWLRQV DQG WULS
:DUQLQJ FRPPDQGV 6HFWLRQ WR
3ULPDU\ WHVWV VKDOO EH SHUIRUPHG RQO\ E\ &XUUHQWV DQG YROWDJHV FDQ EH UHDG RII RQ WKH GLVSOD\
TXDOLILHG SHUVRQQHO ZKLFK LV WUDLQHG LQ
LQ WKH IURQW RU YLD WKH RSHUDWLQJ LQWHUIDFH LQ EORFN
FRPPLVVLRQLQJ RI SURWHFWLRQ V\VWHPV DQG
IDPLOLDU ZLWK WKH RSHUDWLRQ RI WKH SURWHFWHG DQG FRPSDUHG ZLWK WKH DFWXDO PHDVXUHG YDOXHV
REMHFW DV ZHOO DV WKH UXOHV DQG UHJXODWLRQV
VZLWFKLQJ HDUWKLQJ HWF 6ZLWFK RII YROWDJH WUDQVIRUPHU VHFRQGDU\ PLQLDWXUH
FLUFXLW EUHDNHU RI WKH IHHGHU YROWDJH &KHFN WKDW WKH
YROWDJHV LQGLFDWHG LQ WKH RSHUDWLRQDO PHDVXUHG YDO
XHV DGGUHVV EORFN DUH QHDU 6PDOO YROWDJH YDO
XHV FDQ EH WROHUDWHG
&XUUHQW YROWDJH DQG SKDVH VH &KHFN WKDW WKH UHOD\ KDV UHFRJQL]HG WKH SRVLWLRQ RI
TXHQFH FKHFNV WKH PFE 7KH PHVVDJH k97 PFE 7ULS &l PXVW
EH JLYHQ LQ WKH RSHUDWLRQDO DQQXQFLDWLRQV LQ DGGUHVV
EORFN
&RQQHFWLRQV WR FXUUHQW DQG YROWDJH WUDQVIRUPHUV DUH
FKHFNHG ZLWK SULPDU\ YDOXHV )RU WKLV SXUSRVH D ,Q FDVH WKH EXVEDU YROWDJH LV FRQQHFWHG WR WKH UHOD\
ORDG FXUUHQW RI DW OHDVW RI WKH UDWHG FXUUHQW LV LQ RUGHU WR REWDLQ V\QFKURQLVP FKHFN DOVR VZLWFK RII
QHFHVVDU\ ,I WKH PHDVXULQJ FLUFXLW FRQQHFWLRQV DUH WKH YROWDJH WUDQVIRUPHU VHFRQGDU\ PFE RI WKH EXV
FRUUHFW QRQH RI WKH PHDVXUHG YDOXH PRQLWRULQJ V\V EDU YROWDJH ,Q WKH RSHUDWLRQDO DQQXQFLDWLRQ DG
WHPV LQ WKH UHOD\ ZLOO RSHUDWH ,I D IDXOW LQGLFDWLRQ DS GUHVV EORFN WKH PHVVDJH k9 PFE 7ULS &l
SHDUV WKH SRVVLEOH FDXVHV FDQ EH IRXQG LQ WKH RS PXVW RFFXU
HUDWLRQDO DQQXQFLDWLRQV $GGUHVV
6ZLWFK WKH PFEV RQ 7KH DERYH PHVVDJHV PXVW
)RU FXUUHQW VXP RU YROWDJH VXP HUURUV WKH PDWFKLQJ RFFXU LQ DGGUHVV EORFN DJDLQ EXW ZLWK WKH k*R
IDFWRUV 6HFWLRQ VKRXOG EH FKHFNHG LQJl LQGH[ HJ k97 PFE 7ULS *l
,I WKH V\PPHWU\ PRQLWRULQJ DSSHDUV LW LV SRVVLEOH 6KRXOG RQH RI WKH PHVVDJHV QRW EH JLYHQ XQGHU WKH
WKDW DV\PPHWU\ LV LQ IDFW SUHVHQW RQ WKH OLQH ,I WKLV LV RSHUDWLRQDO DQQXQFLDWLRQ WKHQ FKHFN WKH FRQQHFWLRQ
D QRUPDO RSHUDWLRQDO FRQGLWLRQ WKH FRUUHVSRQGLQJ RI WKH YROWDJH WUDQVIRUPHU VHFRQGDU\ FLUFXLWV DQG
PRQLWRULQJ IXQFWLRQ VKRXOG EH VHW DW D OHVV VHQVLWLYH FKHFN FRUUHFW PDUVKDOOLQJ RI WKH ELQDU\ LQSXWV IURP
YDOXH 6HFWLRQ WKH DX[LOLDU\ FRQWDFWV RI WKH PFEV UHIHU 6HFWLRQ

7KH SKDVH URWDWLRQ PXVW EH FORFNZLVH RWKHUZLVH
WKH LQGLFDWLRQ k)DLO3KDVH6HTl ZLOO DSSHDU ,I WKH LQGLFHV k&l IRU k&RPLQJl DQG k*l IRU k*RLQJl
&KHFN DQG FRUUHFW WKH SKDVH UHODWLRQVKLSV LQ WKH DUH LQWHUFKDQJHG FKHFN DQG FRUUHFW WKH FRQWDFW
PHDVXULQJ FLUFXLWV ,I WKH QHWZRUN KDV FRXQWHUFORFN PRGH RI WKH ELQDU\ LQSXWV k12l RU k1&l FRQWDFW LQ
ZLVH URWDWLRQ WZR SKDVHV PXVW EH LQWHUFKDQJHG DFFRUGDQFH ZLWK 6HFWLRQ
7KLV SKDVH H[FKDQJH PXVW EH WDNHQ LQWR DFFRXQW LQ
&*&
'LUHFWLRQ FKHFN ZLWK ORDG FXUUHQW
&RUUHFW FRQQHFWLRQV RI FXUUHQW DQG YROWDJH WUDQV SHUVRQDO FRPSXWHU 7HVWV DUH OLVWHG IURP DGGUHVV
IRUPHUV DUH FKHFNHG XVLQJ ORDG FXUUHQW RYHU WKH SUR WKH GLUHFWLRQDO WHVW LQ DGGUHVV
WHFWHG OLQH 7KH OLQH PXVW EH HQHUJL]HG DQG PXVW
FDUU\ D ORDG FXUUHQW RI DW OHDVW RI WKH UDWHG FXU 7KH DGGUHVV LV UHDFKHG
UHQW WKLV VKDOO EH RKPLF RU RKPLFLQGXFWLYH 7KH GL
UHFWLRQ RI WKH ORDG FXUUHQW PXVW EH NQRZQ ,Q FDVHV GLUHFWO\ ZLWK NH\ '$ IROORZHG E\ DGGUHVV QXPEHU
RI GRXEW LQWHUFRQQHFWHG RU ULQJ QHWZRUNV PXVW EH DQG ILQDOO\ RSHUDWLRQ RI WKH HQWHU NH\ ( RU
LVRODWHG
E\ SDJLQJ WKURXJK WKH EORFNV ZLWK Â RU Ä XQWLO
,QLWLDWLRQ RI WKH WHVW LV PDGH YLD RSHUDWRU NH\ERDUG RU DGGUHVV LV UHDFKHG
%HJLQQLQJ RI EORFN k7HVWVl

7 ( 6 7 6
' , 5 ( & 7 , 2 1 %ORFN k'LUHFWLRQDO WHVWl

, 0 3 ( ' $ 1 & ( 6
:KHQ WKH DGGUHVV DSSHDUV LQ WKH GLVSOD\ WKH GLUHFWLRQDO WHVW RI WKH LQGLYLGXDO PHDVXUHPHQW ORRSV LV VH
OHFWHG ZLWK WKH NH\ )RU FRQILUPDWLRQ RI WKH GLUHFWLRQDO WHVW WKH k<HVlNH\ -< LV XVHG WKLV VWDUWV WKH GLUHFWLRQ
DO WHVW 7KH VHOHFWHG PHDVXUHPHQW ORRS FDUULHV RXW D GLUHFWLRQDO FKHFN DQG LQGLFDWHV WKH UHVXOW RQ WKH GLVSOD\
' , 5 ( & 7 ( 6 7 0DNH GLUHFWLRQDO WHVW /(" &RQILUP ZLWK -<

/ ( "
) R U Z D U G ' L U /RDG IORZ IRUZDUGV

RU
5 H Y H U V H ' L U ORDG IORZ EDFNZDUGV
RU
X Q G H I L Q H G GLUHFWLRQDO GHWHUPLQDWLRQ QRW SRVVLEOH
HJ FXUUHQW WRR VPDOO
7KH ORDG GLUHFWLRQ PXVW EH LQGLFDWHG FRUUHFWO\ 7KH QH[W DGGUHVV VKRZV WKH DFWLYH DQG UHDFWLYH FRPSRQHQW RI
WKH ORDG LPSHGDQFH 7KH ORDG LPSHGDQFHV DOORZ GHWHUPLQDWLRQ RI WKH SRVLWLRQ RI WKH ORDG LPSHGDQFH YHFWRU LQ
WKH 5; GLDJUDP )LJXUH
, 0 3 ( ' $ 1 & ( 6 $IWHU FRQILUPDWLRQ ZLWK WKH k<HVlNH\ -< WKH ORDG LPSHG
/ ( " DQFH ZLOO EH FDOFXODWHG DQG GLVSOD\HG
&*&
5 U 8 &RQWLQXH ZLWK
; U 8
7KH VDPH DSSOLHV IRU WKH RWKHU ORRSV DGGUHVVHV DQG IRU /( DGGUHVVHV DQG IRU /(
DGGUHVVHV DQG IRU // DGGUHVVHV DQG IRU // DGGUHVVHV DQG IRU
// HJ
' , 5 ( & 7 ( 6 7
/ / "
, 0 3 ( ' $ 1 & ( 6
/ / "
$OO VL[ PHDVXUHPHQW ORRSV PXVW LQGLFDWH WKH FRUUHFW ,I WKH ORDG LV FDSDFLWLYH FDXVHG IRU H[DPSOH E\ XQ
GLUHFWLRQ RI WKH ORDG IORZ ,I DOO GLUHFWLRQV DUH ZURQJ GHUH[FLWHG JHQHUDWRUV RU FKDUJLQJ FXUUHQWV ERUGHU
WKH SRODULW\ RI WKH PHDVXULQJ WUDQVIRUPHUV DQG WKH OLQH FDVHV FDQ RFFXU ZLWK UHVSHFW WR WKH GLUHFWLRQDO
SURJUDPPHG SRODULW\ DGGUHVV 6HFWLRQ FKDUDFWHULVWLFV ZKLFK ZLOO OHDG WR XQGHILQHG RU LQFRQ
GR QRW DJUHH ZLWK HDFK RWKHU &KHFN WKH SR VLVWHQW GLUHFWLRQDO LQIRUPDWLRQ %\ PHDQV RI WKH ORDG
ODULW\ DQG SURJUDP FRUUHFWO\ ,I WKH GLUHFWLRQV JLYHQ LQ LPSHGDQFH FDOFXODWLRQ WKH SRVLWLRQ RI WKH ORDG LP
WKH GLVSOD\ GLIIHU IURP HDFK RWKHU WKH LQGLYLGXDO SHGDQFH YHFWRU FDQ EH GHWHUPLQHG VHH )LJXUH
SKDVHV LQ WKH FXUUHQW RU YROWDJH WUDQVIRUPHU FRQQHF
WLRQV DUH LQWHUFKDQJHG RU WKH SKDVH UHODWLRQVKLS LV
QRW FRUUHFW &KHFN WKH FRQQHFWLRQV
;
3RVLWLYH UHDFWLYH SRZHU
; SRVLWLYH
= /RDG IRUZDUGV
'LUHFWLRQ
FKDUDFWHULVWLF
$FWLYH SRZHU LQ 5 SRVLWLYH

5 QHJDWLYH OLQH GLUHFWLRQ
E 5
1HJDWLYH UHDFWLYH SRZHU
; QHJDWLYH
EDFNZDUGV
= /RDG
3DFWLYH
,
3UHDFWLYH
,
>2KP@
)LJXUH /RDG LPSHGDQFH YHFWRU
&*&
(DUWK IDXOW FKHFNV IRU QRQHDUWKHG V\VWHPV LI XVHG
7KH SULPDU\ FXUUHQW WHVW DOORZV GHWHUPLQDWLRQ RI WKH 2SHQ WKH OLQH HDUWKLQJ VZLWFKHV
FRUUHFW SRODULW\ RI WUDQVIRUPHU FRQQHFWLRQV IRU WKH
HDUWK IDXOW GLUHFWLRQ GHWHUPLQDWLRQ &ORVH WKH FLUFXLW EUHDNHU DW WKH OLQH HQG WR EH
WHVWHG
'$1*(5 &KHFN WKH GLUHFWLRQDO LQGLFDWLRQ JLYHQ DSSURSUL

DWHO\ DOORFDWHG /('
2SHUDWLRQV LQ SULPDU\ DUHD PXVW RQO\ EH
SHUIRUPHG ZLWK SODQW VHFWLRQV YROWDJH
IUHH DQG HDUWKHG ,Q WKH HDUWK IDXOW UHSRUW RQ WKH RSHUDWRU WHUPLQDO
DGGUHVV VHH DOVR 6HFWLRQ WKH HDUWK
7KH PRVW UHOLDEOH WHVW LV WR DSSO\ D SULPDU\ HDUWK IDXOWHG SKDVH DQG WKH OLQH GLUHFWLRQ LH k()
IDXOW 7KH SURFHGXUH LV DV IROORZV IRUZDUGVl )1R ZLOO EH LQGLFDWHG $FWLYH
DQG UHDFWLYH FXUUHQW DUH HTXDOO\ LQGLFDWHG IRU LVR
'LVFRQQHFW WKH OLQH DQG HDUWK DW ERWK HQGV WKH ODWHG QHWZRUNV WKH UHDFWLYH FXUUHQW IRU UHVRQDQW
OLQH PXVW UHPDLQ GLVFRQQHFWHG DW WKH UHPRWH HQG HDUWKHG QHWZRUNV WKH DFWLYH FXUUHQW LV FULWLFDO ,I
WKURXJKRXW WKH ZKROH WHVW WKH GLVSOD\ LQGLFDWHV k() UHYHUVHl )1R
WKHQ WKHUH LV D FURVVHG FRQQHFWLRQ LQ WKH
$SSO\ D EROWHG VLQJOH SKDVH HDUWK EULGJH WR WKH HDUWK FLUFXLW RI YROWDJH RU FXUUHQW WUDQVIRUPHUV ,I
OLQH 2Q RYHUKHDG OLQHV WKLV FDQ EH GRQH DW DQ\ WKH GLVSOD\ VKRZV k() XQGHILQHGl )1R
FRQYHQLHQW SRLQW EXW LQ DQ\ FDVH EHKLQG WKH FXU WKH HDUWK IDXOW FXUUHQW LV SUREDEO\ WRR VPDOO
UHQW WUDQVIRUPHUV ORRNHG DW IURP WKH GLUHFWLRQ RI
WKH EXVEDU RI WKH FLUFXLW XQGHU WHVW )RU FDEOHV 'LVFRQQHFW WKH OLQH DQG HDUWK LW UHPRYH WKH
WKH HDUWK VKRXOG EH DSSOLHG DW WKH UHPRWH HQG WHU EROWHG HDUWK FRQQHFWLRQ
PLQDWLRQ
7KH WHVW LV WKXV FRPSOHWHG
&*&
'LUHFWLRQ FKHFN IRU GLUHFWLRQDO HDUWK IDXOW SURWHFWLRQ LI XVHG
7KH SULPDU\ FXUUHQW WHVW DOORZV GHWHUPLQDWLRQ RI WKH UHQW RSWLRQ LV XVHG DGGUHVV ($57+ )$8/7
FRUUHFW SRODULW\ RI WUDQVIRUPHU FRQQHFWLRQV IRU WKH ,19(56( 7,0( WKHQ WKLV GLUHFWLRQDO FKHFN EHFRPHV
HDUWK IDXOW GLUHFWLRQ SURWHFWLRQ ,I WKLV IXQFWLRQ LV QRW VXSHUIOXRXV 7KH GLVWDQFH SURWHFWLRQ VKDOO EH
ILWWHG RU LI LW LV VHW DV ($57+ )$8/7 121 (;,67 VZLWFKHG RII DGGUHVV VR WKDW LW ZLOO QRW LQWHU
DGGUHVV RU LI WKH QRQGLUHFWLRQDO HDUWK FXU IHUH ZLWK WKH HDUWK IDXOW SURWHFWLRQ
6$
/
/
/
)LJXUH (DUWK IDXOW GLUHFWLRQ WHVW ZLWK +ROPJUHHQ FRQQHFWLRQ
7KH WULS FLUFXLWV VKRXOG EH PDGH LQRSHUDWLYH DV WKH ZKLFK WKH YROWDJH LV PLVVLQJ ZLOO EH XVHG ,I WKH OLQH
UHOD\ ZLOO LVVXH D WULS FRPPDQG GXULQJ WKLV WHVW )XU LV FDUU\LQJ DFWLYH DQG LQGXFWLYH SRZHU LQ OLQH GLUHF
WKHUPRUH LW PXVW EH QRWHG WKDW GXULQJ DOO VXFK VLP WLRQ SUDFWLFDOO\ WKH VDPH UHODWLRQVKLSV DSSO\ IRU WKH
XODWLRQV ZKLFK GR QRW UHSUHVHQW H[DFWO\ WKH SUDFWLFDO UHOD\ DV ZLWK DQ HDUWK IDXOW LQ WKH OLQH GLUHFWLRQ
FRQGLWLRQV DV\PPHWU\ RI WKH PHDVXUHG YDOXHV FDQ
FDXVH WKH PHDVXUHG YDOXH PRQLWRUV WR RSHUDWH &KHFN WKH GLUHFWLRQDO LQGLFDWLRQ ,Q WKH IDXOW HYHQW UH
7KHVH DQQXQFLDWLRQV VKRXOG WKHQ EH LJQRUHG SRUW RQ WKH GLVSOD\ SDQHO DGGUHVV VHH DOVR
VHFWLRQ DW OHDVW WKH IROORZLQJ IDXOW DQQXQFL
DWLRQV PXVW EH LQGLFDWHG k() )OW,H!l )1R
'$1*(5 k() )OW ,H !l )1R DQG
$OO SUHFDXWLRQDU\ PHDVXUHV PXVW EH RE k() 7ULSl )1R 6KRXOG GLUHFWLRQDO WULS DQ
VHUYHG ZKHQ ZRUNLQJ RQ WKH LQVWUXPHQW QXQFLDWLRQ EH PLVVLQJ WKHQ D FURVVHG FRQQHFWLRQ LV
WUDQVIRUPHUV 6HFRQGDU\ FRQQHFWLRQV SUHVHQW LQ HLWKHU WKH FXUUHQW RU YROWDJH WUDQVIRUPHU
RI WKH FXUUHQW WUDQVIRUPHUV PXVW EH FRQQHFWLRQV ,I QR SLFNXS DQQXQFLDWLRQ RFFXUV WKH
VKRUWFLUFXLWHG EHIRUH DQ\ FXUUHQW OHDGV FXUUHQW LV SUREDEO\ WRR ORZ RU WKH SKDVH UHODWLRQVKLS
WR WKH UHOD\ DUH LQWHUUXSWHG RI WKH WHVW FLUFXLW LV QRW FRUUHFW ,I WKHUH LV QR LQGLFD
WLRQ ZKDWVRHYHU LW LV SRVVLEOH WKDW WKH WKUHVKROG YDO
7KH GLVSODFHPHQW YROWDJH ZLOO EH GHULYHG E\ E\SDVV XH RI WKH GLVSODFHPHQW YROWDJH $GGUHVV 8H!
LQJ D YROWDJH WUDQVIRUPHU SKDVH HJ / VHH )LJXUH KDV QRW EHHQ UHDFKHG
,I HDUWK GHWHFWLRQ ZLQGLQJV RI WKH YROWDJH
WUDQVIRUPHUV DUH QRW DYDLODEOH WKH FRUUHVSRQGLQJ )LQDOO\ SURSHUO\ UHFRQQHFW DOO WKH WUDQVIRUPHU
SKDVH VKRXOG EH LQWHUUXSWHG RQ WKH VHFRQGDU\ VLGH FRQQHFWLRQV 6ZLWFK GLVWDQFH SURWHFWLRQ RQ DG
,Q WKH FXUUHQW FLUFXLW RQO\ WKH FXUUHQW IURP WKH FXU GUHVV ',673527 21
UHQW WUDQVIRUPHU FRUUHVSRQGLQJ WR WKH SKDVH LQ
&*&
&KHFNLQJ WKH YROWDJH SRODULW\ IRU V\QFKURQLVP FKHFN
7KLV FKHFN VKRXOG YHULI\ WKH FRUUHFW SRODULW\ RI WKH FKHFN DGGUHVV WRR WKLV SDUDPHWHU PDWFKHV
YROWDJH WUDQVIRUPHU FRQQHFWLRQV IRU WKH V\QFKUR WKH FRQQHFWLRQ JURXS RI WKH WUDQVIRUPHU UHIHU WR
QLVP FKHFN IXQFWLRQ 7KH EXVEDU YROWDJH PXVW EH 6HFWLRQ ,I WKH SDUDPHWHUV DUH FRUUHFW
FRQQHFWHG WR WKH GHYLFH 7KH PHDVXUHG YROWDJH 8[ FKHFN DQG FRUUHFW WKH SRODULW\ RI WKH YROWDJH WUDQV
PXVW EH SDUDPHWHUL]HG FRUUHFW LQ WKH SRZHU V\VWHP IRUPHU FRQQHFWLRQ IURP WKH EXVEDU YROWDJH
GDWD DGGUHVV 8[ &211(&7 8 75$16
)250(5 UHIHU 6HFWLRQ 2SHQ FLUFXLW EUHDNHU 6HW WKH V\QFKURQLVP FKHFN
IXQFWLRQ WR WKH GHDGOLQH FKHFN SURJUDP LH DG
$W ILUVW VHW WKH V\QFKURFKHFN IXQFWLRQ WR WKH RYHU GUHVV 88! <(6 6WDUW E\ HQHUJL]LQJ WKH
ULGH SURJUDP LH DGGUHVV 29(55,'( <(6 ELQDU\ VWDUWWRPHDVXUH LQSXW )1R k!6\QF
6WDUW V\QFKURQLVP FKHFN E\ HQHUJL]LQJ WKH ELQDU\ 6WDUWl 7KH V\QFKURFKHFN IXQFWLRQ PXVW LVVXH WKH
VWDUWWRPHDVXUH LQSXW )1R k!6\QF UHOHDVH FRPPDQG DQQXQFLDWLRQ k6\QF 5H
6WDUWl 7KH V\QFKURFKHFN IXQFWLRQ PXVW LVVXH WKH OHDVHl )1R ,I QRW FKHFN DJDLQ FDUHIXOO\ DOO
UHOHDVH FRPPDQG DQQXQFLDWLRQ k6\QF 5H FRQQHFWLRQV DQG SDUDPHWHUV UHODWLQJ WR WKH V\Q
OHDVHl )1R ,I QRW FKHFN DOO UHOHYDQW SDUDP FKURQLVP FKHFN IXQFWLRQ DFFRUGLQJ WR 6HFWLRQ
HWHUV DFFRUGLQJ 6HFWLRQ DQG
5HFKHFN DGGUHVVHV WR LQ FDVH WKH\
1H[W RSHQ WKH OLQH LVRODWRU DQG FORVH WKH FLUFXLW ZHUH DOWHUHG IRU WKH WHVWV
EUHDNHU DV WR )LJXUH 7KXV ERWK YROWDJH WUDQV
IRUPHU VHWV UHFHLYH WKH VDPH YROWDJH ,I DV\QFKURQRXV VZLWFKLQJ LV WR EH DOORZHG WKH FLUFXLW
EUHDNHU FORVLQJ WLPH LV PHDVXUHG DQG VHW FRUUHFWO\
LQ DGGUHVV VHH DOVR 6HFWLRQ $ VXLW
DEOH DUUDQJHPHQW LV VKRZQ LQ )LJXUH
7KH WLPH PHWHU LV VHW WR WKH V UDQJH RU WR D UHVROX

WLRQ RI PV &ORVH WKH FLUFXLW EUHDNHU PDQXDOO\ WKH
WLPH PHWHU LV VWDUWHG DW WKH VDPH WLPH 7KH YROWDJH
8
8 DSSHDUV ZKHQ WKH SROHV RI WKH FLUFXLW EUHDNHUV
DUH FORVHG WKH WLPH PHWHU LV WKHQ VWRSSHG 7KH WLPH
LQGLFDWHG RQ WKH PHWHU LV WKH FLUFXLW EUHDNHU FORVLQJ
WLPH
8
7KH H[SHULPHQW PXVW EH UHSHDWHG LI WKH WLPH PHWHU
GRHV QRW VWRS EHFDXVH RI DQ XQIDYRXUDEOH FORVLQJ
LQVWDQW
%XVEDU
/LQH 8
)LJXUH 0HDVXUHG YROWDJHV IRU V\QFKURQLVP 6WDUW

FKHFN
7LPH
PHWHU
6HW WKH V\QFKURQLVP FKHFN IXQFWLRQ WR WKH V\QFKUR
8
FKHFN SURJUDP LH DGGUHVV 6<1&+5 <(6
DQG 29(55,'( 12 6WDUW V\QFKURQLVP 6WRS
FKHFN E\ HQHUJL]LQJ WKH ELQDU\ VWDUWWRPHDVXUH LQ
SXW )1R k!6\QF 6WDUWl 7KH V\QFKUR
FKHFN IXQFWLRQ PXVW LVVXH WKH UHOHDVH FRPPDQG
DQQXQFLDWLRQ k6\QF 5HOHDVHl )1R ,I )HHGHU
QRW FKHFN DW ILUVW FRQQHFWLRQ PDWFKLQJ XQGHU DG
GUHVV 8 &211(&7 UHIHU 6HFWLRQ ,I )LJXUH 0HDVXULQJ WKH FLUFXLW EUHDNHU FORVLQJ
PHDVXUHPHQW LV FDUULHG RXW RYHU D WUDQVIRUPHU WLPH
&*&
&KHFNLQJ WKH FDUULHU WUDQVPLVVLRQ V\VWHP
$OO WKH HTXLSPHQW DVVRFLDWHG ZLWK WUDQVPLVVLRQ RI ,Q WKH 6FRSH RI GHYLFHV XQGHU DGGUHVV PXVW EH
VLJQDOV VKRXOG EH FRPPLVVLRQHG LQ DFFRUGDQFH VHW 7(/(3527(& 29(55($&+ UHIHU 6HFWLRQ
ZLWK WKH DSSURSULDWH GRFXPHQWV DQG 3277 02'( DGGUHVV PXVW EH SD
UDPHWHUL]HG DV 5(9(56 ,17(5/2&. UHIHU 6HFWLRQ
7KH SURWHFWLRQ UHOD\ RQ WKH LQFRPLQJ IHHGHU
DQG WKRVH RQ DOO RXWJRLQJ FLUFXLWV PXVW EH LQ RSHUD
&KHFNLQJ RYHUUHDFK ]RQH FRPSDULVRQ WLRQ $W ILUVW WKH DX[LOLDU\ YROWDJH IRU UHYHUVH LQWHUORFN
YLD SLORW ZLUHV LQJ VKRXOG QRW EH VZLWFKHG RQ
7KLV RYHUUHDFKLQJ ]RQH FRPSDULVRQ RSHUDWLQJ
PRGH GLIIHUV IXQGDPHQWDOO\ IURP WKH RWKHU WHOHSUR 6LPXODWH D VKRUW FLUFXLW ZLWKLQ ]RQH = DQG ZLWKLQ WKH
WHFWLRQ V\VWHPV LQ LWV WUDQVPLVVLRQ PHWKRG GF FXU RYHUUHDFK ]RQH =% %HFDXVH RI WKH DEVHQFH RI WKH
UHQW IDLOVDIH ORRS 7KH WHVW SURFHGXUH LV GHVFULEHG UHFHLYH VLJQDO WKH UHOD\ WULSV LQ WKH GHOD\HG WLPH
LQ WKH IROORZLQJ ,I D GLIIHUHQW WHOHSURWHFWLRQ PHWKRG LV 7%
XVHG WKLV VXEVHFWLRQ FDQ EH SDVVHG RYHU
1RZ VZLWFK RQ WKH GF YROWDJH IRU WKH UHYHUVH LQWHU
,Q WKH VFRSH RI GHYLFHV XQGHU DGGUHVV PXVW EH ORFNLQJ 7KH WHVW DV GHVFULEHG DERYH LV UHSHDWHG
VHW 7(/(3527(& 29(55($&+ UHIHU 6HFWLRQ ZLWK WKH VDPH UHVXOW
DQG 3277 02'( DGGUHVV PXVW EH SD
UDPHWHUL]HG DV 3,/27 :,5( &203 UHIHU 6HFWLRQ 6LPXODWH D WULS RQ HDFK SURWHFWLYH GHYLFH RQ DOO RXW
7KH GLVWDQFH SURWHFWLRQ GHYLFHV DW ERWK OLQH JRLQJ IHHGHUV 6LPXOWDQHRXVO\ D VKRUW FLUFXLW LV VLP
HQGV PXVW EH LQ RSHUDWLRQ $W ILUVW WKH DX[LOLDU\ YROW XODWHG RQ WKH LQFRPLQJ IHHGHU DV GHVFULEHG EH
DJH IRU WKH IDLOVDIH FXUUHQW ORRS DURXQG WKH SLORW IRUH 7ULSSLQJ QRZ RFFXUV DIWHU GHOD\ 7
ZLUHV VKRXOG QRW EH VZLWFKHG RQ WKH DGGLWLRQDO UH
OD\V DUH QRW HQHUJL]HG 7KHVH WHVWV KDYH VLPXOWDQHRXVO\ SURYHG WKDW WKH SL
ORW ZLUHV DUH IXQFWLRQLQJ FRUUHFWO\ $OO RWKHU WHVWV GH
6LPXODWH D VKRUW FLUFXLW EH\RQG = EXW ZLWKLQ WKH VFULEHG LQ WKLV 6HFWLRQ EHFRPH VXSHUIOXRXV
RYHUUHDFK ]RQH =% %HFDXVH RI WKH SUHVHQFH RI WKH
EORFN VLJQDO WKH UHOD\ ILUVW WULSV LQ RQH RI WKH XSSHU
]RQHV QRUPDOO\ 7 0DNH WKLV WHVW IURP ERWK OLQH
HQGV &KHFNLQJ FDUULHU WUDQVPLVVLRQ ZLWK UH
OHDVH VLJQDO
1RZ VZLWFK RQ WKH GF YROWDJH IRU WKH IDLOVDIH ORRS
7KH DGGLWLRQDO UHOD\V IRU WHOHSURWHFWLRQ PXVW EH LQ :LWK SHUPLVVLYH RYHUUHDFK WUDQVIHU WULS 3277 XV
RSHUDWLRQ 7KH ORRS QRZ FDUULHV PRQLWRULQJ FXUUHQW LQJ UHOHDVH VLJQDO WUDQVPLVVLRQ 3277 02'( =%
WKH DGGLWLRQDO UHOD\V DW ERWK OLQH HQGV DUH HQHUJL]HG 5(/($6( RU )' ',5(& 5(/($6( RU =% 81%/2&.
RU )' 81%/2&. DGGUHVV LW LV VLPSOH WR
6LPXODWH D VKRUW FLUFXLW DW RQH OLQH HQG EH\RQG WKH FKHFN WKH FDUULHU V\VWHP IURP RQH HQG RI WKH OLQH
ILUVW ]RQH EXW ZLWKLQ WKH RYHUUHDFK ]RQH =% 7ULS ZLWK WKH HFKR IXQFWLRQ 6LPXODWH D VKRUW FLUFXLW LQ
SLQJ RFFXUV DIWHU 7% ZKHQ D GHOD\ LV VHW 0DNH =% EH\RQG = 6LQFH WKH UHOD\ DW WKH RWKHU OLQH HQG
WKLV WHVW DOVR DW ERWK OLQH HQGV KDV QRW SLFNHG XS RQ IDXOW WKH HFKR IXQFWLRQ ZLOO EH
HIIHFWLYH DW WKDW HQG DQG D WULS VLJQDO UHVXOWV 7KH SUH
6LQFH WKH GF PRQLWRU LV DQ HVVHQWLDO SDUW RI WKH SLORW FRQGLWLRQ LV WKDW WKH HFKR IXQFWLRQ LV VZLWFKHG RQ
ZLUH V\VWHP WKLV WHVW KDV VLPXOWDQHRXVO\ SURYHG DGGUHVV DW ERWK OLQH HQGV 7KLV WHVW LV WR EH
WKDW WKH SLORW ZLUHV DUH IXQFWLRQLQJ FRUUHFWO\ $OO RWKHU SHUIRUPHG IURP ERWK OLQH HQGV
WHVWV GHVFULEHG LQ WKLV 6HFWLRQ EHFRPH VXSHU
IOXRXV 7KH HIIHFW RI WKH HFKR GHOD\ WLPH DQG WKH LQSXW RI WKH
FLUFXLW EUHDNHU SRVLWLRQ FDQ EH FKHFNHG DW WKLV
VWDJH :LWK WKH IROORZLQJ WHVWV WKH HFKR IXQFWLRQ RI
WKH UHOD\ DW WKH RSSRVLWH OLQH HQG LV FKHFNHG
&KHFNLQJ UHYHUVH LQWHUORFNLQJ
7KH FLUFXLW EUHDNHUV DW ERWK OLQH HQGV PXVW EH RSHQ
7KH WHVW SURFHGXUH LV GHVFULEHG LQ WKH IROORZLQJ ,I D
$ VKRUW FLUFXLW LV VLPXODWHG DV DERYH %HFDXVH RI WKH
GLIIHUHQW WHOHSURWHFWLRQ PHWKRG LV XVHG WKLV VXEVHF
HFKR IXQFWLRQ RI WKH UHOD\ DW WKH RSSRVLWH OLQH HQG
WLRQ FDQ EH SDVVHG RYHU
VLJQDO LV UHFHLYHG DQG D WULS VLJQDO RFFXUV DW RQFH
&*&
&ORVH WKH FLUFXLW EUHDNHU DW WKH RSSRVLWH OLQH HQG $W WKH UHFHLYLQJ HQG VLPXODWH D IDXOW ZLWKLQ ]RQH =%
5HSHDW DERYH WHVW RQFH PRUH 5HFHLYHG VLJQDO DQG EXW EH\RQG = ZKHQ VHW 3877 02'( =% $&
WULS FRPPDQG RFFXU DJDLQ EXW QRZ ZLWK DQ DGGLWLRQ &(/(5$7,21 DGGUHVV 7KH SURWHFWLRQ WULSV DW
DO GHOD\ FDXVHG E\ WKH HFKR GHOD\ WLPH DW WKH RSSR RQFH RU 7% ZLWKRXW UHFHSWLRQ D GHOD\HG VWDJH
VLWH OLQH HQG V DV GHOLYHUHG VHH DGGUHVV FDQ RQO\ EH HIIHFWLYH
,I GHOD\HG DQG XQGHOD\HG HFKR DUH LQWHUFKDQJHG WKH $W WKH UHFHLYLQJ HQG VLPXODWH DQ\ SLFNXS ZKHQ VHW
IXQFWLRQ PRGH 121& RSHUDWLRQ RI WKH ELQDU\ LQSXW 3877 02'( )' $&&(/(5$7,21 DGGUHVV
IRU &% SRVLWLRQ VKRXOG EH ZURQJ &KHFN DQG FRUUHFW 7KH SURWHFWLRQ WULSV LQVWDQWDQHRXV ZLWKRXW UHFHS
LW DW WKH RSSRVLWH OLQH HQG UHIHU 6HFWLRQ :KHQ WLRQ LQ D GHOD\HG VWDJH
GHOLYHUHG IURP IDFWRU\ WKH LQSXW IRU WKH &% DX[LOLDU\
FRQWDFW LV ,1387 DVVLJQHG WR WKH IXQFWLRQ k!&% 5HSHDW WHVWV IRU WKH RWKHU WUDQVPLVVLRQ GLUHFWLRQ
$X[S FOl UHIHU 6HFWLRQ &KDQJH WKH IXQF
WLRQ PRGH IURP 12 WR 1& k&% $X[S FO 1&l
:LWK GLIIHUHQW DOORFDWLRQ FKDQJH WKH PRGH DFFRUG
LQJO\ &KHFNLQJ FDUULHU WUDQVPLVVLRQ IRU GL
UHFWLRQDO FRPSDULVRQ HDUWK IDXOW SUR
2SHQ FLUFXLW EUHDNHU 5HSHDW WKHVH WHVWV IRU WKH RWK WHFWLRQ
HU OLQH HQG
,I 6$ LV HTXLSSHG ZLWK GLUHFWLRQDO FRPSDULVRQ
HDUWK IDXOW SURWHFWLRQ DQG WKLV IXQFWLRQ LV VHW DV
($57+ )$8/7 ',5(&&203$5,621 LQ DGGUHVV
&KHFNLQJ FDUULHU WUDQVPLVVLRQ ZLWK FDUULHU WUDQVPLVVLRQ PXVW EH FKHFNHG 6ZLWFK
EORFNLQJ VLJQDO RII GLVWDQFH SURWHFWLRQ DGGUHVV ',67 3527
2))
:LWK RYHUUHDFKLQJ WUDQVIHU PRGH XVLQJ EORFNLQJ VLJ
QDO 3277 02'( =% %/2&.,1* DGGUHVV ,W LV VLPSOH WR FKHFN WKH FDUULHU V\VWHP IURP RQH HQG
DQG XQGHUVWDQGLQJ EHWZHHQ ERWK OLQH HQGV LV QHF RI WKH OLQH ZLWK WKH HFKR IXQFWLRQ 6LPXODWH DQ HDUWK
HVVDU\ IDXOW LQ OLQH GLUHFWLRQ 6LQFH WKH UHOD\ DW WKH RWKHU OLQH
HQG KDV QRW SLFNHG XS RQ IDXOW WKH HFKR IXQFWLRQ ZLOO
$W WKH OLQH HQG WR EH WHVWHG DV VHQGHU VLPXODWH D IDXOW EH HIIHFWLYH DW WKDW HQG DQG D WULS VLJQDO UHVXOWV 7KH
LQ UHYHUVH GLUHFWLRQ DW WKH RWKHU HQG VLPXODWH D IRU SUHFRQGLWLRQ LV WKDW WKH HFKR IXQFWLRQ LV VZLWFKHG RQ
ZDUG IDXOW ZLWKLQ ]RQH =% EXW EH\RQG WKH OLPLW RI = DGGUHVV DW ERWK OLQH HQGV 7KLV WHVW LV WR EH
6LQFH WKH WUDQVPLWWHU VHQGV D EORFNLQJ VLJQDO WKH UH SHUIRUPHG IURP ERWK OLQH HQGV
FHLYLQJ SURWHFWLRQ PXVW QRW WULS XQOHVV LQ D GHOD\HG
]RQH DV ORQJ DV EORFNLQJ VLJQDO LV WUDQVPLWWHG $IWHU 7KH HIIHFW RI WKH HFKR GHOD\ WLPH DQG WKH LQSXW RI WKH
FLUFXLW EUHDNHU SRVLWLRQ FDQ EH FKHFNHG XQOHVV LW KDV
VZLWFKLQJ RII WKH UHYHUVH IDXOW RQ WKH VHQGLQJ VLGH
DOUHDG\ EHHQ GRQH XQGHU 6HFWLRQ 7KH RSSR
WKH UHFHLYLQJ VLGH UHPDLQV EORFNHG IRU WKH VHQG SUR
VLWH OLQH HQG LV FKHFNHG
ORQJDWLRQ 76(1' 35/ DGGUHVV SOXV WKH
WUDQVLHQW EORFNLQJ WLPH 775$16%/2 DGGUHVV
7KH FLUFXLW EUHDNHUV DW ERWK OLQH HQGV PXVW EH RSHQ
RI WKH UHFHLYLQJ VLGH
$Q HDUWK IDXOW LV VLPXODWHG DV DERYH %HFDXVH RI WKH
HFKR IXQFWLRQ RI WKH UHOD\ DW WKH RSSRVLWH OLQH HQG
5HSHDW WHVW IRU WKH RWKHU WUDQVPLVVLRQ GLUHFWLRQ
VLJQDO LV UHFHLYHG DQG D WULS VLJQDO RFFXUV DW RQFH
&ORVH WKH FLUFXLW EUHDNHU DW WKH RSSRVLWH OLQH HQG

5HSHDW DERYH WHVW RQFH PRUH UHFHLYHG VLJQDO DQG
&KHFNLQJ FDUULHU WUDQVPLVVLRQ ZLWK XQ
WULS FRPPDQG RFFXU DJDLQ EXW QRZ ZLWK DQ DGGLWLRQ
GHUUHDFK WUDQVIHU VLJQDO
DO GHOD\ FDXVHG E\ WKH HFKR GHOD\ WLPH RI WKH UHOD\ DW
WKH RSSRVLWH OLQH HQG V DV GHOLYHUHG VHH $G
:LWK SHUPLVVLYH XQGHUUHDFK WUDQVIHU WULS 3877 WKH GUHVV
VFRSH RI GHYLFHV LV VHW 7(/(3527(& 81'(5
5($&+ LQ DGGUHVV $Q XQGHUVWDQGLQJ EHWZHHQ 2SHQ FLUFXLW EUHDNHU 5HSHDW WKHVH WHVWV IRU WKH RWK
ERWK OLQH HQGV LV QHFHVVDU\ HU OLQH HQG
$W WKH OLQH HQG WR EH WHVWHG DV VHQGHU VLPXODWH D IDXOW 6ZLWFK GLVWDQFH SURWHFWLRQ RQ DGGUHVV
ZLWKLQ ]RQH = ',673527 21
&*&
7ULSSLQJ WHVW LQFOXGLQJ FLUFXLW EUHDNHU
'LVWDQFH SURWHFWLRQ 6$ DOORZV VLPSOH FKHFNLQJ LQSXW LQGLFDWHV WKH FLUFXLW EUHDNHU SRVLWLRQ ,I WKH
RI WKH WULSSLQJ FLUFXLW DQG WKH FLUFXLW EUHDNHU ,I WKH DX[LOLDU\ FRQWDFW LV DVVLJQHG WR D ELQDU\ LQSXW LW PXVW
GHYLFH LQFRUSRUDWHV DQ LQWHUQDO DXWRUHFORVH V\V EH FRQQHFWHG WRR ,I LW LV QRW DVVLJQHG WR DQ\ ELQDU\
WHP D WULSFORVH WHVW F\FOH LV DOVR SRVVLEOH 7KH WHVW LQSXW WKHQ WKH GHYLFH ZLOO SHUIRUP WULSSLQJ WHVW ZLWK
FDQ EH LQLWLDWHG HLWKHU YLD D ELQDU\ LQSXW RXW LQWHUURJDWLRQ RI WKH FLUFXLW EUHDNHU SRVLWLRQ
75,3 &/26( WHVW F\FOH DGGUHVV '$1*(5

EORFN
$ VXFFHVVIXOO\ VWDUWHG WHVW F\FOH ZLOO
OHDG WR FORVLQJ RI WKH FLUFXLW EUHDNHU
3UHUHTXLVLWH IRU WKH VWDUW RI D WULSFORVH WHVW F\FOH LV
WKDW WKH UHOD\ KDV DQ LQWHJUDWHG DXWRUHFORVH IXQF ,QLWLDWLRQ RI WKH WHVW F\FOH FDQ EH JLYHQ IURP WKH RSHU
WLRQ ZKLFK LV SURJUDPPHG DV (;,67 DGGUHVV DWRU NH\ERDUG RU YLD WKH RSHUDWLQJ LQWHUIDFH $ FRGH
DQG LW LV VZLWFKHG RQ $GGUHVV ZRUG LQSXW LV QHFHVVDU\ 7KH SURFHGXUH LV VWDUWHG
ZLWK DGGUHVV ZKLFK FDQ EH UHDFKHG E\ GLUHFW
$ 75,3&/26( WHVW F\FOH LV DOVR SRVVLEOH ZLWK DQ DGGUHVVLQJ '$ ( RU E\ SDJLQJ ZLWK Ä RU Â
H[WHUQDO DXWRUHFORVH V\VWHP 6LQFH LQ WKLV FDVH ,Q WKH DGGUHVVHV RI WKLV EORFN WKHUH LV D QXPEHU RI
KRZHYHU 6$ RQO\ JLYHV WKH WULSSLQJ FRPPDQG SRVVLELOLWLHV DYDLODEOH ZKLFK DUH VKRZQ LQ WKH IROORZ
WKH SURFHGXUH VKDOO EH IROORZHG DV GHVFULEHG LQ 6HF LQJ ER[HV 6LQJOHSROH WULSFORVH WHVWV ZLOO RQO\ EH
WLRQ FDUULHG RXW E\ WKH UHOD\ ZKHQ VLQJOHSROH $5 LV DOVR
SHUPLWWHG 7KUHHSROH WULSFORVH F\FOH ZLOO RQO\ EH
,I WKH FLUFXLW EUHDNHU DX[LOLDU\ FRQWDFWV DGYLVH WKH FDUULHG RXW ZKHQ WKUHHSROH $5 LV SHUPLWWHG
UHOD\ WKURXJK D ELQDU\ LQSXW RI WKH FLUFXLW EUHDNHU
SRVLWLRQ WKH WHVW F\FOH FDQ RQO\ EH VWDUWHG ZKHQ WKH )XUWKHU SUHUHTXLVLWHV IRU WKH VWDUW RI WHVW DUH WKDW QR
FLUFXLW EUHDNHU LV FORVHG 7KLV DGGLWLRQDO VHFXULW\ IHD SURWHFWLYH IXQFWLRQ IDXOW GHWHFWRU KDV SLFNHG XS DQG
WXUH VKRXOG QRW EH RPLWWHG WKDW WKH FRQGLWLRQV IRU UHFORVH FLUFXLW EUHDNHU UHDG\
$5 QRW EORFNHG DUH IXOILOOHG
'XULQJ PDUVKDOOLQJ RI WKH ELQDU\ LQSXWV UHIHU 6HF
WLRQ WKH UHOD\ KDV EHHQ LQIRUPHG ZKLFK ELQDU\
& % 7 ( 6 7 %HJLQQLQJ RI WKH EORFN k&LUFXLW EUHDNHU WHVW

75,3&/26( F\FOHl
7 5 , 3 & / 2 6 ( & < & / (
& % 7 ( 6 7 &DUU\ RXW WHVW F\FOH ZLWK SROH / RI FLUFXLW EUHDNHU"

/ : , 7 + $ 5 " &RQILUP ZLWK k-<lNH\ RU DERUW ZLWK SDJHRQ NH\
&RQILUP ZLWK k-<lNH\ WKDW FLUFXLW EUHDNHU LV FORVHG RU

& % & / 2 6 ( ' " DERUW E\ SDJHRQ
$IWHU FRQILUPDWLRQ E\ WKH RSHUDWRU WKDW WKH FLUFXLW ORQJ DV WKH DX[LOLDU\ FRQWDFW LQGLFDWHV WKDW WKH FLUFXLW
EUHDNHU LV FORVHG WKH WHVW F\FOH SURFHHGV ,I WKH WHVW EUHDNHU LV QRW FORVHG HYHQ LI WKH RSHUDWRU KDV FRQ
LV WHUPLQDWHG VXFFHVVIXOO\ WKLV LV DQQXQFLDWHG LQ WKH ILUPHG WKDW LW LV 2QO\ ZKHQ QR FLUFXLW EUHDNHU DX[LOLD
GLVSOD\ RU RQ WKH 3& VFUHHQ ,I KRZHYHU WKH FLUFXLW U\ FRQWDFW LV DVVLJQHG WR DQ\ ELQDU\ LQSXW ZLOO WKH
EUHDNHU DX[LOLDU\ FRQWDFW LV DVVLJQHG WR D ELQDU\ LQ UHOD\ FRQVLGHU WKH RSHUDWRU
V FRQILUPDWLRQ YDOLG
SXW DQG FRQQHFWHG WKH UHOD\ UHMHFWV WKH WHVW F\FOH DV
&*&
&DUU\ RXW WHVW F\FOH ZLWK SROH / RI FLUFXLW EUHDNHU"

& % 7 ( 6 7 &RQILUP ZLWK k-<lNH\ RU DERUW ZLWK SDJHRQ
/ : , 7 + $ 5 " NH\
& % & / 2 6 ( ' " &RQILUP ZLWK k-<lNH\ WKDW FLUFXLW EUHDNHU LV FORVHG
RU DERUW ZLWK SDJHRQ NH\
& % 7 ( 6 7 &DUU\ RXW WHVW F\FOH ZLWK SROH / RI FLUFXLW EUHDNHU"

&RQILUP ZLWK k-<lNH\ RU DERUW ZLWK SDJHRQ
/ : , 7 + $ 5 " NH\
& % & / 2 6 ( ' " &RQILUP ZLWK k-<lNH\ WKDW FLUFXLW EUHDNHU LV FORVHG
& % 7 ( 6 7 &DUU\ RXW WKUHHSROH WHVW F\FOH RI FLUFXLW EUHDNHU"

/ : , 7 + $ 5 " &RQILUP ZLWK k-<lNH\ RU DERUW ZLWK SDJHRQ NH\

& % & / 2 6 ( ' " DERUW ZLWK SDJHRQ NH\
&DUU\ RXW VHTXHQFH RI VLQJOHSROH WHVW F\FOHV

& % 7 ( 6 7
/// RI FLUFXLW EUHDNHU" &RQILUP ZLWK k-<lNH\
6 ( 4 8 / / / " RU DERUW ZLWK SDJHRQ NH\
& % & / 2 6 ( ' " &RQILUP ZLWK k-<lNH\ WKDW FLUFXLW EUHDNHU LV FORVHG RU
DERUW ZLWK SDJHRQ NH\
/LYH WULSSLQJ RI WKH FLUFXLW EUHDNHU DGGUHVV EORFN
7R FKHFN WKH WULSSLQJ FLUFXLWV WKH FLUFXLW EUHDNHU FDQ

EH WULSSHG E\ 6$ LQGHSHQGHQWO\ RI ZKHWKHU DQ '$1*(5
DXWRUHFORVH ZLOO RFFXU RU QRW +RZHYHU WKLV WHVW FDQ
$ VXFFHVVIXOO\ VWDUWHG WHVW F\FOH FDQ
DOVR EH PDGH ZLWK DQ H[WHUQDO DXWRUHFORVH UHOD\ OHDG WR FORVLQJ RI WKH FLUFXLW EUHDNHU
ZKHQ DQ H[WHUQDO DXWRUHFORVXUH GHYLFH
,I WKH FLUFXLW EUHDNHU DX[LOLDU\ FRQWDFWV DGYLVH WKH LV FRQQHFWHG
UHOD\ WKURXJK D ELQDU\ LQSXW RI WKH FLUFXLW EUHDNHU
SRVLWLRQ WKH WHVW FDQ RQO\ EH VWDUWHG ZKHQ WKH FLUFXLW ,QLWLDWLRQ RI WKH WHVW FDQ EH JLYHQ IURP WKH RSHUDWRU
EUHDNHU LV FORVHG 7KLV DGGLWLRQDO VHFXULW\ IHDWXUH NH\ERDUG RU YLD WKH RSHUDWLQJ LQWHUIDFH $ FRGHZRUG
VKRXOG QRW EH RPLWWHG ZKHQ DQ H[WHUQDO DXWRUH LQSXW LV QHFHVVDU\ 7KH SURFHGXUH LV VWDUWHG ZLWK DG
GUHVV ZKLFK FDQ EH UHDFKHG E\ GLUHFW GLDOOLQJ
FORVH UHOD\ LV SUHVHQW
'$ ( RU E\ SDJLQJ ZLWK Â RU Ä ,Q WKH DG
GUHVVHV RI WKLV EORFN WKHUH LV D QXPEHU RI SRVVLELOL
'XULQJ PDUVKDOOLQJ RI WKH ELQDU\ LQSXWV UHIHU 6HF
WLHV DYDLODEOH ZKLFK DUH VKRZQ LQ WKH IROORZLQJ
WLRQ WKH UHOD\ KDV EHHQ LQIRUPHG ZKLFK ELQDU\ ER[HV
LQSXW LQGLFDWHV WKH FLUFXLW EUHDNHU SRVLWLRQ ,I WKH
DX[LOLDU\ FRQWDFW LV DVVLJQHG WR D ELQDU\ LQSXW LW PXVW ,Q RUGHU WR WULS WKH FLUFXLW EUHDNHU VLQJOHSROH LW LV
EH FRQQHFWHG WRR ,I LW LV QRW DVVLJQHG WR DQ\ ELQDU\ QHFHVVDU\ WR SHUPLW VLQJOHSROH WULSSLQJ WKURXJK WKH
LQSXW WKHQ WKH GHYLFH ZLOO SHUIRUP WULSSLQJ WHVW ZLWK ELQDU\ LQSXW k!S 7ULS 3HUPl )1R ZLWK H[
RXW LQWHUURJDWLRQ RI WKH FLUFXLW EUHDNHU SRVLWLRQ WHUQDO VLQJOHSROH $5 RWKHUZLVH WKH VLQJOHSROH WHVW
ZLOO QRW EH FDUULHG RXW
&*&
7R WULS DOO WKUHH SROHV RI WKH FLUFXLW EUHDNHU DQ H[WHU ,Q WKH DEVHQFH RI DXWRUHFORVH RQO\ WKH WKUHH SROH
QDO VLJQDO k!2QO\ SROHl PXVW QRW EH SUHVHQW IURP WULS DGGUHVV KDV DQ\ PHDQLQJ
DQ H[WHUQDO DXWRUHFORVH UHOD\ )1R
3UHUHTXLVLWH IRU VWDUWLQJ WKH WHVW LV WKDW QR SURWHFWLRQ
IXQFWLRQ RI WKH UHOD\ EH SLFNHG XS
& % 7 ( 6 7 %HJLQQLQJ RI WKH EORFN kWULS FLUFXLW EUHDNHUl

/ , 9 ( 7 5 , 3
7ULS FLUFXLW EUHDNHU SROH /" &RQILUP ZLWK k-<lNH\ RU

& % 7 5 , 3
DERUW E\ SDJLQJ RQ ZLWK
& % 3 2 / ( / "
&RQILUP ZLWK k-<l NH\ WKDW FLUFXLW EUHDNHU LV FORVHG
& % & / 2 6 ( ' " RU DERUW E\ SDJLQJ RQ ZLWK
$IWHU FRQILUPDWLRQ E\ WKH RSHUDWRU WKDW WKH FLUFXLW ORQJ DV WKH DX[LOLDU\ FRQWDFW LQGLFDWHV WKDW WKH FLUFXLW
EUHDNHU LV FORVHG WKH WHVW F\FOH SURFHHGV ,I WKH WHVW EUHDNHU LV QRW FORVHG HYHQ LI WKH RSHUDWRU KDV FRQ
LV WHUPLQDWHG VXFFHVVIXOO\ WKLV LV DQQXQFLDWHG LQ WKH ILUPHG WKDW LW LV 2QO\ ZKHQ QR FLUFXLW EUHDNHU DX[LOLD
GLVSOD\ RU RQ WKH 3& VFUHHQ ,I KRZHYHU WKH FLUFXLW U\ FRQWDFW LV DVVLJQHG WR DQ\ ELQDU\ LQSXW ZLOO WKH
EUHDNHU DX[LOLDU\ FRQWDFW DVVLJQHG WR D ELQDU\ LQSXW UHOD\ FRQVLGHU WKH RSHUDWRU
V FRQILUPDWLRQ YDOLG
DQG FRQQHFWHG WKH UHOD\ UHMHFWV WKH WHVW F\FOH DV

& % 7 5 , 3
& % 3 2 / ( / "

& % 7 5 , 3
& % 3 2 / ( / "
7ULS FLUFXLW EUHDNHU WKUHHSROH" &RQILUP ZLWK k-<l NH\

& % 7 5 , 3
& % 7 + 5 ( ( 3 2 / ( "
& % & / 2 6 ( ' " DERUW ZLWK SDJHRQ .H\
&*&
6WDUWLQJ D WHVW IDXOW UHFRUG DGGUHVV EORFN
$ IDXOW UHFRUG VWRUDJH FDQ EH VWDUWHG XVLQJ WKH RSHU 6FDQQLQJ D WHVW IDXOW UHFRUG LV HVSHFLDOO\ LQWHUHVWLQJ
DWLQJ SDQHO RU YLD WKH RSHUDWLQJ LQWHUIDFH 6WDUWLQJ D IRU XVH RQ FDEOHV DQG ORQJ RYHUKHDG OLQHV ZKHUH
WHVW IDXOW UHFRUG LV DOVR SRVVLEOH YLD D ELQDU\ LQSXW FRQVLGHUDEOH LQUXVK FXUUHQWV FDQ EH SURGXFHG E\
SURYLGHG WKLV LV DFFRUGLQJO\ DOORFDWHG )1R FKDUJLQJ RI WKH OLQH FDSDFLWDQFHV 7KH IDXOW UHFRUG LV
k!6WDUW )OW5HFl WULJJHUHG YLD D ELQDU\ LQSXW DW WKH LQVWDQW RI WKH
EUHDNHU FORVLQJ 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 DGGUHVV FRQFHUQV WULJJHULQJ YLD DGGUHVV EORFN ZKLFK FDQ EH UHDFKHG E\ SDJLQJ
ELQDU\ LQSXW DGGUHVV WULJJHULQJ YLD WKH RSHUDW
ZLWK Â RU Ä RU E\ GLUHFW GLDOOLQJ ZLWK '$ (
LQJ NH\ERDUG RU YLD WKH RSHUDWLQJ LQWHUIDFH 7KH SUH
7KH VWDUW DGGUHVV LV UHDFKHG ZLWK
WULJJHU WLPH ZDV VHW XQGHU DGGUHVV
7 ( 6 7 %HJLQQLQJ RI EORFN k7HVW IDXOW UHFRUGLQJl

) $ 8 / 7 5 ( & 2 5 ' , 1 * SDJH RQ ZLWK WR DGGUHVV
) $ 8 / 7 5 ( & 6WDUW IDXOW UHFRUGLQJ" &RQILUP ZLWK k-<lNH\ 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 XS
EORFNV DQG UHIHU WR 6HFWLRQ DQG DOO GH H[FHSW WKH k%ORFNHGl/(' WKXV D /(' WHVW LV SHU
VLUHG SURWHFWLRQ IXQFWLRQV KDYH EHHQ VZLWFKHG 21 IRUPHG DW WKH VDPH WLPH
7KH FRXQWHUV IRU FLUFXLW EUHDNHU RSHUDWLRQ VWDWLVWLFV &KHFN WKDW WKH PRGXOHV DUH SURSHUO\ LQVHUWHG 7KH
VKRXOG EH HUDVHG DGGUHVV EORFN UHIHU WR 6HFWLRQ JUHHQ /(' PXVW EH RQ RQ WKH IURQW WKH UHG /(' PXVW
QRW EH RQ
3XVK WKH NH\ 06 RQ WKH IURQW 7KH GLVSOD\ VKRZV &ORVH KRXVLQJ FRYHU
WKH EHJLQQLQJ RI WKH DQQXQFLDWLRQ EORFNV 7KXV LW LV
SRVVLEOH WKDW WKH PHDVXUHG YDOXHV IRU WKH TXLHVFHQW $OO WHUPLQDO VFUHZV HYHQ WKRVH QRW LQ XVH PXVW
VWDWH RI WKH UHOD\ FDQ EH GLVSOD\HG VHH EHORZ EH WLJKWHQHG
7KHVH YDOXHV KDV EHHQ FKRVHQ GXULQJ FRQILJXUDWLRQ
UHIHU WR 6HFWLRQ XQGHU WKH DGGUHVVHV ,I D WHVW VZLWFK LV DYDLODEOH WKHQ WKLV PXVW EH LQ WKH
DQG RSHUDWLQJ SRVLWLRQ
6WRUHG LQGLFDWLRQV RQ WKH IURQW SODWH VKRXOG EH UHVHW 7KH GLVWDQFH SURWHFWLRQ UHOD\ LV QRZ UHDG\ IRU RSHUD
E\ SUHVVLQJ WKH SXVKEXWWRQ k5(6(7 /('l RQ WKH WLRQ
&*&
6$ 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 SLFNXS 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 EDFNXS 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 EORFN
DQG FRPSDULVRQ ZLWK WKH DFWXDO YDOXHV IRU
$V WKH SURWHFWLRQ LV DOPRVW FRPSOHWHO\ VHOIPRQL 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 VKRUWFLUFXLW ZLWK [ ,1 IRU
WRPDWLFDOO\ DQQXQFLDWHG 7KLV HQVXUHV WKH KLJK DYDLO 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 kHTXLSPHQW ZLWK WKH VXSSO\ YROWDJH RU ZLWK WKH
IDXOWl ,I WKHUH LV D IDXOW GHWHFWHG LQ WKH H[WHUQDO PHD PHDVXULQJ 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 SURWHF RYHUORDG DQG GDPDJH WKH UHOD\ LI
WLYH V\VWHP ZLOO VZLWFK LWVHOI RXW RI VHUYLFH DQG LQGL DSSOLHG FRQWLQXRXVO\ UHIHU WR 6HFWLRQ
FDWH WKLV FRQGLWLRQ E\ WKH UHG /(' k%ORFNHGl RQ WKH IRU RYHUORDG FDSDELOLW\ 2EVHUYH D
IURQW SODWH 'URSRII RI WKH DYDLODELOLW\ UHOD\ VLJQDOV FRROLQJ GRZQ SHULRG
kHTXLSPHQW IDXOWl
7KH UHDFWLRQ WR GHIHFWV DQG LQGLFDWLRQV JLYHQ E\ WKH &LUFXLW EUHDNHU WULS FLUFXLWV DUH WHVWHG E\ DFWXDO
UHOD\ FDQ EH LQGLYLGXDOO\ DQG LQ FKURQRORJLFDO VH OLYH WULSSLQJ 5HVSHFWLYH QRWHV DUH JLYHQ LQ 6HF
TXHQFH UHDG RII DV RSHUDWLRQDO DQQXQFLDWLRQV XQGHU WLRQ
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
$ EDFNXS 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 EDFNXS EDWWHU\ LV DOVR UHTXLUHG IRU WKH
LQWHUQDO V\VWHP FORFN ZLWK FDOHQGHU WR FRQWLQXH LQ
WKH HYHQW RI D SRZHU VXSSO\ IDLOXUH
7KH EDFNXS EDWWHU\ VKRXOG EH UHSODFHG DW WKH ODWHVW

DIWHU \HDUV RI RSHUDWLRQ 7KH ZD\ RI GLVSODFHPHQW
GHSHQGV RQ WKH SURGXFWLRQ VHULHV RI WKH UHOD\ 7KLV
SURGXFWLRQ VHULHV LV IRXQG RQ WKH QDPH SODWH EHKLQG
WKH FRPSOHWH RUGHU GHVLJQDWLRQ 'LPHQVLRQV
LQ PP
5HFRPPHQGHG EDWWHU\
/LWKLXP EDWWHU\ 9 $K W\SH &5 $$ HJ )LJXUH %HQGLQJ WKH EDFNXS EDWWHU\
9$57$ 2UGHU 1R IRU UHOD\V XQWLO
SURGXFWLRQ VHULHV **
9$57$ 2UGHU 1R IRU UHOD\V IURP
SURGXFWLRQ VHULHV ++ RU ODWHU 5HOD\V IURP SURGXFWLRQ VHULHV ++ RU ODWHU KDYH
QR D[LDO OHJV
7KH EDWWHU\ LV ORFDWHG DW WKH UHDU HGJH RI WKH SURFHV
VRU ERDUG RI WKH EDVLF PRGXOH 7KH EDVLF PRGXOH /RRVHQ WKH EDVLF PRGXOH XVLQJ WKH SXOOLQJ DLGV
PXVW EH UHPRYHG IURP WKH KRXVLQJ LQ RUGHU WR UH SURYLGHG DW WKH WRS DQG ERWWRP )LJXUH
SODFH WKH EDWWHU\
3UHSDUH DUHD RI ZRUN SURYLGH FRQGXFWLYH VXUIDFH :DUQLQJ

IRU WKH EDVLF PRGXOH
+D]DUGRXV YROWDJHV FDQ EH SUHVHQW LQ
2SHQ KRXVLQJ FRYHU WKH GHYLFH HYHQ DIWHU GLVFRQQHFWLRQ RI
WKH VXSSO\ YROWDJH RU DIWHU UHPRYDO RI WKH
PRGXOHV IURP WKH KRXVLQJ VWRUDJH FD
5HDG RXW GHYLFH DQQXQFLDWLRQV LH DOO DGGUHVVHV
SDFLWRUV
ZKLFK FRPPHQFH ZLWK RQZDUGV 7KLV LV
FDUULHG RXW PRVW FRQYHQLHQW XVLQJ WKH IURQW RSHU
DWLQJ LQWHUIDFH DQG D SHUVRQDO FRPSXWHU ZLWK WKH &DXWLRQ
',*6,X SURWHFWLRQ GDWD SURFHVVLQJ SURJUDP WKH
(OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSR
LQIRUPDWLRQ LV WKXV VWRUHG LQ WKH 3&
QHQW FRQQHFWLRQV WKH 3&% WUDFNV RU WKH
FRQQHFWLQJ SLQV RI WKH PRGXOHV PXVW EH
1RWH $OO FRQILJXUDWLRQ GDWD DQG VHWWLQJV RI WKH GH DYRLGHG XQGHU DOO FLUFXPVWDQFHV E\ SUH
YLFH DUH VWRUHG LQ ((3520V SURWHFWHG DJDLQVW YLRXVO\ WRXFKLQJ DQ HDUWKHG PHWDO VXU
VZLWFKLQJ RII RI WKH SRZHU VXSSO\ 7KH\ DUH VWRUHG IDFH
LQGHSHQGHQW RI WKH EDFNXS EDWWHU\ 7KH\ DUH
WKHUHIRUH QHLWKHU ORVW ZKHQ WKH EDWWHU\ LV UH 3XOO RXW EDVLF PRGXOH DQG SODFH RQWR WKH FRQGXF
SODFHG QRU ZKHQ WKH GHYLFH LV RSHUDWHG ZLWKRXW D WLYH VXUIDFH
EDWWHU\
8QVFUHZ XVHG EDWWHU\ IURP WKH WHUPLQDOV RU UH
2QO\ IRU UHOD\ XQWLO SURGXFWLRQ VHULHV ** 3UH PRYH LW IURP WKH KROGHU GR QRW SODFH RQ WKH FRQ
SDUH WKH EDWWHU\ DV LQ )LJXUH GXFWLYH VXUIDFH 5HIHU WR )LJXUH IRU UHOD\ XQWLO
SURGXFWLRQ VHULHV ** DQG WR )LJXUH IURP SUR
GXFWLRQ VHULHV ++
&DXWLRQ
,QVHUW WKH SUHSDUHG EDWWHU\ LQWR WKH WHUPLQDOV RU
'R QRW VKRUWFLUFXLW EDWWHU\ 'R QRW UH
YHUVH EDWWHU\ SRODULWLHV 'R QRW FKDUJH KROGHU DV LQ )LJXUH XQWLO SURGXFWLRQ VHULHV
EDWWHU\ ** DQG WLJKWHQ WKH VFUHZV RU DV LQ )LJXUH
IURP SURGXFWLRQ VHULHV ++
&*&
9LHZ XSRQ
WKH SFE
5HDU YLHZ RQ WKH
UHPRYHG EDVLF PRGXOH
)LJXUH ,QVWDOODWLRQ RI WKH EDFNXS EDWWHU\ IRU UHOD\ XQWLO SURGXFWLRQ VHULHV **
,QVHUW EDVLF PRGXOH LQWR WKH KRXVLQJ HQVXUH WKDW 'R QRW UHYHUVH SRODULWLHV 'R QRW UH
WKH UHOHDVLQJ OHYHU LV SXVKHG IXOO\ WR WKH OHIW EHIRUH FKDUJH 'R QRW WKURZ LQWR ILUH 'DQJHU
WKH PRGXOH LV SUHVVHG LQ RI H[SORVLRQ
)LUPO\ SXVK LQ WKH PRGXOH XVLQJ WKH UHOHDVLQJ OH 3URYLGHG WKH LQWHUQDO V\VWHP FORFN LV QRW DXWRPDW
YHU )LJXUH LFDOO\ V\QFKURQL]HG YLD WKH /6$ 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 EDFNXS EDWWHU\ KDV WKXV
DSSOLFDEOH UHJXODWLRQV EHHQ FRPSOHWHG
9LHZ XSRQ
5HDU YLHZ RQ WKH WKH SFE
UHPRYHG EDVLF PRGXOH
)LJXUH ,QVWDOODWLRQ RI WKH EDFNXS EDWWHU\ IRU UHOD\ IURP SURGXFWLRQ VHULHV ++
&*&
)DXOW WUDFLQJ
,I WKH SURWHFWLYH GHYLFH LQGLFDWHV D GHIHFW WKH IROORZ 5HSODFLQJ WKH PLQLIXVH
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\ SXVKHG LQ DQG 3UHSDUH DUHD RI ZRUN SURYLGH FRQGXFWLYH VXUIDFH
ORFNHG" IRU WKH EDVLF PRGXOH
,V WKH 212)) VZLWFK RQ WKH IURQW SODWH LQ WKH 21 2SHQ KRXVLQJ FRYHU
SRVLWLRQ v "
,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
/RRVHQ WKH EDVLF PRGXOH XVLQJ WKH SXOOLQJ DLGV
,I WKH UHG IDXOW LQGLFDWRU k%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 &DXWLRQ
WKH GF DX[LOLDU\ YROWDJH RII DQG RQ DJDLQ 7KLV KRZ
HYHU UHVXOWV LQ ORVV RI IDXOW GDWD DQG PHVVDJHV LI WKH (OHFWURVWDWLF GLVFKDUJHV YLD WKH FRPSR
UHOD\ LV QRW HTXLSSHG ZLWK D EXIIHU EDWWHU\ DQG LI D QHQW FRQQHFWLRQV WKH 3&% WUDFNV RU WKH
SDUDPHWHUL]LQJ SURFHVV KDV QRW \HW EHHQ FRP FRQQHFWLQJ SLQV RI WKH PRGXOHV PXVW EH
DYRLGHG XQGHU DOO FLUFXPVWDQFHV E\ SUH
SOHWHG WKH ODVW SDUDPHWHUV DUH QRW VWRUHG
YLRXVO\ WRXFKLQJ DQ HDUWKHG PHWDO VXU
IDFH
0LQLIXVH RI WKH SRZHU VXSSO\

PHGLXP VORZ 0
5HDU YLHZ RQ WKH UHPRYHG
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 VKRUWFLUFXLW 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

/RRVHQ WKH EDVLF PRGXOH XVLQJ WKH SXOOLQJ DLGV
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 $LG IRU UHPRYLQJ DQG LQVHUWLQJ EDVLF PRGXOH
&*&
6$ 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 OLPLW WHPSHUDWXUH UDQJH IRU
QHQWV DUH XVHG ZKLFK PXVW EH KDQGOHG LQ DFFRU VWRUDJH RI WKH UHOD\V RU DVVRFLDWHG VSDUH SDUWV LV
GDQFH ZLWK WKH SURFHGXUHV UHTXLUHG IRU (OHFWURVWDWL E& WR E& UHIHU 6HFWLRQ XQGHU WKH
FDOO\ (QGDQJHUHG &RPSRQHQWV ((& )XUWKHU 7HFKQLFDO 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 & WR & ) WR )
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 SUHZDUPLQJ
,I LW LV XQDYRLGDEOH WR UHSODFH LQGLYLGXDO PRGXOHV LW LV ZRXOG WKXV EH DFKLHYHG DQG FRQGHQVDWLRQ DYRLGHG
LPSHUDWLYH WKDW WKH VWDQGDUGV UHODWHG WR WKH KDQGOLQJ
RI (OHFWURVWDWLFDOO\ (QGDQJHUHG &RPSRQHQWV DUH %HIRUH LQLWLDO HQHUJL]DWLRQ ZLWK VXSSO\ YROWDJH WKH
REVHUYHG UHOD\ VKDOO EH VLWXDWHG LQ WKH RSHUDWLQJ DUHD IRU DW
OHDVW WZR KRXUV LQ RUGHU WR HQVXUH WHPSHUDWXUH
:DUQLQJ 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
&*&
6$ 9 $SSHQGL[
$SSHQGL[
$ *HQHUDO GLDJUDPV
& 7DEOHV
&*&
6$ 9 $SSHQGL[
$ *HQHUDO GLDJUDPV

1
,2
.200$1'25(/$,6 &200$1'
6
,
9
5
0 (
5 3
$ 8
/ 6
$ (
'
0(/'(5(/$,6 5(/$<
7 8
1
$ 5 % /
$
$
7 & 9 (
0 . 9
0 6 & 5
,
7
2 / .
2 8 $
& $ &
/ 6 5
( 5 2
$ (
( ' /
J (
6 1 1 %
Q
3
2 ( (

X 0 2
/ * 6 5 NF (
& 5 $ J &
J (
UÚ Q ,
R Q , G X 9
G X 5
J
U K
F
(
WH
Q
Q J 5 X
D
'
D UH $ U
Q Z

LW
P Q & LH X
U
N
OG H H
P OD
U
R Q
F
H E H
. D
U H OR Û E
H 0
G % W
Q Q

U
LQ H H 8 6 : H
( * 6 . / 0 *

. . 0 0 0 0 0

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

$XIEDX*HK XVH 685)$&( 02817,1* &$6(
(LQEDX*HK XVH )/86+ 02817,1* &$6(
$
(
*
$ $ $ $ $
( ( ( ( (
* = * = *

$$$$$$ '' % % % % & & &&& $ $ $ $ $ $ $ $

1
2
,
7
$ 7
(,1*$%( ,1387
5 &
' ( $
7
( 3
/ 2
1
7 %
2
( &
&
6
(
( 0 ;
6
5 7 8
2
( 9 $
/
7 % &
2 W /
0 D &

$
( P W 8
5 R
W N 1
X D
W $
W D Q 0
VH O
G
R
N

H Z
V Q
L
5 V
IO

L (
+ G
' J

Q
( S 6 D
/ 6 / +

/ / / / / / (( / / / 1 [ [
/ ( / ( / ( / (
8
8
8
8
8
8
,
,
,
,
,
,
,
,

)LJXUH $ *HQHUDO GLDJUDP 6$ VKHHW RI
&*&
6$ 9 $SSHQGL[

.200$1'25(/$,6 &200$1'
/ / / 6
' ' ' 5
1 1 1 (9
$ $ $ /
$ (
0 0 0 5 5
0 0 0
0(/'(5(/$,6 5(/$<
2 2 2 ( 1
& & & 1 2
,7
(
3, 3, 3, * $
5 5 5 ,3 / / / &
7 7 7 5 ( /2
7 7 7 7 7
/ / / JQ
5
$7
5
$7
5
$7 5 VUW
RG RG RG $7
DQ DQ DQ
XV 6 6 6 6 Z
NF
ÐO / / /
P P P VX ( ÚU
P
R P
R P
R DO JQ JQ JQ JQ JQ
DU XJ XJ XJ XJ
. . . HQ HU HU HU HU
XW
VX VX VX KF
H Q Q Q Q L
$ $ $ * $ $ $ $ 5

. . . 0 0 0 0 0 0

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

$XIEDX*HK XVH 685)$&( 02817,1* &$6(
(LQEDX*HK XVH )/86+ 02817,1* &$6(
$
(
=
$ 9
( 6
=

' ' ' ' ' ' ' ' ' ' ' ' %%

5
2
,7
1
(,1*$%( ,1387
2
(9 0
,( /(
& 1
( 1
$ < .
5 + ' &
5 & $( 2
/
(, W % ))
5 UÐ 5 1 2
5
$ VWH

% 5
$ 2
& & 5 5
$
J W NF $
JQ JQ LH RO VX
LQ(
DI DI HUE % $
S S
P P 6/ 8 8 8
( ( . . .

/ /

+
/ ( / ( / ( / ( / ( / (
8

&*&
6$ 9 $SSHQGL[
5[' $ $ 7['

9
05 $ $ 07

69
(LQEDX XQG $XIEDXJHK XVH PLW 9

6FKQLWWVWHOOH
)/86+ $1' 685)$&( 02817,1* &$6( :,7+

96(5,$/ '$7$ /,1.
6$ $ %
)60$ $ $ )60$
69
(LQEDXJHK XVH PLW /:/0RGXO

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

685)$&( 02817,1* &$6( :,7+ ),%5(
237,& ,17(5)$&(
6$ %$ &
&*&
6$ 9 $SSHQGL[
6XUIDFH PRXQWLQJ
)OXVK PRXQWLQJ&XELFOH LQVWDOODWLRQ

/ / / $
, / %
$ %
6LJQDO UHOD\ 7UDQVPLVVLRQ VLJQDO
,( $ %

, / %
$
%
$ 6LJQDO UHOD\ $5 EORFNHG
,/ , / %
,/ %
$
,/ ' %
, ( 6LJQDO UHOD\
%
&% DODUP VXSSUHVVLRQ
'
%
%
8 / 6LJQDO UHOD\
% 0HDVXUHG TXDQWLWLHV IDXOW\
% JHQHUDO

8/ % $
8/
8 / 'HYLFH RSHUDWLYH
$
6LJQDO UHOD\
8/ $ GHYLFH IDXOW\
%
81 8 / &
% &
6LJQDO UHOD\ *HQHUDO WULS
8H 8 1 &

& '
6LJQDO UHOD\ ' )DXOW GHWHFWLRQ /
8Q
& '
6LJQDO UHOD\ ' )DXOW GHWHFWLRQ /
/ '
& 6LJQDO UHOD\ ' )DXOW GHWHFWLRQ /
/
&
[
& 6LJQDO UHOD\ )DXOW GHWHFWLRQ (
/ 8 &
'
8[
&
6LJQDO UH ' 5HYHUVH GLUHFWLRQ
$ OD\
%LQDU\
5HVHW /(' $
LQSXW 6$
$
%LQDU\
9ROWDJH WUDQVIRUPHU $ %
LQSXW
PFE 7ULS UH %
$
&% DX[LOLDU\ FRQWDFW %LQDU\ % &/26( FRPPDQG
ODLV
$
&% FORVHG LQSXW %
$
%LQDU\ $
0DQXDO FORVLQJ $
LQSXW 7ULS UH $
*HQHUDO IDXOW
' ODLV $
%LQDU\ GHWHFWLRQ
6LJQDO UHFHSWLRQ ' $
LQSXW
' '
%LQDU\
5HFHSWLRQ IDXOW\ ' '
LQSXW 7ULS UH
' 75,3 /
' ODLV
%LQDU\ '
&% UHDG\ IRU FORVH
' LQSXW
WULS F\FOH &
'
%LQDU\ &
%ORFN $5 ' 7ULS UH
LQSXW & 75,3 /
ODLV
' &
%LQDU\
6ZLWFK $5 RQ ' '
LQSXW
' '
%LQDU\ 7ULS UH
6ZLWFK $5 RII ' 75,3 /
' ODLV
LQSXW
'
%
/
3RZHU VXSSO\ %
/
5[' $ $

6HULDO LQWHUIDFH 956& 7[' 2SWLRQDO
05 $ N9 LQVXODWHG $ 07
FRXSOLQJ WR FHQWUDO VWDWLRQ
9 LQWHUIDFH
6HULDO LQWHUIDFH IRU RSWLFDO ILEUH RSWLFDO ILEUH LQWHUIDFH

FRXSOLQJ WR FHQWUDO VWDWLRQ
%LQDU\ LQSXWV VLJQDO UHOD\V
WULS UHOD\V /('
V DUH
IUHHO\ DUUDQJDEOH
RSWLRQDO VHQVLWLYLW\
QRUPDO VHQVLWLYLW\
KLJK VHQVLWLYLW\ IRU HDUWK IDXOW GHWHFWLRQ
LQ QRQHDUWKHG V\VWHPV 6$
RSWLRQDO FRQQHFWLRQ & SDQHO IOXVK PRXQWLQJ
WR RSHQ GHOWD YROWDJH DV LOOXVWUDWHG % SDQHO VXUIDFH PRXQWLQJ
WR EXVEDU YROWDJH IRU V\QFKURFKHFN
( FXELFOH LQVWDOODWLRQ
)LJXUH % &RQQHFWLRQ H[DPSOH 6$
&*&
6$ 9 $SSHQGL[
%XV VXUIDFH IOXVK %XV VXUIDFH IOXVK

EDU EDU
)HHGHU &7V 6$ )HHGHU &7V 6$
,/ $ $ ,/ $ $
,/ $ $ ,/ $ $

/LQH /LQH
,/ $ $ ,/ $ $
,( ' '
,( '
'
HJVXPPDWLRQ
)LJXUH % &7 FLUFXLWV ZLWK &7V WUDQVIRUPHU
1RWH ,I WKH FXUUHQW SRODULW\ LV FKDQJHG XQGHU

DGGUHVV WKLV FKDQJHV DOVR WKH
SRODULW\ RI WKH FXUUHQW LQSXW ,(
%XV VXUIDFH IOXVK

)LJXUH % &7 FLUFXLWV ZLWK &7V DQG DGGLWLRQDO
EDU ,( VXPPDWLRQ &7
6$
)HHGHU &7V ,/ $ $
,/ $ $

/LQH $
,/ $ $
%XV VXUIDFH IOXVK

EDU
,( ' ' 6$
)HHGHU &7V ,/ $
$
,/ $ $

/LQH
,/ $ $
/LQH %
,( '
'
HJVXPPDWLRQ
WUDQVIRUPHU
)LJXUH % &7 FLUFXLWV ZLWK &7V DQG HDUWK FXU
UHQW RI D SDUDOOHO OLQH % 1RWH ,I WKH FXUUHQW SRODULW\ LV FKDQJHG XQGHU
DGGUHVV WKLV FKDQJHV DOVR WKH
SRODULW\ RI WKH FXUUHQW LQSXW ,(
)LJXUH % &7 FLUFXLWV ZLWK &7V DQG DGGLWLRQDO

,( VXPPDWLRQ &7 QRW IRU HDUWKHG V\V
WHPV
&*&
6$ 9 $SSHQGL[
VXUIDFH IOXVK VXUIDFH IOXVK
6$ 6$
)HHGHU 97V 8/ % 8/ %
8/ % )HHGHU 8/ %

97V
8/ % 8/ %
% %
8HQ &
)LJXUH % 97 FLUFXLWV ZLWK 97V
&
1RWH
,I RSHQGHOWD YROWDJH LV QRW DYDLODEOH QHLWKHU IURP

IHHGHU 97V QRU IURP EXVEDU 97V WKH DSSURSULDWH LQ
)LJXUH % 97 FLUFXLWV ZLWK 97V ZLWK RSHQGHOWD SXW RQ WKH UHOD\ UHPDLQV XQFRQQHFWHG 1HYHUWKH
ZLQGLQJV HQ OHVV WKH UHOD\ LV DEOH WR GHWHFW HDUWK IDXOWV SURYLGHG
WKUHH VWDUFRQQHFWHG DQG HDUWKHG YROWDJH WUDQV
IRUPHUV DUH DYDLODEOH UHIHU )LJXUH %
VXUIDFH IOXVK
6$ VXUIDFH IOXVK

8/ %
)HHGHU 97V 8/ 6$

% 8/
LQ 9 FRQQHF %
WLRQ 8/ % 8/ %
)HHGHU
97V
8/ %
%
8HQ &
RSHQ GHOWD DQ\ YROWDJH 8
IURP WKH &
YROWDJH IURP &
EXVEDU EXVEDU
SKDVH &
HDUWK
)LJXUH % 97 FLUFXLWV ZLWK 97V DQG RSHQGHOWD RU

YROWDJH IURP D EXVEDU YROWDJH WUDQV
IRUPHU VHW QRW IRU HDUWKHG V\VWHPV
DQ\ YROWDJH 8 &
IURP WKH
EXVEDU
SKDVH &
SKDVH
)LJXUH % 97 FLUFXLWV ZLWK 97V DQG DQ\ GHVLUHG

YROWDJH IURP WKH EXVEDU 97V
&*&
6$ 9 $SSHQGL[
&
'
& & & 9
,3 ' ' ' &
Q LW 5
7 9 9 9 & '

H
G P
V 6

' 9
Q Q 8 / 9
H D $ J
6 U7 Q H
ID LY
S H
F
P H
$ ( 5
6 ; % & '
O
HV ;
6WDWLRQ %
V
OÚ H . . . . . .
K
F G R
\ \ \ \ \ \
6 DO DO DO DO DO DO
& H H H H H H
% UH $ 5
V 5
V 5
V 5
V 5
V 5
V
D
E

) G
/ U 3 L L L L L L
02 DO DO DO DO DO DO
/ 5 5 H H H H H H

5 5 5 5 5 5
;
;
5
5

$ . .
3

F G

Q
/ / R
WL J Q
D Q J R
Q LF X Q Q WL
(QHUJLHOHLWXQJ
H G LR DI DL
G Q Q
L WF F
X S
3RZHU OLQH
Q E H Q
H Q U Q P X
6 Q H Q ( Q
Q D Y R Q
H Q UQ F Q D
J R
LV H H
Q G H
UL J Q
LV Q R
X D Z X WL
OG
H P W] W G
O S
HF
V X OR H
0 Q K L 0 H
UD F 3
7 6 5 &
'
%
F G
N N

;
;
. . N
N

J

Q
X
5 5 VV S N
$
3 .

.

N
.

D R
S OR
/ 5 5 Q H
D UL
Q
U Z
D E H W
G R
D] LO
W S
6WDWLRQ $
X U
F IR
K
6 VH [ [ [ [ [ [
U F 5 5 5 5 5 5
X
] Q
Q DWLV
HI V
$ J H WX H
6 Q LY VV UU
D H
I F G HS
S H Q S
Q LW P 5 WDV R N
H P ( U U' . . N .
G V 3,
5 H
Q Q 76 /
H D
U7 LG
6 8 : N
$ N

N N

/ / / / / / / /

)LJXUH % 3LORW ZLUH FRQQHFWLRQ VFKHPH IRU RYHUUHDFK WUDQVIHU YLD SLORW ZLUHV ZLWK 6$ DW ERWK OLQH
HQGV
&*&
6$ 9 $SSHQGL[

/ /

&
W '
H & & & 9
G ' ' ' &
]W Q OW 3
, 9 9 & '
X 9
X
K WLR
F
D
)
5
7

' 9
FV 9
V WH J W 6 /
J R
U Q 8
Q S X $
X H J
LW UH
H LQ Q
/ / $
6WDWLRQ %

/ O ; % & '

HV ;
V
OÚ H . . . . . .
K
F G
6 R \ \ \ \ \ \
H & DO DO DO DO OD OD
WU UX % UH $
H
5
H
5
H
5
H
5
H H
$
WÐ
LO ) G
/ U 3 V V V V 5
VL 5
VL
V DI 02
L
DO L
DO L
DO L
DO OD DO
H HU H H H H H H
& J L 5 5 5 5 5 5
U Z
Q
H WR
: % G LO
6 DV S
OIL Q
+R WL
J DLF
Q Q
X X
G
O Q
H Q
0$
V
J
Q
Q X Q
(QHUJLHOHLWXQJ
R
WL G LR
D Q
L WF Q
3RZHU OLQH
LF H R
UE Q J WL
Q Q H Q Q DL
H X Y R ID F
G Q UQ F S Q
Q Q H X
H D G H
UL P Q
6 Q D Z ( Q
Q R L W] W Q D
H VLV X R H Q
J K LO J R
WL
Q P F 3 Q
X V 6 X S
OG Q OG HF
H D H
&
'
%
U H
0 7 0 5
F G

;
; . .

J
Q
5 5 X
VV S
$ & & &
3 D R
S R
/
5

5 Q OH
D LU
UQ Z
D
E
H W
G OR
D] L
W S
6WDWLRQ $
X U
F R
K I
6 VH [ [ [ [ [ [
U F 5 5 5 5 5 5
X
] Q
Q WDVL
HI V
$ J HY X
WV UH
6 Q L
D HF V UH
I G S
S H Q S
Q LW P 5 DW R N
H P 3, ( VU U . . N .
G V H '
Q
H
Q
D 75
6 /
LG

6 U7 N
8
$ : N

N N

/ / / / / / / /

)LJXUH % 3LORW ZLUH FRQQHFWLRQ VFKHPH IRU RYHUUHDFK WUDQVIHU YLD SLORW ZLUHV ZLWK 6$ DW RQH OLQH HQG
DQG 6: DW WKH RWKHU OLQH HQG
&*&
6$ 9 $SSHQGL[
& 7DEOHV
7DEOH & $QQXQFLDWLRQV IR /6$
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 & $QQXQFLDWLRQV PHDVXUHG YDOXHV HWF DGGUHVV EORFNV WR
7DEOH & 5HIHUHQFH WDEOH IRU FRQILJXUDWLRQ SDUDPHWHUV DGGUHVV EORFNV WR
7DEOH & 2SHUDWLRQDO GHYLFH FRQWURO IDFLOLWLHV DGGUHVV EORFNV WR
127( 7KH IROORZLQJ WDEOHV OLVW DOO GDWD ZKLFK DUH DYDLODEOH LQ WKH PD[LPXP FRPSOHPHQW RI WKH GHYLFH 'HSHQ
GHQW RQ WKH RUGHUHG PRGHO RQO\ WKRVH GDWD PD\ EH SUHVHQW ZKLFK DUH YDOLG IRU WKH LQGLYLGXDO YHUVLRQ
127( 7KH DFWXDO WDEOHV DUH DWWDFKHG WR WKH SXUFKDVHG UHOD\
&*&
6$ 9 $SSHQGL[
Annunciations 7SA511 for LSA (DIN 19244 and according IEC 60870-5-103)
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
FNo. - Function number of annunciation
Op/Ft - Operation/Fault annunciation
C/CG: Coming/Coming and Going annunciation
V : Annunciation with Value
M : Measurand
LSA No.- Number of annunciation for former LSA (DIN 19244)
according to IEC 60870-5-103:
CA - Compatible Annunciation
GI - Annunciation for General Interrogation
BT - Binary Trace for fault recordings
Typ - Function type (p: according to the configured "Function 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 24CAGIBT 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 8CA p 4
56Initial start of processor system C 14CA p 5
59Real time response to LSA C 6
60LED Reset C 13CA p 19
61Logging and measuring functions blockedCG CAGI p 20
62Test mode CG CAGI p 21
63PC operation via system interface CG GI 135 83
95Parameters are being set CG 11CAGI 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 9 135130
112Annunciations for LSA lost C 10 135131
113Fault tag lost BT135136
140General internal failure of device CG CAGI p 47
141Failure of internal 24 VDC power supplyCG 96 GI 135161
143Failure of internal 15 VDC power supplyCG 97 GI 135163
144Failure of internal 5 VDC power supply CG 98 GI 135164
145Failure of internal 0 VDC power supply CG 99 GI 135165
151Failure in I/O module 1 CG 100 GI 135166
152Failure in I/O module 2 CG 101 GI 135167
154Supervision trip circuit CG CAGI 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
164Measured value supervision of voltages CG CAGI p 33
165Failure: Voltage sum superv. (ph-e) CG 105 GI 135184
166Failure: Voltage sum superv. (ph-ph) CG 106 GI 135185
167Failure: Voltage symmetry supervision CG 108 GI 135186
168Failure: Measuring voltages absent CG 109 GI 135187
169Fuse failure monitor operated (>10s) CG 110 GI 135188
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
171Failure: Phase sequence supervision CG 111CAGI p 35
204Fault recording initiated via bin.input BT135204
205Fault recording initiated via keyboard BT135205
206Fault recording initiated via PC interf BT135206
301Fault in the power system CG 2 135231
302Flt. event w. consecutive no. C 135232
303E/Flt.det. in isol/comp.netw. CG GI 135233
361>U Line side VT MCB tripped CG 20CAGI p 38
362>U2 Busbar side VT MCB tripped CG GI 150 12
501General fault detection of device CG221CAGIBT p 84
502General drop-off of device C 152 150152
503General device fault detection: Ph. L1 CG CAGIBT p 64
506General device fault detection: Ph. N CG CAGIBT p 67
507General device trip: Phase L1 C CA BT p 69
511General trip of device C CA BT p 68
516General trip for fault in forward dir. C 242 150166
517General trip for fault in reverse dir. C 243 150167
521Interrupted current: Phase L1(I/In) V250 150171
561Circuit breaker manually closed (pulse)C 18 150211
562CB close command for manual closing C 150212
601Current in phase IL1 [%] = M CA 134128
621UL1E [%]= M CA 134128
622UL2E [%]= M CA 134128
623UL3E [%]= M CA 134128
624UL12 [%] = M 134128
625UL23 [%] = M 134128
626UL31 [%] = M 134128
641Active power Pa [%] = M CA 134128
642Reactive power Pr [%] = M CA 134128
644Frequency f [%] = M CA 134128
701Iea [mA] = M 134128
702Ier [mA] = M 134128
1114Fault resistance, Ohm prim. V 151 14
1115Fault reactance, Ohm prim. V CA p 73
1117Fault resistance, Ohm sec. V201 151 17
1118Fault reactance, Ohm sec. V202 151 18
1119Distance to fault in km V203 151 19
1120Distance to fault in % V204 151 20
1174Circuit breaker test in progress CG 21 GI 151 74
1181Circuit breaker test: General trip C 151 81
1261E/F det. (isol./comp. net) switched offCG 95 GI 151161
1262E/F detection (isol./comp. net) blockedCG GI 151162
1263E/F detection (isol./comp. net) active CG GI 151163
1272Earth fault (isol./comp.) L1 detected CG 89CAGI p 48
1276Earth fault (isol./comp.) forward dir. CG 92CAGI p 51
1277Earth fault (isol./comp.) reverse dir. CG 93CAGI p 52
1278Earth fault (isol./comp.) undef. dir. CG 94 GI 151178
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
1281Trip by earth fault det. (isol./comp.) C 151181
1316>Carrier reception for direct. E/F compCG 68 GI 166 16
1317>Carrier reception for dir. E/F faulty CG 67 GI 166 17
1331Earth fault protection is switched off CG 71 GI 166 31
1332Earth fault protection is blocked CG GI 166 32
1333Earth fault protection is active CG GI 166 33
1334Earth fault prot. direct.stage blocked CG 64 GI 166 34
1341Earth fault detection 75% Ie picked up CG208 BT166 41
1342Earth fault detection non-direct. Ie CG208 166 42
1343Earth fault detection directional Ie CG209 166 43
1352Earth fault prot. dir. time expired C 246 166 52
1353Earth fault prot. non-dir. time expired C 247 166 53
1381Earth fault dir. comp. is switched off CG GI 166 81
1384Carrier transmission for dir. comp. E/F C 245 166 84
1385Echo signal for directional comp. E/F C 70 166 85
1386Transient block. of E/F protection C 218 166 86
1511Thermal overload prot. is switched off CG GI 167 11
1512Thermal overload protection is blocked CG GI 167 12
1513Thermal overload protection is active CG GI 167 13
1515Thermal overload prot.: Current warningCG GI 167 15
1516Thermal overload prot.: Thermal warningCG GI 167 16
1517Thermal overload prot.: Pick-up thermalCG GI 167 17
1521Thermal overload protection trip C BT167 21
2051Emergency O/C protect. is switched off CG GI 61 51
2052Emergency O/C protection is blocked CG GI 61 52
2053Emergency O/C protection is active CG GI 61 53
2054Emergency O/C protection is running CG 50CAGI p 37
2061Emerg. O/C prot.: General fault detect. CG160 BT 61 61
2062Emerg. O/C prot.: Fault detection L1 CG145 61 62
2065Emerg. O/C prot.: Earth fault detection CG148 61 65
2071Emerg. O/C earth fault detection only C 61 71
2072Emerg. O/C fault detection L1 only C 161 61 72
2073Emerg. O/C fault detection L1E C 162 61 73
2076Emerg. O/C fault detection L12 C 165 61 76
2091Emerg. O/C phase fault detection I>> CG 61 91
2093Emerg. O/C phase fault detection I> CG 61 93
2097Emerg. O/C earth fault detection IE> CG 61 97
2121Emerg. O/C prot.: Time TI>> expired C 153 61121
2123Emerg. O/C prot.: Time TI> expired C 157 61123
2127Emerg. O/C prot.: Time TIE> expired C 157 61127
2141Emerg. O/C protection: General Trip C 191CA p 72
2142Emerg. O/C protection: Trip 1pole L1 C 238 61142
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
2145Emerg. O/C protection: Trip 3pole C 241 61145
2704>AR: Reset auto-reclose function CG GI 40 4
2709>AR: Block delayed auto-reclose CG 76 GI 40 9
2711>AR: External start for internal AR CG 28 GI 40 11
2712>AR: Ext. Trip L1 for internal AR CG 29 GI 40 12
2781AR: Auto-reclose is switched off CG 79 GI 40 81
2782AR: Auto-reclose is switched on CG CAGI p 16
2783AR: Auto-reclose is blocked CG 72 GI 40 83
2784AR: Auto-reclose is not ready CG CAGIBT p130
2785AR: Auto-reclose is dynamically blockedCG 233 GI 40 85
2787AR: Circuit breaker not ready CG 78 GI 40 87
2801AR: Auto-reclose in progress CGCG228 GI 40101
2813AR: 1pole dead time for RAR is running CGCG230 GI 40113
2814AR: 3pole dead time for RAR is running CGCG230 GI 40114
2833AR: 3pole dead time 1 for DAR running CGCG230 GI 40133
2851AR: Close command from auto-reclose C 248CA BT p128
2854AR: Close command after 3pole DAR cycleC CA p129
2863AR: Definitive trip C 74 40163
2871AR: Trip during 1pole AR cycle C 40171
2931Synchro-check function is switched off CG GI 41 31
2932Synchro-check function is blocked CG GI 41 32
2934Synchro-check function faulty CG GI 41 34
2935Synchro-check supervision time expired C 41 35
2941Synchro-check function is running CG GI 41 41
2942Synchro-check function override/bypass C 41 42
2943Synchronism (U1>,U2>) detected C 41 43
2944Live line,dead busbar(U1>,U2<) detectedC 41 44
2945Dead line,live busbar(U1<,U2>) detectedC 41 45
2946Dead line,dead busbar(U1<,U2<) detectedC 41 46
2947Sync.: Voltage diff. greater than limitC 41 47
2948Sync.: Freq. diff. greater than limit C 41 48
2949Sync.: Angle diff. greater than limit C 41 49
2951Synchronism release (to ext. AR) C 41 51
2961Close command from synchro-check C 41 61
3651Distance protection is switched off CG 55 GI 28 51
3652Distance protection is blocked CG 48 GI 28 52
3653Distance protection is active CG GI 28 53
3671Dist.: General fault detection CG144 28 71
3672Dist.: Fault detection , phase L1 CG145 GIBT 28 72
3675Dist.: Fault detection , earth fault CG148 GIBT 28 75
3681Dist.: Fault detection only phase L1 C 161 28 81
3682Dist.: Fault detection phase L1,E C 162 28 82
3685Dist.: Fault detection phase L1,2 C 165 28 85
3686Dist.: Fault detection phase L1,2,E C 166 28 86
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©©©©§©©©§©©©©©©©©©©©©©©©©¤
Ann.LSA VDEW/ZVEI
¨©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©©©ª©©ª©©ª©©ª©©©ª©©©
3693Dist.: Fault detection phase L1,2,3 C 173 28 93
3694Dist.: Fault detection phase L1,2,3,E C 174 28 94
3719Dist.: Fault det. in forward direction C 149CA BT p 74
3720Dist.: Fault det. in reverse direction C 150CA BT p 75
3771Dist.: Time T1 ( Zone Z1 ) expired C 153CA p 78
3778Dist.: Time T4 (direct. zone) expired C 156CA p 81
3779Dist.: Time T5 (non-dir. zone) expired C 157CA p 82
3780Dist.: Time T1B ( Zone Z1B ) expired C 158 28180
3783Dist.: Time T1L ( Zone Z1L ) expired C 159 28183
3801Distance protection: General trip C 28201
3802Dist.: Trip phase L1 1pole only C 238 28202
3805Dist.: Trip 3pole C 241 28205
4051Dist. teleprotection is switched on CG CAGI p 17
4052Dist. teleprotection is switched off CG 63 GI 29 52
4054Dist. teleprotection: Carrier reception C 57CA p 77
4055Dist. teleprotection: Carrier faulty CG 60CAGI p 39
4056Dist. teleprotection: Carrier send C 244CA p 76
4067POTT teleprotection: Carrier echo send C 59 29 67
4068POTT teleprotection: Transient block C 198 29 68
4164Power swing detection CG 80 GI 29164
4166Out-of-step trip 3pole C 81 29166
4431Ext. trip via binary input: Trip C 51 31
4432Ext. trip via binary input: 1pole L1 C 51 32
4435Ext. trip via binary input: 3pole C 51 35
4436Ext. trip via binary input: Without AR C 51 36
6254Output signal of user defined timer T1 CG GI 214 54
6255Output signal of user defined timer T2 CG GI 214 55
¥©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©©©¦©©¦©©¦©©¦©©©¦©©©¾
&*&
6$ 9 $SSHQGL[
Annunciations 7SA511 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
M : Measurand
E - Earth fault annunciation
IOT - I: can be marshalled to binary input
O: can be marshalled to binary output (LED, signal relay)
T: can be marshalled to trip relay
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
FNo.Abbreviation Meaning OpFtEIOT
¨©©©©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 IOT
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
116E/F Buff.OverE/F buffer overflow E
120Oper.Ann.InvaOperational annunciations invalid CG
121Flt.Ann.InvalFault annunciations invalid CG
122E/F.Prot InvaEarth fault 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 OT
143Failure 15V Failure of internal 15 VDC power supplyCG OT
144Failure 5V Failure of internal 5 VDC power supply CG OT
145Failure 0V Failure of internal 0 VDC power supply CG OT
151Failure I/O 1Failure in I/O module 1 CG OT
152Failure I/O 2Failure in I/O module 2 CG OT
154Fail. TripRelSupervision trip circuit CG
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
159LSA disruptedLSA (system interface) disrupted CG
161I supervisionMeasured value supervision of currents O
162Failure ÉI Failure: Current summation supervision CG OT
163Failure IsymmFailure: Current symmetry supervision CG OT
164U supervisionMeasured value supervision of voltages O
165Failure ÉUp-eFailure: Voltage sum superv. (ph-e) CG OT
166Failure ÉUp-pFailure: Voltage sum superv. (ph-ph) CG OT
167Failure UsymmFailure: Voltage symmetry supervision CG OT
168Failure UmeasFailure: Measuring voltages absent CG OT
169Fuse-Failure Fuse failure monitor operated (>10s) CG OT
170FFM pick-up Fuse failure monitor pick-up CG
171Fail.PhaseSeqFailure: Phase sequence supervision CG OT
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 M
301Syst.Flt Fault in the power system CGC
302Fault Flt. event w. consecutive no. C
303E/F Det. E/Flt.det. in isol/comp.netw. CG E
354>CB Aux.3p cl>CB aux. contact:3poles closed (series) IOT
356>Manual Close>Manual close IOT
357>CloseCmd.Blo>Block all close commands from externalCG IOT
361>VT mcb Trip >U Line side VT MCB tripped CG IOT
362>V2 mcb Trip >U2 Busbar side VT MCB tripped CG IOT
381>1p Trip Perm>External auto-reclose ready for 1pole CG IOT
382>Only 1pole >External AR programmed for 1pole only CG IOT
383>RAR Release >Release overreach zones RAR CGCG IOT
384>DAR Release >Release overreach zones DAR CGCG IOT
501Device FltDetGeneral fault detection of device OT
502Dev. Drop-offGeneral drop-off of device C
503Dev.FltDet L1General device fault detection: Ph. L1 OT
506Dev.FltDet N General device fault detection: Ph. N OT
511Device Trip General trip of device G OT
512Dev.Trip 1pL1General 1pole trip of device: Phase L1 OT
515Dev.Trip 3p General 3pole trip of device OT
516Dev.Trip forwGeneral trip for fault in forward dir. OT
517Dev.Trip rev.General trip for fault in reverse dir. C OT
521IL1/In= Interrupted current: Phase L1(I/In) C
545T-Drop Time from fault detection to drop-off
546T-Trip Time from fault detection to trip
561Manual Close Circuit breaker manually closed (pulse)C OT
562Man.Close CmdCB close command for manual closing OT
563CB Alarm SuppCB alarm suppressed OT
601IL1[%] = Current in phase IL1 [%] = M
621UL1E[%]= UL1E [%]= M
622UL2E[%]= UL2E [%]= M
623UL3E[%]= UL3E [%]= M
624UL12[%]= UL12 [%] = M
625UL23[%]= UL23 [%] = M
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
626UL31[%]= UL31 [%] = M
641Pa[%]= Active power Pa [%] = M
642Pr[%]= Reactive power Pr [%] = M
644f [%]= Frequency f [%] = M
651IL1 = Current in phase IL1 = M
671UL1E= Voltage UL1E = M
674UL12= Voltage UL12 = M
691Pa= Active power Pa = M
692Pr= Reactive power Pr = M
701Iea[mA]= Iea [mA] = M
702Ier[mA]= Ier [mA] = M
711Iea = Iea = M
712Ier = Ier = M
801Î/Îtrip = Temperat. rise for warning and trip M
802Î/ÎtripL1= Temperature rise for phase L1 M
1001TripNo L1= Number of trip commands: Phase L1 M
1004ÉIL1/In= Summated current tripped IL1/In M
1011AR 1pole= No. of auto-reclose commands:1p RAR M
1012AR 3pole= No. of auto-reclose commands:3p RAR M
1013DAR 3pol= No. of auto-reclose commands:3p DAR M
1106>Start FltLoc>Start fault locator CG IOT
1114Rpri= Fault resistance, Ohm prim. C
1115Xpri= Fault reactance, Ohm prim. C
1117Rsec= Fault resistance, Ohm sec. C
1118Xsec= Fault reactance, Ohm sec. C
1119d = Distance to fault in km C
1120d[%]= Distance to fault in % C
1156>CB Test >CB test start IOT
1174CB in Test Circuit breaker test in progress CG OT
1181CB Test Trip Circuit breaker test: General trip OT
1182CB Test 1pL1 Circuit breaker test: Trip 1pole L1 C OT
1185CB Test 3p Circuit breaker test: Trip 3pole C OT
1251>E/F Det. on >Switch on E/F det. for isol./comp. net IOT
1252>E/F Det. off>Switch off E/F det. for isol./comp.net IOT
1253>E/F Det.bloc>Block E/F det. for isol./comp. net IOT
1261E/F Det. off E/F det. (isol./comp. net) switched offCG OT
1262E/F Det.blockE/F detection (isol./comp. net) blockedCG OT
1263E/F Det.activE/F detection (isol./comp. net) active OT
1271E/F DetectionEarth fault in isol./comp. net detected C E OT
1272E/F Detec. L1Earth fault (isol./comp.) L1 detected E OT
1276E/F forwards Earth fault (isol./comp.) forward dir. E OT
1277E/F reverse Earth fault (isol./comp.) reverse dir. E OT
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
1278E/F undefinedEarth fault (isol./comp.) undef. dir. E OT
1281E/F Det. TripTrip by earth fault det. (isol./comp.) C E OT
1289Iea Active component Iea E
1290Ier Reactive component Ier E
1303>E/F block >Block E/F protection IOT
1311>E/F comp. on>Switch on directional E/F comparison IOT
1312>E/F comp.off>Switch off directional E/F comparison IOT
1316>E/F Recept >Carrier reception for direct. E/F compC C IOT
1317>E/F Rec.Fail>Carrier reception for dir. E/F faulty CG IOT
1331E/F Prot. offEarth fault protection is switched off CG OT
1332E/F blocked Earth fault protection is blocked CGCG OT
1333E/F active Earth fault protection is active OT
1334E/F Dir.blockEarth fault prot. direct.stage blocked OT
1341E/F Flt75%Ie>Earth fault detection 75% Ie picked up CG OT
1342E/F Flt Ie<->Earth fault detection non-direct. Ie C OT
1343E/F Flt Ie ->Earth fault detection directional Ie C OT
1344E/F Ue> Earth fault displacement voltage Ue> OT
1351E/F T-Delay Earth fault protection time expired OT
1352E/F T-> Earth fault prot. dir. time expired OT
1353E/F T<-> Earth fault prot. non-dir. time expired OT
1361E/F Trip Trip by earth fault protection C OT
1381E/F Dir off Earth fault dir. comp. is switched off CG OT
1384E/F Send Carrier transmission for dir. comp. E/F C OT
1385E/F Echo Echo signal for directional comp. E/F C OT
1386E/F TransBlocTransient block. of E/F protection C OT
1501>O/L on >Switch on thermal overload protection IOT
1502>O/L off >Switch off thermal overload protection IOT
1503>O/L block >Block thermal overload protection IOT
1511O/L Prot. offThermal overload prot. is switched off CG OT
1512O/L blocked Thermal overload protection is blocked CG OT
1513O/L active Thermal overload protection is active OT
1515O/L Warn I Thermal overload prot.: Current warningCG OT
1516O/L Warn Î Thermal overload prot.: Thermal warningCG OT
1517O/L pickup Î Thermal overload prot.: Pick-up thermalCG OT
1521O/L Trip Thermal overload protection trip C OT
2003>Emer. block >Block emergency overcurrent protection IOT
2010>I>> block >Block I>> stage of emerg. O/C protec. CG IOT
2051Emer. off Emergency O/C protect. is switched off CG OT
2052Emer. block Emergency O/C protection is blocked CG OT
2053Emer. active Emergency O/C protection is active OT
2054Emer. mode Emergency O/C protection is running CG OT
2061Emer.Gen.Flt Emerg. O/C prot.: General fault detect. OT
2062Emer. Flt L1 Emerg. O/C prot.: Fault detection L1 OT
2065Emer. Flt E Emerg. O/C prot.: Earth fault detection OT
2071Emer. Flt E Emerg. O/C earth fault detection only C
2072Emer. Flt L1 Emerg. O/C fault detection L1 only C
2073Emer. Flt L1EEmerg. O/C fault detection L1E C
2076Emer. Flt L12Emerg. O/C fault detection L12 C
2077Emer.Flt L12EEmerg. O/C fault detection L12E C
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
2084Emer.Flt L123Emerg. O/C fault detection L123 C
2085Emer.Flt 123EEmerg. O/C fault detection L123E C
2091Emer. I>> Emerg. O/C phase fault detection I>> C OT
2093Emer. I> Emerg. O/C phase fault detection I> C OT
2097Emer. IE> Emerg. O/C earth fault detection IE> C OT
2121Emer. TI>> Emerg. O/C prot.: Time TI>> expired OT
2123Emer. TI> Emerg. O/C prot.: Time TI> expired OT
2127Emer. TIE> Emerg. O/C prot.: Time TIE> expired OT
2141Emer.Gen.TripEmerg. O/C protection: General Trip OT
2142Emer.Trip1pL1Emerg. O/C protection: Trip 1pole L1 C OT
2145Emer.Trip 3p Emerg. O/C protection: Trip 3pole C OT
2701>AR on >AR: Switch on auto-reclose function IOT
2702>AR off >AR: Switch off auto-reclose function IOT
2703>AR block >AR: Block auto-reclose function CG IOT
2704>AR reset >AR: Reset auto-reclose function C IOT
2706>1p RAR block>AR: Block 1pole rapid auto-reclose CG IOT
2707>3p RAR block>AR: Block 3pole rapid auto-reclose CG IOT
2708>RAR block >AR: Block rapid auto-reclose CG IOT
2709>DAR block >AR: Block delayed auto-reclose CG IOT
2711>Start AR >AR: External start for internal AR C IOT
2712>Trip L1 AR >AR: Ext. Trip L1 for internal AR C IOT
2715>Trip 1p AR >AR: Ext. 1pole trip for internal AR C IOT
2716>Trip 3p AR >AR: Ext. 3pole trip for internal AR C IOT
2721>DAR aft. RAR>AR: Delayed AR only after rapid AR CG IOT
2730>CB ready >AR: Circuit breaker ready for reclose IOT
2731>Sync.release>AR: Synchronism from ext. sync.-check IOT
2781AR off AR: Auto-reclose is switched off CG OT
2782AR on AR: Auto-reclose is switched on OT
2783AR inoperativAR: Auto-reclose is blocked CG OT
2784AR not ready AR: Auto-reclose is not ready OT
2785AR block.dyn.AR: Auto-reclose is dynamically blocked C OT
2787CB not ready AR: Circuit breaker not ready OT
2788AR T-CB Exp. AR: CB supervision time expired OT
2801AR in prog. AR: Auto-reclose in progress C OT
2811RAR only AR: Only rapid auto-reclosing allowed OT
2812RAR T-act.runAR: Action time for RAR is running OT
2813RAR T-1p run.AR: 1pole dead time for RAR is running C OT
2814RAR T-3p run.AR: 3pole dead time for RAR is running C OT
2815RAR 1p Prog. AR: 1pole rapid auto-reclose program OT
2816RAR 3p Prog. AR: 3pole rapid auto-reclose program OT
2817RAR Zone Rel.AR: Zone extension for rapid reclosing OT
2818AR evolv.Flt.AR: Evolving fault recognition OT
2831DAR Only AR: Only delayed auto-reclosing allowed OT
2832DAR T-act.runAR: Action time for DAR is running OT
2833DAR T-3p1 runAR: 3pole dead time 1 for DAR running C OT
2837DAR Zone Rel.AR: Zone extension for delayed reclose OT
2851AR Close Cmd.AR: Close command from auto-reclose C C OT
2852RAR 1p Close AR: Close command after 1pole RAR cycle OT
2853RAR 3p Close AR: Close command after 3pole RAR cycle OT
2854DAR 3p Close AR: Close command after 3pole DAR cycle OT
2861AR T-Recl.runAR: Reclaim time is running OT
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
2862AR successfulAR: Auto-reclose cycle successful OT
2863Definit.Trip AR: Definitive trip OT
28641p Trip Perm.AR: 1pole trip allowed by internal AR OT
2865Sync.Meas.ReqAR: Sync-check request OT
2871AR Trip 3p AR: Trip during 1pole AR cycle C OT
2901>Sync. on >Switch on synchro-check function IOT
2902>Sync. off >Switch off synchro-check function IOT
2903>Sync. block >Block synchro-check function IOT
2906>Sync. Start >Initiate internal synchro-check IOT
2907>Sync. synch >Sync.: Check synchronism IOT
2908>Sync. U1>U2<>Sync. live line (U1>), dead bus (U2<) IOT
2909>Sync. U1<U2>>Sync. dead line (U1<), live bus (U2>) IOT
2910>Sync. U1<U2<>Sync. dead line (U1<), dead bus (U2<) IOT
2911>Sync. o/ride>Synchro-check override ( bypass ) IOT
2931Sync. off Synchro-check function is switched off CG OT
2932Sync. blockedSynchro-check function is blocked CG OT
2934Sync. faulty Synchro-check function faulty CG OT
2935Sync.Tsup.ExpSynchro-check supervision time expired C C OT
2941Sync. runningSynchro-check function is running OT
2942Sync.OverrideSynchro-check function override/bypass CG OT
2943Sync. SynchroSynchronism (U1>,U2>) detected CG OT
2944Sync. U1>U2< Live line,dead busbar(U1>,U2<) detectedCG OT
2945Sync. U1<U2> Dead line,live busbar(U1<,U2>) detectedCG OT
2946Sync. U1<U2< Dead line,dead busbar(U1<,U2<) detectedCG OT
2947Sync. Udiff> Sync.: Voltage diff. greater than limitCG OT
2948Sync. fdiff> Sync.: Freq. diff. greater than limit CG OT
2949Sync. phidif>Sync.: Angle diff. greater than limit CG OT
2951Sync. releaseSynchronism release (to ext. AR) OT
2961Sync.CloseCmdClose command from synchro-check OT
3603>Dist. block >Block distance protection IOT
3611>Extens. Z1B >Dist.: Zone 1B extension from externalCG IOT
3612>Extens. Z1L >Dist.: Zone 1L extension from externalCG IOT
3651Dist. off Distance protection is switched off CG OT
3652Dist. blockedDistance protection is blocked CG OT
3653Dist. active Distance protection is active OT
3661DisZ1B AR blkDist.: Block AR by fault detec. Z1B C OT
3662DisZ1L AR blkDist.: Block AR by fault detec. Z1L C OT
3671Dist.Gen.Flt.Dist.: General fault detection OT
3672Dist.Fault L1Dist.: Fault detection , phase L1 OT
3675Dist.Fault E Dist.: Fault detection , earth fault OT
3681Dist.Flt.L1 Dist.: Fault detection only phase L1 C
3682Dist.Flt.L1E Dist.: Fault detection phase L1,E C
3685Dist.Flt.L12 Dist.: Fault detection phase L1,2 C
3686Dist.Flt.L12EDist.: Fault detection phase L1,2,E C
3693Dist.Flt.L123Dist.: Fault detection phase L1,2,3 C
3694Dist.Flt.123EDist.: Fault detection phase L1,2,3,E C
3701Loop L1-E f Dist.: Loop L1E selected forward CG OT
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
3704Loop L1-2 f Dist.: Loop L12 selected forward CG OT
3707Loop L1-E r Dist.: Loop L1E selected reverse CG OT
3710Loop L1-2 r Dist.: Loop L12 selected reverse CG OT
3719Dist. For.DirDist.: Fault det. in forward direction OT
3720Dist. Rev.DirDist.: Fault det. in reverse direction OT
3771Dist. T1 Dist.: Time T1 ( Zone Z1 ) expired OT
3778Dist. T4 Dist.: Time T4 (direct. zone) expired OT
3779Dist. T5 Dist.: Time T5 (non-dir. zone) expired OT
3780Dist. T1B Dist.: Time T1B ( Zone Z1B ) expired OT
3783Dist. T1L Dist.: Time T1L ( Zone Z1L ) expired OT
3801Dis.Gen. TripDistance protection: General trip OT
3802Dis.Trip 1pL1Dist.: Trip phase L1 1pole only C OT
3805Dis.Trip 3p Dist.: Trip 3pole C OT
3808Dis.Trip backDist.: Trip in back-up stage OT
3811Dis.TripZ1/1pDist.: Trip 1pole in zone Z1/T1 OT
3813Dis.TripZ1B1pDist.: Trip 1pole in zone Z1B/T1B OT
3814Dis.TripZ1B3pDist.: Trip 3pole in zone Z1B/T1B OT
3815Dis.Trip Z1L Dist.: Trip for fault in zone Z1L/T1L OT
3818Dis.TripZ3/T3Dist.: Trip for fault in zone Z3/T3 OT
3819Dis.Trip FD->Dist.: Trip by fault detection, direct OT
3820Dis.Trip <-> Dist.: Trip by fault detec., non-direct OT
4004>Dis. Recept >Dist. teleprotection: Carrier receive C C IOT
4005>Dis.RecFail >Dist. teleprotection: Carrier faulty CG IOT
4011>Dis.POTT on >Dist.:Switch on teleprotection POTT IOT
4012>Dis.POTT off>Dist.:Switch off teleprotection POTT IOT
4021>Dis.PUTT on >Dist.:Switch on teleprotection PUTT IOT
4022>Dis.PUTT off>Dist.:Switch off teleprotection PUTT IOT
4051Dis.Tele.on Dist. teleprotection is switched on OT
4052Dis.Tele.off Dist. teleprotection is switched off CG OT
4054Dis. Recept Dist. teleprotection: Carrier reception OT
4055Dis. RecFail Dist. teleprotection: Carrier faulty CG OT
4056Dis. Send Dist. teleprotection: Carrier send C OT
4067Dis.POTT EchoPOTT teleprotection: Carrier echo send C OT
4068Dis.TransBlo POTT teleprotection: Transient block C OT
4164Power Swing Power swing detection CG OT
4165P/S T-action Power swing action time running OT
4166O/S Trip Out-of-step trip 3pole C C OT
4403>Ext.Trip blk>Block external trip function CG IOT
4412>Ext.Trip L1 >External trip L1 via binary input C IOT
4416>Ext.Trp.woAR>External 3pole trip without AR CG IOT
4431Ext.Gen. TripExt. trip via binary input: Trip OT
4432Ext.Trip 1pL1Ext. trip via binary input: 1pole L1 C OT
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
¿©©©©§©©©©©©©©©©©©©§©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©§©©§©©§©§©©©¤
¨©©©©ª©©©©©©©©©©©©©ª©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©ª©©ª©©ª©ª©©©
4435Ext.Trip 3p Ext. trip via binary input: 3pole C OT
4436Ext.Trip woARExt. trip via binary input: Without AR C OT
6206>User T1Start>Start of user defined timer T1 CGCG IOT
6207>User T1Reset>Reset of user defined timer T1 C C IOT
6208>User T2Start>Start of user defined timer T2 CGCG IOT
6209>User T2Reset>Reset of user defined timer T2 C C IOT
6254User output 1Output signal of user defined timer T1 CGC OT
6255User output 2Output signal of user defined timer T2 CGC OT
¥©©©©¦©©©©©©©©©©©©©¦©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©¦©©¦©©¦©¦©©©¾
&*&
6$ 9 $SSHQGL[
Reference Table for Functional Parameters 7SA511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
1000 PARAMETERS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1100 POWERSYSTEM DATA
1101 CT STARPNT Current transformer polarity

TOWARDS LINE [ ] Towards line
TOWARDS BUSBAR [ ] Towards busbar
1102 SYSTEMSTAR System star-point condition

SOLIDLY EARTHED [ ] Solidly earthed
COMPENSATED [ ] Compensated
ISOLATED [ ] Isolated
1103 Un PRIMARY Primary rated voltage
min. 1 kV
max. 1200 ©©©©
1104 Un SECOND. Secondary rated voltage
min. 80 V
max. 125 ©©©©
1105 In PRIMARY Primary rated current
min. 10 A
max. 5000 ©©©©
1109 Ux CONNECT Ux voltage transformer connection
NOT CONNECTED [ ] Not connected
Udelta TRANSFORM [ ] Udelta transformer
U2 TRANSFORMER [ ] U2 transformer
1110 Uph/Udelta Matching factor Uph/Udelta (sec.earth voltage)
min. 0.10
max. 9.99 ©©©©
1111 Ie CT Ie current transformer
PROTECTED LINE [ ] Protected line
PARALLEL LINE [ ] Parallel line
1112 Ie/Iph Matching factor Ie/Iph for earth current
min. 0.100
max. 20.000 ©©©©
1116 U2 CONNECT Voltage transformer U2 input connection
L1-L2 [ ] L1-L2
L2-L3 [ ] L2-L3
L3-L1 [ ] L3-L1
L1-E [ ] L1-E
L2-E [ ] L2-E
L3-E [ ] L3-E
1117 RE/RL Residual compensating factor RE/RL
min. -7.00
max. 7.00 ©©©©
1118 XE/XL Residual compensating factor XE/XL
min. -7.00
max. 7.00 ©©©©
&*&
6$ 9 $SSHQGL[
1119 RM/RL Mutual compensating factor RM/RL

min. -7.00
max. 7.00 ©©©©
1120 XM/XL Mutual compensating factor XM/XL

min. -7.00
max. 7.00 ©©©©
1122 X SEC Secondary reactance per unit line length Xsec

min. 0.010 Ï/km
max. 5.000 ©©©©
1124 LINELENGTH Line length
min. 1.0 km
max. 550.0 ©©©©
1130 T-TRIP I> Trip command min.duration for I > I-RES
min. 0.00 s
max. 32.00 ©©©©
1131 T-TRIP I< Trip command min.duration for I < I-RES
min. 0.01 s
max. 32.00 ©©©©
1132 U1-U2 ANGL Phase angle between U1 and U2
min. -179 Ý
max. 180 ©©©©
1133 T-CB CLOSE Closing (operating) time of circuit breaker
min. 0.01 s
max. 0.50 ©©©©
1135 T-CLOSE Maximum close command duration
min. 0.01 s
max. 32.00 ©©©©
1136 3-P. COUPL 3 pole coupling
WITH FAULT DETEC [ ] With fault detection
WITH TRIP COMM. [ ] With trip command
1137 TRIP2phFLT Trip type with 2phase faults
THREE-POLE [ ] Three-pole
1-POLE LEADING [ ] 1-pole leading
1-POLE LAGGING [ ] 1-pole lagging
1145 T-M/C-PROL Prolongation time after manual closing

min. 0.01 s
max. 32.00 ©©©©
1149 T-EXT.STAB Stabilization time for external trip
min. 0.00 s
max. 32.00 ©©©©
1150 FILTER Filter for measured quantities

NORMAL [ ] Normal
LONG [ ] Long
&*&
6$ 9 $SSHQGL[
1200 DIST.PROT. GENERAL SETTINGS

1201 DIST.PROT. Distance protection function
ON [ ] on
OFF [ ] off
1202 DIR. FD&T4 Direction for fault detection directional trip
FORWARDS [ ] Forwards
REVERSE [ ] Reverse
NON-DIRECTIONAL [ ] Non-directional
1203 T4 Delay T4 fault detection directional trip
min. 0.00 s
max. 32.00/Ñ ©©©©
1204 T5 Delay T5 fault detection non-directional trip
min. 0.00 s
max. 32.00/Ñ ©©©©
1205 MAN. CLOSE Distance zone effective with manual close
Z1B DIRECTIONAL [ ] Z1B directional
Z1B NON DIRECT. [ ] Z1B non-directional
FD EFFECTIVE [ ] Fault detection
Z1 EFFECTIVE [ ] Z1 effective
1216 RAR -> Z1B Distance zone Z1B effective before 1st RAR
YES [ ] yes
NO [ ] no
1217 DAR BLOCK Effective zone if DAR is blocked

Z1; T1 [ ] Z1; T1
Z1; T1B [ ] Z1; T1B
1218 DAR -> Z1L Distance zone Z1L effective before DAR
YES [ ] yes
NO [ ] no
1221 BLK.AR Z1B Autoreclosure is blocked for Z1B faults
NO [ ] no
WITHIN [ ] Within
OUTSIDE [ ] Outside
1222 BLK.AR Z1L Autoreclosure is blocked for Z1L faults
NO [ ] no
WITHIN [ ] Within
OUTSIDE [ ] Outside
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1300 DIST.PROT. INDEPEND. ZONES
1301 R1 Zone 1: Resistance (phase-phase) R1
min. 0.05 Ï
max. 65.00 ©©©©
1302 X1 Zone 1: Reactance (reach) X1
min. 0.05 Ï
max. 130.00 ©©©©
1303 R1E Zone 1: Resistance (phase-earth) R1E
min. 0.05 Ï
max. 130.00 ©©©©
&*&
6$ 9 $SSHQGL[
1304 DIREC. Z1 Zone 1: Direction

REVERSE [ ] Reverse
1305 T1 1PHASE Zone 1: Delay for single phase faults T1 1PH

min. 0.00 s
max. 32.00/Ñ ©©©©
1306 T1 >1PHASE Zone 1: Delay for multi-phase faults T1

min. 0.00 s
max. 32.00/Ñ ©©©©

min. 0.05 Ï
max. 65.00 ©©©©

min. 0.05 Ï
max. 130.00 ©©©©

min. 0.05 Ï
max. 130.00 ©©©©
REVERSE [ ] Reverse
1315 T2 1PHASE Zone 2: Delay for single phase faults T2 1PH
min. 0.00 s
max. 32.00/Ñ ©©©©
1316 T2 >1PHASE Zone 2: Delay for multi-phase faults T2

min. 0.00 s
max. 32.00/Ñ ©©©©
1317 TRIP 1P Z2 Single pole trip for faults in Z2
NO [ ] no
YES [ ] yes
min. 0.05 Ï
max. 65.00 ©©©©
min. 0.05 Ï
max. 130.00 ©©©©

min. 0.05 Ï
max. 130.00 ©©©©

REVERSE [ ] Reverse
1325 T3 Zone 3: Delay for all faults T3
min. 0.00 s
max. 32.00/Ñ ©©©©
&*&
6$ 9 $SSHQGL[
1400 DIST.PROT. CONTROLLED ZONES

1401 R1B Zone 1B: Resistance (phase-phase) R1B
min. 0.05 Ï
max. 65.00 ©©©©
1402 X1B Zone 1B: Reactance (reach) X1B
min. 0.05 Ï
max. 130.00 ©©©©
1403 R1BE Zone 1B: Resistance (phase-earth) R1BE
min. 0.05 Ï
max. 130.00 ©©©©
1404 DIREC. Z1B Zone 1B: Direction
REVERSE [ ] Reverse
1405 T1B 1PHASE Zone 1B: Delay for single phase faults T1B 1PH
min. 0.00 s
max. 32.00/Ñ ©©©©
1406 T1B >1PHAS Zone 1B: Delay for multi-phase faults T1B
min. 0.00 s
max. 32.00/Ñ ©©©©
1411 R1L Zone 1L: Resistance (phase-phase) R1L
min. 0.05 Ï
max. 65.00 ©©©©
1412 X1L Zone 1L: Reactance (reach) X1L
min. 0.05 Ï
max. 130.00 ©©©©
1413 R1LE Zone 1L: Resistance (phase-earth) R1LE
min. 0.05 Ï
max. 130.00 ©©©©
1414 DIREC. Z1L Zone 1L: Direction
REVERSE [ ] Reverse
1415 T1L Zone 1L: Delay for all faults T1L
min. 0.00 s
max. 32.00/Ñ ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1500 DIST.PROT. FAULT DETEC.PROG
1501 PROG. U/I Program for U/I fault detection
LE:Uphe/LL:Uphph [ ] LE:Uphe/LL:Uphph
LE:Uphph/LL:Uphp [ ] LE:Uphph/LL:Uphp
LE:Uphe/LL:Uphe [ ] LE:Uphe/LL:Uphe
LE:Uphe/LL:I>> [ ] LE:Uphe/LL:I>>
1503 PROG. ZA Program for impedance fault detection

LE:Zphe/LL:Zphph [ ] LE:Zphe/LL:Zphph
LE:Zphe/LL:I>> [ ] LE:Zphe/LL:I>>
&*&
6$ 9 $SSHQGL[
1600 DIST.PROT. FAULT DETECTION

1601 Iph>> Overcurrent detection Iph>>
min. 0.25 I/In
max. 4.00 ©©©©
1602 Ie> Earth fault detection Ie>
min. 0.10 I/In
max. 1.00 ©©©©
1611 Iph> Minimum current for fault detection Iph>
min. 0.10 I/In
max. 1.00 ©©©©
1612 Uphe(I>>) Undervoltage pick-up at I>> (phase-earth)
min. 20 V
max. 70 ©©©©
1613 Uphe(I>) Undervoltage pick-up at I> (phase-earth)
min. 20 V
max. 70 ©©©©
1614 Uphph(I>>) Undervoltage pick-up at I>> (phase-phase)
min. 40 V
max. 130 ©©©©
1615 Uphph(I>) Undervoltage pick-up at I> (phase-phase)
min. 40 V
max. 130 ©©©©
1621 Iph> Minimum current for fault detection Iph>

min. 0.10 I/In
max. 4.00 ©©©©
1622 X+A Fault detection forward reach X+A

min. 0.10 Ï
max. 200.00 ©©©©
1623 X-A Fault detection reverse reach X-A
min. 0.10 Ï
max. 200.00 ©©©©
1624 RA1 Fault det. resistance (ph-ph, phi<PHI A) RA1

min. 0.10 Ï
max. 200.00 ©©©©
1625 RA2 Fault det. resistance (ph-ph, phi>PHI A) RA2

min. 0.10 Ï
max. 200.00 ©©©©
1626 RA1E Fault det. resistance (ph-e, phi<PHI AE) RA1E
min. 0.10 Ï
max. 200.00 ©©©©
1627 RA2E Fault det. resistance (ph-e, phi>PHI AE) RA2E

min. 0.10 Ï
max. 200.00 ©©©©
1628 ANGLE PHIA Fault det. ph-ph angle betw. RA1/RA2 PHI A
min. 30 Ý
max. 80 ©©©©
&*&
6$ 9 $SSHQGL[
1629 ANG. PHIAE Fault det. ph-e angle betw. RA1E/RA2E PHI AE
min. 30 Ý
max. 80 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1700 FAULT IN EARTHED NETWORKS
1701 Ue> Displacement voltage for earth fault det. Ue>

min. 2 V
max. 100/Ñ ©©©©
1703 PHPHE FLTS Loop selection with Ph-Ph-E faults
PHASE-PHASE ONLY [ ] Phase to phase only
LEADING PH-E [ ] Leading phase-earth
LAGGING PH-E [ ] Lagging phase-earth
1704 3PH FAULTS Loop selection with 3phase faults

E/F CONTROL [ ] Dependent on E/F det
PHASE-PHASE ONLY [ ] Phase to phase only
PHASE-EARTH ONLY [ ] Phase to earth only
1705 1PH FAULTS Loop select. for single ph. w/o earth flt.det.
PHASE-EARTH [ ] Phase-earth
PHASE-PHASE [ ] Phase-phase
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
1800 FAULT NON-EARTHED NET
1801 TIe 1PHASE Delay time for single phase flt. det. TIe 1PH
min. 0.00 s
max. 0.50/Ñ ©©©©
1802 Ue> Displacement voltage for earth fault det. Ue>

min. 10 V
max. 100 ©©©©
1803 PHASE PREF Phase preference for double earth faults
L3(L1) ACYCLIC [ ] L3(L1) acyclic
L3(L1) CYCLIC [ ] L3(L1) cyclic
L1(L3) CYCLIC [ ] L1(L3) cyclic
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2000 POWER SWING

2002 P/S PROGR. Program of power swing (P/S) function
BLOCK ALL [ ] Block all zones
BLOCK Z1 ONLY [ ] Block Z1 only
BLOCK ALL BUT Z1 [ ] Block all but Z1
OUT-OF-STEP TRIP [ ] Out-of-step trip
2003 Delta R Distance between P/S and fault detect. polygon

min. 0.10 Ï
max. 50.00 ©©©©
&*&
6$ 9 $SSHQGL[
2004 dR/dT Rate of change of P/S vector dR/dT

min. 0 Ï/s
max. 200 ©©©©
2005 P/S T-ACT. Power swing action time P/S T-ACT.

min. 0.01 s
max. 32.00/Ñ ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2100 TELEPROTEC PERM. UNDERREACH
2101 PUTT Permissive underreach transfer trip

ON [ ] on
OFF [ ] off
2102 PUTT MODE Permissive underreach transfer trip mode
Z1B ACCELERATION [ ] Z1B acceleration
FD ACCELERATION [ ] FD acceleration
2103 T-SEND-PRL Send signal prolongation for PUTT
min. 0.01 s
max. 32.00 ©©©©
2104 T-REC-PROL Receive signal prolongation for PUTT
min. 0.00 s
max. 32.00 ©©©©
2106 T-SEND-DEL Send signal delay for PUTT
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2200 TELEPROTEC PERM. OVERREACH

2201 POTT Permissive overreach transfer trip
ON [ ] on
OFF [ ] off
2202 POTT MODE Permissive overreach transfer trip mode
Z1B RELEASE [ ] Z1B release
FD DIREC RELEASE [ ] Direct. comparison
Z1B UNBLOCK [ ] Unblocking with Z1B
FD UNBLOCK [ ] Unblocking with FD
Z1B BLOCKING [ ] Blocking with Z1B
PILOT WIRE COMP. [ ] Comp. via pilot wire
REVERS INTERLOCK [ ] Reverse interlocking
2203 T-TRANSBLO Transient blocking time after external fault

min. 0.01 s
max. 32.00 ©©©©
2204 T-WAIT Waiting time for trans.block. (missing recept)

min. 0.01 s
max. 32.00/Ñ ©©©©
2206 T-SEND-PRL Send signal prolongation for POTT

min. 0.01 s
max. 32.00 ©©©©
&*&
6$ 9 $SSHQGL[
2210 POTT DirFD Effect. direction for directional comparison

REVERSE [ ] Reverse
2212 T-SEND DEL Send signal delay for POTT

min. 0.00 s
max. 32.00 ©©©©
2220 ECHO Echo function for weak infeed

ON [ ] on
OFF [ ] off
2221 T-ECHO-DEL Echo delay time

min. 0.01 s
max. 32.00/Ñ ©©©©
2222 T-ECHO-IMP Duration of echo impulse

min. 0.02 s
max. 32.00 ©©©©
2223 T-ECHO-BLO Echo blocking time

min. 0.01 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2300 USER LOGIC FUNCTIONS
2302 T-PICKUP 1 1st user logic function: Pick-up time

min. 0.00 s
max. 32.00/Ñ ©©©©
2303 T-DROP 1 1st user logic function: Drop-off time

min. 0.00 s
max. 32.00/Ñ ©©©©
2305 T-PICKUP 2 2nd user logic function: Pick-up time
min. 0.00 s
max. 32.00/Ñ ©©©©
2306 T-DROP 2 2nd user logic function: Drop-off time
min. 0.00 s
max. 32.00/Ñ ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2600 EMERGENCY OVERCURRENT PROT
2601 EMERG. O/C Emergency overcurrent definite time protection
ON [ ] on
OFF [ ] off
2602 I>> Highset phase overcurrent threshold (DT) I>>

min. 0.50 I/In
max. 9.99 ©©©©
2603 T-I>> Delay time for I>> TI>>

min. 0.00 s
max. 32.00/Ñ ©©©©
&*&
6$ 9 $SSHQGL[
2612 I> Phase overcurrent threshold (DT) I>

min. 0.10 I/In
max. 4.00 ©©©©
2613 T-I> Delay time for I> TI>

min. 0.00 s
max. 32.00/Ñ ©©©©
2621 M/CLOSE PH Phase overcurrent stage effect.: Manual close

I>> UNDELAYED [ ] I>> undelayed
I> UNDELAYED [ ] I> undelayed
INEFFECTIVE [ ] Ineffective
2623 RAR ZONE P Phase overcurrent stage effect.: Auto reclose

I>> WITH AR [ ] I>> only with AR
I>> ALWAYS [ ] I>> always
2642 IE> Earth overcurrent threshold (DT) IE>

min. 0.10 I/In
max. 4.00 ©©©©
2643 T-IE> Delay time for IE> TIE>

min. 0.00 s
max. 32.00/Ñ ©©©©
2651 M/CLOSE E Earth overcurrent stage effect: Manual close
IE> UNDELAYED [ ] Ie> undelayed
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
2700 THERMAL OVERLOAD PROT.
2701 THERMAL OL State of thermal overload protection

ALARM ONLY [ ] Alarm only
ON [ ] on
OFF [ ] off
2702 K-FACTOR K-factor for thermal overload protection
min. 0.10
max. 4.00 ©©©©
2703 T-CONSTANT Time constant for thermal overload protection
min. 1.0 min
max. 999.9 ©©©©
2704 Î WARN Thermal warning stage
min. 50 %
max. 100 ©©©©
2705 I WARN Current warning stage

min. 0.10 I/In
max. 4.00 ©©©©
2706 O/L CALCUL Calculation method for thermal stages

Î MAX [ ] Theta max
Î MEAN [ ] Theta mean
Î FROM IMAX [ ] Theta from Imax
&*&
6$ 9 $SSHQGL[
2900 MEAS.VALUE SUPERVISION

2901 SYM.Uthres Symmetry threshold for voltage monitoring
min. 10 V
max. 100 ©©©©
2902 SYM.Fact.U Symmetry factor for voltage monitoring
min. 0.58
max. 0.95 ©©©©
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 UMEAS U< Threshold for voltage failure monitor
min. 10 V
max. 125 ©©©©
2908 UMEAS I> Minimum current for voltage failure monitor

min. 0.06 I/In
max. 1.00 ©©©©
2910 FUSE-FAIL Fuse failure monitoring (FFM)

ON [ ] on
OFF [ ] off
2911 FFM 3*Uo> Displacement voltage level for FFM
min. 10 V
max. 100 ©©©©
2912 FFM Ie< Earth current for fuse failure monitoring

min. 0.10 I/In
max. 1.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
3000 EARTHFAULT NON-EARTHED NET
3001 EARTHFAULT Sensitive earth fault det. in non-earthed net
ALARM ONLY [ ] Alarm only
ON [ ] on
OFF [ ] off
3002 Ue> Displacement voltage level Ue>
min. 10 V
max. 100 ©©©©
3003 Uph< Phase-earth voltage of faulted phase Uph<
min. 10 V
max. 100 ©©©©
&*&
6$ 9 $SSHQGL[
3004 Uph> Phase-earth voltage of healthy phases Uph>

min. 10 V
max. 100 ©©©©
3005 Ie> Current level for directional determination

min. 0.003 A
max. 1.000 ©©©©
3006 CT ERR. I1 Second. current I1 for max error angle of C.T.

min. 0.003 A
max. 1.600 ©©©©
3007 CT ERR. F1 Error angle of C.T. at I1
min. 0.0 Ý
max. 5.0 ©©©©
3008 CT ERR. I2 Second. current I2 for max error angle of C.T.
min. 0.003 A
max. 1.600 ©©©©
3009 CT ERR. F2 Error angle of C.T. at I2
min. 0.0 Ý
max. 5.0 ©©©©
3010 T-E/F Duration of displacement voltage for E/F det.
min. 0.0 s
max. 320.0 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
3100 EARTHFAULT DIREC/NON-DIREC
3101 E/F D.T. Earth fault definite time protection
ON [ ] on
OFF [ ] off
3103 Ie> Pick-up value for earth current detection
min. 0.10 I/In
max. 4.00 ©©©©
3104 Ue> Minimum voltage for directional determination
min. 1.0 V
max. 10.0 ©©©©
3106 T-DIRECT. Delay time for directional trip
min. 0.00 s
max. 32.00/Ñ ©©©©
3107 DIRECTION Direction for directional stage
REVERSE [ ] Reverse
3108 T-NON-DIR. Delay time for non-directional trip

min. 0.00 s
max. 32.00/Ñ ©©©©
3109 T-BLOCK Blocking time after dist.prot. has dropped off

min. 0.01 s
max. 320.00 ©©©©
&*&
6$ 9 $SSHQGL[
3200 EARTHFAULT DIREC.COMPARISON

3201 E/F COMPAR Directional comparison for E/F def. time prot
ON [ ] on
OFF [ ] off
3202 T-DELAY Delay time for transmission and trip on recept
min. 0.00 s
max. 32.00/Ñ ©©©©
3203 T-TRANSBLO Transient blocking time after external fault
min. 0.01 s
max. 32.00 ©©©©
3204 T-WAIT Waiting time for trans.block. (missing recept)
min. 0.01 s
max. 32.00/Ñ ©©©©
3210 E/F ECHO Echo function for directional comparison
ON [ ] on
OFF [ ] off
3211 T-ECHO-DEL Echo delay time
min. 0.01 s
max. 32.00/Ñ ©©©©
3212 T-ECHO-IMP Duration of echo impulse
min. 0.02 s
max. 32.00 ©©©©
3213 T-ECHO-BLO Echo blocking time

min. 0.01 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
3300 EARTHFAULT NON-DIRECTIONAL
3301 E/F I.T. Non directional inverse time E/F protection
ON [ ] on
OFF [ ] off
3302 E/F CHARAC Trip time characteristic

NORMAL INVERSE [ ] Normal inverse
VERY INVERSE [ ] Very inverse
EXTREMELY INVERS [ ] Extremely inverse
3303 Ie> Pick-up value for earth current detection
min. 0.10 I/In
max. 4.00 ©©©©
3304 T-Ie> Delay time multiplier
min. 0.00 s
max. 32.00/Ñ ©©©©
3305 T-BLOCK Blocking time after dist.prot. has dropped off
min. 0.01 s
max. 320.00 ©©©©
&*&
6$ 9 $SSHQGL[
3400 AUTORECLOSE FUNCTION

3401 AR FUNCT Auto-reclose function
ON [ ] on
OFF [ ] off
3402 AR BLO REV Auto-reclose block with reverse faults
YES [ ] yes
NO [ ] no
3403 MC BLOCK Auto-reclose block with manual close
YES [ ] yes
NO [ ] no
3405 T-RECLAIM Reclaim time after successful AR
min. 0.50 s
max. 320.00 ©©©©
3406 T-LOCK Lock-out time after unsuccessful AR
min. 0.50 s
max. 320.00/Ñ ©©©©
3407 T-BLOCK MC Blocking duration with manual close
min. 0.50 s
max. 320.00 ©©©©
3412 CB? 1.TRIP CB ready interrogation at 1st trip command
YES [ ] yes
NO [ ] no
3413 CB? CLOSE CB ready interrogation before reclosing

CB? NEVER [ ] CB? never
CB? WITH EACH AR [ ] CB? with each AR
CB? WITH 2nd AR [ ] CB? with 2nd AR
3415 T-CB-SUPV Circuit breaker supervision time
min. 0.01 s
max. 320.00 ©©©©
3419 SYN-REQUST AR request for synchro-check
BEFORE 3POLE AR [ ] Before 3pole AR
ONLY BEFORE DAR [ ] Only before DAR
BEFORE 2nd DAR [ ] Before second DAR
NEVER [ ] Never
3422 RAR PROG. Rapid auto-reclose program

THREE-POLE [ ] Three-pole
SINGLE-POLE [ ] Single-pole
SINGLE/THREE-POL [ ] Single/three-pole
3423 3U0 PROC. 3U0 processing measurement before closing
1-POLE WITH U0 [ ] 1-pole with U0
1-POLE W/O U0 [ ] 1-pole without U0
3424 RAR T-ACT. Rapid auto-reclose action time
min. 0.01 s
max. 320.00/Ñ ©©©©
3425 RAR T-3POL RAR 3pole dead time
min. 0.01 s
max. 320.00 ©©©©
&*&
6$ 9 $SSHQGL[
3426 RAR T-1POL RAR 1pole dead time

min. 0.01 s
max. 320.00 ©©©©
3427 RAR T1POL2 RAR accelerated 1pole dead time (U0 dependent)
min. 0.01 s
max. 320.00 ©©©©
3428 EV.F.RECOG Evolving fault recognition with 1pole AR

3429 EV.F.BLOCK Blocking with evolving faults
ALWAYS [ ] Always
NEVER [ ] Never
>T-DISCR. [ ] >T-discrimination
3430 T-DISCRIM Discrimination time for evolving faults

min. 0.01 s
max. 320.00 ©©©©
3431 AR TRIP 3P 3p trip when AR is blocked during 1p dead time

YES [ ] yes
NO [ ] no
3442 DAR PROG. Delayed auto-reclose program
NO DAR [ ] No DAR
DAR WITHOUT RAR [ ] DAR without RAR
DAR AFTER RAR [ ] DAR only after RAR
3443 DAR No.1PH Number of DAR shots after 1 pole initiation
min. 0
max. 9 ©©©©
3444 DAR No.3PH Number of DAR shots after 3 pole initiation

min. 0
max. 9 ©©©©
3445 DAR T-ACT. Delayed auto-reclose action time
min. 0.01 s
max. 320.00/Ñ ©©©©
3446 DAR T3POL1 DAR 3pole dead time for 1st shot
min. 0.01 s
max. 1800.00 ©©©©
3447 DAR T3POL2 DAR 3pole dead time for 2nd shot
min. 0.01 s
max. 1800.00 ©©©©
3448 DAR T3POL3 DAR 3pole dead time for 3rd and further shots
min. 0.01 s
max. 1800.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
3500 CHECK SYNCHRONISM
3501 SYNC-CHECK Synchro-check function

ON [ ] on
OFF [ ] off
&*&
6$ 9 $SSHQGL[
3502 U< Maximum voltage for dead line or busbar

min. 2 V
max. 60 ©©©©
3503 U> Minimum voltage for live line or busbar

min. 20 V
max. 125 ©©©©
3505 DELTA U< Maximum voltage difference

min. 2 V
max. 50 ©©©©
3506 DELTA f< Maximum frequency difference
min. 0.03 Hz
max. 1.00 ©©©©
3507 DELTA PHI< Maximum angle difference
min. 1 Ý
max. 60 ©©©©
3508 DEL.f<SYNC Maximum freq. difference for synchronous AR
min. 0.01 Hz
max. 0.10/Ñ ©©©©
3515 SYNCHR. Synchronism-check before AR (U1>/U2>)
YES [ ] yes
NO [ ] no
3516 U1>U2< Live line / dead bus check before AR (U1>/U2<)
NO [ ] no
YES [ ] yes
3517 U1<U2> Dead line / live bus check before AR (U1</U2>)
NO [ ] no
YES [ ] yes
3518 U1<U2< Dead line / dead bus check before AR (U1</U2<)
NO [ ] no
YES [ ] yes
3519 OVERRIDE Override of any check before AR
NO [ ] no
YES [ ] yes
3521 SYN.MAN.CL Synchro-check with manual close
ON [ ] on
OFF [ ] off
3522 MC Df<SYNC Frequency difference for synchronous MC
min. 0.01 Hz
max. 0.10/Ñ ©©©©
3525 MC SYNCHR Synchro-check before MC (U1>/U2>)
YES [ ] yes
NO [ ] no
3526 MC U1>U2< Live line/dead bus check before MC (U1>/U2<)
NO [ ] no
YES [ ] yes
&*&
6$ 9 $SSHQGL[
3527 MC U1<U2> Dead line/live bus check before MC (U1</U2>)

NO [ ] no
YES [ ] yes
3528 MC U1<U2< Dead line/dead bus check before MC (U1</U2<)

NO [ ] no
YES [ ] yes
3529 MC O/RIDE Override of any check before MC

NO [ ] no
YES [ ] yes
3530 T-SYN.SUPV Synchro-check supervision time
min. 0.01 s
max. 320.00 ©©©©
3531 T IN-SYNC Synchronism criteria maintained timer
min. 0.00 s
max. 32.00 ©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
3800 FAULT LOCATION
3802 START Start condition for fault locator
DROP-OFF or TRIP [ ] Drop-off or trip
TRIP COMMAND [ ] Trip command
3805 PARAL.LINE Parallel line compensation
NO [ ] no
YES [ ] yes
&*&
6$ 9 $SSHQGL[
Tests and Commissioning Aids 7SA511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
4000 TESTS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4200 DIRECTION/ IMPEDANCES
4201 DIREC. TEST Direction test L1-E

4202 IMPEDANCES Impedance test L1-E


4207 DIREC. TEST Direction test L1-L2

4208 IMPEDANCES Impedance test L1-L2

©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4300 CB TEST TRIP-CLOSE CYCLE
4301 CB TEST Circuit breaker test with AR 1pole L1
4304 CB TEST Circuit breaker test with AR 3pole
4305 CB TEST Circuit breaker test with AR sequence L1-L2-L3

©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4400 CB TEST LIVE TRIP
4401 CB TRIP Circuit breaker trip test 1pole L1

4404 CB TRIP Circuit breaker trip test 3pole

©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
4900 TEST FAULT RECORDING
4901 FAULT REC. Initiation of fault recording
&*&
6$ 9 $SSHQGL[
Annunciations, Measured Values etc. 7SA511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
5000 ANNUNCIATIONS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5100 OPERATIONAL ANNUNCIATIONS
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5200 LAST FAULT
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5300 2nd TO LAST FAULT
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5400 3rd TO LAST FAULT
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5500 ISOLATED EARTH FLT DATA
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5600 CB OPERAT. STATISTICS
5601 AR 1pole= No. of auto-reclose commands:1p RAR

5602 AR 3pole= No. of auto-reclose commands:3p RAR
5603 DAR 3pol= No. of auto-reclose commands:3p DAR
5604 TripNo L1= Number of trip commands: Phase L1
5607 ÉIL1/In= Summated current tripped IL1/In
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5700 OPERATIONAL MEASURED VALUES
5701 IL1 = Current in phase IL1 =
5704 UL1E= Voltage UL1E =
5707 UL12= Voltage UL12 =
5710 Pa= Active power Pa =
5711 Pr= Reactive power Pr =
5712 f [%]= Frequency f [%] =
5713 IL1[%] = Current in phase IL1 [%] =
5716 UL1E[%]= UL1E [%]=
5717 UL2E[%]= UL2E [%]=
5718 UL3E[%]= UL3E [%]=
5719 UL12[%]= UL12 [%] =
&*&
6$ 9 $SSHQGL[
5720 UL23[%]= UL23 [%] =

5721 UL31[%]= UL31 [%] =
5722 Pa[%]= Active power Pa [%] =
5723 Pr[%]= Reactive power Pr [%] =
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5800 ISOL. E/F MEASURED VALUES
5801 Iea = Iea =

5802 Ier = Ier =
5803 Iea[mA]= Iea [mA] =
5804 Ier[mA]= Ier [mA] =
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
5900 OVERLOAD MEASURED VALUES
5901 Î/ÎtripL1= Temperature rise for phase L1
5904 Î/Îtrip = Temperat. rise for warning and trip
&*&
6$ 9 $SSHQGL[
Reference Table for Configuration Parameters 7SA511

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

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

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

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

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

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

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

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

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&*&
6$ 9 $SSHQGL[

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

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

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

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

©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
6200 MARSHALLING SIGNAL RELAYS

6201 SIGNAL RELAY 1 Signal relay 1
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©

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

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

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&*&
6$ 9 $SSHQGL[

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

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

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

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

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

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

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

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&*&
6$ 9 $SSHQGL[

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

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

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&*&
6$ 9 $SSHQGL[
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
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
&*&
6$ 9 $SSHQGL[
6314 LED 14 LED 14

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

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

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

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

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

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

©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7000 OP. SYSTEM CONFIGURATION
&*&
6$ 9 $SSHQGL[
7100 INTEGRATED OPERATION

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
©©©©©©©©©©©©©©©©© ©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7110 FAULT INDIC Fault indication: LED and LCD
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
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 ©©©©
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 ©©©©
&*&
6$ 9 $SSHQGL[
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 COMPATIBLE [ ] VDEW compatible
VDEW EXTENDED [ ] VDEW extended
LSA [ ] LSA
7222 SYS MEASUR. Measurement format for system-interface
VDEW COMPATIBLE [ ] VDEW compatible
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
7227 SYS-SWITCH Online-switch VDEW-DIGSI enabled
NO [ ] no
YES [ ] yes
7235 SYS PARAMET Parameterizing via system-interface
NO [ ] no
YES [ ] yes
7239 7SM70/71 Fault location output with 7SM70/7SM71
NOT CONNECTED [ ] Not connected
CONNECTED [ ] Connected
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
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
7403 SCOPE Scope of stored data
FAULT EVENT [ ] Fault event
FAULT IN POW.SYS [ ] Fault in power syst.
&*&
6$ 9 $SSHQGL[
7410 T-MAX Maximum time period of a fault recording

min. 0.30 s
max. 5.00 ©©©©
7411 T-PRE Pre-trigger time for fault recording

min. 0.05 s
max. 0.50 ©©©©
7412 T-POST Post-fault time for fault recording

min. 0.05 s
max. 0.50 ©©©©
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
7812 DIST. PROT. Distance protection
EXIST [ ] Existent
NON-EXIST [ ] Non-existent
7813 DIST.F.DET. Distance protection: Fault detection program
OVERCURRENT [ ] Overcurrent FD.
IMPEDANCE ZONE [ ] Impedance zone FD.
U/I FAULT DET. [ ] U/I fault detection
7820 POWER SWING Power swing detection
EXIST [ ] Existent
7821 TELEPROTEC. Teleprotection for distance protection
UNDERREACH [ ] Underreach
OVERREACH [ ] Overreach
7823 USER LOGIC User definable logic functions
EXIST [ ] Existent
7826 EMERG. O/C Emergency overcurrent time protection

EXIST [ ] Existent
7827 THERMAL OL Thermal overload protection

EXIST [ ] Existent
7830 ISOL. E/F Earth fault detection for isol./comp. networks

EXIST [ ] Existent
&*&
6$ 9 $SSHQGL[
7831 EARTH FAULT Earth fault protection for earthed networks

DIR/NON-DIR [ ] Directional/non-dir.
DIREC.COMPARISON [ ] Direc. comparison
INVERSE TIME [ ] Inverse time
7834 INTERNAL AR Internal auto-reclose function
EXIST [ ] Existent
7835 SYNCH.CHECK Internal synchronism and voltage check
EXIST [ ] Existent
7838 FAULT LOCAT Fault locator
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
©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©©
7900 DEVICE CONFIGURATION
7910 CB TEST BI CB test via binary input program

TRIP-CLOSE 3POLE [ ] Trip-close 3pole
SEQU. L1-L2-L3 [ ] Sequence L1-L2-L3
THREE-POLE TRIP [ ] Three-pole trip
7912 AR w/ DIST. Auto-reclose with distance protection
YES [ ] yes
NO [ ] no
7921 AR w/o TELE Auto-reclose when teleprotect. is not operativ
YES [ ] yes
NO [ ] no
7926 AR w/ EMERG Auto-reclose with emergency overcurrent prot.
YES [ ] yes
NO [ ] no
7930 AR w/ IS.EF Auto-reclose with E/F det. in isol./comp. net
YES [ ] yes
NO [ ] no
7931 AR w/ E/F Auto-reclose with E/F protect. in earthed net
YES [ ] yes
NO [ ] no
7941 AR w/ EXT. Auto-reclose with ext. trip via binary input
YES [ ] yes
NO [ ] no
&*&
6$ 9 $SSHQGL[
Operational Device Control Facilities 7SA511

²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²
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
8204 RESET Reset of CB operation counters
8205 RESET Reset of the total of interrupted currents

8206 RESET Reset of earth fault report 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
&*&
6$ 9 $SSHQGL[
8512 COPY Copy original parameter set to set C

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
&*&
6$ 9
&*&
6$ 9 &RUUHFWLRQV6XJJHVWLRQV
7R )URP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6,(0(16 $.7,(1*(6(//6&+$)7 1DPH
'HSW (9 6 683
' %(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
$OWHUDWLRQV LQ '73 SODWIRUP FKDUDFWHU IRQWV DQG OD\RXW
&RS\LQJ RI WKLV GRFXPHQW DQG JLYLQJ LW WR RWKHUV DQG WKH XVH

RU FRPPXQLFDWLRQ RI WKH FRQWHQWV WKHUHRIDUH 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

7SA511 Manual A6 V3.2 en PDF

Uploaded by

Document Information

Original Title

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

7SA511 Manual A6 V3.2 en PDF

Uploaded by

Copyright:

Available Formats

1XPHULFDO 'LVWDQFH 3URWHFWLRQ 5HOD\

6,3527(& 6$ 9

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

 7UHDWPHQW RI HYROYLQJ IDXOWV                                                           

 ,QVWDOODWLRQ LQVWUXFWLRQV                                                        

 2SHUDWLQJ LQVWUXFWLRQV                                                         

 6DIHW\ SUHFDXWLRQV                                                                 

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

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

 $QQXQFLDWLRQV                                                                     

 2SHUDWLRQDO FRQWURO IDFLOLWLHV                                                        

 7HVWLQJ DQG FRPPLVVLRQLQJ                                                         

 &RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV                                                 

 3XWWLQJ WKH UHOD\ LQWR RSHUDWLRQ                                                     

 0DLQWHQDQFH DQG IDXOW WUDFLQJ                                                 

 5HSODFLQJ WKH EDFNXS EDWWHU\                                                      

 )DXOW WUDFLQJ                                                                       

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

 $SSOLFDWLRQ  )HDWXUHV

 ,PSOHPHQWHG IXQFWLRQV

6$ FRQWDLQV WKH IROORZLQJ IXQFWLRQV (PHUJHQF\ RYHUFXUUHQW IXQFWLRQ

'LVWDQFH SURWHFWLRQ ZLWK ZLWK WZRVWDJH GHILQLWH WLPH RYHUFXUUHQW FKDUDF

'LVWDQFHWRIDXOW ORFDWLRQ  FRXQWLQJ RI WULSSLQJ DQG FORVLQJ FRPPDQGV DV

9ROWDJH FRQQHFWRU +HDY\ FXUUHQW FRQQHFWRU

6$ +RXVLQJ IRU SDQHO VXUIDFH PRXQWLQJ ;3

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

ZLWK FHUDPLF SRVW

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

6$ +RXVLQJ IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ ;3

   

5HVHW DQG SDJLQJ

+HDY\ FXUUHQW FRQQHFWRUV

 2UGHULQJ GDWD

5DWHG FXUUHQW UDWHG IUHTXHQF\

LQ KRXVLQJ ;3 IRU SDQHO VXUIDFH PRXQWLQJ                 %

)DXOW GHWHFWLRQ V\VWHPV

2YHUFXUUHQW DQG YROWDJH FRQWUROOHG XQGHULPSHGDQFH 8,

2YHUFXUUHQW DQG XQGHULPSHGDQFH 8, IDXOW GHWHFWRUV                       

0HDVXUHG FXUUHQW LQSXW IRU HDUWK FXUUHQW

,QSXW IRU ,( UHVLGXDO FXUUHQW RI SURWHFWHG OLQH                                       

,QSXW IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV                 

,QSXW IRU ,(3 SDUDOOHO OLQH FRPSHQVDWLRQ IRU IDXOW ORFDWLRQ                            

6HULDO LQWHUIDFH IRU FRXSOLQJ WR D FRQWURO FHQWUH

ZLWKRXW VHULDO LQWHUIDFH                                                               $

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

ZLWKRXW $5 ZLWKRXW 6& ZLWKRXW 3&2                                                 $

ZLWK $5 SROH ZLWK 6& ZLWKRXW 3&2                                                 %

ZLWK $5 SROH ZLWK 6& ZLWKRXW 3&2                                                 &

ZLWKRXW $5 ZLWK 6& ZLWK 3&2                                                    (

ZLWK $5 SROH ZLWK 6& ZLWK 3&2                                                    )

ZLWK $5 SROH ZLWK 6& ZLWK 3&2                                                    *

36 3RZHU 6ZLQJ RSWLRQ 

ZLWKRXW 36 ZLWKRXW ()                                                                       

ZLWK 36 ZLWKRXW ()                                                                       

ZLWKRXW 36 ZLWK ()                                                                          

ZLWK 36 ZLWK ()                                                                          

 *HQHUDO GDWD

5DWHG YROWDJH 81  9 WR  9 VHWWDEOH

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

%XUGHQ FW FLUFXLWV SHU SKDVH DQG UHVLGXDO SDWK

2YHUORDG FDSDELOLW\ FW FLUFXLWV SKDVHV DQG HDUWK

2YHUORDG FDSDELOLW\ FW FLUFXLW IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ

2YHUORDG FDSDELOLW\ YW FLUFXLWV

6,3527(& 6$ 9

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

7UHDWPHQW RI HYROYLQJ IDXOWV

,QVWDOODWLRQ LQVWUXFWLRQV

2SHUDWLQJ LQVWUXFWLRQV

6DIHW\ SUHFDXWLRQV

'LDORJ ZLWK WKH UHOD\

6HWWLQJ WKH IXQFWLRQDO SDUDPHWHUV

$QQXQFLDWLRQV

2SHUDWLRQDO FRQWURO IDFLOLWLHV

7HVWLQJ DQG FRPPLVVLRQLQJ

&RPPLVVLRQLQJ XVLQJ SULPDU\ WHVWV

3XWWLQJ WKH UHOD\ LQWR RSHUDWLRQ

0DLQWHQDQFH DQG IDXOW WUDFLQJ

5HSODFLQJ WKH EDFNXS EDWWHU\

)DXOW WUDFLQJ

$ *HQHUDO GLDJUDPV

$SSOLFDWLRQ )HDWXUHV

,PSOHPHQWHG IXQFWLRQV

6$ FRQWDLQV WKH IROORZLQJ IXQFWLRQV (PHUJHQF\ RYHUFXUUHQW IXQFWLRQ

'LVWDQFH SURWHFWLRQ ZLWK ZLWK WZRVWDJH GHILQLWH WLPH RYHUFXUUHQW FKDUDF

'LVWDQFHWRIDXOW ORFDWLRQ FRXQWLQJ RI WULSSLQJ DQG FORVLQJ FRPPDQGV DV

6$ +RXVLQJ IRU SDQHO VXUIDFH PRXQWLQJ ;3

0D[ WHUPLQDOV IRU FURVVVHFWLRQ PD[ PP

ZLWK FHUDPLF SRVW

HJ IRU JODVV ILEUH XP

6$ +RXVLQJ IRU SDQHO IOXVK PRXQWLQJ RU FXELFOH LQVWDOODWLRQ ;3

+HDY\ FXUUHQW FRQQHFWRUV

2UGHULQJ GDWD

5DWHG FXUUHQW UDWHG IUHTXHQF\

LQ KRXVLQJ ;3 IRU SDQHO VXUIDFH PRXQWLQJ %

2YHUFXUUHQW DQG YROWDJH FRQWUROOHG XQGHULPSHGDQFH 8,

2YHUFXUUHQW DQG XQGHULPSHGDQFH 8, IDXOW GHWHFWRUV

,QSXW IRU ,( UHVLGXDO FXUUHQW RI SURWHFWHG OLQH

,QSXW IRU KLJKO\ VHQVLWLYH HDUWK IDXOW GHWHFWLRQ LQ QRQHDUWKHG V\VWHPV

,QSXW IRU ,(3 SDUDOOHO OLQH FRPSHQVDWLRQ IRU IDXOW ORFDWLRQ

ZLWKRXW VHULDO LQWHUIDFH $

ZLWK VHULDO LQWHUIDFH IRU RSWLFDO ILEUH FRQQHFWLRQ &

ZLWKRXW $5 ZLWKRXW 6& ZLWKRXW 3&2 $

ZLWK $5 SROH ZLWK 6& ZLWKRXW 3&2 %

ZLWK $5 SROH ZLWK 6& ZLWKRXW 3&2 &

ZLWKRXW $5 ZLWK 6& ZLWK 3&2 (

ZLWK $5 SROH ZLWK 6& ZLWK 3&2 )

ZLWK $5 SROH ZLWK 6& ZLWK 3&2 *

36 3RZHU 6ZLQJ RSWLRQ

ZLWKRXW 36 ZLWKRXW ()

ZLWK 36 ZLWKRXW ()

ZLWKRXW 36 ZLWK ()

ZLWK 36 ZLWK ()

*HQHUDO GDWD

5DWHG YROWDJH 81 9 WR 9 VHWWDEOH

5DWHG IUHTXHQF\ I1 +] RU +] VHWWDEOH

%XUGHQ FW FLUFXLWV SHU SKDVH DQG UHVLGXDO SDWK

2YHUORDG FDSDELOLW\ FW FLUFXLWV SKDVHV DQG HDUWK

$X[LOLDU\ GF YROWDJH VXSSO\ YLD LQWHJUDWHG GFGF FRQYHUWHU

2SHUDWLQJ UDQJHV WR 9 GF WR 9 GF WR 9 GF

6XSHULPSRVHG DF YROWDJH { DW UDWHG YROWDJH

3RZHU FRQVXPSWLRQ TXLHVFHQW DSSUR[ :

%ULGJLQJ WLPH GXULQJ IDLOXUHVKRUWFLUFXLW

7ULS UHOD\V QXPEHU

%LQDU\ LQSXWV QXPEHU

9ROWDJH UDQJH UHFRQQHFWDEOH WR 9 GF XS WR SURGXFWLRQ VHULHV **

0D[ FRQWURO YROWDJH 9GF

2SHUDWRU WHUPLQDO LQWHUIDFH QRQLVRODWHG

6WDQGDUGV VLPLODU 99 WR &&,77 56 & WR (,$

&RQQHFWLRQ GLUHFWO\ DW KRXVLQJ WHUPLQDOV

(OHFWULFDO WHVWV

+LJK YROWDJH WHVW URXWLQH WHVW N9 UPV +]

+LJK YROWDJH WHVW URXWLQH WHVW N9 GF

(0& WHVWV LPPXQLW\ W\SH WHVWV

+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\

3RZHU IUHTXHQF\ PDJQHWLF ILHOG

(0& WHVWV HPLVVLRQ W\SH WHVWV

&RQGXFWHG LQWHUIHUHQFH YROWDJH DX[ YROWDJH N+] WR 0+]

0HFKDQLFDO VWUHVV WHVWV

9LEUDWLRQ VLQXVRLGDO