Cisco.certprepare-300.115.v11-04-17.by.dcd


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
&LVFRFHUWSUHSDUHYE\GFG
1XPEHU
 
3DVVLQJ 6FRUH
 
7LPH /LPLW
  PLQ
)LOH 9HUVLRQ
 
([DP &RGH 
([DP 1DPH &&13  &LVFR &HUWLILHG 1HWZRUN 3URIHVVLRQDO

,PSOHPHQWLQJ &LVFR ,3 6ZLWFKHG 1HWZRUNV
E\ GFGDOPHLGD
6HFWLRQV
&'3 //'3
6ZLWFK 4XHVWLRQV
(WKHU&KDQQHO 4XHVWLRQV
9/$1 4XHVWLRQV
973 4XHVWLRQV
673 4XHVWLRQV
5673 4XHVWLRQV
067 4XHVWLRQV
3ULYDWH 9/$1
+653 4XHVWLRQV
9553 4XHVWLRQV
*/%3 4XHVWLRQV
63$1 4XHVWLRQV
$$$ 4XHVWLRQV
3RUW 6HFXULW\
'+&3 6QRRSLQJ
8'/' 4XHVWLRQV
6'0 4XHVWLRQV
6WDFN:LVH 4XHVWLRQV
0LVFHOODQHRXV 4XHVWLRQV
'UDJ DQG 'URS
$$$ ZLWK 'RW[ 6LP
+653 +RWVSRW
973Y 6LP
/$&3 ZLWK 673 6LP
0/6 DQG (,*53 6LP
+653 6LP
1HZ 4XHVWLRQV
'UDJ DQG 'URS 1HZ
&LVFRFHUWSUHSDUHYE\GFG
48(67,21 
48(67,21 12 
:KDW LV WKH PD[LPXP QXPEHU RI VZLWFKHV WKDW FDQ EH VWDFNHG XVLQJ &LVFR 6WDFN:LVH"
$
%
&
'
(
)
&RUUHFW $QVZHU
'
6HFWLRQ 6WDFN:LVH 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8S WR  &LVFR &DWDO\VW VZLWFKHV FDQ EH VWDFNHG WRJHWKHU WR EXLOG VLQJOH ORJLFDO 6WDFN:LVH VZLWFK VLQFH
&LVFR ,26 ;( 5HOHDVH 6( 3ULRU WR &LVFR ,26 ;( 5HOHDVH6( XS WR  &LVFR &DWDO\VW VZLWFKHV
FRXOG EH VWDFNHG WRJHWKHU
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVSURGXFWVFROODWHUDOVZLWFKHVFDWDO\VWVHULHV VZLWFKHV
TDBFKWPO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU ZDQWV WR DGG D QHZ VZLWFK WR DQ H[LVWLQJ VZLWFK VWDFN :KLFK FRQILJXUDWLRQ PXVW EH
DGGHG WR WKH QHZ VZLWFK EHIRUH LW FDQ EH DGGHG WR WKH VZLWFK VWDFN"
$1R FRQILJXUDWLRQ PXVW EH DGGHG
%6WDFN ,'
&,3 DGGUHVV
'
9/$1 LQIRUPDWLRQ
(
973 LQIRUPDWLRQ
&RUUHFW $QVZHU
$
6HFWLRQ 6WDFN:LVH 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ ZH DGG D QHZ VZLWFK WR DQ H[LVWLQJ VZLWFK VWDFN WKH HOHFWLRQ ZLOO WDNH SODFH DXWRPDWLFDOO\ WR FKRRVH D
PDVWHU VZLWFK :H GRQ¶W KDYH WR FRQILJXUH DQ\WKLQJ RQ WKH QHZO\ DGGHG VZLWFK ,Q WKH FDVH \RX ZDQW WKH
QHZO\ DGGHG VZLWFK WR EHFRPH WKH PDVWHU XVH WKLV FRPPDQG WKHQ UHORDG LW
VZLWFK FRQILJ  VZLWFK  SULRULW\ 
1RWH 7XUQ RII WKH VZLWFK EHIRUH FRQQHFWLQJ WKH VWDFNZLVH FDEOHV 2QO\ WXUQ LW RQ DIWHU ILQLVKLQJ FRQQHFWLQJ
VWDFNZLVH FDEOHV
48(67,21 
48(67,21 12 
:KDW SHUFHQWDJH RI EDQGZLGWK LV UHGXFHG ZKHQ D VWDFN FDEOH LV EURNHQ"
$

%

&
'
(
&RUUHFW $QVZHU
&
6HFWLRQ 6WDFN:LVH 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH SLFWXUH EHORZ VKRZV KRZ 6WDFN:LVH FDEOHV DUH FRQQHFWHG EHWZHHQ VZLWFKHV
:KHQ WKH VWDFNZLVH FDEOHV DUH IXOO\ FRQQHFWHG DV VKRZQ DERYH  WKH VWDFN ULQJ VSHHG LV *ESV IXOO
GXSOH[ 7R HIILFLHQWO\ ORDG EDODQFH WKH WUDIILF WKH VWDFNZLVH FDEOHV IXQFWLRQ ELGLUHFWLRQDOO\ ZLWK WZR  *ESV
FRXQWHUURWDWLQJ ULQJV ,W PHDQV SDFNHWV DUH DOORFDWHG EHWZHHQ WZR ORJLFDO FRXQWHUURWDWLQJ SDWKV (DFK
FRXQWHUURWDWLQJ SDWK VXSSRUWV  *ESV LQ ERWK GLUHFWLRQV \LHOGLQJ D WUDIILF WRWDO RI  *ESV ELGLUHFWLRQDOO\
$ EUHDN LQ DQ\ RQH RI WKH FDEOHV ZLOO UHVXOW LQ WKH VWDFN EDQGZLGWK EHLQJ UHGXFHG WR KDOI  *ESV RI LWV IXOO
FDSDFLW\
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK VHW RI FRQILJXUDWLRQV ZLOO UHVXOW LQ DOO SRUWV RQ ERWK VZLWFKHV VXFFHVVIXOO\ EXQGOLQJ LQWR DQ
(WKHU&KDQQHO"
$VZLWFK
FKDQQHOJURXS  PRGH DFWLYH
VZLWFK
FKDQQHOJURXS  PRGH DXWR
%VZLWFK
FKDQQHOJURXS  PRGH GHVLUDEOH
VZLWFK
FKDQQHOJURXS  PRGH SDVVLYH
&VZLWFK
FKDQQHOJURXS  PRGH RQ
VZLWFK
FKDQQHOJURXS  PRGH DXWR
'VZLWFK
FKDQQHOJURXS  PRGH GHVLUDEOH
VZLWFK
FKDQQHOJURXS  PRGH DXWR
&RUUHFW $QVZHU
'
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU /$&3
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU 3$J3
7R IRUP DQ (WKHUFKDQQHO ERWK VLGHV PXVW XVH WKH VDPH (WKHUFKDQQHO SURWRFRO /$&3 RU 3$J3  $FFRUGLQJ
WKH WZR WDEOHV DERYH ZH FDQ VHH RQO\ ³GHVLUDEOH´ DQG ³DXWR´ RI 3$J3 FDQ IRUP DQ (WKHUFKDQQHO EXQGOH
1RWH ,I ZH ZDQW WR XVH ³RQ´ PRGH ERWK HQGV PXVW EH FRQILJXUHG LQ WKLV ³RQ´ PRGH WR FUHDWH DQ
(WKHUFKDQQHO EXQGOH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
+RZ FDQ WKH WUDIILF WKDW LV PLUURUHG RXW WKH *LJDELW(WKHUQHW SRUW EH OLPLWHG WR RQO\ WUDIILF WKDW LV UHFHLYHG
RU WUDQVPLWWHG LQ 9/$1  RQ WKH *LJDELW(WKHUQHW SRUW"
$&KDQJH WKH FRQILJXUDWLRQ IRU *LJDELW(WKHUQHW VR WKDW LW LV D PHPEHU RI 9/$1 
%$GG DQ DFFHVV OLVW WR *LJDELW(WKHUQHW WR ILOWHU RXW WUDIILF WKDW LV QRW LQ 9/$1 
&$SSO\ WKH PRQLWRU VHVVLRQ ILOWHU JOREDOO\ WR DOORZ RQO\ WUDIILF IURP 9/$1 
'&KDQJH WKH PRQLWRU VHVVLRQ VRXUFH WR 9/$1  LQVWHDG RI WKH SK\VLFDO LQWHUIDFH
&RUUHFW $QVZHU
&
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:H FDQ DGG WKH ³PRQLWRU VHVVLRQ  ILOWHU YODQ ´ FRPPDQG WR OLPLW PRQLWRUHG WUDILF IURP 9/$1  RQO\
7R VWDUW D QHZ IORZEDVHG 63$1 )63$1 VHVVLRQ RU IORZEDVHG 563$1 )563$1 VRXUFH RU GHVWLQDWLRQ
VHVVLRQ RU WR OLPLW ILOWHU 63$1 VRXUFH WUDIILF WR VSHFLILF 9/$1V XVH WKH PRQLWRU VHVVLRQ ILOWHU JOREDO
FRQILJXUDWLRQ FRPPDQG
8VDJH *XLGHOLQHV
D WRWDO RI  63$1 DQG 563$1 VHVVLRQV RQ D VZLWFK RU VZLWFK VWDFN 9/$1 RU RQ D VHULHV RU UDQJH RI SRUWV RU 9/$1V  _ @
RSWLRQV ,I \RX VSHFLI\ D VHULHV RI 9/$1V \RX PXVW HQWHU D VSDFH EHIRUH DQG DIWHU WKH FRPPD ,I \RX
VSHFLI\ D UDQJH RI 9/$1V \RX PXVW HQWHU D VSDFH EHIRUH DQG DIWHU WKH K\SKHQ   9/$1 ILOWHULQJ UHIHUV WR
DQDO\]LQJ QHWZRUN WUDIILF RQ D VHOHFWHG VHW RI 9/$1V RQ WUXQN VRXUFH SRUWV %\ GHIDXOW DOO 9/$1V DUH
PRQLWRUHG RQ WUXQN VRXUFH SRUWV FRPPDQG WR OLPLW 63$1 WUDIILF RQ WUXQN VRXUFH SRUWV WR RQO\ WKH VSHFLILHG 9/$1V
9/$1 PRQLWRULQJ DQG 9/$1 ILOWHULQJ DUH PXWXDOO\ H[FOXVLYH ,I D 9/$1 LV D VRXUFH 9/$1 ILOWHULQJ FDQQRW EH
HQDEOHG ,I 9/$1 ILOWHULQJ LV FRQILJXUHG D 9/$1 FDQQRW EHFRPH D VRXUFH
:H FDQ DGG WKH ³PRQLWRU VHVVLRQ  ILOWHU YODQ ´ FRPPDQG WR OLPLW PRQLWRUHG WUDILF IURP 9/$1  RQO\
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHVHQHWZRUNBPD
QDJHPHQWFRPPDQGBUHIHUHQFHEBQPBVHBBFUEBQPBVHBBFUBFKDSWHUBKWPOZS

48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
$ QHWZRUN HQJLQHHU ZDQWV WR DQDO\]H DOO LQFRPLQJ DQG RXWJRLQJ SDFNHWV IRU DQ LQWHUIDFH WKDW LV FRQQHFWHG WR
DQ DFFHVV VZLWFK :KLFK WKUHH LWHPV PXVW EH FRQILJXUHG WR PLUURU WUDIILF WR D SDFNHW VQLIIHU WKDW LV
FRQQHFWHG WR WKH GLVWULEXWLRQ VZLWFK" &KRRVH WKUHH
$$ PRQLWRU VHVVLRQ RQ WKH GLVWULEXWLRQ VZLWFK ZLWK D SK\VLFDO LQWHUIDFH DV WKH VRXUFH DQG WKH UHPRWH
63$1 9/$1 DV WKH GHVWLQDWLRQ
%$ UHPRWH 63$1 9/$1 RQ WKH GLVWULEXWLRQ DQG DFFHVV OD\HU VZLWFK
&$ PRQLWRU VHVVLRQ RQ WKH DFFHVV VZLWFK ZLWK D SK\VLFDO LQWHUIDFH VRXUFH DQG WKH UHPRWH 63$1 9/$1 DV
WKH GHVWLQDWLRQ
'$ PRQLWRU VHVVLRQ RQ WKH GLVWULEXWLRQ VZLWFK ZLWK D UHPRWH 63$1 9/$1 DV WKH VRXUFH DQG SK\VLFDO
LQWHUIDFH DV WKH GHVWLQDWLRQ
($ PRQLWRU VHVVLRQ RQ WKH DFFHVV VZLWFK ZLWK D UHPRWH 63$1 9/$1 VRXUFH DQG WKH SK\VLFDO LQWHUIDFH DV
WKH GHVWLQDWLRQ
)$ PRQLWRU VHVVLRQ RQ WKH GLVWULEXWLRQ VZLWFK ZLWK D SK\VLFDO LQWHUIDFH DV WKH VRXUFH DQG D SK\VLFDO
LQWHUIDFH DV WKH GHVWLQDWLRQ
&RUUHFW $QVZHU
%&'
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
([SODQDWLRQ
7KH QHWZRUN HQJLQHHU LV FRQQHFWLQJ WR WKH 'LVWULEXWLRQ VZLWFK EXW KH ZDQWV WR PRQLWRU DQ DFFHVV VZLWFK !
UHPRWH 63$1 PXVW EH XVHG $Q H[DPSOH RI FRQILJXULQJ UHPRWH 63$1 ZKLFK XVHV YODQ  LV VKRZQ EHORZ
$FFHVV6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  VRXUFH LQWHUIDFH )DVW(WKHUQHW 
$FFHVV6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  GHVWLQDWLRQ UHPRWH YODQ 
'LVWULEXWLRQ6ZLWFK FRQILJ PRQLWRU VHVVLRQ  VRXUFH UHPRWH YODQ 
'LVWULEXWLRQ6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  GHVWLQDWLRQ LQWHUIDFH )DVW(WKHUQHW 
RI WKH WUDIILF WR DQRWKHU SRUW RQ WKH VZLWFK RU RQ DQRWKHU VZLWFK WKDW KDV EHHQ FRQQHFWHG WR D QHWZRUN
DQDO\]HU RU RWKHU PRQLWRULQJ RU VHFXULW\ GHYLFH 63$1 FRSLHV RU PLUURUV WUDIILF UHFHLYHG RU VHQW RU ERWK
RQ VRXUFH SRUWV RU VRXUFH 9/$1V WR D GHVWLQDWLRQ SRUW IRU DQDO\VLV 563$1 VXSSRUWV VRXUFH SRUWV VRXUFH
9/$1V DQG GHVWLQDWLRQ SRUWV RQ GLIIHUHQW VZLWFKHV RU GLIIHUHQW VZLWFK VWDFNV  HQDEOLQJ UHPRWH PRQLWRULQJ
RI PXOWLSOH VZLWFKHV DFURVV \RXU QHWZRUN 7KH WUDIILF IRU HDFK 563$1 VHVVLRQ LV FDUULHG RYHU D XVHU
VSHFLILHG 563$1 9/$1 WKDW LV GHGLFDWHG IRU WKDW 563$1 VHVVLRQ LQ DOO SDUWLFLSDWLQJ VZLWFKHV 7KH 563$1
WUDIILF IURP WKH VRXUFH SRUWV RU 9/$1V LV FRSLHG LQWR WKH 563$1 9/$1 DQG IRUZDUGHG RYHU WUXQN SRUWV
FDUU\LQJ WKH 563$1 9/$1 WR D GHVWLQDWLRQ VHVVLRQ PRQLWRULQJ WKH 563$1 9/$1 (DFK 563$1 VRXUFH
VZLWFK PXVW KDYH HLWKHU SRUWV RU 9/$1V DV 563$1 VRXUFHV 7KH GHVWLQDWLRQ LV DOZD\V D SK\VLFDO SRUW
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW[B[VRIWZDUHUHOHDVH BBVH
FRQILJXUDWLRQJXLGH[VFJVZVSDQKWPO
48(67,21 
48(67,21 12 
$IWHU DQ (WKHU&KDQQHO LV FRQILJXUHG EHWZHHQ WZR &LVFR VZLWFKHV LQWHUIDFH SRUW FKDQQHO  LV LQ WKH GRZQ
GRZQ VWDWH 6ZLWFK $ LV FRQILJXUHG ZLWK FKDQQHOJURXS  PRGH DFWLYH ZKLOH 6ZLWFK % LV FRQILJXUHG ZLWK
FKDQQHOJURXS  PRGH GHVLUDEOH :K\ LV WKH (WKHU&KDQQHO EXQGOH QRW ZRUNLQJ"
$7KH VZLWFKHV DUH XVLQJ PLVPDWFKHG (WKHU&KDQQHO QHJRWLDWLRQ PRGHV
%7KH VZLWFK SRUWV DUH QRW FRQILJXUHG LQ WUXQNLQJ PRGH
&/$&3 SULRULW\ PXVW EH FRQILJXUHG RQ ERWK VZLWFKHV
'7KH FKDQQHO JURXS LGHQWLILHU PXVW EH GLIIHUHQW IRU 6ZLWFK $ DQG 6ZLWFK %
&RUUHFW $QVZHU
$
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R IRUP DQ (WKHUFKDQQHO ERWK VLGHV PXVW XVH WKH VDPH (WKHUFKDQQHO SURWRFRO /$&3 RU 3$J3 
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU /$&3
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU 3$J3
48(67,21 
48(67,21 12 
$Q (WKHU&KDQQHO EXQGOH KDV EHHQ HVWDEOLVKHG EHWZHHQ D &LVFR VZLWFK DQG D FRUSRUDWH ZHE VHUYHU 7KH
QHWZRUN DGPLQLVWUDWRU QRWLFHG WKDW RQO\ RQH RI WKH (WKHU&KDQQHO OLQNV LV EHLQJ XWLOL]HG WR UHDFK WKH ZHE
VHUYHU :KDW VKRXOG EH GRQH RQ WKH &LVFR VZLWFK WR DOORZ IRU EHWWHU (WKHU&KDQQHO XWLOL]DWLRQ WR WKH
FRUSRUDWH ZHE VHUYHU"
$(QDEOH &LVFR ([SUHVV )RUZDUGLQJ WR DOORZ IRU PRUH HIIHFWLYH WUDIILF VKDULQJ RYHU WKH (WKHU&KDQQHO
EXQGOH
%$GMXVW WKH (WKHU&KDQQHO ORDGEDODQFLQJ PHWKRG EDVHG RQ GHVWLQDWLRQ ,3 DGGUHVVHV
&'LVDEOH VSDQQLQJ WUHH RQ DOO LQWHUIDFHV WKDW DUH SDUWLFLSDWLQJ LQ WKH (WKHU&KDQQHO EXQGOH
'8VH OLQNVWDWH WUDFNLQJ WR DOORZ IRU LPSURYHG ORDG EDODQFLQJ RI WUDIILF XSRQ OLQN IDLOXUH WR WKH VHUYHU
($GMXVW WKH (WKHU&KDQQHO ORDGEDODQFLQJ PHWKRG EDVHG RQ VRXUFH ,3 DGGUHVVHV
&RUUHFW $QVZHU
(
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q WKLV FDVH WKH (WKHU&KDQQHO EXQGOH ZDV FRQILJXUHG WR ORDGEDODQFH EDVHG RQ WKH GHVWLQDWLRQ ,3 DGGUHVV
EXW WKHUH LV RQO\ RQH ZHE VHUYHU PHDQV RQH GHVWLQDWLRQ ,3 DGGUHVV  7KHUHIRUH RQO\ RQH RI WKH
(WKHU&KDQQHO OLQNV LV EHLQJ XWLOL]HG WR UHDFK WKH ZHE VHUYHU 7R VROYH WKLV SUREOHP ZH VKRXOG FRQILJXUH
ORDGEDODQFLQJ EDVHG RQ VRXUFH ,3 DGGUHVV VR WKDW WUDIILF WR WKH ZHE VHUYHU ZRXOG EH VKDUHG DPRQJ WKH
OLQNV LQ WKH (WKHU&KDQQHO EXQGOH ZLWK GLIIHUHQW KRVWV
(WKHU&KDQQHO ORDG EDODQFLQJ FDQ XVH 0$& DGGUHVVHV ,3 DGGUHVVHV RU /D\HU  SRUW QXPEHUV DQG HLWKHU
VRXUFH PRGH GHVWLQDWLRQ PRGH RU ERWK 7KH PRGH \RX VHOHFW DSSOLHV WR DOO (WKHU&KDQQHOV WKDW \RX
FRQILJXUH RQ WKH VZLWFK 8VH WKH RSWLRQ WKDW SURYLGHV WKH JUHDWHVW YDULHW\ LQ \RXU FRQILJXUDWLRQ )RU H[DPSOH
LI WKH WUDIILF RQ D FKDQQHO RQO\ JRHV WR D VLQJOH 0$& DGGUHVV ZKLFK LV WKH FDVH LQ WKLV H[DPSOH VLQFH DOO
WUDIILF LV JRLQJ WR WKH VDPH ZHE VHUYHU  XVH RI WKH GHVWLQDWLRQ 0$& DGGUHVV UHVXOWV LQ WKH FKRLFH RI WKH
VDPH OLQN LQ WKH FKDQQHO HDFK WLPH 8VH RI VRXUFH DGGUHVVHV RU ,3 DGGUHVVHV FDQ UHVXOW LQ D EHWWHU ORDG
EDODQFH
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJHWKHUFKDQQHOKWPO
48(67,21 
48(67,21 12 
,QWHUIDFH )DVW(WKHUQHW LV FRQILJXUHG DV D WUXQN LQWHUIDFH WKDW DOORZV DOO 9/$1V 7KLV FRPPDQG LV
FRQILJXUHG JOREDOO\
PRQLWRU VHVVLRQ  ILOWHU YODQ    
:KDW LV WKH UHVXOW RI WKH LPSOHPHQWHG FRPPDQG"
$$OO 9/$1 WUDIILF LV VHQW WR WKH 63$1 GHVWLQDWLRQ LQWHUIDFH
%7UDIILF IURP 9/$1  LV QRW VHQW WR WKH 63$1 GHVWLQDWLRQ LQWHUIDFH
&)LOWHULQJ D WUXQNHG 63$1 SRUW HIIHFWLYHO\ GLVDEOHV 63$1 RSHUDWLRQV IRU DOO 9/$1V
'7KH WUXQN V QDWLYH 9/$1 PXVW EH FKDQJHG WR VRPHWKLQJ RWKHU WKDQ 9/$1 
(7UDIILF IURP 9/$1V  WR   DQG  LV UHSOLFDWHG WR WKH 63$1 GHVWLQDWLRQ SRUW
&RUUHFW $QVZHU
(
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH PRQLWRU VHVVLRQ ILOWHU FRPPDQG LV XVHG WR VSHFLI\ ZKLFK 9/$16 DUH WR EH SRUW PLUURUHG XVLQJ 63$1
7KLV H[DPSOH VKRZV KRZ WR PRQLWRU 9/$1V  WKURXJK  DQG 9/$1  ZKHQ WKH 63$1 VRXUFH LV D WUXQN
LQWHUIDFH
7KLV FRPPDQG OLPLWV WKH PRQLWRUHG WUDILF RQ 9/$1  WR    RQO\
6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  ILOWHU YODQ    
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW HZFRQILJXUDWLRQJXLGH
FRQIVSDQKWPOLQGH[KWPOZS
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU QRWLFHV LQFRQVLVWHQW &LVFR 'LVFRYHU\ 3URWRFRO QHLJKERUV DFFRUGLQJ WR WKH GLDJUDP WKDW
LV SURYLGHG 7KH HQJLQHHU QRWLFHV RQO\ D VLQJOH QHLJKERU WKDW XVHV &LVFR 'LVFRYHU\ 3URWRFRO EXW LW KDV
VHYHUDO URXWLQJ QHLJKERU UHODWLRQVKLSV :KDW ZRXOG FDXVH WKH RXWSXW WR VKRZ RQO\ WKH VLQJOH QHLJKERU"
$7KH URXWHUV DUH FRQQHFWHG YLD D /D\HU  VZLWFK
%,3 URXWLQJ LV GLVDEOHG RQ QHLJKERULQJ GHYLFHV
&&LVFR ([SUHVV )RUZDUGLQJ LV HQDEOHG ORFDOO\
'&LVFR 'LVFRYHU\ 3URWRFRO DGYHUWLVHPHQWV DUH LQFRQVLVWHQW EHWZHHQ WKH ORFDO DQG UHPRWH GHYLFHV
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,I DOO RI WKH URXWHUV DUH FRQQHFWHG WR HDFK RWKHU XVLQJ D OD\HU  VZLWFK WKHQ HDFK URXWHU ZLOO RQO\ KDYH WKH
VLQJOH VZLWFK SRUW WKDW LW FRQQHFWV WR DV LWV QHLJKERU (YHQ WKRXJK PXOWLSOH URXWLQJ QHLJKERUV FDQ EH IRUPHG
RYHU D OD\HU  QHWZRUN RQO\ WKH SK\VLFDO SRUW WKDW LW FRQQHFWV WR ZLOO EH VHHQ DV D &'3 QHLJKERU &'3 FDQ
EH XVHG WR GHWHUPLQH WKH SK\VLFDO WRSRORJ\ EXW QRW QHFHVVDULO\ WKH ORJLFDO WRSRORJ\
48(67,21 
48(67,21 12 
$IWHU WKH LPSOHPHQWDWLRQ RI VHYHUDO GLIIHUHQW W\SHV RI VZLWFKHV IURP GLIIHUHQW YHQGRUV D QHWZRUN HQJLQHHU
QRWLFHV WKDW GLUHFWO\ FRQQHFWHG GHYLFHV WKDW XVH &LVFR 'LVFRYHU\ 3URWRFRO DUH QRW YLVLEOH :KLFK YHQGRU
QHXWUDO SURWRFRO FRXOG EH XVHG WR UHVROYH WKLV LVVXH"
$/RFDO $UHD 0RELOLW\
%/LQN /D\HU 'LVFRYHU\ 3URWRFRO
&1HW)ORZ
''LUHFWHG 5HVSRQVH 3URWRFRO
&RUUHFW $QVZHU
%
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH /LQN /D\HU 'LVFRYHU\ 3URWRFRO //'3 LV D YHQGRUQHXWUDO OLQN OD\HU SURWRFRO LQ WKH ,QWHUQHW 3URWRFRO
6XLWH XVHG E\ QHWZRUN GHYLFHV IRU DGYHUWLVLQJ WKHLU LGHQWLW\ FDSDELOLWLHV DQG QHLJKERUV RQ DQ ,(((  ORFDO
DUHD QHWZRUN SULQFLSDOO\ ZLUHG (WKHUQHW //'3 SHUIRUPV IXQFWLRQV VLPLODU WR VHYHUDO SURSULHWDU\ SURWRFROV
VXFK DV WKH &LVFR 'LVFRYHU\ 3URWRFRO &'3 
8QOLNH &'3 /LQN /D\HU 'LVFRYHU\ 3URWRFRO //'3 LV DQ RSHQ ,(((VWDQGDUG $% /D\HU  SURWRFRO
XVHG E\ QHWZRUN GHYLFHV WR VKDUH LQIRUPDWLRQ DERXW WKHLU LGHQWLWLHV DQG IXQFWLRQDOLW\ ZLWK RWKHU QHWZRUN
HOHPHQWV
5HIHUHQFH KWWSHQZLNLSHGLDRUJZLNL/LQNB/D\HUB'LVFRYHU\B3URWRFRO
48(67,21 
48(67,21 12 
6HYHUDO QHZ VZLWFKHV KDYH EHHQ DGGHG WR WKH H[LVWLQJ QHWZRUN DV 973 FOLHQWV $OO RI WKH QHZ VZLWFKHV KDYH
EHHQ FRQILJXUHG ZLWK WKH VDPH 973 GRPDLQ SDVVZRUG DQG YHUVLRQ +RZHYHU 9/$1V DUH QRW SDVVLQJ IURP
WKH 973 VHUYHU H[LVWLQJ QHWZRUN WR WKH 973 FOLHQWV :KDW PXVW EH GRQH WR IL[ WKLV"
$5HPRYH WKH 973 GRPDLQ QDPH IURP DOO VZLWFKHV ZLWK QXOO DQG WKHQ UHSODFH LW ZLWK WKH QHZ GRPDLQ
QDPH
%&RQILJXUH D GLIIHUHQW QDWLYH 9/$1 RQ DOO QHZ VZLWFKHV WKDW DUH FRQILJXUHG DV 973 FOLHQWV
&3URYLVLRQ RQH RI WKH QHZ VZLWFKHV WR EH WKH 973 VHUYHU DQG GXSOLFDWH LQIRUPDWLRQ IURP WKH H[LVWLQJ
QHWZRUN
'(QVXUH WKDW DOO VZLWFK LQWHUFRQQHFWV DUH FRQILJXUHG DV WUXQNV WR DOORZ 973 LQIRUPDWLRQ WR EH WUDQVIHUUHG
&RUUHFW $QVZHU
'
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 XSGDWHV FDQ RQO\ EH IRUZDUGHG RQ WUXQN OLQNV
973 DOORZV VZLWFKHV WR DGYHUWLVH 9/$1 LQIRUPDWLRQ EHWZHHQ RWKHU PHPEHUV RI WKH VDPH 973 GRPDLQ 973
DOORZV D FRQVLVWHQW YLHZ RI WKH VZLWFKHG QHWZRUN DFURVV DOO VZLWFKHV 7KHUH DUH VHYHUDO UHDVRQV ZK\ WKH
9/$1 LQIRUPDWLRQ FDQ IDLO WR EH H[FKDQJHG 9HULI\ WKHVH LWHPV LI VZLWFKHV WKDW UXQ 973 IDLO WR H[FKDQJH
9/$1 LQIRUPDWLRQ
973 LQIRUPDWLRQ RQO\ SDVVHV WKURXJK D WUXQN SRUW 0DNH VXUH WKDW DOO SRUWV WKDW LQWHUFRQQHFW VZLWFKHV DUH
FRQILJXUHG DV WUXQNV DQG DUH DFWXDOO\ WUXQNLQJ 0DNH VXUH WKDW LI (WKHU&KDQQHOV DUH FUHDWHG EHWZHHQ WZR
VZLWFKHV RQO\ /D\HU  (WKHU&KDQQHOV SURSDJDWH 9/$1 LQIRUPDWLRQ
0DNH VXUH WKDW WKH 9/$1V DUH DFWLYH LQ DOO WKH GHYLFHV ·2QH RI WKH VZLWFKHV PXVW EH WKH 973 VHUYHU LQ D
973 GRPDLQ $OO 9/$1 FKDQJHV PXVW EH GRQH RQ WKLV VZLWFK LQ RUGHU WR KDYH WKHP SURSDJDWHG WR WKH 973
FOLHQWV ·7KH 973 GRPDLQ QDPH PXVW PDWFK DQG LW LV FDVH VHQVLWLYH &,6&2 DQG FLVFR DUH WZR GLIIHUHQW
GRPDLQ QDPHV
0DNH VXUH WKDW QR SDVVZRUG LV VHW EHWZHHQ WKH VHUYHU DQG FOLHQW ,I DQ\ SDVVZRUG LV VHW PDNH VXUH WKDW WKH
SDVVZRUG LV WKH VDPH RQ ERWK VLGHV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86WHFKWNWNWHFKQRORJLHVBWHFKBQRWHDVKWPO
48(67,21 
48(67,21 12 
$IWHU LPSOHPHQWLQJ 973 WKH H[WHQGHG 9/$1V DUH QRW EHLQJ SURSDJDWHG WR RWKHU 973 VZLWFKHV
:KDW VKRXOG EH FRQILJXUHG IRU H[WHQGHG 9/$1V"
$
973 GRHV QRW VXSSRUW H[WHQGHG 9/$1V DQG VKRXOG EH PDQXDOO\ DGGHG WR DOO VZLWFKHV
%(QDEOH 973 YHUVLRQ  ZKLFK VXSSRUWV H[WHQGHG 9/$1 SURSDJDWLRQ
&
973 DXWKHQWLFDWLRQ LV UHTXLUHG ZKHQ XVLQJ H[WHQGHG 9/$1V EHFDXVH RI WKHLU DELOLW\ WR FDXVH QHWZRUN
LQVWDELOLW\
'(QVXUH WKDW DOO VZLWFKHV UXQ WKH VDPH &LVFR ,26 YHUVLRQ ([WHQGHG 9/$1V ZLOO QRW SURSDJDWH WR
GLIIHUHQW ,26 YHUVLRQV ZKHQ H[WHQGHG 9/$1V DUH LQ XVH
&RUUHFW $QVZHU
%
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 YHUVLRQ  DQG YHUVLRQ  VXSSRUW 9/$1V  WR  RQO\ ([WHQGHGUDQJH 9/$1V DUH VXSSRUWHG RQO\ LQ
973 YHUVLRQ  ,I FRQYHUWLQJ IURP 973 YHUVLRQ  WR 973 YHUVLRQ  9/$1V LQ WKH UDQJH  WR  DUH
UHPRYHG IURP 973 FRQWURO
973 YHUVLRQ  DQG 973 YHUVLRQ  GR QRW SURSDJDWH FRQILJXUDWLRQ LQIRUPDWLRQ IRU H[WHQGHGUDQJH 9/$1V
9/$1 QXPEHUV  WR   GHYLFH
973 YHUVLRQ  VXSSRUWV H[WHQGHGUDQJH 9/$1V 9/$1 QXPEHUV  WR   ,I \RX FRQYHUW IURP 973
YHUVLRQ  WR 973 YHUVLRQ  WKH 9/$1V LQ WKH UDQJH  WR  DUH UHPRYHG IURP 973 FRQWURO
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWLRV6<FRQILJBJXLGHVXS7YWSSG I
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
6ZLWFK $ % DQG & DUH WUXQNHG WRJHWKHU DQG KDYH EHHQ SURSHUO\ FRQILJXUHG IRU 973 6ZLWFK & UHFHLYHV
9/$1 LQIRUPDWLRQ IURP WKH 973 VHUYHU 6ZLWFK $ EXW 6ZLWFK % GRHV QRW UHFHLYH DQ\ 9/$1 LQIRUPDWLRQ
:KDW LV WKH PRVW SUREDEOH FDXVH RI WKLV EHKDYLRU"
$6ZLWFK % LV FRQILJXUHG LQ WUDQVSDUHQW PRGH
%6ZLWFK % LV FRQILJXUHG ZLWK DQ DFFHVV SRUW WR 6ZLWFK $ ZKLOH 6ZLWFK & LV FRQILJXUHG ZLWK D WUXQN SRUW WR
6ZLWFK %
&7KH 973 UHYLVLRQ QXPEHU RI WKH 6ZLWFK % LV KLJKHU WKDQ WKDW RI 6ZLWFK $
'7KH WUXQN EHWZHHQ 6ZLWFK $ DQG 6ZLWFK % LV PLVFRQILJXUHG
&RUUHFW $QVZHU
$
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6ZLWFK & FDQ UHFHLYH 9/$1 LQIRUPDWLRQ IURP 6ZLWFK $ VR 6ZLWFK % FDQ IRUZDUG LW WR 6ZLWFK & ZLWKRXW
XSGDWLQJ LWV 9/$1 GDWDEDVH ! 6ZLWFK % LV LQ 973 WUDQVSDUHQW PRGH
973 WUDQVSDUHQW VZLWFKHV GR QRW SDUWLFLSDWH LQ 973 $ 973 WUDQVSDUHQW VZLWFK GRHV QRW DGYHUWLVH LWV 9/$1
FRQILJXUDWLRQ DQG GRHV QRW V\QFKURQL]H LWV 9/$1 FRQILJXUDWLRQ EDVHG RQ UHFHLYHG DGYHUWLVHPHQWV EXW
WUDQVSDUHQW VZLWFKHV GR IRUZDUG 973 DGYHUWLVHPHQWV WKDW WKH\ UHFHLYH RXW WKHLU WUXQN SRUWV LQ 973 9HUVLRQ

5HIHUHQFH
KWWSZZZFLVFRFRPHQ86WHFKWNWNWHFKQRORJLHVBWHFKBQRWHDFVKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
6ZLWFK $ % DQG & DUH WUXQNHG WRJHWKHU DQG KDYH EHHQ SURSHUO\ FRQILJXUHG IRU 973 6ZLWFK % KDV DOO
9/$1V EXW 6ZLWFK & LV QRW UHFHLYLQJ WUDIILF IURP FHUWDLQ 9/$1V :KDW ZRXOG FDXVH WKLV LVVXH"
$$ 973 DXWKHQWLFDWLRQ PLVPDWFK RFFXUUHG EHWZHHQ 6ZLWFK $ DQG 6ZLWFK %
%7KH 973 UHYLVLRQ QXPEHU RI 6ZLWFK % LV KLJKHU WKDQ WKDW RI 6ZLWFK $
&
973 SUXQLQJ LV FRQILJXUHG JOREDOO\ RQ DOO VZLWFKHV DQG LW UHPRYHG 9/$1V IURP WKH WUXQN LQWHUIDFH WKDW LV
FRQQHFWHG WR 6ZLWFK &
'7KH WUXQN EHWZHHQ 6ZLWFK $ DQG 6ZLWFK % LV PLVFRQILJXUHG
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 3UXQLQJ PDNHV PRUH HIILFLHQW XVH RI WUXQN EDQGZLGWK E\ IRUZDUGLQJ EURDGFDVW DQG XQNQRZQ XQLFDVW
IUDPHV RQ D 9/$1 RQO\ LI WKH VZLWFK RQ WKH UHFHLYLQJ HQG RI WKH WUXQN KDV SRUWV LQ WKDW 9/$1
973 SUXQLQJ LQFUHDVHV QHWZRUN DYDLODEOH EDQGZLGWK E\ UHVWULFWLQJ IORRGHG WUDIILF WR WKRVH WUXQN OLQNV WKDW WKH
WUDIILF PXVW XVH WR UHDFK WKH GHVWLQDWLRQ GHYLFHV :LWKRXW 973 SUXQLQJ D VZLWFK IORRGV EURDGFDVW PXOWLFDVW
DQG XQNQRZQ XQLFDVW WUDIILF DFURVV DOO WUXQN OLQNV ZLWKLQ D 973 GRPDLQ HYHQ WKRXJK UHFHLYLQJ VZLWFKHV
PLJKW GLVFDUG WKHP 973 SUXQLQJ LV GLVDEOHG E\ GHIDXOW 973 SUXQLQJ EORFNV XQQHHGHG IORRGHG WUDIILF WR
9/$1V RQ WUXQN SRUWV WKDW DUH LQFOXGHG LQ WKH SUXQLQJHOLJLEOH OLVW 7KH EHVW H[SODQDWLRQ IRU ZK\ VZLWFK & LV
QRW VHHLQJ WUDIILF IURP RQO\ VRPH RI WKH 9/$1V LV WKDW 973 SUXQLQJ KDV EHHQ FRQILJXUHG
48(67,21 
48(67,21 12 
$IWHU WKH UHFHQW XSJUDGH RI WKH VZLWFKLQJ LQIUDVWUXFWXUH WKH QHWZRUN HQJLQHHU QRWLFHV WKDW WKH SRUW UROHV WKDW
ZHUH RQFH EORFNLQJ DUH QRZ GHILQHG DV DOWHUQDWH DQG EDFNXS :KDW LV WKH UHDVRQ IRU WKLV FKDQJH"
$7KH QHZ VZLWFKHV DUH XVLQJ 5673 LQVWHDG RI OHJDF\ ,((( ' 673
%,((( ' 673 DQG 3RUW)DVW KDYH EHHQ FRQILJXUHG E\ GHIDXOW RQ DOO QHZO\ LPSOHPHQWHG &LVFR
&DWDO\VW VZLWFKHV
&7KH DGPLQLVWUDWRU KDV GHILQHG WKH VZLWFK DV WKH URRW LQ WKH 673 GRPDLQ
'7KH SRUW UROHV KDYH EHHQ DGMXVWHG EDVHG RQ WKH LQWHUIDFH EDQGZLGWK DQG WLPHUV RI WKH QHZ &LVFR
&DWDO\VW VZLWFKHV
&RUUHFW $QVZHU
$
6HFWLRQ 5673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
5673 ZRUNV E\ DGGLQJ DQ DOWHUQDWLYH SRUW DQG D EDFNXS SRUW FRPSDUHG WR 673 7KHVH SRUWV DUH DOORZHG WR
LPPHGLDWHO\ HQWHU WKH IRUZDUGLQJ VWDWH UDWKHU WKDQ SDVVLYHO\ ZDLW IRU WKH QHWZRUN WR FRQYHUJH
5673 EULGJH SRUW UROHV
5RRW SRUW $ IRUZDUGLQJ SRUW WKDW LV WKH FORVHVW WR WKH URRW EULGJH LQ WHUPV RI SDWK FRVW
'HVLJQDWHG SRUW $ IRUZDUGLQJ SRUW IRU HYHU\ /$1 VHJPHQW
$OWHUQDWH SRUW $ EHVW DOWHUQDWH SDWK WR WKH URRW EULGJH 7KLV SDWK LV GLIIHUHQW WKDQ XVLQJ WKH URRW SRUW 7KH
DOWHUQDWLYH SRUW PRYHV WR WKH IRUZDUGLQJ VWDWH LI WKHUH LV D IDLOXUH RQ WKH GHVLJQDWHG SRUW IRU WKH VHJPHQW
%DFNXS SRUW $ EDFNXSUHGXQGDQW SDWK WR D VHJPHQW ZKHUH DQRWKHU EULGJH SRUW DOUHDG\ FRQQHFWV 7KH
EDFNXS SRUW DSSOLHV RQO\ ZKHQ D VLQJOH VZLWFK KDV WZR OLQNV WR WKH VDPH VHJPHQW FROOLVLRQ GRPDLQ  7R
KDYH WZR OLQNV WR WKH VDPH FROOLVLRQ GRPDLQ WKH VZLWFK PXVW EH DWWDFKHG WR D KXE
'LVDEOHG SRUW 1RW VWULFWO\ SDUW RI 673 D QHWZRUN DGPLQLVWUDWRU FDQ PDQXDOO\ GLVDEOH D SRUW
7KHUH LV QR ³EORFNLQJ´ SRUW UROH OLNH 673 7KH ³DOWHUQDWLYH´ DQG ³EDFNXS´ UROHV DUH RQO\ LQ 5673
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJVSDQQLQJWUHH SURWRFRO
KWPO
48(67,21 
48(67,21 12 
$Q DGPLQLVWUDWRU UHFHQWO\ FRQILJXUHG DOO SRUWV IRU UDSLG WUDQVLWLRQ XVLQJ 3RUW)DVW $IWHU WHVWLQJ LW KDV EHHQ
GHWHUPLQHG WKDW VHYHUDO SRUWV DUH QRW WUDQVLWLRQLQJ DV WKH\ VKRXOG :KDW LV WKH UHDVRQ IRU WKLV"
$5673 KDV EHHQ HQDEOHG SHU LQWHUIDFH DQG QRW JOREDOO\
%7KH 673 URRW EULGJH VHOHFWLRQ LV IRUFLQJ NH\ SRUWV WR UHPDLQ LQ QRQUDSLG WUDQVLWLRQLQJ PRGH
&673 LV XQDEOH WR DFKLHYH UDSLG WUDQVLWLRQ IRU WUXQN OLQNV
'7KH VZLWFK GRHV QRW KDYH WKH SURFHVVLQJ SRZHU WR HQVXUH UDSLG WUDQVLWLRQ IRU DOO SRUWV
&RUUHFW $QVZHU
&
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$OWKRXJK 5673 ZDV FRQILJXUHG RQ DOO SRUWV EXW RQO\ HGJHSRUWV DOORZ WR UXQ 5673 5673 FDQQRW ZRUN RQ D
WUXQN SRUW ,I ZH WU\ WR FRQILJXUH 5673 RQ D WUXQN SRUW VXSSRUW )D ZH ZLOO UHFHLYH WKLV PHVVDJH
5673 FDQ RQO\ DFKLHYH UDSLG WUDQVLWLRQ WR WKH IRUZDUGLQJ VWDWH RQ HGJH SRUWV DQG RQ SRLQWWRSRLQW OLQNV QRW
RQ WUXQN OLQNV 7KH OLQN W\SH LV DXWRPDWLFDOO\ GHULYHG IURP WKH GXSOH[ PRGH RI D SRUW $ SRUW WKDW RSHUDWHV LQ
IXOOGXSOH[ LV DVVXPHG WR EH SRLQWWRSRLQW ZKLOH D KDOIGXSOH[ SRUW LV FRQVLGHUHG DV D VKDUHG SRUW E\
GHIDXOW 7KLV DXWRPDWLF OLQN W\SH VHWWLQJ FDQ EH RYHUULGGHQ E\ H[SOLFLW FRQILJXUDWLRQ ,Q VZLWFKHG QHWZRUNV
WRGD\ PRVW OLQNV RSHUDWH LQ IXOOGXSOH[ PRGH DQG DUH WUHDWHG DV SRLQWWRSRLQW OLQNV E\ 5673 7KLV PDNHV
WKHP FDQGLGDWHV IRU UDSLG WUDQVLWLRQ WR WKH IRUZDUGLQJ VWDWH
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJVSDQQLQJWUHH SURWRFRO
KWPO
48(67,21 
48(67,21 12 
:KLFK WHFKQLTXH DXWRPDWLFDOO\ OLPLWV 9/$1 WUDIILF WR RQO\ WKH VZLWFKHV WKDW UHTXLUH LW"
$$FFHVV OLVWV
%'73 LQ QRQHJRWLDWH
&
973 SUXQLQJ
'3%5
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 3UXQLQJ PDNHV PRUH HIILFLHQW XVH RI WUXQN EDQGZLGWK E\ IRUZDUGLQJ EURDGFDVW DQG XQNQRZQ XQLFDVW
IUDPHV RQ D 9/$1 RQO\ LI WKH VZLWFK RQ WKH UHFHLYLQJ HQG RI WKH WUXQN KDV SRUWV LQ WKDW 9/$1 ,Q WKH EHORZ
H[DPSOH 6HUYHU VZLWFK GRHVQ¶W VHQG EURDGFDVW IUDPH WR 6Z EHFDXVH 6Z GRHVQ¶W KDYH SRUWV LQ 9/$1 
973 SUXQLQJ HQKDQFHV QHWZRUN EDQGZLGWK XVH E\ UHGXFLQJ XQQHFHVVDU\ IORRGHG WUDIILF VXFK DV EURDGFDVW
PXOWLFDVW XQNQRZQ DQG IORRGHG XQLFDVW SDFNHWV WR RQO\ WKH VZLWFKHV WKDW UHTXLUH LW
973 SUXQLQJ LQFUHDVHV DYDLODEOH EDQGZLGWK E\ UHVWULFWLQJ IORRGHG WUDIILF WR WKRVH WUXQN OLQNV WKDW WKH WUDIILF
PXVW XVH WR DFFHVV WKH DSSURSULDWH QHWZRUN GHYLFHV %\ GHIDXOW 973 SUXQLQJ LV GLVDEOHG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV 6;FRQILJXUDWLRQJXLGH
ERRNYWSKWPOZS
48(67,21 
48(67,21 12 
:KDW HIIHFW GRHV WKH PDF DGGUHVVWDEOH DJLQJWLPH  FRPPDQG KDYH RQ WKH 0$& DGGUHVV WDEOH"
$7KLV LV KRZ ORQJ D G\QDPLF 0$& DGGUHVV ZLOO UHPDLQ LQ WKH &$0 WDEOH
%7KH 0$& DGGUHVVWDEOH ZLOO EH IOXVKHG HYHU\  PLQXWHV
&7KH GHIDXOW WLPHRXW SHULRG ZLOO EH  VHFRQGV
'$53 UHTXHVWV ZLOO EH SURFHVVHG OHVV IUHTXHQWO\ E\ WKH VZLWFK
(7KH 0$& DGGUHVVWDEOH ZLOO KROG DGGUHVVHV  VHFRQGV ORQJHU WKDQ WKH GHIDXOW RI  PLQXWHV
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
LQJUHVVHV UHPDLQ LQ WKH 0$& WDEOH
7R FRQILJXUH WKH DJLQJ WLPH IRU DOO 0$& DGGUHVVHV SHUIRUP WKLV WDVN
&RPPDQG 3XUSRVH
6WHS 
VZLWFK FRQILJXUH WHUPLQDO
(QWHUV FRQILJXUDWLRQ PRGH
6WHS 
VZLWFK FRQILJ  PDFDGGUHVVWDEOH DJLQJWLPH VHFRQGV >YODQ [email protected] 6SHFLILHV WKH WLPH EHIRUH DQ HQWU\
DJHV RXW DQG LV GLVFDUGHG IURP WKH 0$& DGGUHVV WDEOH 7KH UDQJH LV IURP  WR  WKH GHIDXOW LV 
VHFRQGV (QWHULQJ WKH YDOXH  GLVDEOHV WKH 0$& DJLQJ ,I D 9/$1 LV QRW VSHFLILHG WKH DJLQJ VSHFLILFDWLRQ
DSSOLHV WR DOO 9/$1V
7KLV H[DPSOH VKRZV KRZ WR VHW WKH DJLQJ WLPH IRU HQWULHV LQ WKH 0$& DGGUHVV WDEOH WR  VHFRQGV 
PLQXWHV 
VZLWFK FRQILJXUH WHUPLQDO
VZLWFK FRQILJ  PDFDGGUHVVWDEOH DJLQJWLPH 
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUQH[XVVZFRQILJXUDWLRQJXLGHFOL
&/,&RQILJXUDWLRQ*XLGH0$&$GGUHVVKWPOZS
48(67,21 
48(67,21 12 
:KLOH ZRUNLQJ LQ WKH FRUH QHWZRUN EXLOGLQJ D WHFKQLFLDQ DFFLGHQWO\ EXPSV WKH ILEHU FRQQHFWLRQ EHWZHHQ WZR
FRUH VZLWFKHV DQG GDPDJHV RQH RI WKH SDLUV RI ILEHU $V GHVLJQHG WKH OLQN ZDV SODFHG LQWR D QRQIRUZDUGLQJ
VWDWH GXH WR D IDXOW ZLWK 8'/' $IWHU WKH GDPDJHG FDEOH ZDV UHSODFHG WKH OLQN GLG QRW UHFRYHU :KDW
VROXWLRQ DOORZV WKH QHWZRUN VZLWFK WR DXWRPDWLFDOO\ UHFRYHU IURP VXFK DQ LVVXH"
$PDFURV
%HUUGLVDEOH DXWRUHFRYHU\
&,3 (YHQW 'DPSHQLQJ
'FRPPDQG DOLDVHV
(%LGLUHFWLRQDO )RUZDUGLQJ 'HWHFWLRQ
&RUUHFW $QVZHU
%
6HFWLRQ 8'/' 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ XQLGLUHFWLRQDO OLQN RFFXUV 8'/' FDQ SXW WKDW SRUW LQWR HUUGLVDEOH VWDWH VDPH DV VKXWGRZQ  7KH
DGPLQLVWUDWRU PXVW PDQXDOO\ VKXWQR VKXW WR EULQJ WKDW LQWHUIDFH XS ,I ZH ZDQW WKH LQWHUIDFH WR DXWRPDWLFDOO\
UHFRYHU WKHQ FRQILJXUH WKH ³HUUGLVDEOH DXWRUHFRYHU\´ )RU H[DPSOH
%\ GRLQJ VR WKH SRUW ZLOO EH SODFH EDFN LQ XS VWDWH QR HUUGLVDEOHG VWDWH DIWHU  VHFRQGV LI WKH SRUW VWLOO
KDV YLRODWLRQ LW ZLOO EH SODFHG DJDLQ LQ ³HUUGLVDEOHG´ VWDWH RWKHUZLVH LW ZLOO UHPDLQ LQ XS VWDWH
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU GHSOR\HG D VZLWFK WKDW RSHUDWHV WKH /$1 EDVH IHDWXUH VHW DQG GHFLGHV WR XVH WKH 6'0
9/$1 WHPSODWH 7KH 6'0 WHPSODWH LV FDXVLQJ WKH &38 RI WKH VZLWFK WR VSLNH GXULQJ SHDN ZRUNLQJ KRXUV
:KDW LV WKH URRW FDXVH RI WKLV LVVXH"
$7KH 9/$1 UHFHLYHV DGGLWLRQDO IUDPHV IURP QHLJKERULQJ VZLWFKHV
%7KH 6'0 9/$1 WHPSODWH FDXVHV WKH 0$& DGGUHVVWDEOH WR RYHUIORZ
&7KH 9/$1 WHPSODWH GLVDEOHV URXWLQJ LQ KDUGZDUH
'7KH VZLWFK QHHGV WR EH UHERRWHG EHIRUH WKH 6'0 WHPSODWH WDNHV HIIHFW
&RUUHFW $QVZHU
&
6HFWLRQ 6'0 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH 9/$1 WHPSODWH GLVDEOHV URXWLQJ DQG VXSSRUWV WKH PD[LPXP QXPEHU RI XQLFDVW 0$& DGGUHVVHV ,W
ZRXOG W\SLFDOO\ EH VHOHFWHG IRU D /D\HU  VZLWFK RQO\ %XW LQ WKLV FDVH WKLV VZLWFK LV DOVR XVHG IRU URXWLQJ 7KH
9/$1 WHPSODWH GLVDEOHG URXWLQJ IHDWXUH VR DOO URXWLQJ SURFHVVLQJ LV VHQW WR WKH &38 VHULRXVO\ LPSDFWLQJ
VZLWFK SHUIRUPDQFH FDXVLQJ WKH &38 RI WKH VZLWFK WR VSLNH HVSHFLDOO\ GXULQJ SHDN KRXUV
6'0 7HPSODWH 1RWHV
&KRRVLQJ WKH 9/$1 WHPSODWH ZLOO DFWXDOO\ GLVDEOH URXWLQJ QXPEHU RI HQWU\ IRU XQLFDVW RU PXOWLFDVW URXWH LV
]HUR LQ KDUGZDUH
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVVZLWFKHVFDWDO\VWVHULHV VZLWFKHV
VZGDWDEDVHVVKWPO
48(67,21 
48(67,21 12 
$Q DFFHVV VZLWFK KDV EHHQ FRQILJXUHG ZLWK DQ (WKHU&KDQQHO SRUW $IWHU FRQILJXULQJ 63$1 WR PRQLWRU WKLV
SRUW WKH QHWZRUN DGPLQLVWUDWRU QRWLFHV WKDW QRW DOO WUDIILF LV EHLQJ UHSOLFDWHG WR WKH PDQDJHPHQW VHUYHU
:KDW LV D FDXVH IRU WKLV LVVXH"
$
9/$1 ILOWHUV DUH UHTXLUHG WR HQVXUH WUDIILF PLUURUV HIIHFWLYHO\
%63$1 HQFDSVXODWLRQ UHSOLFDWLRQ PXVW EH HQDEOHG WR FDSWXUH (WKHU&KDQQHO GHVWLQDWLRQ WUDIILF
&7KH SRUW FKDQQHO FDQ EH XVHG DV D 63$1 VRXUFH EXW QRW D GHVWLQDWLRQ
'563$1 PXVW EH XVHG WR FDSWXUH (WKHU&KDQQHO ELGLUHFWLRQDO WUDIILF
&RUUHFW $QVZHU
&
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ VRXUFH SRUW RU (WKHU&KDQQHO LV D SRUW RU (WKHU&KDQQHO PRQLWRUHG IRU WUDIILF DQDO\VLV ERWK /D\HU  DQG /D\HU  SRUWV DQG (WKHU&KDQQHOV DV 63$1 VRXUFHV 63$1 FDQ PRQLWRU RQH RU PRUH
VRXUFH SRUWV RU (WKHU&KDQQHOV LQ D VLQJOH 63$1 VHVVLRQ 9/$1 DV 63$1 VRXUFHV 7UXQN SRUWV RU (WKHU&KDQQHOV FDQ EH FRQILJXUHG DV VRXUFHV DQG PL[HG ZLWK
QRQWUXQN VRXUFHV $ SRUWFKDQQHO LQWHUIDFH DQ (WKHU&KDQQHO FDQ EH D 63$1 VRXUFH EXW QRW D GHVWLQDWLRQ
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV 6;FRQILJXUDWLRQJXLGH
ERRNVSDQKWPOZS
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KDW LV WKH UHVXOW RI WKH FRQILJXUDWLRQ"
$7KH (WKHU&KDQQHOV ZRXOG QRW IRUP EHFDXVH WKH ORDGEDODQFLQJ PHWKRG PXVW PDWFK RQ WKH GHYLFHV
%7KH (WKHU&KDQQHOV ZRXOG IRUP DQG IXQFWLRQ SURSHUO\ HYHQ WKRXJK WKH ORDGEDODQFLQJ DQG (WKHU&KDQQHO
PRGHV GR QRW PDWFK
&7KH (WKHU&KDQQHOV ZRXOG IRUP EXW QHWZRUN ORRSV ZRXOG RFFXU EHFDXVH WKH ORDGEDODQFLQJ PHWKRGV GR
QRW PDWFK
'7KH (WKHU&KDQQHOV ZRXOG IRUP DQG ERWK GHYLFHV ZRXOG XVH WKH GVWLS ORDGEDODQFLQJ PHWKRG EHFDXVH
6ZLWFK LV FRQILJXUHG ZLWK (WKHU&KDQQHO PRGH DFWLYH
&RUUHFW $QVZHU
%
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,I RQH HQG LV SDVVLYH DQG DQRWKHU HQG LV DFWLYH WKHQ WKH (WKHU&KDQQHO ZLOO EH IRUPHG UHJDUGOHVV WKH WZR
LQWHUIDFHV LQ WKH VDPH VZLWFK XVH GLIIHUHQW PRGHV DQG GLIIHUHQW ORDGEDODQFLQJ PHWKRG 6ZLWFK  ZLOO ORDG
EDODQFH EDVHG RQ GHVWLQDWLRQ ,3 ZKLOH 6ZLWFK ZLOO ORDGEDODQFH EDVHG RQ VRXUFH 0$& DGGUHVV
/RDG EDODQFLQJ FDQ RQO\ EH FRQILJXUHG JOREDOO\ $V D UHVXOW DOO FKDQQHOV PDQXDOO\ FRQILJXUHG 3DJ3 RU
/$&3 XVH WKH VDPH ORDGEDODQFLQJ 7KLV LV WUXH IRU WKH VZLWFK JOREDOO\ DOWKRXJK HDFK VZLWFK LQYROYHG LQ
WKH HWKHUFKDQQHO FDQ KDYH QRQ PDWFKLQJ SDUDPHWHUV IRU ORDG EDODQFLQJ
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU WULHV WR FRQILJXUH VWRUP FRQWURO RQ DQ (WKHU&KDQQHO EXQGOH :KDW LV WKH UHVXOW RI WKH
FRQILJXUDWLRQ"
$7KH VWRUP FRQWURO VHWWLQJV ZLOO DSSHDU RQ WKH (WKHU&KDQQHO EXW QRW RQ WKH DVVRFLDWHG SK\VLFDO SRUWV
%7KH FRQILJXUDWLRQ ZLOO EH UHMHFWHG EHFDXVH VWRUP FRQWURO LV QRW VXSSRUWHG IRU (WKHU&KDQQHO
&7KH VWRUP FRQWURO FRQILJXUDWLRQ ZLOO EH DFFHSWHG EXW ZLOO RQO\ EH SUHVHQW RQ WKH SK\VLFDO LQWHUIDFHV
'7KH VHWWLQJV ZLOO EH DSSOLHG WR WKH (WKHU&KDQQHO EXQGOH DQG DOO DVVRFLDWHG SK\VLFDO LQWHUIDFHV
&RUUHFW $QVZHU
'
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$IWHU \RX FRQILJXUH DQ (WKHU&KDQQHO DQ\ FRQILJXUDWLRQ WKDW \RX DSSO\ WR WKH SRUWFKDQQHO LQWHUIDFH DIIHFWV
WKH (WKHU&KDQQHO DQ\ FRQILJXUDWLRQ WKDW \RX DSSO\ WR WKH SK\VLFDO LQWHUIDFHV DIIHFWV RQO\ WKH LQWHUIDFH ZKHUH
\RX DSSO\ WKH FRQILJXUDWLRQ 6WRUP &RQWURO LV DQ H[FHSWLRQ WR WKLV UXOH )RU H[DPSOH \RX FDQQRW FRQILJXUH
6WRUP &RQWURO RQ VRPH RI WKH PHPEHUV RI DQ (WKHU&KDQQHO 6WRUP &RQWURO PXVW EH FRQILJXUHG RQ DOO RU
QRQH RI WKH SRUWV ,I \RX FRQILJXUH 6WRUP &RQWURO RQ RQO\ VRPH RI WKH SRUWV WKRVH SRUWV ZLOO EH GURSSHG IURP
WKH (WKHU&KDQQHO LQWHUIDFH SXW LQ VXVSHQGHG VWDWH  7KHUHIRUH \RX VKRXOG FRQILJXUH 6WRUP &RQWURO DW WKH
(WKHU&KDQQHO ,QWHUIDFH OHYHO DQG QRW DW WKH SK\VLFDO LQWHUIDFH OHYHO
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW VJFRQILJXUDWLRQJXLGH
FRQIFKDQQHOKWPO
48(67,21 
48(67,21 12 
:KDW LV WKH IXQFWLRQ RI 16)"
$IRUZDUG WUDIILF VLPXOWDQHRXVO\ XVLQJ ERWK VXSHUYLVRUV
%IRUZDUG WUDIILF EDVHG RQ &LVFR ([SUHVV )RUZDUGLQJ
&SURYLGH DXWRPDWLF IDLORYHU WR EDFN XS VXSHUYLVRU LQ 966 PRGH
'SURYLGH QRQVWRS IRUZDUGLQJ LQ WKH HYHQW RI IDLOXUH RI RQH RI WKH PHPEHU VXSHUYLVRUV
&RUUHFW $QVZHU
'
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
1RQVWRS )RUZDUGLQJ 16) ZRUNV ZLWK 6WDWHIXO VZLWFKRYHU 662 WR PLQLPL]H WKH DPRXQW RI WLPH D QHWZRUN
LV XQDYDLODEOH WR LWV XVHUV IROORZLQJ D VZLWFKRYHU 7KH PDLQ REMHFWLYH RI &LVFR 16) LV WR FRQWLQXH IRUZDUGLQJ
,3 SDFNHWV IROORZLQJ D URXWH SURFHVVRU 53 VZLWFKRYHU
8VXDOO\ ZKHQ D QHWZRUNLQJ GHYLFH UHVWDUWV DOO URXWLQJ SHHUV RI WKDW GHYLFH GHWHFW WKDW WKH GHYLFH ZHQW GRZQ
DQG WKHQ FDPH EDFN XS 7KLV WUDQVLWLRQ UHVXOWV LQ ZKDW LV FDOOHG D URXWLQJ IODS ZKLFK FRXOG VSUHDG DFURVV
PXOWLSOH URXWLQJ GRPDLQV 5RXWLQJ IODSV FDXVHG E\ URXWLQJ UHVWDUWV FUHDWH URXWLQJ LQVWDELOLWLHV ZKLFK DUH
GHWULPHQWDO WR WKH RYHUDOO QHWZRUN SHUIRUPDQFH &LVFR 16) KHOSV WR VXSSUHVV URXWLQJ IODSV LQ 662HQDEOHG
GHYLFHV WKXV UHGXFLQJ QHWZRUN LQVWDELOLW\
&LVFR 16) DOORZV IRU WKH IRUZDUGLQJ RI GDWD SDFNHWV WR FRQWLQXH DORQJ NQRZQ URXWHV ZKLOH WKH URXWLQJ
SURWRFRO LQIRUPDWLRQ LV EHLQJ UHVWRUHG IROORZLQJ D VZLWFKRYHU :LWK &LVFR 16) SHHU QHWZRUNLQJ GHYLFHV GR
QRW H[SHULHQFH URXWLQJ IODSV 'DWD WUDIILF LV IRUZDUGHG WKURXJK LQWHOOLJHQW OLQH FDUGV ZKLOH WKH VWDQGE\ 53
DVVXPHV FRQWURO IURP WKH IDLOHG DFWLYH 53 GXULQJ D VZLWFKRYHU 7KH DELOLW\ RI OLQH FDUGV WR UHPDLQ XS WKURXJK
D VZLWFKRYHU DQG WR EH NHSW FXUUHQW ZLWK WKH )RUZDUGLQJ ,QIRUPDWLRQ %DVH ),% RQ WKH DFWLYH 53 LV NH\ WR
&LVFR 16) RSHUDWLRQ
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6<FRQILJXUDWLRQJXLGH
V\BVZFJQRQVWRSBIRUZDUGLQJKWPOZS
48(67,21 
48(67,21 12 
$IWHU 8'/' LV LPSOHPHQWHG D 1HWZRUN $GPLQLVWUDWRU QRWLFHG WKDW RQH SRUW VWRSV UHFHLYLQJ 8'/' SDFNHWV
7KLV SRUW FRQWLQXHV WR UHHVWDEOLVK XQWLO DIWHU HLJKW IDLOHG UHWULHV 7KH SRUW WKHQ WUDQVLWLRQV LQWR WKH HUUGLVDEOH
VWDWH :KLFK RSWLRQ GHVFULEHV ZKDW FDXVHV WKH SRUW WR JR LQWR WKH HUUGLVDEOH VWDWH"
$1RUPDO 8'/' RSHUDWLRQV WKDW SUHYHQW WUDIILF ORRSV
%8'/' SRUW LV FRQILJXUHG LQ DJJUHVVLYH PRGH
&8'/' LV HQDEOHG JOREDOO\
'8'/' WLPHUV DUH LQFRQVLVWHQW
&RUUHFW $QVZHU
%
6HFWLRQ 8'/' 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8'/' DJJUHVVLYH PRGH LV GLVDEOHG E\ GHIDXOW &RQILJXUH 8'/' DJJUHVVLYH PRGH RQO\ RQ SRLQWWRSRLQW
OLQNV EHWZHHQ QHWZRUN GHYLFHV WKDW VXSSRUW 8'/' DJJUHVVLYH PRGH :LWK 8'/' DJJUHVVLYH PRGH HQDEOHG
ZKHQ D SRUW RQ D ELGLUHFWLRQDO OLQN WKDW KDV D 8'/' QHLJKERU UHODWLRQVKLS HVWDEOLVKHG VWRSV UHFHLYLQJ 8'/'
SDFNHWV 8'/' WULHV WR UHHVWDEOLVK WKH FRQQHFWLRQ ZLWK WKH QHLJKERU $IWHU HLJKW IDLOHG UHWULHV WKH SRUW LV
GLVDEOHG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6<FRQILJXUDWLRQ
JXLGHBBV\BVZFJXGOGKWPOZS
48(67,21 
48(67,21 12 
$IWHU UHYLHZLQJ 8'/' VWDWXV RQ VZLWFK SRUWV DQ HQJLQHHU QRWLFHV WKDW WKH :KLFK VWDWHPHQW GHVFULEHV
ZKDW WKLV LQGLFDWHV DERXW WKH VWDWXV RI WKH SRUW"
$7KH SRUW LV IXOO\ RSHUDWLRQDO DQG QR NQRZQ LVVXHV DUH GHWHFWHG
%7KH ELGLUHFWLRQDO VWDWXV RI XQNQRZQ LQGLFDWHV WKDW WKH SRUW ZLOO JR LQWR WKH GLVDEOHG VWDWH EHFDXVH LW
VWRSSHG UHFHLYLQJ 8'/' SDFNHWV IURP LWV QHLJKERU
&8'/' PRYHG LQWR DJJUHVVLYH PRGH DIWHU LQFRQVLVWHQW DFNQRZOHGJHPHQWV ZHUH GHWHFWHG
'7KH 8'/' SRUW LV SODFHG LQ WKH XQNQRZQ VWDWH IRU  VHFRQGV XQWLO WKH QH[W 8'/' SDFNHW LV UHFHLYHG RQ
WKH LQWHUIDFH
&RUUHFW $QVZHU
$
6HFWLRQ 8'/' 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8'/' LV D /D\HU  SURWRFRO WKDW HQDEOHV GHYLFHV FRQQHFWHG WKURXJK ILEHURSWLF RU WZLVWHGSDLU (WKHUQHW
FDEOHV WR PRQLWRU WKH SK\VLFDO FRQILJXUDWLRQ RI WKH FDEOHV DQG GHWHFW ZKHQ D XQLGLUHFWLRQDO OLQN H[LVWV $OO
FRQQHFWHG GHYLFHV PXVW VXSSRUW 8'/' IRU WKH SURWRFRO WR VXFFHVVIXOO\ LGHQWLI\ DQG GLVDEOH XQLGLUHFWLRQDO
OLQNV :KHQ 8'/' GHWHFWV D XQLGLUHFWLRQDO OLQN LW DGPLQLVWUDWLYHO\ VKXWV GRZQ WKH DIIHFWHG SRUW DQG DOHUWV
\RX 8QLGLUHFWLRQDO OLQNV FDQ FDXVH D YDULHW\ RI SUREOHPV LQFOXGLQJ VSDQQLQJWUHH WRSRORJ\ ORRSV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHD
FRQILJXUDWLRQJXLGHVFJVZXGOGKWPOZS
48(67,21 
48(67,21 12 
3LORW WHVWLQJ RI WKH QHZ VZLWFKLQJ LQIUDVWUXFWXUH ILQGV WKDW ZKHQ WKH URRW SRUW LV ORVW 673 LPPHGLDWHO\
UHSODFHV WKH URRW SRUW ZLWK DQ DOWHUQDWLYH URRW SRUW :KLFK VSDQQLQJWUHH WHFKQRORJ\ LV XVHG WR DFFRPSOLVK
EDFNXS URRW SRUW VHOHFWLRQ"
$3967
%3RUW)DVW
&%DFNERQH)DVW
'8SOLQN)DVW
(/RRS *XDUG
)8'/'
&RUUHFW $QVZHU
'
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8SOLQN)DVW LV D &LVFR VSHFLILF IHDWXUH WKDW LPSURYHV WKH FRQYHUJHQFH WLPH RI WKH 6SDQQLQJ7UHH 3URWRFRO
673 LQ WKH HYHQW RI WKH IDLOXUH RI DQ XSOLQN 7KH 8SOLQN)DVW IHDWXUH LV GHVLJQHG WR UXQ LQ D VZLWFKHG
HQYLURQPHQW ZKHQ WKH VZLWFK KDV DW OHDVW RQH DOWHUQDWHEDFNXS URRW SRUW SRUW LQ EORFNLQJ VWDWH  WKDW LV ZK\
&LVFR UHFRPPHQGV WKDW 8SOLQN)DVW EH HQDEOHG RQO\ IRU VZLWFKHV ZLWK EORFNHG SRUWV W\SLFDOO\ DW WKH DFFHVV
OD\HU
)RU H[DPSOH LQ WKH WRSRORJ\ EHORZ
6XSSRVH 6 LV WKH URRW EULGJH LQ WKH WRSRORJ\ DERYH 6 LV FRQQHFWHG WR 6 YLD WZR SDWKV RQH GLUHFW SDWK
DQG DQRWKHU JRHV WKURXJK 6 6XSSRVH WKH SRUW GLUHFWO\ FRQQHFWHG WR 6 LV URRW SRUW ! SRUW FRQQHFWHG WR
6 ZLOO EH LQ %ORFNLQJ VWDWH ,I WKH SULPDU\ OLQN JRHV GRZQ WKH EORFNHG SRUW ZLOO QHHG DERXW  VHFRQGV WR
PRYH IURP %ORFNLQJ ! /LVWHQLQJ ! /HDUQLQJ ! )RUZDUGLQJ WR EH XVHG
7R VKRUWHQ WKH GRZQWLPH D IHDWXUH FDOOHG 8SOLQN )DVW FDQ EH XVHG :KHQ WKH SULPDU\ URRW OLQN IDLOV
DQRWKHU EORFNHG OLQN FDQ EH EURXJKW XS LPPHGLDWHO\ IRU XVH :KHQ 8SOLQN)DVW LV HQDEOHG LW LV HQDEOHG IRU
WKH HQWLUH VZLWFK DQG DOO 9/$1V ,W FDQQRW EH HQDEOHG IRU LQGLYLGXDO 9/$1V
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJVSDQQLQJWUHHSURWRFROKWPO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU PXVW DGMXVW WKH 673 LQWHUIDFH DWWULEXWHV WR LQIOXHQFH URRW SRUW VHOHFWLRQ :KLFK WZR
HOHPHQWV DUH XVHG WR DFFRPSOLVK WKLV" &KRRVH WZR
$SRUWSULRULW\
%FRVW
&IRUZDUGWLPHUV
'OLQN W\SH
(URRW JXDUG
&RUUHFW $QVZHU
$%
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
(YHU\ QRQURRW EULGJH QHHGV WR HOHFW D URRW SRUW 7KH HOHFWLRQ RI URRW SRUW LV DV IROORZV
 %DVHG RQ ORZHVW FRVW SDWK WR WKH URRW EULGJH
 7KHQ EDVHG RQ ORZHVW XSVWUHDP %ULGJH ,' %ULGJH ,' %ULGJH 3ULRULW\  0$&
 7KHQ EDVHG RQ ORZHVW XSVWUHDP 3RUW ,' 3RUW ,' 3RUW 3ULRULW\  3RUW ,QGH[
7KHUHIRUH ZH FDQ XVH 673 FRVW DQG SRUWSULRULW\ WR VHOHFW WKH URRW SRUW
6SDQQLQJ WUHH IRUFHV UHGXQGDQW GDWD SDWKV LQWR D VWDQGE\ EORFNHG VWDWH ,I D QHWZRUN VHJPHQW LQ WKH
VSDQQLQJ WUHH IDLOV DQG D UHGXQGDQW SDWK H[LVWV WKH VSDQQLQJWUHH DOJRULWKP UHFDOFXODWHV WKH VSDQQLQJWUHH
WRSRORJ\ DQG DFWLYDWHV WKH VWDQGE\ SDWK 6ZLWFKHV VHQG DQG UHFHLYH VSDQQLQJWUHH IUDPHV FDOOHG EULGJH
SURWRFRO GDWD XQLWV %3'8V  DW UHJXODU LQWHUYDOV 7KH VZLWFKHV GR QRW IRUZDUG WKHVH IUDPHV EXW XVH WKHP WR
FRQVWUXFW D ORRSIUHH SDWK %3'8V FRQWDLQ LQIRUPDWLRQ DERXW WKH VHQGLQJ VZLWFK DQG LWV SRUWV LQFOXGLQJ
VZLWFK DQG 0$& DGGUHVVHV VZLWFK SULRULW\ SRUW SULRULW\ DQG SDWK FRVW 6SDQQLQJ WUHH XVHV WKLV LQIRUPDWLRQ
WR HOHFW WKH URRW VZLWFK DQG URRW SRUW IRU WKH VZLWFKHG QHWZRUN DQG WKH URRW SRUW DQG GHVLJQDWHG SRUW IRU HDFK
VZLWFKHG VHJPHQW :KHQ WZR SRUWV RQ D VZLWFK DUH SDUW RI D ORRS WKH VSDQQLQJWUHH SRUW SULRULW\ DQG SDWK
FRVW VHWWLQJV FRQWURO ZKLFK SRUW LV SXW LQ WKH IRUZDUGLQJ VWDWH DQG ZKLFK LV SXW LQ WKH EORFNLQJ VWDWH 7KH
VSDQQLQJWUHH SRUW SULRULW\ YDOXH UHSUHVHQWV WKH ORFDWLRQ RI D SRUW LQ WKH QHWZRUN WRSRORJ\ DQG KRZ ZHOO LW LV
ORFDWHG WR SDVV WUDIILF 7KH SDWK FRVW YDOXH UHSUHVHQWV WKH PHGLD VSHHG
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW[B[VRIWZDUHUHOHDVH BBVH
FRQILJXUDWLRQJXLGH[VFJVZVWSKWPO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU PXVW VHW WKH ORDG EDODQFH PHWKRG RQ DQ H[LVWLQJ SRUW FKDQQHO :KLFK DFWLRQ PXVW EH
GRQH WR DSSO\ D QHZ ORDG EDODQFLQJ PHWKRG"
$&RQILJXUH WKH QHZ ORDG EDODQFLQJ PHWKRG XVLQJ SRUWFKDQQHO ORDGEDODQFH
%$GMXVW WKH VZLWFK 6'0 EDFN WR GHIDXOW
&(QVXUH WKDW ,3 &() LV HQDEOHG JOREDOO\ WR VXSSRUW DOO ORDG EDODQFLQJ PHWKRGV
'8SJUDGH WKH 3)& WR VXSSRUW WKH ODWHVW ORDG EDODQFLQJ PHWKRGV
&RUUHFW $QVZHU
$
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
([DPSOH
(WKHU&KDQQHO EDODQFHV WKH WUDIILF ORDG DFURVV WKH OLQNV LQ D FKDQQHO WKURXJK WKH UHGXFWLRQ RI SDUW RI WKH
ELQDU\ SDWWHUQ WKDW WKH DGGUHVVHV LQ WKH IUDPH IRUP WR D QXPHULFDO YDOXH WKDW VHOHFWV RQH RI WKH OLQNV LQ WKH
FKDQQHO
(WKHU&KDQQHO ORDG EDODQFLQJ FDQ XVH 0$& DGGUHVVHV RU ,3 DGGUHVVHV VRXUFH RU GHVWLQDWLRQ DGGUHVVHV RU
ERWK VRXUFH DQG GHVWLQDWLRQ DGGUHVVHV 7KH PRGH DSSOLHV WR DOO (WKHU&KDQQHOV WKDW DUH FRQILJXUHG RQ WKH
VZLWFK SRUWFKDQQHO ORDGEDODQFH ^GVWLS _ GVWPDF _ VUFGVWLS _ VUFGVWPDF _ VUFLS _ VUFPDF` JOREDO FRQILJXUDWLRQ
FRPPDQG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJHWKHUFKDQQHOKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
$ QHWZRUN HQJLQHHU LQYHVWLJDWHV D UHFHQW QHWZRUN IDLOXUH DQG QRWLFHV WKDW RQH RI WKH LQWHUIDFHV RQ WKH VZLWFK
LV VWLOO GRZQ :KDW LV FDXVLQJ WKH OLQH SURWRFRO RQ WKLV LQWHUIDFH WR EH VKRZQ DV GRZQ"
$7KHUH LV D OD\HU  SK\VLFDO LVVXH
%7KHUH LV D VSHHG PLVPDWFK RQ WKH LQWHUIDFH
&7KH LQWHUIDFH LV FRQILJXUHG DV WKH WDUJHW RI WKH 63$1 VHVVLRQ
'7KH LQWHUIDFH LV FRQILJXUHG DV WKH VRXUFH RI WKH 63$1 VHVVLRQ
&RUUHFW $QVZHU
&
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)URP WKH RXWSXW ZH VHH WKH VWDWXV RI JL LV ³PRQLWRULQJ´ ,W PHDQV WKLV SRUW LV FXUUHQWO\ WKH GHVWLQDWLRQ RI
D 63$1 VHVVLRQ
:LWK WKH 6$31 GHVWLQDWLRQ SRUW WKH VWDWH RI WKH GHVWLQDWLRQ SRUW LV XSGRZQ E\ GHVLJQ 7KH LQWHUIDFH VKRZV
WKH SRUW LQ WKLV VWDWH LQ RUGHU WR PDNH LW HYLGHQW WKDW WKH SRUW LV FXUUHQWO\ QRW XVDEOH DV D SURGXFWLRQ SRUW 7KLV
LV WKH QRUPDO RSHUDWLRQDO VWDWH IRU 63$1 GHVWLQDWLRQV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86SURGXFWVKZVZLWFKHVSVSURGXFWVBWHFKBQRWHDF
VKWPO
48(67,21 
48(67,21 12 
:KLOH GRLQJ QHWZRUN GLVFRYHU\ XVLQJ &LVFR 'LVFRYHU\ 3URWRFRO LW LV IRXQG WKDW UDSLG HUURU WUDFNLQJ LV QRW
FXUUHQWO\ HQDEOHG :KLFK RSWLRQ PXVW EH HQDEOHG WR DOORZ IRU HQKDQFHG UHSRUWLQJ PHFKDQLVPV XVLQJ &LVFR
'LVFRYHU\ 3URWRFRO"
$
&LVFR 'LVFRYHU\ 3URWRFRO YHUVLRQ 
%&LVFR ,26 (PEHGGHG (YHQW 0DQDJHU
&ORJJLQJ EXIIHUHG
'&LVFR 'LVFRYHU\ 3URWRFRO VRXUFH LQWHUIDFH
(&LVFR 'LVFRYHU\ 3URWRFRO ORJJLQJ RSWLRQV
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&'3 9HUVLRQ   7KLV LV WKH ILUVW YHUVLRQ RI &'3 ZKLFK ZDV XVHG IRU WKH GLVFRYHU\ RI &LVFR GHYLFHV LQ WKH
QHWZRUN 7KLV YHUVLRQ LV PDLQO\ XVHG IRU EDFNZDUG FRPSDWLELOLW\
&'3 9HUVLRQ   7KLV LV WKH PRVW UHFHQW YHUVLRQ RI &'3 ZKLFK KDV HQKDQFHG IHDWXUHV VXFK DV UDSLG
UHSRUWLQJ PHFKDQLVP ZKLFK LV XVHG WR WUDFN GRZQ HUURUV DQG PLQLPL]H FRVWO\ GRZQWLPH ,W DOORZV \RX WR
WUDFN LQVWDQFHV HYHQ LI WKH QDWLYH 9/$1 ,' RU SRUW GXSOH[ VWDWHV GR QRW PDWFK EHWZHHQ FRQQHFWLQJ GHYLFHV
7KLV LV WKH GHIDXOW YHUVLRQ RQ DOO VZLWFKHV
&LVFR 'LVFRYHU\ 3URWRFRO 9HUVLRQ  SURYLGHV PRUH LQWHOOLJHQW GHYLFHWUDFNLQJ IHDWXUHV WKDQ WKRVH DYDLODEOH
LQ 9HUVLRQ  2QH RI WKH IHDWXUHV DYDLODEOH LV DQ HQKDQFHG UHSRUWLQJ PHFKDQLVP IRU PRUH UDSLG HUURU
WUDFNLQJ ZKLFK KHOSV WR UHGXFH QHWZRUN GRZQWLPH (UURUV UHSRUWHG LQFOXGH PLVPDWFKHG QDWLYH 9/$1 ,'V
,((( 4 RQ FRQQHFWHG SRUWV DQG PLVPDWFKHG SRUWGXSOH[ VWDWHV EHWZHHQ FRQQHFWHG GHYLFHV
0HVVDJHV DERXW UHSRUWHG HUURUV FDQ EH VHQW WR WKH FRQVROH RU WR D ORJJLQJ VHUYHU
5HIHUHQFH
KWWSVENEFLVFRFRP&LVFR6%*HW$UWLFOHDVS["
GRFLG HGFEDFEDEDGFB&LVFRB'LVFRYHU\B3URWRFROB&'3BB3URSHUWLHVB6HWWLQJVBRQB
6[B6[PO SLG  FRQYHUWHG 
KWWSZZZFLVFRFRPFHQXVWGGRFVLRV[POLRVFGSFRQILJXUDWLRQ[HVDVUFGS[HVDVUERRN
QPFGSGLVFRYHUKWPO
48(67,21 
48(67,21 12 
:KLFK WHFKQLTXH DOORZV VSHFLILF 9/$1V WR EH VWULFWO\ SHUPLWWHG E\ WKH DGPLQLVWUDWRU"
$
973 SUXQLQJ
%WUDQVSDUHQW EULGJLQJ
&WUXQN DOORZHG 9/$1V
'
9/$1 DFFHVVOLVW
(/3 WXQQHOLQJ
&RUUHFW $QVZHU
&
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%\ GHIDXOW D WUXQN SRUW VHQGV WUDIILF WR DQG UHFHLYHV WUDIILF IURP DOO 9/$1V $OO 9/$1 ,'V  WR  DUH
DOORZHG RQ HDFK WUXQN +RZHYHU \RX FDQ UHPRYH 9/$1V IURP WKH DOORZHG OLVW SUHYHQWLQJ WUDIILF IURP WKRVH
9/$1V IURP SDVVLQJ RYHU WKH WUXQN 7R UHVWULFW WKH WUDIILF D WUXQN FDUULHV XVH WKH VZLWFKSRUW WUXQN DOORZHG
YODQ UHPRYH YODQOLVW LQWHUIDFH FRQILJXUDWLRQ FRPPDQG WR UHPRYH VSHFLILF 9/$1V IURP WKH DOORZHG OLVW
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHDFRQILJ XUDWLRQ
JXLGHVZYODQKWPO
48(67,21 
48(67,21 12 
)RU VHFXULW\ UHDVRQV WKH ,7 PDQDJHU KDV SURKLELWHG XVHUV IURP G\QDPLFDOO\ HVWDEOLVKLQJ WUXQNV ZLWK WKHLU
DVVRFLDWHG XSVWUHDP VZLWFK :KLFK WZR DFWLRQV FDQ SUHYHQW LQWHUIDFH WUXQNLQJ" &KRRVH WZR
$&RQILJXUH WUXQN DQG DFFHVV LQWHUIDFHV PDQXDOO\
%'LVDEOH '73 RQ D SHU LQWHUIDFH EDVLV
&$SSO\ %3'8 JXDUG DQG %3'8 ILOWHU
'(QDEOH VZLWFKSRUW EORFN RQ DFFHVV SRUWV
&RUUHFW $QVZHU
$%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH '\QDPLF 7UXQNLQJ 3URWRFRO '73 LV XVHG WR QHJRWLDWH IRUPLQJ D WUXQN EHWZHHQ WZR &LVFR GHYLFHV
'73 FDXVHV LQFUHDVHG WUDIILF DQG LV HQDEOHG E\ GHIDXOW EXW PD\ EH GLVDEOHG 7R GLVDEOH '73 FRQILJXUH
VZLWFKSRUW QRQHJRWLDWH 7KLV SUHYHQWV WKH LQWHUIDFH IURP JHQHUDWLQJ '73 IUDPHV FRPPDQG RQO\ ZKHQ WKH LQWHUIDFH VZLWFKSRUW PRGH LV DFFHVV RU WUXQN QHLJKERULQJ LQWHUIDFH DV D WUXQN LQWHUIDFH WR HVWDEOLVK D WUXQN OLQN RWKHUZLVH WKH OLQN ZLOO EH D QRQWUXQNLQJ
OLQN
5HIHUHQFH KWWSZZZFLVFRSUHVVFRPDUWLFOHVDUWLFOHDVS"S  VHT1XP 
48(67,21 
48(67,21 12 
:KLFK WZR SURWRFROV FDQ EH DXWRPDWLFDOO\ QHJRWLDWHG EHWZHHQ VZLWFKHV IRU WUXQNLQJ" &KRRVH WZR
$333
%'73
&,6/
'+'/&
('/&,
)'274
&RUUHFW $QVZHU
&)
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6ZLWFKHV VXFK DV WKH &DWDO\VW  WKDW DUH FDSDEOH RI HLWKHU 4 RU ,6/ WUXQNLQJ HQFDSVXODWLRQ WKH
VZLWFKSRUW WUXQN HQFDSVXODWLRQ >GRWT _ LVO _ [email protected] LQWHUIDFH FRPPDQG PXVW EH XVHG SULRU WR WKH
VZLWFKSRUW PRGH WUXQN FRPPDQG
5HIHUHQFH KWWSVOHDUQLQJQHWZRUNFLVFRFRPVHUYOHW-LYH6HUYOHWSUHYLHZ%RG\ 
'\QDPLF7UXQNLQJ3URWRFRO3')
48(67,21 
48(67,21 12 
$ QHWZRUN LV UXQQLQJ 973Y $IWHU YHULI\LQJ DOO 973 VHWWLQJV WKH QHWZRUN HQJLQHHU QRWLFHV WKDW WKH QHZ
VZLWFK LV QRW UHFHLYLQJ WKH OLVW RI 9/$1V IURP WKH VHUYHU :KLFK DFWLRQ UHVROYHV WKLV SUREOHP"
$
5HORDG WKH QHZ VZLWFK
%
5HVWDUW WKH 973 SURFHVV RQ WKH QHZ VZLWFK
&5HORDG WKH 973 VHUYHU
'
9HULI\ FRQQHFWHG WUXQN SRUWV
&RUUHFW $QVZHU
'
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 VKRXOG QHYHU QHHG WR KDYH WKH VZLWFK UHORDGHG RU WKH 973 SURFHVV WR UHVWDUW LQ RUGHU IRU LW WR ZRUN 7KH
ILUVW WKLQJ WKDW VKRXOG EH GRQH LV WR YHULI\ WKDW WKH WUXQN SRUWV DUH FRQQHFWHG DQG XS 973 XSGDWHV FDQ RQO\
EH IRUZDUGHG RQ WUXQN OLQNV
48(67,21 
48(67,21 12 
$IWHU FRQILJXULQJ QHZ GDWD 9/$1V  WKURXJK  RQ WKH 973 VHUYHU D QHWZRUN HQJLQHHU QRWLFHV WKDW
QRQH RI WKH 973 FOLHQWV DUH UHFHLYLQJ WKH XSGDWHV :KDW LV WKH SUREOHP"
$7KH 973 VHUYHU PXVW EH UHORDGHG
%7KH 973 YHUVLRQ QXPEHU PXVW EH VHW WR YHUVLRQ 
&$IWHU HDFK XSGDWH WR WKH 973 VHUYHU LW WDNHV XS WR  KRXUV SURSDJDWH
'
973 PXVW EH VWRSSHG DQG UHVWDUWHG RQ WKH VHUYHU
($QRWKHU VZLWFK LQ WKH GRPDLQ KDV D KLJKHU UHYLVLRQ QXPEHU WKDQ WKH VHUYHU
&RUUHFW $QVZHU
%
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 YHUVLRQ  DQG YHUVLRQ  VXSSRUW 9/$1V  WR  RQO\ ([WHQGHGUDQJH 9/$1V DUH VXSSRUWHG RQO\ LQ
973 YHUVLRQ  ,I FRQYHUWLQJ IURP 973 YHUVLRQ  WR 973 YHUVLRQ  9/$1V LQ WKH UDQJH  WR  DUH
UHPRYHG IURP 973 FRQWURO
973 YHUVLRQ  VXSSRUWV WKHVH IHDWXUHV WKDW DUH QRW VXSSRUWHG LQ YHUVLRQ  RU YHUVLRQ  (QKDQFHG
DXWKHQWLFDWLRQWKH SDVVZRUG VWULQJ LV VDYHG LQ WKH 9/$1 GDWDEDVH ILOH EXW LW GRHV QRW DSSHDU LQ SODLQ WH[W LQ WKH
FRQILJXUDWLRQ ,QVWHDG WKH NH\ DVVRFLDWHG ZLWK WKH SDVVZRUG LV VDYHG LQ KH[DGHFLPDO IRUPDW LQ WKH UXQQLQJ
FRQILJXUDWLRQ HQWHU WKH VHFUHW NH\ZRUG \RX FDQ GLUHFWO\ FRQILJXUH WKH SDVVZRUG VHFUHW NH\
·6XSSRUW IRU H[WHQGHG UDQJH 9/$1 9/$1V  WR  GDWDEDVH SURSDJDWLRQ 973 YHUVLRQV  DQG 
SURSDJDWH RQO\ 9/$1V  WR  ,I H[WHQGHG 9/$1V DUH FRQILJXUHG \RX FDQQRW FRQYHUW IURP 973 YHUVLRQ
 WR YHUVLRQ  RU 
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGHERRN
YWSKWPO
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVHFRQILJXU DWLRQ
JXLGHVZYWSKWPOZS
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU LV H[WHQGLQJ D /$1 VHJPHQW EHWZHHQ WZR JHRJUDSKLFDOO\ VHSDUDWHG GDWD FHQWHUV
:KLFK HQKDQFHPHQW WR D VSDQQLQJWUHH GHVLJQ SUHYHQWV XQQHFHVVDU\ WUDIILF IURP FURVVLQJ WKH H[WHQGHG
/$1 VHJPHQW"
$
0RGLI\ WKH VSDQQLQJWUHH SULRULWLHV WR GLFWDWH WKH WUDIILF IORZ
%&UHDWH D /D\HU  WUDQVLW 9/$1 WR VHJPHQW WKH WUDIILF EHWZHHQ WKH VLWHV
&8VH 973 SUXQLQJ RQ WKH WUXQN LQWHUIDFHV
'&RQILJXUH PDQXDO WUXQN SUXQLQJ EHWZHHQ WKH WZR ORFDWLRQV
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
3UXQLQJ XQQHFHVVDU\ 9/$1V IURP WKH WUXQN FDQ EH SHUIRUPHG ZLWK RQH RI WZR PHWKRGV
· 0DQXDO SUXQLQJ RI WKH XQQHFHVVDU\ 9/$1 RQ WKH WUXQN7KLV LV WKH EHVW PHWKRG DQG LW DYRLGV WKH XVH RI
WKH VSDQQLQJ WUHH ,QVWHDG WKH PHWKRG UXQV WKH SUXQHG 9/$1 RQ WUXQNV
· 973 SUXQLQJ$YRLG WKLV PHWKRG LI WKH JRDO LV WR UHGXFH WKH QXPEHU RI 673 LQVWDQFHV
 973 SUXQHG 9/$1V RQ D WUXQN DUH VWLOO SDUW RI WKH VSDQQLQJ WUHH 7KHUHIRUH 973SUXQHG 9/$1V GR QRW
UHGXFH WKH QXPEHU RI VSDQQLQJ WUHH SRUW LQVWDQFHV 6LQFH WKH TXHVWLRQ DVNHG IRU WKH FKRLFH WKDW LV DQ
HQKDQFHPHQW WR WKH 673 GHVLJQ 973 SUXQLQJ LV WKH EHVW FKRLFH
973 3UXQLQJ PDNHV PRUH HIILFLHQW XVH RI WUXQN EDQGZLGWK E\ IRUZDUGLQJ EURDGFDVW DQG XQNQRZQ XQLFDVW
IUDPHV RQ D 9/$1 RQO\ LI WKH VZLWFK RQ WKH UHFHLYLQJ HQG RI WKH WUXQN KDV SRUWV LQ WKDW 9/$1
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86WHFKWNWNWHFKQRORJLHVBWHFKBQRWHDVKWPO
48(67,21 
48(67,21 12 
7KH QHWZRUN PDQDJHU KDV UHTXHVWHG WKDW VHYHUDO QHZ 9/$1V 9/$1   DQG  DUH DOORZHG WR
WUDYHUVH WKH VZLWFK WUXQN LQWHUIDFH $IWHU WKH FRPPDQG VZLWFKSRUW WUXQN DOORZHG YODQ  LV LVVXHG DOO
RWKHU H[LVWLQJ 9/$1V QR ORQJHU SDVV WUDIILF RYHU WKH WUXQN :KDW LV WKH URRW FDXVH RI WKH SUREOHP"
$7KH FRPPDQG HIIHFWLYHO\ UHPRYHG DOO RWKHU ZRUNLQJ 9/$1V DQG UHSODFHG WKHP ZLWK WKH QHZ 9/$1V
%
973 SUXQLQJ UHPRYHG DOO XQXVHG 9/$1V
&,6/ ZDV XQDEOH WR HQFDSVXODWH PRUH WKDQ WKH DOUHDG\ SHUPLWWHG 9/$1V DFURVV WKH WUXQN
'$OORZLQJ DGGLWLRQDO 9/$1V DFURVV WKH WUXQN LQWURGXFHG D ORRS LQ WKH QHWZRUN
&RUUHFW $QVZHU
$
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH VZLWFKSRUW WUXQN DOORZHG YODQ FRPPDQG ZLOO RQO\ DOORZ WKH VSHFLILHG 9/$1V DQG RYHUZULWH DQ\ RWKHUV
WKDW ZHUH SUHYLRXVO\ GHILQHG FRQILJXUDWLRQ FRPPDQG RU XVH WKH LVVXH WKH VZLWFKSRUW WUXQN DOORZHG YODQ DGG YODQOLVW FRPPDQG LQVWHDG
WR DGG WKHVH  9/$16 WR WKH RWKHU GHILQHG DOORZHG 9/$1V
5HIHUHQFH KWWSVVXSSRUWIRUXPVFLVFRFRPGRFXPHQWKRZGHILQHYODQVDOORZHGWUXQNOLQN
48(67,21 
48(67,21 12 
:KHQ \RX GHVLJQ D VZLWFKHG QHWZRUN XVLQJ 973Y KRZ PDQ\ 9/$1V FDQ EH XVHG WR FDUU\ XVHU WUDIILF"
$
%

&

'
(
)
&RUUHFW $QVZHU
%
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 YHUVLRQV  DQG  6XSSRUWV QRUPDO 9/$1 QXPEHUV   2QO\ 973 YHUVLRQ  VXSSRUWV H[WHQGHG
9/$1V  
5HIHUHQFH KWWSFFLHPHPREORJVSRWFRPGLIIHUHQFHEHWZHHQYWSYHUVLRQVKWPO
48(67,21 
48(67,21 12 
:KDW GRHV WKH FRPPDQG YODQ GRWT WDJ QDWLYH DFFRPSOLVK ZKHQ FRQILJXUHG XQGHU JOREDO FRQILJXUDWLRQ"
$$OO IUDPHV ZLWKLQ WKH QDWLYH 9/$1 DUH WDJJHG H[FHSW ZKHQ WKH QDWLYH 9/$1 LV VHW WR 
%,W DOORZV FRQWURO WUDIILF WR SDVV XVLQJ WKH QRQGHIDXOW 9/$1
&,W UHPRYHV WKH E\WH GRWT WDJ IURP HYHU\ IUDPH WKDW WUDYHUVHV WKH WUXQN LQWHUIDFH V 
'&RQWURO WUDIILF LV WDJJHG
&RUUHFW $QVZHU
'
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH YODQ GRWT WDJ QDWLYH ZLOO WDJ DOO XQWDJJHG IUDPHV LQFOXGLQJ FRQWURO WUDIILF ZLWK WKH GHILQHG QDWLYH
9/$1
7KLV FRPPDQG LV XVHG WR HQDEOH WDJJLQJ RI QDWLYH 9/$1 IUDPHV RQ DOO 4 WUXQN SRUWV
$QVZHU $ LV QRW FRUUHFW EHFDXVH HYHQ ZKHQ WKH QDWLYH 9/$1 LV VHW WR  DOO RI WKH IUDPHV RI WKH QDWLYH
9/$1 DUH WDJJHG
$QVZHU % LV QRW FRUUHFW EHFDXVH WKH FRQWURO WUDIILF VWLOO SDVVHV YLD WKH GHIDXOW 9/$1 9/$1  
$QVZHU & LV QRW FRUUHFW EHFDXVH DOO WKH IUDPHV DUH WDJJHG ZLWK E\WH GRWT WDJ
2QO\ DQVZHU ' LV EHVW FKRLFH EHFDXVH FRQWURO WUDIILF OLNH &'3 973 673 '73« XVHV 9/$1  IRU
FRPPXQLFDWLRQ :KHQ WKH QDWLYH 9/$1 LV WDJJHG 9/$1  E\ GHIDXOW DOO FRQWURO WUDIILF LV WDJJHG WRR ,I WKH
QDWLYH 9/$1 LV QRW 9/$1  WKHQ DOO WKH FRQWURO WUDIILF RQ 9/$1  LV VWLOO WDJJHG E\ GHIDXOW ZLWKRXW XVLQJ
DERYH FRPPDQG 
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU KDV MXVW GHSOR\HG D QRQ&LVFR GHYLFH LQ WKH QHWZRUN DQG ZDQWV WR JHW LQIRUPDWLRQ DERXW
LW IURP D FRQQHFWHG GHYLFH &LVFR 'LVFRYHU\ 3URWRFRO LV QRW VXSSRUWHG VR WKH RSHQ VWDQGDUG SURWRFRO PXVW
EH FRQILJXUHG :KLFK SURWRFRO GRHV WKH QHWZRUN HQJLQHHU FRQILJXUH RQ ERWK GHYLFHV WR DFFRPSOLVK WKLV"
$,5'3
%//'3
&1'3
'//7'
&RUUHFW $QVZHU
%
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH /LQN /D\HU 'LVFRYHU\ 3URWRFRO //'3 LV D YHQGRUQHXWUDO OLQN OD\HU SURWRFRO LQ WKH ,QWHUQHW 3URWRFRO
6XLWH XVHG E\ QHWZRUN GHYLFHV IRU DGYHUWLVLQJ WKHLU LGHQWLW\ FDSDELOLWLHV DQG QHLJKERUV RQ DQ ,(((  ORFDO
DUHD QHWZRUN SULQFLSDOO\ ZLUHG (WKHUQHW //'3 SHUIRUPV IXQFWLRQV VLPLODU WR VHYHUDO SURSULHWDU\ SURWRFROV
VXFK DV WKH &LVFR 'LVFRYHU\ 3URWRFRO &'3 
5HIHUHQFH KWWSHQZLNLSHGLDRUJZLNL/LQNB/D\HUB'LVFRYHU\B3URWRFRO
48(67,21 
48(67,21 12 
$ PDQDJHU WHOOV WKH QHWZRUN HQJLQHHU WR SHUPLW RQO\ FHUWDLQ 9/$1V DFURVV D VSHFLILF WUXQN LQWHUIDFH :KLFK
RSWLRQ FDQ EH FRQILJXUHG WR DFFRPSOLVK WKLV"
$DOORZHG 9/$1 OLVW
%
973 SUXQLQJ
&
9$&/
'/3 WXQQHOLQJ
&RUUHFW $QVZHU
$
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ D WUXQN OLQN LV HVWDEOLVKHG DOO RI WKH FRQILJXUHG 9/$1V DUH DOORZHG WR VHQG DQG UHFHLYH WUDIILF DFURVV
WKH OLQN 9/$1V  WKURXJK  DUH DOORZHG RQ HDFK WUXQN E\ GHIDXOW +RZHYHU 9/$1 WUDIILF FDQ EH
UHPRYHG IURP WKH DOORZHG OLVW 7KLV NHHSV WUDIILF IURP WKH 9/$1V IURP SDVVLQJ RYHU WKH WUXQN OLQN
1RWH 7KH DOORZHG 9/$1 OLVW RQ ERWK WKH HQGV RI WKH WUXQN OLQN VKRXOG EH WKH VDPH )RU ,QWHJUDWHG &LVFR
,26 6RIWZDUH EDVHG VZLWFKHV SHUIRUP WKHVH VWHSV
 7R UHVWULFW WKH WUDIILF WKDW D WU,QN FDUULHV LVVXH WKH VZLWFKSRUW WUXQN YODQ,LVW LQWHUIDFH FRQILJXUDWLRQ
FRPPDQG
7KLV UHPRYHV VSHFLILF 9/$1V IURP WKH DOORZHG OLVW
5HIHUHQFH KWWSVVXSSRUWIRUXPVFLVFRFRPGRFXPHQWKRZGHILQHYODQVDOORZHGWUXQNOLQN
48(67,21 
48(67,21 12 
)RU FOLHQW VHUYHU IDLORYHU SXUSRVHV WKH DSSOLFDWLRQ VHUYHU WHDP KDV LQGLFDWHG WKDW WKH\ PXVW QRW KDYH WKH
VWDQGDUG  VHFRQG GHOD\ EHIRUH WKHLU VZLWFKSRUW HQWHUV D IRUZDUGLQJ VWDWH )RU WKHLU GLVDVWHU UHFRYHU\
IHDWXUH WR RSHUDWH VXFFHVVIXOO\ WKH\ UHTXLUH WKH VZLWFKSRUW WR HQWHU D IRUZDUGLQJ VWDWH LPPHGLDWHO\ :KLFK
VSDQQLQJWUHH IHDWXUH VDWLVILHV WKLV UHTXLUHPHQW"
$5DSLG 6SDQQLQJ7UHH
%6SDQQLQJ7UHH 7LPHUV
&6SDQQLQJ7UHH )DVW3RUW
'6SDQQLQJ7UHH 3RUW)DVW
(6SDQQLQJ7UHH )DVW )RUZDUG
&RUUHFW $QVZHU
'
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q RUGHU WR DOORZ LPPHGLDWH WUDQVLWLRQ RI WKH SRUW LQWR IRUZDUGLQJ VWDWH HQDEOH WKH 673 3RUW)DVW IHDWXUH
3RUW)DVW LPPHGLDWHO\ WUDQVLWLRQV WKH SRUW LQWR 673 IRUZDUGLQJ PRGH XSRQ OLQNXS 7KH SRUW VWLOO SDUWLFLSDWHV LQ
673 6R LI WKH SRUW LV WR EH D SDUW RI WKH ORRS WKH SRUW HYHQWXDOO\ WUDQVLWLRQV LQWR 673 EORFNLQJ PRGH
([DPSOH FRQILJXUDWLRQ
6ZLWFK& FRQILJXUH WHUPLQDO
6ZLWFK& FRQILJ  LQWHUIDFH UDQJH ID  
6ZLWFK& FRQILJLIUDQJH  VSQQLQJWUHH SRUWIDVW

3RUWIDVW LV RIWHQ FRQILJXUHG RQ VZLWFK SRUWV WKDW FRQQHFW WR KRVWV ,QWHUIDFHV ZLWK 3RUWIDVW HQDEOHG ZLOO JR WR
IRUZDUGLQJ VWDWH LPPHGLDWHO\ ZLWKRXW SDVVLQJ WKH OLVWHQLQJ DQG OHDUQLQJ VWDWH 7KHUHIRUH LW FDQ VDYH DERXW
 WR  VHFRQGV WR WUDQVLWLRQ WKURXJK WKHVH VWDWHV 7R HQDEOH WKLV IHDWXUH FRQILJXUH WKLV FRPPDQG XQGHU
LQWHUIDFH PRGH
6ZLWFK FRQILJLI VSDQQLQJWUHH SRUWIDVW

5HIHUHQFH
KWWSZZZLQIRUPLWFRPOLEUDU\FRQWHQWDVS["E &&13B6WXGLHVB6ZLWFKLQJ VHT1XP 
48(67,21 
48(67,21 12 
:KLFK FRPPDQG GRHV D QHWZRUN HQJLQHHU XVH WR YHULI\ WKH VSDQQLQJWUHH VWDWXV IRU 9/$1 "
$VZLWFK VKRZ VSDQQLQJWUHH YODQ 
%VZLWFK VKRZ VSDQQLQJWUHH EULGJH
&VZLWFK VKRZ VSDQQLQJWUHH EULHI
'VZLWFK VKRZ VSDQQLQJWUHH VXPPDU\
(VZLWFK VKRZ VSDQQLQJWUHH YODQ  EULHI
&RUUHFW $QVZHU
$
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,I ZH ZDQW WR YLHZ WKH VSDQQLQJWUHH VWDWXV RI D VSHFLILF 9/$1 XVH WKH ³VSDQQLQJWUHH YODQ ´ FRPPDQG $Q
H[DPSOH RI WKH RXWSXW RI WKLV FRPPDQG LV VKRZQ EHORZ IRU YODQ 
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVLRVODQVZLWFKFRPPDQGUHIHUHQFHOVZBVKWPO
48(67,21 
48(67,21 12 
$ QHZ QHWZRUN WKDW FRQVLVWV RI VHYHUDO VZLWFKHV KDV EHHQ FRQQHFWHG WRJHWKHU YLD WUXQNLQJ LQWHUIDFHV ,I DOO
VZLWFKHV FXUUHQWO\ KDYH WKH GHIDXOW 973 GRPDLQ QDPH QXOO ZKLFK VWDWHPHQW GHVFULEHV ZKDW KDSSHQV
ZKHQ GRPDLQ QDPH LV FRQILJXUHG RQ RQH RI WKH VZLWFKHV"
$7KH VZLWFK ZLWK WKH QRQGHIDXOW GRPDLQ QDPH UHVWRUHV EDFN WR QXOO XSRQ UHERRW
%6ZLWFKHV ZLWK KLJKHU UHYLVLRQ QXPEHUV GRHV QRW DFFHSW WKH QHZ GRPDLQ QDPH
&
973 VXPPDU\ DGYHUWLVHPHQWV DUH VHQW RXW RI DOO SRUWV ZLWK WKH QHZ GRPDLQ QDPH
'$OO RWKHU VZLWFKHV ZLWK WKH GHIDXOW GRPDLQ QDPH EHFRPH 973 FOLHQWV
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%\ GHIDXOW D VZLWFK ZLOO KDYH D GRPDLQ QDPH RI 18// DQG QR SDVVZRUG ,I WKH VZLWFK KHDUV D 973
DGYHUWLVHPHQW LW ZLOO DXWRPDWLFDOO\ OHDUQ WKH 973 GRPDLQ QDPH 9/$1V DQG WKH FRQILJXUDWLRQ UHYLVLRQ
QXPEHU 6XPPDU\ DGYHUWLVHPHQWV VHQW RXW HYHU\  VHFRQGV DQG HYHU\ WLPH D FKDQJH RFFXUV RQ WKH
9/$1 GDWDEDVH &RQWDLQHG LQ D VXPPDU\ DGYHUWLVHPHQW
·973 YHUVLRQ
·'RPDLQ QDPH
·&RQILJXUDWLRQ UHYLVLRQ QXPEHU
·7LPH VWDPS
·0' HQFU\SWLRQ KDVK FRGH

,I D 973 FOLHQW RU VHUYHU ZLWK D QXOO GRPDLQ UHFHLYHV D 973 PHVVDJH ZLWK WKH GRPDLQ SRSXODWHG LW ZLOO
DVVXPH WKH GRPDLQ RI WKH UHFHLYHG PHVVDJH DQG DGG DSSOLFDEOH 9/$1V WR LWV GDWDEDVH

5HIHUHQFH KWWSVURZHOOGLRQLFLRQHWFRQILJXULQJFLVFRYWS
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU LV VHWWLQJ XS D QHZ VZLWFKHG QHWZRUN 7KH QHWZRUN LV H[SHFWHG WR JURZ DQG DGG PDQ\
QHZ 9/$1V LQ WKH IXWXUH :KLFK 6SDQQLQJ 7UHH 3URWRFRO VKRXOG EH XVHG WR UHGXFH VZLWFK UHVRXUFHV DQG
PDQDJHULDO EXUGHQV WKDW DUH DVVRFLDWHG ZLWK PXOWLSOH VSDQQLQJWUHH LQVWDQFHV"
$5673
%3967
&067
'3967
(53967
&RUUHFW $QVZHU
&
6HFWLRQ 067 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,QVWHDG RI XVLQJ 3HU9/$1 6SDQQLQJ 7UHH 3967 RU 5DSLG 3967 ZKLFK UXQV D VHSDUDWH 673 LQVWDQFH IRU
HDFK DFWLYH 9/$1 WKHUH ZLOO KDYH  673 LQVWDQFHV IRU  9/$1V  0XOWLSOH 6SDQQLQJ 7UHH 067 PDSV
PXOWLSOH 9/$1V LQWR D VSDQQLQJ WUHH LQVWDQFH WKHUHE\ UHGXFLQJ WKH QXPEHU RI VSDQQLQJWUHH LQVWDQFHV
QHHGHG 067 DOVR UHGXFHV VZLWFK UHVRXUFHV DQG PDQDJHULDO EXUGHQV
0XOWLSOH 6SDQQLQJ 7UHH 067 H[WHQGV WKH ,((( Z 567 DOJRULWKP WR PXOWLSOH VSDQQLQJ WUHHV 7KH
PDLQ SXUSRVH RI 067 LV WR UHGXFH WKH WRWDO QXPEHU RI VSDQQLQJWUHH LQVWDQFHV WR PDWFK WKH SK\VLFDO
WRSRORJ\ RI WKH QHWZRUN DQG WKXV UHGXFH WKH &38 F\FOHV RI D VZLWFK 39567 UXQV 673 LQVWDQFHV IRU HDFK
9/$1 DQG GRHV QRW WDNH LQWR FRQVLGHUDWLRQ WKH SK\VLFDO WRSRORJ\ WKDW PLJKW QRW UHTXLUH PDQ\ GLIIHUHQW 673
WRSRORJLHV 067 RQ WKH RWKHU KDQG XVHV D PLQLPXP QXPEHU RI 673 LQVWDQFHV WR PDWFK WKH QXPEHU RI
SK\VLFDO WRSRORJLHV SUHVHQW
)LJXUH  VKRZV D FRPPRQ QHWZRUN GHVLJQ IHDWXULQJ DQ DFFHVV 6ZLWFK $ FRQQHFWHG WR WZR %XLOGLQJ
'LVWULEXWLRQ VXEPRGXOH 6ZLWFKHV ' DQG ' ,Q WKLV VHWXS WKHUH DUH  9/$1V DQG WKH QHWZRUN
DGPLQLVWUDWRU W\SLFDOO\ VHHNV WR DFKLHYH ORDG EDODQFLQJ RQ WKH DFFHVV VZLWFK XSOLQNV EDVHG RQ HYHQ RU RGG
9/$1VRU DQ\ RWKHU VFKHPH GHHPHG DSSURSULDWH
)LJXUH  9/$1 /RDG %DODQFLQJ
)LJXUH  LOOXVWUDWHV WZR OLQNV DQG  9/$1V 7KH  9/$1V PDS WR WZR 067 LQVWDQFHV 5DWKHU WKDQ
PDLQWDLQLQJ  VSDQQLQJ WUHHV HDFK VZLWFK QHHGV WR PDLQWDLQ RQO\ WZR VSDQQLQJ WUHHV UHGXFLQJ WKH QHHG
IRU VZLWFK UHVRXUFHV
5HIHUHQFH KWWSFLVFRGRFXPHQWVEORJVSRWFRPFKDSWHULPSOHPHQWLQJVSDQQLQJ WUHHBKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW WKH XVH RI 6'0 WHPSODWHV LQ D &LVFR VZLWFK LV WUXH"
$6'0 WHPSODWHV DUH XVHG WR FRQILJXUH V\VWHP UHVRXUFHV LQ WKH VZLWFK WR RSWLPL]H VXSSRUW IRU VSHFLILF
IHDWXUHV GHSHQGLQJ RQ KRZ WKH VZLWFK LV XVHG LQ WKH QHWZRUN
%6'0 WHPSODWHV DUH XVHG WR FUHDWH /D\HU  LQWHUIDFHV VZLWFK YLUWXDO LQWHUIDFHV WR SHUPLW KRVWV LQ RQH
9/$1 WR FRPPXQLFDWH ZLWK KRVWV LQ DQRWKHU 9/$1
&6'0 WHPSODWHV DUH XVHG WR FRQILJXUH $&/V WKDW SURWHFW QHWZRUNV DQG VSHFLILF KRVWV IURP XQQHFHVVDU\
RU XQZDQWHG WUDIILF
'6'0 WHPSODWHV DUH XVHG WR FRQILJXUH D VHW RI $&/V WKDW DOORZV WKH XVHUV WR PDQDJH WKH IORZ RI WUDIILF
KDQGOHG E\ WKH URXWH SURFHVVRU
(6'0 WHPSODWHV DUH FRQILJXUHG E\ DFFHVVLQJ WKH VZLWFK XVLQJ WKH ZHE LQWHUIDFH
&RUUHFW $QVZHU
$
6HFWLRQ 6'0 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
IHDWXUHV GHSHQGLQJ RQ KRZ WKH VZLWFK LV XVHG LQ WKH QHWZRUN PD[LPXP V\VWHP XVDJH IRU VRPH IXQFWLRQV IRU H[DPSOH XVH WKH GHIDXOW WHPSODWH WR EDODQFH UHVRXUFHV
DQG XVH DFFHVV WHPSODWH WR REWDLQ PD[LPXP $&/ XVDJH 7R DOORFDWH KDUGZDUH UHVRXUFHV IRU GLIIHUHQW
XVDJHV WKH VZLWFK 6'0 WHPSODWHV SULRULWL]H V\VWHP UHVRXUFHV WR RSWLPL]H VXSSRUW IRU FHUWDLQ IHDWXUHV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VW[B[VRIWZDUHUHOHDVHBBVH 
FRQILJXUDWLRQJXLGHVZVGPSGI
48(67,21 
48(67,21 12 
:KLFK 6'0 WHPSODWH GLVDEOHV URXWLQJ DQG VXSSRUWV WKH PD[LPXP QXPEHU RI XQLFDVW 0$& DGGUHVVHV"
$
9/$1
%DFFHVV
&GHIDXOW
'URXWLQJ
&RUUHFW $QVZHU
$
6HFWLRQ 6'0 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R DOORFDWH WHUQDU\ FRQWHQW DGGUHVVDEOH PHPRU\ 7&$0 UHVRXUFHV IRU GLIIHUHQW XVDJHV WKH VZLWFK 6'0
WHPSODWHV SULRULWL]H V\VWHP UHVRXUFHV WR RSWLPL]H VXSSRUW IRU FHUWDLQ IHDWXUHV WHPSODWHV WR RSWLPL]H WKHVH IHDWXUHV
· $FFHVV7KH DFFHVV WHPSODWH PD[LPL]HV V\VWHP UHVRXUFHV IRU DFFHVV FRQWURO OLVWV $&/V WR
DFFRPPRGDWH D ODUJH QXPEHU RI $&/V
· 'HIDXOW7KH GHIDXOW WHPSODWH JLYHV EDODQFH WR DOO IXQFWLRQV · 5RXWLQJ7KH URXWLQJ WHPSODWH PD[LPL]HV
V\VWHP UHVRXUFHV IRU ,SY XQLFDVW URXWLQJ W\SLFDOO\ UHTXLUHG IRU D URXWHU RU
DJJUHJDWRU LQ WKH FHQWHU RI D QHWZRUN
· 9/$1V7KH 9/$1 WHPSODWH GLVDEOHV URXWLQJ DQG VXSSRUWV WKH PD[LPXP QXPEHU RI XQLFDVW 0$&
DGGUHVVHV ,W ZRXOG W\SLFDOO\ EH VHOHFWHG IRU D /D\HU  VZLWFK
7KH 9/$1 WHPSODWH GLVDEOHV URXWLQJ DQG VXSSRUWV WKH PD[LPXP QXPEHU RI XQLFDVW 0$& DGGUHVVHV ,W
ZRXOG W\SLFDOO\ EH VHOHFWHG IRU D /D\HU  VZLWFK
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVHFRQILJXU DWLRQ
JXLGHVZVGPSGI
48(67,21 
48(67,21 12 
:KLFK 6'0 WHPSODWH LV WKH PRVW DSSURSULDWH IRU D /D\HU  VZLWFK WKDW SURYLGHV FRQQHFWLYLW\ WR D ODUJH
QXPEHU RI FOLHQWV"
$
9/$1
%GHIDXOW
&DFFHVV
'URXWLQJ
&RUUHFW $QVZHU
$
6HFWLRQ 6'0 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R DOORFDWH WHUQDU\ FRQWHQW DGGUHVVDEOH PHPRU\ 7&$0 UHVRXUFHV IRU GLIIHUHQW XVDJHV WKH VZLWFK 6'0
WHPSODWHV SULRULWL]H V\VWHP UHVRXUFHV WR RSWLPL]H VXSSRUW IRU FHUWDLQ IHDWXUHV WHPSODWHV WR RSWLPL]H WKHVH IHDWXUHV
· $FFHVV7KH DFFHVV WHPSODWH PD[LPL]HV V\VWHP UHVRXUFHV IRU DFFHVV FRQWURO OLVWV $&/V WR
DFFRPPRGDWH D ODUJH QXPEHU RI $&/V
· 'HIDXOW7KH GHIDXOW WHPSODWH JLYHV EDODQFH WR DOO IXQFWLRQV · 5RXWLQJ7KH URXWLQJ WHPSODWH PD[LPL]HV
V\VWHP UHVRXUFHV IRU ,SY XQLFDVW URXWLQJ W\SLFDOO\ UHTXLUHG IRU D URXWHU RU DJJUHJDWRU LQ WKH FHQWHU RI D
QHWZRUN
· 9/$1V7KH 9/$1 WHPSODWH GLVDEOHV URXWLQJ DQG VXSSRUWV WKH PD[LPXP QXPEHU RI XQLFDVW 0$&
DGGUHVVHV FOLHQWV  ,W ZRXOG W\SLFDOO\ EH VHOHFWHG IRU D /D\HU  VZLWFK
7KH 9/$1 WHPSODWH GLVDEOHV URXWLQJ DQG VXSSRUWV WKH PD[LPXP QXPEHU RI XQLFDVW 0$& DGGUHVVHV ,W
ZRXOG W\SLFDOO\ EH VHOHFWHG IRU D /D\HU  VZLWFK
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVHFRQILJXU DWLRQ
JXLGHVZVGPSGI
48(67,21 
48(67,21 12 
,Q D &LVFR VZLWFK ZKDW LV WKH GHIDXOW SHULRG RI WLPH DIWHU ZKLFK D 0$& DGGUHVV DJHV RXW DQG LV GLVFDUGHG"
$ VHFRQGV
% VHFRQGV
& VHFRQGV
' VHFRQGV
&RUUHFW $QVZHU
&
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R FRQILJXUH WKH DJLQJ WLPH IRU DOO 0$& DGGUHVVHV SHUIRUP WKLV WDVN
&RPPDQG 3XUSRVH
6WHS 
VZLWFK FRQILJXUH WHUPLQDO
(QWHUV FRQILJXUDWLRQ PRGH
6WHS 
VZLWFK FRQILJ  PDFDGGUHVVWDEOH DJLQJWLPH VHFRQGV >YODQ [email protected] 6SHFLILHV WKH WLPH EHIRUH DQ HQWU\
DJHV RXW DQG LV GLVFDUGHG IURP WKH 0$& DGGUHVV WDEOH
7KH UDQJH LV IURP  WR  WKH GHIDXOW LV  VHFRQGV (QWHULQJ WKH YDOXH  GLVDEOHV WKH 0$& DJLQJ ,I
D 9/$1 LV QRW VSHFLILHG WKH DJLQJ VSHFLILFDWLRQ DSSOLHV WR DOO 9/$1V
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVGDWDFHQWHUQH[XVVZFRQILJXUDWLRQJXLGHFOL0$&
$GGUHVVKWPO
48(67,21 
48(67,21 12 
,I D QHWZRUN HQJLQHHU DSSOLHV WKH FRPPDQG PDFDGGUHVVWDEOH QRWLILFDWLRQ PDFPRYH RQ D &LVFR VZLWFK
SRUW ZKHQ LV D V\VORJ PHVVDJH JHQHUDWHG"
$$ 0$& DGGUHVV RU KRVW PRYHV EHWZHHQ GLIIHUHQW VZLWFK SRUWV
%$ QHZ 0$& DGGUHVV LV DGGHG WR WKH FRQWHQWDGGUHVVDEOH PHPRU\
&$ QHZ 0$& DGGUHVV LV UHPRYHG IURP WKH FRQWHQWDGGUHVVDEOH PHPRU\
'0RUH WKDQ  0$& DGGUHVVHV DUH DGGHG WR WKH FRQWHQWDGGUHVVDEOH PHPRU\
&RUUHFW $QVZHU
$
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH VZLWFK OHDUQV ZKLFK SRUW WKH KRVW LV DWWDFKLQJ E\ H[DPLQLQJ WKH VRXUFH 0$& DGGUHVV LQ IUDPHV UHFHLYHG
RQ D SRUW )RU H[DPSOH VZLWFK UHFHLYHV D IUDPH ZLWK VRXUFH 0$& RI DDDD DEEUHYLDWHG DV
³DDDD´ RQ SRUW )D LW SRSXODWHV LWV 0$& DGGUHVVWDEOH ZLWK DQ HQWU\ OLNH WKLV ³KRVW DDDD RQ )D´ ,I WKH
VZLWFK UHFHLYHV D IUDPH ZLWK WKH VDPH ³DDDD´ 0$& IURP )D WKHQ WKHUH ZLOO EH D IODS DQG WKH VZLWFK ZLOO
ORJ VRPHWKLQJ OLNH WKLV
7KLV IODSSLQJ SKHQRPHQRQ PD\ EH WKH UHVXOW RI D /D\HU ORRS VRPHZKHUH LQ \RXU QHWZRUN HVSHFLDOO\ ZKHQ
673 LV GLVDEOHG IRU VRPH UHDVRQV
,I \RX GRQ¶W ZDQW WR VHH WKLV PHVVDJH WKHQ LVVXH WKH ³QR PDFDGGUHVVWDEOH QRWLILFDWLRQ PDFPRYH´ RU SODFH
D VWDWLF HQWU\ ZLWK WKH ³PDFDGGUHVVWDEOH VWDWLF DDDD YODQ  LQWHUIDFH IDƎRQ WKH VZLWFK 7KH
FRPPDQG ³PDFDGGUHVVWDEOH QRWLILFDWLRQ PDFPRYH´ LV GLVDEOHG E\ GHIDXOW RQ   VHULHV EXW
HQDEOHG E\ GHIDXOW RQ RWKHU VHULHV
7R HQDEOH 0$&PRYH QRWLILFDWLRQ XVH WKH PDFDGGUHVVWDEOH QRWLILFDWLRQ PDFPRYH FRPPDQG LQ JOREDO
FRQILJXUDWLRQ PRGH
7R GLVDEOH 0$&PRYH QRWLILFDWLRQ XVH WKH QR IRUP RI WKLV FRPPDQG
0DFDGGUHVVWDEOH QRWLILFDWLRQ PDFPRYH >FRXQWHU >V\[email protected]@ QR PDFDGGUHVVWDEOH QRWLILFDWLRQ PDFPRYH
>FRXQWHU>V\[email protected]@
48(67,21 
48(67,21 12 
:KLFK RSWLRQ LV D SRVVLEOH FDXVH IRU DQ HUUGLVDEOHG LQWHUIDFH"
$URXWLQJ ORRS
%
FDEOH XQSOXJJHG
&
673 ORRS JXDUG
'VHFXULW\ YLRODWLRQ
&RUUHFW $QVZHU
'
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ D SRUW VHFXULW\ YLRODWLRQ LV GHWHFWHG WKH VZLWFK DXWRPDWLFDOO\ SODFHV WKH SRUW LQ WKH ³HUUGLVDEOHG´
VKXWGRZQ VWDWH
7KHUH DUH YDULRXV UHDVRQV IRU WKH LQWHUIDFH WR JR LQWR HUUGLVDEOH 7KH UHDVRQ FDQ EH
'XSOH[ PLVPDWFK
3RUW FKDQQHO PLVFRQILJXUDWLRQ
%3'8 JXDUG YLRODWLRQ
8QL'LUHFWLRQDO /LQN 'HWHFWLRQ 8'/' FRQGLWLRQ
/DWHFROOLVLRQ GHWHFWLRQ
/LQNIODS GHWHFWLRQ
6HFXULW\ YLRODWLRQ
3RUW $JJUHJDWLRQ 3URWRFRO 3$J3 IODS
/D\HU  7XQQHOLQJ 3URWRFRO /73 JXDUG
'+&3 VQRRSLQJ UDWHOLPLW
,QFRUUHFW *%,&  6PDOO )RUP)DFWRU 3OXJJDEOH 6)3 PRGXOH RU FDEOH
$GGUHVV 5HVROXWLRQ 3URWRFRO $53 LQVSHFWLRQ
,QOLQH SRZHU
1RWH (UURUGLVDEOH GHWHFWLRQ LV HQDEOHG IRU DOO RI WKHVH UHDVRQV E\ GHIDXOW ,Q RUGHU WR GLVDEOH HUURUGLVDEOH
GHWHFWLRQ XVH WKH QR HUUGLVDEOH GHWHFW FDXVH FRPPDQG 7KH VKRZ HUUGLVDEOH GHWHFW FRPPDQG GLVSOD\V WKH
HUURUGLVDEOH GHWHFWLRQ VWDWXV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86WHFKWNWNWHFKQRORJLHVBWHFKBQRWHDFGEVKWPO
48(67,21 
48(67,21 12 
:KDW LV WKH GHIDXOW YDOXH IRU WKH HUUGLVDEOH UHFRYHU\ LQWHUYDO LQ D &LVFR VZLWFK"
$ VHFRQGV
% VHFRQGV
& VHFRQGV
' VHFRQGV
&RUUHFW $QVZHU
&
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$IWHU \RX IL[ WKH URRW SUREOHP WKH SRUWV DUH VWLOO GLVDEOHG LI \RX KDYH QRW FRQILJXUHG HUUGLVDEOH UHFRYHU\ RQ
WKH VZLWFK ,Q WKLV FDVH \RX PXVW UHHQDEOH WKH SRUWV PDQXDOO\ ,VVXH WKH VKXWGRZQ FRPPDQG DQG WKHQ WKH
QR VKXWGRZQ LQWHUIDFH PRGH FRPPDQG RQ WKH DVVRFLDWHG LQWHUIDFH LQ RUGHU WR PDQXDOO\ UHHQDEOH WKH SRUWV
7KH HUUGLVDEOH UHFRYHU\ FRPPDQG DOORZV \RX WR FKRRVH WKH W\SH RI HUURUV WKDW DXWRPDWLFDOO\ UHHQDEOH WKH
SRUWV DIWHU D VSHFLILHG DPRXQW RI WLPH 7KH VKRZ HUUGLVDEOH UHFRYHU\ FRPPDQG VKRZV WKH GHIDXOW HUURU
GLVDEOH UHFRYHU\ VWDWH IRU DOO WKH SRVVLEOH FRQGLWLRQV
FDWNQDWLYHVKRZ HUUGLVDEOH UHFRYHU\
(UU'LVDEOH 5HDVRQ 7LPHU 6WDWXV
 
XGOG 'LVDEOHG
ESGXJXDUG 'LVDEOHG
VHFXULW\YLRODWLR 'LVDEOHG
FKDQQHOPLVFRQILJ 'LVDEOHG
SDJSIODS 'LVDEOHG
GWSIODS 'LVDEOHG
OLQNIODS 'LVDEOHG
OSWJXDUG 'LVDEOHG
SVHFXUHYLRODWLRQ 'LVDEOHG
JELFLQYDOLG 'LVDEOHG
GKFSUDWHOLPLW 'LVDEOHG
PDFOLPLW 'LVDEOHG
XQLFDVWIORRG 'LVDEOHG
DUSLQVSHFWLRQ 'LVDEOHG
7LPHU LQWHUYDO  VHFRQGV
,QWHUIDFHV WKDW ZLOO EH HQDEOHG DW WKH QH[W WLPHRXW
1RWH 7KH GHIDXOW WLPHRXW LQWHUYDO LV  VHFRQGV DQG E\ GHIDXOW WKH WLPHRXW IHDWXUH LV GLVDEOHG
,I DQ\ RQH RI WKH HUUGLVDEOH UHFRYHU\ FRQGLWLRQV LV HQDEOHG WKH SRUWV ZLWK WKLV FRQGLWLRQ DUH UHHQDEOHG DIWHU
 VHFRQGV 6ZLWFK FRQILJ HUUGLVDEOH UHFRYHU\ LQWHUYDO WLPHUBLQWHUYDOBLQBVHFRQGV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86WHFKWNWNWHFKQRORJLHVBWHFKBQRWHDFGEVKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW //'30(' LV WUXH"
$//'30(' LV DQ H[WHQVLRQ WR //'3 WKDW RSHUDWHV EHWZHHQ HQGSRLQW GHYLFHV DQG QHWZRUN GHYLFHV
%//'30(' LV DQ H[WHQVLRQ WR //'3 WKDW RSHUDWHV RQO\ EHWZHHQ QHWZRUN GHYLFHV
&//'30(' LV DQ H[WHQVLRQ WR //'3 WKDW RSHUDWHV RQO\ EHWZHHQ HQGSRLQW GHYLFHV
'//'30(' LV DQ H[WHQVLRQ WR //'3 WKDW RSHUDWHV EHWZHHQ URXWHUV WKDW UXQ %*3
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
//'3 IRU 0HGLD (QGSRLQW 'HYLFHV //'30(' LV DQ H[WHQVLRQ WR //'3 WKDW RSHUDWHV EHWZHHQ HQGSRLQW
GHYLFHV VXFK DV ,3 SKRQHV DQG QHWZRUN GHYLFHV VXFK DV VZLWFKHV ,W VSHFLILFDOO\ SURYLGHV VXSSRUW IRU YRLFH
RYHU ,3 9R,3 DSSOLFDWLRQV DQG SURYLGHV DGGLWLRQDO 7/9V IRU FDSDELOLWLHV GLVFRYHU\ QHWZRUN SROLF\ 3RZHU
RYHU (WKHUQHW DQG LQYHQWRU\ PDQDJHPHQW
0HGLD (QGSRLQW 'LVFRYHU\ LV DQ HQKDQFHPHQW RI //'3 NQRZQ DV //'30(' WKDW SURYLGHV WKH IROORZLQJ
IDFLOLWLHV
 $XWRGLVFRYHU\ RI /$1 SROLFLHV VXFK DV 9/$1 /D\HU  3ULRULW\ DQG 'LIIHUHQWLDWHG VHUYLFHV 'LIIVHUY
VHWWLQJV HQDEOLQJ SOXJ DQG SOD\ QHWZRUNLQJ
 'HYLFH ORFDWLRQ GLVFRYHU\ WR DOORZ FUHDWLRQ RI ORFDWLRQ GDWDEDVHV DQG LQ WKH FDVH RI 9RLFH RYHU ,QWHUQHW
3URWRFRO 9R,3  (QKDQFHG  VHUYLFHV
 ([WHQGHG DQG DXWRPDWHG SRZHU PDQDJHPHQW RI 3RZHU RYHU (WKHUQHW 3R( HQG SRLQWV
 ,QYHQWRU\ PDQDJHPHQW DOORZLQJ QHWZRUN DGPLQLVWUDWRUV WR WUDFN WKHLU QHWZRUN GHYLFHV DQG GHWHUPLQH
WKHLU FKDUDFWHULVWLFV PDQXIDFWXUHU VRIWZDUH DQG KDUGZDUH YHUVLRQV VHULDO RU DVVHW QXPEHU 
7KH //'30(' SURWRFRO H[WHQVLRQ ZDV IRUPDOO\ DSSURYHG DQG SXEOLVKHG DV WKH VWDQGDUG $16,7,$ E\
WKH 7HOHFRPPXQLFDWLRQV ,QGXVWU\ $VVRFLDWLRQ 7,$ LQ $SULO 
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVPHWURPHVRIWZDUHUHOHDVHBBVHFRQILJXUDW LRQ
JXLGHVZOOGSSGI
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW &LVFR GHYLFHV OHDUQLQJ DERXW HDFK RWKHU WKURXJK &LVFR 'LVFRYHU\ 3URWRFRO LV WUXH"
$(DFK GHYLFH VHQGV SHULRGLF DGYHUWLVHPHQWV WR PXOWLFDVW DGGUHVV &&&&&&&
%(DFK GHYLFH EURDGFDVWV SHULRGLF DGYHUWLVHPHQWV WR DOO RI LWV QHLJKERUV
&(DFK GHYLFH VHQGV SHULRGLF DGYHUWLVHPHQWV WR D FHQWUDO GHYLFH WKDW EXLOGV WKH QHWZRUN WRSRORJ\
'(DFK GHYLFH VHQGV SHULRGLF DGYHUWLVHPHQWV WR DOO ,3 DGGUHVVHV LQ LWV $53 WDEOH
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&LVFR GHYLFHV VHQG SHULRGLF &'3 DQQRXQFHPHQWV WR WKH PXOWLFDVW GHVWLQDWLRQ DGGUHVV F FFFFFF
RXW HDFK FRQQHFWHG QHWZRUN LQWHUIDFH 7KHVH PXOWLFDVW SDFNHWV PD\ EH UHFHLYHG E\ &LVFR VZLWFKHV DQG
RWKHU QHWZRUNLQJ GHYLFHV WKDW VXSSRUW &'3 LQWR WKHLU FRQQHFWHG QHWZRUN LQWHUIDFH
5HIHUHQFH KWWSQHWZRUNVSUDYFHVLWHQHWVXEGRPQHWZRUNLQGH[SKS"LG FGS
48(67,21 
48(67,21 12 
:KLFK RSWLRQ OLVWV WKH LQIRUPDWLRQ WKDW LV FRQWDLQHG LQ D &LVFR 'LVFRYHU\ 3URWRFRO DGYHUWLVHPHQW"
$QDWLYH 9/$1 ,'V SRUWGXSOH[ KDUGZDUH SODWIRUP
%QDWLYH 9/$1 ,'V SRUWGXSOH[ PHPRU\ HUURUV
&QDWLYH 9/$1 ,'V PHPRU\ HUURUV KDUGZDUH SODWIRUP
'SRUWGXSOH[ KDUGZDUH SODWIRUP PHPRU\ HUURUV
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7\SH/HQJWK9DOXH ILHOGV 7/9V DUH EORFNV RI LQIRUPDWLRQ HPEHGGHG LQ &'3 DGYHUWLVHPHQWV 7DEOH 
VXPPDUL]HV WKH 7/9 GHILQLWLRQV IRU &'3 DGYHUWLVHPHQWV
7DEOH  7\SH/HQJWK9DOXH 'HILQLWLRQV IRU &'3Y
&LVFR 'LVFRYHU\ 3URWRFRO 9HUVLRQ  SURYLGHV PRUH LQWHOOLJHQW GHYLFH WUDFNLQJ IHDWXUHV WKDQ 9HUVLRQ 
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVLRVBFRQILJIXQFRQILJXUDWLRQJXLGHIFIKWPO
48(67,21 
48(67,21 12 
:KLFK RSWLRQ GHVFULEHV D OLPLWDWLRQ RI //'3"
$//'3 FDQQRW SURYLGH LQIRUPDWLRQ DERXW 973
%//'3 GRHV QRW VXSSRUW 7/9V
&//'3 FDQ GLVFRYHU RQO\ :LQGRZV VHUYHUV
'//'3 FDQ GLVFRYHU XS WR WZR GHYLFHV SHU SRUW
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
//'3 VXSSRUWV D VHW RI DWWULEXWHV WKDW LW XVHV WR GLVFRYHU QHLJKERU GHYLFHV 7KHVH DWWULEXWHV FRQWDLQ W\SH
OHQJWK DQG YDOXH GHVFULSWLRQV DQG DUH UHIHUUHG WR DV 7/9V //'3 VXSSRUWHG GHYLFHV FDQ XVH 7/9V WR
UHFHLYH DQG VHQG LQIRUPDWLRQ WR WKHLU QHLJKERUV 7KLV SURWRFRO FDQ DGYHUWLVH GHWDLOV VXFK DV FRQILJXUDWLRQ
LQIRUPDWLRQ GHYLFH FDSDELOLWLHV DQG GHYLFH LGHQWLW\
7KH VZLWFK VXSSRUWV WKHVH EDVLF PDQDJHPHQW 7/9V 7KHVH DUH PDQGDWRU\ //'3 7/9V
 3RUW GHVFULSWLRQ 7/9
 6\VWHP QDPH 7/9
 6\VWHP GHVFULSWLRQ 7/9
 6\VWHP FDSDELOLWLHV 7/9
 0DQDJHPHQW DGGUHVV 7/9
7KHVH RUJDQL]DWLRQDOO\ VSHFLILF //'3 7/9V DUH DOVR DGYHUWLVHG WR VXSSRUW //'30('
 3RUW 9/$1 ,' 7/9 ,(((  RUJDQL]DWLRQDOO\ VSHFLILF 7/9V
 0$&3+< FRQILJXUDWLRQVWDWXV 7/9 ,(((  RUJDQL]DWLRQDOO\ VSHFLILF 7/9V
! 1R 973 LQIRUPDWLRQ LV VXSSRUWHG LQ //'3
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW WKH 8'/' SURWRFRO LV WUXH"
$8'/' LV D &LVFRSURSULHWDU\ /D\HU  SURWRFRO WKDW HQDEOHV GHYLFHV WR PRQLWRU WKH SK\VLFDO VWDWXV RI OLQNV
DQG GHWHFW XQLGLUHFWLRQDO IDLOXUHV
%8'/' LV D &LVFRSURSULHWDU\ /D\HU  SURWRFRO WKDW HQDEOHV GHYLFHV WR DGYHUWLVH WKHLU LGHQWLW\ FDSDELOLWLHV
DQG QHLJKERUV RQ D ORFDO DUHD QHWZRUN
&8'/' LV D VWDQGDUGL]HG /D\HU  SURWRFRO WKDW HQDEOHV GHYLFHV WR PRQLWRU WKH SK\VLFDO VWDWXV RI OLQNV DQG
GHWHFW XQLGLUHFWLRQDO IDLOXUHV
'8'/' LV D VWDQGDUGL]HG /D\HU  SURWRFRO WKDW HQDEOHV GHYLFHV WR DGYHUWLVH WKHLU LGHQWLW\ FDSDELOLWLHV DQG
QHLJKERUV RQ D ORFDO DUHD QHWZRUN
&RUUHFW $QVZHU
$
6HFWLRQ 8'/' 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH &LVFRSURSULHWDU\ 8'/' SURWRFRO PRQLWRUV WKH SK\VLFDO FRQILJXUDWLRQ RI WKH OLQNV EHWZHHQ GHYLFHV DQG
SRUWV WKDW VXSSRUW 8'/' 8'/' GHWHFWV WKH H[LVWHQFH RI XQLGLUHFWLRQDO OLQNV :KHQ D XQLGLUHFWLRQDO OLQN LV
GHWHFWHG 8'/' SXWV WKH DIIHFWHG SRUW LQWR WKH HUUGLVDEOHG VWDWH DQG DOHUWV WKH XVHU
8'/' LV D /D\HU  SURWRFRO WKDW HQDEOHV GHYLFHV FRQQHFWHG WKURXJK ILEHURSWLF RU WZLVWHGSDLU (WKHUQHW
FDEOHV WR PRQLWRU WKH SK\VLFDO FRQILJXUDWLRQ RI WKH FDEOHV DQG GHWHFW ZKHQ D XQLGLUHFWLRQDO OLQN H[LVWV $OO
FRQQHFWHG GHYLFHV PXVW VXSSRUW 8'/' IRU WKH SURWRFRO WR VXFFHVVIXOO\ LGHQWLI\ DQG GLVDEOH XQLGLUHFWLRQDO
OLQNV :KHQ 8'/' GHWHFWV D XQLGLUHFWLRQDO OLQN LW DGPLQLVWUDWLYHO\ VKXWV GRZQ WKH DIIHFWHG SRUW DQG DOHUWV
\RX 8QLGLUHFWLRQDO OLQNV FDQ FDXVH D YDULHW\ RI SUREOHPV LQFOXGLQJ VSDQQLQJWUHH WRSRORJ\ ORRSV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGHXGOGKWPO
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHD
FRQILJXUDWLRQJXLGHVFJVZXGOGKWPOZS
48(67,21 
48(67,21 12 
:KLFK RSWLRQ OLVWV WKH PRGHV WKDW DUH DYDLODEOH IRU FRQILJXULQJ 8'/' RQ D &LVFR VZLWFK"
$QRUPDO DQG DJJUHVVLYH
%DFWLYH DQG DJJUHVVLYH
&QRUPDO DQG DFWLYH
'QRUPDO DQG SDVVLYH
(QRUPDO DQG VWDQGE\
&RUUHFW $QVZHU
$
6HFWLRQ 8'/' 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ XQLGLUHFWLRQDO OLQN RFFXUV ZKHQHYHU WUDIILF VHQW E\ D ORFDO GHYLFH LV UHFHLYHG E\ LWV QHLJKERU EXW WUDIILF IURP
WKH QHLJKERU LV QRW UHFHLYHG E\ WKH ORFDO GHYLFH
8'/' VXSSRUWV WZR PRGHV RI RSHUDWLRQ QRUPDO WKH GHIDXOW DQG DJJUHVVLYH ,Q QRUPDO PRGH 8'/' FDQ
GHWHFW XQLGLUHFWLRQDO OLQNV GXH WR PLVFRQQHFWHG LQWHUIDFHV RQ ILEHURSWLF FRQQHFWLRQV ,Q DJJUHVVLYH PRGH
8'/' FDQ DOVR GHWHFW XQLGLUHFWLRQDO OLQNV GXH WR RQHZD\ WUDIILF RQ ILEHURSWLF DQG WZLVWHGSDLU OLQNV DQG WR
PLVFRQQHFWHG LQWHUIDFHV RQ ILEHURSWLF OLQNV
7KH &LVFRSURSULHWDU\ 8'/' SURWRFRO PRQLWRUV WKH SK\VLFDO FRQILJXUDWLRQ RI WKH OLQNV EHWZHHQ GHYLFHV DQG
SRUWV WKDW VXSSRUW 8'/' 8'/' GHWHFWV WKH H[LVWHQFH RI XQLGLUHFWLRQDO OLQNV :KHQ D XQLGLUHFWLRQDO OLQN LV
GHWHFWHG 8'/' SXWV WKH DIIHFWHG SRUW LQWR WKH HUUGLVDEOHG VWDWH DQG DOHUWV WKH XVHU 8'/' FDQ RSHUDWH LQ
HLWKHU QRUPDO RU DJJUHVVLYH PRGH
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHD
FRQILJXUDWLRQJXLGHVFJVZXGOGKWPO
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGHXGOGKW PO
48(67,21 
48(67,21 12 
:KDW LV WKH GHIDXOW LQWHUYDO DW ZKLFK &LVFR GHYLFHV VHQG &LVFR 'LVFRYHU\ 3URWRFRO DGYHUWLVHPHQWV"
$ VHFRQGV
% VHFRQGV
& VHFRQGV
' VHFRQGV
&RUUHFW $QVZHU
%
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&LVFR 'LVFRYHU\ 3URWRFRO &'3 LV D SURSULHWDU\ SURWRFRO GHVLJQHG E\ &LVFR WR KHOS LQ ILQGLQJ LQIRUPDWLRQ
DERXW QHLJKERULQJ GHYLFHV 7KH GHIDXOW YDOXHV DUH  VHFRQGV IRU DGYHUWLVHPHQWV (DFK QHLJKERU ZLOO NHHS
WKH LQIRUPDWLRQ FRQWDLQHG LQ D SDFNHW IRU  VHFRQGV KROGGRZQ WLPHU 
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVLRV[POLRVFGSFRQILJXUDWLRQPWQPFGS GLVFRYHUKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW &LVFR 'LVFRYHU\ 3URWRFRO FRQILJXUDWLRQ RQ D &LVFR VZLWFK LV WUXH"
$&'3 LV HQDEOHG E\ GHIDXOW DQG FDQ EH GLVDEOHG JOREDOO\ ZLWK WKH FRPPDQG QR FGS UXQ
%&'3 LV GLVDEOHG E\ GHIDXOW DQG FDQ EH HQDEOHG JOREDOO\ ZLWK WKH FRPPDQG FGS HQDEOH
&&'3 LV HQDEOHG E\ GHIDXOW DQG FDQ EH GLVDEOHG JOREDOO\ ZLWK WKH FRPPDQG QR FGS HQDEOH
'&'3 LV GLVDEOHG E\ GHIDXOW DQG FDQ EH HQDEOHG JOREDOO\ ZLWK WKH FRPPDQG FGS UXQ
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&'3 LV HQDEOHG RQ \RXU URXWHU E\ GHIDXOW ZKLFK PHDQV WKH &LVFR ,26 VRIWZDUH ZLOO UHFHLYH &'3
LQIRUPDWLRQ &'3 DOVR LV HQDEOHG RQ VXSSRUWHG LQWHUIDFHV E\ GHIDXOW 7R GLVDEOH &'3 RQ DQ LQWHUIDFH XVH
WKH QR FGS HQDEOH LQWHUIDFH FRQILJXUDWLRQ FRPPDQG 7R GLVDEOH LW JOREDOO\ XVH WKH QR FGS UXQ FRPPDQG
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVLRVBFRQILJIXQFRPPDQGUHIHUHQFHIUIKWPOZS
48(67,21 
48(67,21 12 
:KLFK 973 PRGH LV QHHGHG WR FRQILJXUH DQ H[WHQGHG 9/$1 ZKHQ D VZLWFK LV FRQILJXUHG WR XVH 973
YHUVLRQV  RU "
$WUDQVSDUHQW
%FOLHQW
&VHUYHU
'([WHQGHG 9/$1V DUH RQO\ VXSSRUWHG LQ YHUVLRQ  DQG QRW LQ YHUVLRQV  RU 
&RUUHFW $QVZHU
'
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 YHUVLRQ  DQG YHUVLRQ  VXSSRUW 9/$1V  WR  RQO\ ([WHQGHGUDQJH 9/$1V DUH VXSSRUWHG RQO\ LQ
973 YHUVLRQ  ,I FRQYHUWLQJ IURP 973 YHUVLRQ  WR 973 YHUVLRQ  9/$1V LQ WKH UDQJH  WR  DUH
UHPRYHG IURP 973 FRQWURO
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGHYWSKW PO
48(67,21 
48(67,21 12 
:KDW LV WKH VL]H RI WKH 9/$1 ILHOG LQVLGH DQ T IUDPH"
$ELW
%ELW
&ELW
'ELW
&RUUHFW $QVZHU
%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH 9/$1 ,' ILHOG LQVLGH DQ T IUDPH FRQVLVWV RI  ELWV 7KHUHIRUH ZH KDYH   9/$1 ,'V
WKHRUHWLFDOO\
7KH KH[DGHFLPDO YDOXHV RI [ DQG [))) DUH UHVHUYHG $OO RWKHU YDOXHV PD\ EH XVHG DV 9/$1
LGHQWLILHUV DOORZLQJ XS WR  9/$1V
5HIHUHQFH KWWSHQZLNLSHGLDRUJZLNL,(((B4
48(67,21 
48(67,21 12 
:KDW LV WKH PD[LPXP QXPEHU RI 9/$1V WKDW FDQ EH DVVLJQHG WR DQ DFFHVV VZLWFKSRUW ZLWKRXW D YRLFH
9/$1"
$
%
&
'
&RUUHFW $QVZHU
%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ VWDQGDUG QRQYRLFH 9/$1 SRUW DFFHVV VZLWFK SRUW FDQ EHORQJ WR RQO\ D VLQJOH 9/$1 ,I PRUH WKDQ RQH
9/$1 LV QHHGHG WKH SRUW VKRXOG EH FRQILJXUHG DV D WUXQN SRUW
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK RSWLRQ VKRZV WKH H[SHFWHG UHVXOW LI D VKRZ YODQ FRPPDQG LV LVVXHG"
$
%
&
'
&RUUHFW $QVZHU
$
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)LUVW ZH ZLOO H[SODLQ WKHVH WZR FRPPDQGV
7KH ILUVW FRPPDQG LV XVHG IRU DQ DFFHVV SRUW ZKLVW WKH VHFRQG LV XVHG IRU D WUXQN VR ZK\ DUH WKH\ KHUH DW
WKH VDPH WLPH" ,Q IDFW WKLV LQWHUIDFH ZDV VHW DV D WUXQN 7KH ³VZLWFKSRUW DFFHVV YODQ ´ LV VWLOO WKHUH EXW LW
GRHV QRW DIIHFW WKH RSHUDWLRQDO PRGH RI WKH SRUW ! *L LV D WUXQN SRUW VR LW ZLOO QRW DSSHDU LQ WKH ³VKRZ
YODQ´ FRPPDQG
7KH ³VZLWFKSRUW YRLFH YODQ ´ FRPPDQG KHUH RQO\ WULHV WR FRQIXVH \RX %XW LW GRHV KDYH DQ HIIHFW RQ WKH
SRUW &LVFR XVHV &'3 WR VSHFLI\ D &LVFR ,3 3KRQH DQG ZLOO DXWRPDWLFDOO\ SODFH WKDW WUDIILF LQWR WKH YRLFH
9/$1 )RU H[DPSOH LI ZH FRQILJXUH OLNH WKLV
7KHQ WKH YRLFH WUDIILF IURP D &LVFR ,3 3KRQH ZLOO EH SODFHG LQWR 9/$1 
1RWH ,Q WKH DERYH FRQILJXUDWLRQ WKH GDWD DQG YRLFH XVH WKH VDPH LQWHUIDFH ID VR LW VKRXOG EH FRQILJXUHG
DV D WUXQN OLQN
,Q WKLV FDVH WKH SRUW KDV EHHQ FRQILJXUHG ERWK DV D WUXQN DQG DV D VZLWFKSRUW LQ GDWD YODQ  2EYLRXVO\ D
SRUW FDQ QRW EH ERWK VR HYHQ WKRXJK &LVFR ,26 ZLOO DFFHSW ERWK WKH SRUW ZLOO DFWXDOO\ EH XVHG DV D WUXQN
LJQRULQJ WKH VZLWFKSRUW DFFHVV 9/$1  FRPPDQG
5HIHUHQFH KWWSZZZFLVFRFRPHQ86SURGXFWVKZVZLWFKHVSV
SURGXFWVBFRQILJXUDWLRQBH[DPSOHDFGEVKWPO
48(67,21 
48(67,21 12 
:KLFK IHDWXUH LV DXWRPDWLFDOO\ HQDEOHG ZKHQ D YRLFH 9/$1 LV FRQILJXUHG EXW QRW DXWRPDWLFDOO\ GLVDEOHG
ZKHQ D YRLFH 9/$1 LV UHPRYHG"
$SRUWIDVW
%SRUWVHFXULW\
&VSDQQLQJ WUHH
'VWRUP FRQWURO
&RUUHFW $QVZHU
$
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
9RLFH 9/$1 &RQILJXUDWLRQ *XLGHOLQHV
··7KH YRLFH 9/$1 VKRXOG EH SUHVHQW DQG DFWLYH RQ WKH VZLWFK IRU WKH ,3 SKRQH WR FRUUHFWO\ FRPPXQLFDWH RQ
WKH YRLFH 9/$1 8VH WKH VKRZ YODQ SULYLOHJHG (;(& FRPPDQG WR VHH LI WKH 9/$1 LV SUHVHQW OLVWHG LQ WKH
GLVSOD\ 
·7KH 3RUW )DVW IHDWXUH LV DXWRPDWLFDOO\ HQDEOHG ZKHQ YRLFH 9/$1 LV FRQILJXUHG :KHQ \RX GLVDEOH YRLFH
9/$1 WKH 3RUW )DVW IHDWXUH LV QRW DXWRPDWLFDOO\ GLVDEOHG
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHD[FRQI
LJXUDWLRQJXLGHVZYRLSKWPO
48(67,21 
48(67,21 12 
,Q ZKLFK SRUWLRQ RI WKH IUDPH LV WKH T KHDGHU IRXQG"
$
ZLWKLQ WKH (WKHUQHW KHDGHU
%
ZLWKLQ WKH (WKHUQHW SD\ORDG
&
ZLWKLQ WKH (WKHUQHW )&6
'
ZLWKLQ WKH (WKHUQHW VRXUFH 0$& DGGUHVV
&RUUHFW $QVZHU
$
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
4 9/$1 IUDPHV DUH GLVWLQJXLVKHG IURP RUGLQDU\ (WKHUQHW IUDPHV E\ WKH LQVHUWLRQ RI D E\WH 9/$1 WDJ
LQWR WKH (WKHUQHW KHDGHU
,QVHUWLRQ RI 4 WDJ LQ DQ (WKHUQHW IUDPH 4 GRHV QRW HQFDSVXODWH WKH RULJLQDO IUDPH ,QVWHDG IRU
(WKHUQHW IUDPHV LW DGGV D ELW ILHOG EHWZHHQ WKH VRXUFH 0$& DGGUHVV DQG WKH (WKHU7\SHOHQJWK ILHOGV RI
WKH RULJLQDO IUDPH
5HIHUHQFH KWWSHQZLNLSHGLDRUJZLNL,(((B4
48(67,21 
48(67,21 12 
:KLFK 9/$1 UDQJH LV HOLJLEOH WR EH SUXQHG ZKHQ D QHWZRUN HQJLQHHU HQDEOHV 973 SUXQLQJ RQ D VZLWFK"
$
9/$1V 
%
9/$1V 
&
9/$1V 
'
9/$1V 
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
9/$1  DQG 9/$1V  WR  DUH DOZD\V SUXQLQJLQHOLJLEOH WUDIILF IURP WKHVH 9/$1V FDQQRW EH SUXQHG
([WHQGHGUDQJH 9/$1V 9/$1 ,'V KLJKHU WKDQ  DUH DOVR SUXQLQJLQHOLJLEOH 7KHUHIRUH 973 SUXQLQJ
FDQ EH DSSOLHG RQO\ IURP 9/$1  WR 
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVH
FRQILJXUDWLRQJXLGHVFJBVZYWSKWPO
48(67,21 
48(67,21 12 
:KLFK IHDWXUH PXVW EH HQDEOHG WR HOLPLQDWH WKH EURDGFDVWLQJ RI DOO XQNQRZQ WUDIILF WR VZLWFKHV WKDW DUH QRW
SDUWLFLSDWLQJ LQ WKH VSHFLILF 9/$1"
$
973 SUXQLQJ
%SRUWVHFXULW\
&VWRUP FRQWURO
'ESGJXDUG
&RUUHFW $QVZHU
$
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 HQVXUHV WKDW DOO VZLWFKHV LQ WKH 973 GRPDLQ DUH DZDUH RI DOO 9/$1V +RZHYHU WKHUH DUH RFFDVLRQV
ZKHQ 973 FDQ FUHDWH XQQHFHVVDU\ WUDIILF $OO XQNQRZQ XQLFDVWV DQG EURDGFDVWV LQ D 9/$1 DUH IORRGHG RYHU
WKH HQWLUH 9/$1 $OO VZLWFKHV LQ WKH QHWZRUN UHFHLYH DOO EURDGFDVWV HYHQ LQ VLWXDWLRQV LQ ZKLFK IHZ XVHUV DUH
FRQQHFWHG LQ WKDW 9/$1 973 SUXQLQJ LV D IHDWXUH WKDW \RX XVH LQ RUGHU WR HOLPLQDWH RU SUXQH WKLV
XQQHFHVVDU\ WUDIILF
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJYWS KWPOYWSBSUXQLQJ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
7KH XVHUV LQ DQ HQJLQHHULQJ GHSDUWPHQW WKDW FRQQHFW WR WKH VDPH DFFHVV VZLWFK FDQQRW DFFHVV WKH
QHWZRUN 7KH QHWZRUN HQJLQHHU IRXQG WKDW WKH HQJLQHHULQJ 9/$1 LV PLVVLQJ IURP WKH GDWDEDVH :KLFK
DFWLRQ UHVROYHV WKLV SUREOHP"
$'LVDEOH 973 SUXQLQJ DQG GLVDEOH T
%8SGDWH WKH 973 UHYLVLRQ QXPEHU
&&KDQJH 973 PRGH WR VHUYHU DQG HQDEOH T
'(QDEOH 973 SUXQLQJ DQG GLVDEOH T
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q &OLHQW PRGH ZH FDQQRW FUHDWH 9/$1 DQG 6ZLWFK GRHV QRW KDYH DQ\ WUXQN OLQNV VR LW FDQQRW UHFHLYH DQ\
973 XSGDWHV 7KHUH LV QR DQVZHU ZLWK FRQILJXUH WUXQN OLQNV VR ZH KDYH WR FKRRVH WKH VROXWLRQ ³FKDQJH 973
PRGH WR VHUYHU DQG HQDEOH T´ %XW WKLV LV D GDQJHURXV VROXWLRQ EHFDXVH WKLV VZLWFK FDQ ³XSGDWH´ RWKHU
VZLWFKHV ZLWK LWV 9/$1 GDWDEDVH YLD 973 2QO\ 973 VHUYHUV FDQ DGG QHZ 9/$1V WR WKH VZLWFKHG QHWZRUN
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
7KH QHWZRUN VZLWFKHV IRU WZR FRPSDQLHV KDYH EHHQ FRQQHFWHG DQG PDQXDOO\ FRQILJXUHG IRU WKH UHTXLUHG
9/$1V EXW XVHUV LQ FRPSDQ\ $ DUH QRW DEOH WR DFFHVV QHWZRUN UHVRXUFHV LQ FRPSDQ\ % ZKHQ '73 LV
HQDEOHG :KLFK DFWLRQ UHVROYHV WKLV SUREOHP"
$'HOHWH YODQGDW DQG HQVXUH WKDW WKH VZLWFK ZLWK ORZHVW 0$& DGGUHVV LV WKH 973 VHUYHU
%'LVDEOH '73 DQG GRFXPHQW WKH 973 GRPDLQ PLVPDWFK
&0DQXDOO\ IRUFH WUXQNLQJ ZLWK VZLWFKSRUW PRGH WUXQN RQ ERWK VZLWFKHV
'(QDEOH WKH FRPSDQ\ % VZLWFK ZLWK WKH YWS PRGH VHUYHU FRPPDQG
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6LQFH WKH QXPEHU RI H[LVWLQJ 9/$1V GLIIHU RQ WKH VZLWFKHV  RQ $ DQG  RQ % ZH NQRZ WKDW WKHUH LV D
SUREOHP ZLWK 973 RU WKH WUXQNLQJ LQWHUIDFHV 7KH 973 GRPDLQ QDPHV GR PDWFK DQG WKH\ DUH ERWK 973
VHUYHUV VR WKHUH DUH QR LVVXHV WKHUH 7KH RQO\ YLDEOH VROXWLRQ LV WKDW WKHUH LV D '73 LVVXHV DQG VR \RX PXVW
LQVWHDG PDQXDOO\ FRQILJXUH WKH WUXQN SRUWV EHWZHHQ WKHVH WZR VZLWFKHV VR WKDW WKH 9/$1 LQIRUPDWLRQ FDQ EH
VHQW WR HDFK VZLWFK
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU PXVW LPSOHPHQW (WKHUQHW OLQNV WKDW DUH FDSDEOH RI WUDQVSRUWLQJ IUDPHV DQG ,3 WUDIILF IRU
GLIIHUHQW EURDGFDVW GRPDLQV WKDW DUH PXWXDOO\ LVRODWHG &RQVLGHU WKDW WKLV LV D PXOWLYHQGRU HQYLURQPHQW
:KLFK &LVFR ,26 VZLWFKLQJ IHDWXUH FDQ EH XVHG WR DFKLHYH WKH WDVN"
$333 HQFDSVXODWLRQ ZLWK D YLUWXDO WHPSODWH
%/LQN $JJUHJDWLRQ 3URWRFRO DW WKH DFFHVV OD\HU
&GRWT 9/$1 WUXQNLQJ
',QWHU6ZLWFK /LQN
&RUUHFW $QVZHU
&
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
+HUH WKH TXHVWLRQ DVNV IRU WUDQVSRUWLQJ IUDPHV DQG ,3 WUDIILF IRU GLIIHUHQW EURDGFDVW GRPDLQV WKDW DUH
PXWXDOO\ LVRODWHG ZKLFK LV EDVLFDOO\ D ORQJ ZD\ RI VD\LQJ 9/$1V VR WUXQNLQJ LV QHHGHG WR FDUU\ 9/$1
LQIRUPDWLRQ 7KHUH DUH  GLIIHUHQW PHWKRGV IRU WUXQNLQJ 4 DQG ,6/ 2I WKHVH RQO\ 4 LV VXSSRUWHG
E\ PXOWLSOH YHQGRUV VLQFH ,6/ LV D &LVFR SURSULHWDU\ SURWRFRO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW XVLQJ QDWLYH 9/$1V WR FDUU\ XQWDJJHG IUDPHV LV WUXH"
$&LVFR 'LVFRYHU\ 3URWRFRO YHUVLRQ  FDUULHV QDWLYH 9/$1 LQIRUPDWLRQ EXW YHUVLRQ  GRHV QRW
%&LVFR 'LVFRYHU\ 3URWRFRO YHUVLRQ  FDUULHV QDWLYH 9/$1 LQIRUPDWLRQ EXW YHUVLRQ  GRHV QRW
&&LVFR 'LVFRYHU\ 3URWRFRO YHUVLRQ  DQG YHUVLRQ  FDUU\ QDWLYH 9/$1 LQIRUPDWLRQ
'&LVFR 'LVFRYHU\ 3URWRFRO YHUVLRQ  FDUULHV QDWLYH 9/$1 LQIRUPDWLRQ EXW YHUVLRQV  DQG  GR QRW
&RUUHFW $QVZHU
$
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&LVFR 'LVFRYHU\ 3URWRFRO &'3 YHUVLRQ  SDVVHV QDWLYH 9/$1 LQIRUPDWLRQ EHWZHHQ &LVFR VZLWFKHV ,I \RX
KDYH D QDWLYH 9/$1 PLVPDWFK \RX ZLOO VHH &'3 HUURU PHVVDJHV RQ WKH FRQVROH RXWSXW &'3 9 KDV WKUHH
DGGLWLRQDO W\SH OHQJWK YDOXHV 7/9V 
973 0DQDJHPHQW 'RPDLQ 1DPH
1DWLYH 9/$1
IXOOKDOI'XSOH[
5HIHUHQFH KWWSZZZFLVFRSUHVVFRPDUWLFOHVDUWLFOHDVS"S  VHT1XP 
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
$ PXOWLOD\HU VZLWFK KDV EHHQ FRQILJXUHG WR VHQG DQG UHFHLYH HQFDSVXODWHG DQG WDJJHG IUDPHV 9/$1 
RQ WKH PXOWLOD\HU VZLWFK LV FRQILJXUHG DV WKH QDWLYH 9/$1 :KLFK RSWLRQ LV WKH FDXVH RI WKH VSDQQLQJWUHH
HUURU"
$
9/$1 VSDQQLQJWUHH LQ 6: LV FRQILJXUHG
%VSDQQLQJWUHH ESGXILOWHU LV HQDEOHG
&T WUXQNV DUH RQ ERWK VLGHV ERWK ZLWK QDWLYH 9/$1 PLVPDWFK
'
9/$1 ,'  VKRXOG QRW EH XVHG IRU PDQDJHPHQW WUDIILF EHFDXVH LWV XQVDIH
&RUUHFW $QVZHU
&
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
+HUH ZH VHH WKDW WKH QDWLYH 9/$1 KDV EHHQ FRQILJXUHG DV  RQ RQH VZLWFK EXW  WKH GHIDXOW QDWLYH
9/$1 RQ WKH RWKHU VZLWFK ,I \RX XVH 4 WUXQNV \RX PXVW HQVXUH WKDW \RX FKRRVH D FRPPRQ QDWLYH
9/$1 IRU HDFK SRUW LQ WKH WUXQN )DLOXUH WR GR WKLV FDXVHV &LVFR VZLWFKHV WR SDUWLDOO\ VKXW GRZQ WKH WUXQN
SRUW EHFDXVH KDYLQJ PLVPDWFKHG QDWLYH 9/$1V FDQ UHVXOW LQ VSDQQLQJWUHH ORRSV 1DWLYH 9/$1 PLVPDWFKHV
DUH GHWHFWHG YLD VSDQQLQJ WUHH DQG &LVFR 'LVFRYHU\ 3URWRFRO &'3  QRW YLD '73 PHVVDJHV ,I VSDQQLQJ
WUHH GHWHFWV D QDWLYH 9/$1 PLVPDWFK VSDQQLQJ WUHH EORFNV ORFDO QDWLYH 9/$1 WUDIILF DQG WKH UHPRWH VZLWFK
QDWLYH 9/$1 WUDIILF RQ WKH WUXQN KRZHYHU WKH WUXQN VWLOO UHPDLQV XS IRU RWKHU 9/$1V
5HIHUHQFH
KWWSZZZLQIRUPLWFRPOLEUDU\FRQWHQWDVS["E &&13B6WXGLHVB6ZLWFKLQJ VHT1XP 
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU PXVW LPSURYH EDQGZLGWK DQG UHVRXUFH XWLOL]DWLRQ RQ WKH VZLWFKHV E\ VWRSSLQJ WKH
LQHIILFLHQW IORRGLQJ RI IUDPHV RQ WUXQN SRUWV ZKHUH WKH IUDPHV DUH QRW QHHGHG :KLFK &LVFR ,26 IHDWXUH FDQ
EH XVHG WR DFKLHYH WKLV WDVN"
$
973 SUXQLQJ
%DFFHVV OLVW
&VZLWFKSRUW WUXQN DOORZHG 9/$1
'
9/$1 DFFHVVPDS
&RUUHFW $QVZHU
$
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&LVFR DGYRFDWHV WKH EHQHILWV RI SUXQLQJ 9/$1V LQ RUGHU WR UHGXFH XQQHFHVVDU\ IUDPH IORRGLQJ 7KH YWS
SUXQLQJ FRPPDQG SUXQHV 9/$1V DXWRPDWLFDOO\ ZKLFK VWRSV WKH LQHIILFLHQW IORRGLQJ RI IUDPHV ZKHUH WKH\
DUH QRW QHHGHG OLNH EURDGFDVW DQG XQNQRZQ XQLFDVW IUDPHV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVVZLWFKHVFDWDO\VWVHULHV VZLWFKHV
KWPO
48(67,21 
48(67,21 12 
:KLFK DFWLRQ DOORZV D QHWZRUN HQJLQHHU WR OLPLW D GHIDXOW 9/$1 IURP EHLQJ SURSDJDWHG DFURVV DOO WUXQNV"
$8SJUDGH WR 973 YHUVLRQ  IRU DGYDQFHG IHDWXUH VHW VXSSRUW
%(QDEOH 973 SUXQLQJ RQ WKH 973 VHUYHU
&0DQXDOO\ SUXQH GHIDXOW 9/$1 ZLWK VZLWFKSRUW WUXQN DOORZHG YODQV UHPRYH
'8VH WUXQN SUXQLQJ YODQ 
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
0DQDXOO\ SUXQLQJ WKH GHIDXOW 9/$1  FDQ RQO\ EH GRQH ZLWK WKH VZLWFKSRUW WUXQN DOORZHG YODQV UHPRYH
FRPPDQG 9/$1  LV QRW 973 SUXQLQJ HOLJLEOH VR LW FDQQRW EH GRQH YLD 973 SUXQLQJ 7KH WUXQN SUXQLQJ
YODQ  RSWLRQ LV QRW D YDOLG FRPPDQG
3DVV $Q\ ([DP $Q\ 7LPH  ZZZDFWXDOWHVWVFRP 
&LVFR  ([DP
48(67,21 
48(67,21 12 
:KDW LV UHTXLUHG IRU D /$1 VZLWFK WR VXSSRUW T 4LQ4 HQFDSVXODWLRQ"
$6XSSRUW OHVV WKDQ  078
%6XSSRUW  078 RU KLJKHU
&6XSSRUW  OD\HU  ,3 DQG ,3; SDFNHW
'6XSSRUW  078 RQO\
&RUUHFW $QVZHU
%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH GHIDXOW V\VWHP 078 IRU WUDIILF RQ &DWDO\VW VZLWFKHV LV  E\WHV %HFDXVH WKH 4 WXQQHOLQJ 4LQ
4 IHDWXUH LQFUHDVHV WKH IUDPH VL]H E\  E\WHV ZKHQ WKH H[WUD WDJ LV DGGHG \RX PXVW FRQILJXUH DOO VZLWFKHV
LQ WKH VHUYLFHSURYLGHU QHWZRUN WR EH DEOH WR SURFHVV PD[LPXP IUDPHV E\ LQFUHDVLQJ WKH VZLWFK V\VWHP
078 VL]H WR DW OHDVW  E\WHV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHDFRQILJ XUDWLRQ
JXLGHVZWXQQHOKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
+RZ PDQ\ E\WHV DUH DGGHG WR HDFK IUDPH DV D UHVXOW RI WKH FRQILJXUDWLRQ"
$E\WHV H[FHSW WKH QDWLYH 9/$1
%E\WHV H[FHSW WKH QDWLYH 9/$1
&E\WHV LQFOXGLQJ QDWLYH 9/$1
'E\WHV LQFOXGLQJ QDWLYH 9/$1
&RUUHFW $QVZHU
$
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q 4 WKH WUXQNLQJ GHYLFH LQVHUWV D E\WH WDJ LQWR WKH RULJLQDO IUDPH DQG UHFRPSXWHV WKH IUDPH FKHFN
VHTXHQFH )&6 EHIRUH WKH GHYLFH VHQGV WKH IUDPH RYHU WKH WUXQN OLQN $W WKH UHFHLYLQJ HQG WKH WDJ LV
UHPRYHG DQG WKH IUDPH LV IRUZDUGHG WR WKH DVVLJQHG 9/$1 4 GRHV QRW WDJ IUDPHV RQ WKH QDWLYH
9/$1 ,W WDJV DOO RWKHU IUDPHV WKDW DUH WUDQVPLWWHG DQG UHFHLYHG RQ WKH WUXQN 7ZR E\WHV DUH XVHG IRU WKH
WDJ SURWRFRO LGHQWLILHU 73,'  WKH RWKHU WZR E\WHV IRU WDJ FRQWURO LQIRUPDWLRQ 7&, 
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJTKWPO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU FRQILJXUHG D IDXOWWROHUDQFH OLQN RQ *LJDELW (WKHUQHW OLQNV * * * DQG *
EHWZHHQ WZR VZLWFKHV XVLQJ (WKHUQHW SRUWFKDQQHO :KLFK DFWLRQ DOORZV LQWHUIDFH * WR DOZD\V DFWLYHO\
IRUZDUG WUDIILF LQ WKH SRUWFKDQQHO"
$&RQILJXUH * DV KDOI GXSOH[ DQG * DV IXOO GXSOH[
%&RQILJXUH /$&3 SRUWSULRULW\ RQ * WR 
&&RQILJXUH /$&3 SRUWSULRULW\ RQ * WR 
'/$&3 WUDIILF JRHV WKURXJK * EHFDXVH LW LV WKH KLJKHVW LQWHUIDFH ,'
&RUUHFW $QVZHU
%
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ /$&3 SRUW SULRULW\ LV FRQILJXUHG RQ HDFK SRUW XVLQJ /$&3 7KH SRUW SULRULW\ FDQ EH FRQILJXUHG
DXWRPDWLFDOO\ RU WKURXJK WKH &/, /$&3 XVHV WKH SRUW SULRULW\ ZLWK WKH SRUW QXPEHU WR IRUP WKH SRUW LGHQWLILHU
7KH SRUW SULRULW\ GHWHUPLQHV ZKLFK SRUWV VKRXOG EH SXW LQ VWDQGE\ PRGH ZKHQ WKHUH LV D KDUGZDUH OLPLWDWLRQ
WKDW SUHYHQWV DOO FRPSDWLEOH SRUWV IURP DJJUHJDWLQJ
7KH V\QWD[ RI /$&3 SRUW SULRULW\ LV FRQILJXUHG XQGHU LQWHUIDFH PRGH 
&RPPDQG
ODFS SRUWSULRULW\ SULRULW\YDOXH
7KH ORZHU WKH UDQJH WKH PRUH OLNHO\ WKDW WKH LQWHUIDFH ZLOO EH XVHG IRU /$&3 WUDQVPLVVLRQ
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVLRVBVEIHDWXUHJXLGHJLJHWKKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW WKH XVH RI 3DJ3 OLQN DJJUHJDWLRQ RQ D &LVFR VZLWFK WKDW LV UXQQLQJ &LVFR ,26
6RIWZDUH LV WUXH"
$3DJ3 PRGHV DUH RII DXWR GHVLUDEOH DQG RQ 2QO\ WKH FRPELQDWLRQV DXWRGHVLUDEOH GHVLUDEOH
GHVLUDEOH DQG RQRQ DOORZ WKH IRUPDWLRQ RI D FKDQQHO
%3DJ3 PRGHV DUH DFWLYH GHVLUDEOH DQG RQ 2QO\ WKH FRPELQDWLRQV DFWLYHGHVLUDEOH GHVLUDEOH GHVLUDEOH
DQG RQRQ DOORZ WKH IRUPDWLRQ RI D FKDQQHO
&3DJ3 PRGHV DUH DFWLYH GHVLUDEOH DQG RQ 2QO\ WKH FRPELQDWLRQV DFWLYHDFWLYH GHVLUDEOH GHVLUDEOH
DQG RQRQ DOORZ WKH IRUPDWLRQ RI D FKDQQHO
'3DJ3 PRGHV DUH RII DFWLYH GHVLUDEOH DQG RQ 2QO\ WKH FRPELQDWLRQV DXWRDXWR GHVLUDEOH GHVLUDEOH
DQG RQRQ DOORZ WKH IRUPDWLRQ RI D FKDQQHO
&RUUHFW $QVZHU
$
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU 3$J3
)RU ³RQ´ PRGH WKH OLQN DJJUHJDWLRQ LV IRUFHG WR EH IRUPHG ZLWKRXW DQ\ 3$J3 QHJRWLDWLRQ $ SRUWFKDQQHO LV
IRUPHG RQO\ LI WKH SHHU SRUW LV DOVR LQ ³RQ´ PRGH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK (WKHU&KDQQHO QHJRWLDWLRQ SURWRFRO LV FRQILJXUHG RQ WKH LQWHUIDFH I I"
$/LQN &RPELQDWLRQ &RQWURO 3URWRFRO
%3RUW $JJUHJDWLRQ 3URWRFRO
&3RUW &RPELQDWLRQ 3URWRFRO
'/LQN $JJUHJDWLRQ &RQWURO 3URWRFRO
&RUUHFW $QVZHU
%
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
3$J3 PRGHV DUH RII DXWR GHVLUDEOH DQG RQ 2QO\ WKH FRPELQDWLRQV DXWRGHVLUDEOH GHVLUDEOH GHVLUDEOH
DQG RQRQ ZLOO DOORZ D FKDQQHO WR EH IRUPHG 
7KH /LQN $JJUHJDWH &RQWURO 3URWRFRO /$&3 WUXQNLQJ VXSSRUWV IRXU PRGHV RI RSHUDWLRQ
,Q WKLV H[DPSOH ZH VHH WKDW ID  ID DQG ID DUH DOO LQ 3RUW &KDQQHO  ZKLFK LV RSHUDWLQJ LQ
GHVLUDEOH PRGH ZKLFK LV RQO\ D 3$J3 PRGH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
8VHUV RI 3& H[SHULHQFH VORZ FRQQHFWLRQ ZKHQ D ZHESDJH LV UHTXHVWHG IURP WKH VHUYHU 7R LQFUHDVH
EDQGZLGWK WKH QHWZRUN HQJLQHHU FRQILJXUHG DQ (WKHU&KDQQHO RQ LQWHUIDFHV )D DQG )D RI WKH VHUYHU
IDUP VZLWFK DV VKRZQ KHUH
6HUYHUB6ZLWFKVK HWKHUFKDQQHO ORDGEDODQFH
(WKHU&KDQQHO /RDG%DODQFLQJ 2SHUDWLRQDO 6WDWH VUFPDF 
1RQ,3 6RXUFH 0$& DGGUHVV
,3Y 6RXUFH 0$& DGGUHVV
,3Y 6RXUFH ,3 DGGUHVV
6HUYHUB6ZLWFK
+RZH,HU WUDIILF LV VWLOO VORZ :KLFK DFWLRQ FDQ WKH HQJLQHHU WDNH WR UHVROYH WKLV LVVXH"
$'LVDEOH (WKHU&KDQQHO ORDG EDODQFLQJ
%8SJUDGH WKH VZLWFK ,26 WR ,3 VHUYLFHV LPDJH
&&KDQJH WKH ORDGEDODQFH PHWKRG WR GVWPDF
'&RQWDFW &LVFR 7$& WR UHSRUW D EXJ RQ WKH VZLWFK
&RUUHFW $QVZHU
&
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6LQFH WKLV WUDIILF LV FRPLQJ IURP 3& WKH VRXUFH 0$& DGGUHVV ZLOO DOZD\V EH WKDW RI 3& DQG VLQFH WKH
ORDG EDODQFLQJ PHWKRG LV VRXUFH 0$& WUDIILF ZLOO RQO\ EH XVLQJ RQH RI WKH SRUW FKDQQHO OLQNV 7KH ORDG
EDODQFLQJ PHWKRG VKRXOG EH FKDQJHG WR GHVWLQDWLRQ 0$& VLQFH WKH ZHE VHUYHU KDV WZR 1,&V WUDIILF ZLOO EH
ORDG EDODQFHG DFURVV ERWK 0$& DGGUHVVHV %\ FKDQJLQJ ORDGEDODQFH WR DQRWKHU PHWKRG WKH SUREOHP FDQ
EH VROYHG ,Q WKLV FDVH & LV WKH EHVW FKRLFH EHFDXVH RWKHU DQVZHUV DUH VXUHO\ LQFRUUHFW
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU FKDQJHG WKH SRUW VSHHG DQG GXSOH[ VHWWLQJ RI DQ H[LVWLQJ (WKHU&KDQQHO EXQGOH WKDW
XVHV WKH 3$J3 SURWRFRO :KLFK VWDWHPHQW GHVFULEHV ZKDW KDSSHQV WR DOO SRUWV LQ WKH EXQGOH"
$3$J3 FKDQJHV WKH SRUW VSHHG DQG GXSOH[ IRU DOO SRUWV LQ WKH EXQGOH
%3$J3 GURSV WKH SRUWV WKDW GR QRW PDWFK WKH FRQILJXUDWLRQ
&3$J3 GRHV QRW FKDQJH WKH SRUW VSHHG DQG GXSOH[ IRU DOO SRUWV LQ WKH EXQGOH XQWLO WKH VZLWFK LV UHERRWHG
'3$J3 FKDQJHV WKH SRUW VSHHG EXW QRW WKH GXSOH[ IRU DOO SRUWV LQ WKH EXQGOH
&RUUHFW $QVZHU
$
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&RQILJXUDWLRQ FKDQJHV DSSOLHG WR WKH SRUWFKDQQHO LQWHUIDFH DSSO\ WR DOO WKH SK\VLFDO SRUWV DVVLJQHG WR WKH
SRUWFKDQQHO LQWHUIDFH &RQILJXUDWLRQ FKDQJHV DSSOLHG WR WKH SK\VLFDO SRUW DIIHFW RQO\ WKH SRUW ZKHUH \RX
DSSO\ WKH FRQILJXUDWLRQ 7R FKDQJH WKH SDUDPHWHUV RI DOO SRUWV LQ DQ (WKHU&KDQQHO DSSO\ FRQILJXUDWLRQ
FRPPDQGV WR WKH SRUWFKDQQHO LQWHUIDFH IRU H[DPSOH VSDQQLQJWUHH FRPPDQGV RU FRPPDQGV WR FRQILJXUH
D /D\HU  (WKHU&KDQQHO DV D WUXQN
1RWH ,I ZH RQO\ FKDQJH WKH SDUDPHWHUV RQ D SK\VLFDO SRUW RI WKH SRUWFKDQQHO WKH SRUWFKDQQHO PD\ JR
GRZQ EHFDXVH RI SDUDPHWHU PLVPDWFK )RU H[DPSOH LI \RX RQO\ FRQILJXUH
³VZLWFKSRUW WUXQN DOORZHG YODQ «´ RQ D SK\VLFDO SRUW WKH SRUWFKDQQHO ZLOO JR GRZQ

3$J3 DLGV LQ WKH DXWRPDWLF FUHDWLRQ RI (WKHU&KDQQHO OLQNV 3$J3 SDFNHWV DUH VHQW EHWZHHQ (WKHU&KDQQHO
FDSDEOH SRUWV LQ RUGHU WR QHJRWLDWH WKH IRUPDWLRQ RI D FKDQQHO 6RPH UHVWULFWLRQV DUH GHOLEHUDWHO\ LQWURGXFHG
LQWR 3$J3 7KH UHVWULFWLRQV DUH
·3$J3 GRHV QRW IRUP D EXQGOH RQ SRUWV WKDW DUH FRQILJXUHG IRU G\QDPLF 9/$1V 3$J3 UHTXLUHV WKDW DOO SRUWV
LQ WKH FKDQQHO EHORQJ WR WKH VDPH 9/$1 RU DUH FRQILJXUHG DV WUXQN SRUWV :KHQ D EXQGOH DOUHDG\ H[LVWV
DQG D 9/$1 RI D SRUW LV PRGLILHG DOO SRUWV LQ WKH EXQGOH DUH PRGLILHG WR PDWFK WKDW 9/$1
·3$J3 GRHV QRW JURXS SRUWV WKDW RSHUDWH DW GLIIHUHQW VSHHGV RU SRUW GXSOH[ ,I VSHHG DQG GXSOH[ FKDQJH
ZKHQ D EXQGOH H[LVWV 3$J3 FKDQJHV WKH SRUW VSHHG DQG GXSOH[ IRU DOO SRUWV LQ WKH EXQGOH
·3$J3 PRGHV DUH RII DXWR GHVLUDEOH DQG RQ 2QO\ WKH FRPELQDWLRQV DXWRGHVLUDEOH GHVLUDEOH GHVLUDEOH
DQG RQRQ DOORZ WKH IRUPDWLRQ RI D FKDQQHO 7KH GHYLFH RQ WKH RWKHU VLGH PXVW KDYH 3$J3 VHW WR RQ LI D
GHYLFH RQ RQH VLGH RI WKH FKDQQHO GRHV QRW VXSSRUW 3$J3 VXFK DV D URXWHU
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJHWKHUFKDQQHOKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW XVLQJ (WKHU&KDQQHO RQ &LVFR ,26 VZLWFKHV LV WUXH"
$$ VZLWFK FDQ VXSSRUW XS WR HLJKW FRPSDWLEO\ FRQILJXUHG (WKHUQHW LQWHUIDFHV LQ DQ (WKHU&KDQQHO 7KH
(WKHU&KDQQHO SURYLGHV IXOOGXSOH[ EDQGZLGWK XS WR  0ESV RQO\ IRU )DVW (WKHU&KDQQHO RU  *ESV RQO\
IRU *LJDELW (WKHU&KDQQHO
%$ VZLWFK FDQ VXSSRUW XS WR  FRPSDWLEO\ FRQILJXUHG (WKHUQHW LQWHUIDFHV LQ DQ (WKHU&KDQQHO 7KH
(WKHU&KDQQHO SURYLGHV IXOOGXSOH[ EDQGZLGWK XS WR  0ESV RQO\ IRU )DVW (WKHU&KDQQHO RU  *ESV
RQO\ IRU *LJDELW (WKHU&KDQQHO
&$ VZLWFK FDQ VXSSRUW XS WR HLJKW FRPSDWLEO\ FRQILJXUHG (WKHUQHW LQWHUIDFHV LQ DQ (WKHU&KDQQHO 7KH
(WKHU&KDQQHO SURYLGHV IXOOGXSOH[ EDQGZLGWK XS WR  0ESV RQO\ IRU )DVW (WKHU&KDQQHO RU  *ESV
RQO\ IRU *LJDELW (WKHU&KDQQHO
'$ VZLWFK FDQ VXSSRUW XS WR  FRPSDWLEO\ FRQILJXUHG (WKHUQHW LQWHUIDFHV LQ DQ (WKHU&KDQQHO 7KH
(WKHU&KDQQHO SURYLGHV IXOOGXSOH[ EDQGZLGWK XS WR  0ESV RQO\ IRU )DVW (WKHU&KDQQHO RU  *ESV
RQO\ IRU *LJDELW (WKHU&KDQQHO
&RUUHFW $QVZHU
$
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH (WKHU&KDQQHO SURYLGHV IXOOGXSOH[ EDQGZLGWK XS WR  0ESV )DVW (WKHU&KDQQHO RU  *ESV *LJDELW
(WKHU&KDQQHO EHWZHHQ \RXU VZLWFK DQG DQRWKHU VZLWFK RU KRVW (DFK (WKHU&KDQQHO FDQ FRQVLVW RI XS WR
HLJKW FRPSDWLEO\ FRQILJXUHG (WKHUQHW LQWHUIDFHV $OO LQWHUIDFHV LQ HDFK (WKHU&KDQQHO PXVW EH WKH VDPH
VSHHG DQG DOO PXVW EH FRQILJXUHG DV HLWKHU /D\HU  RU /D\HU  LQWHUIDFHV
1RWH  0ESV IXOOGXSOH[ PHDQV GDWD FDQ EH WUDQVPLWWHG DW  0ESV DQG UHFHLYHG DW  0ESV 
0ESV LQ WRWDO 
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHD
FRQILJXUDWLRQJXLGHVFJVZHWKFKOKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK VWDWHPHQW DERXW VZLWFK 6 LV WUXH"
$3K\VLFDO SRUW )D )D DQG )D VXFFHVVIXOO\ IRUPHG D /D\HU  SRUWFKDQQHO LQWHUIDFH XVLQJ DQ
RSHQ VWDQGDUG SURWRFRO
%/RJLFDO SRUW )D )D DQG )D VXFFHVVIXOO\ IRUPHG D /D\HU  SK\VLFDO SRUWFKDQQHO LQWHUIDFH
XVLQJ D &LVFR SURSULHWDU\ SURWRFRO
&3K\VLFDO SRUW )D )D DQG )D VXFFHVVIXOO\ IRUPHG D /D\HU  SRUWFKDQQHO LQWHUIDFH XVLQJ D
&LVFR SURSULHWDU\ SURWRFRO
'/RJLFDO SRUW )D )D DQG )D VXFFHVVIXOO\ IRUPHG D /D\HU  SK\VLFDO SRUWFKDQQHO LQWHUIDFH
XVLQJ DQ RSHQ VWDQGDUG SURWRFRO
&RUUHFW $QVZHU
$
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)URP WKH ODVW OLQH RI WKH RXWSXW ZH OHDUQ SK\VLFDO SRUWV )D )D DQG )D DUH EXQGOHG LQ 3RUW
&KDQQHO  DQG WKH 68 PHDQV WKH\ DUH LQ XVH DQG RSHUDWLQJ DW OD\HU  7KH SURWRFRO XVHG IRU WKLV SRUW
FKDQQHO VKRZV DV /$&3 ZKLFK LV D VWDQGDUGV EDVHG SURWRFRO DV RSSRVHG WR 3DJ3 ZKLFK LV &LVFR
SURSULHWDU\
48(67,21 
48(67,21 12 
:KDW KDSSHQV RQ D &LVFR VZLWFK WKDW UXQV &LVFR ,26 ZKHQ DQ 5673FRQILJXUHG VZLWFK UHFHLYHV G
%3'8"
$G GRHV QRW XQGHUVWDQG 5673 %3'8V EHFDXVH WKH\ DUH GLIIHUHQW YHUVLRQV EXW ZKHQ D 5673
VZLWFK UHFHLYHV DQ G %3'8 LW UHVSRQGV ZLWK DQ G %3'8 DQG HYHQWXDOO\ WKH WZR VZLWFKHV UXQ
G WR FRPPXQLFDWH
%G XQGHUVWDQGV 5673 %3'8V EHFDXVH WKH\ DUH WKH VDPH YHUVLRQ EXW ZKHQ D 5673 VZLWFK
UHFHLYHV D G %3'8 LW UHVSRQGV ZLWK D G %3'8 DQG HYHQWXDOO\ WKH WZR VZLWFKHV UXQ G WR
FRPPXQLFDWH
&G GRHV QRW XQGHUVWDQG 5673 %3'8V EHFDXVH WKH\ DUH GLIIHUHQW YHUVLRQV EXW ZKHQ D 5673
VZLWFK UHFHLYHV D G %3'8 LW GRHV QRW UHVSRQG ZLWK D G %3'8
'G XQGHUVWDQGV 5673 %3'8V EHFDXVH WKH\ DUH WKH VDPH YHUVLRQ EXW ZKHQ D 5673 VZLWFK
UHFHLYHV D G %3'8 LW GRHV QRW UHVSRQG ZLWK D G %3'8 DQG HYHQWXDOO\ WKH WZR VZLWFKHV UXQ
G WR FRPPXQLFDWH
&RUUHFW $QVZHU
$
6HFWLRQ 5673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)RU EDFNZDUG FRPSDWLELOLW\ ZLWK ' VZLWFKHV 5673 VHOHFWLYHO\ VHQGV ' FRQILJXUDWLRQ %3'8V DQG
7&1 %3'8V RQ D SHUSRUW EDVLV :KHQ D SRUW LV LQLWLDOL]HG WKH PLJUDWHGHOD\ WLPHU LV VWDUWHG VSHFLILHV WKH
PLQLPXP WLPH GXULQJ ZKLFK 5673 %3'8V DUH VHQW  DQG 5673 %3'8V DUH VHQW :KLOH WKLV WLPHU LV DFWLYH
WKH VZLWFK SURFHVVHV DOO %3'8V UHFHLYHG RQ WKDW SRUW DQG LJQRUHV WKH SURWRFRO W\SH ,I WKH VZLWFK UHFHLYHV
DQ ' %3'8 DIWHU WKH SRUW PLJUDWLRQGHOD\ WLPHU KDV H[SLUHG LW DVVXPHV WKDW LW LV FRQQHFWHG WR DQ
' VZLWFK DQG VWDUWV XVLQJ RQO\ ' %3'8V +RZHYHU LI WKH 5673 VZLWFK LV XVLQJ ' %3'8V
RQ D SRUW DQG UHFHLYHV DQ 5673 %3'8 DIWHU WKH WLPHU KDV H[SLUHG LW UHVWDUWV WKH WLPHU DQG VWDUWV XVLQJ
5673 %3'8V RQ WKDW SRUW
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV 6;FRQILJXUDWLRQJXLGH
ERRNVSDQWUHHKWPO
48(67,21 
48(67,21 12 
:KHQ WZR 067 LQVWDQFHV 067  DQG 067  DUH FUHDWHG RQ D VZLWFK ZKDW LV WKH WRWDO QXPEHU RI
VSDQQLQJWUHH LQVWDQFHV UXQQLQJ RQ WKH VZLWFK"
$
%
&
'
&RUUHFW $QVZHU
&
6HFWLRQ 067 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%HVLGHV WZR 067 LQVWDQFHV   ,QVWDQFH  LV D VSHFLDO LQVWDQFH IRU D UHJLRQ NQRZQ DV WKH ,QWHUQDO
6SDQQLQJ 7UHH ,67  7KH ,67 DOZD\V H[LVWV RQ DOO SRUWV \RX FDQQRW GHOHWH WKH ,67 %\ GHIDXOW DOO 9/$1V
DUH DVVLJQHG WR WKH ,67 $OO RWKHU 067 LQVWDQFHV DUH QXPEHUHG IURP  WR  7KH ,67 LV WKH RQO\ 673
LQVWDQFH WKDW VHQGV DQG UHFHLYHV %3'8V $OO RI WKH RWKHU 067, LQIRUPDWLRQ LV FRQWDLQHG LQ 067 UHFRUGV 0
UHFRUGV  ZKLFK DUH HQFDSVXODWHG ZLWKLQ 067 %3'8V
1RWH
 7KH &RPPRQ 6SDQQLQJ 7UHH &67 LQWHUFRQQHFWV WKH 067 UHJLRQV DQG DQ\ LQVWDQFH RI ' DQG
Z 673 WKDW PD\ EH UXQQLQJ RQ WKH QHWZRUN
 $ &RPPRQ DQG ,QWHUQDO 6SDQQLQJ 7UHH &,67 LV D FROOHFWLRQ RI WKH ,67V LQ HDFK 067 UHJLRQ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
I DQG I KDYH WKH VDPH HQGWRHQG SDWK FRVW WR WKH GHVLJQDWHG EULGJH :KLFK DFWLRQ LV QHHGHG WR
PRGLI\ WKH /D\HU  VSDQQLQJWUHH QHWZRUN VR WKDW WUDIILF IRU 3& 9/$1 IURP VZLWFK 6: XVHV VZLWFKSRUW
I DV D SULPDU\ SRUW"
$0RGLI\ WKH VSDQQLQJWUHH SRUWSULRULW\ RQ 6: I WR  DQG I WR 
%0RGLI\ WKH VSDQQLQJWUHH SRUWSULRULW\ RQ 6: I WR  DQG I WR 
&0RGLI\ WKH VSDQQLQJWUHH SRUWSULRULW\ RQ 6: I WR  DQG I WR 
'0RGLI\ WKH VSDQQLQJWUHH SRUWSULRULW\ RQ 6: I WR  DQG I WR 
&RUUHFW $QVZHU
&
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6: QHHGV WR EORFN RQH RI LWV SRUWV WR 6: WR DYRLG D EULGJLQJ ORRS EHWZHHQ WKH WZR VZLWFKHV %XW KRZ
GRHV 6: VHOHFW LWV EORFNHG SRUW" :HOO WKH DQVZHU LV EDVHG RQ WKH %3'8V LW UHFHLYHV IURP 6: $ %3'8
LV VXSHULRU WKDQ DQRWKHU LI LW KDV
 $ ORZHU 5RRW %ULGJH ,'
 $ ORZHU SDWK FRVW WR WKH 5RRW
 $ ORZHU 6HQGLQJ %ULGJH ,'
 $ ORZHU 6HQGLQJ 3RUW ,'
7KHVH IRXU SDUDPHWHUV DUH H[DPLQHG LQ RUGHU ,Q WKLV VSHFLILF FDVH DOO WKH %3'8V VHQW E\ 6: KDYH WKH
VDPH 5RRW %ULGJH ,' WKH VDPH SDWK FRVW WR WKH 5RRW DQG WKH VDPH 6HQGLQJ %ULGJH ,' 7KH RQO\ SDUDPHWHU
OHIW WR VHOHFW WKH EHVW RQH LV WKH 6HQGLQJ 3RUW ,' 3RUW ,' SRUW SULRULW\  SRUW LQGH[  7KH ORZHU YDOXH RI SRUW
SULRULW\ WKH KLJKHU SULRULW\ WKDW SRUW KDV 7KHUHIRUH ZH PXVW FKDQJH WKH SRUWSULRULW\ RQ ) WR D ORZHU YDOXH
WKDQ WKDW RI )D =HUR LV WKH ORZHVW YDOXH ZH FDQ DVVLJQ WR D SRUW VR ZH FDQ DVVLJQ WKLV YDOXH WR 6:
) DQG FRQILJXUH D KLJKHU YDOXH RQ )D 7KLV LV WKH FRPPDQG WR FRPSOHWH WKLV WDVN
1RWH ,I ZH GRQ¶W FKDQJH WKH SRUW SULRULW\ 6: ZLOO FRPSDUH SRUW LQGH[ YDOXHV ZKLFK DUH XQLTXH WR HDFK
SRUW RQ WKH VZLWFK DQG EHFDXVH )D LV LQIHULRU WR )D 6: ZLOO VHOHFW )D DV LWV URRW SRUW DQG EORFN
WKH RWKHU SRUW
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHDFRQILJXU DWLRQ
JXLGHVZVWSKWPOZS
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:K\ ZRXOG WKH VZLWFK EH FRQVLGHUHG DV D URRW EULGJH"
$7KH EULGJH SULRULW\ LV  DQG DOO SRUWV DUH IRUZDUGLQJ
%7KH VZLWFK SULRULW\ IRU 9/$1  DQG WKH PDFUR VSHFLILHV 7KLV %ULGJH LV WKH URRW
&7KH EULGJH SULRULW\ LV  DQG DOO SRUWV DUH IRUZDUGLQJ
'7KH VZLWFK SULRULW\ YDOXH LV ]HUR LW KDV WKH ORZHVW SULRULW\ YDOXH IRU 9/$1 
&RUUHFW $QVZHU
'
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$IWHU SRZHUHG RQ WKH VZLWFKHV VWDUW VHQGLQJ %3'8V WR HOHFW D URRW EULGJH $ %3'8 LV VXSHULRU WKDQ DQRWKHU
LI LW KDV
 $ ORZHU 5RRW %ULGJH ,'
 $ ORZHU SDWK FRVW WR WKH 5RRW
 $ ORZHU 6HQGLQJ %ULGJH ,'
 $ ORZHU 6HQGLQJ 3RUW ,'
)URP WKH RXWSXW DERYH ZH OHDUQ WKDW 6: LV WKH URRW EULGJH IRU 9/$1  IURP ³WKLV EULGJH LV WKH URRW´ OLQH 
6: KDV WKH ³%ULGJH ,' 3ULRULW\´ RI  EHFDXVH 6: KDV EHHQ FRQILJXUHG ZLWK VZLWFK SULRULW\ YDOXH RI 
ZKLFK LV DOVR WKH ORZHVW SULRULW\ YDOXH KLJKHVW SULRULW\  7KLV YDOXH LV WKHQ DGGHG ZLWK WKH 9/$1 ,' 9/$1 
LQ WKLV FDVH VR WKH ILQDO YDOXH LV 
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
$OO SRUWV DUH PHPEHUV RI 9/$1  &RQVLGHULQJ WKH GHIDXOW FRVW RI XSVWUHDP EULGJHV WR WKH URRW EULGJH LV
HTXDO ZKLFK RSWLRQ ZLOO EH WKH QHZ URRW SRUW IRU 9/$1 "
$LQWHUIDFH I
%LQWHUIDFH I
&LQWHUIDFH I
'LQWHUIDFH I
&RUUHFW $QVZHU
'
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$IWHU UHFHLYLQJ %3'8V IURP XSVWUHDP EULGJHV WKH VZLWFK DGG WKH 673 FRVW RI WKDW SRUW DQG FKRRVH WKH
ORZHVW YDOXH DV LWV URRW SRUW ! WKH 673 FRVW RI )D LV VPDOOHVW VR LW LV FKRVHQ DV URRW SRUW
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU LV WU\LQJ WR GHSOR\ D 3& RQ D QHWZRUN 7KH HQJLQHHU REVHUYHV WKDW ZKHQ WKH 3& LV
FRQQHFWHG WR WKH QHWZRUN LW WDNHV  WR  VHFRQGV IRU WKH 3& WR VHH DQ\ DFWLYLW\ RQ WKH QHWZRUN LQWHUIDFH
FDUG :KLFK /D\HU  HQKDQFHPHQW FDQ EH XVHG WR HOLPLQDWH WKLV GHOD\"
$&RQILJXUH SRUW GXSOH[ DQG VSHHG WR DXWR QHJRWLDWLRQ
%&RQILJXUH SRUW WR GXSOH[ IXOO DQG VSHHG 
&&RQILJXUH VSDQQLQJWUHH SRUWIDVW
'&RQILJXUH QR VZLWFKSRUW
&RUUHFW $QVZHU
&
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ ILUVW SRZHUHG RQ HDFK SRUW JRHV WKURXJK  VWDWHV WR HQVXUH WKDW WKHUH DUH QR SK\VLFDO ORRSV LQ WKH
OD\HU  EURDGFDVW GRPDLQ 7KHVH VWHSV DUH RXWOLQHG DV IROORZV :LWK WKH LQLWLDO YHUVLRQ RI VSDQQLQJ WUHH WKLV
SURFHVV FRXOG WDNH IURP  VHFRQGV
%ORFNLQJ $ SRUW WKDW ZRXOG FDXVH D VZLWFKLQJ ORRS QR XVHU GDWD LV VHQW RU UHFHLYHG EXW LW PD\ JR LQWR
IRUZDUGLQJ PRGH LI WKH RWKHU OLQNV LQ XVH ZHUH WR IDLO DQG WKH VSDQQLQJ WUHH DOJRULWKP GHWHUPLQHV WKH SRUW
PD\ WUDQVLWLRQ WR WKH IRUZDUGLQJ VWDWH %3'8 GDWD LV VWLOO UHFHLYHG LQ EORFNLQJ VWDWH
/LVWHQLQJ 7KH VZLWFK SURFHVVHV %3'8V DQG DZDLWV SRVVLEOH QHZ LQIRUPDWLRQ WKDW ZRXOG FDXVH LW WR UHWXUQ
WR WKH EORFNLQJ VWDWH
/HDUQLQJ :KLOH WKH SRUW GRHV QRW \HW IRUZDUG IUDPHV SDFNHWV LW GRHV OHDUQ VRXUFH DGGUHVVHV IURP
IUDPHV UHFHLYHG DQG DGGV WKHP WR WKH ILOWHULQJ GDWDEDVH VZLWFKLQJ GDWDEDVH
)RUZDUGLQJ $ SRUW UHFHLYLQJ DQG VHQGLQJ GDWD QRUPDO RSHUDWLRQ 673 VWLOO PRQLWRUV LQFRPLQJ %3'8V WKDW
ZRXOG LQGLFDWH LW VKRXOG UHWXUQ WR WKH EORFNLQJ VWDWH WR SUHYHQW D ORRS 673 3RUW)DVW FDXVHV D /D\HU  /$1
LQWHUIDFH FRQILJXUHG DV DQ DFFHVV SRUW WR HQWHU WKH IRUZDUGLQJ VWDWH LPPHGLDWHO\ E\SDVVLQJ WKH OLVWHQLQJ
DQG OHDUQLQJ VWDWHV
5HIHUHQFH KWWSQHWFPHGXV+RPHHWKHUQHWDQGLSVSDQQLQJWUHHSURWRFRO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU FRQILJXUHG DQ (WKHUQHW VZLWFK XVLQJ WKHVH FRPPDQGV
6ZLWFKRQH FRQILJ  6SDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW
:KLFK VWDWHPHQW DERXW WKH VSDQQLQJWUHH SRUWIDVW IHDWXUH RQ WKH VZLWFK LV WUXH"
$,I DQ LQWHUIDFH LV HQDEOHG IRU SRUWIDVW UHFHLYHV %'38 WKH SRUW JRHV WKURXJK WKH VSDQQLQJWUHH OLVWHQLQJ
OHDUQLQJ DQG IRUZDUGLQJ VWDWHV
%,I DQ LQWHUIDFH LV HQDEOHG IRU SRUWIDVW UHFHLYHV %'38 WKH SRUW GRHV QRW JR WKURXJK WKH VSDQQLQJWUHH
OLVWHQLQJ OHDUQLQJ DQG IRUZDUGLQJ VWDWHV
&,I DQ LQWHUIDFH LV HQDEOHG IRU SRUWIDVW UHFHLYHV %'38 WKH SRUW LV VKXW GRZQ LPPHGLDWHO\
',I DQ LQWHUIDFH LV HQDEOHG IRU SRUWIDVW UHFHLYHV %'38 WKH SRUW JRHV LQWR WKH VSDQQLQJWUHH LQFRQVLVWHQW
VWDWH
&RUUHFW $QVZHU
$
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH ³VSDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW´ FRPPDQG HQDEOHV %3'8 ILOWHULQJ RQ 3RUWIDVWHQDEOHG
LQWHUIDFHV 7KLV FRPPDQG SUHYHQWV LQWHUIDFHV WKDW DUH LQ D 3RUWIDVWRSHUDWLRQDO VWDWH IURP VHQGLQJ %3'8V
,I D %3'8 LV UHFHLYHG RQ D 3RUW )DVWHQDEOHG LQWHUIDFH WKH LQWHUIDFH ORVHV LWV 3RUWIDVWRSHUDWLRQDO VWDWXV
DQG %3'8 ILOWHULQJ LV GLVDEOHG
,Q FRQFOXVLRQ DERYH FRPPDQG RQO\ DIIHFWV SRUWV WKDW ZHUH FRQILJXUHG ZLWK 3RUWIDVW ,W SUHYHQWV WKHVH SRUWV
IURP VHQGLQJ %3'8V QRWLFH WKDW 3RUWIDVW LQWHUIDFHV VWLOO VHQG %3'8V EXW WKH IXQQ\ WKLQJ LV WKDW LI LW
UHFHLYHV D %3'8 LW ZLOO GLVDEOH %3'8 ILOWHULQJ DQG 3RUWIDVW IHDWXUHV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVH
FRQILJXUDWLRQJXLGHBVFJVZVWSRSWKWPOZS
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW GHVFULEHV ZKDW KDSSHQV ZKHQ D SRUW FRQILJXUHG ZLWK URRW JXDUG UHFHLYHV D VXSHULRU
%3'8"
$7KH SRUW JRHV LQWR HUUGLVDEOHG VWDWH DQG VWRSV IRUZDUGLQJ WUDIILF
%7KH SRUW JRHV LQWR %3'8LQFRQVLVWHQW VWDWH DQG VWRSV IRUZDUGLQJ WUDIILF
&7KH SRUW JRHV LQWR ORRSLQFRQVLVWHQW VWDWH DQG VWRSV IRUZDUGLQJ WUDIILF
'7KH SRUW JRHV LQWR URRWLQFRQVLVWHQW VWDWH DQG VWRSV IRUZDUGLQJ WUDIILF
&RUUHFW $QVZHU
'
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH URRW JXDUG HQVXUHV WKDW WKH SRUW RQ ZKLFK URRW JXDUG LV HQDEOHG LV WKH GHVLJQDWHG SRUW 1RUPDOO\ URRW
EULGJH SRUWV DUH DOO GHVLJQDWHG SRUWV XQOHVV WZR RU PRUH SRUWV RI WKH URRW EULGJH DUH FRQQHFWHG WRJHWKHU ,I
WKH EULGJH UHFHLYHV VXSHULRU 673 %ULGJH 3URWRFRO 'DWD 8QLWV %3'8V RQ D URRW JXDUGHQDEOHG SRUW URRW
JXDUG PRYHV WKLV SRUW WR D URRWLQFRQVLVWHQW 673 VWDWH 7KLV URRW LQFRQVLVWHQW VWDWH LV HIIHFWLYHO\ HTXDO WR D
OLVWHQLQJ VWDWH 1R WUDIILF LV IRUZDUGHG DFURVV WKLV SRUW ,Q WKLV ZD\ WKH URRW JXDUG HQIRUFHV WKH SRVLWLRQ RI
WKH URRW EULGJH

5RRW JXDUG GRHV QRW DOORZ WKH SRUW WR EHFRPH D 673 URRW SRUW VR WKH SRUW LV DOZD\V 673GHVLJQDWHG ,I D
EHWWHU %3'8 DUULYHV RQ WKLV SRUW URRW JXDUG GRHV QRW WDNH WKH %3'8 LQWR DFFRXQW DQG HOHFW D QHZ 673 URRW
,QVWHDG URRW JXDUG SXWV WKH SRUW LQWR WKH URRWLQFRQVLVWHQW 673 VWDWH ZKLFK LV HTXDO WR D OLVWHQLQJ VWDWH 1R
WUDIILF LV IRUZDUGHG DFURVV WKLV SRUW
%HORZ LV DQ H[DPSOH RI ZKHUH WR FRQILJXUH 5RRW *XDUG RQ WKH SRUWV 1RWLFH WKDW 5RRW *XDUG LV DOZD\V
FRQILJXUH RQ GHVLJQDWHG SRUWV
7R FRQILJXUH 5RRW *XDUG XVH WKLV FRPPDQG
6ZLWFK FRQILJLI  VSDQQLQJWUHH JXDUG URRW
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJVSDQQLQJWUHHSURWRFROKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW UHVWULFWLRQV IRU PXOWLFKDVVLV /$&3 LV WUXH"
$,W LV DYDLODEOH RQO\ RQ D &LVFR &DWDO\VW  6HULHV FKDVVLV
%,W GRHV QRW VXSSRUW *E OLQNV
&&RQYHUWLQJ D SRUW FKDQQHO WR P/$&3 FDQ FDXVH D VHUYLFH GLVUXSWLRQ
',W LV QRW DYDLODEOH LQ 966
&RUUHFW $QVZHU
&
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
0XOWLFKDVVLV /$&3 P/$&3 LV DOVR VXSSRUWHG RQ  DQG $65 VHULHV ! $ LV QRW FRUUHFW
P/$&3 VXSSRUWV ERWK )DVW(WKHUQHW *LJDELW(WKHUQHW ! % LV QRW FRUUHFW
966 PRGH GRHV QRW VXSSRUW WKH P/$&3 IRU VHUYHU DFFHVV IHDWXUH RQO\ %XW P/$&3 LV DYDLODEOH LQ 9LUWXDO
6ZLWFKLQJ 6\VWHPV 966  $Q H[DPSOH RI FRPELQDWLRQ RI 966 DQG P/$&3 LV VKRZQ EHORZ
,Q WKH WRSRORJ\ DERYH WKH P/$&3 LV D SRUW FKDQQHO WKDW VSDQV WKH WZR FKDVVLV RI D 966 1RWLFH WKDW WKH
WZR FKDVVLV RI WKLV 966 LV FRQQHFWHG YLD D 9LUWXDO 6ZLWFK /LQN 96/  96/ LV D VSHFLDO OLQN WKDW FDUULHV
FRQWURO DQG GDWD WUDIILF EHWZHHQ WKH WZR FKDVVLV RI D 966 ,Q WKLV FDVH WKH 96/ LV LPSOHPHQWHG DV DQ
(WKHU&KDQQHO ZLWK WZR OLQNV
6RPH RI WKH UHVWULFWLRQV IRU P/$&3 DUH PHQWLRQHG DW KWWSZZZFLVFRFRPFHQXVWGGRFVURXWHUVDVU
FRQILJXUDWLRQJXLGHODQVZLWFKODQVZLWFKHWKHUQHWFKDQQHO[HVDVUERRNOVZBPODFSKWPO
 P/$&3 GRHV QRW VXSSRUW )DVW (WKHUQHW
 P/$&3 GRHV QRW VXSSRUW KDOIGXSOH[ OLQNV
 P/$&3 GRHV QRW VXSSRUW PXOWLSOH QHLJKERUV
 &RQYHUWLQJ D SRUW FKDQQHO WR P/$&3 FDQ FDXVH D VHUYLFH GLVUXSWLRQ LQ D VKRUW WLPH ! ' LV QRW FRUUHFW
48(67,21 
48(67,21 12 
:KDW LV WKH PD[LPXP QXPEHU RI  *LJDELW (WKHUQHW FRQQHFWLRQV WKDW FDQ EH XWLOL]HG LQ DQ (WKHU&KDQQHO
IRU WKH YLUWXDO VZLWFK OLQN"
$

%
&
'
&RUUHFW $QVZHU
&
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH (WKHU&KDQQHO SURYLGHV IXOOGXSOH[ EDQGZLGWK XS WR  0ESV )DVW (WKHU&KDQQHO RU  *ESV *LJDELW
(WKHU&KDQQHO EHWZHHQ \RXU VZLWFK DQG DQRWKHU VZLWFK RU KRVW 7KHUHIRUH LI ZH KDYH  *LJDELW (WKHUQHW
FRQQHFWLRQV RQO\  OLQNV ZLOO EH XVHG
7KH 966 LV PDGH XS RI WKH IROORZLQJ
· 9LUWXDO VZLWFK PHPEHUV &LVFR &DWDO\VW  6HULHV 6ZLWFKHV XS WR WZR VZLWFKHV ZLWK LQLWLDO UHOHDVH
GHSOR\HG ZLWK WKH 9LUWXDO 6ZLWFKLQJ 6XSHUYLVRU  *(
· 9LUWXDO VZLWFK OLQN 96/   *LJDELW (WKHUQHW FRQQHFWLRQV XS WR HLJKW XVLQJ (WKHU&KDQQHO EHWZHHQ WKH
YLUWXDO VZLWFK PHPEHUV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86SURGFROODWHUDOVZLWFKHVSVSVSURGBTDVDHFGHGE KWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW GHVFULEHV ZKDW KDSSHQV LI DOO 96/ FRQQHFWLRQV EHWZHHQ WKH YLUWXDO VZLWFK PHPEHUV DUH
ORVW"
$%RWK YLUWXDO VZLWFK PHPEHUV FHDVH WR IRUZDUG WUDIILF
%7KH 966 WUDQVLWLRQV WR WKH GXDO DFWLYH UHFRYHU\ PRGH DQG ERWK YLUWXDO VZLWFK PHPEHUV FRQWLQXH WR
IRUZDUG WUDIILF LQGHSHQGHQWO\
&7KH YLUWXDO VZLWFK PHPEHUV UHORDG
'7KH 966 WUDQVLWLRQV WR WKH GXDO DFWLYH UHFRYHU\ PRGH DQG RQO\ WKH QHZ DFWLYH YLUWXDO VZLWFK FRQWLQXHV WR
IRUZDUG WUDIILF
&RUUHFW $QVZHU
'
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
96/V FDQ EH FRQILJXUHG ZLWK XS WR HLJKW OLQNV EHWZHHQ WKH WZR VZLWFKHV DFURVV DQ\ FRPELQDWLRQ RI OLQH
FDUGV RU VXSHUYLVRU SRUWV WR SURYLGH D KLJK OHYHO RI UHGXQGDQF\ ,I IRU VRPH UDUH UHDVRQ DOO 9LUWXDO 6ZLWFKLQJ
/LQN 96/ FRQQHFWLRQV DUH ORVW EHWZHHQ WKH YLUWXDO VZLWFK PHPEHUV OHDYLQJ ERWK WKH YLUWXDO VZLWFK
PHPEHUV XS WKH 966 ZLOO WUDQVLWLRQ WR WKH GXDO DFWLYH UHFRYHU\ PRGH
,Q WKH GXDO DFWLYH UHFRYHU\ PRGH DOO LQWHUIDFHV H[FHSW WKH 96/ LQWHUIDFHV DUH LQ DQ RSHUDWLRQDOO\ VKXW GRZQ
VWDWH LQ WKH IRUPHUO\ DFWLYH YLUWXDO VZLWFK PHPEHU 7KH QHZ DFWLYH YLUWXDO VZLWFK FRQWLQXHV WR IRUZDUG WUDIILF
RQ DOO OLQNV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVSURGXFWVFROODWHUDOVZLWFKHVFDWDO\VWYLUWXDOVZLWFKLQJ
V\VWHPSURGBTDVDHFGHGEKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW GHVFULEHV ZKDW KDSSHQV ZKHQ D VZLWFK HQWHUV GXDO DFWLYH UHFRYHU\ PRGH"
$7KH VZLWFK VKXWV GRZQ DQG ZDLWV IRU WKH 96/ OLQN WR EH UHVWRUHG EHIRUH VHQGLQJ WUDIILF
%$OO LQWHUIDFHV DUH VKXW GRZQ LQ WKH IRUPHUO\ DFWLYH YLUWXDO VZLWFK PHPEHU EXW WKH QHZ DFWLYH YLUWXDO
VZLWFK IRUZDUGV WUDIILF RQ DOO OLQNV
&7KH VZLWFK FRQWLQXHV WR IRUZDUG WUDIILF RXW DOO OLQNV DQG HQDEOHV VSDQQLQJ WUHH RQ 96/ OLQN DQG DOO RWKHU
OLQNV WR SUHYHQW ORRSV
'7KH 966 GHWHFWV ZKLFK V\VWHP ZDV ODVW LQ DFWLYH VWDWH DQG VKXWV GRZQ WKH RWKHU VZLWFK
&RUUHFW $QVZHU
%
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,I IRU VRPH UDUH UHDVRQ DOO 9LUWXDO 6ZLWFKLQJ /LQN 96/ FRQQHFWLRQV DUH ORVW EHWZHHQ WKH YLUWXDO VZLWFK
PHPEHUV OHDYLQJ ERWK WKH YLUWXDO VZLWFK PHPEHUV XS WKH 966 ZLOO WUDQVLWLRQ WR WKH GXDO DFWLYH UHFRYHU\
PRGH
,Q WKH GXDO DFWLYH UHFRYHU\ PRGH DOO LQWHUIDFHV H[FHSW WKH 96/ LQWHUIDFHV DUH LQ DQ RSHUDWLRQDOO\ VKXW GRZQ
VWDWH LQ WKH IRUPHUO\ DFWLYH YLUWXDO VZLWFK PHPEHU 7KH QHZ DFWLYH YLUWXDO VZLWFK FRQWLQXHV WR IRUZDUG WUDIILF
RQ DOO OLQNV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVSURGXFWVFROODWHUDOVZLWFKHVFDWDO\VWYLUWXDOVZLWFKLQJ
V\VWHPSURGBTDVDHFGHGEKWPO
48(67,21 
/DE
/$&3 ZLWK 673 6LP
6FHQDULR
LQ WKH WRSRORJ\ GLDJUDP
5RXWHU$ LV FXUUHQWO\ FRQILJXUHG FRUUHFWO\ DQG LV SURYLGLQJ WKH URXWLQJ IXQFWLRQ IRU GHYLFHV RQ 6ZLWFK$ DQG
6ZLWFK% 6ZLWFK$ LV FXUUHQWO\ FRQILJXUHG FRUUHFWO\ EXW ZLOO QHHG WR EH PRGLILHG WR VXSSRUW WKH DGGLWLRQ RI
6ZLWFK% 6ZLWFK% KDV D PLQLPDO FRQILJXUDWLRQ FRQILJXULQJ RI 6ZLWFK$ DQG 6ZLWFK% 6ZLWFK$ DQG 6ZLWFK% XVH &LVFR DV WKH HQDEOH SDVVZRUG
&RQILJXUDWLRQ 5HTXLUHPHQWV IRU 6ZLWFK$
 7KH 973 DQG 673 FRQILJXUDWLRQ PRGHV RQ 6ZLWFK$ VKRXOG QRW EH PRGLILHG
 6ZLWFK$ QHHGV WR EH WKH URRW VZLWFK IRU YODQV      DQG  $OO RWKHU YODQV VKRXOG EH OHIW DUH
WKHLU GHIDXOW YDOXHV
&RQILJXUDWLRQ 5HTXLUHPHQWV IRU 6ZLWFK%
 9ODQ 
 1DPH 0DUNHWLQJ
 ZLOO VXSSRUW WZR VHUYHUV DWWDFKHG WR ID DQG ID · 9ODQ 
 1DPH 6DOHV
 ZLOO VXSSRUW WZR VHUYHUV DWWDFKHG WR ID DQG ID · 9ODQ  R 1DPH (QJLQHHULQJ
 ZLOO VXSSRUW WZR VHUYHUV DWWDFKHG WR ID DQG ID · $FFHVV SRUWV WKDW FRQQHFW WR VHUYHU VKRXOG
WUDQVLWLRQ LPPHGLDWHO\ WR IRUZDUGLQJ VWDWH XSRQ GHWHFWLQJ WKH FRQQHFWLRQ RI D GHYLFH
 6ZLWFK% 973 PRGH QHHGV WR EH WKH VDPH DV 6ZLWFK$
 6ZLWFK% PXVW RSHUDWH LQ WKH VDPH VSDQQLQJ WUHH PRGH DV 6ZLWFK$
 1R URXWLQJ LV WR EH FRQILJXUHG RQ 6ZLWFK%
 2QO\ WKH 69, YODQ  LV WR EH FRQILJXUHG DQG LW LV WR XVH DGGUHVV 
,QWHUVZLWFK &RQQHFWLYLW\ &RQILJXUDWLRQ 5HTXLUHPHQWV
 )RU RSHUDWLRQDO DQG VHFXULW\ UHDVRQV WUXQNLQJ VKRXOG EH XQFRQGLWLRQDO DQG 9ODQV    DQG  VKRXOG
WDJJHG ZKHQ WUDYHUVLQJ WKH WUXQN OLQN
 7KH WZR WUXQNV EHWZHHQ 6ZLWFK$ DQG 6ZLWFK% QHHG WR EH FRQILJXUHG LQ D PRGH WKDW DOORZV IRU WKH
PD[LPXP XVH RI WKHLU EDQGZLGWK IRU DOO YODQV 7KLV PRGH VKRXOG EH GRQH ZLWK D QRQ SURSULHWDU\ SURWRFRO
ZLWK 6ZLWFK$ FRQWUROOLQJ DFWLYDWLRQ
 3URSDJDWLRQ RI XQQHFHVVDU\ EURDGFDVWV VKRXOG EH OLPLWHG XVLQJ PDQXDO SUXQLQJ RQ WKLV WUXQN OLQN
$/DE
&RUUHFW $QVZHU
6HFWLRQ /$&3 ZLWK 673 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:H SRVW WKH LQLWLDO FRQILJXUDWLRQ RI 6Z$ 6Z% KHUH IRU \RXU UHIHUHQFH \RX FDQ WU\ VROYLQJ WKLV VLP E\
\RXUVHOI EHIRUH UHDGLQJ WKH DVQZHUV EHORZ
,QLWLDO &RQILJXUDWLRQ
XVHOHVV OLQHV KDYH EHHQ UHPRYHG
6ROXWLRQ
6:$ FORVH WR URXWHU
1RWH ,I 6Z$ GRHV QRW KDYH 9ODQ    ZH KDYH WR FUHDWH WKHP ILUVW ZLWK FRPPDQG ³6:$ FRQILJ
YODQ ´
6:$ FRQILJ VSDQQLQJWUHH YODQ  URRW SULPDU\
6:$ FRQILJ YODQ 
6:$ FRQILJYODQ QDPH 0DUNHWLQJ
6:$ FRQILJYODQ H[LW
6:$ FRQILJ YODQ 
6:$ FRQILJYODQ QDPH 6DOHV
6:$ FRQILJYODQ H[LW
6:$ FRQILJ YODQ 
6:$ FRQILJYODQ QDPH (QJLQHHULQJ
6:$ FRQILJYODQ H[LW
6:$ FRQILJ LQWHUIDFH UDQJH ID ± 
6:$ FRQILJLIUDQJH QR VZLWFKSRUW PRGH DFFHVV
6:$ FRQILJLIUDQJH QR VZLWFKSRUW DFFHVV YODQ  7KHVH WZR FRPPDQGV PXVW EH GHOHWHG WR IRUP D
WUXQNLQJ OLQN
6:$ FRQILJLIUDQJH FKDQQHOJURXS  PRGH DFWLYH
6:$ FRQILJLIUDQJH FKDQQHOSURWRFRO ODFS
6:$ FRQILJLIUDQJH QR VKXWGRZQ
6:$ FRQILJLI LQWHUIDFH SRUWFKDQQHO 
6:$ FRQILJLI VZLWFKSRUW PRGH WUXQN
6:$ FRQILJLI VZLWFKSRUW WUXQN QDWLYH YODQ  WKLV FRPPDQG ZLOO SUHYHQW WKH ³1DWLYH 9/$1 PLVPDWFKHG´
HUURU RQ ERWK VZLWFKHV
6:$ FRQILJLI VZLWFKSRUW WUXQN DOORZHG YODQ 
6:$ FRQILJLI QR VKXW
1RWH
 :KHQ \RX DSSO\ FRPPDQGV XQGHU ³LQWHUIDFH SRUWFKDQQHO ´ WKH VDPH FRPPDQGV ZLOO EH
DXWRPDWLFDOO\ DSSOLHG WR WKH SK\VLFDO PHPEHU LQWHUIDFHV RI SRUWFKDQQHO  VR \RX GRQ¶W QHHG WR W\SH WKHP
XQGHU SK\VLFDO PHPEHU LQWHUIDFHV DJDLQ
²²²²²²²²²²²²²²²²²²²²²²²²²²²²²²±
6:% IDU IURP URXWHU
6:% FRQILJ YODQ 
6:% FRQILJYODQ QDPH 0DUNHWLQJ
6:% FRQILJYODQ H[LW
6:% FRQILJ YODQ 
6:% FRQILJYODQ QDPH 6DOHV
6:% FRQILJYODQ H[LW
6:% FRQILJ YODQ 
6:% FRQILJYODQ QDPH (QJLQHHULQJ
6:% FRQILJYODQ H[LW
6:% FRQILJ YODQ 
6:% FRQILJYODQ QDPH 7UXQN1DWLYH  QRW QHFHVVDU\ WR QDPH LW EXW MXVW QDPH LW VDPH DV 6ZLWFK$
6:% FRQILJYODQ H[LW
6:% FRQILJ LQWHUIDFH UDQJH ID ± 
6:% FRQILJLIUDQJH VZLWFKSRUW PRGH DFFHVV
6:% FRQILJLIUDQJH VZLWFKSRUW DFFHVV YODQ 
6:% FRQILJLIUDQJH VSDQQLQJWUHH SRUWIDVW
6:% FRQILJLIUDQJH QR VKXWGRZQ
6:% FRQILJLIUDQJH H[LW
6:% FRQILJ LQWHUIDFH UDQJH ID ± 
6:% FRQILJLIUDQJH VZLWFKSRUW PRGH DFFHVV
6:% FRQILJLIUDQJH VZLWFKSRUW DFFHVV YODQ 
6:% FRQILJLIUDQJH VSDQQLQJWUHH SRUWIDVW
6:% FRQILJLIUDQJH QR VKXWGRZQ
6:% FRQILJLIUDQJH H[LW
6:% FRQILJ LQWHUIDFH UDQJH ID ± 
6:% FRQILJLIUDQJH VZLWFKSRUW PRGH DFFHVV
6:% FRQILJLIUDQJH VZLWFKSRUW DFFHVV YODQ 
6:% FRQILJLIUDQJH VSDQQLQJWUHH SRUWIDVW
6:% FRQILJLIUDQJH QR VKXWGRZQ
6:% FRQILJLIUDQJH H[LW
6:% FRQILJ YWS PRGH WUDQVSDUHQW
6:% FRQILJ VSDQQLQJWUHH PRGH UDSLGSYVW 6DPH DV 6Z$
6:% FRQILJ LS GHIDXOWJDWHZD\  \RX FDQ JHW WKLV ,3 IURP 6:$ ZLWK FRPPDQG VKRZ FGS
QHLJKERXU GHWDLO  QRW VXUH DERXW WKLV FRPPDQG EHFDXVH WKH TXHVWLRQ VD\V ³1R URXWLQJ LV WR EH FRQILJXUHG
RQ 6ZLWFK%´
6:% FRQILJ LQWHUIDFH YODQ 
6:% FRQILJLI LS DGGUHVV  
6:% FRQILJLI QR VKXWGRZQ
6:% FRQILJLI H[LW
6:% FRQILJ LQWHUIDFH UDQJH ID ± 
6:% FRQILJLIUDQJH FKDQQHOJURXS  PRGH SDVVLYH PRGH SDVVLYH EHFDXVH ³6ZLWFK$ FRQWUROOLQJ
DFWLYDWLRQ´
6:% FRQILJLIUDQJH FKDQQHOSURWRFRO ODFS
6:% FRQILJLIUDQJH QR VKXWGRZQ
6:% FRQILJLI LQWHUIDFH SRUWFKDQQHO 
6:% FRQILJLI VZLWFKSRUW WUXQN HQFDSVXODWLRQ GRWT
6:% FRQILJLI VZLWFKSRUW PRGH WUXQN
6:% FRQILJLI VZLWFKSRUW WUXQN QDWLYH YODQ  WKLV FRPPDQG ZLOO SUHYHQW WKH ³1DWLYH 9/$1 PLVPDWFKHG´
HUURU RQ ERWK VZLWFKHV
6:% FRQILJLI VZLWFKSRUW WUXQN DOORZHG YODQ 
6:% FRQILJLI QR VKXW
1RWH )RU 6Z% ZH KDYH WR VHW WKH T WUXQNLQJ SURWRFRO VZLWFKSRUW WUXQN HQFDSVXODWLRQ GRWT EHIRUH
FRQYHUWLQJ LW LQWR D WUXQN EHFDXVH LW LV D  VHULHV RU KLJKHU VZLWFK ZKLFK VXSSRUWV ERWK ,6/ DQG 4
DQG ZH KDYH WR H[SOLFLWO\ VHW ZKLFK WUXQNLQJ SURWRFRO WR EH XVHG 6Z$ LV D [ VHULHV RU ORZHU VZLWFK
DQG GRHV QRW VXSSRUW ,6/ WUXQNLQJ SURWRFRO 4 LV WKH RQO\ VXSSRUWHG WUXQNLQJ SURWRFRO VR ZH FDQ DSSO\
³VZLWFKSRUW PRGH WUXQN´ GLUHFWO\
²²²²²²²²²²²²²²²²²²²
6RPH JXLGHOLQHV IRU FRQILJXULQJ 6ZLWFK$ 6ZLWFK%
&RQILJXUDWLRQ 5HTXLUHPHQWV IRU 6ZLWFK$
&RQILJXUDWLRQ 5HTXLUHPHQWV IRU 6ZLWFK%
,QWHUVZLWFK &RQQHFWLYLW\ &RQILJXUDWLRQ 5HTXLUHPHQWV
6RPH QRWHV IRU WKLV VLP
 VKRZ YWS VWDWXV WUDQVSDUHQW PRGH RQ VZLWFK$ DQG ZH KDYH WR VHW WKH VDPH PRGH RQ VZLWFK%
VKRZ VSDQQLQJWUHH >VXPPDU\@ UDSLGSYVW PRGH RQ VZLWFK$ DQG ZH KDYH WR VHW WKH VDPH PRGH RQ
VZLWFK%
VKRZ YODQ FKHFN WKH QDWLYH YODQ DQG WKH H[LVWHQFH RI YODQ
VKRZ HWKHUFKDQQHO  SRUWFKDQQHO DQG VKRZ LS LQW EULHI FKHFN LI 3RUWFKDQQHO  KDV EHHQ FUHDWHG DQG PDNH
VXUH LW LV XS
VKRZ UXQ WR FKHFN HYHU\WKLQJ DJDLQ
 :KHQ XVLQJ ³LQW UDQJH I[ ± \´ FRPPDQG KLW VSDFH EDU EHIRUH DQG DIWHU ³´ RWKHUZLVH WKH VLPXODWRU GRHV
QRW DFFHSW LW
  $W WKH HQG \RX FDQ WU\ WR SLQJ IURP 6ZLWFK% WR 5RXWHU$ \RX FDQ JHW WKH ,3 RQ 5RXWHU$ YLD WKH VKRZ FGS
QHLJKERUV GHWDLO RQ 6ZLWFK$  QRW VXUH LI LW FDQ SLQJ RU QRW ,I QRW \RX FDQ XVH WKH ³LS GHIDXOWJDWHZD\
´ RQ 6ZLWFK%
 7KH QDPH RI 6ZLWFK$ DQG 6ZLWFK% FDQ EH VZDSSHG RU FKDQJHG VR EH FDUHIXO WR SXW \RXU FRQILJXUDWLRQ
LQWR DSSURSULDWH VZLWFK
:H KRSH ZLWK WKLV LQIRUPDWLRQ RXU FDQGLGDWHV FDQ ILQG WKH EHVW VROXWLRQ LQ WKH H[DP ,I \RX OHDUQ DQ\WKLQJ
QHZ DERXW WKLV VLP SOHDVH VKDUH ZLWK XV
48(67,21 
/DE
0/6 DQG (,*53 6LP
DWWDFKHG WR 5RXWHU& DV VKRZQ LQ WKH WRSRORJ\ GLDJUDP
QHHGV WR EH DEOH WR SLQJ VHUYHU 6 'XH WR DGPLQLVWUDWLYH UHVWULFWLRQV DQG UHTXLUHPHQWV \RX VKRXOG QRW DGG
GHOHWH 9/$1V FKDQJHV 9/$1 SRUW DVVLJQPHQWV RU FUHDWH WUXQN OLQNV &RPSDQ\ SROLFLHV IRUELG WKH XVH RI
VWDWLF RU GHIDXOW URXWLQJ $OO URXWHV PXVW EH OHDUQHG YLD (,*53  URXWLQJ SURWRFRO
5RXWHU&
5RXWHG LQWHUIDFHV VKRXOG XVH WKH ORZHVW KRVW RQ D VXEQHW ZKHQ SRVVLEOH 7KH IROORZLQJ VXEQHWV DUH
DYDLODEOH WR LPSOHPHQW WKLV VROXWLRQ
± 
± 
± 
+RVWV + DQG + DUH FRQILJXUHG ZLWK WKH FRUUHFW ,3 DGGUHVV DQG GHIDXOW JDWHZD\
6ZLWFK& XVHV &LVFR DV WKH HQDEOH SDVVZRUG
5RXWLQJ PXVW RQO\ EH HQDEOHG IRU WKH VSHFLILF VXEQHWV VKRZQ LQ WKH GLDJUDP
$/DE
&RUUHFW $QVZHU
6HFWLRQ 0/6 DQG (,*53 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q UHDO OLIH WKHUH DUH WZR ZD\V WR FRQILJXUH LQWHU9/$1 URXWLQJ LQ WKLV FDVH
 8VH 5RXWHU& DV D ³URXWHU RQ D VWLFN´ DQG 6ZLWFK& DV D SXUH /D\HU VZLWFK 7UXQNLQJ PXVW EH HVWDEOLVKHG
EHWZHHQ 5RXWHU& DQG 6ZLWFK&
 2QO\ XVH 6ZLWFK& IRU LQWHU9/$1 URXWLQJ ZLWKRXW XVLQJ 5RXWHU& 6ZLWFK& VKRXOG EH FRQILJXUHG DV D /D\HU
 VZLWFK ZKLFK VXSSRUWV LS URXWLQJ IXQFWLRQ DV D URXWHU  1R WUXQNLQJ UHTXLUHV
7KH TXHVWLRQ FOHDUO\ VWDWHV ³1R WUXQNLQJ KDV EHHQ FRQILJXUHG RQ 5RXWHU&´ VR 5RXWHU& GRHV QRW FRQWULEXWH
WR LQWHU9/$1 URXWLQJ RI KRVWV + + ! 6ZLWFK& PXVW EH FRQILJXUHG DV D /D\HU  VZLWFK ZLWK 69,V IRU
LQWHU9/$1 URXWLQJ
:H VKRXOG FKHFN WKH GHIDXOW JDWHZD\V RQ + + &OLFN RQ + DQG + DQG W\SH WKH ³LSFRQILJ´ FRPPDQG WR
JHW WKHLU GHIDXOW JDWHZD\V
:H ZLOO JHW WKH GHIDXOW JDWHZD\V DV IROORZV
+RVW
 'HIDXOW JDWHZD\ 
+RVW
 'HIDXOW JDWHZD\ 
1RZ ZH KDYH HQRXJK LQIRUPDWLRQ WR FRQILJXUH 6ZLWFK& QRWLFH WKH (,*53 $6 LQ WKLV FDVH LV 
1RWH 9/$1 DQG 9/$1 ZHUH FUHDWHG DQG JL JL LQWHUIDFHV ZHUH FRQILJXUHG DV DFFHVV SRUWV VR ZH
GRQ¶W QHHG WR FRQILJXUH WKHP LQ WKLV VLP
6ZLWFK& FRQILJXUH WHUPLQDO
6ZLWFK& FRQILJ  LQW JL
6ZLWFK& FRQILJLI QR VZLWFKSRUW ! ZLWKRXW XVLQJ WKLV FRPPDQG WKH VLPXODWRU GRHV QRW OHW \RX DVVLJQ ,3
DGGUHVV RQ *L LQWHUIDFH
6ZLWFK& FRQILJLI  LS DGGUHVV   !5RXWHU& KDV XVHG ,3  VR WKLV LV WKH
ORZHVW XVDEOH ,3 DGGUHVV
6ZLWFK& FRQILJLI  QR VKXWGRZQ
6ZLWFK& FRQILJLI  H[LW
6ZLWFK& FRQILJ  LQW YODQ 
6ZLWFK& FRQILJLI  LS DGGUHVV  
6ZLWFK& FRQILJLI  QR VKXWGRZQ
6ZLWFK& FRQILJLI  LQW YODQ 
6ZLWFK& FRQILJLI  LS DGGUHVV  
6ZLWFK& FRQILJLI  QR VKXWGRZQ
6ZLWFK& FRQILJLI H[LW
6ZLWFK& FRQILJ  LS URXWLQJ 1RWLFH 0/6 ZLOO QRW ZRUN ZLWKRXW WKLV FRPPDQG
6ZLWFK& FRQILJ  URXWHU HLJUS 
6ZLWFK& FRQILJURXWHU  QHWZRUN  
6ZLWFK& FRQILJURXWHU  QHWZRUN  
6ZLWFK& FRQILJURXWHU  QHWZRUN  
127(  7+( 5287(5 ,6 &255(&7/< &21),*85(' VR \RX ZLOO QRW PLVV ZLWKLQ LW LQ WKH H[DP  DOVR
GRQ¶W PRGLI\GHOHWH DQ\ SRUW MXVW GR WKH DERYH FRQILJXUDWLRQ $OVR VRPH UHSRUWV VDLG WKH ³QR DXWRVXPPDU\´
FRPPDQG FDQ¶W EH XVHG LQ WKH VLPXODWRU LQ IDFW LW LV QRW QHFHVVDU\ EHFDXVH WKH QHWZRUN  LV
QRW XVHG DQ\ZKHUH HOVH LQ WKLV WRSRORJ\
$IWHU FRQILJXUH HYHU\WKLQJ \RX VKRXOG FKHFN WKH URXWLQJ WDEOH RI 6ZLWFK& ZLWK WKH ³VKRZ LS URXWH´
FRPPDQG´ WR VHH LI WKHUH DUH DQ\ (,*53 HQWULHV WKHUH $OVR WU\ SLQJLQJ IURP +RVW +RVW WR WKH 6HUYHU
6 ,I WKH SLQJV DUH VXFFHVVIXO WKHQ \RXU FRQILJXUDWLRQ LV FRUUHFW
$OVR PDNH VXUH \RX XVH WKH FRUUHFW (,*53 $6 QXPEHU LQ WKH FRQILJXUDWLRQ DERYH LW LV  EXW LW ZLOO
FKDQJH ZKHQ \RX WDNH WKH H[DP EXW ZH DUH QRW DOORZHG WR DFFHVV 5RXWHU& VR WKH RQO\ ZD\ WR ILQG RXW WKH
(,*53 $6 LV WR ORRN DW WKH H[KLELW DERYH ,I \RX XVH ZURQJ $6 QXPEHU QR QHLJKERU UHODWLRQVKLS LV IRUPHG
EHWZHHQ 5RXWHU& DQG 6ZLWFK&
,Q IDFW ZH DUH SUHWW\ VXUH LQVWHDG RI XVLQJ WZR FRPPDQGV ³QHWZRUN  ´ DQG ³QHWZRUN
 ´ ZH FDQ XVH RQH VLPSOH FRPPDQG ³QHWZRUN ´ EHFDXVH LW LV WKH QDWXUH
RI GLVWDQFH YHFWRU URXWLQJ SURWRFRO OLNH (,*53 RQO\ PDMRU QHWZRUNV QHHG WR EH DGYHUWLVHG HYHQ ZLWKRXW ³QR
DXWRVXPPDU\´ FRPPDQG WKH QHWZRUN VWLOO ZRUNV FRUUHFWO\ %XW LQ WKH H[DP WKH VLP LV MXVW D IODVK EDVHG
VLPXODWRU VR ZH VKRXOG XVH WZR DERYH FRPPDQGV MXVW IRU VXUH %XW DIWHU ILQLVKLQJ WKH FRQILJXUDWLRQ ZH FDQ
XVH ³VKRZ UXQ´ FRPPDQG WR YHULI\ RQO\ WKH VXPPDUL]HG QHWZRUN  LV VKRZQ
48(67,21 
/DE
973Y 6LP
WR WKH H[LVWLQJ DQG QHZ VZLWFKHV WR FRQILJXUH DQG YHULI\ FRUUHFW GHYLFH FRQILJXUDWLRQ
QHHG WR FRPSOHWH WKH UHVW RI FRQILJXUDWLRQ WR HQDEOH 3& FRPPXQLFDWLRQ ZLWK 3& :KLFK RI WKH
FRQILJXUDWLRQ LV FRUUHFW"
([KLELW
$YWS GRPDLQ &&13B7(67
YWS SDVVZRUG FLVFR
YWS YHUVLRQ 
YWS PRGH VHUYHU
LQW H
VZLWFKSRUW PRGH DFFHVV
VZLWFKSRUW DFFHVV YODQ 
%YWS GRPDLQ &&13B7(67
YWS SDVVZRUG FLVFR
YWS YHUVLRQ 
YWS PRGH FOLHQW
LQW H
VZLWFKSRUW PRGH DFFHVV
VZLWFKSRUW DFFHVV YODQ 
&YWS GRPDLQ &&13B7(67
YWS SDVVZRUG FLVFR
YWS YHUVLRQ 
YWS PRGH FOLHQW
LQW H
VZLWFKSRUW PRGH DFFHVV
VZLWFKSRUW DFFHVV YODQ 
'YWS GRPDLQ &&13
YWS SDVVZRUG FLVFR
YWS YHUVLRQ 
YWS PRGH FOLHQW
LQW H
VZLWFKSRUW PRGH DFFHVV
VZLWFKSRUW DFFHVV YODQ 
(YWS GRPDLQ &&13
YWS SDVVZRUG FLVFR
YWS YHUVLRQ 
YWS PRGH WUDQVSDUHQW
LQW H
VZLWFKSRUW PRGH DFFHVV
VZLWFKSRUW DFFHVV YODQ 
&RUUHFW $QVZHU
'
6HFWLRQ 973Y 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R FRPSO\ ZLWK WKH FRQILJXUDWLRQ RI RWKHU VZLWFKHV ZH QHHG WR JHW 973 FRQILJXUDWLRQ RI 6Z RU 6Z 2Q
6Z XVH WKH ³VKRZ YWS VWDWXV´ FRPPDQG
)URP WKLV RXWSXW ZH OHDUQ RQ 6Z
 973 LV UXQQLQJ YHUVLRQ 
 973 'RPDLQ LV ³&&13´
 6Z LV WKH 973 3ULPDU\ 6HUYHU ZH ZLOO H[SODLQ DERXW 3ULPDU\ 6HUYHU ODWHU 1RZ MXVW XQGHUVWDQG LW LV LQ
973 6HUYHU PRGH
6R RQ WKH 1HZB6ZLWFK WKH 973 'RPDLQ PXVW PDWFK 1HZB6ZLWFK VKRXOG UXQ 973 YHUVLRQ  LI LI FDQ EXW LW
LV QRW D PXVW DV 973 YHUVLRQ  LV FRPSDWLEOH ZLWK 973 YHUVLRQ   7KH 1HZB6ZLWFK LV FRQQHFWLQJ WR KRVWV
VR LW LV LQ $FFHVV /D\HU VR LW VKRXOG EH FRQILJXUHG DV D 973 &OLHQW DOWKRXJK 7UDQVSDUHQW PRGH LV
DFFHSWDEOH VR WKHUH DUH RQO\ WZR VXLWDEOH FKRLFHV ' (
)URP WKH H[KLELW WKH 1HZB6ZLWFK LV FRQQHFWLQJ WR D KRVW LQ 9/$1  VR LWV ( LQWHUIDFH VKRXOG EH LQ
9/$1  ! RQO\ ' LV FRUUHFW

6R ZH NQRZ WKDW WKH 973 GRPDLQ PXVW EH &&13 7KLV OHDYHV RQO\ FKRLFH ' DQG ( :H DOVR VHH IURP WKH
WRSRORJ\ GLDJUDP WKDW HWK  RI WKH QHZ VZLWFK FRQQHFWV WR D 3& LQ 9/$1  VR ZH NQRZ WKDW WKLV SRUW
PXVW EH DQ DFFHVV SRUW LQ 9/$1  OHDYLQJ RQO\ FKRLFH ' DV FRUUHFW 1RWH WKDW WKH 973 YHUVLRQV
VXSSRUWHG LQ WKLV QHWZRUN DUH    VR HLWKHU 973 YHUVLRQ  RU  FDQ EH FRQILJXUHG RQ WKH QHZ VZLWFK
48(67,21 
/DE
973Y 6LP
WR WKH H[LVWLQJ DQG QHZ VZLWFKHV WR FRQILJXUH DQG YHULI\ FRUUHFW GHYLFH FRQILJXUDWLRQ
5HIHU WR WKH FRQILJXUDWLRQ )RU ZKLFK FRQILJXUHG 9/$1 DUH XQWDJJHG IUDPHV VHQW RYHU WUXQN EHWZHHQ 6:
DQG 6:"
([KLELW
$
9/$1
%
9/$1 
&
9/$1 
'
9/$1 
(
9/$1 
)
9/$1 
*
9/$1 
&RUUHFW $QVZHU
%
6HFWLRQ 973Y 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
2Q 6Z 6Z ZH FDQ FKHFN ZLWK WKH ³VKRZ LQWHUIDFHV WUXQN´ FRPPDQG
7KH QDWLYH 9/$1 LV XVHG IRU XQWDJJHG IUDPHV VHQW DORQJ D WUXQN %\ LVVXLQJ WKH VKRZ LQWHUIDFH WUXQN
FRPPDQG RQ 6: DQG 6: ZH VHH WKH QDWLYH 9/$1 LV 
6Z 6Z DUH FRQQHFWHG WKURXJK ( ( VR ZH FDQ VHH WKH QDWLYH 9ODQ RQ WKHVH WUXQNV DUH  :H
VKRXOG FKHFN ERWK 6Z 6Z WR VHH LI WKH 1DWLYH 9ODQ RQ ERWK VLGHV PDWFK
48(67,21 
/DE
973Y 6LP
WR WKH H[LVWLQJ DQG QHZ VZLWFKHV WR FRQILJXUH DQG YHULI\ FRUUHFW GHYLFH FRQILJXUDWLRQ
6: DV SULPDU\ URRW IRU 9/$1  DQG VHFRQGDU\ IRU 9/$1  DQG 6: DV SULPDU\ URRW IRU 9/$1 
DQG VHFRQGDU\ IRU 9/$1  :KLFK FRQILJXUDWLRQ VWHS LV YDOLG"
6: H[KLELW 
6: H[KLELW 
6: H[KLELW 
$&RQILJXUH 9/$1  9/$1  RQ ERWK 6: 6:
%&RQILJXUH 9/$1  DQG 9/$1  RQ 6: RQO\
&&RQILJXUH 9/$1  DQG 9/$1  RQ 6: RQO\
'&RQILJXUH 9/$1  DQG 9/$1  RQ 6: 6: DQG 6:
(2Q 6: FRQILJXUH YWS PRGH DV RII DQG FRQILJXUH 9/$1  9/$1  DQG FRQILJXUH EDFN WR YWS
VHUYHU PRGH
&RUUHFW $QVZHU
$
6HFWLRQ 973Y 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q 973 YHUVLRQ  WKHUH DUH WZR DGGLWLRQDO ILHOGV XQGHU WKH RXWSXW RI ³VKRZ YWS VWDWXV´ FRPPDQG 7KH\ DUH
 ³3ULPDU\ ,'´ 7KH 0$& DGGUHVV RI WKH 3ULPDU\ 6HUYHU
 ³3ULPDU\ 'HVFULSWLRQ´ 7KH KRVWQDPH RI WKH 3ULPDU\ 6HUYHU
7KH 3ULPDU\ 6HUYHU LV XVHG RQ 973 YHUVLRQ  WR DYRLG WKH EDG EHKDYLRU LQ YHUVLRQ  ,Q 973 YHUVLRQ  D
973 FOLHQW RU 6HUYHU FDQ EH WDNHQ RXW RI WKH QHWZRUN :KHQ LW FRPHV EDFN LW FDQ RYHUZULWH D 973 6HUYHU
LI LWV 5HYLVLRQ QXPEHU LV KLJKHU 7KLV SUREOHP QR ORQJHU H[LVWV LQ 973 YHUVLRQ  EHFDXVH WKHUH LV RQO\ RQH
973 3ULPDU\ 6HUYHU DW D WLPH 2QO\ D 973 3ULPDU\ 6HUYHU FDQ FUHDWH QHZ 9/$1
$IWHU FUHDWLQJ QHZ 9/$1 WKH 973 3ULPDU\ 6HUYHU ZLOO DGYHUWLVH LWV 9/$1 GDWDEDVH WR RWKHU 973 FOLHQWV
VHUYHUV VR LQ IDFW DQVZHU $ LV QRW FRUUHFW ,Q WKLV TXHVWLRQ \RX MXVW QHHG WR FKHFN LI 6Z RU 6Z LV WKH 973
3ULPDU\ 6HUYHU WKHQ ZH FDQ FUHDWH ERWK 9/$1   RQ LW 7KHQ LW ZLOO DGYHUWLVH WKHVH 9/$1V WR RWKHU
VZLWFKHV
)URP WKH RXWSXW ZH VHH 6Z LV WKH 3ULPDU\ 6HUYHU VR ZH VKRXOG FRQILJXUH 9/$1   RQO\ RQ WKLV
VZLWFK
1RWH 7R PDNH D VZLWFK D 3ULPDU\ 6HUYHU LVVXH WKH ³YWS SULPDU\ YODQ´ XQGHU SULYLOHJH H[HF PRGH )RU
H[DPSOH

%\ LVVXLQJ WKH VKRZ YWS VWDWXV FRPPDQG RQ 6: 6: DQG 6: ZH VHH WKDW ERWK 6: DQG 6: DUH
RSHUDWLQJ LQ 973 VHUYHU PRGH EXW 6: LV D FOLHQW VR ZH ZLOO QHHG WR DGG ERWK 9/$1V WR 6: DQG 6:
48(67,21 
/DE
973Y 6LP
WR WKH H[LVWLQJ DQG QHZ VZLWFKHV WR FRQILJXUH DQG YHULI\ FRUUHFW GHYLFH FRQILJXUDWLRQ
([DPLQH WKH 973 FRQILJXUDWLRQ FRQQHFWLQJ WR WKH 6: VZLWFK :KLFK RI WKH IROORZLQJ FRQILJXUDWLRQ VWHSV ZLOO DOORZ FUHDWLQJ SULYDWH 9/$1V"
$'LVDEOH 973 SUXQLQJ RQ 6: RQO\
%'LVDEOH 973 SUXQLQJ RQ 6: RQO\
&'LVDEOH 973 SUXQLQJ RQ 6: RQO\
''LVDEOH 973 SUXQLQJ RQ 6: 6: DQG 1HZB6ZLWFK
('LVDEOH 973 SUXQLQJ RQ 1HZB6ZLWFK DQG 6: RQO\
&RUUHFW $QVZHU
&
6HFWLRQ 973Y 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R FRQILJXUH SULYDWH 9/$1 ZH KDYH WR FKDQJH 973 HYHQ YHUVLRQ  WR 7UDQVSDUHQW PRGH ,Q IDFW WR
GLVDEOH 973 SUXQLQJ RQ 6Z LQ &OLHQW PRGH ZH DOVR KDYH WR FKDQJH WR 973 7UDQVSDUHQW PRGH VR DQVZHU
& FDQ EH XQGHUVWRRG DV ³FKDQJH 6: WR 7UDQVSDUHQW PRGH´ VR LW LV WKH EHVW FKRLFH
1RWH 8QOLNH 973 YHUVLRQ  DQG  LQ ZKLFK 973 SUXQLQJ LV HQDEOHG RQ 973 6HUYHU RQO\ 973 YHUVLRQ 
UHTXLUHV 973 SUXQLQJ PXVW EH HQDEOHG RQ DOO WKH VZLWFKHV LQ WKH 973 GRPDLQ VR ZH FDQ DOVR GLVDEOH 973
SUXQLQJ RQ HDFK VZLWFK VHSDUDWHO\ +HUH LV WKH OLQN IRU \RXU
³:LWK 973 YHUVLRQV  DQG  ZKHQ \RX HQDEOH SUXQLQJ RQ WKH 973 VHUYHU LW LV HQDEOHG IRU WKH HQWLUH 973
GRPDLQ ,Q 973 YHUVLRQ  \RX PXVW PDQXDOO\ HQDEOH SUXQLQJ RQ HDFK VZLWFK LQ WKH GRPDLQ´

7R FUHDWH SULYDWH 9/$1V \RX ZLOO QHHG WR RQO\ GLVDEOH SUXQLQJ RQ WKH VZLWFK WKDW FRQWDLQV WKH SULYDWH
9/$1V ,Q WKLV FDVH RQO\ 6: ZLOO FRQQHFW WR VHUYHUV LQ D SULYDWH 9/$1
UHIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW[B[VRIWZDUHUHOHDVH
BBVHFRQILJXUDWLRQJXLGH[VFJVZYWSKWPO
48(67,21 
48(67,21 12 
$ &LVFR &DWDO\VW VZLWFK WKDW LV SURQH WR UHERRWV FRQWLQXHV WR UHEXLOG WKH '+&3 VQRRSLQJ GDWDEDVH :KDW LV
WKH VROXWLRQ WR DYRLG WKH VQRRSLQJ GDWDEDVH IURP EHLQJ UHEXLOW DIWHU HYHU\ GHYLFH UHERRW"
$$ '+&3 VQRRSLQJ GDWDEDVH DJHQW VKRXOG EH FRQILJXUHG
%(QDEOH '+&3 VQRRSLQJ IRU DOO 9/$1V WKDW DUH DVVRFLDWHG ZLWK WKH VZLWFK
&'LVDEOH 2SWLRQ  IRU '+&3 GDWD LQVHUWLRQ
'8VH ,3 6RXUFH *XDUG WR SURWHFW WKH '+&3 ELQGLQJ WDEOH HQWULHV IURP EHLQJ ORVW XSRQ UHERRWLQJ
($SSO\ LS GKFS VQRRSLQJ WUXVW RQ DOO LQWHUIDFHV ZLWK G\QDPLF DGGUHVVHV
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R UHWDLQ WKH ELQGLQJV DFURVV VZLWFK UHORDGV \RX PXVW XVH WKH '+&3 VQRRSLQJ GDWDEDVH DJHQW :LWKRXW
WKLV DJHQW WKH ELQGLQJV HVWDEOLVKHG E\ '+&3 VQRRSLQJ DUH ORVW XSRQ VZLWFK UHORDG &RQQHFWLYLW\ LV ORVW DV
ZHOO
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWHZFRQILJXUDWLRQJXLGH
FRQIGKFSKWPOZS
48(67,21 
48(67,21 12 
:KLFK SRUWLRQ RI $$$ ORRNV DW ZKDW D XVHU KDV DFFHVV WR"
$DXWKRUL]DWLRQ
%DXWKHQWLFDWLRQ
&DFFRXQWLQJ
'DXGLWLQJ
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$$$ VHFXULW\ SURYLGHV WKH IROORZLQJ VHUYLFHV
 $XWKHQWLFDWLRQ ± ,GHQWLILHV XVHUV LQFOXGLQJ ORJLQ DQG SDVVZRUG GLDORJ FKDOOHQJH DQG UHVSRQVH
PHVVDJLQJ VXSSRUW DQG GHSHQGLQJ RQ WKH VHFXULW\ SURWRFRO WKDW \RX VHOHFW HQFU\SWLRQ
$XWKHQWLFDWLRQ LV WKH SURFHVV RI YHULI\LQJ WKH LGHQWLW\ RI WKH SHUVRQ RU GHYLFH DFFHVVLQJ WKH &LVFR 1;26
GHYLFH ZKLFK LV EDVHG RQ WKH XVHU ,' DQG SDVVZRUG FRPELQDWLRQ SURYLGHG E\ WKH HQWLW\ WU\LQJ WR DFFHVV WKH
&LVFR 1;26 GHYLFH &LVFR 1;26 GHYLFHV DOORZ \RX WR SHUIRUP ORFDO DXWKHQWLFDWLRQ XVLQJ WKH ORFDO ORRNXS
GDWDEDVH RU UHPRWH DXWKHQWLFDWLRQ XVLQJ RQH RU PRUH 5$',86 RU 7$&$&6 VHUYHUV 
 $XWKRUL]DWLRQ ± 3URYLGHV DFFHVV FRQWURO
$$$ DXWKRUL]DWLRQ LV WKH SURFHVV RI DVVHPEOLQJ D VHW RI DWWULEXWHV WKDW GHVFULEH ZKDW WKH XVHU LV DXWKRUL]HG
WR SHUIRUP $XWKRUL]DWLRQ LQ WKH &LVFR 1;26 VRIWZDUH LV SURYLGHG E\ DWWULEXWHV WKDW DUH GRZQORDGHG IURP
$$$ VHUYHUV 5HPRWH VHFXULW\ VHUYHUV VXFK DV 5$',86 DQG 7$&$&6 DXWKRUL]H XVHUV IRU VSHFLILF ULJKWV
E\ DVVRFLDWLQJ DWWULEXWHYDOXH $9 SDLUV ZKLFK GHILQH WKRVH ULJKWV ZLWK WKH DSSURSULDWH XVHU
 $FFRXQWLQJ ± 3URYLGHV WKH PHWKRG IRU FROOHFWLQJ LQIRUPDWLRQ ORJJLQJ WKH LQIRUPDWLRQ ORFDOO\ DQG VHQGLQJ
WKH LQIRUPDWLRQ WR WKH $$$ VHUYHU IRU ELOOLQJ DXGLWLQJ DQG UHSRUWLQJ
,Q FRQFOXVLRQ DXWKRUL]DWLRQ VSHFLILHV ZKLFK UHVRXUFHV WKH XVHUV DUH DOORZHG WR DFFHVV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUVZBQ[RVVHFXULW\FRQILJXUDWLRQ
JXLGHVHFBQ[RVFIJVHFBDDDKWPO
48(67,21 
48(67,21 12 
:KLFK FRPPDQG FUHDWHV D ORJLQ DXWKHQWLFDWLRQ PHWKRG QDPHG ORJLQ WKDW ZLOO SULPDULO\ XVH 5$',86 DQG
IDLO RYHU WR WKH ORFDO XVHU GDWDEDVH"
$ FRQILJ  DDD DXWKHQWLFDWLRQ ORJLQ GHIDXOW UDGLXV ORFDO
% FRQILJ  DDD DXWKHQWLFDWLRQ ORJLQ ORJLQ UDGLXV ORFDO
& FRQILJ  DDD DXWKHQWLFDWLRQ ORJLQ GHIDXOW ORFDO UDGLXV
' FRQILJ  DDD DXWKHQWLFDWLRQ ORJLQ UDGLXV ORFDO
&RUUHFW $QVZHU
%
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q WKH ³DDD DXWKHQWLFDWLRQ ORJLQ ORJLQ UDGLXV ORFDO´ FRPPDQG WKH ILUVW ³ORJLQ´ LV D NH\ZRUG ZKLFK
DXWKHQWLFDWHV XVHUV ZKR ZDQW H[HF DFFHVV LQWR WKH DFFHVV VHUYHU WW\ YW\ FRQVROH DQG DX[  7KH VHFRQG
³ORJLQ´ LV D OLVW QDPH ³UDGLXV ORFDO´ SDUW LQGLFDWHV WKH 5$',86 DXWKHQWLFDWLRQ VKRXOG EH XVHG ILUVW ,I WKH
5$',86 VHUYHU GRHV QRW UHSO\ WKHQ XVH WKH ORFDO GDWDEDVH WR DXWKHQWLFDWH
48(67,21 
48(67,21 12 
$ VHUYHU ZLWK D VWDWLFDOO\ DVVLJQHG ,3 DGGUHVV LV DWWDFKHG WR D VZLWFK WKDW LV SURYLVLRQHG IRU '+&3 VQRRSLQJ
)RU PRUH SURWHFWLRQ DJDLQVW PDOLFLRXV DWWDFNV WKH QHWZRUN WHDP LV FRQVLGHULQJ HQDEOLQJ G\QDPLF $53
LQVSHFWLRQ DORQJVLGH '+&3 VQRRSLQJ :KLFK VROXWLRQ HQVXUHV WKDW WKH VHUYHU PDLQWDLQV QHWZRUN
UHDFKDELOLW\ LQ WKH IXWXUH"
$'LVDEOH '+&3 VQRRSLQJ LQIRUPDWLRQ RSWLRQ
%&RQILJXUH D VWDWLF '+&3 VQRRSLQJ ELQGLQJ HQWU\ RQ WKH VZLWFK
&7UXVW WKH LQWHUIDFH WKDW LV FRQQHFWHG WR WKH VHUYHU ZLWK WKH LS GKFS VQRRSLQJ WUXVW FRPPDQG
'
9HULI\ WKH VRXUFH 0$& DGGUHVV RI DOO XQWUXVWHG LQWHUIDFHV ZLWK LS GKFS VQRRSLQJ YHULI\ PDF DGGUHVV
FRPPDQG
&RUUHFW $QVZHU
%
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6WDWLF '+&3 VQRRSLQJ ELQGLQJ GHILQHV D PDSSLQJ EHWZHHQ D IL[HG ,3 DGGUHVV DQG WKH FOLHQW¶V 0$&
DGGUHVV (DFK HQWU\ LQ WKH '+&3 VQRRSLQJ ELQGLQJ GDWDEDVH LQFOXGHV WKH 0$& DGGUHVV RI WKH KRVW WKH
OHDVHG ,3 DGGUHVV WKH OHDVH WLPH WKH ELQGLQJ W\SH DQG WKH 9/$1 QXPEHU DQG LQWHUIDFH LQIRUPDWLRQ
DVVRFLDWHG ZLWK WKH KRVW 7KLV LV KRZ WR FRQILJXUH D VWDWLF '+&3 VQRRSLQJ ELQGLQJ HQWU\
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU ZDQWV WR HQVXUH /D\HU  LVRODWLRQ RI FXVWRPHU WUDIILF XVLQJ D SULYDWH 9/$1 :KLFK
FRQILJXUDWLRQ PXVW EH PDGH EHIRUH WKH SULYDWH 9/$1 LV FRQILJXUHG"
$
'LVDEOH 973 DQG PDQXDOO\ DVVLJQ 9/$1V
%(QVXUH DOO VZLWFKHV DUH FRQILJXUHG DV 973 VHUYHU PRGH
&&RQILJXUH 973 7UDQVSDUHQW 0RGH
'(QDEOH 973 YHUVLRQ 
&RUUHFW $QVZHU
&
6HFWLRQ 3ULYDWH 9/$1
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%HIRUH FRQILJXULQJ SULYDWH 9/$1V ZH PXVW VHW 973 PRGH WR WUDQVSDUHQW EHFDXVH 973 YHUVLRQ  DQG  GR
QRW VXSSRUW SULYDWH 9/$1 973 YHUVLRQ  GRHV VXSSRUW 39/$1  1RWLFH WKDW D VZLWFK LQ 973 WUDQVSDUHQW
PRGH VWLOO IRUZDUGV RWKHU 973 XSGDWHV WR LWV QHLJKERUV
5HIHUHQFH KWWSZZZFLVFRSUHVVFRPDUWLFOHVDUWLFOHDVS"S  VHT1XP 
48(67,21 
48(67,21 12 
'+&3 VQRRSLQJ DQG ,3 6RXUFH *XDUG KDYH EHHQ FRQILJXUHG RQ D VZLWFK WKDW FRQQHFWV WR VHYHUDO FOLHQW
ZRUNVWDWLRQV 7KH ,3 DGGUHVV RI RQH RI WKH ZRUNVWDWLRQV GRHV QRW PDWFK DQ\ HQWULHV IRXQG LQ WKH '+&3
ELQGLQJ GDWDEDVH :KLFK VWDWHPHQW GHVFULEHV WKH RXWFRPH RI WKLV VFHQDULR"
$3DFNHWV IURP WKH ZRUNVWDWLRQ ZLOO EH UDWH OLPLWHG DFFRUGLQJ WR WKH GHIDXOW YDOXHV VHW RQ WKH VZLWFK
%7KH LQWHUIDFH WKDW LV FRQQHFWHG WR WKH ZRUNVWDWLRQ LQ TXHVWLRQ ZLOO EH SXW LQWR WKH HUUGLVDEOHG VWDWH
&7UDIILF ZLOO SDVV DFFRUGLQJO\ DIWHU WKH QHZ ,3 DGGUHVV LV SRSXODWHG LQWR WKH ELQGLQJ GDWDEDVH
'7KH SDFNHWV RULJLQDWLQJ IURP WKH ZRUNVWDWLRQ DUH DVVXPHG WR EH VSRRIHG DQG ZLOO EH GLVFDUGHG
&RUUHFW $QVZHU
'
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,3 6RXUFH *XDUG SURYLGHV VRXUFH ,3 DGGUHVV ILOWHULQJ RQ D /D\HU  SRUW WR SUHYHQW D PDOLFLRXV KRVW IURP
LPSHUVRQDWLQJ D OHJLWLPDWH KRVW E\ DVVXPLQJ WKH OHJLWLPDWH KRVW¶V ,3 DGGUHVV 7KH IHDWXUH XVHV G\QDPLF
'+&3 VQRRSLQJ DQG VWDWLF ,3 VRXUFH ELQGLQJ WR PDWFK ,3 DGGUHVVHV WR KRVWV RQ XQWUXVWHG /D\HU  DFFHVV
SRUWV
,QLWLDOO\ DOO ,3 WUDIILF RQ WKH SURWHFWHG SRUW LV EORFNHG H[FHSW IRU '+&3 SDFNHWV $IWHU D FOLHQW UHFHLYHV DQ ,3
DGGUHVV IURP WKH '+&3 VHUYHU RU DIWHU VWDWLF ,3 VRXUFH ELQGLQJ LV FRQILJXUHG E\ WKH DGPLQLVWUDWRU DOO WUDIILF
ZLWK WKDW ,3 VRXUFH DGGUHVV LV SHUPLWWHG IURP WKDW FOLHQW 7UDIILF IURP RWKHU KRVWV LV GHQLHG 7KLV ILOWHULQJ
OLPLWV D KRVW¶V DELOLW\ WR DWWDFN WKH QHWZRUN E\ FODLPLQJ D QHLJKERU KRVW¶V ,3 DGGUHVV
7KHUHIRUH LI WKH VZLWFK UHFHLYHV D SDFNHW WKDW GRHV QRW PDWFK DQ\ HQWULHV IRXQG LQ WKH '+&3 ELQGLQJ
GDWDEDVH WKDW SDFNHW LV DVVXPHG WR EH VSRRIHG DQG ZLOO EH GLVFDUGHG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGH
ERRNLSVUFJUGKWPO
48(67,21 
48(67,21 12 
$ '+&3 FRQILJXUHG URXWHU LV FRQQHFWHG GLUHFWO\ WR D VZLWFK WKDW KDV EHHQ SURYLVLRQHG ZLWK '+&3 VQRRSLQJ
,3 6RXUFH *XDUG ZLWK WKH LS YHULI\ VRXUFH SRUWVHFXULW\ FRPPDQG LV FRQILJXUHG XQGHU WKH LQWHUIDFHV WKDW
FRQQHFW WR DOO '+&3 FOLHQWV RQ WKH VZLWFK +RZHYHU FOLHQWV DUH QRW UHFHLYLQJ DQ ,3 DGGUHVV YLD WKH '+&3
VHUYHU :KLFK RSWLRQ LV WKH FDXVH RI WKLV LVVXH"
$
7KH '+&3 VHUYHU GRHV QRW VXSSRUW LQIRUPDWLRQ RSWLRQ 
%
7KH '+&3 FOLHQW LQWHUIDFHV KDYH VWRUP FRQWURO FRQILJXUHG
&6WDWLF '+&3 ELQGLQJV DUH QRW FRQILJXUHG RQ WKH VZLWFK
''+&3 VQRRSLQJ PXVW EH HQDEOHG RQ DOO 9/$1V HYHQ LI WKH\ DUH QRW XWLOL]HG IRU G\QDPLF DGGUHVV
DOORFDWLRQ
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH FRPPDQG ³LS YHULI\ VRXUFH SRUWVHFXULW\´ HQDEOHV ,3 VRXUFH JXDUG ZLWK VRXUFH ,3 DQG 0$& DGGUHVV
ILOWHULQJ :KHQ XVLQJ WKLV FRPPDQG WKHUH DUH WZR FDYHDWV
 7KH '+&3 VHUYHU PXVW VXSSRUW RSWLRQ  RU WKH FOLHQW LV QRW DVVLJQHG DQ ,3 DGGUHVV
 7KH 0$& DGGUHVV LQ WKH '+&3 SDFNHW LV QRW OHDUQHG DV D VHFXUH DGGUHVV 7KH 0$& DGGUHVV RI WKH
'+&3 FOLHQW LV OHDUQHG DV D VHFXUH DGGUHVV RQO\ ZKHQ WKH VZLWFK UHFHLYHV QRQ'+&3 GDWD WUDIILF
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVH
FRQILJXUDWLRQJXLGHVFJVZGKFSKWPO
48(67,21 
48(67,21 12 
$ VZLWFK LV DGGHG LQWR WKH SURGXFWLRQ QHWZRUN WR LQFUHDVH SRUW FDSDFLW\ $ QHWZRUN HQJLQHHU LV FRQILJXULQJ
WKH VZLWFK IRU '+&3 VQRRSLQJ DQG ,3 6RXUFH *XDUG EXW LV XQDEOH WR FRQILJXUH LS YHULI\ VRXUFH XQGHU
VHYHUDO RI WKH LQWHUIDFHV :KLFK RSWLRQ LV WKH FDXVH RI WKH SUREOHP"
$7KH ORFDO '+&3 VHUYHU LV GLVDEOHG SULRU WR HQDEOLQJ ,3 6RXUFH *XDUG
%7KH LQWHUIDFHV DUH FRQILJXUHG DV /D\HU  XVLQJ WKH QR VZLWFKSRUW FRPPDQG
&1R 9/$1V H[LVW RQ WKH VZLWFK DQGRU WKH VZLWFK LV FRQILJXUHG LQ 973 WUDQVSDUHQW PRGH
'7KH VZLWFK LV FRQILJXUHG IRU VGP SUHIHU URXWLQJ DV WKH VZLWFKHG GDWDEDVH PDQDJHPHQW WHPSODWH
(7KH FRQILJXUHG 69,V RQ WKH VZLWFK KDYH EHHQ UHPRYHG IRU WKH DVVRFLDWHG LQWHUIDFHV
&RUUHFW $QVZHU
%
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,3 VRXUFH JXDUG LV D VHFXULW\ IHDWXUH WKDW UHVWULFWV ,3 WUDIILF RQ QRQURXWHG /D\HU  LQWHUIDFHV E\ ILOWHULQJ
WUDIILF EDVHG RQ WKH '+&3 VQRRSLQJ ELQGLQJ GDWDEDVH DQG RQ PDQXDOO\ FRQILJXUHG ,3 VRXUFH ELQGLQJV FDQ XVH ,3 VRXUFH JXDUG WR SUHYHQW WUDIILF DWWDFNV FDXVHG ZKHQ D KRVW WULHV WR XVH WKH ,3 DGGUHVV RI LWV
QHLJKERU ,3 VRXUFH JXDUG LV HQDEOHG RQ DQ LQWHUIDFH WKH VZLWFK EORFNV DOO ,3 WUDIILF UHFHLYHG RQ WKH LQWHUIDFH H[FHSW
IRU '+&3 SDFNHWV DOORZHG E\ '+&3 VQRRSLQJ $ SRUW DFFHVV FRQWURO OLVW $&/ LV DSSOLHG WR WKH LQWHUIDFH
7KH SRUW $&/ DOORZV RQO\ ,3 WUDIILF ZLWK D VRXUFH ,3 DGGUHVV LQ WKH ,3 VRXUFH ELQGLQJ WDEOH DQG GHQLHV DOO
RWKHU WUDIILF
7KH ,3 VRXUFH ELQGLQJ WDEOH KDV ELQGLQJV WKDW DUH OHDUQHG E\ '+&3 VQRRSLQJ RU DUH PDQXDOO\ FRQILJXUHG
VWDWLF ,3 VRXUFH ELQGLQJV  $Q HQWU\ LQ WKLV WDEOH KDV DQ ,3 DGGUHVV LWV DVVRFLDWHG 0$& DGGUHVV DQG LWV
DVVRFLDWHG 9/$1 QXPEHU 7KH VZLWFK XVHV WKH ,3 VRXUFH ELQGLQJ WDEOH RQO\ ZKHQ ,3 VRXUFH JXDUG LV
HQDEOHG
,3 VRXUFH JXDUG LV VXSSRUWHG RQO\ RQ /D\HU  SRUWV LQFOXGLQJ DFFHVV DQG WUXQN SRUWV VRXUFH JXDUG ZLWK VRXUFH ,3 DGGUHVV ILOWHULQJ RU ZLWK VRXUFH ,3 DQG 0$& DGGUHVV ILOWHULQJ
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVH BBVHH
FRQILJXUDWLRQJXLGH6&*VZGKFSKWPOZS
48(67,21 
48(67,21 12 
7KH FRPPDQG VWRUPFRQWURO EURDGFDVW OHYHO   LV FRQILJXUHG XQGHU WKH VZLWFK SRUW FRQQHFWHG WR WKH
FRUSRUDWH PDLO VHUYHU ,Q ZKLFK WKUHH ZD\V GRHV WKLV FRPPDQG LPSDFW WKH WUDIILF" &KRRVH WKUHH
$6103 WUDSV DUH VHQW E\ GHIDXOW ZKHQ EURDGFDVW WUDIILF UHDFKHV  RI WKH ORZHUOHYHO WKUHVKROG
%7KH VZLWFKSRUW LV GLVDEOHG ZKHQ XQLFDVW WUDIILF UHDFKHV  RI WKH WRWDO LQWHUIDFH EDQGZLGWK
&7KH VZLWFK UHVXPHV IRUZDUGLQJ EURDGFDVWV ZKHQ WKH\ DUH EHORZ  RI EDQGZLGWK
'2QO\ EURDGFDVW WUDIILF LV OLPLWHG E\ WKLV SDUWLFXODU VWRUP FRQWURO FRQILJXUDWLRQ
(0XOWLFDVW WUDIILF LV GURSSHG DW  DQG EURDGFDVW WUDIILF LV GURSSHG DW  RI WKH WRWDO LQWHUIDFH
EDQGZLGWK
)7KH VZLWFK GURSV EURDGFDVWV ZKHQ WKH\ UHDFK  RI EDQGZLGWK
&RUUHFW $QVZHU
&')
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
VWRUPFRQWURO ^EURDGFDVW _ PXOWLFDVW _ XQLFDVW` OHYHO ^OHYHO >OHYHO[email protected] _ SSV SSV >SSV[email protected]` &RQILJXUH
EURDGFDVW PXOWLFDVW RU XQLFDVW VWRUP FRQWURO %\ GHIDXOW VWRUP FRQWURO LV GLVDEOHG
6WRUP FRQWURO SUHYHQWV WUDIILF RQ D /$1 IURP EHLQJ GLVUXSWHG E\ D EURDGFDVW PXOWLFDVW RU XQLFDVW VWRUP RQ
RQH RI WKH SK\VLFDO LQWHUIDFHV $ /$1 VWRUP RFFXUV ZKHQ SDFNHWV IORRG WKH /$1 FUHDWLQJ H[FHVVLYH WUDIILF
DQG GHJUDGLQJ QHWZRUN SHUIRUPDQFH (UURUV LQ WKH SURWRFROVWDFN LPSOHPHQWDWLRQ PLVWDNHV LQ QHWZRUN
FRQILJXUDWLRQV RU XVHUV LVVXLQJ D GHQLDORIVHUYLFH DWWDFN FDQ FDXVH D VWRUP 6WRUP FRQWURO RU WUDIILF
VXSSUHVVLRQ PRQLWRUV SDFNHWV SDVVLQJ IURP DQ LQWHUIDFH WR WKH VZLWFKLQJ EXV DQG GHWHUPLQHV LI WKH SDFNHW
LV XQLFDVW PXOWLFDVW RU EURDGFDVW 7KH VZLWFK FRXQWV WKH QXPEHU RI SDFNHWV RI D VSHFLILHG W\SH UHFHLYHG
ZLWKLQ WKH VHFRQG WLPH LQWHUYDO DQG FRPSDUHV WKH PHDVXUHPHQW ZLWK D SUHGHILQHG VXSSUHVVLRQOHYHO
WKUHVKROG
6WRUP FRQWURO XVHV RQH RI WKHVH PHWKRGV WR PHDVXUH WUDIILF DFWLYLW\
 %DQGZLGWK DV D SHUFHQWDJH RI WKH WRWDO DYDLODEOH EDQGZLGWK RI WKH SRUW WKDW FDQ EH XVHG E\ WKH EURDGFDVW
PXOWLFDVW RU XQLFDVW WUDIILF
 7UDIILF UDWH LQ SDFNHWV SHU VHFRQG DW ZKLFK EURDGFDVW PXOWLFDVW RU XQLFDVW SDFNHWV DUH UHFHLYHG
 7UDIILF UDWH LQ ELWV SHU VHFRQG DW ZKLFK EURDGFDVW PXOWLFDVW RU XQLFDVW SDFNHWV DUH UHFHLYHG
:LWK HDFK PHWKRG WKH SRUW EORFNV WUDIILF ZKHQ WKH ULVLQJ WKUHVKROG LV UHDFKHG 7KH SRUW UHPDLQV EORFNHG
XQWLO WKH WUDIILF UDWH GURSV EHORZ WKH IDOOLQJ WKUHVKROG LI RQH LV VSHFLILHG DQG WKHQ UHVXPHV QRUPDO
IRUZDUGLQJ ,I WKH IDOOLQJ VXSSUHVVLRQ OHYHO LV QRW VSHFLILHG WKH VZLWFK EORFNV DOO WUDIILF XQWLO WKH WUDIILF UDWH
GURSV EHORZ WKH ULVLQJ VXSSUHVVLRQ OHYHO ,Q JHQHUDO WKH KLJKHU WKH OHYHO WKH OHVV HIIHFWLYH WKH SURWHFWLRQ
DJDLQVW EURDGFDVW VWRUPV
7KH FRPPDQG ³VWRUPFRQWURO EURDGFDVW OHYHO  ´ OLPLWV WKH EURDGFDVW WUDIILF XS WR  RI WKH EDQGZLGWK
 LV FDOOHG WKH ULVLQJ WKUHVKROG  7KH SRUW ZLOO VWDUW IRUZDUGLQJ EURDGFDVW WUDIILF DJDLQ ZKHQ LW GURSV EHORZ
 RI WKH EDQGZLGWK  LV FDOOHG WKH IDOOLQJ WKUHVKROG 
1RWH ,I \RX GRQ¶W FRQILJXUH WKH IDOOLQJ WKUHVKROG LW ZLOO XVH WKH VDPH YDOXH RI WKH ULVLQJ WKUHVKROG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBI[
FRQILJXUDWLRQJXLGHVFJVZWUDIFKWPOZS
48(67,21 
48(67,21 12 
$IWHU SRUW VHFXULW\ LV GHSOR\HG WKURXJKRXW DQ HQWHUSULVH FDPSXV WKH QHWZRUN WHDP KDV EHHQ RYHUZKHOPHG
ZLWK SRUW UHVHW UHTXHVWV 7KH\ GHFLGH WR FRQILJXUH WKH QHWZRUN WR DXWRPDWH WKH SURFHVV RI UHHQDEOLQJ XVHU
SRUWV :KLFK FRPPDQG DFFRPSOLVKHV WKLV WDVN"
$
VZLWFK FRQILJ  HUUGLVDEOH UHFRYHU\ LQWHUYDO 
%
VZLWFK FRQILJ  HUUGLVDEOH UHFRYHU\ FDXVH SVHFXUHYLRODWLRQ
&VZLWFK FRQILJ  VZLWFKSRUW SRUWVHFXULW\ SURWHFW
'VZLWFK FRQILJ  VZLWFKSRUW SRUWVHFXULW\ DJLQJ W\SH LQDFWLYLW\
(VZLWFK FRQILJ  HUUGLVDEOH UHFRYHU\ FDXVH VHFXULW\YLRODWLRQ
&RUUHFW $QVZHU
%
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ D VHFXUH SRUW LV LQ WKH HUURUGLVDEOHG VWDWH \RX FDQ EULQJ LW RXW RI WKLV VWDWH DXWRPDWLFDOO\ E\
FRQILJXULQJ WKH HUUGLVDEOH UHFRYHU\ FDXVH SVHFXUHYLRODWLRQ JOREDO FRQILJXUDWLRQ FRPPDQG RU \RX FDQ
PDQXDOO\ UHHQDEOH LW E\ HQWHULQJ WKH VKXWGRZQ DQG QR VKXW GRZQ LQWHUIDFH FRQILJXUDWLRQ FRPPDQGV 7KLV LV
WKH GHIDXOW PRGH ,I D SRUW LV LQ SHU9/$1 HUUGLVDEOH PRGH \RX FDQ DOVR XVH FOHDU HUUGLVDEOH LQWHUIDFH QDPH
YODQ UDQJH FRPPDQG WR UHHQDEOH WKH 9/$1 RQ WKH SRUW WKH VSHFLILHG HUURU GLVDEOH FDXVH GHIDXOW LV  VHFRQGV E\ HQWHULQJ WKH HUUGLVDEOH UHFRYHU\ LQWHUYDO
LQWHUYDO FRPPDQG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW 6*FRQILJXUDWLRQ
FRQILJSRUWBVHFSGI
48(67,21 
48(67,21 12 
7KH QHWZRUN PRQLWRULQJ DSSOLFDWLRQ DOHUWV D QHWZRUN HQJLQHHU RI D FOLHQW 3& WKDW LV DFWLQJ DV D URJXH '+&3
VHUYHU :KLFK WZR FRPPDQGV KHOS WUDFH WKLV 3& ZKHQ WKH 0$& DGGUHVV LV NQRZQ" &KRRVH WZR
$VZLWFK VKRZ PDF DGGUHVVWDEOH
%VZLWFK VKRZ SRUWVHFXULW\
&VZLWFK VKRZ LS YHULI\ VRXUFH
'VZLWFK VKRZ LS DUS LQVSHFWLRQ
(VZLWFK VKRZ PDF DGGUHVVWDEOH DGGUHVV PDF DGGUHVV!
&RUUHFW $QVZHU
$(
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH FRPPDQG ³VKRZ PDF DGGUHVVWDEOH´ GLVSOD\V WKH 0$& DGGUHVV WDEOH DORQJ ZLWK WKH SRUW DVVRFLDWHG IRU
WKH VZLWFK 7KH µVKRZ PDF DGGUHVVWDEOH DGGUHVV ´ JLYHV D PRUH VSHFLILF YLHZ RI D VSHFLILF 0$& DGGUHVV
48(67,21 
48(67,21 12 
:KLOH WURXEOHVKRRWLQJ D QHWZRUN RXWDJH D QHWZRUN HQJLQHHU GLVFRYHUHG DQ XQXVXDOO\ KLJK OHYHO RI
EURDGFDVW WUDIILF FRPLQJ IURP RQH RI WKH VZLWFK LQWHUIDFHV :KLFK RSWLRQ GHFUHDVHV FRQVXPSWLRQ RI
EDQGZLGWK XVHG E\ EURDGFDVW WUDIILF"
$VWRUP FRQWURO
%6'0 URXWLQJ
&&LVFR ,26 SDUVHU
'LQWHJUDWHG URXWLQJ DQG EULGJLQJ
('\QDPLF $53 ,QVSHFWLRQ
&RUUHFW $QVZHU
$
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6WRUP FRQWURO SUHYHQWV WUDIILF RQ D /$1 IURP EHLQJ GLVUXSWHG E\ D EURDGFDVW PXOWLFDVW RU XQLFDVW VWRUP RQ
D SRUW $ /$1 VWRUP RFFXUV ZKHQ SDFNHWV IORRG WKH /$1 FUHDWLQJ H[FHVVLYH WUDIILF DQG GHJUDGLQJ QHWZRUN
SHUIRUPDQFH (UURUV LQ WKH SURWRFROVWDFN LPSOHPHQWDWLRQ PLVWDNHV LQ QHWZRUN FRQILJXUDWLRQ RU XVHUV
LVVXLQJ D GHQLDORIVHUYLFH DWWDFN FDQ FDXVH D VWRUP
6WRUP FRQWURO LV FRQILJXUHG IRU WKH VZLWFK DV D ZKROH EXW RSHUDWHV RQ D SHUSRUW EDVLV %\ GHIDXOW VWRUP
FRQWURO LV GLVDEOHG
6WRUP FRQWURO XVHV ULVLQJ DQG IDOOLQJ WKUHVKROGV WR EORFN DQG WKHQ UHVWRUH WKH IRUZDUGLQJ RI EURDGFDVW
XQLFDVW RU PXOWLFDVW SDFNHWV UHDFKHG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVH BHD
6&*VFJVZWUDIFKWPO
48(67,21 
48(67,21 12 
:KLFK FRPPDQG JOREDOO\ HQDEOHV $$$ RQ D GHYLFH"
$DDD QHZPRGHO
%DDD DXWKHQWLFDWLRQ
&DDD DXWKRUL]DWLRQ
'DDD DFFRXQWLQJ
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R FRQILJXUH $$$ DXWKHQWLFDWLRQ HQDEOH $$$ E\ XVLQJ WKH DDD QHZPRGHO JOREDO FRQILJXUDWLRQ FRPPDQG
$$$ IHDWXUHV DUH QRW DYDLODEOH IRU XVH XQWLO \RX HQDEOH $$$ JOREDOO\ E\ LVVXLQJ WKH DDD QHZPRGHO
FRPPDQG
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVLRVBVHFXULW\FRQILJXUDWLRQJXLGHIVHFXUBFVFIDWKHQKWPO
48(67,21 
48(67,21 12 
:KLFK $$$ $XWKRUL]DWLRQ W\SH LQFOXGHV 333 6/,3 DQG $5$3 FRQQHFWLRQV"
$QHWZRUN
%,3 PRELOH
&(;(&
'DXWKSUR[\
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
0HWKRG OLVWV IRU DXWKRUL]DWLRQ GHILQH WKH ZD\V WKDW DXWKRUL]DWLRQ ZLOO EH SHUIRUPHG DQG WKH VHTXHQFH LQ
ZKLFK WKHVH PHWKRGV ZLOO EH SHUIRUPHG $ PHWKRG OLVW LV VLPSO\ D QDPHG OLVW GHVFULELQJ WKH DXWKRUL]DWLRQ
PHWKRGV WR EH TXHULHG VXFK DV 5$',86 RU 7$&$&6  LQ VHTXHQFH 0HWKRG OLVWV HQDEOH \RX WR GHVLJQDWH
RQH RU PRUH VHFXULW\ SURWRFROV WR EH XVHG IRU DXWKRUL]DWLRQ WKXV HQVXULQJ D EDFNXS V\VWHP LQ FDVH WKH
LQLWLDO PHWKRG IDLOV &LVFR ,26 VRIWZDUH XVHV WKH ILUVW PHWKRG OLVWHG WR DXWKRUL]H XVHUV IRU VSHFLILF QHWZRUN
VHUYLFHV LI WKDW PHWKRG IDLOV WR UHVSRQG WKH &LVFR ,26 VRIWZDUH VHOHFWV WKH QH[W PHWKRG OLVWHG LQ WKH
PHWKRG OLVW 7KLV SURFHVV FRQWLQXHV XQWLO WKHUH LV VXFFHVVIXO FRPPXQLFDWLRQ ZLWK D OLVWHG DXWKRUL]DWLRQ
PHWKRG RU DOO PHWKRGV GHILQHG DUH H[KDXVWHG
0HWKRG OLVWV DUH VSHFLILF WR WKH DXWKRUL]DWLRQ W\SH UHTXHVWHG
·$XWKSUR[\$SSOLHV VSHFLILF VHFXULW\ SROLFLHV RQ D SHUXVHU EDVLV )RU GHWDLOHG LQIRUPDWLRQ RQ WKH
DXWKHQWLFDWLRQ SUR[\ IHDWXUH UHIHU WR WKH FKDSWHU &RQILJXULQJ $XWKHQWLFDWLRQ 3UR[\ LQ WKH 7UDIILF
)LOWHULQJDQG )LUHZDOOV SDUW RI WKLV ERRN
·&RPPDGV$SSOLHV WR WKH (;(& PRGH FRPDQGV D XVHU LVVXHV &RPPDQG DXWKRUL]DWLRQ DWWHPSWV
DXWKRUL]DWLRQ IRU DOO (;(& PRGH FRPPDQGV LQFOXGLQJ JOREDO FRQILJXUDWLRQ FRPPDQGV DVVRFLDWHG ZLWK D
VSHFLILF SULYLOHJH OHYHO
·(;(&$SSOLHV WR WKH DWWULEXWHV DVVRFLDWHG ZLWK D XVHU (;(& WHUPLQDO VHVVLRQ ·1HWZRUN$SSOLHV WR
QHWZRUN FRQQHFWLRQV 7KLV FDQ LQFOXGH D 333 6/,3 RU $5$3 FRQQHFWLRQ
·5HYHUVH $FFHVV$SSOLHV WR UHYHUVH 7HOQHW VHVVLRQV
:KHQ \RX FUHDWH D QDPHG PHWKRG OLVW \RX DUH GHILQLQJ D SDUWLFXODU OLVW RI DXWKRUL]DWLRQ PHWKRGV IRU WKH
LQGLFDWHG DXWKRUL]DWLRQ W\SH
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVLRVBVHFXULW\FRQILJXUDWLRQJXLGHIVHFXUBFVFIDWKRUKWPO
48(67,21 
48(67,21 12 
:KLFK DXWKHQWLFDWLRQ VHUYLFH LV QHHGHG WR FRQILJXUH ["
$5$',86 ZLWK ($3 ([WHQVLRQ
%7$&$&6
&5$',86 ZLWK &R$
'5$',86 XVLQJ 96$
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)RU [ SRUWEDVHG DXWKHQWLFDWLRQ WKH 5HPRWH $XWKHQWLFDWLRQ 'LDO,Q 8VHU 6HUYLFH 5$',86 VHFXULW\
V\VWHP ZLWK ([WHQVLEOH $XWKHQWLFDWLRQ 3URWRFRO ($3 H[WHQVLRQV LV WKH RQO\ VXSSRUWHG DXWKHQWLFDWLRQ
VHUYHU LW LV DYDLODEOH LQ &LVFR 6HFXUH $FFHVV &RQWURO 6HUYHU YHUVLRQ  5$',86 RSHUDWHV LQ D FOLHQW
VHUYHU PRGHO LQ ZKLFK VHFXUH DXWKHQWLFDWLRQ LQIRUPDWLRQ LV H[FKDQJHG EHWZHHQ WKH 5$',86 VHUYHU DQG RQH
RU PRUH 5$',86 FOLHQWV
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHD
FRQILJXUDWLRQJXLGH6Z[KWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK ORJLQ FUHGHQWLDOV DUH UHTXLUHG ZKHQ FRQQHFWLQJ WR WKH FRQVROH SRUW LQ WKLV RXWSXW"
$QRQH UHTXLUHG
%XVHUQDPH FLVFR ZLWK SDVVZRUG FLVFR
&QR XVHUQDPH ZLWK SDVVZRUG OLQHSDVV
'ORJLQ DXWKHQWLFDWLRQ GHIDXOW
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
+HUH WKH FRQVROH KDV EHHQ FRQILJXUHG ZLWK WKH 12B$87+ QDPH ZKLFK OLVWV QRQH DV WKH DXWKHQWLFDWLRQ
PHWKRG 1RQH PHDQV QR DXWKHQWLFDWLRQ PHDQLQJ WKDW FUHGHQWLDOV DUH QRW UHTXLUHG DQG DOO VHVVLRQV DUH
DOORZHG DFFHVV LPPHGLDWHO\
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KHQ D QHWZRUN DGPLQLVWUDWRU LV DWWHPSWLQJ DQ 66+ FRQQHFWLRQ WR WKH GHYLFH LQ ZKLFK RUGHU GRHV WKH
GHYLFH FKHFN WKH ORJLQ FUHGHQWLDOV"
$
5$',86 VHUYHU ORFDO XVHUQDPH OLQH SDVVZRUG
%
5$',86 VHUYHU OLQH SDVVZRUG ORFDO XVHUQDPH
&/LQH SDVVZRUG ORFDO XVHUQDPH 5$',86 VHUYHU
'/LQH SDVVZRUG 5$',86 VHUYHU ORFDO XVHUQDPH
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH 97< OLQH FDQ EH DFFHVVHG YLD 7HOQHW DQG 66+ E\ GHIDXOW ,W LV DXWKHQWLFDWHG E\ ³GHIDXOW´ OLVW ZKLFK LV
GHILQHG ZLWK WKH ³DDD DXWKHQWLFDWLRQ ORJLQ GHIDXOW JURXS UDGLXV ORFDO OLQH´ FRPPDQG 7KHUHIRUH XVHUV ZKR
DFFHVV YLD 7HOQHW RU 66+ DUH DXWKHQWLFDWHG YLD 5$',86 ILUVW WKHQ ORFDO GDWDEDVH DQG ILQDOO\ OLQH 97<
SDVVZRUG
1RWH 7KH ³JURXS´ NH\ZRUG SURYLGHV D ZD\ WR JURXS H[LVWLQJ VHUYHU KRVWV 7KH IHDWXUH DOORZV WKH XVHU WR
VHOHFW D VXEVHW RI WKH FRQILJXUHG VHUYHU KRVWV DQG XVH WKHP IRU D SDUWLFXODU VHUYLFH 7KHUHIRUH ZH FDQ
XQGHUVWDQG ³JURXS UDGLXV´ KHUH PHDQV ³VRPH SUHGHILQHG UDGLXV VHUYHUV´
48(67,21 
48(67,21 12 
:KLFK W\SH RI LQIRUPDWLRQ GRHV WKH '+&3 VQRRSLQJ ELQGLQJ GDWDEDVH FRQWDLQ"
$XQWUXVWHG KRVWV ZLWK OHDVHG ,3 DGGUHVVHV
%WUXVWHG KRVWV ZLWK OHDVHG ,3 DGGUHVVHV
&XQWUXVWHG KRVWV ZLWK DYDLODEOH ,3 DGGUHVVHV
'WUXVWHG KRVWV ZLWK DYDLODEOH ,3 DGGUHVVHV
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
'+&3 VQRRSLQJ LV D VHFXULW\ IHDWXUH WKDW DFWV OLNH D ILUHZDOO EHWZHHQ XQWUXVWHG KRVWV DQG WUXVWHG '+&3
VHUYHUV 7KH '+&3 VQRRSLQJ IHDWXUH SHUIRUPV WKH IROORZLQJ DFWLYLWLHV
· 9DOLGDWHV '+&3 PHVVDJHV UHFHLYHG IURP XQWUXVWHG VRXUFHV DQG ILOWHUV RXW LQYDOLG PHVVDJHV
· 5DWHOLPLWV '+&3 WUDIILF IURP WUXVWHG DQG XQWUXVWHG VRXUFHV · %XLOGV DQG PDLQWDLQV WKH '+&3 VQRRSLQJ
ELQGLQJ GDWDEDVH ZKLFK FRQWDLQV LQIRUPDWLRQ DERXW XQWUXVWHG KRVWV ZLWK OHDVHG ,3 DGGUHVVHV
· 8WLOL]HV WKH '+&3 VQRRSLQJ ELQGLQJ GDWDEDVH WR YDOLGDWH VXEVHTXHQW UHTXHVWV IURP XQWUXVWHG KRVWV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV 6;FRQILJXUDWLRQJXLGH
ERRNVQRRGKFSSGI
48(67,21 
48(67,21 12 
:KLFK VZLWFK IHDWXUH GHWHUPLQHV YDOLGLW\ EDVHG RQ ,3WR0$& DGGUHVV ELQGLQJV WKDW DUH VWRUHG LQ D WUXVWHG
GDWDEDVH"
$'\QDPLF $53 ,QVSHFWLRQ
%VWRUP FRQWURO
&
973 SUXQLQJ
''+&3 VQRRSLQJ
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
'\QDPLF $53 LQVSHFWLRQ GHWHUPLQHV WKH YDOLGLW\ RI DQ $53 SDFNHW EDVHG RQ YDOLG ,3WR0$& DGGUHVV
ELQGLQJV VWRUHG LQ D WUXVWHG GDWDEDVH WKH '+&3 VQRRSLQJ ELQGLQJ GDWDEDVH 7KLV GDWDEDVH LV EXLOW E\
'+&3 VQRRSLQJ LI '+&3 VQRRSLQJ LV HQDEOHG RQ WKH 9/$1V DQG RQ WKH VZLWFK ,I WKH $53 SDFNHW LV
UHFHLYHG RQ D WUXVWHG LQWHUIDFH WKH VZLWFK IRUZDUGV WKH SDFNHW ZLWKRXW DQ\ FKHFNV 2Q XQWUXVWHG LQWHUIDFHV
WKH VZLWFK IRUZDUGV WKH SDFNHW RQO\ LI LW LV YDOLG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVVZLWFKHVFDWDO\VWVHULHV VZLWFKHV
OD\HUVHFIWUVFDWOIL[HGKWPO
48(67,21 
48(67,21 12 
:KLFK FRPPDQG LV QHHGHG WR HQDEOH '+&3 VQRRSLQJ LI D VZLWFKSRUW LV FRQQHFWHG WR D '+&3 VHUYHU"
$LS GKFS VQRRSLQJ WUXVW
%LS GKFS VQRRSLQJ
&LS GKFS WUXVW
'LS GKFS VQRRSLQJ LQIRUPDWLRQ
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ FRQILJXULQJ '+&3 VQRRSLQJ IROORZ WKHVH JXLGHOLQHV
·'+&3 VQRRSLQJ LV QRW DFWLYH XQWLO \RX HQDEOH WKH IHDWXUH RQ DW OHDVW RQH 9/$1 DQG HQDEOH '+&3 JOREDOO\
RQ WKH VZLWFK
·%HIRUH JOREDOO\ HQDEOLQJ '+&3 VQRRSLQJ RQ WKH VZLWFK PDNH VXUH WKDW WKH GHYLFHV DFWLQJ DV WKH '+&3
VHUYHU DQG WKH '+&3 UHOD\ DJHQW DUH FRQILJXUHG DQG HQDEOHG
·,I D /D\HU  /$1 SRUW LV FRQQHFWHG WR D '+&3 VHUYHU FRQILJXUH WKH SRUW DV WUXVWHG E\ HQWHULQJ WKH LS GKFS
VQRRSLQJ WUXVW LQWHUIDFH FRQILJXUDWLRQ FRPPDQG
·,I D /D\HU  /$1 SRUW LV FRQQHFWHG WR D '+&3 FOLHQW FRQILJXUH WKH SRUW DV XQWUXVWHG E\ HQWHULQJ WKH QR LS
GKFS VQRRSLQJ WUXVW LQWHUIDFH FRQILJXUDWLRQ FRPPDQG

7KH SRUW FRQQHFWHG WR D '+&3 VHUYHU VKRXOG EH FRQILJXUHG DV WUXVWHG SRUW ZLWK WKH ³LS GKFS VQRRSLQJ WUXVW´
FRPPDQG 2WKHU SRUWV FRQQHFWLQJ WR KRVWV DUH XQWUXVWHG SRUWV E\ GHIDXOW
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV 6;FRQILJXUDWLRQJXLGH
ERRNVQRRGKFSKWPO
48(67,21 
48(67,21 12 
:KLFK SULYDWH 9/$1 DFFHVV SRUW EHORQJV WR WKH SULPDU\ 9/$1 DQG FDQ FRPPXQLFDWH ZLWK DOO LQWHUIDFHV
LQFOXGLQJ WKH FRPPXQLW\ DQG LVRODWHG KRVW SRUWV"
$SURPLVFXRXV SRUW
%LVRODWHG SRUW
&FRPPXQLW\ SRUW
'WUXQN SRUW
&RUUHFW $QVZHU
$
6HFWLRQ 3ULYDWH 9/$1
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
7KH W\SHV RI SULYDWH 9/$1 SRUWV DUH DV IROORZV
·3URPLVFXRXV$ SURPLVFXRXV SRUW EHORQJV WR WKH SULPDU\ 9/$1 7KH SURPLVFXRXV SRUW FDQ FRPPXQLFDWH
ZLWK DOO LQWHUIDFHV LQFOXGLQJ WKH FRPPXQLW\ DQG LVRODWHG KRVW SRUWV WKDW EHORQJ WR WKRVH VHFRQGDU\ 9/$1V
DVVRFLDWHG WR WKH SURPLVFXRXV SRUW DQG DVVRFLDWHG ZLWK WKH SULPDU\ 9/$1 SURPLVFXRXV SRUWV LQ D SULPDU\ 9/$1 (DFK SURPLVFXRXV SRUW FDQ KDYH VHYHUDO VHFRQGDU\ 9/$1V RU QR
VHFRQGDU\ 9/$1V DVVRFLDWHG WR WKDW SRUW SURPLVFXRXV SRUW DV ORQJ DV WKH SURPLVFXRXV SRUW DQG VHFRQGDU\ 9/$1V DUH ZLWKLQ WKH VDPH SULPDU\
9/$1 9/$1V WKDW DUH QRW DVVRFLDWHG WR DQ\ SURPLVFXRXV SRUW
·,VRODWHG$Q LVRODWHG SRUW LV D KRVW SRUW WKDW EHORQJV WR DQ LVRODWHG VHFRQGDU\ 9/$1 7KLV SRUW KDV
FRPSOHWH LVRODWLRQ IURP RWKHU SRUWV ZLWKLQ WKH VDPH SULYDWH 9/$1 GRPDLQ H[FHSW WKDW LW FDQ FRPPXQLFDWH
ZLWK DVVRFLDWHG SURPLVFXRXV SRUWV 3ULYDWH 9/$1V EORFN DOO WUDIILF WR LVRODWHG SRUWV H[FHSW WUDIILF IURP
SURPLVFXRXV SRUWV 7UDIILF UHFHLYHG IURP DQ LVRODWHG SRUW LV IRUZDUGHG RQO\ WR SURPLVFXRXV SRUWV KDYH PRUH WKDQ RQH LVRODWHG SRUW LQ D VSHFLILHG LVRODWHG 9/$1 (DFK SRUW LV FRPSOHWHO\ LVRODWHG IURP DOO
RWKHU SRUWV LQ WKH LVRODWHG 9/$1
·&RPPXQLW\$ FRPPXQLW\ SRUW LV D KRVW SRUW WKDW EHORQJV WR D FRPPXQLW\ VHFRQGDU\ 9/$1 &RPPXQLW\
SRUWV FRPPXQLFDWH ZLWK RWKHU SRUWV LQ WKH VDPH FRPPXQLW\ 9/$1 DQG ZLWK DVVRFLDWHG SURPLVFXRXV SRUWV
7KHVH LQWHUIDFHV DUH LVRODWHG IURP DOO RWKHU LQWHUIDFHV LQ RWKHU FRPPXQLWLHV DQG IURP DOO LVRODWHG SRUWV
ZLWKLQ WKH SULYDWH 9/$1 GRPDLQ
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUQH[XVVZFRQILJXUDWLRQJXLGHFOL&
/,&RQILJXUDWLRQ*XLGH3ULYDWH9/$1VKWPO
48(67,21 
48(67,21 12 
:KLFK SULYDWH 9/$1 FDQ KDYH RQO\ RQH 9/$1 DQG EH D VHFRQGDU\ 9/$1 WKDW FDUULHV XQLGLUHFWLRQDO WUDIILF
XSVWUHDP IURP WKH KRVWV WRZDUG WKH SURPLVFXRXV SRUWV DQG WKH JDWHZD\"
$LVRODWHG 9/$1
%SULPDU\ 9/$1
&FRPPXQLW\ 9/$1
'SURPLVFXRXV 9/$1
&RUUHFW $QVZHU
$
6HFWLRQ 3ULYDWH 9/$1
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,VRODWHG 9/$1 LV D VHFRQGDU\ 9/$1 DQG LW FDQ RQO\ FRPPXQLFDWH ZLWK WKH SURPLVFXRXV SRUW $OVR WKHUH
FDQ EH RQO\  LVRODWHG 9/$1 SHU 39/$1 DOWKRXJK WKLV LVRODWHG 9/$1 FDQ EH FRQILJXUHG WR PDQ\ SRUWV EXW
WKHVH SRUWV FDQQRW FRPPXQLFDWH ZLWK HDFK RWKHU 
8QGHUVWDQGLQJ 3ULPDU\ ,VRODWHG DQG &RPPXQLW\ 3ULYDWH 9/$1V 3ULPDU\ 9/$1V DQG WKH WZR W\SHV RI
VHFRQGDU\ 9/$1V LVRODWHG DQG FRPPXQLW\ KDYH WKHVH FKDUDFWHULVWLFV
·3ULPDU\ 9/$1 7KH SULPDU\ 9/$1 FDUULHV WUDIILF IURP WKH SURPLVFXRXV SRUWV WR WKH KRVW SRUWV ERWK
LVRODWHG DQG FRPPXQLW\ DQG WR RWKHU SURPLVFXRXV SRUWV
·,VRODWHG 9/$1 $Q LVRODWHG 9/$1 LV D VHFRQGDU\ 9/$1 WKDW FDUULHV XQLGLUHFWLRQDO WUDIILF XSVWUHDP IURP WKH
KRVWV WRZDUG WKH SURPLVFXRXV SRUWV DOO WKH WUDIILF UHPDLQV LVRODWHG ZLWKLQ HDFK RQH (DFK LVRODWHG 9/$1 FDQ KDYH VHYHUDO LVRODWHG SRUWV DQG WKH
WUDIILF IURP HDFK LVRODWHG SRUW DOVR UHPDLQV FRPSOHWHO\ VHSDUDWH
·&RPPXQLW\ 9/$1$ FRPPXQLW\ 9/$1 LV D VHFRQGDU\ 9/$1 WKDW FDUULHV XSVWUHDP WUDIILF IURP WKH
FRPPXQLW\ SRUWV WR WKH SURPLVFXRXV SRUW DQG WR RWKHU KRVW SRUWV LQ WKH VDPH FRPPXQLW\ PXOWLSOH FRPPXQLW\ 9/$1V LQ D SULYDWH 9/$1 GRPDLQ 7KH SRUWV ZLWKLQ RQH FRPPXQLW\ FDQ FRPPXQLFDWH
EXW WKHVH SRUWV FDQQRW FRPPXQLFDWH ZLWK SRUWV LQ DQ\ RWKHU FRPPXQLW\ RU LVRODWHG 9/$1 LQ WKH SULYDWH
9/$1
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUQH[XVVZFRQILJXUDWLRQJXLGHFOL&
/,&RQILJXUDWLRQ*XLGH3ULYDWH9/$1VKWPO
48(67,21 
48(67,21 12 
:KLFK GDWDEDVH LV XVHG WR GHWHUPLQH WKH YDOLGLW\ RI DQ $53 SDFNHW EDVHG RQ D YDOLG ,3WR0$& DGGUHVV
ELQGLQJ"
$'+&3 VQRRSLQJ GDWDEDVH
%G\QDPLF $53 GDWDEDVH
&G\QDPLF URXWLQJ GDWDEDVH
'VWDWLF $53 GDWDEDVH
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,QIRUPDWLRQ $ERXW '\QDPLF $53 ,QVSHFWLRQ
'$, LV XVHG WR YDOLGDWH $53 UHTXHVWV DQG UHVSRQVHV DV IROORZV
· ,QWHUFHSWV DOO $53 UHTXHVWV DQG UHVSRQVHV RQ XQWUXVWHG SRUWV
· 9HULILHV WKDW D SDFNHW KDV D YDOLG ,3WR0$& DGGUHVV ELQGLQJ EHIRUH XSGDWLQJ WKH $53 FDFKH RU IRUZDUGLQJ
WKH SDFNHW
· 'URSV LQYDOLG $53 SDFNHWV
'$, FDQ GHWHUPLQH WKH YDOLGLW\ RI DQ $53 SDFNHW EDVHG RQ YDOLG ,3WR0$& DGGUHVV ELQGLQJV VWRUHG LQ D
'+&3 VQRRSLQJ ELQGLQJ GDWDEDVH 7KLV GDWDEDVH LV EXLOW E\ '+&3 VQRRSLQJ ZKHQ LW LV HQDEOHG RQ WKH
9/$1V DQG RQ WKH GHYLFH ,W PD\ DOVR FRQWDLQ VWDWLF HQWULHV WKDW \RX KDYH FUHDWHG
'+&3 VQRRSLQJ GDWDEDVH FRQWDLQV 0$& DGGUHVVWR,3 DGGUHVV ELQGLQJV ZKLFK '\QDPLF $53 ,QVSHFWLRQ
'$, XVHV WR GHWHUPLQH WKH YDOLGLW\ RI DQ $53 SDFNHW
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUQH[XVK\SHUYVZBBBVBPBB B
WURXEOHVKRRWLQJFRQILJXUDWLRQJXLGHQYBWURXEOHVKRRWLQJQYBWURXEOHBGKFSKWPO
48(67,21 
48(67,21 12 
:KHQ ,3 6RXUFH *XDUG ZLWK VRXUFH ,3 ILOWHULQJ LV HQDEOHG RQ DQ LQWHUIDFH ZKLFK IHDWXUH PXVW EH HQDEOHG
RQ WKH DFFHVV 9/$1 IRU WKDW LQWHUIDFH"
$'+&3 VQRRSLQJ
%VWRUP FRQWURO
&VSDQQLQJWUHH SRUWIDVW
'SULYDWH 9/$1
&RUUHFW $QVZHU
$
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ ,3 6RXUFH *XDUG ZLWK VRXUFH ,3 ILOWHULQJ LV HQDEOHG RQ DQ XQWUXVWHG LQWHUIDFH '+&3 VQRRSLQJ PXVW
EH HQDEOHG EHFDXVH LW ILOWHUV WUDIILF EDVHG RQ ,3 LQIRUPDWLRQ VWRUHG LQ WKH FRUUHVSRQGLQJ '+&3 ELQGLQJ WDEOH
HQWU\
,3 6RXUFH *XDUG &RQILJXUDWLRQ *XLGHOLQHV
· DGGUHVV YODQ YODQLG LSDGGUHVV LQWHUIDFH LQWHUIDFHLG JOREDO FRQILJXUDWLRQ FRPPDQG RQ D URXWHG LQWHUIDFH
WKLV HUURU PHVVDJH DSSHDUV
6WDWLF ,3 VRXUFH ELQGLQJ FDQ RQO\ EH FRQILJXUHG RQ VZLWFK SRUW
· :KHQ ,3 VRXUFH JXDUG ZLWK VRXUFH ,3 ILOWHULQJ LV HQDEOHG RQ DQ LQWHUIDFH '+&3 VQRRSLQJ PXVW EH
HQDEOHG RQ WKH DFFHVV 9/$1 IRU WKDW LQWHUIDFH
· ,I \RX DUH HQDEOLQJ ,3 VRXUFH JXDUG RQ D WUXQN LQWHUIDFH ZLWK PXOWLSOH 9/$1V DQG '+&3 VQRRSLQJ LV
HQDEOHG RQ DOO WKH 9/$1V WKH VRXUFH ,3 DGGUHVV ILOWHU LV DSSOLHG RQ DOO WKH 9/$1V
· 5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW[VRIWZDUH BB(;VHFXULW\
FRQILJXUDWLRQBJXLGHEBVHFBH[B[BFJEBVHFBH[B [BFJBFKDSWHUBKWPO
48(67,21 
48(67,21 12 
:KLFK VZLWFK IHDWXUH SUHYHQWV WUDIILF RQ D /$1 IURP EHLQJ RYHUZKHOPHG E\ FRQWLQXRXV PXOWLFDVW RU
EURDGFDVW WUDIILF"
$VWRUP FRQWURO
%SRUW VHFXULW\
&
973 SUXQLQJ
'
9/$1 WUXQNLQJ
&RUUHFW $QVZHU
$
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ WUDIILF VWRUP RFFXUV ZKHQ SDFNHWV IORRG WKH /$1 ZKLFK FUHDWHV H[FHVVLYH WUDIILF DQG GHJUDGHV QHWZRUN
SHUIRUPDQFH 7KH WUDIILF VWRUP FRQWURO IHDWXUH SUHYHQWV /$1 SRUWV IURP EHLQJ GLVUXSWHG E\ D EURDGFDVW
PXOWLFDVW RU XQLFDVW WUDIILF VWRUP RQ SK\VLFDO LQWHUIDFHV IURP HLWKHU PLVWDNHV LQ QHWZRUN FRQILJXUDWLRQV RU
IURP XVHUV LVVXLQJ D 'R6 DWWDFN
5HIHUHQFH
KWWSFFFFRPFHQXVWGGRFVURXWHUVLRV65FRQILJXUDWLRQJXLGHVZFJGRVSGI
48(67,21 
48(67,21 12 
:KLFK FRPPDQG ZRXOG D QHWZRUN HQJLQHHU DSSO\ WR HUURUGLVDEOH D VZLWFKSRUW ZKHQ D SDFNHW VWRUP LV
GHWHFWHG"
$URXWHU FRQILJLI VWRUPFRQWURO DFWLRQ VKXWGRZQ
%URXWHU FRQILJLI VWRUPFRQWURO DFWLRQ WUDS
&
URXWHU FRQILJLI VWRUPFRQWURO DFWLRQ HUURU
'
URXWHU FRQILJLI VWRUPFRQWURO DFWLRQ HQDEOH
&RUUHFW $QVZHU
$
6HFWLRQ 6ZLWFK 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH FRPPDQG ³VWRUPFRQWURO DFWLRQ ^VKXWGRZQ _ WUDS` ´ VSHFLILHV WKH DFWLRQ WR EH WDNHQ ZKHQ D VWRUP LV
GHWHFWHG 7KH GHIDXOW LV WR ILOWHU RXW WKH WUDIILF DQG QRW WR VHQG WUDSV
 6HOHFW WKH VKXWGRZQ NH\ZRUG WR HUURUGLVDEOH WKH SRUW GXULQJ D VWRUP
 6HOHFW WKH WUDS NH\ZRUG WR JHQHUDWH DQ 6103 WUDS ZKHQ D VWRUP LV GHWHFWHG
6WHS 
5RXWHU FRQILJ  LQWHUIDFH ^^W\SH VORWSRUW` _ ^SRUWFKDQQHO QXPEHU`` 6HOHFWV DQ LQWHUIDFH WR FRQILJXUH
6WHS 
5RXWHU FRQILJLI  VWRUPFRQWURO DFWLRQ VKXWGRZQ
2SWLRQDO &RQILJXUHV WUDIILF VWRUP FRQWURO WR HUURUGLVDEOH SRUWV ZKHQ D WUDIILF VWRUP RFFXUV
(QWHU WKH QR VWRUPFRQWURO DFWLRQ VKXWGRZQ FRPPDQG WR UHYHUW WR WKH GHIDXOW DFWLRQ GURS 
·8VH WKH HUURU GLVDEOH GHWHFWLRQ DQG UHFRYHU\ IHDWXUH RU WKH VKXWGRZQ DQG QR VKXWGRZQ FRPPDQGV WR
UHHQDEOH SRUWV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV 6;FRQILJXUDWLRQJXLGH
ERRNVWRUPKWPO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU FRQILJXUHV SRUW VHFXULW\ DQG [ RQ WKH VDPH LQWHUIDFH :KLFK RSWLRQ GHVFULEHV ZKDW
WKLV FRQILJXUDWLRQ DOORZV"
$,W DOORZV SRUW VHFXULW\ WR VHFXUH WKH 0$& DGGUHVV WKDW [ DXWKHQWLFDWHV
%,W DOORZV SRUW VHFXULW\ WR VHFXUH WKH ,3 DGGUHVV WKDW [ DXWKHQWLFDWHV
&,W DOORZV [ WR VHFXUH WKH 0$& DGGUHVV WKDW SRUW VHFXULW\ DXWKHQWLFDWHV
',W DOORZV [ WR VHFXUH WKH ,3 DGGUHVV WKDW SRUW VHFXULW\ DXWKHQWLFDWHV
&RUUHFW $QVZHU
$
6HFWLRQ $$$ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
DGGUHVVHV WKDW ; DXWKHQWLFDWHV ; SURFHVVHV SDFNHWV EHIRUH SRUW VHFXULW\ SURFHVVHV WKHP VR
ZKHQ \RX HQDEOH ERWK RQ DQ LQWHUIDFH ; LV DOUHDG\ SUHYHQWLQJ LQERXQG WUDIILF RQ WKH LQWHUIDFH IURP
XQNQRZQ 0$& DGGUHVVHV
:KHQ \RX HQDEOH ; DQG SRUW VHFXULW\ RQ WKH VDPH LQWHUIDFH SRUW VHFXULW\ FRQWLQXHV WR OHDUQ 0$&
DGGUHVVHV E\ WKH VWLFN\ RU G\QDPLF PHWKRG DV FRQILJXUHG $GGLWLRQDOO\ GHSHQGLQJ RQ ZKHWKHU \RX HQDEOH
; LQ VLQJOHKRVW PRGH RU PXOWLSOHKRVW PRGH RQH RI WKH IROORZLQJ RFFXUV
 6LQJOH KRVW PRGH²3RUW VHFXULW\ OHDUQV WKH 0$& DGGUHVV RI WKH DXWKHQWLFDWHG KRVW
 0XOWLSOH KRVW PRGH²3RUW VHFXULW\ GURSV DQ\ 0$& DGGUHVVHV OHDUQHG IRU WKLV LQWHUIDFH E\ WKH G\QDPLF
PHWKRG DQG OHDUQV WKH 0$& DGGUHVV RI WKH ILUVW KRVW DXWKHQWLFDWHG E\ ;
,I D 0$& DGGUHVV WKDW ; SDVVHV WR SRUW VHFXULW\ ZRXOG YLRODWH WKH DSSOLFDEOH PD[LPXP QXPEHU RI
VHFXUH 0$& DGGUHVVHV WKH GHYLFH VHQGV DQ DXWKHQWLFDWLRQ IDLOXUH PHVVDJH WR WKH KRVW
7KH GHYLFH WUHDWV 0$& DGGUHVVHV DXWKHQWLFDWHG E\ ; DV WKRXJK WKH\ ZHUH OHDUQHG E\ WKH G\QDPLF
PHWKRG HYHQ LI SRUW VHFXULW\ SUHYLRXVO\ OHDUQHG WKH DGGUHVV E\ WKH VWLFN\ RU VWDWLF PHWKRGV ,I \RX DWWHPSW
WR GHOHWH D VHFXUH 0$& DGGUHVV WKDW KDV EHHQ DXWKHQWLFDWHG E\ ; WKH DGGUHVV UHPDLQV VHFXUH
,I WKH 0$& DGGUHVV RI DQ DXWKHQWLFDWHG KRVW LV VHFXUHG E\ WKH VWLFN\ RU VWDWLF PHWKRG WKH GHYLFH WUHDWV WKH
DGGUHVV DV LI LW ZHUH OHDUQHG E\ WKH G\QDPLF PHWKRG DQG \RX FDQQRW GHOHWH WKH 0$& DGGUHVV PDQXDOO\
3RUW VHFXULW\ LQWHJUDWHV ZLWK ; WR UHDXWKHQWLFDWH KRVWV ZKHQ WKH DXWKHQWLFDWHG DQG VHFXUH 0$&
DGGUHVV RI WKH KRVW UHDFKHV LWV SRUW VHFXULW\ DJH OLPLW
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUVZBQ[RVVHFXULW\FRQILJXUDWLRQ
JXLGHVHFBQ[RVFIJVHFBSRUWVHFKWPOZS
48(67,21 
48(67,21 12 
:KLFK IHDWXUH GHVFULEHV 0$& DGGUHVVHV WKDW DUH G\QDPLFDOO\ OHDUQHG RU PDQXDOO\ FRQILJXUHG VWRUHG LQ WKH
DGGUHVV WDEOH DQG DGGHG WR WKH UXQQLQJ FRQILJXUDWLRQ"
$VWLFN\
%G\QDPLF
&VWDWLF
'VHFXUH
&RUUHFW $QVZHU
$
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH ³VWLFN\´ NH\ZRUG LQ VZLWFKSRUW SRUWVHFXULW\ PDFDGGUHVV VWLFN\ FRPPDQG FRQYHUWV DOO WKH G\QDPLF
VHFXUH 0$& DGGUHVVHV LQFOXGLQJ WKRVH WKDW ZHUH G\QDPLFDOO\ OHDUQHG EHIRUH VWLFN\ OHDUQLQJ ZDV HQDEOHG
WR VWLFN\ VHFXUH 0$& DGGUHVVHV DQG DGGV WR WKH UXQQLQJ FRQILJXUDWLRQ
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVH
FRQILJXUDWLRQJXLGHVZWUDIFKWPO
48(67,21 
48(67,21 12 
2Q ZKLFK LQWHUIDFH FDQ SRUW VHFXULW\ EH FRQILJXUHG"
$VWDWLF WUXQN SRUWV
%GHVWLQDWLRQ SRUW IRU 63$1
&(WKHU&KDQQHO SRUW JURXS
'G\QDPLF DFFHVV SRLQW
&RUUHFW $QVZHU
$
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
3RUW 6HFXULW\ DQG 3RUW 7\SHV
LQWHUIDFHV RU SRUWV DUH DV IROORZV
 $FFHVV SRUWVSRUWV 2Q DQ DFFHVV SRUW SRUW VHFXULW\ DSSOLHV RQO\ WR WKH DFFHVV 9/$1
 7UXQN SRUWV9/$1 PD[LPXPV DUH QRW XVHIXO IRU DFFHVV SRUWV 7KH GHYLFH DOORZV 9/$1 PD[LPXPV RQO\ IRU 9/$1V
DVVRFLDWHG ZLWK WKH WUXQN SRUW
 63$1 SRUWV (WKHUQHW 3RUW &KDQQHOV3RUW VHFXULW\ LV QRW VXSSRUWHG RQ (WKHUQHW SRUW FKDQQHOV
:H FDQQRW FRQILJXUH SRUW VHFXULW\ RQ D G\QDPLF LQWHUIDFH )RU H[DPSOH ZH ZLOO VHH DQ HUURU ZKHQ WU\ LW
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUVZBQ[ RVVHFXULW\FRQILJXUDWLRQ
JXLGHVHFBQ[RVFIJVHFBSRUWVHFKWPO
48(67,21 
48(67,21 12 
:KHQ \RX FRQILJXUH SULYDWH 9/$1V RQ D VZLWFK ZKLFK SRUW W\SH FRQQHFWV WKH VZLWFK WR WKH JDWHZD\ URXWHU"
$SURPLVFXRXV
%FRPPXQLW\
&LVRODWHG
'WUXQNHG
&RUUHFW $QVZHU
$
6HFWLRQ 3ULYDWH 9/$1
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
3URPLVFXRXV SRUW FDQ FRPPXQLFDWH ZLWK DOO RWKHU SRUWV 7KH GHIDXOW JDWHZD\ LV XVXDOO\ FRQQHFWHG WR WKLV
SRUW VR WKDW DOO GHYLFHV LQ 39/$1 FDQ JR RXWVLGH
7KHUH DUH PDLQO\ WZR W\SHV RI SRUWV LQ D 3ULYDWH 9/$1
3URPLVFXRXV SRUW 33RUW DQG +RVW SRUW
+RVW SRUW IXUWKHU GLYLGHV LQ WZR W\SHV
 ,VRODWHG SRUW ,3RUW
 &RPPXQLW\ SRUW &SRUW 
5HIHUHQFH KWWSHQZLNLSHGLDRUJZLNL3ULYDWHB9/$1
48(67,21 
48(67,21 12 
:KHQ \RX FRQILJXUH D SULYDWH 9/$1 ZKLFK W\SH RI SRUW PXVW \RX FRQILJXUH WKH JDWHZD\ URXWHU SRUW DV"
$SURPLVFXRXV SRUW
%
LVRODWHG SRUW
&
FRPPXQLW\ SRUW
'DFFHVV SRUW
&RUUHFW $QVZHU
$
6HFWLRQ 3ULYDWH 9/$1
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH GHIDXOW JDWHZD\ LV XVXDOO\ FRQQHFWHG WR SURPLVFXRXV SRUW VR WKDW DOO GHYLFHV LQ 39/$1 FDQ JR RXWVLGH
7KHUH DUH PDLQO\ WZR W\SHV RI SRUWV LQ D 3ULYDWH 9/$1
3URPLVFXRXV SRUW 33RUW DQG +RVW SRUW
+RVW SRUW IXUWKHU GLYLGHV LQ WZR W\SHV
 ,VRODWHG SRUW ,3RUW
 &RPPXQLW\ SRUW &SRUW 
5HIHUHQFH KWWSHQZLNLSHGLDRUJZLNL3ULYDWHB9/$1
48(67,21 
/DE
$$$ ZLWK GRW[
6:,7&+FRP LV DQ ,7 FRPSDQ\ WKDW KDV DQ H[LVWLQJ HQWHUSULVH QHWZRUN FRPSULVHG RI WZR OD\HU  RQO\
VZLWFKHV '6: DQG $6: 7KH WRSRORJ\ GLDJUDP LQGLFDWHV WKHLU OD\HU  PDSSLQJ 9/$1  LV D QHZ
9/$1 WKDW ZLOO EH XVHG WR SURYLGH WKH VKLSSLQJ SHUVRQQHO DFFHVV WR WKH VHUYHU &RUSRUDWH SROLFHV GR QRW
DOORZ OD\HU  IXQFWLRQDOLW\ WR EH HQDEOHG RQ WKH VZLWFKHV )RU VHFXULW\ UHDVRQV LW LV QHFHVVDU\ WR UHVWULFW
DFFHVV WR 9/$1  LQ WKH IROORZLQJ PDQQHU
· 8VHUV FRQQHFWLQJ WR 9/$1  YLD SRUWI2 RQ $6: PXVW EH DXWKHQWLFDWHG EHIRUH WKH\ DUH JLYHQ DFFHVV
WR WKH QHWZRUN $XWKHQWLFDWLRQ LV WR EH GRQH YLD D 5DGLXV VHUYHU
· 5DGLXV VHUYHU KRVW 
· 5DGLXV NH\ UDG
· $XWKHQWLFDWLRQ VKRXOG EH LPSOHPHQWHG DV FORVH WR WKH KRVW DV SRVVLEOH
· 'HYLFHV RQ 9/$1  DUH UHVWULFWHG WR WKH VXEQHW RI 
· 3DFNHWV IURP GHYLFHV LQ WKH VXEQHW RI  VKRXOG EH DOORZHG RQ 9/$1 
· 3DFNHWV IURP GHYLFHV LQ DQ\ RWKHU DGGUHVV UDQJH VKRXOG EH GURSSHG RQ 9/$1 
· )LOWHULQJ VKRXOG EH LPSOHPHQWHG DV FORVH WR WKH VHUYHUIDUP DV SRVVLEOH
7KH 5DGLXV VHUYHU DQG DSSOLFDWLRQ VHUYHUV ZLOO EH LQVWDOOHG DW D IXWXUH GDWH LPSOHPHQWLQJ WKH DERYH DFFHVV FRQWURO DV D SUHFRQGLWLRQ WR LQVWDOOLQJ WKH VHUYHUV DYDLODEOH ,26 VZLWFK IHDWXUHV
$/DE
&RUUHFW $QVZHU
6HFWLRQ $$$ ZLWK 'RW[ 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
 &RQILJXUDU $6:
(QDEOH $$$ RQ WKH VZLWFK
7KH QHZPRGHO NH\ZRUG UHIHUV WR WKH XVH RI PHWKRG OLVWV E\ ZKLFK DXWKHQWLFDWLRQ PHWKRGV DQG VRXUFHV
FDQ EH JURXSHG RU RUJDQL]HG
'H¿QH WKH VHUYHU DORQJ ZLWK LWV VHFUHW VKDUHG SDVVZRUG
7KLV FRPPDQG FDXVHV WKH 5$',86 VHUYHU GH¿QHG RQ WKH VZLWFK WR EH XVHG IRU [ DXWKHQWLFDWLRQ
(QDEOH [ RQ WKH VZLWFK
&RQ¿JXUH )D WR XVH [
1RWLFH WKDW WKH ZRUG ³DXWR´ ZLOO IRUFH FRQQHFWHG 3& WR DXWKHQWLFDWH WKURXJK WKH [ H[FKDQJH
 &RQILJXUDU '6:
'HILQH DQ DFFHVVOLVW
'HILQH DQ DFFHVVPDS ZKLFK XVHV WKH DFFHVVOLVW DERYH
$SSO\ D YODQPDS LQWR D YODQ
48(67,21 
48(67,21 12 
:KLFK FRQILJXUDWLRQ FRPPDQG WLHV WKH URXWHU KRW VWDQGE\ SULRULW\ WR WKH DYDLODELOLW\ RI LWV LQWHUIDFHV"
$VWDQGE\ JURXS
%VWDQGE\ SULRULW\
&EDFNXS LQWHUIDFH
'VWDQGE\ WUDFN
&RUUHFW $QVZHU
'
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH ³VWDQGE\ WUDFN´ FRPPDQG DOORZV \RX WR VSHFLI\ DQRWKHU LQWHUIDFH RQ WKH URXWHU IRU WKH +653 SURFHVV WR
PRQLWRU LQ RUGHU WR DOWHU WKH +653 SULRULW\ IRU D JLYHQ JURXS ,I WKH OLQH SURWRFRO RI WKH VSHFLILHG LQWHUIDFH
JRHV GRZQ WKH +653 SULRULW\ LV UHGXFHG 7KLV PHDQV WKDW DQRWKHU +653 URXWHU ZLWK KLJKHU SULRULW\ FDQ
EHFRPH WKH DFWLYH URXWHU LI WKDW URXWHU KDV VWDQGE\ SUHHPSW HQDEOHG$Q H[DPSOH RI XVLQJ WKLV FRPPDQG LV
VKRZQ EHORZ
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHDFRQILJ XUDWLRQ
JXLGHVZKVUSKWPO
48(67,21 
48(67,21 12 
:KDW LV WKH GHIDXOW +653 SULRULW\"
$
%
&
'
&RUUHFW $QVZHU
%
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
VWDQGE\ >JURXS[email protected] SULRULW\ SULRULW\ >SUHHPSW >GHOD\ GHOD\@@ 6HW D SULRULW\ YDOXH XVHG LQ FKRRVLQJ WKH
DFWLYH URXWHU 7KH UDQJH LV  WR  WKH GHIDXOW SULRULW\ LV  7KH KLJKHVW QXPEHU UHSUHVHQWV WKH KLJKHVW
SULRULW\ 2SWLRQDO JURXSQXPEHU7KH JURXS QXPEHU WR ZKLFK WKH FRPPDQG DSSOLHV
·URXWHU LW DVVXPHV FRQWURO DV WKH DFWLYH URXWHU
· 2SWLRQDO GHOD\6HW WR FDXVH WKH ORFDO URXWHU WR SRVWSRQH WDNLQJ RYHU WKH DFWLYH UROH IRU WKH VKRZQ QXPEHU
RI VHFRQGV 7KH UDQJH LV  WR   KRXU  WKH GHIDXOW LV  QR GHOD\ EHIRUH WDNLQJ RYHU 
8VH WKH QR IRUP RI WKH FRPPDQG WR UHVWRUH WKH GHIDXOW YDOXHV
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHDFRQILJ XUDWLRQ
JXLGHVZKVUSKWPOZS
48(67,21 
48(67,21 12 
:KLFK RSWLRQ LV D EHQHILW RI XVLQJ 966"
$UHGXFHV FRVW
%VLPSOLILHV FRQILJXUDWLRQ
&SURYLGHV WZR LQGHSHQGHQW VXSHUYLVRUV ZLWK WZR GLIIHUHQW FRQWURO SODQHV
'UHPRYHV WKH QHHG IRU D )LUVW +RS 5HGXQGDQF\ 3URWRFRO
&RUUHFW $QVZHU
'
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)LUVW +RS 5HGXQGDQF\ 3URWRFROV )+53V VXFK DV 9553 DQG +653 ZHUH GHVLJQHG WR DOORZ IRU D KLJKO\
DYDLODEOH ILUVW ,3 URXWH KRS IRU KRVW V\VWHPV )+53V DOORZ WZR RU PRUH GLVWLQFW URXWHUV WR VKDUH D FRPPRQ
,3 DGGUHVV SURYLGLQJ D UHGXQGDQW /D\HU GHIDXOW JDWHZD\ IRU HQG QRGHV 7KH 966 V\VWHP FUHDWHV D VLQJOH
ORJLFDO URXWHU DW /D\HU  7KLV 966 URXWLQJ LQVWDQFH IXOILOOV WKLV ILUVW KRS UROH ZLWKRXW WKH QHHG IRU D GHGLFDWHG
SURWRFRO 7KH 966 ,3 URXWH LV KLJKO\ DYDLODEOH GXH WR 0(& DQG WKH UHVLOLHQF\ RI WKH 966 V\VWHP 966
HOLPLQDWHV WKH QHHG IRU )+53 DW WKH DJJUHJDWLRQ OD\HU RI WKH GDWD FHQWHU
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVROXWLRQV(QWHUSULVH'DWDB&HQWHUYVVGFBLQWHJUDWHKWPO 3DVV $Q\ ([DP
$Q\ 7LPH  ZZZDFWXDOWHVWVFRP 
&LVFR  ([DP
48(67,21 
48(67,21 12 
:KLFK )LUVW +RS 5HGXQGDQF\ 3URWRFRO LV DQ ,((( 6WDQGDUG"
$*/%3
%+653
&
9553
'263)
&RUUHFW $QVZHU
&
6HFWLRQ 9553 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ FRPSDULVRQ RI WKH WKUHH )LUVW +RS 5HGXQGDQF\ 3URWRFROV DUH OLVWHG EHORZ
3URWRFRO )HDWXUHV
+653 +RW 6WDQGE\ 5RXWHU SURWRFRO
9553 9LUWXDO 5HGXQGDQF\ 5RXWHU 3URWRFRO
*/%3 *DWHZD\ /RDG %DODQFLQJ 3URWRFRO
5HIHUHQFH KWWSFFLHWKHEHJLQQLQJZRUGSUHVVFRPURXWHUKLJKDYDLODELOLW\SURWRFRO FRPSDULVRQ

48(67,21 
48(67,21 12 
:KDW LV WKH GHIDXOW DPRXQW E\ ZKLFK WKH KRW VWDQGE\ SULRULW\ IRU WKH URXWHU LV GHFUHPHQWHG RU LQFUHPHQWHG
ZKHQ WKH LQWHUIDFH JRHV GRZQ RU FRPHV EDFN XS"
$
%
&
'
&RUUHFW $QVZHU
&
6HFWLRQ +653 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH VWDQGE\ WUDFN LQWHUIDFH FRQILJXUDWLRQ FRPPDQG WLHV WKH URXWHU KRW VWDQGE\ SULRULW\ WR WKH DYDLODELOLW\ RI
LWV LQWHUIDFHV DQG LV XVHIXO IRU WUDFNLQJ LQWHUIDFHV WKDW DUH QRW FRQILJXUHG IRU +653 :KHQ D WUDFNHG
LQWHUIDFH IDLOV WKH KRW VWDQGE\ SULRULW\ RQ WKH GHYLFH RQ ZKLFK WUDFNLQJ KDV EHHQ FRQILJXUHG GHFUHDVHV E\
 ,I DQ LQWHUIDFH LV QRW WUDFNHG LWV VWDWH FKDQJHV GR QRW DIIHFW WKH KRW VWDQGE\ SULRULW\ RI WKH FRQILJXUHG
GHYLFH )RU HDFK LQWHUIDFH FRQILJXUHG IRU KRW VWDQGE\ \RX FDQ FRQILJXUH D VHSDUDWH OLVW RI LQWHUIDFHV WR EH
WUDFNHG
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBHDFRQILJ XUDWLRQ
JXLGHVZKVUSKWPO
48(67,21 
48(67,21 12 
:KDW LV WKH PD[LPXP QXPEHU RI YLUWXDO 0$& DGGUHVVHV WKDW */%3 DOORZV SHU JURXS"
$
%
&
'
&RUUHFW $QVZHU
%
6HFWLRQ */%3 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ */%3 JURXS DOORZV XS WR IRXU YLUWXDO 0$& DGGUHVVHV SHU JURXS 7KH $9* LV UHVSRQVLEOH IRU DVVLJQLQJ WKH
YLUWXDO 0$& DGGUHVVHV WR HDFK PHPEHU RI WKH JURXS 2WKHU JURXS PHPEHUV UHTXHVW D YLUWXDO 0$& DGGUHVV
DIWHU WKH\ GLVFRYHU WKH $9* WKURXJK KHOOR PHVVDJHV *DWHZD\V DUH DVVLJQHG WKH QH[W 0$& DGGUHVV LQ
VHTXHQFH $ YLUWXDO IRUZDUGHU WKDW LV DVVLJQHG D YLUWXDO 0$& DGGUHVV E\ WKH $9* LV NQRZQ DV D SULPDU\
YLUWXDO IRUZDUGHU 2WKHU PHPEHUV RI WKH */%3 JURXS OHDUQ WKH YLUWXDO 0$& DGGUHVVHV IURP KHOOR PHVVDJHV
$ YLUWXDO IRUZDUGHU WKDW KDV OHDUQHG WKH YLUWXDO 0$& DGGUHVV LV UHIHUUHG WR DV D VHFRQGDU\ YLUWXDO IRUZDUGHU
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVLRVBWBWIHDWXUHJXLGHIWBJOESKWPOZS
48(67,21 
48(67,21 12 
:KLFK JDWHZD\ UROH LV UHVSRQVLEOH IRU DQVZHULQJ $53 UHTXHVWV IRU WKH YLUWXDO ,3 DGGUHVV LQ */%3"
$DFWLYH YLUWXDO IRUZDUGHU
%DFWLYH YLUWXDO URXWHU
&DFWLYH YLUWXDO JDWHZD\
'GHVLJQDWHG URXWHU
&RUUHFW $QVZHU
&
6HFWLRQ */%3 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
0HPEHUV RI D */%3 JURXS HOHFW RQH JDWHZD\ WR EH WKH DFWLYH YLUWXDO JDWHZD\ $9* IRU WKDW JURXS 2WKHU
JURXS PHPEHUV SURYLGH EDFNXS IRU WKH $9* LQ WKH HYHQW WKDW WKH $9* EHFRPHV XQDYDLODEOH 7KH $9*
DVVLJQV D YLUWXDO 0$& DGGUHVV WR HDFK PHPEHU RI WKH */%3 JURXS (DFK JDWHZD\ DVVXPHV UHVSRQVLELOLW\
IRU IRUZDUGLQJ SDFNHWV VHQW WR WKH YLUWXDO 0$& DGGUHVV DVVLJQHG WR LW E\ WKH $9* 7KHVH JDWHZD\V DUH
NQRZQ DV DFWLYH YLUWXDO IRUZDUGHUV $9)V IRU WKHLU YLUWXDO 0$& DGGUHVV 7KH $9* LV UHVSRQVLEOH IRU
DQVZHULQJ $GGUHVV 5HVROXWLRQ 3URWRFRO $53 UHTXHVWV IRU WKH YLUWXDO ,3 DGGUHVV /RDG VKDULQJ LV DFKLHYHG
E\ WKH $9* UHSO\LQJ WR WKH $53 UHTXHVWV ZLWK GLIIHUHQW YLUWXDO 0$& DGGUHVVHV
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVLRVBWBWIHDWXUHJXLGHIWBJOESKWPO
48(67,21 
48(67,21 12 
:KLFK 9553 URXWHU LV UHVSRQVLEOH IRU IRUZDUGLQJ SDFNHWV WKDW DUH VHQW WR WKH ,3 DGGUHVVHV RI WKH YLUWXDO
URXWHU"
$YLUWXDO URXWHU PDVWHU
%YLUWXDO URXWHU EDFNXS
&YLUWXDO URXWHU DFWLYH
'YLUWXDO URXWHU VWDQGE\
&RUUHFW $QVZHU
$
6HFWLRQ 9553 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,Q 9553 WKH DFWLYH URXWHU LV UHIHUUHG WR DV WKH PDVWHU YLUWXDO URXWHU
48(67,21 
48(67,21 12 
:KLFK FRPPDQG FRUUHFWO\ FRQILJXUHV VWDQGE\ WUDFNLQJ IRU JURXS  XVLQJ WKH GHIDXOW GHFUHPHQW SULRULW\
YDOXH"
$VWDQGE\  WUDFN 
%VWDQGE\  WUDFN  GHFUHPHQW 
&VWDQGE\  WUDFN  GHFUHPHQW 
'VWDQGE\  WUDFN  GHFUHPHQW 
&RUUHFW $QVZHU
$
6HFWLRQ +653 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH GHIDXOW GHFUHPHQW YDOXH IRU +653 VWDQGE\ WUDFNLQJ LV  7KHUH LV QR QHHG WR H[SOLFLWO\ VWDWH WKH YDOXH
LI WKH GHVLUHG YDOXH LV WKH GHIDXOW YDOXH
48(67,21 
48(67,21 12 
:KLFK FRPPDQG FRQILJXUHV DQ +653 JURXS WR EHFRPH D VODYH RI DQRWKHU +653 JURXS"
$VWDQGE\ VODYH
%VWDQGE\ JURXS WUDFN
&VWDQGE\ IROORZ
'VWDQGE\ JURXS EDFNXS
&RUUHFW $QVZHU
&
6HFWLRQ +653 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
3HUIRUP WKLV WDVN WR FRQILJXUH PXOWLSOH +653 FOLHQW JURXSV 7KH VWDQGE\ IROORZ FRPPDQG FRQILJXUHV DQ
+653 JURXS WR EHFRPH D VODYH RI DQRWKHU +653 JURXS +653 FOLHQW JURXSV IROORZ WKH PDVWHU +653 ZLWK
D VOLJKW UDQGRP GHOD\ VR WKDW DOO FOLHQW JURXSV GR QRW FKDQJH DW WKH VDPH WLPH
5HIHUHQFH KWWSZZZFLVFRFRPHQ86GRFVLRV[POLRVLSDSSBIKUSFRQILJXUDWLRQPWIKSKVUS PJRKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK RSWLRQ GHVFULEHV WKH UHDVRQ IRU WKLV PHVVDJH LQ D */%3 FRQILJXUDWLRQ"
$8QDYDLODEOH */%3 DFWLYH IRUZDUGHU
%,QFRUUHFW */%3 ,3 DGGUHVV
&+653 FRQILJXUHG RQ VDPH LQWHUIDFH DV */%3
'/D\HU  ORRS
&RUUHFW $QVZHU
'
6HFWLRQ */%3 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KLV VHFWLRQ SURYLGHV LQIRUPDWLRQ \RX FDQ XVH WR WURXEOHVKRRW \RXU FRQILJXUDWLRQ
*/%3'83$''5 'XSOLFDWH DGGUHVV
7KH HUURU PHVVDJH LQGLFDWHV D SRVVLEOH OD\HU ORRS DQG 673 FRQILJXUDWLRQ LVVXHV ,Q RUGHU WR UHVROYH WKLV
LVVXH LVVXH WKH VKRZ LQWHUIDFH FRPPDQG WR YHULI\ WKH 0$& DGGUHVV RI WKH LQWHUIDFH ,I WKH 0$& DGGUHVV RI
WKH LQWHUIDFH LV WKH VDPH DV WKH RQH UHSRUWHG LQ WKH HUURU PHVVDJH WKHQ LW LQGLFDWHV WKDW WKLV URXWHU LV
UHFHLYLQJ LWV RZQ KHOOR SDFNHWV VHQW 9HULI\ WKH VSDQQLQJWUHH WRSRORJ\ DQG FKHFN LI WKHUH LV DQ\ OD\HU ORRS
,I WKH LQWHUIDFH 0$& DGGUHVV LV GLIIHUHQW IURP WKH RQH UHSRUWHG LQ WKH HUURU PHVVDJH WKHQ VRPH RWKHU
GHYLFH ZLWK D 0$& DGGUHVV UHSRUWV WKLV HUURU PHVVDJH
1RWH */%3 PHPEHUV FRPPXQLFDWH EHWZHHQ HDFK RWKHU WKURXJK KHOOR PHVVDJHV VHQW HYHU\  VHFRQGV WR
WKH PXOWLFDVW DGGUHVV  DQG 8VHU 'DWDJUDP 3URWRFRO 8'3 SRUW  VRXUFH DQG GHVWLQDWLRQ 
:KHQ FRQILJXULQJ WKH PXOWLFDVW ERXQGDU\ FRPPDQG SHUPLW WKH 0XOWLFDVW DGGUHVV E\ SHUPLW 

5HIHUHQFH
KWWSZZZFLVFRFRPHQ86SURGXFWVKZVZLWFKHVSVSURGXFWVBFRQILJXUDWLRQBH[DPSOHD
GVKWPOGU
48(67,21 
/DE
+653 6LP
)HUULV 3ODVWLFV ,QF LV D PHGLXP VL]HG FRPSDQ\ ZLWK DQ HQWHUSULVH QHWZRUN DFFHVV GLVWULEXWLRQ DQG FRUH
VZLWFKHV WKDW SURYLGHV /$1 FRQQHFWLYLW\ IURP XVHU 3&V WR FRUSRUDWH VHUYHUV 7KH GLVWULEXWLRQ VZLWFKHV DUH
FRQILJXUHG WR XVH +653 WR SURYLGH D KLJK DYDLODELOLW\ VROXWLRQ
· '6: SULPDU\ GHYLFH IRU 9/$1  9/$1  DQG 9/$1 
· '6: SULPDU\ GHYLFH IRU 9/$1  DQG 9/$1 
· $ IDLOXUH RI *LJDELW(WKHPHW RQ SULPDU\ GHYLFH VKRXOG FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV
DV WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW RQ EDFNXS GHYLFH KDV DOVR IDLOHG
7URXEOHVKRRWLQJ KDV LGHQWLILHG VHYHUDO LVVXHV &XUUHQWO\ DOO LQWHUIDFHV DUH XS 8VLQJ WKH UXQQLQJ
FRQILJXUDWLRQV DQG VKRZ FRPPDQGV \RX KDYH EHHQ DVNHG WR LQYHVWLJDWH DQG UHVSRQG WR WKH IROORZLQJ
TXHVWLRQ
'XULQJ URXWLQH PDLQWHQDQFH *LJDELW(WKHUQHW RQ '6: ZDV VKXW GRZQ $OO RWKHU LQWHUIDFHV ZHUH XS
'6: EHFDPH WKH DFWLYH +653 GHYLFH IRU 9/$1  DV GHVLUHG +RZHYHU DIWHU *LJDELW(WKHPHW RQ
'6: ZDV UHDFWLYDWHG '6: GLG QRW EHFRPH WKH DFWLYH URXWHU IRU 9/$1  DV GHVLUHG :KDW QHHGV WR
EH GRQH WR PDNH WKH JURXS IRU 9/$1  IXQFWLRQ SURSHUO\"
KVUS SDUW H[KLELW 
KVUS SDUW H[KLELW 
$(QDEOH SUHHPSW LQ WKH 9/$1  +653 JURXS RQ '6:
%'LVDEOH SUHHPSW LQ WKH 9/$1  +653 JURXS RQ '6: V
&,Q WKH 9/$1  +653 JURXS RQ '6: GHFUHDVH WKH SULRULW\ YDOXH WR DYDOXHWKDWLV OHVV C WKDQ WKH
SULRULW\ YDOXH FRQILJXUHG LQ WKH 9/$1  +653 JURXS RQ '6:
''HFUHDVH WKH GHFUHPHQW YDOXH LQ WKH WUDFN FRPPDQG IRU WKH 9/$1  +653 JURXS RQ 8 '6:7V WR D
YDOXHV OHVV WKDQ WKH YDOXH LQ WKH WUDFN FRPPDQG IRU WKH 9/$1  +653 JURXS RQ '6:
&RUUHFW $QVZHU
$
6HFWLRQ +653 +RWVSRW
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&RQWLQXH WR FKHFN 9/$1  RQ ERWK VZLWFKHV«
:H OHDUQHG WKDW '6: GRHVQ¶W KDYH WKH ³VWDQGE\  SUHHPSW´ FRPPDQG VR LW FDQ¶W WDNH RYHU WKH DFWLYH UROH
DJDLQ HYHQ LI LWV SULRULW\ LV WKH KLJKHVW 6R ZH QHHG WR HQDEOH WKLV FRPPDQG RQ 9/$1  RI '6:
48(67,21 
/DE
+653 6LP
)HUULV 3ODVWLFV ,QF LV D PHGLXP VL]HG FRPSDQ\ ZLWK DQ HQWHUSULVH QHWZRUN DFFHVV GLVWULEXWLRQ DQG FRUH
VZLWFKHV WKDW SURYLGHV /$1 FRQQHFWLYLW\ IURP XVHU 3&V WR FRUSRUDWH VHUYHUV 7KH GLVWULEXWLRQ VZLWFKHV DUH
FRQILJXUHG WR XVH +653 WR SURYLGH D KLJK DYDLODELOLW\ VROXWLRQ
· '6: SULPDU\ GHYLFH IRU 9/$1  9/$1  DQG 9/$1 
· '6: SULPDU\ GHYLFH IRU 9/$1  DQG 9/$1 
· $ IDLOXUH RI *LJDELW(WKHPHW RQ SULPDU\ GHYLFH VKRXOG FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV
DV WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW RQ EDFNXS GHYLFH KDV DOVR IDLOHG
7URXEOHVKRRWLQJ KDV LGHQWLILHG VHYHUDO LVVXHV &XUUHQWO\ DOO LQWHUIDFHV DUH XS 8VLQJ WKH UXQQLQJ
FRQILJXUDWLRQV DQG VKRZ FRPPDQGV \RX KDYH EHHQ DVNHG WR LQYHVWLJDWH DQG UHVSRQG WR WKH IROORZLQJ
TXHVWLRQ
'XULQJ URXWLQH PDLQWHQDQFH LW EHFDPH QHFHVVDU\ WR VKXW GRZQ WKH *LJDELW(WKHUQHW LQWHUIDFH RQ
'6: $OO RWKHU LQWHUIDFHV ZHUH XS 'XULQJ WKLV WLPH '6: UHPDLQHG WKH DFWLYH GHYLFH IRU WKH 9/$1 
+653 JURXS IRU WKH 9/$1  +653 JURXS :KDW QHHGV WR EH GRQH WR PDNH WKH JURXS IXQFWLRQ SURSHUO\"
KVUS H[KLELW 
KVUS H[KLELW 
$7KH GHFUHPHQW YDOXH RQ '6: VKRXOG EH JUHDWHU WKDQ  DQG OHVV WKDQ  
%7KH GHFUHPHQW YDOXH RQ '6: VKRXOG EH JUHDWHU WKDQ  DQG OHVV WKDQ 
&7KH GHFUHPHQW YDOXH RQ '6: VKRXOG EH JUHDWHU WKDQ  DQG OHVV WKDQ 
'7KH GHFUHPHQW YDOXH RQ '6: VKRXOG EH JUHDWHU WKDQ  DQG OHVV WKDQ 
(7KH GHFUHPHQW YDOXH RQ '6: VKRXOG EH JUHDWHU WKDQ  DQG OHVV WKDQ 
&RUUHFW $QVZHU
&
6HFWLRQ +653 +RWVSRW
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH TXHVWLRQ FOHDUO\ VWDWHG WKDW WKHUH ZDV DQ LVVXH ZLWK WKH GHFUHPHQW YDOXH LQ 9/$1  VR ZH VKRXOG
FKHFN 9/$1  RQ ERWK '6: DQG '6: VZLWFKHV ILUVW &OLFN RQ WKH 3& &RQVROH DQG 3& &RQVROH WR
DFFHVV WKHVH VZLWFKHV WKHQ XVH WKH ³VKRZ UXQQLQJFRQILJ´ FRPPDQG RQ ERWK VZLWFKHV
'6:!HQDEOH
'6:VKRZ UXQQLQJFRQILJ
'6:!HQDEOH
'6:VKRZ UXQQLQJFRQILJ
$V VKRZQ LQ WKH RXWSXWV WKH '6:¶V SULRULW\ LV  DQG LV KLJKHU WKDQ WKDW RI '6: VR '6: EHFRPHV
DFWLYH VZLWFK IRU WKH JURXS 1RWLFH WKDW WKH LQWHUIDFH *LJ RQ '6: LV EHLQJ WUDFNHG VR ZKHQ WKLV
LQWHUIDFH JRHV GRZQ +653 DXWRPDWLFDOO\ UHGXFHV WKH URXWHU¶V SULRULW\ E\ D FRQ¿JXUDEOH DPRXQW LQ WKLV
FDVH  7KHUHIRUH WKH SULRULW\ RI '6: JRHV GRZQ IURP  WR  %XW WKLV YDOXH LV VWLOO KLJKHU WKDQ WKDW RI
'6:  VR '6: UHPDLQV WKH DFWLYH VZLWFK IRU WKH JURXS 7R PDNH '6: WDNHV RYHU WKLV UROH ZH
KDYH WR FRQILJXUH '6:¶V GHFUHPHQW YDOXH ZLWK D YDOXH HTXDO RU JUHDWHU WKDQ  VR WKDW LWV UHVXOW LV VPDOOHU
WKDQ WKDW RI '6:  ±     7KHUHIRUH & LV WKH FRUUHFW DQVZHU
48(67,21 
/DE
+653 6LP
)HUULV 3ODVWLFV ,QF LV D PHGLXP VL]HG FRPSDQ\ ZLWK DQ HQWHUSULVH QHWZRUN DFFHVV GLVWULEXWLRQ DQG FRUH
VZLWFKHV WKDW SURYLGHV /$1 FRQQHFWLYLW\ IURP XVHU 3&V WR FRUSRUDWH VHUYHUV 7KH GLVWULEXWLRQ VZLWFKHV DUH
FRQILJXUHG WR XVH +653 WR SURYLGH D KLJK DYDLODELOLW\ VROXWLRQ
· '6: SULPDU\ GHYLFH IRU 9/$1  9/$1  DQG 9/$1 
· '6: SULPDU\ GHYLFH IRU 9/$1  DQG 9/$1 
· $ IDLOXUH RI *LJDELW(WKHPHW RQ SULPDU\ GHYLFH VKRXOG FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV
DV WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW RQ EDFNXS GHYLFH KDV DOVR IDLOHG
7URXEOHVKRRWLQJ KDV LGHQWLILHG VHYHUDO LVVXHV &XUUHQWO\ DOO LQWHUIDFHV DUH XS 8VLQJ WKH UXQQLQJ
FRQILJXUDWLRQV DQG VKRZ FRPPDQGV \RX KDYH EHHQ DVNHG WR LQYHVWLJDWH DQG UHVSRQG WR WKH IROORZLQJ
TXHVWLRQ
$OO LQWHUIDFHV DUH DFWLYH '6: KDV QRW EHFRPH WKH DFWLYH GHYLFH IRU WKH 9/$1  +653 JURXS $V
UHODWHG WR WKH 9/$1  +653 JURXS ZKDW FDQ EH GRQH WR PDNH WKH JURXS IXQFWLRQ SURSHUO\"
KVUS H[KLELW 
KVUS H[KLELW 
$2Q '6: GLVDEOH SUHHPSW
%2Q '6: GHFUHDVH WKH SULRULW\ YDOXH WR D YDOXH OHVV WKDQ  DQG JUHDWHU WKDQ 
&2Q '6: LQFUHDVH WKH SULRULW\ YDOXH WR D YDOXH JUHDWHU  DQG OHVV WKDQ 
'2Q '6: LQFUHDVH WKH GHFUHPHQW YDOXH LQ WKH WUDFN FRPPDQG WR D YDOXH JUHDWHU WKDQ  DQG OHVV WKDQ

&RUUHFW $QVZHU
&
6HFWLRQ +653 +RWVSRW
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)URP WKH RXWSXW VKRZQ EHORZ RI WKH +653 VWDWXV RI '6: ZH VHH WKDW WKH DFWLYH URXWHU KDV D SULRULW\ RI
 ZKLOH WKH ORFDO SULRULW\ LV  :H QHHG WR LQFUHDVH WKH SULRULW\ RI '6: WR JUHDWHU WKDQ  EXW LW
VKRXOG EH OHVV WKDQ  VR WKDW LI WKH JLJ  LQWHUIDFH JRHV GRZQ '6: ZLOO EHFRPH DFWLYH '6: LV
FRQILJXUHG WR GHFUHPHQW WKH SULRULW\ E\  LI WKLV LQWHUIDFH JRHV GRZQ VR WKH FRUUHFW DQVZHU LV WR LQFUHDVH
WKH SULRULW\ WR PRUH WKDQ  EXW OHVV WKDQ 
7KH UHDVRQ '6: KDV QRW EHFRPH WKH DFWLYH VZLWFK IRU 9ODQ LV EHFDXVH WKH SULRULW\ YDOXH RI '6: LV
KLJKHU WKDQ WKDW RI '6: ,Q RUGHU WR PDNH '6: EHFRPH WKH DFWLYH VZLWFK ZH QHHG WR LQFUHDVH '6:¶V
SULRULW\ WR KLJKHU WKDQ  RU GHFUHDVH '6:¶V SULRULW\ WR ORZHU WKDQ  ! % DQG & DUH FRUUHFW
%XW WKHUH LV DQRWKHU UHTXLUHPHQW IURP WKLV TXHVWLRQ WKDW ³$ IDLOXUH RQ JLJ RQ SULPDU\ GHYLFH VKRXOG
FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV DV WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW  RQ
EDFNXS GHYLFH KDV DOVR IDLOHG´ 7KLV UHTXLUHPHQW PDNHV DQVZHU % LQFRUUHFW )RU H[DPSOH ZH FKRRVH WR
GHFUHDVH WKH SULRULW\ YDOXH RQ '6: WR  DFFRUGLQJ WR DQVZHU % WKHQ '6: ZLOO EHFRPH DFWLYH VZLWFK
WKDW LV JRRG  :KHQ *L RQ '6: JRHV GRZQ WKH SULRULW\ RI '6: ZLOO EH  ±     !
'6: ZLOO EHFRPH QHZ DFWLYH VZLWFK LW LV JRRG WRR  %XW ZKHQ *L RQ '6: DOVR JRHV GRZQ WKH
SULRULW\ RI '6: ZLOO EH  ±   DQG LW LV VWLOO JUHDWHU WKDQ  RI '6: ! '6: FDQQRW UHWDNH WKH
DFWLYH UROH DV WKH UHTXLUHPHQW RI WKLV TXHVWLRQ
48(67,21 
/DE
+653 6LP
)HUULV 3ODVWLFV ,QF LV D PHGLXP VL]HG FRPSDQ\ ZLWK DQ HQWHUSULVH QHWZRUN DFFHVV GLVWULEXWLRQ DQG FRUH
VZLWFKHV WKDW SURYLGHV /$1 FRQQHFWLYLW\ IURP XVHU 3&V WR FRUSRUDWH VHUYHUV 7KH GLVWULEXWLRQ VZLWFKHV DUH
FRQILJXUHG WR XVH +653 WR SURYLGH D KLJK DYDLODELOLW\ VROXWLRQ
· '6: SULPDU\ GHYLFH IRU 9/$1  9/$1  DQG 9/$1 
· '6: SULPDU\ GHYLFH IRU 9/$1  DQG 9/$1 
· $ IDLOXUH RI *LJDELW(WKHPHW RQ SULPDU\ GHYLFH VKRXOG FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV
DV WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW RQ EDFNXS GHYLFH KDV DOVR IDLOHG
7URXEOHVKRRWLQJ KDV LGHQWLILHG VHYHUDO LVVXHV &XUUHQWO\ DOO LQWHUIDFHV DUH XS 8VLQJ WKH UXQQLQJ
FRQILJXUDWLRQV DQG VKRZ FRPPDQGV \RX KDYH EHHQ DVNHG WR LQYHVWLJDWH DQG UHVSRQG WR WKH IROORZLQJ
TXHVWLRQ
'XULQJ URXWLQH PDLQWHQDQFH LW EHFDPH QHFHVVDU\ WR VKXW GRZQ WKH *LJDELW(WKHUQHW LQWHUIDFH RQ
'6: DQG '6: $OO RWKHU LQWHUIDFHV ZHUH XS 'XULQJ WKLV WLPH '6: EHFDPH WKH DFWLYH URXWHU IRU WKH
9/$1 +653 JURXS $V UHODWHG WR WKH 9/$1 +653 JURXS ZKDW FDQ WR EH GRQH WR PDNH WKH JURXS
IXQFWLRQ SURSHUO\"
KVUS H[KLELW 
KVUS H[KLELW 
$2Q '6: GLVDEOH SUHHPSW
%2Q '6: GHFUHDVH WKH SULRULW\ YDOXH WR D YDOXH OHVV WKDQ 
&2Q '6: LQFUHDVH WKH GHFUHPHQW YDOXH LQ WKH WUDFN FRPPDQG WR D YDOXH JUHDWHU WKDQ 
'2Q '6: GHFUHDVH WKH GHFUHPHQW YDOXH LQ WKH WUDFN FRPPDQG WR D YDOXH OHVV WKDQ 
&RUUHFW $QVZHU
&
6HFWLRQ +653 +RWVSRW
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH TXHVWLRQ DVNV XV KRZ WR NHHS WKH DFWLYH UROH RI '6: )URP WKH RXWSXWV ZH OHDUQHG WKDW LI ERWK
LQWHUIDFHV * RI '6: DQG '6: DUH VKXWGRZQ WKH SULRULW\ RI '6: ZLOO EH  ±   DQG WKDW RI
'6: ZLOO EH  ±   ! '6: ZLOO EHFRPH WKH DFWLYH VZLWFK
7KH PDLQ SRLQW KHUH LV WKDW ZH KDYH WR FRQILJXUH VR LQ VXFK D ZD\ WKDW ZKHQ ERWK LQWHUIDFHV * RI
'6: DQG '6: DUH VKXWGRZQ WKH SULRULW\ RI '6: LV VWLOO JUHDWHU WKDQ WKDW RI '6: 7KHUHIRUH WKH
SULRULW\ YDOXH RI '6: VKRXOG EH VPDOOHU WKDQ  RU ZH KDYH WR FRQILJXUH WKH GHFUHPHQW YDOXH RI '6:
WR D YDOXH JUHDWHU WKDQ    ±  ! & LV WKH FRUUHFW DQVZHU
1RWLFH 7R NHHS WKH DFWLYH UROH RI '6: ZH FDQ GLVDEOH ³SUHHPSW´ RQ '6: DQVZHU $ VR WKDW LW ZLOO QRW
WDNH RYHU WKH DFWLYH UROH ZKHQ '6: LV GRZQHG EXW LW DOVR PHDQV WKDW 9/$1  ZLOO QRW KDYH DFWLYH VZLWFK
! 9/$1 ZLOO IDLO
:H VKRXOG 127 GLVDEOH SUHHPSW RQ '6 %\ GR WKDW \RX ZLOO PDNH 9ODQ V +653 JURXS IDLO IXQFWLRQ
([DPSOH LI ZH DUH GLVDEOH SUHHPSW RQ '6 ,W FDQ QRW EHFRPH DFWLYH GHYLFH ZKHQ * RQ '6 IDLO ,Q
WKLV TXHVWLRQ * RQ '6 '6 LV VKXWGRZQ 9ODQ OHIW     9ODQ ULJKW   
 5HVXOW LV SULRULW\  !  9ODQ RQ '6 LV DFWLYH  ,I LQFUHDVH WKH GHFUHPHQW LQ WKH WUDFN YDOXH WR
D YDOXH JUHDWHU WKDQ  ! RU   9ODQ OHIW      5HVXOW LV SULRULW\    YODQ RQ '6
LV DFWLYH 
48(67,21 
/DE
+653 6LP
)HUULV 3ODVWLFV ,QF LV D PHGLXP VL]HG FRPSDQ\ ZLWK DQ HQWHUSULVH QHWZRUN DFFHVV GLVWULEXWLRQ DQG FRUH
VZLWFKHV WKDW SURYLGHV /$1 FRQQHFWLYLW\ IURP XVHU 3&V WR FRUSRUDWH VHUYHUV 7KH GLVWULEXWLRQ VZLWFKHV DUH
FRQILJXUHG WR XVH +653 WR SURYLGH D KLJK DYDLODELOLW\ VROXWLRQ
· '6: SULPDU\ GHYLFH IRU 9/$1  9/$1  DQG 9/$1 
· '6: SULPDU\ GHYLFH IRU 9/$1  DQG 9/$1 
· $ IDLOXUH RI *LJDELW(WKHPHW RQ SULPDU\ GHYLFH VKRXOG FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV
DV WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW RQ EDFNXS GHYLFH KDV DOVR IDLOHG
7URXEOHVKRRWLQJ KDV LGHQWLILHG VHYHUDO LVVXHV &XUUHQWO\ DOO LQWHUIDFHV DUH XS 8VLQJ WKH UXQQLQJ
FRQILJXUDWLRQV DQG VKRZ FRPPDQGV \RX KDYH EHHQ DVNHG WR LQYHVWLJDWH DQG UHVSRQG WR WKH IROORZLQJ
TXHVWLRQ
:KDW LV WKH SULRULW\ YDOXH RI WKH 9/$1  +653 JURXS RQ '6:"
KVUS H[KLELW 
KVUS H[KLELW 
$
%
&
'
&RUUHFW $QVZHU
%
6HFWLRQ +653 +RWVSRW
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%HORZ LV WKH RXWSXW RI 9/$1  RI '6:
:H GRQ¶W VHH WKH SULRULW\ RI '6: VR LW LV XVLQJ WKH GHIDXOW YDOXH  

8VH VKRZ VWDQGE\ EULHI FRPPDQG RQ FRQVROH 9HU\ HDV\ WR VH SULRULW\ RI 9ODQ LV 
:H GRQ¶W VHH WKH SULRULW\ RI '6: VR LW LV XVLQJ WKH GHIDXOW YDOXH  
48(67,21 
/DE
+653 6LP
)HUULV 3ODVWLFV ,QF LV D PHGLXP VL]HG FRPSDQ\ ZLWK DQ HQWHUSULVH QHWZRUN DFFHVV GLVWULEXWLRQ DQG FRUH
VZLWFKHV WKDW SURYLGHV /$1 FRQQHFWLYLW\ IURP XVHU 3&V WR FRUSRUDWH VHUYHUV 7KH GLVWULEXWLRQ VZLWFKHV DUH
FRQILJXUHG WR XVH +653 WR SURYLGH D KLJK DYDLODELOLW\ VROXWLRQ
· '6: SULPDU\ GHYLFH IRU 9/$1  9/$1  DQG 9/$1 
· ':  SULPDU\ GHYLFH IRU 9/$1  DQG 9/$1 
· $ IDLOXUHRI *LJDELW(WKHPHW RQ SULPDU\ GHYLFH VKRXOG FDXVH WKH SULPDU\ GHYLFH WR UHOHDVH LWV VWDWXV DV
WKH SULPDU\ GHYLFH XQOHVV *LJDELW(WKHUQHW RQ EDFNXS GHYLFH KDV DOVR IDLOHG
7URXEOHVKRRWLQJ KDV LGHQWLILHG VHYHUDO LVVXHV &XUUHQWO\ DOO LQWHUIDFHV DUH XS 8VLQJ WKH UXQQLQJ
FRQILJXUDWLRQV DQG VKRZ FRPPDQGV \RX KDYH EHHQ DVNHG WR LQYHVWLJDWH DQG UHVSRQG WR WKH IROORZLQJ
TXHVWLRQ
,I *LJDELW(WKHPHW RQ '6: LV VKXWGRZQ ZKDW ZLOO EH WKH UHVXOWLQJ SULRULW\ YDOXH RI WKH 9/$1 
+653 JURXS RQ URXWHU '6:"
KVUS H[KLELW 
KVUS H[KLELW 
$
%
&
'
&RUUHFW $QVZHU
$
6HFWLRQ +653 +RWVSRW
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$V VHHQ EHORZ WKH FXUUHQW SULRULW\ IRU 9/$1  LV  DQG WKH WUDFNLQJ IHDWXUH IRU *LJ  LV HQDEOHG
ZKLFK ZLOO GHFUHPHQW WKH SULRULW\ E\  LI WKLV LQWHUIDFH JRHV GRZQ IRU D SULRULW\ YDOXH RI 
48(67,21 
/DE
+653 6LP
FRQILJXUHG WR XVH +653 7KH\ KDYH TXHVWLRQV DERXW KRZ WKHVH WZR GHYLFHV ZLOO SHUIRUP LQ WKH HYHQW RI D
GHYLFH IDLOXUH
:KDW SHUFHQWDJH RI WKH RXWJRLQJ WUDIILF IURP WKH  VXEQHW LV EHLQJ IRUZDUGHG WKURXJK 5"
([KLELW
$5
%5  5
&5
'5
&RUUHFW $QVZHU
'
6HFWLRQ +653 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&KHFN WKH +653 VWDWH RI 5 YLD WKH ³VKRZ VWDQE\´ FRPPDQG
5 LV WKH DFWLYH URXWHU IRU +653 JURXS  VXEQHW  VR DOO WUDIILF ZLOO EH VHQW WR LW

%DVHG RQ WKH IROORZLQJ RXWSXW ZH VHH WKDW 5 LV WKH DFWLYH VWDQGE\ URXWHU IRU WKH (WKHUQHW  OLQN VR DOO
RXWJRLQJ WUDIILF ZLOO EH IRUZDUGHG WR 5
48(67,21 
48(67,21 12 
FRQILJXUHG WR XVH +653 7KH\ KDYH TXHVWLRQV DERXW KRZ WKHVH WZR GHYLFHV ZLOO SHUIRUP LQ WKH HYHQW RI D
GHYLFH IDLOXUH
5HIHU WR WKH H[KLELW ,I URXWHU 5 LQWHUIDFH (WKHUQH JRHV GRZQ DQG UHFRYHUV ZKLFK RI WKH VWDWHPHQW
UHJDUGLQJ +653 SULRULW\ LV WUXH"
([KLELW
$7KH LQWHUIDFH ZLOO KDYH WKH SULRULW\ GHFUHPHQWHG E\  IRU +653 JURXS 
%7KH LQWHUIDFH ZLOO KDYH WKH SULRULW\ GHFUHPHQWHG E\  IRU +653 JURXS 
&7KH LQWHUIDFH ZLOO KDYH LWV FXUUHQW SULRULW\ LQFUHPHQWHG E\  IRU +653 JURXS 
'7KH LQWHUIDFH ZLOO KDYH LWV FXUUHQW SULRULW\ LQFUHPHQWHG E\  IRU +653 JURXS 
(7KH LQWHUIDFH ZLOO GHIDXOW WR WKH D SULRULW\ RI  IRU +653 JURXS 
&RUUHFW $QVZHU
&
6HFWLRQ +653 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ (WKHUQHW JRHV GRZQ WKH SULRULW\ LV GHFUHDVHG E\  VWDQGE\  WUDFN  GHFUHPHQW   7KHUHIRUH
ZKHQ LW UHFRYHUV WKH SULRULW\ LV LQFUHDVHG E\ WKH VDPH YDOXH RI 

+HUH ZKHQ WKH (WKHUQHW  LQWHUIDFH JRHV GRZQ WKH VWDQGE\  WUDFN GHFUHPHQW FRPPDQG ZLOO ORZHU WKH
SULRULW\ IURP  WR  +RZHYHU ZKHQ LW FRPHV EDFN XS LW ZLOO WKHQ LQFUHPHQW LW E\  EDFN WR  IRU
+653 JURXS 
48(67,21 
48(67,21 12 
FRQILJXUHG WR XVH +653 7KH\ KDYH TXHVWLRQV DERXW KRZ WKHVH WZR GHYLFHV ZLOO SHUIRUP LQ WKH HYHQW RI D
GHYLFH IDLOXUH
:KDW LVVXH LV FDXVLQJ 5RXWHU 5 DQG 5 WR ERWK EH GLVSOD\HG DV WKH +653 DFWLYH URXWHU IRU JURXS "
RQ U H[KLELW 
RQ U H[KLELW 
$7KH +653 JURXS QXPEHU PLVPDWFK
%
7KH +653 JURXS DXWKHQWLFDWLRQ LV PLVFRQILJXUHG
&
7KH +653 +HOOR SDFNHWV DUH EORFNHG
'7KH +653 WLPHUV PLVPDWFK
(7KH +653 JURXS SULRULWLHV DUH GLIIHUHQW
&RUUHFW $QVZHU
%
6HFWLRQ +653 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
+653 *URXS  LV FRQQHFWHG YLD WKH ( LQWHUIDFHV RQ ERWK URXWHUV VR ZH VKRXOG FKHFN WKHP FDUHIXOO\ YLD
WKH ³VKRZ UXQQLQJFRQILJ´ FRPPDQG
2Q 5
2Q 5
$V ZH FDQ VHH WKHUH LV QR DXWKHQWLFDWLRQ RQ 5 ZKLOH 5 UHTXLUHV DXWKHQWLFDWLRQ ZLWK SDVVZRUG ³FLVFR´ 
! $XWKHQWLFDWLRQ EHWZHHQ 5 5 IDLOV VR 5 5 FDQQRW H[FKDQJH +653 PHVVDJHV ! ERWK 5 5 ZLOO
FODLP WKH DFWLYH UROH IRU +653 JURXS  48(67,21 
48(67,21 12 
FRQILJXUHG WR XVH +653 7KH\ KDYH TXHVWLRQV DERXW KRZ WKHVH WZR GHYLFHV ZLOO SHUIRUP LQ WKH HYHQW RI D
GHYLFH IDLOXUH
:KDW LV WKH YLUWXDO PDFDGGUHVV RI +653 JURXS "
([KLELW
$FDF
%
&FDF
'DF
(DF
)F
&RUUHFW $QVZHU
%
6HFWLRQ +653 6LP
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8VH WKH ³VKRZ VWDQGE\´ FRPPDQG RQ 5 WR JHW WKH YLUWXDO 0$& DGGUHV RI +653 JURXS 
,VVXLQJ WKH VKRZ VWDQGE\ FRPPDQG RQ HLWKHU URXWHU VKRZV XV WKDW WKH YLUWXDO 0$& XVHG E\ +653 JURXS 
LV  DV VKRZQ DERYH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KHQ WURXEOHVKRRWLQJ D QHWZRUN SUREOHP D QHWZRUN DQDO\]HU LV FRQQHFWHG WR 3RUW I RI D /$1 VZLWFK
:KLFK FRPPDQG FDQ SUHYHQW %3'8 WUDQVPLVVLRQ RQ WKLV SRUW"
$VSDQQLQJWUHH SRUWIDVW ESGXJXDUG HQDEOH
%VSDQQLQJWUHH ESGXJXDUG GHIDXOW
&VSDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW
'QR VSDQQLQJWUHH OLQNW\SH VKDUHG
&RUUHFW $QVZHU
&
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH ³VSDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW´ FRPPDQG LV FRQILJXUHG XQGHU JOREDO FRQILJXUDWLRQ PRGH 7R
VWRS UHFHLYLQJ XQZDQWHG %3'8V IRU HDVLHU WURXEOHVKRRWLQJ  KH FDQ LVVXH WKH ³VSDQQLQJWUHH SRUWIDVW
ESGXILOWHU GHIDXOW´ XQGHU JOREDO FRQILJXUDWLRQ PRGH 7KLV ZLOO HQDEOH %3'8)LOWHU RQ DOO 3RUW)DVWHQDEOHG
LQWHUIDFHV DQG ZLOO VXSSUHVV WKH LQWHUIDFH IURP VHQGLQJ RU UHFHLYLQJ %3'8V 7KLV LV JRRG LI WKDW SRUW LV
FRQQHFWHG WR D KRVW EHFDXVH ZH FDQ HQDEOH 3RUW)DVW RQ WKLV SRUW WR VDYH VRPH VWDUWXS WLPH ZKLOH QRW
DOORZLQJ %3'8 EHLQJ VHQW RXW WR WKDW KRVW +RVWV GR QRW SDUWLFLSDWH LQ 673 DQG KHQFH GURS WKH UHFHLYHG
%3'8V $V D UHVXOW %3'8 ILOWHULQJ SUHYHQWV XQQHFHVVDU\ %3'8V IURP EHLQJ WUDQVPLWWHG WR KRVW GHYLFHV
48(67,21 
48(67,21 12 
:KLFK IRXU /$&3 FRPSRQHQWV DUH XVHG WR GHWHUPLQH ZKLFK KRWVWDQGE\ OLQNV EHFRPH DFWLYH DIWHU DQ
LQWHUIDFH IDLOXUH ZLWKLQ DQ (WKHU&KDQQHO EXQGOH" &KRRVH IRXU
$/$&3 V\VWHP SULRULW\
%/$&3 SRUW SULRULW\
&LQWHUIDFH 0$& DGGUHVV
'V\VWHP ,'
(SRUW QXPEHU
)KRWVWDQGE\ OLQN LGHQWLILFDWLRQ QXPEHU
*LQWHUIDFH EDQGZLGWK
&RUUHFW $QVZHU
$%'(
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ HQDEOHG /$&3 WULHV WR FRQILJXUH WKH PD[LPXP QXPEHU RI /$&3FRPSDWLEOH SRUWV LQ D FKDQQHO XS WR
D PD[LPXP RI  SRUWV 2QO\ HLJKW /$&3 OLQNV FDQ EH DFWLYH DW RQH WLPH 7KH VRIWZDUH SODFHV DQ\
DGGLWLRQDO OLQNV LQ D KRWVWDQGE\ PRGH ,I RQH RI WKH DFWLYH OLQNV EHFRPHV LQDFWLYH D OLQN WKDW LV LQ WKH KRW
VWDQGE\ PRGH EHFRPHV DFWLYH LQ LWV SODFH
,I \RX FRQILJXUH PRUH WKDQ HLJKW OLQNV IRU DQ (WKHU&KDQQHO JURXS WKH VRIWZDUH DXWRPDWLFDOO\ GHFLGHV ZKLFK
RI WKH KRWVWDQGE\ SRUWV WR PDNH DFWLYH EDVHG RQ WKH /$&3 SULRULW\ 7KH VRIWZDUH DVVLJQV WR HYHU\ OLQN
EHWZHHQ V\VWHPV WKDW RSHUDWH /$&3 D XQLTXH SULRULW\ PDGH XS RI WKHVH HOHPHQWV LQ SULRULW\ RUGHU 
 /$&3 V\VWHP SULRULW\
 6\VWHP ,' D FRPELQDWLRQ RI WKH /$&3 V\VWHP SULRULW\ DQG WKH VZLWFK 0$& DGGUHVV
 /$&3 SRUW SULRULW\
 3RUW QXPEHU
,Q SULRULW\ FRPSDULVRQV QXPHULFDOO\ ORZHU YDOXHV KDYH KLJKHU SULRULW\ 7KH SULRULW\ GHFLGHV ZKLFK SRUWV
VKRXOG EH SXW LQ VWDQGE\ PRGH ZKHQ WKHUH LV D KDUGZDUH OLPLWDWLRQ WKDW SUHYHQWV DOO FRPSDWLEOH SRUWV IURP
DJJUHJDWLQJ 3RUWV DUH FRQVLGHUHG IRU DFWLYH XVH LQ DJJUHJDWLRQ LQ OLQNSULRULW\ RUGHU VWDUWLQJ ZLWK WKH SRUW
DWWDFKHG WR WKH KLJKHVW SULRULW\ OLQN (DFK SRUW LV VHOHFWHG IRU DFWLYH XVH LI WKH SUHFHGLQJ KLJKHU SULRULW\
VHOHFWLRQV FDQ DOVR EH PDLQWDLQHG 2WKHUZLVH WKH SRUW LV VHOHFWHG IRU VWDQGE\ PRGH
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVPHWURPH[B[VRIWZDUHUHOHDVH
BBH\FRQILJXUDWLRQJXLGH[[VFJVZHWKFKOKWPOZS
48(67,21 
48(67,21 12 
563$1 KDV EHHQ FRQILJXUHG RQ D &LVFR &DWDO\VW VZLWFK KRZHYHU WUDIILF LV QRW EHLQJ UHSOLFDWHG WR WKH
UHPRWH VZLWFK :KLFK W\SH RI PLVFRQILJXUDWLRQ LV D FDXVH"
$7KH 563$1 GHVLJQDWHG 9/$1 LV PLVVLQJ WKH UHPRWH VSDQ FRPPDQG
%7KH ORFDO DQG UHPRWH 563$1 VZLWFKHV DUH FRQILJXUHG XVLQJ GLIIHUHQW VHVVLRQ ,'V
&7KH ORFDO 563$1 VZLWFK LV UHSOLFDWLQJ RQO\ 5[ WUDIILF WR WKH UHPRWH VZLWFK
'7KH ORFDO VZLWFK LV RYHUORDGHG ZLWK WKH DPRXQW RI VRXUFHG WUDIILF WKDW PXVW EH UHSOLFDWHG WR WKH UHPRWH
VZLWFK
&RUUHFW $QVZHU
$
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KLV LV KRZ WR FRQILJXUH 5HPRWH 63$1 563$1 IHDWXUH RQ WZR VZLWFKHV 7UDIILF RQ )DVW(WKHUQHW RI
6ZLWFK  ZLOO EH VHQW WR )D RI 6ZLWFK YLD 9/$1 
 &RQILJXUH RQ ERWK VZLWFKHV
6ZLWFK FRQILJ YODQ 
6ZLWFK FRQILJYODQ UHPRWHVSDQ
 &RQILJXUH RQ 6ZLWFK
6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  VRXUFH LQWHUIDFH )DVW(WKHUQHW 
6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  GHVWLQDWLRQ UHPRWH YODQ 
 &RQILJXUH RQ 6ZLWFK
6ZLWFK FRQILJ PRQLWRU VHVVLRQ  VRXUFH UHPRWH YODQ 
6ZLWFK FRQILJ  PRQLWRU VHVVLRQ  GHVWLQDWLRQ LQWHUIDFH )DVW(WKHUQHW 
6R ZLWKRXW WKH FRPPDQG ³UHPRWHVSDQ´ RQ ERWK VZLWFKHV 563$1 FDQQRW ZRUNV SURSHUO\
48(67,21 
48(67,21 12 
$IWHU 8'/' LV LPSOHPHQWHG D 1HWZRUN $GPLQLVWUDWRU QRWLFHG WKDW RQH SRUW VWRSV UHFHLYLQJ 8'/' SDFNHWV
7KLV SRUW FRQWLQXHV WR UHHVWDEOLVK XQWLO DIWHU HLJKW IDLOHG UHWULHV 7KH SRUW WKHQ WUDQVLWLRQV LQWR WKH HUUGLVDEOH
VWDWH :KLFK RSWLRQ GHVFULEHV ZKDW FDXVHV WKH SRUW WR JR LQWR WKH HUUGLVDEOH VWDWH"
$1RUPDO 8'/' RSHUDWLRQV WKDW SUHYHQW WUDIILF ORRSV
%8'/' SRUW LV FRQILJXUHG LQ DJJUHVVLYH PRGH
&8'/' LV HQDEOHG JOREDOO\
'8'/' WLPHUV DUH LQFRQVLVWHQW
&RUUHFW $QVZHU
%
6HFWLRQ 8'/' 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8'/' DJJUHVVLYH PRGH LV GLVDEOHG E\ GHIDXOW &RQILJXUH 8'/' DJJUHVVLYH PRGH RQO\ RQ SRLQWWRSRLQW
OLQNV EHWZHHQ QHWZRUN GHYLFHV WKDW VXSSRUW 8'/' DJJUHVVLYH PRGH :LWK 8'/' DJJUHVVLYH PRGH HQDEOHG
ZKHQ D SRUW RQ D ELGLUHFWLRQDO OLQN WKDW KDV D 8'/' QHLJKERU UHODWLRQVKLS HVWDEOLVKHG VWRSV UHFHLYLQJ 8'/'
SDFNHWV 8'/' WULHV WR UHHVWDEOLVK WKH FRQQHFWLRQ ZLWK WKH QHLJKERU $IWHU HLJKW IDLOHG UHWULHV WKH SRUW LV
GLVDEOHG
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6<FRQILJXUDWLRQ
JXLGHBBV\BVZFJXGOGKWPOZS
48(67,21 
48(67,21 12 
7R IROORZ WKH /D\HU  VZLWFKLQJ JXLGHOLQHV D QHWZRUN HQJLQHHU GHFLGHV WR FUHDWH D VHSDUDWH VSDQQLQJ WUHH
IRU HYHU\ JURXS RI  9/$1V :KLFK YHUVLRQ RI VSDQQLQJ WUHH LV DSSURSULDWH WR PHHW WKH FRPSDQ\ SROLF\"
$067
%3967
&5673
'
53967
(
673
&RUUHFW $QVZHU
$
6HFWLRQ 067 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8QOLNH 3HU9/$1 6SDQQLQJ 7UHH 3967 ZKLFK PDLQWDLQV D VSDQQLQJ WUHH LQVWDQFH IRU HDFK 9/$1
FRQILJXUHG LQ WKH QHWZRUN 0XOWLSOH 6SDQQLQJ 7UHH 067 PDSV PXOWLSOH 9/$1V LQWR D VSDQQLQJ WUHH
LQVWDQFH WKHUHE\ UHGXFLQJ WKH QXPEHU RI VSDQQLQJWUHH LQVWDQFHV QHHGHG 067 DOVR UHGXFHV VZLWFK
UHVRXUFHV DQG PDQDJHULDO EXUGHQV
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU LV LQVWDOOLQJ D VZLWFK IRU WHPSRUDU\ ZRUNHUV WR FRQQHFW WR 7KH HQJLQHHU GRHV QRW ZDQW
WKLV VZLWFK SDUWLFLSDWLQJ LQ 6SDQQLQJ 7UHH ZLWK WKH UHVW RI WKH QHWZRUN KRZHYHU HQG XVHU FRQQHFWLYLW\ LV VWLOO
UHTXLUHG :KLFK VSDQQLQJWUHH IHDWXUH DFFRPSOLVKHV WKLV"
$%3'8EORFN
%%3'8ILOWHU
&%3'8LJQRUH
'%3'8JXDUG
(%3'8GLVDEOH
&RUUHFW $QVZHU
%
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%3'8)LOWHU LV GHVLJQHG WR VXSSUHVV WKH VHQGLQJ DQG UHFHLYLQJ RI %3'8V RQ DQ LQWHUIDFH 7KHUH DUH WZR
ZD\V RI FRQILJXULQJ %3'8)LOWHU XQGHU
JOREDO FRQILJXUDWLRQ PRGH
RU XQGHU
LQWHUIDFH PRGH
EXW WKH\ KDYH
VXEWOH GLIIHUHQFH
,I %3'8)LOWHU LV FRQILJXUHG JOREDOO\ YLD WKLV FRPPDQG
6ZLWFK FRQILJ VSDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW
%3'8)LOWHU ZLOO EH HQDEOHG RQ DOO 3RUW)DVWHQDEOHG LQWHUIDFHV DQG ZLOO VXSSUHVV WKH LQWHUIDFH IURP VHQGLQJ
RU UHFHLYLQJ %3'8V 7KLV LV JRRG LI WKDW SRUW LV FRQQHFWHG WR D KRVW EHFDXVH ZH FDQ HQDEOH 3RUW)DVW RQ WKLV
SRUW WR VDYH VRPH VWDUWXS WLPH ZKLOH QRW DOORZLQJ %3'8 EHLQJ VHQW RXW WR WKDW KRVW +RVWV GR QRW
SDUWLFLSDWH LQ 673 DQG KHQFH GURS WKH UHFHLYHG %3'8V $V D UHVXOW %3'8 ILOWHULQJ SUHYHQWV XQQHFHVVDU\
%3'8V IURP EHLQJ WUDQVPLWWHG WR KRVW GHYLFHV
,I %3'8)LOWHU LV FRQILJXUHG XQGHU LQWHUIDFH PRGH OLNH WKLV
6ZLWFK FRQILJLI VSDQQLQJWUHH ESGXILOWHU HQDEOH
,W ZLOO VXSSUHVV WKH VHQGLQJ DQG UHFHLYLQJ RI %3'8V 7KLV LV WKH VDPH DV GLVDEOLQJ VSDQQLQJ WUHH RQ WKH
LQWHUIDFH 7KLV FKRLFH LV ULVN\ DQG VKRXOG RQO\ EH XVHG ZKHQ \RX DUH VXUH WKDW SRUW RQO\ FRQQHFWV WR KRVW
GHYLFHV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVH
FRQILJXUDWLRQJXLGHBVFJVZVWSRSWKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KDW LV WKH UHVXOW RI WKH 63$1 FRQILJXUDWLRQ RQ D &LVFR VZLWFK"
$&RQILJXUH D 63$1 VHVVLRQ WR PRQLWRU WKH UHFHLYHG WUDIILF RQ LQWHUIDFH J RQO\ IRU 9/$1 
%&RQILJXUH D 63$1 VHVVLRQ WR PRQLWRU WKH UHFHLYHG WUDIILF RQ LQWHUIDFH J IRU DOO 9/$1V H[FHSW 9/$1 
&&RQILJXUH D 63$1 VHVVLRQ WR PRQLWRU WKH UHFHLYHG WUDIILF RQ LQWHUIDFH J RQO\ IRU 9/$1 
'&RQILJXUH D 63$1 VHVVLRQ WR PRQLWRU WKH UHFHLYHG WUDIILF RQ LQWHUIDFH J IRU DOO 9/$1V H[FHSW 9/$1 
&RUUHFW $QVZHU
$
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH ILUVW FRPPDQG SRLQWV RXW WKH VRXUFH LQWHUIDFH DQG WKH GLUHFWLRQ WR EH PRQLWRUHG ZKLFK LV *L DQG
LQERXQG WUDIILF U[ LQ WKLV FDVH 7KH VHFRQG FRPPDQG WHOOV RXU GHYLFH WR PRQLWRU RQO\ 9/$1  UXQQLQJ RQ
*L QRWLFH WKDW *L LV D WUXQN OLQN  7KH ODVW FRPPDQG UHTXHVWV PRQLWRUHG WUDIILF WR EH VHQW WR WKH
GHVWLQDWLRQ SRUW *L
48(67,21 
48(67,21 12 
:KHQ 6'0 WHPSODWHV DUH FRQILJXUHG ZKLFK DFWLRQ PXVW EH SHUIRUPHG IRU WKH FRQILJXUDWLRQ WR WDNH HIIHFW"
$UHORDG
%VKXWGRZQ
&
ZULWH PHPRU\
'EDFNXS FRQILJ
&RUUHFW $QVZHU
$
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH GHIDXOW WHPSODWH LV WKH GHIDXOW 6ZLWFK 'DWDEDVH 0DQDJHPHQW 6'0 GHVNWRS WHPSODWH :KHQ \RX
FRQILJXUH D QHZ 6'0 WHPSODWH \RX PXVW UHORDG WKH VZLWFK IRU WKH FRQILJXUDWLRQ WR WDNH HIIHFW
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VW[B[VRIWZDUHUHOHDVHBBH
FRQILJXUDWLRQJXLGHEBHBFRQVROLGDWHGB[B;BFJ
EBHBFRQVROLGDWHGB[B;BFJBFKDSWHUBKWPO
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW WKH 0$& DGGUHVV VWLFN\ HQWULHV LQ WKH VZLWFK ZKHQ WKH FRS\ UXQ VWDUW FRPPDQG LV
HQWHUHG LV WUXH"
$$ VWLFN\ 0$& DGGUHVV LV UHWDLQHG ZKHQ WKH VZLWFK UHERRWV
%$ VWLFN\ 0$& DGGUHVV FDQ EH D XQLFDVW RU PXOWLFDVW DGGUHVV
&$ VWLFN\ 0$& DGGUHVV LV ORVW ZKHQ WKH VZLWFK UHERRWV
'
$ VWLFN\ 0$& DGGUHVV DJHV RXW RI WKH 0$& DGGUHVV WDEOH DIWHU  VHFRQGV
&RUUHFW $QVZHU
$
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ VWLFN\ 0$& DGGUHVV FDQ EH OHDUQHG DXWRPDWLFDOO\ RU FRQILJXUHG PDQXDOO\ :KHQ LW LV G\QDPLFDOO\ OHDUQHG
WKH 0$& DGGUHVV LV DXWRPDWLFDOO\ HQWHUHG LQWR WKH UXQQLQJ FRQILJXUDWLRQ DV D VWDWLF 0$& DGGUHVV WKH
DGGUHVV LV WKHQ NHSW LQ WKH UXQQLQJ FRQILJXUDWLRQ XQWLO D UHERRW 2Q UHERRW WKH 0$& DGGUHVV ZLOO EH ORVW LI
ZH ZDQW WR NHHS WKH 0$& DGGUHVV DIWHU D UHERRW ZH QHHG WR VDYH WKH UXQQLQJ FRQILJ ZLWK WKH FRPPDQG
FRS\ UXQQLQJFRQILJ VWDUWXSFRQILJ
7R WXUQ RQ VWLFN\ IHDWXUH RQ D VZLWFK XVH WKH
VZLWFKSRUW SRUWVHFXULW\ PDFDGGUHVV VWLFN\
FRPPDQG
:KHQ \RX HQWHU WKLV FRPPDQG WKH LQWHUIDFH FRQYHUWV DOO WKH G\QDPLF VHFXUH 0$& DGGUHVVHV LQFOXGLQJ
WKRVH WKDW ZHUH G\QDPLFDOO\ OHDUQHG EHIRUH VWLFN\ OHDUQLQJ ZDV HQDEOHG WR VWLFN\ 0$& DGGUHVVHV
48(67,21 
48(67,21 12 
(QDEOHPHQW RI ZKLFK IHDWXUH SXWV WKH SRUW LQWR HUUGLVDEOHG VWDWH ZKHQ WKH SRUW KDV 3RUW)DVW HQDEOHG DQG LW
UHFHLYHV %3'8V"
$%3'8 ILOWHULQJ
%%DFNERQH)DVW
&(WKHU&KDQQHO
'%3'8 JXDUG
&RUUHFW $QVZHU
'
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%3'8 *XDUG RQH RI WKH IHDWXUH WKDW SURWHFW 673 IURP VHYHUDO W\SHV RI SUREOHPV RU DWWDFNV GHSHQGLQJ RQ
ZKHWKHU D SRUW LV D WUXQN RU DFFHVV SRUW %3'8 *XDUG SXWV DQ LQWHUIDFH FRQILJXUHG IRU 673 3RUW)DVW LQWR WKH
HUUGLVDEOH VWDWH XSRQ UHFHLSW RI D %3'8 7KH %3'8 *XDUG GLVDEOHV LQWHUIDFHV DV D SUHYHQWLYH VWHS WR
DYRLG D SRWHQWLDO EULGJLQJ ORRS
KWWSVVXSSRUWIRUXPVFLVFRFRPGRFXPHQWSRUWVWDWXVHUUGLVDEOHGXHESGXJXDUG
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK FRQILJXUDWLRQ HQVXUHV WKDW WKH &LVFR 'LVFRYHU\ 3URWRFRO SDFNHW XSGDWH IUHTXHQF\ VHQW IURP '6: WR
$/6 LV KDOI RI WKH GHIDXOW YDOXH"
$'6: FRQILJ FGS WLPHU 
%'6: FRQILJLI FGS KROGWLPH 
&'6: FRQILJ FGS WLPHU 
''6: FRQILJ FGS KROGWLPH 
('6: FRQILJLI FGS KROGWLPH 
)'6: FRQILJLI FGS WLPHU 
&RUUHFW $QVZHU
&
6HFWLRQ &'3 //'3
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
,QWHUIDFHV DUH DVVLJQHG WR D 9/$1 DQG WKHQ WKH 9/$1 LV GHOHWHG :KLFK VWDWH DUH WKHVH LQWHUIDFHV LQ DIWHU
WKH 9/$1 LV GHOHWHG"
$7KH\ UHPDLQ XS EXW WKH\ DUH UHDVVLJQHG WR WKH GHIDXOW 9/$1
%7KH\ JR GRZQ XQWLO WKH\ DUH UHDVVLJQHG WR D 9/$1
&7KH\ JR GRZQ EXW WKH\ DUH UHDVVLJQHG WR WKH GHIDXOW 9/$1
'7KH\ UHPDLQ XS EXW WKH\ DUH UHDVVLJQHG WR WKH QDWLYH 9/$1
&RUUHFW $QVZHU
%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ \RX GHOHWH D 9/$1 DQ\ /$1 SRUWV FRQILJXUHG DV DFFHVV SRUWV DVVLJQHG WR WKDW 9/$1 EHFRPH
LQDFWLYH 7KH SRUWV UHPDLQ DVVRFLDWHG ZLWK WKH 9/$1 DQG LQDFWLYH XQWLO \RX DVVLJQ WKHP WR D QHZ 9/$1
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGH
ERRNYODQVKWPO
48(67,21 
48(67,21 12 
:KLFK IHDWXUH LV DXWRPDWLFDOO\ FRQILJXUHG ZKHQ DQ DGPLQLVWUDWRU HQDEOHV D YRLFH 9/$1"
$4 WUXQNLQJ
%3RUW)DVW
&4R6
'SULYDWH 9/$1V
&RUUHFW $QVZHU
%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH 3RUW)DVW IHDWXUH LV DXWRPDWLFDOO\ HQDEOHG ZKHQ YRLFH 9/$1 LV FRQILJXUHG :KHQ \RX GLVDEOH YRLFH
9/$1 WKH 3RUW)DVW IHDWXUH LV QRW DXWRPDWLFDOO\ GLVDEOHG
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW GHVFULEHV RQH PDMRU LVVXH WKDW 973 FDQ FDXVH LQ DQ HQWHUSULVH QHWZRUN ZKHQ D QHZ
VZLWFK LV LQWURGXFHG LQ WKH QHWZRUN LQ 973 PRGH VHUYHU"
$,W FDQ FDXVH QHWZRUN DFFHVV SRUWV WR JR LQWR HUUGLVDEOHG VWDWH
%,W FDQ FDXVH D QHWZRUNZLGH 9/$1 FRQILJXUDWLRQ FKDQJH LI WKH UHYLVLRQ QXPEHU RQ WKH QHZ VZLWFK LV
KLJKHU
&,W FDQ FDXVH D QHWZRUNZLGH 9/$1 FRQILJXUDWLRQ FKDQJH LI WKH UHYLVLRQ QXPEHU RQ WKH QHZ VZLWFK LV
ORZHU
',W FDQ FDXVH URXWLQJ ORRSV
&RUUHFW $QVZHU
%
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,I WKH UHYLVLRQ QXPEHU RI WKH QHZ VZLWFK LV KLJKHU WKDQ RWKHU VZLWFKHV LQ WKH VDPH 973 GRPDLQ WKHQ LW ZLOO
RYHUZULWH RWKHU VZLWFKHV¶ 9/$1 GDWDEDVHV HYHQ LI WKH QHZ VZLWFK RSHUDWHV LQ 973 &OLHQW PRGH 6R ZH
VKRXOG VHW WKH 973 PRGH RI WKH QHZ VZLWFK WR 7UDQVSDUHQW ZKLFK ZLOO DOVR UHVHW LWV 5HYLVLRQ 1XPEHU WR 
EHIRUH SOXJJLQJ WR RXU QHWZRUN
48(67,21 
48(67,21 12 
$ QHWZRUN DGPLQLVWUDWRU FRQILJXUHV  H[WHQGHG 9/$1V UDQJLQJ IURP 9/$1V  WR  LQ DQ HQWHUSULVH
QHWZRUN :KLFK YHUVLRQ RI 973 VXSSRUWV WKHVH H[WHQGHG 9/$1V"
$YHUVLRQ 
%YHUVLRQ 
&YHUVLRQ 
'
973 GRHV QRW UHFRJQL]H H[WHQGHG 9/$1V
&RUUHFW $QVZHU
&
6HFWLRQ 973 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973Y VXSSRUWV IRU H[WHQGHG 9/$1 UDQJH 9/$1V  WR   973 YHUVLRQV  DQG  RQO\ VXSSRUWV
9/$1V  WR  ,I H[WHQGHG 9/$1V DUH FRQILJXUHG ZH FDQQRW FRQYHUW IURP 973 YHUVLRQ  WR YHUVLRQ  RU

5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVH
FRQILJXUDWLRQJXLGHVFJVZYWSKWPO
48(67,21 
48(67,21 12 
$Q HQJLQHHU LV FRQILJXULQJ DQ (WKHU&KDQQHO EHWZHHQ WZR VZLWFKHV XVLQJ /$&3 ,I WKH (WKHU&KDQQHO PRGH
RQ VZLWFK  LV FRQILJXUHG WR DFWLYH ZKLFK WZR PRGHV RQ VZLWFK  HVWDEOLVK DQ RSHUDWLRQDO (WKHU&KDQQHO"
&KRRVH WZR
$DFWLYH
%DXWR
&GHVLUDEOH
'RQ
(SDVVLYH
&RUUHFW $QVZHU
$(
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU /$&3
7KHUHIRUH LI VZLWFK  LV FRQILJXUHG /$&3 LQ DFWLYH PRGH WKH RWKHU HQG PXVW EH FRQILJXUHG DV $FWLYH RU
3DVVLYH PRGH
1RWH ,I WKH RWKHU HQG LV FRQILJXUH ZLWK ³2Q´ PRGH WKH (WKHU&KDQQHO ZLOO QRW EH IRUPHG EHFDXVH LQ ³2Q´
PRGH QR QHJRWLDWLRQ LV VHQW VR WKH QHLJKERU FDQQRW UHFHLYH DQ\ (WKHU&KDQQHO LQIRUPDWLRQ
48(67,21 
48(67,21 12 
:KHQ D /D\HU  (WKHU&KDQQHO LV FRQILJXUHG ZKLFK VWDWHPHQW DERXW SODFHPHQW RI WKH ,3 DGGUHVV LV WUXH"
$7KH ,3 DGGUHVV LV SODFHG RQ WKH KLJKHVW QXPEHUHG PHPEHU SRUW
%7KH ,3 DGGUHVV LV SODFHG RQ WKH SRUWFKDQQHO ORJLFDO LQWHUIDFH
&7KH ,3 DGGUHVV LV SODFHG RQ WKH ORZHVW QXPEHUHG PHPEHU SRUW
'7KH ,3 DGGUHVV LV DVVLJQHG YLD '+&3 RQO\
&RUUHFW $QVZHU
%
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ DQ (WKHU&KDQQHO LV FUHDWHG D ORJLFDO LQWHUIDFH ZLOO EH FUHDWHG RQ WKH VZLWFKHV RU URXWHUV UHSUHVHQWLQJ
IRU WKDW (WKHU&KDQQHO DFFHVVWUXQN PRGH RQ VZLWFKHV RU DVVLJQ ,3 DGGUHVV IRU WKH ORJLFDO LQWHUIDFH RQ URXWHUV/D\HU  VZLWFKHV«
$Q H[DPSOH RI D /D\HU  (WKHUFKDQQHO SRUW LV VKRZQ EHORZ
48(67,21 
48(67,21 12 
:KLFK RSWLRQ LV YDOLG IRU (WKHU&KDQQHO ORDG EDODQFLQJ"
$VRXUFH 0$& DGGUHVV DQG VRXUFH ,3 DGGUHVV
%GHVWLQDWLRQ 0$& DGGUHVV DQG GHVWLQDWLRQ ,3 DGGUHVV
&VRXUFH 0$& DGGUHVV DQG GHVWLQDWLRQ ,3 DGGUHVV
'VRXUFH 0$& DGGUHVV DQG GHVWLQDWLRQ 0$& DGGUHVV
&RUUHFW $QVZHU
'
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R FRQILJXUH (WKHU&KDQQHO ORDG EDODQFLQJ ³LVVXH WKH
SRUWFKDQQHO ORDGEDODQFH
^VUFPDF _ GVWPDF _
VUF
GVWPDF
_ VUFLS _ GVWLS _
VUFGVWLS
_ VUFSRUW _ GVWSRUW _ VUFGVWSRUW _ PSOV` JOREDO FRQILJXUDWLRQ FRPPDQG
LQ RUGHU WR FRQILJXUH WKH ORDG EDODQFLQJ´ 7KHUHIRUH RQO\ WKH ³VRXUFH 0$& DGGUHVV DQG GHVWLQDWLRQ 0$&
DGGUHVV´ DQVZHU LV FRUUHFW
5HIHUHQFH WKLV OLQN KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJHWKHUFKDQQHOKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
$Q HQJLQHHU LV FRQILJXULQJ (WKHU&KDQQHO EHWZHHQ WZR VZLWFKHV DQG QRWLFHV WKH FRQVROH PHVVDJH RQ VZLWFK
 %DVHG RQ WKH RXWSXW ZKLFK RSWLRQ GHVFULEHV WKH UHDVRQ IRU WKLV HUURU"
$6ZLWFK  GRHV QRW KDYH HQRXJK PHPEHU SRUWV FRQILJXUHG
%6ZLWFK  KDV WRR PDQ\ PHPEHU SRUWV FRQILJXUHG
&7KH SRUW FKDQQHO LQWHUIDFH QXPEHUV GR QRW PDWFK
'7KH (WKHU&KDQQHO SURWRFROV GR QRW PDWFK
&RUUHFW $QVZHU
'
6HFWLRQ (WKHU&KDQQHO 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)URP WKH RXWSXWV RI WKH ³VKRZ HWKHUFKDQQHO VXPPDU\´ FRPPDQGV ZH OHDUQ WKDW 6ZLWFK LV FRQILJXULQJ
(WKHU&KDQQHO ZLWK /$&3 ZKLOH 6ZLWFK LV FRQILJXULQJ ZLWK (WKHU&KDQQHO ³RQ´ PRGH ! WKH (WKHU&KDQQHO
EXQGOH GRHV QRW JR XS
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
'6: VKRXOG VKDUH WKH VDPH 067 UHJLRQ ZLWK VZLWFK '6: :KLFK VWDWHPHQW LV WUXH"
$&RQILJXUH '6: ZLWK WKH VDPH YHUVLRQ QXPEHU DQG 9/$1WRLQVWDQFH PDSSLQJ DV VKRZQ RQ '6:
%'6: XVHV WKH 973 VHUYHU PRGH WR DXWRPDWLFDOO\ SURSDJDWH WKH 067 FRQILJXUDWLRQ WR '6:
&'6: DXWRPDWLFDOO\ LQKHULWV 067 FRQILJXUDWLRQ IURP '6: EHFDXVH WKH\ KDYH WKH VDPH GRPDLQ
QDPH
'&RQILJXUH '6: ZLWK WKH VDPH UHJLRQ QDPH UHYLVLRQ QXPEHU DQG 9/$1WRLQVWDQFH PDSSLQJ DV
VKRZQ RQ '6:
('6: LV LQ 973 FOLHQW PRGH ZLWK D ORZHU FRQILJXUDWLRQ UHYLVLRQ QXPEHU WKHUHIRUH LW DXWRPDWLFDOO\
LQKHULWV 067 FRQILJXUDWLRQ IURP ':
&RUUHFW $QVZHU
'
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KHVH VZLWFKHV DUH UXQQLQJ 973Y VR WKH\ FDQQRW VKDUH WKH 067 FRQILJXUDWLRQ ZLWK HDFK RWKHU RQO\
973Y VXSSRUWV 067  7KHUHIRUH LQ RUGHU WR VKDUH WKH VDPH 067 ZLWK '6: '6: PXVW EH PDQXDOO\
FRQILJXUHG ZLWK WKH VDPH UHJLRQ QDPH UHYLVLRQ QXPEHU DQG 9/$1WRLQVWDQFH PDSSLQJ ZLWK '6:
48(67,21 
48(67,21 12 
:KLFK WZR VWDWHPHQWV DERXW 63$1 VRXUFH DQG GHVWLQDWLRQ SRUWV GXULQJ DQ DFWLYH VHVVLRQ DUH WUXH"
&KRRVH WZR
$7KH VRXUFH SRUW FDQ EH RQO\ DQ (WKHUQHW SK\VLFDO SRUW
%7KH VRXUFH SRUW FDQ EH PRQLWRUHG LQ PXOWLSOH 63$1 VHVVLRQV
&7KH GHVWLQDWLRQ SRUW FDQ EH GHVWLQDWLRQ LQ PXOWLSOH 63$1 VHVVLRQV
'7KH GHVWLQDWLRQ SRUW GRHV QRW SDUWLFLSDWH LQ 673
(&RUUHFW $QVZHU
%'
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ VRXUFH SRUW FDQ EH PRQLWRUHG E\ VRPH 63$1 VHVVLRQV EXW D GHVWLQDWLRQ SRUW FDQ EH XVHG IRU RQH VHVVLRQ
RQO\ $ GHVWLQDWLRQ SRUW RU D UHIOHFWRU SRUW GRHV QRW SDUWLFLSDWH LQ 673 ZKLOH LWV 63$1 VHVVLRQ LV DFWLYH
)RU PRUH OLPLWDWLRQV RI FRQILJXULQJ 63$1 SOHDVH YLVLW WKLV OLQN
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUVZB[Q[RVV\VWHPBPDQDJHPHQW
FRQILJXUDWLRQJXLGHVPBQ[BRVBFJVPBVSDQKWPOZS
48(67,21 
48(67,21 12 
,Q D VZLWFK VWDFN HQYLURQPHQW ZKDW LV WKH WRWDO ELGLUHFWLRQDO WUDIILF IORZ EHWZHHQ WZR ORJLFDO FRXQWHUURWDWLQJ
SDWKV"
$ *ESV
% *ESV
& *ESV
' *ESV
&RUUHFW $QVZHU
%
6HFWLRQ 6WDFN:LVH 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R HIILFLHQWO\ ORDG EDODQFH WKH WUDIILF SDFNHWV DUH DOORFDWHG EHWZHHQ WZR ORJLFDO FRXQWHUURWDWLQJ SDWKV
(DFK FRXQWHUURWDWLQJ SDWK VXSSRUWV  *ESV LQ ERWK GLUHFWLRQV \LHOGLQJ D WUDIILF WRWDO RI  *ESV
ELGLUHFWLRQDOO\ 7KH HJUHVV TXHXHV FDOFXODWH SDWK XVDJH WR KHOS HQVXUH WKDW WKH WUDIILF ORDG LV HTXDOO\
SDUWLWLRQHG
:KHQHYHU D IUDPH LV UHDG\ IRU WUDQVPLVVLRQ RQWR WKH SDWK D FDOFXODWLRQ LV PDGH WR VHH ZKLFK SDWK KDV WKH
PRVW DYDLODEOH EDQGZLGWK 7KH HQWLUH IUDPH LV WKHQ FRSLHG RQWR WKLV KDOI RI WKH SDWK 7UDIILF LV VHUYLFHG
GHSHQGLQJ XSRQ LWV FODVV RI VHUYLFH &R6 RU GLIIHUHQWLDWHG VHUYLFHV FRGH SRLQW '6&3 GHVLJQDWLRQ /RZ
ODWHQF\ WUDIILF LV JLYHQ SULRULW\
:KHQ D EUHDN LV GHWHFWHG LQ D FDEOH WKH WUDIILF LV LPPHGLDWHO\ ZUDSSHG EDFN DFURVV WKH VLQJOH UHPDLQLQJ
*ESV SDWK WR FRQWLQXH IRUZDUGLQJ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK VWDWHPHQW DERXW WKH 63$1 DQG 563$1 FRQILJXUDWLRQ RQ 6: LV WUXH"
$63$1 VHVVLRQ  RQO\ PRQLWRUV HJUHVV WUDIILF H[LWLQJ SRUW )DVW(WKHUQHW 
%563$1 VHVVLRQ  PRQLWRUV DFWLYLW\ RQ 9/$1  RI D UHPRWH VZLWFK
&563$1 VHVVLRQ  LV LQFRPSOHWHO\ FRQILJXUHG IRU PRQLWRULQJ
'63$1 VHVVLRQ  PRQLWRUV DOO WUDIILF HQWHULQJ DQG H[LWLQJ SRUW )DVW(WKHUQHW 
&RUUHFW $QVZHU
&
6HFWLRQ 63$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)URP WKH RXWSXWV ZH OHDUQ WKDW WKH 63$1 VHVVLRQ  LV LQFRPSOHWH EHFDXVH RQO\ VRXUFH SRUW LV FRQILJXUHG
PRQLWRU VHVVLRQ  VRXUFH UHPRWH YODQ 
! ,W QHHGV WR VSHFLI\ WKH GHVWLQDWLRQ SRUW
ZKLOH 63$1 VHVVLRQ  LV FRQILJXUHG FRUUHFWO\ ZLWK VRXUFH DQG GHVWLQDWLRQ SRUWV
PRQLWRU VHVVLRQ  VRXUFH LQWHUIDFH ID ERWK
PRQLWRU VHVVLRQ  GHVWLQDWLRQ LQWHUIDFH ID
48(67,21 
48(67,21 12 
:KLFK LQIRUPDWLRQ GRHV WKH VXERUGLQDWH VZLWFK LQ D VZLWFK VWDFN NHHS IRU DOO WKH 9/$1V WKDW DUH FRQILJXUHG
RQ LW"
$
9/$1 GDWDEDVH
%'+&3 VQRRSLQJ GDWDEDVH
&VSDQQLQJ WUHHV
'URXWLQJ LQIRUPDWLRQ
&RUUHFW $QVZHU
&
6HFWLRQ 6WDFN:LVH 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6XERUGLQDWH VZLWFKHV NHHS WKHLU RZQ VSDQQLQJ WUHHV IRU HDFK 9/$1 WKDW WKH\ VXSSRUW 7KH PDVWHU VZLWFK
NHHSV D FRS\ RI DOO VSDQQLQJ WUHH WDEOHV IRU HDFK 9/$1 LQ WKH VWDFN :KHQ D QHZ 9/$1 LV DGGHG RU
UHPRYHG DOO WKH H[LVWLQJ VZLWFKHV ZLOO UHFHLYH D QRWLILFDWLRQ RI WKLV HYHQW DQG XSGDWH WKHLU WDEOHV DFFRUGLQJO\
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVSURGXFWVFROODWHUDOVZLWFKHVFDWDO\VWVHULHVVZLWFKHV
SURGBZKLWHBSDSHUDEDKWPO
48(67,21 
48(67,21 12 
:KLFK RSWLRQ LV WKH PLQLPXP QXPEHU RI ELQGLQJV WKDW WKH '+&3 VQRRSLQJ GDWDEDVH FDQ VWRUH"
$ ELQGLQJV
% ELQGLQJV
& ELQGLQJV
' ELQGLQJV
&RUUHFW $QVZHU
'
6HFWLRQ '+&3 6QRRSLQJ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&LVFR   6;(
‡7KH 3)& GRHV QRW VXSSRUW '+&3 VQRRSLQJ
‡:LWK UHOHDVHV HDUOLHU WKDQ 5HOHDVH   6;) WKH '+&3 VQRRSLQJ GDWDEDVH VWRUHV D PD[LPXP RI 
ELQGLQJV ,I WKH GDWDEDVH DWWHPSWV WR DGG PRUH WKDQ  '+&3 ELQGLQJV DOO ELQGLQJV DUH UHPRYHG IURP WKH
GDWDEDVH
‡:LWK 5HOHDVH   6;) DQG ODWHU UHOHDVHV WKH '+&3 VQRRSLQJ GDWDEDVH VWRUHV DW OHDVW 
ELQGLQJV
&LVFR ,26 5HOHDVH 6<
‡7KH '+&3 VQRRSLQJ GDWDEDVH VWRUHV DW OHDVW  ELQGLQJV
&LVFR ,26 ;( 5HOHDVH 6 &LVFR $65  6HULHV
‡:KHQ '+&3 VQRRSLQJ LV HQDEOHG WKH VZLWFK XVHV WKH '+&3 VQRRSLQJ ELQGLQJ GDWDEDVH WR VWRUH
LQIRUPDWLRQ DERXW XQWUXVWHG LQWHUIDFHV 7KH GDWDEDVH FDQ KDYH XS WR  ELQGLQJV
1;26
:KHQ \RX XVH WKH IHDWXUH GKFS FRPPDQG WR HQDEOH WKH '+&3 VQRRSLQJ IHDWXUH WKHUH LV D GHOD\ RI
DSSUR[LPDWHO\  VHFRQGV EHIRUH WKH ,2 PRGXOHV UHFHLYH '+&3 VQRRSLQJ RU '$, FRQILJXUDWLRQ 7KLV GHOD\
RFFXUV UHJDUGOHVV RI WKH PHWKRG WKDW \RX XVH WR FKDQJH IURP D FRQILJXUDWLRQ ZLWK '+&3 VQRRSLQJ GLVDEOHG
WR D FRQILJXUDWLRQ ZLWK '+&3 VQRRSLQJ HQDEOHG )RU H[DPSOH LI \RX XVH WKH 5ROOEDFN IHDWXUH WR UHYHUW WR D
FRQILJXUDWLRQ WKDW HQDEOHV '+&3 VQRRSLQJ WKH ,2 PRGXOHV UHFHLYH '+&3 VQRRSLQJ DQG '$, FRQILJXUDWLRQ
DSSUR[LPDWHO\  VHFRQGV DIWHU \RX FRPSOHWH WKH UROOEDFN
‡7KH '+&3 VQRRSLQJ GDWDEDVH FDQ VWRUH  ELQGLQJV
‡'+&3 VQRRSLQJ LV QRW DFWLYH XQWLO \RX HQDEOH WKH IHDWXUH HQDEOH '+&3 VQRRSLQJ JOREDOO\ DQG HQDEOH
'+&3 VQRRSLQJ RQ DW OHDVW RQH 9/$1
‡%HIRUH JOREDOO\ HQDEOLQJ '+&3 VQRRSLQJ RQ WKH GHYLFH PDNH VXUH WKDW WKH GHYLFHV DFWLQJ DV WKH '+&3
VHUYHU DQG WKH '+&3 UHOD\ DJHQW DUH FRQILJXUHG DQG HQDEOHG
‡$FFHVVFRQWURO OLVW $&/ VWDWLVWLFV DUH QRW VXSSRUWHG LI WKH '+&3 VQRRSLQJ IHDWXUH LV HQDEOHG
48(67,21 
48(67,21 12 
2Q ZKLFK OD\HU GRHV ,3 VRXUFH JXDUG SURYLGH ILOWHULQJ WR SUHYHQW D PDOLFLRXV KRVW IURP LPSHUVRQDWLQJ WKH ,3
DGGUHVV RI D OHJLWLPDWH KRVW"
$
/D\HU 
%/D\HU 
&/D\HU 
'/D\HU 
&RUUHFW $QVZHU
%
6HFWLRQ 0LVFHOODQHRXV 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
,3 6RXUFH *XDUG SURYLGHV VRXUFH ,3 DGGUHVV ILOWHULQJ RQ D /D\HU  SRUW WR SUHYHQW D PDOLFLRXV KRVW IURP
LPSHUVRQDWLQJ D OHJLWLPDWH KRVW E\ DVVXPLQJ WKH OHJLWLPDWH KRVW¶V ,3 DGGUHVV 7KH IHDWXUH XVHV G\QDPLF
'+&3 VQRRSLQJ DQG VWDWLF ,3 VRXUFH ELQGLQJ WR PDWFK ,3 DGGUHVVHV WR KRVWV RQ XQWUXVWHG /D\HU  DFFHVV
SRUWV
5HIHUHQFH KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWLRV6;FRQILJXUDWLRQJXLGH
ERRNLSVUFJUGKWPO
48(67,21 
48(67,21 12 
%\ GHIDXOW ZKDW LV WKH VWDWH RI SRUW VHFXULW\ RQ D VZLWFK"
$GLVDEOHG
%RQ
&RII
'OHDUQLQJ
&RUUHFW $QVZHU
$
6HFWLRQ 3RUW 6HFXULW\
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
%\ GHIDXOW DOO LQWHUIDFHV RQ D VZLWFK GR QRW UXQ SRUW VHFXULW\ 7R HQDEOH WKLV IHDWXUH ZH QHHG WR XVH WKH
³VZLWFKSRUW SRUWVHFXULW\´ FRPPDQG XQGHU LQWHUIDFH PRGH
48(67,21 
48(67,21 12 
:KLFK WZR VWDWHPHQWV DERXW +653 */%3 DQG 9553 DUH WUXH" &KRRVH WZR
$+653 LV WKH SUHIHUUHG SURWRFRO WR EH XVHG RQ PXOWLYHQGRU HQYLURQPHQWV
%
9553 KDV RQH PDVWHU URXWHU RQH VWDQGE\ URXWHU DQG PDQ\ OLVWHQLQJ URXWHUV
&*/%3 DOORZV IRU D PD[LPXP RI IRXU 0$& DGGUHVVHV SHU JURXS
'+653 VXSSRUWV XS WR  JURXSV RQ WKH VDPH VZLWFK RU URXWHU
(
9553 LV D &LVFR SURSULHWDU\ SURWRFRO
&RUUHFW $QVZHU
&'
6HFWLRQ +653 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
:KLFK RSWLRQ LV WKH PRVW OLNHO\ H[SODQDWLRQ RI WKH GXSOLFDWH DGGUHVV PHVVDJH ORJJHG"
$
VSDQQLQJWUHH ORRS
%
+653 PLVFRQILJXUDWLRQ
&D 3& ZLWK ,3 RI 
'D KDUGZDUH SUREOHP
&RUUHFW $QVZHU
%
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12  '5$* '523
'UDJ DQG GURS WKH FKDUDFWHULVWLF IURP WKH OHIW WR WKH PDWFKLQJ /D\HU  SURWRFRO RQ WKH ULJKW
([KLELW
6HOHFW DQG 3ODFH
&RUUHFW $QVZHU
6HFWLRQ 'UDJ DQG 'URS
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW
$ QHWZRUN HQJLQHHU FKDQJHV WKH GHIDXOW QDWLYH 9/$1 WR 9/$1  $IWHU DSSO\LQJ WKH VHWWLQJV RQ WKH
XSOLQNV WR WKH FRUH VZLWFKHV WKH VZLWFK FRQWURO WUDIILF VXFK DV &'3 DQG 973 LV QR ORQJHU ZRUNLQJ 7KH
VWDQGDUG FRQILJXUDWLRQ LV XVHG IRU HDFK XSOLQN :KDW LV ZURQJ ZLWK WKH FRQILJXUDWLRQ"
$7KH LQWHUIDFH LV DGPLQLVWUDWLYHO\ GRZQ
%7KH HQFDSVXODWLRQ W\SH LV LQFRUUHFW
&7KH VZLWFKSRUW PRGH WUXQN FRPPDQG VKRXOG EH ILUVW LQ WKH RXWSXW
'7KH QDWLYH 9/$1 LV QRW SUHVHQW RQ WKH WUXQN
(7KH FRQWURO WUDIILF PXVW EH PDQXDOO\ HQDEOHG RQ WKH QHZ QDWLYH 9/$1
&RUUHFW $QVZHU
'
6HFWLRQ 9/$1 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
9/$1  LV DOZD\V XVHG IRU &'3 973 3$J3 WUDIILF H[FHSW '73 XVHV QDWLYH 9/$1 HYHQ LI 9/$1  LV QRW
WKH QDWLYH 9/$1 ,I 9/$1  LV QRW WKH QDWLYH 9/$1 WKHQ &'3 973 3$J3 WUDIILF ZLOO EH WDJJHG RQ WKH WUXQN
,Q WKLV TXHVWLRQ DIWHU FKDQJLQJ WKH GHIDXOW QDWLYH 9/$1 WR  ZKLOH NHHSLQJ WKH VWDQGDUG FRQILJXUDWLRQ RQ
WKH RWKHU HQG ZH FDXVH D ³QDWLYH 9/$1 PLVPDWFKHG´ HUURU %HVLGHV &'3 973 WUDIILF LV WDJJHG RQ WKH
ORFDO VZLWFK DV 9/$1  LV QR ORQJHU WKH QDWLYH 9/$1 VR WKH RWKHU HQG FDQQRW XQGHUVWDQG WKHP ! &'3
973 WUDIILF LV GURSSHG
48(67,21 
48(67,21 12 
:KLFK WZR RSWLRQV DUH WZR UHVXOWV RI XVLQJ WKH FRPPDQG VSDQQLQJWUHH YODQ  URRW SULPDU\ ZLWKLQ D
VSDQQLQJWUHH QHWZRUN XQGHU JOREDO FRQILJXUDWLRQ" &KRRVH WZR
$6SDQQLQJ WUHH GHWHUPLQHV WKH SULRULW\ RI WKH FXUUHQW URRW IRU 9/$1  DQG UHGXFHV WKH SULRULW\ RI WKH ORFDO
VZLWFK WR D ORZHU YDOXH
%7KH SULRULW\ YDOXH IRU 9/$1  LV VHW WR  RQ WKH URRW ZKLOH WKH ORFDO VZLWFK SULRULW\ LV VHW WR 
&7KH VSDQQLQJWUHH WLPHUV DUH UHGXFHG WR LPSURYH WKH FRQYHUJHQFH WLPH IRU 9/$1 
'$OO SRUWV WKDW DUH FRQILJXUHG RQ WKH FXUUHQW VZLWFK ZLWK 9/$1  WUDQVLWLRQ WR GHVLJQDWHG SRUWV
(7KH VZLWFKSRUW WKDW LV FRQILJXUHG IRU 9/$1  LV WKH SULPDU\ FRQQHFWLRQ WR WKH VSDQQLQJWUHH URRW VZLWFK
&RUUHFW $QVZHU
$'
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
2Q WKH FRUH &LVFR VZLWFK \RX ZRXOG FRQILJXUH WKH SULPDU\ URRW VZLWFK ZLWK WKLV FRPPDQG
&RUH6Z FRQILJ  VSDQQLQJWUHH YODQ  URRW SULPDU\
2Q WKH FRUH &LVFR VZLWFK \RX ZRXOG FRQILJXUH WKH VHFRQGDU\ URRW VZLWFK ZLWK WKLV FRPPDQG
&RUH6Z FRQILJ  VSDQQLQJWUHH YODQ  URRW VHFRQGDU\
7KH QHW HIIHFW IURP WKHVH WZR FRPPDQGV ZLOO VHW WKH SULPDU\ VZLWFK URRW EULGJH SULRULW\ WR  DQG WKH
VHFRQGDU\ VZLWFK URRW EULGJH SULRULW\ WR 
48(67,21 
48(67,21 12 
$Q DFFHVV VZLWFK DW D UHPRWH ORFDWLRQ LV FRQQHFWHG WR WKH VSDQQLQJWUHH URRW ZLWK UHGXQGDQW XSOLQNV $
QHWZRUN HQJLQHHU QRWLFHV WKDW WKHUH DUH LVVXHV ZLWK WKH SK\VLFDO FDEOLQJ RI WKH FXUUHQW URRW SRUW 7KH
HQJLQHHU GHFLGHV WR IRUFH WKH VHFRQGDU\ OLQN WR EH WKH GHVLUHG IRUZDUGLQJ URRW SRUW
:KLFK DFWLRQ DFFRPSOLVKHV WKLV WDVN"
$&KDQJH WKH OLQNW\SH WR SRLQWWRSRLQW
%(QDEOH 5DSLG 6SDQQLQJ 7UHH WR FRQYHUJH XVLQJ WKH VHFRQGDU\ OLQN
&$GMXVW WKH VHFRQGDU\ OLQN WR KDYH D ORZHU SULRULW\ WKDQ WKH SULPDU\ OLQN
'$SSO\ D %3'8 ILOWHU RQ WKH SULPDU\ LQWHUIDFH RI WKH UHPRWH VZLWFKHV
&RUUHFW $QVZHU
&
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU ZDQWV WR PDNH VXUH WKDW DQ DFFHVV VZLWFK ZLOO QHYHU EHFRPH D 6SDQQLQJ 7UHH URRW IRU
9/$1  :KDW DFWLRQ ZLOO DFFRPSOLVK WKLV WDVN"
$DGMXVW 673 SULRULW\ WR WKH PD[LPXP YDOXH
%GLVDEOH 673 JOREDOO\
&DSSO\ URRW JXDUG WR DOO RXWJRLQJ QHLJKERU LQWHUIDFHV
'HQDEOH 0673 DQG XVH D GLIIHUHQW UHYLVLRQ QXPEHU WKDQ DOO RWKHU VZLWFKHV
&RUUHFW $QVZHU
$
6HFWLRQ 673 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6SDQQLQJ 7UHH 3URWRFRO HOHFWV D URRW EULGJH EDVHG RQ WKH %ULGJH ,'V 7KH URRW EULGJH LV WKH EULGJH ZLWK WKH
ORZHVW EULGJH ,' $QG %ULGJH ,' %ULGJH 3ULRULW\  0$& $GGUHVV 7KHUHIRUH WR SUHYHQW D VZLWFK IURP
EHFRPLQJ WKH URRW EULGJH ZH FDQ DGMXVW 673 SULRULW\ WR WKH PD[LPXP YDOXH
48(67,21 
48(67,21 12 
:KDW WZR WKLQJV RFFXU ZKHQ DQ 5673 HGJH SRUW UHFHLYHV D %3'8" &KRRVH WZR
$
7KH SRUW LPPHGLDWHO\ WUDQVLWLRQV WR WKH IRUZDUGLQJ VWDWH
%
7KH VZLWFK JHQHUDWHV D 7RSRORJ\ &KDQJH 1RWLILFDWLRQ %3'8
&7KH SRUW LPPHGLDWHO\ WUDQVLWLRQV WR WKH HUUGLVDEOH VWDWH
'7KH SRUW EHFRPHV D QRUPDO 673 VZLWFK SRUW
&RUUHFW $QVZHU
%'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH FRQFHSW RI HGJH SRUW EDVLFDOO\ FRUUHVSRQGV WR WKH 3RUW)DVW IHDWXUH $Q HGJH SRUW GLUHFWO\ WUDQVLWLRQV WR
WKH IRUZDUGLQJ VWDWH DQG VNLSV WKH OLVWHQLQJ DQG OHDUQLQJ VWDJHV $Q HGJH SRUW WKDW UHFHLYHV D %3'8
LPPHGLDWHO\ ORVHV HGJH SRUW VWDWXV DQG EHFRPHV D QRUPDO VSDQQLQJ WUHH SRUW
5HIHUHQFH KWWSZZZFLVFRFRPHQ86WHFKWNWN
WHFKQRORJLHVBZKLWHBSDSHUDFIDVKWPOHGJH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW %3'8*XDUG LV HQDEOHG RQ ERWK SRUWV RI 6ZLWFK$ ,QLWLDOO\ /LQN$ LV FRQQHFWHG DQG
IRUZDUGLQJ WUDIILF $ QHZ /LQN% LV WKHQ DWWDFKHG EHWZHHQ 6ZLWFK$ DQG +XE$ :KLFK WZR VWDWHPHQWV DERXW
WKH SRVVLEOH UHVXOW RI DWWDFKLQJ WKH VHFRQG OLQN DUH WUXH" &KRRVH WZR
$7KH VZLWFK SRUW DWWDFKHG WR /LQN% GRHV QRW WUDQVLWLRQ WR XS
%2QH RU ERWK RI WKH WZR VZLWFK SRUWV DWWDFKHG WR WKH KXE JRHV LQWR WKH HUUGLVDEOHG VWDWH ZKHQ D %3'8 LV
UHFHLYHG
&%RWK VZLWFK SRUWV DWWDFKHG WR WKH KXE WUDQVLWLRQV WR WKH EORFNLQJ VWDWH
'$ KHDY\ WUDIILF ORDG FRXOG FDXVH %3'8 WUDQVPLVVLRQV WR EH EORFNHG DQG OHDYH D VZLWFKLQJ ORRS
(7KH VZLWFK SRUW DWWDFKHG WR /LQN$ LPPHGLDWHO\ WUDQVLWLRQV WR WKH EORFNLQJ VWDWH
&RUUHFW $QVZHU
%'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
ZH NQRZ WKDW WKHUH ZLOO KDYH RQO\ RQH 'HVLJQDWHG SRUW IRU HDFK VHJPHQW QRWLFH WKDW WKH WZR SRUWV RI
6ZLWFK$ DUH RQ WKH VDPH VHJPHQW DV WKH\ DUH FRQQHFWHG WR D KXE  7KH RWKHU SRUW ZLOO EH LQ %ORFNLQJ VWDWH
%XW KRZ GRHV 6ZLWFK$ VHOHFW LWV 'HVLJQDWHG DQG %ORFNLQJ SRUW" 7KH GHFLVLRQ SURFHVV LQYROYHV WKH IROORZLQJ
SDUDPHWHUV LQVLGH WKH %3'8
/RZHVW SDWK FRVW WR WKH 5RRW
/RZHVW 6HQGHU %ULGJH ,' %,'
/RZHVW 3RUW ,'
,Q WKLV FDVH ERWK LQWHUIDFHV RI 6ZLWFK$ KDYH WKH VDPH ³SDWK FRVW WR WKH URRW´ DQG ³VHQGHU EULGJH ,'´ VR WKH
WKLUG SDUDPHWHU ³ORZHVW SRUW ,'´ ZLOO EH XVHG 6XSSRVH WZR LQWHUIDFHV RI 6ZLWFK$ DUH ID ID WKHQ
6ZLWFK$ ZLOO VHOHFW ID DV LWV 'HVLJQDWHG SRUW EHFDXVH ID LV LQIHULRU WR ID ! % LV FRUUHFW
6XSSRVH WKH SRUW RQ /LQN$ QDPHG SRUW$ LV LQ IRUZDUGLQJ VWDWH DQG WKH SRUW RQ /LQN% QDPHG SRUW% LV LQ
EORFNLQJ VWDWH ,Q EORFNLQJ VWDWH SRUW % VWLOO OLVWHQV WR WKH %3'8V ,I WKH WUDIILF SDVVLQJ WKURXJK /LQN$ LV WRR
KHDY\ DQG WKH %3'8V FDQ QRW UHDFK SRUW% SRUW% ZLOO PRYH WR OLVWHQLQJ VWDWH DIWHU  VHFRQGV IRU 673
WKHQ OHDUQLQJ VWDWH DIWHU  VHFRQGV DQG IRUZDUGLQJ VWDWH DIWHU  VHFRQGV  $W WKLV WLPH ERWK SRUW$
SRUW% DUH LQ IRUZDUGLQJ VWDWH VR D VZLWFKLQJ ORRS ZLOO RFFXU ! ' LV FRUUHFW
48(67,21 
48(67,21 12 
:KLFK SURWRFRO ZLOO HQDEOH D JURXS RI URXWHUV WR IRUP D VLQJOH YLUWXDO URXWHU DQG ZLOO XVH WKH UHDO
,3 DGGUHVV RI D URXWHU DV WKH JDWHZD\ DGGUHVV"
$3UR[\ $53
%+653
&,5'3
'
9553
(*/%3
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
9553 LV VLPLODU WR +653 EXW +RZHYHU ZLWK 9553 WKH ,3 DGGUHVV XVHG FDQ EH HLWKHU D YLUWXDO RQH RU WKH
DFWXDO ,3 DGGUHVV RI WKH SULPDU\ URXWHU
1RWH :LWK +653 WZR RU PRUH GHYLFHV VXSSRUW D YLUWXDO URXWHU ZLWK D ILFWLWLRXV 0$& DGGUHVV DQG XQLTXH ,3
DGGUHVV +RVWV XVH
WKLV ,3 DGGUHVV DV WKHLU GHIDXOW JDWHZD\
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW LV WUXH DERXW 5673 WRSRORJ\ FKDQJHV"
$2QO\ QRQHGJH SRUWV PRYLQJ WR WKH EORFNLQJ VWDWH JHQHUDWH D 7& %3'8
%$Q\ ORVV RI FRQQHFWLYLW\ JHQHUDWHV D 7& %3'8
&$Q\ FKDQJH LQ WKH VWDWH RI WKH SRUW JHQHUDWHV D 7& %3'8
'2QO\ QRQHGJH SRUWV PRYLQJ WR WKH IRUZDUGLQJ VWDWH JHQHUDWH D 7& %3'8
(,I HLWKHU DQ HGJH SRUW RU D QRQHGJH SRUW PRYHV WR D EORFN VWDWH WKHQ D 7& %3'8 LV JHQHUDWHG
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
:KHQ D 6ZLWFK %ULGJH GLVFRYHUV WRSRORJ\ FKDQJH LW JHQHUDWHV D 7&1 7RSRORJ\ &KDQJH 1RWLILFDWLRQ
%3'8 %ULGJH 3URWRFRO 'DWD 8QLW DQG VHQGV WKH 7&1 %3'8 RQ LWV URRW SRUW 7KH XSVWUHDP 6ZLWFK %ULGJH
UHVSRQGV EDFN WKH VHQGHU ZLWK 7&$ 7RSRORJ\ &KDQJH $FNQRZOHGJPHQW %3'8 %ULGJH 3URWRFRO 'DWD
8QLW DQG 7&$ 7RSRORJ\ &KDQJH $FNQRZOHGJPHQW %3'8 %ULGJH 3URWRFRO 'DWD 8QLW
7KH XSVWUHDP 6ZLWFK %ULGJH EULGJH ZKLFK UHFHLYHG WKH 7&1 %3'8 JHQHUDWHV DQRWKHU 7&1 %3'8 DQG
VHQGV RXW YLD LWV 5RRW 3RUW 7KH SURFHVV FRQWLQXHV XQWLO WKH 5RRW 6ZLWFK %ULGJH UHFHLYHV WKH 7&1 %3'8
:KHQ WKH 5RRW 6ZLWFK %ULGJH LV DZDUH WKDW WKHUH LV D WRSRORJ\ FKDQJH LQ WKH QHWZRUN LW VWDUWV WR VHQG RXW
LWV &RQILJXUDWLRQ %3'8V ZLWK WKH WRSRORJ\ FKDQJH 7& ELW VHW &RQILJXUDWLRQ %3'8V DUH UHFHLYHG E\ HYHU\
6ZLWFK %ULGJH LQ WKH QHWZRUN DQG DOO EULGJHV EHFRPH DZDUH RI WKH QHWZRUN WRSRORJ\ FKDQJH
7KH VZLWFK QHYHU JHQHUDWHV D 7&1 ZKHQ D SRUW FRQILJXUHG IRU 3RUW)DVW JRHV XS RU GRZQ ! LW PHDQV QR 7&
ZLOO EH FUHDWHG IRU 3RUW)DVW RU (GJH 3RUW ! ' LV FRUUHFW
5HIHUHQFH KWWSZZZFLVFRFRPHQ86WHFKWNWN
WHFKQRORJLHVBWHFKBQRWHDVKWPO
48(67,21 
48(67,21 12 
:KLFK WZR VWDWHPHQWV DUH WUXH DERXW UHFRPPHQGHG SUDFWLFHV WKDW DUH WR EH XVHG LQ D ORFDO 9/$1 VROXWLRQ
GHVLJQ ZKHUH OD\HU  WUDIILF LV WR EH NHSW WR D PLQLPXP" &KRRVH WZR
$5RXWLQJ VKRXOG RFFXU DW WKH DFFHVV OD\HU LI YRLFH 9/$1V DUH XWLOL]HG 2WKHUZLVH URXWLQJ VKRXOG RFFXU DW
WKH GLVWULEXWLRQ OD\HU
%5RXWLQJ PD\ EH SHUIRUPHG DW DOO OD\HUV EXW LV PRVW FRPPRQO\ GRQH DW WKH FRUH DQG GLVWULEXWLRQ OD\HUV
&5RXWLQJ VKRXOG QRW EH SHUIRUPHG EHWZHHQ 9/$1V ORFDWHG RQ VHSDUDWH VZLWFKHV
'
9/$1V VKRXOG EH ORFDO WR D VZLWFK
(
9/$1V VKRXOG EH ORFDOL]HG WR D VLQJOH VZLWFK XQOHVV YRLFH 9/$1V DUH EHLQJ XWLOL]HG
&RUUHFW $QVZHU
%'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
)LUVW OHW¶V UHYLHZ PDLQ FKDUDFWHULVWLFV RI WKUHH OD\HUV LQ D FDPSXV QHWZRUN
$FFHVV OD\HU
 /RZ FRVW SHU VZLWFK SRUW
 +LJK SRUW GHQVLW\
 6FDODEOH XSOLQNV WR KLJKHU OD\HUV
 8VHU DFFHVV IXQFWLRQV VXFK DV 9/$1 PHPEHUVKLS WUDIILF DQG SURWRFRO ILOWHULQJ DQG TXDOLW\ RI VHUYLFH
4R6
 5HVLOLHQF\ WKURXJK PXOWLSOH XSOLQNV
'LVWULEXWLRQ /D\HU
 $JJUHJDWLRQ RI PXOWLSOH DFFHVVOD\HU GHYLFHV
 +LJK /D\HU  WKURXJKSXW IRU SDFNHW KDQGOLQJ
 6HFXULW\ DQG SROLF\EDVHG FRQQHFWLYLW\ IXQFWLRQV WKURXJK DFFHVV OLVWV RU SDFNHW ILOWHUV
 4R6 IHDWXUHV
 6FDODEOH DQG UHVLOLHQW KLJKVSHHG OLQNV WR WKH FRUH DQG DFFHVV OD\HUV
&RUH OD\HU
 9HU\ KLJK WKURXJKSXW DW /D\HU 
 1R FRVWO\ RU XQQHFHVVDU\ SDFNHW PDQLSXODWLRQV DFFHVV OLVWV SDFNHW ILOWHULQJ
 5HGXQGDQF\ DQG UHVLOLHQFH IRU KLJK DYDLODELOLW\
 $GYDQFHG 4R6 IXQFWLRQV
:H FDQ VHH DW 'LVWULEXWLRQ DQG &RUH OD\HUV /D\HU  WKURXJKSXW URXWLQJ LV YHU\ KLJK ! % LV FRUUHFW
1RZDGD\V HQGWRHQG 9/$1V DUH QRW UHFRPPHQGHG LQ DQ HQWHUSULVH QHWZRUN XQOHVV WKHUH LV D JRRG
UHDVRQ ,Q DQ HQGWRHQG 9/$1 EURDGFDVW WUDIILF LV FDUULHG RYHU IURP RQH HQG RI WKH QHWZRUN WR WKH RWKHU
FUHDWLQJ WKH SRVVLELOLW\ IRU D EURDGFDVW VWRUP RU /D\HU  EULGJLQJ
ORRS WR VSUHDG DFURVV WKH ZKROH H[WHQW RI D 9/$1 7KLV FDQ H[KDXVW WKH EDQGZLGWK RI GLVWULEXWLRQ DQG FRUH
OD\HU OLQNV DV ZHOO DV VZLWFK &38 UHVRXUFHV 1RZ WKH VWRUP RU ORRS KDV GLVUXSWHG XVHUV RQ WKH HQGWRHQG
9/$1 LQ DGGLWLRQ WR XVHUV RQ RWKHU 9/$1V WKDW PLJKW
EH FURVVLQJ WKH FRUH
:KHQ VXFK D SUREOHP RFFXUV WURXEOHVKRRWLQJ EHFRPHV PRUH GLIILFXOW ,Q RWKHU ZRUGV WKH ULVNV RI HQGWR
HQG 9/$1V RXWZHLJK WKH FRQYHQLHQFH DQG EHQHILWV
)URP WKDW ZH FDQ LQIHU 9/$1 WUDIILF VKRXOG EH ORFDO WR WKH VZLWFK ! ' LV FRUUHFW
5HIHUHQFH &&13 6:,7&+  2IILFLDO &HUWLILFDWLRQ *XLGH
48(67,21 
48(67,21 12 
,Q WKH KDUGZDUH DGGUHVV FDFD ZKDW GRHV DF UHSUHVHQW"
$+653 ZHOONQRZQ SK\VLFDO 0$& DGGUHVV
%
9HQGRU FRGH
&+653 URXWHU QXPEHU
'+653 JURXS QXPEHU
(+653 ZHOONQRZQ YLUWXDO 0$& DGGUHVV
&RUUHFW $QVZHU
(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH +653 VWDQGE\ ,3 DGGUHVV LV D YLUWXDO 0$& DGGUHVV ZKLFK LV FRPSRVHG RI FDF  ,Q ZKLFK ³ ´
LV WKH +653 JURXS QXPEHU LQ KH[DGHFLPDO
48(67,21 
48(67,21 12 
:KDW DFWLRQ VKRXOG D QHWZRUN DGPLQLVWUDWRU WDNH WR HQDEOH 973 SUXQLQJ RQ DQ HQWLUH PDQDJHPHQW GRPDLQ"
$(QDEOH 973 SUXQLQJ RQ DQ\ VZLWFK LQ WKH PDQDJHPHQW GRPDLQ
%(QDEOH 973 SUXQLQJ RQ DQ\ FOLHQW VZLWFK LQ WKH PDQDJHPHQW GRPDLQ
&(QDEOH 973 SUXQLQJ RQ D 973 VHUYHU LQ WKH PDQDJHPHQW GRPDLQ
'(QDEOH 973 SUXQLQJ RQ HYHU\ VZLWFK LQ WKH PDQDJHPHQW GRPDLQ
('LVDEOH 973 SUXQLQJ RQ D 973 VHUYHU LQ WKH PDQDJHPHQW GRPDLQ
&RUUHFW $QVZHU
&
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 SUXQLQJ VKRXOG RQO\ EH HQDEOHG RQ 973 VHUYHUV DOO WKH FOLHQWV LQ WKH 973 GRPDLQ ZLOO DXWRPDWLFDOO\
HQDEOH 973 SUXQLQJ ! & LV FRUUHFW
48(67,21 
48(67,21 12 
+RZ GRHV 973 SUXQLQJ HQKDQFH QHWZRUN EDQGZLGWK"
$E\ UHVWULFWLQJ XQLFDVW WUDIILF WR DFURVV 973 GRPDLQV
%E\ UHGXFLQJ XQQHFHVVDU\ IORRGLQJ RI WUDIILF WR LQDFWLYH 9/$1V
&E\ OLPLWLQJ WKH VSUHDGLQJ RI 9/$1 LQIRUPDWLRQ
'E\ GLVDEOLQJ SHULRGLF 973 XSGDWHV
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
973 3UXQLQJ PDNHV PRUH HIILFLHQW XVH RI WUXQN EDQGZLGWK E\ IRUZDUGLQJ EURDGFDVW DQG XQNQRZQ XQLFDVW
IUDPHV RQ D 9/$1 RQO\ LI WKH VZLWFK RQ WKH UHFHLYLQJ HQG RI WKH WUXQN KDV SRUWV LQ WKDW 9/$1
7KH IROORZLQJ H[DPSOH VKRZV WKH RSHUDWLRQ RI D 973 GRPDLQ ZLWKRXW DQG ZLWK 973 3UXQLQJ
:LWKRXW 973 3UXQLQJ
973 GRPDLQ ZLWKRXW 973 3UXQLQJ
:KHQ 3& $ VHQGV D EURDGFDVW IUDPH RQ 9/$1  LW WUDYHOV DFURVV DOO WUXQN OLQNV LQ WKH 973 GRPDLQ
6ZLWFKHV 6HUYHU 6Z DQG 6Z DOO UHFHLYH EURDGFDVW IUDPHV IURP 3& $ %XW RQO\ 6Z KDV XVHU RQ 9/$1
 DQG LW LV D ZDVWH RI EDQGZLGWK RQ 6Z 0RUHRYHU WKDW EURDGFDVW WUDIILF DOVR FRQVXPHV SURFHVVRU WLPH
RQ 6Z 7KH OLQN EHWZHHQ VZLWFKHV 6HUYHU DQG 6Z GRHV QRW FDUU\ DQ\ 9/$1  WUDIILF VR LW FDQ EH
³SUXQHG´
! % LV FRUUHFW
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW %DVHG RQ WKH GHEXJ RXWSXW VKRZQ LQ WKH H[KLELW ZKLFK WKUHH VWDWHPHQWV DERXW +653
DUH WUXH" &KRRVH WKUHH
$7KH URXWHU ZLWK ,3 DGGUHVV  KDV SUHHPSW FRQILJXUHG
%7KH ILQDO DFWLYH URXWHU LV WKH URXWHU ZLWK ,3 DGGUHVV 
&7KH URXWHU ZLWK ,3 DGGUHVV  KDV QRQSUHHPSW FRQILJXUHG
'7KH SULRULW\ RI WKH URXWHU ZLWK ,3 DGGUHVV  LV SUHIHUUHG RYHU WKH URXWHU ZLWK ,3 DGGUHVV

(7KH URXWHU ZLWK ,3 DGGUHVV  LV XVLQJ GHIDXOW +653 SULRULW\
)7KH ,3 DGGUHVV  LV WKH YLUWXDO +653 ,3 DGGUHVV
&RUUHFW $QVZHU
$%)
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW ZKLFK VWDWHPHQW DERUW WKH FXUUHQW FRQILJXUDWLRQ RQ SRUW *LJDELW(WKHUQHW LV WUXH"
$,W LV DQ DFFHVV SRUW FRQILJXUHG IRU D SKRQH DQG D 3&
%,W LV D WUXQN SRUW DQG WKH QDWLYH 9/$1 LV 9/$1 
&,W LV D WUXQN SRUW DQG WKH QDWLYH 9/$1 LV 9/$1 
',W LV DQ DFFHVV SRUW LQ 9/$1 
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
:KLFK WZR VWDWHPHQWV DERXW GHIDXOW )+53 EHKDYLRU DUH WUXH" &KRRVH WZR
$$ EDFNXS */%3 DFWLYH YLUWXDO JDWHZD\ FDQ EHFRPH DFWLYH RQO\ LI WKH FXUUHQW DFWLYH YLUWXDO JDWHZD\ IDLOV
%3UHHPSWLRQ LV HQDEOHG E\ GHIDXOW
&8QOHVV VSHFLILFDOO\ &RQILJXUHG WKH SULRULW\ RI DQ +653 URXWHU LV 
'$ VWDQGE\ +653 URXWHU EHFRPHV DFWLYH LI LW KDV D KLJKHU SULRULW\ WKDQ WKH SULRULW\ RI WKH FXUUHQW DFWLYH
URXWHU
($ 9553 EDFNXS YLUWXDO URXWHU EHFRPHV WKH PDVWHU URXWHU LI LWV SULRULW\ LV KLJKHU WKDQ WKH SULRULW\ RI WKH
FXUUHQW PDVWHU URXWHU
&RUUHFW $QVZHU
'(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
,I 6WRUP&RQWURO LV HQDEOHG RQ D SRUW DQG WKH WUDIILF UHDFKHVWKH FRQILJXUHG OHYHO ZKLFK WZR DFWLRQV FDQ EH
FRQILJXUHG WR RFFXU" &KRRVH WZR
$7UDS
%QRWLI\ DGPLQ
&UHGLUHFW WUDIILF
'ORJ
(
VKXW GRZQ
&RUUHFW $QVZHU
$(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
:KLFK WZR RSWLRQV DUH DGYDQWDJHV RI GHSOR\LQJ 973Y" &KRRVH WZR
$,W VWRUHV WKH 973 GRPDLQ SDVVZRUG VHFXUHO\ DV D 6+$ KDVK
%,W DGGV DQ )&6 ILHOG DW WKH HQG RI HDFK 973 IUDPH IRU FRQVLVWHQF\ FKHFNLQJ
&,W VXSSRUWV WKH SURSDJDWLRQ RI SULYDWH 9/$1V
',W VXSSRUWV WKH XVH RI $(6 WR HQFU\SW 973 PHVVDJLQJ
(,W FDQ EH FRQILJXUHG WR DOORZ RQO\ RQH 973 VHUYHU WR PDNH FKDQJHV WR WKH 973 GRPDLQ
&RUUHFW $QVZHU
&(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$QV &
$ GRZQVL]HG YHUVLRQ RI 39/$1 39/$1 HGJH DOORZV ORFDO FRQILJXUDWLRQ RI WKH 39/$1 VWUXFWXUH DQG LV
LPSOHPHQWHG LQ IL[HG VZLWFKHV OLNH WKH &LVFR &DWDO\VW  7KH 39/$1 IHDWXUH DV LPSOHPHQWHG LQ
&DWDO\VW  VZLWFKHV DOORZV LQWHUDFWLRQ IRU D JURXS RI VZLWFKHV 7KH SULPDU\ 9/$1 DV ZHOO DV WKH
VHFRQGDU\ 9/$1V DUH DOORZHG WR H[LVW RQ PXOWLSOH GHYLFHV FRQQHFWHG E\ WUXQNV 0HPEHUV RI D FRPPXQLW\
9/$1 DUH VXSSRUWHG RQ RQH RU PXOWLSOH GHYLFHV 8VH RI 973 YHUVLRQ  WR SURSDJDWH 39/$1 LQIRUPDWLRQ
HVSHFLDOO\ LQ VHFXULW\VHQVLWLYH HQYLURQPHQWV OLNH WKH '0= UHGXFHV WKH ULVN RI LQFRUUHFW RU SDUWO\ LQFRUUHFW
FRQILJXUDWLRQV GXH WR KXPDQ HUURU
$QV (
973Y
973 9HUVLRQ  973Y ZDV LQWURGXFHG LQ &LVFR 1;26 UHOHDVH   DQG KDV WKH IROORZLQJ IHDWXUHV
‡3URYLGHV LQWHURSHUDELOLW\ ZLWK VZLWFKHV FRQILJXUHG ZLWK 973 YHUVLRQ  RU 
‡$OORZV RQO\ WKH SULPDU\ VHUYHU WR PDNH 973 FRQILJXUDWLRQ FKDQJHV
‡6XSSRUWV . 9/$1V
‡3HUPLWV IHDWXUHVSHFLILF SULPDU\ VHUYHUV $VZLWFKFDQEHDSULPDU\ VHUYHUIRUDVSHFLILF IHDWXUH GDWDEDVH OLNH
067 RU IRU WKH HQWLUH 9/$1 GDWDEDVH
‡3URYLGHV HQKDQFHG VHFXULW\ ZLWK KLGGHQ DQG VHFUHW SDVVZRUGV
‡3URYLGHV LQWHURSHUDELOLW\ ZLWK SULYDWH 9/$1V 39/$1  39/$1V DQG 973V DUH QR ORQJHU PXWXDOO\H[FOXVLYH
‡5HVROYHV WKHLVVXHRI 973 ERPELQJ 973 ERPELQJ RFFXUVZKHQ D VHUYHUZLWKD KLJKHUUHYLVLRQ
QXPEHU DQG D ZURQJ 973 GDWDEDVH LV LQVHUWHG LQWR WKH 973 GRPDLQ 7KLV PD\ RFFXU ZKHQ D QHZ VZLWFK LV
SOXJJHG LQWR D VWDEOH 973 GRPDLQ 7KH LQFRUUHFW GDWDEDVH LV SURSDJDWHG WR WKH GRPDLQ DQG WKH HDUOLHU
VWDEOH GDWDEDVH LV RYHUZULWWHQ
48(67,21 
48(67,21 12 
:KLFK VWDWHPHQW DERXW +653 */%3 DQG 9553 LV WUXH"
$
9553 JURXS PHPEHUV FRPPXQLFDWH XVLQJ PXOWLFDVW DGGUHVV 
%0$& DGGUHVV FDF2F LQGLFDWHV WKDW GHIDXOW JDWHZD\ UHGXQGDQF\ LV SURYLGHG WKURXJK */%3
&+653 JURXS PHPEHUV FRPPXQLFDWH XVLQJ PXOWLFDVW DGGUHVV 
'*/%3 XVHV 8'3 SRUW  VRXUFH DQG GHVWLQDWLRQ IRU KHOOR PHVVDJHV
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH URXWHUV SDUWLFLSDWLQJ LQ */%36 FRPPXQLFDWH ZLWK HDFK RWKHU WKURXJK KHOOR PHVVDJHV VHQW HYHU\ 
VHFRQGV WR WKH PXOWLFDVW DGGUHVV  8'3 SRUW  ERWK VRXUFH DQG GHVWLQDWLRQ  */%3
VXSSRUWV XS WR  */%3 JURXSV RQ HDFK SK\VLFDO LQWHUIDFH DQG XS WR IRXU DFWLYH YLUWXDO IRUZDUGHUV SHU
JURXS
48(67,21 
48(67,21 12 
$Q HQWHUSULVH QHWZRUN KDV SRUW VHFXULW\ VWLFN\ HQDEOHG RQ DOO DFFHVV SRUWV $ QHWZRUN DGPLQLVWUDWRU PRYHV D
3& IURP RQH RIILFH GHVN WR DQRWKHU $IWHU WKH 3& LV PRYHG WKH QHWZRUN DGPLQLVWUDWRU FOHDUV WKH SRUW
VHFXULW\ RQ WKH QHZ QHWZRUN VZLWFK SRUW FRQQHFWLQJ WR WKH 3& EXW WKH SRUW NHHSV JRLQJ EDFN LQWR HUU
GLVDEOHG PRGH :KLFK WZR IDFWRUV DUH SRVVLEOH FDXVHV RI WKLV LVVXH" &KRRVH WZR 
$3RUW VHFXULW\ VWLFN\ H[LVWV RQ WKH QHZ QHWZRUN VZLWFK SRUW
%3RUW VHFXULW\ VWLFN\ LV GLVDEOHG RQ WKH QHZ QHWZRUN VZLWFK SRUW
&3RUW VHFXULW\ PXVW EH GLVDEOHG RQ DOO DFFHVV SRUWV
'3RUW VHFXULW\ LV VWLOO HQDEOHG RQ WKH ROGHU QHWZRUN VZLWFK SRUW
(3RUW VHFXULW\ VWLFN\ LV VWLOO HQDEOHG RQ WKH ROGHU QHWZRUN VZLWFK SRUW
&RUUHFW $QVZHU
$(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW $Q HQJLQHHU KDV UXQ WKH VKRZ (WKHU&KDQQHO VXPPDU\ FRPPDQG DQG WKH RXWSXW LV
GLVSOD\HG :KLFK VWDWHPHQW DERXW WKH VWDWXV RI WKH (WKHU&KDQQHO LV WUXH"
$7KH (WKHU&KDQQHO LV RSHUDWLRQDO DQG FRQILJXUHG IRU 3$J3
%7KH (WKHU&KDQQHO LV GRZQ EHFDXVH RI D PLVPDWFKHG (WKHU&KDQQHO SURWRFRO
&7KH (WKHU&KDQQHO LV GRZQ DQG FRQILJXUHG IRU /$&3
'7KH (WKHU&KDQQHO LV RSHUDWLRQDO DQG LV XVLQJ QR (WKHU&KDQQHO SURWRFRO
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
$ VZLWFK KDV EHHQ FRQILJXUHG ZLWK WKH YODQ GRWT WDJ QDWLYH FRPPDQG :KLFK VWDWHPHQW GHVFULEHV ZKDW WKH
VZLWFK GRHV ZLWK XQWDJJHG IUDPHV WKDW LW UHFHLYH"
$8QWDJJHG IUDPHV DUH IRUZDUGHG YLD WKH GHIDXOW 9/$1
%,W GURSV WKH XQWDJJHG IUDPHV
&7KH WUXQNHG SRUW LV SXW LQ HUUGLVDEOH VWDWH
'8QWDJJHG IUDPHV DUH IRUZDUGHG YLD WKH QDWLYH 9/$1
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7R PDLQWDLQ WKH WDJJLQJ RQ WKH QDWLYH 9/$1 DQG GURS XQWDJJHG WUDIILF XVH WKH YODQ GRWT WDJ QDWLYH
FRPPDQG 7KH VZLWFK ZLOO WDJ WKH WUDIILF UHFHLYHG RQ WKH QDWLYH 9/$1 DQG DGPLW RQO\ 4WDJJHG
IUDPHV GURSSLQJ DQ\ XQWDJJHG WUDIILF LQFOXGLQJ XQWDJJHG WUDIILF LQ WKH QDWLYH 9/$1
KWWSZZZFLVFRFRPFPHQBXVWHFKGRFGFUHIHUHQFHFOLQ[RVFRPPDQGVOYODQGRWTWDJQDWLYHKWPO
48(67,21 
48(67,21 12 
:KHQ D &LVFR &DWDO\VW VZLWFK WKDW LV FRQILJXUHG LQ 973 VHUYHU PRGH LV ILUVW ERRWHG ZKLFK WZR 9/$1 UDQJHV
DUH ORDGHG RQ WKH VZLWFK" &KRRVH WZR
$$OO 9/$1V DUH LQ WKH 9/$1 GDWDEDVH
%
9/$1V JUHDWHU WKDQ  LQ WKH VWDUWXSFRQILJ ILOH
&7KH ILUVW  9/$1V LQ WKH 9/$1 GDWDEDVH ILOH
'7KH ILUVW  9/$1V LQ WKH VWDUWXSFRQILJ ILOH
(
9/$1V JUHDWHU WKDQ  LQ WKH 9/$1 GDWDEDVH ILOH
&RUUHFW $QVZHU
%&
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
7R SURYLGH VHFXULW\ D VHUYLFH SURYLGHU YDULRXV SULYDWH 9/$1V LQ LWV EDFNERQH QHWZRUN LQIUDVWUXFWXUH WR
SUHYHQW FHUWDLQ 9/$1V FRPPXQLFDWLQJ WR HDFK RWKHU :KLFK YHUVLRQ RI 973 VXSSRUWV WKH XVH RI SULYDWH
9/$1V"
$YHUVLRQ 
%YHUVLRQ 
&
973 GRHV QRW VXSSRUW SULYDWH 9/$1V
'YHUVLRQ 
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW :KLFK WZR FRPPDQGV DERXW 6: DUH WUXH" &KRRVH WZR
$
,QWHUIDFH *L LV XVLQJ D &LVFR SURSULHWDU\ WUXQNLQJ SURWRFRO
%2Q LQWHUIDFH *L DOO XQWDJJHG WUDIILF LV WDJJHG ZLWK 9/$1 
&7KH GHYLFH LV FRQILJXUHG ZLWK WKH GHIDXOW 067 UHJLRQ
',QWHUIDFH *L LV XVLQJ DQ LQGXVWU\ VWDQGDUG WUXQNLQJ SURWRFRO
(,QWHUIDFH *L LV WKH URRW SRUW IRU 9/$1 
)2Q LQWHUIDFH *L DOO XQWDJJHG WUDIILF LV WDJJHG ZLWK 9/$1 
&RUUHFW $QVZHU
')
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW :KLFK WZR FRPPDQGV HQVXUH WKDW '6: EHFRPHV URRW EULGJH IRU 9/$1  DQG "
&KRRVH WZR
$VSDQQLQJWUHH PVWS  SULRULW\ 
%VSDQQLQJWUHH PVW  URRW SULPDU\
&VSDQQLQJWUHH PVW YODQ  SULRULW\ URRW
'VSDQQLQJWUHH PVW  SULRULW\ 
(VSDQQLQJWUHH PVW  SULRULW\ 
)VSDQQLQJWUHH PVWS YODQ  URRW SULPDU\
&RUUHFW $QVZHU
%'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
,Q D VZLWFK VWDFN ZKHUH LV WKH WKH 6'0 WHPSODWH VWRUHG"
$$OO VZLWFKHV LQ VWDFN
%0DVWHU VZLWFK
&)ODVK PHPRU\
'$QRWKHU
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
5HIHU WR H[KLELW ZKLFK WZR VWDWHPHQWV FRUUHFWO\ LQGLFDWH ZKHQ DQ 6103 WUDS LV VHW WR WKH VZLWFK" FKRRVH
WZR
$:KHQ D QHZ ZRUNVWDWLRQ FRQQHFWV WR SRUW )
%:KHQ  0$& DGGUHVV DUH LQ WKH VZLWFK
&:KHQ  SHUFHQW RI WKH $GGUHVV WDEOH FDSDFLW\ LV XVHG
':KHQ WKH VZLWFK ORVHV SRZHU DQG UHERRWV
(:KHQ WKH SKRQH SUHYLRXVO\ RQ )D LV QRZ FRQQHFW WR )D
&RUUHFW $QVZHU
&(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
%DVHG RQ WKH VKRZ VSDQQLQJWUHH YODQ  RXWSXW VKRZQ LQ WKH H[KLELW ZKLFK WZR VWDWHPHQWV DERXW WKH
673 SURFHVV IRU 9/$1  DUH WUXH" &KRRVH WZR
$%3'8V ZLOO EH VHQW RXW HYHU\ WZR VHFRQGV
%7KH WLPH VSHQW LQ WKH OLVWHQLQJ VWDWH ZLOO EH  VHFRQGV
&7KH WLPH VSHQW LQ WKH OHDUQLQJ VWDWH ZLOO EH  VHFRQGV
'7KH PD[LPXP OHQJWK RI WLPH WKDW WKH %3'8 LQIRUPDWLRQ ZLOO EH VDYHG LV  VHFRQGV
(7KLV VZLWFK LV WKH URRW EULGJH IRU 9/$1 
)%3'8V ZLOO EH VHQW RXW HYHU\  VHFRQGV
&RUUHFW $QVZHU
%)
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
)URP WKH RXWSXW \RX OHDUQ WKDW
 7KLV LV QRW WKH URRW EULGJH IRU 9/$1  LW GRHV QRW KDYH WKH OLQH ³7KLV EULGJH LV WKH URRW´ DQG WKH URRW
EULGJH LQIRUPDWLRQ LV VKRZQ ILUVW ,W KDV D $OWHUQDWLYH SRUW 
 7KH URRW EULGJH LV VHQGLQJ +HOOR HYHU\  VHFRQGV 0D[ $JH LV  VHFRQGV DQG )RUZDUG 'HOD\ LV 
VHFRQGV ZKLOH WKH ORFDO EULGJH LV VHQGLQJ +HOOR HYHU\  VHFRQGV 0D[ $JH LV  VHFRQGV DQG )RUZDUG
'HOD\ LV  VHFRQGV$ DQ ,((( EULGJH LV QRW FRQFHUQHG DERXW WKH ORFDO FRQILJXUDWLRQ RI WKH WLPHUV YDOXH
7KH ,((( EULGJH FRQVLGHUV WKH YDOXH RI WKH WLPHUV LQ WKH %3'8 WKDW WKH EULGJH UHFHLYHV (IIHFWLYHO\ RQO\ D
WLPHU WKDW LV FRQILJXUHG RQ WKH URRW EULGJH RI WKH 673 LV LPSRUWDQW ,Q WKLV FDVH WKH ORFDO VZLWFK ZLOO LPSRUW
673 WLPHUV IURP WKH URRW EULGJH ! 7KH OLVWHQLQJ VWDWH RU OHDUQLQJ VWDWH ZLOO EH  VHFRQGV ZKLFK HTXDOV WR
)RUZDUG 'HOD\ $OVR %3'8V ZLOO EH VHQW RXW HYHU\  VHFRQGV +HOOR SDFNHWV 
48(67,21 
48(67,21 12 
:KLFK WKUHH VWDWHPHQWV DUH FRUUHFW ZLWK UHJDUG WR WKH ,((( 4 VWDQGDUG" &KRRVH WKUHH
$7KH ,((( 4 IUDPH IRUPDW DGGV D  E\WH ILHOG WR D (WKHUQHW IUDPH
%7KH SDFNHW LV HQFDSVXODWHG ZLWK D  E\WH KHDGHU DQG D  E\WH )&6
&7KH SURWRFRO XVHV SRLQWWRPXOWLSRLQW FRQQHFWLYLW\
'7KH SURWRFRO XVHV SRLQWWRSRLQW FRQQHFWLYLW\
(
7KH ,((( 4 IUDPH XVHV PXOWLFDVW GHVWLQDWLRQ RI [F
)
7KH ,((( 4 IUDPH UHWDLQV WKH RULJLQDO 0$& GHVWLQDWLRQ DGGUHVV
&RUUHFW $QVZHU
$')
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH ,((( 4 SURWRFRO FDQ DOVR FDUU\ 9/$1 DVVRFLDWLRQV RYHU WUXQN OLQNV +RZHYHU WKLV IUDPH
LGHQWLILFDWLRQ PHWKRG LV VWDQGDUGL]HG DOORZLQJ 9/$1 WUXQNV WR H[LVW DQG RSHUDWH EHWZHHQ HTXLSPHQW IURP
PXOWLSOH YHQGRUV
,Q SDUWLFXODU WKH ,((( 4 VWDQGDUG GHILQHV DQ DUFKLWHFWXUH IRU 9/$1 XVH VHUYLFHV SURYLGHG ZLWK
9/$1V DQG SURWRFROV DQG DOJRULWKPV XVHG WR SURYLGH 9/$1 VHUYLFHV /LNH &LVFR ,6/ ,((( 4 FDQ EH
XVHG IRU 9/$1 LGHQWLILFDWLRQ ZLWK (WKHUQHW WUXQNV ,QVWHDG RI HQFDSVXODWLQJ HDFK IUDPH ZLWK D 9/$1 ,'
KHDGHU DQG WUDLOHU 4 HPEHGV LWV WDJJLQJ LQIRUPDWLRQ ZLWKLQ WKH /D\HU  IUDPH 7KLV PHWKRG LV UHIHUUHG
WR DV VLQJOHWDJJLQJ RU LQWHUQDO WDJJLQJ 4 DOVR LQWURGXFHV WKH FRQFHSW RI D QDWLYH 9/$1 RQ D WUXQN
)UDPHV EHORQJLQJ WR WKLV 9/$1 DUH QRW HQFDSVXODWHG ZLWK DQ\ WDJJLQJ LQIRUPDWLRQ ,Q WKH HYHQW WKDW DQ HQG
VWDWLRQ LV FRQQHFWHG WR DQ 4 WUXQN OLQN WKH HQG VWDWLRQ FDQ UHFHLYH DQG XQGHUVWDQG RQO\ WKH QDWLYH
9/$1 IUDPHV 7KLV SURYLGHV D VLPSOH ZD\ WR RIIHU IXOO WUXQN HQFDSVXODWLRQ WR WKH GHYLFHV WKDW FDQ
XQGHUVWDQG LW ZKLOH JLYLQJ QRUPDO DFFHVV VWDWLRQV VRPH LQKHUHQW FRQQHFWLYLW\ RYHU WKH WUXQN
48(67,21 
48(67,21 12 
:KLFK RI WKH IROORZLQJ +653 URXWHU VWDWHV GRHV DQ DFWLYH URXWHU HQWHU ZKHQ LW LV SUHHPSWHG E\ D KLJKHU
SULRULW\ URXWHU" 6HOHFW WKH EHVW DQVZHU
$DFWLYH
%VSHDN
&OHDUQ
'OLVWHQ
(LQLW
)VWDQGE\
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
:KDW LV WKH GHIDXOW SRUW VHFXULW\ YLRODWLRQ PRGH"
$(UURUGLVDEOH
%3URWHFW
&5HVWULFW
'6KXWGRZQ
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH VKXWGRZQ YLRODWLRQ PRGH SXWV WKH LQWHUIDFH LQWR DQ HUURUGLVDEOHG VWDWH LPPHGLDWHO\ 7KH HQWLUH SRUW LV
VKXW GRZQ $OVR LQ WKLV PRGH WKH V\VWHP JHQHUDWHV D ORJ PHVVDJH VHQGV DQ 6103 WUDS DQG LQFUHPHQWV
WKH YLRODWLRQ FRXQWHU 7R PDNH WKH LQWHUIDFH XVDEOH \RX PXVW XVH D PDQXDO LQWHUYHQWLRQ RU WKH HUURU
GLVDEOHG UHFRYHU\ 6KXWGRZQ LV WKH GHIDXOW YLRODWLRQ PRGH
·
SURWHFW
²7KH 3)& GURSV SDFNHWV ZLWK XQNQRZQ VRXUFH DGGUHVVHV XQWLO \RX UHPRYH D VXIILFLHQW QXPEHU
RI VHFXUH 0$& DGGUHVVHV WR GURS EHORZ WKH PD[LPXP YDOXH
·
UHVWULFW
²7KH 3)& GURSV SDFNHWV ZLWK XQNQRZQ VRXUFH DGGUHVVHV XQWLO \RX UHPRYH D VXIILFLHQW QXPEHU
RI VHFXUH 0$& DGGUHVVHV WR GURS EHORZ WKH PD[LPXP YDOXH DQG FDXVHV WKH VHFXULW\ YLRODWLRQ FRXQWHU WR
LQFUHPHQW
·
VKXWGRZQ
²3XWV WKH LQWHUIDFH LQWR WKH HUURUGLVDEOHG VWDWH LPPHGLDWHO\ DQG VHQGV DQ 6103 WUDS
QRWLILFDWLRQ
48(67,21 
48(67,21 12 
ZKDW LV WKH FRPPDQG IRU FRQILJXULQJ URRW JXDUG"
$ FRQILJ VSDQQLQJWUHH JXDUG URRW
% FRQILJLI VSDQQLQJWUHH JXDUG URRW
& FRQILJLI VSDQQLQJWUHH URRW JXDUG
' FRQILJLI VSDQQLQJ WUHH JXDUG URRW
( FRQILJ VSDQQLQJWUHH URRW JXDUG
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
&LVFR ,26 6RIWZDUH &RQILJXUDWLRQ IRU &DWDO\VW  DQG &DWDO\VW 
2Q WKH &DWDO\VW  RU &DWDO\VW  VZLWFKHV WKDW UXQ &LVFR ,26 V\VWHP VRIWZDUH LVVXH WKLV
VHW RI FRPPDQGV LQ RUGHU WR FRQILJXUH 673 URRW JXDUG
&DW,26 FRQILJXUH WHUPLQDO
(QWHU FRQILJXUDWLRQ FRPPDQGV RQH SHU OLQH (QG ZLWK &17/=
&DW,26 FRQILJ  LQWHUIDFH IDVWHWKHUQHW 
&DW,26 FRQILJLI  VSDQQLQJWUHH JXDUG URRW
KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVODQVZLWFKLQJVSDQQLQJWUHHSURWRFROKWPO
48(67,21 
48(67,21 12 
$ QHWZRUN HQJLQHHU ZDQW WR XVH 8'/' ZKDW KH QHHG WR FRQVLGHU"
$XGOG LV D QRQSURSULHW\
%XGOG LV ZRUNLQJ ZLWK QRQ FLVFR GHYLFHV
&XGOG LV OD\HU 
'XGOG FDQ DJJUHVVLYHO\ GLVDEOHG WKH SRUW DIWHU HLJKW IDLOHG UHWULHV
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
8'/' LV D /D\HU  / SURWRFRO WKDW ZRUNV ZLWK WKH /D\HU  / PHFKDQLVPV WR GHWHUPLQH WKH SK\VLFDO
VWDWXV RI D OLQN
48(67,21 
48(67,21 12 
:KDW FRQGLWLRQ PXVW PDWFK GXULQJ (WKHUFKDQQHO FRQILJXUDWLRQ"
$6SDQQLQJ WUHH SRUW SULRULW\
%,QWHUIDFH 'HVFULSWLRQ
&6SDQQLQJ WUHH FRVW
'7UXQN PRGH
(7UXQN DOORZ YODQ
&RUUHFW $QVZHU
'(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
:KDW LV WKH HIIHFW RI FRQILJXULQJ WKH IROORZLQJ FRPPDQG RQ D VZLWFK"
6ZLWFK FRQILJ  VSDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW
$,I %3'8V DUH UHFHLYHG E\ D SRUW FRQILJXUHG IRU 3RUW)DVW WKHQ 3RUW)DVW LV GLVDEOHG DQG WKH %3'8V DUH
SURFHVVHG QRUPDOO\
%,I %3'8V DUH UHFHLYHG E\ D SRUW FRQILJXUHG IRU 3RUW)DVW WKH\ DUH LJQRUHG DQG QRQH DUH VHQW
&,I %3'8V DUH UHFHLYHG E\ D SRUW FRQILJXUHG IRU 3RUW)DVW WKH SRUW WUDQVLWLRQV WR WKH IRUZDUGLQJ VWDWH
'7KH FRPPDQG HQDEOHV %3'8 ILOWHULQJ RQ DOO SRUWV UHJDUGOHVV RI ZKHWKHU WKH\ DUH FRQILJXUHG IRU %3'8
ILOWHULQJ DW WKH LQWHUIDFH OHYHO
&RUUHFW $QVZHU
$
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
2UGLQDULO\ 673 RSHUDWHV RQ DOO VZLWFK SRUWV LQ DQ HIIRUW WR HOLPLQDWH EULGJLQJ ORRSV EHIRUH WKH\ FDQIRUP
%3'8V DUH VHQW RQ DOO VZLWFK SRUWV²HYHQ SRUWV ZKHUH 3RUW)DVW KDV EHHQ HQDEOHG %3'8V DOVR FDQ EH
UHFHLYHG DQG SURFHVVHG LI DQ\ DUH VHQW E\ QHLJKERULQJ VZLWFKHV VZLWFK WR SUHYHQW ORRSV +RZHYHU LQ VSHFLDO FDVHV ZKHQ \RX QHHG WR SUHYHQW %3'8V IURP EHLQJ VHQW RU
SURFHVVHG RQ RQH RU PRUH VZLWFK SRUWV \RX FDQ XVH %3'8 ILOWHULQJ WR HIIHFWLYHO\ GLVDEOH 673 RQ WKRVH
SRUWV %\ GHIDXOW %3'8 ILOWHULQJ LV GLVDEOHG RQ DOO VZLWFK SRUWV GHIDXOW DIIHFWLQJ DOO VZLWFK SRUWV ZLWK
WKH IROORZLQJ JOREDO FRQILJXUDWLRQ FRPPDQG
6ZLWFK FRQILJ  VSDQQLQJWUHH SRUWIDVW ESGXILOWHU GHIDXOW
$OO SRUWV WKDW KDYH 3RUW)DVW HQDEOHG DOVR KDYH %3'8 ILOWHULQJ DXWRPDWLFDOO\ HQDEOHG GLVDEOH %3'8 ILOWHULQJ RQ VSHFLILF VZLWFK SRUWV E\ XVLQJ WKH IROORZLQJ LQWHUIDFH
FRQILJXUDWLRQ FRPPDQG
6ZLWFK FRQILJLI  VSDQQLQJWUHH ESGXILOWHU ^HQDEOH _ GLVDEOH`
%H FDUHIXO ZKHQ HQDEOLQJ %3'8 ILOWHULQJ )XQFWLRQDOLW\ LV GLIIHUHQW ZKHQ HQDEOLQJ RQ D SHUSRUW EDVLV RU
JOREDOO\ :KHQ HQDEOHG JOREDOO\ %3'8 ILOWHULQJ LV DSSOLHG RQO\ RQ SRUWV WKDW DUH LQ DQ RSHUDWLRQDO 3RUW)DVW
VWDWH 3RUWV VWLOO VHQG D IHZ %3'8V DW OLQNXS EHIRUH WKH\ HIIHFWLYHO\ ILOWHU RXWERXQG %3'8V ,I D %3'8 LV
UHFHLYHG RQ DQ HGJH SRUW LW LPPHGLDWHO\ ORVHV LWV RSHUDWLRQDO 3RUW)DVW VWDWXV DQG %3'8 ILOWHULQJ LV GLVDEOHG
5HIHUHQFH
KWWSZZZFLVFRFRPHQ86GRFVVZLWFKHVODQFDWDO\VWLRV(QDWLYHFRPPDQGUHIHUHQFH
6KWPOZS
48(67,21 
48(67,21 12 
:KDW KDSSHQV LI DQ LQWHUIDFH ZLWKLQ FKDQQHO JURXS LV FRQILJXUHG DV 63$1 GHVWLQDWLRQ"
$SRUWFKDQQHO ZLOO IRUZDUG WUDIILF WR VRXUFH VSDQ
%
ZLOO QRW EH RSHUDWLRQDO
&WKH OLQN ZLOO EH LQ HUURUGLVDEOH
'
ZLOO RSHUDWLRQDO QRUPDO
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
7KH 63$1 GHVWLQDWLRQ SRUW FDQ RQO\ EH D SK\VLFDO SRUW RQ WKH VZLWFK
5HIHUHQFH
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVGDWDFHQWHUQH[XVVZV\VWHPBPDQDJHPHQW[
EBB6\VWHPB0JPWB&RQILJB[
EBB6\VWHPB0JPWB&RQILJB1BFKDSWHUBKWPOFRQFHSWB$$''(&
&&
48(67,21 
48(67,21 12 
ZKDW LV FLVFR UHFRPPHQGDWLRQ IRU 563$1 EHVW SUDFWLFH"
$%8VH GLIIHUHQW YODQ IRU PXOWLSOHGLIIHUHQW VZLWFKHV
&8VH GLIIHUHQW SRUWFKDQQHO
'8VH UDQJH YODQ H[WHQGHG 
&RUUHFW $QVZHU
$
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
563$1 &RQILJXUDWLRQ *XLGHOLQHV
)ROORZ WKHVH JXLGHOLQHV ZKHQ FRQILJXULQJ 563$1
‡ $OO WKH LWHPV LQ WKH ³63$1 &RQILJXUDWLRQ *XLGHOLQHV´ VHFWLRQ RQ SDJH  DSSO\ WR 563$1
‡ $V 563$1 9/$1V KDYH VSHFLDO SURSHUWLHV \RX VKRXOG UHVHUYH D IHZ 9/$1V DFURVV \RXU QHWZRUN IRU XVH
DV 563$1 9/$1V GR QRW DVVLJQ DFFHVV SRUWV WR WKHVH 9/$1V
WKHVH $&/V RQ WKH 563$1 9/$1 LQ WKH 563$1 VRXUFH VZLWFKHV
‡ )RU 563$1 FRQILJXUDWLRQ \RX FDQ GLVWULEXWH WKH VRXUFH SRUWV DQG WKH GHVWLQDWLRQ SRUWV DFURVV PXOWLSOH
VZLWFKHV LQ \RXU QHWZRUN
‡ 563$1 GRHV QRW VXSSRUW %3'8 SDFNHW PRQLWRULQJ RU RWKHU /D\HU  VZLWFK SURWRFROV
‡ 7KH 563$1 9/$1 LV FRQILJXUHG RQO\ RQ WUXQN SRUWV DQG QRW RQ DFFHVV SRUWV 7R DYRLG XQZDQWHG WUDIILF LQ
563$1 9/$1V PDNH VXUH WKDW WKH 9/$1 UHPRWHVSDQ IHDWXUH LV VXSSRUWHG LQ DOO WKH SDUWLFLSDWLQJ VZLWFKHV
‡ $FFHVV SRUWV LQFOXGLQJ YRLFH 9/$1 SRUWV RQ WKH 563$1 9/$1 DUH SXW LQ WKH LQDFWLYH VWDWH
‡ 563$1 9/$1V DUH LQFOXGHG DV VRXUFHV IRU SRUWEDVHG 563$1 VHVVLRQV ZKHQ VRXUFH WUXQN SRUWV KDYH
DFWLYH 563$1 9/$1V 563$1 9/$1V FDQ DOVR EH VRXUFHV LQ 63$1 VHVVLRQV +RZHYHU VLQFH WKH VZLWFK
GRHV QRW PRQLWRU VSDQQHG WUDIILF LW GRHV QRW VXSSRUW HJUHVV VSDQQLQJ RI SDFNHWV RQ DQ\ 563$1 9/$1
LGHQWLILHG DV WKH GHVWLQDWLRQ RI DQ 563$1 VRXUFH VHVVLRQ RQ WKH VZLWFK
± 7KH VDPH 563$1 9/$1 LV XVHG IRU DQ 563$1 VHVVLRQ LQ DOO WKH VZLWFKHV
± $OO SDUWLFLSDWLQJ VZLWFKHV VXSSRUW 563$1
‡ :H UHFRPPHQG WKDW \RX FRQILJXUH DQ 563$1 9/$1 EHIRUH \RX FRQILJXUH DQ 563$1 VRXUFH RU D
GHVWLQDWLRQ VHVVLRQ
‡ ,I \RX HQDEOH 973 DQG 973 SUXQLQJ 563$1 WUDIILF LV SUXQHG LQ WKH WUXQNV WR SUHYHQW WKH XQZDQWHG
IORRGLQJ RI 563$1 WUDIILF DFURVV WKH QHWZRUN IRU 9/$1 ,'V WKDW DUH ORZHU WKDQ 
&RQILJXULQJ D 9/$1 DV DQ 563$1 9/$1
)LUVW FUHDWH D QHZ 9/$1 WR EH WKH 563$1 9/$1 IRU WKH 563$1 VHVVLRQ
9/$1 LQ DOO VZLWFKHV WKDW ZLOO SDUWLFLSDWH LQ 563$1 ,I WKH 563$1 9/$1,' LV LQ WKH QRUPDO UDQJH ORZHU
WKDQ  DQG 973 LV HQDEOHG LQ WKH QHWZRUN \RX FDQ FUHDWH WKH 563$1 9/$1 LQ RQH VZLWFK DQG 973
SURSDJDWHV LW WR WKH RWKHU VZLWFKHV LQ WKH 973 GRPDLQ )RU H[WHQGHGUDQJH 9/$1V JUHDWHU WKDQ   \RX
PXVW FRQILJXUH 563$1 9/$1 RQ ERWK VRXUFH DQG GHVWLQDWLRQ VZLWFKHV DQG DQ\ LQWHUPHGLDWH VZLWFKHV 8VH
973 SUXQLQJ WR JHW DQ HIILFLHQW IORZ RI 563$1 WUDIILF RU PDQXDOO\ GHOHWH WKH 563$1 9/$1 IURP
DOO WUXQNV WKDW GR QRW QHHG WR FDUU\ WKH 563$1 WUDIILF
KWWSZZZFLVFRFRPFHQXVWGGRFVVZLWFKHVODQFDWDO\VWVRIWZDUHUHOHDVHBBVHFRQILJXUDWLRQ
JXLGHVFJVZVSDQSGI
48(67,21 
48(67,21 12 
ZKDW LV QHHGHG IRU 9LUWXDO 6ZLWFKLQJ 6\VWHP ³966´"
$SRUWFKDQQHO
%WUXQN
&YLUWXDO 6ZLWFKLQJ /LQN ³RU 96/´
'YLUWXDO WUXQN
&RUUHFW $QVZHU
&
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$UFKLWHFWXUH
$W WKH KHDUW RI WKH 9LUWXDO 6ZLWFKLQJ 6\VWHP WKHUH LV WKH 9LUWXDO 6ZLWFK /LQN RU 96/ 7KH 96/ LV D GHGLFDWHG
*( OLQN RU EXQGOH RI OLQNV WKDW DUH XVHG WR FDUU\ FRQWURO SODQH WUDIILF EHWZHHQ 966 PHPEHUV
7KH 96/ HVVHQWLDOO\ DFWV DV DQ H[WHQVLRQ WR WKH EDFNSODQH DOORZLQJ FRQWURO WUDIILF WR WUDYHO EHWZHHQ
FKDVVLV $V LW XVHV H[LVWLQJ ; RSWLFV WKH GLVWDQFH OLPLWDWLRQV RI WKH 966 LV OLPLWHG RQO\ E\ VXSSRUWHG *(
HWKHUQHW VWDQGDUGV
:KHQ D 966 V\VWHP LV FRQILJXUHG WKH WZR FKDVVLV VKDUH D FRPPRQ FRQILJXUDWLRQ VHH EHORZ IRU KRZ WKLV
ZRUNV  7KH GHYLFHV DOVR VKDUH D FRPPRQ 0$& DGGUHVV DQG FDQ WUXO\ ORDG EDODQFH ,Q PDQ\ ZD\V LW LV
VLPLODU WR KRZ D &DWDO\VW  RSHUDWHV
$ FRPPRQ DSSOLFDWLRQ LV GDWDFHQWUH RU KLJKHQG GLVWULEXWLRQ ZKHUH OD\HU OLQNV FDQ HWKHUFKDQQHO LQ WR WZR
FKDVVLV IRU KLJK DYDLODELOLW\
48(67,21 
48(67,21 12 
:KLFK ZLOO LGHQWLI\ WKH PDVWHU VZLWFK LQ VWDFNZLVH"
$ORZHU SULRULW\
%KLJKHU SULRULW\
&ORZHU LG
'KLJKHU LG
(KLJWHU PDF
&RUUHFW $QVZHU
%
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
$ KLJKHU SULRULW\ YDOXH IRU D VWDFN PHPEHU LQFUHDVHV LWV OLNHOLKRRG WR EH HOHFWHG VWDFN PDVWHU DQG WR UHWDLQ
LWV VWDFN PHPEHU QXPEHU 7KH SULRULW\ YDOXH FDQ EH  WR  7KH GHIDXOW SULRULW\ YDOXH LV  7KHVH UXOHV KDYH
EHHQ GHILQHG WR GHWHUPLQH ZKLFK XQLW ZLWKLQ D VWDFN LV FKRVHQ DV WKH PDVWHU :KHQ VZLWFKHV DUH DGGHG RU
VWDFNV DUH PHUJHG WKH PDVWHU ZLOO EH FKRVHQ EDVHG RQ WKHVH UXOHV LQ WKH RUGHU VSHFLILHG
 7KH VZLWFK WKDW LV FXUUHQWO\ WKH VWDFN PDVWHU
1RWH :KHQ VWDFNV PHUJH WKH HOHFWHG VWDFN PDVWHU ZRXOG KDYH EHHQ WKH PDVWHU RI RQH RI WKH PHUJHG
VWDFNV
1RWH :KHQ VWDFNV SDUWLWLRQ WKH VWDFN PDVWHU RI WKH RULJLQDO VWDFN ZLOO EH WKH PDVWHU RI LWV SDUWLWLRQ
 7KH VZLWFK ZLWK WKH KLJKHVW VWDFN PHPEHU SULRULW\ YDOXH
1RWH &LVFR UHFRPPHQGV WKDW \RX DVVLJQ WKH KLJKHVW SULRULW\ YDOXH WR WKH VZLWFK WKDW \RX SUHIHU WR EH WKH
VWDFN PDVWHU 7KLV HQVXUHV WKDW WKH VZLWFK LV UHHOHFWHG DV VWDFN PDVWHU LI D UHHOHFWLRQ RFFXUV
 7KH VZLWFK WKDW XVHV WKH QRQGHIDXOW LQWHUIDFHOHYHO FRQILJXUDWLRQ
KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVVZLWFKHVFDWDO\VWVHULHVVZLWFKHVFDWFUHDWH
VZLWFKVWNVKWPODQF
48(67,21 
48(67,21 12 
$Q HQJLQHHU LV FRQILJXULQJ DQ (WKHU&KDQQHO EHWZHHQ WZR VZLWFKHV XVLQJ 3$J3 ,I WKH (WKHU&KDQQHO PRGH
RQ VZLWFK  LV FRQILJXUHG WR DXWR ZKLFK PRGHV RQ VZLWFK  HVWDEOLVK DQ RSHUDWLRQDO (WKHU&KDQQHO"
$DFWLYH
%DXWR
&GHVLUDEOH
'RQ
(SDVVLYH
&RUUHFW $QVZHU
&
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
([SODQDWLRQ
7R IRUP DQ (WKHUFKDQQHO ERWK VLGHV PXVW XVH WKH VDPH (WKHUFKDQQHO SURWRFRO /$&3 RU 3$J3 
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU 3$J3
7KH WDEOH EHORZ OLVWV LI DQ (WKHU&KDQQHO ZLOO EH IRUPHG RU QRW IRU /$&3
48(67,21 
48(67,21 12  '5$* '523
'UDJ DQG GURS WKH FKDUDFWHULVWLF IURP WKH OHIW WR WKH PDWFKLQJ 673 SURWRFRO RQ WKH ULJKW
6HOHFW DQG 3ODFH
&RUUHFW $QVZHU
6HFWLRQ 'UDJ DQG 'URS 1HZ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
48(67,21 
48(67,21 12  '5$* '523
'UDJ DQG GURS WKH FKDUDFWHULVWLF IURP WKH OHIW WR WKH PDWFKLQJ 3967 53967 DQG 067 SURWRFRO RQ WKH ULJKW
6HOHFW DQG 3ODFH
&RUUHFW $QVZHU
6HFWLRQ 'UDJ DQG 'URS 1HZ
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
48(67,21 
48(67,21 12 
:KDW KDSSHQV VSRRIHG SDFNHW RU VRPHWKLQJ OLNH XQWUXVWHG SDFNHW LV GHWHFWHG" FKRRVH WKUHH
$ORJV
%GHOHWHV
&LQWHUFHSWV
'DFFHSWV
(GLVFDUGV
&RUUHFW $QVZHU
$&(
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
'\QDPLF $53 LQVSHFWLRQ LV D VHFXULW\ IHDWXUH WKDW YDOLGDWHV $53 SDFNHWV LQ D QHWZRUN ,W
LQWHUFHSWV

ORJV

DQG
GLVFDUGV
$53 SDFNHWV ZLWK LQYDOLG ,3WR0$& DGGUHVV ELQGLQJV 7KLV FDSDELOLW\ SURWHFWV WKH QHWZRUN
IURP FHUWDLQ PDQLQWKHPLGGOH DWWDFNV
KWWSZZZFLVFRFRPFHQXVVXSSRUWGRFVVZLWFKHVFDWDO\VWVHULHVVZLWFKHVOD\HUVHFIWUV
FDWOIL[HGKWPO
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KLELW

:KLFK LQIRUPDWLRQ LV WUXH DERXW WKH RXWSXW"
$7KH OLQN ZLOO WDNH RYHU ZKHQ
% LV DFWLYH EHFDXVH LW KDV KLJKHU ,3 DGGUHVV
&
ZKHQ ID LV GRZQ SULRULW\ ZLOO EH 
'
LW LV XVLQJ GHIDXOW KHOOR DQG KROG YDOXHV
&RUUHFW $QVZHU
&'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
, FUHDWHG WKLV TXHVWLRQ ZLWK VDPH LQIRUPDWLRQ LQ FHUWSUHSDUH
48(67,21 
48(67,21 12 
5HIHU WR WKH H[KELW ZKLFK LQIRUPDWLRQ LV WUXH DERXW WKH RXWSXW"
LQW H[KLELW 
YODQ H[KLELW 
LQW WUXQN H[KLELW 
$OLQN LV VKXWGRZQ
%LQWHUIDFH QHHGV QR VKXWGRZQ
&RWKHU VLGH LV FRQILJXUHG DV DFFHVV SRUW
'PLVVLQJ VZLWFKSRUW FRPPDQG
&RUUHFW $QVZHU
$
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
48(67,21 
48(67,21 12 
(WKHU&KDQQHO JXDUG PLVFRQILJ LV FRQILJXUHG RQ D VZLWFK ZKLFK WHFKQRORJ\ VXSSRUWV WKDW"
$/$&3
%3DJ3
&673
'3RUW 6HFXULW\
&RUUHFW $QVZHU
&
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
6ZLWFKVKRZ VSDQQLQJWUHH VXPPDU\
6ZLWFK LV LQ SYVW PRGH
5RRW EULGJH IRU 9/$1 9/$1 9/$1 9/$1 9/$1 9/$1
9/$1 9/$1 9/$1 9/$1 9/$19/$1
(WKHU&KDQQHO PLVFRQILJ JXDUG LV GLVDEOHG
([WHQGHG V\VWHP ,' LV HQDEOHG
3RUWIDVW 'HIDXOW LV GLVDEOHG
3RUW)DVW %3'8 *XDUG 'HIDXOW LV GLVDEOHG
3RUWIDVW %3'8 )LOWHU 'HIDXOW LV GLVDEOHG
/RRSJXDUG 'HIDXOW LV GLVDEOHG
8SOLQN)DVW LV GLVDEOHG
%DFNERQH)DVW LV GLVDEOHG
3DWKFRVW PHWKRG XVHG LV VKRUW
KWWSVVXSSRUWIRUXPVFLVFRFRPGLVFXVVLRQTXHVWLRQUHODWHGVSDQQLQJWUHHHWKHUFKDQQHOJXDUG
PLVFRQILJ
48(67,21 
48(67,21 12 
2Q '6: ZKDW ZLOO EH SULRULW\ RI +653 JURXS 9ODQ LI OLQN *L JRHV GRZQ"
([KLELW
$
%
&
'
&RUUHFW $QVZHU
'
6HFWLRQ 1HZ 4XHVWLRQV
([SODQDWLRQ
([SODQDWLRQ5HIHUHQFH
([SODQDWLRQ
'HIDXOW SULRULW\  ± GHIDXOW WUDFN LQW GHFUHPHQW  

Приложенные файлы

  • pdf 11463067
    Размер файла: 4 MB Загрузок: 0

Добавить комментарий