1. Home
  2. Hitachi
  3. Hitachi 42PD8900TA User Manual

Hitachi 42PD8900TA 42" Plasma Television

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Other Documents
Main documentSpecificationQuestions and answersRelateds Products
42PD8900TA photo

User Manual

This is the main product document for model 42PD8900TA.

The file format is pdf, 62 pages, you can download this manual here .

background
&RORU3ODVPD'LVSOD\
0RGHO1DPH
3'7$
86(50$18$/
ɊɍɄɈȼɈȾɋɌȼɈɉɈɅɖɁɈȼȺɌȿɅə
7KLVLVWKHLPDJHRIWKHPRGHO3'7$
'HVNWRSVWDQGVKRZQDERYHLVRSWLRQDO
5($'7+(,16758&7,216,16,'(&$5()8//<
.((37+,686(50$18$/)25)8785(5()(5(1&(
)RUIXWXUHUHIHUHQFHUHFRUGWKHVHULDOQXPEHURI\RXUPRQLWRU
6(5,$/12
7KLVVHULDOQXPEHULVORFDWHGRQWKHUHDURIWKHPRQLWRU
34AAEQXAKPFF 
background
(1*/,6+
86(50$18$/
7KDQN\RXIRUSXUFKDVLQJWKH+,7$&+,3ODVPD'LVSOD\
3OHDVHUHDGWKLVXVHUPDQXDOFDUHIXOO\EHIRUHRSHUDWLQJ
WKLVSURGXFW
7RHQVXUHSURSHURSHUDWLRQSOHDVHUHDGDQGIROORZ$//
WKHLQVWUXFWLRQVHVSHFLDOO\WKH,03257$176$)(7<
,16758&7,216DQG6$)(7<35(&$87,216
3OHDVHNHHSWKLVXVHUPDQXDOIRUIXWXUHUHIHUHQFH
29VJ22KPFF 
background
,03257$176$)(7<,16758&7,216
,1752'8&7,21
$ERXW7KLV0DQXDO
7UDGHPDUN&UHGLWV
$ERXW6RIWZDUH
6$)(7<35(&$87,216
$ERXWWKH6\PEROV
&OHDQLQJDQG0DLQWHQDQFH
$%2873/$60$',63/$<
,PDJH5HWHQWLRQRI3ODVPD'LVSOD\
&RPPRQSKHQRPHQDRI
3ODVPD'LVSOD\3DQHO
)($785(6
6833/,('$&&(6625,(6
237,21
&20321(171$0(6
0DLQ8QLW
5HPRWH&RQWURO 
35(3$5$7,21 
5HPRWH&RQWURO%DWWHULHV,QVWDOODWLRQ
&DXWLRQ:KHQ0RYLQJWKH0DLQ8QLW
6DIHW\3UHFDXWLRQRQ0DLQ8QLW,QVWDOODWLRQ 
$QWL7XPEOH0HDVXUHV 
&211(&7,21 
7HUPLQDO3RVLWLRQV 
&RQQHFWLQJ3URFHGXUH 
%$6,&23(5$7,21 
3RZHU2Q2II 
)LUVW7LPH6HWXS 
9ROXPH83'2:1 
0XWH 
,QSXW6ZLWFKLQJWR79$9a
+'0,DQG5*%
,QSXW6LJQDO6FUHHQ'LVSOD\ 
&217(176
0(1823(5$7,21 
+RZWRXVHWKH2Q6FUHHQ'LVSOD\
26'V\VWHP 
/DQJXDJH0HQX
6HWXS0HQX79PRGH 
6HWXS0HQX$9PRGH 
6HWXS0HQX5*%PRGH 
)XQFWLRQ0HQX 
3LFWXUH0HQX79$9PRGH 
3LFWXUH0HQX5*%PRGH 
$XGLR0HQX 
7LPHU0HQX 
)81&7,21 
3RZHU6ZLYHO 
$ERXW7HOHWH[W 
6L]H6ZLWFKLQJ 
0XOWL3LFWXUH0RGH 
3LFWXUH)UHH]LQJ 
3KRWR,QSXW)XQFWLRQ
$XGLR6ZLWFKLQJ 
3RZHU6DYH0RGH 
'9'3OD\HU67%6HOHFWLRQ 
7528%/(6+227,1* 
:KHQ)ROORZLQJ0HVVDJHV$SSHDU
RQWKH6FUHHQ 
6\PSWRPDQG&KHFN/LVW 
352'8&763(&,),&$7,216 
6LJQDO,QSXW 
5HFRPPHQGHG6LJQDO/LVW 
,03257$176$)(7<,16758&7,216
5HDGWKLVLQVWUXFWLRQWKRURXJKO\
5HWDLQWKLVLQVWUXFWLRQIRUIXWXUHUHIHUHQFH
+HHGDOOZDUQLQJVDQGFDXWLRQVWRSUHYHQWSRVVLEOHGDQJHU
)ROORZDOOLQVWUXFWLRQV,PSURSHUKDQGOLQJFRXOGFDXVHSHUVRQDOLQMXU\DQGRUVHULRXVGDPDJHWRWKHXQLWWKDWPD\
VKRUWHQLWVVHUYLFHWLPH
'RQRWEORFNDQ\YHQWLODWLRQRSHQLQJV
,QVWDOOWKHSURGXFWLQDFFRUGDQFHZLWKWKHPDQXIDFWXUH¶VLQVWUXFWLRQV
%HIRUHFDOOLQJIRUWKHWHFKQLFDOVXSSRUWRUVHUYLFHWHFKQLFLDQUHDG³7528%/(6+227,1*´

a

WRGHWHUPLQH
WKHV\PSWRPVZKHQSUREOHPVRFFXUGXULQJLQVWDOODWLRQRURSHUDWLRQRIWKHSURGXFW
,IVHULRXVSUREOHPVKDSSHQVXFKDVVPRNHRUDQDEQRUPDORGRUIURPWKHXQLWWXUQRIIWKH0DLQ3RZHUXQSOXJWKH
3RZHU&RUGDQGWKHQFRQWDFW\RXUORFDOGHDOHULPPHGLDWHO\
29VJ22KPFF 
background
(1*/,6+
,1752'8&7,21
7KDQN\RXIRUSXUFKDVLQJWKH+,7$&+,3ODVPD'LVSOD\:HKRSHWKDW\RXZLOOHQMR\WKHJUHDWSHUIRUPDQFHZLWKWKLV
SURGXFW
7KLV3ODVPDPRQLWRUKDVEHHQGHVLJQHGWRPHHWWKH,QWHUQDWLRQDOVWDQGDUGV+RZHYHULWFRXOGFDXVHSHUVRQDO
LQMXULHVDQGSURSHUW\GDPDJHLILPSURSHUO\KDQGOHG,QRUGHUWRSUHYHQWSRWHQWLDOGDQJHUDQGREWDLQPD[LPXPEHQH¿W
IURP\RXUVHWSOHDVHREVHUYHWKHIROORZLQJLQVWUXFWLRQVZKHQLQVWDOOLQJRSHUDWLQJDQGFOHDQLQJWKHSURGXFW
.HHSWKLVPDQXDOIRUIXWXUHUHIHUHQFHDQGUHFRUGWKHVHULDOQXPEHURI\RXUVHWLQWKHVSDFHSURYLGHGRQWKHIURQW
FRYHUSDJHRIWKLVPDQXDO
$ERXW7KLV0DQXDO
7KHLQIRUPDWLRQLQWKLVPDQXDOLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH
7KLVPDQXDOKDVEHHQFUHDWHGZLWKH[WUDFDUH,QFDVHWKDW\RXKDYHDQ\FRPPHQWVRUTXHVWLRQVUHJDUGLQJWKLV
PDQXDOSOHDVHFRQWDFW\RXUORFDOGHDOHURURXU&XVWRPHU6HUYLFH&HQWHU
%HIRUHRSHUDWLQJWKLVVHWSOHDVHIXOO\XQGHUVWDQGWKHSUHUHTXLVLWHVXFKDVVSHFL¿FDWLRQVRUFRQVWUDLQWVRIWKH
KDUGZDUHDQGVRIWZDUH:HDUHQRWUHVSRQVLEOHDQGKDYHQROLDELOLW\IRUDQ\ORVVGDPDJHRULQMXU\DVDUHVXOWRI
PLVXVH
5HSURGXFWLRQFRS\LQJXVHPRGL¿FDWLRQDQGRUWUDQVPLVVLRQLQZKROHRULQSDUWRIWKLVPDQXDODUHSURKLELWHG
ZLWKRXWDQ\SULRUZULWWHQSHUPLVVLRQ
$OORWKHUSURGXFWVDQGFRPSDQ\QDPHVXVHGLQWKLVPDQXDODUHWUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRIWKHLU
UHVSHFWLYHRZQHUV
7UDGHPDUN&UHGLWV
9*$DQG;*$DUHWUDGHPDUNVRI,QWHUQDWLRQDO%XVLQHVV0DFKLQHV&RUSRUDWLRQ
$33/(DQG0DFLQWRVKDUHUHJLVWHUHGWUDGHPDUNVRI$SSOH&RPSXWHU,QF
9(6$LVDUHJLVWHUHGWUDGHPDUNRIWKH9LGHR(OHFWURQLFV6WDQGDUG$VVRFLDWLRQ
/LFHQVHGE\%%(6RXQG,QFXQGHU863DQG
%%(DQG%%(V\PERODUHUHJLVWHUHGWUDGHPDUNVRI%%(6RXQG,QF
0DQXIDFWXUHGXQGHUOLFHQVHIURP%%(6RXQG,QF
:2:656DQG
z
V\PERODUHWUDGHPDUNVRI656/DEV,QF
:2:WHFKQRORJ\LVLQFRUSRUDWHGXQGHUOLFHQVHIURP656/DEV,QF
6'/RJRLVDWUDGHPDUN
+'0,WKH+'0,ORJRDQG+LJK'H¿QLWLRQ0XOWLPHGLD,QWHUIDFHDUHWUDGHPDUNVRUUHJLVWHUHGWUDGHPDUNVRI+'0,
/LFHQVLQJ//&
(YHQLIQRVSHFLDOQRWDWLRQKDVEHHQPDGHRIFRPSDQ\RUSURGXFWWUDGHPDUNVWKHVHWUDGHPDUNVKDYHEHHQIXOO\
UHVSHFWHG
$ERXW6RIWZDUH
<RXPD\QRWDOWHUGHFRPSLOHGLVDVVHPEOHGHFU\SWRURWKHUZLVHUHYHUVHHQJLQHHUWKH6RIWZDUHLQVWDOOHGLQWKLV
SURGXFWZKLFKDUHSURKLELWHGE\ODZ
29VJ22KPFF 
background
6$)(7<35(&$87,216
)RU\RXUVDIHW\SOHDVHUHDGWKHIROORZLQJSUHFDXWLRQVFDUHIXOO\EHIRUHXVLQJWKLVSURGXFW,PSURSHUXVHZRXOGFDXVHVHULRXVSHUVRQDOLQMXULHV
DQGRUGDPDJHWR\RXUSURSHUW\RUWKLVSURGXFW
$ERXWWKH6\PEROV
7KHIROORZLQJDUHWKHV\PEROVXVHGLQWKLVPDQXDODQGDI¿[HGRQWKHXQLWLWVHOI3OHDVHIXOO\XQGHUVWDQGWKHPHDQLQJVRIWKHV\PEROVEHIRUH
UHDGLQJWKHLQVWUXFWLRQVLQWKLVVHFWLRQ
:$51,1*
1HYHULJQRUHWKHLQVWUXFWLRQ7KHUHDUHULVNVRIVHULRXVLQMXULHVRUSRVVLEOHGHDWKWRWKHXVHU
&$87,21
'RQRWLJQRUHWKHLQVWUXFWLRQ7KHUHDUHSRVVLELOLWLHVRISHUVRQDOLQMXULHVDQGRUSURSHUW\GDPDJH
2WKHU6\PEROV
7KHWULDQJOHZLWKLOOXVWUDWLRQLVLQWHQGHGWRDOHUWWKHXVHUVWKDWWKHUHDUHSRVVLELOLWLHVRI¿UHEXUVWRUKLJKWHPSHUDWXUH
LIWKHSURGXFWLVKDQGOHGLPSURSHUO\
(DFKLOOXVWUDWLRQZLWKLQWKHWULDQJOHVSHFL¿HVWKHFRQWHQWVLQGHWDLO7KH¿JXUHRQWKHOHIWLVDQH[DPSOH
7KHFLUFOHZLWKGLDJRQDOOLQHDQGLOOXVWUDWLRQLVLQWHQGHGWRSURKLELWWKHXVHUVIURPGRLQJWKHLQGLFDWHGDFWLRQVZKHQ
KDQGOHWKHSURGXFW
(DFKLOOXVWUDWLRQZLWKLQWKLVV\PEROVSHFL¿HVWKHFRQWHQWVLQGHWDLO7KH¿JXUHRQWKHOHIWLVDQH[DPSOH
7KHEODFNHGRXWFLUFOHZLWKLOOXVWUDWLRQLVLQWHQGHGWRFRQVWUDLQWKHXVHUVWRIROORZWKHLQGLFDWHGDFWLRQVZKHQKDQGOH
WKHSURGXFW(DFKLOOXVWUDWLRQZLWKLQWKLVV\PEROVSHFL¿HVWKHFRQWHQWVLQGHWDLO7KH¿JXUHRQWKHOHIWLVDQH[DPSOH
:$51,1*
7KHUHLVDULVNRIÀUHHOHFWULFVKRFNRUVHULRXVLQMXU\
ʄ
8QSOXJWKHSRZHUFRUGLPPHGLDWHO\ZKHQVHULRXVSUREOHPVKDSSHQ
6HULRXVSUREOHPVVXFKDV
6PRNHDEQRUPDORGRURUVRXQGFRPHVRXWIURPWKHSURGXFW
1RSLFWXUHQRVRXQGRUGLVWRUWHGSLFWXUHRQWKHGLVSOD\
)RUHLJQREMHFWVVXFKDVZDWHUPHWDOVHWFJHWLQVLGHWKHXQLW
'RQRWFRQWLQXHXVLQJWKHSURGXFWXQGHUWKHVHDEQRUPDOFRQGLWLRQV
7XUQRIIWKH0DLQ3RZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW\RXUGHDOHULPPHGLDWHO\
)RU\RXUVDIHW\QHYHUWU\WRUHSDLUWKHSURGXFWE\\RXUVHOI
ʄ
'RQRWLQVHUWOLTXLGVRUDQ\IRUHLJQREMHFWVVXFKDVPHWDOVRUÁDPPDEOHLWHPVLQVLGHWKHXQLW
,QFDVHLWKDSSHQVWXUQRIIWKHPDLQSRZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW\RXUGHDOHULPPHGLDWHO\
8VHVSHFLDOFDXWLRQZKHQ\RXQJHUFKLOGUHQDUHDURXQGWKHXQLW
ʄ
'RQRWUHPRYHFRYHURUPRGLI\WKHSURGXFW
+LJKYROWDJHFRPSRQHQWVDUHLQVWDOOHGLQVLGHRIWKHXQLW5HPRYLQJFRYHUVFDQH[SRVH\RXWRKLJK
YROWDJHHOHFWULFDOVKRFNDQGRWKHUGDQJHURXVFRQGLWLRQV
&RQWDFW\RXUORFDOGHDOHUWRSHUIRUPVHUYLFLQJVXFKDVLQVSHFWLRQDGMXVWPHQWRUUHSDLUZRUN
'LVFRQQHFWWKH
SOXJIURPWKH
SRZHURXWOHW
'RQRW
GLVDVVHPEOH
29VJ22KPFF 
background
(1*/,6+
6$)(7<35(&$87,216FRQWLQXHG
:$51,1*
7KHUHLVDULVNRIÀUHHOHFWULFVKRFNRUVHULRXVLQMXU\
ʄ
,QVWDOOWKHXQLWDWDSURSHUDUHDZKHUHLWGRHVQRWH[SRVHDQ\RQHWRDQ\GDQJHU
,I\RXKLWDJDLQVWWKHHGJHRIWKHXQLW\RXPD\EHLQMXUHG
ʄ
'RQRWSODFHDQ\REMHFWVRQWRSRIWKHXQLW
2EMHFWVVXFKDV
/LTXLGFRQWDLQHUVYDVH¿VKWDQNÀRZHUSRWFRVPHWLFVRUOLTXLGPHGLFLQH
,IZDWHURUDQ\OLTXLGVSLOORQWRWKHXQLWLWPD\FDXVHVKRUWFLUFXLWDQGUHVXOWLQ¿UHRUHOHFWULFDOVKRFN
,QFDVHWKDWLWKDSSHQVWXUQRIIWKH0DLQ3RZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW\RXUGHDOHULPPHGLDWHO\
'RQRWSODFHDQ\WKLQJKHDY\RQWRSRIWKHXQLW
'RQRWFOLPERQRUKDQJIURPWKHXQLW
'RQRWOHW\RXUSHWVJHWRQWRSRIWKHXQLW
ʄ
'RQRWH[SRVHWKLVXQLWWRUDLQRUPRLVWXUH
1HYHUXVHWKLVXQLWLQWKHEDWKURRPRUVKRZHUURRP
%HZDUHZKHQ\RXXVHWKLVSURGXFWRXWVLGHHVSHFLDOO\LQUDLQ\RUVQRZ\ZHDWKHUDQGDWWKHEHDFKRU
ZDWHUIURQW
:KHQWKHSURGXFWJHWVZHWLWFRXOGFDXVH¿UHRUHOHFWULFDOVKRFN
ʄ
8QSOXJWKLVXQLWGXULQJOLJKWQLQJVWRUP
7RUHGXFHWKHULVNRIHOHFWULFDOVKRFNGRQRWWRXFKWKHSURGXFWZKHQVWDUWVOLJKWQLQJ
ʄ
'RQRWGRDQ\WKLQJWKDWPD\GDPDJHWKH3RZHU&RUG
'RQRWGDPDJHPRGLI\WZLVWIRUFLEO\EHQGKHDWRUSXOOH[FHVVLYHO\WKH3RZHU&RUG
'RQRWSODFHKHDY\REMHFWVLQFOXGLQJWKHXQLWLWVHOIRQWRSRIWKH3RZHU&RUG
,IWKH3RZHU&RUGLVGDPDJHGFRQWDFW\RXUGHDOHUIRUUHSDLUVRUH[FKDQJH
ʄ
8VHRQO\ZLWKGHVLJQDWHGSRZHUVXSSO\YROWDJH
7RSUHYHQWWKHULVNRI¿UHDQGHOHFWULFDOVKRFNRSHUDWHWKLVSURGXFWRQO\ZLWKWKHSRZHUVXSSO\YROWDJHLQGLFDWHGRQWKH
XQLW
ʄ
%HZDUHQRWWRGURSRUKDYHDQ\LPSDFWRQWKHXQLW
7DNHH[WUDFDUHZKLOHPRYLQJWKHXQLW
7KHSODVPDGLVSOD\SDQHOLVPDGHRIJODVV,QFDVHWKDWLWEUHDNV\RXPD\EHLQMXUHGE\WKHEURNHQSLHFHV
,QFDVHWKDW\RXGURSWKHXQLWRUWKHFDELQHWLVGDPDJHGWXUQRIIWKH0DLQ3RZHUXQSOXJWKH3RZHU&RUGDQGFRQWDFW
\RXUORFDOGHDOHULPPHGLDWHO\
&RQWLQXLQJXVHRIWKHSURGXFWZLWKDERYHFRQGLWLRQVPD\FDXVH¿UHRUHOHFWULFDOVKRFN
ʄ
&OHDQGXVWRUPHWDOVRQRUDURXQGWKHEODGHRIWKHSRZHUSOXJUHJXODU\
&RQWLQXLQJXVHRIWKHSURGXFWZLWKDERYHFRQGLWLRQPD\FDXVH¿UHRUHOHFWULFDOVKRFN
$OZD\VXQSOXJWKH3RZHU&RUG¿UVWDQGFOHDQWKHEODGHZLWKGU\FORWK
ʄ
'RQRWSODFHWKHXQLWRQDQXQVWDEOHVXUIDFH
8QVWDEOHSODFHVVXFKDV
6ORSHGSODFHRUVKDN\UDFNWDEOHVWDQGRUWUROO\
,IWKHXQLWIDOOVGRZQLWFRXOGFDXVHSHUVRQDOLQMXU\
'LVFRQQHFWWKH
SOXJIURPWKH
SRZHURXWOHW
29VJ22KPFF 
background
6$)(7<35(&$87,216FRQWLQXHG
&$87,21
ʄ
'RQRWSODFHWKHXQLWDWWKHGXVW\SODFH
,WFRXOGFDXVHPDOIXQFWLRQ
ʄ
'RQRWFRYHURUEORFNDQ\YHQWLODWLRQKROHVRQWKHSURGXFW
7KHPRQLWRUZRXOGRYHUKHDWDQGLWFRXOGFDXVH¿UHRUGDPDJHWKHSURGXFWZKLFKPD\VKRUWHQLWVVHUYLFHOLIH
,QVWDOOWKHSURGXFWLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVLQWKLVPDQXDO
'RQRWSODFHWKHXQLWZLWKYHQWLODWLRQVLGHGRZQ
'RQRWLQVWDOOWKHXQLWRQWKHFDUSHWRUEHGFORWKHV
'RQRWFRYHUWKHXQLWZLWKWDEOHFORWKHWF
ʄ
%HVXUHWRJURXQGWKHHDUWKFDEOHFRUUHFWO\
(VSHFLDOO\ZKHQ\RXXVH3RZHU&RUGDGDSWHUEHVXUHWRFRQQHFWWKHHDUWKFDEOHWRWKHJURXQGWHUPLQDO,QFRUUHFW
FRQQHFWLRQZRXOGFDXVH¿UHRUHOHFWULFDOVKRFN
)RU\RXUVDIHW\DOZD\VPDNHVXUHWRXQSOXJWKH3RZHU&RUGEHIRUHFRQQHFWRUGLVFRQQHFWWKHHDUWKFDEOH
ʄ
)ROORZWKH$QWLWXPEOHPHDVXUHVLQWKLVPDQXDO
,IWKHXQLWWXPEOHGRZQWKHUHLVDULVNRISHUVRQDOLQMXU\DQGSRVVLEOHGHDWK$OVRLWZRXOGGDPDJHWKHSURGXFW
VHULRXVO\
ʄ
'RQRWLQVWDOOWKLVSURGXFWQHDUWKHPHGLFDOGHYLFHV
7RSUHYHQWPDOIXQFWLRQRIWKHPHGLFDOGHYLFHVGRQRWXVHWKLVSURGXFWDQGWKHPHGLFDOGHYLFHVLQWKHVDPHURRP
ʄ
'RQRWSODFHWKH&57EDVHGWHOHYLVLRQQHDUWKHVSHDNHUVRIWKH3ODVPD'LVSOD\
,WFRXOGFDXVHWKHSDUWLDOGLVFRORUDWLRQRUEOXUULQJRIWKHLPDJHRQWKH&57EDVHGWHOHYLVLRQ
3OHDVHLQVWDOOLWDZD\IURPWKHVSHDNHUVRIWKHXQLW
ʄ
'LVFRQQHFWDOORIWKHH[WHUQDOFRQQHFWLRQFDEOHVDQGGHWDFKWKHDQWLWXPEOHPHDVXUHVEHIRUH
PRYLQJWKHXQLW
,WPD\FDXVH¿UHHOHFWULFDOVKRFNRUSHUVRQDOLQMXULHV
ʄ
&RQQHFWWKHSRZHUSOXJVHFXUHO\
,PSURSHUFRQQHFWLRQZLOOFDXVHRYHUKHDWDQGPD\UHVXOWLQ¿UH
'RQRWWRXFKWKHEODGHRIWKHSOXJZKLOHFRQQHFWLQJLWWRWKHZDOOVRFNHW,WFRXOGFDXVHHOHFWULFDOVKRFN
,IWKHSOXJLVQRW¿WWHGIRUWKHZDOOVRFNHWFRQWFDW\RXUGHDUO\IRUUHSODFHPHQW
ʄ
'RQRWKDQGOHWKH3RZHU&RUGZLWKZHWKDQGV
,WFRXOGUHVXOWLQHOHFWULFDOVKRFN
ʄ
'RQRWSXOOWKHFRUGZKHQ\RXXQSOXJWKH3RZHU&RUG
,WPD\GDPDJHWKHFRUGDQGFRXOGUHVXOWLQ¿UHRUHOHFWULFDOVKRFN
+ROGWKHSOXJZKHQGLVFRQQHFWLQJLW
ʄ
8QSOXJWKH3RZHU&RUGZKHQXQXVHGWKHSURGXFWIRUORQJSHULRGVRIWLPH
ʄ
+DQGOHWKHEDWWHULHVSURSHUO\
,PSURSHURULQFRUUHFWXVHRIWKHEDWWHULHVPD\FDXVHFRUURVLRQRUEDWWHU\OHDNDJHZKLFKFRXOGFDXVH¿UHSHUVRQDO
LQMXU\RUWDLQWGDPDJHWRWKHSURSHUW\
8VHRQO\WKHW\SHVRIWKHEDWWHULHVZKLFKDUHLQGLFDWHGLQWKLVPDQXDO
'RQRWLQVDWDOOQHZEDWWHULHVZLWKXVHGRQHV
,QVWDOOWKHEDWWHULHVFRUUHFWO\E\IROORZLQJWKHSRODULW\DQGLQGLFDWLRQVRQWKHEDWWHU\FRPSDUWPHQW
'RQRWGHVSRVHWKHXVHGEDWWHULHVDVGRPHVWLFZDVWH'LVSRVHWKHPLQDFFRUGDQFHZLWKWKHORFDOUHJXODWLRQV
6XSSO\FRQQHFW
WKHJURXQGZLUH
29VJ22KPFF 
background
(1*/,6+
6$)(7<35(&$87,216FRQWLQXHG
35(&$87,216
ʄ
'RQRWLQVWDOOWKHXQLWLQKLJKWHPSHUDWXUH
,WFRXOGGDPDJHWKHFDELQHWRUSDUWVRIWKHSURGXFW
'RQRWLQVWDOOQHDUDQ\KHDWVRXUFHVVXFKDVUDGLDWRUKHDWUHJLVWHUVVWRYHVRURWKHUDSSDUDWXVWKDWSURGXFHKHDW
.HHSWKHXQLWRXWRIGLUHFWVXQOLJKW,WFRXOGLQFUHDVHWKHWHPSHUDWXUHRIWKHXQLWDQGFDXVHPDOIXQFWLRQ
ʄ
9LHZLQJ$GYLFH
7KHOLJKWLQJRIWKHHQYLURQPHQWLQZKLFKWKHSURGXFWLVXVHGVKRXOGEHDSSURSULDWH7RREULJKWGDUNHQYLURQPHQWLVQRWJRRGIRU
\RXUH\HV
7DNHWLPHWRUHOD[\RXUH\HVRFFDVLRQDOO\
:KHQ\RXXVHWKLVSURGXFWNHHSDZD\IURPWKHXQLWaWLPHVRIWKHYHUWLFDOOHQJWKRIWKHSDQHO7KLVLVWKHEHVWYLHZLQJGLVWDQFHLQ
RUGHUWRSURWHFW\RXUH\HVDJDLQVWH\HVWUDLQ
$GMXVWWKHYROXPHLQDSSURSULDWHOHYHOHVSHFLDOO\GXULQJWKHQLJKW
ʄ
:KHQWUDQVSRUWLQJWKLVSURGXFW
:KHQWKHSURGXFWQHHGVWREHWUDQVSRUWHGGXHWRPRYLQJRUUHSDLUXVHWKHFDUWRQER[DQGEXIIHUPDWHULDOFRPHVZLWKWKLV
SURGXFW
'RQRWNHHSWKLVSURGXFWO\LQJVLGHZD\VGXULQJWUDQVSRUWDWLRQ,WFRXOGGDPDJHWKHSDQHOJODVVRUGHJUDGHWKHSKRVSKRUV
RIWKHSDQHO
ʄ
.HHSDZD\IURPWKHXQLWZKHQ\RXXVHUDGLR
7KLVXQLWLVGHVLJQHGWRPHHWWKHLQWHUQDWLRQDO(0,VWDQGDUGVGXHWRSUHYHQWWKHLQWHUIHUHQFHDJDLQVWWKHUDGLR+RZHYHU
WKHXQLWPD\JHQHUDWHQRLVHLQWKHUDGLR
,IWKHQRLVHLVLQWKHUDGLRSOHDVHWU\WKHIROORZLQJDFWLRQV
$GMXVWWKHGLUHFWLRQRIWKHUDGLRDQWHQQDLQRUGHUQRWWRUHFHLYHWKHLQWHUIHUHQFHUDGLRZDYHIURPWKHXQLW
.HHSWKHUDGLRDZD\IURPWKHXQLW
8VHFRD[LDOFDEOHIRUWKHDQWHQQD
ʄ
$ERXWWKHLQIUDUHGFRPPXQLFDWLRQGHYLFHV
7KHLQIUDUHGFRPPXQLFDWLRQGHYLFHVVXFKDVFRUGOHVVPLFURSKRQHRUFRUGOHVVKHDGSKRQHPD\QRWEHDYDLODEOHDURXQGWKHXQLW,WLV
EHFDXVHRIWKHFRPPXQLFDWLRQIDLOXUH3OHDVHQRWHWKDWWKLVLVQRWPDOIXQFWLRQ
ʄ
:KHQ\RXGLVSRVHWKLVSURGXFWDWWKHHQGRILWVOLIHIROORZWKHUHJXODWLRQVDW\RXUUHVLGHQWLDODUHD
)RUPRUHLQIRUPDWLRQFRQWDFWWKHORFDODXWKRULW\RUWKHGHDOHUZKHUH\RXSXUFKDVHGWKHSURGXFW
&OHDQLQJDQG0DLQWHQDQFH
3OHDVHPDNHVXUHWRXQSOXJWKHSRZHUFRUGEHIRUHFOHDQLQJWKHXQLW
ʄ
+RZWRFOHDQWKHSODVPDVFUHHQSDQHORIWKHXQLW
7KHSDQHOVXUIDFHLVVSHFLDOO\FRDWHGWRUHGXFHWKHUHÀHFWLRQDQGFXWLQIUDUHGUDGLDWLRQWKXVZLSHWKHSDQHOZLWKDOLQWIUHHDQGGU\
FORWKLQRUGHUWRSUHYHQWGDPDJHWRWKHFRDWLQJ
'RQRWXVHDFKHPLFDOFORWKRUFOHDQHU'HSHQGLQJRQWKHLQJUHGLHQWVLWPD\FDXVHGLVFRORUDWLRQDQGGDPDJHRQWKHFRDWLQJ
'RQRWZLSHZLWKDKDUGFORWKRUUXEKDUG,WPD\KXUWWKHFRDWLQJ
,QFDVHRIWKHJUHDV\GLUWVXFKDV¿QJHUSULQWZLSHZLWKDOLQWIUHHFORWKPRLVWHQHGE\DGLOXWHGQHXWUDOGHWHUJHQWVROXWLRQDQGWKHQ
ZLSHZLWKDVRIWDQGGU\FORWK
'RQRWXVHDVSUD\FOHDQHU,WFRXOGUHPRYHWKHFRDWLQJRUFDXVHPDOIXQFWLRQE\HQWHULQJLQVLGHRIWKHXQLW
ʄ
+RZWRFOHDQWKHFDELQHWRIWKHXQLW
7KHIROORZLQJPD\FDXVHFUDFNGHIRUPDWLRQDQGSDLQWSHHOLQJ
'RQRWZLSHWKHFDELQHWZLWKEHQ]HQHWKLQQHUDQGRWKHUFKHPLFDOSURGXFWV
'RQRWVSUD\YRODWLOHVROXWLRQVVXFKDVLQVHFWLFLGHRYHUWKHFDELQHW
'RQRWOHDYHWKHFDELQHWLQSURORQJHGFRQWDFWZLWKSODVWLFRUUXEEHUPDWHULDOV
'RQRWXVHDFKHPLFDOFORWKFOHDQHURUZD['HSHQGLQJRQWKHLQJUHGLHQWVLWPD\FDXVHFUDFNDQGGHIRUPDWLRQ
8VHDOLQWIUHHFORWKWRFOHDQWKHFDELQHWDQGFRQWUROSDQHORIWKHXQLW,QFDVHRIWKHKHDY\GLUWZLSHZLWKDVRIWFORWKPRLVWHQHGE\
DGLOXWHGQHXWUDOGHWHUJHQWVROXWLRQDQGWKHQZLSHZLWKDVRIWDQGGU\FORWK
1HYHUXVHWKHIROORZLQJGHWHUJHQWV,WFRXOGFDXVHFUDFNGLVFRORUDWLRQDQGVFUDWFK
$FLGDONDOLQHGHWHUJHQWDOFRKROLFGHWHUJHQWDEUDVLYHFOHDQHUSRZGHUVRDS2$FOHDQHUFDUZD[JODVVFOHDQHUHWF
29VJ22KPFF 
background
$%2873/$60$',63/$<
,PDJH5HWHQWLRQRI3ODVPD'LVSOD\
7KHSODVPDGLVSOD\KDVRQHRIFKDUDFWHULVWLFVWKDWUHVXOWVLQSDQHOLPDJHUHWHQWLRQGHSHQGLQJRQKRZWKHSODVPD
GLVSOD\LVXVHG7KHIROORZLQJDUHWKHFRPPRQFDVHVDQGHIIHFWLYHXVDJHVUHJDUGLQJWKHLPDJHUHWHQWLRQ
&KDUDFWHULVWLFVRI,PDJH5HWHQWLRQ
7KHSKHQRPHQRQRILPDJHUHWHQWLRQLVFDXVHGE\SDUWLDOO\GHJUDGLQJWKHSKRVSKRUGXHWRWKHSDUWLDOGLVSOD\RI
FKDUDFWHUDQG¿JXUH
)RUH[DPSOHZKHQWKHFKDUDFWHULPDJHDVVKRZQLQ)LJ$LVGLVSOD\HG
FRQWLQXRXVO\IRUDORQJSHULRGRIWLPHRQO\WKHSKRVSKRUV5HG*UHHQ
%OXHGLVSOD\LQJWKHFKDUDFWHUVLVGHJUDGHG&RQVHTXHQWO\LQFDVHRI
GLVSOD\LQJDOOZKLWHLPDJHRQWKHHQWLUHVFUHHQDVVKRZQLQ)LJDWKH
PDUNVUHPDLQLQJE\WKHFKDUDFWHUVZLOOJLYHFRORUGLIIHUHQFHVWKHUHIRUH
QRWHWKDWLWLVQRWEXUQWUHPDLQVRIWKHSKRVSKRU
7KHGHJUHHRILPDJHUHWHQWLRQLVSURSRUWLRQDOWRWKH%ULJKWQHVV
DQG'LVSOD\7LPHIRUWKHFKDUDFWHUVDQGRU¿JXUHV
7KHEULJKWHUWKHFKDUDFWHUVDQG¿JXUHWKHPRUHSKRVSKRULV
GHJUDGHG$VVKRZQLQ)LJ%LQFDVHRIGLVSOD\LQJLPDJHVWKDW
KDYHGLIIHUHQWEULJKWQHVVHDFKIRUDORQJWLPH)LJEVKRZVWKDW
WKHEULJKWHULPDJHWHQGVWRREWDLQPRUHUHPDLQV
7KHLOOXVWUDWLRQVDUHLPDJHVWRH[SODLQWKHLPDJHUHWHQWLRQ7KHDFWXDOPDQQHUVRQWKHLPDJHUHWHQWLRQYDU\
GHSHQGLQJRQVXFKFRQGLWLRQVDVRSHUDWLRQWLPHDQGEULJKWQHVV
0HWKRGWR5HGXFH,PDJH5HWHQWLRQ
8VH³6FUHHQ:LSH´RU³/XPLQDQFH0DQDJHU´IXQFWLRQRQWKHGLVSOD\ZKLFKDUHDYDLODEOHIURP)XQFWLRQ0HQX5HIHU
WR

a


$IWHUGLVSOD\LQJFHUWDLQLPDJHVVXFKDVVWLOOLPDJHIRUDORQJWLPH³6FUHHQ:LSH´FDQEHXVHGWRUHGXFHWKHLPDJH
UHWHQWLRQE\GLVSOD\LQJDFRPSOHWHO\ZKLWHVFUHHQIRUDERXWaKRXUV,QDGGLWLRQ³/XPLQDQFH0DQDJHU´IXQFWLRQ
ZRUNVLQFDVHRIGLVSOD\LQJVXFKLPDJHVRQWKHIRXUFRUQHUVDV79VWDWLRQORJRVDQGFORFNGLVSOD\
8VHLQFRPELQDWLRQZLWKPRYLQJLPDJHV
6LQFHWKHHQWLUHVFUHHQKDVUHODWLYHO\HYHQGHJUDGDWLRQRIWKHSKRVSKRULQPRYLQJLPDJHVLWFDQDYRLGWKHSDUWLDO
LPDJHUHWHQWLRQ:HUHFRPPHQGWRXVHWRJHWKHUZLWKVXFKPRYLQJLPDJHVDV'9'
3OHDVHEHFDUHIXOWKDWOHDYLQJWKHLPDJHVLQSLFWXUHPRGHIRUDORQJSHULRGRIWLPHFDQFDXVHWKHLPDJHUHWHQWLRQ
6RPHWHOHYLVLRQEURDGFDVWVFRQWDLQLPDJHVRIZKLFKFXWWKHOHIWULJKWRUWRSERWWRPDQGZKLFKEURDGFDVWVWDWLRQ
RUFORFNLVGLVSOD\HGIRUDORQJWLPHDWWKHVDPHSRVLWLRQ3OHDVHEHDZDUHWKDWLWPD\FDXVHWKHLPDJHUHWHQWLRQ
,PDJHUHWHQWLRQFDQEHUHGXFHGE\
³(FR0RGH´LQ)XQFWLRQPHQX

&RPPRQSKHQRPHQDRI3ODVPD'LVSOD\3DQHO
7KHIROORZLQJDUHWKHFRPPRQSKHQRPHQDZKHQRSHUDWLQJ3ODVPD'LVSOD\3DQHOGXHWRLWVVWUXFWXUDOUHDVRQ
3OHDVHQRWHWKDWWKH\DUHQRWPDOIXQFWLRQV
5HVLGXDOLPDJH
:KHQDVWLOOLPDJHRUPHQXLVGLVSOD\HGRQWKHVFUHHQIRUDVKRUWWLPHDERXWDPLQXWHDQGWKHQVZLWFKHVWRDQRWKHU
LPDJHLWPD\OHDYHDQ³DIWHULPDJH´RQWKHVFUHHQ
7KHUHVLGXDOLPDJHZLOOGLVDSSHDURQLWVRZQ
6XUIDFHRQ3DQHO
7KHSODVPDSDQHOGLVSOD\VLPDJHVE\JHQHUDWLQJGLVFKDUJHVLQWHUQDOO\7KLVFRXOGUDLVHWKHWHPSHUDWXUHRIWKHGLVSOD\VXUIDFH
,QDGGLWLRQGRQRWLPSDFWVWURQJO\RQWKHVXUIDFHRISDQHOEHFDXVHSODVPDSDQHOLV¿QHSURFHVVLQJJODVVHYHQ
WKRXJKWKHSDQHOVWUHQJWKHQVE\WKHIURQW¿OWHUPDGHRIWHPSHUHGJODVV
'HIHFWLYH6SRWVRQ3DQHO
7KHSODVPDGLVSOD\SDQHOLVPDQXIDFWXUHGZLWKKLJKSUHFLVLRQWHFKQRORJ\+RZHYHUWKHUHPLJKWEHVRPHVSRWVWKDW
DUHQRWHPLWWHGEULJKWHUWKDQWKHRWKHUVRULQGLIIHUHQWFRORUVHWF
>)LJ%@ >)LJE@
>)LJ$@ >)LJD@
29VJ22KPFF 
background
(1*/,6+
)($785(6
(QMR\QRWRQO\EHDXWLIXODQGKLJKTXDOLW\SLFWXUHVRQWKHGLVSOD\EXWDOVRYDULRXVNLQGVRIXVHIXODQGFRQYHQLHQW
IXQFWLRQVLQ\RXUGDLO\OLIH
/DUJHVFUHHQDQGKLJKGH¿QLWLRQSODVPDGLVSOD\
(QMR\KLJKUHVROXWLRQGLVSOD\ZLWK+[9SL[HOV
,PSURYHG'LJLWDOVLJQDOSURFHVVRU
+LJKTXDOLW\VRXQGZLWKGHHSHUULFKHUDQGG\QDPLFEDVVWRQHV
$FFHSWPRUHGLJLWDOLQSXWGHYLFHVZLWK+'0,WHUPLQDOV
*UHDWGLYHUVLW\RIFRQQHFWLQJWHUPLQDOVWRFRYHUZLGHUDQJHRIDXGLRYLVXDOHTXLSPHQWV
(QMR\WKHLPDJHIURP3&ZLWKODUJHKLJKGH¿QLWLRQ3ODVPDVFUHHQ
1HZ3KRWR,QSXWIXQFWLRQZLWKVHOHFWDEOH%DFNJURXQG0XVLF
6'&DUG6ORWLQVWDOOHG
(DV\WRXVH2Q6FUHHQ'LVSOD\V\VWHPRSHUDWLQJZLWK5HPRWHFRQWURO
/RZSRZHUFRQVXPSWLRQZLWK3RZHU6DYLQJIHDWXUH
0RWRUL]HG3RZHU6ZLYHOIHDWXUH'HVNWRSVWDQGLVRSWLRQDO
6833/,('$&&(6625,(6
&KHFNWKHVXSSOLHGDFFHVVRULHVEHIRUHLQVWDOODWLRQ
,QFDVHRIPLVVLQJRUGDPDJHGSOHDVHFRQWDFWWKHGHDOHULPPHGLDWHO\
7KHW\SHRISRZHUSOXJSURYLGHGPD\EHGLIIHUHQWIURPWKLVGUDZLQJIRUVRPHFRXQWULHV
237,21
$VN\RXUORFDOGHDOHUIRUIXUWKHUGHWDLOV
'HVNWRS6WDQG6'*
8VHU0DQXDO 5HPRWH&RQWURO $$VL]HEDWWHULHV
;
3RZHU&RUG
%67\SH
29VJ22KPFF 
background
&20321(171$0(6
0DLQ8QLW
)URQW3DQHO
.
6SHDNHU
3
&DELQHW
$
3DQHO
/
0DLQ3RZHU6ZLWFKRQWKHERWWRPVXUIDFH
1
5HPRWH&RQWURO5HFHLYHU
4
,QGLFDWLQJ/DPS
2
'HVNWRS6WDQGRSWLRQ
5HDU3DQHO
.
+DQGJULSV
3
6LGH,QSXW
$
7HUPLQDO%RDUG([WHUQDO'HYLFH&RQQHFWLRQ
/
3RZHU&RUG6RFNHW
1
&RQWURO3DQHOVHHEHORZIRUGHWDLOV
3OHDVHUHIHUWR

a

IRUWKHGHWDLOHGLQIRUPDWLRQ
IRUWKHFRQQHFWLRQV
&RQWURO3DQHOLQFOXGLQJ&DUG6ORW
.
6'0HPRU\&DUG6ORW
3
6XE3RZHUEXWWRQ
$
&KDQQHO83ŸEXWWRQ
/
&KDQQHO'2:1źEXWWRQ
1
9ROXPH83
ŹEXWWRQ
4
9ROXPH'2:1
ŻEXWWRQ
2
,QSXW6HOHFW2.EXWWRQ
(
0HQX5HWXUQEXWWRQ
.
3
$
1
4/





3
$
/
1
4
2
(
.
2
.
3
$
/
1
29VJ22KPFF 
background

(1*/,6+
&20321(171$0(6&RQWLQXHG
5HPRWH&RQWURO
.
6XE3RZHU
3
)XQFWLRQ6HOHFW79'9'6$7
3UHVVWKLVEXWWRQWRVHOHFWIXQFWLRQPRGH
LQGLFDWLQJ/('ODPS
1RUPDOO\VHOHFW³
79´
$

,QSXW6HOHFW'9'&RQWURO3KRWR,QSXW&RQWURO
3UHVVWKLVEXWWRQWRFKDQJHLQSXWPRGH
,QDGGLWLRQ\RXFDQXVHWKHVHEXWWRQVZKLOH
RSHUDWLQJWKHVHOHFWHGEUDQGRI'9'SOD\HURU
3KRWR,QSXWIXQFWLRQ
/
0HQX
1
&XUVRU
4
2.
2
6RXQG0RGH
6RXQGPRGHFDQEHFKDQJHGHDFKWLPHSUHVVHG
LQWKHIROORZLQJVHTXHQFH0RYLHĺ0XVLFĺ
6SHHFKĺ)DYRULWH
(
&+,,,

7KLVLVH[FOXVLYHO\IRU79DXGLR$1,&$0PRGH
,
9ROXPH8S'RZQ
"
3URJUDP6HOHFW
3UHVVWKHVHEXWWRQVWRVHOHFWD79SURJUDP
GLUHFWO\
0
)UHH]H0XOWL0RGH>+ROG@
3UHVVWKLVEXWWRQWRFKDQJHWKHSLFWXUHWRIUHH]H
PRGH3UHVVLWDJDLQWRUHWXUQWRQRUPDOSLFWXUH
,QDGGLWLRQGXULQJPXOWLSLFWXUHPRGHHDFKWLPH
SUHVVWKLVEXWWRQWKHSLFWXUHLVFKDQJHGWR
DQGPXOWLPRGH
#
>&RORU5HG*UHHQ<HOORZ%OXH@
%
>,QGH[@
&
7LPH>&DQFHO@
3UHVVLQJWKLVEXWWRQFDQLQGLFDWHWKHWLPHE\2Q
6FUHHQGLVSOD\ZKHQUHFHLYLQJD79SURJUDPRQ
WKHVFUHHQ
'
797H[W>79
Ù
7H[W@
7KLVVZLWFKHVEHWZHHQWKH79PRGHDQGWKH
7HOHWH[WPRGH
)
=RRP>7H[W
Ù
797H[W@
3UHVVWKLVEXWWRQWRFKDQJHSLFWXUHVL]H
*
5HFDOO
3UHVVLQJWKLVEXWWRQVKRZVWKHLQSXWVLJQDO
VWDWXV
+
5HWXUQ

<RXFDQXVHWKLVWRUHWXUQWRWKHSUHYLRXVPHQX

3LFWXUH0RGH

3LFWXUHPRGHFDQEHFKDQJHGHDFKWLPHSUHVVHG
LQWKHIROORZLQJVHTXHQFH'\QDPLFĺ1DWXUDOĺ
&LQHPD

&KDQQHO8S'RZQ

0XWH

0XOWL3LFWXUH
3UHVVWKLVEXWWRQWRFKDQJHWKHSLFWXUHWRPXOWL
SLFWXUHPRGH3UHVVLWDJDLQWRUHWXUQWRQRUPDO
SLFWXUH

3KRWR,QSXW3KRWR5RWDWH6OLGH6KRZ
7KHVHEXWWRQVDUHWRGLVSOD\DQGFRQWUROWKH
SLFWXUHVIURPGLJLWDOVWLOOFDPHUDRU86%FDUG
UHDGHU

6ZLYHOZLWKRSWLRQDO'HVNWRS6WDQG
7KLVIXQFWLRQLVWRURWDWH796HOHFWWKHGHJUHH
RIURWDWLRQZLWKFXUVRUNH\

6RPHEXWWRQVDUHRQO\IRU7HOHWH[WPRGHDQGRWKHUEXWWRQVKDYHGLIIHUHQWIXQFWLRQVLQ7HOHWH[WPRGHIURP
WKHXVHRI79PRGH7KRVHEXWWRQVDUHLQGLFDWHGE\>@5HIHUWR$ERXW7HOHWH[WRQ

.
3
$
/
1
4
2
(
,
"
0
#
&
'
)
%
*
+






29VJ22KPFF 
background

&DXWLRQ:KHQ0RYLQJWKH0DLQ8QLW
$VWKLVSURGXFWLVKHDY\ZKHQHYHULWLVPRYHGWZRSHRSOHDUHUHTXLUHGWRWUDQVSRUWLWVDIHO\
:KHQHYHUWKHXQLWLVPRYHG
LWVKRXOGEHOLIWHGIRUZDUGV
XVLQJWKHWZRKDQGJULSVDW
WKHEDFNDQGWKHXQLWVKRXOG
WKHQEHKHOGDWWKHEDVHRQ
ERWKVLGHVIRUVWDELOLW\
35(3$5$7,21
5HPRWH&RQWURO%DWWHULHV,QVWDOODWLRQ
7KLVUHPRWHFRQWURORSHUDWHVRQ³$$´EDWWHULHV
2SHQWKHEDWWHU\FRPSDUWPHQWFRYHU
6OLGHRSHQWKHEDWWHU\FRPSDUWPHQWFRYHURQWKHEDFNVLGHRIWKH
UHPRWHFRQWUROLQWKHGLUHFWLRQRIDQDUURZ
,QVWDOOWKHEDWWHULHV
,QVWDOO³$$´EDWWHULHVLQFOXGHGPDNLQJVXUHWKHSRODULWLHVPDWFK
WKHLQGLFDWLRQLQVLGHWKHFRPSDUWPHQW
&ORVHWKHEDWWHU\FRPSDUWPHQWFRYHU
7RFORVHWKHEDWWHU\FRPSDUWPHQWFRYHUVOLGHWKHFRYHULQWKH
GLUHFWLRQRIDQDUURZWLOOLWFOLFNVVKXW
&$87,21
,WFRXOGFDXVHFRUURVLRQRUEDWWHU\OHDNDJHDQGPD\UHVXOWLQSK\VLFDOLQMXU\
DQGRUSURSHUW\GDPDJHLQFOXGLQJÀUH
1HYHUPL[XVHGDQGQHZEDWWHULHVLQWKHGHYLFH
5HSODFHDOOWKHEDWWHULHVLQDGHYLFHDWWKHVDPHWLPH
5HPRYHWKHEDWWHULHVLIWKHUHPRWHFRQWUROLVQRWJRLQJWREHXVHGIRUDQH[WHQGHGSHULRGRIWLPH
7RDYRLGSRVVLEOHIDLOXUHUHDGWKHIROORZLQJLQVWUXFWLRQVDQGKDQGOHWKH
UHPRWHFRQWUROSURSHUO\
'RQRWGURSRUKDYHDQLPSDFWRQWKHUHPRWHFRQWURO
'RQRWVSLOOZDWHURUDQ\OLTXLGRQWKHUHPRWHFRQWURO
'RQRWSODFHWKHUHPRWHFRQWURORQWKHZHWREMHFW
'RQRWSODFHWKHUHPRWHFRQWUROXQGHUWKHGLUHFWVXQOLJKWRUQHDUVRXUFHVRIH[FHVVLYHKHDW
+DQGJULSV
29VJ22KPFF 
background

(1*/,6+
35(3$5$7,21FRQWLQXHG
6DIHW\3UHFDXWLRQRQ0DLQ8QLW,QVWDOODWLRQ
5HDG6$)(7<35(&$87,216
WR
FDUHIXOO\EHVLGHVWKLVSDJH
:KHQLQVWDOOLQJWKHXQLWXVHWKHRSWLRQDO'HVNWRS6WDQG6'*3OHDVHUHIHUWRWKHXVHUPDQXDORIWKHVWDQG
7KH'HVNWRS6WDQG2SWLRQKDVEHHQXVHGIRUWKHLOOXVWUDWLRQLQWKLVPDQXDO
$QWL7XPEOH0HDVXUHV
,QVWDOOLQDVWDEOHSODFHDQGLPSOHPHQWVDIHW\PHDVXUHDJDLQVWRYHUWXUQLQJ
:KHQLQVWDOOLQJWKHPDLQXQLWEHVXUHWRXVHWKHVSHFL¿HGPRXQWXQLWVLQRUGHUWRREWDLQPD[LPXPSHUIRUPDQFH
DQGPDLQWDLQWKHVDIHW\
:HDVVXPHQRUHVSRQVLELOLW\RUOLDELOLW\IRUSHUVRQDOLQMXULHVRUSURSHUW\GDPDJHVFDXVHGE\XVHRIRWKHUPRXQW
XQLWVRULPSURSHULQVWDOODWLRQ
$VIRUWKHLQVWDOODWLRQLQVWUXFWLRQSOHDVHUHDGHDFKXVHUPDQXDORIWKHPRXQWXQLWVIRU'HVNWRS6HWXS:DOO
0RXQWLQJDQG&HLOLQJ0RXQWLQJ
,QFDVHRIXVLQJ:DOORU&HLOLQJ0RXQWLQJXQLWE\FRQWDFWLQJ\RXUORFDOGHDOHUDVNWKHVSHFL¿HGLQVWDOODWLRQ
VSHFLDOLVWWRVHWXS1HYHUDWWHPSWWRLQVWDOOLWE\\RXUVHOI,WFRXOGFDXVHLQMXULHVRUGDPDJHV
3OHDVHOHDYHWKHDGHTXDWHVSDFHDURXQGWKLVXQLWLQRUGHU
WRDYRLGLQFUHDVLQJWKHLQWHUQDOWHPSHUDWXUHDQGNHHS
VDIHW\ZKLOHXVLQJVZLYHOIXQFWLRQ
0DNHVXUHQRWWREORFNDQ\YHQWLODWLRQKROHV
'RQRWLQVWDOOWKHXQLWLQWKHVPDOOVSDFHVXFKDVLQVLGH
WKHUDFNFORVHWRUWKHER[
/HDYHPRUHWKDQFPRIFOHDUDQFHIURPHDFKVLGHRI
PRQLWRUDQGFPIURPWKHWRSRIXQLWWRZDOO
:LWKRXW6ZLYHOIXQFWLRQ/HDYHDWOHDVWFPRIFOHDUDQFH
EHKLQGUHDUXQLW
:LWK6ZLYHOIXQFWLRQ/HDYHDWOHDVWFPRIFOHDUDQFHWR
REWDLQWKHPD[LPXPSHUIRUPDQFHRI6ZLYHO)XQFWLRQ
5HIHUWR

IRU6ZLYHO)XQFWLRQ
FPRUPRUH
&RUG
RU
FKDLQ
&ODPS
6HFXULQJWRDZDOORUSLOODU
8VLQJDFRPPHUFLDOO\DYDLODEOHFRUGFKDLQDQG
FODPSVHFXUHWKHVHWWRDZDOORUSLOODU
KRRN
FRUGRUFKDLQ
VFUHZ
FRUGRUFKDLQ
FODPS
:DOORU3LOODU
6HFXULQJRQGHVNWRS
8VHWZRZRRGVFUHZVWRVHFXUHWKHVHW¿UPO\LQ
SRVLWLRQE\IDVWHQLQJWKHPWRWKHVFUHZKROHVDWWKH
UHDURIWKHVWDQGDVVKRZQ
LQWKHGLDJUDP7KHZRRG
VFUHZVDUHVXSSOLHGZLWKWKH
RSWLRQDOVWDQG
7ZRSODFHV
:RRGVFUHZ
6HFXULQJWRFHLOLQJ
8VLQJDFRPPHUFLDOO\DYDLODEOHFRUGFKDLQDQGFODPSVHFXUHWKHVHWWRDFHLOLQJ

)RUPRUHLQIRUPDWLRQUHJDUGLQJWKHPRXQWLQJRIWKHXQLWSOHDVHFRQWDFW\RXUGHDOHU
/RRVHQDFRUGRUFKDLQHQRXJKZKLOHRSHUDWLQJSRZHUVZLYHOWRDYRLGSK\VLFDOLQMXU\
3OHDVHLQVWDOOWKHXQLWDWDSURSHUDUHDZKHUHLWGRHVQRWH[SRVHDQ\RQHWRWKHGDQJHURIKLWWLQJWKHPVHOYHVIRU
H[DPSOHWKHLUKDQGVKHDGRUIDFHHWFDJDLQVWWKHHGJHRIWKHXQLWDQGFDXVHSHUVRQDOLQMXU\






29VJ22KPFF 
background

&211(&7,21
7HUPLQDO3RVLWLRQV
5HDU
.
3RZHU&RUG6RFNHW
3
$HULDO6RFNHW
$
$9
/
$9
1
$9
4
$9
2
0RQLWRU2XWDQG6XE:RRIHU
(
6HUYLFHXVHRQO\
,

3RZHU6ZLYHO7HUPLQDO
VHH

"
3&&RQQHFWLRQWHUPLQDOV
'VXESLQDQGPLQLVWHUHRIRU
$XGLR
0
+'0,DQGPLQLVWHUHRIRU$XGLR
6LGH
#
$9
%
+HDGSKRQHLQSXW
&
3KRWR,QSXWWHUPLQDO
'
6'0HPRU\&DUGVORW
&RQQHFWLQJ3URFHGXUH
7KLVXQLWLVUHDG\IRUYDULRXVNLQGVRIFRQQHFWLRQV0DNHDFRQQHFWLRQLQWKHIROORZLQJVWHSV%HVXUHWRWXUQRIIWKH
0DLQ3RZHU¿UVWZKHQFRQQHFWLQJH[WHUQDOHTXLSPHQWV
&RQQHFW3RZHU&RUGWRWKHUHDUSDQHO
&RQQHFW$HULDO/HDG
&RQQHFW\RXUH[WHUQDOHTXLSPHQWVWRWKHXQLWLIDQ\
&RQQHFWWKH3RZHU3OXJWRWKH:DOO6RFNHW
&RQQHFWLQJ3RZHU&RUGWRWKH5HDU3DQHO
&RQQHFW3RZHU&RUGWRWKHPRQLWRU
0DNHVXUHQRWWRFRQQHFWWKH3RZHU3OXJWRWKH:DOO6RFNHW
XQWLODOOFRQQHFWLRQVDUHFRPSOHWHG
&RQQHFWLQJ$HULDO/HDG
7KHUHDUHWZRZD\VWRFRQQHFW$HULDO/HDG
.
:KHQ\RXGRQRWKDYHDQ\RWKHUH[WHUQDOHTXLSPHQW
&RQQHFWWKH$HULDO/HDGGLUHFWO\LQWRWKH6RFNHWDWUHDUSDQHO
3
:KHQ\RXKDYHRQHRUPRUHH[WHUQDOGHYLFHVWRFRQQHFW
8VH5)FDEOHWRFRQQHFWEHWZHHQHDFKHTXLSPHQWDQG
$QWHQQD
&RQQHFWWKH$HULDO/HDGWRDQHTXLSPHQWµ,Q¶6RFNHW
PDUNHG
&RQQHFWWKH5)FDEOHIURPWKHHTXLSPHQWµ2XW¶WRWKHRWKHUHTXLSPHQWµ,Q¶
7KHQFRQQHFWIURPWKHHTXLSPHQWµ2XW¶WR³$17´RQWKHSODVPDVFUHHQ6RFNHWRQPDUNHG














 

)$&-0&%#3.2-%-$2-%&/"-%
"-%03,#.+"/&/&()01&/&%1/"%&,"/*0.'.2-%-$
"-%03,#.+"/&1/"%&,"/*0.'"#0-$
!
















    









! !






.
3
$/142
(
,
"
0
'
&
%
#
>([DPSOH&RQQHFWLQJ$QWHQQD
WKURXJK67%DQG9&5@
3UHFDXWLRQVZKHQFRQQHFWLQJWKHDHULDO
3OHDVHXVHDFRD[LDOFDEOHZKLFKLVIUHHIURPLQWHUIHUHQFHWRFRQQHFWWKHDHULDO$YRLGXVLQJDSDUDOOHOÀDWIHHGHU
ZLUHDVLQWHUIHUHQFHPD\RFFXUFDXVLQJUHFHSWLRQWREHXQVWDEOHDQGVWULSHQRLVHWRDSSHDURQWKHVFUHHQ
$YRLGXVLQJLQGRRUDHULDODVWKLVPD\EHDIIHFWHGE\LQWHUIHUHQFH3OHDVHXVH&$79QHWRURXWGRRUDHULDO
)RUVDIHW\LQVWDOODQH[WHUQDODHULDOFRQIRUPLQJWR$6DSSOLFDEOHIRU$XVWUDOLDRQO\
,IWKHUHDUHQRLVHDSSHDUDQFHLQWKHSLFWXUHRI9+)/RZEDQGFKDQQHOSOHDVHXVHWKHGRXEOHVKLHOGHGFDEOHQRW
SURYLGHGIRU5)/($'6WRUHGXFHWKHQRLVH
29VJ22KPFF 
background

(1*/,6+
&211(&7,21FRQWLQXHG
&RQQHFWLQJ3URFHGXUHFRQWLQXHG
&RQQHFWLQJWR([WHUQDO(TXLSPHQW
7HUPLQDOVRQ5HDU
$
9DQG$9
FDQEHFRQQHFWHGWRWKHHTXLSPHQWZLWKHLWKHU&RPSRQHQWRU&RPSRVLWHRXWSXW'HSHQGLQJRQZKHWKHUWKH
<9,'(2LQSXWRI\RXUVHOHFWHGHTXLSPHQWLV<VLJQDORU9LGHRVLJQDOLWDXWRPDWLFDOO\UHJDUGVDV&RPSRQHQWRU&RPSRVLWH
:KHQXVLQJDV&RPSRVLWHGRQRWLQVHUWWKHMDFNVLQWR3
%
RU3
5
,I\RXUH[WHUQDOGHYLFHKDVD&RPSRQHQWWHUPLQDO&20321(17FRQQHFWLRQLVUHFRPPHQGHGIRUKLJKHUTXDOLW\SLFWXUH
$9FDQEHFRQQHFWHGWRWKHHTXLSPHQWZLWKDQ69LGHRRXWSXWDQG&RPSRVLWHRXWSXW
,I\RXUH[WHUQDOGHYLFHKDVD6YLGHRWHUPLQDO69,'(2FRQQHFWLRQLVUHFRPPHQGHGIRUKLJKHUTXDOLW\SLFWXUH
$9FDQEHFRQQHFWHGWRWKHHTXLSPHQWZLWKFRPSRVLWHRXWSXW


 





 










>([DPSOH@
>([DPSOH@
>([DPSOH@
,1 287
,1 287
,1 287
29VJ22KPFF 
background

&211(&7,21FRQWLQXHG
&RQQHFWLQJ3URFHGXUHFRQWLQXHG
0RQLWRU2XWFDQEHXVHGWRGLVSOD\VDPHLPDJHDVPDLQXQLWRQDQRWKHUPRQLWRU
:KHQWKLVRXWSXWWHUPLQDOLVFRQQHFWHGWRDQH[WHUQDOPRQLWRUZLWKD2KPWHUPLQDOWKHVDPHLPDJHIURP
FRPSRVLWH$9aRU69LGHR$9RU5)VLJQDOFDQEHGLVSOD\HGWRWKHH[WHUQDOPRQLWRU
6XE:RRIHUWHUPLQDOFDQEULQJWKHGHHSEDVVVRXQGIURPWKHH[WHUQDOVSHDNHU
3&WHUPLQDOV'VXESLQDXGLRLVFRQQHFWHGWR3&ZKLFKDOORZV$QDORJ5*%VLJQDO
+'0,
WHUPLQDOVFDQEHFRQQHFWHGWRWKHGHYLFHVZLWK+'0,RXWSXWRULIWKHH[WHUQDOGHYLFHKDV'9,RXWSXWWKLVFDQEH
DYDLODEOHZLWK+'0,'9,FRQYHUVLRQFDEOH,QFDVHRIXVLQJWKH+'0,'9,FRQQHFWWRDXGLRWHUPLQDOEHVLGHV+'0,
,QIRUPDWLRQ
+'0,+LJK'H¿QLWLRQ0XOWLPHGLD,QWHUIDFHLVQH[WJHQHUDWLRQPXOWLPHGLD,2LQWHUIDFH2QO\RQHFDEOHLVXVHGWR
WUDQVPLWDOOYLGHRDXGLRFRQWUROVLJQDOVZKLFKFUHDWHVHDV\FRQQHFWLRQ
0RUHRYHUWKRVHGLJLWDOVLJQDOVFDQSURGXFHKLJKTXDOLW\GDWDZLWKRXWDQ\GHJUDGDWLRQ
<RXDUHSURYLGHGWZR+'0,WHUPLQDOVRQHRIWKHPRVWUHPDUNDEOHIHDWXUHV
,I\RXUH[WHUQDOGHYLFHKDVD+'0,WHUPLQDO+'0,FRQQHFWLRQLVUHFRPPHQGHGIRUKLJKHUTXDOLW\SLFWXUHDQGVRXQG

:KHQERWK+'0,DQG+'0,WHUPLQDOVDUHFRQQHFWHGWRGHYLFHVYLD+'0,'9,FRQYHUVLRQFDEOH+'0,KDV
DSULRULW\RYHUWKHDXGLRWHUPLQDO





>([DPSOH@
>([DPSOH@






>([DPSOH@
RU
>([DPSOH@
287 ,1
287 ,1
,1 287
,1 287
+'0,'9,
+'0,+'0,
RU
0LQL6WHUHRSOXJ
0LQL6WHUHRSOXJ
29VJ22KPFF 
background

(1*/,6+
&211(&7,21FRQWLQXHG
&RQQHFWLQJ3URFHGXUHFRQWLQXHG
7HUPLQDOVRQ6LGH
6LQFHWKHIROORZLQJWHUPLQDOVDUHORFDWHGRQWKHVLGHLWLVYHU\FRQYHQLHQWWRXVHWKHH[WUDGHYLFHRQDWHPSRUDU\
EDVLVDIWHUGRQHWKHFRQQHFWLRQVRQWKHUHDUSDQHO
$9FDQEHFRQQHFWHGWRWKHHTXLSPHQWZLWKDQ69LGHRRXWSXWDQGFRPSRVLWHRXWSXW
,I\RXUH[WHUQDOGHYLFHKDVD6YLGHRWHUPLQDO69,'(2FRQQHFWLRQLVUHFRPPHQGHGIRUKLJKHUTXDOLW\SLFWXUH
+HDGSKRQH7KHGHWDLOVHWWLQJVFDQEHDGMXVWHGIURP$XGLR0HQXRQSDJH

7KHDXGLRIURPWKHVSHDNHUZLOOEHPXWHGZKHQFRQQHFWLQJWKHKHDGSKRQHWRWKLVWHUPLQDO
3KRWR,QSXWWHUPLQDOFDQEHFRQQHFWHGWRGLJLWDOVWLOOFDPHUDRU86%FDUGUHDGHUZLWK86%FDEOH)RUGHWDLOVUHIHU
WRWKH3KRWR,QSXWIXQFWLRQVKRZQRQ

a

6'0HPRU\&DUGVORWFDQEHXVHGIRUWKH3KRWR,QSXWIXQFWLRQZLWKWKH6'RU00&FDUGPHPRU\FRQWDLQLQJ
SLFWXUHV)RUGHWDLOVUHIHUWRWKH3KRWR,QSXWIXQFWLRQVKRZQRQ

a




6'&DUG00&





 
!!
>([DPSOH@
,1 287




>([DPSOH@
,1 287
0LQL6WHUHRSOXJ
29VJ22KPFF 
background

,QIRUPDWLRQ
+RZWRVHFXUHWKHFDEOHV
$IWHUFRQQHFWLQJDOORIWKHFDEOHVWRWKHWHUPLQDOVVHFXUHWKHPZLWKWKHEDQG
:KHQ\RXVHFXUHWKHFDEOHVSOHDVHEHFDUHIXOQRWWRWLJKWHQWRRPXFK
&211(&7,21FRQWLQXHG
&RQQHFWLQJ3URFHGXUHFRQWLQXHG
&RQQHFWLQJWKHSOXJLQWRWKHZDOOVRFNHW
&RQQHFWWKH3RZHU&RUGDIWHUFRPSOHWLQJDOORWKHUFRQQHFWLRQV
7KHW\SHRISOXJLVGLIIHUHQWIURPWKLVGUDZLQJIRUVRPHFRXQWULHV
&$87,21
8VHRQO\WKH3RZHU&RUGSURYLGHG
'RQRWXVHDSRZHUVXSSO\YROWDJHRWKHUWKDQWKDWLQGLFDWHG$&9+],WPD\FDXVH¿UHRUHOHFWULFVKRFN
)RUWKHSODVPDGLVSOD\DWKUHHFRUHSRZHUFRUGZLWKDJURXQGWHUPLQDOLVXVHGIRUHI¿FLHQF\SURWHFWLRQ$OZD\VEHVXUH
WRFRQQHFWWKH
3RZHU&RUG
WRDWKUHHSURQJHGJURXQGHGRXWOHWDQGPDNHVXUHWKDWWKHFRUGLVSURSHUO\JURXQGHG,I
\RXXVHDSRZHUVRXUFHFRQYHUWHUSOXJXVHDQRXWOHWZLWKDJURXQGWHUPLQDODQGVFUHZGRZQWKHJURXQGOLQH
(QVXUHWKDWERWKHQGVRISRZHUFRUGDUHHDVLO\DFFHVVLEOH
,I\RXKDYHWRFKDQJHWKHSRZHUFRUGSOHDVHXVHWKHFHUWL¿HGSRZHUFRUGWKDWPHHWV\RXUUHJLRQ¶VVDIHW\VWDQGDUG
+RZWRIDVWHQWKHEDQG
7RWLJKWHQ
7RORRVHQ
3XOOWKHEDQGLQWKH
GLUHFWLRQRIWKHDUURZ
/RRVHQWKHEDQGE\
SXVKLQJWKHNQRELQWKH
GLUHFWLRQRIWKHDUURZ
.QRE
:LWKORQJEDQG


'"$+.$#!1,0+#+"0+#$- +#
 +#.1*!,) -$-$&'./$-$#/- #$* -(.,%,0+#+"
 +#.1*!,) -$/- #$* -(.,% !.+"











    








! !




29VJ22KPFF 
background

(1*/,6+
%$6,&23(5$7,21
3RZHU2Q2II
1RZWXUQ2QWKHPDLQSRZHURIWKHXQLW0DNHVXUHWKDWWKH3RZHU&RUG
KDVSOXJJHGLQWRWKHZDOOVRFNHW
7RWXUQ2QWKHSRZHURIWKHXQLW
3UHVVWKH0DLQ3RZHUVZLWFKRQWKHXQLW
7KH,QGLFDWLQJ/DPSZLOOLOOXPLQDWHVLQ5HG6WDQGE\PRGH
3UHVV6XE3RZHUEXWWRQHLWKHURQWKHFRQWUROSDQHORURQWKHUHPRWH
FRQWURO
7KHFRORURIWKH,QGLFDWLQJ/DPSWXUQVLQWR*UHHQDQGWKHLPDJHZLOO
GLVSOD\RQWKHVFUHHQ
7RWXUQ2IIWKHSRZHURIWKHXQLW
3UHVV6XE3RZHUEXWWRQHLWKHURQWKHFRQWUROSDQHORURQWKHUHPRWH
FRQWURO
7KHLPDJHGLVDSSHDUVIURPWKHVFUHHQDQGWKH,QGLFDWLQJ/DPSWXUQV
LQWR5HG6WDQGE\PRGH
3UHVV0DLQ3RZHUVZLWFKWRFRPSOHWHO\WXUQ2IIWKHSRZHURIWKHXQLW
7KH,QGLFDWLQJ/DPS6WDWXV&KHFN
,QGLFDWLQJ/DPS
6WDWXV
3RZHU6WDWXV 3RZHU6ZLWFK6WDWXV
2II 2II 0DLQSRZHUĺ2II
5HG 6WDQGE\PRGH
0DLQSRZHUĺ2Q
6XE3RZHUEXWWRQĺ2II
*UHHQ 2Q
0DLQSRZHUĺ2Q
6XESRZHUEXWWRQĺ2Q
2UDQJH 3RZHU6DYHPRGH
0DLQSRZHUĺ2Q
6XE3RZHUEXWWRQĺ2Q
$ERXW3RZHU6DYHPRGHVHH³3RZHU6DYH0RGH´DQG³:KHQ)ROORZLQJ0HVVDJHV$SSHDURQWKH6FUHHQ´RQ

DQG

IRUGHWDLOV

,IWKHLPDJHGRHVQRWDSSHDURQWKHVFUHHQDWDOORUKDYHDQ\SUREOHPVHH7528%/(6+227,1*RQ

a

,W
PD\KHOS\RXWRVROYHWKHSUREOHPV
<RX FDQWXUQ21WKHSRZHURQO\E\SUHVVLQJWKH6XE3RZHUEXWWRQGXULQJWKH6WDQGE\PRGH
'RQRWVZLWFKWKHSRZHU2Q2IIUHSHDWHGO\LQDVKRUWSHULRGRIWLPH,WFRXOGFDXVHPDOIXQFWLRQ
7RDYRLGVXGGHQVXUJHVRIHOHFWULFLW\ZKHQWKHSRZHUFRPHVEDFNRQWXUQ2IIWKHPDLQSRZHURIWKHXQLWEHIRUH\RX
OHDYHLIWKHUHLVDEODFNRXWGXULQJXVHRIWKHXQLW
0DLQ3RZHUVZLWFKRQWKHERWWRPVXUIDFH
6XE3RZHUEXWWRQ
6XE3RZHUEXWWRQ





29VJ22KPFF 
background

%$6,&23(5$7,21FRQWLQXHG
)LUVW7LPH6HWXS
:KHQ\RXWXUQ21WKH79IRUWKH¿UVWWLPH\RXU79DXWRPDWLFDOO\OHDGVWRWKHVHWWLQJV
RI³/DQJXDJH´DQG³$XWR7XQLQJ´
7KH¿UVWVFUHHQDSSHDUHGZLOODVN\RXWRFKRRVHWKHODQJXDJHRI\RXU79¶VGLVSOD\
6HOHFWWKHODQJXDJH\RXSUHIHUUHGIURPWKHOLVWDQGSUHVV
EXWWRQ
2QFHVHOHFWLQJWKHODQJXDJH³$XWR7XQLQJ´VFUHHQDSSHDUVWRVWDUWVFDQQLQJ
FKDQQHOV

,I\RXZDQWWRFKDQJHWKHVHWWLQJDIWHUFRPSOHWLQJWKLV¿UVWWLPHVHWXSSUHVV


EXWWRQDQGVHWXSLQGLYLGXDOO\5HIHUWR


9ROXPH83'2:1
7RLQFUHDVHWKHVRXQGYROXPHSUHVV EXWWRQRQWKHUHPRWHFRQWURO
RU9ROXPH8SEXWWRQRQWKHFRQWUROSDQHO
7KH9ROXPH,QGLFDWRUYDOXHRQWKHVFUHHQZLOOVKLIWULJKW
7RGHFUHDVHWKHVRXQGYROXPHSUHVV
EXWWRQRQWKH
UHPRWHFRQWURORU9ROXPH'RZQEXWWRQRQWKHFRQWUROSDQHO
7KH9ROXPH,QGLFDWRUYDOXHRQWKHVFUHHQZLOOVKLIWOHIW
0XWH
7RPXWHWKHVRXQGSUHVV EXWWRQRQWKHUHPRWHFRQWURO
7KHVRXQGRIWKHXQLWLVWHPSRUDULO\WXUQHG2II
7KHFRORURIWKH9ROXPH,QGLFDWRUZLOOWXUQLQWRPDJHQWD
ZKLOHPXWLQJWKHYROXPH
7RWXUQWKHVRXQGEDFNSUHVV
EXWWRQDJDLQRU9ROXPH8SEXWWRQRQ
HLWKHUUHPRWHFRQWURORUWKHFRQWUROSDQHO
7KHFRORURIWKH9ROXPH,QGLFDWRUZLOOWXUQEDFNWRJUHHQ

<RXFDQGHFUHDVHWKHYROXPHE\SUHVVLQJ
EXWWRQ
ZKLOHPXWHGWKHYROXPH
6HWXS
$XWR7XQLQJ

 6FDQQLQJ&KDQQHO1XPEHU
 
&DQFHO
2.
&DQFHO





9ROXPH8SEXWWRQ
9ROXPH'RZQEXWWRQ
7KH9ROXPH,QGLFDWRU



ޓޓޓޓޓ


ޓޓޓޓޓޓ૕ᢥ

ޓޓޓޓޓ❥㜚ᢥ

ޓޓޓޓޓ


ޓޓޓޓޓ

ޓޓޓޓޓᣣᧄ⺆

9ROXPH8S'RZQEXWWRQ
0XWHEXWWRQ
29VJ22KPFF 
background

(1*/,6+
%$6,&23(5$7,21FRQWLQXHG
,QSXW6ZLWFKLQJWR79$9a+'0,DQG5*%
%\SUHVVLQJ,QSXW6HOHFWEXWWRQ\RXFDQVZLWFKWKHLQSXW
7
RZDWFKDFWXDOEURDGFDVWSUHVV,QSXW6HOHFWEXWWRQRQWKHFRQWUROSDQHO
WKHQXPHULFEXWWRQVRU&KDQQHO8S'RZQEXWWRQRQWKHUHPRWHFRQWURO
7RGLVSOD\WKHLPDJHRXWSXWWLQJIURPWKHH[WHUQDOHTXLSPHQWV
FRQQHFWHGWRHDFKWHUPLQDO$9a+'0,DQG5*%VHOHFW
FRUUHVSRQGLQJPRGH
3UHVV,QSXW6HOHFWEXWWRQVRQWKHUHPRWHFRQWURO
7KH,QSXWPRGHVFDQEHDOVRVZLWFKHGE\XVLQJ,QSXW6HOHFWEXWWRQ
RQWKHFRQWUROSDQHO
(DFKWLPHWKLVEXWWRQLVSUHVVHGWKHVFUHHQGLVSOD\VFRUUHVSRQGLQJ
PRGHE\IROORZLQJRUGHU
    

7RGLUHFWO\JREDFNWR79PRGHSUHVVLQJFKDQQHO8S'RZQEXWWRQVRQ
HLWKHUUHPRWHFRQWURORUWKHFRQWUROSDQHO
$OVR\RXFDQXVHWKHQXPHULFEXWWRQVRQWKHUHPRWHFRQWURO
,QSXW6LJQDO6FUHHQ'LVSOD\
7KH LQSXW VLJQDO VWDWXV FDQ EH GLVSOD\HG RQ WKH VFUHHQ E\
SUHVVLQJWKH
EXWWRQ
RIWKHUHPRWHFRQWURO
7KHGLVSOD\ZLOOJRRXWLQDSSUR[LPDWHO\VHFRQGV
&KDQQHO8SEXWWRQ
&KDQQHO'RZQEXWWRQ
,QSXW6HOHFW





,QSXW6HOHFWEXWWRQV
&KDQQHO
8S'RZQEXWWRQ




2IIWLPHU
2QWLPHU
79SRVLWLRQ
1DPH
6RXQGPRGH
79





2IIWLPHU
2QWLPHU
,QSXWPRGH
6LJQDOPRGH
9,'(2






2IIWLPHU
2QWLPHU
,QSXWPRGH
,QSXWKRUL]RQWDOIUHTXHQF\
,QSXWYHUWLFDOIUHTXHQF\
5*%
5(&$//
EXWWRQ
29VJ22KPFF 
background

0(1823(5$7,21
+RZWRXVHWKH2Q6FUHHQ'LVSOD\26'V\VWHP
:LWKWKH2Q6FUHHQ'LVSOD\V\VWHP\RXFDQDFFHVVWKHYDULRXVNLQGVRIWKHIHDWXUHVDQGIXQFWLRQVLQWKLVSURGXFW
%DVLF2SHUDWLRQ

3UHVV

EXWWRQRQWKHUHPRWHFRQWURORU0HQXEXWWRQRQWKHFRQWUROSDQHO
RIWKHXQLW7KH0DLQ0HQXLVGLVSOD\HGRQWKHVFUHHQDVVKRZQRQWKHULJKW

7RVHOHFWWKHLWHPSUHVVŸRUźEXWWRQV
7KHVHOHFWHGLWHPZLOOEHKLJKOLJKWHGLQ*UHHQ
3UHVV

EXWWRQWRVHW\RXUVHOHFWLRQ
7KHVHOHFWHGPHQXSDJHZLOOEHGLVSOD\HGRQWKHVFUHHQ
8VHŸRUźEXWWRQVWRFKRRVHWKHLWHPRQWKH0(18SDJH
3UHVV

EXWWRQWRVHW\RXUVHOHFWLRQ
8VHŻRUŹEXWWRQVWRDGMXVWWKHLWHPYDOXHVRUFKRRVHRSWLRQV
3UHVV

EXWWRQWRVHW\RXUVHOHFWLRQ
7RH[LWIURPWKHPHQXSUHVV

EXWWRQ

7KH26'PHQXVFUHHQZLOOEHFORVHGDXWRPDWLFDOO\ZKHQQRRSHUDWLRQKDV
EHHQPDGHIRUDERXWRQHPLQXWH
/DQJXDJH0HQX
6HOHFWWKHODQJXDJHIURPWKHOLVWVRWKDW\RXFDQGLVSOD\WKH26'PHQXLQWKHVHOHFWHGODQJXDJH
+RZWRVHW/DQJXDJH
(QWHUWKH³/DQJXDJH´PHQXIURPWKH0DLQ0HQX
6HOHFWWKHDSSURSULDWHODQJXDJHZLWKŸRUźEXWWRQIURPWKHOLVW
7KHVHOHFWHGLWHPZLOOEHKLJKOLJKWHGLQ*UHHQ
3UHVV

EXWWRQWRVHW\RXUVHOHFWLRQ
7KHEODFNGRWLVPDUNHGLQVLGHRIWKHFLUFOHZKHQWKHVHOHFWLRQLV¿[HG
3UHVV

EXWWRQWRH[LWIURPWKHHQWLUH26'PHQX
0DLQ0HQX!











0HQXEXWWRQ


ޓޓޓޓޓ


ޓޓޓޓޓޓ૕ᢥ

ޓޓޓޓޓ❥㜚ᢥ

ޓޓޓޓޓ


ޓޓޓޓޓ

ޓޓޓޓޓᣣᧄ⺆

0HQXEXWWRQ
29VJ22KPFF 
background

(1*/,6+
0(1823(5$7,21FRQWLQXHG
6HWXS0HQX79PRGH
:LWKWKLVPHQX\RXFDQDFFHVVYDULRXVNLQGVRIIHDWXUHVUHODWLQJWR79FKDQQHOVHWWLQJV
6HOHFWHG,WHPV 6HWXSKLQW
$XWR7XQLQJ
0RGH
3RVLWLRQ
6HOHFWWKHZD\WRGLVSOD\WKHFKDQQHOVRQWKHVFUHHQ
7KHSRVLWLRQQXPEHUVDUHGLVSOD\HGRQWKHVFUHHQ
a$9
'LUHFW
7KHFKDQQHOQXPEHUaDUHGLVSOD\HGDV&
DQGWKH
FKDQQHOQXPEHUaDUHGLVSOD\HGDV6
6HDUFK
7XQHWKHORFDOFKDQQHOVDXWRPDWLFDOO\
3UHVV

EXWWRQWRVWDUWVHDUFKLQJ
0DQXDO7XQLQJ
3RVLWLRQ
3UHVVFKDQQHOXSGRZQEXWWRQVWRLQSXWSRVLWLRQ
QXPEHUa$9RUFKDQQHOQXPEHU&
RU6 
)UHTXHQF\
:KHQ$XWR7XQLQJ0RGHLVVHWWR>SRVLWLRQ@VHDUFKWKH
IUHTXHQF\E\XVLQJŻŹEXWWRQV
:KHQ$XWR7XQLQJ0RGHLVVHWWR>'LUHFW@WKLVIXQFWLRQLV
QRWDYDLODEOHJUD\HGRXW
1DPH
0RYHWKHFXUVRUWRWKH¿UVWGLJLWDQGVHOHFWWKHOHWWHUV
ZLWKŸźEXWWRQV
0RYHWRWKHQH[WGLJLWZLWKŹEXWWRQ
3UHVV

EXWWRQDJDLQZKHQ\RX¿QLVKLQSXWWLQJDOOWKH
OHWWHUV
7KHVHOHFWDEOHOHWWHUVDUHDVIROORZV³´a´´³$´a´=´³´
³´EODQN³´GLVSOD\HGDVEODQNDQG³´SHULRG
6RXQG
6\VWHP
$XWR
6HOHFWWKHVRXQGV\VWHPIURPGLIIHUHQWPRGHV
0
%*
,
'.
,QIRUPDWLRQ
$9LVXVHIXOZKHQFRQQHFWLQJWRHTXLSPHQWVVXFKDV9&5ZKLFKLWVDQWHQQDWHUPLQDOFDQRXWSXWWKHVSHFL¿HG
FKDQQHOIUHTXHQF\






 

29VJ22KPFF 
background
0(1823(5$7,21FRQWLQXHG
6HWXS0HQX79PRGHFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
0DQXDO7XQLQJ
&RORU
6\VWHP
$XWR
6HOHFWFRORUV\VWHPIURPGLIIHUHQWPRGHV
3$/
6(&$0
176&
176&
6NLS
2II
,WDOORZV\RXWRVNLSXQUHJLVWHUHGFKDQQHOVDXWRPDWLFDOO\
ZKHQ\RXXVHFKDQQHOXSGRZQEXWWRQVWRVHOHFW
FKDQQHOV
5HJDUGLQJWKHXQDYDLODEOHFKDQQHOVWKLVIXQFWLRQZLOOEH
VHWWR>2Q@DXWRPDWLFDOO\WRVNLS
2Q
15
2I
I
7KHQRLVHRQWKHVFUHHQRULQWHUIHUHQFHFRXOGEHUHGXFHG
HVSHFLDOO\DWWKHDUHDRIZHDNHOHFWULF¿HOG
2Q
$QWHQQD$WW
2II
7KHQRLVHRQWKHVFUHHQRULQWHUIHUHQFHFRXOGEHUHGXFHG
LQFDVHWKDWWKHUHFHLYLQJDLUZDYHVDUHWRRVWURQJ
7KHVHOHFWLRQRQWKLVLWHPLVDSSOLHGWRDOOWKHFKDQQHOV
2Q
)LQH7XQLQJ a
Ź,QFUHDVHWKHIUHTXHQF\GDWDIRUWKHPDLQWXQHU
Ż'HFUHDVHWKHIUHTXHQF\GDWDIRUWKHPDLQWXQHU
6RUW
<RXFDQFKDQJHWKHRUGHURIFKDQQHOVDVIROORZV
0RYHWKHFXUVRUWRWKH&KDQQHOURZ\RXZDQWWR
FKDQJHRUGHUDQGWKHQSUHVV
EXWWRQ
7KHFRORURIWKHOHWWHUVRQWKHGHVLJQDWHGOLQHZLOOEH
WXUQHGLQWRJUHHQEUDFNHWDQGZLWK>@
0RYHWKHGHVLJQDWHGURZE\XVLQJŸźEXWWRQV
3UHVV
EXWWRQWR¿[WKHSRVLWLRQ
7KLVIXQFWLRQLVQRWDYDLODEOHJUD\HGRXWZKHQWKH$XWR
7XQLQJ0RGHLVVHWWR>'LUHFW@
7HOHWH[W/DQJXDJH
6HOHFW7HOHWH[W/DQJXDJHIURPGLIIHUHQWFDWHJRULHV:HVW
(XURSH(DVW(XURSH&\ULOOLFDQG$UDELFDFFRUGLQJWR
WKHDUHD
([DPSOH
:HVW(XURSH $VLDQFRXQWULHVZKHUHWKH7HOHWH[W
LVEURDGFDVWLQJLQ(QJOLVKVXFKDV
6LQJDSRUH$XVWUDOLDDQG0DOD\VLD
(DVW(XURSH 3RODQG6ZHGHQ+XQJDU\
&\ULOOLF 5XVVLD
$UDELF $UDEFRXQWULHV
$XWR2II
2I
I
:KHQQRDLUZDYHKDVEHHQUHFHLYHGDQGQRRSHUDWLRQ
KDVEHHQPDGHIRUPLQXWHVLQ79PRGHLWWXUQVWR
VWDQGE\PRGHDXWRPDWLFDOO\
2Q
29VJ22KPFF 
background
(1*/,6+
0(1823(5$7,21FRQWLQXHG
6HWXS0HQX$9PRGH
:LWKWKLVPHQX\RXFDQVHOHFWRUDGMXVWWKHFRQGLWLRQRIWKHLQSXWVLJQDOVIURPHDFKWHUPLQDO
6HOHFWHG,WHPV 6HWXSKLQW
6\VWHP
6\VWHP
'RQRWFKDQJHWKHRULJLQDOVHWWLQJ
6\VWHP(XURSH$VLD6\VWHP1RUWK$PHULFD
&RPSRVLWHDQG6YLGHRLQSXWRQO\
6\VWHP
&RORU
V\VWHP
$9a$9
6\VWHP
$XWR
6HOHFWWKHFRORUV\VWHPGHSHQGLQJRQWKHLQSXWVLJQDO
*HQHUDOO\VHOHFW>$XWR@
,QFDVHWKDWWKHLQSXWVLJQDOKDVWRRPXFKQRLVHWKH
VLJQDOOHYHOLVWRRORZRUWKHRSHUDWLRQLVXQVWDEOHLQ
>$XWR@VHOHFWWKHV\VWHPDFFRUGLQJWRWKHFRORUV\VWHP
RIWKHLQSXWVLJQDO
&RPSRVLWHDQG6YLGHRLQSXWRQO\
3$/
6(&$0
176&
176&
6\VWHP
$XWR
176&0
3$/0
3$/1
9LGHR
,QSXW
$9$9
$XWR
6HOHFWWKHFRORULPHWU\GHSHQGLQJRQWKHLQSXWVLJQDO
*HQHUDOO\VHOHFW>$XWR@
,QFDVHWKDWWKHLQSXWVLJQDOKDVWRRPXFKQRLVHWKH
VLJQDOOHYHOLVWRRORZRUWKHRSHUDWLRQLVXQVWDEOHLQ
>$XWR@VHWWKLVWRPDWFKWKHLQSXWVLJQDO
&RPSRQHQW,QSXWRQO\
+'79
6'79'9'
 



29VJ22KPFF 
background
0(1823(5$7,21FRQWLQXHG
6HWXS0HQX5*%PRGH
:LWKWKLVPHQX\RXFDQDGMXVWWKHGLVSOD\FRQGLWLRQRIWKHLPDJHZKLFKLVLQSXWWLQJIURPWKH5*%WHUPLQDOV
%\SUHVVLQJźEXWWRQDWWKHERWWRPRIWKHVW6HWXSPHQXSDJHWKHQG6HWXSPHQXSDJHZLOODSSHDURQWKHVFUHHQ
6HOHFWHG,WHPV 6HWXSKLQW
$XWR$GMXVW
$GMXVW+RUL]RQWDO3RVLWLRQ9HUWLFDO3RVLWLRQ+RUL]RQWDO
&ORFNDQG&ORFN3KDVHDXWRPDWLFDOO\
3UHVV

EXWWRQWRVWDUWDXWRDGMXVWPHQW
7KHPHVVDJH³$XWR$GMXVWLQJ´LVGLVSOD\HG
'HSHQGLQJRQWKHW\SHRIWKHVLJQDOWKHUHLVDSRVVLELOLW\
WKDWWKHGLVSOD\PD\QRWEHDGMXVWHGLQLWVRSWLPXP
FRQGLWLRQZLWKWKLVIXQFWLRQ,QWKDWFDVHSOHDVHDGMXVW
HDFKLWHPPDQXDOO\
+RUL]RQWDO3RVLWLRQ a
$GMXVWWKHGLVSOD\SRVLWLRQKRUL]RQWDOO\
:KHQWKHSRVLWLRQH[FHHGVWKHSRVVLEOHUDQJHWKH
GLVSOD\FRORUZLOOWXUQLQWR0DJHQWD
9HUWLFDO3RVLWLRQ a
$GMXVWWKHGLVSOD\SRVLWLRQYHUWLFDOO\
:KHQWKHSRVLWLRQH[FHHGVWKHSRVVLEOHUDQJHWKH
GLVSOD\FRORUZLOOWXUQLQWR0DJHQWD
+RUL]RQWDO&ORFN a 0LQLPL]HWKHYHUWLFDOVWULSHVRQWKHVFUHHQ
&ORFN3KDVH a
0LQLPL]HWKHEOXUULQJRIWKHOHWWHUVDQGVWULSHVRQKRUL]RQ
WDOURZ
0DNHVXUHWRDGMXVW+RUL]RQWDO&ORFN¿UVWEHIRUH
DGMXVWLQJ&ORFN3KDVH
5HVHW
5HVHWDOOWKHVHWYDOXHVRQWKLV0HQXSDJHWRRULJLQDOIDF
WRU\VHWWLQJV

 
 

 !
 
 

"#
#"$ 
 #%!% 
% 
 
 "" 
 #% 
"""#
29VJ22KPFF 
background
(1*/,6+
0(1823(5$7,21FRQWLQXHG
6HWXS0HQX5*%PRGHFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
,QSXW/HYHO
9
1RUPDOO\VHOHFW>9@
6HOHFW>9@RQO\ZKHQWKHZKROHGLVSOD\EHFRPHVWRR
ZKLWH
9
)UHTXHQF\'LVSOD\
2II
6HOHFWZKHWKHULQGLFDWLQJWKH3&VLJQDOIUHTXHQF\LQIRU
PDWLRQRQ,QSXW6LJQDO6FUHHQ'LVSOD\RUQRW
2Q
:9*$7\SH
2II
,WDOORZV\RXWRVZLWFKGLVSOD\VL]HWR>)XOO@DQG>5HDO@6HH
³6L]H6ZLWFKLQJ´RQ

IRUWKHGHWDLOV
7KLVIXQFWLRQLVDYDLODEOHRQO\IRU:9*$VLJQDO
5HIHUWR³5HFRPPHQGHG6LJQDO/LVW´RQ

2Q
:;*$0RGH
2II
7KLVIXQFWLRQLVDYDLODEOHRQO\IRU:;*$VLJQDO
5HIHUWR³5HFRPPHQGHG6LJQDO/LVW´RQ

[
[
9HUWLFDO)LOWHU
2II
5HGXFHWKHÀLFNHUVRQWKHVFUHHQZKHQVHWWR>2Q@
2Q
)UHTXHQF\0RGH
3&
6HOHFW>0RYLH@ZKHQ\RXVHHWKHPRYLQJLPDJHRQ3&
0RYLH
,QIRUPDWLRQ
7KHLWHPVLQGLFDWHGE\³
´FDQEHDXWRPDWLFDOO\VWRUHGWKHVHWWLQJGHSHQGLQJRQWKHVLJQDOPRGH
7KHVLJQDOPRGHLVLGHQWL¿HGE\WKH+RUL]RQWDO9HUWLFDOIUHTXHQF\DQGWKHV\QFVLJQDOSRODULW\ZKLFKKDVDOPRVW
VDPHYDOXHVLQDOOWKHDERYHLWHPVPLJKWEHUHJDUGHGDVWKHVDPHVLJQDO
7KHLWHP³$XWR$GMXVW´FDQQRWEHVWRUHG3UHVV

WRVWDUWDXWRDGMXVWPHQWDVQHHGHG
29VJ22KPFF 
background

0(1823(5$7,21FRQWLQXHG
)XQFWLRQ0HQX
7KLVPHQXSURYLGHVYDULRXVZD\VWRSURWHFW\RXUSDQHOUHGXFHSRZHUFRQVXPSWLRQDQGVHWXSXWLOL]LQJWKHXVHIXO
IXQFWLRQVVXFKDV)UHH]H0RGHDQG3KRWR,QSXW
6HOHFWHG,WHPV 6HWXSKLQW
6FUHHQ6DYHU
2II
7KLVLVRQHRIWKHLQLWLDWLYHVWRUHGXFHLPDJHUHWHQWLRQE\
PRYLQJWKHGLVSOD\LQJVFUHHQVOLJKWO\DWVHWLQWHUYDO<RX
FDQVHOHFWWKHLQWHUYDOZLWKFXUVRUEXWWRQ
0LQ
0LQ
0LQ
0LQ
0LQ
6FUHHQ:LSH
2Q
7KLVGLVSOD\VWKHZKLWHSDWWHUQWRUHFRYHUIURPWKHLPDJH
UHWHQWLRQ
2Q&RQWLQXRXV2SHUDWLRQ
0LQ/LPLWHG2SHUDWLRQIRUPLQXWHV
0LQ
%ODFN6LGH3DQHO
2II
7KLVFDQFKDQJHWKHFRORURIVLGHEDUVVKRZLQJXSLQ
QRUPDOPRGH2IIJUD\2QEODFN
,WLVUHFRPPHQGHGWRVHW2IIWRUHGXFHLPDJHUHWHQWLRQ
3OHDVHQRWHWKDWLWLVQRWDYDLODEOHZKLOHRSHUDWLQJ3KRWR
,QSXWIXQFWLRQ
2Q
9LGHR3RZHU6DYH
2II
'XULQJ$9LQSXWWKLVKHOSVWRUHGXFHSRZHUFRQVXPSWLRQ
ZKHQWKHUHLVQRYLGHRVLJQDO,QFDVHRIVHOHFWLQJ$9
LQSXWWHUPLQDOZKLFKGRHVQRWKDYHVLJQDOLQSXWLWFKDQJHV
WKHSRZHUVWDWXVWRSRZHUVDYHPRGHLQ$9$9DQG
VWDQGE\PRGHLQRWKHU$9LQSXW6HH

LQGHWDLOV
2Q
)UHH]H0RGH
6SOLW
7KLVLVWKHXVHIXOIXQFWLRQWRZDWFKWKHSURJUDPLQERWK
VWLOODQGDFWLYHSLFWXUHV6HH

LQGHWDLOV
6SOLWKDOIVL]HGLPDJHV
6WUREHWKXPEQDLOVL]HGLPDJHV
6WUREH
'HIDXOW=RRP
3DQRUDPLF
<RXFDQVHWWKHGLVSOD\VL]HIRU79$9LQSXWVFUHHQ
DSSHDULQJ¿UVWZKHQWXUQLQJWKHPDLQSRZHU2Q
)XOO
(FR0RGH
2II
7KLVFDQUHGXFHWKHSRZHUFRQVXPSWLRQ
2Q
#"
 $ 
 
 
% $ 
 & "
#"  
 
# 
"#&
!" !"
"""#



 
 

 

29VJ22KPFF 
background
(1*/,6+
0(1823(5$7,21FRQWLQXHG
)XQFWLRQ0HQXFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
/XPLQDQFH0DQDJHU
2II
7KLVKHOSVWRDYRLGWKHLPDJHUHWHQWLRQVXFKDVVWDWLRQ
ORJRE\ORZHULQJWKHEULJKWQHVVRIFRUQHUV
2Q
3LFWXUH6L]H
,QFDVHWKDWWKHLPDJHIURP79VLJQDOHVSHFLDOO\&$79KDV
DEODFNHQHGJDSLQHLWKHURUERWKVLGHGXULQJ3DQRUDPLF
PRGHVHOHFW>@VRWKDWLWFDQPDNHXSIRUWKHJDS
7KLVLV
QRWDYDLODEOH
ZKHQGLVSOD\LQJ
³&LQHPD´VL]H
7KLVLVQRWDYDLODEOHH[FHSW5)FRPSRVLWHDQG
FRPSRQHQWLLLQSXWJUD\RXW
5HVHW
(DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKH
RULJLQDOIDFWRU\VHWWLQJVE\SUHVVLQJ
EXWWRQ
%DFNJURXQG
7KLVLVDYDLODEOHRQO\IRU3KRWR,QSXWIXQFWLRQ6ZLWFKWKH
SDWWHUQRIEDFNJURXQG6HHGHWDLOVRQ

6OLGH(IIHFW
2II
7KLVLVDYDLODEOHRQO\IRU3KRWR,QSXWIXQFWLRQ<RXFDQ
VHOHFWWKHPHWKRGRIVZLWFKLQJVOLGHVGXULQJVOLGHVKRZ
6HHGHWDLOVRQ

6OLGH,QWHUYDO
6HF
7KLVLVDYDLODEOHRQO\IRU3KRWR,QSXWIXQFWLRQ<RXFDQ
VHOHFWWKHLQWHUYDOWLPHIRUVZLWFKLQJVOLGHVGXULQJVOLGH
VKRZ6HHGHWDLOVRQ

6HF
6HF
6OLGH0XVLF
2II
7KLVLVDYDLODEOHRQO\IRU3KRWR,QSXWIXQFWLRQ<RXFDQ
VHOHFWWKHSUHIHUUHG%DFNJURXQG0XVLFGXULQJVOLGHVKRZ
6HHGHWDLOVRQ

6OLGH0RGH
7KLVLVDYDLODEOHRQO\IRU3KRWR,QSXWIXQFWLRQ<RXFDQ
VHOHFWZKHUHWRVWDUWWKHVOLGHVKRZ6HHGHWDLOVRQ

5HVHW
(DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKH
RULJLQDOIDFWRU\VHWWLQJVE\SUHVVLQJ
EXWWRQ
,QIRUPDWLRQ
7KHLWHP³6FUHHQ:LSH´FDQQRWEHVWRUHG
6HOHFW³2Q´RU³0LQ´WRFRQGXFWWKLVIXQFWLRQDVQHHGHG
29VJ22KPFF 
background
0(1823(5$7,21FRQWLQXHG
3LFWXUH0HQX79$9PRGH
,QWKLVPHQX\RXFDQPDNHVSHFL¿FDGMXVWPHQWVIRUWKHSLFWXUHEDVHGRQ\RXUSUHIHUHQFH
%\SUHVVLQJźEXWWRQDWWKHERWWRPRIHDFKPHQXSDJHWKHQH[W3LFWXUHPHQXSDJHZLOODSSHDURQWKHVFUHHQ
6HOHFWHG,WHPV 6HWXSKLQW
3LFWXUH0RGH
'\QDPLF
<RXFDQPDNHWKHEHWWHUVHOHFWLRQIURPPRGHV
GHSHQGLQJRQWKHOLJKWLQJFRQGLWLRQDQGLQWHQGHGXVH
'\QDPLF6XLWDEOHIRUWKHEULJKWHUFRQGLWLRQV
1DWXUDO6XLWDEOHIRUWKHQRUPDOOLJKWLQJFRQGLWLRQ
&LQHPD6XLWDEOHIRUZDWFKLQJPRYLH
1DWXUDO
&LQHPD
&RQWUDVW




7KLVDGMXVWVWKHFRQWUDVWWRPHHWWKHOLJKWLQJHQYLURQPHQW
E\XVLQJŻŹ
7KHPD[LPXPYDOXHFDQEHH[WHQGHGWR>@E\
SUHVVLQJDQGKROGLQJŹEXWWRQDW>@ZKLFKFKDQJHV
WKHFRORUEHWZHHQWKRVHQXPEHUVIURPJUHHQWR
PDJHQWD7KLVLVWKHVSHFLDOIHDWXUHSUHSDUHGIRUWKH
GDUNVFHQH$WWKHQRUPDOFRQGLWLRQLWLVUHFRPPHQGHG
WRVHWWKHYDOXHOHVVWKDQ>@
%ULJKWQHVV 

:LWKWKLVIXQFWLRQEODFNLVDGMXVWHGWRFKDQJHWKHRYHUDOO
EULJKWQHVVE\XVLQJŻŹ
&RORU 

,WFDQDGMXVWFRORUGHQVLW\EDVHGRQ\RXUSUHIHUHQFHE\
XVLQJŻŹ
6KDUSQHVV 

3UHIHUUHGVKDUSQHVVFDQEHDGMXVWHGE\SUHVVLQJŻ
EXWWRQIRU6RIWHULPDJHRUŹEXWWRQIRU6KDUSHULPDJH
7LQW 

3UHVVLQJŻEXWWRQHQKDQFHVUHGDQGZHDNHQVJUHHQ
ZKLOHSUHVVLQJŹEXWWRQZHDNHQVUHGDQGHQKDQFHV
JUHHQ7KHVHWXSKLQWLVDGMXVWLQJIRUWKHUHDOLVWLFVNLQ
FRORU
&RORU7HPSHUDWXUH
&RRO
<RXFDQVHOHFWIURPVHWWLQJVGHIDXOWGHSHQGLQJRQWKH
FRORUFRQGLWLRQZLWKŻŹEXWWRQV
1RUPDO
:DUP
%ODFN:KLWH
 !
 ! "
   
 #

 
 
 ! 
   
 
   !
#$! %
 
 
  
 #! 
 
 
# 
$#   ! 
"# "#
###$!





29VJ22KPFF 
background

(1*/,6+
0(1823(5$7,21FRQWLQXHG
3LFWXUH0HQX79$9PRGHFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
&RQWUDVW0RGH
'\QDPLF
,WDOORZV\RXWRFKRRVHIURPPRGHV
'\QDPLF6KDUSHQWKHJUDGDWLRQWRLPSURYHWKHFRQWUDVW
IHHOLQJ
1RUPDO5HSURGXFHDVIDLWKIXOJUDGDWLRQDVSRVVLEOH
$XWR$GMXVWWRQDWXUDOEULJKWQHVVZLWKRXWEOXUUHGZKLWHE\
GHWHFWLQJWKHEULJKWSDUWVRQLPDJHV
1RUPDO
$XWR
5HVHW
(DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKH
RULJLQDOIDFWRU\VHWWLQJVE\SUHVVLQJ

EXWWRQ
<15
2II
7KLVLVDQRLVHUHGXFWLRQV\VWHPIRUSLFWXUHVLJQDO/RZ
+LJK
&15
2II
7KLVLVDQRLVHUHGXFWLRQV\VWHPIRUFRORUVLJQDO/RZ
+LJK
)LOP0RGH
2II
2Q$XWRPDWLFDOO\LGHQWLI\LILWLVWKHPRYLH¿OPDQG
IDLWKIXOO\UHSURGXFHVWKHRULJLQDO¿OPLPDJHV
2II6HWWR2IILIWKHLPDJHGRHVQRWORRNQDWXUDOGXULQJ
WXUQLQJRQ
2Q
'&RPE)LOWHU
2I
I
7KLVLVDYDLODEOHRQO\ZKHQUHFHLYLQJ176&3$/
FRPSRVLWHVLJQDO7KLVUHGXFHVWKHGRWDQGFRORUEOXUULQJ
LQPLQXWHVFDOHVVRWKDWLWFDQUHSURGXFHSXUHUFRORU
/RZ
+LJK
/7,
2II
$GMXVWVWKHVKDUSQHVVRIWKHSLFWXUHVLJQDOV
/RZ
0LGGOH
+LJK
&7,
2II
$GMXVWVWKHVKDUSQHVVRIWKHFRORUVLJQDO
/RZ
0LGGOH
+LJK
%ODFN(QKDQFHPHQW
2I
I
$GMXVWVWKHEODFNOHYHOFRPSHQVDWLRQ
/RZ
0LGGOH
+LJK
$XWR&RORU
2II
7KLVPRQLWRUVDQGDGMXVWVWKHFRORUWRPDLQWDLQFRQVWDQW
FRORUOHYHOV,WDOVRPDLQWDLQVQDWXUDOÀHVKWRQHVZKLOH
SUHVHUYLQJ¿GHOLW\RIEDFNJURXQGFRORUV7KLVLVDYDLODEOH
RQO\ZKHQUHFHLYLQJDQ176&FRPSRVLWHDQG69
LGHR
VLJQDO
2Q
5HVHW
(DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKH
RULJLQDOIDFWRU\VHWWLQJVE\SUHVVLQJ

EXWWRQ
29VJ22KPFF 
background

0(1823(5$7,21FRQWLQXHG
3LFWXUH0HQX79$9PRGHFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
&RORU7HPS$GMXVW
2Q
$PSOLWXGH
2Q:KHQ\RXZDQWWRVHWVSHFL¿FDGMXVWPHQWVLQHDFKRI
WKH&RORU7HPSHUDWXUHPRGHV<RXFDQDGMXVWRQ
WKHDPSOLWXGHDQGFXWRII7KHVHWWLQJVUHÀHFWRQWKH
&RORU7HPSHUDWXUH
$PSOLWXGHVXEGXHWKHIROORZLQJFRORUVRQWKHEULJKWHU
SDUWV
&XWRIIVXEGXHWKHIROORZLQJFRORUVRQWKHGDUNHU
SDUWV
2I
I5HPDLQVDVGHIDXOWVHWWLQJ
5HG
*UHHQ
%OXH
&XWRII
5HG
*UHHQ
%OXH
2II
&RORU0DQDJHPHQW
2Q
0DJHQWD
2Q7XUQ2QWRDGMXVWWKHEDODQFHRIHDFKFRORUV
GHSHQGLQJRQWKHXVHU¶VSUHIHUHQFH7KHVHWWLQJV
UHÀHFWLQHDFKRIWKH&RORU7HPSHUDWXUHPRGHV
2II5HPDLQVDVGHIDXOWVHWWLQJ
5HG
<HOORZ
*UHHQ
&\DQ
%OXH
2I
I
&RORU'HFRGLQJ
5*%5*%
7KLVFDQDGMXVW5*%OHYHODQGWLQWWRPDNHWKHFRORU
DSSHDUQDWXUDOO\IRUWKHXVHU¶VDSSHDUDQFH
)LUVWVHOHFW5*%PXOWLSOHFRORUVFUHHQRU5*%VLQJOH
FRORUVFUHHQVWRFKHFNWKHFRORUGHFRGLQJHIIHFWVZKLOH
DGMXVWLQJ7KHQ\RXFDQDGMXVWWKHOHYHORIFRORUUHG
DQGJUHHQFRORULQWHQVLW\DQGWLQW3UHVV

WRVDYH
WKHVHWWLQJ7KHVHWWLQJVUHÀHFWLQHDFKRIWKH&RORU
7HPSHUDWXUHPRGHV
5HG
*UHHQ
&RORU
7LQW
,QIRUPDWLRQ
7KHLWHPVLQGLFDWHGE\³
´FDQEHVWRUHGWKHVHWWLQJIRUHDFKRILQSXWVDQGSLFWXUHPRGHV'\QDPLF1DWXUDO&LQHPD
<RXFDQHQMR\GLIIHUHQWVHWWLQJGHSHQGLQJRQWKHVHOHFWHGLQSXWVXFKDV9&5LQ$9
,QDGGLWLRQWKHLWHPVLQGLFDWHGE\³

´FDQEHVWRUHGWKHVHWWLQJIRUHDFKRIFRORUWHPSHUDWXUHPRGHV
29VJ22KPFF 
background

(1*/,6+
0(1823(5$7,21FRQWLQXHG
3LFWXUH0HQX5*%PRGH
,QWKLVPHQX\RXFDQPDNHVSHFL¿FDGMXVWPHQWVIRUWKH5*%SLFWXUHEDVHGRQ\RXUSUHIHUHQFH
6HOHFWHG,WHPV 6HWXSKLQW
&RQWUDVW
a
a
7KLVDGMXVWVWKHFRQWUDVWWRPHHWWKHOLJKWLQJHQYLURQPHQW
E\XVLQJŻŹ
7KHPD[LPXPYDOXHFDQEHH[WHQGHGWR>@E\
SUHVVLQJDQGKROGLQJŹEXWWRQDW>@ZKLFKFKDQJHV
WKHFRORUEHWZHHQWKRVHQXPEHUVIURPJUHHQWR
PDJHQWD7KLVLVWKHVSHFLDOIHDWXUHSUHSDUHGIRUWKH
GDUNVFHQH$WQRUPDOFRQGLWLRQLWLVUHFRPPHQGHGWR
VHWWKHYDOXHOHVVWKDQ>@
%ULJKWQHVV a
:LWKWKLVIXQFWLRQEODFNLVDGMXVWHGWRFKDQJHWKHRYHUDOO
EULJKWQHVVE\XVLQJŻŹ
&RORU a
,WFDQDGMXVWFRORUGHQVLW\EDVHGRQ\RXUSUHIHUHQFHE\
XVLQJŻŹ
7
LQW a
3UHVVLQJŻEXWWRQHQKDQFHVUHGDQGZHDNHQVJUHHQ
ZKLOHSUHVVLQJŹEXWWRQZHDNHQVUHGDQGHQKDQFHV
JUHHQ7KHVHWXSKLQWLVDGMXVWLQJIRUWKHUHDOLVWLFVNLQ
FRORU
3LFWXUH(QKDQFHPHQW
2I
I
<RXFDQVHOHFWWKHSUHIHUUHGVKDUSQHVVRQGHWDLOHGSDUWV
/RZ
0LGGOH
+LJK
&RORU7HPSHUDWXUH
&RRO
<RXFDQVHOHFWIURPVHWWLQJVGHIDXOWGHSHQGLQJRQWKH
OLJKWLQJFRQGLWLRQZLWKŻŹEXWWRQV
1RUPDO
:DUP
%ODFN:KLWH
#$!
#!"# 
!#"" %
!
# 

#$!#

!!#$! !
!$"#
"# "#
###$!
29VJ22KPFF 
background

0(1823(5$7,21FRQWLQXHG
3LFWXUHPHQX5*%PRGHFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
&RORU7HPS$GMXVW
2Q
$PSOLWXGH
2Q:KHQ\RXZDQWWRVHWVSHFL¿FDGMXVWPHQWVLQHDFKRI
WKH&RORU7HPSHUDWXUHPRGHV<RXFDQDGMXVWRQ
WKHDPSOLWXGHDQGFXWRII7KHVHWWLQJVUHÀHFWRQWKH
&RORU7HPSHUDWXUH
$PSOLWXGHVXEGXHWKHIROORZLQJFRORUVRQWKHEULJKWHU
SDUWV
&XWRIIVXEGXHWKHIROORZLQJFRORUVRQWKHGDUNHU
SDUWV
2I
I5HPDLQVDVGHIDXOWVHWWLQJ
5HG
*UHHQ
%OXH
&XWRII
5HG
*UHHQ
%OXH
2II
5HVHW
(DFKLWHPRQWKLVPHQXVFUHHQFDQEHUHVWRUHGWRWKHRULJLQDOIDFWRU\VHWWLQJV
E\SUHVVLQJ

EXWWRQ
,QIRUPDWLRQ
7KHUHLVDXVHIXOIXQFWLRQWRDXWRPDWLFDOO\VWRUHWKHVHWWLQJRQPHQXLQDOPRVWHYHU\LWHPVRWKDW\RXGRQRWKDYHWR
UHVHWHYHU\WLPH)XUWKHUPRUHWKHIROORZLQJLWHPVFDQEHVWRUHGPRUHVSHFL¿FDOO\
,QDGGLWLRQWKHLWHPVLQGLFDWHGE\³

´FDQEHVWRUHGWKHVHWWLQJIRUHDFKRIFRORUWHPSHUDWXUHPRGHV
29VJ22KPFF 
background

(1*/,6+
0(1823(5$7,21FRQWLQXHG
$XGLR0HQX
:LWKWKLVPHQX\RXFDQDGMXVWDQGFXVWRPL]HWKHDXGLRFRQGLWLRQDV\RXOLNH
<RXFDQPRYHRQWRWKHQH[WPHQXVFUHHQE\SUHVVLQJźEXWWRQDWWKHERWWRP
6HOHFWHG,WHPV 6HWXSKLQW
$XGLR0RGH
0RYLH
<RXFDQVHOHFWWKHPRVWVXLWDEOHVRXQGFRQGLWLRQIURP
DOWHUQDWLYHVDFFRUGLQJWRWKHFRQWHQWV
,I\RXZDQWWRDGMXVWHDFKLWHPYDOXHEDVHGRQ\RXU
SUHIHUHQFHVHOHFW³)DYRULWH´
0XVLF
6SHHFK
)DYRULWH
7UHEOH a $GMXVWWKH7UHEOHRIWKHVRXQG
%DVV a $GMXVWWKH%DVVRIWKHVRXQG
%DODQFH a
$GMXVWWKHEDODQFHRIWKHVRXQGFRPHVRXWIURPULJKWDQG
OHIWVLGHRIWKHVSHDNHUV
656
2I
I
7KLVV\VWHPJLYHV\RXWKHG\QDPLF'VRXQG6HOHFWLW
GHSHQGLQJRQ\RXUSUHIHUHQFH
1RUPDO
:LGH
7UX%DVV
2II
7UX%DVVJLYHV\RXWKHHQFKDQFHGEDVVVRXQG
6HOHFWLWGHSHQGLQJRQ\RXUSUHIHUHQFH
/RZ
+LJK
%%(
2I
I
%%(+LJK'H¿QLWLRQ6RXQGUHVWRUHVFODULW\DQGSUHVHQFH
IRUEHWWHUVSHHFKLQWHOOLJLELOLW\DQGPXVLFDOUHDOLVP
6HOHFWLWGHSHQGLQJRQ\RXUSUHIHUHQFH
/RZ
+LJK
3HUIHFW9ROXPH
2II
,WZLOODXWRPDWLFDOO\DGMXVWWKHYROXPHWRLWVDYHUDJHOHYHO
HDFKWLPH\RXFKDQJHWKHFKDQQHO
2Q
,QWHUQDO6SHDNHU
2II
7KLVQHHGVWREHVZLWFKHGWR2I
IZKHQ\RXZDQWWRWDNH
DXGLRIURPH[WHUQDOHSXLSPHQW
,WQRUPDOO\VHWVWR2QZKHQ\RXRSHUDWHWKLVXQLWZLWKWKH
HTXLSSHGVSHDNHU
2Q
5HVHW
5HVHWDOOWKHVHWYDOXHVRQWKLV0HQX3DJHWRWKHRULJLQDO
IDFWRU\VHWWLQJV
$
$
%
! 
"" '


!
!$"" &
 &
!#$ 
#! ! 
"# "#
###$!









29VJ22KPFF 
background
0(1823(5$7,21FRQWLQXHG
$XGLR0HQXFRQWLQXHG
6HOHFWHG,WHPV 6HWXSKLQW
+HDGSKRQH9ROXPH a
,WDOORZV\RXWRDGMXVWWKHYROXPHRIWKHKHDGSKRQH7KH
VRXQGIURPWKHVSHDNHUZLOODXWRPDWLFDOO\VHWWR087(
ZKHQWKHKHDGSKRQHLVFRQQHFWHGWRWKHWHUPLQDO
+HDGSKRQH6HOHFW
$%
6HOHFWWKHHLWKHUVLGHRIWKHGLVSOD\WKDW\RXZDQWWRKHDU
WKHVRXQGZLWKKHDGSKRQHGXULQJSLFWXUHPRGH
6HH³0XOWL3LFWXUH0RGH´RQ

$%<RXFDQVHOHFWHLWKHUVLGH$OHIWVLGHRUVLGH
%ULJKWVLGHZKLFKWKHVRXQGFRPHVLQWRWKH
KHDGSKRQH7KHVSHDNHULFRQZLOOEHGLVSOD\HGRQ
WKHVLGH\RXVHOHFW
%
%<RXZLOOKHDUWKHVRXQGRQO\IURPWKHVLGH%ULJKW
VLGHRIWKHGLVSOD\

7KHKHDGSKRQHLV127DYDLODEOHZKHQWKHLPDJHIURPWKH5*%RU3KRWR,QSXWLVRQWKHVFUHHQ
,QIRUPDWLRQ
7KHUHLVDXVHIXOIXQFWLRQWRDXWRPDWLFDOO\VWRUHWKHVHWWLQJRQPHQXLQDOPRVWHYHU\LWHPVRWKDW\RXGRQRWKDYHWR
UHVHWHYHU\WLPH)XUWKHUPRUHWKHIROORZLQJLWHPVFDQEHVWRUHGPRUHVSHFL¿FDOO\
7KHLWHPVLQGLFDWHGE\³

´FDQEHVWRUHGWKHVHWWLQJIRUHDFKRI$XGLR0RGH
7LPHU0HQX
7KLVDOORZVWKHXQLWWRWXUQ2II6WDQGE\PRGHRU2QDWVHWWLPHDXWRPDWLFDOO\ZKLFK\RXPD\¿QGXVHIXO
6HOHFWHG,WHPV 6HWXSKLQW
2II7LPHU
0LQ
7KLVIXQFWLRQDXWRPDWLFDOO\VHWVWKHSRZHUWR6WDQGE\
PRGHZKHQWKHVHOHFWHGWLPHSHULRGKDVHODSVHG
0LQ
0LQ
0LQ
0LQ
2Q7LPHU 
7KLVIXQFWLRQDXWRPDWLFDOO\VHWVWKHSRZHUIURPVWDQGE\
PRGHWR2QZKHQWKHVSHFL¿HGWLPHSHULRGKDVHODSVHG
,QSXWWKHGHVLUHGWLPHZLWKLQWKHUDQJHRIWR
E\XVLQJŸźEXWWRQRQWKHUHPRWHFRQWURO






29VJ22KPFF 
background
(1*/,6+
)81&7,21
3RZHU6ZLYHO
:LWKWKHRSWLRQDO'HVNWRSVWDQG\RXFDQDGMXVWWKHDQJOHRIWKHSDQHOVLGHWRVLGHE\SUHVVLQJ
EXWWRQRQWKH
UHPRWHFRQWURO
3UHVV

EXWWRQRQWKHUHPRWHFRQWURO
7KH6ZLYHO'LVSOD\DVVKRZQLQWKH¿JXUHRQWKHULJKWZLOODSSHDURQWKH
VFUHHQ
$GMXVWWKHDQJOHRIWKHSDQHOZLWKŻŹNH\VZKLOH6ZLYHO'LVSOD\LVRQWKH
VFUHHQ
7KHPRQLWRUZLOOEHDEOHWRPRYHGHJUHHVWRHDFKVLGH

,IWKHVWDQGFDEOHLVQRWFRQQHFWHGWRWKHXQLWWKHPHVVDJH³1RW$YDLODEOH´
ZLOODSSHDURQWKHVFUHHQ
7KH6ZLYHO'LVSOD\ZLOODXWRPDWLFDOO\GLVDSSHDUZKHQQRRSHUDWLRQKDV
EHHQPDGHIRUDERXWVHFRQGV


&$87,21
'RQRWSXVKWKHSDQHOZLWK\RXUKDQGVZKLOHRSHUDWLQJWKH6ZLYHO,WFRXOGGDPDJHWKHSDQHODQGRUVWDQG
'RQRWDOORZFKLOGUHQWRSOD\RUKDQJRQWKH797KHVHDFWLRQVPD\WLSLWRYHUFDXVLQJSHUVRQDOLQMXU\
'RQRWVZLQJWKHPRQLWRUEDFNDQGIRUWK
'RQRWSODFHDQ\IUDJLOHREMHFWVDURXQGWKHXQLW7KHPRQLWRUZRXOGKLWWKHREMHFWVGXULQJWKH6ZLYHORSHUDWLRQ
DQGFRXOGFDXVHWKHEUHDNDJHRIWKHREMHFWVDQGRUWKHVWDQG
7RRSHUDWHWKH6ZLYHOIXQFWLRQFRUUHFWO\SODFHWKHPRQLWRURQWKHVWDEOHVXUIDFH
:KHQ\RXXVHWKHXQLWDVZDOOPRXQWLQJGLVFRQQHFWWKHVWDQGFDEOHIURPWKHPRQLWRUEHIRUHLQVWDOODWLRQ
6:,9(/
EXWWRQ
,QIRUPDWLRQ
$ERXW6ZLYHOWHUPLQDOFRQQHFWLRQ
&$87,21
:KHQ\RXLQVWDOOWKH'HVNWRSVWDQGIROORZWKH,QVWUXFWLRQVRIWKH0DQXDOLQFOXGHGZLWKWKHVWDQG
7XUQ2IIWKH0DLQ3RZHURIWKHXQLWZKHQFRQQHFWLQJRUGLVFRQQHFWLQJWKHVWDQGFDEOHWRWKHXQLW
7RGLVFRQQHFWWKHVWDQGIURPWKHXQLW
%HIRUHGHWDFKWKHVWDQGIURPWKHXQLWPDNHVXUHWR
GLVFRQQHFWWKHVWDQGFDEOH
IURPWKH6ZLYHOWHUPLQDORQ
WKHUHDUVLGHRIWKHXQLW


&$87,21
:KHQ\RXXVHWKH3RZHU6ZLYHOIXQFWLRQPDNHVXUHWKDWWKH3RZHU&RUGFRUG
RUFKDLQFRQQHFWHGWRWKHZDOOLVORRVHHQRXJKWRRSHUDWHWKH6ZLYHOIXQFWLRQ
VHFXUHO\
'RQRWSXWKDQGVRUIDFHVQHDUWKHXQLWZKLOHRSHUDWLQJWKH6ZLYHO,WFRXOG
FDXVHSHUVRQDOLQMXU\%HZDUHHVSHFLDOO\ZKHQVPDOOFKLOGUHQDUHDURXQGWKH
XQLW
7RFRQQHFWWKH'HVNWRSVWDQGWRWKHXQLW
&RQQHFWWKHGHVLJQDWHGVWDQGFDEOHWRWKH6ZLYHO
WHUPLQDORQWKHUHDUVLGHRI
WKHXQLW



29VJ22KPFF 
background

)81&7,21FRQWLQXHG
$ERXW7HOHWH[W
:KDWLV´7HOHWH[Wµ
7HOHWH[WLVWKHZULWWHQLQIRUPDWLRQVHUYLFHVSURYLGHGE\HDFK79FKDQQHO
0RVW79FKDQQHOVSURYLGHLQIRUPDWLRQYLD7HOHWH[WVXFKDV
79SURJUDPVFKHGXOH
:HDWKHUIRUHFDVWV
6SRUWVUHVXOWV
1HZVÀDVK
+RZWRRSHUDWHWKH7HOHWH[W
<RXFDQGLVSOD\WKH7HOHWH[WVLPSO\E\SUHVVLQJWKHUHPRWHFRQWUROEXWWRQV
2SHUDWLRQ 3UHVV
7RDFWLYDWH7
HOHWH[WPRGH
7RH[LWIURPWKH7HOHWH[WPRGH
>79
Ù
7H[W@
7RVSOLWWKHVFUHHQLQWRWZRDQGZDWFKERWK7HOHWH[WLQIRUPDWLRQ
DQGDFWXDOEURDGFDVWDWWKHVDPHWLPH
3UHVVDJDLQWRZDWFK7HOHWH[WRQDVLQJOHVFUHHQ
>7H[W
Ù
797H[W@
7RGLVSOD\,QGH[SDJH
>,QGH[@
7RDFFHVV6XEWLWOHVHUYLFHGLUHFWO\LIWKHFKDQQHOKDVWKH6XEWLWOH
VHUYLFHEURDGFDVWLQJ
>6XEWLWOH@
7RGLVSOD\+LGGHQWH[W
H[7KHDQVZHUVRIWKH4XL]RUWKH*DPHSDJH
3UHVVDJDLQWRFORVHWKHUHYHDOHGDQVZHU
>5HYHDO@
7RUHWXUQWRDFWXDOEURDGFDVWWHPSRUDULO\ZKLOHVHDUFKLQJIRUWKH
7HOHWH[WSDJH\RXUHTXHVW
:KHQWKHVHDUFKLVGRQHWKHGHVLJQDWHGSDJHZLOOEHGLVSOD\HG
RQWKHXSSHUOHIWRIWKHVFUHHQ
3UHVVDJDLQWRUHWXUQWR7HOHWH[WSDJH
>&DQFHO@
7RDFFHVVWKHOLQNSDJHVZKLFKDUHGLVSOD\HGDWWKHERWWRPRIWKHSDJH
6HOHFWWKHEXWWRQVFRUUHVSRQGLQJWRWKHFRORUVRIWKHOHWWHUVRQVFUHHQ
>&RORU@
7RKROGWKHWH[WSLFWXUH

>+ROG@
,QIRUPDWLRQ
(DFKWLPHWKH
EXWWRQLVSUHVVHGWKHVFUHHQZLOOEHVZLWFKHGIURPGRXEOHVFUHHQWRVLJQDOVFUHHQ
6RPH7HOHWH[WSDJHVGRQRWGLVSOD\/LQN3DJHVDWWKHERWWRPRIWKHVFUHHQ3UHVV
EXWWRQWRGLVSOD\WKHP



   

6HOHFW7HOHWH[WODQJXDJHIURP6HWXS0HQXVKRZQRQ


29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
6L]H6ZLWFKLQJ
(DFKWLPH EXWWRQRIWKHUHPRWHFRQWUROLVSUHVVHGWKHVFUHHQGLVSOD\VL]HLV
VZLWFKHGLQVHTXHQFHDQGWKHVWDWXVZLOOEHGLVSOD\HGDWWKHERWWRPRIWKHVFUHHQ
79$9VLJQDOLQSXW
79$9$9$9$9$9+'0,+'0,
  

<RXFDQGLVSOD\WKHLPDJHDWRSWLPXPFRQGLWLRQE\VHOHFWLQJGLVSOD\VL]HGHSHQGLQJRQWKHFXUUHQWRXWSXWLPDJHDV
VKRZQEHORZ
&XUUHQW2XWSXW
,PDJH
,QSXW6LJQDO
'LVSOD\6L]H 7RGLVSOD\VXLWDEOHVFUHHQDVIROORZV
6LJQDO

3OD\DLPDJHRQVFUHHQIDLWKIXOO\%ODQNLQJRFFXUVRQERWKVLGHV
3DQRUDPLF
3OD\DLPDJHZKLFKHQODUJHVKRUL]RQWDODQGYHUWLFDOVL]HRIWKH
PLGGOHLQHTXDOVFDOHVDQGGLVSOD\VERWKVLGHVDSSHDULQJPXFKZLGHU
9LVWD
=RRP
3OD\DLPDJHLQLPDJH9LVWDVL]HIDLWKIXOO\
,QVRPHFDVHVOLJKWEODQNLQJPD\UHPDLQDWWKHWRSDQGERWWRP
&LQHPD
&LQHPD
3OD\DLPDJHLQLPDJH&LQHPDVL]HH[SDQGLQJYHUWLFDOO\
,QVRPHFDVHVOLJKWEODQNLQJPD\UHPDLQDWWKHWRSDQGERWWRP
6TXHH]H
)XOO
3OD\DLPDJHIDLWKIXOO\LQWKHVWDQGDUGYHUWLFDOVL]HDQG
KRUL]RQWDOO\VTXHH]HG
,QIRUPDWLRQ
$VSHFWUDWLRUHSUHVHQWVKRUL]RQWDOYHUWLFDOUDWLRRQVFUHHQ
)RUH[DPSOHYLVWDLPDJHLVLQLPDJH
3RVLWLRQ$GMXVWPHQW
9HUWLFDOSLFWXUHSRVLWLRQFDQEHDGMXVWHGIRU3DQRUDPLF=RRPDQG&LQHPDPRGH
DVIROORZV
3UHVVŸźEXWWRQVZKLOHRSHUDWLQJWKHSLFWXUHVL]HGLVSOD\
³3RVLWLRQ´GLVSOD\ZLOODSSHDU
$GMXVWWKHSRVLWLRQE\ŸźEXWWRQV
$GMXVWPHQWUDQJHRIHDFKSLFWXUHVL]HDUHDVVKRZQEHORZ
3DQRUDPLF WR7KHSRVLWLRQFDQQRWEHDGMXVWHGLQ3DQRUDPLFPRGH
=RRPDQG&LQHPD WR
:KHQLFRPSRQHQWVLJQDOLVUHFHLYHGLWFDQEHDGMXVWHGRQO\WR

=220EXWWRQ
3RVLWLRQ
3UHVVŸ
3RVLWLRQ
3UHVVź

7KHGLVSOD\VL]HLV¿[HGDVIROORZVZKHQUHFHLYLQJSRULVLJQDO
S)XOO
L)XOODQG6HH6L]H$GMXVWPHQWRQ

DERXWVZLWFKLQJEHWZHHQ)XOODQG
29VJ22KPFF 
background

&$87,21
8VLQJDZLGHVFUHHQPRQLWRU
7KLVPRQLWRUKDVDVFUHHQPRGHVHOHFWLRQIHDWXUH,IDQLQFRPSDWLEOHVFUHHQPRGHLVVHOHFWHGWRSOD\FHUWDLQ
VRIWZDUHVXFKDVD79SURJUDPWKHLPDJHZRXOGDSSHDUGLIIHUHQWIRUPWKHRULJLQDO7DNHWKLVLQWRFRQVLGHUDWLRQ
ZKHQPDNLQJVFUHHQPRGHFKRLFHV
8VHRIWKHZLGHIHDWXUHGLVSOD\LQJHQODUJHGSLFWXUHVLQFRIIHHVKRSVKRWHODQGRWKHUHVWDEOLVKPHQWVIRU
FRPPHUFLDORUSXEOLFYLHZLQJSXUSRVHVFRXOGLQIULQJHRQWKHFRS\ULJKWKROGHU¶VULJKWSURWHFWHGE\&RS\ULJKW/DZ
:KHQDQRUPDOLPDJHQRWZLGHVFUHHQLVGLVSOD\HGRYHUWKHHQWLUHVFUHHQLQWKH3DQRUDPLFPRGHWKH
SHULSKHUDOLPDJHPD\GLVDSSHDUSDUWO\DQGRUDSSHDUGLVWRUWHGLQVRPHFDVHV8VHPRGHWRYLHZWKHLPDJH
UHÀHFWLQJRULJLQDOLQWHQWLRQ
)81&7,21FRQWLQXHG
6L]H6ZLWFKLQJFRQWLQXHG
5*%VLJQDOLQSXW
<RXFDQVHOHFWVXLWDEOHVL]HGHSHQGLQJRQWKHUHVROXWLRQ
  


'LVSOD\$UHD6HOHFWLRQ'LDJUDP
5HVROXWLRQ )XOOGLVSOD\ &LUFXODUGLVSOD\
'LVSOD\ )XOO 1RUPDO 5HDO =RRP =RRP =RRP
;9*$
;69*$
;;*$
;6;*$
;8;*$
,WKDVEHHQSHUIRUPHGSURFHVVHVVXFKDVFRPSUHVVLRQWKLQQLQJDQGHQODUJHPHQWIRUWKHDERYHVLJQDOGLVSOD\,W
PD\DIIHFWÀLFNHUWREHFRPHQRWLFHDEOHRQ=RRPaGHSHQGLQJRQWKHGLVSOD\FRQWHQWV7RUHGXFHWKLVÀLFNHUWXUQ
³9HUWLFDO)LOWHU´2QIURP³6HWXS0HQX´


5HDOPRGHJLYHVWKHLPDJHZLWKVDPHVKDSHVDV
WKDWRIFRPSXWHUPRQLWRU
7KLVPRGHLVRQO\DYDLODEOHIRU9*$[DQG
:9*$[
79$9VLJQDOLQSXW
6L]H$GMXVWPHQW
)XOO0RGH
:KLOHGLVSOD\LQJDSLFWXUHRILIRUPDWLQ$9$9+'0,+'0,RU5*%LQSXWWKHIXOO
PRGHFDQEHVZLWFKHGIXUWKHUEHWZHHQ)XOODQG)XOOZLWK
EXWWRQRQWKHUHPRWHFRQWURO
%\VHOHFWLQJ)XOO\RXFDQVHHWKHZKROHLPDJHRILIRUPDWRQWKHVFUHHQGLVSOD\IURP
WKHLQSXWWHUPLQDOV'HSHQGLQJRQWKHLQSXWVLJQDORUFRQQHFWLQJGHYLFHWKHVFUHHQGLVSOD\
KDVXQQHFHVVDU\EODQNLQJRUQRLVHDWWKHHGJHV&RQVLGHULQJWKHFDVHWKHGHIDXOWVHWWLQJLV
)XOOZKLFKHQODUJHVWKHYHUWLFDOVL]HQRWWRGLVSOD\WKHEODQNLQJDQGQRLVH
=220EXWWRQ

7KHVFUHHQVDYHUIXQFWLRQGRHVQRWZRUNDW)XOOPRGH
3DQRUDPLF0RGH
:KLOHGLVSOD\LQJDSLFWXUHH[FHSW5*%LQSXWWKHSDQRUDPLFPRGHFDQEHVZLWFKHGIXUWKHUEHWZHHQ3DQRUDPLF
DQG3DQRUDPLFZLWKŻŹEXWWRQVRQWKHUHPRWHFRQWURO
%\VHOHFWLQJ3DQRUDPLFWKHYHUWLFDOVL]HLVVFDOHGGRZQVRWKDW\RXFDQVHHWKHZKROHLPDJHZLWKRXWEODQNLQJ
IRUH[DPSOH\RXFDQVHHWKHVXEWLWOHDWWKHERWWRPRIVFUHHQZLWKRXWODFNLQJ
29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
0XOWL3LFWXUH0RGH
:LWKWKLVIHDWXUH\RXFDQZDWFKGLIIHUHQWFKDQQHOVVLPXOWDQHRXVO\RQRQHVFUHHQLQVHYHUDOZD\V
$VIRUWKHDYDLODEOHVLJQDOVSOHDVHUHIHUWR5HFRPPHQGHG6LJQDO/LVWRQ

7KLVIXQFWLRQLV127DYDLODEOHLQ+'0,LQSXW
7RDFWLYDWH0XOWL3LFWXUHPRGHLQHLWKHU79$9DQG5*%PRGH
SUHVV
RQWKHUHPRWHFRQWURO
SLFWXUHPRGH
<RXFDQZDWFKWZRGLIIHUHQWSLFWXUHVVLGHE\VLGH
7KLVPRGHLVDYDLODEOHLQERWK79PRGHDQG$9PRGH$9a,QSXW
&RQWURORQWKHVLGHZLWK6SHDNHU,FRQ
$XGLRLVRXWSXWIURPWKHVHOHFWHGSLFWXUHZLWKWKHVSHDNHULFRQ
<RXFDQVZLWFKWKH,QSXWPRGHV79DQG$9aRUFKDQJH
FKDQQHOVRQO\RQWKHVLGHZLWK6SHDNHULFRQ
7RVKLIWWKHVSHDNHULFRQSUHVVŻŹEXWWRQ
7KHVSHDNHULFRQ ZLOOEHVKLIWHGIURP$WR%EDFNDQGIRUWK
7RFKDQJHWKHFKDQQHORQWKHVHOHFWHGSLFWXUHSUHVV
7RVHOHFWWKH,QSXWPRGHRQWKHVHOHFWHGSLFWXUHSUHVV,QSXW6HOHFWEXWWRQVRQ
WKHUHPRWHFRQWURO

,Q79PRGH\RXFDQQRWVHOHFWWKHVDPHFKDQQHOVRQERWKVLGHVVLPXOWDQHRXVO\
<RXFDQQRWVHOHFWWKHVDPH$9LQSXWRQERWKVLGHVVLPXOWDQHRXVO\
7KHPHVVDJH³1RW$YDLODEOH´ZLOOEHDSSHDUHGRQWKHVFUHHQZKHQWKH
FRPELQDWLRQVRIWKH,QSXWPRGHVDUHQRWDFFHSWDEOH
6HHWKH7DEOHEHORZIRUGHWDLOV
7DEOH0L[DQG²0DWFKRIWKH,QSXW0RGHV
6LGH%
6LGH$
79 $9 $9 $9 $9 $9
79 ż żżżżż
$9 żîżżżż
$9 żżîżżż
$9 żżżîżż
$9 żżżżîż
$9 żżżżżî
<RXFDQQRWVHOHFWWKHVDPH79FKDQQHOVRQERWKVLGHVVLPXOWDQHRXVO\
7KHVHOHFWHGSLFWXUHZLWKVSHDNHULFRQ


29VJ22KPFF 
background

)81&7,21FRQWLQXHG
0XOWL3LFWXUH0RGHFRQWLQXHG
SLFWXUHPRGHFRQWLQXHG
7RVZLWFKWRSLFWXUHPRGHSUHVV

RQFH
7KHSLFWXUHPRGHLVGLVSOD\HGRQWKHVFUHHQ

(DFKWLPH

LVSUHVVHGWKHSLFWXUHPRGHZLOOEHVZLWFKHGE\IROORZLQJRUGHU
 
 
:KHQUHFHLYLQJLIRUPDWRIFRPSRQHQWVLJQDOWKHUHLVDPRGH3LFWXUHL
ZKLFKVXEVFUHHQLVGLVSOD\HGLQVLGHRIWKHODUJHVFUHHQ0DLQVFUHHQ3OHDVH
QRWHWKDW\RXFDQQRWGLVSOD\WKHSLFWXUHZLWKFRPSRQHQWVLJQDORQ6XEVFUHHQ
7R(;,7IURPWKH0XOWL3LFWXUHPRGHSUHVV
EXWWRQ
1H[WWLPH\RXSUHVV
WRDFWLYDWHWKH0XOWL3LFWXUHPRGHLWZLOOVWDUWIURPSLFWXUHPRGH
SLFWXUHPRGH
<RXFDQZDWFKGLIIHUHQWSLFWXUHVIURPOLYHEURDGFDVWVDQGRUWKHH[WHUQDOHTXLSPHQWVDWWKHVDPHWLPH

7KHDXGLRFRPHVRXW21/<IURPVLGH$
<RXFDQFKDQJHWKHFKDQQHOVRUFKDQJH,QSXWPRGHVRQWKHVLGHZLWKźUHGWULDQJOHPDUN
7RVZLWFKWKHźORFDWLRQ
3UHVVŻŹEXWWRQVRQWKHUHPRWHFRQWURO
7KHźPDUNZLOOVKLIWWRVLGH$DQGVLGH%EDFNDQGIRUWK
7RFKDQJHWKHFKDQQHO
0DNHVXUHWKDWźPDUNLVORFDWHGRQWKHVLGH\RXZDQWWRPDNHFKDQJHV
6LGH$3UHVV
WRVHOHFWFKDQQHOV
6LGH%6HOHFWWKHIUDPH%a%WKDW\RXZDQWWRPDNHFKDQJHV
ZLWKŸźEXWWRQV7KHVHOHFWHGIUDPHZLOOEHKLJKOLJKWHGLQJUHHQ
3UHVV
EXWWRQVWRVHOHFWFKDQQHOV
7RFKDQJH,QSXWPRGH
0DNHVXUHWKDWźPDUNLVORFDWHGRQWKHVLGH\RXZDQWWRPDNHFKDQJHV
6LGH$3UHVV,QSXW6HOHFWEXWWRQVRQWKHUHPRWHFRQWURO
6LGH%6HOHFWWKHIUDPH%a%WKDW\RXZDQWWRPDNHFKDQJHV
ZLWKŸźEXWWRQV7KHVHOHFWHGIUDPHZLOOEHKLJKOLJKWHGLQJUHHQ
3UHVV,QSXW6HOHFWEXWWRQVRQWKHUHPRWHFRQWURO



7KHVHOHFWHGSLFWXUHZLWKUHGWULDQJOHPDUN




>3LFWXUHL0RGH@
29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
0XOWL3LFWXUH0RGHFRQWLQXHG
SLFWXUHPRGHFRQWLQXHG

<RXFDQQRWGLVSOD\WKHSLFWXUHZLWK&RPSRQHQWVLJQDORQ6LGH%VFUHHQV
7R(;,7IURP0XOWL3LFWXUHPRGHSUHVV
EXWWRQ
1H[WWLPH\RXSUHVV
WRDFWLYDWHWKH0XOWL3LFWXUHPRGHLWZLOOVWDUWIURPSLFWXUHPRGH
7RVZLWFKWRSLFWXUHPRGHSUHVV

EXWWRQ
7KHSLFWXUHPRGHLVGLVSOD\HGRQWKHVFUHHQ
SLFWXUHPRGH
<RXFDQFKHFNGLIIHUHQWOLYHEURDGFDVWFKDQQHOVRQRQHVFUHHQ
7KHFKDQQHOVWKDWDUHSUHVHWLQDGYDQFHXSWRFKDQQHOVZLOO
DXWRPDWLFDOO\DSSHDULQFHUWDLQLQWHUYDOV

7KLVPRGHLVDYDLODEOHRQO\LQ79PRGH
7R(;,7IURPWKH0XOWL3LFWXUHPRGHSUHVV
1H[WWLPH\RXSUHVV
WRDFWLYDWHWKH0XOWL3LFWXUH0RGHLWZLOOVWDUWIURPSLFWXUHPRGH
:KHQ\RXSUHVV

LQWKLVVHTXHQFHWKHSLFWXUHPRGHZLOOEHGLVSOD\HG


29VJ22KPFF 
background

)81&7,21FRQWLQXHG
0XOWL3LFWXUH0RGHFRQWLQXHG
$FWLYDWHWKH0XOWL3LFWXUH0RGHLQ5*%0RGH
:KHQ\RXDFWLYDWHWKH0XOWL3LFWXUHPRGHLQ5*%,QSXWWKHSLFWXUHZLOOEHGLVSOD\HGDWWKHPRGHZKLFKWKH6XE
VFUHHQLVGLVSOD\HGLQVLGHRIWKHODUJHVFUHHQ0DLQVFUHHQ
7RDFWLYDWH0XOWL3LFWXUHPRGHSUHVV
RQWKHUHPRWHFRQWURO
7KHVSHDNHULFRQ
LQGLFDWHVWKHIROORZLQJ
7KHDXGLRVRXQGVFDQEHKHDUGRQWKHVLGHZLWKWKHVSHDNHULFRQ
:KHQWKHVSHDNHULFRQLVRQWKH6XEVFUHHQ

&KDQJHFKDQQHOV

6ZLWFKWKH,QSXWPRGHV79DQG$9aRQWKH6XEVFUHHQ0DLQVFUHHQLVRQO\IRU5*%,QSXW
7RVKLIWWKHVSHDNHULFRQ SUHVVŻŹEXWWRQV
7KHVSHDNHULFRQ ZLOOEHGLVSOD\HGLQIURQWRIWKH,QSXWPRGHLQGLFDWLRQ
7RFKDQJHWKHFKDQQHORIWKH6XEVFUHHQ
0DNHVXUHWKDW PDUNLVORFDWHGRQWKH6XEVFUHHQ
3UHVV
WRVHOHFWFKDQQHOV
7RFKDQJHWKH,QSXWPRGHRIWKH6XEVFUHHQ
0DNHVXUHWKDWWKHVSHDNHULFRQLVORFDWHGQH[WWRWKH,QSXWPRGH
LQGLFDWLRQRIWKH6XEVFUHHQORZHU
3UHVV,QSXW6HOHFWEXWWRQVRQWKHUHPRWHFRQWURO
$9aDUHDYDLODEOH
7RFKDQJHWKHORFDWLRQRIWKH6XEVFUHHQ
3UHVVŸźEXWWRQV7KH6XEVFUHHQZLOOPRYHXSDQGGRZQ
7RH[LWIURPWKH0XOWL3LFWXUHPRGHSUHVV
EXWWRQ

,QFDVHWKDWWKH,QSXWVLJQDOIRUWKH6XEVFUHHQLVHLWKHULRUL&RPSRQHQWVLJQDOVHOHFW³0RYLH´LQ
³)UHTXHQF\PRGH´6HH³6HWXS0HQX´RQ

IRUGHWDLOV
:KHQRSHUDWLQJ0XOWL3LFWXUHPRGHWKH³3RZHU6DYHPRGH´LVQRWDYDLODEOHHYHQWKRXJKWKH+RUL]RQWDO9HUWLFDO
6\QF6LJQDORUDQ\NLQGRI9LGHRVLJQDOKDVQRWLQSXWIRUFHUWDLQSHULRGRIWLPH
7RSUHYHQWWKHLPDJHUHWHQWLRQRIWKHVFUHHQGRQRWOHDYHWKHXQLWZLWKRSHUDWLQJ0XOWL3LFWXUHPRGHIRUORQJKRXUV






29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
3LFWXUH)UHH]LQJ
7KLVLVWKHXVHIXOIXQFWLRQXWLOL]LQJWKHFKDUDFWHULVWLFVRIIUHH]LQJSLFWXUH
HIIHFWLYHO\%\SUHVVLQJ
EXWWRQ\RXFDQFKDQJHWRIUHH]HPRGHHDVLO\
DQ\WLPH\RXOLNH3UHVVLWDJDLQWRUHWXUQWRQRUPDOSLFWXUH
7KHUHDUHWZRW\SHVRIIUHH]HPRGHDVXVDJH7KHVHDUHSRVVLEOHWRVHOHFWDW
WKH³)UHH]H0RGH´IURP)XQFWLRQ0HQX

6SOLW
,WGLVSOD\VSLFWXUHVIURPWKHVDPHVRXUFH2QHLVDFWLYHOHIWZKLOHWKHRWKHU
LVVWLOOSLFWXUHULJKW7KLVLVYHU\XVHIXOLQRUGHUWRDYRLGPLVVLQJRUWDNHQRWH
QHFHVVDU\LQIRUPDWLRQVXFKDVLQJUHGLHQWVLQFRRNLQJ
6WUREH
,WGLVSOD\VSLFWXUHVIURPWKHVDPHVRXUFHRIWKHPDUHVWLOOZKLOHWKHODVW
SLFWXUHLVDFWLYH7KLVFDQEHXVHGWRFKHFNVXFKPRYHPHQWDVVZLQJLQJRI
JROIFOXEDQGEDVHEDOOEDW
7KLVIXQFWLRQLVDOVRDYDLODEOHLQ$9LQSXWPRGHEHVLGHV79PRGH5HIHUWRWKH
WDEOHDVVKRZQLQ³5HFRPPHQGHG6LJQDO/LVW´RQ






)5((=(EXWWRQ
29VJ22KPFF 
background

)81&7,21FRQWLQXHG
3KRWR,QSXW)XQFWLRQ
:LWKWKLV3KRWR,QSXWIXQFWLRQ\RXFDQHQMR\ZDWFKLQJ3KRWRVIURPVXFKGHYLFHVDV
'LJLWDO6WLOO&DPHUDDQG6'FDUGRQPRQLWRUDORQJZLWKXVHIXOIHDWXUHVVXFKDV6OLGH
6KRZZLWK%DFNJURXQG0XVLFDQG0RYLHSLFWXUH
2SHUDWLQJWKH3KRWR,QSXW
%HIRUHRSHUDWLQJWKLVIXQFWLRQPDNHVXUHWRWXUQWKHSRZHU2))6WDQGE\

3UHSDUHWKH'6&'LJLWDO6WLOO&DPHUD86%FDUGUHDGHU6'FDUGRU00&DVIROORZV
'LJLWDO6WLOO&DPHUD6HWXSZLWKUHIHUHQFHWRWKHFRQWHQWDERXW
³FRQQHFWLQJWR3&´LQWKHXVHUPDQXDORI'6&
86%&DUG5HDGHU ,QVHUWRQO\RQHPHPRU\FDUG
6'&DUG00&(QVXUHWKHFDUGLVLQVHUWHGLQWKHFRUUHFWGLUHFWLRQDV
LQGLFDWHGQHDUWKHVORW
&RQQHFWWKH86%FDEOHWRWKHLQSXWWHUPLQDODVVKRZQ5LJKWVLGHRULQVHUWWKH
6'FDUG00&LQWRWKHVORW/HIWVLGH

7XUQ21WKH79DIWHUWKH86%FDEOHLVFRQQHFWHGRUWKH6'FDUG00&LVLQVHUWHG
3UHVV EXWWRQRQWKHUHPRWHFRQWUROWRDFWLYDWH3KRWR,QSXWPRGH
7KHQWXUQ21WKH'6&5HIHUWRWKHXVHUPDQXDORI\RXU'6&IRUWKHWLPLQJ
(DFKWLPH
EXWWRQLVSUHVVHG\RXFDQVZLWFKWKHPRGHDVIROORZV
  
5HDU3DQHO/HIWVLGHDQG5LJKWVLGH

'RQRWLQVHUW6'&DUG00&DQG86%FDEOHDWWKHVDPHWLPH
'RQRWLQVHUWDQ\WKLQJRWKHUWKDQ6'&DUG00&LQWRWKHVORW,WFRXOGFDXVHPDOIXFWLRQRUGDPDJHWRWKHVORW
'RQRWDOORZFKLOGUHQWRSOD\DURXQGWKHVORW





/HIW6LGH
"!"&#$ %
% %
#



 

5LJKW6LGH
29VJ22KPFF 
background
(1*/,6+
)81&7,21FRQWLQXHG
3KRWR,QSXW)XQFWLRQFRQWLQXHG
'LVSOD\LQJ6WLOO3LFWXUHLQ3KRWR0RGH
7KXPEQDLO6L]H,PDJH,QGH[WR)XOO6L]H,PDJH
:KHQ\RXHQWHUWKH3KRWR,QGH[PRGHWKH LFRQDSSHDUVDVWKHLQGLFDWLRQ
<RXFDQDOVRVHOHFWWKHSUHIHUUHG¿OHLQERWK7KXPEQDLOVL]HDQG)XOOVL]HLPDJHE\LQSXWWLQJWKH¿OHGLUHFWO\ZLWK
QXPHULFEXWWRQVRIUHPRWHFRQWURO
5RWDWLRQ)XQFWLRQ
(DFKWLPH

EXWWRQLVSUHVVHGWKHSLFWXUHLVURWDWHGLQWKHVHTXHQFHRIWKHIROORZLQJ


































#

)
#

)
#&#")
%&
 #&#")
"

#(&#")&$
#&#")
"

!&& !
'!!% +
 ! % %$!*
'!!% +
 ! % %$!*


&

+
!&)&%+
%
  &))"% )!*$%"#
"$ )&.
&))"% *##("-
"$ )&.
*##("-
"#"("('#,



   
29VJ22KPFF 
background

)81&7,21FRQWLQXHG
3KRWR,QSXW)XQFWLRQFRQWLQXHG
'LVSOD\LQJ6WLOO3LFWXUHLQ3KRWR0RGHFRQWLQXHG
6OLGH6KRZ)XQFWLRQ
<RXFDQVHOHFWZKHUHWRVWDUW6OLGH6KRZ6HH³6OLGH0RGH
´
LQ
WKHWDEOH
<RXFDQDOVRVWDUWWKHVOLGHVKRZZKHQGLVSOD\LQJWKHVHOHFWHGIXOO
VL]HLPDJHSUHVV6/,'(6+2:EXWWRQE\SUHVVLQJ

EXWWRQ
,IWKHSDXVHLVOHIWIRUPRUHWKDQDPLQXWHWKHVOLGHVKRZUHVWDUWVDXWRPDWLFDOO\
,I\RXVWRSWKHVOLGHVKRZKDOIZD\WKHSKRWRLQGH[SDJHVHOHFWVWKH¿OHLQZKLFK\RXVWRSSHG
<RXFDQPDNHVSHFL¿FDGMXVWPHQWRQ³6OLGH(IIHFW6OLGH,QWHUYDO6OLGH0XVLF6OLGH0RGH´IURP³)XQFWLRQ
0HQX
QG
SDJH´:KLOHRSHUDWLQJ3KRWR,QSXWIXQFWLRQ\RXFDQMXPSWRWKHUHE\SUHVVLQJ

EXWWRQ3UHVVLW
DJDLQWRUHWXUQWRWKH3KRWR,QSXWSDJH5HIHUWR7DEOHDVEHORZ

&RQWUDVWZLOOGHFUHDVHDXWRPDWLFDOO\WRUHGXFH,PDJH5HWHQWLRQLIVWDWLRQDU\LPDJHVVXFKDVVWLOO
SKRWRVDUHOHIWRQWKHVFUHHQIRUPRUHWKDQPLQXWHV3OHDVHQRWHWKDWLWLVQRWPDOIXQFWLRQ
7DEOH6OLGH6KRZ$GMXVWPHQW
)XQFWLRQ0HQX 6HOHFWLRQ 'HVFULSWLRQ
6OLGH(IIHFW 2IIĺĺ
6HOHFW6OLGH6ZLWFKLQJ0HWKRG
2II1RHIIHFW
)DGH,Q2XWHIIHFW
:LSHHIIHFW
6OLGH,QWHUYDO 6HFĺ6HFĺ6HF 6HOHFWSUHIHUUHGLQWHUYDOWLPHV
6OLGH0XVLF 2IIĺĺ
6HOHFWWKH%DFNJURXQG0XVLF
2II1RVRXQG
6ORZWHPSRPXVLF
8SWHPSRPXVLF
6OLGH0RGH ĺ
6HOHFWVWDUWLQJSRLQWRIVOLGHVKRZ
6WDUWIURPWKHVHOHFWHG¿OH
6WDUWIURP
VW
¿OH
#'+'&.
&
"
% ++# !$%
'

.
%$#'- "$&* %$#'-$*(,*



+)+














29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
3KRWR,QSXW)XQFWLRQFRQWLQXHG
'LVSOD\LQJ0RYLH3LFWXUHLQ0RYLH0RGH
7KXPEQDLO6L]H,PDJH,QGH[WR)XOO6L]H,PDJH
3UHVVŸźRU EXWWRQWRGLVSOD\WKHRSHUDWLRQ26'
3UHVV
EXWWRQLQUHPRWHFRQWURORU EXWWRQ26'WRH[LWIURPWKH26'GLVSOD\
)RUWKH3UHYLRXVEXWWRQRQUHPRWHFRQWURORU26'SUHVVLQJLWRQFHVWDUWVRYHUWKHFXUUHQWPRYLH%\
SUHVVLQJLWDJDLQZLWKLQVHFRQGVDIWHUWKDW\RXFDQUHWXUQWRWKHSUHYLRXVPRYLH
:KHQLWPRYHVRQWKHXQVXSSRUWHG¿OHLWDXWRPDWLFDOO\UHWXUQVWRWKH,QGH[

<RXFDQDOVRVHOHFWWKH7KXPEQDLO6L]HLPDJHE\LQSXWWLQJ¿OHZLWKQXPHULFEXWWRQVRIUHPRWHFRQWURO
>2SHUDWLQJWKH0RYLH@


<RXFDQXVHWKHIROORZLQJFRQWURONH\WRRSHUDWHWKHPRYLH


7KHPRYLH26'FRQWDLQVWKH¿OHLQIRUPDWLRQDQGFRQWURONH\VDVEHORZ


7KHIROORZLQJLQGLFDWLRQVPLJKWDSSHDULQ0RYLH2SHUDWLRQ26'
7KHPRYLHGRHVQRWKDYHVRXQGRUWKLVIXQFWLRQGRHVQRWVXSSRUWRQO\WKHVRXQGRIPRYLH
7KLVIXQFWLRQGRHVQRWVXSSRUWWKHPRYLH



:LWK
EXWWRQRQWKHUHPRWHFRQWURO\RXFDQVZLWFKWKHVL]HRIPRYLHGLVSOD\EHWZHHQQRUPDODQGGRXEOHLQIXOOVL]HPRGH

,QFDVHRIGLVSOD\LQJPRYLHSLFWXUHV
,I\RXU'6&VXSSRUWV6'FDUG00&LQVHUWWKHFDUGWRWKHPRQLWRUGLUHFWO\UDWKHUWKDQ86%
,I\RXU'6&LV3LFW%ULGJHFRPSDWLEOHDQGKDVDIXQFWLRQWRVZLWFKEHWZHHQ373DQG0DVV6WRUDJHFRQQHFWLRQ
FKDQJH\RXUVHWWLQJWR0DVV6WRUDJHDQGWKHQFRQQHFWWR3KRWR,QSXWWHUPLQDOVRWKDWLWFDQEHDYDLODEOHRQ
ERWK6WLOODQG0RYLHSLFWXUHV373FRQQHFWLRQFDQGLVSOD\VWLOOSLFWXUHVEXWQRWPRYLHSLFWXUHV

,I\RXU'6&GRHVQRWVXSSRUW6'FDUG00&RU0DVV6WRUDJHFRQQHFWLRQXVH86%FDUGUHDGHUWRFRQQHFW
ZLWK3KRWR,QSXWWHUPLQDO3OHDVHQRWHWKDWZHGRQRWJXDUDQWHHDOO'6&FDQPDNHHLWKHURUERWK0DVV6WRUDJH
DQG86%FDUGUHDGHUFRQQHFWLRQ
&RPSDULQJWRPRYLHSLFWXUHVWKURXJK6'FDUG00&WKHPRYLHSLFWXUHVXVLQJ86%PLJKWKDYHORZHU
SHUIRUPDQFHVXFKDVGURSSLQJIUDPHV



































%)%$-
()
 %+ $-
$
 %+ $-
$

")) "
%+ ()')(
%'
%'
%'
%'
&'))%+ 
, )'#%)%$)'%"
!.(%'%+ 
)'%#&") $)
*''$)#%+ )
$-)%+ ()')(
*)%#) "".







%+ $-
()















%'
)'%#&") $""
%)#%+  "( )
*)%#) "".')*'$(
)%)$-

%'
2
2

)

 $
 $" 
$ !
#$
 "'"
' %# ($ "& %#  
 '
)
($




29VJ22KPFF 
background

)81&7,21FRQWLQXHG
3KRWR,QSXW)XQFWLRQFRQWLQXHG
2WKHU
<RXFDQVHOHFWWKHEDFNJURXQGSDWWHUQRQ³%DFNJURXQG´IURP³)XQFWLRQ0HQX´
)XQFWLRQ0HQX 6HOHFWLRQ 'HVFULSWLRQ
%DFNJURXQG ĺ
6HOHFWSUHIHUUHGEDFNJURXQGSDWWHUQ
6WULSHGWH[WXUHRIJUD\
*UHHQFKHFNHGSDWWHUQ
3UHVV
EXWWRQZKHQHYHU\RXZDQWWRUHWXUQIURPIXOOVL]HLPDJHWRLQGH[
7KH¿OHLQIRUPDWLRQLVGLVSOD\HGE\SUHVVLQJ
EXWWRQ
 
7KXPEQDLO6L]H,PDJH)XOO6L]H,PDJH6WLOO)XOO6L]H,PDJH0RYLH
7RH[LWIURP3KRWR,QSXW«
<RXFDQH[LWIURP3KRWR,QSXWZKHQ«
3UHVVLQJ
EXWWRQLQ3KRWR,QGH[PRGHRU
3UHVVLQJ
EXWWRQLQ0RYLHPRGH,QGH[DQGIXOO
26',QIRUPDWLRQ
2SHUDWLRQ 0HVVDJH
$FFHVVLQJ ³/RDGLQJ´
/RDGLQJ)LOHV ³/RDGLQJ´
1RUPDO QRPHVVDJH
1RWLQVHUW86%6'00& ³1R&RQQHFWLRQ´
1RWDYDLODEOHIRUPDW ³1R&RQQHFWLRQ´
$EQRUPDO ³1R&RQQHFWLRQ´
1R)LOH ³1R)LOH´
7KHPHVVDJH³/RDGLQJ´VWDUWVWREOLQNDXWRPDWLFDOO\LILWLVGLVSOD\HGRQWKHVFUHHQPRUHWKDQVHFRQGV
6SHFLÀFDWLRQ
$SSOLFDWLRQ
.
'LJLWDO6WLOO&DPHUDFRUUHVSRQGLQJWR'&)VWDQGDUG
3
86%&DUG5HDGHUZLWKWKHPHPRU\FRQWDLQLQJSLFWXUHVKDGWDNHQE\
.
FDPHUD
$
6'FDUG00&FDUGFRQWDLQLQJSLFWXUHKDGWDNHQE\
.
FDPHUD
3KRWR
0D[QXPEHURISKRWR¿OH 
0D[QXPEHURISL[HO ['&)-3(*IRUPDW
0RYLH
0D[QXPEHURIPRYLH¿OH 
6XSSRUWHG9LGHR)RUPDW
([WHQVLRQ0D[QXPEHURISL[HO
0RWLRQ-3(*DYLPRY
03(*PSJ
03(*DYLPRYPSDVI
6XSSRUWHG$XGLR)RUPDW
3&0,QFRPSUHVVLEOHIRUPDW
$'3&0
*
ȝ/$:3&0
03(*/D\HU,,
7KHVL]HRIWKHLPDJHGHSHQGV
RQWKHUHVROXWLRQIRUWKHLPDJH
29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
3KRWR,QSXW)XQFWLRQFRQWLQXHG
&$87,21
7KHSLFWXUHPD\QRWEHGLVSOD\HGRQWKLVPRQLWRULQFDVHRIFRS\LQJYLHZLQJRUHGLWLQJE\FRPSXWHUVHWF
'RQRWFRQQHFWDQ\DSSDUDWXVRWKHUWKDQ'6&86%FDUGUHDGHUDQG6'FDUG00&WRWKH3KRWR,QSXW
FRQQHFWRU,WFDXVHVWKHPDOIXQFWLRQ
'RQRWFRQQHFWD'6&DQG86%FDUGUHDGHUZLWK86%+8%3LFWXUHVPD\QRWEHGLVSOD\HGFRUUHFWO\RULWFDXVHV
WKHPDOIXQFWLRQ
,QVHUWRQO\RQHPHPRU\HYHQWKRXJKWKH86%FDUGUHDGHUKDVPXOWLSOHVORWVIRUPHPRU\FDUG3LFWXUHVLQ
PXOWLSOHPHPRULHVFDQQRWEHVHHQDWWKHVDPHWLPH
&HUWDLQW\SHVRI'6&FDUGUHDGHUVRU6'FDUG00&PD\QRWZRUNZLWKWKLV3KRWR,QSXWIXQFWLRQ
'6&ZLWKORZEDWWHU\SRZHUPD\QRWSURSHUO\GLVSOD\SKRWRVLQWKLVIXQFWLRQ
5HVSRQVHWLPHPLJKWYDU\GHSHQGLQJRQHDFKLPDJHFRQWHQWVZKHQVZLWFKLQJSDJHVORDGLQJ¿OHVDQGSOD\LQJ
HDFKPRYLH
&RQWUDVWZLOOGHFUHDVHDXWRPDWLFDOO\LIVWDWLRQDU\LPDJHVVXFKDVVWLOOSKRWRVDUHOHIWRQWKHVFUHHQIRUPRUHWKDQ
PLQXWHV
7KH26'PHVVDJH³1R&RQQHFWLRQ´LVGLVSOD\HGLQFDVHRIWKHLQFRPSOHWHFRQQHFWLRQZLWK86%FDEOHRU6'
FDUG00&DQGFRQQHFWLRQWRDGLJLWDOVWLOOFDPHUDRU86%FDUGUHDGHUZLWKRXWWKHPHPRU\FDUG
7KHPHQXLWHPVRWKHUWKDQ³3LFWXUH´³)XQFWLRQ´DQG³$XGLR´DUHQRWDYDLODEOHZLWKJUD\HGRXWGLVSOD\
7KHIXQFWLRQVRIWKHPXOWLSLFWXUH&+VHOHFWLRQIUHH]HPRGHDVSHFWPRGHGLVSOD\DQGVRRQDUHQRWDYDLODEOH
'XULQJEOLQNLQJ/('ZKLFKLQGLFDWHVWKHDFFHVVRI'6&86%FDUGUHDGHU6'FDUG00&RUGLVSOD\LQJ
³/RDGLQJ´GRQRWWXUQWKHSRZHURIIVWDQGE\PRGHQRUUHPRYHLQVHUW86%FDEOHDQGPHPRU\FDUG
7KHSLFWXUHPD\QRWEHGLVSOD\HGFRUUHFWO\GHSHQGLQJRQWKHFRQQHFWLQJGHYLFHLQFDVHRIH[WHQGLQJWKH86%
FDEOH
3LFW%ULGJHFRPSDWLEOH'6&FDQEHFRQQHFWHGWR3KRWR,QSXWWHUPLQDOWKURXJK373WUDQVIHUZKLFKVXSSRUWVVWLOO
SLFWXUHVEXWQRWPRYLHSLFWXUHV5HIHUWRWKH'6&XVHUPDQXDOIRU3LFW%ULGJHLQGHWDLOV
'RQRWXVHWKLVIXQFWLRQRWKHUWKDQSULYDWHSXUSRVHV,WPLJKWLQIULQJHFRS\ULJKWODZV
%DFNXSDOORIWKHGDWDLQWKHPHPRU\FDUGLQFDVHLIGDWDZDVORVWGXHWRXQH[SHFWHGDFFLGHQW:HGRQRW
DVVXPHDQ\OLDELOLW\IRUWKHORVVHVE\PLVXVHRUPDOIXQFWLRQ
29VJ22KPFF 
background

)81&7,21FRQWLQXHG
$XGLR6ZLWFKLQJ
1,&$06RXQG0XOWLSOH[LQFOXGLQJ$79PRGH
<RXFDQPDNHRSWLPXPXVHRIDYDLODEOHDXGLRE\SUHVVLQJ
ERWWRPRIUHPRWHFRQWURO$XGLRFDQEHVZLWFKHGRQO\
LIUHFHLYLQJ1,&$0DQGVRXQGPXOWLSOH[VLJQDOVRWKHUZLVHSUHVVLQJWKLVEXWWRQZLOOKDYHQRHIIHFWVXFKDVZKHQ
RQO\PRQRVRXQGLVUHFHLYHG
7KHVHFDQEHGLYLGHGLQWRWZRPDLQFDWHJRULHV%LOLQJXDO'XDO6RXQGEURDGFDVWDQG6WHUHREURDGFDVW
%LOLQJXDO'XDO6RXQGEURDGFDVW
%LOLQJXDOEURDGFDVWLVWKHEURDGFDVWDYDLODEOHRQWKHPDLQDQGVXEODQJXDJHVZKLOHGXDOVRXQGEURDGFDVWLV
DYDLODEOHRQWKHSULPDU\DQGVHFRQGDU\VRXQGVIRUH[DPSOHVRPHVSRUWVSURJUDPVFRQWDLQEURDGFDVWFRPPHQWDU\
RQDJDPHDVSULPDU\VRXQGDQGDFRPPHQWDU\DERXWDWHDPDVWKHVHFRQGDU\
:KHQELOLQJXDOSURJUDPLVUHFHLYHGVRXQGPRGHGLVSOD\DSSHDUVLQ\HOORZDVVKRZQ$OVRZKHQUHFHLYLQJ1,&$0
VLJQDOV1,&$0GLVSOD\ZLOODSSHDU
(DFKWLPH
EXWWRQLVSUHVVHGWKHGLVSOD\LVVZLWFKHGLQWKHVHTXHQFHRIIROORZLQJ





 
 
 

>
,
@«0DLQODQJXDJH3ULPDU\6RXQG
>
,,
@6XEODQJXDJH6HFRQGDU\6RXQG
ź«IRUFHPRQR7KLVVHOHFWVPDLQODQJXDJHRUSULPDU\VRXQG
6WHUHREURDGFDVW
:LWKVWHUHREURDGFDVW\RXFDQHQMR\GLIIHUHQWVRXQGIURPHLWKHUVLGH
:KHQDVWHUHRSURJUDPLVUHFHLYHGVRXQGPRGHGLVSOD\ZLOODSSHDULQUHGDVVKRZQ
$OVRZKHQUHFHLYLQJ1,&$0VLJQDOV1,&$0GLVSOD\ZLOODSSHDU
3UHVV EXWWRQWRVZLWFKEHWZHHQVWHUHRDQGPRQRVRXQG


 
 




3OHDVHVHOHFWźIRUFHPRQRLQFDVHRISRRUUHFHSWLRQQRLVHSRRUVWHUHRVRXQGGXHWRVLJQDOFRQGLWLRQVRWKDW
\RXFDQUHFHLYHDFOHDUPRQRVRXQG
▽UHSUHVHQWVWKH0RQREURDGFDVW
29VJ22KPFF 
background

(1*/,6+
)81&7,21FRQWLQXHG
3RZHU6DYH0RGH
:KHQ$9LQSXWLVVHOHFWHG
<RXDUHSURYLGHGWKHIXQFWLRQWRVDYHSRZHUFRQVXPSWLRQZKHQQRVLJQDOLVGHWHFWHGLQ$9LQSXW6HWWR2QLQ³9LGHR
3RZHU6DYH´IURP)XQFWLRQ0HQXZKLFKOHDGVWRWKHSRZHUVDYHPRGHLQ$9$9+'0,+'0,DQGWKH
6WDQGE\PRGHLQRWKHU$9LQSXW3OHDVHVHHWKHWDEOHEHORZIRUGHWDLOV
5HIHUWR

DERXW³9LGHR3RZHU6DYH´

:KHQQRVLJQDOLVGHWHFWHG
:KHQVLJQDOLVLQSXWGXULQJ
2QLQ´9LGHR3RZHU6DYHµ
&RQGLWLRQ ,QGLFDWLQJ/DPS
$9$9
+'0,+'0,
3RZHU6DYH 2UDQJH 7XUQV2QDXWRPDWLFDOO\
$9a$9 6WDQGE\ 5HG 5HPDLQVDV6WDQGE\PRGH
:KHQWKH5*%LQSXWLVVHOHFWHG
:KHQWKLVXQLWLVFRQQHFWHGWRD9(6$'306FRPSXWHUWKH3RZHU6DYHPRGH2SHUDWLRQPRGH2IIFDQEHVHW
WREHDFWLYDWHGDXWRPDWLFDOO\ZKHQWKHFRPSXWHULVQRWEHLQJXVHGWRUHGXFHSRZHUFRQVXPSWLRQE\WKLVXQLW
5*%V\QFVLJQDO
+RUL]RQWDO <HV 1R <HV 1R
9HUWLFDO <HV <HV 1R 1R
3&VLJQDO $FWLYHQRUPDOGLVSOD\ %ODQNQRGLVSOD\
2SHUDWLRQPRGH 2Q 2II
,QGLFDWLQJODPS /LJKWVJUHHQ /LJKWVRUDQJH
5HWXUQLQJWRRSHUDWLQJVWDWXV
2SHUDWHWKHSHUVRQDOFRPSXWHURUSUHVVHLWKHUWKH,13876(/(&7EXWWRQRIWKHFRQWUROSDQHORUWKH5*%EXWWRQ
RIWKHUHPRWHFRQWURO
29VJ22KPFF 
background
)81&7,21FRQWLQXHG
'9'3OD\HU67%6HOHFWLRQ
<RXFDQXVHWKLVUHPRWHFRQWUROWRRSHUDWH'9'3OD\HUDQG6HW7RS%R[RIRWKHU
PDNHUVDVZHOODVWKLVVHW$IWHUSUHVVLQJ
EXWWRQSUHVVRUKROGWKHUHTXLUHG
EXWWRQVWRVHOHFWWKHPDNHUDQGW\SHDVVKRZQEHORZ
6HWXSKLQW
([DPSOH+,7$&+,'9'
3
6HWXSWKHPDNHU
3UHVV
EXWWRQWRLQGLFDWHWKH'9'/('RQWKHUHPRWHFRQWURO:KLOHWKH'9'
/('LVEOLQNLQJ$SSUR[6HFRQGVSUHVV
DQG
.
EXWWRQV
6HWXSWKHPDNHUW\SH
5HOHDVHWKH
.
EXWWRQZKLOHNHHSLQJ
EXWWRQGHSUHVVHG7KHQSUHVV
3
EXWWRQ
&RQ¿UPWKHVHWWLQJ
$IWHUVHWWLQJWKHPDNHUDQGW\SHSUHVVWKH68%32:(5EXWWRQRQWKHUHPRWH
FRQWURO,IWKH'9'GRHVQRWVZLWFK21UHSHDWVWHSDQGXVLQJRWKHUPDNHU
W\SHVDVOLVWHG
´'9'µ6HOHFWLRQ!
0DNHUVRI'9'3OD\HU
6HW0DNHU 6HWW\SH
0DNHUVRI'9'3OD\HU
6HW0DNHU 6HWW\SH
+,7$&+,

..
a
$
5&$

-

.
)81$,

3.
0LWVXELVKL


.
3LRQHHU

$.
a
4
21.<2

5('

.
a
$
3DQDVRQLF

/.
a
/
=(1,7+

*5((1

.
726+,%$

1.
a
/
7+20621

<(//2:

.
3KLOLSV

4.
a
3
6+,1&2

%/8(

.
-9&

2.
6.<:257+


.
6$0681*

(.
%8%8.2


.
6RQ\

,.
a
/
'(121


.
a
3
6KDUS

.
a
3
<$0$+$


.
a
3
´6$7µ6HOHFWLRQ!
0DNHUVRI67%3OD\HU
6HW0DNHU 6HWW\SH
+,7$&+,

.

.
a
3
726+,%$

3

.
'*7(&

$

.
3DQDVRQLF

/

.

3OHDVHQRWHWKDWQRWDOOPRGHOVRIWKHOLVWHGPDNHUVFDQEHRSHUDWHGXVLQJWKLVUHPRWHFRQWURO
29VJ22KPFF 
background

(1*/,6+
7528%/(6+227,1*
%HIRUHFDOOLQJVHUYLFHWHFKQLFLDQFKHFNWKHIROORZLQJWDEOHV¿UVW,IWKHSUREOHPLVQRWEHVROYHGZLWKWKHVXJJHVWHGSURFHGXUHVFRQWDFW\RXUORFDO
GHDOHU)RU\RXUVDIHW\1(9(5WU\WRUHSDLUWKHSURGXFWE\\RXUVHOI
:KHQ)ROORZLQJ0HVVDJHV$SSHDURQWKH6FUHHQ
0HVVDJH &RQGLWLRQ$FWLRQ 3DJH
3RZHU6DYH
7KLVLQGLFDWHVLWLVLQ3RZHU6DYHPRGHLQ$95*%PRGH
7KHLQGLFDWLQJODPSOLJKWVLQRUDQJH


1R6\QF6LJQDO
7KHXQLWFDQQRWGHWHFWDQ\VLJQDOVIURPDQ\LQSXWWHUPLQDOV
&KHFNLIWKHFDEOHLVFRQQHFWHGFRUUHFWO\DQG¿UPO\
&KHFNLIWKHSRZHURIWKHH[WHUQDOHTXLSPHQWVLV21
&KHFNLIWKHLQSXWVHOHFWLRQPDWFKHVWKHFRQQHFWLRQWHUPLQDO
&KHFNLIWKH3&LVLQ3RZHU6DYHPRGHRUQRW

a

,QYDOLG6FDQ)UHT
7KHXQLWUHFHLYHVVLJQDOVQRWVXSSRUWHGE\WKHPRQLWRU
&KHFNLIWKHFDEOHLVFRQQHFWHGFRUUHFWO\DQG¿UPO\
&KHFNLIWKHLQSXWVLJQDOLVFRPSDWLEOHZLWKWKHVSHFL¿FDWLRQRIWKHPRQLWRU


1RW$YDLODEOH 7KLVVKRZVZKHQWKHVHOHFWHGRSHUDWLRQLVQRWDYDLODEOH
3OHDVH3XVK>5HWXUQ@EXWWRQ
7KLVPHVVDJHDSSHDUVZKHQ\RXVHOHFWRWKHUWKDQ EXWWRQZKLOH6FUHHQ:LSHLV21
3UHVV EXWWRQZKHQWKLVPHVVDJHDSSHDUV

&KHFN$QWHQQD &KHFNWKHFRQQHFWLRQVWDWXVZKHQWKLVPHVVDJHDSSHDUV

$XWR$GMXVWLQJ
7KLVLQGLFDWHVWKDWLWLVLQWKHSURFHVVRIDXWRDGMXVWLQJ
LQ5*%PRGH

6\PSWRPDQG&KHFN/LVW
6\PSWRPV &KHFNOLVW 3DJH
1RSLFWXUHQRVRXQG
&KHFNWKH,QGLFDWLQJODPSVWDWXV2II5HG*UHHQRU2UDQJH
&KHFNWKHFRQQHFWLRQRIWKH3RZHU&RUGDQGRURWKHUFDEOHV
&KHFNLIWKH0DLQ3RZHURIWKHXQLWRUH[WHUQDOHTXLSPHQWVLV21
&KHFNLIWKH79PRGHLVVHOHFWHG
&KHFNLIWKH79LVLQ³6WDQGE\PRGH´RU³3RZHU6DYHPRGH´
$GMXVWWKHYDOXHVLQ³3LFWXUHPHQX´DQG³$XGLRPHQX´

a




6QRZ\SLFWXUHSRRUVRXQG
&KHFNWKHDQWHQQDFRQQHFWLRQDQGGLUHFWLRQ
7KH79VWDWLRQPD\KDYHEURDGFDVWGLI¿FXOWLHV
7U\DQRWKHUFKDQQHO

0XOWLSOHLPDJHVQRUPDOVRXQG
&KHFNWKHDQWHQQDFRQQHFWLRQDQGGLUHFWLRQ
)LQHWXQLQJWKH79
&KHFNWKHFRQQHFWLRQRIWKHH[WHUQDOHTXLSPHQWV
7KH79VWDWLRQPD\KDYHEURDGFDVWGLI¿FXOWLHV7U\DQRWKHUFKDQQHO



,QWHUPLWWHQWLQWHUIHUHQFH
&KHFNLIWKHVRXUFHRILQWHUIHUHQFHLVVKLHOGHGZHOO
5HPRYHWKRVHNLQGVRIHOHFWULFDOGHYLFHVDZD\IURPWKH79
1RUPDOSLFWXUHEXWQRVRXQG
&KHFNWKHYROXPHOHYHO
&KHFNLIWKH
EXWWRQKDVEHHQSUHVVHGRUQRW
0DNHVXUHWKDWWKHKHDGSKRQHLV127FRQQHFWHG
&KHFNWKHFRQQHFWLRQRIWKHH[WHUQDOHTXLSPHQWV

1RSLFWXUHQRUPDOVRXQG
&KHFNWKHYDOXHOHYHORI³%ULJKWQHVV´DQG³&RQWUDVW´LQ
³3LFWXUH0HQX´


7KHUHPRWHFRQWUROGRHVQRWZRUN
&KHFNLIWKHEDWWHULHVDUHLQVWDOOHGFRUUHFWO\
7KHEDWWHULHVPLJKWEHH[KDXVWHG5HSODFHWKHPZLWKQHZRQHV
5HPRYHDOOWKHREVWUXFWLRQVLQIURQWRIWKHVHQVRUZLQGRZRQWKHXQLW
&KHFNLI\RXVHOHFWWKHFRUUHFWIXQFWLRQE\
EXWWRQRQWKH
UHPRWHFRQWURO
&KHFNLIWKHEXWWRQVRIWKHFRQWUROSDQHOFDQZRUN


1RUPDOSLFWXUHEXWQRFRORUQRUPDOVRXQG
&KHFNWKHFRQQHFWLRQRIWKHH[WHUQDOHTXLSPHQWV
&KHFNWKH³&RORU6\VWHP´LQ³6HWXS0HQX´

a

29VJ22KPFF 
background

7528%/(6+227,1*FRQWLQXHG
6\PSWRPDQG&KHFN/LVWFRQWLQXHG
6\PSWRPV &KHFNOLVW 3DJH
1RSLFWXUH
7KH,QGLFDWLQJODPSĺ2II
&KHFNLIWKH3RZHU&RUGLVSOXJJHGLQWRWKHVRFNHW¿UPO\
&KHFNLIWKH0DLQ3RZHULV21


1RSLFWXUH
7KH,QGLFDWLQJODPSĺ2UDQJH
,WPHDQVWKDWWKHXQLWLVLQ³3RZHU6DYH
PRGH´
&KHFNLIDOOWKHFDEOHVRIWKHH[WHUQDOHTXLSPHQWVDUHFRQQHFWHG
FRUUHFWO\DQG¿UPO\
&KHFNLIWKHSRZHURIWKHH[WHUQDOHTXLSPHQWVLV21
&KHFNLIWKH79$9PRGHKDVEHHQVHOHFWHGFRUUHFWO\
&KHFNLIWKH3&LVLQ3RZHU6DYHPRGHRUQRW
5HIHUWR³3RZHU6DYHPRGH´DQG³:KHQIROORZLQJPHVVDJHVDSSHDUVRQ
WKHVFUHHQ´

1RSLFWXUH
7KHLQGLFDWLQJODPSĺ*UHHQ
&KHFNLIWKHVLJQDOFDEOHLVFRQQHFWHGFRUUHFWO\DQG¿UPO\
$GMXVWWKHOHYHORI%ULJKWQHVVDQG&RQWUDVWORZHU

a

7KHWRSRIWKHPRQLWRUDQGVXUIDFHRI
WKHSDQHOKHDWXS
,WPD\KDSSHQZKHQ\RXXVHWKHXQLWIRUORQJKRXUV7XUQRIIWKH0DLQ
3RZHURIWKHXQLWIRUDZKLOH3OHDVHQRWHWKDWWKLVLVQRWPDOIXQFWLRQ


,PDJHFDQQRWEHGLVSOD\HGLQWKHFRUUHFW
SRVLWLRQ
3UHVV
EXWWRQWRFKHFNLIWKHLQSXWVLJQDORIWKHGLVSOD\HGLPDJHLV
FRPSDWLEOHZLWKWKHVSHFL¿FDWLRQRIWKHPRQLWRU



:KHQWKH9&5LVLQVSHFLDOSOD\EDFN
IHDWXUHV)DVW)RUZDUGRU5HZLQGWKH
VFUHHQJHWVGDUNDQGFDQQRWVHHWKH
LPDJHDWDOO
,WFRXOGKDSSHQZKHQWKH9&5LVFRQQHFWHGWR&RPSRQHQWRXWSXWVXFK
DVL7KLVLVQRWPDOIXQFWLRQ

7U\&RPSRVLWHRXWSXWRU6YLGHRRXWSXWDQGFKHFNWKHSLFWXUHDJDLQ
7KHLPDJHVDUHQRWGLVSOD\HGRQVXE
SLFWXUHVLQ³0XOWL3LFWXUHPRGH´
7KHUHDUHVRPHFRPELQDWLRQVRILQSXWVLJQDOVWKDWWKHLPDJHVDUHQRW
GLVSOD\HGRQVXESLFWXUHV
3OHDVHFKHFNWKH7DEOHRI³3LFWXUH´DQG³SLFWXUHSLFWXUHL´IRU
GHWDLOV

a


6FUHHQGLVSOD\VL]HFDQQRWEHVZLWFKHG
FRUUHFWO\
7KHGLVSOD\VL]HLV¿[HGDW³)8//´ZKHQWKHUHFHLYLQJVLJQDOVDUH
L+]L+]S+]RUS+]
&KHFNWKHVLJQDOVWDWXVE\SUHVVLQJWKH
EXWWRQRQWKHUHPRWH
FRQWURO


&DQQRWEHGLVSOD\HGWKHLPDJHIURP
+'0,RU
&KHFNLIWKHFDEOHVDUHFRQQHFWHGFRUUHFWO\
&KHFNWKHRXWSXWIRUPDWRIWKHHTXLSPHQWV
3OHDVHUHIHUWR³&RQQHFWLQJ3URFHGXUH´DQG³5HFRPPHQGHG6LJQDO
/LVW´

a

29VJ22KPFF 
background

(1*/,6+
7528%/(6+227,1*FRQWLQXHG
6\PSWRPDQG&KHFN/LVWFRQWLQXHG
6\PSWRPV &KHFNOLVW
3DJH
&DQQRWGLVSOD\WKHLPDJHIURP³3KRWR
,QSXWIXQFWLRQ´
&KHFNWKHFRQQHFWLQJHTXLSPHQWVDQGLPDJHIRUPDW
3OHDVHUHIHUWR³3KRWR,QSXWIXQFWLRQ´





7KHLPDJHRQWKHVFUHHQLVPRYLQJLQ
DQREOLTXHGLUHFWLRQ
3&LQSXWPRGHRQO\
$GMXVW³+RUL]RQWDO&ORFN´DQG³&ORFN3KDVH´

7KHFRDUVHKRUL]RQWDOVWULSHVFRXOGEH
VHHQLQIXOOGLVSOD\PRGH
3&LQSXWPRGHRQO\
$GMXVW³+RUL]RQWDO&ORFN´

7KHSDUWRIWKHLPDJHLVODFNLQJ
3&LQSXWPRGHRQO\

&KHFNLIWKH³6FUHHQ6DYHU´LV2))
7U\³$XWR$GMXVW´
&KHFNLILWLVLQ)XOO6HWWR)XOO




7KHKRUL]RQWDOVWULSHVDUHPRYLQJ
YHUWLFDOO\ZLWKÀLFNHULQJVFUHHQ
3&LQSXWPRGHRQO\
&KHFNWKH6LJQDOVWDWXVRIWKH3&E\SUHVVLQJ
EXWWRQ
RQWKHUHPRWHFRQWURO
,IWKH9HUWLFDO)UHTXHQF\RIWKH3&LVVHWWROHVVWKDQ+]
DGMXVWLWVOHYHOKLJKHUXSWR+]
6HW³9HUWLFDO)LOWHU´WR21
3OHDVHQRWHWKDW\RXZLOOKDYHORZHUYHUWLFDOUHVROXWLRQZLWK
WKLVDFWLRQ

:KHQWKHFKDUDFWHUVDUHGLVSOD\HG
RQWKHZKROHVFUHHQWKHYHUWLFDO
VWULSHVDSSHDUDQGVRPHRIWKH
FKDUDFWHUVDUHEOXUUHG
3&LQSXWPRGHRQO\




7U\³$XWR$GMXVW´
,IWKHGLVSOD\FRQGLWLRQLVQRWLPSURYHGZLWK$XWR$GMXVW
DGMXVW³+RUL]RQWDO&ORFN´

:KHQWKHOHWWHUVWULQJLVGLVSOD\HGLQ
IXOOVFUHHQDOORIWKHFKDUDFWHUVRQ
WKHVFUHHQDUHEOXUUHG
3&LQSXWPRGHRQO\




7U\³$XWR$GMXVW´
,IWKHFRQGLWLRQLVQRWLPSURYHGZLWK$XWR$GMXVWDGMXVW
³&ORFN3KDVH´WLOO\RXJHWFOHDUHVWLPDJH

:KHQWKHVPDOOSDWWHUQVDUH
GLVSOD\HGRQWKHVFUHHQWKHHQWLUH
VFUHHQLVÀLFNHULQJ
3&LQSXWPRGHRQO\
7U\³$XWR$GMXVW´
,IWKHFRQGLWLRQLVQRWLPSURYHGZLWK$XWR$GMXVWDGMXVW
³&ORFN3KDVH´WLOO\RXJHWÀLFNHUIUHHGLVSOD\

7KHWKLFNQHVVRIWKHOHWWHUVOLQHVHWF
LVQRWGLVSOD\HGHYHQO\
3&LQSXWPRGHRQO\
,WFRXOGKDSSHQZKHQWKHLPDJHZLWKPRUHWKDQOLQHV
RIYHUWLFDOUHVROXWLRQLVGLVSOD\HG
3OHDVHQRWHWKLVLVQRWPDOIXQFWLRQ

29VJ22KPFF 
background
352'8&763(&,),&$7,216
63(&,),&$7,21
3DQHO
'LVSOD\GLPHQVLRQV $SSUR[LQFKHV+[9PPGLDJRQDOPP
5HVROXWLRQ +[9SL[HOV
1HWGLPHQVLRQV
LQFOXGLQJ2SWLRQDO6WDQG:[+['PP
H[FOXGLQJ2SWLRQDO6WDQG:[+['PP
1HWZHLJKW
LQFOXGLQJ2SWLRQDO6WDQGNJ
H[FOXGLQJ2SWLRQDO6WDQGNJ
$PELHQW
FRQGLWLRQV
7HPSHUDWXUH 2SHUDWLQJ&WR&6WRUDJH&WR&
5HODWLYHKXPLGLW\ 2SHUDWLQJWR6WRUDJHWRQRQFRQGHQVLQJ
3RZHUVXSSO\
$&9+]
3RZHUFRQVXPSWLRQDWVWDQGE\
::
$XGLRRXWSXW VSHDNHUWRWDO:
9,'(2LQSXW
,QSXWWHUPLQDOV
$9FRPSRVLWHYLGHRLQSXWWHUPLQDO5&$
FRPSRQHQWYLGHRLQSXWWHUPLQDO5&$
/5DXGLRLQSXWWHUPLQDO5&$
$9FRPSRVLWHYLGHRLQSXWWHUPLQDO5&$
6YLGHRLQSXWWHUPLQDO
/5DXGLRLQSXWWHUPLQDO5&$
$9FRPSRVLWHYLGHRLQSXWWHUPLQDO5&$
/5DXGLRLQSXWWHUPLQDO5&$
+'0,+'0,LQSXWWHUPLQDO
$XGLRLQSXWWHUPLQDOPP6WHUHR0LQL-DFN
3KRWR,QSXW3KRWR,QSXWWHUPLQDO6'FDUGVORW
,QSXWVLJQDOV
&RPSRVLWHYLGHR3$/6(&$0176&176&3$/
&RPSRQHQWYLGHRLLSSSSLL
2XWSXW6LJQDO
287387021,725FRPSRVLWHYLGHRPRQLWRURXWSXWWHUPLQDO5&$
287387021,725/5DXGLRPRQLWRURXWSXWWHUPLQDO5&$
287387+($'3+21(/5DXGLRPRQLWRURXWSXWWHUPLQDO0LQLSLQ
28738768%:22)(5:RRIHURXWSXWWHUPLQDO
5)LQSXW
,QSXWWHUPLQDO5HFHLYLQJUDQJH $178QEDODQFHGa0+]
5)9
LGHR6\VWHP
3$/%*+,'.
6(&$0%*'..
176&0
5*%LQSXW
,QSXWWHUPLQDOV
$QDORJ5*%LQSXWWHUPLQDO'VXESLQ
$XGLRLQSXWWHUPLQDOPP6WHUHR0LQL-DFN
,QSXWVLJQDOV 99SSDQDORJ5*%5HFRPPHQGHG6LJQDO
6\QFVLJQDOV
+9VHSDUDWH77/OHYHO>.@
+9FRPSRVLWH77/OHYHO>.@
6\QFRQJUHHQ9SS>@
7KHPRQLWRUWDNHVDWOHDVWPLQXWHVWRDWWDLQWKHVWDWXVRIRSWLPDOSLFWXUHTXDOLW\
29VJ22KPFF 
background

(1*/,6+
352'8&763(&,),&$7,216FRQWLQXHG
6LJQDO,QSXW
5*%WHUPLQDO'VXESLQFRQQHFWRU
3LQ ,QSXWVLJQDO
5
*RUV\QFRQJUHHQ
%
1RFRQQHFWLRQ
1RFRQQHFWLRQ
5*1'
**1'
%*1'
1RFRQQHFWLRQ
*1'
 1RFRQQHFWLRQ
 >6'$@
+V\QFRU+9FRPSRVLWHV\QF
 9V\QF>9&/.@
 >6&/@
6LQSXWFRQQHFWRUSLQVSHFLÀFDWLRQV
3LQ ,QSXWVLJQDO
<
<*1'
&
&*1'
)UDPH *1'
3KRWRLQSXWFRQQHFWRUSLQVSHFLÀFDWLRQV
3LQ ,QSXWVLJQDO
9
'0
'3
*1'
+'0,FRQQHFWRUSLQVSHFLÀFDWLRQV
3LQ ,QSXWVLJQDO 3LQ ,QSXWVLJQDO
70'6'DWD  70'6&ORFN6KLHOG
70'6'DWD6KLHOG  70'6&ORFN
70'6'DWD &(&
70'6'DWD  5HVHUYHG1&RQGHYLFH
70'6'DWD6KLHOG  6&/
70'6'DWD  6'$
70'6'DWD ''&&('*URXQG
70'6'DWD6KLHOG  93RZHU
70'6'DWD +RW3OXJ'HWHFW
70'6&ORFN
:KHQGLIIHUHQWNLQGVRILQSXWVLJQDOVDUH
VLPXOWDQHRXVO\LQSXWWRWKHPRQLWRUYLDDJUDSKLFV
ERDUGRUWKHOLNHWKHPRQLWRUZLOODXWRPDWLFDOO\VHOHFW
WKHVLJQDOVLQWKHIROORZLQJSULRULW\RUGHU
6\QFVLJQDOW\SH 3ULRULW\
+9VHSDUDWHV\QF
+9FRPSRVLWHV\QF
V\QFRQ*UHHQ
(YHQLQWKHFDVHRIWKHUHFRPPHQGHGVLJQDOVVKRZQ
RQWKHIROORZLQJSDJHWKHUHPD\EHLQVWDQFHVZKHQ
FRUUHFWGLVSOD\LVQRWSRVVLEOH,QWKLVFDVHXVH+9
VHSDUDWHV\QF+9FRPSRVLWHV\QF
29VJ22KPFF 
background
352'8&763(&,),&$7,216FRQWLQXHG
5HFRPPHQGHG6LJQDO/LVW
:LWK+'0,LQSXW
1R
6LJQDOPRGH
+RUL]RQWDO
IUHTXHQF\
N+]
'RWFORFN
IUHTXHQF\
0+]
5HPDUNV
6LJQDO
1DPH
5HVROXWLRQ
9HUWLFDO
IUHTXHQF\+]
9*$ ;  (,$%
L
;
   (,$%
L
;
  (,$%
S ;   (,$%
S ;  (,$%
L ;   (,$%
L ; 
  (,$%
S ;   (,$%
S ;    (,$%
:LWK5*%LQSXW
1R
6LJQDOPRGH
+RUL]RQWDO
IUHTXHQF\
N+]
'RWFORFN
IUHTXHQF\
0+]
5HPDUNV
6LJQDO
1DPH
5HVROXWLRQ
9HUWLFDO
IUHTXHQF\+]
9*$
;  
; 
:9*$ ;  :9*$W\SH2Q
9(6$
; 
; 
; 
;   
; 

; 
;  
 ;  
 ;  

;   
 ; 
 ;  
 ;  
; 
 ; 

;   
;   
 ;  
 ;   
0DFLQWRVK
;  
 ;  
 ;   
 ;  
:;*$
;   
 ;  
:;*$
;
 
:;*$0RGH[
 ;   
:;*$0RGH[
7KHW\SHRIYLGHRERDUGRUFRQQHFWLQJFDEOHXVHGPD\QRWDOORZIRUFRUUHFWGLVSOD\VDGMXVWPHQWRI+RUL]RQWDO3RVLWLRQ9HUWLFDO
3RVLWLRQ+RUL]RQWDO&ORFNDQG&ORFN3KDVH
7KHPRQLWRUPD\IDLOWRGLVSOD\DQDQLPDWLRQLPDJHFRUUHFWO\ZKHQDVLJQDOKDYLQJDYHUWLFDOIUHTXHQF\RI+]RUKLJKHULVLQSXWWRLW
7KHPRQLWRUGLIIHUHQWLDWHVWKHVLJQDOPRGHVDFFRUGLQJWRWKHKRUL]RQWDODQGYHUWLFDOIUHTXHQFLHVDQGWKHKRUL]RQWDODQGYHUWLFDO
V\QFVLJQDOSRODULWLHV1RWHWKDWGLIIHUHQWVLJQDOVKDYLQJDOOWKHVHHOHPHQWVDOLNHPD\EHKDQGOHGDVWKHVDPHVLJQDO

'LVSOD\LQJLPDJHVZLWKPRUHWKDQOLQHVRIYHUWLFDOUHVROXWLRQDW)XOOGLSOD\FRPSUHVVHGGLVSOD\FDQUHVXOWLQWKHLQWHUSRODWLRQ
RIVWULSHV
29VJ22KPFF 
background
(1*/,6+
352'8&763(&,),&$7,21FRQWLQXHG
5HFRPPHQGHG6LJQDO/LVWFRQWLQXHG
:LWK0XOWL3LFWXUH)XQFWLRQ
3LFWXUHL
,QSXWWHUPLQDO $9a$9 $9$9
7(/(
7(;7
0DLQ

6XE
79
3$/
6(&$0
176&
176&
L
S
L
S
S
S
L
L
79
żż ż żż ż ż ż
$9
a$9
3$/6(&$0
żż ż żż ż ż
176&
żż ż żż ż ż
$9
$9
LS
żż ż żż ż ż
LS
żż ż żż ż ż
S
żż ż żż ż ż
L
żż ż żż ż ż
ż$YDLODEOH
3LFWXUH
,QSXWWHUPLQDO $9a$9 $9$9
7(/(
7(;7
0DLQ

6XE
79
3$/
6(&$0
176&
176&
L
S
L
S
S
S
L
L
79
żż ż
$9
a$9
3$/6(&$0
żż ż
176&
żż ż
$9
$9
LS
żż ż
LS
żż ż
L
żż ż
S
żż ż
ż$YDLODEOH
:LWK3LFWXUH)UHH]LQJ)XQFWLRQ
6SOLW 6WUREH
79
żż
3$/6(&$0
żż
176&
żż
L
żż
L
żż
S
ż
S
ż
S
ż
L
ż
+'0,
5*%
ż$YDLODEOH
29VJ22KPFF 

Specifications

Indexed Terms: Plasma TV, Plasma Television, 42-inch

Hitachi 42PD8900TA Questions and Answers

Find answers or ask new question.
Questions and Answers

Related Products

Product Hitachi 42PD6000TA image
Hitachi 42PD6000TA 42" Plasma Television
2020-11-04 2 docs
No image
Hitachi 42PD380TA 42" Plasma Television
2020-10-18 2 docs
Product Hitachi 42PD7800TA image
Hitachi 42PD7800TA 42" Plasma Television
2020-10-03 1 docs
Product Hitachi 42PD5000TA image
Hitachi 42PD5000TA 42" Plasma Television
2020-09-26 2 docs
Product Hitachi 42PD8800TA image
Hitachi 42PD8800TA 42" Plasma Television
2020-09-10 2 docs
Product Hitachi 42PD9500TA image
Hitachi 42PD9500TA 42" Plasma Television
2020-09-10 3 docs