ECQUBAF223VH

Plastic Film Capacitors NEW Safety standard approval Metallized Polypropylene Film Capacitor ECQUB series ［Class Y2/X1］［Class X1］ Non-inductive construction using metallized polypropylene film. Flame-retardant plastic case and non-combustible resin. Features ● High safety (with safety function)〔Class X1〕 ● High moisture resistance 85℃, 85%, 275 V [AC] 500 h ● Flame-retardant plastic case and non-combustible resin ● RoHS compliant Recommended applications ● Interference suppressors for electronic equipment Explanation of part number ■ Standard 1 2 3 4 5 6 7 E C Q U B A F Dielectric & construction Product code 8 Rated voltage 9 10 Capacitance 11 12 Cap. Tol. Suffix Code Cap. Tol. Code K ±10 ％ Blank Lead form Straight M ±20 ％ A Cut lead ■ Special lead space product 1 2 3 4 5 6 7 E C Q U B A F Product code Dielectric & construction Rated voltage 8 9 10 11 Capacitance Code Cap. Tol. VB、VH ±10 ％ VA、VG ±20 ％ V5、V6 ±10 ％ V1、V2 ±20 ％ 12 Suffix Lead form Length under crimping 4.0 mm Crimped lead 4.5 mm Applicable standard ＊It is certified as type ECQUB in the following approval. Approval UL UL60384-14 CSA CAN/CSA E60384-14 Europe EN60384-14 Class Y2 / X1 Class X1 Class Y2 / X1 Class X1 Class Y2 / X1 Class X1 Class 0.001 μF to 0.0068 μF 0.01 μF to 1.0 μF 0.001 μF to 0.0068 μF 0.01 μF to 1.0 μF 0.001 μF to 0.0068 μF 0.01 μF to 1.0 μF Certification organization UL UL DEMKO ＊When applying this capacitor to European and American safety standards, please use type designation and rating such as ECQUB, 0.1 μF. ＊Approval number (File No.) of safety regulations are subject to revision without notice. Ask factory for a copy of the latest file No. ＊According to standards for each region are based on IEC60384-14. Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use. Should a safety concern arise regarding this product, please be sure to contact us immediately. 31-Jul-20 Plastic Film Capacitors ECQUB series Specifications Category temp. range −40 ℃ to +110 ℃ 300 V Rated voltage [AC] 300 V mentioned above refers to maximum voltage by fluctuating of nominal power supply voltage of 240 V. Capacitance range 0.001 μF to 1.0 μF　〔0.001 μF to 0.0068 μF (E12), 0.01 μF to 1.0 μF (E6)〕 Capacitance tolerance ±10% (K), ±20% (M) Dissipation factor (tan δ) tan δ ≦ 0.1 % (20 ℃, 1 kHz) Between terminals Withstand voltage C ≦ 0.0068 μF : 690 V [AC], 1768 V [DC], 60 s 2100 V [AC], 60 s Between terminals to enclosure The capacitor shall be applied the voltage through a resistor of 2 kΩ or more when charge and discharge. C ≦ 0.33 μF Between terminals C > 0.33 μF Insulation resistance (IR) : 1600 V [AC], 2121 V [DC], 60 s 0.0068 μF < C ≦ 1.0 μF C ≦ 0.47 μF : 15000 MΩ or more at 100 V [DC] : 5000 MΩ・μFor more at 100 V [DC] : 2000 MΩ or more at 500 V [DC] Between terminals 30000 MΩ or more at 100 V [DC] to enclosure 500 MΩ 以上 at 500 V [DC] ＊Use of this capacitor is limited to AC voltage (50 Hz or 60 Hz sine wave). ＊A faint corona discharge may occur inside of the capacitor element at rated voltage, however there is no influence on the reliability of the capacitor. Dimensions （Suffix A） （Suffix VB, VH, VA,VG） （Suffix V5, V6, V1,V2） F±0.4 Tin-plated copper-clad steel wire S±0.8 +1.4 Q -0.6 （A） P(Lead location limits from center) （B） H±0.5 S±0.8 Marking 4.5±0.5 Φd±0.05 Marking H±0.5 Marking L±0.5 L±0.5 5 max. L±0.5 5 max. H±0.5 Crimped lead 4.0±0.5 F±0.4 20 min. Marking Crimped lead H±0.5 T±0.5 L±0.5 Cut lead 4.0±0.5 Straight Marking example Style (A) side 1 ECQUB102 K 2 ECQUB103 K (B) side 15 300 V～ X1 / Y2 15 300 V～ X1 Note : Only ±10 ％ as cap. tol. be marked as “K”． Unit : ｍｍ Note:　　　　 Date code. Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use. Should a safety concern arise regarding this product, please be sure to contact us immediately. 31-Jul-20 Plastic Film Capacitors ECQUB series Rating · Dimensions · Quantity Dimensions（ｍｍ） Part No. F Cap. (μF） L T H 0.001 15.3 5.0 11.5 12.5 0.0012 15.3 5.0 11.5 0.0015 15.3 5.0 0.0018 15.3 0.0022 Min. order Q'ty (PCS) S STYLE Crimped lead Φd P Q 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.0027 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.0033 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.0039 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.0047 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.0056 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.0068 15.3 5.0 11.5 12.5 15.0 0.6 0±0.8 1.4 1 1000 1000 1000 0.01 18.5 5.0 9.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 0.015 18.5 6.0 10.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 0.022 18.5 6.0 10.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 0.033 18.5 6.0 10.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 0.047 18.5 7.0 11.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 0.068 18.5 8.0 12.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 0.1 18.5 8.0 16.5 15.0 12.5 0.6 0±0.8 1.8 2 1000 1000 1000 ECQUBAF154□( ) 0.15 18.5 9.0 18.0 15.0 0.8 0±0.8 1.8 2 1000 1000 ECQUBAF224□( ) 0.22 18.5 11.0 20.0 15.0 0.8 0±0.8 1.8 2 500 500 ECQUBAF334□( ) 0.33 26.0 12.0 19.0 22.5 0.8 0±0.8 1.8 2 300 300 ECQUBAF474□( ) 0.47 26.0 14.0 21.0 22.5 0.8 0±0.8 1.8 2 200 200 ECQUBAF684□( ) 0.68 26.0 16.0 23.0 22.5 0.8 0±0.8 1.8 2 200 200 ECQUBAF105□( ) 1.0 26.0 19.0 26.0 22.5 0.8 0±0.8 1.8 2 200 200 ECQUBAF102□( ) ECQUBAF102V◇ ECQUBAF122□( ) ECQUBAF122V◇ ECQUBAF152□( ) ECQUBAF152V◇ ECQUBAF182□( ) ECQUBAF182V◇ ECQUBAF222□( ) ECQUBAF222V◇ ECQUBAF272□( ) ECQUBAF272V◇ ECQUBAF332□( ) ECQUBAF332V◇ ECQUBAF392□( ) ECQUBAF392V◇ ECQUBAF472□( ) ECQUBAF472V◇ ECQUBAF562□( ) ECQUBAF562V◇ ECQUBAF682□( ) ECQUBAF682V◇ ECQUBAF103□( ) ECQUBAF103V◆ ECQUBAF153□( ) ECQUBAF153V◆ ECQUBAF223□( ) ECQUBAF223V◆ ECQUBAF333□( ) ECQUBAF333V◆ ECQUBAF473□( ) ECQUBAF473V◆ ECQUBAF683□( ) ECQUBAF683V◆ ECQUBAF104□( ) ECQUBAF104V◆ Straight Crimped Cut lead lead - Straight Cut lead - * □：Capacitance tolerance code ()：Suffix for lead crimped ◇：Special lead space product　　B, A, 5, or 1 ◆：Special lead space product　　H, G, 6, or 2 Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use. Should a safety concern arise regarding this product, please be sure to contact us immediately. 31-Jul-20 *XLGHOLQHVDQGSUHFDXWLRQVUHJDUGLQJWKH WHFKQLFDOLQIRUPDWLRQDQGXVHRIRXUSURGXFWV GHVFULEHGLQWKLVRQOLQHFDWDORJ ‫ٹ‬,I\RXZDQWWRXVHRXUSURGXFWVGHVFULEHGLQWKLVRQOLQHFDWDORJIRUDSSOLFDWLRQVUHTXLULQJ VSHFLDOTXDOLWLHVRUUHOLDELOLW\RUIRUDSSOLFDWLRQVZKHUHWKHIDLOXUHRUPDOIXQFWLRQRIWKH SURGXFWVPD\GLUHFWO\MHRSDUGL]HKXPDQOLIHRUSRWHQWLDOO\FDXVHSHUVRQDOLQMXU\ HJDLUFUDIWDQGDHURVSDFHHTXLSPHQWWUDIILFDQGWUDQVSRUWDWLRQHTXLSPHQWFRPEXVWLRQ HTXLSPHQWPHGLFDOHTXLSPHQWDFFLGHQWSUHYHQWLRQDQWLFULPHHTXLSPHQWDQGRUVDIHW\ HTXLSPHQWLWLVQHFHVVDU\WRYHULI\ZKHWKHUWKHVSHFLILFDWLRQVRIRXUSURGXFWVILWWRVXFK DSSOLFDWLRQV3OHDVHHQVXUHWKDW\RXZLOODVNDQGFKHFNZLWKRXULQTXLU\GHVNDVWRZKHWKHU WKHVSHFLILFDWLRQVRIRXUSURGXFWVILWWRVXFKDSSOLFDWLRQVXVHEHIRUH\RXXVHRXUSURGXFWV ‫ٹ‬7KHTXDOLW\DQGSHUIRUPDQFHRIRXUSURGXFWVDVGHVFULEHGLQWKLVRQOLQHFDWDORJRQO\DSSO\ WRRXUSURGXFWVZKHQXVHGLQLVRODWLRQ7KHUHIRUHSOHDVHHQVXUH\RXHYDOXDWHDQGYHULI\ RXUSURGXFWVXQGHUWKHVSHFLILFFLUFXPVWDQFHVLQZKLFKRXUSURGXFWVDUHDVVHPEOHGLQ\RXU RZQSURGXFWVDQGLQZKLFKRXUSURGXFWVZLOODFWXDOO\EHXVHG ‫ٹ‬,I\RXXVHRXUSURGXFWVLQHTXLSPHQWWKDWUHTXLUHVDKLJKGHJUHHRIUHOLDELOLW\UHJDUGOHVV RIWKHDSSOLFDWLRQLWLVUHFRPPHQGHGWKDW\RXVHWXSSURWHFWLRQFLUFXLWVDQGUHGXQGDQF\ FLUFXLWVLQRUGHUWRHQVXUHVDIHW\RI\RXUHTXLSPHQW ‫ٹ‬7KHSURGXFWVDQGSURGXFWVSHFLILFDWLRQVGHVFULEHGLQWKLVRQOLQHFDWDORJDUHVXEMHFWWR FKDQJHIRULPSURYHPHQWZLWKRXWSULRUQRWLFH7KHUHIRUHSOHDVHEHVXUHWRUHTXHVWDQG FRQILUPWKHODWHVWSURGXFWVSHFLILFDWLRQVZKLFKH[SODLQWKHVSHFLILFDWLRQVRIRXUSURGXFWVLQ GHWDLOEHIRUH\RXILQDOL]HWKHGHVLJQRI\RXUDSSOLFDWLRQVSXUFKDVHRUXVHRXUSURGXFWV ‫ٹ‬7KHWHFKQLFDOLQIRUPDWLRQLQWKLVRQOLQHFDWDORJSURYLGHVH[DPSOHVRIRXUSURGXFWV  W\SLFDORSHUDWLRQVDQGDSSOLFDWLRQFLUFXLWV:HGRQRWJXDUDQWHHWKHQRQLQIULQJHPHQWRI WKLUGSDUW\ VLQWHOOHFWXDOSURSHUW\ULJKWVDQGZHGRQRWJUDQWDQ\OLFHQVHULJKWRULQWHUHVW LQRXULQWHOOHFWXDOSURSHUW\ ‫ٹ‬,IDQ\RIRXUSURGXFWVSURGXFWVSHFLILFDWLRQVDQGRUWHFKQLFDOLQIRUPDWLRQLQWKLVRQOLQH FDWDORJLVWREHH[SRUWHGRUSURYLGHGWRQRQUHVLGHQWVWKHODZVDQGUHJXODWLRQVRIWKH H[SRUWLQJFRXQWU\HVSHFLDOO\ZLWKUHJDUGWRVHFXULW\DQGH[SRUWFRQWUROVKDOOEHREVHUYHG 5HJDUGLQJWKH&HUWLILFDWHRI&RPSOLDQFHZLWK WKH(85R+6'LUHFWLYH5($&+5HJXODWLRQV! ‫ٹ‬7KHVZLWFKRYHUGDWHIRUFRPSOLDQFHZLWKWKH5R+6'LUHFWLYH5($&+5HJXODWLRQVYDULHV GHSHQGLQJRQWKHSDUWQXPEHURUVHULHVRIRXUSURGXFWV ‫ٹ‬:KHQ\RXXVHWKHLQYHQWRU\RIRXUSURGXFWVIRUZKLFKLWLVXQFOHDUZKHWKHUWKRVHSURGXFWV DUHFRPSOLDQWZLWKWKH5R+6'LUHFWLYH5($&+5HJXODWLRQSOHDVHVHOHFW6DOHV,QTXLU\LQWKH ZHEVLWHLQTXLU\IRUPDQGFRQWDFWXV :HGRQRWWDNHDQ\UHVSRQVLELOLW\IRUWKHXVHRIRXUSURGXFWVRXWVLGHWKHVFRSHRIWKH VSHFLILFDWLRQVGHVFULSWLRQVJXLGHOLQHVDQGSUHFDXWLRQVGHVFULEHGLQWKLVRQOLQHFDWDORJ 2FW 3ODVWLF)LOP&DSDFLWRUV 35(&$87,21$1':$51,1* ‫ ٴ‬3OHDVHFRQVXOWXVLQFDVHWKDWGHPDQGWKHVSHFLILFDWLRQRIRXUFRPSDQ\ZLWKRXWIDLODQGGRWKHFRQILUPDWLRQRI WKHXVHFRQGLWLRQDQGWKDWH[FHHGVWKHHQWU\YDOXHDQGEHLQGLVWLQFWZKHQ\RXXVHLW ‫ ٴ‬7KHILOPFDSDFLWRUVFRQWDLQDILOPEDVHGGLHOHFWULFZKLFKPD\EHIODPPDEOHXQGHUFHUWDLQRSHUDWLQJFRQGLWLRQV :KHQLQXVHWKH\FDQHLWKHUHPLWVPRNHDQGRULJQLWHVKRXOGWKHSURGXFWEHGHIHFWLYH,WLVUHFRPPHQGHG FRYHULQJWKHVXUURXQGLQJUHVLQZLWKIODPHUHVLVWDQWPDWHULDOVRUFDVHDVQHHGHGSDUWLFXODUO\ ‫ ٴ‬,QWKHHYHQWRIWURXEOHVRIRWKHUSDUWVRQWKHFLUFXLWVXFKDVVKRUWHQLQJDQGRSHQLQJSURYLGHZLWKSURSHUPHDQV IRUSUHYHQWLQJH[FHVVLYHYROWDJHFXUUHQWRUWHPSHUDWXUHH[FHHGLQJWKHUDWLQJIURPEHLQJDSSOLHGWRWKHILOP FDSDFLWRU ‫ ٴ‬3ULRUWRXVHSOHDVHPDNHVXUHWKDWIDLOXUHRIWKHILOPFDSDFLWRUVGRHVQRWKDYHDQ\QHJDWLYHHIIHFWVRQRWKHU VXUURXQGLQJHOHFWURQLFFLUFXLWFRPSRQHQWVDQGGHYLFHVWKDWZRXOGSRVVLEO\FDXVHGDPDJH3URSHUVDIHW\ PHDVXUHVVKRXOGEHWDNHQXVLQJIDLOVDIHSURWHFWLYHFLUFXLWGHVLJQVWRKHOSSUHYHQWRWKHUGHYLFHVRIEHFRPLQJ XQVDIH ([DPSOH D6WDWHLQZKLFKEDVLFSHUIRUPDQFHRIDXWRPRELOHVUXQWXUQDQGVWRS E)DOVHRSHUDWLRQV F6PRNHHPLVVLRQLJQLWLRQV ‫ ٴ‬7KH)LOP&DSDFLWRUOLVWHGLQWKLVFDWDORJH[FHSWIRUDXWRPRWLYHVHULHVDUHGHVLJQHGDQGPDQXIDFWXUHG VSHFLILFDOO\IRUJHQHUDOHOHFWURQLFGHYLFHVLQFOXGLQJDXGLRYLGHRHTXLSPHQWKRPHDSSOLDQFHRIILFHHTXLSPHQW DQGGDWDFRPPXQLFDWLRQHTXLSPHQWHWF$FFRUGLQJO\LWLVVWURQJO\UHFRPPHQGHGWKDWWKHXVHUFRQWDFWXVLQ DGYDQFHLWWKHSDUWVDUHWREHXVHGIRUWKHIROORZLQJGHYLFHVLWHPVZKLFKUHTXLUHKDYLQJDGYDQFHG VHFXULW\PHDVXUHV7KHFDSDFLWRUIRUDXWRPRWLYHFDQEHXVHGIRUDXWRPRELOHVVXFKDV[(9 7UDQVSRUW(TXLSPHQWPRWRUYHKLFOHVDLUSODQHVWUDLQVVKLSVWUDIILFVLJQDOFRQWUROOHUV 0HGLFDO(TXLSPHQWOLIHVXSSRUWHTXLSPHQWSDFHPDNHUVIRUWKHKHDUWGLDO\VLVFRQWUROOHUV $LUFUDIW(TXLSPHQW$HURVSDFH(TXLSPHQWDLUSODQHVDUWLILFLDOVDWHOOLWHVURFNHWVHWF 6XEPDULQH(TXLSPHQWVXEPDULQHUHSHDWLQJHTXLSPHQWHWF *HQHUDWLRQ&RQWURO(TXLSPHQWHTXLSPHQWIRUDWRPLFK\GUDXOLFKHDWSRZHUSODQWV ,QIRUPDWLRQ3URFHVVLQJ(TXLSPHQWODUJHVFDOHFRPSXWHUV\VWHP (OHFWULF+HDWLQJ$SSOLDQFH%XUQLQJ$SSDUDWXV 5RWDU\0RWLRQ(TXLSPHQW 6HFXULW\6\VWHPV 5RERWV /LJKWLQJ(TXLSPHQW $QGDQ\VLPLODUW\SHVRIHTXLSPHQW ‫ ٴ‬,IXVHGLQDVSHFLILFDSSOLDQFHWKDWUHTXLUHVDQH[WUHPHO\KLJKUHOLDELOLW\GLUHFWO\UHODWLQJZLWKDQ\OLIHVXSSRUWLQJ HTXLSPHQWOLNHHOHFWURQLFDYLDWLRQFRQWUROOHUVDXWRPRWLYHGULYLQJFRQWUROOHUVDQGHQJLQHFRQWUROOHUVSOHDVH FRQVXOWXVDQGXVHZLWKLQWKHFRQGLWLRQVGHVLJQDWHGLQWKHVSHFLILFDWLRQ+RZHYHUWKHFKLSW\SHFDSDFLWRUVKRXOG QRWEHXVHGLQWKHVHDSSOLDQFHV 1RWH ‫؝‬7HFKQLFDOLQIRUPDWLRQLQWKLVFDWDORJLVLQWHQGHGWRFRQYH\H[DPSOHVRIW\SLFDOSHUIRUPDQFHVDQGRU DSSOLFDWLRQVDQGLVQRWLQWHQGHGWRFRQYH\SDWHQWVULJKWVLIDQ\ ‫)؝‬RUWKHSURGXFWVZKLFKDUHFRQWUROOHGLWHPVVXEMHFWWRWKH)RUHLJQ([FKDQJHDQG)RUHLJQ7UDGH&RQWURO/DZ WKHH[SRUWSHUPLVVLRQDFFRUGLQJWRWKH/DZLVQHFHVVDU\ ‫؝‬1RWHRIR]RQHGHSOHWLQJVXEVWDQFHVRIFODVV2'6XQGHUWKH0RQWUHDO3URWRFROLVXVHGLQPDQXIDFWXULQJ SURFHVVRI'HYLFH6ROXWLRQV%XVLQHVV'LYLVLRQ3DQDVRQLF&RUSRUDWLRQ 'HF 3ODVWLF)LOP&DSDFLWRUV *XLGHOLQHVDQGSUHFDXWLRQV&RPPRQ 7DUJHWSURGXFW(&4(岝(&:)岝(&:+岝(&48岝(&+8岝(&:8岝(&38 2SHUDWLQJYROWDJH )RUWKHILOPFDSDFLWRUYDULHVWKHPD[LPXPDSSOLFDEOHYROWDJHGHSHQGLQJRQWKHDSSOLHGYROWDJHZDYHIRUPFXUUHQW ZDYHIRUPIUHTXHQF\DPELHQWWHPSHUDWXUHFDSDFLWRUVXUIDFHWHPSHUDWXUHFDSDFLWDQFHYDOXHHWF8VHZLWKLQ WKHVSHFLILHGYDOXHVE\FKHFNLQJWKHYROWDJHZDYHIRUPFXUUHQWZDYHIRUPDQGIUHTXHQF\DSSOLHGWRERWKHQGVRI WKHFDSDFLWRUSULRUWRXVH,QWKHFDVHRIKLJKIUHTXHQF\WKHSHUPLVVLEOHYROWDJHYDULHVZLWKWKHW\SHRIWKH FDSDFLWRU)RUGHWDLOVSOHDVHVHHWKHUHOHYDQWVSHFLILFDWLRQV   5DWHGYROWDJH1RWH ‫ ٴ‬7KHUDWHGYROWDJHUHIHUVWRWKHPD[LPXPYROWDJHWKDWFDQEHDSSOLHGFRQWLQXRXVO\ZLWKLQWKHFDWHJRU\ WHPSHUDWXUHUDQJH,IXVHGEH\RQGWKHUDWLQJLWPD\LQGXFHLQVXODWLRQEUHDNGRZQRIWKHILOPDQGFDXVHVKRUW FLUFXLW7KHSURGXFWOLIHWLPHDEXWWKHPD[LPXPUDWHGFRQGLWLRQGHSHQGVRQWKHNLQGRIWKHFDSDFLWRU ‫ ٴ‬,QDPHWDOL]HGFDSDFLWRUZKLFKKDVDVHOIKHDOLQJDFWLRQVKRUWFLUFXLWRURWKHUIDLOXUHPD\QRWRFFXU LPPHGLDWHO\DIWHUDSSOLFDWLRQRIDYROWDJHRYHUWKHUDWHGYROWDJHEXWWKHLQVXODWLRQUHVLVWDQFHLVORZHUHGDQG LWPD\OHDGWRVPRNHRUILUHGHSHQGLQJRQWKHFLUFXLWFRQGLWLRQV ‫ ٴ‬$QRLVHVXSSUHVVLRQFDSDFLWRU$&UDWHGYROWDJHVKRXOGQRWEHXVHGDWKLJKIUHTXHQF\FLUFXLW 6PRNHDQGLJQLWLRQPD\EHFDXVHGE\FRQGLWLRQVIRUXVH ‫ ٴ‬7KHUDWHGYROWDJHRIWKHFDSDFLWRUIRUHOHFWURQLFDSSOLDQFHLVXVXDOO\LQGLFDWHGLQWKH'&YROWDJHH[FHSWIRU VSHFLDOSXUSRVHV   'HUDWLQJRIUDWHGYROWDJHZKHUHRSHUDWLQJWHPSHUDWXUHLVKLJK ,QILOPFDSDFLWRUVWKHXVDEOHXSSHUOLPLWWHPSHUDWXUHWKHFDSDFLWRUVXUIDFHWHPSHUDWXUHLVGHWHUPLQHGE\ WKHNLQGRIGLHOHFWULFPDWHULDOV :KHQXVHGEH\RQGWKHUDWHGXSSHUOLPLWWHPSHUDWXUHXVDEOHXSSHUOLPLWWHPSHUDWXUHLWLVQHFHVVDU\WR YROWDJHGHUDWHWKHLQFHUWDLQW\SHVPRGHOVZKLOHRWKHUW\SHVPRGHOVFDQQRWEHXVHGEH\RQGWKHUDWHG XSSHUOLPLWWHPSHUDWXUH%HVXUHWRFRQILUPWKHW\SHRIFDSDFLWRUVEHIRUHXVLQJDQGZKHQXVLQJEH\RQGWKH UDWHGXSSHUOLPLWWHPSHUDWXUHEHVXUHWRUHGXFHWKHYROWDJHDQGPDNHVXUHWKHFDSDFLWRUVXUIDFH WHPSHUDWXUHLVZLWKLQWKHXVDEOHXSSHUOLPLWWHPSHUDWXUHDVEHORZ:KHQXVLQJDWKLJKIUHTXHQF\KRZHYHU VLQFHWKHFDSDFLWRULWVHOIKDVLWVRZQWHPSHUDWXUHULVHDQGKHQFHWKHIROORZLQJGHUDWLQJUDWLRFDQQRWEH DSSOLHG 'HF 3ODVWLF)LOP&DSDFLWRUV ٛ5DWHGXSSHUOLPLWWHPSHUDWXUH8SSHUFDWHJRU\WHPSHUDWXUHDQGGHUDWLQJUDWLRRIXSSHUFDWHJRU\ WHPSHUDWXUHE\W\SHVLQ'&XVHٜ‫[(ق‬DPSOH‫ك‬ 5DWHGXSSHU 5DWHGYROWDJHE\WKH 8SSHUFDWHJRU\ OLPLW WHPSHUDWXUHEH\RQG5DWHG WHPSHUDWXUH WHPSHUDWXUH XSSHUOLPLWWHPSHUDWXUH 7\SH 'LHOHFWULF (&4() 3RO\HVWHU3(7 ٦ ٦ ٦ ٦ ٦ 1RQHHGGHUDWLQJRIUDWHG YROWDJH ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ (&:8; ٦ ٦ 1RQHHGGHUDWLQJRIUDWHG YROWDJH (&:8& ٦ ٦ ٦ ٦ ٦ 1RQHHGGHUDWLQJRIUDWHG YROWDJH ٦ ٦ 1RQHHGGHUDWLQJRIUDWHG YROWDJH ٦ ٦ ٦ (&+8& ٦ ٦ 1RQHHGGHUDWLQJRIUDWHG YROWDJH (&38$ ٦ ٦ 1RQHHGGHUDWLQJRIUDWHG YROWDJH (&4(% (&4(7 (&:)$UDWHGYROWDJH'&9 (&:)/ (&:+$ (&:+& (&:)$UDWHGYROWDJH'&9 3RO\SURS\OHQH33 (&:)$UDWHGYROWDJH'&9 (&:+9 (&:)(岜UDWHGYROWDJH'&9 (&:)'岜UDWHGYROWDJH'&9 (&:)(岜UDWHGYROWDJH'&9 (&:)'岜UDWHGYROWDJH'&9 (&:)*岜UDWHGYROWDJH'&9 SRO\HWK\OHQH QDSKWKDODWH336 (&:89 (&+8;UDWHGYROWDJH'&9 (&+8;UDWHGYROWDJH'&9 ‫ق‬FDSDFLWDQFH̭)‫ك)̭ع‬ (&+8;UDWHGYROWDJH'&9 SRO\SKHQ\OHQH VXOILGH336 ‫ق‬FDSDFLWDQFH̭)‫ك)̭ع‬ $FU\OLFUHVLQ 嵣 7KH$&UDWHGYROWDJHLWHPVDUHXQQHFHVVDU\IRUYROWDJHGHUDWLQJE\WKHWHPSHUDWXUH 5DWHGXSSHUOLPLWWHPSHUDWXUH7KHXSSHUOLPLWWHPSHUDWXUHZKLFKFDQ WUHGXFHWKHYROWDJHDQGFDQXVH FRQWLQXRXVO\LQFOXGLQJRZQWHPSHUDWXUHULVH 8SSHUFDWHJRU\WHPSHUDWXUH7KHXSSHUOLPLWWHPSHUDWXUHZKLFKFDQUHGXFHWKHYROWDJHDQGXVH FRQWLQXRXVO\LQFOXGLQJRZQWHPSHUDWXUHULVH ‫[( ە‬DPSOH'HUDWLQJRIUDWHGYROWDJHWRRSHUDWLQJWHPSHUDWXUH5DWHGXSSHUOLPLWWHPSHUDWXUH٦8SSHU 9ROW 3HUFHQWDJHWRWKHUDWHG FDWHJRU\WHPSHUDWXUH٦'HUDWLQJRIUDWHGYROWDJHWRZKLFKLV٦DWPRUHWKDQ٦ &DS6XUIDFH7HPS٦ 'HF 3ODVWLF)LOP&DSDFLWRUV   3HUPLVVLEOHYROWDJH506LQFXUUHQWFRUUHVSRQGLQJWR'&5DWHG9ROWDJH ‫ ٴ‬$QRLVHVXSSUHVVLRQFDSDFLWRU$&UDWHGYROWDJHVKRXOGEHXVHGDWWKHSULPD\VLGHSRZHUVXSSOLHV 7KHGHVLJQZKLFKSUHPLVHGRQXVHE\+]RU+]VLQHZDYH ‫ ٴ‬,QFDVHRIDSSO\LQJYROWDJHLQDOWHUQDWLQJFXUUHQW+]RU+]VLQHZDYHWRDFDSDFLWRUSHUPLVVLEOH YROWDJH5067KHFDSDFLWRURI'&UDWLQJVKRXOGQRWEHXVHGDWWKHSULPDU\VLGHSRZHUVXSSOLHV   'HUDWLQJRIUDWHGYROWDJHZKHQXVLQJDWKLJKIUHTXHQF\ :KHQXVLQJDWKLJKIUHTXHQF\WKHUHLVDULVNRIWKHUPDOUXQDZD\VPRNHILUHGXHWRVHOIKHDWJHQHUDWLRQLQ WKHFDSDFLWRU'HUDWHWKHRSHUDWLQJYROWDJHDFFRUGLQJWRWKHH[DPSOHEHORZ )RUXVHDWKLJKIUHTXHQF\ZHUHFRPPHQG(&+8;&(&:)$/DQG(&:+$&9W\SHV ٛ'HUDWLQJH[DPSOHRIRSHUDWLQJYROWDJHٜ &DSDFLWRUXVHG(&:)-$9'&̭) 2SHUDWLQJIUHTXHQF\N+]VLQHZDYH 3HUPLVVLEOHFXUUHQWHQWU\WKHYDOXHIURPVSHFLILFDWLRQN+]$UPV , 9   9UPV ̱I&¼¼¼¼¼ 7KHUHIRUHWKHRSHUDWLQJYROWDJHDWVLQHZDYHN+]LVORZHUWKDQWR9UPVGHUDWLQJUDWLRDV FRPSDUHGZLWK$&SHUPLWWHGYROWDJHRI9UPVDWFRPPHUFLDOIUHTXHQF\ ,WLVQHFHVVDU\WRGHUDWHXQWLOWKHVHOIKHDWLQJWHPSHUDWXUHULVHRIWKHFDSDFLWRULVEHORZWKHVSHFLILHGYDOXH 1RWHV  8VHWKHSHDNYDOXH9RSRIWKH3XOVHYROWDJHDSSOLHGEHWZHHQWKHERWKWHUPLQDOVRIWKHFDSDFLWRU ZLWKLQWKH'&UDWHGYROWDJH  :KHQXVLQJDWKLJKIUHTXHQF\LWPD\OHDGWREUHDNGRZQGXHWRZLWKVWDQGYROWDJHGHWHULRUDWLRQE\VHOI KHDWJHQHUDWLRQ7KHUHIRUHPHDVXUHWKHVHOIKHDWLQJWHPSHUDWXUHULVHYDOXHRIWKHFDSDFLWRUDQGPDNH VXUHLWLVZLWKLQWKHVSHFLILHG  3URWHFWLRQIRUVDIHW\VKRXOGEHUHTXLUHGLQWKHFDVHRIWKHYROWDJHRYHUWKHUDWHGYROWDJHSHUPLWWHG YROWDJH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DQGFRQWLQXRXV FXUUHQWUPVFXUUHQWGHSHQGLQJRQWKHEUHDNGRZQPRGHDQGZKHQXVLQJWKHUHIRUHPDNHVXUHWKHERWK FXUUHQWVDUHZLWKLQWKHSHUPLVVLEOHYDOXHV   3HUPLVVLEOHFXUUHQWWRRSHUDWLQJIUHTXHQF\ 7KHILOPFDSDFLWRUYDULHVLQWKHIUHTXHQF\FKDUDFWHULVWLFRIWKHGLVVLSDWLRQIDFWRUWDQ̥GHSHQGLQJRQWKH GLVVLSDWLRQIDFWRUDQGKHQFHWKHSHUPLVVLEOHUPVFXUUHQWIRURSHUDWLQJIUHTXHQF\GLIIHUVGHSHQGLQJRQWKH FDSDFLWRUW\SH,QSDUWLFXODUZKHQRSHUDWLQJDWKLJKIUHTXHQF\WKHGLVVLSDWLRQIDFWRUWDQ̥LQFUHDVHVDQG ZKHQXVLQJRYHUWKHSHUPLVVLEOHFXUUHQWLWPD\LQFOXGHWKHWKHUPDOUXQDZD\SRVVLEO\OHDGLQJWRVPRNHRU ILUH6KRZQEHORZDUHW\SLFDOH[DPSOHVRISHUPLVVLEOHFXUUHQWE\IUHTXHQF\UPVYDOXHRIWKH(&4()W\SH XVLQJSRO\HVWHUILOPDQG(&:)$W\SHXVLQJSRO\SURS\OHQHILOP)RUGHWDLOLQTXLUHXVE\SUHVHQWLQJWKH RSHUDWLQJFRQGLWLRQVRUPDNHVXUHWKHRZQWHPSHUDWXUHULVHRIWKHFDSDFLWRUDQGWKHFDSDFLWRUVXUIDFH WHPSHUDWXUHDUHZLWKLQWKHSHUPLVVLEOHUDQJHLQWKHZRUVWRSHUDWLQJFRQGLWLRQV 'HF 3ODVWLF)LOP&DSDFLWRUV   7KHFDSDFLWDQFHDQGWKHSHUPLVVLEOHFXUUHQWV 7KHSHUPLVVLEOHUPVFXUUHQWYDULHVZLWKWKHFDSDFLWDQFHYDOXH7KHSHUPLVVLEOHFXUUHQWUPVYDOXHVE\WKH IUHTXHQFLHVDQGE\WKHFDSDFLWDQFHRIUHSUHVHQWDWLYHW\SHVDUHVKRZQEHORZ,QDFWXDOXVHLQTXLUHXVIRUGHWDLO E\PHDVXULQJWKHYROWDJHDQGFXUUHQWZDYHIRUPVDPELHQWWHPSHUDWXUHDQGRZQWHPSHUDWXUHULVH 7\SH(&4()3RO\HVWHU 7\SH(&:)$3RO\SURS\OHQH 5DWHG9ROWDJH9'&‫ܒ‬9UPV+]DWVLQHZDYH 5DWHG9ROWDJH9'&‫ܒ‬9UPV+]DWVLQHZDYH 2SHUDWLQJWHPS ٦WR٦&DSVXUIDFH 2SHUDWLQJWHPS ٦WR٦&DSVXUIDFH 㻝㻜㻚㻜䃛㻲 㻠㻚㻡 㻠㻚㻜 㻟㻚㻡 㻠㻚㻣䃛㻲 㻟㻚㻜 㻞㻚㻡 㻞㻚㻞䃛㻲 㻞㻚㻜 㻝㻚㻜 㻝㻚㻜䃛㻲 㻝㻚㻡 㻜㻚㻞㻞䃛㻲 㻜㻚㻡 㻜㻚㻠㻣䃛㻲 㻜㻚㻝㻜䃛㻲 㻜㻚㻜㻠㻣䃛㻲 㻜㻚㻜㻝㻜䃛㻲 㻜㻚㻜㻞㻞䃛㻲 㻜㻚㻜 㻝㻜 㻡㻜 ‫ص‬ )UHTXHQF\‫ۚق‬+]‫ك‬ 1RWH ‫ ص‬ಅ 3HUPLVVLEOH&XUUHQW ઍ ਗ਼ ૴ க ‫ق‬$UPV‫ص ك‬ ‫ ص‬ಅ ઍ ਗ਼3HUPLVVLEOH&XUUHQW ૴ க ‫ق‬$UPV‫ص ك‬ 㻡㻚㻜 7KHJUDSKVLOOXVWUDWHGDUH IRUUHIHUHQFHRQO\ :DYHIRUPRIFXUUHQWDQG WHPSHUDWXUHULVHRI FDSDFLWRUDUHNH\IDFWRUV WRGHWHUPLQHSHUPLVVLEOH FXUUHQW)RUDFWXDO DSSOLFDWLRQFRQVXOWRXU VDOHVUHSUHVHQWDWLYHRU 㻡㻜 㻝㻜㻜 ‫ص‬ ‫ص‬ 㻝㻜㻜 )UHTXHQF\‫ۚق‬+]‫ك‬ VDOHVRIILFH ‫ص‬   3HUPLVVLEOHFXUUHQWWRSXOVHFXUUHQW ‫ ٴ‬:KHQXVHGLQVZLWFKLQJFLUFXLWVRUVQXEEHUFLUFXLWVDPRPHQWDU\KLJKFXUUHQWSXOVHPD\FDXVHORFDOKHDW JHQHUDWLRQ7KLVFDXVLQJWKHFDSDFLWDQFHYDOXHWRGHWHULRUDWHRUDQRSHQFLUFXLWFRQGLWLRQ /RFDOKHDWJHQHUDWLRQPD\DOVRLQGXFHVPRNHRUILUH 7KHSXOVHSHUPLVVLEOHFXUUHQWWLPHVLVREWDLQHGE\WKHSURGXFWRIG9GW9̭VYDOXHWKDWLVHQWHULQJWR WKHVSHFLILFDWLRQDQGFDSDFLWDQFH̭) ‫ ٴ‬7KHG9GW9̭VYDOXHRIDILOPFDSDFLWRULVGHWHUPLQHGE\WKHHOHPHQWVWUXFWXUHDQGLQWKHPHWDOL]HGW\SHLQ SDUWLFXODUWKHLQWHUQDOHYDSRUDWHGHOHFWURGHDQGH[WHUQDOWDNHRXWHOHFWURGHDUHFRQQHFWHGE\PHWDOL]HGFRQWDFW PHWDOVSUD\LQJDQGKHQFHGXHFDXWLRQLVQHHGHGEHFDXVHWKHXSSHUOLPLWRIG9GWYDOXHLVORZ ‫ ٴ‬7KHG9GWYDOXHVFRUUHVSRQGLQJWRUDWHGYROWDJHDQGFDSDFLWDQFHYDOXHRIUHSUHVHQWDWLYHW\SHVDUHVKRZQLQ SDJH:KHQXVHGLQDKLJKFXUUHQWSXOVHFLUFXLWFKHFNWKHSXOVHSHUPLVVLEOHFXUUHQW$RS ‫ ٴ‬3OHDVHFRQWDFWZLWKXV,ISXOVHVDUHDSSOLHGPRUHWKDQWLPHV +RZWRGHWHUPLQHSXOVHSHUPLVVLEOHFXUUHQW! ‫ ٴ‬:KHQYROWDJH99LVDSSOLHGWRFDSDFLWRU&)IRUIDUDGWKHHOHFWULFFKDUJH4&LVH[SUHVVHGLQIRUPXOD岜⋇ 4 &9⋇ ‫ ٴ‬7KHFKDUJLQJFXUUHQW,$IORZLQWKHFDSDFLWRUDWWKLVWLPHLVH[SUHVVHGLQIRUPXOD⋈ , G4GW⋈ ‫' ٴ‬LIIHUHQWLDWLQJERWKVLGHVRIIRUPXOD⋇E\WLPHWDQGSXWWLQJLQWRIRUPXOD⋈\LHOGVIRUPXOD⋉ G4GW &G9GW , &G9GW⋉ ‫ ٴ‬7KHUHIRUHWKHSXOVHFXUUHQWLVGHWHUPLQHGDVWKHSURGXFWRIWKHFDSDFLWDQFHYDOXH&̭)DQGYROWDJHFKDQJH G9GWSHṶV SURGXFWRIWKHFDSDFLWDQFHYDOXH&̭)DQG YROWDJHFKDQJHG9GWSHṶV ([DPSOH,QWKHFDVHRI(&4(.)SHUPLVVLEOHG9GW 5DWHGYROWDJH9'& &DSDFLWDQFH̭) SHUPLVVLEOHG9GWYDOXH SXOVHSHUPLVVLEOHFXUUHQW̭)¼‫ܠ‬$RS KRZHYHUQXPEHURIUHSHWLWLRQVLVWLPHVRUOHVVWKDWLVPRPHQWDU\SXOVHFXUUHQWFDQEHXVHGXSWR $RS 0DNHVXUHWKHUPVFXUUHQWLVZLWKLQWKHSHUPLVVLEOHYDOXH 'HF 3ODVWLF)LOP&DSDFLWRUV >(&4()3HUPLVVLEOHG9GWYDOXHZLWKLQSXOVHV!@ 7\SH &DS̭) (&4() (&4() 9'& 9'&  ‫ك‬            ‫ك‬  3      3         3 岜‫كق‬ 岜‫كق‬ 3 岜‫كق‬      3  3        3 3  8QLW‫؟‬9̭V (&4() 9'& (&4() 9'&   3 3  3  3  3  3  3  3  3 &DXWLRQ 3URWHFWLYHPHDQVIRUVDIHW\VKRXOGEHSURYLGHGLQFDVHWKHSXOVHDQGUPVFXUUHQWPD\H[FHHGWKH $VWHULVNGHQRWHVWKHOHDGSLWFK 7KHYDOXHRIG9GWLVPDLQO\GHWHUPLQHGE\WKHOHDGVSDFLQJHOHPHQWZLGWKDQGHOHPHQWVHFWLRQDODUHD  2SHUDWLQJWHPSHUDWXUHUDQJH   2ZQWHPSHUDWXUHULVH :KHQWKHILOPFDSDFLWRULVXVHGLQDQ$&FLUFXLWHVSHFLDOO\LQKLJKIUHTXHQF\DSSOLFDWLRQWKH FDSDFLWRUJHQHUDWHVKHDWE\LWVHOIIURPWKHIORZRIFXUUHQW,IWKHVHOIKHDWJHQHUDWLRQLVODUJHWKHFDSDFLWRU PD\GHWHULRUDWHDQGVPRNHRUILUHPD\EHRFFXU&KHFNWKHVHOIKHDWLQJWHPSHUDWXUHULVHYDOXHLQDFWXDO FRQGLWLRQVRIXVHDQGXVHZLWKLQWKHOLPLWVSHFLILHG 0HDVXUHWKHRZQWHPSHUDWXUHULVHYDOXHLQLQGRRUZLQGIUHHFRQGLWLRQ 7KHGHWDLOVRIVHOIKHDWLQJWHPSHUDWXUHULVHYDOXHDUHGHVFULEHGLQWKHVSHFLILFDWLRQ3OHDVHFRQWDFWXVGHWDLOV DVWKHVSHFLILHVYDOXHYDULHVE\HDFKW\SH   2SHUDWLQJWHPSHUDWXUHUDQJH 7KHRSHUDWLQJWHPSHUDWXUHUDQJHRIWKHILOPFDSDFLWRUVYDULHVZLWKWKHGLHOHFWULFPDWHULDONLQGRIILOPVDQG WKHXVDEOHWHPSHUDWXUHUDQJHLVVSHFLILHGLQWKHHDFKPRGHO ,WPXVWEHQRWHGKRZHYHUWKDWWKHWHPSHUDWXUHUDQJHPHQWLRQHGLQWKHFDWDORJXHLVWKHVXUIDFH WHPSHUDWXUHRIWKHILOPFDSDFLWRUQRWWKHDPELHQWWHPSHUDWXUHRIWKHFDSDFLWRU ,QDFWXDOXVHPDNHVXUHWKHVXPRIWKHDPELHQWWHPSHUDWXUHFDSDFLWRUbVVHOIKHDWLQJWHPSHUDWXUHULVH YDOXHZLWKLQVSHFLILHGYDOXHWKDWLVWKHFDSDFLWRUVXUIDFHWHPSHUDWXUHVKRXOGEHZLWKLQWKHUDWHGRSHUDWLQJ WHPSHUDWXUH 'HF 3ODVWLF)LOP&DSDFLWRUV &DXWLRQ :KHQXVHGDERYHWKHVSHFLILHGRSHUDWLQJWHPSHUDWXUHGLVVLSDWLRQIDFWRUWDQ̥LQFUHDVHDQGWKHVHOIKHDW JHQHUDWLRQPD\H[FHHGWKHSHUPLVVLEOHYDOXHSRVVLEO\FDXVLQJGHWHULRUDWLRQRIGLHOHFWULFILOPVKRUWFLUFXLW DQGVPRNHRUILUH ,IWKHUHLVFRROLQJSODWHRIRWKHUSDUWRUDQ\UHVLVWDQFHKHDWHGWRKLJKWHPSHUDWXUHQHDUWKHILOPFDSDFLWRU WKHFDSDFLWRUPD\EHORFDOO\KHDWHGE\WKHUDGLDWLRQKHDWH[FHHGLQJWKHRSHUDWLQJWHPSHUDWXUHUDQJHDQG VPRNHRUILUHPD\EHFDXVHG &KHFNWKHFDSDFLWRUVXUIDFHWHPSHUDWXUHDWWKHKHDWVRXUFHVLGH  2WKHUFDXWLRQV   )ODPHUHWDUGDWLRQ ‫ ٴ‬7KHGLHOHFWULFILOPLVQRWDIODPHUHWDUGDQWPDWHULDO ‫ ٴ‬,QWKH(&4((&:)DQG(&:+W\SHVIODPHUHWDUGDQWHSR[\UHVLQ9LVXVHGLQWKHFRDWLQJUHVLQ   (QYLURQPHQWVRIXVH ‫؝‬   :KHQXVHGLQKXPLGHQYLURQPHQWV :KHQXVHGIRUDORQJSHULRGLQKXPLGHQYLURQPHQWVWKHHOHPHQWVDEVRUEPRLVWXUHWKURXJKWKHFRDWLQJ ZLWKWKHSDVVLQJRIWKHWLPH7KHZDWHUR[LGL]HVWKHHOHFWURGHHYDSRUDWHGILOPDQGPHWDOL]HGFRQWDFW DQGOHDGVWRWURXEOH$OVRPDNHVXUHWKHFDSDFLWDQFHYDOXHFDQEHYHU\ODUJHGHSHQGLQJRQW\SHRIWKH FDSDFLWRU   :KHQXVLQJLQKLJKWHPSHUDWXUHHQYLURQPHQW ‫؝‬ :KHQ(&48*LVXVHGLQKLJKWHPSHUDWXUHHQYLURQPHQWPRUHWKDQ٦LWPD\EHSRVVLEOHWRFDXVH OHDNLQJRLOIURPWKHFDSDFLWRU+RZHYHUWKHTXDOLW\DQGUHOLDELOLW\RIWKHFDSDFLWRULVQRWDIIHFWHGE\WKH OHDNLQJRLO%XWSOHDVHGRQ WXVHWKHSDUWZKLFKPD\FDXVHDSRLQWRIWDFWREVWDFOHE\RLODQGWKLV FRQGHQVHUE\DVDPHVHW ‫؝‬   &DXWLRQVRQJDVDWPRVSKHUH :KHQXVLQJLQWKHR[LGL]LQJJDVVXFKDVK\GURJHQFKORULGHK\GURJHQVXOILGHDQGVXOIXURXVDFLGWKH HYDSRUDWHGHOHFWURGH$OXPLQXPRUPHWDOL]HGFRQWDFW]LQF岜FRPSRXQGPD\EHR[LGL]HGPD\UHVXOWLQ VPRNHRUILUH$YRLGVXFKDWPRVSKHUH   :KHQXVLQJE\UHVLQFRDWLQJ ‫؝‬ :KHQXVLQJUHVLQFRDWLQJRUUHVLQSRWWLQJFRPSRQHQWVWRLPSURYHKXPLGLW\UHVLVWDQFHRUJDVUHVLVWDQFH RUWRIL[SDUWVLQSODFH3OHDVHFRQWDFWZLWKXV ‫ ٴ‬7KHVROYHQWRUWKHFRQVWLWXHQWLQWKHUHVLQPD\SHUPHDWHLQWRWKHPHWDOL]HGFRQWDFWRUHOHFWURGH DOXPLQXPIRLORUHYDSRUDWHGILOPWRGHWHULRUDWHFKDUDFWHULVWLFV ‫ ٴ‬:KHQKDUGHQLQJWKHUHVLQFKHPLFDOUHDFWLRQKHDWFXULQJKHDWJHQHUDWLRQRFFXUVZKLFKPD\DGYHUVHO\ DIIHFWWKHFDSDFLWRU ‫ ٴ‬,QWKHFDVHRIWKHOHDGW\SHFDSDFLWRUVEHVXUHWRWHVWDQGHYDOXDWHHQRXJKIRUWKHWKHUPDOVWUHVVWRWKH FDSDFLWRU ‫؝‬   2WKHU ‫ ٴ‬:KHQXVLQJLQWKHIROORZLQJFRQGLWLRQVWKHFKDUDFWHULVWLFPD\EHGHWHULRUDWLRQ3OHDVHGRQ WXVHDWVXFK FRQGLWLRQV ҩ7KHSODFHWKDWWRRNZDWHURURLO ҩ7KHSODFHWKDWH[SRVHGWRWKHGLUHFWVXQOLJKW ҩ7KHSODFHWKDWUDGLDWHGR]RQHXOWUDYLROHWUD\VDQGUDGLDWLRQUD\V ‫ ٴ‬3OHDVHFRQVLGHUVRWKDWGXVWGRHVQ WFROOHFW7KDWZLOOEHWKHFDXVHRIWKHFKDUDFWHULVWLFGHWHULRUDWLRQ VKRUWFLUFXLWHWF   &KDQJHVLQFDSDFLWDQFHYDOXHRYHUWLPH ‫ ٴ‬7KHFDSDFLWRUFKDUDFWHULVWLFVFKDQJHFKDUDFWHULVWLFGHSHQGLQJRQLWVDPELHQWFRQGLWLRQVDQG HQYLURQPHQWDOFRQGLWLRQV,QQDWXUDOFRQGLWLRQVWKHUHLVDFHUWDLQFDSDFLWDQFHFKDQJHGXHWRWKH KXPLGLW\RIWKHFLUFXPVWDQFH7KHGHJUHHRIVXFKFDSDFLWDQFHFKDQJHVYDULHVZLWKWKHGLHOHFWULFPDWHULDO FRDWLQJPDWHULDODQGVWUXFWXUH7KHUHIRUHZHVKLSFRQVLGHULQJWKHVHFKDQJHVEXWZHRQO\JXDUDQWHH FDSDFLWDQFHYDOXHXQWLOGHOLYHU\ZLWKRXWHDFKDUUDQJHPHQWV ‫) ٴ‬RUXVHLQDFLUFXLWZKHUHWLPHFRQVWDQWDQGFDSDFLWDQFHSUHFLVLRQDUHUHTXLUHGXVHWKHSURGXFWVRI SRO\SURS\OHQHILOP(&:)'$/(&:+$RUILOP(&+8;&ZKLFKYDU\OHVVZLWKWLPH 'HF 3ODVWLF)LOP&DSDFLWRUV   +XP%X]] ‫ ٴ‬+XPSURGXFHGE\FDSDFLWRUVGXHWRPHFKDQLFDOYLEUDWLRQRIWKHILOPLVFDXVHGE\WKHFRXORPEIRUFH ZKLFKH[LVWVEHWZHHQHOHFWURGHVRIRSSRVLWHSRODULW\$ORXGHUKXPLVSURGXFHGZKHQDSSOLHGYROWDJH ZDYHIRUPKDVGLVWRUWLRQDQGRUKLJKHUIUHTXHQF\FRPSRQHQWHWF$OWKRXJK+XPGRHVQRWVSRLO FKDUDFWHULVWLFVRIFDSDFLWRUVZKHQEHLQJXVHGDURXQGWKHDXGLRIUHTXHQF\SOHDVHFKHFNLW   6WRULQJPHWKRGVWRULQJFRQGLWLRQV ‫ ٴ‬,WPXVWEHQRWHGWKDWWKHVROGHUELOLW\RIWKHH[WHUQDOHOHFWURGHPD\GHWHULRUDWHGZKHQVWRUHGLQDQ DWPRVSKHUHILOOHGZLWKPRLVWXUHGXVWRUDUHDFWLYHR[LGL]LQJJDVK\GURJHQFKORULGHK\GURJHQVXOILGH VXOIXULFDFLG ‫ ٴ‬6KRXOGQRWORFDWLRQZLWKSDUWLFXODUO\KLJKWHPSHUDWXUHDQGKLJKKXPLGLW\DQGVWRUHLQFRQGLWLRQVQRW H[FHHGLQJ٦DQG5+ ‫ ٴ‬:KHQLWLVNHSWIRUDORQJWHUPWKHVROGHUELOLW\RIWKHH[WHUQDOHOHFWURGHPD\GHWHULRUDWHIRUR[LGDWLRQRI HOHFWURGHVXUIDFH6RRXUUHFRPPHQGNHHSLQJSHULRGLVZLWKLQPRQWK)XUWKHULW VGLIIHUHQWLQWKH FRQGLWLRQGHSHQGLQJRQWKHLWHPVVRSOHDVHLQTXLUHIRUGHWDLOV   +DQGOLQJ3UHFDXWLRQV ‫ ٴ‬6XGGHQFKDUJLQJRUGLVFKDUJLQJPD\FDXVHGHWHULRUDWLRQRIFDSDFLWRUVXFKDVVKRUWLQJDQGRSHQLQJGXHWR FKDUJLQJRUGLVFKDUJLQJFXUUHQW:KHQFKDUJLQJRUGLVFKDUJLQJSDVVWKURXJKDUHVLVWDQFHRIWR ̚9RUPRUH ‫ ٴ‬:KHQFRQQHFWLQJPXOWLSOHILOPFDSDFLWRUVLQSDUDOOHOLQZLWKVWDQGYROWDJHWHVWRUOLIHWHVWFRQQHFWDUHVLVWDQFH RIWR̚9RUPRUHLQVHULHVWRHDFKFDSDFLWRU ‫ ٴ‬%HFDUHIXOQRWWRVFUDWFKWKHFDSDFLWRUVXUIDFHZLWKVKDUSHGJHVVXFKDVVFUHZGULYHUVROGHULQJLURQ SLQFHUVFKDVVLV'RQbWDSSO\H[FHVVLYHORDGWRWKHOHDGZLUHDWWKHWLPHRIUHSURFHVVLQJRIOHDGZLUH HWF ‫ ٴ‬,IWKHFDSDFLWRULVGURSSHGE\PLVWDNHLWVFKDUDFWHULVWLFVPD\EHGDPDJHG'RQbWXVHVXFKDFDSDFLWRU ,IUHXVLQJFKHFNWKHTXDOLW\VXIILFLHQWO\ ‫ ٴ‬,QWKHFDVHRIOHDGHGW\SHFDSDFLWRUEHFDUHIXOQRWWRDSSO\H[FHVVLYHIRUFHWRWKHOHDGZLUHURRWDUHD ZKLFKPD\FDXVHFUDFNLQJRUVHSDUDWLRQLQWKHFRDWLQJUHVLQQHDUWKHURRWDUHD ‫ ٴ‬1RGXVWRUZDWHUVKRXOGEHSHUPLWWHGWRUHPDLQRQWKHVXUIDFHRIFDSDFLWRUWHUPLQDOVDVWKLVPD\FDXVH HOHFWULFDOOHDNDJHRUFRUURVLRQ ‫ ٴ‬:KHQXVHGIRUQRLVHVXSSUHVVLRQEHWZHHQOLQHVDQGEHWZHHQOLQHWRHDUWKZKHQYROWDJHLVPRUHWKDQ 9$&DQGPRUHWKDQ9'&FRYHULQJSHULSKHUDOUHVLQSDUWE\IODPHUHWDUGDQWPDWHULDORUIODPH UHWDUGDQWFDVHIRUDYRLGLQJILUHLVUHFRPPHQGHG ‫& ٴ‬KLSW\SHFDSDFLWRULVGHYHORSHGDVVXPLQJQRUPDOXVHRIVXUIDFHPRXQWLQJSDUWV$EQRUPDOXVHH[ SLOLQJXSWZRFDSDFLWRUVPRXQWLQJFDSDFLWRULQXSULJKWSRVLWLRQHWFVKRXOGQRWEHSHUPLWWHG3OHDVH FRQVXOWXVLQDGYDQFHLIXVHGLQGLIIHUHQWZD\IURPQRUPDO   $GGLWLRQDO3RLQWV ‫ ٴ‬7KHSUHFDXWLRQVLQXVLQJILOPFDSDFLWRUVIROORZWKH-(,7$5&5'n6DIHW\$SSOLFDWLRQ*XLGHIRUIL[G SODVWLFILOPFDSDFLWRUVIRUXVHLQHOHFWURQLFHTXLSPHQW|3OHDVHUHIHUWRWKHDERYHJXLGHOLQH ‫ ٴ‬3URGXFWVSHFLILFDWLRQVPDWHULDOVDQGRWKHUSRLQWVPHQWLRQHGLQWKHFDWDORJPD\EHFKDQJHGZLWKRXW QRWLILFDWLRQ 1RWH 5DWHGYROWDJH 7KHPD[LPXPYROWDJHWKDWFDQEHDSSOLHGFRQWLQXRXVO\LQVSLWHRIWHPSHUDWXUHLVFDOOHGDVWKHUDWHG YROWDJHLQRXUFRPSDQ\,W VGLIIHUHQWIURPWKHVWDQGDUGVRI-,6DQG,(& ‫' ٮ‬HILQLWLRQRIRXUFRPSDQ\ 7KHPD[LPXPYROWDJHWKDWFDQEHDSSOLHGFRQWLQXRXVO\ZLWKLQWKHFDWHJRU\WHPSHUDWXUHUDQJH ‫( ٮ‬YHQZKHQQHHGLQJGHUDWLQJYROWDJHDWKLJKWHPSHUDWXUHWKHYROWDJHDIWHUGHUDWLQJLVFDOOHGWKHUDWHG 7KHUHIRUHWKHPD[LPXPYROWDJHWKDWFDQEHDSSOLHGFRQWLQXRXVO\DWXSSHUFDWHJRU\WHPSHUDWXUHLVEHLQJ DOVRFDOOHGWKHUDWHGYROWDJH 'HF 3ODVWLF)LOP&DSDFLWRUV *XLGHOLQHVDQGSUHFDXWLRQV/HDGW\SH 7DUJHWSURGXFW(&4(岝(&:)岝(&:+岝(&48  6ROGHULQJ 7KHKHDWUHVLVWLQJWHPSHUDWXUHRIWKHILOPFDSDFLWRUYDULHVZLWKWKHW\SHRIGLHOHFWULFILOPVWUXFWXUHRIWKH FDSDFLWRUPDQXIDFWXULQJPHWKRGHWF :KHQPRXQWLQJVHWWKHPRXQWLQJWHPSHUDWXUHVRWKDWWKHFDSDFLWRULQVLGHHOHPHQWWHPSHUDWXUHLVEHORZHU WKDQWKHPRXQWLQJKHDWUHVLVWLQJWHPSHUDWXUHJLYHQEHORZ ,IWKHFDSDFLWRUVJRWKURXJKWKHKLJKWHPSHUDWXUHERWKDIWHUVROGHULQJEHVXUHWRFKHFNWKHWHPSHUDWXUHWLOO GHFUHDVLQJ 7KHUPRFRXSOH‫ك̷ق‬  ‫ق‬0HDVXULQJSRLQW%‫&؟‬DSDFLWRULQVLGH(OHPHQW  0HWDOVSUD\OD\HU &DSDFLWRU   7KHUPRFRXSOH‫ك̷ق‬ 0HDVXULQJSRLQW$‫&؟‬DSDFLWRULQVLGH0HWDOVSUD\OD\HU  'LHOHFWULF 0RXQWLQJKHDWUHVLVWLQJWHPSHUDWXUH 7\SH 0HDVXULQJSRLQW‫ ڶ‬0HDVXULQJSRLQW‫ڷ‬ (&:)/9̭)‫؜)̭ع‬9̭)‫)̭ع‬ (&:)$ (&:)/9̭)‫؜)̭ع‬9̭)‫)̭ع‬ 3RO\SURS\OHQH (&:)(9(&:)*9 (&:+$(&:+9(&:)'9 (&:+& (&:)'9 (&48$(&:)(9 (&4() ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ٦ ‫ص‬ ٦ (&4(%(&4(7‫&(؜‬48/‫&(؜‬48* ‫ص‬ ‫ص‬ ٦ ‫ص‬ &DXWLRQVIRUPRXQWLQJ! ‫ ٴ‬6ROGHUZLWKLQWKHIROORZLQJWHPSHUDWXUHFRQGLWLRQUDQJH'LSSLQJWLPHVLVZLWKLQWZLFHWKHVHFRQGGLSSLQJ VKRXOGEHFDUULHGDIWHUWKHFDSDFLWRULWVHOIKDVUHWXUQHGWRWKHQRUPDOWHPHSUHUDWXUH([DPSOH 1RWLFH 7KHVROGHULQJFRQGLWLRQVKRZVRQHH[DPSOH7KHWHPSHUDWXUHRIWKH FDSDFLWRUVGHSHQGRQVHYHUDOSDUDPHWHUVIRUH[DPSOHVROGHULQJPDFKLQH VL]HPDFKLQHVWUXFWXUHWHPSHUDWXUHFRQWUROPHWKRGHWF V 6KRXOGPHDVXUHWKHWHPSHUDWXUHRIWKHFDSDFLWRUVDQGFRQILUPWKH 6 WHPSHUDWXUHXQGHUWKHDERYHWDEOH W &RQGLWLRQV 3:%RDUG 3UHKHDWLQJ &DSDFLWRU 7KLFNQHVV W PP岜RUPRUH 0HDVXUHPHQWWHPSHUDWXUH٦ZLWKLQ PLQXWH%DFNVLGHRIWKH3:%RDUG DURXQGWKHFDSDFLWRU 5DLVHGIURP3:ERDUG&ULPSHGOHDG ‫ ٴ‬7KHILOPFDSDFLWRUKDVORZHUPRXQWLQJKHDWUHVLVWLQJWHPSHUDWXUHWKDQRWKHUFDSDFLWRUVWKHUHIRUHWKHIROORZLQJ FDXWLRQVDUHQHHGHG $YRLGSDVVLQJWKURXJKDQDGKHVLYHFXULQJRYHQ$IWHUDGKHVLYHFXULQJWKHFDSDFLWRUVKRXOGEHLQVHUWHGLQWKH 3:ERDUGDQGVROGHU:KHQSDVVLQJDQDGKHVLYHFXULQJRYHQEUHDNDJHRIFRDWLQJUHVLQRUGHWHULRUDWLRQLQ FDSDFLWRUFKDUDFWHULVWLFPD\EHFDXVHG ‫ ٴ‬$YRLGUHIORZVROGHULQJ:KHQXVHLQUHIORZVROGHULQJEUHDNDJHRIFRDWLQJUHVLQRUGHWHULRUDWLRQLQFDSDFLWRU FKDUDFWHULVWLFPD\EHFDXVHG 'HF 3ODVWLF)LOP&DSDFLWRUV ‫ ٴ‬:KHQXVLQJLQPXOWLOD\HU3ULQWHGZLULQJERDUGRULQ WKHFDVHRIDFDSDFLWRUZLWKDFRSSHUOHDGZLUHSOHDVH FRQWDFWZLWKXV,QWKHFDVHRIFRSSHUOHDGZLUHWKH WKHUPDOFRQGXFWLYLW\RIWKHFRSSHUZLUHLVKLJKDQG WKHLQWHUQDOWHPSHUDWXUHRIWKHFDSDFLWRUULVHVUDSLGO\ DQGPD\H[FHHGWKHPRXQWLQJKHDWUHVLVWLQJ WHPSHUDWXUH 7KHUPRFRXSOH WKHSDUWRIPHDVXULQJ &DSDFLWRU 3:%RDUG ‫؝‬ :DVKLQJWKHPRXQWHGERDUGV 7KHILOPFDSDFLWRUYDULHVVLJQLILFDQWO\LQWKHHIIHFWRIZDVKLQJGHSHQGLQJRQWKHVWUXFWXUHDQGPDWHULDODQG JHQHUDOO\LWLVOHVVDIIHFWHGE\&)&RUDOFRKROGHULYDWLYHZDVKLQJVROYHQWDQGLVOLNHO\WREHDIIHFWHGE\KLJKO\SRODU VROYHQW 7KHOHDGW\SHILOPFDSDFLWRULVFRDWHGZLWKDQHSR[\UHVLQH[FHOOHQWLQFKHPLFDOUHVLVWDQFHDQGLVKDUGO\DIIHFWHG E\GHWHUJHQWEXWLWLVUHFRPPHQGHGWREHZDVKHGIRUVKRUWGXUDWLRQ $SSOLFDELOLW\RIGHWHUJHQWVLQILOPFDSDFLWRUVLVOLVWHGIRUUHIHUHQFH ٛ/LVWRIDSSOLFDELOLW\RIGHWHUJHQWVٜ %R[W\SH (&:)( /HDG (&:)* W\SH (&48$ (&48/ (&48* :DWHU 6ROYHQW :DVKLQJFRQGLWLRQ (WKDQRO 8OWUDVRQLFZDVKLQJRULPPHUVLRQZDVKLQJIRUPLQ $OFRKRO ,VRSURS\ODOFRKRO,3$ 8OWUDVRQLFZDVKLQJRULPPHUVLRQZDVKLQJIRUPLQ )5:8OWUDVRQLFZDVKLQJIRUPLQ٦ 6LOLFRQ ‫)ܒ‬5:18OWUDVRQLFZDVKLQJIRUPLQ٦ ‫)ܒ‬5:6WHDPGU\LQJIRUPLQ٦ +&)&E06 +DORJHQ 8OWUDVRQLFZDVKLQJRULPPHUVLRQZDVKLQJIRUPLQ 3&ROG&OHDQHU6 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬,3$XOWUDVRQLFULQVLQJIRUPLQDW 3HWUROHXP RUGLQDU\WHPSHUDWXUH‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ K\GURFDUERQ 7ROXHQH 8OWUDVRQLFZDVKLQJRULPPHUVLRQZDVKLQJIRUPLQ 7HUSHQH&OHDQHU(& 6SUD\ZDVKLQJIRUPLQDWRUGLQDU\WHPSHUDWXUH‫ܒ‬SXULILHGZDWHU 7HUSHQH VSUD\LQJIRUPLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬ 3XULILHGZDWHU ZLQGIUHHGU\LQJIRUPLQ٦ &OHDQ7KURXJK+ 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬SXULILHGZDWHUXOWUDVRQLFZDVKLQJIRU PLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ &OHDQ7KURXJK/ 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬SXULILHGZDWHUXOWUDVRQLFZDVKLQJIRU PLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ &OHDQ7KURXJK0 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬SXULILHGZDWHUXOWUDVRQLFZDVKLQJIRU PLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ 6XUIDFHDFWLYH &OHDQ7KURXJK/& 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬SXULILHGZDWHUXOWUDVRQLFZDVKLQJIRU PLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ 3LQH$OSKD676 8OWUDVRQLFZDVKLQJIRUPLQ٦‫ܒ‬SXULILHGZDWHUXOWUDVRQLFZDVKLQJIRU PLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ $TXD&OHDQHU6(7 6KRZHUZDVKLQJIRUPLQ٦‫ܒ‬SXULILHGZDWHUXOWUDVRQLFZDVKLQJIRU PLQ٦‫ܒ‬KRWDLUGU\LQJIRUPLQ٦ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ص‬ ‫ٳ‬ ‫ص‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ ‫ٳ‬ /RZUHVLGXHIOX[ 8/)96 ‫ٳ‬ ‫ٳ‬ ,QDFWLYDWHGIOX[ $0 ‫ٳ‬ ‫ٳ‬ ‫ٳ‬:DVKLQJHQDEOHG ¼:DVKLQJGLVDEOHG ‫ص‬1RWFRQILUPHG :DVK IUHH ٛ:DVKIUHHIOX[ٜ 'HF 3ODVWLF)LOP&DSDFLWRUV  7HPSHUDWXUHPHDVXULQJLQVROGHULQJRIILOPFDSDFLWRU :KHQXVLQJILOPFDSDFLWRURIORZKHDWUHVLVWLQJWHPSHUDWXUHLQPRXQWLQJPHDVXUHWKHHOHPHQWWHPSHUDWXUH SURILOHLQPRXQWLQJLQWKHIROORZLQJPDQQHUDQGPDNHVXUHWKHVROGHULQJLVGRQHEHORZWKHKHDWUHVLVWLQJ 3UHSDUDWLRQRIPHDVXULQJVDPSOH! 2SHQDKROHRIDERXW̗PPWRPPLQWKHWRSRIWKHFDSDFLWRUWRWKHPLGGOHRIWKHHOHPHQWDQGLQVHUW WKHUPRFRXSOH̗7ZLUHDQGIL[ZLWKDGKHVLYH 0HDVXUHPHQWRIWHPSHUDWXUHSURILOH! $VVKRZQEHORZFRQQHFWDWKHUPRFRXSOHPRIVDPHW\SHDVWKHWKHUPRFRXSOHDWWDFKHGWRWKH FDSDFLWRUWRWKHWKHUPRFRXSOHRIWKHFDSDFLWRUDVVKRZQEHORZ0RXQWWKHVDPSOHRQWKHPRXQWLQJSULQWHG ZLULQJERDUGDQGSDVVLQWRWKHVROGHULQJDQGPRXQWLQJSURFHVVDQGPHDVXUHWKHWHPSHUDWXUHSURILOH &DSDFLWRU 7KHUPRFRXSOH )LQHZLUH 0HDVXUHPHQWLQVWUXPHQW ̗ 3ULQWLQJZLULQJERDUG  P  &DSDFLWRUIRUSUHYHQWLRQRI$&SRZHUVXSSO\DFURVVWKHOLQHQRLVH ‫ ٴ‬:KHQXVLQJDFDSDFLWRUDFURVVWKHOLQHDVPHDQVIRUSUHYHQWLRQRIQRLVHQRWRQO\LVWKHVXSSO\YROWDJHLV DOZD\VDSSOLHGEXWDOVRDEQRUPDOVXUJHVXFKDVOLJKWQLQJLVDSSOLHGZKLFKPD\OHDGWRVPRNHRUILUH 7KHUHIRUHWKHDFURVVWKHOLQHFDSDFLWRUVDUHVWULFWO\UHJXODWHGLQVDIHW\VWDQGDUGLQHDFKQDWLRQDQGLWLV QHFHVVDU\WRXVHWKHSURGXFWFRQIRUPLQJWRWKHVWDQGDUG )RUXVLQJDFURVVWKHOLQHLQ-DSDQXVHWKHIROORZLQJPRGHOVRUWKHDERYHRYHUVHDVDXWKRUL]HGRQHV (&4()9'&9$&UDWLQJ (&4()9'&9$&UDWLQJ (&4()%79$&$UDWLQJ (&4()79$&$UDWLQJ +RZHYHUZKHQXVLQJWKH(&4()$$(&4(%$(&4(7$$UDWLQJPRGHODVDFURVVWKHOLQH FDSDFLWRUDWOHDVWRQHRIWKHIROORZLQJFRQGLWLRQVPXVWEHVDWLVILHG  $YDULVWRUZLWKWKHYROWDJHRIWKHYDOXHRUOHVVVKRZQLQWKHIROORZLQJWDEOHVKRXOGEHFRQQHFWHGWRWKH FDSDFLWRULQSDUDOOHO  $SXOVHYROWDJHPRUHWKDQWKHYDOXHVKRZQLQWKHWDEOHEHORZVKRXOGQRWEHDSSOLHGDFURVVWKHFDSDFLWRU 1RWH :KHQXVLQJWRJHWKHUZLWKYDULVWRUFKHFNWKHYDULVWRUVSHFLILFDWLRQDQGVHOHFWWKHRQHIUHHIURP VXUJHGHWHULRUDWLRQ &DS5DWHG9ROWDJH 9$&$ 9DULVWRU9ROWDJH 9 3XOVH9ROWDJH 9RS 9$&$ 9 9RS :KHQ6DIHW\VWDQGDUGDSSURYDOFDSDFLWRULVXVHGIRUQHFHVVDU\HTXLSPHQWSOHDVHXVHLWHPVRIWKH IROORZLQJWDEOH ٛ5HSUHVHQWDWLYHH[DPSOHVRIPRGHOVDXWKRUL]HGLQPDMRUVDIHW\VWDQGDUGVLQWKHZRUOGٜ 6KDSH 7\SH 6WDQGDUG 3ODVWLFFDVHW\SH (&48$ 8/86$&6$(&DQDGD(1(XURSH 3ODVWLFFDVHW\SH 3ODVWLFFDVHW\SH (&48/ (&48* 8/86$&6$(&DQDGD(1(XURSH 8/86$&6$(&DQDGD(1(XURSH 3OHDVHFRQWDFWXVDERXW&4&&KLQD ‫ ٴ‬,QWKHFDVHRIWKHYROWDJHGURSSHUXVDJH岜ZKHQDQDEQRUPDOYROWDJHRIWKHVXUJHYROWDJHHWFLVDSSOLHGWKH FDSDFLWDQFHGHFUHDVHLVFDXVHGVXFKDVWKHIXVHIXQFWLRQLQWKHFDSDFLWRURSHUDWHV,QWKHZRUVWFDVHWKH FDSDFLWRUGRHVQRWZRUNDVYROWDJHGURSSHU6RSOHDVHQRWLFHDQDEQRUPDOYROWDJH$WWKDWWLPHKLJKYROWDJH PD\EHDSSOLHGWRWKHORDGVLGH7KHUHIRUHSOHDVHSURYLGHSURWHFWLYHPHDQVIRUVDIHW\ ‫ٹ‬$(&4岜FRPSOLDQW 7KHSURGXFWVDUHWHVWHGEDVHGRQDOORUSDUWRIWKHWHVWFRQGLWLRQVDQGPHWKRGVGHILQHGLQ$(&4 3OHDVHFRQVXOWZLWK3DQDVRQLFIRUWKHGHWDLOVRIWKHSURGXFWVSHFLILFDWLRQDQGVSHFLILFHYDOXDWLRQWHVWUHVXOWV HWFDQGSOHDVHUHYLHZDQGDSSURYH3DQDVRQLF VSURGXFWVSHFLILFDWLRQEHIRUHRUGHULQJ 'HF