Sie sind auf Seite 1von 23

$PDGHXV9LUWXDO0&28VHU*XLGH













































,QWURGXFWLRQWR$PDGHXV9LUWXDO0&2





7KH$XWRPDWHG0LVFHOODQHRXV&KDUJHV2UGHU 0&2 VROXWLRQ
HQDEOLQJDJHQWWR3URYLGHWRWKHFXVWRPHUVHUYLFHVLQDGGLWLRQWRWKH
WULSEHLQJEDVHGRQDSULQWLQJRQ23$7%FRXSRQVLVQRPRUHXVHIXO
RQWKH%63PDUNHWV
7KH,QGXVWU\EHLQJQRWUHDG\\HWWRLPSOHPHQWWKHHOHFWURQLFVROXWLRQ
(OHFWURQLF0LVFHOODQHRXV'RFXPHQW (0' WKHWUDYHODJHQFLHVQHHG
DQLQWHULPVROXWLRQ
$PDGHXVGHFLGHGWRZRUNRQDWUDQVLWLRQDOVROXWLRQGHGLFDWHGWR
WUDYHODJHQFLHV8QWLOWKH(0'GHOLYHU\WKH$PDGHXV9LUWXDO
0LVFHOODQHRXV&KDUJHV2UGHU 0&2 

'XHWRLQFUHDVLQJGHPDQGIRUDXWRPDWLRQRIWKHHQWLUHSDVVHQJHU
UHVHUYDWLRQDQGWLFNHWLQJSURFHVV$PDGHXVKDVGHYHORSHGD%63
DQG$5&FRPSOLDQW$XWRPDWHG0&2SURGXFW7KLVVPDUWXVHU
IULHQGO\SURGXFWFDQVLPSOLI\WKHSURFHVVRILVVXLQJDQ0&2IRUWUDYHO
DJHQFLHVWKURXJKRXWWKHZRUOG



7KHVWRI-XQHDWWKH,$7$(OHFWURQLF7LFNHWLQJ
GHDGOLQH$PDGHXVODXQFKHGWKH$PDGHXV9LUWXDO0&2LQDOOWKH
%63$XWRPDWHG0&2PDUNHWV
7KHVROXWLRQLVDYDLODEOHIRUDOO&HQWUDO7LFNHWLQJ6\VWHP &76 
PDUNHWVLQFOXGLQJWKHQRQ$XWRPDWHG0&2XVHUVDQG$5&PDUNHWV
ZKRDUHLQWHUHVWHGLQLPSOHPHQWLQJLW












([HFXWLYH6XPPDU\

7KH$PDGHXV9LUWXDO0&2VROXWLRQIXOO\LQWHJUDWHGLQWRWKHZKROH
ERRNLQJSURFHVVSHUPLWVWKHWUDYHODJHQWVWRFUHDWHPLVFHOODQHRXV
GRFXPHQWVYLDWKHV\VWHPPHDQLQJDQRQLQVLJQLILFDQWWLPHVDYLQJLQ
WKHGDLO\ZRUNIORZ
)RUWKH$XWRPDWHG0&2XVHUVWKH$PDGHXV9LUWXDO0&2DVKDYLQJ
NHSWWKHVDPHIXQFWLRQDOLW\LVDVPRRWKZD\WRPRYHWRZDUGWKH
HOHFWURQLFVROXWLRQ(0'

$PDGHXV9LUWXDO0&2VFDQEHLVVXHGIRUWKHIROORZLQJNH\WUDYHO
VHUYLFHV DPRQJVWRWKHUV 

‡$LURUVXUIDFHWUDQVSRUWDWLRQ
‡([FHVVEDJJDJHFKDUJHV
‡5HLVVXHVHUYLFHIHHV
‡$GGLWLRQDOFROOHFWLRQV
‡7D[SD\PHQWV
‡+RWHO3D\PHQWV

$PDGHXV9LUWXDO0&2FDQEHLVVXHGRQSODLQSDSHU$7KH
GRFXPHQWLVFRPSRVHGRIWKHIROORZLQJHOHPHQWV


‡$JHQWFRXSRQ
‡$XGLW&RXSRQ
‡3DVVHQJHU5HFHLSW
‡&UHGLW&DUG&KDUJH)RUP


7KHUHLVQR([FKDQJH&RXSRQDVQRPRUH23$7%YDOXHFRXSRQ
7KHFXVWRPHUZLOOSUHVHQWDWWKHDLUSRUWWKH3DVVHQJHU5HFHLSW
SULQWHGRQSODLQSDSHU










%HQHILWV

7KH$PDGHXV9LUWXDO0&2VROXWLRQSURYLGHV&76WUDYHODJHQFLHV
ZLWKWKHIROORZLQJNH\EHQHILWV
‡$XWRPDWLFDOO\LQWHJUDWHGLQWRWKH315WKH%DFN2IILFH6\VWHPDQG
 WKH6DOHV5HSRUWV
‡,QFUHDVHGSURGXFWLYLW\GXHWRWKHDXWRPDWHGSURFHVV
‡,QFUHDVHGHIILFLHQF\GXHWRORJLFDOWUDQVDFWLRQV
‡(VSHFLDOO\IRU$XWRPDWHG0&2PDUNHWV

1RFKDQJHLQGDWDSURFHVVLQJ
ƒ B,QWKHIXQFWLRQDOHQWULHV
ƒ BLQWKHLQIRUPDWLRQWUDQVPLWWHGWRWKH%DFN2IILFH6\VWHP
ƒ B,QWKH6DOHV5HSRUWVVDPHWUDQVDFWLRQFRGH0'DQG)RUP
 FRGH
¾ HDV\DQGTXLFNWRGHSOR\
¾ QRWUDLQLQJ
¾ QRDGGLWLRQDOZRUNORDGIRUWKHWUDYHODJHQWV























9LUWXDO0&2)XQFWLRQDOLW\


7KHUHDUHWKUHHEDVLFVWDJHVWRLVVXLQJDQ0&2WKHVHDUH


&UHDWLRQ
ҏ&RPSOHWLRQ
ҏ3URFHVVLQJ


$OORIZKLFKDUHGHVFULEHGLQGHWDLOEHORZ


0&2&UHDWLRQ

,WLVSRVVLEOHWRFUHDWHD0&2HLWKHULQD315 7<0RGH LQFDVHWKH
FRPPDQGVDUHWKHVDPH7KHUHDUHWZRPDLQ
6WDJHVWKHILUVWLVWRFUHDWHWKH0&2DQGWKHVHFRQGWRDGGLQWKH
GHWDLOVDQGSULQWWKHGRFXPHQW7KHFRPPDQGWRFUHDWHWKH0&2
LQFOXGHVWKHDLUOLQHWKHGDWHWKHUHDVRQIRULVVXDQFHDVZHOODVWKH
IDUH2IWKHVHRQO\WKHILUVWIRXUDUHPDQGDWRU\DVWKHIDUHFDQHDVLO\
EHDGGHGODWHURQ

,0&0$$)1&(6(36$5

3DUDPHWHU'HVFULSWLRQ0DQGDWRU\
2SWLRQDO

,0&0&2FUHDWLRQFRPPDQG0
0,QGLFDWHVWKDWWKHGRFXPHQWLVDQ0&20
$5HDVRQIRULVVXDQFH0
(.$LUOLQHFRGH0
1&($LUSRUWFRGHZKHUHWKH0&2KDVWREH0
3UHVHQWHG
6(3'DWHZKHQWKH0&2KDVWREHSUHVHQWHG0
6$5$PRXQWRIWKH0&22


7KHUHLVDFKRLFHRIQXPHURXVUHDVRQFRGHVFRYHULQJWKHYDULRXV
SRVVLELOLWLHVIRULVVXLQJD0&2WKRVHFXUUHQWO\GHILQHGE\,$7$DUH


5HDVRQ)RU'HVFULSWLRQ
,VVXDQFH&RGH
5),& 

$$LU7UDQVSRUWDWLRQ
%6XUIDFH7UDQVSRUWDWLRQ
*8SJUDGLQJ
+8QGHU&ROOHFWLRQ
,7D[HV
.5HIXQGDEOH%DODQFHV
06XQGU\&KDUJHV
1&DQFHOODWLRQ)HH
45HERRNLQJ)HH,QWHUQDWLRQDO
8([FHVV%DJJDJH

2QFHD0&2KDVEHHQFUHDWHGLWLVSRVVLEOHWRVHHZKLFKUHDVRQ
FRGHVDUH$YDLODEOHE\W\SLQJLQ

!70,,"
HJ
70,%,668(',1&211(&7,21:,7+

7KLVEULQJVXSWKHGLVSOD\VKRZQEHORZ










315'LVSOD\V

:KHQWKHFUHDWLRQHQWU\KDVEHHQSURFHVVHGWKH315LVUHGLVSOD\HG
DQGWKH0&2FDQEHVHHQLPPHGLDWHO\EHORZWKHLWLQHUDU\





$Q$PDGHXV9LUWXDO0&2FDQEHVWRUHGLQD315WKDWFRQWDLQVDQ\
W\SHRIDFWLYHVHJPHQWIRUH[DPSOH$LUVHJPHQWV+RWHO6HJPHQWV
&DU6HJPHQWVDQGDQ\PXOWLSOHRUYDULDWLRQRIWKHVH0&2VFDQDOVR
EHVWRUHGLQD315WKDWGRHVQRWFRQWDLQDFWLYHVHJPHQWVSURYLGHG
WKDWDWOHDVWRQH0&2LVVWRUHGSHUSDVVHQJHU
8SWR0&2VFDQEHVWRUHGLQWKH315DQGWKH\DUHDXWRPDWLFDOO\
VWRUHGLQWKH315DWHQGRIWUDQVDFWLRQ

7UDQVLWLRQDO6WRUHG0&2 760 
2QFHWKH,0&HQWU\KDVEHHQDFFHSWHG$PDGHXVVWRUHVD
7UDQVLWLRQDO6WRUHG03'PXFKLQWKHVDPHZD\WKDWD767LVVWRUHG
7KH760FDQEHHDVLO\GLVSOD\HGXVLQJRQHRIWKHIROORZLQJHQWULHV


5HTXHVW'HVFULSWLRQ

!740'LVSOD\VDVLQJOH760
!740/'LVSOD\VD760RQDSDUWLFXODUOLQHRID315
!7403'LVSOD\VD760IRUDSDUWLFXODU3DVVHQJHU
!7400'LVSOD\VDSDUWLFXODU760IURPDOLVW






)DUH(OHPHQWV


,QDGGLWLRQWRWKH0&2ILHOGVWKHUHDUHVHYHUDOILHOGVVWRUHGLQWKH
IURQWRIWKH315WKHVHDUHWKHVDPHILHOGVDVD7677KHRQO\
GLIIHUHQFHLVWKDWWKHVHKDYHWREHDVVRFLDWHGWRWKH03'OLQH
QXPEHUWKHILHOGVWKDWKDYHFDQEHXSGDWHGDUH



)LHOG0DQGDWRU\
2SWLRQDO


)RUPRISD\PHQW )3 0
(QGRUVHPHQWV )( 2
&RPPLVVLRQ )0 2
7RXUFRGH )7 2
2ULJLQDOLVVXH )2 2

3OHDVHQRWHWKDWWKHYDOLGDWLQJFDUULHULVQRWQHFHVVDU\DVWKHV\VWHP
WDNHVWKLVLQIRUPDWLRQIURPWKH3UHVHQWWRDUHDLQWKH760,QRUGHUWR
ILOORXWWKHVHILHOGVWKHUHDUHVHYHUDOZD\VRIOLQNLQJWKHPWRWKH
FRUUHFW03'IRUH[DPSOH


5HTXHVW'HVFULSWLRQ


!)3&$6+DGGLQJLQDIRUPRISD\PHQWZKHUHLVWKH03'
/LQHLQWKH315

!)7,7$)7(67/$GGLQJDWRXUFRGHIRUDQ03'RQOLQHRIWKH315
315

7KHOLQHVSHFLILFDWLRQKDVWREHGRQHHYHQLIWKHUHLVRQO\RQH0&2LQ
WKH315RWKHUZLVHWKHV\VWHPZLOODWWDFKLWWRWKH767,QSDQHOPRGH
LWLVSRVVLEOHWRILOOLQDOORIWKHVHGHWDLOVZLWKLQWKH760GLVSOD\$Q
H[DPSOHRIWKH315ZLWKWKH03'GHWDLOVVWRUHGFDQEHVHHQEHORZ















7RPRGLI\DQ\RUFDQFHODQ\RIWKHILHOGVLQWKH315EXWZLWKLQDQ
03'WKHUHDUHDIHZRSWLRQV


5HTXHVW'HVFULSWLRQ

!;(7RFDQFHOWKHILUVWHOHPHQWLQWKH0&2RQOLQH
!&KDQJHVWKHVHFRQGHOHPHQWLQWKH0&2RQ
/LQHILYHWR
!)(9$/,',%21/<&KDQJHVWKH)(HOHPHQWIRUWKH0&2RQOLQH


0&23URFHVVLQJ

2QFHWKH760KDVEHHQFRPSOHWHGDQGDOORIWKHPDQGDWRU\ILHOGV
DUHSUHVHQWWKH0&2FDQEHLVVXHGXVLQJWKHIROORZLQJFRPPDQG


!770

7KHUHDUHQXPHURXVRSWLRQVWKDWFDQEHLQFOXGHGLQWKH770
FRPPDQGIRUH[DPSOH

5HTXHVW'HVFULSWLRQ



!77033ULQWVDOO0&2VIRUSDVVHQJHURQH
!770/3ULQWVWKH0&2RQOLQHRIWKH315
!770573ULQWVDOO0&2VDQGUHWDLQVWKH315
!7707013ULQWVWKH0&2DQGWKHVXSSOHPHQWDU\QDPH
/LVW
!770(0/±HPDLO$GGUHVVDOOSDVVHQJHUVUHFHLSWVDUHVHQWWRWKHVSHFLILF
$GGUHVVPDLO
!770(0/1±QLFNQDPHHDFKSDVVHQJHUUHFHLSWLVVHQWWRDOOHPDLO
$GGUHVVHVLQFOXGHGLQWKHQLFNQDPH
!770(0/$WKHSDVVHQJHUUHFHLSWIRUHDFKSDVVHQJHULV
6HQWWRDOOHPDLODGGUHVVHVVWRUHGLQWKH$3(
(OHPHQWVDVVRFLDWHGWRWKLVSDVVHQJHU


$VZLWKWKH773FRPPDQGWKHVHRSWLRQVFDQEHOLQNHGWRJHWKHUIRUD
IXOOOLVWRSWLRQVSOHDVHVHH+(90&2

,WLVDOVRSRVVLEOHWRSULQWWLFNHWVDQG0&2VDWWKHVDPHWLPHE\
HQWHULQJ
!773770
3OHDVHQRWHWKDWWKHHQWU\KDVWREHLQWKLVRUGHU770773LVQRW
SHUPLWWHG
2QFHWKH0&2KDVEHHQSULQWHGWKH315LVXSGDWHGZLWKDQ)%DQG
)$OLQHWKLVDSSHDUVXQGHUHDFKLQGLYLGXDO0&2DVFDQEHVHHQ
EHORZ























0&23URFHVVLQJ

2QFHWKH760KDVEHHQFRPSOHWHGDQGDOORIWKHPDQGDWRU\ILHOGVDUHSUHVHQW
WKH0&2FDQEHLVVXHGXVLQJWKHIROORZLQJFRPPDQG


!770

7KHUHDUHQXPHURXVRSWLRQVWKDWFDQEHLQFOXGHGLQWKH770FRPPDQGIRU
H[DPSOH


5HTXHVW'HVFULSWLRQ

!77033ULQWVDOO0&2VIRUSDVVHQJHURQH
!770/3ULQWVWKH0&2RQOLQHRIWKH315
!770573ULQWVDOO0&2VDQGUHWDLQVWKH315
!7707013ULQWVWKH0&2DQGWKHVXSSOHPHQWDU\QDPHOLVW
!770(0/HPDLO$GGUHVV$OOSDVVHQJHUVUHFHLSWVDUHVHQWWRWKHVSHFLILF
$GGUHVVPDLO
!770(0/1±QLFNQDPH(DFKSDVVHQJHUUHFHLSWLVVHQWWRDOOHPDLO
$GGUHVVHVLQFOXGHGLQWKHQLFNQDPH
!770(0/$WKHSDVVHQJHUUHFHLSWIRUHDFKSDVVHQJHULVVHQWWRDOOHPDLO
$GGUHVVHVVWRUHGLQWKH$3(HOHPHQWVDVVRFLDWHGWRWKLV
3DVVHQJHUDVZLWKWKH773FRPPDQGWKHVHRSWLRQVFDQEH
/LQNHGWRJHWKHUIRUDIXOOOLVWRIRSWLRQVSOHDVHVHH+(90&2
,WLVDOVRSRVVLEOHWRSULQWWLFNHWVDQG0&2VDWWKHVDPHWLPH
E\HQWHULQJ
!773770

3OHDVHQRWHWKDWWKHHQWU\KDVWREHLQWKLVRUGHU770773LVQRWSHUPLWWHG
2QFHWKH0&2KDVEHHQSULQWHGWKH315LVXSGDWHGZLWKDQ)%DQG)$OLQHWKLV
$SSHDUVXQGHUHDFKLQGLYLGXDO0&2DVFDQEHVHHQEHORZ







$PDGHXV9LUWXDO0&28VHU*XLGH











 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD






,QWURGXFWLRQWR$PDGHXV9LUWXDO0&2





7KH$XWRPDWHG0LVFHOODQHRXV&KDUJHV2UGHU 0&2 VROXWLRQ
HQDEOLQJDJHQWWR3URYLGHWRWKHFXVWRPHUVHUYLFHVLQDGGLWLRQWRWKH
WULSEHLQJEDVHGRQDSULQWLQJRQ23$7%FRXSRQVLVQRPRUHXVHIXO
RQWKH%63PDUNHWV
7KH,QGXVWU\EHLQJQRWUHDG\\HWWRLPSOHPHQWWKHHOHFWURQLFVROXWLRQ
(OHFWURQLF0LVFHOODQHRXV'RFXPHQW (0' WKHWUDYHODJHQFLHVQHHG
DQLQWHULPVROXWLRQ
$PDGHXVGHFLGHGWRZRUNRQDWUDQVLWLRQDOVROXWLRQGHGLFDWHGWR
WUDYHODJHQFLHV8QWLOWKH(0'GHOLYHU\WKH$PDGHXV9LUWXDO
0LVFHOODQHRXV&KDUJHV2UGHU 0&2 

'XHWRLQFUHDVLQJGHPDQGIRUDXWRPDWLRQRIWKHHQWLUHSDVVHQJHU
UHVHUYDWLRQDQGWLFNHWLQJSURFHVV$PDGHXVKDVGHYHORSHGD%63
DQG$5&FRPSOLDQW$XWRPDWHG0&2SURGXFW7KLVVPDUWXVHU
IULHQGO\SURGXFWFDQVLPSOLI\WKHSURFHVVRILVVXLQJDQ0&2IRUWUDYHO
DJHQFLHVWKURXJKRXWWKHZRUOG



7KHVWRI-XQHDWWKH,$7$(OHFWURQLF7LFNHWLQJ
GHDGOLQH$PDGHXVODXQFKHGWKH$PDGHXV9LUWXDO0&2LQDOOWKH
%63$XWRPDWHG0&2PDUNHWV
7KHVROXWLRQLVDYDLODEOHIRUDOO&HQWUDO7LFNHWLQJ6\VWHP &76 
PDUNHWVLQFOXGLQJWKHQRQ$XWRPDWHG0&2XVHUVDQG$5&PDUNHWV
ZKRDUHLQWHUHVWHGLQLPSOHPHQWLQJLW






 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD









([HFXWLYH6XPPDU\

7KH$PDGHXV9LUWXDO0&2VROXWLRQIXOO\LQWHJUDWHGLQWRWKHZKROH
ERRNLQJSURFHVVSHUPLWVWKHWUDYHODJHQWVWRFUHDWHPLVFHOODQHRXV
GRFXPHQWVYLDWKHV\VWHPPHDQLQJDQRQLQVLJQLILFDQWWLPHVDYLQJLQ
WKHGDLO\ZRUNIORZ
)RUWKH$XWRPDWHG0&2XVHUVWKH$PDGHXV9LUWXDO0&2DVKDYLQJ
NHSWWKHVDPHIXQFWLRQDOLW\LVDVPRRWKZD\WRPRYHWRZDUGWKH
HOHFWURQLFVROXWLRQ(0'

$PDGHXV9LUWXDO0&2VFDQEHLVVXHGIRUWKHIROORZLQJNH\WUDYHO
VHUYLFHV DPRQJVWRWKHUV 

‡$LURUVXUIDFHWUDQVSRUWDWLRQ
‡([FHVVEDJJDJHFKDUJHV
‡5HLVVXHVHUYLFHIHHV
‡$GGLWLRQDOFROOHFWLRQV
‡7D[SD\PHQWV
‡+RWHO3D\PHQWV

$PDGHXV9LUWXDO0&2FDQEHLVVXHGRQSODLQSDSHU$7KH
GRFXPHQWLVFRPSRVHGRIWKHIROORZLQJHOHPHQWV


‡$JHQWFRXSRQ
‡$XGLW&RXSRQ
‡3DVVHQJHU5HFHLSW
‡&UHGLW&DUG&KDUJH)RUP


7KHUHLVQR([FKDQJH&RXSRQDVQRPRUH23$7%YDOXHFRXSRQ

 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD


7KHFXVWRPHUZLOOSUHVHQWDWWKHDLUSRUWWKH3DVVHQJHU5HFHLSW
SULQWHGRQSODLQSDSHU










%HQHILWV

7KH$PDGHXV9LUWXDO0&2VROXWLRQSURYLGHV&76WUDYHODJHQFLHV
ZLWKWKHIROORZLQJNH\EHQHILWV
‡$XWRPDWLFDOO\LQWHJUDWHGLQWRWKH315WKH%DFN2IILFH6\VWHPDQG
 WKH6DOHV5HSRUWV
‡,QFUHDVHGSURGXFWLYLW\GXHWRWKHDXWRPDWHGSURFHVV
‡,QFUHDVHGHIILFLHQF\GXHWRORJLFDOWUDQVDFWLRQV
‡(VSHFLDOO\IRU$XWRPDWHG0&2PDUNHWV

1RFKDQJHLQGDWDSURFHVVLQJ
ƒ B,QWKHIXQFWLRQDOHQWULHV
ƒ BLQWKHLQIRUPDWLRQWUDQVPLWWHGWRWKH%DFN2IILFH6\VWHP
ƒ B,QWKH6DOHV5HSRUWVVDPHWUDQVDFWLRQFRGH0'DQG)RUP
 FRGH
¾ HDV\DQGTXLFNWRGHSOR\
¾ QRWUDLQLQJ
¾ QRDGGLWLRQDOZRUNORDGIRUWKHWUDYHODJHQWV











 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD















9LUWXDO0&2)XQFWLRQDOLW\


7KHUHDUHWKUHHEDVLFVWDJHVWRLVVXLQJDQ0&2WKHVHDUH


&UHDWLRQ
ҏ&RPSOHWLRQ
ҏ3URFHVVLQJ


$OORIZKLFKDUHGHVFULEHGLQGHWDLOEHORZ


0&2&UHDWLRQ

,WLVSRVVLEOHWRFUHDWHD0&2HLWKHULQD315 7<0RGH LQFDVHWKH
FRPPDQGVDUHWKHVDPH7KHUHDUHWZRPDLQ
6WDJHVWKHILUVWLVWRFUHDWHWKH0&2DQGWKHVHFRQGWRDGGLQWKH
GHWDLOVDQGSULQWWKHGRFXPHQW7KHFRPPDQGWRFUHDWHWKH0&2
LQFOXGHVWKHDLUOLQHWKHGDWHWKHUHDVRQIRULVVXDQFHDVZHOODVWKH
IDUH2IWKHVHRQO\WKHILUVWIRXUDUHPDQGDWRU\DVWKHIDUHFDQHDVLO\
EHDGGHGODWHURQ

,0&0$$)1&(6(36$5

3DUDPHWHU'HVFULSWLRQ0DQGDWRU\

 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD


2SWLRQDO

,0&0&2FUHDWLRQFRPPDQG0
0,QGLFDWHVWKDWWKHGRFXPHQWLVDQ0&20
$5HDVRQIRULVVXDQFH0
(.$LUOLQHFRGH0
1&($LUSRUWFRGHZKHUHWKH0&2KDVWREH0
3UHVHQWHG
6(3'DWHZKHQWKH0&2KDVWREHSUHVHQWHG0
6$5$PRXQWRIWKH0&22


7KHUHLVDFKRLFHRIQXPHURXVUHDVRQFRGHVFRYHULQJWKHYDULRXV
SRVVLELOLWLHVIRULVVXLQJD0&2WKRVHFXUUHQWO\GHILQHGE\,$7$DUH


5HDVRQ)RU'HVFULSWLRQ
,VVXDQFH&RGH
5),& 

$$LU7UDQVSRUWDWLRQ
%6XUIDFH7UDQVSRUWDWLRQ
*8SJUDGLQJ
+8QGHU&ROOHFWLRQ
,7D[HV
.5HIXQGDEOH%DODQFHV
06XQGU\&KDUJHV
1&DQFHOODWLRQ)HH
45HERRNLQJ)HH,QWHUQDWLRQDO
8([FHVV%DJJDJH

2QFHD0&2KDVEHHQFUHDWHGLWLVSRVVLEOHWRVHHZKLFKUHDVRQ
FRGHVDUH$YDLODEOHE\W\SLQJLQ

!70,,"
HJ
70,%,668(',1&211(&7,21:,7+

7KLVEULQJVXSWKHGLVSOD\VKRZQEHORZ



 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD










315'LVSOD\V

:KHQWKHFUHDWLRQHQWU\KDVEHHQSURFHVVHGWKH315LVUHGLVSOD\HG
DQGWKH0&2FDQEHVHHQLPPHGLDWHO\EHORZWKHLWLQHUDU\





$Q$PDGHXV9LUWXDO0&2FDQEHVWRUHGLQD315WKDWFRQWDLQVDQ\
W\SHRIDFWLYHVHJPHQWIRUH[DPSOH$LUVHJPHQWV+RWHO6HJPHQWV
&DU6HJPHQWVDQGDQ\PXOWLSOHRUYDULDWLRQRIWKHVH0&2VFDQDOVR
EHVWRUHGLQD315WKDWGRHVQRWFRQWDLQDFWLYHVHJPHQWVSURYLGHG
WKDWDWOHDVWRQH0&2LVVWRUHGSHUSDVVHQJHU
8SWR0&2VFDQEHVWRUHGLQWKH315DQGWKH\DUHDXWRPDWLFDOO\
VWRUHGLQWKH315DWHQGRIWUDQVDFWLRQ

7UDQVLWLRQDO6WRUHG0&2 760 

 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD


2QFHWKH,0&HQWU\KDVEHHQDFFHSWHG$PDGHXVVWRUHVD
7UDQVLWLRQDO6WRUHG03'PXFKLQWKHVDPHZD\WKDWD767LVVWRUHG
7KH760FDQEHHDVLO\GLVSOD\HGXVLQJRQHRIWKHIROORZLQJHQWULHV


5HTXHVW'HVFULSWLRQ

!740'LVSOD\VDVLQJOH760
!740/'LVSOD\VD760RQDSDUWLFXODUOLQHRID315
!7403'LVSOD\VD760IRUDSDUWLFXODU3DVVHQJHU
!7400'LVSOD\VDSDUWLFXODU760IURPDOLVW






)DUH(OHPHQWV


,QDGGLWLRQWRWKH0&2ILHOGVWKHUHDUHVHYHUDOILHOGVVWRUHGLQWKH
IURQWRIWKH315WKHVHDUHWKHVDPHILHOGVDVD7677KHRQO\
GLIIHUHQFHLVWKDWWKHVHKDYHWREHDVVRFLDWHGWRWKH03'OLQH
QXPEHUWKHILHOGVWKDWKDYHFDQEHXSGDWHGDUH



)LHOG0DQGDWRU\
2SWLRQDO


)RUPRISD\PHQW )3 0
(QGRUVHPHQWV )( 2
&RPPLVVLRQ )0 2
7RXUFRGH )7 2
2ULJLQDOLVVXH )2 2

3OHDVHQRWHWKDWWKHYDOLGDWLQJFDUULHULVQRWQHFHVVDU\DVWKHV\VWHP
WDNHVWKLVLQIRUPDWLRQIURPWKH3UHVHQWWRDUHDLQWKH760,QRUGHUWR

 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD


ILOORXWWKHVHILHOGVWKHUHDUHVHYHUDOZD\VRIOLQNLQJWKHPWRWKH
FRUUHFW03'IRUH[DPSOH


5HTXHVW'HVFULSWLRQ


!)3&$6+DGGLQJLQDIRUPRISD\PHQWZKHUHLVWKH03'
/LQHLQWKH315

!)7,7$)7(67/$GGLQJDWRXUFRGHIRUDQ03'RQOLQHRIWKH315
315

7KHOLQHVSHFLILFDWLRQKDVWREHGRQHHYHQLIWKHUHLVRQO\RQH0&2LQ
WKH315RWKHUZLVHWKHV\VWHPZLOODWWDFKLWWRWKH767,QSDQHOPRGH
LWLVSRVVLEOHWRILOOLQDOORIWKHVHGHWDLOVZLWKLQWKH760GLVSOD\$Q
H[DPSOHRIWKH315ZLWKWKH03'GHWDLOVVWRUHGFDQEHVHHQEHORZ















7RPRGLI\DQ\RUFDQFHODQ\RIWKHILHOGVLQWKH315EXWZLWKLQDQ
03'WKHUHDUHDIHZRSWLRQV


5HTXHVW'HVFULSWLRQ

!;(7RFDQFHOWKHILUVWHOHPHQWLQWKH0&2RQOLQH
!&KDQJHVWKHVHFRQGHOHPHQWLQWKH0&2RQ
/LQHILYHWR
!)(9$/,',%21/<&KDQJHVWKH)(HOHPHQWIRUWKH0&2RQOLQH


0&23URFHVVLQJ


 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD


2QFHWKH760KDVEHHQFRPSOHWHGDQGDOORIWKHPDQGDWRU\ILHOGV
DUHSUHVHQWWKH0&2FDQEHLVVXHGXVLQJWKHIROORZLQJFRPPDQG


!770

7KHUHDUHQXPHURXVRSWLRQVWKDWFDQEHLQFOXGHGLQWKH770
FRPPDQGIRUH[DPSOH

5HTXHVW'HVFULSWLRQ



!77033ULQWVDOO0&2VIRUSDVVHQJHURQH
!770/3ULQWVWKH0&2RQOLQHRIWKH315
!770573ULQWVDOO0&2VDQGUHWDLQVWKH315
!7707013ULQWVWKH0&2DQGWKHVXSSOHPHQWDU\QDPH
/LVW
!770(0/±HPDLO$GGUHVVDOOSDVVHQJHUVUHFHLSWVDUHVHQWWRWKHVSHFLILF
$GGUHVVPDLO
!770(0/1±QLFNQDPHHDFKSDVVHQJHUUHFHLSWLVVHQWWRDOOHPDLO
$GGUHVVHVLQFOXGHGLQWKHQLFNQDPH
!770(0/$WKHSDVVHQJHUUHFHLSWIRUHDFKSDVVHQJHULV
6HQWWRDOOHPDLODGGUHVVHVVWRUHGLQWKH$3(
(OHPHQWVDVVRFLDWHGWRWKLVSDVVHQJHU


$VZLWKWKH773FRPPDQGWKHVHRSWLRQVFDQEHOLQNHGWRJHWKHUIRUD
IXOOOLVWRSWLRQVSOHDVHVHH+(90&2

,WLVDOVRSRVVLEOHWRSULQWWLFNHWVDQG0&2VDWWKHVDPHWLPHE\
HQWHULQJ
!773770
3OHDVHQRWHWKDWWKHHQWU\KDVWREHLQWKLVRUGHU770773LVQRW
SHUPLWWHG
2QFHWKH0&2KDVEHHQSULQWHGWKH315LVXSGDWHGZLWKDQ)%DQG
)$OLQHWKLVDSSHDUVXQGHUHDFKLQGLYLGXDO0&2DVFDQEHVHHQ
EHORZ



 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD























0&23URFHVVLQJ

2QFHWKH760KDVEHHQFRPSOHWHGDQGDOORIWKHPDQGDWRU\ILHOGVDUHSUHVHQW
WKH0&2FDQEHLVVXHGXVLQJWKHIROORZLQJFRPPDQG


!770

7KHUHDUHQXPHURXVRSWLRQVWKDWFDQEHLQFOXGHGLQWKH770FRPPDQGIRU
H[DPSOH


 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD



5HTXHVW'HVFULSWLRQ

!77033ULQWVDOO0&2VIRUSDVVHQJHURQH
!770/3ULQWVWKH0&2RQOLQHRIWKH315
!770573ULQWVDOO0&2VDQGUHWDLQVWKH315
!7707013ULQWVWKH0&2DQGWKHVXSSOHPHQWDU\QDPHOLVW
!770(0/HPDLO$GGUHVV$OOSDVVHQJHUVUHFHLSWVDUHVHQWWRWKHVSHFLILF
$GGUHVVPDLO
!770(0/1±QLFNQDPH(DFKSDVVHQJHUUHFHLSWLVVHQWWRDOOHPDLO
$GGUHVVHVLQFOXGHGLQWKHQLFNQDPH
!770(0/$WKHSDVVHQJHUUHFHLSWIRUHDFKSDVVHQJHULVVHQWWRDOOHPDLO
$GGUHVVHVVWRUHGLQWKH$3(HOHPHQWVDVVRFLDWHGWRWKLV
3DVVHQJHUDVZLWKWKH773FRPPDQGWKHVHRSWLRQVFDQEH
/LQNHGWRJHWKHUIRUDIXOOOLVWRIRSWLRQVSOHDVHVHH+(90&2
,WLVDOVRSRVVLEOHWRSULQWWLFNHWVDQG0&2VDWWKHVDPHWLPH
E\HQWHULQJ
!773770

3OHDVHQRWHWKDWWKHHQWU\KDVWREHLQWKLVRUGHU770773LVQRWSHUPLWWHG
2QFHWKH0&2KDVEHHQSULQWHGWKH315LVXSGDWHGZLWKDQ)%DQG)$OLQHWKLV
$SSHDUVXQGHUHDFKLQGLYLGXDO0&2DVFDQEHVHHQEHORZ



 $PDGHXV3URGXFWV 7UDLQLQJ'HSDUWPHQW6DXGL$UDELD

Das könnte Ihnen auch gefallen