0
登录后你可以
  • 下载海量资料
  • 学习在线课程
  • 观看技术视频
  • 写文章/发帖/加入社区
会员中心
创作中心
发布
  • 发文章

  • 发资料

  • 发帖

  • 提问

  • 发视频

创作活动
SI3210-E-GM

SI3210-E-GM

  • 厂商:

    SKYWORKS(思佳讯)

  • 封装:

    VQFN38

  • 描述:

    IC TELECOM INTERFACE 38QFN

  • 数据手册
  • 价格&库存
SI3210-E-GM 数据手册
6 L      6 L    3 52 6/,& Š3 52*5$00$%/(  & 0 2 6  6 / , &  & 2'(& : , 7 + 5 ,1*,1*  % $ 7 7 ( 5 < 9 2/7$*( * (1(5$7,21 )HDWXUHV SURJUDPPDEOHJOREDOVROXWLRQ 3HUIRUPVDOO%256&+7IXQFWLRQV '&'&FRQWUROOHUSURYLGHVWUDFNLQJ EDWWHU\IURPD±9LQSXW 6L z0LQLPL]HVSRZHULQDOOPRGHV z'\QDPLFWR± 9RXWSXW z&KRLFHRILQGXFWRU ORZFRVW RU WUDQVIRUPHU KLJKHIILFLHQF\ „ 3URJUDPPDEOHOLQHIHHGSDUDPHWHUV zZLUH$&LPSHGDQFHDQGK\EULG z&RQVWDQWFXUUHQWIHHG WR P$ z/RRSFORVXUHDQGULQJWULSWKUHVKROGV DQGILOWHULQJ „ ,QWHUQDOEDODQFHGULQJLQJXSWR93. z5(1XSWRNIW5(1XSWRNIW z3URJUDPPDEOHIUHTXHQF\DPSOLWXGH FDGHQFHDQGZDYHVKDSH „ „ „ „ 9RLFHRYHU,36\VWHPV z'6/(07$V)77[ z:L0D[/7( 'HVFULSWLRQ 7KH6L3UR6/,&Š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„ „ '7; )6@ 'LUHFW5HJLVWHU 5,1*9ROWDJH6HQVH WR± 9  9 95,1*>@ 'LUHFW5HJLVWHU %DWWHU\9ROWDJH6HQVH 9%$7 WR± 9  9 9%$76>@ 'LUHFW5HJLVWHU %DWWHU\9ROWDJH6HQVH 9%$7 WR± 9  9 9%$76>@ 'LUHFW5HJLVWHU 7UDQVLVWRU&XUUHQW6HQVH WR P$  P$ ,4>@ 'LUHFW5HJLVWHU 7UDQVLVWRU&XUUHQW6HQVH WR P$  P$ ,4>@ 'LUHFW5HJLVWHU 7UDQVLVWRU&XUUHQW6HQVH WR P$  —$ ,4>@ 'LUHFW5HJLVWHU 7UDQVLVWRU&XUUHQW6HQVH WR P$  —$ ,4>@ 'LUHFW5HJLVWHU 7UDQVLVWRU&XUUHQW6HQVH WR P$  P$ ,4>@ 'LUHFW5HJLVWHU 7UDQVLVWRU&XUUHQW6HQVH WR P$  P$ ,4>@ 'LUHFW5HJLVWHU 1RWH 7KH3UR6/,&XVHVUHJLVWHUVWKDWDUHERWKGLUHFWO\DQGLQGLUHFWO\PDSSHG $³GLUHFW´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u  u W ZKHUHWLVWKHWKHUPDOWLPHFRQVWDQWRIWKHWUDQVLVWRUSDFNDJHLVWKHIXOOUDQJHRIWKHELWUHJLVWHUDQG LVWKHVDPSOHUDWHLQKHUW]*HQHUDOO\W VHFRQGVIRU627SDFNDJHVDQGW VHFRQGVIRU627EXW FKHFNZLWKWKHPDQXIDFWXUHUIRUWKHSDFNDJHWKHUPDOFRQVWDQWRIDVSHFLILFGHYLFH)RUH[DPSOHWKHSRZHUDODUP WKUHVKROGDQGORZSDVVILOWHUYDOXHVIRU4DQG4XVLQJD627SDFNDJHWUDQVLVWRUDUHFRPSXWHGDVIROORZV 7KXVLQGLUHFW5HJLVWHU VKRXOGEHVHWWR'K 5HY  6L6L 3 0$;      u   u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³GLUHFW´UHJLVWHULVRQHWKDWLVPDSSHG GLUHFWO\$Q³LQGLUHFW´UHJLVWHULVRQHWKDWLVDFFHVVHGXVLQJWKHLQGLUHFWDFFHVVUHJLVWHUV GLUHFWUHJLVWHUVWKURXJK    5HY 6L6L /&6 /96 ,QSXW 6LJQDO 3URFHVVRU ,63B287 'LJLWDO /3)  'HERXQFH )LOWHU /&5 ,QWHUUXSW /RJLF /&,3 ± 1&/5 /&', /)6 /&9( /RRS&ORVXUH 7KUHVKROG 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   +@ ,QGLUHFW5HJ 1&/5>@ ,QGLUHFW5HJ /&5 'LUHFW5HJ /&',>@ 'LUHFW5HJ +@ 'LUHFW5HJLVWHU '&'&&RQYHUWHU0LQ2II7LPH WR —V  QV  QV '&72)>@ 'LUHFW5HJLVWHU +LJK%DWWHU\9ROWDJH²9%$7+ WR± 9  9 9%$7+>@ 'LUHFW5HJLVWHU /RZ%DWWHU\9ROWDJH²9%$7/ WR± 9  9 9%$7/>@ 'LUHFW5HJLVWHU 929 WR± 9RU WR± 9  9 90,1'>@ 929 ,QGLUHFW5HJLVWHU 'LUHFW5HJLVWHU 1RWH 7KH3UR6/,&XVHVUHJLVWHUVWKDWDUHERWKGLUHFWO\DQGLQGLUHFWO\PDSSHG$³GLUHFW´UHJLVWHULVRQHWKDWLVPDSSHG GLUHFWO\$Q³LQGLUHFW´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± 9 LQ  9 VWHSV 7R DYRLG FOLSSLQJ WKH ULQJLQJVLJQDO9%$7+PXVWEHVHWODUJHUWKDQWKHULQJLQJ DPSOLWXGH $W WKH HQG RI HDFK ULQJLQJ EXUVW WKH GFGF FRQYHUWHU DGMXVWV EDFN WR DFWLYH VWDWH UHJXODWLRQ DV GHVFULEHGDERYH ([WHUQDO%DWWHU\6ZLWFKLQJ 6L2QO\ 7KH 6L VXSSRUWV VZLWFKLQJ EHWZHHQ WZR EDWWHU\ YROWDJHV 7KH FLUFXLW IRU H[WHUQDO EDWWHU\ VZLWFKLQJ LV GHILQHG LQ )LJXUH  7\SLFDOO\ D KLJKYROWDJH EDWWHU\ HJ± 9 LVXVHGIRURQKRRNDQGULQJLQJVWDWHVDQG D ORZYROWDJH EDWWHU\ HJ ±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± 7KH XVHUQHHGRQO\LQGLFDWHWRDQGWR WUDQVLWLRQVLQ WKH LQIRUPDWLRQ VWUHDP %\ ZULWLQJ WR )6.'$7 GLUHFW 5HJLVWHU  WKLVPRGHDSSOLHVD N+]VDPSOHUDWHWR WRQH JHQHUDWRU  WR JLYH DGGLWLRQDO UHVROXWLRQ WR WLPHUV DQG IUHTXHQF\ JHQHUDWLRQ ³$1 6L[ )UHTXHQF\ 6KLIW .H\LQJ )6.  0RGXODWLRQ´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—)  ULQJHU ORDG DFURVV ORRSOHQJWKVRI IHHW  : RUPRUH 7RQH*HQHUDWRU,QWHUUXSWV %RWK WKH DFWLYH DQG LQDFWLYH WLPHUV FDQ JHQHUDWH WKHLU RZQ LQWHUUXSW WR VLJQDO ³RQRII´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±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³GLUHFW´UHJLVWHULVRQHWKDWLVPDSSHG GLUHFWO\$Q³LQGLUHFW´UHJLVWHULVRQHWKDWLVDFFHVVHGXVLQJWKHLQGLUHFWDFFHVVUHJLVWHUV GLUHFWUHJLVWHUVWKURXJK   :KHQ WKH ULQJLQJ VWDWH LV LQYRNHG E\ ZULWLQJ /)>@  GLUHFW 5HJLVWHU   WKH 3UR6/,& ZLOO JR LQWR WKH ULQJLQJ VWDWH DQG VWDUW WKH ILUVW ULQJ $W WKH H[SLUDWLRQ RI 5$7 WKH 3UR6/,& ZLOO WXUQ RII WKH ULQJLQJ ZDYHIRUPDQGZLOOJRWRWKHRQKRRNWUDQVPLVVLRQVWDWH $W WKH H[SLUDWLRQ RI 5,7 ULQJLQJ ZLOO DJDLQ EH LQLWLDWHG 7KLVSURFHVVZLOOFRQWLQXHDVORQJDVWKHWZRWLPHUVDUH HQDEOHG DQG WKH /LQHIHHG&RQWURO UHJLVWHU LV VHW WRWKH ULQJLQJVWDWH 6LQXVRLGDO5LQJLQJ 7R FRQILJXUH WKH 3UR6/,& IRU VLQXVRLGDO ULQJLQJ WKH IUHTXHQF\DQGDPSOLWXGHDUHLQLWLDOL]HGE\ZULWLQJWRWKH IROORZLQJ LQGLUHFW UHJLVWHUV 5&2 51*; DQG 51*@ ,QGLUHFW5HJLVWHU 5LQJ7ULS)LOWHU&RHIILFLHQW 1573>@ ,QGLUHFW5HJLVWHU 573 'LUHFW5HJLVWHU 5LQJ7ULS'HWHFW6WDWXV PRQLWRURQO\ 1RWH 7KH3UR6/,&XVHVUHJLVWHUVWKDWDUHERWKGLUHFWO\DQGLQGLUHFWO\PDSSHG$³GLUHFW´UHJLVWHULVRQHWKDWLVPDSSHG GLUHFWO\$Q³LQGLUHFW´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§© ·¹  +] FRHII u   3/6; 'HVLUHG 9 UPV   ± FRHII u   ±      u    FRHII )XOO 6FDOH 9 UPV ZKHUHIXOOVFDOH9UPV  9UPVIRUDPDWFKHGORDG 7KHLQLWLDOSKDVHRIWKHSXOVHPHWHULQJVLJQDOLVVHWWR LQWHUQDOO\VRWKHUHLVQRUHJLVWHUWRVHUYHWKLVSXUSRVH 7KH SXOVH PHWHULQJ JHQHUDWRU WLPHUV DQG DVVRFLDWHG SXOVHPHWHULQJWLPHUUHJLVWHUVDUHVLPLODUWRWKRVHRIWKH WRQH JHQHUDWRUV 7KHVH WLPHUV FRXQW  N+] VDPSOH SHULRGVOLNHWKHRWKHUWRQHVHYHQWKRXJKWKHVLQXVRLGLV JHQHUDWHGDW N+] ±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±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±f G% WR  G% 7KH '70) GHFRGHU FDQUHFHLYHWKHOLQHDU3&0GDWDVWUHDPDWWKLVSRLQWWR SHUIRUP WKH GLJLW H[WUDFWLRQ ZKHQ HQDEOHG E\ WKH XVHU 7KHILQDOVWHSLQWUDQVPLWSDWKVLJQDOSURFHVVLQJLVWKH XVHUVHOHFWDEOH$ODZRU—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±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±  ±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—) DQG    —) VHWWLQJV VR WKDW DQ H[WHUQDO UHVLVWRU UHIHUHQFH PD\ EH XVHG 7KLV RSWLRQ LV HQDEOHG E\ VHWWLQJ=6(;7  GLUHFW5HJLVWHU ELW   1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   SDWKDQGHQGVZLWKDQDQDORJVLJQDODWWKHRXWSXWRI WKHUHFHLYHSDWK „ $QDGGLWLRQDODQDORJORRSEDFN $/0 WDNHVWKH GLJLWDOVWUHDPDWWKHRXWSXWRIWKH$'FRQYHUWHUDQG IHHGVLWEDFNWRWKH'$FRQYHUWHU 6HH)LJXUH   7KHVLJQDOSDWKVWDUWVZLWKWKHDQDORJVLJQDODWWKH LQSXWRIWKHWUDQVPLWSDWKDQGHQGVZLWKDQDQDORJ VLJQDODWWKHRXWSXWRIWKHUHFHLYHSDWK7KLV ORRSEDFNRSWLRQDOORZVWHVWLQJRIWKHDQDORJVLJQDO SURFHVVLQJFLUFXLWU\RIWKH6LWREHFDUULHGRXW FRPSOHWHO\LQGHSHQGHQWO\RIDQ\DFWLYLW\LQWKH'63 „ 7KHIXOOGLJLWDOORRSEDFNWHVWVDOPRVWDOOWKHFLUFXLWU\ RIERWKWKHWUDQVPLWDQGUHFHLYHSDWKV7KHDQDORJ VLJQDODWWKHRXWSXWRIWKHUHFHLYHSDWKDUHIHGEDFN WRWKHLQSXWRIWKHWUDQVPLWSDWKE\ZD\RIWKHK\EULG ILOWHUSDWK 6HH)LJXUH  7KHVLJQDOSDWKVWDUWV ZLWKELW3&0GDWDLQSXWWRWKHUHFHLYHSDWKDQG HQGVZLWKELW3&0GDWDDWWKHRXWSXWRIWKH WUDQVPLWSDWK7KHXVHUFDQE\SDVVWKHFRPSDQGLQJ SURFHVVDQGLQWHUIDFHGLUHFWO\WRWKHELWGDWD „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¶V LQSXW *P WKHQ FUHDWHV D FXUUHQW WKDW PRGHOV WKH GHVLUHG LPSHGDQFH YDOXH WR WKH VXEVFULEHU ORRS7KHGLIIHUHQWLDODFFXUUHQWLVIHGWRWKHVXEVFULEHU ORRSYLDWKH,7,33DQG,5,1*3SLQVWKURXJKDQRIIFKLS FXUUHQW EXIIHU ,%8) ZKLFK LV LPSOHPHQWHG XVLQJ  &ORFN*HQHUDWLRQ 7KH3UR6/,&ZLOOJHQHUDWHWKHQHFHVVDU\LQWHUQDOFORFN IUHTXHQFLHV IURP WKH 3&/. LQSXW 3&/. PXVW EH V\QFKURQRXVWRWKH N+])6@ ',2 3' 3' $/0 '/0 $/0 $XGLR  $XGLR3DWK/RRSEDFN &RQWURO  $XGLR*DLQ&RQWURO  7ZR:LUH,PSHGDQFH 6\QWKHVLV&RQWURO  +\EULG&RQWURO 5;+3 7;+3 7;0 5;0 &/&>@ $7;>@ 7,6( $5;>@ 7,66>@ +@ +@ 3RZHUGRZQ '&2)  3RZHUGRZQ&RQWURO 3021  3RZHUGRZQ&RQWURO $'&0 $'&21 02) %,$62) 6/,&2) '$&0 '$&21 *00 *021 ,QWHUUXSWV  ,QWHUUXSW6WDWXV 30,3 30$3 5*,3 5*$3 2,3 2$3 2,3 2$3  ,QWHUUXSW6WDWXV 4$3 4$3 4$3 4$3 4$3 4$3 /&,3 57,3  ,QWHUUXSW6WDWXV &0&3 ,1'3 '70)3  ,QWHUUXSW(QDEOH 30,( 30$( 5*,( 5*$( 2,( 2$( 2,( 2$(  ,QWHUUXSW(QDEOH 4$( 4$( 4$( 4$( 4$( 4$( /&,( 57,(  ,QWHUUXSW(QDEOH &0&( ,1'( '70)(  'HFRGH6WDWXV 9$/ ,QGLUHFW5HJLVWHU$FFHVV 1RWHV  6LRQO\  6LRQO\  5HY ',*>@ 6L6L 7DEOH'LUHFW5HJLVWHU6XPPDU\ &RQWLQXHG 5HJLVWHU 1DPH %LW %LW %LW %LW %LW  ,QGLUHFW'DWD$FFHVV² /RZ%\WH ,'$>@  ,QGLUHFW'DWD$FFHVV² +LJK%\WH ,'$>@  ,QGLUHFW$GGUHVV  ,QGLUHFW$GGUHVV6WDWXV %LW %LW %LW 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   ,$$>@ ,$6 2VFLOODWRUV  2VFLOODWRU&RQWURO 266  2VFLOODWRU&RQWURO  5(/ 2= 27$( 27,( 2( 262>@ 266 2= 27$( 27,( 2( 262>@ 5LQJLQJ2VFLOODWRU &RQWURO 566 5'$& 57$( 57,( 52(  3XOVH0HWHULQJ 2VFLOODWRU&RQWURO 367$7 30$( 30,( 302(  2VFLOODWRU$FWLYH 7LPHU²/RZ%\WH 2$7>@  2VFLOODWRU$FWLYH 7LPHU²+LJK%\WH 2$7>@  2VFLOODWRU,QDFWLYH 7LPHU²/RZ%\WH 2,7>@  2VFLOODWRU,QDFWLYH 7LPHU²+LJK%\WH 2,7>@  2VFLOODWRU$FWLYH 7LPHU²/RZ%\WH 2$7>@  2VFLOODWRU$FWLYH 7LPHU²+LJK%\WH 2$7>@  2VFLOODWRU,QDFWLYH 7LPHU²/RZ%\WH 2,7>@  2VFLOODWRU,QDFWLYH 7LPHU²+LJK%\WH 2,7>@  3XOVH0HWHULQJ 2VFLOODWRU$FWLYH7LPHU² /RZ%\WH 3$7>@  3XOVH0HWHULQJ 2VFLOODWRU$FWLYH7LPHU² +LJK%\WH 3$7>@  3XOVH0HWHULQJ 2VFLOODWRU,QDFWLYH 7LPHU²/RZ%\WH 592 76:6 3,7>@ 1RWHV  6LRQO\  6LRQO\ 5HY  6L6L 7DEOH'LUHFW5HJLVWHU6XPPDU\ &RQWLQXHG 5HJLVWHU 1DPH %LW %LW %LW %LW %LW 3XOVH0HWHULQJ 2VFLOODWRU,QDFWLYH 7LPHU²+LJK%\WH 3,7>@  5LQJLQJ2VFLOODWRU $FWLYH7LPHU²/RZ%\WH 5$7>@  5LQJLQJ2VFLOODWRU $FWLYH7LPHU²+LJK%\WH 5$7>@  5LQJLQJ2VFLOODWRU,QDF WLYH7LPHU²/RZ%\WH 5,7>@  5LQJLQJ2VFLOODWRU,QDF WLYH7LPHU²+LJK%\WH 5,7>@  )6.'DWD %LW 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ    %LW %LW )6.'$7 6/,&  /RRS&ORVXUH'HERXQFH ,QWHUYDOIRU$XWRPDWLF 5LQJLQJ  /LQHIHHG&RQWURO  ([WHUQDO%LSRODU 7UDQVLVWRU&RQWURO  %DWWHU\)HHG&RQWURO  $XWRPDWLF0DQXDO &RQWURO  /RRS&ORVXUH5LQJ7ULS 'HWHFW6WDWXV  /RRS&ORVXUH'HERXQFH ,QWHUYDO /&',>@  5LQJ7ULS'HWHFW 'HERXQFH,QWHUYDO 57',>@  /RRS&XUUHQW/LPLW  2Q+RRN/LQH9ROWDJH  &RPPRQ0RGH9ROWDJH  +LJK%DWWHU\9ROWDJH 9%$7+>@  /RZ%DWWHU\9ROWDJH 9%$7/>@  3RZHU0RQLWRU3RLQWHU  /LQH3RZHU2XWSXW 0RQLWRU  /RRS9ROWDJH6HQVH /&'>@ /)6>@ 64+ &%< 01&0 01',) (7%( (7%2>@ 929 )9%$7 63'6 $%$7 (7%$>@ %$76/ 75$&. $25' $2/' $231 '%,5$: 573 /&5 ,/,0>@ 96*1 92&>@ 9&0>@ 3:503>@ 3:520>@ /963 /96>@ 1RWHV  6LRQO\  6LRQO\  /)>@ 5HY 6L6L 7DEOH'LUHFW5HJLVWHU6XPPDU\ &RQWLQXHG 5HJLVWHU 1DPH %LW %LW %LW %LW %LW /&63 %LW  /RRS&XUUHQW6HQVH  7,39ROWDJH6HQVH  5,1*9ROWDJH6HQVH  %DWWHU\9ROWDJH6HQVH 9%$76>@  %DWWHU\9ROWDJH6HQVH 9%$76>@  7UDQVLVWRU&XUUHQW 6HQVH ,4>@  7UDQVLVWRU&XUUHQW 6HQVH ,4>@  7UDQVLVWRU&XUUHQW 6HQVH ,4>@  7UDQVLVWRU&XUUHQW 6HQVH ,4>@  7UDQVLVWRU&XUUHQW 6HQVH ,4>@  7UDQVLVWRU&XUUHQW 6HQVH ,4>@  '&'&&RQYHUWHU3:0 3HULRG  '&'&&RQYHUWHU 6ZLWFKLQJ'HOD\  '&'&&RQYHUWHU 3:03XOVH:LGWK  5HVHUYHG  &DOLEUDWLRQ&RQWURO 6WDWXV5HJLVWHU  &DOLEUDWLRQ&RQWURO 6WDWXV5HJLVWHU  5,1**DLQ0LVPDWFK &DOLEUDWLRQ5HVXOW &$/*05>@  7,3*DLQ0LVPDWFK &DOLEUDWLRQ5HVXOW &$/*07>@  'LIIHUHQWLDO/RRS &XUUHQW*DLQ &DOLEUDWLRQ5HVXOW &$/*'>@  &RPPRQ0RGH/RRS &XUUHQW*DLQ &DOLEUDWLRQ5HVXOW &$/*&>@ %LW %LW /&6>@ 97,3>@ 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   95,1*>@ '&1>@ '&&$/ '&32/ '&72)>@ '&3:>@ &$/ &$/63 &$/5 &$/7 &$/' &$/& &$/,/ &$/0 &$/0 &$/'$& &$/$'& &$/&0 1RWHV  6LRQO\  6LRQO\ 5HY  6L6L 7DEOH'LUHFW5HJLVWHU6XPPDU\ &RQWLQXHG 5HJLVWHU 1DPH &XUUHQW/LPLW &DOLEUDWLRQ5HVXOW  0RQLWRU$'&2IIVHW &DOLEUDWLRQ5HVXOW  $QDORJ'$&$'&2IIVHW  '$&2IIVHW&DOLEUDWLRQ 5HVXOW  &RPPRQ0RGH%DODQFH &DOLEUDWLRQ5HVXOW  '&3HDN&XUUHQW &DOLEUDWLRQ5HVXOW  (QKDQFHPHQW(QDEOH %LW %LW %LW %LW %LW %LW &$/*,/>@ &$/0*>@ &$/0*>@ '$&3 '$&1 $'&3 $'&1 '$&2)>@ &0%$/>@ &0'&3.>@ ,/,0(1 )6.(1 '&68 1RWHV  6LRQO\  6LRQO\  %LW 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ    %LW 5HY =6(;7 6:'% /&9( '&),/ +@ 3DUW1XPEHU,GHQWLILFDWLRQ  6L  6L  8QXVHG  6L0 51,>@ 5HYLVLRQ1XPEHU,GHQWLILFDWLRQ  5HYLVLRQ$ 5HYLVLRQ% 5HY 5HYLVLRQ&HWF  6L6L 5HJLVWHU3&00RGH6HOHFW %LW ' 1DPH 31, ' 7\SH %LW  31,  3&0(  3&0)>@  3&07  ' ' ' 3&0( 3&0)>@ 3&07 *&, 75, 5: 5: 5: 5: 5: 1DPH 5HVHUYHG  ' B   ' 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' )XQFWLRQ 3DUW1XPEHU,GHQWLILFDWLRQ  6LIDPLO\  6LIDPLO\ 5HDGUHWXUQV]HUR 3&0(QDEOH  'LVDEOH3&0WUDQVIHUV  (QDEOH3&0WUDQVIHUV 3&0)RUPDW  $/DZ  —/DZ  5HVHUYHG  /LQHDU 3&07UDQVIHU6L]H  ELWWUDQVIHU  ELWWUDQVIHU *&, *&,&ORFN)RUPDW  3&/.SHUGDWDELW  3&/.VSHUGDWDELW 75, 7ULVWDWH%LW  7ULVWDWHELWRQSRVLWLYHHGJHRI3&/.  7ULVWDWHELWRQQHJDWLYHHGJHRI3&/. 5HY 6L6L 5HJLVWHU3&07UDQVPLW6WDUW&RXQW²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± G%   G%  $7;JDLQ  G%DQDORJWUDQVPLWSDWKPXWHG $5;>@ $QDORJ5HFHLYH3DWK*DLQ   G%  ± G%   G%  $QDORJUHFHLYHSDWKPXWHG 5HY  6L6L 5HJLVWHU7ZR:LUH,PSHGDQFH6\QWKHVLV&RQWURO %LW ' ' ' ' ' ' ' 1DPH &/&>@ 7,6( 7,66>@ 7\SH 5: 5: 5: %LW      B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV 1DPH )XQFWLRQ 5HVHUYHG 5HDGUHWXUQV]HUR &/&>@ /LQH&DSDFLWDQFH&RPSHQVDWLRQ  2II   Q)   Q)  5HVHUYHG 7,6( 7,66>@ 7ZR:LUH,PSHGDQFH6\QWKHVLV(QDEOH  7ZRZLUHLPSHGDQFHV\QWKHVLVGLVDEOHG  7ZRZLUHLPSHGDQFHV\QWKHVLVHQDEOHG 7ZR:LUH,PSHGDQFH6\QWKHVLV6HOHFWLRQ   :   :   : —)   : —)  &75  : :__ Q)  $XVWUDOLD1HZ=HDODQG  : :__ Q)  6ORYDNLD6ORYHQLD6RXWK$IULFD  : :__ Q)  1HZ=HDODQG  : :__ Q) 5HY ' 6L6L 5HJLVWHU+\EULG&RQWURO %LW ' ' ' ' ' ' ' 1DPH +@ +@ 7\SH 5: 5: %LW     B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH )XQFWLRQ 5HVHUYHG 5HDGUHWXUQV]HUR +@ 3XOVH0HWHULQJ+\EULG$GMXVWPHQW   G%   G%   G%   G%  ± G%  ± G%  ± G%  2II 5HVHUYHG 5HDGUHWXUQV]HUR +@ $XGLR+\EULG$GMXVWPHQW   G%   G%   G%   G%  ± G%  ± G%  ±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³´  ³´  ³´  ³´  ³´  ³´  ³´  ³´  ³´  ³´  ³ ´  ³´  ³$´  ³%´  ³&´  ³'´ 5HY ' 6L6L 5HJLVWHU  ,QGLUHFW'DWD$FFHVV²/RZ%\WH %LW ' ' ' ' ' 1DPH ,'$>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH ,'$>@ )XQFWLRQ ,QGLUHFW'DWD$FFHVV²/RZ%\WH $ZULWHWR,'$IROORZHGE\DZULWHWR,$$ZLOOSODFHWKHFRQWHQWVRI,'$LQWRDQLQGLUHFW UHJLVWHUDWWKHORFDWLRQUHIHUHQFHGE\,$$DWWKHQH[WLQGLUHFWUHJLVWHUXSGDWH  N+] XSGDWHUDWH²DZULWHRSHUDWLRQ :ULWLQJ,$$RQO\ZLOOORDG,'$ZLWKWKHYDOXHVWRUHGDW ,$$DWWKHQH[WLQGLUHFWPHPRU\XSGDWH DUHDGRSHUDWLRQ  5HJLVWHU  ,QGLUHFW'DWD$FFHVV²+LJK%\WH %LW 1DPH 7\SH '  ' ' ' ' ' ' ,'$>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH ,'$>@ )XQFWLRQ ,QGLUHFW'DWD$FFHVV²+LJK%\WH $ZULWHWR,'$IROORZHGE\DZULWHWR,$$ZLOOSODFHWKHFRQWHQWVRI,'$LQWRDQLQGLUHFW UHJLVWHUDWWKHORFDWLRQUHIHUHQFHGE\,$$DWWKHQH[WLQGLUHFWUHJLVWHUXSGDWH  N+] XSGDWHUDWH²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²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²/RZ%\WH %LW 1DPH 7\SH ' ' ' ' 2$7>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  2$7>@  ' )XQFWLRQ 2VFLOODWRU$FWLYH7LPHU /6%  —V 5HY ' ' ' 6L6L 5HJLVWHU2VFLOODWRU$FWLYH7LPHU²+LJK%\WH %LW ' ' ' ' ' 1DPH 2$7>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 2$7>@ )XQFWLRQ 2VFLOODWRU$FWLYH7LPHU 5HJLVWHU2VFLOODWRU,QDFWLYH7LPHU²/RZ%\WH %LW 1DPH 7\SH '  ' ' ' ' ' ' ' ' ' 2,7>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 2,7>@ )XQFWLRQ 2VFLOODWRU,QDFWLYH7LPHU /6%  —V 5HJLVWHU2VFLOODWRU,QDFWLYH7LPHU²+LJK%\WH %LW 1DPH 7\SH ' ' ' ' ' 2,7>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  2,7>@ )XQFWLRQ 2VFLOODWRU,QDFWLYH7LPHU 5HY  6L6L 5HJLVWHU2VFLOODWRU$FWLYH7LPHU²/RZ%\WH %LW ' ' ' ' ' 1DPH 2$7>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 2$7>@ )XQFWLRQ 2VFLOODWRU$FWLYH7LPHU /6%  —V 5HJLVWHU2VFLOODWRU$FWLYH7LPHU²+LJK%\WH %LW 1DPH 7\SH '  ' ' ' ' ' ' ' ' ' 2$7>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 2$7>@ )XQFWLRQ 2VFLOODWRU$FWLYH7LPHU 5HJLVWHU2VFLOODWRU,QDFWLYH7LPHU²/RZ%\WH %LW 1DPH 7\SH ' ' ' ' 2,7>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  2,7>@  ' )XQFWLRQ 2VFLOODWRU,QDFWLYH7LPHU /6%  —V 5HY 6L6L 5HJLVWHU2VFLOODWRU,QDFWLYH7LPHU²+LJK%\WH %LW ' ' ' ' ' 1DPH 2,7>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 2,7>@ )XQFWLRQ 2VFLOODWRU,QDFWLYH7LPHU 5HJLVWHU3XOVH0HWHULQJ2VFLOODWRU$FWLYH7LPHU²/RZ%\WH %LW 1DPH 7\SH '  ' ' ' ' ' ' ' ' ' 3$7>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 3$7>@ )XQFWLRQ 3XOVH0HWHULQJ$FWLYH7LPHU /6%  —V 5HJLVWHU3XOVH0HWHULQJ2VFLOODWRU$FWLYH7LPHU²+LJK%\WH %LW 1DPH 7\SH ' ' ' ' ' 3$7>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  3$7>@ )XQFWLRQ 3XOVH0HWHULQJ$FWLYH7LPHU 5HY  6L6L 5HJLVWHU3XOVH0HWHULQJ2VFLOODWRU,QDFWLYH7LPHU²/RZ%\WH %LW ' ' ' ' ' 1DPH 3,7>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 3,7>@ )XQFWLRQ 3XOVH0HWHULQJ,QDFWLYH7LPHU /6%  —V 5HJLVWHU3XOVH0HWHULQJ2VFLOODWRU,QDFWLYH7LPHU²+LJK%\WH %LW 1DPH 7\SH '  ' ' ' ' ' ' ' ' ' 3,7>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 3,7>@ )XQFWLRQ 3XOVH0HWHULQJ,QDFWLYH7LPHU 5HJLVWHU5LQJLQJ2VFLOODWRU$FWLYH7LPHU²/RZ%\WH %LW 1DPH 7\SH ' ' ' ' 5$7>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  5$7>@  ' )XQFWLRQ 5LQJLQJ$FWLYH7LPHU /6%  —V 5HY 6L6L 5HJLVWHU5LQJLQJ2VFLOODWRU$FWLYH7LPHU²+LJK%\WH %LW ' ' ' ' ' 1DPH 5$7>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5$7>@ )XQFWLRQ 5LQJLQJ$FWLYH7LPHU 5HJLVWHU5LQJLQJ2VFLOODWRU,QDFWLYH7LPHU²/RZ%\WH %LW 1DPH 7\SH '  ' ' ' ' ' ' ' ' ' 5,7>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 5,7>@ )XQFWLRQ 5LQJLQJ,QDFWLYH7LPHU /6%  —V 5HJLVWHU5LQJLQJ2VFLOODWRU,QDFWLYH7LPHU²+LJK%\WH %LW 1DPH 7\SH ' ' ' ' ' 5,7>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  5,7>@ )XQFWLRQ 5LQJLQJ,QDFWLYH7LPHU 5HY  6L6L 5HJLVWHU)6.'DWD %LW ' ' ' ' ' ' ' ' 1DPH )6.'$7 7\SH 5: %LW   B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV 1DPH )XQFWLRQ 5HVHUYHG 5HDGUHWXUQV]HUR )6.'$7 )6.'DWD :KHQ)6.(1  GLUHFW5HJLVWHU ELW  DQG5(/  GLUHFW5HJLVWHU ELW  WKLV ELWVHUYHVDVWKHEXIIHUHGLQSXWIRU)6.JHQHUDWLRQELWVWUHDPGDWD 5HJLVWHU/RRS&ORVXUH'HERXQFH,QWHUYDO %LW 1DPH 7\SH '   ' ' ' ' ' ' /&'>@ 5HVHWVHWWLQJV %LW ' B UHYLVLRQ& B VXEVHTXHQWUHYLVLRQV 1DPH /&'>@ )XQFWLRQ /RRS&ORVXUH'HERXQFH,QWHUYDOIRU$XWRPDWLF5LQJLQJ 7KLVUHJLVWHUVHWVWKHORRSFORVXUHGHERXQFHLQWHUYDOIRUWKHULQJLQJVLOHQWSHULRGZKHQ XVLQJDXWRPDWLFULQJLQJFDGHQFHV7KHYDOXHPD\EHVHWEHWZHHQ PV [ DQG  PV [) LQ PVVWHSV 5HY 6L6L 5HJLVWHU  /LQHIHHG&RQWURO %LW ' ' ' ' ' ' ' 1DPH /)6>@ /)>@ 7\SH 5 5: %LW     B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH )XQFWLRQ 5HVHUYHG 5HDGUHWXUQV]HUR /)6>@ /LQHIHHG6KDGRZ 7KLVUHJLVWHUUHIOHFWVWKHDFWXDOUHDOWLPHOLQHIHHGVWDWH$XWRPDWLFRSHUDWLRQVPD\FDXVH DFWXDOOLQHIHHGVWDWHWRGHYLDWHIURPWKHVWDWHGHILQHGE\OLQHIHHGUHJLVWHU HJZKHQ OLQHIHHGHTXDOVULQJLQJVWDWH/)6ZLOOHTXDORQKRRNWUDQVPLVVLRQVWDWHGXULQJULQJLQJ VLOHQWSHULRGDQGULQJLQJVWDWHGXULQJULQJEXUVW   2SHQ  )RUZDUGDFWLYH  )RUZDUGRQKRRNWUDQVPLVVLRQ  7,3RSHQ  5LQJLQJ  5HYHUVHDFWLYH  5HYHUVHRQKRRNWUDQVPLVVLRQ  5,1*RSHQ 5HVHUYHG 5HDGUHWXUQV]HUR /)>@ /LQHIHHG :ULWLQJWRWKLVUHJLVWHUVHWVWKHOLQHIHHGVWDWH  2SHQ  )RUZDUGDFWLYH  )RUZDUGRQKRRNWUDQVPLVVLRQ  7,3RSHQ  5LQJLQJ  5HYHUVHDFWLYH  5HYHUVHRQKRRNWUDQVPLVVLRQ  5,1*RSHQ 5HY  6L6L 5HJLVWHU([WHUQDO%LSRODU7UDQVLVWRU&RQWURO %LW ' ' ' ' 1DPH 64+ &%< (7%( (7%2>@ (7%$>@ 7\SH 5: 5: 5: 5: 5: %LW        ' ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG )XQFWLRQ 5HDGUHWXUQV]HUR 64+ $XGLR6TXHOFK  1RVTXHOFK  67,3$&DQG65,1*$&SLQVVTXHOFKHG &%< &DSDFLWRU%\SDVV  &DSDFLWRUV&3 & DQG&0 & LQFLUFXLW  &DSDFLWRUV&3 & DQG&0 & E\SDVVHG (7%( ([WHUQDO7UDQVLVWRU%LDV(QDEOH  %LDVGLVDEOHG  %LDVHQDEOHG (7%2>@ ([WHUQDO7UDQVLVWRU%LDV/HYHOV²2Q+RRN7UDQVPLVVLRQ6WDWH '&ELDVFXUUHQWZKLFKIORZVWKURXJKH[WHUQDO%-7VLQWKHRQKRRNWUDQVPLVVLRQVWDWH ,QFUHDVLQJWKLVYDOXHLQFUHDVHVWKHFRPSOLDQFHRIWKHDFORQJLWXGLQDOEDODQFHFLUFXLW   P$   P$   P$  5HVHUYHG (7%$>@ ([WHUQDO7UDQVLVWRU%LDV/HYHOV²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±95,1*   97,3±95,1*LVSRVLWLYH  97,3±95,1*LVQHJDWLYH 2Q+RRN/LQH9ROWDJH 7KHYDOXHZULWWHQWRWKLVUHJLVWHUVHWVWKHRQKRRNOLQHYROWDJH 97,3±95,1* 9DOXHPD\ EHVHWEHWZHHQ 9 [ DQG 9 [) LQ 9VWHSV'HIDXOWYDOXH  9 5HJLVWHU&RPPRQ0RGH9ROWDJH %LW 1DPH 7\SH '   ' ' ' ' ' ' 9&0>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH )XQFWLRQ 5HVHUYHG 5HDGUHWXUQV]HUR 9&0>@ &RPPRQ0RGH9ROWDJH 7KHYDOXHZULWWHQWRWKLVUHJLVWHUVHWV97,3IRUIRUZDUGDFWLYHDQGIRUZDUGRQKRRNWUDQV PLVVLRQVWDWHVDQG95,1*IRUUHYHUVHDFWLYHDQGUHYHUVHRQKRRNWUDQVPLVVLRQVWDWHV 7KHYDOXHPD\EHVHWEHWZHHQ 9 [ DQG± 9 [) LQ 9VWHSV'HIDXOW YDOXH ± 9 5HY  6L6L 5HJLVWHU+LJK%DWWHU\9ROWDJH %LW ' ' ' ' ' ' 1DPH 9%$7+>@ 7\SH 5: %LW   ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG 9%$7+>@ )XQFWLRQ 5HDGUHWXUQV]HUR +LJK%DWWHU\9ROWDJH 7KHYDOXHZULWWHQWRWKLVUHJLVWHUVHWVKLJKEDWWHU\YROWDJH9%$7+PXVWEHJUHDWHUWKDQRU HTXDOWR9%$7/7KHYDOXHPD\EHVHWEHWZHHQ 9 [ DQG± 9 [) LQ 9 VWHSV'HIDXOWYDOXH ± 9)RU6L9%$7/PXVWEHVHWHTXDOWRWKHYROWDJHVXSSOLHG DWWKH9%$7/QRGHVKRZQLQWKH6LW\SLFDODSSOLFDWLRQFLUFXLWGUDZLQJV)LJXUH RQ SDJHDQG)LJXUH RQSDJH 5HJLVWHU/RZ%DWWHU\9ROWDJH %LW 1DPH 7\SH '    ' ' ' ' ' ' 9%$7/>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 5HVHUYHG 9%$7/>@ )XQFWLRQ 5HDGUHWXUQV]HUR /RZ%DWWHU\9ROWDJH 7KHYDOXHZULWWHQWRWKLVUHJLVWHUVHWVORZEDWWHU\YROWDJH9%$7+PXVWEHJUHDWHUWKDQRU HTXDOWR9%$7/7KHYDOXHPD\EHVHWEHWZHHQ 9 [ DQG± 9 [) LQ 9 VWHSV'HIDXOWYDOXH ± 9)RU6L9%$7/PXVWEHVHWHTXDOWRWKHYROWDJHVXSSOLHG DWWKH9%$7/QRGHVKRZQLQWKH6LW\SLFDODSSOLFDWLRQFLUFXLWGUDZLQJV)LJXUH RQ SDJHDQG)LJXUH RQSDJH 5HY 6L6L 5HJLVWHU3RZHU0RQLWRU3RLQWHU %LW ' ' ' ' ' ' ' 1DPH 3:503>@ 7\SH 5: %LW   B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG 3:503>@ )XQFWLRQ 5HDGUHWXUQV]HUR 3RZHU0RQLWRU3RLQWHU 6HOHFWVWKHH[WHUQDOWUDQVLVWRUIURPZKLFKWRUHDGSRZHURXWSXW7KHSRZHURIWKH VHOHFWHGWUDQVLVWRULVUHDGLQWKH3:520UHJLVWHU  4  4  4  4  4  4  8QGHILQHG  8QGHILQHG 5HJLVWHU/LQH3RZHU2XWSXW0RQLWRU %LW 1DPH 7\SH '  ' ' ' ' ' ' 3:520>@ 5 5HVHWVHWWLQJV %LW ' B 1DPH )XQFWLRQ 3:520>@ /LQH3RZHU2XWSXW0RQLWRU 7KLVUHJLVWHUUHSRUWVWKHUHDOWLPHSRZHURXWSXWRIWKHWUDQVLVWRUVHOHFWHGXVLQJ3:503 7KHUDQJHLV : [ WR : [)) LQ P:VWHSVIRU444DQG4 7KHUDQJHLV : [ WR : [)) LQ P:VWHSVIRU4DQG4 5HY  6L6L 5HJLVWHU/RRS9ROWDJH6HQVH %LW ' ' ' ' ' ' 1DPH /963 /96>@ 7\SH 5 5 %LW    ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG /963 /96>@ )XQFWLRQ 5HDGUHWXUQV]HUR /RRS9ROWDJH6HQVH3RODULW\ 7KLVUHJLVWHUUHSRUWVWKHSRODULW\RIWKHGLIIHUHQWLDOORRSYROWDJH 97,3±95,1*   3RVLWLYHORRSYROWDJH 97,3!95,1*   1HJDWLYHORRSYROWDJH 97,395,1*  /RRS9ROWDJH6HQVH0DJQLWXGH 7KLVUHJLVWHUUHSRUWVWKHPDJQLWXGHRIWKHGLIIHUHQWLDOORRSYROWDJH 97,3±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± 9 [)) LQ 9VWHSV 5HJLVWHU5,1*9ROWDJH6HQVH %LW 1DPH 7\SH '  ' ' ' ' ' ' 95,1*>@ 5 5HVHWVHWWLQJV %LW ' B 1DPH )XQFWLRQ 95,1*>@ 5,1*9ROWDJH6HQVH 7KLVUHJLVWHUUHSRUWVWKHUHDOWLPHYROWDJHDW5,1*ZLWKUHVSHFWWRJURXQG7KHUDQJHLV  9 [ WR± 9 [)) LQ 9VWHSV 5HJLVWHU%DWWHU\9ROWDJH6HQVH %LW ' ' ' ' ' 1DPH 9%$76>@ 7\SH 5 5HVHWVHWWLQJV ' ' ' B %LW 1DPH )XQFWLRQ  9%$76>@ %DWWHU\9ROWDJH6HQVH 7KLVUHJLVWHULVRQHRIWZRUHJLVWHUVWKDWUHSRUWVWKHUHDOWLPHYROWDJHDW9%$7ZLWKUHVSHFW WRJURXQG7KHUDQJHLV 9 [ WR± 9 [)) LQ 9VWHSV 5HY  6L6L 5HJLVWHU%DWWHU\9ROWDJH6HQVH %LW ' ' ' ' ' 1DPH 9%$76>@ 7\SH 5 %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH )XQFWLRQ 9%$76>@ %DWWHU\9ROWDJH6HQVH 7KLVUHJLVWHULVRQHRIWZRUHJLVWHUVWKDWUHSRUWVWKHUHDOWLPHYROWDJHDW9%$7ZLWKUHVSHFW WRJURXQG7KHUDQJHLV 9 [ WR±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—$VWHSV 5HJLVWHU7UDQVLVWRU&XUUHQW6HQVH %LW 1DPH 7\SH '  ' ' ' ' ' ' ,4>@ 5 5HVHWVHWWLQJV %LW ' [[[[B[[[[ 1DPH ,4>@ )XQFWLRQ 7UDQVLVWRU&XUUHQW6HQVH 7KLVUHJLVWHUUHSRUWVWKHUHDOWLPHFXUUHQWWKURXJK47KHUDQJHLV $ [ WR  P$ [)) LQ —$VWHSV 5HJLVWHU7UDQVLVWRU&XUUHQW6HQVH %LW ' ' ' ' ' 1DPH ,4>@ 7\SH 5 5HVHWVHWWLQJV ' ' ' [[[[B[[[[ %LW 1DPH  ,4>@ )XQFWLRQ 7UDQVLVWRU&XUUHQW6HQVH 7KLVUHJLVWHUUHSRUWVWKHUHDOWLPHFXUUHQWWKURXJK47KHUDQJHLV $ [ WR  P$ [)) LQ P$VWHSV 5HY  6L6L 5HJLVWHU7UDQVLVWRU&XUUHQW6HQVH %LW ' ' ' ' ' 1DPH ,4>@ 7\SH 5 %LW  ' ' [[[[B[[[[ 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH ,4>@ )XQFWLRQ 7UDQVLVWRU&XUUHQW6HQVH 7KLVUHJLVWHUUHSRUWVWKHUHDOWLPHFXUUHQWWKURXJK47KHUDQJHLV $ [ WR  P$ [)) LQ P$VWHSV 5HJLVWHU  '&'&&RQYHUWHU3:03HULRG 6L %LW 1DPH 7\SH ' ' '&1>@  '&1>@ 5: 5 5: 5HVHWVHWWLQJV ' ' ' ' ' ' ' ' ' B 6L %LW 1DPH 7\SH ' 5HVHWVHWWLQJV %LW   ' ' ' ' [[[[B[[[[ 1DPH '&1>@ )XQFWLRQ '&'&&RQYHUWHU3HULRG 7KLVELWVHWVWKH3:0SHULRGIRUWKHGFGFFRQYHUWHU7KHUDQJHLV —V [ WR  —V [)) LQ QVVWHSV 6L 5HVHUYHG %LW LVIL[HGWRRQHDQGUHDGRQO\VRWKHUHDUHWZRUDQJHVRIRSHUDWLRQ  —V± —VXVHGIRU026)(7WUDQVLVWRUVZLWFKLQJ  —V± —VXVHGIRU%-7WUDQVLVWRUVZLWFKLQJ 5HY 6L6L 5HJLVWHU  '&'&&RQYHUWHU6ZLWFKLQJ'HOD\ 6L ' ' ' ' ' ' 1DPH '&&$/ '&32/ '&72)>@ 7\SH 5: 5 5: ' 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   %LW 5HVHWVHWWLQJV B 6L 5HVHWVHWWLQJV B 6L0 ' 6L %LW 1DPH 7\SH ' 5HVHWVHWWLQJV %LW     ' ' ' ' ' ' ' [[[[B[[[[ 1DPH '&&$/ 5HVHUYHG '&32/ '&72)>@ )XQFWLRQ '&'&&RQYHUWHU3HDN&XUUHQW0RQLWRU&DOLEUDWLRQ6WDWXV 6LRQO\  :ULWLQJDRQHWRWKLVELWVWDUWVWKHGFGFFRQYHUWHUSHDNFXUUHQWPRQLWRUFDOLEUDWLRQURX WLQH  1RUPDORSHUDWLRQ  &DOLEUDWLRQEHLQJSHUIRUPHG 6L 5HVHUYHG 5HDGUHWXUQV]HUR '&'&&RQYHUWHU)HHG)RUZDUG3LQ '&)) 3RODULW\ 6LRQO\  7KLVUHDGRQO\UHJLVWHUELWLQGLFDWHVWKHSRODULW\UHODWLRQVKLSRIWKH'&))SLQWRWKH '&'59SLQ7ZRYHUVLRQVRIWKH6LDUHRIIHUHGWRVXSSRUWWKHWZRUHODWLRQVKLSV  '&))SLQSRODULW\LVRSSRVLWHRI'&'59SLQ 6L   '&))SLQSRODULW\LVVDPHDV'&'59SLQ 6L0  6L 5HVHUYHG '&'&&RQYHUWHU0LQLPXP2II7LPH 6LRQO\  7KLVUHJLVWHUVHWVWKHPLQLPXPRIIWLPHIRUWKHSXOVHZLGWKPRGXODWHGGFGF FRQYHUWHUFRQWURO72)) '&72)  QV 6L 5HVHUYHG z 5HY  6L6L 5HJLVWHU  '&'&&RQYHUWHU3:03XOVH:LGWK 6L %LW ' ' ' ' ' 1DPH '&3:>@ 7\SH 5 ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 6L %LW 1DPH 7\SH ' 5HVHWVHWWLQJV %LW  ' ' ' ' ' ' B 1DPH '&3:>@ )XQFWLRQ '&'&&RQYHUWHU3XOVH:LGWK 6LRQO\  3XOVHZLGWKRI'&'59LVJLYHQE\3: '&3:±'&72)±   QV 6L 5HVHUYHG z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³$16L[ 8VHU¶V4XLFN5HIHUHQFH*XLGH´DQGIROORZLQVWUXFWLRQVIRUPDQXDOFDOLEUDWLRQ  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/7 7,3*DLQ0LVPDWFK&DOLEUDWLRQ )RUXVHZLWKGLVFUHWHVROXWLRQRQO\:KHQXVLQJWKH6LFRQVXOW³$16L[ 8VHU¶V4XLFN5HIHUHQFH*XLGH´DQGIROORZLQVWUXFWLRQVIRUPDQXDOFDOLEUDWLRQ  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/' 'LIIHUHQWLDO'$&*DLQ&DOLEUDWLRQ  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/& &RPPRQ0RGH'$&*DLQ&DOLEUDWLRQ  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/,/ ,/,0&DOLEUDWLRQ   1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH &DOLEUDWLRQHQDEOHGRULQSURJUHVV 5HY  6L6L 5HJLVWHU&DOLEUDWLRQ&RQWURO6WDWXV5HJLVWHU %LW ' ' ' ' ' ' 1DPH &$/0 &$/0 &$/'$& &$/$'& &$/&0 7\SH 5: 5: 5: 5: 5: %LW       ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG )XQFWLRQ 5HDGUHWXUQV]HUR &$/0 0RQLWRU$'&&DOLEUDWLRQ  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/0 0RQLWRU$'&&DOLEUDWLRQ  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/'$& '$&&DOLEUDWLRQ 6HWWLQJWKLVELWEHJLQVFDOLEUDWLRQRIWKHDXGLR'$&RIIVHW  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/$'& $'&&DOLEUDWLRQ 6HWWLQJWKLVELWEHJLQVFDOLEUDWLRQRIWKHDXGLR$'&RIIVHW  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV &$/&0 &RPPRQ0RGH%DODQFH&DOLEUDWLRQ 6HWWLQJWKLVELWEHJLQVFDOLEUDWLRQRIWKHDFORQJLWXGLQDOEDODQFH  1RUPDORSHUDWLRQRUFDOLEUDWLRQFRPSOHWH  &DOLEUDWLRQHQDEOHGRULQSURJUHVV 5HJLVWHU5,1**DLQ0LVPDWFK&DOLEUDWLRQ5HVXOW %LW ' ' ' ' ' ' 1DPH &$/*05>@ 7\SH 5: 5HVHWVHWWLQJV B %LW 1DPH  5HVHUYHG  &$/*05>@  )XQFWLRQ 5HDGUHWXUQV]HUR *DLQ0LVPDWFKRI,(7UDFNLQJ/RRSIRU5,1*&XUUHQW 5HY ' ' 6L6L 5HJLVWHU7,3*DLQ0LVPDWFK&DOLEUDWLRQ5HVXOW %LW ' ' ' ' ' ' 1DPH &$/*07>@ 7\SH 5: %LW   ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG &$/*07>@ )XQFWLRQ 5HDGUHWXUQV]HUR *DLQ0LVPDWFKRI,(7UDFNLQJ/RRSIRU7,3&XUUHQW 5HJLVWHU'LIIHUHQWLDO/RRS&XUUHQW*DLQ&DOLEUDWLRQ5HVXOW %LW 1DPH 7\SH '   ' ' ' ' ' ' ' ' &$/*'>@ 5: 5HVHWVHWWLQJV %LW ' B 1DPH 5HVHUYHG &$/*'>@ )XQFWLRQ 5HDGUHWXUQV]HUR 'LIIHUHQWLDO'$&*DLQ&DOLEUDWLRQ5HVXOW 5HJLVWHU&RPPRQ0RGH/RRS&XUUHQW*DLQ&DOLEUDWLRQ5HVXOW %LW 1DPH ' ' ' ' ' ' &$/*&>@ 7\SH 5: 5HVHWVHWWLQJV B %LW 1DPH  5HVHUYHG  &$/*&>@ )XQFWLRQ 5HDGUHWXUQV]HUR &RPPRQ0RGH'$&*DLQ&DOLEUDWLRQ5HVXOW 5HY  6L6L 5HJLVWHU&XUUHQW/LPLW&DOLEUDWLRQ5HVXOW %LW ' ' ' ' ' ' ' 1DPH &$/*,/>@ 7\SH 5: %LW   B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH 5HVHUYHG &$/*,/>@ )XQFWLRQ 5HDGUHWXUQV]HUR &XUUHQW/LPLW&DOLEUDWLRQ5HVXOW 5HJLVWHU0RQLWRU$'&2IIVHW&DOLEUDWLRQ5HVXOW %LW 1DPH 7\SH ' 5HVHWVHWWLQJV %LW ' ' ' ' ' ' &$/0*>@ &$/0*>@ 5: 5: ' B 1DPH )XQFWLRQ  &$/0*>@ 0RQLWRU$'&2IIVHW&DOLEUDWLRQ5HVXOW  &$/0*>@ 0RQLWRU$'&2IIVHW&DOLEUDWLRQ5HVXOW 5HJLVWHU$QDORJ'$&$'&2IIVHW %LW 1DPH ' ' ' ' 7\SH 5HVHWVHWWLQJV ' ' ' '$&3 '$&1 $'&3 $'&1 5: 5: 5: 5: B %LW 1DPH  5HVHUYHG  '$&3 3RVLWLYH$QDORJ'$&2IIVHW  '$&1 1HJDWLYH$QDORJ'$&2IIVHW  $'&3 3RVLWLYH$QDORJ$'&2IIVHW  $'&1 1HJDWLYH$QDORJ$'&2IIVHW  ' )XQFWLRQ 5HDGUHWXUQV]HUR 5HY 6L6L 5HJLVWHU'$&2IIVHW&DOLEUDWLRQ5HVXOW %LW ' ' ' ' ' 1DPH '$&2)>@ 7\SH 5: %LW  ' ' B 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   5HVHWVHWWLQJV ' 1DPH '$&2)>@ )XQFWLRQ '$&2IIVHW&DOLEUDWLRQ5HVXOW 5HJLVWHU&RPPRQ0RGH%DODQFH&DOLEUDWLRQ5HVXOW %LW 1DPH 7\SH '   ' ' ' ' ' ' ' ' &0%$/>@ 5HVHWVHWWLQJV %LW ' B 1DPH 5HVHUYHG &0%$/>@ )XQFWLRQ 5HDGUHWXUQV]HUR &RPPRQ0RGH%DODQFH&DOLEUDWLRQ5HVXOW 5HJLVWHU'&3HDN&XUUHQW0RQLWRU&DOLEUDWLRQ5HVXOW %LW 1DPH 7\SH ' ' ' ' ' ' &0'&3.>@ 5: 5HVHWVHWWLQJV B %LW 1DPH  5HVHUYHG  &0'&3.>@ )XQFWLRQ 5HDGUHWXUQV]HUR '&3HDN&XUUHQW0RQLWRU&DOLEUDWLRQ5HVXOW 5HY  6L6L 5HJLVWHU(QKDQFHPHQW(QDEOH 1RWH 7KH(QKDQFHPHQW(QDEOHUHJLVWHUDQGDVVRFLDWHGIHDWXUHVDUHDYDLODEOHLQVLOLFRQUHYLVLRQV&DQGODWHU 6L ' ' ' ' 1DPH ,/,0(1 )6.(1 '&68 7\SH 5: 5: 5: ' ' ' ' =6(;7 /&9( '&),/ +@ 5(97:>@ 52:5(/>@ &2/5(/>@ 52:>@ &2/>@ 3:50,1>@ +27/>@ 5HY ' ' ' ' ' ' ' 6L6L 7DEOH'70),QGLUHFW5HJLVWHUV'HVFULSWLRQ 'HVFULSWLRQ 5HIHUHQFH 3DJH  '70)5RZ3HDN0DJQLWXGH3DVV5DWLR7KUHVKROG 7KLVUHJLVWHUVHWVWKHPLQLPXPSRZHUUDWLRWKUHVKROGIRUURZ'70)GHWHFWLRQ,IWKHUDWLRRI SRZHULQURZWRWRWDOSRZHULQWKHURZEDQGLVJUHDWHUWKDQ52:DURZVLJQDOLVGHWHFWHG $YDOXHRI[))FRUUHVSRQGVWRDUDWLR   '70)5RZ3HDN0DJQLWXGH3DVV5DWLR7KUHVKROG 7KLVUHJLVWHUVHWVWKHPLQLPXPSRZHUUDWLRWKUHVKROGIRUURZ'70)GHWHFWLRQ,IWKHUDWLRRI SRZHULQURZWRWRWDOSRZHULQWKHURZEDQGLVJUHDWHUWKDQ52:DURZVLJQDOLVGHWHFWHG $YDOXHRI[))FRUUHVSRQGVWRDUDWLR   '70)5RZ3HDN0DJQLWXGH3DVV5DWLR7KUHVKROG 7KLVUHJLVWHUVHWVWKHPLQLPXPSRZHUUDWLRWKUHVKROGIRUURZ'70)GHWHFWLRQ,IWKHUDWLRRI SRZHULQURZWRWRWDOSRZHULQWKHURZEDQGLVJUHDWHUWKDQ52:DURZVLJQDOLVGHWHFWHG $YDOXHRI[))FRUUHVSRQGVWRDUDWLR   '70)5RZ3HDN0DJQLWXGH3DVV5DWLR7KUHVKROG 7KLVUHJLVWHUVHWVWKHPLQLPXPSRZHUUDWLRWKUHVKROGIRUURZ'70)GHWHFWLRQ,IWKHUDWLRRI SRZHULQURZWRWRWDOSRZHULQWKHURZEDQGLVJUHDWHUWKDQ52:DURZVLJQDOLVGHWHFWHG $YDOXHRI[))FRUUHVSRQGVWRDUDWLR   '70)&ROXPQ3HDN0DJQLWXGH3DVV7KUHVKROG 7KLVUHJLVWHUVHWVWKHPLQLPXPSRZHUUDWLRWKUHVKROGIRUFROXPQ'70)GHWHFWLRQDOOFROXPQV XVHWKHVDPHWKUHVKROG,IWKHUDWLRRISRZHULQDSDUWLFXODUFROXPQWRWRWDOSRZHULQWKHFROXPQ EDQGLVJUHDWHUWKDQ&2/DFROXPQGHWHFWIRUWKDWSDUWLFXODUFROXPQVLJQDOLVGHWHFWHG$YDOXH RI[))FRUUHVSRQGVWRDUDWLR   '70))RUZDUG7ZLVW7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHSRZHUUDWLRRIURZSRZHUWRFROXPQSRZHU$YDOXHRI [)FRUUHVSRQGVWRDUDWLR   '70)5HYHUVH7ZLVW7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHSRZHUUDWLRRIFROXPQSRZHUWRURZSRZHU$YDOXHRI [)FRUUHVSRQGVWRDUDWLR   '70)5RZ5DWLR7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHSRZHUUDWLRRIKLJKHVWSRZHUURZWRWKHRWKHUURZV$ YDOXHRI[)FRUUHVSRQGVWRDUDWLR   '70)&ROXPQ5DWLR7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHSRZHUUDWLRRIKLJKHVWSRZHUFROXPQWRWKHRWKHUFRO XPQV$YDOXHRI[)FRUUHVSRQGVWRDUDWLR   '70)5RZ6HFRQG+DUPRQLF7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHSRZHUUDWLRRISHDNURZWRQHWRLWVVHFRQGKDUPRQLF$ YDOXHRI[)FRUUHVSRQGVWRDUDWLR   '70)&ROXPQ6HFRQG+DUPRQLF7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHSRZHUUDWLRRISHDNFROXPQWRQHWRLWVVHFRQGKDUPRQLF $YDOXHRI[)FRUUHVSRQGVWRDUDWLR   '70)3RZHU0LQLPXP7KUHVKROG 7KLVUHJLVWHUVHWVWKHWKUHVKROGIRUWKHPLQLPXPWRWDOSRZHULQWKH'70)FDOFXODWLRQXQGHU ZKLFKWKHFDOFXODWLRQLVLJQRUHG   '70)+RW/LPLW7KUHVKROG 7KLVUHJLVWHUVHWVWKHWZRVWHS$*&LQWKH'70)SDWK  1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   $GGU 5HY  6L6L 2VFLOODWRUV 6HH IXQFWLRQDO GHVFULSWLRQ VHFWLRQV RI WRQH JHQHUDWLRQ ULQJLQJ DQG SXOVH PHWHULQJ IRU JXLGHOLQHV RQ FRPSXWLQJ UHJLVWHUYDOXHV$OOYDOXHVDUHUHSUHVHQWHGLQVFRPSOHPHQWIRUPDW 1RWH 7KHYDOXHVRIDOOLQGLUHFWUHJLVWHUVDUHXQGHILQHGIROORZLQJWKHUHVHWVWDWH6KDGHGDUHDVGHQRWHELWVWKDWFDQEHUHDG DQGZULWWHQEXWPXVWEHZULWWHQWR]HURHV 7DEOH2VFLOODWRU,QGLUHFW5HJLVWHUV6XPPDU\               ' ' ' ' ' ' ' ' ' ' ' ' ' ' 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   $GGU 26&>@ 26&;>@ 26&@ 26&>@ 26&;>@ 26&@ 52))>@ 5&2>@ 51*;>@ 51*@ 3/6'>@ 3/6;>@ 3/6&2>@ 5HY ' ' 6L6L 7DEOH2VFLOODWRU,QGLUHFW5HJLVWHUV'HVFULSWLRQ $GGU 'HVFULSWLRQ 5HIHUHQFH 3DJH 2VFLOODWRU)UHTXHQF\&RHIILFLHQW 6HWVWRQHJHQHUDWRUIUHTXHQF\   2VFLOODWRU$PSOLWXGH5HJLVWHU 6HWVWRQHJHQHUDWRUVLJQDODPSOLWXGH   2VFLOODWRU,QLWLDO3KDVH5HJLVWHU 6HWVLQLWLDOSKDVHRIWRQHJHQHUDWRUVLJQDO   2VFLOODWRU)UHTXHQF\&RHIILFLHQW 6HWVWRQHJHQHUDWRUIUHTXHQF\   2VFLOODWRU$PSOLWXGH5HJLVWHU 6HWVWRQHJHQHUDWRUVLJQDODPSOLWXGH   2VFLOODWRU,QLWLDO3KDVH5HJLVWHU 6HWVLQLWLDOSKDVHRIWRQHJHQHUDWRUVLJQDO   5LQJLQJ2VFLOODWRU'&2IIVHW 6HWVGFRIIVHWFRPSRQHQW 97,3±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±f G%JDLQ PXWH $YDOXHRI[FRUUHVSRQGVWRXQLW\JDLQ$YDOXHRI[))FRUUHVSRQGVWRDJDLQ RI G%   7UDQVPLW3DWK$QDORJWR'LJLWDO&RQYHUWHU*DLQ$WWHQXDWLRQ 7KLVUHJLVWHUVHWVJDLQDWWHQXDWLRQIRUWKHWUDQVPLWSDWK7KHGLJLWL]HGVLJQDOLVHIIHFWLYHO\ PXOWLSOLHGE\$'&*WRDFKLHYHJDLQDWWHQXDWLRQ$YDOXHRI[FRUUHVSRQGVWR±f G%JDLQ PXWH $YDOXHRI[FRUUHVSRQGVWRXQLW\JDLQ$YDOXHRI[))FRUUHVSRQGVWRDJDLQ RI G%   5HY 6L6L 6/,&&RQWURO 6HHGHVFULSWLRQVRIOLQHIHHGLQWHUIDFHDQGSRZHUPRQLWRULQJIRUJXLGHOLQHVRQFRPSXWLQJUHJLVWHUYDOXHV$OOYDOXHV DUHUHSUHVHQWHGLQVFRPSOHPHQWIRUPDW 1RWH 7KHYDOXHVRIDOOLQGLUHFWUHJLVWHUVDUHXQGHILQHGIROORZLQJWKHUHVHWVWDWH6KDGHGDUHDVGHQRWHELWVWKDWFDQEHUHDG DQGZULWWHQEXWPXVWEHZULWWHQWR]HURHV 7DEOH6/,&&RQWURO,QGLUHFW5HJLVWHUV6XPPDU\                 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' /&57>@ 1 RW 3O UH HD FR VH P Q PH RW Q H GH GL WK G VF H IR RQ 6L UQ WLQ  HZ XH  G G KD HV V LJ EH QV HQ   $GGU ' 5373>@ &0/>@ &0+>@ 337>@ 337>@ 337>@ 1&/5>@ 1573>@ 14>@ 14>@ 14>@ 9&05>@ 90,1'>@ /&57/>@ 1RWH 6LRQO\ 5HY  6L6L 7DEOH6/,&&RQWURO,QGLUHFW5HJLVWHUV'HVFULSWLRQ 'HVFULSWLRQ 5HIHUHQFH 3DJH  /RRS&ORVXUH7KUHVKROG /RRSFORVXUHGHWHFWLRQWKUHVKROG7KLVUHJLVWHUGHILQHVWKHXSSHUERXQGVWKUHVKROGLIK\V WHUHVLVLVHQDEOHG GLUHFW5HJLVWHU ELW  7KHUDQJHLV± P$LQ P$VWHSV   5LQJ7ULS7KUHVKROG 5LQJWULSGHWHFWLRQWKUHVKROGGXULQJULQJLQJ   &RPPRQ0RGH0LQLPXP7KUHVKROGIRU6SHHG8S 7KLVUHJLVWHUGHILQHVWKHQHJDWLYHFRPPRQPRGHYROWDJHWKUHVKROG([FHHGLQJWKLV WKUHVKROGHQDEOHVDZLGHUEDQGZLGWKRIGFOLQHIHHGFRQWUROIRUIDVWHUVHWWOLQJWLPHV7KH UDQJHLV± 9LQ 9VWHSV  &RPPRQ0RGH0D[LPXP7KUHVKROGIRU6SHHG8S 7KLVUHJLVWHUGHILQHVWKHSRVLWLYHFRPPRQPRGHYROWDJHWKUHVKROG([FHHGLQJWKLV WKUHVKROGHQDEOHVDZLGHUEDQGZLGWKRIGFOLQHIHHGFRQWUROIRUIDVWHUVHWWOLQJWLPHV7KH UDQJHLV±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²/RZHU%RXQG 7KLVUHJLVWHUGHILQHVWKHORZHUWKUHVKROGIRUORRSFORVXUHK\VWHUHVLVZKLFKLVHQDEOHGLQ ELWRIGLUHFW5HJLVWHU 7KHUDQJHLV± P$LQ P$VWHSV  5HY  6L6L )6.&RQWURO )RUGHWDLOHGLQVWUXFWLRQVRQ)6.VLJQDOJHQHUDWLRQUHIHUWR³$SSOLFDWLRQ1RWH)6.*HQHUDWLRQ´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³´:KHQWKHDFWLYHWLPHU 2$7 H[SLUHVWKHYDOXHRIWKLVUHJLVWHULV ORDGHGLQWRRVFLOODWRULQVWHDGRI26&; DQG$1  )6.)UHTXHQF\&RHIILFLHQWIRU6SDFH :KHQ)6.(1 DQG5(/ WKLVUHJLVWHUVHWVWKHIUHTXHQF\WREHXVHGZKHQJHQHU DWLQJDVSDFHRU³´:KHQWKHDFWLYHWLPHU 2$7 H[SLUHVWKHYDOXHRIWKLVUHJLVWHULV ORDGHGLQWRRVFLOODWRULQVWHDGRI26& DQG$1  )6.$PSOLWXGH&RHIILFLHQWIRU0DUN :KHQ)6.(1 DQG5(/ WKLVUHJLVWHUVHWVWKHDPSOLWXGHWREHXVHGZKHQJHQHU DWLQJDPDUNRU³´:KHQWKHDFWLYHWLPHU 2$7 H[SLUHVWKHYDOXHRIWKLVUHJLVWHULV ORDGHGLQWRRVFLOODWRULQVWHDGRI26&; DQG$1  )6.)UHTXHQF\&RHIILFLHQWIRU0DUN :KHQ)6.(1 DQG5(/ WKLVUHJLVWHUVHWVWKHIUHTXHQF\WREHXVHGZKHQJHQHU DWLQJDPDUNRU³´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
SI3210-E-GM 价格&库存

很抱歉,暂时无法提供与“SI3210-E-GM”相匹配的价格&库存,您可以联系我们找货

免费人工找货