View MCP25020_121991.PDF datasheet online --- IC-ON-LINE

Datasheet File OCR Text:

)HDWXUHV
0&3;;
&$1 ,2 ([SDQGHU )DPLO\
3D.NDJH 7\SHV
3',362,&
*3$1 *3$1 *3$13:0 *3$13:0 *39# *39# 9$$

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
9 7;&$17;5;&$1 5;&$11& *35679!! *3&/.287 26& 26&&/.,1
2QHZLUH RSWLRQ DYDLODEOH RQ 0&3; GHYL.HV
'HV.ULSWLRQ
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
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
'HILQLWLRQ RI 7HUPV
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
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
'(9,&( 29(59,(:
7KLV GR.XPHQW .RQWDLQV GHYL.HVSH.LIL. LQIRUPDWLRQ RQ WKH 0&3;; IDPLO\ RI &$1 ,2 H[SDQGHUV 7KH &$1 SURWR.RO LV QRW GLV.XVVHG LQ GHSWK LQ WKLV GR.X PHQW $GGLWLRQDO LQIRUPDWLRQ RQ WKH &$1 SURWR.RO .DQ EH IRXQG LQ WKH &$1 6SH.LIL.DWLRQ DV GHILQHG E\ 5REHUW %RV.K *PE+ )LJXUH LV WKH EOR.N GLDJUDP RI WKH 0&3;; DQG 7DEOH LV WKH SLQRXW GHV.ULSWLRQ 7KH IROORZLQJ VH.WLRQV GHWDLO WKH PRGXOHV DV OLVWHG LQ )LJXUH
),*85( 0&3;; %/2&. ',$*5$0
*3,2 *3$1 *3$1 *3$13:0 *3$13:0 *395() *395() 8VHU 0HPRU\ *3&/.287 *3567933
6WDWH 0D.KLQH DQG &RQWURO /RJL. &$1 3URWR.RO (QJLQH
26&&/.,1 26&&/.287
7LPLQJ *HQHUDWLRQ
7;&$1 7;5;&$1 5;&$1
3:0
3:0
$'
2QO\ WKH 0&3; GHYL.HV KDYH WKH $' PRGXOH
7$%/(
3LQ 1DPH
*3$1 *3$1 *3$13:0 *3$13:0 *39# *39# 9$$ 26&&/.,1 26& *3&/.287 *35679!! 5;&$1
3,1287 '(6&5,37,21
3LQ 1XPEHU

6WDQGDUG )XQ.WLRQ
%LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU ([WHUQDO RV.LOODWRU LQSXW ([WHUQDO RV.LOODWRU RXWSXW *URXQG %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU %LGLUH.WLRQDO ,2 SLQ 77/ LQSXW EXIIHU &$1 GDWD UH.HLYH LQSXW &$1 GDWD WUDQVPLW RXWSXW 3RZHU
$OWHUQDWH )XQ.WLRQ
$QDORJ LQSXW .KDQQHO $QDORJ LQSXW .KDQQHO $QDORJ LQSXW3:0 RXWSXW $QDORJ LQSXW3:0 RXWSXW ([WHUQDO .OR.N LQSXW 1RQH 1RQH ([WHUQDO 9# ([WHUQDO 9# LQSXW &/.287 RXWSXW ([WHUQDO 5HVHW LQSXW 1RW .RQQH.WHG IRU ZLUH &$1 7; DQG 5; IRU ZLUH RSHUDWLRQ 0&3; 1RQH
3URJUDPPLQJ 0RGH )XQ.WLRQ
1RQH 1RQH 1RQH 1RQH 1RQH 1RQH *URXQG 'DWD &OR.N 1RQH 9SS 1RQH 1RQH 3RZHU
7;&$17;5;&$1 9
2QO\ WKH 0&3; GHYL.HV KDYH WKH $' PRGXOH
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
&$1 02'8/(
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
),*85( &$1 02'8/(
%8))(56
0(66$*(
0(66$*(
0(66$*(
7;% 7;5(4 $%7) 0/2$ 7;(55
7;% 7;5(4 $%7) 0/2$ 7;(55
7;% 7;5(4 $%7) 0/2$ 7;(55
$ . . H S W 5 ; %
$..HSWDQ.H 0DVN 5;0 $..HSWDQ.H )LOWHU 5;) 0 $ % $..HSWDQ.H )LOWHU 5;) 5 ; %
$ . . H S W
0HVVDJH 4XHXH &RQWURO
,GHQWLILHU 'DWD )LHOG
,GHQWLILHU 'DWD )LHOG
7UDQVPLW %\WH 6HTXHQ.HU
35272&2/ (1*,1( 7UDQVPLW! 6KLIW! ^7UDQVPLW! 5H.HLYH! &RPSDUDWRU &5&! 5H.HLYH!
5H.HLYH (UURU &RXQWHU 7UDQVPLW (UURU &RXQWHU
5(& 7(& (UU3DV %XV2II
3URWR.RO )LQLWH 6WDWH 0D.KLQH
7UDQVPLW /RJL. 7;&$17;5;&$1
%LW 7LPLQJ /RJL. 5;&$1
&OR.N *HQHUDWRU
&RQILJXUDWLRQ 5HJLVWHUV
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
&$1 3URWR.RO )LQLWH 6WDWH 0D.KLQH
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
&\.OL. 5HGXQGDQ.\ &KH.N &5&
7KH &\.OL. 5HGXQGDQ.\ &KH.N 5HJLVWHU JHQHUDWHV WKH &\.OL. 5HGXQGDQ.\ &KH.N &5& .RGH ZKL.K LV WUDQV PLWWHG DIWHU HLWKHU WKH &RQWURO )LHOG IRU PHVVDJHV ZLWK GDWD E\WHV RU WKH 'DWD )LHOG DQG LV XVHG WR .KH.N WKH &5& ILHOG RI LQ.RPLQJ PHVVDJHV
(UURU 0DQDJHPHQW /RJL.
7KH (UURU 0DQDJHPHQW /RJL. LV UHVSRQVLEOH IRU WKH IDXOW .RQILQHPHQW RI WKH &$1 GHYL.H ,WV WZR .RXQWHUV WKH 5H.HLYH (UURU &RXQWHU 5(& DQG WKH 7UDQVPLW
),*85( (5525 02'(6 67$7( ',$*5$0
5(6(7
5(& RU 7(&
(UURU$.WLYH R..XUUHQ.HV RI .RQVH.XWLYH UH.HVVLYH ELWV
5(& ! RU 7(& ! (UURU3DVVLYH 7(& ! %XV2II
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5(*,67(5
5 7(& ELW 5 7(&
7(& 75$160,77(5 (5525 &2817(5
5 7(& 5 7(& 5 7(& 5 7(& 5 7(& 5 7(& ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
7(&! 7UDQVPLW (UURU &RXQWHU
5(*,67(5
5 5(& ELW 5 5(&
5(& 5(&(,9(5 (5525 &2817(5
5 5(& 5 5(& 5 5(& 5 5(& 5 5(& 5 5(& ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
5(&! 5H.HLYH (UURU &RXQWHU
),*85( %,7 7,0( 3$57,7,21,1*
,QSXW 6LJQDO
6\Q.
3URS 6HJPHQW
3KDVH 6HJPHQW 6DPSOH 3RLQW
3KDVH 6HJPHQW
74
%LW 7LPLQJ /RJL.
7,0( 48$1780 74
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
$ 7LPH 4XDQWXP LV D IL[HG XQLW RI WLPH GHULYHG IURP WKH RV.LOODWRU SHULRG 7KHUH LV D SURJUDPPDEOH EDXG UDWH SUHV.DOHU %53 ZLWK LQWHJUDO YDOXHV UDQJLQJ IURP WR LQ DGGLWLRQ WR D IL[HG GLYLGH E\ WZR IRU .OR.N JHQHU DWLRQ 7KH EDVH 74 LV GHILQHG DV WZL.H WKH RV.LOODWRU SHULRG $GGLQJ WKH %53 LQWR WKH HTXDWLRQ \LHOGV 7" 7 ZKHUH %53 &1)%53!
$
( %53 YDOXH
) UHSUHVHQWHG E\
ELQDU\
%\ GHILQLWLRQ WKH QRPLQDO ELW WLPH LV SURJUDPPDEOH IURP D PLQLPXP RI 74 WR 74 $OVR WKH PLQLPXP QRPLQDO ELW WLPH LV V ZKL.K .RUUHVSRQGV WR 0EV
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
7,0( 6(*0(176 6$03/( 32,17
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
,1)250$7,21 352&(66,1* 7,0(
5XOHV IRU 3URJUDPPLQJ WKH 6HJPHQWV
7KHUH DUH D IHZ UXOHV WR IROORZ ZKHQ SURJUDPPLQJ WKH WLPH VHJPHQWV 3URS6HJ 36 ! 36 36 ! 6\Q. -XPS :LGWK 36 ! ,QIRUPDWLRQ 3UR.HVVLQJ 7LPH
7KH ,QIRUPDWLRQ 3UR.HVVLQJ 7LPH ,37 LV WKH WLPH VHJ PHQW VWDUWLQJ DW WKH VDPSOH SRLQW WKDW LV UHVHUYHG IRU .DO.XODWLRQ RI WKH VXEVHTXHQW ELW OHYHO 7KH &$1 VSH. LIL.DWLRQ GHILQHV WKLV WLPH WR EH OHVV WKDQ RU HTXDO WR 74 7KH 0&3;; GHILQHV WKLV WLPH WR EH 74 7KXV 36 PXVW EH DW OHDVW 74 ORQJ
6<1&+521,=$7,21 -803 :,'7+
6\Q.KURQL]DWLRQ 6HJPHQW
7KLV SDUW RI WKH ELW WLPH LV XVHG WR V\Q.KURQL]H WKH YDU LRXV &$1 QRGHV RQ WKH EXV 7KH HGJH RI WKH LQSXW VLJ QDO LV H[SH.WHG WR R..XU GXULQJ WKH 6\Q.6HJ 7KH GXUDWLRQ LV IL[HG DW 74
3URSDJDWLRQ 6HJPHQW
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
3KDVH %XIIHU 6HJPHQWV
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
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
&21),*85$7,21 5(*,67(56
7KHUH DUH WKUHH UHJLVWHUV LQ WKH .RQILJXUDWLRQ UHJLVWHU PRGXOH DVVR.LDWHG ZLWK WKH &$1 ELW WLPLQJ ORJL. WKDW .RQWURO WKH ELW WLPLQJ IRU WKH &$1 EXV LQWHUID.H WR D WKHQ WKH 5;&$1 SLQ LV VDPSOHG RQO\ RQ.H DW WKH VDPSOH SRLQW 7KH %7/02'( ELW .RQWUROV KRZ WKH OHQJWK RI SKDVH VHJPHQW LV GHWHUPLQHG ,I WKLV ELW LV VHW WR D WKHQ WKH OHQJWK RI SKDVH VHJPHQW LV GHWHU PLQHG E\ WKH 36! ELWV RI &1) ,I WKH %7/02'( ELW LV VHW WR D WKHQ WKH OHQJWK RI SKDVH VHJPHQW LV WKH JUHDWHU RI SKDVH VHJPHQW DQG WKH LQIRUPDWLRQ SUR.HVVLQJ WLPH ZKL.K LV IL[HG DW 74 IRU WKH 0&3;;
&1)
7KH %53! ELWV .RQWURO WKH EDXG UDWH SUHV.DOHU 7KHVH ELWV VHW WKH OHQJWK RI 74 UHODWLYH WR WKH 26& LQSXW IUHTXHQ.\ ZLWK WKH PLQLPXP OHQJWK RI 74 EHLQJ 726& LQ OHQJWK ZKHQ %53! DUH VHW WR 7KH 6-:! ELWV VHOH.W WKH V\Q.KURQL]DWLRQ MXPS ZLGWK LQ WHUPV RI QXPEHU RI 74V
&1)
&1)
7KH 356(*! ELWV VHW WKH OHQJWK LQ 74V RI WKH SURSDJDWLRQ VHJPHQW 7KH 36! ELWV VHW WKH OHQJWK LQ 74V RI SKDVH VHJPHQW 7KH 6$0 ELW .RQWUROV KRZ PDQ\ WLPHV WKH 5;&$1 SLQ LV VDPSOHG 6HWWLQJ WKLV ELW WR D .DXVHV WKH EXV WR EH VDPSOHG WKUHH WLPHV WZL.H DW 74 EHIRUH WKH VDPSOH SRLQW DQG RQ.H DW WKH QRUPDO VDPSOH SRLQW ZKL.K LV DW WKH HQG RI SKDVH VHJPHQW 7KH YDOXH RI WKH EXV LV GHWHUPLQHG WR EH WKH YDOXH UHDG GXULQJ DW OHDVW WZR RI WKH VDPSOHV ,I WKH 6$0 ELW LV VHW
7KH 36! ELWV VHW WKH OHQJWK LQ 74V RI 3KDVH 6HJPHQW LI WKH &1)%7/02'( ELW LV VHW WR D ,I WKH %7/02'( ELW LV VHW WR D WKHQ WKH 36! ELWV KDYH QR HIIH.W ,Q DGGLWLRQ WKH ZDNHXS ILOWHU &1):$.),/ LV LPSOH PHQWHG LQ WKH &1) UHJLVWHU 7KLV ILOWHU LV D ORZ SDVV ILO WHU WKDW .DQ EH XVHG WR SUHYHQW WKH 0&3;; IURP ZDNLQJ XS GXH WR VKRUW JOLW.KHV RQ WKH &$1 EXV
5(*,67(5
5: 6-: ELW 5: 6-:
&1) &$1 &21),*85$7,21 5(*,67(5
5: %53 5: %53 5: %53 5: %53 5: %53 5: %53 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
6-:6-: 6\Q.KURQL]HG -XPS :LGWK 11 /HQJWK [ 7" 10 /HQJWK [ 7" 01 /HQJWK [ 7" 00 /HQJWK [ 7" %53%53%DXG 5DWH 3UHV.DOHU 111111 7" [ [ ) $ 7" [ [ )
$
ELW

000000
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
5(*,67(5
5: %7/02'( ELW 5: 6$0
&1) &$1 &21),*85$7,21 5(*,67(5
5: 5: 5: 5: 5: 5: 5 5HDGDEOH ELW ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV 3+6(* 3+6(* 3+6(* 356(* 356(* 356(*
ELW
%7/02'( /HQJWK GHWHUPLQDWLRQ RI 3+6(* 1 /HQJWK RI 3KDVHB6HJ GHWHUPLQHG E\ ELWV RI &1) 0 /HQJWK RI 3KDVHB6HJ LV WKH JUHDWHU RI 3KDVHB6HJ RU ,37 7" 6$0 6DPSOH RI WKH &$1 EXV OLQH 1 %XV OLQH LV VDPSOHG WKUHH WLPHV DW WKH VDPSOH SRLQW 0 %XV OLQH LV VDPSOHG RQ.H DW WKH VDPSOH SRLQW 3+6(*3+6(* 3KDVH %XIIHU 6HJPHQW 111 OHQJWK [ 7" 000 OHQJWK [ 7" 356(*356(* 3URSDJDWLRQ 7LPH 6HJPHQW 111 OHQJWK [ 7" 000 OHQJWK [ 7"
ELW
ELW
ELW
5(*,67(5
8 ELW 5: :$.),/
&1) &$1 &21),*85$7,21 5(*,67(5
8 8 8 5: 5: 5: 5 5HDGDEOH ELW ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV 3+6(* 3+6(* 3+6(*
ELW ELW
8QLPSOHPHQWHG 5HDGV DV :$.),/ :DNHXS ILOWHU 1 0 :DNHXS ILOWHU HQDEOHG :DNHXS ILOWHU GLVDEOHG
ELW ELW
8QLPSOHPHQWHG 5HDGV DV 3+6(*3+6(* 3KDVH %XIIHU 6HJPHQW 111 OHQJWK [ 7" OHQJWK [ 74 000 ,QYDOLG
%XIIHUV 0DVNV DQG )LOWHUV
7KLV SDUW RI WKH &$1 PRGXOH VXSSRUWV WKH WUDQVPLWWLQJ UH.HLYLQJ DQG D..HSWDQ.H RI &$1 PHVVDJHV 7KUHH WUDQVPLW EXIIHUV DUH XVHG IRU WKH WKUHH WUDQVPLW PHVVDJH ,'V DV GLV.XVVHG ODWHU LQ WKLV VH.WLRQ 7ZR UH.HLYH EXIIHUV VWRUH WKH &$1 PHVVDJHV DUELWUDWLRQ ILHOG .RQWURO ILHOG DQG WKH GDWD ILHOG 2QH PDVN GHILQHV ZKL.K ELWV DUH WR EH DSSOLHG WR HLWKHU ILOWHU 7KH PDVN .DQ EH UHJDUGHG DV GHILQLQJ GRQW .DUH ELWV IRU WKH ILOWHU
(D.K RI WKH WZR ILOWHUV GHILQH D ELW SDWWHUQ WKDW ZLOO EH .RPSDUHG WR DOO LQ.RPLQJ PHVVDJHV $OO ILOWHU ELWV WKDW KDYH QRW EHHQ GHILQHG DV GRQW .DUH E\ WKH PDVN DUH DSSOLHG WR WKH PHVVDJH
75$160,7 0(66$*( ,'6
7KH 0&3;; GHYL.H .RQWDLQV WKUHH VHSDUDWH WUDQVPLW PHVVDJH ,'V 7;,' 7;,' DQG 7;,' 7KH GDWD OHQJWK .RGH LV SUHGHILQHG IRU HD.K RI WKH YDULRXV
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
RXWSXW PHVVDJHV DQG WKH GDWD WKDW LV WUDQVPLWWHG .RPHV GLUH.WO\ IURP WKH .RQWHQWV RI WKH GHYL.HV SHULSK HUDO UHJLVWHUV 6LPLODUO\ DQ HUURU SDVVLYH PHVVDJH LV VHQW DW 7(& RU 5(& ! DQG LV QRW VHQW DJDLQ XQWLO WKH HUURU .RXQWHU DQG ED.N WR ! K\VWHUHVLV .RXQWV
7UDQVPLW 0HVVDJH ,' 7;,'
7UDQVPLW 0HVVDJH ,' 7;,'
7UDQVPLW ,' .RQWDLQV WKH LGHQWLILHU WKDW LV XVHG ZKHQ WUDQVPLWWLQJ WKH 2Q %XV PHVVDJH ,I HQDEOHG 67&2167(1 WKH 2Q %XV PHVVDJH ZLOO EH WUDQVPLWWHG DW SUHGHILQHG LQWHUYDOV 'HSHQGLQJ RQ WKH PHVVDJH VHOH.W ELW 67&216706 WKH &$1 PHV VDJH ZLOO VHQG *3,2 DQG $' GDWD 7UDQVPLW 0HVVDJH ,' ZLOO QRW DXWRPDWL.DOO\ EH VHQW ZKHQ WKH GHYL.H LV EURXJKW RXW RI VOHHS
7UDQVPLW ,' .RQWDLQV WKH LGHQWLILHU WKDW LV XVHG ZKHQ WUDQVPLWWLQJ DXWR.RQYHUVLRQ LQLWLDWHG PHVVDJHV LQ.OXGLQJ GLJLWDO LQSXW HGJH GHWH.WLRQ DQGRU DQDORJ LQSXW H[.HHGLQJ D WKUHVKROG 7KLV PHVVDJH ZLOO DOVR EH VHQW ZKHQ WKH GHYL.H ZDNHV XS IURP VOHHS GXH WR D GLJ LWDO LQSXW .KDQJH RI VWDWH .RQGLWLRQ LH .KDQJH RI VWDWH R..XUV RQ LQSXW .RQILJXUHG WR WUDQVPLWRQ.KDQJH RI VWDWH
7UDQVPLW 0HVVDJH ,' 7;,'
5H.HLYH %XIIHUV
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
7KH 0&3; .RQWDLQV WZR UH.HLYH EXIIHUV HD.K ZLWK WKHLU RZQ ILOWHU 7KHUH LV DOVR D 0HVVDJH $VVHPEO\ %XIIHU 0$% ZKL.K D.WV DV D WKLUG UH.HLYH EXIIHU VHH )LJXUH 7KH WZR UH.HLYH EXIIHUV .RPELQHG ZLWK WKH 0$% KHOSV LQVXUH WKDW UH.HLYHG PHVVDJHV ZLOO EH SUR.HVVHG ZKLOH PLQLPL]LQJ WKH .KDQ.HV RI UH.HLYH EXIIHU RYHUUXQ GXH WR PD[LPXP EXV ORDGLQJ RI PHVVDJHV GHVWLQHG IRU WKH 0&3;; 1RWH 7KH UH.HLYH EXIIHUV DUH XVHG E\ WKH 0&3;; WR LPSOHPHQW WKH &RP PDQG 0HVVDJHV DQG DUH QRW H[WHUQDOO\ D..HVVLEOH
$..HSWDQ.H 0DVN
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
7KH D..HSWDQ.H PDVN LV XVHG WR GHILQH ZKL.K ELWV LQ WKH &$1 ,' DUH WR EH .RPSDUHG DJDLQVW WKH SURJUDP PDEOH ILOWHUV ,QGLYLGXDO ELWV ZLWKLQ WKH PDVN .RUUHVSRQG WR ELWV LQ WKH &$1 ,' ZKL.K .RUUHVSRQG WR ELWV LQ WKH D..HSWDQ.H ILOWHUV $Q\ ELW LQ WKH PDVN WKDW LV VHW WR D ZLOO .DXVH WKH .RUUHVSRQGLQJ &$1 ,' ELW WR EH .RP SDUHG DJDLQVW WKH DVVR.LDWHG ILOWHU ELW $Q\ ELW LQ WKH PDVN WKDW LV VHW WR D LV QRW .RPSDUHG DQG HIIH.WLYHO\ VHWV WKH DVVR.LDWHG &$1 ,' ELW WR GRQW .DUH
0$6.6 $1' 67$1'$5' (;7(1'(' ,'6
7R LQVXUH SURSHU RSHUDWLRQ RI WKH ,QIRUPDWLRQ 5HTXHVW DQG ,QSXW PHVVDJHV VRPH PDVN ELWV DV .RQILJXUHG LQ WKH PDVN UHJLVWHUV PD\ EH LJQRUHG DV H[SODLQHG 0HVVDJH ZLWK D VWDQGDUG ,' 7KH WKUHH OHDVW VLJQLIL .DQW ELWV RI D VWDQGDUG LGHQWLILHU 5;06,'/6,'6,' DUH GRQW .DUH IRU WKH PDVN UHJLVWHUV DQG HIIH.WLYHO\ EH.RPH =(52 0HVVDJH ZLWK DQ H[WHQGHG ,' 7KH WKUHH OHDVW VLJQLI L.DQW ELWV RI WKH VWDQGDUG LGHQWLILHU 5;0 6,'/6,'6,' DUH .RQILJXUDEOH DQG WKH WKUHH OHDVW
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
VLJQLIL.DQW ELWV RI WKH H[WHQGHG LGHQWLILHU 5;0(,'(,'(,' DUH DOZD\V GRQW .DUH DQG HIIH.WLYHO\ EH.RPH =(52 1RWH 7KH (;,'( ELW LQ WKH 0DVN UHJLVWHU 5;0 6,'/ .DQ EH XVHG WR PDVN WKH ,'( ELW LQ WKH .RUUHVSRQGLQJ 5H.HLYH EXIIHU UHJLVWHU 5;%Q6,'/
$..HSWDQ.H )LOWHUV
7KHUH DUH WZR VHSDUDWH D..HSWDQ.H ILOWHUV GHILQHG IRU WKH 0&3;; 5;) DQG 5;) 5;) LV XVHG IRU ,QIRUPDWLRQ 5HTXHVW PHVVDJHV DQG 5;) LV XVHG IRU ,QSXW PHVVDJHV VHH7DEOH DQG 7DEOH (D.K ELW LQ WKH ILOWHUV .RUUHVSRQGV WR D ELW LQ WKH &$1 ,' (YHU\ ELW LQ WKH &$1 ,' IRU ZKL.K WKH .RUUHVSRQGLQJ 0DVN ELW LV VHW PXVW PDW.K WKH DVVR.LDWHG ILOWHU ELW LQ RUGHU IRU WKH PHVVDJH WR EH D..HSWHG 0HVVDJHV WKDW IDLO WR PHHW WKH 0DVN),OWHU .ULWHULD DUH LJQRUHG
5(*,67(5
5:[ 6,' ELW 5:[ 6,'
7;,'16,'+ 75$160,7 ,'(17,),(5 1 67$1'$5' ,'(17,),(5 +,*+
5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
6,'6,' 6WDQGDUG ,GHQWLILHU
5(*,67(5
5:[ 6,' ELW 5:[ 6,'
7;,'16,'/ 75$160,7 ,'(17,),(5 1 67$1'$5' ,'(17,),(5 /2:
5:[ 6,' 8 5:[ (;,'( 8 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW ELW ELW
6,'6,' 6WDQGDUG ,GHQWLILHU 8QLPSOHPHQWHG 5HDG DV (;,'( ([WHQGHG ,GHQWLILHU (QDEOH 1 0HVVDJH ZLOO WUDQVPLW H[WHQGHG LGHQWLILHU 0 0HVVDJH ZLOO WUDQVPLW VWDQGDUG LGHQWLILHU 8QLPSOHPHQWHG 5HDG DV (,'(,' ([WHQGHG ,GHQWLILHU
ELW ELW
5(*,67(5
5:[ (,' ELW 5:[ (,'
7;,'1(,' 75$160,7 ,'(17,),(5 1 (;7(1'(' ,'(17,),(5 +,*+
5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
(,'(,' ([WHQGHG ,GHQWLILHU
5(*,67(5
5:[ (,' ELW 5:[ (,'
7;,'1(,' 75$160,7 ,'(17,),(5 1 (;7(1'(' ,'(17,),(5 /2:
5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
(,'(,' ([WHQGHG ,GHQWLILHU
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5(*,67(5
8 ELW
5HVHUYHG
7;,'1'/& 75$160,7 ,'(17,),(5 1 '$7$ /(1*7+ &2'(
8 8 5:[ '/& 5:[ '/& 5:[ '/& 5:[ '/& ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
5
ELW ELW ELW ELW
8QLPSOHPHQWHG 5HDGV DV 5HVHUYHG &OHDU WR 8QLPSOHPHQWHG 5HDGV DV '/&'/& 'DWD /HQJWK &RGH
5(*,67(5
5:[ 6,' ELW 5:[ 6,'
5;06,'+ $&&(37$1&( ),/7(5 0$6. 67$1'$5' ,'(17,),(5 +,*+
5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
6,'6,' 6WDQGDUG ,GHQWLILHU
,I 2375(*07<3(
WKHQ 6,' LV IRU.HG WR ]HUR
5(*,67(5
5:[ 6,' ELW 5:[ 6,'
5;06,'/ $&&(37$1&( ),/7(5 0$6. 67$1'$5' ,'(17,),(5 /2:
5:[ 6,' 8 5:[ (;,'( 8 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
6,'6,' 6WDQGDUG ,GHQWLILHU 6WDQGDUG PHVVDJHV ELWV E ([WHQGHG PHVVDJHV ELWV 6,'6,' 8QLPSOHPHQWHG 5HDG DV (;,'( ([WHQGHG ,GHQWLILHU (QDEOH 1 $SSO\ ILOWHU WR 5;)Q6,'/(;,'( ILOWHU DSSOLHV WR VWDQGDUG RU H[WHQGHG PHVVDJH IUDPHV GHSHQGLQJ RQ ILOWHU ELW 0 'R QRW DSSO\ ILOWHU WR 5;)Q6,'/(;,'( ILOWHU ZLOO EH DSSOLHG WR ERWK VWDQGDUG DQG H[WHQGHG PHVVDJH IUDPHV 8QLPSOHPHQWHG 5HDG DV (,'(,' ([WHQGHG ,GHQWLILHU
ELW ELW
ELW ELW
5(*,67(5
5:[ (,' ELW 5:[ (,'
5;0(,' $&&(37$1&( ),/7(5 0$6. (;7(1'(' ,'(17,),(5 0,'
5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
(,'(,' ([WHQGHG ,GHQWLILHU
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
5(*,67(5
5:[ (,' ELW 5:[ (,'
5;0(,' $&&(37$1&( ),/7(5 0$6. (;7(1'(' ,'(17,),(5 /2:
5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW ELW
(,'(,' ([WHQGHG ,GHQWLILHU (,'(,' ([WHQGHG ,GHQWLILHU DOZD\V UHDGV DV
5(*,67(5
5:[ 6,' ELW 5:[ 6,'
5;)16,'+ $&&(37$1&( ),/7(5 1 67$1'$5' ,'(17,),(5 +,*+
5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' 5:[ 6,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
6,'6,' 6WDQGDUG ,GHQWLILHU
,I 2375(*07<3(
WKHQ 6,'
;
5(*,67(5
5:[ 6,' ELW 5:[ 6,'
5;)16,'/ $&&(37$1&( ),/7(5 1 67$1'$5' ,'(17,),(5 /2:
5:[ 6,' 8 5:[ (;,'( 8 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
6,'6,' 6WDQGDUG ,GHQWLILHU :KHQ (;,'( 0 6,'6,' E[[[ :KHQ (;,'( 1 6,'6,' DV .RQILJXUHG 8QLPSOHPHQWHG 5HDG DV 0 (;,'( ([WHQGHG ,GHQWLILHU (QDEOH 1 )LOWHU ZLOO DSSO\ WR H[WHQGHG LGHQWLILHU 0 )LOWHU ZLOO DSSO\ WR VWDQGDUG LGHQWLILHU 8QLPSOHPHQWHG 5HDG DV (,'(,' ([WHQGHG ,GHQWLILHU
ELW ELW
ELW ELW
5(*,67(5
5:[ (,' ELW 5:[ (,'
5;)1(,' $&&(37$1&( ),/7(5 1 (;7(1'(' ,'(17,),(5 0,'
5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
(,'(,' ([WHQGHG ,GHQWLILHU
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5(*,67(5
5:[ (,' ELW 5:[ (,'
5;)1(,' $&&(37$1&( ),/7(5 1 (;7(1'(' ,'(17,),(5 /2:
5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' 5:[ (,' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
(,'(,' ([WHQGHG ,GHQWLILHU DOZD\V
E[[[
5(*,67(5
5 (6&) ELW 5 5%2
()/* (5525 )/$* 5(*,67(5
5 7;%2 5 7;(3 5 5;(3 5 7;:$5 5 5;:$5 5 (:$51 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
(6&) (UURU VWDWH .KDQJH IRU VHQGLQJ (UURU VWDWH PHVVDJH
1 0 $Q HUURU VWDWH .KDQJH R..XUUHG 1R HUURU VWDWH .KDQJH 2YHUIORZ R..XUUHG 1R RYHUIORZ R..XUUHG
ELW
5%2 5H.HLYH EXIIHU RYHUIORZ
1 0
ELW
7;%2 7UDQVPLWWHU LQ %XV 2II (UURU 6WDWH
1 0
7(& UHD.KHV ,QGL.DWHV D VX..HVVIXO EXV UH.RYHU\ VHTXHQ.H
ELW
7;(3 7UDQVPLWWHU LQ (UURU 3DVVLYH 6WDWH 1 7(& LV HTXDO WR RU JUHDWHU WKDQ 0 7(& LV OHVV WKDQ 5;(3 5H.HLYHU LQ (UURU 3DVVLYH 6WDWH 1 5(& LV HTXDO WR RU JUHDWHU WKDQ 0 5(& LV OHVV WKDQ 7;:$5 7UDQVPLWWHU LQ (UURU :DUQLQJ 6WDWH 1 7(& LV HTXDO WR RU JUHDWHU WKDQ 0 7(& LV OHVV WKDQ 5;:$5 5H.HLYHU LQ (UURU :DUQLQJ 6WDWH 1 5(& LV HTXDO WR RU JUHDWHU WKDQ 0 5(& LV OHVV WKDQ (:$51 (LWKHU WKH 5H.HLYH (UURU .RXQWHU RU 7UDQVPLW HUURU .RXQWHU KDV UHD.KHG RU H[.HHGHG HUURUV 1 7(& RU 5(& LV HTXDO WR RU JUHDWHU WKDQ 7;:$5 RU 5;:$5 0 %RWK 5(& DQG 7(& DUH OHVV WKDQ
ELW
ELW
ELW
ELW
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
86(5 5(*,67(56
'HV.ULSWLRQ
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
1RWH :KHQ WUDQVIHUUHG WR 5$0 WKH UHJLVWHU DGGUHVVHV DUH RIIVHW E\ &K $..HVVLQJ LQGLYLGXDO UHJLVWHUV XVLQJ WKH :ULWH 5HJ LVWHU RU 5HDG 5HJLVWHU .RPPDQG UHTXLUHV XVH RI WKH RIIVHW DGGUHVV $OVR VHH 7DEOH IRU LQIRUPDWLRQ RQ D..HVVL EOH UHJLVWHUV QRW .RQWDLQHG LQ XVHU (3520 'R QRW DGGUHVV OR.DWLRQV RXWVLGH RI WKH XVHU PHPRU\ PDS RU XQH[SH.WHG UHVXOWV PD\ R..XU
7$%/(
$GGUHVV K K K K K K K K K K $K %K &K
86(5 0(025< 0$3
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
1DPH ,2,17(1 ,2,1732 *3/$7 [)) 2375(* 7&21 7&21 35 35 3:0'&+ 3:0'&+ &1) &1)
'K (K )K
&1) $'&21 $'&21
K K $K
7;,'6,'+ 7;,'6,'/ 7;,'(,'
7UDQVPLW %XIIHU 6WDQGDUG ,' 06% 7UDQVPLW %XIIHU 6WDQGDUG ,' /6% ([WHQGHG ,' 86% DQG ([WHQGHG ,' HQDEOH 7UDQVPLW %XIIHU ([WHQGHG ,' 06%
K K K K K K K
67&21 2375(*
%K &K 'K (K )K K K
7;,'(,' $'&03+ $'&03/ $'&03+ $'&03/ $'&03+ $'&03/
7UDQVPLW %XIIHU ([WHQGHG ,' /6% $QDORJ &KDQQHO &RPSDUH 9DOXH 06% $QDORJ &KDQQHO &RPSDUH 9DOXH /6EV $QDORJ &KDQQHO &RPSDUH 9DOXH 06% $QDORJ &KDQQHO &RPSDUH 9DOXH /6EV $QDORJ &KDQQHO &RPSDUH 9DOXH 06% $QDORJ &KDQQHO &RPSDUH 9DOXH /6EV

5;06,'+ 5;06,'/ 5;0(,'
*3''5 LV PDSSHG WR )K LV 65$0 DQG QRW RIIVHW E\ &K 8VHU PHPRU\ KK LV QRW WUDQVIHUUHG WR 5$0 RQ SRZHUXS DQG .DQ RQO\ EH D..HVVHG YLD 5HDG 8VHU 0HP .RPPDQGV &DQQRW EH PRGLILHG IURP LQLWLDO SURJUDPPHG YDOXHV 8QLPSOHPHQWHG RQ 0&3; GHYL.HV DQG UHDG [ H[.HSWLRQ $'&21 [)
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
$GGUHVV K K K $K 1DPH 5;0(,' 5;)6,'+ 5;)6,'/ 5;)(,' 'HV.ULSWLRQ $..HSWDQ.H )LOWHU 0DVN ([WHQGHG ,' /6% $..HSWDQ.H )LOWHU 6WDQGDUG ,' 06% $..HSWDQ.H )LOWHU 6WDQGDUG ,' /6% ([WHQGHG ,' 86% DQG ([WHQGHG ,' HQDEOH $..HSWDQ.H )LOWHU ([WHQGHG ,' 06% $GGUHVV K K K K 1DPH $'&03+ $'&03/ *3''5 86(5>)@ 'HV.ULSWLRQ $QDORJ &KDQQHO &RPSDUH 9DOXH 06% $QDORJ &KDQQHO &RPSDUH 9DOXH /6EV *HQHUDO 3XUSRVH ,2 'DWD 'LUH.WLRQ 5HJLVWHU 8VHU 'HILQHG %\WHV
*3''5 LV PDSSHG WR )K LV 65$0 DQG QRW RIIVHW E\ &K 8VHU PHPRU\ KK LV QRW WUDQVIHUUHG WR 5$0 RQ SRZHUXS DQG .DQ RQO\ EH D..HVVHG YLD 5HDG 8VHU 0HP .RPPDQGV &DQQRW EH PRGLILHG IURP LQLWLDO SURJUDPPHG YDOXHV 8QLPSOHPHQWHG RQ 0&3; GHYL.HV DQG UHDG [ H[.HSWLRQ $'&21 [)
7$%/(
$GGU 1DPH
$&&(66,%/( 5$0 5(*,67(56 127 ,1 7+( (3520 0$3
ELW ELW ELW ELW ELW ELW ELW ELW 9DOXH RQ 325 $1 $1 $1 $1 $1 $1 [[[[ [[[[ [[ [[[[ [[[[ [[ [[[[ [[[[ [[ [[[[ [[[[ [[ 9DOXH RQ 567 XXXX XXXX XX XXXX XXXX XX XXXX XXXX XX XXXX XXXX XX
)K K K $K K K K K K K K K
*3''5 ()/* 7(& 5(& $'5(6+ $'5(6/ $'5(6+ $'5(6/ $'5(6+ $'5(6/ $'5(6+ $'5(6/
(6&)
''5 5%2
''5 7;%2
''5 7;(3
''5 5;(3
''5 7;:$5
''5 5;:$5
''5 (:$51
7UDQVPLW (UURU &RXQWHUV 5H.HLYH (UURU &RXQWHUV $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1
$1

7KHVH DGGUHVVHV DUH XVHG ZKHQ XVLQJ WKH :ULWH 5HJLVWHU RU 5HDG 5HJLVWHU .RPPDQG LH QR RIIVHW 7KH *3''5 UHJLVWHU LV QRW RIIVHW WR 5$0 WKH VDPH DV WKH RWKHU UHJLVWHUV LQ WKH (3520 PDS 7KLV UHJLVWHU LV WUDQVIHUHG WR )K RQ SRZHUXS
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
'(9,&( 23(5$7,21
3RZHU8S 6HTXHQ.H
7KH IROORZLQJ VH.WLRQV GHV.ULEH WKH HYHQWVD.WLRQV RI WKH 0&3;; GXULQJ QRUPDO SRZHUXS DQG RSHUD WLRQ
7KLV PHVVDJH .DQ DOVR EH .RQILJXUHG WR VHQG WKH 5HDG $' 5HJLVWHU GDWD E\WHV DORQJ ZLWK WKH SUH GHILQHG LGHQWLILHU LQ 7;,' E\ VHWWLQJ 67&216706 1RWH 7KH ILUVW 2Q %XV PHVVDJH VHQW DIWHU SRZ HUXS ZLOO 127 VHQG WKH 5HDG $' 5HJLV WHU GDWD E\WHV UHJDUGOHVV RI WKH 67&216706 YDOXH ,I WKH 0&3;; HQWHUV 6/((3 PRGH WKH V.KHGXOHG WUDQVPLVVLRQV ZLOO .HDVH XQWLO WKH GHYL.H ZDNHV XS DJDLQ 7KLV LPSOLHV WKDW 6/((3 PRGH KDV SULRULW\ RYHU V.KHGXOHG WUDQVPLVVLRQV
32:(5 21 5(6(7
1RWH
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
0HVVDJH )XQ.WLRQV
7KH 0&3;; XVHV WKH JOREDO PDVN 5;0$6. DORQJ ZLWK WKH WZR ILOWHUV 5;) DQG 5;) DQG WZR UH.HLYH EXIIHUV 5% DQG 5% WR GHWHUPLQH LI D UH.HLYHG PHVVDJH VKRXOG EH D.WHG XSRQ 7KHUH DUH IXQ.WLRQV WKDW .DQ EH SHUIRUPHG E\ WKH 0&3;; EDVHG XSRQ UH.HLYHG PHVVDJHV VHH 7DEOH 7KHVH IXQ.WLRQV DOORZ WKH GHYL.H WR QRW RQO\ EH D..HVVHG IRU ,QIRUPDWLRQ 5HTXHVW,QSXW2XWSXW RSHUDWLRQV EXW DOVR WR EH UH.RQILJXUHG YLD WKH &$1 EXV LI QH.HVVDU\
0HVVDJH 7\SHV
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
,1)250$7,21 5(48(67 0(66$*(6
,QIRUPDWLRQ 5HTXHVW 0HVVDJHV ,50 DUH PHVVDJHV WKDW WKH 0&3;; UH.HLYHV LQWR 5H.HLYH %XIIHU PDW.KHV )LOWHU DQG WKHQ UHVSRQGV WR E\ WUDQVPLWWLQJ D PHVVDJH 2XWSXW PHVVDJH .RQWDLQLQJ WKH UHTXHVWHG GDWD ,50V .DQ EH LPSOHPHQWHG DV HLWKHU D 5HPRWH 7UDQVIHU 5HTXHVW 575 RU D 'DWD )UDPH PHVVDJH E\ .RQILJXU LQJ WKH 07<3( ELW LQ WKH 2375(* UHJLVWHU
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
7$%/(
1DPH 5HDG $' 5HJLVWHUV 5HDG &RQWURO 5HJLVWHUV
0(66$*( )81&7,21
'HV.ULSWLRQ 7UDQVPLWV D VLQJOH PHVVDJH .RQWDLQLQJ WKH .XUUHQW VWDWH RI WKH DQDORJ DQG ,2 UHJLVWHUV LQ.OXGLQJ WKH .RQILJXUDWLRQ 7UDQVPLWV VHYHUDO .RQWURO UHJLVWHUV QRW LQ.OXGHG LQ RWKHU PHVVDJHV
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
'DWD )UDPH 0HVVDJH 7\SH
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
:ULWH 5HJLVWHU
:ULWH 7; 0HVVDJH :ULWHV WKH LGHQWLILHUV WR D VSH.LILHG ,' 7;,' YDOXH :ULWH 7; 0HVVDJH :ULWHV WKH LGHQWLILHUV WR D VSH.LILHG ,' 7;,' YDOXH :ULWH 7; 0HVVDJH :ULWHV WKH LGHQWLILHUV WR D VSH.LILHG ,' 7;,' YDOXH :ULWH ,2 &RQILJX UDWLRQ 5HJLVWHUV :ULWH 5; 0DVN :ULWH 5; )LOWHU :ULWH 5; )LOWHU :ULWHV VSH.LILHG YDOXHV WR WKH WKUHH ,2&21 UHJLVWHUV &KDQJHV WKH UH.HLYH PDVN WR WKH VSH.L ILHG YDOXH &KDQJHV WKH VSH.LILHG ILOWHU WR WKH VSH. LILHG YDOXH &KDQJHV WKH VSH.LILHG ILOWHU WR WKH VSH. LILHG YDOXH
7KH 5HDG 5HJLVWHU .RPPDQG LV DYDLODEOH ZKHQ XVLQJ H[WHQGHG PHVVDJH IRUPDW RQO\ 1RW DYDLODEOH ZLWK VWDQGDUG PHVVDJH IRUPDW
575 0HVVDJH 7\SH
:KHQ 575 PHVVDJH W\SHV DUH VHOH.WHG 2375(*07<3( DQG D QRGH LQ WKH V\VWHP ZDQWV LQIRUPDWLRQ IURP WKH 0&3;; LW KDV WR VHQG D 5HPRWH )UDPH RQ WKH EXV 7KH ,GHQWLILHU IRU WKH UHPRWH IUDPH PXVW EH VX.K WKDW LW ZLOO EH D..HSWHG WKURXJK WKH 0&3;;V PDVNILOWHU SUR.HVV XVLQJ 5;) 7KH 575 PHVVDJH W\SH UHPRWH IUDPHV LV WKH GHIDXOW .RQ ILJXUDWLRQ 07<3( ELW ,QIRUPDWLRQ 5HTXHVW 575 PHVVDJHV PXVW QRW RQO\ PHHW WKH 5;0$6.5;) .ULWHULD EXW PXVW DOVR KDYH WKH 575 ELW RI WKH &$1 ,' VHW VLQ.H WKH ILOWHU UHJLVWHUV
287387 0(66$*(6
7KH 'DWD )UDPH WKDW LV VHQW LQ UHVSRQVH WR WKH ,QIRUPD WLRQ 5HTXHVW PHVVDJH LV GHILQHG DV DQ 2XWSXW PHV VDJH ,I WKH GDWD IDPH LV LQ UHVSRQVH WR D UHPRWH IUDPH LW ZLOO KDYH WKH VDPH LGHQWLILHU VWDQGDUG RU H[WHQGHG DQG .RQWDLQ WKH VDPH QXPEHU RI GDWD E\WHV VSH.LILHG E\ WKH '/& RI WKH UHPRWH IUDPH SHU WKH &$1 % VSH.LIL.D WLRQ
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
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
'\QDPL. 0HVVDJH +DQGOLQJ
7KH GHVLJQ LQVXUHV WKDW WUDQVPLW DQG UH.HLYH PHVVDJHV DUH KDQGOHG SURSHUO\ IRU YDULDEOH EXV ORDGLQJ .RQGL WLRQV DQG GLIIHUHQW WUDQVPLW DQG UH.HLYH .RPELQDWLRQV
0(66$*( $&&(37$1&( 5(-(&7,21
0HVVDJHV WKDW DUH UH.HLYHG DQG PHHW WKH 0DVN5;)Q .ULWHULD DUH WKHQ .RPSDUHG WR WKH UHTXLUHPHQWV IRU ,QSXW PHVVDJHV RU ,50V DV GHWHUPLQHG E\ WKH ILOWHU XVHG WR D..HSW WKH PHVVDJH ,I WKH PHVVDJH PHHWV WKH UHTXLUH PHQWV RI RQH RI WKH DVVR.LDWHG ,QSXW RU ,QIRUPDWLRQ 5HTXHVW PHVVDJHV WKHQ WKH DSSURSULDWH D.WLRQV IRU WKDW PHVVDJH IXQ.WLRQ DUH WDNHQ
5(&(,9,1* 08/7,3/( 0(66$*(6
,1387 0(66$*(6
,QSXW PHVVDJHV DUH UH.HLYHG LQWR UH.HLYH EXIIHU DQG DUH XVHG WR .KDQJH WKH YDOXHV RI WKH SUHGHILQHG JURXSV RI UHJLVWHUV 7KHUH LV DOVR DQ ,QSXW PHVVDJH WKDW .DQ .KDQJH D VLQJOH UHJLVWHUV .RQWHQWV 7KH SUL PDU\ SXUSRVH RI ,QSXW PHVVDJHV DUH WR UH.RQILJXUH 0&3;; SDUDPHWHUV LI QHHGHG ZKLOH LQ DQ RSHUDWLQJ &$1 V\VWHP DQG DUH WKHUHIRUH RSWLRQDO LQ V\VWHP LPSOHPHQWDWLRQ 7KHVH PHVVDJHV DUH LQ WKH IRUP RI VWDQGDUG RU H[WHQGHG GDWD IUDPHV SHU WKH &$1 % VSH.LIL.DWLRQ WKDW KDYH LGHQWLILHUV ZKL.K SDVV WKH 0&3;;V PDVNILOWHU SUR.HVV XVLQJ 5;) $IWHU SDVVLQJ WKH PDVN DQG ILOWHU WKH ORZHU WKUHH ELWV RI WKH VWDQGDUG LGHQWLILHU 5;)6,'/6,'6,' ZLOO LQGL .DWH ZKL.K UHJLVWHU V DUH WR EH ZULWWHQ 7KH YDOXHV IRU WKH UHJLVWHU V DUH .RQWDLQHG LQ WKH GDWD E\WH UHJLVWHUV DV GHILQHG LQ 7DEOH 1RWH ,I XVLQJ PRUH WKDQ RQH .RQWUROOLQJ QRGH WKH 0&3;; PXVW EH VHW XS WR D..HSW ,QSXW 0HVVDJHV ZLWK GLIIHUHQW LGHQWLILHUV WR DYRLG SRVVLEOH PHVVDJH .ROOLVLRQV LQ WKH '/& RU GDWD E\WHV LI WUDQVPLWWHG DW WKH VDPH WLPH
7KH 0&3;; .DQ RQO\ UH.HLYH DQG SUR.HVV RQH PHVVDJH DW D WLPH :KLOH WKH 0&3;; VKRXOG KDYH DPSOH WLPH WR SUR.HVV DQ\ UH.HLYHG PHVVDJH EHIRUH DQRWKHU LV .RPSOHWHO\ UH.HLYHG LQ WKH XQOLNHO\ HYHQW WKDW D VH.RQG PHVVDJH LV UH.HLYHG EHIRUH WKH ILUVW PHVVDJH LV ILQLVKHG SUR.HVVLQJ WKH VH.RQG PHV VDJH ZLOO EH ORVW +RZHYHU WKH 0&3;; KDV WKH DELOLW\ WR QRWLI\ WKH QHWZRUN LI D PHVVDJH LV ORVW 7UDQVPLW 0HVVDJH ,' 7;,' .DQ EH .RQILJXUHG WR WUDQVPLW D PHV VDJH LI D UH.HLYH RYHUIORZ R..XUV 2375(*&$(1
75$160,7 0(66$*( 35,25,7<
7KHUH LV D SULRULW\ IRU DOO WUDQVPLW PHVVDJHV LQ.OXGLQJ 7;,'Q DQG DOO 2XWSXW PHVVDJHV 7KH WUDQVPLW PHVVDJH SULRULW\ LV DV IROORZV 2XWSXW PHVVDJHV KDYH WKH KLJKHVW SULRULW\ 3UL RULWL]DWLRQ RI WKH LQGLYLGXDO RXWSXW PHVVDJH W\SHV LV GHWHUPLQHG E\ WKH WKUHH ELWV WKDW GHWHU PLQH PHVVDJH W\SH ZLWK WKH ORZHVW YDOXH KDY LQJ WKH KLJKHVW SULRULW\ HJ 5HDG $' 5HJV LV D KLJKHU SULRULW\ WKDQ 5HDG &RQWURO 5HJV 7;,' 7UDQVPLW DXWR.RQYHUWHG PHVVDJHV KDV WKH VH.RQG KLJKHVW SULRULW\
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
7;,' &RPPDQG $.NQRZOHGJH KDV WKH WKLUG KLJKHVW SULRULW\ 7;,' 2Q %XV PHVVDJH KDV WKH ORZHVW SULRU LW\
,Q WKH HYHQW WZR RU PRUH PHVVDJHV DUH SHQGLQJ WUDQV PLVVLRQ EXW QRW D.WXDOO\ WUDQVPLWWLQJ WUDQVPLW PHV VDJH SULRULWL]DWLRQ ZLOO R..XU DQG WKH KLJKHVW PHVVDJH W\SH ZLOO EH VHQW ILUVW 0HVVDJHV WKDW DUH .XUUHQWO\ WUDQVPLWWLQJ ZLOO QRW EH SULRULWL]HG
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
7$%/(
&200$1' 0(66$*(6 67$1'$5' ,'(17,),(5
,QIRUPDWLRQ 5HTXHVW 0HVVDJHV WR 0&3;;
6WDQGDUG ,' 5 , 7' 5( [ [ [ [ [ [ [ 'DWD %\WHV '/& QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD
0L.UR.KLS 7H.KQRORJ\ ,Q.
5HDG $' 5HJV 5HDG &RQWURO 5HJV 5HDG &RQILJ 5HJV 5HDG &$1 (UURU 5HDG 3:0 &RQILJ 5HDG 8VHU 0HP EDQN 5HDG 8VHU 0HP EDQN
[ [ [ [ [ [ [
[ [ [ [ [ [ [
[ [ [ [ [ [ [
[ [ [ [ [ [ [
[ [ [ [ [ [ [
[ [ [ [ [ [ [
2XWSXW 0HVVDJHV IURP 0&3;;
5HDG $' 5HJV 5HDG &RQWURO 5HJV 5HDG &RQILJ 5HJV 5HDG &$1 (UURU 5HDG 3:0 &RQILJ 5HDG 8VHU 0HP EDQN 5HDG 8VHU 0HP EDQN [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 6WDQGDUG ,' 5 , 7' 5( [ [ [ [ [ [ [ 'DWD %\WHV '/& ,2,17)/ $'&21 ''5 ()/* 35 86(5,' 86(5,' *3,2 $'&21 *3,2 7(& 35 86(5,' 86(5,' $1+ 2375(* &1) 5(& 7&21 86(5,' 86(5,' $1+ 2375(* &1) QD 7&21 86(5,' 86(5,' $1/ $1+ 67&21 ,2,17(1 &1) QD QD QD 3:0'&+ 3:0'&+ 86(5,' 86(5,' 86(5,' 86(5,' $1+ ,2,1732 QD QD QD 86(5,' 86(5,' $1/ QD QD QD QD 86(5,' 86(5,'
3UHOLPLQDU\
'6%SDJH
,QSXW 0HVVDJHV
:ULWH 5HJLVWHU :ULWH 7; 0HVVDJH ,' :ULWH 7; 0HVVDJH ,' :ULWH 7; 0HVVDJH ,' :ULWH ,2 &RQILJXUDWLRQ :ULWH 5; 0DVN :ULWH 5; )LOWHU :ULWH 5; )LOWHU [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 6WDQGDUG ,' 5 , 7' 5( [[ [[ [[ [[ [[ [[ [[ [[ '/&
WR 0&3;;
'DWD %\WHV
0&3;;

DGGU 7;6,'+ 7;6,'+ 7;6,'+ ,2,17(1 5;06,'+ 5;)6,'+ 5;)6,'+
PDVN 7;6,'/ 7;6,'/ 7;6,'/ ,2,1732 5;06,'/ 5;)6,'/ 5;)6,'/
YDOXH 7;(,' 7;(,' 7;(,' ''5 5;0(,' 5;)(,' 5;)(,'
QD 7;(,' 7;(,' 7;(,' 2375(* 5;0(,' 5;)(,' 5;)(,'
QD QD QD QD $'&21 QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
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
7$%/(
&200$1' 0(66$*(6 (;7(1'(' ,'(17,),(5
,QIRUPDWLRQ 5HTXHVW 0HVVDJHV WR 0&3;;
6WDQGDUG ,' 5 7 5 [ [ [ [ [ [[[ [ [ [ [ [ [ [ [[[ [ [ [ [ [ [ [ [[[ [ [ , ' ( '/& ([WHQGHG ,' 5;%(,' 5;%(,' ELWV ELWV [ [ [ [ [ [ [ [ [ [ [ [ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ DGGU [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD QD 'DWD %\WHV
'6%SDJH
0&3;;
5HDG $' 5HJV 5HDG &RQWURO 5HJV 5HDG &RQILJ 5HJV 5HDG &$1 (UURU 5HDG 3:0 &RQILJ 5HDG 8VHU 0HP 5HDG 8VHU 0HP EDQN 5HDG 5HJLVWHU
[ [ [ [ [ [
[ [ [ [ [ [
[ [ [ [ [ [
[ [ [ [ [ [
[ [ [ [ [ [
[ [ [ [ [ [
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
[[[[[[[[[ [ [ [[ [ [[ [[ [ [ [ [
[ [ [[[[ [[[[ [[
[[[[ [[[[
2XWSXW 0HVVDJHV IURP 0&3;;
5HDG $' 5HJV 5HDG &RQWURO 5HJV 5HDG &RQILJ 5HJV 5HDG &$1 (UURU 5HDG 3:0 &RQILJ 5HDG 8VHU 0HP EDQN 5HDG 8VHU 0HP EDQN 5HDG 5HJLVWHU [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 6WDQGDUG ,' 5 7 5 [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ , ' ( '/& ([WHQGHG ,' 5;%(,' 5;%(,' ELWV ELWV [ [ [ [ [ [ [ [ [ [ [ [ [ [ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ DGGU [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ ,2,17)/ $'&21 ''5 ()/* 35 86(5,' 86(5,' YDOXH *3,2 $'&21 *3,2 7(& 35 86(5,' 86(5,' QD $1+ 2375(* &1) 5(& 7&21 86(5,' 86(5,' QD 'DWD %\WHV
$1+ 2375(* &1) QD 7&21 86(5,' 86(5,' QD
$1/ 67&21 &1) QD 3:0'&+ 86(5,' 86(5,' QD
$1+ ,2,17(1 QD QD 3:0'&+ 86(5,' 86(5,' QD
$1+ ,2,1732 QD QD QD 86(5,' 86(5,' QD
$1/ QD QD QD QD 86(5,' 86(5,' QD
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
[[[[[[[[[ [ [
[[
[[[[
,QSXW 0HVVDJHV WR 0&3;;
:ULWH 5HJLVWHU :ULWH 7; 0HVVDJH ,' :ULWH 7; 0HVVDJH ,' :ULWH 7; 0HVVDJH ,' :ULWH ,2 &RQILJXUDWLRQ :ULWH 5; 0DVN :ULWH 5; )LOWHU :ULWH 5; )LOWHU [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 6WDQGDUG ,' 5 7 5 [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ [[[[[ , ' ( '/& ([WHQGHG ,' 5;%(,' 5;%(,' ELWV ELWV [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [ [[[[ [ [[[[ [ [[[[ [ [[[[ [ [[[[ [ [[[[ [ [[[[ [ DGGU 7;6,'+ 7;6,'+ 7;6,'+ ,2,17(1 5;06,'+ 5;)6,'+ 5;)6,'+ PDVN 7;6,'/ 7;6,'/ 7;6,'/ ,2,1732 5;06,'/ 5;)6,'/ 5;)6,'/ YDOXH 7;(,' 7;(,' 7;(,' ''5 5;0(,' 5;)(,' 5;)(,' 'DWD %\WHV
QD 7;(,' 7;(,' 7;(,' 2375(* 5;0(,' 5;)(,' 5;)(,'
QD QD QD QD $'&21 QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
QD QD QD QD QD QD QD QD
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
0&3;;
$XWRPDWL. 7UDQVPLVVLRQ
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
7KH EXIIHUV KDYH DQ LPSOLHG WUDQVPLW SULRULW\ ZKHUH EXIIHU WZR LV KLJKHVW DQG EXIIHU LV WKH ORZHVW 7KHUH IRUH PXOWLSOH PHVVDJH EXIIHUV .DQ EH UHTXHVWHG IRU WUDQVPLVVLRQ DQG HD.K RQH ZLOO EH VHQW LQ RUGHU RI SUL RULW\
',*,7$/ ,1387 ('*( '(7(&7,21
(D.K *3,2 SLQ WKDW KDV EHHQ .RQILJXUHG DV D GLJLWDO LQSXW .DQ EH LQGLYLGXDOO\ .RQILJXUHG WR DXWRPDWL.DOO\ WUDQVPLW D PHVVDJH ZKHQ D GHILQHG HGJH R..XUV DV H[SODLQHG LQ WKH *3,2 PRGXOH VH.WLRQ :KHQ WUDQVPLW WLQJ WKLV PHVVDJH WKH 0&3;; XVHV 7;,' 7KH '/& LV VHW WR WZR DQG WKH ILUVW WZR E\WHV RI WKH 5HDG $ ' 5HJLVWHUV ,2,17)/ DQG *3,2 DUH VHQW
),*85( +<67(5(6,6 )81&7,21
6HW WR 7ULJJHU ZKHQ $'!&RPSDUH 5HJLVWHU /6EV /6EV E E $' DERYH .RPSDUH 0HVVDJH VHQW $' DERYH .RPSDUH 0HVVDJH VHQW
$1$/2* ,1387 7+5(6+2/' '(7(&7,21
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
/6EV /6EV
$' EHORZ .RPSDUH 5HVHW 6HW WR 7ULJJHU ZKHQ $'&RPSDUH 5HJLVWHU E E $' DERYH .RPSDUH 5HVHW $' EHORZ .RPSDUH $' EHORZ .RPSDUH 0HVVDJH VHQW 0HVVDJH VHQW
+\VWHUHVLV )XQ.WLRQ
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
(5525 &21',7,21
7KH 0&3;; .DQ EH .RQILJXUHG WR DXWRPDWL.DOO\ WUDQVPLW D PHVVDJH ZKHQHYHU RQH RU PRUH RI WKH IRO ORZLQJ HUURU .RQGLWLRQV R..XU 5H.HLYHU KDV HQWHUHG HUURU ZDUQLQJ VWDWH 5H.HLYHU KDV HQWHUHG HUURU SDVVLYH VWDWH 7UDQVPLWWHU KDV HQWHUHG HUURU ZDUQLQJ VWDWH 7UDQVPLWWHU KDV HQWHUHG HUURU SDVVLYH VWDWH $ 5H.HLYH %XIIHU KDV RYHUIORZHG
,I WKH (UURU &RQGLWLRQ PHVVDJH LV HQDEOHG 2375(*7;21( DQG RQH RI WKH DERYH .RQGL WLRQV R..XU WKH 0&3;; VHQGV 7;,' LGHQWLILHU ZLWK 2XWSXW PHVVDJH 5HDG &$1 (UURU 6WDWHV GDWD ILHOG WKUHH GDWD E\WHV
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
6&+('8/(' 75$160,66,216
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
5(*,67(5
5: 67(1 ELW 5: 6706
67&21 6&+('8/(' 75$160,66,21 &21752/ 5(*,67(5
5: 67%) 5: 67%) 5: 670 5: 670 5: 670 5: 670 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
67(1 6.KHGXOHG 7UDQVPLVVLRQ (QDEOH 1 (QDEOHG 0 'LVDEOHG 6706 6.KHGXOHG WUDQVPLVVLRQ PHVVDJH VHOH.W 1 6HQGV 7UDQVPLW ,' 7;,' ZLWK WKH 5HDG $' 5HJV GDWD '/& 0 6HQGV 7UDQVPLW ,' 7;,' ZLWK QR GDWD '/& 67%)67%) %DVH 7UDQVPLVVLRQ )UHTXHQ.\ 00 7 $ 01 * 7 $ 10 * 7 $ 11 * 7 $ HJ 67%)67%) ! ! V IRU D 0+] ) 670670 6.KHGXOHG 7UDQVPLVVLRQ 0XOWLSOLHU 0000 0001 1110 1111
ELW
ELW
$
ELW
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
7$%/(
$GGU %K &K 'K K K K K K K K K $K %K &K 'K (K )K K K K K K K K K K K $K %K 1DPH &1) &1) &1) 67&21 2375(* 5;06,'+ 5;06,'/ 5;0(,' 5;0(,' 5;)6,'+ 5;)6,'/ 5;)(,' 5;)(,' 5;)6,'+ 5;)6,'/ 5;)(,' 5;)(,' 7;%6,'+ 7;%6,'/ 7;%(,' 7;%(,' 7;%6,'+ 7;%6,'/ 7;%(,' 7;%(,' 7;%6,'+ 7;%6,'/ 7;%(,' 7;%(,'
5(*,67(56 $662&,$7(' :,7+ 7+( &$1 02'8/(
ELW 6-: %7/0 2'( ELW 6-: 6$0 :$.) 6706 (55( 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' ELW %53 3+6(* ELW %53 3+6(* ELW %53 3+6(* ELW %53 356(* 3+6(* 670 3'()(1 6,' ELW %53 356(* 3+6(* 670 386/3 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' ELW %53 356(* 3+6(* 670 38150 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 6,' (,' (,' (,' 9DOXH RQ 325 [[[[ [[[[ [[[[ [[[[ [ [[[[ [[[ [[[[ [[[[ [[[[ [[[ [[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[ [[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[ [[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[ [[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[ [[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[[ [[[ [[[ [[[[ [[[[ [[[[ [[[[ 9DOXH RQ 567 XXXX XXXX XXXX XXXX X XXXX XXX XXXX XXXX XXXX XXXX XXXX XXX XX XXXX XXXX XXXX XXXX XXXX XXXX XXX XX XXXX XXXX XXXX XXXX XXXX XXXX XXX XX XXXX XXXX XXXX XXXX XXXX XXXX XXX XXX XXXX XXXX XXXX XXXX XXXX XXXX XXX XXX XXXX XXXX XXXX XXXX XXXX XXXX XXX XXX XXXX XXXX XXXX XXXX
67(0 &$(1 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,'
67%) 7;21( 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,' 6,' 6,' (,' (,'
67%) 6/3(1 6,'
670 07<3( 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,' (;,'( (,' (,' 6,' (;,'( (,' (,' 6,' (;,'( (,' (,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,' 6,'
(,' (,'
(,' (,'
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
*3,2 02'8/(
'HV.ULSWLRQ
'LJLWDO (GJH 'HWH.WLRQ
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
$OO *3,2 SLQV KDYH D 'LJLWDO (GJH 'HWH.WLRQ IHDWXUH WKDW ZLOO DXWRPDWL.DOO\ WUDQVPLW D PHVVDJH ZKHQ DQ HGJH ZLWK WKH SURSHU SRODULW\ R..XUV RQ DQ\ RI WKH GLJL WDO LQSXWV 2QO\ SLQV .RQILJXUHG DV LQSXWV DQG HQDEOHG IRU WKLV IXQ.WLRQ YLD .RQWURO UHJLVWHU ,2,1732 ZLOO SHU IRUP WKLV RSHUDWLRQ 1RWH 5HIHU WR 6H.WLRQ $' 7UDQVPLWRQ .KDQJH )XQ.WLRQ IRU LQIRUPDWLRQ ZLWK UHVSH.W WR $' .KDQQHOV
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
7KUHH .RQWURO UHJLVWHUV DUH DVVR.LDWHG ZLWK WKLV IXQ. WLRQ $Q HQDEOH SLQ IRU HD.K *3,2 SLQ UHVLGHV LQ WKH ,2,17(1 UHJLVWHU :KHQ D ELW LV VHW WR D WKH .RUUH VSRQGLQJ *3,2 SLQ LV HQDEOHG WR JHQHUDWH D WUDQVPLW RQ.KDQJH PHVVDJH 7;,' ZKHQ DQ HGJH RI VSH.L ILHG SRODULW\ R..XUV 7KH 'LJLWDO (GJH 'HWH.WLRQ IXQ.WLRQ RQ D *3,2 SLQ .RQILJXUHG DV D GLJLWDO LQSXW LV HGJH WULJJHUHG $ ULVLQJ HGJH ZLOO JHQHUDWH D WUDQVPLVVLRQ LI WKH .RUUHVSRQGLQJ ELW LQ WKH ,2,1732 UHJLVWHU LV VHW RU D IDOOLQJ HGJH ZLOO JHQHUDWH D WUDQVPLVVLRQ LI WKH ELW LV .OHDUHG :KHQ D YDOLG HGJH DSSHDUV RQ WKH HQDEOHG *3,2 SLQ &$1 PHVVDJH 7;,' LV LQLWLDWHG 7KHHGJH GHWH.WLRQIXQ.WLRQ RQ DQ\ JLYHQ *3,2 SLQ .RQILJXUHG DV D GLJLWDO LQSXW .DQ ZDNH XS WKH SUR.HV VRU IURP 6/((3 LI WKH .RUUHVSRQGLQJ LQWHUUXSW HQDEOH ELW LQ WKH ,2,17(1 UHJLVWHU ZDV VHW SULRU WR JRLQJ LQWR 6/((3 PRGH ,I D ZDNH XS IURP 6/((3 LV .DXVHG LQ WKLV PDQQHU WKH GHYL.H ZLOO LPPHGLDWHO\ LQLWLDWH D WUDQV PLW PHVVDJH 7;,'
7$%/(
1DPH *3$1 *3$1 *3$13:0 *3$13:0 *39# *39# *3&/.287 *3Q5679!!
*3,2 )81&7,216
%LW )XQ.WLRQ
ELW ,2 RU DQDORJ LQSXW ELW ,2 RU DQDORJ LQSXW ELW ,2 DQDORJ LQSXW RU 3:0 RXW ELW ,2 DQDORJ LQSXW RU 3:0 RXW ELW ,2 RU DQDORJ YROWDJH UHIHUHQ.H ELW ,2 RU DQDORJ YROWDJH UHIHUHQ.H ELW ,2 RU &OR.N RXWSXW ELW ,QSXW H[WHUQDO UHVHW LQSXW RU SURJUDPPLQJ YROWDJH LQSXW
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
5(*,67(5
8 ELW 5: ''5
*3''5 '$7$ ',5(&7,21 5(*,67(5
5: ''5 5: ''5 5: ''5 5: ''5 5: ''5 5: ''5 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW ELW
8QLPSOHPHQWHG ''5! GDWD GLUH.WLRQ UHJLVWHU 1 .RUUHVSRQGLQJ *3,2 SLQ LV .RQILJXUHG DV DQ LQSXW 0 .RUUHVSRQGLQJ *3,2 SLQ LV .RQILJXUHG DV DQ RXWSXW PXVW EHW VHW LI .RUUHVSRQGLQJ DQDORJ .KDQQHO LV HQDEOHG VHH $'&21
5(*,67(5
8 ELW 5: *3
*3/$7 *3,2 287387 5(*,67(5
5: *3 5: *3 5: *3 5: *3 5: *3 5: *3 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW ELW
8QLPSOHPHQWHG *3! *3,2 1 .RUUHVSRQGLQJ *3,2 SLQ RXWSXW ODW.K LV D 0 .RUUHVSRQGLQJ *3,2 SLQ RXWSXW ODW.K LV D
5(*,67(5
5: ELW 5:
,2,17(1 5(*,67(5
5: 5: 5: 5: *37;& 5: *37;& 5: *37;& ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
*37;& *37;& *37;& *37;& *37;&
ELW
*37;&*37;& 7UDQVPLWRQ.KDQJH (QDEOH 1 (QDEOH 7UDQVPLW2Q&KDQJH&RPSDUH )RU &RUUHVSRQGLQJ *3,2$1 &KDQQHO 0 'LVDEOH 7UDQVPLW2Q&KDQJH&RPSDUH )RU &RUUHVSRQGLQJ *3,2$1 &KDQQHO
5(*,67(5
5: ELW 5:
,2,1732 5(*,67(5
5: 5: 5: 5: *332/ 5: *332/ 5: *332/ ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
*332/ *332/ *332/ *332/ *332/
ELW
*332/*332/ 7UDQVPLWRQ.KDQJH 3RODULW\ 1 'LJLWDO ,QSXWV /RZ WR +LJK 7UDQVLWLRQ 2Q &RUUHVSRQGLQJ *3,2 ,QSXW 3LQ *HQHUDWHV D WUDQVPLW PHVVDJH $QDORJ ,QSXWV $' UHVXOW DERYH .RPSDUH YDOXH JHQHUDWHV D WUDQVPLW PHVVDJH 0 'LJLWDO ,QSXWV +LJK WR /RZ 7UDQVLWLRQ 2Q &RUUHVSRQGLQJ *3,2 ,QSXW *HQHUDWHV WUDQVPLW PHVVDJH $QDORJ ,QSXWV $' UHVXOW EHORZ .RPSDUH YDOXH JHQHUDWHV D WUDQVPLW PHVVDJH
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5(*,67(5
5 ELW 5
,2,17)/ 5(*,67(5
5 5 *37;) 5 *37;) 5 *37;) 5 *37;) 5 *37;) ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
*37;) *37;) *37;)
ELW
*37;)*37;) 7UDQVPLWRQ.KDQJH 3RODULW\ 1 'LJLWDO ,QSXWV $ YDOLG HGJH KDV R..XUUHG RQ WKH GLJLWDO LQSXW $QDORJ ,QSXWV $' UHVXOW GRHV H[.HHG WKH .RPSDUH WKUHVKROG 0 'LJLWDO ,QSXWV$ YDOLG HGJH KDV QRW R..XUUHG RQ WKH GLJLWDO LQSXW $QDORJ ,QSXWV $' UHVXOW GRHV QRW H[.HHG WKH .RPSDUH WKUHVKROG
5HJLVWHU
5: *338 ELW 5: &/.(1
2375(* 5HJLVWHU
5: &/.36 5: &/.36 8 5: &05(4 5: $47 5: $47 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
*338 :HDN SXOOXS HQDEOH 1 :HDN SXOOXSV GLVDEOHG 0 :HDN SXOOXSV HQDEOHG *3*3 &/.(1 1 &OR.N 2XW )XQ.WLRQ GLVDEOHG 0 &OR.N 2XW )XQ.WLRQ HQDEOHG &/.36&/.36 &/.287 SUHV.DOHU 00 ) $ 01 ) $ 10 ) $ 11 ) $ 5HVHUYHG &05(4 5HTXHVWV PRGH RI RSHUDWLRQ DOORZV PRGH .KDQJHV YLD WKH &$1 EXV 1 5HTXHVWV /LVWHQ 2QO\ PRGH 0 5HTXHVWV 1RUPDO PRGH $47$47 $QDORJ D.TXLVLWLRQ WLPH 00 7 $ 01 * 7 $ 10 * 7 $ 11 * 7 $ HJ $47$47 ! ! V IRU D 0+] )
ELW
ELW
ELW ELW
ELW
$
&05(4 PXVW EH .OHDUHG DV GHIDXOW WR DYRLG GHYL.H HQWHULQJ /LVWHQ 2QO\ PRGH RQ ILUVW ,QSXW PHVVDJH
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
5HJLVWHU
5: &$(1 ELW 5:
2375(* 5HJLVWHU
5: 5: 6/3(1 5: 07<3( 5: 3'()(1 5: 386/3 5: 38150 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
(55(1 7;21(1
ELW
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
ELW
ELW
ELW
ELW
ELW
ELW
ELW
7$%/(
$GGU %DQN K K K K *3''5 1DPH
6800$5< 2) 5(*,67(56 $662&,$7(' :,7+ *3,2 02'8/(
ELW ELW ELW ELW ELW ELW ELW ELW 9DOXH RQ 325 9DOXH RQ 567
''5
''5
''5
''5
''5
''5
''5
,2,17(1 *37;& *37;& *37;& *37;& *37;& *37;& *37;& *37;& ,2,1732 *332/ *332/ *332/ *332/ *332/ *332/ *332/ *332/ 2375(* /HJHQG [ *338 &/.(1 &/.36 &/.36
&05(4 $47 $47

XQNQRZQ 8
XQ.KDQJHG
XQLPSOHPHQWHG UHDG DV 6KDGHG .HOOV DUH QRW XVHG E\ PRGXOH
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
3:0 02'8/(
'HV.ULSWLRQ
UH.RQILJXUH WR WKHLU GHIDXOW .RQGLWLRQV 7KLV LQ.OXGHV WKH 3:0 PRGXOH LWVHOI EHLQJ GLVDEOHG DQG WKH *3,2 EHLQJ IRU.HG ORZ KLJK RU WULVWDWH
7KHUH DUH WZR 3XOVH :LGWK 0RGXODWLRQ 3:0 PRG XOHV 3:0 DQG 3:0 WKDW JHQHUDWH XS WR D ELW UHVROXWLRQ RXWSXW VLJQDO RQ *3 DQG *3 UHVSH.WLYHO\ (D.K RI WKHVH RXWSXWV .DQ EH VHSDUDWHO\ HQDEOHG DQG HD.K KDV LWV RZQ DVVR.LDWHG WLPHU GXW\ .\.OH DQG SHULRG UHJLVWHUV IRU .RQWUROOLQJ WKH 3:0 RXWSXW VKDSH (D.K 3:0 PRGXOH .RQWDLQV D VHW RI PDVWHUVODYH 'XW\ &\.OH UHJLVWHUV SURYLGLQJ XS WR D ELW UHVROXWLRQ 3:0 RXWSXW )LJXUH VKRZV D VLPSOLILHG EOR.N GLD JUDP RI WKH 3:0 PRGXOH $ 3:0 RXWSXW KDV D WLPH EDVH SHULRG DQG D WLPH WKDW WKH RXWSXW VWD\V KLJK GXW\ .\.OH DV VKRZQ LQ )LJXUH 7KH IUHTXHQ.\ RI WKH 3:0 LV WKH LQYHUVH RI WKH SHULRG SHULRG $W SRZHU RQ WKH 3:0 RXWSXWV DUH QRW HQDEOHG XQWLO DIWHU WKH VHOI .RQILJXUDWLRQ VHTXHQ.H KDV EHHQ .RP SOHWHG LH DOO 65$0 UHJLVWHUV KDYH EHHQ ORDGHG ZLWK WKHLU GHIDXOW YDOXHV WR SUHYHQW LQYDOLG VLJQDOV IURP R..XUULQJ RQ WKH 3:0 RXWSXWV
),*85( 3:0 287387
3HULRG
'XW\ &\.OH 705Q 35Q
705Q 35Q
705Q 'XW\ &\.OH
3:0 7LPHU 0RGXOHV
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
),*85( 6,03/,),(' %/2&. ',$*5$0
'XW\ .\.OH UHJLVWHUV 3:0Q'&+ 7Q&21 /6%
3:0Q'%+
&RPSDUDWRU 5 6 4 *37,0(5 02'8/( 35(6&$/(5
705Q
1RWH
7KH SUHV.DOHU .RXQWHUV DUH .OHDUHG ZKHQ D ZULWH WR WKH 7Q&21 RU 705Q UHJLVWHU RU DQ\ GHYL.H UHVHW 567 UHVHW RU 3RZHURQ UHVHW R..XUV
3:0 0RGXOHV
&RPSDUDWRU
3UQ 1RWH ELW WLPHU LV .RQ.DWHQDWHG ZLWK ELW LQWHUQDO 4 .OR.N RU ELWV RI WKH SUHV.DOHU WR .UHDWH ELW WLPHEDVH
(D.K 3:0 PRGXOH .RQWDLQV D VHW RI PDVWHUVODYH 'XW\ &\.OH UHJLVWHUV SURYLGLQJ XS WR D ELW UHVROXWLRQ 3:0 RXWSXW )LJXUH VKRZV D VLPSOLILHG EOR.N GLD JUDP RI WKH 3:0 PRGXOH
3:0 3(5,2'
7KH 3:0 SHULRG LV VSH.LILHG E\ ZULWLQJ WR WKH 35Q UHJ LVWHU 7KH 3:0 SHULRG .DQ EH .DO.XODWHG XVLQJ WKH IRO ORZLQJ IRUPXOD
3:0 SHULRG [ ( 35 Q ) ] 7 2 6& ( 705Q SUHV.DOH YDOXH )
7KH 3:0 RXWSXWV .DQ EH IRU.HG WR WKHLU GHIDXOW 325 .RQGLWLRQV LI &$1 EXV .RPPXQL.DWLRQ LV ORVW DQG LV HQDEOHG YLD 2375(*3'()(1 7KH V\VWHP GHVLJQHU PXVW LPSOHPHQW D KDQG VKDNLQJ SURWR.RO VX.K WKDW WKH 0&3; ZLOO UH.HLYH D YDOLG PHVVDJH LQWR RQH RI WKH UH.HLYH EXIIHUV EHIRUH IRXU VX..HVVLYH V.KHGXOHG WUDQVPLVVLRQV R..XU ,I D YDOLG PHVVDJH LV QRW UH.HLYHG WKH 3:0 RXWSXWV *3 DQG *3 ZLOO DXWRPDWL.DOO\
3:0 IUHTXHQ.\ ( 3:0 SHULRG ) :KHQ 705Q LV HTXDO WR 35Q WKH IROORZLQJ WZR HYHQWV R..XU RQ WKH QH[W .\.OH 705Q LV .OHDUHG 7KH 3:0 GXW\ .\.OH LV ODW.KHG IURP 3:0Q'&+ LQWR 3:0Q'%+
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
3:0 '87< &<&/(
7KH 3:0 GXW\ .\.OH LV VSH.LILHG E\ ZULWLQJ WR WKH 3:0Q'&+ DQG 7Q&21 UHJLVWHUV 8S WR ELW UHVROX WLRQ LV DYDLODEOH WKH 3:0Q'&+ .RQWDLQV WKH HLJKW 06EV DQG WKH 7Q&21 UHJLVWHU .RQWDLQV WKH WZR /6EV 7KLV ELW YDOXH LV UHSUHVHQWHG E\ 3:0'&+7&21! IRU 3:0 0RGXOH DQG 3:0'&+7&21! IRU 3:0 0RGXOH 7KH IROORZLQJ HTXDWLRQ LV XVHG WR .DO.XODWH WKH 30: GXW\ .\.OH 3:0'& ( 3:0Q'& ) 7
$
:KHQ WKH 3:0Q'%+ DQG ELW ODW.K PDW.K 705Q .RQ .DWHQDWHG ZLWK DQ LQWHUQDO ELW 4 .OR.N RU ELWV RI WKH 705Q SUHV.DOHU WKH 3:0 RXWSXW SLQ LV .OHDUHG 0D[LPXP 3:0 UHVROXWLRQ ELWV IRU D JLYHQ 3:0 IUH TXHQ.\ ORJ ( ( )
$ )
( )SZP ) ) ( ORJ ( )ELWV )
1RWH
705Q SUHV.DOH
,I WKH 3:0 GXW\ .\.OH YDOXH LV ORQJHU WKDQ WKH 3:0 SHULRG 3:0 GXW\ .\.OH WKH 3:0 RXWSXW SLQ ZLOO QRW EH .OHDUHG
3:0Q'&+ .DQ EH ZULWWHQ WR DW DQ\ WLPH EXW WKH GXW\ .\.OH YDOXH LV QRW ODW.KHG LQWR 3:0Q'%+ XQWLO DIWHU D PDW.K EHWZHHQ 35Q DQG 705Q R..XUV LH WKH SHULRG LV .RPSOHWH 7KH 3:0Q'%+ UHJLVWHU DQG ELW LQWHUQDO ODW.K DUH XVHG WR GRXEOH EXIIHU WKH 3:0 GXW\ .\.OH 7KLV GRXEOH EXIIHULQJ LV HVVHQWLDO IRU JOLW.KOHVV 3:0 RSHUDWLRQ
,Q RUGHU WR D.KLHYH KLJKHU UHVROXWLRQ WKH 3:0 IUH TXHQ.\ PXVW EH GH.UHDVHG ,Q RUGHU WR D.KLHYH KLJKHU 3:0 IUHTXHQ.\ WKH UHVROXWLRQ PXVW EH GH.UHDVHG 7DEOH OLVWV H[DPSOH 3:0 IUHTXHQ.LHV DQG UHVROX WLRQV IRU ) $ 0+] 705Q SUHV.DOHU DQG 35Q YDO XHV DUH DOVR VKRZQ
7$%/(
3:0 )5(48(1&,(6 $1' 5(62/87,216 $7 0+=
N+] [)) N+] [)) N+] [)) N+] [) N+] [) N+] [
3:0 )UHTXHQ.\ 7LPHU 3UHV.DOHU 35Q 9DOXH 0D[LPXP 5HVROXWLRQ ELWV
5(*,67(5
5:[ '&% ELW 5:[ '&%
3:0 '87< &<&/( 5(*,67(5 06% 3:0'&+
5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
'&%'&% 0RVW 6LJQLIL.DQW 3:0 'XW\ &\.OH %LWV
5(*,67(5
5:[ '&% ELW 5:[ '&%
3:0 '87< &<&/( 5(*,67(5 06% 3:0'&+
5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
'&%'&% 0RVW 6LJQLIL.DQW 3:0 'XW\ &\.OH %LWV
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5(*,67(5
5: 70521 ELW 8
7&21 7,0(5 &21752/ 5(*,67(5
5:
7&.36
5:
7&.36
8
8
5:[
'&%
5:[
'&%
5
5HDGDEOH ELW
ELW
: :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
70521 7LPHU 2Q ELW 1 (QDEOHV 7LPHU 0 'LVDEOHV 7LPHU 8QLPSOHPHQWHG 5HDG DV 7&.367&.36 7LPHU &OR.N 3UHV.DOH 6HOH.W ELWV 00 3UHV.DOHU LV 01 3UHV.DOHU LV 1x 3UHV.DOHU LV 8QLPSOHPHQWHG 5HDG DV '&%'&% /HDVW 6LJQLIL.DQW 3:0 'XW\ &\.OH ELWV
ELW ELW
ELW ELW
5(*,67(5
5: 70521 ELW 8
7&21 7,0(5 &21752/ 5(*,67(5
5:
7&.36
5:
7&.36
8
8
5:[
'&%
5:[
'&%
5
5HDGDEOH ELW
ELW
: :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
70521 7LPHU 2Q ELW 1 (QDEOHV 7LPHU 0 'LVDEOHV 7LPHU 8QLPSOHPHQWHG 5HDG DV 7&.367&.36 7LPHU &OR.N 3UHV.DOH 6HOH.W ELWV 00 3UHV.DOHU LV 01 3UHV.DOHU LV 1x 3UHV.DOHU LV 8QLPSOHPHQWHG 5HDG DV '&%'&% /HDVW 6LJQLIL.DQW 3:0 'XW\ &\.OH ELWV
ELW ELW
ELW ELW
5(*,67(5
5:[ 35% ELW 5:[ 35%
35 3(5,2' 5(*,67(5
5:[ 35% 5:[ 35% 5:[ 35% 5:[ 35% 5:[ 35% 5:[ 35% ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
35%35% 3:0 3HULRG 5HJLVWHU
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
5(*,67(5
5:[ 35% ELW 5:[ 35%
35 3(5,2' 5(*,67(5
5:[ 35% 5:[ 35% 5:[ 35% 5:[ 35% 5:[ 35% 5:[ 35% ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
35%35% 3:0 3HULRG 5HJLVWHU
5(*,67(5
5:[ '&% ELW 5:[ '&%
3:0'&+ 3:0 '87< &<&/( 833(5 (,*+7 %,76
5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
'&%'&% 3:0 8SSHU (LJKW %LWV RI WKH 'XW\ &\.OH
5(*,67(5
5:[ '&% ELW 5:[ '&%
3:0'&+ 3:0 '87< &<&/( 833(5 (,*+7 %,76
5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% 5:[ '&% ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
'&%'&% 3:0 8SSHU (LJKW %LWV RI WKH 'XW\ &\.OH
7$%/(
$GGU 1DPH
5(*,67(56 $662&,$7(' :,7+ 7+( 3:0 02'8/(
ELW ELW ELW ELW ELW ELW ELW ELW 9DOXH RQ 325 [[ [[ '&% '&% '&% '&% '&% '&% '&% '&% '&% '&% 9DOXH RQ 567 XX XX
K K K K K K $K
*3''5 7&21 7&21 35 35 3:0'&+ 3:0'&+
70521 70521
''5
''5 7&.36 7&.36
''5 7&.36 7&.36
''5
''5
''5 '&% '&%
''5 '&% '&%

7LPHU 0RGXOHV 3HULRG 5HJLVWHU 7LPHU 0RGXOHV 3HULRG 5HJLVWHU '&% '&% '&% '&% '&% '&%
[[[[ [[[[ XXXX XXXX [[[[ [[[[ XXXX XXXX
/HJHQG [
XQNQRZQ 8
XQ.KDQJHG
XQLPSOHPHQWHG UHDG DV 6KDGHG .HOOV DUH QRW XVHG E\ PRGXOH
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
$1$/2*72',*,7$/ &219(57(5 $' 02'8/(
'HV.ULSWLRQ
$' &RQYHUVLRQ 0RGHV
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
7KHUH DUH WZR PRGHV RI .RQYHUVLRQ WKDW .DQ EH LQGLYLG XDOO\ VHOH.WHG IRU HD.K DQDORJ .KDQQHO WKDW KDV EHHQ HQDEOHG 7KHVH DUH DXWR.RQYHUVLRQ DQG .RQYHUVLRQ RQUHTXHVW
$872&219(56,21 02'(
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
$' 0RGXOH 5HJLVWHUV
7KH $' PRGXOH LWVHOI KDV VHYHUDO UHJLVWHUV 7KH UHJLV WHUV DUH $' &RQWURO 5HJLVWHU $'&21 $' &RQWURO 5HJLVWHU $'&21 7UDQVPLWRQ&KDQJH 5HJLVWHU ,2,17(1 &RPSDUH DQG 3RODULW\ 5HJLVWHU $'&03Q/ $' 5HVXOW 5HJLVWHUV $'5(6Q/ $'5(6Q+
7$%/(
$872&219(56,21 5$7(6 )25 *,9(1 35(6&$/( 5$7(6 $7 0+=
3UHV.DOH 5DWH $XWR&RQYHUVLRQ 5DWH V V PV PV PV PV PV PV
70536>@
000 001 010 011 100 101 110 111
7KH $'&21 UHJLVWHU .RQWUROV WKH RSHUDWLRQ RI WKH $' PRGXOH LQ.OXGLQJ DXWR.RQYHUVLRQ UDWH DQG HQDEOH ELW 7KH $'&21 UHJLVWHU HQDEOHV WKH $' IXQ.WLRQ RQ SRUW SLQV *3*3 $' .RQYHUVLRQ UDWH DQG VHOH.WV WKH YROWDJH UHIHUHQ.H VRXU.H 7KH ,2,17(1 UHJLVWHUV IRXU OHDVW VLJQLIL.DQW ELWV HQDEOHGLVDEOH WKH WUDQVPLW RQ.KDQJH IXQ.WLRQ 7KH $'&03Q/$'32/ ELW VHWV WKH SRODULW\ DERYH RU EHORZ WKUHVKROG IRU WKH WUDQVPLW RQ.KDQJH IXQ.WLRQ 7KH UHVXOW RI DQ $' .RQYHUVLRQ LV PDGH DYDLODEOH WR WKH XVHU ZLWKLQ WKH GDWD ILHOG RI WKH 5HDG $' 5HJLV WHUV 2XWSXW 0HVVDJH YLD WKH &$1 EXV 7KLV PHVVDJH .DQ EH GLUH.WO\ UHTXHVWHG E\ DQRWKHU &$1 QRGH RU DXWRPDWL.DOO\ WUDQVPLWWHG 7;,'2 DV GHV.ULEHG LQ DQRWKHU VH.WLRQ $GGLWLRQDOO\ WKH LQGLYLGXDO .KDQQHO UHVXOWV PD\ EH UHDG XVLQJ WKH 5HDG 5HJLVWHU .RPPDQG DV GHV.ULEHG LQ 7DEOH DQG DV VKRZQ LQ 7DEOH E\ DGGUHVVLQJ WKH DSSURSULDWH $' UHVXOW UHJLVWHU $'5(6Q/ DQG $'5(6Q+ 1RWH 7KH *3''5 UHJLVWHU .RQWUROV WKH GLUH.WLRQ RI WKH *3,2 SLQV HYHQ ZKHQ WKH\ DUH EHLQJ XVHG DV DQDORJ LQSXWV 7KH XVHU PXVW HQVXUH WKDW WKH ELWV LQ WKH *3''5 UHJLVWHU DUH PDLQWDLQHG VHW LQSXW ZKHQ XVLQJ WKHP DV DQDORJ LQSXWV
7KH WLPHU LV WXUQHG RQ LI RQH RI WKH *3Q7;& ELWV DUH VHW LQ WKH ,2,17(1 UHJLVWHU DQG .RQILJXUHG DV DQDORJ LQSXW 7KH SUHV.DOHU .RXQWHU LV .OHDUHG ZKHQ WKH GHYL.H LV UHVHW 567 UHVHW RU 3RZHURQ UHVHW
&219(56,21215(48(67 02'(
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
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
LQ RQH PHVVDJH
$' 7KUHVKROG 'HWH.WLRQ
2Q.H DQ $' DXWR.RQYHUVLRQ KDV EHHQ .RPSOHWHG WKH $' .KDQQHO UHVXOW V .DQ EH .RPSDUHG WR D YDOXH VWRUHG LQ WKH DVVR.LDWHG $' .KDQQHO .RPSDUDWRU UHJ LVWHUV ,I WKH YDOXH LQ WKH DQDORJ .KDQQHO UHVXOW UHJLVWHUV LH $1/ DQG $1+ UHJLVWHUV IRU DQDORJ .KDQQHO LV ORZHU RU KLJKHU WKDQ WKH YDOXH LQ WKH $' .RPSDUDWRU
UHJLVWHUV DV VSH.LILHG E\ D .RUUHVSRQGLQJ SRODULW\ ELW WKHQ D WUDQVPLWRQ.KDQJH PHVVDJH ZLOO EH VHQW 7;,' 7KH WKUHVKROG GHWH.WLRQ IXQ.WLRQ IRU DOO DQDORJ .KDQQHOV DUH ELW VHOH.WDEOH ,I WKH $' .KDQQHO KDV EHHQ .RQILJXUHG IRU WUDQVPLWRQ .KDQJH PRGH WKHQ WKH 0&3 ZLOO VHQG D 7UDQVPLW 0HVVDJH ZLWK WKH DSSURSULDWH GDWD ,W LV SRVVLEOH WKDW PRUH WKDQ RQH $' .KDQQHO KDV D .KDQJHRIVWDWH .RQ GLWLRQ 7KLV GRHV QRW SRVH D SUREOHP VLQ.H DOO DQDORJ .KDQQHO GDWD LV SURYLGHG LQ WKH WUDQVPLW PHVVDJH
5(*,67(5
5:[ $' ELW 5:[ $'
$' 02'8/( 5(68/7 5(*,67(5 06% $'5(61+
5:[ $' 5:[ $' 5:[ $' 5:[ $' 5:[ $' 5:[ $' ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
$'$' 0RVW 6LJQLIL.DQW $' 5HVXOW
5(*,67(5
5:[ $' ELW 5:[ $'
$' 02'8/( 5(68/7 5(*,67(5 /6% $'5(61/
8 8 8 8 8 8 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW ELW
$'$' /HDVW VLJQLIL.DQW $' UHVXOW 8QLPSOHPHQWHG 5HDGV DV
5(*,67(5
5:[ ELW 5:[
$' 02'8/( &203$5( 5(*,67(5 06% $'&031+
5:[ 5:[ 5:[ 5:[ 5:[ 5:[ 5 5HDGDEOH ELW ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
$1Q&03 $1Q&03 $1Q&03 $1Q&03 $1Q&03 $1Q&03 $1Q&03 $1Q&03
ELW
$1Q&03$1Q&03 0RVW 6LJQLIL.DQW $' &RPSDUH
5(*,67(5
5:[ ELW 5:[ $1Q&03 $1Q&03
$' 02'8/( &203$5( 5(*,67(5 /6% $'&031/
8 8 8 8 8 8 ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW ELW
$1Q&03$1Q&03 /HDVW 6LJQLIL.DQW $' &RPSDUH 8QLPSOHPHQWHG 5HDGV DV
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5(*,67(5
5: $'21 ELW 5: 736
$'&21 5(*,67(5
5: 736 5: 736 8[ 8 8[ 8[ ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
$'21 $' 2Q ELW 1 $' .RQYHUWHU PRGXOH LV RSHUDWLQJ 0 $' .RQYHUWHU PRGXOH LV VKXW RII DQG .RQVXPHV QR RSHUDWLQJ .XUUHQW 736736 7LPHU 3UHV.DOHU 5DWH 6HOH.W %LWV XVHG IRU DXWR .RQYHUVLRQV 736 3UHV.DOHU 736 5DWH 000 001 010 011 100 101 110 111
ELW
ELW
8QLPSOHPHQWHG 5HDGV DV
6KDGHG 5HVHUYHG ELWV
5(*,67(5
5: $'&6 ELW 5: $'&6
$'&21 5(*,67(5
5: 9&)* 5: 9&)* 5: 3&)* 5: 3&)* 5: 3&)* 5: 3&)* ELW 5 5HDGDEOH ELW : :ULWDEOH ELW 8 8QLPSOHPHQWHG UHDG DV
ELW
$'&6$'&6 $' &RQYHUVLRQ 6HOH.W ELWV 00 ) $ 01 ) $ 10 ) $ 11 5HVHUYHG 9&)*9&)* 9ROWDJH 5HIHUHQ.H &RQILJXUDWLRQ %LWV 9&)*9&* 00 01 10 11 $' 9# 9 ([WHUQDO 9# 9 ([WHUQDO 9# $' 9# 9$$ 9$$ ([WHUQDO 9# ([WHUQDO 9#
ELW
ELW
3&)*3&)* $' 3RUW &RQILJXUDWLRQ &RQWURO %LWV 1 &RUUHVSRQGLQJ *3,2 SLQ .RQILJXUHG DV 'LJLWDO ,2 0 &RUUHVSRQGLQJ *3,2 SLQ .RQILJXUHG DV $' ,QSXW
.RUUHVSRQGLQJ GDWD GLUH.WLRQ ELW *3''5 UHJLVWHU PXVW EH VHW IRU HD.K HQDEOHG DQDORJ .KDQQHO
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
7$%/(
$GGU
(K K K K (K )K &K 'K (K )K K K K K K
5(*,67(56 $662&,$7(' :,7+ 7+( $' 02'8/(
ELW
*3 *37;& *332/ $'21 $'&6
1DPH
*33,1 *3''5 ,2,17(1 ,2,1732 $'&21 $'&21
ELW
*3 ''5 *37;& *332/ 736 $'&6
ELW
*3 ''5 *37;& *332/ 736 9&)* 67%)
ELW
*3 ''5 *37;& *332/ 736 9&)* 67%)
ELW
*3 ''5 *37;& *332/ *2'21( 3&)*
ELW
*3 ''5 *37;& *332/ 3&)* 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG
ELW
*3 ''5 *37;& *332/ &+6 3&)*
ELW
*3 ''5 *37;& *332/ &+6 3&)* $'32/ $'32/ $'32/ $'32/
9DOXH RQ 325
[[[[ [[[[ [[ [ [[[[ [[[[ [[ [ [[[[ [[[[ [[ [ [[[[ [[[[ [[ [ [[[ [[[[
9DOXH RQ 567
XXXX XXXX XX X XXXX XXXX XX X XXXX XXXX XX X XXXX XXXX XX X XXX XXXX
$'&03+ $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $'&03/ $1&03 $1&03 $'&03/ $1&03 $1&03 $'&03/ $1&03 $1&03 $'&03/ $1&03 $1&03 67&21 67(0 6706 $'&03+ $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $'&03+ $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $'&03+ $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 $1&03 670 670 670 670
7KH *3''5 UHJLVWHU .RQWUROV WKH GLUH.WLRQ RI WKH *3,2 SLQV HYHQ ZKHQ WKH\ DUH EHLQJ XVHG DV DQDORJ LQSXWV 7KH XVHU PXVW HQVXUH WKDW WKH ELWV LQ WKH *3''5 UHJLVWHU DUH PDLQWDLQHG VHW LQSXW ZKHQ XVLQJ WKHP DV DQDORJ LQSXWV
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
63(&,$/ )($785(6 2) 7+( 0&3;;
'HV.ULSWLRQ
),*85( (;7(51$/ &/2&. ,1387 23(5$7,21
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
&OR.N IURP H[W 6\VWHP 2SHQ
26& 0&3; 26&
&RQILJXUDWLRQ %LWV
7KH .RQILJXUDWLRQ ELWV .DQ EH SURJUDPPHG UHDG DV 0 RU OHIW XQSURJUDPPHG UHDG DV 1 WR VHOH.W YDULRXV GHYL.H .RQILJXUDWLRQV 7KHVH ELWV DUH PDSSHG LQ SUR JUDP PHPRU\ OR.DWLRQ K 7KH .RQILJXUDWLRQ UHJLV WHU LV D.WXDOO\ EH\RQG SURJUDP PHPRU\ VSD.H DQG EHORQJV WR WKH VSH.LDO WHVW.RQILJXUDWLRQ PHPRU\ VSD.H K)))K ZKL.K .DQ EH D..HVVHG RQO\ GXULQJ SURJUDPPLQJ
2V.LOODWRU &RQILJXUDWLRQV
)RXU GLIIHUHQW RV.LOODWRU PRGHV PD\ EH VHOH.WHG 7KH XVHU .DQ SURJUDP WZR .RQILJXUDWLRQ ELWV ) 26&)26& LQ WKH &21),* UHJLVWHU WR VHOH.W RQH RI WKHVH PRGHV /3 ;7 +6 /RZ 3RZHU &U\VWDO &U\VWDO5HVRQDWRU +LJK 6SHHG &U\VWDO 5HVRQDWRU
,Q DOO PRGHV D .U\VWDO RU .HUDPL. UHVRQDWRU LV .RQ QH.WHG WR WKH 26&&/.,1 DQG 26&&/.287 SLQV WR HVWDEOLVK RV.LOODWLRQ )LJXUH 7KH RV.LOODWRU GHVLJQ UHTXLUHV WKH XVH RI D SDUDOOHO .XW .U\VWDO 7KH GHYL.H .DQ DOVR KDYH DQ H[WHUQDO .OR.N VRXU.H WR GULYH WKH 26&&/.,1 SLQ )LJXUH 7KH GHYL.H ZLOO GHIDXOW WR +6 PRGH LI WKH &21),* UHJ LVWHU LV QRW SURJUDPPHG
),*85( &5<67$/&(5$0,& 5(621$725 23(5$7,21
26& & ;7$/ 26& & 0&3; 5 72 ,17(51$/ /2*,& 6/((3
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
5(*,67(5
8 ELW ELW 8QLPSOHPHQWHG 5HDG DV ELW 5HVHUYHG GR QRW DWWHPSW WR PRGLI\ ELW 567(1 (QDEOH 567 LQSXW RQ *3 1 567 LQSXW (QDEOHG 0 567 LQSXW 'LVDEOHG 8
&21),*85$7,21 5(*,67(5
5:[ 5 5:[ 5 5:[ 5 5:[ 5 5:[ 5 5:[ 5 5:[ 5 5:[ 5 5:[ 5 5:
567(1
5:
)26&
5:
)26&
ELW
ELW ) $) $ 2V.LOODWRU 6HOH.WLRQ ELWV 11 +6 RV.LOODWRU 10 5HVHUYHG IRU 7HVW (& RV.LOODWRU 01 ;7 RV.LOODWRU 00 /3 RV.LOODWRU
5HVHW
32:(521 5(6(7
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
),*85( 6,03/,),(' %/2&. ',$*5$0 2) 21&+,3 5(6(7 &,5&8,7
567 9'' 5LVH 'HWH.W 9 3RZHURQ 5HVHW 267 ELW 5LSSOH &RXQWHU 26& 3:57 ELW 5LSSOH &RXQWHU (QDEOH 3:57 (QDEOH 267
6
4 &KLS 5HVHW
2Q.KLS 5& 26&
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
32:(583 7,0(5 :$.(83 )520 6/((3
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
2V.LOODWRU 6WDUWXS 7LPHU
7KH 2V.LOODWRU 6WDUWXS 7LPHU 267 SURYLGHV D RV.LOODWRU .\.OH 7 $ GHOD\ DIWHU WKH 3:57 GHOD\ LV .RPSOHWH 7KLV HQVXUHV WKDW WKH .U\VWDO RV.LOODWRU KDV VWDUWHG DQG VWDELOL]HG DQG PXVW EH OHVV WKDQ WKH WRWDO WLPH LW WDNHV RV.LOODWRU .\.OHV RU 74 IRU WKH PLQ LPXP VWDQGDUG GDWD IUDPH RU UHPRWH WUDQVPLW PHVVDJH WR EH .RPSOHWHG RQ WKH &$1 EXV DIWHU D ZDNHXS IURP 6/((3 R..XUV 7KH 267 WLPHRXW LV LQYRNHG RQO\ RQ 3RZHURQ 5HVHW RU ZDNHXS IURP 6/((3
,Q&LU.XLW 6HULDO 3URJUDPPLQJ
3RZHUGRZQ 0RGH 6/((3
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
7$%/(
,1&,5&8,7 6(5,$/ 352*5$00,1* 3,1 )81&7,216
3LQ 1XPEHU 3URJUDPPLQJ 0RGH )XQ.WLRQ *URXQG 'DWD &OR.N 933 3RZHU
3LQ 1DPH 966 *3 *3 *3 9''
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
(/(&75,&$/ &+$5$&7(5,67,&6
$EVROXWH 0D[LPXP 5DWLQJV
$PELHQW WHPSHUDWXUH XQGHU ELDV & WR & 6WRUDJH WHPSHUDWXUH & WR & 9ROWDJH RQ DQ\ SLQ ZLWK UHVSH.W WR 9VV H[.HSW 9'' DQG 567 9 WR 9'' 9 9'' 9 WR 9 9ROWDJH RQ 567 ZLWK UHVSH.W WR 9VV 9 WR 9 7RWDO SRZHU GLVVLSDWLRQ 1RWH : 0D[LPXP VRXU.H .XUUHQW RXW RI 966 SLQ P$ 0D[LPXP VLQN .XUUHQW LQWR 9'' SLQ P$ ,QSXW .ODPS .XUUHQW ,LN 9L RU 9L ! 9'' P$ 2XWSXW .ODPS .XUUHQW ,RN 92 RU 92 ! 9'' P$ 0D[LPXP .XUUHQW VXQN E\ DQ\ ,2 SLQ P$ 0D[LPXP .XUUHQW VRXU.HG E\ DQ\ LQSXW SLQ P$ 0D[LPXP .XUUHQW VXQN E\ *3,2 SRUW P$ 0D[LPXP .XUUHQW VRXU.HG E\ *3,2 SRUW P$ 6ROGHULQJ WHPSHUDWXUH RI OHDGV VH.RQGV & (6' SURWH.WLRQ RQ DOO SLQV .................................................................................................................................................. N9 1RWH 3RZHU GLVVLSDWLRQ LV .DO.XODWHG DV IROORZV 3GLV 9'' [ ^,'' ,2+ ^ 9''92+ [ ,2+ 92/ [ ,2/
127,&( 6WUHVVHV DERYH WKRVH OLVWHG XQGHU $EVROXWH 0D[LPXP 5DWLQJV PD\ .DXVH SHUPDQHQW GDPDJH WR WKH GHYL.H 7KLV LV D VWUHVV UDWLQJ RQO\ DQG IXQ.WLRQDO RSHUDWLRQ RI WKH GHYL.H DW WKRVH RU DQ\ RWKHU .RQGLWLRQV DERYH WKRVH LQGL.DWHG LQ WKH RSHUDWLRQ OLVWLQJV RI WKLV VSH.LIL.DWLRQ LV QRW LPSOLHG ([SRVXUH WR PD[LPXP UDWLQJ .RQGLWLRQV IRU H[WHQGHG SHULRGV PD\ DIIH.W GHYL.H UHOLDELOLW\
),*85( 0&3; 92/7$*()5(48(1&< *5$3+
9 9 9 9 9ROWDJH 9 9 9 9 9 0&3; 9
0+] )PD[
)UHTXHQ.\ 0+]
0+]
0+]9 9GGDSSPLQ 9
1RWH 9GGDSSPLQ LV WKH PLQLPXP YROWDJH RI WKH 0&3; GHYL.H LQ WKH DSSOL.DWLRQ &KDUD.WHUL]HG DQG QRW WHVWHG
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
'& &KDUD.WHULVWL.V
,QGXVWULDO , 7$0% $XWRPRWLYH ( 7$0% &KDUD.WHULVWL.V 6XSSO\ 9ROWDJH 0LQ 0D[ & WR & 9&& & WR & 9&& 8QLWV 9 9 9PV 9 WR 9 9 WR 9 '& &KDUD.WHULVWL.V 3DUDP 1R 6\P 9''
7HVW &RQGLWLRQV ;7 DQG /3 26& .RQILJXUDWLRQ +6 26& .RQILJXUDWLRQ 1RWH 1RWH
69'' 9'' 5LVH 5DWH WR HQVXUH LQWHU QDO SRZHURQ UHVHW VLJQDO +LJK OHYHO LQSXW YROWDJH 9,+ 9,+ *3,2 SLQV 5;&$1 6.KPLWW 7ULJJHU 26& /RZ OHYHO LQSXW YROWDJH 9,/ 9,/ 5;&$1 6.KPLWW 7ULJJHU *3,2 SLQV 26& /RZ OHYHO RXWSXW YROWDJH 92/ 92+ 7;&$1 *3,2 SLQV +LJK OHYHO RXWSXW YROWDJH 7;&$1 *3,2 SLQV ,QSXW OHDNDJH .XUUHQW ,/, &,17 $OO ,2 H[.HSW 26& *3 26& *3 SLQ ,QWHUQDO &DSD.LWDQ.H DOO LQSXWV DQG RXWSXWV H[.HSW *3 *3 ,'' ,''6 2SHUDWLQJ &XUUHQW 6WDQGE\ &XUUHQW &$1 6OHHS 0RGH
9'' 9'' 966 9VV 9''
9'' 9'' 9'' 9'' 9 9''
9 9 9 9 9 9 9 9 9 ,2+ P$ 9'' , WHPS 9 ,2/ P$ 9'' 9

$ $ S) 7$0% & I& 0+] 9'' 9 1RWH

S) P$ $ ;7 26& 9'' 9 ) $ 0+] ,QSXWV WLHG WR 9'' RU 966
1RWH 7KLV LV WKH OLPLW WR ZKL.K 9'' .DQ EH ORZHUHG LQ 6/((3 PRGH ZLWKRXW ORVLQJ 5$0 GDWD 5HIHU WR 7DEOH 7KLV SDUDPHWHU LV SHULRGL.DOO\ VDPSOHG DQG QRW WHVWHG
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
$& &KDUD.WHULVWL.V
,QGXVWULDO , 7$0% & WR & 9&& 9 WR 9 $XWRPRWLYH ( 7$0% & WR & 9&& 9 WR 9 &KDUD.WHULVWL.V &/.,1 )UHTXHQ.\ 0LQ '& '& '& )26 2V.LOODWRU )UHTXHQ.\ 7
$
$& &KDUD.WHULVWL.V 3DUDP 1R 6\P )26
0D[ WHVWHG
8QLWV 0+] 0+] N+] 0+] 0+] N+] QV QV V V QV V QV QV V QV QV QV QV QV QV QV QV V 7
$
7HVW &RQGLWLRQV ;7 RV. PRGH +6 RV. PRGH 1RWH /3 RV. PRGH ;7 RV. PRGH +6 RV. PRGH 1RWH /3 RV. PRGH ;7 RV. PRGH +6 RV. PRGH /3 RV. PRGH ;7 RV. PRGH +6 RV. PRGH /3 RV. PRGH ;7 RV. PRGH +6 RV. PRGH /3 RV. PRGH ;7 RV. PRGH 1RWH +6 RV. PRGH /3 RV. PRGH 9'' 1RWH 1RWH 1RWH 1RWH 9'' 9 7
$
&/.,1 3HULRG

2V.LOODWRU 3HULRG

726/ 726+
&/.,1 +LJK RU /RZ 7LPH

7265
&/.,1 5LVH RU )DOO 7LPH

7'&/.287 &/.287 3URSDJDWLRQ 'HOD\ 7&.5 7&.5 7,25 7,2) 70&/ 7267 73:57 7,2= 73:05 73:0) 7$' 7&19 &/.287 5LVH 7LPH &/.287 )DOO 7LPH 3RUW RXWSXW ULVH WLPH 3RUW RXWSXW IDOO WLPH 567 3XOVH /RZ 2V.LOODWLRQ 6WDUWXS 7LPHU 3RZHUXS 7LPHU ,2 +LLPSHGDQ.H IURP 567 ORZ 3:0 RXWSXW ULVH WLPH 3:0 RXWSXW IDOO WLPH $' .OR.N SHULRG &RQYHUVLRQ 7LPH QRW LQ.OXG LQJ D.TXLVLWLRQ WLPH

9 1RWH
26& SHULRG 9
PV V QV QV V V 7$'
9''
1RWH 1RWH 95() 9 95() IXOO UDQJH
1RWH 7KLV SDUDPHWHU LV SHULRGL.DOO\ VDPSOHG DQG QRW 5HIHU WR 7DEOH
0HDVXUHPHQWV DUH WDNHQ ZLWK &/.287 RXWSXW .RQILJXUHG DV [ 726&
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
),*85( ,2 7,0,1*
26&
,2 3LQ LQSXW
,2 3LQ RXWSXW
2OG 9DOXH
1HZ 9DOXH
1RWH $OO WHVWV PXVW EH GRQH ZLWK VSH.LILHG .DSD.LWLYH ORDGV VHH GDWD VKHHW S) RQ ,2 SLQV
),*85( 5(6(7 267 $1' 32:(5837,0(5
9'' 0&/5 ,QWHUQDO 325 3:57 7LPHRXW 26& 7LPHRXW ,QWHUQDO 5(6(7
,2 3LQV
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
$' &RQYHUWHU &KDUD.WHULVWL.V
,QGXVWULDO , 7$0% & WR & 9&& $XWRPRWLYH ( 7$0% & WR & 9&& 0LQ 95() 966 95() 0D[ ELWV OHVV WKDQ /6E OHVV WKDQ /6E OHVV WKDQ /6E OHVV WKDQ /6E
$& &RQYHUWHU &KDUD.WHULVWL.V 3DUDP 1R 6\P 15 1,17 1',) 1* 12)) &KDUD.WHULVWL.V $' UHVROXWLRQ $' ,QWHJUDO HUURU $' 'LIIHUHQWLDO HUURU $' *DLQ HUURU $' 2IIVHW HUURU 0RQRWRQL.LW\ 95() 95() 95() 9$,1 =$,1 ,5() 1+<6 1RWH 5HIHUHQ.H 9ROWDJH 5HIHUHQ.H 9 KLJK 5HIHUHQ.H 9 ORZ $QDORJ LQSXW 9 5H.RPPHQGHG LPSHGDQ.H RI DQDORJ YROWDJH VRXU.H 95() LQSXW .XUUHQW $QDORJ 7UDQVPLWRQ.KDQJH +\VWHUHVLV
9 WR 9 9 WR 9
8QLWV
7HVW &RQGLWLRQV 95() 9'' LQ 95() 95() 966 95() 966 95() 966 95() 966 9 966
9'' 9 966 9 , 7(03 9'' 9 966 9 , 7(03 9'' 9 966 9 9'' 9 966 9
9$$ LQ 95() 9 9 9 9 NRKP $ 6SH.LILHG E\ GHVLJQ VHH 6H.WLRQ 1RWH $EVROXWH PLQLPXP WR HQVXUH ELW D..XUD.\ 0LQLPXP UHVROXWLRQ IRU $' LV P9 0LQLPXP UHVROXWLRQ IRU $' LV P9
9 9 95() 95() /6E
'HVLJQ JXLGDQ.H RQO\
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
3$&.$*,1* ,1)250$7,21
3D.NDJH 0DUNLQJ ,QIRUPDWLRQ
/HDG 3',3 PLO XXXXXXXXXXXXXX XXXXXXXXXXXXXX YYWWNNN ([DPSOH MCP25050 XXXXXXXXXXXXXX 0025NNN
/HDG 62,& PLO
([DPSOH
XXXXXXXXXXX XXXXXXXXXXX YYWWNNN
MCP25055 XXXXXXXXXXX 0037NNN
/HJHQG ;;; << :: 111 1RWH
&XVWRPHU VSH.LIL. LQIRUPDWLRQ ,Q WKH HYHQW WKH IXOO 0L.UR.KLS SDUW QXPEHU .DQQRW EH PDUNHG RQ RQH OLQH LW ZLOO EH .DUULHG RYHU WR WKH QH[W OLQH WKXV OLPLWLQJ WKH QXPEHU RI DYDLODEOH .KDUD.WHUV IRU .XVWRPHU VSH.LIL. LQIRUPDWLRQ
6WDQGDUG PDUNLQJ .RQVLVWV RI 0L.UR.KLS SDUW QXPEHU \HDU .RGH ZHHN .RGH WUD.HDELOLW\ .RGH ID.LOLW\ .RGH PDVN UHY DQG DVVHPEO\ .RGH )RU PDUNLQJ EH\RQG WKLV .HUWDLQ SUL.H DGGHUV DSSO\ 3OHDVH .KH.N ZLWK \RXU 0L.UR.KLS 6DOHV 2IIL.H
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
/HDG 3ODVWL. 'XDO ,QOLQH 3 PLO 3',3
(
'
Q
( $ $ / $ H% % % S
.
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
8QLWV 'LPHQVLRQ /LPLWV Q S
0,1
,1&+(6 120
0$;
0,1
0,//,0(7(56 120
0$;

0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
/HDG 3ODVWL. 6PDOO 2XWOLQH 6/ 1DUURZ PLO 62,&
( (
S
'
% Q . $ 8QLWV 'LPHQVLRQ /LPLWV Q S $ $ $ ( ( ' K / . % / $ K
$
0,1
1XPEHU RI 3LQV 3LW.K 2YHUDOO +HLJKW 0ROGHG 3D.NDJH 7KL.NQHVV 6WDQGRII 2YHUDOO :LGWK 0ROGHG 3D.NDJH :LGWK 2YHUDOO /HQJWK &KDPIHU 'LVWDQ.H )RRW /HQJWK )RRW $QJOH /HDG 7KL.NQHVV /HDG :LGWK 0ROG 'UDIW $QJOH 7RS 0ROG 'UDIW $QJOH %RWWRP &RQWUROOLQJ 3DUDPHWHU 6LJQLIL.DQW &KDUD.WHULVWL.

,1&+(6 120
0$;
0,1

0,//,0(7(56 120
0$;

1RWHV 'LPHQVLRQV ' DQG ( GR QRW LQ.OXGH PROG IODVK RU SURWUXVLRQV 0ROG IODVK RU SURWUXVLRQV VKDOO QRW H[.HHG PP SHU VLGH -('(& (TXLYDOHQW 06 'UDZLQJ 1R &
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
21/,1( 6833257
0L.UR.KLS SURYLGHV RQOLQH VXSSRUW RQ WKH 0L.UR.KLS :RUOG :LGH :HE ::: VLWH 7KH ZHE VLWH LV XVHG E\ 0L.UR.KLS DV D PHDQV WR PDNH ILOHV DQG LQIRUPDWLRQ HDVLO\ DYDLODEOH WR .XVWRPHUV 7R YLHZ WKH VLWH WKH XVHU PXVW KDYH D..HVV WR WKH ,QWHUQHW DQG D ZHE EURZVHU VX.K DV 1HWV.DSH RU 0L.URVRIW ([SORUHU )LOHV DUH DOVR DYDLODEOH IRU )73 GRZQORDG IURP RXU )73 VLWH
6\VWHPV ,QIRUPDWLRQ DQG 8SJUDGH +RW /LQH
7KH 6\VWHPV ,QIRUPDWLRQ DQG 8SJUDGH /LQH SURYLGHV V\VWHP XVHUV D OLVWLQJ RI WKH ODWHVW YHUVLRQV RI DOO RI 0L.UR.KLS V GHYHORSPHQW V\VWHPV VRIWZDUH SURGX.WV 3OXV WKLV OLQH SURYLGHV LQIRUPDWLRQ RQ KRZ .XVWRPHUV .DQ UH.HLYH DQ\ .XUUHQWO\ DYDLODEOH XSJUDGH NLWV7KH +RW /LQH 1XPEHUV DUH IRU 86 DQG PRVW RI &DQDGD DQG IRU WKH UHVW RI WKH ZRUOG
&RQQH.WLQJ WR WKH 0L.UR.KLS ,QWHUQHW :HE 6LWH
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
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6%SDJH
0&3;;
5($'(5 5(63216(
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
)URP 1DPH &RPSDQ\ $GGUHVV &LW\ 6WDWH =,3 &RXQWU\ 7HOHSKRQH BBBBBBB BBBBBBBBB BBBBBBBBB $SSOL.DWLRQ RSWLRQDO :RXOG \RX OLNH D UHSO\" 'HYL.H 0&3;; 4XHVWLRQV :KDW DUH WKH EHVW IHDWXUHV RI WKLV GR.XPHQW" < 1 /LWHUDWXUH 1XPEHU '6% )$; BBBBBB BBBBBBBBB BBBBBBBBB
+RZ GRHV WKLV GR.XPHQW PHHW \RXU KDUGZDUH DQG VRIWZDUH GHYHORSPHQW QHHGV"
'R \RX ILQG WKH RUJDQL]DWLRQ RI WKLV GDWD VKHHW HDV\ WR IROORZ" ,I QRW ZK\"
:KDW DGGLWLRQV WR WKH GDWD VKHHW GR \RX WKLQN ZRXOG HQKDQ.H WKH VWUX.WXUH DQG VXEMH.W"
:KDW GHOHWLRQV IURP WKH GDWD VKHHW .RXOG EH PDGH ZLWKRXW DIIH.WLQJ WKH RYHUDOO XVHIXOQHVV"
,V WKHUH DQ\ LQ.RUUH.W RU PLVOHDGLQJ LQIRUPDWLRQ ZKDW DQG ZKHUH "
+RZ ZRXOG \RX LPSURYH WKLV GR.XPHQW"
+RZ ZRXOG \RX LPSURYH RXU VRIWZDUH V\VWHPV DQG VLOL.RQ SURGX.WV"
'6%SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
352'8&7 ,'(17,),&$7,21 6<67(0
7R RUGHU RU REWDLQ LQIRUPDWLRQ HJ RQ SUL.LQJ RU GHOLYHU\ UHIHU WR WKH ID.WRU\ RU WKH OLVWHG VDOHV RIIL.H 3$57 12 'HYL.H ; 7HPSHUDWXUH 5DQJH ;; 3D.NDJH ([DPSOHV
D E . G 0&3,3 ,QGXVWULDO WHPSHUDWXUH 3',3 SD.NDJH 0&3,6/ ,QGXVWULDO WHPSHUDWXUH 62,& SD.NDJH 0&37(6/ 7DSH DQG 5HHO ([WHQGHG WHPSHUDWXUH 62,& SD.NDJH 0&3,6/ ,QGXVWULDO WHPSHUDWXUH 62,& SD.NDJH
'HYL.H
0&3 0&37 0&3 0&37 0&3 0&37
&$1 ,2 ([SDQGHU &$1 ,2 ([SDQGHU 7DSH DQG 5HHO &$1 ,2 ([SDQGHU &$1 ,2 ([SDQGHU 7DSH DQG 5HHO 0L[HG 6LJQDO &$1 ,2 ([SDQGHU 0L[HG 6LJQDO &$1 ,2 ([SDQGHU 7DSH DQG 5HHO 0&3 0L[HG 6LJQDO &$1 ,2 ([SDQGHU 0&37 0L[HG 6LJQDO &$1 ,2 ([SDQGHU 7DSH DQG 5HHO & WR & & WR & QRW DYDLODEOH RQ 0&3 RU 0&3 GHYL.HV 3ODVWL. ',3 PLO %RG\ OHDG 3ODVWL. 62,& PLO %RG\ OHDG
7HPSHUDWXUH 5DQJH
, (
3D.NDJH
3 6/
6DOHV DQG 6XSSRUW
'DWD 6KHHWV 3URGX.WV VXSSRUWHG E\ D SUHOLPLQDU\ 'DWD 6KHHW PD\ KDYH DQ HUUDWD VKHHW GHV.ULELQJ PLQRU RSHUDWLRQDO GLIIHUHQ.HV DQG UH.RP PHQGHG ZRUNDURXQGV 7R GHWHUPLQH LI DQ HUUDWD VKHHW H[LVWV IRU D SDUWL.XODU GHYL.H SOHDVH .RQWD.W RQH RI WKH IROORZLQJ 3OHDVH VSH.LI\ ZKL.K GHYL.H UHYLVLRQ RI VLOL.RQ DQG 'DWD 6KHHW LQ.OXGH /LWHUDWXUH
1HZ &XVWRPHU 1RWLIL.DWLRQ 6\VWHP 5HJLVWHU RQ RXU ZHE VLWH ZZZPL.UR.KLS.RP.Q WR UH.HLYH WKH PRVW .XUUHQW LQIRUPDWLRQ RQ RXU SURGX.WV
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6$SDJH
0&3;;
127(6
'6$SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
127(6
0L.UR.KLS 7H.KQRORJ\ ,Q.
3UHOLPLQDU\
'6$SDJH
0&3;;
127(6
'6$SDJH
3UHOLPLQDU\
0L.UR.KLS 7H.KQRORJ\ ,Q.
0&3;;
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
7UDGHPDUNV
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
3ULQWHG RQ UH.\.OHG SDSHU
0L.UR.KLS UH.HLYHG 46 TXDOLW\ V\VWHP .HUWLIL.DWLRQ IRU LWV ZRUOGZLGH KHDGTXDUWHUV GHVLJQ DQG ZDIHU IDEUL.DWLRQ ID.LOLWLHV LQ &KDQGOHU DQG 7HPSH $UL]RQD LQ -XO\ 7KH &RPSDQ\V TXDOLW\ V\VWHP SUR.HVVHV DQG SUR.HGXUHV DUH 46 .RPSOLDQW IRU LWV 3,&PL.UR ELW 0&8V ./ " .RGH KRSSLQJ GHYL.HV 6HULDO ((3520V DQG PL.URSHULSKHUDO SURGX.WV ,Q DGGLWLRQ 0L.UR.KLSV TXDOLW\ V\VWHP IRU WKH GHVLJQ DQG PDQXID.WXUH RI GHYHORSPHQW V\VWHPV LV ,62 .HUWLILHG
0L.UR.KLS 7H.KQRORJ\ ,Q.
'6%SDJH
$0(5,&$6
&RUSRUDWH 2IIL.H
:HVW &KDQGOHU %OYG &KDQGOHU $= 7HO )D[ 7H.KQL.DO 6XSSRUW :HE $GGUHVV KWWSZZZPL.UR.KLS.RP
:25/':,'( 6$/(6 $1' 6(59,&(
$6,$3$&,),&
$XVWUDOLD
0L.UR.KLS 7H.KQRORJ\ $XVWUDOLD 3W\ /WG 6XLWH 5DZVRQ 6WUHHW (SSLQJ 16: $XVWUDOLD 7HO )D[
-DSDQ
0L.UR.KLS 7H.KQRORJ\ -DSDQ .. %HQH[ 6 ) 6KLQ\RNRKDPD .RKRNX.X 5R.N\ 0RXQWDLQ
:HVW &KDQGOHU %OYG &KDQGOHU $= 7HO )D[
&KLQD %HLMLQJ
.RUHD
$WODQWD
6XJDU 0LOO 5RDG 6XLWH % $WODQWD *$ 7HO )D[
0L.UR.KLS 7H.KQRORJ\ &RQVXOWLQJ 6KDQJKDL &R /WG %HLMLQJ /LDLVRQ 2IIL.H 8QLW %HL +DL :DQ 7DL %OGJ 1R &KDR\DQJPHQ %HLGDMLH %HLMLQJ 1R &KLQD 7HO )D[
0L.UR.KLS 7H.KQRORJ\ .RUHD 6LQJDSRUH
%RVWRQ
&KLQD &KHQJGX
/DQ 'ULYH 6XLWH :HVWIRUG 0$ 7HO )D[
&KL.DJR
3LHU.H 5RDG 6XLWH ,WDV.D ,/ 7HO )D[
0L.UR.KLS 7H.KQRORJ\ &RQVXOWLQJ 6KDQJKDL &R /WG &KHQJGX /LDLVRQ 2IIL.H 5P WK )ORRU 0LQJ ;LQJ )LQDQ.LDO 7RZHU 1R 7,'8 6WUHHW &KHQJGX &KLQD 7HO )D[
0L.UR.KLS 7H.KQRORJ\ 6LQJDSRUH 3WH /WG 0LGGOH 5RDG 3ULPH &HQWUH 6LQJDSRUH 7HO )D[
7DLZDQ
'DOODV
&KLQD )X]KRX
:HVWJURYH 'ULYH 6XLWH $GGLVRQ 7; 7HO )D[
'D\WRQ
7ZR 3UHVWLJH 3OD.H 6XLWH 0LDPLVEXUJ 2+ 7HO )D[
0L.UR.KLS 7H.KQRORJ\ &RQVXOWLQJ 6KDQJKDL &R /WG )X]KRX /LDLVRQ 2IIL.H 5P 1RUWK %XLOGLQJ )XMLDQ )RUHLJQ 7UDGH &HQWHU +RWHO :XVL 5RDG )X]KRX &KLQD 7HO )D[
0L.UR.KLS 7H.KQRORJ\ 7DLZDQ ) 1R 7XQJ +XD 1RUWK 5RDG 7DLSHL 7DLZDQ 7HO )D[
(8523(
'HQPDUN
0L.UR.KLS 7H.KQRORJ\ 1RUGL. $S6 5HJXV %XVLQHVV &HQWUH /DXWUXS KRM %DOOHUXS '. 'HQPDUN 7HO )D[
'HWURLW
&KLQD 6KDQJKDL
7UL$WULD 2IIL.H %XLOGLQJ 1RUWKZHVWHUQ +LJKZD\ 6XLWH )DUPLQJWRQ +LOOV 0, 7HO )D[
.RNRPR
6 $OEULJKW 5RDG .RNRPR ,QGLDQD 7HO )D[
0L.UR.KLS 7H.KQRORJ\ &RQVXOWLQJ 6KDQJKDL &R /WG 5RRP %OGJ % )DU (DVW ,QWHUQDWLRQDO 3OD]D 1R ;LDQ ;LD 5RDG 6KDQJKDL 7HO )D[
)UDQ.H
&KLQD 6KHQ]KHQ
/RV $QJHOHV
9RQ .DUPDQ 6XLWH ,UYLQH &$ 7HO )D[
1HZ 0L.UR.KLS 7H.KQRORJ\ &RQVXOWLQJ 6KDQJKDL &R /WG 6KHQ]KHQ /LDLVRQ 2IIL.H 5P ) 6KHQ]KHQ .HUU\ &HQWUH 5HQPLQQDQ /X 6KHQ]KHQ &KLQD 7HO )D[
0L.UR.KLS 7H.KQRORJ\ 6$5/ 3DU. G$.WLYLWH GX 0RXOLQ GH 0DVV\ 5XH GX 6DXOH 7UDSX %DWLPHQW $ OHU (WDJH 0DVV\ )UDQ.H 7HO )D[
*HUPDQ\
0L.UR.KLS 7H.KQRORJ\ *PE+ *XVWDY+HLQHPDQQ 5LQJ ' 0XQL.K *HUPDQ\ 7HO )D[
0RWRU 3DUNZD\ 6XLWH +DXSSDXJH 1< 7HO )D[
+RQJ .RQJ
,WDO\
6DQ -RVH
0L.UR.KLS 7H.KQRORJ\ ,Q. 1RUWK )LUVW 6WUHHW 6XLWH 6DQ -RVH &$ 7HO )D[
0L.UR.KLS 7H.KQRORJ\ +RQJNRQJ /WG 8QLW 7RZHU 0HWURSOD]D +LQJ )RQJ 5RDG .ZDL )RQJ 17 +RQJ .RQJ 7HO )D[
,QGLD
0L.UR.KLS 7H.KQRORJ\ 65/ &HQWUR 'LUH]LRQDOH &ROOHRQL 3DOD]]R 7DXUXV 9 /H &ROOHRQL $JUDWH %ULDQ]D 0LODQ ,WDO\ 7HO )D[
7RURQWR
1RUWKDP 'ULYH 6XLWH 0LVVLVVDXJD 2QWDULR /9 ; &DQDGD 7HO )D[
0L.UR.KLS 7H.KQRORJ\ ,Q. ,QGLD /LDLVRQ 2IIL.H 'LY\DVUHH &KDPEHUV )ORRU :LQJ $ $$ 1R 26KDXJQHVVH\ 5RDG %DQJDORUH ,QGLD 7HO )D[
8QLWHG .LQJGRP
$UL]RQD 0L.UR.KLS 7H.KQRORJ\ /WG (VNGDOH 5RDG :LQQHUVK 7ULDQJOH :RNLQJKDP %HUNVKLUH (QJODQG 5* 78 7HO )D[
' ##! '

'6%SDJH
0L.UR.KLS 7H.KQRORJ\ ,Q.

▲Up To Search▲

Price & Availability of MCP25020

	To Download MCP25020 Datasheet File
If you can't view the Datasheet, Please click here to try to view without PDF Reader .