2:1(5·6 0$18$/
$,5 &21',7,21(5 63/,7 7<3(
)RU JHQHUDO SXEOLF XVH
,QGRRU XQLW
5$6 6.9 6HULHV
2XWGRRU XQLW
5$6 6$9 6HULHV
(1*/,6+ (63$f2/ )5$1d$,6 ,7$/,$12 '(876&+
32578*8È6
32/6.,
ÿ(6.<
0®#¬¥£¤
+59$76.,
0$*<$5 7h5.d( 1('(5/$1'6
¢
69(16.$ 6820, 1256. '$16.
520Ç1Ą
µ¦ «¬¥£
((67,
/$79,6., 6/29(1ÿ,1$ 6/29(1äÿ,1$
35(&$87,216 )25 6$)(7<
|
|
'R QRW LQVWDOO UHSDLU RSHQ RU UHPRYH WKH FRYHU ,W PD\ H[SRVH \RX WR |
|
|
|
GDQJHURXV YROWDJHV $VN WKH GHDOHU RU WKH VSHFLDOLVW WR GR WKLV |
|
'$1*(5 |
|
||
|
7XUQLQJ RII WKH SRZHU VXSSO\ ZLOO QRW SUHYHQW SRWHQWLDO HOHFWULF VKRFN |
||
|
|
7KH DSSOLDQFH VKDOO EH LQVWDOOHG LQ DFFRUGDQFH ZLWK QDWLRQDO ZLULQJ |
|
|
|
UHJXODWLRQ |
|
|
|
0HDQVIRUGLVFRQQHFWLRQIURPWKHVXSSO\KDYLQJDFRQWDFWVHSDUDWLRQ |
|
|
|
RI DW OHDVW PP LQ DOO SROHV PXVW EH LQFRUSRUDWHG LQ WKH À[HG ZLULQJ |
|
|
|
'R QRW H[SRVH \RXU ERG\ GLUHFWO\ WR FRRO DLU IRU D ORQJ WLPH |
|
|
|
'R QRW LQVHUW \RXU ÀQJHU RU DQ\ DUWLFOH LQWR WKH DLU LQOHW RXWOHW |
|
:$51,1* |
|||
|
:KHQ DQ DEQRUPDOLW\ EXUQLQJ VPHOO HWF RFFXUV VWRS WKH DLU |
||
|
|
FRQGLWLRQHU DQG GLVFRQQHFW WKH SRZHU VXSSO\ RU WXUQ RII WKH EUHDNHU |
|
|
|
'R QRW ZDVK WKH XQLW ZLWK ZDWHU ,W PD\ FDXVH DQ HOHFWULF VKRFN |
|
|
'R QRW XVH WKLV DLU FRQGLWLRQHU IRU RWKHU SXUSRVHV VXFK DV SUHVHUYLQJ |
||
&$87,21 |
|||
|
IRRG EUHHGLQJ DQLPDO HWF |
||
|
'R QRW VWHS RU SXW DQ\WKLQJ RQ WKH LQGRRU RXWGRRU XQLW ,W PD\ FDXVH |
||
|
|
DQ LQMXU\ RU GDPDJH WKH XQLW |
|
|
'R QRW WRXFK DOXPLQLXP ÀQ EHFDXVH LW PD\ FDXVH DQ LQMXU\ |
||
|
|
%HIRUH FOHDQLQJ WKH XQLW WXUQ RII WKH PDLQ VZLWFK RU WKH FLUFXLW |
|
|
|
EUHDNHU |
|
|
:KHQ WKH XQLW ZRQ·W EH XVHG IRU D ORQJ WLPH WXUQ RII WKH PDLQ VZLWFK |
||
|
|
RU WKH FLUFXLW EUHDNHU |
|
|
|
,W LV UHFRPPHQGHG WKDW PDLQWHQDQFH EH SHUIRUPHG E\ D VSHFLDOLVW |
|
|
|
ZKHQ WKH XQLW KDV EHHQ RSHUDWHG IRU D ORQJ WLPH |
,1'225 81,7 ',63/$<
0RGHOV 5$6 6.9 ( |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
),/7(5 2UDQJH |
),/7(5 |
|
|
|
|
|
|
|
|
35( '() '( )5267 2UDQJH |
||||
35('() 7,0(5 23(5$7,21 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
7,0(5 <HOORZ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5(6(7 |
23(5$7,21 *UHHQ |
|||||||
|
|
|
|
|
5(6(7 EXWWRQ |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0RGHOV 5$6 6.9 ( |
|
||||||||||||
&/($1,1* |
|
|
|
|
|
|
|
|
23(5$7,21 *UHHQ |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
7,0(5 &/($1,1* <HOORZ |
5(6(7 7,0(5 |
23(5$7,21 |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
5(6(7 EXWWRQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
35(3$5$7,21 %()25( 86(
3UHSDULQJ )LOWHUV |
|
|
|
2SHQ WKH DLU LQOHW JULOOH DQG UHPRYH WKH DLU ÀOWHUV |
|
|
$WWDFK WKH ÀOWHUV VHH GHWDLO LQ WKH DFFHVVRU\ VKHHW |
|
/RDGLQJ %DWWHULHV
5HPRYH WKH FRYHU ,QVHUW QHZ EDWWHULHV $$$ W\SH IROORZLQJ WKHDQG ² SRVLWLRQV
3XVK 567 5HVHW WKH UHPRWH FRQWURO
3ODFH WKH FRYHU EDFN
5(027( &21752/ )81&7,21
|
,QIUDUHG VLJQDO HPLWWHU |
|
|
|
|
|
|
6HW ORXYHU EXWWRQ ),; |
|
|
|
|
|
||
$XWR ORXYHU EXWWRQ 6:,1* |
|
|
|
|
|||
0RGH VHOHFW EXWWRQ 02'( |
|
|
|
|
|||
5HVHW EXWWRQ 567 |
|
|
|
|
|
||
|
2Q WLPHU EXWWRQ 21 |
|
|
|
|
||
|
|
|
|
|
|||
2II WLPHU EXWWRQ 2)) |
|
|
|
|
|||
|
|
|
|
|
|||
5HVHUYH EXWWRQ 6(7 |
|
|
|
|
|
||
|
&DQFHO EXWWRQ &/5 |
|
|
|
|
||
|
|
||||||
|
|
|
|||||
|
&KHFN EXWWRQ &+. |
|
|
|
|||
|
|
|
|||||
(&2 EXWWRQ (&2 |
|
|
|
|
|||
|
|
|
|||||
|
|
|
|
||||
)DQ VSHHG EXWWRQ )$1 |
|||||||
|
|
|
|
|
|||
|
|
|
|
|
|||
6WDUW 6WRS EXWWRQ 67$57 6723 |
|
|
|
|
|||
|
7HPSHUDWXUH EXWWRQ |
|
|
|
|
|
$8720$7,& 23(5$7,21 $872 &+$1*(29(5
7R DXWRPDWLFDOO\ VHOHFW FRROLQJ RU IDQ RQO\ RSHUDWLRQ DQG FRQWURO IDQ VSHHG
3UHVV 02'( 6HOHFW $872
3UHVV 6HW WKH GHVLUHG WHPSHUDWXUH
7KH PDQXIDFWXUH VHWWLQJ WHPSHUDWXUH LV & DQG DYDLODEOH UDQJH RI VHW WHPSHUDWXUH LV &
&22/,1* +($7 $872 )$1 23(5$7,21
3UHVV 02'( 6HOHFW &22/ +($7 RU $872 )$13UHVV 6HW WKH GHVLUHG WHPSHUDWXUH
&22/ 0LQ R& +($7 0D[ R& $872 )$1
1R WHPSHUDWXUH LQGLFDWLRQ
3UHVV)$1 6HOHFW $872 48,(7 /2: 0(' +,*+
'5< 23(5$7,21
)RU GHKXPLGLÀFDWLRQ D PRGHUDWH FRROLQJ SHUIRUPDQFH LV FRQWUROOHG DXWRPDWLFDOO\
3UHVV 02'( 6HOHFW 'U\
3UHVV 6HW WKH GHVLUHG WHPSHUDWXUH
$,5)/2: ',5(&7,21
3UHVV ),; 0RYH WKH ORXYHU LQWKH GHVLUHG YHUWLFDO GLUHFWLRQ
3UHVV 6:,1* 6ZLQJ WKH DLUDXWRPDWLFDOO\ DQG SUHVV DJDLQ
WR VWRS
)RU KRUL]RQWDO GLUHFWLRQ DGMXVWPDQXDOO\
1RWH
'R QRW PRYH WKH ORXYHU PDQXDOO\ E\ RWKHUV
7KH ORXYHU PD\ PRYH DXWRPDWLFDOO\ SRVLWLRQLQJ E\ RSHUDWLRQ PRGH
(&2120,&$/ 23(5$7,21
7R DXWRPDWLFDOO\ FRQWURO URRP WHPSHUDWXUH IDQ VSHHG DQG RSHUDWLRQ PRGH
3UHVV (&2 LQ WKH $872 DQG &22/ RSHUDWLRQ 6WDUW DQG VWRS WKH RSHUDWLRQ
3UHVV 02'( RU )$1 DIWHU VWRSSLQJ WKH RSHUDWLRQ
1RWH
8QGHU FHUWDLQ FRQGLWLRQV (&2 PRGH PD\ QRW SURYLGH DGHTXDWH FRROLQJ GXH WR HQHUJ\ VDYLQJ IHDWXUHV
7(0325$5< 23(5$7,21
,Q FDVH RI WKH PLVSODFHG RU GLVFKDUJHG UHPRWH FRQWURO3UHVVLQJ WKH 5(6(7 EXWWRQ WKH XQLW FDQ VWDUW RU
VWRS ZLWKRXW XVLQJ WKH UHPRWH FRQWURO2SHUDWLRQ PRGH LV VHW RQ
$8720$7,& RSHUDWLRQ SUHVHW
WHPSHUDWXUH LV & DQG IDQ
RSHUDWLRQ LV DXWRPDWLF VSHHG
7,0(5 23(5$7,21
6HWWLQJ 21 2)) 7LPHU
3UHVV 21 RU 2))
3UHVV 6(7 6HW WKH WLPHU
3UHVV &/5 &DQFHO WKH WLPHU
3UHVV67$57 6723 6WRS WKH DLU FRQGLWLRQHU WLPHU
1RWH
,I \RX GR QRW SUHVV WKH 6(7 21 RU 2)) EXWWRQ IRU VHFRQGV WKH WLPHU VHWWLQJ LV FDQFHOOHG
$872 5(67$57 23(5$7,21
7R DXWRPDWLFDOO\ UHVWDUW WKH FRQGLWLRQHU DIWHU WKH SRZHU IDLOXUH 3RZHU RI WKH XQLW PXVW EH RQ
6HWWLQJ
3UHVV DQG KROG WKH 5(6(7 EXWWRQ RQ WKH LQGRRU XQLW IRU VHFRQGV WR VHW WKH RSHUDWLRQ EHHS VRXQG DQG 23(5$7,21 ODPS EOLQN WLPH VHF IRUVHFRQGV
'R QRW RSHUDWH 21 WLPHU DQG 2)) WLPHU
3UHVV DQG KROG WKH 5(6(7 EXWWRQ RQ WKH LQGRRU XQLW IRU VHFRQGV WR FDQFHO WKH RSHUDWLRQ EHHS VRXQG EXW 23(5$7,21 ODPS GRHV QRW EOLQN
48,(7 23(5$7,21
7R RSHUDWH DW VXSHU ORZ IDQ VSHHG IRU TXLHW RSHUDWLRQ H[FHSW LQ '5< PRGH
3UHVV)$1 6HOHFW 48,(7 RSHUDWLRQ
1RWH 8QGHU FHUWDLQ FRQGLWLRQV 48,(7 RSHUDWLRQ PD\ QRW SURYLGH DGHTXDWH FRROLQJ RU KHDWLQJ GXH WR ORZ VRXQG IHDWXUHV
0$,17(1$1&(
)LUVWO\ WXUQ RII WKH FLUFXLW EUHDNHU
)LOWHU 5HVHW 6RPH PRGHOV RQO\
),/7(5 ODPS OLJKWV RQ WKH ÀOWHU PXVW EH FOHDQHG 7R WXUQ RII WKH ODPS SXVK WKH 5(6(7 EXWWRQ RQ WKH LQGRRU XQLW
,QGRRU 8QLW DQG 5HPRWH &RQWURO
&OHDQ WKH LQGRRU XQLW DQG WKH UHPRWH FRQWURO ZLWK D ZHW FORWK ZKHQ QHHGHG
1R EHQ]LQH WKLQQHU SROLVKLQJ SRZGHU RU FKHPLFDOO\ WUHDWHG GXVWHU
7528%/(6+227,1* &+(&. 32,17
7KH XQLW GRHV QRW RSHUDWH |
|
&RROLQJ LV DEQRUPDOO\ ORZ |
|
|
|
|
|
7KH SRZHU PDLQ VZLWFK LV WXUQHG |
|
7KH ÀOWHUV DUH EORFNHG ZLWK GXVW |
|
RII |
|
7KH WHPSHUDWXUH KDV EHHQ VHW |
|
7KH FLUFXLW EUHDNHU LV DFWLYDWHG WR |
|
LPSURSHUO\ |
|
FXW RII WKH SRZHU VXSSO\ |
|
7KH ZLQGRZV RU GRRUV DUH RSHQHG |
|
6WRSSDJH RI HOHFWULF FXUUHQW |
|
7KH DLU LQOHW RU RXWOHW RI WKH RXWGRRU |
|
21 WLPHU LV VHW |
|
XQLW LV EORFNHG |
|
|
7KH IDQ VSHHG LV WRR ORZ |
(1 |
|
|
|
'5< |
|
|
7KH RSHUDWLRQ PRGH LV )$1 RU |
|
|
|
|
|
|
5(027( &21752/$ % 6(/(&7,21
7R VHSDUDWH XVLQJ RI UHPRWH FRQWURO IRU HDFK LQGRRU XQLW LQ FDVH RI DLU FRQGLWLRQHUV DUH LQVWDOOHG QHDUO\
5HPRWH &RQWURO % 6HWXS
3UHVV 5(6(7 EXWWRQ RQ WKH LQGRRU XQLW WR WXUQ WKH DLU FRQGLWLRQHU 21
3RLQW WKH UHPRWH FRQWURO DW WKH LQGRRU XQLW
3XVK DQG KROG >&+.@ EXWWRQ RQ WKH 5HPRWH &RQWURO E\ WKH WLS RI WKH SHQFLO ´ µ ZLOO EH VKRZQ RQ WKH GLVSOD\
3UHVV >02'(@ GXULQJ SXVKLQJ >&+.@ ´%µ ZLOO VKRZ RQ WKH GLVSOD\ DQG ´ µ ZLOO GLVDSSHDU DQG WKH DLU FRQGLWLRQHU ZLOO WXUQ 2)) 7KH 5HPRWH &RQWURO % LV PHPRUL]HG
1RWH 5HSHDW DERYH VWHS WR UHVHW 5HPRWH &RQWURO WR EH $
|
5HPRWH &RQWURO $ KDV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
QRW ´$µ GLVSOD\ |
|
|
|
|
|||
|
|
|
|
|
|
|
||
|
'HIDXOW VHWWLQJ RI |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
5HPRWH &RQWURO IURP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
IDFWRU\ LV $ |
|
|
|
|
|
|
|
23(5$7,21 $1' 3(5)250$1&(
7KUHH PLQXWH SURWHFWLRQ IHDWXUH 7R SUHYHQW WKH XQLW IURP EHLQJ DFWLYDWHG IRU PLQXWHV ZKHQ VXGGHQO\ UHVWDUWHG RU VZLWFKHG WR 21
3UHKHDWLQJ RSHUDWLRQ :DUP XS WKH XQLW IRU PLQXWHV EHIRUH WKH KHDWLQJ RSHUDWLRQ VWDUWV
:DUP DLU FRQWURO :KHQ WKH URRP WHPSHUDWXUH UHDFKHV WKH VHW WHPSHUDWXUH WKH IDQ VSHHG LV DXWRPDWLFDOO\ UHGXFHG DQG WKH RXWGRRU XQLW ZLOO VWRS
$XWRPDWLF GHIURVWLQJ )DQV ZLOO VWRS GXULQJ GHIURVW RSHUDWLRQ
+HDWLQJ FDSDFLW\ +HDW LV DEVRUEHG IURP RXWGRRUV DQG UHOHDVHG LQWR WKH URRP :KHQ WKH RXWGRRU WHPSHUDWXUH LV WRR ORZ XVH DQRWKHU UHFRPPHQGHG KHDWLQJ DSSDUDWXV LQ FRPELQDWLRQ ZLWK WKH DLU FRQGLWLRQHU
&RQVLGHUDWLRQ IRU DFFXPXODWHG VQRZ 6HOHFW WKH SRVLWLRQ IRU RXWGRRU XQLW ZKHUH LW ZLOO QRW EH VXEMHFWHG WR VQRZ GULIWV DFFXPXODWLRQ RI OHDYHV RU RWKHU VHDVRQDO GHEULV
6RPH PLQRU FUDFNLQJ VRXQG PD\ RFFXU ZKHQ XQLW RSHUDWLQJ 7KLV LV QRUPDO EHFDXVH WKH FUDFNLQJ VRXQG PD\ EH FDXVHG E\ H[SDQVLRQ FRQWUDFWLRQ RI SODVWLF
1RWH ,WHP WR IRU +HDWLQJ PRGHO
$LU FRQGLWLRQHU RSHUDWLQJ FRQGLWLRQV
7HPS 2XWGRRU 7HPSHUDWXUH 5RRP 2SHUDWLRQ 6.9 ( 6.9 ( 7HPSHUDWXUH
+HDWLQJ |
& a & |
& a & |
/HVV WKDQ & |
&RROLQJ |
& a & |
& a & |
& a & |
'U\ |
& a & |
& a & |
& a & |