6(&7,21 

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

02817,1* 7+( ,*1,7,21 02'8/(

0RXQW WKH ,0 XVLQJ WKH YLEUDWLRQ LVRODWRUV VXSSOLHG ZLWK
WKH ,0 VHH )LJXUH  1RWH WKH IROORZLQJ

'R QRW ZHOG RQ RU DURXQG

HQJLQH XQOHVV WKH ,JQL
WLRQ 0RGXOH KDV EHHQ XQSOXJJHG )DLOXUH WR GR VR
PD\ GDPDJH WKH ,JQLWLRQ 0RGXOH

7KH RXWVLGH WHPSHUDWXUH RI ,0 FDVLQJ VKRXOG QRW

H[FHHG  )  & LQ RSHUDWLRQ

:$6+(5

9,%5$7,21
,62/$725

+(; 6&5(:

1
(
( 3
9 2
,
7
& '
$

'
(
'
1
( 8
9 2
,
7 5
& *
$
'

1

3
$
+
6
(
.
8
$
:

)LJXUH  0RXQWLQJ 7KH ,JQLWLRQ 0RGXOH  9*) (QJLQHV

)250  )LUVW (GLWLRQ

  

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

(/(&75,&$/ &211(&7,216
,*1,7,21 02'8/( 32:(5 5(48,5(0(176
7KH SRZHU FRQQHFWLRQV PDGH IRU WKH ,0 PXVW EH LQ
DFFRUGDQFH ZLWK WKH DSSOLFDEOH ORFDO HOHFWULFDO FRGHV
7KH ,0 LV VXLWDEOH IRU LQVWDOODWLRQ LQ &DQDGLDQ 6WDQGDUGV
$VVRFLDWLRQ &6$ &ODVV , *URXS ' 'LYLVLRQ  ORFD
WLRQV $OO SRZHU VL]LQJ PXVW EH LQ DFFRUGDQFH ZLWK
)LJXUH  :DXNHVKD &(& 3URGXFWV 3RZHU :LULQJ
5HTXLUHPHQWV
6HH 7DEOH  IRU ,0 SRZHU UHTXLUHPHQWV
127( $Q $& WR '& SRZHU VXSSO\ LV QRW SUHIHUUHG
XQOHVV FDUH LV WDNHQ WR HOLPLQDWH WKH SRVVLELOLW\ RI D
PRPHQWDU\ ORVV RI $& SRZHU ZKLFK ZLOO UHVXOW LQ DQ
HQJLQH VKXWGRZQ $ '& YROWDJH ILOWHU EDWWHU\ LV
UHFRPPHQGHG WR HOLPLQDWH YROWDJH IOXFWXDWLRQV
127( )RU FRPSDWLELOLW\ ZLWK RWKHU &(& SURGXFWV D
QRPLQDO VXSSO\ RI  9'& ZLWK OHVV WKDQ D  YROW
SHDNWRSHDN ULSSOH LV UHFRPPHQGHG WR SRZHU WKH ,0
127( 5HIHU WR 6HFWLRQ  *HQHUDO ,QIRUPDWLRQ
3RZHU 5HTXLUHPHQWV IRU &XVWRP (QJLQH &RQWURO
3URGXFWV IRU WKH SRZHU UHTXLUHPHQWV RI DOO :DXNHVKD
(QJLQH &(& SURGXFWV

,Q DGGLWLRQ WKH JURXQGLQJ SDUWLFXODUO\ ZKHUH WKH JURXQG LV

UHIHUHQFHG LV FULWLFDO ,W LV QHFHVVDU\ WR UHIHUHQFH DOO RI
WKH JURXQGV WR WKH VDPH SRLQW 7KH HQJLQH FUDQNFDVH KDV
EHHQ FKRVHQ DV 7+( *5281' UHIHUHQFH WR PLQLPL]H
LQWHUIHUHQFH ZLWK VHQVRU VLJQDOV %\ IROORZLQJ WKH UHFRP
PHQGHG ZLULQJ DQG JURXQGLQJ SURFHGXUHV WKH FRQFHUQV
DVVRFLDWHG ZLWK WKH LJQLWLRQ SRZHU VXSSO\ ZLULQJ YROWDJH
GURSV FDQ EH JUHDWO\ UHGXFHG RU HOLPLQDWHG
127( )RU DGGLWLRQDO LQIRUPDWLRQ RQ FDSDFLWLYH GLV
FKDUJH DQG JURXQGLQJ VHH 6HFWLRQ  *HQHUDO
,QIRUPDWLRQ &DSDFLWLYH 'LVFKDUJH $QG *URXQGLQJ
:,5,1* +$51(66 &211(&7,216
7KH ,0 KDV WKUHH H[WHUQDO ZLULQJ KDUQHVV FRQQHFWRUV
VHH )LJXUH  7KH 3RZHU 3LFNXS +DUQHVV FRQ
QHFWV WR WKH  SLQ FRQQHFWRU RQ WKH ,0 DQG LQFOXGHV
OHDGV IRU '& SRZHU WKH +DOOHIIHFW SLFNXS DQG WKH
' OHDG ZKLFK GHWHUPLQHV ZKLFK WLPLQJ VZLWFK LV XVHG
7KH 3ULPDU\ &RLO +DUQHVV FRQQHFWV WR WKH ,0 DQG
LQFOXGHV OHDGV WR WKH LJQLWLRQ FRLOV 7KH  SLQ FRQQHFWRU
LV XVHG WR LQWHUIDFH ZLWK WKH &(& 'HWRQDWLRQ 6HQVLQJ
0RGXOH '60 7KH  SLQ FRQQHFWRU LV RQO\ XVHG ZKHQ
WKH '60 LV LQVWDOOHG RQ WKH HQJLQH

32:(5 6285&( :,5,1* 6,=,1* $1' *5281',1*

7KH ,0 D FDSDFLWLYH GLVFKDUJH &' LJQLWLRQ V\VWHP
UHTXLUHV DQ H[WHUQDO SRZHU VRXUFH ZKLFK SUHVHQWV
VSHFLDO ZLULQJ UHTXLUHPHQWV 7KH ,0 ZLOO IXQFWLRQ SURSHUO\
ZLWK D SRZHU VRXUFH DV GHILQHG LQ 7DEOH  +RZHY
HU LI WKH VXSSO\ LV FDSDEOH RI SURYLGLQJ D SXOVH FXUUHQW
KLJKHU FXUUHQW OHYHO IRU D VKRUWHU SHULRG RI WLPH VXFK WKDW
WKH DYHUDJH FXUUHQW LV WKH VDPH WKH ,0 ZLOO XWLOL]H WKDW
SXOVH FDSDELOLW\ ,Q WKLV FDVH WKH YROWDJH IOXFWXDWLRQV RQ
WKH VXSSO\ ZLULQJ LQFOXGLQJ WKH JURXQG UHWXUQ WR WKH
SRZHU VRXUFH PD\ LQWHUIHUH ZLWK WKH RSHUDWLRQ RI RWKHU
HOHFWULFDO GHYLFHV )RU WKLV UHDVRQ LW LV UHFRPPHQGHG
WKDW WKH ,0 SRZHU VRXUFH ZLULQJ VSHFLILFDOO\ WKH JURXQG
UHWXUQ EH VL]HG IRU DW OHDVW  DPSV HYHQ WKRXJK WKH
DYHUDJH FXUUHQW ZLOO EH OHVV WKDQ  DPSV W\SLFDO
32:(5 3,&.83
&211(&7,21

35,0$5< &2,/
&211(&7,21

'60
&211(&7,21

)LJXUH  ,JQLWLRQ 0RGXOH :LULQJ +DUQHVV

&RQQHFWLRQV

  

)250  )LUVW (GLWLRQ

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

7DEOH  3RZHU 5HTXLUHPHQWV )RU 7KH ,JQLWLRQ 0RGXOH
&(& 352'8&7

120,1$/
92/7$*(
YROWV '&

72/(5$1&(

23(5$7,1*
5$1*(
YROWV '&

3($.723($.
5,33/(
YROWV $&

23(5$7,1*
&855(17 DPSV

,JQLWLRQ 0RGXOH



 

  

OHVV WKDQ 

 W\SLFDO

127( )RU FRPSDWLELOLW\ ZLWK RWKHU &(& SURGXFWV D QRPLQDO VXSSO\ RI  9'& ZLWK OHVV WKDQ D  YROW SHDN WR SHDN ULSSOH LV UHFRPPHQGHG
WR SRZHU WKH ,0

:$8.(6+$ &(& 352'8&76

32:(5 :,5,1* 5(48,5(0(176
$6680(  $03 $9(5$*( 727$/ &855(17

$,5)8(/
02'8/(
$)0

32:(5

'& 32:(5 /($'6

$  $:*  0$;  $:*  0$;  $:*  0$;
%  $:*  0$;
& ' (  $:*  0$;
)  $:*  0$;
*  $:*  0$; /($1 %851 21/<

)
$

127( :LUHV VL]HG IRU ,WHP $ DUH EDVHG RQ WKH SXOVHG

ORDGLQJ RI FDSDFLWLYH GLVFKDUJH LJQLWLRQV OLNH WKH &(&
,JQLWLRQ 0RGXOH DQG WKH  YROW SHDN WR SHDN PD[LPXP
ULSSOH UHTXLUHPHQWV RI WKH &(& SURGXFWV

&

- %2;
(
%

*
/($1 %851
2;<*(1 6(1625
32:(5 &21752/

&(&
,*1,7,21
02'8/(
,0

'60
),/7(5
'

785%2&+$5*(5
&21752/
02'8/( 7&0

'(721$7,21
6(16,1*
02'8/(
'60

)LJXUH  :DXNHVKD &(& 3URGXFWV 3RZHU :LULQJ 5HTXLUHPHQWV

)250  )LUVW (GLWLRQ

  

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

&203/(7,1* ,*1,7,21 02'8/( :,5,1*
&RPSOHWH ,0 HOHFWULFDO FRQQHFWLRQV E\ IROORZLQJ WKH
VWHSV EHORZ 5HIHU WR )LJXUH  WKURXJK
)LJXUH  IRU ,0 ZLULQJ GLDJUDPV 7DEOH  OLVWV
WKH SDJH QXPEHUV RI WKH ZLULQJ GLDJUDPV IRU HDFK 9*)
ZLULQJ GLDJUDP
127( 7KH ZLULQJ GLDJUDPV LQFOXGHG LQ WKLV PDQXDO DUH
WR EH XVHG DV D UHIHUHQFH RQO\ 5HIHU WR WKH ZLULQJ
GLDJUDPV UHFHLYHG ZLWK WKH ,0 ZKHQ PDNLQJ HOHFWULFDO
FRQQHFWLRQV
7DEOH  3DJH /RFDWLRQV 2I 9*) :LULQJ 'LDJUDPV
:,5,1* ',$*5$0

3$*(
180%(5

)LJXUH  9*)  &\OLQGHU :LWK 0XUSK\ *DV

9DOYHV  5HWURILW 2QO\ ,0 :LULQJ 'LDJUDP



)LJXUH  9*)  &\OLQGHU :LWKRXW 0XUSK\ *DV

9DOYHV  5HWURILW 2U 3URGXFWLRQ ,0 :LULQJ 'LDJUDP



)LJXUH  9*)  &\OLQGHU :LWK 0XUSK\ *DV

9DOYHV  5HWURILW 2QO\ ,0 :LULQJ 'LDJUDP



)LJXUH  9*)  &\OLQGHU :LWKRXW 0XUSK\ *DV

9DOYHV  5HWURILW 2U 3URGXFWLRQ ,0 :LULQJ 'LDJUDP



)LJXUH  9*)  &\OLQGHU :LWKRXW 0XUSK\

*DV 9DOYHV ,0 :LULQJ 'LDJUDP



)LJXUH  9*)  &\OLQGHU ,0 :LULQJ

'LDJUDP



)LJXUH  9*)  &\OLQGHU ,0 :LULQJ

'LDJUDP



 &RQQHFW WKH 3RZHU 3LFNXS +DUQHVV WR WKH

+DOOHIIHFW SLFNXS
 &RQQHFW WKH 3RZHU 3LFNXS +DUQHVV IURP WKH
+DOOHIIHFW SLFNXS WR WKH ,0V  SLQ FRQQHFWRU

'LVFRQQHFW DOO HOHFWULFDO SRZHU VXSSOLHV EHIRUH

PDNLQJ DQ\ SRZHU FRQQHFWLRQV WR WKH ,JQLWLRQ
0RGXOH (OHFWULFDO VKRFN FDQ FDXVH VHYHUH SHUVRQ
DO LQMXU\ RU GHDWK
(QJLQHV WKDW XVH 7:2
0XUSK\ IXHO VKXWRII
YDOYHV IRU HPHUJHQF\ IXHO VKXWGRZQV PXVW XVH DQ
DGGLWLRQDO FDSDFLWRU LQ SDUDOOHO ZLWK WKH H[LVWLQJ
DGDSWHU 7KH DGGLWLRQDO FDSDFLWRU LV UHTXLUHG WR
VXSSO\ VXIILFLHQW YROWDJH WR FORVH ERWK 0XUSK\ IXHO
VKXWGRZQV GXULQJ HPHUJHQF\ VKXWGRZQV 'LVUH
JDUGLQJ WKLV LQIRUPDWLRQ FRXOG UHVXOW LQ SURGXFW
GDPDJH DQGRU SHUVRQDO LQMXU\
'R QRW EXQGOH WKH ,JQL
WLRQ 0RGXOH ZLULQJ DQG
+DOOHIIHFW SLFNXS ZLULQJ WRJHWKHU 0DLQWDLQ D PLQL
PXP VHSDUDWLRQ RI DW OHDVW VL[ LQFKHV 'LVUHJDUGLQJ
WKLV LQIRUPDWLRQ FRXOG UHVXOW LQ SURGXFW GDPDJH
DQGRU SHUVRQDO LQMXU\

'R QRW LQVWDOO VHW XS PDLQWDLQ RU RSHUDWH DQ\

HOHFWULFDO FRPSRQHQWV XQOHVV \RX DUH D WHFKQLFDOO\
TXDOLILHG LQGLYLGXDO ZKR LV IDPLOLDU ZLWK WKH HOHFWUL
FDO HOHPHQWV LQYROYHG (OHFWULFDO VKRFN FDQ FDXVH
VHYHUH SHUVRQDO LQMXU\ RU GHDWK

127( $OO ZLULQJ DQG ,0 VHWXS PXVW EH FRPSOHWHG

%()25( WKH SRZHU VXSSO\ LV WXUQHG RQ

 &RQQHFW D JURXQG OHDG IURP WKH HQJLQH FUDQNFDVH WR

WKH JURXQG VWXG RQ WKH ,0

%HIRUH DSSO\LQJ SRZHU WR WKH ,0 DQG VWDUWLQJ WKH

HQJLQH FRPSOHWH WKH 3UHVWDUW &KHFNOLVW LQ
6HFWLRQ  9*) ,JQLWLRQ 0RGXOH 7LPLQJ
$GMXVWPHQWV

 &RQQHFW WKH 3ULPDU\ &RLO +DUQHVV WR WKH ,0 FRQQHFWRU

 5RXWH WKH VSHFLILHG OHDGV RI WKH 3ULPDU\ &RLO
+DUQHVV WR WKH LJQLWLRQ FRLOV DQG FXW WR OHQJWK VHH
DSSOLFDEOH ZLULQJ GLDJUDP 3URSHU LQVWDOODWLRQ UHTXLUHV
WKDW WKH WZR HQG FRLOV RQ  DQG  F\OLQGHU HQJLQHV RU WKH
IRXU FRUQHU FRLOV RQ  DQG  F\OLQGHU HQJLQHV DUH
JURXQGHG WR WKH HQJLQH ,QVWDOO IODVKRYHU SURWHFWRUV DQG
QHZ VSDUN SOXJV WR DFKLHYH RSWLPXP ,0 SHUIRUPDQFH

  

 &RQQHFW WKH SRZHU OHDG IURP WKH 3RZHU 3LFNXS

+DUQHVV WR WKH '& SRZHU VXSSO\ VHH DSSOLFDEOH ZLULQJ
GLDJUDP DQG )LJXUH 

127( 5HIHU WR &XVWRP (QJLQH &RQWURO 'HWRQDWLRQ

6HQVLQJ 0RGXOH '60 ,QVWDOODWLRQ 2SHUDWLRQ $QG
0DLQWHQDQFH 0DQXDO )RUP  IRU LQIRUPDWLRQ RQ
FRPSOHWLQJ ZLULQJ FRQQHFWLRQV EHWZHHQ WKH '60 V\V
WHP DQG WKH ,0

)250  )LUVW (GLWLRQ

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

'& 32:(5 6285&(6

23(5$7,1* 92/7$*( 5(48,5(0(176

67$57,1*  9'& 0,1,080
5811,1*    9'&
 $03
0,1,080

&(& (1*,1(
'5,9(1 *(1(5$725
6<67(0 9*) 21/<

)86(   $03
5$7,1*
&86720(5
6833/,('

%$77(5<
%$77(5<
&+$5*(5

32:(5
6833/<
 $03 #  9'&
7<3,&$/

0,1,080 :,5( 6,=(  $:*

 IW 0$;,080 /(1*7+

(
)

)86(   $03
5$7,1*
&86720(5
6833/,('

127( $Q $& WR '& SRZHU VXSSO\ LV QRW SUHIHUUHG XQOHVV FDUH LV WDNHQ WR HOLPLQDWH WKH SRVVLELOLW\ RI D PRPHQWDU\ ORVV RI $& SRZHU
ZKLFK ZLOO UHVXOW LQ DQ HQJLQH VKXWGRZQ $ YROWDJH ILOWHU EDWWHU\ LV UHFRPPHQGHG WR HOLPLQDWH YROWDJH IOXFWXDWLRQV
127( 7KH &(& ,JQLWLRQ 0RGXOH ZLOO IXQFWLRQ SURSHUO\ ZLWK D SRZHU VRXUFH DV GHILQHG DERYH +RZHYHU LI WKH VXSSO\ LV FDSDEOH RI
SURYLGLQJ D SXOVH FXUUHQW KLJKHU FXUUHQW OHYHO IRU D VKRUWHU SHULRG RI WLPH VXFK WKDW WKH DYHUDJH FXUUHQW LV WKH VDPH WKH LJQLWLRQ
ZLOO XWLOL]H WKDW SXOVH FDSDELOLW\ ,Q WKLV FDVH WKH YROWDJH IOXFWXDWLRQV RQ WKH VXSSO\ ZLULQJ LQFOXGLQJ WKH JURXQG UHWXUQ WR WKH SRZHU
VRXUFH PD\ FDXVH HUUDWLF RSHUDWLRQ RI RWKHU HOHFWULFDO GHYLFHV )RU WKLV UHDVRQ LW LV UHFRPPHQGHG WKDW WKH LJQLWLRQ SRZHU VRXUFH
ZLULQJ VSHFLILFDOO\ WKH JURXQG UHWXUQ EH VL]HG IRU DW OHDVW  DPSV HYHQ WKRXJK WKH DYHUDJH FXUUHQW ZLOO EH OHVV WKDQ  DPSV W\SLFDO
127( $OWKRXJK WKH &(& ,JQLWLRQ 0RGXOH ZLOO IXQFWLRQ ZLWK D SRZHU VXSSO\ RI    9'& D SRZHU VXSSO\ RI    9'&
ZLWK OHVV WKDQ D  YROW SHDN WR SHDN ULSSOH LV UHFRPPHQGHG IRU FRPSDWLELOLW\ ZLWK RWKHU &(& SURGXFWV

)LJXUH  &(& ,JQLWLRQ 0RGXOH 3RZHU 6XSSO\

)250  )LUVW (GLWLRQ

  

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

$
%
&
%/$&.

',6& :,7+
0$*1(76

+$// ())(&7
3,&.83

7+,6 /($' *5281'(' $&7,9$7(6 6:,7&+ $

7+,6 /($' 81*5281'(' $&7,9$7(6 6:,7&+ %

'

6723 6:,7&+
(1*,1( 02817('
&86720(5 6833/,('

)86(   $03 5$7,1*

&86720(5 6833/,('
5('
:+,7(

 9'& 120,1$/
32:(5 6285&(
0,1 :,5( 6,=(  $:*

)
5(/$<  1250$//< &/26('
&86720(5 6833/,('

6:,7&+ $
6:,7&+ %

&86720 (1*,1(
&21752/
,*1,7,21 02'8/(

&2,/6

$ -

&

'

&</

&</

&</

&</

&</

&</

127( &(& ),5,1* 25'(5

$/7

$%&'()

*1'
6:

 (1*,1( ),5,1* 25'(5

     

,*1,7,21
$'$37(5
 $OO ZLUHV LQFOXGLQJ JURXQG ZLUHV PXVW EH FRQ
QHFWHG WR WKH VSHFLILF FRLOV DV VKRZQ
 ,JQLWLRQ ZLUHV PXVW QRW EH EXQGOHG WRJHWKHU ZLWK
SURGXFW SURWHFWLRQ V\VWHP ZLULQJ
 7KH JURXQG ZLUHV VKRXOG EH FRQQHFWHG EHWZHHQ WKH
QHJDWLYH WHUPLQDO RI WKH FRLO DQG RQH RI WKH FRLO EUDFNHW
PRXQWLQJ FDSVFUHZV

&211(&7 (1*,1(
3527(&7,21 *$8*(6
72 7(50,1$/ 

,) 6:,7&+ ,6 /()7 &/26(' :,7+ 7+(

(1*,1( 6+87'2:1 7+( ,*1,7,21 81,7
:,// '5$,1 $%287  $03 )520
32:(5 6285&(



0853+< *$6 9$/9(

)LJXUH  9*)  &\OLQGHU :LWK 0XUSK\ *DV 9DOYHV5HWURILW 2QO\ ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

  

)250  )LUVW (GLWLRQ

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

$

+$// ())(&7
3,&.83

',6& :,7+
0$*1(76

&

%/$&.

7+,6 /($' *5281'(' $&7,9$7(6 6:,7&+ $

7+,6 /($' 81*5281'(' $&7,9$7(6 6:,7&+ %

'

)86(   $03 5$7,1*

&86720(5 6833/,('
5('
:+,7(

(
6723 6:,7&+
(1*,1( 02817(' 
&86720(5 6833/,('

*$6 62/(12,' 9$/9(

(1(5*,=(' 72 581

6:,7&+ $
6:,7&+ %

5(/$<  1250$//< 23(1

&86720(5 6833/,('

&86720 (1*,1(
&21752/
,*1,7,21 02'8/(

 9'& 120,1$/
32:(5 6285&(
0,1 :,5( 6,=(  $:*

$ -

&

'

&</

&</

&</

&</

&</

&</

127( &(& ),5,1* 25'(5

$%&'()
 (1*,1( ),5,1* 25'(5
     

,) 6:,7&+ ,6 /()7 &/26(' :,7+ 7+(

(1*,1( 6+87 '2:1 7+( ,*1,7,21 81,7
:,// '5$,1 $%287  $03 )520
32:(5 6285&(

&2,/6

,) * /($' (;,676 ,7
0867 5(0$,1 23(1
,62/$7( )520 *5281'
 $OO ZLUHV LQFOXGLQJ JURXQG ZLUHV PXVW EH FRQQHFWHG WR WKH
VSHFLILF FRLOV DV VKRZQ
 ,JQLWLRQ ZLUHV PXVW QRW EH EXQGOHG WRJHWKHU ZLWK SURGXFW
SURWHFWLRQ V\VWHP ZLULQJ
 7KH JURXQG ZLUHV VKRXOG EH FRQQHFWHG EHWZHHQ WKH QHJDWLYH
WHUPLQDO RI WKH FRLO DQG RQH RI WKH FRLO EUDFNHW PRXQWLQJ FDSVFUHZV

)LJXUH  9*)  &\OLQGHU :LWKRXW 0XUSK\ *DV 9DOYHV5HWURILW 2U 3URGXFWLRQ ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

)250  )LUVW (GLWLRQ

  

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

$
%
&
%/$&.

',6& :,7+
0$*1(76

+$// ())(&7
3,&.83

7+,6 /($' *5281'(' $&7,9$7(6 6:,7&+ $

7+,6 /($' 81*5281'(' $&7,9$7(6 6:,7&+ %

'

6723 6:,7&+
(1*,1( 02817('
&86720(5 6833/,('

)86(   $03 5$7,1*

&86720(5 6833/,('
5('
:+,7(

 9'& 120,1$/
32:(5 6285&(
0,1 :,5( 6,=(  $:*

6:,7&+ $
6:,7&+ %

&86720 (1*,1(
&21752/
,*1,7,21 02'8/(

5(/$<  1250$//< &/26('

&86720(5 6833/,('

$ -

&

'

&</

&</

&</

&</

&</

&</

&</

&</

&2,/6

$/7

127( &(& ),5,1* 25'(5

*1'
6:

$%&'()+,
 (1*,1( ),5,1* 25'(5
       

,*1,7,21
$'$37(5

 $OO ZLUHV LQFOXGLQJ JURXQG ZLUHV PXVW EH FRQ

QHFWHG WR WKH VSHFLILF FRLOV DV VKRZQ
 ,JQLWLRQ ZLUHV PXVW QRW EH EXQGOHG WRJHWKHU ZLWK
SURGXFW SURWHFWLRQ V\VWHP ZLULQJ
 7KH JURXQG ZLUHV VKRXOG EH FRQQHFWHG EHWZHHQ WKH
QHJDWLYH WHUPLQDO RI WKH FRLO DQG RQH RI WKH FRLO EUDFNHW
PRXQWLQJ FDSVFUHZV
,) 6:,7&+ ,6 /()7 &/26(' :,7+ 7+(
(1*,1( 6+87'2:1 7+( ,*1,7,21 81,7
:,// '5$,1 $%287  $03 )520
32:(5 6285&(

&211(&7 (1*,1(
3527(&7,21 *$8*(6
72 7(50,1$/ 


0853+< *$6 9$/9(

)LJXUH  9*)  &\OLQGHU :LWK 0XUSK\ *DV 9DOYHV5HWURILW 2QO\ ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

  

)250  )LUVW (GLWLRQ

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

$

+$// ())(&7
3,&.83

',6& :,7+
0$*1(76

&

%/$&.

7+,6 /($' *5281'(' $&7,9$7(6 6:,7&+ $

7+,6 /($' 81*5281'(' $&7,9$7(6 6:,7&+ %

'

)86(   $03 5$7,1*

&86720(5 6833/,('
5('
:+,7(

(
6723 6:,7&+
(1*,1( 02817(' 
&86720(5 6833/,('

*$6 62/(12,' 9$/9(

(1(5*,=(' 72 581

6:,7&+ $
6:,7&+ %

5(/$<  1250$//< 23(1

&86720(5 6833/,('

&86720 (1*,1(
&21752/
,*1,7,21 02'8/(

 9'& 120,1$/
32:(5 6285&(
0,1 :,5( 6,=(  $:*

$ -

&

'

&</

&</

&</

&</

&</

&</

&</

&</

&2,/6
127( &(& ),5,1* 25'(5
$%&'()+,
 (1*,1( ),5,1* 25'(5
       

,) 6:,7&+ ,6 /()7 &/26(' :,7+ 7+(

(1*,1( 6+87'2:1 7+( ,*1,7,21 81,7
:,// '5$,1 $%287  $03 )520
32:(5 6285&(

,) * /($' (;,676 ,7
0867 5(0$,1 23(1
,62/$7( )520 *5281'

 $OO ZLUHV LQFOXGLQJ JURXQG ZLUHV PXVW EH FRQQHFWHG WR WKH

VSHFLILF FRLOV DV VKRZQ
 ,JQLWLRQ ZLUHV PXVW QRW EH EXQGOHG WRJHWKHU ZLWK SURGXFW
SURWHFWLRQ V\VWHP ZLULQJ
 7KH JURXQG ZLUHV VKRXOG EH FRQQHFWHG EHWZHHQ WKH QHJDWLYH
WHUPLQDO RI WKH FRLO DQG RQH RI WKH FRLO EUDFNHW PRXQWLQJ FDSVFUHZV

)LJXUH  9*)  &\OLQGHU :LWKRXW 0XUSK\ *DV 9DOYHV5HWURILW RU 3URGXFWLRQ ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

)250  )LUVW (GLWLRQ

  

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

$

+$// ())(&7
3,&.83

&$0 *($5
:,7+ 0$*1(76

&

%/$&.

7+,6 /($' *5281'(' $&7,9$7(6 6:,7&+ $

7+,6 /($' 81*5281'(' $&7,9$7(6 6:,7&+ %

'

)86(   $03 5$7,1*

&86720(5 6833/,('
5('
:+,7(

(
6723 6:,7&+
(1*,1( 02817(' 
&86720(5 6833/,('

*$6 62/(12,' 9$/9(

(1(5*,=(' 72 581

6:,7&+ $
6:,7&+ %

5(/$<  1250$//< 23(1

&86720(5 6833/,('
&86720 (1*,1(
&21752/
,*1,7,21 02'8/(

 9'& 120,1$/
32:(5 6285&(
0,1 :,5( 6,=(  $:*
$

'

&

.
5,*+7 %$1.

127( &(& ),5,1* 25'(5

$%&'()./0135

&2,/6

 (1*,1( ),5,1* 25'(5

5 / 5 / 5 / 5 / 5 / 5 /

&</ &</ &</ &</ &</ &</

&</ &</ &</ &</ &</ &</

,) 6:,7&+ ,6 /()7 &/26(' :,7+ 7+(
(1*,1( 6+87 '2:1 7+( ,*1,7,21 81,7
:,// '5$,1 $%287  $03 )520
32:(5 6285&(

7+,6 :,5( 0867 %(

$77$&+(' %(7:((1
7+( 1(*$7,9(
7(50,1$/6 2) 7+( 
&2,/6 21 %27+
(1*,1( %$1.6
/()7 %$1.

'

 $OO ZLUHV LQFOXGLQJ JURXQG ZLUHV PXVW EH FRQQHFWHG WR WKH VSHFLILF FRLOV DV VKRZQ
 ,JQLWLRQ ZLUHV PXVW QRW EH EXQGOHG WRJHWKHU ZLWK SURGXFW SURWHFWLRQ V\VWHP ZLULQJ
 7KH JURXQG ZLUHV VKRXOG EH FRQQHFWHG EHWZHHQ WKH QHJDWLYH WHUPLQDO RI WKH FRLO DQG
RQH RI WKH FRLO EUDFNHW PRXQWLQJ FDSVFUHZV

)LJXUH  9*)  &\OLQGHU :LWKRXW 0XUSK\ *DV 9DOYHV ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

  

)250  )LUVW (GLWLRQ

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

5

5

5

5

5

5

/

/

5,*+7 %$1.

,*1,7,21 &2,/6

/()7 %$1.
/

/

/

/

*5281' 72 3$1(/
02817,1* 6&5(:

+$// ())(&7 3,&.83

-8&7,21 %2;

&$0 *($5
:,7+ 0$*1(76

$ %/$&.

5('

% %/$&.

:+,7(

& :+,7(

&

%/$&.

'

%/$&.

'&
*5281' 72 3$1(/
02817,1* 6&5(:

'&

),

/ ' 5 ) 1 %- . & 3 ( 0 $

:+,7(
5('
$%& ') (

 $03 )86(
47< 
*5281'(' 7+58
02817,1*
)520 &(&
6$)(7< :,5,1*
5()  *5283

7,0,1* 6:,7&+
:+(1 5(48,5('
86(' )25 $/7(51$7(
)8(/ 7,0,1* &+$1*(

,*1,7,21 02'8/(

&21'8,7

*5281' 72
02817,1* %5$&.(7

127( (1*,1( ),5,1* 25'(5

5 / 5 / 5 / 5 / 5 / 5 /
 02'8/( ),5,1* 25'(5
$ % & ' ( ) . / 0 1 3 5

)LJXUH  9*)  &\OLQGHU ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

)250  )LUVW (GLWLRQ

  

9*) ,*1,7,21 02'8/( (/(&75,&$/ &211(&7,216

5

5

5

5

5

5

5

5

/

/

/

5,*+7 %$1.
,*1,7,21 &2,/6
/()7 %$1.

/

/

/

/

/

*5281' 72 3$1(/
02817,1* 6&5(:

+$// ())(&7 3,&.83

-8&7,21 %2;

&$0 *($5
:,7+ 0$*1(76

$ %/$&.

5('

% %/$&.

:+,7(

& :+,7(

&

%/$&.

'

%/$&.

'&
*5281' 72 3$1(/
02817,1* 6&5(:

'&

),

% ) 9 ' 5 / 71 -06. 3 & 8 ( $

:+,7(
5('
$%& ') (

 $03 )86(

,*1,7,21 02'8/(

*5281'(' 7+58
02817,1*

)520 &(&
6$)(7< :,5,1*
5()  *5283

7,0,1* 6:,7&+
:+(1 5(48,5('
86(' )25 $/7(51$7(
)8(/ 7,0,1* &+$1*(

&21'8,7

*5281' 72
02817,1* %5$&.(7

127( (1*,1( ),5,1* 25'(5

5 / 5 / 5 / 5 / 5 / 5 / 5 / 5 /
 02'8/( ),5,1* 25'(5
$ % & ' ( ) . / 0 1 3 5 6 7 8 9

)LJXUH  9*)  &\OLQGHU ,JQLWLRQ 0RGXOH :LULQJ 'LDJUDP

  

)250  )LUVW (GLWLRQ