You are on page 1of 31

0LUG

IN`

(PHUJHQF\5HVSRQVH*XLGH

1(:7+,1.,1* 
1(:3266,%,/,7,(6 
&RQWHQWV

,QWURGXFWLRQyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 
 

,21,4+\EULG,GHQWLILFDWLRQyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 

*HQHUDO9HKLFOH'HVFULSWLRQyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

,GHQWLI\LQJD+\XQGDL+\EULGYHKLFOHyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

,21,4+\EULGPDLQV\VWHPVyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

.H\6SHFLILFDWLRQVyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 

9HKLFOH&RPSRQHQWV/RFDWLRQyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

9HKLFOH&RPSRQHQWVyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 

+\EULG6\VWHP2SHUDWLRQyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 

$LUEDJV\VWHP 6566XSSOHPHQWDO5HVWUDLQW6\VWHP yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

(PHUJHQF\SURFHGXUHVyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

,QLWLDOUHVSRQVH,GHQWLI\,PPRELOL]HDQG'LVDEOHyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy


([WUDFWLRQ2SHUDWLRQVyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

6XEPHUVLRQyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 

9HKLFOH)LUHyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

+LJK9ROWDJH%DWWHU\'DPDJHDQG)OXLG/HDNVyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

5RDGVLGH$VVLVWDQFH

7RZLQJyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 

7R-XPS6WDUWWKH&DUyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 
,QWURGXFWLRQ 

'RFXPHQW3XUSRVH

7KHSXUSRVHRIWKLVGRFXPHQWLVWRIDPLOLDUL]HHPHUJHQF\UHVSRQGHUVDQGWKHWRZLQJURDGVLGH
DVVLVWDQFHLQGXVWU\ZLWKWKHSURSHUPHWKRGVWRKDQGOHWKH+\XQGDL,21,4+\EULGLQDQHPHUJHQF\
VLWXDWLRQ7KLVJXLGHRIIHUVDEDVLFRYHUYLHZRINH\YHKLFOHV\VWHPVDQGSURYLGHVLQVWUXFWLRQVIRU
GHDOLQJZLWKWKHGLIIHUHQWW\SHVRIVLWXDWLRQVHQFRXQWHUHGE\HPHUJHQF\UHVSRQGHUV7KH
HPHUJHQF\UHVSRQVHSURFHGXUHVIRUWKLVYHKLFOHDUHVRPHZKDWVLPLODUWRDFRQYHQWLRQDOYHKLFOHZLWK
DGGLWLRQDOLQIRUPDWLRQSURYLGHGRQGHDOLQJZLWKWKHKLJKYROWDJHHOHFWULFDOV\VWHP

9HKLFOH'HVFULSWLRQ

$VZLWKRWKHU+\EULGVWKH+\XQGDL,21,4+\EULGXVHVDFRQYHQWLRQDOJDVROLQHSRZHUHGLQWHUQDO
FRPEXVWLRQHQJLQHSDLUHGZLWKDKLJKYROWDJHHOHFWULFPRWRUWRSURSHOWKHYHKLFOH7KHKLJKYROWDJH
HOHFWULFDOV\VWHPLVFRPSOHWHO\VHOIFRQWDLQHGDQGGRHVQRWQHHGWREHUHFKDUJHGE\DQH[WHUQDO
SRZHUVRXUFHVXFKDVDFKDUJLQJVWDWLRQWKURXJKFKDUJLQJSRUW7KHKLJKYROWDJHEDWWHU\LV
UHFKDUJHGZKLOHWKHYHKLFOHLVEHLQJGULYHQ7KLVLVDFFRPSOLVKHGWKURXJKWKHXVHRIDJHQHUDWRU
WKDWSURGXFHVHOHFWULFLW\GXULQJGULYLQJDQGEUDNLQJ


,21,4+\EULG,GHQWLILFDWLRQ 

*HQHUDO9HKLFOH'HVFULSWLRQ

7KH+\XQGDL,21,4ILYHGRRUKDWFKEDFNXVLQJDFKDVVLVGHYHORSHGIRUHFRIULHQGO\YHKLFOHVKDV
K\EULGDQG(9PRGHOV7KH+\XQGDL,21,4K\EULGORRNVYHU\VLPLODUWRWKH(9PRGHOZLWKDIHZ
QRWDEOHH[FHSWLRQV7KHVDIHVWPHWKRGLVWRDVVXPHWKDWDQ\,21,4\RXUHVSRQGWRLVHTXLSSHGWKH
KLJKYROWDJHV\VWHPEHFDXVHWKH,21,4LVH[FOXVLYHPRGHOIRUHFRIULHQGO\YHKLFOH8VLQJWKH
LQIRUPDWLRQSURYLGHGLQWKLVVHFWLRQUHVSRQGHUVZLOOEHDEOHWRGLIIHUHQWLDWHEHWZHHQWKHWZR

,GHQWLI\LQJD+\XQGDLK\EULGYHKLFOH

+\EULGEDGJHRQ7UXQNDQG%OXH'ULYHEDGJHRQVLGHRI9HKLFOH

7KH+\XQGDL,21,4K\EULGFDQEHHDVLO\LGHQWLILHGE\WKHίK\EULGΰDQGWKHί,21,4ΰEDGJHORFDWHGRQ
WKHWUXQNOLGDQGWKHί%/8('5,9(ΰEDGJHRQWKHOHIWVLGHRIWKHYHKLFOH

(OHFWURFXWLRQ5LVN

%DGJLQJFDQEHFRPHKLGGHQDIWHUDFUDVKGXHWRGDPDJHWRWKHYHKLFOH$OZD\VEHVXUHWRXWLOL]H
DGGLWLRQDOPHWKRGVLILGHQWLILFDWLRQEHIRUHGHWHUPLQLQJWKHUHLVQREDGJHSUHVHQW


,21,4+\EULG,GHQWLILFDWLRQ 

9,1QXPEHU

7KH9HKLFOH,GHQWLILFDWLRQ1XPEHU 9,1 LGHQWLILHVWKH+\EULG9HKLFOHZLWKDα&βGLVSOD\HGLQWKHWK


SRVLWLRQDVVKRZQLQWKHEHORZGUDZLQJ

7KH9,1LVSXQFKHGRQWKHIORRUXQGHUWKHSDVVHQJHUVHDW7KHOHWWHU&LQWKHWKFKDUDFWHURIWKH
9,1LQGLFDWHVWKDWLWLVDK\EULGZLWKJDVROLQHHQJLQH

XXXXXXXCXXXXXXX G
WKGLJLW
,21,4+\EULG,GHQWLILFDWLRQ 

(QJLQH&RPSDUWPHQW

7KH,21,4+\EULGKDVDSODVWLFDLUFOHDQHU
DVVHPEO\ZLWKα+<%5,'βFOHDUO\VKRZQRQLW

$GGLWLRQDOO\WKHUHDUHRUDQJHFRORUHGKLJK
YROWDJHHOHFWULFDOFDEOHVLQWKHHQJLQH
FRPSDUWPHQW

9HKLFOH8QGHUVLGH

$QRUDQJHFRORUHGFDEOHFRYHUHGE\WKHXQGHU
FRYHULVDOVRYLVLEOHRQWKHXQGHUVLGHRIWKH
YHKLFOH7KLVFDEOHUXQVDORQJWKHGULYHUVLGH
IURPWKHUHDURIWKHYHKLFOHWRWKHHQJLQH
FRPSDUWPHQW


,21,4+\EULG,GHQWLILFDWLRQ 

+\EULG9HKLFOH&OXVWHU,QVWUXPHQW3DQHO

7KH+\EULG9HKLFOH,QVWUXPHQW&OXVWHU3DQHOGLVSOD\VWKHK\EULGYHKLFOHVSHFLILFIHDWXUHVWKDW
LGHQWLI\WKH,21,4DVDK\EULGYHKLFOH

  5HJHQHUDWLRQEUDNH 7KLVLQGLFDWRULOOXPLQDWHVZKHQ

WKHYHKLFOHLVGULYHQE\WKH
 (&2SRZHUJDXJH
HOHFWULFPRWRU
 


 62& KLJKYROWDJHEDWWHU\   7KHα5HDG\β/LJKWLQGLFDWHV

,QGLFDWRULQGLFDWHVWKHFKDUJH WKHYHKLFOHLVUHDG\IRUGULYLQJ

VWDWHRIWKHKLJKYROWDJH

EDWWHU\

 

 

7\SH$

 



7\SH%
,21,4+\EULGPDLQV\VWHPV 

.H\6SHFLILFDWLRQV

 ,WHP 6SHFLILFDWLRQ


(QJLQH 'LVSODFHPHQW /*',+\EULG(QJLQH

7UDQVPLVVLRQ 7\SH VSHHG'&7

&DSDFLW\
)XHO7DQN 
86JDOτ 

7\SH 3HUPDQHQW0DJQHW6\QFKURQRXV0RWRU

0RWRU 0D[2XWSXW N:  

0D[7RUTXH 1P  

,QYHUWHU ,QSXW9ROWDJH 9  a9

7\SH /LWKLXPLRQSRO\PHU

5DWHG9ROWDJH 9  
+LJK9ROWDJH
%DWWHU\
&DSDFLW\ $K 

(QHUJ\ NZK 

1XPEHUIRU3DFNV
&(//02'8/(
&HOO0RGXOH 
,21,4+\EULGPDLQV\VWHPV 

9HKLFOH&RPSRQHQWV/RFDWLRQ

 +3&8 +\EULG6WDUWHU*HQHUDWRU +6* 

+LJK9ROWDJH&DEOH

(OHFWULF'ULYH0RWRU
+LJK9ROWDJH%DWWHU\$VVHPEO\

(OHFWULF$&&RPSUHVVRU


+\EULG3RZHU&RQWURO8QLW
+3&8
,QYHUWHU/'&+&8 

/RZ3RZHU'&'&&RQYHUWHU
/'&
&KDUJH9VXSSOHPHQWDU\EDWWHU\

'&Ϧ$& IURPEDWWHU\WRWUDFWLRQPRWRU 
,QYHUWHU
$&Ϧ'& FKDUJHXVLQJUHJHQHUDWLYHEUDNLQJ 

:KHQFXUUHQWIORZVWKURXJKWKHFRLO,WJHQHUDWHVD
0RWRU
URWDWLQJPDJQHWLFILHOGDQGJHQHUDWHVPRWRUWRUTXH

6XSSOLHVHOHFWULFHQHUJ\WRWUDFWLRQPRWRUDQGVWRUHV
+LJKYROWDJHEDWWHU\
JHQHUDWHGHOHFWULFHQHUJ\
,21,4+\EULGPDLQV\VWHPV 

9HKLFOH&RPSRQHQWV

9$X[LOLDU\%DWWHU\

7KLVYHKLFOHGRHVQRWKDYHDUHJXODU9EDWWHU\
WKDWQHHGVSHULRGLFUHSODFHPHQW,WLVOLWKLXPLRQ
SRO\PHUW\SHLQWHJUDWHGLQWRWKH+(9KLJK
YROWDJHEDWWHU\7KHYHKLFOHKDVD9EDWWHU\
SURWHFWLRQV\VWHPWKDWFXWV9EDWWHU\IURP
YHKLFOHGUDZWRSUHYHQWIXOOGLVFKDUJH7KLV
EDWWHU\SRZHUVDOORIWKHVWDQGDUGHOHFWURQLFV
OLNHUDGLRDLUFRQGLWLRQHUHWF,WDOVRVXSSOLHV
FXUUHQWWRWKHKLJKYROWDJHV\VWHPUHOD\V
ZKLFKFRQWUROWKHIORZRIKLJKYROWDJHFXUUHQW

+LJK9ROWDJH +9 %DWWHU\

7KH/LWKLXPLRQ3RO\PHU+9EDWWHU\FRQWDLQVD
JHOHOHFWURO\WHDQGLVPDGHXSRI9
FHOOVZLUHGLQVHULHVIRUDQRPLQDOYROWDJHRI
9ZLWK$KRIFDSDFLW\7KHEDWWHU\LV
ORFDWHGEHORZWKHUHDUVHDW

$LU&RQGLWLRQLQJ&RPSUHVVRU

7KH$LU&RQGLWLRQLQJ&RPSUHVVRULVPRXQWHGWR
WKHHQJLQHGLUHFWO\EHORZWKH+6*,WLVDOVR
SRZHUHGE\WKHKLJKYROWDJHV\VWHPVRLWV
HOHFWULFDOFRQQHFWLRQYLDDQRUDQJH+9FDEOHLV
HDVLO\QRWLFHDEOHDVZHOO


,21,4+\EULGPDLQV\VWHPV 

+\EULG3RZHU&RQWURO8QLW

7KH+\EULG3RZHU&RQWURO8QLW +3&8 DVVHPEO\


FRQVLVWVRIWKUHHFRPSRQHQWVD+\EULG&RQWURO
8QLW +&8 DQ,QYHUWHU 0RWRU&RQWURO8QLW
0&8 DVZHOODVD/RZYROWDJH'&'&
&RQYHUWHU /'& 7KH+3&8DVVHPEO\FRQWDLQV
FDSDFLWRUVZKLFKWDNHDERXWPLQXWHVWR
GLVFKDUJHDIWHUWKHKLJKYROWDJHV\VWHPLVVKXW
GRZQ

(OHFWULF'ULYH0RWRU

0RXQWHGEHWZHHQWKHHQJLQHDQGWUDQVPLVVLRQ
WKH(OHFWULF'ULYH0RWRULVXVHGIRUYHKLFOH
SURSXOVLRQ'XULQJGHFHOHUDWLRQRUEUDNLQJLW
DFWVDVDQDOWHUQDWRUDQGFKDUJHVWKH+9
EDWWHU\E\FRQYHUWLQJWKHYHKLFOHΰVNLQHWLF
HQHUJ\LQWRHOHFWULFDOHQHUJ\

+\EULG6WDUWHU*HQHUDWRU +6* 

7KH+6*LVPRXQWHGWRWKHIURQWRIWKHHQJLQH
QHDUWKHLQWDNHPDQLIROG,WFUDQNVWKHHQJLQH
RUVWDUWLQJDQGDFWVDVDJHQHUDWRUZKHQWKH+9
EDWWHU\QHHGVFKDUJLQJ$VWKLVLVRQHRIWKH
PDMRUFRPSRQHQWVRIWKH+9V\VWHPLWV
HOHFWULFDOFRQQHFWLRQLVFOHDUO\YLVLEOHYLDDQ
RUDQJH+9FDEOH


,21,4+\EULGPDLQV\VWHPV 

+LJK9ROWDJH&DEOLQJ

7KHKLJKYROWDJHFDEOLQJLQWKH,21,4+\EULGLV
RUDQJHSHUWKH6$(VWDQGDUG7KHVHFDEOHVUXQ
DORQJWKHGULYHUVLGHIURPWKHUHDURIWKH
YHKLFOHZKHUHWKH\FRQQHFWWRWKH+9EDWWHU\
XSWRWKHIURQWRIWKHYHKLFOHZKHUHWKH\
FRQQHFWWRWKH(OHFWULF'ULYH0RWRUDQGRWKHU
+9FRPSRQHQWV

 (OHFWURFXWLRQ5LVN

 • 1HYHUFXWRUGLVFRQQHFWWKHKLJKYROWDJHRUDQJHFDEOLQJDQGFRQQHFWRUVZLWKRXWILUVWGLVDEOLQJWKH
V\VWHPE\UHPRYLQJWKH6HUYLFH'LVFRQQHFW3OXJ
 • ([SRVHGFDEOHVRUZLUHVPD\EHYLVLEOHLQVLGHRURXWVLGHWKHYHKLFOH1HYHUWRXFKWKHZLUHVFDEOHV
FRQQHFWHUVRUDQ\HOHFWULFFRPSRQHQWVEHIRUHGLVDEOLQJWKHV\VWHPWRSUHYHQWLQMXU\RUGHDWK

GXHWRHOHFWULFDOVKRFN
)DLOXUHWRIROORZWKHVHLQVWUXFWLRQVFDQOHDGWRGHDWKE\HOHFWULFDOVKRFN
,21,4+\EULGPDLQV\VWHPV 

+\EULG6\VWHP2SHUDWLRQ

2SHUDWLQJ3DUDPHWHUV

7KH,21,4+\EULGFDQEHSURSHOOHGE\HLWKHUWKHJDVROLQHHQJLQHRUWKH(OHFWULF'ULYH0RWRURUD
FRPELQDWLRQRIERWK

&KDUJLQJLVDFFRPSOLVKHGWKURXJKUHJHQHUDWLYHEUDNLQJGXULQJGHFHOHUDWLRQRUE\REWDLQLQJSRZHU
IURPWKH+6*

(QJLQH
0RWRU (9  (QJLQH0RWRU (QJLQH 0RWRU&KDUJH 6KXWGRZQ
6WDUW $FFHOHUDWLRQ 'HFHOHUDWH
  
0LGKLJKVSHHG  
6WRS
/RZVSHHG 8SKLOO 'RZQKLOO

(OHFWULFPRWRU (QJLQHPRWRU
LVXVHG XVHGWRJHWKHU (QJLQHLVXVHG %DWWHU\LVFKDUJHG
,21,4+\EULGPDLQV\VWHPV 

+LJK9ROWDJH(OHFWULFDO,VRODWLRQ

8QOLNHWKH9HOHFWULFDOV\VWHPWKDWLVJURXQGHGWRWKHYHKLFOHΰVFKDVVLVWKH,21,4+\EULGΰVKLJK
YROWDJHHOHFWULFDOV\VWHPLVGHVLJQHGWREHLVRODWHGIURPWKHYHKLFOH

5HJXODWLRQRI+LJK9ROWDJH(OHFWULFDO&XUUHQW
&XUUHQWIURPWKH+LJK9ROWDJH%DWWHU\LV

FRQWUROOHGE\WKH3RZHU5HOD\$VVHPEO\
35$ ZKLFKFRQVLVWVRI3RVLWLYHDQG
1HJDWLYH0DLQ5HOD\VD3UHFKDUJH5HOD\
3UHFKDUJH5HVLVWRUDQGWKH%DWWHU\&XUUHQW
6HQVRU7KH35$LVORFDWHGLQVLGHWKH+LJK
9ROWDJH%DWWHU\3DFN$VVHPEO\DQGFRQWUROV
WKHKLJKYROWDJHSRZHUFLUFXLWEHWZHHQWKH
+LJK9ROWDJH%DWWHU\DQGWKH+\EULG3RZHU 35$

&RQWURO8QLW

+LJK9ROWDJH6DIHW\6\VWHP

7KHUHDUHPXOWLSOHVDIHW\V\VWHPV
LQFRUSRUDWHGLQWRWKH,21,4+\EULG7KH
V\VWHPWKDWSURWHFWVWKH+LJK9ROWDJH
(OHFWULFDO6\VWHPLVFDOOHGWKH%DWWHU\
0DQDJHPHQW6\VWHP %06 7KH%06LV
ORFDWHGLQVLGHWKH+LJK9ROWDJH%DWWHU\
DVVHPEO\DQGPHDVXUHVVHYHUDOSDUDPHWHUV
WRPDLQWDLQWKHRSWLPDOSHUIRUPDQFHRIWKH
+LJK9ROWDJH%DWWHU\,WFRQWUROVWKHEDWWHU\
FRROLQJIDQWRHQVXUHSURSHUEDWWHU\
RSHUDWLRQ,QDGGLWLRQLIDV\VWHPIDXOW %06
RFFXUVWKH%06WXUQVRIIWKH35$WRSURWHFW
WKHV\VWHP


,21,4+\EULGPDLQV\VWHPV 

$LUEDJV\VWHP 6566XSSOHPHQWDO5HVWUDLQW6\VWHP 

$LUEDJ

6HYHQDLUEDJVDUHLQVWDOOHGLQWKH,21,4+\EULGDVVKRZQEHORZ%HIRUHVWDUWLQJDQ\HPHUJHQF\
SURFHGXUHPDNHVXUHWKHYHKLFOHLJQLWLRQLVWXUQHGRIIGLVFRQQHFWWKHQHJDWLYHFDEOHIURPWKH9
DX[LOLDU\EDWWHU\WRSUHYHQWDFFLGHQWDOGHSOR\PHQWRIDLUEDJV

7KHDFWXDODLUEDJVDQGVHDWVLQWKHYHKLFOHPD\GLIIHUIURPWKHLOOXVWUDWLRQ

1XPEHU 1DPH /RFDWLRQ


 'ULYHUΰVIURQWDLUEDJ 'ULYHUVLGH
 3DVVHQJHUΰVIURQWDLUEDJ 3DVVHQJHUVLGH
 6LGHDLUEDJ 'ULYHU3DVVHQJHUVLGH
 &XUWDLQDLUEDJ 'ULYHU3DVVHQJHUVLGH
 .QHHDLUEDJ 'ULYHUVLGH
,21,4+\EULGPDLQV\VWHPV 

6HDW%HOW3UHWHQVLRQHUV

7KH,21,4+\EULGLVHTXLSSHGZLWKGULYHUΰVDQGIURQWSDVVHQJHUΰVVHDWEHOWVZLWKSUHWHQVLRQHUV
:KHQWKHVHDWEHOWSUHWHQVLRQHUVDUHDFWLYDWHGLQDFROOLVLRQDORXGQRLVHPD\EHKHDUGDQGILQH
GXVWZKLFKPD\DSSHDUWREHVPRNHPD\EHYLVLEOHLQWKHSDVVHQJHUFRPSDUWPHQW7KHVHDUH
QRUPDORSHUDWLQJFRQGLWLRQVDQGDUHQRWKD]DUGRXV7KHVHDWEHOWSUHWHQVLRQHUDVVHPEO\
PHFKDQLVPVPD\EHFRPHKRWGXULQJDFWLYDWLRQDQGPD\QHHGVHYHUDOPLQXWHVWRFRRODIWHUWKH\
KDYHEHHQDFWLYDWHG

6HQVRUVDQG&RQWURO0RGXOH

7KHDLUEDJVDQGSUHWHQVLRQHUVDUHPDQDJHGE\WKH656&RQWURO0RGXOHRU656&0ZKLFKLVORFDWHG
EHORZWKHIURQWRIWKHFHQWHUFRQVROH,QDGGLWLRQWKHUHDUHIRXUVLGHLPSDFWVHQVRUVWZR
FRQYHQWLRQDODFFHOHURPHWHUVHQVRUVLQWKH%SLOODUVDQGWZRSUHVVXUHVHQVLQJVHQVRUVLQVLGHRIWKH
IURQWGRRUPRGXOHV7KHLUORFDWLRQVDUHLOOXVWUDWHGLQWKHLPDJHEHORZ

6WHHULQJ:KHHO
&ORFN6SULQJ
6HDW%HOW3UHWHQVLRQHU %37 
6LGH,PSDFW6HQVRU 6,6 
)URQW,PSDFW6HQVRU ),6 
3UHVVXUH6LGH,PSDFW6HQVRU 36,6 
6XSSOHPHQWDO5HVWUDLQW6\VWHP&RQWURO
0RGXOH 656&0 
$LUEDJ:DUQLQJ/DPS
(PHUJHQF\)DVWHQLQJ'HYLFH ()' 

• 'RQRWFXWWKURXJKDQ\FRPSRQHQW
• 656FRPSRQHQWVPD\UHPDLQSRZHUHGDQGDFWLYHIRUXSWRPLQXWHVDIWHUWKH9HOHFWULFDO
V\VWHPLVVKXWRIIRUGLVDEOHG'LVFRQQHFWWKHEDWWHU\QHJDWLYHFDEOHDQGZDLWIRUDWOHDVW
PLQXWHVEHIRUHEHJLQQLQJZRUN
)DLOXUHWRIROORZDQ\RIWKHVHLQVWUXFWLRQVPD\UHVXOWLQVHULRXVLQMXU\RUGHDWKIURPDFFLGHQWDO
GHSOR\PHQWRIWKHDLUEDJV\VWHP
(PHUJHQF\SURFHGXUHV 

,QLWLDO5HVSRQVH

7KHIROORZLQJSURFHGXUHVVKRXOGEHXVHGZKHQHYHU\RXDUHGHDOLQJZLWKD,21,4+\EULGDWDQ
HPHUJHQF\VFHQH$OORWKHURSHUDWLRQVVKRXOGEHFRQVLVWHQWZLWK\RXUGHSDUWPHQWΰVVWDQGDUG
RSHUDWLQJSURFHGXUHVRUJXLGHV+\EULGYHKLFOHVGDPDJHGE\DFUDVKPD\KDYHFRPSURPLVHGKLJK
YROWDJHVDIHW\V\VWHPVDQGSUHVHQWDSRWHQWLDOKLJKYROWDJHHOHFWULFDOVKRFNKD]DUG([HUFLVH
FDXWLRQDQGZHDUDSSURSULDWHSHUVRQDOSURWHFWLYHHTXLSPHQW 33( VDIHW\JHDULQFOXGLQJKLJK
YROWDJHVDIHW\JORYHVDQGERRWV5HPRYHDOOPHWDOOLFMHZHOU\LQFOXGLQJZDWFKHVDQGULQJV

,GHQWLI\

:KHQGHDOLQJZLWKD,21,4DWWKHVFHQHRIDQDFFLGHQWHPHUJHQF\UHVSRQGHUVVKRXOGDOZD\V
DVVXPHWKDWLWLVDK\EULGPRGHOXQWLOLWFDQEHSURYHQRWKHUZLVHXVLQJWKHLGHQWLILFDWLRQIHDWXUHV
RXWOLQHGLQWKLV(5*([WHUQDOEDGJLQJZLOOXVXDOO\EHWKHILUVWFOXHEXWLWFDQRIWHQEHKLGGHQE\
GDPDJHFDXVHGLQDFUDVK$OZD\VEHVXUHWRLQVSHFWPXOWLSOHVLGHVRIWKHYHKLFOHDVZHOODVXVLQJ
WKHFOXHVIRXQGXQGHUWKHKRRGDQGLQWKHLQWHULRURIWKHYHKLFOH


(PHUJHQF\SURFHGXUHV 

,PPRELOL]H

7KHQH[WVWHSLVWRLPPRELOL]HWKHYHKLFOHWRSUHYHQWDQ\DFFLGHQWDOPRYHPHQWWKDWFDQHQGDQJHU
WKHHPHUJHQF\UHVSRQVHSHUVRQQHODQGDQ\FUDVKYLFWLPV6LQFHWKH,21,4+\EULGKDVWKHDELOLW\WR
VKXWGRZQWKHJDVROLQHHQJLQHZKHQLWLVQRWQHHGHGWKHUHZLOOEHLQVWDQFHVZKHUHWKHYHKLFOH
DSSHDUVWREHRIIEHFDXVHRIWKHDEVHQFHRIHQJLQHQRLVH:KHQLQLWVαUHDG\βPRGHWKHYHKLFOH
FDQPRYHDOPRVWVLOHQWO\XVLQJWKHHOHFWULFPRWRUDORQH5HVSRQGHUVVKRXOGDSSURDFKWKHYHKLFOH
IURPWKHVLGHVDQGVWD\DZD\IURPWKHIURQWRUUHDUDVWKH\DUHERWKSRWHQWLDOSDWKVRIWUDYHO
,QVWUXFWLRQVIRULPPRELOL]LQJWKHYHKLFOHDUHVKRZQEHORZ

&KRFNWKH:KHHOV (QJDJH3DUNLQJ%UDNH 3RVLWLRQWKHVKLIW


OHYHULQSDUN 3 
(PHUJHQF\SURFHGXUHV 

'LVDEOH

7KHILQDOVWHSLQWKHLQLWLDOUHVSRQVHSURFHVVFRQGXFWHGDIWHUWKHYHKLFOHLVVHFXUHGWRSUHYHQW
PRYHPHQWLVWRGLVDEOHWKHYHKLFOHLWV656FRPSRQHQWVDQGWKHKLJKYROWDJHHOHFWULFDOV\VWHP7R
SUHYHQWFXUUHQWIORZWKURXJKWKHV\VWHPXVHRQHRIWKHIROORZLQJSURFHGXUHVWRGLVDEOHWKH
YHKLFOH

ϐ'LVDEOLQJWKHV\VWHPˀ6PDUW.H\6\VWHPDQGα32:(5β67$576723%87721

&KHFNWKHVWDWXVRIWKH5($'<OLJKWRQ

WKHLQVWUXPHQWSDQHO,IWKH5($'<OLJKWLV

LOOXPLQDWHGWKHYHKLFOHLVRQ

 5HIHUWRSDJH 

D ,IWKH5($'<OLJKWLV127LOOXPLQDWHG

WKHYHKLFOHLVRII'RQRWSXVKWKH

α32:(5β67$576723EXWWRQEHFDXVH

WKHYHKLFOHPD\UHVWDUW

E 7RWXUQRIIWKHV\VWHPSXWWKHVKLIW
α32:(5β67$576723%XWWRQ
OHYHULQWKH3 3DUN SRVLWLRQDQGSUHVV

WKH32:(5EXWWRQEHVLGHDVKLIWOHYHU

:LWKRXWGHSUHVVLQJWKHEUDNHSHGDO

 3UHVVLQJ
%XWWRQ3RVLWLRQ 9HKLFOHFRQGLWLRQ
32:(5EXWWRQ

2)) 2II

2QHWLPH $&& (OHFWULFDODFFHVVRULHVDUHRSHUDWLRQDO
 7KHZDUQLQJOLJKWVFDQEHFKHFNHGEHIRUH
7ZRWLPHV 21
 WKHYHKLFOHLVVWDUWHG
7KUHHWLPHV 2)) 2II

'HSUHVVLQJWKHEUDNHSHGDOZKLOHDVKLIWOHYHULVLQWKH3 3DUN SRVLWLRQ

3UHVVLQJ
%XWWRQ3RVLWLRQ 9HKLFOHFRQGLWLRQ
32:(5EXWWRQ
2)) 2II
2QHWLPH  5HDG\WRGULYH
(PHUJHQF\SURFHGXUHV 

%HIRUHGLVFRQQHFWLQJWKH9EDWWHU\PRYHWKH
VPDUWNH\DWOHDVWPHWHUVDZD\IURPWKHYHKLFOH
WRSUHYHQWDFFLGHQWDOUHVWDUW


6PDUW.H\


6HSDUDWHWKHQHJDWLYH  9EDWWHU\FDEOH % 
ORFDWHGEHKLQG$6FRYHU $ LQUHDUZKHHOKRXVH
WULPWRIXUWKHUSUHYHQWWKHULVNRIDFFLGHQWDO
UHVWDUW

238-')

,IQHFHVVDU\ORZHUWKHZLQGRZVXQORFNWKH
GRRUVDQGRSHQWKHWUXQNDVUHTXLUHGEHIRUH
GLVFRQQHFWLQJWKH9EDWWHU\2QFHWKH9
EDWWHU\LVGLVFRQQHFWHGSRZHUFRQWUROVZLOOQRW
RSHUDWH

8VHWKHIROORZLQJSURFHGXUHWRUHPRYHWKH6HUYLFH'LVFRQQHFW3OXJDQGGLVDEOHWKHKLJKYROWDJH
EDWWHU\

 D 5HPRYHWKH6HUYLFH'LVFRQQHFW3OXJ E 5HPRYHWKH6HUYLFH'LVFRQQHFW3OXJXVLQJ
FRYHU $ ORFDWHGXQGHUWKHUHDUULJKW WKHIROORZLQJSURFHGXUH
VHDW $8QORFNϦ%5HOHDVHϦ&5HPRYH
 


$G
(PHUJHQF\SURFHGXUHV 

ϑ'LVDEOLQJWKHV\VWHPˀ,*5HOD\5HPRYDO $OWHUQDWH0HWKRG 

2SHQWKHKRRG



5HPRYHWKHPRWRUFRPSDUWPHQW
IXVHER[FRYHU





,QWKHHYHQWWKHYHKLFOHFDQQRWEH
GLVDEOHGXVLQJWKHα3RZHUβ
67$576723%XWWRQSXOOWKH,*
,*IXVHVRUUHOD\VIURPWKHHQJLQH
FRPSDUWPHQWURRPIXVHER[,IWKH
,*IXVHVFDQQRWEHORFDWHGSXOORXW
DOOWKHIXVHVDQGUHOD\VLQWKHIXVH
ER[

 (QJLQHFRPSDUWPHQWIXVHER[

6HSDUDWHWKHQHJDWLYH  9
EDWWHU\FDEOH % ORFDWHGEHKLQG$6
FRYHU $ LQUHDUZKHHOKRXVHWULP
WRIXUWKHUSUHYHQWWKHULVNRI
DFFLGHQWDOUHVWDUW

238-')

,IQHFHVVDU\ORZHUWKHZLQGRZVXQORFNWKH
GRRUVDQGRSHQWKHWUXQNDVUHTXLUHGEHIRUH
GLVFRQQHFWLQJWKH9EDWWHU\2QFHWKH9
EDWWHU\LVGLVFRQQHFWHGSRZHUFRQWUROVZLOOQRW
RSHUDWH
(PHUJHQF\SURFHGXUHV 

8VHWKHIROORZLQJSURFHGXUHWRUHPRYHWKH6HUYLFH'LVFRQQHFW3OXJDQGGLVDEOHWKHKLJKYROWDJH
EDWWHU\

 D 5HPRYHWKH6HUYLFH'LVFRQQHFW3OXJ E 5HPRYHWKH6HUYLFH'LVFRQQHFW3OXJXVLQJ

 FRYHU $ ORFDWHGXQGHUWKHUHDUULJKW WKHIROORZLQJSURFHGXUH


VHDW $8QORFNϦ%5HOHDVHϦ&5HPRYH

 








 $G


,IERWKPHWKRGVRIGLVDEOLQJV\VWHPDUHXQVXFFHVVIXOWKHYHKLFOHLVQRWVHFXUHGIURPDFFLGHQWDO
GHSOR\PHQWRIDLUEDJVDQGHOHFWULFVKRFNIURPKLJKYROWDJHFRPSRQHQWV


(OHFWURFXWLRQ5LVN

• %HIRUHHQJDJLQJLQHPHUJHQF\UHVSRQVHSURFHGXUHVHQVXUHWKHYHKLFOHLVGLVDEOHGDQGZDLWIRU
PRUHWKDQPLQXWHVWRDOORZWKHFDSDFLWRULQWKHKLJKYROWDJHV\VWHPWRGLVFKDUJHWRDYRLG
HOHFWURFXWLRQ
• ([SRVHGFDEOHVRUZLUHVPD\EHYLVLEOHLQVLGHRURXWVLGHWKHYHKLFOH7RSUHYHQWLQMXU\RUGHDWK
GXHWRHOHFWULFDOVKRFNQHYHUWRXFKWKHZLUHVRUFDEOHVEHIRUHGLVDEOLQJWKHV\VWHPWRSUHYHQW
LQMXU\RUGHDWKGXHWRHOHFWULFDOVKRFN
)DLOXUHWRIROORZDQ\RIWKHVHLQVWUXFWLRQVPD\UHVXOWLQVHULRXVLQMXU\RUGHDWKE\HOHFWURFXWLRQ

([SORVLYH5LVN

• 'RQRWFXWWKURXJKDQ\FRPSRQHQW
• 656FRPSRQHQWVPD\UHPDLQSRZHUHGDQGDFWLYHIRUXSWRPLQXWHVDIWHUWKH9HOHFWULFDO
V\VWHPLVVKXWRIIRUGLVDEOHG'LVFRQQHFWWKHEDWWHU\QHJDWLYHFDEOHDQGZDLWIRUDWOHDVW
PLQXWHVEHIRUHEHJLQQLQJZRUN
)DLOXUHWRIROORZDQ\RIWKHVHLQVWUXFWLRQVPD\UHVXOWLQVHULRXVLQMXU\RUGHDWKIURPDFFLGHQWDO
GHSOR\PHQWRIWKHDLUEDJV\VWHP
(PHUJHQF\SURFHGXUHV 

([WULFDWLRQ2SHUDWLRQV
7KHH[WULFDWLRQRSHUDWLRQVIRUWKH,21,4+\EULGDUHVLPLODUWRWKHFRQYHQWLRQDOYHKLFOH+RZHYHU
WKHILUVWUHVSRQGHUVKRXOGSD\VSHFLDODWWHQWLRQZKHQWKH\H[WUDFWRFFXSDQWVLQWKHYHKLFOH%HIRUH
H[WULFDWLRQRSHUDWLRQVWKHILUVWUHVSRQGHUVVKRXOGFDUU\RXWα,QLWLDO5HVSRQVH,GHQWLI\,PPRELOL]H
DQG'LVDEOHβSURFHGXUHVHFWLRQLQSDJHWR

9HKLFOH6WDELOL]DWLRQ

8VHVWDQGDUGVWDELOL]DWLRQ FULEELQJ SRLQWV


DVVKRZQ$OZD\VEHVXUHWRFRQQHFWWRD
VWUXFWXUDOPHPEHURIWKHYHKLFOHDQGDYRLG
SODFLQJFULEELQJXQGHUKLJKYROWDJHFDEOHV
IXHOOLQHVDQGRWKHUDUHDVQRWQRUPDOO\
FRQVLGHUHGDFFHSWDEOH
(PHUJHQF\SURFHGXUHV 

([WULFDWLRQWRROVDQGSURFHGXUH

:KHQUHVSRQGLQJWRDQLQFLGHQWLQYROYLQJD,21,4+\EULGZHUHFRPPHQGWKDWWKHILUVWUHVSRQGHUV
IROORZWKHLURUJDQL]DWLRQΰVVWDQGDUGRSHUDWLQJSURFHGXUHVIRUDVVHVVLQJDQGGHDOLQJZLWKYHKLFOH
HPHUJHQFLHV:KHQWKHILUVWUHVSRQGHUVFXWWKHYHKLFOHWKH\VKRXOGDOZD\VSD\VSHFLDODWWHQWLRQWR
DLUEDJV\VWHPRUDQJHFRORUHGKLJKYROWDJHFDEOHVDQGRWKHUKLJKYROWDJHFRPSRQHQWVWRDYRLG
GDPDJHWRSDUWVZKLFKPD\LQFUHDVHWKHULVNVRIH[SORVLRQ

+LJK9ROWDJH&DEOH

+LJK9ROWDJH%DWWHU\$VVHPEO\

$LUEDJ *DVLQIODWRU ()' (PHUJHQF\)DVWHQLQJ'HYLFH 

$LUEDJ $LUEDJPRGXOH

*DVLQIODWRU 8OWUD KRWVWDPSLQJ VWHHO

%HOWSUHWHQVLRQHU )XHOV\VWHP
(PHUJHQF\SURFHGXUHV 

6XEPHUVLRQ

6RPHHPHUJHQF\UHVSRQVHVFDQLQYROYHDVXEPHUJHGYHKLFOH$,21,4+\EULGWKDWLVVXEPHUJHG
GRHVQRWKDYHKLJKYROWDJHFRPSRQHQWRQWKHYHKLFOHΰVERG\RUIUDPHZRUN,WLVVDIHWRWRXFKWKH
YHKLFOHΰVERG\RUIUDPHZRUNLIWKHUHLVQRVHYHUHGDPDJHWRWKHYHKLFOHZKHWKHULWLVLQZDWHURU
RQODQG

,Q WKH HYHQW WKH YHKLFOH LV VXEPHUJHG RU SDUWLDOO\ VXEPHUJHG UHPRYH WKH YHKLFOH IURP WKH ZDWHU
EHIRUHDWWHPSWLQJWRGLVDEOHWKHYHKLFOH'UDLQWKHZDWHUIURPWKHYHKLFOH8VHRQHRIWKHPHWKRGV
GHVFULEHGLQVHFWLRQVRISDJHWRWRGLVDEOHWKHYHKLFOH

• ,IVHYHUHGDPDJHFDXVHVKLJKYROWDJHFRPSRQHQWVWREHFRPHH[SRVHGUHVSRQGHUVVKRXOGWDNH
DSSURSULDWHSUHFDXWLRQVDQGZHDUDSSURSULDWHLQVXODWHGSHUVRQDOSURWHFWLYHHTXLSPHQW
• 'RQRWDWWHPSWWRUHPRYHD6HUYLFH'LVFRQQHFW3OXJZKLOHLQWKHZDWHU
)DLOXUHWRIROORZDQ\RIWKHVHLQVWUXFWLRQVPD\UHVXOWLQVHULRXVLQMXU\RUGHDWKE\HOHFWURFXWLRQ

(PHUJHQF\SURFHGXUHV 

9HKLFOH)LUH
$IWHU,QLWLDO(PHUJHQF\5HVSRQVH3URFHGXUHVKDYHEHHQDSSOLHG)LUHILJKWLQJ3URFHGXUHVPD\EHJLQ
+\XQGDLUHFRPPHQGVWKDWHDFKUHVSRQVHWHDPIROORZWKHLURZQGHSDUWPHQWΰVVWDQGDUGRSHUDWLQJ
SURFHGXUHVIRUILJKWLQJYHKLFOHILUHVLQFRPELQDWLRQZLWKWKH,21,4+\EULGVSHFLILFGHWDLOVWKDWDUH
FRYHUHGLQWKLVVHFWLRQ

)LUHILJKWLQJ2SHUDWLRQV

,IWKHKLJKYROWDJHEDWWHU\SDFNLVHLWKHULQYROYHGLQRUDWULVNRIEHLQJLQYROYHGLQDILUHLQD,21,4
+\EULGVWULFWFDXWLRQVPXVWEHWDNHQZKLOHFRQGXFWLQJILUHILJKWLQJRSHUDWLRQVGXHWRIROORZLQJ
UHDVRQV

• /LWKLXPLRQ3RO\PHUEDWWHULHVFRQWDLQJHOHOHFWURO\WHWKDWFDQYHQWLJQLWHDQGSURGXFHVSDUNV
ZKHQVXEMHFWHGWRWHPSHUDWXUHVDERYHr)

• 0D\EXUQUDSLGO\ZLWKDIODUHEXUQLQJHIIHFW

• (YHQDIWHUWKHKLJKYROWDJHEDWWHU\ILUHDSSHDUVWRKDYHEHHQH[WLQJXLVKHGUHQHZHGRUGHOD\HG
ILUHFDQRFFXU

8VHDWKHUPDOLPDJLQJFDPHUDWRHQVXUHWKHKLJKYROWDJHEDWWHU\LVFRPSOHWHO\FRROHGEHIRUH

OHDYLQJWKHLQFLGHQW

$OZD\VDGYLVHVHFRQGUHVSRQGHUVWKDWWKHUHLVDULVNRIWKHEDWWHU\UHLJQLWLQJ

)LUHVXEPHUVLRQRUDFROOLVLRQWKDWKDVFRPSURPLVHGWKHKLJKYROWDJHEDWWHU\DOZD\VVWRUHLW

LQDQRSHQDUHDZLWKQRH[SRVXUHVZLWKLQIHHW

• $EXUQLQJEDWWHU\FRXOGUHOHDVHK\GURJHQIOXRULGHFDUERQPRQR[LGHDQGFDUERQGLR[LGH
JDVVHV8VH1,26+06+$DSSURYHGIXOOIDFHVHOIFRQWDLQHGEUHDWKLQJDSSDUDWXV 6&%$ ZLWK
IXOOSURWHFWLYHJHDU

(YHQLIWKHKLJKYROWDJHEDWWHU\SDFNLVQRWGLUHFWO\LQYROYHGLQDYHKLFOHILUHDSSURDFKWKHYHKLFOH
YHU\FDUHIXOO\

([WLQJXLVKHUV

• 6PDOOILUHVWKDWKLJKYROWDJHEDWWHU\LVQRWLQYROYHG([WLQJXLVKILUHVXVLQJD$%&H[WLQJXLVKHU
IRUDQHOHFWULFILUH

• )LUHVWKDWWKHKLJKYROWDJHEDWWHU\LVLQYROYHGRUWKHKLJKYROWDJHEDWWHU\LVKHDWLQJ([WLQJXLVK
ILUHVXVLQJODUJHDQGVXVWDLQHGDPRXQWRIZDWHUWRFRROWKHKLJKYROWDJHEDWWHU\'RQRW
H[WLQJXLVKILUHZLWKDVPDOODPRXQWRIZDWHU)LUHILJKWHUVVKRXOGQRWKHVLWDWHWRSRXUODUJH
DPRXQWVRIZDWHURQWKHYHKLFOH
(PHUJHQF\SURFHGXUHV 

+LJK9ROWDJH$X[LOLDU\%DWWHU\'DPDJHDQG)OXLG/HDNV
7KH+9%DWWHU\DVVHPEO\LVHQFORVHGLQDVWXUG\PHWDOFDVHWKDWLVULJLGO\PRXQWHGWRVWUXFWXUDO
FRPSRQHQWVRIWKHYHKLFOH7KLVFRQVWUXFWLRQKHOSVSUHYHQWGDPDJHWRWKH+9%DWWHU\DVVHPEO\
HYHQLQVHYHUHFUDVKHV7KLVVHFWLRQSURYLGHVHPHUJHQF\UHVSRQGHUVZLWKLQIRUPDWLRQUHJDUGLQJ
KRZWRPLWLJDWHWKHVHYHULW\RIDGDPDJHG+9%DWWHU\DVVHPEO\RUJHOHOHFWURO\WHVSLOOKRZHYHU
XQOLNHO\WKDWPLJKWEH

• &HDVHDOOVPRNHVSDUNIODPHDFWLYLW\DURXQGWKHYHKLFOH

• (OHFWURO\WHVROXWLRQLVDVNLQLUULWDQW

• 'RQRWWRXFKRUVWHSRQWKHVSLOOHGHOHFWURO\WH

• ,IHOHFWURO\WHOHDNRFFXUVZHDUDSSURSULDWHVROYHQWUHVLVWDQW33(DQGXVHRLOVDQGRUDGU\FORWK
WRFOHDQXSWKHVSLOOHGHOHFWURO\WH%HVXUHWRDGHTXDWHO\YHQWLODWHWKHDUHD


,UULWDQW6XEVWDQFH5LVN

•  ,QWHUQDOFRPSRQHQWVRI+9%DWWHULHVDUHLUULWDQWVDQGVHQVLWL]HUV
•  7RDYRLGFRQWDFWZLWKWKHVHLUULWDQWVDQGVHQVLWL]HUVZHDUSRVLWLYHSUHVVXUHVHOIFRQWDLQHG
EUHDWKLQJDSSDUDWXV 6&%$ DQGRWKHUSHUVRQDOSURWHFWLYHHTXLSPHQW 33( GHVLJQHGIRUXVH

ZLWKWKHVHW\SHVRIKD]DUGV

)DLOXUHWRZHDUSURSHU6&%$DQG33(FDQUHVXOWLQVHULRXVLQMXU\RUGHDWK


• (OHFWURO\WHVROXWLRQLVDQH\HLUULWDQWˀ,IFRQWDFWZLWKH\HVULQVHZLWKSOHQW\RIZDWHUIRU
PLQXWHV

• (OHFWURO\WHVROXWLRQLVDVNLQLUULWDQW7KHUHIRUHLIWKHUHLVFRQWDFWZLWKVNLQZDVKRIIZLWKVRDS

• (OHFWURO\WHOLTXLGRUIXPHVWKDWKDYHFRPHLQWRFRQWDFWZLWKZDWHUYDSRUVLQWKHDLUZLOOFUHDWHDQ
R[LGL]HGVXEVWDQFH7KLVVXEVWDQFHPD\LUULWDWHVNLQDQGH\HV,QWKHVHFDVHVULQVHZLWKSOHQW\
RIZDWHUDQGVHHDGRFWRULPPHGLDWHO\

• (OHFWURO\WHIXPHV ZKHQLQKDOHG FDQFDXVHUHVSLUDWRU\LUULWDWLRQDQGDFXWHLQWR[LFDWLRQ

0RYHWRDZHOOYHQWLODWHGORFDWLRQIRUIUHVKDLUDQGZDVKPRXWKZLWKZDWHU6HHDGRFWRU
LPPHGLDWHO\
5RDGVLGH$VVLVWDQFH 

7RZLQJ
:KHQWRZLQJ,21,4+\EULGYHKLFOHDOOZKHHOVVKRXOGEHRIIWKHJURXQGDQGQRWLQFRQWDFWZLWKWKH
URDG

,IHPHUJHQF\WRZLQJLVQHFHVVDU\ZHUHFRPPHQGKDYLQJLWGRQHE\DQDXWKRUL]HG+\XQGDLGHDOHU
RUDFRPPHUFLDOWRZWUXFNVHUYLFH7KHXVHRIZKHHOGROOLHVRUIODWEHGLVUHFRPPHQGHG

• 'RQRWWRZWKHYHKLFOHEDFNZDUGVZLWKWKH
IURQWZKHHOVRQWKHJURXQGDVWKLVPD\
FDXVHGDPDJHWRWKHYHKLFOH
• 'RQRWWRZZLWKVOLQJW\SHHTXLSPHQW
8VHZKHHOOLIWRUIODWEHGHTXLSPHQW
• 1HYHUWRZWKHYHKLFOHZLWKWKHIURQW
ZKHHOVRQWKHJURXQG IRUZDUGRU
EDFNZDUG DVWKLVPD\FDXVHGDPDJHWR
WKHYHKLFOH
5RDGVLGH$VVLVWDQFH 

7R-XPS6WDUWWKH&DU

%HIRUH-XPS6WDUWLQJ

3UHVVWKH9%DWWHU\5HVHWVZLWFKWRUHFRQQHFW
WKH9EDWWHU\

6WDUWWKHYHKLFOHZLWKLQVHFRQGVRISUHVVLQJWKH
9%DWWHU\5HVHWVZLWFK

$IWHUVWDUWLQJYHKLFOH 5($'<LQGLFDWRURQ 
RSHUDWHWKHYHKLFOHVDIHO\RXWGRRUVLQUHDG\PRGH
VWRSSHGDQGRUGULYHLWIRUPLQXWHVWRWDOWRFKDUJH
WKH9EDWWHU\IXOO\

238-')

,I\RXGRQRWVWDUWWKHYHKLFOHLPPHGLDWHO\DIWHUSUHVVLQJWKH9%DWWHU\5HVHWVZLWFKWKHSRZHU
RI9EDWWHU\LVDXWRPDWLFDOO\GLVFRQQHFWHGDIWHUIHZVHFRQGVWRVDYHWKH9EDWWHU\IURP
DGGLWLRQDOGLVFKDUJH,IWKH9EDWWHU\LVGLVFRQQHFWHGSULRUWRVWDUWLQJWKHYHKLFOHSUHVVWKH9
%DWWHU\5HVHWVZLWFKDJDLQDQGWKHQLPPHGLDWHO\VWDUWWKHYHKLFOHDVH[SODLQHGDERYH

-XPS6WDUWLQJ

,IWKH9EDWWHU\LVRYHUGLVFKDUJHGWRDSRLQWWKDWWKHUHVHWGRHVQRWZRUNWU\WRMXPSVWDUWWKH
YHKLFOH

3RVLWLRQWKHYHKLFOHVFORVHHQRXJKWKDWWKHMXPSHUFDEOHVZLOOUHDFKEXWGRQRWDOORZWKH
YHKLFOHVWRWRXFK

$YRLGIDQVRUDQ\PRYLQJSDUWVLQWKHHQJLQHFRPSDUWPHQWDWDOOWLPHVHYHQZKHQWKHYHKLFOHV
DUHWXUQHGRII

7XUQRIIDOOHOHFWULFDOGHYLFHVVXFKDVUDGLRVOLJKWVDLUFRQGLWLRQLQJHWF3XWWKHYHKLFOHVLQ3
3DUN DQGVHWWKHSDUNLQJEUDNHV7XUQERWKYHKLFOHV2))
5RDGVLGH$VVLVWDQFH 

&RQQHFWWKHMXPSHUFDEOHVLQWKHH[DFWVHTXHQFH
VKRZQLQWKHLOOXVWUDWLRQ)LUVWFRQQHFWRQHMXPSHU
FDEOHWRWKHUHGSRVLWLYH  MXPSHUWHUPLQDORI\RXU
YHKLFOH  

&RQQHFWWKHRWKHUHQGRIWKHMXPSHUFDEOHWRWKH
UHGSRVLWLYH  EDWWHU\MXPSHUWHUPLQDORIWKH
DVVLVWLQJYHKLFOH  

&RQQHFWWKHVHFRQGMXPSHUFDEOHWRWKHEODFN
QHJDWLYH  EDWWHU\FKDVVLVJURXQGRIWKHDVVLVWLQJ
YHKLFOH  

&RQQHFWWKHRWKHUHQGRIWKHVHFRQGMXPSHUFDEOH
WRWKHEODFNQHJDWLYH  FKDVVLVJURXQGRI\RXU
YHKLFOH  'RQRWDOORZWKHMXPSHUFDEOHVWR
FRQWDFWDQ\WKLQJH[FHSWWKHFRUUHFWEDWWHU\RU
MXPSHUWHUPLQDOVRUWKHFRUUHFWJURXQG'RQRWOHDQ
RYHUWKHEDWWHU\ZKHQPDNLQJFRQQHFWLRQV

3UHVVWKH9%DWWHU\5HVHWVZLWFK

6WDUWWKHHQJLQHRIWKHDVVLVWLQJYHKLFOHDQGOHWLW
UXQIRUDIHZPLQXWHV

6WDUW\RXUYHKLFOHDVVRRQDVSRVVLEOH$IWHU
VWDUWLQJYHKLFOH 5($'<LQGLFDWRURQ RSHUDWHWKH
YHKLFOHVDIHO\RXWGRRUVLQUHDG\PRGHVWRSSHG
DQGRUGULYHLWIRUPLQXWHVWRWDOWRFKDUJHWKH9
EDWWHU\IXOO\,IWKHFDXVHRI\RXUEDWWHU\GLVFKDUJLQJ
LVQRWDSSDUHQWZHUHFRPPHQGWKDWWKHV\VWHPEH
FKHFNHG

• 'RQRWFRQQHFWWKHFDEOHVWRRUQHDUDQ\SDUWWKDWPRYHVZKHQWKHYHKLFOHLVVWDUWHG
• 'RQRWDOORZWKHMXPSHUFDEOHVWRFRQWDFWDQ\WKLQJH[FHSWWKHFRUUHFWEDWWHU\WHUPLQDOVRUWKH
FRUUHFWJURXQG
• 'RQRWOHDQRYHUWKHEDWWHU\ZKHQPDNLQJFRQQHFWLRQV
‫׉‬+\XQGDL0RWRU&RPSDQ\
$OOULJKWVUHVHUYHG
7KLVGRFXPHQWPD\QRWEHDOWHUHGZLWKRXWWKHZULWWHQ
SHUPLVVLRQRI+\XQGDL0RWRU&RPSDQ\

You might also like