operating instructions - FCC ID
7DEOHW&RPSXWHU
-7%VHULHV
モビ モピ
5HDG0H)LUVW
6DIHW\SUHFDXWLRQV 5HJXODWRU\LQIRUPDWLRQ
*HWWLQJ6WDUWHG
7RXFK ±> 2QOLQH0DQXDO@ UHIHUUHGWRDV³5HIHUHQFH 0DQXDO´ :KHQPRUHWKDQRQHRQVFUHHQ PDQXDOVDUHSUHSDUHGQDPH RIWKRVHPDQXDOVDUHOLVWHGLQ DERYHVWHS7RXFKDPDQXDOWR DFFHVVIURPWKHOLVW
&RQWHQWV
*HWWLQJ6WDUWHG
+DQGOLQJDQGPDLQWHQDQFH ,QWURGXFWLRQ &RQ¿UPDWLRQRIDFFHVVRULHV 'HVFULSWLRQRISDUWV
8VLQJ
,QSXWRSHUDWLRQ 7XUQLQJRQRIIDQGVOHHSLQJZDNLQJXS )LUVWWLPHRSHUDWLRQ +RZWRDWWDFKWKHKDQGVWUDS +RZWRFKDQJHWKHEDWWHU\SDFN ,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6,0FDUG ,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6' PHPRU\FDUG
7URXEOHVKRRWLQJ
7URXEOHVKRRWLQJ EDVLF
8VLQJ
)RUIXUWKHULQIRUPDWLRQDERXWWKLV FRPSXWHU\RXFDQUHIHUWRWKH RQVFUHHQPDQXDOE\SHUIRUPLQJ WKHIROORZLQJVWHSV
0RGHO1R
7URXEOHVKRRWLQJ
モヒ
5HDG0H)LUVW
23(5$7,1*,16758&7,216
6SHFL¿FDWLRQV 2SWLRQV /,0,7(':$55$17,QIRUPDWLRQRQ'LVSRVDOLQ RWKHU&RXQWULHVRXWVLGHWKH (XURSHDQ8QLRQ@ 7KHVHV\PEROVDUHRQO\YDOLGLQ WKH(XURSHDQ8QLRQ,I\RXZLVK WRGLVFDUGWKLVSURGXFWSOHDVH FRQWDFW\RXUORFDODXWKRULWLHVRU GHDOHUDQGDVNIRUWKHFRUUHFW PHWKRGRIGLVSRVDO 1RWHIRUWKHEDWWHU\V\PERO ERWWRPWZRV\PEROH[DPSOHV 7KLVV\PEROPLJKWEHXVHGLQ FRPELQDWLRQZLWKDFKHPLFDO V\PERO ,QWKLVFDVHLWFRPSOLHVZLWKWKH UHTXLUHPHQWVHWE\WKH'LUHFWLYH IRUWKHFKHPLFDOLQYROYHG
(
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
5HDG0H)LUVW
,QIRUPDWLRQIRUXVHUVRQ FROOHFWLRQDQGGLVSRVDORIROG HTXLSPHQWDQGXVHGEDWWHULHV
5HJXODWRU\LQIRUPDWLRQ
5HDG0H)LUVW
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
'RQRWRSHUDWH3HUVRQDO &RPSXWHURU+DQGKHOG&RPSXWHU LQFRUSRUDWLQJZLUHOHVV:$1 PRGHPLQWKHSUHVHQFHRI ÀDPPDEOHJDVHVRUIXPHV 6ZLWFKRIIWKHFHOOXODUWHUPLQDO ZKHQ\RXDUHQHDUSHWUROVWDWLRQV IXHOGHSRWVFKHPLFDOSODQWVRU ZKHUHEODVWLQJRSHUDWLRQVDUH LQSURJUHVV2SHUDWLRQRIDQ\ HOHFWULFDOHTXLSPHQWLQSRWHQWLDOO\ H[SORVLYHDWPRVSKHUHVFDQ FRQVWLWXWHDVDIHW\KD]DUG @
モビ
5HWXUQWRWKHKRPHVFUHHQ 7KHVDPHIXQFWLRQDV> @
モピ
2SHQWKHPHQX
p 7KHIXQFWLRQVRIWKHEXWWRQVFDQEH FKDQJHGXVLQJWKHDSSOLFDWLRQ ¼ 5HIHUHQFH0DQXDO³,QSXW 2SHUDWLRQ±$SSOLFDWLRQEXWWRQV´
8VLQJ
6FUHHQLQSXWRSHUDWLRQ
7XUQLQJRQRIIDQGVOHHSLQJZDNLQJXS 6OHHSLQJ
7XUQLQJRQ
+ROGGRZQ
SRZHU EXWWRQ XQWLOWKHXQLW YLEUDWHVIRUDPRPHQW
モヒ
モビ
モピ
8VLQJ
p ,IWKHEDWWHU\LQGLFDWRUEOLQNVWKUHH WLPHVLQUHG¿YHVHFRQGVDIWHUWKH SRZHUEXWWRQKDVEHHQKHOGGRZQ DQGWKHSURGXFWKDVYLEUDWHGIRUD PRPHQWLWPHDQVWKDWWKHUHPDLQLQJ FKDUJHRIWKHEDWWHU\SDFNLVOHVVWKDQ RIDIXOOFKDUJHDQGWKHSURGXFW ZLOOQRWVWDUWXS
7XUQLQJRII
([LWWKHRSHUDWLRQRIDOOWKH
IXQFWLRQVDQGKROGGRZQ SRZHUEXWWRQ XQWLO ³6KXWGRZQ"´LVGLVSOD\HG
7RXFK³2.´
:LWKWKHSRZHU21SUHVV SRZHUEXWWRQ
p 7KHVFUHHQJRHVRIIDQGWKHSURGXFWLV SODFHGLQWKHVOHHSPRGH p :KHQWKHSURGXFWHQWHUVWKHVOHHS PRGHQRIXUWKHURSHUDWLRQVDUHSRVVLEOH p ,QRUGHUWRFRQVHUYHWKHEDWWHU\ SRZHUWKHSURGXFWLVSODFHGLQWKH VOHHSPRGHZKHQLWKDVQRWEHHQ XVHGIRUWKHSUHVFULEHGSHULRGRIWLPH ,IWKLVKDSSHQVZKLOHWKHFKDUDFWHUV RUZKDWHYHUHOVHLVEHLQJLQSXWWKH\ PD\EHFOHDUHG
:DNLQJXS
3UHVV
SRZHUEXWWRQ
p 7KHVFUHHQFRPHVRQDQGRSHUDWLRQV FDQQRZEHSHUIRUPHG
)LUVWWLPHRSHUDWLRQ 3UHSDUDWLRQ
,QVWDOOLQJWKHEDWWHU\SDFN 5HOHDVHWKHEDWWHU\SDFNORFNV
&KDUJLQJWKLVFRPSXWHU XVLQJWKH$&DGDSWRU
'HVFULEHGEHORZDUHWKHVWHSVWRWDNHWR FKDUJHWKHEDWWHU\SDFNLQWKLVFRPSXWHU
&RQQHFWRQHHQGRIWKH$&FRUGWRWKH $&DGDSWRU
2SHQWKLVFRPSXWHU¶VLQWHUIDFHFRYHU
3UHFLVHO\DOLJQWKHWDEVRIWKHEDWWHU\ SDFNDQGSUHVVWKHEDWWHU\SDFNXS DJDLQVWWKHZDOO .HHSSXVKLQJWKHEDWWHU\SDFNLQWR SODFH¿UPO\XQWLOLWPRYHVQRIXUWKHU
6OLGHWKHOHYHUZLWK WKHYPDUNLQWKH GLUHFWLRQVKRZQE\WKH DUURZ
$OLJQWKHWDEV
3XOOWKHOHYHULQWKH GLUHFWLRQVKRZQE\WKH DUURZDQGRSHQWKH FRYHU
3XVKWKHERWWRPVLGHRIWKHEDWWHU\ SDFNGRZQLQWRSRVLWLRQ
(QJDJHWKHEDWWHU\SDFNORFNV ,QVHUWWKH$&DGDSWRU¶VSOXJ¿UPO\LQWR WKH'&,1MDFN
p7XUQWKHEDWWHU\SDFNORFNVXQWLO\RX KHDUDFOLFNLQJVRXQGWRORFNWKH EDWWHU\SDFNLQSODFH
8VLQJ
,QVWDOOWKHEDWWHU\SDFN
)LUVWWLPHRSHUDWLRQ &RQQHFWWKHRWKHUHQGRIWKH$&FRUGWR WKH$&RXWOHW
7KHEDWWHU\LQGLFDWRUOLJKWVXSDVVRRQ DVFKDUJLQJVWDUWV
6WDUWLQJ8S
+ROGGRZQ
SRZHU EXWWRQ XQWLOWKHXQLW YLEUDWHVIRUDPRPHQW
モヒ
モヒ
モビ
モピ
x %DWWHU\LQGLFDWRUGXULQJFKDUJLQJ /LJKWVXS )XOOFKDUJH LQJUHHQ /LJKWVXS &KDUJHLVOHVVWKDQ RIDIXOO LQRUDQJH FKDUJH FKDUJLQJVWLOOXQGHUZD\
8VLQJ
%OLQNVLQ $EQRUPDOWHPSHUDWXUH RUDQJH 2II
モピ
p ,IWKHEDWWHU\LQGLFDWRUEOLQNVWKUHH WLPHVLQUHG¿YHVHFRQGVDIWHUWKH SRZHUEXWWRQKDVEHHQKHOGGRZQ DQGWKHSURGXFWKDVYLEUDWHGIRUD PRPHQWLWPHDQVWKDWWKHUHPDLQLQJ FKDUJHRIWKHEDWWHU\SDFNLVOHVVWKDQ RIDIXOOFKDUJHDQGWKHSURGXFW ZLOOQRWVWDUWXS
1RFKDUJLQJGLVFKDUJLQJ
p ,IFKDUJLQJLVVWDUWHGLQDVWDWHZKHUHWKH UHPDLQLQJEDWWHU\FKDUJHLVFORVHWRWKH EDWWHU\LQGLFDWRUPD\QRWOLJKWXSLPPHGLDWHO\
モビ
7KHEDWWHU\ LQGLFDWRUOLJKWVXS
&$87,21 y 'RQRWGLVFRQQHFWWKH$&DGDSWRUXQWLOWKH ¿UVWWLPHRSHUDWLRQSURFHGXUHLVFRPSOHWHG y :KHQXVLQJWKLVFRPSXWHUIRUWKH¿UVW WLPHGRQRWFRQQHFWDQ\SHULSKHUDOGHYLFH H[FHSWWKH$&DGDSWRU y +DQGOLQJWKH$&DGDSWRU y 3UREOHPVVXFKDVVXGGHQYROWDJHGURSV PD\DULVHGXULQJSHULRGVRIWKXQGHUDQG OLJKWQLQJ6LQFHWKLVFRXOGDGYHUVHO\DIIHFW WKLVFRPSXWHUDQXQLQWHUUXSWLEOHSRZHU VRXUFH 836 LVKLJKO\UHFRPPHQGHG XQOHVVUXQQLQJIURPWKHEDWWHU\DORQH
,IQHFHVVDU\WRXFKWKH
ODQJXDJHQDPHDQGVFUROO WKHODQJXDJHOLVWWKHQWRXFK WKHODQJXDJH\RXXVH
" :KHQ³8VH*RRJOHORFDWLRQ´ LVGLVSOD\HGFKHFNZKDW LVGLVSOD\HGRQWKHVFUHHQ DQGWRXFK>1H[W@ 7RUHPRYHWKHFKHFNPDUN WRXFKWKHDSSOLFDEOHFKHFN ER[
# :KHQ³7KLVWDEOHWEHORQJV
WR´LVGLVSOD\HGLQSXW \RXUQDPHDQGWRXFK>1H[W@
2QO\IRUPRGHOZLWKZLUHOHVV:$1! ,I³6,0FDUGQRWIRXQG´LVGLVSOD\HGWRXFK >6NLS@7KHQWRXFK>6NLS@RUFRQ¿JXUH ZL¿VHWWLQJVE\IROORZLQJWKHRQVFUHHQ LQVWUXFWLRQV
7RXFKDQGVFUROOWKHWLPH
]RQHOLVWDQGWRXFKWKHWLPH ]RQHIRU\RXUORFDWLRQ
$ 5HDG³*RRJOHVHUYLFHV´DQG WRXFK>1H[W@
:KHQ³6HWXSFRPSOHWH´LV GLVSOD\HGWRXFK>)LQLVK@ :KHQ³0DNH\RXUVHOIDW KRPH´LVGLVSOD\HGWRXFK >2.@
8VLQJ
7RXFK>6WDUW@
p ,IQHFHVVDU\VHWGDWHDQGWLPHRUVHW >$XWRPDWLFGDWH WLPH@WR>21@
7RXFK>1H[W@ p ³6LJQLQZLWK\RXU*RRJOH$FFRXQW´VFUHHQLV GLVSOD\HG
! ,IQHFHVVDU\VHWXS\RXU
*RRJOHDFFRXQWE\IROORZLQJ WKHRQVFUHHQLQVWUXFWLRQV
p ,I\RXVHWXS\RXU*RRJOHDFFRXQW\RX FDQXVH*PDLO&DOHQGDUHWF
)LUVWWLPHRSHUDWLRQ
+RPHVFUHHQ
8VLQJ
7KHVFUHHQFRQ¿JXUDWLRQPD\GLIIHU GHSHQGLQJRQWKHVRIWZDUHYHUVLRQXVHG $ 6HDUFK9RLFHVHDUFK 6HDUFKWKHLQWHUQHWDQGWKLVFRPSXWHU XVLQJ*RRJOHVHDUFK 6HWWLQJV@6HWWLQJV DSSOLFDWLRQLVRSHQHG
. 3DQHOV 7KLVFRPSXWHUKDVSDQHOV)OLFNOHIWRU ULJKWWRGLVSOD\WKHQH[WSDQHO
+RZWRDWWDFKWKHKDQGVWUDS 7KHVWHSVWDNHQWRDWWDFKWKHKDQGVWUDSWR WKHSURGXFWDUHGHVFULEHGEHORZ
7DNHQRWHRIZKLFKHQGRI
WKHKDQGVWUDSLVZKLFKDQG SDVVWKHVWUDSWKURXJKWKH VWUDSKROHVDWWKHWRSDQG ERWWRP
)ROGEDFNWKHRWKHUHQGRI
WKHVWUDSVRWKDWLW¿WVWKH VL]HRI\RXUKDQGKROGLWLQ SODFHZLWK\RXUKDQGDQG DGKHUHWKHKRRNDQGORRS IDVWHQHU
3ODFHWKHSDGVRQWRS 7KLV FRPSOHWHVWKHSURFHVV
8VLQJ
3DVVRQHHQGRIWKHVWUDSDOO WKHZD\WKURXJKIROGLWEDFN DVVKRZQLQWKH¿JXUHDQG KROGLWLQSODFHZLWK\RXU KDQGDQGDGKHUHWKHKRRN DQGORRSIDVWHQHU
+RZWRFKDQJHWKHEDWWHU\SDFN 'HVFULEHGEHORZDUHWKHVWHSVWRWDNHWR FKDQJHWKHEDWWHU\SDFN %HIRUHFKDQJLQJWKHEDWWHU\SDFNSODFH WKHXQLWRQDGHVNRUWDEOH
5HOHDVHWKHEDWWHU\SDFN ORFNV
7XUQRIIWKLVFRPSXWHU¶V SRZHU
p )RUWKHSURFHGXUHWRWXUQRIIWKHSRZHU UHIHUWR³7XUQLQJRII´RQSDJH
7KLVVWHSDSSOLHVRQO\
ZKHQWKHKDQGVWUDSLV DWWDFKHG! :LWKWKLVFRPSXWHUSODFHG RQDGHVNRUWDEOHRSHQRXW WKHSDGRIWKHKDQGVWUDS
5HPRYHWKHEDWWHU\SDFN
3DG
8VLQJ %XFNOH
7KLVVWHSDSSOLHVRQO\
ZKHQWKHKDQGVWUDSLV DWWDFKHG! 5HPRYHWKHEXFNOHDQG H[WHQGWKHHQGVRIWKHVWUDS
%XFNOH
p 7DNHWKHVWHSVIRUUHPRYLQJWKH EDWWHU\SDFNZLWKWKLVFRPSXWHURQD GHVNWDEOHRURWKHUVXFKVXUIDFH p (QVXUHWKDWWKHEDWWHU\SDFNZLOOQRW IDOO p ,ILWSURYHVGLI¿FXOWWRUHPRYHWKHEDWWHU\ SDFNKRRNWKHEXFNOHRIWKHVWUDSRYHU WKHJULSDQGWXUQLWLQWKHGLUHFWLRQVKRZQ E\WKHDUURZWRUHPRYHWKHEDWWHU\SDFN
! ,QVWDOOWKHUHSODFHPHQW EDWWHU\SDFN
3UHFLVHO\DOLJQWKHWDEVRIWKHEDWWHU\ SDFNDQGSUHVVWKHEDWWHU\SDFNXS DJDLQVWWKHZDOO .HHSSXVKLQJWKHEDWWHU\SDFNLQWR SODFH¿UPO\XQWLOLWPRYHVQRIXUWKHU $OLJQWKHWDEV
3XVKWKHERWWRPVLGHRIWKH EDWWHU\SDFNGRZQLQWRSRVLWLRQ
p 'RQRWUHPRYHWKHEDWWHU\SDFNZLWK WKHSRZHUVWLOOVXSSOLHGWRWKHSURGXFW 2WKHUZLVHDQ\¿OHVEHLQJZULWWHQPD\ EHGHVWUR\HG p $VDVDIHJXDUGWRSUHYHQWRSHUDWLQJ HUURUVWKHSURGXFWKDVDIXQFWLRQIRU GLVSOD\LQJDZDUQLQJDQGVRXQGLQJD ZDUQLQJEHHSWRDOHUWWKHXVHULI\RX UHOHDVHWKHEDWWHU\SDFNORFNVZKLOH SRZHULVVWLOOVXSSOLHGWRWKHSURGXFW ,I\RXDUHXVLQJKHDGSKRQHVIRU LQVWDQFHWKHZDUQLQJEHHSZLOOEH HPLWWHGVLPXOWDQHRXVO\IURPWKHPDLQ XQLWDQGWKURXJKWKHKHDGSKRQHV,I WKHSURGXFWKDVQRWEHHQRSHUDWHGIRU WKHSUHVFULEHGSHULRGRIWLPHLWZLOO EHSODFHGLQWKHVOHHSPRGH,QWKH VOHHSPRGHWKHVFUHHQGDUNHQVDQG QRWKLQJDSSHDUVRQLWEXWWKHSURGXFW FRQWLQXHVWRRSHUDWHDQG¿OHVPD\ EHXSGDWHG$WDWLPHOLNHWKLVWKH ZDUQLQJEHHSLVHPLWWHGWRDOHUWWKH XVHULI\RXUHOHDVHWKHEDWWHU\SDFN ORFNVHYHQZKHQWKHSURGXFWLVLQWKH VOHHSPRGH
p ,QVWDOOWKHEDWWHU\SDFNZLWKWKHVXUIDFH ZKHUHLWVPRGHOQXPEHUDQGRWKHU GHWDLOVDUHSULQWHGIDFHGRZQ
" (QJDJHWKHEDWWHU\SDFN ORFNV
p7XUQWKHEDWWHU\SDFNORFNVXQWLO\RX KHDUDFOLFNLQJVRXQGWRORFNWKH EDWWHU\SDFNLQSODFH
8VLQJ
p 'XHWRWKHGHVLJQDGRSWHGWRHQVXUH WKHGXVWWLJKWDQGZDWHUSURRI SHUIRUPDQFHRIWKHSURGXFW\RXPD\ ¿QGWKDWWKHEDWWHU\SDFNWHQGVWR VWLFNZKHQ\RXDUHWU\LQJWRUHPRYHLW
,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6,0FDUG 'HVFULEHGKHUHDUHWKHVWHSVWRWDNHWRLQVWDOODQGUHPRYHWKHPLFUR6,0FDUG ZKLFK UHTXLUHVDXVHUFRQWUDFWIRUXVH
,QVWDOOLQJWKHPLFUR6,0FDUG
,QVHUWWKHPLFUR6,0FDUG
VWUDLJKWLQDVIDUDVLWZLOO JR
5HPRYLQJWKHPLFUR6,0FDUG
3UHVVWKHPLFUR6,0FDUG OLJKWO\
p 7KHPLFUR6,0FDUGZLOOSDUWLDOO\SRSRXW
3XOOWKHPLFUR6,0FDUG VWUDLJKWRXW
1RWFK 8VLQJ
p +ROGWKHPLFUR6,0FDUGVRWKDWLWVPHWDO WHUPLQDOVXUIDFHLVIDFLQJXSDQGDOLJQ LWVQRWFKZLWKWKHSRVLWLRQLQWKH¿JXUH p 3XVKLW¿UPO\LQWRSODFHXQWLO\RXKHDUD FOLFNLQJVRXQG
,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6'PHPRU\FDUG 'HVFULEHGKHUHDUHWKHVWHSVWRWDNHWRLQVWDOODQGUHPRYHWKHPLFUR6'PHPRU\FDUG RSWLRQ
,QVWDOOLQJWKHPLFUR6'PHPRU\FDUG
5HPRYLQJWKHPLFUR6'PHPRU\FDUG
,QVHUWWKHPLFUR6'PHPRU\
3UHVVWKHPLFUR6'PHPRU\
FDUGVWUDLJKWLQDVIDUDVLW ZLOOJR
FDUGOLJKWO\
p 7KHPLFUR6'PHPRU\FDUGZLOOSDUWLDOO\ SRSRXW
3XOOWKHPLFUR6'PHPRU\ FDUGVWUDLJKWRXW
8VLQJ
1RWFK
p +ROGWKHPLFUR6'PHPRU\FDUGVRWKDW LWVPHWDOWHUPLQDOVXUIDFHLVIDFLQJGRZQ DQGDOLJQLWVQRWFKZLWKWKHSRVLWLRQLQ WKH¿JXUH p 3XVKLW¿UPO\LQWRSODFHXQWLO\RXKHDUD FOLFNLQJVRXQG
7URXEOHVKRRWLQJ EDVLF )ROORZWKHLQVWUXFWLRQVEHORZZKHQDSUREOHPKDVRFFXUUHG7KHUHLVDOVRDQDGYDQFHG WURXEOHVKRRWLQJJXLGHLQWKH³5HIHUHQFH0DQXDO´)RUDVRIWZDUHSUREOHPUHIHUWRWKH VRIWZDUH¶VLQVWUXFWLRQPDQXDO,IWKHSUREOHPSHUVLVWVFRQWDFW3DQDVRQLF7HFKQLFDO6XSSRUW
6WDUWLQJXS
7URXEOHVKRRWLQJ
&DQQRWVWDUWXS 7KHEDWWHU\LQGLFDWRULV QRWOLW
p &RQQHFWWKH$&DGDSWRU p &KDUJHWKHEDWWHU\SDFN p 5HPRYHWKH$&DGDSWRUWKHQFRQQHFWLWDJDLQ p +ROGGRZQ SRZHUEXWWRQ XQWLOWKHXQLWYLEUDWHVIRUDPRPHQW
&DQQRWWXUQRQWKLV FRPSXWHU 7KLVFRPSXWHUGRHVQRW ZDNHXSIURPVOHHS
p 7KLVFRPSXWHUPD\EHFRPHWRRKRWRUWRRFROG/HDYHLWLQDQ HQYLURQPHQWRI&^)`WR&^ )`IRUDERXWDQKRXU WKHQWXUQRQWKHSRZHUDJDLQ
&DQQRWVWDUWXSDQGWKH EDWWHU\LQGLFDWRUEOLQNV UHG
p 7KHUHPDLQLQJFKDUJHRIWKHEDWWHU\SDFNLVOHVVWKDQRIDIXOO FKDUJH&KDUJHWKHSDFNIRUDZKLOHDQGWKHQWXUQWKHSRZHURQ DJDLQ p 6RPHSUREOHPLVIRXQGLQWKHV\VWHPVRIWZDUH&RQWDFW3DQDVRQLF 7HFKQLFDO6XSSRUW
1RWKLQJDSSHDUVRQWKH VFUHHQ
p &KDUJHWKHEDWWHU\SDFN p ,QVWDOOWKHEDWWHU\SDFNFRUUHFWO\ p &KDQJHWKHEDWWHU\SDFNZKLFKKDVEHHQXVHGZLWKDIUHVKRQH
7KHGDWHDQGWLPHDUH LQFRUUHFW
p 0DNHWKHFRUUHFWVHWWLQJVE\SHUIRUPLQJWKHIROORZLQJVWHSV 7RXFK ±> 6HWWLQJV@±> 'DWH WLPH@DQGVHWGDWHDQG WLPH p ,IWKHSUREOHPSHUVLVWVWKHLQWHUQDOFORFNEDWWHU\PD\QHHGWREH UHSODFHG&RQWDFW3DQDVRQLF7HFKQLFDO6XSSRUW p :KHQWKLVFRPSXWHULVFRQQHFWHGWRQHWZRUNFKHFNWKHGDWHDQG WLPHRIWKHVHUYHU p 7KH$'RUODWHU\HDUZLOOQRWEHFRUUHFWO\UHFRJQL]HGRQWKLV WDEOHWFRPSXWHU
2SHUDWLRQLVVORZ
p $PELHQWWHPSHUDWXUHPD\EHKLJK0RYHWKLVFRPSXWHUWRWKH FRROHUORFDWLRQ
&DQQRWZDNHXS
p 7KH$&DGDSWRUPD\KDYHEHHQGLVFRQQHFWHGDQGWKHEDWWHU\SDFN PD\KDYHEHFRPHFRPSOHWHO\GLVFKDUJHGZKLOHWKHSURGXFWZDVLQ WKHVOHHSPRGH,QDFDVHOLNHWKLVDQ\GDWDZKLFKKDVQRWEHHQ VDYHGZLOOEHORVWDQGWKHSURGXFWZLOOQRWZDNHXS
2WKHUVWDUWXSSUREOHPV
p 5HPRYHDOOSHULSKHUDOGHYLFHV
6KXWWLQJGRZQ 7KLVFRPSXWHUGRHVQRWVKXW p :DLWRQHRUWZRPLQXWHV,WLVQRWDPDOIXQFWLRQ GRZQ p 3UHVVDQGKROG SRZHUEXWWRQ IRUVHFRQGVRUORQJHUWR WXUQWKHFRPSXWHURIIIRUFLEO\ p 5HPRYHDOOSHULSKHUDOVIURPWKLVFRPSXWHU
'LVSOD\ 1RGLVSOD\
p 7KHSRZHUVDYLQJIXQFWLRQPD\KDYHSODFHGWKHSURGXFWLQWKH VOHHSPRGH 7RUHVXPH7RZDNHLWXSSUHVV SRZHUEXWWRQ
7KHVFUHHQLVGDUN
p ,IWKHEULJKWQHVVVHWWLQJRIWKLVFRPSXWHULVVHWWR³$XWRPDWLF EULJKWQHVV´WKHVFUHHQEULJKWQHVVDXWRPDWLFDOO\FKDQJHV GHSHQGLQJRQWKHDPELHQWEULJKWQHVV 'LVDEOH³$XWRPDWLFEULJKWQHVV´DQGFKDQJHWKHEULJKWQHVVRI WKHVFUHHQ
7KHUHDUHUHGJUHHQRUEOXH GRWVRQWKHVFUHHQRUWKHUH LVXQHYHQQHVVLQFRORUVDQG EULJKWQHVVRQWKHVFUHHQ
7KHIROORZLQJDUHQRWPDOIXQFWLRQV p $OWKRXJKDGYDQFHGKLJKSUHFLVLRQWHFKQRORJLHVDUHXVHGLQWKH SURGXFWLRQRIFRORU/&'VFUHHQVRUOHVVRIWKHSLFWXUH HOHPHQWVPD\EHGDUNRUUHPDLQFRQVWDQWO\OLW LHPRUHWKDQ RIHOHPHQWVIXQFWLRQSURSHUO\ p 'XHWRWKHQDWXUDOFKDUDFWHULVWLFVRI/&'VFUHHQV\RXPD\ QRWLFHXQHYHQQHVVLQFRORUVDQGEULJKWQHVVGHSHQGLQJRQ\RXU DQJOHRIYLHZ+XHVPD\DOVRYDU\E\SURGXFW
%OLQNLQJRUDQJH
p 7KHEDWWHU\SDFNFDQQRWEHFKDUJHGWHPSRUDULO\5HPRYHWKH $&DGDSWRUWKHQFRQQHFWLWDJDLQ
/LJKWLQJUHG
p 7KHUHPDLQLQJEDWWHU\FKDUJHLVDSSUR[LPDWHO\OHVVWKDQ RIDIXOOFKDUJH&KDUJHWKHEDWWHU\SDFN
7KHEDWWHU\LQGLFDWRUIDLOVWR OLJKWGXULQJFKDUJLQJ
p &KDQJHWKHEDWWHU\SDFNZKLFKKDVEHHQXVHGZLWKDIUHVKRQH
7KHEDWWHU\SDFNFKDUJLQJ HQGHGTXLFNO\RUWKHEDWWHU\ SDFNFDQQRWEHFKDUJHGDW DOO
7URXEOHVKRRWLQJ
%DWWHU\LQGLFDWRU
7URXEOHVKRRWLQJ EDVLF 2QVFUHHQPDQXDO :KHQWKHVFUHHQLVURWDWHG SDUWRIWKHVFUHHQLVQRW GLVSOD\HG
p ,IWKHVFUHHQLV]RRPHGRUWKHPHQXLVRSHQHG]RRPRXWDQG FORVHWKHPHQXWKHQWRXFK WRUHORDGWKHGDWD
2WKHUV 1RUHVSRQVH
p 3UHVVDQGKROG SRZHUEXWWRQ XQWLO³3RZHURII´VFUHHQLV GLVSOD\HGDQGWRXFK>2.@WKHQSUHVV SRZHUEXWWRQ WRWXUQ LWRQ p ,IWKHDSSOLFDWLRQGRHVQRWZRUNQRUPDOO\XQLQVWDOODQGUHLQVWDOO WKHDSSOLFDWLRQ7RXQLQVWDOO 7RXFK ±> 6HWWLQJV@±> $SSOLFDWLRQV@ 7RXFK>'2:1/2$'@RU>$//@DQGWRXFKWKHDSSOLFDWLRQWR XQLQVWDOOWKHQWRXFK>8QLQVWDOO@ 8QLQVWDOOWKHDSSOLFDWLRQE\IROORZLQJWKHRQVFUHHQ LQVWUXFWLRQV
7KHVFUHHQIUHH]HVDQG QRRSHUDWLRQVFDQEH SHUIRUPHG
SRZHUEXWWRQ IRURUPRUHVHFRQGV p +ROGGRZQ 7KLVIRUFLEO\WXUQVWKHSRZHURII1RZWXUQWKHSRZHUEDFNRQ
)DFWRU\GDWDUHVHW &$87,21 y )DFWRU\GDWDUHVHWIXQFWLRQZLOOUHWXUQWKLVFRPSXWHUWRWKHGHIDXOWFRQGLWLRQ:KHQ\RXUHVHWWKLV FRPSXWHUWKHVWRUHGGDWDZLOOEHHUDVHG %DFNXSLPSRUWDQWGDWDWRRWKHUPHGLDEHIRUHUHVHW 7URXEOHVKRRWLQJ
7RXFK ±>
6HWWLQJV@±> %DFNXS UHVHW@±>)DFWRU\GDWDUHVHW@ $OOWKHGDWDLQPQWVGFDUGIROGHUZLOOEHHUDVHG7KHGDWDLQPLFUR6'PHPRU\FDUGLQVHUWHGLQWR PLFUR6'PHPRU\FDUGVORWZLOOQRWEHHUDVHG 7RXFK>5HVHWWDEOHW@ )ROORZWKHRQVFUHHQLQVWUXFWLRQV
6SHFL¿FDWLRQV x 0DLQVSHFL¿FDWLRQV %DVLF0RGHO :$10RGHO -7%$3$$=$0 -7%$3$$$$0 -7%$3$$9$0 -7%$3$$8
-7%$3$$=
0RGHO1R
&386HFRQGDU\FDFKHPHPRU\ 20$3 $50&RUWH[$ 'XDO&RUH E\7,, *+]
'LVSOD\PHWKRG
2SHUDWLRQV
6\VWHP 1RRISL[HOV 6L]H 1RRIFRORUV %DFNOLJKW 6ZLWFKHV 7RXFKSDQHO :L)L %OXHWRRWK
&RPPXQLFDWLRQ LQWHUIDFH
6HQVRU
&DUGVORWV
([WHUQDO LQWHUIDFH $XGLR &DPHUD 3RZHUVXSSO\ $&DGDSWRU
:LUHOHVV:$1 ,&FDUG $FFHOHURPHWHU *\URVHQVRU *HRPDJQHWLF VHQVRU 3UR[LPLW\ VHQVRU $PELHQWOLJKW VHQVRU *36 PLFUR6' PHPRU\FDUG VORW PLFUR6,0FDUG VORW 86% ([SDQVLRQEXV FRQQHFWRU 6SHDNHU 0LFURSKRQH +HDGVHWMDFN )URQWFDPHUD 5HDUFDPHUD
*% 6'5$0 *% )ODVKPHPRU\ 7)7FRORU/&' î :69*$ LQFKHV FRORUV ELWV :KLWH/(' 3RZHUDSSOLFDWLRQEXWWRQV &DSDFLWLYHWRXFKSDQHO 0XOWLWRXFKVXSSRUWHGSRLQWV ,(((DEJQ %OXHWRRWKY $'3$95&3+,'+63233633*$33$1+'3%/3+73+53 *60('*( &'0$(9' *60('*( 8076 ² 5HY$ 8076+63$ +63$+63$ /7( +63$/7( /7( &RQWDFWOHVV,&FDUGUHDGHUZULWHU7\SH$7\SH%)HOL&D D[HV D[HV D[HV $SSV@DQGWKHQFKHFNWKHIROORZLQJLQVHTXHQFH >6HWWLQJV@¼>$ERXWWDEOHW@¼>/HJDOLQIRUPDWLRQ@ 7KHVRXUFHFRGHVDSSURYHGRQWKHEDVLVRIWKH*3/DQG/*3/WHUPVDQGFRQGLWLRQVKDYHEHHQ UHOHDVHGLQWKHJHQHUDOGRPDLQ,WVKRXOGEHERUQHLQPLQGWKDWWKHVHVRIWZDUHDSSOLFDWLRQVDUH QRWFRYHUHGE\WKHSURGXFW¶VZDUUDQW\ )RUDSHULRGRIDWOHDVWWKUHH \HDUVDIWHUWKHVDOHRIWKHSURGXFW3DQDVRQLF6\VWHP1HWZRUNV &RZLOOGLVWULEXWHDWFRVWWRWKRVHLQGLYLGXDOVRUJURXSVZKLFKKDYHFRQWDFWHGLWOLVWVRIWKH FRPSOHWHPDFKLQHUHDGDEOHVRXUFHFRGHVDQGFRS\ULJKWGLVSOD\VZKLFKVXSSRUWWKH*3//*3/ VRIWZDUHLQDFFRUGDQFHZLWKWKHWHUPVDQGFRQGLWLRQVRIWKH*3//*3/OLFHQVHDJUHHPHQWV )RULQTXLULHVFRQFHUQLQJWKHDERYHDQGIRUGHWDLOVRQKRZWRREWDLQWKHUHODWHGVRXUFHFRGHV SOHDVH¿OORXWWKHLQTXLU\IRUPZKLFKFDQEHIRXQGRQWKHFRPSDQ\¶VZHEVLWHJLYHQEHORZ KWWS SDQDVRQLFEL]LWWDEOHWE
2SWLRQV x %DWWHU\SDFN-7%%78
$SSHQGL[
/,0,7(':$55$17< )RU86$ 3DQDVRQLF6\VWHP&RPPXQLFDWLRQV&RPSDQ\RI1RUWK$PHULFD 36&1$ &RPSXWHU3URGXFWV:RUOGZLGH:DUUDQWLHV
6HFWLRQ /LPLWHG:DUUDQW\±+DUGZDUH 36&1$UHIHUUHGKHUHDIWHUDV3DQDVRQLFZLOOUHSDLUWKHSURGXFWVOLVWHGEHORZZLWKQHZRUUHEXLOW SDUWVIUHHRIFKDUJHLQD*OREDO3DQDVRQLFGHVLJQDWHGVHUYLFHORFDWLRQIRUWKHSHULRGVSHFL¿HG EHORZIURPWKHGDWHRIRULJLQDOSXUFKDVHLQWKHHYHQWRIDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS7KHVH ZDUUDQWLHVDUHH[WHQGHGVROHO\WRWKHRULJLQDOSXUFKDVHU$SXUFKDVHUHFHLSWRURWKHUSURRIRIGDWHRI RULJLQDOSXUFKDVHZLOOEHUHTXLUHGEHIRUHZDUUDQW\SHUIRUPDQFHLVUHQGHUHG y /DSWRS&RPSXWHUV &) ±
-7%VHULHV
モビ モピ
5HDG0H)LUVW
6DIHW\SUHFDXWLRQV 5HJXODWRU\LQIRUPDWLRQ
*HWWLQJ6WDUWHG
7RXFK ±> 2QOLQH0DQXDO@ UHIHUUHGWRDV³5HIHUHQFH 0DQXDO´ :KHQPRUHWKDQRQHRQVFUHHQ PDQXDOVDUHSUHSDUHGQDPH RIWKRVHPDQXDOVDUHOLVWHGLQ DERYHVWHS7RXFKDPDQXDOWR DFFHVVIURPWKHOLVW
&RQWHQWV
*HWWLQJ6WDUWHG
+DQGOLQJDQGPDLQWHQDQFH ,QWURGXFWLRQ &RQ¿UPDWLRQRIDFFHVVRULHV 'HVFULSWLRQRISDUWV
8VLQJ
,QSXWRSHUDWLRQ 7XUQLQJRQRIIDQGVOHHSLQJZDNLQJXS )LUVWWLPHRSHUDWLRQ +RZWRDWWDFKWKHKDQGVWUDS +RZWRFKDQJHWKHEDWWHU\SDFN ,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6,0FDUG ,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6' PHPRU\FDUG
7URXEOHVKRRWLQJ
7URXEOHVKRRWLQJ EDVLF
8VLQJ
)RUIXUWKHULQIRUPDWLRQDERXWWKLV FRPSXWHU\RXFDQUHIHUWRWKH RQVFUHHQPDQXDOE\SHUIRUPLQJ WKHIROORZLQJVWHSV
0RGHO1R
7URXEOHVKRRWLQJ
モヒ
5HDG0H)LUVW
23(5$7,1*,16758&7,216
6SHFL¿FDWLRQV 2SWLRQV /,0,7(':$55$17,QIRUPDWLRQRQ'LVSRVDOLQ RWKHU&RXQWULHVRXWVLGHWKH (XURSHDQ8QLRQ@ 7KHVHV\PEROVDUHRQO\YDOLGLQ WKH(XURSHDQ8QLRQ,I\RXZLVK WRGLVFDUGWKLVSURGXFWSOHDVH FRQWDFW\RXUORFDODXWKRULWLHVRU GHDOHUDQGDVNIRUWKHFRUUHFW PHWKRGRIGLVSRVDO 1RWHIRUWKHEDWWHU\V\PERO ERWWRPWZRV\PEROH[DPSOHV 7KLVV\PEROPLJKWEHXVHGLQ FRPELQDWLRQZLWKDFKHPLFDO V\PERO ,QWKLVFDVHLWFRPSOLHVZLWKWKH UHTXLUHPHQWVHWE\WKH'LUHFWLYH IRUWKHFKHPLFDOLQYROYHG
(
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
5HDG0H)LUVW
,QIRUPDWLRQIRUXVHUVRQ FROOHFWLRQDQGGLVSRVDORIROG HTXLSPHQWDQGXVHGEDWWHULHV
5HJXODWRU\LQIRUPDWLRQ
5HDG0H)LUVW
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
'RQRWRSHUDWH3HUVRQDO &RPSXWHURU+DQGKHOG&RPSXWHU LQFRUSRUDWLQJZLUHOHVV:$1 PRGHPLQWKHSUHVHQFHRI ÀDPPDEOHJDVHVRUIXPHV 6ZLWFKRIIWKHFHOOXODUWHUPLQDO ZKHQ\RXDUHQHDUSHWUROVWDWLRQV IXHOGHSRWVFKHPLFDOSODQWVRU ZKHUHEODVWLQJRSHUDWLRQVDUH LQSURJUHVV2SHUDWLRQRIDQ\ HOHFWULFDOHTXLSPHQWLQSRWHQWLDOO\ H[SORVLYHDWPRVSKHUHVFDQ FRQVWLWXWHDVDIHW\KD]DUG @
モビ
5HWXUQWRWKHKRPHVFUHHQ 7KHVDPHIXQFWLRQDV> @
モピ
2SHQWKHPHQX
p 7KHIXQFWLRQVRIWKHEXWWRQVFDQEH FKDQJHGXVLQJWKHDSSOLFDWLRQ ¼ 5HIHUHQFH0DQXDO³,QSXW 2SHUDWLRQ±$SSOLFDWLRQEXWWRQV´
8VLQJ
6FUHHQLQSXWRSHUDWLRQ
7XUQLQJRQRIIDQGVOHHSLQJZDNLQJXS 6OHHSLQJ
7XUQLQJRQ
+ROGGRZQ
SRZHU EXWWRQ XQWLOWKHXQLW YLEUDWHVIRUDPRPHQW
モヒ
モビ
モピ
8VLQJ
p ,IWKHEDWWHU\LQGLFDWRUEOLQNVWKUHH WLPHVLQUHG¿YHVHFRQGVDIWHUWKH SRZHUEXWWRQKDVEHHQKHOGGRZQ DQGWKHSURGXFWKDVYLEUDWHGIRUD PRPHQWLWPHDQVWKDWWKHUHPDLQLQJ FKDUJHRIWKHEDWWHU\SDFNLVOHVVWKDQ RIDIXOOFKDUJHDQGWKHSURGXFW ZLOOQRWVWDUWXS
7XUQLQJRII
([LWWKHRSHUDWLRQRIDOOWKH
IXQFWLRQVDQGKROGGRZQ SRZHUEXWWRQ XQWLO ³6KXWGRZQ"´LVGLVSOD\HG
7RXFK³2.´
:LWKWKHSRZHU21SUHVV SRZHUEXWWRQ
p 7KHVFUHHQJRHVRIIDQGWKHSURGXFWLV SODFHGLQWKHVOHHSPRGH p :KHQWKHSURGXFWHQWHUVWKHVOHHS PRGHQRIXUWKHURSHUDWLRQVDUHSRVVLEOH p ,QRUGHUWRFRQVHUYHWKHEDWWHU\ SRZHUWKHSURGXFWLVSODFHGLQWKH VOHHSPRGHZKHQLWKDVQRWEHHQ XVHGIRUWKHSUHVFULEHGSHULRGRIWLPH ,IWKLVKDSSHQVZKLOHWKHFKDUDFWHUV RUZKDWHYHUHOVHLVEHLQJLQSXWWKH\ PD\EHFOHDUHG
:DNLQJXS
3UHVV
SRZHUEXWWRQ
p 7KHVFUHHQFRPHVRQDQGRSHUDWLRQV FDQQRZEHSHUIRUPHG
)LUVWWLPHRSHUDWLRQ 3UHSDUDWLRQ
,QVWDOOLQJWKHEDWWHU\SDFN 5HOHDVHWKHEDWWHU\SDFNORFNV
&KDUJLQJWKLVFRPSXWHU XVLQJWKH$&DGDSWRU
'HVFULEHGEHORZDUHWKHVWHSVWRWDNHWR FKDUJHWKHEDWWHU\SDFNLQWKLVFRPSXWHU
&RQQHFWRQHHQGRIWKH$&FRUGWRWKH $&DGDSWRU
2SHQWKLVFRPSXWHU¶VLQWHUIDFHFRYHU
3UHFLVHO\DOLJQWKHWDEVRIWKHEDWWHU\ SDFNDQGSUHVVWKHEDWWHU\SDFNXS DJDLQVWWKHZDOO .HHSSXVKLQJWKHEDWWHU\SDFNLQWR SODFH¿UPO\XQWLOLWPRYHVQRIXUWKHU
6OLGHWKHOHYHUZLWK WKHYPDUNLQWKH GLUHFWLRQVKRZQE\WKH DUURZ
$OLJQWKHWDEV
3XOOWKHOHYHULQWKH GLUHFWLRQVKRZQE\WKH DUURZDQGRSHQWKH FRYHU
3XVKWKHERWWRPVLGHRIWKHEDWWHU\ SDFNGRZQLQWRSRVLWLRQ
(QJDJHWKHEDWWHU\SDFNORFNV ,QVHUWWKH$&DGDSWRU¶VSOXJ¿UPO\LQWR WKH'&,1MDFN
p7XUQWKHEDWWHU\SDFNORFNVXQWLO\RX KHDUDFOLFNLQJVRXQGWRORFNWKH EDWWHU\SDFNLQSODFH
8VLQJ
,QVWDOOWKHEDWWHU\SDFN
)LUVWWLPHRSHUDWLRQ &RQQHFWWKHRWKHUHQGRIWKH$&FRUGWR WKH$&RXWOHW
7KHEDWWHU\LQGLFDWRUOLJKWVXSDVVRRQ DVFKDUJLQJVWDUWV
6WDUWLQJ8S
+ROGGRZQ
SRZHU EXWWRQ XQWLOWKHXQLW YLEUDWHVIRUDPRPHQW
モヒ
モヒ
モビ
モピ
x %DWWHU\LQGLFDWRUGXULQJFKDUJLQJ /LJKWVXS )XOOFKDUJH LQJUHHQ /LJKWVXS &KDUJHLVOHVVWKDQ RIDIXOO LQRUDQJH FKDUJH FKDUJLQJVWLOOXQGHUZD\
8VLQJ
%OLQNVLQ $EQRUPDOWHPSHUDWXUH RUDQJH 2II
モピ
p ,IWKHEDWWHU\LQGLFDWRUEOLQNVWKUHH WLPHVLQUHG¿YHVHFRQGVDIWHUWKH SRZHUEXWWRQKDVEHHQKHOGGRZQ DQGWKHSURGXFWKDVYLEUDWHGIRUD PRPHQWLWPHDQVWKDWWKHUHPDLQLQJ FKDUJHRIWKHEDWWHU\SDFNLVOHVVWKDQ RIDIXOOFKDUJHDQGWKHSURGXFW ZLOOQRWVWDUWXS
1RFKDUJLQJGLVFKDUJLQJ
p ,IFKDUJLQJLVVWDUWHGLQDVWDWHZKHUHWKH UHPDLQLQJEDWWHU\FKDUJHLVFORVHWRWKH EDWWHU\LQGLFDWRUPD\QRWOLJKWXSLPPHGLDWHO\
モビ
7KHEDWWHU\ LQGLFDWRUOLJKWVXS
&$87,21 y 'RQRWGLVFRQQHFWWKH$&DGDSWRUXQWLOWKH ¿UVWWLPHRSHUDWLRQSURFHGXUHLVFRPSOHWHG y :KHQXVLQJWKLVFRPSXWHUIRUWKH¿UVW WLPHGRQRWFRQQHFWDQ\SHULSKHUDOGHYLFH H[FHSWWKH$&DGDSWRU y +DQGOLQJWKH$&DGDSWRU y 3UREOHPVVXFKDVVXGGHQYROWDJHGURSV PD\DULVHGXULQJSHULRGVRIWKXQGHUDQG OLJKWQLQJ6LQFHWKLVFRXOGDGYHUVHO\DIIHFW WKLVFRPSXWHUDQXQLQWHUUXSWLEOHSRZHU VRXUFH 836 LVKLJKO\UHFRPPHQGHG XQOHVVUXQQLQJIURPWKHEDWWHU\DORQH
,IQHFHVVDU\WRXFKWKH
ODQJXDJHQDPHDQGVFUROO WKHODQJXDJHOLVWWKHQWRXFK WKHODQJXDJH\RXXVH
" :KHQ³8VH*RRJOHORFDWLRQ´ LVGLVSOD\HGFKHFNZKDW LVGLVSOD\HGRQWKHVFUHHQ DQGWRXFK>1H[W@ 7RUHPRYHWKHFKHFNPDUN WRXFKWKHDSSOLFDEOHFKHFN ER[
# :KHQ³7KLVWDEOHWEHORQJV
WR´LVGLVSOD\HGLQSXW \RXUQDPHDQGWRXFK>1H[W@
2QO\IRUPRGHOZLWKZLUHOHVV:$1! ,I³6,0FDUGQRWIRXQG´LVGLVSOD\HGWRXFK >6NLS@7KHQWRXFK>6NLS@RUFRQ¿JXUH ZL¿VHWWLQJVE\IROORZLQJWKHRQVFUHHQ LQVWUXFWLRQV
7RXFKDQGVFUROOWKHWLPH
]RQHOLVWDQGWRXFKWKHWLPH ]RQHIRU\RXUORFDWLRQ
$ 5HDG³*RRJOHVHUYLFHV´DQG WRXFK>1H[W@
:KHQ³6HWXSFRPSOHWH´LV GLVSOD\HGWRXFK>)LQLVK@ :KHQ³0DNH\RXUVHOIDW KRPH´LVGLVSOD\HGWRXFK >2.@
8VLQJ
7RXFK>6WDUW@
p ,IQHFHVVDU\VHWGDWHDQGWLPHRUVHW >$XWRPDWLFGDWH WLPH@WR>21@
7RXFK>1H[W@ p ³6LJQLQZLWK\RXU*RRJOH$FFRXQW´VFUHHQLV GLVSOD\HG
! ,IQHFHVVDU\VHWXS\RXU
*RRJOHDFFRXQWE\IROORZLQJ WKHRQVFUHHQLQVWUXFWLRQV
p ,I\RXVHWXS\RXU*RRJOHDFFRXQW\RX FDQXVH*PDLO&DOHQGDUHWF
)LUVWWLPHRSHUDWLRQ
+RPHVFUHHQ
8VLQJ
7KHVFUHHQFRQ¿JXUDWLRQPD\GLIIHU GHSHQGLQJRQWKHVRIWZDUHYHUVLRQXVHG $ 6HDUFK9RLFHVHDUFK 6HDUFKWKHLQWHUQHWDQGWKLVFRPSXWHU XVLQJ*RRJOHVHDUFK 6HWWLQJV@6HWWLQJV DSSOLFDWLRQLVRSHQHG
. 3DQHOV 7KLVFRPSXWHUKDVSDQHOV)OLFNOHIWRU ULJKWWRGLVSOD\WKHQH[WSDQHO
+RZWRDWWDFKWKHKDQGVWUDS 7KHVWHSVWDNHQWRDWWDFKWKHKDQGVWUDSWR WKHSURGXFWDUHGHVFULEHGEHORZ
7DNHQRWHRIZKLFKHQGRI
WKHKDQGVWUDSLVZKLFKDQG SDVVWKHVWUDSWKURXJKWKH VWUDSKROHVDWWKHWRSDQG ERWWRP
)ROGEDFNWKHRWKHUHQGRI
WKHVWUDSVRWKDWLW¿WVWKH VL]HRI\RXUKDQGKROGLWLQ SODFHZLWK\RXUKDQGDQG DGKHUHWKHKRRNDQGORRS IDVWHQHU
3ODFHWKHSDGVRQWRS 7KLV FRPSOHWHVWKHSURFHVV
8VLQJ
3DVVRQHHQGRIWKHVWUDSDOO WKHZD\WKURXJKIROGLWEDFN DVVKRZQLQWKH¿JXUHDQG KROGLWLQSODFHZLWK\RXU KDQGDQGDGKHUHWKHKRRN DQGORRSIDVWHQHU
+RZWRFKDQJHWKHEDWWHU\SDFN 'HVFULEHGEHORZDUHWKHVWHSVWRWDNHWR FKDQJHWKHEDWWHU\SDFN %HIRUHFKDQJLQJWKHEDWWHU\SDFNSODFH WKHXQLWRQDGHVNRUWDEOH
5HOHDVHWKHEDWWHU\SDFN ORFNV
7XUQRIIWKLVFRPSXWHU¶V SRZHU
p )RUWKHSURFHGXUHWRWXUQRIIWKHSRZHU UHIHUWR³7XUQLQJRII´RQSDJH
7KLVVWHSDSSOLHVRQO\
ZKHQWKHKDQGVWUDSLV DWWDFKHG! :LWKWKLVFRPSXWHUSODFHG RQDGHVNRUWDEOHRSHQRXW WKHSDGRIWKHKDQGVWUDS
5HPRYHWKHEDWWHU\SDFN
3DG
8VLQJ %XFNOH
7KLVVWHSDSSOLHVRQO\
ZKHQWKHKDQGVWUDSLV DWWDFKHG! 5HPRYHWKHEXFNOHDQG H[WHQGWKHHQGVRIWKHVWUDS
%XFNOH
p 7DNHWKHVWHSVIRUUHPRYLQJWKH EDWWHU\SDFNZLWKWKLVFRPSXWHURQD GHVNWDEOHRURWKHUVXFKVXUIDFH p (QVXUHWKDWWKHEDWWHU\SDFNZLOOQRW IDOO p ,ILWSURYHVGLI¿FXOWWRUHPRYHWKHEDWWHU\ SDFNKRRNWKHEXFNOHRIWKHVWUDSRYHU WKHJULSDQGWXUQLWLQWKHGLUHFWLRQVKRZQ E\WKHDUURZWRUHPRYHWKHEDWWHU\SDFN
! ,QVWDOOWKHUHSODFHPHQW EDWWHU\SDFN
3UHFLVHO\DOLJQWKHWDEVRIWKHEDWWHU\ SDFNDQGSUHVVWKHEDWWHU\SDFNXS DJDLQVWWKHZDOO .HHSSXVKLQJWKHEDWWHU\SDFNLQWR SODFH¿UPO\XQWLOLWPRYHVQRIXUWKHU $OLJQWKHWDEV
3XVKWKHERWWRPVLGHRIWKH EDWWHU\SDFNGRZQLQWRSRVLWLRQ
p 'RQRWUHPRYHWKHEDWWHU\SDFNZLWK WKHSRZHUVWLOOVXSSOLHGWRWKHSURGXFW 2WKHUZLVHDQ\¿OHVEHLQJZULWWHQPD\ EHGHVWUR\HG p $VDVDIHJXDUGWRSUHYHQWRSHUDWLQJ HUURUVWKHSURGXFWKDVDIXQFWLRQIRU GLVSOD\LQJDZDUQLQJDQGVRXQGLQJD ZDUQLQJEHHSWRDOHUWWKHXVHULI\RX UHOHDVHWKHEDWWHU\SDFNORFNVZKLOH SRZHULVVWLOOVXSSOLHGWRWKHSURGXFW ,I\RXDUHXVLQJKHDGSKRQHVIRU LQVWDQFHWKHZDUQLQJEHHSZLOOEH HPLWWHGVLPXOWDQHRXVO\IURPWKHPDLQ XQLWDQGWKURXJKWKHKHDGSKRQHV,I WKHSURGXFWKDVQRWEHHQRSHUDWHGIRU WKHSUHVFULEHGSHULRGRIWLPHLWZLOO EHSODFHGLQWKHVOHHSPRGH,QWKH VOHHSPRGHWKHVFUHHQGDUNHQVDQG QRWKLQJDSSHDUVRQLWEXWWKHSURGXFW FRQWLQXHVWRRSHUDWHDQG¿OHVPD\ EHXSGDWHG$WDWLPHOLNHWKLVWKH ZDUQLQJEHHSLVHPLWWHGWRDOHUWWKH XVHULI\RXUHOHDVHWKHEDWWHU\SDFN ORFNVHYHQZKHQWKHSURGXFWLVLQWKH VOHHSPRGH
p ,QVWDOOWKHEDWWHU\SDFNZLWKWKHVXUIDFH ZKHUHLWVPRGHOQXPEHUDQGRWKHU GHWDLOVDUHSULQWHGIDFHGRZQ
" (QJDJHWKHEDWWHU\SDFN ORFNV
p7XUQWKHEDWWHU\SDFNORFNVXQWLO\RX KHDUDFOLFNLQJVRXQGWRORFNWKH EDWWHU\SDFNLQSODFH
8VLQJ
p 'XHWRWKHGHVLJQDGRSWHGWRHQVXUH WKHGXVWWLJKWDQGZDWHUSURRI SHUIRUPDQFHRIWKHSURGXFW\RXPD\ ¿QGWKDWWKHEDWWHU\SDFNWHQGVWR VWLFNZKHQ\RXDUHWU\LQJWRUHPRYHLW
,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6,0FDUG 'HVFULEHGKHUHDUHWKHVWHSVWRWDNHWRLQVWDOODQGUHPRYHWKHPLFUR6,0FDUG ZKLFK UHTXLUHVDXVHUFRQWUDFWIRUXVH
,QVWDOOLQJWKHPLFUR6,0FDUG
,QVHUWWKHPLFUR6,0FDUG
VWUDLJKWLQDVIDUDVLWZLOO JR
5HPRYLQJWKHPLFUR6,0FDUG
3UHVVWKHPLFUR6,0FDUG OLJKWO\
p 7KHPLFUR6,0FDUGZLOOSDUWLDOO\SRSRXW
3XOOWKHPLFUR6,0FDUG VWUDLJKWRXW
1RWFK 8VLQJ
p +ROGWKHPLFUR6,0FDUGVRWKDWLWVPHWDO WHUPLQDOVXUIDFHLVIDFLQJXSDQGDOLJQ LWVQRWFKZLWKWKHSRVLWLRQLQWKH¿JXUH p 3XVKLW¿UPO\LQWRSODFHXQWLO\RXKHDUD FOLFNLQJVRXQG
,QVWDOOLQJDQGUHPRYLQJWKHPLFUR6'PHPRU\FDUG 'HVFULEHGKHUHDUHWKHVWHSVWRWDNHWRLQVWDOODQGUHPRYHWKHPLFUR6'PHPRU\FDUG RSWLRQ
,QVWDOOLQJWKHPLFUR6'PHPRU\FDUG
5HPRYLQJWKHPLFUR6'PHPRU\FDUG
,QVHUWWKHPLFUR6'PHPRU\
3UHVVWKHPLFUR6'PHPRU\
FDUGVWUDLJKWLQDVIDUDVLW ZLOOJR
FDUGOLJKWO\
p 7KHPLFUR6'PHPRU\FDUGZLOOSDUWLDOO\ SRSRXW
3XOOWKHPLFUR6'PHPRU\ FDUGVWUDLJKWRXW
8VLQJ
1RWFK
p +ROGWKHPLFUR6'PHPRU\FDUGVRWKDW LWVPHWDOWHUPLQDOVXUIDFHLVIDFLQJGRZQ DQGDOLJQLWVQRWFKZLWKWKHSRVLWLRQLQ WKH¿JXUH p 3XVKLW¿UPO\LQWRSODFHXQWLO\RXKHDUD FOLFNLQJVRXQG
7URXEOHVKRRWLQJ EDVLF )ROORZWKHLQVWUXFWLRQVEHORZZKHQDSUREOHPKDVRFFXUUHG7KHUHLVDOVRDQDGYDQFHG WURXEOHVKRRWLQJJXLGHLQWKH³5HIHUHQFH0DQXDO´)RUDVRIWZDUHSUREOHPUHIHUWRWKH VRIWZDUH¶VLQVWUXFWLRQPDQXDO,IWKHSUREOHPSHUVLVWVFRQWDFW3DQDVRQLF7HFKQLFDO6XSSRUW
6WDUWLQJXS
7URXEOHVKRRWLQJ
&DQQRWVWDUWXS 7KHEDWWHU\LQGLFDWRULV QRWOLW
p &RQQHFWWKH$&DGDSWRU p &KDUJHWKHEDWWHU\SDFN p 5HPRYHWKH$&DGDSWRUWKHQFRQQHFWLWDJDLQ p +ROGGRZQ SRZHUEXWWRQ XQWLOWKHXQLWYLEUDWHVIRUDPRPHQW
&DQQRWWXUQRQWKLV FRPSXWHU 7KLVFRPSXWHUGRHVQRW ZDNHXSIURPVOHHS
p 7KLVFRPSXWHUPD\EHFRPHWRRKRWRUWRRFROG/HDYHLWLQDQ HQYLURQPHQWRI&^)`WR&^ )`IRUDERXWDQKRXU WKHQWXUQRQWKHSRZHUDJDLQ
&DQQRWVWDUWXSDQGWKH EDWWHU\LQGLFDWRUEOLQNV UHG
p 7KHUHPDLQLQJFKDUJHRIWKHEDWWHU\SDFNLVOHVVWKDQRIDIXOO FKDUJH&KDUJHWKHSDFNIRUDZKLOHDQGWKHQWXUQWKHSRZHURQ DJDLQ p 6RPHSUREOHPLVIRXQGLQWKHV\VWHPVRIWZDUH&RQWDFW3DQDVRQLF 7HFKQLFDO6XSSRUW
1RWKLQJDSSHDUVRQWKH VFUHHQ
p &KDUJHWKHEDWWHU\SDFN p ,QVWDOOWKHEDWWHU\SDFNFRUUHFWO\ p &KDQJHWKHEDWWHU\SDFNZKLFKKDVEHHQXVHGZLWKDIUHVKRQH
7KHGDWHDQGWLPHDUH LQFRUUHFW
p 0DNHWKHFRUUHFWVHWWLQJVE\SHUIRUPLQJWKHIROORZLQJVWHSV 7RXFK ±> 6HWWLQJV@±> 'DWH WLPH@DQGVHWGDWHDQG WLPH p ,IWKHSUREOHPSHUVLVWVWKHLQWHUQDOFORFNEDWWHU\PD\QHHGWREH UHSODFHG&RQWDFW3DQDVRQLF7HFKQLFDO6XSSRUW p :KHQWKLVFRPSXWHULVFRQQHFWHGWRQHWZRUNFKHFNWKHGDWHDQG WLPHRIWKHVHUYHU p 7KH$'RUODWHU\HDUZLOOQRWEHFRUUHFWO\UHFRJQL]HGRQWKLV WDEOHWFRPSXWHU
2SHUDWLRQLVVORZ
p $PELHQWWHPSHUDWXUHPD\EHKLJK0RYHWKLVFRPSXWHUWRWKH FRROHUORFDWLRQ
&DQQRWZDNHXS
p 7KH$&DGDSWRUPD\KDYHEHHQGLVFRQQHFWHGDQGWKHEDWWHU\SDFN PD\KDYHEHFRPHFRPSOHWHO\GLVFKDUJHGZKLOHWKHSURGXFWZDVLQ WKHVOHHSPRGH,QDFDVHOLNHWKLVDQ\GDWDZKLFKKDVQRWEHHQ VDYHGZLOOEHORVWDQGWKHSURGXFWZLOOQRWZDNHXS
2WKHUVWDUWXSSUREOHPV
p 5HPRYHDOOSHULSKHUDOGHYLFHV
6KXWWLQJGRZQ 7KLVFRPSXWHUGRHVQRWVKXW p :DLWRQHRUWZRPLQXWHV,WLVQRWDPDOIXQFWLRQ GRZQ p 3UHVVDQGKROG SRZHUEXWWRQ IRUVHFRQGVRUORQJHUWR WXUQWKHFRPSXWHURIIIRUFLEO\ p 5HPRYHDOOSHULSKHUDOVIURPWKLVFRPSXWHU
'LVSOD\ 1RGLVSOD\
p 7KHSRZHUVDYLQJIXQFWLRQPD\KDYHSODFHGWKHSURGXFWLQWKH VOHHSPRGH 7RUHVXPH7RZDNHLWXSSUHVV SRZHUEXWWRQ
7KHVFUHHQLVGDUN
p ,IWKHEULJKWQHVVVHWWLQJRIWKLVFRPSXWHULVVHWWR³$XWRPDWLF EULJKWQHVV´WKHVFUHHQEULJKWQHVVDXWRPDWLFDOO\FKDQJHV GHSHQGLQJRQWKHDPELHQWEULJKWQHVV 'LVDEOH³$XWRPDWLFEULJKWQHVV´DQGFKDQJHWKHEULJKWQHVVRI WKHVFUHHQ
7KHUHDUHUHGJUHHQRUEOXH GRWVRQWKHVFUHHQRUWKHUH LVXQHYHQQHVVLQFRORUVDQG EULJKWQHVVRQWKHVFUHHQ
7KHIROORZLQJDUHQRWPDOIXQFWLRQV p $OWKRXJKDGYDQFHGKLJKSUHFLVLRQWHFKQRORJLHVDUHXVHGLQWKH SURGXFWLRQRIFRORU/&'VFUHHQVRUOHVVRIWKHSLFWXUH HOHPHQWVPD\EHGDUNRUUHPDLQFRQVWDQWO\OLW LHPRUHWKDQ RIHOHPHQWVIXQFWLRQSURSHUO\ p 'XHWRWKHQDWXUDOFKDUDFWHULVWLFVRI/&'VFUHHQV\RXPD\ QRWLFHXQHYHQQHVVLQFRORUVDQGEULJKWQHVVGHSHQGLQJRQ\RXU DQJOHRIYLHZ+XHVPD\DOVRYDU\E\SURGXFW
%OLQNLQJRUDQJH
p 7KHEDWWHU\SDFNFDQQRWEHFKDUJHGWHPSRUDULO\5HPRYHWKH $&DGDSWRUWKHQFRQQHFWLWDJDLQ
/LJKWLQJUHG
p 7KHUHPDLQLQJEDWWHU\FKDUJHLVDSSUR[LPDWHO\OHVVWKDQ RIDIXOOFKDUJH&KDUJHWKHEDWWHU\SDFN
7KHEDWWHU\LQGLFDWRUIDLOVWR OLJKWGXULQJFKDUJLQJ
p &KDQJHWKHEDWWHU\SDFNZKLFKKDVEHHQXVHGZLWKDIUHVKRQH
7KHEDWWHU\SDFNFKDUJLQJ HQGHGTXLFNO\RUWKHEDWWHU\ SDFNFDQQRWEHFKDUJHGDW DOO
7URXEOHVKRRWLQJ
%DWWHU\LQGLFDWRU
7URXEOHVKRRWLQJ EDVLF 2QVFUHHQPDQXDO :KHQWKHVFUHHQLVURWDWHG SDUWRIWKHVFUHHQLVQRW GLVSOD\HG
p ,IWKHVFUHHQLV]RRPHGRUWKHPHQXLVRSHQHG]RRPRXWDQG FORVHWKHPHQXWKHQWRXFK WRUHORDGWKHGDWD
2WKHUV 1RUHVSRQVH
p 3UHVVDQGKROG SRZHUEXWWRQ XQWLO³3RZHURII´VFUHHQLV GLVSOD\HGDQGWRXFK>2.@WKHQSUHVV SRZHUEXWWRQ WRWXUQ LWRQ p ,IWKHDSSOLFDWLRQGRHVQRWZRUNQRUPDOO\XQLQVWDOODQGUHLQVWDOO WKHDSSOLFDWLRQ7RXQLQVWDOO 7RXFK ±> 6HWWLQJV@±> $SSOLFDWLRQV@ 7RXFK>'2:1/2$'@RU>$//@DQGWRXFKWKHDSSOLFDWLRQWR XQLQVWDOOWKHQWRXFK>8QLQVWDOO@ 8QLQVWDOOWKHDSSOLFDWLRQE\IROORZLQJWKHRQVFUHHQ LQVWUXFWLRQV
7KHVFUHHQIUHH]HVDQG QRRSHUDWLRQVFDQEH SHUIRUPHG
SRZHUEXWWRQ IRURUPRUHVHFRQGV p +ROGGRZQ 7KLVIRUFLEO\WXUQVWKHSRZHURII1RZWXUQWKHSRZHUEDFNRQ
)DFWRU\GDWDUHVHW &$87,21 y )DFWRU\GDWDUHVHWIXQFWLRQZLOOUHWXUQWKLVFRPSXWHUWRWKHGHIDXOWFRQGLWLRQ:KHQ\RXUHVHWWKLV FRPSXWHUWKHVWRUHGGDWDZLOOEHHUDVHG %DFNXSLPSRUWDQWGDWDWRRWKHUPHGLDEHIRUHUHVHW 7URXEOHVKRRWLQJ
7RXFK ±>
6HWWLQJV@±> %DFNXS UHVHW@±>)DFWRU\GDWDUHVHW@ $OOWKHGDWDLQPQWVGFDUGIROGHUZLOOEHHUDVHG7KHGDWDLQPLFUR6'PHPRU\FDUGLQVHUWHGLQWR PLFUR6'PHPRU\FDUGVORWZLOOQRWEHHUDVHG 7RXFK>5HVHWWDEOHW@ )ROORZWKHRQVFUHHQLQVWUXFWLRQV
6SHFL¿FDWLRQV x 0DLQVSHFL¿FDWLRQV %DVLF0RGHO :$10RGHO -7%$3$$=$0 -7%$3$$$$0 -7%$3$$9$0 -7%$3$$8
-7%$3$$=
0RGHO1R
&386HFRQGDU\FDFKHPHPRU\ 20$3 $50&RUWH[$ 'XDO&RUH E\7,, *+]
'LVSOD\PHWKRG
2SHUDWLRQV
6\VWHP 1RRISL[HOV 6L]H 1RRIFRORUV %DFNOLJKW 6ZLWFKHV 7RXFKSDQHO :L)L %OXHWRRWK
&RPPXQLFDWLRQ LQWHUIDFH
6HQVRU
&DUGVORWV
([WHUQDO LQWHUIDFH $XGLR &DPHUD 3RZHUVXSSO\ $&DGDSWRU
:LUHOHVV:$1 ,&FDUG $FFHOHURPHWHU *\URVHQVRU *HRPDJQHWLF VHQVRU 3UR[LPLW\ VHQVRU $PELHQWOLJKW VHQVRU *36 PLFUR6' PHPRU\FDUG VORW PLFUR6,0FDUG VORW 86% ([SDQVLRQEXV FRQQHFWRU 6SHDNHU 0LFURSKRQH +HDGVHWMDFN )URQWFDPHUD 5HDUFDPHUD
*% 6'5$0 *% )ODVKPHPRU\ 7)7FRORU/&' î :69*$ LQFKHV FRORUV ELWV :KLWH/(' 3RZHUDSSOLFDWLRQEXWWRQV &DSDFLWLYHWRXFKSDQHO 0XOWLWRXFKVXSSRUWHGSRLQWV ,(((DEJQ %OXHWRRWKY $'3$95&3+,'+63233633*$33$1+'3%/3+73+53 *60('*( &'0$(9' *60('*( 8076 ² 5HY$ 8076+63$ +63$+63$ /7( +63$/7( /7( &RQWDFWOHVV,&FDUGUHDGHUZULWHU7\SH$7\SH%)HOL&D D[HV D[HV D[HV $SSV@DQGWKHQFKHFNWKHIROORZLQJLQVHTXHQFH >6HWWLQJV@¼>$ERXWWDEOHW@¼>/HJDOLQIRUPDWLRQ@ 7KHVRXUFHFRGHVDSSURYHGRQWKHEDVLVRIWKH*3/DQG/*3/WHUPVDQGFRQGLWLRQVKDYHEHHQ UHOHDVHGLQWKHJHQHUDOGRPDLQ,WVKRXOGEHERUQHLQPLQGWKDWWKHVHVRIWZDUHDSSOLFDWLRQVDUH QRWFRYHUHGE\WKHSURGXFW¶VZDUUDQW\ )RUDSHULRGRIDWOHDVWWKUHH \HDUVDIWHUWKHVDOHRIWKHSURGXFW3DQDVRQLF6\VWHP1HWZRUNV &RZLOOGLVWULEXWHDWFRVWWRWKRVHLQGLYLGXDOVRUJURXSVZKLFKKDYHFRQWDFWHGLWOLVWVRIWKH FRPSOHWHPDFKLQHUHDGDEOHVRXUFHFRGHVDQGFRS\ULJKWGLVSOD\VZKLFKVXSSRUWWKH*3//*3/ VRIWZDUHLQDFFRUGDQFHZLWKWKHWHUPVDQGFRQGLWLRQVRIWKH*3//*3/OLFHQVHDJUHHPHQWV )RULQTXLULHVFRQFHUQLQJWKHDERYHDQGIRUGHWDLOVRQKRZWRREWDLQWKHUHODWHGVRXUFHFRGHV SOHDVH¿OORXWWKHLQTXLU\IRUPZKLFKFDQEHIRXQGRQWKHFRPSDQ\¶VZHEVLWHJLYHQEHORZ KWWS SDQDVRQLFEL]LWWDEOHWE
2SWLRQV x %DWWHU\SDFN-7%%78
$SSHQGL[
/,0,7(':$55$17< )RU86$ 3DQDVRQLF6\VWHP&RPPXQLFDWLRQV&RPSDQ\RI1RUWK$PHULFD 36&1$ &RPSXWHU3URGXFWV:RUOGZLGH:DUUDQWLHV
6HFWLRQ /LPLWHG:DUUDQW\±+DUGZDUH 36&1$UHIHUUHGKHUHDIWHUDV3DQDVRQLFZLOOUHSDLUWKHSURGXFWVOLVWHGEHORZZLWKQHZRUUHEXLOW SDUWVIUHHRIFKDUJHLQD*OREDO3DQDVRQLFGHVLJQDWHGVHUYLFHORFDWLRQIRUWKHSHULRGVSHFL¿HG EHORZIURPWKHGDWHRIRULJLQDOSXUFKDVHLQWKHHYHQWRIDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS7KHVH ZDUUDQWLHVDUHH[WHQGHGVROHO\WRWKHRULJLQDOSXUFKDVHU$SXUFKDVHUHFHLSWRURWKHUSURRIRIGDWHRI RULJLQDOSXUFKDVHZLOOEHUHTXLUHGEHIRUHZDUUDQW\SHUIRUPDQFHLVUHQGHUHG y /DSWRS&RPSXWHUV &) ±
