ML20121A313

From kanterella
Jump to navigation Jump to search
2019 Annual Radioactive Effluent Release Report
ML20121A313
Person / Time
Site: Palo Verde  Arizona Public Service icon.png
Issue date: 04/30/2020
From: Dilorenzo M
Arizona Public Service Co
To:
Document Control Desk, Office of Nuclear Material Safety and Safeguards, Office of Nuclear Reactor Regulation
References
102-08102 MDD/MSC
Download: ML20121A313 (188)


Text

Technical Specification 5.6.3 Technical Specification 5.5.1 Technical Requirements Manual 3.7.102.4 A member of the STARS Alliance LLC Callaway Diablo Canyon Palo Verde Wolf Creek Palo Verde Nuclear Generating Station PO Box 52034 Phoenix, Arizona 85072-2034 Mail Station 7636 102-08102 MDD/MSC April 30, 2020 ATTN: Document Control Desk U.S. Nuclear Regulatory Commission Washington, DC 20555-0001

Dear Sirs:

Subject:

Palo Verde Nuclear Generating Station (PVNGS)

Units 1, 2, 3 and Independent Spent Fuel Storage Installation Docket Nos. STN 50-528/529/530 and 72-44 2019 Annual Radioactive Effluent Release Report In accordance with Technical Specification 5.6.3, the 2019 Annual Radioactive Effluent Release Report is enclosed.

The corrected 2019 version of the Offsite Dose Calculation Manual is included as Attachment A to the report in accordance with requirements in TS 5.5.1(c). Corrections to the 2018 report are included in Appendix E to the report, consistent with Regulatory Guide 1.21 recommendations.

In addition, PVNGS Technical Requirement Manual section 3.7.102.4 requires an annual report to be prepared and submitted if sealed source or fission detector leakage tests reveal the presence of greater than or equal to 0.005 microcuries of removable contamination.

There were no events in 2019 that met this reporting threshold.

No new commitments are being made to the NRC by this letter. Should you need further information regarding this submittal, please contact Matthew S. Cox, Licensing Section Leader, at (623) 393-5753.

Sincerely, Michael D. DiLorenzo Department Leader, Regulatory Affairs MDD/MSC/mg

Enclosure:

Palo Verde Nuclear Generating Station Units 1, 2 and 3 2019 Annual Radioactive Effluent Release Report cc:

S. A. Morris NRC Region IV Regional Administrator S. P. Lingam NRC NRR Project Manager for PVNGS C. A. Peabody NRC Senior Resident Inspector for PVNGS B. Goretzki Arizona Department of Health Services (AZDHS) -

Bureau of Radiation Control Dilorenzo, Michael D(Z99838)

Digitally signed by Dilorenzo, Michael D(Z99838)

DN: cn=Dilorenzo, Michael D(Z99838)

Date: 2020.04.30 12:17:20 -07'00'





Enclosure Palo Verde Nuclear Generating Station Units 1, 2 and 3 2019 Annual Radioactive Effluent Release Report













EEh>Z/Kd/s&&>hEdZ>^ZWKZd h^EZŽEŽ^dE

Zd^/





W





Z





Ž



W>KsZEh>Z'EZd/E'^dd/KEhE/d^E

3RGJXUVNL&UDLJ

- =

'LJLWDOO\\VLJQHGE\\3RGJXUVNL&UDLJ- = 

'1FQ 3RGJXUVNL&UDLJ- = 

5HDVRQ,DPWKHDXWKRURIWKLVGRFXPHQW

'DWH



  • UXVHFNL/RUL

- =

'LJLWDOO\\VLJQHGE\\*UXVHFNL/RUL

- =

'1FQ *UXVHFNL/RUL- = 

5HDVRQ,KDYHUHYLHZHGWKLVGRFXPHQW

'DWH



+RJXH1DWKDQ

=

'LJLWDOO\\VLJQHGE\\+RJXH1DWKDQ

=

'1FQ +RJXH1DWKDQ = 

'DWH







 





d>K&KEdEd^

 

  

 

   





  



    











       

 



 







   

  



  



    









  

  

  

      



   

  

   



>/^dK&d>^

















 

 











 

 









 

 















 

 











 

 









 

 















 

 











 

 





 













 

 









 

 







 

 







 

 







 

 







 

 







 

 







 







 

 

 

 















 





/EdZKhd/KE

/EdZKhd/KE



dŽŽŽŽŽŽ

ŽŽŽŽWŽsE'^ŽWsE'^Ž

 Ž Ž : Ž   d     Ž

 ŽZŽ'ZŽ:Žh^EZŽ

ŽŽWsE'^d^Ž













/>/K'ZW,z

/>/K'ZW,z

h^ E ZŽ ŽŽ ZŽ '  D  

ZŽ ZŽ  ^Ž t  Z Ž ZŽ D  > 

'ŽŽ>tŽŽEWŽWZŽ



h^ E ZŽ ŽŽ ZŽ '  ^ '  K

DŽŽŽWŽ



h^EZŽŽŽEhZ'ZyKYKYŽWŽŽ 

DŽŽŽŽŽZŽZEWŽ^Ž



h^ E ZŽ ŽŽ EhZ' h ' Ž '^WZ Ž :





h^EZŽŽŽZŽ'ŽŽŽ Ž

DŽZŽZŽZŽŽWŽŽŽ

&Z/ZŽ



h^EZŽŽŽEhZ'ZŽŽ Ž

&ŽŽKzŽ/



h^EZŽŽŽEhZ'WŽŽZŽŽ

d^ŽŽEWŽW



d^ŽWŽsE'^ŽhŽ

EŽ



WŽŽŽŽdŽŽŽ^^ŽŽŽWŽ^

'Ž'ŽŽŽŽŽŽWŽK

>EŽt&YZ,DWsE'^ŽŽW:

KŽŽDWŽsE'^ŽhZ

E/E//'ŽtWŽŽ/&

'Ž



ŽE,Z&^ZWŽŽW





































WWE/y&&>hEdEt^d/^WK^>ZWKZd^



WWE/y&&>hEdEt^d/^WK^>ZWKZd^













Z'h>dKZz>/D/d^

 >Z

 WsE'^KDZ

d ŽŽ Ž Ž   Ž Ž

ŽŽ

Ž

Ž

Ž/

Ž,

d ŽŽ Ž Ž   Ž Ž

ŽŽŽŽŽŽ

Ž

Ž

dŽŽ&ZW

dŽŽŽŽŽ

 WsE'^KDZ

d Ž Ž Ž Ž Ž  DDZ K& d, Wh>/ Ž

ŽŽŽŽ

Ž^/dKhEZz

D

ŽŽŽŽŽ

ŽŽŽŽŽŽ

E

ŽŽŽŽŽŽ

ŽŽŽŽŽ

 'ŽZ

 WsE'^KDZ

d Ž   Ž Ž    Ž 

ŽŽŽŽ

D

&ŽŽ>ŽŽŽŽŽ

ŽŽŽ

E

&Ž//ŽŽŽŽ

>ŽŽŽ

Ž















 WsE'^KDZ

dŽŽŽŽŽ

ŽŽŽ^/dKhEZzŽ

ŽŽ

D

    >  Ž  Ž   Ž 

ŽŽŽŽŽ

E

>ŽŽŽŽ

ŽŽŽŽ

 WsE'^KDZ

dŽŽDDZK&d,Wh>/ŽŽŽ

ŽŽ

 Ž   Ž  Ž  Ž   

Ž^/dKhEZzŽŽŽ

D

>ŽŽŽŽ



E

>ŽŽŽŽ

 WsE'^KDZ

d '^Kh^ Zt^d ^z^dD   sEd/>d/KE y,h^d

dZdDEd ^z^dD    Ž  Ž  

ŽŽŽŽŽ

ŽŽŽŽŽŽ

   Ž   Ž    Ž 

Ž    Ž  Ž d sEd/>d/KE y,h^d

dZdDEd ^z^dD    Ž  Ž  

Ž  Ž Ž     Ž Ž  Ž

ŽŽŽŽŽ

^/dKhEZzŽŽ

ŽŽŽDDZK&d,Wh>/

 dŽŽ

 WsE'^KDZ

dŽŽŽŽŽDDZK&d,

Wh>/ŽŽŽŽŽŽ

ŽŽŽŽŽ

ŽŽŽŽŽŽ

ŽŽ

















Dy/DhDWZD/^^/>KEEdZd/KE^

ZŽŽŽŽŽŽ

Ž



sZ'EZ'z

dŽŽŽŽŽ

ŽŽWsE'^



D^hZDEd^EWWZKy/Dd/KE^K&dKd>Z/Kd/s/dz/E'^Kh^&&>hEd^

&ŽŽŽŽWsE'^KDdW

 Ž Ž   ŽŽ   W s  & 

ŽdŽŽ

ŽŽEŽŽ

dŽZŽDŽŽ^ZD^ŽŽ

ŽŽŽŽŽŽ

ŽdŽŽŽ

Ž

&Ž     Ž  Ž  WsE'^ KD d  &Ž

ŽŽŽŽŽŽŽ

Ž   ŽŽ     ZD^  d Ž Ž 

Ž&Žt

'dŽŽŽ

:ŽWŽ

ŽdŽŽŽ

Ž W   Ž    W s  Ž 

ŽŽŽWŽ

ŽŽ

d>Ž>ŽŽ>>ŽdŽ

WsE'^KD>>ŽŽŽd



d,Z>^^

 'Ž

Žd

 >

EŽ



EKZD>Z>^^

EŽ



K&&^/dK^>h>d/KEDEh>EWZK^^KEdZK>WZK'ZDWWZs/^/KE^

 dŽŽŽKŽŽDKD



 dŽŽŽWŽŽŽWŽWW













&&>hEd^E^K>/t^d^

 'Ž

'ŽŽŽdŽd/

ŽŽŽ

 >

dŽŽŽŽWsE'^

 ^Žt

^Žt^



D/^>>EKh^/E&KZDd/KE

 sWKZd/KEWKE^

ZŽŽŽWŽŽŽŽ

 WsE'^ KD Z   d ŽŽ WŽ  ŽŽ 

ŽWsE'^KDZ

dŽŽŽŽŽŽ

ŽŽŽŽ

ŽŽ WŽ K  Ž      Ž 

WŽWŽWŽd

ŽŽŽŽWŽKŽŽ

Ž     Ž Ž  Ž   

ŽŽ WŽ dŽ  Ž      Ž 

 WŽ    WŽ     WŽ    d

 ŽŽ  Ž WŽ dŽ    Ž    Ž

ŽŽ

ŽŽWŽdŽŽŽŽŽ

dŽŽŽWŽdŽ

ŽŽŽ

hŽyYŽŽŽŽŽŽ

ŽKDŽŽŽŽŽŽŽ

ŽŽd

 Z/d/KEDKE/dKZ/E'^z^dD^dWK/EdsZ/&/d/KE

ŽŽŽŽŽ

ŽŽdŽŽ

ŽŽŽŽŽ

ŽŽŽd

 Z^Z/K/K/EdZDd

dŽŽŽd

^ŽŽŽ















 /EWEEd^WEd&h>^dKZ'/E^d>>d/KE/^&^/

dŽŽŽEhD^^Ž^

ŽŽZŽŽŽ KZŽ

 D:KZ,E'^dK d,Z/Kd/st^d^z^dD^ ŽŽ

EŽ

 E//'ŽWŽŽ/

^ŽŽŽKD

ŽZDWE//'ŽWŽŽ/

dŽ

ŽŽ WsE'^ŽŽ

dŽE/ŽŽdŽŽ

Ž>Ž>ŽŽ

 ZWKZdEhD

ŽŽŽŽZZZ



DdKZK>K'/>d

dŽŽŽŽdŽŽ

ŽŽŽŽdŽ

'ŽŽ

ŽŽŽŽŽŽ

Ž

dŽŽŽ,ŽŽ:Ž&Ž

ŽŽŽEZŽ

















/^h^^/KE

 hK

hKŽŽZŽŽD

DŽ

EŽ

(VWLPDWHGQXPEHURIIXHOGHIHFWV

-DQ

)HE

0DU

$SU

0D\\

-XQ

-XO

$XJ

6HS

2FW

1RY

'HF

























 hdŽ

hdŽŽŽŽ

DŽ

hŽŽDŽŽ



(VWLPDWHGQXPEHURIIXHOGHIHFWV

-DQ

)HE

0DU

$SU

0D\\

-XQ

-XO

$XJ

6HS

2FW

1RY

'HF



























 hd

hdŽŽZŽKŽŽEŽ



DŽ

EŽ



(VWLPDWHGQXPEHURIIXHOGHIHFWV

-DQ

)HE

0DU

$SU

0D\\

-XQ

-XO

$XJ

6HS

2FW

1RY

'HF



























 Ž

Ž  Ž     Ž    Ž Ž 

ŽŽ



Ž  Ž   Ž   d Ž  Ž Ž

     Ž Ž  Ž  ŽŽ

ŽŽŽŽŽŽ



^Ž/ŽEWŽ/EWKŽŽ











ŽŽZŽ'



dŽŽŽŽŽŽ

    Ž  Ž       

ŽŽŽŽŽŽŽ

Ž^hEŽ^ŽŽŽŽ

ZŽEŽZŽŽŽŽŽŽ/Ž

ZŽ /Z s//   EŽ Ž Ž ZŽ WŽŽ 

DŽŽŽŽŽŽ

ŽŽ



dŽh^ŽŽ

ŽŽ   Ž  ŽŽŽd

ŽŽ ŽŽ  ŽŽ

ŽZd>ŽŽŽ

ŽŽŽŽŽŽ

dWsE'^ŽŽŽŽ

ŽdŽŽŽ

ŽŽ

ŽŽŽŽ

 d

WsE'^ŽŽZŽŽŽ

ŽŽŽŽŽŽŽŽŽŽ

WsE'^ŽŽŽ Ž

ŽŽ

 Ž^

ŽŽŽŽd

ŽŽŽWsE'^ŽŽŽ

dŽŽŽŽŽŽŽ

ŽŽŽ&ŽŽŽWsE'^

d



^ŽEZWZŽEŽd











dŽŽWŽ

7DEOH(YDSRUDWLRQ3RQG'DWD

(YDSRUDWLRQ3RQG $%&  4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

+LVWRULFDO(YDSRUDWLRQ PO 

(

(

(

(



7ULWLXP&RQFHQWUDWLRQ &LFF 

(

(

(

(



7ULWLXP&XULHV

(

(

(

(

(





(YDSRUDWLRQ3RQG $DQG%  4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

+LVWRULFDO(YDSRUDWLRQ PO 

(

(

(

(



7ULWLXP&RQFHQWUDWLRQ &LFF 

(

(

(

(



7ULWLXP&XULHV

(

(

(

(

(





(YDSRUDWLRQ3RQG $DQG%  4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

+LVWRULFDO(YDSRUDWLRQ PO 

(

(

(

(



7ULWLXP&RQFHQWUDWLRQ &LFF 

(

(

(

(



7ULWLXP&XULHV

(

(

(

(

(





'RVH PUHP 

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO 3RQG

(

(

(

(

(

3RQG

(

(

(

(

(

3RQG

(

(

(

(

(

7RWDO

(

(

(

(

(



dZ

7DEOH%DWFK5HOHDVH'DWD

$OOWLPHVDUHLQKRXUV

8QLW

8QLW

8QLW

-DQXDU\\-XQH







1XPEHURIEDWFKUHOHDVHV







7RWDOWLPHSHULRGIRUEDWFKUHOHDVHV







0D[LPXPWLPHSHULRGIRUDEDWFKUHOHDVH







$YHUDJHWLPHSHULRGIRUDEDWFKUHOHDVH







0LQLPXPWLPHSHULRGIRUDEDWFKUHOHDVH







-XO\\'HFHPEHU







1XPEHURIEDWFKUHOHDVHV







7RWDOWLPHSHULRGIRUEDWFKUHOHDVHV







0D[LPXPWLPHSHULRGIRUDEDWFKUHOHDVH







$YHUDJHWLPHSHULRGIRUDEDWFKUHOHDVH







0LQLPXPWLPHSHULRGIRUDEDWFKUHOHDVH







-DQXDU\\'HFHPEHU







1XPEHURIEDWFKUHOHDVHV







7RWDOWLPHSHULRGIRUEDWFKUHOHDVHV







0D[LPXPWLPHSHULRGIRUDEDWFKUHOHDVH







$YHUDJHWLPHSHULRGIRUDEDWFKUHOHDVH







0LQLPXPWLPHSHULRGIRUDEDWFKUHOHDVH























dh'Ž>Ž>ŽŽ

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV$YHUDJH/RZHU/LPLWRI'HWHFWLRQ &LFF 

1XFOLGH

&RQWLQXRXV

%DWFK

1XFOLGH

&RQWLQXRXV

%DWFK

$QWLPRQ\\

(

(

$UJRQ

(

(

$QWLPRQ\\

(

(

.U\\SWRQ

(

(

%DULXP

(

(

.U\\SWRQP

(

(

%URPLQH

(

(

.U\\SWRQ

(

(

&HULXP

(

(

.U\\SWRQ

(

(

&HULXP

(

(

HQRQ

(

(

&HVLXP

(

(

HQRQ

(

(

&HVLXP

(

(

HQRQP

(

(

&HVLXP

(

(

HQRQ

(

(

&KURPLXP

(

(

HQRQP

(

(

&REDOW

(

(

HQRQ

(

(

&REDOW

(

(

HQRQP

(

(

,URQ

(

(

HQRQ

(

(

/DQWKDQXP

(

(

,RGLQH

(

(

0DQJDQHVH

(

(

,RGLQH

(

(

0RO\\EGHQXP

(

(

,RGLQH

(

(

1LRELXP

(

(

,RGLQH

(

(

5XELGLXP

(

(

,RGLQH

(

(

5XWKHQLXP

(

(







6WURQWLXP

(

 







6WURQWLXP

(

 







7HOOXULXPP

(

(







7ULWLXP

(

(







=LQF

(

(







=LUFRQLXP

(

(







  • URVV$OSKD

(

 







 1RWUHTXLUHGIRUEDWFKUHOHDVHV













  













dh'Ž^ŽKZ

7DEOH

8QLW

  • DVHRXV(IIOXHQWV6XPPDWLRQ2I$OO5HOHDVHV



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

(VW7RWDO

(UURU    

$)LVVLRQ DFWLYDWLRQJDVHV

7RWDOUHOHDVH

&L

(

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



%,RGLQH

7RWDO,RGLQH

&L

//'

(

//'

//'

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

//'

(

//'

//'

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



&3DUWLFXODWHV

3DUWLFXODWHVZLWKKDOIOLYHV!GD\\V

&L

//'

(

//'

//'

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

//'

(

//'

//'

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



*URVV$OSKDUDGLRDFWLYLW\\

&L

//'

//'

//'

//'

//'



'7ULWLXP

7RWDOUHOHDVH

&L

(

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



 (VWLPDWHGWRWDOHUURUPHWKRGRORJ\\LVSUHVHQWHGLQ7DEOH

 6HH7DEOHIRUSHUFHQWRI2'&05HTXLUHPHQWOLPLWV











dh'Ž'Ž>ZŽŽ&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV&RQWLQXRXV)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

(

//'

//'

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

//'

(

,RGLQHV

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

//'

(

















dh'Ž'Ž>ZŽŽW

V*URXQG/HYHO5HOHDVHV&RQWLQXRXV3DUWLFXODWHV

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV&RQWLQXRXV3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

//'

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

(

//'

//'

(

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

//'

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

//'

(

2V

&L

//'

(

//'

//'

(

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

//'

(

7RWDO

&L

//'

(

//'

//'

(

7ULWLXP

+

&L

(

(

(

(

(











dh'Ž'Ž>Z&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV

5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

(

//'

//'

(

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

(

//'

//'

(

H

&L

(

(

//'

//'

(

HP

&L

//'

(

//'

//'

(

H

&L

//'

(

//'

//'

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

//'

(











dh'Ž'Ž>ZW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK3DUWLFXODWHV

1XFOLGHV

5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

(

//'

//'

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

//'

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

//'

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

//'

(

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

//'

(

7RWDO

&L

//'

(

//'

//'

(

7ULWLXP

+

&L

(

(

(

(

(

1RWH1RWUHTXLUHGIRUEDWFKUHOHDVHV











dh'ŽŽŽ&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

(

//'

//'

(

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

(

//'

//'

(

H

&L

(

(

//'

//'

(

HP

&L

//'

(

//'

//'

(

H

&L

//'

(

//'

//'

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

//'

(











dh'ŽŽŽW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

(

//'

//'

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

//'

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

(

//'

//'

(

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

//'

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

//'

(

2V

&L

//'

(

//'

//'

(

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

//'

(

7RWDO

&L

//'

(

//'

//'

(

7RWDO!GD\\V

&L

//'

(

//'

//'

(

7ULWLXP

+

&L

(

(

(

(

(











dhZŽŽŽd^Ž

7DEOH

8QLW

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

  • DPPD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

0D[LPXP2UJDQ'RVH

H[FOXGLQJVNLQ 

PUHP

(

(

(

(

(

$JH



7HHQ

7HHQ

&KLOG

&KLOG

7HHQ

2UJDQ



7%RG\\

/XQJ

%RQH

%RQH

/XQJ

2'&05HT/LPLW

PUHP

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(





Ž   Ž   ŽŽŽ Ž  KD  Ž

ŽŽŽ Ž   Ž  Ž   / Ž  Ž

ŽŽŽŽŽŽŽ









  













dh'Ž^ŽKZ

7DEOH

8QLW

  • DVHRXV(IIOXHQWV6XPPDWLRQ2I$OO5HOHDVHV



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

(VW7RWDO

(UURU    

$)LVVLRQ DFWLYDWLRQJDVHV

7RWDOUHOHDVH

&L

(

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



%,RGLQH

7RWDO,RGLQH

&L

//'

//'

//'

//'

//'

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

//'

//'

//'

//'

//'



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



&3DUWLFXODWHV

3DUWLFXODWHVZLWKKDOIOLYHV!GD\\V

&L

(

//'

//'

//'

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

//'

//'

//'

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



*URVV$OSKDUDGLRDFWLYLW\\

&L

//'

//'

//'

//'

//'



'7ULWLXP

7RWDOUHOHDVH

&L

(

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



 (VWLPDWHGWRWDOHUURUPHWKRGRORJ\\LVSUHVHQWHGLQ7DEOH

 6HH7DEOHIRUSHUFHQWRI2'&05HTXLUHPHQWOLPLWV







  



dh'Ž'Ž>ZŽŽ&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV&RQWLQXRXV)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'

,RGLQHV

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'







  



dh'Ž'Ž>ZŽŽW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV&RQWLQXRXV3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

(

//'

//'

//'

(

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

//'

//'

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

//'

//'

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

//'

//'

//'

(

7ULWLXP

+

&L

(

(

(

(

(







  



dh'Ž'Ž>Z&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG 8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

(

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'







  



dh'Ž'Ž>ZW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

//'

//'

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

//'

//'

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'

7ULWLXP

+

&L

(

(

(

(

(

1RWH1RWUHTXLUHGIRUEDWFKUHOHDVHV







  



dh'ŽŽŽ&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

(

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'







  



dh'ŽŽŽW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

(

//'

//'

//'

(

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

//'

//'

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

//'

//'

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

//'

//'

//'

(

7RWDO!GD\\V

&L

(

//'

//'

//'

(

7ULWLXP

+

&L

(

(

(

(

(







  



dhZŽŽŽd^Ž

7DEOH

8QLW

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

  • DPPD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

0D[LPXP2UJDQ

'RVH H[FOXGLQJVNLQ 

PUHP

(

(

(

(

(

$JH



&KLOG

&KLOG

7HHQ

7HHQ

7HHQ

2UJDQ



%RQH

%RQH

7%RG\\

7%RG\\

/XQJ

2'&05HT/LPLW



(

(

(

(

(

2'&0/LPLW



(

(

(

(

(





Ž   Ž   ŽŽŽ Ž  KD  Ž

ŽŽŽ  Ž   Ž  Ž   / Ž   Ž

ŽŽŽŽŽŽŽ











 





dh'Ž^ŽKZ

7DEOH

8QLW

  • DVHRXV(IIOXHQWV6XPPDWLRQ2I$OO5HOHDVHV



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

(VW7RWDO

(UURU   

$)LVVLRQ DFWLYDWLRQJDVHV

7RWDOUHOHDVH

&L

(

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



%,RGLQH

7RWDO,RGLQH

&L

//'

//'

//'

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

//'

//'

//'

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



&3DUWLFXODWHV

3DUWLFXODWHVZLWKKDOIOLYHV!GD\\V

&L

//'

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

//'

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



*URVV$OSKDUDGLRDFWLYLW\\

&L

//'

//'

//'

//'

//'



'7ULWLXP

7RWDOUHOHDVH

&L

(

(

(

(

(

(

$YHUDJHUHOHDVHUDWHIRUSHULRG

&LVHF

(

(

(

(

(



3HUFHQWRI2'&05HTXLUHPHQWOLPLW



1$  

1$  

1$  

1$  

1$  



  (VWLPDWHGWRWDOHUURUPHWKRGRORJ\\LVSUHVHQWHGLQ7DEOH

 6HH7DEOHIRUSHUFHQWRI2'&05HTXLUHPHQWOLPLWV











dh'Ž'Ž>ZŽŽ&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV&RQWLQXRXV)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG 8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'

,RGLQHV

,

&L

//'

//'

//'

(

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

(

(











dh'Ž'Ž>ZŽŽW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV&RQWLQXRXV3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

<HDU7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

(

(

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

(

(

&R

&L

//'

(

(

(

(

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

(

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

(

(

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

(

(

7RWDO

&L

//'

(

(

(

(

7ULWLXP

+

&L

(

(

(

(

(











dh'Ž'Ž>Z&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV

5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

<HDU7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

(

(

H

&L

(

(

(

(

(

HP

&L

//'

//'

//'

(

(

H

&L

//'

//'

//'

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

//'

//'











dh'Ž'Ž>ZW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

(

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

(

(

&R

&L

//'

//'

//'

(

(

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

//'

//'

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

(

(

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

(

(

7ULWLXP

+

&L

(

(

(

(

(

1RWH1RWUHTXLUHGIRUEDWFKUHOHDVHV











dh'ŽŽŽ&Ž'/Ž

7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK)LVVLRQ*DVHVDQG,RGLQHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

(

(

H

&L

(

(

(

(

(

HP

&L

//'

//'

//'

(

(

H

&L

//'

//'

//'

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

//'

//'

(

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

//'

//'

(

(











dh'ŽŽŽW

7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

(

(

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

(

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

(

(

&R

&L

//'

(

(

(

(

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

(

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

(

(

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

(

(

7RWDO

&L

//'

(

(

(

(

7RWDO!GD\\V

&L

//'

(

(

(

(

7ULWLXP

+

&L

(

(

(

(

(











dhZŽŽŽd^Ž

7DEOH

8QLW

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

  • DPPD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

0D[LPXP2UJDQ

'RVH H[FOXGLQJVNLQ 

PUHP

(

(

(

(

(

$JH



&KLOG

7HHQ

7HHQ

7HHQ

7HHQ

2UJDQ



%RQH

/XQJ

/XQJ

/XQJ

/XQJ

2'&05HT/LPLW

PUHP

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(



Ž   Ž   ŽŽŽ Ž  KD  Ž

ŽŽŽ  Ž   Ž  Ž   / Ž  Ž

ŽŽŽŽŽŽŽ













dh'ŽŽŽ&Ž'/ŽdŽY

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXV)LVVLRQ*DVHVDQG,RGLQHV7RWDO%\\4XDUWHU

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

(

//'

//'

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

//'

(

,RGLQHV

,

&L

//'

(

//'

(

(

,

&L

//'

(

//'

//'

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

(

(











dh'ŽŽŽWdŽY

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXV3DUWLFXODWHV7RWDO%\\4XDUWHU

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

(

(

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

(

(

&R

&L

(

(

(

(

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

(

//'

//'

(

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

(

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

(

(

2V

&L

//'

(

//'

//'

(

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

(

(

7RWDO

&L

(

(

(

(

(

7ULWLXP

+

&L

(

(

(

(

(











dh'Ž&Ž'/ŽdŽY

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV%DWFK)LVVLRQ*DVHVDQG,RGLQHV7RWDO%\\4XDUWHU

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

(

//'

//'

(

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

(

//'

(

(

H

&L

(

(

(

(

(

HP

&L

//'

(

//'

(

(

H

&L

//'

(

(

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

//'

(











dh'ŽWdŽY

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV%DWFK3DUWLFXODWHV7RWDO%\\4XDUWHU

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

(

//'

(

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

(

(

&R

&L

//'

(

//'

(

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

//'

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

(

(

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

6U

&L

1RWH

1RWH

1RWH

1RWH

1RWH

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

//'

(

7RWDO

&L

//'

(

//'

(

(

7ULWLXP

+

&L

(

(

(

(

(

1RWH1RWUHTXLUHGIRUEDWFKUHOHDVHV













dh'ŽŽŽ&Ž'/ŽdŽY

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK)LVVLRQ*DVHVDQG,RGLQHV7RWDO%\\4XDUWHU 1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

(

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

(

//'

//'

(

.U

&L

//'

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

//'

HP

&L

//'

(

//'

(

(

H

&L

(

(

(

(

(

HP

&L

//'

(

//'

(

(

H

&L

//'

(

(

(

(

HP

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

(

,RGLQHV

,

&L

//'

(

//'

(

(

,

&L

//'

(

//'

//'

(

,

&L

//'

(

//'

//'

(

,

&L

//'

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

//'

7RWDO

&L

//'

(

//'

(

(











dh'ŽŽŽWdŽY

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV7RWDO%\\4XDUWHU

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

(

(

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

(

//'

(

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

(

(

&R

&L

(

(

(

(

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

(

//'

//'

(

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

(

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

(

(

2V

&L

//'

(

//'

//'

(

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

(

(

7RWDO

&L

(

(

(

(

(

7RWDO!GD\\V

&L

(

(

(

(

(

7ULWLXP

+

&L

(

(

(

(

(











dh'ŽŽŽ&Ž'/ŽdŽh





7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXV)LVVLRQ*DVHVDQG,RGLQH7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

)LVVLRQJDVHV

$U

&L

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

H

&L

(

//'

//'

(

HP

&L

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

HP

&L

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

7RWDO

&L

(

//'

//'

(

,RGLQHV

,

&L

(

//'

(

(

,

&L

(

//'

//'

(

,

&L

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

7RWDO

&L

(

//'

(

(











dh'ŽŽŽWdŽh

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXV3DUWLFXODWHV7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

(

(

%D

&L

//'

//'

//'

//'

%U

&L

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

&R

&L

(

//'

//'

(

&R

&L

(

//'

(

(

&R

&L

(

(

(

(

&U

&L

(

//'

//'

(

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

)H

&L

(

//'

//'

(

/D

&L

//'

//'

//'

//'

0Q

&L

(

//'

(

(

0R

&L

//'

//'

//'

//'

1E

&L

(

//'

(

(

2V

&L

(

//'

//'

(

5E

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

=U

&L

(

//'

(

(

7RWDO

&L

(

(

(

(

7ULWLXP

+

&L

(

(

(

(













dh'Ž&Ž'/ŽdŽh

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV%DWFK)LVVLRQ*DVHVDQG,RGLQH7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

.UP

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.U

&L

(

//'

//'

(

.U

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

HP

&L

(

//'

(

(

H

&L

(

(

(

(

HP

&L

(

//'

(

(

H

&L

(

(

(

(

HP

&L

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

H



//'

//'

//'

//'

7RWDO

&L

(

(

(

(

,RGLQHV

,

&L

(

//'

//'

(

,

&L

(

//'

//'

(

,

&L

(

//'

//'

(

,

&L

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

7RWDO

&L

(

//'

//'

(













dh'ŽWdŽh

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV%DWFK3DUWLFXODWHV7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

%U

&L

(

//'

(

(

&H

&L

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

&R

&L

(

//'

(

(

&R

&L

(

//'

(

(

&U

&L

(

//'

//'

(

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

0Q

&L

(

//'

//'

(

0R

&L

//'

//'

//'

//'

1E

&L

(

//'

(

(

2V

&L

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

6U

&L

1RWH

1RWH

1RWH

1RWH

6U

&L

1RWH

1RWH

1RWH

1RWH

7FP

&L

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

=U

&L

(

//'

//'

(

7RWDO

&L

(

//'

(

(

7ULWLXP

+

&L

(

(

(

(

1RWH1RWUHTXLUHGIRUEDWFKUHOHDVHV













dh'ŽŽŽ&Ž'/ŽdŽh

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK)LVVLRQ*DVHVDQG,RGLQH7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

)LVVLRQJDVHV

$U

&L

(

(

(

(

.UP

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.UP

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

.U

&L

(

//'

//'

(

.U

&L

//'

//'

//'

//'

.U

&L

//'

//'

//'

//'

HP

&L

(

//'

(

(

H

&L

(

(

(

(

HP

&L

(

//'

(

(

H

&L

(

(

(

(

HP

&L

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

H

&L

//'

//'

//'

//'

7RWDO

&L

(

(

(

(

,RGLQHV

,

&L

(

//'

(

(

,

&L

(

//'

//'

(

,

&L

(

//'

//'

(

,

&L

//'

//'

//'

//'

,

&L

//'

//'

//'

//'

7RWDO

&L

(

//'

(

(













dh'ŽŽŽWdŽh

7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

(

(

%D

&L

//'

//'

//'

//'

%U

&L

(

//'

(

(

&H

&L

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

&R

&L

(

//'

//'

(

&R

&L

(

//'

(

(

&R

&L

(

(

(

(

&U

&L

(

//'

//'

(

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

)H

&L

(

//'

//'

(

/D

&L

//'

//'

//'

//'

0Q

&L

(

//'

(

(

0R

&L

//'

//'

//'

//'

1E

&L

(

//'

(

(

2V

&L

(

//'

//'

(

5E

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

=U

&L

(

//'

(

(

7RWDO

&L

(

(

(

(

7RWDO!GD\\V

&L

(

(

(

(

7ULWLXP

+

&L

(

(

(

(















dŽŽdŽWŽ

7DEOH(VWLPDWLRQRI7RWDO3HUFHQW(UURU

1REOH*DVHV

,RGLQHV 3DUWLFXODWHV 7ULWLXP

(UURU









6DPSOHFRXQWLQJHUURU









&RXQWLQJV\\VWHPFDOLEUDWLRQHUURU









&RXQWLQJV\\VWHPVRXUFHHUURU



1$

1$

1$

7HPSHUDWXUHYROXPHFRUUHFWLRQHUURU









3URFHVVIORZPHDVXULQJGHYLFH  

1$







6DPSOHIORZPHDVXULQJGHYLFH

1$



1$

1$

,RGLQHFROOHFWLRQHIILFLHQF\\HUURU

1$

1$



1$

3ODWHRXWHUURU

1$

1$

1$



%XEEOHUFROOHFWLRQHIILFLHQF\\HUURU

1$

1$

1$



6DPSOHYROXPHWUDQVIHUHUURU

L WW

1$

1$

1$



6DPSOHYROXPHHUURU JUDGXDWH 

1RWHRIIXOOVFDOH



dŽŽŽŽ dŽWŽ



tWŽŽŽ

WŽŽŽŽŽŽ

ŽŽŽŽŽdd

ŽŽŽ



dDŽŽ/ŽKŽ^'d

7DEOH(IIOXHQW0RQLWRULQJ,QVWUXPHQWDWLRQ2XWRI6HUYLFH*UHDWHU7KDQ'D\\V

8QLW

,QVWUXPHQW

'DWHVRI

,QRSHUDELOLW\\

&DXVHRI

,QRSHUDELOLW\\

([SODQDWLRQ

1RQH































7DEOH6ROLG:DVWH6XPPDU\\



d^Žt^



 ^Žt^K&ŽŽŽŽ



7DEOHD6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRU%RWWRPVHWF

DVWH&ODVV

9ROXPH IW 

9ROXPH P 

&XULHV6KLSSHG

3HUFHQW(UURU

$

(

(

(

(

%

(

(

(

1$

&

(

(

(

1$

$OO

(

(

(

(







7DEOHF,UUDGLDWHG&RPSRQHQWV

DVWH&ODVV

9ROXPH IW 

9ROXPH P 

&XULHV6KLSSHG

3HUFHQW(UURU

1RQH





7DEOHG2WKHU:DVWH 2LO 

DVWH&ODVV

9ROXPH IW 

9ROXPH P 

&XULHV6KLSSHG

3HUFHQW(UURU

$

(

(

(

(

%

(

(

(

(

&

(

(

(

(

$OO

(

(

(

(



7DEOHH6XPPDU\\RI$OO:DVWH6KLSSHG

DVWH&ODVV

9ROXPH IW 

9ROXPH P 

&XULHV6KLSSHG

3HUFHQW(UURU

$

(

(

(

(

%

(

(

(

(

&

(

(

(

(

$OO

(

(

(

(











7DEOHE'U\\&RPSUHVVLEOH:DVWH&RQWDPLQDWHG(TXLSPHQWHWF

DVWH&ODVV

9ROXPH IW 

9ROXPH P 

&XULHV6KLSSHG

3HUFHQW(UURU

$

(

(

(

(

%

(

(

(

(

&

(

(

(

(

$OO

(

(

(

(















 ŽŽŽŽŽ



7DEOHD6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRUERWWRPVHWF

1XFOLGH

3HUFHQW$EXQGDQFH

&XULHV

3HUFHQW(UURU

$JP

(

(

(

$P

(

(

(

$P

(

(

(

%H

(

(

(

&

(

(

(

&H

(

(

(

&P

(

(

(

&P

(

(

(

&R

(

(

(

&R

(

(

(

&R

(

(

(

&V

(

(

(

)H

(

(

(

+

(

(

(

0Q

(

(

(

1L

(

(

(

3X

(

(

(

3X

(

(

(

3X

(

(

(

3X

(

(

(

6E

(

(

(

6Q

(

(

(

6U

(

(

(

6U

(

(

(

7F

(

(

(

=Q

(

(

(



7RWDO

(

(





























7DEOHE'U\\$FWLYH:DVWH

1XFOLGH

3HUFHQW$EXQGDQFH

&XULHV

3HUFHQW(UURU

$JP

(

(

(

$JP

(

(

(

$P

(

(

(

&

(

(

(

&H

(

(

(

&P

(

(

(

&P

(

(

(

&R

(

(

(

&R

(

(

(

&R

(

(

(

&U

(

(

(

&V

(

(

(

)H

(

(

(

)H

(

(

(

+

(

(

(

+I

(

(

(

0Q

(

(

(

1E

(

(

(

1L

(

(

(

3X

(

(

(

3X

(

(

(

3X

(

(

(

6E

(

(

(

6E

(

(

(

6F

(

(

(

6Q

(

(

(

6U

(

(

(

6U

(

(

(

7HP

(

(

(

=Q

(

(

(

=U

(

(

(



7RWDO

(

(











7DEOHF,UUDGLDWHG&RPSRQHQWV

1XFOLGH

3HUFHQW$EXQGDQFH

&XULHV

3HUFHQW(UURU

1RQH









7DEOHG2WKHU:DVWH2LO



1XFOLGH

3HUFHQW$EXQGDQFH

&XULHV

3HUFHQW(UURU

&R

(

(

(

&V

(

(

(



7RWDO

(

(







7DEOHH6XPPDU\\RI$OO:DVWH6KLSSHG



1XFOLGH

3HUFHQW$EXQGDQFH

&XULHV

3HUFHQW(UURU

$JP

(

(

(

$JP

(

(

(

$P

(

(

(

$P

(

(

(

%H

(

(

(

&

(

(

(

&H

(

(

(

&P

(

(

(

&P

(

(

(

&R

(

(

(

&R

(

(

(

&R

(

(

(

&U

(

(

(

&V

(

(

(

)H

(

(

(

)H

(

(

(

+

(

(

(

+I

(

(

(

0Q

(

(

(















dŽ

1XFOLGH

3HUFHQW$EXQGDQFH

&XULHV

3HUFHQW(UURU

1E

(

(

(

1L

(

(

(

3X

(

(

(

3X

(

(

(

3X

(

(

(

3X

(

(

(

6E

(

(

(

6E

(

(

(

6F

(

(

(

6Q

(

(

(

6U

(

(

(

6U

(

(

(

7F

(

(

(

7HP

(

(

(

=Q

(

(

(

=U

(

(

(



7RWDO

(

(





 /&^

EŽ



 ^/ŽŽ





7DEOHD6KLSPHQW0RGHDQG/RFDWLRQ

1XPEHURI6KLSPHQWV

0RGHRI7UDQVSRUW

'HVWLQDWLRQ



5DLOZD\\

DVWH&RQWURO6SHFLDOLVWV7;



+LJKZD\\

DVWH&RQWURO6SHFLDOLVWV7;

















7DEOHE6KLSSLQJ&RQWDLQHU&KDUDFWHULVWLFV

1XPEHURI&RQWDLQHUV

7\\SHRI:DVWH

&RQWDLQHU7\\SH

6ROLGLILFDWLRQ$JHQW



'U\\$FWLYH:DVWH



6HDODQG

1RQH



'U\\$FWLYH:DVWH

,QWHUPRGDO

1RQH



'U\\$FWLYH:DVWH

0HWDO/LQHU

1RQH



'U\\$FWLYH:DVWH

  • RQGROD

1RQH



&RQWDPLQDWHG(TXLSPHQW

  • RQGROD

1RQH



&RQFHQWUDWHV

0HWDO/LQHU

1RQH



2WKHU2LO

0HWDO/LQHU

1RQH



5HVLQ

3RO\\HWK\\OHQH/LQHU 1RQH





7DEOHF&RQWDLQHU9ROXPHLQPE\\:DVWH&ODVV

7\\SHRI:DVWH

&ODVV$

&ODVV%

&ODVV&

6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRUERWWRPVHWF

(

(

(

'U\\$FWLYH:DVWH

(

(

(

,UUDGLDWHG&RPSRQHQWV

(

(

(

2WKHU:DVWH2LO

(

(

(





7DEOHG&RQWDLQHU$FWLYLW\\LQ&LE\\:DVWH&ODVV

7\\SHRI:DVWH

&ODVV$

&ODVV%

&ODVV&

6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRUERWWRPVHWF

(

(

(

'U\\$FWLYH:DVWH

(

(

(

,UUDGLDWHG&RPSRQHQWV

(

(

(

2WKHU:DVWH2LO

(

(

(





7DEOHH3ULQFLSOH5DGLRQXFOLGHV

5HIHUWR7DEOHVD+/-H

















d^ŽŽtWŽŽ

7\\SHRI:DVWH

6RXUFH

6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRU

ERWWRPVHWF

0HFKDQLFDOILOWHUVQRSURFHVVLQJ

FRQFHQWUDWHVDVDOLTXLGQRSURFHVVLQJ

'U\\$FWLYH:DVWH

1RQFRPSDFWHGGU\\DFWLYHZDVWHQR

SURFHVVLQJHPSOR\\HG

,UUDGLDWHG&RPSRQHQWV

1$

2WKHU:DVWH2LO

2LOQRSURFHVVLQJHPSOR\\HG





7DEOHJ7\\SHRI&RQWDLQHU

7\\SHRI:DVWH

7\\SHRI&RQWDLQHU

6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRU

ERWWRPVHWF

 *HQHUDO'HVLJQ&RQWDLQHUV

'U\\$FWLYH:DVWH

 *HQHUDO'HVLJQ&RQWDLQHUV

,UUDGLDWHG&RPSRQHQWV

1$

2WKHU:DVWH2LO

 *HQHUDO'HVLJQ&RQWDLQHU





7DEOHK6ROLGLILFDWLRQ$JHQWRU$EVRUEHQW

7\\SHRI:DVWH

6ROLGLILFDWLRQ$JHQW$EVRUEHQW

6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRU

ERWWRPVHWF

1RVROLGLILFDWLRQDJHQWVRUDEVRUEHQWV

XVHGWRSURFHVVPDWHULDO

'U\\$FWLYH:DVWH

1RVROLGLILFDWLRQDJHQWVRUDEVRUEHQWV

XVHGWRSURFHVVPDWHULDO

,UUDGLDWHG&RPSRQHQWV

1$

2WKHU:DVWH2LO

1RVROLGLILFDWLRQDJHQWVRUDEVRUEHQWV

XVHGWRSURFHVVPDWHULDO































WWE/yK^>h>d/KE^











'^Kh^&&>hEdK^>h>d/KE^



Ž Ž      Ž ŽŽ  Ž  

ŽŽŽŽWŽsE'^Ž

   '^WZ Ž Ž d Ž Ž   Ž

Žd/Ž/Ž/Ž/ŽŽ 

ŽŽŽŽ

EhZ'>ŽŽŽŽŽŽŽ

Ž

'^WZŽŽŽŽŽZŽ'

ŽŽŽŽŽŽŽŽ

 Ž ŽŽ Ž  Ž  Ž Ž    

ŽŽŽŽŽŽŽŽ



d/ŽŽŽŽŽŽŽŽd

Ž Ž Ž  Ž ŽŽ Ž   /ŽŽ  Ž ŽŽ

Ž



d/WŽŽŽŽ



dŽŽŽWsE'^KDZ

 d  Ž   ŽŽ Ž     

Ž



ŽŽd>ŽŽŽŽ Ž

ŽŽŽŽŽŽŽŽ

ŽŽŽŽZZ^Y





>/Yh/&&>hEdK^>h>d/KE^



dŽŽŽŽŽ











ŽŽDŽ



d'^WZŽŽŽŽŽŽŽ Ž

 Ž Ž  '^WZ   Ž Ž ŽŽŽ Ž

ZŽ'ZŽ

^ŽŽŽŽŽ

ŽŽŽŽŽŽ

Ž Ž      yKYKY Ž Ž  Ž

ŽŽŽŽŽ'^WZŽŽ

ŽŽŽŽ

Ž>h

ŽŽŽŽWsE'^WZ

dŽŽŽŽŽWsE'^h&^Z&

dŽŽŽŽŽŽWŽŽWsE'^

ŽŽŽ

ŽEE^

ŽŽŽWsE'^h&^Zd

d Ž Ž      Ž  Ž  WsE'^ ZK>

^Žd

dŽŽŽŽŽ

ŽŽŽŽWsE'^ZK>^Ž



dŽŽŽŽŽ

ŽŽŽWsE'^ZK>^Ž

dŽŽŽŽŽŽŽŽ

&ŽŽŽŽ

Ž

KŽŽ'^WZŽZŽ'Z















d

ŽŽ^>ŽŽ

7DEOH'RVHVWR6SHFLDO/RFDWLRQ

PUHP 

7%2'<

  • ,75$&7

%21(

/,9(5

.,'1(<

7+<52,'

/81*

6.,1

6748$57(5

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(

1'48$57(5

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(

676(0,$118$/

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(

5'48$57(5

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(

7+48$57(5

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(

1'6(0,$118$/

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(

$118$/

$'8/7

(

(

(

(

(

(

(

(

7((1

(

(

(

(

(

(

(

(

&+,/'

(

(

(

(

(

(

(

(

,1)$17

(

(

(

(

(

(

(

(















7DEOH

,QWHJUDWHG3RSXODWLRQ'RVH  

7DEOH,QWHJUDWHG3RSXODWLRQ'RVH  

-DQXDU\\WR0DUFK

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(





$SULOWKURXJK-XQH

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(

















7DEOH FRQWLQXHG 

,QWHJUDWHG3RSXODWLRQ'RVH  

-DQXDU\\WKURXJK-XQH

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(



-XO\\WKURXJK6HSWHPEHU

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(















7DEOH FRQWLQXHG 

,QWHJUDWHG3RSXODWLRQ'RVH  



2FWREHUWKURXJK'HFHPEHU

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(



-XO\\WKURXJK'HFHPEHU

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(

















7DEOH FRQWLQXHG 

,QWHJUDWHG3RSXODWLRQ'RVH  



-DQXDU\\WKURXJK'HFHPEHU

3DWKZD\\

7RWDO%RG\\

  • ,7UDFW

%RQH

/LYHU

.LGQH\\

7K\\URLG

/XQJ

6NLQ

3OXPH

(

(

(

(

(

(

(

(



















  • URXQG

(

(

(

(

(

(

(

(



















,QKDODWLRQ

(

(

(

(

(

(

(

(



















9HJHWDWLRQ

(

(

(

(

(

(

(

(



















&RZ0LON

(

(

(

(

(

(

(

(



















0HDW

(

(

(

(

(

(

(

(



















7RWDO

(

(

(

(

(

(

(

(

3HU&DSLWD

'RVH UHP   

(

(

(

(

(

(

(

(



1RWH3HUVRQUHPWRWDOGLYLGHGE\\PLOHSRSXODWLRQRI











d^Ž/ŽŽ



8QLW 4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

<HDUWRWDO

  • DPPD$LU'RVH PUDG

(

(

(

(

(

2'&05HT/LPLW PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH PUDG

(

(

(

(

(

2'&05HT/LPLW PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

7RWDO%RG\\

PUHP

(

(

(

(

(

6NLQ PUHP

(

(

(

(

(

8QLW

PLOHV

6(

11(

6(

66(

66(

8QLW

PLOHV

6(

11(

6(

66(

66(

8QLW

PLOHV

6(

11(

6(

66(

66(

$JH

,QIDQW

,QIDQW

,QIDQW

,QIDQW

,QIDQW 2UJDQ

%RQH

%RQH

%RQH

%RQH

%RQH



PUHP

(

(

(

(

(

2'&05HT/LPLW PUHP

(

(

(

(

(

2'&0/LPLW 



(

(

(

(

(

8QLW

PLOHV

6(

(

(

(6(

6(

8QLW

PLOHV

6(

(1(

(1(

(6(

6(

8QLW

PLOHV

6(

(1(

(1(

(6(

6(

$JH

,QIDQW

,QIDQW

,QIDQW

,QIDQW

,QIDQW 2UJDQ 7K\\URLG 7K\\URLG 7K\\URLG 7K\\URLG 7K\\URLG



PUHP

(

(

(

(

(

2'&05HT/LPLW PUHP

(

(

(

(

(

2'&0/LPLW 



(

(

(

(

(

PUHP

(

(

(

(

(













4IRU8QLWORFDWLRQDERYH VHFP

(

(

(

(

(

'4IRU8QLWORFDWLRQDERYH P

(

(

(

(

(

 ([FOXGLQJVNLQ

/RFDWLRQ 7DEOH

6XPPDU\\RI,QGLYLGXDO'RVHVIRU

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\

 2'&05HTXLUHPHQWKDVKLJKHUOLPLWVWKDQ2'&05HTXLUHPHQWWKHUHIRUHWKHSHUFHQWRIOLPLWV

DUHPRUHFRQVHUYDWLYHEDVHGRQ2'&05HTXLUHPHQWWKDQRQ2'&05HTXLUHPHQW

)UDFWLRQRIRUJDQGRVHIURPWULWXP

RQO\\IRU8QLWORFDWLRQDERYH 2UJDQ'RVHIURPWULWLXPRQO\\IRU

8QLWORFDWLRQDERYH 0D[LPXP2UJDQ'RVH  )URP$OO5DGLRQXFOLGHV([FOXGLQJ&

0D[LPXP2UJDQ'RVH  )URP$OO5DGLRQXFOLGHV

/RFDWLRQ

0D[LPXP,QGLYLGXDO

































APPENDIX C: NEI 07-07 GROUNDWATER PROTECTION INITIATIVE SAMPLING



















)LJXUH2QVLWH:HOO/RFDWLRQV

















7DEOH1(,*URXQG:DWHU3URWHFWLRQ,QLWLDWLYH391*6:HOO'DWD

0RQLWRULQJ:HOO,'

6DPSOH,'

6DPSOH'DWH

5DGLRQXFOLGH

&RQFHQWUDWLRQ

S&L/ 

$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP

















0RQLWRULQJ:HOO,'

6DPSOH,'

6DPSOH'DWH

5DGLRQXFOLGH

&RQFHQWUDWLRQ

S&L/ 

$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



$33

39$33



&HVLXP



$33

39$33



&HVLXP



$33

39$33



&REDOW



$33

39$33



7ULWLXP



39+

3939+



&HVLXP



39+

3939+



&HVLXP



39+

3939+



&REDOW



39+

3939+



7ULWLXP



39+

3939+



&HVLXP



39+

3939+



&HVLXP



39+

3939+



&REDOW



39+

3939+



7ULWLXP



395$5

39395$5



&HVLXP



395$5

39395$5



&HVLXP



395$5

39395$5



&REDOW



395$5

39395$5



7ULWLXP



395$5

39395$5



&HVLXP



395$5

39395$5



&HVLXP



395$5

39395$5



&REDOW



395$5

39395$5



7ULWLXP



$335

39$335



&HVLXP



$335

39$335



&HVLXP



$335

39$335



&ROEDOW



$335

39$335



7ULWLXP





















APPENDIX D: ADJUSTED 2019 PERMITS



















dW

















































7DEOH$GMXVWHG3HUPLWV

3HUPLW

5HDVRQIRU$GMXVWPHQW



3HUPLWZDVDSHUPLWZKLFKZDVPLVFODVVLILHGDVDSHUPLWQR

DFWLYLW\\DERYHWKH//'ZDVOLVWHGRQWKHSHUPLW



7KHWULWLXPDFWLYLW\\OLVWHGRQSHUPLWZDVWKHUHVXOWRI%$&RSHUDWLRQV

DQGZDVDFFRXQWHGIRURQ%$&EDWFKSHUPLW



3HUPLWZDVJHQHUDWHGEXWZDVQRWXVHG



7KHWULWLXPDFWLYLW\\OLVWHGRQSHUPLWZDVWKHUHVXOWRI%$&RSHUDWLRQV

DQGZDVDFFRXQWHGIRURQ%$&EDWFKSHUPLW



DQG



7KHWULWLXPDFWLYLW\\OLVWHGRQSHUPLWVDQGZDVWKH

UHVXOWRI%$&RSHUDWLRQVDQGZDVDFFRXQWHGIRURQ%$&EDWFKSHUPLW



7KHWULWLXPDFWLYLW\\OLVWHGRQSHUPLWZDVWKHUHVXOWRI%$&RSHUDWLRQV

DQGZDVDFFRXQWHGIRURQ%$&EDWFKSHUPLW













APPENDIX E: CORRECTIONS TO 2018 ARERR











5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLW

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

  • DPPD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

0D[LPXP2UJDQ'RVH

H[FOXGLQJVNLQ 

PUHP

(

(

(

(

(

$JH



7HHQ

7HHQ

7HHQ

7HHQ

7HHQ

2UJDQ



7%RG\\

7%RG\\

7%RG\\

7%RG\\

7%RG\\

2'&05HT/LPLW

PUHP

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(





Ž   Ž   ŽŽŽ Ž  KD  Ž

ŽŽŽ Ž   Ž  Ž  / Ž  Ž

ŽŽŽŽŽŽŽ



















5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

(

(

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

//'

//'

(

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

(

(

&R

&L

(

(

(

(

(

&U

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

(

(

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

//'

//'

//'

//'

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

//'

//'

//'

//'

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

//'

//'

(

(

2V

&L

//'

//'

//'

//'

//'

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

//'

//'

(

(

7RWDO

&L

(

(

(

(

(

7RWDO!GD\\V

&L

(

(

(

(

(

7ULWLXP

+

&L

(

(

(

(

(

















5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLW

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

  • DPPD$LU'RVH

PUDG (

(

(

(

(

2'&05HT/LPLW

PUDG (

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG (

(

(

(

(

2'&05HT/LPLW

PUDG (

(

(

(

(

2'&0/LPLW



(

(

(

(

(

0D[LPXP2UJDQ

'RVH H[FOXGLQJVNLQ 

PUHP (

(

(

(

(

$JH



7HHQ

7HHQ

7HHQ

7HHQ

7HHQ

2UJDQ



/XQJ

/XQJ

/XQJ

/XQJ

/XQJ

2'&05HT/LPLW



(

(

(

(

(

2'&0/LPLW



(

(

(

(

(





Ž   Ž   ŽŽŽ Ž  KD  Ž

ŽŽŽ Ž   Ž  Ž  / Ž   Ž

ŽŽŽŽŽŽŽ





















5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLW

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

//'

//'

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

(

//'

//'

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

//'

(

&R

&L

//'

(

//'

//'

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

(

//'

//'

(

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

//'

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

//'

(

2V

&L

//'

(

//'

//'

(

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

//'

(

7RWDO

&L

//'

(

//'

//'

(

7RWDO!GD\\V

&L

//'

(

//'

//'

(

7ULWLXP

+

&L

(

(

(

(

(













5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLW

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

  • DPPD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

( (

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

( (

2'&0/LPLW



(

(

(

(

(

0D[LPXP2UJDQ'RVH

H[FOXGLQJVNLQ 

PUHP

(

(

(

(

(

$JH



7HHQ

7HHQ

7HHQ

7HHQ

7HHQ

2UJDQ



7%RG\\

/XQJ

7%RG\\

7%RG\\

/XQJ

2'&05HT/LPLW

PUHP

(

(

(

( (

2'&0/LPLW



(

(

(

(

(



Ž   Ž   ŽŽŽ Ž  KD Ž

ŽŽŽŽŽŽ/ŽŽ

Ž   Ž Ž ŽŽŽ     Ž 

















5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV7RWDO%\\4XDUWHU

1XFOLGHV5HOHDVHG

8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

7RWDO

3DUWLFXODWHV

$JP

&L

//'

//'

//'

(

(

%D

&L

//'

//'

//'

//'

//'

%U

&L

//'

(

//'

(

(

&H

&L

//'

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

//'

&R

&L

//'

(

//'

(

(

&R

&L

(

(

(

(

(

&U

&L

//'

(

//'

//'

(

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

//'

&V

&L

//'

(

//'

(

(

&V

&L

//'

//'

//'

//'

//'

)H

&L

//'

(

//'

//'

(

/D

&L

//'

//'

//'

//'

//'

0Q

&L

//'

(

//'

//'

(

0R

&L

//'

//'

//'

//'

//'

1E

&L

//'

(

//'

(

(

2V

&L

//'

(

//'

//'

(

5E

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

//'

=U

&L

//'

(

//'

(

(

7RWDO

&L

(

(

(

(

(

7RWDO!GD\\V

&L

(

(

(

(

(

7ULWLXP

+

&L

(

(

(

(

(

















5HYLVHG$5(55

7DEOH

$5(55SDJHRI 



7DEOH

8QLWVDQG

  • DVHRXV(IIOXHQWV&RQWLQXRXVDQG%DWFK3DUWLFXODWHV7RWDO%\\8QLW

1XFOLGHV5HOHDVHG

8QLW

8QLW

8QLW

8QLW

7RWDO

3DUWLFXODWHV

$JP

&L

//'

(

//'

(

%D

&L

//'

//'

//'

//'

%U

&L

//'

(

(

(

&H

&L

//'

//'

//'

//'

&H

&L

//'

//'

//'

//'

&R

&L

//'

//'

//'

//'

&R

&L

//'

(

(

(

&R

&L

//'

(

(

(

&U

&L

//'

//'

(

(

&V

&L

//'

//'

//'

//'

&V

&L

//'

//'

//'

//'

&V

&L

//'

(

(

(

&V

&L

//'

//'

//'

//'

)H

&L

//'

//'

(

(

/D

&L

//'

//'

//'

//'

0Q

&L

//'

//'

(

(

0R

&L

//'

//'

//'

//'

1E

&L

//'

(

(

(

2V

&L

//'

//'

(

(

5E

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

5X

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6E

&L

//'

//'

//'

//'

6H

&L

//'

//'

//'

//'

6QP

&L

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

6U

&L

//'

//'

//'

//'

7FP

&L

//'

//'

//'

//'

7HP

&L

//'

//'

//'

//'

=Q

&L

//'

//'

//'

//'

=U

&L

//'

(

(

(

7RWDO

&L

//'

(

(

(

7RWDO!GD\\V

&L

//'

(

(

(

7ULWLXP

+

&L

(

(

(

(











5HYLVHG$5(55

7DEOH

$5(55SDJHRI 

7DEOH

6XPPDU\\RI,QGLYLGXDO'RVHVIRU

5DGLDWLRQ'RVHV$W$QG%H\\RQG7KH6LWH%RXQGDU\\



8QLW

4XDUWHU

4XDUWHU

4XDUWHU

4XDUWHU

<HDUWRWDO

  • DPPD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

%HWD$LU'RVH

PUDG

(

(

(

(

(

2'&05HT/LPLW

PUDG

(

(

(

(

(

2'&0/LPLW



(

(

(

(

(

0D[LPXP,QGLYLGXDO

7RWDO%RG\\

PUHP

(

(

(

(

(

6NLQ

PUHP

(

(

(

(

(

/RFDWLRQ

8QLW

PLOHV

66(

6

66:

6

66(

8QLW

PLOHV

66(

6

66:

6

66(

8QLW

PLOHV

66(

6

66:

6

66(

0D[LPXP2UJDQ'RVH  )URP$OO5DGLRQXFOLGHV



$JH

,QIDQW

,QIDQW

,QIDQW

,QIDQW

,QIDQW



2UJDQ

%RQH

%RQH

%RQH

%RQH

%RQH



PUHP

(

(

(

(

(

2'&05HT/LPLW

PUHP

(

(

(

(

(

2'&0/LPLW  



(

(

(

(

(

/RFDWLRQ

8QLW

PLOHV

6(

(6(

11(

6(

6(

8QLW

PLOHV

6(

(6(

11(

6(

6(

8QLW

PLOHV

6(

(6(

11(

6(

6(

0D[LPXP2UJDQ'RVH  )URP$OO5DGLRQXFOLGHV([FOXGLQJ&



$JH

,QIDQW

,QIDQW

,QIDQW

,QIDQW

,QIDQW



2UJDQ

7K\\URLG

7K\\URLG

7K\\URLG

7K\\URLG

7K\\URLG



PUHP

(

(

(

(

(

2'&05HT/LPLW

PUHP

(

(

(

(

(

2'&0/LPLW  



(

(

(

(

(

2UJDQ'RVHIURPWULWLXPRQO\\IRU

8QLWORFDWLRQDERYH

PUHP

(

(

(

(

(













)UDFWLRQRIRUJDQGRVHIURP

WULWLXPRQO\\IRU8QLWORFDWLRQ

DERYH

























4IRU8QLWORFDWLRQDERYH

VHFP

(

(

(

(

(

'4IRU8QLWORFDWLRQDERYH

P

(

(

(

(

(















 ([FOXGLQJVNLQ













 2'&05HTXLUHPHQWKDVKLJKHUOLPLWVWKDQ2'&05HTXLUHPHQWWKHUHIRUHWKHSHUFHQWRIOLPLWV

DUHPRUHFRQVHUYDWLYHEDVHGRQ2'&05HTXLUHPHQWWKDQRQ2'&05HTXLUHPHQW





































ATTACHMENT A: ODCM REVISION 28/29

2))6,7('26(&$/&8/$7,210$18$/

3$/29(5'(18&/($5*(1(5$7,1*67$7,21

81,76$1'

5(9,6,21

2ULJLQDWRU

7HFKQLFDO5HYLHZHU

'LUHFWRU5DGLDWLRQ

3URWHFWLRQ

35%

2ULJLQDO(IIHFWLYH'DWH-XO\\

5HYLVLRQ(IIHFWLYH'DWH0DUFK

5HYLVLRQJHQHUDWHGGXHWRFRUUXSWLRQRIVHOHFWHTXDWLRQVDQGV\\PEROVGXULQJWKH

FRQYHUVLRQSURFHVVWR3')RIUHYLVLRQ(TXDWLRQVDQGV\\PEROVZHUHFRUUHFWHGDQGPDUNHG

ZLWKUHYLVLRQEDUVDQGGDWHG³0DU'7KHVHHGLWRULDOFRUUHFWLRQVDUHOLPLWHGWRSDJHV

DQG1RWHFKQLFDOFKDQJHVZHUHPDGHLQWKLVUHYLVLRQ

-XO\\



0DU



3UHVHQWHG0DUFK

&RPROOL

0LFKHOOH

=

'LJLWDOO\\VLJQHGE\\&RPROOL0LFKHOOH

=

'1FQ &RPROOL0LFKHOOH = 

5HDVRQ,DPDQDXWKRURIWKH

PDUNHGUHYLVLRQV

'DWH



  • UXVHFNL/RUL

- =

'LJLWDOO\\VLJQHGE\\*UXVHFNL/RUL

- =

'1FQ *UXVHFNL/RUL- = 

5HDVRQ,KDYHUHYLHZHGWKLV

GRFXPHQW

'DWH



+RJXH1DWKDQ

=

'LJLWDOO\\VLJQHGE\\+RJXH

1DWKDQ = 

'1FQ +RJXH1DWKDQ

=

'DWH





L



7$%/(2)&217(176

7,7/(

3$*(



,1752'8&7,21





/LTXLG(IIOXHQW3DWKZD\\V





  • DVHRXV(IIOXHQW3DWKZD\\V





1XLVDQFH3DWKZD\\V





0HWHRURORJ\\





  • $6(286())/8(17021,7256(732,176





5HTXLUHPHQWV*DVHRXV0RQLWRUV





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV





(TXLYDOHQW'RVH)DFWRU'HWHUPLQDWLRQ





6LWH5HOHDVH5DWH/LPLW 46,7( 





8QLW5HOHDVH5DWH/LPLWV 481,7 





6HWSRLQW'HWHUPLQDWLRQ





0RQLWRU&DOLEUDWLRQ





  • $6(286$1'/,48,'())/8(17'26(5$7(6





5HTXLUHPHQWV*DVHRXV(IIOXHQWV





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV





5HTXLUHPHQWV 6HFRQGDU\\6\\VWHP/LTXLG:DVWH'LVFKDUJHV7R2QVLWH(YDSRUDWLRQ3RQGVRU

&LUFXODWLQJ:DWHU6\\VWHP&RQFHQWUDWLRQ





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV





  • $6(286 /,48,'())/8(176'26(





5HTXLUHPHQWV1REOH*DVHV





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW1REOH*DV





5HTXLUHPHQW,RGLQH,RGLQH7ULWLXPDQG$OO5DGLRQXFOLGHVLQ3DUWLFXODWH

)RUP:LWK+DOI/LYHV*UHDWHU7KDQ'D\\V





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW





5HTXLUHPHQWV*DVHRXV5DGZDVWH7UHDWPHQW





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW





5HTXLUHPHQWV/LTXLG(IIOXHQWV





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



LL



7$%/(2)&217(176

7,7/(

3$*(



727$/'26($1''26(7238%/,&216,7(





5HTXLUHPHQW7RWDO'RVH





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW





5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0 5(03 





5HTXLUHPHQW5(03





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV





5HTXLUHPHQW/DQG8VH&HQVXV





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV





5HTXLUHPHQW,QWHUODERUDWRU\\&RPSDULVRQ3URJUDP





6XUYHLOODQFH5HTXLUHPHQWV





,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV





5$',2/2*,&$/5(32576





5HTXLUHPHQW$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW





5HTXLUHPHQW$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW



$33(1',;$

'(7(50,1$7,212)&21752//,1*/2&$7,21



$33(1',;%

%$6(6)255(48,5(0(176





5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21





  • $6(286())/8(17'26(5$7(





6(&21'$5<6<67(0/,48,':$67(',6&+$5*(72

216,7((9$325$7,21321'6&21&(175$7,21





  • $6(286())/8(17'26(1REOH*DVHV





  • $6(286())/8(17'26(,RGLQH,RGLQH7ULWLXP

DQG$OO5DGLRQXFOLGHVLQ3DUWLFXODWH)RUP:LWK+DOI/LYHV*UHDWHU7KDQ'D\\V



  • $6(2865$':$67(75($70(17





6(&21'$5<6<67(0/,48,':$67(',6&+$5*(72

216,7((9$325$7,21321'6'26(





727$/'26($1''26(7238%/,&216,7(





5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0 5(03 



/$1'86(&(1686





,17(5/$%25$725<&203$5,621352*5$0





$33(1',;&

'(),1,7,216



$33(1',;'

5()(5(1&(6



LLL







7$%/(





7,7/(

/,672)7$%/(6





3$*(



18,6$1&(3$7+:$<6





5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21





5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21

6859(,//$1&(5(48,5(0(176





5$',2$&7,9(*$6(286:$67(6$03/,1*$1'$1$/<6,6352*5$0





',63(56,21$1''(326,7,213$5$0(7(56)25/21*7(505(/($6(6

$77+(6,7(%281'$5<





'26()$&7256)2512%/(*$6(6$1''$8*+7(56





3L9$/8(6)257+(,1+$/$7,213$7+:$<





5$',2$&7,9(/,48,':$67(6$03/,1*$1'$1$/<6,6352*5$0





5$',2$&7,9(/,48,'())/8(17021,725,1*,167580(17$7,21





5$',2$&7,9(/,48,'())/8(17021,725,1*,167580(17$7,21

6859(,//$1&(5(48,5(0(176





5L'26(&219(56,21)$&7256)257+(*5281'3/$1(3$7+:$<





5L'26(&219(56,21)$&7256)257+(9(*(7$7,213$7+:$<$'8/7

5(&(3725





5L'26(&219(56,21)$&7256)257+(9(*(7$7,213$7+:$<7((1

5(&(3725





5L'26(&219(56,21)$&7256)257+(9(*(7$7,213$7+:$<&+,/'

5(&(3725





5L'26(&219(56,21)$&7256)257+(*5$66&2:0($73$7+:$<

$'8/75(&(3725





5L'26(&219(56,21)$&7256)257+(*5$66&2:0($73$7+:$<

7((15(&(3725





5L'26(&219(56,21)$&7256)257+(*5$66&2:0($73$7+:$<

&+,/'5(&(3725





5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.3$7+:$<

$'8/75(&(3725





5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.3$7+:$<

7((15(&(3725





5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.3$7+:$<

&+,/'5(&(3725



LY























7$%/(





















7,7/(

















/,672)7$%/(6





















3$*(



5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.3$7+:$<,1)$17











5(&(3725

5L'26(&219(56,21)$&7256)257+(,1+$/$7,213$7+:$<





$'8/75(&(3725





5L'26(&219(56,21)$&7256)257+(,1+$/$7,213$7+:$<

7((15(&(3725







5L'26(&219(56,21)$&7256)257+(,1+$/$7,213$7+:$<

&+,/'5(&(3725







5L'26(&219(56,21)$&7256)257+(,1+$/$7,213$7+:$<,1)$17

5(&(3725







3$/29(5'(18&/($5*(1(5$7,1*67$7,21',63(56,21$1''(326,7,21

3$5$0(7(56)25/21*7(505(/($6(6$77+(1($5(673$7+:$<

/2&$7,216&(17(5('2181,7O









3$/29(5'(18&/($5*(1(5$7,1*67$7,21',63(56,21$1''(326,7,21

3$5$0(7(56)25/21*7(505(/($6(6$77+(1($5(673$7+:$<

/2&$7,216&(17(5('2181,7









3$/29(5'(18&/($5*(1(5$7,1*67$7,21',63(56,21$1''(326,7,21

3$5$0(7(56)25/21*7(505(/($6(6$77+(1($5(673$7+:$<

/2&$7,216&(17(5('2181,7









5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0





5(3257,1*/(9(/6)255$',2$&7,9,7<&21&(175$7,216,1

(19,5210(17$/6$03/(6







'(7(&7,21&$3$%,/,7,(6)25(19,5210(17$/$1$/<6,6





5$',2/2*,&$/(19,5210(17$/021,725,1*6$03/(&2//(&7,21

/2&$7,216





&

)5(48(1&<127$7,21



Y







),*85(





7,7/(

/,672)),*85(6





3$*(



5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH6LWHVPLOHV





5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH6LWHV0LOHV





5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH6LWHV0LOHV'(/(7('





6LWH([FOXVLRQ$UHD%RXQGDU\\'(/(7('





  • DVHRXV(IIOXHQW5HOHDVH3RLQWV





/RZ3RSXODWLRQ=RQH'(/(7('









,1752'8&7,21



7KH2IIVLWH'RVH&DOFXODWLRQ0DQXDO 2'&0 LPSOHPHQWVWKHSURJUDPHOHPHQWVZKLFKDUHUHTXLUHG

E\\ WKH $GPLQLVWUDWLYH &RQWUROV VHFWLRQ RI WKH 7HFKQLFDO 6SHFLILFDWLRQV 7KH 2'&0 FRQWDLQV WKH

RSHUDWLRQDO UHTXLUHPHQWV WKH VXUYHLOODQFH UHTXLUHPHQWV DQG DFWLRQV UHTXLUHG LI WKH RSHUDWLRQDO

UHTXLUHPHQWV DUH QRW PHW IRU WKH 5DGLRDFWLYH (IIOXHQW &RQWUROV 3URJUDP DQG WKH 5DGLRORJLFDO

(QYLURQPHQWDO 0RQLWRULQJ 3URJUDP WR DVVXUH FRPSOLDQFH ZLWK &)5 &)5 3DUW

&)5D DQG $SSHQGL[, WR &)5 3DUW 7KH 7HFKQLFDO 6SHFLILFDWLRQV 6HFWLRQ DOVR

DSSO\\WRWKH2'&06XEVWLWXWHWKHZRUG³5HTXLUHPHQWV'IRU³/LPLWLQJ&RQGLWLRQIRU2SHUDWLRQ',W

VKRXOG EH QRWHG WKDW WKH KRW DQG FROG VKXWGRZQ DQG RSHUDELOLW\\ UHTXLUHPHQWV LQ 7HFKQLFDO

6SHFLILFDWLRQDQGGRQRWDSSO\\WRDQ\\RIWKHUHTXLUHPHQWVFRQWDLQHGLQWKLV2'&07KH

2'&0 DOVR FRQWDLQV GHVFULSWLRQV RI WKH LQIRUPDWLRQ WKDW VKRXOG EH LQFOXGHG LQ WKH $QQXDO

5DGLRORJLFDO (QYLURQPHQWDO 2SHUDWLQJ 5HSRUW DQG WKH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUW

UHTXLUHGE\\WKH7HFKQLFDO6SHFLILFDWLRQV



7KH2'&0SURYLGHVWKHSDUDPHWHUVDQGPHWKRGRORJ\\WREHXVHGLQFDOFXODWLQJRIIVLWHGRVHVUHVXOWLQJ

IURPUDGLRDFWLYHHIIOXHQWVWKHFDOFXODWLRQRIJDVHRXVHIIOXHQWPRQLWRU$ODUP7ULS6HWSRLQWVDQGLQWKH

FRQGXFWRIWKH5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP,QFOXGHGDUHPHWKRGVIRUGHWHUPLQLQJ

DLUZKROHERG\\DQGRUJDQGRVHDWWKHFRQWUROOLQJORFDWLRQGXHWRSODQWHIIOXHQWVWRDVVXUHFRPSOLDQFH

ZLWKWKHUHJXODWRU\\UHTXLUHPHQWVGHWDLOHGLQWKH2'&00HWKRGVDUHLQFOXGHGIRUSHUIRUPLQJGRVH

SURMHFWLRQVWRDVVXUHFRPSOLDQFHZLWKWKHJDVHRXVWUHDWPHQWV\\VWHPRSHUDELOLW\\VHFWLRQVRIWKH2'&0

7KH2'&0XWLOL]HVLQIRUPDWLRQIURP15&5HJXODWRU\\*XLGH³&DOFXODWLRQRI$QQXDO'RVHVWR

0DQ IURP 5RXWLQH 5HOHDVHV RI 5HDFWRU (IIOXHQWV IRU WKH 3XUSRVH RI (YDOXDWLQJ &RPSOLDQFH ZLWK

&)5 3DUW $SSHQGL[,' 2FWREHU DQG 15& 185(* ³3UHSDUDWLRQ RI 5DGLRORJLFDO

(IIOXHQW 7HFKQLFDO 6SHFLILFDWLRQV IRU 1XFOHDU 3RZHU 3ODQWV' 2FWREHU 185(* XWLOL]HV

VRPHRIWKHNH\\LQIRUPDWLRQLQ5HJXODWRU\\*XLGHWRSURYLGHPHWKRGVZKLFKZHUHXVHGLQWKH

SUHSDUDWLRQRIWKHUDGLRORJLFDOHIIOXHQW7HFKQLFDO6SHFLILFDWLRQVDQGZKLFKKDYHQRZEHHQWUDQVIHUUHG

WR WKH 2'&0 LQ DFFRUGDQFH ZLWK 15& *HQHULF /HWWHU ³,PSOHPHQWDWLRQ RI 3URJUDPPDWLF

&RQWUROVIRU5DGLRORJLFDO(IIOXHQW7HFKQLFDO6SHFLILFDWLRQVLQWKH$GPLQLVWUDWLYH&RQWUROV6HFWLRQRI

WKH7HFKQLFDO6SHFLILFDWLRQVDQGWKH5HORFDWLRQRI3URFHGXUDO'HWDLOVRI5(76WR WKH2IIVLWH'RVH

&DOFXODWLRQ0DQXDORUWRWKH3URFHVV&RQWURO3URJUDP'-DQXDU\\DQG185(*³2IIVLWH

'RVH&DOFXODWLRQ 0DQXDO*XLGDQFH 6WDQGDUG5DGLRORJLFDO (IIOXHQW &RQWUROV IRU3UHVVXUL]HG :DWHU

5HDFWRUV' *HQHULF /HWWHU  6XSSOHPHQW 1R  $SULO  )XUWKHU JXLGDQFH IRU WKH

LPSOHPHQWDWLRQRIWKHQHZ&)53DUWHIIHFWLYH-DQXDU\\ZDVREWDLQHGIURPWKH)HGHUDO

5HJLVWHU9RO'HFHPEHU,WLVUHFRJQL]HGWKDWWKLVLVRQO\\GUDIWJXLGDQFHKRZHYHULWLVWKH

RQO\\JXLGDQFHIRUUHIHUHQFLQJWKHQHZ&)5LQWKH2'&0



 /LTXLG(IIOXHQW3DWKZD\\V



'RVHFDOFXODWLRQPHWKRGRORJ\\IRUUDGLRDFWLYHOLTXLGHIIOXHQWVLVQRWLQFOXGHGLQWKLVPDQXDOGXHWR

WKHGHVHUWORFDWLRQRIWKHSODQWWKHK\\GURORJ\\RIWKHDUHDDQGWKHIDFWWKDWWKHUHDUHQROLTXLGUHOHDVHV

WRDUHDVDWRUEH\\RQGWKH6,7(%281'$5<GXULQJQRUPDORSHUDWLRQ$OOOLTXLGGLVFKDUJHVWRWKH

RQVLWHHYDSRUDWLRQSRQGVDUHFRQWUROOHGE\\6HFWLRQ7KHLPSDFWRISRVWXODWHGDFFLGHQWDOVHHSDJHV

RQWKHJURXQGZDWHUV\\VWHPDQGLQSDUWLFXODURQWKHH[LVWLQJZHOOVORFDWHGLQWKHPLOH]RQHDURXQG

WKHVLWHDUHDKDVEHHQFDOFXODWHGDQGDQDO\\]HGLQ6HFWLRQRIWKH391*6)6$5



,ISODQWRSHUDWLQJFRQGLWLRQVEHFRPHVXFKWKDWWKHOLNHOLKRRGRIDOLTXLGHIIOXHQWSDWKZD\\LVFUHDWHG

WKHQGRVHFDOFXODWLRQPHWKRGRORJ\\IRUWKLVSDWKZD\\ZLOOEHDGGHGWRWKLVPDQXDO

-XO\\







 *DVHRXV(IIOXHQW3DWKZD\\V



$OOJDVHRXVHIIOXHQWVDUHWUHDWHGDVJURXQGOHYHOUHOHDVHVDQGDUHFRQVLGHUHGWREH³ORQJWHUP'DV

GLVFXVVHG LQ 185(* ³3UHSDUDWLRQ RI 5DGLRORJLFDO (IIOXHQW 7HFKQLFDO 6SHFLILFDWLRQV IRU

1XFOHDU3RZHU3ODQWV'7KLVLQFOXGHVWKHFRQWDLQPHQWSXUJHDQG:DVWH*DV'HFD\\7DQNUHOHDVHVDV

ZHOODVWKHQRUPDOYHQWLODWLRQV\\VWHPDQGFRQGHQVHUYDFXXPH[KDXVWUHOHDVHV$OOUHOHDVHVDUHHLWKHU

JUHDWHUWKDQKRXUVLQGXUDWLRQRUDUHPDGHDWUDQGRPQRWGHSHQGLQJXSRQDWPRVSKHULF FRQGLWLRQV

RU WLPH RI GD\\ 7KH UHOHDVHV DUH OXPSHG WRJHWKHU DQG FDOFXODWHG DV DQ HQWLW\\ +LVWRULFDO DQQXDO

DYHUDJH ;4 YDOXHV DUH XVHG WKURXJKRXW WKLV PDQXDO IRU DOO JDVHRXV HIIOXHQW VHWSRLQW DQG GRVH

FDOFXODWLRQV$LUERUQHUHOHDVHVDUHIXUWKHUVXEGLYLGHGLQWRWZRVXEFODVVHV



,RGLQH,RGLQH7ULWLXPDQG5DGLRQXFOLGHVLQ3DUWLFXODWH)RUPZLWK+DOIOLYHV

  • UHDWHUWKDQ(LJKW'D\\V



,QWKLVPRGHODFRQWUROOLQJORFDWLRQLVLGHQWLILHGIRUDVVHVVLQJWKHPD[LPXPH[SRVXUHWRD

0(0%(52)7+(38%/,&IRUWKHYDULRXVSDWKZD\\VDQGWRFULWLFDORUJDQV,QIDQWH[SRVXUH

RFFXUVWKURXJKLQKDODWLRQDQGDQ\\DFWXDOPLONSDWKZD\\&KLOGWHHQDJHUDQGDGXOWH[SRVXUH

GHULYHV IURP LQKDODWLRQ FRQVXPHG YHJHWDWLRQ SDWKZD\\V DQG DQ\\ DFWXDO PLON DQG PHDW

SDWKZD\\V'RVHWRHDFKRIWKHVHYHQRUJDQVOLVWHGLQ5HJXODWRU\\*XLGH ERQHOLYHUWRWDO

ERG\\WK\\URLGNLGQH\\OXQJDQG*,//, DUHFRPSXWHGIURPLQGLYLGXDOQXFOLGHFRQWULEXWLRQVLQ

HDFKVHFWRU7KHODUJHVWRIWKHRUJDQGRVHVLQDQ\\VHFWRULVFRPSDUHGWR&)5$SSHQGL[,

GHVLJQREMHFWLYHV7KHUHOHDVHUDWHVRIWKHVHQXFOLGHVZLOOEHFRQYHUWHGWRLQVWDQWDQHRXVGRVH

UDWHVIRUFRPSDULVRQWRWKHOLPLWVRI&)5



 1REOH*DVHV



7KHDLUGRVHIURPERWKWKHEHWDDQGJDPPDUDGLDWLRQFRPSRQHQWRIWKHQREOHJDVHVZLOOEH

DVVHVVHGDQGFRPSDUHGWRWKH&)5$SSHQGL[,GHVLJQREMHFWLYHV7KHQREOHJDVUHOHDVH

UDWHZLOOEHFRQYHUWHGWRLQVWDQWDQHRXVGRVHUDWHVIRUFRPSDULVRQWRWKHOLPLWVRI&)5



6HFWLRQ RI WKLV PDQXDO GLVFXVVHV WKH PHWKRGRORJ\\ WR EH XVHG LQ GHWHUPLQLQJ HIIOXHQW

PRQLWRU DODUPWULS VHWSRLQWV WR DVVXUH FRPSOLDQFH ZLWK WKH  &)5 3DUW  OLPLWV DV

LPSOHPHQWHGLQ6HFWLRQ6HFWLRQGLVFXVVHVWKHPHWKRGVWRDVVXUHUHOHDVHVDUH$V/RZ

$V 5HDVRQDEO\\ $FKLHYDEOH $/$5$  LQ DFFRUGDQFH ZLWK $SSHQGL[, WR &)5 3DUW

0HWKRGV DUH GHVFULEHG LQ 6HFWLRQ  IRU GHWHUPLQLQJ WKH DQQXDO FXPXODWLYH GRVH WR D

0(0%(52)7+(38%/,&IURPJDVHRXVHIIOXHQWVDQGGLUHFWUDGLDWLRQWRDVVXUHFRPSOLDQFH

ZLWK&)53DUW



7KHUHTXLUHPHQWVIRUWKH$QQXDO5DGLRORJLFDO(IIOXHQW5HOHDVH5HSRUWDQGWKH5DGLRORJLFDO

(QYLURQPHQWDO 0RQLWRULQJ 3URJUDP LQFOXGLQJ WKH $QQXDO /DQG 8VH &HQVXV DQG WKH

,QWHUODERUDWRU\\&RPSDULVRQ3URJUDPDQGWKH$QQXDO(QYLURQPHQWDO5HSRUWDUHGHVFULEHGLQ

6HFWLRQVDQGRIWKLVPDQXDO



 1XLVDQFH3DWKZD\\V



7KLVVHFWLRQDGGUHVVHVWKHSRWHQWLDOUHOHDVHSDWKZD\\VZKLFKVKRXOGQRWFRQWULEXWHPRUHWKDQRI

WKH GRVHV HYDOXDWHG LQ WKLV PDQXDO 7DEOH OLVWV H[DPSOHV RI SRWHQWLDO UHOHDVH SDWKZD\\V 7KH

2'&0PHWKRGRORJ\\IRUFDOFXODWLRQRIGRVHVZLOOEHDSSOLHGWRDQDSSOLFDEOHUHOHDVHSDWKZD\\LID

OLNHO\\SRWHQWLDODULVHVIRUFRQWULEXWLQJPRUHWKDQRIWKHGRVHVHYDOXDWHGLQWKLVPDQXDO





7$%/(

18,6$1&(3$7+:$<6

(;$03/(6 



(YDSRUDWLRQ3RQG

&RROLQJ7RZHUV

/DXQGU\\'HFRQ%XLOGLQJ([KDXVW



8QPRQLWRUHG6HFRQGDU\\6\\VWHP6WHDP9HQWV5HOLHIV

7XUELQH%XLOGLQJ9HQWLODWLRQ([KDXVW

8QPRQLWRUHG7DQN$WPRVSKHULF9HQWV



'U\\$FWLYH:DVWH3URFHVVLQJDQG6WRUDJH '$:36 %XLOGLQJ

5HVSLUDWRU&OHDQLQJ)DFLOLW\\

6HFRQGDU\\6LGH'HFRQWDPLQDWLRQ(TXLSPHQW

/RZ/HYHO5DGLRDFWLYH0DWHULDO6WRUDJH)DFLOLW\\

2XWDJH6XSSRUW)DFLOLW\\





 0HWHRURORJ\\



+LVWRULFDODQQXDODYHUDJHDWPRVSKHULFGLVSHUVLRQ ;4 DQGGHSRVLWLRQ '4 GDWDEDVHGRQQLQH

\\HDUVRIPHWHRURORJLFDOGDWDDQGJLYHQLQ7DEOHIRUHDFKRIWKHWKUHHQXFOHDUJHQHUDWLQJXQLWVDUH

XVHGWRGHPRQVWUDWHFRPSOLDQFHZLWKWKH2'&05HTXLUHPHQWV7KHVH5HTXLUHPHQWVLQFOXGH



6HFWLRQ

  • DVHRXV(IIOXHQW0RQLWRU6HWSRLQWV

6HFWLRQ

  • DVHRXVDQG/LTXLG(IIOXHQW'RVH5DWH

6HFWLRQ

  • DVHRXVDQG/LTXLG(IIOXHQW'RVH

6HFWLRQ

7RWDO'RVHDQG'RVHWR3XEOLF2QVLWH



6HFWLRQVDQGVSHFLI\\XWLOL]LQJWKHKLJKHVW;4RU'4PHWHRURORJLFDOGLVSHUVLRQSDUDPHWHUDW

WKH6LWH%RXQGDU\\IRUDQ\\RIWKHWKUHHXQLWVDVDSSOLFDEOH8VLQJWKHKLJKHVWGLVSHUVLRQSDUDPHWHUIRU

DQ\\RIWKHXQLWVSURYLGHVDFRQVHUYDWLYHDVVXPSWLRQWRDVVXUHFRPSOLDQFHZLWKWKHKLJKHU&)5

3DUWOLPLWV



6HFWLRQ VSHFLILHV XWLOL]LQJ WKH KLJKHVW ;4 DW WKH 6LWH %RXQGDU\\ IRU WKH SDUWLFXODU XQLW IURP

7DEOHIRUQREOHJDVHV7KHKLJKHVW;4DQG'4DUHXWLOL]HGIRUWKHSDUWLFXODUXQLW¶VUHOHDVHVDV

DSSOLFDEOH IRU JDVHV RWKHU WKDQ QREOH JDVHV LRGLQHV SDUWLFXODWHV DQG WULWLXP  IRU WKH FRQWUROOLQJ

SDWKZD\\¶VORFDWLRQ VLWHERXQGDU\\ XVLQJ7DEOHRU RWKHUFRQWUROOLQJORFDWLRQVXVLQJ 7DEOH

RU 



6HFWLRQ VSHFLILHV XWLOL]LQJ WKH KLJKHVW ;4 IRU WKH SDUWLFXODU XQLW¶V UHOHDVHV DW WKH FRQWUROOLQJ

ORFDWLRQIURP7DEOHRUIRUQREOHJDVHV7KHKLJKHVW;4DQG'4DUHXWLOL]HGIRUWKH

SDUWLFXODUXQLW¶VUHOHDVHVDVDSSOLFDEOHIRUJDVHVRWKHUWKDQQREOHJDVHVDWWKHFRQWUROOLQJSDWKZD\\¶V

ORFDWLRQXVLQJ7DEOHRU



6HFWLRQ  UHTXLUHV WKDW WKH PHWHRURORJLFDO FRQGLWLRQV FRQFXUUHQW ZLWK WKH WLPH RI UHOHDVH RI

UDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVDVGHWHUPLQHGE\\VDPSOLQJIUHTXHQF\\DQGPHDVXUHPHQW

VKDOOEHXVHGIRUGHWHUPLQLQJWKHJDVHRXVSDWKZD\\GRVHV





 *$6(286())/8(17021,7256(732,176



 5HTXLUHPHQWV*DVHRXV0RQLWRUV



7KHUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHOVVKRZQLQ7DEOHVKDOOEH

)81&7,21$/ZLWKWKHLUDODUPWULSVHWSRLQWVVHWWRHQVXUHWKDWWKHGRVHUHTXLUHPHQWVLQ6HFWLRQ

DUH QRW H[FHHGHG 7KH DODUPWULS VHWSRLQWV RI WKHVH FKDQQHOV VKDOO EH GHWHUPLQHG DQG DGMXVWHG LQ

DFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQ6HFWLRQ



$SSOLFDELOLW\\$VVKRZQLQ7DEOH



$FWLRQ

D :LWK WKH ORZ UDQJH UDGLRDFWLYH JDVHRXV HIIOXHQW PRQLWRULQJ LQVWUXPHQWDWLRQ FKDQQHO DODUPWULS

VHWSRLQW OHVV FRQVHUYDWLYH WKDQ UHTXLUHG E\\ WKH DERYH 5HTXLUHPHQW LPPHGLDWHO\\ VXVSHQG WKH

UHOHDVHRIUDGLRDFWLYHJDVHRXVHIIOXHQWVPRQLWRUHGE\\WKHDIIHFWHGFKDQQHORUGHFODUHWKHFKDQQHO

QRQIXQFWLRQDORUFKDQJHWKHVHWSRLQWVRLWLVDFFHSWDEO\\FRQVHUYDWLYH



E :LWKOHVVWKDQWKHPLQLPXPQXPEHURIUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQ

FKDQQHOV )81&7,21$/ WDNH WKH $&7,21 VKRZQ LQ 7DEOH  5HVWRUH WKH QRQIXQFWLRQDO

LQVWUXPHQWDWLRQWR)81&7,21$/VWDWXVZLWKLQGD\\VRULIXQVXFFHVVIXOH[SODLQLQWKHQH[W

$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWZK\\WKLVQRQIXQFWLRQDOLW\\ZDVQRWFRUUHFWHGZLWKLQ

WKHWLPHVSHFLILHG



 6XUYHLOODQFH5HTXLUHPHQWV



D (DFK UDGLRDFWLYH JDVHRXV HIIOXHQW PRQLWRULQJ LQVWUXPHQWDWLRQ FKDQQHO VKDOO EH

GHPRQVWUDWHG )81&7,21$/ E\\ SHUIRUPDQFH RI WKH &+$11(/ &+(&. 6285&(

&+(&.&+$11(/&$/,%5$7,21DQG&+$11(/)81&7,21$/7(67RSHUDWLRQV

DWWKHIUHTXHQFLHVVKRZQLQ7DEOH



E 7KH VSHFLILHG )UHTXHQF\\ IRU HDFK 6XUYHLOODQFH 5HTXLUHPHQW LV PHW LI WKH 6XUYHLOODQFH

5HTXLUHPHQW LV SHUIRUPHG ZLWKLQ  WLPHV WKH LQWHUYDO VSHFLILHG LQ WKH )UHTXHQF\\ DV

PHDVXUHG IURP WKH SUHYLRXV SHUIRUPDQFH RU DV PHDVXUHG IURP WKH WLPH D VSHFLILHG

FRQGLWLRQRIWKH)UHTXHQF\\LVPHW



)RU)UHTXHQFLHVVSHFLILHGDV³3ULRUWRHDFKUHOHDVH'WKHDERYHLQWHUYDOH[WHQVLRQGRHVQRW

DSSO\\



)RU)UHTXHQFLHVVSHFLILHGDV³2QFH'WKHDERYHLQWHUYDOH[WHQVLRQGRHVQRWDSSO\\



,ID&RPSOHWLRQ7LPHUHTXLUHVSHULRGLFSHUIRUPDQFHRQD³RQFHSHU'EDVLVWKHDERYH

)UHTXHQF\\H[WHQVLRQDSSOLHVWRHDFKSHUIRUPDQFHDIWHUWKHLQLWLDOSHUIRUPDQFH







7$%/(

5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21





,167580(17

0,1,080&+$11(/6

)81&7,21$/

$33/,&$%,/,7<

$&7,21





  • $6(2865$':$67(6<67(0

D

1REOH*DV$FWLYLW\\0RQLWRU3URYLGLQJ$ODUPDQG

$XWRPDWLF7HUPLQDWLRQRI5HOHDVH58







E

)ORZ5DWH0RQLWRU









12786('



'(/(7('



3/$179(176<67(0

$

/RZ5DQJH0RQLWRUV

D

1REOH*DV$FWLYLW\\0RQLWRU58







E

,RGLQH6DPSOHU







F

3DUWLFXODWH6DPSOHU







G

)ORZ5DWH0RQLWRU







H

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH







%

+LJK5DQJH0RQLWRUV



D

1REOH*DV$FWLYLW\\0RQLWRU58







E

,RGLQH6DPSOHU







F

3DUWLFXODWH6DPSOHU







G

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH







2'&05HY









7$%/( &RQWLQXHG 

5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21





,167580(17

0,1,080&+$11(/6

)81&7,21$/

$33/,&$%,/,7<

$&7,21





)8(/%8,/',1*9(17,/$7,216<67(0

$

/RZ5DQJH0RQLWRUV



















%

D

1REOH*DV$FWLYLW\\0RQLWRU58







E

,RGLQH6DPSOHU







F

3DUWLFXODWH6DPSOH







G

)ORZ5DWH0RQLWRU







H

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH







+LJK5DQJH0RQLWRUV

D

1REOH*DV$FWLYLW\\0RQLWRU58







E

,RGLQH6DPSOHU







F

3DUWLFXODWH6DPSOH







G

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH







2'&05HY





2'&05HY



7DEOH &RQWLQXHG 

7$%/(127$7,21



$WDOOWLPHV



'XULQJ*$6(2865$':$67(6<67(0RSHUDWLRQ



KHQHYHU WKH FRQGHQVHU DLU UHPRYDO V\\VWHP LV LQ RSHUDWLRQ RU ZKHQHYHU WXUELQH JODQGV DUH EHLQJ

VXSSOLHGZLWKVWHDPIURPVRXUFHVRWKHUWKDQWKHDX[LOLDU\\ERLOHU V 



'XULQJZDVWHJDVUHOHDVH



,Q02'(6DQGRUZKHQLUUDGLDWHGIXHOLVLQWKHIXHOVWRUDJHSRRO



$&7,21:LWK WKH QXPEHU RI FKDQQHOV )81&7,21$/ OHVV WKDQ UHTXLUHG E\\ WKH 0LQLPXP &KDQQHOV

)81&7,21$/UHTXLUHPHQWWKHFRQWHQWVRIWKHWDQN V PD\\EHUHOHDVHGWRWKHHQYLURQPHQW

SURYLGHGWKDWSULRUWRLQLWLDWLQJWKHUHOHDVH



D

$WOHDVWWZRLQGHSHQGHQWVDPSOHVRIWKHWDQNVFRQWHQWVDUHDQDO\\]HGDQG



E

$WOHDVWWZRWHFKQLFDOO\\TXDOLILHGPHPEHUVRIWKHIDFLOLW\\VWDIILQGHSHQGHQWO\\YHULI\\WKH

UHOHDVHUDWHFDOFXODWLRQVDQGGLVFKDUJHYDOYHOLQHXS



2WKHUZLVHVXVSHQGUHOHDVHRIUDGLRDFWLYHHIIOXHQWVYLDWKLVSDWKZD\\



$&7,21:LWK WKH QXPEHU RI FKDQQHOV )81&7,21$/ OHVV WKDQ UHTXLUHG E\\ WKH 0LQLPXP &KDQQHOV

)81&7,21$/ UHTXLUHPHQW HIIOXHQW UHOHDVHV YLD WKLV SDWKZD\\ PD\\ FRQWLQXH SURYLGHG WKH

IORZUDWHLVHVWLPDWHGDWOHDVWRQFHSHUKRXUV



$&7,21:LWK WKH QXPEHU RI FKDQQHOV )81&7,21$/ OHVV WKDQ UHTXLUHG E\\ WKH 0LQLPXP &KDQQHOV

)81&7,21$/ UHTXLUHPHQW HIIOXHQW UHOHDVHV YLD WKLV SDWKZD\\ PD\\ FRQWLQXH SURYLGHG WKH

DFWLRQVRI D RU E RU F DUHSHUIRUPHG



D

,QLWLDWH WKH 3UHSODQQHG $OWHUQDWH 6DPSOLQJ 3URJUDP WR PRQLWRU WKH DSSURSULDWH

SDUDPHWHU V 



E

3ODFHPRYHDEOHDLUPRQLWRUVLQOLQH



F

(LWKHU WDNH JUDE VDPSOHV DW OHDVW RQFH SHU KRXUV 25 REWDLQ JDV FKDQQHO PRQLWRU

UHDGLQJV ORFDOO\\ DW OHDVW RQFH SHU  KRXUV LI WKH FKDQQHO LV IXQFWLRQDO ORFDOO\\ EXW

QRQIXQFWLRQDO GXH WR ORVV RI FRPPXQLFDWLRQ ZLWK WKH PLQLFRPSXWHU 7KH VXUYHLOODQFH

UHTXLUHPHQWV RI 6HFWLRQ PXVW EH SHUIRUPHG DW WKH UHTXLUHG IUHTXHQFLHV IRU WKH

FKDQQHOWREHIXQFWLRQDOORFDOO\\



$&7,21

12786('

$&7,21

12786('

$&7,21:LWK WKH QXPEHU RI FKDQQHOV )81&7,21$/ OHVV WKDQ UHTXLUHG E\\ WKH 0LQLPXP &KDQQHOV

)81&7,21$/UHTXLUHPHQWHIIOXHQWUHOHDVHVYLDWKHHIIHFWHGSDWKZD\\PD\\FRQWLQXHSURYLGHG

VDPSOHVDUHFRQWLQXRXVO\\FROOHFWHGZLWKDX[LOLDU\\VDPSOLQJHTXLSPHQWDVUHTXLUHGLQ7DEOH

ZLWKLQRQHKRXUDIWHUWKHFKDQQHOKDVEHHQGHFODUHGQRQIXQFWLRQDO



$&7,21:LWK WKH QXPEHU RI FKDQQHOV )81&7,21$/ OHVV WKDQ UHTXLUHG E\\ WKH 0LQLPXP &KDQQHOV

)81&7,21$/UHTXLUHPHQWVFRPSO\\ZLWK7HFKQLFDO5HTXLUHPHQWV0DQXDO7/&2



2'&05HY



7DEOH &RQWLQXHG 

7$%/(127$7,21

$&7,21:LWK WKH QXPEHU RI FKDQQHOV )81&7,21$/ OHVV WKDQ UHTXLUHG E\\ WKH 0LQLPXP &KDQQHOV

)81&7,21$/UHTXLUHPHQWLQLWLDWHWKH3UHSODQQHG$OWHUQDWH6DPSOLQJ3URJUDPWRPRQLWRU

WKHDSSURSULDWHSDUDPHWHU V ZLWKLQKRXUV

-XO\\









7$%/(

5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,216859(,//$1&(5(48,5(0(176







,167580(17



&+$11(/

&+(&.



6285&(

&+(&.



&+$11(/

&$/,%5$7,21

&+$11(/

)81&7,21$/

7(67

02'(,1:+,&+

6859(,//$1&(

,65(48,5('





  • $6(2865$':$67(6<67(0





D

1REOH*DV$FWLYLW\\0RQLWRU3URYLGLQJ$ODUP

DQG$XWRPDWLF7HUPLQDWLRQRI5HOHDVH58



3



3  



5  



4    3





E

)ORZ5DWH0RQLWRU

3

1$

5

43





'(/(7('













'(/(7('













3/$179(176<67(0

58DQG58 













D

1REOH*DV$FWLYLW\\0RQLWRU

'  

0  

5  

4  





E

,RGLQH6DPSOHU

1$

1$

1$

1$





F

3DUWLFXODWH6DPSOHU

1$

1$

1$

1$





G

)ORZ5DWH0RQLWRU

'  

1$

5

4





H

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH

'  

1$

5

4





)8(/%8,/',1*9(17,/$7,216<67(0

58DQG58 













D

1REOH*DV$FWLYLW\\0RQLWRU

'  

0  

5  

4  





E

,RGLQH6DPSOHU

1$

1$

1$

1$





F

3DUWLFXODWH6DPSOH

1$

1$

1$

1$





G

)ORZ5DWH0RQLWRU

'  

1$

5

4





H

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH

'  

1$

5

4





2'&05HY



2'&05HY



7DEOH &RQWLQXHG 

7$%/(127$7,21



$WDOOWLPHV



'XULQJ*$6(2865$':$67(6<67(0RSHUDWLRQ



KHQHYHU WKH FRQGHQVHU DLU UHPRYDO V\\VWHP LV LQ RSHUDWLRQ RU ZKHQHYHU WXUELQH JODQGV DUH EHLQJ

VXSSOLHGZLWKVWHDPIURPVRXUFHVRWKHUWKDQWKHDX[LOLDU\\ERLOHU V 



'XULQJZDVWHJDVUHOHDVH



,Q02'(6DQGRUZKHQLUUDGLDWHGIXHOLVLQWKHIXHOVWRUDJHSRRO



)XQFWLRQDOWHVWVKRXOGFRQVLVWRIEXWQRWEHOLPLWHGWRDYHULILFDWLRQRIV\\VWHPLVRODWLRQFDSDELOLW\\E\\WKH

LQVHUWLRQRIDVLPXODWHGDODUPFRQGLWLRQ



 

7KH&+$11(/)81&7,21$/7(67VKDOODOVRGHPRQVWUDWHWKDWDXWRPDWLFLVRODWLRQRIWKLVSDWKZD\\

RFFXUVLIWKHLQVWUXPHQWLQGLFDWHVPHDVXUHGOHYHOVDERYHWKHDODUPWULSVHWSRLQW



 

7KH&+$11(/ )81&7,21$/ 7(67 VKDOODOVRGHPRQVWUDWHWKDWFRQWUROURRP DODUPDQQXQFLDWLRQ

RFFXUVLIDQ\\RIWKHIROORZLQJFRQGLWLRQVH[LVWV





,QVWUXPHQWLQGLFDWHVPHDVXUHGOHYHOVDERYHWKHDODUPVHWSRLQW



&LUFXLWIDLOXUH



,QVWUXPHQWLQGLFDWHVDGRZQVFDOHIDLOXUH



,QVWUXPHQWFRQWUROVQRWVHWLQRSHUDWHPRGH



 

7KHLQLWLDO&+$11(/&$/,%5$7,21VKDOOEHSHUIRUPHGXVLQJRQHRUPRUHRIWKHUHIHUHQFHVWDQGDUGV

FHUWLILHGE\\WKH1DWLRQDO,QVWLWXWHRI6WDQGDUGVDQG7HFKQRORJ\\ 1,67 RUXVLQJVWDQGDUGVWKDWKDYHEHHQ

REWDLQHGIURPVXSSOLHUVWKDWSDUWLFLSDWHLQPHDVXUHPHQWDVVXUDQFHDFWLYLWLHVZLWK1,677KHVHVWDQGDUGV

VKDOO SHUPLW FDOLEUDWLQJ WKH V\\VWHP RYHU LWV LQWHQGHG UDQJH RI HQHUJ\\ DQG PHDVXUHPHQW UDQJH )RU

VXEVHTXHQW&+$11(/&$/,%5$7,21VRXUFHVWKDWKDYHEHHQUHODWHGWRWKHLQLWLDOFDOLEUDWLRQPD\\EH

XVHGLQOLHXRIWKHUHIHUHQFHVWDQGDUGVDVVRFLDWHGZLWKWKHLQLWLDOFDOLEUDWLRQ



 

12786('



 

7KHFKDQQHOFKHFNIRUFKDQQHOVLQVWDQGE\\VWDWXVVKDOOFRQVLVWRIYHULILFDWLRQWKDWWKHFKDQQHOLVRQOLQH

DQGUHDFKDEOH



 

'DLO\\FKDQQHOFKHFNQRWUHTXLUHGIRUIORZPRQLWRUVLQVWDQGE\\VWDWXV



 

/('PD\\EHXWLOL]HGDVWKHFKHFNVRXUFHLQOLHXRIDVRXUFHRILQFUHDVHGDFWLYLW\\



2'&05HY



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



7KH JHQHUDO PHWKRGRORJ\\ IRU HVWDEOLVKLQJ ORZ UDQJH JDVHRXV HIIOXHQW PRQLWRU VHWSRLQWV LV

EDVHG XSRQ D VLWH UHOHDVH UDWH OLPLW LQ P&LVHF GHULYHG IURP VLWH VSHFLILF PHWHRURORJLFDO

GLVSHUVLRQFRQGLWLRQVUDGLRLVRWRSLFGLVWULEXWLRQDQGZKROHERG\\DQGVNLQGRVHIDFWRUV7KH

KLJKDODUPRIWKHORZUDQJHPRQLWRUVZLOODODUPWULSZKHQWKHUHOHDVHUDWHIURPDQLQGLYLGXDO

YHQWZLOOUHVXOWLQH[FHHGLQJWKHOLPLWVLQ6HFWLRQRI6HFWLRQOLPLWVLVFRQVLGHUHG

WREHWKHVLWHUHOHDVHUDWHOLPLW7KHVLWHUHOHDVHUDWHOLPLWZLOOEHDOORFDWHGDPRQJWKHOLFHQVHG

XQLWV¶UHOHDVHSRLQWV7KHXQLWUHOHDVHUDWHOLPLWZLOOWKHQEHXWLOL]HGIRUWKHGHWHUPLQDWLRQRI

JDVHRXVHIIOXHQWPRQLWRUVHWSRLQWV$IUDFWLRQRIWKHXQLWUHOHDVHUDWHOLPLWLVWKHQDOORWWHGWR

HDFKUHOHDVHSRLQWDQGLWVPRQLWRUDOHUWVHWSRLQW P&LFF LVGHULYHGXVLQJDFWXDORUIDQGHVLJQ

IORZUDWHV



$GPLQLVWUDWLYHYDOXHVDUHXVHGWRUHGXFHHDFKVHWSRLQWWRDFFRXQWIRUWKHSRWHQWLDODFWLYLW\\LQ

RWKHUUHOHDVHV7KHVHDGPLQLVWUDWLYHYDOXHVVKDOOEHUHYLHZHGEDVHGRQDFWXDOUHOHDVHGDWD



)RU WKH SXUSRVH RI LPSOHPHQWDWLRQ RI 6HFWLRQ WKH DODUP VHWSRLQW OHYHOV IRU ORZ UDQJH

HIIOXHQWQREOHJDVPRQLWRUVDUHHVWDEOLVKHGWRHQVXUHWKDWSHUVRQQHODUHDOHUWHGZKHQWKHQREOH

JDV UHOHDVHV DUH DW D UDWH VXFK WKDW LI WKH UHOHDVHVZRXOG FRQWLQXH IRU WKH\\HDU WKH\\ ZRXOG

DSSURDFKWKHWRWDOERG\\GRVHUDWHRIPUHP\\UDQGPUHP\\UVNLQGRVHLQ6HFWLRQ

7KH HTXDWLRQV LQ 6HFWLRQ RI WKLV PDQXDO SURYLGH WKH PHWKRGRORJ\\ IRU FDOFXODWLQJ WKH

JDVHRXVHIIOXHQWGRVHUDWH



7KHHYDOXDWLRQRIGRVHVGXHWRUHOHDVHVRIUDGLRDFWLYHPDWHULDOFDQEHVLPSOLILHGE\\WKHXVHRI

HTXLYDOHQWGRVHIDFWRUVDVGHILQHGLQ6HFWLRQ



7KHHTXLYDOHQWGRVHIDFWRUVZLOOEHHYDOXDWHGSHULRGLFDOO\\WRDVVXUHWKDWWKHEHVWLQIRUPDWLRQ

RQLVRWRSLFGLVWULEXWLRQLVEHLQJXVHGIRUWKHGRVHHTXLYDOHQWYDOXH



2'&05HY



 (TXLYDOHQW'RVH)DFWRU'HWHUPLQDWLRQ



7KHHTXLYDOHQWZKROHERG\\GRVHIDFWRULVFDOFXODWHGDVIROORZV



.HT  L> .L IL @

 



KHUH



.HT

WKH HTXLYDOHQW ZKROH ERG\\ GRVH IDFWRU ZHLJKWHG E\\ KLVWRULFDO

UDGLRQXFOLGHGLVWULEXWLRQLQUHOHDVHVLQPUHP\\USHUP&LP

.L

WKHZKROHERG\\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIRUHDFK

LGHQWLILHGQREOHJDVUDGLRQXFOLGHLLQPUHP\\USHUP&LPIURP

7DEOH



IL

WKHIUDFWLRQRIQREOHJDVUDGLRQXFOLGHLLQWKHWRWDOQREOHJDV

UDGLRQXFOLGHPL[



7KHHTXLYDOHQWVNLQGRVHIDFWRULVFDOFXODWHGDVIROORZV



/0 HT  L> /L0L IL @

 



KHUH



/0 HT WKHHTXLYDOHQWVNLQGRVHIDFWRUGXHWREHWDDQGJDPPDHPLVVLRQVIURP

DOO QREOH JDVHV UHOHDVHG ZHLJKWHG E\\ WKH KLVWRULFDO UDGLRQXFOLGH

GLVWULEXWLRQLQUHOHDVHVLQPUHP\\USHUP&LP

/L

WKHVNLQGRVHIDFWRUGXHWRWKHEHWDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH

JDVUDGLRQXFOLGHLLQPUHP\\USHUP&LPIURP7DEOH

0L

WKHDLUGRVHIDFWRUGXHWRJDPPDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH

JDVUDGLRQXFOLGHLLQPUDG\\USHUP&LPIURP7DEOH

IL

 WKH IUDFWLRQ RI QREOH JDV UDGLRQXFOLGH L LQ WKH WRWDO QREOH JDV

UDGLRQXFOLGHPL[





XQLW FRQYHUVLRQ FRQVWDQW RI PUHPPUDG FRQYHUWV DLU GRVH WR VNLQ

GRVH







2'&05HY



 6LWH5HOHDVH5DWH/LPLW 46,7( 

7KHUHOHDVHUDWHVFRUUHVSRQGLQJWRRIWKHZKROHERG\\ 4:% DQGVNLQ 46. GRVH

UDWHOLPLWVDUHFDOFXODWHGXVLQJWKHHTXLYDOHQWGRVHIDFWRUVGHILQHGLQ6HFWLRQ

7KHVLWHUHOHDVHUDWHOLPLW 46,7( LVWKHORZHURI4:% RU46.WKXVDVVXULQJWKDWWKH

PRUHUHVWULFWLYHGRVHUDWHOLPLWZLOOQRWEHH[FHHGHG



7KH46,7(LVHVWDEOLVKHGDVIROORZV



  





KHUH



46,7(:%











WKHVLWHUHOHDVHUDWHLQP&LVHFWKDWZRXOGGHOLYHUDGRVHUDWHRI





WKHZKROHERG\\GRVHUDWHOLPLW':%

':%

 ZKROHERG\\GRVHUDWHOLPLWRIPUHP\\U

.HT

 HTXLYDOHQWZKROHERG\\GRVHIDFWRULQPUHP\\USHUP&LPZHLJKWHG

E\\WKHKLVWRULFDOUDGLRQXFOLGHGLVWULEXWLRQ

;4 6,7(

 (WKHKLJKHVWFDOFXODWHGDQQXDODYHUDJHGLVSHUVLRQSDUDPHWHU

LQVHFPDWWKH6LWH%RXQGDU\\IRUDQ\\RIWKHXQLWVIURP7DEOH











DGPLQLVWUDWLYHIDFWRUWRFRPSHQVDWHIRUDQ\\XQH[SHFWHGYDULDELOLW\\LQ

WKHUDGLRQXFOLGHPL[DQGWRHQVXUHWKDW6LWH%RXQGDU\\GRVHUDWHOLPLWV

ZLOOQRWEHH[FHHGHG



  





KHUH



46,7(6. WKHVLWHUHOHDVHUDWHOLPLWLQP&LVHFWKDWZRXOGGHOLYHUDGRVHUDWH 

RIWKHVNLQGRVHUDWHOLPLW'6.

'6.

VNLQGRVHUDWHOLPLWRIPUHP\\U

/0 HT HTXLYDOHQW VNLQ GRVH IDFWRU LQ PUHP\\U SHUP&LP ZHLJKWHG E\\ WKH

UDGLRQXFOLGHGLVWULEXWLRQ



;4 6,7( (WKHKLJKHVWFDOFXODWHGDQQXDODYHUDJHGLVSHUVLRQSDUDPHWHU

LQVHFPDWWKH6LWH%RXQGDU\\IRUDQ\\RIWKHWKUHHXQLWVIURP 7DEOH







DGPLQLVWUDWLYH IDFWRU WRFRPSHQVDWH IRU DQ\\ XQH[SHFWHG YDULDELOLW\\ LQ

WKHUDGLRQXFOLGHPL[DQGWRHQVXUHWKDW6LWH%RXQGDU\\GRVHUDWHOLPLWV

ZLOOQRWEHH[FHHGHG



$IWHUGHWHUPLQDWLRQRIWKH46,7( ZKROHERG\\DQGVNLQGRVHUDWHV HTXDWLRQVDQG

UHVSHFWLYHO\\ WKHPRVWFRQVHUYDWLYHUHVXOWZLOOEHXVHGDV46,7(WKHVLWHUHOHDVH

UDWHOLPLW





0DU



0DU





2'&05HY



 8QLW5HOHDVH5DWH/LPLWV 481,7 

7\\SLFDOO\\46,7( ZLOOEHGLYLGHGHTXDOO\\DPRQJRSHUDWLQJXQLWV,IRSHUDWLRQDOKLVWRU\\

GLFWDWHVDODUJHUIUDFWLRQRIWKH46,7( EHDVVLJQHGWRDVSHFLILFXQLWWKHQDZHLJKWHG

DYHUDJHRIHDFKXQLW¶VFRQWULEXWLRQWRWKH46,7(ZLOOEHXWLOL]HGWRGHWHUPLQHWKH481,7



481,7

 I81,7  46,7( 

 

KHUH



481,7

 XQLWUHOHDVHUDWHOLPLWLQP&LVHF

I81,7

 WKHIUDFWLRQ  RIQREOHJDVKLVWRULFDOO\\UHOHDVHGIURPDVSHFLILF

RSHUDWLQJXQLWWRWKHWRWDORIDOOQREOHJDVUHOHDVHGIURPWKHVLWH

46,7(

 WKHVLWHUHOHDVHUDWHOLPLWLQP&LVHFGHWHUPLQHGLQ6HFWLRQ

 6HWSRLQW'HWHUPLQDWLRQ



7RFRPSO\\ZLWKWKHUHTXLUHPHQWVLQ6HFWLRQWKHDODUPWULSVHWSRLQWVFDQQRZEH

HVWDEOLVKHGXVLQJWKHXQLWUHOHDVHUDWHOLPLW 481,7 WRHQVXUHWKDWWKHQREOHJDVUHOHDVHV

GRQRWH[FHHGWKHGRVHUDWHOLPLWV



7RDOORZIRUPXOWLSOHVRXUFHVRIUHOHDVHVIURPGLIIHUHQWRUFRPPRQUHOHDVHSRLQWVWKH

HIIOXHQWPRQLWRUVHWSRLQWLQFOXGHVDQDGPLQLVWUDWLYHIDFWRUZKLFKDOORFDWHVDSHUFHQWDJH

RIWKHXQLWUHOHDVHUDWHOLPLWWRHDFKRIWKHUHOHDVHVRXUFHV0RQLWRUVHWSRLQWVZLOODOVR

EH DGMXVWHG LQ DFFRUGDQFH ZLWK 1XFOHDU $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO

SURFHGXUHVWRDFFRXQWIRUPRQLWRUVSHFLILFFKDUDFWHULVWLFV



0RQLWRUV58DQG58



7KHDODUPWULSVHWSRLQWIRU0RQLWRUV58DQG58LVFDOFXODWHGDVIROORZV





  





KHUH

0RQLWRU

6HWSRLQW

















WKHVHWSRLQWIRUWKHHIIOXHQWPRQLWRULQP&LFFZKLFKSURYLGHVDVDIH





PDUJLQ RI DVVXUDQFH WKDW WKH DOORZDEOH GRVH UDWH OLPLWV ZLOO QRW EH





H[FHHGHG

481,7

 XQLWUHOHDVHUDWHOLPLWLQP&LVHFDVGHWHUPLQHGLQ6HFWLRQ

)ORZ5DWH

 WKHIORZUDWHLQFIPIURPIORZUDWHPRQLWRUVRUWKHIDQGHVLJQIORZ





UDWHIRUWKHUHOHDVHVRXUFHXQGHUFRQVLGHUDWLRQ



 FRQYHUVLRQIDFWRUFXELFFHQWLPHWHUVHFRQGSHUFXELFIHHWPLQXWH

D

 IUDFWLRQRI481,7DOORFDWHGIRUDVSHFLILFUHOHDVHSRLQW7KHVXPRI

WKHVHDGPLQLVWUDWLYHYDOXHVVKDOOEHOHVVWKDQRUHTXDOWRRQH

0DU





2'&05HY



0RQLWRU58



7KH DODUPWULS VHWSRLQW IRU 0RQLWRU 58 WKH :DVWH *DV'HFD\\7DQN 0RQLWRU LV

FDOFXODWHGDVIROORZV



0RQLWRU

VHWSRLQW

> 481,7 D  +/- + 3)  @

d

)ORZ5DWH  



 



KHUH

0RQLWRU

6HWSRLQW



















WKHVHWSRLQWIRUWKHPRQLWRULQP&LFFDW673ZKLFKSURYLGHVDVDIH





PDUJLQ RI DVVXUDQFH WKDW WKH DOORZDEOH GRVH UDWH OLPLWV ZLOO QRW EH





H[FHHGHG

481,7

 XQLWUHOHDVHUDWHOLPLWLQP&LVHFDVGHWHUPLQHGLQ6HFWLRQ

)ORZ5DWH

 IORZUDWHLQFIPDW673DWZKLFKWKHWDQNZLOOEHUHOHDVHG

3)

 WKHFXUUHQWSURFHVVIORZRIWKHSODQWYHQWLQ&)0

+

 WKHFXUUHQWSODQWYHQWPRQLWRUFRQFHQWUDWLRQLQP&LFF

D

 IUDFWLRQ RI 481,7DOORFDWHG IRU D VSHFLILF UHOHDVH SRLQW 7KLV

DGPLQLVWUDWLYHYDOXHVKRXOGEHHTXDOWRRUOHVVWKDQWKHDGPLQLVWUDWLYH





YDOXHXVHGIRUWKH3ODQW9HQW



 DQDGPLQLVWUDWLYHYDOXHWRDFFRXQWIRUSRWHQWLDOLQFUHDVHVLQDFWLYLW\\





IURPRWKHUFRQWULEXWRUVWRWKHVDPHUHOHDVHSRLQW



 FRQYHUVLRQIDFWRUFXELFFHQWLPHWHUVHFRQGSHUFXELFIHHWPLQXWH

,I WKHUH LV QR UHOHDVH DVVRFLDWHG ZLWK WKLV PRQLWRU WKH PRQLWRU VHWSRLQW VKRXOG EH

HVWDEOLVKHG DV FORVH DV SUDFWLFDO WR EDFNJURXQG WR SUHYHQW VSXULRXV DODUPV DQG \\HW

DVVXUHDQDODUPVKRXOGDQLQDGYHUWHQWUHOHDVHRFFXU



 0RQLWRU&DOLEUDWLRQ



7KH 5DGLDWLRQ /HYHO &RQYHUVLRQ )DFWRU 5/)  IRU HDFK PRQLWRU LV HQWHUHG LQWR WKH

5DGLDWLRQ 0RQLWRULQJ 6\\VWHP 'DWDEDVH DQG PD\\ FKDQJH ZKHQHYHU WKH PRQLWRU LV

FDOLEUDWHG &DOLEUDWLRQ LV SHUIRUPHG LQ DFFRUGDQFH ZLWK 1XFOHDU $GPLQLVWUDWLYH DQG

7HFKQLFDO0DQXDOSURFHGXUHV



2'&05HY





  • $6(286$1'/,48,'())/8(17'26(5$7(6



 5HTXLUHPHQWV*DVHRXV(IIOXHQWV



7KHGRVHUDWHGXHWRUDGLRDFWLYHPDWHULDOVUHOHDVHGLQJDVHRXVHIIOXHQWVIURPWKHVLWH VHH)LJXUH

DQG)LJXUH VKDOOEHOLPLWHGWRWKHIROORZLQJ



D

)RUQREOHJDVHV/HVVWKDQRUHTXDOWRPUHPV\\UWRWKHWRWDOERG\\DQGOHVVWKDQRUHTXDOWR

PUHPV\\UWRWKHVNLQDQG



E

)RU,DQG,IRUWULWLXPDQGIRUDOOUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHV

JUHDWHUWKDQGD\\V/HVVWKDQRUHTXDOWRPUHPV\\UWRDQ\\RUJDQ



$SSOLFDELOLW\\

$WDOOWLPHV



$FWLRQ

LWKWKHGRVHUDWH V H[FHHGLQJWKHDERYHOLPLWVLPPHGLDWHO\\GHFUHDVHWKHUHOHDVHUDWHWRZLWKLQWKH

DERYHOLPLWV V 



 6XUYHLOODQFH5HTXLUHPHQWV



D 7KHGRVHUDWHGXHWRQREOHJDVHVLQJDVHRXVHIIOXHQWVVKDOOEHGHWHUPLQHGWREHZLWKLQWKH

DERYHOLPLWVLQDFFRUGDQFHZLWKWKHPHWKRGVFRQWDLQHGLQ6HFWLRQ



E 7KHGRVHUDWHGXHWR,,WULWLXPDQGDOOUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWK

KDOIOLYHV JUHDWHU WKDQ GD\\V LQ JDVHRXV HIIOXHQWV VKDOO EH GHWHUPLQHG WR EH ZLWKLQ WKH

DERYH OLPLWV LQ DFFRUGDQFH ZLWK WKH PHWKRGV FRQWDLQHG LQ 6HFWLRQ E\\ REWDLQLQJ

UHSUHVHQWDWLYH VDPSOHV DQG SHUIRUPLQJ DQDO\\VHV LQ DFFRUGDQFH ZLWK WKH VDPSOLQJ DQG

DQDO\\VLVSURJUDPVSHFLILHGLQ7DEOH



2'&05HY



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



1REOH*DVHV



1REOHJDVDFWLYLW\\PRQLWRUVHWSRLQWVDUHHVWDEOLVKHGDWUHOHDVHUDWHVZKLFKSHUPLWFRUUHFWLYH

DFWLRQWREHWDNHQEHIRUHH[FHHGLQJWKH&)5DQQXDOGRVHOLPLWVDVGHVFULEHGLQ 6HFWLRQ

 7KH UHTXLUHPHQWV IRU VDPSOLQJ DQG DQDO\\VLV RI FRQWLQXRXV DQG EDWFK HIIOXHQW UHOHDVHV

DUH JLYHQ LQ 7DEOH 7KH PHWKRGV IRU VDPSOLQJ DQG DQDO\\VLV RI FRQWLQXRXV DQG EDWFK

HIIOXHQWUHOHDVHVDUHJLYHQLQWKH1XFOHDU$GPLQLVWUDWLYHDQG7HFKQLFDO0DQXDO SURFHGXUHV

7KHGRVHUDWHLQXQUHVWULFWHGDUHDVVKDOOEHGHWHUPLQHGXVLQJWKHIROORZLQJ HTXDWLRQV



)RUZKROHERG\\GRVHUDWH



':%  L> .L ;4 6,7( 4L @

 



)RUVNLQGRVHUDWH



'6.  L> /L0L ;4 6,7( 4L @

 



KHUH

.L









WKHZKROHERG\\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH

JDVUDGLRQXFOLGHLLQPUHP\\USHUP&LPIURP7DEOH

4L

;4 6,7(









WKHUHOHDVHUDWHRIUDGLRQXFOLGHLLQP&LVHF



( WKH KLJKHVW FDOFXODWHG DQQXDO DYHUDJH GLVSHUVLRQ SDUDPHWHU LQ

VHFPIRUDQ\\RIWKHWKUHHXQLWVIURP7DEOH

':%

/L











WKHDQQXDOZKROHERG\\GRVHUDWH PUHP\\U 



WKHVNLQGRVHIDFWRUGXHWRWKHEHWDHPLVVLRQVIRUHDFKLGHQWLILHGQREOHJDV

UDGLRQXFOLGHLLQPUHP\\USHUP&LPIURP7DEOH

0L



 WKH DLU GRVH IDFWRU GXH WRJDPPD HPLVVLRQV IRU HDFK LGHQWLILHGQREOHJDV

UDGLRQXFOLGHLLQPUDG\\USHUP&LPIURP7DEOH

'6.













WKHDQQXDOVNLQGRVHUDWH PUHP\\U 



XQLWFRQYHUVLRQFRQVWDQWRIPUHPPUDGFRQYHUWVDLUGRVHWRVNLQGRVH



2'&05HY



,,WULWLXPDQGUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\V



7KH PHWKRGV IRU VDPSOLQJ DQG DQDO\\VLV RI FRQWLQXRXV DQG EDWFK UHOHDVHV IRU,,

WULWLXPDQGUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\VDUHJLYHQLQ

WKHDSSOLFDEOH1XFOHDU$GPLQLVWUDWLYHDQG7HFKQLFDO0DQXDOSURFHGXUHV$GGLWLRQDOPRQWKO\\

DQGTXDUWHUO\\DQDO\\VHVVKDOOEHSHUIRUPHGLQDFFRUGDQFHZLWK7DEOH7KHWRWDORUJDQGRVH

UDWHLQXQUHVWULFWHGDUHDVVKDOOEHGHWHUPLQHGE\\WKHIROORZLQJHTXDWLRQ



'R  L> 3L ;4 6,7( 4L @

 



KHUH



3L

WKHGRVHIDFWRULQPUHP\\USHUP&LPIRUUDGLRQXFOLGHLIRUWKHLQKDODWLRQ

SDWKZD\\IURP7DEOH



;4 6,7(

( WKH KLJKHVW FDOFXODWHG DQQXDO DYHUDJH GLVSHUVLRQ SDUDPHWHU LQ

VHFPDWWKH6LWH%RXQGDU\\IRUDQ\\RIWKHWKUHHXQLWV

4L

WKHUHOHDVHUDWHRIUDGLRQXFOLGHLLQP&LVHF

'R

WKHWRWDORUJDQGRVHUDWH PUHP\\U 



2'&05HY



7$%/(

5$',2$&7,9(*$6(286:$67(6$03/,1*$1'$1$/<6,6352*5$0







  • $6(2865(/($6(7<3(



6$03/,1*

)5(48(1&<

0,1,080

$1$/<6,6

)5(48(1&<



7<3(2)

$&7,9,7<$1$/<6,6

/2:(5/,0,7

2)'(7(&7,21

//'  P&LPO D

$:DVWH*DV6WRUDJH

3

(DFK7DQN*UDE

6DPSOH

3

(DFK7DQN

3ULQFLSDO*DPPD

(PLWWHUVJ

(

%&RQWDLQPHQW3XUJH

3

(DFK3XUJHEF

  • UDE6DPSOH

3

(DFK3XUJHEF

3ULQFLSDO*DPPD

(PLWWHUVJ

(

+

(

& '(/(7('

 3ODQW9HQW

 )XHO%OGJ([KDXVW

0EH

  • UDE6DPSOH

0E

3ULQFLSDO*DPPD

(PLWWHUVJ

(

+

(

&RQWLQXRXVI

0G

&KDUFRDO

6DPSOH

,

(

,

(

&RQWLQXRXVI

0G

3DUWLFXODWH

6DPSOH

3ULQFLSDO*DPPD

(PLWWHUVJ

,2WKHUV 

(

&RQWLQXRXVI

0

&RPSRVLWH

3DUWLFXODWH

6DPSOH

  • URVV$OSKD

(

&RQWLQXRXVI

4

&RPSRVLWH

3DUWLFXODWH

6DPSOH

6U6U

(

' $OO5DGZDVWH7\\SHVDV

OLVWHGLQ$%DQG&

DERYH

&RQWLQXRXVI

1REOH*DV

0RQLWRU

1REOH*DVHV*URVV%HWD

RU*DPPD

(



2'&05HY



7DEOH &RQWLQXHG 

7$%/(127$7,21

D

7KH//'LVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOO\\LHOGDQHWFRXQW

DERYH V\\VWHP EDFNJURXQG  WKDW ZLOO EH GHWHFWHG ZLWK  SUREDELOLW\\ ZLWK RQO\\  SUREDELOLW\\ RI

IDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVDUHDOVLJQDO



)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHP ZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ 











KHUH



//'LVWKHDSULRULORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVP&LSHUXQLWPDVVRUYROXPH &XUUHQW

OLWHUDWXUHGHILQHVWKH//'DVWKHGHWHFWLRQFDSDELOLW\\IRUWKHLQVWUXPHQWDWLRQRQO\\DQGWKH0'& PLQLPXP

GHWHFWDEOHFRQFHQWUDWLRQDVWKHGHWHFWLRQFDSDELOLW\\IRUDJLYHQLQVWUXPHQWSURFHGXUHDQGW\\SH RIVDPSOH



VELVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQNVDPSOHDV

DSSURSULDWH DVFRXQWVSHUPLQXWH 



(LVWKHFRXQWLQJHIILFLHQF\\ DVFRXQWVSHUWUDQVIRUPDWLRQ 

9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH 

(LVWKHQXPEHURIWUDQVIRUPDWLRQVSHUPLQXWHSHUPLFURFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOG ZKHQDSSOLFDEOH 

OLVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG

WLVWKHHODSVHGWLPHEHWZHHQWKHPLGSRLQWRIVDPSOHFROOHFWLRQDQGWLPHRIFRXQWLQJ IRU SODQW

HIIOXHQWVQRWHQYLURQPHQWDOVDPSOHV 



7KHYDOXHRIVE XVHGLQWKHFDOFXODWLRQRIWKH//'IRUDGHWHFWLRQV\\VWHPVKDOOEHEDVHGRQWKHDFWXDO

REVHUYHG YDULDQFH RI WKH EDFNJURXQG FRXQWLQJ UDWH RU RI WKH FRXQWLQJ UDWH RI WKH EODQN VDPSOHV DV

DSSURSULDWH UDWKHUWKDQRQDQXQYHULILHGWKHRUHWLFDOO\\SUHGLFWHGYDULDQFH,QFDOFXODWLQJWKH//'IRUD

UDGLRQXFOLGH GHWHUPLQHG E\\ JDPPDUD\\ VSHFWURPHWU\\ WKH EDFNJURXQG VKRXOG LQFOXGH WKH W\\SLFDO

FRQWULEXWLRQVRIRWKHUUDGLRQXFOLGHVQRUPDOO\\SUHVHQWLQWKHVDPSOHV7\\SLFDOYDOXHVRI(9<DQG W

VKRXOGEHXVHGLQWKHFDOFXODWLRQ



,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHGDVDQDSULRUL EHIRUHWKHIDFW OLPLWUHSUHVHQWLQJWKH

FDSDELOLW\\ RI D PHDVXUHPHQW V\\VWHP DQG QRW DV DQ D SRVWHULRUL DIWHU WKH IDFW  OLPLW IRU D SDUWLFXODU

PHDVXUHPHQW

0DU



0DU



0DU





2'&05HY



7DEOH &RQWLQXHG 

7$%/(127$7,21

E

$QDO\\VHVVKDOODOVREHSHUIRUPHGIROORZLQJ6+87'2:167$5783RUD7+(50$/32:(5FKDQJH

H[FHHGLQJRIWKH5$7('7+(50$/32:(5ZLWKLQDKRXUSHULRGLI DQDO\\VLVVKRZVWKDWWKH

'26((48,9$/(17,FRQFHQWUDWLRQLQWKHSULPDU\\FRRODQWKDVLQFUHDVHGPRUHWKDQDIDFWRURI

DQG WKHQREOHJDVDFWLYLW\\PRQLWRURQWKHSODQWYHQWVKRZVWKDWHIIOXHQWDFWLYLW\\KDVLQFUHDVHGE\\PRUH

WKDQDIDFWRURI,IWKHDVVRFLDWHGQREOHJDVYHQWPRQLWRULVQRQIXQFWLRQDOVDPSOHVPXVWEHREWDLQHGDV

VRRQ DV SRVVLEOH $QDO\\VHV VKDOO EH SHUIRUPHG ZLWKLQ D IRXUKRXU SHULRG 7KLV UHTXLUHPHQW GRHV QRW

DSSO\\WRWKH)XHO%XLOGLQJ([KDXVW



F

6DPSOLQJDQGDQDO\\VHVVKDOODOVREHSHUIRUPHGDWOHDVWRQFHSHUGD\\VZKHQSXUJLQJWLPHH[FHHGV

GD\\VFRQWLQXRXV



G

6DPSOHVVKDOOEHFKDQJHGDWOHDVWWLPHVDPRQWKDQGDQDO\\VHVVKDOOEHFRPSOHWHGZLWKLQKRXUVDIWHU

FKDQJLQJ RU DIWHU UHPRYDO IURP VDPSOHU  :KHQ VDPSOHV FROOHFWHG IRU KRXUV DUH DQDO\\]HG WKH

FRUUHVSRQGLQJ//'VPD\\EHLQFUHDVHGE\\DIDFWRURI



H

7ULWLXPJUDEVDPSOHVVKDOOEHWDNHQDWOHDVWPRQWKO\\IURPWKHYHQWLODWLRQH[KDXVWIURPWKHVSHQWIXHOSRRO

DUHDZKHQHYHUVSHQWIXHOLVLQWKHVSHQWIXHOSRRO



I

7KHUDWLRRIWKHVDPSOHIORZUDWHWRWKHVDPSOHGVWUHDPIORZUDWHVKDOOEHNQRZQIRUWKHWLPHSHULRG

FRYHUHGE\\HDFKGRVHRUGRVHUDWHFDOFXODWLRQPDGHLQDFFRUGDQFHZLWK5HTXLUHPHQWVDQGRI

WKH2'&0



J

7KH SULQFLSDO JDPPD HPLWWHUV IRU ZKLFK WKH //' VSHFLILFDWLRQ DSSOLHV LQFOXGH WKH IROORZLQJ

UDGLRQXFOLGHV.U.U;H;HP;HDQG;HIRUJDVHRXVHPLVVLRQVDQG0Q

)H&R&R=Q0R&V&V&HDQG&HIRUSDUWLFXODWHHPLVVLRQV7KLV

OLVW GRHV QRW PHDQ WKDW RQO\\ WKHVH QXFOLGHV DUH WR EH GHWHFWHG DQG UHSRUWHG 2WKHU SHDNV ZKLFK DUH

PHDVXUDEOHDQGLGHQWLILDEOHWRJHWKHUZLWKWKHDERYHQXFOLGHVVKDOODOVREHLGHQWLILHGDQGUHSRUWHGLQWKH

$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW







7$%/(

',63(56,21$1''(326,7,213$5$0(7(56)25/21*7(505(/($6(6

$77+(6,7(%281'$5<



























































5HIHUHQFH

'LVWDQFHVDUHIURPWKH391*6(52/7DEOH'LVSHUVLRQDQG'HSRVLWLRQSDUDPHWHUVDUHIURPD6HSWHPEHUFDOFXODWLRQ

E\\186&RUSRUDWLRQEDVHGRQ\\HDUVRIPHWHRURORJLFDOGDWD186&RUSRUDWLRQOHWWHU186$133GDWHG2FWREHU





',67$1&(

81,7

4



'4

81,7

',67$1&(



4



'4

81,7

',67$1&(



4



'4

',5(&7,21 0(7(56 

6(&P 

P 

0(7(56 

6(&P 

P 

0(7(56 

6(&P 

P 

1



(

(



(

(



(

(

11(



(

(



(

(



(

(

1(



(

(



(

(



(

(

(1(



(

(



(

(



(

(

(



(

(



(

(



O(

(

(6(



(

(



(

(



(

(

6(



(

(



(

(



(

(

66(



(

(



(

(



(

(

6



(

(



(

(



(

(

66:



(

(



(

(

O

O(

(

6:



(

(



(

(

O

(

(

6:



(

(



(

(



(

(





(

(



(

(



(

(

1:



(

(



(

(



(

(

1:



(

(



(

(

O

O(

(

11:



(

(



(

(

OO

(

(

2'&05HY





2'&05HY



7$%/(

'26()$&7256)2512%/(*$6(6$1''$8*+7(56





KROH%RG\\

'RVH)DFWRU

.L

6NLQ

'RVH)DFWRU

/L

  • DPPD$LU

'RVH)DFWRU

0L



%HWD$LU'RVH

)DFWRU1L



5DGLRQXFOLGH

PUHPP

\\UP&L

PUHPP

\\UP&L

PUDGP

\\UP&L

PUDGP

\\UP&L

.UP

(



(

(

.UP

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

HOP

(

(

(

(

HP

(

(

(

(

H

(

(

(

(

HP

(

(

(

(

H

(

(

(

(

H

(

(

(

(

H

(

(

(

(

$U

(

(

(

(









5HIHUHQFH5HJXODWRU\\*XLGH7DEOH%



2'&05HY



7$%/(

3L9$/8(6)257+(,1+$/$7,213$7+:$<

PUHP\\UP&LP 



18&/,'(

$JH*URXS

2UJDQ

3L

+

7((1

/,9(5

(

&5

7((1

/81*

(

01

7((1

/81*

(

)(

7((1

/81*

(

&2

7((1

/81*

(

&2

7((1

/81*

(

=1

7((1

/81*

(

65

7((1

/81*

(

65

7((1

%21(

(

=5

7((1

/81*

(

6%

7((1

/81*

(

,

&+,/'

7+<52,'

(

,

&+,/'

7+<52,'

(

&6

7((1

/,9(5

(

&6

&+,/'

%21(

(

%$

7((1

/81*

(

&(

7((1

/81*

(

&(

7((1

/81*

(



2'&05HY



5HTXLUHPHQWV6HFRQGDU\\6\\VWHP/LTXLG:DVWH'LVFKDUJHV7R2QVLWH(YDSRUDWLRQ3RQGVRU

&LUFXODWLQJ:DWHU6\\VWHP&RQFHQWUDWLRQ



7KH FRQFHQWUDWLRQ RI UDGLRDFWLYH PDWHULDO GLVFKDUJHG IURP VHFRQGDU\\ V\\VWHP OLTXLG ZDVWH WR WKH

FLUFXODWLQJZDWHUV\\VWHPVKDOOEHOLPLWHGWR



(P&LPOIRUWKHSULQFLSDOJDPPDHPLWWHUV H[FHSW&H 

(P&LPOIRU&H

(P&LPOIRU,

(P&LPOIRU+

7KH FRQFHQWUDWLRQ RI UDGLRDFWLYH PDWHULDO GLVFKDUJHG IURP VHFRQGDU\\ V\\VWHP OLTXLG ZDVWH WR WKH

RQVLWHHYDSRUDWLRQSRQGVVKDOOEHOLPLWHGWR



(P&LPOIRU&V

(P&LPOIRU&V

7KHFRQFHQWUDWLRQVVSHFLILHGLQ&)53DUW$SSHQGL[%7DEOH

&ROXPQIRUDOORWKHULVRWRSHV



$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

KHQDQ\\VHFRQGDU\\V\\VWHPOLTXLGZDVWHGLVFKDUJHSDWKZD\\FRQFHQWUDWLRQGHWHUPLQHGLQDFFRUGDQFH

ZLWK WKH VXUYHLOODQFH UHTXLUHPHQWV JLYHQ EHORZ H[FHHGV WKH DERYH 5HTXLUHPHQWV GLYHUW WKDW

GLVFKDUJHSDWKZD\\WRWKHOLTXLGUDGZDVWHV\\VWHPZLWKRXWGHOD\\RUWHUPLQDWHWKHGLVFKDUJH



 6XUYHLOODQFH5HTXLUHPHQWV



D 6HFRQGDU\\V\\VWHPOLTXLGZDVWHVVKDOOEHVDPSOHGDQGDQDO\\]HGDFFRUGLQJWRWKHVDPSOLQJ

DQGDQDO\\VLVSURJUDPRI7DEOH



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



7KLV UHTXLUHPHQW LV LPSOHPHQWHG E\\ 1XFOHDU $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO

SURFHGXUHV





7$%/(

5$',2$&7,9(/,48,':$67(6$03/,1*$1'$1$/<6,6352*5$0







6HFRQGDU\\6\\VWHP/LTXLG5HOHDVH

3DWKZD\\







'HVWLQDWLRQ





6DPSOLQJ 

$QDO\\VLV)UHTXHQF\\







1RWHV





7\\SH2I

$FWLYLW\\$QDO\\VLV

/RZHU/LPLW

2I'HWHFWLRQ

//' D

P&LPO 



&KHPLFDO:DVWH1HXWUDOL]HU

7DQN &:17 E

5HWHQWLRQ7DQN

3

(DFK%DWFK



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

OLTXLGUDGZDVWH

1$





6WHDP*HQHUDWRU%ORZGRZQ

/RZ7'66XPSE

FLUFZDWHU

3

(DFK%DWFK



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

&:17

1$





&RQGHQVDWH





D &RQGHQVDWH3ROLVKLQJ/RZ

7'66XPSE

FLUFZDWHU

3

(DFK%DWFK



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

&:17

1$



E,QLWLDO%DFNZDVK

ORZ7'6VXPS WR

FLUFZDWHU

3

(DFK'LVFKDUJH 

3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

ORZ7'6VXPS WR

&:17

1$



F 3UHVHUYLFHULQVHHIIOXHQW

&RQGHQVDWH

3ROLVKLQJ/RZ7'6

6XPSEWKURXJK

6&189

3

(DFK%DWFK



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

FRQGHQVHUWKURXJK

6&189

1$



G2YHUERDUGFRQGHQVDWH

FLUFZDWHUWKURXJK

&'19

3

(DFK'LVFKDUJH 

3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

5HWHQWLRQ7DQN

WKURXJK6&19

3

(DFK'LVFKDUJH 



7XUELQH%XLOGLQJ6XPSG

5HWHQWLRQ7DQN

'*UDE6DPSOH



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

&:17

1$



2'&05HY



-XO\\









7$%/(

5$',2$&7,9(/,48,':$67(6$03/,1*$1'$1$/<6,6352*5$0







6HFRQGDU\\6\\VWHP/LTXLG5HOHDVH

3DWKZD\\







'HVWLQDWLRQ





6DPSOLQJ 

$QDO\\VLV)UHTXHQF\\







1RWHV





7\\SH2I

$FWLYLW\\$QDO\\VLV

/RZHU/LPLW

2I'HWHFWLRQ

//' D

P&LPO 



1RUWK 6RXWK&RQGHQVHU$UHD

6XPSVG

5HWHQWLRQ7DQN

'*UDE6DPSOH



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(

&:17

1$





6WHDP*HQHUDWRU%ORZGRZQWR

5HWHQWLRQ7DQN

5HWHQWLRQ7DQN

WKURXJK6&19

3

(DFK'LVFKDUJH 

3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(



5HWHQWLRQ7DQNWR(YDSRUDWLRQ

3RQG

HYDSRUDWLRQSRQG

3

(DFK%DWFK



3ULQFLSDO*DPPD(PLWWHUVF

,

+

(

(

(





6DPSOLQJDQGDQDO\\VLVDUHUHTXLUHGRQO\\ZKHQFRQFHQWUDWLRQIRUFKHPLFDOZDVWHQHXWUDOL]HUWDQNRUVWHDPJHQHUDWRUDFWLYLW\\H[FHHGVWKHUHTXLUHPHQW



58VKDOOEHGHPRQVWUDWHG)81&7,21$/E\\SHUIRUPDQFHRIWKH&+$11(/&+(&.6285&(&+(&.&+$11(/&$/,%5$7,21DQG

&+$11(/ )81&7,21$/ 7(67 DW WKH IUHTXHQFLHV VKRZQ LQ 7DEOH  7KH $ODUP7ULS VHWSRLQWV IRU 58 DUH VHW WR HQVXUH WKDW WKH

FRQFHQWUDWLRQVLQWKH5HWHQWLRQ7DQNVGRQRWH[FHHGWKH5HTXLUHPHQW



6DPSOLQJDQGDQDO\\VLVDUHUHTXLUHGRQO\\ZKHQFRQFHQWUDWLRQIRUFKHPLFDOZDVWHQHXWUDOL]HUWDQNRUFRQGHQVDWHDFWLYLW\\H[FHHGVWKHUHTXLUHPHQW

2'&05HY





2'&05HY



7DEOH &RQWLQXHG 



7$%/(127$7,21



D

7KH//'LVGHILQHGDVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOO\\LHOGDQHW

FRXQWDERYHV\\VWHPEDFNJURXQGWKDWZLOOEHGHWHFWHGZLWKSUREDELOLW\\ZLWKRQO\\SUREDELOLW\\RI

IDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVD³UHDO'VLJQDO



)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHPZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ













KHUH



//'LVWKH³DSULRUL'ORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYHDVPLFURFXULHVSHUXQLWPDVVRUYROXPH



VELVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQNVDPSOHDV

DSSURSULDWHDVFRXQWVSHUPLQXWH



(LVWKHFRXQWLQJHIILFLHQF\\DVFRXQWVSHUGLVLQWHJUDWLRQ

9LVWKHVDPSOHVL]HLQXQLWVRIPDVVRUYROXPH

(LVWKHQXPEHURIGLVLQWHJUDWLRQVSHUPLQXWHSHUPLFURFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOGZKHQDSSOLFDEOH

OLVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG

WLVWKHHODSVHGWLPHEHWZHHQPLGSRLQWRIVDPSOHFROOHFWLRQDQGWLPHRI FRXQWLQJ

7\\SLFDOYDOXHVRI(9<DQGWVKRXOGEHXVHGLQWKHFDOFXODWLRQ

,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHGDVDQDSULRUL EHIRUHWKHIDFW OLPLWUHSUHVHQWLQJWKH

FDSDELOLW\\ RI D PHDVXUHPHQW V\\VWHP DQG QRW DV DQ D SRVWHULRUL DIWHU WKH IDFW  OLPLW IRU D SDUWLFXODU

PHDVXUHPHQW



E

$EDWFKUHOHDVHLVWKHGLVFKDUJHRIOLTXLGZDVWHVRIDGLVFUHWHYROXPH3ULRUWRVDPSOLQJIRUDQDO\\VHV

HDFKEDWFKVKDOOEHLVRODWHGDQGWKHQWKRURXJKO\\PL[HGWRDVVXUHUHSUHVHQWDWLYHVDPSOLQJ



F

7KH SULQFLSDO JDPPD HPLWWHUV IRU ZKLFK WKH //' VSHFLILFDWLRQ DSSOLHV LQFOXGH WKH IROORZLQJ

UDGLRQXFOLGHV0Q)H&R&R=Q0R&V&VDQG&H&HVKDOO

DOVREHPHDVXUHGEXWZLWKDQ//'RI(7KLVOLVWGRHVQRWPHDQWKDWRQO\\WKHVHQXFOLGHVDUHWREH

FRQVLGHUHG2WKHUJDPPDSHDNVWKDWDUHLGHQWLILDEOHWRJHWKHUZLWKWKRVHRIWKHDERYHQXFOLGHVVKDOODOVR

EHDQDO\\]HGDQGUHSRUWHGLQWKH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW



G

$FRQWLQXRXVUHOHDVHLVWKHGLVFKDUJHRIOLTXLGZDVWHVRIDQRQGLVFUHWHYROXPHHJIURPDYROXPHRID

V\\VWHPWKDWKDVDQLQSXWIORZGXULQJWKHFRQWLQXRXVUHOHDVH

0DU



0DU



>VLF@

2'&05HY

7$%/(

5$',2$&7,9(/,48,'())/8(17021,725,1*,167580(17$7,21

,QVWUXPHQW

&KDQQHO

&KHFN

6RXUFH

&KHFN

&KDQQHO

&DOLEUDWLRQ

&KDQQHO

)XQFWLRQDO

7HVW

0RGHLQZKLFK

6XUYHLOODQFHLV

5HTXLUHG

58

3

1$

5

4

6HH7DEOH

7$%/(

5$',2$&7,9(/,48,'())/8(17021,725,1*,167580(17$7,21

6859(,//$1&(5(48,5(0(176

6HFRQGDU\\6\\VWHP/LTXLG5HOHDVH3DWKZD\\

0RGHLQ

ZKLFK

6XUYHLOODQFH

LV5HTXLUHG

$FWLRQLI58LVQRQIXQFWLRQDO

3UHVHUYLFHULQVHWR5HWHQWLRQ7DQNV

$W$OO7LPHV

2EWDLQJUDEVDPSOHDWOHDVWRQFHSHU

KRXUVDQGDQDO\\]HLQDFFRUGDQFH

ZLWKVHFWLRQ

&RQGHQVDWHRYHUERDUGWR5HWHQWLRQ7DQNV



2EWDLQJUDEVDPSOHDWOHDVWRQFHSHU

KRXUVDQGDQDO\\VHVLQDFFRUGDQFH

ZLWKVHFWLRQ

6WHDP*HQHUDWRU%ORZGRZQ'UDLQWR5HWHQWLRQ

7DQNV

$W$OO7LPHV

0RGHV6XVSHQGWKHUHOHDVH

0RGHV GHIXHOHG2EWDLQJUDE

VDPSOHDWOHDVWRQFHSHUKRXUV

DQGDQDO\\]HLQDFFRUGDQFHZLWKVHF

WLRQ



2'&05HY

 *$6(286 /,48,'())/8(176'26(

 5HTXLUHPHQWV1REOH*DVHV

7KHDLUGRVHGXHWRQREOHJDVHVUHOHDVHGLQJDVHRXVHIIOXHQWVIURPHDFKUHDFWRUXQLWWRDUHDVDWDQG

EH\\RQGWKH6,7(%281'$5< VHH)LJXUHDQG)LJXUH VKDOOEHOLPLWHGWRWKHIROORZLQJ

D

'XULQJDQ\\FDOHQGDUTXDUWHU/HVVWKDQRUHTXDOWRPUDGVIRUJDPPDUDGLDWLRQDQGOHVVWKDQRU HTXDOWRPUDGVIRUEHWDUDGLDWLRQDQG

E

'XULQJDQ\\FDOHQGDU\\HDU/HVVWKDQRUHTXDOWRPUDGVIRUJDPPDUDGLDWLRQDQGOHVVWKDQRU HTXDOWRPUDGVIRUEHWDUDGLDWLRQ

$SSOLFDELOLW\\

$WDOOWLPHV

$FWLRQ

LWKWKHFDOFXODWHGDLUGRVHIURPUDGLRDFWLYHQREOHJDVHVLQJDVHRXVHIIOXHQWVH[FHHGLQJDQ\\RI

WKHDERYHOLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VD6SHFLDO5HSRUWWKDW

LGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLW V DQGGHILQHVWKHFRUUHFWLYHDFWLRQVWKDWKDYH

EHHQWDNHQWRUHGXFHWKHUHOHDVHVDQGWKHSURSRVHGFRUUHFWLYHDFWLRQVWREHWDNHQWRDVVXUHWKDW

VXEVHTXHQWUHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYHOLPLWV

 6XUYHLOODQFH5HTXLUHPHQWV

D &XPXODWLYHGRVHFRQWULEXWLRQVIRUWKHFXUUHQWFDOHQGDUTXDUWHUDQGFXUUHQWFDOHQGDU\\HDU IRU QREOH JDVHV VKDOO EH GHWHUPLQHG LQ DFFRUGDQFH ZLWK WKH PHWKRGRORJ\\ FRQWDLQHG LQ 6HFWLRQDWOHDVWRQFHSHUGD\\V



2'&05HY



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW1REOH*DV



7KHDLUGRVHLQ XQUHVWULFWHG DUHDVEH\\RQGWKHVLWHERXQGDU\\ GXHWR QREOH JDVHV UHOHDVHG LQ

JDVHRXVHIIOXHQWVIURPHDFKXQLWGXULQJDQ\\VSHFLILHGWLPHSHULRGVKDOOEHGHWHUPLQHGE\\WKH

IROORZLQJHTXDWLRQV



)RUJDPPDUDGLDWLRQ



'JX

 ( 6L> 0L  ;4 81,7 4L @

 

)RUEHWDUDGLDWLRQ



'EX

 ( 6L> 1L  ;4 81,7 4L @

 

KHUH



0L

WKH DLU GRVH IDFWRU GXH WR JDPPD HPLVVLRQV IRU HDFK LGHQWLILHG QREOH JDV

UDGLRQXFOLGHLLQPUDG\\USHUP&LPIURP7DEOH

1L

 WKH DLU GRVH IDFWRU GXH WR EHWD HPLVVLRQV IRU HDFK LGHQWLILHG QREOH JDV

UDGLRQXFOLGHLLQPUDG\\USHUP&LPIURP7DEOH

;4 81,7 WKHKLJKHVWFDOFXODWHGDQQXDODYHUDJHGLVSHUVLRQSDUDPHWHULQVHFPDWWKH

VLWHERXQGDU\\IRUWKHSDUWLFXODU8QLWIURP7DEOH2SWLRQDOO\\WKHKLJKHVW

YDOXHPD\\EHXVHGIRUDQ\\8QLWFDOFXODWLRQ



(IURP8QLWO

(IURP8QLW

(IURP8QLW

'JX

WKHWRWDOJDPPDDLUGRVHIRUWKHSDUWLFXODUXQLWLQPUDGGXHWRQREOHJDVHV

UHOHDVHG LQ JDVHRXV HIIOXHQWV IRU D VSHFLILHG WLPH SHULRG DW WKH 6,7(

%281'$5<

'EX

WKH WRWDO EHWD DLU GRVH IRU WKH SDUWLFXODU XQLW LQ PUDG GXH WR QREOH JDVHV

UHOHDVHG LQ JDVHRXV HIIOXHQWV IRU D VSHFLILHG WLPH SHULRG DW WKH 6,7(

%281'$5<



4L

WKH LQWHJUDWHG UHOHDVH IURP WKH SDUWLFXODU XQLW LQ P&L RI HDFK LGHQWLILHG

QREOHJDVUDGLRQXFOLGHLLQJDVHRXVHIIOXHQWVIRUDVSHFLILHGWLPHSHULRG



( WKHLQYHUVHRIVHFRQGVLQD\\HDU \\UVHF 



7KHFXPXODWLYHJDPPDDLUGRVHDQGEHWDDLUGRVHIRUDTXDUWHUO\\RUDQQXDOHYDOXDWLRQVKDOOEH

EDVHGRQWKHFDOFXODWHGGRVHFRQWULEXWLRQIURPHDFKVSHFLILHGWLPHSHULRGRFFXUULQJGXULQJWKH

UHSRUWLQJWLPHSHULRG



2'&05HY



5HTXLUHPHQW,RGLQH,RGLQH7ULWLXPDQG$OO5DGLRQXFOLGHVLQ3DUWLFXODWH

)RUP:LWK+DOI/LYHV*UHDWHU7KDQ'D\\V



7KH GRVH WR D 0(0%(5 2) 7+( 38%/,& IURP LRGLQH LRGLQH WULWLXP DQG DOO

UDGLRQXFOLGHVLQ SDUWLFXODWHIRUP ZLWKKDOIOLYHVJUHDWHUWKDQGD\\VLQJDVHRXVHIIOXHQWVUHOHDVHG

IURPHDFKUHDFWRUXQLWWRDUHDVDWDQGEH\\RQGWKH6,7(%281'$5< VHH)LJXUHDQG)LJXUH

 VKDOOEHOLPLWHGWRWKHIROORZLQJ



D

'XULQJDQ\\FDOHQGDUTXDUWHU/HVVWKDQRUHTXDOWRPUHPVWRDQ\\RUJDQDQG



E

'XULQJDQ\\FDOHQGDU\\HDU/HVVWKDQRUHTXDOWRPUHPVWRDQ\\RUJDQ



$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

LWKWKHFDOFXODWHGGRVHIURPWKHUHOHDVHRILRGLQHLRGLQHWULWLXPDQGUDGLRQXFOLGHV

LQSDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\VLQJDVHRXVHIIOXHQWVH[FHHGLQJDQ\\RI

WKHDERYHOLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VD6SHFLDO5HSRUWWKDW

LGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLWDQGGHILQHVWKHFRUUHFWLYHDFWLRQVWKDWKDYHEHHQ

WDNHQ WR UHGXFHWKH UHOHDVHV DQG WKHSURSRVHG FRUUHFWLYH DFWLRQV WR EH WDNHQWR DVVXUH WKDW

VXEVHTXHQWUHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYHOLPLWV



 6XUYHLOODQFH5HTXLUHPHQWV



D &XPXODWLYHGRVHFRQWULEXWLRQVIRUWKHFXUUHQWFDOHQGDUTXDUWHUDQGFXUUHQWFDOHQGDU\\HDU

IRU LRGLQH LRGLQH WULWLXP DQG UDGLRQXFOLGHVLQSDUWLFXODWH IRUPZLWKKDOIOLYHV

JUHDWHU WKDQ  GD\\V VKDOO EH GHWHUPLQHG LQ DFFRUGDQFH ZLWK WKH PHWKRGRORJ\\ DQG

SDUDPHWHUVFRQWDLQHGLQ6HFWLRQDWOHDVWRQFHSHUGD\\V



2'&05HY



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW



7KHRUJDQGRVHWRDQLQGLYLGXDOIURP,,WULWLXPDQGDOOUDGLRQXFOLGHVLQSDUWLFXODWH

IRUPZLWKKDOIOLYHVJUHDWHUWKDQHLJKWGD\\VLQJDVHRXVHIIOXHQWVUHOHDVHGWRXQUHVWULFWHGDUHDV

IURPHDFKUHDFWRUXQLWLVFDOFXODWHGXVLQJWKHIROORZLQJH[SUHVVLRQV



'RX

 ( 6L>6N 5LN:N  4L @

 

KHUH



'RX

 WKHWRWDODFFXPXODWHGRUJDQGRVHIURPJDVHRXVHIIOXHQWVIRUDSDUWLFXODUXQLW

WRD0(0%(52)7+(38%/,&LQPUHPDWWKH6,7(%281'$5<RUDW





WKHFRQWUROOLQJORFDWLRQ

4L

 WKHTXDQWLW\\RIUDGLRQXFOLGHLLQP&LUHOHDVHGLQJDVHRXVHIIOXHQWVIURPD

SDUWLFXODUXQLW

5LN

 WKH GRVH IDFWRU IRU HDFK LGHQWLILHG UDGLRQXFOLGH L IRU SDWKZD\\ N IRU WKH





LQKDODWLRQSDWKZD\\LQPUHP\\USHUP&LPDQGIRUWKHIRRGDQGJURXQGSODQH

SDWKZD\\V LQ P PUHP\\U SHU P&LVHF H[FHSW + ZKLFK KDV XQLWV RI

PUHP\\USHUP&LP DWWKHFRQWUROOLQJORFDWLRQ7KH5LN¶VIRUHDFKDJHJURXS

DUHJLYHQLQ7DEOHVWKURXJK

(

 WKHLQYHUVHRIVHFRQGVSHU\\HDU \\UVHF 

N

 WKHKLJKHVWDQQXDODYHUDJHGLVSHUVLRQRUGHSRVLWLRQSDUDPHWHUIRUWKH

SDUWLFXODU 8QLW XVHG IRU HVWLPDWLQJ WKH GRVH DW WKH VLWH ERXQGDU\\ RU WR D





0(0%(52)7+(38%/,&DWWKHFRQWUROOLQJORFDWLRQIRUWKHSDUWLFXODU





8QLW2SWLRQDOO\\WKHKLJKHVWYDOXHPD\\EHXVHGIRUDQ\\8QLWFDOFXODWLRQ



 ;4 81,7 LQ VHFPIRU WKH LQKDODWLRQ SDWKZD\\ DQG IRU DOO WULWLXP

FDOFXODWLRQVIRURUJDQGRVHDWWKHVLWHERXQGDU\\IURP7DEOH





(IURP8QLW





(IURP8QLW





(IURP8QLW



 ;4 81,7 LQ VHFPIRU WKH LQKDODWLRQ SDWKZD\\ DQG IRU DOO WULWLXP

FDOFXODWLRQVIRURUJDQGRVHDWWKHFRQWUROOLQJORFDWLRQIURP7DEOH





RU





(IURP8QLW





(IURP8QLW





(IURP8QLW



 '4 81,7LQPIRUWKHIRRGDQGJURXQGSODQHSDWKZD\\VIRURUJDQGRVHDW

WKHVLWHERXQGDU\\IURP7DEOH





(IURP8QLW





(IURP8QLW





(IURP8QLW



2'&05HY



 '4 81,7LQPIRUWKHIRRGDQGJURXQGSODQHSDWKZD\\VIRURUJDQGRVHDW

WKHFRQWUROOLQJORFDWLRQIURP7DEOHRU



(IURP8QLW

(IURP8QLW

(IURP8QLW



5HVLGHQFHV YHJHWDEOH JDUGHQV DQG PLON DQLPDOV ORFDWHG ZLWKLQ PLOHV RI WKH VLWH ZLOO EH

LGHQWLILHGGXULQJWKHDQQXDO ODQGXVHFHQVXV7KHFRQWUROOLQJSDWKZD\\DQGORFDWLRQ ZLOOEH

LGHQWLILHGDQGZLOOEHXVHGIRUDOO0(0%(52)7+(38%/,&GRVHHYDOXDWLRQV



7KH5L YDOXHVZHUHFDOFXODWHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJLHVLQ185(*7KH

IROORZLQJVLWHVSHFLILFLQIRUPDWLRQZDVXVHGWRFDOFXODWH5L







7KHOHQJWKRIWKHJUD]LQJVHDVRQIRUPLONDQLPDOV IV 

9DOXH

5HI(52/6HFWLRQ



7KHOHQJWKRIWKHJUD]LQJVHDVRQIRUPHDWDQLPDOV IV 

5HI(52/6HFWLRQ



7KHIUDFWLRQRIGDLO\\IHHGGHULYHGIURPSDVWXUH

ZKLOHRQSDVWXUHIRUPLONDQLPDOV IS 

5HI(52/6HFWLRQ



7KHIUDFWLRQRIGDLO\\IHHGGHULYHGIURPSDVWXUH

ZKLOHRQSDVWXUHIRUPHDWDQLPDOV IS 

5HI(52/6HFWLRQ



7KHIUDFWLRQRI\\HDUYHJHWDEOHVDUHJURZQ IO DSSUR[LPDWLRQ

5HI(52/6HFWLRQ7DEOH



7KHDQQXDODEVROXWHKXPLGLW\\ JP +

5HI8)6$57DEOH





2'&05HY



5HTXLUHPHQWV*DVHRXV5DGZDVWH7UHDWPHQW



7KH*$6(2865$':$67(6<67(0DQGWKH9(17,/$7,21(;+$86775($70(17

6<67(0VKDOOEHXVHGWRUHGXFHUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHSULRUWRWKHLUGLVFKDUJHZKHQ

WKHSURMHFWHGJDVHRXVHIIOXHQWDLUGRVHVGXHWRJDVHRXVHIIOXHQWUHOHDVHVIURPHDFKUHDFWRUXQLWIURP

WKHVLWH VHH)LJXUHDQG)LJXUH ZKHQ DYHUDJHGRYHUGD\\VZRXOGH[FHHGPUDGIRU

JDPPDUDGLDWLRQDQGPUDGIRUEHWDUDGLDWLRQ7KH9(17,/$7,21(;+$86775($70(17

6<67(0VKDOOEHXVHGWRUHGXFHUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHSULRUWRWKHLUGLVFKDUJHZKHQ

WKHSURMHFWHGGRVHVGXHWRJDVHRXVHIIOXHQWUHOHDVHVIURPHDFKUHDFWRUXQLWWRDUHDVDWDQGEH\\RQGWKH

6,7( %281'$5< VHH )LJXUH  DQG )LJXUH  ZKHQ DYHUDJHG RYHU GD\\V ZRXOG H[FHHG

PUHPWRDQ\\RUJDQRID0(0%(52)7+(38%/,&



$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

LWKUDGLRDFWLYHJDVHRXVZDVWHEHLQJGLVFKDUJHGZLWKRXWWUHDWPHQWDQGLQH[FHVVRIWKHDERYHOLPLWV

SUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VD6SHFLDO5HSRUWZKLFKLQFOXGHVWKHIROORZLQJ

LQIRUPDWLRQ



D

,GHQWLILFDWLRQRIWKHQRQIXQFWLRQDOHTXLSPHQWRUVXEV\\VWHPVDQGWKHUHDVRQIRUQRQIXQFWLRQDOLW\\



E

$FWLRQ V WDNHQWRUHVWRUHWKHQRQIXQFWLRQDOHTXLSPHQWWR)81&7,21$/VWDWXVDQG



F

6XPPDU\\GHVFULSWLRQRIDFWLRQ V WDNHQWRSUHYHQWDUHFXUUHQFH



 6XUYHLOODQFH5HTXLUHPHQWV



D 'RVHVGXHWRJDVHRXVUHOHDVHVIURPWKHVLWHVKDOOEHSURMHFWHGDWOHDVWRQFHSHUGD\\VLQ

DFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQ6HFWLRQ



2'&05HY



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW



KHUHSRVVLEOHFRQVLGHUDWLRQIRUH[SHFWHGRSHUDWLRQDOHYROXWLRQV LHRXWDJHVHWF VKRXOG

EHWDNHQLQWKHGRVHSURMHFWLRQV



'RVH3URMHFWLRQ1REOH*DVHV



7KHDLUGRVHLQPUDGVLVGHWHUPLQHGXVLQJWKHPHWKRGRORJ\\GHVFULEHGLQ6HFWLRQRIWKLV

PDQXDO7KLVLQIRUPDWLRQLVXVHGWRGHWHUPLQHDQDLUGRVHSURMHFWLRQIRUWKHQH[WGD\\VXVLQJ

WKHIROORZLQJHTXDWLRQV



)RUJDPPDUDGLDWLRQ



GD\\J 'J&'J

 

)RUEHWDUDGLDWLRQ



GD\\E 'E&'E

 

KHUH



'J

 WKHWRWDOJDPPDDLUGRVHLQPUDGVDWWKHVLWHERXQGDU\\GXHWRQREOHJDVHV

UHOHDVHGLQJDVHRXVHIIOXHQWVIRUWKHSUHYLRXVGD\\V

'E

 WKH WRWDO EHWD DLU GRVH LQ PUDGV DW WKH VLWH ERXQGDU\\ GXH WR QREOH JDVHV





UHOHDVHGLQJDVHRXVHIIOXHQWVIRUWKHSUHYLRXVGD\\V

&'J

 DQ\\FXUUHQWRUSURMHFWHGFKDQJHLQJDPPDDLUGRVHLQPUDGVGXHWRQREOH





JDVHVUHOHDVHGLQJDVHRXVHIIOXHQWVZKLFKFRXOGKDYHDVLJQLILFDQWLPSDFWRQ

GD\\J

&'E

 DQ\\FXUUHQWRUSURMHFWHGFKDQJHLQEHWDDLUGRVHLQPUDGVGXHWRQREOHJDVHV





UHOHDVHGLQJDVHRXVHIIOXHQWVZKLFKFRXOGKDYHDVLJQLILFDQWLPSDFWRQ

GD\\E

KHQSHUIRUPLQJWKHGD\\GRVHSURMHFWLRQXVLQJWKH*DVHRXV5DGLRDFWLYH(IIOXHQW7UDFNLQJ

6\\VWHP *5(76 'JDQG'EZLOOLQFOXGHWKHGRVHIURPDQ\\UHOHDVHSHUPLWVWKDWIDOOZLWKLQ

WKHVHOHFWHGGD\\WLPHSHULRG$VDUHVXOWWKHDFWXDOGRVHSURMHFWLRQZLOORIWHQEHEDVHGRQ

WKHDFFXPXODWHGGRVHIRUDWLPHSHULRGJUHDWHUWKDQGD\\V



2'&05HY



'RVH3URMHFWLRQ,,WULWLXPDQGDOOUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHV

JUHDWHUWKDQHLJKWGD\\V



7KHRUJDQGRVHLQPUHPLVGHWHUPLQHGXVLQJWKHPHWKRGRORJ\\GHVFULEHGLQ6HFWLRQRI

WKLV PDQXDO 7KLV LQIRUPDWLRQ LV XVHG WR GHWHUPLQH DQ RUJDQ GRVH SURMHFWLRQ IRU WKH QH[W

GD\\VXVLQJWKHIROORZLQJHTXDWLRQ



GD\\R

'R&'R

 

KHUH



'R

 WKH WRWDO RUJDQ GRVH GXH WR,, WULWLXP DQG DOO UDGLRQXFOLGHV LQ

SDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQHLJKWGD\\VLQPUHPUHOHDVHGLQ





JDVHRXVHIIOXHQWVIRUWKHSUHYLRXVGD\\V

&'R

 DQ\\FXUUHQWRUSURMHFWHGFKDQJHLQRUJDQGRVHLQPUHPZKLFKFRXOGKDYHD

VLJQLILFDQWLPSDFWRQGD\\R

KHQSHUIRUPLQJWKHGD\\GRVHSURMHFWLRQXVLQJWKH*DVHRXV5DGLRDFWLYH(IIOXHQW7UDFNLQJ

6\\VWHP *5(76  'R ZLOO LQFOXGH WKH GRVH IURP DQ\\ UHOHDVH SHUPLWV WKDW IDOO ZLWKLQ WKH

VHOHFWHGGD\\WLPHSHULRG$VDUHVXOWWKHDFWXDOGRVHSURMHFWLRQZLOORIWHQEHEDVHGRQWKH

DFFXPXODWHGGRVHIRUDWLPHSHULRGJUHDWHUWKDQGD\\V



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5281'3/$1(3$7+:$<



18&/,'(

7%2'<

6.,1

+

(

(

&5

(

(

01

(

(

)(

(

(

&2

(

(

&2

(

(

=1

(

(

65

(

(

65

(

(

=5

(

(

6%

(

(

,

(

(

,

(

(

&6

(

(

&6

(

(

%$

(

(

&(

(

(

&(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(9(*(7$7,21

3$7+:$<$'8/75(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(9(*(7$7,21

3$7+:$<7((15(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(9(*(7$7,21

3$7+:$<&+,/'5(&(3725



18&/,'(6

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0($7

3$7+:$<$'8/75(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0($7

3$7+:$<7((15(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0($7

3$7+:$<&+,/'5(&(3725



18&/,'(6

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.

3$7+:$<$'8/75(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.

3$7+:$<7((15(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.

3$7+:$<&+,/'5(&(3725



18&/,'(6

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(*5$66&2:0,/.

3$7+:$<,1)$175(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(,1+$/$7,21

3$7+:$<$'8/75(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(,1+$/$7,21

3$7+:$<7((15(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(,1+$/$7,21

3$7+:$<&+,/'5(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(



2'&05HY



7$%/(

5L'26(&219(56,21)$&7256)257+(,1+$/$7,21

3$7+:$<,1)$175(&(3725



18&/,'(

%21(

/,9(5

7%2'<

7+<52,'

.,'1(<

/81*

  • ,//,

+

(

(

(

(

(

(

(

&5

(

(

(

(

(

(

(

01

(

(

(

(

(

(

(

)(

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

&2

(

(

(

(

(

(

(

=1

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

65

(

(

(

(

(

(

(

=5

(

(

(

(

(

(

(

6%

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

&6

(

(

(

(

(

(

(

%$

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

&(

(

(

(

(

(

(

(

D PLOHYDOXHXVHGVLQFHWKHUHLVQRSDWKZD\\ORFDWHGZLWKLQWKHVHFWRUXSWRILYHPLOHV

E &RQWUROOLQJORFDWLRQVDUHGLVFXVVHGLQ$SSHQGL[$

5HIHUHQFHV/DQG8VH&HQVXV OHWWHU$130-50/(% 186&RUSRUDWLRQOHWWHUV186$133DQG186$133









7$%/(

3$/29(5'(18&/($5*(1(5$7,1*67$7,21',63(56,21

$1''(326,7,213$5$0(7(56)25/21*7(505(/($6(6

$77+(1($5(673$7+:$</2&$7,216&(17(5('2181,7O





',5(&7,21

4

6HFP 

5(6,'(1&( E 

'LVW0LOHV

'4

P 

4

6HFP 

  • $5'(1 E 

'LVW0LOHV

'4

P 

4

6HFP 

0,/. E 

'LVW0LOHV

'4

P 

1

(



(

(



(

(

D 

(

11(

(



(

(

D 

(

(

D 

(

1(

(



(

(



(

(

D 

(

(1(

(



(

(



(

(

D 

(

(

(



(

(

D 

(

(

D 

(

(6(

(



(

(



(

(



(JRDW

6(

(



(

(



(

(

D 

(

66(

(



(

(

D 

(

(

D 

(

6

(



(

(



(

(



(FRZ

66:

(



(

(

D 

(

(

D 

(

6:

(



(

(

D 

(

(

D 

(

6:

(



(

(

D 

(

(

D 

(



(

D 

(

(

D 

(

(

D 

(

1:

(

D 

(

(

D 

(

(

D 

(

1:

(



(

(



(

(

D 

(

11:

(



(

(

D 

(

(

D 

(

2'&05HY



D PLOHYDOXHXVHGVLQFHWKHUHLVQRSDWKZD\\ORFDWHGZLWKLQWKHVHFWRUXSWRILYHPLOHV

E &RQWUROOLQJORFDWLRQVDUHGLVFXVVHGLQ$SSHQGL[$

5HIHUHQFHV/DQG8VH&HQVXV OHWWHU$130-50/(% 186&RUSRUDWLRQOHWWHUV186$133DQG186$133









7$%/(

3$/29(5'(18&/($5*(1(5$7,1*67$7,21',63(56,21

$1''(326,7,213$5$0(7(56)25/21*7(505(/($6(6

$77+(1($5(673$7+:$</2&$7,216&(17(5('2181,7





',5(&7,21

4

6HFP 

5(6,'(1&( E 

'LVW0LOHV

'4

P 

4

6HFP 

  • $5'(1 E 

'LVW0LOHV

'4

P 

4

6HFP 

0,/. E 

'LVW0LOHV

'4

P 

1

(



(

(



(

(

D 

(

11(

(



(

(



(

(

D 

(

1(

(



(

(



(

(

D 

(

(1(

(



(

(



(

(

D 

(

(

(



(

(

D 

(

(

D 

(

(6(

(



(

(



(

(



(JRDW

6(

(



(

(



(

(

D 

(

66(

(



(

(

D 

(

(

D 

(

6

(



(

(



(

(



(FRZ

66:

(



(

(

D 

(

(

D 

(

6:

(



(

(

D 

(

(

D 

(

6:

(



(

(

D 

(

(

D 

(



(

D 

(

(

D 

(

(

D 

(

1:

(

D 

(

(

D 

(

(

D 

(

1:

(



(

(



(

(

D 

(

11:

(



(

(



(

(

D 

(

2'&05HY



D PLOHYDOXHXVHGVLQFHWKHUHLVQRSDWKZD\\ORFDWHGZLWKLQWKHVHFWRUXSWRILYHPLOHV

E &RQWUROOLQJORFDWLRQVDUHGLVFXVVHGLQ$SSHQGL[$

5HIHUHQFHV/DQG8VH&HQVXV OHWWHU$130-50/(% 186&RUSRUDWLRQOHWWHUV186$133DQG186$133









7$%/(

3$/29(5'(18&/($5*(1(5$7,1*67$7,21',63(56,21

$1''(326,7,213$5$0(7(56)25/21*7(505(/($6(6

$77+(1($5(673$7+:$</2&$7,216&(17(5('2181,7





',5(&7,21

4

6HFP 

5(6,'(1&( E 

'LVW0LOHV

'4

P 

4

6HFP 

  • $5'(1 E 

'LVW0LOHV

'4

P 

4

6HFP 

0,/. E 

'LVW0LOHV

'4

P 

1

(



(

(



(

(

D 

(

11(

(



(

(



(

(

D 

(

1(

(



(

(



(

(

D 

(

(1(

(



(

(



(

(

D 

(

(

(



(

(



(

(



(JRDW

(6(

(



(

(



(

(

D 

(

6(

(

D 

(

(

D 

(

(

D 

(

66(

(



(

(

D 

(

(

D 

(

6

(



(

(



(

(



(FRZ

66:

(



(

(

D 

(

(

D 

(

6:

(



(

(

D 

(

(

D 

(

6:

(



(

(

D 

(

(

D 

(



(

D 

(

(

D 

(

(

D 

(

1:

(

D 

(

(

D 

(

(

D 

(

1:

(



(

(



(

(

D 

(

11:

(



(

(



(

(

D 

(

2'&05HY





2'&05HY



 5HTXLUHPHQWV/LTXLG(IIOXHQWV



7KHGRVHRUGRVHFRPPLWPHQWWRD0(0%(52)7+(38%/,&IURPUDGLRDFWLYHPDWHULDOVLQOLTXLG

HIIOXHQWVUHOHDVHGIURPHDFKUHDFWRUXQLWWRDUHDVDWDQGEH\\RQGWKH6,7(%281'$5< 6HH)LJXUH

DQG)LJXUH VKDOOEHOLPLWHG



D

'XULQJDQ\\FDOHQGDUTXDUWHUWROHVVWKDQRUHTXDOWRPUHPVWRWKHWRWDOERG\\DQGWROHVVWKDQ

RUHTXDOWRPUHPVWRDQ\\RUJDQDQG



E

'XULQJDQ\\FDOHQGDU\\HDUWROHVVWKDQRUHTXDOWRPUHPVWRWKHWRWDOERG\\DQGWROHVVWKDQRU

HTXDOWRPUHPVWRDQ\\RUJDQ



$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

LWKWKHFDOFXODWHGGRVHIURPWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQOLTXLGHIIOXHQWVH[FHHGLQJDQ\\RI

WKH DERYH OLPLWV SUHSDUH DQG VXEPLW WR WKH &RPPLVVLRQ ZLWKLQ GD\\V D 6SHFLDO 5HSRUW WKDW

LGHQWLILHVWKH FDXVH V IRUH[FHHGLQJWKH OLPLW V DQGGHILQHVWKH FRUUHFWLYHDFWLRQVWKDWKDYH EHHQ

WDNHQWRUHGXFHWKHUHOHDVHVDQGWKHSURSRVHGFRUUHFWLYHDFWLRQVWREHWDNHQWRDVVXUHWKDWVXEVHTXHQW

UHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYHOLPLWV



 6XUYHLOODQFH5HTXLUHPHQWV



&XPXODWLYHGRVHFRQWULEXWLRQVIURPOLTXLGHIIOXHQWVIRUWKHFXUUHQWFDOHQGDUTXDUWHUDQGWKH

FXUUHQWFDOHQGDU\\HDUVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUV

LQWKH2'&0DWOHDVWRQFHSHUGD\\V



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



7KLV 5HTXLUHPHQW GRHV QRW UHTXLUH LPSOHPHQWDWLRQ JXLGDQFH 7KHUH DUH QR RIIVLWH OLTXLG

HIIOXHQWUHOHDVHV



2'&05HY





727$/'26($1''26(7238%/,&216,7(



 5HTXLUHPHQW7RWDO'RVH



7KHDQQXDO FDOHQGDU\\HDU GRVHRUGRVHFRPPLWPHQWWRDQ\\0(0%(52)7+(38%/,&GXHWR

UHOHDVHVRIUDGLRDFWLYLW\\DQGWRGLUHFWUDGLDWLRQIURPXUDQLXPIXHOF\\FOHVRXUFHVVKDOOEHOLPLWHGWR

OHVVWKDQRUHTXDOWRPUHPVWRWKHWRWDOERG\\RUDQ\\RUJDQH[FHSWWKHWK\\URLGZKLFKVKDOOEH

OLPLWHGWROHVVWKDQRUHTXDOWRPUHPV



$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

LWKWKHFDOFXODWHGGRVHVIURPWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQOLTXLGDQGJDVHRXVHIIOXHQWV

H[FHHGLQJWZLFHWKHOLPLWVRI6HFWLRQDEDEDRUEFDOFXODWLRQVVKDOOEHPDGH

LQFOXGLQJGLUHFWUDGLDWLRQFRQWULEXWLRQVIURPWKHUHDFWRUXQLWV LQFOXGLQJRXWVLGHVWRUDJHWDQNVHWF WR

GHWHUPLQHZKHWKHUWKHDERYHOLPLWVRI6HFWLRQKDYHEHHQH[FHHGHG,IVXFKLVWKHFDVHSUHSDUH

DQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VD6SHFLDO5HSRUWWKDWGHILQHVWKHFRUUHFWLYHDFWLRQWR

EH WDNHQ WR UHGXFH VXEVHTXHQW UHOHDVHV WR SUHYHQW UHFXUUHQFH RI H[FHHGLQJ WKH DERYH OLPLWV DQG

LQFOXGHV WKH VFKHGXOH IRU DFKLHYLQJ FRQIRUPDQFH ZLWK WKH DERYH OLPLWV 7KLV 6SHFLDO 5HSRUW DV

GHILQHG LQ &)5 D   VKDOO LQFOXGH DQ DQDO\\VLV WKDW HVWLPDWHV WKH UDGLDWLRQ H[SRVXUH

GRVH  WR D 0(0%(5 2) 7+( 38%/,& IURP XUDQLXP IXHO F\\FOH VRXUFHV LQFOXGLQJ DOO HIIOXHQW

SDWKZD\\VDQGGLUHFWUDGLDWLRQIRUWKHFDOHQGDU\\HDUWKDWLQFOXGHVWKHUHOHDVH V FRYHUHGE\\WKLVUHSRUW

,WVKDOODOVRGHVFULEHOHYHOVRIUDGLDWLRQDQGFRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOLQYROYHGDQGWKH

FDXVHRIWKHH[SRVXUHOHYHOVRUFRQFHQWUDWLRQV,IWKHHVWLPDWHGGRVH V H[FHHGVWKHDERYHOLPLWVDQG

LIWKHUHOHDVHFRQGLWLRQUHVXOWLQJLQYLRODWLRQRI&)53DUWKDVQRWDOUHDG\\EHHQFRUUHFWHGWKH

6SHFLDO5HSRUWVKDOOLQFOXGHDUHTXHVWIRUDYDULDQFHLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI&)5

3DUW6XEPLWWDO RI WKH UHSRUW ZLWKLQ GD\\V LV FRQVLGHUHGD WLPHO\\ UHTXHVWDQG D YDULDQFHLV

JUDQWHGXQWLOVWDIIDFWLRQRQWKHUHTXHVWLVFRPSOHWH



 6XUYHLOODQFH5HTXLUHPHQWV



D &XPXODWLYH GRVH FRQWULEXWLRQV IURP WKH JDVHRXV HIIOXHQWV VKDOO EH GHWHUPLQHG LQ

DFFRUGDQFH ZLWK WKH VXUYHLOODQFH UHTXLUHPHQWV RI 6HFWLRQ  DQG  DQG LQ

DFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVFRQWDLQHGLQ6HFWLRQ



E &XPXODWLYH GRVH FRQWULEXWLRQV IURP GLUHFW UDGLDWLRQ IURP WKH UHDFWRU XQLWV DQG IURP

UDGZDVWH VWRUDJHWDQNV VKDOO EH GHWHUPLQHG LQDFFRUGDQFH ZLWKWKH PHWKRGRORJ\\ DQG

SDUDPHWHUVLQ6HFWLRQ7KLVUHTXLUHPHQWLVDSSOLFDEOHRQO\\XQGHUFRQGLWLRQVVHWIRUWK

LQ6HFWLRQ$FWLRQ



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW



6LQFHDOORWKHUXUDQLXPIXHOF\\FOHVRXUFHVDUHJUHDWHUWKDQPLOHVDZD\\RQO\\WKH391*6VLWH

QHHGEHFRQVLGHUHG



7KHWRWDOGRVHWRDQ\\0(0%(52)7+(38%/,&ZLOOEHGHWHUPLQHGEDVHGRQDVXPRIWKH

GRVHVIURPDOOWKUHHXQLWV¶UHOHDVHVDQGGRVHVIURPGLUHFWUDGLDWLRQIURP391*6



2'&05HY



7KLVGRVHHYDOXDWLRQLVSHUIRUPHGDQQXDOO\\DQGVXEPLWWHGZLWKWKH$QQXDO5DGLRDFWLYH (IIOXHQW

5HOHDVH 5HSRUW WR DVVXUH FRPSOLDQFH ZLWK  &)5 3DUW  (QYLURQPHQWDO 5DGLDWLRQ

3URWHFWLRQ 6WDQGDUGV IRU 1XFOHDU 3RZHU 2SHUDWLRQ 185(* 0HWKRGV IRU

'HPRQVWUDWLQJ/:5&RPSOLDQFH:LWKWKH(3$8UDQLXP)XHO&\\FOH6WDQGDUG &)5 3DUW

 )HEUXDU\\SURYLGHV DGLVFXVVLRQRQ FRPSOLDQFH ZLWK &)53DUW LQ UHODWLRQ

WR WKH5DGLRORJLFDO (QYLURQPHQWDO 7HFKQLFDO 6SHFLILFDWLRQV IRUVLWHV RI XS WR IRXU QXFOHDU

SRZHUUHDFWRUV7KH185(*FRQFOXGHVWKDWDVORQJDVDQXFOHDUSODQWVLWHRSHUDWHVDWD OHYHO

EHORZWKH&)53DUW$SSHQGL[,UHSRUWLQJUHTXLUHPHQWVDQGWKHUHLVQRVLJQLILFDQW VRXUFH

RIGLUHFWUDGLDWLRQIURPWKHVLWHQRH[WUDDQDO\\VLVLVUHTXLUHGWRGHPRQVWUDWHFRPSOLDQFH ZLWK

&)5 3DUW $V D UHVXOW WKLV GRVH HYDOXDWLRQ ZLOO DOVR EH SHUIRUPHG ZKHQHYHU

FDOFXODWHGGRVHVDVVRFLDWHGZLWKHIIOXHQWUHOHDVHVH[FHHGWZLFHWKHOLPLWVRI6HFWLRQDE

DEDRUE



'RVH&RQWULEXWLRQIURP/LTXLGDQG*DVHRXV(IIOXHQWV



7KHDQQXDOZKROHERG\\GRVHDFFXPXODWHGE\\D0(0%(52)7+(38%/,&IRUWKHQREOH

JDVHVUHOHDVHGLQJDVHRXVHIIOXHQWVLVGHWHUPLQHGE\\XVLQJWKHIROORZLQJHTXDWLRQ



':%

 ( 6L> .L  ;4 81,7 4L @

 

KHUH



.L

 WKHZKROHERG\\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH

JDVUDGLRQXFOLGHLLQPUHP\\USHUP&LPIURP7DEOH

4L

;4 81,7









WKHLQWHJUDWHGUHOHDVHRIUDGLRQXFOLGHLLQP&LIRUWKHSUHYLRXVFDOHQGDU\\HDU

WKHKLJKHVWFDOFXODWHGDQQXDODYHUDJHGLVSHUVLRQSDUDPHWHULQVHFPIRUD

SDUWLFXODUXQLWDWWKHFRQWUROOLQJORFDWLRQIURP7DEOHRURU

FRQFXUUHQWPHWHRURORJLFDOGDWDLIDYDLODEOH

 (IURP8QLW







':%









(IURP8QLW

(IURP8QLW



WKHDQQXDOZKROHERG\\GRVHLQPUHPWRD0(0%(52)7+(38%/,&DWWKH

FRQWUROOLQJORFDWLRQGXHWRQREOHJDVHVUHOHDVHGLQJDVHRXVHIIOXHQWV



(







WKHLQYHUVHRIVHFRQGVLQD\\HDU \\UVHF 



2'&05HY



7KHDQQXDOGRVHWRDQ\\RUJDQDFFXPXODWHGE\\D0(0%(52)7+(38%/,&IRULRGLQH

LRGLQHWULWLXPDQGDOOUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\V

UHOHDVHGLQJDVHRXVHIIOXHQWVLVGHWHUPLQHGE\\XVLQJWKHIROORZLQJHTXDWLRQ



'R

 ( 6L>6N 5LN:N  4L @

 

KHUH



'R

WKHWRWDODQQXDORUJDQGRVHIURPJDVHRXVHIIOXHQWVWRD0(0%(52)7+(

38%/,&LQPUHPDWWKHFRQWUROOLQJORFDWLRQ

4L

WKHLQWHJUDWHGUHOHDVHRIUDGLRQXFOLGHLLQP&LIRUWKHSUHYLRXVFDOHQGDU\\HDU

5LN

WKH GRVH IDFWRU IRU HDFK LGHQWLILHG UDGLRQXFOLGH L IRU SDWKZD\\ N IRU WKH

LQKDODWLRQSDWKZD\\LQPUHP\\USHUP&LPDQGIRUWKHIRRGDQGJURXQGSODQH

SDWKZD\\VLQPPUHP\\USHUP&LVHF DWWKHFRQWUROOLQJORFDWLRQ7KH5LN¶V

IRUHDFKDJHJURXSDUHJLYHQLQ7DEOHVWKURXJK



.

 WKH KLJKHVW DQQXDO DYHUDJH GLVSHUVLRQ RU GHSRVLWLRQ SDUDPHWHU IRU WKH

SDUWLFXODUXQLWXVHGIRUHVWLPDWLQJWKHWRWDODQQXDORUJDQGRVHWRD0(0%(5

2)7+(38%/,&DWWKHFRQWUROOLQJORFDWLRQIRUWKHSDUWLFXODUXQLW

 ;4 81,7 LQ VHFP IRU WKH LQKDODWLRQ SDWKZD\\ DQG IRU DOO WULWLXP

FDOFXODWLRQV IRU RUJDQ GRVH DW WKH FRQWUROOLQJ ORFDWLRQ IURP 7DEOH

RURUFRQFXUUHQWPHWHRURORJLFDOGDWDLIDYDLODEOH



(IURP8QLW

(IURP8QLW

(IURP8QLW

 '4 81,7LQPIRUWKHIRRGDQGJURXQGSODQHSDWKZD\\VIRURUJDQGRVHDW

WKH FRQWUROOLQJ ORFDWLRQ IURP 7DEOH   RU  RU FRQFXUUHQW

PHWHRURORJLFDOGDWDLIDYDLODEOH



(IURP8QLW

(IURP8QLW

(IURP8QLW



(

WKHLQYHUVHRIVHFRQGVLQD\\HDU \\UVHF 



2'&05HY



'RVH'XHWR'LUHFW5DGLDWLRQ



7KH FRPSRQHQW RI GRVH WR D 0(0%(5 2) 7+( 38%/,& GXH WR GLUHFW UDGLDWLRQ ZLOO EH

HYDOXDWHGE\\ILUVWGHWHUPLQLQJWKHGLUHFWUDGLDWLRQGRVHDWWKHVLWHERXQGDU\\LQHDFKVHFWRUDQG

WKHQH[WUDSRODWLQJWKHVLWHERXQGDU\\GRVHWRWKHFRQWUROOLQJORFDWLRQE\\WKHLQYHUVHVTXDUHODZ

RIGLVWDQFH



'RVHIURP5DGLRDFWLYH/LTXLGDQG*DVHRXV(IIOXHQWVWR0(0%(562)7+(38%/,&GXHWR

WKHLUDFWLYLWLHVZLWKLQWKH6,7(%281'$5<



7KHVHDFWLYLWLHVKDYHEHHQGHWHUPLQHGWREHOLPLWHGWRWKHYLFLQLW\\RIWKH(QHUJ\\,QIRUPDWLRQ

&HQWHU (,&  ORFDWHG LQVLGH WKH 6,7( %281'$5< $Q DVVXPSWLRQ ZDV PDGH WKDW QR

0(0%(52)7+(38%/,&ZRXOGVSHQGPRUHWKDQHLJKWKRXUVSHU\\HDUDWWKLVORFDWLRQ

+RZHYHUWKLVFDOFXODWLRQKDVEHHQKLVWRULFDOO\\SHUIRUPHGDVVXPLQJDQRFFXSDQF\\IDFWRURIRQH

LPSO\\LQJFRQWLQXRXVRFFXSDQF\\RYHUWKHHQWLUH\\HDU 



$;4GHWHUPLQHGIRUWKH(QHUJ\\,QIRUPDWLRQ&HQWHUZLOOEHXVHGIRUWKLVDVVHVVPHQW

(TXDWLRQVDQGLQ6HFWLRQVKRXOGEHXVHGIRUWKLVDVVHVVPHQW



2'&05HY





5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0 5(03 



 5HTXLUHPHQW5(03



7KH UDGLRORJLFDO HQYLURQPHQWDO PRQLWRULQJ SURJUDP VKDOO EH FRQGXFWHG DV VSHFLILHG LQ 7DEOH

EDVHG RQ ORFDWLRQV GHWHUPLQHG XVLQJ GDWD IURP WKH SUHRSHUDWLRQDO PRQLWRULQJ SHULRG DQGRU WKH

RSHUDWLRQDOPRQLWRULQJSHULRGLQGLFDWLQJDQHHGWRPDNHFKDQJHVLQWKHSURJUDP



$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

D :LWK WKH UDGLRORJLFDO HQYLURQPHQWDO PRQLWRULQJ SURJUDP QRW EHLQJ FRQGXFWHG DV VSHFLILHG LQ

7DEOH SUHSDUH DQG VXEPLW WR WKH &RPPLVVLRQ LQ WKH $QQXDO 5DGLRORJLFDO (QYLURQPHQWDO

2SHUDWLQJ5HSRUWDVUHTXLUHGE\\6HFWLRQDGHVFULSWLRQRIWKHUHDVRQVIRUQRWFRQGXFWLQJWKH

SURJUDPDVUHTXLUHGDQGWKHSODQVIRUSUHYHQWLQJDUHFXUUHQFH



E :LWK WKH OHYHO RI UDGLRDFWLYLW\\ DV WKH UHVXOW RI SODQW HIIOXHQWV LQ DQ HQYLURQPHQWDO VDPSOLQJ

PHGLXPDWDVSHFLILHGORFDWLRQH[FHHGLQJWKHUHSRUWLQJOHYHOVRI7DEOHZKHQDYHUDJHGRYHU

DQ\\FDOHQGDUTXDUWHUSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VD6SHFLDO5HSRUWWKDW

LGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLW V DQGGHILQHVWKHFRUUHFWLYHDFWLRQVWREHWDNHQWR

UHGXFHUDGLRDFWLYHHIIOXHQWVVRWKDWWKHSRWHQWLDODQQXDOGRVH WR$0(0%(52)7+(38%/,&

LV OHVV WKDQ WKH FDOHQGDU \\HDU OLPLWV RI 6HFWLRQ  DQG  :KHQ PRUH WKDQ RQH RI WKH

UDGLRQXFOLGHVLQ7DEOHDUHGHWHFWHGLQWKHVDPSOLQJPHGLXPWKLVUHSRUWVKDOOEHVXEPLWWHGLI









 



KHQUDGLRQXFOLGHVRWKHUWKDQWKRVHLQ7DEOHDUHGHWHFWHGDQGDUHWKHUHVXOWRISODQWHIIOXHQWV

WKLVUHSRUWVKDOOEHVXEPLWWHGLIWKHSRWHQWLDODQQXDOGRVH WRD0(0%(52)7+(38%/,&LV

HTXDOWRRUJUHDWHUWKDQWKHFDOHQGDU\\HDUOLPLWVRI6HFWLRQDQG7KLVUHSRUWLVQRW

UHTXLUHGLIWKHPHDVXUHGOHYHORIUDGLRDFWLYLW\\ZDVQRWWKHUHVXOWRISODQWHIIOXHQWVKRZHYHULQ

VXFK DQ HYHQW WKH FRQGLWLRQ VKDOO EH UHSRUWHG DQG GHVFULEHG LQ WKH $QQXDO 5DGLRORJLFDO

(QYLURQPHQWDO2SHUDWLQJ5HSRUW



F :LWKPLONRUIUHVKOHDI\\YHJHWDEOHVDPSOHVXQDYDLODEOHIURPRQHRUPRUHRIWKHVDPSOHORFDWLRQV

UHTXLUHGE\\7DEOHLGHQWLI\\ORFDWLRQVIRUREWDLQLQJUHSODFHPHQWVDPSOHVDQGDGGWKHPWRWKH

5DGLRORJLFDO (QYLURQPHQWDO 0RQLWRULQJ 3URJUDP ZLWKLQ GD\\V 7KH VSHFLILF ORFDWLRQV IURP

ZKLFKVDPSOHVZHUHXQDYDLODEOHPD\\WKHQEHGHOHWHGIURPWKHPRQLWRULQJSURJUDP







 7KHPHWKRGRORJ\\DQGSDUDPHWHUVXVHGWRHVWLPDWHWKHSRWHQWLDODQQXDOGRVHWRD0(0%(52)

7+(38%/,&VKDOOEHLQGLFDWHGLQWKLVUHSRUW

0DU





2'&05HY



 6XUYHLOODQFH5HTXLUHPHQWV



D 7KHUDGLRORJLFDOHQYLURQPHQWDOPRQLWRULQJVDPSOHVVKDOOEHFROOHFWHGSXUVXDQWWR 7DEOH

IURPWKHVSHFLILFORFDWLRQVJLYHQLQ7DEOHDQG)LJXUHDQG)LJXUHDQGVKDOO EH

DQDO\\]HG SXUVXDQW WR WKH UHTXLUHPHQWV RI 7DEOH DQG WKH GHWHFWLRQ FDSDELOLWLHV

UHTXLUHGE\\7DEOH



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



7KHUHVXOWVRIWKHUDGLRORJLFDOHQYLURQPHQWDOPRQLWRULQJSURJUDPDUHLQWHQGHGWRVXSSOHPHQW

WKHUHVXOWVRIWKHUDGLRORJLFDOHIIOXHQWPRQLWRULQJSURJUDPE\\YHULI\\LQJWKDWWKHPHDVXUDEOH

FRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOVDQGOHYHOV RIUDGLDWLRQDUHQRWKLJKHUWKDQH[SHFWHG

EDVHGRQWKHHIIOXHQWPHDVXUHPHQWVDQGPRGHOLQJRIWKHHQYLURQPHQWDOH[SRVXUHSDWKZD\\V

7KXVWKHVSHFLILHGHQYLURQPHQWDOPRQLWRULQJSURJUDPSURYLGHVPHDVXUHPHQWVRIUDGLDWLRQDQG

RIUDGLRDFWLYHPDWHULDOVLQWKRVHH[SRVXUHSDWKZD\\VDQGIRUWKRVHUDGLRQXFOLGHVZKLFKOHDGWR

WKHKLJKHVWSRWHQWLDOUDGLDWLRQH[SRVXUHVWRLQGLYLGXDOVUHVXOWLQJIURPVWDWLRQRSHUDWLRQ



7KLV UHTXLUHPHQW LV LPSOHPHQWHG E\\ 1XFOHDU $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO

SURFHGXUHV



2'&05HY



7$%/(

5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0



([SRVXUH3DWKZD\\

DQGRU6DPSOH

1XPEHURI5HSUHVHQWDWLYH6DPSOHV

DQG6DPSOH/RFDWLRQVD

6DPSOLQJDQG

&ROOHFWLRQ)UHTXHQF\\D

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLVG

$LUERUQH



5DGLRLRGLQHDQG

SDUWLFXODWHV

6DPSOHVIURPORFDWLRQVVDPSOHV

DWRUQHDUWKH6,7(%281'$5,(6

$ LQFOXGLQJ

GLIIHUHQWVHFWRUVRIWKHKLJKHVW

FDOFXODWHGDQQXDODYHUDJHJURXQG

OHYHO'4 



VDPSOH  IURPDUHDVRIVSHFLDO

LQWHUHVWZKLFKLVIURPWKHYLFLQLW\\RI

DFRPPXQLW\\KDYLQJWKHKLJKHVW

FDOFXODWHGDQQXDODYHUDJH'4



VDPSOH $ IURPDFRQWURO

ORFDWLRQNP PL GLVWDQW

DQGLQWKHOHDVWSUHYDOHQWZLQG

GLUHFWLRQH

&RQWLQXRXVVDPSOLQJ

FROOHFWHGZHHNO\\RU

PRUHIUHTXHQWO\\LI

UHTXLUHGE\\GXVW

ORDGLQJ

  • URVVEHWDZHHNO\\F

,ZHHNO\\JDPPD

LVRWRSLFDQDO\\VLVRI

FRPSRVLWH E\\

ORFDWLRQ TXDUWHUO\\

'LUHFWUDGLDWLRQE

)RUW\\  URXWLQHPRQLWRULQJ

VWDWLRQV  

HLWKHUZLWKWZRRUPRUHGRVLPHWHUVRU

ZLWKRQHLQVWUXPHQWIRUPHDVXULQJ

DQGUHFRUGLQJGRVHUDWHFRQWLQXRXVO\\

SODFHGDVIROORZV



$QLQQHUULQJRIVWDWLRQVRQHLQHDFK

PHWHRURORJLFDOVHFWRULQWKHJHQHUDO

DUHDRIWKHVLWHERXQGDU\\ 

ORFDWLRQV 



$QRXWHUULQJRIVWDWLRQVRQHLQHDFK

PHWHRURORJLFDOVHFWRULQWKHNP

PL UDQJHIURPWKHVLWH 

ORFDWLRQV DQG



7KHEDODQFHRIWKHVWDWLRQV 

ORFDWLRQV WREHSODFHGLQVSHFLDO

LQWHUHVWDUHDVVXFKDVSRSXODWLRQ

FHQWHUVQHDUE\\UHVLGHQFHVVFKRROV

DQGLQRQHRUWZRDUHDVWRVHUYHDV

FRQWUROVWDWLRQV

4XDUWHUO\\

  • DPPDGRVH

TXDUWHUO\\

'4UHIHUVWRDYHUDJHDQQXDOUHODWLYHJURXQGGHSRVLWLRQUDWH



2'&05HY



7$%/(

5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0





([SRVXUH3DWKZD\\

DQGRU6DPSOH

1XPEHURI5HSUHVHQWDWLYH6DPSOHV

DQG6DPSOH/RFDWLRQVD

6DPSOLQJDQG

&ROOHFWLRQ)UHTXHQF\\D

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLVG



DWHUERUQH









6XUIDFH

DFUH:DWHUVWRUDJHUHVHUYRLU  

DFUH:DWHUVWRUDJHUHVHUYRLU  

(YDSRUDWLRQSRQG  

(YDSRUDWLRQSRQG  

(YDSRUDWLRQSRQG  

4XDUWHUO\\KJUDEVDPSOH

7ULWLXPDQGJDPPD

LVRWRSLFDQDO\\VLV

TXDUWHUO\\



  • URXQG

RQVLWHZHOOVI $ 

4XDUWHUO\\JUDEVDPSOH

7ULWLXPDQGJDPPD

LVRWRSLFDQDO\\VLV

TXDUWHUO\\



'ULQNLQJ ZHOO 

ZHOOVIURPVXUURXQGLQJUHVLGHQFHV

 WKDWZRXOGEH

DIIHFWHGE\\LWVGLVFKDUJH

&RPSRVLWHVDPSOHRI

ZHHNO\\JUDEVDPSOHV

RYHUZHHNSHULRG

ZKHQ,DQDO\\VLVLV

SHUIRUPHGPRQWKO\\

FRPSRVLWHRIZHHNO\\

JUDEVDPSOHVRWKHUZLVH

,DQDO\\VLVRQHDFK

FRPSRVLWHZKHQWKH

GRVHFDOFXODWHGIRU

WKHFRQVXPSWLRQRI

WKHZDWHULVJUHDWHU

WKDQPUHPSHU

\\HDUJ&RPSRVLWHIRU

JURVVEHWDDQGJDPPD

LVRWRSLFDQDO\\VHV

PRQWKO\\&RPSRVLWH

IRUWULWLXPDQDO\\VLV

TXDUWHUO\\



,QJHVWLRQ



0LON

6DPSOHVIURPPLONLQJDQLPDOVLQ

ORFDWLRQVZLWKLQNP PL GLVWDQW

KDYLQJWKHKLJKHVWGRVHSRWHQWLDO,I

WKHUHDUHQRQHVDPSOHIURP

PLONLQJDQLPDOVLQHDFKRIWKUHH

DUHDVEHWZHHQDQGNP PL 

GLVWDQW  ZKHUHGRVHVDUH

FDOFXODWHGWREHJUHDWHUWKDQPUHP

SHU\\HDUJ

2QHVDPSOHIURPPLONLQJDQLPDOVDW

DFRQWUROORFDWLRQWRNP 

PL GLVWDQW  DQGLQWKHOHDVW

SUHYDOHQWZLQGGLUHFWLRQH

6HPLPRQWKO\\IRU

DQLPDOVRQSDVWXUH

RWKHUZLVHPRQWKO\\

  • DPPDLVRWRSLFDQG

,DQDO\\VLV

VHPLPRQWKO\\ZKHQ

DQLPDOVDUHRQSDVWXUH

RUPRQWKO\\DWRWKHU

WLPHV

-XO\\





2'&05HY



7$%/(

5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0



([SRVXUH3DWKZD\\

DQGRU6DPSOH

1XPEHURI5HSUHVHQWDWLYH6DPSOHV

DQG6DPSOH/RFDWLRQVD

6DPSOLQJDQG

&ROOHFWLRQ)UHTXHQF\\D

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLVG

)RRG3URGXFWV 

VDPSOHV  RIW\\SHVRI

EURDGOHDIYHJHWDWLRQ DVDYDLODEOH 

IURPORFDWLRQVLGHQWLILHGSHUWKH

FULWHULDRI6HFWLRQERIWKLV

PDQXDO

0RQWKO\\GXULQJ

JURZLQJVHDVRQ

  • DPPDLVRWRSLF

DQDO\\VLV



FRQWUROVDPSOH  RIW\\SHVRI

EURDGOHDIYHJHWDWLRQ DVDYDLODEOH 

JURZQWRNP PL GLVWDQW

LQWKHOHDVWSUHYDOHQWZLQGGLUHFWLRQH

0RQWKO\\GXULQJ

JURZLQJVHDVRQ

  • DPPDLVRWRSLF

DQDO\\VLV

:KHQEURDGOHDIYHJHWDWLRQVDPSOHVDUHQRWDYDLODEOHUHSRUWVIURPH[LVWLQJVXSSOHPHQWDODLUERUQH

UDGLRLRGLQHVDPSOHORFDWLRQVZLOOEHVXEVWLWXWHG



2'&05HY



7$%/( &RQWLQXHG 

7$%/(127$7,21

D

7KHQXPEHUPHGLDIUHTXHQF\\DQGORFDWLRQRIVDPSOLQJPD\\YDU\\IURPVLWHWRVLWH,WLVUHFRJQL]HGWKDW

DWWLPHVLWPD\\QRWEHSRVVLEOHRUSUDFWLFDOWRREWDLQVDPSOHVRIWKHPHGLDRIFKRLFHDWWKHPRVWGHVLUHG

ORFDWLRQ RU WLPH,Q WKHVH LQVWDQFHV VXLWDEOH DOWHUQDWLYH PHGLD DQG ORFDWLRQV PD\\ EH FKRVHQ IRU WKH

SDUWLFXODUSDWKZD\\LQTXHVWLRQ$FWXDOORFDWLRQV GLVWDQFHDQGGLUHFWLRQ IURPWKHVLWHVKDOOEHSURYLGHG

LQ7DEOHDQG)LJXUHRU)LJXUHLQWKH2'&05HIHUWR5HJXODWRU\\*XLGH³3URJUDPVIRU

0RQLWRULQJ5DGLRDFWLYLW\\LQWKH(QYLURQVRI1XFOHDU3RZHU3ODQWV'



E

5HJXODWRU\\*XLGHSURYLGHVJXLGDQFHIRUWKHUPROXPLQHVFHQFHGRVLPHWU\\ 7/' V\\VWHPVXVHGIRU

HQYLURQPHQWDOPRQLWRULQJ2QHRUPRUHLQVWUXPHQWVVXFKDVDSUHVVXUL]HGLRQFKDPEHUIRUPHDVXULQJ

DQGUHFRUGLQJGRVHUDWHFRQWLQXRXVO\\PD\\EHXVHGLQSODFHRIRULQDGGLWLRQWRLQWHJUDWLQJGRVLPHWHUV

)RUWKHSXUSRVHVRIWKLVWDEOHDWKHUPROXPLQHVFHQWGRVLPHWHUPD\\EHFRQVLGHUHGWREHRQHSKRVSKRUDQG

WZRRUPRUHSKRVSKRUVLQDSDFNHWPD\\EHFRQVLGHUHGDVWZRRUPRUHGRVLPHWHUV)LOPEDGJHVVKRXOGQRW

EHXVHGIRUPHDVXULQJGLUHFWUDGLDWLRQ



F

3DUWLFXODWHVDPSOHILOWHUVVKDOOEHDQDO\\]HGIRUJURVVEHWDKRXUVRUPRUHDIWHUVDPSOLQJWRDOORZIRU

UDGRQDQGWKRURQGDXJKWHUGHFD\\,IJURVVEHWDDFWLYLW\\LQDLURUZDWHULVJUHDWHUWKDQWLPHVWKH\\HDUO\\

PHDQRIFRQWUROVDPSOHVIRUDQ\\PHGLXPJDPPDLVRWRSLFDQDO\\VLVVKRXOGEHSHUIRUPHGRQWKH LQGLYLGXDO

VDPSOHV



G

  • DPPDLVRWRSLFDQDO\\VLVPHDQVWKHLGHQWLILFDWLRQDQGTXDQWLILFDWLRQRIJDPPDHPLWWLQJUDGLRQXFOLGHV

WKDWPD\\EHDWWULEXWDEOHWRWKHHIIOXHQWVIURPWKHIDFLOLW\\



H

7KHSXUSRVHRIWKLVVDPSOHLVWRREWDLQEDFNJURXQGLQIRUPDWLRQ,ILWLVQRWSUDFWLFDOWRHVWDEOLVKFRQWURO

ORFDWLRQV LQ DFFRUGDQFH ZLWK WKH ZLQG GLUHFWLRQ DQG GLVWDQFH FULWHULD RWKHU VLWHV WKDW SURYLGH YDOLG

EDFNJURXQGGDWDPD\\EHVXEVWLWXWHG



I

  • URXQGZDWHUVDPSOHVVKRXOGEHWDNHQZKHQWKLVVRXUFHLVWDSSHGIRUGULQNLQJRULUULJDWLRQSXUSRVHVLQ

DUHDVZKHUHWKHK\\GUDXOLFJUDGLHQWRUUHFKDUJHSURSHUWLHVDUHVXLWDEOHIRUFRQWDPLQDWLRQ



J

7KH GRVH VKDOO EH FDOFXODWHG IRU WKH PD[LPXP RUJDQ DQG DJH JURXS XVLQJ WKH PHWKRGRORJ\\ DQG

SDUDPHWHUVLQWKH2'&0



K

4XDUWHUO\\JUDEVDPSOHVDUHQRWUHTXLUHGIURPWKHRQVLWHHYDSRUDWLRQSRQGLIWKHHYDSRUDWLRQSRQGKDVQRW

UHFHLYHGDQ\\LQIOXHQWVLQFHWKHODVWVDPSOHZDVWDNHQ



2'&05HY



7$%/(

5(3257,1*/(9(/6)255$',2$&7,9,7<&21&(175$7,216,1

(19,5210(17$/6$03/(6



$QDO\\VLV



DWHU S&LO 

$LUERUQH3DUWLFXODWH

RU*DV S&LP 

)UHVK0LON

S&LO 

)RRG3URGXFWV

S&LNJZHW 

+

 







0Q









)H









&R









&R









=Q









=U1E









,

 







&V









&V









%D/D













)RUGULQNLQJZDWHUVDPSOHV7KLVLVD&)5YDOXH,IQRGULQNLQJZDWHUSDWKZD\\H[LVWVDYDOXHRI

S&LOPD\\EHXVHG





,IQRGULQNLQJZDWHUSDWKZD\\H[LVWVDUHSRUWLQJOHYHORIS&LOPD\\EHXVHG



2'&05HY



7$%/(

'(7(&7,21&$3$%,/,7,(6)25(19,5210(17$/$1$/<6,6D



/RZHU/LPLWRI'HWHFWLRQ //' E



$QDO\\VLV



DWHU S&LO 

$LUERUQH3DUWLFXODWH

RU*DV S&LP 

)UHVK0LON

S&LO 

)RRG3URGXFWV

S&LNJZHW 

  • URVV%HWD









+

 







0Q









)H









&R









=Q









=U









1E









,

 







&V









&V









%D









/D











127(7KLVOLVWGRHVQRWPHDQWKDWRQO\\WKHVHQXFOLGHVDUHWREHGHWHFWHGDQGUHSRUWHG2WKHUSHDNVWKDWDUH

PHDVXUDEOHDQGLGHQWLILDEOHWRJHWKHUZLWKWKHDERYHQXFOLGHVVKDOODOVREHLGHQWLILHGDQGUHSRUWHG





,IQRGULQNLQJZDWHUSDWKZD\\H[LVWVDYDOXHRIS&LOPD\\EHXVHG





,IQRGULQNLQJZDWHUSDWKZD\\H[LVWVDYDOXHRIS&LOPD\\EHXVHG



2'&05HY



7DEOH &RQWLQXHG 

7$%/(127$7,21

D

  • XLGDQFH IRU GHWHFWLRQ FDSDELOLWLHV IRU WKHUPROXPLQHVFHQW GRVLPHWHUV XVHG IRU HQYLURQPHQWDO

PHDVXUHPHQWVLVJLYHQLQ5HJXODWRU\\*XLGH



E

7DEOHLQGLFDWHVDFFHSWDEOHGHWHFWLRQFDSDELOLWLHVIRUUDGLRDFWLYHPDWHULDOVLQHQYLURQPHQWDOVDPSOHV

7KHVHGHWHFWLRQFDSDELOLWLHVDUHWDEXODWHGLQWHUPVRIWKHORZHUOLPLWVRIGHWHFWLRQ //'V 7KH//'LV

GHILQHGIRUSXUSRVHVRIWKLVJXLGHDVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDW

ZLOO\\LHOGDQHWFRXQW DERYHV\\VWHPEDFNJURXQG WKDWZLOOEHGHWHFWHGZLWKSUREDELOLW\\ZLWKRQO\\

SUREDELOLW\\RIIDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVD³UHDO'VLJQDO



)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHP ZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ 











KHUH



//'LVWKHDSULRULORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVS&LSHUXQLWPDVVRUYROXPH 



VELVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQNVDPSOHDV

DSSURSULDWH DVFRXQWVSHUPLQXWH 



(LVWKHFRXQWLQJHIILFLHQF\\ DVFRXQWVSHUGLVLQWHJUDWLRQ 

9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH 

LVWKHQXPEHURIGLVLQWHJUDWLRQVSHUPLQXWHSHUSLFRFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOG ZKHQDSSOLFDEOH 

OLVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG

WIRU HQYLURQPHQWDO VDPSOHV LV WKH HODSVHG WLPH EHWZHHQ VDPSOH FROOHFWLRQ RU HQG RI WKH

V D P S O H FROOHFWLRQSHULRG DQGWLPHRIFRXQWLQJ



,QFDOFXODWLQJWKH//'IRUDUDGLRQXFOLGHGHWHUPLQHGE\\JDPPDUD\\VSHFWURPHWU\\WKHEDFNJURXQGVKRXOG

LQFOXGH WKH W\\SLFDO FRQWULEXWLRQV RI RWKHU UDGLRQXFOLGHV QRUPDOO\\ SUHVHQW LQ WKH VDPSOHV HJ

SRWDVVLXPLQPLONVDPSOHV 7\\SLFDOYDOXHVRI(9<DQGWVKRXOGEHXVHGLQWKHFDOFXODWLRQ

,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHGDVDQDSULRUL EHIRUHWKHIDFW OLPLWUHSUHVHQWLQJWKH

FDSDELOLW\\ RI D PHDVXUHPHQW V\\VWHP DQG QRW DV DQ D SRVWHULRUL DIWHU WKH IDFW  OLPLW IRU D SDUWLFXODU

PHDVXUHPHQW$QDO\\VHVVKDOOEHSHUIRUPHGLQVXFKDPDQQHUWKDWWKHVWDWHG//'VZLOOEHDFKLHYHGXQGHU

URXWLQHFRQGLWLRQV2FFDVLRQDOO\\EDFNJURXQGIOXFWXDWLRQVXQDYRLGDEOHVPDOOVDPSOHVL]HVWKHSUHVHQFH

RILQWHUIHULQJQXFOLGHVRURWKHUXQFRQWUROODEOHFLUFXPVWDQFHVPD\\UHQGHUWKHVH//'VXQDFKLHYDEOH,Q

VXFK FDVHV WKH FRQWULEXWLQJ IDFWRUV VKDOO EH LGHQWLILHG DQG GHVFULEHG LQ WKH $QQXDO 5DGLRORJLFDO

(QYLURQPHQWDO2SHUDWLQJ5HSRUW

0DU



0DU



0DU





2'&05HY



 5HTXLUHPHQW/DQG8VH&HQVXV



$ ODQG XVH FHQVXV VKDOO EH FRQGXFWHG DQG VKDOO LGHQWLI\\ ZLWKLQ D GLVWDQFH RI NP PLOHV  WKH

ORFDWLRQLQHDFKRIWKHPHWHRURORJLFDOVHFWRUVRIWKHQHDUHVWPLONDQLPDOWKHQHDUHVWUHVLGHQFHDQG

WKHQHDUHVWJDUGHQ RIJUHDWHUWKDQP IW SURGXFLQJEURDGOHDIYHJHWDWLRQ

$SSOLFDELOLW\\$WDOOWLPHV



$FWLRQ

D :LWKDODQGXVHFHQVXVLGHQWLI\\LQJDORFDWLRQ V WKDW\\LHOGVDFDOFXODWHGGRVHRUGRVHFRPPLWPHQW

JUHDWHUWKDQWKHYDOXHVFXUUHQWO\\EHLQJFDOFXODWHGLQ6HFWLRQLGHQWLI\\WKHQHZORFDWLRQ V LQ

WKHQH[W$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWSXUVXDQWWR6HFWLRQ



E :LWKDODQGXVHFHQVXVLGHQWLI\\LQJDORFDWLRQ V WKDW\\LHOGVDFDOFXODWHGGRVHRUGRVHFRPPLWPHQW

YLDWKHVDPHH[SRVXUHSDWKZD\\ JUHDWHUWKDQDWDORFDWLRQIURPZKLFKVDPSOHVDUHFXUUHQWO\\

EHLQJ REWDLQHG LQ DFFRUGDQFH ZLWK 6HFWLRQ  DGG WKH QHZ ORFDWLRQ V  WR WKH UDGLRORJLFDO

HQYLURQPHQWDO PRQLWRULQJ SURJUDP ZLWKLQ  GD\\V 7KH VDPSOLQJ ORFDWLRQ V  H[FOXGLQJ WKH

FRQWUROVWDWLRQORFDWLRQKDYLQJWKHORZHVWFDOFXODWHGGRVHRUGRVHFRPPLWPHQW V YLDWKHVDPH

H[SRVXUHSDWKZD\\PD\\WKHQEHGHOHWHGIURPWKHPRQLWRULQJSURJUDP



 6XUYHLOODQFH5HTXLUHPHQWV



D 7KH ODQG XVH FHQVXV VKDOO EH FRQGXFWHG GXULQJ WKH JURZLQJ VHDVRQ DQQXDOO\\ XVLQJ WKDW

LQIRUPDWLRQ WKDW ZLOO SURYLGH WKH EHVW UHVXOWV VXFK DV E\\ D GRRUWRGRRU VXUYH\\ DHULDO

VXUYH\\RUE\\ FRQVXOWLQJORFDODJULFXOWXUHDXWKRULWLHV7KHUHVXOWVRIWKHODQGXVHFHQVXV

VKDOOEHLQFOXGHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWSXUVXDQWWR

6HFWLRQ



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



7KH DERYH 5HTXLUHPHQW LV LPSOHPHQWHG E\\ 1XFOHDU $GPLQLVWUDWLYHDQG 7HFKQLFDO 0DQXDO

SURFHGXUHV

























 %URDG/HDIYHJHWDWLRQVDPSOLQJRIDWOHDVWWKUHHGLIIHUHQWNLQGVRIYHJHWDWLRQPD\\EHSHUIRUPHGDW

WKH6,7(%281'$5<LQHDFKRIWZRGLIIHUHQWGLUHFWLRQVHFWRUVZLWKWKHKLJKHVWSUHGLFWHG'4V

LQOLHXRIWKHJDUGHQFHQVXV6SHFLILFDWLRQVIRUEURDGOHDIYHJHWDWLRQVDPSOLQJLQ7DEOHVKDOO

EHIROORZHGLQFOXGLQJDQDO\\VLVRIFRQWUROVDPSOHV



2'&05HY



 5HTXLUHPHQW,QWHUODERUDWRU\\&RPSDULVRQ3URJUDP



$QDO\\VHVVKDOOEHSHUIRUPHGRQUDGLRDFWLYHPDWHULDOVVXSSOLHGDVSDUWRIDQ,QWHUODERUDWRU\\

&RPSDULVRQ3URJUDPWKDWFRUUHVSRQGWRVDPSOHVUHTXLUHGE\\7DEOHDVDSSOLFDEOH



$SSOLFDELOLW\\

$WDOOWLPHV



$FWLRQ

D :LWK DQDO\\VHV QRW EHLQJ SHUIRUPHG DV UHTXLUHG DERYH UHSRUW WKH FRUUHFWLYH DFWLRQV WDNHQ WR

SUHYHQW D UHFXUUHQFH WR WKH &RPPLVVLRQ LQ WKH $QQXDO 5DGLRORJLFDO (QYLURQPHQWDO 2SHUDWLQJ

5HSRUWSXUVXDQWWR6HFWLRQ



 6XUYHLOODQFH5HTXLUHPHQWV



D $ VXPPDU\\ RI WKH UHVXOWV REWDLQHG DV SDUW RI WKH DERYH UHTXLUHG,QWHUODERUDWRU\\

&RPSDULVRQ 3URJUDP DQG LQ DFFRUGDQFH ZLWK WKH PHWKRGRORJ\\ DQG SDUDPHWHUV LQ WKLV

PDQXDO VKDOO EH LQFOXGHG LQ WKH $QQXDO 5DGLRORJLFDO (QYLURQPHQWDO 2SHUDWLQJ 5HSRUW

SXUVXDQWWR6HFWLRQ



,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV



391*6 ODERUDWRULHV RU FRQWUDFW ODERUDWRULHV ZKLFK SHUIRUP DQDO\\VHV IRU WKH 5DGLRORJLFDO

(QYLURQPHQWDO 0RQLWRULQJ 3URJUDP 5(03  SDUWLFLSDWH LQ DQ,QWHUODERUDWRU\\ &RPSDULVRQ

3URJUDP7KHSDUWLFLSDWLRQLQFOXGHV DOO RI WKHGHWHUPLQDWLRQV VDPSOH PHGLXPUDGLRQXFOLGH

FRPELQDWLRQV WKDWDUHLQFOXGHGLQWKHPRQLWRULQJSURJUDP



,IGHYLDWLRQIURPVSHFLILHGOLPLWVLVLGHQWLILHGDQLQYHVWLJDWLRQLVPDGHWRGHWHUPLQHWKHUHDVRQ

IRUWKHGHYLDWLRQDQGFRUUHFWLYHDFWLRQVDUHWDNHQDVQHFHVVDU\\7KHUHVXOWVRIDOODQDO\\VHVPDGH

XQGHUWKLVSURJUDPDUHLQFOXGHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW



2'&05HY



7$%/(

5$',2/2*,&$/(19,5210(17$/021,725,1*6$03/(&2//(&7,21/2&$7,216





6$03/(

6,7(





6$03/(7<3(



127(

G 

/2&$7,21

'(6,*1$7,21

D 





/2&$7,21'(6&5,37,21 F 



7/'

683

(

  • RRG\\HDU



7/'

683

(1(

6FRWW/LEE\\6FKRRO



7/'

683

(

/LEHUW\\6FKRRO



7/'

683

(

%XFNH\\H



$LU

683

(

6DPHDV7/'



7/' E 

63

(6(

3DOR9HUGH6FKRRO



7/' E 

&RQWURO

66(

$36*LOD%HQGVXEVWDWLRQ

$

$LU E 

&RQWURO

66(

2OG86



7/' E 

63

6(

2OG86DQG$UOLQJWRQ6FKRRO5G

$

$LU

683

(6(

$UOLQJWRQ6FKRRO



7/' E 

25

66(

6RXWKHUQ3DFLILF3LSHOLQH5G



7/' E 

25

6

6RXWKHUQ3DFLILF3LSHOLQH5G



7/' E 

25

6(

WK$YHDQG(OOLRW5G



7/' E 

25

(6(

WK$YHDQG'REELQV5G



7/' E 

25

(

WK$YHDQG%XFNH\\H6DORPH5G



7/' E 

,5

1

1VLWHERXQGDU\\



7/' E 

,5

11(

11(VLWHERXQGDU\\

$

$LU E 



11(

VW$YHDQG%XFNH\\H6DORPH5G



7/' E 

,5

1(

1(VLWHERXQGDU\\:5)DFFHVVURDG



$LU E 



1(

6DPHDV7/'



7/' E 

,5

(1(

(1(VLWHERXQGDU\\



7/' E 

,5

(

(VLWHERXQGDU\\

$

$LU

683

(

VW$YH



7/' E 

,5

(6(

(6(VLWHERXQGDU\\



7/' E 

,5

6(

6(VLWHERXQGDU\\



7/' E 

,5

66(

66(VLWHERXQGDU\\



2'&05HY



7$%/(

5$',2/2*,&$/(19,5210(17$/021,725,1*6$03/(&2//(&7,21/2&$7,216





6$03/(

6,7(





6$03/(7<3(



127(

G 

/2&$7,21

'(6,*1$7,21

D 





/2&$7,21'(6&5,37,21 F 



7/' E 

,5

6

6VLWHERXQGDU\\



$LU

683

6

6DPHDV7/'



7/' E 

,5

66:

66:VLWHERXQGDU\\



7/' E 

25



1RI(OOLRW5G



7/' E 

25

6:

1RI(OOLRW5G



7/' E 

25

6:

1RI(OOLRW5G



7/' E 

25

66:

'XNH3URSHUW\\



7/' E 

,5

6:

6:VLWHERXQGDU\\



7/' E 

,5

6:
6:VLWHERXQGDU\\



7/' E 

,5


VLWHERXQGDU\\



$LU E 





6DPHDV7/'



7/' E 

,5

1:
1:VLWHERXQGDU\\



7/' E 

,5

1:

1:VLWHERXQGDU\\



7/' E 

,5

11:

11:VLWHERXQGDU\\



7/' E 

25

1:

6RI%XFNH\\H5G



7/' E 

25

11:

WK$YHDQG9DQ%XUHQ6W



7/' E 

63

11:

7RQRSDK



$LU

683

11:

6DPHDV7/'



7/' E 

25

1

LQWHUVEXUJ5GDQG9DQ%XUHQ6W



7/' E 

25

11(

UG$YHDQG9DQ%XUHQ6W



7/' E 

25

1(

WK$YHDQG%XFNH\\H5G



7/' E 

25

(1(

UG$YH1RI%URDGZD\\5G



7/' E 

63

1

LQWHUVEXUJ



$LU E 



1

6DPHDV7/'



7/'

683

(6(

$UOLQJWRQ6FKRRO



7/' E 

63

1

5XWK)LVKHU6FKRRO



7/'

683

1(

LQWHUV:HOO6FKRRO



2'&05HY



7$%/(

5$',2/2*,&$/(19,5210(17$/021,725,1*6$03/(&2//(&7,21/2&$7,216







6$03/(

6,7(





6$03/(7<3(



127(

G 

/2&$7,21

'(6,*1$7,21

D 





/2&$7,21'(6&5,37,21 F 





7/' E 

&RQWURO

(1(

(O0LUDJH













7/'

683

7UDQVLW

&RQWURO





216,7(





&HQWUDOODEOHDGSLJ





7/' E 

63

(1(

/LWFKILHOG3DUN6FKRRO





DWHU E 
'

11:

/RFDOUHVLGHQFH





7/'

683

(

/LWWOHWRQ6FKRRO





9HJHWDWLRQ E 



1

/RFDOUHVLGHQFH





7/'

683

(

-DFNUDEELW7UDLO





DWHU E 
'

6:

/RFDOUHVLGHQFH





7/'

683

(1(

3DOR9HUGH5G





DWHU E 
'

1

/RFDOUHVLGHQFH





7/' E 

25

1:

6RI%XFNH\\H6DORPH5G





0LON E 



(1(

/RFDOUHVLGHQFH JRDWV 





9HJHWDWLRQ E 



(1(

/RFDOUHVLGHQFH





0LON E 

&RQWURO

1(

/RFDOUHVLGHQFH JRDWV 





0LON E 



11(

/RFDOUHVLGHQFH JRDWV 









DWHU
'

683



6:



/RFDOUHVLGHQFH





  • URXQG:DWHU E 
  • 

RQVLWH

HOOGGF





  • URXQG:DWHU E 
  • 

RQVLWH

HOODEE



$

  • URXQG:DWHU E 
  • 

RQVLWH

HOOGFE





6XUIDFH:DWHU E 

6

RQVLWH

(YDSRUDWLRQ3RQG





6XUIDFH:DWHU E 

6

RQVLWH

DFUH:DWHUVWRUDJHUHVHUYRLU





6XUIDFH:DWHU E 

6

RQVLWH

DFUH:DWHUVWRUDJHUHVHUYRLU





9HJHWDWLRQ E 

&RQWURO

(1(

&RPPHUFLDOSURGXFHFRPSDQ\\





6XUIDFH:DWHU E 

6

RQVLWH

(YDSRUDWLRQ3RQG





6XUIDFH:DWHU E 

6

RQVLWH

(YDSRUDWLRQ3RQG



  • URXQG:DWHU E 
  • 

RQVLWH

HOODDE

-XO\\



-XO\\





2'&05HY



 

EKd^

ŽŽhŽŽŽ

E 7KHVHVDPSOHVIXOILOOWKHUHTXLUHPHQWVRIWKH2'&07DEOH

F 5HIHUWR)LJXUHDQG)LJXUHIRUUHODWLYHORFDWLRQVRIVDPSOHVLWHV

G ,5LQQHUULQJ

25RXWHUULQJ

63VFKRRORUSRSXODWLRQFHQWHU

6ZDWHUERUQHVXUIDFH
  • ZDWHUERUQHJURXQG
'ZDWHUERUQHGULQNLQJ

683GHVLJQDWHGVXSSOHPHQWDOVDPSOLQJORFDWLRQ

)LJXUH

5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP6DPSOH6LWHV

PLOHV



2'&05HY

)LJXUH

5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP6DPSOH6LWHV

0LOHV

2'&05HY





KDZ



































)LJXUH

5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP

6DPSOH6LWHV0LOHV

'(/(7('



KDZ





































)LJXUH

6LWH([FOXVLRQ$UHD%RXQGDU\\

'(/(7('



5HIHUWR8)6$5)LJXUH

















































































)LJXUH

  • DVHRXV(IIOXHQW

5HOHDVH3RLQWV





2'&05HY



KDZ



































)LJXUH

/RZ3RSXODWLRQ=RQH

'(/(7('



5HIHUWR8)6$5)LJXUH











KDZ





5$',2/2*,&$/5(32576



 5HTXLUHPHQW$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW



5RXWLQH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWVFRYHULQJWKHRSHUDWLRQRIWKHXQLWVGXULQJWKH

SUHYLRXVFDOHQGDU\\HDUVKDOOEHVXEPLWWHGLQDFFRUGDQFHZLWK7HFKQLFDO6SHFLILFDWLRQ



7KH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUWV VKDOO LQFOXGH D VXPPDU\\ RI WKH TXDQWLWLHV RI

UDGLRDFWLYH OLTXLG DQG JDVHRXV HIIOXHQWV DQG VROLG ZDVWH UHOHDVHG IURP WKH XQLW DV RXWOLQHG LQ

5HJXODWRU\\ *XLGH ³0HDVXULQJ (YDOXDWLQJ DQG 5HSRUWLQJ 5DGLRDFWLYLW\\ LQ 6ROLG :DVWHV DQG

5HOHDVHVRI5DGLRDFWLYH0DWHULDOVLQ/LTXLGDQG*DVHRXV(IIOXHQWVIURP/LJKW:DWHU&RROHG1XFOHDU

3RZHU 3ODQWV' 5HYLVLRQ -XQH ZLWK GDWD VXPPDUL]HG RQ D TXDUWHUO\\ EDVLV IROORZLQJ WKH

IRUPDWRI$SSHQGL[%WKHUHRI



7KH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUW VKDOO LQFOXGH DQ DQQXDO VXPPDU\\ RI KRXUO\\

PHWHRURORJLFDOGDWDFROOHFWHGRYHUWKHSUHYLRXV\\HDU7KLVDQQXDOVXPPDU\\PD\\EHHLWKHULQWKHIRUP

RIDQKRXUE\\KRXUOLVWLQJRQPDJQHWLFWDSHRIZLQGVSHHGZLQGGLUHFWLRQDWPRVSKHULFVWDELOLW\\DQG

SUHFLSLWDWLRQ LI PHDVXUHG  RU LQ WKH IRUP RI MRLQW IUHTXHQF\\ GLVWULEXWLRQV RI ZLQG VSHHG ZLQG

GLUHFWLRQDQGDWPRVSKHULFVWDELOLW\\ 7KLVVDPHUHSRUWVKDOOLQFOXGHDQDVVHVVPHQWRIWKHUDGLDWLRQ

GRVHVGXHWRWKHUDGLRDFWLYHOLTXLGDQGJDVHRXVHIIOXHQWVUHOHDVHGIURPWKHXQLWRUVWDWLRQGXULQJWKH

SUHYLRXVFDOHQGDU\\HDU7KLVVDPHUHSRUWVKDOODOVRLQFOXGHDQDVVHVVPHQWRIWKHUDGLDWLRQGRVHVIURP

UDGLRDFWLYHOLTXLGDQGJDVHRXVHIIOXHQWVWR0(0%(562)7+(38%/,&GXHWRWKHLUDFWLYLWLHVLQVLGH

WKH6,7(%281'$5< )LJXUH GXULQJWKHUHSRUWSHULRG$OODVVXPSWLRQVXVHGLQPDNLQJWKHVH

DVVHVVPHQWVLHVSHFLILFDFWLYLW\\H[SRVXUHWLPHDQGORFDWLRQVKDOOEHLQFOXGHGLQWKHVHUHSRUWV7KH

PHWHRURORJLFDO FRQGLWLRQV FRQFXUUHQW ZLWK WKH WLPH RI UHOHDVH RI UDGLRDFWLYH PDWHULDOV LQ JDVHRXV

HIIOXHQWVDVGHWHUPLQHGE\\VDPSOLQJIUHTXHQF\\DQGPHDVXUHPHQWVKDOOEHXVHGIRUGHWHUPLQLQJWKH

JDVHRXVSDWKZD\\GRVHV7KHDVVHVVPHQWRIUDGLDWLRQGRVHVVKDOOEHSHUIRUPHGLQDFFRUGDQFHZLWKWKH

PHWKRGRORJ\\DQGSDUDPHWHUVLQWKH2'&0



7KH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWVKDOODOVRLQFOXGHDQDVVHVVPHQWRIUDGLDWLRQGRVHV

WR WKH OLNHO\\ PRVW H[SRVHG 0(0%(5 2) 7+( 38%/,& IURP UHDFWRU UHOHDVHV DQG RWKHU QHDUE\\

XUDQLXPIXHOF\\FOHVRXUFHVLQFOXGLQJGRVHVIURPSULPDU\\HIIOXHQWSDWKZD\\VDQGGLUHFWUDGLDWLRQIRU

WKH SUHYLRXV FDOHQGDU \\HDU WR VKRZ FRQIRUPDQFH ZLWK &)53DUW (QYLURQPHQWDO 5DGLDWLRQ

3URWHFWLRQ 6WDQGDUGV IRU 1XFOHDU 3RZHU 2SHUDWLRQ $FFHSWDEOH PHWKRGV IRU FDOFXODWLQJ WKH GRVH

FRQWULEXWLRQVDUHJLYHQ6HFWLRQDQG5HJXODWRU\\*XLGH5HY2FWREHU



7KH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUW VKDOO DOVR LQFOXGH LQIRUPDWLRQ UHTXLUHG E\\ WKH

7HFKQLFDO5HTXLUHPHQWV0DQXDO6HFWLRQ













$ VLQJOH VXEPLWWDO PD\\ EH PDGH IRU D PXOWLSOH XQLW VWDWLRQ 7KH VXEPLWWDO VKRXOG FRPELQH WKRVH

VHFWLRQVWKDWDUHFRPPRQWRDOOXQLWVDWWKHVWDWLRQKRZHYHUIRUXQLWVZLWKVHSDUDWHUDGZDVWHV\\VWHPV

WKHVXEPLWWDOVKDOOVSHFLI\\WKHUHOHDVHVRIUDGLRDFWLYHPDWHULDOIURPHDFKXQLW



,Q OLHX RI VXEPLVVLRQ ZLWK WKH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUW WKH OLFHQVHH KDV WKH

RSWLRQ RI UHWDLQLQJ WKLV VXPPDU\\ RI UHTXLUHG PHWHRURORJLFDO GDWD RQ VLWH LQ D ILOH WKDW VKDOO EH

SURYLGHGWRWKH15&XSRQUHTXHVW











KDZ



7KH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWVVKDOOLQFOXGHWKHIROORZLQJLQIRUPDWLRQIRUHDFK

FODVVRIVROLGZDVWH DVGHILQHGE\\&)53DUW VKLSSHGRIIVLWHGXULQJWKHUHSRUWSHULRG



D

&RQWDLQHUYROXPH



E

7RWDOFXULHTXDQWLW\\ VSHFLI\\ZKHWKHUGHWHUPLQHGE\\PHDVXUHPHQWRUHVWLPDWH 



F

3ULQFLSDOUDGLRQXFOLGHV VSHFLI\\ZKHWKHUGHWHUPLQHGE\\PHDVXUHPHQWRUHVWLPDWH 



G

6RXUFHRIZDVWHDQGSURFHVVLQJHPSOR\\HG HJGHZDWHUHGVSHQWUHVLQFRPSDFWHGGU\\ZDVWH

HYDSRUDWRUERWWRPV 



H

7\\SHRIFRQWDLQHU HJ/6$7\\SH$7\\SH%/DUJH4XDQWLW\\ DQG



I

6ROLGLILFDWLRQDJHQWRUDEVRUEHQW HJFHPHQWXUHDIRUPDOGHK\\GH 



7KH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWVVKDOOLQFOXGHDOLVWDQGGHVFULSWLRQRIXQSODQQHG

UHOHDVHVIURPWKHVLWHWR815(675,&7('$5($6RIUDGLRDFWLYHPDWHULDOVLQJDVHRXVDQGOLTXLG

HIIOXHQWVPDGHGXULQJWKHUHSRUWLQJSHULRG



&KDQJHV WR WKH 2'&0 VKDOO EH VXEPLWWHG LQ WKH IRUP RI D FRPSOHWH OHJLEOH FRS\\ DV SDUW RI RU

FRQFXUUHQWZLWKWKH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWIRUWKHSHULRGRIWKHUHSRUWLQZKLFK

DQ\\ FKDQJH LQ WKH 2'&0 ZDV PDGH &KDQJHV PDGH WR WKH 3URFHVV &RQWURO 3URJUDP VKDOO EH

VXEPLWWHGZLWKWKH$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWIRUWKHSHULRGRIWKHUHSRUWLQZKLFK

DQ\\FKDQJHLQWKH3URFHVV&RQWURO3URJUDPZDVPDGH











KDZ



 5HTXLUHPHQW$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW



5RXWLQH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVFRYHULQJWKHRSHUDWLRQRIWKHXQLWV

GXULQJ WKH SUHYLRXV FDOHQGDU \\HDU VKDOO EHVXEPLWWHG E\\ 0D\\RIHDFK \\HDU LQDFFRUGDQFHZLWK

7HFKQLFDO6SHFLILFDWLRQ



7KH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVVKDOOLQFOXGHVXPPDULHVLQWHUSUHWDWLRQV

DQGDQDQDO\\VLVRIWUHQGVRIWKHUHVXOWVRIWKHUDGLRORJLFDOHQYLURQPHQWDOVXUYHLOODQFHDFWLYLWLHVIRUWKH

UHSRUW SHULRG LQFOXGLQJD FRPSDULVRQZLWKSUHRSHUDWLRQDO VWXGLHVZLWK RSHUDWLRQDO FRQWUROV DV

DSSURSULDWHDQGZLWKSUHYLRXVHQYLURQPHQWDOVXUYHLOODQFHUHSRUWVDQGDQDVVHVVPHQWRIWKHREVHUYHG

LPSDFWVRIWKHSODQWRSHUDWLRQRQWKHHQYLURQPHQW7KHUHSRUWVVKDOODOVRLQFOXGHWKHUHVXOWVRIODQG

XVHFHQVXVHVUHTXLUHGE\\6HFWLRQ



7KH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVVKDOOLQFOXGHWKHUHVXOWVRIDQDO\\VLVRIDOO

UDGLRORJLFDOHQYLURQPHQWDOVDPSOHVDQGRIDOOHQYLURQPHQWDOUDGLDWLRQPHDVXUHPHQWVWDNHQGXULQJ

WKH SHULRG SXUVXDQW WR WKH ORFDWLRQV VSHFLILHG LQ 7DEOH DQG )LJXUH DQG )LJXUH  DV ZHOO DV

VXPPDUL]HGDQGWDEXODWHGUHVXOWVRIWKHVHDQDO\\VHVDQGPHDVXUHPHQWVLQWKHIRUPDWRIWKHWDEOHLQWKH

5DGLRORJLFDO$VVHVVPHQW%UDQFK7HFKQLFDO3RVLWLRQ5HYLVLRQ1RYHPEHU,QWKHHYHQWWKDW

VRPHLQGLYLGXDOUHVXOWVDUHQRWDYDLODEOHIRULQFOXVLRQZLWKWKHUHSRUWWKHUHSRUWVKDOOEHVXEPLWWHG

QRWLQJDQGH[SODLQLQJWKHUHDVRQVIRUWKHPLVVLQJUHVXOWV7KHPLVVLQJGDWDVKDOOEHVXEPLWWHGDVVRRQ

DVSRVVLEOHLQDVXSSOHPHQWDU\\UHSRUW



7KHUHSRUWVVKDOODOVRLQFOXGHWKHIROORZLQJDVXPPDU\\GHVFULSWLRQRIWKHUDGLRORJLFDOHQYLURQPHQWDO

PRQLWRULQJSURJUDPDWOHDVWWZROHJLEOHPDSV FRYHULQJDOOVDPSOLQJORFDWLRQVNH\\HGWRDWDEOH

JLYLQJGLVWDQFHVDQGGLUHFWLRQVIURPWKHFHQWHUOLQHRIRQHUHDFWRUWKHUHVXOWVRIOLFHQVHHSDUWLFLSDWLRQ

LQWKH,QWHUODERUDWRU\\&RPSDULVRQ3URJUDPUHTXLUHGE\\6HFWLRQGLVFXVVLRQRIDOOGHYLDWLRQVIURP

WKHVDPSOLQJVFKHGXOHRI7DEOHDQGGLVFXVVLRQRIDOODQDO\\VHVLQZKLFKWKH//'UHTXLUHGE\\

7DEOHZDVQRWDFKLHYDEOH







































$VLQJOHVXEPLWWDOPD\\EHPDGHIRUDPXOWLSOHXQLWVWDWLRQ



 2QHPDSVKDOOFRYHUVWDWLRQVQHDUWKH6,7(%281'$5<DVHFRQGVKDOOLQFOXGHWKHPRUHGLVWDQW

VWDWLRQV











KDZ



$33(1',;$

'(7(50,1$7,212)&21752//,1*/2&$7,21



7KHFRQWUROOLQJORFDWLRQLVWKHORFDWLRQRIWKH0(0%(52)7+(38%/,&ZKRUHFHLYHVWKHKLJKHVWGRVHV



7KHGHWHUPLQDWLRQRIDFRQWUROOLQJORFDWLRQIRULPSOHPHQWDWLRQRI&)5IRUUDGLRLRGLQHVDQGSDUWLFXODWHVLV

NQRZQWREHDIXQFWLRQRI



 ,VRWRSLFUHOHDVHUDWHV



  0HWHRURORJ\\



  ([SRVXUHSDWKZD\\



  5HFHSWRU¶VDJH



7KHLQFRUSRUDWLRQRIWKHVHSDUDPHWHUVLQWR(TXDWLRQUHVXOWVLQWKHUHVSHFWLYHHTXDWLRQVDWWKHFRQWUROOLQJ

ORFDWLRQ7KHLVRWRSLFUHOHDVHUDWHVDUHEDVHGXSRQWKHVRXUFHWHUPVFDOFXODWHGXVLQJWKH391*6(QYLURQPHQWDO

5HSRUW2SHUDWLQJ/LFHQVH6WDJH7DEOHZLWKRXWFDUERQ



$OORIWKHORFDWLRQVDQGH[SRVXUHSDWKZD\\VLGHQWLILHGLQWKH/DQG8VH&HQVXVKDYHEHHQHYDOXDWHG7KHVH

LQFOXGHFRZPLONLQJHVWLRQJRDWPLONLQJHVWLRQYHJHWDEOHLQJHVWLRQLQKDODWLRQDQGJURXQGSODQHH[SRVXUH$Q

LQIDQWLVDVVXPHGWREHSUHVHQWDWDOOPLONSDWKZD\\ORFDWLRQV$FKLOGLVDVVXPHGWREHSUHVHQWDWDOOYHJHWDEOH

JDUGHQORFDWLRQV7KHJURXQGSODQHH[SRVXUHSDWKZD\\LVRQO\\FRQVLGHUHGWREHSUHVHQWZKHUHDQLQIDQWLVQRW

SUHVHQW1DWXUDOO\\LQKDODWLRQLVSUHVHQWHYHU\\ZKHUHDQLQGLYLGXDOLVSUHVHQW



)RU WKH GHWHUPLQDWLRQ RI WKH FRQWUROOLQJ ORFDWLRQV WKH KLJKHVW ;4 DQG '4 YDOXHV EDVHG RQ WKH \\HDU

PHWHRURORJLFDOGDWDEDVHIRUWKHYHJHWDEOHJDUGHQFRZPLONDQGJRDWPLONSDWKZD\\VDUHVHOHFWHGIRUHDFK

XQLW7KHUHFHSWRURUJDQGRVHVKDYHEHHQFDOFXODWHGDWHDFKRIWKHVHORFDWLRQV%DVHGXSRQWKHVHFDOFXODWLRQVLW

LVGHWHUPLQHGWKDWWKHFRQWUROOLQJUHFHSWRUSDWKZD\\LVDIXQFWLRQRIXQLWORFDWLRQ)RU8QLWWKHFRQWUROOLQJ

UHFHSWRULVDJDUGHQFKLOGSDWKZD\\IRUUHOHDVHVIURP8QLWDQG8QLWWKHFRQWUROOLQJUHFHSWRULVDFRZPLON

LQIDQWSDWKZD\\7KHVHGHWHUPLQDWLRQVDUHEDVHGXSRQ7DEOHRUZKLFKLQWXUQLVEDVHGXSRQWKH

/DQG8VH&HQVXV/RFDWLRQVRIWKHQHDUHVWUHVLGHQFHVJDUGHQVDQGPLONDQLPDOVDVGHWHUPLQHGLQWKH

/DQG8VH&HQVXVDUHJLYHQLQ7DEOHDQG











KDZ



$33(1',;%

%$6(6)255(48,5(0(176



%

5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21



7KHUDGLRDFWLYHJDVHRXVHIIOXHQWLQVWUXPHQWDWLRQLVSURYLGHGWRPRQLWRUDQGFRQWURODVDSSOLFDEOHWKH

UHOHDVHV RI UDGLRDFWLYH PDWHULDOV LQ JDVHRXV HIIOXHQWV GXULQJ DFWXDO RU SRWHQWLDO UHOHDVHV RI JDVHRXV

HIIOXHQWV7KHDODUPWULSVHWSRLQWVIRUWKHVHLQVWUXPHQWVVKDOOEHFDOFXODWHGDQGDGMXVWHGLQDFFRUGDQFH

ZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQWKH2'&0WRHQVXUHWKDWWKHDODUPWULSZLOORFFXUSULRUWR

H[FHHGLQJ WKH OLPLWV RI &)5 3DUW 7KH 23(5$%,/,7< DQG XVH RI WKLV LQVWUXPHQWDWLRQ LV

FRQVLVWHQW ZLWK WKH UHTXLUHPHQWV RI *HQHUDO 'HVLJQ &ULWHULD   RI $SSHQGL[$ WR &)5

3$57



7KHUHDUHWZRVHSDUDWHUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJV\\VWHPVWKHORZUDQJHHIIOXHQW PRQLWRUV

IRUQRUPDOSODQWUDGLRDFWLYHJDVHRXVHIIOXHQWVDQGWKHKLJKUDQJHHIIOXHQWPRQLWRUVIRUSRVW DFFLGHQW

SODQW UDGLRDFWLYH JDVHRXV HIIOXHQWV 7KH ORZ UDQJH PRQLWRUV RSHUDWH DW DOO WLPHV XQWLO WKH

FRQFHQWUDWLRQRIUDGLRDFWLYLW\\LQWKHHIIOXHQWEHFRPHVWRRKLJKGXULQJSRVWDFFLGHQWFRQGLWLRQV7KH

KLJKUDQJHPRQLWRUVRQO\\RSHUDWHZKHQWKHFRQFHQWUDWLRQRIUDGLRDFWLYLW\\LQWKHHIIOXHQWLVDERYHWKH

VHWSRLQWLQWKHORZUDQJHPRQLWRUV



%

  • $6(286())/8(17'26(5$7(



7KLV UHTXLUHPHQW SURYLGHV UHDVRQDEOH DVVXUDQFH WKDW UDGLRDFWLYH PDWHULDO GLVFKDUJHG LQ JDVHRXV

HIIOXHQWVZLOOQRWUHVXOWLQWKHH[SRVXUHRID0(0%(52)7+(38%/,&LQDQ815(675,&7('

$5($HLWKHUDWRUEH\\RQGWKH6,7(%281'$5<LQH[FHVVRIWKHGHVLJQREMHFWLYHVRI$SSHQGL[,WR

&)5SDUW7KLVUHTXLUHPHQWLVSURYLGHGWRHQVXUHWKDWJDVHRXVHIIOXHQWVIURPDOOXQLWVRQWKHVLWH

ZLOOEHDSSURSULDWHO\\FRQWUROOHG,WSURYLGHVRSHUDWLRQDOIOH[LELOLW\\IRUUHOHDVLQJJDVHRXVHIIOXHQWVWR

VDWLVI\\WKH6HFWLRQ,,$DQG,,&GHVLJQREMHFWLYHVRI$SSHQGL[,WR&)5SDUW)RU0(0%(56

2)7+(38%/,&ZKRPD\\DWWLPHVEHZLWKLQWKH6,7(%281'$5<WKHRFFXSDQF\\RIWKDW0(0%(5

2)7+(38%/,&ZLOOXVXDOO\\EHVXIILFLHQWO\\ORZWRFRPSHQVDWHIRUDQ\\LQFUHDVHLQWKH DWPRVSKHULF

GLIIXVLRQIDFWRUDERYHWKDWIRUWKH6,7(%281'$5<([DPSOHVRIFDOFXODWLRQVIRUVXFK 0(0%(56

2)7+(38%/,&ZLWKWKHDSSURSULDWHRFFXSDQF\\IDFWRUVVKDOOEHJLYHQLQWKH2'&0 7KHVSHFLILHG

UHOHDVH UDWH OLPLWV UHVWULFW DW DOO WLPHV WKH FRUUHVSRQGLQJ JDPPD DQG EHWD GRVH UDWHV

DERYH

EDFNJURXQGWRD0(0%(52)7+(38%/,&DWRUEH\\RQGWKH6,7(%281'$5<WROHVVWKDQ RU

HTXDOWRPUHPV\\HDUWRWKHWRWDOERG\\RUWROHVVWKDQRUHTXDOWRPUHPV\\HDUWRWKHVNLQ

7KHVH UHOHDVH UDWH OLPLWV DOVR UHVWULFW DW DOO WLPHV WKH FRUUHVSRQGLQJ WK\\URLG GRVH UDWH DERYH

EDFNJURXQG WR D FKLOG YLD WKH LQKDODWLRQ SDWKZD\\ WR OHVV WKDQ RU HTXDO WR PUHPV\\HDU 7KLV

UHTXLUHPHQWGRHVQRWDIIHFWWKHUHTXLUHPHQWWRFRPSO\\ZLWKWKHDQQXDOOLPLWDWLRQVRI

&)5 D 



7KLVUHTXLUHPHQWDSSOLHVWRWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVIURPDOOUHDFWRU

XQLWVDWWKHVLWH



7KHUHTXLUHGGHWHFWLRQFDSDELOLWLHVIRUUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHVDPSOHVDUHWDEXODWHGLQ

WHUPVRIWKHORZHUOLPLWVRIGHWHFWLRQ //' 'HWDLOHGGLVFXVVLRQRIWKH//'DQGRWKHUGHWHFWLRQOLPLWV

FDQEHIRXQGLQ&XUULH/$³/RZHU/LPLWRI'HWHFWLRQ'HILQLWLRQDQG(ODERUDWLRQRID3URSRVHG

3RVLWLRQIRU5DGLRORJLFDO(IIOXHQWDQG(QYLURQPHQWDO0HDVXUHPHQWV'185(*&5 6HSWHPEHU

 DQGLQWKH+$6/3URFHGXUHV0DQXDO+$6/ UHYLVHGDQQXDOO\\ 











KDZ



%

6(&21'$5<6<67(0/,48,':$67(',6&+$5*(72216,7((9$325$7,21

321'6&21&(175$7,21



7KLV UHTXLUHPHQW LV SURYLGHG WR HQVXUH WKDW WKH DQQXDO WRWDO HIIHFWLYH GRVH HTXLYDOHQW WR LQGLYLGXDO

PHPEHUV RI WKH SXEOLF IURP WKH OLFHQVHG RSHUDWLRQ GRHV QRW H[FHHG WKH UHTXLUHPHQWV RI  &)5

3DUW  GXH WR WKH DFFXPXODWHG DFWLYLW\\ LQ WKH HYDSRUDWLRQ SRQGV IURP WKH VHFRQGDU\\ V\\VWHP

GLVFKDUJHV



5HVWULFWLQJ WKH FRQFHQWUDWLRQV RI WKH VHFRQGDU\\ OLTXLG ZDVWHV GLVFKDUJHG WR WKH RQVLWH HYDSRUDWLRQ

SRQGVZLOOUHVWULFWWKHTXDQWLW\\RIUDGLRDFWLYHPDWHULDOWKDWFDQDFFXPXODWHLQWKHSRQGV7KLVLQWXUQ

SURYLGHV DVVXUDQFH WKDW LQ WKH HYHQW RI DQ XQFRQWUROOHG UHOHDVH RI WKH SRQG¶V FRQWHQWV WR DQ

815(675,&7('$5($WKHUHVXOWLQJWRWDOHIIHFWLYHGRVHHTXLYDOHQWWRLQGLYLGXDOPHPEHUVRIWKH

SXEOLFDWWKHQHDUHVWH[FOXVLRQDUHDERXQGDU\\ZLOOQRWH[FHHGWKHUHTXLUHPHQWVRI&)53DUW



7KLVUHTXLUHPHQWDSSOLHVWRWKHVHFRQGDU\\V\\VWHPOLTXLGZDVWHGLVFKDUJHVRIUDGLRDFWLYHPDWHULDOVIURP

DOOUHDFWRUXQLWVWRWKHRQVLWHHYDSRUDWLRQSRQGV



7KHUHTXLUHGGHWHFWLRQFDSDELOLWLHVIRUUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHVDPSOHVDUHWDEXODWHGLQ

WHUPVRIWKHORZHUOLPLWVRIGHWHFWLRQ //' 'HWDLOHGGLVFXVVLRQRIWKH//'DQGRWKHUGHWHFWLRQOLPLWV

FDQEHIRXQGLQ&XUULH/$³/RZHU/LPLWRI'HWHFWLRQ'HILQLWLRQDQG(ODERUDWLRQRID3URSRVHG

3RVLWLRQIRU5DGLRORJLFDO(IIOXHQWDQG(QYLURQPHQWDO0HDVXUHPHQWV'185(*&5 6HSWHPEHU

 DQGLQWKH+$6/3URFHGXUHV0DQXDO+$6/ UHYLVHGDQQXDOO\\ 



%

  • $6(286())/8(17'26(1REOH*DVHV



7KLV UHTXLUHPHQW LV SURYLGHG WR LPSOHPHQW 6HFWLRQV,,%,,,$ DQG,9$ RI $SSHQGL[, &)5

3DUW7KLVUHTXLUHPHQWLPSOHPHQWVWKHJXLGHVVHWIRUWKLQ6HFWLRQ,,%RI$SSHQGL[,7KH$&7,21

VWDWHPHQWVSURYLGHWKHUHTXLUHGRSHUDWLQJIOH[LELOLW\\DQGDWWKHVDPHWLPHLPSOHPHQWWKHJXLGHVVHW

IRUWK LQ 6HFWLRQ,9$ RI $SSHQGL[, WR DVVXUH WKDW WKH UHOHDVHV RI UDGLRDFWLYH PDWHULDO LQ JDVHRXV

HIIOXHQWV WR 815(675,&7(' $5($6 ZLOO EH NHSW ³DV ORZ DV LV UHDVRQDEO\\ DFKLHYDEOH' 7KH

VXUYHLOODQFHUHTXLUHPHQWVLPSOHPHQWWKHUHTXLUHPHQWVLQ6HFWLRQ,,,$RI$SSHQGL[,WKDWFRQIRUPDQFH

ZLWKWKHJXLGHVRI$SSHQGL[,EHVKRZQE\\FDOFXODWLRQDOSURFHGXUHVEDVHGRQPRGHOVDQGGDWDVXFK

WKDWWKHDFWXDOH[SRVXUHRID0(0%(52)7+(38%/,&WKURXJKDSSURSULDWHSDWKZD\\VLVXQOLNHO\\WR

EHVXEVWDQWLDOO\\XQGHUHVWLPDWHG7KHGRVHFDOFXODWLRQPHWKRGRORJ\\DQGSDUDPHWHUVHVWDEOLVKHGLQWKH

2'&0IRUFDOFXODWLQJWKHGRVHVGXHWRWKHDFWXDOUHOHDVHUDWHVRIUDGLRDFWLYHQREOHJDVHVLQJDVHRXV

HIIOXHQWV DUH FRQVLVWHQW ZLWK WKH PHWKRGRORJ\\ SURYLGHG LQ 5HJXODWRU\\ *XLGH ³&DOFXODWLRQ RI

$QQXDO 'RVHV WR 0DQ IURP 5RXWLQH 5HOHDVHV RI 5HDFWRU (IIOXHQWV IRU WKH 3XUSRVH RI (YDOXDWLQJ

&RPSOLDQFHZLWK&)53DUW$SSHQGL[,'5HYLVLRQ2FWREHUDQG5HJXODWRU\\*XLGH

³0HWKRGV IRU (VWLPDWLQJ $WPRVSKHULF 7UDQVSRUW DQG 'LVSHUVLRQ RI *DVHRXV (IIOXHQWV LQ 5RXWLQH

5HOHDVHVIURP/LJKW:DWHU&RROHG5HDFWRUV'5HYLVLRQ-XO\\7KH2'&0HTXDWLRQVSURYLGHG

IRU GHWHUPLQLQJ WKH DLU GRVHV DW DQG EH\\RQG WKH 6,7( %281'$5< DUH EDVHG XSRQ WKH KLVWRULFDO

DYHUDJHDWPRVSKHULFFRQGLWLRQV



7KLVUHTXLUHPHQWDSSOLHVWRWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVIURPHDFKUHDFWRU

XQLWDWWKHVLWH











KDZ



%

  • $6(286 ())/8(17  '26( ,RGLQH,RGLQH 7ULWLXP DQG$OO5DGLRQXFOLGHVLQ

3DUWLFXODWH)RUP:LWK+DOI/LYHV*UHDWHU7KDQ'D\\V



7KLVUHTXLUHPHQWLVSURYLGHGWRLPSOHPHQWWKHUHTXLUHPHQWVRI6HFWLRQV,,&,,,$,9$RI $SSHQGL[

,&)53DUW7KLVUHTXLUHPHQWLVWKHJXLGHVHWIRUWKLQ6HFWLRQ,,&RI$SSHQGL[,7KH $&7,21

VWDWHPHQWVSURYLGHWKHUHTXLUHGRSHUDWLQJIOH[LELOLW\\DQGDWWKHVDPHWLPHLPSOHPHQWWKH JXLGHVVHW

IRUWK LQ6HFWLRQ,9$RI $SSHQGL[, WR DVVXUH WKDW WKH UHOHDVHV RI UDGLRDFWLYH PDWHULDOV LQ JDVHRXV

HIIOXHQWVWR815(675,&7('$5($6ZLOOEHNHSW³DVORZDVLVUHDVRQDEO\\DFKLHYDEOH'7KH 2'&0

FDOFXODWLRQDOPHWKRGVVSHFLILHGLQWKHVXUYHLOODQFHUHTXLUHPHQWVLPSOHPHQWWKHUHTXLUHPHQWVLQ 6HFWLRQ

,,,$ RI $SSHQGL[, WKDW FRQIRUPDQFH ZLWK WKH JXLGHV RI $SSHQGL[, EH VKRZQ E\\ FDOFXODWLRQDO

SURFHGXUHVEDVHGRQPRGHOVDQGGDWDVXFKWKDWWKHDFWXDOH[SRVXUHRID0(0%(52)7+(38%/,&

WKURXJKDSSURSULDWHSDWKZD\\VLVXQOLNHO\\WREHVXEVWDQWLDOO\\XQGHUHVWLPDWHG7KH2'&0FDOFXODWLRQDO

PHWKRGRORJ\\DQGSDUDPHWHUVIRUFDOFXODWLQJWKHGRVHVGXHWRWKHDFWXDOUHOHDVHUDWHVRIWKHVXEMHFW

PDWHULDOV DUHFRQVLVWHQW ZLWK WKHPHWKRGRORJ\\ SURYLGHG LQ 5HJXODWRU\\ *XLGH ³&DOFXODWLRQ RI

$QQXDO 'RVHV WR 0DQ IURP 5RXWLQH 5HOHDVHV RI 5HDFWRU (IIOXHQWV IRU WKH 3XUSRVH RI (YDOXDWLQJ

&RPSOLDQFHZLWK&)53DUW$SSHQGL[,'5HYLVLRQ2FWREHUDQG5HJXODWRU\\*XLGH

³0HWKRGV IRU (VWLPDWLQJ $WPRVSKHULF 7UDQVSRUW DQG 'LVSHUVLRQ RI *DVHRXV (IIOXHQWV LQ 5RXWLQH

5HOHDVHVIRU/LJKW:DWHU&RROHG5HDFWRUV'5HYLVLRQ-XO\\7KHVHHTXDWLRQVDOVRSURYLGHIRU

GHWHUPLQLQJWKHDFWXDOGRVHVEDVHGXSRQWKHKLVWRULFDODYHUDJHDWPRVSKHULFFRQGLWLRQV7KHUHOHDVHUDWH

VSHFLILFDWLRQVIRULRGLQHLRGLQHWULWLXPDQGUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHV

JUHDWHUWKDQGD\\VDUHGHSHQGHQWXSRQWKHH[LVWLQJUDGLRQXFOLGHSDWKZD\\VWRPDQLQWKHDUHDVDWDQG

EH\\RQG WKH 6,7( %281'$5< 7KH SDWKZD\\V WKDW ZHUH H[DPLQHG LQ WKH GHYHORSPHQW RI WKHVH

FDOFXODWLRQVZHUH  LQGLYLGXDOLQKDODWLRQRIDLUERUQHUDGLRQXFOLGHV  GHSRVLWLRQRIUDGLRQXFOLGHV

RQWR JUHHQ OHDI\\ YHJHWDWLRQ ZLWK VXEVHTXHQW FRQVXPSWLRQ E\\ PDQ  GHSRVLWLRQ RQWRJUDVV\\ DUHDV

ZKHUHPLONDQLPDOVDQGPHDWSURGXFLQJDQLPDOVJUD]HZLWKFRQVXPSWLRQRIWKHPLONDQGPHDWE\\PDQ

DQG  GHSRVLWLRQRQWKHJURXQGZLWKVXEVHTXHQWH[SRVXUHRIPDQ



7KLVUHTXLUHPHQWDSSOLHVWRWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVIURPHDFKUHDFWRU

XQLWDWWKHVLWH



%

  • $6(2865$':$67(75($70(17



7KH23(5$%,/,7<RIWKH*$6(2865$':$67(6<67(0DQGWKH9(17,/$7,21(;+$867

75($70(176<67(0HQVXUHVWKDWWKHV\\VWHPVZLOOEHDYDLODEOHIRUXVHZKHQHYHUJDVHRXVHIIOXHQWV

UHTXLUHWUHDWPHQWSULRUWRUHOHDVHWRWKHHQYLURQPHQW7KHUHTXLUHPHQWWKDWWKHDSSURSULDWHSRUWLRQVRI

WKHVHV\\VWHPVEHXVHGZKHQVSHFLILHGSURYLGHVUHDVRQDEOHDVVXUDQFHWKDWWKHUHOHDVHVRIUDGLRDFWLYH

PDWHULDOVLQJDVHRXV HIIOXHQWV ZLOO EH NHSW ³DV ORZ DV UHDVRQDEO\\ DFKLHYDEOH' 7KLVUHTXLUHPHQW

LPSOHPHQWVWKHUHTXLUHPHQWVRI&)5D*HQHUDO'HVLJQ&ULWHULRQRI$SSHQGL[$WR

&)53DUWDQGWKHGHVLJQREMHFWLYHVJLYHQLQ6HFWLRQ,,'RI$SSHQGL[,WR&)53DUW7KH

VSHFLILHGOLPLWVJRYHUQLQJWKHXVHRIDSSURSULDWHSRUWLRQVRIWKHV\\VWHPVZHUHVSHFLILHGDVDVXLWDEOH

IUDFWLRQRIWKHGRVHGHVLJQREMHFWLYHVVHWIRUWKLQ6HFWLRQV,,%DQG,,&RI$SSHQGL[,&)53DUW

IRUJDVHRXVHIIOXHQWV



7KLVUHTXLUHPHQWDSSOLHVWRWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVIURPHDFKUHDFWRU

XQLWDWWKHVLWH



7KHPLQLPXPDQDO\\VLVIUHTXHQF\\RI0 LHDWOHDVWWLPHVSHUPRQWKDWLQWHUYDOVQRJUHDWHUWKDQ

GD\\VDQGDPLQLPXPRIWLPHVD\\HDU LVXVHGIRUFHUWDLQUDGLRDFWLYHJDVHRXVZDVWHVDPSOLQJLQ

7DEOH7KLVZLOOHOLPLQDWHWDNLQJGRXEOHVDPSOHVZKHQTXDUWHUO\\DQGZHHNO\\VDPSOHVDUHUHTXLUHG

DWWKHVDPHWLPH











KDZ



%

6(&21'$5<6<67(0/,48,':$67(',6&+$5*(72216,7((9$325$7,21

321'6'26(



7KLV UHTXLUHPHQW LV SURYLGHG WR LPSOHPHQW WKH UHTXLUHPHQWV RI 6HFWLRQV,,$,,,$ DQG,9$ RI

$SSHQGL[, &)5 3DUW 7KLV UHTXLUHPHQW LPSOHPHQWV WKH JXLGHV VHW IRUWK LQ 6HFWLRQ,,$ RI

$SSHQGL[,7KH$&7,21VWDWHPHQWVSURYLGHWKHUHTXLUHGRSHUDWLQJIOH[LELOLW\\DQGDWWKHVDPHWLPH

LPSOHPHQWWKHJXLGHVVHWIRUWKLQ6HFWLRQ,9$RI$SSHQGL[,WRDVVXUHWKDWWKHUHOHDVHVRIUDGLRDFWLYH

PDWHULDO LQ OLTXLG HIIOXHQWV WR 815(675,&7(' $5($6 ZLOO EH NHSW ³DV ORZ DV LV UHDVRQDEO\\

DFKLHYDEOH'$OVRIRUIUHVKZDWHUVLWHVZLWKGULQNLQJZDWHUVXSSOLHVWKDWFDQEHSRWHQWLDOO\\DIIHFWHGE\\

SODQW RSHUDWLRQV WKHUH LV UHDVRQDEOH DVVXUDQFH WKDW WKH RSHUDWLRQ RI WKH IDFLOLW\\ ZLOO QRW UHVXOW LQ

UDGLRQXFOLGHFRQFHQWUDWLRQVLQWKHILQLVKHGGULQNLQJZDWHUWKDWDUHLQH[FHVVRIWKHUHTXLUHPHQWVRI

&)5 3DUW 7KH GRVH FDOFXODWLRQ PHWKRGRORJ\\ DQG SDUDPHWHUV LQ WKH 2'&0 LPSOHPHQW WKH

UHTXLUHPHQWVLQ6HFWLRQ,,,$RI$SSHQGL[,WKDWFRQIRUPDQFHZLWKWKHJXLGHVRI$SSHQGL[,EHVKRZQ

E\\FDOFXODWLRQDOSURFHGXUHVEDVHGRQPRGHOVDQGGDWDVXFKWKDWWKHDFWXDOH[SRVXUHRID0(0%(52)

7+( 38%/,& WKURXJK DSSURSULDWH SDWKZD\\V LV XQOLNHO\\ WR EH VXEVWDQWLDOO\\ XQGHUHVWLPDWHG 7KH

HTXDWLRQVVSHFLILHGLQWKH2'&0IRUFDOFXODWLQJWKHGRVHVGXHWRWKHDFWXDOUHOHDVHUDWHVRIUDGLRDFWLYH

PDWHULDOVLQOLTXLGHIIOXHQWVDUHFRQVLVWHQWZLWKWKHPHWKRGRORJ\\SURYLGHGLQ5HJXODWRU\\*XLGH

³&DOFXODWLRQRI$QQXDO'RVHVWR0DQIURP5RXWLQH5HOHDVHVRI5HDFWRU(IIOXHQWVIRUWKH3XUSRVHRI

(YDOXDWLQJ&RPSOLDQFHZLWK&)53DUW$SSHQGL[,'5HYLVLRQ2FWREHUDQG5HJXODWRU\\

  • XLGH  ³(VWLPDWLQJ $TXDWLF 'LVSHUVLRQ RI (IIOXHQWV IURP $FFLGHQWDO DQG 5RXWLQH 5HDFWRU

5HOHDVHVIRUWKH3XUSRVHRI,PSOHPHQWLQJ$SSHQGL[,'$SULO



7KLVUHTXLUHPHQWDSSOLHVWRWKHUHOHDVHRIOLTXLGHIIOXHQWVIURPHDFKUHDFWRUDWWKHVLWH)RUXQLWVZLWK

VKDUHGUDGZDVWHWUHDWPHQWV\\VWHPVWKHOLTXLGHIIOXHQWVIURPWKHVKDUHGV\\VWHPDUHSURSRUWLRQHGDPRQJ

WKHXQLWVVKDULQJWKDWV\\VWHP



%

727$/'26($1''26(7238%/,&216,7(



7KLV UHTXLUHPHQW LV SURYLGHG WR PHHW WKH GRVH OLPLWDWLRQV RI  &)5 3DUW  WKDW KDYH EHHQ

LQFRUSRUDWHG LQWR &)5 G  7KH UHTXLUHPHQW VSHFLILHV WKH SUHSDUDWLRQ DQG VXEPLWWDO RI D

6SHFLDO5HSRUWZKHQHYHUWKHFDOFXODWHGGRVHVGXHWRUHOHDVHVRIUDGLRDFWLYLW\\DQGWRUDGLDWLRQIURP

XUDQLXPIXHOF\\FOHVRXUFHVH[FHHGPUHPVWRWKHZKROHERG\\RUDQ\\RUJDQH[FHSWWKHWK\\URLGZKLFK

VKDOOEHOLPLWHGWROHVVWKDQRUHTXDOWRPUHPV(YHQLIDVLWHZDVWRFRQWDLQXSWRIRXUUHDFWRUVLWLV

KLJKO\\XQOLNHO\\WKDWWKHUHVXOWDQWGRVHWRD0(0%(52)7+(38%/,&ZLOOH[FHHGWKHGRVHOLPLWVRI

&)53DUWLIWKHLQGLYLGXDOUHDFWRUVUHPDLQZLWKLQWZLFHWKHGRVHGHVLJQREMHFWLYHVRI $SSHQGL[

,DQGLIGLUHFWUDGLDWLRQGRVHVIURPWKHUHDFWRUXQLWV LQFOXGLQJRXWVLGHVWRUDJHWDQNVHWF  DUHNHSW

VPDOO7KH6SHFLDO5HSRUWZLOOGHVFULEHDFRXUVHRIDFWLRQWKDWVKRXOGUHVXOWLQWKHOLPLWDWLRQRI WKH

DQQXDO GRVH WR D 0(0%(5 2) 7+( 38%/,& WR ZLWKLQ WKH &)5 3DUW OLPLWV )RU WKH

SXUSRVHVRIWKH6SHFLDO5HSRUWLWPD\\EHDVVXPHGWKDWWKHGRVHFRPPLWPHQWWRWKH0(0%(52)

7+( 38%/,& IURP RWKHU XUDQLXP IXHO F\\FOH VRXUFHV LV QHJOLJLEOH ZLWK WKH H[FHSWLRQ WKDW GRVH

FRQWULEXWLRQVIURPRWKHUQXFOHDUIXHOF\\FOHIDFLOLWLHVDWWKHVDPHVLWHRUZLWKLQDUDGLXVRINPPXVWEH

FRQVLGHUHG,IWKHGRVHWRDQ\\0(0%(52)7+(38%/,&LVHVWLPDWHGWRH[FHHGWKHUHTXLUHPHQWVRI

&)53DUWVXEPLWWDORIWKH6SHFLDO5HSRUWZLWKLQGD\\VZLWKDUHTXHVWIRUDYDULDQFH SURYLGHG

WKHUHOHDVHFRQGLWLRQVUHVXOWLQJLQYLRODWLRQRI&)53DUWKDYHQRWDOUHDG\\EHHQFRUUHFWHG LQ

DFFRUGDQFHZLWKWKHSURYLVLRQVRI&)53DUWDQG&)53DUW D  LVFRQVLGHUHGWR

EHDWLPHO\\UHTXHVWDQGIXOILOOVWKHUHTXLUHPHQWVRI&)53DUWXQWLO15&VWDIIDFWLRQLV FRPSOHWHG

7KHYDULDQFHRQO\\UHODWHVWRWKHOLPLWVRI&)53DUWDQGGRHVQRWDSSO\\LQDQ\\ZD\\WR RWKHU

UHTXLUHPHQWVIRUGRVHOLPLWDWLRQRI&)53DUWDVDGGUHVVHGLQ6HFWLRQDQGRIWKH 2'&0

$QLQGLYLGXDOLVQRWFRQVLGHUHGD0(0%(52)7+(38%/,&GXULQJDQ\\SHULRGLQZKLFK KHVKHLV

HQJDJHGLQFDUU\\LQJRXWDQ\\RSHUDWLRQWKDWLVSDUWRIWKHQXFOHDUIXHOF\\FOH'HPRQVWUDWLRQRI FRPSOLDQFH

ZLWKWKHOLPLWVRI&)53DUWRUZLWKWKHGHVLJQREMHFWLYHVRI$SSHQGL[,WR&)5 3DUWZLOO

EHFRQVLGHUHGWRGHPRQVWUDWHFRPSOLDQFHZLWKWKHUHPOLPLWRI&)5











KDZ



%

5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0 5(03 



7KH 5DGLRORJLFDO (QYLURQPHQWDO 0RQLWRULQJ 3URJUDP UHTXLUHG E\\ WKLV UHTXLUHPHQW SURYLGHV

UHSUHVHQWDWLYHPHDVXUHPHQWVRIUDGLDWLRQDQGRIUDGLRDFWLYHPDWHULDOVLQWKRVHH[SRVXUHSDWKZD\\VDQG

IRUWKRVHUDGLRQXFOLGHVWKDWOHDGWRWKHKLJKHVWSRWHQWLDOUDGLDWLRQH[SRVXUHVRI0(0%(562)7+(

38%/,&UHVXOWLQJIURPWKHVWDWLRQRSHUDWLRQ7KLVPRQLWRULQJSURJUDPLPSOHPHQWV6HFWLRQ,9%RI

$SSHQGL[,WR&)53DUWDQGWKHUHE\\VXSSOHPHQWVWKHUDGLRORJLFDOHIIOXHQWPRQLWRULQJSURJUDP

E\\YHULI\\LQJWKDWWKHPHDVXUDEOHFRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOVDQGOHYHOVRIUDGLDWLRQDUHQRW

KLJKHUWKDQH[SHFWHGRQWKHEDVLVRIWKHHIIOXHQWPHDVXUHPHQWVDQGWKHPRGHOLQJRIWKHHQYLURQPHQWDO

H[SRVXUHSDWKZD\\V*XLGDQFHIRUWKLVPRQLWRULQJSURJUDPLVSURYLGHGE\\WKH5DGLRORJLFDO$VVHVVPHQW

%UDQFK7HFKQLFDO3RVLWLRQRQ(QYLURQPHQWDO0RQLWRULQJ7KHLQLWLDOO\\VSHFLILHGPRQLWRULQJSURJUDP

ZLOOEHHIIHFWLYHIRUDWOHDVWWKHILUVW\\HDUVRIFRPPHUFLDORSHUDWLRQ)ROORZLQJWKLVSHULRGSURJUDP

FKDQJHVPD\\EHLQLWLDWHGEDVHGRQRSHUDWLRQDOH[SHULHQFH



7KHUHTXLUHGGHWHFWLRQFDSDELOLWLHV IRUHQYLURQPHQWDO VDPSOHDQDO\\VHV DUHWDEXODWHG LQWHUPV RIWKH

ORZHUOLPLWVRIGHWHFWLRQ //' 7KH//'VUHTXLUHGE\\7DEOHDUHFRQVLGHUHGRSWLPXPIRUURXWLQH

HQYLURQPHQWDOPHDVXUHPHQWVLQLQGXVWULDOODERUDWRULHV,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHG

DVDQDSULRUL EHIRUHWKHIDFW OLPLWUHSUHVHQWLQJWKHFDSDELOLW\\RIDPHDVXUHPHQWV\\VWHPDQGQRWDVDQ

DSRVWHULRUL DIWHUWKHIDFW OLPLWIRUDSDUWLFXODUPHDVXUHPHQW



'HWDLOHGGLVFXVVLRQRIWKH//'DQGRWKHUGHWHFWLRQOLPLWVFDQEHIRXQGLQ&XUULH/$³/RZHU/LPLW

RI 'HWHFWLRQ 'HILQLWLRQ DQG (ODERUDWLRQ RI D 3URSRVHG 3RVLWLRQ IRU 5DGLRORJLFDO (IIOXHQW DQG

(QYLURQPHQWDO 0HDVXUHPHQWV' 185(*&5 6HSWHPEHU  DQG LQ WKH +$6/ 3URFHGXUHV

0DQXDO+$6/ UHYLVHGDQQXDOO\\ 



%

/$1'86(&(1686



7KLV UHTXLUHPHQW LV SURYLGHG WR HQVXUH WKDW FKDQJHV LQ WKH XVH RI DUHDV DW DQG EH\\RQG WKH 6,7(

%281'$5< DUH LGHQWLILHG DQG WKDW PRGLILFDWLRQV WR WKH UDGLRORJLFDO HQYLURQPHQWDO PRQLWRULQJ

SURJUDPDUHPDGHLIUHTXLUHGE\\WKHUHVXOWVRIWKLVFHQVXV7KHEHVWLQIRUPDWLRQIURPWKHGRRUWRGRRU

VXUYH\\IURPDHULDOVXUYH\\RUIURPFRQVXOWLQJZLWKORFDODJULFXOWXUDODXWKRULWLHVVKDOOEHXVHG7KLV

FHQVXVVDWLVILHVWKHUHTXLUHPHQWVRI6HFWLRQ,9%RI$SSHQGL[,WR&)53DUW5HVWULFWLQJWKH

FHQVXVWRJDUGHQVRIJUHDWHUWKDQPSURYLGHVDVVXUDQFHWKDWVLJQLILFDQWH[SRVXUHSDWKZD\\VYLDOHDI\\

YHJHWDEOHVZLOO EHLGHQWLILHG DQGPRQLWRUHGVLQFHDJDUGHQRI WKLVVL]H LV WKH PLQLPXP UHTXLUHG WR

SURGXFHWKHTXDQWLW\\ NJ\\HDU RIOHDI\\YHJHWDEOHVDVVXPHGLQ5HJXODWRU\\*XLGHIRU

FRQVXPSWLRQ E\\ D FKLOG 7R GHWHUPLQH WKLV PLQLPXP JDUGHQ VL]H WKH IROORZLQJ DVVXPSWLRQV ZHUH

PDGH  RIWKHJDUGHQZDVXVHGIRUJURZLQJEURDGOHDIYHJHWDWLRQ LHVLPLODUWROHWWXFHDQG

FDEEDJH DQG  DYHJHWDWLRQ\\LHOGRINJP

%

,17(5/$%25$725<&203$5,621352*5$0



7KHUHTXLUHPHQWIRUSDUWLFLSDWLRQLQDQ,QWHUODERUDWRU\\&RPSDULVRQ3URJUDPLVSURYLGHGWRHQVXUHWKDW

LQGHSHQGHQW FKHFNV RQ WKH SUHFLVLRQ DQG DFFXUDF\\ RI WKH PHDVXUHPHQWV RI UDGLRDFWLYH PDWHULDO LQ

HQYLURQPHQWDO VDPSOH PDWULFHV DUH SHUIRUPHG DV SDUW RI WKH TXDOLW\\ DVVXUDQFH SURJUDP IRU

HQYLURQPHQWDOPRQLWRULQJLQRUGHUWRGHPRQVWUDWHWKDWWKHUHVXOWVDUHYDOLGIRUWKHSXUSRVHVRI 6HFWLRQ

,9%RI$SSHQGL[,WR&)53DUW



KDZ



$33(1',;&

'(),1,7,216

1RWH



7KH IROORZLQJ GHILQLWLRQV ZHUH GHULYHG IURP WKH 3DOR 9HUGH 1XFOHDU *HQHUDWLQJ 6WDWLRQ 7HFKQLFDO

6SHFLILFDWLRQV7KHVHVHOHFWHGGHILQLWLRQVVXSSRUWWKRVHSRUWLRQVRI WKH 7HFKQLFDO6SHFLILFDWLRQVZKLFKZHUH

WUDQVIHUUHGWRWKH2'&0DQGKDYHEHHQLQFRUSRUDWHGLQWRWKH5HTXLUHPHQWVVHFWLRQVRIWKH2'&0



'HILQLWLRQV



7KHGHILQHGWHUPVRIWKLVVHFWLRQDSSHDULQFDSLWDOL]HGW\\SHDQGDUHDSSOLFDEOHWKURXJKRXWWKH5HTXLUHPHQWV

VHFWLRQVRIWKLV2'&0



$&7,21



$&7,21VKDOOEHWKDWSDUWRIDUHTXLUHPHQWZKLFKSUHVFULEHVUHPHGLDOPHDVXUHVUHTXLUHGXQGHUGHVLJQDWHG

FRQGLWLRQV



&+$11(/&$/,%5$7,21



6HHWKH7HFKQLFDO6SHFLILFDWLRQGHILQLWLRQ

&+$11(/&+(&.

6HHWKH7HFKQLFDO6SHFLILFDWLRQGHILQLWLRQ

&+$11(/)81&7,21$/7(67

6HHWKH7HFKQLFDO6SHFLILFDWLRQGHILQLWLRQ

'26((48,9$/(17,

6HHWKH7HFKQLFDO6SHFLILFDWLRQGHILQLWLRQ

)81&7,21$/)81&7,21$/,7<

)XQFWLRQDOLW\\LVDQDWWULEXWHRIDVWUXFWXUHV\\VWHPRUFRPSRQHQW66& V WKDWLVQRWFRQWUROOHGE\\WKH7HFKQLFDO

6SHFLILFDWLRQV 76V $Q66&QRWFRQWUROOHG E\\7VV LVIXQFWLRQDORUKDVIXQFWLRQDOLW\\ZKHQLWLVFDSDEOHRI

SHUIRUPLQJLWVIXQFWLRQ V DVVHWIRUWKLQWKHFXUUHQWOLFHQVLQJEDVLV &/% 7KHVH&/%IXQFWLRQ V PD\\LQFOXGH

WKHFDSDELOLW\\WRSHUIRUPDQHFHVVDU\\DQGUHODWHGVXSSRUWIXQFWLRQIRUDQ66& V FRQWUROOHGE\\76V



)5(48(1&<127$7,21



7KH)5(48(1&<127$7,21VSHFLILHGIRUWKHSHUIRUPDQFHRI6XUYHLOODQFH5HTXLUHPHQWVVKDOOFRUUHVSRQG

WRWKHLQWHUYDOVGHILQHGLQ7DEOH&



  • $6(2865$':$67(6<67(0



$*$6(2865$':$67(6<67(0VKDOOEHDQ\\V\\VWHPGHVLJQHGDQGLQVWDOOHGWRUHGXFHUDGLRDFWLYHJDVHRXV

HIIOXHQWVE\\FROOHFWLQJSULPDU\\FRRODQWV\\VWHPRIIJDVHVIURPWKHSULPDU\\V\\VWHPDQGSURYLGLQJIRUGHOD\\RU

KROGXSIRUWKHSXUSRVHRIUHGXFLQJWKHWRWDOUDGLRDFWLYLW\\SULRUWRUHOHDVHWRWKHHQYLURQPHQW



KDZ



$33(1',;&



'(),1,7,216 &RQWLQXHG 



0(0%(5 6 2)7+(38%/,&



0(0%(5 6 2)7+(38%/,&PHDQVDQ\\LQGLYLGXDOH[FHSWZKHQWKDWLQGLYLGXDOLVUHFHLYLQJRFFXSDWLRQDO

GRVH7KLVVKDOOLQFOXGHDOOSHUVRQVZKRDUHQRWRFFXSDWLRQDOO\\DVVRFLDWHGZLWKWKHSODQW7KLVFDWHJRU\\GRHVQRW

LQFOXGHHPSOR\\HHVRIWKHOLFHQVHHLWVFRQWUDFWRUVRUYHQGRUV$OVRH[FOXGHGIURPWKLVFDWHJRU\\DUHSHUVRQVZKR

HQWHUWKHVLWHWRVHUYLFHHTXLSPHQWRUWRPDNHGHOLYHULHV7KLVFDWHJRU\\GRHVLQFOXGHSHUVRQVZKRXVHSRUWLRQVRI

WKHVLWHIRUUHFUHDWLRQDORFFXSDWLRQDORURWKHUSXUSRVHVQRWDVVRFLDWHGZLWKWKHSODQW



2&&83$7,21$/'26(



2&&83$7,21$/GRVHPHDQVWKHGRVHUHFHLYHGE\\DQLQGLYLGXDOLQWKHFRXUVHRIHPSOR\\PHQWLQZKLFKWKH

LQGLYLGXDOVDVVLJQHGGXWLHVLQYROYHH[SRVXUHWRUDGLDWLRQRUWRUDGLRDFWLYHPDWHULDOIURPOLFHQVHGDQGXQOLFHQVHG

VRXUFHV RI UDGLDWLRQ ZKHWKHU LQ WKHSRVVHVVLRQ RI WKH OLFHQVHH RURWKHU SHUVRQ2FFXSDWLRQDOGRVHGRHVQRW

LQFOXGHGRVHVUHFHLYHGIURPEDFNJURXQGUDGLDWLRQIURPDQ\\PHGLFDODGPLQLVWUDWLRQWKHLQGLYLGXDOKDVUHFHLYHG

IURPH[SRVXUHWRLQGLYLGXDOVDGPLQLVWHUHGUDGLRDFWLYHPDWHULDODQGUHOHDVHGXQGHU&)5IURPYROXQWDU\\

SDUWLFLSDWLRQLQPHGLFDOUHVHDUFKSURJUDPVRUDVDPHPEHURIWKHSXEOLF



23(5$%/(23(5$%,/,7<



$ V\\VWHP VXEV\\VWHP WUDLQ FRPSRQHQWRU GHYLFH VKDOO EH 23(5$%/( RU KDYH23(5$%,/,7< ZKHQ LWLV

FDSDEOH RI SHUIRUPLQJ LWV VSHFLILHG IXQFWLRQ V  DQG ZKHQ DOO QHFHVVDU\\ DWWHQGDQW LQVWUXPHQWDWLRQ FRQWUROV

HOHFWULFDOSRZHUFRROLQJRUVHDOZDWHUOXEULFDWLRQRURWKHUDX[LOLDU\\HTXLSPHQWWKDWDUHUHTXLUHGIRUWKHV\\VWHP

VXEV\\VWHPWUDLQFRPSRQHQWRUGHYLFHWRSHUIRUPLWVIXQFWLRQ V DUHDOVRFDSDEOHRISHUIRUPLQJWKHLUUHODWHG

VXSSRUWIXQFWLRQ V 



02'(



6HHWKH7HFKQLFDO6SHFLILFDWLRQGHILQLWLRQ

352&(66&21752/352*5$0

7KH 352&(66 &21752/ 352*5$0 VKDOO FRQWDLQ WKH FXUUHQW IRUPXODV VDPSOLQJ DQDO\\VHV WHVW DQG

GHWHUPLQDWLRQV WR EH PDGH WR HQVXUH WKDW SURFHVVLQJ DQG SDFNDJLQJ RI VROLG UDGLRDFWLYH ZDVWHV EDVHG RQ

GHPRQVWUDWHGSURFHVVLQJRIDFWXDORUVLPXODWHGZHWVROLGZDVWHVZLOOEHDFFRPSOLVKHGLQVXFKDZD\\DVWRDVVXUH

FRPSOLDQFH ZLWK  &)5 3DUWV   DQG  6WDWH UHJXODWLRQV EXULDO JURXQG UHTXLUHPHQWV DQG RWKHU

UHTXLUHPHQWVJRYHUQLQJWKHGLVSRVDORIVROLGUDGLRDFWLYHZDVWH



385*(385*,1*



385*(RU385*,1*VKDOOEHWKHFRQWUROOHGSURFHVVRIGLVFKDUJLQJDLURUJDVIURPDFRQILQHPHQWWRPDLQWDLQ

WHPSHUDWXUHSUHVVXUHKXPLGLW\\FRQFHQWUDWLRQRURWKHURSHUDWLQJFRQGLWLRQLQVXFKDPDQQHUWKDWUHSODFHPHQW

DLURUJDVLVUHTXLUHGWRSXULI\\WKHFRQILQHPHQW



5$7('7+(50$/32:(5



6HHWKH7HFKQLFDO6SHFLILFDWLRQGHILQLWLRQ

6,7(%281'$5<

7KH6,7(%281'$5<VKDOOEHWKDWOLQHEH\\RQGZKLFKWKHODQGLVQHLWKHURZQHGQRUOHDVHGQRURWKHUZLVH

FRQWUROOHGE\\WKHOLFHQVHH

-XO\\



-XO\\





KDZ



62/,',),&$7,21



62/,',),&$7,21 VKDOO EH WKH FRQYHUVLRQ RI UDGLRDFWLYH ZDVWHV IURP OLTXLG V\\VWHPV WR D KRPRJHQHRXV

XQLIRUPO\\ GLVWULEXWHG PRQROLWKLFLPPRELOL]HGVROLGZLWKGHILQLWHYROXPHDQGVKDSHERXQGHGE\\DVWDEOH

VXUIDFHRIGLVWLQFWRXWOLQHRQDOOVLGHV IUHHVWDQGLQJ 







$33(1',;&



'(),1,7,216 &RQWLQXHG 



6285&(&+(&.



$ 6285&( &+(&. VKDOO EH WKH TXDOLWDWLYH DVVHVVPHQW RI FKDQQHO UHVSRQVH ZKHQ WKH FKDQQHO VHQVRU LV

H[SRVHGWRDVRXUFHRILQFUHDVHGUDGLRDFWLYLW\\



7+(50$/32:(5



7+(50$/32:(5VKDOOEHWKHWRWDOUHDFWRUFRUHKHDWWUDQVIHUUDWHWRWKHUHDFWRUFRRODQW

815(675,&7('$5($

$Q815(675,&7('$5($VKDOOEHDQ\\DUHDDWRUEH\\RQGWKH6,7(%281'$5<DFFHVVWRZKLFKLVQRW

FRQWUROOHGE\\WKHOLFHQVHHIRUWKHSXUSRVHVRISURWHFWLRQRILQGLYLGXDOVIURPH[SRVXUHWRUDGLDWLRQDQG UDGLRDFWLYH

PDWHULDOVRUDQ\\DUHDZLWKLQWKH6,7(%281'$5<XVHGIRUUHVLGHQWLDOTXDUWHUVRUIRULQGXVWULDO FRPPHUFLDO

LQVWLWXWLRQDODQGRUUHFUHDWLRQDOSXUSRVHV



9(17,/$7,21(;+$86775($70(176<67(0



$9(17,/$7,21(;+$86775($70(176<67(0VKDOOEHDQ\\V\\VWHPGHVLJQHGDQGLQVWDOOHGWRUHGXFH

JDVHRXV UDGLRLRGLQH RU UDGLRDFWLYH PDWHULDO LQ SDUWLFXODWH IRUP LQ HIIOXHQWV E\\ SDVVLQJ YHQWLODWLRQ RU YHQW

H[KDXVW JDVHV WKURXJK FKDUFRDO DGVRUEHUV DQGRU +(3$ ILOWHUV IRU WKH SXUSRVH RI UHPRYLQJ LRGLQHV RU

SDUWLFXODWHV IURP WKH JDVHRXV H[KDXVW VWUHDP SULRU WR WKH UHOHDVH WR WKH HQYLURQPHQW 6XFK D V\\VWHP LV QRW

FRQVLGHUHGWRKDYHDQ\\ HIIHFWRQQREOHJDVHIIOXHQWV(QJLQHHUHG6DIHW\\)HDWXUH (6) DWPRVSKHULFFOHDQXS

V\\VWHPVDUHQRWFRQVLGHUHGWREH9(17,/$7,21(;+$86775($70(176<67(0FRPSRQHQWV



9(17,1*



9(17,1*VKDOOEHWKHFRQWUROOHGSURFHVVRIGLVFKDUJLQJDLURUJDVIURPDFRQILQHPHQWWRPDLQWDLQWHPSHUDWXUH

SUHVVXUHKXPLGLW\\FRQFHQWUDWLRQRURWKHURSHUDWLQJFRQGLWLRQLQVXFKDPDQQHUWKDWUHSODFHPHQWDLURUJDVLV

QRWSURYLGHGRUUHTXLUHGGXULQJ9(17,1*9HQWXVHGLQV\\VWHPQDPHVGRHVQRWLPSO\\D9(17,1*SURFHVV



KDZ



7$%/(&

)5(48(1&<127$7,21



127$7,21

)5(48(1&< 

6

$WOHDVWRQFHSHUKRXUV

'

$WOHDVWRQFHSHUKRXUV



$WOHDVWRQFHSHUGD\\V



0

$WOHDVWWLPHVSHUPRQWKDWLQWHUYDOVQRJUHDWHUWKDQ

GD\\VDQGDPLQLPXPRIWLPHVSHU\\HDU

0

$WOHDVWRQFHSHUGD\\V

4

$WOHDVWRQFHSHUGD\\V

6$

$WOHDVWRQFHSHUGD\\V

$118$//<

$WOHDVWRQFHSHUGD\\V

5

$WOHDVWRQFHSHUPRQWKV

3

&RPSOHWHGSULRUWRHDFKUHOHDVH

68

3ULRUWRUHDFWRUVWDUWXS

1$

1RW$SSOLFDEOH



7KHVSHFLILHG)UHTXHQF\\IRUHDFK6XUYHLOODQFH5HTXLUHPHQWDQG6DPSOLQJ5HTXLUHPHQW

LVPHWLIWKH6XUYHLOODQFH5HTXLUHPHQWRU6DPSOLQJ5HTXLUHPHQWLVSHUIRUPHGZLWKLQ

WLPHVWKHLQWHUYDOVSHFLILHGLQWKH)UHTXHQF\\DVPHDVXUHGIURPWKHSUHYLRXVSHUIRUPDQFH

RUDVPHDVXUHGIURPWKHWLPHDVSHFLILHGFRQGLWLRQRIWKH)UHTXHQF\\LVPHW



KDZ



$33(1',;'

5()(5(1&(6





7LWOH&RGHRI)HGHUDO5HJXODWLRQV3DUW6WDQGDUGVIRU3URWHFWLRQ$JDLQVW5DGLDWLRQ'





7LWOH&RGHRI)HGHUDO5HJXODWLRQV3DUW'RPHVWLF/LFHQVLQJRI3URGXFWLRQDQG8WLOL]DWLRQ

)DFLOLWLHV





7LWOH&RGHRI)HGHUDO5HJXODWLRQV3DUW(QYLURQPHQWDO5DGLDWLRQ3URWHFWLRQ6WDQGDUGV

IRU1XFOHDU3RZHU2SHUDWLRQV'





)HGHUDO5HJLVWHU9RO1R7KXUVGD\\'HFHPEHU1RWLFHVSDJHV





5HJXODWRU\\*XLGH³0HDVXULQJ(YDOXDWLQJDQG5HSRUWLQJ5DGLRDFWLYLW\\LQ6ROLG:DVWHVDQG

5HOHDVHV RI 5DGLRDFWLYH 0DWHULDOV LQ /LTXLG DQG *DVHRXV (IIOXHQWV IURP /LJKW:DWHU&RROHG

1XFOHDU3RZHU3ODQWV'5HYLVLRQ-XQH





5HJXODWRU\\*XLGH³&DOFXODWLRQRI$QQXDO'RVHVWR0DQIURP5RXWLQH5HOHDVHVRI5HDFWRU

(IIOXHQWVIRUWKH3XUSRVHRI(YDOXDWLQJ&RPSOLDQFHZLWK&)53DUW$SSHQGL[,' 5HYLVLRQ

2FWREHU





5HJXODWRU\\ *XLGH ³0HWKRGV IRU (VWLPDWLQJ $WPRVSKHULF 7UDQVSRUW DQG 'LVSHUVLRQ RI

  • DVHRXV(IIOXHQWVLQ5RXWLQH5HOHDVHVIURP /LJKW:DWHU&RROHG5HDFWRUV'5HYLVLRQ -XO\\







5HJXODWRU\\*XLGH³3URJUDPVIRU0RQLWRULQJ5DGLRDFWLYLW\\LQWKH(QYLURQVRI1XFOHDU3RZHU

3ODQWV'5HYLVLRQ$SULO





185(*3UHSDUDWLRQRI5DGLRORJLFDO(IIOXHQW7HFKQLFDO6SHFLILFDWLRQV)RU1XFOHDU3RZHU

3ODQWV2FW



 185(*³)LQDO(QYLURQPHQWDO6WDWHPHQW5HODWHGWRWKH2SHUDWLRQRI3DOR9HUGH1XFOHDU

  • HQHUDWLQJ6WDWLRQ8QLWVDQG'6HFWLRQ)HEUXDU\\



 185(* ³2IIVLWH 'RVH &DOFXODWLRQ 0DQXDO *XLGDQFH 6WDQGDUG 5DGLRORJLFDO (IIOXHQW

&RQWUROVIRU3UHVVXUL]HG:DWHU5HDFWRU'$USLO



 (QYLURQPHQWDO 5HSRUW 2SHUDWLQJ /LFHQVH 6WDJH 3DOR 9HUGH 1XFOHDU *HQHUDWLQJ 6WDWLRQ

'HFHPEHU



 391*68SGDWHG)LQDO6DIHW\\$QDO\\VLV5HSRUW



 &DOFXODWLRQ 1&=< ³$QQXDO $YHUDJH 'RVH IURP 1RUPDO 2SHUDWLRQ /LTXLG 'LVFKDUJH

IURPWKH(YDSRUDWLRQ3RQG'5HY



 &DOFXODWLRQ1&=<³$QQXDO$YHUDJH'RVHIURP1RUPDO2SHUDWLRQ$LUERUQH'LUHFWDQG

6N\\6KLQHIURPWKH(YDSRUDWLRQ3RQG'5HY



 &DOFXODWLRQ1&=<³5DGLDWLRQ'RVH'XHWRDQ(YDSRUDWLRQ3RQG'LNH)DLOXUH'XULQJD

6HLVPLF(YHQW'5HY