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Official Exhibit - ENT000128-00-BD01 - EPRI Technical Report 1018534, Nuclear Maintenance Applications Center: Assessment of Printed Circuit Board Diagnostic Techniques.
	ML12338A505
Person / Time
Site:	Indian Point
Issue date:	03/31/2009
From:	Johnson W; Electric Power Research Institute
To:	; Atomic Safety and Licensing Board Panel
	SECY RAS
References
	RAS 22107, 50-247-LR, 50-286-LR, ASLBP 07-858-03-LR-BD01 1018534
	Download: ML12338A505 (210)
	v • d • e

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-2863(9'8-32 8LMW VITSVX MRZIWXMKEXIW XLI TVSZIR XIGLRMUYIW ERH QIXLSHW XLEX EVI FIMRK YWIH EX RYGPIEV TS[IV TPERXW 244W XSHE] 8LIWI XIGLRMUYIW ERH QIXLSHW GER FI EHSTXIH F] TPERXW XS IRLERGI XLIMV TVMRXIH GMVGYMX FSEVH 4'& TVIZIRXMZI QEMRXIRERGI TVSKVEQW [MXL XLI ORS[PIHKI XLEX XLI] LEZI FIIR MR TVEGXMGI EX SXLIV 244W -R XLI TVSGIWW SJ MHIRXMJ]MRK XLI TVSZIR QIXLSHW XLEX EVI VIGSQQIRHIH XLI )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI )46- VITSVXW SR XLMW WYFNIGX [IVI VIZMI[IH XLI MRHYWXV] [EW WYVZI]IH ERH XLI XIGLRMUYIW YWIH MR SXLIV MRHYWXVMIW [IVI MRZIWXMKEXIH %R MRZIWXMKEXMSR SJ WXVIWWSVW JEMPYVI QIGLERMWQW ERH XLI [E] FSEVHW JEMP [EW GSRHYGXIH XS KEMR ER YRHIVWXERHMRK SJ XLI REXYVI SJ 4'& JEMPYVIW LS[ XLI] SGGYV ERH XLI PMQMXEXMSRW SJ MHIRXMJ]MRK JEMPYVIW ERH TVIGYVWSVW XS JEMPYVI 6IGSQQIRHEXMSRW EVI QEHI JSV XLI YWI SJ XIGLRMUYIW ERH XLIMV MRXVSHYGXMSR MR E QEMRXIRERGI TVSKVEQ 4YVTSWI 8LI TYVTSWI SJ XLI TVSNIGX [EW XS MHIRXMJ] XLI HMEKRSWXMG XIGLRMUYIW MR YWI EX 244W ERH IZEPYEXI XLI GSRHMXMSR SJ XLI 4'&W JSV JEMPYVIW ERH TVIGYVWSVW XS JEMPYVI *SV TVSTSWIH XIGLRMUYIW ERH XIGLRMUYIW MR YWI XLI TVSNIGX IZEPYEXIH XLI IEWI SJ YWI SJ XLI XIGLRMUYIW *YVXLIV XLI TVSNIGX MRZIWXMKEXIH XIGLRMUYIW MR YWI MR SXLIV MRHYWXVMIW ERH IZEPYEXIH [LIXLIV XLI] GSYPH FI YWIH MR XLI RYGPIEV MRHYWXV] &EGOKVSYRH )46- LEW TVIZMSYWP] MRZIWXMKEXIH XLI XIGLRMUYIW QIXLSHW ERH XIWXMRK XS YWI MR HIXIVQMRMRK [LIR E 4'& WLSYPH FI VITPEGIH FIJSVI MX JEMPW )EGL VITSVX TVSHYGIH EW E VIWYPX SJ XLIWI MRZIWXMKEXMSRW ETTVSEGLIH XLI WMXYEXMSR JVSQ E HMJJIVIRX TIVWTIGXMZI 3RI WIVZIW EW E TVMQIV XS 4'&W HIWGVMFMRK LS[ XLI] EVI GSRWXVYGXIH XVSYFPIWLSSXMRK XIGLRMUYIW MHIRXMJ]MRK JEMPYVIW ERH VIJYVFMWLMRK %RSXLIV MRZIWXMKEXIH JMIPH JEMPYVIW JSV E ZEVMIX] SJ GSQTSRIRXW JSYRH SR E X]TMGEP 4'& 8LMW VIWIEVGL [EW GEVVMIH SR XS E XLMVH VITSVX [LMGL I\TPSVIH QIXLSHW JSV XIWXMRK MRHMZMHYEP GSQTSRIRXW XS YRHIVWXERH LS[ XLI] EKIH 8LI JMREP VITSVX I\TPSVIH HMEKRSWXMG XIGLRMUYIW ERH QIXLSHW XLEX GSYPH FI YWIH SV HIZIPSTIH XS EWWIWW XLI GSRHMXMSR SJ 4'&W 8LIWI VITSVXW [IVI VIZMI[IH JVSQ XLI TIVWTIGXMZI SJ MHIRXMJ]MRK TVSZIR XIGLRMUYIW YWEFPI MR TPERXW XSHE]

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

                                                                                            -RXVSHYGXMSR 7IGXMSR  TVIWIRXW VIGSQQIRHEXMSRW JSV XLI IZEPYEXMSR SJ QEMRXIRERGI TVSKVEQ ETTVSEGLIW XLI GVMXIVME YWIH XS VIGSQQIRH HMEKRSWXMG XIGLRMUYIW ERH XLI SVKERM^EXMSR SJ XLI WIGXMSRW GSZIVMRK XLI HMEKRSWXMG XIGLRMUYIW VIGSQQIRHIH 7IGXMSR  JYVXLIV MRGPYHIW WYKKIWXMSRW JSV WIPIGXMRK XLI HMEKRSWXMG XIGLRMUYIW XS YWI EX XLI W]WXIQ FSEVH ERH GSQTSRIRX PIZIPW %JXIV E RI[ HMEKRSWXMG XIGLRMUYI LEW FIIR WIPIGXIH JSV YWI MX QYWX FI MRXIKVEXIH MRXS XLI QEMRXIRERGI TVSKVEQ 8LI JMREP WIGXMSR HIWGVMFIW VIGSQQIRHEXMSRW JSV HSMRK XLEX

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[SYPH EPPS[ E FSEVH XLEX MW I\TIGXIH XS JEMP XS FI VITPEGIH FIJSVI XLEX JEMPYVI XEOIW TPEGI 8S IZEPYEXI XLI IJJIGXMZIRIWW SJ HMEKRSWXMG XIGLRMUYIW JSV MHIRXMJ]MRK TVIGYVWSVW XS JEMPYVI MX MW MQTSVXERX XS YRHIVWXERH LS[ 4'&W JEMP 8LMW WIGXMSR HIWGVMFIW XLI REXYVI SJ JEMPYVIW XLI MRJPYIRGIW XLEX GEYWI JEMPYVIW ERH WIPIGX JEMPYVI QIGLERMWQW JSV XLI X]TIW SJ GSQTSRIRX JSYRH SR 4'&W 7IGXMSRFIKMRW[MXLEHIWGVMTXMSRSJEGSQTSRIRXv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   *MKYVI 
   'SQTSRIRX PMJI G]GPI FEXLXYF GYVZI

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 +VSYT                  'LEVEGXIVMWXMG                                     (IWGVMTXMSR
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ERH E RSVQEP PMJI TIVMSH [MXL E GSRWXERX JEMPYVI VEXI

                                                    -X HSIW RSX LEZI E [IEV SYX

8LI VIWYPXW [IVI RSX [LEX [IVI I\TIGXIH -R 2S[PER ERH ,IET TYFPMWLIH XLI VIWYPXW MR E TETIVXMXPIHw6IPMEFMPMX]'IRXIVIH1EMRXIRERGIx?A7YFWIUYIRXWXYHMIW[IVIGSRHYGXIHF] &VSKFIVK XLI 1EMRXIRERGI 7]WXIQ (IZIPSTQIRX 4VSKVEQ 174 ERH 7YFQEVMRI 1EMRXIRERGI )RKMRIIVMRK 4PERRMRK ERH 4VSGYVIQIRX 79&1)44 ? A 8LI VIWYPXW EVI WLS[R MR

MKYVI

                                                                                     %4'&vW0MJI']GPI

End of Life Random UAL 1968 A Broberg 1973 B C MSP 1982 D E F SUBMEPP 2001 0% 20% 40% 60% 80% 100%

    *MKYVI

(MWXVMFYXMSR SJ JEMPYVI GLEVEGXIVMWXMGW 8LI 9%0 ERH &VSKFIVK WXYHMIW VIJPIGX XLI GLEVEGXIVMWXMGW SJ JEMPYVIW SR EMVGVEJX [LIVIEW XLI 174 ERH 79&1)44 WXYHMIW MRZSPZIH REZEP ZIWWIPW +VSYTW % ERH & LEZI E GLEVEGXIVMWXMG [IEV SYX SV IRHSJPMJI JEMPYVI TVSJMPI +VSYT ' LEW ER MRGVIEWMRK JEMPYVI VEXI [MXL XMQI [LMGL wQE] FI I\TPEMRIH F] XLI GSQTPI\MX] SJ XLI GSQTSRIRX 8LI WMQTPIV XLI GSQTSRIRX ERH XLI JI[IV JEMPYVI QSHIW EXXVMFYXIH XS MX XLI QSVI PMOIP] XLEX WYHHIR [IEV SYX SGGYVW MJ MRHIIH XLIVI MW ER EKI ERH VIPMEFMPMX]VIPEXMSRWLMTx?A%PPIRJYVXLIVWXEXIHMR?AXLEXwXLIWIGYVZIWLEZIFIIRYWIHXS HIQSRWXVEXIXLITVIGITXZSMGIHFEGOMR{XLEXVERHSQJEMPYVITVIHSQMREXIWx%PPIREPWS RSXIH w'LEVEGXIVMWXMG ' GSQTSRIRXW XIRHIH XS FI QSVI GSQTPI\ XLEX GLEVEGXIVMWXMG & 'SQTPI\ GSQTSRIRXW LEZI QYPXMTPI QSHIW SJ JEMPYVI ERH XLSWI MRHMZMHYEP QSHIW QE] JMX GLEVEGXIVMWXMG & [LIR ZMI[IH MR MWSPEXMSR ,S[IZIV [IEVSYX TEXXIVRW EQSRK XLIWI MRHMZMHYEP QSHIW XIRH XS SGGYV EX HMJJIVIRX XMQIW ERH [LIR ZMI[IH MR XLI EKKVIKEXI XLI SZIVEPP JEMPYVI VEXI TEXXIVR QEXGLIWGLEVEGXIVMWXMG'x?A2SXIXLEXXLIGSQTSRIRXWXLEX[IVITEVXSJXLIWIWXYHMIW[IVIJSV EPP X]TIW SJ IUYMTQIRX MXIQW ERH QE] RSX VIJPIGX XLI REXYVI SJ 4'&W HMVIGXP] 2SXMGI MR *MKYVI XLEX XLI % & ERH ' EKIVIPEXIH IRHSJPMJI GLEVEGXIVMWXMGW EGGSYRX JSV E WQEPP TIVGIRX SJ XLI IUYMTQIRX *SV XLI 9%0 WXYH] MX [EW &VSFIVK 174 ERH 79&1)44 1SWX JEMPYVIW [IVI YRTVIHMGXEFPI VERHSQ JEMPYVIW 8LI VIWYPXW SJ XLIWI WXYHMIW MRHMGEXI XLEX XLI JEQMPMEV FEXLXYF GYVZI QE] RSX FI ETTPMGEFPI MR EPP GEWIW ERH VERHSQ JEMPYVIW QE] TVIHSQMREXI 8LI] JYVXLIV MRHMGEXI XLEX EW GSQTPI\MX] MRGVIEWIW XLI JEMPYVI GLEVEGXIVMWXMGW SJ IUYMTQIRX QE] MRGVIEWI EW WIVZMGI XMQI TVSKVIWWIW -RJSVQEXMSR GSYPH RSX FI JSYRH XS HIQSRWXVEXI XLEX XLMW MW XLI GEWI JSV 4'&W FYX MX MW E TSWWMFMPMX]

%4'&v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v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

LIVI ! XLI JEMPYVI VEXI

8LI TVSFEFMPMX] XLEX E WMRKPI GSQTSRIRX JVSQ E PEVKI TSTYPEXMSR SJ XLI WEQI GSQTSRIRXW [MPP WYVZMZI XS E TEVXMGYPEV XMQI GER FI VITVIWIRXIH F] )UYEXMSR t R(t ) e )U 1 +MZIR XLEX XLI TVSFEFMPMX] I\TVIWWMSR GER FI [VMXXIR EW MTTF

                                                                                    %4'&vW0MJI']GPI

t R (t ) e MTTF

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LIR X ! 188* 6 X !
LIR X ! 188* 6 X ! QIERMRK XLEX XLIVI MW E TVSFEFMPMX] XLEX E GSQTSRIRX

[MPP WYVZMZI XS 188* 18&* YWYEPP] ETTPMIW XS VITEMVEFPI W]WXIQW ERH MRGPYHIW E RI[ XIVQ GEPPIH QIER XMQI XS VITEMV 1886 18&* MW XLI WYQ SJ 188* ERH 1886 &IGEYWI XLI W]WXIQ MW VITEMVEFPI ERH GSRXMRYIW XS JYRGXMSR EJXIV XLI VITEMV LEW FIIR GSQTPIXIH 18&* VITVIWIRXW XLI WYGGIWWMZI XMQI FIX[IIR JEMPYVIW ERH VITEMV XMQIW -J XLI VITEMV XMQI MW WQEPP MR GSQTEVMWSR XS XLI XMQI FIX[IIR JEMPYVIW XLI ZEPYI SJ 18&* ETTVSEGLIW 188* ERH XLI XIVQW LEZI FIIR YWIH MRXIVGLERKIEFP] 8LMW GER FI E WSYVGI SJ KVIEX GSRJYWMSR MJ RSX GPIEVP] YRHIVWXSSH %KIVIPEXIH IRHSJPMJI JEMPYVIW KIRIVEPP] LEZI E PSRK TIVMSH SJ RS JEMPYVIW ERH ER MRGVIEWIH JEMPYVI VEXI EW XLI GSQTSRIRX [IEVW SYX 8LI [IEV SYX MW E FEWMG JEMPYVI QIGLERMWQ SJ XLI GSQTSRIRX ERH RSX VIPEXIH XS IVVSVMRHYGIH HIJIGXW %KIVIPEXIH JEMPYVIW QE] FI TVIHMGXEFPI MJ XLI TVIHSQMRERX EKIVIPEXIH JEMPYVI QIGLERMWQ MW QIEWYVEFPI 8LI TVIHSQMRERX EKIVIPEXIH JEMPYVI QIGLERMWQ FILEZIW MR E QERRIV WMQMPEV XS XLEX WLS[R MR *MKYVI Unacceptable Time

   *MKYVI 
   %KIVIPEXIH JEMPYVI QIGLERMWQ HIKVEHEXMSR 8LI EKIVIPEXIH JEMPYVI QIGLERMWQ FIKMRW EX ER EWRI[ TIVJSVQERGI PIZIP [LIR ER EKMRK WXVIWWSV MW ETTPMIH 8LI EKIVIPEXIH JEMPYVI QIGLERMWQ MW EWWSGMEXIH [MXL E TEVEQIXIV TIVJSVQERGI MRHMGEXSV XLEX HIKVEHIW EW XMQI TVSKVIWWIW %W XLI HIKVEHEXMSR SJ TIVJSVQERGI GSRXMRYIW E TSMRX

[MPP FI VIEGLIH [LIVI XLI TIVJSVQERGI MW RSX EGGITXEFPI -J EPPS[IH XS GSRXMRYI XS EKI XLI GSQTSRIRX [SYPH JEMP XS ER IRH WXEXI -R WSQI GEWIW XLI TSMRX EX [LMGL TIVJSVQERGI MW YREGGITXEFPI MW RSX VIEGLIH YRXMP XLI GSQTSRIRX JEMPW 7IZIVEP QSHIPW LEZI FIIR YWIH XS HIWGVMFI XLI EKMRK TVSGIWW 8LI %VVLIRMYW QSHIP MW XLI QSWX JEQMPMEV FYX MX MW RSX XLI SRP] SRI ERH MX HSIW RSX TVSZMHI ER EGGYVEXI VIWYPX [LIR X[S SV QSVI GLIQMGEP VIEGXMSRW EVI MRZSPZIH ?A %RSXLIV EKMRK QSHIP MW XLI )]VMRK QSHIP [LMGL GER EGGSQQSHEXI E WIGSRH WXVIWW MR EHHMXMSR XS XIQTIVEXYVI =IX ERSXLIV MW XLI -RZIVWI 4S[IV QSHIP

%4'&v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vWPMJII\TIGXERG] 8LI JMREP WMXYEXMSR MW [LIR XLIVI MW E GSQFMREXMSR SJ FSXL EKIVIPEXIH JEMPYVI QIGLERMWQW ERH VERHSQ JEMPYVI QIGLERMWQW 8LIVI EVI GEWIW [LIVI WXVIWWSVW GER EGX SR IVVSVMRHYGIH HIJIGXW XLEX GEYWI XLIQ XS FI EKIVIPEXIH -J XLI HIJIGX MW WMKRMJMGERX IRSYKL XLI JEMPYVI GER SGGYV ER]XMQI ,S[IZIV MJ XLI HIJIGX MW NYWX WMKRMJMGERX IRSYKL XS WXEVX ER EKMRK TVSGIWW MR XLI TVIWIRGI SJ ER EKMRK WXVIWWSV XLI JEMPYVI [MPP RSX SGGYV YRXMP XLI HIJIGX EKIW ERH XLI HIJIGX SV VIWYPXW SJ XLI HIJIGX KVS[ GEYWMRK JEMPYVI -R EHHMXMSR XS VERHSQ JEMPYVIW HYI XS XLI IVVSVMRHYGXIH HIJIGXW EKIVIPEXIH IVVSV HIJIGXW GER FI XLSYKLX SJ EW FIMRK RSVQEPP] HMWXVMFYXIH %W XMQI TVSKVIWWIW ERH XLI WXVIWWSV GEYWIW GLIQMGEP QIGLERMGEP SV TL]WMGEP EKMRK XS SGGYV EX XLI HIJIGX WMXI E TSMRX [MPP FI VIEGLIH [LIR XLI HIJIGX [MPP GEYWI JEMPYVI 8LI JEMPYVIW [MPP EPWS LEZI E HMWXVMFYXMSR [MXL XMQI -J XLMW X]TI SJ JEMPYVI QIGLERMWQ MW ZMI[IH EW TEVX SJ XLI VERHSQ HEXE XLI XMQI EX [LMGL JEMPYVI SGGYVW MW EPWS GSRWMHIVIH VERHSQ ERH EPP SJ XLI JEMPYVIW XLEX SGGYV MR E PEVKI TSTYPEXMSR EVI PYQTIH XSKIXLIV EW SRI JEMPYVI VEXI -X WLSYPH FI RSXIH XLEX LMKLIV UYEPMX] GSQTSRIRXW [MPP LEZI PS[IV VERHSQ JEMPYVI VEXIW %W XLI UYEPMX] SJ XLI GSQTSRIRXW KSIW HS[R XS XLI GSQQIVGMEP KVEHI PIZIP PEXIRX QERYJEGXYVMRK ERH QEXIVMEP HIJIGXW [MPP TPE] ER MRGVIEWMRK VSPI MR HIXIVQMRMRK XLI X]TI SJ JEMPYVI XLEX SGGYVW 8LI PS[IV XLI UYEPMX] XLI QSVI TVIHSQMRERX YRTVIHMGXEFPI VERHSQ JEMPYVIW FIGSQI 8LI LMKLIV XLI UYEPMX] XLI JI[IV XLI RYQFIV SJ PEXIRX HIJIGXW ERH XLI QSVI PMOIP] XLI JEMPYVI GSYPH SGGYV HYI XS E RSVQEP EKIVIPEXIH JEMPYVI QIGLERMWQ 8LYW JEV JEMPYVI QIGLERMWQW LEZI FIIR ZMI[IH JVSQ E TVSFEFMPMWXMG TIVWTIGXMZI EW E GSQTSRIRX [MXL E QYPXMXYHI SJ JEMPYVI QIGLERMWQW PYQTIH XSKIXLIV XS VIWYPX MR E GSRWXERX JEMPYVI VEXI % QSVI EGGYVEXI QIXLSHSPSK] MW E HIXIVQMRMWXMG ETTVSEGL MR [LMGL MRHMZMHYEP JEMPYVI QIGLERMWQ X]TIW EVI PSSOIH EX JSV XLIMV VIPMEFMPMX] SV JEMPYVI GLEVEGXIVMWXMGW 8LI SRPMRI WXEXMWXMGW LERHFSSO 2-787)1%8)', I,ERHFSSO SJ 7XEXMWXMGEP 1IXLSHW ?A MHIRXMJMIW XLMW EW XLI GSQTIXMRK VMWO QSHIP ERH PMOIRW XLI TVSGIWW XS E VEGI MR [LMGL EPP SJ XLI JEMPYVI QIGLERMWQW EVI GSQTIXMRK XS WII [LMGL SRI GER VIEGL JEMPYVI JMVWX -X MW EWWYQIH XLEX IEGL JEMPYVI QIGLERMWQ MW MRHITIRHIRX SJ XLI SXLIV ERH XLEX XLI PMJI HMWXVMFYXMSR MW ORS[R 8LI] EVI EPP KSMRK EW JEWX EW XLI] GER ERH RSX E[EVI SJ XLI SXLIV JEMPYVI QIGLERMWQW 8LI JMVWX XS VIEGL JEMPYVI [MRW XLI VEGI ERH XLI GSQTSRIRX JEMPW 8LMW MW WSQIXMQIW GEPPIH XLI TL]WMGW SJ JEMPYVI QIXLSH ERH E RYQFIV SJ GSQTERMIW SJJIV HEXEFEWI MRJSVQEXMSR ERH TVSKVEQW XS VIZMI[ 4'& HIWMKR JVSQ XLMW TIVWTIGXMZI 9WMRK XLMW ETTVSEGL GER LIPT XS HIXIVQMRI XLI TVIHSQMRERX JEMPYVI QIGLERMWQ [LMGL [I [MPP WII MR 7IGXMSR MW RIGIWWEV] XS IWXEFPMWL E QIERW SJ GSRHMXMSR QSRMXSVMRK

MKYVI WLS[W E HITMGXMSR SJ GSQTSRIRXW SJ XLI WEQI TEVX X]TI 8LI EWWYQTXMSR MW XLEX XLI] EPP WXEVX WIVZMGI [MXL ER IUYEP PIZIP SJ TIVJSVQERGI (YVMRK RSVQEP PMJI XLI GSQTSRIRXW JEMP VERHSQP] EX ERH ]IEVW 8LI JEMPYVI VEXIW MR 1-0,(&/ EVI FEWIH SR XLIWI GSQTSRIRXW ERH EVI GEPGYPEXIH EW E GSRWXERX JEMPYVI VEXI 8LIWI JEMPYVIW EVI HYI XS PEXIRX HIJIGXW

                                                                                     %4'&vW0MJI']GPI

XLEX EVI EGXIH YTSR F] WXVIWWSVW GEYWMRK XLI TEVEQIXIV XLEX GER FI QIEWYVIH XS HIKVEHI MR XMQI 3RI GSQTSRIRX XLEX JEMPW EX ]IEVW LS[IZIV JEMPW WYHHIRP] [MXLSYX TIVGIMZEFPI HIKVEHEXMSR 8LMW QE] FI FIGEYWI XLI HIKVEHEXMSR MW RSX SRI XLEX GER FI QIEWYVIH SV MX QE] FI E GEXEWXVSTLMG JEMPYVI XLEX KMZIW RS [EVRMRK %PP JEMPYVIW MR XLI RSVQEP PMJI G]GPI EVI VERHSQ YRTVIHMGXEFPI JEMPYVIW 8LI PEWX JMZI GSQTSRIRXW JEMP EW E VIWYPX SJ RSVQEP EKMRK SJ E JYRHEQIRXEP JEMPYVI QIGLERMWQ 8LI] JEMP EX ERH ]IEVW 8LIMV JEMPYVI MW TVIHMGXEFPI ERH XLI JEMPYVI VEXI MRGVIEWIW [MXL XMQI

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vWJEMPYVIVEXI

8EOI XLMW WMXYEXMSR ERH XVERWPEXI MX MRXS XLI RYQFIV ERH HMJJIVIRX X]TIW SJ GSQTSRIRXW JSYRH SR E 4'& XLIR XEOI XLEX ERH GSQTSYRH MX [MXL XLI RYQFIV SJ FSEVHW MR E GMVGYMX ERH ]SY [MPP LEZI WSQI MHIE SJ XLI GSQTPI\MX] SJ XLI WMXYEXMSR

   *MKYVI 
   *EMPYVI GLEVEGXIVMWXMGW SJ  GSQTSRIRXW

%4'&vW0MJI']GPI 7XVIWWSVW 8LEX -RJPYIRGI XLI 0MJI )\TIGXERG] SJ 4'&W 8LI RYQFIV SJ ]IEVW XLEX E 4'& [MPP PEWX FIJSVI MX JEMPW MW MRJPYIRGIH F] QER] WXVIWWSVW 8LI UYEPMX] SJ XLI FSEVH MXW GSQTSRIRXW ERH XLI [SVOQERWLMT SJ QERYJEGXYVI [MPP KVIEXP] EJJIGX LS[PSRKXLIFSEVH[MPPVIQEMRJYRGXMSREP8LIFSEVHvWHIWMKR[LMGLHIXIVQMRIWXLIPIZIPWSJ IPIGXVMGEP WXVIWW XS [LMGL XLI MRHMZMHYEP GSQTSRIRXW [MPP FI WYFNIGXIH LEW ER IJJIGX SR FSEVH PMJI 8LI IRZMVSRQIRX MR [LMGL E FSEVH STIVEXIW GER IMXLIV HIGVIEWI SV MRGVIEWI MXW PMJI HVEQEXMGEPP] ,S[ FSEVHW EVI LERHPIH ERH WXSVIH GER FI E JEGXSV MR XLIMV PMJI I\TIGXERG] 1IGLERMGEP ERH GLIQMGEPWXVIWWSVWEPWSEJJIGXEFSEVHvWTIVJSVQERGIERHWIVZMGIPMJI*EMPYVIWGEYWIHF]JEMPYVI QIGLERMWQW XLEX EVI MRJPYIRGIH F] EPP SJ XLI EFSZI WXVIWWSVW GER FI HIGVIEWIH F] VIHYGMRK XLI WXVIWWSVW XLEX EJJIGX XLI XMQI XS JEMPYVI SJ GSQTSRIRXW SR 4'&W 8LMW WIGXMSR TVSZMHIW MRJSVQEXMSR EFSYX XLIWI WXVIWWSVW *MKYVI WLS[W XLI VIPEXMSRWLMT SJ XLI WXVIWWSVW XLEX MRJPYIRGIE4'&vWPMJII\TIGXERG]

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                                                                                    %4'&vW0MJI']GPI

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SMHW VIHYGI XLI WXVIRKXL ERH IPIGXVMGEP TVSTIVXMIW SJ QEXIVMEPW -R XMQI XLVSYKL XLIVQEP G]GPMRK

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v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

                                                                                    %4'&vW0MJI']GPI

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

%4'&vW0MJI']GPI 8IQTIVEXYVI %GSQTSRIRXvWXIQTIVEXYVIGERGLERKIXLIJEMPYVIVEXIHVEQEXMGEPP]8LI'VYPIKIRIVEPP] ETTPMIW XS GSQTSRIRXW JSYRH SR E 4'& 8LI VYPI WXEXIW XLEX JSV IZIV] ' VMWI MR XIQTIVEXYVI XLI JEMPYVI VEXI HSYFPIW 1-0,(&/ QSHMJMIW XLMW JVSQ XLI I\TIVMIRGI MR XLI JMIPH ERH XLVSYKLXIWXMRK%GSQTSRIRXvWXIQTIVEXYVIQE]FIHMGXEXIHF]MXWHIWMKRFYXXLIXIQTIVEXYVIMR E GEFMRIX SV QSHYPI GER MRJPYIRGI XLI PMJI SJ XLI GSQTSRIRXW SR E FSEVH 4PEGMRK GEFMRIXW MR LSX PSGEXMSRW SV RSX LEZMRK EHIUYEXI EMV JPS[ [MXLMR XLI GEFMRIX GER VIHYGI XLI FSEVH PMJI -X MW MQTSVXERX XS OIIT EMV JMPXIVW MR GEFMRIXW GPIER XS IRWYVI XLEX XLIVI MW EHIUYEXI EMV JPS[ MR WSQI GEWIWIZIRGSSPMRKXLIGEFMRIXvWMRXIVREPWGERLIPTVIHYGIJEMPYVIVEXIW ,YQMHMX] ,YQMHMX] TPE]W E VSPI MR XLI PMJI SJ E 4'& SRP] MJ MX MW XSS LMKL 0S[ LYQMHMX] [MPP MRLMFMX GSVVSWMSR ,MKL LYQMHMX] [MPP TVSQSXI GSVVSWMSR ERH GER GEYWI GSRHYGXMZI TEXLW XS JSVQ FIX[IIR XVEGIW IWTIGMEPP] MR XLI TVIWIRGI SJ GSRXEQMRERXW WYGL EW HYWX -J XLI FSEVHW EVI MR E LMKL LYQMHMX] EVIE ERH XLI JEMPYVI VEXIW EVI LMKL HILYQMHMJ]MRK XLI EXQSWTLIVI [MXLMR XLI GEFMRIX GER LIPT XS TVIZIRX GSVVSWMSR 'SRJSVQEP GSEXMRKW GER EPWS TVIZIRX QSMWXYVIMRHYGIH JEMPYVIW %MV 5YEPMX] %MV UYEPMX] GER TPE] E VSPI MR XLI PMJI I\TIGXERG] SJ E 4'& &SEVHW XLEX EVI PSGEXIH MR EVIEW [LIVI XLI] QE] FI I\TSWIH XS WEPXEMV SV GLIQMGEPW EVI WYWGITXMFPI XS GLIQMGEP VIEGXMSRW SGGYVVMRK SR XLI WYVJEGI SJ FSEVHW 7EPXEMV GER EPWS PIEZI WEPX HITSWMXW SR FSEVH WYVJEGIW XLEX MR XLI TVIWIRGI SJ LYQMHMX] GER GEYWI WLSVX GMVGYMXW SV PS[VIWMWXERGI TEXLW XS JSVQ )PIGXVMGEP )PIGXVMGEP WXVIWWSVW GER GEYWI TVIQEXYVI JEMPYVIW XS SGGYV MR 4'& GSQTSRIRXW 8LIVI EVI WIZIVEP IPIGXVMGEP WXVIWWSVW XLEX EVI SJ MRXIVIWX )7( ZSPXEKI WXVIWWIW )1- ERH GYVVIRX HIRWMX] )EGL SJ XLIWI WXVIWWSVW GER GEYWI ER EFRSVQEP IZIRX XS SGGYV [MXLMR GSQTSRIRXW XLEX GER IMXLIV GEYWI MQQIHMEXI JEMPYVI SV FIKMR ER EKIVIPEXIH JEMPYVI QIGLERMWQ )7( )7( MW GEYWIH F] TIVWSRRIP [MXL E FYMPHYT SJ WXEXMG IPIGXVMGMX] XSYGLMRK E GSRHYGXMZI WYVJEGI SR E 4'& % WXEXMG IPIGXVMGEP TSXIRXMEP GER FYMPH YT [LIR X[S QEXIVMEPW EVI VYFFIH XSKIXLIV 8LMW MW ORS[R EW XVMFSGLEVKMRK ERH E PEVKI TSXIRXMEP GER FI HIZIPSTIH ;LIR X[S SFNIGXW SJ HMJJIVIRX TSXIRXMEP GSQI MR GSRXEGX ER IPIGXVSWXEXMG GYVVIRX [MPP JPS[ ERH GER GEYWI HEQEKI XS IPIGXVSRMG GSQTSRIRXW 8LI HMWGLEVKI HSIW RSX LEZI XS FI EGGSQTERMIH F] E WTEVO XS GEYWI HEQEKI % ZSPXEKI HMJJIVIRGI SJ SRP] ZSPXW GER GEYWI HEQEKI MR E GSQTSRIRX XLEX QE] RSX WLS[ YT JSV ]IEVW 'EVI QYWX FI XEOIR [LIR XSYGLMRK ER] GSRHYGXMZI WYVJEGI SJ 4'&W SV ER] GSRHYGXMZI TEXLW GSRRIGXIH XS 4'&W

                                                                                    %4'&vW0MJI']GPI

:SPXEKI 7XVIWW

SPXEKI WXVIWW EGVSWW E HMIPIGXVMG QEXIVMEP IMXLIV FIX[IIR GSRHYGXSVW SV JVSQ E GSRHYGXSV XS KVSYRH GER SZIV XMQI GEYWI E HMIPIGXVMG JEMPYVI FVIEOHS[R -J XLI ZSPXEKI WXVIWWIW EVI XSS LMKL SV MJ MQTYVMXMIW ERH ZSMHW I\MWX MR XLI HMIPIGXVMG WXVIWWIW GER FYMPH YT ERH GEYWI HMIPIGXVMG FVIEOHS[R

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

%4'&vW0MJI']GPI *EMPYVI 1IGLERMWQW 8LIVI EVI PMXIVEPP] LYRHVIHW SJ JEMPYVI QIGLERMWQW JSV 4'&W ERH XLIMV GSQTSRIRXW )46- VITSVX 24 % 6IZMI[ SJ )UYMTQIRX %KMRK 8LISV] ERH 8IGLRSPSK] MRGPYHIW E PMWX SJ JEMPYVI QIGLERMWQW MR %TTIRHM\ ( QER] SJ [LMGL EVI HIWGVMFIH MR HIXEMP MR XLI FSH] SJ XLI VITSVX ?A -X MW RSX XLI TYVTSWI SJ XLMW VITSVX XS PMWX ERH HIWGVMFI EPP SJ XLI JEMPYVI QIGLERMWQW XLEX ETTP] XS 4'&W FYX VEXLIV XS HIWGVMFI WIPIGXIH ERH RI[IV JEMPYVI QIGLERMWQW 8EFPI GSRXEMRW E WIPIGXMSR SJ MQTSVXERX JEMPYVI QIGLERMWQW MR EPTLEFIXMG SVHIV 8EFPI 7IPIGXMSR SJ JEMPYVI QIGLERMWQW

     %RSHI KSPH IZETSVEXMSR         8LMW JEMPYVI QIGLERMWQ MW JSYRH MR IPIGXVSRMG XYFIW ERH VIJIVW XS XLI KVEHYEPIVSHMRKSJXLIKSPHSRXLIXYFIvWERSHI%RSHIWEVI

RSVQEPP] KSPHTPEXIH -R XLI STIVEXMSR SJ XLI IPIGXVSR XYFI XLI ERSHI MW TSWMXMZIP] GLEVKIH ERH IPIGXVSRW JVSQ XLI GEXLSHI EVI EXXVEGXIH XS MX 8LI IPIGXVSRW LEZI OMRIXMG IRIVK] ERH QEWW EW XLI] XVEZIP JVSQ XLI GEXLSHI XS XLI ERSHI ;LIR XLI] WXVMOI XLI ERSHI XLI] HMWPSHKI EXSQW SJ KSPH JVSQ XLI WYVJEGI SJ XLI ERSHI ERH TVSHYGI LIEX 8LI WYVJEGI GER FIGSQI LSX IRSYKL XS IZETSVEXI XLI KSPH 8LI KSPH ZETSV GSSPW MRXS HVSTPIXW [LMGL GER HITSWMX SR XLI GEXLSHI ERH [MPP HMQMRMWL XLI IPIGXVSR TVSHYGXMSR JVSQ XLI GEXLSHI SV XLI] GER WIXXPI SR MRWYPEXMRK WYVJEGIW ERH [MPP IZIRXYEPP] GEYWI EVGMRK

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
     'SRRIGXMSR JEMPYVI MRXIVREP    %R] IPIGXVSRMG TEGOEKI XLEX LEW ER MRXIVREP [MVI FSRHIH XS XLI IPIGXVSRMG GSQTSRIRXW GER I\LMFMX XLMW JEMPYVI QIGLERMWQ 8LIWI GSQTSRIRXW GER MRGPYHI GETEGMXSVW SV -'W 8LI PIEH JEMPYVIW GER SGGYV HYI XS E RYQFIV SJ GEYWIW 'SVVSWMSR GSRXEQMREXMSR ERH XLIVQEP G]GPMRK XLEX SZIVWXVIWW ERH JEXMKYI XLI PIEHW SV XLI FSRHW EVI XLI TVMQEV] GEYWIW 8LMW VIWYPXW MR ER STIR GMVGYMX
     'SRXEQMREXMSR                  'SRXEQMREXMSR MW E JEMPYVI QIGLERMWQ XLEX GER SGGYV HYVMRK QERYJEGXYVI SV STIVEXMSR (YVMRK QERYJEGXYVI GSRXEQMREXMSR GER FI FYMPX MRXS XLI GSQTSRIRX SV MX GER FI GEYWIH F] ER I\XIVREP IZIRX WYGL EW TPEXMRK WEPXW RSX GSQTPIXIP] VIQSZIH JVSQ XLI TEVX SV 4'& (YVMRK STIVEXMSR GSRXEQMREXMSR GER FI XLI VIWYPX SJ MQTVSTIV WXSVEKI SV LERHPMRK EW [IPP EW XLI IRZMVSRQIRX

                                                                                     %4'&vW0MJI']GPI

8EFPI GSRXMRYIH 7IPIGXMSR SJ JEMPYVI QIGLERMWQW

'SVVSWMSR                    8LIVI EVI X[S X]TIW SJ GSVVSWMSR SJ MRXIVIWX IPIGXVSGLIQMGEP GSVVSWMSR ERH KEPZERMG GSVVSWMSR
                             )PIGXVSGLIQMGEP GSVVSWMSR MW XLI FVIEOMRK HS[R SJ E QEXIVMEP F]

QIERW SJ E GLIQMGEP VIEGXMSR HYI XS ERSXLIV GLIQMGEP SV S\]KIR ERH [EXIV 'SVVSWMSR WYGL EW VYWX GER SGGYV SR ER MVSR WYVJEGI MR GSRXEGX [MXL QSMWXYVI MR XLI EMV 'SVVSWMSR GER JSVQ SR 4'&W MR XLI TVIWIRGI SJ E GLIQMGEP WYGL EW ER IPIGXVSP]XI JVSQ E FEXXIV] SV E GETEGMXSV 8LI FEWI QEXIVMEP KVEHYEPP] KMZIW YT IPIGXVSRW XS XLI TSWMXMZIP] GLEVKIH MSRW SJ XLI IPIGXVSP]XI 8LI FEWI QEXIVMEP MW GSRWMHIVIH XLI ERSHI ERH XLI EXQSWTLIVI SV ERSXLIV EVIE SJ XLI FEWI QIXEP MW XLI GEXLSHI % JPS[ SJ IPIGXVSRW JVSQ XLI ERSHI XS XLI GEXLSHI MR XLI TVIWIRGI SJ ER IPIGXVSP]XI GEYWIW XLI KVEHYEP VIQSZEP SJ XLI FEWI QIXEP ERH XLI HMWTSWMXMSR SJ XLI FEWI QIXEP MR XLI IPIGXVSP]XI SV SR XLI WYVJEGI SJ XLI GEXLSHI TSXMSR SJ XLI FEWI QIXEP %RSHIW GSVVSHI GEXLSHIW HS RSX 3ZIV XMQI XLMW [MPP GEYWI TMXXMRK MR XLI FEWI QEXIVMEP -J XLMW SGGYVW MR E GSRHYGXMZI TEXL XLI VIWMWXERGI GER MRGVIEWI ERH XLI PSGEXMSR GER LIEX IZIRXYEPP] XLI GSRHYGXMZI TEXL [MPP FI FVSOIR VIWYPXMRK MR ER STIR GMVGYMX JEMPYVI

                             +EPZERMG GSVVSWMSR SGGYVW [LIR X[S QIXEPW EVI MR GSRXEGX [MXL IEGL SXLIV MR XLI TVIWIRGI SJ ER IPIGXVSP]XI %R IPIGXVMGEPP] GSRHYGXMZI TEXL MW RIIHIH XS JSVQ E KEPZERMG GSYTPI [LIVI XLI QSVI RSFPI QIXEP GSVVSHIW EX E WPS[IV VEXI XLER XLI PIWW RSFPI QIXEP 1IXEPW LEZI E WXERHEVH IPIGXVSHI TSXIRXMEP ERH GER FI EVVERKIH MR E PMWX KIRIVEPP] GEPPIH E KEPZERMG WIVMIW 8LI KVIEXIV XLI HMJJIVIRGI FIX[IIR XLI WXERHEVH IPIGXVSHI TSXIRXMEP SJ X[S QIXEPW MR GSRXEGX

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

%4'&vW0MJI']GPI 8EFPI GSRXMRYIH 7IPIGXMSR SJ JEMPYVI QIGLERMWQW

    )PIGXVSGLIQMGEP QMKVEXMSR   )PIGXVSGLIQMGEP QMKVEXMSR GER SGGYV SR XLI WYVJEGI SV MR XLI MRWYPEXMSR SJ 4'&W HYI XS E GSRHYGXMRK ERSHI JMPEQIRX MR XLI MRWYPEXMSR ERH HIRHVMXMG KVS[XL SR XLI WYVJEGI SJ MRWYPEXMSR  ;LIR E TSXIRXMEP I\MWXW FIX[IIR X[S GSRHYGXMZI TEXLW SV FIX[IIR X[S TMRW XLEX EVI MR GSRXEGX

[MXL ER MRWYPEXMRK WYVJEGI MSRW [MPP QMKVEXI FIX[IIR XLI ERSHI ERH XLI GEXLSHI GSRHYGXSVW w(IRHVMXI KVS[XL SGGYVW EW E VIWYPX SJ QIXEP MSRW KSMRK MRXS WSPYXMSR EX XLI ERSHI ERH TPEXMRK SYX EX XLI GEXLSHI KVS[MRK MRRIIHPISVXVIIPMOIJSVQEXMSRWx?Aw8LI?GSRHYGXMZI ERSHMGA JMPEQIRX E GSTTIV WEPX KVS[W JVSQ XLI ERSHI XS[EVH XLI GEXLSHI EPSRK XLIITS\]KPEWWMRXIVJEGIx?A

    ,SX GEVVMIVW                ,SX GEVVMIVW GEYWI IPIGXVSR SV LSPI XVETW XS JSVQ MR WIQMGSRHYGXSVW

MRGVIEWMRK PIEOEKI GYVVIRX ERH WLMJXW MR XLI XLVIWLSPH ZSPXEKI ERH PIEHMRK XS MRWXEFMPMX] ERH JEMPYVI ,SX GEVVMIVW EVI IMXLIV IPIGXVSRW SV LSPIW XLEX LEZI I\GIWWMZI OMRIXMG IRIVK] ERH QMKVEXI JVSQ XLI PSGEXMSR [LIVI XLI] WLSYPH VIWMHI XS WSQI SXLIV PSGEXMSR XLYW PIEZMRK ER IPIGXVSR SV LSPI XVET

    -RXIVQIXEPPMG HIKVEHEXMSR   -RXIVQIXEPPMG HIKVEHEXMSR SGGYVW EX XLI MRXIVJEGI FIX[IIR X[S HMWWMQMPEV QIXEPW [LIVI E XLMVH GSQTSYRH MW JSVQIH F] XLI X[S QIXEPW 8LMW LETTIRW JSV I\EQTPI FIX[IIR EPYQMRYQ ERH KSPH -J XLI GSQTSYRH XLEX MW JSVQIH MW E RSRGSRHYGXSV ER STIR GMVGYMX GER IZIRXYEPP] SGGYV
    -SRMG QMKVEXMSR             -SRMG QMKVEXMSR SGGYVW FIX[IIR ER ERSHI ERH GEXLSHI EX PS[

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

                                                                                     %4'&vW0MJI']GPI

8EFPI GSRXMRYIH 7IPIGXMSR SJ JEMPYVI QIGLERMWQW 8MR [LMWOIVW 8MR [LMWOIVW EVI JMPEQIRXW SJ XMR XLEX KVS[ JVSQ E XMRTPEXIH WYVJEGI 8LI] KVS[ F] EHHMXMSR SJ QEXIVMEP EX XLIMV FEWI RSX EX XLIMV XMT ?A

                               ;LMWOIVW EPWS JSVQ MR WMPZIV ^MRG ERH KSPH 8LI EHHMXMSR SJ E WQEPP TIVGIRXEKI SJ PIEH VIHYGIW XLI XIRHIRG] SJ XMR [LMWOIVW XS KVS[
                               ;MXL XLI EHZIRX SJ XLI 6S,7 6IWXVMGXMSR SJ ,E^EVHSYW 7YFWXERGIW ERH 6)%', 6IKMWXVEXMSR )ZEPYEXMSR %YXLSVM^EXMSR ERH 6IWXVMGXMSR SJ 'LIQMGEPW TVSKVEQW MR XLI )YVSTIER 9RMSR QSVI QERYJEGXYVIVW SJ GSQTSRIRXW EVI QSZMRK E[E] JVSQ XLI YWI SJ E WQEPP EQSYRX SJ PIEH ERH XS[EVH XLI YWI SJ TYVI XMR TPEXI
                               %PXLSYKL XLI I\EGX QIGLERMWQ SJ JSVQEXMSR MW RSX ORS[R MX MW FIPMIZIH XS VIWYPX JVSQ VIWMHYEP GSQTVIWWMZI WXVIWWIW ?A ;LMWOIVW JSYRH SR XLMR XMR JMPQW  XS  Q EVI  XS  Q MR HMEQIXIV ERH GER VERKI JVSQ  XS  Q MR PIRKXL ?A 3XLIV IVYTXMSRW GEPPIH JPS[IVW I\XVYWMSRW ERH ZSPGERSIW GER SGGYV SR XMR WYVJEGIW FYX XLI] EVI RSX EW QYGL E GSRGIVR EW [LMWOIVW w7XVIWW QE] GSQI JVSQXLIEWTPEXIHJMPQ[MXLMXWEWWSGMEXIHXI\XYVIiSVTSWWMFP]

S\]KIR HMJJYWMSR ERHSV S\MHI JSVQEXMSR SR XLI WYVJEGI 'SVVSWMSR SJ XMRMWERSXLIVTSWWMFPIWSYVGIJSVXLIWXVIWWx?A8LIEQSYRXSJ XMQI RIIHIH JSV [LMWOIV JSVQEXMSRW GER FI QMRYXIW SV HIGEHIW ERH WIIQW XS FI EWWSGMEXIH [MXL XLI PIRKXL SJ XMQI JSV WYJJMGMIRX GSQTVIWWMZI WXVIWW XS FYMPH YT

                               *SV QSVI MRJSVQEXMSR WII 'YVVIRX 8MR ;LMWOIV 8LISV] ERH 1MXMKEXMSR 4VEGXMGIW +YMHIPMRI ?A E VITSVX TYFPMWLIH NSMRXP] F]
                               .)()'-4'

-()28-*=-2+ *%-096)7 %2( 46)'967367 83

%-096) 4S[IV TPERX QEMRXIRERGI TVSKVEQW RIIH XS FI IJJMGMIRX EW [IPP EW IJJIGXMZI 8LIVI MW E FEPERGI XLEX QYWX FI QEMRXEMRIH FIX[IIR GSWXW ERH TPERX STIVEXMSR 4'&W VITVIWIRX E WMKRMJMGERX TEVX SJ E QEMRXIRERGI TVSKVEQ *SV STIVEXMRK TPERXW ETTVSEGLIW XS LS[ XLI] EVI QEMRXEMRIH LEZI EPVIEH]

FIIR IWXEFPMWLIH 8LI X]TIW SJ ETTVSEGLIW EVI EW ZEVMIH EW XLIVI EVI TS[IV TPERXW ,S[ IJJIGXMZI ERHIJJMGMIRXERETTVSEGLMWHITIRHWXSEPEVKIHIKVIISRXLITPERXv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v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vWSTIVEXMSR-XGERRSXFI VIGSQQIRHIH MJ XLI GSWX SJ GSVVIGXMZI QEMRXIRERGI ERH VITPEGIQIRX MW KVIEXIV XLER SXLIV ETTVSEGLIW 8LEX FIMRK WEMH VYRXSJEMPYVI QE] FI XLI PIEWX I\TIRWMZI ETTVSEGL XS QEREKMRK

-HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI 4'&W *SV STIVEXMRK TPERXW TIVJSVQMRK XLMW IZEPYEXMSR JSV E WTIGMJMG 4'& SV WTIGMJMG W]WXIQ XLI VIZMI[ MW FIMRK HSRI XS IMXLIV MQTVSZI W]WXIQ TIVJSVQERGI SV VIHYGI QEMRXIRERGI GSWXW ERH TIVWSRRIP [SVOPSEH +IRIVEPP] YWMRK XLI VYRXSJEMPYVI ETTVSEGL [MPP RSX MQTVSZI W]WXIQ TIVJSVQERGI 8LMW ETTVSEGL GER VIHYGI QEMRXIRERGI GSWXW ERH TIVWSRRIP [SVOPSEH ,S[IZIV FIJSVI EHSTXMRK XLMW ETTVSEGL GSRWMHIV XLI JSPPS[MRK 8LI JEMPYVI HSIW RSX EJJIGX XLI STIVEXMSR SJ ER MQTSVXERXXSWEJIX] W]WXIQ 8LI JEMPYVI MW RSX E LMHHIR JEMPYVI XLEX GERRSX FI HMWGSZIVIH YRXMP XLI W]WXIQ MW GEPPIH YTSR XS TIVJSVQERGI E JYRGXMSR XLEX MW MQTSVXERX XS TPERX STIVEXMSR SV WEJIX] 8LI GSWX SJ XLI GSVVIGXMZI EGXMSR XS PSGEXI XLI JEMPYVI ERH VITPEGI XLI FSEVH MW RSX KVIEXIV XLER ERSXLIV ETTVSEGL

    % VITPEGIQIRX FSEVH MW EZEMPEFPI MR XLI XMQI XLEX MW RIGIWWEV] XS FVMRK XLI W]WXIQ FEGO SR PMRI EJXIV XLI FSEVH JEMPW -X MW MQTSVXERX XS ORS[ XLI VITEMV XMQI ERH XLI GSRWIUYIRGIW SJ XLI W]WXIQ FIMRK SYX SJ WIVZMGI JSV XLEX XMQI

1ERYJEGXYVIVWv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vVIPMEFMPMX]HYVMRKXLIFMHHMRKTVSGIWWSVXSEWWIWWXLIGLERKIMRVIPMEFMPMX]HYI XS HIWMKR GLERKIW 8LMW MW E WMQTPI IEW] ERH MR QSWX GEWIW GSWXIJJIGXMZI ETTVSEGL 8LIVI EVI E GSYTPI SJ XLMRKW XS OIIT MR QMRH XLSYKL 8LI TEVXW GSYRX QIXLSH QE] FI ZIV] GSRWIVZEXMZI ERH E GSWX TIREPX] QE] FI MRGYVVIH VIPEXIH XS XLI GSWX SJ E RI[ FSEVH 6ERHSQ JEMPYVIW GER WXMPP SGGYV FIJSVI XLI VITPEGIQIRX XMQI MW VIEGLIH 4PERX ERH -RHYWXV] )\TIVMIRGI

EMPYVI LMWXSV] EX XLI TPERX YXMPMX] SV MRHYWXV] GER FI YWIJYP MR HIXIVQMRMRK [LMGL 4'&W EVI QSWX WYWGITXMFPI XS JEMPYVIW -X MW MQTSVXERX XS QEMRXEMR MRJSVQEXMSR EFSYX TEWX JEMPYVIW EX XLI TPERX 8LI PMJI I\TIGXERG] SJ 4'&W MW MRJPYIRGIH MR PEVKI QIEWYVI F] XLI TPERX IRZMVSRQIRX ERH QEMRXIRERGI QIXLSHW *EMPYVIW VIGSVHIH F] ERSXLIV TPERX SV XLI MRHYWXV] QE] LEZI E HMJJIVIRX WIX SJ IRZMVSRQIRXEP GSRHMXMSRW ERH TVSGIHYVIW JSV LERHPMRK XIWXMRK ERH WXSVMRK 4'&W 8LIVIJSVI

XLI FIWX HEXE EVI JVSQ XLI TPERX 3J GSYVWI XLIVI [MPP FI KIRIVMG MWWYIW SV JEMPYVIW XLEX EVI MHIRXMJMIH MR XLI MRHYWXV] ERH XLIWI QYWX FI EHHVIWWIH

                                                                 -HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI

LIR VIZMI[MRK XLI JEMPYVI HEXE PSSO FI]SRH XLI MRJSVQEXMSR JSV E TEVXMGYPEV FSEVH 0SSO EX XLI PSGEXMSRW SJ XLI JEMPYVIW %VI XLIVI E PSX SJ JEMPYVIW SGGYVVMRK MR E TEVXMGYPEV EVIE# 'LIGO XLI IRZMVSRQIRX MR XLEX EVIE 8IQTIVEXYVI MRGVIEWIW SJ ' * GER HSYFPI XLI JEMPYVI VEXI %VI XLIVI E PSX SJ JEMPYVIW JVSQ SRI QERYJEGXYVIV# -J XLI JEMPYVIW EVI FVSEHFEWIH PSSO EX LERHPMRK

XIWXMRK TIVWSRRIP ERH WXSVEKI TVSGIHYVIW 4EVXW 'SYRX 6IPMEFMPMX] (EXE %W QIRXMSRIH MR 7IGXMSR TEVXW GSYRX VIPMEFMPMX] HEXE GER FI YWIH XS IWXEFPMWL E VITPEGIQIRX XMQI FYX XLIVI MW RS GSVVIPEXMSR FIX[IIR XLI XMQI GEPGYPEXIH ERH XLI EGXYEP JEMPYVIW MR WIVZMGI 8LI HEXE QE] FI XEOIR JVSQ 1-0,(&/ XLI ;IMFYPP HEXEFEWI SV ERSXLIV EZEMPEFPI WSYVGI SJ VIPMEFMPMX] HEXE -J XEOIR JVSQ 1-0,(&/ FI E[EVI SJ XLI JSPPS[MRK TSMRXW EFSYX XLI HEXE PMWXIH MR XLI HSGYQIRX 8LI HEXE EVI PYQTIH TEVEQIXIV HEXE VEXLIV XLER HMWXVMFYXIH TEVEQIXIV HEXE 8LEX MW EPP SJ XLI WITEVEXI JEMPYVI QIGLERMWQW EVI PYQTIH XSKIXLIV ERH XLI JEMPYVI VEXI MW GEPGYPEXIH JSV EPP JEMPYVIW RS QEXXIV [LEX XLI QIGLERMWQ MW 8LI JEMPYVI VEXI MW JSV VERHSQ JEMPYVIW SRP] ERH HSIW RSX GSRWMHIV [IEVSYX JEMPYVIW 6ERHSQ JEMPYVIW EVI KIRIVEPP] E VIWYPX SJ IVVSVW SV HIJIGXW MR QEXIVMEP QERYJEGXYVMRK STIVEXMSR HIWMKR SV QEMRXIRERGI 8LI JEMPYVI VEXI KMZIR MW JSV XLI RSVQEP VIKMSR SJ XLI PMJI G]GPI FEXLXYF GYVZI 8LI JEMPYVI VEXI MW XEOIR EW E GSRWXERX ZEPYI SZIV XLI IRXMVI RSVQEP VERKI IZIR XLSYKL XLI JEMPYVI GER FI VERHSQ ERH SGGYV EX ER] XMQI 8LI HEXE JSV E WTIGMJMG GSQTSRIRX EVI KIRIVMG ERH GSZIV E VERKI SJ QERYJEGXYVIVW ERH WMQMPEV GSQTSRIRX X]TIW 2SX EPP SJ XLI HEXE EVI JVSQ XIWXW SV JMIPH HEXE 7SQI SJ XLI ZEPYIW SJ JEMPYVI VEXIW LEZI FIIR MRXIVTSPEXIH XS JMPP MR XLI XEFPIW 2S MRHMGEXMSR MW KMZIR MR 1-0,(&/ XS HMWXMRKYMWL [LMGL HEXE [IVI MRXIVTSPEXIH ERH [LMGL GEQI JVSQ XIWXMRK SV JMIPH HEXE ;IEO0MRO 6IPMEFMPMX] (EXE 8LI [IEOPMRO ETTVSEGL YWIW HEXE JVSQ 1-0,(&/ ;IMFYPP ERHSV SXLIV VIPMEFMPMX] HEXEFEWIW XS MHIRXMJ] XLI GSQTSRIRX XLEX LEW XLI LMKLIWX JEMPYVI VEXI SR XLI 4'& 8LI GSRGITX MW XLEX XLI GSQTSRIRX [MXL XLI LMKLIWX JEMPYVI VEXI LEW XLI LMKLIWX TVSFEFMPMX] SJ JEMPMRK JMVWX 8LIVI MW RS TVSSJ XLEX XLMW MW XVYI MR JEGX JEMPYVIW GER WXMPP SGGYV MR SXLIV GSQTSRIRXW MR E VERHSQ QERRIV FIJSVI XLI [IEOPMRO GSQTSRIRX JEMPW -X HSIW TVSZMHI E QIXLSH SJ IWXEFPMWLMRK E VITPEGIQIRX XMQI ;LIR YWMRK XLMW ETTVSEGL ETTP] EPP SJ XLI JEGXSVW XLEX EJJIGX XLI JEMPYVI VEXI KMZIR MR XLI VIPMEFMPMX] WSYVGI FIMRK YWIH -X MW [MWI XS PSSO EX E JI[ HMJJIVIRX GSQTSRIRXW [MXL LMKL JEMPYVI VEXIW ERH ETTP] XLI JEGXSVW XLEX EJJIGX XLIMV JEMPYVI VEXIW XS JMRH XLI SRI [IEOPMRO GSQTSRIRX [MXL XLI LMKLIWX JEMPYVI

-HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI 3RGI XLI JEMPYVI VEXI MW MHIRXMJMIH YWI )UYEXMSR XS JMRH XLI 188* /IIT MR QMRH XLEX XLI TVSFEFMPMX]SJEGSQTSRIRXv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vW 'IRXIV JSV %HZERGIH 0MJI ']GPI )RKMRIIVMRK '%0') -R SRI EREP]WMW '%0') TIVJSVQIH 2%7% [ERXIH XS ORS[ LS[ QER] QSVI QMWWMSRW XLI GMVGYMX GEVH MR XLI WSPMH VSGOIX FSSWXIVW [LMGL GSRXVSP PEYRGL EWGIRX WITEVEXMSR VIIRXV] ERH VIGSZIV] [SYPH FI EFPI XS GSQTPIXI [MXLSYX JEMPYVI ?A 8S HIXIVQMRI XLI VIQEMRMRK PMJI ER EWWIWWQIRX SJ XLI GSRHMXMSRW XS [LMGL XLI FSEVH MW WYFNIGXIH [EW JMVWX GLEVEGXIVM^IH 9WMRK XLIWI GSRHMXMSRW ERH EREP]^MRK XLI 4'& EWWIQFP] XLI QENSV WXVIWWSVW ERH [IEOPMRO JEMPYVI QIGLERMWQW [IVI IWXEFPMWLIH8LMW[EWHSRIYWMRK'%0')vWHEXEFEWISJJEMPYVIQIGLERMWQWvVIPMEFMPMX]HEXE 2SXMGIXLEXXLIVIPMEFMPMX]HEXEEVIJSVXLIMRHMZMHYEPGSQTSRIRXvWJEMPYVIQIGLERMWQW8LMW HMJJIVW JVSQ 1-0,(&/ VIPMEFMPMX] HEXE [LMGL PYQT EPP SJ XLI JEMPYVI QIGLERMWQW SJ E GSQTSRIRX XSKIXLIV -R XLI 2%7% ETTPMGEXMSR XLI QENSV WXVIWWSV [EW ZMFVEXMSR ERH WLSGO 8LI TVIHSQMRERX JEMPYVI QIGLERMWQ [EW GVEGOMRK SJ XLI WSPHIV GSRRIGXMSRW HYI XS JEXMKYI JEMPYVI 9WMRK XLI TL]WMGW SJ JEMPYVI ETTVSEGL E RYQFIV SJ [IEOPMRO WSPHIV GSRRIGXMSRW [IVI EREP]^IH JSV XLIMV VIQEMRMRK PMJI 2%7% XLYW [EW EFPI XS WEJIP] YWI XLIWI FSEVHW ERH VITPEGI XLIQ FIJSVI XLI] JEMPIH 8LI WEQI ETTVSEGL GER FI ETTPMIH XS ER] WXVIWWSV ERH JEMPYVI QIGLERMWQ JSV E 4'& 8LI EREP]WMW WLSYPH FI TIVJSVQIH F] TIVWSRRIP I\TIVMIRGIH MR YWMRK XLMW ETTVSEGL WYGL EW '%0') SV ERSXLIV XLMVHTEVX] WIVZMGI SVKERM^EXMSR )RZMVSRQIRXEP 5YEPMJMGEXMSR (EXE 7]WXIQW XLEX EVI MQTSVXERX XS WEJIX] WLSYPH LEZI E VITPEGIQIRX WGLIHYPI JSV ER] GSQTSRIRXW XLEX LEZI WMKRMJMGERX EKMRK QIGLERMWQW [MXL E PMJI PIWW XLER XLI HIWMKR SV UYEPMJMIH PMJI %PQSWX EPP 4'&W EVI PSGEXIH MR QMPH IRZMVSRQIRXW -J XLIVI EVI GSQTSRIRXW SR 4'&W XLI QERYJEGXYVIV WLSYPH TVSZMHI E VIGSQQIRHIH QEMRXIRERGI SV WYVZIMPPERGI TVSKVEQ -R QER] GEWIW XLMW MW E VITPEGIQIRX WGLIHYPI 8LI IRZMVSRQIRXEP UYEPMJMGEXMSR VITSVX JSV XLI 4'&W XLEX LEZI WMKRMJMGERX EKI QIGLERMWQW WLSYPH LEZI E VITPEGIQIRX WGLIHYPI

                                                               -HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI

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

YRGXMSREP XIWXMRK MW ER ETTVSEGL XLEX GLIGOW XLI TIVJSVQERGI SJ E W]WXIQ SR E TIVMSHMG FEWMW

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Identifying Failures and Precursors to Failure Table 3-1 Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Batteries Seal failure [21] Seal material Loss of electrolyte Corrosion on board Visual inspection (sealed coin) embrittlement [21] [21] [1] Cable Dielectric breakdown Insulation cracking Embrittlement and Cracking and stiffness Visual inspection (ribbon) cable stiffness Capacitors Seal failure [22] Pressure buildup due Electrolyte leakage Electrolyte outside Visual inspection (aluminum to chemical reaction package or on PCB electrolytic) between aluminum dioxide and water in Drift of capacitance Capacitance Specific parameter the electrolyte [22] and ESR beyond ESR monitoring specification tolerance [22] Oxide deterioration Oxide migration into Increase in leakage Leakage current Leakage current electrolyte current testing Dielectric breakdown Oxide migration into Increase in leakage Leakage current Leakage current [23] electrolyte current testing Internal connection Fatigue due to Crack in connection None None failure [23] thermomechanical stresses Capacitors Seal failure [12] Lead bending Electrolyte leakage Electrolyte outside Visual inspection (electrolytic tantalum) stresses seal area package or on PCB (also see aluminum thermomechanical electrolytic capacitors) stresses due to Drift of capacitance Capacitance Specific parameter charge/discharge [12] and ESR beyond ESR monitoring specification tolerance 3-11

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Capacitors Cracks in oxide due to Impurities cause Leakage current Leakage current Leakage current (solid tantalum) crystallization localized heating, increase testing causing crystallization Capacitors Ceramic cracking Thermomechanical Decrease in insulation Leakage current Leakage current (ceramic) shock [12] resistance [12], which testing increases leakage current Delamination Degassing organic Decrease in insulation Leakage current Leakage current binding agents by resistance [12], which testing heat during increases leakage manufacture [12] current Dendrite and Ionic migration Decrease in insulation Leakage current Leakage current conductive anode caused by electric resistance resulting in testing filament growth potential in the an increase in resulting in dielectric presence of moisture leakage current breakdown and manufacturing defects (impurities and bubbles) 3-12

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Capacitors Dendrite and Ionic migration Decrease in insulation Leakage current Leakage current (plastic, mica) conductive anode caused by electric resistance resulting in testing filament growth potential in the an increase in resulting in dielectric presence of moisture leakage current breakdown and manufacturing defects (impurities and bubbles) Internal connection Fatigue due to Cracks in connection None (not visible) None failure in metal case thermomechanical capacitors [12] cycling Corrosion of internal Chemical reaction Reduction of metal Increase in resistance Thermography metal parts in plastic due to humidity in the volume and presence resulting in increase case capacitors [12] presence of an of corrosion by- in heating applied voltage products Connectors Eroded conductive Wear due to mating Increased resistance Contact resistance Specific parameter (edge, relay, and IC surface and unmating cycles [22] monitoring sockets, multipin on [1] PCB) Increased heat due to Temperature Thermography higher resistance Contact Non-age-related Increased resistance Contact resistance Specific parameter contamination [22] error-induced [22] monitoring deposits from handling Discoloration Discoloration Visual inspection Dendrite and Ionic migration Decrease in insulation Leakage current Leakage current conductive anode caused by electric resistance resulting in testing filament growth potential between an increase in resulting in dielectric pins in the presence leakage current breakdown of moisture and insulation surface contaminants 3-13

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Connectors Part loosening leading Thermomechanical Loose parts Loose parts Visual inspection (edge, relay, and IC to an open circuit or cycling sockets, multipin on grounding intermittent PCB) continued (noise) Corrosion Corrosion buildup due Corrosive material on Corrosive material on Visual inspection [24] to cleaning solution or contacts contacts environment [24] Plating peeling on Contaminants during Peeling or flaking of Peeling or flaking of Visual inspection [24] contacts plating or overheating nickel plate over nickel plate [24] copper [24] Bad crimp or solder Thermomechanical Gradual loosening of Intermittent Visual inspection [24] connection cycling the connection Loss of insertion force Wear or loss of spring Connectors mate Connectors mate Visual inspection [24] load due to wear without much force without much force Pitting of contacts Arcing of contact Unplugging while None Visual inspection energized Fretting corrosion Oxide buildup at Oxide buildup Intermittent resistance Visual inspection connection due to small movements of Increased resistance Specific parameter contacts (vibration) measurement [24] Galvanic corrosion Galvanic potential Corrosion buildup Corrosion present Visual inspection between dissimilar (purple plague) metals Increasing resistance Resistance Specific parameter measurement 3-14

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Connectors Loss of contact float Loss of the ability to Increasing resistance Resistance Specific parameter (edge, relay, and IC center pin in the measurement sockets, multipin on spring contact PCB) continued causing increasing Overheating Temperature Thermography resistance and overheating Crystals Crystal cracking [1] Non-age-related Increased leakage Leakage current Leakage current (Quartz) mechanical stress current due to handling [1] Seal failure [1] Non-age-related Increased leakage Leakage current Leakage current mechanical stress current due to handling [1] Diodes Dark spot formation Crystallization due to Decrease in light Light emission Visual inspection (light-emitting diodes [25] joule heating in high emission [LEDs]) electric field Case discoloration Plastic case becomes Decrease in light Light emission Visual inspection opaque with time emission Diodes Cracks in solder Embrittlement due to Overheating Temperature Thermography (power) connections thermal cycling Cracks in silicon die Microcracking due to Increase in leakage Leakage current Leakage current stresses during current testing thermal cycling Contamination of Manufacturing defect: Increase in leakage Leakage current Leakage current silicon electrical charges current testing trapped in junction interfaces 3-15

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Diodes Corrosion of internal Corrosion buildup and Thyristors---increase Gate threshold Specific parameter (power) continued metallic contacts eroding contacts gate threshold current current or voltage measurement and voltage Transistors-input Input impedance Specific parameter impedance change measurement Liquid crystal displays Pixel failure Dot electrode failures None Dark pixel Visual inspection (LCDs) due to diffusion between n-p material Electron tubes Anode gold Anode heating Reduced anode Anode current Specific parameter evaporation caused by electron current and power measurement kinetic energy output EPROM Loss of memory bit Loss of electric None Lose of memory bit Computer parameter (see also silicon- charge due to monitoring based active degradation of oxide (checksum) components) grid [12] Inductors Ferrite core fracture Non-age-related None Inductance change Specific parameter vibration or shock measurement causes fracture the ferrite core Opto-couplers Degraded photon Photon gradually Decrease in LED LED current Specific parameter (see also silicon output decreases due to diffusion current and measurement based active increase of energy an increase in LED components) [12] traps recombination current [12] 3-16

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Potentiometers Oxide on coil or wiper Oxidation of copper Intermittent resistance Resistance Specific parameter change [1] measurement Wear of coil or wiper Wear Intermittent opens [1] Resistance Specific parameter [1] measurement Printed circuits Dendrite and Ionic migration Decrease in insulation Leakage current Leakage current (boards) conductive anode caused by electric resistance resulting in testing filament growth potential between an increase in resulting in dielectric pins in the presence leakage current breakdown of moisture and insulation surface contaminants Carbonization of Overheated Char and carbonized Blackened area Visual inspection surface leading to components cause area on board surface dielectric breakdown insulation to char and carbonize Overheated Temperature Thermography components Contamination or Buildup of Increase leakage Leakage current Leakage current corrosion contamination or current corrosion on the surface of the board Delamination of Thermal cycling and Lifting traces Lifting traces Visual inspection conductive paths poor adhesion can cause traces and edge connectors to lift and crack Cracks in traces Stress and thermal Cracking in traces Cracking Visual inspection cycling cause traces and pads to crack 3-17

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Printed circuits Cracks in traces Stress of bent traces Cracking in traces Cracking Visual inspection (flexible) and thermal cycling causes cracking of traces Electrochemical Electrochemical Increase in leakage Leakage current Leakage current migration [13] ionization in the current testing presence of applied voltage causes the trace metal to form conductive filament from the anode to the cathode Delamination of Thermal cycling and Cracks in traces Cracking Visual inspection conductive paths poor adhesion causes traces to lift and crack Relays Coil burnout Coil insulation Charring of coil Coil covering Visual inspection (e lectromechanical) embrittlement covering discoloration (where visible) Overheating Temperature Thermography Contact wear out Thermomechanical Increased contact Resistance Specific parameter operating cycles resistance measurement Contact Contact surface area Increase resistance Resistance Specific parameter contamination reduction [22] measurement Relays Excess leakage Increasing leakage Increase leakage Leakage current Leakage current (solid-state) current [1] current [1] current testing (see also silicon-based active components) 3-18

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Resistors Overheating [1] Carbonization Increasing Discoloration Visual inspection discoloration Increased Increased Temperature Thermography temperature temperature Corrosion [12] Moisture intrusion Increasing resistance Resistance Specific parameter measurement Noise Noise Resistors Contact separation Metal film resistors None found Open circuit Specific parameter (Metal film) from metal film caused by thermal measurement cycling Resistors Humidity absorption Discoloration [1] Lower resistance Resistance Specific parameter (carbon) [1] below specification measurement Silicon-based active Silicon defect Temperature creates Increasing leakage Leakage current Leakage current components unexpected current testing (ICs, transistors, generation-operation amplifiers, recombination centers Increasing resistance Resistance Specific parameter regulators, logic modifying the life of measurement circuits, TTL digital, the carriers [12] Gain drift Gain Specific parameter linear, CMOS, NMOS, measurement oplo-isolators, RAM, ROM, EPROM, signal Grid oxide defect Breakdown of grid Injection current Injection current Specific parameter diodes) [12] oxide due to increase measurement temperature and electric field over time Dendrite and Ionic migration Decrease in insulation Leakage current Leakage current conductive anode caused by electric resistance resulting in testing filament growth potential between an increase in resulting in dielectric pins leakage current breakdown 3-19

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Silicon-based active Ionic contamination Surface charge ionic Increasing leakage Leakage current Leakage current components migration due to current testing (ICs, transistors, temperature, electric operation amplifiers, field, and current Gain drift Gain Specific parameter regulators, logic density over time [12] measurement circuits, TTL digital, linear, CMOS, NMOS, Electromigration Electron momentum Increase resistance Resistance Specific parameter opto-isolators, RAM, in conductors in high measurement ROM, EPROM, signal current densities knock ions from their Overheating Temperature Thermography diodes) [12] continued normal position, causing voids. Hot carriers Holes or electrons Increasing leakage Leakage current Leakage current migrate from their current testing normal position, leaving voids leading Increase threshold Threshold voltage Specific parameter to instability voltage monitoring Internal connection Fatigue due to Cracks in connection None (not visible) None failure thermomechanical cycling Solder Tin whiskers Growth of tin whiskers Visible tin whiskers Observable tin Visual Inspection under magnification whiskers under magnification Fatigue cracking Thermal cycling Cracks in connection Visible cracks Visual inspection causes microcracks to form at high stress areas Corrosion Corrosion buildup due Corrosive material on Corrosive material on Visual inspection to flux or environment solder connections solder connections 3-20

Identifying Failures and Precursors to Failure Table 3-1 (continued) Diagnostic techniques to measure precursors to failure Component Failure Mechanism Aging Mechanism Precursor to Failure Measurable Diagnostic Characteristic Techniques Solder continued High-resistance Growth of Increase of Resistance Specific parameter connection intermetallic layer connection resistance measurement between copper and tin Switches and Contact oxide Oxidation of copper Intermittent resistance Resistance Specific parameter keyboards formation change measurement Contact wear Wear Intermittent opens Resistance Specific parameter measurement Terminal blocks Screw loosening Thermal cycling and Intermittent opens Resistance Specific parameter vibration causes parts measurement to loosen Bad wire crimp Crimp loosens and Intermittent opens Resistance Specific parameter wire pulls out over measurement time Transformers Winding open circuit Thermal stress in None given in reports None-sudden failure None winding due to open circuit temperature cycling Transistors Crystal microcracking Microcracking growth None given in reports; None given in reports None (power) due to thermal cycling eventually (see also silicon- [1] microcracking leads based active to PN junction failure components) Notes: TIL = transistor-transistor logic; CMOS = complementary metal oxide semiconductor; NMOS = N-channel metal oxide semiconductor; RAM = random access memory; ROM = read-only memory; EPROM = erasable programmable read-only memory; ESR = equivalent series resistance. 3-21

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

   &IHSJREMPW XIWXMRK 7IGXMSRW  ERH   6YR E WIX SJ JYRGXMSREP XIWXW ERH XIWX EW [IPP JSV WLSVXW STIRW ERH GSRXMRYMX] JSV XLI TVITVSKVEQQIH WIX SJ TEVEQIXIVW
   *P]MRK TVSFI XIWXMRK 7IGXMSRW  ERH   6YR E WIX SJ JYRGXMSREP XIWXW ERH XIWX EW [IPP JSV WLSVXW STIRW ERH GSRXMRYMX] JSV XLI TVITVSKVEQQIH WIX SJ TEVEQIXIVW

7MKREP MRNIGXMSRWMKREP XVEGMRK 7IGXMSR 9WI WMKREP MRNIGXMSR ERH WMKREP XVEGMRK XS PSGEXI XLI TSMRX EX [LMGL XLI WMKREP MW MR IVVSV 'SRXMRYI XS XVEGI XLI JEYPX XS XLI GSQTSRIRX XLEX LEW JEMPIH

   -' XIWXMRK 7IGXMSR   -J XLI -'W EVI TPYKKIH MRXS WSGOIXW XLI] GER FI MRHMZMHYEPP]

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

-HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI TIVJSVQIH JEYPX HMEKRSWXMGW [MXLMR XLI QSHYPI SR WTIGMJMG TEVEQIXIVW -X FIGEQI ETTEVIRX MR XLI PEXI W XLEX EW IPIGXVSRMGW FIGEQI HIRWIV SXLIV XIGLRMUYIW [SYPH FI RIIHIH 8LI MHIE SJ XLI FSYRHEV] WGER [EW XLIR HIZIPSTIH 1EMRXIRERGI W]WXIQW GSRXMRYIH XS IZSPZI ERH MQTVSZI 8LI SPHIV EIVSWTEGI ERH EYXSQSXMZI MRHYWXVMIW ERH XLI QMPMXEV] EMV WIE ERH KVSYRH W]WXIQW EVI FIMRK WYTIVWIHIH F] RI[IV XIGLRMUYIW WYGL EW 4,1 W]WXIQW &SYRHEV] 7GER 8IGLRSPSK] 8LIRIIHXSQSRMXSVMRHMZMHYEPXIWXTSMRXWMRXLIWEQI[E]EWEFIHSJREMPWXIWXIV[SYPH{FYX [MXLSYXVIQSZMRKXLIFSEVHJVSQXLIW]WXIQ{PIHXSXLIHIZIPSTQIRXSJFSYRHEV]WGER XIGLRSPSK] KSZIVRIH F] -))) 7XH TVITEVIH F] XLI .SMRX 8IWX %GXMSR +VSYT

.8%+  8LMW EHZERGIQIRX EPPS[IH MRXIKVEXIH GLMT QERYJEGXYVIVW XS IQFIH SR XLI GLMT E PEXGL EX IEGL TMR XLEX YRHIV WSJX[EVI GSRXVSP [SYPH STIR XLI GMVGYMX ERH EPPS[ XIWXMRK SJ XLI GMVGYMX FIX[IIR -'W EW [IPP EW FIX[IIR TMRW SR XLI -' *MKYVI  WLS[W E 4'& [MXL .8%+GSQTPMERX

-'W

   *MKYVI

4'& [MXL FSYRHEV] WGER -'W .8%+ -'W QSYRXIH SR 4'&W LEZI E QYPXMTPI\IV ERH PEXGL SR IEGL TMR SJ XLI -' % XIWX EGXMSR TVSGIWWSV 8%4 GSRXVSPPIV MW EPWS FYMPX MRXS XLI -' 7ITEVEXI EGGIWW XS XLI 8%4 MW QEHI F] E WIX SJ TMRW HIHMGEXIH XS FSYRHEV] WGER XIWXMRK -R XLI STIVEXMRK QSHI XLI PEXGLIW EX XLI TMRW EVI GPSWIH ERH XLI GMVGYMXW STIVEXI RSVQEPP] -R XLI XIWX QSHI MRHMZMHYEP TMRW GER FI WITEVEXIH

                                                              -HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI YRPEXGLIH JVSQ XLI -' ERH WMKREPW MRNIGXIH XS XIWX MRXIVGSRRIGXMSRW ERH JYRGXMSRW SJ XLI -' EW

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w4VSKRSWXMGW EVI E TVIHMGXMZI HMEKRSWXMG XLEX MRGPYHIW HIXIVQMRMRK XLI VIQEMRMRK PMJISVXMQIWTERJSVTVSTIVSTIVEXMSRSJEGSQTSRIRXx?A,IEPXLQEREKIQIRXQEOIW wETTVSTVMEXIHIGMWMSRWEFSYXQEMRXIRERGIEGXMSRWFEWIHSRHMEKRSWXMGWTVSKRSWXMGWMRJSVQEXMSRx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

            %TTVSEGL                              ;SVPH[MHI         0EFSVEXSVMIW       ;SVPH[MHI 97%
                                  'SYRX          'SYRX              'SYRX             'SYRX 6IWTSRWIW

6ITPEGI FIJSVI JEMPYVI 8VIRH GEPMFVEXMSR HEXE 1ERYJEGXYVIVWv

VIGSQQIRHEXMSRW 4EWX JEMPYVIW

     'SRHMXMSR QSRMXSVMRK

6IPMEFMPMX] HEXE 2S TVSKVEQ %W GER FI WIIR JVSQ XLI HEXE XLIVI MW RS GSRWMWXIRX ETTVSEGL XS TVIZIRXMZI QEMRXIRERGI -X MW HMJJMGYPX XS MRXIVTVIX XLI VE[ HEXE XS IWXEFPMWL XVIRHW [MXLSYX JYVXLIV MRJSVQEXMSR 3RP] SJ XLSWI VIWTSRHMRK MRHMGEXIH XLEX XLI] VITPEGIH 4'&W FIJSVI XLI] JEMPIH PIEZMRK [LS VYR XS JEMPYVI =IX SRP] SRI VIWTSRHIRX MRHMGEXIH XLEX XLI TPERX LEH RS TVIZIRXMZI QEMRXIRERGI TVSKVEQ (SIW XLEX QIER XLEX XLI VIWTSRHIRXW [LS HMH RSX VITPEGI FSEVHW FIJSVI XLI] JEMPIH EPPS[IH EPP FSEVHW XS VYR XS JEMPYVI SV SRP] WSQI FSEVHW FIGEYWI QSWX MRHMGEXIH XLEX XLI] LEH WSQI FEWMW JSV VITPEGMRK FSEVHW# 1SWXTPERXWXVIRHGEPMFVEXMSRHEXEERHVITPEGIFSEVHWSRQERYJEGXYVIVWv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wVITPEGIXMQIxXSIEGLPIZIP7IZIVEPTPERXWYWIIRZMVSRQIRXEPUYEPMJMGEXMSRMRJSVQEXMSR

                                                              -HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI 8LI KIRIVEP WIRWI SJ [LEX XLI MRHYWXV] MW HSMRK MW XS VYR XS JEMPYVI I\GITX JSV WSQI FSEVHW XLEX EVI MQTSVXERX 8LSWI EVI VITPEGIH SR E WGLIHYPI FEWIH SR E ZEVMIX] SJ JEGXSVW XLI HSQMRERX SRI FIMRKQERYJEGXYVIVWvVIGSQQIRHEXMSRW

(MEKRSWXMG 8IGLRMUYIW 8EFPI WLS[W XLI VIWTSRWIW JVSQ XLI MRHYWXV] WYVZI] VIPEXIH XS XLI HMEKRSWXMG XIGLRMUYIW XLEX EVI YWIH -X MRGPYHIW EPP JSYV GEXIKSVMIW SJ JEGMPMXMIW RYGPIEV TPERXW MR XLI 9RMXIH 7XEXIW RYGPIEV TPERXW [SVPH[MHI GIRXVEP YXMPMX] PEFSVEXSVMIW ERH GSEP TPERXW [SVPH[MHI 8EFPI (MEKRSWXMG XIGLRMUYIW YWIH F] WYVZI] VIWTSRHIRXW 2YGPIEV 2YGPIEV 4PERXW 'IRXVEP 9XMPMX] 'SEP 4PERXW (MEKRSWXMG 4PERXW

                                                ;SVPH[MHI            0EFSVEXSVMIW           ;SVPH[MHI 8IGLRMUYI               97%
                              'SYRX            'SYRX                'SYRX                  'SYRX 6IWTSRWIW

MWYEP MRWTIGXMSR

7TIGMJMG TEVEQIXIV

QSRMXSVMRK 7MKREP MRNIGXMSR XIWXMRK 7MKREP XVEGMRK (IHMGEXIH JM\XYVIW 8LIVQSKVETL]

    &IHSJREMPW XIWXMRK                                                                      
    %YXSQEXMG -' XIWXMRK                                                                        
    *P]MRK TVSFI XIWXIV

0IEOEKI GYVVIRX

XIWXMRK

    %YXSQEXMG STXMGEP

MRWTIGXMSR %3-

    <VE] MRWTIGXMSR                                                                              
    &SYRHEV] WGER XIWXMRK

8MQIHSQEMR

VIJPIGXVSQIXV]

-HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI 8LI TVIHSQMRERX HMEKRSWXMG XIGLRMUYI YWIH IZIV][LIVI MW ZMWYEP MRWTIGXMSR 1SVI XLER SJ XLI RYGPIEV TPERXW ERH SJ XLI GSEP TPERXW YWI XLMW XIGLRMUYI %PP SJ XLI GIRXVEP YXMPMX] PEFSVEXSVMIW YWI MX 8LI XIGLRMUYIW YWIH F] QSWX RYGPIEV TPERXW EVI ZMWYEP MRWTIGXMSR WTIGMJMG TEVEQIXIV QSRMXSVMRK WMKREP MRNIGXMSR ERH WMKREP XVEGMRK %PP SJ XLI GIRXVEP YXMPMX] PEFSVEXSVMIW YWI XLIWI XIGLRMUYIW 1SWX GSEP TPERXW YWI ZMWYEP MRWTIGXMSR ERH WMKREP XVEGMRK 2SRI SJ XLI TPERXW YWI JP]MRK TVSFI XIWXIVW ERH YWI FIHSJREMPW XIWXIVW 3RP] EFSYX E XLMVH SJ XLI RYGPIEV TPERXW YWI XLIVQSKVETL] 8[S GIRXVEP YXMPMX] PEFSVEXSVMIW YWI PIEOEKI GYVVIRX XIWXMRK [LIVIEW XLMW MW RSX YWIH MR ER] TPERXW 6IZMI[ SJ 4VIZMSYW )46- 6ITSVXW

SYV )46- TVSNIGXW [IVI GSQTPIXIH TVMSV XS XLMW TVSNIGX )EGL VIWYPXIH MR XLI MRGVIEWI MR ORS[PIHKI SJ 4'& JEMPYVIW ERH TVIGYVWSVW XS JEMPYVI ;LIR ZMI[IH EW E KVSYT XLI] EHHVIWW XLI MWWYI SJ EKMRK SJ 4'&W ERH QIXLSHW XLEX GER FI YWIH XS MQTVSZI XLI QEMRXIRERGI SJ 244W %W TEVX SJ XLMW TVSNIGX XLI VITSVXW VIWYPXMRK JVSQ XLIWI TVSNIGXW [IVI VIZMI[IH JSV HMEKRSWXMG XIGLRMUYIW XLEX GER FI YWIH XSHE] EX 244W 8LMW WIGXMSR HIWGVMFIW XLI VIWYPXW SJ XLEX VIZMI[

)46- VITSVX 4VMRXIH 'MVGYMX &SEVH 1EMRXIRERGI 6ITEMV ERH 8IWXMRK +YMHI MW E TVEGXMGEP KYMHI XS QEMRXIRERGI ERH XIWXMRK SJ 4'&W ?A -XW KYMHERGI IRGSQTEWWIW XVSYFPIWLSSXMRK XIGLRMUYIW ERH JYRGXMSREP XIWXMRK FSEVHW EW TEVX SJ E QEMRXIRERGI TVSKVEQ 8LI VITSVX MRGPYHIW XIWX QIXLSHW XLEX EVI TVEGXMGEP ERH MR YWI EX 244W )46- VITSVX 'SPPIGXIH *MIPH (EXE SR )PIGXVSRMG 4EVX *EMPYVIW ERH %KMRK MR 2YGPIEV 4S[IV 4PERX - ' 7]WXIQW MW TLEWI SJ E X[STLEWI TVSKVEQ XS MHIRXMJ] XIWX QIXLSHW XS FI YWIH XS EWWIWW EKMRK MR GSQTSRIRXW ?A -X GSRWMWXW SJ E GSPPIGXMSR SJ HEXE SR WIPIGXIH JEMPYVIW XLEX LEZI SGGYVVIH EX 244W ERH MHIRXMJMIW XLIMV JEMPYVI QIGLERMWQW )46- VITSVX +YMHIPMRIW JSV XLI 1SRMXSVMRK SJ - ' )PIGXVSRMG 'SQTSRIRXW MW TLEWI SJ XLI TVSKVEQ ?A -X MRZIWXMKEXIW ERH HIQSRWXVEXIW TVSSJSJTVMRGMTPI XIWX QIXLSHW JSV E [MHI ZEVMIX] SJ MWSPEXIH GSQTSRIRXW JSV YWI MR JYVXLIV VIWIEVGL SJ XLI IJJIGXW SJ EKMRK SR XLIWI GSQTSRIRXW *SV XLI QSWX TEVX XLI XIWX QIXLSHW HIQSRWXVEXIH EVI JSV PEFSVEXSV] YWI ERH RSX E TPERX IRZMVSRQIRX )46- VITSVX )ZEPYEXMRK XLI )JJIGXW SJ %KMRK SR )PIGXVSRMG -RWXVYQIRX ERH 'SRXVSP 'MVGYMX &SEVHW ERH 'SQTSRIRXW MR 2YGPIEV 4S[IV 4PERXW MW E XLISVIXMGEP MRZIWXMKEXMSR SJ KIRIVMG HMEKRSWXMG XIGLRMUYIW XLEX GSYPH FI HIZIPSTIH ERH YWIH EX XLI W]WXIQ PIZIP XS MHIRXMJ] XLI TVIGYVWSVW XS JEMPYVI SR 4'&W ?A 7SQI XIGLRMUYIW VIUYMVI VIWIEVGL ERH HIZIPSTQIRX

                                                             -HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI 8LI %WWIWWQIRX SJ 4VMRXIH 'MVGYMX &SEVH (MEKRSWXMG 8IGLRMUYIW TVSNIGX VIUYMVIW XLEX SRP] JMIPH

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v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

LIR VIZMI[MRK XLI HSGYQIRX JSV HMEKRSWXMG XIGLRMUYIW XLEX [SYPH ETTP] XS XLI %WWIWWQIRX SJ (MEKRSWXMG 8IGLRMUYIW TVSNIGX E RYQFIV SJ XIGLRMUYIW GER FI MRGPYHIH

(IHMGEXIH JM\XYVIW JSV JYRGXMSREP XIWXMRK SJ WTIGMJMG X]TIW SJ GMVGYMX FSEVHW 8LMW XIGLRMUYI QIIXW EPP SJ XLI GVMXIVME (IHMGEXIH JM\XYVIW EVI MR YWI 244W 8IWXMRK XLIMV YWI TVSZMHIW E QIXLSH JSV GLIGOMRK WMKREPW EX HMJJIVIRX PSGEXMSRW SR XLI FSEVHW JSV IZMHIRGI SJ JEMPYVI SV HIKVEHIH GSRHMXMSR

MWYEP MRWTIGXMSR EX W]WXIQ ERH FSEVH PIZIPW MW E ZMEFPI XIGLRMUYI -X QIIXW EPP SJ XLI GVMXIVME

MWYEP MRWTIGXMSRW EVI YWIH MR 244 - ' WLSTW 8LMW XIGLRMUYI GER PSGEXI JEMPYVIW JSV I\EQTPI HMWGSPSVEXMSR SJ XLI FSEVH ERH TVIGYVWSVW XS JEMPYVI JSV I\EQTPI XMR [LMWOIVW

7MKREP XVEGMRK F] HMZMHMRK XLI W]WXIQ SV GMVGYMX MR LEPJ JMRHMRK XLI JYRGXMSRMRK LEPJ XLIR HVMPPMRK HS[R YRXMP XLI JEMPYVI MW JSYRH MW ERSXLIV XIGLRMUYI XLEX QIIXW EPP SJ XLI GVMXIVME 7MKREP XVEGMRK MW YWIH MR QER] MRHYWXVMIW MRGPYHMRK XLI RYGPIEV TS[IV MRHYWXV] 9WMRK WMKREP XVEGMRK XLI JEMPIH SV HIKVEHIH FSEVH W]WXIQ PIZIP SV GSQTSRIRX SR XLI FSEVH FSEVH PIZIP GER FI PSGEXIH

                                                             -HIRXMJ]MRK *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI
    *YRGXMSREP XIWXMRK MW E XIGLRMUYI XLEX GER PSGEXI JEMPYVIW ERH QIIXW EPP SJ XLI GVMXIVME %W HIWGVMFIH MR XLI JMVWX FYPPIX MXIQ VIKEVHMRK HIHMGEXIH JM\XYVIW  JYRGXMSREP XIWXW EVI YWIH MR 244W XLI] GER PSGEXI XLI JEMPIH FSEVH SV GSQTSRIRXW ERH XLI] EVI YWIH XS XIWX XLI JYRGXMSREPMX] SJ FSEVHW EJXIV XLI] LEZI FIIR VIJYVFMWLIH

7TIGMJMG TEVEQIXIV XIWXMRK WYGL EW XLI QIEWYVIQIRX SJ VMTTPI GYVVIRX SR TS[IV WYTTPMIW QIIXW XLI GVMXIVME 7TIGMJMG TEVEQIXIV XIWXMRK MW YWIH I\XIRWMZIP] MR 244W XS GLIGO XLI GSRHMXMSR SJ TS[IV WYTTPMIW ERH SXLIV HIZMGIW 8LI XIGLRMUYI GER HIXIGX HIKVEHIH GSRHMXMSRW WYGL EW LMKL VMTTPI GYVVIRX [LMGL MRHMGEXIW E HIKVEHIH GSRHMXMSR XLEX GER SZIVLIEX IPIGXVSP]XMG GETEGMXSVW VIHYGMRK XLIMV PMJI I\TIGXERG] E TVIGYVWSV XS JEMPYVI

    %YXSQEXMG XIWXMRK IUYMTQIRX %8) MW E ZMEFPI HMEKRSWXMG XIGLRMUYI 8LI HMWGYWWMSR MR VITSVX
     MRHMGEXIW XLEX XLI IUYMTQIRX MW RSX WYMXEFPI JSV 244 ERH WYTTSVXW XLEX GSRGPYWMSR

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   'SRHMXMSR QSRMXSVMRK SJ XLI X]TI HIWGVMFIH MR 7IGXMSR  HSIW RSX QIIX XLI GVMXIVME

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[LEXIZIV QIXLSHW EVI MQTPIQIRXIH FI HSRI F] TVSGIHYVI -J E JEMPYVI SGGYVW FIJSVI XLI FSEVH MW VITPEGIH VIZMI[ XLI GEYWI SJ XLI JEMPYVI ERH EHNYWX XLI ETTVSEGL SV WIPIGX E HMJJIVIRX ETTVSEGL XS MQTVSZI TIVJSVQERGI &I E[EVI XLEX VERHSQ JEMPYVIW HYI XS HIJIGXW GER SGGYV EX ER] XMQI [MXLSYX [EVRMRK

    ,S[IZIV XLI YWI SJ SRI SJ XLI QIXLSHW HIWGVMFIH LIVI [MPP MRGVIEWI SZIVEPP TIVJSVQERGI

VIHYGI XLI RYQFIV SJ JEMPYVIW ERH MRGVIEWI TPERX VIPMEFMPMX] 6IGSQQIRHIH (MEKRSWXMG 8IGLRMUYIW 8LI HMEKRSWXMG XIGLRMUYIW VIGSQQIRHIH JSV YWI MR MHIRXMJ]MRK TVIGYVWSVW XS JEMPYVI SV JEMPYVIW SR 4'&W EVI JMIPHTVSZIR XIGLRMUYIW 8LI XIGLRMUYIW EVI MR YWI EX 244W 8LI XIGLRMUYIW VIGSQQIRHIH EVI WTIGMJMG 8LI] EVI RSX XLISVIXMGEP SV KIRIVMG KIRIVEPM^EXMSRW )ZIR XLSYKL WSQI XIGLRMUYIW [IVI JSYRH XLEX [IVI MR YWI MR SXLIV MRHYWXVMIW MJ XLI] HMH RSX LEZI E TVSZIR JMIPH VIGSVH XS MHIRXMJ] TVIGYVWSVW SJ JEMPYVI SV JEMPYVIW XLI] [IVI VINIGXIH 3RI I\EQTPI MW %3- -X MW MR [MHIWTVIEH YWI MR 4'& QERYJEGXYVMRK ERH GER MHIRXMJ] GSPH WSPHIV NSMRXW QMWEPMKRIH GSQTSRIRXW ERH SXLIV QERYJEGXYVMRK HIJIGXW 8[S QERYJEGXYVIVW SJ MRWTIGXMSR IUYMTQIRX GPEMQ XLEX MX GER FI TVSKVEQQIH XS PSGEXI HMWGSPSVEXMSR HYI XS SZIVLIEXMRK XMR [LMWOIVW EW [IPP EW SXLIVZMWYEPMRHMGEXSVWSJJEMPYVIWERHTVIGYVWSVWXSJEMPYVIFYXMXLEWRv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

6IGSQQIRHEXMSRW 3VKERM^EXMSR SJ (MEKRSWXMG 8IGLRMUYI 7IGXMSRW &IKMRRMRK [MXL 7IGXMSR XLI HMEKRSWXMG XIGLRMUYIW EVI EWWIWWIH MR XLI WIUYIRGI MHIRXMJMIH MR )46- VITSVX ?A 2SX IZIV] QIXLSH SV XIGLRMUYI HIWGVMFIH MR XLEX VITSVX MW MRGPYHIH FIGEYWI QER] [IVI RSX JMIPH TVSZIR )EGL VIGSQQIRHIH HMEKRSWXMG XIGLRMUYI MW HIWGVMFIH XLI QIXLSHW XLEX GER FI YWIH EVI MHIRXMJMIH [LIR ETTP]MRK XLI XIGLRMUYI ERH XLI EFMPMX] SJ XLI XIGLRMUYI XS MHIRXMJ] JEMPYVIW ERH TVIGYVWSVW XS JEMPYVIW MW HMWGYWWIH -X WLSYPH FI RSXIH XLEX WSQI HMEKRSWXMG XIGLRMUYIW GER FI YWIH MR QSVI XLER SRI [E] ERH XLIVIJSVI ETTIEV MR QSVI XLER SRI WIGXMSR 6IGSQQIRHIH (MEKRSWXMG 8IGLRMUYIW 8EFPI 6IGSQQIRHIH HMEKRSWXMG XIGLRMUYIW 1ERYEP ZMWYEP MRWTIGXMSR 7IGXMSR 4IVMSHMGMRWTIGXMSRW{ZMWYEPMRWTIGXMSR 8LIVQSKVETL] MRWTIGXMSR 1IEWYVISJVIWMWXERGI{PIEOEKIGYVVIRX 7IGXMSR 0IEOEKI GYVVIRX XIWXMRK XIWXMRK

                                                                  'SQTYXIV TEVEQIXIV QSRMXSVMRK 4EWWMZIQIEWYVIQIRXW]WXIQ{GMVGYMX            7TIGMJMG TEVEQIXIV QSRMXSVMRK 7IGXMSR

TEVEQIXIV QIEWYVIQIRX &IH SJ REMPW XIWXMRK

                                                                  *P]MRK TVSFI XIWXMRK 7MKREP MRNIGXMSR 7MKREP XVEGMRK
                                                                  &IH SJ REMPW XIWXMRK
                   %GXMZIQIEWYVIQIRXW]WXIQ{GYVVIRXERH         *P]MRK TVSFI XIWXMRK 7IGXMSR

ZSPXEKI GLERKI 8IGLRMUYI (IHMGEXIH JM\XYVI XIWXMRK

                                                                  -' XIWXMRK
                                                                  'SQTYXIV TEVEQIXIV QSRMXSVMRK 7TIGMJMG TEVEQIXIV QSRMXSVMRK

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

MWYEP MRWTIGXMSR 7IGXMSR :MWYEP MRWTIGXMSR MW XLI JMVWX XLMRK XLEX MW HSRI [LIR WXEVXMRK ER] GSRHMXMSRQSRMXSVMRK TVSGIWW ;LIRIZIV E FSEVH MW MR ZMI[ SV TEVXMEP ZMI[ MX WLSYPH FI MRWTIGXIH ZMWYEPP] JSV ER] SFZMSYW ERSQEPMIW

8LIVQSKVETL] 7IGXMSR 8LIVQSKVETL] MW E HMEKRSWXMG XIGLRMUYI XLEX GER MHIRXMJ] LSX WTSXW SR E FSEVH SV ER SZIVLIEXMRK GSRHMXMSR MR E GEFMRIX -X MW QSWX YWIJYP JSV GLIGOMRK TS[IV WYTTPMIW %R MQEKI WLSYPH FI XEOIR XLEX GER GSQTEVI XLI LIEX KIRIVEXIH F] XLI GSQTSRIRXW SR XLI TS[IV WYTTP] XS XLI WEQI TS[IV WYTTP] MR E TVIZMSYW MRWTIGXMSR

   )QFIHHIH HMEKRSWXMGW 7IGXMSRW  ERH   )QFIHHIH HMEKRSWXMGW WYGL EW GSQTYXIV TEVEQIXIV QSRMXSVMRK EVI TEVX SJ XLI 4'& ERH XLI W]WXIQ MX MW MR 8LI QERYJEGXYVIV SJ XLI W]WXIQ WLSYPH FI GSRWYPXIH EW XS XLI GSRHMXMSR QSRMXSVMRK GETEFMPMXMIW FYMPX MRXS XLI W]WXIQ

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

6IGSQQIRHEXMSRW WXSVEKI SV MW JVSQ WXSVEKI ERH MW FIMRK QSRMXSVIH FIJSVI FIMRK TPEGIH MR WIVZMGI ;LIR IZEPYEXMRK XLI HMEKRSWXMG XIGLRMUYIW XS YWI EX XLI FSEVH PIZIP GSRWMHIV XLI JSPPS[MRK

MWYEP MRWTIGXMSR 7IGXMSR %W GER FI WIIR MR 8EFPI E PEVKI RYQFIV SJ TVIGYVWSVW XS JEMPYVI GER FI MHIRXMJMIH F] ZMWYEP MRWTIGXMSR 8LI MRWTIGXMSR WLSYPH FI TIVJSVQIH YRHIV QEKRMJMGEXMSR F] TIVWSRRIP XVEMRIH XS MHIRXMJ] XLI TVIGYVWSVW 8LMW WLSYPH FI XLI JMVWX HMEKRSWXMG TIVJSVQIH SR ER] FSEVH FIJSVI SXLIV HMEKRSWXMGW EVI TIVJSVQIH

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

   )QFIHHIH HMEKRSWXMGW 7IGXMSRW  ERH   )QFIHHIH HMEKRSWXMGW QYWX FI TVIWIRX SR XLI FSEVH ERH QYWX FI EGGIWWMFPI YWMRK FIRGL IUYMTQIRX ERH WSJX[EVI 7SQI QERYJEGXYVIVW TVSZMHI XLMW MRJSVQEXMSR MR QERYEPW FYX SXLIVW HS RSX 'LIGO [MXL XLI QERYJEGXYVIV SJ XLI W]WXIQ XS WII MJ IQFIHHIH HMEKRSWXMGW EVI TVIWIRX SR XLI FSEVH [LIXLIV XLI] GER FI EGGIWWIH ERH [LIXLIV WSJX[EVI ERHSV LEVH[EVI MW EZEMPEFPI XS XIWX XLI FSEVH
   &IHSJREMPW XIWXIV 7IGXMSRW  ERH   &IHSJREMPW XIWXIVW GER FI YWIH XS XIWX E PEVKI RYQFIV SJ XIWX TSMRXW SR E 4'& 8LI] GER FI YWIH [MXL XLI FSEVH JYPP] IRIVKM^IH SV HIIRIVKM^IH

8IWX TSMRXW WLSYPH FI GEVIJYPP] WIPIGXIH % FEPERGI WLSYPH FI QEMRXEMRIH FIX[IIR XLI GSWX SJ XLI XIWX JM\XYVI XLI XIWXMRK XMQI XLI WSJX[EVI TVSKVEQQMRK MJ EYXSQEXMG ERH XLI EQSYRX SJ HEXE SFXEMRIH )EGL HMJJIVIRX FSEVH SV GLERKI MR FSEVH GSRJMKYVEXMSR VIUYMVIW E HMJJIVIRX JM\XYVI 6IEHMRKW JVSQ TVIZMSYW XIWXW SJ XLI WEQI FSEVH GER FI XVIRHIH JSV HVMJX

6IGSQQIRHEXMSRW

   *P]MRK TVSFI XIWXIV 7IGXMSR   *P]MRK TVSFI XIWXIVW EVI WMQMPEV XS FIHSJREMPW XIWXIVW I\GITX XLEX XLI] YWI SRI SV WIZIVEP QSZEFPI TVSFI TSMRXW XS EGGYVEXIP] EGGIWW XIWX TSMRXW SR E 4'&

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

   -' XIWXIVW 7IGXMSRW  ERH   8LIWI XIWXIVW EVI FIRGL HIZMGIW XLEX EGGITX XLI -' TMRW MR E
   ^IVSJSVGI (-4 GSRRIGXSV 8LI XIWXIVW MRGPYHI WTIGMJMGEXMSRW JSV E [MHI ZEVMIX] SJ -'W 8LI HIZMGI MRNIGXW XLI ETTVSTVMEXI WMKREP EX XLI MRTYX ERH QIEWYVIW XLI SYXTYX 8LI SYXTYX MW GLIGOIH EKEMRWX E WTIGMJMGEXMSR XSPIVERGI ERH XLI -' MW KMZIR E TEWWJEMP XIWX -' XIWXIVW EVI EZEMPEFPI JSV FSXL EREPSK ERH HMKMXEP -'W 8LI] EPWS GER GLIGO GSRXMRYMX] ERH QIEWYVI MQTIHERGI TEVEQIXIVW 8LI] LEZI RSX FIIR HIWMKRIH XS QIEWYVI TVIGYVWSVW XS JEMPYVI FYX VEXLIV XS TIVJSVQ EGGITXERGI XIWXMRK

7TIGMJMG TEVEQIXIV QSRMXSVMRK 7IGXMSR %X XLMW PIZIP MJ XLI GSQTSRIRX SV XLI QIEWYVIQIRX GER FI MWSPEXIH JVSQ XLI VIWX SJ XLI GMVGYMX XLI WTIGMJMG MQTIHERGI ZEPYIW SJ XLI GSQTSRIRXGERFIQIEWYVIH&]XVIRHMRKXLIQIEWYVIHTEVEQIXIVvWHIKVEHEXMSRETVIGYVWSV XS JEMPYVI QE] FI MHIRXMJMIH ERH XLI GSQTSRIRX VITPEGIH FIJSVI MXW JEMPYVI GER EJJIGX XLI TIVJSVQERGI SJ XLI 4'&

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

4)6-3(-'-274)'8-327{:-79%0-274)'8-32

MWYEP MRWTIGXMSR MW YWIH XS I\EQMRI MR HIXEMP 4'&W JSV HIJIGXW XLEX GER FI WIIR F] XLI LYQER I]I 8LMW WIGXMSR HIWGVMFIW XLMW HMEKRSWXMG XIGLRMUYI [LIVI MX GER FI YWIH [LEX MX GER JMRH XLI QIXLSHW JSV YWMRK MX IUYMTQIRX RIIHIH TIVWSRRIP VIUYMVIQIRXW ERH GSWX GSRWMHIVEXMSRW

1IXLSHW 1ERYEP :MWYEP -RWTIGXMSR

MWYEP MRWTIGXMSR MW E WXETPI -X HSIW RSX VIUYMVI I\TIRWMZI IUYMTQIRX FYX VEXLIV XLI EFMPMX] SJ TIVWSRRIP XS MHIRXMJ] HIJIGXW GEYWIH F] E JEMPYVI SV E TVIGYVWSV SJ JEMPYVI SR 4'&W )ZIV]SRI MR XLI TPERX HSIW ZMWYEP MRWTIGXMSR MR SRI JSVQ SV ERSXLIV 8LI MRWTIGXMSR QE] FI HSRI [MXL SV

[MXLSYX QEKRMJMGEXMSR -X GER FI EX XLI W]WXIQ PIZIP MR XLI JMIPH SV EX XLI FSEVH PIZIP EX E FIRGL -X GER FI VSYXMRI EW [LIR E GEFMRIX MW STIRIH XS GLIGO HYWX SV GSRXEQMREXMSR SR FSEVHW SV MX GER FI E HIXEMPIH FSEVH I\EQMREXMSR YRHIV QEKRMJMGEXMSR MR WIEVGL SJ XMR [LMWOIVW ;LEXIZIV PIZIP SJ ZMWYEP MRWTIGXMSR MW TIVJSVQIH MX MW FEWIH SR [LEX MW HIXIVQMRIH XS FI RIGIWWEV] JSV TPERX WEJIX] ERH STIVEXMSR 8LIVIJSVI ZMWYEP MRWTIGXMSR GER FI GEXIKSVM^IH EW E VSYXMRI MRWTIGXMSR W]WXIQ PIZIP ZMWYEP MRWTIGXMSR SV FSEVHPIZIP ZMWYEP MRWTIGXMSR 6SYXMRI MRWTIGXMSR MW TIVJSVQIH F] IZIV]SRI MR XLI TPERX FIMRK EPIVX XS ER]XLMRK XLEX QE] FI SYX SJ XLI SVHMREV] SV E HIZMEXMSR JVSQ RSVQEP %W XLMW TIVXEMRW XS 4'&W MX [SYPH FI HSRI EX XLI W]WXIQ PIZIP [LIRIZIV E 4'& MW MR ZMI[ 8LI W]WXIQ QE] FI SR SV SJJPMRI 2SXLMRK MW HMWXYVFIH SV VIQSZIH HYVMRK XLMW MRWTIGXMSR 7]WXIQPIZIP [EPOHS[R ZMWYEP MRWTIGXMSR MW HSRI EW E TIVMSHMG MRWTIGXMSR VIUYMVIH F] TPERX TVSGIHYVIW 8LMW MRWTIGXMSR QE] FI TEVX SJ E TVIZIRXMZI QEMRXIRERGI TVSKVEQ ERH MRGPYHI WSQI GPIERMRK ERH XMKLXIRMRK SJ ER]XLMRK XLEX QE] FI PSSWI -X MW QSVI HIXEMPIH XLER E VSYXMRI MRWTIGXMSR ERH JSGYWIH SR WTIGMJMG MXIQW XS MRWTIGX &SEVHPIZIP ZMWYEP MRWTIGXMSR MW E QSVI HIXEMPIH MRWTIGXMSR SJ E WTIGMJMG FSEVH XLEX LEW FIIR XEOIR SYX SJ XLI W]WXIQ XEOIR SYX SJ WXSGO LEW FIIR VIJYVFMWLIH SV LEW NYWX FIIR VIGIMZIH JVSQ XLI QERYJEGXYVIV -X GER FI HSRI YREMHIH FYX QEKRMJMGEXMSR MW VIGSQQIRHIH XS TIVJSVQ XLI MRWTIGXMSR

4IVMSHMG-RWTIGXMSRW{:MWYEP-RWTIGXMSR

LIRIZIV E 4'& MW ZMWMFPI MX WLSYPH FI PSSOIH EX SR E VSYXMRI FEWMW 8LI SFZMSYW XLMRKW XS GLIGO JSV EVI HYWX ERH HMVX XLEX QE] LEZI EGGYQYPEXIH SR XLI FSEVH %PWS GLIGO XS WII MJ XLIVI MW ER]

HMWGSPSVEXMSR (MWGSPSVEXMSR GER FI JVSQ GLEVVMRK EVSYRH GSQTSRIRXW XLEX EVI SZIVLIEXMRK GSVVSWMSR MRXIVQIXEPPMG QMKVEXMSR GSRXEQMREXMSR ERH E RYQFIV SJ SXLIV GSRHMXMSRW XLEX GER FI WMKRW SJ HIKVEHEXMSR SJ XLI FSEVH -J MR E GEFMRIX [MXL EMV JPS[ GLIGO XS IRWYVI XLEX XLI EMV MW JPS[MRK EHIUYEXIP] (YVMRK E [EPOHS[R MR EHHMXMSR XS XLI VSYXMRI MXIQW XS PSSO JSV GLIGO XLI GSRRIGXMSRW JSV ER] XLEX ETTIEV PSSWI 4IVJSVQ E QSVI HIXEMPIH I\EQMREXMSR SJ XLI FSEVHW JSV XLI MXIQW MHIRXMJMIH JSV E VSYXMRI GLIGO 0SSO EX GEFPMRK JSV MRWYPEXMSR GVEGOMRK SV WXMJJRIWW )\EQMRI IPIGXVSP]XMG GETEGMXSVW JSV WMKRW SJ PIEOMRK IPIGXVSP]XIW 0SSO EX ZMWMFPI TEVXW SJ GSRRIGXSVW ERH VIPE] ERH -' WSGOIXW JSV HMWGSPSVEXMSR 0SSO EX 0)(W SV HMWTPE]W JSV HIGVIEWIW MR FVMKLXRIWW SV QMWWMRK TM\IPW 8LMW PIZIP SJ MRWTIGXMSR MW RSX EW HIXEMPIH EW XLEX SJ XLI FSEVHPIZIP MRWTIGXMSR FYX EW QYGL WLSYPH FI HSRI [MXL XLI YREMHIH I]I EW TSWWMFPI [MXLMR VIEWSR

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

   ;LIR MRWTIGXMRK JSV [SVOQERWLMT UYEPMX] YWI -4'%( SV PEXIWX MWWYI %GGITXEFMPMX] SJ
   )PIGXVSRMG %WWIQFPMIW ?A 8LMW HSGYQIRX [EW TVITEVIH F] XLI %WWSGMEXMSR SJ 'SRRIGXMRK
   )PIGXVSRMGW -RHYWXVMIW -X MW E KYMHI XLEX MW YWIH F] 4'& QERYJEGXYVIVW XS MRWTIGX JSV UYEPMX]

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

4IVMSHMG-RWTIGXMSRW{:MWYEP-RWTIGXMSR 8LI FSEVHW WLSYPH FI MRWTIGXIH JSV XLI JSPPS[MRK TVIGYVWSVW XS JEMPYVI

   &EXXIVMIW WIEPIH GSMR QE] FI MRGPYHIH MR WSQI -'W TEVXMGYPEVP] JPEWL QIQSV] 'LIGO EVSYRH -'W XLEX QE] GSRXEMR FEXXIVMIW JSV WMKRW SJ IPIGXVSP]XI PIEOEKI
   'EFPIW VMFFSR GEFPI MR TEVXMGYPEV WLSYPH FI GLIGOIH JSV WMKRW SJ IQFVMXXPIQIRX ERH GVEGOMRK
   )PIGXVSP]XMG GETEGMXSVW WLSYPH FI GLIGOIH JSV IPIGXVSP]XI PIEOEKI ERH GVEGOMRK EVSYRH XLI WIEP EVIE

8LI GSRRIGXSV GSRXEGX EVIE WLSYPH FI GLIGOIH JSV GSRXEQMREXMSR GSVVSWMSR TPEXI TIIPMRK TMXXMRK JVIXXMRK ERH [IEV 0)(W WLSYPH FI GLIGOIH JSV GEWI HMWGSPSVEXMSR SV XLI TPEWXMG FIGSQMRK STEUYI 8LI FSEVH WYVJEGI WLSYPH FI GLIGOIH JSV HMWGSPSVEXMSR ERH GLEVVMRK 8LI XVEGIW WLSYPH FI GLIGOIH JSV HIPEQMREXMSR ERH GVEGOMRK 6IPE] GSMPW WLSYPH FI GLIGOIH JSV GLEVVMRK SR XLI SYXIV TEGOEKI SJ XLI GSMP 6IWMWXSVW WLSYPH FI GLIGOIH JSV GLEVVMRK SV HMWGSPSVEXMSR 7SPHIV GSRRIGXMSRW WLSYPH FI GLIGOIH JSV GVEGOMRK ERH GSVVSWMSR ERH PIEHJVII WSPHIV JSV XMR [LMWOIVW

   %PP TYVI XMR WYVJEGIW WLSYPH FI GLIGOIH JSV XMR [LMWOIVW

8LIVQSKVETL] -RWTIGXMSR -RJVEVIH XLIVQSKVETL] YWIW E GEQIVE WIRWMXMZI XS XLI MRJVEVIH WTIGXVYQ XS TLSXSKVETL E TS[IVIHYT 4'& % XLIVQEP MQEKI GER FI SFXEMRIH WLS[MRK XLI EVIEW SJ LSX ERH GSPH 8LMW MQEKI GER FI GSQTEVIH XS E ORS[R KSSH 4'& SV GSQTEVIH XS ER MQEKI SJ XLI WEQI FSEVH XEOIR MR E TVIZMSYW XIWX &SXL JEMPYVIW ERH HIKVEHEXMSR GER FI MHIRXMJMIH %W GSQTSRIRXW EKI PIEOEKI GYVVIRXW MRGVIEWI [MXLMR GSQTSRIRXW SR XLI 4'& FIX[IIR GSRHYGXMZI TEXLW ERH JVSQ E GSRHYGXMZI TEXL XS KVSYRH -R WSQI EKIVIPEXIH JEMPYVI QIGLERMWQW XLI GSRHYGXMZI TEXLW EVI VIHYGIH XLYW MRGVIEWMRK VIWMWXERGI ERH GEYWMRK XLI PSGEXMSR XS LIEX HYI XS GYVVIRX JPS[ -R SXLIV GEWIW WLSVX GMVGYMXW GER SGGYV FIX[IIR GSRHYGXMZI TEXLW SV JVSQ E GSRHYGXMZI TEXL XS KVSYRH 8LIWI TVIGYVWSVW XS JEMPYVI ERH JEMPYVIW QE] FI PSGEXIH YWMRK XLIVQSKVETL] 8LIVQSKVETL] MW E HMEKRSWXMG XIGLRMUYI MR YWI EX WSQI 244W ERH XLVSYKLSYX GSQQIVGMEP MRHYWXVMIW -X YWIW E HMKMXEP GEQIVE XS VIGSVH ER MQEKI SJ XLI MRJVEVIH VEHMEXMSR IQMXXIH JVSQ XLI WYVJEGIW SR E 4'& 8LI GEQIVE YWIW ER EVVE] SJ QMGVSFSPSQIXIVW XS SFXEMR XLI MQEKI % QMGVSFSPSQIXIV MW E QMGVSHIZMGI [MXL E WYVJEGI QEXIVMEP XLEX LEW E PEVKI GLERKI MR IPIGXVMGEP VIWMWXERGI [MXL GLERKIW MR XIQTIVEXYVI -RJVEVIH VEHMEXMSR JVSQ E PSGEXMSR SR XLI SFNIGX FIMRK ZMI[IHXLVSYKLXLIGEQIVEPIRWLIEXWXLIQMGVSFSPSQIXIVvWLIEXWIRWMXMZIWYVJEGIERHGLERKIW XLI IPIGXVMGEP VIWMWXERGI SJ XLI QEXIVMEP LIPH FIX[IIR X[S IPIGXVSHIW 8LI IPIGXVSRMGW SJ XLI GEQIVE QIEWYVI XLI GLERKI MR VIWMWXERGI EX IEGL TM\IP ERH TVSHYGI ER MQEKI MR XLI ZMWMFPI PMKLX VERKI MR GSPSVW KVEHIH XS XLI XIQTIVEXYVI SJ XLI SFNIGX 8LI MQEKIW GER FI WLS[R SR ER 0'( SV WEZIH XS E JMPI JSV PEXIV EREP]WMW

4IVMSHMG-RWTIGXMSRW{:MWYEP-RWTIGXMSR 'EQIVEW EVI EZEMPEFPI MR HMJJIVIRX TM\IP EVVE]W YT XS x 8LMW TVSZMHIW E HIXEMPIH MQEKI SJ XLI 4'& 8LIVI EVI GEQIVEW XLEX [MPP EPWS HMWTPE] ER MQEKI MR XLI ZMWYEP PMKLX WTIGXVYQ SJ XLI SFNIGX XLEX GER FI WYTIVMQTSWIH SR XLI MRJVEVIH MQEKI 8LMW EPPS[W PSGEXMSR SJ XLI XIQTIVEXYVI GLERKIW QSVI EGGYVEXIP] )EGL QEXIVMEP SR XLI WYVJEGI SJ E 4'& LEW E HMJJIVIRX IQMWWMZMX] ERH XLIVIJSVI KMZIW SJJ E HMJJIVIRX EQSYRX SJ MRJVEVIH VEHMEXMSR TIV WYVJEGI EVIE XLER ERSXLIV QEXIVMEP EX XLI WEQI XIQTIVEXYVI 8S QIEWYVI XIQTIVEXYVIW ERH XLI XVYI LIEXMRK QSVI EGGYVEXIP] MQEKIW EVI XEOIR EX X[S HMJJIVIRX EQFMIRX XIQTIVEXYVIW 7SJX[EVI TVSZMHIH [MXL WSQI GEQIVEW EREP]^IW XLI HMJJIVIRGIW FIX[IIR XLI X[S MQEKIW ERH TVSZMHIW GSVVIGXMSR JEGXSVW JSV IEGL TM\IP

LIR YWMRK XLIVQSKVETL] OIIT XLI JSPPS[MRK MR QMRH

9WI E JM\XYVI XS QEMRXEMR E WTIGMJMG HMWXERGI JVSQ XLI 4'& WS XLEX XLI FSEVH MW GSQTPIXIP] MR XLI JMIPH SJ ZMI[ ERH XLI GEQIVE MW LIPH WXIEH] JSV VIGSVHMRK XLI WLEVTIWX MQEKI

   )RIVKM^I XLI FSEVH ERH EPPS[ MX XS WXEFMPM^I 8EOI GEVI XS RSX MRXVSHYGI IVVSVW [MXL EMV JPS[

EGVSWW XLI FSEVH % ZIV] WQEPP EMV JPS[ GER VIHYGI XIQTIVEXYVIW 8LMW MW TEVXMGYPEVP] MQTSVXERX [LIR XV]MRK XS JMRH MRXIVQMXXIRX JEMPYVIW 6IGSVH XLI MQEKI ERH WEZI MX EW E HMKMXEP JMPI JSV GSQTEVMWSR [MXL JYXYVI MQEKIW SJ XLI WEQI FSEVH SV WEQI FSEVH TEVX RYQFIV 7SJX[EVI MW EZEMPEFPI XLEX GER GSQTEVI X[S MQEKIW ERH TVSHYGI E HMJJIVIRGI MQEKI QEOMRK MX IEWMIV XS MHIRXMJ] ERSQEPMIW 8LMW GER WEZI XMQI ERH TVSZMHI MRJSVQEXMSR SR WYFXPI GLERKIW XLEX QE] FI QMWWIH F] E ZMWYEP GSQTEVMWSR 0SSO EX GSQTSRIRXW JSV LSXXIV SV GSSPIV WTSXW XLER I\TIGXIH (IJMRMXMSR SJ XLI MQEKI LEW MQTVSZIH MR XLI PEWX JI[ ]IEVW ERH PSGEPM^IH LIEXMRK SV GSSPMRK SR E GSQTSRIRX GER FI MHIRXMJMIH 0SSO EX XLI WSPHIV GSRRIGXMSRW JSV XLSWI XLEX QE] FI LSXXIV SV GSSPIV XLER RSVQEP 'VEGOMRK SJ WSPHIV GSRRIGXMSRW SV FEH WSPHIV GSRRIGXMSRW GER FI LSX FIGEYWI XLI VIWMWXERGI SJ XLI GSRRIGXMSR LEW MRGVIEWIH SV MX QE] FI GSSP MJ XLI GSRRIGXMSR MW GSQTPIXIP] FVSOIR 0SSO EX GSRHYGXMZI TEXLW ERH XVEGIW SR XLI 4'& JSV XLI WEQI VIEWSRW EW XLI WSPHIV GSRRIGXMSRW 0SSO EX GSRRIGXSVW VIPE]W ERH XVERWJSVQIVW JSV LSX SV GSSP WTSXW 0SSO EX XLI FSEVH MXWIPJ JSV WPMKLX MRGVIEWIW MR XIQTIVEXYVI EW MRHMGEXMSRW SJ MRGVIEWIH PIEOEKI GYVVIRXW %FMPMX] XS -HIRXMJ] *EMPYVIW ERH 4VIGYVWSVW XS *EMPYVI

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

4IVMSHMG-RWTIGXMSRW{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

1)%796)3*6)7-78%2'){0)%/%+)'966)28 8)78-2+ %PP IPIGXVSRMG GMVGYMXW LEZI E ZIV] WQEPP EQSYRX SJ PIEOEKI JVSQ GYVVIRX XS KVSYRH %W GSQTSRIRXW HIKVEHI XLI PIEOEKI GYVVIRXW MRGVIEWI %W GSRXEQMREXIW MRGVIEWI SR E FSEVH WYVJEGI XLI PIEOEKI GYVVIRX EPWS MRGVIEWIW 9WMRK PS[GYVVIRXQIEWYVMRK IPIGXVSQIXIVW XLI PIEOEKI GYVVIRX MR KVSYRH GMVGYMXW ERH JVSQ GSQTSRIRXW XS KVSYRH GER FI QIEWYVIH (IKVEHEXMSR ERH JEMPYVIW MR XLI GMVGYMX GER FI MHIRXMJMIH ERH XVEGIH (IWGVMTXMSR %W GSQTSRIRXW EKI KIRIVEPP] XLIMV PIEOEKI GYVVIRX MRGVIEWIW ERH MRWYPEXMSR VIWMWXERGI HIGVIEWIW 0IEOEKI GYVVIRX MW TVIWIRX MR EPP MRWYPEXMRK TEXLW 9WYEPP] MX MW I\XVIQIP] WQEPP ERH HYVMRK RSVQEP STIVEXMSR MX MW RSX E GSRGIVR MR XLI STIVEXMSR SJ XLI GMVGYMX 1IEWYVMRK MX MW HMJJMGYPX ERH VIUYMVIW PEFSVEXSV] GSRHMXMSRW -X MW RSX VIGSQQIRHIH JSV XLI TPERX - ' WLST FYX VEXLIV JSV YXMPMX] GIRXVEP PEFSVEXSVMIW 8EFPI MHIRXMJMIW XLI GSQTSRIRXW [MXL EKIVIPEXIH JEMPYVI QIGLERMWQW XLEX EVI HIXIGXEFPI F] ER MRGVIEWI MR PIEOEKI GYVVIRX 8LIVI MW E XSXEP FSEVH PIEOEKI GYVVIRX XLEX GER FI E KPSFEP MRHMGEXSV SJ EKMRK HIKVEHEXMSR FYX WQEPP GLERKIW MR GSQTSRIRX PIEOEKI GYVVIRXW QE] FI QEWOIH F] XLI PIEOEKI GYVVIRX JVSQ EPP SJ XLI SXLIV TEXLW XS FSEVH KVSYRH 0IEOEKI GYVVIRX MW QIEWYVIH [MXL ER IPIGXVSQIXIV ERH E TVIGMWMSR GSRWXERX ZSPXEKI WSYVGI )PIGXVSQIXIVW EVI WMQMPEV XS TMGSEQQIXIVW LS[IZIV TMGSEQQIXIVW MR QSWX GEWIW EVI YREFPI XS QIEWYVI EW PS[ E GYVVIRX EW IPIGXVSQIXIVW )PIGXVSQIXIVW LEZI SXLIV FYMPXMR QIEWYVIQIRX JYRGXMSRW 7SQI IPIGXVSQIXIVW LEZI FYMPXMR GSRWXERX ZSPXEKI WSYVGIW ERH EVI EFPI XS VIEH VIWMWXERGI ZEPYIW 8LIVI EVI X[S X]TIW SJ IPIGXVSQIXIV SRI YWIW E WLYRX VIWMWXSV ERH XLI SXLIV E JIIHFEGO EQTPMJMIV XLEX MW IWWIRXMEPP] ER STEQT [MXL EHNYWXEFPI KEMR *YVXLIV HIXEMP SJ XLI STIVEXMSR SJ IPIGXVSQIXIVW QE] FI JSYRH MR /IMXLPI] %TTPMGEXMSR 2SXI 2YQFIV 0S[ 'YVVIRX 1IEWYVIQIRXW ?A 8LI

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LIR XVSYFPIWLSSXMRK [MXL WMKREP MRNIGXMSR XLIVI EVI X[S TSWWMFPI [E]W SJ MRNIGXMRK XLI WMKREP

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

                                          %GXMZI1IEWYVIQIRX7]WXIQ{'YVVIRXSV:SPXEKI'LERKI8IGLRMUYI

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

%GXMZI1IEWYVIQIRX7]WXIQ{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

                                           %GXMZI1IEWYVIQIRX7]WXIQ{'YVVIRXSV:SPXEKI'LERKI8IGLRMUYI

VIJIVIRGIW ZMVXYEP KVSYRHW STXSGSYTPIVW ERH MWSPEXSVW ERH SXLIV EREPSK -'W 8LI HMKMXEP -' XIWXIVGERXIWXXVERWMWXSVzXVERWMWXSVPSKMG 880 -'WGSQTPIQIRXEV]QIXEPS\MHIWIQMGSRHYGXSV

'137 -'W QIQSV] -'W ERH MRXIVJEGI TIVMTLIVEP QMGVSTVSGIWWSV ERH PEVKIWGEPI MRXIKVEXMSR 07- GMVGYMXW 8LI -' MW TS[IVIH F] XLI XIWXIV ERH MRTYX WMKREPW ETTPMIH XS IEGL TMR 8LI SYXTYX MW QIEWYVIH ERH GSQTEVIH XS XLI WTIGMJMGEXMSR ZEPYIW *YRGXMSRW XLEX HS RSX QIIX WTIGMJMGEXMSR VIUYMVIQIRXW EVI MHIRXMJMIH

'SQTYXIV 4EVEQIXIV 1SRMXSVMRK 7SQI GSQTYXIVGSRXVSPPIH W]WXIQW LEZI FYMPXMR HMEKRSWXMGW XLEX GLIGO JYRGXMSRW SJ XLI W]WXIQ XS HIXIVQMRI [LIXLIV XLI] EVI STIVEXMRK TVSTIVP] )\EQTPIW SJ XLIWI HMEKRSWXMGW GER FI JSYRH MR GSQTYXIVM^IH VEHMEXMSR QSRMXSVMRK W]WXIQW 8LI GLIGOWSYVGI JYRGXMSR MW E GSQTYXIV TEVEQIXIV QSRMXSVIH JYRGXMSR 9RHIV GSQTYXIV GSRXVSP E VEHMSEGXMZI WSYVGI SJ ORS[R ZEPYI MW FVSYKLX MRXS ZMI[ SJ XLI HIXIGXSV ERH XLI VEHMEXMSR QIEWYVIH JSV QMRYXI -J XLI ZEPYI EX XLI SYXTYX MW [MXLMR XLI TVIWIX WTIGMJMGEXMSR XSPIVERGI XLI XIWX TEWWIW 8LYW XLI GMVGYMX MW GLIGOIH JVSQ XLI HIXIGXSV XS XLI SYXTYX XS MHIRXMJ] ER SYXSJWTIGMJMGEXMSR GSRHMXMSR

    -R ERSXLIV XIWX XLI GSQTYXIV GSRXMRYSYWP] QSRMXSVW XLI TYPWIW JVSQ XLI VEHMEXMSR HIXIGXSV
    &IGEYWI XLI FEGOKVSYRH VEHMEXMSR MW EP[E]W LMKL IRSYKL XS TVSHYGI WSQI TYPWIW MR XLI HIXIGXSV MR E WTIGMJMG TIVMSH XLI GSQTYXIV QSRMXSVW XLI TYPWIW JSV RS TYPWIW [MXLMR E TIVMSH
    -J RSRI EVI TVIWIRX EX XLI SYXTYX XLI GSQTYXIV WIXW SJJ ER EPEVQ MRHMGEXMRK XLEX ER STIVEXMSR JEMPYVI LEW SGGYVVIH

4S[IV WYTTP] ZSPXEKI WSYVGIW GER FI QSRMXSVIH EW [IPP EW SXLIV WMKREP TEVEQIXIVW 8LIWI HMEKRSWXMGW EVI JSV JEMPIH SV SYXSJWTIGMJMGEXMSR GSRHMXMSRW 8LI XIWXW XLEX EVI TIVJSVQIH EVI XLSWIFYMPXMRXIWXWXLEXXLIQERYJEGXYVIVLEWTVSKVEQQIHMRXLIGSQTYXIV8LIQERYJEGXYVIVv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

%GXMZI1IEWYVIQIRX7]WXIQ{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&    %7791)7 6)74327-&-0-8= *36 %2= (%1%+)7 36 38,)6 0-%&-0-8= ;,%873):)6
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36 6)*)6)2') 496437)7 320= %2( )46- (-7'0%-17 %00 6)74327-&-0-8= *36 -87

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8VERWPEXIH 8EFPI SJ 'SRXIRXW Decision Support Technologies, Inc. Kurz Technical Services, Inc. EPRI EPRI 800.313.3774 askepri@epri.com Electric Power Research Institute EPRI TOGETHERSHAPING THE FUTURE OF ELECTRICITY

8VERWPEXIH 8EFPI SJ 'SRXIRXW Decision Support Technologies, Inc. 7710 Fieldfare Drive North Las Vegas NV 89084 A. Butt Kurz Technical Services, Inc. 540 Rock View Drive Spring City, TN 37381 R. Frank (EPRI) EPRI, Palo Alto, CA 2009. 1018534. %

8VERWPEXIH 8EFPI SJ 'SRXIRXW EPRI (PCB) PCB (NPP) (PCB) PCB NPP PCB PCB (I&C) PCB (EPRI) PCB EPRI PCB

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8VERWPEXIH 8EFPI SJ 'SRXIRXW EPRI EPRI PCB PCB NPP (PCB) (I&C)

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       ......................................................................................................................... 1-1 1.1         ....................................................................................................................... 1-1 1.2         ....................................................................................................................... 1-1 1.3                             ................................................................................................... 1-2 1.4                ................................................................................................................ 1-2 PCB                     ........................................................................................................ 2-1 2.1                ................................................................................................................ 2-1 2.1.1                        .................................................................................................. 2-2 2.1.2                        .................................................................................................. 2-6 2.2          PCB                               .................................................................................. 2-10 2.2.1          .............................................................................................................. 2-12 2.2.1.1                     ............................................................................................. 2-12 2.2.1.2           ....................................................................................................... 2-12 2.2.1.3           ....................................................................................................... 2-12 2.2.2          .............................................................................................................. 2-13 2.2.2.1               ................................................................................................... 2-13 2.2.2.2           ....................................................................................................... 2-13 2.2.2.3           ....................................................................................................... 2-13 2.2.2.4                  ................................................................................................ 2-14

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8VERWPEXIH 8EFPI SJ 'SRXIRXW 2.2.3 ....................................................................................................... 2-14 2.2.3.1 ....................................................................................................... 2-14 2.2.3.2 ....................................................................................................... 2-15 2.2.4 ....................................................................................................... 2-15 2.2.4.1 ............................................................................................. 2-15 2.2.4.2 ................................................................................................ 2-15 2.2.4.3 ....................................................................................................... 2-15 2.2.5 ....................................................................................................... 2-15 2.2.5.1 ....................................................................................................... 2-16 2.2.5.2 ....................................................................................................... 2-16 2.2.5.3 ................................................................................................ 2-16 2.2.6 ....................................................................................................... 2-16 2.2.6.1 ESD ................................................................................... 2-16 2.2.6.2 ................................................................................................ 2-17 2.2.6.3 EMI .................................................................................... 2-17 2.2.6.4 ................................................................................................ 2-17 2.2.7 ....................................................................................................... 2-17 2.2.7.1 ....................................................................................................... 2-17 2.2.7.2 ............................................................................................. 2-17 2.3 .............................................................................................................. 2-18

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                                                                                                                                     %

8VERWPEXIH 8EFPI SJ 'SRXIRXW

       1SRMXSVM^EGMxR HI PSW TEVÅQIXVSW TSV SVHIREHSV 
       1SRMXSVM^EGMxR HI TEVÅQIXVSW IWTIGÑJMGSW 
      )RWE]Sw&IHSJ2EMPWx 
      )RWE]Sw*P]MRK4VSFIx 
       'ETEGMHEH TEVE MHIRXMJMGEV JEPPSW ] WYW ERXIGIHIRXIW

7-78)1%()1)(-'-*2%'8-:3{8'2-'%()'%1&-3()'366-)28)3

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       -R]IGGMxR HI WIEP
       8VE^EHS HI WIEP
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       )RWE]S HI EGGIWSVMS HIHMGEHS
       )RWE]SW HI -' 
       1SRMXSVM^EGMxR HI PSW TEVÅQIXVSW TSV SVHIREHSV 
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8VERWPEXIH 8EFPI SJ 'SRXIRXW 0-78% () *-+96%7

MKYVE 'YVZE HI FEIVE# HIP GMGPS HI ZMHE HI PSW GSQTSRIRXIW
MKYVE (MWXVMFYGMxR HI PEW GEVEGXIVÑWXMGEW HI JEPPS
MKYVE (IKVEHEGMxR VIPEGMSREHE GSR PE ERXMKIHEH HIP QIGERMWQS HI JEPPS
MKYVE 'EVEGXIVÑWXMGEW HI JEPPS HI GSQTSRIRXIW
MKYVE 8IRWSVIW UYI MRJPY]IR IR PE I\TIGXEXMZE HI ZMHE HI PEW 4'&W
MKYVE 8IVQMRSPSKÑE HI PE XGRMGE HI QSRMXSVM^EGMxR HI GSRHMGMSRIW
MKYVE 4'&W GSR -' HI I\TPSVEGMxR HI PÑQMXIW

8VERWPEXIH 8EFPI SJ 'SRXIRXW 0-78% () 8%&0%7 8EFPE 'YVZEW GEVEGXIVÑWXMGEW HI JEPPS MHIRXMJMGEHEW IR IP IWXYHMS HI 9RMXIH %MVPMRIW 9%0 8EFPE 8GRMGEW HI HMEKRxWXMGS TEVE QIHMV PSW TVIGYVWSVIW UYI ERXIGIHIR EP JEPPS 8EFPE 1XSHSW HI QERXIRMQMIRXS TVIZIRXMZS HI PSW IRGYIWXEHSW 8EFPE 8GRMGEW HI HMEKRxWXMGS YXMPM^EHEW TSV PSW IRGYIWXEHSW 8EFPE 8GRMGEW HI HMEKRxWXMGS VIGSQIRHEHEW %

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4VMRXIH SR VIG]GPIH TETIV MR XLI 9RMXIH 7XEXIW SJ %QIVMGE

                                                                         
                                                      )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI
          ,MPPZMI[ %ZIRYI 4EPS %PXS 'EPMJSVRME  43 &S\  4EPS %PXS 'EPMJSVRME  97%
                                       EWOITVM$ITVMGSQ (([ITVMGSQ}}

ML12338A505

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