Aluminum Electrolytic Capacitors
Radial Lead Type
✽Propose EE series for New design
● Endurance : 105 ℃ 8000 h to 10000 h
● High ripple current (at high frequency)
● Including low profile products (20 mm height)
● RoHS compliant
Unit：mm
7.5
100 to 330
10 to 82
Freq.（Hz)
Cap.（μF）
φD
0.30
0.35
0.45
0.60
0.75
0.90
1.00
0.40
0.55
0.70
3
3
Endurance
capacitors are restored to 20 ℃, the capacitors shall meet the limits specified bellow.
Shelf life
After storage for 1000 h at +105 ℃±2 ℃ with no voltage applied and then being
120 300 1 k
50 10 k 100 k to
Dissipation factor（tan δ)
Please see the attached characteristics list
250
350
400
450
200
160
Characteristics
at low temperature
Rated voltage（V）
Z(–25 ℃) / Z(+20 ℃)
6
(Impedance ratio at 120 Hz)
3
6
6
Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use.
Should a safety concern arise regarding this product, please be sure to contact us immediately.
28-Feb-20
Dimensions
10.0
18.0
φd
0.6
0.6
0.8
0.8
F5.0 5.0 7.5
ED series
A type
I ≦ 0.06 CV +10 (μA) After 2 minutes application of rated working voltage at +20 ℃
Rated voltage range
Capacitance tolerance
±20 % (120 Hz / +20℃)
Leakage current
Features
Specifications
Capacitance range
10 μF to 330 μF
Category temp. range
–25 ℃ to +105 ℃
160 V to 450 V
12.5
16.0
(With voltage treatment)
Capacitance change
After following life test with DC voltage and +105 ℃±2 ℃ ripple current value applied
DC leakage current
(The sum of DC and ripple peak voltage shall not exceed the rated working voltage) when the
φ12.5 to φ18 : 10000 h
Dissipation factor（tan δ)
φ10 : 8000 h
Duration
stabilized at +20 ℃, capacitors shall meet the limits specified in endurance.
0.90
1.00
φd±0.05
Pressure relief
14min.
F±0.5
L±2.0
Sleeve
3min.
φD±0.5
Aluminum Electrolytic Capacitors (Radial Lead Type)
Endurance : 105 ℃ 8000 h / φ10, 105 ℃ 10000 h / φ12.5 to φ18
*1: Ripple current (100 kHz / +105 ℃)
*2: tan δ (120 Hz　/ +20 ℃)
・ When requesting taped product, please put the letter "B". Lead wire pitch ✽B=5 mm, 7.5 mm.
・ Please refer to the page of “Taping dimensions”.
600
650
790
950
1000
1100
1300
1280
160 100
150
220
68
100
330
22
33
47
68
82
7.5
―
―
5.0
0.20
8000
0.6
7.5
7.5
5.0
5.0
5.0
7.5
2000
7.5
7.5
7.5
―
7.5
7.5
7.5
―
7.5
―
5.0
5.0
5.0
5.0
7.5
7.5
EEUED2E820( )
EEUED2E820S( )
EEUED2E101
EEUED2E101S( )
EEUED2E151
EEUED2E221
EEUED2V100( )
EEUED2V220( )
EEUED2V330S( )
EEUED2C151S( )
EEUED2C221
EEUED2C221S( )
EEUED2C331
EEUED2D220( )
EEUED2D330( )
EEUED2D470( )
EEUED2D680( )
EEUED2D680S( )
100
100
100
100
50
50
200
200
100
100
100
100
50
50
200
200
200
100
200
200
200
100
100
100
50
200
200
250
250
―
250
―
―
500
500
250
500
500
250
―
250
―
500
500
500
500
250
250
250
250
250
―
―
500
18.0
18.0
22
33
47
82
150
220
330
22
47
18.0
18.0
10.0
12.5
16.0
16.0
18.0
16.0
18.0
16.0
18.0
18.0
10.0
350
250
200
82
100
150
220
10
22
33
68
47
82
100
33
68
12.5
12.5
16.0
16.0
16.0
16.0
18.0
18.0
18.0
18.0
10.0
10.0
12.5
12.5
16.0
16.0
16.0
18.0
25.0
25.0
31.5
40.0
20.0
20.0
25.0
20.0
20.0
25.0
20.0
31.5
31.5
40.0
25.0
20.0
20.0
20.0
25.0
20.0
20.0
20.0
20.0
25.0
20.0
20.0
25.0
20.0
31.5
1000
1100
1200
2400
560
710
920
990
1000
1200
1200
1500
1100
1500
1800
2100
350
480
640
800
800
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.20
10000
10000
10000
10000
10000
10000
10000
10000
10000
8000
10000
10000
10000
10000
10000
10000
10000
10000
10000
10000
0.6
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.6
0.6
0.6
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
7.5
7.5
250
―
EEUED2V820S( )
EEUED2V101
7.5
7.5
―
250
EEUED2V680S( )
100
100
100
50
EEUED2V680
―
7.5
7.5
―
7.5
7.5
250
250
5.0
5.0
7.5
7.5
7.5
100
100
EEUED2V470( )
EEUED2V470S( )
5.0
7.5
7.5
7.5
250
5.0
7.5
7.5
5.0
5.0
7.5
7.5
0.8
0.8
500
500
250
100
EEUED2D151( )
EEUED2D331
EEUED2E220( )
EEUED2E330( )
EEUED2E470( )
EEUED2E470S( )
EEUED2E680S( )
7.5
―
―
10000
10000
0.15
0.15
25.0
31.5
EEUED2D221
7.5
7.5
7.5
0.8
0.8
0.8
10000
10000
10000
EEUED2D820S( )
EEUED2D101( )
EEUED2D101S( )
7.5
7.5
1400
100
5.0
5.0
7.5
200
200
100
7.5
5.0
5.0
0.6
0.6
0.6
0.6
0.8
10000
8000
8000
10000
10000
10000
0.15
7.5
0.8
0.8
10000
10000
0.15
0.15
31.5
25.0
1700
1500
0.8
31.5
2000
16.0
7.5
7.5
0.8
10000
0.15
0.15
20.0
18.0
16.0
7.5
1400
1400
7.5
5.0
5.0
7.5
0.15
0.15
5.0
5.0
0.6
0.15
0.15
ED series
Should a safety concern arise regarding this product, please be sure to contact us immediately.
28-Feb-20
Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use.
500
250
250
Lead length (mm)Specification
100
500
500
Characteristics list
Rated
voltage
(V)
Capacitance
(±20 %)
(μF)
Case size
(ｍｍ)
Part No.
Min. Packaging
Q'ty (PCS)
φD L
Lead
dia.
(φd)
tan δ*2
Ripple
current*1
(mA rms)
Lead space
Straight
leads Taping
Straight Taping
✽B
Endu-
rance
(h)
0.8
0.6
0.6
200
200
200
100
500
8000
8000
8000
10000
10000
10000
10000
0.8
0.6
EEUED2C470( )
25.0
500
580
750
EEUED2C680( )
5.0
5.0
0.6
0.6
EEUED2C220( )
EEUED2C330( )
10000
5.0
5.0
5.0
5.0
7.5
5.0
5.0
7.5
EEUED2C820( )
EEUED2C101( )
EEUED2C101S( )
EEUED2C151( )
0.15
0.15
0.15
10.0
10.0
10.0
12.5
12.5
12.5
16.0
950
1060
1170
1280
20.0
20.0
20.0
20.0
25.0
25.0
20.0
Aluminum Electrolytic Capacitors (Radial Lead Type)
Endurance : 105 ℃ 8000 h / φ10, 105 ℃ 10000 h / φ12.5 to φ18
*1: Ripple current (100 kHz / +105 ℃)
*2: tan δ (120 Hz　/ +20 ℃)
・ When requesting taped product, please put the letter "B". Lead wire pitch ✽B=5 mm, 7.5 mm.
・ Please refer to the page of “Taping dimensions”.
450
400
33
15
22
47
68
18.0
10
15
33
68
82
10
47
22
10.0
12.5
12.5
16.0
16.0
12.5
12.5
16.0
18.0
16.0
18.0
18.0
1000
20.0
20.0
25.0
20.0
25.0
20.0
25.0
20.0
25.0
31.5
40.0
20.0
31.5
0.24
0.24
300
410
500
730
840
350
560
680
850
0.24
850
0.24
1500
840
0.24
7.5
7.5
7.5
7.5
7.5 7.50.8
7.5
5.0
0.8
―
5.0
7.5
7.5
7.5
7.5
7.5
5.0
5.0
5.0
7.5
Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use.
Should a safety concern arise regarding this product, please be sure to contact us immediately.
28-Feb-20
5.0
―
10000
0.8
―
EEUED2W680
50
―
EEUED2W470
50
―
18.0
40.0
1300
0.24
EEUED2W330S( )
0.6
0.8
10000
10000
100
250
0.24
10000
0.8
―
10000
0.8
―
EEUED2W330
100
0.24
10000
10000
EEUED2W100( )
200
500
0.24
10000
0.6
―
10000
0.8
―
EEUED2G820
50
0.24
0.8 7.5 EEUED2W220S( ) 100 250
5.0
EEUED2W150( )
200
500
10000
EEUED2G680
50
―
18.0
31.5
1200
0.24
10000
10000
0.8
7.5
EEUED2G470S( )
100
250
EEUED2G330S( ) 100 250
0.24
10000
0.8
250
10000
0.8
7.5
EEUED2G220S( )
100
7.5
EEUED2G470( )
100
250
EEUED2G220( )
200
500
16.0
20.0
600
0.24
EEUED2G150( )
200
500
0.24
10000
0.6
5.0
5.0
0.6
0.24
500
8000
0.6
5.0
EEUED2G100( )
200
0.24
Straight
leads Taping
Straight Taping
✽B
L
Ripple
current*1
(mA rms)
tan δ*2
Endu-
rance
(h)
Lead
dia.
(φd)
Lead space
ED series
Characteristics list
Rated
voltage
(V)
Capacitance
(±20 %)
(μF)
Case size
(ｍｍ) Specification Lead length (mm)
Part No.
Min. Packaging
Q'ty (PCS)
φD
ٹ,I
\
RXZDQWWRXVHRXU
S
URGXFWVGHVFULEHGLQWKLVRQOLQHFDWDOR
J
IRUD
SS
OLFDWLRQVUH
T
XLULQ
J
V
S
HFLDO
T
XDOLWLHVRUUHOLDELOLW
\
RUIRUD
SS
OLFDWLRQVZKHUHWKHIDLOXUHRUPDOIXQFWLRQRIWKH
S
URGXFWVPD
\
GLUHFWO
\
M
HR
S
DUGL]HKXPDQOLIHRU
S
RWHQWLDOO
\
FDXVH
S
HUVRQDOLQ
M
XU
\
H
J
DLUFUDIWDQGDHURV
S
DFHH
T
XL
S
PHQW
WUDIILFDQGWUDQV
S
RUWDWLRQH
T
XL
S
PHQW
FRPEXVWLRQ
H
T
XL
S
PHQW
PHGLFDOH
T
XL
S
PHQW
DFFLGHQW
S
UHYHQWLRQ
DQWLFULPHH
T
XL
S
PHQW
DQGRUVDIHW
\
H
T
XL
S
PHQW

LWLVQHFHVVDU
\
WRYHULI
\
ZKHWKHUWKHV
S
HFLILFDWLRQVRIRXU
S
URGXFWVILWWRVXFK
D
SS
OLFDWLRQV3OHDVHHQVXUHWKDW
\
RXZLOODVNDQGFKHFNZLWKRXULQ
T
XLU
\
GHVNDVWRZKHWKHU
WKHV
S
HFLILFDWLRQVRIRXU
S
URGXFWVILWWRVXFKD
SS
OLFDWLRQVXVHEHIRUH
\
RXXVHRXU
S
URGXFWV
ٹ7KH
T
XDOLW
\
DQG
S
HUIRUPDQFHRIRXU
S
URGXFWVDVGHVFULEHGLQWKLVRQOLQHFDWDOR
J
RQO
\
D
SS
O
\
WRRXU
S
URGXFWVZKHQXVHGLQLVRODWLRQ7KHUHIRUH
S
OHDVHHQVXUH
\
RXHYDOXDWHDQGYHULI
\
RXU
S
URGXFWVXQGHUWKHV
S
HFLILFFLUFXPVWDQFHVLQZKLFKRXU
S
URGXFWVDUHDVVHPEOHGLQ
\
RXU
RZQ
S
URGXFWVDQGLQZKLFKRXU
S
URGXFWVZLOODFWXDOO
\
EHXVHG
ٹ,I
\
RXXVHRXU
S
URGXFWVLQH
T
XL
S
PHQWWKDWUH
T
XLUHVDKL
J
KGH
J
UHHRIUHOLDELOLW
\
UH
J
DUGOHVV
RIWKHD
SS
OLFDWLRQ
LWLVUHFRPPHQGHGWKDW
\
RXVHWX
S
S
URWHFWLRQFLUFXLWVDQGUHGXQGDQF
\
FLUFXLWVLQRUGHUWRHQVXUHVDIHW
\
RI
\
RXUH
T
XL
S
PHQW
ٹ7KH
S
URGXFWVDQG
S
URGXFWV
S
HFLILFDWLRQVGHVFULEHGLQWKLVRQOLQHFDWDOR
J
DUHVXE
M
HFWWR
FKDQ
J
HIRULP
S
URYHPHQWZLWKRXW
S
ULRUQRWLFH7KHUHIRUH
S
OHDVHEHVXUHWRUH
T
XHVWDQG
FRQILUPWKHODWHVW
S
URGXFWV
S
HFLILFDWLRQVZKLFKH[
S
ODLQWKHV
S
HFLILFDWLRQVRIRXU
S
URGXFWVLQ
GHWDLO
EHIRUH
\
RXILQDOL]HWKHGHVL
J
QRI
\
RXUD
SS
OLFDWLRQV
S
XUFKDVH
RUXVHRXU
S
URGXFWV
ٹ7KHWHFKQLFDOLQIRUPDWLRQLQWKLVRQOLQHFDWDOR
J
S
URYLGHVH[DP
S
OHVRIRXU
S
URGXFWV
W
\S
LFDOR
S
HUDWLRQVDQGD
SS
OLFDWLRQFLUFXLWV:HGRQRW
J
XDUDQWHHWKHQRQLQIULQ
J
HPHQWRI
WKLUG
S
DUW
\
VLQWHOOHFWXDO
S
UR
S
HUW
\
UL
J
KWVDQGZHGRQRW
J
UDQWDQ
\
OLFHQVH
UL
J
KW
RULQWHUHVW
LQRXULQWHOOHFWXDO
S
UR
S
HUW
\
ٹ,IDQ
\
RIRXU
S
URGXFWV
S
URGXFWV
S
HFLILFDWLRQVDQGRUWHFKQLFDOLQIRUPDWLRQLQWKLVRQOLQH
FDWDOR
J
LVWREHH[
S
RUWHGRU
S
URYLGHGWRQRQUHVLGHQWV
WKHODZVDQGUH
J
XODWLRQVRIWKH
H[
S
RUWLQ
J
FRXQWU
\
HV
S
HFLDOO
\
ZLWKUH
J
DUGWRVHFXULW
\
DQGH[
S
RUWFRQWURO
VKDOOEHREVHUYHG
ٹ7KHVZLWFKRYHUGDWHIRUFRP
S
OLDQFHZLWKWKH5R+6'LUHFWLYH5($&+5H
J
XODWLRQVYDULHV
GH
S
HQGLQ
J
RQWKH
S
DUWQXPEHURUVHULHVRIRXU
S
URGXFWV
ٹ:KHQ
\
RXXVHWKHLQYHQWRU
\
RIRXU
S
URGXFWVIRUZKLFKLWLVXQFOHDUZKHWKHUWKRVH
S
URGXFWV
DUHFRP
S
OLDQWZLWKWKH5R+6'LUHFWLYH5($&+5H
J
XODWLRQ
S
OHDVHVHOHFW6DOHV,Q
T
XLU
\
LQWKH
ZHEVLWHLQ
T
XLU
\
IRUPDQGFRQWDFWXV
:HGRQRWWDNHDQ
\
UHV
S
RQVLELOLW
\
IRUWKHXVHRIRXU
S
URGXFWVRXWVLGHWKHVFR
S
HRIWKH
V
S
HFLILFDWLRQV
GHVFUL
S
WLRQV
J
XLGHOLQHVDQG
S
UHFDXWLRQVGHVFULEHGLQWKLVRQOLQHFDWDOR
J
2FW
*XLGHOLQHVDQGSUHFDXWLRQVUHJDUGLQJWKH
WHFKQLFDOLQIRUPDWLRQDQGXVHRIRXUSURGXFWV
GHVFULEHGLQWKLVRQOLQHFDWDORJ
5HJDUGLQJWKH&HUWLILFDWHRI&RPSOLDQFHZLWK
WKH(85R+6'LUHFWLYH5($&+5HJXODWLRQV!
1RWLFHV,WHPVWREHREVHUYHG
ٹ$
SS
OLFDEOHODZVDQGUH
J
XODWLRQV
嵣7KLV
S
URGXFWFRP
S
OLHVZLWKWKH5R+6'LUHFWLYH
5HVWULFWLRQRIWKHXVHRIFHUWDLQKD]DUGRXVVXEVWDQFHVLQ
HOHFWULFDODQGHOHFWURQLFH
T
XL
S
PHQW
',5(&7,9((8DQGق(8


嵣1R2]RQH'H
S
OHWLQ
J
&KHPLFDOV
2'&V
FRQWUROOHGXQGHUWKH0RQWUHDO3URWRFRO$
J
UHHPHQWDUHXVHGLQ

S
URGXFLQ
J
WKLV
S
URGXFW
岜:HGRQRWXVH3%%VRU3%'(VDVEURPLQDWHGIODPHUHWDUGDQWV
嵣([
S
RUW
S
URFHGXUHZKLFKIROORZHGH[
S
RUWUHODWHGUH
J
XODWLRQVVXFKDVIRUHL
J
QH[FKDQ
J
HDQGDIRUHL
J
QWUDGH
PHWKRGRQWKHRFFDVLRQRIH[
S
RUWRIWKLV
S
URGXFW
嵣7KHVH
S
URGXFWVDUHQRWGDQ
J
HURXV
J
RRGVRQWKHWUDQV
S
RUWDWLRQDVLGHQWLILHGE
\
81
8QLWHG1DWLRQV
QXPEHUV
RU81FODVVLILFDWLRQ
ٹ/LPLWHGD
SS
OLFDWLRQV
嵣7KLVFD
S
DFLWRULVGHVL
J
QHGWREHXVHGIRUHOHFWURQLFVFLUFXLWVVXFKDVDXGLRYLVXDOH
T
XL
S
PHQWKRPH
D
SS
OLDQFHVFRP
S
XWHUVDQGRWKHURIILFHH
T
XL
S
PHQWR
S
WLFDOH
T
XL
S
PHQWPHDVXULQ
J
H
T
XL
S
PHQW
嵣+L
J
KUHOLDELOLW
\
DQGVDIHW
\
DUHUH
T
XLUHG
>
EHD
S
RVVLELOLW
\
WKDWLQFRUUHFWR
S
HUDWLRQRIWKLV
S
URGXFWPD
\
GRKDUP
岜WRDKXPDQOLIHRU
S
UR
S
HUW
\
@
PRUH:KHQXVHLVFRQVLGHUHGE
\
WKHXVHWKHGHOLYHU
\
V
S
HFLILFDWLRQVZKLFKVXLWHG
WKHXVHVH
S
DUDWHO
\
QHHGWREHH[FKDQ
J
HG
ٹ,QWHOOHFWXDO
S
UR
S
HUW
\
UL
J
KWVDQGOLFHQVHV
嵣7KHWHFKQLFDOLQIRUPDWLRQLQWKLVV
S
HFLILFDWLRQ
S
URYLGHVH[DP
S
OHVRIRXU
S
URGXFWVW
\S
LFDOR
S
HUDWLRQVDQGD
SS
OLFDWLRQ
FLUFXLWV:HGRQRW
J
XDUDQWHHWKHQRQLQIULQ
J
HPHQWRIWKLUG
S
DUW
\
VLQWHOOHFWXDO
S
UR
S
HUW
\
UL
J
KWVDQGZHGRQRW
J
UDQW
DQ
\
OLFHQVHUL
J
KWRULQWHUHVWLQRXULQWHOOHFWXDO
S
UR
S
HUW
\
ٹ)RUV
S
HFLILFDWLRQ
嵣7KLVV
S
HFLILFDWLRQ
J
XDUDQWHHVWKH
T
XDOLW
\
DQG
S
HUIRUPDQFHRIWKH
S
URGXFWDVLQGLYLGXDOFRP
S
RQHQWV
7KHGXUDELOLW
\
GLIIHUVGH
S
HQGLQ
J
RQWKHHQYLURQPHQWDQGWKHFRQGLWLRQVRIXVD
J
H
%HIRUHXVHFKHFNDQGHYDOXDWHWKHLUFRP
S
DWLELOLW
\
ZLWKDFWXDOFRQGLWLRQVZKHQLQVWDOOHGLQWKH
S
URGXFWV
:KHQVDIHW
\
UH
T
XLUHPHQWVFDQQRWEHVDWLVILHGLQ
\
RXUWHFKQLFDOH[DPLQDWLRQLQIRUPXVLPPHGLDWHO
\
嵣'RQRWXVHWKH
S
URGXFWVEH
\
RQGWKHV
S
HFLILFDWLRQVGHVFULEHGLQWKLVGRFXPHQW
ٹ8
S
RQD
SS
OLFDWLRQWR
S
URGXFWVZKHUHVDIHW
\
LVUH
J
DUGHGDVLP
S
RUWDQW
,QVWDOOWKHIROORZLQ
J
V
\
VWHPVIRUDIDLOVDIHGHVL
J
QWRHQVXUHVDIHW
\
LIWKHVH
S
URGXFWVDUHWREHXVHGLQ
H
T
XL
S
PHQWZKHUHDGHIHFWLQWKHVH
S
URGXFWVPD
\
FDXVHWKHORVVRIKXPDQOLIHRURWKHUVL
J
QLILFDWLRQGDPD
J
H
VXFKDVGDPD
J
HWRYHKLFOHV
DXWRPRELOHWUDLQYHVVHO
WUDIILFOL
J
KWVPHGLFDOH
T
XL
S
PHQWDHURV
S
DFHH
T
XL
S
PHQW
HOHFWULFKHDWLQ
J
D
SS
OLDQFHVFRPEXVWLRQ
J
DVH
T
XL
S
PHQWURWDWLQ
J
URWDWLQ
J
H
T
XL
S
PHQWDQGGLVDVWHUFULPH
S
UHYHQWLRQH
T
XL
S
PHQW
7KHV
\
VWHPLVH
T
XL
SS
HGZLWKD
S
URWHFWLRQFLUFXLWDQG
S
URWHFWLRQGHYLFH
7KHV
\
VWHPLVH
T
XL
SS
HGZLWKDUHGXQGDQWFLUFXLWRURWKHUV
\
VWHPWR
S
UHYHQWDQXQVDIHVWDWXVLQWKHHYHQW
RIDVLQ
J
OHIDXOW
ٹ&RQGLWLRQVRIXVH
嵣%HIRUHXVLQ
J
WKH
S
URGXFWVFDUHIXOO
\
FKHFNWKHHIIHFWVRQWKHLU
T
XDOLW
\
DQG
S
HUIRUPDQFHDQGGHWHUPLQHG
岜ZKHWKHURUQRWWKH
\
FDQEHXVHG7KHVH
S
URGXFWVDUHGHVL
J
QHGDQGPDQXIDFWXUHGIRU
J
HQHUDO
S
XU
S
RVHDQG
岜VWDQGDUGXVHLQ
J
HQHUDOHOHFWURQLFH
T
XL
S
PHQW7KHVH
S
URGXFWVDUHQRWLQWHQGHGIRUXVHLQWKHIROORZLQ
J
V
S
HFLDO
岜FRQGLWLRQV
,QOL
T
XLGVXFKDV:DWHU2LO&KHPLFDOVRU2U
J
DQLFVROYHQW
,QGLUHFWVXQOL
J
KWRXWGRRUVRULQGXVW
,QYD
S
RUVXFKDVGHZFRQGHQVDWLRQZDWHURIUHVLVWLYHHOHPHQWRUZDWHUOHDND
J
HVDOW
\
DLURUDLUZLWKD
KL
J
KFRQFHQWUDWLRQFRUURVLYH
J
DVVXFKDV&O+61+62RU12[
,QDQHQYLURQPHQWZKHUHVWURQ
J
VWDWLFHOHFWULFLW
\
RUHOHFWURPD
J
QHWLFZDYHVH[LVW
0RXQWLQ
J
RU
S
ODFLQ
J
KHDW
J
HQHUDWLQ
J
FRP
S
RQHQWVRULQIODPPDEOHVVXFKDVYLQ
\
OFRDWHGZLUHVQHDU
WKHVH
S
URGXFWV
6HDOLQ
J
RUFRDWLQ
J
RIWKHVH
S
URGXFWVRUD
S
ULQWHGFLUFXLWERDUGRQZKLFKWKHVH
S
URGXFWVDUHPRXQWHG
ZLWKUHVLQDQGRWKHUPDWHULDO
8VLQ
J
UHVROYHQWZDWHURUZDWHUVROXEOHFOHDQHUIRUIOX[FOHDQLQ
J
D
J
HQWDIWHUVROGHULQ
J

,Q
S
DUWLFXODU
ZKHQXVLQ
J
ZDWHURUDZDWHUVROXEOHFOHDQLQ
J
D
J
HQWEHFDUHIXOQRWWROHDYHZDWHUUHVLGXHV
8VLQ
J
LQWKHDWPRV
S
KHUHZKHUHVWUD
\
VDFLGRUDONDOLQH
8VLQ
J
LQWKHDWPRV
S
KHUHZKHUHWKHUHDUHH[FHVVLYHYLEUDWLRQDQGVKRFN
嵣3OHDVHDUUDQ
J
HFLUFXLWGHVL
J
QIRU
S
UHYHQWLQ
J
LP
S
XOVHRUWUDQVLWLRQDOYROWD
J
H
岜'RQRWD
SS
O
\
YROWD
J
HZKLFKH[FHHGVWKHIXOOUDWHGYROWD
J
HZKHQWKHFD
S
DFLWRUVUHFHLYHLP
S
XOVHYROWD
J
H
岜LQVWDQWDQHRXVKL
J
KYROWD
J
HKL
J
K
S
XOVHYROWD
J
HHWF
嵣2XU
S
URGXFWVWKHUHLVD
S
URGXFWDUHXVLQ
J
DQHOHFWURO
\
WHVROXWLRQ7KHUHIRUHPLVXVHFDQUHVXOWLQUD
S
LG
岜GHWHULRUDWLRQRIFKDUDFWHULVWLFVDQGIXQFWLRQVRIHDFK
S
URGXFW(OHFWURO
\
WHOHDND
J
HGDPD
J
HV
S
ULQWHGFLUFXLWDQG
DIIHFWV
S
HUIRUPDQFHFKDUDFWHULVWLFVDQGIXQFWLRQVRIFXVWRPHUV
\
VWHP
1RWLFHV
,WHPVWREHREVHUYHG
2FW
$OXPLQXP(OHFWURO\WLF&DSDFLWRUV5DGLDOOHDG7\SH
&LUFXLWGHVL
J
Q
2SHUDWLQJWHPSHUDWXUHDQGIUHTXHQF\
(OHFWULFDOFKDUDFWHULVWLFVRIWKHFDSDFLWRUDUHOLNHO\WRFKDQJHGXHWRYDULDWLRQLQWHPSHUDWXUHDQGRUIUHTXHQF\
&LUFXLWGHVLJQHUVVKRXOGWDNHWKHVHFKDQJHVLQWRFRQVLGHUDWLRQ
(IIHFWVRIRSHUDWLQJWHPSHUDWXUHRQHOHFWULFDOSDUDPHWHUV
$WKLJKHUWHPSHUDWXUHV OHDNDJHFXUUHQWDQGFDSDFLWDQFHLQFUHDVHZKLOHHTXLYDOHQWVHULHVUHVLVWDQFH
(65GHFUHDVHV
$WORZHUWHPSHUDWXUHV OHDNDJHFXUUHQWDQGFDSDFLWDQFHGHFUHDVHZKLOHHTXLYDOHQWVHULHVUHVLVWDQFH
(65LQFUHDVHV
(IIHFWVRIIUHTXHQF\RQHOHFWULFDOSDUDPHWHUV
$WKLJKHUIUHTXHQFLHV FDSDFLWDQFHDQGLPSHGDQFHGHFUHDVHZKLOHWDQGLQFUHDVHV
$WORZHUIUHTXHQFLHV KHDWJHQHUDWHGE\ULSSOHFXUUHQWZLOOULVHGXHWRDQLQFUHDVHLQHTXLYDOHQW
VHULHVUHVLVWDQFH(65
2SHUDWLQJWHPSHUDWXUHDQGOLIHH[SHFWDQF\
([SHFWHGOLIHLVDIIHFWHGE\RSHUDWLQJWHPSHUDWXUH*HQHUDOO\HDFK&UHGXFWLRQLQWHPSHUDWXUHZLOO
GRXEOHWKHH[SHFWHGOLIH8VHFDSDFLWRUVDWWKHORZHVWSRVVLEOHWHPSHUDWXUHEHORZWKHXSSHUFDWHJRU\
WHPSHUDWXUH
,IRSHUDWLQJWHPSHUDWXUHVH[FHHGWKHXSSHUFDWHJRU\OLPLWUDSLGGHWHULRUDWLRQRIHOHFWULFDOSDUDPHWHU
ZLOORFFXUDQGLUUHYHUVLEOHGDPDJHZLOOUHVXOW
&KHFNIRUWKHPD[LPXPFDSDFLWRURSHUDWLQJWHPSHUDWXUHVLQFOXGLQJDPELHQWWHPSHUDWXUHLQWHUQDO
FDSDFLWRUWHPSHUDWXUHULVHGXHWRULSSOHFXUUHQWDQGWKHHIIHFWVRIUDGLDWHGKHDWIURPSRZHUWUDQVLVWRUV
,&VRUUHVLVWRUV
$YRLGSODFLQJFRPSRQHQWVZKLFKFRXOGFRQGXFWKHDWWRWKHFDSDFLWRUIURPWKHEDFNVLGHRIWKHFLUFXLWERDUG
7KHIRUPXODIRUFDOFXODWLQJH[SHFWHGOLIHDWORZHURSHUDWLQJWHPSHUDWXUHVLVDVIROORZV
/ /¼
/؟*XDUDQWHHGOLIHKDWWHPSHUDWXUH7&
/؟([SHFWHGOLIHKDWWHPSHUDWXUH7&
7؟8SSHUFDWHJRU\WHPSHUDWXUHWHPSHUDWXUHULVHGXHWRUDWHGULSSOHFXUUHQW&
7؟$FWXDORSHUDWLQJWHPSHUDWXUHDPELHQWWHPSHUDWXUHWHPSHUDWXUHULVHGXHWRULSSOHFXUUHQW&
8VLQJWKHFDSDFLWRUEH\RQGWKHHVWLPDWHGOLIHWLPHZLOOUHVXOWLQVKRUWFLUFXLWHOHFWURO\WHOHDNYHQWRSHQ
DQGODUJHGHWHULRUDWLRQRIFKDUDFWHULVWLFV7KHOLIHWLPHFDQQRWJRDERYH\HDUVGXHWRDJLQJRIVHDOLQJUXEEHU
&RPPRQDSSOLFDWLRQFRQGLWLRQVWRDYRLG
7KHIROORZLQJPLVDSSOLFDWLRQORDGFRQGLWLRQVZLOOFDXVHUDSLGGHWHULRUDWLRQRIDFDSDFLWRUbVHOHFWULFDOSDUDPHWHUV
,QDGGLWLRQUDSLGKHDWLQJDQGJDVJHQHUDWLRQZLWKLQWKHFDSDFLWRUFDQRFFXUFDXVLQJWKHSUHVVXUHUHOLHIYHQW
WRRSHUDWHDQGUHVXOWDQWOHDNDJHRIHOHFWURO\WH8QGHUH[WUHPHFRQGLWLRQVH[SORVLRQDQGILUHLJQLWLRQFRXOGUHVXOW
7KHOHDNHGHOHFWURO\WHLVFRPEXVWLEOHDQGHOHFWULFDOO\FRQGXFWLYH
5HYHUVHYROWDJH
'&FDSDFLWRUVKDYHSRODULW\7KHUHIRUHSOHDVHGRQRWDSSO\WKHUHYHUVHYROWDJH9HULI\FRUUHFWSRODULW\
EHIRUHLQVHUWLRQ
)RUFLUFXLWVZLWKFKDQJLQJRUXQFHUWDLQSRODULW\XVH'&ELSRODUFDSDFLWRUV'&ELSRODUFDSDFLWRUVDUHQRW
VXLWDEOHIRUXVHLQ$&FLUFXLWV
&KDUJH'LVFKDUJHDSSOLFDWLRQV
6WDQGDUGFDSDFLWRUVDUHQRWVXLWDEOHIRUXVHLQUHSHDWLQJFKDUJHGLVFKDUJHDSSOLFDWLRQV)RUFKDUJH
GLVFKDUJHDSSOLFDWLRQVFRQVXOWXVZLWK\RXUDFWXDODSSOLFDWLRQFRQGLWLRQ
)RUUXVKFXUUHQWSOHDVHWRQRUH[FHHG$
212))FLUFXLW
'RQRWXVHFDSDFLWRUVLQFLUFXLWZKHUH212))VZLWFKLQJLVUHSHDWHGPRUHWKDQWLPHVSHUGD\
,QFDVHRIDSSO\LQJWRWKHWKHVHV212))FLUFXLWFRQVXOWZLWKXVDERXWFLUFXLWFRQGLWLRQDQGVRRQ
2FW
岜岜$SSOLFDWLRQJXLGHOLQHVق5DGLDOOHDG7\SHك
77

岜
$OXPLQXP(OHFWURO\WLF&DSDFLWRUV5DGLDOOHDG7\SH
2YHUYROWDJH
'RQRWDSSO\YROWDJHVH[FHHGLQJWKHPD[LPXPVSHFLILHGUDWHGYROWDJH9ROWDJHVXSWRWKHVXUJHYROWDJH
UDWLQJDUHDFFHSWDEOHIRUVKRUWSHULRGVRIWLPH
(QVXUHWKDWWKHVXPRIWKH'&YROWDJHDQGWKHVXSHULPSRVHG$&ULSSOHYROWDJHGRHVQRWH[FHHGWKH
UDWHGYROWDJH
5LSSOHFXUUHQW
'RQRWDSSO\ULSSOHFXUUHQWVH[FHHGLQJWKHPD[LPXPVSHFLILHGYDOXH)RUKLJKULSSOHFXUUHQWDSSOLFDWLRQV
XVHDFDSDFLWRUGHVLJQHGIRUKLJKULSSOHFXUUHQWV,QDGGLWLRQFRQVXOWXVLIWKHDSSOLHGULSSOHFXUUHQWLVWR
EHKLJKHUWKDQWKHPD[LPXPVSHFLILHGYDOXH(QVXUHWKDWUDWHGULSSOHFXUUHQWVWKDWVXSHULPSRVHGRQORZ
'&ELDVYROWDJHVGRQRWFDXVHUHYHUVHYROWDJHFRQGLWLRQV
(YHQLILWLVZLWKLQDUDWHGULSSOHFXUUHQWLQFDVHWKHSUDFWLFDOXVHLVRYHUWKHSUHGHVFULEHGHQGXUDQFH
OLIHWLPHLWFDXVHVWKHLQFUHDVHRIGHWHULRUDWLRQRI(65FKDUDFWHULVWLFDQGWKHLQWHUQDOJHQHUDWLRQKHDWE\
ULSSOHFXUUHQW'XHWRWKLVWKHUHLVVRPHSRVVLELOLW\RIYHQWRSHQEXOJLQJRIVOHHYHDQGUXEEHUHOHFWURO\WH
OHDNDJHDQGVKRWFLUFXLWH[SORVLRQDQGLJQLWLRQLQWKHZRUVWFDVH
8VLQ
J
WZRRUPRUHFD
S
DFLWRUVLQ
S
DUDOOHO
&DSDFLWRUVFRQQHFWHGLQSDUDOOHO
7KHFLUFXLWUHVLVWDQFHFDQFORVHO\DSSUR[LPDWHWKHVHULHVUHVLVWDQFHRIWKHFDSDFLWRUFDXVLQJDQLPEDODQFHRI
ULSSOHFXUUHQWORDGVZLWKLQWKHFDSDFLWRUV&DUHIXOZLULQJPHWKRGVFDQPLQLPL]HWKHSRVVLEOHDSSOLFDWLRQRIDQ
H[FHVVLYHULSSOHFXUUHQWWRDFDSDFLWRU
&DSDFLWRUVFRQQHFWHGLQVHULHV
'LIIHUHQFHVLQQRUPDO'&OHDNDJHFXUUHQWDPRQJFDSDFLWRUVFDQFDXVHYROWDJHLPEDODQFHV
7KHXVHRIYROWDJHGLYLGHUVKXQWUHVLVWRUVZLWKFRQVLGHUDWLRQWROHDNDJHFXUUHQWVFDQSUHYHQWFDSDFLWRU
YROWDJHLPEDODQFHV
127(3OHDVHGRQRWXVHLQWKHVHULHVLQWKHFDVHRIFRQGXFWLYHSRO\PHUK\EULGDOXPLQXPHOHFWURO\WLFFDSDFLWRU
&DSDFLWRUPRXQWLQJFRQVLGHUDWLRQV
'RXEOHVLGHGFLUFXLWERDUGV
$YRLGZLULQJSDWWHUQUXQVZKLFKSDVVEHWZHHQWKHPRXQWHGFDSDFLWRUDQGWKHFLUFXLWERDUG
:KHQGLSSLQJLQWRDVROGHUEDWKDQH[FHVVVROGHUPD\GHSRVLWXQGHUWKHFDSDFLWRUE\FDSLOODU\DFWLRQ
FDXVLQJVKRUWFLUFXLWEHWZHHQDQRGHDQGFDWKRGHWHUPLQDOV
&LUFXLW%RDUG+ROH3RVLWLRQLQJ
7KHYLQ\OVOHHYHRIWKHFDSDFLWRUFDQEHGDPDJHGLIVROGHUSDVVHVWKURXJKDOHDGKROHLQWRWKHVXEVHTXHQWO\
SURFHVVHGSDUWV
6SHFLDOFDUHZKHQORFDWLQJKROHSRVLWLRQVLQSUR[LPLW\WRFDSDFLWRUVLVUHFRPPHQGHG
&LUFXLW%RDUG+ROH6SDFLQJ
7KHVSDFLQJRIFLUFXLWERDUGKROHVVKRXOGPDWFKWKHOHDGZLUHVSDFLQJRIFDSDFLWRUVZLWKLQWKHVSHFLILHG
WROHUDQFHV,QFRUUHFWVSDFLQJFDQFDXVHDQH[FHVVLYHOHDGZLUHVWUHVVGXULQJWKHLQVHUWLRQSURFHVV
7KLVPD\UHVXOWLQSUHPDWXUHFDSDFLWRUIDLOXUHGXHWRWKHVKRUWRURSHQFLUFXLWLQFUHDVHGOHDNDJHFXUUHQW
RUHOHFWURO\WHOHDNDJH
&OHDUDQFHIRUFDVHPRXQWHGSUHVVXUHUHOLHI
&DSDFLWRUVZLWKFDVHPRXQWHGSUHVVXUHUHOLHIUHTXLUHVXIILFLHQWFOHDUDQFHWRDOORZIRUSURSHUSUHVVXUH
UHOLHIRSHUDWLRQ
7KHPLQLPXPFOHDUDQFHDUHGHSHQGHQWRQFDSDFLWRUGLDPHWHUVDVIROORZV
'LDPPWR'LDPPPPPLQLPXP'LDPPPPPLQLPXP
:LULQJQHDUWKHSUHVVXUHUHOLHI
$YRLGORFDWLQJKLJKYROWDJHRUKLJKFXUUHQWZLULQJRUFLUFXLWERDUGSDWKVDERYHWKHSUHVVXUHUHOLHI
)ODPPDEOHKLJKWHPSHUDWXUHJDVWKDWH[FHHGV&PD\EHUHOHDVHGZKLFKFRXOGGLVVROYHWKHZLUH
LQVXODWLRQDQGLJQLWH
&LUFXLWERDUGSDWWHUQVXQGHUWKHFDSDFLWRU
$YRLGFLUFXLWERDUGUXQVXQGHUWKHFDSDFLWRUDVDQHOHFWULFDOVKRUWFDQRFFXUGXHWRDQHOHFWURO\WHOHDNDJH
3OHDVHQRWHWKHUHVRQDQWDIWHUSURGXFWLPSOHPHQWDWLRQ
7KHYLFLQLW\RIWKHUHVRQDQWSRLQWZLOOWDNHDKHDY\ORDGRQWKHFDSDFLWRU
&DSDFLWRUVFDQFDXVHUDSLGFKDQJHLQFKDUDFWHULVWLFVDQGGURSRXWE\WKLVORDG
(OHFWULFDOLVRODWLRQRIWKHFDSDFLWRU
&RPSOHWHO\LVRODWHWKHFDSDFLWRUDVIROORZV
%HWZHHQWKHFDWKRGHDQGWKHFDVHDQGEHWZHHQWKHDQRGHWHUPLQDODQGRWKHUFLUFXLWSDWKV
2FW
$OXPLQXP(OHFWURO\WLF&DSDFLWRUV5DGLDOOHDG7\SH
&DSDFLWRU6OHHYH
7KHYLQ\OVOHHYHRUODPLQDWHFRDWLQJLVLQWHQGHGIRUPDUNLQJDQGLGHQWLILFDWLRQSXUSRVHVDQGLVQRWPHDQWWR
HOHFWULFDOO\LQVXODWHWKHFDSDFLWRU
7KHVOHHYHPD\VSOLWRUFUDFNLILPPHUVHGLQWRVROYHQWVVXFKDVWROXHQHRU[\OHQHDQGWKHQVXEVHTXHQWO\
H[SRVHGWRKLJKWHPSHUDWXUHV
&D
S
DFLWRUKDQGOLQ
J
WHFKQL
T
XHV
&RQVLGHUDWLRQVEHIRUHXVLQJ
&DSDFLWRUVKDYHDILQLWHOLIH'RQRWUHXVHRUUHF\FOHFDSDFLWRUVIURPXVHGHTXLSPHQW
7UDQVLHQWUHFRYHU\YROWDJHPD\EHJHQHUDWHGLQWKHFDSDFLWRUGXHWRGLHOHFWULFDEVRUSWLRQ
,IUHTXLUHGWKLVYROWDJHFDQEHGLVFKDUJHGZLWKDUHVLVWRUZLWKDYDOXHRIDERXWN
&DSDFLWRUVVWRUHGIRUDORQJSHULRGRIWLPHPD\H[KLELWDQLQFUHDVHLQOHDNDJHFXUUHQW
7KLVFDQEHFRUUHFWHGE\JUDGXDOO\DSSO\LQJUDWHGYROWDJHLQVHULHVZLWKDUHVLVWRURIDSSUR[LPDWHO\N
,IFDSDFLWRUVDUHGURSSHGWKH\FDQEHGDPDJHGPHFKDQLFDOO\RUHOHFWULFDOO\$YRLGXVLQJGURSSHG
FDSDFLWRUV
'HQWHGRUFUXVKHGFDSDFLWRUVVKRXOGQRWEHXVHG
7KHVHDOLQWHJULW\FDQEHGDPDJHGDQGORVVRIHOHFWURO\WHVKRUWHQHGOLIHFDQUHVXOW
&DSDFLWRULQVHUWLRQ
9HULI\WKHFRUUHFWFDSDFLWDQFHDQGUDWHGYROWDJHRIWKHFDSDFLWRU
9HULI\WKHFRUUHFWSRODULW\RIWKHFDSDFLWRUEHIRUHLQVHUWLRQ
9HULI\WKHFRUUHFWWHUPLQDOGLPHQVLRQDQGODQGSDWWHUQVL]HEHIRUHPRXQWWRDYRLGVWUHVVRQWKHWHUPLQDOV
(QVXUHWKDWWKHOHDGFOLQFKLQJRSHUDWLRQGRQHE\DXWRLQVHUWLRQHTXLSPHQWVGRHVQRWVWUHVVWKHFDSDFLWRUOHDGV
ZKHUHWKH\HQWHUWKHVHDORIWKHFDSDFLWRU
)ORZ6ROGHULQJ
'RQRWLPPHUVHWKHFDSDFLWRUERG\LQWRWKHVROGHUEDWKDVH[FHVVLYHLQWHUQDOSUHVVXUHFRXOGUHVXOW
$SSO\SURSHUVROGHULQJFRQGLWLRQVWHPSHUDWXUHWLPHHWF'RQRWH[FHHGWKHVSHFLILHGOLPLWV
'RQRWDOORZRWKHUSDUWVRUFRPSRQHQWVWRWRXFKWKHFDSDFLWRUGXULQJVROGHULQJ
5DGLDOOHDGW\SHFDSDFLWRUVDUHQRWDOORZHGIRUWKHUHIORZVROGHULQJ
0DQXDOVROGHULQJ
$SSO\VROGHULQJFRQGLWLRQVWHPSHUDWXUHDQGWLPHEDVHGRQWKHVSHFLILFDWLRQRUGRQRWH[FHHGWHPSHUDWXUH
RI٦IRUVHFRQGVRUOHVV
,IOHDGZLUHVPXVWEHPRGLILHGWRPHHWWHUPLQDOERDUGKROHVSDFLQJDYRLGVWUHVVRQWKHOHDGZLUHZKHUHLW
HQWHUVWKHFDSDFLWRUVHDO
,IDVROGHUHGFDSDFLWRUPXVWEHUHPRYHGDQGUHLQVHUWHGDYRLGH[FHVVLYHVWUHVVRQWKHFDSDFLWRUOHDGV
$YRLGSK\VLFDOFRQWDFWVEHWZHHQWKHWLSRIWKHVROGHULQJLURQDQGFDSDFLWRUVWRSUHYHQWPHOWLQJRIWKHYLQ\OVOHHYH
2WKHU6ROGHULQJ&RQVLGHUDWLRQV
5DSLGWHPSHUDWXUHULVHGXULQJWKHSUHKHDWRSHUDWLRQDQGUHVLQERQGLQJRSHUDWLRQFDQFDXVHFUDFNLQJRIWKH
FDSDFLWRUbVYLQ\OVOHHYH
)RUKHDWFXULQJGRQRWH[FHHG&IRUWKHPD[LPXPWLPHRIPLQXWHV
&DSDFLWRUKDQGOLQJDIWHUVROGHULQJ
$YRLGPRYLQJWKHFDSDFLWRUDIWHUVROGHULQJWRSUHYHQWH[FHVVLYHVWUHVVRQWKHOHDGZLUHVZKHUHWKH\HQWHU
WKHVHDO7KHFDSDFLWRUPD\EUHDNIURPHOHPHQWSRUWLRQGXHWRDWRUTXHDWRXWHUULPFDXVLQJDODUJHVWUHVV
WRWHUPLQDOV
'RQRWXVHWKHFDSDFLWRUDVDKDQGOHZKHQPRYLQJWKHFLUFXLWERDUGDVVHPEO\7KHWRWDOZHLJKWRIWKH
ERDUGZRXOGDSSO\WRHOHPHQWSRUWLRQWKURXJKWHUPLQDOVDQGWKHFDSDFLWRUPD\EUHDN
$YRLGVWULNLQJWKHFDSDFLWRUDIWHUDVVHPEO\WRSUHYHQWIDLOXUHGXHWRH[FHVVLYHVKRFN7KHFDSDFLWRUPD\
EUHDNGXHWRH[FHVVLYHVKRFNRUORDGDERYHVSHFLILHGUDQJH
&LUFXLWERDUGFOHDQLQJ
&LUFXLWERDUGVFDQEHLPPHUVHGRUXOWUDVRQLFDOO\FOHDQHGXVLQJVXLWDEOHFOHDQLQJVROYHQWVIRUXSWR
PLQXWHVDQGXSWR&PD[LPXPWHPSHUDWXUHV7KHERDUGVVKRXOGEHWKRURXJKO\ULQVHGDQGGULHG
7KHXVHRIR]RQHGHSOHWLQJFOHDQLQJDJHQWVLVQRWUHFRPPHQGHGIRUWKHSXUSRVHRISURWHFWLQJRXU
HQYLURQPHQW
岧7DUJHWVROYHQW岨
3LQH$OSKD676$TXD&OHDQHU6(3&OHDQWKUX+/06XQHOHF%
6XQHOHF%&ROG&OHDQHU37HFKQR&OHDQHU'.%HFOHDU&:
7HOSHQH&OHDQHU(&57HFKQRFDUH)5:)5:)59
2FW
$OXPLQXP(OHFWURO\WLF&DSDFLWRUV5DGLDOOHDG7\SH
$YRLGXVLQJWKHIROORZLQJVROYHQWJURXSVXQOHVVVSHFLILFDOO\DOORZHGLQWKHVSHFLILFDWLRQ
D+DORJHQDWHGFOHDQLQJVROYHQWV؟H[FHSWIRUVROYHQWUHVLVWDQWFDSDFLWRUW\SHVKDORJHQDWHGVROYHQWVFDQ
SHUPHDWHWKHVHDODQGFDXVHLQWHUQDOFDSDFLWRUFRUURVLRQDQGIDLOXUH
)RUVROYHQWUHVLVWDQWFDSDFLWRUVFDUHIXOO\IROORZWKHWHPSHUDWXUHDQGWLPHUHTXLUHPHQWVEDVHGRQWKH
VSHFLILFDWLRQWULFKORURHWKDQHVKRXOGQHYHUEHXVHGRQDQ\DOXPLQXPHOHFWURO\WLFFDSDFLWRU
E$ONDOLQHVROYHQWV ؟FRXOGUHDFWDQGGLVVROYHWKHDOXPLQXPFDVH
F3HWUROHXPEDVHGVROYHQWV ؟GHWHULRUDWLRQRIWKHUXEEHUVHDOFRXOGUHVXOW
G;\OHQH ؟GHWHULRUDWLRQRIWKHUXEEHUVHDOFRXOGUHVXOW
H$FHWRQH ؟UHPRYDORIWKHLQNPDUNLQJVRQWKHYLQ\OVOHHYHFRXOGUHVXOW
$WKRURXJKGU\LQJDIWHUFOHDQLQJLVUHTXLUHGWRUHPRYHUHVLGXDOFOHDQLQJVROYHQWVWKDWPD\EHWUDSSHG
EHWZHHQWKHFDSDFLWRUDQGWKHFLUFXLWERDUG$YRLGGU\LQJWHPSHUDWXUHVZKLFKH[FHHGWKHXSSHUFDWHJRU\
WHPSHUDWXUHRIWKHFDSDFLWRU
0RQLWRUWKHFRQWDPLQDWLRQOHYHOVRIWKHFOHDQLQJVROYHQWVGXULQJXVHLQWHUPVRIHOHFWULFDOFRQGXFWLYLW\
S+VSHFLILFJUDYLW\RUZDWHUFRQWHQW
&KORULQHOHYHOVFDQULVHZLWKFRQWDPLQDWLRQDQGDGYHUVHO\DIIHFWWKHSHUIRUPDQFHRIWKHFDSDFLWRU
&RQWUROWKHIOX[GHQVLW\LQWKHFOHDQLQJDJHQWWREHOHVVWKDQPDVV
'HSHQGLQJRQWKHFOHDQLQJPHWKRGWKHPDUNLQJRQDFDSDFLWRUPD\EHHUDVHGRUEOXUUHG
پ3OHDVHFRQVXOWXVLI\RXDUHQRWFHUWDLQDERXWDFFHSWDEOHFOHDQLQJVROYHQWVRUFOHDQLQJPHWKRGV
0RXQWLQJDGKHVLYHVDQGFRDWLQJDJHQWV
:KHQXVLQJPRXQWLQJDGKHVLYHVRUFRDWLQJDJHQWVWRFRQWUROKXPLGLW\DYRLGXVLQJPDWHULDOVFRQWDLQLQJ
KDORJHQDWHGVROYHQWV
$OVRDYRLGWKHXVHRIFKORURSUHQHEDVHGSRO\PHUV
+DUGHQRQGU\DGKHVLYHRUFRDWLQJDJHQWVZHOOOHVWWKHVROYHQWVKRXOGEHOHIW
$IWHUDSSO\LQJDGKHVLYHVRUFRDWLQJVGU\WKRURXJKO\WRSUHYHQWUHVLGXDOVROYHQWVIURPEHLQJWUDSSHGEHWZHHQ
WKHFDSDFLWRUDQGWKHFLUFXLWERDUG
)XPLJDWLRQ
,QH[SRUWLQJHOHFWURQLFDSSOLDQFHVZLWKDOXPLQXPHOHFWURO\WLFFDSDFLWRUVLQVRPHFDVHVIXPLJDWLRQWUHDWPHQW
XVLQJVXFKKDORJHQFRPSRXQGDVPHWK\OEURPLGHLVFRQGXFWHGIRUZRRGHQER[HV
,IVXFKER[HVDUHQRWGULHGZHOOWKHKDORJHQOHIWLQWKHER[LVGLVSHUVHGZKLOHWUDQVSRUWHGDQGHQWHUVLQWKH
FDSDFLWRUVLQVLGH
7KLVSRVVLEO\FDXVHVHOHFWULFDOFRUURVLRQRIWKHFDSDFLWRUV7KHUHIRUHDIWHUSHUIRUPLQJIXPLJDWLRQDQGGU\LQJ
PDNHVXUHWKDWQRKDORJHQLVOHIW
'RQbWSHUIRUPIXPLJDWLRQWUHDWPHQWWRWKHZKROHHOHFWURQLFDSSOLDQFHVSDFNHGLQDER[
/HDYHPRUHWKDQRIWKHVHDOLQJSRUWLRQRSHQDQGGRQRWFRYHUWKDWSRUWLRQZLWKDQ\DGKHVLYHVRUFRDWLQJ
)OX[
,I\RXXVHDKDORJHQW\SH&KORULQHW\SH%URPLQHW\SHHWFKLJKDFWLYLW\IOX[SOHDVHXVHLWDIWHUFRQILUPDWLRQ
LQDGYDQFHDVLWPD\KDYHDQLPSDFWRQSHUIRUPDQFHDQGUHOLDELOLW\RIWKLVSURGXFWGXHWRWKHUHVLGXHRIWKHIOX[
3UHFDXWLRQVIRUXVLQ
J
FD
S
DFLWRUV
(QYLURQPHQWDOFRQGLWLRQV
&DSDFLWRUVVKRXOGQRWEHVWRUHGRUXVHGLQWKHIROORZLQJHQYLURQPHQWV
([SRVXUHWRWHPSHUDWXUHVDERYHWKHXSSHUFDWHJRU\RUEHORZWKHORZHUFDWHJRU\WHPSHUDWXUHRIWKHFDSDFLWRU
'LUHFWFRQWDFWZLWKZDWHUVDOWZDWHURURLO
+LJKKXPLGLW\FRQGLWLRQVZKHUHZDWHUFRXOGFRQGHQVHRQWKHFDSDFLWRU
([SRVXUHWRWR[LFJDVHVVXFKDVK\GURJHQVXOILGHVXOIXULFDFLGQLWULFDFLGFKORULQHFKORULQHFRPSRXQG
EURPLQHEURPLQHFRPSRXQGRUDPPRQLD
([SRVXUHWRR]RQHUDGLDWLRQRUXOWUDYLROHWUD\V
9LEUDWLRQDQGVKRFNFRQGLWLRQVH[FHHGLQJVSHFLILHGUHTXLUHPHQWV
(YHQZLWKLQWKHV
S
HFLILHGUH
T
XLUHPHQWVDODU
J
HYLEUDWLRQDFFHOHUDWLRQPD
\
EHD
SS
OLHGGXHWRUHVRQDQFH
VREHVXUHWRHYDOXDWHDQGFRQILUPZLWKWKHDFWXDO
S
URGXFW
(OHFWULFDOSUHFDXWLRQV
$YRLGWRXFKLQJWKHWHUPLQDOVRIDFDSDFLWRUDVDSRVVLEOHHOHFWULFVKRFNFRXOGUHVXOW7KHH[SRVHG
DOXPLQXPFDVHLVQRWLQVXODWHGDQGFRXOGDOVRFDXVHHOHFWULFVKRFNLIWRXFKHG
$YRLGVKRUWFLUFXLWLQJWKHDUHDEHWZHHQWKHFDSDFLWRUWHUPLQDOVZLWKFRQGXFWLYHPDWHULDOVLQFOXGLQJOLTXLGV
VXFKDVDFLGVRUDONDOLQHVROXWLRQV
$ORZPROHFXODUZHLJKWVKLUR[DQHZKLFKLVLQFOXGHGLQDVLOLFRQPDWHULDOVKDOOFDXVHVDEQRUPDOHOHFWULFDO
FKDUDFWHULVWLFV
2FW
$OXPLQXP(OHFWURO\WLF&DSDFLWRUV5DGLDOOHDG7\SH
(PHU
J
HQF
\
S
URFHGXUHV
,IWKH
S
UHVVXUHUHOLHIRIWKHFD
S
DFLWRUR
S
HUDWHVLPPHGLDWHO
\
WXUQRIIWKHH
T
XL
S
PHQWDQGGLVFRQQHFWIURP
WKH
S
RZHUVRXUFH
7KLVZLOOPLQLPL]HDQDGGLWLRQDOGDPD
J
HFDXVHGE
\
WKHYD
S
RUL]LQ
J
HOHFWURO
\
WH
$YRLGFRQWDFWZLWKWKHHVFD
S
LQ
J
HOHFWURO
\
WH
J
DVZKLFKFDQH[FHHG&WHP
S
HUDWXUHV
,IHOHFWURO
\
WHRU
J
DVHQWHUVWKHH
\
HLPPHGLDWHO
\
IOXVKWKHH
\
HZLWKODU
J
HDPRXQWVRIZDWHU
,IHOHFWURO
\
WHRU
J
DVLVLQ
J
HVWHGE
\
PRXWK
J
DU
J
OHZLWKZDWHU
,IHOHFWURO
\
WHFRQWDFWVWKHVNLQZDVKZLWKVRD
S
DQGZDWHU
/RQ
J
WHUPVWRUD
J
H
岜/HDND
J
HFXUUHQWRIDFD
S
DFLWRULQFUHDVHVZLWKORQ
J
VWRUD
J
HWLPHV7KHDOXPLQXPR[LGHILOPGHWHULRUDWHVDVD
岜IXQFWLRQRIWHP
S
HUDWXUHDQGWLPH
岜,IXVHGZLWKRXWUHFRQGLWLRQLQ
J
DQDEQRUPDOO
\
KL
J
KFXUUHQWZLOOEHUH
T
XLUHGWRUHVWRUHWKHR[LGHILOP
岜7KLVVXU
J
HFXUUHQWFRXOGFDXVHWKHFLUFXLWRUWKHFD
S
DFLWRUWRIDLO
岜([
S
LUDWLRQGDWHLVPRQWKVIURPRXW
J
RLQ
J
LQV
S
HFWLRQGDWH
岜+RZHYHUH[
S
LUDWLRQGDWHIRUVHULHVZKLFKDUHQRWOLVWHGEHORZLVPRQWKVIURPRXW
J
RLQ
J
LQV
S
HFWLRQGDWH
)RUVWRUD
J
HFRQGLWLRQNHH
S
URRPWHP
S
HUDWXUH
&WR&
DQGKXPLGLW
\
WR
ZKHUHGLUHFW
VXQVKLQHGRHVQWUHDFK
قك(QYLURQPHQWDO&RQGLWLRQV
'RQRWVWRUHXQGHUFRQGLWLRQRXWVLGHWKHDUHDGHVFULEHGLQWKHV
S
HFLILFDWLRQDQGDOVRXQGHUFRQGLWLRQVOLVWHG
EHORZ
D
([
S
RVXUHWRWHP
S
HUDWXUHVDERYHWKHX
SS
HUFDWH
J
RU
\
RUEHORZWKHORZHUFDWH
J
RU
\
WHP
S
HUDWXUHRIWKH
FD
S
DFLWRU
E
'LUHFWFRQWDFWZLWKZDWHUVDOWZDWHURURLO
F
+L
J
KKXPLGLW
\
FRQGLWLRQVZKHUHZDWHUFRXOGFRQGHQVHRQWKHFD
S
DFLWRU
G
([
S
RVXUHWRWR[LF
J
DVHVVXFKDVK
\
GUR
J
HQVXOILGHVXOIXULFDFLGQLWULFDFLGFKORULQH&KORULQHFRP
S
RXQG
岜%URPLQH%URPLQHFRP
S
RXQGRUDPPRQLD
H
([
S
RVXUHWRR]RQHUDGLDWLRQRUXOWUDYLROHWUD
\
V
I
9LEUDWLRQDQGVKRFNFRQGLWLRQVH[FHHGLQ
J
V
S
HFLILHGUH
T
XLUHPHQWV
&D
S
DFLWRUGLV
S
RVDO
:KHQGLV
S
RVLQ
J
FD
S
DFLWRUVXVHRQHRIWKHIROORZLQ
J
PHWKRGV
,QFLQHUDWHDIWHUFUXVKLQ
J
WKHFD
S
DFLWRURU
S
XQFWXULQ
J
WKHFDQZDOO
WR
S
UHYHQWH[
S
ORVLRQGXHWRLQWHUQDO
S
UHVVXUHULVH
'LV
S
RVHDVVROLGZDVWH
127(/RFDOODZVPD
\
KDYHV
S
HFLILFGLV
S
RVDOUH
T
XLUHPHQWVZKLFKPXVWEHIROORZHG
2FW
6HULHV ([SLUDWLRQGDWH

PRQ
WK
V
I
URP
RXWJRLQJ
LQ
VSHFW
L
R
Q
GDWH
)&).+'7$73
7KHSUHFDXWLRQVLQXVLQJDOXPLQXPHOHFWURO\WLFFDSDFLWRUVIROORZWKH6DIHW\DSSOLFDWLRQJXLGH
IRUWKHXVHLQIL[HGDOXPLQXPHOHFWURO\WLFFDSDFLWRUVIRUHOHFWURQLFHTXLSPHQW5&5'
LVVXHGE\-(,7$LQ2FWREHU
3OHDVHUHIHUWRWKHDERYHDSSOLFDWLRQJXLGHIRUGHWDLOV