42PD9500TA User manual
Transcription
42PD9500TA User manual
&RORU3ODVPD7HOHYLVLRQ 86(5 60$18$/ 0RGHO1DPH 3'7$ ɊɍɄɈȼɈȾɋɌȼɈɉɈɅɖɁɈȼȺɌȿɅə 7KLVLVWKHLPDJHRIWKHPRGHO3'7$ 'HVNWRSVWDQGVKRZQDERYHLVRSWLRQDO 5($'7+(,16758&7,216,16,'(&$5()8//< .((37+,686(5 60$18$/)25)8785(5()(5(1&( )RUIXWXUHUHIHUHQFHUHFRUGWKHVHULDOQXPEHURI\RXUWHOHYLVLRQ 6(5,$/12 7KLVVHULDOQXPEHULVORFDWHGRQWKHUHDURIWKHWHOHYLVLRQ (1*/,6+ 86(5 60$18$/ 7KDQN\RXIRUSXUFKDVLQJWKH+,7$&+,3ODVPD7HOHYLVLRQ 3OHDVHUHDGWKLVXVHU VPDQXDOFDUHIXOO\EHIRUH RSHUDWLQJWKLVSURGXFW 7RHQVXUHSURSHURSHUDWLRQSOHDVHUHDGDQGIROORZ$// WKHLQVWUXFWLRQVHVSHFLDOO\WKH,03257$176$)(7< ,16758&7,216DQG6$)(7<35(&$87,216 3OHDVHNHHSWKLVXVHU VPDQXDOIRUIXWXUHUHIHUHQFH &217(176 ,03257$176$)(7<,16758&7,216 ,1752'8&7,21 $ERXW7KLV0DQXDO 7UDGHPDUN&UHGLWV $ERXW6RIWZDUH 6$)(7<35(&$87,216 $ERXWWKH6\PEROV &OHDQLQJDQG0DLQWHQDQFH $%2873/$60$',63/$<3$1(/ ,PDJH5HWHQWLRQRI3ODVPD'LVSOD\ &RPPRQ&KDUDFWHULVWLFVRI 3ODVPD'LVSOD\3DQHOV )($785(6 6833/,('$&&(6625,(6 237,21 &20321(171$0(6 0DLQ8QLW 5HPRWH&RQWURO 35(3$5$7,21 5HPRWH&RQWURO%DWWHULHV,QVWDOODWLRQ +DQGOLQJWKH5HPRWH&RQWURO &DXWLRQ:KHQ0RYLQJWKH0DLQ8QLW 6DIHW\3UHFDXWLRQRQ0DLQ8QLW,QVWDOODWLRQ $QWL7XPEOH0HDVXUHV &211(&7,21 7HUPLQDO3RVLWLRQV &RQQHFWLQJ3URFHGXUH %$6,&23(5$7,21 3RZHU2Q2II )LUVW7LPH6HWXS 9ROXPH83'2:1 0XWH ,QSXW6ZLWFKLQJWR79$9a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¶VLQVWUXFWLRQV %HIRUHFDOOLQJIRUWKHWHFKQLFDOVXSSRUWRUVHUYLFHWHFKQLFLDQUHDG³7528%/(6+227,1*´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¿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¿FDWLRQVRUFRQVWUDLQWVRIWKH KDUGZDUHDQGVRIWZDUH:HDUHQRWUHVSRQVLEOHDQGKDYHQROLDELOLW\IRUDQ\ORVVGDPDJHRULQMXU\DVDUHVXOWRI PLVXVH 5HSURGXFWLRQFRS\LQJXVHPRGL¿FDWLRQDQGRUWUDQVPLVVLRQLQZKROHRULQSDUWRIWKLVPDQXDODUHSURKLELWHG ZLWKRXWDQ\SULRUZULWWHQSHUPLVVLRQ $OORWKHUSURGXFWVDQGFRPSDQ\QDPHVXVHGLQWKLVPDQXDODUHWUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRIWKHLU UHVSHFWLYHRZQHUV 7UDGHPDUN&UHGLWV /LFHQVHGE\%%(6RXQG,QFXQGHU863DQG %%(DQG%%(V\PERODUHUHJLVWHUHGWUDGHPDUNVRI%%(6RXQG,QF 0DQXIDFWXUHGXQGHUOLFHQVHIURP%%(6RXQG,QF :2:656DQGzV\PERODUHWUDGHPDUNVRI656/DEV,QF :2:WHFKQRORJ\LVLQFRUSRUDWHGXQGHUOLFHQVHIURP656/DEV,QF +'0,WKH+'0,ORJRDQG+LJK'H¿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¿[HGRQWKHXQLWLWVHOI3OHDVHIXOO\XQGHUVWDQGWKHPHDQLQJVRIWKHV\PEROVEHIRUH UHDGLQJWKHLQVWUXFWLRQVLQWKLVVHFWLRQ :$51,1* 1HYHULJQRUHWKHLQVWUXFWLRQ7KHUHDUHULVNVRIVHULRXVLQMXULHVRUSRVVLEOHGHDWKWRWKHXVHU &$87,21 'RQRWLJQRUHWKHLQVWUXFWLRQ7KHUHDUHSRVVLELOLWLHVRISHUVRQDOLQMXULHVDQGRUSURSHUW\GDPDJH 2WKHU6\PEROV 7KHWULDQJOHZLWKLOOXVWUDWLRQLVLQWHQGHGWRDOHUWWKHXVHUVWKDWWKHUHDUHSRVVLELOLWLHVRI¿UHH[SORVLRQRUKLJK WHPSHUDWXUHVLIWKHSURGXFWLVKDQGOHGLPSURSHUO\ (DFKLOOXVWUDWLRQZLWKLQWKHWULDQJOHVSHFL¿HVWKHFRQWHQWVLQGHWDLO7KH¿JXUHRQWKHOHIWLVDQH[DPSOH 7KHFLUFOHZLWKGLDJRQDOOLQHDQGLOOXVWUDWLRQLQGLFDWHVDSURKLELWHGDFWLRQWKHV\PEROWRWKHOHIWLQGLFDWHVWKDW GLVDVVHPEO\LVSURKLELWHG 7KLVV\PEROLQGLFDWHVDFRPSXOVRU\DFWLRQ 7KHFRQWHQWVZLOOEHFOHDUO\LQGLFDWHGLQDQLOOXVWUDWLRQRUQHDUE\WKHV\PEROWRWKHOHIWLQGLFDWHVWKDWWKHSRZHUSOXJ VKRXOGEHGLVFRQQHFWHGIURPWKHSRZHURXWOHW :$51,1* 7KHUHLVDULVNRIÀUHHOHFWULFVKRFNRUVHULRXVLQMXU\ ʄ8QSOXJWKHSRZHUFRUGLPPHGLDWHO\ZKHQVHULRXVSUREOHPVRFFXU 6HULRXVSUREOHPVVXFKDV 6PRNHDEQRUPDORGRURUQRLVHFRPHVRXWIURPWKHSURGXFW 1RSLFWXUHQRVRXQGRUGLVWRUWHGSLFWXUHRQWKHGLVSOD\ )RUHLJQREMHFWVVXFKDVZDWHUPHWDOVHWFJHWLQVLGHWKHXQLW 'RQRWFRQWLQXHXVLQJWKHSURGXFWXQGHUWKHVHDEQRUPDOFRQGLWLRQV 7XUQRIIWKH0DLQ3RZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW\RXUGHDOHULPPHGLDWHO\ )RU\RXUVDIHW\QHYHUWU\WRUHSDLUWKHSURGXFWE\\RXUVHOI 'LVFRQQHFWWKH SOXJIURPWKH SRZHURXWOHW ʄ'RQRWLQVHUWOLTXLGVRUDQ\IRUHLJQREMHFWVVXFKDVPHWDOVRUÁDPPDEOHLWHPVLQVLGHWKHXQLW ,QFDVHLWKDSSHQVWXUQRIIWKHPDLQSRZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW\RXUGHDOHULPPHGLDWHO\ 8VHVSHFLDOFDXWLRQZKHQ\RXQJHUFKLOGUHQDUHDURXQGWKHXQLW ʄ'RQRWUHPRYHFRYHURUPRGLI\WKHSURGXFW +LJKYROWDJHFRPSRQHQWVDUHLQVWDOOHGLQVLGHRIWKHXQLW5HPRYLQJFRYHUVFDQH[SRVH\RXWRKLJK YROWDJHHOHFWULFDOVKRFNDQGRWKHUGDQJHURXVFRQGLWLRQV &RQWDFW\RXUORFDOGHDOHUWRSHUIRUPVHUYLFLQJVXFKDVLQVSHFWLRQDGMXVWPHQWRUUHSDLUZRUN 'RQRW GLVDVVHPEOH (1*/,6+ 6$)(7<35(&$87,216FRQWLQXHG :$51,1* 7KHUHLVDULVNRIÀUHHOHFWULFVKRFNRUVHULRXVLQMXU\ ʄ,QVWDOOWKHXQLWDWDSURSHUDUHDZKHUHLWGRHVQRWH[SRVHDQ\RQHWRDQ\GDQJHU ,I\RXKLWDJDLQVWWKHHGJHRIWKHXQLW\RXPD\EHLQMXUHG ʄ'RQRWSODFHDQ\REMHFWVRQWRSRIWKHXQLW 2EMHFWVVXFKDV /LTXLGFRQWDLQHUVYDVH¿VKWDQNÀRZHUSRWFRVPHWLFVRUOLTXLGPHGLFLQH ,IZDWHURUDQ\OLTXLGVSLOORQWRWKHXQLWLWPD\FDXVHVKRUWFLUFXLWDQGUHVXOWLQ¿UHRUHOHFWULFDOVKRFN ,QFDVHWKDWLWKDSSHQVWXUQRIIWKH0DLQ3RZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW\RXUGHDOHULPPHGLDWHO\ 'RQRWSODFHDQ\WKLQJKHDY\RQWRSRIWKHXQLW 'RQRWFOLPERQRUKDQJIURPWKHXQLW 'RQRWOHW\RXUSHWVJHWRQWRSRIWKHXQLW ʄ'RQRWH[SRVHWKLVXQLWWRUDLQRUPRLVWXUH 1HYHUXVHWKLVXQLWLQWKHEDWKURRPRUVKRZHUURRP %HZDUHZKHQ\RXXVHWKLVSURGXFWRXWVLGHHVSHFLDOO\LQUDLQ\RUVQRZ\ZHDWKHUDQGDWWKHEHDFKRU ZDWHUIURQW :KHQWKHSURGXFWJHWVZHWLWFRXOGFDXVH¿UHRUHOHFWULFDOVKRFN ʄ8QSOXJWKLVXQLWGXULQJOLJKWQLQJVWRUP 7RUHGXFHWKHULVNRIHOHFWULFDOVKRFNGRQRWWRXFKWKHSURGXFWZKHQVWDUWVOLJKWQLQJ 'LVFRQQHFWWKH SOXJIURPWKH SRZHURXWOHW ʄ'RQRWGRDQ\WKLQJWKDWPD\GDPDJHWKH3RZHU&RUG 'RQRWGDPDJHPRGLI\WZLVWIRUFLEO\EHQGKHDWRUSXOOH[FHVVLYHO\WKH3RZHU&RUG 'RQRWSODFHKHDY\REMHFWVLQFOXGLQJWKHXQLWLWVHOIRQWRSRIWKH3RZHU&RUG ,IWKH3RZHU&RUGLVGDPDJHGFRQWDFW\RXUGHDOHUIRUUHSDLUVRUH[FKDQJH ʄ8VHRQO\ZLWKGHVLJQDWHGSRZHUVXSSO\YROWDJH 7RSUHYHQWWKHULVNRI¿UHDQGHOHFWULFDOVKRFNRSHUDWHWKLVSURGXFWRQO\ZLWKWKHSRZHUVXSSO\YROWDJHLQGLFDWHGRQWKH XQLW ʄ%HZDUHQRWWRGURSRUKDYHDQ\LPSDFWRQWKHXQLW 7DNHH[WUDFDUHZKLOHPRYLQJWKHXQLW 7KHSODVPDGLVSOD\SDQHOLVPDGHRIJODVV,QFDVHWKDWLWEUHDNV\RXPD\EHLQMXUHGE\WKHEURNHQSLHFHV ,QFDVHWKDW\RXGURSWKHXQLWRUWKHFDELQHWLVGDPDJHGWXUQRIIWKH0DLQ3RZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW \RXUORFDOGHDOHULPPHGLDWHO\ &RQWLQXLQJXVHRIWKHSURGXFWZLWKDERYHFRQGLWLRQVPD\FDXVH¿UHRUHOHFWULFDOVKRFN ʄ&OHDQGXVWRUPHWDOVRQRUDURXQGWKHEODGHRIWKHSRZHUSOXJUHJXODU\ &RQWLQXLQJXVHRIWKHSURGXFWZLWKDERYHFRQGLWLRQPD\FDXVH¿UHRUHOHFWULFDOVKRFN $OZD\VXQSOXJWKH3RZHU&RUG¿UVWDQGFOHDQWKHEODGHVZLWKDGU\FORWK ʄ'RQRWSODFHWKHXQLWRQDQXQVWDEOHVXUIDFH 8QVWDEOHSODFHVVXFKDV 7LOWHGVXUIDFHRUVKDN\UDFNWDEOHVWDQGRUWUROO\ ,IWKHXQLWIDOOVGRZQLWFRXOGFDXVHSHUVRQDOLQMXU\ 6$)(7<35(&$87,216FRQWLQXHG &$87,21 ʄ'RQRWSODFHWKHXQLWDWDGXVW\SODFH ,WFRXOGFDXVHPDOIXQFWLRQ ʄ'RQRWFRYHURUEORFNDQ\YHQWLODWLRQKROHVRQWKHSURGXFW 7KHXQLWZRXOGRYHUKHDWDQGLWFRXOGFDXVH¿UHRUGDPDJHWKHSURGXFWZKLFKPD\VKRUWHQLWVVHUYLFHOLIH ,QVWDOOWKHSURGXFWLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVLQWKLVPDQXDO 'RQRWSODFHWKHXQLWZLWKYHQWLODWLRQVLGHGRZQ 'RQRWLQVWDOOWKHXQLWRQWKHFDUSHWRUEHGFORWKHV 'RQRWFRYHUWKHXQLWZLWKWDEOHFORWKHWF ʄ%HVXUHWRJURXQGWKHHDUWKFDEOHFRUUHFWO\ (VSHFLDOO\ZKHQ\RXXVH3RZHU&RUGDGDSWHUEHVXUHWRFRQQHFWWKHHDUWKFDEOHWRWKHJURXQGWHUPLQDO,QFRUUHFW FRQQHFWLRQZRXOGFDXVH¿UHRUHOHFWULFDOVKRFN )RU\RXUVDIHW\DOZD\VPDNHVXUHWRXQSOXJWKH3RZHU&RUGEHIRUHFRQQHFWRUGLVFRQQHFWWKHHDUWKFDEOH ʄ)ROORZWKH$QWLWXPEOHPHDVXUHVLQWKLVPDQXDO ,IWKHXQLWWXPEOHVRYHUWKHUHLVDULVNRISHUVRQDOLQMXU\DQGSRVVLEOHGHDWK$OVRLWZRXOGGDPDJHWKHSURGXFW VHULRXVO\ ʄ'RQRWLQVWDOOWKHXQLWQHDUWKHPHGLFDOGHYLFHV 7RSUHYHQWPDOIXQFWLRQRIWKHPHGLFDOGHYLFHVGRQRWXVHWKLVSURGXFWDQGPHGLFDOGHYLFHVLQWKHVDPHURRP ʄ'RQRWSODFHD&57EDVHGWHOHYLVLRQQHDUWKHVSHDNHUVRIWKH3ODVPD7HOHYLVLRQ ,WFRXOGFDXVHWKHSDUWLDOGLVFRORUDWLRQRUEOXUULQJRIWKHLPDJHRQWKH&57EDVHGWHOHYLVLRQ 3OHDVHLQVWDOOLWDZD\IURPWKHVSHDNHUVRIWKHXQLW ʄ'LVFRQQHFWDOORIWKHH[WHUQDOFRQQHFWLRQFDEOHVDQGGHWDFKWKHDQWLWXPEOHPHDVXUHVEHIRUH PRYLQJWKHXQLW ,WPD\FDXVH¿UHHOHFWULFDOVKRFNRUSHUVRQDOLQMXULHV ʄ&RQQHFWWKHSRZHUSOXJVHFXUHO\ ,PSURSHUFRQQHFWLRQZLOOFDXVHRYHUKHDWLQJDQGPD\UHVXOWLQ¿UH 'RQRWWRXFKWKHEODGHVRIWKHSOXJZKLOHFRQQHFWLQJLWWRWKHZDOOVRFNHW,WFRXOGFDXVHHOHFWULFDOVKRFN ,IWKHSOXJLVQRW¿WWHGIRUWKHZDOOVRFNHWFRQWDFW\RXUGHDOHUIRUUHSODFHPHQW ʄ'RQRWKDQGOHWKH3RZHU&RUGZLWKZHWKDQGV ,WFRXOGUHVXOWLQHOHFWULFDOVKRFN ʄ'RQRWSXOOWKHFRUGZKHQ\RXXQSOXJWKH3RZHU&RUG ,WPD\GDPDJHWKHFRUGDQGFRXOGUHVXOWLQ¿UHRUHOHFWULFDOVKRFN +ROGWKHSOXJZKHQGLVFRQQHFWLQJLW ʄ8QSOXJWKH3RZHU&RUGZKHQ\RXGRQRWLQWHQGWRXVHWKHSURGXFWIRUORQJSHULRGVRIWLPH ʄ+DQGOHWKHEDWWHULHVSURSHUO\ ,PSURSHURULQFRUUHFWXVHRIWKHEDWWHULHVPD\FDXVHFRUURVLRQRUEDWWHU\OHDNDJHZKLFKFRXOGFDXVH¿UHSHUVRQDO LQMXU\RUGDPDJHWRWKHSURSHUW\ 8VHRQO\WKHW\SHVRIWKHEDWWHULHVZKLFKDUHLQGLFDWHGLQWKLVPDQXDO 'RQRWLQVWDOOQHZEDWWHULHVZLWKXVHGRQHV ,QVWDOOWKHEDWWHULHVFRUUHFWO\E\IROORZLQJWKHSRODULW\DQGLQGLFDWLRQVRQWKHEDWWHU\FRPSDUWPHQW 'RQRWGLVSRVHRIWKHXVHGEDWWHULHVDVGRPHVWLFZDVWH'LVSRVHRIWKHPLQDFFRUGDQFHZLWKWKHORFDOUHJXODWLRQV 6XSSO\FRQQHFW WKHJURXQGZLUH 6$)(7<35(&$87,216FRQWLQXHG (1*/,6+ 35(&$87,216 ʄ'RQRWLQVWDOOWKHXQLWDWDUHDVZKHUHLWZLOOEHVXEMHFWHGWRKLJKWHPSHUDWXUHV ,WFRXOGGDPDJHWKHFDELQHWRUSDUWVRIWKHSURGXFW 'RQRWLQVWDOOQHDUDQ\KHDWVRXUFHVVXFKDVUDGLDWRUVKHDWUHJLVWHUVVWRYHVRURWKHUDSSDUDWXVWKDWSURGXFHKHDW .HHSWKHXQLWRXWRIGLUHFWVXQOLJKW,WFRXOGLQFUHDVHWKHWHPSHUDWXUHRIWKHXQLWDQGFDXVHPDOIXQFWLRQ ʄ0RWRU)DQ 7KH79KDVPRWRUIDQWRORZHULWVWHPSHUDWXUHDQGWKHIDQPD\SURGXFHQRLVHGXULQJLWVRSHUDWLRQ7KLVLVQRWDPDOIXQFWLRQ ʄ9LHZLQJ$GYLFH 7KHOLJKWLQJRIWKHHQYLURQPHQWLQZKLFKWKHSURGXFWLVXVHGVKRXOGEHDSSURSULDWH7RREULJKWGDUNHQYLURQPHQWVDUHQRWJRRGIRU \RXUH\HV 7DNHWLPHWRUHOD[\RXUH\HVRFFDVLRQDOO\ :KHQ\RXXVHWKLVSURGXFWYLHZIURPDGLVWDQFHHTXDOWRWRWLPHVWKHKHLJKWRIWKHVFUHHQ7KLVLVWKHEHVWYLHZLQJGLVWDQFHLQ RUGHUWRSURWHFW\RXUH\HVDJDLQVWH\HVWUDLQ $GMXVWWKHYROXPHWRDQDSSURSULDWHOHYHOHVSHFLDOO\GXULQJWKHQLJKW ʄ:KHQWUDQVSRUWLQJWKLVSURGXFW :KHQWKHSURGXFWQHHGVWREHWUDQVSRUWHGGXHWRPRYLQJRUUHSDLUXVHWKHFDUWRQER[DQGEXIIHUPDWHULDOWKDWFDPHZLWK WKLVSURGXFW 'RQRWWUDQVSRUWWKLVSURGXFWRQLWVVLGH,WFRXOGGDPDJHWKHSDQHOJODVVRUGHJUDGHWKHSKRVSKRUVRIWKHSDQHO ʄ.HHSUDGLRVDZD\IURPWKHXQLWZKLOHLQXVH 7KLVXQLWLVGHVLJQHGWRPHHWWKHLQWHUQDWLRQDO(0,VWDQGDUGVGXHWRSUHYHQWUDGLRLQWHUIHUHQFH+RZHYHUWKHXQLW PD\JHQHUDWHQRLVHLQWKHUDGLR ,IWKHQRLVHLVKHDUGRQWKHUDGLRSOHDVHWU\WKHIROORZLQJDFWLRQV $GMXVWWKHGLUHFWLRQRIWKHUDGLRDQWHQQDLQRUGHUQRWWRUHFHLYHWKHLQWHUIHUHQFHIURPWKHXQLW .HHSWKHUDGLRDZD\IURPWKHXQLW 8VHFRD[LDOFDEOHIRUWKHDQWHQQD ʄ$ERXWLQIUDUHGFRPPXQLFDWLRQGHYLFHV 7KHLQIUDUHGFRPPXQLFDWLRQGHYLFHVVXFKDVFRUGOHVVPLFURSKRQHVRUFRUGOHVVKHDGSKRQHVPD\QRWRSHUDWHSURSHUO\DURXQGWKH XQLW,WLVEHFDXVHRIFRPPXQLFDWLRQIDLOXUH3OHDVHQRWHWKDWWKLVLVQRWPDOIXQFWLRQ ʄ:KHQ\RXGLVSRVHRIWKLVSURGXFWDWWKHHQGRILWVOLIHIROORZWKHUHJXODWLRQVLQ\RXUUHVLGHQWLDODUHD )RUPRUHLQIRUPDWLRQFRQWDFWWKHORFDODXWKRULW\RUWKHGHDOHUZKHUH\RXSXUFKDVHGWKHSURGXFW &OHDQLQJDQG0DLQWHQDQFH 3OHDVHPDNHVXUHWRXQSOXJWKHSRZHUFRUGEHIRUHFOHDQLQJWKHXQLW ʄ+RZWRFOHDQWKHSODVPDVFUHHQSDQHORIWKHXQLW 7KHSDQHOVXUIDFHLVVSHFLDOO\FRDWHGWRUHGXFHWKHUHÀHFWLRQDQGFXWLQIUDUHGUDGLDWLRQWKXVZLSHWKHSDQHOZLWKDOLQWIUHHDQGGU\ FORWKLQRUGHUWRSUHYHQWGDPDJHWRWKHFRDWLQJ 'RQRWXVHDFKHPLFDOFORWKRUFOHDQHU'HSHQGLQJRQWKHLQJUHGLHQWVLWPD\FDXVHGLVFRORUDWLRQDQGGDPDJHRQWKHFRDWLQJ 'RQRWZLSHZLWKDKDUGFORWKRUUXEKDUG,WPD\KXUWWKHFRDWLQJ ,QFDVHRIWKHJUHDV\GLUWVXFKDV¿QJHUSULQWZLSHZLWKDOLQWIUHHFORWKPRLVWHQHGE\DGLOXWHGQHXWUDOGHWHUJHQWVROXWLRQDQGWKHQ ZLSHZLWKDVRIWDQGGU\FORWK 'RQRWXVHDVSUD\FOHDQHU,WFRXOGUHPRYHWKHFRDWLQJRUFDXVHPDOIXQFWLRQE\HQWHULQJLQVLGHRIWKHXQLW ʄ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¿JXUH )RUH[DPSOHZKHQWKHFKDUDFWHUVDVVKRZQLQ)LJ$DUHGLVSOD\HG FRQWLQXRXVO\IRUDORQJSHULRGRIWLPHRQO\WKHSKRVSKRUV5HG*UHHQ %OXHGLVSOD\LQJWKHFKDUDFWHUVDUHGHJUDGHG&RQVHTXHQWO\ZKHQ GLVSOD\LQJDQDOOZKLWHLPDJHRQWKHHQWLUHVFUHHQDVVKRZQLQ)LJ DWKHPDUNVUHPDLQLQJE\WKHFKDUDFWHUVZLOOVKRZFRORUGLIIHUHQFHV WKHUHIRUHQRWHWKDWLWLVQRWEXUQWUHPDLQVRIWKHSKRVSKRUV 7KHGHJUHHRILPDJHUHWHQWLRQLVSURSRUWLRQDOWRWKH%ULJKWQHVV DQG'LVSOD\7LPHIRUWKHFKDUDFWHUVDQGRU¿JXUHV 7KHEULJKWHUWKHFKDUDFWHUVDQG¿JXUHWKHPRUHSKRVSKRULV GHJUDGHG$VVKRZQLQ)LJ%LQFDVHRIGLVSOD\LQJLPDJHVWKDW KDYHGLIIHUHQWEULJKWQHVVHDFKIRUDORQJWLPH)LJEVKRZVWKDW WKHEULJKWHUWKHLPDJHWKHPRUHLWWHQGVWRUHPDLQ >)LJ$@ >)LJD@ >)LJ%@ >)LJE@ 7KHLOOXVWUDWLRQVDUHLPDJHVWRH[SODLQLPDJHUHWHQWLRQ7KHDFWXDOPDQQHUVRQWKHLPDJHUHWHQWLRQYDU\GHSHQGLQJ RQVXFKFRQGLWLRQVDVRSHUDWLRQWLPHDQGEULJKWQHVV 0HWKRGWR5HGXFH,PDJH5HWHQWLRQ 8VH³6FUHHQ:LSH´IXQFWLRQRQWKHGLVSOD\ZKLFKDUHDYDLODEOHIURP)XQFWLRQ0HQX5HIHUWR $IWHUGLVSOD\LQJFHUWDLQLPDJHVVXFKDVVWLOOLPDJHIRUDORQJWLPH³6FUHHQ:LSH´FDQEHXVHGWRUHGXFHWKHLPDJH UHWHQWLRQE\GLVSOD\LQJDFRPSOHWHO\ZKLWHVFUHHQIRUDERXWa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³DIWHULPDJH´RQWKHVFUHHQ 7KHUHVLGXDOLPDJHZLOOGLVDSSHDURQLWVRZQ 6XUIDFHRQ3DQHO 7KHSODVPDSDQHOGLVSOD\VLPDJHVE\JHQHUDWLQJGLVFKDUJHVLQWHUQDOO\7KLVFRXOGUDLVHWKHWHPSHUDWXUHRIWKHGLVSOD\VXUIDFH ,QDGGLWLRQGRQRWDOORZDQ\IRUFHIXOLPSDFWWRWKHVXUIDFHRISDQHOEHFDXVHSODVPDSDQHOLV¿QHSURFHVVLQJJODVV HYHQWKRXJKWKHSDQHOVWUHQJWKHQVE\WKHIURQW¿OWHUPDGHRIWHPSHUHGJODVV 'HIHFWLYH3L[HOVRQ3DQHO 7KHSODVPDGLVSOD\SDQHOLVPDQXIDFWXUHGZLWKKLJKSUHFLVLRQWHFKQRORJ\+RZHYHUWKHUHPLJKWEHVRPHSL[HOVWKDW GRQRWOLJKWDUHEULJKWHUWKDQWKHRWKHUVRULQGLIIHUHQWFRORUVHWF )($785(6 (1*/,6+ (QMR\QRWRQO\EHDXWLIXODQGKLJKTXDOLW\SLFWXUHVRQWKHGLVSOD\EXWDOVRYDULRXVNLQGVRIXVHIXODQGFRQYHQLHQW IXQFWLRQVLQ\RXUGDLO\OLIH /DUJHVFUHHQDQGKLJKGH¿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a IRUWKHGHWDLOHGLQIRUPDWLRQ IRUWKHFRQQHFWLRQV 4 / $ &RQWURO3DQHO .6XE3RZHUEXWWRQ 3&KDQQHO8S'RZQŸźEXWWRQ $9ROXPH8S'RZQŻŹ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ĺ0XVLFĺ 6SHHFKĺ)DYRULWH 09ROXPH8S'RZQ #>,QGH[@ %7LPH>&DQFHO@ 3UHVVWKLVEXWWRQWRGLVSOD\WKHWLPHZKHQ UHFHLYLQJD79SURJUDP 7KHWLPHLVQRWGLVSOD\HGLIWKHVLJQDOUHFHLYHG GRHVQRWKDYHDQ\WLPHLQIRUPDWLRQ &=RRP>7H[WÙ797H[W@ 3UHVVWKLVEXWWRQWRFKDQJHSLFWXUHVL]H '5HFDOO 3UHVVWKLVEXWWRQWRVKRZWKHLQSXWVLJQDOVWDWXV )797H[W>79Ù7H[W@ 7KLVVZLWFKHVEHWZHHQWKH79PRGHDQGWKH 7HOHWH[WPRGH *5HWXUQ <RXFDQXVHWKLVWRUHWXUQWRWKHSUHYLRXVPHQX +3LFWXUH0RGH>3DJH6HOHFW@ 3LFWXUHPRGHFDQEHFKDQJHGHDFKWLPHSUHVVHG LQWKHIROORZLQJVHTXHQFH'\QDPLFĺ1DWXUDOĺ &LQHPD &+,,, 7KLVLVH[FOXVLYHO\IRU79DXGLR$1,&$0PRGH &KDQQHO8S'RZQ>3DJH6HOHFW@ 0XWH >5HYHDO@ >6XEWLWOH@ 6RPHEXWWRQVDUHRQO\IRU7HOHWH[WPRGHDQGRWKHUEXWWRQVKDYHGLIIHUHQWIXQFWLRQVLQ7HOHWH[WPRGHIURP WKHXVHRI79PRGH7KRVHEXWWRQVDUHLQGLFDWHGE\>@5HIHUWR$ERXW7HOHWH[WRQ 7KH³5*%´RI EXWWRQPLJKWQRWEHSULQWHGRQWKHUHPRWHFRQWUROGHSHQGLQJRQDPRGHO (1*/,6+ &20321(171$0(6&RQWLQXHG 35(3$5$7,21 5HPRWH&RQWURO%DWWHULHV,QVWDOODWLRQ 7KLVUHPRWHFRQWURORSHUDWHVRQ³$$´EDWWHULHV 2SHQWKHEDWWHU\FRYHU +DQGOLQJWKH5HPRWH&RQWURO 8VHWKHUHPRWHFRQWUROZLWKLQDERXWPIURP IURQWRIWKHXQLW¶VUHPRWHFRQWUROVHQVRUDQG ZLWKLQGHJUHHVRQERWKVLGHV 3XVKXSDQGUHPRYHWKHEDWWHU\FRYHU LQWKHGLUHFWLRQRIWKHDUURZ /RDGEDWWHULHV /RDGWZR6L]H$$EDWWHULHVLQFOXGHG REVHUYLQJWKHFRUUHFWSRODULWLHV :KHQORDGLQJEHWWHULHVSUHVVWKHVLGH RI SRODULW\LQWRWKHWLSRIVSULQJ &ORVHWKHEDWWHU\FRYHU 5HSODFHWKHEDWWHU\FRYHULQWKH GLUHFWLRQRIWKHDUURZDQGVQDS LWEDFNLQWRSODFH &$87,21 ,WFRXOGFDXVHFRUURVLRQRUEDWWHU\OHDNDJHDQGPD\UHVXOWLQSK\VLFDOLQMXU\ DQGRUSURSHUW\GDPDJHLQFOXGLQJÀ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¿HGPRXQWXQLWVLQRUGHUWRREWDLQPD[LPXPSHUIRUPDQFH DQGPDLQWDLQWKHVDIHW\ :HDVVXPHQRUHVSRQVLELOLW\RUOLDELOLW\IRUSHUVRQDOLQMXULHVRUSURSHUW\GDPDJHVFDXVHGE\XVHRIRWKHUPRXQW XQLWVRULPSURSHULQVWDOODWLRQ $VIRUWKHLQVWDOODWLRQLQVWUXFWLRQSOHDVHUHDGHDFKXVHU VPDQXDORIWKHPRXQWXQLWVIRU'HVNWRS6HWXS:DOO 0RXQWLQJDQG&HLOLQJ0RXQWLQJ ,QFDVHRIXVLQJ:DOORU&HLOLQJ0RXQWLQJXQLWE\FRQWDFWLQJ\RXUORFDOGHDOHUDVNWKHVSHFL¿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¿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µ,Q¶6RFNHW PDUNHG &RQQHFWWKH5)FDEOHIURPWKHHTXLSPHQWµ2XW¶WRWKHRWKHUHTXLSPHQWµ,Q¶ 7KHQFRQQHFWIURPWKHHTXLSPHQWµ2XW¶WR³$17´RQWKHSODVPDVFUHHQ6RFNHWRQPDUNHG 3UHFDXWLRQVZKHQFRQQHFWLQJWKHDHULDO 3OHDVHXVHDFRD[LDOFDEOHZKLFKLVIUHHIURPLQWHUIHUHQFHWRFRQQHFWWKHDHULDO$YRLGXVLQJDSDUDOOHOÀ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a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¿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¿UHRUHOHFWULFVKRFN )RUWKHSODVPDWHOHYLVLRQDWKUHHFRUHSRZHUFRUGZLWKDJURXQGWHUPLQDOLVXVHGIRUHI¿FLHQF\SURWHFWLRQ$OZD\VEH VXUHWRFRQQHFWWKH3RZHU&RUGWRDWKUHHSURQJHGJURXQGHGRXWOHWDQGPDNHVXUHWKDWWKHFRUGLVSURSHUO\JURXQGHG ,I\RXXVHDSRZHUVRXUFHFRQYHUWHUSOXJXVHDQRXWOHWZLWKDJURXQGWHUPLQDODQGVFUHZGRZQWKHJURXQGOLQH (QVXUHWKDWERWKHQGVRISRZHUFRUGDUHHDVLO\DFFHVVLEOH ,I\RXKDYHWRFKDQJHWKHSRZHUFRUGSOHDVHXVHWKHFHUWL¿HGSRZHUFRUGWKDWPHHWV\RXUUHJLRQ¶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ĺ2Q 6XE3RZHUEXWWRQĺ2II *UHHQ 2Q 0DLQSRZHUĺ2Q 6XESRZHUEXWWRQĺ2Q 2UDQJH 3RZHU6DYHPRGH 0DLQSRZHUĺ2Q 6XE3RZHUEXWWRQĺ2Q 3RZHU6ZLWFK6WDWXV 0DLQSRZHUĺ2II $ERXW3RZHU6DYHPRGHVHH³3RZHU6DYH0RGH´DQG³:KHQ)ROORZLQJ0HVVDJHV$SSHDURQWKH6FUHHQ´RQ DQG IRUGHWDLOV ,IWKHLPDJHGRHVQRWDSSHDURQWKHVFUHHQDWDOORUKDYHDQ\SUREOHPVHH7528%/(6+227,1*RQ ,W PD\KHOS\RXWRVROYHWKHSUREOHPV <RXFDQWXUQ21WKHSRZHURQO\E\SUHVVLQJWKH6XE3RZHUEXWWRQGXULQJWKH6WDQGE\PRGH 'RQRWVZLWFKWKHSRZHU2Q2IIUHSHDWHGO\LQDVKRUWSHULRGRIWLPH,WFRXOGFDXVHPDOIXQFWLRQ 7RDYRLGVXGGHQVXUJHVRIHOHFWULFLW\ZKHQWKHSRZHUFRPHVEDFNRQWXUQ2IIWKHPDLQSRZHURIWKHXQLWEHIRUH\RX OHDYHLIWKHUHLVDSRZHUFXWGXULQJXVHRIWKHXQLW %$6,&23(5$7,21FRQWLQXHG )LUVW7LPH6HWXS ޓޓޓޓޓ ޓޓޓޓޓޓਛᢥ ❥ޓޓޓޓޓ㜚ਛᢥ ޓޓޓޓޓ ޓޓޓޓޓ :KHQ\RXWXUQ21WKH79IRUWKH¿UVWWLPH\RXU79DXWRPDWLFDOO\OHDGVWRWKHVHWWLQJV RI³/DQJXDJH´DQG³$XWR7XQLQJ´ 7KH¿UVWVFUHHQDSSHDUHGZLOODVN\RXWRFKRRVHWKHODQJXDJHRI\RXU79¶VGLVSOD\ 6HOHFWWKHODQJXDJH\RXSUHIHUUHGIURPWKHOLVWDQGSUHVV EXWWRQ 2QFHVHOHFWLQJWKHODQJXDJH³$XWR7XQLQJ´VFUHHQDSSHDUVWRVWDUWVFDQQLQJ 6HWXS $XWR7XQLQJ 6FDQQLQJ&KDQQHO1XPEHU FKDQQHOV ,I\RXZDQWWRFKDQJHWKHVHWWLQJDIWHUFRPSOHWLQJWKLV¿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a+'0,VHOHFW FRUUHVSRQGLQJPRGH (1*/,6+ ,QSXW6ZLWFKLQJWR79$9a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³/DQJXDJH´PHQXIURPWKH0DLQ0HQX 6HOHFWWKHDSSURSULDWHODQJXDJHZLWK EXWWRQIURPWKHOLVW 7KHVHOHFWHGLWHPZLOOEHKLJKOLJKWHGLQ*UHHQ 3UHVV EXWWRQWRVHW\RXUVHOHFWLRQ 7KHEODFNGRWLVPDUNHGLQVLGHRIWKHFLUFOHZKHQWKHVHOHFWLRQLV¿[HG 3UHVV EXWWRQWRH[LWIURPWKHHQWLUH26'PHQX ޓޓޓޓޓ ޓޓޓޓޓޓਛᢥ ❥ޓޓޓޓޓ㜚ਛᢥ ޓޓޓޓޓ ޓޓޓޓޓ 0(1823(5$7,21FRQWLQXHG (1*/,6+ 6HWXS0HQX79PRGH :LWKWKLVPHQX\RXFDQDFFHVVYDULRXVNLQGVRIIHDWXUHVUHODWLQJWR79FKDQQHOVHWWLQJV 6HOHFWHG,WHPV 6HWXSKLQW 3RVLWLRQ 0RGH $XWR7XQLQJ 'LUHFW 6HOHFWWKHZD\WRGLVSOD\WKHFKDQQHOVRQWKHVFUHHQ EHWZHHQ³´³´³´DQG$9E\XVLQJ EXWWRQ ³´LVIRUGLJLWVFKDQQHOVHOHFWLRQ ³´LVIRUGLJLWVFKDQQHOVHOHFWLRQDQG ³´LVIRUGLJLWFKDQQHOVHOHFWLRQ 7KHSRVLWLRQQXPEHUVDUHGLVSOD\HGRQWKHXSSHUULJKW FRUQHURIVFUHHQ a$9 7KHFKDQQHOQXPEHUaDUHGLVSOD\HGDV& FKDQQHOQXPEHUaDUHGLVSOD\HGDV6 DQGWKH 6HDUFK 7XQHWKHORFDOFKDQQHOVDXWRPDWLFDOO\ 3UHVV EXWWRQWRVWDUWVHDUFKLQJ 3RVLWLRQ 3UHVVFKDQQHOXSGRZQEXWWRQVWRLQSXWSRVLWLRQ RU6 QXPEHUa$9RUFKDQQHOQXPEHU& :KHQ$XWR7XQLQJ0RGHLVVHWWR>SRVLWLRQ@VHDUFKWKH IUHTXHQF\E\XVLQJ EXWWRQ )UHTXHQF\ :KHQ$XWR7XQLQJ0RGHLVVHWWR>'LUHFW@WKLVIXQFWLRQLV QRWDYDLODEOHJUD\HGRXW 0RYHWKHFXUVRUWRWKH¿UVWGLJLWDQGVHOHFWWKHOHWWHUV ZLWK EXWWRQ 0RYHWRWKHQH[WGLJLWZLWKŹEXWWRQ 3UHVV EXWWRQDJDLQZKHQ\RX¿QLVKLQSXWWLQJDOOWKH OHWWHUV 7KHVHOHFWDEOHOHWWHUVDUHDVIROORZV³´a´´³$´a´=´³´ ³´EODQN³´GLVSOD\HGDVEODQNDQG³´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¿HOG Ź,QFUHDVHWKHIUHTXHQF\GDWDIRUWKHPDLQWXQHU Ż'HFUHDVHWKHIUHTXHQF\GDWDIRUWKHPDLQWXQHU a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¿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a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¿UVWZKHQWXUQLQJWKHPDLQSRZHU2Q 7KLVFDQUHGXFHWKHSRZHUFRQVXPSWLRQ ,QIRUPDWLRQ 7KHLWHP³6FUHHQ:LSH´FDQQRWEHVWRUHG 6HOHFW³2Q´RU³0LQ´WRFRQGXFWWKLVIXQFWLRQDVQHHGHG 5HIHUWR DERXWLPDJHUHWHQWLRQ 0(1823(5$7,21FRQWLQXHG 6HOHFWHG,WHPV 6HWXSKLQW 3LFWXUH6L]H 5HVHW (1*/,6+ )XQFWLRQ0HQXFRQWLQXHG ,QFDVHWKDWWKHLPDJHIURP79VLJQDOHVSHFLDOO\&$79KDV DEODFNHQHGJDSLQHLWKHURUERWKVLGHGXULQJ3DQRUDPLF PRGHVHOHFW>@VRWKDWLWFDQPDNHXSIRUWKHJDS 7KLVLVQRWDYDLODEOHZKHQGLVSOD\LQJ³&LQHPD´VL]H 7KLVLVQRWDYDLODEOHH[FHSW5)FRPSRVLWHDQG FRPSRQHQWLLLQSXWJUD\RXW (DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKH RULJLQDOIDFWRU\VHWWLQJVE\SUHVVLQJ EXWWRQ 0(1823(5$7,21FRQWLQXHG 3LFWXUH0HQX ,QWKLVPHQX\RXFDQPDNHVSHFL¿FDGMXVWPHQWVIRUWKHSLFWXUHEDVHGRQ\RXUSUHIHUHQFH %\SUHVVLQJźEXWWRQDWWKHERWWRPRIHDFKPHQXSDJHWKHQH[W3LFWXUHPHQXSDJHZLOODSSHDURQWKHVFUHHQ ! ! " # ! ! ! " ! 6HOHFWHG,WHPV 1DWXUDO &LQHPD <RXFDQPDNHWKHEHVWVHOHFWLRQIURPPRGHVGHSHQGLQJ RQWKHOLJKWLQJFRQGLWLRQDQGLQWHQGHGXVH '\QDPLF6XLWDEOHIRUWKHEULJKWHUFRQGLWLRQV 1DWXUDO6XLWDEOHIRUWKHQRUPDOOLJKWLQJFRQGLWLRQ &LQHPD6XLWDEOHIRUZDWFKLQJPRYLH 7KLVDGMXVWVWKHFRQWUDVWWRPHHWWKHOLJKWLQJHQYLURQPHQW E\XVLQJ EXWWRQ 7KHPD[LPXPYDOXHFDQEHH[WHQGHGWR>@E\ SUHVVLQJDQGKROGLQJŹEXWWRQDW>@ZKLFKFKDQJHV WKHFRORUEHWZHHQWKRVHQXPEHUVIURPJUHHQWR PDJHQWD7KLVLVWKHVSHFLDOIHDWXUHSUHSDUHGIRUWKH GDUNVFHQH$WWKHQRUPDOFRQGLWLRQLWLVUHFRPPHQGHG WRVHWWKHYDOXHOHVVWKDQ>@ %ULJKWQHVV :LWKWKLVIXQFWLRQEODFNLVDGMXVWHGWRFKDQJHWKHRYHUDOO EULJKWQHVVE\XVLQJ EXWWRQ &RORU ,WFDQDGMXVWFRORUGHQVLW\EDVHGRQ\RXUSUHIHUHQFHE\ XVLQJ EXWWRQ 6KDUSQHVV 3UHIHUUHGVKDUSQHVVFDQEHDGMXVWHGE\SUHVVLQJŻ EXWWRQIRU6RIWHULPDJHRUŹEXWWRQIRU6KDUSHULPDJH 3UHVVLQJŻEXWWRQHQKDQFHVUHGDQGZHDNHQVJUHHQ ZKLOHSUHVVLQJŹ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¿OPDQG IDLWKIXOO\UHSURGXFHVWKHRULJLQDO¿OPLPDJHV 2II6HWWR2IILIWKHLPDJHGRHVQRWORRNQDWXUDO 7KLVLVDYDLODEOHRQO\ZKHQUHFHLYLQJ176&3$/ FRPSRVLWHVLJQDO7KLVUHGXFHVWKHGRWDQGFRORUEOXUULQJ LQPLQXWHVFDOHVVRWKDWLWFDQUHSURGXFHSXUHUFRORU (DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKH RULJLQDOIDFWRU\VHWWLQJVE\SUHVVLQJ EXWWRQ 0(1823(5$7,21FRQWLQXHG 3LFWXUH0HQXFRQWLQXHG 6HOHFWHG,WHPV 6HWXSKLQW $PSOLWXGH 5HG *UHHQ 2Q &RORU7HPS$GMXVW %OXH &XWRII 5HG *UHHQ %OXH 2Q:KHQ\RXZDQWWRVHWVSHFL¿FDGMXVWPHQWVLQHDFKRI WKH&RORU7HPSHUDWXUHPRGHV<RXFDQDGMXVWRQ WKHDPSOLWXGHDQGFXWRII7KHVHWWLQJVUHÀHFWRQWKH &RORU7HPSHUDWXUH $PSOLWXGHVXEGXHWKHIROORZLQJFRORUVRQWKHEULJKWHU SDUWV &XWRIIVXEGXHWKHIROORZLQJFRORUVRQWKHGDUNHU SDUWV 2II5HPDLQVDVGHIDXOWVHWWLQJ 2II ,QIRUPDWLRQ 7KHLWHPVLQGLFDWHGE\³ ´FDQEHVWRUHGIRUHDFKRILQSXWVDQGSLFWXUHPRGHV'\QDPLF1DWXUDO&LQHPD <RXFDQHQMR\GLIIHUHQWVHWWLQJGHSHQGLQJRQWKHVHOHFWHGLQSXWVXFKDV9&5LQ$9 ,QDGGLWLRQWKHLWHPLQGLFDWHGE\³ ´FDQEHVWRUHGIRUHDFKRIFRORUWHPSHUDWXUHPRGHV 0(1823(5$7,21FRQWLQXHG (1*/,6+ $XGLR0HQX :LWKWKLVPHQX\RXFDQDGMXVWDQGFXVWRPL]HWKHDXGLRFRQGLWLRQDV\RXOLNH <RXFDQPRYHRQWRWKHQH[WPHQXVFUHHQE\SUHVVLQJźEXWWRQDWWKHERWWRP &! !' &!! # $$ ) #&$$ !( !( #%!& %# "# "! !& $% $% %%%&# 6HOHFWHG,WHPV 6HWXSKLQW $XGLR0RGH 0RYLH 0XVLF 6SHHFK )DYRULWH RXFDQVHOHFWWKHPRVWVXLWDEOHVRXQGFRQGLWLRQIURP < DOWHUQDWLYHVDFFRUGLQJWRWKHFRQWHQWV ,I\RXZDQWWRDGMXVWHDFKLWHPYDOXHEDVHGRQ\RXU SUHIHUHQFHVHOHFW³)DYRULWH´ 7UHEOH a $GMXVWWKH7UHEOH %DVV a $GMXVWWKH%DVV %DODQFH a $GMXVWWKHEDODQFHRIWKHVRXQGIURPULJKWDQGOHIWVSHDNHUV 2II 2Q 2II /RZ +LJK 2II /RZ +LJK 656 7UX%DVV %%( 2II 3HUIHFW9ROXPH 7KLVV\VWHPJLYHV\RXWKHG\QDPLF'VRXQG 7UX%DVVJLYHV\RXWKHHQFKDQFHGEDVVVRXQG 6HOHFWLWGHSHQGLQJRQ\RXUSUHIHUHQFH %%(+LJK'H¿QLWLRQ6RXQGUHVWRUHVFODULW\DQGSUHVHQFH IRUEHWWHUVSHHFKLQWHOOLJLELOLW\DQGPXVLFDOUHDOLVP 6HOHFWLWGHSHQGLQJRQ\RXUSUHIHUHQFH ,WZLOODXWRPDWLFDOO\DGMXVWWKHYROXPHWRLWVDYHUDJHOHYHO HDFKWLPH\RXFKDQJHWKHFKDQQHO 2Q 2II ,QWHUQDO6SHDNHU 2Q +HDGSKRQH9ROXPH a 7KLVQHHGVWREHVZLWFKHGWR2IIZKHQ\RXZDQWWRWDNH DXGLRIURPH[WHUQDOHSXLSPHQW ,WLVQRUPDOO\VHWWR2QZKHQ\RXRSHUDWHWKHVHWXVLQJ WKHEXLOWLQVSHDNHUV ,WDOORZV\RXWRDGMXVWWKHYROXPHRIWKHKHDGSKRQH 7KHVRXQGIURPWKHVSHDNHUZLOODXWRPDWLFDOO\VHWWR 087(ZKHQWKHKHDGSKRQHLVFRQQHFWHGWRWKHWHUPLQDO 5HVHWDOOWKHVHWYDOXHVRQWKLV0HQX3DJHWRWKHRULJLQDO IDFWRU\VHWWLQJV 5HVHW ,QIRUPDWLRQ 7KHLWHPVLQGLFDWHGE\³ ´FDQEHVWRUHGIRUHDFKRI$XGLR0RGH 0(1823(5$7,21FRQWLQXHG 7LPHU0HQX 7KLVDOORZVWKHXQLWWRWXUQ2II6WDQGE\PRGHRU2QDWVHWWLPHDXWRPDWLFDOO\ZKLFK\RXPD\¿QGXVHIXO 6HOHFWHG,WHPV 6HWXSKLQW 0LQ 0LQ 2II7LPHU 0LQ 7KLVIXQFWLRQDXWRPDWLFDOO\VHWVWKHSRZHUWR6WDQGE\ PRGHZKHQWKHVHOHFWHGWLPHSHULRGKDVHODSVHG 0LQ 0LQ 2Q7LPHU 7KLVIXQFWLRQDXWRPDWLFDOO\VHWVWKHSRZHUIURPVWDQGE\ PRGHWR2QZKHQWKHVSHFL¿HGWLPHSHULRGKDVHODSVHG $IWHUWKH³2Q7LPHU´LVVHWWKHLQGLFDWLQJODPSZLOOVWDUW EOLQNLQJ ,QSXWWKHGHVLUHGWLPHZLWKLQWKHUDQJHRIWR E\XVLQJ EXWWRQRQWKHUHPRWHFRQWURO )81&7,21 (1*/,6+ $ERXW7HOHWH[W :KDWLV´7HOHWH[Wµ 7HOHWH[WLVWKHZULWWHQLQIRUPDWLRQVHUYLFHVSURYLGHGE\HDFK79FKDQQHO 0RVW79FKDQQHOVSURYLGHLQIRUPDWLRQYLD7HOHWH[WVXFKDV 79SURJUDPVFKHGXOH :HDWKHUIRUHFDVWV 6SRUWVUHVXOWV 1HZVÀDVK +RZWRRSHUDWHWKH7HOHWH[W <RXFDQGLVSOD\WKH7HOHWH[WVLPSO\E\SUHVVLQJWKHUHPRWHFRQWUROEXWWRQV 6HOHFW7HOHWH[WODQJXDJHIURP6HWXS0HQXVKRZQRQ 2SHUDWLRQ 7RDFWLYDWH7HOHWH[WPRGH 7RH[LWIURPWKH7HOHWH[WPRGH 3UHVV >79Ù7H[W@ 7RPRYHWRWKHQH[WRUSUHYLRXVSDJH >3DJH6HOHFW@ 7RMXPSWRWKHLQGLFDWHGSDJH 7RVSOLWWKHVFUHHQLQWRWZRDQGZDWFKERWK7HOHWH[WLQIRUPDWLRQ DQGDFWXDOEURDGFDVWDWWKHVDPHWLPH 3UHVVDJDLQWRZDWFK7HOHWH[WRQDVLQJOHVFUHHQ 7RGLVSOD\,QGH[SDJH a >3DJH6HOHFW@ >7H[WÙ797H[W@ >,QGH[@ 7RDFFHVV6XEWLWOHVHUYLFHGLUHFWO\LIWKHFKDQQHOKDVWKH6XEWLWOH VHUYLFHEURDGFDVWLQJ >6XEWLWOH@ 7RGLVSOD\+LGGHQWH[W H[7KHDQVZHUVRIWKH4XL]RUWKH*DPHSDJH 3UHVVDJDLQWRFORVHWKHUHYHDOHGDQVZHU >5HYHDO@ 7RUHWXUQWRDFWXDOEURDGFDVWWHPSRUDULO\ZKLOHVHDUFKLQJIRUWKH 7HOHWH[WSDJH\RXUHTXHVW :KHQWKHVHDUFKLVGRQHWKHGHVLJQDWHGSDJHZLOOEHGLVSOD\HG RQWKHXSSHUOHIWRIWKHVFUHHQ 3UHVVDJDLQWRUHWXUQWR7HOHWH[WSDJH 7RDFFHVVWKHOLQNSDJHVZKLFKDUHGLVSOD\HGDWWKHERWWRPRIWKHSDJH 6HOHFWWKHEXWWRQVFRUUHVSRQGLQJWRWKHFRORUVRIWKHOHWWHUVRQVFUHHQ >&DQFHO@ >&RORU@ 7RKROGWKHWH[WSLFWXUH >+ROG@ ,QIRUPDWLRQ (DFKWLPHWKH EXWWRQLVSUHVVHGWKHVFUHHQZLOOEHVZLWFKHGIURPGRXEOHVFUHHQWRVLJQDOVFUHHQ 6RPH7HOHWH[WSDJHVGRQRWGLVSOD\/LQN3DJHVDWWKHERWWRPRIWKHVFUHHQ3UHVV EXWWRQWRGLVSOD\WKHP )81&7,21FRQWLQXHG 6L]H6ZLWFKLQJ (DFKWLPH EXWWRQRIWKHUHPRWHFRQWUROLVSUHVVHGWKHVFUHHQGLVSOD\VL]HLV VZLWFKHGLQVHTXHQFHDQGWKHVWDWXVZLOOEHGLVSOD\HGDWWKHERWWRPRIWKHVFUHHQ 79$9VLJQDOLQSXW =220EXWWRQ :DWFKLQJ6WDQGDUG'HÀQLWLRQ3LFWXUHVLSLS 79$9$9$9$9+'0,+'0, :DWFKLQJ+LJK'HÀ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³3RVLWLRQ´GLVSOD\ZLOODSSHDU $GMXVWWKHSRVLWLRQE\ EXWWRQ $GMXVWPHQWUDQJHRIHDFKSLFWXUHVL]HDUHDVVKRZQEHORZ 'LVSOD\6L]H 3DQRUDPLF =RRP&LQHPD )XOO $GMXVWDEOH5DQJH a a &RQGLWLRQ5HPDUN &RPSRQHQWVLJQDORQO\ 3RVLWLRQ 3RVLWLRQ 3UHVVŸ 3UHVVź &$87,21 8VLQJDZLGHVFUHHQWHOHYLVLRQ 7KLVWHOHYLVLRQKDVDVFUHHQPRGHVHOHFWLRQIHDWXUH,IDQLQFRPSDWLEOHVFUHHQPRGHLVVHOHFWHGWRSOD\FHUWDLQ VRIWZDUHVXFKDVD79SURJUDPWKHLPDJHZRXOGDSSHDUGLIIHUHQWIRUPWKHRULJLQDO7DNHWKLVLQWRFRQVLGHUDWLRQ ZKHQPDNLQJVFUHHQPRGHFKRLFHV 8VHRIWKHZLGHIHDWXUHGLVSOD\LQJHQODUJHGSLFWXUHVLQFRIIHHVKRSVKRWHODQGRWKHUHVWDEOLVKPHQWVIRU FRPPHUFLDORUSXEOLFYLHZLQJSXUSRVHVFRXOGLQIULQJHRQWKHFRS\ULJKWKROGHU¶VULJKWSURWHFWHGE\&RS\ULJKW/DZ :KHQDQRUPDOLPDJHQRWZLGHVFUHHQLVGLVSOD\HGRYHUWKHHQWLUHVFUHHQLQWKH3DQRUDPLFPRGHWKH SHULSKHUDOLPDJHPD\GLVDSSHDUSDUWO\DQGRUDSSHDUGLVWRUWHGLQVRPHFDVHV8VHPRGHWRYLHZWKHLPDJH UHÀHFWLQJRULJLQDOLQWHQWLRQ )81&7,21FRQWLQXHG 3LFWXUH)UHH]LQJ %\SUHVVLQJ EXWWRQ\RXFDQFKDQJHWRIUHH]HPRGHHDVLO\DQ\WLPH\RX OLNH3UHVVLWDJDLQWRUHWXUQWRQRUPDOSLFWXUH )5((=(EXWWRQ 7KHUHDUHWZRW\SHVRIIUHH]HPRGH<RXFDQVHOHFWWKHVHLQWKH³)UHH]H 0RGH´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«0DLQODQJXDJH3ULPDU\6RXQG >,,@6XEODQJXDJH6HFRQGDU\6RXQG ź«IRUFHPRQR7KLVVHOHFWVPDLQODQJXDJHRUSULPDU\VRXQG 6WHUHREURDGFDVW :LWKVWHUHREURDGFDVW\RXFDQHQMR\GLIIHUHQWVRXQGIURPHLWKHUVLGH :KHQDVWHUHRSURJUDPLVUHFHLYHGVRXQGPRGHGLVSOD\ZLOODSSHDULQUHGDVVKRZQ $OVRZKHQUHFHLYLQJ1,&$0VLJQDOV1,&$0GLVSOD\ZLOODSSHDU 3UHVV EXWWRQWRVZLWFKEHWZHHQVWHUHRDQGPRQRVRXQG 3OHDVHVHOHFWźIRUFHPRQRLQFDVHRISRRUUHFHSWLRQQRLVHSRRUVWHUHRVRXQGGXHWRVLJQDOFRQGLWLRQVRWKDW \RXFDQUHFHLYHDFOHDUPRQRVRXQG VUHSUHVHQWVWKH0RQREURDGFDVW (1*/,6+ )81&7,21FRQWLQXHG )81&7,21FRQWLQXHG 3RZHU6DYH0RGH <RXDUHSURYLGHGWKHIXQFWLRQWRVDYHSRZHUFRQVXPSWLRQZKHQQRVLJQDOLVGHWHFWHGLQ$9LQSXW6HWWR2QLQ³9LGHR 3RZHU6DYH´IURP)XQFWLRQ0HQXZKLFKOHDGVWRWKHSRZHUVDYHPRGHLQ$9$9+'0,+'0,DQGWKH 6WDQGE\PRGHLQRWKHU$9LQSXW3OHDVHVHHWKHWDEOHEHORZIRUGHWDLOV5HIHUWR DERXW³9LGHR3RZHU6DYH´ :KHQQRVLJQDOLVGHWHFWHG :KHQVLJQDOLVLQSXWGXULQJ 2QLQ´9LGHR3RZHU6DYHµ &RQGLWLRQ ,QGLFDWLQJ/DPS $9$9 +'0,+'0, 3RZHU6DYH 2UDQJH 7XUQV2QDXWRPDWLFDOO\ $9$9 6WDQGE\ 5HG 5HPDLQVDV6WDQGE\PRGH )81&7,21FRQWLQXHG '9'3OD\HU <RXFDQXVHWKLVUHPRWHFRQWUROWRRSHUDWH'9'3OD\HURIRWKHUPDNHUVDVZHOODV WKLVVHW$IWHUVHOHFWLQJWKHVLGHRI³'9'´RQ)XQFWLRQ6HOHFWVZLWFKSUHVVRUKROG WKHUHTXLUHGEXWWRQVWRVHOHFWWKHPDNHUDQGW\SHDVVKRZQEHORZ (1*/,6+ )XQFWLRQ 6HOHFW VZLWFKLQJ 6HWXS ([DPSOH+,7$&+,'9' 6HWXSWKHPDNHU $IWHUVHOHFWLQJ³'9'´RI)XQFWLRQ6HOHFWVZLWFKRQWKHUHPRWHFRQWUROSUHVV DQG EXWWRQV 6HWXSWKHPDNHUW\SH 5HOHDVHWKH EXWWRQ EXWWRQZKLOHNHHSLQJ EXWWRQGHSUHVVHG7KHQSUHVV &RQ¿UPWKHVHWWLQJ $IWHUVHWWLQJWKHPDNHUDQGW\SHSUHVVWKH68%32:(5EXWWRQRQWKHUHPRWH FRQWURO,IWKH'9'GRHVQRWVZLWFK21UHSHDWVWHSDQGXVLQJRWKHUPDNHU W\SHVDVOLVWHG ´'9'µ6HOHFWLRQ! 0DNHUVRI'9'3OD\HU 6HW0DNHU 6HWW\SH 0DNHUVRI'9'3OD\HU +,7$&+, a )81$, 3LRQHHU 3DQDVRQLF 726+,%$ 3KLOLSV -9& 6$0681* 6HW0DNHU 6RQ\ 6KDUS 0LWVXELVKL 21.<2 6+,1&2 6.<:257+ %8%8.2 '(121 a a 6HWW\SH a a a 3OHDVHQRWHWKDWQRWDOOPRGHOVRIWKHOLVWHGPDNHUVFDQEHRSHUDWHGXVLQJWKLVUHPRWHFRQWURO 7528%/(6+227,1* %HIRUHFDOOLQJVHUYLFHWHFKQLFLDQFKHFNWKHIROORZLQJWDEOHV¿UVW,IWKHSUREOHPLVQRWEHVROYHGZLWKWKHVXJJHVWHGSURFHGXUHVFRQWDFW\RXUORFDO GHDOHU)RU\RXUVDIHW\1(9(5WU\WRUHSDLUWKHSURGXFWE\\RXUVHOI :KHQ)ROORZLQJ0HVVDJHV$SSHDURQWKH6FUHHQ 0HVVDJH &RQGLWLRQ$FWLRQ 3DJH 3RZHU6DYH 7KLVLQGLFDWHVLWLVLQ3RZHU6DYHPRGH 7KHLQGLFDWLQJODPSOLJKWVLQRUDQJH 1R6\QF6LJQDO 7KHXQLWFDQQRWGHWHFWDQ\VLJQDOVIURPDQ\LQSXWWHUPLQDOV &KHFNLIWKHFDEOHLVFRQQHFWHGFRUUHFWO\DQG¿UPO\ &KHFNLIWKHSRZHURIDQ\H[WHUQDOHTXLSPHQWLV21 &KHFNLIWKHLQSXWVHOHFWLRQPDWFKHVWKHFRQQHFWLRQWHUPLQDO a ,QYDOLG6FDQ)UHT 7KHXQLWUHFHLYHVXQVXSSRUWHGVLJQDOV &KHFNLIWKHFDEOHLVFRQQHFWHGFRUUHFWO\DQG¿UPO\ &KHFNLIWKHLQSXWVLJQDOLVFRPSDWLEOHZLWKWKHVSHFL¿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³6WDQGE\PRGH´RU³3RZHU6DYHPRGH´ $GMXVWWKHYDOXHVLQ³3LFWXUHPHQX´DQG³$XGLRPHQX´ &KHFNWKHDQWHQQDFRQQHFWLRQDQGGLUHFWLRQ 7KH79VWDWLRQPD\KDYHEURDGFDVWGLI¿FXOWLHV 7U\DQRWKHUFKDQQHO 3DJH a 0XOWLSOHLPDJHVQRUPDOVRXQG &KHFNWKHDQWHQQDFRQQHFWLRQDQGGLUHFWLRQ )LQHWXQLQJWKH79 &KHFNWKHFRQQHFWLRQRIWKHH[WHUQDOHTXLSPHQWV 7KH79VWDWLRQPD\KDYHEURDGFDVWGLI¿FXOWLHV7U\DQRWKHUFKDQQHO ,QWHUPLWWHQWLQWHUIHUHQFH &KHFNLIWKHVRXUFHRILQWHUIHUHQFHLVVKLHOGHGZHOO 5HPRYHWKRVHNLQGVRIHOHFWULFDOGHYLFHVDZD\IURPWKH79 1RUPDOSLFWXUHEXWQRVRXQG &KHFNWKHYROXPHOHYHO &KHFNLIWKH EXWWRQKDVEHHQSUHVVHGRUQRW 0DNHVXUHWKDWWKHKHDGSKRQHLV127FRQQHFWHG &KHFNWKHFRQQHFWLRQRIWKHH[WHUQDOHTXLSPHQWV 1RSLFWXUHQRUPDOVRXQG &KHFNWKHYDOXHOHYHORI³%ULJKWQHVV´DQG³&RQWUDVW´LQ ³3LFWXUH0HQX´ 7KHUHPRWHFRQWUROGRHVQRWZRUN &KHFNLIWKHEDWWHULHVDUHLQVWDOOHGFRUUHFWO\ 7KHEDWWHULHVPLJKWEHH[KDXVWHG5HSODFHWKHPZLWKQHZRQHV 5HPRYHDOOWKHREVWUXFWLRQVLQIURQWRIWKHVHQVRUZLQGRZRQWKHXQLW &KHFNLI\RXVHOHFWWKHFRUUHFWIXQFWLRQE\VZLWFKLQJ )XQFWLRQ6HOHFWPRGHRQWKHUHPRWHFRQWURO &KHFNLIWKHEXWWRQVRIWKHFRQWUROSDQHOFDQZRUN 1RUPDOSLFWXUHEXWQRFRORUQRUPDOVRXQG &KHFNWKHFRQQHFWLRQRIWKHH[WHUQDOHTXLSPHQWV &KHFNWKH³&RORU6\VWHP´LQ³6HWXS0HQX´ a 7528%/(6+227,1*FRQWLQXHG 6\PSWRPV &KHFNOLVW 3DJH &KHFNLIWKH79LVLQIUHH]HPRGHE\SUHVVLQJ 1RSLFWXUH 7KH,QGLFDWLQJODPSĺ2II &KHFNLIWKH3RZHU&RUGLVSOXJJHGLQWRWKHVRFNHW¿UPO\ &KHFNLIWKH0DLQ3RZHULV21 1RSLFWXUH 7KH,QGLFDWLQJODPSĺ2UDQJH ,WPHDQVWKDWWKHXQLWLVLQ³3RZHU6DYH PRGH´ &KHFNLIDOOWKHFDEOHVRIWKHH[WHUQDOHTXLSPHQWVDUHFRQQHFWHG FRUUHFWO\DQG¿UPO\ &KHFNLIWKHSRZHURIWKHH[WHUQDOHTXLSPHQWVLV21 &KHFNLIWKH79$9PRGHKDVEHHQVHOHFWHGFRUUHFWO\ 5HIHUWR³3RZHU6DYHPRGH´DQG³:KHQIROORZLQJPHVVDJHVDSSHDUVRQ WKHVFUHHQ´ 1RSLFWXUH 7KHLQGLFDWLQJODPSĺ*UHHQ &KHFNLIWKHVLJQDOFDEOHLVFRQQHFWHGFRUUHFWO\DQG¿UPO\ $GMXVWWKHOHYHORI%ULJKWQHVVDQG&RQWUDVWORZHU 7KHUHDURIWKH79PDNHVDEX]]LQJ VRXQG 7KLVFRXOGEHWKHVRXQGSURGXFHGE\WKHPRWRUIDQZKHQLWURWDWHV 7KLVLVQRWDPDOIXQFWLRQ 7KHWRSRIWKHXQLWDQGVXUIDFHRIWKH SDQHOKHDWXS ,WPD\KDSSHQZKHQ\RXXVHWKHXQLWIRUORQJKRXUV7XUQRIIWKH0DLQ 3RZHURIWKHXQLWIRUDZKLOH3OHDVHQRWHWKDWWKLVLVQRWPDOIXQFWLRQ EXWWRQ ,PDJHLVSDXVHG ,PDJHFDQQRWEHGLVSOD\HGLQWKHFRUUHFW SRVLWLRQ (1*/,6+ 6\PSWRPDQG&KHFN/LVWFRQWLQXHG UHVV 3 EXWWRQWRFKHFNLIWKHLQSXWVLJQDORIWKHGLVSOD\HGLPDJHLV FRPSDWLEOHZLWKWKHVSHFL¿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³&RQQHFWLQJ3URFHGXUH´DQG³5HFRPPHQGHG6LJQDO /LVW´ 7KHLPDJHDQGDXGLRDUHPLVPDWFKHGLQ +'0,PRGH &KHFNLIWKH+'0,DQDORJDXGLRLQSXWWHUPLQDOLVFRQQHFWHGWRWKHVDPH H[WHUQDOGHYLFH a 352'8&763(&,),&$7,216 63(&,),&$7,21 3DQHO 'LVSOD\GLPHQVLRQV $SSUR[LQFKHV+[9PPGLDJRQDOPP 5HVROXWLRQ +[9SL[HOV LQFOXGLQJ2SWLRQDO6WDQG:[+['PP 1HWGLPHQVLRQV H[FOXGLQJ2SWLRQDO6WDQG:[+['PP LQFOXGLQJ2SWLRQDO6WDQGNJ H[FOXGLQJ2SWLRQDO6WDQGNJ 1HWZHLJKW $PELHQW FRQGLWLRQV 7HPSHUDWXUH 5HODWLYHKXPLGLW\ 2SHUDWLQJ&WR&6WRUDJH&WR& 2SHUDWLQJWR6WRUDJHWRQRQFRQGHQVLQJ 3RZHUVXSSO\ $&9+] 3RZHUFRQVXPSWLRQDWVWDQGE\ :: $XGLRRXWSXW VSHDNHUWRWDO: 9,'(2LQSXW ,QSXWWHUPLQDOV $9FRPSRVLWHYLGHRLQSXWWHUPLQDO5&$ FRPSRQHQWYLGHRLQSXWWHUPLQDO5&$ /5DXGLRLQSXWWHUPLQDO5&$ $9FRPSRVLWHYLGHRLQSXWWHUPLQDO5&$ 6YLGHRLQSXWWHUPLQDO /5DXGLRLQSXWWHUPLQDO5&$ +'0,+'0,LQSXWWHUPLQDO $XGLRLQSXWWHUPLQDO/5DXGLRLQSXWWHUPLQDO5&$ ,QSXWVLJQDOV &RPSRVLWHYLGHR3$/6(&$0176&176&3$/ &RPSRQHQWYLGHRLLSSSSLL +'0,9*$LLSSSSLL SS 2XWSXW6LJQDO 287387021,725FRPSRVLWHYLGHRPRQLWRURXWSXWWHUPLQDO5&$ 287387021,725/5DXGLRPRQLWRURXWSXWWHUPLQDO5&$ 287387+($'3+21(/5DXGLRPRQLWRURXWSXWWHUPLQDO0LQLSLQ 28738768%:22)(5:RRIHURXWSXWWHUPLQDO5&$ 5)LQSXW ,QSXWWHUPLQDO5HFHLYLQJUDQJH $178QEDODQFHGa0+] 5)9LGHR6\VWHP 3$/%*+,'. 6(&$0%*'.. 176&0 7KHXQLWWDNHVDWOHDVWPLQXWHVWRDWWDLQWKHVWDWXVRIRSWLPDOSLFWXUHTXDOLW\ 7KLVDQDORJDXGLRLQSXWWHUPLQDOFDQEHXVHGIRU+'0,RQO\ 352'8&763(&,),&$7,216FRQWLQXHG (1*/,6+ 6LJQDO,QSXW 6LQSXWFRQQHFWRUSLQVSHFLÀFDWLRQV 3LQ ,QSXWVLJQDO < <*1' & &*1' )UDPH *1' +'0,FRQQHFWRUSLQVSHFLÀ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