manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Fuji Electric
  6. •
  7. Controllers
  8. •
  9. Fuji Electric Micro Control X Series User manual

Fuji Electric Micro Control X Series User manual


0RGHO3;)
0LFUR&RQWURO;
,QVWUXFWLRQ0DQXDO
,13713;)E(
7KDQN\RXIRUSXUFKDVLQJWKH)XMLPRGXOHW\SHWHPSHUDWXUHFRQWUROOHU
2QFH\RXKDYHFRQ¿UPHGWKDWWKLVLVWKHSURGXFW\RXRUGHUHGSOHDVHXVHLWLQDFFRUGDQFHZLWKWKHIROORZLQJ
LQVWUXFWLRQV
)RUGHWDLOHGLQIRUPDWLRQRQRSHUDWLQJWKLVHTXLSPHQWSOHDVHUHIHUWRWKHVHSDUDWHXVHUVPDQXDO
,QDGGLWLRQSOHDVHNHHSWKLVLQVWUXFWLRQPDQXDOZLWKLQHDV\UHDFKRIWKHDFWXDOSHUVRQXVLQJWKLVHTXLSPHQW
&RQ¿UPLQJ6SHFL¿FDWLRQVDQG$FFHVVRULHV
%HIRUHXVLQJWKHSURGXFWFRQILUP WKDW LW
PDWFKHVWKHW\SHRUGHUHG
)RUPRGHOFRGHSOHDVHUHIHU WR SDJH
&RQ¿UPWKDWDOORIWKHIROORZLQJDFFHVVRULHVDUH
LQFOXGHG
7HPSHUDWXUH&RQWUROOHU XQLW
,QVWUXFWLRQ0DQXDO FRS\
0RXQWLQJEUDFNHW SF
:DWHUSURRISDFNLQJ SF
5HODWHG,QIRUPDWLRQ
5HIHUWRWKHIROORZLQJ UHIHUHQFH PDWHULDOV
IRUGHWDLOVDERXWWKHLWHPV GHVFULEHG LQWKLV
PDQXDO
'RFXPHQW 5HIHUHQFH1R
'DWDVKHHW ('6
0LFUR&RQWUROOHU0RGHO3;)
2SHUDWLRQ0DQXDO ,1371$(
0LFUR&RQWUROOHU0RGHO3;)
&RPPXQLFDWLRQ)XQFWLRQV
0DQXDO02'%86
,1371$(
7KHODWHVWPDQXDOVFDQDOVREHGRZQORDGHGDW
WKHIROORZLQJ85/
KWWSZZZIXMLHOHFWULFFRPSURGXFWVLQVWUXPHQWV
3OHDVH5HDG)LUVW6DIHW\:DUQLQJV
3OHDVHUHDGWKLVVHFWLRQWKRURXJKO\EHIRUHXVLQJDQGREVHUYHWKHPHQWLRQHGVDIHW\ZDUQLQJVIXOO\
6DIHW\ZDUQLQJVDUHFDWHJRUL]HG DV ³:DUQLQJ´RU³&DXWLRQ´)DLOXUHWRIROORZWKHLQVWUXFWLRQVPD\
UHVXOWLQDVDIHW\KD]DUG
:DUQLQJ PLVKDQGOLQJPD\OHDGWRPLQRURUVHULRXVSHUVRQDOLQMXU\¿UHDQGRUSURSHUW\GDPDJH
&DXWLRQ 0LVKDQGOLQJPD\FDXVHLQMXU\WRWKHXVHURUSURSHUW\GDPDJH
,IWKHHTXLSPHQWLVXVHGLQDPDQQHUQRWVSHFL¿HGE\WKHPDQXIDFWXUHUWKHSURWHFWLRQSURYLGHGE\WKH
HTXLSPHQWPD\EHLPSDLUHG
 :DUQLQJ
/LPLWDWLRQVLQ8VH
7KLVSURGXFWLVDWHPSHUDWXUH FRQWUROOHU ZKLFKZDVGHYHORSHGGHVLJQHGDQG PDQXIDFWXUHG RQWKH
SUHPLVHWKDWLWZRXOGEHXVHGIRUJHQHUDOPDFKLQHU\
,QSDUWLFXODULIWKLVSURGXFWLVWREHXVHGIRUDSSOLFDWLRQVWKDWUHTXLUHWKHXWPRVWVDIHW\DVGHVFULEHG
EHORZSOHDVHWDNHLQWRFRQVLGHUDWLRQRIWKHVDIHW\RIWKHHQWLUHV\VWHPDQGWKHPDFKLQHE\DGRSWLQJ
VXFKPHDQVDVDIDLOVDIH GHVLJQ DUHGXQGDQF\GHVLJQDVZHOO DV WKHFRQGXFWLQJRISHULRGLFDO
LQVSHFWLRQV
 6DIHW\GHYLFHVIRUWKHSXUSRVHRISURWHFWLQJWKHKXPDQERG\
 'LUHFWFRQWURORIWUDQVSRUWDWLRQHTXLSPHQW
 $LUSODQHV
 6SDFHHTXLSPHQW
 $WRPLFHTXLSPHQWHWF
3OHDVHGRQRWXVHWKLVSURGXFWIRUDSSOLFDWLRQVZKLFKGLUHFWO\LQYROYHKXPDQOLYHV
&$87,21
7KHFRQWHQWVRIWKLVPDQXDODUHVXEMHFWWRFKDQJHZLWKRXWQRWLFH
7KLVPDQXDOLVFRPSOLHGZLWKSRVVLEOHFDUHIRUWKHSXUSRVHRIDFFXUDF\KRZHYHU
)XML(OHFWULFVKDOOQRWEH KHOG OLDEOHIRUDQ\GDPDJHVLQFOXGLQJ LQGLUHFW GDPDJHFDXVHGE\
W\SRJUDSKLFDOHUURUV
DEVHQFHRILQIRUPDWLRQRUXVHRILQIRUPDWLRQLQWKLVPDQXDO
,QVWDOODWLRQDQG:LULQJ
Ź 7KLVHTXLSPHQWLVLQWHQGHGWREHXVHGXQGHUWKHIROORZLQJFRQGLWLRQV
$PELHQWWHPSHUDWXUH &WR&
$PELHQWKXPLGLW\ 5+RUEHORZZLWKQRFRQGHQVDWLRQ
2YHUYROWDJHFDWHJRU\ ,, E\,(&
3ROOXWLRQGHJUHH 
5HFRPPHQGHGIXVH 9$&$77LPH/DJIRUWR9$&3RZHUVXSSO\
9'&9$&$77LPH/DJIRU9'&9$&3RZHUVXSSO\
8VDJHHQYLURQPHQW ,QGRRUXVH
Ź ,IDFFHVVLEOH6DIHW\([WUD/RZ9ROWDJH6(/9FLUFXLWVDUHWREHFRQQHFWHGWR6LJQDOLQSXWWHUPLQDO
665'ULYHRXWSXWWHUPLQDO &XUUHQW RXWSXWWHUPLQDORU&RPPXQLFDWLRQ56 WHUPLQDOHQVXUH
WRSURYLGHDEDVLFLQVXODWLRQ EHWZHHQWKH6(/9FLUFXLWVDQGWKHVHWHUPLQDOV )RU H[DPSOHXVH
WUDQVIRUPHUZKLFKKDVDEDVLF LQVXODWLRQ RUKLJKHUGHJUHHRILQVXODWLRQ7KHEDVLF LQVXODWLRQ
UHTXLUHVDFOHDUDQFHDWOHDVWPPDQGDFUHHSDJHRIDWOHDVWPP,IVXFKLQVXODWLRQLVQRW
SURYLGHGWKH8/DQG(1VDIHW\FRPSOLDQFHPD\EHFRPHLQYDOLG
Ź )RU9'&$& SRZHUVXSSO\PRGHOLIWKH HTXLSPHQWLVFRQQHFWHGWRWKH 6DIHW\([WUD/RZ
9ROWDJH6(/9FLUFXLWDEDVLFLQVXODWLRQ PXVWEHSURYLGHGEHWZHHQWKH 6(/9FLUFXLWDQGWKH
SRZHULQSXWWHUPLQDOV2WKHUZLVHWKHSRZHULQSXWWHUPLQDOVPXVWEHFRQQHFWWR([WUD/RZ9ROWDJH
(/9FLUFXLWVRDVWRSUHYHQWWKHHOHFWULFVKRFN
Ź )RU&7LQSXWXVH&XUUHQW7UDQVIHUZKLFKKDVVSHFL¿FDWLRQDVVKRZQEHORZLQRUGHUWRSUHYHQWWKH
HOHFWULFVKRFNDQGVSUHDGRI¿UH
2YHU9ROWDJH&DWHJRU\ ,,
3ROOXWLRQ'HJUHH 
5HTXLUHGOHYHORI,QVXODWLQJ %$6,&,168/$7,216833/<0(17$5<,168/$7,21
RU5(,1)25&(',168/$7,21
0D[LPXP9ROWDJHOLQHWRQHXWUDO 9DFUPVRU9GF
$ERXWVDIHW\VWDQGDUG
3OHDVHREVHUYHWKHIROORZLQJLQVWUXFWLRQVWRPHHWWKHUHTXLUHPHQWVRIVDIHW\VWDQGDUG
)DLOXUHWRREVHUYHWKHVHLQVWUXFWLRQVYLRODWHVVDIHW\VWDQGDUGV7KLVSURGXFWLVQRWDVDIHW\HTXLSPHQW
««««««««««««««««««««««««««««««««««««««««««««««««
Ɣ,QVWDOODUHFRPPHQGHGIXVHZKLFKLVVSHFL¿HGLQWKHLQVWUXFWLRQPDQXDOEHWZHHQWKHH[WHUQDOPDLQSRZHU
PDLQVFLUFXLWDQGWKLVHTXLSPHQW
Ɣ,IDFFHVVLEOH6DIHW\([WUD/RZ9ROWDJH6(/9FLUFXLWVDUHWREHFRQQHFWHGWR6LJQDOLQSXWWHUPLQDO665
'ULYHRXWSXWWHUPLQDO&XUUHQWRXWSXWWHUPLQDORU&RPPXQLFDWLRQ56WHUPLQDOHQVXUHWRSURYLGHD
EDVLFLQVXODWLRQEHWZHHQWKH6(/9FLUFXLWVDQGWKHVHWHUPLQDOV)RUH[DPSOHXVHWUDQVIRUPHUZKLFKKDVD
EDVLFLQVXODWLRQRUKLJKHUGHJUHHRILQVXODWLRQ7KHEDVLFLQVXODWLRQUHTXLUHVDFOHDUDQFHDWOHDVWPP
DQGDFUHHSDJHRIDWOHDVWPP,IVXFKLQVXODWLRQLVQRWSURYLGHGWKH8/DQG(1VDIHW\
FRPSOLDQFHPD\EHFRPHLQYDOLG
Ɣ:KROHWKLVHTXLSPHQWPXVWEHPRXQWHGLQDQHQFORVXUHLQRUGHUWRSUHYHQWWKHHOHFWULFVKRFNDQGVSUHDG
RI¿UH
Ɣ%HVXUHWRLQVWDOODQDSSURSULDWHH[WHUQDOSURWHFWLYHFLUFXLWWRSUHYHQWH[FHVVLYHWHPSHUDWXUHULVHHWF
Ɣ:KHQSHUIRUPLQJZLULQJZRUNEHVXUHWRWXUQWKHSRZHURIIDQGWRZHDUSURWHFWLRQJORYHVRUVDIHW\JODVVHV
WRSUHYHQWDQHOHFWULFVKRFN
Ɣ6HWSURSHUSDUDPHWHULQSXWVLJQDOVZKLFKFRUUHVSRQGWRHDFKLQSXWWREHFRQQHFWHG%HFDUHIXOQRWWR
FRQIXVHYROWDJHLQSXWZLWKFXUUHQWLQSXWRUYLFHYHUVD
Ɣ'RQRWXVHWKLVHTXLSPHQWIRUWKHPHDVXUHPHQWRIFLUFXLWVZKLFKIDOOVXQGHUPHDVXUHPHQWFDWHJRULHV,,,,,
RU,9
Ɣ'RQRWXVHWKLVHTXLSPHQWIRUPHDVXUHPHQWRIVLJQDOVWRZKLFKDYROWDJHRYHU9506RURYHU9'&LV
DSSOLHG
Ɣ,IWKHUHLVDULVNWKDWDQ\RQHPD\FRPHLQWRFRQWDFWZLWKWKHWHUPLQDOZKLOHWKHLQVWUXPHQWLVEHLQJ
HQHUJL]HGDWWDFKWKHWHUPLQDOFRYHURSWLRQDOWRSUHYHQWDQHOHFWULFVKRFN%HIRUHUHPRYLQJDWHUPLQDO
FRYHUWXUQRIIDOOWKHSRZHU
««««««««««««««««««««««««««««««««««««««««««««««««
Ź 1RWHWKDWWKHLQVXODWLRQFODVVIRUWKLVHTXLSPHQWLVDVIROORZV%HIRUHLQVWDOOLQJSOHDVHFRQ¿UPWKDW
WKHLQVXODWLRQFODVVIRUHTXLSPHQWPHHWVXVDJHUHTXLUHPHQWV
,QWHUQDOFLUFXLW
3URFHVVYDOXHLQSXW
5HPRWH69LQSXW
&7LQSXW
&RQWURORXWSXW
665GULYHFXUUHQWYROWDJH
&RQWURORXWSXW
665GULYHFXUUHQWYROWDJH
&RQWURORXWSXW
665GULYHFXUUHQWYROWDJH
&RQWURORXWSXW
665GULYHFXUUHQWYROWDJH
'LJLWDOLQSXWWR
&RPPXQLFDWLRQ56
3RZHUVXSSO\WR9$&
&RQWURORXWSXWUHOD\FRQWDFW
RU
0RWRUL]HGYDOYH23(1RXWSXW
&RQWURORXWSXWUHOD\FRQWDFW
RU
0RWRUL]HGYDOYH&/26(RXWSXW
$ODUPRXWSXW
UHOD\FRQWDFW $ODUPRXWSXW
WR
UHOD\FRQWDFW
$ODUPRXWSXW
UHOD\FRQWDFW
&RQWURORXWSXWUHOD\FRQWDFW
RU
0RWRUL]HGYDOYH23(1RXWSXW
&RQWURORXWSXWUHOD\FRQWDFW
RU
0RWRUL]HGYDOYH&/26(RXWSXW
$ODUPRXWSXW
UHOD\FRQWDFW $ODUPRXWSXW
WR
UHOD\FRQWDFW
$ODUPRXWSXW
UHOD\FRQWDFW
%DVLFLQVXODWLRQ9$& )XQFWLRQDOLQVXODWLRQ9$& 1RLQVXODWLRQ
(1) (2) (1) (2)
,QWHUQDOFLUFXLW
3URFHVVYDOXHLQSXW
5HPRWH69LQSXW
&7LQSXW
'LJLWDOLQSXWWR
&RPPXQLFDWLRQ56
3RZHUVXSSO\9'&9$&
(1)::KHQWKHWKFRGHLV-$/DQGLQGHSHQGHQWFRPPRQ
(2)::KHQWKHWKFRGHLVRWKHUWKDQ-$/WRVKDUHGFRPPRQ
Ɣ$SRZHUVZLWFKRUDFLUFXLWEUHDNHUVKRXOGEHLQVWDOOHGZLWKLQWKHSRZHUVXSSO\IDFLOLW\
Ɣ$SRZHUVZLWFKRUDFLUFXLWEUHDNHUVKRXOGEHSURSHUO\LQVWDOOHGZLWKLQHDV\UHDFKRIDQRSHUDWRU
Ɣ$SRZHUVZLWFKRUDFLUFXLWEUHDNHUVKRXOGEHLGHQWL¿HGDVWKHRQHIRUWKLVSURGXFW
Ɣ(OHFWULFDOZLULQJPXVWEHPDGHE\WKHTXDOL¿HG SHUVRQQHO RQO\DQGLQDFFRUGDQFH ZLWK \RXUORFDO
DQGQDWLRQDOVWDQGDUGV
Ɣ)RUSRZHUVXSSO\ZLULQJXVHZLUHHTXDOWR9YLQ\OLQVXODWHGZLUHRUDERYH
Ɣ7RSUHYHQWGDPDJHDQGIDLOXUHRIWKHHTXLSPHQWSURYLGHWKHUDWHGSRZHUYROWDJH
Ɣ7RSUHYHQWVKRFNDQGHTXLSPHQWIDLOXUHGRQRWWXUQWKHSRZHU21XQWLODOOZLULQJLVFRPSOHWH
Ɣ%HIRUHWXUQLQJRQSRZHUFRQ¿UPWKDWFOHDUDQFHVSDFHKDVEHHQVHFXUHGWRSUHYHQWVKRFNRU¿UH
Ɣ'RQRWWRXFKWKHWHUPLQDOZKLOHWKHPDFKLQHLVRQ'RLQJVRULVNVVKRFNRUHTXLSPHQWHUURUV
Ɣ1HYHUGLVDVVHPEOHFRQYHUWPRGLI\RUUHSDLUWKLV HTXLSPHQW 'RLQJVRULVNVDEQRUPDORSHUDWLRQ
VKRFNRU¿UH
Ɣ,IDQ\IDLOXUHRFFXUVSOHDVHFRQWDFWWKHPDQXIDFWXUHUDQGUHWXUQWKHSURGXFW
Ɣ2XWSXWUHOD\LVWKHSDUWKDVDOLPLWHGOLIH:KHQRXWSXWUHOD\FRQWDFWFRPHVWRWKHHQGRILWVOLIHLW
PLJKWUHPDLQRQVWDWHRURIIVWDWH)RUVDIHW\XVHDSURWHFWLYHFLUFXLWRXWVLGH
Ɣ7KH IDFWRU\GHIDXOWVHWWLQJRI WKLV HTXLSPHQWLVDVIROORZV&KDQJH WKHVHWWLQJDVQHFHVVDU\VR
DVWKHHTXLSPHQWWR PHHW \RXUDSSOLFDWLRQ3OHDVHQRWHWKDW WKHLPSURSHUVHWWLQJVPD\UHVXOW LQ
RYHUKHDWRUXQH[SHFWHGGDPDJH
 )RUWKHGHWDLOVRIRSHUDWLRQUHIHUWRWKHVHSDUDWHYROXPH2SHUDWLRQ0DQXDO,1371$(
 &RQWURORXWSXWKHDWLQJFRQWURO
 &RQWURORXWSXWRSWLRQDOFRROLQJFRQWURO
 $ODUPRXWSXWWRRSWLRQDO1RIXQFWLRQ
Ɣ6\PEROVRQWKHLQVWUXPHQW
5HDGWKLVLQVWUXFWLRQPDQXDOWKRURXJKO\EHIRUHXVLQJWKHSURGXFWDQGXVHWKHSURGXFWVDIHO\
0DLQWHQDQFH
Ɣ:KHQ LQVWDOOLQJRUUHPRYLQJWKHHTXLSPHQW WXUQ WKHSRZHU2)) 2WKHUZLVHVKRFNRSHUDWLRQDO
HUURUVRUIDLOXUHVPD\EHFDXVHG
Ɣ3HULRGLFPDLQWHQDQFHLVUHFRPPHQGHGIRUFRQWLQXRXVDQGVDIHXVHRIWKLVHTXLSPHQW
Ɣ6RPHSDUWVLQVWDOOHGRQWKLVHTXLSPHQWKDYHDOLPLWHGOLIHDQGRUPD\GHWHULRUDWHZLWKDJH
Ɣ7KHZDUUDQW\SHULRGIRUWKLVXQLWLQFOXGLQJDFFHVVRULHVLVWKUHH\HDUVDIWHUWKHGDWHRIPDQXIDFWXUH
LIWKHSURGXFWLVXVHGSURSHUO\
2SWLRQ
1DPH 4XDQWLW\ 2UGHU1R
7HUPLQDOFRYHU SF ==33;5$
3&ORDGHU
FRPPXQLFDWLRQFDEOH FDEOH ==374&
6KXQWUHVLVWRU
 SF ==33;5$
Fuji Electric France SAS
46 rue Georges besse - ZI du Brézet
63039 Clermont Ferrand cedex 02 - France
Tél: 04 73 98 26 98 Fax: 04 73 98 26 99
Web: www.fujielectric.fr
Email : [email protected]

 &DXWLRQ
&DXWLRQVZKHQ,QVWDOOLQJ
3OHDVHDYRLGLQVWDOOLQJLQWKHIROORZLQJORFDWLRQV
Ɣ/RFDWLRQVLQZKLFKWKHDPELHQWWHPSHUDWXUHIDOOVRXWVLGHWKHUDQJHRI±WR&ZKHQHTXLSPHQW
LVLQXVH,IWKH SRZHU VXSSO\LV9$&WKHUHFRPPHQGHGPD[LPXPDPELHQWWHPSHUDWXUHLV
&
Ɣ/RFDWLRQVZLWKUDSLGWHPSHUDWXUHFKDQJHVOHDGLQJWRGHZFRQGHQVDWLRQ
Ɣ/RFDWLRQVZLWKFRUURVLYHJDVHVHVSHFLDOO\VXO¿GHJDVDPPRQLDHWFRUÀDPPDEOHJDVHV
Ɣ/RFDWLRQVZLWKYLEUDWLRQRUVKRFNGLUHFWO\9LEUDWLRQDQGVKRFNPD\FDXVHRXWSXWUHOD\PDOIXQFWLRQ
Ɣ/RFDWLRQVLQFRQWDFWZLWKZDWHURLOFKHPLFDOVVWHDPRUKRWZDWHU
 ,IWKHHTXLSPHQWJHWV ZHW WKHUHLVDULVNRI HOHFWULFVKRFNRUILUHVR KDYH LWLQVSHFWHGE\)XML
GLVWULEXWRU
Ɣ/RFDWLRQVZLWKKLJKFRQFHQWUDWLRQVRIDWPRVSKHULFGXVWVDOWRULURQSDUWLFOHV
Ɣ/RFDWLRQVZLWKODUJHLQGXFWLYHLQWHUIHUHQFHUHVXOWLQJLQVWDWLFHOHFWULFLW\PDJQHWLF¿HOGVRUQRLVH
Ɣ/RFDWLRQVLQGLUHFWVXQOLJKW
Ɣ/RFDWLRQVWKDWEXLOGXSKHDWIURPUDGLDQWKHDWVRXUFHVHWF
5HFRPPHQGHGVLWHFRQGLWLRQV
Ɣ$SODFHZKHUHWKHDPELHQWKXPLGLW\GXULQJRSHUDLRQLVEHWZHHQWR5+
$ERXW(0&VWDQGDUG
Ɣ7KLVHTXLSPHQWLVDFODVV$IRULQGXVWULDOORFDWLRQVHTXLSPHQW'RQRWXVHWKLVHTXLSPHQWLQGRPHVWLF
HVWDEOLVKPHQWVXFKDVUHVLGHQWLDODUHDVRULWPD\FDXVHUDGLRLQWHUIHUHQFH,I\RXXVHWKLVHTXLSPHQWLQ
GRPHVWLFORFDWLRQVWDNHDGHTXDWHPHDVXUHVRQWKHRXWVLGHRIWKHHTXLSPHQWWRUHGXFHUDGLRLQWHUIHUHQFH
Ɣ8QGHUWKHUHTXLUHPHQWRI(0&VWDQGDUGWKHPD[LPXPOHQJWKRIH[WHUQDOFDEOHLQFOXGLQJDVHQVRUWREH
FRQQHFWHGWRWKLVHTXLSPHQWLVP'RQRWFRQQHFWWKHVHQVRUORQJHUWKDQP
&DXWLRQVZKHQ$WWDFKLQJWRWKH3DQHOV
Ɣ,QVHUWWKHFRQWUROOHUXQLWLQWRWKHSDQHOFXWRXWIURP WKHIURQWDQGWKHQSXW WKH PRXQWLQJEUDFNHW
IURPWKHUHDU7KHPRXQWLQJEUDFNHWVKRXOGEHSXVKHGLQXQWLOWKHFRQWUROOHULVVHFXUHO\¿[HGWRWKH
SDQHO,IWKHUHLVDVOLJKWJDSUHPDLQLQJJHQWO\WLJKWHQWKHWZRVFUHZVXQWLOWKHJDSGLVDSSHDUV
 0DNHVXUHQRWWR RYHU WLJKWHQWKHVFUHZVDVGRLQJ VRPD\UHVXOWLQWKH PRXQWLQJ EUDFNHW
VHSDUDWLQJIURPWKHVWRSSHU
Ɣ7KHIURQWRIWKLVHTXLSPHQWLVZDWHUSURRILQFRPSOLDQFHZLWK1(0$;VWDQGDUGV,3HTXLYDOHQW
 7RHIIHFWZDWHUSURRIWKHLQFOXGHG SDFNLQJLVVKDOOEHDWWDFKHGEHWZHHQ WKHFRQWUROOHUDQGWKH
SDQHODFFRUGLQJWRWKHJXLGHOLQHVEHORZ,QFRUUHFWDWWDFKPHQWPD\FDXVHWKHHTXLSPHQWWRORVHLWV
ZDWHUSURRIFDSDELOLWLHV
 $VVKRZQLQ)LJLQVHUWWRWKHSDQHODIWHUDWWDFKLQJWKHSDFNLQJWRWKHHTXLSPHQWFDVH
 $VVKRZQLQ)LJWLJKWHQWKH¿[WXUHVFUHZVVRWKDWQRJDSVFDQUHPDLQEHWZHHQWKHHTXLSPHQW
IDFHWKHSDFNLQJDQG WKH SDQHOV2QFH¿QLVKHGFRQ¿UPWKDW WKHUHDUHQRFKDQJHVLQ VKDSH
VXFKDVGLVSODFHGRULPSURSHUO\¿WWHGSDFNLQJHWFDVVKRZQLQ)LJ
Ɣ,IWKHSDQHOGRHVQRWKDYHHQRXJKVWUHQJWKJDSVPD\GHYHORSEHWZHHQWKHSDFNLQJDQGWKHSDQHO
WRORVHZDWHUSURR¿QJFDSDELOLWLHV
)LJ )LJ )LJ
6FUHZ
0RXQWLQJ
EUDFNHW
8QLW 8QLW
)URQW &DVH 3DQHO 3DQHO
3DFNLQJ 3DFNLQJ
&DVH
&DVH
%DG *RRG
3DFNLQJ
$WWDFKPHQWRQYHUWLFDOVXUIDFH
+RUL]RQWDODWWDFKPHQW
&DXWLRQ Ɣ ,QRUGHUWRDLGKHDWGLVVLSDWLRQGRQRWEORFNWKHVLGHVRIWKHHTXLSPHQW
Ɣ 'RQRWEORFNWKHDLUYHQWVRQWKHWRSDQGERWWRPRIWKHFDVH
&DXWLRQVIRU:LULQJ
Ɣ)RUWKHUPRFRXSOHLQSXWXVHWKHGHVLJQDWHGFRPSHQVDWLRQOHDGIRUUHVLVWDQFHEXOELQSXWXVHZLUHV
ZLWKVPDOOOHDGZLUHUHVLVWDQFHDQGZLWKRXWDQ\UHVLVWDQFHGLIIHUHQFHDPRQJWKHWKUHHZLUHV
Ɣ7RDYRLGQRLVHFRQGXFWRUHIIHFWVLQSXWVLJQDOZLUHVVKRXOGEHVHSDUDWHGIURPHOHFWULFSRZHUOLQHVRU
ORDGOLQHV
Ɣ,QSXWVLJQDOZLUHDQGRXWSXWVLJQDOZLUHVKRXOGEHVHSDUDWHGHDFKRWKHU$QGERWKVKRXOGEHVKLHOG
ZLUH
Ɣ,IWKHUHLVDORWRIQRLVHIURPWKHSRZHUVRXUFHDGGLQJDQLQVXODWLRQWUDQVGXFHUDQGXVLQJDQRLVH
¿OWHULVUHFRPPHQGHG
 ([DPSOH=0%5QRLVH¿OWHU0DQXIDFWXUHU7'.
 $OZD\VDWWDFKDQRLVH¿OWHUWRDSDQHOWKDWLVJURXQGHGVHFXUHO\DQGNHHSWKHZLULQJEHWZHHQWKH
QRLVH¿OWHURXWSXWVLGHDQGWKHPHDVXULQJHTXLSPHQWSRZHUWHUPLQDOZLULQJWRDPLQLPXPOHQJWK
 3OHDVHGRQRWDWWDFKIXVHVDQGVZLWFKHVHWFWRWKHQRLVH¿OWHURXWSXWZLULQJRWKHUZLVHWKH¿OWHU¶V
HIIHFWLYHQHVVZLOOEHGHFUHDVHG
Ɣ7ZLVWLQJWKHSRZHUZLUHVLVHIIHFWLYHZKHQFRQQHFWLQJWKHZLUHV7KHVKRUWHUWKHSLWFKRIWKHWZLVW
WKHPRUHHIIHFWLYHWKHFRQQHFWLRQLVDJDLQVWQRLVH
Ɣ2SHUDWLRQSUHSDUDWLRQWLPHLVUHTXLUHGIRUWKHFRQWDFWRXWSXWZKHQSRZHULVWXUQHGRQ,IXVLQJLWDV
DVLJQDOWRDQH[WHUQDOLQWHUORFNFLUFXLWSOHDVHFRXSOHLWZLWKDGHOD\HGUHOD\
Ɣ&RQFHUQLQJWKHRXWSXWUHOD\FRQQHFWLQJWKHPD[LPXPUDWHGORDGZLOOVKRUWHQWKHSURGXFW¶VOLIHVR
SOHDVHDWWDFKDQDX[LOLDU\ UHOD\,IWKHRXWSXWRSHUDWLRQIUHTXHQF\LVKLJKVHOHFWLQJ D 66566&
GULYHRXWSXWW\SHLVUHFRPPHQGHG
 >3URSRUWLRQDWHF\FOHV@5HOD\RXWSXWVHFRQGVRUPRUH66566&GULYHRXWSXWVHFRQGRUPRUH
Ɣ,I\RXVHOHFWHGWKHYHUVLRQZLWK&7XVHDFRPPRQSRZHUOLQHIRUWKHKHDWHUDQGWKHFRQWUROOHU
Ɣ:KHQLQGXFWLYHORDGVVXFKDVPDJQHWLFRSHQLQJFORVLQJHTXLSPHQWHWFDVUHOD\RXWSXWHTXLSPHQW
DUHFRQQHFWHGXVHRID VXUJH DEVRUEHULVUHFRPPHQGHGLQRUGHU WR SURWHFWWKHFRQWDFWVDJDLQVW
RSHQLQJFORVLQJVXUJHVDQGWRHQVXUHORQJWHUPXVH
 5HFRPPHQGHGVSHFL¿FDWLRQIRUWKHVXUJHDEVRUEHU
9ROWDJH 1RPLQDOYDULVWRUYROWDJH
9 9
9 9
 $WWDFKPHQWSRVLWLRQEHWZHHQWKHUHOD\FRQWURORXWSXWFRQWDFWV


















([DPSOH
.H\2SHUDWLRQ&DXWLRQV(UURU2SHUDWLRQV
Ɣ7KHDODUPIXQFWLRQGRHVQRWZRUNSURSHUO\ZKHQDQHUURUWDNHVSODFHXQOHVVWKHVHWWLQJVDUHPDGH
FRUUHFWO\$OZD\VYHULI\LWVVHWWLQJEHIRUHRSHUDWLRQ
Ɣ,IWKHLQSXWZLULQJEUHDNVWKHGLVSOD\ZLOOUHDG8888:KHQUHSODFLQJWKHVHQVRUDOZD\VWXUQWKH
SRZHU2))
2WKHUV
Ɣ3OHDVHGRQRWZLSHWKHHTXLSPHQWZLWKRUJDQLFVROYHQWVVXFKDVDOFRKRORUEHQ]HQHHWF,IZLSLQJ
LVQHFHVVDU\XVHDQHXWUDOFOHDQLQJDJHQW
Ɣ'RQRWXVHPRELOHSKRQHVQHDUWKLVHTXLSPHQWZLWKLQFP2WKHUZLVHDPDOIXQFWLRQPD\UHVXOW
Ɣ7URXEOHPD\RFFXULIWKHHTXLSPHQWLVXVHGQHDUDUDGLR79RUZLUHOHVVGHYLFH
Ɣ7KLVHTXLSPHQWVKRXOGEHWUHDWHGDVDQLQGXVWULDOZDVWHZKHQLWLVGLVSRVHGRI
)RU3URSHU8VDJH
3OHDVHFRQ¿UPWKDWWKHPRGHOGHOLYHUHGPDWFKHV\RXURUGHU
0RGHO6SHFL¿FDWLRQVSDJH
7HUPLQDOFRQQHFWLRQVGLDJUDP
:LULQJSDJH
&KDQJLQJVHWYDOXH
%DVLF2SHUDWLRQ0HWKRGV
3DUDPHWHU/LVW
,QSXW2XWSXW&RQWURO
'LVSOD\DQG2SHUDWLRQVSDJH
'LVSOD\DQG2SHUDWLRQVSDJH
3DUDPHWHU/LVWSDJHWR
)XQFWLRQVSDJH
6HWWLQJRILQSXWVHQVRUDQGLQSXWUDQJH
6HOHFWLQJFRQWUROPHWKRG
&RQWUROOLQJWKURXJKDXWRWXQLQJ
WRPDWLFVHWWLQJSDUDPHWHUV
,QSXW6HWWLQJSDJH
&RQWURO6HWWLQJSDJH
$XWRWXQLQJSDJH
)X]]\3,'&RQWURO6HOIWXQLQJ&RQWUROSDJH
'LVSOD\GXULQJHTXLSPHQWHUURU
(UURU,QGLFDWLRQVSDJH
([WHUQDOGLPHQVLRQV
3DQHOFXWGLPHQVLRQV
0RXQWLQJWKHSDQHO
,QVWDOODWLRQDQG0RXQWLQJSDJH
&RQ¿UPDWLRQRIPRGHOFRGH

:LULQJ&RQQHFWLRQ
'LVSOD\DQG2SHUDWLRQV
3DUDPHWHU/LVW
)XQFWLRQVRIWKH7HPSHUDWXUH&RQWUROOHU
7XUQ3RZHU2Q
$GYDQFHG8VDJH
(UURU,QGLFDWLRQV
2SHUDWLRQ
,QVWDOODWLRQDQG0RXQWLQJ
&DXWLRQ :DLWPLQXWHVIRUWKHFRQWUROOHUWRVWDELOL]HGWKHUPDOO\2SHUDWLRQVVXFKDV
PHDVXUHPHQWVVKRXOGEHWDNHQDIWHUWKHHTXLSPHQWKDVEHHQRQIRUPLQXWHV
RUPRUH

,QVWDOODWLRQDQG0RXQWLQJ
([WHUQDO3DQHO&XW'LPHQVLRQV
0RXQWLQJEUDFNHW



RUPRUH



RUPRUH


,QVWDOOLQJPXOWLSOHFRQWUROOHUVKRUL]RQWDOO\
,QWKLVLQVWDOOLQJWKHZDWHUSURRIRI3;)
LVORVW
îQ± 




LQVWDOOLQJPXOWLSOHFRQWUROOHUV
 
0RXQWLQJIUDPH
WSDQHOWKLFNQHVVW
3DQHO
:DWHUSURRI
SDFNLQJ 7HUPLQDOFRYHU
RSWLRQ
7HUPLQDOFRYHU


,IZLWKWHUPLQDOFRYHU
:KHQXVLQJWKHSDUDPHWHUORDGHUZLWK3;)EHLQJPRXQWHG
RQDSDQHOWSDQHOWKLFNQHVVW



5HDUYLHZ
7HUPLQDOEORFNLVQRWDWWDFKHGWRXQXVHGWHUPLQDOV
WHUPLQDOWRDFFRUGLQJWRWKHPRGHO
7HUPLQDOVFUHZ0




&DXWLRQ
3DQHOFXWGLPHQVLRQVVKRXOGDOVRPHHWWKHDERYHGLPHQVLRQVDIWHUWKHSDQHOLVFRDWHG
&DXWLRQVZKHQ&ORVH)LW0RXQWLQJ
Ɣ :KHQWKHSRZHUVXSSO\LV$&9NHHSWKHPD[LPXPDPELHQWWHPSHUDWXUHDW&
Ɣ ,IDQ\HTXLSPHQWRUZDOOVZKLFKKDYH DGHSWKRIPPH[LVWDURXQGWKLVLQVWUXPHQW
NHHSDFOHDUDQFHRIDWOHDVWPPRQWKHERWKVLGHVPPEHORZPPDERYH
&DXWLRQVZKHQZLULQJ
Ɣ 6WDUWE\ZLULQJIURPWKHOHIWKDQGWHUPLQDOVWHUPLQDOVWR
Ɣ 8VHDVFUHZWKDWLVWKHULJKWVL]HRQWHUPLQDOVDQGWLJKWHQWKHPZLWKDWRUTXHRIDERXW
1P
Ɣ 'RQRWDWWDFKDQ\WKLQJWRXQXVHGWHUPLQDOV'RQRWXVHUHOD\WHUPLQDOV


:LULQJ
7HUPLQDO&RQQHFWLRQ'LDJUDP6\DQGDUGW\SH


















9$&

±
$
%
%

±

±
$ODUPRXWSXW
2SWLRQ












$/
$/
$/&20
$/&20
$/
$/
&20
$/
$/
$/
&20
1RQ&
9$&9'&
+] +]

±
',
',&20
&7
569

±
56
1RWH3RZHUVXSSOLHVIRU$/DQG$/PXVWEHRIWKHVDPHW\SH
 HLWKHU$&RU'&
6WDQGDUGW\SH





12
&20
1&
287


±

&20
287
665 665



287
&20
±


±

&20
287




287
287


287



12
&20
1&
287


287
±

&20
287


287





287
&20
±


287


±

&20
287



























287
&20
287
±


287
&20
287
±


287
&20
287
±


287
&20
287
±


287
&20
287
±


287
&20
287
±


287
&20
287
±


287
&20
287
±


287
&20
287
±


287
665 665 665
665 665
665






















&RQWURO
RXWSXW
&RQWURO
RXWSXW
&RQWURO
RXWSXW
&RQWURO
RXWSXW
5HOD\RXWSXW
6367
5HOD\RXWSXW
63'7
1RQH 1RQH 1RQH 1RQH 1RQH
9ROWDJH&XUUHQW 5HOD\RXWSXW
6367
5HOD\RXWSXW
6367
5HOD\RXWSXW
6367
5HOD\RXWSXW
6367
5HOD\RXWSXW
6367
5HOD\RXWSXW
6367
5HOD\RXWSXW
63'7 9ROWDJH&XUUHQW
9ROWDJH&XUUHQW 9ROWDJH&XUUHQW 9ROWDJH&XUUHQW
RUUHWUDQVPLVVLRQRXWSXW RUUHWUDQVPLVVLRQRXWSXW RUUHWUDQVPLVVLRQRXWSXW RUUHWUDQVPLVVLRQRXWSXW RUUHWUDQVPLVVLRQRXWSXW RUUHWUDQVPLVVLRQRXWSXW
&XUUHQWRU
UHWUDQVPLVVLRQ
RXWSXWFXUUHQW
&XUUHQWRU
UHWUDQVPLVVLRQ
RXWSXWFXUUHQW
&XUUHQWRU
UHWUDQVPLVVLRQ
RXWSXWFXUUHQW
9ROWDJHRU
UHWUDQVPLVVLRQ
RXWSXWYROWDJH
9ROWDJHRU
UHWUDQVPLVVLRQ
RXWSXWYROWDJH
9ROWDJHRU
UHWUDQVPLVVLRQ
RXWSXWYROWDJH
RUSRLQWVSRLQWV
1RWH
SRLQWV
LQGHSHQGHQWFRPPRQ
3RZHUVXSSO\
3URFHVVYDOXHLQSXW
8QLYHUVDOLQSXW
57' &XUUHQW
LQSXW
9ROWDJH
LQSXW
7KHUPRFRXSOH
5HPRWH69LQSXW
'LJLWDOLQSXW &7LQSXW
56
&RQWURORXWSXW
Ɣ5HOD\RXWSXW6367
9$&$UHVLVWLYHORDG
Ɣ5HOD\RXWSXW63'7
9$&$UHVLVWLYHORDG
Ɣ665RXWSXW
9'&P$
Ɣ&XUUHQWRXWSXW
WRP$WRP$XSWRȍ
Ɣ9ROWDJHRXWSXW
WR9WR9WR9WR90,1Nȍ
&RQWURORXWSXW
Ɣ5HOD\RXWSXW
9$&$UHVLVWLYHORDG
Ɣ665RXWSXW
9'&P$
Ɣ&XUUHQWRXWSXW
WRP$WRP$XSWRȍ
Ɣ9ROWDJHRXWSXW
WR9WR9WR9WR90,1Nȍ
$ODUPRXWSXWDQG
Ɣ5HOD\RXWSXW
9'&$UHVLVWLYHORDG
1RWH,I\RXXVH3;)DVDVXEVWLWXWHIRU3;5RU3;*ZKLFKZDVXVHGZLWK665
RXWSXWEHFDUHIXODERXWWKHFRQWUROYROWDJHRI665IRULWLVGLIIHUHQWDPRQJ
3;53;*DQG3;)
0RGHO 2XWSXWYROWDJHUDQJH>9@
PLQ PD[
3;)  
3;5  
3;*  
1RWH,WLVQRWQHFHVVDU\WRPDNH D PLVWDNH LQWKHZLULQJIRUWKHPHDVXUHPHQWV
LQSXWWHUPLQDO7KHUHLVD SRVVLELOLW\ WKDW WKHLQSXWFLUFXLWEUHDNVZKHQLW
PDNHVDPLVWDNHLQZLULQJ

3RZHUVXSSO\
2SHQ
&20
&ORVH
9$&9'&
1RWH3RZHUVXSSOLHVIRU$/DQG$/PXVWEH
 RIWKHVDPHW\SHHLWKHU$&RU'&
&20

±
$
%
%

±

±




























9$&
+] +]




RUSRLQWV
SRLQWV
LQGHSHQGHQWFRPPRQ








$/
$/
$/&20
$/&20
$/
$/
&20
1RQ&
1RWH
',
',&20

±
56












',
',
',
',&20
9DOYH
FRQWURO
RXWSXW
9DOYH&RQWURO
9DOYH&RQWURO
0RWRUL]HGYDOYHFRQWUROW\SH
$ODUPRXWSXW
57' &XUUHQW
LQSXW
9ROWDJH
LQSXW
7KHUPRFRXSOH
8QLYHUVDOLQSXW
3URFHVVYDOXHLQSXW
2SWLRQ
'LJLWDOLQSXW 56
'LJLWDOLQSXW
7HUPLQDO&RQQHFWLRQ'LDJUDP0RWRUL]HGYDOYHFRQWUROW\SH
9DOYHFRQWURORXWSXW
Ɣ5HOD\RXWSXW
9$&$UHVLVWLYHORDG
$ODUPRXWSXWDQG
Ɣ5HOD\RXWSXW
9'&$UHVLVWLYHORDG

'LVSOD\DQG2SHUDWLRQV
3DUWQDPHVDQGIXQFWLRQV
2SHUDWLRQSDUWV
86(5NH\
6(/NH\ 86(5NH\
86(5NH\
NH\
NH\
86(5.H\
3UHVVWKLVNH\RQFHLQ3969GLVSOD\WRVZLWFKEHWZHHQ69GLVSOD\DQG09GLVSOD\
3UHVVDQGKROGWKLVNH\LQ3969GLVSOD\WRVWDUWWKHDVVLJQHGIXQFWLRQ
1RIXQFWLRQLVDOORFDWHGDWWKHIDFWRU\
3UHVVWKLVNH\RQFH LQ RSHUDWLRQFRQWUROPRGHFKDQQHOVHOHFWLRQPRGH RUVHWXSPRGHWRUHWXUQ WR
3969GLVSOD\
6(/NH\
3UHVVWKLVNH\RQFHLQRSHUDWLRQPRGHWRPRYHWRRSHUDWLRQFRQWUROPRGH
3UHVVDQGKROGWKLVNH\LQRSHUDWLRQPRGHWRPRYHWRFKDQQHOVHOHFWLRQPRGH
3UHVVWKLVNH\RQFHLQFKDQQHOVHOHFWLRQPRGHWRPRYHWRVHWXSPRGH
3UHVVDQGKROGWKLVNH\LQVHWXSPRGHWRPRYHWRFKDQQHOVHOHFWLRQPRGH
3UHVVWKLVNH\RQFH LQ SDUDPHWHUVHOHFWLRQVXEPRGHRIVHWXS PRGHWRHQWHUSDUDPHWHUHGLWLQJ
VXEPRGH
3UHVVWKLVNH\RQFHLQ SDUDPHWHU HGLWLQJVXEPRGHWRVDYHWKH FKDQJHDQGUHWXUQWRSDUDPHWHU
VHOHFWLRQVXEPRGH
NH\
8VHWKLVNH\WRVHOHFWWKHGLJLWZKHQFKDQJLQJYDOXHV
NH\V
8VHWKLVNH\WRFKDQJH69YDOXHZKHQLQ3969VFUHHQ
3UHVVWKLVNH\LQ RSHUDWLRQ FRQWUROPRGHFKDQQHOVHOHFWLRQPRGH RUVHWXSPRGHWR FKDQJH
SDUDPHWHUVWREHGLVSOD\HG
8VHWKLVNH\WRHGLWSDUDPHWHUZKHQLQSDUDPHWHUVHWWLQJVXEPRGH
86(5 NH\
3UHVVDQGKROGWKLVNH\LQ3969GLVSOD\WRVWDUWWKHDVVLJQHGIXQFWLRQ
7KHIDFWRU\VHWIXQFWLRQIRUWKLVNH\LVVZLWFKLQJEHWZHHQ581DQGVWDQGE\
86(5 NH\
3UHVVDQGKROGWKLVNH\LQ3969GLVSOD\WRVWDUWWKHDVVLJQHGIXQFWLRQ
7KHIDFWRU\VHWIXQFWLRQIRUWKLVNH\LVVZLWFKLQJEHWZHHQVWDUWVWRSRIDXWRWXQLQJ
'LVSOD\




 





    
3URFHVVYDOXH39
,QGLFDWHVSURFHVVYDOXH6KRZVSDUDPHWHUQDPHZKHQLQSDUDPHWHUVHWWLQJ
6HWSRLQW69
6KRZVVHWSRLQW6KRZVSDUDPHWHUVHWYDOXHZKHQLQSDUDPHWHUVHWWLQJ
6FUHHQ1R
6KRZVVFUHHQ1RZKHQLQSDUDPHWHUVHWWLQJ
287LQGLFDWRU
/LJKWVGXULQJFRQWURORXWSXWLV21
287LQGLFDWRU
/LJKWVGXULQJFRQWURORXWSXWLV21
(9(9(9LQGLFDWRUV
/LJKWVGXULQJGLJLWDORXWSXWWRDUH21
67%<LQGLFDWRU
/LJKWVGXULQJVWDQGE\
0$18LQGLFDWRU
/LJKWVGXULQJPDQXDOPRGH
/RFNLQGLFDWRU
/LJKWVGXULQJNH\ORFN
1RLQGLFDWRU
/LJKWVGXULQJLQGLFDWLQJVFUHHQ1R
581+2/'(1'LQGLFDWRUV
/LJKWVGXULQJUDPSVRDNRSHUDWLRQ
$7LQGLFDWRU
/LJKWVGXULQJDXWRWXQLQJ
09LQGLFDWRU
/LJKWVGXULQJ09LVLQGLFDWHGRQ69GLVSOD\
70LQGLFDWRU
/LJKWVGXULQJWKHWLPHLVLQGLFDWHGRQ69GLVSOD\
501LQGLFDWRU
/LJKWVGXULQJUHPDLQLQJWLPHLVLQGLFDWHGRQ69GLVSOD\
&)LQGLFDWRU
6KRZVWKHWHPSHUDWXUHXQLWXQGHUXVH
$N:KLQGLFDWRU
6KRZVWKHXQLWXQGHUXVHIRUWKHYDOXHVLQGLFDWHGRQ69GLVSOD\

%DVLF2SHUDWLRQV
7KHEHORZ¿JXUHLOOXVWUDWHVWKHPRGHWUDQVLWLRQDQGWKHNH\RSHUDWLRQV
2SHUDWLRQPRGH
2SHUDWLRQFRQWUROPRGH
&KDQQHOVHOHFWLRQPRGH
6HWXSPRGH
,QWKLVPRGHWKHQRUPDORSHUDWLRQLVSHUIRUPHG7KHSURFHVVYDOXH39DQGWKHVHWYDOXH69DUHGLVSOD\HG7KHGHYLFHVWDUWVLQWKLVPRGHZKHQ\RXWXUQRQWKH
SRZHU<RXFDQFKDQJHWKHVHWYDOXH69LQWKLVPRGH<RXFDQFKHFNWKHRXWSXWYDOXH09DQGWKHDPRXQWRIHOHFWULFRZHUE\VZLWFKLQWKHVFUHHQ
,QWKLVPRGH\RXFDQSXWWKHGHYLFHWRVWDQGE\RUFKDQJHWKHDODUPVHWYDOXH
,QWKLVPRGH\RXFDQVHOHFWWKHSDUDPHWHUFKDQQHOWREHGLVSOD\HG
,QWKLVPRGH\RXFDQVHWXSHDFKSDUDPHWHU7KLVPRGHLQFOXGHVWKHSDUDPHWHUVHOHFWLRQVXEPRGHDQGWKHSDUDPHWHUHGLWLQJVXEPRGHZKLFKFDQEHVZLWFKHGE\
6(/NH\,QWKHSDUDPHWHUVHOHFWLRQVXEPRGH\RXFDQVZLWFKEHWZHHQSDUDPHWHUVE\XVLQJȁ9NH\V,QWKHSDUDPHWHUHGLWLQJVXEPRGH\RXFDQFKDQJHSDUDPHWHU
YDOXHVE\XVLQJȁ9NH\V
3RZHU21
2SHUDWLRQ
PRGH
2SHUDWLRQ
VFUHHQ
3969GLVSOD\ 39SRZHU
3909 GLVSOD\
$8720$18$/
$8720$18$/
$8720$18$/
$8720$18$/
$8720$18$/
$8720$18$/
3UHVV
DQGKROG
3
3UHVV
DQGKROG
LQWKHVHOHFWHGFKDQQHO
3DUDPHWHU
3DUDPHWHU
2SHUDWLRQ
FRQWUROPRGH
6HWXSPRGH
&KDQQHO
VHOHFWLRQPRGH
䠟䡄䠍 䠟䡄䠎 䠟䡄䠏 䠟䡄䠐 䠟䡄䠑 䠟䡄䠒
䠬䠥䠠 䠬䠨䠰 䠬䠮䠣 䠩䠫䠪 䠝䠨䠩 䠯䠡䠰
䠟䡄䠓 䠟䡄䠔 䠟䡄䠕 䠟䡄䠍䠍 䠟䡄䠍䠎 䠟䡄䠍䠏
䠯䠵䠯 䠩䠝䠰䠤 䠟䠫䠩 䠠䠯䠬 䠟㻲㻳㻌 㻌㻌䠬䠝䠯䠯
&KDQQHO
H[FK3,'
LG
&KDQJLQJYDOXHVRQRSHUDWLRQVFUHHQ
Ɣ&KDQJLQJ69VHWYDOXHV
&KDQJHWKHGLVSOD\WR3969GLVSOD\VKRZQZKHQ\RXWXUQRQWKHSRZHU
&KDQJHWKH69ZLWKWKH  NH\V
3UHVVWKH NH\WRVDYHWKHYDOXHV
7KHYDOXHZLOOEHDXWRPDWLFDOO\VDYHGDIWHUVHFRQGVHYHQLIDNH\LVQRWSUHVVHG






Ɣ&KDQJLQJ09FRQWURORXWSXWYDOXHV
6ZLWFKWRPDQXDOPRGH
&KDQJHWKHGLVSOD\WR3909GLVSOD\0$1ODPSLVOLW
3UHVVLQJWKHNH\LQPDQXDOPRGHWRJJOHVEHWZHHQ3969GLVSOD\DQG3909GLVSOD\
&KDQJHWKH09ZLWKWKH NH\V
&KDQJHVDUHUHÀHFWHGWRWKH09DVLWLVFKDQJHG
6HH³0DQXDO2XWSXW´SDJHIRUPRUHDERXWFKDQJLQJWRPDQXDOPRGH

3DUDPHWHU/LVW
7KHIROORZLQJH[SODLQVHDFKFKDQQHOSDUDPHWHU
Ɣ7KHOLVWDOVRVKRZVWKHRSHUDWLRQDOUDQJHRIVHWYDOXHVIRUSDUDPHWHUVWKDWDUHOLPLWHG
Ɣ:KHQWKH39LQSXWORZHUOLPLW3YE39LQSXWXSSHUOLPLW3Y)RUGHFLPDOSODFHSRVLWLRQ3YGLV
FKDQJHGUHFRQ¿JXUHDOOWKHLQLWLDOSDUDPHWHUVHWWLQJYDOXHV
Ɣ:KHQWKHSDUDPHWHUWKDWKDV 567 RQLWV5HPDUNVFROXPQLVFKDQJHGWXUQRIIWKHSRZHURQFHDQG
WKHQUHVWDUWWKHFRQWUROOHU
2SHUDWLRQFRQWUROSDUDPHWHU
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
6ZLWFKRYHUEHWZHHQDXWRDQGPDQXDO
PRGH
6ZLWFKRYHUEHWZHHQDXWRDQGPDQXDOPRGHV R))DXWRRQPDQXDO R)) 7KLVSDUDPHWHULVQRWGLVSOD\HGLQGHIDXOWVHWWLQJ,I\RX
QHHGWRFKDQJHWKLVSDUDPHWHUFKDQJHWKHVHWWLQJRI
&KG63VRWKDWLWDSSHDUV
6ZLWFKRYHUEHWZHHQ581DQGVWDQGE\ 6ZLWFKRYHUWKHRSHUDWLRQPRGHEHWZHHQ581DQGVWDQGE\ R))581RQVWDQGE\ R))
/RFDOUHPRWHVZLWFKRYHU 6ZLWFKHVWKHRSHUDWLRQEHWZHHQORFDOUHPRWH69 /R&/ORFDO5(0UHPRWH /R&/
5DPSVRDNFRQWUROFRPPDQG &KDQJHVUDPSVRDNUXQVWDWHV R))VWRSU8QUXQK/GKROG R)) 'LVSOD\V(QGZKHQHQGLQJRU*6GXULQJJXDUDQW\
VRDN
 $XWRWXQLQJUXQFRPPDQG 5XQVDXWRWXQLQJ R))VWRS¿QLVKRQQRUPDOW\SH
/R1ORZ39W\SH
R))
$ODUPRXWSXWODWFKUHOHDVHFRPPDQG &DQFHOVWKHDODUPRXWSXWODWFKVWDWH R))U67ODWFKUHVHWV R))
69VHOHFWLRQ &KRRVHVWKH691RXVHGIRUFRQWURO /R&/
6Y
6Y
6Y
6Y
6Y
6Y
6Y
GLGHSHQGLQJRQ',
/R&/ :KHQFKDQJLQJWKH69ZLWKWKHIURQWNH\GRQRW
FKDQJHWKH³6YQ´SDUDPHWHUYLDFRPPXQLFDWLRQ
2WKHUZLVHWKHFKDQJHG69PD\QRWEHVWRUHG
FRUUHFWO\
 3,'VHOHFWLRQ &KRRVHVWKH3,'1RXVHGIRUFRQWURO /R&/
3LG3,'JURXS1R
3LG3,'JURXS1R
3LG3,'JURXS1R
3LG3,'JURXS1R
3LG3,'JURXS1R
3LG3,'JURXS1R
3LG3,'JURXS1R
GLGHSHQGLQJRQ',
/R&/

$/0VHWYDOXH
6HWVWKHDODUPYDOXHIRU$/0 $EVROXWHYDOXHDODUPWR)6
'HYLDWLRQDODUPWR)6
)6



$/0VHWYDOXH
6HWVWKHDODUPYDOXHIRU$/0 $EVROXWHYDOXHDODUPWR)6
'HYLDWLRQDODUPWR)6
)6



$/0VHWYDOXH
6HWVWKHDODUPYDOXHIRU$/0 $EVROXWHYDOXHDODUPWR)6
'HYLDWLRQDODUPWR)6
)6


 (OHFWULFSRZHUFDOFXODWLRQFRPPDQG 6ZLWFKHVDPRQJRQRIIKROGRIHOHFWULFSRZHUFDOFXODWLRQ R))VWRSFDOFXODWLRQ
U8QUXQFDOFXODWLRQ
K/GVXVSHQGFDOFXODWLRQ
R))
 .H\ORFN 6HWVWKHNH\ORFNWRSUHYHQWZURQJRSHUDWLRQ R))QRORFN$//DOOORFN3$U$$OOEXW69
ORFNHG
R))
&K3,'FRQWUROSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 3URSRUWLRQDOEDQG 6HWVWKHSURSRUWLRQDOEDQGRIWKH3,'SDUDPHWHU WR 
 ,QWHJUDWLRQWLPH 6HWVWKHLQWHJUDWLRQWLPHRIWKH3,'SDUDPHWHU
6HWWLQJZLOOWXUQRIILQWHJUDWLRQ
WRVHF VHF
 'LIIHUHQWLDOWLPH 6HWVWKHGLIIHUHQWLDOEDQGRIWKH3,'SDUDPHWHU
6HWWLQJZLOOWXUQRIIGLIIHUHQWLDWLRQ
WRVHF VHF
 212))FRQWUROK\VWHUHVLV 6HWVWKHK\VWHUHVLVZLGWKIRUWKH212))FRQWURO WR)6 )6
 &RROLQJSURSRUWLRQDOEDQGFRHI¿FLHQW 6HWVWKHSURSRUWLRQDOEDQGFRHI¿FLHQWIRUFRROLQJ
6HWWLQJZLOOWXUQWKHFRROLQJLQWRDQ212))FRQWURO
WR 
 'HDGEDQG 6KLIWVWKHFRROLQJSURSRUWLRQDOEDQGIURPWKHVHWYDOXH WR 
 2XWSXWFRQYHUJHQFHYDOXH 2IIVHWYDOXHZKLFKLVDGGHGWRWKH09RXWSXWYDOXH WR VLQJOHGXDO
 $QWLUHVHWZLQGXS 6HWVWKHUDQJHRILQWHJUDWLRQFRQWURO WR)6 )6
 1RUPDOUHYHUVHRSHUDWLRQV 6HOHFWVVLQJOHFRQWURORUGXDOFRQWURO6HWVWKHFRQWURODFWLRQ
QRUPDORUUHYHUVH
UYKHDWUHYHUVHFRROQRQH
QRKHDWQRUPDOFRROQRQH
UYQRKHDWUHYHUVHFRROQRUPDO
QRUYKHDWQRUPDOFRROUHYHUVH
UYUYKHDWUHYHUVHFRROUHYHUVH
QRQRKHDWQRUPDOFRROQRUPDO
UYUYQR
VLQJOHGXDO
>5(6(7@
 69OLPLWORZHU 6HWVWKHORZHUOLPLWRI69 WR)6 )6 1RWH
 69OLPLWXSSHU 6HWVWKHXSSHUOLPLWRI69 WR)6 )6 1RWH
 287SURSRUWLRQF\FOH 6HWVWKHSURSRUWLRQF\FOHRIWKHFRQWURORXWSXW 287
FRQWDFWV665GULYH
WRVHF UHOD\
665
FXUUHQW
 287SURSRUWLRQF\FOH 6HWVWKHSURSRUWLRQF\FOHRIWKHFRQWURORXWSXW 287
FRQWDFWV665GULYH
WRVHF UHOD\
665
FXUUHQW
 287ORZHUOLPLW 6HWVWKHORZHUOLPLWRIWKHFRQWURORXWSXW287 WR 
 287XSSHUOLPLW 6HWVWKHXSSHUOLPLWRIWKHFRQWURORXWSXW287 WR 
 287ORZHUOLPLW 6HWVWKHORZHUOLPLWRIWKHFRQWURORXWSXW287 WR 
 287XSSHUOLPLW 6HWVWKHXSSHUOLPLWRIWKHFRQWURORXWSXW287 WR 
 7\SHRIRXWSXWOLPLWHU 6HWVWKHW\SHRIRXWSXWOLPLWHU WR 
 $OSKD 6HWVGHJUHHVRIIUHHGRPFRHI¿FLHQWĮ WR 
 %HWD 6HWVGHJUHHVRIIUHHGRPFRHI¿FLHQWȕ WR 
1RWH³6Y/´DQG³6YK´PXVWEHVHWVRWKDW6Y/6YK:KHQ\RXFKDQJHWKHYDOXHVIRU³6Y/´DQG³6YK´FKHFN69³6Y&K´WKURXJK69³6Y&K´

&K3/73,'SDOHWWHSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 69 6HWVWKH69VHWYDOXH 69OLPLWORZHU69/WR69OLPLWXSSHU69+
)6
)6 1RWH
 3URSRUWLRQDOEDQG 6HWVWKHSURSRUWLRQDOEDQG WR 
 ,QWHJUDWLRQWLPH 6HWVWKHLQWHJUDWLRQWLPH WRVHF VHF
 'LIIHUHQWLDOWLPH 6HWVWKHGLIIHUHQWLDOWLPH WRVHF VHF
 212))FRQWUROK\VWHUHVLV 6HWVWKHK\VWHUHVLVZKHQXVLQJWKH212))FRQWURO WR)6 )6
 &RROLQJSURSRUWLRQDOEDQG 6HWVWKHFRROLQJSURSRUWLRQDOEDQG WR 
 'HDGEDQG 6HWVWKHGHDGEDQG WR 
 2XWSXWFRQYHUJHQFHYDOXH 2IIVHWYDOXHZKLFKLVDGGHGWRWKHFRQWURORXWSXW WR VLQJOHGXDO
 $QWLUHVHWZLQGXS 6HWVWKHDQWLUHVHWZLQGXS WR)6 )6
 1RUPDOUHYHUVH 6HOHFWVVLQJOHFRQWURORUGXDOFRQWURO
6HWVWKHFRQWURODFWLRQQRUPDORUUHYHUVH
UYKHDWUHYHUVHFRROQRQH
QRKHDWQRUPDOFRROQRQH
UYQRKHDWUHYHUVHFRROQRUPDO
QRUYKHDWQRUPDOFRROUHYHUVH
UYUYKHDWUHYHUVHFRROUHYHUVH
QRQRKHDWQRUPDOFRROQRUPDO
UYUYQR
VLQJOHGXDO
1RWH
>5(6(7@





















 69 6HWVWKH69VHWYDOXH 69OLPLWORZHU69/WR69OLPLWXSSHU69+
)6
)6 1RWH
 3URSRUWLRQDOEDQG 6HWVWKHSURSRUWLRQDOEDQG WR 
 ,QWHJUDWLRQWLPH 6HWVWKHLQWHJUDWLRQWLPH WRVHF VHF
 'LIIHUHQWLDOWLPH 6HWVWKHGLIIHUHQWLDOWLPH WRVHF VHF
 212))FRQWUROK\VWHUHVLV 6HWVWKHK\VWHUHVLVZKHQXVLQJWKH212))FRQWURO WR)6 )6
 &RROLQJSURSRUWLRQDOEDQG 6HWVWKHFRROLQJSURSRUWLRQDOEDQG WR 
 'HDGEDQG 6HWVWKHGHDGEDQG WR 
 2XWSXWFRQYHUJHQFHYDOXH 2IIVHWYDOXHZKLFKLVDGGHGWRWKHFRQWURORXWSXW WR VLQJOHGXDO
 $QWLUHVHWZLQGXS 6HWVWKHDQWLUHVHWZLQGXS WR)6 )6
 1RUPDOUHYHUVH 6HOHFWVVLQJOHFRQWURORUGXDOFRQWURO
6HWVWKHFRQWURODFWLRQQRUPDORUUHYHUVH
UYKHDWUHYHUVHFRROQRQH
QRKHDWQRUPDOFRROQRQH
UYQRKHDWUHYHUVHFRROQRUPDO
QRUYKHDWQRUPDOFRROUHYHUVH
UYUYKHDWUHYHUVHFRROUHYHUVH
QRQRKHDWQRUPDOFRROQRUPDO
UYUYQR
VLQJOHGXDO
1RWH
>5(6(7@
 3,'VZLWFKLQJSRLQW 6HWVWKH3,'VZLWFKLQJSRLQWIRUSDOHWWH WR)6 )6





















 3,'VZLWFKLQJSRLQW 6HWVWKH3,'VZLWFKLQJSRLQWIRUSDOHWWH WR)6 )6
 0D[69VHOHFWLRQQXPEHU &KRRVLQJ69ZLWKWKHXVHUNH\VHWVLWWRWKHPD[LPXP
SRVVLEOHQXPEHU
/R&/
6Y
6Y
6Y
6Y
6Y
6Y
6Y
GLGHSHQGLQJRQ',
6Y
 0D[3,'VHOHFWLRQQXPEHU &KRRVLQJ3,'ZLWKWKHXVHUNH\VHWVLWWRWKHPD[LPXP
SRVVLEOHQXPEHU
/R&/
3LG
3LG
3LG
3LG
3LG
3LG
3LG
GLGHSHQGLQJRQ',
3LG
1RWH³6Y/´DQG³6YK´PXVWEHVHWVRWKDW6Y/6YK:KHQ\RXFKDQJHWKHYDOXHVIRU³6Y/´DQG³6YK´FKHFN69³6Y&K´WKURXJK69³6Y&K´
1RWH6HWWKHVDPHYDOXHDVWKHRQHIRUWKH1RUPDO5HYHUVHVHWWLQJ³U(Y&K´
&K35*UDPSVRDNSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 5DPSVRDNRSHUDWLRQSDWWHUQ6WHS1R 6HWVZKLFKVWHSVWRXVHLQWKHUDPSVRDNRSHUDWLRQSDWWHUQ XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
XVHVVWHSVWR
GLGHSHQGLQJRQ',
 1RWH
 5DPSVRDNWLPHXQLWV 6HWVWKHXQLWVRIWKHUDPSVRDNWLPH KK00KRXUPLQ
0066PLQVHF
KK00
 5DPSVRDNVHJ69 6HWVWKH69 WR)6 )6
 5DPSVRDNVHJUDPSWLPH 6HWVWKHUDPSWLPH WRKRXUPLQPLQVHF 
 5DPSVRDNVHJVRDNWLPH 6HWVWKHVRDNWLPH WRKRXUPLQPLQVHF 
 5DPSVRDNVHJ69 6HWVWKH69 WR)6 )6
 5DPSVRDNVHJUDPSWLPH 6HWVWKHUDPSWLPH WRKRXUPLQPLQVHF 





















 5DPSVRDNVHJUDPSWLPH 6HWVWKHUDPSWLPH WRKRXUPLQPLQVHF 
 5DPSVRDNVHJVRDNWLPH 6HWVWKHVRDNWLPH WRKRXUPLQPLQVHF 
 5DPSVRDNVHJ69 6HWVWKH69 WR)6 )6
 5DPSVRDNVHJUDPSWLPH 6HWVWKHUDPSWLPH WRKRXUPLQPLQVHF 
 5DPSVRDNVHJVRDNWLPH 6HWVWKHVRDNWLPH WRKRXUPLQPLQVHF 
 5DPSVRDNPRGH 6HWVWKHSURJUDPRSHUDWLRQPHWKRG WR 
 *XDUDQW\VRDN212)) 6HWVWKHJXDUDQW\VRDN21RU2)) R))JXDUDQW\VRDNRIIRQJXDUDQW\VRDNRQ R))
 *XDUDQW\VRDNEDQG/RZHU 6HWVWKHORZHUOLPLWRIJXDUDQW\VRDN WR)6 )6
 *XDUDQW\VRDNEDQG8SSHU 6HWVWKHXSSHUOLPLWRIJXDUDQW\VRDN WR)6 )6
 39VWDUW 6HWVZKHWKHURUQRWWRVWDUWUDPSVRDNZLWK39 R))39VWDUWRIIRQ39VWDUWRQ R))
 5HVWRUHPRGH 6HWVKRZWRUHVWDUWZKHQWKHFRQWUROOHULVUHVWRUHGDIWHUD
SRZHUORVV
U(65HVHW
&RQ&RQWLQXH
LQL5HVWDUW
U(6
 0D[SDWWHUQVHOHFWLRQ 6HWVWKHPD[LPXPSDWWHUQQXPEHUVHOHFWDEOHE\XVLQJWKH
XVHUNH\
WR 
 0LQSDWWHUQVHOHFWLRQ 6HWVWKHPLQLPXPSDWWHUQQXPEHUVHOHFWDEOHE\XVLQJWKH
XVHUNH\
WR 
1RWH'RQRWFKDQJHWKLVSDUDPHWHUGXULQJWKHUDPSVRDNRSHUDWLRQ%HVXUHWRVHW³3U*´ ³R))´EHIRUHFKDQJLQJWKHSDUDPHWHU

&K021PRQLWRUSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 5DPSVRDNSURJUHVV 'LVSOD\VWKHSURJUHVVRIWKHUDPSVRDN R))UDPSVRDNVWRSSHG
U3UDPSLQVWHS
6NVRDNLQVWHS

U3UDPSLQVWHS
6NVRDNLQVWHS
(QGUDPSVRDN¿QLVKHG
²
 09 'LVSOD\VWKHRXWSXWYDOXHRIWKHFRQWURORXWSXW287 WR ²
 09 'LVSOD\VWKHRXWSXWYDOXHRIWKHFRQWURORXWSXW287 WR ²
 5HPRWH69 6KRZVDUHPRWH69 WR)6 ²
 +HDWHUFXUUHQW$ 6KRZVDKHDWHUFXUUHQWYDOXH
$FXUUHQWYDOXHZKHQ287LV21
WR$ ²
 665OHDNFXUUHQW$ 6KRZVDOHDNFXUUHQWYDOXH
$FXUUHQWYDOXHZKHQ287LV2))
WR$ ²
 5HPDLQLQJWLPHRQWLPHU 'LVSOD\VWKHUHPDLQLQJWLPHRQWLPHU WRVHFWRPLQ ²
 5HPDLQLQJWLPHRQWLPHU 'LVSOD\VWKHUHPDLQLQJWLPHRQWLPHU WRVHFWRPLQ ²
 5HPDLQLQJWLPHRQWLPHU 'LVSOD\VWKHUHPDLQLQJWLPHRQWLPHU WRVWRPLQ ²
 &RPPXQLFDWLRQVWDWXV 'LVSOD\VWKHFRPPXQLFDWLRQVWDWXV WRWLPHVQXPEHURIFRPPXQLFDWLRQ
WLPHV
²
 &XUUHQW$ 6KRZVDYDOXHPHDVXUHGE\&7 WR$ ²
 (OHFWULFSRZHU 6KRZVDFDOFXODWHGYDOXHIRUHOHFWULFSRZHU WR.: ²
 3RZHU 'LVSOD\VWKHFDOFXODWHGDPRXQWRIHOHFWULFSRZHU WR:K ²
 1XPEHURIRSHWDWLQJWLPHVFRQWUROUHOD\

'LVSOD\HVWKHQXPEHURIWLPHVWKDWFRQWUROUHOD\KDV
RSHUDWHG
WRNWLPHV ²
 1XPEHURIRSHWDWLQJWLPHVFRQWUROUHOD\

'LVSOD\HVWKHQXPEHURIWLPHVWKDWFRQWUROUHOD\KDV
RSHUDWHG
WRNWLPHV ²
 2SHUDWLQJGD\V 'LVSOD\VWKHQXPEHURIGD\VRSDUDWHGFRQYHUWHGIURPWRWDO
RSHUDWLQJWLPH
WRGD\V ²
 (UURUVRXUFH 'LVSOD\VWKHVRXUFHRIDQHUURU ELW39LQSXWXQGHUÀRZ////
ELW39LQSXWRYHUÀRZ8888
ELW39XQGHUUDQJH
ELW39RYHUUDQJH
ELW569XQGHUUDQJH
ELW569RYHUUDQJH
ELW5DQJHVHWWLQJHUURU
ELW39LQSXWFLUFXLWHUURU
ELW569LQSXWFLUFXLWHUURU
ELW&7LQSXWFLUFXLWHUURU
²
 ',LQSXWVWDWH 'LVSOD\VWKHVWDWHRI', ELW',
ELW',
ELW',
²
 &RPPXQLFDWLRQHUURUVWDWLRQQXPEHU 6KRZVWKHVWDWLRQQXPEHUXQGHUDFRRSHUDWLYH
FRPPXQLFDWLRQHUURURUDSURJUDPOHVVFRPPXQLFDWLRQHUURU
WR ²
 &XUUHQWSDOHWWH1R 'LVSOD\VWKH3,'SDOHWWH1RFXUUHQWO\VHOHFWHG  ²
 &XUUHQWSDWWHUQ1R 'LVSOD\VWKHSDWWHUQ1RRIWKHUDPSVRDNFXUUHQWO\VHOHFWHG  ²
&K$/0DODUPSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 $/0DODUPW\SH 6HWWKHDODUPW\SHIRU$/0 WR  5HIHUWRVHFWLRQIRUWKHGHWDLO
 $/0K\VWHUHVLV 6HWVWKHK\VWHUHVLVIRUDODUPRXWSXW212)) WR)6 )6
 $/0GHOD\ 6HWVWKHGHOD\EHIRUHGHWHFWLQJDODUPRXWSXW WR>VHFPLQ@ 
 $/0GHOD\WLPHXQLWV 6HWVWKHGHOD\WLPHXQLWVIRUDODUPRXWSXW VHFVHFRQG
0LQPLQXWH
VHF
 $/0RSWLRQ $VVLJQVWKHRSWLRQDOIXQFWLRQVWR$/0
2QHVGLJLWDODUPRXWSXWODWFK
7HQVGLJLWHUURUDODUP
+XQGUHGVGLJLWLQYHUWHGRXWSXW
7KRXVDQGVGLJLWKROGUHVHW
WR 
 $/0DODUPW\SH 6HWWKHDODUPW\SHIRU$/0 WR  5HIHUWRVHFWLRQIRUWKHGHWDLO
 $/0K\VWHUHVLV 6HWVWKHK\VWHUHVLVIRUDODUPRXWSXW212)) WR)6 )6
 $/0GHOD\ 6HWVWKHGHOD\EHIRUHGHWHFWLQJDODUPRXWSXW WR>VHFPLQ@ 
 $/0GHOD\WLPHXQLWV 6HWVWKHGHOD\WLPHXQLWVIRUDODUPRXWSXW VHFVHFRQG
0LQPLQXWH
VHF
 $/0RSWLRQ $VVLJQVWKHRSWLRQDOIXQFWLRQVWR$/0
2QHVGLJLWDODUPODWFKELWPDVN
7HQVGLJLWHUURUDODUPELWPDVN
+XQGUHGVGLJLWLQYHUWHGRXWSXWELWPDVN
7KRXVDQGVGLJLWKROGUHVHWELWPDVN
WR 
 $/0DODUPW\SH 6HWWKHDODUPW\SHIRU$/0 WR  5HIHUWR6HFWLRQIRUWKHGHWDLO
 $/0K\VWHUHVLV 6HWVWKHK\VWHUHVLVZLGWKIRUWKH212))FRQWURO WR)6 )6
 $/0GHOD\ 6HWVWKHGHOD\EHIRUHGHWHFWLQJDODUPRXWSXW WR>VHFPLQ@ 
 $/0GHOD\WLPHXQLWV 6HWVWKHGHOD\WLPHXQLWIRUDODUPRXWSXW VHFVHFRQG
0LQPLQXWH
VHF
 $/0RSWLRQ $VVLJQVWKHRSWLRQDOIXQFWLRQVWR$/0
2QHVGLJLWDODUPRXWSXWODWFK
7HQVGLJLWHUURUDODUP
+XQGUHGVGLJLWLQYHUWHGRXWSXW
7KRXVDQGVGLJLWKROGUHVHW
WR 
 +%DODUPVHWYDOXH 6HWVWKHYDOXHWRDFWLYDWHWKHKHDWHUEXUQRXWDODUP WR$ $
 +%DODUPK\VWHUHVLV 6HWVDQ212))K\VWHUHVLVIRUWKHKHDWHUEXUQRXWDODUP WR$ $
 6KRUWHGORDGDODUPVHWYDOXH 6HWVWKHDODUPYDOXHIRUKHDWHUVKRUWHGORDG WR$ $
 6KRUWHGORDGDODUPK\VWHUHVLV 6HWVDQ212))K\VWHUHVLVIRUWKHKHDWHUVKRUWHGORDGDODUP WR$ $
 /RRSEUHDNGHWHFWLRQWLPH 6HWVWKHWLPHEHIRUHGHWHFWLQJDEURNHQORRS WRVHF 2II
 /RRSEUHDNGHWHFWLRQUDQJH& 6HWVWKHWHPSHUDWXUHUDQJHEHIRUHGHWHFWLQJDEURNHQORRS WR)6 )6
 (OHFWULFLW\DODUP 6HWVWKHYDOXHIRUHOHFWULFLW\DODUP .:K 

&+6(7VHWXSSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 39LQSXWW\SH 6HWVWKHW\SHRILQSXWVHQVRU -37WR&
-37WR&
-37WR&
-37WR&
-37WR&
-37WR&
-37WR&
37WR&
37WR&
37WR&
37WR&
37WR&
37WR&
37WR&
37WR&
-WR&
-WR&
-WR&
-WR&
.WR&
.WR&
.WR&
.WR&
5WR&
%WR&
6WR&
7WR&
37WR&
(WR&
(WR&
(WR&
/WR&
8WR&
8WR&
1WR&
:WR&
3/WR&
9WR9
9WR9
WR9
WR9
09WRP9
WRP$
WRP$
. >5(6(7@
5HIHUWRVHFWLRQIRUWKHGHWDLO
 39LQSXWORZHUOLPLW 6HWVWKHORZHUOLPLWRI39LQSXW WR  >5(6(7@
 39LQSXWXSSHUOLPLW 6HWVWKHXSSHUOLPLWRI39LQSXW WR  >5(6(7@
 'HFLPDOSRLQWSRVLWLRQ 6HWVWKHGHFLPDOSRLQWSRVLWLRQIRUWKH3969 1RGLJLWDIWHUGHFLPDOSRLQW
GLJLWDIWHUGHFLPDOSRLQW
GLJLWDIWHUGHFLPDOSRLQW
GLJLWDIWHUGHFLPDOSRLQW
 >5(6(7@
 6TXDUHURRWH[WUDFWRUFXWSRLQW 6HWVWKHFXWSRLQWIRUVTXDUHURRWFDOFXODWLRQ WR 
 39LQSXWVKLIW 6HWVWKHDPRXQWRIVKLIWIRU39LQSXW WR)6 )6
 39LQSXW¿OWHU 6HWVWKHWLPHFRQVWDQWIRUWKH39LQSXW¿OWHU WRVHF VHF
 5HPRWH69]HURDGMXVWPHQW $GMXVWVWKH]HURVLGHRIUHPRWH69 WR)6 )6
 5HPRWH69VSDQDGMXVWPHQW $GMXVWVWKHVSDQVLGHRIUHPRWH69 WR)6 )6
 5HPRWH69LQSXWUDQJH 6HWVWKHUDQJHIRUUHPRWH69LQSXW YWR9
YWR9
WR9
WR9
9
 5HPRWH69LQSXW¿OWHU 6HWVWKHWLPHFRQVWDQWIRUWKH569LQSXW¿OWHU WRV V
 287UDQJH 6HWVWKHUDQJHRIWKHFRQWURORXWSXW287 YWR9
YWR9
WR9
WR9
WRP$
WRP$
YROWDJH
FXUUHQW
'LVSOD\HGZKHQ287LVFXUUHQWRUYROWDJHRXWSXW
 287UDQJH 6HWVWKHUDQJHRIWKHFRQWURORXWSXW287 YWR9
YWR9
WR9
WR9
WRP$
WRP$
YROWDJH
FXUUHQW
'LVSOD\HGZKHQ287LVFXUUHQWRUYROWDJHRXWSXW
 09GXULQJ)$/7 6HWVWKHRXWSXWYDOXHIRUWKHFRQWURORXWSXW09GXULQJ
)$/7
WR 
 09GXULQJ)$/7 6HWVWKHRXWSXWYDOXHIRUWKHFRQWURORXWSXW09GXULQJ
)$/7
WR 
 09GXULQJ6RIW6WDUW 6HWVWKHYDOXHIRUWKHFRQWURORXWSXW09GXULQJVRIWVWDUW WR 
 6RIW6WDUWVHWWLPH 6HWVWKHWLPHIURPVWDUWXSWRWKH¿QLVKRIVRIWVWDUW WRKRXUPLQ  %HVXUHWRVHWGXULQJGXDOFRQWURO
 09GXULQJVWDQGE\ 6HWVWKHYDOXHIRUWKHFRQWURORXWSXW09GXULQJVWDQGE\ WR 
 09GXULQJVWDQGE\ 6HWVWKHYDOXHIRUWKHFRQWURORXWSXW09GXULQJVWDQGE\ WR 
 6WDQGE\PRGH 6HWVRQRIIRIWKHDODUPRXWSXWGXULQJVWDQGE\ $/0 2))$2 21
$/0 21$2 21
$/0 2))$2 2))
$/0 21$2 2))
 >5(6(7@
 $2 6HOHFWVZKDWWRWUDQVIHUWRWKHDQDORJRXWSXW 39
69
09
'9
3)E1RWIRUXVH
39
 $2ORZHUVFDOLQJ 6HWVWKH$2ORZHUVFDOLQJ WR 
 $2XSSHUVFDOLQJ 6HWVWKH$2XSSHUVFDOLQJ WR 
 )L[HGYROWDJHYDOXH 6HWVWKHYROWDJHIRUFDOFXODWLQJHOHFWULFSRZHU WR9 9
 &XUUHQWYDOXHIRUVLPSOHSRZHU
FDOFXODWLRQ
6HWVWKHFXUUHQWYDOXHIRUVLPSOHSRZHUFDOFXODWLRQ WR$ $
 'HFLDOSRLQWSRVLWLRQIRUHOHFWULFSRZHU 6HWVWKHSRVLWLRQRIGHFLPDOSRLQWIRUFDOFXODWLRQHGSRZHU
FRQVXPSWLRQ




 'RQRWFKDQJHLWGXULQJFDOFXODWLRQ
 3RZHUIDFWRUIRUVLPSOHFDOFXODWLRQ 6HWVWKHSRZHUIDFWRUIRUVLPSOHFDOFXODWLRQ WR 
 8SSHUOLPLWRIUHOD\FRQWDFWRSHUDWLRQ 6HWVWKHXSSHUOLPLWRQWKHQXPEHURIWLPHVDUHOD\FRQWDFW
FDQRSHUDWH,I\RXVHWLWWRQRDODUPZLOOEHJHQHUDWHG
WR .WLPHV
 8SSHUOLPLWRIRSHUDWLQJGD\V 6HWVWKHXSSHUOLPLWRQWKHQXPEHURIGD\VWKHGHYLFH
RSHUDWHV,I\RXVHWLWWRQRDODUPZLOOEHJHQHUDWHG
WR GD\V

&K6<6V\VWHPSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 86(5NH\ $VVLJQVWKHIXQFWLRQWRWKH>86(5@NH\ WR  5HIHUWRVHFWLRQIRUWKHGHWDLO
 86(583NH\ $VVLJQVWKHIXQFWLRQWRWKH>86(5@೸NH\ WR 
 86(5'2:1NH\ $VVLJQVWKHIXQFWLRQWRWKH>86(5@9NH\ WR 
 ',IXQFWLRQVHOHFW $OORFDWHVDIXQFWLRQWR',   5HIHUWR6HFWLRQIRUWKHGHWDLO
 ',IXQFWLRQVHOHFW $OORFDWHVDIXQFWLRQWR',  
 ',IXQFWLRQVHOHFW $OORFDWHVDIXQFWLRQWR',  
 287RXWSXWW\SH 6HOHFWVWKHFRQWHQWWREHRXWSXWIURP287 WR  5HIHUWRVHFWLRQIRUWKHGHWDLO
 287RXWSXWW\SH 6HOHFWVWKHFRQWHQWWREHRXWSXWIURP287 WR 
 '2RXWSXWW\SH 6HWVWKHWULJJHUIRU'2 WR 
 '2RXWSXWW\SH 6HWVWKHWULJJHUIRU'2 WR 
 '2RXWSXWW\SH 6HOHFWVWKHFRQWHQWWREHRXWSXWIURP'2 WR 
 /('LQGLFDWRUDVVLJQPHQW287 6HOHFWVWKHFRQWHQWIRU287WRLQGLFDWH WR 
 /('LQGLFDWRUDVVLJQPHQW287 6HOHFWVWKHFRQWHQWIRU287WRLQGLFDWH WR 
 /('LQGLFDWRUDVVLJQPHQW(Y 6HOHFWVWKHFRQWHQWIRU(9ODPSWRLQGLFDWH WR 
 /('LQGLFDWRUDVVLJQPHQW(Y 6HOHFWVWKHFRQWHQWIRU(9ODPSWRLQGLFDWH WR 
 /('LQGLFDWRUDVVLJQPHQW(Y 6HOHFWVWKHFRQWHQWIRU(9ODPSWRLQGLFDWH WR 
 /('LQGLFDWRUDVVLJQPHQW67%< 6HOHFWVWKHFRQWHQWIRU67%<ODPSWRLQGLFDWH WR 
 /('LQGLFDWRUDVVLJQPHQW0$18 6HOHFWVWKHFRQWHQWIRU0$1ODPSWRLQGLFDWH WR 
 5DPS69212)) 6HWVWKHUDPS69212)) R))
R1
21
 5DPS69'HFOLQH 6HWVWKHVORSHIRUDIDOOLQJ69GXULQJUDPS69RSHUDWLRQV WR)6 )6
 5DPS69,QFOLQH 6HWVWKHVORSHIRUDULVLQJ69GXULQJUDPS69RSHUDWLRQV WR)6 )6
 5DPS69VORSHWLPHXQLW 6HWVWKHXQLWRIWLPHIRUWKHVORSHGXULQJUDPS69RSHUDWLRQV KR8UVORSHWHPSHUDWXUHKRXU
0LQVORSHWHPSHUDWXUHPLQ
KR8U
 5DPS69GLVSOD\PRGH 'LVSOD\VWKH69GXULQJUDPSRSHUDWLRQVRUWKH69JRDOYDOXH
RQWKH69GLVSOD\
U03UDPSLQJ69
7U*WDUJHW69
U03
 &RQWUROPHWKRG 6HOHFWVWKHFRQWUROPHWKRG R1R)212))FRQWURO
3LG3,'FRQWURO
)8=\)X]\FRQWURO
6(/)6HOIWXQLQJFRQWURO
3LG3,'FRQWURO
)5(GHJUHHVRIIUHHGRP3,'
3LG
 6WDUWPRGH 6HWVWKHRSHUDWLRQPRGHGXULQJVWDUWXS $87RVWDUWVLQ$872PRGH
0$QVWDUWVLQPDQXDOPRGH
5(0VWDUWVLQUHPRWHPRGH
67E<VWDUWVLQVWDQGE\PRGH
$872
 &RQWURORSHUDWLRQF\FOH 6HWVWKHFRQWURORSHUDWLRQF\FOH WR6WR6 6
 3,'SDOOHWWHVZLWFKLQJPHWKRG 6HWVWKHPHWKRGIRUVZLWFKLQJDPRQJ3,'SDOOHWWH VHOHFWHG3,'ʋ
VHOHFWHG69ʋ
39

&K0$7+FDOFXODWLRQSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 6LPSOHFDOFXODWLRQ212)) 6HWV212))RIVLPSOHFDOFXODWLRQ 2))
21
2)) 1RWH
1RWH5HIHUWRWKHRSHUDWLRQPDQXDOIRUWKHGHWDLORIFDOFXODWLRQIXQFWLRQV
&K&20FRPPXQLFDWLRQSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 &RPPXQLFDWLRQW\SH 6HOHFWVDW\SHRIFRPPXQLFDWLRQ 02'%86578
&RRSHUDWLYHRSHUDWLRQ
3URJUDPOHVVFRPPXQLFDWLRQ
 >5(6(7@
1RWH
 6WDWLRQ1R 6HWVWKHVWDWLRQQXPEHU WRXQUHVSRQVLYHFRPPXQLFDWLRQ  >5(6(7@
 56EDXGUDWH 6HWVWKHEDXGUDWH ESV
ESV
ESV
..ESV
 >5(6(7@
 56SDULW\ 6HWVWKHSDULW\FKHFN QRQH
RGG
HYHQ
RGG >5(6(7@
 56UHVSRQVHLQWHUYDO :LGHQWKHWLPHLQWHUYDORIUHFHLYLQJUHVSRQVH6HWYDOXHî
PV
WR PV >5(6(7@
 &RPPXQLFDWLRQSHUPLVVLRQV 6HWVZKHWKHURUQRWRYHUZULWLQJLVSRVVLEOHIURPWKHPDVWHU
VLGH3&HWF
U5HDGRQO\
U:5HDGRYHUZULWHSHUPLWWHG
U: >5(6(7@
 02'%86XVHUDGGUHVVVHWWLQJ 6HWVWKH02'%86XVHUDGGUHVV  >5(6(7@





















 02'%86XVHUDGGUHVVVHWWLQJ  >5(6(7@
1RWH5HIHUWRWKHFRPPXQLFDWLRQLQVWUXFWLRQPDQXDO02'%86IRUWKHGHWDLORIFRPPXQLFDWLRQIXQFWLRQV
&K3)%3)%SDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 3)%GHDGEDQG 6HWVWKHGHDGEDQGIRU3)% WR 
 9DOYHVWURNHWLPH 6HWVWKHIXOOVWURNHWLPHIRUWKHPRWRUL]HGYDOYH VWRV V
&K'63SDUDPHWHUPDVN
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 ² 3DUDPHWHUPDVN 6HWVWKHSDUDPHWHUVWREHGLVSOD\HGQRWGLVSOD\HG 2))GL63 9DOXHVGLIIHU
GHSHQGLQJRQWKH
PRGHO

&K&)*FRQ¿JXUDWLRQSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 2SHUDWLRQWLPHRXWUHWXUQWR3969
GLVSOD\
6HWVWKHWLPHXQWLOWKHGLVSOD\UHWXUQVWR3969VFUHHQIURP
VHWWLQJVFUHHQ
6VHF
6VHF
6VHF
0PLQ
0PLQ
QRQ
6
 %OLQNLQJ69GXULQJ6RIW6WDUW 6HWVZKHWKHURUQRWWREOLQN69GXULQJ6RIW6WDUW R))2))
R121
21
 %OLQNLQJ3969DW$/0 6HWVZKHWKHURUQRWWREOLQN3969ZKHQDODUPEHFRPHV21 39GLVSOD\QRFKDQJH
39DQGDODUPVWDWXVDOWHUQDWHO\
EOLQNLQJ39
DODUPVWDWXV

 'LVSOD\WLPHRXW 6HWVWKHWLPHXQWLOWKHGLVSOD\DXWRPDWLFDOO\WXUQVRII R))1RWXVH
V$XWRRIIDIWHUVHF
V$XWRRIIDIWHUVHF
0$XWRRIIDIWHUPLQ
0$XWRRIIDIWHUPLQ
R))
 3969'LVSOD\RII 6HWV212))RI39DQG69GLVSOD\ 39DQG6921
692))
392))
39DQG692))
3969DQGLQGLFDWRUV2))DOO2))
692))UHOLJKWVIRUVHFE\SUHVVLQJDQ\
NH\
392))UHOLJKWVIRUVHFE\SUHVVLQJDQ\
NH\
39DQG692))UHOLJKWVIRUVHFE\
SUHVVLQJDQ\NH\
3969DQGLQGLFDWRUV2))UHOLJKWVIRU
VHFE\SUHVVLQJDQ\NH\

 %OLQNLQJ39DWLQSXWHUURU 6HWVZKHWKHURUQRWWREOLQN39DWDQLQSXWHUURU 39EOLQNVDWDQLQSXWHUURU
1REOLQN

 %ULJKWQHVV 6HWVWKHEULJKWQHVVRI/('EDFNOLJKW WR  LVWKHEULJKWHVW
 &RQWURODWEXUQRXW 6HWVZKHWKHUWRFRQWLQXHRUWRVWRSFRQWUROZKHQWKHGHYLFH
GHWHFWVDEXUQRXWRI39LQSXW
R))VWRSVFRQWURO
R1FRQWLQXHVFRQWURO
R))
 0RGHOFRGH 6KRZVPRGHOFRGH  3
 ;
 )





















 
 5HVHW 5HVHWVWKHFRQWUROOHU R))1RUHVHW
U673HUIRUPVUHVHW
R))
 6RIWZDUHYHUVLRQ 6KRZVWKHVRIWZDUHYHUVLRQ ² ²



&K3$66SDVVZRUGSDUDPHWHUV
3DUDPHWHU )XQFWLRQ 6HWWLQJUDQJH ,QLWLDOYDOXH 5HPDUNV
ʋ 'LVSOD\ 1DPH
 3DVVZRUGVHWXS 6HWVSDVVZRUG WR)))) 
 3DVVZRUGVHWXS 6HWVSDVVZRUG WR)))) 
 3DVVZRUGVHWXS 6HWVSDVVZRUG WR)))) 

)XQFWLRQV
7KLVFRQWUROOHUKDVVL[W\SHVRIWHPSHUDWXUHFRQWUROIXQFWLRQ6HOHFWDFFRUGLQJWRW\SHDQGXVH
&DXWLRQ 7KHUDPSVRDNIXQFWLRQ SDJHDQG69VHOHFWLRQIXQFWLRQ SDJHFDQQRW
EHFRPELQHG
Ɣ7HPSHUDWXUH&RQWURO)XQFWLRQV
212))SRVLWLRQ
FRQWURO
7XUQVWKHFRQWURORXWSXW212))DFFRUGLQJWRWKHVL]HUHODWLRQVKLSRI39
DQG69&DQEXLOGDFRQWUROV\VWHPRXWRIVLPSOHHOHPHQWVVXFKDV665
6XLWDEOHZKHQDFFXUDF\LVQRWUHTXHVWHG
SDJH
3,'&RQWUROV 3,'FDOFXODWLRQDQGFRQWUROVSURFHHGDFFRUGLQJWRWKHSUHYLRXVO\VHW3,'
SDUDPHWHUV
3,'SDUDPHWHUVFDQEHVHWPDQXDOO\RUWKURXJKDXWRWXQLQJ$7
,WLVWKHPRVWEDVLFFRQWUROLQWKLVHTXLSPHQW
SDJH
)X]]\3,'&RQWURO 3,'FRQWUROZLWKIXQFWLRQWKDWUHGXFHVWKHDPRXQWRIRYHUVKRRWGXULQJ
FRQWURO,WLVHIIHFWLYHZKHQ\RXZDQWWRVXSSUHVVRYHUVKRRWZKHQ69LV
FKDQJHGHYHQLI\RXPD\WDNHDORQJWLPHWRUHDFKWKHWDUJHWYDOXH
SDJH
6HOIWXQLQJ&RQWURO $XWRPDWLFDOO\FDOFXODWLQJ3,'FRQWURODFFRUGLQJWRWKHFRQWUROWDUJHWRU69
FKDQJH,WLVHIIHFWLYHZKHQWKHFRQWUROFRQGLWLRQVFKDQJHIUHTXHQWO\
SDJH
3,'&RQWURO ,QFDVHZKLFKWKHSRZHUVXSSO\RIWKHFRQWUROWDUJHWJRHV21ĺ2))ĺ
21WKLV3,'FRQWUROFDQVXSSUHVVWKHDPRXQWRIRYHUVKRRWGXULQJFRQWURO
WDUJHWWXUQV2))ĺ21
SDJH
GHJUHHVRIIUHHGRP
FRQWURO
6XSSUHVVHVWKHDPRXQWRIRYHUVKRRWGXULQJ3,'FRQWURO,WXVHV69¿OWHU
ZKLFKLVHIIHFWLYHLQUHGXFLQJRYHUVKRRWDIWHUD69FKDQJHRUDWVWDUWXS
SDJH
212))SRVLWLRQ&RQWURO
$FWVDVDQ212))FRQWUROZKHQ     
212))FRQWUROVZLWFKHVWKHFRQWURO RXWSXW WR21RU2))  DFFRUGLQJWRWKHVL]H
UHODWLRQVKLSRI39DQG697KHRXWSXWK\VWHUHVLVFDQEHVHWXQGHUWKHSDUDPHWHU   
5HYHUVH2SHUDWLRQKHDWFRQWURO
0HWKRGXVHGWRFRQWUROWKHHOHFWULFDOKHDWLQJIXUQDFH6HWWKHK<6WRDQDSSURSULDWHYDOXHDFFRUGLQJ
WRWKHFRQWUROWDUJHW
3DUDPHWHU 6HWYDOXH
R1R)
 UY
DUELWUDU\IDFWRU\VHWWLQJ&
1RUPDO2SHUDWLRQFRROLQJFRQWURO
0HWKRGXVHGWRFRQWUROWKHFRROLQJPDFKLQH
3DUDPHWHU 6HWYDOXH
R1R)
 QR
DUELWUDU\IDFWRU\VHWWLQJ&
)X]]\3,'&RQWURO
5HODWHGWRQRUPDO3,'FRQWUROVIX]]\3,'FRQWURODFWVZLWKVPDOORYHUVKRRW
<RXZLOOQHHGWRUXQDXWRWXQLQJWRVHWWKH3,'SDUDPHWHUZKHQXVLQJIX]]\FRQWURO
6HWWLQJIX]]\3,'FRQWURO
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHFRQWUROSDUDPHWHU DQGFKRRVHIX]]\ 
3UHVVWKH NH\WRVHWWKHYDOXH
5HIHUWR
)RUPRUHGHWDLOVRQDXWRWXQLQJVHH$XWRWXQLQJSDJH
6HOIWXQLQJ&RQWURO
6HOIWXQLQJ&RQWUROLVDFRQWURO ZKLFK DXWRPDWLFDOO\FDOFXODWHVWKHYDOXHRI 3,' XQGHUWKHFRQGLWLRQ
WKDWWKHFRQWUROWDUJHWRUVHWYDOXH69FKDQJHV
6HOIWXQLQJLVHVSHFLDOO\HIIHFWLYHIRUVLWXDWLRQVZKHQD KLJK OHYHORIFRQWUROLVQRWQHHGHG EXW DXWR
WXQLQJFDQQRWEHUXQGXHWRIUHTXHQWFKDQJHVLQWKHFRQWUROWDUJHWFRQGLWLRQV
3RLQW :KHQDKLJKOHYHORIFRQWUROLVUHTXLUHGFKRRVH3,'FRQWUROIX]]\3,'FRQWURORU3,'
FRQWURO
&RQGLWLRQVZKHUHVHOIWXQLQJFDQEHXVHG
6HOIWXQLQJLVXVHGLQWKHIROORZLQJVLWXDWLRQV
Ɣ:KHQWHPSHUDWXUHULVHVZKHQWKHSRZHULVWXUQHGRQ
Ɣ:KHQWHPSHUDWXUHULVHVZKHQ69FKDQJHVRUZKHQWKHFRQWUROOHUGHFLGHVLWLVQHFHVVDU\
Ɣ:KHQWKHFRQWUROOHUGHFLGHVLWLVQHFHVVDU\EHFDXVHWKHFRQWUROVKDYHEHFRPHXQVWDEOH
&RQGLWLRQVZKHUHVHOIWXQLQJFDQQRWEHXVHG
6HOIWXQLQJFDQQRWEHXVHGLQWKHIROORZLQJVLWXDWLRQV
Ɣ'XULQJFRQWUROVWDQGE\
Ɣ'XULQJDXWRWXQLQJ
Ɣ'XULQJUDPSVRDNSURJUHVV
Ɣ:KHQWKHUHLVHUURULQSXW
Ɣ:KHQVHWIRUGXDORXWSXW
Ɣ:KHQDQ\RIWKH3,'$USDUDPHWHUVDUHVHWWRPDQXDO
Ɣ'XULQJPDQXDOPRGH
Ɣ'XULQJVRIWVWDUWSURJUHVV
&RQGLWLRQVWRKDOWVHOIWXQLQJ
+DOWVHOIWXQLQJLQWKHIROORZLQJVLWXDWLRQV
Ɣ:KHQWKHUHLVDFKDQJHLQ697KLVLQFOXGHV WKH FDVHZKHUH69FKDQJHVEHFDXVH RI WKHUDPS
VRDNIXQFWLRQUHPRWH69IXQFWLRQRUUDPS69
Ɣ:KHQVHOIWXQLQJKDVQRW¿QLVKHGDIWHUUXQQLQJIRUQLQHRUPRUHKRXUV
6HWWLQJVHOIWXQLQJ
7XUQRQSRZHURIWKHFRQWUROOHUDQGVHWWKH69
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHFRQWUROOHUSDUDPHWHU DQGFKRRVHVHOIWXQLQJ 
3UHVVWKH NH\WRVHWWKHYDOXH
7XUQRIISRZHURIWKHFRQWUROOHU
7XUQRQSRZHURIWKHFRQWUROWDUJHWHTXLSPHQWDQGWKHFRQWUROOHU7XUQRQSRZHURIWKHFRQWURO
HTXLSPHQW¿UVW6HOIWXQLQJZLOOEHJLQ
GHDGWLPH W
SURFHVVYDOXH
WXQLQJ
69
ODJWLPH
3RLQW
Ɣ 7KHHTXLSPHQWZLOOQRWWXQHFRUUHFWO\LISRZHURIWKHFRQWUROOHULVWXUQHGRQILUVW
Ɣ 7RUHVHWVHOIWXQLQJVHWWKHFRQWUROPHWKRGWR3,' RQFHEHIRUHFKDQJLQJEDFNWR
VHOIWXQLQJ









39
21
2))
FRQWURORXWSXW
W
69
SURFHVVYDOXH
3969
39!69
+<6
3969
39!69
39
21
2))
FRQWURORXWSXW
W
69
SURFHVVYDOXH
+<6
3RLQW
Ɣ 'XULQJ212))FRQWUROWKH3,DQG'VHWWLQJVGRQRWDIIHFWFRQWURO
Ɣ 7KHPDQXDORSHUDWLRQGXULQJ212))FRQWUROZLOOEHFRPH09 ZKHQWKH 
NH\LVSUHVVHGDQG09 ZKHQWKH NH\LVSUHVVHG
Ɣ ,IWKHK\VWHUHVLVZLGWKLVQDUURZDQG39 DQG69DUHQHDUO\HTXDO WKHRXWSXWPD\
IUHTXHQWO\VZLWFK21DQG2)) 1RWH WKDW LW PD\ DIIHFWWKHRSHUDWLRQOLIHRIWKHFRQWDFW
RXWSXW

3,'&RQWUROV
3,'FRQWUROVUXQDV ORQJ DVWKHSDUDPHWHULVVHW WR    7KH 3,' FRQWUROV
FDOFXODWH3,'EDVHGRQWKHVHWYDOXHVIRUSDUDPHWHUV   DQG DQGRXWSXWWKHFDOFXODWHG
UHVXOWWR
(DFKSDUDPHWHUFDQEHVHW HLWKHU E\PDQXDOO\WXQLQJWKHYDOXHV RU E\UXQQLQJDXWRWXQLQJ$7WR
DXWRPDWLFDOO\VHWWKHYDOXHV
5HIHUWR
)RUPRUHGHWDLOVRQDXWRWXQLQJVHH$XWRWXQLQJSDJH
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHFRQWUROSDUDPHWHU DQGFKRRVH3,'FRQWUROV 
3UHVVWKH NH\WRVHWWKHYDOXH




3,'&RQWURO
,QWKHFDVHZKLFKWKHSRZHUVXSSO\RIWKHFRQWUROWDUJHWJRHV21ĺ2))ĺ21WKLV3,'FRQWUROFDQ
VXSSUHVVWKHDPRXQWRIRYHUVKRRW
7KLVFRQWUROLQWURGXFHVDQDOJRULWKP WR SUHYHQWWKHFDOFXODWHG3,'UHVXOW IURP EHFRPLQJD
PLVFDOFXODWLRQHYHQZKHQWKHFRQWUROORRSLVRSHQ
<RXZLOOQHHGWRUXQDXWRWXQLQJWRVHWWKH3,'SDUDPHWHUZKHQXVLQJ3,'FRQWURO
Ɣ)HDWXUHVRI3,'&RQWURO
VXSSUHVVRYHUVKRRW
21
2))
FRQWUROHTXLSPHQWSRZHU
W
69
SURFHVVYDOXH
FRQWUROORRS FORVH FORVH
RSHQ
39
6HWWLQJ3,'FRQWURO
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHFRQWUROSDUDPHWHU DQGFKRRVH3,' 
3UHVVWKH NH\WRVHWWKHYDOXH
'HJUHHVRI)UHHGRP3,'&RQWURO
6XSSUHVVHVWKHDPRXQWRI RYHUVKRRW GXULQJ3,'FRQWURO,WXVHV WKH69¿OWHUZKLFKLV HIIHFWLYHLQ
UHGXFLQJRYHUVKRRWDIWHUD69FKDQJHRUDWVWDUWXS
&RQWUROODELOLW\LQGHJUHHVRIIUHHGRP3,' FRQWURO LVGLIIHUHQWGHSHQGLQJRQWKHVHWWLQJRI WKH
FRHI¿FLHQWĮDQGȕ
:KHQWKHFRHIILFLHQWĮ  DQG FRHIILFLHQWȕ WKHV\VWHPSHUIRUPV WKHQRUPDO3,'
FRQWURO
<RXFDQDGMXVWWKHFRHI¿FLHQWĮDQGȕDVIROORZV
6HWWKHFRHI¿FLHQWĮWRDQGȕWRIDFWRU\GHIDXOWVHWWLQJ
3HUIRUPDFRQWUROWRFKHFNWKHUHVSRQVHVPDOORYHUVKRRW
,IRYHUVKRRWLVQRWUHGXFHG E\ WKLVPHDVXUHDGMXVWWKHFRHI¿FLHQW Į DQGȕLQDFFRUGDQFHZLWK WKH
IROORZLQJWDEOH
:HUHFRPPHQG\RXWR¿[WKHFRHI¿FLHQWĮWREHFDXVHLWXVXDOO\UHTXLUHVQRDGMXVWPHQW
&RQWUROUHVXOW &RHI¿FLHQWȕ FRHI¿FLHQWĮ
/DUJHRYHUVKRRW 5DLVHFRHI¿FLHQWȕE\ /RZHUFRHI¿FLHQWĮE\
6PDOORYHUVKRRW /RZHUFRHI¿FLHQWȕE\ 5DLVHFRHI¿FLHQWĮE\
6HWWLQJGHJUHHVRIIUHHGRP3,'FRQWURO
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHFRQWUROSDUDPHWHU DQGFKRRVHGHJUHHVRIIUHHGRP3,' 
3UHVVWKH NH\WRVHWWKHYDOXH
$XWRWXQLQJ
5XQDXWRWXQLQJWRVHWWKH3,'SDUDPHWHUDXWRPDWLFDOO\
 VHWYDOXH %HKDYLRU )XQFWLRQ
6WRS)LQLVK 6WRSVRU¿QLVKHVDXWRWXQLQJ
1RUPDOW\SH 7KHVWDQGDUGDXWRWXQLQJIRU69UHIHUHQFH&KRRVHWKLVDXWRWXQLQJLQPRVW
VLWXDWLRQV
/RZ39W\SH $XWRWXQLQJIRU69UHIHUHQFH&KRRVHWKLVZKHQ\RXZDQWWRVXSSUHVV
WKHRYHUVKRRWZKHQWXQLQJ
39
W
SURFHVV
YDOXH $7VWDUW
$7FDOFXODWLQJ
3,'FRQWURO
69
69)6
39
W
SURFHVV
YDOXH
$7VWDUW
$7FDOFXODWLQJ
3,'FRQWURO
69
Ɣ1RUPDOW\SH Ɣ/RZ39W\SH
3RLQW
6HWWKHIROORZLQJSDUDPHWHUVEHIRUHUXQQLQJDXWRWXQLQJ
Ɣ 39LQSXWW\SH39LQSXWXSSHUOLPLW 39LQSXWORZHUOLPLW 'HFLPDOSRVLWLRQ39LQSXW
ILOWHULQWKHVHWXSFKDQQHOPHQX  
Ɣ 287SURSRUWLRQF\FOH287SURSRUWLRQF\FOHLQWKH3,'FKDQQHOPHQX  






5XQQLQJDXWRWXQLQJ
'LVSOD\DXWRWXQLQJ DQGFKRRVHWKHWXQLQJW\SH
&KRRVHWKHVWDQGDUGW\SH RUORZ39W\SH DFFRUGLQJWRWKHFRQWUROWDUJHW
3UHVVWKH NH\WRVWDUWDXWRWXQLQJ
$7ODPSZLOOEOLQNDWWKHERWWRPRIWKHGLVSOD\GXULQJDXWRWXQLQJ
:KHQDXWRWXQLQJKDVVXFFHVVIXOO\FRPSOHWHGEOLQNLQJ$7ODPSZLOOWXUQRIIDQGRYHUZULWHVWKH
3,'
3RLQW
Ɣ 3,'SDUDPHWHUZKLFKLVVHWDIWHUDXWRWXQLQJKDVILQLVKHGQRUPDOO\
 ZLOOEHPDLQWDLQHGHYHQZKHQWKHSRZHULVWXUQHGRII+RZHYHUWKH3,'YDOXHZLOOQRWEH
FKDQJHGLIWKHSRZHULVWXUQHGRIIGXULQJDXWRWXQLQJ,QWKLVFDVHUHUXQDXWRWXQLQJ
Ɣ 7KHHTXLSPHQWZLOOXVH212))SRVLWLRQFRQWUROGXULQJDXWRWXQLQJVRWKHUHPD\
EHDODUJHFKDQJHLQ39DFFRUGLQJWRWKHSURFHVV'RQRWXVHDXWRWXQLQJIRUSURFHVVHV
WKDWGRQRWSHUPLWDODUJHFKDQJHLQ39'RQRWXVHDXWRWXQLQJIRUSURFHVVHVVXFKDV
SUHVVXUHFRQWURODQGIORZFRQWUROWKDWKDYHDIDVWUHVSRQVH
Ɣ $XWRWXQLQJLVQRWEHKDYLQJQRUPDOO\LILWKDVQRWILQLVKHGDIWHUIRXURUPRUHKRXUVKDYH
SDVVHG,QWKHVHFDVHVUHFKHFNSDUDPHWHUVVXFKDVLQSXWRXWSXWZLULQJFRQWURORXWSXW
EHKDYLRUQRUPDOUHYHUVHDQGLQSXWVHQVRUW\SH
Ɣ 5HUXQDXWRWXQLQJLIWKHUHLV DODUJH FKDQJHLQ69DFKDQJHLQWKH 39LQSXWW\SH RUD
FKDQJHLQWKHFRQWUROWDUJHWFRQGLWLRQVWKDWUHGXFHVWKHHIIHFWLYHQHVVRIWKHFRQWUROV
Ɣ <RXFDQUXQDXWRWXQLQJZKHQWKHFRQWUROW\SHLVVHWWRIX]]\RU3,'
Ɣ <RXFDQQRWUXQDXWRWXQLQJLQPDQXDOPRGH
Ɣ :KHQXVLQJWKH3,'VHOHFWLRQIXQFWLRQWKHDXWRWXQLQJUHVXOWIRUWKHVHOHFWHG3,'JURXS
LVVWRUHG
Ɣ $XWRWXQLQJLVIRUFLEO\WHUPLQDWHGZKHQ69FKDQJHVEHFDXVHRIWKHUDPSVRDNIXQFWLRQ
UHPRWH69IXQFWLRQRUUDPS69
0DQXDO2XWSXW
$OORZVWKHFRQWURORXWSXWWREHPDQXDOO\VHWDWDQDUELWUDU\YDOXH
Ɣ0DQXDO0RGH'LVSOD\
 09LQGLDWRUOLJKWVGXULQJPDQXDOPRGHDQGGXULQJSDUDPHWHUVHWWLQJ
Ɣ6ZLWFKRYHUEHWZHHQ$XWRDQG0DQXDO
 0RGHVFDQEHFKDQJHGE\WKUHHPHWKRGVWKHIURQWNH\XVHUNH\FRPPXQLFDWLRQIXQFWLRQRUWKH
SDUDPHWHU 
Ɣ09RXWSXWÀRZGLDJUDP09RXWSXWSULRULW\SURFHVVLQJ
09 09
09
09
09
09OLPLW
3,'
FDOFXODWLRQ
RXWSXW
VHWWLQJ
GXULQJ
)$/7
6RIWVWDUW
OLPLW
6SHFLI\
VWDQGE\
09RXWSXW
PDQXDO
09RXWSXW
SDUDPHWHU
³0$1´
'XDO
FDOFXODWLRQ
2))
21
&DXWLRQ Ɣ 09OLPLWGRHVQRWDSSO\WRWKH09RXWSXWGXULQJPDQXDORSHUDWLRQ)$/7RUVWDQGE\
 7DNH H[WUD FDXWLRQ ZKHQ 09 SHUIRUPV IODVK SURWHFWLRQ GXULQJFRPEXVWLRQFRQWUROE\
XVLQJWKHRYHUOLPLWIXQFWLRQ
5DPS6RDN)XQFWLRQ
$XWRPDWLFDOO\UXQVDIWHUVHWWLQJWKHWLPHVIRUWKH69FKDQJHV
<RXFDQFKRRVHXSWRVWHSVIRUWKH69VHWWLQJDQGW\SHVRIUDPSVRDNRSHUDWLRQSDWWHUQV
69
69
69
69
69
69
69
WLPH
70U
39
70V
70U 70V 70U
70V

VWHSWRSDWWHUQ
69
69
69
69
69
69
69
69
69

VWHSWRSDWWHUQ VWHSWRSDWWHUQ VWHSWRSDWWHUQ
VWHSWRSDWWHUQ VWHSWRSDWWHUQ
VWHSWRSDWWHUQ
69
VWHS
VWHS VWHS
&DXWLRQ
Ɣ :KHQXVLQJWKHV\VWHPLQWKHUHVWRUHPRGH   FRQWLQXH   LQ WKH UDPS
VRDNPHQX GRQRWVHWWKHUDPSVRDNFRQWUROFRPPDQG RIWKH
RSHUDWLRQPHQXWRKROG GXULQJWKHUDPSSHULRGDWWKHEHJLQQLQJRIWKHSDWWHUQ
Ɣ :KHQ39VWDUW RIWKHUDPSVRDNPHQX  LVRQ VHWWKHSDWWHUQ
SDUDPHWHU RIUDPSVRDN  WR  VHWWLQJWKDWVWDUWVZLWK
VHJUDPS
Ɣ 'RQRWVHWWKH6WDUWXSPRGH   VWDQGE\PRGH  RI WKH V\V WHP PHQX
  DQGWKHUHVWRUHPRGH  FRQWLQXH RIWKHUDPSVRDNPHQX
  DWWKHVDPHWLPH



&UHDWLQJDUDPSVRDNRSHUDWLRQSDWWHUQ
6HWWKHIROORZLQJLWHPVWRFUHDWHDSDWWHUQ
3DWWHUQ
6HWVZKLFKVWHSVWRXVHIURPWKHIROORZLQJW\SHV
6WHSVWR6WHSVWR6WHSVWR6WHSVWR6WHSVWR6WHSVWR6WHSV
WR6WHSVWR6WHSVWR6WHSVWR6WHSVWR6WHSVWR6WHSVWR
6WHSVWR6WHSVWR
7DUJHW69 6HWVWKHFRQWUROOHGWHPSHUDWXUH
5DPSWLPH 6HWVWKHWLPHWRUHDFKWKHWDUJHW69IURPWKHFXUUHQW69
6RDNWLPH 6HWVWKHWLPHWRPDLQWDLQWKHVSHFL¿HG69
7KHIROORZLQJVWHSVZLOOH[SODLQKRZWRUXQWKHVSHFL¿HGSDWWHUQLQ69WR69
'LVSOD\WKHUDPSVRDNPHQX  
'LVSOD\SDWWHUQSDUDPHWHU DQGFKRRVHSDWWHUQ 
5XQ69WKURXJK69
'LVSOD\WKHWLPHSDUDPHWHU DQGFKRRVHPLQXWHVHFRQG 
6HWVWKHXQLWVRIWLPH%HVLGHVPLQXWHVHFRQG \RXFDQDOVRFKRRVHKRXUPLQXWH
 
'LVSOD\WKHWDUJHWYDOXH DQGVHWWKHWDUJHWWHPSHUDWXUH
'LVSOD\WKHUDPSWLPHSDUDPHWHU DQGVHWWKHUDPSWLPH
'LVSOD\WKHVRDNWLPHSDUDPHWHU DQGVHWWKHVRDNWLPH
5HSHDWVWHSVWKURXJKDQGVHWWKHUHPDLQLQJSDUDPHWHUV
5XQQLQJUDPSVRDN
7KHIROORZLQJVWHSVH[SODLQKRZWRUXQUDPSVRDN
'LVSOD\SURJUDPSDUDPHWHU DQGFKRRVH581 
5DPSVRDNVWDUWVUXQQLQJIURPWKHFXUUHQW39
3RLQW
Ɣ 7R LQWHUUXSWWKHUDPSVRDNRSHUDWLRQFKRRVH+2/' LQVWHS7R FDQFHOWKH
LQWHUUXSWLRQFKRRVH581 DJDLQ
Ɣ  ZLOOGLVSOD\ZKHQUDPSVRDNKDVFRPSOHWHG
*XDUDQW\VRDN
7KLVIXQFWLRQJXDUDQWHHVWKHVRDNWLPH2QO\VRDNWLPHZLWKLQWKHVSHFL¿HGUDQJHRIWHPSHUDWXUHIRU
69LVFRXQWHGWRZDUGVVRDNWLPH
$VVHHQLQWKH¿JXUHEHORZRQO\WKHVXPRIWKHVKDGHGDUHDVLVFRXQWHGDVVRDNWLPH7KHRSHUDWLRQ
PRYHVRQWRWKHQH[WVWHSZKHQWKHWRWDOVRDNWLPHHTXDOVWKHVSHFL¿HGVRDNWLPH
39
69
SURFHVVYDOXH VRDNWLPH 777
JXDUDQW\VRDN
UDQJHXSSHUOLPLW
JXDUDQW\VRDN
UDQJHORZHUOLPLW
W
777
7KHIROORZLQJVWHSVZLOOH[SODLQKRZWRVHWDQH[DPSOHJXDUDQW\VRDNUDQJHZLWKDQXSSHUOLPLWRI&
DQGDORZHUOLPLWRI&
'LVSOD\WKHUDPSVRDNPHQX  
'LVSOD\JXDUDQW\212))SDUDPHWHU DQGFKRRVHRQ 
'LVSOD\WKHJXDUDQW\VRDN ORZHU OLPLWSDUDPHWHU DQGVHW WKH ORZHUOLPLWLQWKLV
H[DPSOHVHWLWWR&
'LVSOD\WKHJXDUDQW\VRDN XSSHU OLPLWSDUDPHWHU DQGVHW WKHXSSHUOLPLWLQWKLV
H[DPSOHVHWLWWR&
3UHVVWKH NH\WRVHWWKHYDOXH
0RGHVHWWLQJ
6HWVKRZ\RXZDQWWRUXQUDPSVRDN
7KHIROORZLQJLWHPVFDQEHVHW
3RZHU2Q6WDUW 5DPS6RDNVWDUWVUXQQLQJIURPWKHFXUUHQW39
(QGLQJ2XWSXW 6KRZVWKHHQGLQJRXWSXWDIWHUUDPSVRDNKDVEHHQFRPSOHWHG
2))2XWSXW 6KRZVWKHRXWSXWGXULQJ2))DIWHUUDPSVRDNKDVEHHQFRPSOHWHG
5HSHDW%HKDYLRU $IWHU¿QLVKLQJWKHODVWVWHSLQUDPSVRDNWKHSURFHVVVWDUWVDJDLQIURPVWVWHS














6HWWLQJ 3RZHU2Q6WDUW (QGLQJ2XWSXW 2))2XWSXW 5HSHDW%HKDYLRU
³´ 2II &RQWLQXRXVFRQWURO &RQWLQXRXVFRQWURO 2II
³´ 2II &RQWLQXRXVFRQWURO &RQWLQXRXVFRQWURO 2Q
³´ 2II &RQWLQXRXVFRQWURO 6WDQGE\ 2II
³´ 2II &RQWLQXRXVFRQWURO 6WDQGE\ 2Q
³´ 2II 6WDQGE\ &RQWLQXRXVFRQWURO 2II
³´ 2II 6WDQGE\ &RQWLQXRXVFRQWURO 2Q
³´ 2II 6WDQGE\ 6WDQGE\ 2II
³´ 2II 6WDQGE\ 6WDQGE\ 2Q
³´ 2Q &RQWLQXRXVFRQWURO &RQWLQXRXVFRQWURO 2II
³´ 2Q &RQWLQXRXVFRQWURO &RQWLQXRXVFRQWURO 2Q
³´ 2Q &RQWLQXRXVFRQWURO 6WDQGE\ 2II
³´ 2Q &RQWLQXRXVFRQWURO 6WDQGE\ 2Q
³´ 2Q 6WDQGE\ &RQWLQXRXVFRQWURO 2II
³´ 2Q 6WDQGE\ &RQWLQXRXVFRQWURO 2Q
³´ 2Q 6WDQGE\ 6WDQGE\ 2II
³´ 2Q 6WDQGE\ 6WDQGE\ 2Q
39VWDUW
:KHQWKHUDPSVRDNVWDUWV581WKLVIXQFWLRQVHDUFKHVWKH¿UVWSRLQWZKHUHWKHPHDVXUHPHQWYDOXH
39DQGWKHSURJUDPSDWWHUQPDWFKDQGVWDUWVRSHUDWLRQDWWKDWSRLQW
6WDUWRI
39 
39 
39 
6WDUWRI 6WDUWRI
69
,IWKHPHDVXUHPHQWYDOXHGRHVQRWPDWFKWKHSDWWHUQDVZLWK39 WKHQRUPDORSHUDWLRQVWDUWV
2WKHU)XQFWLRQV
6RIWVWDUWIXQFWLRQ
:KHQWXUQLQJRQWKHHTXLSPHQW LQFOXGLQJ WKHWHPSHUDWXUHFRQWUROOHUWKHVRIW VWDUW IXQFWLRQ
VXSSUHVVHVWKH09WREHFRPHPD[LPXPRXWSXW,WSODFHVDQXSSHUOLPLWRQ09RXWSXWIRUDVSHFL¿HG
DPRXQWRIWLPHDIWHUSRZHULVWXUQHGRQ
7KLVIXQFWLRQLVXVHIXOIRUHIIHFWVVXFKDVVXSSUHVVLQJWKHKHDWHURXWSXWGXULQJHTXLSPHQWVWDUWXSDQG
PDNHVORDGOLJKWHQHG
$IWHUWKHVSHFL¿HGWLPHKDVSDVVHGDIWHUVZLWFKLQJRQ WKHHTXLSPHQWRULI6)70 WKHVRIWVWDUW
IXQFWLRQHQGVDQGQRUPDOFRQWUROVEHJLQ
'LVSOD\ 3DUDPHWHU )XQFWLRQ
6)R 09VRIWVWDUWRXWSXWVHWYDOXH 3ODFHVDOLPLWRQ09RXWSXWDIWHUSRZHULVWXUQHGRQIRUDWLPH
SHULRGVHWLQ6)70
6)70 6RIWVWDUWVHWWLPH 6HWVWKHWLPHIRUVRIWVWDUWWRIXQFWLRQDIWHUWXUQLQJSRZHURQ
6HWWLQJZLOOWXUQRIIVRIWVWDUW
W
FRQWURORXWSXW09
VRIWVWDUW
VHWWLPH
VRIWVWDUWRXWSXW
VHWYDOXH
09ZKHQQRWXVLQJ
VRIWVWDUW
09ZKHQXVLQJ
VRIWVWDUWOLPLWHG
SRZHURQ

&DXWLRQ 7KHVRIWVWDUWIXQFWLRQFDQQRWEHXVHGVLPXOWDQHRXVO\ZLWKWKHGXDOFRQWURO
3RLQW 'XULQJPDQXDOPRGHWKHPDQXDORXWSXWYDOXHKDVSULRULW\EXWVRIWVWDUWZLOOFRQWLQXHWR
NHHSWUDFNRIWKHVHWWLPHSHULRG
8VHWKHIROORZLQJVWHSVWRVHWVRIWVWDUWRXWSXWVHWYDOXHDQGVHWWLPH
'LVSOD\WKHVHWXSPHQX  
'LVSOD\WKHVHWXSPHQX 
'LVSOD\VRIWVWDUWVHWWLPH DQGVHWWKHWLPH
3UHVVWKH NH\WRVHWWKHYDOXH
7XUQRIIWKHSRZHURQFHDQGWKHQUHVWDUWWKHFRQWUROOHUWREHJLQVRIWVWDUW:KHQWKHVRIWVWDUW
IXQFWLRQLVWXUQHGRQWKHORZHUGLVSOD\ZLOODOWHUQDWHVKRZLQJ6R)7DQG69
1RWH'RQRWXVHDXWRWXQLQJDWWKHVDPHWLPH





39
69
69
69
69
VWUDPS
SRZHURQ
VWDUW
UHSHDWV
70U
706 70U 706 70U 706 70U 706
QGUDPS
WKUDPS
UGUDPS
QGVRDN
UGVRDN
WKVRDN
VWVRDN
<RXFDQFKRRVHIURP
WKHIROORZLQJW\SHVRI
PRGHVDFFRUGLQJWRWKH
FRPELQDWLRQRIUXQPHWKRG
RSWLRQV

(UURURXWSXWIXQFWLRQ
:KHQWKHHUURURXWSXWVSHFL¿FDWLRQ IXQFWLRQ KDVFRQFOXGHGWKDWWKHHTXLSPHQW KDVDQHUURULWKDOWV
WKHWHPSHUDWXUHFRQWUROVDQGPDLQWDLQVWKHFRQWURORXWSXWDWDSUHYLRXVO\VSHFL¿HGYDOXH7KHUHLVDQ
HUURULQ39LIDQ\RIWKHIROORZLQJFRQGLWLRQVRFFXU
%XUQRXWXSSHUOLPLWEXUQRXWORZHUOLPLWXQGHUDJH39)6RYHUDJH39
8VHWKHIROORZLQJVWHSVWRVHWWKLVIXQFWLRQ
'LVSOD\WKHVHWXSPHQX  
'LVSOD\)$/7RXWSXWVHWYDOXH DQGVHWWKHRXWSXWYDOXH
)RUGXDOFRQWUROVHW WKHVDPHZD\
3UHVVWKH NH\WRVHWWKHYDOXH
6WDQGE\RXWSXWIXQFWLRQ
6HWVWKHFRQWURORXWSXWYDOXHDQGWKHDODUPRXWSXWIRUVWDQGE\PRGH
8VHWKHIROORZLQJVWHSVWRVHWWKLVIXQFWLRQ
'LVSOD\WKHVHWXSPHQX  
'LVSOD\WKHVWDQGE\PRGHVHWWLQJ DQGVHWWKHDODUPRXWSXWIRUVWDQGE\PRGH
5HIHUWR
)RUWKHFRPELQDWLRQVRI212))VHWWLQJVVHH&+6HWXSSDUDPHWHUVSDJH
'LVSOD\WKHVWDQGE\FRQWURORXWSXW  VHWYDOXH DQGVHW WKH RXWSXWYDOXH)RUGXDO
FRQWUROVHW6ERWKHVDPHZD\
3UHVVWKH NH\WRVHWWKHYDOXH
5DPS69IXQFWLRQ
7KHUDPS69IXQFWLRQVXSSUHVVHVDVXGGHQFKDQJHLQ69VWHSFKDQJHZKHQFKDQJLQJ69,WDOORZV
69WRFKDQJHVPRRWKO\ DFFRUGLQJ WRWKHVHWVORSHRI WHPSHUDWXUHSHUXQLWRIWLPH7KLVVPRRWK 69
FKDQJHDOORZV\RXWRPLQLPL]HWKHHIIHFWRIWKHFKDQJHRQFRQWUROV
<RXFDQVHWERWKLQFOLQLQJWHPSHUDWXUHDQGGHFOLQLQJWHPSHUDWXUHVORSHVDQGFKRRVHIURPPLQXWHV
RUKRXUVIRUWKHWLPHXQLWV
<RXFDQDOVRFKRRVHIRUWKH69GLVSOD\WRVKRZWKHFXUUHQWYDOXHRUWKHWDUJHWYDOXHGXULQJUDPS69
W
69GXULQJUDPS69EHKDYLRU
U03/U03+
69 FKDQJLQJ69ZLWKWKHIURQWNH\
VHWYDOXH
DIWHUFKDQJH
VHWYDOXH
EHIRUHFKDQJH
7KH69ODPSZLOOEOLQNZKLOHUDPS69LVUXQQLQJ:KHQQRWGLVSOD\LQJSDUDPHWHUVRU&K:KHQ\RX
WXUQRQWKHSRZHUZKLOHUDPS69LVLQHIIHFWUDPS69ZLOOEHJLQXVLQJWKHVWDUWLQJYDOXHRI3939
VWDUW
W
39
SRZHU21
69
69
EHKDYLRUZKHQSRZHUULVHV W
6YVZLWFKHVWR6YZLWK',LQSXW
69
69
6Y
6Y
EHKDYLRUZKHQ69FKDQJHVZLWK',
8VHWKHIROORZLQJVWHSVWRVHWWKLVIXQFWLRQ
'LVSOD\WKHV\VWHPPHQX  
6HWERWKUDPS69GHFOLQH DQGLQFOLQH 
6HWWKHXQLWRIWLPHIRUWKHVORSH GXULQJUDPS69
3UHVVWKH NH\WRVHWWKHYDOXH
3RLQW
Ɣ 5DPS69FDQEHXVHGZLWKUHPRWH69RU69VHOHFWLRQIXQFWLRQV
Ɣ 5DPS69FDQQRWEHXVHGDWWKHVDPHWLPHZLWKUDPSVRDN
Ɣ &RPLQJRXWRIDVWDQGE\VWDWHZLOOEHJLQ39VWDUW
Ɣ 0DNHVXUHWRFKHFNWKHFRQWUROOHU¶VSDUDPHWHUVDIWHUFKDQJLQJ39VFDOH
&DXWLRQ
,IWKHSRZHULVWXUQHGRQGXULQJWKHLQSXWHUURURUUHOHDVHGVWDQGE\WKHUDPS69RSHUDWHV
GLIIHUHQWO\IURPWKHQRUPDO39VWDUW
6WDWHDW39VWDUW 2SHUDWLRQ
6WDQGE\ 39WUDFNLQJ0DLQWDLQVWKHVWDWHZKHUH69 397KH69UDPS
IXQFWLRQGRHVQRWRSHUDWH
$XWRRUPDQXDO 6WDUWVWKHUDPS69IURPWKHFXUUHQW6939VWDUWLVRII











69VHOHFWLRQIXQFWLRQ
7KH69VHOHFWLRQIXQFWLRQFDQ UHFRUG DQGVZLWFKXSWRHLJKW VHWV RI69LQIRUPDWLRQWRWKH SDOHWWH
PHQXVHWWLQJV,WLV HIIHFWLYHZKHQ WKH 69XVHGGXULQJDSURFHVV DUHQXPHURXVDQGWKHVHW YDOXHV
KDYHEHHQSUHYLRXVO\GHFLGHG
8VHWKHIROORZLQJVWHSVWRVDYH69LQIRUPDWLRQ
'LVSOD\WKHSDOHWWHPHQX  
'LVSOD\69VHWWLQJ DQGVHW69
6HW69VHWWLQJWKURXJK69VHWWLQJLQWKHVDPHZD\DVQHFHVVDU\
3UHVVWKH NH\WRVHWWKHYDOXH
7KHIROORZLQJIRXUPHWKRGVFDQVZLWFK69
• 3DUDPHWHU³ ´SUHVVWKH XVHU NH\',IXQFWLRQ RYHUZULWH SDUDPHWHU³ ´YLDWKH
FRPPXQLFDWLRQIXQFWLRQ
Ɣ6ZLWFK8VLQJ3DUDPHWHU 
'LVSOD\WKHRSHUDWLRQFRQWUROPRGH
'LVSOD\WKHVHOHFWHG69QXPEHU DQGFKRRVHWKH691R
3UHVVWKH NH\WRVHWWKHYDOXH
Ɣ6ZLWFK8VLQJWKH8VHU.H\
'LVSOD\WKHSDOHWWHPHQX  
'LVSOD\PD[VHOHFWHG69QXPEHU DQGVHWWKH69QXPEHUE\FKRRVLQJLWZLWKWKHXVHU
NH\
'LVSOD\WKHXVHUNH\IXQFWLRQVHWWLQJ DQGVHWLWWR69VHOHFWLRQIXQFWLRQ
2QWKH3969GLVSOD\SUHVVLQJWKHXVHUNH\ZLOOVZLWFK\RXIURPWKHFXUUHQWO\VHOHFWHG69WR
WKHQH[W69
Ɣ6ZLWFK8VLQJ3DUDPHWHU³ ´YLDWKH&RPPXQLFDWLRQ)XQFWLRQ
 ,QWKHFRPPXQLFDWLRQRYHUZULWHWKHVHWYDOXHWRWKHVHOHFWHG69QXPEHU 
3,'VHOHFWLRQIXQFWLRQ
3RLQW
:KHQVZLWFKLQJWKHQRUPDODQGUHYHUVHRSHUDWLRQE\XVLQJWKH3,'VHOHFWLRQIXQFWLRQEH
VXUHWRWXUQRIIWKHV\VWHPSRZHUEHIRUHKDQGIRUVDIHW\UHDVRQV'RQRWVZLWFKQRUPDODQG
UHYHUVHRSHUDWLRQGXULQJFRQWURO
7KH69VHOHFWLRQIXQFWLRQFDQUHFRUGDQGVZLWFKXSWRHLJKWVHWVRI3,'SDUDPHWHUVIURPWKHSDOHWWH
PHQXVHWWLQJV
,WLVHIIHFWLYHZKHQWKHFRQWUROHTXLSPHQW FKDQJHV WKHWDUJHWRIWHQDQGPXVW IUHTXHQWO\ FKDQJHWKH
3,'SDUDPHWHUV
8VHWKHIROORZLQJVWHSVWRVDYH3,'LQIRUPDWLRQ
'LVSOD\WKHSDOHWWHPHQX  
'LVSOD\SURSRUWLRQDOEDQGZLGWKVHWWLQJ DQGVHW3
6HW DQG LQWKHVDPHZD\
6HWWKHIROORZLQJSDUDPHWHUVDV QHFHVVDU\ 212))FRQWUROK\VWHUHVLV FRROLQJ
SURSRUWLRQDOEDQG GHDGEDQG   EDODQFH DQWLUHVHWZLQGXS 
DQGQRUPDOUHYHUVHVHWWLQJ 
3UHVVWKH NH\WRVHWWKHYDOXH
7KH3,'SDUDPHWHUVHOHFWLRQ3LGQRUPDODQGUHYHUVHVHWWLQJVFDQEHFKDQJHGE\WKHVDPHIRXU
PHWKRGVDVWKH69VHOHFWLRQIXQFWLRQ
Ɣ6ZLWFK8VLQJ3DUDPHWHU³ ´
'LVSOD\WKHRSHUDWLRQFRQWUROPRGH
'LVSOD\WKHVHOHFWHG3,'QXPEHU DQGFKRRVHWKH3,'1R
3UHVVWKH NH\WRVHWWKHYDOXH
Ɣ6ZLWFK8VLQJWKH8VHU.H\
'LVSOD\WKHSDOHWWHPHQX  
'LVSOD\PD[VHOHFWHG3,' QXPEHU  DQGVHWWKH3,' QXPEHUE\FKRRVLQJLWZLWK WKH
XVHUNH\
'LVSOD\WKHXVHUNH\IXQFWLRQVHWWLQJ DQGVHWLWWR69VHOHFWLRQIXQFWLRQ
2QWKH3969GLVSOD\SUHVVLQJWKHXVHUNH\ZLOOVZLWFK\RXIURPWKHFXUUHQWO\VHOHFWHG69WR
WKHQH[W69























3RLQW
:KHQWKHXVHUNH\IXQFWLRQFRGHLV691R3,'1RVHQGDQGWKHLQLWLDO3,'
1RDQG691RDUHGLIIHUHQWWKHILUVWWLPH\RXSUHVVWKHXVHUNH\3,'1RZLOOEHFRPHWKH
VDPHDV691R
$OVRWKH690;SDUDPHWHUYDOXHEHFRPHVWKHPD[LPXPVHOHFWDEOHQXPEHUIRU3,'1R
DQG691R
Ɣ6ZLWFK8VLQJ3DUDPHWHU³ ´YLDWKH&RPPXQLFDWLRQ&KDQQHO
 ,QWKHFRPPXQLFDWLRQRYHUZULWHWKHVHWYDOXHWRWKHVHOHFWHG69QXPEHU 
6WDUWXSPRGHIXQFWLRQ
7KHVWDUWXSPRGHVSHFL¿FDWLRQIXQFWLRQ VHWV WKHFRQWUROOHUWRVWDUWXS LQ DQ\RIDXWRPRGHPDQXDO
PRGHUHPRWHPRGHRUVWDQGE\PRGH
,WLVXVHGZKHQ\RXZDQWWRVWDUWXSLQPDQXDOPRGH
8VHWKHIROORZLQJVWHSVWRVHWWKLVIXQFWLRQ
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHVWDUWXSPRGH DQGFKRRVHWKHRSHUDWLRQDOPRGH
&KRRVHIURPDXWRRUPDQXDO
3UHVVWKH NH\WRVHWWKHYDOXH
$IWHUFKDQJLQJWKHDERYHVHWWLQJUHVWDUWLQJWKHFRQWUROOHUZLOOVWDUWLWLQWKHVHOHFWHGPRGH
3RLQW :KHQVWDUWLQJXSLQPDQXDOWKH09EHFRPHV
8VHUIXQFWLRQNH\
3UHVVLQJWKH NH\LQWKH SDUDPHWHU VFUHHQZLOOLPPHGLDWHO\UHWXUQ\RX WR WKH3969GLVSOD\
UHJDUGOHVVRIDVVLJQHGIXQFWLRQ+ROGLQJWKH NH\ NH\ NH\RU NH\ NH\GRZQIRU
DERXWDVHFRQGLQ3969GLVSOD\RU3909GLVSOD\ZLOOUXQWKHDVVLJQHGIXQFWLRQ
5HIHUWR
)RUIXQFWLRQVWKDWFDQEHDVVLJQHGVHH86(5NH\DVVLJQPHQWSDJH
8VHWKHIROORZLQJVWHSVWRVHWWKLVIXQFWLRQ
'LVSOD\WKHV\VWHPPHQX  
'LVSOD\WKHDVVLJQXVHUNH\VSHFL¿FDWLRQ DQGFKRRVHWKHIXQFWLRQ
3UHVVWKH NH\WRVHWWKHYDOXH
E$/DQG$UIXQFWLRQV
Ɣ7KHDQWLUHVHWZLQGXSIXQFWLRQ FXWVLQWHJUDWLRQWKDW IDOOV RXWVLGHRIWKH$UVHWUDQJHWKDWLV
FHQWHUHGDURXQG69
 5XQQLQJDXWRWXQLQJZLOOVHWWKHRSWLPXPYDOXHVIRU3LDQGGSDUDPHWHUVDVZHOODV$U
39
69
`
`
`
FXWVLQWHJUDWLRQ
LQFOXGHVLQWHJUDWLRQ
FXWVLQWHJUDWLRQ
39
$5YDOXH
$5YDOXH
Ɣ7KHRXWSXWFRQYHUJHQFHYDOXHIXQFWLRQE$/RXWSXWVWR39DQG69DFDOFXODWHGUHVXOWRIWKH3,'
FRPSXWHG09SOXVWKHE$/RIIVHW
 7KHIDFWRU\VHWWLQJRIE$/LVIRUVLQJOHRXWSXWIRUGXDORXWSXW
SURSRUWLRQDO
EDQGZLGWK
09
E$/ 

39
69

E$/ 

3RLQW $UWR$UDQGE$/WRE$/KDYHWKHVDPHIXQFWLRQDVLQHDFK3,'JURXS






09OLPLWIXQFWLRQV
7KH09OLPLWIXQFWLRQDOORZV\RXWRFKRRVHZKHWKHUWROLPLWWKH09RUOHWLWSDVVWKURXJKPD[LPXP
DQGPLQLPXP09
3+&
3/&

RXWSXWYDOXH
EHIRUHOLPLW
3+&
3/&
OLPLW
SDVV
OLPLW
SDVV
±
RXWSXWYDOXH
DIWHUOLPLW 3&87 09 09
3+& 3/& 3+& 3/&






OLPLW
OLPLW

OLPLW

OLPLW














OLPLW
OLPLW

OLPLW

OLPLW




OLPLW
OLPLW
OLPLW
OLPLW






OLPLW
OLPLW

OLPLW

OLPLW
OLPLW
OLPLW
OLPLW
OLPLW










OLPLW
OLPLW

OLPLW

OLPLW
OLPLW
OLPLW
OLPLW
OLPLW
OLPLW
OLPLW
OLPLW
OLPLW

(UURU,QGLFDWLRQV
'LVSOD\'XULQJ(TXLSPHQW(UURU
7KLVFRQWUROOHUKDVDGLVSOD\IXQFWLRQWRLQGLFDWHVHYHUDOW\SHVRIHUURUFRGHVKRZQEHORZ,IDQ\RIWKH
HUURUFRGHLVGLVSOD\HGSOHDVHHOLPLQDWHWKHFDXVHRIHUURULPPHGLDWHO\$IWHUWKHFDXVHLVHOLPLQDWHG
WXUQRIIWKHSRZHURQFHDQGWKHQUHVWDUWWKHFRQWUROOHU
'LVSOD\ 3RVVLEOHFDXVH &RQWURORXWSXW

7KHUPRFRXSOHEXUQRXW
5HVLVWDQFHEXOEVHQVRU$EXUQRXW
39H[FHHGVXSSHUOLPLWRIWKHUDQJH
E\)6
7KHFRQWUROOHURXWSXWVWKHVSHFL¿HG
YDOXHIRUDQHUURU7KHYDOXHFDQEH
VHWLQSDUDPHWHU)ORRU)OR

5HVLVWDQFHEXOEVHQVRU%RU&ZLUH
EXUQRXW
5HVLVWDQFHEXOEVHQVRUEHWZHHQ$
%RU$&VKRUW
39LVEHORZORZHUOLPLWRIWKHUDQJH
E\)6
%XUQRXWRUVKRUWLQWKHYROWDJH
LQSXW
39
&RQWURORSHUDWLRQLVFRQWLQXHG
1RWH&RQWURORSHUDWLRQLVFRQWLQXHG
DVORQJDVWKHDFFXUDF\LVDERYH
)6
 :KHQWKHDFFXUDF\GHFOLQHV
WREHORZHUWKDQ)6WKH
FRQWUROOHURXWSXWVWKHVSHFLILHG
YDOXHIRUDQHUURU
69ÀLFNHUV ,QFRUUHFWVHWWLQJ3YE3Y)
7KHFRQWUROOHURXWSXWVWKHVSHFLILHG
YDOXHIRUDQHUURU7KHYDOXHFDQEH
VHWLQSDUDPHWHU)ORRU)OR
39LVQRWGLVSOD\HG &KHFNWKHVHWYDOXHRI'637
1RUPDOFRQWURO
7KHFRQWUROOHUGRHVQRWKDYHWREH
UHVWDUWHG
69LVQRWGLVSOD\HG &KHFNWKHVHWYDOXHRI'637
1RUPDOFRQWURO
7KHFRQWUROOHUGRHVQRWKDYHWREH
UHVWDUWHG
3DUDPHWHUVPD\QRWEHGLVSOD\HG &KHFNWKHVHWWLQJVRI&K'63
1RUPDOFRQWURO
7KHFRQWUROOHUGRHVQRWKDYHWREH
UHVWDUWHG
,QSXW5DQJHDQG&RGHVVWDQGDUGUDQJH
,QSXWW\SH ,QSXWFRGH
397
0HDVXUHPHQW
UDQJH
&39E39)
0LQLPXP
LQSXW
LQFUHPHQW
&
0HDVXUHPHQW
UDQJH
)39E39)
0LQLPXP
LQSXW
LQFUHPHQW
)
57'
-,6,(&
-3W -37 WR  WR 
-37 WR  WR 
-37 WR  WR 
-37 WR  WR 
-37 WR  WR 
-37 WR  WR 
-37 WR  WR 
3W 37 WR  WR 
37 WR  WR 
37 WR  WR 
37 WR  WR 
37 WR  WR 
37 WR  WR 
37 WR  WR 
37 WR  WR 
7KHUPRFRXSOH - - WR  WR 
- WR  WR 
- WR  WR 
- WR  WR 
. . WR  WR 
. WR  WR 
. WR  WR 
. WR  WR 
5 5 WR  WR 
% % WR  WR 
6 6 WR  WR 
7 7 WR  WR 
7 WR  WR 
( ( WR  WR 
( WR  WR 
( WR  WR 
/ / WR  WR 
8 8 WR  WR 
8 WR  WR 
1 1 WR  WR 
: : WR  WR 
3/,, 3/ WR  WR 
'&YROWDJH WR9'& 9
WR
5DQJHZKHUH
VFDOLQJLV
DOORZHG
²
WR
5DQJHZKHUH
VFDOLQJLV
DOORZHG
²
WR9'& 9
WR9'& 
WR9'& 
WRP9'& 09
'&FXUUHQW WRP$'& 
WRP$'& 
6HWWLQJWKH7HPSHUDWXUH&RQWUROOHU
,QSXW6HWWLQJ
6HWWKHW\SHDQGWKHUDQJHIRULQSXWVHQVRU,QSXWFDQEHVHWLQWKHVHWXSPHQX  @
)RUPRUHRQLQSXWW\SHVLQSXWVFDOLQJGHFLPDOSRLQWORFDWLRQDQGLQSXWFRGHVVHH,QSXW5DQJH
DQG&RGHVVWDQGDUGUDQJHSDJH
 &KRRVHDQLQSXWW\SH 
&KHFNWKHW\SHRIWKHWKHUPRFRXSOHRUUHVLVWDQFHEXOEZKLFKLVXVHG
 6HWWKH39VFDOLQJLQSXWUDQJH  
6HW3YEWRWKHORZHUOLPLWRIWKHWHPSHUDWXUHUDQJHDQG3Y)WRWKHXSSHUOLPLW,WLVUHFRPPHQGHG
WRVHWWKHYDOXHVDWWKHVWDQGDUGUDQJHHYHQWKRXJKWKH\FDQEHVHWDWYDOXHVEH\RQGRILW
7KHUHLVQRVWDQGDUGUDQJHIRU'&YROWDJHRU'&FXUUHQWLQSXWWRORZHUOLPLWXSSHUOLPLW
 6HWWKHGHFLPDOSRLQWORFDWLRQ 
6HWVZKHWKHURUQRWWRGLVSOD\GLJLWVDIWHUWKHGHFLPDOSRLQW7ZRGLJLWVFDQDOVR EHGLV
SOD\HGDIWHUWKHGHFLPDOSRLQWZKHQXVLQJWR9'&DQGWRP$'&
3RLQW 39VFDOLQJDQGGHFLPDOSRLQWORFDWLRQFDQEHXVHGZLWKWKHIDFWRU\VHWWLQJV
2XWSXW6HWWLQJ
6HWVWKHFRQWURORXWSXW2QO\ZKHQWKHRXWSXWLVFXUUHQWRUYROWDJH
 6HWVWKHUDQJHRIWKHFRQWURORXWSXW287287  
&KRRVHDQ\RIWR9WR9WR9WR9WRP$RUWRP$'&
&RQWURO6HWWLQJ
6HWVFRQWUROVWRQRUPDORSHUDWLRQRUUHYHUVHRSHUDWLRQ
Ɣ5HYHUVHRSHUDWLRQ$VWKHSURFHVVYDOXH39ULVHVWKHFRQWURORXWSXW09EHFRPHVVPDOOHU8VHG
WRKHDWWKHFRQWUROREMHFW
Ɣ1RUPDORSHUDWLRQ$VWKHSURFHVVYDOXH39ULVHVWKHFRQWURORXWSXW09EHFRPHVODUJHU8VHGWR
FRROWKHFRQWUROREMHFW
 6HWWKHQRUPDORUUHYHUVHRSHUDWLRQ 
&KRRVHDQ\RIWKHIROORZLQJFRPELQDWLRQVRIKHDWDQGFRROWRVXLW\RXUV\VWHP
U(Y &RQWURO
RXWSXW
&RQWURO
RXWSXW
UY 5HYHUVH ±
QR 1RUPDO ±
UYQR 5HYHUVH 1RUPDO
QRUY 1RUPDO 5HYHUVH
UYUY 5HYHUVH 5HYHUVH
QRQR 1RUPDO 1RUPDO

Ɣ7LPHU&RGHRWKHU
7\SH $7SWR$7S $ODUP7\SH $FWLRQGLDJUDP
7LPHU 
21GHOD\WLPHU
',
$/0
G/<Q

2))GHOD\WLPHU
',
$/0
G/<Q

212))GHOD\WLPHU
',
$/0
G/<Q G/<Q
5DPSVRDNGHOD\VWDUW  'HOD\VWDUW21
2SHQFLUFXLWDQGVKRUWFLUFXLW  2SHQORRSDODUP
 +HDWHUEXUQRXWDODUP
2SWLRQDO&7LVUHTXLUHG
 6KRUWHGORDGDODUP2SWLRQDO
&7LVUHTXLUHG
3RZHU  $PRXQWRIHOHFWULFHQHUJ\
0DLQWHQDQFH  3UHYHQWLYHPDLQWHQDQFH
7KHQXPEHURIWLPHVWKDW
WKHUHOD\KDVRSHUDWHG09
09
 3UHYHQWLYHPDLQWHQDQFH
2SHUDWHGKRXUV
3RLQW
:KDWLVDODUPZLWKKROG"
7KHDODUPZLOOQRWWXUQ21LPPHGLDWHO\ZKHQWKHSURFHVVYDOXHJHWVLQWRWKHDODUPEDQG
DQGHQWHUVDJDLQ,IZLWKRXWKROGDODUPPD\WXUQ21ZKHQVWDUWLQJXS
39SURFHVVYDOXH
SRZHURQ
ORZHUOLPLWDODUP
ORZHUOLPLWDODUP
ZLWKKROG
SRZHURQ
SRZHURII
/RZHUOLPLWDODUP
RXWSXWDUHD
RII RII RII
RQ RQ
RII RII
RQ
&DXWLRQ
Ɣ :KHQDODUPDFWLRQFRGHLVFKDQJHGDODUPVHWYDOXH PD\DOVREHFRPHGLIIHUHQW IURP
SUHYLRXVVHWWLQJV
Ɣ :KHQDODUPDFWLRQW\SHFRGHLVFKDQJHGWXUQRIIWKHSRZHURQFHDQGWKHQUHVWDUWWKH
FRQWUROOHUEHIRUHVWDUWLQJFRQWURO
Ɣ $OQ$/WR$/VKRZWKHDODUPVHWYDOXHV
Ɣ $/QK$/KWR$/KVKRZWKHDODUPVHWYDOXHV
Ɣ $/Q/$//WR$//VKRZWKHDODUPVHWYDOXHV
Ɣ G/<QG/<WRG/<VKRZWKHDODUPGHOD\RQVHWYDOXHV
2WKHUWKDQWKHDODUPVHWWLQJHDFKRIWKHHYHQWRXWSXWIXQFWLRQVFDQEHDVVLJQHGWR'2WR
)RUPRUHGHWDLOVRQHDFKRIWKHHYHQWRXWSXWIXQFWLRQVUHIHUWR287'2LQGLFDWRUVDVVLJQPHQWSDJH
$ODUP$FWLRQ7\SH&RGHV
7\SH $7SWR$7S $ODUP7\SH $FWLRQGLDJUDP
 1RDODUP ²
$EVROXWHYDOXHDODUP  +LJKDODUP 39
W
$/Q
 /RZDODUP 39
W
$/Q
 +LJKDODUPZLWKKROG 39
W
$/Q
 /RZDODUPZLWKKROG 39
W
$/Q
'HYLDWLRQDODUP  +LJKDODUP
69
39
W
$/Q
 /RZDODUP
69
39
W
$/Q
 +LJK/RZDODUP
69
39
$/Q
W
 +LJKDODUPZLWKKROG
69
39
W
$/Q
 /RZDODUPZLWKKROG
69
39
W
$/Q
 +LJK/RZDODUPZLWKKROG
69
39
$/Q
W
=RQHDODUP  +LJK/RZGHYLDWLRQDODUP
69
39
W
$/Q/
Ɣ'XDO6HW9DOXH$ODUP&RGHV
7\SH $7SWR$7S $ODUP7\SH $FWLRQGLDJUDP
+LJK/RZOLPLWDODUP  +LJK/RZDEVROXWHDODUP 39
W
$/QK
$/Q/
 +LJK/RZGHYLDWLRQDODUP
69
39
W
$/QK
$/Q/
 +LJKDEVROXWH/RZGHYLDWLRQ
DODUP 69
39
W
$/QK
$/Q/
 +LJKGHYLDWLRQ/RZDEVROXWH
DODUP 69
39
W
$/QK
$/Q/
 +LJK/RZDEVROXWHDODUP
ZLWKKROG
39
W
$/Q/
$/Q/
 +LJK/RZGHYLDWLRQDODUP
ZLWKKROG 69
39
W
$/QK
$/Q/
 +LJKDEVROXWH/RZGHYLDWLRQ
DODUPZLWKKROG 69
39
W
$/QK
$/Q/
 +LJKGHYLDWLRQ/RZDEVROXWH
DODUPZLWKKROG 69
39
W
$/QK
$/Q/
=RQHDODUP  +LJK/RZDEVROXWHDODUP 39
W
$/QK
$/Q/
 +LJK/RZGHYLDWLRQDODUP
69
39
W
$/QK
$/Q/
 +LJKDEVROXWH/RZGHYLDWLRQ
DODUP 69
39
W
$/Q/
$/QK
 +LJKGHYLDWLRQ/RZDEVROXWH
DODUP 69
39
W
$/Q/
$/QK
 +LJK/RZDEVROXWHDODUP
ZLWKKROG
39
W
$/QK
$/Q/
 +LJK/RZGHYLDWLRQDODUP
ZLWKKROG 69
39
W
$/QK
$/Q/
 +LJKDEVROXWH/RZGHYLDWLRQ
DODUPZLWKKROG 69
39
W
$/Q/
$/QK
 +LJKGHYLDWLRQ/RZDEVROXWH
DODUPZLWKKROG 69
39
W
$/Q/
$/QK

This manual suits for next models

1

Other Fuji Electric Controllers manuals

Fuji Electric Model: PXR4 User manual

Fuji Electric

Fuji Electric Model: PXR4 User manual

Fuji Electric PXV3 SERIES User manual

Fuji Electric

Fuji Electric PXV3 SERIES User manual

Fuji Electric Micro Controller X PXG4 User manual

Fuji Electric

Fuji Electric Micro Controller X PXG4 User manual

Fuji Electric ALPHA7 User manual

Fuji Electric

Fuji Electric ALPHA7 User manual

Fuji Electric Faldic-a RYS-R Series User manual

Fuji Electric

Fuji Electric Faldic-a RYS-R Series User manual

Fuji Electric MICREX-F Series User manual

Fuji Electric

Fuji Electric MICREX-F Series User manual

Fuji Electric NA0AX06-MR User manual

Fuji Electric

Fuji Electric NA0AX06-MR User manual

Fuji Electric FD5000 series User manual

Fuji Electric

Fuji Electric FD5000 series User manual

Fuji Electric PXF4 User manual

Fuji Electric

Fuji Electric PXF4 User manual

Fuji Electric MICREX-SX series SPF User manual

Fuji Electric

Fuji Electric MICREX-SX series SPF User manual

Fuji Electric Micro Control X User manual

Fuji Electric

Fuji Electric Micro Control X User manual

Fuji Electric CC-M User manual

Fuji Electric

Fuji Electric CC-M User manual

Fuji Electric FRENIC-EcoPAK User manual

Fuji Electric

Fuji Electric FRENIC-EcoPAK User manual

Fuji Electric micrex-sx SPH User manual

Fuji Electric

Fuji Electric micrex-sx SPH User manual

Fuji Electric Frenic User manual

Fuji Electric

Fuji Electric Frenic User manual

Fuji Electric SPH Series User manual

Fuji Electric

Fuji Electric SPH Series User manual

Fuji Electric PXG9 Use and care manual

Fuji Electric

Fuji Electric PXG9 Use and care manual

Fuji Electric MICREX-SX series User manual

Fuji Electric

Fuji Electric MICREX-SX series User manual

Fuji Electric PXZ Series User manual

Fuji Electric

Fuji Electric PXZ Series User manual

Fuji Electric FEH300b Instructions for use

Fuji Electric

Fuji Electric FEH300b Instructions for use

Fuji Electric FALDIC-a User manual

Fuji Electric

Fuji Electric FALDIC-a User manual

Fuji Electric POD UG221H-LE4 User manual

Fuji Electric

Fuji Electric POD UG221H-LE4 User manual

Fuji Electric FRENIC-HVAC series User manual

Fuji Electric

Fuji Electric FRENIC-HVAC series User manual

Fuji Electric frenic-hvac User manual

Fuji Electric

Fuji Electric frenic-hvac User manual

Popular Controllers manuals by other brands

Klavis Logica XT user manual

Klavis

Klavis Logica XT user manual

Atlas Systems ECHC-16-04 Operation manual

Atlas Systems

Atlas Systems ECHC-16-04 Operation manual

resideo CENTRA M6063 quick start guide

resideo

resideo CENTRA M6063 quick start guide

LAE electronic AT1-5 Instructions for use

LAE electronic

LAE electronic AT1-5 Instructions for use

Coulisse RC-XSA32 Assembly manual

Coulisse

Coulisse RC-XSA32 Assembly manual

TC Electronic TC ICON Series user manual

TC Electronic

TC Electronic TC ICON Series user manual

AUMA SA 25.1 operating instructions

AUMA

AUMA SA 25.1 operating instructions

Morningstar PROSTAR-12 Operator's manual

Morningstar

Morningstar PROSTAR-12 Operator's manual

AMCC 3WARE 720-0138-00 user guide

AMCC

AMCC 3WARE 720-0138-00 user guide

IBM BladeCenter T Series installation guide

IBM

IBM BladeCenter T Series installation guide

Swegon REACT V BMBa Instructions for use

Swegon

Swegon REACT V BMBa Instructions for use

Econ 7907EX Installation & operation manual

Econ

Econ 7907EX Installation & operation manual

KROHNE OPTISENS AAC 050 Series Installation and operating instructions

KROHNE

KROHNE OPTISENS AAC 050 Series Installation and operating instructions

GSE AC-EC user manual

GSE

GSE AC-EC user manual

Broadcast Tools DSC-20 Installation and operation manual

Broadcast Tools

Broadcast Tools DSC-20 Installation and operation manual

Robus VEGAS RVACCT1-CRTL quick start guide

Robus

Robus VEGAS RVACCT1-CRTL quick start guide

LOVATO ELECTRIC RGAM40 instruction manual

LOVATO ELECTRIC

LOVATO ELECTRIC RGAM40 instruction manual

Omron NE1A-SCPU02 user manual

Omron

Omron NE1A-SCPU02 user manual

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.