1R
'HF
$9'
$91
&23<5,*+79,&725&203$1<2)-$3$1/7'
$9'%.
$91%.
&217(176
63(&,),&$7,216 ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]
6$)(7<35(&$87,216 ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]]]
)($785(6]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]
)81&7,216]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]
0$,1',))(5(1&(/,67 ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]]]
63(&,),&6(59,&(,16758&7,216 ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]
6(59,&($'-8670(176 ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]
3$576/,67]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]
à 23(5$7,1*,16758&7,216
à 67$1'$5'&,5&8,7',$*5$0 ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] ]]]]]]]]]]]]]]]]
6(59,&(0$18$/
&2/2857(/(9,6,21
%$6,&&+$66,6
&/0
>$91%.@
>$9'%.@
1R
$9'
$91
63(&,),&$7,216
&217(17
,7(0
$9'%.
$91%.
'LPHQVLRQV:q+q'
PPqPPqPP
PPqPPqPP
0DVV
NJ
NJ
795)6\VWHP
%*,'.0
5)0RGH
3$/6(&$0176&176&
&RORXU6\VWHP
9,'(20RGH
3$/6(&$0176&176&
6RXQG6\VWHP
$%LOLQJXDO 6\VWHP
3LFWXUH7XEH
9LVLEOHVL]HFPPHDVXUHGGLDJRQDOO\
9LVLEOHVL]HFPPHDVXUHGGLDJRQDOO\
+LJK9ROWDJH
N9pN9DW]HUREHDPFXUUHQW
N9pN9DW]HUREHDPFXUUHQW
5HFHLYLQJ
9+)9/
0+]á0+]
9+)9+
0+]á0+]
8+)
0+]á0+]
&$79
&DEOH79VRI0LG;=66
6XSHU 66 +\SHU 66
EDQGVUHFHLYDEOH
9,)&DUULHU
0+]
,QWHUPHGLDWH
)UHTXHQF\
6,)&DUULHU
0+]0+] 0+]0+]
0+]0+]
0+]0+]
&RORXU6XE&DUULHU)UHTXHQF\
3$/0+]
6(&$00+]0+]
176&0+]0+]
5DWHG9ROWDJH
$&á9+]
3RZHU,QSXW
2SHUDWHG9ROWDJH $&á9+]
3RZHU&RQVXPSWLRQ
:0D[ :$YJ
6SHDNHU
FPqFP2YDOW\SHq
$XGLR2XWSXW
::3OD\%DFN6WHUHR%LOLQJXDO
$HULDO,QSXW7HUPLQDO
8QEDODQFHG
,QSXW
9LGHR9SS )URQW5HDU
$XGLR
P9UPV G%V +LJKLPSHGDQFH
5&$q)URQW5HDU
2XWSXW
9LGHR9SS
$XGLR
P9UPV G%V /RZLPSHGDQFH
5&$q
5HPRWH&RQWURO8QLW
50&
%DWWHU\VL]H$$580q
'HVLJQDQGVSHFLILFDWLRQVDUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH
1R
$9'
$91
6$)(7<35(&$87,216
7KH GHVLJQ RI WKLV SURGXFW FRQWDLQV VSHFLDO KDUGZDUH PDQ\
FLUFXLWV DQG FRPSRQHQWV VSHFLDOO\ IRU VDIHW\ SXUSRVHV )RU
FRQWLQXHGSURWHFWLRQQRFKDQJHVVKRXOGEHPDGHWRWKHRULJLQDO
GHVLJQ XQOHVV DXWKRUL]HG LQ ZULWLQJ E\ WKH PDQXIDFWXUHU
5HSODFHPHQWSDUWVPXVWEHLGHQWLFDOWRWKRVHXVHGLQWKHRULJLQDO
FLUFXLWV 6HUYLFH VKRXOG EH SHUIRUPHG E\ TXDOLILHG SHUVRQQHO
RQO\
$OWHUDWLRQVRIWKHGHVLJQRUFLUFXLWU\RIWKHSURGXFWVVKRXOGQRWEH
PDGH $Q\ GHVLJQ DOWHUDWLRQV RU DGGLWLRQV ZLOO YRLG WKH
PDQXIDFWXUHU
VZDUUDQW\DQGZLOOIXUWKHUUHOLHYHWKHPDQXIDFWXUHU
RIUHVSRQVLELOLW\IRUSHUVRQDOLQMXU\RUSURSHUW\GDPDJHUHVXOWLQJ
WKHUHIURP
0DQ\ HOHFWULFDO DQG PHFKDQLFDO SDUWV LQ WKH SURGXFWV KDYH
VSHFLDOVDIHW\UHODWHG FKDUDFWHULVWLFV 7KHVH FKDUDFWHULVWLFV DUH
RIWHQ QRW HYLGHQW IURP YLVXDO LQVSHFWLRQ QRU FDQ WKH SURWHFWLRQ
DIIRUGHGE\WKHPQHFHVVDULO\EHREWDLQHGE\XVLQJUHSODFHPHQW
FRPSRQHQWVUDWHGIRUKLJKHUYROWDJHZDWWDJHHWF5HSODFHPHQW
SDUWV ZKLFK KDYH WKHVH VSHFLDO VDIHW\ FKDUDFWHULVWLFV DUH
LGHQWLILHG LQ WKH SDUWV OLVW RI 6HUYLFH PDQXDO (OHFWULFDO
FRPSRQHQWVKDYLQJVXFKIHDWXUHVDUHLGHQWLILHGE\VKDGLQJ
RQ WKH VFKHPDWLFV DQG E\ RQ WKH SDUWV OLVW LQ 6HUYLFH
PDQXDO 7KH XVH RI D VXEVWLWXWH UHSODFHPHQW ZKLFK GRHV QRW
KDYH WKH VDPH VDIHW\ FKDUDFWHULVWLFV DV WKH UHFRPPHQGHG
UHSODFHPHQWSDUWVKRZQLQWKHSDUWVOLVWRI6HUYLFHPDQXDOPD\
FDXVHVKRFNILUHRURWKHUKD]DUGV
'RQ
W VKRUW EHWZHHQ WKH /,9( VLGH JURXQG DQG ,62/$7('
1(875$/ VLGH JURXQG RU ($57+ VLGH JURXQG ZKHQ
UHSDLULQJ
6RPH PRGHO
V SRZHUFLUFXLWLV SDUWO\GLIIHUHQW LQWKH*1' 7KH
GLIIHUHQFHRIWKH*1'LVVKRZQE\WKH/,9( VLGH*1'WKH
,62/$7('1(875$/ VLGH*1' DQG($57+ VLGH
*1''RQ
W VKR UWEHWZHHQWKH/,9( VLGH*1' DQG
,62/$7('1(875$/ VLGH *1' RU ($57+ VLGH *1' DQG
QHYHU PHDVXUH ZLWK D PHDVXULQJ DSSDUDWXV RVFLOORVFRSH HWF
WKH /,9( VLGH *1' DQG ,62/$7('1(875$/ VLGH *1' RU
($57+VLGH*1'DWWKHVDPHWLPH
,IDERYHQRWHZLOOQRWEHNHSWDIXVHRUDQ\SDUWVZLOOEHEURNHQ
,IDQ\UHSDLUKDVEHHQPDGHWRWKHFKDVVLVLWLVUHFRPPHQGHG
WKDW WKH % VHWWLQJ VKRXOG EH FKHFNHG RU DGMXVWHG 6HH
$'-8670(172)%32:(56833/<
7KHKLJKYROWDJHDSSOLHG WRWKHSLFWXUH WXEHPXVWFRQIRUP ZLWK
WKDWVSHFLILHGLQ 6HUYLFH PDQXDO([FHVVLYHKLJK YROWDJH FDQ
FDXVH DQ LQFUHDVH LQ ;5D\ HPLVVLRQ DUFLQJ DQG SRVVLEOH
FRPSRQHQW GDPDJH WKHUHIRUH RSHUDWLRQ XQGHU H[FHVVLYH KLJK
YROWDJHFRQGLWLRQV VKRXOG EH NHSW WR D PLQLPXP RU VKRXOG EH
SUHYHQWHG ,I VHYHUH DUFLQJ RFFXUV UHPRYH WKH $& SRZHU
LPPHGLDWHO\ DQG GHWHUPLQH WKH FDXVH E\ YLVXDO LQVSHFWLRQ
LQFRUUHFW LQVWDOODWLRQ FUDFNHG RU PHOWHG KLJK YROWDJH KDUQHVV
SRRUVROGHULQJ HWF 7R PDLQWDLQ WKH SURSHU PLQLPXP OHYHO RI
VRIW ;5D\ HPLVVLRQ FRPSRQHQWV LQ WKH KLJK YROWDJH FLUFXLWU\
LQFOXGLQJ WKH SLFWXUH WXEH PXVW EH WKH H[DFW UHSODFHPHQWV RU
DOWHUQDWLYHV DSSURYHG E\ WKH PDQXIDFWXUHU RI WKH FRPSOHWH
SURGXFW
'RQRWFKHFNKLJKYROWDJHE\GUDZLQJDQDUF8VHDKLJKYROWDJH
PHWHU RU D KLJK YROWDJH SUREH ZLWK D 9790 'LVFKDUJH WKH
SLFWXUHWXEHEHIRUHDWWHPSWLQJPHWHUFRQQHFWLRQE\FRQQHFWLQJ
DFOLSOHDGWRWKHJURXQGIUDPHDQGFRQQHFWLQJWKHRWKHUHQGRI
WKHOHDGWKURXJKDN ::UHVLVWRUWRWKHDQRGHEXWWRQ
:KHQVHUYLFHLVUHTXLUHGREVHUYHWKHRULJLQDOOHDGGUHVV([WUD
SUHFDXWLRQVKRXOG EHJLYHQWR DVVXUHFRUUHFWOHDG GUHVVLQ WKH
KLJK YROWDJH FLUFXLW DUHD :KHUH D VKRUW FLUFXLW KDV RFFXUUHG
WKRVHFRPSRQHQWVWKDWLQGLFDWHHYLGHQFHRIRYHUKHDWLQJVKRXOG
EH UHSODFHG $OZD\V XVH WKH PDQXIDFWXUHU
V UHSODFHPHQW
FRPSRQHQWV
,VRODWLRQ&KHFN
6DIHW\IRU(OHFWULFDO6KRFN+D]DUG
$IWHU UHDVVHPEOLQJ WKH SURGXFW DOZD\V SHUIRUP DQ LVRODWLRQ
FKHFN RQ WKH H[SRVHG PHWDO SDUWV RI WKH FDELQHW DQWHQQD
WHUPLQDOVYLGHRDXGLRLQSXWDQGRXWSXWWHUPLQDOV&RQWURONQREV
PHWDOFDELQHW VFUHZKHDGV HDUSKRQH MDFNFRQWUROVKDIWV HWF
WR EH VXUH WKH SURGXFW LV VDIH WR RSHUDWH ZLWKRXW GDQJHU RI
HOHFWULFDOVKRFN
'LHOHFWULF6WUHQJWK7HVW
7KHLVRODWLRQEHWZHHQWKH$&SULPDU\FLUFXLWDQGDOOPHWDOSDUWV
H[SRVHGWRWKHXVHUSDUWLFXODUO\DQ\H[SRVHGPHWDOSDUWKDYLQJD
UHWXUQ SDWK WR WKHFKDVVLVVKRXOG ZLWKVWDQG D YROWDJH RI 9
$&UPV IRUDSHULRGRIRQHVHFRQG
:LWKVWDQGDYROWDJHRI9$& UPV WRDQDSSOLDQFH
UDWHGXSWR9 DQG9 $& UPV WR DQ DSSOLDQFHUDWHG
9RUPRUHIRUDSHULRGRIRQHVHFRQG
7KLVPHWKRGRIWHVWUHTXLUHVDWHVWHTXLSPHQWQRWJHQHUDOO\IRXQG
LQWKHVHUYLFHWUDGH
/HDNDJH&XUUHQW&KHFN
3OXJWKH$&OLQHFRUGGLUHFWO\LQWRWKH$&RXWOHWGRQRWXVHDOLQH
LVRODWLRQ WUDQVIRUPHU GXULQJ WKLV FKHFN 8VLQJ D /HDNDJH
&XUUHQW7HVWHUPHDVXUHWKHOHDNDJHFXUUHQWIURPHDFKH[SRVHG
PHWDO SDUW RI WKH FDELQHW SDUWLFXODUO\ DQ\ H[SRVHG PHWDO SDUW
KDYLQJ D UHWXUQ SDWK WR WKH FKDVVLV WR D NQRZQ JRRG HDUWK
JURXQGZDWHUSLSH HWF $Q\OHDNDJHFXUUHQWPXVWQRW H[FHHG
P$$&UPV
+RZHYHU LQ WURSLFDO DUHD WKLV PXVW QRW H[FHHG P$ $&
UPV
z$OWHUQDWH&KHFN0HWKRG
3OXJWKH$&OLQHFRUGGLUHFWO\LQWRWKH$&RXWOHWGRQRWXVHDOLQH
LVRODWLRQ WUDQVIRUPHU GXULQJ WKLV FKHFN 8VH DQ $& YROWPHWHU
KDYLQJ RKPV SHU YROW RU PRUH VHQVLWLYLW\ LQ WKH IROORZLQJ
PDQQHU&RQQHFWD ::UHVLVWRUSDUDOOHOHGE\D P)
$&W\SHFDSDFLWRUEHWZHHQDQH[SRVHGPHWDOSDUWDQGDNQRZQ
JRRG HDUWK JURXQG ZDWHU SLSH HWF 0HDVXUH WKH $& YROWDJH
DFURVV WKH UHVLVWRU ZLWK WKH $& YROWPHWHU 0RYH WKH UHVLVWRU
FRQQHFWLRQWRHDFKH[SRVHGPHWDOSDUWSDUWLFXODUO\DQ\H[SRVHG
PHWDOSDUWKDYLQJDUHWXUQSDWKWRWKHFKDVVLVDQGPHDVXUHWKH
$&YROWDJHDFURVVWKHUHVLVWRU1RZUHYHUVHWKHSOXJLQWKH$&
RXWOHW DQG UHSHDW HDFK PHDVXUHPHQW $Q\ YROWDJH PHDVXUHG
PXVWQRWH[FHHG 9$&UPV 7KLVFRUUHVSRQGVWRP$
$&UPV
+RZHYHULQWURSLFDODUHDWKLVPXVWQRWH[FHHG9$& UPV
7KLVFRUUHVSRQGVWRP$$& UPV
)$&7<3(
::
*22'($57+*5281'
3/$&(7+,6352%(
21($&+(;326('
0(7$/3$57
$&92/70(7(5
+$9,1* :9
25025(6(16,7,9,7<
1R
$9'
$91
)($785(6
z 1HZFKDVVLVGHVLJQHQDEOHVXVHRIDQLQWHUDFWLYHRQVFUHHQFRQWURO
z :LGHUDQJHYROWDJH 5DWHG9á92SHUDWHG9 á9 $&SRZHULQSXW
z :LWK$8',29,'(2,1387287387WHUPLQDO
z 087,1*EXWWRQFDQUHGXFHWKHDXGLROHYHOWR]HURLQVWDQWO\
z )XQFWLRQDOUHPRWHFRQWUROWRRSHUDWH79VHWIRUFKDQQHOVHOHFWYROXPHFRQWUROSRZHU212))HWF IURPDGLVWDQFH
z,&EXVFRQWUROXWLOL]HVVLQJOHFKLS,&VIRU ,)9&96035(6(7
z %\PHDQVRI$872352*5$0WKH79VWDWLRQVFDQEHVHOHFWHGDXWRPDWLFDOO\DQGWKH79FKDQQHOVFDQDOVREHUHDUUDQJHGDXWRPDWLFDOO\
z %XLOWLQ$,(&2(&2120<(&2/2*< VHQVRU
,Q DFFRUGDQFH ZLWK WKHEULJKWQHVV LQ D URRPWKH EULJKWQHVV DQG RU FRQWUDVW RI WKH SLFWXUH FDQ EH DGMXVWHG DXWRPDWLFDOO\ WR PDNH WKH
RSWLPXPSLFWXUHZKLFKLVHDV\RQWKHH\H
z %XLOWLQ217,0(55(7851&+,/'/2&.
6<67(0%/2&.',$*5$0
,&
9,'(2&+520$
'(&25'(5
,&
0(025<
78
781(5
,&
0,&52
&20387(5
6&/6'$
6&/6'$
1R
$9'
$91
)81&7,216
Õ)52173$1(/
Õ5($57(50,1$/
0(18EXWWRQV
&+$11(/ ¥¤ EXWWRQV
¡92/80( ¥¤ EXWWRQV
¢(&2VHQVRU
£ 5(027(&21752/VHQVRU
¤ 217,0(5ODPS
¥32:(5ODPS
¦0$,132:(5EXWWRQ
§ $9,1387WHUPLQDO
$177HUPLQDO
9,'(2,13877HUPLQDO
¡ 9,'(22873877HUPLQDO
¢ $8',2/()7,13877HUPLQDO
£ $8',25,*+7,13877HUPLQDO
¤ $8',2/()72873877HUPLQDO
¥$8',25,*+72873877HUPLQDO
¡
¢
£ ¤ ¥
¦
§
¡
£
¤
¥
¢