/RZ 9ROWDJH &026
%LW +LJK 6SHHG
$QDORJWR'LJLWDO &RQYHUWHU
)($785(6
N 9ROW 2SHUDWLRQ
N %LW 5HVROXWLRQ
N '1/ /6% ,1/ /6% W\S
N ,QWHUQDO 6+ )XQFWLRQ
N 9
,1
'& 5DQJH 9 WR 9
''
N 9
5()
'& 5DQJH 9 WR 9
''
N /RZ 3RZHU P: W\S H[FOXGLQJ UHIHUHQFH
N /DWFK8S )UHH
$33/,&$7,216
N 'LJLWDO 5DGLR
N &HOOXODU 7HOHSKRQHV
N &&'V DQG 6FDQQHUV
N +DQG +HOG DQG %DWWHU\ 3RZHUHG
'DWD $FTXLVLWLRQ
0DUFK
03/
5HY
(;$5 &RUSRUDWLRQ .DWR 5RDG )UHPRQW &$ < <
.
*(1(5$/ '(6&5,37,21
7KH 03/ LV DQ ELW $QDORJWR'LJLWDO &RQYHUWHU WKDW
RSHUDWHV DW 9 'HVLJQHG XVLQJ DQ DGYDQFHG &026
SURFHVV WKLV SDUW RIIHUV H[FHOOHQW SHUIRUPDQFH ORZ
SRZHU FRQVXPSWLRQ DQG ODWFKXS IUHH RSHUDWLRQ
7KLV GHYLFH XVHV D WZRVWHS IODVK DUFKLWHFWXUH WR PDLQWDLQ
ORZ SRZHU FRQVXPSWLRQ DW KLJK FRQYHUVLRQ UDWHV 7KH
LQSXW FLUFXLWU\ RI WKH 03/ LQFOXGHV DQ RQFKLS 6+
IXQFWLRQ ZKLFK DOORZV WKH XVHU WR GLJLWL]H DQDORJ LQSXW
VLJQDOV EHWZHHQ *1' DQG 9
''
&DUHIXO GHVLJQ DQG FKLS
OD\RXW KDYH DFKLHYHG D ORZ DQDORJ LQSXW FDSDFLWDQFH
7KLV UHGXFHV NLFNEDFN DQG HDVHV WKH UHTXLUHPHQWV RI
WKH EXIIHUDPSOLILHU XVHG WR GULYH WKH 03/
7KH GHVLJQHU FDQ FKRRVH WKH LQWHUQDOO\ JHQHUDWHG
UHIHUHQFH YROWDJHV E\ FRQQHFWLQJ 9
5%
WR 9
5%6
DQG 9
57
WR
9
576
RU SURYLGH H[WHUQDO UHIHUHQFH YROWDJHV WR WKH 9
5%
DQG 9
57
SLQV 7KH LQWHUQDO UHIHUHQFH JHQHUDWHV 9 DW
9
5%
DQG 9 DW 9
57
3URYLGLQJ H[WHUQDO UHIHUHQFH
YROWDJHV DOORZV HDV\ LQWHUIDFH WR DQ\ LQSXW VLJQDO UDQJH
EHWZHHQ $*1' DQG $9
''
7KLV DOVR DOORZV WKH V\VWHP WR
DGMXVW WKHVH YROWDJHV WR FDQFHO ]HUR VFDOH DQG IXOO VFDOH
HUURUV RU WR FKDQJH WKH LQSXW UDQJH DV QHHGHG
7KH GHYLFH RSHUDWHV IURP D VLQJOH 9 VXSSO\ F
3RZHU FRQVXPSWLRQ LV P: PD[LPXP DW )
6
0+]
6,03/,),(' %/2&. $1' 7,0,1* ',$*5$0
06%
&RPSDUDWRUV
/6%
&RPSDUDWRUV
/DWFK
/DWFK
(QFRGHU
(UURU
&RUUHFWLRQ
))
6+
&ORFN /RJLF
*1'
'% 06%
'% /6%
&/.
9
5%6
9
5%
9
57
9
576
9
''
9
''
*1'
*1'
9
''
9
,1
1
&/.
'%
'%
6DPSOH
2(
03/
#0;
25'(5,1* ,1)250$7,21
3DFNDJH
7\SH
7HPSHUDWXUH
5DQJH
3DUW 1R
'1/
/6%
62,& (,$-
WR
G
&
03/$5
,1/
/6%
3ODVWLF 'LS
WR
G
&
03/$1
F
F
62,& -HGHF
WR
G
&
03/$6
F
3,1 &21),*85$7,216
3LQ 3',3
'% /6%
'%
'%
'%
'%
'%
'%
'% 06%
&/.
'*1'
'9
''
'*1'
9
5%
9
5%6
$*1'
$*1'
9
,1
$9
''
9
57
9
576
$9
''
$9
''
'9
''
3LQ 62,& (,$-
-HGHF
2(
'*1'
9
5%
9
5%6
$*1'
$*1'
9
,1
$9
''
9
57
9
576
$9
''
$9
''
'9
''
'% /6%
'%
'%
'%
'%
'%
'%
'% 06%
&/.
'*1'
'9
''
2(
6HH 3DFNDJLQJ 6HFWLRQ IRU 3DFNDJH 'LPHQVLRQV
3,1 287 '(),1,7,216
2(
2XWSXW (QDEOH
'*1'
'LJLWDO *URXQG
'%
'DWD 2XWSXW %LW /6%
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW
'%
'DWD 2XWSXW %LW 06%
'9
''
'LJLWDO 3RZHU 6XSSO\
&/.
6DPSOLQJ &ORFN ,QSXW
3,1 12
1$0(
'(6&5,37,21
'9
''
'LJLWDO 3RZHU 6XSSO\
$9
''
$QDORJ 3RZHU 6XSSO\
$9
''
$QDORJ 3RZHU 6XSSO\
9
576
*HQHUDWHV 9 LI WLHG WR 9
57
9
57
7RS 5HIHUHQFH
$9
''
$QDORJ 3RZHU 6XSSO\
9
,1
$QDORJ ,QSXW
$*1'
$QDORJ *URXQG
$*1'
$QDORJ *URXQG
9
5%6
*HQHUDWHV 9 LI WLHG WR 9
5%
9
5%
%RWWRP 5HIHUHQFH
'*1'
'LJLWDO *URXQG
3,1 12
1$0(
'(6&5,37,21
03/
#0;
(/(&75,&$/ &+$5$&7(5,67,&6 7$%/(
8QOHVV 2WKHUZLVH 6SHFLILHG $9
''
'9
''
9 )6 0+] 'XW\ &\FOH
9
57
9 9
5%
9 7
$
G&
G
&
3DUDPHWHU
6\PERO
0LQ
7\S
0D[
8QLWV
7HVW &RQGLWLRQV&RPPHQWV
.(< )($785(6
5HVROXWLRQ
%LWV
6DPSOLQJ 5DWH
)6
0+]
$&&85$&< $ *UDGH
'LIIHUHQWLDO 1RQ/LQHDULW\
'1/
F
/6%
,QWHJUDO 1RQ/LQHDULW\
,1/
/6%
%HVW )LW /LQH
0D[ ,1/ 0LQ ,1/
5()(5(1&( 92/7$*(6
'LIIHUHQWLDO 5HI 9ROWDJH
9
5()
$9
''
9
9
5()
9
57
9
5%
/DGGHU 5HVLVWDQFH
5
/
:
/DGGHU 7HPS &RHIILFLHQW
5
7&2
SSPGG&
6HOI %LDV
6KRUW 9
5%
DQG 9
5%6
9
5%
9
6KRUW 9
57
DQG 9
576
9
57
9
5%
9
6HOI %LDV
9
5%
$*1'
9
57
9
6KRUW 9
57
DQG 9
576
$1$/2* ,1387
,QSXW %DQGZLGWK G%
%:
0+]
,QSXW 9ROWDJH 5DQJH
9
,1
9
5%
9
57
9
,QSXW &DSDFLWDQFH
&
,1
S)
$SHUWXUH 'HOD\
W
$3
QV
',*,7$/ ,13876
/RJLFDO 9ROWDJH
9
,+
9
/RJLFDO 9ROWDJH
9
,/
9
'& /HDNDJH &XUUHQWV
,
,1
9
,1
'*1' WR '9
''
&/.
P$
,QSXW &DSDFLWDQFH
S)
&ORFN 7LPLQJ 6HH )LJXUH
&ORFN 3HULRG
)6
QV
+LJK 3XOVH :LGWK
W
3:+
QV
/RZ 3XOVH :LGWK
W
3:/
QV
',*,7$/ 2873876
&
287
S)
/RJLFDO 9ROWDJH
9
2+
9
,
/2$'
P$
/RJLFDO 9ROWDJH
9
2/
9
,
/2$'
P$
VWDWH /HDNDJH
,
2=
P$
9
287
'*1' WR '9
''
'DWD 9DOLG 'HOD\
W
'/
QV
'DWD (QDEOH 'HOD\
W
'(1
QV
'DWD VWDWH 'HOD\
W
'+=
QV
03/
#0;
(/(&75,&$/ &+$5$&7(5,67,&6 7$%/( &217'
'HVFULSWLRQ
6\PERO
0LQ
7\S
0D[
8QLWV
&RQGLWLRQV
32:(5 6833/,(6
2SHUDWLQJ 9ROWDJH
9
''
9
&XUUHQW
,
''
P$
'RHV QRW LQFOXGH UHI FXUUHQW
G
&
1RWHV
7HVWHU PHDVXUHV FRGH WUDQVLWLRQV E\ GLWKHULQJ WKH YROWDJH RI WKH DQDORJ LQSXW 9
,1
7KH GLIIHUHQFH EHWZHHQ WKH PHDVXUHG DQG WKH
LGHDO FRGH ZLGWK 9
5()
LV WKH '1/ HUURU )LJXUH 7KH ,1/ HUURU LV WKH PD[LPXP GLVWDQFH LQ /6%V IURP WKH EHVW ILW OLQH WR
DQ\ WUDQVLWLRQ YROWDJH )LJXUH $FFXUDF\ LV D IXQFWLRQ RI WKH VDPSOLQJ UDWH )6
*XDUDQWHHG 1RW WHVWHG
6SHFLILHG YDOXHV JXDUDQWHH IXQFWLRQDOLW\ 5HIHU WR RWKHU SDUDPHWHUV IRU DFFXUDF\
G% EDQGZLGWK LV D PHDVXUH RI SHUIRUPDQFH RI WKH $' LQSXW VWDJH 6+ DPSOLILHU 5HIHU WR RWKHU SDUDPHWHUV IRU DFFXUDF\ ZLWKLQ
WKH VSHFLILHG EDQGZLGWK
6HH 9
,1
LQSXW HTXLYDOHQW FLUFXLW )LJXUH 6ZLWFKHG FDSDFLWRU DQDORJ LQSXW UHTXLUHV GULYHU ZLWK ORZ RXWSXW UHVLVWDQFH
$OO LQSXWV KDYH GLRGHV WR '9
''
DQG '*1' ,QSXW '& FXUUHQWV ZLOO QRW H[FHHG VSHFLILHG OLPLWV IRU DQ\ LQSXW YROWDJH EHWZHHQ
'*1' DQG '9
''
W
5
W
)
VKRXOG EH OLPLWHG WR ! QV IRU EHVW UHVXOWV
$*1' '*1' SLQV DUH FRQQHFWHG WKURXJK WKH VLOLFRQ VXEVWUDWH &RQQHFW WRJHWKHU DW WKH SDFNDJH DQG WR WKH DQDORJ JURXQG SODQH
6SHFLILFDWLRQV DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH
$%62/87( 0$;,080 5$7,1*6 7
G
& XQOHVV RWKHUZLVH QRWHG
9
WR *1'
9
9
57
9
5%
9
''
WR *1' 9
9
,1
9
''
WR *1' 9
$OO ,QSXWV
9
''
WR *1' 9
$OO 2XWSXWV
9
''
WR *1' 9
6WRUDJH 7HPSHUDWXUH
WR
G
&
/HDG 7HPSHUDWXUH 6ROGHULQJ VHFRQGV
G
&
3DFNDJH 3RZHU 'LVVLSDWLRQ 5DWLQJ #
G
&
62,& 3',3
P:
'HUDWHV DERYH
G
&
P:GG&
1RWHV
6WUHVVHV DERYH WKRVH OLVWHG XQGHU $EVROXWH 0D[LPXP 5DWLQJV PD\ FDXVH SHUPDQHQW GDPDJH WR WKH GHYLFH 7KLV LV D
VWUHVV UDWLQJ RQO\ DQG IXQFWLRQDO RSHUDWLRQ DW RU DERYH WKLV VSHFLILFDWLRQ LV QRW LPSOLHG ([SRVXUH WR PD[LPXP UDWLQJ
FRQGLWLRQV IRU H[WHQGHG SHULRGV PD\ DIIHFW GHYLFH UHOLDELOLW\
$Q\ LQSXW SLQ ZKLFK FDQ VHH D YDOXH RXWVLGH WKH DEVROXWH PD[LPXP UDWLQJV VKRXOG EH SURWHFWHG E\ 6FKRWWN\ GLRGH FODPSV
+3 IURP LQSXW SLQ WR WKH VXSSOLHV $OO LQSXWV KDYH SURWHFWLRQ GLRGHV ZKLFK ZLOO SURWHFW WKH GHYLFH IURP VKRUW
WUDQVLHQWV RXWVLGH WKH VXSSOLHV RI OHVV WKDQ P$ IRU OHVV WKDQ
2
V
9
UHIHUV WR $9
DQG '9
*1' UHIHUV WR $*1' DQG '*1'
03/
5HY
&/.
3,3(/,1( '(/$<
1
1
6DPSOH 1
W
+/
W
'/
1
1
1
'$7$ 1
'$7$
)6
W
3:+
W
3:/
)LJXUH 03/ 7LPLQJ 'LDJUDP
1
1
1
2XWSXW
&RGHV
$QDORJ
,QSXW
&RGH :LGWK 1 9
1
9
1
/6% >
9
57
9
5%
@
'1/
1
> 9
1
9
1
@ /6%
)LJXUH '1/ 0HDVXUHPHQW
/6%
'1/
2XWSXW
&RGHV
$QDORJ ,QSXW 9ROW
)LJXUH ,1/ (UURU &DOFXODWLRQ
%HVW )LW /LQH
()6
(=6
/6%
,GHDO 7UDQVIHU /LQH
5HDO 7UDQVIHU /LQH
,1/
9
1
9
1
)LJXUH (TXLYDOHQW ,QSXW &LUFXLW
9
57
9
5%
&/.
&/.
&/.
S)
S)
&/.
&/.
&/.
S)
S)
9
,1
>1@
$9
''
9
,1
S)
)LJXUH 7\SLFDO &LUFXLW &RQQHFWLRQV
:
$QDORJ
,QSXW
P)
P)
P)
9
&ORFN
9
,1
9
''
9
576
9
57
9
5%
9
5%6
*1'
'%
'%
'%
'%
'%
'%
'%
'%
&/.
03/
P)
'LJLWDO
2XWSXWV
$*1'
03/
5HY
$33/,&$7,21 127(6
6LJQDOV VKRXOG QRW H[FHHG $9
9 RU JR EHORZ $*1'
9 RU '9
9 RU '*1' 9 $OO SLQV KDYH LQWHUQDO
SURWHFWLRQ GLRGHV WKDW ZLOO SURWHFW WKHP IURP VKRUW WUDQVLHQWV
2V RXWVLGH WKH VXSSO\ UDQJH
$*1' DQG '*1' SLQV DUH FRQQHFWHG LQWHUQDOO\ WKURXJK WKH 3
VXEVWUDWH '& YROWDJH GLIIHUHQFHV EHWZHHQ WKHVH SLQV ZLOO
FDXVH XQGHVLUDEOH LQWHUQDO VXEVWUDWH FXUUHQWV
7KH SRZHU VXSSO\ $9
DQG UHIHUHQFH YROWDJH 9
57
9
5%
SLQV VKRXOG EH GHFRXSOHG ZLWK 2) DQG 2) FDSDFLWRUV WR
$*1' SODFHG DV FORVH WR WKH FKLS DV SRVVLEOH
7KH GLJLWDO RXWSXWV VKRXOG QRW GULYH ORQJ ZLUHV RU EXVHV 7KH
FDSDFLWLYH FRXSOLQJ DQG UHIOHFWLRQV ZLOO FRQWULEXWH QRLVH WR WKH
FRQYHUVLRQ
,W LV SRVVLEOH IRU WKH GDWD YDOLG GHOD\ W
'/
WR EH HTXDO WR RU JUHDWHU
WKDQ WKH KLJK SXOVH ZLGWK RI WKH VDPSOLQJ FORFN W
3:+
6HH
)LJXUH 7KLV FDQ FDXVH WLPLQJ UHODWHG HUURUV )RU VDPSOH UDWHV
DERYH 0636 XVH RQO\ WKH ULVLQJ HGJH RI WKH VDPSOH FORFN
&/. WR ODWFK GDWD IURP WKH 03/ WR RWKHU SDUWV RI WKH
V\VWHP
7KH UHIHUHQFH FDQ EH ELDVHG LQWHUQDOO\ E\ VKRUWLQJ 9
57
WR 9
576
DQG 9
5%
WR 9
5%6
7KLV ZLOO JHQHUDWH 9 DW 9
5%
DQG 9 DW
9
57
VHH )LJXUH
,I WKH LQWHUQDO UHIHUHQFH SLQV 9
576
DQGRU 9
5%6
DUH QRW XVHG WKH\
VKRXOG EH OHIW XQFRQQHFWHG
3(5)250$1&( &+$5$&7(5,67,&6
*UDSK '1/ YV 6DPSOLQJ )UHTXHQF\
*UDSK ,1/ YV 6DPSOLQJ )UHTXHQF\
*UDSK 6XSSO\ &XUUHQW YV
6DPSOLQJ )UHTXHQF\
*UDSK 5HIHUHQFH 5HVLVWDQFH YV
7HPSHUDWXUH
03/
5HY
*UDSK 615 YV ,QSXW )UHTXHQF\
*UDSK 6,1$' YV ,QSXW )UHTXHQF\
*UDSK (12% YV ,QSXW )UHTXHQF\
PDF 
ZIP