Tải bản đầy đủ (.pdf) (21 trang)

linux assembly language programming PHẦN 10 pot

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (426.7 KB, 21 trang )

WRWKLVSRLQW+RZHYHU'26SURJUDPVUHTXLUHLW:HEHJLQRXUGLVFXVVLRQRIVHJPHQWDWLRQZLWKUHDOPRGH
VHJPHQWDWLRQ6HJPHQWDWLRQLQSURWHFWHGPRGHLVGLVFXVVHGLQFKDSWHUVHFWLRQ
5HDO0RGH6HJPHQWDWLRQ
7KHWHUPV
VHJPHQW
DQG
VHJPHQWDWLRQ
DUHXVHGLQPDQ\RYHUODSSLQJDQGFRQIOLFWLQJZD\V&RQVHTXHQWO\LW
ZRXOGEHZHOOWRPDNHDSUHOLPLQDU\DWWHPSWDWFODULI\LQJWHUPLQRORJ\,Q'26FRGHDQGGDWDVHJPHQWVRID
SURJUDPPD\EHVWRUHGLQFRGHDQGGDWDVHJPHQWVRIPHPRU\EXWDUHQWQHFHVVDULO\,Q/LQX[WKH\QHYHU
DUH7H[WDQGGDWDVHJPHQWVRIDSURJUDPDUHVWRUHGRQVHSDUDWHSDJHVRIPHPRU\QRWVHSDUDWHVHJPHQWVRI
PHPRU\,Q[/LQX[WKHHUURUPHVVDJH6HJPHQWDWLRQ)DXOWGRHVQRWUHIHUWRDVHJPHQWDWLRQIDXOWLW
UHIHUVDSDJHSURWHFWLRQIDXOW:RUVWRIDOOLVWKHWHUP
ORJLFDOVHJPHQW
ZKLFKDFFXUDWHO\VSHFLILHVQRWKLQJDW
DOO
7RDYRLGZDQWRQO\PXGG\LQJWKLQJVIXUWKHUWKLVERRNZLOOGRJJHGO\DGKHUHWRWKHIROORZLQJGLVWLQFWLRQV
EHWZHHQSURJUDPVHJPHQWVPHPRU\VHJPHQWVDQGVHJPHQWDWLRQ
6HJPHQWVDQG6HJPHQWDWLRQ
z
3URJUDPVHJPHQW6LQFHFKDSWHUZHKDYHDSSOLHGWKHWHUP
VHJPHQW
WRDFKXQNRIDQH[HFXWDEOHILOH
7KLVLVVWDQGDUGXVDJH3URJUDPVW\SLFDOO\KDYHWH[WDQGGDWDVHJPHQWV
z
6HJPHQWDWLRQSURFHVV,QWKLVERRNWKHWHUP
VHJPHQWDWLRQ
LVDSSOLHGRQO\WRDQDGGUHVVSURFHVVLQJ
PHFKDQLVPZKLFKKDVWKHHIIHFWRIGLYLGLQJPHPRU\LQWRFKXQNV
z 0HPRU\VHJPHQW,WLVFXVWRPDU\WRDSSO\WKHWHUP
VHJPHQW


WRWKHFKXQNVRIPHPRU\SURGXFHGE\WKH
VHJPHQWDWLRQSURFHVV,QWKLVERRNPHPRU\VHJPHQWVZLOODOZD\VEHUHIHUUHGWRLQFRQQHFWLRQZLWKD
VSHFLDONLQGRIUHJLVWHUFDOOHG
VHJPHQWUHJLVWHU
2QDQ[SURFHVVRUVHJPHQWDWLRQLVFRQWUROOHGE\VHJPHQWUHJLVWHUV
6HJPHQW5HJLVWHUV
2QWKHIRXURIWKHJHQHUDOUHJLVWHUVFDQEHXVHGIRUDGGUHVVHV%;%36,DQG',7KDWLVWKH\FDQEH
XVHGLQEUDFNHWVWRUHIHUWRPHPRU\)RUH[DPSOHWKHFRPPDQGV
029%;+
029$/>%;@
ZRXOGFRS\WKHFRQWHQWVRIRQHPHPRU\ORFDWLRQLQWRWKH$/UHJLVWHU%XW%;%36,DQG',DUHELW
UHJLVWHUVDQGWKHKDVDELWDGGUHVVEXV6RDQDGGUHVVUHJLVWHUFDQRQO\DGGUHVV.RIWKHDYDLODEOH
0HJRIPHPRU\7RJHWDURXQGWKLVSUREOHPWKHGHVLJQHUVRIWKHFUHDWHGVSHFLDOELWUHJLVWHUV
FDOOHG
VHJPHQWUHJLVWHUV
ZKLFKRQWKHVSHFLI\WKHILUVWDGGUHVVRU
EDVHDGGUHVV
RID.FKXQNRI
PHPRU\2QWKHD.FKXQNRIPHPRU\VSHFLILHGE\DVHJPHQWUHJLVWHULVFDOOHGD
PHPRU\VHJPHQW
$QPHPRU\VHJPHQWPD\EHJLQRQDQ\ILYHGLJLWKH[DGGUHVVZKLFKHQGVLQD]HUR7KHILUVWIRXU
GLJLWVRIWKLVDGGUHVVDUHVWRUHGLQWKHDVVRFLDWHGVHJPHQWUHJLVWHU7KHVHJPHQWUHJLVWHUVDUH&6'6
(6DQG667KHPHPRU\VHJPHQWVSHFLILHGE\WKH&6UHJLVWHUIRUH[DPSOHLVFDOOHGWKH&6VHJPHQWFRGH
VHJPHQW2QDQ[SURFHVVRUFRGHLVDOZD\VIHWFKHGIURPWKH&6VHJPHQW/LNHZLVHWKHVWDFNLVDOZD\V
ORFDWHGLQWKH66VHJPHQWVWDFNVHJPHQW7KHDQGVXEVHTXHQW[SURFHVVRUVKDYHWZRDGGLWLRQDO
VHJPHQWUHJLVWHUV)6DQG*6
6HJPHQWUHJLVWHUVPD\EHDFFHVVHGXVLQJWKHFRPPDQG
029UHJUHJ
ZKHUHRQHUHJLVWHULVDQ\ELWJHQHUDOUHJLVWHUDQGWKHRWKHUPD\EHDQ\VHJPHQWUHJLVWHU$QH[FHSWLRQLV
WKDW&6PD\QRWEHXVHGDVWKHGHVWLQDWLRQUHJLVWHU6LQFHLQVWUXFWLRQVDUHIHWFKHGIURPWKH&6VHJPHQW

VWRULQJDQHZYDOXHLQ&6ZRXOGKDYHWKHGUDVWLFHIIHFWRIFKDQJLQJWKHVHJPHQWWKDWFRGHLVEHLQJIHWFKHG
IURP$MXPSWRDGLIIHUHQWVHJPHQWLVFDOOHGD
IDUMXPS
&DUU\LQJRXWDIDUMXPSUHTXLUHVDVSHFLDO
FRPPDQG,QWUDVHJPHQWMXPSVDUHFDOOHG
QHDUMXPSV
FRPPDQG,QWUDVHJPHQWMXPSVDUHFDOOHG
QHDUMXPSV
7KHUHLVQRORDGLPPHGLDWHFRPPDQGIRUVHJPHQWUHJLVWHUV7KHIROORZLQJFRPPDQGIRUH[DPSOHLV
LOOHJDO
029'6+
6XSSRVHWKDW'6(6DQG66KDYHYDOXHVVWRUHGLQWKHPYLDWKHIROORZLQJFRPPDQGV
029$;+
029'6$;
029$;+
029(6$;
029$;&+
02966$;
6RWKHQ'6KROGV+(6KROGV+DQG66KROGV&+)LJXUHVKRZVWKHWKUHHVHJPHQWV
ZKLFKDUHHQDEOHGE\WKHVHWKUHHUHJLVWHUORDGV7KHHQWLUHPHPRU\FRQVLVWVRIWKHDGGUHVVHVIURPWKURXJK
)))))+7KH'6VHJPHQWFRQVLVWVRIWKHDGGUHVVHVIURP+WKURXJK))))+7KH(6VHJPHQWUDQJHV
IURP+WKURXJK))))+7KH66VHJPHQWJRHVIURP&+WKURXJK')))+
)LJXUH0HPRU\ZLWK7KUHH'LVWLQJXLVKHG6HJPHQWV
6HJPHQW2IIVHW1RWDWLRQ
6XSSRVHQRZWKDWZHZRXOGOLNHWRUHIHUWRWKHPHPRU\ZKRVHDGGUHVVLV+LQDQDVVHPEOHU
FRPPDQG7KLVDGGUHVVOLHVLQWKH'6VHJPHQW7KLVLVEHFDXVH+ZDVMXVWVWRUHGLQWKH'6UHJLVWHU,W
LV+E\WHVIURPWKHEDVHDGGUHVV7KLVGLIIHUHQFHWKHDGGUHVVPLQXVWKHEDVHDGGUHVVLVFDOOHGWKH
RIIVHW
7KHVHJPHQWRIIVHWSDLULVRIWHQXVHGLQWKHDVVHPEO\ODQJXDJHDVIROORZV
029%/'6>+@

,Q1$60WKHV\QWD[LV
029%/>'6+@
7KLVFRPPDQGORDGVWKHFRQWHQWVRIPHPRU\ORFDWLRQ+LQWR%/+ ++1RWH
WKDWWKHEDVHDGGUHVVLWVHOILVDILYHGLJLWKH[QXPEHUHYHQWKRXJK'6RQO\KROGVIRXUGLJLWVLQWKLVFDVH
+
7KHDGGUHVV+LVDSK\VLFDODGGUHVVQRWDYLUWXDODGGUHVV7KHELWVZKLFKWKHSURFHVVRUSXPSVRXW
RQWRWKHDGGUHVVEXVPD\EHUHDGRIIWKHELQDU\QXPEHU

7KHVDPHPHPRU\UHDGFRXOGEHDFFRPSOLVKHGXVLQJDELWDGGUHVVUHJLVWHUDVIROORZV
029%;+
029%/>'6%;@
%;%36,DQG',PD\EHXVHGIRUDGGUHVVLQJLQWKLVZD\EXW63$;&;DQG';PD\QRW
'HIDXOW6HJPHQWV
6HJPHQWGHVLJQDWLRQVPD\EHRPLWWHG7KHUHLVDOZD\VDGHIDXOWVHJPHQW5HIHUULQJWR7DEOHZHVHH
WKDWWKHGHIDXOWVHJPHQWIRUDQLPPHGLDWHDGGUHVVLVWKH'6VHJPHQW+HQFHWKHFRPPDQG
029%/>+@
DOVRDFFRPSOLVKHVWKHVDPHORDGDVWKH
029%/>'6%;@
LQVWUXFWLRQ6RGRWKHFRPPDQGV
029%;+
029%/>%;@
7DEOH'HIDXOW6HJPHQWV
ELWDGGUHVV
ELWDGGUHVV
>LPP@
'6
>LPP@
'6
>($;@
'6

>$;@
LOOHJDO
>@
(6ZLWKVWULQJLQVWUXFWLRQV
7KHGHIDXOWVHJPHQWIRUERWKLPPHGLDWHDGGUHVVHVDQGIRUDGGUHVVHVVWRUHGLQWKH%;UHJLVWHULVWKH'6
VHJPHQW
'HIDXOWVHJPHQWVH[LVWLQELWFRGHDVZHOO,QIDFWWKDWLVZKDWPDNHVLWSRVVLEOHWRGRSURJUDPPLQJ
ZLWKRXWUHIHUHQFHWRVHJPHQWVDVLVGRQHLQFKDSWHU7KH/LQX[SURJUDPVWKHUHDOOPDNHXVHRIDGHIDXOW
VHJPHQW,WLVDFWXDOO\D*LJVHJPHQW6HWWLQJXSELJVHJPHQWVOLNHWKLVLVGLVFXVVHGLQFKDSWHU,Q[
/LQX[WKH&6'6(6DQG66VHJPHQWVDOOUHIHUWRWKHVDPH*LJVHJPHQW6RWKHSURJUDPPHUKDVQR
RSWLRQVDQGWKHGHIDXOWVHJPHQWLVDOZD\VRND\
(GOLQDV(QYLURQPHQW9DULDEOHV
0DQ\DVVHPEOHUVKDYHGLUHFWLYHVZKLFKDOORZYDULDEOHVWREHGHILQHGDQGWKHQXVHGLQVXEVHTXHQW
H[SUHVVLRQV,Q1$60WKHV\QWD[IRUVXFKDGLUHFWLYHLV
,Q(GOLQDVLWLV
,Q(GOLQDVWKHUHDUHEXLOWLQYDULDEOHVZKRVHYDOXHVFRQWUROWKHEHKDYLRURIWKHDVVHPEOHUDQGWKHVLPXODWRU
2QHRIWKHVHLV86(ZKLFKGHWHUPLQHVZKHWKHUWKHDVVHPEOHUXVHVELWRUELWFRGLQJ7KHGHIDXOWLV
'26SURJUDPVUHTXLUH
1$60XVHVDGLUHFWLYHFDOOHG
%,76
)RUH[DPSOHWRVSHFLI\ELWFRGHLQ1$60WKHOLQH
%,76
GRHVWKHWULFN$QRWKHUHQYLURQPHQWYDULDEOHLV
'272
,WGHWHUPLQHVWKHIRUPDWRI
R
ILOHVVDYHGE\(GOLQDV
7KHGHIDXOWLV
(/)'26
QHHGVWKH

&20
IRUPDW
1$60JRYHUQVWKHIRUPDWRIWKHRXWSXWILOHXVLQJDFRPPDQGOLQHVZLWFK7RJHWD
&20
IRUPDWLQ1$60
WKH
IELQ
VZLWFKZRUNV,WLVDOVRWKHGHIDXOWVRWKDWQRVZLWFKDWDOOZLOOGRWKHVDPHWKLQJ$ILOHZLWKWKLV
IRUPDWKDVHVVHQWLDOO\QRH[WUDFRGHDWDOO,WLVMXVWDSODLQELQDU\ILOH
(GOLQDVHQYLURQPHQWYDULDEOHVPD\DOVREHGHILQHGLQDQ('/,1,ILOHRUIURPWKH!SURPSW
)L[HG0HPRU\$UHDV
>($;@
'6
>$;@
LOOHJDO
>(%;@
'6
>%;@
'6
>(&;@
'6
>&;@
LOOHJDO
>(';@
'6
>';@
LOOHJDO
>(6,@
'6
>6,@

'6
>(',@
'6
>@
>',@
'6
>@
>(63@
66
>63@
66
>(%3@
66
>%3@
66
)L[HG0HPRU\$UHDV
5HDOPRGHDOORZVWKHSURJUDPPHUWRXVHSK\VLFDOPHPRU\DGGUHVVHV0HPRU\DGGUHVVHVVSHFLILHGLQUHDO
PRGHDUHXVHGRQWKHDGGUHVVEXVMXVWOLNH,2DGGUHVVHV7KLVJLYHVWKHSURJUDPPHUXQLPSHGHGDFFHVVWR
PHPRU\,QWKLVVHFWLRQDVDQH[HUFLVHLQWKHXVHRIUHDOPRGHDGGUHVVHVZHFRQVLGHUWZRDUHDVRIPHPRU\
ZKLFKDUHGHILQHGE\IL[HGSK\VLFDODGGUHVVHVWKHYLGHREXIIHUDQGWKHNH\ERDUGEXIIHU7KHORFDWLRQRIWKH
YLGHREXIIHULVIL[HGLQWKHKDUGZDUH%XWWKHNH\ERDUGEXIIHULVRQO\IL[HGE\'26DQGKHQFHLWFDQEH
PRYHG5HIHUULQJWR)LJXUHSURJUDPVZKLFKDFFHVVWKHVHSK\VLFDOPHPRU\DUHDVGLUHFWO\DUHGHILQLWHO\
UXGHSURJUDPVDVRSSRVHGWRSROLWHSURJUDPV
)LJXUH8QSURWHFWHG2SHUDWLQJ6\VWHPVXFKDV'26
9LGHR%XIIHU
2QVWDQGDUG3&VWKHUHLVDUHJLRQRIPHPRU\VWDUWLQJDWWKHDGGUHVV%+FDOOHGWKH
YLGHREXIIHU
,QWKH
PRVWFRPPRQO\XVHGYLGHRWH[WPRGHWKHYLGHREXIIHUKROGVWKHWH[WLQIRUPDWLRQZKLFKLVGLVSOD\HGRQWKH
VFUHHQ$YHU\VLPSOHEXWVRPHZKDWWHGLRXVZD\WRRXWSXWLQIRUPDWLRQRQD3&LVWRVWRUH$6&,,FRGHVLQ

WKLVEXIIHU6HH7DEOH
7KHDGGUHVV%+LVWKHDFWXDOO\DGGUHVVRIWKH$6&,,FRGHIRUWKHFKDUDFWHULQWKHXSSHUOHIWKDQGFRUQHU
RIWKHVFUHHQ6HH)LJXUH7KHQH[WE\WHZKLFKLVDW%+FRQWDLQVWKH
DWWULEXWH
LQIRUPDWLRQIRUWKLV
VDPHFKDUDFWHU7DEOHVKRZVKRZWKHHLJKWELWVRIDQDWWULEXWHE\WHDUHXVHG%+LVWKH$6&,,FRGH
RIWKHVHFRQGFKDUDFWHULQWKHILUVWURZ%+LVLWVDWWULEXWHE\WHDQGVRRQ7KHWRSURZFRQVLVWVRI
FKDUDFWHUVRUE\WHVVLQFHHDFKFKDUDFWHUWDNHVWZRE\WHVRIVWRUDJH2QHVFUHHQIXOLVURZVî
FROXPQVîE\WHVSHUFKDUDFWHU E\WHV7KHEXIIHUDFWXDOO\FRQWDLQVE\WHV +
)LJXUH8SSHU/HIWDW%WKURXJK/RZHU5LJKWDW%)(
3URJUDPSULQWV+HOORRQWKHVFUHHQE\VWRULQJILYH$6&,,FRGHVLQWRWKHYLGHREXIIHU)LJXULQJWKH
DGGUHVVRIWKHWKLUW\VHYHQWKFKDUDFWHURQOLQHLQKH[
3URJUDPLVDOLWWOHE\WHSURJUDPZKLFKFRORUVWKHVFUHHQ\HOORZRQEOXHE\ZULWLQJWRDOOWKH
DWWULEXWHE\WHVLQWKHYLGHREXIIHU,WEHJLQVDW)))+DQGFRXQWVGRZQE\WZRV
.H\ERDUG%XIIHU
:KHQDNH\LVHLWKHUSUHVVHGRUUHOHDVHGDQLQWHUUXSWLVJHQHUDWHG2QDQ,6$PDFKLQHWKLVLQWHUUXSWLV
DOORWWHG,54ZKLFKLQWXUQLVUHSRUWHGE\WKHLQWHUUXSWFRQWUROOHUDVLQWHUUXSWQXPEHU6HH7DEOH
7KH'26LQWHUUXSWVHUYLFHURXWLQHLQWHUURJDWHVWKHNH\ERDUGDW,2SRUW+DQGGHSRVLWVFKDUDFWHUVLW
UHFHLYHVIURPWKHUHLQDWLQ\EXIIHUORFDWHGDW(+7KH
FKDUDFWHUVFRPHLQIURPWKHNH\ERDUGDV
VFDQFRGHV
7KH,65FRQYHUWVHDFKVFDQFRGHWRDQ$6&,,FKDUDFWHU
DQGVWRUHVERWKDVFDQFRGHDQGDQ$6&,,FRGHLQWKH
3URJUDP
86( 
'272 &20

:ULWH+HOORE\VWRULQJ$6&,,FRGHVLQWRWKHYLGHREXIIHU

029$;2%+)LUVWGLJLWVRI%+

029'6$;
029',/DVWGLJLWRI%+
029$+$6&,,IRU+
029>',@$+6WRUHWKHFKDUDFWHU
$''',1H[WRGGDGGUHVV
029$+$6&,,IRUH
029>',@$+6WRUHWKHFKDUDFWHU
$''',
029$+$6&,,IRU
029>',@$+6WRUHWKHFKDUDFWHU
$''',
029$+$6&,,IRU
029>',@$+6WRUHWKHFKDUDFWHU
$''',
029$+$6&,,IRUR
029>',@$+6WRUHWKHFKDUDFWHU
5(75HWXUQWR'26
EXIIHU)URPWKLVEXIIHUWKHNH\VDUHSLFNHGXSE\WKHDSSOLFDWLRQSURJUDPRUWKHFRPPDQGOLQHLQWHUSUHWHU
7KHWZRE\WHVVWRUHGDW$SRLQWWRWKHQH[WGHSDUWLQJE\WHV,Q)LJXUHWKHUHLVRQHNH\ZDLWLQJWREH
SLFNHGXS,WLVWKHOHWWHU&ZKRVH$6&,,FRGHLV+(LVLWVVFDQFRGH7KHWZRE\WHVVWRUHGDW&SRLQW
WRWKHORFDWLRQZKHUHWKHQH[WDUULYLQJE\WHVZLOOEHVWRUHG6LQFHWKHGHSDUWLQJSRLQWHULVRQO\WZRE\WHV
EHKLQGWKHDUULYDOSRLQWHUWKLVPHDQVWKHUHLVRQO\RQHFKDUDFWHULQWKHEXIIHU&LQWKLVFDVH%RWKSRLQWHUV
ZUDSDURXQGZKHQWKH\UHDFK()RUWKLVUHDVRQWKHEXIIHULVFDOOHGD
FLUFXODUEXIIHU
)LJXUH'26.H\ERDUG%XIIHU
3URJUDPVWRUHVWKHVWULQJ
',5
LQWRWKHNH\ERDUGEXIIHU
5HDO0RGH,QWHUUXSWV
:KHQSROLWHXVHUSURJUDPVZDQWDFFHVVWRSHULSKHUDOVWKH\FDOOWKHRSHUDWLQJV\VWHP,QDSURWHFWHG

RSHUDWLQJV\VWHPWKHUHLVQRFKRLFHDERXWWKLV,QDQXQSURWHFWHGRSHUDWLQJV\VWHPOLNH'26WKHFDOOWRWKH
RSHUDWLQJV\VWHPLVRSWLRQDO6HH)LJXUH-XVWDVWKHSURJUDPVLQVHFWLRQDFFHVVHGSHULSKHUDOVE\
EDUJLQJ
3URJUDP
86( 
'272 &20
029$;2%+9LGHREXIIHUEHJLQVDW%+
029'6$;
029%;2)))+2GGDGGUHVVHQGLQJWKH.EXIIHU
029$+(+<HOORZRQEOXH
$*1029>%;@$+$WWULEXWHJRHVLQWRRGGDGGUHVV
'(&%;*HWQH[W
'(&%;RGGDGGUHVV
-16$*1&RQWLQXHWLOOWKHEHJLQQLQJRIWKHEXIIHU
5(75HWXUQWR'26
LQRQWKHLUSULYDWHPHPRU\VSDFHUXGHSURJUDPVFDQDOVRDFFHVVSHULSKHUDOVE\XVLQJXVLQJ
,1
DQG
287
LQVWUXFWLRQV
/LNH/LQX[WKH'26RSHUDWLQJV\VWHPLVDFFHVVHGXVLQJVRIWZDUHLQWHUUXSWV7KHLQWHUUXSWPRVWXVHGIRU
DFFHVVWR'26LV
,17+
7RFDOORQHRIWKH
IXQFWLRQV
DYDLODEOHXQGHU
,17+
LWVQXPEHULVVWRUHGLQWKH
$+UHJLVWHUEHIRUHWKHLQWHUUXSWLVFDOOHG
'26,QWHUUXSWV

7RFDOOWKH'26IXQFWLRQZKLFKRXWSXWVDFKDUDFWHUWRWKHFXUVRUORFDWLRQRQWKHVFUHHQWKHIXQFWLRQQXPEHU
LVVWRUHGLQWKH$+UHJLVWHUDQGWKH$6&,,FRGHRIWKHFKDUDFWHUWREHSULQWHGLVVWRUHGLQWKH'/UHJLVWHU
7DEOHVKRZVWKH$6&,,FRGH)RUH[DPSOHWKHIROORZLQJFRGHZRXOGSULQWWKHOHWWHU+
3URJUDP
029$+
029'/$6&,,FRGHIRU+
,17+
86( 
'272 &20
029$;+0DNH+WKHEDVHDGGUHVV
029'6$;RIWKH'6VHJPHQW
029'/K$6&,,FRGHIRU'
7DEOH$WWULEXWH%\WH<HOORZRQ%OXHLV(+
%LW
8VDJH
([DPSOH

%OLQNLQJ


%DFNJURXQG5HG


%DFNJURXQG*UHHQ


%DFNJURXQG%OXH


)RUHJURXQG,QWHQVLW\



)RUHJURXQG5HG


)RUHJURXQG*UHHQ


)RUHJURXQG%OXH

029'/K$6&,,FRGHIRU'
&$//&67
029'/+$6&,,FRGHIRU,
&$//&67
029'/+$6&,,FRGHIRU5
&$//&67
5(7
&670296,>&+@3RLQWHUWRHQGRINH\ERDUGEXIIHU
029>6,@'/6WRUHWKHFKDUDFWHULQWRWKHEXIIHU
68%6,&+
$1'6,$GGPRGWR6,(+
$''6,(+
029>&+@6,6WRUHWKHUHYLVHGSRLQWHU
5(7
$UHODWHG'26IXQFWLRQZKLFKRXWSXWVDVWULQJRIFKDUDFWHUVFDQEHFDOOHGXVLQJ$+ 7KHVHJPHQWRIIVHW
DGGUHVVRIWKHVWULQJLVVWRUHGLQ'6';7KHVWULQJPXVWEHWHUPLQDWHGE\DGROODUVLJQFKDUDFWHU$6&,,
+
0DQ\RIWKHVH'26IXQFWLRQVFDOOSURJUDPVVWRUHGLQ5207KH\DUHRIWHQFDOOHG%,26SURJUDPV0DQ\
%,26LQWHUUXSWVDUHDFFHVVHGXVLQJ
,17+

RU
,17+
%,26,QWHUUXSWV
7RFDOOWKH%,26IXQFWLRQWRRXWSXWDFKDUDFWHUWRWKHFXUVRUORFDWLRQRQWKHVFUHHQWKHIXQFWLRQQXPEHU
$+LVVWRUHGLQWKH$+UHJLVWHUDQGWKH$6&,,FRGHRIWKHFKDUDFWHUWREHSULQWHGLVVWRUHGLQ'/7KH
QXPEHURIWLPHVWKHFKDUDFWHULVWREHZULWWHQLVVWRUHGLQ&;
029$+
029'/$6&,,FRGHIRU+
029&;1XPEHURIWLPHV+LVSULQWHG
029%+&XUUHQWSDJH
,17+
7KH%+UHJLVWHUQHHGVDLQRUGHUWRVHQGWKHRXWSXWWRWKHYLGHREXIIHUGHVFULEHGLQVHFWLRQ7KHUHLV
XVXDOO\DQRWKHU.YLGHREXIIHUVWDUWLQJDW%+7RDFFHVVWKLVEXIIHUDVKRXOGEHVWRUHGLQ%+(DFK
RIWKHVHEXIIHUVLVFDOOHGD
SDJH
7KHVHSDJHVPDNHLWSRVVLEOHWRIOLSIURPRQHVFUHHQWRDQRWKHUZLWKRXWFRS\LQJ.RIPHPRU\7KH'26
IXQFWLRQFDOOWDNHVUHVSRQVLELOLW\IRUDFFHVVLQJWKHFXUUHQWSDJHWKH%,26FDOOGRHVQRW
)LJXUHLOOXVWUDWHVWKHW\SLFDOVHTXHQFHRIIXQFWLRQFDOOV7KHIDFWWKDW'26SURJUDPVFDOO%,26
SURJUDPVDQGQRWGLUHFWO\WRWKHKDUGZDUHOHDYHVKDUGZDUHGHVLJQHUVIUHHWRPDNHDWOHDVWPLQRUFKDQJHVLQ
WKHLUKDUGZDUHZLWKRXWWKHQHFHVVLW\IRUFKDQJHVLQ'26%\UHYLVLQJWKH%,26SURJUDPVVRDVWRPDLQWDLQ
WKHVDPHIXQFWLRQDOLW\RI%,26LQWHUUXSWVFKDQJHVLQ'26EHFRPHXQQHFHVVDU\6LPLODUO\FKDQJHVLQ'26
FDQEHDFFRPSOLVKHGZLWKRXWGLVUXSWLQJDSSOLFDWLRQVSURJUDPVSURYLGHGWKDWWKH'26LQWHUUXSWLVUHZULWWHQ
VRWKDWLWDIIRUGVWKHVDPHIXQFWLRQDOLW\WRWKHDSSOLFDWLRQVSURJUDP7KHVHOD\HUVDIIRUGDSSOLFDWLRQV
SURJUDPPHUVV\VWHPVSURJUDPPHUVDQGKDUGZDUHGHVLJQHUVDPRGHVWGHJUHHRILQGHSHQGHQFHIURPRQH
DQRWKHU
)LJXUH'260HPRU\DQG3HULSKHUDO$FFHVV
8VHUSURJUDPVZKLFKE\SDVVRQHRUPRUHRIWKHVHOD\HUVULVNDORVVLQSRUWDELOLW\$SURJUDPZKLFKFDOOV
GLUHFWO\WRWKHKDUGZDUHPD\QRWUXQRQDPDFKLQHZLWKGLIIHUHQWKDUGZDUH7KHVWURQJHVWUHDVRQDVRIWZDUH
GHYHORSHUKDVIRUVDFULILFLQJSRUWDELOLW\LVWKDWE\SDVVLQJVRIWZDUHOD\HUVUHGXFHVH[HFXWLRQWLPH([HFXWLRQ
WLPHLVVWLOODSUREOHPLQFRQQHFWLRQZLWKYLGHRSURFHVVLQJ7KDWLVRQHUHDVRQWKDWWKHYLGHREXIIHUEHFDPH

VWDQGDUGL]HG6RPXFKVRIWZDUHZURWHWRLWGLUHFWO\WKDWPRYLQJLWZRXOGKDYHPDGHWKHJUDSKLFVKDUGZDUH
ZLWKWKHROGYLGHREXIIHUPLVVLQJGLIILFXOWWRVHOO
7KH5HDO0RGH,QWHUUXSW7DEOH
:KHQDQLQWHUUXSWRFFXUVWKHLQWHUUXSWQXPEHULVXVHGDVDQLQGH[LQWRWKHLQWHUUXSWWDEOH7KHLQWHUUXSW
WDEOHFRQWDLQVWKHORFDWLRQVRIDOOWKHVHUYLFHURXWLQHV7KHILUVWHQWU\LQWKHWDEOHLVIRULQWHUUXSWQXPEHU
WKHVHFRQGLVIRULQWHUUXSWQXPEHUHWF7KH/LQX[LQWHUUXSWWDEOHLVGHVFULEHGEULHIO\LQFKDSWHUVHFWLRQ
7KHUHDOPRGHLQWHUUXSWWDEOHGLIIHUVIURPWKHSURWHFWHGPRGHLQWHUUXSWWDEOHXVHGE\/LQX[LQVHYHUDO
UHVSHFWV
)LJXUH5HDO0RGH,QWHUUXSW7DEOH
(YHU\HQWU\LQWKHUHDOPRGHLQWHUUXSWWDEOHRFFXSLHVIRXUE\WHV7KHILUVWWZRE\WHVDUHDOLWWOHHQGLDQRIIVHW
YDOXHDQGWKHQH[WWZRDUHDOLWWOHHQGLDQVHJPHQWYDOXHGHVLJQDWLRQ
YDOXHDQGWKHQH[WWZRDUHDOLWWOHHQGLDQVHJPHQWYDOXHGHVLJQDWLRQ
,QUHDOPRGHWKHWDEOHLVFXVWRPDULO\ORFDWHGVWDUWLQJDWDGGUHVV]HURLQPHPRU\6RWKHDGGUHVVRIWKH
LQWHUUXSWVHUYLFHURXWLQHIRULQWHUUXSWLVVWRUHGLQE\WHVWKURXJK7KHDGGUHVVRIWKHURXWLQHIRULQWHUUXSW
LVVWRUHGLQE\WHVWKURXJK,QJHQHUDOLI
Q
LVWKHQXPEHURIDQLQWHUUXSWWKHQWKHDGGUHVVRIWKHHQWU\
QXPEHU
Q
LQWKHLQWHUUXSWWDEOHLVî
Q
)RUH[DPSOHLIWKHLQWHUUXSWQXPEHULV+WKHQWKHDGGUHVVRIWKH
,65LVWREHIRXQGLQE\WHV&&+WR&)+7KHODUJHVWYDOLGLQWHUUXSWQXPEHULV7KHDGGUHVVIRUWKDW
URXWLQHLVVWRUHGLQE\WHVWKURXJKRU)&+WKURXJK))+î 
,QWHUUXSW9HFWRUV
7KHWHUP
LQWHUUXSWYHFWRU
LVRIWHQXVHGLQFRQQHFWLRQZLWKWKLVWDEOH8QIRUWXQDWHO\PDQ\FRQIOLFWLQJ
PHDQLQJVRIWKHWHUPDUHLQXVH7KHWHUPKDVEHHQXVHGWRPHDQ
z

WKHLQWHUUXSWWDEOHLWVHOI
z RQHRIWKHHQWULHVFRQWDLQHGLQWKHWDEOH
z
DPHPRU\ORFDWLRQFRQWDLQLQJDQHQWU\LQWKHWDEOH
z
DQXPEHULQWKHUDQJHXVHGDVDQLQGH[LQWRWKHWDEOH
7KHWHUPKDVEHHQGDPDJHGEH\RQGUHSDLUDQGLWLVEHVWWRMXVWQRWXVHLWDQ\PRUH
.QRZOHGJHRIWKLVWDEOHPDNHVLWSRVVLEOHWRZULWHDSURJUDPZKLFKVXSHUFHGHVD'26RU%,26LQWHUUXSW
%\FKDQJLQJWKHVWRUHG,65DGGUHVVIURPWKDWRIWKH'26RU%,26LQWHUUXSWWKHQHZSURJUDPFDQWDNHWKH
SODFHRIWKHROGRQH$QHZSURJUDPFDQDOVRLQVHUWLWVHOIDVDOD\HUE\FDOOLQJWKHROGSURJUDPDIWHULWKDV
GRQHZKDWHYHULWZDQWVZLWKWKHRULJLQDOIXQFWLRQFDOO
&KHFNLQJ'260HPRU\
2QHVLPSOHEXWXVHIXODSSOLFDWLRQRIWKHVKLIWFRPPDQGVLVWKHFRQYHUVLRQRIWKHFRQWHQWVRIDUHJLVWHULQWRD
IRXUGLJLWVHTXHQFHRIKH[FKDUDFWHUV)RUH[DPSOHWRSULQWRXWWKHILUVWGLJLWRIWKHQXPEHUVWRUHGLQ%;
VD\&'+ZHFDQPDNHDFRS\RI%;DQGVKLIWLWELWVWRWKHULJKWDQGJHW+7KH$6&,,FRGHIRU
LV+ +:HFDQWKHQVHQGWKLVFRGHWRWKHVFUHHQHLWKHUGLUHFWO\XVLQJWKHYLGHREXIIHUDVLQ
VHFWLRQRUDVDQLQWHUUXSWDVLQVHFWLRQ7RJHWWKHVHFRQGGLJLWZHFDQVKLIWDFRS\RI%;HLJKW
ELWVWRWKHULJKWDQGJHW&+7RPDVNRXWDOOEXWWKHERWWRPIRXUELWVZHFDQ$1'ZLWK)+
3URJUDPXVHVWKLVVLPSOHUHJLVWHUFRQYHUVLRQWRGLVSOD\WKHUHJLRQVRIWKH0HJ'26PHPRU\ZKLFK
DUH520,WZRUNVE\FKHFNLQJHYHU\WKE\WHLQPHPRU\7KHIDFWWKDWWKHSURJUDPVZHHSVWKURXJKWKH
HQWLUHPHPRU\PHDQVWKDWDWVRPHSRLQWLWEHFRPHVVHOIPRGLI\LQJFRGH7KHFULWLFDOOLQHVZKHUHFRGHLV
PRGLILHGLQ3URJUDPVSDQIURPWKHLQVWUXFWLRQV
029>',@'/
WRWKH
'(&%<7(>',@
LQVWUXFWLRQ7KH
YDOXHVWRUHGLQ',DWWKHEHJLQQLQJPXVWEHFKRVHQVRWKDWWKHPRGLILHGE\WHVVNLSRYHUWKLVFULWLFDOVHFWLRQ
RIFRGH,WVRKDSSHQVWKDWZRUNVZLWKWKLVFRGH7RVHHZK\\RXFDQFKHFNWKHKH[FRGHWRILQGWKH
DGGUHVVHVRIWKLVFULWLFDOVHFWLRQRIFRGH<RXFDQXVH(GOLQDVWRGRWKLVRUWKH'26SURJUDP'(%8*RUD
KH[HGLWRU%RWK(PDFVDQGWKHWKH

HOYLV
FORQHRI
YL
FDQEHXVHGDVKH[HGLWRUV,QWKLVFDVHWKHDGGUHVVHV
DUHIURP+WR%+VRZRUNVILQH
3URJUDPSULQWVRXW520DQG5$0RQHOHWWHUDWDWLPH7KH\FDQDOVREHSULQWHGRXWDVVWULQJV'26
LQWHUUXSW+XVLQJ$+ ZLOOSULQWRXWDVWULQJZKLFKHQGVLQDFKDUDFWHUDQGZKRVHVWDUWLQJDGGUHVVLV
VWRUHGLQ';,QVWHDGRIXVLQJ
029';$%&

$%&GE5$0
WRVWRUHDSRLQWHUWRWKHVWULQJZHQHHGWRDGGWKHRIIVHWRIWKHEHJLQQLQJRIWKHSURJUDPWR';'26
ORDGV&20SURJUDPVDWDQRIIVHWRI+6RWKHFRGHVKRZQZRUNVLIWKH
029
LQVWUXFWLRQLVIROORZHGE\
$''';+
$''';+
$VDPSOHUXQRI3URJUDPSURGXFHVDQRXWSXWVXFKDV
3URJUDP
5$0
520$
5$0%
520&
0DS5$0YV520LQ'26V0HJ

%,76'26SURJUDPVXVHDELWFRGLQJGHIDXOW
029$+$+ IRU'26YLGHRRXWSXWLQWHUUXSW
;25%/%/%/ 5$0520FKHFN 5$0 520
029',',LVZKLFKE\WHRXWRIHDFKWRFKHFN
;256,6,6, 6WDUWDWWKHEHJLQQLQJRIPHPRU\

723029'66,
029%+%/6DYHSUHYLRXV5$0520LQGLFDWLRQLQ%+
;25%/%/%/ XQOHVVLQFUHPHQWHGEHORZ
029'/>',@*HWPHPRU\YDOXH
,1&'/&KDQJHLW
029>',@'/7U\VWRULQJWKHFKDQJHGYDOXH
&03>',@'/6HHLILWZRUNHG
-1(520,IWKH\UHQRWHTXDOLWV520
'(&%<7(>',@4XLFN3XWEDFNRULJLQDOYDOXH
,1&%/ 5$0 520
520&03%+%/&RPSDUHROGZLWKQHZYDOXH
-*352&KDQJHGIURP5$0WR520VRSULQW520
-/35$&KDQJHGIURP520WR5$0VRSULQW5$0
,1&6,,QFUHPHQWPDLQORRSFRXQWHU
%27-1=723
'815(7$OOGRQH

352029'/553ULQWVWDUWRI520
,17+
029'/2
,17+
-0305*
35$029'/553ULQWVWDUWRI5$0
,17+
029'/$$
,17+
05*029'/00
,17+
029'/VSDFH!
,17+

029&/3UHSDUHWRSULQWIRXUGLJLWV
35/029';',
6+5';&/
$1'';0DVNHYHU\WKLQJH[FHSWKH[RQHVGLJLW
&03'/'RHVWKLVSULQWDVDQXPHUDORUDVDOHWWHU"
-/10/
$'''//HWWHUVQHHGDQH[WUDVHYHQ
10/$'''/+
,17+3ULQWKH[GLJLW
68%&/
-*(35/
029'/)LIWKGLJLWLV
,17+
029'/&DUULDJHUHWXUQ
,17+
029'/1HHGDQ(2/WRR
,17+
5(7
)XUWKHU5HDGLQJ
$GYDQFHG$VVHPEO\/DQJXDJH3URJUDPPLQJ
$OLHQ:\DWW6U4XH
&KDSWHU/,18;%2277,0(352*5$06
,QFKDSWHUZHGLVFXVVHGWKHPDLQGLIIHUHQFHVEHWZHHQWKHHQYLURQPHQWSURYLGHGWRXVHUSURJUDPVZKLFK
UXQXQGHU/LQX[DQGWKHHQYLURQPHQWXQGHUZKLFK'26SURJUDPVUXQ:HVDZKRZYHU\GLIIHUHQWWKHVHWZR
HQYLURQPHQWVDUH0XFKRIWKHGLIIHUHQFHEHWZHHQWKHVHWZRHQYLURQPHQWVLVGXHWRWKHIDFWWKDWDGLIIHUHQW
RSHUDWLQJV\VWHPLVUXQQLQJLQHDFK%XWWKHUHLVDOVRDGLIIHUHQFHDWWKHKDUGZDUHOHYHO'26ZDVZULWWHQIRU
WKHSURFHVVRU,QRUGHUIRU'26WRUXQRQDPDFKLQHWKDWPDFKLQHPXVWDFWOLNHDQ/LQX[LVD
PXOWLWDVNLQJV\VWHP,QRUGHUIRULWWRUXQRQDPDFKLQHWKDWPDFKLQHPXVWKDYHKDUGZDUHVXSSRUWIRUWKH
SURWHFWLRQRIRQHWDVNIURPDQRWKHU7KH[SURFHVVRUVIURPWKHRQVXSSRUWERWKRIWKHVHRSHUDWLQJ
V\VWHPVE\UXQQLQJLQWZRGLVWLQFWRSHUDWLQJPRGHV

UHDOPRGH
ZKLFKHPXODWHVDQDQG
SURWHFWHGPRGH
ZKLFKKDVPXOWLWDVNLQJVXSSRUW
&KDQJLQJWR3URWHFWHG0RGH
:KHWKHUDQ[SURFHVVRUUXQVLQUHDORUSURWHFWHGPRGHLVGHWHUPLQHGE\WKHERWWRPELWRIWKH&5
UHJLVWHU7KLVUHJLVWHULVDELWH[WHQVLRQRIWKHELW0DFKLQH6WDWXV:RUGUHJLVWHURQWKH7KH
OHDVWVLJQLILFDQWELWLQWKLVUHJLVWHULVDFWXDOO\WKHPRVWVLJQLILFDQWELWRQWKHHQWLUHSURFHVVRU,ILWLVFOHDUHG
WKHSURFHVVRURSHUDWHVLQUHDOPRGH,ILWLVVHWWKHSURFHVVRURSHUDWHVLQSURWHFWHGPRGH
7DEOHVKRZVWKHELWDOORFDWLRQVRIWKH&5UHJLVWHULQWKH
7RFKDQJHWRSURWHFWHGPRGHIURP'26LVHDV\
3URJUDP
029($;&5
25($;0DNHWKHOHDVWVLJQLILFDQWELW
029&5($;+HUHJRHV
%XWFKDQJLQJWRSURWHFWHGPRGHVKRXOGQRWEHDWWHPSWHGZLWKRXWSUHSDUDWLRQ7KH
PDFKLQHZLOOSURPSWO\FUDVKLI3URJUDPLVUXQEHIRUHWKHIROORZLQJVWHSVDUHWDNHQ
6WHS
,QSURWHFWHGPRGHDOOPHPRU\UHIHUHQFHVGHSHQGRQPHPRU\VHJPHQWGHVFULSWRUWDEOHVSDUWLFXODUO\
RQWKH
JOREDOGHVFULSWRUWDEOH
0HPRU\UHIHUHQFHVLQFOXGLQJWKRVHXVHGLQFRGHIHWFKLQJZLOOQRW
ZRUNXQWLOWKHVHWDEOHVDUHVHWXS7KHVHWDEOHVDUHGLVFXVVHGLQVHFWLRQ
7DEOH&55HJLVWHU
%LWV
/DEHO
)XOO1DPH

3*
3DJLQJ(QDEOH


&'
&DFKH'LVDEOH

1:
1R:ULWH7KURXJK

$0
$OLJQPHQW0DVN

:3
:ULWH3URWHFW

1(
1XPHULF(UURU(QDEOH

(7
([WHQVLRQ7\SHYV

76
7DVN6ZLWFKHG

(0
(PXODWH0DWK&KLS

03
0DWK&KLS3UHVHQW

3(
3URWHFWHG0RGH(QDEOH

ZRUNXQWLOWKHVHWDEOHVDUHVHWXS7KHVHWDEOHVDUHGLVFXVVHGLQVHFWLRQ
6WHS
,QSURWHFWHGPRGHWKHXVHRIDUDGLFDOO\GLIIHUHQWDGGUHVVLQJV\VWHPPHDQVWKDWLQVWUXFWLRQVZLOOEH
IHWFKHGIURPDGLIIHUHQW&6VHJPHQW&RGHPXVWEHVWRUHGLQWKHQHZ&6VHJPHQW
6WHS
,QSURWHFWHGPRGHHDFKHQWU\LQWKHLQWHUUXSWWDEOHLVDVSHFLDOO\IRUPDWWHGHLJKWE\WHHQWU\6RWKH
'26LQWHUUXSWWDEOHZKHUHHDFKHQWU\LVMXVWDIRXUE\WHDGGUHVVZLOOQRWZRUN%HIRUHJRLQJLQWR
SURWHFWHGPRGHDQHZLQWHUUXSWWDEOHPXVWEHFUHDWHG
7KLVLVZK\DOO[SURFHVVRUVERRWLQUHDOPRGH
1RWHWKDWVZLWFKLQJWRSURWHFWHGPRGHGRHVQRWVWDUWSDJLQJ$VFKHFNLQJ7DEOHVKRZVSDJLQJLVWXUQHG
RQXVLQJWKHWRSELWRI&5
3URWHFWHG0RGH6HJPHQWDWLRQ
$QDVVHPEOHUSURJUDPPHUZRUNLQJRQDQKDVDFFHVVWRZKDWHYHUPHPRU\WKHPDFKLQHKDV$OO
DGGUHVVHVDUHDFFHVVLEOH7RJHWDURXQGSUREOHPVFDXVHGE\WKHPLVILWRIWKHELWDGGUHVVHVDQGELW
DGGUHVVVUHJLVWHUVDGGUHVVLQJRQWKHXVHV.PHPRU\VHJPHQWV7KHORFDWLRQRIWKHVHPHPRU\
VHJPHQWVLVVSHFLILHGE\WKHVHJPHQWUHJLVWHUV2QFHDVHJPHQWUHJLVWHULVORDGHGRQHFDQUHDGWRRUZULWH
IURPWKHVSHFLILHGPHPRU\VHJPHQW6LQFHRQDQWKHSURJUDPPHUFDQZULWHWRDQ\VHJPHQWUHJLVWHUDW
ZLOODSURJUDPPHUFDQUHDGIURPRUZULWHWRDQ\ORFDWLRQLQPHPRU\H[FHSWIRUSK\VLFDOO\UHDGRQO\
PHPRU\7KLVPHDQVWKDWPHPRU\SURWHFWLRQRQDQLVLPSRVVLEOH
%HJLQQLQJZLWKWKHWKHVHJPHQWDWLRQPHFKDQLVPZDVFRPSOHWHO\UHGHVLJQHGIRUWKHSXUSRVHRI
WXUQLQJLWLQWRDPHPRU\SURWHFWLRQPHFKDQLVP0HPRU\VHJPHQWVRQDKDYHDFFHVVSHUPLVVLRQV
VRPHZKDWOLNH8QL[ILOHSHUPLVVLRQV7KH\DOVRKDYHDQDFFHVVSULYLOHJHOHYHO0HPRU\VHJPHQWVDUHQR
ORQJHUUHTXLUHGWREH.LQOHQJWKEXWFDQEHZKDWHYHUOHQJWKWKHRSHUDWLQJV\VWHPVSURJUDPPHUGHFLGHV
XSRQ0HPRU\VHJPHQWVDUHGHILQHGE\HLJKWE\WHGDWDVWUXFWXUHVFDOOHGD
VHJPHQWGHVFULSWRUV
RUVRPHWLPHV
MXVWD
GHVFULSWRUV
7KHVHGHVFULSWRUVDUHVWRUHGLQWDEOHVFDOOHG
GHVFULSWRUWDEOHV

'HVFULSWRUWDEOHVDUH
ORFDWHGLQPHPRU\MXVWOLNHWKHLQWHUUXSWWDEOH6HHFKDSWHUVHFWLRQ
6HJPHQWUHJLVWHUVDUHXVHGWRVWRUHSRLQWHUVLQWRWKHVHGHVFULSWRUWDEOHV7KHVHSRLQWHUVDUHFDOOHG
VHOHFWRUV
7KH\VHOHFWVHJPHQWGHVFULSWRUVIURPWKHGHVFULSWRUWDEOHV6HH)LJXUH
)LJXUH6HOHFWRU3LFNV6HJPHQW'HVFULSWRUIURPWKH'HVFULSWRU7DEOH
3URWHFWHG0RGH0HPRU\6HJPHQWV
7KHPRVWLPSRUWDQWFKDUDFWHULVWLFVRIDSURWHFWHGPRGHPHPRU\VHJPHQWDUHLWV
EDVHDGGUHVV
DQGLWV
OLPLW
6HH)LJXUHIRUDQH[DPSOHRID0HJVHJPHQWVLWXDWHGDWWKHKDOIZD\SRLQWRID0HJPHPRU\
6XSSRVHWKDWWKH'6UHJLVWHUFRQWDLQVDVHOHFWRUVHOHFWLQJDGHVFULSWRUIRUWKLVPHPRU\VHJPHQW7KHQWKH
FRPPDQG
)LJXUH$3URWHFWHG0RGH0HPRU\6HJPHQW
029($;>'6+@
ZRXOGDFFHVVWKHIRXUE\WHVORFDWHGDWWKHDGGUHVVHV+WKURXJK+2QWKHRWKHUKDQGWKH
FRPPDQG
029($;>'6+@
ZRXOGFDXVHDJHQHUDOSURWHFWLRQIDXOWDKDUGZDUHH[FHSWLRQZKLFKJHQHUDWHVLQWHUUXSWQXPEHU6HH
FKDSWHUVHFWLRQ7KLVLVEHFDXVHWKHDOOIRXURIIVHWDGGUHVVHVUHIHUHQFHGE\WKHFRPPDQGH[FHHGWKH
OLPLW)RUH[DPSOH
+!)))))+
7KHFRPPDQGLVWU\LQJWRUHDGIURPDORFDWLRQ0HJIURPWKHEHJLQQLQJRIDVHJPHQWZKLFKLVRQO\
0HJLQOHQJWK%HFDXVHWKHKDUGZDUHHQIRUFHVWKHVHVHJPHQWERXQGDULHVWKHVHJPHQWDWLRQV\VWHPFDQEH
XVHGWRSURWHFWRQHWDVNVPHPRU\IURPDQRWKHUV,WZDVXVHGWRSURWHFWNHUQHOPHPRU\IURPXVHUSURFHVVHV
LQYHUVLRQVRI/LQX[EHIRUHYHUVLRQEXWLVQRORQJHUXVHGIRUPHPRU\SURWHFWLRQLQ/LQX[6HJPHQWV
LQ/LQX[QRZXVHDEDVHDGGUHVVRIDQGDOLPLWRI))))))))+LHDOO*LJ
$PRUHFRPSOHWHOLVWRIWKHFKDUDFWHULVWLFVRIDSURWHFWHGPRGHPHPRU\VHJPHQWLVDVIROORZV
 %DVH7KLVLVWKHDGGUHVVRIWKHILUVWE\WHRIWKHVHJPHQW,WLVWKHDGGUHVVFRUUHVSRQGLQJWRWKHRIIVHW

RI]HUR>@,QUHDOPRGHWKHEDVHDGGUHVVLVREWDLQHGE\MXVWDSSHQGLQJD]HURWRWKHIRXUKH[GLJLWV
VWRUHGLQWKHVHJPHQWUHJLVWHU
 /LPLW7KLVLVWKHODVWYDOLGRIIVHWDGGUHVV,WLVRQHOHVVWKDQWKHQXPEHURIE\WHVLQWKHVHJPHQW,WLV
WKDQNVWRWKLVSDUDPHWHUWKDWVHJPHQWVDUHQRWQHFHVVDULO\.DQ\PRUH7KHOLPLWQHHGHGWRVSHFLI\
D0HJVHJPHQWIRUH[DPSOHLV)))))+
D0HJVHJPHQWIRUH[DPSOHLV)))))+
 $FFHVV3HUPLVVLRQV3HUPLVVLRQVWRUHDGZULWHDQGH[HFXWHFDQEHVSHFLILHG
 $FFHVV3ULYLOHJH/HYHO7KLVSULYLOHJHOHYHOLVWKHOHDVWSULYLOHJHGYDOXHWKH&3/PD\KDYHLQRUGHU
IRUDFFHVVWREHJUDQWHG
 0LVFHOODQHRXV7KHUHDUHIRXURUILYHIXQFWLRQDOELWVLQWKHGHVFULSWRUXQXVHGE\LWHPVWKURXJK,Q
WKHFDVHRIH[HFXWDEOHVHJPHQWVRQHRIWKHVHELWVGHWHUPLQHVZKHWKHUWKHFRGHVWRUHGLQWKHVHJPHQW
ZLOOEHH[HFXWHGXVLQJDELWRUDELWGHIDXOWVHHVHFWLRQ
,QRUGHUWRFDUU\RXWEDVHSOXVRIIVHWFRPSXWDWLRQVDQGRIIVHWYHUVXVOLPLWFRPSDULVRQVZLWKRXWWKHGHOD\
ZKLFKZRXOGEHFDXVHGE\DPHPRU\DFFHVVHDFKVHJPHQWUHJLVWHUKDVDVVRFLDWHGZLWKLWEDVHDQGOLPLW
UHJLVWHUVZKLFKDUHUHORDGHGHYHU\WLPHWKHVHJPHQWUHJLVWHULVFKDQJHGWRUHIHUHQFHDGLIIHUHQWVHJPHQW
)LJXUHVKRZVWKHVHUHJLVWHUV$OWKRXJK)LJXUHVKRZVRQO\EDVHDGGUHVVDQGOLPLWUHJLVWHUVWKHUH
DUHDOVRUHJLVWHUVIRUDOOWKHRWKHUSHUPLVVLRQDQGSULYLOHJHELWVGHILQHGE\WKHVHJPHQWGHVFULSWRU
)LJXUH6HOHFWRU%DVHDQG/LPLW5HJLVWHUV
6SHFLDO0HPRU\6HJPHQWVWKH*'7DQGWKH,'7
6KRZQLQ)LJXUHDUHUHJLVWHUVIRUWKHWDVNVWDWHVHJPHQWWKHORFDODQGJOREDOGHVFULSWRUWDEOHVDQGWKH
LQWHUUUXSWGHVFULSWRUWDEOHWKH766/'76*'7DQG,'71RQHRIWKHVHDUHPHPRU\VHJPHQWVLQWKHVHQVH
WKDWWKH\FDQEHXVHGLQDQRUGLQDU\PHPRU\DFFHVVFRPPDQG)RUH[DPSOH
029($;>766+@
LVQRWYDOLGFRGH%XWWKH\DUHFKXQNVRIPHPRU\WKDWKDYHEDVHDGGUHVVHVDQGOLPLWV6LQFHWKH*'7DQG
WKH,'7DUHQRWDFFHVVHGYLDVHOHFWRUVWKH\DUHQRWFDOOHGPHPRU\VHJPHQWV7KH766DQGWKH/'7DUH
UHIHUUHGWRDV
VSHFLDOPHPRU\VHJPHQWV
7KHWDVNVWDWHVHJPHQWLVXVHGLQWDVNVZLWFKHV7KHWDVNEHLQJH[LWHGVDYHVLWVUHJLVWHUVLQLWVWDVNVWDWH
VHJPHQW7KHEDVHDGGUHVVDQGOLPLWRIWKH766LVGHILQHGE\DVHJPHQWGHVFULSWRUMXVWOLNHRWKHUPHPRU\
VHJPHQWV

7KHORFDOGHVFULSWRUWDEOHVHJPHQW/'76LVXVHGWRVWRUHGHVFULSWRUVRIVHJPHQWVZKLFKDUHQRWVKDUHG
ZLWKDOORWKHUWDVNVRQWKHV\VWHP
ZLWKDOORWKHUWDVNVRQWKHV\VWHP
7KHJOREDOGHVFULSWRUWDEOHLVXVHGIRUVWRULQJGHVFULSWRUVRIPHPRU\VHJPHQWVZKLFKDUHDFFHVVHGE\DOO
WDVNVRQWKHV\VWHPDVZHOODVDOO/'76DQG766GHVFULSWRUV
$VZHFDQVHHIURP)LJXUHWKHUHFDQEHRQO\RQHJOREDODQGRQHORFDOGHVFULSWRUWDEOHLQHIIHFWDWDQ\
JLYHQWLPH:KHQDWDVNVZLWFKRFFXUVWKHORFDOGHVFULSWRUWDEOHLVFKDQJHGMXVWOLNHWKHSDJHWDEOHVDUH
FKDQJHG%XWWKHJOREDOGHVFULSWRUWDEOHVWD\VWKHVDPH
7KH,'7WKHLQWHUUXSWGHVFULSWRUWDEOHDQGLWVHQWULHVDUHGHVFULEHGLQFKDSWHU
7KHJOREDOGHVFULSWRUWDEOHDQGLQWHUUXSWGHVFULSWRUWDEOHDOVRKDYHEDVHDGGUHVVHVDQGOLPLWVDQGKHQFH
WKHUHDUHUHJLVWHUVIRUWKHP%XWWKHVHDGGUHVVHVDUHQHYHUFRGHGLQWRGHVFULSWRUVVRWKHUHLVQRSRLQWLQ
KDYLQJVHOHFWRUVIRUWKHP,QWHOGRHVQRWFRQVLGHUWKHJOREDOGHVFULSWRUWDEOHRUWKHLQWHUUXSWGHVFULSWRUWDEOH
WREHVHJPHQWVEHFDXVHWKH\DUHQRWDFFHVVHGXVLQJVHOHFWRUV
6HOHFWRUV
,QUHDOPRGHVHJPHQWUHJLVWHUVVXFKDV'6VSHFLI\VHJPHQWVE\KROGLQJWKHILUVWIRXUKH[GLJLWVRIWKHEDVH
DGGUHVVRIWKHVHJPHQW,QSURWHFWHGPRGHVHJPHQWUHJLVWHUVVSHFLI\VHJPHQWVE\KROGLQJSRLQWHUVWRWKHLU
GHVFULSWRUV(DFKGHVFULSWRUFRQVLVWVRIDFRPSOHWHGHILQLWLRQRIWKHVHJPHQW7KHSRLQWHUSRLQWVLQWRD
GHVFULSWRUWDEOH7KHWDEOHPD\HLWKHUEHWKHJOREDOGHVFULSWRUWDEOHRUWKHORFDOGHVFULSWRUWDEOH
$YHU\VLPSOHZD\WRLPSOHPHQWDSRLQWHUOLNHWKLVZRXOGEHWRXVHWKHRIIVHWIURPWKHEHJLQQLQJRIWKH
GHVFULSWRUWDEOH7KLVLVZKDWLVVKRZQLQ)LJXUH$OWKRXJKWKHYDOXHVKRZQLQWKHILJXUHZRXOG
ZRUNMXVWDVLOOXVWUDWHGLWLVQRWWKHFDVHWKDWWKHVHOHFWRULVVLPSO\DQRIIVHW
6XSSRVHWKDWDGHVFULSWRUZHZDQWWRSRLQWWRZHUHORFDWHGE\WHVIURPWKHEHJLQQLQJRIDGHVFULSWRUWDEOH
,QWKDWFDVHWKHRIIVHWZRXOGPDNHDYHU\JRRGSRLQWHUWRWKDWGHVFULSWRUDVVXPLQJZHNQRZZKLFKWDEOH
WKHGHVFULSWRULVORFDWHGLQ6LQFHHDFKGHVFULSWRURFFXSLHVHLJKWE\WHVRIVWRUDJHDOOVXFKRIIVHWVDUH
PXOWLSOHVRI+HQFHLQELQDU\WKHWKUHHOHDVWVLJQLILFDQWELWVRIHDFKRIIVHWDUH]HUR7KH[WDNHV
DGYDQWDJHRIWKLVIDFWDQGSXWVWKRVHWKUHHELWVRIWKHVHOHFWRUWRZRUNFDUU\LQJRWKHULQIRUPDWLRQ%LWVDQG
FDUU\DSULYLOHJHOHYHO%LWLVWKHWDEOHLQGLFDWRUELWZKLFKGHWHUPLQHVZKHWKHUWKHVHOHFWRULVDSRLQWHU
LQWRWKHJOREDOWDEOHRUWKHORFDOWDEOH ORFDO JOREDO7RUHFRYHUWKHRIIVHWIURPWKHVHOHFWRUWKH
ERWWRPWKUHHELWVPXVWEH]HURHGEDFNRXWDJDLQ)LJXUHLOOXVWUDWHVWKHH[DPSOHZKHUH'6FRQWDLQV
RU+$VDELWELQDU\QXPEHULWLV7KHSRLQWHULQWRWKHGHVFULSWRUWDEOHLVWKHWDEOHRIIVHWLQWKLV

FDVHRU+
)LJXUH6HOHFWRU(QFRGLQJ
7KHWKUHHOHDVWVLJQLILFDQWELWVDUH]HURHGRXW7RORFDWHWKHGHVFULSWRUIRUWKH'6VHJPHQWZHZRXOGJHWWKH
DGGUHVVRIWKHJOREDOGHVFULSWRUWDEOHIURPWKH*'7EDVHDGGUHVVUHJLVWHUDQGDGG+
7KHUHLVRQHVHOHFWRUZKLFKGRHVQRWXVHWKHIRUPDWMXVWGHVFULEHG
,WLVGHVLUDEOHWKDWRQHVHOHFWRUYDOXHEHDQXOOYDOXH7KDWPDNHVLWSRVVLEOHWRVKXWGRZQXQXVHGVHJPHQWV
$VHOHFWRUZKLFKSRLQWVWRRIIVHW]HURLQWKHJOREDOWDEOHLVE\GHILQLWLRQDQXOOVHOHFWRU6WRULQJDQXOO
VHOHFWRULQDVHJPHQWUHJLVWHUGLVDOORZVWKHXVHRIWKDWVHJPHQW$OODWWHPSWVWRDFFHVVDVHJPHQWPDUNHG
ZLWKDQXOOVHOHFWRUFDXVHDJHQHUDOSURWHFWLRQIDXOW7KLVLQFLGHQWDOO\PDNHVLWLPSRVVLEOHIRUDQ\VHOHFWRU
WRDFWXDOO\SRLQWWRWKHILUVWHQWU\LQWKHJOREDOWDEOH6RLWGRHVQWPDWWHUZKDWWKLVHQWU\FRQWDLQV
WRDFWXDOO\SRLQWWRWKHILUVWHQWU\LQWKHJOREDOWDEOH6RLWGRHVQWPDWWHUZKDWWKLVHQWU\FRQWDLQV
6HJPHQW2SHUDWLRQV
7KH*'7KDVWREHWKHUHIRUPHPRU\UHIHUHQFHVWRZRUNLQSURWHFWHGPRGHDQGWKH,'7KDVWREHWKHUHIRU
LQWHUUXSWVWRZRUN7KHORDGFRPPDQGVIRUWKHVHWDEOHVDUH
/*'7PHP
DQG
/,'7PHP
ZKHUHPHPSRLQWVWRVL[E\WHVRIPHPRU\FRQWDLQLQJDWZRE\WHOLPLWIROORZHGE\DIRXUE\WHEDVHDGGUHVV
7KHVHFRPPDQGVZRXOGRUGLQDULO\EHH[HFXWHGMXVWRQFHZKLOHWKHV\VWHPZDVERRWLQJLQUHDOPRGH
2WKHUVHJPHQWUHJLVWHUVDUHORDGHGXVLQJVHOHFWRUV)LJXUHVKRZVWKHFRPPDQGVIRUORDGLQJDQGVDYLQJ
VHJPHQWUHJLVWHUVDVZHOODVWKHFRPPDQGVIRUORDGLQJDQGVDYLQJWKH*'7DQG,'7EDVHDQGOLPLW
UHJLVWHUV:KHQVHJPHQWUHJLVWHUVDUHORDGHGDOOWKHRWKHUUHJLVWHUVDVVRFLDWHGZLWKWKHPDUHORDGHGDVZHOO
XQOHVVWKHQXOOVHOHFWRULVXVHGRUXQOHVVVRPHDFFHVVYLRODWLRQRFFXUV
)LJXUH6HJPHQW/RDGDQG6WRUH&RPPDQGV
7KHVHHLJKWE\WHVZRXOGLQFOXGHWKHEDVHDGGUHVVDQGVL]HRIWKH'6VHJPHQW7KHVHHLJKWE\WHVZRXOGDOVR
LQFOXGHDSULYLOHJHOHYHO6LQFHWKHSULYLOHJHFDUULHGLQ'6LVRQO\DWKHSULYLOHJHOHYHOLQWKHVHJPHQW
GHVFULSWRUZRXOGQHHGWREHDRUWKHSURFHVVRUZRXOGQDLOXVZLWKDQHUURU,QSURWHFWHGPRGHDFRPPDQG
VXFKDV
029'6$;
ZLOOFDXVHDSURWHFWLRQIDXOWZKHQHYHUWKHSULYLOHJHOHYHOFDUULHGE\WKHWZROHDVWVLJQLILFDQWELWVRIWKH

VHOHFWRULQ$;LVLQIHULRUWRWKHSULYLOHJHOHYHOZULWWHQLQWRWKHGHVFULSWRURIWKHVHJPHQW%HFDXVHWKHORFDO
GHVFULSWRUWDEOHLVLPSOHPHQWHGDVDVHJPHQWDFFHVVWRLWUHTXLUHVWKDWDVHOHFWRUIRULWEHORDGHGLQWRD
VHJPHQWUHJLVWHU6LQFHWKHORFDOGHVFULSWRUWDEOHLVDVSHFLDOVHJPHQWQRWMXVWDQ\VHJPHQWUHJLVWHUZLOOGR
7KHUHLVDVHJPHQWUHJLVWHUGHGLFDWHGWRWKHORFDOGHVFULSWRUWDEOHWKH/'7UHJLVWHU7RORDGWKH/'7
UHJLVWHUWKHIROORZLQJFRPPDQGLVXVHG
//'7UP
ZKHUH
UP
PXVWEHDWZRE\WHUHJLVWHURUPHPRU\ORFDWLRQFRQWDLQLQJDVHOHFWRUUHIHUHQFLQJDQHQWU\LQWKH
JOREDOGHVFULSWRUWDEOH7KLVHQWU\VKRXOGEHDGHVFULSWRUIRUDORFDOGHVFULSWRUWDEOH%HFDXVHWKHFRPPDQG
XVHVWKHJOREDOWDEOHLWRQO\ZRUNVLQSURWHFWHGPRGH)RUH[DPSOHLI$;FRQWDLQVDVHOHFWRUZKLFKSRLQWV
DWDGHVFULSWRUORFDWHGLQWKHJOREDOGHVFULSWRUWDEOHDQGWKLVGHVFULSWRUGHVFULEHVDORFDOWDEOHWKHQ
//'7$;
6XSSRVHZHKDYHDFRPSXWHUZLWK0HJRIPHPRU\DQGZHZDQWD0HJVHJPHQWVWDUWLQJDWWKH
EHJLQQLQJDWWKHKDOIZD\SRLQWLHDWWKHDGGUHVV0HJ
%DVH+6WDUWDW0HJ
/LPLW)))))+0HJ6HJPHQW
3HUPLVVLRQV5HDGDQG:ULWH
3ULYLOHJH/HYHO8VHU
7KLVLQIRUPDWLRQFDQEHFRGHGLQWRDQHLJKWE\WHGHVFULSWRU7KLVGHVFULSWRUFDQWKHQEHDGGHGWRD
GHVFULSWRUWDEOH)RUDXVHUSURJUDPWRDFFHVVWKLVVHJPHQWLWPXVWKDYHWKHLQGH[RU
VHOHFWRU
RIWKLV
GHVFULSWRUVWRUHGLQDVHJPHQWUHJLVWHUVXFKDV'67KHRIIVHWDGGUHVVXVHGLQDFFHVVLQJWKHVHJPHQWPXVWEH
OHVVWKDQWKHOLPLWGHILQHGLQWKHGHVFULSWRU
'HVFULSWRU(QFRGLQJ
)LJXUH6HJPHQW'HVFULSWRU/D\RXW
7KHWZRPDLQLWHPVWKDWQHHGWREHHQFRGHGLQWRWKHPHPRU\VHJPHQWGHVFULSWRUDUHWKHEDVHDQGWKHOLPLW
6LQFHWKHVHDUHERWKIRXUE\WHQXPEHUVDQGWKHGHVFULSWRULVDQHLJKWE\WHVWUXFWXUHLWZRXOGDSSHDUWKDWWKH
VSDFHDYDLODEOHLVDOOXVHGXSE\MXVWWKHVHWZRLWHPV%\VTXHH]LQJRQWKHOLPLWHQFRGLQJKRZHYHUH[WUD

ELWVDUHIUHHGXS,QVWHDGRIDOORZLQJDOOHLJKWKH[GLJLWVRIWKHIRXUE\WHOLPLWYDOXHWREHFRQILJXUDEOHWKH
VHJPHQWGHVLJQHULVDOORZHGRQO\ILYHGLJLWVWRSOD\ZLWK7KLVVDYHVWKUHHKH[GLJLWVRUELWV7KHVHWKUHH
KH[GLJLWVDUHDOORZHGWREHHLWKHUVWDFNHGRQDWWKHIURQWRU)VWDFNHGRQDWWKHHQG7KHILUVWLVFDOOHG
E\WH
JUDQXODULW\
DQGWKHVHFRQGLVFDOOHG
SDJHJUDQXODULW\
6SHFLI\LQJZKLFKRIWKHVHWZRJUDQXODULWLHVLVXVHG
FRVWVRQHPRUHELW7KLVELWLVFDOOHGWKH
JUDQXODULW\ELW
$VDQH[DPSOHRIKRZWKLVGHVFULSWRUIRUPDWLV
XVHGOHWXVHQFRGHWKHVDPSOH0HJVHJPHQWMXVWGHVFULEHG7KHIRXUE\WHEDVHYDOXH+ZRXOG
EHVWRUHGLQELWVDQGELWVSOXVHLJKWELWV7KLVRGGIUDFWXUHLVDYHVWLJHRIWKHELW
DGGUHVVLQJXVHGRQWKH'LVSOD\LQJDOOHLJKWE\WHVDVDGLJLWKH[QXPEHUXVLQJ;IRU
XQGHWHUPLQHGGLJLWV\LHOGV
;;;;;;;;
7KHELWOLPLWYDOXHVDUHFRGHGLQWRELWVE\UHVWULFWLQJWKHQXPEHURIDOORZDEOHOLPLWYDOXHV7KHELWV
IURPDQGHQFRGHILYHKH[GLJLWV%LW*IRUJUDQXODULW\GHWHUPLQHVZKHWKHUWKHWKUHH
UHPDLQLQJKH[GLJLWVZLOOEHVDGGHGWRWKHWRSHQGRU)VDGGHGWRWKHERWWRP7KHYDOXH)))))+PD\
UHPDLQLQJKH[GLJLWVZLOOEHVDGGHGWRWKHWRSHQGRU)VDGGHGWRWKHERWWRP7KHYDOXH)))))+PD\
EHHQFRGHGXVLQJHLWKHUVFKHPH,IZHXVH* IRUE\WHJUDQXODULW\WKHQLQVHUWLQJWKHOLPLWELWV
)))))+JLYHVXV
;);;))))
,QWKH&6VHJPHQWVWKH'ELWLVH[WUHPHO\LPSRUWDQW,Q[FRGHWKHUHLVDFRGLQJGHIDXOWZKLFKPD\HLWKHU
EHIRUELWFRGHRUELWFRGH6HHFKDSWHUVHFWLRQIRUGHWDLOVRQKRZWKLVZRUNV,QSURWHFWHG
PRGHWKHGHIDXOWLVGHWHUPLQHGE\WKH'ELWRIWKH&6VHJPHQWGHVFULSWRU' PHDQVWKDWWKHGHIDXOWLV
ELWFRGH' PHDQVLWLV,QUHDOPRGHWKHGHIDXOWLVDOZD\VELWFRGH:LWK* ' DQGELWV
DQGDVZHJHW
);;))))
%LW3IRUSUHVHQWVKRXOGEHPDUNHG,IWKLVLVWREHDXVHUDFFHVVLEOHVHJPHQWWKHQWKH'3/ELWVPXVW

EH'3/VWDQGVIRU
GHVFULSWRUSULYLOHJHOHYHO
,IWKLVLVDGDWDVHJPHQWWKHQ( LHLWLVQRW
H[HFXWHDEOHDQG: LHLWLVZULWHDEOH0DNLQJWKHUHPDLQLQJWZRELWVDQG\LHOGV
))))))
7DVN,VRODWLRQYLD/RFDO'HVFULSWRU7DEOHV
$SURFHVVFDQRQO\DFFHVVPHPRU\VHJPHQWVWKDWDUHOLVWHGLQWZRWDEOHVLWVRZQWDEOHFDOOHGWKH
ORFDO
GHVFULSWRUWDEOH
DQGDQRWKHUWDEOHFDOOHGWKH
JOREDOGHVFULSWRUWDEOH
7KHV\VWHPKDVRQO\RQHJOREDO
GHVFULSWRUWDEOH$OOSURFHVVHVKDYHDFFHVVWRWKHJOREDOWDEOHEXWORFDOWDEOHVQHHGQRWEHVKDUHG
&RQVHTXHQWO\RQHPHWKRGWKHRSHUDWLQJV\VWHPFRXOGXVHWRLVRODWHWDVNVIURPRQHDQRWKHUZRXOGEHWRKDQG
RXWGLIIHUHQWORFDOGHVFULSWRUWDEOHVWRGLIIHUHQWSURFHVVHV,IDVHJPHQWLVQRWOLVWHGLQHLWKHUWKHJOREDO
GHVFULSWRUWDEOHRUWKHSURFHVVVRZQORFDOGHVFULSWRUWDEOHWKHQWKHSURFHVVFDQWJHWWRLW%HIRUHGLVFXVVLQJ
SURWHFWLRQIXUWKHUZHQHHGWRORRNDWVRPHRIWKHGHWDLOVRIGHVFULSWRUVVHOHFWRUVDQGWKHGHVFULSWRUWDEOHV
6HJPHQWDWLRQRQWKHZDVGHVLJQHGWRDOORZGLIIHUHQWWDVNVWRKDYHWKHLURZQPHPRU\VHJPHQWVWR
ZKLFKRWKHUWDVNVZRXOGQRWKDYHDFFHVV(DFKWDVNFDQKDYHLWVRZQORFDOGHVFULSWRUWDEOH'HVFULSWRUVRI
SULYDWHPHPRU\VHJPHQWVFDQEHVWRUHGLQWKHVHORFDOWDEOHV7KH[DUFKLWHFWXUHLPSOHPHQWVORFDO
GHVFULSWRUWDEOHVDVVHJPHQWVFRPSOHWHZLWKGHVFULSWRUVLQWKHJOREDOWDEOH,QWKHPHPRU\VKRZQLQ)LJXUH
WKHUHDUHHLJKWPHPRU\VHJPHQWV(DFKRIWKHVHPHPRU\VHJPHQWVLVGHILQHGE\DGHVFULSWRUVLWXDWHG
LQDGHVFULSWRUWDEOH$OWKRXJKWKHJOREDOWDEOHLVOLNHDVHJPHQWLWLVQRWDVHJPHQW7KHUHLVQRGHVFULSWRU
IRULWDQ\ZKHUHLQPHPRU\DQGQRVHOHFWRUIRULWDQ\ZKHUHLQWKHSURFHVVRU
)LJXUH0HPRU\ZLWK3URWHFWHG6HJPHQWV
5HYLHZLQJEULHIO\WKHRSHUDWLQJV\VWHPSURWHFWVWKHPHPRU\EHORQJLQJWRRQHWDVNIURPDFFHVVE\DQRWKHU
WDVNE\XVLQJORFDOGHVFULSWRUWDEOHV$QHZWDVNZRXOGUHFHLYHDORFDOGHVFULSWRUWDEOHFRQWDLQLQJ
GHVFULSWRUVRIDOOWKHVHJPHQWVWRZKLFKWKDWWDVNLVDOORZHGDFFHVV6RORQJDVWKHRSHUDWLQJV\VWHPGLGQRW
SXWWKHVDPHGHVFULSWRULQWKHORFDOWDEOHEHORQJLQJWRVRPHRWKHUWDVNWKDWVHJPHQWZRXOGWKHQEHSULYDWH
$WDVNFDQRQO\DFFHVVDVHJPHQWLIDGHVFULSWRUIRUWKDWVHJPHQWLVLQWKHJOREDOWDEOHRULWVRZQORFDOWDEOH

7KLVV\VWHPRISURWHFWLRQLVLQFRPSOHWHKRZHYHU/RFNLQJWKHIURQWGRRUWR\RXUKRXVHGRHVQWORFNWKH
KRXVHLIWKHEDFNGRRULVXQORFNHG6LQFHDOOWDVNVFDQDFFHVVWKHJOREDOWDEOHWKHUHPXVWEHVRPHWKLQJWR
SUHYHQWDURJXHWDVNIURPUHDGLQJWKHGHVFULSWRUVGHILQLQJWKHORFDOGHVFULSWRUWDEOHVEHORQJLQJWRRWKHU
WDVNV
&RQVLGHUWKLVFRGH
3URJUDP
029$;
$;LVDELWVHOHFWRU
%LWLV:HUHSRLQWLQJLQWRWKHJOREDOWDEOH
%LWVDQGDUH
7KDWVV\VWHPOHYHOSULYLOHJH
+$.//'7$;
$;LVSRLQWLQJDWVRPHGHVFULSWRU
,WFRXOGEHDORFDOWDEOHGHVFULSWRU
,IVRLWVSUREDEO\QRWRXURZQORFDOWDEOH
$QGLQWKDWFDVHZHKDYHMXVWERUURZHGVRPHRQH
HOVHVSULYDWHGHVFULSWRUWDEOHDQGZHFDQ
DFFHVVDQ\WKLQJOLVWHGLQWKHUH
DFFHVVDQ\WKLQJOLVWHGLQWKHUH
$''$;0D\EHQRW
*RWRWKHQH[WGHVFULSWRU
-03+$.7KHORFDOWDEOHVDUHLQKHUH
:HOOILQGWKHP
0HPRU\SURWHFWLRQE\LWVHOIGRHVQWZRUN8VHUSURFHVVHVPXVWQRWEHDOORZHGWRH[HFXWHFRGHOLNHWKH
DERYHFRGH
6HWWLQJ8SWKH*OREDO'HVFULSWRU7DEOH
:KHQDQ[SURFHVVRULVWXUQHGRQRUUHVWDUWHGLWGRHVQRWFUHDWHDJOREDOGHVFULSWRUWDEOHDXWRPDWLFDOO\
+HQFHXQOHVVDPDQXIDFWXUHUSXWVRQHLQ520QRQHH[LVWVDWERRWWLPH6LQFHWKHSURFHVVRUFDQWXVH
PHPRU\LQSURWHFWHGPRGHZLWKRXWDJOREDOWDEOHWKHSURFHVVRUPXVWERRWXSLQUHDOPRGH7KHSURFHVVRU
FDQVXEVHTXHQWO\EHVZLWFKHGLQWRSURWHFWHGPRGHEXWRQO\DIWHUWKHJOREDOWDEOHKDVEHHQVHWXS

7KHSURFHVVRUKDVEDVHDGGUHVVDQGOLPLWUHJLVWHUVIRUWKHJOREDOGHVFULSWRUWDEOH*'77KHVHUHJLVWHUVDUH
ORDGHGXVLQJWKHFRPPDQG
/*'7PHP
ZKHUH
PHP
SRLQWVWRVL[E\WHVRIPHPRU\FRQWDLQLQJDWZRE\WHOLPLWDQGDIRXUE\WHEDVHDGGUHVVIRUWKH
JOREDOWDEOH$OWKRXJKDUHJLVWHU
029
FRPPDQGPLJKWKDYHEHHQDPRUHFRQYHQLHQWZD\RIGRLQJWKLVWKHUH
DUHQRVL[E\WHUHJLVWHUVDYDLODEOH
$VDQH[DPSOHRIKRZZHPLJKWXVHWKH
/*'7
FRPPDQGVXSSRVHWKDWWHQGHVFULSWRUVWKDWZHZDQWWRXVHDV
RXUJOREDOWDEOHKDYHEHHQVWRUHGVWDUWLQJDWDGGUHVV+2XUJOREDOWDEOHZLOOWKHUHIRUHEHHLJKW\E\WHV
ORQJDQGVWDUWDW+7KHOLPLWLVRQHOHVVWKDQHLJKW\RU)+,QRUGHUWRXVHWKH/*'7FRPPDQGZH
QHHGWRVWRUHWKHVHYDOXHVLQPHPRU\VRPHZKHUH6XSSRVHZHVHWXSDVFUDWFKPHPRU\DUHDDW+
DQGSXWRXU*'7YDOXHVWKHUH$IWHUWKLVFRGH
3URJUDP
029$;+6HWXSDVHJPHQWIRUWKHVFUDWFKDUHD
029'6$;
029$;)+*'7VOLPLWLVDE\WHYDOXH
029>'6@$;6WRUHLQWRWKHILUVWE\WHVRI
VFUDWFK
029($;+*'7VEDVHDGGUHVVLVDE\WHYDOXH
029>'6@($;6WRUHWKLVE\WHDGGUHVV
E\WHVLQWRWKHVFUDWFK
'RQWRYHUZULWHWKHILUVWWZRE\WHV
/*'7>'6@
7KLVORDGVWKHERWKWKH*'7EDVHDGGUHVVUHJLVWHU
DQGWKH*'7OLPLWUHJLVWHU

LHORDGDOOE\WHV
KDVH[HFXWHGWKH*'7EDVHVDGGUHVVDQGOLPLWUHJLVWHUVZLOOEHORDGHG7KHJOREDOWDEOHKDVQRWEHHQXVHG
IRUDQ\WKLQJ\HW,QIDFWZHFRXOGHYHQUXQWKLVFRGHILUVWDQGWKHQVWRUHWKRVHHLJKW\E\WHVQH[W7KHJOREDO
WDEOHZLOOQRWJRLQWRRSHUDWLRQXQWLOWKHSURFHVVRULVVZLWFKHGLQWRSURWHFWHGPRGH
&ORVLQJ
7KHVXUIDFHKDVEDUHO\EHHQVFUDWFKHG%XWWKHZD\IRUZDUGLVRSHQ

×