KROHNE FMCW80G74L Level Probing Radar User Manual manual english
KROHNE Level Probing Radar manual english
KROHNE >
manual_english
237,:$9(±&) 237,:$9( &) +DQGERRN 5DGDU )0&: /HYHO7UDQVPLWWHUIRUKLJKSUHFLVLRQ VWRUDJHRIOLTXLGV k.52+1(0$237,:$9(5HQ ,035,17 $OOULJKWVUHVHUYHG,WLVSURKLELWHGWRUHSURGXFHWKLVGRFXPHQWDWLRQRUDQ\SDUWWKHUHRIZLWKRXW WKHSULRUZULWWHQDXWKRULVDWLRQRI.52+1(0HVVWHFKQLN*PE+ 6XEMHFWWRFKDQJHZLWKRXWQRWLFH &RS\ULJKWE\ .52+1(0HVVWHFKQLN*PE+/XGZLJ.URKQH6WU'XLVEXUJ *HUPDQ\ ZZZNURKQHFRP 0$237,:$9(5HQ 237 &217(176 237,:$9(×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×&) (OHFWULFDOFRQQHFWLRQIRUFXUUHQWRXWSXW 1RQ([GHYLFHV 'HYLFHVIRUKD]DUGRXVORFDWLRQV 3URWHFWLRQFDWHJRU\ 1HWZRUNV *HQHUDOLQIRUPDWLRQ 3RLQWWRSRLQWFRQQHFWLRQ 0XOWLGURSQHWZRUNV )LHOGEXVQHWZRUNV 6WDUWXS +RZWRVWDUWWKHGHYLFH 6WDUWXSFKHFNOLVW +RZWRVWDUWWKHGHYLFH 2SHUDWLQJFRQFHSW 'LJLWDOGLVSOD\VFUHHQ /RFDOGLVSOD\VFUHHQOD\RXW )XQFWLRQVRINH\SDGEXWWRQV 5HPRWHFRPPXQLFDWLRQZLWK3$&7ZDUHç 5HPRWHFRPPXQLFDWLRQZLWKWKH$06ç'HYLFH0DQDJHU 2SHUDWLRQ 8VHUPRGHV 1RUPDOPRGH &RQILJXUDWLRQPRGH *HQHUDOQRWHV +RZWRJHWDFFHVVWRWKHFRPPLVVLRQLQJPHQX .H\SDGIXQFWLRQV 0HQXRYHUYLHZ )XQFWLRQGHVFULSWLRQ )XUWKHULQIRUPDWLRQRQGHYLFHFRQILJXUDWLRQ 4XLFN6HWXS &RPPLVVLRQLQJ 7HVW 3URWHFWLRQRIWKHGHYLFHVHWWLQJV +$57pQHWZRUNFRQILJXUDWLRQ 'LVWDQFHPHDVXUHPHQW /HYHOPHDVXUHPHQW +RZWRFRQILJXUHWKHGHYLFHWRPHDVXUHYROXPHRUPDVV +RZWRPDNHDILOWHUWRUHPRYHUDGDUVLJQDOLQWHUIHUHQFH +RZWRPHDVXUHFRUUHFWO\LQWDQNVZLWKFXUYHGRUFRQLFDOERWWRPV 6WDWXVDQGHUURUPHVVDJHV 'HYLFHVWDWXV PDUNHUV (UURUKDQGOLQJ 6HUYLFH 3HULRGLFPDLQWHQDQFH +RZWRFOHDQWKHWRSVXUIDFHRIWKHGHYLFH +RZWRFOHDQKRUQDQWHQQDVXQGHUSURFHVVFRQGLWLRQV ZZZNURKQHFRP 0$237,:$9(5HQ &217(176 237,:$9(×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pGHYLFHYDULDEOHV )LHOG&RPPXQLFDWRU )& ,QVWDOODWLRQ 2SHUDWLRQ $VVHW0DQDJHPHQW6ROXWLRQV $06p ,QVWDOODWLRQ 2SHUDWLRQ 3DUDPHWHUIRUWKHEDVLFFRQILJXUDWLRQ )LHOG'HYLFH7RRO'HYLFH7\SH0DQDJHU )'7'70 ,QVWDOODWLRQ 2SHUDWLRQ +$57pPHQXWUHHIRU%DVLF'' 2YHUYLHZ%DVLF''PHQXWUHH SRVLWLRQVLQPHQXWUHH %DVLF''PHQXWUHH GHWDLOVIRUVHWWLQJV +$57pPHQXWUHHIRU$06 2YHUYLHZ$06PHQXWUHH SRVLWLRQVLQPHQXWUHH $06PHQXWUHH GHWDLOVIRUVHWWLQJV $SSHQGL[ 2UGHUFRGH 6SDUHSDUWV $FFHVVRULHV *ORVVDU\ 0$237,:$9(5HQ ZZZNURKQHFRP 6$)(7<,16758&7,216 237,:$9(×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×&) &HUWLILFDWLRQ '$1*(5 )RUGHYLFHVXVHGLQKD]DUGRXVDUHDVDGGLWLRQDOVDIHW\QRWHVDSSO\SOHDVHUHIHUWRWKH([ GRFXPHQWDWLRQ ,1)250$7,21 )RU6,/DSSURYHGGHYLFHVSOHDVHUHIHUWRWKHVDIHW\PDQXDO ,QDFFRUGDQFHZLWKVWDWXWRU\UHTXLUHPHQWVRIWKH(&GLUHFWLYHVWKHGHYLFHGHVFULEHGLQ WKLVGRFXPHQWPHHWVWKHIROORZLQJVDIHW\UHTXLUHPHQWV á (OHFWURPDJQHWLF&RPSDWLELOLW\'LUHFWLYH á 7KHVDIHW\SDUWRIWKH/RZ9ROWDJH'LUHFWLYH )RUPRUHGDWDUHIHUWRWKH&('HFODUDWLRQRI&RQIRUPLW\IRUWKLVGHYLFH $OOGHYLFHVPHHWWKHUHTXLUHPHQWVRI1$085*XLGHOLQHV1( 1( 1( DQG1( (OHFWURPDJQHWLFFRPSDWLELOLW\ 7KHGHYLFHDJUHHVZLWK(OHFWURPDJQHWLF&RPSDWLELOLW\'LUHFWLYHƒ&@ +\JLHQLF >ƒ)@ ZZZNURKQHFRP EDUJ SVLJ 0$237,:$9(5HQ ,167$//$7,21 237,:$9(×&) 5HFRPPHQGHGPRXQWLQJSRVLWLRQ &$87,21 )ROORZWKHVHUHFRPPHQGDWLRQVWRPDNHVXUHWKDWWKHGHYLFHPHDVXUHVFRUUHFWO\7KH\KDYHDQ HIIHFWRQWKHSHUIRUPDQFHRIWKHGHYLFH :HUHFRPPHQGWKDW\RXSUHSDUHWKHLQVWDOODWLRQZKHQWKHWDQNLVHPSW\ *HQHUDOGDWD ,1)250$7,21 ,ISRVVLEOHGRQRWLQVWDOODQR]]OHRQWKHWDQNFHQWHUOLQH )LJXUH5HFRPPHQGHGQR]]OHSRVLWLRQIRUOLTXLGVSDVWHVDQGVOXUULHV 1R]]OHVIRU'1+\JLHQLFDQWHQQD 7DQNKHLJKW 7DQNGLDPHWHU 0LQLPXPGLVWDQFHRIQR]]OHIURPWKHWDQNZDOOšWDQNKHLJKW 0D[LPXPGLVWDQFHRIQR]]OHIURPWKHWDQNZDOOšWDQNGLDPHWHU 0LQLPXPGLVWDQFHRIQR]]OHIURPWKHWDQNZDOOšWDQNKHLJKW 0D[LPXPGLVWDQFHRIQR]]OHIURPWKHWDQNZDOOšWDQNGLDPHWHU 0$237,:$9(5HQ ZZZNURKQHFRP ,167$//$7,21 237,:$9(×&) )LJXUH0RUHWKDQ)0&:UDGDUOHYHOPHWHUFDQEHRSHUDWHGLQDWDQN 7DQNVZLWKFRQLFDOERWWRPV )LJXUH7DQNVZLWKGLVKVKDSHGRUFRQLFDOERWWRPV 'LVKVKDSHGRUFRQLFDOERWWRPVKDYHDQHIIHFWRQWKHPHDVXULQJUDQJH7KHGHYLFHFDQQRWPHDVXUHWRWKHERWWRPRIWKH WDQN $[LVRIUDGDUEHDP 0LQLPXPOHYHOUHDGLQJ ZZZNURKQHFRP 0$237,:$9(5HQ ,167$//$7,21 237,:$9(×&) 0RXQWLQJUHVWULFWLRQV &$87,21 )ROORZWKHVHUHFRPPHQGDWLRQVWRPDNHVXUHWKDWWKHGHYLFHPHDVXUHVFRUUHFWO\7KH\KDYHDQ HIIHFWRQWKHSHUIRUPDQFHRIWKHGHYLFH :HUHFRPPHQGWKDW\RXSUHSDUHWKHLQVWDOODWLRQZKHQWKHWDQNLVHPSW\ *HQHUDOGDWDIRU7/35GHYLFHV )LJXUH*HQHUDO,QVWDOODWLRQUHFRPPHQGDWLRQVIRU7/35GHYLFHV 'RQRWWLOWWKHGHYLFHPRUHWKDQƒ :HUHFRPPHQGWKDW\RXGRDQHPSW\VSHFWUXPUHFRUGLQJLIWKHUHDUHWRRPDQ\REVWDFOHVLQWKHUDGDUEHDP IRUPRUH GDWDUHIHUWR+RZWRPDNHDILOWHUWRUHPRYHUDGDUVLJQDOLQWHUIHUHQFHRQSDJH PP ŽPD[IRUKLJKGLHOHFWULFFRQVWDQWOLTXLGV &XUYHGDQGFRQLFDOWDQNERWWRPV)RUILQHDGMXVWPHQWRIWKHGHYLFHUHIHUWR+RZWRPHDVXUHFRUUHFWO\LQWDQNVZLWK FXUYHGRUFRQLFDOERWWRPVRQSDJH %HDPUDGLXVLQFUHPHQWVRI PPPRUŽIW ƒ 2EVWDFOHVLQWKHWDQN 2EVWDFOHVLQWKHWDQNFDQFDXVHSDUDVLWLFVLJQDOV7KH\KDYHDQHIIHFWRQWKHSHUIRUPDQFHRIWKH GHYLFH &$87,21 ,IWKHUHDUHSDUDVLWLFVLJQDOVWKHGHYLFHZLOOQRWPHDVXUHFRUUHFWO\3DUDVLWLFVLJQDOVDUHFDXVHG E\ á 2EMHFWVLQWKHWDQN á 6KDUSFRUQHUVWKDWDUHSHUSHQGLFXODUWRWKHSDWKRIWKHUDGDUEHDP 'RDQ(PSW\6SHFWUXPUHFRUGLQJ UHIHUWR2SHUDWLRQ 2SHUDWLRQ WRUHPRYHSDUDVLWLFVLJQDOVZLWKDILOWHU 0$237,:$9(5HQ ZZZNURKQHFRP ,167$//$7,21 237,:$9(×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×&) 3URFHVVFRQQHFWLRQV 5HTXLUHPHQWVIRUK\JLHQLFFRQQHFWLRQV%LR&RQWUROŠ )LJXUH%LR&RQWUROŠFRQQHFWLRQ %LR&RQWUROŠFRQQHFWLRQRQWKHWDQN )ODQJHEROWV (TXLSPHQWQHHGHG á á á á 'HYLFH *DVNHW )ODQJHEROWV QRWVXSSOLHG :UHQFK QRWVXSSOLHG ,1)250$7,21 0D[LPXPKHLJKWRISURFHVVFRQQHFWLRQ PP Ž7RPDNHWKHFOHDQLQJRIWKHDQWHQQDHDVLHU DWWDFKWKHGHYLFHWRDVKRUWVRFNHW +RZWRDWWDFKDGHYLFHZLWKD%LRFRQWUROŠFRQQHFWLRQ á0DNHVXUHWKDWWKHIODQJHRQWKHQR]]OHLVOHYHO á0DNHVXUHWKDW\RXXVHWKHDSSOLFDEOHJDVNHWIRUWKHIODQJHGLPHQVLRQVDQGWKHSURFHVV á$OLJQWKHJDVNHWFRUUHFWO\RQWKHIODQJHIDFLQJRIWKHQR]]OH á/RZHUWKHDQWHQQDFDUHIXOO\LQWRWKHWDQN á7LJKWHQWKHIODQJHEROWV K 5HIHUWRORFDOUXOHVDQGUHJXODWLRQVIRUWKHFRUUHFWWRUTXHWRDSSO\WRWKHEROWV 0$237,:$9(5HQ ZZZNURKQHFRP ,167$//$7,21 237,:$9(×&) 5HTXLUHPHQWVIRUK\JLHQLFFRQQHFWLRQV7UL&ODPSŠ )LJXUH7UL&ODPSŠFRQQHFWLRQ 7DQNVRFNHW %DQGFODPS (TXLSPHQWQHHGHG á 'HYLFH á *DVNHW QRWVXSSOLHG á %DQGFODPS QRWVXSSOLHG ,1)250$7,21 0D[LPXPKHLJKWRISURFHVVFRQQHFWLRQ PP Ž7RPDNHWKHFOHDQLQJRIWKHDQWHQQDHDVLHU DWWDFKWKHGHYLFHWRDVKRUWVRFNHW +RZWRDWWDFKDGHYLFHZLWKD7UL&ODPSŠFRQQHFWLRQ á0DNHVXUHWKDWWKHWDQNFRQQHFWLRQLVOHYHO á0DNHVXUHWKDW\RXXVHWKHDSSOLFDEOHJDVNHWIRUWKHFRQQHFWLRQGLPHQVLRQVDQGWKHSURFHVV á$OLJQWKHJDVNHWFRUUHFWO\ á/RZHUWKHDQWHQQDFDUHIXOO\LQWRWKHWDQN á$WWDFKWKHEDQGFODPSWRWKHSURFHVVFRQQHFWLRQ á7LJKWHQWKHEDQGFODPS ZZZNURKQHFRP 0$237,:$9(5HQ ,167$//$7,21 237,:$9(×&) 5HTXLUHPHQWVIRUK\JLHQLFFRQQHFWLRQV',1 )LJXUH',1 FRQQHFWLRQ 7DQNVRFNHW 1XWIRU',1 FRQQHFWLRQ (TXLSPHQWQHHGHG á 'HYLFH á *DVNHW QRWVXSSOLHG á ',1 QXW ,1)250$7,21 0D[LPXPKHLJKWRISURFHVVFRQQHFWLRQ PP Ž7RPDNHWKHFOHDQLQJRIWKHDQWHQQDHDVLHU DWWDFKWKHGHYLFHWRDVKRUWVRFNHW +RZWRDWWDFKDGHYLFHZLWKD',1 FRQQHFWLRQ á0DNHVXUHWKDWWKHWDQNFRQQHFWLRQLVOHYHO á0DNHVXUHWKDW\RXXVHWKHDSSOLFDEOHJDVNHWIRUWKHFRQQHFWLRQGLPHQVLRQVDQGWKHSURFHVV á$OLJQWKHJDVNHWFRUUHFWO\ á/RZHUWKHDQWHQQDFDUHIXOO\LQWRWKHWDQN á7XUQWKHQXWRQWKHGHYLFHSURFHVVFRQQHFWLRQWRDWWDFKWKHGHYLFHWRWKHWDQN á7LJKWHQWKHFRQQHFWLRQ K 5HIHUWRORFDOUXOHVDQGUHJXODWLRQVIRUWKHFRUUHFWWRUTXHWRDSSO\WRWKHFRQQHFWLRQ 0$237,:$9(5HQ ZZZNURKQHFRP ,167$//$7,21 237,:$9(×&) 5HTXLUHPHQWVIRUK\JLHQLFFRQQHFWLRQV606 )LJXUH606FRQQHFWLRQ 7DQNVRFNHW 1XWIRU606FRQQHFWLRQ (TXLSPHQWQHHGHG á 'HYLFH á *DVNHW QRWVXSSOLHG á 606QXW ,1)250$7,21 0D[LPXPKHLJKWRISURFHVVFRQQHFWLRQ PP Ž7RPDNHWKHFOHDQLQJRIWKHDQWHQQDHDVLHU DWWDFKWKHGHYLFHWRDVKRUWVRFNHW +RZWRDWWDFKDGHYLFHZLWKD606FRQQHFWLRQ á0DNHVXUHWKHWDQNFRQQHFWLRQLVOHYHO á0DNHVXUHWKDW\RXXVHWKHDSSOLFDEOHJDVNHWIRUWKHFRQQHFWLRQGLPHQVLRQVDQGWKHSURFHVV á$OLJQWKHJDVNHWFRUUHFWO\ á/RZHUWKHDQWHQQDFDUHIXOO\LQWRWKHWDQN á7XUQWKHQXWRQWKHGHYLFHSURFHVVFRQQHFWLRQWRDWWDFKWKHGHYLFHWRWKHWDQN á7LJKWHQWKHFRQQHFWLRQ K 5HIHUWRORFDOUXOHVDQGUHJXODWLRQVIRUWKHFRUUHFWWRUTXHWRDSSO\WRWKHFRQQHFWLRQ ZZZNURKQHFRP 0$237,:$9(5HQ ,167$//$7,21 237,:$9(×&) +RZWRWXUQRUUHPRYHWKHVLJQDOFRQYHUWHU ,1)250$7,21 7KHFRQYHUWHUWXUQVƒ7KHFRQYHUWHUFDQEHUHPRYHGIURPWKHSURFHVVFRQQHFWLRQDVVHPEO\ XQGHUSURFHVVFRQGLWLRQV )LJXUH+RZWRWXUQRUUHPRYHWKHVLJQDOFRQYHUWHU 7RRO PP$OOHQZUHQFK QRWVXSSOLHG &RYHUIRUWKHZDYHJXLGHKROHRQWRSRIWKHSURFHVVFRQQHFWLRQDVVHPEO\ QRWVXSSOLHG &$87,21 ,I\RXUHPRYHWKHFRQYHUWHUSXWDFRYHURQWKHZDYHJXLGHKROHRQWRSRIWKHSURFHVVFRQQHFWLRQ DVVHPEO\ :KHQWKHFRQYHUWHULVDWWDFKHGWRWKHSURFHVVFRQQHFWLRQDVVHPEO\WLJKWHQWKHORFNVFUHZ 0$237,:$9(5HQ ZZZNURKQHFRP ,167$//$7,21 237,:$9(×&) :HDWKHUSURWHFWLRQ +RZWRDWWDFKWKHZHDWKHUSURWHFWLRQWRWKHGHYLFH (TXLSPHQWQHHGHG á 'HYLFH á :HDWKHUSURWHFWLRQ RSWLRQ á PPZUHQFK QRWVXSSOLHG 7KHRYHUDOOGLPHQVLRQVRIWKHZHDWKHUSURWHFWLRQDUH á/RRVHQWKHEUDFNHWQXWVRQWKHZHDWKHUSURWHFWLRQ á5HPRYHWKHEUDFNHW á/RZHUWKHZHDWKHUSURWHFWLRQRQWRWKHGHYLFH á7XUQWKHZHDWKHUSURWHFWLRQVRWKDWWKHNH\KROHSRLQWVIRUZDUG á$WWDFKWKHEUDFNHW á/LIWWKHZHDWKHUSURWHFWLRQWRWKHWRSRIWKHKRXVLQJVXSSRUWSLOODU á+ROGWKHZHDWKHUSURWHFWLRQLQWKHFRUUHFWSRVLWLRQDQGWLJKWHQWKHEUDFNHWQXWV ZZZNURKQHFRP 0$237,:$9(5HQ ,167$//$7,21 237,:$9(×&) +RZWRRSHQWKHZHDWKHUSURWHFWLRQ (TXLSPHQWQHHGHG á :HDWKHUSURWHFWLRQDWWDFKHGWRWKHGHYLFH á /DUJHVORWWHGWLSVFUHZGULYHU QRWVXSSOLHG á3XWDODUJHVORWWHGWLSVFUHZGULYHULQWRWKHNH\KROHDWWKHIURQWRIWKHZHDWKHUSURWHFWLRQ7XUQ WKHVFUHZGULYHUFRXQWHUFORFNZLVH á3XOOWKHWRSRIZHDWKHUSURWHFWLRQXSDQGIRUZDUG K 7KLVZLOORSHQWKHZHDWKHUSURWHFWLRQ 0$237,:$9(5HQ ZZZNURKQHFRP (/(&75,&$/&211(&7,216 237,:$9(×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ŠFRPPXQLFDWLRQ ZZZNURKQHFRP 0$237,:$9(5HQ (/(&75,&$/&211(&7,216 237,:$9(×&) &$87,21 á 8VHWKHDSSOLFDEOHHOHFWULFDOFDEOHVZLWKWKHFDEOHJODQGV á 0DNHVXUHWKDWWKHSRZHUVXSSO\GRHVQRWKDYHDFXUUHQWPRUHWKDQ $RUWKDWWKHUHLV $ UDWHGIXVHLQWKHHOHFWULFDOFLUFXLWWKDWHQHUJL]HVWKHGHYLFH /RRVHQWKHORFNVFUHZZLWKD PP$OOHQZUHQFK 7XUQWKHFRYHUFRXQWHUFORFNZLVHZLWKDVWUDSZUHQFK 5HPRYHWKHFRYHU (TXLSPHQWQHHGHG á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ŠFRPPXQLFDWLRQ 2SWLRQDOFRQQHFWLRQWRWKHJURXQGLQJWHUPLQDO 2XWSXW 9'&IRUDQRXWSXWRI P$DWWKHWHUPLQDO 'HYLFH 0$237,:$9(5HQ ZZZNURKQHFRP (/(&75,&$/&211(&7,216 237,:$9(×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Œ 3$&7ZDUHŒGLVSOD\VPHDVXUHPHQWLQIRUPDWLRQFOHDUO\DQGOHWV\RXFRQILJXUHWKHGHYLFHIURPD UHPRWHORFDWLRQ,WLVDQ2SHQ6RXUFHRSHQFRQILJXUDWLRQVRIWZDUHIRUDOOILHOGGHYLFHV,WXVHV )LHOG'HYLFH7RRO )'7 WHFKQRORJ\)'7LVDFRPPXQLFDWLRQVWDQGDUGIRUVHQGLQJLQIRUPDWLRQ EHWZHHQWKHV\VWHPDQGWKHILHOGGHYLFH7KLVVWDQGDUGDJUHHVZLWK,(& )LHOGGHYLFHVDUH HDVLO\LQWHJUDWHG,QVWDOODWLRQLVVXSSRUWHGE\DXVHUIULHQGO\:L]DUG ,QVWDOOWKHVHVRIWZDUHSURJUDPVDQGHTXLSPHQW á 0LFURVRIWŠ1(7)UDPHZRUNYHUVLRQRUODWHU á 3$&7ZDUH 0$237,:$9(5HQ ZZZNURKQHFRP 67$5783 237,:$9(×&) á +$57ŠFRQYHUWHU 86%56 á 7KH'HYLFH7\SH0DQDJHU '70 IRUWKHGHYLFH 7KHVRIWZDUHDQGLQVWDOODWLRQLQVWUXFWLRQVDUHJLYHQRQWKH'9'520VXSSOLHGZLWKWKHGHYLFH ! !@EXWWRQ K 7KLVVKRZVWKH,QIRUPDWLRQ ,QIRUPDWLRQPHQX7KH,QIRUPDWLRQ ,QIRUPDWLRQPHQXLVUHDGRQO\DQGGRHVQRWKDYH ,QIRUPDWLRQ ,QIRUPDWLRQ SDVVZRUGVHFXULW\ á3XVKWKH> @EXWWRQRQHWLPHWRVFUROOXSWRWKH6XSHUYLVRU 6XSHUYLVRUPHQX 6XSHUYLVRU 7KHVFUHHQVKRZVWKHWH[W683(59,625 á3XVKWKH>! !@EXWWRQRQHWLPH 7KHVFUHHQVKRZVDOLQH ! !@>A A@> @> @>! !@DQG>A A@ 7KHGHYLFHVKRZVWKHWH[W48,&.6(783 á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á (QWHUWKHPHQXLWHPDQGVHHWKHYDOXHVWRUHGDWWKLVWLPH á (QWHUWKHPHQXLWHPFRQILJXUDWLRQOHYHOWRFKDQJHWKHYDOXH á 0RYHWKHFXUVRUWRWKHQH[WGLJLWRQWKHULJKW,IWKHFXUVRULVRQWKH ODVWGLJLWSXVK>! !@DJDLQWRJREDFNWRWKHILUVWGLJLW (QWHU (VF (VFDSH $FFHSWWKHYDOXHDQGJREDFNWRWKHVXEPHQX 'RZQ 'HFUHDVHWKHGLJLWYDOXH 8S ,QFUHDVHWKHGLJLWYDOXH +RZWRVDYHVHWWLQJVFKDQJHGLQWKHVXSHUYLVRUPHQX PHQX á:KHQ\RXKDYHFKDQJHGSDUDPHWHUVLQDOOWKHQHFHVVDU\PHQXLWHPVSXVK>A A@WRDFFHSWWKH QHZSDUDPHWHU á3XVK>A A@WRJREDFNWRWKH6725(VFUHHQ á7KHGHYLFHZLOODVN\RXWRVDYHRUFDQFHO\RXUVHWWLQJV3XVK> @RU> @WRVHOHFW6725(<(6 6725(<(6RU 6725(<(6 6725(123XVK>A A@WRDFFHSWRUUHMHFWWKHQHZVHWWLQJV 6725(12 K 7KHGLVSOD\JRHVEDFNWR1RUPDOPRGH ZZZNURKQHFRP 0$237,:$9(5HQ 23(5$7,21 237,:$9(×&) 0HQXRYHUYLHZ ,QIR ,QIRUPDWLRQ ,GHQW ,GHQWLILFDWLRQ 2XWSXW +LVWRU\ 6XSHUYLVRU 4XLFN6HWXS 7HVWV %DVLF3DUDP %DVLF3DUDPHWHUV 2XWSXW, $SSOLFDWLRQ &RPPXQLFDW &RPPXQLFDWLRQ 'LVSOD\ &RQY7DEOH &RQYHUVLRQ7DEOH &RQILJ5HVHW 6HUYLFH QD 3DVVZRUGORFNHG0HQXVIRUIDFWRU\FDOLEUDWLRQDQGTXDOLILHG VHUYLFHSHUVRQQHORQO\ 0DVWHU QD 0$237,:$9(5HQ 3DVVZRUGORFNHG0HQXVIRUIDFWRU\FDOLEUDWLRQDQGTXDOLILHG VHUYLFHSHUVRQQHORQO\ ZZZNURKQHFRP 23(5$7,21 237,:$9(×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×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«WDQNKHLJKW GLVWDQFHWR WDQNFRQWHQWV PP Ž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×&) )XQFWLRQGHVFULSWLRQ 6HOHFWLRQOLVW 'HIDXOW 7KLVVWDUWVWKHKDUGZDUHWHVW3XVK>! !@PDQ\ WLPHVWRVKRZ á 'WKHWLPHRIRSHUDWLRQ á 7WHPSHUDWXUHRIWKHHOHFWURQLF FRQYHUWHUERDUG á ,ORRSFXUUHQW LQWHUQDOO\PHDVXUHG YDOXH á ,ORDGFXUUHQW 127(WKLVGDWDLVQRW DYDLODEOHDWWKLVWLPH á 9YROWDJH 9,IWKHYROWDJHLVQRW 9VSHDNWRWKHVXSSOLHU á 9YROWDJHRQFDSDFLWRUV,IWKHYROWDJHLV QRW9VSHDNWRWKHVXSSOLHU á 9YROWDJH 9,IWKHYROWDJHLVQRW 9VSHDNWRWKHVXSSOLHU á &UHVHWFRXQWHU ZDWFKGRJWLPHU ,I &!UHSODFHWKHVLJQDOFRQYHUWHU ,IDQ1( V\PERODQGDVWDWXVPDUNHUDUH VKRZQUHIHUWR'HYLFHVWDWXV PDUNHUV RQ SDJH ,I\RXSXVK>! !@DJDLQWKHGLVSOD\JRHVEDFN WRWKHPHQXOHYHO 7KHFRUUHFWHGVSHFWUXP7%' %$6,&3$5$0 7$1.+(,*+7 7KHGLVWDQFHIURPWKHIODQJHIDFH WKUHDG PLQPD[« P VWRSRIWKHWDQNFRQQHFWLRQGRZQWRWKHWDQN « IW ERWWRP,IWKHWDQNKDVDGLVKVKDSHGRU FRQLFDOERWWRPWKHWDQNKHLJKWLVPHDVXUHG WRDSRLQWRQWKHWDQNERWWRPGLUHFWO\EHORZ WKHDQWHQQD)RUPRUHGDWDDERXWOHYHO PHDVXUHPHQWUHIHUWR/HYHOPHDVXUHPHQW RQSDJH)RUPRUHGDWDDERXWGLVWDQFH PHDVXUHPHQWUHIHUWR'LVWDQFH PHDVXUHPHQWRQSDJH %/2&.',67 %ORFNLQJGLVWDQFH7KHGLVWDQFHIURPWKH PLQ PP ŽRU IODQJHWRWKHWRSOLPLWRIWKHPHDVXULQJ $17(11$(;7 UDQJH D]RQHJLYHQE\WKHXVHUZKHUHLWLV PD[7$1.+(,*+7 QRWSRVVLEOHWRPHDVXUH :HUHFRPPHQGD EORFNLQJGLVWDQFHRI PP ŽEHORZ WKHSURFHVVFRQQHFWLRQ:HDOVR UHFRPPHQGWKDWWKHOLPLWRIWKHPHDVXULQJ UDQJHLVQRWOHVVWKDQWKHEORFNLQJGLVWDQFH ,ILWLVSRVVLEOHWKDWWKHWDQNFRQWHQWVZLOOJR DERYHWKHEORFNLQJGLVWDQFHVHW 29(5)(1$%WR ! !@>A A@> @ > @>! !@DQG>A A@ &2175$67 7KHFRQWUDVWFRQWUROIRUWKHGLVSOD\VFUHHQ PLQPD[«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×&) )XUWKHULQIRUPDWLRQRQGHYLFHFRQILJXUDWLRQ 4XLFN6HWXS &RPPLVVLRQLQJ 8VHWKLVSURFHGXUHWRFKDQJHWKHWDQNKHLJKWWDQNW\SHRXWSXWIXQFWLRQRXWSXWUDQJHDQGJLYH WKHWRSDQGERWWRPPHDVXULQJOLPLWV9DOXHVDQGSDUDPHWHUVWKDWFDQEHFKDQJHGDUHVKRZQ EHWZHHQWKH© ªPDUNVLQWKHLOOXVWUDWLRQVWKDWIROORZ3XVKWKHNH\SDGEXWWRQVLQWKHFRUUHFW VHTXHQFH &$87,21 0DNHVXUHWKDW\RXGRWKLVSURFHGXUHEHIRUH\RXXVHWKHGHYLFH7KHVHWWLQJVLQWKLVSURFHGXUH KDYHDQHIIHFWRQWKHSHUIRUPDQFHRIWKHGHYLFH 3URFHGXUH 6FUHHQ 6WHSV 'HVFULSWLRQ á >!!@> @DQG>! !@ 'HIDXOWVFUHHQ (QWHUFRQILJXUDWLRQPRGH 683(59,625 á >!!@>A A@> @> @>! !@DQG>A A@ (QWHUWKHSDVVZRUG WKHGHIDXOWSDVVZRUGLV VKRZQ ,ILWLVQHFHVVDU\WRFKDQJHWKH SDVVZRUGPHQXLWHP3$66:25' á š>!!@ 3XVKWKLVEXWWRQWRVWDUWWKHTXLFNVHWXS SURFHGXUH á >!!@WRFKDQJHWKHWDQNKHLJKW + á >!!@WRFKDQJHWKHSRVLWLRQRIWKHFXUVRU á > @WRGHFUHDVHWKHYDOXHRU> @WR 7KHGLVWDQFHIURPWKHIODQJHIDFH WKUHDG VWRSRIWKHWDQNFRQQHFWLRQGRZQWRWKHWDQN ERWWRP,IWKHWDQNKDVDGLVKVKDSHGRU FRQLFDOERWWRPWKHWDQNKHLJKWLVPHDVXUHG WRDSRLQWRQWKHWDQNERWWRPGLUHFWO\EHORZ WKHDQWHQQD LQFUHDVHWKHYDOXH á >A A@WRFRQILUP á > @RU> @IRUWKHVHOHFWLRQRIWKH FRQGLWLRQVLQZKLFKWKHGHYLFHLVXVHG 6WRUDJH3URFHVV$JLWDWRU á >A A@WRFRQILUP 0$237,:$9(5HQ ZZZNURKQHFRP ,IWKHVXUIDFHRIWKHSURGXFWLVIODWVHOHFW 6WRUDJH,IWKHVXUIDFHRIWKHSURGXFWLV GLVWXUEHGVHOHFW3URFHVV,IWKHVXUIDFHRI WKHSURGXFWLVDJLWDWHGZLWKYRUWH[HVDQG IRDPVHOHFW$JLWDWRU 23(5$7,21 237,:$9(×&) 6FUHHQ 6WHSV á > @RU> @IRUWKHVHOHFWLRQRIWKH PHDVXUHPHQWQDPH 'LVWDQFH/HYHO &RQYHUVLRQ8OODJH&RQYRU5HIOHFWLRQ á >A A@WRFRQILUP 'HVFULSWLRQ 7KHPDQXIDFWXUHUVHWVWKHRXWSXWIXQFWLRQ WR³/HYHO´EHIRUHGHOLYHU\ ,ILWLVQHFHVVDU\WRPHDVXUHYROXPHXOODJH YROXPHPDVVRUXOODJHPDVV &RQYHUVLRQ RU8OODJH&RQY UHIHUWR+RZWRFRQILJXUH WKHGHYLFHWRPHDVXUHYROXPHRUPDVVRQ SDJH á > @RU> @IRUWKHVHOHFWLRQRIWKHFXUUHQW RXWSXWUDQJH P$( (HWF á >A A@WRFRQILUP á >!!@WRFKDQJH6FDOH P$ á >!!@WRFKDQJHWKHSRVLWLRQRIWKHFXUVRU á > @WRGHFUHDVHWKHYDOXHRU> @WR LQFUHDVHWKHYDOXH á >A A@WRFRQILUP á >!!@WRFKDQJH6FDOH P$ á >!!@WRFKDQJHWKHSRVLWLRQRIWKHFXUVRU á > @WRGHFUHDVHWKHYDOXHRU> @WR LQFUHDVHWKHYDOXH á >A A@WRFRQILUP á > @RU> @IRUWKHVHOHFWLRQRIWKHHUURU GHOD\ V V V V PQ PQ PQRU PQ á >A A@WRFRQILUP ZZZNURKQHFRP 8VHWKLVVWHSWRJLYHWKH P$RXWSXWVHWWLQJ OLPLW LQWKHWDQN5HIHUWRWKH LOOXVWUDWLRQVWKDWIROORZ,OOXVWUDWLRQ VKRZVWKHVHWWLQJVIRUOHYHO,OOXVWUDWLRQ VKRZVWKHVHWWLQJVIRUGLVWDQFH 8VHWKLVVWHSWRJLYHWKH P$RXWSXW VHWWLQJ OLPLW LQWKHWDQN5HIHUWRWKH LOOXVWUDWLRQVWKDWIROORZ,OOXVWUDWLRQ VKRZVWKHVHWWLQJVIRUOHYHO,OOXVWUDWLRQ VKRZVWKHVHWWLQJVIRUGLVWDQFH 7KHWLPHDIWHUZKLFKWKHFXUUHQWRXWSXW FKDQJHVWRDQHUURUYDOXH7KHHUURUYDOXH VKRZVWKDWWKHUHLVDPHDVXUHPHQWHUURU 0$237,:$9(5HQ 23(5$7,21 237,:$9(×&) 6FUHHQ 6WHSV á >!!@WRFKDQJHWKHWDJQDPH á >!!@WRFKDQJHWKHSRVLWLRQRIWKHFXUVRU á > @WRGHFUHDVHWKHDOSKDQXPHULFYDOXH 'HVFULSWLRQ 7KHGHYLFHKDVDQLGHQWLILFDWLRQFRGH WDJ QDPH 7KHVXSHUYLVRUFDQHQWHUD PD[LPXPRIQXPEHUVRUOHWWHUV $% RU> @WRLQFUHDVHWKH DOSKDQXPHULFYDOXH á >A A@WRFRQILUP á š>A A@WRFRQILUP á > @RU> @IRUWKHVHOHFWLRQRIWKHVDYH RSWLRQ 6725(12RU6725(<(6 6HWWR6725(<(6WRVDYHDQGXVHWKHGDWD 6HWWR6725(12WRFDQFHOWKHFKDQJHVWR WKHGHYLFHVHWWLQJV á >A A@WRFRQILUP 7HVW 8VHWKLVSURFHGXUHWRWHVWWKHORRSFXUUHQW9DOXHVDQGSDUDPHWHUVWKDWFDQEHFKDQJHGDUH VKRZQEHWZHHQWKH© ªPDUNVLQWKHLOOXVWUDWLRQVWKDWIROORZ3XVKWKHNH\SDGEXWWRQVLQWKH FRUUHFWVHTXHQFH 3URFHGXUH 6FUHHQ 6WHS 'HVFULSWLRQ 'HIDXOWVFUHHQ á >!!@> @DQG>! !@ á (QWHUWKHSDVVZRUG>! !@>A A@> @> @>! !@ DQG>A A@ á >A A@ á > @ á >!!@ 0$237,:$9(5HQ ZZZNURKQHFRP 23(5$7,21 237,:$9(×&) 6FUHHQ 6WHS á >!!@ á > @WRGHFUHDVHWKHYDOXHRU> @WR LQFUHDVHWKHYDOXH 'HVFULSWLRQ 7KLVVWHSVHWVWKHORRSFXUUHQWYDOXH0DNH DVHOHFWLRQIURP RU P$ á >A A@WRFRQILUP á >A A@WLPHVWRJREDFNWRWKHGHIDXOW VFUHHQ 7KHORRSFXUUHQWJRHVEDFNWRLQLWLDOYDOXH 'HIDXOWVFUHHQ 3URWHFWLRQRIWKHGHYLFHVHWWLQJV 7KHPHQXLWHP3$66:25' OHWV\RXFKDQJHWKHVXSHUYLVRUPHQXSDVVZRUG +RZWRFKDQJHWKHVXSHUYLVRUPHQXSDVVZRUG á$IWHU\RXHQWHUWKHVXSHUYLVRUPHQXSXVKš> @>! !@DQGš> @WRJRWRWKHPHQXLWHP 3$66:25' á(QWHUWKHQHZFKDUDFWHUSDVVZRUG SXVKWKHEXWWRQVLQDQ\VHTXHQFH á(QWHUWKHQHZFKDUDFWHUSDVVZRUGDJDLQ K ,IWKHVHFRQGHQWU\LVWKHVDPHDVWKHILUVWWKHGHYLFHZLOOJREDFNWRWKHVXEPHQXOLVW ,IWKHVHFRQGHQWU\LVQRWWKHVDPHDVWKHILUVWWKHGHYLFHZLOOQRWJREDFNWRWKHVXE PHQXOLVW3XVK>A A@WRVWDUWWKHSDVVZRUGVHTXHQFHDJDLQDQGHQWHUWKHQHZFKDUDFWHU SDVVZRUGWLPHV á3XVK>A A@WRJREDFNWRWKH6725(VFUHHQ á3XVK> @RU> @WRVHWWKHVFUHHQWR6725(<(6 6725(<(6DQGSXVK>A A@ 6725(<(6 K 7KHGHYLFHZLOOVDYHWKHQHZSDVVZRUGDQGJREDFNWRQRUPDOPRGH ,1)250$7,21 0DNHDQRWHRIWKHSDVVZRUGDQGNHHSLWLQDVDIHSODFH,I\RXORVHWKHSDVVZRUGSOHDVHVSHDN RUZULWHWR\RXUVXSSOLHU +RZWRVHWWKHVXSHUYLVRUSDVVZRUGWRRQRURII 7KHVXSHUYLVRUSDVVZRUGLVVHWWRRQE\GHIDXOW,ILWLVQHFHVVDU\WRVHWWKLVIXQFWLRQWRRII UHIHUWR)XQFWLRQGHVFULSWLRQRQSDJH7DEOH6XSHUYLVRUPHQXPHQXLWHP36:'<(612 +$57ŠQHWZRUNFRQILJXUDWLRQ ,1)250$7,21 )RUPRUHGDWDUHIHUWR1HWZRUNVRQSDJH 7KHGHYLFHXVHV+$57ŠFRPPXQLFDWLRQWRVHQGLQIRUPDWLRQWR+$57ŠFRPSDWLEOHHTXLSPHQW,W FDQRSHUDWHLQHLWKHUSRLQWWRSRLQWRUPXOWLGURSPRGH7KHGHYLFHZLOOFRPPXQLFDWHLQ PXOWLGURSPRGHLI\RXFKDQJHWKHDGGUHVV ZZZNURKQHFRP 0$237,:$9(5HQ 23(5$7,21 237,:$9(×&) &$87,21 0DNHVXUHWKDWWKHDGGUHVVIRUWKLVGHYLFHLVGLIIHUHQWIURPRWKHUVLQWKHPXOWLGURSQHWZRUN +RZWRFKDQJHIURPSRLQWWRSRLQWWRPXOWLGURSPRGH á(QWHUWKHVXSHUYLVRUPHQX á3XVK>! !@š> @DQG>! !@WRJRWRPHQXLWHP$''5(66 á3XVK>! !@WRFKDQJHWKHYDOXH(QWHUDYDOXHEHWZHHQDQGDQGSXVK>A A@WRFRQILUP UHIHUWR WKHFDXWLRQEHIRUHWKLVSURFHGXUH á3XVK>A A@WRJREDFNWRWKH6725(VFUHHQ á3XVK> @RU> @WRVHWWKHVFUHHQWR6725(<(6 6725(<(6DQGSXVK>A A@ 6725(<(6 K 7KHRXWSXWLVVHWWRPXOWLGURSPRGH7KHFXUUHQWRXWSXWLVVHWWR P$7KLVYDOXHGRHVQRW FKDQJHLQPXOWLGURSPRGH +RZWRFKDQJHIURPPXOWLGURSWRSRLQWWRSRLQWPRGH á(QWHUWKHVXSHUYLVRUPHQX á3XVK>! !@š> @DQG>! !@WRJRWRPHQXLWHP$''5(66 á3XVK>! !@WRFKDQJHWKHYDOXH(QWHUWKHYDOXHDQGSXVK>A A@WRFRQILUP á3XVK>A A@WRJREDFNWRWKH6725(VFUHHQ á3XVK> @RU> @WRVHWWKHVFUHHQWR6725(<(6 6725(<(6DQGSXVK>A A@ 6725(<(6 K 7KHRXWSXWLVVHWWRSRLQWWRSRLQWPRGH7KHFXUUHQWRXWSXWFKDQJHVWRDUDQJHRI P$ RU P$ WKLVUDQJHLVVHWLQPHQXLWHP5$1*(, 'LVWDQFHPHDVXUHPHQW 7KHGHYLFHGLVSOD\VGLVWDQFHPHDVXUHPHQWVZKHQWKHRXWSXWIXQFWLRQLVVHWWR'LVWDQFH 0HQXLWHPVUHODWHGWRGLVWDQFHPHDVXUHPHQWDUH á 2XWSXW)XQFWLRQ á 7DQN+HLJKW á %ORFNLQJ'LVWDQFH 8VHWKHIODQJHIDFLQJDVWKHUHIHUHQFHSRLQWIRUWKHDQG P$FXUUHQWRXWSXWVHWWLQJV7KH DQG P$FXUUHQWRXWSXWVHWWLQJVDUHWKHPLQLPXPDQGPD[LPXPSRLQWVRIWKHPHDVXUHPHQW VFDOH ! !@š> @>! !@DQG> @WRJRWR/(1*7+81,7 á3XVK> @DQG> @WRILQGWKHOHQJWKXQLWWKDW\RXZLOOXVHLQWKHWDEOH á3XVK>A A@WRJRWRWKHVXEPHQXOHYHO á3XVK> @WRJRWR&21981,7 FRQYHUVLRQXQLW á3XVK> @DQG> @WRILQGWKHFRQYHUVLRQXQLWWKDW\RXZLOOXVHLQWKHWDEOH á3XVK>A A@WRJRWRWKHVXEPHQXOHYHODQGWKHQ> @DQG>! !@WRJRWRWKHPHQXLWHP,1387 7$% á3XVK>! !@WRPDNHWKHVWUDSSLQJWDEOH(QWHUWKHWDEOHHQWU\QXPEHU á(QWHUWKHOHQJWKYDOXHDQGSXVK>A A@ á(QWHUWKHFRQYHUVLRQYDOXHDQGSXVK>A A@ á3XVK>! !@WRHQWHUWKHVXEVHTXHQWWDEOHHQWU\QXPEHU á5HSHDWWKHODVWVWHSVWRFRPSOHWHWKHWDEOH á3XVK>A A@WRJREDFNWRWKH6725(VFUHHQ á3XVK> @RU> @WRVHWWKHVFUHHQWR6725(<(6 6725(<(6DQGSXVK>A A@ 6725(<(6 0$237,:$9(5HQ ZZZNURKQHFRP 23(5$7,21 237,:$9(×&) 7KHGHYLFHZLOOVWRUHWKHGDWDIRUWKHVWUDSSLQJWDEOHDQGJREDFNWRQRUPDOPRGH 7KHGHYLFHZLOOJLYHPRUHDFFXUDWHYROXPHUHDGLQJVLI\RXJLYHPRUHFRQYHUVLRQGDWDLQWKHVH DUHDV á 6XUIDFHVZLWKFXUYHV á 6XGGHQFKDQJHVLQWKHFURVVVHFWLRQ 5HIHUDOVRWRWKHLOOXVWUDWLRQWKDWIROORZV )LJXUH$SORWRISRLQWVIRUDYROXPHRUPDVVWDEOH +RZWRGHOHWHDYROXPHRUPDVVWDEOH á(QWHUWKHVXSHUYLVRUPHQX á3XVKš> @>! !@DQG> @WRJRWR'(/(7(7$%/( á3XVK>! !@DQG> @WRVHWWKHSDUDPHWHUWR<(6 <(6 <(6 á3XVK>A A@WRJREDFNWRWKH6725(VFUHHQ á3XVK> @RU> @WRVHWWKHVFUHHQWR6725(<(6 6725(<(6DQGSXVK>A A@ 6725(<(6 K 7KHGHYLFHZLOOGHOHWHWKHGDWDIRUWKHVWUDSSLQJWDEOHDQGJREDFNWRQRUPDOPRGH7KH &219(56,21DQG8//$*(&219GDWDDUHQRWDYDLODEOHLQQRUPDOPRGH +RZWRPDNHDILOWHUWRUHPRYHUDGDUVLJQDOLQWHUIHUHQFH ,IWKHGHYLFHPHDVXUHVOHYHOLQDWDQNWKDWFRQWDLQVREVWUXFWLRQV DJLWDWRUVXSSRUWVKHDWLQJ SLSHVHWF WKHVHREMHFWVFDQFDXVHUDGDUVLJQDOLQWHUIHUHQFH SDUDVLWLFVLJQDOV ! !@WRPRYHWKHFXUVRUWRWKHUHIOHFWLRQZLWKWKHODUJHVWDPSOLWXGH JLYHQLQG% á0DNHDQRWHRIWKHGLVWDQFHRIWKHUHIOHFWLRQPHDVXUHGE\WKHGHYLFH K 7KHGLVWDQFHWRWKHUHIOHFWLRQZLOOEHWKHQHZWDQNKHLJKW á6XEWUDFWWKHGLVWDQFHWRWKHUHIOHFWLRQIURPWKHWUXHWDQNKHLJKW á*RWR6XSHUYLVRU 6XSHUYLVRU !$GYDQFHG6HWXS !,QVWDOODWLRQ6HWXS !7DQN%RWWRP2IIVHW !7DQN%RWWRP2IIVHW á7\SHLQWKHGLIIHUHQFH\RXFDOFXODWHGDVDQHJDWLYHYDOXH K $QHJDWLYHYDOXHZLOOPRYHWKHUHIHUHQFHSRLQWDERYHWKHWDQNERWWRP DVJLYHQLQPHQX LWHP&7DQNKHLJKW á3XVK>A A@ 0$237,:$9(5HQ ZZZNURKQHFRP 23(5$7,21 237,:$9(×&) á3XVK>! !@DQG> @ (VF DWWKHVDPHWLPHWRH[LWWRWKHVDYHVHWWLQJVZLQGRZ á6HOHFW6DYH 6DYHDQGSXVK>A A@ 6DYH K 7KHGHYLFHZLOOJREDFNWRRSHUDWRUPRGH ,1)250$7,21 )RUPRUHGDWDRQPHQXLWHPVUHIHUWR)XQFWLRQGHVFULSWLRQRQSDJH±WDEOH6XSHUYLVRU 6WDWXVDQGHUURUPHVVDJHV 'HYLFHVWDWXV PDUNHUV ,IWKHGHYLFHVHQVHVDFKDQJHLQGHYLFHVWDWXVWKHGLVSOD\VFUHHQZLOOVKRZRUPRUHVWDWXV PDUNHUVDWWKHERWWRPULJKWVLGHRIWKHGLVSOD\VFUHHQ7KHGLVSOD\VFUHHQZLOODOVRVKRZD V\PEROWKDWDJUHHVZLWK1$0855HFRPPHQGDWLRQ1( 6HOI0RQLWRULQJDQG'LDJQRVLVRI )LHOG'HYLFHV DQG9',9'( 7KLVLVVKRZQDWWKHWRSOHIWVLGHRIWKHGLVSOD\VFUHHQ0RUH GDWDLVJLYHQLI\RXXVH3$&7ZDUHŒVRIWZDUHZLWKWKHDSSURSULDWH'70RQD3&(UURUFRGHVDQG GDWDDUHVKRZQRQWKHGHYLFHGLVSOD\VFUHHQDQGLQWKH'70 0HQXLWHP',$*1267,& &RQILJXUDWLRQPRGH 6XSHUYLVRUPHQX VXSSOLHVPRUHGDWD7KLV LQFOXGHVLQWHUQDOYROWDJHVWKHORRSFXUUHQWDQGWKHUHVHWFRXQWHU ZDWFKGRJWLPHU ! !@WRHQWHUFRQILJXUDWLRQPRGHIURPQRUPDOPRGH á3XVK>! !@š> @DQG>! !@WRJRWRPHQXLWHP(55255(&25' á3XVKš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×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á UHPRYHWKHGHYLFHDQGFOHDQ WKHDQWHQQDRU á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×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² (PSW\6SHFWUXP ,QYDOLG 0$237,:$9(5HQ ZZZNURKQHFRP 23(5$7,21 (UURU FRGH (UURU0HVVDJH 237,:$9(×&) 6WDWXVPDUNHU VKRZQ &DXVH &RUUHFWLYHDFWLRQ ,IWKLVHUURURFFXUVIUHTXHQWO\LW LVSRVVLEOHWKDW\RXPXVWLQVWDOO WKHGHYLFHLQDVWLOOLQJZHOORU XVHDGLIIHUHQWDQWHQQDW\SH ² 6LJQDO:HDN 7KHVLJQDODPSOLWXGHLVOHVV WKDQWKHDYHUDJHYDOXH7KLVFDQ RFFXULIWKHOLTXLGLVDJLWDWHGRU LIWKHUHLVIRDPLQWKHWDQN,I WKLVHUURURFFXUVIUHTXHQWO\WKH GHYLFHZLOOSRVVLEO\VKRZWKH 3HDN/RVW /HYHO/RVW HUURU PHVVDJH ² 6LJQDO6WURQJ 7KLVHUURUFDQRFFXULIWKHUHLVD 1RFRUUHFWLYHDFWLRQLV ODUJHFKDQJHLQVLJQDO QHFHVVDU\ DPSOLWXGH ² %DG0HDVXUHPHQW 4XDOLW\ 7KHPHDVXUHPHQWLVLQFRUUHFW DQGFRQWLQXHVWREHLQFRUUHFW DIWHUPRUHWKDQ V7KLVHUURU FDQRFFXULIWKHWDQNFRQWHQWV DUHLPPHGLDWHO\EHORZWKH DQWHQQD 5HFRUGWKHSURFHVVZLWKWKH 3$&7ZDUHŒVRIWZDUHWRROWR ILQGWKHFDXVHRIWKHSUREOHP,I QHFHVVDU\VSHDNWRWKH VXSSOLHU ² 7HPSHUDWXUH ƒ& ƒ) 7KHSURFHVVFRQQHFWLRQRUWKH DPELHQWWHPSHUDWXUHLVOHVV WKDQƒ& ƒ)7KLV WHPSHUDWXUHLVQHDUWRWKH PLQLPXPOLPLWIRUGHYLFH RSHUDWLRQ 0HDVXUHWKHDPELHQW WHPSHUDWXUH'HHQHUJL]HWKH GHYLFHXQWLOWKHDPELHQW WHPSHUDWXUHLVEDFNLQWKHJLYHQ UDQJH,IWKHWHPSHUDWXUHGRHV QRWVWD\LQWKHFRUUHFWUDQJH PDNHVXUHWKDWWKHUHLV LQVXODWLRQDURXQGWKHVLJQDO FRQYHUWHU ² 7HPSHUDWXUH !ƒ& ƒ) 7KHDPELHQWWHPSHUDWXUHLV PRUHWKDQƒ& ƒ)7KLV WHPSHUDWXUHLVQHDUWRWKH PD[LPXPOLPLWIRUGHYLFH RSHUDWLRQ 0HDVXUHWKHDPELHQW WHPSHUDWXUH'HHQHUJL]HWKH GHYLFHXQWLOWKHDPELHQW WHPSHUDWXUHLVEDFNLQWKHJLYHQ UDQJH,IWKHWHPSHUDWXUHGRHV QRWVWD\LQWKHFRUUHFWUDQJH PDNHVXUHWKDWWKHUHLV LQVXODWLRQDURXQGWKHVLJQDO FRQYHUWHU 7KLVHUURUPHVVDJHGRHVQRWKDYHDQHIIHFWRQWKHFXUUHQWRXWSXWVLJQDO ZZZNURKQHFRP 0$237,:$9(5HQ 6(59,&( 237,:$9(×&) 3HULRGLFPDLQWHQDQFH ,1)250$7,21 )RUPRUHGDWDDERXWUHJXODULQVSHFWLRQVDQGPDLQWHQDQFHSURFHGXUHVIRUGHYLFHVZLWK([DQG RWKHUDSSURYDOVUHIHUWRWKHUHODWHGVXSSOHPHQWDU\LQVWUXFWLRQV +RZWRFOHDQWKHWRSVXUIDFHRIWKHGHYLFH :$51,1* 'RQRWOHWPRUHWKDQ PP ŽRIGXVWFROOHFWRQWKHWRSVXUIDFHRIWKHGHYLFH7KLVLVD SRVVLEOHVRXUFHRILJQLWLRQLQDSRWHQWLDOO\H[SORVLYHDWPRVSKHUH 2EH\WKHVHLQVWUXFWLRQV á.HHSWKHWKUHDGRIWKHWHUPLQDOFRPSDUWPHQWFRYHUFOHDQ á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á 7KHUHPRYDODQGLQVWDOODWLRQRIWKHGHYLFH á &RPSDFWYHUVLRQ7KHUHPRYDODQGLQVWDOODWLRQRIWKHVLJQDOFRQYHUWHU ZLWKWKHZHDWKHU &RPSDFWYHUVLRQ SURWHFWLRQLIWKLVRSWLRQLVDWWDFKHG )RUPRUHGDWDUHIHUWR+RZWRWXUQRUUHPRYHWKHVLJQDO FRQYHUWHURQSDJH á 5HPRWH ILHOG YHUVLRQ7KHUHPRYDODQGLQVWDOODWLRQRIWKHUHPRWHFRQYHUWHUDQGRUWKH YHUVLRQ DQWHQQDKRXVLQJ)RUPRUHGDWDUHIHUWR+RZWRWXUQRUUHPRYHWKHVLJQDOFRQYHUWHURQSDJH )RUPRUHGDWDRQKRZWRSUHSDUHWKHGHYLFHEHIRUH\RXVHQGLWEDFNUHIHUWR5HWXUQLQJWKH GHYLFHWRWKHPDQXIDFWXUHURQSDJH 0$237,:$9(5HQ ZZZNURKQHFRP 6(59,&( 237,:$9(×&) 6SDUHSDUWVDYDLODELOLW\ 7KHPDQXIDFWXUHUDGKHUHVWRWKHEDVLFSULQFLSOHWKDWIXQFWLRQDOO\DGHTXDWHVSDUHSDUWVIRUHDFK GHYLFHRUHDFKLPSRUWDQWDFFHVVRU\SDUWZLOOEHNHSWDYDLODEOHIRUDSHULRGRI\HDUVDIWHU GHOLYHU\RIWKHODVWSURGXFWLRQUXQIRUWKHGHYLFH 7KLVUHJXODWLRQRQO\DSSOLHVWRVSDUHSDUWVZKLFKDUHVXEMHFWWRZHDUDQGWHDUXQGHUQRUPDO RSHUDWLQJFRQGLWLRQV $YDLODELOLW\RIVHUYLFHV 7KHPDQXIDFWXUHURIIHUVDUDQJHRIVHUYLFHVWRVXSSRUWWKHFXVWRPHUDIWHUH[SLUDWLRQRIWKH ZDUUDQW\7KHVHLQFOXGHUHSDLUPDLQWHQDQFHWHFKQLFDOVXSSRUWDQGWUDLQLQJ ,1)250$7,21 )RUPRUHSUHFLVHLQIRUPDWLRQSOHDVHFRQWDFW\RXUORFDOVDOHVRIILFH 5HWXUQLQJWKHGHYLFHWRWKHPDQXIDFWXUHU *HQHUDOLQIRUPDWLRQ 7KLVGHYLFHKDVEHHQFDUHIXOO\PDQXIDFWXUHGDQGWHVWHG,ILQVWDOOHGDQGRSHUDWHGLQDFFRUGDQFH ZLWKWKHVHRSHUDWLQJLQVWUXFWLRQVLWZLOOUDUHO\SUHVHQWDQ\SUREOHPV &$87,21 6KRXOG\RXQHYHUWKHOHVVQHHGWRUHWXUQDGHYLFHIRULQVSHFWLRQRUUHSDLUSOHDVHSD\VWULFW DWWHQWLRQWRWKHIROORZLQJSRLQWV á 'XHWRVWDWXWRU\UHJXODWLRQVRQHQYLURQPHQWDOSURWHFWLRQDQGVDIHJXDUGLQJWKHKHDOWKDQG VDIHW\RIWKHSHUVRQQHOWKHPDQXIDFWXUHUPD\RQO\KDQGOHWHVWDQGUHSDLUUHWXUQHGGHYLFHV WKDWKDYHEHHQLQFRQWDFWZLWKSURGXFWVZLWKRXWULVNWRSHUVRQQHODQGHQYLURQPHQW á 7KLVPHDQVWKDWWKHPDQXIDFWXUHUFDQRQO\VHUYLFHWKLVGHYLFHLILWLVDFFRPSDQLHGE\WKH IROORZLQJFHUWLILFDWH VHHQH[WVHFWLRQ FRQILUPLQJWKDWWKHGHYLFHLVVDIHWRKDQGOH &$87,21 ,IWKHGHYLFHKDVEHHQRSHUDWHGZLWKWR[LFFDXVWLFIODPPDEOHRUZDWHUHQGDQJHULQJSURGXFWV \RXDUHNLQGO\UHTXHVWHG á WRFKHFNDQGHQVXUHLIQHFHVVDU\E\ULQVLQJRUQHXWUDOLVLQJWKDWDOOFDYLWLHVDUHIUHHIURP VXFKGDQJHURXVVXEVWDQFHV á WRHQFORVHDFHUWLILFDWHZLWKWKHGHYLFHFRQILUPLQJWKDWLVVDIHWRKDQGOHDQGVWDWLQJWKH SURGXFWXVHG ZZZNURKQHFRP 0$237,:$9(5HQ 6(59,&( 237,:$9(×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×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×&) 7HFKQLFDOGDWD ,1)250$7,21 á 7KHIROORZLQJGDWDLVSURYLGHGIRUJHQHUDODSSOLFDWLRQV,I\RXUHTXLUHGDWDWKDWLVPRUH UHOHYDQWWR\RXUVSHFLILFDSSOLFDWLRQSOHDVHFRQWDFWXVRU\RXUORFDOVDOHVRIILFH á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ƒ& «ƒ) LIWKHDPELHQWWHPSHUDWXUHLVQRW LQWKHVHOLPLWVWKHGLVSOD\VZLWFKHVRIIDXWRPDWLFDOO\ 6LJQDOFDEOHIRUUHPRWHKRXVLQJYHUVLRQ UHIHUWRFDEOHSURSHUWLHVLQ(OHFWULFDO FRQQHFWLRQ5HPRWHGHYLFHYHUVLRQ :HDWKHUSURWHFWLRQ 0D[PHDVXULQJUDQJH P IW $OVRGHSHQGVRQWKHGLHOHFWULFFRQVWDQWRIWKHSURGXFWDQGWKHLQVWDOODWLRQW\SH 5HIHUDOVRWR$QWHQQDVHOHFWLRQ 0LQWDQNKHLJKW P Ž 7RSGHDG]RQH PP Ž %HDPDQJOH &RQYH[OHQV› PPƒ &RQYH[OHQV› PPƒ 'LVSOD\DQGXVHULQWHUIDFH 'LVSOD\ /&'GLVSOD\ šSL[HOVLQVWHSJUH\VFDOHZLWKEXWWRQNH\SDG ,QWHUIDFHODQJXDJHV ODQJXDJHSDFNRSWLRQV WKHODQJXDJHLVJLYHQLQWKHFXVWRPHURUGHU (QJOLVK)UHQFK*HUPDQDQG,WDOLDQ (QJOLVK)UHQFK6SDQLVKDQG3RUWXJXHVH (QJOLVK&KLQHVH VLPSOLILHG -DSDQHVHDQG5XVVLDQ 0HDVXULQJDFFXUDF\ 5HVROXWLRQ PP Ž 5HSHDWDELOLW\ “ PP “Ž $FFXUDF\ 6WDQGDUG“ PP “ŽZKHQGLVWDQFH P IW “RIPHDVXUHGGLVWDQFHZKHQGLVWDQFH! P IW 'LJLWDOWHPSHUDWXUHGULIW 0D[“ PP “ŽIRUWKHIXOOWHPSHUDWXUHUDQJH 5HIHUHQFHFRQGLWLRQVDFFWR(1 7HPSHUDWXUH ƒ& ƒ) 3UHVVXUH PEDUD“ PEDU SVLD“ SVL 0$237,:$9(5HQ ZZZNURKQHFRP 7(&+1,&$/'$7$ 237,:$9(×&) 5HODWLYHDLUKXPLGLW\ “ 7DUJHW 0HWDOSODWHLQDQDQHFKRLFFKDPEHU 2SHUDWLQJFRQGLWLRQV 7HPSHUDWXUH $PELHQWWHPSHUDWXUH «ƒ& «ƒ) ([VHHVXSSOHPHQWDU\RSHUDWLQJLQVWUXFWLRQVRUDSSURYDOFHUWLILFDWHV 6WRUDJHWHPSHUDWXUH «ƒ& «ƒ) 3URFHVVFRQQHFWLRQWHPSHUDWXUH KLJKHUWHPSHUDWXUHRQUHTXHVW «ƒ& «ƒ) WKHSURFHVVFRQQHFWLRQWHPSHUDWXUHPXVWDJUHHZLWK WKHWHPSHUDWXUHOLPLWVRIWKHJDVNHWPDWHULDO5HIHUWR0DWHULDOVLQWKLVWDEOH ([VHHVXSSOHPHQWDU\RSHUDWLQJLQVWUXFWLRQVRUDSSURYDOFHUWLILFDWHV 3UHVVXUH 3URFHVVSUHVVXUH « EDUJ « SVLJ VXEMHFWWRWKHSURFHVVFRQQHFWLRQXVHGDQGWKHIODQJHWHPSHUDWXUH 2WKHUFRQGLWLRQV 'LHOHFWULFFRQVWDQW HU 'LUHFWPRGHt 7%)PRGHt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±WKLVPDWHULDODJUHHVZLWK)'$UHJXODWLRQV 3URFHVVFRQQHFWLRQ 3((. *DVNHWV DQGRULQJVIRUWKH VHDOHGDQWHQQDH[WHQVLRQRSWLRQ %LR&RQWUROŠ).0)30 «ƒ& «ƒ) (3'0 ƒ&«ƒ& «ƒ) 6067UL&ODPSŠ9$5,9(17Š',1 ZLWKRXW )HHGWKURXJK 3(, ƒ& ƒ)±PD[UDQJH7KHIHHGWKURXJKWHPSHUDWXUHOLPLWV PXVWDJUHHZLWKWKHWHPSHUDWXUHOLPLWVRIWKHJDVNHWPDWHULDODQGDQWHQQDW\SH,I WKHGLVWDQFHSLHFHRSWLRQLVQRWDWWDFKHGWKHPD[LPXPWHPSHUDWXUHLVƒ& ƒ) &DEOHJODQG 6WDQGDUGQRQH 2SWLRQV3ODVWLF 1RQ([EODFN([ LDSSURYHGEOXH QLFNHOSODWHGEUDVVVWDLQOHVV VWHHO :HDWKHUSURWHFWLRQ 2SWLRQ 6WDLQOHVVVWHHO / 3URFHVVFRQQHFWLRQV 7KUHDG * ò ,62 ò 137 $60( % /HQVDQWHQQD› PP +\JLHQLFZLWK* $DGDSWRU %LR&RQWUROŠ'17UL&ODPSŠòRUŽ',1 '1RU'1606 9$5,9(17Š7\SH1 '1 RWKHUVRQUHTXHVW ZZZNURKQHFRP 0$237,:$9(5HQ 7(&+1,&$/'$7$ 237,:$9(×&) )ODQJH(1 '1LQ3131313131RU31 7\SH% RWKHUVRQUHTXHVW )ODQJH$60( % ŽLQ OE OERU OE5)RWKHUVRQUHTXHVW /HQVDQWHQQD› PP +\JLHQLF %LR&RQWUROŠ'17UL&ODPSŠŽRWKHUVRQUHTXHVW )ODQJH(1 '1LQ3131313131RU31 7\SH% RWKHUVRQUHTXHVW )ODQJH$60( % òŽŽLQ OE OERU OE5)RWKHUVRQUHTXHVW (OHFWULFDOFRQQHFWLRQV 3RZHUVXSSO\ 7HUPLQDOVRXWSXW±1RQ([ 7HUPLQDOVRXWSXW 1RQ([ ([ L « 9'&PLQPD[YDOXHIRUDQRXWSXWRI P$DWWKHWHUPLQDO 7HUPLQDOVRXWSXW±([ 7HUPLQDOVRXWSXW ([ G « 9'&PLQPD[YDOXHIRUDQRXWSXWRI P$DWWKHWHUPLQDO 0D[LPXPFXUUHQW &XUUHQWRXWSXWORDG P$ 1RQ([ ([ L5 L />:@d 8H[W 9 P$ )RUPRUHGDWDUHIHUWR0LQLPXPSRZHU VXSSO\YROWDJHRQSDJH ([ G5 G />:@d 8H[W 9 P$ )RUPRUHGDWDUHIHUWR0LQLPXPSRZHUVXSSO\ YROWDJHRQSDJH &DEOHHQWU\ 6WDQGDUG0š2SWLRQò 137 &DEOHJODQG 6WDQGDUGQRQH 2SWLRQV0š FDEOHGLDPHWHU« PP «Ž RWKHUVDUHDYDLODEOHRQ UHTXHVW &DEOHHQWU\FDSDFLW\ WHUPLQDO « PPð ,QSXWDQGRXWSXW &XUUHQWRXWSXW +$57Š +$57 2XWSXWVLJQDO « P$+$57ŠRU« P$DFFWR1$0851( 5HVROXWLRQ “ —$ 7HPSHUDWXUHGULIW 7\SLFDOO\ SSP. (UURUVLJQDO +LJK P$/RZ P$DFFWR1$0851( 352),%863$ 7\SH 352),%860%3LQWHUIDFHWKDWDJUHHVZLWK,(& ZLWK NELWVYROWDJH PRGH 0%3 0DQFKHVWHU&RGHG%XV3RZHUHG )XQFWLRQEORFNV š3K\VLFDO%ORFNš/HYHO7UDQVGXFHU%ORFNš$QDORJ,QSXW)XQFWLRQ%ORFNV 'HYLFHSRZHUVXSSO\ 9'&±EXVSRZHUHGQRDGGLWLRQDOSRZHUVXSSO\UHTXLUHG 3RODULW\VHQVLWLYLW\ 1R %DVLFFXUUHQW P$ )281'$7,21ŒILHOGEXV )281'$7,21 ILHOGEXV 3K\VLFDOOD\HU )281'$7,21ŒILHOGEXVSURWRFROWKDWDJUHHVZLWK,(& DQG),6&2PRGHO &RPPXQLFDWLRQVWDQGDUG + ,7.YHUVLRQ )XQFWLRQEORFNV š5HVRXUFH%ORFN 5% š7UDQVGXFHU%ORFNV 7% š$QDORJ,QSXW%ORFNV $, [3URSRUWLRQDO,QWHJUDO'HULYDWLYH%ORFN 3,' $QDORJ,QSXW%ORFN PV 3URSRUWLRQDO,QWHJUDO'HULYDWLYH%ORFN PV 'HYLFHSRZHUVXSSO\ 1RWLQWULQVLFDOO\VDIH 9'& ,QWULQVLFDOO\VDIH 9'& %DVLFFXUUHQW P$ 0$237,:$9(5HQ ZZZNURKQHFRP 7(&+1,&$/'$7$ 237,:$9(×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ƒ&'D'ERU([ LD,,,&7ƒ&'E,3; ,, * *([ G LD,,&77*D*ERU([ G LD,,&77*E ,, ' '([ LD WE,,,&7ƒ&'D'ERU([ LD WE,,,&7ƒ&'E,3; 5HPRWHYHUVLRQWUDQVPLWWHU ,, *([ LD>LD *D@,,&77*E ,, '([ LD>LD 'D@,,,&7ƒ&'E ,, *([ G LD>LD *D@,,&77*E ,, '([ LD WE>LD 'D@,,,&7ƒ&'E 5HPRWHYHUVLRQVHQVRU ,, *([ LD,,&77*D*E ,, '([ LD,,,&7ƒ&'D'E ,, *([ LD,,&77*E ,, '([ LD,,,&7ƒ&'E $7(; ([ LF '(.5$[[$7(;[[[[ ; SHQGLQJ &RPSDFWYHUVLRQ ,, *([ LF,,&77*F ,, '([ LF,,,&7ƒ&'F 5HPRWHYHUVLRQWUDQVPLWWHU ,, *([ LF>LF@,,&77*F ,, '([ LF>LF@,,,&7ƒ&'F 5HPRWHYHUVLRQVHQVRU ,, *([ LF,,&77*F ,, '([ LF,,,&7ƒ&'F ZZZNURKQHFRP 0$237,:$9(5HQ 7(&+1,&$/'$7$ 237,:$9(×&) ,(&([ ,(&(['(. [[[[[[ ; SHQGLQJ &RPSDFWYHUVLRQ ([ LD,,&7«7*D*ERU([ LD,,&7«7*ERU([ LF,,&7«7*F ([ LD,,,&7ƒ&'D'ERU([ LD,,,&7ƒ&'ERU([ LF,,,&7ƒ&'F ([ G LD,,&77RU([ G LD,,,&77*E ([ LD WE,,,&7ƒ&'D'ERU([ LD WE,,,&7ƒ&'E 5HPRWHYHUVLRQWUDQVPLWWHU ([ LD>LD *D@,,&7«7*ERU([ LF,,&7«7*F ([ LD>LD 'D@,,,&7ƒ&'ERU([ LF>LF@,,,&7ƒ&'F ([ G LD>LD *D@,,&77*E ([ LDWE>LD 'D@,,,&7ƒ&'E 5HPRWHYHUVLRQVHQVRU ([ LD,,&7«7*D*ERU([ LD,,&7«7*ERU([ LF,,&7«7*F ([ LD,,,&7ƒ&'D'ERU([ LD,,,&7ƒ&'ERU([ LF,,,&7ƒ&'F F436XV±'XDO6HDODSSURYHG SHQGLQJ 1(& 'LYLVLRQUDWLQJV ;3$,6 &O , 'LY *U $%&' 77 ',3 &O ,,,,, 'LY *U ()* 77 ,6 &O ,,,,,, 'LY *U $%&'()* 77 1, &O , 'LY *U $%&' 77 1(& =RQHUDWLQJV &O , =RQH $([ G >LD@ ,,& 77 &O , =RQH $([ LD ,,& 77 &O , =RQH $([ Q$ ,,& 77 =RQH $([ LD ,,,& 7ƒ& =RQH $([ WE >LD@ ,,,& 7ƒ& +D]DUGRXV &ODVVLILHG /RFDWLRQVLQGRRURXWGRRU7\SH;DQG3,3'XDO6HDO &(&6HFWLRQ =RQHUDWLQJV &O ,=RQH([ G >LD@,,&77 &O ,=RQH([ LD,,&77 &O ,=RQH([ Q$,,&77 &(&6HFWLRQDQG$QQH[- 'LYLVLRQUDWLQJV ;3$,6 &O, 'LY *U %&' 77 ',3 &O ,,,,, 'LY *U ()* 77 ,6 &O , 'LY *U %&' 77 1, &O , 'LY *U $%&' 77 1(36, *<-[[[[[[[[ SHQGLQJ ([ LD,,&7a7*ERU([ LD,,&7a7*D*E',3$$7$7ƒ&,3; '19 ,10(752 '19[[ ; SHQGLQJ ([ LD,,&7«7*D([ LD,,,&7ƒ&7ƒ&'D,3; ([ G LD,,&7a7*ERU([ G LD,,&7a7*D*E',3$$7$7ƒ&,3; ([ G >LD *D@,,&77*D*E([WE>LD'D@,,,&7ƒ&7ƒ&'E,3; 0$237,:$9(5HQ ZZZNURKQHFRP 7(&+1,&$/'$7$ 237,:$9(×&) 2WKHUVWDQGDUGVDQGDSSURYDOV 6,/ RQO\IRU P$+$57RXWSXW &RPSDFWYHUVLRQDQG P$+$57RXWSXWRQO\6,/±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ŠLVDUHJLVWHUHGWUDGHPDUNRI/DGLVK&R,QF%LR&RQWUROŠLVDUHJLVWHUHGWUDGHPDUNRI1HXPR(KUHQEHUJ*URXS 9$5,9(17ŠLVDUHJLVWHUHGWUDGHPDUNRI*($7XFKHQKDJHQ*PE+ +$57ŠLVDUHJLVWHUHGWUDGHPDUNRIWKH+$57&RPPXQLFDWLRQ)RXQGDWLRQ 2QO\WKH P$HUURUVLJQDOLVDSSOLFDEOHWR6,/DSSURYHGGHYLFHV ZZZNURKQHFRP 0$237,:$9(5HQ 7(&+1,&$/'$7$ 237,:$9(×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×&) $QWHQQDVHOHFWLRQ 7KHJUDSKVEHORZVKRZZKLFKDQWHQQDWRVHOHFWIRUWKHDSSOLFDWLRQEDVHGRQ á 'WKHPHDVXULQJUDQJH á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×&) *XLGHOLQHVIRUPD[LPXPRSHUDWLQJSUHVVXUH :$51,1* 0DNHVXUHWKDWWKHGHYLFHVDUHXVHGZLWKLQWKHLURSHUDWLQJOLPLWV )LJXUH3UHVVXUHWHPSHUDWXUHGHUDWLQJ (1 IODQJHDQGWKUHDGHGFRQQHFWLRQLQƒ&DQGEDUJ )LJXUH3UHVVXUHWHPSHUDWXUHGHUDWLQJ (1 IODQJHDQGWKUHDGHGFRQQHFWLRQVLQƒ)DQGSVLJ 0$237,:$9(5HQ ZZZNURKQHFRP 7(&+1,&$/'$7$ 237,:$9(×&) ,1)250$7,21 &51FHUWLILFDWLRQ 7KHUHLVD&51FHUWLILFDWLRQRSWLRQIRUGHYLFHVZLWKSURFHVVFRQQHFWLRQVWKDWDJUHHZLWK$60( VWDQGDUGV7KLVFHUWLILFDWLRQLVQHFHVVDU\IRUDOOGHYLFHVWKDWDUHLQVWDOOHGRQDSUHVVXUHYHVVHO DQGXVHGLQ&DQDGD ZZZNURKQHFRP 0$237,:$9(5HQ 7(&+1,&$/'$7$ 237,:$9(×&) 'LPHQVLRQVDQGZHLJKWV '1Ž+\JLHQLFDQWHQQDYHUVLRQV )LJXUH'1Ž+\JLHQLFDQWHQQDYHUVLRQV '1Ž+\JLHQLFDQWHQQDZLWK',1 FRQQHFWLRQ '1Ž+\JLHQLFDQWHQQDZLWK7UL&ODPSŠFRQQHFWLRQ '1Ž+\JLHQLFDQWHQQDZLWK1HXPR%LR&RQWUROŠFRQQHFWLRQ '1Ž+\JLHQLFDQWHQQDZLWK606FRQQHFWLRQ '1Ž+\JLHQLFDQWHQQDZLWK9$5,9(17ŠFRQQHFWLRQ ,1)250$7,21 á &DEOHJODQGVDUHGHOLYHUHGRQGHPDQGZLWKQRQ([([ LDQG([ GDSSURYHGGHYLFHV á 7KHGLDPHWHURIWKHRXWHUVKHDWKRIWKHFDEOHPXVWEH« PPRU«Ž á &DEOHJODQGVIRUF)0XVDSSURYHGGHYLFHVPXVWEHVXSSOLHGE\WKHFXVWRPHU á $ZHDWKHUSURWHFWLRQFRYHULVDYDLODEOHDVDQDFFHVVRU\ZLWKDOOGHYLFHV 'LPHQVLRQVDQGZHLJKWVLQPPDQGNJ 'LPHQVLRQV>PP@ :HLJKWV>NJ@ ',1 FRQQHFWLRQ """ """ """ """ Š 7UL&ODPS FRQQHFWLRQ """ """ """ """ 1HXPR%LR&RQWUROŠFRQQHFWLRQ """ """ """ """ 606FRQQHFWLRQ """ """ """ """ 9$5,9(17ŠFRQQHFWLRQ """ """ """ """ ,IILWWHGZLWKVWDQGDUGFDEOHJODQGV 'LPHQVLRQVDQGZHLJKWVLQLQFKHVDQGOE 'LPHQVLRQV>LQFKHV@ :HLJKWV>OE@ ',1 FRQQHFWLRQ """ """ """ """ 7UL&ODPSŠFRQQHFWLRQ """ """ """ """ 1HXPR%LR&RQWUROŠFRQQHFWLRQ """ """ """ """ 606FRQQHFWLRQ """ """ """ """ 9$5,9(17ŠFRQQHFWLRQ """ """ """ """ ,IILWWHGZLWKVWDQGDUGFDEOHJODQGV 0$237,:$9(5HQ ZZZNURKQHFRP 7(&+1,&$/'$7$ 237,:$9(×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Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK """" """" '1 Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK """" """" '1 Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK """" """" '1 Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK '1 Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK '1 Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK '1 Ž0HWDOOLF+RUQDQWHQQDZLWKIODQJHFRQQHFWLRQVWDQGDUGOHQJWK '1'URSDQWHQQDZLWKWKUHDGFRQQHFWLRQVWDQGDUGOHQJWK """" """" '1'URSDQWHQQDZLWKWKUHDGFRQQHFWLRQVWDQGDUGOHQJWK """" """" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" 6WUDLJKWH[WHQVLRQOHQJWK PP "" "" $QWHQQDH[WHQVLRQRSWLRQV ZZZNURKQHFRP 0$237,:$9(5HQ 7(&+1,&$/'$7$ 237,:$9(×&) $QWHQQDRSWLRQV 0LQ0D[ZHLJKWV >NJ@ / ULJKWDQJOH H[WHQVLRQ >OE@ "" "" +7H[WHQVLRQ "" "" )ODQJHSODWHRSWLRQ "" "" 2WKHURSWLRQV 7KLVRSWLRQLVIRU0HWDOOLF+RUQDQG'URSDQWHQQDRSWLRQV 7KLVRSWLRQLVIRU0HWDOOLF+RUQDQWHQQDRSWLRQV 7KLVFRPSRQHQWLVRQO\IRUWKH0HWDOOLF+RUQDQG:DYH*XLGHDQWHQQDV,WLVDWWDFKHGEHWZHHQWKHVLJQDOFRQYHUWHUDQGWKHIODQJHLIWKH SURFHVVFRQQHFWLRQWHPSHUDWXUHLVƒ& ƒ) $QWHQQDRSWLRQV 0LQ0D[ZHLJKWV >NJ@ >OE@ 6WDQGDUGRSWLRQVZLWKRXWFRQYHUWHU '1 Ž+\JLHQLFDQWHQQDZLWKFODPSFRQQHFWLRQ """" """" '1 Ž+\JLHQLFDQWHQQDZLWKWKUHDGFRQQHFWLRQ """" """" 0$237,:$9(5HQ ZZZNURKQHFRP '(6&5,37,212)+$57,17(5)$&( 237,:$9(×&) *HQHUDOGHVFULSWLRQ 7KH+$57Š3URWRFROLVDQRSHQGLJLWDOFRPPXQLFDWLRQSURWRFROIRULQGXVWU\,WLVIUHHWRXVHE\ DQ\RQH,WLVLQFOXGHGLQWKHVRIWZDUHHPEHGGHGLQVLJQDOFRQYHUWHUVRI+$57FRPSDWLEOH GHYLFHV 7KHUHDUHFODVVHVRIGHYLFHVZKLFKVXSSRUWWKH+$57Š3URWRFRORSHUDWLQJGHYLFHVDQGILHOG GHYLFHV7KHUHDUHFODVVHVRIRSHUDWLQJGHYLFHV 0DVWHU 3&VXSSRUWHGZRUNVWDWLRQV 3ULPDU\ 0DVWHU DQGPDQXDOFRQWUROXQLWV 6HFRQGDU\0DVWHU 7KHVHFDQEHXVHGLQFRQWUROFHQWUHVDQG RWKHUORFDWLRQV+$57ŠILHOGGHYLFHVLQFOXGHVHQVRUVFRQYHUWHUVDQGDFWXDWRUV)LHOGGHYLFHV LQFOXGHZLUHDQGZLUHGHYLFHVDQGDOVRLQWULQVLFDOO\VDIHYHUVLRQVIRUXVHLQKD]DUGRXV DUHDV 7KHUHDUHSULPDU\RSHUDWLRQPRGHVIRU+$57FRPSDWLEOHGHYLFHVSRLQWWRSRLQWPRGHDQG PXOWLGURSPRGH ,IWKHGHYLFHLVXVHGLQSRLQWWRSRLQWPRGHWKH+$57Š3URWRFROXVHVWKH%HOO)UHTXHQF\ 6KLIW.H\LQJ )6. VWDQGDUGWRSXWDGLJLWDOVLJQDORQWRSRIWKH P$VLJQDO7KHFRQQHFWHG GHYLFHVHQGVDQGUHFHLYHVGLJLWDOVLJQDOVWKDWDJUHHZLWKWKH+$57Š3URWRFRODQGVHQGVDQDORJ VLJQDOVDWWKHVDPHWLPH2QO\GHYLFHFDQEHFRQQHFWHGWRWKHVLJQDOFDEOH ,IWKHGHYLFHLVXVHGLQPXOWLGURSPRGHWKHQHWZRUNRQO\XVHVDGLJLWDOVLJQDOWKDWDJUHHVZLWK WKH+$57Š3URWRFRO7KHORRSFXUUHQWLVVHWWR P$ LD@WE>LD@,,&,,,& 7 & F436XV1,&/ ,,,,,,',9 *36 $±*&/ ,]RQH([ Q$,,&7 1(36,([ LD,,&7*D*E',3$$ 0 1(36,([ G LD,,&7*D*E',3$$ 5 ,10(752([ LD,,&7*D*E([LD,,,&'D'E 6 ,10(752([ G LD,,&7*D*E([ LD WE,,,&'D'E ,10(752([ LF,,&7*F([ LF,,,&'F =RQH 2WKHUDSSURYDO :LWKRXW 6,/ $ :+* % ($&5XVVLD & ($&%HODUXV ' ($&5XVVLD6,/ ( ($&%HODUXV6,/ ) $ + (+('* . ($&.D]DNKVWDQ ($&.D]DNKVWDQ6,/ : :+*6,/ 9) 2UGHUFRGH FRPSOHWHWKLVFRGHRQWKHSDJHVWKDWIROORZ 0$237,:$9(5HQ ZZZNURKQHFRP $33(1',; 237,:$9(×&) 3UHVVXUH 7HPSHUDWXUH 6HDOLQJ :LWKRXW EDU SVLJ ƒ& «ƒ) 3((. 9$5,9(17Š'1 EDU SVLJ ƒ&ƒ& ƒ)«ƒ) 3((. ',1'1606'5' '1 EDU SVLJ ƒ&ƒ& ƒ)«ƒ) 3((. 7UL&ODPSŠŽòŽDQGŽ ',1 '11HXPR'1 EDU SVLJ ƒ&ƒ& ƒ)«ƒ) 3((. '1DQG'1IODQJHV 0DWHULDODQG$QWHQQD :LWKRXW 3((. /HQV› PP Ž ZLWKDGDSWRURQO\7/35 3((. /HQV› PP Ž 7UL&ODPSŠŽ1HXPR'1DQG'1DQG'1IODQJHV /35 3URFHVVFRQQHFWLRQVL]H (1±$60( (1 $60(±-,6 $60( -,6 :LWKRXW * '1±òŽ±$ + '1±Ž±$ . '1±Ž±$ 3URFHVVFRQQHFWLRQSUHVVXUHFODVV :LWKRXW OE$60(% OE$60(% OE$60(% ' 31(1 ( 31(1 ) 31(1 * 31(1 + 31(1 . 31(1 3 *$WKUHDGHG,62 8 -,6.% -,6.% : -,6.% 3URFHVVFRQQHFWLRQVHDOLQJIDFH VDQLWDU\ :LWKRXW 6WDQGDUG7\SH%(1 $ 5)$60(% UDLVHGIDFH 0 5-$60(% ULQJMRLQW 3 5)-,6% UDLVHGIDFH 6 7UL&ODPSŠ,62 ',1 8 606 : 1HXPR%LR&RQQHFWŠ 9) 2UGHUFRGH FRPSOHWHWKLVFRGHRQWKHSDJHVWKDWIROORZ ZZZNURKQHFRP 0$237,:$9(5HQ $33(1',; 237,:$9(×&) 2XWSXW ZLUH P$SDVVLYH+$57 $ ZLUH )281'$7,21ILHOGEXV % ZLUH 352),%863$ &DEOHHQWU\ &DEOHJODQG 0š ZLWKRXW 0š 3ODVWLF 0š 1LFNHOSODWHGEUDVV 0š 6WDLQOHVVVWHHO 0š DGGLWLRQDO0šFRQQHFWRU $ ò 137 QLFNHOSODWHGEUDVV ZLWKRXW % ò 137 VWDLQOHVVVWHHO ZLWKRXW +RXVLQJRSWLRQ 'LVSOD\ $ 9HUWLFDOKRXVLQJ 1RGLVSOD\ % 9HUWLFDOKRXVLQJ 'LVSOD\RQWRS ' 9HUWLFDOKRXVLQJ 1RGLVSOD\ZLWKZHDWKHUSURWHFWLRQ ( 9HUWLFDOKRXVLQJ 'LVSOD\RQWRSZLWKZHDWKHUSURWHFWLRQ 2SHUDWLQJODQJXDJH :LWKRXW (QJOLVK *HUPDQ )UHQFK ,WDOLDQ 6SDQLVK 3RUWXJXHVH -DSDQHVH &KLQHVH VLPSOLILHG $ 5XVVLDQ 9HUVLRQ .52+1( 5$/ 5$/ .52+1(86$ )&& $ .0,& / IRUOLTXLGDSSOLFDWLRQV 0$237,:$9(5HQ ZZZNURKQHFRP &DOLEUDWLRQFHUWLILFDWH :LWKRXW &DOLEUDWLRQFHUWLILFDWH“ PP Ž SRLQWV &DOLEUDWLRQFHUWLILFDWH“ PP Ž SRLQWV &DOLEUDWLRQFHUWLILFDWH“ PP Ž SRLQWVVSHFLILHGE\WKHFXVWRPHUPLQ t PP Ž 2UGHUFRGH FRPSOHWHWKLVFRGHRQWKH SDJHVWKDWIROORZ $33(1',; 237,:$9(×&) 7DJ1ƒ 7DJ1 :LWKRXW 7DJQƒRQVWDLQOHVVVWHHOSODWH FKDUDFWHUVPD[ 2WKHUFRQVWUXFWLRQV 9) :LWKRXW 1$&(05 05 ,62 3XUJLQJ 1$&(05 05 ,62 3XUJLQJ 2UGHUFRGH 3HQGLQJ ZZZNURKQHFRP 0$237,:$9(5HQ $33(1',; 237,:$9(×&) 6SDUHSDUWV :HVXSSO\VSDUHSDUWVIRUWKLVGHYLFH:KHQ\RXVHQGDQRUGHUIRUDPHFKDQLFDOVSDUHSDUWXVH WKHUHIHUHQFHQXPEHUVLQWKHWDEOHWKDWIROORZV:KHQ\RXVHQGDQRUGHUIRUDQHOHFWURQLFVSDUH SDUWUHIHUWR2UGHUFRGHRQSDJHDQGXVHWKH9)RUGHUFRGH 0HFKDQLFDOVSDUHSDUWV ;) 237,)/(; & *+]1RQFRQWDFW5DGDU )0&: OHYHOPHWHUIRUOK\JLHQLFDSSOLFDWLRQV 3UHVVXUH 7HPSHUDWXUH 6HDOLQJ :LWKRXW EDU ƒ&ƒ& ƒ)«ƒ) ).0)30 IRUWKH0HWDOOLF+RUQDQWHQQDDQG:DYH*XLGH EDU ƒ&ƒ& ƒ)«ƒ) (3'0 IRUWKH0HWDOOLF+RUQDQWHQQDDQG:DYH*XLGH EDU ƒ&ƒ& ƒ)«ƒ) .DOUH] IRUWKH0HWDOOLF+RUQDQWHQQDDQG:DYH*XLGH $ EDU ƒ&ƒ& ƒ)«ƒ) 3)$IRUWKH0HWDOOLF+RUQDQWHQQDDQG:DYH*XLGH ' EDU ƒ&ƒ& ƒ)«ƒ) ).0 9LWRQ IRUWKH0HWDOOLF+RUQDQWHQQDDQG:DYH*XLGH . EDU ƒ&ƒ& ƒ)«ƒ) .DOUH] IRUWKH0HWDOOLF+RUQDQWHQQDDQG:DYH*XLGH 5 EDU ƒ&ƒ& ƒ)«ƒ) 33IRUWKH33:DYH+RUQDQWHQQD EDU ƒ&ƒ& ƒ)«ƒ) 37)(IRUWKH37)(:DYH+RUQDQWHQQD 0DWHULDODQG$QWHQQD :LWKRXW / 0HWDOOLFKRUQ VKHHWPHWDO '1 Ž / 0HWDOOLFKRUQ VKHHWPHWDO '1 Ž / 0HWDOOLFKRUQ VKHHWPHWDO '1 Ž / 0HWDOOLFKRUQ VKHHWPHWDO '1 Ž * 33 :DYH+RUQPD[LPXPVRFNHWOHQJWK PP Ž + 37)( :DYH+RUQPD[LPXPQR]]OHOHQJWK PP Ž / 0HWDOOLFZDYHJXLGHd P IW 0 / 0HWDOOLFZDYHJXLGHd P IW 1 / 0HWDOOLFZDYHJXLGHd P IW 3 / 0HWDOOLFZDYHJXLGHd P IW 5 / 0HWDOOLFZDYHJXLGHd P IW 6 / 0HWDOOLFZDYHJXLGHd P IW / 0HWDOOLFZDYHJXLGHd P IW 8 / 0HWDOOLFZDYHJXLGHd P IW / 0HWDOOLFZDYHJXLGHd P IW : / 0HWDOOLFZDYHJXLGHd P IW ;) / 0HWDOOLFZDYHJXLGHd P IW 2UGHUFRGH FRPSOHWHWKLVFRGHRQWKHSDJHVWKDWIROORZ 0$237,:$9(5HQ ZZZNURKQHFRP $33(1',; 237,:$9(×&) 0DWHULDODQG$QWHQQDH[WHQVLRQ :LWKRXW 37)(DQWHQQDH[WHQVLRQIRUPD[LPXPQR]]OHOHQJWK PP Ž 37)(DQWHQQDH[WHQVLRQIRUPD[LPXPQR]]OHOHQJWK PP Ž 37)(DQWHQQDH[WHQVLRQIRUPD[LPXPQR]]OHOHQJWK PP Ž ( / PP Ž IRUWKH0HWDOOLF+RUQDQWHQQDRSWLRQRQO\ ) / PP Ž IRUWKH0HWDOOLF+RUQDQWHQQDRSWLRQRQO\ * / PP Ž IRUWKH0HWDOOLF+RUQDQWHQQDRSWLRQRQO\ + / PP Ž IRUWKH0HWDOOLF+RUQDQWHQQDRSWLRQRQO\ . / PP Ž IRUWKH0HWDOOLF+RUQDQWHQQDRSWLRQRQO\ 5 / PP Ž IRUWKH0HWDOOLF+RUQDQWHQQDRSWLRQRQO\ : / 6H[WHQVLRQ / / ULJKWDQJOH H[WHQVLRQ / 'LVWDQFHSLHFHIRUKLJKWHPSHUDWXUH +7 YHUVLRQ 0HWDOOLF+RUQRU:DYH*XLGHDQWHQQDV 3URFHVVFRQQHFWLRQ6L]H 3UHVVXUHUDWLQJ )ODQJHILQLVK :LWKRXW 7KUHDGHG ,62 * 3 * ò 7KUHDGHG $60(% * $ ò 137 (1 ',1)ODQJHV (1 + ( '131 7\SH%IODQJH + * '131 7\SH%IODQJ ( '131 7\SH%IODQJH * '131 7\SH%IODQJH 0 ( '131 7\SH%IODQJH 0 * '131 7\SH%IODQJH 3 ( '131 7\SH%IODQJH 3 * '131 7\SH%IODQJH 5 ( '131 7\SH%IODQJH 5 * '131 7\SH%IODQJH $60(% $16,)ODQJHV ;) + $ Ž OE5) + $ Ž OE5) $ Ž OE5) $ Ž OE5) 0 $ Ž OE5) 0 $ Ž OE5) 3 $ Ž OE5) 3 $ Ž OE5) 5 $ Ž OE5) 5 $ Ž OE5) 2UGHUFRGH FRPSOHWHWKLVFRGHRQWKHSDJHVWKDWIROORZ ZZZNURKQHFRP 0$237,:$9(5HQ $33(1',; 237,:$9(×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×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×&) ,WHP 'HVFULSWLRQ 4XDQWLW\ 3DUWUHIHUHQFH &DEOHJODQG FDEOHHQWU\ &DEOHJODQG 0šSODVWLFEODFNQRQ([ ;) &DEOHJODQG 0šSODVWLFEOXH([ L ;) &DEOHJODQG 0šQLFNHOSODWHGEUDVV([ G ;) &DEOHJODQG 0šVWDLQOHVVVWHHO([ G ;) &DEOHJODQG 0šQLFNHOSODWHGEUDVVQRQ([ ([ L ;) &DEOHJODQG 0šVWDLQOHVVVWHHOQRQ([ ([ L ;) &DEOHHQWU\ ò 137QLFNHOSODWHGEUDVVQRQ([ ([ L ;) &DEOHHQWU\ ò 137QLFNHOSODWHGEUDVV([ G ;) &DEOHHQWU\ ò 137QLFNHOSODWHGEUDVVF)0XV ;) &DEOHHQWU\ ò 137VWDLQOHVVVWHHOQRQ([ ([ L ;) &DEOHHQWU\ ò 137VWDLQOHVVVWHHO([ G ;) &DEOHHQWU\ ò 137VWDLQOHVVVWHHOF)0XV ;) 6LJQDOFDEOH P IW QRQ([JUH\ ;) 6LJQDOFDEOH P IW QRQ([JUH\ ;) 6LJQDOFDEOH P IW QRQ([JUH\ ;) 6LJQDOFDEOH P IW QRQ([JUH\ ;) 6LJQDOFDEOH P IW QRQ([JUH\ ;) 6LJQDOFDEOH P IW ([EOXH ;) 6LJQDOFDEOH P IW ([EOXH ;) 6LJQDOFDEOH P IW ([EOXH ;) 6LJQDOFDEOH P IW ([EOXH ;) 6LJQDOFDEOH P IW ([EOXH ;) 2SWLRQVIRUUHPRWHYHUVLRQ ([ GDSSURYHGGHYLFHVRQO\ )RUWKHUHPRWHYHUVLRQ )RUWKHUHPRWHYHUVLRQ0DNHVXUHWKDWUHSODFHPHQWVLJQDOFDEOHVIRU([DSSURYHGGHYLFHVDUHVXSSOLHGE\WKHPDQXIDFWXUHU8VHRI WKLVVLJQDOFDEOHLVPDQGDWRU\ 0$237,:$9(5HQ ZZZNURKQHFRP $33(1',; 237,:$9(×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×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Œ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
Source Exif Data:File Type : PDF File Type Extension : pdf MIME Type : application/pdf PDF Version : 1.4 Linearized : No Creator : FreePDF 4.04 - http://shbox.de Modify Date : 2016:03:14 13:36:47+01:00 Create Date : 2016:03:14 13:32:34+01:00 PXC Viewer Info : PDF-XChange Viewer;2.5.212.0;Aug 29 2013;18:41:41;D:20160314133647+01'00' Page Count : 112 XMP Toolkit : XMP Core 4.1.1 Creator Tool : FreePDF 4.04 - http://shbox.de Producer : GPL Ghostscript 9.0 Format : application/pdfEXIF Metadata provided by EXIF.tools