Text preview for : 07-npl-2-rf-troublesht.pdf part of Nokia 6100 Service Manual, Part, Variant, Tools, Troubleshooting, Schematic, ecc. - File 11



Back to : _gsm_6100_.part1.rar | Home

&XVWRPHU &DUH 6ROXWLRQV 13/ 6HULHV &HOOXODU 3KRQHV

5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

,VVXH 'HF

1RNLD &RUSRUDWLRQ &RPSDQ\ &RQILGHQWLDO

3DJH

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

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

'HVFULSWLRQ 3DJH 1R *60 5) WXQLQJ LQVWUXFWLRQV 6HWXS IRU 5) WXQLQJ 5) WXQLQJ DIWHU UHSDLUV 5; FDOLEUDWLRQ 5; FDOLEUDWLRQ (*60 5; FDOLEUDWLRQ *60 5; FDOLEUDWLRQ *60 5; EDQG ILOWHU UHVSRQVH FRPSHQVDWLRQ 5; EDQG ILOWHU UHVSRQVH (*60 5; EDQG ILOWHU UHVSRQVH *60 5; EDQG ILOWHU UHVSRQVH *60 5; FKDQQHO VHOHFW ILOWHU FDOLEUDWLRQ 5; $0 VXSSUHVVLRQ QRW QHHGHG 7; SRZHU OHYHO WXQLQJ 7; SRZHU OHYHO WXQLQJ (*60 7; SRZHU OHYHO WXQLQJ *60 7; SRZHU OHYHO WXQLQJ *60 3&6 7; ,4 WXQLQJ 7; ,4 WXQLQJ *60 7; ,4 WXQLQJ *60 7; ,4 WXQLQJ *60 /LVW RI )LJXUHV )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH )LJXUH 5) NH\ FRPSRQHQWV SODFHPHQW 7HVW SRLQWV IRU WKH 5; 7HVW SRLQWV IRU WKH 7; 7HVW SRLQWV IRU WKH 6\QWKHVL]HU 5) IUHTXHQF\ SODQ 5) EORFN GLDJUDP 5) SRZHU GLVWULEXWLRQ GLDJUDP 5; VLJQDO SDWKV 7; VLJQDO SDWKV 3// EORFN GLDJUDP 3// 6\QWKHVL]HU )DXOW )LQGLQJ &KDUW

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

7KLV SDJH KDV EHHQ LQWHQWLRQDOO\ OHIW EODQN

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ
,QWURGXFWLRQ
7KH VHFWLRQV EHORZ SURYLGH LQVWUXFWLRQV KRZ WR FKHFN UHSDLU DQG FDOLEUDWH WKH 5) VHFWLRQ RI 13/ SKRQHV ,W LV DVVXPHG WKDW IRU WXQLQJ DQG UHSDLU WKH SKRQHV DUH GLVDVVHPEOHG DQG WHVWHG ZLWKLQ D UHSDLU MLJ 0-6 7KH IROORZLQJ W\SHV RI PHDVXUHPHQWV FDQ EH GRQH IRU GLDJQRVLV DQG UHSDLU RI 13/ SKRQH PRGXOHV 5) PHDVXUHPHQWV VKDOO EH GRQH XVLQJ D 6SHFWUXP $QDO\]HU WRJHWKHU ZLWK D KLJK IUHTXHQF\ SUREH 1RWH WKDW VLJQDO ZLOO EH VLJQLILFDQWO\ DWWHQXDWHG &RUUHFW DWWHQXDWLRQ FDQ EH FKHFNHG XVLQJ D ¦JRRG§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

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ %HORZ WKH IROORZLQJ DEEUHYLDWLRQV FDQ EH XVHG LQWHUFKDQJHDEO\ (*60 DQG (*60 WR UHIHU WR *60 ORZ EDQG '&6 RU 3&1 RU *60 *60 PHGLXP EDQG 3&6 DQG *60 *60 KLJK EDQG

5) .H\ &RPSRQHQW 3ODFHPHQW

)LJXUH 5) NH\ FRPSRQHQWV SODFHPHQW

3RVLWLRQ 1 / = = = = = 1 % *

&RPSRQHQW 1DPH 7;3$ 'LUHFWLRQDO &RXSOHU $QWHQQD 6ZLWFK 0RGXOH 6$: 5; 6$: 5; 6$: 5; 6$: 7; 0MRHOQHU ;7$/ 9&2

6XSSOLHU DQG 'HVFULWSWLRQ $JLOHQW 4&30 0XUDWD /'&'$$ +LWDFKL 0HWDOV 6+6/ (SFRV % (SFRV % (SFRV % (SFRV % ,QILQHRQ )D 1'. )'. ,7

&RGH

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

5) 0HDVXUHPHQW 3RLQWV
7KH 5) SRZHU VXSSOLHV DUH JHQHUDWHG LQ WKH 8(0 DQG FDQ EH PHDVXUHG HLWKHU LQ WKH 0MRHOQHU FKDPEHU RU LQ WKH EDVH EDQG FKDPEHU 2Q WKH LOOXVWUDWLRQ VPDOO FLUFOHV VKRZ WKH ORFDWLRQV RI WKH WHVW SRLQWV 5HFHLYHU 7HVW 3RLQWV
SYÃQ8T SYÃ98T SYÃBTH 6rhÃArrq SYRDIQ E% " SYRDII E% # SYDDIQ E% SYDDII E% ! DIQG DIHG DIQCÃ DIHC DIQHÃÃ DIHH hy GI6ihrfyhtrÃ
)LJXUH 7HVW SRLQWV RI WKH UHFHLYHU

WS%

WS#

8PIU! W6IUC 8PIU" W6IUG 8PIU W6IUH

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7UDQVPLWWHU 7HVW 3RLQWV
WS@A 8PIU W6IUH 6rhÃArrq WS" WS! UYDPVUQ UYDPVUI UYRPVUQ 8PIU! W6IUC 8PIU" W6IUG 9@U W79 Q @BTH Q 98TQ8T UYf( UYf ' WUY7f( W76UUfSA UY8 E&! UYRPVUI UYQ E& WS$

)LJXUH 7HVW SRLQWV RI WKH WUDQVPLWWHU

6\QWKHVL]HU 7HVW 3RLQWV
95 95() 9,2 8WXQH

9&2RXW 95 5)&/.B,

95 95$

)LJXUH 7HVW SRLQWV RI WKH V\QWKHVL]HU

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

5) ,PSOHPHQWDWLRQ LQ 13/
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

5) )UHTXHQF\ 3ODQ
@BTH)Ã(!$(%ÃHC Hwryr Dvthy 5; Rvthy

98T)Ã '$ ''ÃHC Q8T)Ã (" ((ÃHC s s# s s! "#! "(' HC

s#

s

s!

s QGG !%ÃHC

98T)Ã & &'$ÃHC Q8T)Ã '$ ( ÃHC @BTH)Ã''( $ÃHC !

YUhy

GQSA8GF SA8GF Dvthy 7; Rvthy

)LJXUH 5) IUHTXHQF\ SODQ

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

5) %ORFN 'LDJUDP

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

)LJXUH 5) %ORFN 'LDJUDP

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

5) 3RZHU 6XSSO\ &RQILJXUDWLRQ
$OO SRZHU VXSSOLHV IRU WKH 13/ 5) 6HFWLRQ DUH JHQHUDWHG LQ WKH 8(0 ,& ' $OO 5) VXSSOLHV FDQ EH FKHFNHG HLWKHU LQ 0MRHOQHU RU LQ %% FKDPEHU 7KH SRZHU VXSSO\ FRQILJXUDWLRQ XVHG LV VKRZQ LQ WKH EORFN GLDJUDP EHORZ 9DOXHV RI YROWDJHV DUH JLYHQ DV QRPLQDO RXWSXWV RI 8(0 &XUUHQWV DUH W\SLFDO YDOXHV

95$ 95

#&$ÃWÃÃÃÃ"!ÃÈ #$Ã6 !&'ÃWÃÃÃÃ"ÃÈ '$Ã6

FKDUJH SXPS 9''&3 7[ PRGXODWRU 9''7; 'LJ FRQWURO 9''',* $QW VZLWFK FRQWURO OLQHV WKURXJK 0MRHOQHU

95 8(0 95

!&'ÃWÃÃÃÃ"ÃÈ "$Ã6

9&;2 9'';2 %% EXIIHU 9''%%%

!&'ÃWÃÃÃÃ"ÃÈ #Ã6ÃU(Ã!'ÃSÃÃ

5[ %% VHFWLRQ 9''5;%% 7[ EXIIHU WKURXJK 0MRHOQHU

95

!&'ÃWÃÃÃÃ"ÃÈ # Ã6

3// SUHVFDOHU 9''35( GLYLGHUV /2 EXIIHUV 9''/2 3// FRXQWHUV 9''3//

95 95 9,2

!&'ÃWÃÃÃÃ"ÃÈ Ã6 !&'ÃWÃÃÃÃ"ÃÈ #Ã6 'ÃWÃÃÃÃ#$ÃÈ !Ã6

5[ IURQW HQG 9''5;) 9&2 0+] 6(/$''5 GLJ LQWHUIDFH 9'''/

95()

"$ÃWÃÃÃÃ!ÃÈ Ã6 "%ÃW

ELDV UHIHUHQFH 9%(;7

9%$7

7ULSOH EDQG 3$

)LJXUH 5) 3RZHU GLVWULEXWLRQ GLDJUDP

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

5HFHLYHU 'HVFULSWLRQ DQG 7URXEOH 6KRRWLQJ
5; 6LJQDO 3DWKV
7KH VLJQDO SDWKV RI WKH UHFHLYHU DUH VKRZQ LQ IROORZLQJ EORFN GLDJUDP 1RWH WKDW WKH GLD JUDP VKRZV (*60 UHFHLYHU DERYH *60 UHFHLYHU PLGGOH DQG *60 UHFHLYHU EHORZ
95
S WSY

) ; 5 ' ' 9
GI6 7vh

% % ; 5 ' ' 9

y svyr

95

T6X

DIQG Qr SY( GI6

7DRV6 9 SYDQ

SY BTH UY

DIHG

thv 776HQ GQA 98I 6B8 GQA! 98I!

SYDH

u p v T Ã 6

SY

T6X

DIQC GI6 DIHC Qr thv 776HQ ! ! ! ! DIQH SY ' DIHH GI6 GQA 98I 6B8

7DRV6 9 SYRQ

Q8T UY

SY

(

SYRH GQA! 98I!

Q8I T6X SY

W99GP

W6IUGÃÃW6IUHÃÃW6IUC "

W999DB

!

#

5) &RQWUROV

W99SY77

5) &RQWUROV

0M¡OQHU
)LJXUH 5; VLJQDO SDWKV

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

7KH DQWHQQD VZLWFK LQFOXGLQJ URXWHG OLQHV KDV IROORZLQJ W\SLFDO LQVHUWLRQ ORVVHV 3DJH

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

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

7KH %% VLJQDO SDWKV FRQVLVW RI %DVH EDQG DPSOLILHUV %%$03 7KHVH DPSOLILHUV LPSOHPHQW WKH LQLWLDO FKDQQHO ILOWHULQJ /RZ SDVV ILOWHUV /3) '& FRPSHQVDWLRQ $*& DPSOLILHUV '&1 7KHVH DPSOLILHUV LPSOHPHQW JDLQ VWHSV IURP G% WR G% LQ G% VWHSV $WWHQXDWRUV $*& 7KHVH LPSOHPHQW JDLQ VWHSV IURP G% WR G% LQ G% VWHSV \LHOGLQJ D WRWDO JDLQ UDQJH RI G% WRJHWKHU ZLWK '&1 %LTXDG ILOWHUV /3) '& FRPSHQVDWLRQ DPSOLILHUV '&1

7KH GLIIHUHQWLDO EDVH EDQG RXWSXWV DUH LQWHUQDOO\ '&FRXSOHG DQG DUH FRQQHFWHG GLUHFWO\ WR WKH $'& LQSXWV RI WKH 5) FRQYHUWHU FKLS 7KH FRPPRQ PRGH OHYHO LV VHW HTXDO WR WKH 9%(;7 UHIHUHQFH YROWDJH

)DXOW )LQGLQJ &KDUW RI WKH 5HFHLYHU
7KH SKRQH OD\RXW KDV GHGLFDWHG WHVW SRLQWV IRU WKH DQDORJXH GLIIHUHQWLDO 5; , DQG 4 VLJ QDOV 5;,,13 5;,,11 5;4,13 5;4,11 IURP 0MRHOQHU 5) $6,& WR 8(0 7KH %% SDUW LV XVHG WR PHDVXUH WKRVH VLJQDOV E\ PHDQV RI 566, UHDGLQJ ,W LV DVVXPHG WKDW FRUUHFW FDOL EUDWLRQ RI 566, UHDGLQJ KDV EHHQ FDUULHG RXW LQ SURGXFWLRQ

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 566,UHDGLQJ >G%P@ ORJ8%% $*&FDOLEUDWHG

7KHUHIRUH GRQ©W FDOLEUDWH D GHIHFWLYH SKRQH EHIRUH WKH SKRQH HUURU KDV EHHQ IRXQG :KHQ D GHIHFWLYH SKRQH KDV EHHQ FDOLEUDWHG D SRVVLEOH HUURU LQ 5; IURQWHQG PLJKW EH PDVNHG ,Q WKDW FDVH RQH FDQ JHW D UHDVRQDEOH 566, UHDGLQJ DOWKRXJK WKH IURQWHQG VKRZV H[FHVVLYH ORVVHV ,I LW LV QRW VXUH WKDW LQFRUUHFW UHFDOLEUDWLRQ KDV EHHQ PDGH WKH IROORZLQJ VWHSV VKDOO EH GRQH &KHFN LI $*& FDOLEUDWLRQ LV ZLWKLQ OLPLWV &KHFN LI 615 UHDGLQJ LV RN 8VH DQ 2VFLOORVFRSH WR FKHFN OHYHOV RI ¦5;,,11§ DQG ¦5;4,11§

HhxrÃrÃuhà Turvr vÃxvt

Ir)ÃSAÃyrryÃtvrÃvÃuhÃpuhÃhrÃqrrqrÃÃSAÃirÃhqÃÃirÃhyvqhrqÃvuÃhÃxÃtqÃhyr 6yÃ'q7Ãvthyà sÃBrrh Ã6rhÃ8rp ur)ÃyphyÃiÃqr

5; )DXOW ILQGLQJ 7
STTD ÃhqÃTISÃ 4

@BTH Q8TÃQ8I STTDÃrhqvt 'q7
hyyÃihq

I

4

6yÃ(!q7Ãvthyà sÃBrrh Ã6rhÃ8rp ur)ÃyphyÃiÃqr

@BTH Q8TÃQ8I I TISÃrhrr
hyyÃihq

x 4

tÃvÃhyyÃ" Ãihq

`r

Ppv) T6 SA77à a% rvhyà @BTH Drshpr &%q7 x 4

`r

Ppv) T6 SYÃDRÃÃ a% yrry @BTH x &%q7 4

`r

77Ã@ 8urpxÃV@H

`r
SYÃphyvihv

`r

I 8uhtrÃtrrhÃyrryà Ã$$q7 ur)Ãyphyà pvÃqr 8urpxà SUÃTvpu

I
77Ã@ 8urpxÃVQQ

I
8uhtr ÃHwyr

8urpxà T6X `r
T6 T6 a%#a%!a%" a% ÃT6X @BTH iuÃyvr &%q7 3&'q7 4

8urpxà 7vh `r
Ppv) T6 GI6Ãivh a% WS% @BTH 2!'W &%q7 4

8urpxà 7vh `r
Ppv) T6 SYÃ77Ãivh a% WS# @BTH 2!'W &%q7 4

8urpxà `r GI6 `r
Ppv) T6 GI6Ã a% ihrÃyhtr @BTH 2Ã'W &%q7 4

8hyviv vvà yvv 4

I

T6 T6 a% Ã a% SÃ @BTH ( ' ( &%q7 3Ã&$q7 4

`r SÃpuhvà spvhy 2ÃÃirÃqrÃvÃhyyÃ"Ãihq 2ÃÃirÃqrÃvà ÃÃÃqrsrpvrÃihqÃy

I
8uhtrà a%

I
8uhtrà a%#a%!a%"

I
8urpx 8%!Ã8%"! hq 77ÃV@H

I
8urpx 8'& hq 77ÃV@H

I
8uhtr ÃHwyr

2ÃÃirÃqrÃyÃpr ÃÃÃÃpÃsÃhyyÃihq

,I 5; DQG 7; SDWK VHHP WR EH IDXOW\ LW KDV WR EH FKHFNHG LI WKH V\QWKHVL]HU LV ZRUNLQJ ,I VR WKHQ FKHFN WKH SDWK IURP WKH DQWHQQD SDG - WR WKH DQWHQQD VZLWFK = VHH 5; IDXOW ILQGLQJ &KHFN 5;7; VZLWFK

*HQHUDO ,QVWUXFWLRQV IRU 5; 7URXEOH 6KRRWLQJ
&RQQHFW WKH SKRQH PRGXOH WR D 3& ZLWK GRQJOH DQG '$87 FDEOH 56 RU '.8 FDEOH 86% )ROORZ WKH LQVWUXFWLRQV EHORZ &RQQHFW WKH SKRQH WR D SRZHU VXSSO\ '& YROWDJH RI 9 DQG D 5) VLJQDO JHQHUDWRU

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

0HDVXULQJ 5; ,4 6LJQDOV XVLQJ 566, 5HDGLQJ 6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH DQG RSHQ )%86 FRQQHFWLRQ 6HOHFW 6FDQ 3URGXFW &WUO5

:DLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZQ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ KDV SRSHG XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO 0DLQWHQDQFH 7HVWLQJ *60 RU *60 RU *60 5; %XUVW RU RU $OW0 7 5

6HOHFW

566, UHDGLQJ

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

0DNH WKH IROORZLQJ VHWWLQJV RQ \RXU VLJQDO JHQHUDWRU )UHTXHQFLHV (*60 *60 *60 0+] FKDQQHO N+] RIIVHW 0+] FKDQQHO N+] RIIVHW 0+] FKDQQHO N+] RIIVHW 1RNLD &RUSRUDWLRQ 3DJH

,VVXH 'HF

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 5)SRZHU OHYHO ¤ G%P DW WKH DQWHQQD FRQQHFWRU RI WKH SKRQHWHVW MLJ UHPHPEHULQJ WR FRP SHQVDWH IRU WKH FDEOH DQG MLJ DWWHQXDWLRQ

,Q 566, UHDGLQJ FOLFN RQ 5HDG QRZ 7KH UHVXOWLQJ 566, OHYHO VKRXOG EH ¤ G%P ¤ G% LQ HDFK EDQG 0HDVXULQJ 5; 3HUIRUPDQFH XVLQJ 615 0HDVXUHPHQW 6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH DQG RSHQ )%86 FRQQHFWLRQ 6HOHFW 6FDQ 3URGXFW &WUO5

:DLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZQ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ KDV SRSHG XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO 0DLQWHQDQFH 7HVWLQJ *60 RU *60 RU *60 5; %XUVW RU RU $OW0 7 0

6HOHFW

615 0HDVXUHPHQW

6HOHFW

)DVW 615 5DGLR %XWWRQ

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

&KRRVH UHVSHFWLYH EDQG (*60 *60 *60 3UHVV PHDVXUH $ ZLQGRZ SRSV XS HJ IRU (*60 EDQG

6HW WKH VLJQDO JHQHUDWRU DV VKRZQ LQ WKH DERYH ZLQGRZ UHPHPEHULQJ WR FRPSHQVDWH IRU WKH FDEOH DQG WHVW MLJ DWWHQXDWLRQ ORVVHV 3UHVV 2. DQG WKH ZLQGRZ FORVHV 5HDG WKH 615 UHVXOW 7KH YDOXHV VKRXOG EH (*0 !G% *60 !G% *60 !G%

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 0HDVXULQJ )URQW(QG 3RZHU /HYHOV XVLQJ 6SHFWUXP $QDO\]HU 6SHFWUXP $QDO\]HU 6$ OHYHO YDOXHV GHSHQG RQ WKH SUREH W\SH DQG VKRXOG EH YDOLGDWHG XVLQJ D JRRG VDPSOH 7KH OHYHOV WKDW DUH JLYHQ KHUH DUH PHDVXUHG XVLQJ D UHVLVWLYH SUREH 2KP VHPLULJLG FDEOH 6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH DQG RSHQ )%86 FRQQHFWLRQ 6HOHFW 6FDQ 3URGXFW &WUO5

:DLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZLQJ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ SRSV XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO *60 RU *60 RU *60 5; &RQWLQXRXV RU RU

3OHDVH UHIHU WR WKH IDXOW ILQGLQJ FKDUW IRU SURSHU OHYHOV DW GLIIHUHQW WHVW SRLQWV 0HDVXULQJ $QDORJXH 5; ,4 6LJQDOV XVLQJ 2VFLOORVFRSH 0HDVXULQJ ZLWK DQ RVFLOORVFRSH RQ ¦5;,,11§ RU ¦5;4,11§ LV UHFRPPHQGHG RQO\ LI 566, UHDGLQJ GRHV QRW SURYLGH HQRXJK LQIRUPDWLRQ 7KHUH H[LVW GHGLFDWHG WHVW SRLQWV IRU 5; , DQG 4 VLJQDVO ,QSXW OHYHO G%P 6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH DQG RSHQ )%86 FRQQHFWLRQ 6HOHFW 6FDQ 3URGXFW &WUO5

:DLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZLQJ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ KDV SRSSHG XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO $*& *60 RU *60 RU *60 5; FRQWLQXRXV RU RU

)ROORZLQJ SLFWXUH VKRXOG EH GLVSOD\HG RQ DQ RVFLOORVFRSH©V VFUHHQ LI WKH (*60 UHFHLYHULV 3DJH 1RNLD &RUSRUDWLRQ ,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ ZRUNLQJ SURSHUO\

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

6LJQDO DPSOLWXGH '& RIIVHW )UHTXHQF\

9 9 N+]

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

7UDQVPLWWHU 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ
7; 6LJQDO 3DWKV
)RU HDV\ HUURU WUDFNLQJ LW LV LPSRUWDQW WR NQRZ WKH VLJQDO SDWKV RI WKH WUDQVPLWWHU 7KH FRPSRQHQWV DUH JURXSHG LQ EORFNV DQG VKRZQ RQ WKH GLDJUDP EHORZ 1RWH WKDW WKH GLDJUDP VKRZV ERWK (*60 WUDQVPLWWHU EHORZ DQG *60 *60 WUDQVPLWWHU DERYH
W6IUGÃÃW6IUHÃÃ SA 8y W7f9@U WUYGPG WUYGPC WUY7C WUY7G W99SY77 SA 8y ! Pr pyyrp ! ! ! ! # W999DB

"

6Ã Tvpu

UY Q8I Q8T UY BTH

9vÃ8yr

Q6

Q8IQ8T PVUCQ 7hy PVUCH WUY T6X 7ssr @BTH PVUGQ PVUGH 9@U QGA7 QGA7!

Pr pyyrp QX8 UY UY Q 8 W 9 9 UY Ty svyr WU Y
7;3 7;& 95

9@U

QX y svyr

0M¡OQHU
! UY R Q UY R H ! UY DQ UY DH

WQ8CWQ8G ! Q6fD9@IU W76UUSA

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

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

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
&217 >9ROW@ &217 >9ROW@ &217 >9ROW@ ; (*60 5; ; ; ; ; ; '&6 5; 3&6 5; (*60 7; '&6 3&6 7;

7R VZLWFK WKH 7;'&63&6 SDWK ERWK VLJQDOV FRQW DQG FRQW DUH DFWLYDWHG 7KLV LQFUHDVHV WKH LVRODWLRQ IURP WKH 7;'&63&6 SDWKWR WKH 5;'&6 SDWKH DQG UHGXFHV WKH 5)SRZHU WKDW LV IHG EDFN WR 0MRHOQHU

*HQHUDO ,QVWUXFWLRQV IRU 7; 7URXEOHVKRRWLQJ
$SSO\ D 5) FDEOH WR WKH WHVW MLJ WR DOORZ WKH WUDQVPLWWHG VLJQDO WR DFW DV QRUPDO 7KH 5) FDEOH VKRXOG EH FRQQHFWHG WR WKH PHDVXUHPHQW HTXLSPHQW *60 WHVW HTXLSPHQW SRZHU PHWHU VSHFWUXP DQDO\]HU RU VLPLODU %H VXUH WR XVH DW OHDVW D G% DWWHQXDWRU RWKHUZLVH WKH UHVXOWV PD\ EH LQFRUUHFW &RQQHFW 3& ZLWK 3KRHQL[ WR SKRQH PRGXOH 3URYLGH WKH SKRQH ZLWK SRZHU VXSSO\ 9 6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH DQG RSHQ )%86 FRQQHFWLRQ 6HOHFW 6FDQ 3URGXFW &WUO5 DQG ZDLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZQ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ

)ROORZ WKH LQVWUXFWLRQV DV JLYHQ EHORZ

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

(*60 7; 7URXEOH 6KRRWLQJ
*HQHUDO ,QVWUXFWLRQV IRU (*60 7; 7URXEOH VKRRWLQJ 6WDUW WKH SUHSDUDWLRQV DV GHVFULEHG LQ VHFWLRQ ¦*HQHUDO ,QVWUXFWLRQV IRU 7; 7URXEOH VKRRW LQJ§ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ 5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ KDV SRSSHG XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO 7; 3$ 0RGH 7; 3RZHU /HYHO 7; 'DWD 7\SH *60 7; %XUVW )UHH 5DQGRP

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

1RZ WKH PHDVXUHPHQW HTXLSPHQW VKRXOG GHWHFW WKH IROORZLQJ RXWSXW VLJQDO RI WKH SKRQH 3RXW G%P # 0+]

,I WKLV LV QRW WKH FDVH WKHQ JR WR WKH IDXOW ILQGLQJ FKDUW )DXOW )LQGLQJ &KDUW IRU (*60 7UDQVPLWWHU ,Q WKH IROORZLQJ WKH 7;3 VLJQDO LV XVHG DV D WULJJHUVLJQDO )RU WKLV SXUSRVH D 7;3 WHVW SRLQW LV SURYLGHG RQ WKH 3:3 UHIHU WR ILJXUH

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

8VH 3KRHQL[ WR VHOHFW 7;B'DWD 7\SH RU 7; 3RZHU /HYHO
95() 95 7;3 95 95

9GF 9GF 9 9GF 9GF

9ROW 9ROW 9ROW 9ROW 9ROW

1R

&KHFN %DVH %DQG

7;,2873 7;,2871 7;42873 7;42871

N+] 9SS 9GF 9 N+] 9DF 9SS 9GF 9 N+] 9DF 9SS 9GF 9 N+] 9DF 9SS 9GF 9 9DF

1R

&KHFN %DVHEDQG

1R

7;B

3! G%P 0+] &RPSDUH ZLWK JRRG VDPSOH

1R

&KHFN (*60 7; 6$: )LOWHU 0MRHOQHU 6\QWKHVL]HU


,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

*60 7; 7URXEOH 6KRRWLQJ
6HWXS IRU *60 7; 7URXEOH VKRRWLQJ 6WDUW WKH SUHSDUDWLRQV DV GHVFULEHG LQ VHFWLRQ ¦*HQHUDO ,QVWUXFWLRQV IRU 7; 7URXEOH VKRRW LQJ§ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ 5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ SRSV XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO 7; 3$ 0RGH 7; 3RZHU /HYHO 7; 'DWD 7\SH *60 7; %XUVW )UHH 5DQGRP

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

1RZ WKH PHDVXUHPHQW HTXLSPHQW VKRXOG GHWHFW WKH IROORZLQJ RXWSXW VLJQDO RI WKH SKRQH 3RXW G%P # 0+]

,I WKLV LV QRW WKH FDVH WKHQ JR WR WKH IDXOW ILQGLQJ FKDUW

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ )DXOW ILQGLQJ FKDUW IRU *60 WUDQVPLWWHU ,Q WKH IROORZLQJ WKH 7;3 VLJQDO LV XVHG DV D WULJJHUVLJQDO )RU WKLV SXUSRVH D 7;3 WHVW SRLQW LV SURYLGHG RQ WKH 3:3 UHIHU WR ILJXUH
8VH 3KRHQL[ WR VHOHFW 7;B'DWD 7\SH RU 7; 3RZHU /HYHO
1R

9DF 9DF 9DF 9DF

9 9 9 9 1R &KHFN %DVH %DQG

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

*60 7; 7URXEOH 6KRRWLQJ
6HWXS IRU *60 7; 7URXEOH VKRRWLQJ 6WDUW WKH SUHSDUDWLRQV DV GHVFULEHG LQ VHFWLRQ ¦*HQHUDO ,QVWUXFWLRQV IRU 7; 7URXEOH VKRRW LQJ§ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7HVWLQJ 5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ SRSV XS 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO 7; 3$ 0RGH 7; 3RZHU /HYHO 7; 'DWD 7\SH *60 7; %XUVW )UHH 5DQGRP

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

1RZ WKH PHDVXUHPHQW HTXLSPHQW VKRXOG GHWHFW WKH IROORZLQJ RXWSXW VLJQDO RI WKH SKRQH 3RXW G%P # 0+]

,I WKLV LV QRW WKH FDVH WKHQ JR WR WKH IDXOW ILQGLQJ FKDUW )DXOW ILQGLQJ FKDUW IRU *60 WUDQVPLWWHU ,Q WKH IROORZLQJ WKH 7;3 VLJQDO LV XVHG DV D WULJJHUVLJQDO )RU WKLV SXUSRVH D 7;3 WHVW SRLQW LV SURYLGHG RQ WKH 3:3 UHIHU WR ILJXUH

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

8VH 3KRHQL[ WR VHOHFW 7;B'DWD 7\SH RU 7; 3RZHU /HYHO
1R

&KHFN %DVH %DQG

9DF 9DF 9DF 9DF

9 9 9 9 1R &KHFN %DVH %DQG


3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

6\QWKHVL]HU 'HVFULSWLRQ DQG 7URXEOH 6KRRWLQJ
2QH 3// V\QWKHVL]HU LV JHQHUDWLQJ DOO WKH UHTXLUHG IUHTXHQFLHV RI WKH EDQGV IRU 5; DQG 7; 7KH 9&2 IUHTXHQF\ LV GLYLGHG E\ RU E\ LQ 0MRHOQHU GHSHQGLQJ RQ WKH DFWLYH EDQG

0+] 5HIHUHQFH 2VFLOODWRU 9&;2
7KH 9&;2 LV LQWHJUDWHG LQ WKH 0MRHOQHU 5)$6,& 1 7KH RQO\ H[WHUQDO FRPSRQHQW LV WKH 0+] FU\VWDO % 7KH UHIHUHQFH RVFLOODWRU KDV WZR IXQFWLRQV 5HIHUHQFH IUHTXHQF\ IRU WKH 3// V\QWKHVL]HU 6\VWHP FORFN IRU %% 5)&ONB, 0+]

)RU DQ HUURU IUHH LQLWLDO V\QFKURQL]DWLRQ WKH 0+] IUHTXHQF\ RI WKH 9&;2 PXVW EH DFFXUDWH HQRXJK 7KHUHIRUH D 9&;2FDOLEUDWLRQ YDOXH LV ZULWWHQ YLD WKH VHULDO %XV LQWR WKH 5HI26&&$/ UHJLVWHU RI 0MRHOQHU DQG DQ DGGLWLRQDO ELW LQ WKH 5HI26&&QWO UHJLVWHU RI WKH 0MRHOQHU 7KDW LV QHFHVVDU\ IRU WKH URXJK FDOLEUDWLRQ RI WKH 9&;2 7KH 9&;2 LV ILQH WXQHG E\ SURJUDPPLQJ WKH $)& YDOXH YLD WKH VHULDO EXV RI 0MRHOQHU 7KH QHFHVVDU\ $)& YDOXH LV ZULWWHQ LQWR WKH 5HI26&$)& UHJLVWHU LQ 0MRHOQHU

9&2
7KH 9&2 LV DEOH WR JHQHUDWH IUHTXHQFLHV LQ WKH UDQJH RI 0+] WR 0+] ZKHQ WKH 3// LV ZRUNLQJ SURSHUO\ 7KH IUHTXHQF\ RI WKH 9&2 VLJQDO LV GLYLGHG E\ RU E\ LQ 0MRHO QHU 5)$6,& 7KLV DOORZV WKH JHQHUDWLRQ RI DOO WKH IUHTXHQFLHV LQ WKH (*60 *60 DQG *60 EDQGV ERWK 5; DQG 7; 7KH RXWSXW IUHTXHQF\ RI WKH 9&2 LV FRQWUROOHG E\ D '& YROWDJH 9F RI WKH 3// ORRS ILOWHU 7KH YDOLG UDQJH RI 9F LV 9¤ 9 ZKHQ WKH 3// LV LQ WKH VWHDG\ VWDWH 7KH W\SLFDO WXQLQJ VHQVLWLYLW\ LV 0+]9 (YHQ LI WKH 3// LV QRW ZRUNLQJ SURSHUO\ 9F RXWVLGH WKH YDOLG UDQJH D IUHTXHQF\ DW WKH RXWSXW RI WKH 9&2 FDQ EH GHWHFWHG EHWZHHQ *+] DQG *+] LI WKH 9&2 LWVHOI LV RN

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

5 9

$ 5 9

5 9

5 9

G G Q W

W $

P Y 8 W

y yr vs

U V P A S F @ Q G sr S G 8 i

P 8 W

y r vys

, 5 2 9 9

W ' Ã 7 7 W

r Ãx yp sÃr S

2 , 2 1 , ( 9 *

Y f U @ T @ S

Y T V 7 A S

6 9 T V 7 A S

F G 8 T V 7 A S

u T

y y G y r p r G r vs W svy Q y svy G G Q 9 9 W @ S Q 9 9 W U V P Q 8 7 7 7 9 9 W U V P A @ S

C H % ! P Y 9 9 W H G 6 U Y Q G 6 U Y P G Q DI P G H DI DB 9 9 9 W G 9 9 9 W S 9 9 6 G @ T Y U @ T @ S yr sv yr à u DP Y U @ T @ S G 6 8 8 A 6 vh Ã7 P Y 8 W y yÃ8 h v t v 9 r U Ãà U T D7

" I @ f A S F G 8 f A S 6 U 6 9 f A S

P G 9 9 W

Q 8 9 9 W

r t h u 8

Q

x p G

p r r 9

sr 7

!

" ( 6 1( 6 2&9

s 8 7 B 6


y 8

W DW D 9 9 I 6 U I 8 P G

DW 9 S U I 8 A @ S

! S C ! S

;7 ' ' 9 % % ; 5 ' '9

r T

( 6 1( 6

h S

q r à 6 Q

v h vp q v

$ % # %

v p v Ã8 vh Ã7 v h H 7 7 Y S 9 9 W

! S C ! S Ã@ v r S

7 ;(% 5

x & !
B 9 1 2 & ) 5

7 ; ( % 9 sr yr S sv

) ( 59

Y ÃS H T B Ã U T 8 Q T 8 9 Ã U

r v r v à Y S

! ! ! !

#

#

! !

H T B Ã U T 8 Q T 8 Ã9 U

yh q H yh q H

!

!

! !

)LJXUH 3// %ORFN 'LDJUDP

*HQHUDO LQVWUXFWLRQV IRU 6\QWKHVL]HU WURXEOH VKRRWLQJ
&RQQHFW WKH SKRQH WR D 3& ZLWK '$87 FDEOH 56 RU '.8 FDEOH 86% 7KH 3& PXVW KDYH 3KRHQL[ 6HUYLFH 6RIWZDUH DQG GRQJOH LQVWDOOHG 7KHQ IROORZ WKH LQVWUXFWLRQV EHORZ

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

&KHFN 6\QWKHVL]HU 2SHUDWLRQ
6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH DQG RSHQ )%86 FRQQHFWLRQ 6HOHFW 6FDQ 3URGXFW &WUO5

:DLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZQ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6WDUW 5) &RQWURO ZLQGRZ 6HOHFW 0DLQWHQDQFH 7XQLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ KDV SRSSHG XS 6HW WKH V\QWKHVL]HU WR WKH IROORZLQJ PRGH 6HOHFW %DQG $FWLYH XQLW 2SHUDWLRQ PRGH 5;7; &KDQQHO *60 5; &RQWLQXRXV

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7KH IUHTXHQF\ RI 0+] DW WKH RXWSXW RI WKH 9&2 * KDV WR EH PHDVXUHG ZLWK D UHVLVWLYH SUREH DQG D VSHFWUXP DQDO\]HU 7KH WXQLQJ YROWDJH FDQ HDVLO\ EH PHDVXUHG DW WKH 9F LQSXW RI WKH 9&2 & 7KH WXQLQJ YROWDJH VKRXOG EH 9'& 9'& DW I9&2 0+] 7KH WXQLQJ VHQVLWLYLW\ RI WKH 9&2 LV W\SLFDOO\ 0+]9 ,I WKLV LV QRW WKH FDVH SOHDVH UHIHU WR VHFWLRQ ¦)DXOW ILQGLQJ FKDUW IRU 3// 6\QWKHVL]HU§ EHORZ

)DXOW )LQGLQJ &KDUW IRU 3// 6\QWKHVL]HU
TrÃvu 7hq)ÃBTHÃ( Hqr)ÃSYÃ8v 8uhry)Ã"& Trphhyr W8PÃÃB& s9&2Ã2Ã"&%(%ÃHC VWXQH2!"!'W `r 77ÃÃxvt irphrÃ!%HC vvt

3// 6\QWKHVLVHU )DXOW ILQGLQJ 7UHH

Ppvyypr I W8YPÃTyÃ8%& WS"2!&'WÃWDP2 'W
WS@A 2 "$W

`r

Ppvyypr W8YPÃ S#!$ÃSA8GF !%HCh'W I purpxÃS% '0Ã8#!$ 7% Hwryr

`r

PpvyyprÃW8PÃy

95$ 9

WS&Ã2Ã!&'WÃWS$2!&'W I

I 8urpxÃyÃsvyrÃpr
8urpxÃ77ÃhqÃTshr

8urpxÃyÃsvyrÃpr
8urpxÃV@HÃhqÃTshr

QurÃÃvÃspv 8urpxÃ7yru I 8ypxissr S% S%!S%" W% 8%!

QurÃÃvÃspv

`r

Ppvyypr 7yruÃ8ypxissr S% ÃGQSA8GFfD !%HCÃhÃ%W `r QGGÃ7ypxÃvÃspvhy

GÃsvyrÃpr4 DsÃxÃpuhtrÃHwryr XtÃvvtÃÃSA7 rrÃ77Ãh
rprhÃyhtr ÃsÃh vr phÃirÃpurpxrq hsrÃr q

Trphhyr `r W8PÃÃB& Ã TrÃvthyÃ"#ÃBC I
s

AÃhÃshvyrÃsrrÃxvtÃsÃ77ÃurÃ!%HCÃpypxÃvÃrprhÄÄÄ DsÃurÃ!%HCÃpypxÃvÃxÃyrhrÃpurpxÃsvÃur WS"0WDPÃhqÃWS@A ÃUuv hiÃ"!rpÃ6srÃuh vrÃurÃyhtrÃhÃtvt

8uhtrÃW8PÃB&

)LJXUH 3// 6\WKHVL]HU )DXOW )LQGLQJ &KDUW ,W LV LPSRUWDQW WR QRWH WKDW WKH SRZHU VXSSO\ RI WKH 9&;2 95 LV RQO\ VZLWFKHG RII LQ WKH VRFDOOHG ¨'HHS 6OHHS 0RGH© DQG WKH SRZHU VXSSO\ RI WKH 9&2 * 95 LV VZLWFKHG RII LQ VRFDOOHG ¨6OHHS 0RGH©

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

)UHTXHQF\ /LVWV
(*60
8C


UY



SY



W8PÃUY W8PÃSY 8C UY




SY



W8PÃUY W8PÃSY 8C UY




SY



W8PÃUY W8PÃSY


,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ *60
8C UY
$ ! $ " $ # $ $ $ % $ & $ ' $ ( $! $! $!! $!" $!# $!$ $!% $!& $!' $!( $" $" $"! $"" $"# $"$ $"% $"& $"' $"( $# $# $#! $#" $## $#$ $#% $#& $#' $#( $$ $$ $$! $$" $$# $$$ $$% $$& $$' $$( $% $% $%! $%" $%# $%$ $%% $%& $%' $%( $& $& $&! $&" $&# $&$ $&% $&& $&' $&( $' $' $'! $'" $'# $'$ $'% $'& $'' $'( $( $( $(! $(" $(# $($ $(% $(& $(' $(( % % %! %" %# %$ & ! & # & % & ' & & & & & ! # % '

'$! '$# '$% '$' '% '%! '%# '%% '%' '& '&! '&# '&% '&' '' ''! ''# ''% ''' '( '(! '(# '(% '(' ' ' ! ' # ' % ' ' ' ' ' ' ' ! # $ '

SY W8PÃUYW8PÃSY 8C UY
"#!# "#!' "#! ! "#! % "#!! "#!!# "#!!' "#!"! "#!"% "#!# "#!## "#!#' "#!$! "#!$% "#!% "#!%# "#!%' "#!&! "#!&% "#!' "#!'# "#!'' "#!(! "#!(% "#" "#"# "#"' "#" ! "#" % "#"! "#"!# "#"!' "#""! "#""% "#"# "#"## "#"#' "#"$! "#"$% "#"% "#"%# "#"%' "#"&! "#"&% "#"' "#"'# "#"'' "##(! "##(% "## "### "##' "## ! "## % "##! "##!# "##!' "##"! "##"% "### "#### "###' "##$! "##$% "##% "##%# "##%' "##&! "##&% "##' "##'# "##'' "##(! "##(% "#$ "#$# "#$' "#$ ! "#$ % "#$! "#$!# "#$!' "#$"! "#$"% "#$# "#$## "#$#' "#$$! "#$$% "#$% "#$%# "#$%' "#$&! "#$&% "% # "% ' "% "% ! % %% %& %' %( % % % ! % " % # % $ % % % & % ' % ( %! %! %!! %!" %!# %!$ %!% %!& %!' %!( %" %" %"! %"" %"# %"$ %"% %"& %"' %"( %# %# %#! %#" %## %#$ %#% %#& %#' %#( %$ %$ %$! %$" %$# %$$ %$% %$& %$' %$( %% %% %%! %%" %%# %%$ %%% %%& %%' %%( %& %& %&! %&" %&# %&$ %&% %&& %&' %&( %' %' %'! %'" %'# %'$ %'% %'& %'' %'( %( %( %(! %(" %(# %($ %(% %(& %(' %((

&!( &!(! &!(# &!(% &!(' &" &"! &"# &"% &"' &" &" ! &" # &" % &" ' &"! &"!! &"!# &"!% &"!' &"" &""! &""# &""% &""' &"# &"#! &"## &"#% &"#' &"$ &"$! &"$# &"$% &"$' &"% &"%! &"%# &"%% &"%' &"& &"&! &"&# &"&% &"&' &"' &"'! &"'# &"'% &"'' &"( &"(! &"(# &"(% &"(' &# &#! &## &#% &#' &# &# ! &# # &# % &# ' &#! &#!! &#!# &#!% &#!' &#" &#"! &#"# &#"% &#"' &## &##! &### &##% &##' &#$ &#$! &#$# &#$% &#$' &#% &#%! &#%# &#%% &#%' &#& &#&! &#&# &#&%

'!# '!#! '!## '!#% '!#' '!$ '!$! '!$# '!$% '!$' '!% '!%! '!%# '!%% '!%' '!& '!&! '!&# '!&% '!&' '!' '!'! '!'# '!'% '!'' '!( '!(! '!(# '!(% '!(' '" '"! '"# '"% '"' '" '" ! '" # '" % '" ' '"! '"!! '"!# '"!% '"!' '"" '""! '""# '""% '""' '"# '"#! '"## '"#% '"#' '"$ '"$! '"$# '"$% '"$' '"% '"%! '"%# '"%% '"%' '"& '"&! '"&# '"&% '"&' '"' '"'! '"'# '"'% '"'' '"( '"(! '"(# '"(% '"(' '# '#! '## '#% '#' '# '# ! '# # '# % '# ' '#! '#!! '#!# '#!%

SY W8PÃUYW8PÃSY 8C UY
"#$' "#$'# "#$'' "#$(! "#$(% "#% "#%# "#%' "#% ! "#% % "#%! "#%!# "#%!' "#%"! "#%"% "#%# "#%## "#%#' "#%$! "#%$% "#%% "#%%# "#%%' "#%&! "#%&% "#%' "#%'# "#%'' "#%(! "#%(% "#& "#&# "#&' "#& ! "#& % "#&! "#&!# "#&!' "#&"! "#&"% "#&# "#&## "#&#' "#&$! "#&$% "#&% "#&%# "#&%' "#&&! "#&&% "#&' "#&'# "#&'' "#&(! "#&(% "#' "#'# "#'' "#' ! "#' % "#'! "#'!# "#'!' "#'"! "#'"% "#'# "#'## "#'#' "#'$! "#'$% "#'% "#'%# "#'%' "#'&! "#'&% "#'' "#''# "#''' "#'(! "#'(% "#( "#(# "#(' "#( ! "#( % "#(! "#(!# "#(!' "#("! "#("% "#(# "#(## "#(#' "#($! "%#' "%#'# "%#'' "%#(! "%#(% "%$ "%$# "%$' "%$ ! "%$ % "%$! "%$!# "%$!' "%$"! "%$"% "%$# "%$## "%$#' "%$$! "%$$% "%$% "%$%# "%$%' "%$&! "%$&% "%$' "%$'# "%$'' "%$(! "%$(% "%% "%%# "%%' "%% ! "%% % "%%! "%%!# "%%!' "%%"! "%%"% "%%# "%%## "%%#' "%%$! "%%$% "%%% "%%%# "%%%' "%%&! "%%&% "%%' "%%'# "%%'' "%%(! "%%(% "%& "%&# "%&' "%& ! "%& % "%&! "%&!# "%&!' "%&"! "%&"% "%&# "%&## "%&#' "%&$! "%&$% "%&% "%&%# "%&%' "%&&! "%&&% "%&' "%&'# "%&'' "%&(! "%&(% "%' "%'# "%'' "%' ! "%' % "%'! "%'!# "%'!' "%'"! "%'"% "%'# "%'## "%'#' "%'$! & & &! &" &# &$ &% && &' &( & & & ! & " & # & $ & % & & & ' & ( &! &! &!! &!" &!# &!$ &!% &!& &!' &!( &" &" &"! &"" &"# &"$ &"% &"& &"' &"( &# &# &#! &#" &$# &#$ &#% &#& &#' &#( &$ &$ &$! &$" &$# &$$ &$% &$& &$' &$( &% &% &%! &%" &%# &%$ &%% &%& &%' &%( && && &&! &&" &&# &&$ &&% &&& &&' &&( &' &' &'! &'" &'# &'$ &'% &'& &'' &'( &( &( &(! &("

&#&' &#' &#'! &#'# &#'% &#'' &#( &#(! &#(# &#(% &#('

'#!' '#" '#"! '#"# '#"% '#"' '## '##! '### '##% '##' '#$ '#$! '#$# '#$% '#$' '#% '#%! '#%# '#%% '#%' '#& '#&! '#&# '#&% '#&' '#' '#'! '#'# '#'% '#'' '#( '#(! '#(# '#(% '#(' '$ '$! '$# '$% '$' '$ '$ ! '$ # '$ % '$ ' '$! '$!! '$!# '$!% '$!' '$" '$"! '$"# '$"% '$"' '$# '$#! '$## '$#% '$#' '$$ '$$! '$$# '$$% '$$' '$% '$%! '$%# '$%% '$%' '$& '$&! '$&# '$&% '$&' '$' '$'! '$'# '$'% '$'' '$( '$(! '$(# '$(% '$(' '% '%! '%# '%% '%' '% '% ! '% #

SY W8PÃUYW8PÃSY 8C UY
"#($% "#(% "#(%# "#(%' "#(&! "#(&% "#(' "#('# "#('' "#((! "#((% "$ "$# "$' "$ ! "$ % "$! "$!# "$!' "$"! "$"% "$# "$## "$#' "$$! "$$% "$% "$%# "$%' "$&! "$&% "$' "$'# "$'' "$(! "$(% "$ "$ # "$ ' "$ "$ ! % "%'$% "%'% "%'%# "%'%' "%'&! "%'&% "%'' "%''# "%''' "%'(! "%'(% "%( "%(# "%(' "%( ! "%( % "%(! "%(!# "%(!' "%("! "%("% "%(# "%(## "%(#' "%($! "%($% "%(% "%(%# "%(%' "%(&! "%(&% "%(' "%('# "%('' "%((! "%((% "& "&# "&' "& ! "& % "&! "&!# "&!' "&"! "&"% "&# "&## "&#' "&$! "&$% "&% "&%# "&%' "&&! "&&% "&' "&'# "&'' "&(! "&(% "& "& # "& ' "& "& ! % &(# &($ &(% &(& &(' &(( ' ' '! '" '# '$ '% '& '' '( ' ' ' ! ' " ' # ' $ ' % ' & ' ' ' ( '! '! '!! '!" '!# '!$ '!% '!& '!' '!( '" '" '"! '"" '"# '"$ '"% '"& '"' '"( '# '# '#! '#" '## '#$ '#% '#& '#' '#( '$ '$ '$! '$" '$# '$$ '$% '$& '$' '$( '% '% '%! '%" '%# '%$ '%% '%& '%' '%( '& '& '&! '&" '&# '&$ '&% '&& '&' '&( '' '' ''! ''" ''# ''$

&%%% &%%' &%& &%&! &%&# &%&% &%&' &%' &%'! &%'# &%'%

'% % '% ' '%! '%!! '%!# '%!% '%!' '%" '%"! '%"# '%"% '%"' '%# '%#! '%## '%#% '%#' '%$ '%$! '%$# '%$% '%$' '%% '%%! '%%# '%%% '%%' '%& '%&! '%&# '%&% '%&' '%' '%'! '%'# '%'% '%'' '%( '%(! '%(# '%(% '%(' '& '&! '&# '&% '&' '& '& ! '& # '& % '& ' '&! '&!! '&!# '&!% '&!' '&" '&"! '&"# '&"% '&"' '&# '&#! '&## '&#% '&#' '&$ '&$! '&$# '&$% '&$' '&% '&%! '&%# '&%% '&%' '&& '&&! '&&# '&&% '&&' '&' '&'! '&'# '&'% '&'' '&( '&(! '&(# '&(% '&('

SY W8PÃUYW8PÃSY
"$""! "$""% "$"# "$"## "$"#' "$"$! "$"$% "$"% "$"%# "$"%' "$"&! "$"&% "$"' "$"'# "$"'' "$"(! "$"(% "$# "$## "$#' "$# ! "$# % "$#! "$#!# "$#!' "$#"! "$#"% "$## "$### "$##' "$#$! "$#$% "$#% "$#%# "$#%' "$#&! "$#&% "$#' "$#'# "$#'' "$#(! "$#(% "$$ "$$# "$$' "$$ ! "$$ % "$$! "$$!# "$$!' "$$"! "$$"% "$$# "$$## "$$#' "$$$! "$$$% "$$% "$$%# "$$%' "$$&! "$$&% "$$' "$$'# "$$'' "$$(! "$$(% "$% "$%# "$%' "$% ! "$% % "$%! "$%!# "$%!' "$%"! "$%"% "$%# "$%## "$%#' "$%$! "$%$% "$%% "$%%# "$%%' "$%&! "$%&% "$%' "$%'# "$%'' "$%(! "$%(% "&!"! "&!"% "&!# "&!## "&!#' "&!$! "&!$% "&!% "&!%# "&!%' "&!&! "&!&% "&!' "&!'# "&!'' "&!(! "&!(% "&" "&"# "&"' "&" ! "&" % "&"! "&"!# "&"!' "&""! "&""% "&"# "&"## "&"#' "&"$! "&"$% "&"% "&"%# "&"%' "&"&! "&"&% "&"' "&"'# "&"'' "&"(! "&"(% "&# "&## "&#' "&# ! "&# % "&#! "&#!# "&#!' "&#"! "&#"% "&## "&### "&##' "&#$! "&#$% "&#% "&#%# "&#%' "&#&! "&#&% "&#' "&#'# "&#'' "&#(! "&#(% "&$ "&$# "&$' "&$ ! "&$ % "&$! "&$!# "&$!' "&$"! "&$"% "&$# "&$## "&$#' "&$$! "&$$% "&$% "&$%# "&$%' "&$&! "&$&% "&$' "&$'# "&$'' "&$(! "&$(%

"% ! "% !# "% !' "% "! "% "% "% # "% ## "% #' "% $! "% $% "% % "% %# "% %' "% &! "% &% "% ' "% '# "% '' "% (! "% (% "%! "%!# "%!' "%! ! "%! % "%!! "%!!# "%!!' "%!"! "%!"% "%!# "%!## "%!#' "%!$! "%!$% "%!% "%!%# "%!%' "%!&! "%!&% "%!' "%!'# "%!'' "%!(! "%!(% "%" "%"# "%"' "%" ! "%" % "%"! "%"!# "%"!' "%""! "%""% "%"# "%"## "%"#' "%"$! "%"$% "%"% "%"%# "%"%' "%"&! "%"&% "%"' "%"'# "%"'' "%"(! "%"(% "%# "%## "%#' "%# ! "%# % "%#! "%#!# "%#!' "%#"! "%#"% "%## "%### "%##' "%#$! "%#$% "%#% "%#%# "%#%' "%#&! "%#&%

& ! & !! & !# & !% & !' & " & "! & "# & "% & "' & # & #! & ## & #% & #' & $ & $! & $# & $% & $' & % & %! & %# & %% & %' & & & &! & &# & &% & &' & ' & '! & '# & '% & '' & ( & (! & (# & (% & (' &! &!! &!# &!% &!' &! &! ! &! # &! % &! ' &!! &!!! &!!# &!!% &!!' &!" &!"! &!"# &!"% &!"' &!# &!#! &!## &!#% &!#' &!$ &!$! &!$# &!$% &!$' &!% &!%! &!%# &!%% &!%' &!& &!&! &!&# &!&% &!&' &!' &!'! &!'# &!'% &!''

&$ &$! &$# &$% &$' &$ &$ ! &$ # &$ % &$ ' &$! &$!! &$!# &$!% &$!' &$" &$"! &$"# &$"% &$"' &$# &$#! &$## &$#% &$#' &$$ &$$! &$$# &$$% &$$' &$% &$%! &$%# &$%% &$%' &$& &$&! &$&# &$&% &$&' &$' &$'! &$'# &$'% &$'' &$( &$(! &$(# &$(% &$(' &% &%! &%# &%% &%' &% &% ! &% # &% % &% ' &%! &%!! &%!# &%!% &%!' &%" &%"! &%"# &%"% &%"' &%# &%#! &%## &%#% &%#' &%$ &%$! &%$# &%$% &%$' &%% &%%! &%%#

&%'' &%( &%(! &%(# &%(% &%(' && &&! &&# &&% &&' && && ! && # && % && ' &&! &&!! &&!# &&!% &&!' &&" &&"! &&"# &&"% &&"' &&# &&#! &&## &&#% &&#' &&$ &&$! &&$# &&$% &&$' &&% &&%! &&%# &&%% &&%' &&& &&&! &&&# &&&% &&&' &&' &&'! &&'# &&'% &&'' &&( &&(! &&(# &&(% &&(' &' &'! &'# &'% &'' &' &' ! &' # &' % &' ' &'! &'!! &'!# &'!% &'!' &'" &'"! &'"# &'"% &'"' &'# &'#! &'## &'#% &'#'

' ! ' !! ' !# ' !% ' !' ' " ' "! ' "# ' "% ' "' ' # ' #! ' ## ' #% ' #' ' $ ' $! ' $# ' $% ' $' ' % ' %! ' %# ' %% ' %' ' & ' &! ' &# ' &% ' &' ' ' ' '! ' '# ' '% ' '' ' ( ' (! ' (# ' (% ' (' '! '!! '!# '!% '!' '! '! ! '! # '! % '! ' '!! '!!! '!!# '!!% '!!' '!" '!"! '!"# '!"% '!"'

"$ ! "$ !# "$ !' "$ "! "$ "% "$ # "$ ## "$ #' "$ $! "$ $% "$ % "$ %# "$ %' "$ &! "$ &% "$ ' "$ '# "$ '' "$ (! "$ (% "$! "$!# "$!' "$! ! "$! % "$!! "$!!# "$!!' "$!"! "$!"% "$!# "$!## "$!#' "$!$! "$!$% "$!% "$!%# "$!%' "$!&! "$!&% "$!' "$!'# "$!'' "$!(! "$!(% "$" "$"# "$"' "$" ! "$" % "$"! "$"!# "$"!'

"& ! "& !# "& !' "& "! "& "% "& # "& ## "& #' "& $! "& $% "& % "& %# "& %' "& &! "& &% "& ' "& '# "& '' "& (! "& (% "&! "&!# "&!' "&! ! "&! % "&!! "&!!# "&!!'

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ *60
8C


&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ



UY



SY W8PÃUY W8PÃSY 8C






UY



SY W8PÃUY W8PÃSY 8C






UY



SY W8PÃUY W8PÃSY 8C






UY



SY W8PÃUY W8PÃSY


,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

5) 7XQLQJ ,QVWUXFWLRQV
6HWXS IRU 5) 7XQLQJ
3URYLGH WKH SKRQH ZLWK SRZHU VXSSO\ QRPLQDO YROWDJH LV 9 &RQQHFW WKH SKRQH WR D 3& ZLWK '$87 FDEOH 56 RU '.8 FDEOH 86% 6WDUW 3KRHQL[ 6HUYLFH 6RIWZDUH GRQJOH UHTXLUHG 2SHQ )%86 FRQQHFWLRQ )LOH 6FDQ 3URGXFW 6KRUWFXW &WUO5 6HOHFW $OW) 3

:DLW XQWLO SKRQH LQIRUPDWLRQ LV VKRZQ LQ WKH ORZHU ULJKW FRUQHU RI WKH VFUHHQ

5) 7XQLQJ DIWHU 5HSDLUV
7KH IROORZLQJ WXQLQJV KDYH WR EH SHUIRUPHG DIWHU UHSDLUV 5HSDLUV LQ WKH 7; SDUW ZLOO UHTXLUH 7; 3RZHU /HYHO 7XQLQJ :KHQ FRPSRQHQWV DURXQG WKH PRGXODWRU DUHD DUH UHSODFHG 5) SDWK IURP 8(0 YLD 0MRHOQHU WR 5) 3$ KDYH EHHQ GRQH 7; ,4 7XQLQJ LV DGGLWLRQDOO\ UHTXLUHG ,Q JHQHUDO UHSDLUV LQ WKH 5; IURQWHQG RU WKH 3// XQLW DOZD\V UHTXLUH 5; &DOLEUD WLRQ DQG ¦5; %DQG )LOWHU &DOLEUDWLRQ§ ,I 0MRHOQHU ZDV FKDQJHG DOO FDOLEUDWLRQV PHQWLRQHG DERYH KDYH WR EH GRQH



5; &DOLEUDWLRQ
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

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

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

5; &DOLEUDWLRQ

:DLW XQWLO WKH 5; &DOLEUDWLRQ ZLQGRZ KDV SRSSHG XS 6HOHFW %DQG $XWRP VW 0DQ QG 0DQ *60 G%P G%P G%P

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

6HOHFW $XWRPDWLF SUHVV 6WDUW DQG D QHZ ZLQGRZ SRSV XS

6HOHFW 30 VHWWLQJV SUHVV 2. DQG WKH ZLQGRZ FORVHV 1RZ LW LV SRVVLEOH WR SUHVV WKH &DOLEUDWH EXWWRQ LQ WKH 5; &DOLEUDWLRQ ZLQGRZ

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

3UHVV &DOLEUDWH DQG D ZLQGRZ SRSV XS

&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG FRPSHQVDWH IRU H[WHUQDO 5) FDEOH ORVVHV 6HW WKH JHQHUDWRU DV VKRZQ LQ ZLQGRZ DERYH ,I D UDGLR FRP PXQLFDWLRQ WHVWHU &0' &08 07 LV XVHG DVVXUH WKDW FRQWLQXRXV PRGH LV VZLWFKHG RQ DQG PRGXODWLRQ VZLWFKHG RII 3UHVV 2. DQG WKH ZLQGRZ FORVHV $ W\SLFDO UHVXOW ZLOO ORRN OLNH WKLV

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7KH UHVXOWV PXVW EH FRPSDUHG ZLWK WKH IROORZLQJ OLPLWV
9DOXH 9&;2 FDO $)& YDOXH 6ORSH & 6ORSH & 6ORSH & 5VVL 5VVL 7\SLFDO /LPLW PLQ /LPLW PD[

)RU SURGXFWLRQ WHVWLQJ D PRUH VRSKLVWLFDWHG FKHFN RI WKH & DQG & YDOXHV LV SHUIRUPHG DFFRUGLQJ WR WKH IROORZLQJ IRUPXODV & & $IF YDOXH & & $IF YDOXH >& H & H@ >& H & H@

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

3UHVV
5; &DOLEUDWLRQ

3DJH

1RNLD &RUSRUDWLRQ

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

:DLW XQWLO WKH 5; &DOLEUDWLRQ ZLQGRZ SRSV XS 6HOHFW %DQG $XWRP VW 0DQ QG 0DQ 7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV *60 G%P G%P G%P

6HOHFW $XWRPDWLF SUHVV 6WDUW DQG D QHZ ZLQGRZ SRSV XS

6HOHFW 30 VHWWLQJV SUHVV 2. DQG WKH ZLQGRZ FORVHV 1RZ LW LV SRVVLEOH WR SUHVV WKH FDOLEUDWH EXWWRQ LQ WKH 5; &DOLEUDWLRQ ZLQGRZ

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 3UHVV &DOLEUDWH DQG D ZLQGRZ SRSV XS

&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG FRPSHQVDWH IRU WKH H[WHUQDO 5) FDEOH ORVVHV 6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH ,I D UDGLR FRPPXQLFDWLRQ WHVWHU &0' &08 07 LV XVHG DVVXUH WR KDYH FRQWLQXRXV PRGH VZLWFKHG RQ DQG PRGXODWLRQ VZLWFKHG RII 3UHVV 2. DQG WKH ZLQGRZ FORVHV $ W\SLFDO UHVXOW ZLOO ORRN OLNH WKLV

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

7KH UHVXOWV PXVW EH FRPSDUHG ZLWK WKH IROORZLQJ OLPLWV
9DOXH 5VVL 5VVL 7\SLFDO /LPLW PLQ /LPLW PD[

,I 5VVL DQG 5VVL DUH ZLWKLQ WKH OLPLWV DOO RWKHU 5VVL YDOXHV DUH YDOLG WRR ,I QRW FRQ WLQXH DFFRUGLQJ WR WKH LQVWUXFWLRQV RI 5; IDXOW ILQGLQJ IORZ FKDUW 3UHVV 6WRS LQ WKH 5; &DOLEUDWLRQ ZLQGRZ DQG D QHZ ZLQGRZ SRSV XS

3UHVV
5; &DOLEUDWLRQ

:DLW XQWLO WKH 5; &DOLEUDWLRQ ZLQGRZ SRSV XS 6HOHFW %DQG $XWRP VW 0DQ QG 0DQ *60 G%P G%P G%P

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

6HOHFW $XWRPDWLF SUHVV 6WDUW DQG D QHZ ZLQGRZ SRSV XS

6HOHFW 30 VHWWLQJV SUHVV 2. DQG WKH ZLQGRZ FORVHV 1RZ LW LV SRVVLEOH WR SUHVV WKH FDOLEUDWH EXWWRQ LQ WKH 5; &DOLEUDWLRQ ZLQGRZ

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

3UHVV &DOLEUDWH DQG D ZLQGRZ SRSV XS

&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG FRPSHQVDWH IRU WKH H[WHUQDO 5) FDEOH ORVVHV 6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH ,I D UDGLR FRPPXQLFDWLRQ WHVWHU &0' &08 07 LV XVHG DVVXUH WR KDYH FRQWLQXRXV PRGH VZLWFKHG RQ DQG PRGXODWLRQ VZLWFKHG RII 3UHVV RN DQG WKH ZLQGRZ FORVHV $ W\SLFDO UHVXOW ZLOO ORRN OLNH WKLV

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7KH UHVXOWV PXVW EH FRPSDUHG ZLWK WKH IROORZLQJ OLPLWV
9DOXH 5VVL 5VVL 7\SLFDO /LPLW PLQ /LPLW PD[

,I 5VVL DQG 5VVL DUH ZLWKLQ WKH OLPLWV DOO RWKHU 5VVL YDOXHV DUH YDOLG WRR ,I QRW FRQ WLQXH DFFRUGLQJ WR WKH LQVWUXFWLRQV RI 5; )DXOW ILQGLQJ IORZ FKDUW 3UHVV 6WRS LQ WKH 5; &DOLEUDWLRQ ZLQGRZ DQG D QHZ ZLQGRZ SRSV XS

3UHVV
5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ
7KLV DOLJQPHQW LV QHFHVVDU\ WR FRPSHQVDWH WKH IUHTXHQF\ UHVSRQVH RI WKH 5; EDQG ILOWHUV 6$: ILOWHUV 5; %DQG )LOWHU 5HVSRQVH (*60
6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7XQLQJ 5) &RQWUROV $OW0 7 )

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ SRSV XS 6HOHFW 6HOHFW %DQG 0DLQWHQDQFH 7XQLQJ 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ
$ ZLQGRZ SRSV XS

*60 $OW0 7 %

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

6HOHFW
6HOHFW

,QSXW 6LJQDO /HYHO

G%P

0DQXDO 7XQLQJ 3UHVV 0DQXDO 7XQLQJ DQG D ZLQGRZ SRSV XS

&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG FRPSHQVDWH IRU WKH H[WHUQDO 5) FDEOH ORVVHV 6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH ,I D UDGLR FRPPXQLFDWLRQ WHVWHU &0' &08 07 LV XVHG DVVXUH WR KDYH FRQWLQXRXV PRGH VZLWFKHG RQ DQG PRGXODWLRQ VZLWFKHG RII

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 3UHVV 2. DQG D QHZ ZLQGRZ SRSV XS

6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH 3UHVV 2. DQG D QHZ ZLQGRZ SRSV XS &RQWLQXH ZLWK WKH VHTXHQFH XQWLO WKH FDOLEUDWLRQ LV ILQDOL]HG RQ DOO RI WKH FKDQQHOV 3UHVV 6WRS :ULWH WR 30 $UHD ,Q WKH 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ ZLQGRZ DQG D ZLQGRZ SRSV XS

3UHVV
&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG WKH VLJQDO JHQHUDWRU ZLOO JHQHUDWH WKH SUHSURJUDPPHG IUHTXHQFLHV DIWHU SUHVVLQJ 2. 3UHVV 6WRS :ULWH WR 30 $UHD ,Q WKH 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ ZLQGRZ DQG

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ D ZLQGRZ SRSV XS

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

3UHVV 9DOXH 1 7\SLFDO /LPLW PLQ /LPLW PD[

5; %DQG )LOWHU 5HVSRQVH *60 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7XQLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ KDV SRSSHG XS 6HOHFW 6HOHFW %DQG 0DLQWHQDQFH 7XQLQJ *60 $OW0 7 %

5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ

7KH IROORZLQJ ZLQGRZ SRSV XS

6HOHFW
,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

6HOHFW

,QSXW 6LJQDO /HYHO

G%P

0DQXDO 7XQLQJ 3UHVV 0DQXDO 7XQLQJ DQG D ZLQGRZ SRSV XS

&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG FRPSHQVDWH IRU WKH H[WHUQDO 5) FDEOH ORVVHV 6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH ,I D UDGLR FRPPXQLFDWLRQ WHVWHU &0' &08 07 LV XVHG DVVXUH WR KDYH FRQWLQXRXV PRGH VZLWFKHG RQ DQG PRGXODWLRQ VZLWFKHG RII

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

3UHVV 2. DQG D QHZ ZLQGRZ SRSV XS

6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH 3UHVV 2. DQG D QHZ ZLQGRZ SRSV XS 5HSHDW WKLV VHTXHQFH XQWLO WKH FDOLEUDWLRQ LV ILQDO L]HG RQ DOO RI WKH FKDQQHOV 3UHVV 6WRS :ULWH WR 30 $UHD ,Q WKH 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ ZLQGRZ DQG D ZLQGRZ SRSV XS

3UHVV
&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG WKH VLJQDO JHQHUDWRU ZLOO JHQHUDWH WKH SUHSURJUDPPHG IUHTXHQFLHV DIWHU SUHVVLQJ 2. 3UHVV 6WRS :ULWH WR 30 $UHD ,Q WKH 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ ZLQGRZ DQG D ZLQGRZ SRSV XS

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ

3UHVV 9DOXH 1 7\SLFDO /LPLW PLQ /LPLW PD[

5; %DQG )LOWHU 5HVSRQVH *60 6HW RSHUDWLQJ PRGH WR ORFDO PRGH 6HOHFW 0DLQWHQDQFH 7XQLQJ $OW0 7 )

5) &RQWUROV

:DLW XQWLO WKH 5) &RQWUROV ZLQGRZ SRSV XS 6OHFW 6HOHFW %DQG 0DLQWHQDQFH 7XQLQJ *60 $OW0 7 %

5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ

$ ZLQGRZ SRSV XS

6HOHFW
3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

7KH VHWXS VKRXOG QRZ ORRN OLNH WKLV

6HOHFW

,QSXW 6LJQDO /HYHO

G%P

0DQXDO 7XQLQJ 3UHVV 0DQXDO 7XQLQJ DQG D ZLQGRZ SRSV XS

&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG FRPSHQVDWH IRU WKH H[WHUQDO 5) FDEOH ORVVHV 6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH ,I D UDGLR FRPPXQLFDWLRQ WHVWHU &0' &08 07 LV XVHG DVVXUH WR KDYH FRQWLQXRXV PRGH VZLWFKHG RQ DQG PRGXODWLRQ VZLWFKHG RII

,VVXH 'HF

1RNLD &RUSRUDWLRQ

3DJH

13/ &RPSDQ\ &RQILGHQWLDO 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ &&6 7HFKQLFDO 'RFXPHQWDWLRQ 3UHVV 2. DQG D QHZ ZLQGRZ SRSV XS

6HW WKH JHQHUDWRU DV VKRZQ LQ WKH ZLQGRZ DERYH 3UHVV 2. DQG D QHZ ZLQGRZ SRSV XS &RQWLQXH WKH VHTXHQFH XQWLO WKH FDOLEUDWLRQ LV ILQDOL]HG RQ DOO FKDQQHOV 3UHVV 6WRS :ULWH WR 30 $UHD ,Q WKH 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ ZLQGRZ DQG D ZLQGRZ SRSV XS

3UHVV
&RQQHFW DQ H[WHUQDO VLJQDO JHQHUDWRU WR WKH 5) FRQQHFWRU RI WKH SKRQH DQG WKH VLJQDO JHQHUDWRU ZLOO JHQHUDWH WKH SURJUDPPHG IUHTXHQFLHV DIWHU SUHVVLQJ 2. 3UHVV 6WRS :ULWH WR 30 $UHD ,Q WKH 5; %DQG )LOWHU 5HVSRQVH &RPSHQVDWLRQ ZLQGRZ DQG

3DJH

1RNLD &RUSRUDWLRQ

,VVXH 'HF

&&6 7HFKQLFDO 'RFXPHQWDWLRQ D ZLQGRZ SRSV XS

&RPSDQ\ &RQILGHQWLDO 13/ 5) 'HVFULSWLRQ DQG 7URXEOHVKRRWLQJ

3UHVV 9DOXH 1 7\SLFDO /LPLW PLQ /LPLW PD[

5; &KDQQHO 6HOHFW )LOWHU &DOLEUDWLRQ
,Q WKH IROORZLQJ WKH FDOLEUDWLRQ RI WKH