Download USER MANUAL Lead-free Reflow Oven LPKF
Transcript
USER MANUAL Lead-free Reflow Oven LPKF ProtoFlow® S ,1752'8&7,21 ,1752'8&7,21 &RPSDQ\QDPH $EEUHYLDWHGQDPH $GGUHVV /3.)/DVHU(OHNWURQLNDGRR /3.)GRR 3ROLFD 6,1DNOR 6ORYHQLD 7HOHSKRQH )D[ ,QWHUQHW ZZZOSNIVL (PDLO VXSSRUW#OSNIVLVDOHV#OSNIVL 7UDGHPDUN 3URWR)ORZ6 7KH 3URWR)ORZ 6 LV D SRZHUIXO FRQYHFWLRQ RYHQ IRU OHDGIUHH UHÀRZ VROGHULQJ 0DQ\ SUH SURJUDPPHGSURFHVVSUR¿OHVFDQEHHDVLO\VHOHFWHGYLDD/&'GLVSOD\DQGVLPSOHNH\ERDUG$OO SUR¿OHSDUDPHWHUVVXFKDVWHPSHUDWXUHDQGSURFHVVGXUDWLRQFDQEHSURJUDPPHGLQGLYLGXDOO\ IRUVHSDUDWHSUHKHDWLQJDQGUHÀRZSKDVHV3UR¿OHVDUHHDVLO\GH¿QHGE\XVHUQDPHV$VLQJOH RUPXOWLSOH3&%¶VXSWRDPD[LPXPZRUNLQJVXUIDFHRI[PPFDQEHHDVLO\LQVHUWHG 7KHPXOWLSURFHVVRUFRQWUROOHUFRPELQHGZLWKVHQVRUVDQGVHSDUDWHKHDWLQJJURXSVSURYLGHV HYHQKHDWGLVWULEXWLRQRYHUWKHZKROHDUHDRIWKH3&%6HYHUDOIUHHO\SURJUDPPDEOHVWHSVEHWZHHQ SUHKHDWLQJDQGWKH¿QDOUHÀRZHQDEOHWKHSURFHVVLQJRIDOPRVWDOOUHÀRZSUR¿OHVXSWR& ,QDGGLWLRQYLDDQ86%FRPPXQLFDWLRQSRUWDSUR¿OHUHFRUGHUXSWRIRXURSWLRQDODGGLWLRQDO VHQVRUV HQDEOHV WKH PRQLWRULQJ DQG UHFRUGLQJ RI WHPSHUDWXUHV RQ WKH 3&% RU RQ LQGLYLGXDO FRPSRQHQWV7KLVVDPH86%FRQQHFWLRQSURYLGHVDXVHUIULHQGO\ZD\RIVHWWLQJXSDQGSUR¿OH SURJUDPPLQJWKHSURFHVVYLDD3& 8VHU0DQXDOY 5HY ,1752'8&7,21 :DUQLQJV &RS\ULJKW/3.)GRR &RS\LQJDQGGLVWULEXWLQJWKHVHLQVWUXFWLRQVLQWKHLUHQWLUHW\RULQSDUWLVRQO\SHUPLWWHGE\/3.) DSSURYDOLQZULWLQJ 1RWH'DWDFDQEHDOWHUHGZLWKRXWSULRUQRWLFH 2ULJLQDO,QVWUXFWLRQV /3.)LVQRWOLDEOHIRUDQ\GDPDJHRFFXUULQJGXHWRLPSURSHUXVHRIWKHVHLQVWUXFWLRQV 7KHRZQHURIWKH/3.)GHYLFHLVREOLJDWHGWR (QVXUHWKDWWKHGHYLFHLVXVHGRQO\IRULWVLQWHQGHGSXUSRVH (QVXUHWKDWWKHGHYLFHLVXVHGRQO\XQGHUWKHVSHFL¿HGRSHUDWLQJFRQGLWLRQV 5HJXODUO\FKHFNVDIHW\DQGFRQWUROGHYLFHV (QVXUHWKDWRQO\DXWKRULVHGDQGTXDOL¿HGSHUVRQQHORSHUDWHWKHGHYLFH (QVXUHWKDWDOORSHUDWRUVRIWKHGHYLFHKDYHUHDG\DFFHVVWRWKHVHLQVWUXFWLRQV (QVXUHWKDWWKHGHYLFHDOZD\VKDVVDIHW\ODEHOVLQSODFH %HIRUHRSHQLQJWKHSDFNDJLQJFKHFNWKHªVKRFNVHQVRU©ORFDWHGRQWKHRXWVLGHRIWKHER[,I WKHLQGLFDWRULVFRORXUHGEULJKWUHG'212723(17+(3$&.$*,1*EXWLPPHGLDWHO\LQIRUP \RXUWUDQVSRUWDJHQW 5HPRYHWKHSDFNDJLQJDQGFKHFNWKHJHQHUDOVWDWHRIWKHHTXLSPHQWDQGFKHFNWKHFRQWHQWV DJDLQVWWKHHQFORVHGSDFNLQJOLVW ,QWKHHYHQWRIDQ\GDPDJHLPPHGLDWHO\LQIRUPWKHWUDQVSRUWDJHQW %HIRUHVWDUWLQJXSWKHGHYLFHUHPRYHDOOSDFNDJLQJZKLFKVHUYHGDVSURWHFWLRQRIWKHGHYLFH GXULQJWUDQVSRUWRWKHUZLVHVHYHUHGDPDJHFRXOGEHFDXVHGWRWKHGHYLFH 3OHDVHQRWHXQDXWKRULVHGUHSDLUVRUPRGL¿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ÀRZSURFHVV 6HOHFWSUR¿OH 6WDUWSUR¿OH &RUUHFWLRQRIWLPHVHWWLQJVGXULQJWKHSURFHVV /3.))ORZ6KRZ2SWLRQZLWK86%FRQQHFWLRQ *HQHUDO 3URWR)ORZ86%GULYHULQVWDOODWLRQLQVWUXFWLRQV 6WDUWLQJWKHSURJUDP $GMXVWPHQWVRISURJUDP 8SJUDGLQJSUR¿OHV )LUPZDUHXSJUDGH 10RGXOH2SWLRQ 8VHU0DQXDOY 5HY &217(176 *HQHUDO 1FRQQHFWLRQ 6WDUWLQJWKHSURFHVVZLWKDQLWURJHQDWPRVSKHUH 3UR¿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³5DSLGR´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ÀRZVROGHULQJ FXULQJDGKHVLYHV KDUGHQLQJWKURXJKSODWLQJSDVWHV KDUGHQLQJVROGHUUHVLVWPDVNV GU\LQJFRPSRQHQWV 7HFKQLFDOGDWD 0D[VL]HRI3&% 0D[SUHKHDWLQJWHPSHUDWXUHWLPH 0D[UHÀRZWHPSHUDWXUHWLPH /RQJWKHUPDOWUHDWPHQWWHPSHUDWXUHWLPH 7HPSHUDWXUHVWDELOL]DWLRQWLPH 3&%FRROLQJ 3RZHUVXSSO\ 0D[SRZHUFRQVXPSWLRQ 'LPHQVLRQV:[+[' :HLJKW 3&UHTXLUHPHQWV $PELHQWFRQGLWLRQV [PP´[´ &V &V &K PLQ 'RXEOHVSHHGDGMXVWDEOHERWWRPPRXQWHG IDQV VLQJOHSKDVH9+]$ : [[PP´[´[´ NJ,EV 0LFURVRIW:LQGRZV;39LVWD 0LFURVRIW2I¿FH 86%RU 7HPSHUDWXUH &) 5HODWLYHKXPLGLW\ 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ %$6,&'$7$ 1RLVHOHYHOYLEUDWLRQHPLVVLRQRIKD]DUGRXVFKHPLFDOV 7KHQRLVHDQGYLEUDWLRQOHYHOVRIWKHGHYLFHGXULQJRSHUDWLRQDUHQRWKDUPIXOWRKHDOWK 1RLVHOHYHO G%$ 6ROGHULQJSDVWHVFDQFRQWDLQKD]DUGRXVFKHPLFDOV 9HULI\ GDWD RQ WKH W\SH RI WKH VXEVWDQFH DQG GDQJHURXV FKDUDFWHULVWLFV RI WKH VXEVWDQFHRQWKHSDFNDJLQJRURQWKHVDIHW\GDWDVKHHW 6ROGHULQJSDVWHFDQFRQWDLQOHDG 3OHDVHHQVXUHWKDWWKHSUHVFULEHGVDIHW\PHDVXUHVVWDWHGLQWKHSDVWHPDQXIDFWXUHU¶V LQVWUXFWLRQV DUH REVHUYHG$Q\ DGYLFH FRQFHUQLQJ SHUVRQDO SURWHFWLYH HTXLSPHQW VKRXOGDOVREHIROORZHG 8VHU0DQXDOY 5HY 6$)(7<127(6 6$)(7<127(6 %HIRUHXVLQJWKHGHYLFHFDUHIXOO\UHDGWKLVFKDSWHURQKHDOWKDQGVDIHW\)DPLOLDULVH \RXUVHOIZLWKSRWHQWLDOULVNVDQGSUHVFULEHGVDIHW\SUHFDXWLRQV *HQHUDO 7KHGHYLFHPXVWEHLQVWDOOHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQLQVWUXFWLRQV 7KHGHYLFHVKRXOGRQO\EHXVHGIRULWVGHVLJQDWHGSXUSRVH $VXLWDEOHZRUNLQJHQYLURQPHQWPXVWEHHQVXUHG 7KHGHYLFHPD\RQO\EHRSHUDWHGE\TXDOL¿HGSHUVRQQHO 6HUYLFLQJFDQRQO\EHSHUIRUPHGE\DXWKRULVHGDQGTXDOL¿HGSHUVRQQHO 5HDG\DFFHVVWRWKH³8VHU0DQXDO´PXVWEHSURYLGHGWRDOOGHYLFHRSHUDWRUV +D]DUGV %8516 7KHUHLVDULVNRIEXUQVLIWKH3&%VHFXULQJDOXPLQLXPODWKV DUHWRXFKHG6XSSOLHGSURWHFWLYHJORYHVHQDEOHEULHIWRXFKLQJ RIKRWVXUIDFHVRQO\ $WWHQWLRQ ,I WKH GHYLFH LV WXUQHG RII WKH FRROLQJ IDQV GR QRW RSHUDWH DQG WKH PDFKLQH VXUIDFH FDQ JHW VXI¿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¿HGLQWKLVGRFXPHQW,WLVSDUWLFXODUO\LPSRUWDQWWKDWWKHUHLVQRFRQWDFWZLWKZDWHULQDQ\RI LWVIRUPV)XUWKHUPRUHWKHGHYLFHPD\QRWEHRSHUDWHGRUVWRUHGLQKXPLGFRQGLWLRQV ,WLVQHFHVVDU\WKDWHOHFWULFDOHTXLSPHQWLHFDEOHVDQGFRQQHFWLRQVLVLQVSHFWHGUHJXODUO\7KH HOHFWULFDOHTXLSPHQWPD\RQO\EHPDLQWDLQHGE\DQDXWKRULVHGTXDOL¿HGHOHFWULFLDQ &OHDQLQJDQGPDLQWHQDQFHVKRXOGRQO\EHFDUULHGRXWZKHQWKHSRZHUVZLWFKLVWXUQHGRIIDQG PHDVXUHVKDYHEHHQWDNHQWRDYRLGDFFLGHQWDOVWDUWLQJRIWKHGHYLFH :KLOHZRUNLQJZLWKWKHGHYLFHFRPSOHWHDWWHQWLRQRIWKHRSHUDWRULVUHTXLUHG$SHUVRQZKRLV IHHOLQJXQZHOORULVKDYLQJGLI¿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¶V XSWRDPD[LPXPRIîPPÝîÝ 'UDZHURSHQLQJDQGFORVLQJLVSUHFHGHGE\DZDUQLQJ VRXQGDQGDGLVSOD\PHVVDJH 7ZRDGMXVWDEOHIDQVDUHPRXQWHGRQWKHERWWRPRIWKH GUDZHU7KHFRROLQJVSHHGLVDGMXVWDEOHLQ VWHSV :KHQ WKH RYHQ LV WXUQHG 21 DQG WKH GUDZHU LV RSHQHG IRU WKH ¿UVW WLPH LW ZLOO JRRXWIXUWKHUWKDQXVXDOO\7KHUHDVRQIRUWKLVLVLWVDXWRPDWLFIXQFWLRQIRUGUDZHU DOLJQPHQW$IWHUWKDWWKHGUDZHURSHQVQRUPDOO\ $QREVHUYDWLRQZLQGRZDQGLQWHUQDOLOOXPLQDWLRQHQDEOH WKHSURFHVVWREHYLHZHGDWDQ\WLPH 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ '(9,&('(6&5,37,21 0RQLWRULQJ 7KHLQWHJUDWHGWKHUPDOVHQVRUVHQVXUHH[FHOOHQWRSWLPL]DWLRQRIWKHUHÀRZSURFHVV $VDQH[WUDRSWLRQ3UR¿OHUHFRUGHUPRGXOHFDQEHLQWHJUDWHGZLWKWKHGUDZHUWRPHDVXUHWKH WHPSHUDWXUHVRQWKH3&%¶VRUSDUWLFXODUHOHFWURQLFFRPSRQHQWV $86%FRPPXQLFDWLRQSRUWHQDEOHVGDWDWUDQVIHUWRD3&IRUDQDO\]LQJDQGHGLWLQJSURFHVVGDWD 6RIWZDUH 7KH /3.) )ORZ6KRZ VRIWZDUH LV DQ H[FHOOHQW DFFHVVRU\ ZKLFK VLPSOL¿HV WKH KDQGOLQJ RI 3URWR)ORZ6 8VHU0DQXDOY 5HY ,167$//$7,21 ,167$//$7,21 2SHQLQJWKHSDFNDJLQJ %HIRUH RSHQLQJ WKH SDFNDJLQJ FKHFN WKH ªVKRFN VHQVRU©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¿FDWH ,Q WKH HYHQW RI GDPDJH LPPHGLDWHO\LQIRUPWKHWUDQVSRUWDJHQW %HIRUHVWDUWLQJXSWKHGHYLFHIRUWKH¿UVWWLPHLWLVQHFHVVDU\WRDOORZWKHGHYLFHWR DFFOLPDWL]H/HDYHWKHXQFRQQHFWHGGHYLFHLQWKHZRUNLQJDUHDIRUVXFKDSHULRG WKDWWKHGHYLFHDGMXVWVWRWKHWHPSHUDWXUHFRQGLWLRQVLQWKHURRP 8VHU0DQXDOY 5HY ,167$//$7,21 ,QVWDOODWLRQ 7KHRYHQPXVWEHSODFHGRQDÀDWVXUIDFHRI îPP´[´ 7KHUHPXVWEHDWOHDVWîPP´[´IUHH VSDFHLQIURQWRIWKHRYHQIRURSHQLQJWKHGUDZHU %HIRUHVWDUWLQJXSWKHGHYLFHIRUWKH¿UVWWLPHLWLVQHFHVVDU\WRDOORZWKHGHYLFHWR DFFOLPDWL]H/HDYHWKHXQFRQQHFWHGGHYLFHLQWKHZRUNLQJDUHDIRUVXFKDSHULRG WKDWWKHGHYLFHDGMXVWVWRWKHWHPSHUDWXUHFRQGLWLRQVLQWKHURRP 'RQRWEORFNLQDQ\ZD\WKHVSDFHXQGHUWKHRYHQDVDLUÀRZIURPWKHERWWRPIDQV FRXOGEHUHVWULFWHG (OHFWULFSRZHUVXSSO\UHTXLUHPHQWV 9+] 0DLQIXVHVSHFL¿FDWLRQV 7$9 &RQQHFWWKHSRZHUFRUGWRDJURXQGHGQHWZRUNVRFNHWRQO\ ,QFDVHGDWDDUHORVWZLWKWKH¿UVWVWDUWXSRIWKHRYHQQDPHVRIWKHSUR¿OHVDUHQRW UHDGDEOHIDFWRU\SUR¿OHVDQGVHWWLQJVPXVWEHUHORDGHG6(77,1*6 Æ)$&725< 35 $IWHU GDWD UHORDGLQJ WKH RYHQ KDV WR EH WXUQHG RII DQG WXUQHG RQ WR DFFHSW WKH VHWWLQJV 3 ( 5 6 2 ) , Ź / ( Ÿ 1 7 Ż & ( ź 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( ,16758&7,216)2586( $OOVRIWZDUHPHQXIXQFWLRQVUHIHUWR¿UPZDUHYHUVLRQ 7RYHULI\\RXUFXUUHQW¿UPZDUHYHUVLRQUHVWDUW3URWR)ORZ6DQGFKHFNWKHVFUHHQ PHVVDJHRQWKHGLVSOD\ )L[LQJRISULQWHGFLUFXLWERDUGV 0RXQWLQJ RI 3&%¶V XS WR WKH VL]H RI î PP î LV SRVVLEOH 7KH WKUHH VHFXULQJ VWULSV VOLGH HDVLO\RQWRFDUULHUV $OXPLQLXPODWKVFDQEHKRWZKHQVOLGLQJWKHODWKVDOZD\VXVHSURWHFWLYHJORYHV HQFORVHG :HUHFRPPHQGWKDW\RXPDNHDGMXVWPHQWVRIWKHDOXPLQLXPODWKVEHIRUHVWDUWLQJ WKHSURFHVV$IWHUWKHZDUPXSSKDVHWKHODWKVFDQJHWKRW 8VHU0DQXDOY 5HY ,16758&7,216)2586( 0HQXV *HQHUDOGHVFULSWLRQ 6 ( ( 6 / & ( & Ź 7 3 6 5 ( 2 7 ) 7 , , Ÿ / 1 ź ( * 1 7 Ż 6 ( &XUUHQWPHQX &XUUHQWVHOHFWLRQRIWKHPHQX &XUUHQWSUR¿OH¶VQXPEHU 5HWXUQWRSUHYLRXVPHQX 1H[WVHOHFWLRQRIFXUUHQWPHQX (QWHUFRQ¿UP 0RYLQJEHWZHHQPHQXVLVGRQHE\SXVKLQJWKHEXWWRQV RQWKHNH\ERDUG Ÿ ź Ż Ź 83 '2:1 (6&$3( (17(5 $TXLFNZD\WRRSHQRUFORVHWKHGUDZHULVE\VHOHFWLQJª23(1&/26(©IXQFWLRQ (DV\DFFHVVE\SUHVVLQJWKH³XSEXWWRQŸ´ZKHQEDVLFPHQXLVSUHVHOHFWHGVHH QH[WSDJH 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 2SWLRQV 67$57352),/( /)60$// /)0(',80 /)/$5*( /)60$// /)0(',80 /)/$5*( 3%0(',80 3UR&RQGXFW 3UR0DVN3' 3UR0DVN3& 23(1&/26( 352),/( 6(/(&7 /&'9,(: 6(77,1*6 1R2)352),/( )$&725<35 16(77,1* (',7352),/( 6+2571$0( (;75$,1)2 35(+7(03 35(+7,0( 5()/7(03 5()/7,0( 5()/32:(5 &22/7,0( 6(&250,1 08/7,=21( /&'&+ /&'&+ /&'&+ /&'&+ 352)¶6 352)¶6 352)¶6 /2$',1*)$&725< '$7$ 121 12)) 23(1&/26( 23(1&/26( 352),/( ª6+2571$0(©Ö QDPHRISUR¿OHFKDUDFWHUV ª(;75$,1)2©Ö DGGLWLRQDOGHVFULSWLRQRISUR¿OHFKDUDFWHUV ª35(+7(03©Ö SUHKHDWWHPSHUDWXUH&IURP&WRPD[& 1RWH LQ WKH VHFRQG PRGH WKH WHPSHUDWXUH LV DOZD\V ORZHU WKDQ WKH WHPSHUDWXUHRIWKHQH[WSKDVH ª35(+7,0(©Ö ª5()/7(03©Ö SUHKHDWLQJWLPHVHFRUPLQPD[VRUPLQ UHÀRZWHPSHUDWXUH&IURP&WRPD[& LQPLQXWHPRGHPD[& LQVHFRQGPRGHPD[& 1RWHLQWKHVHFRQGPRGHWKHWHPSHUDWXUHPXVWEHDOZD\VKLJKHUWKDQWKH SUHKHDWWHPSHUDWXUH 8VHU0DQXDOY 5HY ,16758&7,216)2586( ª5()/7,0(©Ö UHÀRZWLPHVHFRUPLQPD[VRUPLQ 1RWHZKHQWKH³0XOWL=RQH´65()/665()/RSWLRQLVVZLWFKHGRQ WKHWLPHRIDOOSKDVHVWRJHWKHUPD[V ª5()/3:5©Ö UHÀRZSRZHUHQJDJHPHQWRIWKHSRZHURIKHDWHUV FHQWHUSRZHUSRZHUSRZHU ª&22/63(('©Ö VSHHGRIFRROLQJ3&%VWHS ª&22/7,0(©Ö WLPHRIFRROLQJ3&%VHFRUPLQPD[VRUPLQ ª6(&250,1©Ö WLPHXQLWVHFRUPLQ ª08/7,=21(©Ö VHWWLQJWKHQXPEHURIWKHUHÀRZSURFHVVHV ³21/<5()/´RQO\UHÀRZ ³67(35()/´VWHSDQGUHÀRZUHÀRZIROORZVVWHS ³665()/´ VWHS VWHS DQG UHÀRZ UHÀRZ IROORZV VWHS DQG VWHS 'HVFULSWLRQRI0XOWL=RQHIXQFWLRQ 6HWWLQJV 7KHUHÀRZSURFHVVSDUDPHWHUVRIHDFKPXOWL]RQHVWHSDUHDOZD\VGLVSOD\HGRQH]RQHDWDWLPH 0XOWL]RQHRSWLRQ³21/<5()/´GLVSOD\VWKHUHÀRZSDUDPHWHUVRIWKH5()/2:SKDVH 0XOWL]RQHRSWLRQ³67(35()/´GLVSOD\VWKHUHÀRZSDUDPHWHUVRIWKH67(3UHÀRZSKDVH 0XOWL]RQHRSWLRQ³665()/´GLVSOD\VWKHUHÀRZSDUDPHWHUVRIWKH67(3UHÀRZSKDVH 6HWWLQJRIWKH0XOWL=RQHSDUDPHWHUVIRUDOOWKUHHSKDVHV &KDQJHWKH0XOWL=RQHRSWLRQWR³21/<5()/´ 6HWWKH35(+($75()/2:DQG&22/'2:1SDUDPHWHUV &KDQJHWKH0XOWL=RQHRSWLRQWR³67(35()/´ 6HWWKH67(3UHÀRZSDUDPHWHUV &KDQJHWKH0XOWL=RQHRSWLRQWR³665()/´ 6HWWKH67(3UHÀRZSDUDPHWHUV 6WDUWWKHFKDQJHGSUR¿OH 6WHS 5HÀRZ 6WHS 3UHKHDW 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 7KH0XOWL=RQHIXQFWLRQHQDEOHVUHSHDWLQJPD[WKUHHUHÀRZSURFHVVHV7KH¿UVWUHÀRZSURFHVV LVODEHOOHG³67(3´WKHVHFRQG³67(3´DQGWKHODVWUHÀRZSURFHVVLV³5()/2:´ 7KH 0XOWL=RQH IXQFWLRQ LV LQWHQGHG IRU DGYDQFHG XVHUV GHDOLQJ ZLWK WKH PRVW GHPDQGLQJUHÀRZSURFHVVHV $OPRVWDOOUHÀRZSURFHVVHVFDQEHGRQHZLWKWKH³0XOWL=RQH´IXQFWLRQGLVDEOHG (YHU\0XOWL=RQHVWHSUHÀRZFRQVLVWVRIWKHVDPHUHÀRZSDUDPHWHUV UHÀRZVWHSWHPSHUDWXUH PD[&LQVHFPRGHPD[&LQPLQPRGH UHÀRZVWHSWLPH VPLQ UHÀRZVWHSSRZHU FHQWHUSRZHUSRZHUSRZHU 7KH0XOWL=RQHRSWLRQLVDOVRXVHIXOZLWKWHPSHUDWXUHSURFHVVHVZKLFKUHTXLUHXSWR IRXUWHPSHUDWXUHVWHSV 7RDFKLHYHWKHPD[LPXPSURFHVVWLPHLQWKHPLQXWHPRGHKLWLVQHFHVVDU\WR FKDQJHWKH0XOWL=RQHRSWLRQWR³665()/´PLQPLQPLQ 8VHU0DQXDOY 5HY ,16758&7,216)2586( 6(77,1* ª/&'9,(:©Ö VHWWLQJWKHQXPEHURIYLVLEOHFKDQQHOV ª1R 2) 352),/(© Ö VHWWLQJ WKH QXPEHU RI SUR¿OHV VKRZHG RQ WKH /&' WKHQXPEHURIFXUUHQWSUR¿OHLVYLVLEOHLQWKHULJKWWRSFRUQHU ª)$&725<35©Ö ORDGLQJRIIDFWRU\SUHSURJUDPPHGSUR¿OHVDQGVHWWLQJV ª16(77,1*©Ö 1RWH 7KHSDUDPHWHUVRIWKHSUHSURJUDPPHGSUR¿OHVKDYHEHHQFKRVHQEDVHGRQ WHVWVPDGHZLWKWKH$OSKD207OHDGIUHHVROGHULQJSDVWH ª121©FKHFNLQJRI1ÀRZ21 ª12))©FKHFNLQJRI1ÀRZ2)) ª1&+(&.©FXUUHQWYDOXHRI1ÀRZOK 1RWHV :KHQWKHRYHQLVXVHGIRUWKH3UR0DVNSURFHGXUH¿UVWVWDUWWKH³3UR0DVN3'´SUHGU\DQG WKHQFRQWLQXHZLWKWKH³3UR0DVN3&´SRVWFXUH 7KHQDPHVRIWKHSUHSURJUDPPHGSUR¿OHVKDYHEHHQFUHDWHGLQWKHIROORZLQJSURFHGXUHIRU H[DPSOH 6KRUWQDPH /)60$// ([WUDLQIR )5PP ³/)´ OHDGIUHHGH¿QHVWKHRSWLPL]HGWHPSHUDWXUHIRUSUHKHDWDQGUHÀRZSKDVHVZLWKWKHOHDG IUHHVROGHULQJSDVWH ³60$//´GH¿QHVWKHVL]HRIWKH3&%H[ ³VPDOO´XSWRîPP´[´ ³PHGLXP´XSWRîPP´[´ ³ODUJH´DERYHîPP´[´ ³)5´GH¿QHVWKHVHOHFWHGPDWHULDORIWKH3&% ³PP´GH¿QHVWKHWKLFNQHVVRIWKH3&% 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 'LVSOD\YLHZ 2SWLRQ³/&'&+´FXUUHQWWHPSHUDWXUHLQWKH&(175(RIWKHFKDPEHU 3 5 ( + 6 ( $ / 7 ) 0 & ( ( Ÿ ' 1 , 7 8 & 0 & + & & 7 Æ &XUUHQWSKDVH Æ 1DPHRISUR¿OH Æ 6HWWHPSHUDWXUH Æ 5HPDLQLQJWLPHIRUFXUUHQWSKDVH Æ &XUUHQWDLUWHPSHUDWXUHLQWKHFHQWUHRIWKHFKDPEHU 2SWLRQ³/&'&+´FXUUHQW/()75,*+7DQG&(175(WHPSHUDWXUHRIWKHFKDPEHU 3 / 5 ( ( ) + 6 7 ( $ / 7 ) & 0 & Æ 5HPDLQLQJWLPHIRUFXUUHQWSKDVH Æ 6HWWHPSHUDWXUH Æ /HIWFXUUHQWWHPSHUDWXUH Æ &HQWUHFXUUHQWWHPSHUDWXUH Æ 5LJKWFXUUHQWWHPSHUDWXUH 8VHU0DQXDOY ( ( 5HY Ÿ ' 1 , 7 8 & 0 5 , * ,16758&7,216)2586( 2QO\DYDLODEOHZKHQRSWLRQDOH[WUDVHQVRUVDUHDVVHPEOHG 2SWLRQ³/&'&+´FXUUHQW&(175(WHPSHUDWXUHLQWKHFKDPEHUDQGSUR¿OHUHFRUGHUVHQVRUV H[WUDRSWLRQ 3 5 ( + 6 $ ( $ / % 7 ) & 0 ( Ÿ ' , & 8 & 0 & ' Æ 5HPDLQLQJWLPHIRUFXUUHQWSKDVH Æ 6HWWHPSHUDWXUH Æ &XUUHQWWHPSHUDWXUHRIVHQVRU$ Æ &XUUHQWDLUWHPSHUDWXUHLQWKHFHQWUHRIWKHFKDPEHU Æ &XUUHQWWHPSHUDWXUHRIVHQVRURSWLRQ ³/&'&+´FXUUHQW/()75,*+7DQG&(175(WHPSHUDWXUHDQGSUR¿OHUHFRUGHUVHQVRUV RSWLRQDO 3 / $ 5 ( + 6 ( & $ / % 7 ) & 0 ( Ÿ ' , & 8 & 0 5 ' Æ 6HWWHPSHUDWXUH Æ &XUUHQWDLUWHPSHUDWXUHRQWKHOHIWVLGHRIWKHFKDPEHU Æ &XUUHQWWHPSHUDWXUHRIVHQVRU% Æ &XUUHQWWHPSHUDWXUHRIVHQVRU' Æ &XUUHQWDLUWHPSHUDWXUHRQWKHULJKWVLGHRIWKHFKDPEHU 5HY & & 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 5HÀRZSURFHVV 7\SLFDOUHÀRZSURFHVVSURFHGXUH 7XUQRQWKHRYHQ 2SHQWKHGUDZHU $GMXVWWKH3&%KROGHUWRWKH3&%GLPHQVLRQV &ORVHWKHGUDZHU $GMXVWWKHSUR¿OHSDUDPHWHUV 6WDUWWKHSURFHVV ,QVHUWWKH3&%DIWHUWKHZDUPXSSKDVHLVGRQH 5HPRYHWKH3&%DIWHUWKHFRROGRZQSKDVHLVGRQH 7R¿QGGHWDLOVSOHDVHFRQWLQXHUHDGLQJ 8VHU0DQXDOY 5HY ,16758&7,216)2586( 6HOHFWSUR¿OH 6HOHFW³352),/(´LQWKHPDLQPHQX 6 ( ( 6 ( 5 6 ( & Ź & 7 3 6 5 ( 2 7 ) 7 , , Ÿ / 1 ź ( * 1 7 1 7 1 7 1 7 Ż 6 ( 2 ) , Ź & / / / ( ) ) 6 0 0 ( Ÿ $ ' ź / , / 8 Ż 0 ( 6HOHFW³(',7352),/(´WRDGMXVWSDUDPHWHUV«RUVWDUWWKHVHOHFWHGSUR¿OH VHHVWHS / ( 6HOHFWWKHVXLWDEOHSUR¿OHIURPWKHEDVHRISUR¿OHV 3 / ) 6 6 0 Ź & $ ( 6 / ' 7 / , $ Ÿ 7 5 3 3 7 5 5 Ż ( ź $GMXVWSDUDPHWHUVIRUH[DPSOH³35(+($77(03(5$785(´ 3 ( & + ( Ź $ 6 7 & 5 2 / Ÿ & / ź Ż ( 6 3 7KHFXUUHQWFKDUDFWHURIWKHSDUDPHWHUYDOXHLVEOLQNLQJZKHQLWLVDFWLYDWHG3UHVV WKH 83 EXWWRQ WR LQFUHDVH DQG '2:1 EXWWRQ WR GHFUHDVH WKH YDOXH &RQ¿UP ZLWK (17(5 5 ( + ( $ 7 Ÿ Ź & Ż 6 & 6 & 5 2 / / ( 1 7 ( 1 7 ź ( 5 5HY ( 1 7 ( 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 6WDUWSUR¿OH 6WDUWLQJWKHFKRVHQSUR¿OH³67$57352),/(´ / ( ) 6 6 0 Ź & $ 6 ( / 7 ' / $ , Ÿ 5 7 7 3 3 5 5 1 7 Ż ( ź :$50833+$6( ,QWKHZDUPXSSKDVHWKHFKDPEHULVKHDWHGWRWKHWHPSHUDWXUHVXLWDEOHIRULQVHUWLQJ WKH3&% : $ 5 0 6 $ 8 3 / ) & % 6 0 Ÿ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Ÿ $ / & / & & ' 5()/2: 7KHUHÀRZSKDVHVWDUWVDXWRPDWLFDOO\DIWHUWKHSUHKHDWSKDVHLVGRQH7KHRYHQHPLWV DVRXQGVLJQDOZKHQVWDUWLQJWKHQH[WSKDVH 5 ( ) / 6 $ 2 : / % ) & 6 0 Ÿ $ / & / & & ' &22/'2:1 $IWHU WKH UHÀRZ SKDVH WKH GUDZHU RSHQV DXWRPDWLFDOO\ 'XULQJ RSHQLQJ WKH RYHQ HPLWVDVRXQGVLJQDODQGGLVSOD\VDPHVVDJHRQWKH/&' ' 5 $ : $ 5 : ( 5 1 , 1 * 2 3 ( 1 5HY , 1 * 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( %RWWRPPRXQWHGIDQVEHJLQWKHFRROGRZQSKDVH & 2 2 / 6 $ ' : / % 1 ) & 6 0 Ÿ $ / & / & ' 7KHHQGRIWKHUHÀRZSURFHVV $IWHU WKH RYHQ KDV HPLWWHG D VRXQG VLJQDO DQG GLVSOD\HG D PHVVDJH RQ WKH /&' UHPRYHWKH3&%DQGSUHVV(17(5WRVWDUWDQHZSUR¿OH 3 & % ' 2 5 1 ( 3 ( 0 5 2 ( 9 6 ( 6 3 ( & 1 % 7 ( 1 7 :KHQWKHGUDZHULVFORVLQJKDQGVVKRXOGEHNHSWZHOOFOHDUWRDYRLGLQMXU\ ' 5 $ : $ 5 : ( 5 1 , 1 * & / 2 6 , 1 * 5HWXUQWRVWDUWPHQX / ( ) 6 & 6 0 Ź $ 6 ( / 7 ' / $ , Ÿ 5 7 7 3 3 5 5 1 7 Ż ( ź 8VHU0DQXDOY 5HY ,16758&7,216)2586( &RUUHFWLRQRIWLPHVHWWLQJVGXULQJWKHSURFHVV 7KHFXUUHQWSKDVHRUSURFHVVFDQEHFDQFHOOHGVNLSSHGWRWKHQH[WSKDVHRUWKH WLPHVIRUWKHDSSURSULDWHSKDVHSUHKHDWUHÀRZDQGFRROGRZQFDQEHLQFUHDVHG E\VHFRQGVWKURXJKRXWWKHSURFHVV 3 5 ( + 6 ( $ / 7 ) 6 & 0 ( Ÿ $ 1 / 7 / & & ( 1 7 1 7 1 7 SUHVVŸXSDUURZGXULQJWKHSURFHVV 5 ( 8 6 1 1 , Ź & 1 1 * ( ; 7 6 ( Ÿ 3 & + 2 $ 1 6 ' ( 6 Ż FRQ¿UPIXQFWLRQ³1(;73+$6(´ZLWK(17(5RU SUHVVŸXSDUURZDJDLQWRVHOHFWWKHFDQFHOODWLRQRIWKHFXUUHQWSUR¿OH 5 ( 8 6 1 1 , Ź & 1 & 1 * $ ( 1 ; & 7 ( Ÿ / 3 + $ $ / 6 / ( Ż ( FRQ¿UPIXQFWLRQ³&$1&(/´ZLWK(17(5RU SUHVVŸXSDUURZDJDLQWRVHOHFWWKHLQFUHDVHRIWKHFXUUHQWWLPHE\V 5 ( 8 6 1 & 1 , Ź 1 & * $ 1 6 & ( ( Ÿ & / 2 1 $ ' / 6 / Ż ( FRQ¿UPIXQFWLRQ³6(&21'6´ZLWK(17(5RU SUHVVŸXSDUURZDJDLQWRJREDFNWRWKHSURFHVVYLHZ (QWHULQJWKHVXEPHQXGXULQJWKHSURFHVVZLOOQRWVWRSWKHWHPSHUDWXUHFRQWURORI WKHFXUUHQWSKDVH 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( /3.))ORZ6KRZ2SWLRQZLWK86%FRQQHFWLRQ 7KH/3.))ORZ6KRZSURJUDPZRUNVDVDPDFURLQWKH0LFURVRIW([FHOSURJUDP 7KHUHFRPPHQGHGYHUVLRQWRXVHZLWK/3.))ORZ6KRZLV0LFURVRIW([FHO /3.) )ORZ6KRZ FDQ EH XVHG LQ 0LFURVRIW ([FHO WRR EXW GXH WR D EXJ LQ 0LFURVRIW([FHOFRQ¿UPHGE\0LFURVRIWLWLVQRWDEOHWRUHIUHVKWKHFKDUWLQ UHDOWLPHDQGGUDZVLWDWWKHHQGRIWKHSURFHVVLQVWHDG,WLVH[SHFWHGWKDWWKHEXJLVHOLPLQDWHG ZLWKWKHQH[W6HUYLFHSDFNIRU0LFURVRIW([FHO *HQHUDO /3.))ORZ6KRZHQDEOHVWHPSHUDWXUHORJJLQJRIWKHFXUUHQWSUR¿OHFKDUWDQGGDWDXSJUDGHV RIWKHRYHQSUR¿OHVIURPDQ([FHOGDWDEDVHDQGXSJUDGHVRIWKH/3.)3URWR)ORZ¿UPZDUH 1RWH 7KH/3.))ORZ6KRZ3&VRIWZDUHLVQRWQHFHVVDU\IRUQRUPDOXVHRI/3.)3URWR)ORZRYHQV /3.) )ORZ6KRZ UHSUHVHQWV DQ DGGLWLRQDO WRRO IRU WHPSHUDWXUH DFTXLVLWLRQ DQG XSJUDGHV RI SUR¿OHV7KHUHIRUHD3&FRQQHFWLRQLVQRWUHTXLUHG ,I\RXGRQRWXVHWKH)ORZ6KRZRSWLRQSOHDVHVNLSWKLVVHFWLRQ )ORZ6KRZUXQVDVDPDFURLQ0LFURVRIW([FHO'XULQJWKHRSHUDWLRQRI)ORZ6KRZLW LVQRWSRVVLEOHWRXVHDQ\RWKHU([FHOGRFXPHQWVRUIXQFWLRQV &UHDWLQJDVKRUWFXWWR)ORZ6KRZ[OV ,WLVQHFHVVDU\WRFUHDWHDVKRUWFXWWRUHSODFHWKHH[LVWLQJLFRQZLWKWKH/3.)LFRQ 8VHU0DQXDOY ¿QGWKHIROGHUZLWK)ORZ6KRZ[OV ULJKWFOLFNWKH¿OHFKRRVH6HQGWRÆ'HVNWRS&UHDWH6KRUWFXW 6KRZ'HVNWRSVZLWFKWRWKHGHVNWRSYLHZ ULJKWFOLFNWKHLFRQ6KRUWFXWWR)ORZ6KRZ[OVÆ5HQDPHWR)ORZ6KRZ[OV ULJKWFOLFN WKH LFRQ )ORZ6KRZ[OV Æ 3URSHUWLHV Æ &KDQJH ,FRQ Æ %URZVH Æ VHOHFW )ORZ6KRZLFRÆ2.Æ$SSO\Æ2. 5HY ,16758&7,216)2586( 3URWR)ORZ86%GULYHULQVWDOODWLRQLQVWUXFWLRQV &RQQHFW WKH 3& DQG 3URWR)ORZ ZLWK WKH 86% FDEOH VXSSOLHG[W\SH$IHPDOH 7XUQ21WKHRYHQ 7KH3&VKRXOGDQQRXQFH)RXQGQHZKDUGZDUH 3URWR)ORZ86%VXSSRUW :DLW XQWLO WKH QH[W SDJH DSSHDUV VHOHFW 1R QRW WKLV WLPHDQGFRQ¿UPZLWK1H[W 6HOHFW ,QVWDOO IURP D OLVW RU VSHFL¿F ORFDWLRQ DQG FRQ¿UPZLWK1H[W 6HOHFW ,QVWDOO IURP D OLVW RU VSHFL¿F ORFDWLRQ DQG FRQ¿UPZLWK1H[W 6SHFLI\WKHSDWKWRWKHLQVWDOODWLRQGLUHFWRU\DQGFRQ¿UP ZLWK1H[W 7KHIROORZLQJSDJHLVVKRZQIRUDPRPHQWZDLW 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 6HOHFW &RQWLQXH $Q\ZD\ ZKHQ WKH IROORZLQJ SDJH DSSHDUV ,QVWDOODWLRQ LQ SURFHVV VKRXOG EH IROORZHG E\ WKH QH[W SDJH ,QFDVHWKHSDWKWRWKH6<6¿OHLVQRWFRUUHFWFKDQJH WKHSDWKDQGFRQ¿UP :DLWXQWLOWKHIROORZLQJSDJHDSSHDUVDQGFRQ¿UPZLWK )LQLVK'RQH 8VHU0DQXDOY 5HY ,16758&7,216)2586( 6WDUWLQJWKHSURJUDP 5XQ)ORZ6KRZ[OV (QDEOHWKHPDFURVQRUPDOOHYHORISURWHFWLRQ ,IWKHOHYHORIPDFURSURWHFWLRQLVWRRKLJKSOHDVHGRWKHIROORZLQJ ,QWKH7RROEDUVHOHFW7RROVÆ0DFURÆ6HFXULW\Æ0HGLXPOHYHOÆ2. &ORVH)ORZ6KRZDQGRSHQLWDJDLQ &OLFNWKHEXWWRQWRVWDUWWKHSURJUDP 9HUVLRQRIVRIWZDUH 3UR¿OHUHFRUGHUVHQVRUVPRXQWHGRQ 3&% GRXEOH FOLFN WR FKDQJH QDPH PD[FKDUDFWHUV 6KRUWQDPHRIFXUUHQWSUR¿OH 7LPHRXWRIFXUUHQWSKDVH 'HVFULSWLRQ RI FXUUHQW PHDVXUHPHQW $GGLWLRQDO LQIRUPDWLRQ DERXW FXUUHQW GH¿QHG E\ XVHU HJ VHULDO QXPEHU RI SUR¿OH GHYLFH /LQN WR /3.) RI¿FLDO KRPH SDJH ZZZ &XUUHQWSKDVH OSNIFRP 6WDUWDFTXLVLWLRQ 6WRSDFTXLVLWLRQ /LQN WR SUR¿OH GDWD EDVH DQG ¿UPZDUH ([LW)ORZ6KRZ XSJUDGH ,QWHJUDWHG WHPSHUDWXUH VHQVRU LQ RYHQ FKDPEHUQDPHFDQQRWEHFKDQJHG 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( $GMXVWPHQWVRISURJUDP &KDQJHWKHQDPHVRI$%&DQG'VHQVRUVDGGLWLRQDOVHQVRUVÆ 'RXEOHFOLFNRQWKHQDPHRIWKHFKRVHQVHQVRUZULWHDQHZQDPHPD[FKDUDFWHUVFRQ¿UP ZLWK(17(5 $GGDQH[WUDGHVFULSWLRQWRWKHFXUUHQWPHDVXUHPHQWÆ &OLFNWKH¿HOGDQGZULWHDQHZGHVFULSWLRQFRQ¿UPZLWK(17(5 )RUH[DPSOHRSHUDWRU¶VQDPHDQGVHULDOQXPEHURIHOHFWURQLFV 6WDUWWHPSHUDWXUHDFTXLVLWLRQVHH±6HOHFWSUR¿OHÆ 7RVWDUWWHPSHUDWXUHDFTXLVLWLRQLWLVQHFHVVDU\WRVWDUWWKHRYHQ¶VSUR¿OH¿UVWDIWHU WKDWWHPSHUDWXUHDFTXLVLWLRQFDQEHVWDUWHGZLWKLQDOOSKDVHV7KH:$5083SKDVH LVQRWVRLPSRUWDQWIRUPRQLWRULQJWKHUHIRUHZHVXJJHVWWHPSHUDWXUHDFTXLVLWLRQLV VWDUWHGDWWKHEHJLQQLQJRIWKH35(+($7SKDVH $IWHUWKH&22/'2:1SKDVHDFTXLVLWLRQLVDXWRPDWLFDOO\VWRSSHG &OLFNWKH67$57EXWWRQ'DWDDUHDXWRPDWLFDOO\LQVHUWHGLQWKHFKDUWGHVFULSWLRQWHPSHUDWXUHV DUHUHIUHVKHGHYHU\VHFRQG (YHU\VHFRQGVDQHZFKDUWLVFUHDWHGQDPHG³&+$57«´$OOFUHDWHGZRUNERRNV ZLWKFKDUWVFDQEHVDYHGDIWHUWHPSHUDWXUHDFTXLVLWLRQE\QRUPDOSURFHGXUHRIVDYLQJD¿OH 7KHQDPHVRIWKHVHQVRUVDQGGHVFULSWLRQVRIPHDVXUHPHQWVDUHZULWWHQLQWKHVKHHWQDPHG ³/DVW VDYHG GDWD GRQ¶W FKDQJH´ 7KH\ FDQ EH VDYHG E\ FRQ¿UPLQJ ³<(6´ LQ WKH TXHVWLRQ ZLQGRZZKHQFORVLQJWKHSURJUDPPH 8VHU0DQXDOY 5HY ,16758&7,216)2586( 6WRSWHPSHUDWXUHDFTXLVLWLRQÆFOLFNWKH6723EXWWRQWKHFKDUWLV¿QLVKHG 7RH[LWWKHSURJUDPPHRUWRVHHORJJHGWHPSHUDWXUHVFKDUWÆFOLFNWKH(;,7EXWWRQ 7RDQDO\VHWKHFXUUHQWWHPSHUDWXUHVDQGWLPHVRIWKHFUHDWHGFKDUWLWLVQRWQHFHVVDU\ WRVZLWFKWRWKH'$7$VKHHW6LPSO\PRYHWKHPRXVHFXUVRUWRWKHGHVLUHGSRVLWLRQRQ WKHFKDUWWKHYDOXHVDUHGLVSOD\HGDIWHUDVPDOOGHOD\9DOXHVVWDQGIRUWHPSHUDWXUHV &SRLQWVVWDQGIRUWLPHV 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 7RVHHWKHORJJHGGDWDRUWKHFKDUWÆVZLWFKEHWZHHQVKHHWV (QWHUWKHSUR¿OHDQG¿UPZDUHXSJUDGHVÆFOLFNWKH³63(&)81&7´EXWWRQ &KHFNUHSRUWVRIPHDVXUHPHQWVÆFKHFNWKH³5(32576´¿HOGFXUUHQWSKDVH FRPPXQLFDWLRQHUURUVIXQFWLRQHUURUVHWF 2YHQSDUDPHWHUVDUHDXWRPDWLFDOO\UHIUHVKHGZLWKWKHVWDUWRIPHDVXUHPHQWFOLFN WKH67$57EXWWRQ (UURU :KHQWKH(UURU7\SHPLVPDWFKRFFXUVLQWKH/3.))ORZ6KRZ3&VRIWZDUH UHORDGRIIDFWRU\VHWWLQJVLVQHFHVVDU\7RPDNHWKLVVHOHFW³6(77,1*6)$&725< 35´IXQFWLRQLQEDVLFPHQX 8VHU0DQXDOY 5HY ,16758&7,216)2586( 8SJUDGLQJSUR¿OHV 7KHORZHUKDOIRIWKHZLQGRZLVWKHSUR¿OHVGDWDEDVH $OOSDUDPHWHUVRIWKHVHOHFWHGSUR¿OHDUHVKRZQLQWKH¿HOGVEHORZ 9DOXHVRIDSDUDPHWHUFDQHDVLO\EHFKDQJHGE\W\SLQJQHZGDWD 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 6HQGVWKHVHOHFWHGSUR¿OHVWRWKH RYHQ 7KHRYHQ¶VSUR¿OHQXPEHUZULWHVWR WKLVSUR¿OHRQWKHRYHQUHDGVIURPWKLV SUR¿OHRIWKHRYHQ 2SWLRQWRSURJUDPUHDGDOO SUR¿OHVRIWKHRYHQ,WWDNHVWKH¿UVW SUR¿OHVIURPWKHGDWDEDVHRYHQ EDFNXS±EDFNXS /RJRZLWKVKRUWFXWWRFRUSRUDWHRI¿FLDO ZHESDJH 2SHQVWKHPHQXZKLFKHQDEOHV XSJUDGHVRI¿UPZDUH 7KHQDPHRIWKHFXUUHQWSUR¿OHLQWKH GDWDEDVH $GGVDSUR¿OHDWWKHHQGRIWKH GDWDEDVHFRSLHVWKHGDWDFXUUHQWO\ VHHQLQWKH¿HOGV 6DYHVWKHGDWDFXUUHQWO\VHHQLQWKH ¿HOGVWRWKHVHOHFWHGSUR¿OH 1XPEHUZKLFKGH¿QHVZKHUHWRFRS\ WKHSUR¿OH7R ([WUDLQIRRIWKHFXUUHQWSUR¿OHWKH VDPHDVRQWKHRYHQFKDUDFWHUV 5HDGVWKHVHOHFWHGSUR¿OHVIURPWKH RYHQ 6FUROOEDUWRFKDQJHWKHFXUUHQWSUR¿OH QXPEHURIWKHRYHQ 7KHFXUUHQWWLPHRIWKHSUHKHDWSKDVH 7KHFXUUHQWWLPHRIWKHUHÀRZSKDVH 8VHU0DQXDOY 7KHFXUUHQWWLPHRIWKHFRROGRZQ SKDVH 7KHFRORXURIWKHSKDVHWKHVDPHDV WKHFRORXURIWKHOLQHLQWKHFKDUW 7KHYDOXHRIWKHFXUUHQWVWHSWLPH 7KHYDOXHRIWKHFXUUHQWVWHS WHPSHUDWXUH 7KHYDOXHRIWKHFXUUHQWVWHSKHDWHU SRZHU 0XOWL]RQHVHOHFWLRQ 2SWLRQWRSURJUDPUHDGRQHSUR¿OHRI WKHRYHQ7KHRYHQSUR¿OHQXPEHU GH¿QHVWKHORFDWLRQRIWKH SUR¿OHRQWKHRYHQ ([LWWKHGDWDEDVHRISUR¿OHVRSHQVWKH WHPSHUDWXUHUHFRUGLQJPHQX 5HSRUWZLQGRZPHVVDJHVHUURUV FRPPXQLFDWLRQSUREOHPVVXFFHVVIXO SURFHGXUHV 'DWDEDVHRIWKHFXUUHQWQXPEHURI WKHVHOHFWHGGDWDEDVHSUR¿OH 'HOHWHVWKHVHOHFWHGSUR¿OHPRYHVWKH SUR¿OHVEHORZVWHSXSWR¿OOWKHJDS &RSLHVWKHGDWDFXUUHQWO\VHHQLQWKH ¿HOGVWRWKHVHOHFWHGSUR¿OHQXPEHU 6KRUWQDPHRIWKHFXUUHQWSUR¿OHWKH VDPHDVRQWKHRYHQFKDUDFWHUV 7KHFXUUHQWWHPSHUDWXUHRIWKHSUHKHDW SKDVH 7KHFXUUHQWWHPSHUDWXUHRIWKHUHÀRZ SKDVH 7KHFXUUHQWKHDWHUSRZHURU RIWKHUHÀRZSKDVH 7KHFXUUHQWSRZHURIWKHFRROGRZQ SKDVH 9DOXHRIWKHFXUUHQWVWHS WHPSHUDWXUH 7KHYDOXHRIWKHFXUUHQWVWHSKHDWHU SRZHU 7KHYDOXHRIWKHFXUUHQWVWHSWLPH 7LPHPRGHVHOHFWLRQ &KDUWWRVKRZWKHWHPSHUDWXUHDQG WLPHEHWZHHQWKHGLIIHUHQWSKDVHV FRORXUVLQGLFDWHHDFKSKDVH±WKH VDPHDVWKHQDPHRIWKHSKDVHUHÀRZ LVUHG 5HY ,16758&7,216)2586( 7KH³:ULWHWRVHOHFWHGSUR¿OHVRIWKHRYHQ´FRPPDQGEXWWRQVHQGVWKHFXUUHQWGDWDEDVH SUR¿OHWRWKHVHOHFWHGRYHQSUR¿OH¿HOGSUR¿OHRIWKHRYHQZKHQWKH³SUR¿OH´RSWLRQLVHQDEOHG :KHQWKH³2YHQEDFNXS´RSWLRQLVHQDEOHGLWVHQGVWKH¿UVWSUR¿OHVIURPWKHGDWDEDVHWR WKHRYHQ 7KH ³5HDG VHOHFWHG SUR¿OHV IURP WKH RYHQ´ FRPPDQG EXWWRQ UHDGV WKH SDUDPHWHUV RI WKH VHOHFWHGSUR¿OHRIWKHRYHQZKHQ³SUR¿OH´RSWLRQLVHQDEOHG :KHQWKH³2YHQEDFNXS´RSWLRQLVHQDEOHGDOOSUR¿OHVRIWKHRYHQDUHVDYHGWRWKH¿UVW SRVLWLRQVRIWKHGDWDEDVHDQGFDQQRWEHFKDQJHGMXVWVHQW 3UR¿OHVFDQRQO\EHXSJUDGHGLQWKH6(/(&7PHQXRIWKHRYHQ7KHRYHQVRIWZDUH DXWRPDWLFDOO\MXPSVWRWKHVHOHFWPHQXH[FHSWGXULQJWKHUXQQLQJSURFHVV :$51,1* 1HYHU ZULWH WKH VHOHFWHG SUR¿OHV WR WKH RYHQ GXULQJ WKH SURFHVV ,W FDQ FDXVH VHULRXVPDOIXQFWLRQVRIWKHRYHQ 1RWHV 7KHPD[LPXPQXPEHURISUR¿OHVLQWKHGDWDEDVHLVOLPLWHGWR 7KH¿UVWSUR¿OHVDUHRYHQEDFNXSQDPHG2YHQEDFNXS« ,WLVQRWSRVVLEOHWRUHDUUDQJHWKHP 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( )LUPZDUHXSJUDGH ,WLVLPSRUWDQWWRVHOHFWWKHULJKWYHUVLRQRI¿UPZDUHWREHXSJUDGHG <RX FDQ UHFRJQL]H WKH ULJKW YHUVLRQ WR EH VHOHFWHG IURP WKH QDPH RI WKH ¿OH IRU H[DPSOH ³3URWR)ORZPDLQSURJUDP9KH[´GH¿QHVVRIWZDUHIRUWKHPDLQSURJUDP 3DVVZRUGIRUVRIWZDUHXSJUDGH 8VHU0DQXDOY /3.) 5HY ,16758&7,216)2586( 10RGXOH2SWLRQ *HQHUDO $ QLWURJHQ DWPRVSKHUH VLJQL¿FDQWO\ GHFUHDVHV R[LGDWLRQ GXULQJ WKH SURFHVV DQG HQVXUHV VXSHULRUVROGHUHGMRLQWV 7KHEHQH¿WVRIVROGHULQJLQDQLWURJHQDWPRVSKHUH /RZHUSRURVLW\ $OPRVWSUHYHQWLRQRIVWDLQVRQWKH3&% +LJKHUVXUIDFHWHQVLRQ %HWWHUTXDOLW\RIWKH3&% 1FRQQHFWLRQ %HIRUHFRQQHFWLQJWKHQLWURJHQVXSSO\UHDGWKHLQVWUXFWLRQIURP\RXUJDVVXSSOLHU VDIHW\GDWDVKHHW &RQQHFW WKH 1 KRVH PP GLDPHWHU WR WKH LQOHW SRUWDWWKHEDFNRIWKHGHYLFH 2SHQWKHPDLQYDOYHRQWKHWDQNUHJXODWRURUSLSHOLQH $GMXVWWKHSUHVVXUHWREDU &KHFNWKHYDOXHRI1ÀRZÆFKDSWHU $GMXVW WKH UHIHUHQFH YDOXH RI 1 ÀRZ Æ FKDSWHU 6WDUWLQJWKHSURFHVVZLWKDQLWURJHQDWPRVSKHUH 7XUQ21WKHRYHQDQGJRWRWKH³6HWWLQJV´PHQX 6(77,1*6Æ16(77,1*Æ1&+(&. ³1&+(&.´LVDIXQFWLRQZKLFKGLVSOD\VWKHFXUUHQWYDOXHRI1ÀRZOKZLWKDVUHIUHVKUDWH 7RVHWWKHGHVLUHG1ÀRZURWDWHWKH³1ÀRZUHJXODWRU´ 6HWWKHUHIHUHQFHOHYHORI1ÀRZ ,IWKHÀRZLVWRRORZKLJKDWWKHEHJLQQLQJRIHYHU\SKDVHRIWKHSURFHVVWKHRYHQ /&' GLVSOD\ VKRZV D PHVVDJH DQG WKHUH LV DQ DXGLEOH ZDUQLQJ 7KH SURFHVV KRZHYHUZLOOFRQWLQXHXQOHVVWKHRSHUDWRULQWHUUXSWVLW 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ ,16758&7,216)2586( 6(77,1*6Æ16(77,1*Æ121&RQ¿UPZLWK(17(5 1 ( 6 6 ( Ź & 7 1 1 7 Ÿ 2 2 1 ) 1 7 1 7 Ż ) ź ( 6HWWKHUHIHUHQFHYDOXHDQGFRQ¿UPZLWK(17(5 1 ( 6 2 & 1 Ź 6 & 5 2 O / Ÿ / ź K Ż ( 1 7 ( ',6$%/(WKH1ÀRZFKHFNZLWKWKH³12))´IXQFWLRQ 6(77,1*6Æ16(77,1*Æ12)) 7KHLQWHJUDWHGHOHFWURPDJQHWLFYDOYHRSHQVWKHÀRZDXWRPDWLFDOO\ZLWKWKH:$5083 SKDVHDQGFORVHVLWZLWKWKHHQGRIWKH5()/2:SKDVH 3 7KH FXUUHQW ÀRZ YDOXH RI QLWURJHQ GXULQJ WKH SURFHVV LV VKRZQ LQ WKH XSSHU ULJKW FRUQHU 5 ( + ( $ 7 Ÿ O K 6 / ) 6 0 $ / / & & & ( 1 7 7KHFXUUHQWYDOXHRI1ÀRZLVWRRORZ 1 ) / 2 : 7 2 2 / 2 : 2 2 + , * + 7KHFXUUHQWYDOXHRI1ÀRZLVWRRKLJK 1 ) / 2 : 7 /3.)/DVHU(OHFWURQLFVUHFRPPHQGV 8VHU0DQXDOY 5HY JDVHV ,16758&7,216)2586( 3UR¿OHUHFRUGHU *HQHUDO 7KH 3UR¿OH UHFRUGHU PRGXOH FRQWDLQV IRXU .W\SH WKHUPRFRXSOHVHQVRUVDQGPHDVXULQJHOHFWURQLFVDQG LVVLWXDWHGDWWKHIURQWRIWKHGUDZHUVHHSLFWXUH ,W LV LQWHQGHG WR PHDVXUH WKH WHPSHUDWXUHV RI 3&%¶V LQ XVHUGH¿QHG SRVLWLRQV LH 3&% WHPSHUDWXUH FRPSRQHQWVXUIDFHWHPSHUDWXUH 7KH PHDVXUHG WHPSHUDWXUHV FDQ EH VKRZQ GLUHFWO\ RQ WKH RYHQ¶V /&' DQG DOVR RQ D 3& ZLWK WKH /3.) )ORZ6KRZVRIWZDUH86%FRPPXQLFDWLRQUHTXLUHG 7KH SUR¿OH UHFRUGHU PRGXOH FDQ EH LQWHJUDWHG LQWR WKH RYHQ ZKHQ LW LV RUGHUHG GLUHFWO\ZLWK3URWR)ORZ6RUVLPSO\DGGHGODWHUZKHQLWLVGHOLYHUHGVHSDUDWHO\DV H[WUDRSWLRQDOHTXLSPHQW &KRRVHWKHQXPEHURIVHQVRUVWREHGLVSOD\HGRQWKH/&' 6(77,1*6Æ/&'9,(:Æ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¿OH $IWHU WKH ³:DUPXS´ SKDVH LQVHUW WKH 3&% DQG SODFHWKHDGGLWLRQDOVHQVRUVRQWKH3&%RUVSHFL¿F FRPSRQHQW )L[ WKH VHQVRUV ZLWK WKH HQFORVHG DGKHVLYHGRWV 7KH /3.) )ORZ6KRZ VRIWZDUH HQDEOHV WHPSHUDWXUH ORJJLQJ RI WKH FXUUHQW SUR¿OH ZLWKWKHLQWHJUDWHGVHQVRUDQGRSWLRQDODGGLWLRQDOVHQVRUV$%&' 7KHSURFHGXUH 6WDUW/3.))ORZ6KRZVHHFKDSWHUDQG &KDQJHWKHQDPHVRI$%&'WHPSHUDWXUHVHQVRUVDGGLWLRQDOVHQVRUVÆ 'RXEOHFOLFNWKHQDPHRIWKHFKRVHQVHQVRUZULWHDQHZQDPHFRQ¿UPZLWK(17(5 $GGDQH[WUDGHVFULSWLRQWRWKHFXUUHQWPHDVXUHPHQWÆ &OLFNWKH¿HOGDQGZULWHDQHZGHVFULSWLRQFRQ¿UPZLWK(17(5 8VHU0DQXDOY 5HY 0$,17(1$1&( 0$,17(1$1&( &OHDQLQJ 7KH VXUIDFH RI WKH RYHQ FDQ EH HDVLO\ FOHDQHG ZLWK D VRIW FORWK VRDNHG LQ D PLOG GHWHUJHQW VROXWLRQ %HIRUHFOHDQLQJPDNHVXUHWKHGHYLFHLVGLVFRQQHFWHGIURPWKHPDLQV 5HSODFLQJWKHPDLQIXVH 'LVFRQQHFWWKHRYHQIURPWKHPDLQV 8QVFUHZWKHIXVHFRYHU ,QVHUWWKHQHZJODVVIXVH$77(17,2186(7$ 9)86(21/< 6FUHZWKHIXVHFRYHUEDFNRQ 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ 7528%/(6+227,1* 7528%/(6+227,1* %HIRUH DQ\ LQWHUYHQWLRQ LQ WKH GHYLFH ¿UVW GLVFRQQHFW WKH GHYLFH IURP WKH PDLQV SRZHUV\VWHP ,QVRPHFDVHV\RXFDQFRUUHFWDIDXOWLQGHYLFHRSHUDWLRQ\RXUVHOIIROORZLQJWKHJXLGHOLQHVVWDWHG EHORZ,QWKHHYHQWWKDW\RXGRQRWVXFFHHGGRQRWFRQWLQXHZLWKDQ\UHSDLUVEXWLPPHGLDWHO\ FRQWDFWDQDXWKRULVHGVHUYLFHPDQGLVWULEXWRURI/3.)GHYLFHV )DXOW'HIHFW &DXVH 1RSRZHUVXSSO\ 2YHQGRHVQRWWXUQRQ 0DLQIXVH7$9 KDVEORZQ 7HPSHUDWXUHLVQRWULVLQJ (UURUPHVVDJHRQ/&' '5$:(5%/2&.(' &+(&.0$18$/ 86%FRPPXQLFDWLRQORVV GXULQJGDWDWUDQVIHU 3UR¿OHGDWDKDVEHHQORVW (UURUW\SHPLVPDWFK RFFXUVLQWKH/3.) )ORZ6KRZ3&VRIWZDUH 3URJUDPQDYLJDWLRQ PDOIXQFWLRQ 8VHU0DQXDOY 3URFHGXUH &KHFNWKHPDLQVYROWDJHLQ WKHVRFNHW &KHFNWKHPDLQIXVH &KHFNWKHSRZHUFRUG 'LVFRQQHFWWKHRYHQIURPWKH PDLQVXSSO\ 5HSODFHWKHIXVHRQWKHUHDU SDQHO 7XUQRQWKHRYHQ 2QHKHDWLQJJURXSLV &KHFNWKHFRQQHFWLRQRIWKH GDPDJHGRULWPD\EH KHDWHUV GLVFRQQHFWHG &KHFNWKHGUDZHUIRUDQ\ 7KHGUDZHULVQRWFRPSOHWHO\ REVWDFOHV FORVHG &KHFNLIDQ\REVWDFOHEORFNV 6RPHWKLQJLVEORFNLQJWKH WKHGUDZHU GUDZHU 5HVWDUWWKHRYHQ 'LVFRQQHFWWKH86%FDEOH ([LWWKH)ORZ6KRZ VRIWZDUH 5HFRQQHFWWKH86%FDEOH 6WDUWWKH)ORZ6KRZ 3RZHUVXSSO\YROWDJHVZLQJV VRIWZDUH FDXVHGE\RWKHUKLJK 6WDUWWKHGHVLUHG SRZHUHGPDFKLQHV )ORZ6KRZIXQFWLRQ FRPSUHVVRUVHWF ,QWHUIHUHQFHRQWKHSRZHU VXSSO\YROWDJH 8QUHDGDEOHVWULQJLQWKH 0LFURVRIW([FHOSURJUDP 5HY $'9,&( 7U\WRDYRLGWKHXVHRIKLJK SRZHUHGPDFKLQHVGXULQJ 86%DFTXLVLWLRQ 5HORDGIDFWRU\GHIDXOWSUR¿OH 6(77,1*6)$&725<35 5HORDGWKHIDFWRU\GHIDXOW SUR¿OH6(77,1*6 )$&725<35 &RQWDFW/3.)WHFKQLFDO VXSSRUW $33(1',&(6 $33(1',&(6 6FRSHRIGHOLYHU\ 2YHQ3URWR)ORZ6 86%FDEOH 3URWHFWLYHJORYHV )XVH7$9 3URWR)ORZ68VHUPDQXDO 3URWR)ORZ&' 7HFKQLFDO'DWDVKHHW $OSKD207/HDGIUHH6ROGHU3DVWHVHHWKHDWWDFKPHQWRQWKHQH[WSDJHV 5HY 3URWR)ORZ6 )LUPZDUHYHUVLRQ $/3+$ 207 60 8/75$ ),1( )($785(/($')5(( 62/'(5 3$67( '(6&5,37,21 $/3+$207LVDOHDGIUHHQRFOHDQVROGHUSDVWHGHVLJQHGIRUDEURDGUDQJHRIDSSOLFDWLRQV$/3+$20 7¶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¶VFDSDELOLW\RI,3&&ODVV,,, IRUYRLGLQJDQG52/,3&FODVVLILFDWLRQVHQVXUHVPD[LPXPORQJWHUPSURGXFWUHOLDELOLW\ $/3+$207LVDOVRNQRZQDV$/3+$20ZLWK0YLVFRVLW\ $OWKRXJKWKHDSSHDUDQFHRIWKHVHOHDGIUHHDOOR\VZLOOEHGLIIHUHQWWRWKDWRIWLQOHDGWKHPHFKDQLFDOUHOLDELOLW\LVHTXDOWRRUJUHDWHUWKDQZLWKWKDW RIWLQOHDGRUWLQOHDGVLOYHU )($785(6%(1(),76 x x x x x x x x x 0D[LPL]HVUHIORZ\LHOGIRUOHDGIUHHSURFHVVLQJDOORZLQJIXOODOOR\FRDOHVFHQFHDWFLUFXODUGLPHQVLRQVDVVPDOODV PP´ZLWKPPPLOVWHQFLOWKLFNQHVV ([FHOOHQWSULQWFRQVLVWHQF\ZLWKKLJKSURFHVVFDSDELOLW\LQGH[DFURVVDOOERDUGGHVLJQV 3ULQWVSHHGVRIXSWRPPVHF´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ȝPSHU,3&-67'$YDLODEOHLQ7\SHE\6SHFLDO5HTXHVW$OOGDWD 3RZGHU6L]H EHORZZDVGHYHORSHGXVLQJ7\SHSRZGHU $SSUR[LPDWHO\E\ZZ 5HVLGXHV 3DFNDJLQJ6L]HVJUDPMDUV´´FDUWULGJHVDQGFFDQGFFGLVSHQVHV\ULQJHV )OX[*HO20)OX[*HOLVDYDLODEOHLQFFDQGFFV\ULQJHVIRUUHZRUNDSSOLFDWLRQV &RPSOLHVZLWK5R+6'LUHFWLYH(& /HDG)UHH 7KHLQIRUPDWLRQFRQWDLQHGKHUHLQLVEDVHGRQGDWDFRQVLGHUHGDFFXUDWHDQGLVRIIHUHGDWQRFKDUJH1RZDUUDQW\LVH[SUHVVHGRULPSOLHGUHJDUGLQJ WKHDFFXUDF\RIWKLVGDWD/LDELOLW\LVH[SUHVVO\GLVFODLPHGIRUDQ\ORVVRULQMXU\DULVLQJRXWRIWKHXVHRIWKLVLQIRUPDWLRQRUWKHXVHRIDQ\PDWHULDOV GHVLJQDWHG $33/,&$7,21 )RUPXODWHGIRUERWKVWDQGDUGDQGILQHSLWFKVWHQFLOSULQWLQJDWSULQWVSHHGVRIEHWZHHQPPVHF´VHFDQG PPVHF´VHFZLWKVWHQFLOWKLFNQHVVRIPP´WRPP´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q&)$/3+$207 VKRXOGEHSHUPLWWHGWRUHDFKURRPWHPSHUDWXUHEHIRUHXQVHDOLQJLWVSDFNDJHSULRUWRXVHVHHKDQGOLQJSURFHGXUHV RQSDJH7KLVZLOOSUHYHQWPRLVWXUHFRQGHQVDWLRQEXLOGXSLQWKHVROGHUSDVWH $/3+$2077(&+1,&$/'$7$ &$7(*25< &+(0,&$/3523(57,(6 $FWLYLW\/HYHO +DOLGH&RQWHQW &RSSHU0LUURU7HVW &RSSHU&RUURVLRQ7HVW (/(&75,&$/3523(57,(6 6,5,3&GD\V#q&5+ 5(68/76 52/ -67'&ODVVLILFDWLRQ +DOLGHIUHHE\WLWUDWLRQ3DVVHV$J &KURPDWH7HVW 3DVV 3DVV1RHYLGHQFHRI&RUURVLRQ 3DVV![ 3DVV[ RKPV 6,5 %HOOFRUHKRXUV#q&5+ (OHFWURPLJUDWLRQ 3DVV,QLWLDO 3+<6,&$/3523(57,(6 %HOOFRUHKRXUV#q&5+9KRXUV &RORU 7DFN)RUFHYV+XPLGLW\ W KRXUV 9LVFRVLW\ 6ROGHUEDOO 6WHQFLO/LIH 6SUHDG )OX[7DFNLQHVV7HVW 6OXPS RKPV [ RKPV )LQDO [RKPV &OHDU&RORUOHVV)OX[5HVLGXH 3DVV&KDQJHRIJPPRYHUKRXUV 352&('85(65(0$5.6 ,3&-67' ,3&-67' ,3&-67' ,3&-67' ,3&-67' ^3DVV[ RKPPLQ` %HOOFRUH*5&25( ^3DVV[ RKPPLQ` %HOOFRUH*5&25( ^3DVV ILQDO!LQLWLDO 8VLQJ0HWDO7\SH3RZGHU 6$&DOOR\ ,3&-67' DWDQG5HODWLYH+XPLGLW\ 3DVV&KDQJHRIZKHQVWRUHGDW R &DQGUHODWLYHKXPLGLW\ 207PHWDOORDGGHVLJQDWHG 0IRUSULQWLQJ 20PHWDOORDGGHVLJQDWHG0 IRUGLVSHQVLQJ $FFHSWDEOH6$&DQG6$&DOOR\V 3DVV&ODVVKRXUDQGKRXU !KRXUV 3DVV 3DVV 3DVV 3DVV 3DVV -,6=$QQH[ 0DOFRP6SLUDO9LVFRPHWHU-67' ,3&-67' ',16WDQGDUG R #5+ &q) -,6= ',17DOF7HVW R ,3&-67'PLQ & ',16WDQGDUG -,6=$QQH[ 7KHLQIRUPDWLRQFRQWDLQHGKHUHLQLVEDVHGRQGDWDFRQVLGHUHGDFFXUDWHDQGLVRIIHUHGDWQRFKDUJH1RZDUUDQW\LVH[SUHVVHGRULPSOLHGUHJDUGLQJ WKHDFFXUDF\RIWKLVGDWD/LDELOLW\LVH[SUHVVO\GLVFODLPHGIRUDQ\ORVVRULQMXU\DULVLQJRXWRIWKHXVHRIWKLVLQIRUPDWLRQRUWKHXVHRIDQ\PDWHULDOV GHVLJQDWHG 5HY $/3+$2073URFHVVLQJ*XLGHOLQHV 6725$*(+$1'/,1* x5HIULJHUDWHWRJXDUDQWHH VWDELOLW\#q&q) x6KHOIOLIHRIUHIULJHUDWHGSDVWH LVVL[PRQWKV x3DVWHFDQEHVWRUHGIRU ZHHNVDWURRPWHPSHUDWXUHV R XSWR &q)SULRUWRXVH x:KHQUHIULJHUDWHGZDUPXS RISDVWHFRQWDLQHUWRURRP WHPSHUDWXUHIRUXSWR R KRXUV3DVWHPXVWEHt & R )EHIRUHSURFHVVLQJ 9HULI\SDVWHWHPSHUDWXUHZLWK DWKHUPRPHWHUWRHQVXUH R R SDVWHLVDW & )RU JUHDWHUEHIRUHVHWXS3ULQWLQJ FDQEHSHUIRUPHGDW R WHPSHUDWXUHVXSWR & R ) x'RQRWUHPRYHZRUNHGSDVWH IURPVWHQFLODQGPL[ZLWK XQXVHGSDVWHLQMDU7KLVZLOO DOWHUUKHRORJ\RIXQXVHG SDVWH x7KHVHDUHVWDUWLQJ UHFRPPHQGDWLRQVDQG DOOSURFHVVVHWWLQJVVKRXOGEH UHYLHZHGLQGHSHQGHQWO\ 35,17,1* 5()/2:6HH)LJXUH 67(1&,/5HFRPPHQG&RRNVRQ (OHFWURQLFV$/3+$&87RU $/3+$)250VWHQFLOV# PPPPPLO WKLFNIRUPP´RU ´SLWFK6WHQFLOGHVLJQLV VXEMHFWWRPDQ\SURFHVV YDULDEOHV&RQWDFW\RXUORFDO &RRNVRQ(OHFWURQLFVVWHQFLOVLWH IRUDGYLFH $70263+(5(&OHDQGU\DLURUQLWURJHQ DWPRVSKHUH 352),/(6$&$OOR\V R $VWUDLJKWUDPSSURILOH#q&WR &SHUVHFRQG UDPSUDWHLVUHFRPPHQGHG7$/VHFDQG R SHDN & +LJKHUGHQVLW\DVVHPEOLHVPD\ UHTXLUHSUHKHDWLQJZLWKZLWKLQWKHSURILOHDQGPD\EH DFFRPSOLVKHGDVIROORZV )URPq&WR/LTXLGXV%HWZHHQPLQVHFDQG 648((*((0HWDO UHFRPPHQGHG 35(6685(NJFPRI VTXHHJHHOHQJWK OEVLQFK 63(('WRPPSHU VHFRQGWRLQFKHVSHU VHFRQG 6(3$5$7,2163((''LVDEOH VORZVQDSRIIIRUIDVW3&% UHOHDVH 3$67(52//FP GLDPHWHUDQGPDNHDGGLWLRQV ZKHQUROOUHDFKHVFP´ GLDPHWHUPLQ0D[UROOVL]HZLOO GHSHQGXSRQEODGH 35,173803+($' 3DVVHV030SULQW FRPSDFWLRQDQG'(.3UR)ORZ WHVWLQJ &/($1,1* PLQRSWLPXPLVPLQ )URPq&WR/LTXLGXV%HWZHHQVHFDQGVHF RSWLPXPLVPLQ )URPq&WR/LTXLGXV%HWZHHQPLQVHFDQG PLQVHFRSWLPXPLVPLQVHF 7LPHDERYHOLTXLGXV%HWZHHQVHFDQGVHF RSWLPXPLVVHFWRVHF 1RWH5HIHUWRFRPSRQHQWDQGERDUGVXSSOLHUGDWDIRU WKHUPDOSURSHUWLHVDWHOHYDWHGWHPSHUDWXUHV/RZHUSHDN WHPSHUDWXUHVUHTXLUHORQJHU7$/IRULPSURYHGMRLQW FRVPHWLFV 1RWH20LVGHVLJQHGWRZRUNXQGHUDZLGHUDQJH RIUHIORZSURILOHVLQRUGHUWRILQGWKHRSWLPXPSURILOHIRU \RXUSURFHVV7KLVFDQEHDFKLHYHGE\EDODQFLQJ 0LQLPXP'HOWD7¶VGHSHQGLQJRQERDUGPDVV DQGWKHUPDORYHQFKDUDFWHULVWLFV 0D[LPXP5HIORZ<LHOGLQFOXGHVYRLGLQJ FRVPHWLFVVROGHUEDOOLQJHWF 0LQLPXP6WUHVVDQG2YHUKHDWIRU&RPSRQHQWV DQG%RDUGVUHIHUWRVXSSOLHUV¶JXLGHOLQHVDQG VSHFLILFDWLRQV $/3+$207 UHVLGXHLVGHVLJQHGWR UHPDLQRQWKHERDUG DIWHUUHIORZ,IUHIORZHG UHVLGXHFOHDQLQJLV UHTXLUHG$/3+$%& DTXHRXVFOHDQHU LVUHFRPPHQGHG)RU VROYHQWFOHDQLQJ DJLWDWLRQIRUPLQLQ WKHIROORZLQJFOHDQHUV LVUHFRPPHQGHG $/3+$60( %LRDFW706&( .\]HQ0LFURQR[ 0; 0LVSULQWVDQGVWHQFLO FOHDQLQJPD\EHGRQH ZLWK$/3+$60( $/3+$60 $/3+$%&DQG 70 %LRDFW 6&( FOHDQHUV &RQWDFW\RXUORFDO&RRNVRQ(OHFWURQLFV$SSOLFDWLRQ (QJLQHHUIRUIXUWKHUGHWDLOV %LRDFW70DQG+\GUH[DUHUHJLVWHUHGWUDGHPDUNVRI3HWURIHUP,QF )LJXUH±5HIORZ(QYHORSH 3URILOHV7HVWHG 7HPSHUDWXUH 7LPH6HFV 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 3URILOH 7KHLQIRUPDWLRQFRQWDLQHGKHUHLQLVEDVHGRQGDWDFRQVLGHUHGDFFXUDWHDQGLVRIIHUHGDWQRFKDUJH1RZDUUDQW\LVH[SUHVVHGRULPSOLHGUHJDUGLQJ WKHDFFXUDF\RIWKLVGDWD/LDELOLW\LVH[SUHVVO\GLVFODLPHGIRUDQ\ORVVRULQMXU\DULVLQJRXWRIWKHXVHRIWKLVLQIRUPDWLRQRUWKHXVHRIDQ\PDWHULDOV GHVLJQDWHG 5HY LPKF d.o.o., Polica 33, SI-4202 Naklo, Slovenia, EU Tel.: +386 592 08 800, Fax: +386 592 08 820 E-mail: [email protected], Web: www.lpkf.si VAT Reg. No.: SI14682931 '(&/$5$7,212)&21)250,7< DFFRUGLQJWR0DFKLQHU\'LUHFWLYH0'(& :HKHUHE\FRQILUPWKDWWKHPDFKLQH /3.)3URWR)ORZ6 DGUDZHUW\SHPLFURSURFHVVRUFRQWUROOHGSURJUDPPDEOHWDEOHWRSUHIORZRYHQIRU607VROGHULQJ DQGVLPLODUWHPSHUDWXUHWUHDWPHQWV LVDPDFKLQHDFFRUGLQJWRWKH(80DFKLQHU\'LUHFWLYH0'(& 7KH/3.)3URWR)ORZ6DOVRFRPSOLHVZLWKWKHUHTXLUHPHQWVRIWKHIROORZLQJ(&GLUHFWLYHV /RZ9ROWDJH'LUHFWLYH/9'(& (OHFWUR±0DJQHWLF&RPSDWLELOLW\'LUHFWLYH(0&(& DQGVWDQGDUGV (1 (1 (1 (1 &(DSSURYDOV\PEROLVDWDFKHGWRWKHPDFKLQHVLQDFFRUGDQFHZLWK0DFKLQHU\'LUHFWLYH 0DQXIDFWXUHGE\ /3.)/DVHU(OHNWURQLNDGRR 3ROLFD 1DNOR 6ORYHQLD 1DNOR B BB BBBBBBB BBBB BBBBBBBBBB BBBB BB BBBBBB BBBBBBBBBBBBBBBBBBBBBBBBB 0U7RPDåäHSLþ0D 0D 0 DQD QDJLQJ' 0U7RPDåäHSLþ0DQDJLQJ'LUHFWRU )XUWKHUGHWDLOVDQGVDIHW\SUHFDXWLRQVRIWKHGHYLFHFDQEHREWDLQHGIURPWKH8VHUVPDQXDO