Page 2 ,1752'8&7,21 ìï 6&23( 7KLV 7HFKQLFDO 0DQXDO GHVFULEHV WKH 0LWVXELVKL )5ð$èíí DQG )5ð(èíí õ-DSDQHVH GRPHVWLF YHUVLRQô 6HULHV 7UDQVLVWRUL]HG ,QYHUWHUVï 7KH )5ð(èëíõ6ôðíïì. WR êïæ. GHVFULEHG LQ WKLV PDQXDO KDYH WKH VSHFLILFDWLRQV FRUUHVSRQGLQJ WR WKRVH RI WKH SURGXFWV RI WKH IROORZLQJ VHULDO QXPEHUV õ6(5,$/ô DQG ODWHUï 3OHDVH QRWH WKDW WKH LQYHUWHUV KDYLQJ WKH VHULDO QXPEHUV EHIRUH WKRVH JLYHQ EHORZ VKRXOG EH KDQGOHG GLIIHUHQWO\ï...
Page 3 &217(176 ì 63(&,),&$7,216 ì ìïì 6SHFLILFDWLRQ OLVW ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ì ìïìïì 5DWLQJV ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ì ìïìïë &RPPRQ VSHFLILFDWLRQV ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð é ìïë 6SHFLILFDWLRQ FRPSDULVRQ OLVWðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð å ìïëïì 6SHFLILFDWLRQ FRPSDULVRQ OLVWðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð å ìïê 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððìê ìïêïì ,QWHUQDO EORFN GLDJUDP ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððìê ìïêïë...
Page 4 ìïçïå 2XWSXW IUHTXHQFLHV DQG DFFHOHUDWLRQ DQG GHFHOHUDWLRQ WLPHV > 3Uï æñ åñ ìçñ ëíñ ëìñ ëäñ ééñ éèñ ììíóñ ìììóñ ìéí WR ìéêó@ ððððððððððððððððððððððððððððððððððððððððððððððððððððððð äë &20021 ìïçïä 2XWSXW IUHTXHQFLHV DQG RXWSXW YROWDJHV > íñ êñ ìéñ ìäñ éçñ éæñ ììëóñ ììêó@ ðððððððððððððððððððððððððððððð...
Page 5 ìïæïë 6WDOO SUHYHQWLRQ IXQFWLRQ DQG FXUUHQW OLPLW IXQFWLRQ ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ìæé &20021 ìïæïê 5HJHQHUDWLYH RYHUYROWDJH SURWHFWLRQ õ29ì WR 29êô ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ìæè &20021 ìïæïé %UDNH UHVLVWRU RYHUKHDW SURWHFWLRQ DQG EUDNH WUDQVLVWRU DODUP GHWHFWLRQ ðððððððððððððððððððððððððððððððððð ìæç &20021 ìïæïè (OHFWURQLF 7KHUPDO 2î/ 5HOD\ õ7+0ñ 7+7ô ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð...
Page 6 ëïé 3RZHU 6XSSO\ RI WKH LQYHUWHU ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìê ëïéïì ,QYHUWHU ,QSXW &XUUHQW DQG 3RZHU )DFWRU ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìê ëïéïë ,PSURYHPHQW RI 3RZHU )DFWRU ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìé ëïéïê ,QUXVK &XUUHQW ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìé ëïéïé ,QVWDQWDQHRXV 3RZHU )DLOXUH ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìè ëïéïè 3RZHU 6XSSO\ 9ROWDJH 9DULDWLRQ ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð ëìè ëïéïç...
Page 7 êïëïì 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU HTXLSSHG ZLWK PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH õ)5ð$; PDQXDO FRQWUROOHU XVHGô ðððððððððððððððððððððððððððððððððððððð ëçç &20021 êïëïë 6WDQGDUG FRQQHFWLRQ GLDJUDP RI WKH LQYHUWHU HTXLSSHG ZLWK PDJQHWLF FRQWDFWRU RQ SULPDU\ VLGH õZLWK 7\SH %8 EUDNH XQLWô ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð...
Page 8 ì 63(&,),&$7,216 ìïì 6SHFLILFDWLRQ OLVW ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððì ìïë 6SHFLILFDWLRQ FRPSDULVRQ OLVW ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððå ìïê 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV ððððððððððððððððððððððððððððððððððððððð ìê ìïé ,QIRUPDWLRQ RQ WKH 8VH RI WKH ([WHUQDO 7HUPLQDOV ðððððððððððððððððððððððððððððððððððððððððððððððððððððð ëì ìïè )XQFWLRQ õ3DUDPHWHUô /LVW ðððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð èç ìïç )XQFWLRQV õ3DUDPHWHUVô ððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððððð çæ ìïæ...
Page 9 ìïì 6SHFLILFDWLRQ /LVW 63(&,),&$7,216 63(&,),&$7,216 6SHFLILFDWLRQ OLVW ìïìïì 5DWLQJV ìïìïì õìô )5ð$èíí „ ëíí9 FODVV íïé íïæè ìïè ëïë êïæ èïè æïè ìì ìè ìåïè ëë êí êæ éè èè $SSOLFDEOH PRWRU FDSDFLW\ &7 íïè ì ë ê è æïè ìí...
Page 10 63(&,),&$7,216 „ éíí9 FODVV íïé íïæè ìïè ëïë êïæ èïè æïè ìì ìè ìåïè ëë êí êæ éè èè $SSOLFDEOH PRWRU FDSDFLW\ &7 íïè ì ë ê è æïè ìí ìè ëí ëè êí éí èí çí æè õ1RWH ìô ì...
Page 11 63(&,),&$7,216 õëô )5ð(èíí „ êðSKDVH ëíí9 SRZHU VXSSO\ 7\SH )5ð(èëíð . õ&ô õ1RWH åô íïì. íïë. íïé. íïæè. ìïè. ëïë. êïæ. èïè. æïè. $SSOLFDEOH PRWRU FDSDFLW\õN:ô õ1RWH ìô íïì íïë íïé íïæè ìïè ëïë êïæ èïè æïè 5DWHG FDSDFLW\ õN9$ô õ1RWH ëô...
Page 12 63(&,),&$7,216 ìïìïë &RPPRQ VSHFLILFDWLRQV õìô )5ð$ èíí ,WHP 'HVFULSWLRQ 6RIWð3:0 FRQWUROîKLJK FDUULHU IUHTXHQF\ 3:0 FRQWURO &RQWURO V\VWHP õ9î) FRQWURO RU DGYDQFHG PDJQHWLF IOX[ YHFWRU FRQWURO FDQ EH VHOHFWHGô 2XWSXW IUHTXHQF\ UDQJH íïë WR éíí+] íïíìè+]îçí+] õWHUPLQDO ë LQSXWã ìë ELWVîí WR ìí9ñ ìì ELWVîí WR è9ñ WHUPLQDO ì LQSXWã ìë ELWVîðìí9 )UHTXHQF\ $QDORJ LQSXW WR òìí9ñ...
Page 13 63(&,),&$7,216 ,WHP 'HVFULSWLRQ 6HOHFWLRQ FDQ EH PDGH IURP RXWSXW IUHTXHQF\ñ PRWRU FXUUHQW õVWHDG\ RU SHDN YDOXHôñ RXWSXW YROWDJHñ IUHTXHQF\ VHWWLQJñ UXQQLQJ VSHHGñ PRWRU WRUTXHñ RYHUORDGñ FRQYHUWHU RXWSXW YROWDJH 2SHUDWLQJ õVWHDG\ RU SHDN YDOXHôñ HOHFWURQLF RYHUFXUUHQW SURWHFWLRQ ORDG IDFWRUñ LQSXW SRZHUñ RXWSXW SRZHUñ 2SHUDWLRQ VWDWXV SDQHO RU...
Page 14 63(&,),&$7,216 õëô )5ð(èíí ,WHP 'HVFULSWLRQ 6RIWð3:0 FRQWUROîKLJK FDUULHU IUHTXHQF\ 3:0 FRQWURO FDQ EH VHOHFWHGï 9î) FRQWURO RU &RQWURO V\VWHP JHQHUDOðSXUSRVH PDJQHWLF IOX[ YHFWRU FRQWURO FDQ EH VHOHFWHGï 2XWSXW IUHTXHQF\ UDQJH íïë WR éíí+] õVWDUWLQJ IUHTXHQF\ YDULDEOH EHWZHHQ í DQG çí+]ô $FURVV WHUPLQDOV ëðèã...
Page 15 63(&,),&$7,216 ,WHP 'HVFULSWLRQ 2YHUFXUUHQW VKXWðRII õGXULQJ DFFHOHUDWLRQñ GHFHOHUDWLRQñ FRQVWDQW VSHHGôñ UHJHQHUDWLYH RYHUYROWDJH VKXWðRIIñ XQGHUYROWDJH õ1RWH ìôñ LQVWDQWDQHRXV SRZHU IDLOXUH õ1RWH ìôñ 3URWHFWLYHîDODUP IXQFWLRQV RYHUORDG VKXWðRII õHOHFWURQLF RYHUFXUUHQW SURWHFWLRQôñ EUDNH WUDQVLVWRU DODUPñ RXWSXW VKRUW FLUFXLWñ VWDOO SUHYHQWLRQñ EUDNH UHVLVWRU RYHUKHDW SURWHFWLRQñ ILQ RYHUKHDWñ IDQ IDLOXUHñ...
Page 16 ìïë 6SHFLILFDWLRQ FRPSDULVRQ OLVW 63(&,),&$7,216 6SHFLILFDWLRQ FRPSDULVRQ OLVW ìïëïì 6SHFLILFDWLRQ FRPSDULVRQ OLVW 7KH IROORZLQJ WDEOH FRPSDUHV FKDUDFWHULVWLF VSHFLILFDWLRQV EHWZHHQ WKH )5ð$èííî)5ð(èíí VHULHV DQG FRQYHQWLRQDO LQYHUWHU VHULHVã ,WHP )5ð$èíí )5ð$ëíí 6LQJOHðSKDVH ìíí9 • • 6LQJOHðSKDVH ëíí9 • • &DSDFLW\ UDQJH 7KUHHðSKDVH ëíí9 íïé.
Page 17 63(&,),&$7,216 ,WHP )5ð$èíí )5ð$ëíí )5ð'8íé RSHUDWLRQ SDQHO )5ð38íë SDUDPHWHU XQLW HTXLSSHG DV VWDQGDUG 3URYLGHG DV VWDQGDUG 2SHUDWLRQ SDQHOñ SDUDPHWHU XQLW )5ð38íé SDUDPHWHU XQLW IRU SURGXFWV RI XS WR æïè. DYDLODEOH DV RSWLRQ 1RW SURYLGHG DV VWDQGDUG IRU õ)5ð38íé KDV D EDFNOLW /&'ô SURGXFWV JUHDWHU WKDQ æïè.
Page 18 63(&,),&$7,216 )5ð(èíí )5ð$íëéî$íéé )5ð8ìíí • • íïì. WR íïé. õê PRGHOVô íïì. WR íïæè. õé PRGHOVô • íïì. WR íïæè. õé PRGHOVô íïì. WR æïè. õä PRGHOVô íïì. WR êïæ. õæ PRGHOVô íïì. WR ìïè. õè PRGHOVô • íïé. WR êïæ. õè PRGHOVô •...
Page 19 63(&,),&$7,216 ,WHP )5ð$èíí )5ð$ëíí 56ðéåè SURYLGHG DV VWDQGDUG )5ð$è1… LQERDUG RSWLRQ SURYLGHV 0DGH DYDLODEOH E\ XVLQJ WKH )5ð(3% &RPPXQLFDWLRQ IXQFWLRQ FRPSDWLELOLW\ ZLWK &&ð/LQNñ LQERDUG RSWLRQ 'HYLFH 1HW DQG 3URILEXV '3ï ëí GLIIHUHQW IXQFWLRQV VHOHFWDEOH ,QSXW WHUPLQDO DVVLJQPHQW $VVLJQDEOH WR æ WHUPLQDOV êí...
Page 20 63(&,),&$7,216 )5ð(èíí )5ð$íëéõ6ôî$íéé )5ð8ìíí 56ðéåè SURYLGHG DV VWDQGDUG 0DGH DYDLODEOH E\ XVLQJ WKH )5ð&8íê &&ð/LQN FRPSDWLEOH PRGHO ZLOO EH H[WHUQDO RSWLRQ UHOHDVHG VRRQï ä GLIIHUHQW IXQFWLRQV VHOHFWDEOH ìì GLIIHUHQW IXQFWLRQV VHOHFWDEOH ìí GLIIHUHQW IXQFWLRQV VHOHFWDEOH $VVLJQDEOH WR ê WHUPLQDOV õPXOWLðIXQFWLRQ $VVLJQDEOH WR é...
Page 21 ìïê 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV 63(&,),&$7,216 6WDQGDUG &RQQHFWLRQ 'LDJUDPV DQG 7HUPLQDO 6SHFLILFDWLRQV ìïêïì ,QWHUQDO EORFN GLDJUDP ìô )5ð$èíí õ1RWH ìô 3ì õòô õðô 0& &RQYHUWHU ,QYHUWHU õ/ ô ì 0RWRU óê õ1RWH åô óê 3RZHU õ/ ô ë &...
Page 22 63(&,),&$7,216 õëô )5ð(èíí x 6LQJOHðSKDVH ëíí9 SRZHU LQSXW 0& õ/ ô ì 3RZHU õ/ ô VXSSO\ ë x êðSKDVH ëíí9 SRZHU LQSXW %UDNH UHVLVWRU õRSWLRQô õ1RWH ìô ì 0& õòô õðô &RQYHUWHU ,QYHUWHU õ/ ô ì 0RWRU õ1RWH ìô õ1RWH ëô ò...
Page 23 63(&,),&$7,216 ìïêïë 'HVFULSWLRQ RI ,î2 WHUPLQDO VSHFLILFDWLRQV &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí $èíí êðSKDVHñ ëíí WR ëëí9 èí+] ëíí WR ëéí9 çí+] ,QVWDOO D SRZHU IDFWRU LPSURYLQJ $& UHDFWRU õëêí9ô õ1RWH ìô ZKHQ LQVWDOOLQJ WKH LQYHUWHU QHDU DQ êðSKDVHñ...
Page 24 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí )RUZDUG 6KRUW 67)ð6' WR SURYLGH D IRUZDUG URWDWLRQ URWDWLRQ VWDUW FRPPDQG DQG RSHQ WKHP WR VWRSï LQSXW VLJQDO ,QSXW UHVLVWDQFH éïæN: 6KRUW 675ð6' WR SURYLGH D UHYHUVH URWDWLRQ WHUPLQDO 9ROWDJH ëì...
Page 25 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí ,QSXW UHVLVWDQFH éïæN: 9ROWDJH ëì WR ëæ9'& ZKHQ RSHQ é WR çP$'& ZKHQ )RU MRJ PRGH VHOHFWLRQñ VKRUW -2*ð6' DQG -RJ PRGH VKRUWHG VKRUWîRSHQ WKH VWDUW VLJQDO WHUPLQDO 67) •...
Page 26 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí ,QSXW UHVLVWDQFH éïæN: 9ROWDJH ëì WR ëæ9'& 6KRUW &6ð6' WR HQDEOH DXWRPDWLF UHVWDUW $XWRPDWLF ZKHQ RSHQ FRQWURO ZKHQ SRZHU LV UHVWRUHG IURP DQ UHVWDUW DIWHU é...
Page 27 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí :KHQ WKH æê YDOXH LV ìí WR ìèñ HQWHULQJ í 3Uï WR rìí9õrè9ô'& SURYLGHV WKH PD[LPXP õPLQLPXPô RXWSXW IUHTXHQF\ DW òìíõòè9ô )UHTXHQF\ õ ðìíõðè9ôôñ PDNLQJ ,î2 SURSRUWLRQDOï :KHQ WKH ,QSXW UHVLVWDQFH VHWWLQJ æê...
Page 28 63(&,),&$7,216 &RUUHVSRQGLQJ 7HUPLQDO 7HUPLQDO 5HIHU WR 0RGHO 5DWLQJñ HWFï 'HVFULSWLRQ 6\PERO 1DPH 6HFWLRQ $èíí (èíí 7KLV RSHQ FROOHFWRU RXWSXW LV VZLWFKHG ORZ ZKHQ WKH SURWHFWLYH FLUFXLW LV DFWLYDWHG GXH WR ,QVWDQWDQHRXV 2SHQ FROOHFWRU RXWSXW DQ LQVWDQWDQHRXV SRZHU IDLOXUH RU SRZHU IDLOXUH •...
Page 29 ìïé ,QIRUPDWLRQ RQ WKH 8VH RI WKH ([WHUQDO 7HUPLQDOV 63(&,),&$7,216 ,QIRUPDWLRQ RQ WKH 8VH RI WKH ([WHUQDO 7HUPLQDOV ìïéïì 6ZLWFKLQJ WKH ,QYHUWHU 3RZHU 2Qî2II õ7HUPLQDOV 5ñ 6ñ 7 õ/ ñ / ñ / ôô &20021 ì ë ê õìô 1RðIXVH EUHDNHU DQG PDJQHWLF FRQWDFWRU RQ WKH LQYHUWHU SRZHU VXSSO\ VLGH &20021 ìô...
Page 30 63(&,),&$7,216 õëô ,QYHUWHU SRZHU RQîRII WLPLQJ FKDUW &20021 &RDVWLQJ WR VWRS 3Uï ìê 6WDUWLQJ IUHTXHQF\ 7LPH õWô $èíí %HWZHHQ PRUH WKDQ ìèPV DQG OHVV WKDQ èí WR ìííPV õ1RWH ìô 3RZHU VXSSO\ (èíí 5ñ 6ñ 7 õ/ ñ / ñ / ô...
Page 31 63(&,),&$7,216 ìïéïë &RQQHFWLQJ ([WHUQDO 3RZHU 6XSSO\ WR WKH &RQWURO &LUFXLW õ7HUPLQDOV 5ìñ 6ìô $èíí ,I DQ\ RI WKH SURWHFWLYH IXQFWLRQV õRWKHU WKDQ WKH VWDOO &RQQHFWLRQ SUHYHQWLRQ DQG FXUUHQW OLPLW IXQFWLRQVô DUH DFWLYDWHGñ 7KH RWKHU SRZHU VXSSO\ FRQQHFWLRQ WHUPLQDO EORFN RQ WKH DODUP LQGLFDWRU ODPS LV OLW DQG WKH FRUUHVSRQGLQJ WKH SULQWHG FLUFXLW ERDUG LV D WZRðVWHS W\SH WHUPLQDO DODUP VLJQDO LV RXWSXWï...
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