BOSCH SM Mega Power Silver Dishwasher
Product Information
Specifications
- Model: Dishwasher
- Instruction Manual: en
Product Usage Instructions
Registering the Product
To register your new Bosch dishwasher, please visit the website www.bosch-home.com/welcome.
Installation
Before using the dishwasher, make sure it is properly installed.
Follow the steps below:
- Read the instruction manual thoroughly.
- Ensure the dishwasher is placed on a stable surface.
- Connect the dishwasher to the water supply and drain.
- Plug in the power cord to a grounded outlet.
- Check for any leaks or loose connections.
Operating the Dishwasher
To use the dishwasher:
- Load the dishes into the appropriate racks.
- Add dishwasher detergent to the dispenser.
- Select the desired wash cycle and options.
- Press the start button to begin the wash cycle.
- Wait for the dishwasher to complete the cycle.
- Unload the clean dishes.
Cleaning and Maintenance
To keep your dishwasher in optimal condition:
- Regularly clean the filter and spray arms.
- Remove any debris from the bottom of the dishwasher.
- Wipe down the interior and exterior surfaces.
- Check for any signs of damage or wear.
FAQ
Q: How do I troubleshoot a dishwasher that is not cleaning properly?
A: If your dishwasher is not cleaning properly, try the following:
- Make sure the dishes are loaded correctly and not blocking the spray arms.
- Check the water supply for adequate pressure.
- Ensure the filter is clean and not clogged.
- Use a dishwasher cleaner to remove any buildup or residue.
Q: Can I use regular dish soap in the dishwasher?
A: No, regular dish soap should not be used in a dishwasher. It can cause excessive suds and damage the dishwasher.
Q: How often should I clean the filter?
A: It is recommended to clean the filter at least once a month to ensure optimal performance.
Register your new Bosch now: www.bosch-home.com/welcome
Dishwasher
60« 6%«
en Instruction manual
5HVHWVHF
6WDUW
7DEOHRIFRQWHQWV
HQ
,QWHQGHGXVH
6DIHWLQVWUXFWLRQV
%HIRUHRXVZLWFK21WKH DSSOLDQFH ‘HOLYHU ,QVWDOODWLRQ ,QGDLOXVH ‘RRUORFN ‘DPDJH ‘LVSRVDO
3URWHFWLRQRIWKH HQYLURQPHQW
3DFNDJLQJ 2OGDSSOLDQFHV
*HWWLQJWRNQRZRXU DSSOLDQFH
&RQWUROSDQHO $SSOLDQFHLQWHULRU
:DWHUVRIWHQLQJVVWHP 6SHFLDOVDOW
6HWWLQJ :DWHUKDUGQHVVWDEOH 8VLQJVSHFLDOVDOW ‘HWHUJHQWVZLWKVDOWFRPSRQHQW 6ZLWFKLQJRIIZDWHUVRIWHQLQJ VVWHP
5LQVHDLG
6HWWLQJDPRXQWRIULQVHDLG 6ZLWFKLQJRIIULQVHDLGUHILOO LQGLFDWRU
8WHQVLOV
1RWVXLWDEOH *ODVVDQGXWHQVLOGDPDJH /RDGLQJWKHGLVKZDVKHU 8QORDGLQJWKHGLVKZDVKHU &XSVDQGJODVVHV 3DQV &XWOHUEDVNHW (WDJHUH )ROGLQJVSLNHV 6PDOODFFHVVRULHVKROGHU .QLIHVKHOI $GMXVWLQJWKHKHLJKWRIWKH EDVNHW
‘HWHUJHQW
$GGLQJGHWHUJHQW &RPELQDWLRQGHWHUJHQW
2YHUYLHZRISURJUDPPHV
3URJUDPPHVHOHFWLRQ ,QIRUPDWLRQIRUWHVWLQVWLWXWHV
$GGLWLRQDORSWLRQV
([SUHVV:DVK6SHHG3HUIHFW 9DULR6SHHG +DOIORDG +JLHQH ,QWHQVLYH]RQH ([WUDGULQJ
2SHUDWLQJWKHDSSOLDQFH
3URJUDPPHGDWD $TXDVHQVRU 6ZLWFKLQJRQWKHDSSOLDQFH
HQ ,QWHQGHGXVH
5HPDLQLQJUXQQLQJWLPHGLVSOD 7LPHUSURJUDPPLQJ (QGRISURJUDPPH 6ZLWFKLQJRIIDXWRPDWLFDOODIWHU WKHHQGRIWKHSURJUDPPH 6ZLWFKLQJRIIWKHDSSOLDQFH ,QWHUUXSWLQJWKHSURJUDPPH 7HUPLQDWLQJWKHSURJUDPPH &KDQJLQJWKHSURJUDPPH ,QWHQVLYHGULQJ
&OHDQLQJDQGPDLQWHQDQFH
2YHUDOOFRQGLWLRQRIWKHPDFKLQH 6SHFLDOVDOWDQGULQVHDLG )LOWHUV 6SUDDUPV
)DXOWZKDWWRGR”
:DVWHZDWHUSXPS )DXOWWDEOH
&XVWRPHUVHUYLFH
,QVWDOODWLRQDQG FRQQHFWLRQ
3URGXFWSDFNDJH 6DIHWLQVWUXFWLRQV ‘HOLYHU 7HFKQLFDOVSHFLILFDWLRQV ,QVWDOODWLRQ :DVWHZDWHUFRQQHFWLRQ ‘ULQNLQJZDWHUFRQQHFWLRQ :DUPZDWHUFRQQHFWLRQ (OHFWULFDOFRQQHFWLRQ 5HPRYLQJWKHDSSOLDQFH 7UDQVSRUWDWLRQ 3URWHFWLRQDJDLQVWIURVW (PSWLQJWKHDSSOLDQFH
,QWHQGHGXVH
,QWHQGXVH
7KLVDSSOLDQFHLVLQWHQGHGIRU XVHLQWKHKRPHDQG GRPHVWLFHQYLURQPHQWV
8VHWKHGLVKZDVKHURQOLQ WKHKRPHDQGRQOIRULWV GHVLJQDWHGSXUSRVHIRU ZDVKLQJGRPHVWLFGLVKHV
7KLVDSSOLDQFHLVLQWHQGHGIRU XVHXSWRDPD[LPXPDOWLWXGH RIPHWUHVDERYHVHD OHYHO
6DIHWLQVWUXFWLRQV
6DIHWLQVWUFXWLQVR
7KLVDSSOLDQFHPDEHXVHGE FKLOGUHQRYHUWKHDJHRIHDUV ROGDQGESHUVRQVZLWK UHGXFHGSKVLFDOVHQVRURU PHQWDOFDSDELOLWLHVRUE SHUVRQVZLWKDODFNRI H[SHULHQFHRUNQRZOHGJHLIWKH DUHVXSHUYLVHGRUDUHLQVWUXFWHG EDSHUVRQUHVSRQVLEOHIRU WKHLUVDIHWKRZWRXVHWKH DSSOLDQFHVDIHODQGKDYH XQGHUVWRRGWKHDVVRFLDWHG KD]DUGV &KLOGUHQPXVWQRWSODZLWKRQ RUDURXQGWKHDSSOLDQFH &KLOGUHQPXVWQRWFOHDQWKH DSSOLDQFHRUFDUURXWJHQHUDO PDLQWHQDQFHXQOHVVWKHDUHDW OHDVWHDUVROGDQGDUHEHLQJ VXSHUYLVHG
.HHSFKLOGUHQEHORZWKHDJHRI HDUVROGDWDVDIHGLVWDQFH IURPWKHDSSOLDQFHDQGSRZHU FDEOH
%HIRUHRXVZLWFK21WKH DSSOLDQFH 3OHDVHUHDGWKHLQVWUXFWLRQVIRU XVHDQGLQVWDOODWLRQFDUHIXOO 7KHFRQWDLQLPSRUWDQW LQIRUPDWLRQRQKRZWRLQVWDOO XVHDQGPDLQWDLQWKHDSSOLDQFH 5HWDLQDOOGRFXPHQWVIRUODWHU XVHRUIRUWKHVXEVHTXHQW RZQHU <RXFDQGRZQORDGWKH LQVWUXFWLRQVIRUXVHIURPRXU ZHEVLWHIUHHRIFKDUJH7KH UHOHYDQW,QWHUQHWDGGUHVVFDQ EHIRXQGRYHUOHDIRQWKHVH LQVWUXFWLRQVIRUXVH
‘HOLYHU &KHFNWKHSDFNDJLQJDQG
GLVKZDVKHULPPHGLDWHOIRU GDPDJHFDXVHGLQWUDQVLW’R QRWVZLWFKRQDGDPDJHG DSSOLDQFHEXWFRQWDFWRXU VXSSOLHU 3OHDVHGLVSRVHRIWKH SDFNDJLQJPDWHULDOLQDQ HQYLURQPHQWDOOIULHQGO PDQQHU ‘RQRWOHWFKLOGUHQSODZLWK SDFNDJLQJDQGLWVSDUWV 7KHUHLVDULVNRIVXIIRFDWLRQ IURPFROODSVLEOHER[HVDQG ILOP
6DIHWLQVWUXFWLRQV HQ
,QVWDOODWLRQ )ROORZLQJLQVWDOODWLRQHQVXUH
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
HQ 6DIHWLQVWUXFWLRQV
,IWKHGLVKZDVKHULVLQVWDOOHG EHORZRUDERYHRWKHU GRPHVWLFDSSOLDQFHVIROORZ WKHLQIRUPDWLRQIRULQVWDOODWLRQ LQFRPELQDWLRQZLWK DGLVKZDVKHU LQWKHLQVWDOODWLRQLQVWUXFWLRQV IRUWKHSDUWLFXODUDSSOLDQFHV
$OVRIROORZWKHLQVWDOODWLRQ LQVWUXFWLRQVIRU WKHGLVKZDVKHUWRHQVXUH WKDWDOODSSOLDQFHVDUH RSHUDWHGVDIHO
,IWKHUHLVQRLQIRUPDWLRQRULI WKHLQVWDOODWLRQLQVWUXFWLRQV GRQRWLQFOXGH WKHDSSURSULDWHLQIRUPDWLRQ FRQWDFWWKHPDQXIDFWXUHU RIWKHVHDSSOLDQFHV WRHQVXUHWKDW WKHGLVKZDVKHUFDQEH LQVWDOOHGDERYHRUEHORZ WKHVHDSSOLDQFHV
,IRXFDQQRWREWDLQDQ LQIRUPDWLRQIURP WKHPDQXIDFWXUHURXPXVW QRWLQVWDOOWKHGLVKZDVKHU DERYHRUEHORZWKHVH DSSOLDQFHV
,IRXLQVWDOODPLFURZDYH RYHQDERYHWKHGLVKZDVKHU WKHPLFURZDYHRYHQPDEH GDPDJHG
,QVWDOOEXLOWXQGHU RULQWHJUDWDEOHDSSOLDQFHV RQOXQGHUFRQWLQXRXV ZRUNWRSVZKLFKKDYHEHHQ VFUHZHGWRDGMDFHQW FXSERDUGVWRHQVXUHVWDELOLW
‘RQRWLQVWDOOWKHDSSOLDQFH QHDUKHDWVRXUFHVUDGLDWRUV KHDWVWRUDJHWDQNVFRRNHUV RURWKHUDSSOLDQFHVZKLFK JHQHUDWHKHDWDQGGRQRW LQVWDOOXQGHUDKRE
3OHDVHQRWHWKDWWKH LQVXODWLRQPDWHULDORIWKH GLVKZDVKHUSRZHUFRUGPD PHOWQH[WWRKHDWVRXUFHV HJKHDWLQJKRWZDWHU LQVWDOODWLRQVRUKRWDSSOLDQFH SDUWV0DNHVXUHWKDWWKH SRZHUFRUGRIWKH GLVKZDVKHUQHYHUFRPHVLQWR FRQWDFWZLWKKHDWVRXUFHVRU KRWDSSOLDQFHSDUWV
$IWHULQVWDOOLQJWKHDSSOLDQFH HQVXUHWKDWWKHSOXJLVHDVLO DFFHVVLEOH 6HH(OHFWULFDOFRQQHFWLRQ
6RPHPRGHOV 7KHSODVWLFKRXVLQJRQWKH ZDWHUFRQQHFWLRQFRQWDLQV DQHOHFWULFYDOYH WKHFRQQHFWLQJFDEOHV DUHLQWKHVXSSOKRVH ‘RQRWFXWWKURXJKWKLVKRVH GRQRWLPPHUVHWKHSODVWLF KRXVLQJLQZDWHU
,QGDLOXVH 5HDGDQGREVHUYHWKHVDIHW LQIRUPDWLRQDQGLQVWUXFWLRQV IRUXVHRQWKHSDFNDJLQJ IRUFOHDQLQJDQGULQVLQJDJHQWV
&KLOGSURRIORFNGRRUORFN’RUORFN
7KHGHVFULSWLRQRIWKH FKLOGSURRIORFNLVDWWKHEDFNLQ WKHHQYHORSH
GHSHQGLQJRQPRGHO
‘DPDJH 7KHDSSOLDQFHPDEH
UHSDLUHGDQGRSHQHGXSED WHFKQLFLDQRQO7RGRWKLV GLVFRQQHFWWKHDSSOLDQFH IURPWKHSRZHUVXSSO3XOO RXWWKHPDLQVSOXJRUVZLWFK RIIWKHIXVH7XUQRIIWKHWDS ,IWKHDSSOLDQFHLVGDPDJHG HVSHFLDOOWKHIDVFLDFUDFNV KROHVEURNHQEXWWRQVRUWKH GRRUIXQFWLRQLVLPSDLUHG VWRSRSHUDWLQJWKHDSSOLDQFH 3XOORXWPDLQVSOXJRUVZLWFK RIIIXVH7XUQRIIWDSFDOO FXVWRPHUVHUYLFH
‘LVSRVDO 0DNHUHGXQGDQWDSSOLDQFHV
XQXVDEOHWRSUHYHQW VXEVHTXHQWDFFLGHQWV ‘LVSRVHRIWKHDSSOLDQFHLQD QHQYLURQPHQWDOOIULHQGO PDQQHU
6DIHWLQVWUXFWLRQV HQ
H:DUQLQJ
5LVNRILQMXU 7RSUHYHQWLQMXULHVHJ
FDXVHGEVWXPEOLQJRSHQ WKHGLVKZDVKHURQOEULHIO LQRUGHUWRORDGDQGXQORDG WKHGLVKZDVKHU .QLYHVDQGRWKHUXWHQVLOV ZLWKVKDUSSRLQWVPXVWEH SODFHGLQWKHFXWOHUEDVNHW ZLWKWKHSRLQWV GRZQZDUGVRUKRUL]RQWDOORQ WKHNQLIHVKHOI
‘RQRWOHDQRUVLW RQWKHRSHQGRRU ,QWKHFDVHRIIUHHVWDQGLQJ DSSOLDQFHVHQVXUHWKDWWKH EDVNHWVDUHQRWRYHUORDGHG ,IWKHDSSOLDQFH LVQRWLQDFDYLWDQGDVLGH SDQHOLVDFFHVVLEOHWKHGRRU KLQJHDUHDPXVWEHFRYHUHG DWWKHVLGH IRUUHDVRQVRIVDIHW ULVNRILQMXU7KHFRYHUV DUHDYDLODEOHDVRSWLRQDO DFFHVVRULHVIURPFXVWRPHU VHUYLFHRUVSHFLDOLVWRXWOHWV
GHSHQGLQJRQPRGHO
H:DUQLQJ
5LVNRIH[SORVLRQ ‘RQRWDGGDQVROYHQWV WRWKHZDVKLQJFKDPEHU ‘DQJHURIH[SORVLRQ
HQ 6DIHWLQVWUXFWLRQV
H:DUQLQJ
5LVNRIVFDOGLQJ 2SHQWKHGRRUFDUHIXOOZKHQ WKHSURJUDPPHLVVWLOOUXQQLQJ 7KHUHLVDULVNRIKRWZDWHU VSUDLQJRXWRIWKHDSSOLDQFH
H:DUQLQJ
5LVNVWRFKLOGUHQ ,IILWWHGXVHWKHFKLOGSURRI
ORFN$QH[DFWGHVFULSWLRQ FDQEH IRXQGLQWKHEDFNRIWKHHQYH ORSH ‘RQRWDOORZFKLOGUHQWRSOD ZLWKRURSHUDWH WKHDSSOLDQFH .HHSFKLOGUHQDZDIURP GHWHUJHQWVDQGULQVHDLG 7KHVHPDFDXVHFKHPLFDO EXUQVLQWKHPRXWKWKURDW DQGHHVRUDVSK[LDWLRQ .HHSFKLOGUHQDZDIURP RSHQGLVKZDVKHU7KHUHPD EHVPDOOSDUWVLQWKH GLVKZDVKHUZKLFKFKLOGUHQ FRXOGVZDOORZDQGWKHZDWHU LQVLGHWKHGLVKZDVKHULVQRW GULQNLQJZDWHUDVLWPD FRQWDLQGHWHUJHQWUHVLGXH
(QVXUHWKDWFKLOGUHQGRQRW SODFHILQJHUVLQWKHWDEOHW FROOHFWLQJWUD6PDOO ILQJHUVFRXOGEHFRPH FDXJKWLQWKHVORWV
:KHQRSHQLQJDQGFORVLQJ WKHGRRURQDQHHOHYHO DSSOLDQFHHQVXUHWKDW FKLOGUHQGRQRWEHFRPH MDPPHGRUFUXVKHGEHWZHHQ WKHDSSOLDQFHGRRUDQGWKH FXSERDUGGRRUEHORZ
&KLOGUHQFRXOGEHFRPH ORFNHGLQWKHDSSOLDQFH GDQJHURIVXIIRFDWLRQRUJHW LQWRDQRWKHUGDQJHURXV VLWXDWLRQ 5HGXQGDQWDSSOLDQFHV3XOO RXWWKHPDLQVSOXJVHYHU DQGGLVSRVHRIWKHSRZHU FRUG’HVWURWKHGRRUORFN VRWKDWWKHGRRUFDQQR ORQJHUEHFORVHG
3URWHFWLRQRIWKHHQYLURQPHQW HQ
3URWHFWLRQRIWKH
HQYLURQPHQW
3UWRHFWLQRRI WHKHQYLUQPRHQW
%RWKWKHSDFNDJLQJRIQHZDSSOLDQFHV DQGWKHROGDSSOLDQFHVWKHPVHOYHV FRQWDLQYDOXDEOHUDZPDWHULDOV DQGUHFFODEOHPDWHULDOV 3OHDVHGLVSRVHRIWKHLQGLYLGXDOSDUWV VHSDUDWHGDFFRUGLQJWRWSH 3OHDVHDVNRXUGHDOHURULQTXLUHDWRXU ORFDODXWKRULWDERXWFXUUHQWPHDQV RIGLVSRVDO
3DFNDJLQJ
$OOSODVWLFSDUWVRIWKHDSSOLDQFHDUH LGHQWLILHGZLWKLQWHUQDWLRQDOO VWDQGDUGLVHGDEEUHYLDWLRQVHJ!36 SROVWUHQH7KHUHIRUHSODVWLFZDVWH FDQEHVRUWHGRXWZKHQWKHDSSOLDQFHLV EHLQJGLVSRVHGRI 3OHDVHIROORZWKHVDIHWLQVWUXFWLRQV XQGHU´’HOLYHUµ
2OGDSSOLDQFHV
3OHDVHIROORZWKHVDIHWLQVWUXFWLRQV XQGHU´’LVSRVDORIRXUDSSOLDQFHµ
7KLVDSSOLDQFHLVODEHOOHGLQ DFFRUGDQFHZLWK(XURSHDQ ‘LUHFWLYH(8 FRQFHUQLQJXVHGHOHFWULFDODQG HOHFWURQLFDSSOLDQFHVZDVWH HOHFWULFDODQGHOHFWURQLF HTXLSPHQW:(((7KH JXLGHOLQHGHWHUPLQHVWKH IUDPHZRUNIRUWKHUHWXUQDQG UHFFOLQJRIXVHGDSSOLDQFHVDV DSSOLFDEOHWKURXJKRXWWKH(8
*HWWLQJWRNQRZRXU
DSSOLDQFH
*HWWLJQWRNQRZRXUDSOLDQFH
‘LDJUDPVRIWKHFRQWUROSDQHO DQGWKHLQWHULRURIWKHDSSOLDQFHFDQEH IRXQGLQWKHHQYHORSHDWWKHIURQW ,QGLYLGXDOSRVLWLRQVDUHUHIHUUHG WRLQWKHWH[W
&RQWUROSDQHO
212))VZLWFK ‘RRURSHQHU 3URJUDPPHVHOHFWRU # 67$57EXWWRQ + ‘LJLWDOGLVSOD 3 7LPHUSURJUDPPLQJ
; $GGLWLRQDORSWLRQV
C 5LQVHDLGUHILOOLQGLFDWRU K 6DOWUHILOOLQGLFDWRU ‘LVSOD´&KHFNZDWHUVXSSOµ
GHSHQGLQJRQPRGHO
1XPEHUGHSHQGLQJRQPRGHO
$SSOLDQFHLQWHULRU
7RSEDVNHW
.QLIHVKHOI
7DEOHWFROOHFWLQJWUD 7RSVSUDDUP % %RWWRPVSUDDUP – ‘LVSHQVHUIRUVSHFLDOVDOW 5 )LOWHUV = &XWOHUEDVNHW E %RWWRPEDVNHW M ‘LVSHQVHUIRUULQVHDLG ‘HWHUJHQWGLVSHQVHU
/RFNIRUGHWHUJHQWGLVSHQVHU 5DWLQJSODWH
GHSHQGLQJRQPRGHO
HQ :DWHUVRIWHQLQJVVWHP6SHFLDOVDOW
:DWHUVRIWHQLQJ
VVWHP6SHFLDOVDOW
:DWHUVRIWHQLJQVVWHP6SHFLDO VDOW
7RHQVXUHJRRGZDVKLQJUHVXOWV WKHGLVKZDVKHUUHTXLUHVVRIWZDWHULH FRQWDLQLQJORZDPRXQWVRIOLPH RWKHUZLVHZKLWHOLPHVFDOHZLOOEH GHSRVLWHGRQWKHXWHQVLOVDQGLQQHU FRQWDLQHU 7DSZDWHUDERYHPPROOPXVWEH VRIWHQHG7KHZDWHULVVRIWHQHGZLWK VSHFLDOVDOWUHJHQHUDWLRQ VDOWLQWKHZDWHUVRIWHQLQJ VVWHPRIWKHGLVKZDVKHU 7KHVHWWLQJDQGWKHUHIRUHWKHUHTXLUHG DPRXQWRIVDOW GHSHQGVRQWKHGHJUHHRIKDUGQHVVRI RXUWDSZDWHUVHHWDEOH
6HWWLQJ
7KHDPRXQWRIVDOWGLVSHQVHGFDQEH VHWIURP¯¯WR¯Å 6DOWLVQRWUHTXLUHGDWWKHVHW YDOXH¯¯ )LQGRXWDERXWWKHKDUGQHVVYDOXHRI
RXUWDSZDWHU<RXUZDWHUXWLOLW FRPSDQZLOOKHOSRXZLWKWKLV 6HWYDOXHFDQEHIRXQGLQWKHZDWHU KDUGQHVVWDEOH &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 3UHVVDQGKROGGRZQWKH67$57 EXWWRQ# 5RWDWHSURJUDPPHVHOHFWRU XQWLO¯LVLQGLFDWHGRQWKHGLJLWDO GLVSOD+ 5HOHDVHEXWWRQ 7KHIDFWRUVHWYDOXH¯LVOLWRQ WKHGLJLWDOGLVSOD+
7RFKDQJHWKHVHWWLQJ 5RWDWHSURJUDPPHVHOHFWRUXQWLO
WKHUHTXLUHGYDOXHLVLQGLFDWHGRQWKH GLJLWDOGLVSOD+ 3UHVV67$57EXWWRQ# 7KHVHWYDOXHLVVDYHG
:DWHUKDUGQHVVWDEOH
:DWHU +DUGQHVV KDUGQHVV UDQJH YDOXH &ODUNH
VRIW
VRIW
PHGLXP
PHGLXP
PHGLXP
KDUG
KDUG
KDUG
PPROO
6HWYDOXH RQWKH PDFKLQH
¯¯ ¯³ ¯ ¯´ ¯ ¯ ¯± ¯Å
:DWHUVRIWHQLQJVVWHP6SHFLDOVDOW HQ
8VLQJVSHFLDOVDOW
$OZDVUHILOOZLWKVSHFLDOVDOW LPPHGLDWHOEHIRUHVZLWFKLQJRQWKH DSSOLDQFH7KLVHQVXUHVWKDWRYHUUXQ VSHFLDOVDOWVROXWLRQLVLPPHGLDWHO ZDVKHGRXWDQGGRHVQRWFRUURGHWKH ULQVLQJWDQN 2SHQWKHVFUHZWSHFDSRIWKH
FRPSDUWPHQW- )LOOWKHWDQNZLWKZDWHURQOUHTXLUHG
ZKHQVZLWFKLQJRQWKHDSSOLDQFHIRU WKHILUVWWLPH 7KHQDGGGLVKZDVKHUVDOWQRWWDEOH VDOWRUWDEOHWV 7KHZDWHULVGLVSODFHGDQGUXQVRXW $VVRRQDVWKHVDOWUHILOOLQGLFDWRUK RQWKHIDVFLDLVOLWWRSXSWKHVDOW
6ZLWFKLQJRIIVDOWUHILOO LQGLFDWRUZDWHUVRIWHQLQJ VVWHP6ZLWFKLQJRIZDWHUVRIWHQLJVWHP
,IWKHVDOWUHILOOLQGLFDWRUKLVLPSDLUHG HJZKHQXVLQJFRPELQHGGHWHUJHQWV FRQWDLQLQJVDOWFRPSRQHQWLWFDQEH VZLWFKHGRII 3URFHHGDVGHVFULEHGXQGHU
´$GMXVWLQJWKHZDWHUVRIWHQLQJ VVWHPµDQGVHWWKHYDOXHWR¯¯ 7KHZDWHUVRIWHQLQJVVWHPDQGVDOW UHILOOLQGLFDWRUDUHQRZVZLWFKHGRII
H &DXWLRQ
1HYHUILOOWKHVDOWGLVSHQVHUZLWK GHWHUJHQW<RXZLOOGHVWURWKHZDWHU VRIWHQLQJVVWHP
GHSHQGLQJRQPRGHO
8VLQJGHWHUJHQWVZLWKVDOW FRPSRQHQW’HWUJHQWVZLWKVDOWFRPSRQHW
,IFRPELQHGGHWHUJHQWVZLWKDVDOW FRPSRQHQWDUHXVHGVDOWFDQXVXDOOEH RPLWWHGXSWRDZDWHUKDUGQHVVRI G+I+&ODUNHPPRO O,IWKHZDWHUKDUGQHVVLVRYHUG+ VSHFLDOVDOWPXVWEHXVHG
HQ 5LQVHDLG
5LQVHDLG
5LVQHDLG
$VVRRQDVWKHULQVHDLGUHILOO LQGLFDWRUCLVOLWRQWKHIDVFLDWKHUH LVVWLOODULQVHDLGUHVHUYHRIULQVLQJ SURFHVVHV5HILOOZLWKULQVHDLG 7KHULQVHDLGLVUHTXLUHGIRUVWDLQIUHH XWHQVLOVDQGFOHDUJODVVHV8VHRQO ULQVHDLGIRUGRPHVWLFGLVKZDVKHUV &RPELQHGGHWHUJHQWVZLWKULQVHDLG FRPSRQHQWPDEHXVHGXSWRDZDWHU KDUGQHVVRIG+I+ &ODUNHPPROORQO,I WKHZDWHUKDUGQHVVLVRYHUG+ ULQVHDLGPXVWEHXVHG 2SHQWKHGLVSHQVHUMESUHVVLQJ
DQGOLIWLQJWKHSODWHRQWKHFRYHU
2
1
&DUHIXOOSRXUULQVHDLGXS WRWKHPD[PDUNLQWKHILOOHURSHQLQJ
&ORVHFRYHUXQWLOLWFOLFNVVKXW 7RSUHYHQWH[FHVVLYHIRDPIRUPDWLRQ
GXULQJWKHQH[WULQVHFFOHUHPRYH DQULQVHDLGZKLFKKDVUXQRYHUZLWK DFORWK
6HWWLQJDPRXQWRIULQVHDLG
7KHDPRXQWRIULQVHDLGFDQEHVHWIURP ¯¯WR¯±3OHDVHVHWULQVHDLGRQ ¯WRREWDLQYHUJRRGGULQJUHVXOWV ¯LVDOUHDGVHWLQIDFWRU &KDQJHWKLVVHWWLQJRQOLIVWUHDNV VHOHFWORZHUVHWWLQJRUZDWHUVWDLQV VHOHFWKLJKHUVHWWLQJDUHOHIWRQWKH XWHQVLOV &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 3UHVVDQGKROGGRZQWKH67$57
EXWWRQ# 5RWDWHSURJUDPPHVHOHFWRU
XQWLO¯VLQGLFDWHGRQWKHGLJLWDO GLVSOD+ 5HOHDVHEXWWRQ 7KHIDFWRUVHWYDOXH¯LVOLWRQ WKHGLJLWDOGLVSOD+ 7RFKDQJHWKHVHWWLQJ 5RWDWHSURJUDPPHVHOHFWRUXQWLO WKHUHTXLUHGYDOXHLVLQGLFDWHGRQWKH GLJLWDOGLVSOD+ 3UHVV67$57EXWWRQ# 7KHVHWYDOXHLVVDYHG
6ZLWFKLQJRIIULQVHDLGUHILOO LQGLFDWRU
,IWKHULQVHDLGUHILOOLQGLFDWRUCLV
PD[
LPSDLUHGHJZKHQXVLQJFRPELQHG
GHWHUJHQWVFRQWDLQLQJULQVHDLG
FRPSRQHQWLWFDQEHVZLWFKHGRII
3URFHHGDVGHVFULEHGXQGHU´6HWWLQJ DPRXQWRIULQVHDLGµDQGVHWWKH YDOXHWR¯¯
7KHULQVHDLGUHILOOLQGLFDWRUCLVQRZ VZLWFKHGRII
8WHQVLOV
8WHQVLOV
1RWVXLWDEOH
&XWOHUDQGXWHQVLOVPDGHRIZRRG ‘HOLFDWHGHFRUDWLYHJODVVHVFUDIW
DQGDQWLTXHXWHQVLOV7KHVHGHFRUV DUHQRWGLVKZDVKHUSURRI 3ODVWLFSDUWVQRWUHVLVWDQWWRKHDW &RSSHUDQGWLQXWHQVLOV 8WHQVLOVZKLFKDUHVRLOHGZLWKDVK ZD[OXEULFDWLQJJUHDVHRULQN $OXPLQLXPDQGVLOYHUSDUWVKDYHD WHQGHQFWRGLVFRORXUDQGIDGHGXULQJ WKHZDVKFFOH(YHQVRPHWSHVRI JODVVHJFUVWDOJODVVREMHFWVPD WXUQFORXGDIWHUPDQZDVKFFOHV
*ODVVDQGXWHQVLOGDPDJH
&DXVHV *ODVVWSHDQGJODVVSURGXFWLRQ
SURFHVV &KHPLFDOFRPSRVLWLRQRIWKH
GHWHUJHQW :DWHUWHPSHUDWXUHRIWKHZDVK
SURJUDPPH 5HFRPPHQGDWLRQ 8VHRQOJODVVHVDQGSRUFHODLQ
ZKLFKWKHPDQXIDFWXUHUGHVLJQDWHV DVGLVKZDVKHUSURRI 8VHDGHWHUJHQWZKLFKSURWHFWV XWHQVLOV 7DNHJODVVDQGFXWOHURXWRIWKH GLVKZDVKHUDVVRRQDVSRVVLEOHDIWHU WKHSURJUDPPHHQGV
8WHQVLOV HQ
/RDGLQJWKHGLVKZDVKHU
5HPRYHODUJHIRRGUHPQDQWV,WLV QRWQHFHVVDUWRSUHULQVHXWHQVLOV XQGHUUXQQLQJZDWHU
3ODFHWKHXWHQVLOVVRWKDW ² WKHDUHVHFXUHDQGFDQQRWWLS RYHU ² DOOXWHQVLOVZLWKWKHLURSHQLQJV IDFHGRZQ ² SDUWVZLWKFXUYHVRULQGHQWDWLRQV DUHDWDQDQJOHWKHUHEDOORZLQJ ZDWHUWRGUDLQ ² GRHVQRWREVWUXFWURWDWLRQRIWKH WZRVSUDDUPVDQG%
9HUVPDOOXWHQVLOVVKRXOGQRWEH ZDVKHGLQWKHPDFKLQHDVWKHPDIDOO RXWRIWKHEDVNHWV
8QORDGLQJWKHGLVKZDVKHU
7RSUHYHQWZDWHUIURPGULSSLQJRIIWKH XSSHUEDVNHWRQWRWKHXWHQVLOVLQWKH ORZHUEDVNHWLWLVUHFRPPHQGHG WRHPSWWKHDSSOLDQFHIURPWKHERWWRP XS +RWXWHQVLOVDUHVHQVLWLYHWRVKRFN 7KHUHIRUHZKHQWKHSURJUDPPHHQGV OHDYHWKHXWHQVLOVWRFRROGRZQLQWKH GLVKZDVKHUXQWLOWKHFDQEHKDQGOHG
1RWH :KHQWKHSURJUDPPHHQGVZDWHU GURSOHWVFDQVWLOOEHVHHQLQVLGH WKHDSSOLDQFH7KLVGRHVQRWDIIHFW WKHGULQJRIWKHXWHQVLOV
HQ 8WHQVLOV
&XSVDQGJODVVHV
7RSEDVNHW
3DQV
%RWWRPEDVNHWE
1RWH 8WHQVLOVPXVWQRWEHSODFHGDERYHWKH WDEOHWFROOHFWLQJWUD7KHVHPD EORFNWKHOLGRIWKHGHWHUJHQWGLVSHQVHU DQGSUHYHQWLWIURPRSHQLQJIXOO
7LS +HDYLOVRLOHGXWHQVLOVSDQVVKRXOG EHSODFHGLQWKHERWWRPEDVNHW7KH PRUHSRZHUIXOVSUDMHWSURYLGHV DEHWWHUGLVKZDVKLQJUHVXOW
7LS 2WKHUH[DPSOHVVXFKDVWKHEHVWZD RIORDGLQJRXUGLVKZDVKHUFDQ EHIRXQGRQRXUKRPHSDJHDVDIUHH GRZQORDG7KHFRUUHVSRQGLQJ,QWHUQHW DGGUHVVFDQEHIRXQGRQWKHEDFNSDJH RIWKHVHLQVWUXFWLRQVIRUXVH
&XWOHUEDVNHW
<RXVKRXOGDOZDVSODFHFXWOHU XQVRUWHGZLWKWKHSRLQWVGRZQZDUGV 7RSUHYHQWLQMXULHVSODFHORQJSRLQWHG LPSOHPHQWVDQGNQLYHVRQWKHNQLIH VKHOI
8WHQVLOV HQ
)ROGLQJVSLNHV
)ROGLQJVSLNHV
GHSHQGLQJRQPRGHO 7KHVSLNHVFDQEHIROGHGGRZQWR LPSURYHDUUDQJHPHQWRISDQVERZOV DQGJODVVHV
1
2
(WDJHU(WDJHUH
7KHHWDJHUHDQGWKHVSDFHXQGHUQHDWK FDQEHXVHGIRUVPDOOFXSVDQGJODVVHV RUIRUODUJHULWHPVRIFXWOHUVXFKDV ZRRGHQVSRRQVRUVHUYLQJFXWOHU7KH HWDJHUHFDQEHIROGHGXSLIQRWUHTXLUHG
6PDOODFFHVVRULHVKROGHU
6PDODFHVRULHVKROGHU
GHSHQGLQJRQPRGHO /LJKWZHLJKWSODVWLFDFFHVVRULHVHJ FXSVOLGVHWFFDQEHKHOGVHFXUHOLQ WKHVPDOODFFHVVRULHVKROGHU
CLICK
1 2 3
‘HSHQGLQJRQWKHPRGHODIROG KHLJKWDGMXVWPHQWLVSRVVLEOH7RGR WKLVILUVWSODFHWKHHWDJHUHYHUWLFDOO DQGSXOOXSWKHQSODFHDWDVOLJKWDQJOH SXVKGRZQWRWKHUHTXLUHGKHLJKW RUDQGVQDSLQWRSODFH
HQ 8WHQVLOV
.QLIHVKHOI
.QLIHVKHOI
GHSHQGLQJRQPRGHO /RQJNQLYHVDQGRWKHUXWHQVLOVFDQEH DUUDQJHGKRUL]RQWDOO
$GMXVWLQJWKHKHLJKWRIWKH $GMXVWLQJWKHKHLJKWRIWKHEDVNHW EDVNHW
GHSHQGLQJRQPRGHO ,IUHTXLUHGWKHKHLJKWRIWKHXSSHU XWHQVLOVEDVNHWFDQEHDGMXVWHGWR SURYLGHPRUHVSDFHIRUWDOOXWHQVLOV HLWKHULQWKHXSSHURUORZHUEDVNHW
$SSOLDQFHKHLJKWFP
6HWWLQJPD[¡ 6HWWLQJPD[¡ 6HWWLQJPD[¡
7RSEDVNHW %RWWRP EDVNHW
FP
FP
FP FP
FP
FP
$SSOLDQFHKHLJKWFP
6HWWLQJPD[¡ 6HWWLQJPD[¡ 6HWWLQJPD[¡
7RSEDVNHW %RWWRP EDVNHW
FP
FP
FP FP
FP
FP
6HOHFWRQHRIWKHWZRIROORZLQJ SURFHGXUHVDFFRUGLQJWRWKHGHVLJQRI WKHWRSEDVNHWIRURXUDSSOLDQFHPRGHO
7RSEDVNHWZLWKVLGHOHYHUV
3XOORXWWKHWRSEDVNHWRXW 7RORZHUWKHEDVNHWSUHVVLQWKHOHIW
DQGWKHQWKHULJKWOHYHURQWKH RXWVLGHRIWKHEDVNHW,QGRLQJVR KROGWKHVLGHVRIWKHEDVNHWDORQJ WKHXSSHUHGJHWRSUHYHQWLWIURP VXGGHQOGURSSLQJ
8WHQVLOV HQ
7RSEDVNHWZLWKXSSHUDQG ORZHUUROOHUSDLUV
3XOORXWWKHWRSEDVNHWRXW 5HPRYHWKHXSSHUEDVNHWDQGUH
DWWDFKLWWRWKHXSSHUVWDJHRU ORZHUVWDJHUROOHUV
7RUDLVHWKHEDVNHWKROGWKHEDVNHW RQWKHVLGHVRIWKHXSSHUHGJHDQG OLIWLWXS
%HIRUHUHLQVHUWLQJWKHEDVNHWDJDLQ HQVXUHWKDWLWLVDWWKHVDPHKHLJKW RQERWKVLGHV2WKHUZLVHWKH DSSOLDQFHGRRUFDQQRWEHFORVHG DQGWKHXSSHUVSUDDUPZLOOQRWEH FRQQHFWHGWRWKHZDWHUFLUFXLW
HQ ‘HWHUJHQW
‘HWHUJHQW
‘HWHUHJQW
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·KHOSOLQH
H :DUQLQJ²5HDGDQGREVHUYHWKH
VDIHWLQIRUPDWLRQDQGLQVWUXFWLRQVIRU XVHRQWKHSDFNDJLQJIRUFOHDQLQJDQG ULQVLQJDJHQWV
$GGLQJGHWHUJHQW
,IWKHGHWHUJHQWGLVSHQVHULVVWLOO FORVHGSUHVVWKHORFN
WRRSHQ WKHGHWHUJHQWGLVSHQVHU 3RXUGHWHUJHQWLQWRWKHGUGHWHUJHQW GLVSHQVHURQOLQVHUWWDEOHWIODW QRWRQLWVHGJH ‘RVDJHVHHPDQXIDFWXUHU·V LQVWUXFWLRQVRQWKHSDFNDJLQJ 7KHJUDGXDWHGGHWHUJHQW GLVSHQVHUKHOSVRXDGGWKH FRUUHFWDPRXQWRISRZGHURUOLTXLG GHWHUJHQW 8VXDOOPO²PODUHDGHTXDWH IRUQRUPDOVRLOLQJ,IXVLQJWDEOHWV RQHWDEOHWLVDGHTXDWH
50 ml 25 ml 15 ml
&ORVHWKHFRYHURQWKHGHWHUJHQW GLVSHQVHUEVOLGLQJLWXSXQWLOWKH ORFNHQJDJHVZLWKRXWGLIILFXOW
&/,&.
7KHGHWHUJHQWGLVSHQVHURSHQV DXWRPDWLFDOODWWKHRSWLPXPWLPH GHSHQGLQJRQWKHSURJUDPPH 7KHSRZGHURUOLTXLGGHWHUJHQW LVGLVWULEXWHGLQWKHDSSOLDQFHDQGLV GLVVROYHGWKHWDEOHWIDOOVLQWR WKHWDEOHWFROOHFWLQJWUDZKHUHLW GLVVROYHVLQGRVHV
7LS ,IWKHXWHQVLOVDUHRQOOLJKWOVRLOHG VOLJKWOOHVVWKDQWKHLQGLFDWHGDPRXQW RIGHWHUJHQWLVXVXDOODGHTXDWH 6XLWDEOHGHWHUJHQWVDQGFDUHSURGXFWV FDQEHSXUFKDVHGRQOLQH YLDRXUZHEVLWHRUYLDFXVWRPHUVHUYLFH VHHEDFNSDJH
&RPELQDWLRQGHWHUJHQW
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
H :DUQLQJ²’RQRWSODFHVPDOOSDUWV
IRUZDVKLQJLQWKHWDEOHWFROOHFWLQJWUD WKLVSUHYHQWVWKHWDEOHWIURP GLVVROYLQJHYHQO
H :DUQLQJ²,IRXZDQWWRDGGPRUH
XWHQVLOVDIWHUWKHSURJUDPPH KDVVWDUWHGGRQRWXVHWKHWDEOHW FROOHFWLQJWUDDVDKDQGOH IRUWKHXSSHUEDVNHW7KHWDEOHWFRXOG DOUHDGEHWKHUHDQGRXZLOOWRXFK WKHSDUWLDOOGLVVROYHGWDEOHW
‘HWHUJHQW HQ
1RWHV <RXZLOOREWDLQRSWLPXPULQVLQJ
DQGGULQJUHVXOWVEXVLQJVROR GHWHUJHQWVDQGDSSOLQJVDOW DQGULQVHDLGVHSDUDWHO ,ISURJUDPPHVDUHVKRUWWDEOHWV PDQRWKDYHIXOOFOHDQLQJHIIHFW GXHWRGLIIHUHQWGLVVROYLQJSURSHUWLHV DQGWKHUHPDHYHQEHXQGLVVROYHG GHWHUJHQWUHVLGXH,WLV UHFRPPHQGHGWRXVHZDVKLQJ SRZGHUIRUWKHVHSURJUDPPHV 7KH,QWHQVLYHSURJUDPPHRQVRPH PRGHOVUHTXLUHVRQHWDERQO:KHQ XVLQJZDVKLQJSRZGHURXFDQ DSSOVRPHRIWKLVFOHDQLQJDJHQW WRWKHLQVLGHRIWKHDSSOLDQFH·VGRRU (YHQLIWKHULQVHDLGDQGRUVDOWUHILOO LQGLFDWRULVOLWWKHULQVHSURJUDPPH ZLOOUXQFRUUHFWOZLWKFRPELQHG GHWHUJHQWV ,IXVLQJGHWHUJHQWVLQDZDWHUVROXEOH SURWHFWLYHFRYHU7DNHKROGRIWKH FRYHUZLWKGUKDQGVRQODQGSXW WKHGHWHUJHQWLQWRDQDEVROXWHO GUGHWHUJHQWGLVSHQVHURQO RWKHUZLVHWKHGHWHUJHQWPDVWLFN ,IRXVZLWFKIURPFRPELQHG GHWHUJHQWVWRVRORGHWHUJHQWV HQVXUHWKDWWKHZDWHUVRIWHQLQJ VVWHPDQGDPRXQWRIULQVHDLGKDYH EHHQVHWWRWKHFRUUHFWYDOXH
HQ 2YHUYLHZRISURJUDPPHV
2YHUYLHZRISURJUDPPHV
2YHUYLHZRI USJURDPPHV
7KHPD[SRVVLEOHQXPEHURISURJUDPPHVLVLOOXVWUDWHGLQWKLVRYHUYLHZ 7KHFRUUHVSRQGLQJSURJUDPPHVDQGWKHLUDUUDQJHPHQWFDQEHIRXQGRQWKH IDVFLD
7SHRIXWHQVLOV 7SHRIVRLOLQJ
3URJUDPPH
3RVVLEOH DGGLWLRQDO RSWLRQV
DOO
,QWHQVLYH
SRWVDQGSDQV YHUDGKHVLYHEXUQHG
QRQVHQVLWLYH LQRUGULHGRQIRRG
XWHQVLOV
UHPQDQWVFRQWDLQLQJ
DQGFXWOHU
VWDUFKRUSURWHLQ
Ä DOO
1RUPDO
PL[HGXWHQVLOV DQGFXWOHU
Ä DOO
1RUPDO SDUWGULHGFRPPRQ KRXVHKROGIRRG UHPQDQWV
kj DOO
(FR
3URJUDPPHVHTXHQFH
3UHULQVH &OHDQ ,QWHUPHGLDWHULQVH )LQDOULQVH ‘ULQJ
3UHULQVH &OHDQ ,QWHUPHGLDWHULQVH )LQDOULQVH ‘ULQJ
3UHULQVH &OHDQ ,QWHUPHGLDWHULQVH )LQDOULQVH ‘ULQJ
3UHULQVH &OHDQ ,QWHUPHGLDWHULQVH )LQDOULQVH ‘ULQJ
2YHUYLHZRISURJUDPPHV HQ
VHQVLWLYHXWHQVLOV
FXWOHU WHPSHUDWXUH VHQVLWLYHSODVWLF
VOLJKWODGKHVLYH IUHVKIRRGUHPQDQWV
DQGJODVVHV
pq
*ODVV
PL[HGXWHQVLOV DQGFXWOHU
DOOWSHV RIXWHQVLOV
£ SDUWGULHGFRPPRQ
KRXVHKROGIRRG
UHPQDQWV
FROGULQVLQJ
LQWHUPHGLDWHFOHDQLQJ 3UHULQVH
,QWHQVLY=RQH ([SUHVV:DVK 6SHHG3HUIHFW 9DULR6SHHG +DOIORDG ([WUDGULQJ
([WUDGULQJ
QRQH
3UHULQVH &OHDQ ,QWHUPHGLDWHULQVH )LQDOULQVH ‘ULQJ
&OHDQ ,QWHUPHGLDWHULQVH )LQDOULQVH ‘ULQJ
3UHULQVH
3URJUDPPHVHOHFWLRQ
<RXFDQVHOHFWDVXLWDEOHSURJUDPPH DFFRUGLQJWRWKHWSHRIXWHQVLOVDQG GHJUHHRIVRLOLQJ
,QIRUPDWLRQIRUWHVWLQVWLWXWHV
7HVWLQVWLWXWHVUHFHLYHWKHLQIRUPDWLRQIRU FRPSDUDELOLWWHVWVHJDFFRUGLQJWR (1 7KHVHDUHWKHFRQGLWLRQVIRUFRQGXFWLQJ WKHWHVWVKRZHYHUWKHVHDUHQRWWKH UHVXOWVRUFRQVXPSWLRQYDOXHV 5HTXHVWEHPDLOWR GLVKZDVKHU#WHVWDSSOLDQFHVFRP 7KHSURGXFWQXPEHU(QRDQGWKH SURGXFWLRQQXPEHU)’DUHUHTXLUHG ZKLFKRXFDQILQGRQWKHUDWLQJSODWH RQWKHDSSOLDQFHGRRU
HQ $GGLWLRQDORSWLRQV
$GGLWLRQDORSWLRQV
$GLWLQDRO SWRLQVR
GHSHQGLQJRQPRGHO $GGLWLRQDORSWLRQVFDQEHVHWZLWK WKHEXWWRQV;
([SUHVV:DVK6SHHG ([SUHV:DVK6SHG3HUIHFW9DULR6SHG
3HUIHFW9DULR6SHHG
7KLVIXQFWLRQFDQUHGXFHWKHUXQQLQJ WLPHEDSSUR[WRGHSHQGLQJ RQWKHVHOHFWHGULQVHSURJUDPPH7KH FKDQJHLQWKHUXQQLQJWLPHLVLQGLFDWHG RQWKHGLJLWDOGLVSOD+7RREWDLQ RSWLPXPFOHDQLQJUHVXOWVDWDUHGXFHG UXQQLQJWLPHZDWHUDQGHQHUJ FRQVXPSWLRQDUHLQFUHDVHG
+DOIRDG
+DOIORDG
,IRXKDYHRQODIHZLWHPVWRZDVK HJJODVVHVFXSVSODWHVRXFDQ VZLWFKWR´KDOIORDGµ7KLVZLOOVDYH ZDWHUHQHUJDQGWLPH,WLV UHFRPPHQGHGWRSXWDOLWWOHOHVV GHWHUJHQWLQWKHGHWHUJHQWGLVSHQVHU WKDQIRUDIXOOORDG
²+JLHQH
+JLHQ
7KHWHPSHUDWXUHLVLQFUHDVHGGXULQJWKH FOHDQLQJSURFHVV7KLVLQFUHDVHVWKH KJLHQHVWDWXV7KLVDGGLWLRQDORSWLRQLV LGHDOIRUFOHDQLQJHJFKRSSLQJERDUGV DQGEDEERWWOHV
½,QWHQVLYH]RQH
,QWHQVLYH]RQH
3HUIHFWIRUDPL[HGORDG<RXFDQZDVK YHUVRLOHGSRWVDQGSDQVLQWKHORZHU EDVNHWWRJHWKHUZLWKQRUPDOOVRLOHG XWHQVLOVLQWKHXSSHUEDVNHW7KHVSUD SUHVVXUHLQWKHORZHUEDVNHWLV LQWHQVLILHGWKHULQVLQJWHPSHUDWXUHLV LQFUHDVHGVOLJKWO
([WUDGULQJ
([WUDGULQJ
$QLQFUHDVHGWHPSHUDWXUHGXULQJWKH ILQDOULQVHDQGDQH[WHQGHGGULQJ SKDVHHQVXUHWKDWHYHQSODVWLFSDUWVGU EHWWHU7KHUHLVDVOLJKWLQFUHDVHLQWKH HQHUJFRQVXPSWLRQ
2SHUDWLQJ
WKHDSSOLDQFH
2SHUDWLJQWHKDSOLDQFH
3URJUDPPHGDWD
7KHSURJUDPPHGDWDFRQVXPSWLRQ YDOXHVFDQEHIRXQGLQWKHVXPPDURI LQVWUXFWLRQV7KHUHIHUWRQRUPDO FRQGLWLRQVDQGWKHZDWHUKDUGQHVVVHW YDOXH¯’LIIHUHQWLQIOXHQFLQJIDFWRUV VXFKDVHJZDWHUWHPSHUDWXUHRUOLQH SUHVVXUHPDUHVXOWLQGHYLDWLRQV
$TXDVHQVRU
$TXDVHQVRU
GHSHQGLQJRQPRGHO 7KH$TXDVHQVRULVDQRSWLFDO PHDVXULQJGHYLFHOLJKWEDUULHUZKLFK PHDVXUHVWKHWXUELGLWRIWKHULQVLQJ ZDWHU 7KH$TXDVHQVRULVXVHGDFFRUGLQJWR WKHSURJUDPPH,IWKH$TXDVHQVRULV DFWLYH´FOHDQµULQVLQJZDWHUFDQEH WUDQVIHUUHGWRWKHQH[WULQVHEDWKDQG ZDWHUFRQVXPSWLRQFDQEHUHGXFHGE ²OLWUHV,IWKHWXUELGLWLVJUHDWHUWKH ZDWHULVGUDLQHGDQGLVUHSODFHGZLWK IUHVKZDWHU,QWKHDXWRPDWLF SURJUDPPHVWKHWHPSHUDWXUHDQG UXQQLQJWLPHFDQDOVREHDGMXVWHGWRWKH GHJUHHRIVRLOLQJ
2SHUDWLQJWKHDSSOLDQFH HQ
6ZLWFKLQJRQWKHDSSOLDQFH
7XUQRQWKHWDSIXOO 6ZLWFKRQ212))VZLWFK 5RWDWHSURJUDPPHVHOHFWRUWR
WKHUHTXLUHGSURJUDPPH 7KHH[SHFWHGSURJUDPPHGXUDWLRQ IODVKHVRQWKHGLJLWDOGLVSOD+ 3UHVV67$57EXWWRQ# 7KHSURJUDPPHVWDUWVUXQQLQJ
1RWH IRUHQYLURQPHQWDOOIULHQGORSHUDWLRQ RIWKHGLVKZDVKHU 7KH(FRSURJUDPPHLVD SDUWLFXODUOHQYLURQPHQWDOOIULHQGO SURJUDPPH$FFRUGLQJWR(8 UHJXODWLRQLWLVWKH ´6WDQGDUGSURJUDPPHµZKLFKLVWKH PRVWHIILFLHQWVWDQGDUGFOHDQLQJFFOH IRUFOHDQLQJQRUPDOOVRLOHGXWHQVLOVLQ WHUPVRIWKHFRPELQHGHQHUJDQG ZDWHUFRQVXPSWLRQIRUFOHDQLQJWKHVH WSHVRIXWHQVLOV
5HPDLQLQJUXQQLQJWLPH GLVSOD
:KHQWKHSURJUDPPHLVVHOHFWHGWKH UHPDLQLQJUXQQLQJWLPHRIWKH SURJUDPPHLVLQGLFDWHGRQWKHGLJLWDO GLVSOD+ 7KHUXQQLQJWLPHLVGHWHUPLQHGGXULQJ WKHSURJUDPPHEWKHZDWHU WHPSHUDWXUHWKHQXPEHURIXWHQVLOVDV ZHOODVWKHGHJUHHRIVRLOLQJDQGPD YDUGHSHQGLQJRQWKHVHOHFWHG SURJUDPPH
HQ 2SHUDWLQJWKHDSSOLDQFH
7LPHUSURJUDPPLQJ
7LPHUSURJUDPLQJ
GHSHQGLQJRQPRGHO <RXFDQGHODWKHVWDUWRIWKH SURJUDPPHLQKRXUVWHSVXSWR KRXUV &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 3UHVVEXWWRQ3XQWLOWKHGLJLWDO
GLVSOD+MXPSVWR¤¯³ 3UHVVEXWWRQ3XQWLOWKHGLVSODHG
WLPHFRUUHVSRQGVZLWKRXU UHTXLUHPHQWV 3UHVV67$57EXWWRQ#WLPHU SURJUDPPLQJLVDFWLYDWHG 7RGHOHWHWKHSUHVHOHFWHGVWDUWLQJ WLPHSUHVVWKHEXWWRQ3XQWLO¤LV LQGLFDWHGRQWKHGLJLWDOGLVSOD <RXFDQFKDQJHRXUSURJUDPPH VHOHFWLRQDWDQWLPHXQWLOWKH SURJUDPPHVWDUWV
(QGRISURJUDPPH
7KHSURJUDPPHKDVHQGHGZKHQWKH YDOXH¯¯¯LVLQGLFDWHGRQWKHQXPHULFDO GLVSOD+
6ZLWFKLQJRIIDXWRPDWLFDOO DIWHUWKHHQGRI WKHSURJUDPPH
6ZLWFKLQJRIDXWRPDWLFDODIWHUWKHQGRIWKHSURJUDPH
GHSHQGLQJRQPRGHO 7RVDYHHQHUJWKHGLVKZDVKHULV VZLWFKHGRIIPLQXWHDIWHUWKH SURJUDPPHHQGVIDFWRUVHWWLQJ $XWRPDWLFGLVFRQQHFWLRQ FDQEHDGMXVWHGIURPƯ¯WRƯ Ư¯ $SSOLDQFHGRHVQRWVZLWFKRII
DXWRPDWLFDOO Ư³ 2IIDIWHUPLQ Ư 2IIDIWHUPLQ &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 3UHVVDQGKROGGRZQWKH67$57
EXWWRQ# 5RWDWHSURJUDPPHVHOHFWRU
XQWLOƯVLQGLFDWHGRQWKHGLJLWDO GLVSOD+ 5HOHDVHEXWWRQ 7KHIDFWRUVHWYDOXHƯ³LVOLWRQ WKHGLJLWDOGLVSOD+
7RFKDQJHWKHVHWWLQJ 5RWDWHSURJUDPPHVHOHFWRUXQWLO
WKHUHTXLUHGYDOXHLVLQGLFDWHGRQWKH GLJLWDOGLVSOD+ 3UHVV67$57EXWWRQ# 7KHVHWYDOXHLVVDYHG
6ZLWFKLQJRIIWKHDSSOLDQFH
6KRUWWLPHDIWHUWKHHQGRIWKH SURJUDPPH 6ZLWFKRII212))VZLWFK 7XUQRIIWKHWDSQRWDSSOLFDEOHLI
$TXD6WRSILWWHG 5HPRYHWKHXWHQVLOVZKHQWKHKDYH
FRROHGGRZQ
1RWH :KHQWKHSURJUDPPHHQGVOHDYH WKHDSSOLDQFHWRFRROGRZQDZKLOH EHIRUHRSHQLQJLW7KLVZLOOSUHYHQW VWHDPIURPHVFDSLQJDQGFDXVLQJORQJ WHUPGDPDJHWRRXUEXLOWLQIXUQLWXUH
,QWHUUXSWLQJWKHSURJUDPPH
6ZLWFKRII212))VZLWFK 7KH/(‘VJRRXW7KHSURJUDPPHLV VDYHG ,IWKHGRRUZDVRSHQHGRQDQ DSSOLDQFHZKLFKKDVDZDUPZDWHU FRQQHFWLRQRULVKHDWHGILUVWOHDYH WKHGRRUDMDUIRUVHYHUDOPLQXWHVDQG WKHQFORVH2WKHUZLVHH[SDQVLRQ SUHVVXUHPDFDXVHWKHDSSOLDQFH GRRUWRVSULQJRSHQRUZDWHUWRUXQ RXWRIWKHDSSOLDQFH
7RFRQWLQXHWKHSURJUDPPHVZLWFK RQWKH212))VZLWFKDJDLQ
7HUPLQDWLQJWKHSURJUDPPH 7HUPLQDWLQJWKHSURJUDPH 5HVHW
3UHVV67$57EXWWRQ#IRU DSSUR[VHF 7KHQXPHULFDOGLVSOD+ LQGLFDWHV¯¯³
7KHSURJUDPPHVHTXHQFHODVWV DSSUR[PLQ2QWKHGLJLWDO GLVSOD+LVLQGLFDWHG¯¯¯
6ZLWFKRII212))VZLWFK
2SHUDWLQJWKHDSSOLDQFH HQ
&KDQJLQJWKHSURJUDPPH
:KHQWKH67$57EXWWRQ#KDVEHHQ SUHVVHGWKHSURJUDPPHFDQQRWEH FKDQJHG 7KHRQOZDDSURJUDPPHFDQEH FKDQJHGLVE&DQFHOSURJUDPPH 5HVHW
,QWHQVLYHGULQJ
7KHILQDOULQVHXVHVDKLJKHU WHPSHUDWXUHZKLFKLPSURYHVWKHGULQJ UHVXOW7KHUXQQLQJWLPHPDLQFUHDVH VOLJKWO&DXWLRQLIXWHQVLOVDUHGHOLFDWH &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 3UHVVDQGKROGGRZQWKH67$57
EXWWRQ# 5RWDWHSURJUDPPHVHOHFWRU
XQWLOʯ¯LVLQGLFDWHGRQWKHGLJLWDO GLVSOD+ 5HOHDVHEXWWRQ 7KHIDFWRUVHWYDOXHʯ¯LVOLWRQ WKHGLJLWDOGLVSOD+LQWHQVLYH GULQJRII &KDQJHWKHVHWWLQJDVIROORZV %URWDWLQJWKHSURJUDPPHVHOHFWRU RXFDQVZLWFKLQWHQVLYHGULQJ RQʯ³RURIIʯ¯ 3UHVV67$57EXWWRQ# 7KHVHWYDOXHLVVDYHG
HQ &OHDQLQJDQGPDLQWHQDQFH
&OHDQLQJDQG
PDLQWHQDQFH
&OHDQLJQDQGPDLWQHQDFH
$UHJXODULQVSHFWLRQDQGPDLQWHQDQFH RIRXUPDFKLQHZLOOKHOSWRSUHYHQW IDXOWV7KLVVDYHVWLPHDQGSUHYHQWV SUREOHPV
2YHUDOOFRQGLWLRQ RIWKHPDFKLQH
&KHFNVSUDDUPIRUJUHDVH DQGOLPHVFDOHGHSRVLWV
,IRXILQGVXFKGHSRVLWV )LOOGHWHUJHQWGLVSHQVHUZLWK
GHWHUJHQW6WDUWWKHDSSOLDQFHZLWKRXW XWHQVLOVLQWKHSURJUDPPHZLWK WKHKLJKHVWULQVLQJWHPSHUDWXUH &OHDQWKHDSSOLDQFHZLWKGHWHUJHQWV DSSOLDQFHFOHDQHUVZKLFK DUHSDUWLFXODUOVXLWDEOHIRUXVHZLWK GLVKZDVKHUV 7RH[WHQGWKHOLIHRIRXUDSSOLDQFH FOHDQWKHDSSOLDQFHUHJXODUOZLWKD VSHFLDOGLVKZDVKHUGHWHUJHQW 7RHQVXUHWKDWWKHGRRUVHDODOZDV UHPDLQVFOHDQDQGKJLHQLFUHJXODUO FOHDQLWZLWKDGDPSFORWKDQGDOLWWOH ZDVKLQJXSOLTXLG ,IWKHDSSOLDQFHLVVZLWFKHGRIIIRU DSURORQJHGSHULRGOHDYHWKHGRRU DMDUWRSUHYHQWWKHIRUPDWLRQRI DQXQSOHDVDQWRGRXU
1HYHUXVHDVWHDPFOHDQHUWRFOHDQRXU GLVKZDVKHU7KHPDQXIDFWXUHULVQRW OLDEOHIRUDQFRQVHTXHQWLDOGDPDJH 5HJXODUOZLSHWKHIURQWRIWKHDSSOLDQFH DQGIDVFLDZLWKDGDPSFORWKZDWHU DQGDOLWWOHZDVKLQJXSOLTXLG DUHDGHTXDWH’RQRWXVHVSRQJHVZLWK DURXJKVXUIDFHRUDEUDVLYHGHWHUJHQWV DVWKHVHFRXOGVFUDWFKWKHVXUIDFHV 6WDLQOHVVVWHHODSSOLDQFHV7RSUHYHQW FRUURVLRQDYRLGXVLQJVSRQJHFORWKV RUZDVKWKHPRXWWKRURXJKOVHYHUDO WLPHVEHIRUHXVLQJIRUWKHILUVWWLPH
H :DUQLQJ²+HDOWKKD]DUG
1HYHUXVHRWKHUGRPHVWLFGHWHUJHQWV HJFRQWDLQLQJFKORULQH
6SHFLDOVDOWDQGULQVHDLG
&KHFNWKHUHILOOLQGLFDWRUVKDQG C,IUHTXLUHGUHILOOVDOWDQGRU ULQVHDLG
)LOWHUV
7KHILOWHUV5NHHSODUJHIRUHLJQ REMHFWVLQWKHULQVLQJZDWHUDZDIURP WKHSXPS7KHVHIRUHLJQREMHFWVPD RFFDVLRQDOOEORFNWKHILOWHUV 7KHILOWHUVVWHPFRQVLVWVRIDFRDUVH ILOWHUDIODWILQHILOWHUDQGDPLFURILOWHU $IWHUHDFKZDVKLQJFFOHFKHFNWKH
ILOWHUVIRUUHVLGXH 8QVFUHZILOWHUFOLQGHUDVLOOXVWUDWHG
DQGWDNHRXWILOWHUVVWHP
&OHDQLQJDQGPDLQWHQDQFH HQ
6SUDDUPV
/LPHVFDOHDQGFRQWDPLQDQWVLQWKH ULQVLQJZDWHUPDEORFNQR]]OHVDQG EHDULQJVRQWKHVSUDDUPVDQG % &KHFNRXWOHWQR]]OHVRQWKHVSUD
DUPVIRUEORFNDJHV 8QVFUHZWKHXSSHUVSUDDUP 5HPRYHWKHORZHUVSUDDUP%
XSZDUGV
&OHDQVSUDDUPVXQGHUUXQQLQJ ZDWHU
5HHQJDJHRUVFUHZRQVSUDDUPV
5HPRYHDQUHVLGXHDQGFOHDQILOWHUV XQGHUUXQQLQJZDWHU
5HLQVWDOOILOWHUVVWHPLQUHYHUVH VHTXHQFHDQGHQVXUHWKDWWKHDUURZ PDUNVDUHRSSRVLWHHDFKRWKHUDIWHU FORVLQJWKHILOWHUVVWHP
HQ )DXOWZKDWWRGR”
)DXOWZKDWWRGR”
)DOXW ZKDW WRGR”
([SHULHQFHKDVVKRZQWKDWRXFDQ UHFWLIPRVWIDXOWVZKLFKRFFXULQGDLO RSHUDWLRQRXUVHOI7KLVHQVXUHVWKDW WKHPDFKLQHLVTXLFNODYDLODEOHWRRX DJDLQ,QWKHIROORZLQJRYHUYLHZRXFDQ ILQGSRVVLEOHFDXVHVRIPDOIXQFWLRQV DQGKHOSIXOLQIRUPDWLRQIRUUHFWLILQJ WKHP 1RWH ,IWKHDSSOLDQFHVWRSVGXULQJ GLVKZDVKLQJRUGRHVQRWVWDUWIRUQR REYLRXVUHDVRQILUVWUXQWKH$ERUW SURJUDPPHIXQFWLRQ5HVHW 6HHFKDSWHUHQWLWOHG´2SHUDWLQJ WKHDSSOLDQFHµ
H :DUQLQJ²’RQ·WIRUJHW5HSDLUVPD
EHFDUULHGRXWEWHFKQLFLDQVRQO,ID FRPSRQHQWKDVWREHUHSODFHGHQVXUH WKDWRQORULJLQDOVSDUHSDUWVDUHXVHG ,PSURSHUUHSDLUVRUXVHRIQRQRULJLQDO VSDUHSDUWVPDFDXVHFRQVLGHUDEOH GDPDJHDQGSXWWKHXVHUDW FRQVLGHUDEOHULVN
:DVWHZDWHUSXPS
/DUJHIRRGUHPQDQWVRUIRUHLJQREMHFWV ZKLFKZHUHQRWFDSWXUHGEWKHILOWHUV PDEORFNWKHZDVWHZDWHUSXPS7KH ULQVLQJZDWHUZLOOWKHQEHDERYH WKHILOWHU
H :DUQLQJ²5LVNRIFXWV
:KHQFOHDQLQJWKHZDVWHZDWHUSXPS HQVXUHWKDWRXGRQRWLQMXUHRXUVHOI RQSLHFHVRIEURNHQJODVVRUSRLQWHG LPSOHPHQWV
,QWKLVFDVH )LUVWDOZDVGLVFRQQHFW
WKHDSSOLDQFHIURPWKHSRZHUVXSSO 7DNHRXWWRSEDVNHWDQGERWWRP
EDVNHWE 5HPRYHWKHILOWHUV5 6FRRSRXWZDWHUXVHDVSRQJHLI
UHTXLUHG 3ULVHRXWWKHZKLWHSXPSFRYHU
DVLOOXVWUDWHGXVLQJDVSRRQ*ULS WKHFRYHURQWKHFURVVSLHFHDQGOLIW GLDJRQDOOLQZDUGV5HPRYHFRYHU FRPSOHWHO
1
&KHFNLPSHOOHUZKHHODQGUHPRYH DQIRUHLJQREMHFWV
3ODFHFRYHULQWKHRULJLQDOSRVLWLRQ DQGSUHVVGRZQXQWLOLWHQJDJHV FOLFN
2
3
&/,&.
,QVWDOOILOWHUV 5HLQVHUWEDVNHWV
)DXOWWDEOH
)DXOW ´&KHFNZDWHUVXSSOµ GLVSODOLJKWVXS
)DXOWZKDWWRGR” HQ
&DXVH
5HPHGLDODFWLRQ
6XSSOKRVHNLQNHG
,QVWDOOVXSSOKRVHZLWKRXWNLQNV
7DSWXUQHGRII
7XUQRQWKHWDS
7DSMDPPHGRUFDOFLILHG
7XUQRQWKHWDS
)ORZUDWHPXVWEHPLQOPLQ ZKHQZDWHUVXSSOLVRSHQ
)LOWHULQWKHZDWHUVXSSOEORFNHG 6ZLWFKRIIWKHDSSOLDQFHDQGSXOORXW WKHPDLQVSOXJ7XUQRIIWKHWDS8QVFUHZ ZDWHUFRQQHFWLRQ
(UURUFRGH§¯ÅLVOLW (UURUFRGH§³LVOLW
)DXOWFRGH§³LVOLW )DXOWFRGH§³LVOLW )DXOWFRGH§³±LVOLW (UURUFRGH§LVOLW (UURUFRGH§LVOLW
&OHDQILOWHULQWKHVXSSOKRVH6FUHZZDWHU FRQQHFWLRQRQDJDLQ&KHFNIRUOHDNV 5HFRQQHFWSRZHUVXSSO6ZLWFKRQ WKHDSSOLDQFH
,QWDNHRSHQLQJRQULJKWLQVLGHRI $UUDQJHXWHQVLOVVRWKDWWKHLQWDNHRSHQLQJ DSSOLDQFHFRYHUHGEXWHQVLOV LVQRWREVWUXFWHG
+HDWLQJHOHPHQWFDOFLILHGRU VRLOHG
&OHDQDSSOLDQFHZLWKGLVKZDVKHUFOHDQLQJ DJHQWRUGHVFDOHU2SHUDWHWKHGLVKZDVKHU ZLWKZDWHUVRIWHQLQJVVWHPDQGFKHFNWKH VHWWLQJVHHFKDSWHU´:DWHUVRIWHQLQJ VVWHP6SHFLDOVDOWµ
:DWHUSURWHFWLRQVVWHP DFWLYDWHG &RQVWDQWZDWHULQIORZ
7XUQRIIWDS &DOOFXVWRPHUVHUYLFHDQGPHQWLRQWKHIDXOW FRGH
)LOWHUV5DUHVRLOHGRU EORFNHG
&OHDQILOWHUV 6HH&OHDQLQJDQGPDLQWHQDQFH
:DVWHZDWHUKRVH LVEORFNHGRUNLQNHG
,QVWDOOKRVHZLWKRXWNLQNVUHPRYHDQ UHVLGXH
6LSKRQFRQQHFWLRQVWLOOVHDOHG &KHFNFRQQHFWLRQWRVLSKRQDQGRSHQLI UHTXLUHG
&RYHURQWKHZDVWHZDWHUSXPS /RFNFRYHUFRUUHFWO
ORRVH
6HH:DVWHZDWHUSXPS
HQ )DXOWZKDWWRGR”
)DXOW (UURUFRGH§LVOLW
(UURUFRGH§ÅLVOLW
$GLIIHUHQWHUURUFRGHLV LQGLFDWHGRQWKHGLJLWDO GLVSOD §¯³WR§´¯
&DXVH :DVWHZDWHUSXPSEORFNHG RUFRYHURQWKHZDVWHZDWHU SXPSLVQRWORFNHGLQSRVLWLRQ 0DLQVYROWDJHWRRORZ
$WHFKQLFDOIDXOWKDVSUREDEO RFFXUUHG
‘LVSODIODVKHV
‘RRUQRWFORVHGSURSHUO
3DXVHIXQFWLRQDFWLYDWHG
5HILOOLQGLFDWRUIRUVDOWK 1RULQVHDLG DQGRUULQVHDLGCLVOLW 1RVDOW
6HQVRUGRHVQRWGHWHFWVDOW WDEOHWV
5HILOOLQGLFDWRUIRUVDOWK 5HILOOLQGLFDWRUVZLWFKHGRII
DQGRUULQVHDLGC
LVQRWOLW
7KHUHLVVWLOOHQRXJKVSHFLDOVDOW
ULQVHDLGDYDLODEOH
:DWHULVOHIW
)LOWHUVVWHPRUDUHDXQGHU
LQWKHDSSOLDQFHDWWKHHQG WKHILOWHUV5LVEORFNHG
RIWKHSURJUDPPH
7KHSURJUDPPHKDVQRWHW
HQGHG
5HPHGLDODFWLRQ &OHDQSXPSDQGORFNFRYHUFRUUHFWO6HH :DVWHZDWHUSXPS
1RWDQDSSOLDQFHIDXOWKDYHWKHPDLQV YROWDJHDQGHOHFWULFDOLQVWDOODWLRQFKHFNHG 6ZLWFKRIIDSSOLDQFHVZLWKWKH212)) VZLWFK$IWHUDVKRUWWLPHUHVWDUW WKHDSSOLDQFH ,IWKHSUREOHPUHFXUVWXUQRIIWKHWDSDQG SXOORXWWKHPDLQVSOXJ &DOOFXVWRPHUVHUYLFHDQGPHQWLRQWKHHUURU FRGH &ORVHWKHGRRU(QVXUHWKDWQRREMHFWV XWHQVLOIUDJUDQFHGLVSHQVHUDUHSURWUXGLQJ RYHUWKHEDVNHWDQGSUHYHQWLQJWKHGRRU IURPFORVLQJ 3UHVVWKH6WDUWEXWWRQDJDLQWRFRQWLQXHWKH ULQVHSURJUDPPH
5HILOOULQVHDLG 5HILOOZLWKVSHFLDOVDOW 8VHGLIIHUHQWVSHFLDOVDOW
$FWLYDWLRQGHDFWLYDWLRQVHHFKDSWHU:DWHU VRIWHQLQJVVWHP6SHFLDOVDOWRU5LQVHDLG &KHFNUHILOOLQGLFDWRUOHYHOV
&OHDQILOWHUVDQGDUHDXQGHUQHDWKVHH :DVWHZDWHUSXPS :DLWXQWLOSURJUDPPHHQGVRUUHVHWVHH 7HUPLQDWLQJWKHSURJUDPPH
)DXOW 8WHQVLOVQRWGU
)DXOWZKDWWRGR” HQ
&DXVH 1RRUWRROLWWOHULQVHDLG LQWKHGLVSHQVHU 3URJUDPPHVHOHFWHGZLWKRXW GULQJ
:DWHUFROOHFWLQJLQGHSUHVVLRQV RQWKHXWHQVLOVDQGFXWOHU
5HPHGLDODFWLRQ 5HILOOULQVHDLG
6HOHFWSURJUDPPHZLWKGULQJVHH 2YHUYLHZRISURJUDPPHV3URJUDPPH VHTXHQFH $UUDQJHXWHQVLOVLQDVORSLQJSRVLWLRQ DUUDQJHDIIHFWHGXWHQVLOVDVVORSLQJ DVSRVVLEOH
7KHFRPELQHGGHWHUJHQWXVHG KDVDSRRUGULQJSHUIRUPDQFH
8VHGLIIHUHQWFRPELQDWLRQGHWHUJHQWZLWK EHWWHUGULQJSHUIRUPDQFH8VHRIULQVHDLG DOVRLQFUHDVHVWKHGULQJSHUIRUPDQFH
,QWHQVLYHGULQJWRLQFUHDVH GULQJQRWDFWLYDWHG
$FWLYDWHLQWHQVLYHGULQJVHH2SHUDWLQJ WKHDSSOLDQFH
8WHQVLOVZHUHUHPRYHGWRRHDUO :DLWXQWLOSURJUDPHQGVRUZDLWXQWLOPLQ
RUGULQJSURFHVVKDGQRWHQGHG DIWHUSURJUDPHQGVEHIRUHUHPRYLQJ
HW
XWHQVLOV
7KHHFRULQVHDLGXVHGKDVDSRRU 8VHDSURSULHWDUULQVHDLG(FRSURGXFWVDUH
GULQJSHUIRUPDQFH
PXFKOHVVHIIHFWLYH
3ODVWLFXWHQVLOVQRWGU 6SHFLDOSURSHUWLHVRISODVWLF
3ODVWLFKDVDORZHUKHDWVWRUDJHFDSDFLW DQGWKHUHIRUHGULHVOHVVZHOO
&XWOHUQRWGU
&XWOHUQRWDUUDQJHGSURSHUO 6HSDUDWHFXWOHULISRVVLEOHSUHYHQWFRQWDFW
LQWKHFXWOHUEDVNHW
SRLQWV
&XWOHUQRWDUUDQJHGSURSHUO $UUDQJHFXWOHUSURSHUODQGVHSDUDWHLI
LQWKHFXWOHUGUDZHU
SRVVLEOH
$SSOLDQFHLQWHULRUZHWDIWHU 1RDSSOLDQFHIDXOW ULQVHFFOH
2QDFFRXQWRIWKH´&RQGHQVDWLRQGULQJµ SULQFLSOHZDWHUGURSOHWVDUHSKVLFDOO LQGXFHGDQGUHTXLUHGLQWKHFRQWDLQHU7KH KXPLGLWLQWKHDLUFRQGHQVHVRQWKHLQQHU ZDOOVRIWKHGLVKZDVKHUGUDLQVDQGLV SXPSHGRXW
HQ )DXOWZKDWWRGR”
)DXOW )RRGUHPQDQWV RQWKHXWHQVLOV
)RRGUHPQDQWVRQWKH GLVKHVZKHQSDXVH IXQFWLRQLVXVHG
‘HWHUJHQWUHVLGXH
&DXVH
5HPHGLDODFWLRQ
8WHQVLOVSODFHGWRRFORVHO WRJHWKHUXWHQVLOVEDVNHW RYHUILOOHG
$UUDQJHXWHQVLOVZLWKDGHTXDWHFOHDUDQFH EHWZHHQWKHPHQVXULQJWKDWWKHVSUDMHWV FDQUHDFKWKHVXUIDFHRIWKHXWHQVLOV 3UHYHQWFRQWDFWSRLQWV
6SUDDUPURWDWLRQREVWUXFWHG $UUDQJHXWHQVLOVVRWKDWWKHVSUDDUPFDQ URWDWHZLWKRXWREVWUXFWLRQ
6SUDDUPQR]]OHVEORFNHG
&OHDQWKHVSUDDUPQR]]OHV
6HH&OHDQLQJDQGPDLQWHQDQFH
)LOWHUV5GLUW
&OHDQILOWHUVVHH&OHDQLQJDQG PDLQWHQDQFH
)LOWHUV5LQVHUWHGLQFRUUHFWO ,QVHUWDQGHQJDJHILOWHUVFRUUHFWO DQGRUQRWHQJDJHG
5LQVHSURJUDPPHWRRZHDN
6HOHFWDPRUHLQWHQVLYHULQVHSURJUDPPH
8WHQVLOVSUHFOHDQHGWRRLQWHQVHO ‘RQRWSUHULQVHXWHQVLOV5HPRYHRQOODUJH
VHQVRUVWKHUHIRUHGHFLGHRQ IRRGUHPQDQWV
ZHDNSURJUDPPHVHTXHQFH 6WXEERUQVRLOLQJFDQQRWEH FRPSOHWHOUHPRYHG
5HFRPPHQGHGSURJUDPPH(FRRU ,QWHQVLYH
7DOOQDUURZUHFHSWDFOHVLQFRUQHU ‘RQRWSODFHKROORZUHFHSWDFOHVWRR DUHDVDUHQRWULQVHGDGHTXDWHO REOLTXHODQGGRQRWSODFHLQWKHFRUQHU
DUHD
7RSEDVNHWRQULJKWDQGOHIW 6HWWRSEDVNHWWRVDPHKHLJKWXVLQJVLGH
QRWVHWWRVDPHKHLJKW
OHYHUV
‘LVKHVDGGHGWRRODWH
2QOLQWHUUXSWWKHULQVHSURJUDPPHLQWKH LQLWLDOSKDVHWRDGGPRUHGLVKHV
‘HWHUJHQWGLVSHQVHUFRYHU
‘HWHUJHQWGLVSHQVHUFRYHUPXVWQRWEH
EORFNHGEXWHQVLOVDQGWKHUHIRUH REVWUXFWHGEXWHQVLOV
GRHVQRWRSHQIXOO
‘RQRWSODFHXWHQVLOVRUIUDJUDQFHGLVSHQVHU
LQWKHWDEOHWFROOHFWLQJWUD
‘HWHUJHQWGLVSHQVHUFRYHU EORFNHGEWKHWDEOHW
7DEOHWPXVWEHLQVHUWHGIODWDQGQRWXSULJKW
7DEOHWVXVHGLQWKHTXLFNRUVKRUW ‘LVVROYLQJWLPHRIWDEOHWVWRRORQJIRU
SURJUDPPH
DTXLFNRUVKRUWSURJUDPPH
‘LVVROYLQJWLPHRIWKHGHWHUJHQW 8VHDGHWHUJHQWSRZGHURUVHOHFWDPRUH LVQRWUHDFKHGLQWKHVHOHFWHG LQWHQVLYHSURJUDPPH VKRUWSURJUDPPH
:DVKLQJHIIHFWDQGGLVVROYLQJ SHUIRUPDQFHDUHUHGXFHGDIWHU DSURORQJHGVWRUDJHWLPHRU GHWHUJHQWLVYHUOXPS
&KDQJHGHWHUJHQW
)DXOWZKDWWRGR” HQ
)DXOW
&DXVH
5HPHGLDODFWLRQ
:DWHUVWDLQVRQSODVWLF SDUWV
‘URSOHWIRUPDWLRQRQSODVWLF
8VHDPRUHLQWHQVLYHSURJUDPPHPRUH
VXUIDFHLVSKVLFDOOXQDYRLGDEOH ZDWHUFKDQJHV
$IWHUGULQJZDWHUVWDLQVDUH YLVLEOH
$UUDQJHXWHQVLOVLQDVORSLQJSRVLWLRQ 8VHULQVHDLG
,IUHTXLUHGLQFUHDVHVRIWHQLQJVHWWLQJ
:DVKDEOHRUZDWHUVROXEOH ‘HWHUJHQWVXEVWDQFHVDUH
&KDQJHGHWHUJHQWEUDQG
FRDWLQJVLQWKHFRQWDLQHURU RQWKHGRRU
GHSRVLWHG7KHVHFRDWLQJVFDQQRW XVXDOOEHUHPRYHGZLWK
&OHDQDSSOLDQFHPHFKDQLFDOO
FKHPLFDOVDSSOLDQFHFOHDQHU
,IWKHUHLVD´ZKLWHFRDWLQJµRQ WKHFRQWDLQHUIORRUWKHZDWHU VRIWHQLQJVVWHPKDVEHHQVHW PDUJLQDOO
,QFUHDVHVRIWHQLQJVHWWLQJDQGFKDQJH GHWHUJHQWLIUHTXLUHG
6DOWGLVSHQVHUFRYHU-QRW &ORVHVDOWGLVSHQVHUFRYHUFRUUHFWO FORVHG
2QOIRUJODVVHV,QLWLDOJODVV 6HH*ODVVDQGXWHQVLOGDPDJH FRUURVLRQ²FDQRQODSSDUHQWO EHZLSHGRII
:KLWHVWXEERUQFRDWLQJV OLPHVFDOHRQWKHXWHQVLOV FRQWDLQHURUGRRU
‘HWHUJHQWVXEVWDQFHVDUH
&KDQJHGHWHUJHQWEUDQG
GHSRVLWHG7KHVHFRDWLQJVFDQQRW XVXDOOEHUHPRYHGZLWK
&OHDQDSSOLDQFHPHFKDQLFDOO
FKHPLFDOVDSSOLDQFHFOHDQHU
+DUGQHVVUDQJHLQFRUUHFWOVHWRU 6HWZDWHUVRIWHQLQJVVWHPDFFRUGLQJ ZDWHUKDUGQHVVJUHDWHUWKDQ WRLQVWUXFWLRQVIRUXVHRUWRSXSVDOW PPROO
LQGHWHUJHQWRUELRHFR GHWHUJHQWQRWHIIHFWLYHHQRXJK
6HWZDWHUVRIWHQLQJVVWHPDFFRUGLQJ WRLQVWUXFWLRQVIRUXVHRUXVHVHSDUDWH GHWHUJHQWVSURSULHWDUGHWHUJHQWVDOWULQVH DLG
8QGHUGRVLQJRIGHWHUJHQW
,QFUHDVHGHWHUJHQWGRVDJHRUFKDQJH GHWHUJHQW
7RRZHDNULQVHSURJUDPPH VHOHFWHG
6HOHFWDPRUHLQWHQVLYHULQVHSURJUDPPH
7HDRUOLSVWLFNUHVLGXHRQ 7RRORZULQVLQJWHPSHUDWXUH WKHXWHQVLOV
6HOHFWSURJUDPPHZLWKKLJKHUZDVKLQJ WHPSHUDWXUH
7RROLWWOHRUXQVXLWDEOHGHWHUJHQW 8VHVXLWDEOHGHWHUJHQWDWFRUUHFWGRVDJH
8WHQVLOVSUHFOHDQHGWRRLQWHQVHO ‘RQRWSUHULQVHXWHQVLOV5HPRYHRQOODUJH
VHQVRUVWKHUHIRUHGHFLGHRQ IRRGUHPQDQWV
ZHDNSURJUDPPHVHTXHQFH 6WXEERUQVRLOLQJFDQQRWEH
5HFRPPHQGHGSURJUDPPH(FR
FRPSOHWHOUHPRYHG
HQ )DXOWZKDWWRGR”
)DXOW
&DXVH
5HPHGLDODFWLRQ
&RORXUHGEOXHHOORZ )LOPIRUPDWLRQFRQVLVWLQJ
&DQEHSDUWOUHPRYHGZLWKPDFKLQH
EURZQGLIILFXOWWRUHPRYH RILQJUHGLHQWVIURPYHJHWDEOHV FOHDQHURUEPHFKDQLFDOFOHDQLQJ&RDWLQJV
WRQRQUHPRYDEOHFRDWLQJV HJFDEEDJHFHOHUSRWDWRHV DUHKDUPOHVV
LQWKHDSSOLDQFHRURQ
QRRGOHVRUWKHWDSZDWHUHJ
VWDLQOHVVVWHHOXWHQVLOV PDQJDQHVH
)LOPIRUPDWLRQFDXVHGEPHWDOOLF &DQEHSDUWOUHPRYHGZLWKPDFKLQH
FRPSRQHQWVRQVLOYHURU
FOHDQHURUEPHFKDQLFDOFOHDQLQJ
DOXPLQLXPXWHQVLOV
&RORXUHGHOORZRUDQJH EURZQHDVLOUHPRYDEOH GHSRVLWVLQVLGH WKHDSSOLDQFHPDLQO LQWKHIORRUDUHD
)LOPIRUPDWLRQFRQVLVWLQJ
&KHFNIXQFWLRQRIWKHZDWHUVRIWHQLQJ
RILQJUHGLHQWVIURPIRRG
VVWHPUHILOOZLWKVDOWRULIXVLQJFRPELQHG
UHPQDQWVDQGVXEVWDQFHVIURP GHWHUJHQWVWDEOHWVDFWLYDWHZDWHU
WKHWDSZDWHUOLPHVFDOH´VRDSµ VRIWHQLQJVVWHPVHHFKDSWHU:DWHU
VRIWHQLQJVVWHP6SHFLDOVDOW
‘LVFRORXUDWLRQRIWKH SODVWLFSDUWVLQVLGHWKH DSSOLDQFH
3ODVWLFSDUWVLQVLGHWKHDSSOLDQFH ‘LVFRORXUDWLRQLVQRUPDODQGZLOOQRWLPSDLU PDEHFRPHGLVFRORXUHGGXULQJ WKHIXQFWLRQRIWKHGLVKZDVKHU WKHVHUYLFHOLIHRIWKHGLVKZDVKHU
3ODVWLFSDUWVGLVFRORXUHG 7RRORZULQVLQJWHPSHUDWXUH
6HOHFWSURJUDPPHZLWKKLJKHUZDVKLQJ WHPSHUDWXUH
8WHQVLOVSUHFOHDQHGWRRLQWHQVHO ‘RQRWSUHULQVHXWHQVLOV5HPRYHRQOODUJH
VHQVRUVWKHUHIRUHGHFLGHRQ IRRGUHPQDQWV
ZHDNSURJUDPPHVHTXHQFH 6WXEERUQVRLOLQJFDQQRWEH
5HFRPPHQGHGSURJUDPPH(FR
FRPSOHWHOUHPRYHG
5HPRYDEOHVWUHDNVRQ JODVVHVJODVVHVZLWK PHWDOOLFDSSHDUDQFHDQG FXWOHU
7RRPXFKULQVHDLG
6HWULQVHDLGDPRXQWWRORZHUVHWWLQJ
1RULQVHDLGDGGHGRUVHWWLQJWRR $GGULQVHDLGDQGFKHFNGRVDJH
ORZ
UHFRPPHQGHGVHWWLQJ
‘HWHUJHQWUHVLGXHLQWKHILQDO ULQVHSURJUDPPHVHFWLRQ ‘HWHUJHQWGLVSHQVHUFRYHU EORFNHGEXWHQVLOVFRYHUGRHV QRWRSHQIXOO
‘HWHUJHQWGLVSHQVHUFRYHUPXVWQRWEH REVWUXFWHGEXWHQVLOV ‘RQRWSODFHXWHQVLOVRUIUDJUDQFHGLVSHQVHU LQWKHWDEOHWFROOHFWLQJWUD
8WHQVLOVSUHFOHDQHGWRRLQWHQVHO ‘RQRWSUHULQVHXWHQVLOV5HPRYHRQOODUJH
VHQVRUVWKHUHIRUHGHFLGHRQ IRRGUHPQDQWV
ZHDNSURJUDPPHVHTXHQFH 6WXEERUQVRLOLQJFDQQRWEH
5HFRPPHQGHGSURJUDPPH(FR
FRPSOHWHOUHPRYHG
)DXOWZKDWWRGR” HQ
)DXOW ,QLWLDORUH[LVWLQJ LUUHYHUVLEOHFORXGLQJ RIJODVV
5XVWVSRWVRQWKHFXWOHU
7KHDSSOLDQFHGRHVQRW VWDUW
3URJUDPPHVWDUWV DXWRPDWLFDOO $SSOLDQFHFDQQRWEHVHW KDUGQHVVILQDOULQVH 7KHGRRULVGLIILFXOW WRRSHQ ‘RRUFDQQRWEHFORVHG
&DXVH
5HPHGLDODFWLRQ
*ODVVHVQRWGLVKZDVKHUSURRI RQOVXLWDEOHIRUGLVKZDVKHU
8VHGLVKZDVKHUSURRIJODVVHV $YRLGORQJVWHDPSKDVHVWDQGLQJWLPHDIWHU ZDVKFFOHHQGV
8VHZDVKFFOHDWORZHUWHPSHUDWXUH
6HWZDWHUVRIWHQLQJVVWHPDFFRUGLQJWRWKH ZDWHUKDUGQHVVLIUHTXLUHGRQHVHWWLQJ ORZHU
8VHGHWHUJHQWZLWKJODVVSURWHFWLRQ FRPSRQHQW
&XWOHUQRWDGHTXDWHOUXVW UHVLVWDQW.QLIHEODGHVDUH IUHTXHQWOPRUHVHYHUHO DIIHFWHG
8VHFRUURVLRQUHVLVWDQWFXWOHU
&XWOHUZLOODOVRUXVWLIUXVWLQJ ‘RQRWZDVKUXVWLQJSDUWV SDUWVDUHULQVHGDWWKHVDPHWLPH SDQKDQGOHVGDPDJHGXWHQVLO EDVNHWVHWF
6DOWFRQWHQWLQWKHULQVLQJZDWHU WRRKLJKDVVDOWGLVSHQVHUORFN QRWIDVWHQHGILUPORUVDOWZDV VSLOOHGZKLOHEHLQJUHILOOHG
)DVWHQVDOWGLVSHQVHUORFNILUPORUUHPRYH VSLOOHGVDOW
7KHPDLQVIXVHKDVWULSSHG
&KHFNPDLQVIXVH
3RZHUFRUGQRWLQVHUWHG
(QVXUHWKDWWKHSRZHUFRUGLVSOXJJHGDOO WKHZDLQWRWKHEDFNRIWKHDSSOLDQFHDQG LQWRWKHVRFNHW&KHFNWKDWWKHVRFNHW IXQFWLRQV
7KHDSSOLDQFHGRRUKDVQRWEHHQ &ORVHWKHGRRU VKXWSURSHUO
3DXVHIXQFWLRQLVDFWLYH
3UHVVWKH6WDUWEXWWRQ#
<RXGLGQRWZDLWXQWLOSURJUDPPH 3HUIRUPUHVHW
HQGHG
6HH7HUPLQDWLQJWKHSURJUDPPH
$SSOLDQFHLVLQWKHSURJUDPPH 3HUIRUPUHVHWVHH7HUPLQDWLQJ
$SSOLDQFHFDQEHVHWDWWKHVWDUW WKHSURJUDPPHDQGVHWWKHDSSOLDQFH
RIWKHSURJUDPPHRQO
DFFRUGLQJWRWKHLQVWUXFWLRQVIRUXVH
&KLOGSURRIORFNLVDFWLYDWHG
‘HDFWLYDWHFKLOGSURRIORFN6HHLQVWUXFWLRQV IRUXVHDWWKHEDFN
‘RRUORFNKDVEHHQDFWLYDWHG &ORVHGRRUZLWKLQFUHDVHGIRUFH
‘RRUFDQQRWEHFORVHGGXHWR LQVWDOODWLRQ
&KHFNDSSOLDQFHLQVWDOODWLRQ’RRURU DWWDFKHGSDUWVPXVWFORVHZLWKRXW REVWUXFWLRQ
HQ )DXOWZKDWWRGR”
)DXOW
&DXVH
5HPHGLDODFWLRQ
&RYHURQWKHGHWHUJHQW GLVSHQVHUFDQQRWEH FORVHG
‘HWHUJHQWGLVSHQVHURUFRYHU 5HPRYHGHWHUJHQWUHVLGXH JXLGHEORFNHGEVWLFNGHWHUJHQW UHVLGXH
‘HWHUJHQWUHVLGXH LQWKHGHWHUJHQWGLVSHQVHU RULQWKHWDEOHWFROOHFWLQJ WUD
6SUDDUPVEORFNHGEXWHQVLOV WKHUHIRUHGHWHUJHQWLVQRWULQVHG RXW 7KHGHWHUJHQWGLVSHQVHUZDV GDPSZKHQILOOHG
(QVXUHWKDWWKHVSUDDUPVFDQURWDWHIUHHO 3RXUGHWHUJHQWLQWRWKHGUGHWHUJHQW GLVSHQVHURQO
$SSOLDQFHVWRSV LQWKHSURJUDPPHRU SURJUDPPHLVLQWHUUXSWHG
‘RRUQRWFORVHGSURSHUO
&ORVHWKHGRRU
‘RQRWSODFHXWHQVLOVRUIUDJUDQFH &KHFNZKHWKHUUHDUSDQHOLVEHLQJSUHVVHG
GLVSHQVHULQWKHWDEOHWFROOHFWLQJ LQHJEVRFNHWRUEKRVHKROGHUZKLFK
WUD
KDVQRWEHHQUHPRYHG
7RSEDVNHWSUHVVHVDJDLQVWLQQHU GRRUDQGSUHYHQWVGRRUIURP EHLQJFORVHGVHFXUHO
3RZHUDQGRUZDWHUVXSSO LQWHUUXSWHG
5HVWRUHSRZHUDQGRUZDWHUVXSSO
)LOOLQJYDOYHVPDNLQJ VWULNLQJQRLVHV
‘HSHQGVRQGRPHVWLFLQVWDOODWLRQ 1RUHPHGLDODFWLRQSRVVLEOH DVDSSOLDQFHLVQRWGHIHFWLYH1R HIIHFWRQDSSOLDQFHIXQFWLRQ
.QRFNLQJRUUDWWOLQJQRLVH 6SUDDUPVWULNHVWKHXWHQVLOV 3RVLWLRQXWHQVLOVVRWKDWWKHVSUDDUPVGR XWHQVLOVQRWSRVLWLRQHGFRUUHFWO QRWVWULNHWKHXWHQVLOV
,IWKHUHLVDORZORDGWKHZDWHU MHWVVWULNHWKHZDVKLQJWDQN GLUHFWO
/RDGWKHDSSOLDQFHZLWKPRUHXWHQVLOVRU GLVWULEXWHWKHXWHQVLOVPRUHHYHQO LQWKHGLVKZDVKHU
/LJKWXWHQVLOVPRYHGXULQJ WKHZDVKFFOH
$UUDQJHOLJKWXWHQVLOVVHFXUHO
8QXVXDOIRDPIRUPDWLRQ +DQGZDVKOLTXLGLQWKHULQVHDLG ,PPHGLDWHOUHILOOULQVHDLGGLVSHQVHUZLWK
GLVSHQVHU
ULQVHDLG
5LQVHDLGVSLOOHG
5HPRYHULQVHDLGZLWKDFORWK
GHSHQGLQJRQPRGHO
&XVWRPHUVHUYLFH HQ
&XVWRPHUVHUYLFH
&XVWPRHU VHUYLFH
,IRXDUHXQDEOHWRUHFWLIWKHIDXOW SOHDVHFRQWDFWRXUFXVWRPHUVHUYLFH :HDOZDVILQGDVXLWDEOHVROXWLRQHYHQ WRDYRLGXQQHFHVVDUYLVLWV EWHFKQLFLDQV&RQWDFWLQIRUPDWLRQ IRURXUQHDUHVWFXVWRPHUVHUYLFHFDQ EHIRXQGRQWKHEDFNRIWKHVH LQVWUXFWLRQVIRUXVHRURQWKHHQFORVHG FXVWRPHUVHUYLFHOLVW:KHQFDOOLQJ SOHDVHVWDWHWKHDSSOLDQFHQXPEHU( 1U DQGWKHSURGXFWLRQQXPEHU )’ ZKLFKFDQEHIRXQGRQWKH UDWLQJSODWHRQWKHDSSOLDQFHGRRU
(1U
)’
5HORQWKHFRPSHWHQFHRIWKHPDQXID FWXUHU&RQWDFWXV<RXFDQWKHUHIRUHEH VXUHWKDWWKHUHSDLULVFDUULHGRXW EWUDLQHGVHUYLFHWHFKQLFLDQVZKRFDUU RULJLQDOVSDUHSDUWVIRURXUGRPHVWLF DSSOLDQFHV
,QVWDOODWLRQDQG
FRQQHFWLRQ
,QVWDOODWLQRDQGFRQHFWLQR
7KHGLVKZDVKHUPXVWEHFRQQHFWHG FRUUHFWORWKHUZLVHLWZLOOQRWIXQFWLRQ SURSHUO7KHVSHFLILFDWLRQVIRUWKHLQOHW DQGRXWOHWDVZHOODVWKHHOHFWULFDO FRQQHFWHGORDGVPXVWFRUUHVSRQGZLWK WKHUHTXLUHGFULWHULDDV VSHFLILHGLQWKHIROORZLQJSDUDJUDSKV RULQWKHLQVWDOODWLRQLQVWUXFWLRQV ,QVWDOOWKHDSSOLDQFHLQWKHFRUUHFW VHTXHQFH &KHFNLQJDSSOLDQFHRQGHOLYHU ,QVWDOOLQJWKHDSSOLDQFH :DVWHZDWHUFRQQHFWLRQ ‘ULQNLQJZDWHUFRQQHFWLRQ (OHFWULFDOFRQQHFWLRQ
HQ ,QVWDOODWLRQDQGFRQQHFWLRQ
3URGXFWSDFNDJH
,IRXKDYHDQFRPSODLQWVFRQWDFW WKHGHDOHUZKHUHRXSXUFKDVHG WKHDSSOLDQFHRURXUFXVWRPHUVHUYLFH ‘LVKZDVKHU ,QVWUXFWLRQVIRUXVH ,QVWDOODWLRQLQVWUXFWLRQV :DUUDQW
,QVWDOODWLRQPDWHULDOV 6WHDPJXDUGSODWH
5XEEHUDSURQ
3RZHUFRUG
GHSHQGLQJRQPRGHO
6DIHWLQVWUXFWLRQV
3OHDVHIROORZWKHVDIHWLQVWUXFWLRQV XQGHU´,QVWDOODWLRQµ
‘HOLYHU
<RXUGLVKZDVKHUKDVEHHQFKHFNHG WKRURXJKOLQWKHIDFWRUWRHQVXUHWKDWLW LVLQZRUNLQJRUGHU7KLVPDFDXVH VPDOOZDWHUVWDLQV7KHVHZLOOGLVDSSHDU DIWHUWKHILUVWZDVKFFOH
7HFKQLFDOVSHFLILFDWLRQV
:HLJKW PD[NJ 9ROWDJH ²9+]RU+] &RQQHFWHGORDG ²: )XVH $8.$ 3RZHULQSXW RIIPRGH3R
: OHIWRQPRGH3O
:
DFFRUGLQJWRUHJXODWLRQV(8QRV DQG $GGLWLRQDOIXQFWLRQVDQGVHWWLQJVPD LQFUHDVHWKHSRZHULQSXW :DWHUSUHVVXUH DWOHDVW03DEDUPD[LPXP 03DEDU$WDKLJKHUZDWHU SUHVVXUHFRQQHFWSUHVVXUHUHGXFLQJ YDOYHDKHDG ,QOHWUDWH PLQLPXPOLWUHVPLQXWH :DWHUWHPSHUDWXUH 3UHIHUDEOFROGZDWHULIKRWZDWHU GHSHQGLQJRQWSHRIZDWHULQOHWKRVH PD[WHPS&VHH’ULQNLQJZDWHU FRQQHFWLRQ &DSDFLW ²SODFHVHWWLQJVGHSHQGLQJ RQPRGHO
,QVWDOODWLRQ
7KHUHTXLUHGLQVWDOODWLRQGLPHQVLRQVFDQ EHIRXQGLQWKHLQVWDOODWLRQLQVWUXFWLRQV /HYHOWKHDSSOLDQFHZLWKWKHDLGRIWKH KHLJKWDGMXVWDEOHIHHW(QVXUHWKDWWKH DSSOLDQFHLVVLWXDWHGVHFXUHORQWKH IORRU $EXLOWXQGHURULQWHJUDWHGDSSOLDQFH
ZKLFKLVLQVWDOOHGVXEVHTXHQWODVD IUHHVWDQGLQJDSSOLDQFHPXVWEH VHFXUHGWRSUHYHQWLWIURP RYHUWXUQLQJHJEVFUHZLQJLWWRWKH ZDOORUELQVWDOOLQJLWXQGHU DFRQWLQXRXVZRUNWRSZKLFKLV VFUHZHGWRDGMDFHQWFXSERDUGV 7KHDSSOLDQFHFDQHDVLOEH LQVWDOOHGLQDILWWHGNLWFKHQEHWZHHQ ZRRGHQDQGSODVWLFZDOOV
,QVWDOODWLRQDQGFRQQHFWLRQ HQ
:DVWHZDWHUFRQQHFWLRQ
7KHUHTXLUHGZRUNVHTXHQFHFDQEH IRXQGLQWKHLQVWDOODWLRQLQVWUXFWLRQV ,IUHTXLUHGILWDVLSKRQZLWKDQ GUDLQDJHFRQQHFWLRQ
&RQQHFWWKHZDVWHZDWHUKRVHWRWKH GUDLQDJHFRQQHFWLRQRIWKHVLSKRQ ZLWKWKHHQFORVHGSDUWV (QVXUHWKDWWKHGUDLQDJHKRVHLVQRW NLQNHGFUXVKHGRUWZLVWHGDQGWKDW WKHUHLVQRFRYHUSODWHLQWKH GUDLQDJHWRSUHYHQWWKHZDVWHZDWHU IURPIORZLQJRXW
HQ ,QVWDOODWLRQDQGFRQQHFWLRQ
‘ULQNLQJZDWHUFRQQHFWLRQ
)DVWHQWKHGULQNLQJZDWHUFRQQHFWLRQ WRWKHWDSDFFRUGLQJ WRWKHLQVWDOODWLRQLQVWUXFWLRQVXVLQJ WKHHQFORVHGSDUWV (QVXUHWKDWWKHGULQNLQJZDWHU FRQQHFWLRQLVQRWNLQNHGFUXVKHG RUWZLVWHG
:KHQUHSODFLQJWKHDSSOLDQFH DOZDVXVHDQHZZDWHUVXSSOKRVH
:DWHUSUHVVXUH $WOHDVW03DEDUPD[LPXP 03DEDU$WDKLJKHUZDWHU SUHVVXUHFRQQHFWSUHVVXUHUHGXFLQJ YDOYHDKHDG ,QOHWUDWH 0LQLPXPOLWUHVPLQXWH :DWHUWHPSHUDWXUH 1RWHSULQWLQJRQWKHZDWHULQOHWKRVH ,IPRGHOVDUHPDUNHGZLWK WKHZDWHUWHPSHUDWXUHPDEHPD[ &FROGZDWHU
)RUDOORWKHUPRGHOV &ROGZDWHUSUHIHUUHGKRWZDWHUPD[ WHPSHUDWXUH&
:DUPZDWHUFRQQHFWLRQ
:DUPZDWHUFRQHFWLRQ
GHSHQGLQJRQPRGHO 7KHGLVKZDVKHUFDQEHFRQQHFWHG WRFROGRUKRWZDWHUXSWRPD[& &RQQHFWLRQWRKRWZDWHU LVUHFRPPHQGHGLIWKHKRWZDWHUFDQEH VXSSOLHGEHQHUJHWLFDOOIDYRXUDEOH PHDQVDQGIURPDVXLWDEOHLQVWDOODWLRQ HJVRODUKHDWLQJVVWHPZLWK FLUFXODWLRQOLQH 7KLVZLOOVDYHHQHUJDQGWLPH 7KHKRWZDWHUVHWWLQJ©¯³DOORZVRX WRDGMXVWRXUDSSOLDQFHRSWLPDOO WRRSHUDWLRQZLWKKRWZDWHU ,WLVUHFRPPHQGHGWRKDYHDZDWHU WHPSHUDWXUHWHPSHUDWXUHRIWKH LQFRPLQJZDWHURIDWOHDVW& DQGQRPRUHWKDQ& ,WLVQRWUHFRPPHQGHGWRFRQQHFW WKHDSSOLDQFHWRKRWZDWHULIWKHZDWHU LVVXSSOLHGIURPDQHOHFWULFERLOHU
6HWWLQJKRWZDWHU &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 3UHVVDQGKROGGRZQWKH67$57
EXWWRQ# 5RWDWHSURJUDPPHVHOHFWRU
XQWLO©¯³LVLQGLFDWHGRQWKHGLJLWDO GLVSOD+ 5HOHDVHEXWWRQ 7KHIDFWRUVHWYDOXH©¯¯LVOLWRQ WKHGLJLWDOGLVSOD+
7RFKDQJHWKHVHWWLQJ %URWDWLQJWKHSURJUDPPH
VHOHFWRURXFDQVZLWFKWKHKRW ZDWHUVHWWLQJRII©¯¯RURQ©¯³ 3UHVV67$57EXWWRQ# 7KHVHWYDOXHLVVDYHG
(OHFWULFDOFRQQHFWLRQ
&RQQHFWWKHDSSOLDQFHWRDQ DOWHUQDWLQJFXUUHQWRQOUDQJLQJIURP 9WR9DQG+]RU+] YLDDFRUUHFWOLQVWDOOHGVRFNHWZLWK SURWHFWLYHHDUWKFRQGXFWRU6HH UDWLQJSODWHIRUUHTXLUHGIXVLQJ
7KHVRFNHWPXVWEHQHDU WKHDSSOLDQFHDQGIUHHODFFHVVLEOH IROORZLQJLQVWDOODWLRQ ,IWKHSOXJLVQRWIUHHODFFHVVLEOHDQ DOOSROHGLVFRQQHFWRUZLWKDFRQWDFW RSHQLQJRIDWOHDVWPPPXVWEH ILWWHGRQWKHLQVWDOODWLRQVLGH WRVDWLVIWKHUHOHYDQWVDIHW LQVWUXFWLRQV
7KHFRQQHFWLRQPDEHPRGLILHGE WHFKQLFLDQVRQO
$SRZHUFRUGH[WHQVLRQPDEH SXUFKDVHGIURPFXVWRPHUVHUYLFH RQO
8VHRQODUHVLGXDOFXUUHQWRSHUDWHG FLUFXLWEUHDNHUZKLFKIHDWXUHV WKHVPERO³2QOWKLVH[WHQVLRQ JXDUDQWHHVFRPSOLDQFHZLWK WKHFXUUHQWOYDOLGUHJXODWLRQV
7KHDSSOLDQFHIHDWXUHVDZDWHU GDPDJHSURWHFWLRQVVWHP3OHDVH QRWHWKHVVWHPZLOOQRWIXQFWLRQ XQOHVVWKHSRZHUVXSSO LVFRQQHFWHG
,QVWDOODWLRQDQGFRQQHFWLRQ HQ
5HPRYLQJWKHDSSOLDQFH
$OVRREVHUYH WKHVHTXHQFHRIZRUNVWHSVKHUH ‘LVFRQQHFWWKHDSSOLDQFHIURP
WKHSRZHUVXSSO 7XUQRIIWKHZDWHUVXSSO 8QGRWKHZDVWHZDWHUDQGGULQNLQJ
ZDWHUFRQQHFWLRQ /RRVHQIDVWHQLQJVFUHZVIRU
WKHIXUQLWXUHSDUWV ,IILWWHGUHPRYHWKHEDVHSDQHO 3XOORXWWKHDSSOLDQFHFDUHIXOO
SXOOLQJWKHKRVHEHKLQG
HQ ,QVWDOODWLRQDQGFRQQHFWLRQ
7UDQVSRUWDWLRQ
(PSWWKHGLVKZDVKHUDQGVHFXUHORRVH SDUWV ‘UDLQWKHDSSOLDQFHDFFRUGLQJWRWKH IROORZLQJVWHSV 7XUQRQWKHWDS &ORVHWKHGRRU 6ZLWFKRQ212))VZLWFK 6HOHFWSURJUDPPHZLWKWKHKLJKHVW
WHPSHUDWXUH 7KHH[SHFWHGSURJUDPPHGXUDWLRQLV LQGLFDWHGRQWKHQXPHULFDOGLVSOD + 3UHVV67$57EXWWRQ# 3URJUDPPHVHTXHQFHVWDUWV $IWHUDSSUR[PLQXWHVSUHVVWKH 67$57EXWWRQ#XQWLO¯¯³LV LQGLFDWHGRQWKHGLJLWDOGLVSOD $IWHUDSSUR[PLQLVLQGLFDWHGRQ WKHGLJLWDOGLVSOD¯¯¯ 6ZLWFKRII212))VZLWFK 7XUQRIIWKHWDSGLVFRQQHFWVXSSO KRVHDQGGUDLQZDWHU 7UDQVSRUWDSSOLDQFHXSULJKWRQO 7KLVSUHYHQWVUHVLGXDOZDWHUIURP UXQQLQJLQWRWKHPDFKLQHFRQWURODQG GDPDJLQJWKHSURJUDPPHVHTXHQFH
3URWHFWLRQDJDLQVWIURVW3URWHFWLRQDJLQVWIURVW(PSWLQJWKHDSOLDQFH
,IWKHDSSOLDQFHLVLQDURRPZKHUHWKHUH LVDULVNRIIURVWHJKROLGDKRPH HPSWWKHDSSOLDQFHFRPSOHWHOVHH 7UDQVSRUWDWLRQ
6XEMHFWWRFKDQJHV
&KLOGSURRIORFNGRRUORFN
$FWLYDWHWKHFKLOGSURRIORFN 2SHQWKHGRRUZLWKDFWLYDWHG FKLOGSURRIORFN ‘HDFWLYDWHFKLOGSURRIORFN
%DNLQJVKHHWVSUDKHDG
:DUQLQJ
$OZDVFORVHWKHDSSOLDQFHGRRUFRPSOHWHO ZKHQRXOHDYHWKHDSSOLDQFH 7KLVLVWKHRQOZD\RXFDQSURWHFWRXU FKLOGUHQIURPSRWHQWLDOGDQJHUV
/DUJHVKHHWVRUJULOOHVDQGSODWHVZKLFKKDYHDGLDPHWHUJUHDWHUWKDQFPJRXUPHW SODWHVSDVWDSODWHVGLQQHUSODWHVFDQEHFOHDQHGZLWKWKHDLGRIWKHVSUDKHDG 7RGRWKLVUHPRYHWKHWRSEDVNHWDQGLQVHUWWKHVSUDKHDGDVLOOXVWUDWHGLQWKHGLDJUDP 7RHQVXUHWKDWWKHVSUDMHWFDQUHDFKDOOSDUWVDUUDQJHWKHEDNLQJVKHHWVDVLOOXVWUDWHG PD[âEDNLQJVKHHWVDQGâJULOOHV
1HYHURSHUDWHWKHGLVKZDVKHUZLWKRXWWKHWRSEDVNHWRUEDNLQJVKHHWVSUDKHDG
VRPHPRGHOV
AquaStop guarantee
(does not apply to appliances without AquaStop)
In addition to warranty claims against the seller based on the purchase contract and in addition to our appliance warranty we will pay damages under the following conditions:
1. If our AquaStop system is defective and causes water damage, we will make good the damage for private users. To ensure water damage protection, the appliance must be connected to the power supply.
2. This liability guarantee is valid for the service life of the appliance. 3. A prerequisite for the warranty claim is that the appliance has been correctly
installed and connected with AquaStop according to our instructions. This also includes the correct installation of the AquaStop extension (original accessory). Our warranty does not extend to defective feed lines or fittings up to the AquaStop connection on the tap. 4. If your appliance is fitted with AquaStop, you can leave your appliance unattended during operation and leave the tap turned on afterwards. The tap should only be turned off if you are absent from home for a prolonged period, e.g. several weeks holiday.
Repair order and advice on faults.
GB 0344 892 8979 IE 01450 2655
Calls from a BT landline will be charged at up to 3 pence per minute. A call set-up fee of up to 6 pence may apply.
0.03 per minute at peak. Off peak 0.0088 per minute.
US 800 944 2904
toll-free
Contact information for all countries can be found on the enclosed customer service list.
Robert Bosch Hausgeräte GmbH CBSarHl-WHaeursyg-SetrräatßeeG3m4bH Carl-Wery-Straße 34 8811773399 MMüünncchheenn, GERMANY Germany wwwwww..bboosscchh–hhoommee..ccoomm
A Bosch Company
*
*
9001 en (0) 64 (*
9001181252 (9801) 642 MA
Documents / Resources
BOSCH SM Mega Power Silver Dishwasher [pdf] Instructions SM Mega Power Silver Dishwasher, SM, Mega Power Silver Dishwasher, Power Silver Dishwasher, Silver Dishwasher, Dishwasher |