ML18239A451
ML18239A451 | |
Person / Time | |
---|---|
Site: | Turkey Point |
Issue date: | 11/29/2017 |
From: | Raffenberg M Florida Power & Light Co |
To: | Seward M Atomic Safety and Licensing Board Panel, State of FL, Dept of Environmental Protection |
SECY RAS | |
Shared Package | |
ML18239A449 | List: |
References | |
50-250-SLR, 50-251-SLR, ASLBP 18-957-01-SLR-BD01, License Renewal, RAS 54422 | |
Download: ML18239A451 (42) | |
Text
$77$&+0(1772)3/$16:(5726$&(3(7,7,2172,17(59(1(
- l=PL.
November 29, 2017 Megan Seward Chief Advisor, Regulatory Programs Florida Department of Environmental Protection 3900 Commonwealth Boulevard Tallahassee, Florida 32399-3000 RE: Turkey Point Power Plant Consent Agreement 2016 Annual Report
Dear Ms. Seward:
Pursuant to reporting requirements contained in the June 20, 2016 Consent Order (CO) between the Florida Department of Environmental protection (FDEP) and Florida Power & Light Company (FPL), FPL is pleased to submit the annual report entitled, 2017 Annual Turkry Point Power Plant Remediation/Restoration Repott. Copies of this report are also provided to IV1iami-Dade County (lvIDC) and the South Florida Water Management District.
This report documents the progress made by FPL in achieving the objectives, the status of implementing the projects, and monitoring data contained in and required by the CO. In addition, tlus report summarizes progress made in achieving the objectives and requirements of the IYIDC Consent Agreement (CA). This comprehensive annual remediation/ restoration report combined with the September 2017 Turkey Point Plant Annual Monitoring Report, provide the agencies with a complete assessment of conditions in and adjacent to the Plant along witl1 the status of remedial/ restoration actions taken by FPL in compliance with the MDC CA and FDEP CO. Due to size considerations, data and reports required under the CO are posted on the FPL Environmental Data Management System (EDMS) database (http://css-3-4-plan.com) and a thumb drive containing the data and reports is being sent to you in the mail.
Should you have any questions regarding this compliance submittal, please contact Scott Burns at (561) 694-4633 or me (561) 691-2808 at your convenience.
Sincerely,
~tfS)~
Matthew J. Raffenberg Senior Director, Environmental Licensing and Pernutting CC: John Truitt, FDEP Terrie Bates, SF\VMD Attachments: 2017 Annual Turkey Point Power Plant Remediation/Restoration Report Florida Power & Light Company 700 Universe Boulevard, Juno Beach, FL 33408
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHRI&RQWHQWV
7$%/(2)&217(176
6HFWLRQ 3DJH
([HFXWLYH6XPPDU\(6
%DFNJURXQG
6WDWXV
&&6)UHVKHQLQJ$FWLYLWLHV
8SSHU)ORULGDQ$TXLIHU)UHVKHQLQJ:HOO2SHUDWLRQV
0DULQH)UHVKHQLQJ:HOO2SHUDWLRQV
7KHUPDO(IILFLHQF\3ODQ
1XWULHQW0DQDJHPHQW3ODQ
5HPHGLDWLRQ5HVWRUDWLRQ&RQWDLQPHQW$FWLYLWLHV
*URXQGZDWHU5HFRYHU\:HOO6\VWHP
%DUJH&DQDO+/-7XUWOH3RLQW&DQDO5HVWRUDWLRQ
6LWH$VVHVVPHQW3ODQDQG5HSRUW
,QVSHFWLRQRI&&63HULPHWHU
0LWLJDWLRQIRU,PSDFWV5HODWHGWR+LVWRULFDO2SHUDWLRQVRIWKH&&6
6DOWZDWHU,QWHUIDFH$OORFDWLRQRI&RQWULEXWLRQ
$JUHHPHQWVWR&RQYH\3URSHUW\,QWHUHVWV
,QFUHDVH:HLU(OHYDWLRQVLQ)3/¶V(YHUJODGHV0LWLJDWLRQ%DQN
(VFURZ)XQGLQJIRU0LWLJDWLRQRI6DOWZDWHU,QWUXVLRQ
0RQLWRULQJDQG5HSRUWLQJ
&RQWLQXRXV6XUIDFH(OHFWURPDJQHWLF0DSSLQJ
([SDQGHG*URXQGZDWHU0RQLWRULQJ
([SDQGHG%LVFD\QH%D\:DWHU4XDOLW\6DPSOLQJ
([SDQGHGUHSRUWLQJRI&&65HODWHG0RQLWRULQJ'DWD
$QQXDO3URJUHVV5HSRUWV
3URJUHVVLQ$FKLHYLQJWKH2EMHFWLYHVRIWKH&$DQG&2
5HFRPPHQGDWLRQVIRU5HILQHPHQWRI$FWLYLWLHV
LLL
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHRI&RQWHQWV
$SSHQGLFHV
$ 'DLO\:DWHU,QSXWVLQWR&&6
% 6DOLQLW\RI)ORULGDQDQG3RLQW:HOOV
& $QDO\WLFDO5HVXOWVIURP)ORULGDQ:HOOV
' 'DLO\6XPPDU\RI$YHUDJH&&66DOLQLW\
( 0RQLWRULQJ:HOO/RJVDQG&RQVWUXFWLRQ'HWDLOV
) 86*6$QDO\WLFDO5HVXOWV
- %LVFD\QH%D\%LPRQWKO\$QDO\WLFDO5HVXOWV
LY
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU /LVWRI7DEOHV
/,672)7$%/(6
7DEOH 3DJH
7DEOH 3HUPLWWLQJ$FWLYLWLHV6WDWXV
7DEOH 2YHUDOO6WDWXVRI$FWLYLWLHV
7DEOH 0RQWKO\6XPPDU\RI8SSHU)ORULGDQ$TXLIHUDQG0DULQH:DWHU,QSXWV
'XULQJWKH5HSRUWLQJ3HULRG 2FWREHU+/-6HSWHPEHU
7DEOH 0RQWKO\6XPPDU\RI:DWHU3XPSHGIURP7HPSRUDU\3URGXFWLRQ:HOOV
DQG1HW0DVV6DOW5HPRYHGIURP*URXQGZDWHU 2FWREHU+/-6HSWHPEHU
7DEOH $GGLWLRQDO5HODWHG:DWHU0RQLWRULQJ'DWD5HTXLUHGE\2WKHU
- RYHUQPHQWDO(QWLWLHV &23DUDJUDSKE'DWD3URYLGHGLQWKH)ORULGD
3RZHU /LJKW&RPSDQ\(OHFWURQLF'DWD0DQDJHPHQW6\VWHP
7DEOH $GGLWLRQDO&RQVHQW2UGHU5HODWHG5HSRUWV5HTXLUHGE\2WKHU
- RYHUQPHQWDO(QWLWLHVDQG3URYLGHGLQWKH)ORULGD3RZHU /LJKW
&RPSDQ\(OHFWURQLF'DWD0DQDJHPHQW6\VWHP
Y
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU /LVWRI)LJXUHV
/,672)),*85(6
)LJXUH 3DJH
)LJXUH /RFDWLRQRI)ORULGDQ:HOOVDQG3RLQW:HOOV
)LJXUH 'DLO\5DLQIDOO 1(;5$' LQWR&&6
)LJXUH $YHUDJH0RQWKO\:DWHU,QSXWVDQG6DOLQLW\LQWKH&&6
)LJXUH &&67KHUPDO(IILFLHQF\
)LJXUH /RFDWLRQRI5HFRYHU\:HOOV7HPSRUDU\3URGXFWLRQ:HOOVDQG,QMHFWLRQ
- HOO
)LJXUH 0RQWKO\7RWDO6DOW5HPRYHGDQG)ORZLQWKH8,&:HOO
)LJXUH /RFDWLRQRI1HZ*URXQGZDWHU0RQLWRULQJ6WDWLRQV5HODWLYHWRWKH
([LVWLQJ*URXQGZDWHU0RQLWRULQJ1HWZRUN
)LJXUH /RFDWLRQRI1HZ6XUIDFH:DWHU0RQLWRULQJ6WDWLRQVSHUWKH&RQVHQW
2UGHUDQG&RQVHQW$JUHHPHQW
YL
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU $FURQ\PVDQG$EEUHYLDWLRQV
$&521<06$1'$%%5(9,$7,216
$JHQFLHV 0LDPL'DGH&RXQW\¶V'HSDUWPHQWRI5HJXODWRU\DQG(FRQRPLF
5HVRXUFHVDQGWKH)ORULGD'HSDUWPHQWRI(QYLURQPHQWDO3URWHFWLRQ
%DUJH%DVLQ %DUJH&DQDO7XUQLQJ%DVLQ
&$ 0LDPL'DGH&RXQW\&RQVHQW$JUHHPHQW
&&6 &RROLQJ&DQDO6\VWHP
&2 )ORULGD'HSDUWPHQWRI(QYLURQPHQWDO3URWHFWLRQ&RQVHQW2UGHU
&6(0 &RQWLQXRXV6XUIDFH(OHFWURPDJQHWLF0DSSLQJ
'(50 0LDPL'DGH&RXQW\¶V'HSDUWPHQWRI(QYLURQPHQWDO5HVRXUFHV
0DQDJHPHQW
('06 )ORULGD3RZHU /LJKW&RPSDQ\7XUNH\3RLQW3RZHU3ODQW
(OHFWURQLF'DWD0DQDJHPHQW6\VWHP
(0% (YHUJODGHV0LWLJDWLRQ%DQN
(38 ([WHQGHG3RZHU8SUDWH
)'(3 )ORULGD'HSDUWPHQWRI(QYLURQPHQWDO3URWHFWLRQ
)'2+ )ORULGD'HSDUWPHQWRI+HDOWK
)3/ )ORULGD3RZHU /LJKW&RPSDQ\
0'& 0LDPL'DGH&RXQW\
PJG PLOOLRQJDOORQVSHUGD\
PJ/ PLOOLJUDPVSHUOLWHU
1$9' 1RUWK$PHULFDQ9HUWLFDO'DWXPRI
1(;5$' 1H[W*HQHUDWLRQ5DGDU
1*9' 1DWLRQDO*HRGHWLF9HUWLFDO'DWXP
103 1XWULHQW0DQDJHPHQW3ODQ
3ODQW )ORULGD3RZHU /LJKW&RPSDQ\7XUNH\3RLQW3RZHU3ODQW
SVX SUDFWLFDOVDOLQLW\XQLW
5$3 5HPHGLDWLRQ$FWLRQ3ODQ
5:6 5HFRYHU\:HOO6\VWHP
6$3 6LWH$VVHVVPHQW3ODQ
YLL
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU $FURQ\PVDQG$EEUHYLDWLRQV
6$5 6LWH$VVHVVPHQW5HSRUW
6):0' 6RXWK)ORULGD:DWHU0DQDJHPHQW'LVWULFW
7(3 7KHUPDO(IILFLHQF\3ODQ
7.1 WRWDO.MHOGDKOQLWURJHQ
8)$ 8SSHU)ORULGDQDTXLIHU
8,& XQGHUJURXQGLQMHFWLRQFRQWURO
86$&( 8QLWHG6WDWHV$UP\&RUSVRI(QJLQHHUV
86*6 8QLWHG6WDWHV*HRORJLFDO6XUYH\
YLLL
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU ([HFXWLYH6XPPDU\
(;(&87,9(6800$5<
7KH&RROLQJ&DQDO6\VWHP &&6 LVDQLQWHJUDOSDUWRIWKH)ORULGD3RZHU /LJKW&RPSDQ\
)3/ 7XUNH\3RLQW3RZHU3ODQW 3ODQW VLWHWKDWKDVSURYLGHGHFRQRPLFDOUHOLDEOHDQGH[WUHPH
ORZHPLVVLRQSRZHUJHQHUDWLRQIRU)3/FXVWRPHUVIRURYHU\HDUV7KH&&6ZDVXQLTXHO\
GHVLJQHGWRPLQLPL]HHQYLURQPHQWDOLPSDFWVWRDGMDFHQW%LVFD\QH%D\DQGVXUURXQGLQJVDOLQH
JURXQGZDWHU$VZLWKDQ\KXPDQXQGHUWDNLQJXQLQWHQGHGHQYLURQPHQWDOLPSDFWVFDQRFFXU
2YHUWKHSDVWVHYHQ\HDUV)3/KDVEHHQDFWLYHO\ZRUNLQJZLWKVWDWHDQGORFDODJHQFLHVWRDVVHVV
WKHXQLQWHQGHGLPSDFWVRIWKH&&6RSHUDWLRQWRJURXQGZDWHUDQGVXUIDFHZDWHUUHVRXUFHV$V
WKDWLQIRUPDWLRQKDVEHHQFROOHFWHGDQDO\]HGDQGEHWWHUXQGHUVWRRGXQLQWHQGHGLPSDFWVKDYH
EHHQLGHQWLILHGLQVRPHDUHDVDQGGLVSHOOHGLQRWKHUV6WUDWHJLHVIRUDGGUHVVLQJWKHXQLQWHQGHG
LPSDFWVKDYHEHHQGHYHORSHG7KHVHVWUDWHJLHVDUHEDVHGRQWKHFRQFHSWVRIDEDWHPHQW
UHPHGLDWLRQRQVLWHFRQWDLQPHQWUHVWRUDWLRQDQGPRQLWRULQJ7KH&RQVHQW$JUHHPHQW &$
EHWZHHQ)3/DQG0LDPL'DGH&RXQW\ 0'& DQGWKH&RQVHQW2UGHU &2 EHWZHHQ)3/DQGWKH
)ORULGD'HSDUWPHQWRI(QYLURQPHQWDO3URWHFWLRQ )'(3 JXLGHWKHGHYHORSPHQWDQG
LPSOHPHQWDWLRQRIWKHVHVWUDWHJLHVZKHUHVXFKDFWLRQLVUHTXLUHG
7KHPDLQREMHFWLYHRIWKH&$LVWRGHPRQVWUDWHDVWDWLVWLFDOO\YDOLGUHGXFWLRQLQWKHVDOWPDVVDQG
YROXPHWULFH[WHQWRIK\SHUVDOLQHZDWHU DVUHSUHVHQWHGE\FKORULGHFRQFHQWUDWLRQVDERYH
PLOOLJUDPVSHUOLWHU>PJ/@ LQJURXQGZDWHUZHVWDQGQRUWKRI)3/¶VSURSHUW\ZLWKRXWFUHDWLQJ
DGYHUVHHQYLURQPHQWDOLPSDFWV$IXUWKHUREMHFWLYHRIWKH&$LVWRUHGXFHWKHUDWHRIDQGDVDQ
XOWLPDWHJRDODUUHVWPLJUDWLRQRIK\SHUVDOLQHJURXQGZDWHU7KHREMHFWLYHVRIWKH&2DUH
WKUHHIROGDQGLQFOXGH WKHFHVVDWLRQRIGLVFKDUJHVIURPWKH&&6WKDWLPSDLUWKHUHDVRQDEOH
EHQHILFLDOXVHRIDGMDFHQW*,,JURXQGZDWHUV SUHYHQWLRQRIUHOHDVHVRIJURXQGZDWHUIURPWKH
&&6WRVXUIDFHZDWHUVFRQQHFWHGWR%LVFD\QH%D\WKDWUHVXOWLQH[FHHGDQFHVRIVXUIDFHZDWHU
VWDQGDUGVLQWKH%D\DQG PLWLJDWLRQIRULPSDFWVUHODWHGWRWKHKLVWRULFDORSHUDWLRQVRIWKH
&&6
3URJUHVVPDGHGXULQJWKLVUHSRUWLQJSHULRG 2FWREHUWKURXJK6HSWHPEHU KDV
DGYDQFHGWKHREMHFWLYHVRIERWKWKH&$DQG&2)3/IXOO\LPSOHPHQWHGWKHDXWKRUL]HG&&6
IUHVKHQLQJDFWLYLWLHVDGGLQJQHDUO\ELOOLRQJDOORQVRIORZVDOLQLW\8SSHU)ORULGDQDTXLIHU
8)$ ZDWHUWRWKH&&6WRRIIVHWIUHVKZDWHUWKDWHYDSRUDWHGGXULQJWKHDEQRUPDOO\GU\GU\
VHDVRQ7KHVHDFWLRQVFRXSOHGZLWKWKHUHWXUQRIDKHDOWK\ZHWVHDVRQUDLQIDOOUHVXOWHGLQD
6HSWHPEHU&&6VDOLQLW\OHYHORISUDFWLFDOVDOLQLW\XQLWV SVX ZKLFKLVWKHORZHVW
6HSWHPEHU&&6VDOLQLW\UHFRUGHGVLQFH7KHDEDWHPHQWRIK\SHUVDOLQLW\LQWKH&&6KHOSV
DUUHVWWKHPLJUDWLRQRIK\SHUVDOLQHJURXQGZDWHUEHQHDWKDQGVXUURXQGLQJWKH&&6
6HFRQGO\)3/ZDVVXFFHVVIXOLQJDLQLQJUHJXODWRU\DSSURYDOWRFRQGXFWDQH[WHQGHGLQMHFWLRQ
WHVWRIPLOOLRQJDOORQVSHUGD\ PJG RIK\SHUVDOLQHJURXQGZDWHUIURPEHQHDWKWKH&&6
GXULQJWKHWLPHZKHQWKHDSSURYHGJURXQGZDWHU5HFRYHU\:HOO6\VWHP 5:6 ZDVEHLQJ
SHUPLWWHGDQGFRQVWUXFWHG'XULQJWKLVWHVWK\SHUVDOLQHJURXQGZDWHUIURPWKH%LVFD\QHDTXLIHU
(6
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU ([HFXWLYH6XPPDU\
ZDVSXPSHGLQWRDFRQILQHGUHJLRQDOJURXQGZDWHUGLVSRVDOKRUL]RQORFDWHGIHHWEHORZWKH
%LVFD\QHDTXLIHU)URP2FWREHUWKURXJK6HSWHPEHUDOPRVWELOOLRQJDOORQVRI
K\SHUVDOLQHJURXQGZDWHUZHUHUHPRYHGIURPWKH%LVFD\QHDTXLIHUEHQHDWKWKH&&6ZLWKDQ
HTXLYDOHQWDPRXQWRIVDOWUHPRYHGH[FHHGLQJWRQV
)LQDOO\)3/FRQGXFWHGVDPSOLQJDQGDQDO\VHVRIVXUIDFHZDWHUSRUHZDWHUFDQDOVHGLPHQWVDQG
JURXQGZDWHUIURPQXPHURXVVLWHVLQVLGHEHQHDWKDQGVXUURXQGLQJWKH&&6DVSUHVFULEHGXQGHU
WKH0'&DSSURYHG6LWH$VVHVVPHQW3ODQ 6$3 7KHREMHFWLYHRIWKLVSODQZDVWRLGHQWLI\WKH
VRXUFH V RIWKHDPPRQLDH[FHHGDQFHVDQGWKHGHOLQHDWLRQRIWKHYHUWLFDODQGKRUL]RQWDOH[WHQWV
RIWKHVXEMHFWDPPRQLDH[FHHGDQFHVLQZDWHUVWLGDOO\FRQQHFWHGWR%LVFD\QH%D\7KHDQDO\VHV
RIWKHGDWDZHUHFRPSLOHGLQ)3/¶V6LWH$VVHVVPHQW5HSRUW 6$5 VXEPLWWHGWR0'&ZKLFK
FRQFOXGHGWKDWWKHFROOHFWHGGDWDLQGLFDWHGWKHSUHVHQFHRIHOHYDWHGDPPRQLDYDOXHVLQH[FHVVRI
0'&¶VVXUIDFHZDWHUVWDQGDUGVLQZDWHUVDGMDFHQWWRWKH&&6DUHQRWWKHUHVXOWRISRLQWRUQRQ
SRLQWVRXUFHFRQWDPLQDWLRQDWWULEXWDEOHWRWKH3ODQW7KH6$5LVFXUUHQWO\XQGHUUHYLHZE\
0'&
6SHFLILFDOO\WKHIROORZLQJDFWLRQVWKDWIXUWKHUWKHREMHFWLYHVRIWKH&$DQG&2ZHUHFRPSOHWHG
GXULQJWKLVSDVW\HDU
x $OOFRPSOLDQFHWDUJHWVZHUHDFKLHYHGDVUHTXLUHGE\WKH&$DQG&2
x 8)$DQGPDULQHZHOOVVXFFHVVIXOO\OLPLWHGWKH&&6VDOLQLW\OHYHOVWROHVVWKDQSVX
GXULQJWKHVL[WKGULHVWGU\VHDVRQLQWKHSDVW\HDUVDQGFRPELQHGZLWKZHWVHDVRQ
UDLQIDOO&&6VDOLQLW\GURSSHGWRSVXE\WKHHQGRIWKHUHSRUWLQJSHULRGZKLFKZDVWKH
ORZHVWVDOLQLW\OHYHOLQ6HSWHPEHUVLQFH
x )3/VXEPLWWHGLWV&&67KHUPDO(IILFLHQF\3ODQ 7(3 DQG1XWULHQW0DQDJHPHQW3ODQ
103 WR)'(3)'(3KDVUHYLHZHGERWKRIWKHVHSODQVDQGLQVWUXFWHG)3/WR
LPSOHPHQWWKHP7KHDQQXDO&&6WKHUPDOHIILFLHQF\IRUWKHUHSRUWLQJSHULRGZDV
DSSUR[LPDWHO\ZKLFKLVZHOODERYHWKH&2DFWLRQOHYHORI
x 'HVLJQVIRUWKHJURXQGZDWHU5:6KDYHEHHQDSSURYHGE\0'&DQG)'(3DQGSHUPLWV
KDYHEHHQDSSOLHGIRUDQGLVVXHG&RQVWUXFWLRQLVXQGHUZD\ZLWKDVFKHGXOHG
FRPSOHWLRQDQGRSHUDWLRQLQ$SULO
x 3ODQVDQGGHVLJQVIRUWKH%DUJH&DQDO7XUQLQJ%DVLQ %DUJH%DVLQ DQG7XUWOH3RLQW
&DQDOUHVWRUDWLRQSURMHFWVKDYHEHHQFRPSOHWHGDQGSHUPLWDSSOLFDWLRQVKDYHEHHQ
VXEPLWWHGDQGDUHXQGHUUHYLHZ
x )3/LPSOHPHQWHGWKH0'&DSSURYHG6$3DQGVXEPLWWHGWKHUHTXLUHG6$5WR0'&
ZKLFKFRQFOXGHVWKDWWKH&&6LVQRWWKHFDXVHRIDPPRQLDH[FHHGDQFHVPHDVXUHGLQ
GHHSPDQPDGHGHDGHQGFDQDOVDGMDFHQWWRWKH3ODQWDQG&&67KH6$5ZDVXQGHU
UHYLHZE\0'&DWWKHWLPHRIWKLVUHSRUW
x ,QVSHFWLRQRIWKH&&6SHULPHWHUE\DQLQGHSHQGHQWOLFHQVHGGDPVDIHW\HQJLQHHUUHYHDOHG
QRVWUXFWXUDOGHIHFWVRUEUHDFKHV0DLQWHQDQFHUHFRPPHQGDWLRQVDUHEHLQJLPSOHPHQWHG
LQ
(6
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU ([HFXWLYH6XPPDU\
x 0RGHOLQJWRDOORFDWHUHODWLYHFRQWULEXWLRQVRIRWKHUHQWLWLHVRUIDFWRUVRQWKHPRYHPHQWRI
WKHVDOWZDWHULQWHUIDFHDVUHTXLUHGXQGHUWKH&2KDVEHJXQ
x $QDJUHHPHQWEHWZHHQ)3/DQGWKH6RXWK)ORULGD:DWHU0DQDJHPHQW'LVWULFW 6):0'
RQFRQYH\LQJSURSHUW\ULJKWVLQVXSSRUWRIWKH%LVFD\QH%D\&RDVWDO:HWODQGV
(YHUJODGHV5HVWRUDWLRQ3URMHFWKDVEHHQUHDFKHGZLWKILQDODSSUDLVDOVEHLQJFRPSOHWHG
x $VVHVVPHQWRILPSDFWVWRUDLVLQJZHLUHOHYDWLRQVLQWKH)3/(YHUJODGHV0LWLJDWLRQ%DQN
(0% FXOYHUWVUHTXLUHGE\0'&ZDVFRPSOHWHGDQGUHSRUWVZHUHILOHGDVUHTXLUHG
ZLWK0'&DQG)'(37KHVWXG\FRQFOXGHGWKHLQFUHDVHGVWDJHVUHVXOWHGLQKLJK
GRZQVWUHDPVDOLQLWLHVFDSDEOHRIDGYHUVHO\DIIHFWLQJVXFFHVVFULWHULDRIWKH(0%SHUPLW
1RUPDOSHUPLWWHGRSHUDWLRQVZHUHUHVWRUHGDWWKHHQGRIWKHVWXG\
x ([SDQVLRQRIJURXQGZDWHUDQGVXUIDFHZDWHUPRQLWRULQJVWDWLRQVDVUHTXLUHGLQWKH&$
DQG&2ZHUHSHUPLWWHGDQGFRQVWUXFWLRQZDVLQLWLDWHG ZLWKWKHH[FHSWLRQRIWKH73*:
ZHOOFOXVWHUSHQGLQJ0'&&ODVV,SHUPLWLVVXDQFH 6DPSOLQJRIWKHLQVWDOOHGZHOOV
ZLOOEHFRQGXFWHGSULRUWRVWDUWXSRIWKHUHFRYHU\ZHOOV\VWHP
x ([SDQGHGPRQLWRULQJUHSRUWLQJKDVEHHQPDGHDYDLODEOHRQWKH)3/3ODQW¶V(OHFWURQLF
'DWD0DQDJHPHQW6\VWHP ('06 DYDLODEOHWR0'&DQG)'(3
x ([WHQVLYHQXPEHUVRISHUPLWDSSOLFDWLRQVKDYHEHHQVXFFHVVIXOO\SUHSDUHGDQGVXEPLWWHG
LQVXSSRUWRIWKHDFWLYLWLHVUHTXLUHGXQGHUWKH&$DQG&2$WRWDORISHUPLW
DSSOLFDWLRQVZHUHILOHGZLWKFRXQW\VWDWHDQGIHGHUDODJHQFLHVDQGDOOEXWILYHSHUPLW
DSSOLFDWLRQVKDYHEHHQLVVXHG
(6
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
%$&.*5281'
0LDPL'DGH&RXQW\DQG)3/HQWHUHGLQWRD&$RQ2FWREHU DPHQGHGRQ$XJXVW
LQZKLFK)3/DJUHHGWRFRQGXFWVSHFLILFDFWLRQVWRUHPHGLDWHJURXQGZDWHULPSDFWV
DGMDFHQWWRWKH3ODQWDQGWKHDVVRFLDWHG&&6DQGWRWDNHDFWLRQVWRDGGUHVV0'&¶VDOOHJDWLRQV
WKDW)3/YLRODWHGZDWHUTXDOLW\VWDQGDUGVUHODWHGWRH[FHHGDQFHVRIDPPRQLD)'(3DQG)3/
HQWHUHGLQWRD&2RQ-XQHZKLFKDOVRUHTXLUHGDFWLRQVWREHXQGHUWDNHQE\)3/WR
DGGUHVVJURXQGZDWHULPSDFWVDVVRFLDWHGZLWKWKH&&6
3DUDJUDSKGYRIWKH0'&&$VWDWHV
³)3/VKDOOVXEPLWDQQXDOUHSRUWVSURYLGLQJDQHYDOXDWLRQRISURJUHVVLQDFKLHYLQJ
WKHREMHFWLYHVRIWKLV&RQVHQW$JUHHPHQWVWDWXVRILPSOHPHQWLQJSURMHFWV
LGHQWLILHGDERYHDQGWKHUHVXOWVRIPRQLWRULQJWRGHWHUPLQHWKHLPSDFWVRIWKHVH
DFWLYLWLHV5HFRPPHQGDWLRQVIRUUHILQHPHQWVWRWKHDFWLYLWLHVZLOOEHLQFOXGHGLQ
WKHDQQXDOUHSRUW7KLVPD\LQFOXGHGHOHWLRQVRIPRQLWRULQJWKDWLVGHPRQVWUDWHG
WRQRORQJHUEHQHHGHGRUDGGLWLRQDOPRQLWRULQJWKDWLVZDUUDQWHGEDVHGRQ
REVHUYDWLRQV'
3DUDJUDSKRIWKH)'(3&2VWDWHV
³)3/VKDOOH[SDQGWKH0RQLWRULQJ3ODQGDWDEDVHWRLQFOXGHDOODGGLWLRQDO
ZDWHUPRQLWRULQJGDWDUHODWHGWRWKLV2UGHUUHTXLUHGE\DOORWKHUJRYHUQPHQWDO
DJHQFLHVDQGHQWLWLHVLQFOXGLQJEXWQRWOLPLWHGWRWKH6):0'1XFOHDU
5HJXODWRU\&RPPLVVLRQ0LDPL'DGH&RXQW\DQGWKH)ORULGD'HSDUWPHQWRI
+HDOWKDVZHOODVDOOPRQLWRULQJGDWDWKDWLVUHTXLUHGLQWKLV2UGHU'7KLV
ODQJXDJHLVHVVHQWLDOO\UHSHDWHGLQ3DUDJUDSKVDDQGERIWKH&2
)3/VXEPLWVWKLVFRQVROLGDWHG$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ
5HSRUWLQFRPSOLDQFHZLWKWKHUHSRUWLQJUHTXLUHPHQWVRIWKH0'&&$DQG)'(3&2DVDVLQJOH
UHSRUWWKDWSUHVHQWVDFRPSUHKHQVLYHXSGDWHDQGVWDWXVRIWKHSURJUHVV)3/LVPDNLQJLQPHHWLQJ
WKHUHPHGLDWLRQUHVWRUDWLRQDQGUHSRUWLQJUHTXLUHPHQWVRIERWKDJHQF\GLUHFWLYHV7KLVDQQXDO
UHSRUWDOVRH[SDQGVXSRQWKH6HSWHPEHU7XUNH\3RLQW3ODQW$QQXDO0RQLWRULQJ5HSRUWE\
SURYLGLQJDOORWKHUZDWHUPRQLWRULQJGDWDWKDWDUHUHTXLUHGE\WKH0'&&$DQG)'(3&2DQG
DGGLWLRQDOZDWHUPRQLWRULQJGDWDUHTXLUHGE\RWKHUJRYHUQPHQWDODJHQFLHVHQWLWLHV7KHVHGDWD
DUHVXPPDUL]HGKHUHDQGSURYLGHGWRWKH$JHQFLHVHOHFWURQLFDOO\LQWKH)3/('067KLVUHSRUW
LVRUJDQL]HGFRQVLVWHQWZLWKWKHVHFWLRQVRIWKH0'&&$DQG)'(3&2WKDWUHTXLUHDFWLRQVE\
)3/DQGFRYHUVWKHUHSRUWLQJSHULRGRI2FWREHUWKURXJK6HSWHPEHU
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
67$786
)3/FRQWLQXHVWRPDNHSURJUHVVLQLPSOHPHQWLQJWKHPHDVXUHVRXWOLQHGLQWKH&$DQG&2
7KHVHPHDVXUHVIRFXVRQ&&6IUHVKHQLQJJURXQGZDWHUVDOLQLW\UHPHGLDWLRQDQGFRQWDLQPHQW
H[WHUQDOFDQDOUHVWRUDWLRQDVVHVVPHQWRIDPPRQLDLQVXUIDFHZDWHUVDGMDFHQWWRWKH&&6
PRQLWRULQJDQGUHSRUWLQJ7RDFKLHYHWKHREMHFWLYHVRIWKH&$DQG&2GHVLJQDJHQF\
FRRUGLQDWLRQDSSURYDOSHUPLWWLQJDQGFRQVWUXFWLRQDUHUHTXLUHGWREHFRPSOHWHGSULRUWR
LPSOHPHQWDWLRQRSHUDWLRQ7KHIROORZLQJLVDVXPPDU\RIWKHDFWLRQVWDNHQGXULQJWKHUHSRUWLQJ
SHULRG 2FWREHUWKURXJK6HSWHPEHU WRPHHWWKHUHTXLUHPHQWVRIWKH&$DQG&2$
VXPPDU\RIWKHSHUPLWVUHTXLUHGDQGWKHRYHUDOOVWDWXVRIDFWLYLWLHVLVSURYLGHGLQ7DEOHDQG
7DEOH
&&6)UHVKHQLQJ$FWLYLWLHV
+LJKHUVSHFLILFJUDYLW\K\SHUVDOLQHZDWHUFDQGLVSODFHIUHVKHUJURXQGZDWHUFRQWULEXWLQJWR
VDOWZDWHUPLJUDWLRQLQJURXQGZDWHUVXUURXQGLQJWKH&&6)3/KDVSURSRVHGWRXVHIUHVKHUZDWHU
VRXUFHVWRUHSODFHIUHVKZDWHUHYDSRUDWHGIURPWKH&&6DQGWKHUHE\UHGXFHDYHUDJHDQQXDO&&6
VDOLQLW\6XVWDLQHGDYHUDJHDQQXDOVDOLQLWLHVFORVHUWRWKRVHRI%LVFD\QH%D\ SVX ZLOO
VXSSRUWVHDJUDVVUHSRSXODWLRQDQGDVVRFLDWHGQDWXUDOQXWULHQWPDQDJHPHQWLQWKH&&6
&XUUHQWO\)3/KDVWZRVRXUFHVRIIUHVKHUZDWHUDYDLODEOHWRPRGHUDWH&&6VDOLQLW\8)$
JURXQGZDWHUDQGVKDOORZPDULQHJURXQGZDWHUIURPWKH%LVFD\QHDTXLIHU'XHWRWKHKLJK
VDOLQLW\RIWKHPDULQHZHOOZDWHUWKLVVRXUFHLVOLPLWHGWRH[WUDRUGLQDU\FLUFXPVWDQFHVWRDYRLG
H[WUHPHO\KLJK&&6VDOLQLWLHVRUH[WUHPHO\ORZZDWHUOHYHOV$VXPPDU\RIWKHXVHDQGVWDWXVRI
ERWKVRXUFHVLVSURYLGHGEHORZLQ6HFWLRQVDQG)3/HOHFWHGWRGLVFRQWLQXHWKH/(
FDQDOVRXUFHIRUIUHVKHQLQJDQGWKHSXPSLQJIDFLOLWLHVZHUHGHFRPPLVVLRQHGLQ'HFHPEHU
)3/FRQWLQXHVWRZRUNZLWK0'&RQDIHDVLEOHUHFODLPHGZDWHUDSSOLFDWLRQIRUWKH&&6DQG
3ODQWDVUHFRPPHQGHGE\0'&¶V'HSDUWPHQWRI(QYLURQPHQWDO5HVRXUFHV0DQDJHPHQW
'(50 LQWKHLUOHWWHUWR)3/GDWHG'HFHPEHU
8SSHU)ORULGDQ$TXLIHU)UHVKHQLQJ:HOO2SHUDWLRQV
)3/ILOHGDQDSSOLFDWLRQWRPRGLI\6LWH/LFHQVH1XPEHU3$' 6HSWHPEHU WR
LQFOXGHWKHFRQVWUXFWLRQDQGXVHRIXSWRVL[ORZVDOLQLW\8)$ZHOOVZLWKDWRWDOGDLO\DOORFDWLRQ
RIPJG7KHUHFRPPHQGHGVLWHOLFHQVHPRGLILFDWLRQZDVLVVXHGE\)'(3DQG
DGPLQLVWUDWLYHO\FKDOOHQJHG$KHDULQJZDVKHOGLQ1RYHPEHUDQGWKHILQDORUGHU
DSSURYLQJWKHPRGLILFDWLRQZDVLVVXHGRQ0DUFK3XUVXDQWWRDFKLHYLQJWKHREMHFWLYH
LQ3DUDJUDSKDRIWKH)'(3&2)3/SURFHHGHGZLWKWKHFRQVWUXFWLRQRIWKH8)$IUHVKHQLQJ
V\VWHPZKLFKEHFDPHIXOO\RSHUDWLRQDORQ1RYHPEHU7KHZHOOVIORZXQGHUQDWXUDO
DUWHVLDQSUHVVXUHDQGKDYHEHHQLQFRQWLQXRXVRSHUDWLRQVLQFHVWDUWXS%HWZHHQ1RYHPEHU
DQG6HSWHPEHUWKHZHOOVSXPSHGDSSUR[LPDWHO\ELOOLRQJDOORQVRIORZ
VDOLQLW\JURXQGZDWHULQWRWKH&&6 7DEOHDQG$SSHQGL[$ ZLWKDQDYHUDJHFXPXODWLYH
VDOLQLW\RISVX$SSHQGL[%SURYLGHVDVXPPDU\RIVDOLQLW\UHVXOWVIRUWKH8)$ZHOOV
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
$SSUR[LPDWHO\PJGKDYHEHHQGLVFKDUJHGLQWRWKH&&6IURPWKH8)$VLQFH1RYHPEHU
)LJXUHVKRZVWKHORFDWLRQVRIWKHRSHUDWLQJ8)$ZHOOV)LVDEDFNXSZHOOWKDWKDV
QRWEHHQFRQVWUXFWHGDQGLVQRWVKRZQ5HVXOWVIURPTXDUWHUO\VDPSOLQJRIWKHZHOOVDUH
LQFOXGHGLQ$SSHQGL[&
- HWVHDVRQUDLQIDOO )LJXUH FRPELQHGZLWKWKHIUHVKHQLQJDFWLYLWLHVZHUHHIIHFWLYHLQ
ORZHULQJ&&6VDOLQLW\E\WKHHQGRIWKHUHSRUWLQJSHULRG'XULQJWKHGU\VHDVRQSHDN&&6
VDOLQLW\UHDFKHGSVXEXWGURSSHGWRSVXE\6HSWHPEHU0RQWKO\YROXPHVRI
IUHVKHQLQJVRXUFHVUDLQIDOODQGDYHUDJHPRQWKO\&&6VDOLQLW\IRUWKHUHSRUWLQJSHULRGDUH
VKRZQRQ)LJXUH$SSHQGL['ZKLFKZDVXVHGWRGHYHORS)LJXUHSURYLGHVDGDLO\
VXPPDU\RIWKHDYHUDJH&&6VDOLQLW\FDOFXODWHGLQDFFRUGDQFHZLWK3DUDJUDSKMRIWKH)'(3
&2
0DULQH)UHVKHQLQJ:HOO2SHUDWLRQV
'XHWRH[FHSWLRQDOO\GU\FRQGLWLRQVWKDWSHUVLVWHGIURP1RYHPEHUWKURXJKWKHGU\
VHDVRQ VL[WKGULHVW-DQXDU\WKURXJK0D\SHULRGLQWKHSUHYLRXV\HDUV)3/6HSWHPEHU
7XUNH\3RLQW$QQXDO0RQLWRULQJ5HSRUW )3/RSHUDWHGXSWRWKUHHPDULQHZHOOVLQFRQMXQFWLRQ
ZLWKWKH8)$IUHVKHQLQJZHOOVGXULQJWKHUHSRUWLQJSHULRG WKHORFDWLRQVRIWKHVHZHOOVDUH
VKRZQRQ)LJXUH 7KHPDULQHZHOOVZHUHRSHUDWHGDWYDU\LQJUDWHVIURP0DUFKWKURXJK
$XJXVWDVQHFHVVDU\WRNHHSWKH&&6VDOLQLWLHVEHORZSVX7KHWRWDOYROXPHRIZDWHU
DGGHGZDVDOLWWOHRYHUELOOLRQJDOORQV 7DEOHDQG$SSHQGL[$ ZLWKDQDYHUDJHVDOLQLW\
RIDSSUR[LPDWHO\SVX $SSHQGL[%
7KHUPDO(IILFLHQF\3ODQ
3XUVXDQWWR3DUDJUDSKERIWKH)'(3&2)3/VXEPLWWHGD7(3WR)'(3RQ'HFHPEHU
)3/LGHQWLILHGWKDWPDLQWDLQLQJKLJKWKHUPDOHIILFLHQF\ZLWKLQWKH&&6ZDVQHFHVVDU\IRU
FRQWUROOLQJHYDSRUDWLRQDQG&&6VDOLQLW\7KHSODQLGHQWLILHGSULPDU\DQGVHFRQGDU\
SHUIRUPDQFHPHWULFVWREHPRQLWRUHG7KHVHPHWULFVDUHXVHGWRJXLGHFRUUHFWLYHDFWLRQVDQG
QHDUDQGORQJWHUPDFWLRQVWRPDLQWDLQKLJKWKHUPDOHIILFLHQFLHV HTXDORUJUHDWHUWKDQ 2Q
-XO\)'(3LQVWUXFWHG)3/WRLPSOHPHQWWKHSODQ6HYHUDORIWKHQHDUWHUPDFWLRQVKDYH
EHHQLPSOHPHQWHGWRYDU\LQJGHJUHHVLQWKH&&67KHVHDFWLRQVKDYHLQFOXGHGVHGLPHQW
UHPRYDOLQPDQ\RIWKH&&6FDQDOVIORZPDQDJHPHQWZLWKLQWKH&&6ZDWHUVWDJHPDQDJHPHQW
DQGYHJHWDWLRQPDQDJHPHQW
$VDUHVXOWWKHUPDOHIILFLHQF\GXULQJWKHUHSRUWLQJSHULRGPHWREMHFWLYHVZLWKDQDQQXDO
&&6HIILFLHQF\IRU2FWREHUWKURXJK6HSWHPEHURIDSSUR[LPDWHO\)LJXUH
VKRZVDPRQWKO\VXPPDU\RIWKHWKHUPDOHIILFLHQF\VLQFH2FWREHUDQGWKHLPSURYHPHQWV
LQHIILFLHQF\VLQFH
1XWULHQW0DQDJHPHQW3ODQ
3XUVXDQWWR3DUDJUDSKERIWKH)'(3&2)3/VXEPLWWHGD103WR)'(3RQ6HSWHPEHU
7KH103LVFRPSRVHGRIWKUHHSULPDU\QXWULHQWPDQDJHPHQWVWUDWHJLHVDFWLYH
DOJDHQXWULHQWUHPRYDOFDQDODQGEHUPPDLQWHQDQFHDQGVDOLQLW\UHGXFWLRQDQGFRQWUROOHGIORZ
PDQDJHPHQW2Q-XO\)'(3LQVWUXFWHG)3/WRLPSOHPHQWWKH103$FRS\RIWKH
103LVSURYLGHGRQWKH('06
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
'XULQJWKLVUHSRUWLQJSHULRG)3/KDVSHUIRUPHGPDQ\EHQFKDQGSLORWWHVWVWRILQGWKHPRVW
DSSURSULDWHDFWLYHQXWULHQWDOJDHUHPRYDOUHJLPHIRUWKHXQLTXHHFRORJ\DQGZDWHUFKHPLVWU\RI
WKH&&67KHVHPHWKRGVLQFOXGHFKHPLFDOIORFFXODQWVFRDJXODQWVQRQFKHPLFDOSK\VLFDO
UHPRYDOPHWKRGVDQGDHUDWLRQ,QDGGLWLRQ)3/KDVUHYLHZHGFDQDOSUDFWLFHVLQRUGHUWR
LQWHJUDWHWKHJRDORIPLQLPL]LQJHURVLRQDQGQXWULHQWLQSXWVIURPVHGLPHQWDQGEHUPVRXUFHV
)3/LVLQWKHSURFHVVRIHYDOXDWLQJDSSURSULDWHFRVWHIILFLHQWDQGQRQKDUPIXOPHWKRGVWR
DFKLHYHWKHJRDOVRIWKH103FRQVLGHULQJLQIRUPDWLRQJDWKHUHGIURPSLORWWHVWLQJVXSSOHPHQWDO
HYDOXDWLRQVDQGLQSXWIURPVXEMHFWPDWWHUH[SHUWV
5HPHGLDWLRQ5HVWRUDWLRQ&RQWDLQPHQW$FWLYLWLHV
3KDVH,RIWKH0'&&$DQGWKHILUVWREMHFWLYHRIWKH)'(3&2IRFXVRQKDOWLQJWKHZHVWZDUG
PLJUDWLRQRIK\SHUVDOLQHJURXQGZDWHUIURPWKH&&6DQGUHGXFLQJWKHZHVWZDUGH[WHQWRIWKH
K\SHUVDOLQHSOXPHWRWKH/(FDQDO7KHVHREMHFWLYHVDUHWREHDFKLHYHGWKURXJKWKHGHVLJQ
FRQVWUXFWLRQDQGRSHUDWLRQRIDJURXQGZDWHU5:67KHVHFRQGREMHFWLYHRIWKH&2LVWR
SUHYHQWUHOHDVHVRIJURXQGZDWHUIURPWKH&&6WRVXUIDFHZDWHUVFRQQHFWHGWR%LVFD\QH%D\E\
XQGHUWDNLQJUHVWRUDWLRQSURMHFWVLQWKH7XUWOH3RLQW&DQDODQG%DUJH%DVLQ7KHDPHQGPHQWWR
WKH0'&&$GLUHFWHG)3/WRLGHQWLI\WKHVRXUFHVDQGYHUWLFDODQGKRUL]RQWDOH[WHQWVRI
DPPRQLDH[FHHGDQFHVLQVXUIDFHZDWHUVVXUURXQGLQJWKHIDFLOLW\'XULQJWKHUHSRUWLQJSHULRG
)3/KDVFRPSOHWHGGHVLJQVIRUWKHUHPHGLDWLRQDQGUHVWRUDWLRQSURMHFWVSXUVXHGSHUPLW
DSSURYDOVLQLWLDWHGFRQVWUXFWLRQSUHVFULEHGE\WKH$JHQFLHVFRQGXFWHGZDWHUTXDOLW\VDPSOLQJ
DQGFRPSOHWHGDQDQDO\VLVRIDPPRQLDVXUURXQGLQJWKH&&6)XUWKHUGHVFULSWLRQRIWKHSURMHFW
VWDWXVLVSURYLGHGEHORZLQ6HFWLRQVWKURXJK
*URXQGZDWHU5HFRYHU\:HOO6\VWHP
3XUVXDQWWR3DUDJUDSKFLDQGLLRIWKH)'(3&2DQG3DUDJUDSKELRIWKH0'&&$WKH
JURXQGZDWHU5:6GHVLJQLQIRUPHGE\WKH)3/YDULDEOHGHQVLW\'VROXWHWUDQVSRUW
JURXQGZDWHUIORZPRGHOZDVVXEPLWWHGWR0'&RQ0D\DQGWR)'(3RQ-XO\
,QDOHWWHUGDWHG6HSWHPEHU0'&UHTXLUHG)3/WRVXEPLWD3KDVH,5HPHGLDWLRQ
$FWLRQ3ODQ 5$3 ZLWKLQGD\V(OHPHQWVUHTXLUHGWREHLQFOXGHGLQWKH5$3ZHUH
QXPHURXVUHYLVLRQVWRDQGVHQVLWLYLW\DQDO\VHVFRQGXFWHGE\WKH'YDULDEOHGHQVLW\PRGHODQG
GHWDLOVUHJDUGLQJPRQLWRULQJDQGUHSRUWLQJRYHUWKHILUVWVHYHUDO\HDUVRI5:6RSHUDWLRQV)3/
VXEPLWWHGWKH3KDVH,5$3RQ-DQXDU\DQGFRQGLWLRQDODSSURYDORIWKH5$3DQG
RULJLQDOGHVLJQRIWKH5:6ZDVSURYLGHGE\0'&RQ0D\)3/ILOHGSHUPLW
DSSOLFDWLRQVIRUWKH5:6DWWKHORFDOVWDWHDQGIHGHUDOOHYHOVRQ6HSWHPEHU VHH7DEOH
IRUSHUPLWWLQJGHWDLOV
'XULQJWKHSHUPLWWLQJSURFHVV)3/LGHQWLILHGVRPHDOWHUQDWLYHORFDWLRQVDQGSLSLQJSDWKVWKDW
HOLPLQDWHGSRWHQWLDOZHWODQGLPSDFWVIRUWKHSURMHFWV)3/LQLWLDWHGFRQVWUXFWLRQRIWKH5:6RQ
-XQHFRQVLVWLQJRIURDGDQGVLWHLPSURYHPHQWVWUDQVPLVVLRQOLQHLQVWDOODWLRQVZHOO
FRQVWUXFWLRQDQGSLSHSODFHPHQW7KHFRQVWUXFWLRQLVSURFHHGLQJRQVFKHGXOHZLWKDQHVWLPDWHG
FRPSOHWLRQGDWHLQ$SULO7KHORFDWLRQRIWKH5:6LVVKRZQRQ)LJXUH:KHUH
DYDLODEOHZHOOORJVJHQHUDWHGGXULQJWKHFRQVWUXFWLRQRIWKH5:6DUHLQFOXGHGLQ$SSHQGL[(
3DUWRIWKH5:6GHVLJQLQFOXGHVWKHUHSXUSRVLQJRIDSHUPLWWHGXQGHUJURXQGLQMHFWLRQFRQWURO
8,& GLVSRVDOWHVWZHOOORFDWHGRQVLWH7KHH[LVWLQJWHVWLQMHFWLRQZHOO ',: ZDVLQVWDOOHG
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
LQWRDUHJLRQDOO\FRQILQHGGLVSRVDOKRUL]RQ WKH%RXOGHU=RQH ORFDWHGRYHUIHHWEHORZWKH
%LVFD\QHDTXLIHU)3/DSSOLHGIRUDQGUHFHLYHGD8,&SHUPLWPRGLILFDWLRQIRUH[WHQGHG
RSHUDWLRQDOLQMHFWLRQWHVWLQJRI',: 3HUPLW1R8&00LVVXHGRQ6HSWHPEHU
,QRUGHUWRFRQGXFWWKHH[WHQGHGWHVWLQJ)3/GHVLJQHGDQGFRQVWUXFWHGIRXUIRRW
GHHS%LVFD\QHDTXLIHUSURGXFWLRQZHOOV )LJXUH 7KHGLVSRVDOZHOODQGSURGXFWLRQZHOOV
DUHHTXLSSHGZLWKSXPSVDQGSRZHUDGHTXDWHIRUWKHZLWKGUDZDODQGLQMHFWLRQRIPJGRI
K\SHUVDOLQHJURXQGZDWHUIURPEHQHDWKWKH&&6LQWRWKH%RXOGHU=RQH
)3/EHJDQLQMHFWLRQWHVWLQJRI',:RQ6HSWHPEHU6LQFHLQMHFWLRQWHVWLQJEHJDQWKH
V\VWHPKDVUHPRYHGDQGVDIHO\GLVSRVHGRIDSSUR[LPDWHO\ELOOLRQJDOORQVRIK\SHUVDOLQH
JURXQGZDWHUWKURXJK6HSWHPEHU 7DEOH 7KHPDVVRIVDOWUHPRYHGIURPWKH
%LVFD\QHDTXLIHUDVVRFLDWHGZLWKWKHYROXPHRIK\SHUVDOLQHJURXQGZDWHUGLVSRVHGRIGXULQJWKH
H[WHQGHGLQMHFWLRQWHVWLQJDVRI6HSWHPEHUZDVWRQV)LJXUHVKRZVD
PRQWKO\VXPPDU\RIWKHVDOWPDVVUHPRYHGDQGWKHYROXPHRIZDWHUSXPSHG7KHH[WHQGHG
LQMHFWLRQWHVWLQJVKDOOFRQWLQXHXQWLOWKH5:6LVRSHUDWLRQDODWZKLFKWLPHWKHIRXUWHVWZHOOV
ZLOOEHVHFXUHGDQGWKHWHQ5:6SOXPHH[WUDFWLRQZHOOVZLOOFRPPHQFHRSHUDWLRQV
%DUJH&DQDO+/-7XUWOH3RLQW&DQDO5HVWRUDWLRQ
3XUVXDQWWR3DUDJUDSKDRIWKH)'(3&2)3/GHYHORSHGDGHWDLOHGSODQDQGGHVLJQIRU
UHVWRUDWLRQRIWKH%DUJH%DVLQDQG7XUWOH3RLQWFDQDOV7KHVHDUWLILFLDOGHHSFDQDOVZHUH
RULJLQDOO\GHVLJQHGDVWKHFRROLQJZDWHULQWDNHDQGGLVFKDUJHIRU8QLWVDQGDWWKH3ODQW7KH
SODQLQFOXGHVILOOLQJWKHGHHSDUHDVRIWKH%DUJH%DVLQWRDQHOHYDWLRQRIIHHW1$9'
1RUWK$PHULFDQ9HUWLFDO'DWXPRI DQGWKHGHHSDUHDVRI7XUWOH3RLQWWRDQHOHYDWLRQ
IHHW1$9'7KLVUHVWRUDWLRQVWUDWHJ\ZLOOVLJQLILFDQWO\UHGXFHDQ\SRWHQWLDOJURXQGZDWHU
IORZIURPWKH&&6WRWKHVXUIDFHZDWHUVDQGLVYHU\HIIHFWLYHDWPDLQWDLQLQJZDWHUTXDOLW\LQWKH
FDQDOVDVWKHVKDOORZHUGHSWKVZLOODOORZWLGDOIORZVDQGQDWXUDOUHDHUDWLRQRIWKHFDQDOV,Q
RUGHUWRIXUWKHULPSURYHFRDVWDOKDELWDW)3/SURSRVHVWRILOORQHWKLUGRIWKH7XUWOH3RLQWFDQDO
WRIRRW1$9'VWDUWLQJDWWKH&&6EHUPDQGVORSLQJILOOWRZDUGWKHPRXWKRIWKHFDQDOWRD
ILQDOGHSWKRIDSSUR[LPDWHO\IHHW1$9'7KLVGHVLJQZLOOSURYLGHDGGLWLRQDOPDQJURYH
DQG$PHULFDQFURFRGLOHKDELWDWHDVWRIWKH&&6
3ODQVDQGGHVLJQVRI)3/¶VSURSRVHGFDQDOUHPHGLDWLRQZHUHSURYLGHGWR)'(3RQ$XJXVW
)3/VXEPLWWHGDOOSHUPLWDSSOLFDWLRQVIRUWKHUHVWRUDWLRQSURMHFWVWR)'(3WKH8QLWHG
6WDWHV$UP\&RUSVRI(QJLQHHUV 86$&( DQG0'&ZLWKLQGD\VRIWKHHIIHFWLYHGDWHRIWKH
&2 SXUVXDQWWR)'(3&23DUDJUDSKE 7KHVSHFLILFSHUPLWVDUHGHVFULEHGLQ7DEOH
)3/UHFHLYHG(QYLURQPHQWDO5HVRXUFH3HUPLWDQG6XEPHUJHG/DQGV3HUPLWRQ
6HSWHPEHU86$&(1DWLRQZLGH3HUPLW+/-+DELWDW5HVWRUDWLRQDQG(QKDQFHPHQW
DQG0'&&ODVV,3HUPLWIRU&RDVWDO&RQVWUXFWLRQDUHVWLOOSHQGLQJ 7DEOH 0RQLWRULQJDW
QHZVWDWLRQ73%%6:7ZLOOFRPPHQFHZKHQWKHSHUPLWVDXWKRUL]LQJWKHUHVWRUDWLRQHIIRUWV
KDYHEHHQLVVXHG
6LWH$VVHVVPHQW3ODQDQG5HSRUW
3XUVXDQWWR3DUDJUDSKDRIWKH0'&&$)3/VXEPLWWHGD6$3RQ6HSWHPEHUIRU
WKHSXUSRVHRILGHQWLI\LQJWKHVRXUFHDQGH[WHQWRIDPPRQLDLQVXUIDFHZDWHUVVXUURXQGLQJWKH
3ODQWIDFLOLW\WKDWH[FHHGHG0'&ZDWHUTXDOLW\VWDQGDUGV,QDOHWWHUGDWHG'HFHPEHU
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
0'&LGHQWLILHGUHYLVLRQVWRWKH)3/6$3DQGRQ'HFHPEHU)3/VXEPLWWHGDQ
DPHQGHG6$3DQGFRPPHQFHGVDPSOLQJZLWK0'&DSSURYDORQ-DQXDU\ OHWWHU
GRFXPHQWLQJ0'&DSSURYDOUHFHLYHG)HEUXDU\
3XUVXDQWWR3DUDJUDSKERIWKH0'&&$)3/VXEPLWWHGD6$5RQ0DUFKZKLFK
LQFOXGHGDOOGDWDDQG)3/HYDOXDWLRQVUHJDUGLQJWKHVRXUFHVDQGH[WHQWRIHOHYDWHGDPPRQLDLQ
VXUIDFHZDWHUV7KHUHSRUWIRXQGWKDWWKH&&6DQG%LVFD\QH%D\KDGYHU\ORZOHYHOVRI
DPPRQLDZKLOHHOHYDWHGDPPRQLD JUHDWHUWKDQPJ/ ZDVPHDVXUHGLQERWWRPVDPSOHV
FROOHFWHGLQVRPHRIWKHGHHSVWDJQDQWPDQPDGHFDQDOV7KHUHSRUWFRQFOXGHGWKHRFFXUUHQFH
RIHOHYDWHGDPPRQLDPHDVXUHGGXULQJWKHVDPSOLQJHYHQWGLGQRWFRPHIURPWKH&&6EXWZDV
OLNHO\WKHUHVXOWRIORFDOL]HGRUJDQLFQLWURJHQ RULJLQDWLQJIURPYHJHWDWLRQGHWULWXVRUJDQLFVRLOV
QLWURJHQIL[DWLRQHWF EHLQJFRQYHUWHGWRDPPRQLDWKURXJKPLFURELDOSURFHVVHVLQDQDHURELF
VWDJQDQWEDVDOSRUWLRQVRIGHHSFDQDOV7KHUHSRUWDOVRIRXQGWKDWWKHVHFRQGLWLRQVRFFXU
HOVHZKHUHLQ%LVFD\QH%D\DQGWKHH[WHQWRIHOHYDWHGDPPRQLDRFFXUUHQFHVZDVOLPLWHG
YHUWLFDOO\VSDWLDOO\DQGWHPSRUDULO\ 2Q-XO\0'&UHTXHVWHGWKDW)3/FROOHFW
DGGLWLRQDOGDWDDQGSURYLGHFODULILFDWLRQDQGDGGLWLRQDODQDO\VHVZKLFKZHUHEHLQJSURGXFHGDW
WKHWLPHRIWKLVUHSRUW
,QVSHFWLRQRI&&63HULPHWHU
3XUVXDQWWR3DUDJUDSKFRIWKH)'(3&2)3/FRQWUDFWHGIRUVHUYLFHVIRUDQLQGHSHQGHQW
TXDOLILHGDQGOLFHQVHG3URIHVVLRQDO(QJLQHHUWRFRQGXFWDQLQVSHFWLRQRIWKH&&6SHULSKHU\
LQFOXGLQJDOOGDPVGLNHVVXUURXQGLQJEHUPVDQGDSSXUWHQDQWVWUXFWXUHV7KHVXUYH\ZDV
FRPSOHWHGDQGDVLJQHGDQGVHDOHGFRS\ZDVSURYLGHGWR)'(3RQ2FWREHU7KH
VXUYH\IRXQGQRVWUXFWXUDOGHIHFWVRUEUHDFKHV7KHLQVSHFWLRQUHSRUWLQFOXGHGUHFRPPHQGDWLRQV
IRUQHDUWHUPDQGORQJWHUPPDLQWHQDQFHDFWLYLWLHV7KHQHDUWHUPDFWLYLWLHVDUHXQGHUZD\DQG
VFKHGXOHGIRUFRPSOHWLRQE\WKHHQGRIDQGHDUO\,QUHVSRQVHWRWKHORQJWHUP
PDLQWHQDQFHDFWLYLWLHV)3/KDVHVWDEOLVKHGDQDQQXDODQGILYH\HDUSUHYHQWDWLYHPDLQWHQDQFH
SURJUDPWKDWLQFOXGHVLQVSHFWLRQRIWKHSHULPHWHUEHUPVORSHDQGWKHUHPRYDORIYHJHWDWLRQ
0LWLJDWLRQIRU,PSDFWV5HODWHGWR+LVWRULFDO
2SHUDWLRQVRIWKH&&6
,QRUGHUWRDGGUHVVLPSDFWVUHODWHGWRKLVWRULFDORSHUDWLRQVRIWKH&&6ERWKWKH0'&&$DQG
)'(3&2LQFOXGHGVSHFLILFDFWLRQVIRU)3/WRLPSOHPHQW3URJUHVVPDGHE\)3/GXULQJWKH
UHSRUWLQJSHULRGLVGHVFULEHGLQ6HFWLRQVWKURXJK
6DOWZDWHU,QWHUIDFH$OORFDWLRQRI&RQWULEXWLRQ
3DUDJUDSKDRIWKH)'(3&2UHTXLUHV)3/WRFRPSOHWHDQDQDO\VLVZLWKLQSXWIURP)'(3
DQGRWKHUDJHQFLHVXVLQJWKHYDULDEOHGHQVLW\'PRGHOGHYHORSHGXQGHUWKH0'&&$WKDW
VHHNVWRDOORFDWHUHODWLYHFRQWULEXWLRQVRIRWKHUHQWLWLHVDQGIDFWRUVWRWKHPRYHPHQWRIWKH
FRDVWDOVDOWZDWHULQWHUIDFH)3/KDVFRQWUDFWHGIRUPRGHOLQJVHUYLFHVLGHQWLILHGPRGLILFDWLRQV
QHHGHGWREHPDGHWRWKHPRGHOIRUWKHDQDO\VHVLGHQWLILHGHQWLWLHVDQGIDFWRUVWREHHYDOXDWHGE\
WKHPRGHODQGKDVVKDUHGWKHDSSURDFKZLWKDQGUHFHLYHGLQSXWIURP)'(37KHPRGHOLQJDQG
DQDO\VHVDUHVFKHGXOHGWREHFRPSOHWHGE\-XQH
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
$JUHHPHQWVWR&RQYH\3URSHUW\,QWHUHVWV
3DUDJUDSKERIWKH)'(3&2VWDWHVWKDWLIUHTXHVWHGE\WKH6):0')3/ZLOOFRQYH\
LQWHUHVWVLQHVVHQWLDOSURSHUWLHVZLWKLQWKH%LVFD\QH%D\&RDVWDO:HWODQGV3KDVH,SURMHFWWR
IDFLOLWDWHWKH&RPSUHKHQVLYH(YHUJODGHV5HVWRUDWLRQ3ODQLQH[FKDQJHIRUSD\PHQWEDVHGRQD
MRLQWO\DSSURYHGDSSUDLVDOSURFHVVRURWKHUPXWXDOO\DJUHHDEOHFRQVLGHUDWLRQV7KH6):0'
SURYLGHGQRWLILFDWLRQRIWKHLULQWHQWWRSXUFKDVH)3/ODQGVRQ$XJXVW)3/HQWHUHGLQWR
QHJRWLDWLRQVZLWKWKH6):0'WRLGHQWLI\ODQGVIRUSXUFKDVHODQGVIRUHDVHPHQWDQGSURFHGXUHV
IRUDSSUDLVDODQGFRPSHQVDWLRQDQGDQDJUHHPHQWZDVUHDFKHGRQ0D\$WWRWDORI
DFUHVRI)3/RZQHGODQGVZLWKLQWKH%LVFD\QH%D\&RDVWDO:HWODQGV3KDVH,SURMHFWFRUULGRU
ZHUHLGHQWLILHGWREHFRQYH\HGWRWKH6):0'$WWKHWLPHRIWKLVUHSRUW)3/DQGWKH6):0'
DUHILQDOL]LQJDSSUDLVDOVIRUWKH)3/RZQHGSDUFHOV7KHODQGFRQYH\DQFHWUDQVDFWLRQIRU
%LVFD\QH%D\&RDVWDO:HWODQGSURMHFWODQGVLVWDUJHWHGWREHFRPSOHWHGE\0DUFK
,QFUHDVH:HLU(OHYDWLRQVLQ)3/¶V(YHUJODGHV0LWLJDWLRQ%DQN
3DUDJUDSKFLRIWKH0'&&$UHTXLUHG)3/WRUDLVHWKHFRQWUROHOHYDWLRQVRIWKH(0%
FXOYHUWZHLUVWREHQRORZHUWKDQIRRWORZHUWKDQWKHIRRWWULJJHURIWKH6VWUXFWXUHDQG
VKDOOPDLQWDLQWKLVHOHYDWLRQIRURQH\HDUDQGHYDOXDWHWKHFKDQJHLQFRQWUROHOHYDWLRQZLWK
UHJDUGVWRLPSDFWVWRVDOLQLW\ZDWHUTXDOLW\DQGHQYLURQPHQWDOOLIWLQWKH(0%2Q2FWREHU
WKHZHLUHOHYDWLRQVZHUHUDLVHGDVUHTXLUHGWRDQHOHYDWLRQRIIHHW1DWLRQDO*HRGHWLF
9HUWLFDO'DWXP 1*9' DQGUHPDLQHGDWWKDWHOHYDWLRQIRURQH\HDU)3/FROOHFWHGGDWDRQIORZ
WKURXJKWKHFXOYHUWVVDOLQLW\WUHQGVGRZQVWUHDPDQGYHJHWDWLRQVXUYH\VXSVWUHDPDQG
GRZQVWUHDPRIWKHFXOYHUWV7KHVHGDWDZHUHFRPSDUHGZLWKKLVWRULFDO(0%GDWDIRU
FRPSDUDWLYHSXUSRVHVDQGVXPPDUL]HGLQDUHSRUWVHQWWR'(50DQG)'(3 SHU3DUDJUDSKRI
WKH0'&&$ RQ0D\7KHUHSRUWGRFXPHQWHGDVLJQLILFDQWUHGXFWLRQLQIUHVKZDWHU
IORZVWRWKHVRXWKRIWKHZHLUVDQGDQDVVRFLDWHGLQFUHDVHLQVDOLQLW\WRDGHJUHHWKDWFRXOGDIIHFW
WKHYLDELOLW\RIIUHVKZDWHUZHWODQGUHFUXLWPHQWWKDWKDVEHHQDFKLHYHGVRXWKRIWKH/(OHYHH
VLQFHDVZHOODVDELOLW\RIWKH(0%WRPHHWWKHVXFFHVVFULWHULDVSHFLILHGLQWKH)'(3
PLWLJDWLRQEDQNSHUPLW7KHKLVWRULFDOSHUPLWWHGRSHUDWLRQVRIWKHZHLUVZHUHUHVWRUHGLQ
2FWREHUDQGLPSURYHGIORZVDQGUHGXFHGVDOLQLWLHVLQWKH(0%KDYHEHHQGRFXPHQWHGLQ
(VFURZ)XQGLQJIRU0LWLJDWLRQRI6DOWZDWHU,QWUXVLRQ
3DUDJUDSKGRIWKH)'(3&2UHTXLUHV)3/WRGHSRVLWPLOOLRQLQWRD)ORULGD'HSDUWPHQW
RI)LQDQFLDO6HUYLFHVHVFURZDFFRXQWLQDFFRUGDQFHZLWKDQHVFURZDJUHHPHQWVLJQHGE\)3/
)'(3DQGWKH)ORULGD'HSDUWPHQWRI)LQDQFLDO6HUYLFHV7KHHVFURZDFFRXQWVKDOOEHXVHGWR
ILQDQFHSURMHFWVLQWKH3ODQW¶VUHJLRQWKDWVXSSRUWPLWLJDWLRQRIVDOWZDWHULQWUXVLRQ)3/DQG
)'(3DUHLQWKHSURFHVVRIGHYHORSLQJWKHHVFURZDJUHHPHQW
0RQLWRULQJDQG5HSRUWLQJ
%RWKWKH0'&&$DQG)'(3&2LQFOXGHUHTXLUHPHQWVIRULQVWDOODWLRQRIDGGLWLRQDOPRQLWRULQJ
VWDWLRQVFRQGXFWLQJLQLWLDOEDVHOLQHVXUYH\VSULRUWRRSHUDWLRQRIWKH5:6H[SDQVLRQRIGDWD
SRVWLQJDQGDQQXDOUHSRUWLQJSULPDULO\IRUWKHSXUSRVHRIPRQLWRULQJSURJUHVVWRZDUG
DFKLHYHPHQWRIWKHK\SHUVDOLQHSOXPHUHWUDFWLRQDQGGHWHUPLQDWLRQRIWKHUDWHRIZHVWZDUG
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
PLJUDWLRQRIWKHK\SHUVDOLQHJURXQGZDWHU3URJUHVVPDGHE\)3/GXULQJWKHUHSRUWLQJSHULRGLV
GLVFXVVHGEHORZ
&RQWLQXRXV6XUIDFH(OHFWURPDJQHWLF0DSSLQJ
3XUVXDQWWR3DUDJUDSKGLLLRIWKH0'&&$DQG3DUDJUDSKDRIWKH)'(3&2)3/VKDOO
FRQGXFWDQGUHSRUWWRWKH$JHQFLHVDEDVHOLQHVXUYH\RIWKHK\SHUVDOLQHSOXPHDIWHUIUHVKHQLQJ
DFWLYLWLHVDUHLQRSHUDWLRQEXWEHIRUHWKHFRPSOHWH5:6EHJLQVRSHUDWLRQ$EDVHOLQH&RQWLQXRXV
6XUIDFH(OHFWURPDJQHWLF0DSSLQJVXUYH\LVDQWLFLSDWHGWREHFRQGXFWHGLQ-DQXDU\RU)HEUXDU\
RISULRUWRWKHRSHUDWLRQRIWKHFRPSOHWHJURXQGZDWHU5:66XEVHTXHQWVXUYH\VZLOOEH
FRQGXFWHGDQQXDOO\IRUWKHILUVWWKUHH\HDUVRIRSHUDWLRQDQGHYHU\RWKHU\HDUWKHUHDIWHU6LQFHD
EDVHOLQHVXUYH\LVSHQGLQJDVZHOODVVXEVHTXHQWVXUYH\VWKHH[WHQWYROXPHDQGPRYHPHQWRI
K\SHUVDOLQHJURXQGZDWHUZHVWDQGQRUWKRIWKH&&6FDQQRWEHGHWHUPLQHGIRUWKLVUHSRUWLQJ
SHULRG
([SDQGHG*URXQGZDWHU0RQLWRULQJ
3XUVXDQWWR3DUDJUDSKGLYRIWKH0'&&$DQG3DUDJUDSKDRIWKH)'(3&2)3/LV
UHTXLUHGWRH[SDQGWKHJURXQGZDWHUPRQLWRULQJQHWZRUN7KH0'&&$UHTXLUHVWKDW)3/DGG
WKUHHJURXQGZDWHUPRQLWRULQJFOXVWHUV VKDOORZPLGDQGGHHS WRPRQLWRUJURXQGZDWHU
FRQGLWLRQVLQWKH0RGHO/DQGVEDVLQVLPLODULQGHVLJQDQGIXQFWLRQWRH[LVWLQJJURXQGZDWHU
PRQLWRULQJZHOOVLQWKHUHJLRQDVSDUWRIWKH&&6PRQLWRULQJSURJUDP7KHVHQHZJURXQGZDWHU
ZHOOVDUHGHVLJQDWHGDV73*:73*:DQG73*:2Q1RYHPEHU)3/ILOHG
&ODVV,ZHWODQGSHUPLWDSSOLFDWLRQVIRUWKHWKUHHPRQLWRULQJVLWHVZLWK0'&7KURXJK
QHJRWLDWLRQVZLWK'(50DQDJUHHPHQWZDVUHDFKHGWRUHORFDWH73*:DQG73*:WR
XSODQGORFDWLRQVWRDYRLGZHWODQGLPSDFWV)LJXUHLQFOXGHVWKHORFDWLRQVRIWKHVHWKUHH
ZHOOV7KHFRQVWUXFWLRQDQGLQVWDOODWLRQRI73*:DQG73*:LVXQGHUZD\)LQDOZHOO
FRPSOHWLRQFRQVWUXFWLRQFORVHRXWLVVFKHGXOHGIRU-DQXDU\IRUERWKZHOOV$YDLODEOH
LQIRUPDWLRQRQFRQVWUXFWLRQGHWDLOVDQGLQLWLDOORJJLQJLQIRUPDWLRQDUHSURYLGHGLQ$SSHQGL[%
7KH&ODVV,SHUPLWDSSOLFDWLRQIRU73*:ZDVXQGHUUHYLHZDWWKHWLPHRIWKLVUHSRUW
&RQVWUXFWLRQRI73*:ZLOOVWDUWLPPHGLDWHO\IROORZLQJSHUPLWLVVXDQFH
7KH)'(3&2UHTXLUHVWKDW)3/DGGPRQLWRULQJGDWDIURPVL[8QLWHG6WDWHV*HRORJLFDO6XUYH\
86*6 ZHOOVWRWKH('06 *6*'***DQG*
UHSODFH H[LVWLQJPRQLWRULQJZHOO73*:6DQGFRQVWUXFWDQHZGHHSPRQLWRULQJZHOO 73*:
DQGDQHZWKUHHZHOOPRQLWRULQJFOXVWHU 73*: FRQVLVWHQWZLWKWKH0RQLWRULQJ
3ODQ)3/FRPSOHWHGWKHFRQVWUXFWLRQDQGLQVWDOODWLRQRI73*:RQ$XJXVW7KH
ILQDOFRQVWUXFWLRQFRPSOHWLRQFORVHRXWIRUWKDWZHOORFFXUUHGRQ2FWREHU&RQVWUXFWLRQ
FRPSOHWLRQRIZHOOV73*:6DQG73*:LVVFKHGXOHGIRU'HFHPEHUDQG'HFHPEHU
UHVSHFWLYHO\$YDLODEOHLQIRUPDWLRQRQFRQVWUXFWLRQGHWDLOVDQGLQLWLDOORJJLQJ
LQIRUPDWLRQDUHLQFOXGHGLQ$SSHQGL[()LJXUHLQFOXGHVWKHORFDWLRQVRIWKHVHZHOOV
- URXQGZDWHUVDPSOHVZHUHQRWFROOHFWHGIURPWKH&$RU&2PRQLWRULQJZHOOVGXULQJWKH
UHSRUWLQJSHULRGVLQFHQRQHRIWKHZHOOVUHDFKHGWKHILQDOFRPSOHWLRQFRQVWUXFWLRQFORVHRXW
SKDVH*URXQGZDWHUVDPSOLQJDQGPRQLWRULQJRIWKHVHZHOOVZLOOEHFRQGXFWHGGXULQJWKHQH[W
UHSRUWLQJSHULRG
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
7KH86*6JURXQGZDWHUDQDO\WLFDOGDWDKDYHEHHQXSORDGHGLQWRDIROGHULQWKH('06
KWWSFVVSODQFRP3XEOLF5HVRXUFHQRWHWKDWWKHDGGUHVVZLOOFKDQJHZKHQWKH('06
ZHEVLWHVDUHFRQVROLGDWHG $VXPPDU\RIWKHFKORULGHGDWDWKHRQO\SDUDPHWHUFROOHFWHG
FRQVLVWHQWO\LVLQFOXGHGLQ$SSHQGL[)
([SDQGHG%LVFD\QH%D\:DWHU4XDOLW\6DPSOLQJ
3XUVXDQWWR3DUDJUDSKVGDQGNRIWKH)'(3&2)3/LVUHTXLUHGWRFROOHFWVXUIDFHZDWHU
VDPSOHVLQ%LVFD\QH%D\RQFHHYHU\WZRPRQWKVDWVL[QHZVWDWLRQV 73%%6:73%%6:
73%%6:73%%6:73%%6:DQG73%%6: QHDUWKHWRSDQGERWWRPRIWKH
ZDWHUFROXPQ)LJXUHVKRZVWKHORFDWLRQVRIWKHVHVWDWLRQV7KHSDUDPHWHUVVDPSOHG
LQFOXGHWHPSHUDWXUHFRQGXFWLYLW\S+GLVVROYHGR[\JHQWXUELGLW\VDOLQLW\WULWLXPDPPRQLD
QLWUDWHQLWULWHWRWDO.MHOGDKOQLWURJHQ 7.1 RUWKRSKRVSKDWHWRWDOSKRVSKRUXVFKORURSK\OOD
DQG6HFFKLGLVNGHSWK7KHELPRQWKO\UHVXOWVVWDUWLQJLQ6HSWHPEHUWKURXJK6HSWHPEHU
DUHLQFOXGHGLQ$SSHQGL[*DQGDUHPDLQWDLQHGLQDIROGHURQWKH('06
([SDQGHGUHSRUWLQJRI&&65HODWHG0RQLWRULQJ'DWD
3XUVXDQWWR3DUDJUDSKVDQGRIWKH)'(3&2)3/LVUHTXLUHGWRH[SDQGWKH
0RQLWRULQJ3ODQGDWDEDVHWRLQFOXGHDGGLWLRQDOZDWHUPRQLWRULQJGDWDUHTXLUHGE\DOORWKHU
JRYHUQPHQWDODJHQFLHVDQGHQWLWLHVLQFOXGLQJEXWQRWOLPLWHGWR6):0'WKH1XFOHDU
5HJXODWRU\&RPPLVVLRQ0'&DQGWKH)ORULGD'HSDUWPHQWRI+HDOWKDVZHOODVDOOPRQLWRULQJ
GDWDWKDWDUHUHTXLUHGLQWKH&2,Q1RYHPEHU)3/H[SDQGHGWKH3XEOLF5HVRXUFHVVHFWLRQ
RIWKH('06GDWDEDVHWRLQFOXGHWKHVHGRFXPHQWVEHJLQQLQJLQ-XQHZKHQWKH&2ZDV
H[HFXWHG7DEOHVDQGSURYLGHDVXPPDU\RIWKHDGGLWLRQDOLQIRUPDWLRQDGGHGWRWKH
('06WKLVLQIRUPDWLRQLVFXUUHQWO\DWKWWSFVVSODQFRP3XEOLF5HVRXUFHEXWWKHDGGUHVV
ZLOOFKDQJHZKHQWKH('06ZHEVLWHVDUHFRQVROLGDWHG
$QQXDO3URJUHVV5HSRUWV
3XUVXDQWWR3DUDJUDSKGYRIWKH0'&&$DQG3DUDJUDSKRIWKH)'(3&2)3/LV
UHTXLUHGWRSURYLGHDQDQQXDOUHSRUW7KHILUVWDQQXDOUHSRUW )3/ ZDVSURYLGHGWRWKH
$JHQFLHVRQ1RYHPEHU7KLVUHSRUWFRQVWLWXWHVWKHVHFRQGDQQXDOUHSRUW
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
352*5(66,1$&+,(9,1*7+(
2%-(&7,9(62)7+(&$$1'&2
)3/¶VSURJUHVVLQDFKLHYLQJWKHREMHFWLYHVRIWKH&$DQG&2WKLV\HDU 2FWREHUWKURXJK
6HSWHPEHU KDVEHHQQRWDEOH$FWLRQVIRFXVHGRQDEDWHPHQWRIVDOLQLW\LQWKH&&6JDLQLQJ
DSSURYDODQGLQLWLDWLQJFRQVWUXFWLRQRIWKH5:6GHVLJQDQGSHUPLWWLQJRIWKH%DUJH%DVLQDQG
7XUWOH3RLQWFDQDOUHVWRUDWLRQSURMHFWVSHUPLWWLQJDQGFRQVWUXFWLRQRIWKHH[SDQGHGJURXQGZDWHU
PRQLWRULQJZHOOVDQGFRQGXFWLQJHYDOXDWLRQVRIDPPRQLDLQVXUIDFHZDWHUZLWKLQDQG
VXUURXQGLQJWKH&&6
- KLOH&&6IUHVKHQLQJKDGQRWUHDFKHGRQHIXOO\HDUDWWKHWLPHWKLVUHSRUWZDVFRPSOHWHGWKH
PRQWK&&6DYHUDJHVDOLQLW\IRU1RYHPEHUWKURXJK6HSWHPEHUZDV
SVX7KLVVDOLQLW\UHVSRQVHLVVLJQLILFDQWLQWKDWWKHUDLQIDOORYHUWKH&&6LQ1RYHPEHUZDV
LQFKDQGWKHWRWDOIRUWKHSHULRGIURP-DQXDU\WR0D\ZDVWKHVL[WKORZHVW LQFKHV
EDVHGRQ\HDUVRIGDWD 6HSWHPEHU)3/7XUNH\3RLQW3ODQW$QQXDO0RQLWRULQJ5HSRUW
'HVSLWHWKHVHORZUDLQIDOOWRWDOVWKHDGGLWLRQRIWKH8)$JURXQGZDWHUDQGPDULQHZHOOZDWHUZDV
HIIHFWLYHLQNHHSLQJDYHUDJH&&6VDOLQLWLHVEHORZSVX%\FRPSDULVRQ&&6VDOLQLWLHVGXULQJ
WKHGU\VHDVRQVRIDQG ZKLFKZHUHQRWDVGU\DV H[FHHGHGSVX:LWKWKH
KLJKUDLQIDOOVRIWKHZHWVHDVRQ LQFOXGLQJ+XUULFDQH,UPD &&6VDOLQLWLHVGURSSHGWR
SVXE\WKHHQGRI6HSWHPEHUZKLFKZDVWKHORZHVW6HSWHPEHUYDOXHVLQFH:KLOHLWFDQEH
H[SHFWHGWKDWWKH&&6VDOLQLWLHVZLOOULVHGXULQJWKHGU\VHDVRQWKHORZLQLWLDO&&6VDOLQLW\
FRPELQHGZLWKWKHDGGLWLRQRIIUHVKHU8)$ZDWHULVDQWLFLSDWHGWRIXUWKHUPRGHUDWHDQQXDO&&6
VDOLQLW\LQ QRWZLWKVWDQGLQJXQXVXDOGURXJKWFRQGLWLRQV
7KHWKHUPDOHIILFLHQF\RIWKH&&6IRUWKHSHULRGRI1RYHPEHUWKURXJK6HSWHPEHU
ZDVDSSUR[LPDWHO\7KLVLVDVLJQLILFDQWLPSURYHPHQWRYHUOHYHOVPHDVXUHGLQ
DQGDVGHVFULEHGLQWKH)3/7(3:KLOHIUHVKHQLQJPD\KDYHKDGDPLQRULPSDFW
VHGLPHQWUHPRYDODQGLPSOHPHQWDWLRQRIQHDUWHUPUHFRPPHQGDWLRQVRIWKH7(3DUHFRQVLGHUHG
WREHPRUHLQIOXHQWLDOIDFWRUVLQRYHUDOOLPSURYHGV\VWHPHIILFLHQF\
&RPSOHWLRQRIWKHGHVLJQDQGSHUPLWWLQJSKDVHDQGVXEVHTXHQWLQLWLDWLRQRIFRQVWUXFWLRQRIWKH
5:6ZHUHVLJQLILFDQWDFKLHYHPHQWVRIWKHUHSRUWLQJSHULRG:KLOHQRWDUHTXLUHPHQWRI
WKH&$RU&2WKHLQLWLDWLRQRIWKHH[WHQGHGLQMHFWLRQWHVWRIWKH3ODQW¶V8,&ZHOOZDVUHVSRQVLEOH
IRUUHPRYLQJQHDUO\ELOOLRQJDOORQVRIK\SHUVDOLQHJURXQGZDWHUIURPEHQHDWKWKH&&67KLV
DFWLRQZDVKHOSIXOLQUHPRYLQJVRXUFHZDWHUVRIWKHK\SHUVDOLQHSOXPHDQGFRPELQHGZLWK&&6
IUHVKHQLQJDUHSRVLWLYHDFWLRQVWRZDUGPHHWLQJWKHREMHFWLYHVRIKDOWLQJDQGHYHQWXDOO\
UHWUDFWLQJWKHK\SHUVDOLQHSOXPHZHVWDQGQRUWKRIWKH&&6
2WKHUDFWLRQVGHVFULEHGDERYHLQFOXGLQJPRQLWRULQJZHOOFRQVWUXFWLRQDVVHVVPHQWRIDPPRQLD
DQGFRQWULEXWLQJIDFWRUVWRWKHPRYHPHQWRIWKHVDOWZDWHULQWHUIDFHZLOOSRVLWLRQ)3/DQGWKH
$JHQFLHVWRHYDOXDWHWKHVXFFHVVRIWKH5:6RQFHRSHUDWLRQDO
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 6HFWLRQ
5(&200(1'$7,216)25
5(),1(0(172)$&7,9,7,(6
)3/UHFRPPHQGVWKDWUHSRUWLQJIRUWKH0'&&$)'(3&2DQG([WHQGHG3RZHU8SUDWH (38
PRQLWRULQJEHFRQVROLGDWHGLQWRRQHUHSRUWZLWKWKHIRFXVVKLIWHGWRZDUGSURJUHVVLQ
DEDWLQJUHPHGLDWLQJWKH&&6SOXPHDQGDVVRFLDWHGLPSDFWVSHUWKH&$DQG&2)3/DOVR
UHFRPPHQGVWKDWWKHDQQXDOUHSRUWVEHVWUHDPOLQHGDQGVXPPDUL]HGZLWKWKHEDFNXSGDWD
SURYLGHGLQWKH('06UDWKHUWKDQLQFOXGHGLQPXOWLYROXPHUHSRUWV
)3/ZLOOSURYLGHD5:6VWDUWXSUHSRUWDQGTXDUWHUO\UHSRUWV IRURQH\HDU DVUHTXLUHGE\0'&
EXWUHFRPPHQGVWKDWWKHDQQXDOUHSRUWLQJEHSDUWRIWKHODUJHUFRPSUHKHQVLYHVLQJOHUHSRUW
UHFRPPHQGHGDERYH6LQFHLWLVDQWLFLSDWHGWKDWWKH5:6ZLOOEHJLQRSHUDWLRQVGXULQJWKHVSULQJ
RIWKHILUVWDQQXDOUHSRUWZLOOEHVXEPLWWHGPRQWKVODWHU7KHUHSRUWLQJSHULRGZLOOUXQ
IURP-XQHWKURXJK0D\ZLWKWKLVILUVWUHSRUWVXEPLWWHGWRWKH$JHQFLHVDWWKHHQGRI
$XJXVW7KH5:6VWDUWXSUHSRUWZLOOFRYHUWKHUHSRUWLQJSHULRGRI2FWREHUWKURXJK
0D\DQGZLOOLQFOXGHWKHEDVHOLQHGDWDIRUWKH5:6V\VWHPDORQJZLWKWKH(38PRQLWRULQJ
LQIRUPDWLRQ7KHVWDUWXSUHSRUWZLOOEHSURYLGHGWRWKH$JHQFLHVE\6HSWHPEHU
,QDGGLWLRQ)3/VXJJHVWVVKLIWLQJWKHUHSRUWWH[WDZD\IURPVSHFLILFFRQGXFWDQFHDQGSUHVHQWLQJ
VDOLQLW\GDWDLQVWHDGVLQFHWKH&$DQG&2UHIHUWRVDOLQLW\DQGQRWVSHFLILFFRQGXFWDQFH(DUO\
LQWKH(38SURMHFWWKH$JHQFLHVUHTXHVWHGWKDW)3/XVHVSHFLILFFRQGXFWDQFHRUVDOLQLW\LQWKH
DQQXDOUHSRUWVEXWQRWLQWHUFKDQJHDEO\6LQFHVSHFLILFFRQGXFWDQFHLVDPRUHGLUHFW
PHDVXUHPHQWWKDQVDOLQLW\)3/RSWHGWRIRFXVRQVSHFLILFFRQGXFWDQFHLQWKHSUHYLRXVUHSRUWV
KRZHYHUPRYLQJIRUZDUGVDOLQLW\ZLOOEHXVHGFRQVLVWHQWZLWKWKHUHSRUWLQJUHTXLUHPHQWVRIWKH
&$DQG&2
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7$%/(6
$QQXDO7XUNH\3RLQW3RZHU3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 3HUPLWWLQJ$FWLYLWLHV6WDWXV
3HUPLW
3HUPLW$SSOLFDWLRQ 6XEPLWWDO ,VVXHG
3URMHFW $JHQF\ 3HUPLW7\SH 1XPEHU 3HUPLW1XPEHU 'DWH 'DWH
)'(3&RQVHQW2UGHU3DUDJUDSKD
)ORULGD'HSDUWPHQWRI -RLQW$SSOLFDWLRQ
7XUWOH3RLQWDQG%DUJH
(QYLURQPHQWDO (QYLURQPHQWDO
&DQDO5HVWRUDWLRQ
3URWHFWLRQ 5HVRXUFH3HUPLW
7XUWOH3RLQWDQG%DUJH 86$UP\&RUSVRI 6HFWLRQ'UHGJH 6$- 63
3HQGLQJ 3HQGLQJ
&DQDO5HVWRUDWLRQ (QJLQHHUV )LOO 0/&
0LDPL'DGH&RXQW\
'HSDUWPHQWRI
7XUWOH3RLQWDQG%DUJH &ODVV,:HWODQGV
(QYLURQPHQWDO &/, 3HQGLQJ 3HQGLQJ
&DQDO5HVWRUDWLRQ 3HUPLW
5HVRXUFH
0DQDJHPHQW
)'(3&RQVHQW2UGHU3DUDJUDSKF
- URXQGZDWHU
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 5LJKWRI:D\
73*:6
- URXQGZDWHU
- HOO&RQVWUXFWLRQ
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\
3HUPLW
73*:6
0'&&RQVHQW$JUHHPHQW3DUDJUDSKGLY
- URXQGZDWHU 6KDOORZ 6KDOORZ
- HOO&RQVWUXFWLRQ
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 0LG 0LG
3HUPLW
73*: 'HHS 'HHS
- URXQGZDWHU 6KDOORZ 6KDOORZ
- HOO&RQVWUXFWLRQ
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 0LG 0LG
3HUPLW
73*: 'HHS 'HHS
- URXQGZDWHU )ORULGD'HSDUWPHQWRI -RLQW$SSOLFDWLRQ
0RQLWRULQJ:HOOV (QYLURQPHQWDO (QYLURQPHQWDO (, (,
73*: 3URWHFWLRQ 5HVRXUFH3HUPLW
$QQXDO7XUNH\3RLQW3RZHU3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 3HUPLWWLQJ$FWLYLWLHV6WDWXV
3HUPLW
3HUPLW$SSOLFDWLRQ 6XEPLWWDO ,VVXHG
3URMHFW $JHQF\ 3HUPLW7\SH 1XPEHU 3HUPLW1XPEHU 'DWH 'DWH
- URXQGZDWHU
86$UP\&RUSVRI 6HFWLRQ'UHGJH
0RQLWRULQJ:HOOV 6$- 6$-
(QJLQHHUV )LOO
73*:
0LDPL'DGH&RXQW\
- URXQGZDWHU 'HSDUWPHQWRI
&ODVV,:HWODQGV
0RQLWRULQJ:HOOV (QYLURQPHQWDO &/, 3HQGLQJ 3HQGLQJ
3HUPLW
73*: 5HVRXUFH
0DQDJHPHQW
- URXQGZDWHU 6KDOORZ 6KDOORZ
- HOO&RQVWUXFWLRQ
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 0LG 0LG
3HUPLW
73*: 'HHS 'HHS
)'(3&RQVHQW2UGHU3DUDJUDSKG
- URXQGZDWHU
0RQLWRULQJ:HOOV &LW\RI+RPHVWHDG 5LJKWRI:D\ 1$
73*:
- URXQGZDWHU
- HOO&RQVWUXFWLRQ
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 'HHS 'HHS
3HUPLW
73*:
)'(3&RQVHQW2UGHU3DUDJUDSKE
- URXQGZDWHU
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 5LJKWRI:D\
73*:
- URXQGZDWHU 6KDOORZ 6KDOORZ
- HOO&RQVWUXFWLRQ
0RQLWRULQJ:HOOV 0LDPL'DGH&RXQW\ 0LG 0LG
3HUPLW
73*: 'HHS 'HHS
$QQXDO7XUNH\3RLQW3RZHU3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 3HUPLWWLQJ$FWLYLWLHV6WDWXV
3HUPLW
3HUPLW$SSOLFDWLRQ 6XEPLWWDO ,VVXHG
3URMHFW $JHQF\ 3HUPLW7\SH 1XPEHU 3HUPLW1XPEHU 'DWH 'DWH
)'(3&RQVHQW2UGHU3DUDJUDSKFDQG0'&&RQVHQW$JUHHPHQW3DUDJUDSKEL
5HFRYHU\:HOO
6RXWK)ORULGD:DWHU
6\VWHP3LSHOLQH 5LJKWRI:D\
0DQDJHPHQW'LVWULFW
//HYHH&URVVLQJ
5HFRYHU\:HOO
86$UP\&RUSVRI
6\VWHP3LSHOLQH 6HFWLRQ 1$ 3HQGLQJ 3HQGLQJ
(QJLQHHUV
//HYHH&URVVLQJ
5HFRYHU\:HOO
6\VWHP3LSHOLQHDORQJ 0LDPL'DGH&RXQW\ 5LJKWRI:D\
3DOP'ULYH
5HFRYHU\:HOO
6RXWK)ORULGD:DWHU &RQVXPSWLYH:DWHU
6\VWHP&RQVXPSWLYH :
0DQDJHPHQW'LVWULFW 8VH
8VH 0*'
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
$QQXDO7XUNH\3RLQW3RZHU3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 3HUPLWWLQJ$FWLYLWLHV6WDWXV
3HUPLW
3HUPLW$SSOLFDWLRQ 6XEPLWWDO ,VVXHG
3URMHFW $JHQF\ 3HUPLW7\SH 1XPEHU 3HUPLW1XPEHU 'DWH 'DWH
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
5HFRYHU\:HOO :HOO&RQVWUXFWLRQ
0LDPL'DGH&RXQW\
6\VWHP5:6 3HUPLW
8QGHUJURXQG,QMHFWLRQ )ORULGD'HSDUWPHQWRI
&RQWURO:HOO'LVSRVDO (QYLURQPHQWDO ,QMHFWLRQ7HVW 8&00 8&00
- HOO 3URWHFWLRQ
8QGHUJURXQG,QMHFWLRQ )ORULGD'HSDUWPHQWRI
&RQWURO:HOO'LVSRVDO (QYLURQPHQWDO 2SHUDWLRQDO3HUPLW 82, 82, 3HQGLQJ
- HOO 3URWHFWLRQ
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 2YHUDOO6WDWXVRI$FWLYLWLHV
$FWLYLW\ &2&$1R 6WDWXV $GGLWLRQDO&RPPHQWV
&&6)UHVKHQLQJ$FWLYLWLHV
8SSHU)ORULGDQ &2D PJGFDSDFLW\8)$ZHOO $YHUDJHVDOLQLW\RI8)$ZDWHUDGGHG
$TXLIHU:HOOV V\VWHPRSHUDWLRQDO GXULQJUHSRUWLQJSHULRGSVX
2SHUDWLRQV 7RWDO8)$ZDWHUDGGHGWR&&6
PDLQWDLQHGWKURXJKRXW GXULQJUHSRUWLQJSHULRGELOOLRQ
UHSRUWLQJSHULRG GD\V JDOORQV
([LVWLQJ0DULQH:HOOV &$DL :HOOVDFWLYDWHGRQ $YHUDJHVDOLQLW\RIPDULQHZHOO
DQGVHFXUHGRQ ZDWHUDGGHGGXULQJUHSRUWLQJSHULRG
GD\VRIRSHUDWLRQGXULQJ SVX7RWDOPDULQHZHOOZDWHU
UHSRUWLQJSHULRG DGGHGWR&&6GXULQJUHSRUWLQJ
SHULRGELOOLRQJDOORQV
/(6RXUFH:DWHU &$DL 1RW$YDLODEOH )3/UHPRYHG/(IDFLOLWLHVLQ
'HFHPEHUZLWKFORVHRXW
LQVSHFWLRQE\WKH6):0'RQ
(YDOXDWLRQRI &$DLL )3/ZRUNLQJZLWK0'&RQ
$OWHUQDWLYH6RXUFHV XVHRIUHFODLPHGZDWHUIRU
&&6IUHVKHQLQJVRXUFH
7KHUPDO(IILFLHQF\ &2E )3/VXEPLWWHG7(3WR $YHUDJH&&6WKHUPDOHIILFLHQF\
3ODQ 7(3 )'(3)'(3 GXULQJWKHUHSRUWLQJSHULRGLV
LQVWUXFWV)3/WRLPSOHPHQW DSSUR[LPDWHO\
SODQ
1XWULHQW0DQDJHPHQW &2E )3/VXEPLWWHG103WR
3ODQ 103 )'(3)'(3
LQVWUXFWV)3/WRLPSOHPHQW
SODQ
5HPHGLDWLRQ+/-5HVWRUDWLRQ$FWLYLWLHV
5HFRYHU\:HOO6\VWHP &2FL LL 5:6GHVLJQVVXEPLWWHGWR 8,&H[WHQGHGLQMHFWLRQZHOOWHVWLQJ
5:6 &$EL 0'&DQGWR SHUPLWLVVXHGE\)'(3
)'(33HUPLW )3/LQLWLDWHGPJGLQMHFWLRQWHVWLQJ
DSSOLFDWLRQVIRU5:6ILOHG XVLQJK\SHUVDOLQH*:IURPEHQHDWK
RQDOOSHUPLWV &&6
LVVXHGH[FHSW86$&(
SHUPLWDQG8,&2SHUDWLRQDO ELOOLRQJDOORQVFRQWDLQLQJ
3HUPLW SHQGLQJ 0'& WRQVRIVDOWGLVSRVHGRI
DSSURYHV5:6 GXULQJUHSRUWLQJSHULRGLQMHFWLRQWHVW
&RQVWUXFWLRQLQLWLDWHGRQ 5:6WDUJHWRSHUDWLRQDOVWDUWXS
$SULO
7XUWOH3RLQWDQG%DUJH &2D 3ODQVDQGGHVLJQVVXEPLWWHG
%DVLQ&DQDO WR)'(3 3HUPLW
5HVWRUDWLRQ DSSOLFDWLRQVILOHG
&2(DQG0'&&ODVV,
DSSOLFDWLRQVDUHXQGHU
UHYLHZ
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 2YHUDOO6WDWXVRI$FWLYLWLHV
$FWLYLW\ &2&$1R 6WDWXV $GGLWLRQDO&RPPHQWV
6LWH$VVHVVPHQW3ODQ &$D 6$3VXEPLWWHGE\)3/ 6DPSOLQJFRPSOHWHGLQ-DQXDU\
6$3 3ODQDPHQGHG
3ODQDSSURYHG
E\0'&
6LWH$VVHVVPHQW &$E 5HSRUWVXEPLWWHG )3/UHVSRQVHVWR5),RQ
5HSRUW 6$5 0'&LVVXHG5),
RQ
,QVSHFWLRQRI&&6 &2F ,QVSHFWLRQUHSRUWILOHGZLWK ,QVSHFWLRQIRXQGQRVWUXFWXUDO
SHULPHWHU )'(3 GHIHFWVRUEUHDFKHV5HFRPPHQGHG
PDLQWHQDQFHDFWLYLWLHVDUHXQGHUZD\
LQ
0LWLJDWLRQIRU,PSDFWV5HODWHGWR+LVWRULFDO2SHUDWLRQVRIWKH&&6
6DOWZDWHU,QWHUIDFH &2D &RQWUDFWIRUPRGHOLQJ &RPSOHWLRQGDWH
DOORFDWLRQRI LVVXHGDQGZRUNKDVEHJXQ
FRQWULEXWLRQV
$JUHHPHQWVWRFRQYH\ &2E 'LVWULFWQRWLILHG)3/RI &RPSOHWLRQRIWKHODQGFRQYH\DQFH
SURSHUW\LQWHUHVWVIRU &$FLLL LQWHQWWRSXUFKDVH$XJXVW WUDQVDFWLRQIRU%%&:SURMHFWODQGV
&(53%%&:DQG6 $JUHHPHQW HVWLPDWHGIRUFRPSOHWLRQ0DUFK
VWUXFWXUHSURMHFWV UHDFKHGRQ
$SSUDLVDOVFRQGXFWHGDQG
VDOHVGRFXPHQWVDUHEHLQJ
GUDIWHG1RGHWHUPLQDWLRQ
RIQHHGE\'LVWULFWDWWKLV
WLPHIRU6VWUXFWXUH
)LOOLQJSRUWLRQVRI &$FLL $FWLYLW\FRPSOHWHG 1RDGGLWLRQDODFWLRQVUHTXLUHG
0RGHO/DQGV1RUWK
&DQDO
,QFUHDVHZHLUFRQWURO &2 $FWLYLW\FRPSOHWHGUHSRUW 1RDGGLWLRQDODFWLRQVUHTXLUHG
HOHYDWLRQWHVWLQ)3/ &$FL VXEPLWWHGWR0'&DQG
(YHUJODGHV0LWLJDWLRQ )'(3
%DQN
(VFURZIXQGLQJIRU &2G )3/DQG)'(3LQSURFHVV
PLWLJDWLRQRIVDOWZDWHU RIGHYHORSLQJWKHHVFURZ
LQWUXVLRQ DJUHHPHQW
0RQLWRULQJDQG5HSRUWLQJ
&6(0%DVHOLQH &D %LGIRUVHUYLFHVLVVXHG %DVHOLQHVXUYH\WREHFRQGXFWHGQR
6XUYH\ &$GLLL PRUHWKDQGD\VSULRUWR5:6
VWDUWXS
([SDQGHGJURXQGZDWHU &2DEF 3HUPLWWLQJIRUFRQVWUXFWLRQ 86*6ZHOOGDWDSRVWHGRQ('06
PRQLWRULQJLQ0RGHO G RIDOOQHZPRQLWRULQJZHOOV DQGLQFOXGHGLQWKLVUHSRUW6DPSOLQJ
/DQGVDQGVXUURXQGLQJ &$GLY FRPSOHWH H[FHSW73*: RIQHZO\FRQVWUXFWHGPRQLWRULQJ
DUHD &RQVWUXFWLRQRI ZHOOVWREHJLQGD\VRUOHVVSULRUWR
73*:DQG 5:6VWDUWXS
6EHJDQGXULQJWKH
UHSRUWLQJSHULRG73*:
&ODVV,SHUPLWSHQGLQJ
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 2YHUDOO6WDWXVRI$FWLYLWLHV
$FWLYLW\ &2&$1R 6WDWXV $GGLWLRQDO&RPPHQWV
([SDQGHG%LVFD\QH &2G&2 %LPRQWKO\VDPSOLQJZDV 'DWDSURYLGHGRQ('06GDWDEDVH
%D\:4VDPSOLQJ N LQLWLDWHGLQ6HSWHPEHU DQGLQFOXGHGLQWKLVUHSRUW
DQGZLOOFRQWLQXHIRUWZR
\HDUV
([SDQGHGUHSRUWLQJRI &2 8SGDWHVWR('06DQG 'DWDFDQEHIRXQGLQWKH)3/
&&6UHODWHG SRVWLQJRIUHSRUWVFRPSOHWH ('06
PRQLWRULQJ 1RYHPEHU
6XEPLWDQQXDO &2 3URYLGHG1RYHPEHU
SURJUHVVUHSRUWV &$GY DQG
3URYLGH)'(3ZLWK &2 &RSLHVRI)3/UHSRUWVDQG
FRSLHVRIVXEPLWWDOVWR FRPSOLDQFHVXEPLWWDOVWR
RWKHUDJHQFLHV 0'&DQG(38UHSRUWVWR
6):0'SURYLGHGWR)'(3
7DEOH 0RQWKO\6XPPDU\RI8SSHU)ORULGDQ$TXLIHU DQG
0DULQH:DWHU,QSXWV'XULQJWKH5HSRUWLQJ3HULRG
2FWREHU+/-6HSWHPEHU
7RWDO:DWHU,QSXWV PLOOLRQJDOORQV
0RQWK 8SSHU)ORULGDQ:HOOV 0DULQH:HOOV
2FW
1RY
'HF
-DQ
)HE
0DU
$SU
0D\
-XQ
-XO
$XJ
6HS
7RWDO
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH 0RQWKO\6XPPDU\RI:DWHU3XPSHGIURP7HPSRUDU\3URGXFWLRQ:HOOV
DQG1HW0DVV6DOW5HPRYHGIURP*URXQGZDWHU 2FWREHU+/-
6HSWHPEHU
- DOORQV3XPSHG $YHUDJH6DOLQLW\ 0RQWKO\7RQVRI
0RQWK 0LOOLRQV 368 6DOW5HPRYHG
7RWDO
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH $GGLWLRQDO5HODWHG:DWHU0RQLWRULQJ'DWD5HTXLUHGE\2WKHU*RYHUQPHQWDO(QWLWLHV &23DUDJUDSKE'DWD
3URYLGHGLQWKH)ORULGD3RZHU /LJKW&RPSDQ\(OHFWURQLF'DWD0DQDJHPHQW6\VWHP
- RYHUQPHQW
('06)ROGHU 3HUPLW&RQGLWLRQ 6XEPLWWDO3DUDPHWHUV )UHTXHQF\
$JHQF\
S+ 0RQWKO\ )'(3
7HPSHUDWXUH 0RQWKO\ )'(3
6SHFLILFFRQGXFWDQFH 4XDUWHUO\ )'(3
,QGXVWULDO:DVWHZDWHU
)DFLOLW\3HUPLW )/ 766S+VDOLQLW\VSHFLILFFRQGXFWDQFH 4XDUWHUO\ )'(3
2XWIDOOV, ,
766OHDGRLO JUHDVHFRSSHU]LQF 6HPLDQQXDOO\ )'(3
&RSSHULURQ]LQF 6HPLDQQXDOO\ )'(3
/RJFKHFNDQGUHSRUW 0RQWKO\ )'(3
'RPHVWLF:DVWHZDWHU
':2 '05 0RQWKO\ 0'&
$QQXDO2SHUDWLQJ3HUPLW
025 0RQWKO\ )'(3
'RPHVWLF:DVWHZDWHU :LWKLQPRQWKV
)/$DQG :DVWHZDWHUHIIOXHQWVWUHDPDQDO\VLV )'(3
)DFLOLW\3HUPLWDQG H[SLUDWLRQRISHUPLW
82
8QGHUJURXQG,QMHFWLRQ:HOO
GD\VSULRUWR
3HUPLWUHQHZDOQRWLFH )'(3
H[SLUDWLRQ
/(GDWD FXUUHQWDQGKLVWRULF JURXQGZDWHU
GLL :HHNO\4XDUWHUO\6$ 0'&
DQGVXUIDFHZDWHUGDWD
2WKHUGDWDGRFXPHQWV $GGHQGXP 6$3DQG6$3DVVRFLDWHGGDWDFROOHFWLRQ 7%' 0'&
&RQVHQW$JUHHPHQW
'DWDUHSRUWVLQFOXGLQJRSHUDWLRQRI5:6
GLLELL FRQVLVWHQWZLWKWKHGDWDUHSRUWVFXUUHQWO\ 0RQWKO\6HPL$QQXDO 0'&
UHTXLUHGE\WKH0'&&ODVV,SHUPLW
(YHU\PRQWKV IRU
2WKHUGDWDGRFXPHQWV 6&G 'DWDIURPVL[%LVFD\QH%D\VLWHV )'(3
\HDUV
&RQVHQW2UGHU
6&D 'DWDIURPVL[86*6ZHOOV 8SGDWHGPRQWKO\ )'(3
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH $GGLWLRQDO5HODWHG:DWHU0RQLWRULQJ'DWD5HTXLUHGE\2WKHU*RYHUQPHQWDO(QWLWLHV &23DUDJUDSKE'DWD
3URYLGHGLQWKH)ORULGD3RZHU /LJKW&RPSDQ\(OHFWURQLF'DWD0DQDJHPHQW6\VWHP
- RYHUQPHQW
('06)ROGHU 3HUPLW&RQGLWLRQ 6XEPLWWDO3DUDPHWHUV )UHTXHQF\
$JHQF\
6HDVRQDOUHDGLQJV 8SGDWHG%L0RQWKO\ 6):0'
7HOHPHWU\EDVHGUHDGLQJV 8SGDWHG'DLO\ 6):0'
,QWHUFHSWRU'LWFK WK 6XUIDFHZDWHUVDPSOHV 8SGDWHG%L0RQWKO\ 6):0'
0RQLWRULQJ3ODQ
6XSSOHPHQWDO$JUHHPHQW 0DQXDOUHDGLQJV 8SGDWHG%L0RQWKO\ 6):0'
,'UHDGLQJVDQGSXPSRSHUDWLRQVHQWULHV 8SGDWHG%L0RQWKO\ 6):0'
,'VWDIIJDXJHVXUYH\VDQGSXPSFDOLEUDWLRQV $QQXDORUDVQHHGHG 6):0'
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU 7DEOHV
7DEOH $GGLWLRQDO&RQVHQW2UGHU5HODWHG5HSRUWV5HTXLUHGE\2WKHU*RYHUQPHQWDO(QWLWLHVDQG3URYLGHGLQWKH)ORULGD
3RZHU /LJKW&RPSDQ\(OHFWURQLF'DWD0DQDJHPHQW6\VWHP
- RYHUQPHQW
('06)ROGHU 3HUPLW&RQGLWLRQ 6XEPLWWDO3DUDPHWHUV )UHTXHQF\
$JHQF\
$GGHQGXP 6$5 6LQJOHVXEPLWWDO 0'&
GY $OWHUQDWLYH:DWHU6XSSO\5HSRUW 6LQJOHVXEPLWWDO 0'&
GY 0RGHO'RFXPHQWDWLRQ5HSRUWV 6LQJOHVXEPLWWDO 0'&
'DWDUHSRUWVLQFOXGLQJRSHUDWLRQRI5:6
2WKHU5HSRUWV &RQVHQW
GLLELL FRQVLVWHQWZLWKWKHGDWDUHSRUWVFXUUHQWO\ 0RQWKO\6HPL$QQXDO 0'&
$JUHHPHQW
UHTXLUHGE\WKH0'&&ODVV,SHUPLW
6&E 7KHUPDO(IILFLHQF\3ODQ 6LQJOHVXEPLWWDO )'(3
6& 1XWULHQW0DQDJHPHQW5HSRUW 6LQJOHVXEPLWWDO )'(3
6& 5(035(7=UHSRUWV $QQXDOUHSRUW )'(3
,QWHUFHSWRU'LWFK WK $QQXDO,QWHUFHSWRU'LWFK$VVHVVPHQW DVSDUW
0RQLWRULQJ3ODQ $QQXDO 6):0'
6XSSOHPHQWDO$JUHHPHQW RI$QQXDO8SUDWH5HSRUW
8,&&ODVV,,QMHFWLRQ:HOO
8& 8,&025 0RQWKO\ )'(3
6\VWHP3HUPLW
8SSHU)ORULGDQ$TXLIHU
GDWDGRFXPHQWV &RQGLWLRQV 3$( 8)$:DWHUZLWKGUDZDO5HSRUW 4XDUWHUO\ 6):0')'(3
RI&HUWLILFDWLRQ
1XFOHDU5HJXODWRU\
&$6SHFLDO&RQGLWLRQ 5(035(7=UHSRUWV $QQXDOUHSRUW )'(3
&RPPLVVLRQ
)ORULGD'HSDUWPHQWRI
&2&9,,% 7ULWLXPPRQLWRULQJ 0RQWKO\ )'2+
+HDOWK )'2+
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
),*85(6
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
)LJXUH /RFDWLRQRI)ORULGDQ:HOOVDQG3RLQW:HOOV
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
)LJXUH 'DLO\5DLQIDOO 1(;5$' LQWR&&6
)LJXUH $YHUDJH0RQWKO\:DWHU,QSXWVDQG6DOLQLW\LQWKH&&6
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
)LJXUH &&67KHUPDO(IILFLHQF\
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
)LJXUH /RFDWLRQRI5HFRYHU\:HOOV7HPSRUDU\3URGXFWLRQ:HOOVDQG,QMHFWLRQ:HOO
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
1RWH3UREHVZHUHQRWUHSRUWLQJVDOLQLW\YDOXHV7KHDYHUDJHRIDYDLODEOHVDOLQLW\YDOXHVIURP
ZDVXVHGIRUVDOWUHPRYHGFDOFXODWLRQVGXULQJWKLVSHULRG
)LJXUH 0RQWKO\7RWDO6DOW5HPRYHGDQG)ORZLQWKH8,&:HOO
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
)LJXUH /RFDWLRQRI1HZ*URXQGZDWHU0RQLWRULQJ6WDWLRQV5HODWLYHWRWKH([LVWLQJ
- URXQGZDWHU0RQLWRULQJ1HWZRUN
$QQXDO7XUNH\3RLQW3RZHU3ODQW5HPHGLDWLRQ5HVWRUDWLRQ5HSRUW
1RYHPEHU )LJXUHV
)LJXUH /RFDWLRQRI1HZ6XUIDFH:DWHU0RQLWRULQJ6WDWLRQVSHUWKH&RQVHQW2UGHUDQG
&RQVHQW$JUHHPHQW