No category

Download HWR Platinum Installation Manual - Heat

Transcript

5
,167$//$7,21$1'23(5$7,21,16758&7,216
65&3ODWLQXP
67($0+($7,1*&21752/
5(6(7&21752/)2567($0+($7,1*:,7+
02725,=('9$/9($1'9$&8803803
7DEOHRI&RQWHQWV
5
& 2 5 3 2 5 $ 7 , 2 1
3DQHO/D\RXW 8QGHUVWDQGLQJ2SHUDWLRQ&RQFHSW 65&
'2 127 $33/< $1< 92/7$*(
72 6(1625 7(50,1$/
,13876
$'-867
0(18 )81&7,216
$
$
6(/(&7
HQWHUV PHQXV RU DFFHSWV FKDQJHV
$'-867
VHOHFWV PHQX LWHPV RU FKDQJHV VHWWLQJV
9;P;BP:=
7
$
9:C=<+
6<67(0
7(03
6+87'2:1
$
,QLWLDO3LORW3URJUDP %$&.
'$<
35(91(;7
7!*# ,C >P9:+
35(66 72
6(/(&7
UHWXUQV WR SUHYLRXV PHQX
S =>G
J7K
VHOHFWV QH[W GD\
S <9-
S 99=-
%$&.
0$18$/
6HWWLQJWKH&RQWURO 1(7:25.
$
6<67(0
3529(
$
$
+(/3
%<3$66
35(9
1(;7
'$<
9$&880
3803
287387 5$7,1*6
9$& $ 5(6,67,9(
$ 3,/27 '87<
$ 727$/
)25 $// &,5&8,76
%851(5
$
$8;
&/2&.
$
23(1
(06
$
287
7(03
7
$8;
7(03 7
$8;
7(03 $
02725,=('
9$/9(
&/26(
7
$
'(/
,1387 5$7,1*6
9$& +]
9$ 0$;
86( &233(5 :,5(
&/$66 :,5( 21/<
6,*1$/
/,1(
6+,(/'
1(875$/
6\VWHP6WDUWXS6HWWLQJV 93
9$/9(
326,7,21
$
$872
'LVSOD\DQG&KDQJH6HWWLQJV $
$
VWHSV WKURXJK RXWSXW VWDWXV
,QVWDOODWLRQ $
6\VWHP6HWWLQJV 9DOYH6HWWLQJV 5HPRWH,QWHUIDFH 6$)(7<
*5281'
0867 %(
&211(&7('
9$&880
3803
%851(5
$8;
&/2&.
&/26(
23(1
02725,=('
9$/9(
5287( 6(1625 $1' $8;,/,$5< :,5(6
7+528*+ 7+,6 .12&.287 21/<
0$'( ,1 86$
6FKHGXOHV 0DLQWHQDQFH 6KLIW $XWR0DQXDO2SHQ%\SDVV 7URXEOHVKRRW 6SHFL¿FDWLRQV 7KLV3UHOLPLQDU\PDQXDODWWHPSWHGWREHFRPSOHWHDQGDFFXUDWH
DWWKHWLPHRISXEOLFDWLRQ$GGLWLRQDOXSJUDGHVDQGQHZIHDWXUHV
PD\FKDQJH65&3ODWLQXPIXQFWLRQV8SJUDGHVWRWKLVPDQXDOPD\
RFFXUDWDQ\WLPH&RQWDFWWKHIDFWRU\IRUIXUWKHUGHWDLOV
+HDW7LPHU&RUS
&RQWHQWV
3DQHO/D\RXW 8QGHUVWDQGLQJ2SHUDWLRQ&RQFHSW &\FOH3ULQFLSOH &\FOH/HQJWK%DVHGRQ2XWGRRU7HPSHUDWXUH %RRVW9DUL%RRVWDQG(DUO\6KXWGRZQ 6HTXHQFHRI2SHUDWLRQ ,QLWLDO3LORW3URJUDP ,GHQWLI\LQJWKH7\SHRI+HDWLQJ6\VWHP 6HOHFWLQJWKH)HDWXUHVRIWKH6\VWHP 0DNLQJ6XUH<RX+DYHWKH5LJKW&RQWURO ,QVWDOODWLRQ 0RXQWLQJWKH&RQWURO%R[ 5HDURI3DQHO ,QVWDOOWKH6HQVRUV :LULQJ 3RZHU,QSXW:LULQJ 9DFXXP3XPS2XWSXW:LULQJ %XUQHU2XWSXW:LULQJ 0RWRUL]HG9DOYH2XWSXW:LULQJ $X[2XWSXW:LULQJDQG0XOWL0RG:LULQJRSWLRQDO
:LULQJWKH2XWGRRU6HQVRU :LULQJWKH+HDWLQJ6\VWHP6HQVRU+66 :LULQJ1HWZRUN6HQVRUV:LUHOHVVDQG0,* :LULQJ9DOYH3RVLWLRQLQJ3RVLWLRQLQJ6HQVRUPRGH
:LULQJ6KXWGRZQ7HUPLQDOVRSWLRQDO :LULQJ3URYH7HUPLQDOV :LULQJ$X[LQSXW7HUPLQDOV2SWLRQDO 7HVWLQJ6HQVRUV 6HWWLQJWKH&RQWURO 'LVSOD\DQG&KDQJLQJ6HWWLQJV 6\VWHP6WDUWXS6HWWLQJV 6HQVRU7\SH 2SHUDWLRQ0RGH &\FOH/HQJWK6HWWLQJ 9DOYH3RVLWLRQLQJ 9DOYH0RWRU7LPH$YDLODEOHZLWK7LPH%DVHG9DOYHV
6HQVRU)DXOW 'D\/LJKW6DYLQJ $X[5HOD\0RGH 'DWHDQG7LPH6HWWLQJ 2SHUDWLRQ0RGH '
LVWULFW6WHDP'HOD\$YDLODEOHIRU'LVWULFW6WHDP
2SHUDWLRQ0RGH %RRVWDQG(DUO\6KXWGRZQ(6' %RRVW0DQXDO %RRVW9DUL %RRVW9DULZLWK(DUO\6KXWGRZQ 9DOYH6HWWLQJV )UHH]LQJ9DOYH2SHQLQJDW) &XWRII9DOYH2SHQLQJDW&XWRII7HPSHUDWXUH 2II&\FOH9DOYH2SHQLQJ'XULQJ&\FOH2II &ORVH2YHUGULYH 3DXVHOHQJWK 3XOVH&ORVH 5HPRWH,QWHUIDFH *DWHZD\ 6SDFH/RFN 'D\7DUJHW 1LJKW7DUJHW 6FKHGXOHV 'D\1LJKW6FKHGXOH &RS\6FKHGXOH 6HW'DWHDQG7LPH $X[6FKHGXOH &RS\$X[6FKHGXOH 0DLQWHQDQFH 6\VWHPDQG2XWGRRU6HQVRU7ULP )DVW&\FOH7HVW 3DVVZRUG 9DOYH&DOLEUDWLRQIRU9DOYHVZLWK3RVLWLRQLQJ6HQVRUV
$XWR&DOLEUDWLRQ 2SHQDQG&ORVH7ULP 0DQXDO&$/2SHQ 0DQXDO&$/&ORVH 9DOYH7ULPIRU9DOYHVZLWK7LPH%DVHG0RWRUV 9
DOYH6\QFKURQL]DWLRQIRU9DOYHVZLWK7LPH%DVHG
0RWRUV 6KLIW 0HQX/D\RXW $XWR0DQXDO2SHQ%\SDVV 7URXEOHVKRRW 7HVWLQJWKH6HQVRUV 12+HDW/RZ+HDW 7RR0XFK+HDW 9DOYH7URXEOHVKRRW 6\VWHP6HWWLQJ 6HDVRQ 'D\+HDW$GMXVWPHQW 1LJKW+HDW$GMXVWPHQW 'D\&XWRII 1LJKW&XWRII 6\VWHP6HWSRLQW$YDLODEOHIRU%RLOHURU9DOYH
6SHFL¿FDWLRQV 65&3ODWLQXP
3DQHO/D\RXW
'LJLWDO GLVSOD\ VKRZV WKH GDWH KHDWLQJ
VWDWXV DQG 9DOYH RSHQ SHUFHQW
RXWGRRU DQG V\VWHP WHPSHUDWXUHV
7R YLHZ DQG DGMXVW VHWWLQJV SUHVV
WKH $GMXVW6HOHFW EXWWRQ
'HSUHVV WKH NQRE WR PRYH
IRUZDUG WKURXJK WKH PHQXV DQG WR
DFFHSW FKDQJHV 7R FKDQJH D
VHWWLQJ
V YDOXH URWDWH WKH NQRE
'HSUHVV WKH EXWWRQ WR JR EDFN
WKURXJK WKH PHQXV
5
& 2 5 3 2 5 $ 7 , 2 1
65&
'2 127 $33/< $1< 92/7$*(
72 6(1625 7(50,1$/
,13876
$'-867
0(18 )81&7,216
$
$
6(/(&7
HQWHUV PHQXV RU DFFHSWV FKDQJHV
$'-867
VHOHFWV PHQX LWHPV RU FKDQJHV VHWWLQJV
9;P;BP:=
7
6<67(0
7(03
)URP KHDWLQJ V\VWHP VHQVRU
6+87'2:1
:KHQ FORVHG %XUQHU LV WXUQH
RII DQG 9DOYH FORVH UHOD\
ZLOO HQHUJL]H
93
9$/9(
326,7,21
9DOYH SRVLWLRQLQJ IHHG %DFN
$
9:C=<+
$
%$&.
'$<
35(91(;7
7!*# ,C >P9:+
UHWXUQV WR SUHYLRXV PHQX
VHOHFWV QH[W GD\
35(66 72
6(/(&7
S =>G
J7K
S <9-
S 99=-
$
$
$
VWHSV WKURXJK RXWSXW VWDWXV
%$&.
$
&
8/
5
0$18$/
86
(1&/26('
(1(5*<
0$1$*(0(17
(48,30(17
$
$872
$
35(9
+(/3
%<3$66
1(;7
'$<
9$&880
3803
287387 5$7,1*6
9$& $ 5(6,67,9(
$ 3,/27 '87<
$ 727$/
)25 $// &,5&8,76
%851(5
$
$8;
&/2&.
)URP +HDW7LPHU QHWZRUN
VHQVRUV
6<67(0
3529(
&KHFNV VWDWXV RI V\VWHP
FRPSRQHQWV
$
23(1
$
287
7(03
)URP RXWGRRU VHQVRU PRXQWH
LQ WKH VKDGH
7
$8;
7(03 5HPRWH &RPPXQLFDWLRQ
2SWLRQ
7
$8;
7(03 5HPRWH &RPPXQLFDWLRQ
2SWLRQ
$
02725,=('
9$/9(
&/26(
7
$
'(/
/,67('
5$
1(7:25.
$
(06
,1387 5$7,1*6
9$& +]
9$ 0$;
5HG OLJKWV LQGLFDWH ZKHQ WKH
DVVRFLDWHG UHOD\ LV DFWLYDWHG
/,1(
1(875$/
86( &233(5 :,5(
&/$66 :,5( 21/<
9$&880
3803
%851(5
$8;
&/2&.
6$)(7<
*5281'
0867 %(
&211(&7('
6,*1$/
6+,(/'
&/26(
23(1
02725,=('
9$/9(
5287( 6(1625 $1' $8;,/,$5< :,5(6
7+528*+ 7+,6 .12&.287 21/<
0$'( ,1 86$
*UHHQ *URXQG
9$&
VFUHZ PXVW EH
3RZHU
FRQQHFWHG WR
(DUWK *URXQG
%<3$66 SRVLWLRQ
PHFKDQLFDOO\ RYHUULGHV
RXWSXWV VR WKH YDOYH DQG
EXUQHU DUH DOZD\V DFWLYH
$X[ &ORFN VWDWXV LV
SURJUDPPDEOH EDVHG
9DFXXP 3XPS
RQ $X[ WLPH VFKHGXOH
2XWSXW LV DFWLYH
ZKHQ 65& UHTXLUHV
9DOYH 2XWSXWV DUH
KHDW DQG KDV RSWLRQDO 5XQ2Q
DFWLYH ZKHQ 65&
FKDQJHV KHDW DPRXQW
'5< &217$&7 21/<
2QO\ DYDLODEOH ZLWK WKH 5HPRWH &RPPXQLFDWLRQV SDFNDJH
+HDW7LPHU&RUS
8QGHUVWDQGLQJ2SHUDWLRQ&RQFHSW
7KH65&3ODWLQXPFRQWUROVDVWHDPKHDWLQJV\VWHPWRSURYLGHDEXLOGLQJZLWKFRPIRUWDEOHDQGHYHQKHDWOHYHOV7KHFRQWURORSHUDWHV
DVWHDPERLOHUDYDOYHDQGDYDFXXPSXPSDXWRPDWLFDOO\SURYLGLQJWKHGHVLUHGKHDWSDWWHUQIRUDEXLOGLQJ7KH65&3ODWLQXP
PDQDJHVWKHKHDWLQWKHEXLOGLQJXVLQJWZRZD\V)LUVWLWYDULHVWKHSHUFHQWRIDPRWRUL]HGYDOYHRSHQLQJLQUHVSRQVHWRFKDQJHVLQWKH
RXWGRRUWHPSHUDWXUH6HFRQGLWFKDQJHVWKH2QDQG2IISDUWRIDSUHVHWF\FOHOHQJWK7KHEXLOGLQJWHPSHUDWXUHLVFRQWUROOHGWKURXJK
WKHXVHRIDPRWRUL]HGYDOYHWKURXJKGLUHFWEXUQHURSHUDWLRQDQGYDFXXPSXPSFRQWURO
&<&/(35,1&,3/(
7KHFRQWURORSHUDWHVRQWKH&\FOHSULQFLSOHZKLFKZDVFUHDWHGVSHFL¿FDOO\IRUVWHDPKHDWLQJV\VWHPV7KH&\FOHFRQFHSWZDV
GHYHORSHGE\+HDW7LPHUWRRYHUFRPHWKHLQDELOLWLHVRIVWDQGDUGWKHUPRVWDWLFFRQWUROVWRFRSHZLWKWKHXQLTXHFKDOOHQJHVRIVWHDP
KHDWLQJ7KHWHPSHUDWXUHRIVWHDPFDQQRWEHUHJXODWHGDVZLWKK\GURQLFV\VWHPV,QDGGLWLRQVWHDPKHDWFDQQRWEHVZLWFKHGRQDQG
RIILQVWDQWDQHRXVO\DVZLWKKRWDLUV\VWHPV,QVWHDGLWWDNHVWLPHWREXLOGXSD³KHDGRIVWHDP´2QFHWKHV\VWHPVWDUWVKHDWLQJXSLW
KDVPRPHQWXPZKLFKFDQQRWEHTXLFNO\VWRSSHG
&XUYH 3(5&(17 9$/9( 23(1
+HDW7LPHU¶VWKHRU\RIVWHDPUHVHWKHDWLQJLVDVIROORZV
3XOVHWKHYDOYHRSHQWRDOLPLWHGYDOYHSRVLWLRQYHU\VORZO\¿OOLQJWKHV\VWHPZLWK
VWHDPDQGVWDUWLQJDWLPHGKHDWLQJSHULRG7KHYDOYHSRVLWLRQZLOOEHGHWHUPLQHG
E\WZRDGMXVWDEOHSRLQWV7KH¿UVWSRLQWLVWKHSHUFHQWWKHYDOYHVKRXOGEHRSHQ
ZKHQWKHFRQWUROVWDUWVJLYLQJKHDWLHDWWKH'D\2XWGRRU6HW3RLQWW\SLFDOO\
)7KHVHFRQGSRLQWZLOOEHWKHSHUFHQWWKHYDOYHVKRXOGEHRSHQDWIUHH]LQJ
LHDW)7KHWLPHRIWKHKHDWLQJSHULRGZLOOYDU\DFFRUGLQJWRWKH2XWGRRU
WHPSHUDWXUH2'DQGWKH+HDW$GMXVWPHQWVHWWLQJV:KHQWKLVWLPHGKHDWLQJ
SHULRGLVRYHUWKHYDOYHZLOOFORVHHLWKHUSDUWO\RUIXOO\DVDGMXVWHGE\WKH
RSHUDWRU7KLVZLOOFDXVHWZRWKLQJVWRKDSSHQ)LUVWDVVWHDPWXUQVEDFNLQWR
ZDWHUDOOWKHHQHUJ\LWFDUULHVLVUHOHDVHGLQWKHIRUPRI%78VZKLFKDUHXVDEOH
KHDWHQHUJ\6HFRQGFRQGHQVDWHRFFXSLHVDSSUR[LPDWHO\WLPHVLWVYROXPHDV
YDSRU:KHQWKHYDSRUFRQGHQVHVLWIRUPVDQDWXUDOYDFXXPLQWKHV\VWHPZKLFK
KHOSVPRYHFRQGHQVDWHDQGSXOOVVWHDPWKURXJKIRUWKHQH[WKHDWF\FOH
2SHQ DW WKH 'D\ &XWRII
2SHQ DW )UHH]LQJ
&XUYH 2SHQ DW WKH 'D\ &XWRII
2SHQ DW )UHH]LQJ
)
)
&<&/(/HQJWK%DVHGRQ2XWGRRU7HPSHUDWXUH
%\PRQLWRULQJWKHRXWVLGHWHPSHUDWXUHWKH65&3ODWLQXPLVDEOHWR
DQWLFLSDWHWKHKHDWLQJQHHGVRIWKHEXLOGLQJ(DFK¿[HGWLPH&\FOHSHULRG
XVXDOO\PLQXWHVORQJEXWDGMXVWDEOHGHSHQGLQJRQWKHEXLOGLQJUHVSRQVH
LVGLYLGHGLQWRD&\FOH21VHJPHQWDQGD&\FOH2))VHJPHQW7KHOHQJWK
RIWKH21VHJPHQWZLOOYDU\ZLWKWKHRXWVLGHWHPSHUDWXUH7KHFROGHULWLV
RXWVLGHWKHORQJHUWKH21SDUWRIWKHF\FOHZLOOEH
)
)
)
)UHH]LQJ
'D\ &XWRII
)
)
)
)
)
)
287'225 7(03(5$785(
6DPSOH 0LOG :HDWKHU &\FOH
(VWDEOLVK
+HDW
&\FOH2Q
+HDW 2Q
0LQXWHV
&\FOH2II
+HDW 2II
0LQXWHV
(VWDEOLVK
+HDW
&\FOH2Q
0LQXWHV
&\FOH2II
0LQXWHV
6DPSOH &ROG :HDWKHU &\FOH
7KH65&3ODWLQXPFRQVWDQWO\FKHFNVWKH2XWGRRUWHPSHUDWXUH2'E\PHDQVRIDVROLGVWDWHVHQVRUORFDWHGRQWKHH[WHULRURIWKH
EXLOGLQJ$WWKHVDPHWLPHLWPRQLWRUVWKH6\VWHPWHPSHUDWXUH6<6RIWKHEXLOGLQJE\PHDQVRID+HDWLQJ6\VWHP6HQVRU+66
7KLV+HDWLQJ6\VWHP6HQVRULVORFDWHGZKHUHLWZLOOVKRZWKDWKHDWKDVUHDFKHGWRWKHIXUWKHVWORFDWLRQLQWKHEXLOGLQJRUWKHKDUGHVW
WRKHDWDUHD2QWKHEDVLVRIWKLVFRPELQHGGDWDWKH65&3ODWLQXPVHQGVLQVWUXFWLRQVWRWKHKHDWLQJSODQWWRFRQWUROWKHKHDWOHYHOLQ
WKHEXLOGLQJ
,QDGGLWLRQWRDGMXVWLQJWKHOHQJWKRIWKH21SDUWRIDF\FOHWKH2XWGRRUWHPSHUDWXUH2'DFWVDVDV\VWHPFXWRII:KHQWKH2XWGRRU
WHPSHUDWXUHULVHV)DERYHDQDGMXVWDEOHFXWRIIWHPSHUDWXUHWKH65&3ODWLQXPZLOOQRWFDOOIRUDQ\KHDW:KHQWKH2XWGRRU
WHPSHUDWXUHGURSVEHORZWKHFXWRIIWKH65&3ODWLQXPZLOODXWRPDWLFDOO\EHJLQFRQWUROOLQJWKHKHDWLQJF\FOHV2QFHWKHKHDWLQJ
V\VWHPKDVEHHQDFWLYDWHGWKHKHDWLQJV\VWHPVHQVRUZLOOUHJLVWHUZKHQKHDWKDVUHDFKHGWKURXJKRXWWKHEXLOGLQJ7KHFRPELQHG
HIIHFWRIWKHVHWZRVHQVRUVLVWRSURYLGHDQHYHQFRPIRUWDEOHOHYHORIKHDWWKURXJKRXWWKHEXLOGLQJ
7KH65&3ODWLQXPLVDEOHWRPDLQWDLQWZRGLIIHUHQWKHDWOHYHOV7KH'D\KHDWOHYHOLVWKHKLJKHUOHYHORIKHDWWKDWSURYLGHV
FRPIRUWDEOHWHPSHUDWXUHVZKHQWKHEXLOGLQJLVRFFXSLHGRUWHQDQWVDUHDFWLYH7KH1LJKWKHDWOHYHOLVORZHUDQGFDQEHXVHGWR
FRQVHUYHHQHUJ\ZKHQWKHEXLOGLQJLVHPSW\RUZKHQWHQDQWVDUHDVOHHS%RWKKHDWOHYHOVUHO\RQWKHLGHQWLFDOF\FOHFRQFHSWEXWWKH
ORZHU1LJKWVHWWLQJVSURYLGHOHVVKHDWJLYHQWKHVDPH2XWGRRUWHPSHUDWXUH
65&3ODWLQXP
%RRVW9DUL%RRVWDQG(DUO\6KXWGRZQ
9$5, %2267
(DUO\6KXWGRZQLVDIHDWXUHWKDWDOORZVDFRPPHUFLDOEXLOGLQJWKDWLVQRW
RFFXSLHGGXULQJ1LJKWKHDWOHYHOWREHVKXWGRZQHDUOLHU7KH65&3ODWLQXP
FDOFXODWHVWKHWLPHSHULRGIURPWKHODVW6FKHGXOHVHWWLQJIRUWKDWGD\EDVHGRQ
2XWGRRUWHPSHUDWXUH2'DQGWKH%RRVW$GMXVWPHQWERRVWFXUYHVHOHFWLRQ
7KHZDUPHULWLVRXWVLGHWKHHDUOLHUWKH65&3ODWLQXPZLOOVKLIWWR1LJKW$W)
2XWGRRU7HPSHUDWXUH2'WKH(DUO\6KXWGRZQLVWKHORQJHVWRIPLQXWHV$W
)2XWGRRU7HPSHUDWXUH2'WKHUHLVQR(DUO\6KXWGRZQRU(DUO\6KXWGRZQ
LVPLQXWHV6HH%RRVWDQG(DUO\6KXWGRZQ
6HTXHQFHRI2SHUDWLRQ
:KHQWKH65&LVSRZHUHGXSWKHFRQWUROZLOOHQHUJL]HWKH0RWRUL]HG9DOYH
&ORVHUHOD\IRUDSHULRGGHWHUPLQHGE\WKH9DOYH0RWRUWLPHWRV\QFKURQL]HWKH
FRQWURODQGYDOYH:KHQWKHFRQWURO¿UVWVHQVHVDQHHGIRUKHDWWKH9DFXXP
3XPS%XUQHUDQG0RWRUL]HG9DOYHUHOD\VZLOODOOHQHUJL]HWRLQLWLDOL]HWKH
V\VWHPFRUUHFWO\7KH9DFXXP3XPSUHOD\ZLOOHQHUJL]HIRUD3UHYDFXXPSHULRG
RIPLQXWHVIROORZHGE\QRUPDORSHUDWLRQ
:DUPXS 3ULRU WR 0RUQLQJ %RRVW WR 0LQXWHV

2XWGRRU 7HPSHUDWXUH LQ )
($5/< 6+87 '2:1
'XUDWLRQ RI (DUO\ 6KXWGRZQ LQ 0LQXWHV
7KHERRVWLVGHVLJQHGWRUHWXUQWKHEXLOGLQJWRLWV1RUPDO'D\KHDWOHYHODIWHU
1LJKWKHDWOHYHO,WGRHVLWE\LQFUHDVLQJWKHPRWRUL]HGYDOYHRSHQLQJE\
DERYHWKH'D\FDOFXODWHGSHUFHQWDJH7KHUHDUHWZRW\SHVRIERRVWVLQWKH65&
3ODWLQXP7KHPDQXDOERRVWZKLFKDOORZVWKHFKDQJHRIWKHDPRXQWRIWLPH
UHTXLUHGWRVWDUWWKH%RRVWEHIRUHWKH'D\VFKHGXOH7KH9DUL%RRVWLQFUHDVHV
WKHPRWRUL]HGYDOYHRSHQLQJDVWKHPDQXDOERRVW7KHGLIIHUHQFHLVWKHLQLWLDO
VWDUWWLPH7KH9DUL%RRVWGHSHQGVSULPDULO\RQWKH2XWGRRUWHPSHUDWXUHDQGWKH
%RRVW$GMXVWPHQWERRVWFXUYHVHOHFWLRQ6HH%RRVWDQG(DUO\6KXWGRZQ
'XUDWLRQ RI 0RUQLQJ %RRVW LQ 0LQXWHV
2QFHWKH65&3ODWLQXPKDVLQLWLDOL]HGWKHV\VWHPDQGWKH2XWGRRUWHPSHUDWXUH
2'IDOOVEHORZWKH'D\&XWRIIWKHFRQWUROZLOOHQHUJL]HWKH%XUQHUDQGWKH
9DFXXP3XPSIRUD3UH9DFXXPSHULRGLILQ7LPH0RGHZLOO6\QFKURQL]HWKH

PRWRUL]HGYDOYHE\HQHUJL]LQJWKH&ORVH5HOD\IRUWKHWRWDO9DOYH0RWRU7LPH
2XWGRRU 7HPSHUDWXUH LQ )
)ROORZLQJWKHVHVWHSVWKH65&3ODWLQXPZLOOSXOVHWKH0RWRUL]HG9DOYH2SHQ
DQG&ORVHUHOD\VWRHVWDEOLVKKHDWDQGPRQLWRUWKH6\VWHPWHPSHUDWXUH6<6WLOOKHDWLVHVWDEOLVKHG(VWDEOLVKLQJKHDWLVWHUPLQDWHG
ZKHQWKH6\VWHPWHPSHUDWXUH6<6UHDFKHVWKH6\VWHP6HWSRLQWVHWWLQJ7KLVLVGRQHWRLQVXUHWKDWKHDWKDVUHDFKHGDOOSRUWLRQVRI
WKHEXLOGLQJ'XULQJ(VWDEOLVKLQJ+HDWSHULRGWKH9DOYHFDQRSHQWRDIXOO(YHQLI&XWRIIVHWWLQJKDGDVPDOOHUYDOXH
7KH65&3ODWLQXPZLOOVWDUWWKH2Q&\FOHSDUWRIWKH+HDWLQJ&\FOHDQGSXOVHWKH0RWRUL]HG9DOYHUHOD\VWRUHDFKDQRSWLPXP
RSHQLQJSHUFHQWEDVHGRQWKH2XWGRRUWHPSHUDWXUH2'WKH6\VWHPWHPSHUDWXUH6<6&XWRII3HUFHQWDQG)UHH]LQJ3HUFHQW:KHQ
WKHFDOFXODWHGWLPHIRUWKH+HDWLQJ&\FOH2QSHULRGHODSVHVWKH2IISHULRGVWDUWV7KH0RWRUL]HG9DOYHUHOD\VZLOOSXOVHDFFRUGLQJO\
EDVHGRQWKH2II&\FOH3HUFHQWDVSDUWRIWKH2Q&\FOHSHUFHQWDJH$IWHUWKH65&3ODWLQXPWHUPLQDWHVWKH+HDWLQJ&\FOH2II
SHULRGLWZLOOFKHFNWKHVWDWXVRIWKH6\VWHPWHPSHUDWXUH6<6,ILWLVDERYHWKH6\VWHP6HWSRLQWLWZLOOVWDUWDQHZ+HDWLQJ&\FOH
RWKHUZLVHLWZLOOJRWKURXJKWKH(VWDEOLVK+HDWSURFHGXUHEHIRUHVWDUWLQJDQHZF\FOH7KLVZLOOFRQWLQXHWLOOWKH2XWGRRUWHPSHUDWXUH
LV)DERYHWKH'D\&XWRII,Q'LVWULFW6WHDPPRGHDQGDIWHUWHUPLQDWLQJWKH2II&\FOHWLPHWKH65&3ODWLQXPZLOOHQJDJHWKH
'LVWULFW6WHDP7LPH'HOD\EHIRUHVWDWLQJDQHZKHDWLQJF\FOH
+HDW7LPHU&RUS
,QLWLDO3LORW3URJUDP
6HWWLQJDQ,QLWLDO3LORW3URJUDPZLOOHDVHWKHFRQ¿JXUDWLRQRIWKH65&3ODWLQXPDQGZLOOJLYHWKHRSSRUWXQLW\WRXWLOL]HWKHIHDWXUHVWKDW
DUHWRVDYHRQHQHUJ\DQGJLYHPRUHFRPIRUWDEOHKHDWZKHQQHHGHG
7KHSURJUDPVKRXOGFRQVLVWRIWKHIROORZLQJ
,GHQWLI\LQJWKHW\SHRIKHDWLQJV\VWHP
6HOHFWLQJWKHIHDWXUHVWKDW\RXUV\VWHPFDQXWLOL]H
0DNLQJVXUH\RXKDYHWKHULJKWFRQWURODQGDFFHVVRULHV
,QVWDOODWLRQ
6HWWLQJWKH6\VWHP6WDUWXS
6HWWLQJWKH6\VWHP6HWWLQJV
6HWWLQJWKH6FKHGXOHV
$GMXVWLQJWKH'D\DQG1LJKW+HDW$GMXVWPHQWVDQG9DOYH7ULPRU&DOLEUDWLRQ
,GHQWLI\LQJWKH7\SHRI+HDWLQJ6\VWHP
7KH65&3ODWLQXPFDQFRQWUROWKHKHDWLQJV\VWHPWKURXJKWKHVHGLIIHUHQWPHWKRGV
2SHUDWLRQ0RGHHLWKHU'LUHFW%RLOHUFRQWURORU'LVWULFW6WHDP
'LUHFW%RLOHUFRQWUROZLWKRUZLWKRXWD:D\0RWRUL]HG9DOYHDQG9DFXXP3XPS7KLVLQYROYHZLULQJWKH65&3ODWLQXP
%XUQHURXWSXWWRWKHEXUQHU7KH65&3ODWLQXPFDQFRQWURODQ2Q2IIEXUQHU)XUWKHUPRUHUHOD\VPXVWEHLQVWDOOHGRQWKH%XUQHU
2XWSXWVRFNHWDVZHOODVWKH0RWRUL]HG9DOYHDQG9DFXXP3XPSUHOD\VRQWKH65&3ODWLQXP2Q6WDUWXS6HWWLQJV%RLOHURU9DOYH
RSWLRQPXVWEHVHOHFWHGIURPWKH2SHUDWLRQ0RGHPHQX$GGLWLRQDOO\D6\VWHP6HWSRLQWPHQXRSWLRQZLOOEHDYDLODEOHRQWKH
6\VWHP6HWWLQJVPHQX7KH65&3ODWLQXPFDQFRQWUROHLWKHUD7LPH%DVHGRUD3RVLWLRQLQJ6HQVRUIHHGEDFN0RWRUL]HG9DOYH
7KLVPXVWEHVHOHFWHGGXULQJ6WDUWXSRUIURPWKH9DOYH3RVLWLRQLQJPHQX

LVWULFW6WHDPFRQWUROZLWKD:D\0RWRUL]HG9DOYHDQG9DFXXP3XPS7KH65&3ODWLQXPFDQFRQWUROKHDWWRDEXLOGLQJ
'
FRQQHFWHGWR'LVWULFW6WHDPRUZKHQWKHUHLVDFRQVWDQWKHDGHUSUHVVXUH5HOD\VPXVWEHLQVWDOOHGRQWKH0RWRUL]HG9DOYHDQG9DFXXP
3XPSVRFNHWVVRQWKH65&3ODWLQXP2Q6WDUWXS6HWWLQJV'LVWULFW6WHDPRSWLRQPXVWEHVHOHFWHGIURPWKH2SHUDWLRQ0RGHPHQX
$'LVWULFW6WHDP'HOD\PHQXRSWLRQZLOOEHDYDLODEOHRQWKH6\VWHP6HWWLQJVPHQX7KH65&3ODWLQXPFDQFRQWUROHLWKHUD7LPH
%DVHGRUD3RVLWLRQLQJ6HQVRUIHHGEDFN0RWRUL]HG9DOYH7KLVPXVWEHVHOHFWHGGXULQJ6WDUWXSRUIURP6WDUWXSPHQX
0RWRUL]HG9DOYHZLWKD7LPH%DVHG0RWRURU3RVLWLRQLQJ6HQVRU)HHG%DFN
7LPH%DVHG0RWRUL]HG9DOYH7KLVDOORZVWKH65&3ODWLQXPWRFRQWUROD:D\0RWRUL]HG9DOYH,IYDOYHLV7LPH%DVHGPHDQLQJ
WKHPRWRUKDVDVSHFL¿FPHDVXUDEOHWLPHWRRSHQRUFORVH6HOHFW7LPH%DVHGIURPWKH9DOYH3RVWLRQLQJPHQXDW6WDUWXSRULQ6WDUXS
PHQX:LWKWKDWWKHYDOYHPRWRUZLOOEHIRUFHGWRVKXWFORVHRFFDVLRQDOO\WRV\QFKURQL]HLWVWLPLQJ,QDGGLWLRQD9DOYH7ULPRSWLRQ
ZLOOEHDYDLODEOHLQWKH0DLQWHQDQFHPHQXWRDVVLVWLQ¿QHWXQLQJWKHYDOYHSRVLWLRQ

RWRUL]HG9DOYHZLWK3RVLWLRQLQJ6HQVRU,IWKH0RWRUL]HG9DOYHKDV3RVLRQLQJ6HQVRU)HHGEDFNWKHZLUHVFDQEHFRQQHFWHGWR
0
WKH$$DQG$WHUPLQDOVDVGHVFULEHGODWHU7KH3RVLWLRQLQJ6HQVRURSWLRQPXVWEHVHOHFWHGIURPWKH9DOYH3RVLWLRQLQJPHQX
DW6WDUWXSRULQ6WDUXSPHQX$9DOYH&DOLEUDWLRQPHQXZLOOEHDYDLODEOHDVDQRSWLRQLQWKH0DLQWHQDQFHPHQX
6HOHFWLQJWKH)HDWXUHVRIWKH6\VWHP
7KH65&3ODWLQXPKDVEHHQGHVLJQHGZLWKVWHDPKHDWLQJZLWKYDFXXPSXPSDVWKHSULPDU\SXUSRVH:LWKWKLVLQPLQGPDQ\RIWKH
65&3ODWLQXPIHDWXUHVFDQEHXWLOL]HGWRHDVHHQKDQFHDQGLPSURYH\RXUV\VWHPSHUIRUPDQFH6RPHRIWKHVHVIHDWXUHVDUHOLVWHGLQWKLV
VHFWLRQ
6FKHGXOHV
%\VHWWLQJDQRSHUDWLQJ6FKHGXOH1LJKW&XWRIIDQG1LJKW+HDW$GMXVWPHQW\RXFDQVDYHHQHUJ\ZKLOHSURYLGLQJFRPIRUWDEOHKHDW
WRWKHEXLOGLQJ7KHVHWWLQJDOORZVWKH65&3ODWLQXPWRUHGXFHWKHKHDWEDVHGRQ1LJKW&XWRIIVHWWLQJDQGDORZHURSHUDWLQJFXUYH
GXULQJWKHQLJKWRUZKHQEXLOGLQJLVXQRFFXSLHGLHRI¿FHEXLOGLQJVDQGVFKRROV

XULQJWKHGD\'D\7LPHVHWWLQJVZLOOFKDQJHEXLOGLQJWHPSHUDWXUHWRGHSHQGRQ2XWGRRUWHPSHUDWXUH2''D\+HDW
'
$GMXVWPHQW(DFKZHHNGD\FDQKDYHXSWR'D\7LPHDQG1LJKW7LPHVHWWLQJV5HIHUWR6FKHGXOHVPHQXVHOHFWLRQDQG
6\VWHP6HWWLQJV'D\+HDW$GMXVWPHQXVHOHFWLRQ
65&3ODWLQXP

XULQJWKH1LJKW1LJKW7LPHVHWWLQJVZLOOFKDQJHEXLOGLQJWHPSHUDWXUHWRGHSHQGRQ2XWGRRUWHPSHUDWXUH2'1LJKW+HDW
'
$GMXVWPHQW5HIHUWR6FKHGXOHVPHQXVHOHFWLRQDQG6\VWHP6HWWLQJV1LJKW+HDW$GMXVWPHQXVHOHFWLRQ
%RRVW
7KLVIHDWXUHDOORZVWKH65&3ODWLQXPWREULQJWKHEXLOGLQJXSWRWHPSHUDWXUHTXLFNO\DIWHUDQLJKWVHWWLQJ,WGRHVLWXVLQJWKH2XWGRRU
WHPSHUDWXUHDVDJXLGH5HIHUWR6\VWHP6HWWLQJV6\VWHP6HWWLQJV%RRVW0RGHPHQXVHOHFWLRQ
(DUO\6KXWGRZQ(6'
7KLVIHDWXUHDOORZVWKH65&3ODWLQXPWRVKLIWWR1LJKW7LPHVHWWLQJEHIRUHWKHODVWQVHWWLQJIRUWKDWGD\7KH(DUO\6KXWGRZQYDULHV
EDVHGRQ2XWGRRUWHPSHUDWXUH2'7KHZDUPHUWKH2XWGRRUWHPSHUDWXUHWKHHDUOLHUWKH65&3ODWLQXPZLOOVKLIWWR1LJKW6HWEDFN
5HIHUWR6\VWHP6HWWLQJV6\VWHP6HWWLQJV%RRVW0RGHPHQXVHOHFWLRQ
$X[LOLDU\6FKHGXOH
7KH$X[RXWSXWUHOD\LQFRQMXQFWLRQZLWKWKH$X[6FKHGXOHSURYLGHVRXWSXWVZLWFKLQJEDVHGVROHO\RQWKHWLPHVHWWLQJRIWKH$X[
6FKHGXOH7KH$X[ZLOODFWDVVHSDUDWHWLPHFORFNZKLFKFDQWXUQRQDQGRIIOLJKWVIDQVGDPSHUVRURWKHUHTXLSPHQW5HIHUWR
6FKHGXOHV$X[6FKHGXOHPHQXVHOHFWLRQ
$X[2XWSXW5HOD\
7KH$X[UHOD\RQWKH65&3ODWLQXPFDQEHFRQ¿JXUHGWRHLWKHUIROORZWKH$X[6FKHGXOHRUWKH9DFXXP3XPSRSHUDWLRQ7KLVJLYHV
WKHRSWLRQWRDFWLYDWHRUGHDFWLYDWHDGGLWLRQDOHTXLSPHQWEDVHGRQWKH65&3ODWLQXPRSHUDWLRQRUVHSDUDWHVFKHGXOH5HIHUWR6\VWHP
6WDUWXS$X[5HOD\0RGHPHQXVHOHFWLRQ
0DNLQJ6XUH<RX+DYHWKH5LJKW&RQWURO
,I\RXQHHGWKH65&3ODWLQXPWRGRDGGLWLRQDOWDVNVWKDWHLWKHULVQRWOLVWHGRUGRQRWNQRZKRZWRFRQ¿JXUHWKHPFRQWDFW+HDW7LPHU
&RUS6DOHV'HSDUWPHQWHLWKHUE\3KRQH)D[RUE\(PDLOVXSSRUW#KHDWWLPHUFRP
+HDW7LPHU&RUS
,QVWDOODWLRQ
%HIRUHEHJLQQLQJWKHLQVWDOODWLRQFDUHIXOO\HYDOXDWH\RXUKHDWLQJV\VWHP7KH65&3ODWLQXPFDQFRQWUROWKHKHDWLQJV\VWHPWKURXJK
WKHVHGLIIHUHQWPHWKRGV
'LUHFW%RLOHU&RQWUROZLWKD9DFXXP3XPSDQGD:D\0RWRUL]HG9DOYH
'LVWULFW6WHDP&RQWUROZLWKD9DFXXP3XPSDQGD:D\0RWRUL]HG9DOYH
0RXQWLQJWKH&RQWURO%R[
/RFDWHDQDSSURSULDWHVLWH
1HDUWKHHTXLSPHQWWREHFRQWUROOHG
$ZD\IURPH[FHVVLYHO\KLJKRUORZWHPSHUDWXUHV
$WH\HOHYHORUZKHUHWKHGLVSOD\VDUHHDVLO\YLVLEOH
7KHVXUIDFHPXVWEHVWURQJHQRXJKWRKROGWKHZHLJKWRIWKHFRQWURODQGWKHPHWDOHQFORVXUH
/HDYHRIFOHDUDQFHXQGHUWKHHQFORVXUHWRDOORZDFFHVVWRJXWWHUFRYHUVFUHZV
5HPRYHWKH65&3ODWLQXPIURPWKHPHWDOHQFORVXUH
7DNHRIIWKHJXWWHUFRYHUE\ORRVHQLQJWKHVFUHZVDWLWVERWWRP
5HPRYHWKHWRSFHQWHUVFUHZKROGLQJWKHSDQHOWRWKHHQFORVXUH
/RRVHQWKHWZRVFUHZVDWWKHERWWRPRIWKHHQFORVXUH
0DNHVXUHWRXQVFUHZDQ\HQFORVHUFDEOHV3ULPDULO\XVHGWRFRQQHFWWRFRPSXWHUVDQGUHPRWHV\VWHPV
/LIWWKHSDQHOIURPWKHHQFORVXUH
6FUHZWKHHQFORVXUHWRWKHPRXQWLQJVXUIDFHWKURXJKWKHKROHVSURYLGHG
5HDURI3DQHO
&%%*
*& $FWLYDWHWKH%DWWHU\
7XUQWKH65&3ODWLQXPSDQHORYHUWRUHYHDOWKHSLJJ\EDFNFLUFXLW
ERDUG&38ERDUG
&$87,21
'RQRWLQVWDOOWKHEDWWHU\XQOHVV\RXSODQWRSRZHUWKHFRQWURO
DWRQFH,IWKHFRQWUROLVQRWSRZHUHGWKHEDWWHU\ZLOOORVHLWV
FKDUJHLQGD\V
&RQQHFWLQJ0RGHP5656(WKHUQHWRU,QWHUQHW
&DEOHV
$OOSDQHOVZLOOLQFOXGH0RWKHUERDUGVDQG&38ERDUGV
6RPHSDQHOVPLJKWLQFOXGHDQDGGLWLRQERDUG
:KHQFRQQHFWLQJD56RU56FDEOHVD5,ERDUGPXVWH[LVW
IRUWKLVFRQQHFWLRQWRRSHUDWH
0RGHP(WKHUQHWRULQWHUQHWFRQQHFWLRQPXVWKDYHWKHSURSHU
ERDUGV$PRGHPUHTXLUHV5,0ERDUG
5HPHPEHUWKDWWKHUHLVQRXSJUDGHWR,QWHUQHWSDQHO$SXUFKDVHRI
DFRPSOHWH65&3ODWLQXPZLWK5,1HWSDQHOLVDPXVW
6FUHZWKH65&3ODWLQXPEDFNLQWRWKHHQFORVXUH
&%%* *&
!&% #"% &(
* #
&$
&(
*!(%*
&(
& *,(
!"'
&(
**(-
&%%*
*& &*!(&(
+)
65&3ODWLQXP
,QVWDOOWKH6HQVRUV
!
#" !
2XWGRRU6HQVRU,QVWDOODWLRQ

2QO\XVHWKH+HDW7LPHU*ROG6HULHVVHQVRULQFOXGHGZLWKWKHXQLW,I\RX
DUHUHSODFLQJDQHDUOLHUPRGHO+HDW7LPHULWLVQHFHVVDU\WRXSJUDGHWKHVHQVRU
/RFDWHWKHVHQVRULQWKHVKDGHRQWKHQRUWKVLGHRIWKHEXLOGLQJ7KHVHQVRUVKRXOG
QHYHUEHLQGLUHFWVXQOLJKW
%HVXUHWKHORFDWLRQLVDZD\IURPGRRUVZLQGRZVH[KDXVWIDQVYHQWVRURWKHUSRVVLEOH
KHDWVRXUFHV
7KHVHQVRUVKRXOGEHPRXQWHGDWOHDVWLQFKHVDZD\IURPWKHEXLOGLQJZDOODQG
DSSUR[LPDWHO\IHHWDERYHJURXQGOHYHO
7KHVHQVRUZLUHVFDQEHH[WHQGHGXSWR
XVLQJVKLHOGHGFRQGXFWRUFDEOH'RQRW
JURXQGWKHVKLHOGDWWKHVHQVRU
'RQRWUXQVHQVRUZLUHVLQFRQGXLWZLWKOLQHYROWDJHZLULQJ
#"
% #
:$51,1*
7KH65&3ODWLQXPLVDQRSHUDWLQJFRQWURORQO\7KHERLOHUPXVWKDYHDOO
VDIHW\DQGOLPLWFRQWUROVUHTXLUHGE\FRGH,WLVWKHUHVSRQVLELOLW\RIWKH
LQVWDOOHUWRYHULI\WKDWDOOWKHVDIHW\DQGOLPLWVDUHZRUNLQJSURSHUO\EHIRUH
WKH65&3ODWLQXPLVLQVWDOOHG
$ "
! !
&$87,21
'HWHUPLQLQJWKHSURSHUORFDWLRQIRUWKH2XWGRRU6HQVRULVYHU\LPSRUWDQW7KH
65&3ODWLQXPZLOOEDVHWKHKHDWRQWKHRXWGRRUWHPSHUDWXUHLQIRUPDWLRQLW
UHFHLYHVIURPWKLVORFDWLRQ,IWKHVHQVRULVLQWKHVXQRUFRYHUHGZLWKLFHLWV
UHDGLQJZLOOEHGLIIHUHQWIURPWKHDFWXDO2XWGRRUWHPSHUDWXUH2'
+HDWLQJ6\VWHP6HQVRU+66,QVWDOODWLRQ
/RFDWLQJ+66
7KHLGHDOORFDWLRQIRUWKH+66LVRQWKHODVWUDGLDWRULQWKHV\VWHPWRJHWZDUP7KLV
UDGLDWRULVXVXDOO\WKHRQHZLWKWKHIXUWKHVWSLSLQJGLVWDQFHIURPWKHERLOHU
:LWKDRQHRUWZRSLSHV\VWHPWKHVHQVRUPD\EHORFDWHGKLJKXSRQWKHIXUWKHVWVXSSO\
ULVHU
:LWKDWZRSLSHV\VWHPWKHVHQVRUPD\EHORFDWHGRQWKHIXUWKHVWUHWXUQULVHU
+RZHYHUWKHVHQVRUPXVWEHDERYHWKHZDWHUOLQHRIWKHERLOHURQDGU\UHWXUQ
1HYHULQVWDOOWKHVHQVRUEHWZHHQDFRQGHQVDWHUHFHLYHUDQGWKHERLOHU
+HDWLQJ 6\VWHP 6HQVRU ,QVWDOODWLRQ
,PPHUVLRQ :HOO
,' 137
+HDWLQJ 6\VWHP
6HQVRU
&RPPRQ 6XSSO\ 3LSH
6HQVRU 3UREH
&$87,21
,IWKH+66FDQQRWVHQVHWKHV\VWHPLVIXOORIVWHDPWKH65&3ODWLQXPZLOOQRWSURYLGHFRPIRUWDEOHKHDWOHYHOV%H
VXUHWKH+66LVORFDWHGRQDSURSHUO\YHQWHGSLSHZKLFKFDQQRWHDVLO\EHLVRODWHGIURPWKHV\VWHP
&$87,21
6LQFH+HDWLQJ6\VWHP6HQVRU+66DIIHFWVWKHRSHUDWLRQRIWKH65&3ODWLQXPZKHQ%RLOHURU9DOYH2SHUDWLQJ0RGH
LVVHOHFWHGIURPWKH6WDUWXSPHQX+66IDXOWDIIHFWVWKHFRQWURORSHUDWLRQLQ%RLOHURU9DOYH2SHUDWLQJ0RGHRQO\
+HDWLQJ6\VWHP6HQVRU+66,QVWDOODWLRQ
2QO\XVHD*ROG6HULHVVHQVRU,I\RXDUHUHSODFLQJDQHDUOLHUPRGHO+HDW7LPHULWLVQHFHVVDU\WRXSJUDGHWKHVHQVRU
,QVWDOOD,'137LPPHUVLRQZHOO+7RUHTXLYDOHQW
,QVHUWWKHVHQVRUSUREHRIWKHVXSSOLHGLPPHUVLRQVHQVRU+7LQWRWKHZHOODQGVFUHZWKHKDQG\ER[LQWRWKHWKUHDGHG
WRSRIWKHZHOO
7KHVHQVRUZLUHVFDQEHH[WHQGHGXSWR
XVLQJVKLHOGHGFRQGXFWRUFDEOH'RQRWJURXQGWKHVKLHOGDWWKHVHQVRU
'RQRWUXQVHQVRUZLUHVLQFRQGXLWZLWKOLQHYROWDJHZLULQJ
+HDW7LPHU&RUS
:LULQJ

9DFXXP3XPS2XWSXW:LULQJ

/,1(
(DUWK
*URXQG
3RZHU
6ZLWFK

%ULQJWKHSRZHUZLUHVWKURXJKWKHERWWRPOHIWKDQGNQRFNRXWRIWKHHQFORVXUH'RQRWEULQJ
ZLUHVWKURXJKVLGHVRUWKHWRSDVWKLVZLOOLQWHUIHUHZLWKVHUYLFLQJWKHFRQWURO
$WWDFK9+]WRWHUPLQDOV/LQHDQG1HXWUDO
*URXQGWHUPLQDOPXVWEHFRQQHFWHGWR*URXQGJUHHQVFUHZ'2127XVHWKHQHXWUDOOLQHDVHDUWK
JURXQG
&ODVVFRSSHUZLUHLVUHTXLUHGE\8/
&ODVVYROWDJHVPXVWHQWHUWKHHQFORVXUHWKURXJKDGLIIHUHQWRSHQLQJIURPDQ\&ODVVYROWDJH
ZLULQJ
6XUJH
6XSSUHVVRU

1(875$/
3RZHU,QSXW:LULQJ
9$&
+]
9$&880 3803 :,5,1*
KH9DFXXP3XPS7HUPLQDOVDUHGU\FRQWDFWVRQO\7KH\GRQRWVRXUFHDQ\SRZHU
7
:LUHWKH1RUPDOO\2SHQ123XPSGU\FRQWDFWWHUPLQDOVWRWKH9DFXXP6\VWHP7KH12
FRQWDFWV'2127VRXUFHDQ\SRZHU
0DNHVXUH9DFXXP3XPSUHOD\LVLQVWDOOHG
9DFXXP3XPSUHOD\HQHUJL]HVPLQXWHVEHIRUHVWDUWLQJWR*LYHKHDW3UH9DFXXP
9DFXXP3XPSUHOD\GHHQHUJL]HVRQHF\FOHWLPHDIWHUWKHV\VWHPVKXWVGRZQ
9$&880
3803
,QGLFDWRU
/LJKW
5HOD\
%XUQHU2XWSXW:LULQJ

LWKDPRWRUL]HGYDOYHWKHPRWRUPXVWEHRIWKHÀRDWLQJW\SH,I
:
XVLQJDSQHXPDWLFYDOYHXVHWKH(OHFWUR3QHXPDWLF7UDQVGXFHU+7
:LUH7HUPLQDOWRWKH&RPPRQ5HGRIWKHPRWRU
:LUH7HUPLQDOWRWKH&ORVH:KLWHDQG7HUPLQDOWRWKH2SHQ
%ODFNRIWKHPRWRU
5HOD\VDUHUHTXLUHGWRFRQWURODPRWRUL]HGYDOYH%RWKRXWSXW
UHOD\VDUH12FRQWDFWVWKDWGRQRWVRXUFHDQ\SRZHU
02725,=(' 9$/9(
:,5,1*
02725,=('
9$/9(
&/26(
9$&880
3803
9DFXXP 6\VWHP
%851(5 :,5,1*
%851(5
,QGLFDWRU
/LJKW
23(1
,QGLFDWRU
/LJKWV
5HOD\
5HOD\V
%851(5
&/26(
23(1
2SHQ
0RWRUL]HG9DOYH2XWSXW:LULQJ
&RPPRQ

LWKGLUHFWEXUQHURSHUDWLRQEXUQHUUHOD\PXVWEHXVHG7KH12FRQWDFWVGRQRWVRXUFHDQ\
:
SRZHU
%XUQHUUHOD\HQHUJL]HVZKHQHYHUWKH2XWGRRUWHPSHUDWXUHLVEHORZWKH2XWGRRU&XWRIIIRUWKDW
WLPHLQWKHVFKHGXOH
&ORVH

)/2$7,1*
02725,=(' 9$/9(
%851(5
65&3ODWLQXP
$X[2XWSXW:LULQJDQG0XOWL0RG:LULQJ2SWLRQDO

KH$X[RXWSXWVDUHDQH[WUDVHWRIFRQWDFWVZKLFKVZLWFKEDVHGHLWKHURQD
7
VHSDUDWHVFKHGXOHRU9DFXXP3XPSRSHUDWLRQ7KHVHFRQWDFWVFDQEHXVHGLQSODFH
RIDQH[WHUQDOWLPHFORFN7RVZLWFKXQLWVRQRURIIXVHWKH12GU\FRQWDFWV
WHUPLQDOVWRRSHQDGDPSHUDFWLYDWHDPRWRURUFRQQHFWWRD+HDW7LPHU0XOWL
0RGFRQWUROLQZKLFKFDQPRGXODWHXSWRPRGXODWLQJEXUQHUV
,IWKHUHLVDQHHGWRFRQWURODGGLWLRQDOHTXLSPHQWRUEXLOGLQJIXQFWLRQVRQD
VHSDUDWHVFKHGXOHZLUHWRWKH$X[WHUPLQDOVDQGVHWWKH$X[5HOD\0RGHLQ
6WDUWXSPHQXWR$X[6FKHGXOHRSWLRQ
,QVWDOODUHOD\RQWKH$X[&ORFNRXWSXW
:LUHWKHWHUPLQDOVPDUNHG$X[&ORFNWRWKHHTXLSPHQW7KHVHWHUPLQDOVGRQRW
VRXUFHSRZHU7KH\DFWDVDGU\FRQWDFWRQO\
,IFRQQHFWLQJWRD0XOWL0RGZLUHWKHVHWHUPLQDOVWR0XOWL0RG$DQG$
6KXWGRZQWHUPLQDOV)XUWKHUPRUH\RXPXVWVHWWKH$X[5HOD\0RGHLQ6WDUWXS
PHQXWR,QYHUVHRI3XPSRSWLRQ
:KHQXVLQJ65&3ODWLQXPZLWK5,1HWWKH$X[2XWSXWUHOD\DFWVD0RGHPSRZHU
VZLWFK,QWKLVFDVH$X[2XWSXWUHOD\FDQQRWEHXVHGIRUDQ\WKLQJHOVH
&$87,21
(DFKUHOD\LVUDWHGDWDPSLQGXFWLYHDPSVUHVLVWLYHDW97KHWRWDO
RXWSXWRIDOOUHOD\VPXVWQRWH[FHHG$
:LULQJWKH2XWGRRU6HQVRU

KH65&3ODWLQXPLVGHVLJQHGWREHFRQQHFWHGWRD+72XWGRRU
7
VHQVRU
$WWDFKWKHVHQVRUZLUHVWRWKH2XW7HPSWHUPLQDOV$DQG$7HPSHUDWXUH
VHQVRUVKDYHQRSRODULW\
&RQQHFWWKHVKLHOGWRWKHULJKWKDQG2WHUPLQDOZLWKDFLUFOHQH[WWRLW
2XWGRRUVHQVRUZLUHVFDQEHH[WHQGHGXSWR
E\VSOLFLQJZLWKJDXJH
VKLHOGHGVHQVRUZLUH
'RQRWUXQVHQVRUZLUHLQFRQGXLWZLWKOLQHYROWDJH
$8;,/,$5< :,5,1*
$8;
,QGLFDWRU
/LJKW
5HOD\
$8;
'HYLFH FRQWUROOHG
XVLQJ $X[ 6FKHGXOH
&$87,21
:KHQFRQQHFWLQJ65&WRWKH
,QWHUQHW$X[RXWSXWUHOD\DFWVD
0RGHPSRZHUVZLWFK7KXV$X[
RXWSXWUHOD\FDQQRWEHXVHGIRU
DQ\WKLQJHOVH
287'225 6(1625 :,5,1*
7
$
287
7(03
$
+($7,1* 6<67(0 6(1625 :,5,1*
:LULQJWKH+HDWLQJ6\VWHP6HQVRU+66

KH65&3ODWLQXPLVGHVLJQHGWREHFRQQHFWHGWRD+7WHPSHUDWXUH
7
VHQVRUIRULPPHUVLRQLQ,'ZHOO+7RUHTXLYDOHQW
$WWDFKWKHVHQVRUZLUHVWRWKH6<67(07(03WHUPLQDOV$DQG$
7HPSHUDWXUHVHQVRUVKDYHQRSRODULW\
&RQQHFWWKHVKLHOGWRWKHULJKWKDQG2WHUPLQDOZLWKDFLUFOHQH[WWRLW
7HPSHUDWXUHVHQVRUZLUHVFDQEHH[WHQGHGXSWR
E\VSOLFLQJZLWKJDXJH
VKLHOGHGVHQVRUZLUH
'RQRWUXQVHQVRUZLUHLQFRQGXLWZLWKOLQHYROWDJH
7
$
6<67(0
7(03
$
$QWHQD
:LUHOHVV
6HQVRUV
1HWZRUN
6HQVRUV
:LUHOHVV
5HFHLYHU
:LULQJ1HWZRUN6HQVRUV:LUHOHVVDQG0,*

HPHPEHUWKDWQHWZRUNVHQVRUVFDQRQO\EHFRQ¿JXUHGUHPRWHO\WKURXJK9LVXDO
5
*ROGRUWKH,QWHUQHW
7KH65&3ODWLQXP1HWZRUNWHUPLQDOVFDQFRQQHFWWRXSWRVHQVRUV
:KHQFRQQHFWLQJWRPXOWLSOHVHQVRUVD0,*FRQWUROFDQEHXVHGKDQGOHXSWR
VHQVRUVHDFK0XOWLSOH0,*
VFDQEHXVHGWRFRQQHFWWRRQH65&3ODWLQXP
:LUHOHVVVHQVRUVFDQEHXVHGZLWKD5HFHLYHUDQGDQ$QWHQQDWRUHGXFHEXLOGLQJ
VHQVRUZLULQJ7KH5HFHLYHUWKHQFDQEHZLUHGGLUHFWO\WRWKH1HWZRUN
3ODWLQXP
9;P;BP:=
9:C=<+
S 9;?-
32S >>-
S <9-
1HWZRUN
7
S 99=-
0,*
6SDFH
6HQVRU
&RXQW
6HQVRU
6ZLWFK
6HQVRU
+HDW7LPHU&RUS
:LULQJ9DOYH3RVLWLRQLQJ3RVLWLRQLQJ6HQVRU0RGH

9DOYH 3RVLWLRQ ,QSXW
DOYH3RVLWLRQLQJLQSXWFDQEHXVHGZKHQDPRWRUL]HGYDOYHZLWK3RVLWLRQLQJ
9
6HQVRUIHHGEDFNLVXVHG
7KH9DOYH3RVLWLRQLQJIHHGEDFNVKRXOGKDYHZLUHV&RQQHFWWKH\HOORZZLUHWR
LQSXWWHUPLQDO93$RQWKH65&3ODWLQXP7KHRWKHUWR$DQG$
6HW9DOYH3RVLWLRQLQJ6WDUWXS0HQXWR3RVLWLRQLQJ6HQVRU
$
$
$
:LULQJ6KXWGRZQ7HUPLQDOV2SWLRQDO

KLVIHDWXUHFDQEHXVHGZKHQHYHULWLVGHVLUDEOHWRWXUQRIIWKH65&3ODWLQXP
7
IURPDUHPRWHORFDWLRQRUDQRWKHUFRQWUROOHU
$W\SLFDOXVHIRUWKLVIHDWXUHZRXOGEHWRGLVDEOHDOOKHDWZKHQDQ(QHUJ\
0DQDJHPHQW6\VWHP(06LQGLFDWHVDEXLOGLQJLVRYHUKHDWHG
:KHQWKH6KXWGRZQIHDWXUHLVHQDEOHGE\FORVLQJDGU\FRQWDFWWKH%XUQHUUHOD\
ZLOOGHHQHUJL]H7KH0RWRUL]HG9DOYH&ORVH287387UHOD\ZLOOHQHUJL]HZKLOH
WKH0RWRUL]HG9DOYH2SHQUHOD\ZLOOGHHQHUJL]H7KH9DFXXP3XPSUHOD\ZLOO
FRQWLQXHWREHHQHUJL]HGIRUDQDGGLWLRQDOFRPSOHWH&\FOH7LPH
7KH6KXWGRZQVLJQDOPXVWEHDGU\FRQWDFWRQO\1RYROWDJHFDQEHSODFHGDFURVV
WKH6+87'2:1WHUPLQDOV
%ULQJWKHZLUHVIURPWKHGU\FRQWDFWWRWKH6KXWGRZQWHUPLQDOVPDUNHG$$
6KXWGRZQZLOODIIHFWWKH65&3ODWLQXPRQO\ZKHQLQ$XWRPRGH
:LULQJ3URYH7HUPLQDOV

6+87'2:1
5HG 2SHQ &:
93
<HOORZ
9$/9(
326,7,21
%ODFN &ORVH &&:
0RWRUL]HG 9DOYH
3RVLWLRQLQJ
)HHG %DFN
6KXWGRZQ 6LJQDO
$
6+87'2:1
$
'U\ &RQWDFW
:$51,1*
1HYHUDSSO\H[WHUQDOYROWDJHWRWKH
LQSXWWHUPLQDOV3HUPDQHQWGDPDJH
ZLOORFFXUYRLGLQJWKHZDUUDQW\
3URYH 6LJQDO
KH3URYHIHDWXUHFKHFNVV\VWHPFRPSRQHQWVDUHRSHUDWLRQDOEHIRUHDFWLYDWLQJWKH
7
ERLOHURURSHQLQJWKHPRWRUL]HGYDOYH
,IWKH3529(LQSXWWHUPLQDOVDUHRSHQWKH65&3ODWLQXPZLOOHQDEOHRQO\WKH
$
6<67(0
9DFXXP3XPSUHOD\7KH%XUQHUDQG0RWRUL]HGYDOYH287387UHOD\VZLOOEH
3529(
$
GHHQHUJL]HGZKHQWKH3529(LQSXWLVRSHQ
,I12H[WHUQDOFRQGLWLRQVPXVWEHPHWEHIRUHWKH287387UHOD\VDUHHQHUJL]HG
'2127UHPRYHWKHIDFWRU\LQVWDOOHGMXPSHUDFURVVWKH3529(WHUPLQDOV
7KH3URYHVLJQDOPXVWEHDGU\FRQWDFWRQO\1RYROWDJHFDQEHSODFHGDFURVVWKH3529(WHUPLQDOV
%ULQJWKHWZRZLUHVIURPWKHGU\FRQWDFWWRWKHWHUPLQDOVPDUNHG$DQG$
3URYHZLOODIIHFWWKH65&3ODWLQXPZKHWKHULQ0DQXDODQG$XWR
'U\ &RQWDFW
&$87,21
7KH3529(LQSXWWHUPLQDOVPXVWEHVKRUWHGIRU65&3ODWLQXPWRSURYLGHKHDW'2127UHPRYHWKHIDFWRU\LQVWDOOHG
3529(MXPSHUXQOHVVUHSODFLQJLWZLWKD3URYHVLJQDO
:$51,1*
7KH3529(LQSXW&$1127EHXVHGDVDVDIHW\OLPLW$OOHTXLSPHQWPXVWKDYHLWVRZQFHUWL¿HGOLPLWDQGVDIHW\
FRQWUROVDVUHTXLUHGE\ORFDOFRGHV$Q\VDIHW\LQWHUORFN0867EHZLUHGEDFNWRWKHERLOHUVRURWKHUHTXLSPHQWDV
UHTXLUHGE\FRGH
:LULQJ$X[,QSXW7HUPLQDOV2SWLRQDO

HPHPEHUWKDW$X[VHQVRUVFDQRQO\EHFRQ¿JXUHGUHPRWHO\WKURXJK9LVXDO*ROGRUWKH,QWHUQHW
5
(DFK$X[WHUPLQDOFDQFRQQHFWWRRQO\RQHWHPSHUDWXUHVHQVRU
<RXFDQYLHZ$X[VHQVRUYDOXHVE\SUHVVLQJWKH%DFNEXWWRQRQ5,5,0DQG5,1HW65&3ODWLQXPSDQHOV
7HVWLQJWKH6HQVRUV

RZHUXSWKH65&3ODWLQXP
3
7KHFRQWUROZLOOJRWKURXJKDFRXQWGRZQDQGWKHQWKHERWWRPULJKWRIWKHGLVSOD\PDUNHGJZLOOVKRZWKHWHPSHUDWXUH
UHDGE\WKH+HDWLQJ6\VWHP6HQVRU+667KHERWWRPOHIWJZLOOVKRZWKHWHPSHUDWXUHUHDGE\WKH2XWGRRU6HQVRU
,IWKHGLVSOD\UHDGVRUDQLQFRUUHFWWHPSHUDWXUHIROORZWKHWURXEOHVKRRWSURFHGXUHVDWWKHHQGRIWKLVPDQXDO
:LUHOHVVDQG0,*VHQVRUVUHDGLQJVFDQRQO\EHYLHZHGRQ9LVXDO*ROGRUWKH,QWHUQHW
65&3ODWLQXP
6HWWLQJWKH&RQWURO
'LVSOD\DQG&KDQJLQJ6HWWLQJV
'LJLWDO GLVSOD\ VKRZV WKH GDWH KHDWLQJ
VWDWXV 9DOYH RSHQLQJ SHUFHQW RXWGRRU
DQG V\VWHP WHPSHUDWXUHV 7R YLHZ DQG
DGMXVW VHWWLQJV SUHVV WKH $GMXVW6HOHFW
EXWWRQ
6\VWHP6WDUWXS6HWWLQJV
(QWHUPHQXE\SUHVVLQJ6(/(&76HWWLQJV6\VWHP6WDUWXS
,IHQWHULQJWKLVPHQXRSWLRQDIWHUWKHFRQWUROKDVEHHQVHWVHYHUDOZDUQLQJVZLOOGLVSOD\
ZLWKDQRSWLRQRISUHVVLQJWKH6HOHFWEXWWRQWRFRQWLQXH$IWHUWKHZDUQLQJVWKHIROORZLQJ
RSWLRQVZLOOEHGLVSOD\HGLQWKLVRUGHU
6HQVRU7\SH)IRU)DKUHQKHLWRU&IRU&HOVLXV
2SHUDWLRQ0RGH%RLOHURU9DOYHRU'LVWULFW6WHDP
&\FOH/HQJWK6HWWLQJDUDQJHEHWZHHQWRPLQXWHV
9DOYH3RVLWLRQLQJ3RVLWLRQLQJ6HQVRURU7LPH%DVHG
9DOYH0RWRU7LPHDUDQJHEHWZHHQWRVHFRQGV
6HQVRU)DXOWVHWWLQJ2XWSXW2QRU2XWSXW2II
'D\/LJKW6DYLQJ(QDEOHRU'LVDEOH
$X[5HOD\0RGH$X[6FKHGXOH6DPHDV3XPSRU,QYHUVHRI3XPS
6HQVRU7\SH
))DKUHQKHLWRU&IRU&HOVLXV
'HIDXOW))DKUHQKHLW
6(/(&76HWWLQJV6\VWHP6WDUWXS6HQVRU7\SH
7KLVRSWLRQDOORZV\RXWRVHWWKHGLVSOD\PRGHRIWKHVHQVRUVDQGDOOWHPSHUDWXUH
VHWWLQJVGLVSOD\HGE\WKH65&3ODWLQXP
2SHUDWLRQ0RGH
%RLOHURU9DOYHRU'LVWULFW6WHDP 'HIDXOW%RLOHURU9DOYH
6(/(&76HWWLQJV6\VWHP6WDUWXS2SHUDWLRQ0RGH
7KH65&3ODWLQXPFDQFRQWUROWKHKHDWLQJRIDEXLOGLQJE\HLWKHUGLUHFWO\
FRQWUROOLQJWKHEXUQHUDQGRXWSXWWLQJDYDOYHVLJQDOWRDPRWRUL]HGYDOYH:LWK
WKLVVHWWLQJD6<66HWSRLQWVHWWLQJZLOOEHDYDLODEOHRQWKH6\VWHP6HWWLQJV
PHQX:KHQWKHUHWXUQWHPSHUDWXUHUHDFKHVWKH6<66HWSRLQWWKH65&3ODWLQXP
DFNQRZOHGJHVWKDWKHDWKDVEHHQHVWDEOLVKHGDQGVWDUWVWKHVWHDPF\FOH
'HSUHVV WKH NQRE WR PRYH
IRUZDUG WKURXJK WKH PHQXV DQG WR
DFFHSW FKDQJHV 7R FKDQJH D
VHWWLQJ
V YDOXH URWDWH WKH NQRE
$'-867
7KH65&3ODWLQXPFRPHVZLWKDFKDUDFWHUFKDUDFWHUSHUUDZ[
UDZVGLJLWDOGLVSOD\,QDGGLWLRQWRWKHULJKWRIWKHGLVSOD\DWXUQ
$'-867DQGSXVK35(66726(/(&7NQRELVXVHGWRVFUROOWKURXJK
VHWWLQJVZKHQWXUQHG:KHQ35(66726(/(&7LVSXVKHGWKHPHQX
VHOHFWLRQRUYDOXHLVVHOHFWHG$SXVK%$&.EXWWRQLVXVHGWRJRWRWKH
SUHYLRXVVWHSRQWKHPHQXVRUWRGLVSOD\$X[VHQVRUYDOXHV
8QGHUWKHGLVSOD\IRXUDGGLWLRQDOSXVKEXWWRQVH[LVWWRDVVLVWLQRWKHUPHQX
IXQFWLRQV
1(;7 JRHVWRQH[WVFKHGXOHWLPHRQVFKHGXOHV
'$< VZLWFKHVEHWZHHQGLIIHUHQWZHHNGD\VZKHQLQVFKHGXOHV
35(9'(/
FOHDUVDVSHFL¿FVFKHGXOHVHWWLQJ
+(/3 ZKHQFOLFNHGRQDVSHFL¿FPHQXLWHPZLOOSURYLGHKHOS
LQVWUXFWLRQV
:KHQSRZHULQJXSWKH65&3ODWLQXPIRUWKH¿UVWWLPHLWZLOOWDNH\RXWKURXJKDQ
VHFRQGFRXQWGRZQIROORZHGE\WKH6\VWHP6WDUWXS6HWWLQJVWKHQDQRWKHUVHFRQGERRW
VHWXSDQG¿QDOO\HQGZLWKWKHV\VWHPVFUHHQ2QFHWKHFRQWUROLVPRXQWHGDQGZLUHGVHW
XSDQLQLWLDOSLORWSURJUDP
6HWDQGDGMXVW6\VWHP6WDUWXS6HWWLQJV
6HWDQGDGMXVW6\VWHP6HWWLQJV
6HWDQGDGMXVW0DLQWHQDQFH
6HWDQGDGMXVW6FKHGXOHV
9;P;BP:=
9:C=<+
7!*# ,C >P9:+
S =>G
S
<9-
35(66 72
6(/(&7
JK
S
99=-
%$&.
+(/3
35(9
'$<
1(;7
'(/
'HSUHVV WKH EXWWRQ WR JR EDFN
WKURXJK WKH PHQXV RU WR YLHZ D
$X[ VHQVRU YDOXHV
9;P9AP:=
99C>;+
7!*#,;P<:+
S=>G
S>A J7K
S99@ OOOOOOOOOOOO
&'$2
Q712#+#22',%1R
Q!&#"3*#1R
Q',2#,,!#R
ŹQ712#+2023.R
OOOOOOOOOOOOOOO
Ź #,1-0
#,1-0
OOOOOOOOOOOO
Ź-'*#0-0*4#
'120'!22#+

+HDW7LPHU&RUS
,IWKH65&3ODWLQXPZDVVHWWR'LVWULFW6WHDPLWZLOOVWDUWWKHKHDWLQJF\FOHDIWHU
DQDGMXVWDEOHWLPHGHOD\'LVW6WP'O\WKDWFDQEHVHWIURPWKH6\VWHP6HWWLQJV
PHQX:KHQWKH65&3ODWLQXPLVLQWKH'LVW6WP'O\WKH'LVSOD\ZLOOVKRZ
6WHDP7LPHDVWKHUHPDLQLQJRIWKH'LVW6WP'O\
$IWHUWKHF\FOHHODSVHVDQHZ'LVWULFW6WHDP'HOD\SHULRG6WHDP7LPHZLOOVWDUW
DQGWHUPLQDWHEHIRUHDQHZF\FOHLQLWLDWHV
&\FOH/HQJWK6HWWLQJ
&$87,21
,IWKH2XWSXW0RGHLVVHWLQFRUUHFWO\
WKH65&3ODWLQXPZLOOQRWFRQWUROWKH
EXLOGLQJWHPSHUDWXUHSURSHUO\
OOOOOOOOOOOOOO
WRPLQXWHV
'HIDXOWPLQXWHV
?:+',
6(/(&76HWWLQJV6\VWHP6WDUWXS&\FOH/HQJWK
7KLVVHOHFWLRQDOORZV\RXWRDGMXVWWKH&\FOHOHQJWKRIWKHFRQWURO7KLVVHWWLQJLQ V
W
FRQMXQFWLRQ ZLWK WKH +HDW$GMXVWPHQW 6<6 6HWSRLQW DQG 2XWGRRU WHPSHUDWXUH
DOORZVWKH65&3ODWLQXPWRFDOFXODWHWKH&\FOH2QDQG&\FOH2IIWLPHV
'XULQJWKHF\FOHWLPHWKH65&3ODWLQXPZLOOGLVSOD\F\FOHVWDWXVZKHWKHU2QRU2II,QDGGLWLRQLWZLOOGLVSOD\WKHQXPEHURI
PLQXWHVHODSVHGZLWKLQWKHF\FOHWLPHIROORZHGE\WKHWRWDOF\FOHWLPH
$JRRGVWDUWLQJSRLQWIRU&\FOH/HQJWKLVPLQXWHVIRUODUJHEXLOGLQJV7KHVPDOOHUWKHEXLOGLQJWKHVKRUWHUWKH&\FOH/HQJWK
VKRXOGEH
9DOYH3RVLWLRQLQJ
OOOOOOOO
3RVLWLRQLQJ6HQVRURU7LPH%DVHG 'HIDXOW3RVLWLRQLQJ6HQVRU
Ź-1'2'-,',%#,1-0
6(/(&76HWWLQJV6\VWHP6WDUWXS9DOYH3RVLWLRQLQJ
,I WKH 65& 3ODWLQXP LV FRQWUROOLQJ D PRWRUL]HG YDOYH ZLWK D VSHFL¿F PRWRU WLPH '+# 1#"
7LPH%DVHGVKRXOGEHVHOHFWHG$9DOYH0RWRU7LPHZLOOIROORZWKLVRSWLRQLQWKH
6WDUWXSPHQXDOORZLQJWKHVHOHFWLRQRIPRWRUWLPH$9DOYH7ULPPHQXRSWLRQZLOO
EHDYDLODEOHLQWKH0DLQWHQDQFHPHQXZKHQWKLVRSWLRQLVVHOHFWHG
:KHQ7LPH%DVHGLVVHOHFWHGWKH65&3ODWLQXPZLOOV\QFKURQL]HWKHPRWRURFFDVLRQDOO\IRUDFFXUDF\
:KHQFRQWUROOLQJDPRWRUL]HGYDOYHZLWKDVHQVRUSRVLWLRQLQJIHHGEDFN3RVLWLRQLQJ6HQVRUPXVWEHVHOHFWHG7KHYDOYHIHHG
EDFNPXVWEHZLUHGWR$$DQG$LQSXWWHUPLQDOVIRUWKHFRQWUROWRRSHUDWHSURSHUO\$9DOYH&DOLEUDWLRQPHQXDVDQRSWLRQ
RIWKH0DLQWHQDQFHPHQXZLOODOORZWKHDGMXVWPHQWDQG¿QHWXQLQJRIWKHYDOYH
1RV\QFKURQL]DWLRQZLOORFFXULI3RVLWLRQLQJ6HQVRURSWLRQZDVVHOHFWHG
9DOYH0RWRU7LPH$YDLODEOHZLWK7LPH%DVHG9DOYHV
WRVHFRQGV 'HIDXOWVHFRQGV
6(/(&76HWWLQJV6\VWHP6WDUWXS9DOYH0RWRU7LPH
7KLVVHOHFWLRQLVRQO\DYDLODEOHZKHQ3RVLWLRQLQJ6HQVRULVVHOHFWHGIURPWKH9DOYH
3RVLWLRQLQJPHQX,WDOORZVIRUWKHDGMXVWPHQWRIWKH65&3ODWLQXPWRPDWFKWKH
YDOYHPRWRUWLPH,QDGGLWLRQWKLVWLPHZLOOEHXVHGLQWKHYDOYHV\QFKURQL]DWLRQ
6HQVRU)DXOW
2XWSXW2QRU2XWSXW2II 'HIDXOW2XWSXW2Q
6(/(&76HWWLQJV6\VWHP6WDUWXS6HQVRU)DXOW
7KH+HDWLQJ6\VWHP6HQVRUIDXOWDIIHFWVWKH65&3ODWLQXPLQ%RLOHURU9DOYH2SHUDWLQJ
0RGHRQO\
7KLVVHOHFWLRQGHWHUPLQHVWKHVWDWXVRIWKH%RLOHUDQG0RWRUL]HG9DOYH2XWSXWVZKHQ
HLWKHUWKH2XWGRRU6HQVRURU6\VWHP6HQVRULVDWIDXOWVHQVRUUHDGLQJZLOOEOLQNZLWK
HLWKHU23(1RU6+257$OVRWKH'LVSOD\VHFRQGOLQHZLOOVKRZ6(1625)$8/7
7KLVPHVVDJHZLOOQRWVKRZLI6\VWHP6HQVRUIDLOVZKLOHLQ'LVWULFW6WHDPPRGH
:KHQ2XWSXW2QLVVHOHFWHGDQGDVHQVRULVDWIDXOWWKH9DFXXP3XPSDQG%XUQHU
UHOD\VZLOOHQHUJL]H,QDGGLWLRQWKH0RWRUL]HG9DOYHZLOORSHQWR
:KHQ2XWSXW2IILVVHOHFWHGDQGDVHQVRULVDWIDXOWWKH%XUQHUUHOD\ZLOOGHHQHUJL]H
ZKLOHWKH9DFXXP3XPSUHOD\ZLOOGHHQHUJL]HDIWHUDIXOOF\FOHWLPHHODSVHV7KH
0RWRUL]HG9DOYH&ORVHUHOD\ZLOOHQHUJL]HWLOOYDOYHLVIXOO\FORVHGWKHQGHHQHUJL]H
OOOOOOO
9;:1#!
V W
OOOOOO
OOOOOO
Ź32.32,
32.32$$
&$87,21
6LQFH+HDWLQJ6\VWHP6HQVRU+66
DIIHFWV WKH RSHUDWLRQ RI WKH 65&
3ODWLQXP ZKHQ %RLOHU RU 9DOYH LV
VHOHFWHGDVDQ2SHUDWLQJ0RGHIURP
WKH 6WDUWXS PHQX +66 IDXOW DIIHFWV
WKHFRQWURORSHUDWLRQLQ%RLOHURU9DOYH
2SHUDWLQJ0RGHRQO\
65&3ODWLQXP
'D\/LJKW6DYLQJ
(QDEOHRU'LVDEOH
'HIDXOW(QDEOH
6(/(&76HWWLQJV6\VWHP6WDUWXS'D\/LJKW6DYLQJ
(QDEOHWKLVIHDWXUHLQDUHDVZKHUH'D\/LJKW6DYLQJLVREVHUYHGWRDFFRXQWIRUWKH
WLPHFKDQJHVZLWKRXWKDYLQJWRPDQXDOO\FKDQJHWKHWLPHWZLFHD\HDU
$X[5HOD\0RGH
OOOOOO
Ź, *#
'1 *#
OOOOOOOOOOO
$X[6FKHGXOH6DPHDV3XPS,QYHUVH3XPS 'HIDXOW$X[6FKHGXOH
Ź36!&#"3*#
6(/(&76HWWLQJV6\VWHP6WDUWXS$X[5HOD\0RGH
$GMXVWLQJWKLVIHDWXUHWR$X[6FKHGXOHDOORZVWKH65&3ODWLQXPWRFRQWUROWKH$X[ +#13+.
UHOD\RXWSXWEDVHGRQWKH$X[6FKHGXOH7KHUHOD\ZLOOHQHUJL]HDW&ORVH7LPHDQG ,4#01#3+.
GHHQHUJL]HDW2SHQ7LPH
:KHQ6DPHDV3XPSRSWLRQLVVHOHFWHGWKH$X[RXWSXWUHOD\ZLOOEHKDYHWKHVDPHDVWKH9DFXXP3XPSUHOD\
:KHQ,QYHUVH3XPSRSWLRQLVVHOHFWHGWKH$X[RXWSXWUHOD\ZLOOEHKDYHWKHRSSRVLWHRIWKH9DFXXP3XPSUHOD\
5HPHPEHUWKDWWKH9DFXXP3XPSUHOD\HQHUJL]HVIRUPLQXWHV3UHYDFXXPSULRUWRYDOYHRSHQLQJ$VZHOOLWHQHUJL]HVIRUD
IXOOF\FOHWLPHDIWHU%XUQHUUHOD\GHHQHUJL]H
'DWHDQG7LPH6HWWLQJ
<HDU0RQWK'D\7LPH
6(/(&76HWWLQJV6\VWHP6WDUWXS6HW<HDU
(QWHULQJWKHFRUUHFWGDWHDQGWLPHDVVXUHVWKDWWKH65&3ODWLQXPZLOOPDNHLWVFKDQJHV
FRUUHFWO\
8VHWKH6HOHFWDQG$GMXVWEXWWRQWRFKDQJHGDWHDQGWLPHYDOXHV
OOOOOOOOOOOOOOOOO
;:::
V
W
+HDW7LPHU&RUS
OOOOOO OOOOOO
2- !-,2',3#
C 2- !-,2',3#
2- !-,2',3#
OOOOOO T OOOOO
#1
OOOOOOOO OOOOOOO
#,1-0
#,1-0
OOOOO OOOOOO
30,#0 -0 *4#
'120'!2 2#+
OOOOOOO OOOOOOO
?: ',
V
W
OOO OOO
-1'2'-,',% #,1-0
'+# 1#"
OOOO OOO
9;: #!
V
W
OOOOOO OOOOOO
32.32 ,
32.32 $$
OOO OOO
, *#
'1 *#
OOO OOO
36 !&#"3*#
+# 1 3+.
,4#01# 3+.
OOOOOOOOOO OOOOOOOOO
;::: V
W
6<67(0 6(77,1*6
OOOO OOOO
#1-,
',2#0
2 #2 "(312
'%&2 #2 "(312
7 32-$$
>> '%&2 32-$$
=> Q-0# #22',%1R
OOO OOO
'%&#0 S -0# #2
V
W
OO OO
>>
V
W
O OO
=>
V
W
6<67(0 6(77,1*6 OOO ; OOO
71 #2.-',2
9B:
'12 2+ *7
;+',
--12 -"#
0'
Q*4# #22',%1R
Q#+-2# ,2#0$!#R
OOOOOOO
OOO OOO
'%&#0 S -0# #2
V
W
%XUQHU9DOYH
OOOOO OOOOO
0##8',% G
B:G
32-$$ G
>:G
$$O7!*# G
>:G
*-1# 4#0"0'4# <:1#!
31# #,%2&
9:1#!
3*1# *-1#
#1
OOOOO OOOO
<:1#!
V
W
OOO O OOOOOO
>:G
V
W
'LVWULFW 6WHDP
6<67(0 67$5783
OOOOOO
',2#0
3++#0
6XPPHU
:LQWHU
OOOOOO
OOOOOO
#1-,
3++#0
&'$2
Q712#+ #22',%1R
Q!&#"3*#1R
Q',2#,,!#R
Q712#+ 2023.R
7LPH %DVH
OOOOO OOOO
9B:
V
W
O O
;+',
V
W
OOOOOOOO OOOOOOOO
'1 *#
,3*
0'
0'M
OOOO OOOO
'%&#0 S -0# --12
<:
V
W
OOOO OOOO
'%&#0 S -0# --12
9:+',
V
W
OOOOO G OOOOO
>:G
V
W
OOO G OOOO
B:G
V
W
OOO OOO
#1
OO OO
9:1#!
V
W
OOOOO OOOOO
#0'* =B>
9
OOOOOO OOOOOO
$$
,
5(027( ,17(5)$&(
OOOO OOOO
2#57 ""0#11
.!# -!)
$$
7 0%#2
A>
'%&2 0%#2
?>
&RQWLQXH WR 0RQWK 'D\ +RXUV DQG 0LQXWHV
OOOOOOO A>
V
OOOOOO ?>
V
OOOOOOO
W
OOOOOOO
W
65&3ODWLQXP
6+,)7
1,*+7
'$<
OOOO
'%&2
62#," 7
!&#"3*#
OOOO
7
62#," 7 !&#"3*#
!&#"3*#
6&+('8/(6
OOOOOOOOOO OOOOOOOOOO
7P'%&2 !&#"3*#
-.7 !&#"3*#
#2 2#P'+#
36 !&#3*#
-.7 36 !&#3*#
0$,17(1$1&(
OOO OOO
32- *' 02'-,
.#, 0'+
9G
*-1# 0'+
9G
,3* .#,
,3* *-1#
T
#1
OOOOO
OOOOO
,2#0 115-0"
LLL
T
#1
OOOOO
OOOOO
,2#0 #5 115-0"
LLL
OOOOO
#O#,2#0 115-0"
LLL
OOOOO
OO OO
M::
V
W
7LPH %DVHG
3RVLWLRQLQJ
6HQVRU
OOOO OOOO
712#+ 0'+
M::
32"--0 0'+
M::
12 7!*#
*4# 0'+
:G
Q*4# *' 02'-,R
115-0"
OOOO OOOO
@: ',
V
W
OO OO
M::
V
W
OOOO OOOO
OOOOOOOOO OOOOOOO
:G
V
W
OOOOO OOOOO
- -,2',3#
OOOOOOOOOO OOOOOOOOOO
E9
7 '+#C
?C::+
'%&2 '+#C
9:C::+
1(;7
OOOOOOOOOO OOOOOOOOOO
E;
7 '+#C
LLCLL
'%&2 '+#C
LLCLL
OOOOOOOOOO OOOOOOOOOO
E9
7 '+#C
?C::+
'%&2 '+#C
9:C::+
OOOOOOOOO OOOOOOOOOO
-.7 -, !&#"3*#1
** 2&#0 71
Q 2- 6#!32#R
OOOOOOO H OOOOOOOO
2#
9;P;:P:=
9C<@+
OOOOOOOOO OOOOOOO
9G
V
W
OO OO
E9
*-1# '+#C
LLCLL
.#, '+#C
LLCLL
OOOOOOOOO OOOOOOO
9G
V
W
1(;7
O 9::G T
#1
O 9::G T
#1
'$<
OOOOOO
OO OO
E;
*-1# '+#C
LLCLL
.#, '+#C
LLCLL
OO OO
E9
*-1# '+#C
LLCLL
.#, '+#C
LLCLL
OO OO
-.7 -, !&#"3*#1
** 2&#0 71
Q 2- 6#!32#R
'$<
OOOOOO
&'$2
Q712#+ #22',%1R
Q!&#"3*#1R
Q',2#,,!#R
Q712#+ 2023.R
+HDW7LPHU&RUS
6\VWHP6HWWLQJV
OOOOOOOO
(QWHUPHQXE\SUHVVLQJ6(/(&76HWWLQJV6\VWHP6HWWLQJV
7KH6\VWHP6HWWLQJVDQG6\VWHP6HWWLQJVPHQXVDOORZIRUDGMXVWLQJDQG¿QHWXQLQJWKH
V\VWHPIRUHQKDQFHGFRPIRUWDQGPRUHIXHOVDYLQJV
Ź#1-,',2#0
7#2"(312
'%&2#2"(312

6HDVRQ:LQWHURU6XPPHU
'D\+HDW$GMXVW
1LJKW+HDW$GMXVW
'D\&XWRII
1LJKW&XWRII
6\VWHP6HWSRLQW
'LVWULFW6WHDP'HOD\
%RRVWDQG(DUO\6KXWGRZQ(6'
9DOYH6HWWLQJV
5HPRWH,QWHUIDFH&DQEHXWLOL]HGZLWK5HPRWH&RPPXQLFDWLRQ2QO\
732-$$>> '%&232-$$=> Q-0##22',%1R
OOOO;OOOO
Ź71#2.-',2
9B: '122+*7
9>+
--12-"#
0'M
6HDVRQ
Q*4##22',%1R
:LQWHURU6XPPHU 'HIDXOW:LQWHU
6(/(&76HWWLQJV6HDVRQZKHQLQ:LQWHUVHWWLQJ
6(/(&76HWWLQJV6\VWHP6HWWLQJV6HDVRQZKHQLQ6XPPHUVHWWLQJ
Q#+-2#,2#0$!#R
OOOOOOOOOOOOO
&$87,21
Ź',2#0
'2127WXUQSRZHURIIWRWKH65&3ODWLQXPZKHQKHDWLQJVHDVRQLVRYHU
,I\RXGRVRWKHEDWWHU\ZLOOUXQGRZQDQGZLOOKDYHWREHUHSODFHG,QVWHDG
VZLWFKWR6XPPHU

3++#0
7KH65&3ODWLQXPZLOOWXUQRIIWKH9DFXXP3XPSUHOD\ZKHQLWLVLQ6XPPHU
VHWWLQJ,QDGGLWLRQWKHEXUQHUZLOOEHRIIDQGWKHPRWRUL]HGYDOYHZLOOEHIXOO\
FORVHG:KHQLQ:LQWHUVHWWLQJWKH65&3ODWLQXPZLOODFWLYDWHWKH9DFXXP3XPS
UHOD\ZKHQHYHUWKH2XWGRRUWHPSHUDWXUH2'IDOOVEHORZWKHFXWRIIVHWWLQJ'D\
1LJKW7KHUHIRUHGXULQJWKHKHDWLQJVHDVRQWKLVVHWWLQJPXVWEHVHWWR:LQWHU
:KHQWKHKHDWLQJVHDVRQLVRYHULWLVDJRRGSUDFWLFHWRVZLWFKWKH65&3ODWLQXP
WR6XPPHUVHWWLQJ
OOOOOOOO
'%&#0S-0##2
W
V
2XWGRRU &XWRII OHVV 2XWGRRU WHPSHUDWXUH
3 2 1 0 /
. *
)
,
+
(
'
&
%
0LQXWH &\FOH
0LQXWH &\FOH
0LQXWH &\FOH
&<&/( 7,0( %$6(' 21 0,187( &<&/(6
3
2
1
$
0
/
.
-
,
+
*
)
(
'
&
%
$
2XWGRRU &XWRII OHVV 2XWGRRU WHPSHUDWXUH
2II &\FOH
2Q &\FOH
$WR3 'HIDXOW(
6(/(&76HWWLQJV6\VWHP6HWWLQJV'D\+HDW$GMXVW
7KHGXUDWLRQRIWKH&\FOH2QDQG&\FOH2IIYDULHV
EDVHGRQ2XWGRRUWHPSHUDWXUHDQG&XWRII7HPSHUDWXUH
DQG+HDW$GMXVWVHWWLQJV
7KHJUDSKVKRZVWKH+HDW$GMXVWFXUYHVIRUD
PLQXWHVKHDWF\FOH,I'D\+HDW$GMXVWVHWWLQJZDV(
DQG'D\&XWRIIVHWWLQJZDV)DQGZKHQ2XWGRRU
WHPSHUDWXUHLVDW)WKH&\FOH2QWLPHZLOOEH
PLQXWHVIRUDPLQXWH&\FOH7LPH7KHUHPDLQLQJ
PLQXWHVRIWKHF\FOHZLOOEHWKH&\FOH2IIWLPH
7RILQGRXW&\FOH2QWLPHIRUDGLIIHUHQWF\FOHWLPH
GLYLGH\RXUFXUUHQWKHDWF\FOHWLPHE\WKHVWDQGDUG
PLQXWHF\FOH7KDWZLOOEHWKHUDWLR\RXVKRXOG
XVHZLWKWKLVJUDSK,IZHXVHGWKHSUHYLRXVH[DPSOH
EXWZLWKDPLQXWH&\FOH7LPHWKDWZLOOJLYHXV
PLQXWHVIRUWKH&\FOH2QWLPHDQGPLQXWHVIRUWKH
&\FOH2IIWLPH$PLQXWHV&\FOHWLPHZLOOJLYH
DPLQXWHV&\FOH2QDQGPLQXWHV&\FOH2IILI
XVLQJWKHVDPHFULWHULD
'XULQJWKH'D\7LPHVFKHGXOHWKH65&3ODWLQXPZLOO
IROORZWKH'D\+HDW$GMXVWFXUYH
0LQXWH &\FOH
0LQXWH &\FOH
0LQXWH &\FOH
'D\+HDW$GMXVW
65&3ODWLQXP
1LJKW+HDW$GMXVW
$WR3 'HIDXOW%
6(/(&76HWWLQJV6\VWHP6HWWLQJV1LJKW+HDW$GMXVW
7KH1LJKW+HDW$GMXVWDOORZVWKH65&3ODWLQXPWRIROORZWKDWFXUYHGXULQJWKH
1LJKW7LPHVFKHGXOH
'D\&XWRII
OOOOOO
'%&#0S-0##2
V
W
OOOOOOOO
OOOOOO
)WR) 'HIDXOW)
>> 6(/(&76HWWLQJV6\VWHP6HWWLQJV'D\&XWRII
:KHQWKH2XWGRRUWHPSHUDWXUHIDOOVEHORZWKLVVHWWLQJGXULQJ'D\7LPHVFKHGXOH
W
V
WKH65&3ODWLQXPZLOOJLYHKHDWE\HQHUJL]LQJWKH%XUQHUDQG9DFXXP3XPSUHOD\V
IROORZHGE\WKH0RWRUL]HG9DOYH2SHQUHOD\DIWHUWKHYDOYHV\QFKURQL]DWLRQDQG
3UHYDFXXPSHULRGV
7KHYDOYHRSHQFXUYHLVWKHOLQHEHWZHHQWKLVVHWWLQJDWWKH&XWRIIDQGWKH)UHH]LQJDW)GXULQJWKH'D\7LPH
VFKHGXOH
OOOOOOO
OOOOOOO
1LJKW&XWRII
)WR) 6(/(&76HWWLQJV6\VWHP6HWWLQJV'D\&XWRII

'HIDXOW)
=> V
W
:KHQWKH2XWGRRUWHPSHUDWXUHIDOOVEHORZWKLVVHWWLQJGXULQJ1LJKW7LPHVFKHGXOHWKH65&3ODWLQXPZLOOJLYHKHDWE\
HQHUJL]LQJWKH%XUQHUDQG9DFXXP3XPSUHOD\VIROORZHGE\WKH0RWRUL]HG9DOYH2SHQUHOD\DIWHUWKHYDOYHV\QFKURQL]DWLRQ
DQG3UHYDFXXPSHULRGV
7KHYDOYHRSHQFXUYHLVWKHOLQHEHWZHHQWKLVVHWWLQJDWWKH&XWRIIDQGWKH)UHH]LQJDW)GXULQJWKH1LJKW7LPH
VFKHGXOH
6\VWHP6HWSRLQW$YDLODEOHIRU%RLOHURU9DOYH2SHUDWLRQ
0RGH
OOOOOOOOO
9>: V
W
)WR) 'HIDXOW)
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV6\V6HWSRLQW
7KH6\VWHP6HWSRLQWLVDYDLODEOHZKHQWKH65&3ODWLQXPLVLQWKH%RLOHURU9DOYHRSHUDWLRQPRGH,WDOORZVWKH65&3ODWLQXP
WRVWDUWWKHKHDWLQJF\FOHZKHQ+HDWLQJ6\VWHP6HQVRUWHPSHUDWXUHUHDFKHVWKLVVHWWLQJ7KLVLQIRUPVWKH65&3ODWLQXPWKDW
KHDWKDVEHHQHVWDEOLVKHGWRDOOSDUWVRIWKHEXLOGLQJ
7KH65&3ODWLQXPPRQLWRUVWKLVVHWWLQJEHIRUHVWDUWLQJDQ\KHDWLQJF\FOH,IWKH6\VWHPWHPSHUDWXUH6<6LVEHORZWKLVVHWWLQJ
WKHYDOYHZLOORSHQWLOOKHDWLVHVWDEOLVKHG,IWKH6\VWHPWHPSHUDWXUH6<6LVDERYHWKLVVHWWLQJWKHIROORZLQJKHDWLQJF\FOH
ZLOOVWDUWLPPHGLDWHO\
'LVWULFW6WHDP'HOD\$YDLODEOHIRU'LVWULFW6WHDP2SHUDWLRQ
0RGH
OOOOOO
9>+',
V
W
WRPLQXWHV 'HIDXOWPLQXWH
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV'LVW6WP'O\
7KH'LVWULFW6WHDP'HOD\LVDYDLODEOHZKHQWKH65&3ODWLQXPLVLQWKH'LVWULFW6WHDPRSHUDWLRQPRGH,WXVHVWKLVSHULRGSULRU
WRVWDUWLQJDQ\KHDWLQJF\FOHWRHVWDEOLVKKHDWWRDOOSDUWVRIWKHEXLOGLQJ
%RRVWDQG(DUO\6KXWGRZQ(6'
'LVDEOH0DQXDO9DULDQG9DUL(6' 'HIDXOW9DUL
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV%RRVW0RGH
7KHPRUQLQJ%RRVWLVGHVLJQHGWRUHWXUQWKHEXLOGLQJWRFRPIRUWDEOHDPELHQW
WHPSHUDWXUHVDIWHUWKHFRROHU1LJKW7LPHSHULRG7KH65&3ODWLQXPZLOODFFRPSOLVK
WKLVE\RSHQLQJWKHYDOYHPRUHWKDQWKH'D\7LPHVHWWLQJ,I\RXGRQRWZDQWD
%RRVWRQDGD\RIWKHZHHNVLPSO\SURJUDPWKH'D\7LPHVFKHGXOHWRDQG
XVHWKH'D\7LPHSURJUDPIRUDQ\1RUPDO'D\VHWWLQJV
7RVHWXSWKHPRUQLQJ%RRVW\RXPXVWVHWWKHW\SHRI%RRVWDQGWKHDPRXQWRI%RRVW
7KHUHDUHWKUHHW\SHVRI%RRVW0DQXDO9DULDQG9DULZLWK(6'
OOOOOOOOOOOOOOOO
Ź'1 *#
,3*
0'
0'M
+HDW7LPHU&RUS
WRPLQXWHV 'HIDXOWPLQXWHV
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV%RRVW0RGH0DQXDO
7KH0DQXDO%RRVWEHJLQVHDUOLHUWKDQWKH'D\7LPHVFKHGXOH,QWKLVFDVHWKH
%RRVW$GMXVWPHQWLVWKHQXPEHURIPLQXWHVEHIRUHWKH'D\7LPHVHWWLQJWKH%RRVW
ZLOOVWDUW
%RRVW9DUL
WR 'HIDXOW
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV%RRVW0RGH9DUL
7KH9DUL%RRVWEHJLQVHDUOLHUWKDQWKH'D\7LPHVFKHGXOH,QWKLVFDVHWKH
%RRVW$GMXVWPHQWLVWKHFXUYHQXPEHUWKDWUHÀHFWVWKHQXPEHURIPLQXWHVEHIRUH
WKH'D\7LPHVHWWLQJWKH%RRVWZLOOVWDUWEDVHGRQDVSHFL¿F2XWGRRU2'
WHPSHUDWXUH
,IWKHWHPSHUDWXUHDWWKH'D\7LPHLVFROGWKHQLQFUHDVHWKH%RRVW$GMXVWPHQW
E\DQGZDLWIRUVHYHUDOGD\VEHIRUHDGMXVWLQJWKH%RRVWDJDLQ
%RRVW9DULZLWK(DUO\6KXWGRZQ
WR 'HIDXOW
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV%RRVW0RGH9DUL(6'
7KLVVKRXOGEHXVHGLQFRPPHUFLDOEXLOGLQJVZKHUHWKHEXLOGLQJZLOOEHXQRFFXSLHG
LQWKH1LJKW7LPHVHWWLQJ$9DUL%RRVWDVGHVFULEHGDERYHLVUXQ,QDGGLWLRQWKH
65&3ODWLQXPZLOOVZLWFKLQWRWKH1LJKW7LPHPRGHHDUOLHUWKDQWKHODWHVWQVHWWLQJ
IRUWKDWGD\7KHZDUPHULWLVRXWVLGHWKHHDUOLHUWKH65&3ODWLQXPZLOOVKLIWLQWR
1LJKW7LPH7KHPD[LPXPDPRXQWRI(DUO\6KXWGRZQ(6'LVPLQXWHV
7KH(DUO\6KXWGRZQIROORZV9DUL%RRVWFXUYHQXPEHU
OOOOOOOO
'%&#0S-0##2
9:+',
W
V
OOOOOOOO
'%&#0S-0##2
<:
W
V
9$5, %2267
'XUDWLRQ RI 0RUQLQJ %RRVW LQ 0LQXWHV
%RRVW0DQXDO
:DUPXS 3ULRU WR 0RUQLQJ %RRVW WR 0LQXWHV

2XWGRRU 7HPSHUDWXUH LQ )
($5/< 6+87 '2:1
'XUDWLRQ RI (DUO\ 6KXWGRZQ LQ 0LQXWHV

2XWGRRU 7HPSHUDWXUH LQ )
65&3ODWLQXP
9DOYH6HWWLQJV
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV
7KH65&3ODWLQXPLVGHVLJQHGWRFRQWUROWKHEXLOGLQJKHDWWKURXJKWKHRSHUDWLRQRID
PRWRUL]HGYDOYH7KLVPHQXSURYLGHVWKHPHDQVIRUVHWWLQJWKHYDOYHRSHQLQJDWGLIIHUHQW
KHDWLQJVWDJHV,QDGGLWLRQLWSURYLGHVWKHPHDQVWRFKDQJHYDOYHUHVSRQVHWLPH
OOOOOOOO
Ź
0##8',%GB:G
32-$$G>:G
$$O7!*#G>:G
*-1#4#0"0'4#<:1
)UHH]LQJ9DOYH2SHQLQJDW)
31##,%2&9:1#!
WR 'HIDXOW
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV)UHH]LQJ
7KLVVHWWLQJWHOOVWKH65&3ODWLQXPWKHSHUFHQWWKHYDOYHRSHQLQJVKRXOGEHDW
ZKHQ2XWGRRUWHPSHUDWXUHLV)
7KLVYDOXHLVXVHGLQFRQMXQFWLRQZLWKWKH&XWRIIWRVHWWKHYDOYHRSHQLQJ
SHUFHQWFXUYH
7KHOLPLWVIRUWKH)UHH]LQJDQGWKH&XWRIIFKDQJHG\QDPLFDOO\,QRWKHU
ZRUGV7KH)UHH]LQJXSSHUOLPLWZLOOQRWFKDQJHEHORZWKH&XWRII
3*1#*-1##1
&XWRII9DOYH2SHQLQJDW&XWRII7HPSHUDWXUH
V
OOOOO
GOOOO
B:G
W
V
OOOOO
GOOOOO
>:G
2II&\FOH9DOYH2SHQLQJ'XULQJ&\FOH2II
WR 'HIDXOW
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV2II&\FOH
7KLVVHWWLQJWHOOVWKH65&3ODWLQXPWKHSHUFHQWWKHYDOYHFORVLQJVKRXOGEHLQWKH
2II&\FOHDVDSHUFHQWRIWKHRSHQLQJZKHQLQWKH2Q&\FOH
,IGXULQJWKH2Q&\FOHWKHYDOYHZDVDWDQGWKH2II&\FOHZDVVHWWR
WKDWZLOOFORVHWKHYDOYHWR&ORVHRIWKH7KHYDOYHZLOOFORVH
&ORVH2YHUGULYH
WRVHFRQGV 'HIDXOWVHFRQGV
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV&ORVH2YHUGULYH
,WLVWKHDPRXQWRIDGGLWLRQDOWLPHWKH65&3ODWLQXPZLOOHQHUJL]HWKH0RWRUL]HG
9DOYH&ORVHUHOD\WRJXDUDQWHHDIXOOFORVXUH
3DXVH/HQJWK
WRVHFRQGV 'HIDXOWVHFRQGV
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV3DXVH/HQJWK
,WGHWHUPLQHVWKHDPRXQWRIWLPHWKH65&3ODWLQXPZLOOSDXVHLQEHWZHHQYDOYH
RSHQLQJDQGFORVLQJGXULQJWKHKHDWLQJF\FOH
3XOVH&ORVH
1R<HV
'HIDXOW<HV
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV3DXVH/HQJWK
,WDOORZVWKH65&3ODWLQXPWRSXOVHWKH&ORVHUHOD\DWWKH3DXVHOHQJWKLQWHUYDOV
LQVWHDGRIGULYLQJWKHYDOYHFORVHFRQWLQXRXVO\
&XUYH 2SHQ DW WKH 'D\ &XWRII
2SHQ DW )UHH]LQJ
3(5&(17 9$/9( 23(1
WR 'HIDXOW
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV9DOYH6HWWLQJV&XWRII
7KLVVHWWLQJWHOOVWKH65&3ODWLQXPWKHSHUFHQWWKHYDOYHRSHQLQJVKRXOGEHDW
ZKHQ2XWGRRUWHPSHUDWXUHLVWKH&XWRIIVHWWLQJIRUWKDWWLPH
7KLVYDOXHLVXVHGLQFRQMXQFWLRQZLWKWKH)UHH]LQJWRVHWWKHYDOYHRSHQLQJ
SHUFHQWFXUYH
7KHOLPLWVIRUWKH)UHH]LQJDQGWKH&XWRIIFKDQJHG\QDPLFDOO\,QRWKHU
ZRUGV7KH&XWRIIXSSHUOLPLWZLOOQRWFKDQJHDERYHWKH)UHH]LQJ
W
&XUYH 2SHQ DW WKH 'D\ &XWRII
2SHQ DW )UHH]LQJ
)
)
'D\ &XWRII
)
)
)
)UHH]LQJ
)
)
)
)
)
)
287'225 7(03(5$785(
OOO
OGOOOO
B:G
V
W
OOOOOOOOOO
<:1
V
W
OOOOOOOOOO
<:1
V
W
OOOOOO
Ź#1
+HDW7LPHU&RUS
5HPRWH,QWHUIDFH
OOOO
OOOO
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV5HPRWH,QWHUIDFH
7KH65&3ODWLQXPFDQEHFRQWUROOHGUHPRWHO\7KLVDOORZVWKH65&3ODWLQXPWRPRQLWRU
DGGLWLRQDOVHQVRUVWKDWFDQEHXVHGIRUPRQLWRULQJDQGWXUQLQJDODUPV2QRU2II
Ź2#57""0#119
7KH65&3ODWLQXPXVLQJDFRPPXQLFDWLRQSDFNDJH5,5,05,1HWDQGDFRPSXWHUZLWK
9LVXDO*ROGVRIWZDUHRULQWHUQHWDFFHVVIRU5,1HWRQO\FDQFRQ¿JXUHDODUJHQXPEHURI
VHQVRUVWKDWFDQEHXVHGHLWKHULQFDOFXODWLQJWKHKHDWUHTXLUHGRUIRUPRQLWRULQJVHYHUDO
EXLOGLQJDQGHTXLSPHQWIXQFWLRQV8VLQJWKLVIHDWXUHDOORZVVHWWLQJDODUPVZDUQLQJV
DQGDQDO\VLV
'%&20%#2?> *DWHZD\
6HULDO1RQHWKURXJK
'HIDXOW1RQH
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV5HPRWH,QWHUIDFH*DWHZD\$GGUHVV
:KHQFRQQHFWLQJWRWKH65&3ODWLQXPXVLQJDQ5,5HPRWH,QWHUIDFHRU5,00RGHP
D*DWHZD\RSWLRQZLOOEHSUHVHQWRQWKH5HPRWH,QWHUIDFHPHQXOLVW7KH*DWHZD\LVWR
FRQ¿JXUHWKHFRQQHFWLRQWRWKH65&3ODWLQXPXVLQJDGLUHFWFDEOHFRQQHFWLRQ56RU
56&DEOHVRUDPRGHPFRQQHFWLRQE\GLDOLQJLQWRWKH65&3ODWLQXP5,0WKURXJK
DPRGHP
.!#-!)$$
70%#2A> OOOOOOOOOO
#0'*=B>
Ź
9
;
<
=
:KHQFRQQHFWLQJPXOWLSOH65&3ODWLQXPVWRD+HDW7LPHU7*&*DWHZD\WKHQXPEHUV
WKURXJKZLOOEHXVHGWRLGHQWLI\HDFK65&3ODWLQXP
6SDFH/RFN
2QRU2II 'HIDXOW2II
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV5HPRWH,QWHUIDFH6SDFH/RFNRXW
7KH6SDFH/RFNRXWLVUHTXLUHGWREHVHWWR2QWREHDEOHWRXVH6SDFHVHQVRUVIRU'D\
7DUJHWDQG1LJKW7DUJHW7KLVRSWLRQFDQEHVHWZKHQWKH65&3ODWLQXPKDVDQ\RIWKH
FRPPXQLFDWLRQSDFNDJHV
'D\7DUJHW
)WR)
'HIDXOW)
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV5HPRWH,QWHUIDFH'D\7DUJHW
7KH'D\7DUJHWLVWKHVSDFHWHPSHUDWXUHWKH65&3ODWLQXPZLOOWU\WRUHDFKGXULQJWKH
%RRVWSHULRGZKHQFRPLQJRXWRIWKH1LJKW7LPHVHWWLQJ
1LJKW7DUJHW
)WR)
'HIDXOW)
6(/(&76HWWLQJV6\VWHP6HWWLQJV0RUH6HWWLQJV5HPRWH,QWHUIDFH1LJKW7DUJHW
7KH1LJKW7DUJHWLVWKHVSDFHWHPSHUDWXUHWKH65&3ODWLQXPZLOOWU\WRUHDFKGXULQJWKH
(DUO\6KXWGRZQ(6'SHULRGZKHQVZLWFKLQJIURPWKH'D\VHWWLQJ
>
OOOOOOOOOOOOOO
Ź$$
,
OOOOOOOOOOOOOOOO
A> V
W
OOOOOOOOOOOOO
?> V
W
65&3ODWLQXP
6FKHGXOHV
OOOOOOOOOOOOOOOOOOOO
(QWHUPHQXE\SUHVVLQJ6(/(&76HWWLQJV6FKHGXOHV
7KH65&3ODWLQXPKDVWZROHYHOVRIKHDW7KH'D\OHYHOLVXVHGZKHQDEXLOGLQJ
LVRFFXSLHGDQGSHRSOHDUHDFWLYH7KH1LJKWOHYHOLVXVHGZKHQDEXLOGLQJLVQRW
RFFXSLHGRUZKHQSHRSOHDUHVOHHSLQJ
Ź7P'%&2!&#"3*#
-.7!&#"3*#
#22#P'+#
36!&#"3*#
7KH65&3ODWLQXPFDQKDYHXSWRIRXU1RUPDODQGIRXU1LJKW6HWEDFNSHULRGVIRUHDFK
LQGLYLGXDOGD\RIWKHZHHN7KH65&3ODWLQXPZLOOVKRZZKLFKSHULRGLVLWLQRQWKH
UGOLQHRIWKHGLVSOD\(YHU\WLPHWKH65&3ODWLQXPXSGDWHVWKHFORFNWLPHLWFKHFNV
WKH'D\1LJKWSURJUDP,IWKHUHLVDPDWFKLQJ'D\1LJKWWLPHSURJUDPPHGLWVHWV
WKHKHDWOHYHODFFRUGLQJO\RWKHUZLVHWKHKHDWOHYHOLVQRWFKDQJHG7KLVPHDQV\RX
GRQRWKDYHWRSURJUDPHYHU\GD\RIWKHZHHN,IDQRI¿FHEXLOGLQJLVXQRFFXSLHGDOO
ZHHNHQGVLPSO\VHWWKHODVWSURJUDPPHGVHWWLQJ30RQ)ULGD\7KHQVHWDOO
WKH6DWXUGD\DQG6XQGD\SURJUDPVWRXVLQJWKH'(/EXWWRQ7KHFRQWUROZLOO
VWD\LQ1LJKW6HWEDFNXQWLOLWUHDFKHVD'D\VHWWLQJ$0RQ0RQGD\
'D\1LJKW6FKHGXOH
6(/(&76HWWLQJV6FKHGXOHV'D\1LJKW6FKHGXOH
8VHWKLVVHWWLQJWRVHWXSWR'D\7LPHDQG1LJKW7LPHVHWWLQJVSHUHDFKGD\RI
WKHZHHN7KH'D\7LPHVHWWLQJVDOORZVWKH65&3ODWLQXPWRIROORZWKH'D\+HDW
$GMXVWPHQWDQGWKH'D\&XWRIIVHWWLQJV,IWKH%RRVWIHDWXUHLVEHLQJXVHGLWXVHVWKH
'D\7LPHRQWKHVWVHWWLQJRIWKDWGD\DVD%RRVWFDOFXODWLRQVWDUWLQJSRLQW7KHDFWXDO
9DUL%RRVWVWDUWWLPHYDULHVGHSHQGLQJRQWKH2XWGRRU7HPSHUDWXUH2'
-.736!&#"3*#
&$87,21
7KH65&3ODWLQXPZLOOLJQRUHDQ\
7LPHVHWWLQJWKDWUHDGV
7KHVHWWLQJIRUDQ\'D\7LPH
LVXVHGE\WKH%RRVW7KHODVW
QVHWWLQJLVXVHGE\WKH(DUO\
6KXWGRZQ(6'IHDWXUH
OOOOOOOOOOOOOOOOOOOO
E9
Ź7'+#C?C::+
'%&2'+#C9:C::+
7KH1LJKW7LPHVHWWLQJVDOORZVWKH65&3ODWLQXPWRIROORZWKH1LJKW+HDW$GMXVWPHQWDQG1LJKW&XWRIIVHWWLQJV0RUHRYHULI
WKH(DUO\6KXWGRZQIHDWXUHLVEHLQJVHWLWXVHVWKH1LJKW7LPHVHWWLQJRQWKHVWVHWWLQJRIWKDWZHHNGD\DVDQ(DUO\6KXWGRZQ
FDOFXODWLRQVWDUWLQJSRLQW,QWKLVFDVHWKHDFWXDO(DUO\6KXWGRZQVWDUWWLPHZLOOYDU\GHSHQGLQJRQWKH2XWGRRUWHPSHUDWXUH2'
,QWKLVDUHDRIWKHPHQXEXWWRQVZLOOWDNHHIIHFW7KH1(;7EXWWRQZLOODOORZWKHVFUROOEHWZHHQWKHGLIIHUHQWVHWWLQJVRID
VSHFL¿FZHHNGD\7KH'$<EXWWRQZLOODOORZWKHVFUROOEHWZHHQDOOZHHNGD\V7KH35(9'(/EXWWRQZLOOHUDVHWKH'D\7LPH
DQG1LJKW7LPHVHWWLQJVIRUDVSHFL¿FGD\VFKHGXOHLHVW'D\7LPHDQG1LJKW7LPHVFKHGXOHRQ7XHVGD\
6FKHGXOH([DPSOH
6FKHGXOH
'D\
1LJKW
'D\
1LJKW
'D\
1LJKW
'D\
1LJKW
021
78(
:('
'D\RI:HHN
7+8
$0
$0
$0
$0
$0
30
30
30
30
$0
30
$0
30
30
30
30
0RQGD\WKURXJK7KXUVGD\
)5,
6$7
681
9DUL%RRVWEHJLQVEHIRUHDPDQGHQGVDWDP
'D\WHPSHUDWXUHOHYHOLVPDLQWDLQHGIURPDPWR30
1LJKWWHPSHUDWXUHOHYHOLVPDLQWDLQHGIURP30XQWLOWKH9DUL%RRVWWKHIROORZLQJPRUQLQJ
+HDW7LPHU&RUS
)ULGD\ 6DWXUGD\
6XQGD\
9DUL%RRVWEHJLQVEHIRUHDPDQGHQGVDWDP
'D\WHPSHUDWXUHOHYHOLVPDLQWDLQHGIURPDPWRDP
1LJKWWHPSHUDWXUHOHYHOLVPDLQWDLQHGIURPDPWR30
'D\WHPSHUDWXUHOHYHOLVPDLQWDLQHGIURP30WR30
1LJKWWHPSHUDWXUHOHYHOLVPDLQWDLQHGIURP30WR30
'D\WHPSHUDWXUHOHYHOLVPDLQWDLQHGIURP30WR30
1LJKWWHPSHUDWXUHOHYHOLVPDLQWDLQHGIURP30XQWLODP6DWXUGD\PRUQLQJ
1R9DUL%RRVWGXHWRWKHLVQRWSURJUDPPHG
'D\WHPSHUDWXUHOHYHOLVPDLQWDLQHGIURPDPWR30
1LJKWWHPSHUDWXUHOHYHOLVPDLQWDLQHGIURP30LQWR6XQGD\
1LJKWWHPSHUDWXUHOHYHOLVPDLQWDLQHGDOOGD\6XQGD\HQGLQJDWWKH9DUL%RRVW0RQGD\PRUQLQJ
&RS\6FKHGXOH
6(/(&76HWWLQJV6FKHGXOHV&RS\6FKHGXOH
7RUHGXFHWKHQHHGIRUVHWWLQJHDFKZHHNGD\WLPHVFKHGXOHWKLVIHDWXUHKDVEHHQPDGH
WRDOORZWKHFRS\LQJRIWKH021'D\7LPHDQG1LJKW7LPHVFKHGXOHVHWWLQJVWRDOORI
WKHUHVHWRIWKHGD\V
6HW'DWHDQG7LPH
6(/(&76HWWLQJV6FKHGXOHV6HWGDWH7LPH
,QWKHVWDUWXSSURFHVVRIWKH65&3ODWLQXPWKH'DWHDQG7LPHZLOOQHHGWREHVHW,I
WKH'DWHRU7LPHQHHGVWREHDGMXVWHGWKLVDUHDRIWKHPHQXDOORZVWKDW6HOHFWLQJ
'DWHZLOODOORZV\RXWRVHWWKH\HDUIROORZHGE\WKHPRQWKWKHQ¿QDOO\WKHGD\V
$GMXVWWKHWLPHE\VHOHFWLQJ7LPHIURPWKHPHQXDQGWKHQVFUROOLQJWKURXJKWKHKRXUV
IROORZHGE\WKHPLQXWHV
OOOOOOOOOOOOOOOOOOOO
-.7-,!&#"3*#1
**2&#071
Q2-6#!32#R
OOOOOOOHOOOOOOOO
Ź2#9;P;:P:=
9C<@
5HPHPEHUWKDWWKHEDWWHU\LVWKHRQO\EDFNXSIRUWKH'DWHDQG7LPH,IQRSRZHULVVXSSOLHGWRWKH65&3ODWLQXPDQGWKHUHZDVQR
EDWWHU\RUEDWWHU\KDGQRSRZHUGDWHDQGWLPHYDOXHVZLOOEHORVWDQGZLOOQHHGWREHUHDGMXVWHG
$X[6FKHGXOH
OOOOOOOOOO
E9
6(/(&76HWWLQJV6FKHGXOHV$X[6FKHGXOH
Ź*-1#'+#CLLCLL
8VHWKH$X[6FKHGXOHVHWWLQJWRVHWXSWR&ORVH7LPHDQG2SHQ7LPHVHWWLQJVSHU
.#,'+#CLLCLL
HDFKGD\RIWKHZHHNWRFRQWUROWKHVWDWXVRIWKH$X[&ORFN5HOD\7KH$X[VFKHGXOH
ZRUNVLQGHSHQGHQWO\IURPWKH'D\DQG1LJKW6FKHGXOH7KH&ORVH7LPHVHWWLQJ
FORVHVWKH$X[&ORFNUHOD\DOORZLQJDFWLYDWLRQRUGHDFWLYDWLRQRIDQH[WHUQDOGHYLFHRU
FRQWURO7KH2SHQ7LPHRSHQVWKH$X[&ORFNUHOD\DOORZLQJDFWLYDWLRQRUGHDFWLYDWLRQ
RIDQH[WHUQDOGHYLFHRUFRQWURO
,QWKLVDUHDRIWKHPHQXEXWWRQVZLOOWDNHHIIHFW7KH1(;7EXWWRQZLOODOORZWKHVFUROOEHWZHHQWKHGLIIHUHQWVHWWLQJVRID
VSHFL¿FZHHNGD\7KH'$<EXWWRQZLOODOORZWKHVFUROOEHWZHHQDOOZHHNGD\V7KH35(9'(/EXWWRQZLOOHUDVHWKH&ORVH7LPH
DQG2SHQ7LPHVHWWLQJVIRUDVSHFL¿FGD\VFKHGXOHLHVW&ORVH7LPHDQG2SHQ7LPHVFKHGXOHRQ7XHVGD\
&RS\$X[6FKHGXOH
6(/(&76HWWLQJV6FKHGXOHV&RS\$X[6FKHGXOH
7RUHGXFHWKHQHHGIRUVHWWLQJHDFKZHHN$X[7LPHVFKHGXOHWKLVIHDWXUHKDVEHHQ
PDGHWRDOORZWKHFRS\LQJRIWKH021&ORVH7LPHDQG2SHQ7LPHVFKHGXOHVHWWLQJVWR
DOORIWKHUHVHWRIWKHGD\V
OOOOOOOOO
-.7-,!&#"3*#1
**2&#071
Q2-6#!32#R
65&3ODWLQXP
0DLQWHQDQFH
(QWHUPHQXE\SUHVVLQJ6(/(&76HWWLQJV0DLQWHQDQFH
7KH0DLQWHQDQFHPHQXJLYHVDFFHVVWRVHQVRUWULPPLQJDQG3DVVZRUGSURWHFWLRQ)DVW
&\FOLQJ9DOYH7ULPDQG9DOYH&DOLEUDWLRQDUHXVHGE\PDLQWHQDQFHLQGLYLGXDOVWR
DGMXVWDQG¿QHWXQHWKHRSHUDWLRQRIWKH65&3ODWLQXP
OOOOOOOO
Ź712#+0'+M:: 32"--00'+M:: 127!*#
Q*4#*' 02'-,R
115-0"
6\VWHPDQG2XWGRRU6HQVRU7ULP
6(/(&76HWWLQJV0DLQWHQDQFH6\VWHP7ULP
6(/(&76HWWLQJV0DLQWHQDQFH2XWGRRU7ULP
7KH+HDW7LPHUWKHUPLVWRUW\SHVHQVRUVDUHYHU\DFFXUDWHDQGQRUPDOO\UHTXLUHQR
FDOLEUDWLRQ6RPHWLPHVLWPD\EHGHVLUDEOHWRPDNHVPDOODGMXVWPHQWVWRWKHGLVSOD\HG
YDOXHIRUHLWKHUWKH2XWGRRUWHPSHUDWXUH2'RUWKH6\VWHPWHPSHUDWXUH6<67KH
7ULPVHWWLQJFDQDGMXVWWKHGLVSOD\HGYDOXHE\)'RQRWXVHWKH7ULPVHWWLQJWR
PDNHWKH2XWGRRUWHPSHUDWXUHVHQVRUPDWFKWKDWUHSRUWHGRQWKHUDGLRRU792XWGRRU
WHPSHUDWXUHFDQYDU\ZLGHO\RYHUDEURDGFDVWUDQJH2QO\WULPWKHRXWGRRUVHQVRU
EDVHGRQDQDFFXUDWHWKHUPRPHWHUUHDGLQJWDNHQZKHUHWKHVHQVRULVORFDWHG
)DVW&\FOH7HVW
2))21 'HIDXOW2))
6(/(&76HWWLQJV0DLQWHQDQFH)DVW&\FOH:KHQLQ2II
6(/(&76HWWLQJV&DQFHO)DVW&\FOH:KHQLQ2Q
7KH)DVW&\FOHWHVWDOORZVIRUWKHWURXEOHVKRRWRIWKH65&3ODWLQXP7KLVDIIHFWVDOOWLPH
EDVHGIXQFWLRQVH[FHSWIRUWKHPRWRUL]HGYDOYHWLPH
3DVVZRUG
6(/(&76HWWLQJV0DLQWHQDQFH3DVVZRUG
7KH3DVVZRUGLVSURYLGHGWRSUHYHQWXQDXWKRUL]HGXVHUVIURPPDNLQJFKDQJHVWR65&
3ODWLQXPVHWWLQJV6HWWLQJXSWKH3DVVZRUGIHDWXUHLVQRWUHFRPPHQGHGDVLWVORZVGRZQ
DFFHVV PDNHV VHUYLFLQJ PRUH GLI¿FXOW DQG FDQ GLVDEOH WKH V\VWHP LI PDQDJHPHQW RU
RZQHUVKLSVKRXOGFKDQJH7KH3DVVZRUGIHDWXUHLVQRWDFWLYHXQOHVVDXVHUHQDEOHVLW
,I\RXFKRRVHWRHQDEOHWKH3DVVZRUG'2127IRUJHWWKH3DVVZRUG:ULWHLWGRZQDQG
VWRUHLWLQDVDIHORFDWLRQNQRZQWRDWOHDVWRQHRWKHUDXWKRUL]HGXVHU:KHQWKH3DVVZRUG
LVHQDEOHGQRQHRIWKHVHWWLQJVFDQEHFKDQJHGZLWKRXWHQWHULQJWKH3DVVZRUG2QFH
WKH3DVVZRUGLVHQWHUHG\RXFDQPDNHPXOWLSOHFKDQJHV7KH3DVVZRUGZLOOH[SLUH
PLQXWHVDIWHUWKHODVWFKDQJHKDVEHHQPDGH
OOOO
M:: V
W
OOOO
M:: V
W
OOOOO
OOOO
Ź
T
Ź#1
OOOOOOOOOO
,2#0115-0"
LLLL
T
Ź#1
8VLQJWKH'HIDXOW3DVVZRUG
7KH65&3ODWLQXPKDVDEXLOWLQGHIDXOW3DVVZRUG65&;
(QDEOLQJWKHGHIDXOW3DVVZRUGZLOOSUHYHQWPRVWXQDXWKRUL]HGXVHUVIURPDGMXVWLQJWKHVHWWLQJVEXWZLOOQRWSUHYHQW+HDW7LPHU
VHUYLFHSHUVRQQHORUDQ\RQHHOVHZLWKDFFHVVWRWKLVPDQXDOIURPDGMXVWLQJWKHSDQHO
7RHQDEOHWKHGHIDXOW3DVVZRUGHQWHUWKH0DLQWHQDQFHPHQXVHOHFW3DVVZRUGDQGIROORZWKHSURPSWVWRHQDEOHWKH3DVVZRUG
$WWKH/RJLQVFUHHQ\RXZLOOKDYHWRHQWHUWKH3DVVZRUG7XUQWKH$GMXVWNQREXQWLOWKHGHVLUHGOHWWHULVVKRZQ7KHQSUHVVWKH
6HOHFWWRPRYHRQWRWKHQH[WOHWWHU
(QWHU65&;LQWRWKH/RJLQVFUHHQ
:KHQFRPSOHWHGVHOHFW1RWRWKHSURPSW&KDQJH3DVVZRUG"
+HDW7LPHU&RUS
9DOYH&DOLEUDWLRQIRU9DOYHVZLWK3RVLWLRQLQJ6HQVRUV
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH&DOLEUDWLRQ
:KHQWKH65&3ODWLQXPLVFRQWUROOLQJD0RWRUL]HG9DOYHZLWK3RVLWLRQLQJ6HQVRUIHHG
EDFNDQGZKHQ3RVLWLRQLQJ6HQVRURSWLRQLVVHOHFWHGIURPWKH9DOYH3RVLWLRQLQJ6WDUWXS
PHQXWKLVPHQXRSWLRQZLOODOORZIRUFDOLEUDWLRQRIWKHYDOYHRSHUDWLRQ
$XWR&DOLEUDWLRQ
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH&DOLEUDWLRQ$XWR&DOLEUDWLRQ
7KLVVHOHFWLRQDXWRPDWLFDOO\VHWVWKHYDOYHRSHQDQGFORVHSHULPHWHUV7KXVHOLPLQDWLQJ
WKH QHHG IRU PDQXDO FDOLEUDWLRQ XVLQJ WZR LQGLYLGXDOV DW WKH FRQWURO DQG DW WKH YDOYH
ORFDWLRQV
8SRQVHOHFWLQJWKLVRSWLRQWKH0RWRUL]HG9DOYH2SHQUHOD\ZLOOSXOVHXQWLOWKH3RVLWLRQLQJ
6HQVRUIHHGEDFNVWDELOL]HV7KHQWKH0RWRUL]HG9DOYH&ORVHUHOD\ZLOOGRWKHVDPH
7KLVZLOODOORZWKH65&3ODWLQXPWRUHJLVWHUWKHXSSHUDQGORZHUUHDGLQJVIURPWKHYDOYH
3RWHQWLRPHWHU
2SHQDQG&ORVH7ULP
WR 'HIDXOW
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH&DOLEUDWLRQ2SHQ7ULP
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH&DOLEUDWLRQ&ORVH7ULP
7KLVRSWLRQDOORZVIRUOLQNDJHDQGRSHUDWLRQYDULDWLRQZKHQWKHYDOYHLVEHLQJIXOO\RSHQHG
RUIXOO\FORVHGE\WKH65&3ODWLQXP7KH&ORVH7ULPYDOXHLVLPSRUWDQWWRVHWLIWKH
&ORVH2YHUGULYHKDVEHHQVHWWRVHFRQGV
OOOOOOOO
Ź32-*' 02'-,
.#,0'+9G
*-1#0'+9G
,3*.#,
,3**-1#
C
2-!-,2',3#
OOOOOOOOOOOOO
9G
V
W
OOOOOOOOOOOOO
;G
V
0DQXDO&$/2SHQ
1R<HV 'HIDXOW1R
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH&DOLEUDWLRQ0DQXDO&$/2SHQ
7KLVRSWLRQDOORZVIRUWKHUHJLVWHULQJRIWKHYDOYHRSHQSRVLWLRQLQWKH65&3ODWLQXP
PHPRU\7KLVZLOOEHWKHSRVLWLRQWKDWWKHGLVSOD\ZLOOVKRZDVYDOYHRSHQ,Q
DGGLWLRQWKLVYDOXHFRPELQHGZLWKWKHFORVHSRVLWLRQYDOXHZLOOGHWHUPLQHWKHUHVWRIWKH
YDOYHRSHQLQJSHUFHQWDJHV
0DQXDO&$/&ORVH
1R<HV 'HIDXOW1R
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH&DOLEUDWLRQ0DQXDO&$/&ORVH
7KLVRSWLRQDOORZVIRUWKHUHJLVWHULQJRIWKHYDOYHFORVHSRVLWLRQLQWKH65&3ODWLQXP
PHPRU\7KLVZLOOEHWKHSRVLWLRQWKDWWKHGLVSOD\ZLOOVKRZDVYDOYHFORVH
W
OOOO9::GTOOOO
Ź#1
OOOO9::GTOOOO
Ź#1
9DOYH7ULPIRU9DOYHVZLWK7LPH%DVHG0RWRUV
6(/(&76HWWLQJV0DLQWHQDQFH9DOYH7ULP
:KHQWKH65&3ODWLQXPLVFRQWUROOLQJD0RWRUL]HG9DOYHZLWKD7LPHEDVHG0RWRUWKLV
PHQXRSWLRQZLOODOORZIRU¿QHWXQLQJRIWKHYDOYHRSHQLQJWRPDWFKWKHDFWXDOYDOYH
%HIRUH DGMXVWLQJ WKH9DOYH7ULP PDNH VXUH WR V\QFKURQL]H WKH YDOYH E\ VZLWFKLQJ WR
6XPPHU,QDGGLWLRQFKHFNLI9DOYH0RWRU7LPHVHWWLQJPDWFKHVDFWXDOYDOYHVHWWLQJ
$IWHUV\QFKURQL]LQJUHFKHFNYDOYHRSHQLQJ,ILQFRUUHFWDGMXVW9DOYH7ULPLQVPDOO
LQFUHPHQWV$IWHUDGMXVWLQJWKH9DOYH7ULPPDNHVXUHWRV\QFKURQL]HWKHYDOYHDJDLQ
OOOOOOOOOOOOOOO
;G
V
W
&$87,21
:KHQLQ7LPH%DVHG9DOYH
3RVLWLRQLQJPRGHDQGYDOYHRSHLQJ
GRHVQRWPDWFKDFWXDOYDOYH
V\QFKURQL]HWKHYDOYHEHIRUH
DGMXVWLQJ9DOYH7ULP
65&3ODWLQXP
9DOYH6\QFKURQL]DWLRQIRU9DOYHVZLWK7LPH%DVHG0RWRUV
:KHQWKH65&3ODWLQXPLVFRQWUROOLQJD7LPH%DVHGPRWRUL]HGYDOYHWKH6WDUWXSPHQX9DOYH3RVLWLRQLQJPXVWEHVHWWR7LPH
%DVHG$9DOYH7ULPPHQXRSWLRQZLOOVKRZRQWKH0DLQWHQDQFHPHQXDOORZLQJIRU¿QHWXQLQJRIWKHYDOYHRSHUDWLRQ,QDGGLWLRQ
WKH65&3ODWLQXPZLOOV\QFKURQL]HWKHYDOYHIXOO\FORVHGE\HQHUJL]LQJWKH0RWRUL]HG9DOYH&ORVHUHOD\IRUWKHFRPSOHWH9DOYH0R
WRU7LPHLQDGGLWLRQWRWKH&ORVH2YHUGULYHWLPH7KHV\QFKURQL]DWLRQZLOOWDNHHIIHFWLQWKHIROORZLQJVLWXDWLRQV
:KHQWKH65&3ODWLQXPVWDUWVXS
:KHQVZLWFKLQJWKH65&3ODWLQXPIURP:LQWHUWR6XPPHU
:KHQWKH65&3ODWLQXPLVLQ:LQWHUDQGWKH2XWGRRUWHPSHUDWXUHLQFUHDVHVDERYHWKH&XWRII
%HIRUHWKHHQGRIWKHWKKHDWLQJF\FOH
7KLUW\PLQXWHVDIWHUVDWLVI\LQJVHWSRLQWVZKHQVZLWFKHGWR0DQXDO
6KLIW
(QWHUPHQXE\SUHVVLQJ6(/(&76HWWLQJV6KLIW
7KH6KLIWVHOHFWLRQDOORZV\RXWRPDQXDOO\VKLIWIURPDQ\VHWWLQJLQWR1LJKW'D\([WHQGHG
'D\6FKHGXOHRUSURJUDPPHG6FKHGXOHV7KLVFDQEHXVHGWRWHPSRUDULO\RYHUULGHWKH
SURJUDPPHGVFKHGXOH$W\SLFDOH[DPSOHZKHUHWKHVKLIWZRXOGEHXVHGLVLQDVFKRRO
ZKHUHDQHYHQWKDVJRQHLQWRRYHUWLPH,QVWHDGRIUHSURJUDPPLQJWKHFRQWUROWRNHHSLW
IURPJRLQJLQWRWKH6HWEDFNPRGHVLPSO\VHOHFWWKH6KLIWIROORZHGE\WKH6KLIWRSWLRQ
7KHDPRXQWRIWLPHWKH65&ZLOOKROGWKHVKLIWLV
6KLIWLQJIURP'D\WR1LJKW7KHFRQWUROZLOOVWD\LQWKH1LJKWPRGHXQWLOHLWKHU
WKHFRQWUROLVVKLIWHGDJDLQRUXQWLOWKHQH[WSURJUDPPHG'D\PRGHWLPH7KH
'LVSOD\ZLOOVKRZ1LJKW6KLIWWRLQGLFDWHWKLVVWDWXV
6KLIWLQJIURP1LJKWWR'D\7KHFRQWUROZLOOVWD\LQWKH'D\PRGHXQWLOHLWKHU
WKHFRQWUROLVVKLIWHGDJDLQRUXQWLOWKHQH[WSURJUDPPHG1LJKWPRGHWLPH7KH
'LVSOD\ZLOOVKRZ'D\6KLIWWRLQGLFDWHWKLVVWDWXV
6KLIWLQJWR([WHQGHG'D\7KHFRQWUROZLOOVWD\LQWKH'D\PRGHIRUDQ
DGMXVWDEOHDPRXQWRIWLPHDGMXVWDEOHEHWZHHQWRPLQXWHVDQGWKHQUHYHUW
DXWRPDWLFDOO\EDFNWRWKHVFKHGXOHGSURJUDP7KLVSUHYHQWVDXVHUZLWKRXWD
SURJUDPPLQJSDVVZRUGIURPSXWWLQJWKH65&3ODWLQXPLQ'D\PRGHIRUDQ
H[WHQGHGSHULRGRIWLPHZKHQLWLVSURJUDPPHGIRU1LJKW:KHQWKHFRQWUROLV
PDQXDOO\VKLIWHGWR'D\7KH'LVSOD\ZLOODOWHUQDWHEHWZHHQWKH'D\([WDQGWKH
([WHQGHG7LPHEDODQFHUHPDLQLQJLQPLQXWHVLQGLFDWLQJWKH([WHQGHG'D\PRGH
$XWR0DQXDO2SHQ%\SDVV
7KHVZLWFKPXVWEHLQWKH$872SRVLWLRQIRUWKH65&3ODWLQXPWRFRQWUROWKH9DFXXP
3XPS%XUQHUDQGWKH0RWRUL]HG9DOYH,QWKH2SHQ%\SDVVSRVLWLRQWKH9DFXXP
3XPS%XUQHUDQG0RWRUL]HG9DOYH2SHQUHOD\VZLOOUXQFRQVWDQWO\7KDWZLOOOHDYH
WKHEXUQHUWRUXQRQLWVOLPLWVDQGWKHPRWRUL]HGYDOYHZLOOEHIXOO\RSHQ,QWKH
0DQXDOSRVLWLRQWKH9DFXXP3XPSDQG%XUQHUZLOOUXQFRQVWDQWO\7KH$GMXVWGLDO
NQREZLOOFRQWUROWKHYDOYHRSHQLQJSHUFHQWDJH
OO
Ź7
62#,"#"7!&#"3*#
!&#"3*#
OOOOOO
@:',
W
V
0$18$/
$872
23(1
%<3$66
:KHQWKH65&3ODWLQXPLVLQWKH2SHQ%\SDVVSRVLWLRQQRQRUPDOIXQFWLRQVZLOOEH
H[HFXWHG7KHGLVSOD\ZLOOFKDQJHWRUHDGWKHWRWDODPRXQWRIWLPHWKHFRQWUROKDVEHHQ
LQ%\SDVV2SHQ7KHGLVSOD\ZLOOVKRZWKHQXPEHURIGD\VKRXUVDQGPLQXWHVWKH
65&3ODWLQXPKDVEHHQLQ2SHQ%\SDVV
7KH%\SDVV2SHQVZLWFKGLUHFWO\FRQQHFWVWKH1RUPDOO\2SHQFRQWDFWVWR
FRQWDFWVWRDQGFRQWDFWVWR7KHUHIRUHLIWKHUHLVQRKHDWWHVWWKH9DFXXP
3XPSDQG%RLOHURU0RWRUL]HG9DOYHE\SXWWLQJWKHFRQWUROLQ2SHQ,IWKHXQLWVGR
QRWUXQWKHSUREOHPLVQRWZLWKWKH65&3ODWLQXPSDQHO
7KH0DQXDOSRVLWLRQDFWLYDWHVWKH9DFXXP3XPSDQG%XUQHUUHOD\V%XWDOORZVWKH
DGMXVWPHQWRIWKH9DOYHRSHQLQJPDQXDOO\XVLQJWKH$GMXVWWXUQNQRE5HPHPEHUWKDW
WKH3XOVH&ORVH3DXVH/HQJWKZLOOVWLOOWDNHHIIHFWVLQWKLVPRGH
,3*0%#2C;:G
*4#-1'2'-,C9>G
+HDW7LPHU&RUS
7URXEOHVKRRWLQJ
:KHQWKHUHLVDSUREOHPZLWKKHDWLQDEXLOGLQJWKH¿UVWSODFHSHRSOHORRNLVDWWKHKHDWLQJFRQWURO$QGWKHKHDWLQJFRQWUROPD\EH
WKHSUREOHPEXWVRPD\EHRWKHUV\VWHPFRPSRQHQWVRUSHUKDSVWKHKHDWLQJFRQWUROLVQRWDGMXVWHGSURSHUO\7RKHOSGHWHUPLQHDQG
FRUUHFWWKHSUREOHPVLPSO\IROORZWKHWURXEOHVKRRWLQJJXLGHWKDWEHVWGHVFULEHV\RXUKHDWLQJVLWXDWLRQ
7KHWURXEOHVKRRWGLDJUDPVLQWKHIROORZLQJSDJHVUHSUHVHQWWKHVHLVVXHV
1R+HDW/RZ+HDW
7RR0XFK+HDW
9DOYH7URXEOHVKRRW
7HPSHUDWXUH6HQVRU&KDUW
7(03(5$785(
LQ'HJUHHV)
9DOXH
LQ2KPV
,QDGGLWLRQWRWKHVHEDVLFSUREOHPV\RXPD\KDYHLQWHUPLWWHQWSUREOHPV,I\RX
6RPHWLPHVKDYH1R+HDWWRR/LWWOH+HDWRUWRR0XFK+HDW
7KH65&3ODWLQXPPD\QRWEHSURJUDPPHGFRUUHFWO\&KHFNWKURXJKDOOWKHVHWWLQJVRIWKHFORFN
WRPDNHVXUHWKH'D\DQG1LJKW6HWEDFNPRGHVDUHZKHQ\RXZDQWWKHPWREH*RWKURXJKDOO
IRXUVHWWLQJVIRUHDFKGD\RIWKHZHHNPDNLQJVXUHDQ\XQXVHGVHWWLQJVGLVSOD\3D\VSHFLDO
DWWHQWLRQWRWKH$0DQG30VLQFHLIWKHVHDUHLQFRUUHFWWKHSURJUDPZLOOEHKRXUVRII5HIHUWR
6FKHGXOHV'D\DQG1LJKW6FKHGXOHPHQXVHOHFWLRQ
+DYHWRR/LWWOH+HDWRUWRR0XFK+HDW2QO\DWWKHG7LPHDGMXVW\RXU9DUL%RRVW7KH9DUL
%RRVWFKDQJHVZLWK2XWGRRUWHPSHUDWXUH2'DQGLVWKHUHIRUHUHFRPPHQGHGLIWKHUHLVWRROLWWOH
KHDWLQFUHDVHWKH%RRVW$GMXVWPHQWLWWKHUHLVWRRPXFKKHDWUHGXFHWKH%RRVW$GMXVWPHQW5HIHU
WR6\VWHP6HWWLQJV6\VWHP6HWWLQJV%RRVW0RGH9DULPHQXVHOHFWLRQ
+DYHWRR/LWWOH+HDW%HIRUHWKH/DVW6HWEDFN3URJUDP\RXPD\QRWZLVKWRXVHWKH(DUO\
6KXWGRZQIHDWXUH6LPSO\VHOHFWWKH9DUL%RRVWLQVWHDGRI9DUL%RRVW(6'5HIHUWR6\VWHP
6HWWLQJV6\VWHP6HWWLQJV%RRVW0RGH9DULPHQXVHOHFWLRQ
+DYHWRR/LWWOH+HDWRUWRR/LWWOH+HDW2QO\LQ3DUWVRIWKH%XLOGLQJWKHQFKHFNWKHKHDWLQJ
V\VWHPFRPSRQHQWV&KHFNWKDWWKHUHLVQRDLUWUDSSHGLQWKHV\VWHPDQGWKDWWKHYDFXXPSXPSLV
ZRUNLQJSURSHUO\
7HVWLQJWKH6HQVRUV
7KH65&3ODWLQXPVHQVRUVUHFRUGWKHWHPSHUDWXUHZKHUHWKH\DUHORFDWHG%HIRUHDVVXPLQJD
VHQVRULVQRWZRUNLQJLWLVLPSRUWDQWWRJHWDQDFFXUDWHUHDGLQJDWWKHVHQVRUORFDWLRQ,IWKH
RXWGRRUVHQVRULVDIIHFWHGE\VXQH[KDXVWIDQVRSHQGRRUVRUZLQGRZVWKHUHDGLQJPD\YDU\
VLJQL¿FDQWO\IURPWKHDFWXDORXWGRRUWHPSHUDWXUH6LPLODUO\LIWKHKHDWLQJV\VWHPVHQVRU+66
GRHVQRWDSSHDUWREHUHDGLQJFRUUHFWO\FKHFNLILWLVORFDWHGFRUUHFWO\
7RSHUIRUPWKHWHVW\RXZLOOQHHGDGLJLWDOPXOWLPHWHUFDSDEOHRIUHDGLQJUHVLVWDQFHV7KH
+HDWLQJ6\VWHP6HQVRUDQG2XWGRRU6HQVRUWHPSHUDWXUHVDUHFRQVWDQWO\GLVSOD\HGRQWKH65&
3ODWLQXP5HPRYHWKHRXWGRRUVHQVRUZLUHVIURPWKH2XW7HPSWHUPLQDOV$DQG$RUWKH
KHDWLQJV\VWHPVHQVRUZLUHVIURP6\VWHP7HPSWHUPLQDOV$DQG$8VHWKHPXOWLPHWHUWR
WDNHDUHVLVWDQFHUHDGLQJDFURVVWKHGHWDFKHGZLUHVJRLQJWRWKHVHQVRU,IWKHUHDGLQJVKRZV
23(1RUUHVLVWDQFHLVKLJKHUWKDQWKHYDOXHVRQWKHDGMDFHQWFKDUW&KHFNWKHZLUHVJRLQJWR
WKHVHQVRU7KH\PD\KDYHEHHQEURNHQRUEHFRPHGLVFRQQHFWHG,IWKHZLUHVDUH¿QHFKHFN
WKHUHVLVWDQFHDWWKHVHQVRULWVHOI,IWKHUHVLVWDQFHLVVWLOORSHQWKHVHQVRUKDVEHHQGDPDJHGDQGQHHGVWREHUHSODFHG
6+257RUUHVLVWDQFHLVORZHUWKDQWKHYDOXHVRQWKHDGMDFHQWFKDUW&KHFNWKHZLUHVJRLQJWRWKHVHQVRU7KH\PD\KDYHEHFRPH
VKRUWHGWRJHWKHULQWKHUXQRIWKHZLUH,IQRWFKHFNWKHUHVLVWDQFHDWWKHVHQVRULWVHOI,IWKHUHVWLOOLVQRUHVLVWDQFHWKHVHQVRUKDV
EHHQGDPDJHGDQGQHHGVWREHUHSODFHG
5HVLVWDQFHVIURPRKPVWRRKPV)LQGWKHWHPSHUDWXUHWKDWFRUUHVSRQGVWRWKHUHVLVWDQFHYDOXHRQWKHFKDUW,IWKH
VHQVRUDSSHDUVWREHRXWSXWWLQJFRUUHFWO\FKHFNWKDWWKHZLUHVZHUHSURSHUO\FRQQHFWHGWRWKH65&3ODWLQXPLQSXWV,IWKHVHQVRU
LVQRWRXWSXWWLQJFRUUHFWO\WDNHDQRWKHUUHDGLQJDWWKHVHQVRULWVHOI,IWKLVLVFRUUHFWWKHSUREOHPLVLQWKHZLULQJEHWZHHQWKH
VHQVRUDQGWKH65&3ODWLQXP2WKHUZLVHWKHVHQVRUKDVEHHQGDPDJHGDQGVKRXOGEHUHSODFHG
65&3ODWLQXP
1R+HDW/RZ+HDW
'RHV WKH &RQWURO
+DYH 3RZHU"
)LQG SRZHU VRXUFH
DQG VZLWFK 21
12
<HV
,V 6\VWHP
6HW WR 6XPPHU RU
:LQWHU"
6XPPHU
6HW &RQWURO WR :LQWHU
:LQWHU
65& LV :RUNLQJ ILQH
:DLW WLOO 2XWGRRU
WHPSHUDWXUH GURS RU
FKDQJH &XWRII
VHWWLQJ
12
,V 2XWGRRU
7HPSHUDWXUH
/RZHU WKDQ
&XWRII"
<HV
,V 9DFXXP 3XPS
5XQQLQJ"
,V WKHUH
D UHOD\ RQ
9DFXXP 3XPS
VRFNHW"
12
<HV
12
&ROG
2XWGRRU
:KHQ GRHV XQGHU
KHDW RFFXU"
6ZLWFK
.QRE WR %\SDVV
,V 9DFXXP 3XPS
5XQQLQJ"
<HV
12
&KHFN ZLULQJ DQG
FRPSRQHQWV
,V WKHUH D
UHOD\ RQ %XUQHU
VRFNHW"
12
,QVWDOO D 5HOD\
12
&KHFN ZLULQJ DQG
FRPSRQHQWV
<HV
<HV
&KRRVH WKH QH[W
OHWWHU LQ WKH +HDW
$GMXVWPHQWV 'R QRW
PDNH DQ\ PRUH
FKDQJHV ZLWKLQ KRXUV
,QVWDOO D 5HOD\
<HV
5HSODFH UHOD\
,V %XUQHU 21"
12
0LOG
2XWGRRU
,QFUHDVH WKH 2XWGRRU
&XWRIIV 2U LQFUHDVH
9DOYH &XWRII 6ZLWFK
.QRE WR %\SDVV
,V %XUQHU
5XQQLQJ"
$OO :HDWKHU
,I XQGHU KHDW RFFXUV
DIWHU 1LJKW 7LPH
,QFUHDVH PRUQLQJ
ERRVW ,I LW KDSSHQV
DOO WKH WLPH LQFUHDVH
9DOYH RSHQLQJ
SHUFHQWV DW ERWK
)UHH]LQJ DQG &XWRII
RU FKRRVH WKH QH[W
OHWWHU LQ +HDW
$GMXVWPHQW
<HV
5HSODFH UHOD\
+HDW7LPHU&RUS
7RR0XFK+HDW
&KRRVH WKH
3UHYLRXV 1LJKW
+HDW $GMXVWPHQW
LH,I VHWWLQJ ZDV
³%´ FKDQJH WR ³$´
1LJKW
6FKHGXOH
,Q +RXU ZKHQ GRHV
WKH LQFUHDVH LQ +HDW
2XWSXW RFFXU "
'D\
6FKHGXOH
'RHV RYHU
KHDW RFFXUV DIWHU
1LJKW 6FKHGXOH RU
DOO GD\"
$OO 'D\
5HGXFH )UHH]LQJ
9DOYH 2SHQLQJ E\ :DLW KRXUV EHIRUH
PDNLQJ DQ\
DGGLWLRQDO
FKDQJHV
&ROG
$OZD\V
&KRRVH WKH
3UHYLRXV 'D\
+HDW $GMXVWPHQW
LH,I VHWWLQJ ZDV
³(´ FKDQJH WR ³'´
:DLW KRXUV
EHIRUH PDNLQJ DQ\
DGGLWLRQDO
FKDQJHV
'RHV 2YHU
+HDW RFFXU LQ
&ROG RU 0LOG
:HDWKHU"
0LOG
5HGXFH &XWRII
9DOYH 2SHQLQJ E\ :DLW KRXUV EHIRUH
PDNLQJ DQ\
DGGLWLRQDO
FKDQJHV
<HV
&KRRVH WKH
3UHYLRXV 'D\ DQG
1LJKW +HDW
$GMXVWPHQWV LH,I
VHWWLQJ ZDV ³(´
FKDQJH WR ³'´
<HV
$XWR &DOLEUDWH WKH
9DOYH
$OZD\V
'RHV
9DOYH 2SHQLQJ
PDWFK 65& 3ODWLQXP
9DOYH 2SHQ"
12
6\QFKURQL]H WKH
YDOYH E\ VZLWFKLQJ
WR VXPPHU WKHQ
EDFN WR ZLQWHU
12
'RHV WKH
0RWRUL]HG 9DOYH
KDYH 3RVLWLRQLQJ
6HQVRU"
$IWHU 1LJKW
6FKHGXOH
'HFUHDVH %RRVW
$GMXVWPHQW
ZKHWKHU RQ
0DQXDO RU 9DUL
%RRVW
65&3ODWLQXP
9DOYH7URXEOHVKRRW
'RHV WKH &RQWURO
+DYH 3RZHU"
)LQG SRZHU VRXUFH
DQG VZLWFK 21
12
<HV
,V 6\VWHP
6HW WR 6XPPHU RU
:LQWHU"
6XPPHU
6HW &RQWURO WR :LQWHU
:LQWHU
,V 2XWGRRU
7HPSHUDWXUH /RZHU
WKDQ &XWRII"
12
65& LV :RUNLQJ ILQH
:DLW WLOO 2XWGRRU
WHPSHUDWXUH GURS RU
FKDQJH &XWRII
VHWWLQJ
<HV
7KH 65& 3ODWLQXP LV
ZRUNLQJ ILQH
&KHFN 1R +HDW/RZ
+HDW
<HV
$XWR &DOLEUDWH WKH
9DOYH 0RYH 0DQXDO
$XWR%\SDVV .QRE WR
0DQXDO $QG 0RYH
WKH YDOYH XVLQJ WKH
$GMXVW .QRE
<HV
'RHV WKH
9DOYH 2SHQLQJ FRQIRUPV WR WKH 65&
3ODWLQXP 9DOYH
2SHQ "
12
'RHV WKH
9DOYH KDYH
3RVLWLRQLQJ
6HQVRU"
12
5HV\QFKURQL]H WKH
9DOYH E\ VZLWFKLQJ
IURP :LQWHU WR
6XPPHU
5HSODFH UHOD\V ,I
DIWHU UHSODFLQJ
YDOYH GRHV QRW
PRYH 65&
3ODWLQXP LV
GDPDJHG &RQWDFW
IDFWRU\
'RHV WKH 9DOYH
RSHQ RU FORVH"
<HV
,V WKHUH
UHOD\V RQ WKH
65& 3ODWLQXP
9DOYH VRFNHWV"
<HV
65& 3ODWLQXP DQG
0RWRUL]HG YDOYH
DUH ILQH &KHFN
RWKHU V\VWHP
FRPSRQHQWV
12
,QVWDOO 5HOD\V
+HDW7LPHU&RUS
6SHFL¿FDWLRQV
9ROWDJH,QSXW9$&+]
3RZHU&RQVXPSWLRQ9$0D[
+HDWLQJ0RGHV%RLOHURU0RWRUL]HG9DOYH'LVWULFW6WHDP
+HDWLQJ&\FOH/HQJWKWR0LQXWHV
9DFXXP3XPS2XWSXW636712
%XUQHU2XWSXW636712
0RWRUL]HG9DOYH2XWSXW636712
0RWRUL]HG9DOYH3RVLWLRQLQJ0RGHV3RVLWLRQLQJ6HQVRU7LPH%DVHG
0RWRUL]HG9DOYH0RWRU7LPHWR6HFRQGV
0RWRUL]HG9DOYH3RVLWLRQLQJ&DOLEUDWLRQ0DQXDO$XWR
0RWRUL]HG9DOYH6\QFURQL]DWLRQ :KHQVZLWFKHGIURP:LQWHUWR6XPPHUDQGGXULQJVWDUWXS
(YHU\F\FOHVZKHQVZLWFKHGIURP:LQWHUWR6XPPHUDQGGXULQJVWDUWXS
$X[LOLDU\2XWSXW636712
2XWSXW5HOD\5DWLQJV$PSLQGXFWLYH$PSUHVLVWLYHDW9$&+]$WRWDOIRUDOOFLUFXLWV
7HPSHUDWXUH'LVSOD\)DKUHQKHLWRU&HOVLXV
'LVSOD\FKDUDFWHU$OSKDQXPHULFUDZVZLWKFKDUDFWHUVHDFK
6HQVRU5DQJHV
2XWGRRUWHPSHUDWXUHVHQVRUPLQXVq)WRq)
+HDWLQJV\VWHPVHQVRUPLQXVq)WRq)
1HWZRUN6HQVRU,QSXW8SWR6HQVRUV8VHRQO\1XHURQ6HQVRUV0,*:LUHOHVV5HFHLYHUV
'D\DQG1LJKW2XWGRRU&XWRII5DQJHVq)WRq)
'D\+HDW$GMXVWPHQW&XUYHV$WR3
1LJKW+HDW$GMXVWPHQW&XUYHV$WR3
9DFXXP3XPS3UH9DFXXPPLQXWHV
9DFXXP3XPS3RVW9DFXXPFRPSOHWHF\FOHWLPH
6FKHGXOHV'$<DQG1,*+7VHWWLQJVSHUGD\
$X[&ORFN6FKHGXOH23(1DQG&/26(VHWWLQJVSHUGD\
0RUQLQJ%RRVWDQG(DUO\6KXWGRZQ
0DQXDO%RRVW7LPHDGMXVWLQJIURPWRPLQXWHV9DOYHRSHQVDQDGGLWLRQDO
9DUL%RRVW6HOIDGMXVWLQJIURPWRPLQXWHV9DOYHRSHQVDQDGGLWLRQDO
(DUO\6KXWGRZQ6HOIDGMXVWLQJIURPWRPLQXWHV
3RZHU%DFNXS/LWKLXPFRLQEDWWHU\GD\VPLQLPXP\HDUUHSODFHPHQW
5HPRWH&RPPXQLFDWLRQV56DQG565,FRQWUROVXVLQJ9LVXDO*ROG6RIWZDUHRUDQ(06V\VWHPXVLQJ;0/
0RGHP5,0&RQWUROVXVLQJ9LVXDO*ROGRU(WKHUQHW5,1HWRQO\XVLQJDZHE%URZVHU
([WHUQDO,QSXWV1HWZRUN,QSXW$X[,QSXWV3RVLWLRQLQJ6HQVRU,QSXW6KXWGRZQ,QSXWDQG3URYH,QSXW
)DVW&\FOH&DSDEOH$OORZVPLQXWHVWRWXUQWRVHFRQGVGXULQJWURXEOHVKRRWV
3DVVZRUG&DSDEOH
6HDVRQ:LQWHUDQG6XPPHU
(QFORVXUH1(0$
'LPHQVLRQVǩ[[
:HLJKWSRXQGV
5
1HZ'XWFK/DQH)DLU¿HOG1-)D[KWWSZZZKHDWWLPHUFRP
& 2 5 3 2 5 $ 7 , 2 1
5HY$