User manual
Product Specification
Spec-BM20L-V0.6 Page 1 of 8 www.sunitec-cn.com
®
Features:
Bluetooth Spec V4.2 Dual mode Compliant
Fully Integrated RF/PMU/BT/Audio/CPU
Up to 400MHz ARMTM Cortex-M4F CPU
Integrated 26MHz Crystal Oscillator for Low Power
Operation
Dual MICs Noise Reduction
Echo Cancellation
Voice recognition support
Multi-Band EQ and Bass Enhancement
Immersive Audio with 3D or Virtual Surround Sound
External Micro SD Support
HiFi Audio support with Sample Rate Up to 384KHz,
24bit Audio Processing, DAC: 105dB SNR
Support 8M internal Flash
Advanced 40nm Low Power Process
Support for 802.11 Co-existence
Size: 18.9±0.5mm x 14.6±0.5mm x 1.7±0.5mm
Weight: 0.8g
System Architecture
BM20L Class 1 Multimedia Module
BM20L
Jan 2018
(This Photos are for reference only)
Product Description:
The BM20L series module consumer audio platform for
wired and wireless applications fully Integrated
RF/PMU/BT/Audio/CPU ,an ultra-low-power DSP and
application processor with embedded flash memory, a high-
performance stereo codec, a power management subsystem,
LED and LCD drivers in a SOC IC. The dual-core
architecture with flash memory enables manufacturers to
easily differentiate their products with new features without
extending development cycles.
Applications:
Wired or wireless soundbars
Wired or wireless speakers and headphones
Wearable audio with sensors
Stereo headsets
Specifications:
Operating Frequency Band 2.4GHz ~ 2.48GHz unlicensed ISM band
Bluetooth Specification V4.2
Output Power Class Class1 BQB only
Max. Output Power 8dbm
Date Rate 3Mbps
Channel No. 79
Modulation Type GFSK π/4 DQPSK 8DPSK
Operating Voltage 3.3V
Host Interface USB 2.0 or UART
Audio Interface PCM, I2S, SPDIF
Flash Memory Size 8Mbits
Dimension 18.9mm (L) x 14.6 (W) mm x 1.7mm (H)
Specifications are subject to change without prior notice
Qualifie
Product Specification
Spec-BM20L-V0.6 Page 2 of 8 www.sunitec-cn.com
®
Electrical Characteristics
Absolute Maximum Rating Min Max
Storage Temperature -30C +80C
Recommended Operating Conditions Min Max
Operating Temperature Range -20C +70C
Supply Voltage, (V_BAT) 3.1V (steady) 4.5V
Supply Voltage, (V_CHG) 4.5V 5.75V
Power Consumption Units Average
SCO Connection HV3 (30ms interval sniff mode) Ma
SCO Connection HV1 Ma 17Ma
ACL Data Transfer 115.2Kbps UART no traffic (Master) Ma
ACL Data Transfer 115.2Kbps UART no traffic (Slave) Ma 17Ma
CODEC
Microphone inputs and ADC/channel Ma
DAC and loudspeaker driver, no signal/channel Ma
Digital audio processing subsystem Ma
VBAT = 4.2V; f = 2.441GHz; T=20C
RF Characteristics
Receiver Units Min Typ Max Bluetooth Spec
Sensitivity at 0.1% BER dBm -93 -91 -89 ≤-70
Maximum Receiver Signal dBm -20 -10 - ≥ -20
C/I Co-Channel Db - 6 11 ≤11
Adjacent Channel Selectivity C/I -1MHz Db - -6 0 ≤0
2nd Adjacent Channel Selectivity C/I -2MHz Db - -38 -30 ≤-30
3rd Adjacent Channel Selectivity C/I -3MHz Db - -45 -40 ≤-40
Image Rejection C/I Db - -16 -9 ≤-9
VBAT = 4.2V; f = 2.4441GHz; T=20C
Transmitter Units Min Typ Max Bluetooth Spec
RF Output Power dBm 0 2 3 +4 to +8
RF Power Control Range Db 16 24 - > 16
RF Power Range Control Resolution Db - 0.5 - -
20Db Bandwidth for Modulated Carrier KHz - 940 1000 <1000
2nd Adjacent Channel Power (+/- 2MHz) dBm - -36 -20 ≤-20
3rd Adjacent Channel Power (+/- 3MHz) dBm - -45 -40 ≤-40
VBAT = 4.2V; f = 2.4441GHz; T=20C
All specifications including pinouts and electrical specifications may be changed without prior notice
Product Specification
Spec-BM20L-V0.6 Page 3 of 8 www.sunitec-cn.com
®
Pin Configurations
PIN NO.
NAME
TYPE
FUNCTION
RE
-
MARK
1 GND GND Ground
2 RF BT RF Bluetooth RF output /receiver input
3 GND GND Ground
4 GPIO37 Bi-directional Programmable input/output line
5 GPIO36 Bi-directional Programmable input/output line
6 GPIO35 Bi-directional Programmable input/output line
7 GPIO34 Bi-directional Programmable input/output line
8 KEY_P Key pad Analog input
9 KEY_Sense Key pad sense Analog input
10 GND GND Ground
11 RESET CMOS input with
weak internal
pull-
Chip reset pin, High is reset.
12 PWR_Key Analogue Chip power on input, high level/ high
pules(min 10ms) is active
13 VBAT Power Battery positive terminal
14 Vbat_Sense Power detec Battery temperature detect
15 CHG_DET CHG Charge input detect
16 VDDO Power VDD VDD power output
17 ADC0 ADC ADC input
18 GND GND Ground
19 GPIO07 Bi-directional Programmable input/output line
20 GPIO26 Bi-directional Programmable Input/Output Line
21 I2C_SDA Bi-directional I2C data
22 I2C_SCL Bi-directional I2C Clock
23 GPIO13 Bi-directional Programmable Input/Output Line
24 GPIO25 Bi-directional Programmable Input/Output Line
25 GPIO24 Bi-directional Programmable Input/Output Line
26 GPIO23 Bi-directional Programmable input/output line
27 GPIO22 Bi-directional Programmable input/output line
28 GND GND Ground
29 Vcodec Power Pin Power of codec
30 VMIC_1 Analogue out Microphone bias 1
31 MIC_1P Analogue Microphone input positive, right
32 MIC_1N Analogue Microphone input negative, right
33 MIC_2N Analogue Microphone input negative, right
34 MIC_2P Analogue Microphone input positive, right
35 VMIC_2 Analogue out Microphone bias 2
36 GND GND Ground
37 SPK_LN Analogue Speaker output negative, left
38 SPK_LP Analogue Speaker output positive, left
39 SPK_RN Analogue Speaker output negative, right
40 SPK_RP Analogue Speaker output positive, right
Product Specification
Spec-BM20L-V0.6 Page 4 of 8 www.sunitec-cn.com
®
Recommended Layout patterns:
Product Specification
Spec-BM20L-V0.6 Page 5 of 8 www.sunitec-cn.com
®
Recommended Reflow Temperature Profile:
Key features of the profile:
-Initial Ramp=1-2.5℃/sec to 175℃ equilibrium
-Equilibrium time=60 to 80 seconds
-Ramp to Maximum temperature (250℃)=3℃/sec Max
-Time above liquidus temperature(217℃): 45 – 90 seconds
-Device absolute maximum reflow temperature: 250℃
MAC Address:
Each Module has his MAC Address
0CA6 94 XXXXXX
Concerning the dimension and printing content of the tab
1 line the last six letters of the LAP on the module
2 line the software version
3 line the customer material part number
Qr code area, with 12 letters (MAC Address)
Length:14 * Width:7 (mm)
The tab code pastes style:
(This Photos are for reference only)
Product Specification
Spec-BM20L-V0.6 Page 6 of 8 www.sunitec-cn.com
®
Standard Packing Information
Module packing Box (Max 3000pcs module per box)
84pcs per tray, 10trays per ESD bag, sealed in ESD PE bag.
Maximum modules per ESD bag is 840pcs
Module packing bag dimension: 350.0mm x 195.0mm
Delivering carton box
To hold of module carton box for shipment (Max 8400pcs modules per box)
Delivery Carton Box dimension: 320.0mm x 250.0mm x 190.0mm (W x D x H)
ESD tray dimension: 275.00mm x 127.00mm x 8mm(W x D x H)
ESD tray (to be packed in ESD PE bag).
ESD PE bag size: 350.0mm x 195mm
Product Specification
Spec-BM20L-V0.6 Page 7 of 8 www.sunitec-cn.com
®
QDL Certificate
Ordering Information
No
Items Ordering Code (Class 2)
Description
1
BM20L Module BM20L 8Mbit Flash
2
BM2000 Module Test Kit BM20L EVB Test kit
BM2000 Test Kit
Document References
References Version
Specifications of the Bluetooth System Bluetooth Specification Version 4.0,17 December 2009
BM2000-L Data Sheet
Product Specification
Spec-BM20L-V0.6 Page 8 of 8 www.sunitec-cn.com
®
Document History
Revision
Date History
Draft V0.1 2017-5-2 First release
V0.2 2017-08-15 Modify max VBAT supply voltage
V0.3 2017-12-12 Add QDL Certificate
V0.4 2017-12-14 Modify Module size
V0.5 2018-03-14 Updated Supply Voltage (V_BAT)
V0.6 2018-06-14 Base BM20L module add shielding case
Contact Information
Sunitec Enterprise Co., Ltd.
China Factory:
No.2,Qilin Road 2,Run Tang Ind., Dan-Keng Village Fu Ming Community, Guan-lan Town, BaoAn District,
Shenzhen GuangDong China
Tel: 86-755-28016180
Fax: 86-755-28016097
E-mail: sales@sunitec-cn.com or keven.zhou@sunitec-cn.com
Http://www.sunitec-cn.com
& ^ƚĂƚĞŵĞŶƚ
dŚŝƐ ĚĞǀŝĐĞ ĐŽŵƉůŝĞƐ ǁŝƚŚ ƉĂƌƚ ϭϱ ŽĨ ƚŚĞ & ƌƵůĞƐ͘ KƉĞƌĂƚŝŽŶ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚǁŽ
ĐŽŶĚŝƚŝŽŶƐ͗ ;ϭͿ ƚŚŝƐ ĚĞǀŝĐĞ ŵĂLJ ŶŽƚ ĐĂƵƐĞ ŚĂƌŵĨƵů ŝŶƚĞƌĨĞƌĞŶĐĞ͕ ĂŶĚ ;ϮͿ ƚŚŝƐ ĚĞǀŝĐĞ ŵƵƐƚ ĂĐĐĞƉƚ ĂŶLJ
ŝŶƚĞƌĨĞƌĞŶĐĞ ƌĞĐĞŝǀĞĚ͕ ŝŶĐůƵĚŝŶŐ ŝŶƚĞƌĨĞƌĞŶĐĞ ƚŚĂƚ ŵĂLJ ĐĂƵƐĞ ƵŶĚĞƐŝƌĞĚ ŽƉĞƌĂƚŝŽŶ͘
ŚĂŶŐĞƐ Žƌ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ŶŽƚ ĞdžƉƌĞƐƐůLJ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ƉĂƌƚLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŵƉůŝĂŶĐĞ ĐŽƵůĚ ǀŽŝĚ
ƚŚĞ ƵƐĞƌ͛Ɛ ĂƵƚŚŽƌŝƚLJ ƚŽ ŽƉĞƌĂƚĞ ƚŚĞ ĞƋƵŝƉŵĞŶƚ͘
EKd͗ ƚŚŝƐ ĞƋƵŝƉŵĞŶƚ ŚĂƐ ďĞĞŶ ƚĞƐƚĞĚ ĂŶĚ ĨŽƵŶĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ůŝŵŝƚƐ ĨŽƌ Ă ůĂƐƐ ĚŝŐŝƚĂů ĚĞǀŝĐĞ͕
ƉƵƌƐƵĂŶƚ ƚŽ ƉĂƌƚ ϭϱ ŽĨ ƚŚĞ & ZƵůĞƐ͘ dŚĞƐĞ ůŝŵŝƚƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ƉƌŽƚĞĐƚŝŽŶ
ĂŐĂŝŶƐƚ ŚĂƌŵĨƵů ŝŶƚĞƌĨĞƌĞŶĐĞ ŝŶ Ă ƌĞƐŝĚĞŶƚŝĂů ŝŶƐƚĂůůĂƚŝŽŶ͘ dŚŝƐ ĞƋƵŝƉŵĞŶƚ ŐĞŶĞƌĂƚĞƐ ƵƐĞƐ ĂŶĚ ĐĂŶ
ƌĂĚŝĂƚĞ ƌĂĚŝŽ ĨƌĞƋƵĞŶĐLJ ĞŶĞƌŐLJ ĂŶĚ͕ ŝĨ ŶŽƚ ŝŶƐƚĂůůĞĚ ĂŶĚ ƵƐĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ͕ ŵĂLJ
ĐĂƵƐĞ ŚĂƌŵĨƵů ŝŶƚĞƌĨĞƌĞŶĐĞ ƚŽ ƌĂĚŝŽ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞƌĞ ŝƐ ŶŽ ŐƵĂƌĂŶƚĞĞ ƚŚĂƚ ŝŶƚĞƌĨĞƌĞŶĐĞ
ǁŝůů ŶŽƚ ŽĐĐƵƌ ŝŶ Ă ƉĂƌƚŝĐƵůĂƌ ŝŶƐƚĂůůĂƚŝŽŶ͘ /Ĩ ƚŚŝƐ ĞƋƵŝƉŵĞŶƚ ĚŽĞƐ ĐĂƵƐĞ ŚĂƌŵĨƵů ŝŶƚĞƌĨĞƌĞŶĐĞ ƚŽ ƌĂĚŝŽ Žƌ
ƚĞůĞǀŝƐŝŽŶ ƌĞĐĞƉƚŝŽŶ͕ ǁŚŝĐŚ ĐĂŶ ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƚƵƌŶŝŶŐ ƚŚĞ ĞƋƵŝƉŵĞŶƚ ŽĨĨ ĂŶĚ ŽŶ͕ ƚŚĞ ƵƐĞƌ ŝƐ
ĞŶĐŽƵƌĂŐĞĚ ƚŽ ƚƌLJ ƚŽ ĐŽƌƌĞĐƚ ƚŚĞ ŝŶƚĞƌĨĞƌĞŶĐĞ ďLJ ŽŶĞ Žƌ ŵŽƌĞ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ŵĞĂƐƵƌĞƐ͗
භ ZĞŽƌŝĞŶƚ ŽĨ ƌĞůŽĐĂƚĞ ƚŚĞ ƌĞĐĞŝǀŝŶŐ ĂŶƚĞŶŶĂ͘
භ /ŶĐƌĞĂƐĞ ƚŚĞ ƐĞƉĂƌĂƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ƌĞĐĞŝǀĞƌ͘
භ ŽŶŶĞĐƚ ƚŚĞ ĞƋƵŝƉŵĞŶƚ ŝŶƚŽ ĂŶ ŽƵƚůĞƚ ŽŶ Ă ĐŝƌĐƵŝƚ ĚŝĨĨĞƌĞŶĐĞ ĨƌŽŵ ƚŚĂƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ƌĞĐĞŝǀĞƌ ŝƐ
ĐŽŶŶĞĐƚĞĚ͘
භ ŽŶƐƵůƚ ƚŚĞ ĚĞĂůĞƌ Žƌ ĂŶ ĞdžƉĞƌŝĞŶĐĞĚ ƌĂĚŝŽͬds ƚĞĐŚŶŝĐŝĂŶ ĨŽƌ ŚĞůƉ͘
/ŵƉŽƌƚĂŶƚ EŽƚĞ͗
ZĂĚŝĂƚŝŽŶ džƉŽƐƵƌĞ ^ƚĂƚĞŵĞŶƚ
dŚŝƐ ĞƋƵŝƉŵĞŶƚ ĐŽŵƉůŝĞƐ ǁŝƚŚ & ƌĂĚŝĂƚŝŽŶ ĞdžƉŽƐƵƌĞ ůŝŵŝƚƐ ƐĞƚ ĨŽƌƚŚ ĨŽƌ ĂŶ ƵŶĐŽŶƚƌŽůůĞĚ ĞŶǀŝƌŽŶŵĞŶƚ͘
dŚŝƐ ĞƋƵŝƉŵĞŶƚ ƐŚŽƵůĚ ďĞ ŝŶƐƚĂůůĞĚ ĂŶĚ ŽƉĞƌĂƚĞĚ ǁŝƚŚ ŵŝŶŝŵƵŵ ĚŝƐƚĂŶĐĞ ϮϬ Đŵ ďĞƚǁĞĞŶ ƚŚĞ ƌĂĚŝĂƚŽƌ
ĂŶĚ LJŽƵƌ ďŽĚLJ͘
dŚŝƐ ƚƌĂŶƐŵŝƚƚĞƌ ŵƵƐƚ ŶŽƚ ďĞ ĐŽͲůŽĐĂƚĞĚ Žƌ ŽƉĞƌĂƚŝŶŐ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ĂŶLJ ŽƚŚĞƌ ĂŶƚĞŶŶĂ Žƌ
ƚƌĂŶƐŵŝƚƚĞƌ͘
ŽƵŶƚƌLJ ŽĚĞ ƐĞůĞĐƚŝŽŶ ĨĞĂƚƵƌĞ ƚŽ ďĞ ĚŝƐĂďůĞĚ ĨŽƌ ƉƌŽĚƵĐƚƐ ŵĂƌŬĞƚĞĚ ƚŽ ƚŚĞ h^ͬĂŶĂĚĂ͘
ϭ͘ dŚĞ ĂŶƚĞŶŶĂ ŵƵƐƚ ďĞ ŝŶƐƚĂůůĞĚ ƐƵĐŚ ƚŚĂƚ ϮϬ Đŵ ŝƐ ŵĂŝŶƚĂŝŶĞĚ ďĞƚǁĞĞŶ ƚŚĞ ĂŶƚĞŶŶĂ ĂŶĚ ƵƐĞƌƐ͕
ĂŶĚ
Ϯ͘ dŚĞ ƚƌĂŶƐŵŝƚƚĞƌ ŵŽĚƵůĞ ŵĂLJ ŶŽƚ ďĞ ĐŽͲůŽĐĂƚĞĚ ǁŝƚŚ ĂŶLJ ŽƚŚĞƌ ƚƌĂŶƐŵŝƚƚĞƌ Žƌ ĂŶƚĞŶŶĂ͘
Ɛ ůŽŶŐ ĂƐ ƚŚĞ ƚŚƌĞĞ ĐŽŶĚŝƚŝŽŶƐ ĂďŽǀĞ ĂƌĞ ŵĞƚ͕ ĨƵƌƚŚĞƌ ƚƌĂŶƐŵŝƚƚĞƌ ƚĞƐƚŝŶŐ ǁŝůů ŶŽƚ ďĞ ƌĞƋƵŝƌĞĚ͘
,ŽǁĞǀĞƌ͕ ƚŚĞ KD ŝŶƚĞŐƌĂƚŽƌ ŝƐ Ɛƚŝůů ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚĞƐƚŝŶŐ ƚŚĞŝƌ ĞŶĚͲƉƌŽĚƵĐƚ ĨŽƌ ĂŶLJ ĂĚĚŝƚŝŽŶĂů
ĐŽŵƉůŝĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞƋƵŝƌĞĚ ǁŝƚŚ ƚŚŝƐ ŵŽĚƵůĞ ŝŶƐƚĂůůĞĚ͘
/ŵƉŽƌƚĂŶƚ EŽƚĞ͗
/Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ƚŚĞƐĞ ĐŽŶĚŝƚŝŽŶƐ ĐĂŶŶŽƚ ďĞ ŵĞƚ ;ĨŽƌ ĞdžĂŵƉůĞ ĐĞƌƚĂŝŶ ůĂƉƚŽƉ ĐŽŶĨŝŐƵƌĂƚŝŽŶƐ Žƌ
ĐŽͲůŽĐĂƚŝŽŶ ǁŝƚŚ ĂŶŽƚŚĞƌ ƚƌĂŶƐŵŝƚƚĞƌͿ͕ ƚŚĞŶ ƚŚĞ & ĂƵƚŚŽƌŝnjĂƚŝŽŶ ŝƐ ŶŽ ůŽŶŐĞƌ ĐŽŶƐŝĚĞƌĞĚ ǀĂůŝĚ
ĂŶĚ ƚŚĞ & / ĐĂŶŶŽƚ ďĞ ƵƐĞĚ ŽŶ ƚŚĞ ĨŝŶĂů ƉƌŽĚƵĐƚ͘ /Ŷ ƚŚĞƐĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƚŚĞ KD ŝŶƚĞŐƌĂƚŽƌ
ǁŝůů ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƌĞͲĞǀĂůƵĂƚŝŶŐ ƚŚĞ ĞŶĚ ƉƌŽĚƵĐƚ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ƚƌĂŶƐŵŝƚƚĞƌͿ ĂŶĚ ŽďƚĂŝŶŝŶŐ Ă
ƐĞƉĂƌĂƚĞ & ĂƵƚŚŽƌŝnjĂƚŝŽŶ͘
ŶĚ WƌŽĚƵĐƚ >ĂďĞůŝŶŐ͗
dŚĞ ĨŝŶĂů ĞŶĚ ƉƌŽĚƵĐƚ ŵƵƐƚ ďĞ ůĂďĞůĞĚ ŝŶ Ă ǀŝƐŝďůĞ ĂƌĞĂ ǁŝƚŚ ƚŚĞ ĨŽůůŽǁŝŶŐ ͞ŽŶƚĂŝŶƐ & /͗
ϲZDϮϬ>͟/Ĩ ƚŚĞ & ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŶƵŵďĞƌ ŝƐ ŶŽƚ ǀŝƐŝďůĞ ǁŚĞŶ ƚŚĞ ŵŽĚƵůĞ ŝƐ ŝŶƐƚĂůůĞĚ ŝŶƐŝĚĞ ĂŶŽƚŚĞƌ
ĚĞǀŝĐĞ͕ƚŚĞŶ ƚŚĞ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ ĚĞǀŝĐĞ ŝŶƚŽ ǁŚŝĐŚ ƚŚĞ ŵŽĚƵůĞ ŝƐ ŝŶƐƚĂůůĞĚ ŵƵƐƚ ĂůƐŽ ĚŝƐƉůĂLJ Ă ůĂďĞů
ƌĞĨĞƌƌŝŶŐ ƚŽ ƚŚĞ ĞŶĐůŽƐĞĚ ŵŽĚƵůĞ͘ dŚŝƐ ĞdžƚĞƌŝŽƌ ůĂďĞů ĐĂŶ ƵƐĞ ǁŽƌĚŝŶŐ ƐƵĐŚ ĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ͖
ŽŶƚĂŝŶƐ dƌĂŶƐŵŝƚƚĞƌ DŽĚƵůĞ & /͗ ϲZDϮϬ>
DĂŶƵĂů /ŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ŶĚ hƐĞƌ͗
dŚĞ KD ŝŶƚĞŐƌĂƚŽƌ ŚĂƐ ƚŽ ďĞ ĂǁĂƌĞ ŶŽƚ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ĞŶĚ ƵƐĞƌ ƌĞŐĂƌĚŝŶŐ ŚŽǁ ƚŽ ŝŶƐƚĂůů
Žƌ ƌĞŵŽǀĞ ƚŚŝƐ Z& ŵŽĚƵůĞ ŝŶ ƚŚĞ ƵƐĞƌ͛Ɛ ŵĂŶƵĂů ŽĨ ƚŚĞ ĞŶĚ ƉƌŽĚƵĐƚ ǁŚŝĐŚ ŝŶƚĞŐƌĂƚĞƐ ƚŚŝƐ ŵŽĚƵůĞ͘
dŚĞ ĞŶĚ ƵƐĞƌ ŵĂŶƵĂů ƐŚĂůů ŝŶĐůƵĚĞ Ăůů ƌĞƋƵŝƌĞĚ ƌĞŐƵůĂƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶͬǁĂƌŶŝŶŐ ĂƐ ƐŚŽǁ ŝŶ ƚŚŝƐ ŵĂŶƵĂů͘
tŚĞŶ ƚŚĞ ŵŽĚƵůĞ ŝƐ ŝŶƐƚĂůůĞĚ ŝŶƐŝĚĞ ĂŶŽƚŚĞƌ ĚĞǀŝĐĞ͕ ƚŚĞ ƵƐĞƌ ŵĂŶƵĂů ŽĨ ƚŚŝƐ ĚĞǀŝĐĞ ŵƵƐƚ ĐŽŶƚĂŝŶ
ďĞůŽǁ ǁĂƌŶŝŶŐ ƐƚĂƚĞŵĞŶƚƐ͖
ϭ͘ dŚŝƐ ĚĞǀŝĐĞ ĐŽŵƉůŝĞƐ ǁŝƚŚ ƉĂƌƚ ϭϱ ŽĨ ƚŚĞ & ƌƵůĞƐ͘ KƉĞƌĂƚŝŽŶ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚǁŽ
ĐŽŶĚŝƚŝŽŶƐ͗
ϭͿ ƚŚŝƐ ĚĞǀŝĐĞ ŵĂLJ ŶŽƚ ĐĂƵƐĞ ŚĂƌŵĨƵů ŝŶƚĞƌĨĞƌĞŶĐĞ͕
ϮͿ ƚŚŝƐ ĚĞǀŝĐĞŵƵƐƚ ĂĐĐĞƉƚ ĂŶLJ ŝŶƚĞƌĨĞƌĞŶĐĞ ƌĞĐĞŝǀĞĚ͕ ŝŶĐůƵĚŝŶŐ ŝŶƚĞƌĨĞƌĞŶĐĞ
ƚŚĂƚ ŵĂLJ ĐĂƵƐĞ ƵŶĚĞƐŝƌĞĚ ŽƉĞƌĂƚŝŽŶ͘
Ϯ͘ ŚĂŶŐĞƐ Žƌ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ŶŽƚ ĞdžƉƌĞƐƐůLJ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ƉĂƌƚLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ
ĐŽŵƉůŝĂŶĐĞ ĐŽƵůĚ ǀŽŝĚ ƚŚĞ ƵƐĞƌ͛Ɛ ĂƵƚŚŽƌŝƚLJ ƚŽ ŽƉĞƌĂƚĞ ƚŚĞ ĞƋƵŝƉŵĞŶƚ͘ dŚĞ ĚĞǀŝĐĞƐ ŵƵƐƚ
ďĞ ŝŶƐƚĂůůĞĚ ĂŶĚ ƵƐĞĚ ŝŶ ƐƚƌŝĐƚ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌĞƌ͛Ɛ ŝŶƐƚƌƵĐƚŝŽŶƐ ĂƐ
ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ ƵƐĞƌ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƚŚĂƚ ĐŽŵĞƐ ǁŝƚŚ ƚŚĞ ƉƌŽĚƵĐƚ͘
/^ ^ƚĂƚĞŵĞŶƚ
ϋŶŐůŝƐŚ͗ dŚŝƐ ĚĞǀŝĐĞ ĐŽŵƉůŝĞƐ ǁŝƚŚ /ŶĚƵƐƚƌLJ ĂŶĂĚĂ ůŝĐĞŶƐĞǦĞdžĞŵƉƚ Z^^ ƐƚĂŶĚĂƌĚ;ƐͿ
͘KƉĞƌĂƚŝŽŶ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚǁŽ ĐŽŶĚŝƚŝŽŶƐ͗ ;ϭͿ dŚŝƐ ĚĞǀŝĐĞ ŵĂLJ ŶŽƚ ĐĂƵƐĞ ŝŶ
ƚĞƌĨĞƌĞŶĐĞ͕ ĂŶĚ ;ϮͿ dŚŝƐ ĚĞǀŝĐĞ ŵƵƐƚ ĂĐĐĞƉƚ ĂŶLJ ŝŶƚĞƌĨĞƌĞŶĐĞ͕ ŝŶĐůƵĚŝŶŐ ŝŶƚĞƌĨĞƌĞŶĐĞ ƚ
ŚĂƚ ŵĂLJ ĐĂƵƐĞ ƵŶĚĞƐŝƌĞĚ ŽƉĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ĚĞǀŝĐĞ͘dŚĞ ĚŝŐŝƚĂů ĂƉƉĂƌĂƚƵƐ ĐŽŵƉůŝĞƐ ǁŝƚŚ
ĂŶĂĚŝĂŶ E /^Ǧϯ ;ͿͬEDǦϯ;Ϳ͘
ϋ&ƌĞŶĐŚ͗>ĞƉƌĠƐĞŶƚĂƉƉĂƌĞŝůĞƐƚĐŽŶĨŽƌŵĞĂƵdžEZĚΖ/ŶĚƵƐƚƌŝĞĂŶĂĚĂĂƉƉůŝĐĂďůĞƐĂƵdž
ĂƉƉĂƌĞŝůƐ
ƌĂĚŝŽ ĞdžĞŵƉƚƐ ĚĞ ůŝĐĞŶĐĞ͘ >ΖĞdžƉůŽŝƚĂƚŝŽŶĞƐƚĂƵƚŽƌŝƐĠĞ ĂƵdž ĚĞƵdž ĐŽŶĚŝƚŝŽŶƐ ƐƵŝǀĂŶƚĞƐ͗ ;
ϭͿ ůΖĂƉƉĂƌĞŝů ŶĞ ĚŽŝƚ ƉĂƐ ƉƌŽĚƵŝƌĞ ĚĞ ďƌŽƵŝůůĂŐĞ͕ Ğƚ ;ϮͿ ůΖƵƚŝůŝƐĂƚĞƵƌ ĚĞ ůΖĂƉƉĂƌĞŝůĚŽŝƚ ĂĐĐ
ĞƉƚĞƌ ƚŽƵƚ ďƌŽƵŝůůĂŐĞƌĂĚŝŽĠůĞĐƚƌŝƋƵĞƐƵďŝ͕ ŵġŵĞƐŝ ůĞ ďƌŽƵŝůůĂŐĞĞƐƚ ƐƵƐĐĞƉƚŝďůĞ ĚΖĞŶĐŽ
ŵƉƌŽŵĞƚƚƌĞ ůĞ ĨŽŶĐƚŝŽŶŶĞŵĞŶƚ͘
ZĂĚŝĂƚŝŽŶ džƉŽƐƵƌĞ ^ƚĂƚĞŵĞŶƚ
dŚŝƐ ĞƋƵŝƉŵĞŶƚ ĐŽŵƉůŝĞƐ ǁŝƚŚ ĂŶĂĚĂ ƌĂĚŝĂƚŝŽŶ ĞdžƉŽƐƵƌĞ ůŝŵŝƚƐ ƐĞƚ ĨŽƌƚŚ ĨŽƌ ĂŶ
ƵŶĐŽŶƚƌŽůůĞĚ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚŝƐ ĞƋƵŝƉŵĞŶƚ ƐŚŽƵůĚ ďĞ ŝŶƐƚĂůůĞĚ ĂŶĚ ŽƉĞƌĂƚĞĚ ǁŝƚŚ
ŵŝŶŝŵƵŵ ĚŝƐƚĂŶĐĞ ϮϬĐŵ ďĞƚǁĞĞŶ ƚŚĞ ƌĂĚŝĂƚŽƌ Θ LJŽƵƌ ďŽĚLJ͘
ĠĐůĂƌĂƚŝŽŶ ĚΖĞdžƉŽƐŝƚŝŽŶ ĂƵdž ƌĂĚŝĂƚŝŽŶƐ
Ğƚ ĠƋƵŝƉĞŵĞŶƚ ĞƐƚ ĐŽŶĨŽƌŵĞ ĂŶĂĚĂ ůŝŵŝƚĞƐ ĚΖĞdžƉŽƐŝƚŝŽŶ ĂƵdž ƌĂĚŝĂƚŝŽŶƐ ĚĂŶƐ ƵŶ
ĞŶǀŝƌŽŶŶĞŵĞŶƚ ŶŽŶ ĐŽŶƚƌƀůĠ͘ Ğƚ ĠƋƵŝƉĞŵĞŶƚ ĚŽŝƚ ġƚƌĞ ŝŶƐƚĂůůĠ Ğƚ ƵƚŝůŝƐĠ ă ĚŝƐƚĂŶĐĞ
ŵŝŶŝŵƵŵ ĚĞ ϮϬĐŵ ĞŶƚƌĞ ůĞ ƌĂĚŝĂƚĞƵƌ Ğƚ ǀŽƚƌĞ ĐŽƌƉƐ͘
dŚŝƐ ĚĞǀŝĐĞ ŝƐ ŝŶƚĞŶĚĞĚ ŽŶůLJ ĨŽƌ KD ŝŶƚĞŐƌĂƚŽƌƐ ƵŶĚĞƌ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŽŶĚŝƚŝŽŶ͗
dŚĞ ƚƌĂŶƐŵŝƚƚĞƌ ŵŽĚƵůĞ ŵĂLJ ŶŽƚ ďĞ ĐŽͲůŽĐĂƚĞĚ ǁŝƚŚ ĂŶLJ ŽƚŚĞƌ ƚƌĂŶƐŵŝƚƚĞƌ Žƌ
ĂŶƚĞŶŶĂ͘
Ɛ ůŽŶŐ ĂƐ ƚŚĞ ĐŽŶĚŝƚŝŽŶ ĂďŽǀĞ ŝƐ ŵĞƚ͕ ĨƵƌƚŚĞƌ ƚƌĂŶƐŵŝƚƚĞƌ ƚĞƐƚ ǁŝůů ŶŽƚ ďĞ ƌĞƋƵŝƌĞĚ͘
,ŽǁĞǀĞƌ͕ ƚŚĞ KD ŝŶƚĞŐƌĂƚŽƌ ŝƐ Ɛƚŝůů ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚĞƐƚŝŶŐ ƚŚĞŝƌ ĞŶĚͲƉƌŽĚƵĐƚ ĨŽƌ ĂŶLJ
ĂĚĚŝƚŝŽŶĂů ĐŽŵƉůŝĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƌĞƋƵŝƌĞĚ ǁŝƚŚ ƚŚŝƐ ŵŽĚƵůĞ ŝŶƐƚĂůůĞĚ͘
Ğƚ ĂƉƉĂƌĞŝů ĞƐƚ ĐŽŶĕƵ ƵŶŝƋƵĞŵĞŶƚ ƉŽƵƌ ůĞƐ ŝŶƚĠŐƌĂƚĞƵƌƐ KD ĚĂŶƐ ůĞƐ ĐŽŶĚŝƚŝŽŶƐ
ƐƵŝǀĂŶƚĞƐ͗
>Ğ ŵŽĚƵůĞ ĠŵĞƚƚĞƵƌ ƉĞƵƚ ŶĞ ƉĂƐ ġƚƌĞ ĐŽŢŵƉůĂŶƚĠ ĂǀĞĐ ƵŶ ĂƵƚƌĞ ĠŵĞƚƚĞƵƌ ŽƵ
ĂŶƚĞŶŶĞ͘
dĂŶƚ ƋƵĞ ůĞƐ ϭ ĐŽŶĚŝƚŝŽŶ ĐŝͲĚĞƐƐƵƐ ƐŽŶƚ ƌĞŵƉůŝĞƐ͕ ĚĞƐ ĞƐƐĂŝƐ ƐƵƉƉůĠŵĞŶƚĂŝƌĞƐ ƐƵƌ
ůΖĠŵĞƚƚĞƵƌ ŶĞ ƐĞƌŽŶƚ ƉĂƐ ŶĠĐĞƐƐĂŝƌĞƐ͘ dŽƵƚĞĨŽŝƐ͕ ůΖŝŶƚĠŐƌĂƚĞƵƌ KD ĞƐƚ ƚŽƵũŽƵƌƐ
ƌĞƐƉŽŶƐĂďůĞ ĚĞƐ ĞƐƐĂŝƐ ƐƵƌ ƐŽŶ ƉƌŽĚƵŝƚ ĨŝŶĂů ƉŽƵƌ ƚŽƵƚĞƐ ĞdžŝŐĞŶĐĞƐ ĚĞ ĐŽŶĨŽƌŵŝƚĠ
ƐƵƉƉůĠŵĞŶƚĂŝƌĞƐ ƌĞƋƵŝƐ ƉŽƵƌ ĐĞ ŵŽĚƵůĞ ŝŶƐƚĂůůĠ͘
/ŵƉŽƌƚĂŶƚ EŽƚĞ͗
/Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ ƚŚĞƐĞ ĐŽŶĚŝƚŝŽŶƐ ĐĂŶŶŽƚ ďĞ ŵĞƚ ;ĨŽƌ ĞdžĂŵƉůĞ ĐĞƌƚĂŝŶ ůĂƉƚŽƉ
ĐŽŶĨŝŐƵƌĂƚŝŽŶƐ Žƌ ĐŽͲůŽĐĂƚŝŽŶ ǁŝƚŚ ĂŶŽƚŚĞƌ ƚƌĂŶƐŵŝƚƚĞƌͿ͕ ƚŚĞŶ ƚŚĞ ĂŶĂĚĂ
ĂƵƚŚŽƌŝnjĂƚŝŽŶ ŝƐ ŶŽ ůŽŶŐĞƌ ĐŽŶƐŝĚĞƌĞĚ ǀĂůŝĚ ĂŶĚ ƚŚĞ / ĐĂŶŶŽƚ ďĞ ƵƐĞĚ ŽŶ ƚŚĞ ĨŝŶĂů
ƉƌŽĚƵĐƚ͘ /Ŷ ƚŚĞƐĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƚŚĞ KD ŝŶƚĞŐƌĂƚŽƌ ǁŝůů ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ
ƌĞͲĞǀĂůƵĂƚŝŶŐ ƚŚĞ ĞŶĚ ƉƌŽĚƵĐƚ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ƚƌĂŶƐŵŝƚƚĞƌͿ ĂŶĚ ŽďƚĂŝŶŝŶŐ Ă ƐĞƉĂƌĂƚĞ
ĂŶĂĚĂ ĂƵƚŚŽƌŝnjĂƚŝŽŶ͘
EŽƚĞ /ŵƉŽƌƚĂŶƚĞ͗
ĂŶƐ ůĞ ĐĂƐ Žƶ ĐĞƐ ĐŽŶĚŝƚŝŽŶƐ ŶĞ ƉĞƵǀĞŶƚ ġƚƌĞ ƐĂƚŝƐĨĂŝƚĞƐ ;ƉĂƌ ĞdžĞŵƉůĞ ƉŽƵƌ ĐĞƌƚĂŝŶĞƐ
ĐŽŶĨŝŐƵƌĂƚŝŽŶƐ ĚΖŽƌĚŝŶĂƚĞƵƌ ƉŽƌƚĂďůĞ ŽƵ ĚĞ ĐĞƌƚĂŝŶĞƐ ĐŽͲůŽĐĂůŝƐĂƚŝŽŶ ĂǀĞĐ ƵŶ ĂƵƚƌĞ
ĠŵĞƚƚĞƵƌͿ͕ ůΖĂƵƚŽƌŝƐĂƚŝŽŶ ĚƵ ĂŶĂĚĂ ŶΖĞƐƚ ƉůƵƐ ĐŽŶƐŝĚĠƌĠ ĐŽŵŵĞ ǀĂůŝĚĞ Ğƚ ůΖ / ŶĞ
ƉĞƵƚ ƉĂƐ ġƚƌĞ ƵƚŝůŝƐĠ ƐƵƌ ůĞ ƉƌŽĚƵŝƚ ĨŝŶĂů͘ ĂŶƐ ĐĞƐ ĐŝƌĐŽŶƐƚĂŶĐĞƐ͕ ůΖŝŶƚĠŐƌĂƚĞƵƌ KD
ƐĞƌĂ ĐŚĂƌŐĠ ĚĞ ƌĠĠǀĂůƵĞƌ ůĞ ƉƌŽĚƵŝƚ ĨŝŶĂů ;LJ ĐŽŵƉƌŝƐ ůΖĠŵĞƚƚĞƵƌͿ Ğƚ ůΖŽďƚĞŶƚŝŽŶ ĚΖƵŶĞ
ĂƵƚŽƌŝƐĂƚŝŽŶ ĚŝƐƚŝŶĐƚĞ ĂƵ ĂŶĂĚĂ͘
ŶĚ WƌŽĚƵĐƚ >ĂďĞůŝŶŐ
dŚĞ ĨŝŶĂů ĞŶĚ ƉƌŽĚƵĐƚ ŵƵƐƚ ďĞ ůĂďĞůĞĚ ŝŶ Ă ǀŝƐŝďůĞ ĂƌĞĂ ǁŝƚŚ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ŽŶƚĂŝŶƐ /͗
ϳϰϬͲDϮϬ>͘
WůĂƋƵĞ ƐŝŐŶĂůĠƚŝƋƵĞ ĚƵ ƉƌŽĚƵŝƚ ĨŝŶĂů
>Ğ ƉƌŽĚƵŝƚ ĨŝŶĂů ĚŽŝƚ ġƚƌĞ ĠƚŝƋƵĞƚĠ ĚĂŶƐ ƵŶ ĞŶĚƌŽŝƚ ǀŝƐŝďůĞ ĂǀĞĐ ůΖŝŶƐĐƌŝƉƚŝŽŶ ƐƵŝǀĂŶƚĞ͗
ŽŶƚŝĞŶƚ ĚĞƐ /͗ ϳϰϬͲDϮϬ>͘
DĂŶƵĂů /ŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ŶĚ hƐĞƌ
dŚĞ KD ŝŶƚĞŐƌĂƚŽƌ ŚĂƐ ƚŽ ďĞ ĂǁĂƌĞ ŶŽƚ ƚŽ ƉƌŽǀŝĚĞ ŝŶĨŽƌŵĂƚŝŽŶ ƚŽ ƚŚĞ ĞŶĚ ƵƐĞƌ
ƌĞŐĂƌĚŝŶŐ ŚŽǁ ƚŽ ŝŶƐƚĂůů Žƌ ƌĞŵŽǀĞ ƚŚŝƐ Z& ŵŽĚƵůĞ ŝŶ ƚŚĞ ƵƐĞƌ͛Ɛ ŵĂŶƵĂů ŽĨ ƚŚĞ ĞŶĚ
ƉƌŽĚƵĐƚ ǁŚŝĐŚ ŝŶƚĞŐƌĂƚĞƐ ƚŚŝƐ ŵŽĚƵůĞ͘
dŚĞ ĞŶĚ ƵƐĞƌ ŵĂŶƵĂů ƐŚĂůů ŝŶĐůƵĚĞ Ăůů ƌĞƋƵŝƌĞĚ ƌĞŐƵůĂƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶͬǁĂƌŶŝŶŐ ĂƐ
ƐŚŽǁ ŝŶ ƚŚŝƐ ŵĂŶƵĂů͘
DĂŶƵĞů ĚΖŝŶĨŽƌŵĂƚŝŽŶ ă ůΖƵƚŝůŝƐĂƚĞƵƌ ĨŝŶĂů
>ΖŝŶƚĠŐƌĂƚĞƵƌ KD ĚŽŝƚ ġƚƌĞ ĐŽŶƐĐŝĞŶƚ ĚĞ ŶĞ ƉĂƐ ĨŽƵƌŶŝƌ ĚĞƐ ŝŶĨŽƌŵĂƚŝŽŶƐ ă
ůΖƵƚŝůŝƐĂƚĞƵƌ ĨŝŶĂů ƋƵĂŶƚ ă ůĂ ĨĂĕŽŶ ĚΖŝŶƐƚĂůůĞƌ ŽƵ ĚĞ ƐƵƉƉƌŝŵĞƌ ĐĞ ŵŽĚƵůĞ Z& ĚĂŶƐ ůĞ
ŵĂŶƵĞů ĚĞ ůΖƵƚŝůŝƐĂƚĞƵƌ ĚƵ ƉƌŽĚƵŝƚ ĨŝŶĂů ƋƵŝ ŝŶƚğŐƌĞ ĐĞ ŵŽĚƵůĞ͘
>Ğ ŵĂŶƵĞů ĚĞ ůΖƵƚŝůŝƐĂƚĞƵƌ ĨŝŶĂů ĚŽŝƚ ŝŶĐůƵƌĞ ƚŽƵƚĞƐ ůĞƐ ŝŶĨŽƌŵĂƚŝŽŶƐ ƌĠŐůĞŵĞŶƚĂŝƌĞƐ
ƌĞƋƵŝƐĞƐ Ğƚ ĂǀĞƌƚŝƐƐĞŵĞŶƚƐ ĐŽŵŵĞ ŝŶĚŝƋƵĠ ĚĂŶƐ ĐĞ ŵĂŶƵĞů͘