Download DanTaet System WLP 1 User manual
Transcript
'DQ7DHW6\VWHP:/3 8VHUPDQXDO 3URJUDPIXQFVSHF +¡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´+LJKSKDVH´ +LJK3KDVHVWDUWWLPH 5XQ,QSDUW´6HOHFWLRQPDVN´ 5XQ,QSDUW´7LPH´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´+LJKSKDVH´ +LJK3KDVHVWDUWWLPH 5XQ,QSDUW´6HOHFWLRQPDVN´ 3DJHRI 'DQ7DHWDV 6\VWHP:/3 IXQFVSHF 'RFQR 5HYLVLRQ 5XQ,QSDUW´7LPH´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± 6XSSUHVVLRQ0RGH 3KDVH6ZLWFK([WHUQDOVLJQDOJRYHUQVKLJKORZFRQVXPSWLRQSKDVHVHOHFLRQ NH\&RQILJXUHGLQ)DFWRU\6HWWLQJV0RQLWRU6HWXS±3KDVH0RGH 6HOHFWHGLQSXWIXQFWLRQVFDQEHLQVSHFWHGLQ)DFWRU\6HWWLQJV'LJLWDO,QSXW0DWUL[ ,QSXWIXQFWLRQVHOHFWLRQPD\RQO\EHFKDQJHGE\'DQ7DHW 3DJHRI 'DQ7DHWDV 6\VWHP:/3 IXQFVSHF 'RFQR 5HYLVLRQ $QDORJ,QSXWVP$ (LJKWJHQHUDOSXUSRVHDQDORJLQSXWVDUHSURYLGHGIRUHJ OLTXLGVHQVRUV/6; ,QSXW- ,QSXW- ,QSXW- ,QSXW- ,QSXW- ,QSXW- ,QSXW- ,QSXW- ±_ ±_ ±_ ±_ ±_ ±_ ±_ ±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¶VQRUPDOZDWHU FRQVXPSWLRQLQFOXGLQJKLJKDQGORZFRQVXPSWLRQSKDVHVZLWFKRYHUWLPHV +LJKDQG/RZFRQVXPSWLRQSKDVHVDUHGHWHUPLQHGDVIROORZV +LJKSKDVH 7LPHGXULQJZKLFKKLJKZDWHUFRQVXPSWLRQPXVWEHH[SHFWHGOLNHHJ GXULQJQRUPDOZRUNLQJKRXUVRULQWKHSUHVHQFHRIVHYHUDOSHUVRQV /RZSKDVH 7LPHGXULQJZKLFKORZZDWHUFRQVXPSWLRQPXVWEHH[SHFWHGOLNHHJ GXULQJFORVLQJKRXUVRULQWKHSUHVHQFHRIQRRUIHZSHRSOHDQGSRVVLEO\ LQZHHNHQGV 6\VWHP:/3VZLWFKHVEHWZHHQ+LJKDQG/RZSKDVHVIURPFORFNVHWWLQJVHQWHUHGLQWR DWLPHU+RZHYHUDQH[WHUQDOVZLWFKPD\DOVREHXVHGWRJRYHUQ+LJK/RZSKDVH VZLWFKLQJ7KLVFDQEHSXWWRSUDWLFDOXVHZKHQV\VWHP:/3LVVZLWFKHGDORQJZLWKD EXUJODUDODUP:KHQWKHEXUJODUDODUPLVDUPHGV\VWHP:/3ZLOOVZLWFKWR/RZSKDVH DQGZKHQWKHEXUJODUDODUPLVGLVDUPHGV\VWHP:/3ZLOOVZLWFKWR+LJKSKDVH 7RHQVXUHRSWLPXPSHUIRUPDQFHDUXQLQPXVWEHSHUIRUPHGE\WKH:/3ZKHQILUVW LQVWDOOHG'XULQJUXQLQV\VWHP:/3ZLOOHVWDEOLVKWKHQRUPDOZDWHUFRQVXPSWLRQLQ WKHLQVWDOODWLRQGXULQJ+LJKDQG/RZSKDVHV:KHQUXQLQLVFRPSOHWHWKHV\VWHPZLOO FDOFXODWHQHZDODUPOLPLWVDQGDXWRPDWLFDOO\VZLWFKWROHDNDJHPRQLWRULQJPRGH 0RQLWRULQJ)XQFWLRQV /HDNDJH0RQLWRULQJFRPSULVHVVL[PHFKDQLVPVXVHGLQ+LJKDQG/RZFRQVXPSWLRQ SKDVHV 3HDN)ORZ +LJKYDOXHIORZRIZDWHUSHUPLVVLEOHIRUDVKRUWGXUDWLRQRQO\ $YHUDJH)ORZ 0HDQYDOXHIORZRIZDWHUSHUPLVVLEOHIRURQHPLQXWH 0 $ 3HDN)ORZ/LPLW $ $YHUDJH)ORZ/LPLW [VHF PLQXWH 7LPH 3DJHRI 'DQ7DHWDV 6\VWHP:/3 IXQFVSHF 'RFQR 5HYLVLRQ 0LQLPXP)ORZ /RZYDOXHOLPLWZKLFKPXVWEHXQGHUFXWE\DFWXDOIORZVRPHWLPHEHIRUH QH[W/RZ!+LJKRU+LJK!/RZSKDVHFKDQJH 0 $ 0LQLPXP)ORZ/LPLW +LJK&RQV3KDVH &RQVWDQFH 'LVFKDUJH 7LPH /RZ&RQV3KDVH 3KDVHVZ 0D[LPXPSHUPLVVLEOHGXUDWLRQRIDQLQYDULDQWIORZ 0D[LPXPSHUPLVVLEOHYROXPHRIDFRQWLQXRXVGLVFKDUJH 0 $ $ &RQVWDQW)ORZ [VHFRQGV ,GOH3HULRG 7LPH 'LVFKDUJH H 1RFRQVXPSWLRQSHULRGRIDSUHVHOHFWHGPLQLPXPGXUDWLRQ 0 9 7LPHGXUDWLRQ $ 7LPHGXUDWLRQ 7LPH ,QDGGLWLRQWRPRQLWRULQJWKHLQVWDOODWLRQZLWKWKHVHVL[IXQFWLRQVWKH:/3FDQUDWLRQ GDLO\ZDWHUFRQVXPSWLRQLHDOORFDWHDFHUWDLQYROXPHSHUGD\,IWKHGDLO\OLPLWLV UHDFKHGWKH:/3ZLOOLVVXHDQDODUPDQGFXWRIIWKHLQVWDOODWLRQ7KLVIXQFWLRQLV GLVDEOHGE\GHIDXOWEXWPD\EHHQDEOHGLIGDLO\UDWLRQLQJLVUHTXLUHG 3DJHRI 'DQ7DHWDV 6\VWHP:/3 IXQFVSHF 'RFQR 5HYLVLRQ 7HPSRUDU\PRGLILFDWLRQRIPRQLWRULQJ 1RUPDOO\WKHDODUPOLPLWVZLOODSSO\DVWKH\DUHEXWDWWLPHVDPRGLILFDWLRQLVVXLWDEOH HJGXULQJYDFDWLRQVRULQFRQQHFWLRQZLWKH[WUDRUGLQDU\HYHQWV7KHUHDUHWZRZD\VWR WHPSRUDULO\PRGLI\PRQLWRULQJ &DOHQGDU)XQFWLRQ 7RDFFRPRGDWHHYHQWVGXULQJZKLFKWKHQRUPDODODUPOLPLWVDUHLQDSSOLFDEOHPRQLWRULQJ PD\EHDGDSWHGWRWKHHYHQWIRULWVGXUDWLRQLQWKHPHQX 6\VWHP6HWWLQJV±&DOHQGDU %\HQWHULQJGDWHWLPHIRUVWDUWDQGHQGRIWKHHYHQWWKHPRQLWRULVIRUFHGWRXVHHLWKHU /RZ3KDVH+LJK3KDVH[+LJK3KDVHRU[+LJK3KDVHDODUPOLPLWVGXULQJWKHHYHQW 0RQLWRU6XSSUHVVLRQ ,IWKHGLVFKDUJHRIH[WUDRUGLQDU\DPRXQWVRIZDWHULVUHTXLUHGHJZKHQILOOLQJD VZLPPLQJSRRORUWHVWLQJILUHKRVHVWKHHQWLUHPRQLWRUPD\EHWHPSRUDULO\VXSSUHVVHG IURPWKHPHQX6\VWHP6HWWLQJV±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Å PK 9RO P 0RQLWRU 0RQLWRU 0RQLWRU 0RQLWRU 'LV Å Å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Å 2SHQ Å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Í@ [+LJK3KDVH 2SHUDWLRQ>Í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±$ODUPUHOD\IXQFWLRQ $OODODUPUHOD\VDUHIDLOVDIHHQHUJL]HGLQWKHQRUPDOFRQGLWLRQ 6LJQDOUHOD\- 6LJQDOUHOD\- 6LJQDOUHOD\- 6LJQDOUHOD\- 0DQRQWKHVSRW'HDVVHUWVZKHQ4XLHWRU5HVHWNH\LVDFWLYDWHG IROORZLQJDQDODUP$VVHUWVRQDQ\W\SHDODUP :DUQLQJUHOD\,QGLFDWHVDPRQLWRULVDSSURDFKLQJLWVDODUPOLPLW /HDNDJHDODUP 6LJQDOVDQ\OHDNDJHRUOLTXLGVHQVRUDODUP 6\VWHPDQG3RZHU)DLOXUHDODUP 6LJQDODODUPFDXVHGE\6\VWHP0HWHU9DOYHRU3RZHU6XSSO\HUURU 3DJHRI 'DQ7DHWDV 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 0HQXVWHSXS ,QFUHDVHYDOXH 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH 0HQXV\VWHPDFFHVVDQGRSHUDWLRQ 8VHUSURILOHV 7KHPHQXV\VWHPHPSOR\VDKLHUDUFK\RIXVHUVZLWKGLIIHUHQWSULYLOHJH7KHIROORZLQJ LGHQWLWLHVH[LVW 8VHU 'DQ7DHW 6XSHUXVHU $GPLQLVWUDWRU 2SHUDWRU $Q\ERG\ )DFWRU\SHUVRQQHO 6\VWHPVXSHUYLVRU $GPLQLVWUDWLYHVWDII 'DLO\XVHU SDVVHUVE\ 'HIDXOWSDVVZRUG XQGLVFORVHG (DFKXVHULVHQGRZHGZLWKGLIIHUHQWV\VWHPRSHUDWLRQSULYLOHJHV$Q\SULYLOHJHGXVHUPD\ XVHWKHPHQX6HW'HOHJDWLRQWRUHGHOHJDWHDQ\RIKLVRZQSULYLOHJHVWRXVHUVEHORZKLP LQWKHKLHUDUFK\ 8VHUSULYLOHJHVDUHIDFWRU\SUHVHWDVIROORZV m $GPLQLVWUDWRUKDVKLJKSULYLOHJHDQGPD\DFNQRZOHGJHDODUPV m 2SHUDWRUKDVORZSULYLOHJHDQGPD\DFNQRZOHGJHDODUPV m $Q\ERG\KDVQRSULYLOHJHDQGPD\RQO\SHHNLQWRWKHYDULRXVPHQXV 6\VWHPIDFWRU\FRQILJXUDWLRQLQFOXGHVGHIDXOWSDVVZRUGV$GPLQLVWUDWRUDQG2SHUDWRU ,PSRUWDQW &KDQJH\RXUSDVVZRUGWKHILUVWWLPH\RXORJLQWRSUHYHQWDQ\RQHXVLQJWKHGHIDXOW SDVVZRUGVIURPORJJLQJLQDQGPDNLQJFKDQJHVWRWKHV\VWHP 7KLVPDQXDOFRQWDLQVGHVFULSWLRQJXLGHVDQGH[SODQDWLRQIRUPRVWPHQXLWHPVDQG SDUDPHWHUV ,WHPVDQGSDUDPHWHUVRQO\VSDUVHO\FRYHUHGE\WKLVPDQXDODUHEHVWOHIWDORQHDQG VKRXOGQRWEHPRGLILHGZLWKRXWSULRUFRQVXOWDWLRQRIWKHIDFWRU\5'GHSDUWPHQW 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ /RJLQDQG/RJRXW /RJLQ 3DVVZRUG 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH 1HZSULYLOHJH>8VHU,'@ 7\SHSDVVZRUGXVLQJWKHGLJLWNH\VEHORZWKHGLVSOD\WHUPLQDWHZLWK(17(5 (DFKSDVVZRUGGLJLWLVLQWKHUDQJHWR $FFHVVLVGHQLHGLIZURQJSDVVZRUGLVJLYHQ$IWHUWKUHHXQVXFFHVVIXODWWHPSWVORJLQZLOO EHEORFNHGIRURQHPLQXWHE\WKH:/3FRPSXWHU /RJRXW 1HZSULYLOHJH$Q\ERG\ /RJRXWLVGRQHYLDWKHPHQXLWHPRUDXWRPDWLFDOO\DIWHUDQLQDFWLYLW\WLPHRXWWKHYDOXH RIZKLFKLVVHWLQ8VHU6HWWLQJV3DVVZRUG7LPHRXW 5RRW:LQGRZVHOHFWLRQ QWKHQRUPDOFRQGLWLRQWKH:/3FRPSXWHUGLVSOD\VD5RRW:LQGRZ 7KHURRWZLQGRZLVVHOHFWDEOHLQWKHPHQXLWHP5RRWZLQGRZVHOHFW 7RVHOHFWDURRWZLQGRZSODFHWKHFXUVRURQWKHGHVFULSWLRQRIWKHGHVLUHGZLQGRZDQG SUHVV(17(5 7KHURRWZLQGRZPD\EHSUHYLHZHGEULHIO\E\SUHVVLQJNH\ 5RRWZLQGRZVHOHFW 6WDWXVGDWH >WZRVHFRQGURRWZLQGRZSUHYLHZ@ 6\VWHPYHUVLRQLQIR >WZRVHFRQGURRWZLQGRZSUHYLHZ@ /LTXLG6HQVRUVWDWXV >WZRVHFRQGURRWZLQGRZSUHYLHZ@ 6\VWHPXSWLPH >WZRVHFRQGURRWZLQGRZSUHYLHZ@ 0RGHPOLQHVWDWXV >WZRVHFRQGURRWZLQGRZSUHYLHZ@ 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH 5RRW:LQGRZ3DUWLFXODUV 6WDWXVGDWH 2SHUDWLQJVWDWXV 2SHUDWLRQ! 7XH :HHNGD\GDWHDQGWLPH 2SHUDWLQJ6WDWXVFRGHV ! 2.YDOYHRSHQ :! /LTXLG6HQVRUHUURU (! 9DOYHH[HUFLVH ;! ([WHUQDOVZLWFK &! 5HPRWH&RPPXQFDWLRQ 0! 9DOYHFORVHGPDQXDOO\ 5! 5DWLRQLQJ /! /HDNDJHDODUP 6! 6\VWHPHUURU 3! 3RZHU6XSSO\HUURU 7KH2SHUDWLQJ6WDWXVFRGHVDSSHDULQDOOURRWZLQGRZV 6\VWHPYHUVLRQLQIR 2SHUDWLQJVWDWXV .HUQHOYHUVLRQUHYLVLRQQXPEHU 6\VWHPQDPH 2SHUDWLRQ! 7XH :HHNGD\GDWHDQGWLPH .UQO $SS 8VHUODQGYHUVLRQQXPEHU 'HVF'DQ7DHW:/3 &IJ:/3 6\VWHPW\SH 2SHUDWLRQ! 7XH :HHNGD\GDWHDQGWLPH /LTXLG6HQVRUVWDWXV 2SHUDWLQJVWDWXV 6WDWXVRIDWWDFKHGOLTXLGVHQVRUV ORJLFDOFKDQQHOV$WKUX+ /6>$@/6>%@/6>&@/6>'@ /6>(@/6>)@/6>*@/6>+@ 2.²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±LW ZLOOQRWGHDVVHUWXQWLODOO UHOHYDQWDODUPVDUH DFNQRZOHGJHGDQGJRQH VW 7KH HUURUPDQDFNVHOHFWLRQ PDNHVWKHUHOD\G\QDPLF±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± 1RUHVSRQVH 0RQLWRUQXPEHU 5HVSRQVH 2XWSXW5HVSRQVH5HOD\OHDNZUQ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/5$'&KDQQHO >2Q2II@ $/56WU¡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± ± ± ± ± ± ± @ 3HUPLWHQG>KKPP@RQ>± ± ± ± ± ± ±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± ±±±±±±@6HOHFWDEOH>KKPP@ WR )LHOGRQ>±±±±±±±@ VHOHFWGHVHOHFWZHHNGD\V PRQGD\WKUXVXQGD\XVLQJ 3HUPLWHQG>KKPP@RQ>± ±±±±±±@6HOHFWDEOH>KKPP@ WR )LHOGRQ>±±±±±±±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¶ q#!>@^` 3ÅÆDEFGHIJKLMNOPQRSTUVWXYZ[\]$%&'()*+,-./0123456789:;<= ¡nc 7KUHHRIWKHVHV\PEROVUHSUHVHQWDIXQFWLRQDQGPD\QRWEHXVHGDVFKDUDFWHUVLQD VHQWHQFH7KLVDSSOLHVWRWKHIROORZLQJV\PEROV 3 ,PSOHPHQWVHUDVHWRHQGRIOLQHE\SODFLQJFXUVRURQ FKDUDFWHUVWREHGHOHWHGFKDQJLQJWKLVWRWKHV\PERO FRPSOHWLQJZLWK(17(5 (J 7KLVLVDGHPRQVWUDWLRQ 7KLVLVDGHPR3VWUDWLRQ> 7KLVLVDGHPR WKHOHIWPRVWRIWKH 3SUHVVLQJDQG @>(17(5@ 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ Î (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH ,PSOHPHQWVLQVHUWEODQNVDWFXUVRUE\SODFLQJFXUVRUDWWKHGHVLUHGLQVHUWSRLQW VHOHFWLQJWKHIXQFWLRQÎDQGSUHVVLQJ XQWLOVXIILFLHQWZKLWHVSDFHLVLQVHUWHGWKHQ FRPSOHWLQJZLWK(17(5 (J Í 0HQXOHDYH 5HJUHW 7KLVLVDGHPRQVWUDWLRQ 7KLVLVDÎGHPRQVWUDWLRQ> 7KLVLVD GHPRQVWUDWLRQ @[1>(17(5@ ,PSOHPHQWVHUDVHOHIWRIFXUVRUEDFNVSDFHE\VHOHFWLQJ XQWLO ÍDQGSUHVVLQJ XQZDQWHGFKDUDFWHUVDUHGHOHWHGWKHQFRPSOHWLQJZLWK(17(57KLVIXQFWLRQZLOO GHOHWHZKLWHVSDFHDQGFKDUDFWHUVDOLNH (J 7KLVLVD ÍGHPRQVWUDWLRQ> 7KLVLVDGHPRQVWUDWLRQ @[1>(17(5@ 7KLVLVDWHVWDQGDÍGHPRQVWUDWLRQ> 7KLVLVDGHPRQVWUDWLRQ @[1>(17(5@ :KLOHHLWKHURIWKHVHIXQFWLRQVLVDFWLYHOHIWULJKWDUURZNH\LQSXWJRHVWRWKHIXQFWLRQV 7RUHJUHWDQ\FKDQJHPDGHEXWQRWFRPSOHWHGXVHWKHNH\V WRGLVDEOHWKHIXQFWLRQ WKHQEDFNWKHFXUVRURXWRIWKHWH[WXVLQJ 7H[W$ODUP0HVVDJH 6\VWHPVHWXS 7H[W$ODUP0HVVDJH 7H[W$ODUP0HVVDJH /DEHO>@ 7H[W>[\@_ 8QXVHG[[[FKDUDFWHUV $XVHUKHOSWH[WPD\EHDVVRFLDWHGZLWKHYHU\DODUPW\SHDQGWKLVWH[WZLOOEHGLVSOD\HG LQWKHDODUPOLVWZLQGRZDORQJZLWKWKHVWDQGDUGDODUPPHVVDJH 8VHUKHOSWH[WVDUHHQWHUHGXVLQJWKHWH[WHGLWRUDVGHVFULEHGDERYH /DEHO>@ 7H[W>[\@ 6HOHFWVWDQGDUGDODUPPHVVDJHWRDVVRFLDWHZLWK (QWHUXVHUKHOSWH[WKHUHXVLQJWH[WHGLWRUDVGHVFULEHGDERYH 1XPEHURIFKDUDFWHUVLQWKHWH[W &XUVRUSRVLWLRQ 8QXVHGQQQFKDUDFWHUV5HPDLQLQJDYDLODEOHFKDUDFWHUPHPRU\VSDFH 3DJHRI 'DQ7DHWDV 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 'LDOXS6HWWLQJV 6\VWHPVHWXS 'LDOXS6HWWLQJV 0HQXVWHSXS ,QFUHDVHYDOXH 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH 'LDOXS6HWWLQJV>@ 3KRQH>SKRQHQXPEHU@ ,GHQW>VXEVFULEHUQDPH@ 5L>@PLQ5[>@+W>@VHF>0RGHP9RLFH606@ 7KLVLWHPLVXVHGWRVHWFKDUDFWHULVWLFVDQGSUHIHUHQFHVIRUXSWRIRXUGLDOXSWDUJHWV $SODLQWH[WLGHQWLILHUPD\EHDVVRFLDWHGZLWKHDFKWDUJHW7KHVHWWLQJRISKRQHQXPEHU DQGLGHQWLILHULVSHUIRUPHGXVLQJWKHWH[WHGLWRUDVGHVFULEHGDERYH 'LDOXS6HWWLQJV 3KRQH ,GHQW 5L 6HOHFWDPRQJWDUJHWVWKUX (QWHUSKRQHQXPEHUWRFDOO (QWHUDSODLQWH[WLGHQWLILHUIRUVXEVFULEHUHJ-DQLWRU ,QWHUYDOEHWZHHQGLDOXSDWWHPSWV 6HOHFWDEOHIURPWRPLQXWHV 5[ 0D[LPXPFRQVHFXWLYHDWWHPSWVZKHQFDOOLVXQDQVZHUHG +W 0LQLPXPFDOOGXUDWLRQ6HOHFWDEOHIURPWRVHFRQGV 0RGHP9RLFH606SRRO[ 6HOHFWH[SHFWHGDQVZHUW\SHIRUFRQQHFWLRQ ,IWKHFDOOLVURXWHGYLDDVZLWFKERDUG3%;UHTXLULQJDSUHIL[WRREWDLQDQRXWVLGHOLQH WKH:/3FDQEHGLUHFWHGWRZDLW:IRUDQHZGLDOWRQHDIWHUWKHSUHIL[WKXV : ,IWKHPHVVDJHLVWREHGHOLYHUHGDV606WRDFHOOSKRQHRQO\WKHEDUHUHFLSLHQWQXPEHU PXVWEHOLVWHGWKXV ,IWKHDWWDFKHGPRGHPLVDQDORJVHOHFWWKHGHVLUHG606JDWHZD\RSHUDWRUSRROE\ ´606SRRO´DQGFRQILJXUHWKHFRQQHFWLRQVLQWKHIROORZLQJPHQXLWHP ´6063RRO6HWWLQJV´,IWKHDWWDFKHGPRGHPLVGLJLWDOVHOHFW´606Y*60´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´VKDUHG´DIWHUWKHDUURZo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¶VFXWRIIYDOYH,ID PRQLWRUQDPHLVEODQNWKHPRQLWRULVQRWDFWLYH 7RDVVRFLDWHDOLTXLGVHQVRUZLWKDPRQLWRUSHUPLWWLQJLWWRRSHUDWHWKHPRQLWRU¶VFXWRII YDOYHXVHWKH NH\VWRFKDQJH´±´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´+LJKSKDVH´ 5XQLQSDUW´6HOHFWLRQPDVN´ 5XQLQSDUW´'XUDWLRQ´ &RQVWDQFH5XQ,Q >5,@ 1R<HV 0LQ)ORZ5XQ,Q >5,@ 1R<HV 'LVFKDUJH5XQ,Q $YJIORZ5XQ,Q 3HDNIORZ5XQ,Q >5,@ ,GOHSHULRG5XQ,Q 5DWLRQLQJ5XQ,Q >5,@ >5,@ >5,@ >5,@ 1R<HV 1R<HV 1R<HV 1R<HV 1R<HV 5HPDLQLQJ5XQ,QWLPH[GD\VKKPP 5XQ,QLVVWDUWHGDVIROORZV )LUVWVHOHFWWKHDFWLYHPRQLWRUWRUXQLQRQO\LIVHYHUDOPRQLWRUVDUHDFWLYH7KHQWKUHH PHQXVPXVWEHFRPSOHWHGSULRUWRUXQLQFRPPHQFHPHQW 5XQ,QSDUW´+LJKSKDVH´ 6ZLWFKLQJEHWZHHQ+LJKDQG/RZSKDVHVLVGRQHHLWKHUE\H[WHUQDOVLJQDORUE\WKH LQWHUQDOWLPHU,IWKHV\VWHPLVJRLQJWRHPSOR\WKHLQWHUQDOWLPHUIRUSKDVHVZLWFKLQJLWV VZLWFKLQJSRLQWVPXVWEHVHWSULRUWRUXQLQDQGDFHUWDLQSUHFRQFHSWLRQRIWKHWLPHZLVH GLVWULEXWLRQRIWKHGDLO\FRQVXPSWLRQLVUHTXLUHG+LJKDQG/RZSKDVHPD\EH FKDUDFWHULVHGDVIROORZV +LJKSKDVHLVHPSOR\HGZKHQDKLJKFRQVXPSWLRQLVDOORZHGGXULQJZRUNLQJKRXUV ZKHQHPSOR\HHVDUHSUHVHQWRUZKHQFHUWDLQHTXLSPHQWLVUXQQLQJ /RZSKDVHLVHPSOR\HGZKHQRQO\DORZFRQVXPSWLRQLVDOORZHGHJQLJKWVDQG ZHHNHQGVZKHUHPLQLPDOFRQVXPSWLRQLVH[SHFWHG 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH )LUVWVHOHFWWKH+LJK/RZSKDVHVZLWFKLQJPHFKDQLVPDVIROORZV 3KDVHPRGH 7PU([WKL([WOR+LJK/RZ 7PU 3KDVHJRYHUQHGE\WLPHUDFFRUGLQJWRWKH+LJKSKDVH2Q2IIVHWWLQJVLQIRUFH ([WOR ([WHUQDOORZVHOHFW$FWLYDWLQJWKHGLJLWDO3KDVHLQSXWIRUFHVPRQLWRULQJZLWK /RZ3KDVHVHQVLWLYLW\1RWHWKDWLQWKHDEVHQFHRIDQH[WHUQDOVLJQDOWKH PRQLWRUZLOOXVH+LJK3KDVHVHQVLWLYLW\SHUPDQHQWO\ ([WKL ([WHUQDOKLJKVHOHFW$FWLYDWLQJWKHGLJLWDO3KDVHLQSXWIRUFHVPRQLWRULQJZLWK +LJK3KDVHVHQVLWLYLW\1RWHWKDWLQWKHDEVHQFHRIDQH[WHUQDOVLJQDOWKH PRQLWRUZLOOXVH/RZ3KDVHVHQVLWLYLW\SHUPDQHQWO\ +LJK /RZ )L[HG+LJK3KDVH7KHPRQLWRUZLOODOZD\VXVH+LJK3KDVHVHQVLWLYLW\ )L[HG/RZ3KDVH7KHPRQLWRUZLOODOZD\VXVH/RZ3KDVHVHQVLWLYLW\ ,I7LPHULVVHOHFWHGIRUFRQWURORI3KDVHWLPHVDQGZHHNGD\VEHORZPXVWEHVHWDWOHDVW IRURQHFRPSOHWH2Q2IIF\FOH1RWHWKDWDWLPHUPD\FDXVHXSWRIRXUSKDVHVZLWFKLQJV SHUZHHNGD\ 6HWWLQJLVGRQHDVIROORZV +LJK3KDVHVWDUWWLPH +LJKSKDVH2Q KKPP RQ RQ KKPP RQ VWDUWWLPHKRXUVPLQXWHV ZHHNGD\VEHJLQQLQJZLWKPRQGD\:HHNGD\VDUHDFWLYDWHGE \ +LJK3KDVHHQGWLPH +LJK3KDVH2II KKPP RQ KKPP HQGWLPHKRXUVPLQXWHV ZHHNGD\VEHJLQQLQJZLWKPRQGD\:HHNGD\VDUHDFWLYDWHGE\ 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH 5XQ,QSDUW´6HOHFWLRQPDVN´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± 0RQLWRU5DWLRQLQJLQZKLFKWKHGDLO\UDWLRQPXVWEHVHWWRD QRQ]HURYDOXHHJP 5XQ,QSDUW´7LPH´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´´LQWKHVHOHFWLRQPDVN ,GOH:DUQLQJ([SHFW $GMXVWDEOH KKPPRQPWZWIVV ([SHFWHGWLPHRI,GOH:DUQLQJLI,GOH3HULRGQRWIRXQG )DFWRU\VHWWLQJ 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 0LQLPXP,GOH3HULRG 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH $GMXVWDEOH VHFRQGV )DFWRU\VHWWLQJ VHFRQGV ,GOH3HULRGGXUDWLRQLQVHFRQGV 6HWWLQJWKLVSDUDPHWHUWR´´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´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH&RQVWDQFHIXQFWLRQLQ/RZSKDVH 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ /'LVFKDUJH=HURWLPH 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH $GMXVWDEOH VHFRQGV )DFWRU\VHWWLQJ VHFRQGV &RQVXPSWLRQSDXVHUHTXLUHGWRFOHDUWKH0D['LVFKDUJHFRXQWHULQ/RZSKDVH 7KLVYDOXHLVQRWDIIHFWHGE\UXQLQ,IWKHYDOXHRIWKLVSDUDPHWHULVXQVXLWDEOHIRUWKH FLUFXPVWDQFHVLWPXVWEHFKDQJHGWRDQDSSURSULDWHVHWWLQJSULRUWRUXQLQ $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH0D['LVFKDUJHIXQFWLRQLQ/RZSKDVH /0D['LVFKDUJH $GMXVWDEOH 4QP )DFWRU\VHWWLQJ 4QP 7KHOLPLWLQJYDOXHIRUPD[LPXPSHUPLVVLEOHFRQWLQXRXVGLVFKDUJHLQ/RZSKDVH 7KHGLVFKDUJHFRXQWHULVFOHDUHGDWORZIORZVVHH'LVFKDUJH=HURWLPHDERYH $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH0D['LVFKDUJHIXQFWLRQLQ/RZSKDVH /0LQLPXP)ORZ/LPLW $GMXVWDEOH 4QPK )DFWRU\VHWWLQJ 4QPK )ORZOLPLWZKLFKPXVWEHXQGHUFXWE\DFWXDOIORZSULRUWRQH[W+LJKSKDVH $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH0LQLPXP)ORZPRQLWRULQ/RZSKDVH /$YHUDJH)ORZ/LPLW $GMXVWDEOH 4QPK /DUJHVWSHUPLVVLEOHPLQXWHIORZPKLQ/RZSKDVH )DFWRU\VHWWLQJ 4QPK $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH$YHUDJH)ORZPRQLWRULQ/RZSKDVH ([DPSOH)ORZRIPKIRUPLQ OLWHUVRIZDWHUGLVFKDUJHGLQPLQ OLWUH PLQXWHV OLWUH PLQXWH 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ /3HDN)ORZ/LPLW 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH $GMXVWDEOH 4QPK )DFWRU\VHWWLQJ 4QPK /DUJHVWSHUPLVVLEOHIORZPKLQ/RZSKDVH,IDFWXDOIORZH[FHHGVWKLVYDOXHIRUDWLPH H[FHHGLQJWKH3HDN)ORZ'XUDWLRQVHWWLQJDQDODUPLVLVVXHG $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH3HDN)ORZPRQLWRULQ/RZSKDVH ([DPSOH)ORZRIPKIRUVHF OLWHUVRIZDWHUGLVFKDUJHGLQVHF OLWUH u VHFRQGV OLWUH VHFRQGV VHFRQGV /3HDN)ORZ'XUDWLRQ $GMXVWDEOH VHFRQGV )DFWRU\VHWWLQJ VHFRQGV $GMXVWDEOH VHFRQGV )DFWRU\VHWWLQJ VHFRQGV 0D[LPXPSHUPLVVLEOHGXUDWLRQRIDFWXDOIORZH[FHHGLQJSHDNIORZOLPLWLQ/RZSKDVH 7KLVYDOXHLVQRWDIIHFWHGE\UXQLQ,IWKHYDOXHRIWKLVSDUDPHWHULVXQVXLWDEOHIRUWKH FLUFXPVWDQFHVLWPXVWEHFKDQJHGWRDQDSSURSULDWHVHWWLQJSULRUWRUXQLQ +0D[&RQVWDQFH 0D[LPXPSHUPLVVLEOHGXUDWLRQRIFRQVWDQWIORZLQ+LJK3KDVH $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH&RQVWDQFHIXQFWLRQLQ+LJKSKDVH +'LVFKDUJH=HURWLPH $GMXVWDEOH VHFRQGV )DFWRU\VHWWLQJ VHFRQGV &RQVXPSWLRQSDXVHUHTXLUHGWRFOHDUWKH0D['LVFKDUJHFRXQWHULQ+LJKSKDVH 7KLVYDOXHLVQRWDIIHFWHGE\UXQLQ,IWKHYDOXHRIWKLVSDUDPHWHULVXQVXLWDEOHIRUWKH FLUFXPVWDQFHVLWPXVWEHFKDQJHGWRDQDSSURSULDWHVHWWLQJSULRUWRUXQLQ $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH0D['LVFKDUJHIXQFWLRQLQ+LJKSKDVH 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ +0D['LVFKDUJH 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH $GMXVWDEOH 4QP )DFWRU\VHWWLQJ 4QP 7KHOLPLWLQJYDOXHIRUPD[LPXPSHUPLVVLEOHFRQWLQXRXVGLVFKDUJHLQ+LJKSKDVH 7KHGLVFKDUJHFRXQWHULVFOHDUHGDWORZIORZVVHH'LVFKDUJH=HURWLPHDERYH $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH0D['LVFKDUJHIXQFWLRQLQ+LJKSKDVH +0LQLPXP)ORZ/LPLW $GMXVWDEOH 4QPK )DFWRU\VHWWLQJ 4QPK )ORZOLPLWZKLFKPXVWEHXQGHUFXWE\DFWXDOIORZSULRUWRQH[W/RZSKDVH $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH0LQLPXP)ORZPRQLWRULQ+LJKSKDVH +$YHUDJH)ORZ/LPLW $GMXVWDEOH 4QPK /DUJHVWSHUPLVVLEOHPLQXWHIORZPKLQ+LJKSKDVH )DFWRU\VHWWLQJ 4QPK $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH$YHUDJH)ORZPRQLWRULQ+LJKSKDVH ([DPSOH)ORZRIPKIRUPLQ OLWHUVRIZDWHUGLVFKDUJHGLQPLQ OLWUH PLQXWHV +3HDN)ORZ/LPLW OLWUH PLQXWH $GMXVWDEOH 4QPK )DFWRU\VHWWLQJ 4QPK /DUJHVWSHUPLVVLEOHIORZPKLQ+LJKSKDVH,IDFWXDOIORZH[FHHGVWKLVYDOXHIRUDWLPH H[FHHGLQJWKH3HDN)ORZ'XUDWLRQVHWWLQJDQDODUPLVLVVXHG $VHWWLQJRI´´IRUWKLVSDUDPHWHUGHDFWLYDWHVWKH3HDN)ORZPRQLWRULQ+LJKSKDVH ([DPSOH)ORZRIPKIRUVHF OLWHUVRIZDWHUGLVFKDUJHGLQVHF OLWUH u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¶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´+LJKSKDVH´ 5XQLQSDUW´6HOHFWLRQPDVN´ 5XQLQSDUW´'XUDWLRQ´ &RQVWDQFH5XQ,Q >5,@ 1R<HV 0LQ)ORZ5XQ,Q >5,@ 1R<HV 'LVFKDUJH5XQ,Q $YJIORZ5XQ,Q 3HDNIORZ5XQ,Q ,GOHSHULRG5XQ,Q 5DWLRQLQJ5XQ,Q >5,@ >5,@ >5,@ >5,@ >5,@ 1R<HV 1R<HV 1R<HV 1R<HV 1R<HV 5HPDLQLQJ5XQ,QWLPH[GD\VKKPP 5XQ,QLVVWDUWHGDVIROORZV )LUVWVHOHFWWKHDFWLYHPRQLWRUWRUXQLQRQO\LIVHYHUDOPRQLWRUVDUHDFWLYH7KHQWKUHH PHQXVPXVWEHFRPSOHWHGSULRUWRUXQLQFRPPHQFHPHQW 5XQ,QSDUW´+LJKSKDVH´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´6HOHFWLRQPDVN´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± 0RQLWRU5DWLRQLQJLQZKLFKWKHGDLO\UDWLRQPXVWEHVHWWRD QRQ]HURYDOXHHJP 5XQ,QSDUW´7LPH´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ÎDWWKHLQVHUWSRLQW DQGSUHVVUHSHDWHGO\XQWLOVXIILFLHQWZKLWHVSDFHKDVEHHQLQVHUWHGWKHQ(17(5 &RQYHUVHO\VXSHUIOXRXVWH[WFDQEHUHPRYHGE\VHOHFWLQJV\PERO ÍDWWKHULJKWPRVWHQG RIWKHVXSHUIOXRXVWH[WDQGSUHVVLQJUHSHDWHGO\XQWLOWKHWH[WLVJRQHWKHQ(17(5 (NV 7KLVLVDGHPRQVWUDWLRQ 7KLVLVDÎGHPRQVWUDWLRQ>3UHVV(17(5@ 7KLVLVDÎGHPRQVWUDWLRQ &RQYHUVHO\ 7KLVLVDÍGHPRQVWUDWLRQ>3UHVV(17(5@ 7KLVLVDGHPRQVWUDWLRQ 'HWWHHUHQSU¡YHSn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± ± ± ± ± ± ± @ 3HUPLWHQG>KKPP@RQ>± ± ± ± ± ± ± @ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/5$'FKDQQHO >2Q2II@ $/53RZHU6XSSO\HUURU >2Q2II@ 0RQ $/5&RQVWDQFHDODUP/ $/5'LVFKDUJHDODUP/ $/50LQIORZDODUP/ $/5$YJIORZDODUP/ $/53HDNIORZDODUP/ $/5QRWXVHG $/5QRWXVHG $/5QRWXVHG $/5&RQVWDQFHDODUP+ $/5'LVFKDUJHDODUP+ $/50LQIORZDODUP+ $/5$YJIORZDODUP+ $/53HDNIORZDODUP+ $/5QRWXVHG $/5QRWXVHG $/5QRWXVHG $/55DWLRQFXWRII $/5,GOHSHULRGDODUP $/50HWHUHUURU $/59DOYHHUURU $/5QRWXVHG $/5QRWXVHG $/5QRWXVHG 7KHILUVWPHQXVHOHFWVWKHGHVLUHGGLDOXSUHVSRQVHIURPWKUXXVLQJXSGRZQNH\V 2QFHDGLDOXSUHVSRQVHLVVHOHFWHGWKHQH[WPHQXLVHQWHUHGXVLQJDUURZNH\ 7KLVPHQXFRYHUVDOOVHWWLQJVIRUWKHVHOHFWHGGLDOXSUHVSRQVH 3DJHRI 'DQ7DHWDV 0HQXVWHSXS ,QFUHDVHYDOXH 6\VWHP:/3 5HOHDVH 'RFQR 5HYLVLRQ 0HQXOHDYH 5HJUHW (QWHU 0HQXVWHSLQWR 0HQXVWHSGRZQ 'HFUHDVHYDOXH 7KHIROORZLQJLWHPVPD\EHVHW 0HVVDJHWUDQVPLWWHGE\VHVVLRQ 0HVVDJH>@>7H[W@ 6HOHFWDEOH 1RPHVVDJH 0HVVDJHWKUX 0HVVDJHLVDXWRPDWLFDOO\GLVSOD\HGDQGPD\EH FKDQJHGPRGLILHGXVLQJWKHWH[WHGLWRU 3ULPDU\SKRQHQXPEHUWRGLDO 'LDOXS>@>3KQRLGHQWLW\@ 6HOHFWDEOH 1RGLDOXSQXPEHU 'LDOXSQXPEHUWKUX 'LDOXSQXPEHUDQGLGHQWLW\DUHDXWRGLVSOD\HGDQG PD\EHPRGLILHGLQWKH'LDOXS6HWWLQJVPHQX $OWHUQDWLYHSKRQHQXPEHUWRGLDO $OW>@>3KQRLGHQWLW\@ 6HOHFWDEOH 1RGLDOXSQXPEHU 'LDOXSQXPEHUWKUX 'LDOXSQXPEHUDQGLGHQWLW\DUHDXWRGLVSOD\HGDQG PD\EHPRGLILHGLQWKH'LDOXS6HWWLQJVPHQX 7KHWLPHLQWHUYDOVLQZKLFKWRXVHWKHSULPDU\SKRQHQXPEHULVVHWLQWKHPHQXLWHP EHORZ2XWVLGHRIWKLVLQWHUYDOWKHDOWHUQDWHQXPEHULVXVHG 3HUPLWVWDUW>KKPP@RQ>± ±±±±±±@6HOHFWDEOH>KKPP@ WR )LHOGRQ>±±±±±±±@ VHOHFWGHVHOHFWZHHNGD\V PRQGD\WKUXVXQGD\XVLQJ 3HUPLWHQG>KKPP@RQ>± ±±±±±±@6HOHFWDEOH>KKPP@ WR )LHOGRQ>±±±±±±±@ VHOHFWGHVHOHFWZHHNGD\V PRQGD\WKUXVXQGD\XVLQJ 7KHOLVWRIDODUPW\SHV$/5LVXVHGWRDFWLYDWHGHDFWLYDWHFDOORXWIRUHDFKDODUPW\SH 6HOHFWDEOH 2Q FDOORXW 2II QRFDOORXW 3OHDVHQRWHWKDWLIWKHFXVWRPHUHQWHUVDWH[WXDOPHDVXULQJSRLQWLGHQWLILFDWLRQIRUDQ$' FKDQQHOWKLVZLOOUHSODFHWKH$'FKDQQHOGHVLJQDWLRQLQPDQ\PHQXZLQGRZV $Q\OHDNDJHDODUPW\SHIURPDQ\OHDNDJHPRQLWRUVPD\EHHPSOR\HGRULJQRUHGE\WKH VHOHFWHGGLDOXSUHVSRQVH 1RUHVSRQVH 0RQLWRUQXPEHU 5HVSRQVH 3DJHRI 'DQ7DHWDV 6\VWHP:/3 5HOHDVH 'RNQU 5HYLVLRQ $SSHQGL[ 3DJHRI