ML20121A313
ML20121A313 | |
Person / Time | |
---|---|
Site: | Palo Verde ![]() |
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 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, Digitally signed by Dilorenzo, Michael Dilorenzo, Michael D(Z99838)
DN: cn=Dilorenzo, Michael D(Z99838)
D(Z99838) Date: 2020.04.30 12:17:20 -07'00' 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 A member of the STARS Alliance LLC Callaway Diablo Canyon Palo Verde Wolf Creek
Enclosure Palo Verde Nuclear Generating Station Units 1, 2 and 3 2019 Annual Radioactive Effluent Release Report
W>KsZEh>Z'EZd/E'^dd/KEhE/d^E
EEh>Z/Kd/s&&>hEdZ>^ZWKZd h^EZŽEŽ^dE
Zd^/
3RGJXUVNL&UDLJ'LJLWDOO\VLJQHGE\3RGJXUVNL&UDLJ- =
'1FQ 3RGJXUVNL&UDLJ- =
- =
5HDVRQ,DPWKHDXWKRURIWKLVGRFXPHQW
W 'DWH
*UXVHFNL/RUL 'LJLWDOO\VLJQHGE\*UXVHFNL/RUL
- =
'1FQ *UXVHFNL/RUL- =
Z - = 5HDVRQ,KDYHUHYLHZHGWKLVGRFXPHQW
'DWH
+RJXH1DWKDQ'LJLWDOO\VLJQHGE\+RJXH1DWKDQ
=
=
'1FQ +RJXH1DWKDQ =
Ž 'DWH
d>K&KEdEd^
>/^dK&d>^
/EdZKhd/KE
/EdZKhd/KE
dŽŽŽŽŽŽ
ŽŽŽŽWŽsE'^ŽWsE'^Ž
Ž Ž : Ž d Ž
Ž ZŽ ' ZŽ : Ž h^ E ZŽ
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^ E ZŽ ŽŽ EhZ'Z yKYKY Ž WŽ Ž
DŽŽŽŽŽZŽZEWŽ^Ž
h^ E ZŽ ŽŽ EhZ' h ' Ž '^WZ Ž :
h^EZŽŽŽZŽ'ŽŽŽ Ž
DŽZŽZŽZŽŽWŽŽŽ
&Z/ZŽ
h^ E ZŽ ŽŽ EhZ' ZŽ Ž 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
d Ž Ž Ž Ž Ž
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
d ŽŽŽŽŽ
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
ŽŽ Ž Ž Ž
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
Ž Ž Ž Ž d Ž
'ŽŽ
Ž Ž Ž Ž ŽŽ
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'
d Ž Ž Ž Ž Ž Ž
Ž Ž
ŽŽŽŽŽŽŽ
Ž^hEŽ^ŽŽŽŽ
ZŽEŽZŽŽŽŽŽŽ/Ž
ZŽ /Z s// EŽ Ž Ž ZŽ WŽŽ
DŽŽŽŽŽŽ
ŽŽ
dŽh^ ŽŽ
ŽŽ Ž Ž Ž Ž d
Ž Ž Ž Ž Ž Ž
ŽZd>ŽŽŽ
ŽŽŽŽŽŽ
d WsE'^ Ž ŽŽ Ž
ŽdŽŽŽ
ŽŽ
ŽŽŽŽ
d
WsE'^ŽŽZŽŽŽ
ŽŽŽŽŽŽŽŽŽŽ
WsE'^ Ž Ž Ž Ž
ŽŽ
Ž^
Ž Ž Ž Ž d
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
(VW7RWDO
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU 7RWDO
(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 ( ( ( ( (
V*URXQG/HYHO5HOHDVHV&RQWLQXRXV3DUWLFXODWHV
dh'Ž'Ž>Z&Ž'/Ž
7DEOH
8QLW
- DVHRXV(IIOXHQWV*URXQG/HYHO5HOHDVHV%DWFK)LVVLRQ*DVHVDQG,RGLQHV
1XFOLGHV
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU 7RWDO
5HOHDVHG
)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
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU 7RWDO
5HOHDVHG
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
PUHP ( ( ( ( (
H[FOXGLQJVNLQ
$JH 7HHQ 7HHQ &KLOG &KLOG 7HHQ
2UJDQ 7%RG\ /XQJ %RQH %RQH /XQJ
2'&05HT/LPLW PUHP ( ( ( ( (
2'&0/LPLW ( ( ( ( (
Ž Ž ŽŽŽ Ž KD Ž
ŽŽŽ Ž Ž Ž / Ž Ž
ŽŽŽŽŽŽŽ
dh'Ž^ŽKZ
7DEOH
8QLW
- DVHRXV(IIOXHQWV6XPPDWLRQ2I$OO5HOHDVHV
(VW7RWDO
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU 7RWDO
(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
PUHP ( ( ( ( (
'RVH H[FOXGLQJVNLQ
$JH &KLOG &KLOG 7HHQ 7HHQ 7HHQ
2UJDQ %RQH %RQH 7%RG\ 7%RG\ /XQJ
2'&05HT/LPLW ( ( ( ( (
2'&0/LPLW ( ( ( ( (
Ž Ž ŽŽŽ Ž KD Ž
ŽŽŽ Ž Ž Ž / Ž Ž
ŽŽŽŽŽŽŽ
dh'Ž^ŽKZ
7DEOH
8QLW
- DVHRXV(IIOXHQWV6XPPDWLRQ2I$OO5HOHDVHV
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU (VW7RWDO
7RWDO
(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
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU <HDU7RWDO
5HOHDVHG
)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
PUHP ( ( ( ( (
'RVH H[FOXGLQJVNLQ
$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
'DWHVRI &DXVHRI
8QLW ,QVWUXPHQW ([SODQDWLRQ
,QRSHUDELOLW\ ,QRSHUDELOLW\
1RQH
7DEOH6ROLG:DVWH6XPPDU\
d^Žt^
^Žt^K&ŽŽŽŽ
7DEOHD6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRU%RWWRPVHWF
- DVWH&ODVV 9ROXPH IW 9ROXPH P &XULHV6KLSSHG 3HUFHQW(UURU
$ ( ( ( (
% ( ( ( 1$
& ( ( ( 1$
$OO ( ( ( (
7DEOHE'U\&RPSUHVVLEOH:DVWH&RQWDPLQDWHG(TXLSPHQWHWF
- DVWH&ODVV 9ROXPH IW 9ROXPH P &XULHV6KLSSHG 3HUFHQW(UURU
$ ( ( ( (
% ( ( ( (
& ( ( ( (
$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
$ ( ( ( (
% ( ( ( (
& ( ( ( (
$OO ( ( ( (
ŽŽŽŽŽ
7DEOHD6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRUERWWRPVHWF
1XFOLGH 3HUFHQW$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 0HFKDQLFDOILOWHUVQRSURFHVVLQJ
ERWWRPVHWF FRQFHQWUDWHVDVDOLTXLGQRSURFHVVLQJ
1RQFRPSDFWHGGU\DFWLYHZDVWHQR
'U\$FWLYH:DVWH
SURFHVVLQJHPSOR\HG
,UUDGLDWHG&RPSRQHQWV 1$
2WKHU:DVWH2LO 2LOQRSURFHVVLQJHPSOR\HG
7DEOHJ7\SHRI&RQWDLQHU
7\SHRI:DVWH 7\SHRI&RQWDLQHU
6SHQW5HVLQ)LOWHUV6OXGJH(YDSRUDWRU
*HQHUDO'HVLJQ&RQWDLQHUV
ERWWRPVHWF
'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 1RVROLGLILFDWLRQDJHQWVRUDEVRUEHQWV
ERWWRPVHWF XVHGWRSURFHVVPDWHULDO
1RVROLGLILFDWLRQDJHQWVRUDEVRUEHQWV
'U\$FWLYH:DVWH
XVHGWRSURFHVVPDWHULDO
,UUDGLDWHG&RPSRQHQWV 1$
1RVROLGLILFDWLRQDJHQWVRUDEVRUEHQWV
2WKHU:DVWH2LO
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
Ž d /Ž /Ž /Ž /Ž Ž
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
^Ž Ž Ž Ž Ž
ŽŽŽŽŽŽ
Ž Ž yKYKY Ž Ž Ž
ŽŽŽŽŽ'^WZŽŽ
ŽŽ ŽŽ
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
$SULOWKURXJK-XQH
3DWKZD\ 7RWDO%RG\ *,7UDFW %RQH /LYHU .LGQH\ 7K\URLG /XQJ 6NLQ
3OXPH ( ( ( ( ( ( ( (
- URXQG ( ( ( ( ( ( ( (
,QKDODWLRQ ( ( ( ( ( ( ( (
9HJHWDWLRQ ( ( ( ( ( ( ( (
&RZ0LON ( ( ( ( ( ( ( (
0HDW ( ( ( ( ( ( ( (
7RWDO ( ( ( ( ( ( ( (
3HU&DSLWD
( ( ( ( ( ( ( (
'RVH UHP
7DEOH FRQWLQXHG
,QWHJUDWHG3RSXODWLRQ'RVH
-DQXDU\WKURXJK-XQH
3DWKZD\ 7RWDO%RG\ *,7UDFW %RQH /LYHU .LGQH\ 7K\URLG /XQJ 6NLQ
3OXPH ( ( ( ( ( ( ( (
- URXQG ( ( ( ( ( ( ( (
,QKDODWLRQ ( ( ( ( ( ( ( (
9HJHWDWLRQ ( ( ( ( ( ( ( (
&RZ0LON ( ( ( ( ( ( ( (
0HDW ( ( ( ( ( ( ( (
7RWDO ( ( ( ( ( ( ( (
3HU&DSLWD
( ( ( ( ( ( ( (
'RVH UHP
-XO\WKURXJK6HSWHPEHU
3DWKZD\ 7RWDO%RG\ *,7UDFW %RQH /LYHU .LGQH\ 7K\URLG /XQJ 6NLQ
3OXPH ( ( ( ( ( ( ( (
- URXQG ( ( ( ( ( ( ( (
,QKDODWLRQ ( ( ( ( ( ( ( (
9HJHWDWLRQ ( ( ( ( ( ( ( (
&RZ0LON ( ( ( ( ( ( ( (
0HDW ( ( ( ( ( ( ( (
7RWDO ( ( ( ( ( ( ( (
3HU&DSLWD
( ( ( ( ( ( ( (
'RVH UHP
7DEOH FRQWLQXHG
,QWHJUDWHG3RSXODWLRQ'RVH
2FWREHUWKURXJK'HFHPEHU
3DWKZD\ 7RWDO%RG\ *,7UDFW %RQH /LYHU .LGQH\ 7K\URLG /XQJ 6NLQ
3OXPH ( ( ( ( ( ( ( (
- URXQG ( ( ( ( ( ( ( (
,QKDODWLRQ ( ( ( ( ( ( ( (
9HJHWDWLRQ ( ( ( ( ( ( ( (
&RZ0LON ( ( ( ( ( ( ( (
0HDW ( ( ( ( ( ( ( (
7RWDO ( ( ( ( ( ( ( (
3HU&DSLWD
( ( ( ( ( ( ( (
'RVH UHP
-XO\WKURXJK'HFHPEHU
3DWKZD\ 7RWDO%RG\ *,7UDFW %RQH /LYHU .LGQH\ 7K\URLG /XQJ 6NLQ
3OXPH ( ( ( ( ( ( ( (
- URXQG ( ( ( ( ( ( ( (
,QKDODWLRQ ( ( ( ( ( ( ( (
9HJHWDWLRQ ( ( ( ( ( ( ( (
&RZ0LON ( ( ( ( ( ( ( (
0HDW ( ( ( ( ( ( ( (
7RWDO ( ( ( ( ( ( ( (
3HU&DSLWD
( ( ( ( ( ( ( (
'RVH UHP
7DEOH FRQWLQXHG
,QWHJUDWHG3RSXODWLRQ'RVH
-DQXDU\WKURXJK'HFHPEHU
3DWKZD\ 7RWDO%RG\ *,7UDFW %RQH /LYHU .LGQH\ 7K\URLG /XQJ 6NLQ
3OXPH ( ( ( ( ( ( ( (
- URXQG ( ( ( ( ( ( ( (
,QKDODWLRQ ( ( ( ( ( ( ( (
9HJHWDWLRQ ( ( ( ( ( ( ( (
&RZ0LON ( ( ( ( ( ( ( (
0HDW ( ( ( ( ( ( ( (
7RWDO ( ( ( ( ( ( ( (
3HU&DSLWD
( ( ( ( ( ( ( (
'RVH UHP
1RWH3HUVRQUHPWRWDOGLYLGHGE\PLOHSRSXODWLRQRI
d^Ž/ŽŽ
7DEOH
6XPPDU\RI,QGLYLGXDO'RVHVIRU
5DGLDWLRQ'RVHV$W$QG%H\RQG7KH6LWH%RXQGDU\
8QLW 4XDUWHU 4XDUWHU 4XDUWHU 4XDUWHU <HDUWRWDO
- DPPD$LU'RVH PUDG ( ( ( ( (
2'&05HT/LPLW PUDG ( ( ( ( (
2'&0/LPLW ( ( ( ( (
%HWD$LU'RVH PUDG ( ( ( ( (
2'&05HT/LPLW PUDG ( ( ( ( (
2'&0/LPLW ( ( ( ( (
0D[LPXP,QGLYLGXDO
7RWDO%RG\ PUHP ( ( ( ( (
6NLQ PUHP ( ( ( ( (
/RFDWLRQ
8QLW PLOHV 6( 11( 6( 66( 66(
8QLW PLOHV 6( 11( 6( 66( 66(
8QLW PLOHV 6( 11( 6( 66( 66(
0D[LPXP2UJDQ'RVH )URP$OO5DGLRQXFOLGHV
$JH ,QIDQW ,QIDQW ,QIDQW ,QIDQW ,QIDQW 2UJDQ %RQH %RQH %RQH %RQH %RQH
PUHP ( ( ( ( (
2'&05HT/LPLW PUHP ( ( ( ( (
2'&0/LPLW ( ( ( ( (
/RFDWLRQ 8QLW PLOHV 6( ( ( (6( 6(
8QLW PLOHV 6( (1( (1( (6( 6(
8QLW PLOHV 6( (1( (1( (6( 6(
0D[LPXP2UJDQ'RVH )URP$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 PUHP ( ( ( ( (
8QLWORFDWLRQDERYH
)UDFWLRQRIRUJDQGRVHIURPWULWXP
RQO\IRU8QLWORFDWLRQDERYH
- 4IRU8QLWORFDWLRQDERYH VHFP ( ( ( ( (
'4IRU8QLWORFDWLRQDERYH P ( ( ( ( (
([FOXGLQJVNLQ
2'&05HTXLUHPHQWKDVKLJKHUOLPLWVWKDQ2'&05HTXLUHPHQWWKHUHIRUHWKHSHUFHQWRIOLPLWV
DUHPRUHFRQVHUYDWLYHEDVHGRQ2'&05HTXLUHPHQWWKDQRQ2'&05HTXLUHPHQW
APPENDIX C: NEI 07-07 GROUNDWATER PROTECTION INITIATIVE SAMPLING
)LJXUH2QVLWH:HOO/RFDWLRQV
7DEOH1(,*URXQG:DWHU3URWHFWLRQ,QLWLDWLYH391*6:HOO'DWD
&RQFHQWUDWLRQ
0RQLWRULQJ:HOO,' 6DPSOH,' 6DPSOH'DWH 5DGLRQXFOLGH
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
&RQFHQWUDWLRQ
0RQLWRULQJ:HOO,' 6DPSOH,' 6DPSOH'DWH 5DGLRQXFOLGH
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%$&EDWFKSHUPLW
7KHWULWLXPDFWLYLW\OLVWHGRQSHUPLWVDQGZDVWKH
DQG UHVXOWRI%$&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
PUHP ( ( ( ( (
H[FOXGLQJVNLQ
$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
PUHP ( ( ( ( (
'RVH H[FOXGLQJVNLQ
$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
PUHP ( ( ( ( (
H[FOXGLQJVNLQ
$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
ŽŽŽ Ž Ž Ž / Ž Ž
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&
$JH ,QIDQW ,QIDQW ,QIDQW ,QIDQW ,QIDQW
2UJDQ 7K\URLG 7K\URLG 7K\URLG 7K\URLG 7K\URLG
PUHP ( ( ( ( (
2'&05HT/LPLW PUHP ( ( ( ( (
2'&0/LPLW ( ( ( ( (
2UJDQ'RVHIURPWULWLXPRQO\IRU PUHP ( ( ( ( (
8QLWORFDWLRQDERYH
)UDFWLRQRIRUJDQGRVHIURP
WULWLXPRQO\IRU8QLWORFDWLRQ
DERYH
- 4IRU8QLWORFDWLRQDERYH VHFP ( ( ( ( (
'4IRU8QLWORFDWLRQDERYH P ( ( ( ( (
([FOXGLQJVNLQ
2'&05HTXLUHPHQWKDVKLJKHUOLPLWVWKDQ2'&05HTXLUHPHQWWKHUHIRUHWKHSHUFHQWRIOLPLWV
DUHPRUHFRQVHUYDWLYHEDVHGRQ2'&05HTXLUHPHQWWKDQRQ2'&05HTXLUHPHQW
ATTACHMENT A: ODCM REVISION 28/29
2))6,7('26(&$/&8/$7,210$18$/
3$/29(5'(18&/($5*(1(5$7,1*67$7,21
81,76$1'
-XO\
0DU 5(9,6,21
&RPROOL 'LJLWDOO\VLJQHGE\&RPROOL0LFKHOOH
=
0LFKHOOH '1FQ &RPROOL0LFKHOOH =
5HDVRQ,DPDQDXWKRURIWKH
PDUNHGUHYLVLRQV
2ULJLQDWRU
= 'DWH
'LJLWDOO\VLJQHGE\*UXVHFNL/RUL
- UXVHFNL/RUL-'1FQ =
- UXVHFNL/RUL- =
- =
5HDVRQ,KDYHUHYLHZHGWKLV
GRFXPHQW
'DWH
7HFKQLFDO5HYLHZHU
'LJLWDOO\VLJQHGE\+RJXH
+RJXH1DWKDQ 1DWKDQ =
'1FQ +RJXH1DWKDQ
'LUHFWRU5DGLDWLRQ =
=
'DWH
3URWHFWLRQ
3UHVHQWHG0DUFK
35%
2ULJLQDO(IIHFWLYH'DWH-XO\
5HYLVLRQ(IIHFWLYH'DWH0DUFK
5HYLVLRQJHQHUDWHGGXHWRFRUUXSWLRQRIVHOHFWHTXDWLRQVDQGV\PEROVGXULQJWKH
FRQYHUVLRQSURFHVVWR3')RIUHYLVLRQ(TXDWLRQVDQGV\PEROVZHUHFRUUHFWHGDQGPDUNHG
ZLWKUHYLVLRQEDUVDQGGDWHG³0DU'7KHVHHGLWRULDOFRUUHFWLRQVDUHOLPLWHGWRSDJHV
DQG1RWHFKQLFDOFKDQJHVZHUHPDGHLQWKLVUHYLVLRQ
7$%/(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
L
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
$33(1',;' 5()(5(1&(6
LL
/,672)7$%/(6
7$%/( 7,7/( 3$*(
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''$8*+7(56
3L 9$/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
LLL
/,672)7$%/(6
7$%/( 7,7/( 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$7,21
LY
/,672)),*85(6
),*85( 7,7/( 3$*(
5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH6LWHVPLOHV
5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH6LWHV0LOHV
5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH6LWHV0LOHV'(/(7('
6LWH([FOXVLRQ$UHD%RXQGDU\'(/(7('
*DVHRXV(IIOXHQW5HOHDVH3RLQWV
/RZ3RSXODWLRQ=RQH'(/(7('
Y
,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\ WR WKH 2'&0 6XEVWLWXWH WKH ZRUG ³5HTXLUHPHQWV' IRU ³/LPLWLQJ &RQGLWLRQ IRU 2SHUDWLRQ' ,W
VKRXOG EH QRWHG WKDW WKH KRW DQG FROG VKXWGRZQ DQG RSHUDELOLW\ UHTXLUHPHQWV LQ 7HFKQLFDO
6SHFLILFDWLRQ DQG GR QRW DSSO\ WR DQ\ RI WKH UHTXLUHPHQWV FRQWDLQHG LQ WKLV 2'&0 7KH
2'&0 DOVR FRQWDLQV GHVFULSWLRQV RI WKH LQIRUPDWLRQ WKDW VKRXOG EH LQFOXGHG LQ WKH $QQXDO
5DGLRORJLFDO (QYLURQPHQWDO 2SHUDWLQJ 5HSRUW DQG WKH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUW
UHTXLUHGE\WKH7HFKQLFDO6SHFLILFDWLRQV
7KH2'&0SURYLGHVWKHSDUDPHWHUVDQGPHWKRGRORJ\WREHXVHGLQFDOFXODWLQJRIIVLWHGRVHVUHVXOWLQJ
-XO\ IURPUDGLRDFWLYHHIIOXHQWVWKHFDOFXODWLRQRIJDVHRXVHIIOXHQWPRQLWRU$ODUP7ULS6HWSRLQWVDQGLQWKH
FRQGXFWRIWKH5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP,QFOXGHGDUHPHWKRGVIRUGHWHUPLQLQJ
DLUZKROHERG\DQGRUJDQGRVHDWWKHFRQWUROOLQJORFDWLRQGXHWRSODQWHIIOXHQWVWRDVVXUHFRPSOLDQFH
ZLWK WKH UHJXODWRU\ UHTXLUHPHQWV GHWDLOHG LQ WKH 2'&0 0HWKRGV DUH LQFOXGHG IRU SHUIRUPLQJ GRVH
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 $SSHQGL[,' 2FWREHU DQG 15& 185(* ³3UHSDUDWLRQ RI 5DGLRORJLFDO
(IIOXHQW 7HFKQLFDO 6SHFLILFDWLRQV IRU 1XFOHDU 3RZHU 3ODQWV' 2FWREHU 185(* XWLOL]HV
VRPH RI WKH NH\ LQIRUPDWLRQ LQ 5HJXODWRU\ *XLGH WR SURYLGH PHWKRGV ZKLFK ZHUH XVHG LQ WKH
SUHSDUDWLRQRIWKHUDGLRORJLFDOHIIOXHQW7HFKQLFDO6SHFLILFDWLRQVDQGZKLFKKDYHQRZEHHQWUDQVIHUUHG
WR WKH 2'&0 LQ DFFRUGDQFH ZLWK 15& *HQHULF /HWWHU ³,PSOHPHQWDWLRQ RI 3URJUDPPDWLF
&RQWUROVIRU5DGLRORJLFDO(IIOXHQW7HFKQLFDO6SHFLILFDWLRQVLQWKH$GPLQLVWUDWLYH&RQWUROV6HFWLRQRI
WKH 7HFKQLFDO 6SHFLILFDWLRQV DQG WKH 5HORFDWLRQ RI 3URFHGXUDO 'HWDLOV RI 5(76 WR WKH 2IIVLWH 'RVH
&DOFXODWLRQ0DQXDORUWRWKH3URFHVV&RQWURO3URJUDP'-DQXDU\DQG185(*³2IIVLWH
'RVH &DOFXODWLRQ 0DQXDO *XLGDQFH 6WDQGDUG 5DGLRORJLFDO (IIOXHQW &RQWUROV IRU 3UHVVXUL]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
'RVH FDOFXODWLRQ PHWKRGRORJ\ IRU UDGLRDFWLYH OLTXLGHIIOXHQWVLVQRW LQFOXGHG LQ WKLV PDQXDO GXH WR
WKHGHVHUWORFDWLRQRIWKHSODQWWKHK\GURORJ\RIWKHDUHDDQGWKHIDFWWKDWWKHUHDUHQROLTXLGUHOHDVHV
WR DUHDVDW RUEH\RQG WKH6,7(%281'$5<GXULQJ QRUPDO RSHUDWLRQ$OO OLTXLG GLVFKDUJHV WR WKH
RQVLWHHYDSRUDWLRQSRQGVDUHFRQWUROOHGE\6HFWLRQ7KHLPSDFWRISRVWXODWHGDFFLGHQWDOVHHSDJHV
RQWKHJURXQGZDWHUV\VWHPDQGLQSDUWLFXODURQWKHH[LVWLQJZHOOVORFDWHGLQWKHPLOH]RQHDURXQG
WKHVLWHDUHDKDVEHHQFDOFXODWHGDQGDQDO\]HGLQ6HFWLRQRIWKH391*6)6$5
,ISODQWRSHUDWLQJFRQGLWLRQVEHFRPHVXFKWKDWWKHOLNHOLKRRGRIDOLTXLGHIIOXHQWSDWKZD\LVFUHDWHG
WKHQGRVHFDOFXODWLRQPHWKRGRORJ\IRUWKLVSDWKZD\ZLOOEHDGGHGWRWKLVPDQXDO
*DVHRXV(IIOXHQW3DWKZD\V
$OO JDVHRXV HIIOXHQWV DUH WUHDWHG DV JURXQG OHYHO UHOHDVHV DQG DUH FRQVLGHUHG WR EH ³ORQJWHUP' DV
GLVFXVVHG LQ 185(* ³3UHSDUDWLRQ RI 5DGLRORJLFDO (IIOXHQW 7HFKQLFDO 6SHFLILFDWLRQV IRU
1XFOHDU3RZHU3ODQWV'7KLVLQFOXGHVWKHFRQWDLQPHQWSXUJHDQG:DVWH*DV'HFD\7DQNUHOHDVHVDV
ZHOODVWKHQRUPDOYHQWLODWLRQV\VWHPDQGFRQGHQVHUYDFXXPH[KDXVWUHOHDVHV$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$LUERUQHUHOHDVHVDUHIXUWKHUVXEGLYLGHGLQWRWZRVXEFODVVHV
,RGLQH ,RGLQH7ULWLXP DQG 5DGLRQXFOLGHV LQ 3DUWLFXODWH )RUP ZLWK +DOIOLYHV
- UHDWHUWKDQ(LJKW'D\V
,Q WKLV PRGHO D FRQWUROOLQJ ORFDWLRQ LV LGHQWLILHG IRU DVVHVVLQJ WKH PD[LPXP H[SRVXUH WR D
0(0%(52)7+(38%/,&IRUWKHYDULRXVSDWKZD\VDQGWRFULWLFDORUJDQV,QIDQWH[SRVXUH
RFFXUV WKURXJK LQKDODWLRQ DQG DQ\ DFWXDO PLON SDWKZD\ &KLOG WHHQDJHU DQG DGXOW H[SRVXUH
GHULYHV IURP LQKDODWLRQ FRQVXPHG YHJHWDWLRQ SDWKZD\V DQG DQ\ DFWXDO PLON DQG PHDW
SDWKZD\V'RVHWRHDFKRIWKHVHYHQRUJDQVOLVWHGLQ5HJXODWRU\*XLGH ERQHOLYHUWRWDO
ERG\WK\URLGNLGQH\OXQJDQG*,//, DUHFRPSXWHGIURPLQGLYLGXDOQXFOLGHFRQWULEXWLRQVLQ
HDFKVHFWRU7KHODUJHVWRIWKHRUJDQGRVHVLQDQ\VHFWRULVFRPSDUHGWR&)5$SSHQGL[,
GHVLJQREMHFWLYHV7KHUHOHDVHUDWHVRIWKHVHQXFOLGHVZLOOEHFRQYHUWHGWRLQVWDQWDQHRXVGRVH
UDWHVIRUFRPSDULVRQWRWKHOLPLWVRI&)5
1REOH*DVHV
7KHDLU GRVHIURPERWK WKHEHWDDQGJDPPDUDGLDWLRQ FRPSRQHQWRI WKHQREOHJDVHVZLOOEH
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
7KH UHTXLUHPHQWV IRU WKH $QQXDO 5DGLRORJLFDO (IIOXHQW 5HOHDVH 5HSRUW DQG WKH 5DGLRORJLFDO
(QYLURQPHQWDO 0RQLWRULQJ 3URJUDP LQFOXGLQJ WKH $QQXDO /DQG 8VH &HQVXV DQG WKH
,QWHUODERUDWRU\ &RPSDULVRQ3URJUDPDQG WKH$QQXDO (QYLURQPHQWDO 5HSRUW DUHGHVFULEHG LQ
6HFWLRQVDQGRIWKLVPDQXDO
1XLVDQFH3DWKZD\V
7KLVVHFWLRQDGGUHVVHVWKHSRWHQWLDOUHOHDVHSDWKZD\VZKLFKVKRXOGQRWFRQWULEXWHPRUHWKDQRI
WKH GRVHV HYDOXDWHG LQ WKLV PDQXDO 7DEOH OLVWV H[DPSOHV RI SRWHQWLDO UHOHDVH SDWKZD\V 7KH
2'&0 PHWKRGRORJ\ IRU FDOFXODWLRQ RI GRVHV ZLOO EH DSSOLHG WR DQ DSSOLFDEOH UHOHDVH SDWKZD\ LI D
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\
+LVWRULFDO DQQXDO DYHUDJH DWPRVSKHULF GLVSHUVLRQ ;4 DQG GHSRVLWLRQ '4 GDWD EDVHG RQ QLQH
\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\ RI WKH XQLWV SURYLGHV D FRQVHUYDWLYH DVVXPSWLRQ WR DVVXUH FRPSOLDQFH ZLWK WKH KLJKHU &)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\¶V ORFDWLRQ VLWH ERXQGDU\ XVLQJ 7DEOH RU RWKHU FRQWUROOLQJ ORFDWLRQV XVLQJ 7DEOH
RU
6HFWLRQ VSHFLILHV XWLOL]LQJ WKH KLJKHVW ;4 IRU WKH SDUWLFXODU XQLW¶V UHOHDVHV DW WKH FRQWUROOLQJ
ORFDWLRQIURP7DEOHRUIRUQREOHJDVHV7KHKLJKHVW;4DQG'4DUHXWLOL]HGIRUWKH
SDUWLFXODU XQLW¶VUHOHDVHVDVDSSOLFDEOHIRUJDVHVRWKHUWKDQQREOHJDVHV DWWKHFRQWUROOLQJSDWKZD\¶V
ORFDWLRQXVLQJ7DEOHRU
6HFWLRQ UHTXLUHV WKDW WKH PHWHRURORJLFDO FRQGLWLRQV FRQFXUUHQW ZLWK WKH WLPH RI UHOHDVH RI
UDGLRDFWLYH PDWHULDOV LQ JDVHRXV HIIOXHQWV DV GHWHUPLQHG E\ VDPSOLQJ IUHTXHQF\ DQG PHDVXUHPHQW
VKDOOEHXVHGIRUGHWHUPLQLQJWKHJDVHRXVSDWKZD\GRVHV
*$6(286())/8(17021,7256(732,176
5HTXLUHPHQWV*DVHRXV0RQLWRUV
7KH UDGLRDFWLYH JDVHRXV HIIOXHQW PRQLWRULQJ LQVWUXPHQWDWLRQ FKDQQHOV VKRZQ LQ 7DEOH VKDOO EH
)81&7,21$/ZLWKWKHLUDODUPWULSVHWSRLQWVVHWWRHQVXUHWKDWWKHGRVHUHTXLUHPHQWVLQ6HFWLRQ
DUH QRW H[FHHGHG 7KH DODUPWULS VHWSRLQWV RI WKHVH FKDQQHOV VKDOO EH GHWHUPLQHG DQG DGMXVWHG LQ
DFFRUGDQFHZLWKWKHPHWKRGRORJ\DQGSDUDPHWHUVLQ6HFWLRQ
$SSOLFDELOLW\ $VVKRZQLQ7DEOH
$FWLRQ
D :LWK WKH ORZ UDQJH UDGLRDFWLYH JDVHRXV HIIOXHQW PRQLWRULQJ LQVWUXPHQWDWLRQ FKDQQHO DODUPWULS
VHWSRLQW OHVV FRQVHUYDWLYH WKDQ UHTXLUHG E\ WKH DERYH 5HTXLUHPHQW LPPHGLDWHO\ VXVSHQG WKH
UHOHDVHRIUDGLRDFWLYHJDVHRXVHIIOXHQWVPRQLWRUHGE\WKHDIIHFWHGFKDQQHORUGHFODUHWKHFKDQQHO
QRQIXQFWLRQDORUFKDQJHWKHVHWSRLQWVRLWLVDFFHSWDEO\FRQVHUYDWLYH
E :LWK OHVV WKDQ WKH PLQLPXP QXPEHU RI UDGLRDFWLYH JDVHRXV HIIOXHQW PRQLWRULQJ LQVWUXPHQWDWLRQ
FKDQQHOV )81&7,21$/ WDNH WKH $&7,21 VKRZQ LQ 7DEOH 5HVWRUH WKH QRQIXQFWLRQDO
LQVWUXPHQWDWLRQ WR )81&7,21$/ VWDWXV ZLWKLQ GD\V RU LI XQVXFFHVVIXO H[SODLQ LQ WKH QH[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
0,1,080&+$11(/6
,167580(17 )81&7,21$/ $33/,&$%,/,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
0,1,080&+$11(/6
,167580(17 )81&7,21$/ $33/,&$%,/,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
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$/ UHTXLUHPHQW WKHFRQWHQWV RI WKH WDQN V PD\ EH UHOHDVHG WR WKHHQYLURQPHQW
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
-XO\ )81&7,21$/ UHTXLUHPHQW LQLWLDWH WKH 3UHSODQQHG $OWHUQDWH 6DPSOLQJ 3URJUDP WR PRQLWRU
WKHDSSURSULDWHSDUDPHWHU V ZLWKLQKRXUV
2'&05HY
7$%/(
5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,216859(,//$1&(5(48,5(0(176
&+$11(/ 02'(,1:+,&+
&+$11(/ 6285&( &+$11(/ )81&7,21$/ 6859(,//$1&(
,167580(17 &+(&. &+(&. &$/,%5$7,21 7(67 ,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
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 VKDOO DOVR GHPRQVWUDWH WKDW FRQWURO URRP DODUP DQQXQFLDWLRQ
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$7,21VRXUFHVWKDWKDYHEHHQUHODWHGWRWKHLQLWLDOFDOLEUDWLRQPD\EH
XVHGLQOLHXRIWKHUHIHUHQFHVWDQGDUGVDVVRFLDWHGZLWKWKHLQLWLDOFDOLEUDWLRQ
12786('
7KHFKDQQHOFKHFNIRUFKDQQHOVLQVWDQGE\VWDWXVVKDOOFRQVLVWRIYHULILFDWLRQWKDWWKHFKDQQHOLVRQOLQH
DQGUHDFKDEOH
'DLO\FKDQQHOFKHFNQRWUHTXLUHGIRUIORZPRQLWRUVLQVWDQGE\VWDWXV
/('PD\EHXWLOL]HGDVWKHFKHFNVRXUFHLQOLHXRIDVRXUFHRILQFUHDVHGDFWLYLW\
2'&05HY
,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV
7KH JHQHUDO PHWKRGRORJ\ IRU HVWDEOLVKLQJ ORZ UDQJH JDVHRXV HIIOXHQW PRQLWRU VHWSRLQWV LV
EDVHG XSRQ D VLWH UHOHDVH UDWH OLPLW LQ P&LVHF GHULYHG IURP VLWH VSHFLILF PHWHRURORJLFDO
GLVSHUVLRQ FRQGLWLRQV UDGLRLVRWRSLF GLVWULEXWLRQ DQG ZKROH ERG\ DQG VNLQ GRVH IDFWRUV 7KH
KLJKDODUPRIWKHORZUDQJHPRQLWRUVZLOODODUPWULSZKHQWKHUHOHDVHUDWHIURPDQLQGLYLGXDO
YHQWZLOOUHVXOWLQH[FHHGLQJWKHOLPLWVLQ6HFWLRQRI6HFWLRQOLPLWVLVFRQVLGHUHG
WREHWKHVLWHUHOHDVHUDWHOLPLW7KHVLWHUHOHDVHUDWHOLPLWZLOOEHDOORFDWHGDPRQJWKHOLFHQVHG
XQLWV¶UHOHDVHSRLQWV7KHXQLWUHOHDVHUDWHOLPLWZLOOWKHQEHXWLOL]HGIRUWKHGHWHUPLQDWLRQRI
JDVHRXVHIIOXHQWPRQLWRUVHWSRLQWV$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 UHOHDVHV ZRXOG 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 I L @
- KHUH
.HT WKH HTXLYDOHQW ZKROH ERG\ GRVH IDFWRU ZHLJKWHG E\ KLVWRULFDO
UDGLRQXFOLGHGLVWULEXWLRQLQUHOHDVHVLQPUHP\USHUP&LP
.L WKH ZKROH ERG\ GRVH IDFWRU GXH WR JDPPD HPLVVLRQVIRU HDFK
LGHQWLILHGQREOHJDVUDGLRQXFOLGHLLQPUHP\USHUP&LP IURP
7DEOH
IL WKH IUDFWLRQ RI QREOH JDV UDGLRQXFOLGH L LQ WKH WRWDO QREOH JDV
UDGLRQXFOLGHPL[
7KHHTXLYDOHQWVNLQGRVHIDFWRULVFDOFXODWHGDVIROORZV
/0 HT L > /L 0 L I L @
- KHUH
/0 HT WKHHTXLYDOHQWVNLQGRVHIDFWRUGXHWREHWDDQGJDPPDHPLVVLRQVIURP
DOO QREOH JDVHV UHOHDVHG ZHLJKWHG E\ WKH KLVWRULFDO UDGLRQXFOLGH
GLVWULEXWLRQLQUHOHDVHVLQPUHP\USHUP&LP
/L WKHVNLQGRVHIDFWRUGXHWRWKHEHWDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH
JDVUDGLRQXFOLGHLLQPUHP\USHUP&LP IURP7DEOH
0L WKH DLU GRVH IDFWRU GXH WR JDPPD HPLVVLRQV IRU HDFK LGHQWLILHG QREOH
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
UDWH OLPLWV DUH FDOFXODWHG XVLQJ WKH HTXLYDOHQW GRVH IDFWRUV GHILQHG LQ 6HFWLRQ
7KHVLWH UHOHDVH UDWH OLPLW 46,7( LV WKH ORZHU RI4:% RU 46. WKXV DVVXULQJ WKDW WKH
PRUHUHVWULFWLYHGRVHUDWHOLPLWZLOOQRWEHH[FHHGHG
7KH46,7( LVHVWDEOLVKHGDVIROORZV
0DU
- KHUH
46,7(:% WKHVLWHUHOHDVHUDWHLQP&LVHFWKDWZRXOGGHOLYHUDGRVHUDWHRI
WKHZKROHERG\GRVHUDWHOLPLW':%
':% ZKROHERG\GRVHUDWHOLPLWRIPUHP\U
.HT HTXLYDOHQWZKROHERG\ GRVHIDFWRULQ PUHP\USHUP&LP ZHLJKWHG
E\WKHKLVWRULFDOUDGLRQXFOLGHGLVWULEXWLRQ
- 4 6,7( (WKHKLJKHVWFDOFXODWHGDQQXDODYHUDJHGLVSHUVLRQSDUDPHWHU
LQVHFPDWWKH6LWH%RXQGDU\IRUDQ\RIWKHXQLWVIURP7DEOH
DGPLQLVWUDWLYHIDFWRUWRFRPSHQVDWHIRUDQ\XQH[SHFWHGYDULDELOLW\LQ
WKHUDGLRQXFOLGHPL[DQGWRHQVXUHWKDW6LWH%RXQGDU\GRVHUDWHOLPLWV
ZLOOQRWEHH[FHHGHG
0DU
- KHUH
46,7(6. WKHVLWHUHOHDVHUDWHOLPLWLQP&LVHFWKDWZRXOGGHOLYHUDGRVHUDWH
RIWKHVNLQGRVHUDWHOLPLW'6.
'6. VNLQGRVHUDWHOLPLWRIPUHP\U
/0 HT HTXLYDOHQW VNLQ GRVH IDFWRU LQ PUHP\U SHU P&LP ZHLJKWHG E\ WKH
UDGLRQXFOLGHGLVWULEXWLRQ
- 4 6,7( (WKHKLJKHVWFDOFXODWHGDQQXDODYHUDJHGLVSHUVLRQSDUDPHWHU
LQVHFPDWWKH6LWH%RXQGDU\IRUDQ\RIWKHWKUHHXQLWVIURP 7DEOH
DGPLQLVWUDWLYH IDFWRU WR FRPSHQVDWH IRU DQ\ XQH[SHFWHG YDULDELOLW\ LQ
WKHUDGLRQXFOLGHPL[DQGWRHQVXUHWKDW6LWH%RXQGDU\GRVHUDWHOLPLWV
ZLOOQRWEHH[FHHGHG
$IWHU GHWHUPLQDWLRQ RI WKH 46,7( ZKROH ERG\ DQG VNLQ GRVH UDWHV HTXDWLRQV DQG
UHVSHFWLYHO\ WKH PRVW FRQVHUYDWLYH UHVXOW ZLOO EH XVHG DV 46,7( WKH VLWH UHOHDVH
UDWHOLPLW
2'&05HY
8QLW5HOHDVH5DWH/LPLWV 481,7
7\SLFDOO\ 46,7( ZLOO EH GLYLGHG HTXDOO\ DPRQJ RSHUDWLQJ XQLWV ,I RSHUDWLRQDO KLVWRU\
GLFWDWHV D ODUJHU IUDFWLRQ RI WKH 46,7( EH DVVLJQHG WR D VSHFLILF XQLW WKHQ D ZHLJKWHG
DYHUDJHRIHDFKXQLW¶VFRQWULEXWLRQWRWKH46,7( ZLOOEHXWLOL]HGWRGHWHUPLQHWKH481,7
481,7 I81,7 46,7(
- KHUH
481,7 XQLWUHOHDVHUDWHOLPLWLQP&LVHF
I81,7 WKH IUDFWLRQ RI QREOH JDV KLVWRULFDOO\ UHOHDVHG IURP D VSHFLILF
RSHUDWLQJXQLWWRWKHWRWDORIDOOQREOHJDVUHOHDVHGIURPWKHVLWH
46,7( WKHVLWHUHOHDVHUDWHOLPLWLQP&LVHFGHWHUPLQHGLQ6HFWLRQ
6HWSRLQW'HWHUPLQDWLRQ
7R FRPSO\ ZLWK WKH UHTXLUHPHQWV LQ 6HFWLRQ WKH DODUPWULSVHWSRLQWV FDQ QRZ EH
HVWDEOLVKHGXVLQJWKHXQLWUHOHDVHUDWHOLPLW 481,7 WRHQVXUHWKDWWKHQREOHJDVUHOHDVHV
GRQRWH[FHHGWKHGRVHUDWHOLPLWV
7RDOORZIRUPXOWLSOHVRXUFHVRIUHOHDVHVIURPGLIIHUHQWRUFRPPRQUHOHDVHSRLQWVWKH
HIIOXHQWPRQLWRUVHWSRLQWLQFOXGHVDQDGPLQLVWUDWLYHIDFWRUZKLFKDOORFDWHVDSHUFHQWDJH
RIWKHXQLWUHOHDVHUDWHOLPLWWRHDFKRIWKHUHOHDVHVRXUFHV0RQLWRUVHWSRLQWVZLOODOVR
EH DGMXVWHG LQ DFFRUGDQFH ZLWK 1XFOHDU $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO
SURFHGXUHVWRDFFRXQWIRUPRQLWRUVSHFLILFFKDUDFWHULVWLFV
0RQLWRUV58DQG58
7KHDODUPWULSVHWSRLQWIRU0RQLWRUV58DQG58LVFDOFXODWHGDVIROORZV
0DU
- 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 IUDFWLRQ RI 481,7DOORFDWHG IRU D VSHFLILF UHOHDVH SRLQW 7KH VXP RI
WKHVHDGPLQLVWUDWLYHYDOXHVVKDOOEHOHVVWKDQRUHTXDOWRRQH
2'&05HY
0RQLWRU58
7KH DODUPWULS VHWSRLQW IRU 0RQLWRU 58 WKH :DVWH *DV 'HFD\ 7DQN 0RQLWRU LV
FDOFXODWHGDVIROORZV
0RQLWRU > 4 81,7 D +/- + 3) @
d
VHWSRLQW )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 481,7 DOORFDWHG IRU D VSHFLILF UHOHDVH SRLQW 7KLV
DGPLQLVWUDWLYHYDOXHVKRXOGEHHTXDOWRRUOHVVWKDQWKHDGPLQLVWUDWLYH
YDOXHXVHGIRUWKH3ODQW9HQW
DQ DGPLQLVWUDWLYH YDOXH WR DFFRXQW IRU SRWHQWLDO LQFUHDVHV LQ DFWLYLW\
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 , IRU WULWLXP DQG IRU DOO UDGLRQXFOLGHV LQ SDUWLFXODWH IRUP ZLWK KDOIOLYHV
JUHDWHUWKDQGD\V/HVVWKDQRUHTXDOWRPUHPV\UWRDQ\RUJDQ
$SSOLFDELOLW\ $WDOOWLPHV
$FWLRQ
- LWKWKHGRVHUDWH V H[FHHGLQJWKHDERYHOLPLWVLPPHGLDWHO\GHFUHDVHWKHUHOHDVHUDWHWRZLWKLQWKH
DERYHOLPLWV V
6XUYHLOODQFH5HTXLUHPHQWV
D 7KHGRVHUDWHGXHWRQREOHJDVHVLQJDVHRXVHIIOXHQWVVKDOOEHGHWHUPLQHGWREHZLWKLQWKH
DERYHOLPLWVLQDFFRUGDQFHZLWKWKHPHWKRGVFRQWDLQHGLQ6HFWLRQ
E 7KH GRVH UDWH GXH WR , , WULWLXP DQG DOO UDGLRQXFOLGHV LQ SDUWLFXODWH IRUP ZLWK
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
1REOH JDV DFWLYLW\ PRQLWRU VHWSRLQWV DUH HVWDEOLVKHG DW UHOHDVH UDWHV ZKLFK SHUPLW FRUUHFWLYH
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
HIIOXHQW UHOHDVHV DUH JLYHQ LQ WKH 1XFOHDU $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO SURFHGXUHV
7KHGRVHUDWHLQXQUHVWULFWHGDUHDVVKDOOEHGHWHUPLQHGXVLQJWKHIROORZLQJ HTXDWLRQV
)RUZKROHERG\GRVHUDWH
' :% L > .L ;4 6,7( 4 L @
)RUVNLQGRVHUDWH
'6. L > /L 0 L ;4 6,7( 4 L @
- KHUH
.L WKHZKROHERG\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH
JDVUDGLRQXFOLGHLLQPUHP\USHUP&LP IURP7DEOH
4L WKHUHOHDVHUDWHRIUDGLRQXFOLGHLLQP&LVHF
- 4 6,7( ( WKH KLJKHVW FDOFXODWHG DQQXDO DYHUDJH GLVSHUVLRQ SDUDPHWHU LQ
VHFPIRUDQ\RIWKHWKUHHXQLWVIURP7DEOH
':% WKHDQQXDOZKROHERG\GRVHUDWH PUHP\U
/L WKHVNLQGRVHIDFWRUGXHWRWKHEHWDHPLVVLRQVIRUHDFKLGHQWLILHGQREOHJDV
UDGLRQXFOLGHLLQPUHP\USHUP&LP IURP7DEOH
0L WKH DLU GRVH IDFWRU GXH WR JDPPD HPLVVLRQV IRU HDFK LGHQWLILHG QREOH JDV
UDGLRQXFOLGHLLQPUDG\USHUP&LP IURP7DEOH
'6. WKHDQQXDOVNLQGRVHUDWH PUHP\U
XQLWFRQYHUVLRQFRQVWDQWRIPUHPPUDGFRQYHUWVDLUGRVHWRVNLQGRVH
2'&05HY
,,WULWLXPDQGUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\V
7KH PHWKRGV IRU VDPSOLQJ DQG DQDO\VLV RI FRQWLQXRXV DQG EDWFK UHOHDVHV IRU , ,
WULWLXPDQG UDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHU WKDQGD\VDUHJLYHQLQ
WKHDSSOLFDEOH1XFOHDU$GPLQLVWUDWLYHDQG7HFKQLFDO0DQXDOSURFHGXUHV$GGLWLRQDOPRQWKO\
DQGTXDUWHUO\DQDO\VHVVKDOOEHSHUIRUPHGLQDFFRUGDQFHZLWK7DEOH7KHWRWDORUJDQGRVH
UDWHLQXQUHVWULFWHGDUHDVVKDOOEHGHWHUPLQHGE\WKHIROORZLQJHTXDWLRQ
'R L > 3 L ;4 6,7( 4 L @
- KHUH
3L WKHGRVHIDFWRULQPUHP\USHUP&LPIRUUDGLRQXFOLGHLIRUWKHLQKDODWLRQ
SDWKZD\IURP7DEOH
- 4 6,7( ( WKH KLJKHVW FDOFXODWHG DQQXDO DYHUDJH GLVSHUVLRQ SDUDPHWHU LQ
VHFPDWWKH6LWH%RXQGDU\IRUDQ\RIWKHWKUHHXQLWV
4L WKHUHOHDVHUDWHRIUDGLRQXFOLGHLLQP&LVHF
'R WKHWRWDORUJDQGRVHUDWH PUHP\U
2'&05HY
7$%/(
5$',2$&7,9(*$6(286:$67(6$03/,1*$1'$1$/<6,6352*5$0
0,1,080 /2:(5/,0,7
6$03/,1* $1$/<6,6 7<3(2) 2)'(7(&7,21
- $6(2865(/($6(7<3( )5(48(1&< )5(48(1&< $&7,9,7<$1$/<6,6 //' P&LPO D
$:DVWH*DV6WRUDJH 3 3 3ULQFLSDO*DPPD (
(DFK7DQN*UDE (DFK7DQN (PLWWHUVJ
6DPSOH
% &RQWDLQPHQW3XUJH 3 3 3ULQFLSDO*DPPD (
(DFK3XUJHEF (DFK3XUJHEF (PLWWHUVJ
- UDE6DPSOH
+ (
& '(/(7(' 0EH 0E 3ULQFLSDO*DPPD (
3ODQW9HQW *UDE6DPSOH (PLWWHUVJ
)XHO%OGJ([KDXVW
+ (
&RQWLQXRXVI 0G , (
&KDUFRDO
6DPSOH , (
&RQWLQXRXVI 0G 3ULQFLSDO*DPPD (
3DUWLFXODWH (PLWWHUVJ
6DPSOH ,2WKHUV
&RQWLQXRXVI 0 *URVV$OSKD (
&RPSRVLWH
3DUWLFXODWH
6DPSOH
&RQWLQXRXVI 4 6U6U (
&RPSRVLWH
3DUWLFXODWH
6DPSOH
' $OO 5DGZDVWH 7\SHV DV &RQWLQXRXVI 1REOH*DV 1REOH*DVHV*URVV%HWD (
OLVWHGLQ$%DQG& 0RQLWRU RU*DPPD
DERYH
2'&05HY
7DEOH &RQWLQXHG
7$%/(127$7,21
D 7KH //' LV WKH VPDOOHVW FRQFHQWUDWLRQ RI UDGLRDFWLYH PDWHULDO LQ D VDPSOH WKDW ZLOO \LHOG D QHW FRXQW
DERYH V\VWHP EDFNJURXQG WKDW ZLOO EH GHWHFWHG ZLWK SUREDELOLW\ ZLWK RQO\ SUREDELOLW\ RI
IDOVHO\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVDUHDOVLJQDO
)RUDSDUWLFXODUPHDVXUHPHQWV\VWHP ZKLFKPD\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ
0DU
- KHUH
//'LVWKHDSULRULORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVP&LSHUXQLWPDVVRUYROXPH &XUUHQW
OLWHUDWXUHGHILQHVWKH//'DVWKHGHWHFWLRQFDSDELOLW\IRUWKHLQVWUXPHQWDWLRQRQO\DQGWKH0'& PLQLPXP
GHWHFWDEOHFRQFHQWUDWLRQDVWKHGHWHFWLRQFDSDELOLW\IRUDJLYHQLQVWUXPHQWSURFHGXUHDQGW\SH RIVDPSOH
VE LVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQNVDPSOHDV
DSSURSULDWH DVFRXQWVSHUPLQXWH
(LVWKHFRXQWLQJHIILFLHQF\ DVFRXQWVSHUWUDQVIRUPDWLRQ
9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH
(LVWKHQXPEHURIWUDQVIRUPDWLRQVSHUPLQXWHSHUPLFURFXULH
<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\LHOG ZKHQDSSOLFDEOH
OLVWKHUDGLRDFWLYHGHFD\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG
0DU
WLV WKH HODSVHG WLPH EHWZHHQ WKH PLGSRLQW RI VDPSOH FROOHFWLRQ DQG WLPH RI FRXQWLQJ IRU SODQW
HIIOXHQWVQRWHQYLURQPHQWDOVDPSOHV
7KHYDOXHRIVE XVHGLQWKHFDOFXODWLRQRIWKH//'IRUDGHWHFWLRQV\VWHPVKDOOEHEDVHGRQWKHDFWXDO
REVHUYHG YDULDQFH RI WKH EDFNJURXQG FRXQWLQJ UDWH RU RI WKH FRXQWLQJ UDWH RI WKH EODQN VDPSOHV DV
DSSURSULDWH UDWKHUWKDQRQDQXQYHULILHGWKHRUHWLFDOO\SUHGLFWHGYDULDQFH,QFDOFXODWLQJWKH//'IRUD
UDGLRQXFOLGH GHWHUPLQHG E\ JDPPDUD\ VSHFWURPHWU\ WKH EDFNJURXQG VKRXOG LQFOXGH WKH W\SLFDO
0DU
FRQWULEXWLRQVRIRWKHUUDGLRQXFOLGHVQRUPDOO\SUHVHQWLQWKHVDPSOHV7\SLFDOYDOXHVRI(9<DQG W
VKRXOGEHXVHGLQWKHFDOFXODWLRQ
,W VKRXOG EH UHFRJQL]HG WKDW WKH //' LV GHILQHG DV DQ D SULRUL EHIRUH WKH IDFW OLPLW UHSUHVHQWLQJ WKH
FDSDELOLW\ RI D PHDVXUHPHQW V\VWHP DQG QRW DV DQ D SRVWHULRUL DIWHU WKH IDFW OLPLW IRU D SDUWLFXODU
PHDVXUHPHQW
2'&05HY
7DEOH &RQWLQXHG
7$%/(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 6DPSOLQJ DQG DQDO\VHV VKDOO DOVR EH SHUIRUPHG DW OHDVW RQFH SHU GD\V ZKHQ SXUJLQJ WLPH H[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 7KH UDWLR RI WKH VDPSOH IORZ UDWH WR WKH VDPSOHG VWUHDP IORZ UDWH VKDOO EH NQRZQ IRU WKH WLPH SHULRG
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
$QQXDO5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW
2'&05HY
7$%/(
',63(56,21$1''(326,7,213$5$0(7(56)25/21*7(505(/($6(6
$77+(6,7(%281'$5<
81,7 81,7 81,7
',67$1&( ;4 '4 ',67$1&( ;4 '4 ',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 ( (
5HIHUHQFH 'LVWDQFHVDUHIURPWKH391*6(52/7DEOH'LVSHUVLRQDQG'HSRVLWLRQSDUDPHWHUVDUHIURPD6HSWHPEHUFDOFXODWLRQ
E\186&RUSRUDWLRQEDVHGRQ\HDUVRIPHWHRURORJLFDOGDWD186&RUSRUDWLRQOHWWHU186$133GDWHG2FWREHU
2'&05HY
7$%/(
'26()$&7256)2512%/(*$6(6$1''$8*+7(56
:KROH%RG\ 6NLQ *DPPD$LU
'RVH)DFWRU 'RVH)DFWRU 'RVH)DFWRU %HWD$LU'RVH
.L /L 0L )DFWRU1L
PUHPP PUHPP PUDGP PUDGP
5DGLRQXFOLGH \UP&L \UP&L \UP&L \UP&L
.UP ( ( (
.UP ( ( ( (
.U ( ( ( (
.U ( ( ( (
.U ( ( ( (
.U ( ( ( (
.U ( ( ( (
- HOP ( ( ( (
- HP ( ( ( (
- H ( ( ( (
- HP ( ( ( (
- H ( ( ( (
- H ( ( ( (
- H ( ( ( (
$U ( ( ( (
5HIHUHQFH5HJXODWRU\*XLGH7DEOH%
2'&05HY
7$%/(
3L 9$/8(6)257+(,1+$/$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
5HTXLUHPHQWV 6HFRQGDU\ 6\VWHP /LTXLG :DVWH 'LVFKDUJHV 7R 2QVLWH (YDSRUDWLRQ 3RQGV RU
&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 $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO
SURFHGXUHV
2'&05HY
7$%/(
5$',2$&7,9(/,48,':$67(6$03/,1*$1'$1$/<6,6352*5$0
/RZHU/LPLW
2I'HWHFWLRQ
6HFRQGDU\6\VWHP/LTXLG5HOHDVH 6DPSOLQJ 7\SH2I //' D
3DWKZD\ 'HVWLQDWLRQ $QDO\VLV)UHTXHQF\ 1RWHV $FWLYLW\$QDO\VLV P&LPO
&KHPLFDO:DVWH1HXWUDOL]HU 5HWHQWLRQ7DQN 3 (DFK%DWFK 3ULQFLSDO*DPPD(PLWWHUVF (
7DQN &:17 E OLTXLGUDGZDVWH 1$ , (
+ (
6WHDP*HQHUDWRU%ORZGRZQ FLUFZDWHU 3 (DFK%DWFK 3ULQFLSDO*DPPD(PLWWHUVF (
/RZ7'66XPSE &:17 1$ , (
+ (
&RQGHQVDWH
D &RQGHQVDWH3ROLVKLQJ/RZ FLUFZDWHU 3 (DFK%DWFK 3ULQFLSDO*DPPD(PLWWHUVF (
7'66XPSE &:17 1$ , (
+ (
E ,QLWLDO%DFNZDVK ORZ7'6VXPS WR 3 (DFK'LVFKDUJH 3ULQFLSDO*DPPD(PLWWHUVF (
FLUFZDWHU , (
ORZ7'6VXPS WR 1$ + (
&:17
-XO\ F 3UHVHUYLFHULQVHHIIOXHQW &RQGHQVDWH 3 (DFK%DWFK 3ULQFLSDO*DPPD(PLWWHUVF (
3ROLVKLQJ/RZ7'6 , (
6XPSE WKURXJK + (
6&189
FRQGHQVHUWKURXJK 1$
6&189
G 2YHUERDUGFRQGHQVDWH FLUFZDWHUWKURXJK 3 (DFK'LVFKDUJH 3ULQFLSDO*DPPD(PLWWHUVF (
&'19 , (
5HWHQWLRQ7DQN 3 (DFK'LVFKDUJH + (
WKURXJK6&19
7XUELQH%XLOGLQJ6XPSG 5HWHQWLRQ7DQN ' *UDE6DPSOH 3ULQFLSDO*DPPD(PLWWHUVF (
&:17 1$ , (
+ (
2'&05HY
7$%/(
5$',2$&7,9(/,48,':$67(6$03/,1*$1'$1$/<6,6352*5$0
/RZHU/LPLW
2I'HWHFWLRQ
6HFRQGDU\6\VWHP/LTXLG5HOHDVH 6DPSOLQJ 7\SH2I //' D
3DWKZD\ 'HVWLQDWLRQ $QDO\VLV)UHTXHQF\ 1RWHV $FWLYLW\$QDO\VLV P&LPO
1RUWK 6RXWK&RQGHQVHU$UHD 5HWHQWLRQ7DQN ' *UDE6DPSOH 3ULQFLSDO*DPPD(PLWWHUVF (
6XPSVG &:17 1$ , (
+ (
6WHDP*HQHUDWRU%ORZGRZQWR 5HWHQWLRQ7DQN 3 (DFK'LVFKDUJH 3ULQFLSDO*DPPD(PLWWHUVF (
5HWHQWLRQ7DQN WKURXJK6&19 , (
+ (
5HWHQWLRQ7DQNWR(YDSRUDWLRQ HYDSRUDWLRQSRQG 3 (DFK%DWFK 3ULQFLSDO*DPPD(PLWWHUVF (
3RQG , (
+ (
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 $ODUP7ULS VHWSRLQWV IRU 58 DUH VHW WR HQVXUH WKDW WKH
FRQFHQWUDWLRQVLQWKH5HWHQWLRQ7DQNVGRQRWH[FHHGWKH5HTXLUHPHQW
6DPSOLQJDQGDQDO\VLVDUHUHTXLUHGRQO\ZKHQFRQFHQWUDWLRQIRUFKHPLFDOZDVWHQHXWUDOL]HUWDQNRUFRQGHQVDWHDFWLYLW\H[FHHGVWKHUHTXLUHPHQW
2'&05HY
7DEOH &RQWLQXHG
7$%/(127$7,21
D 7KH//'LVGHILQHGDVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOO\LHOGDQHW
FRXQWDERYHV\VWHPEDFNJURXQGWKDWZLOOEHGHWHFWHGZLWKSUREDELOLW\ZLWKRQO\SUREDELOLW\RI
IDOVHO\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVD³UHDO'VLJQDO
)RUDSDUWLFXODUPHDVXUHPHQWV\VWHPZKLFKPD\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ
0DU
- KHUH
//'LVWKH³DSULRUL'ORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYHDVPLFURFXULHVSHUXQLWPDVVRUYROXPH
VE LVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQNVDPSOHDV
DSSURSULDWHDVFRXQWVSHUPLQXWH
(LVWKHFRXQWLQJHIILFLHQF\DVFRXQWVSHUGLVLQWHJUDWLRQ
9LVWKHVDPSOHVL]HLQXQLWVRIPDVVRUYROXPH
(LVWKHQXPEHURIGLVLQWHJUDWLRQVSHUPLQXWHSHUPLFURFXULH
<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\LHOGZKHQDSSOLFDEOH
OLVWKHUDGLRDFWLYHGHFD\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG
0DU WLVWKHHODSVHGWLPHEHWZHHQPLGSRLQWRIVDPSOHFROOHFWLRQDQGWLPHRI FRXQWLQJ
7\SLFDOYDOXHVRI(9<DQGWVKRXOGEHXVHGLQWKHFDOFXODWLRQ
,W VKRXOG EH UHFRJQL]HG WKDW WKH //' LV GHILQHG DV DQ D SULRUL EHIRUH WKH IDFW OLPLW UHSUHVHQWLQJ WKH
FDSDELOLW\ RI D PHDVXUHPHQW V\VWHP DQG QRW DV DQ D SRVWHULRUL DIWHU WKH IDFW OLPLW IRU D SDUWLFXODU
PHDVXUHPHQW
E $ EDWFK UHOHDVH LV WKH GLVFKDUJH RI OLTXLG ZDVWHV RI D GLVFUHWH YROXPH 3ULRU WR VDPSOLQJ IRU DQDO\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 $FRQWLQXRXVUHOHDVHLVWKHGLVFKDUJHRIOLTXLGZDVWHVRIDQRQGLVFUHWHYROXPHHJIURPDYROXPHRID
V\VWHPWKDWKDVDQLQSXWIORZGXULQJWKHFRQWLQXRXVUHOHDVH
2'&05HY
7$%/(
5$',2$&7,9(/,48,'())/8(17021,725,1*,167580(17$7,21
&KDQQHO 0RGHLQZKLFK
&KDQQHO 6RXUFH &KDQQHO )XQFWLRQDO 6XUYHLOODQFHLV
,QVWUXPHQW &KHFN &KHFN &DOLEUDWLRQ 7HVW 5HTXLUHG
58 3 1$ 5 4 6HH7DEOH
7$%/(
5$',2$&7,9(/,48,'())/8(17021,725,1*,167580(17$7,21
6859(,//$1&(5(48,5(0(176
0RGHLQ
ZKLFK
6XUYHLOODQFH
6HFRQGDU\6\VWHP/LTXLG5HOHDVH3DWKZD\ LV5HTXLUHG $FWLRQLI58LVQRQIXQFWLRQDO
2EWDLQJUDEVDPSOHDWOHDVWRQFHSHU
KRXUVDQGDQDO\]HLQDFFRUGDQFH
3UHVHUYLFHULQVHWR5HWHQWLRQ7DQNV $W$OO7LPHV ZLWKVHFWLRQ
2EWDLQJUDEVDPSOHDWOHDVWRQFHSHU
KRXUVDQGDQDO\VHVLQDFFRUGDQFH
&RQGHQVDWHRYHUERDUGWR5HWHQWLRQ7DQNV ZLWKVHFWLRQ
0RGHV6XVSHQGWKHUHOHDVH
6WHDP*HQHUDWRU%ORZGRZQ'UDLQWR5HWHQWLRQ 0RGHV GHIXHOHG2EWDLQJUDE
$W$OO7LPHV
7DQNV VDPSOHDWOHDVWRQFHSHUKRXUV
DQGDQDO\]HLQDFFRUGDQFHZLWKVHF
WLRQ
>VLF@ 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
LGHQWLILHV WKH FDXVH V IRU H[FHHGLQJ WKH OLPLW V DQG GHILQHVWKH FRUUHFWLYH DFWLRQV WKDW KDYH
EHHQWDNHQWRUHGXFHWKHUHOHDVHVDQGWKHSURSRVHGFRUUHFWLYHDFWLRQVWREHWDNHQWRDVVXUHWKDW
VXEVHTXHQWUHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYHOLPLWV
6XUYHLOODQFH5HTXLUHPHQWV
D &XPXODWLYH GRVH FRQWULEXWLRQV IRU WKH FXUUHQW FDOHQGDU TXDUWHU DQG FXUUHQW FDOHQGDU \HDU IRU QREOH JDVHV VKDOO EH GHWHUPLQHG LQ DFFRUGDQFH ZLWK WKH PHWKRGRORJ\ FRQWDLQHG LQ 6HFWLRQDWOHDVWRQFHSHUGD\V
2'&05HY
,PSOHPHQWDWLRQRIWKH5HTXLUHPHQW1REOH*DV
7KH DLU GRVH LQ XQUHVWULFWHG DUHDV EH\RQG WKH VLWH ERXQGDU\ GXH WR 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&LP IURP7DEOH
1L WKH DLU GRVH IDFWRU GXH WR EHWD HPLVVLRQV IRU HDFK LGHQWLILHG QREOH JDV
UDGLRQXFOLGHLLQPUDG\USHUP&LP IURP7DEOH
- 4 81,7 WKH KLJKHVW FDOFXODWHG DQQXDO DYHUDJH GLVSHUVLRQ SDUDPHWHULQ VHFP DW WKH
VLWHERXQGDU\IRUWKHSDUWLFXODU8QLWIURP7DEOH2SWLRQDOO\WKHKLJKHVW
YDOXHPD\EHXVHGIRUDQ\8QLWFDOFXODWLRQ
(IURP8QLWO
(IURP8QLW
(IURP8QLW
'JX WKH WRWDOJDPPDDLUGRVHIRU WKHSDUWLFXODUXQLW LQ PUDGGXHWRQREOHJDVHV
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 ,RGLQH7ULWLXP DQG $OO 5DGLRQXFOLGHV LQ 3DUWLFXODWH
)RUP:LWK+DOI/LYHV*UHDWHU7KDQ'D\V
7KH GRVH WR D 0(0%(5 2) 7+( 38%/,& IURP LRGLQH LRGLQH WULWLXP DQG DOO
UDGLRQXFOLGHV LQ SDUWLFXODWH IRUP ZLWK KDOIOLYHV JUHDWHU WKDQ GD\V LQ JDVHRXV HIIOXHQWV UHOHDVHG
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\V LQ JDVHRXVHIIOXHQWVH[FHHGLQJ DQ\RI
WKHDERYHOLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\VD6SHFLDO5HSRUWWKDW
LGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLWDQGGHILQHVWKHFRUUHFWLYHDFWLRQVWKDWKDYHEHHQ
WDNHQ WR UHGXFH WKH UHOHDVHV DQG WKH SURSRVHG FRUUHFWLYH DFWLRQV WR EH WDNHQ WR DVVXUH WKDW
VXEVHTXHQWUHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYHOLPLWV
6XUYHLOODQFH5HTXLUHPHQWV
D &XPXODWLYH GRVH FRQWULEXWLRQV IRU WKH FXUUHQW FDOHQGDU TXDUWHUDQG FXUUHQW FDOHQGDU \HDU
IRU LRGLQH LRGLQH WULWLXP DQG UDGLRQXFOLGHV LQ SDUWLFXODWH IRUP ZLWK KDOIOLYHV
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 WKH TXDQWLW\ RI UDGLRQXFOLGH L LQP&L UHOHDVHG LQ JDVHRXV HIIOXHQWV IURP D
SDUWLFXODUXQLW
5LN WKH GRVH IDFWRU IRU HDFK LGHQWLILHG UDGLRQXFOLGH L IRU SDWKZD\ N IRU WKH
LQKDODWLRQSDWKZD\LQPUHP\USHUP&LP DQGIRUWKHIRRGDQGJURXQGSODQH
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 WKH KLJKHVW DQQXDO DYHUDJH GLVSHUVLRQ RU GHSRVLWLRQSDUDPHWHU IRU WKH
SDUWLFXODU 8QLW XVHG IRU HVWLPDWLQJ WKH GRVH DW WKH VLWH ERXQGDU\ RU WR D
0(0%(5 2) 7+( 38%/,& DW WKH FRQWUROOLQJ ORFDWLRQ IRU WKH SDUWLFXODU
8QLW2SWLRQDOO\WKHKLJKHVWYDOXHPD\EHXVHGIRUDQ\8QLWFDOFXODWLRQ
;4 81,7 LQ VHFP IRU WKH LQKDODWLRQ SDWKZD\ DQG IRU DOO WULWLXP
FDOFXODWLRQVIRURUJDQGRVHDWWKHVLWHERXQGDU\IURP7DEOH
(IURP8QLW
(IURP8QLW
(IURP8QLW
;4 81,7 LQ VHFP IRU 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
LGHQWLILHG GXULQJ WKH DQQXDO ODQG XVH FHQVXV 7KH FRQWUROOLQJ SDWKZD\ DQG ORFDWLRQ ZLOO EH
LGHQWLILHGDQGZLOOEHXVHGIRUDOO0(0%(52)7+(38%/,&GRVHHYDOXDWLRQV
7KH 5L YDOXHV ZHUH FDOFXODWHG LQ DFFRUGDQFH ZLWK WKH PHWKRGRORJLHV LQ185(* 7KH
IROORZLQJVLWHVSHFLILFLQIRUPDWLRQZDVXVHGWRFDOFXODWH5L
9DOXH
7KHOHQJWKRIWKHJUD]LQJVHDVRQIRUPLONDQLPDOV IV
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 *$6(286 5$':$67( 6<67(0 DQG WKH 9(17,/$7,21 (;+$867 75($70(17
6<67(0VKDOOEHXVHGWRUHGXFHUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHSULRUWRWKHLUGLVFKDUJHZKHQ
WKHSURMHFWHGJDVHRXVHIIOXHQWDLUGRVHVGXHWRJDVHRXVHIIOXHQWUHOHDVHVIURPHDFKUHDFWRUXQLWIURP
WKH VLWH VHH )LJXUH DQG )LJXUH ZKHQ DYHUDJHG RYHU GD\V ZRXOG H[FHHG PUDG IRU
JDPPD UDGLDWLRQ DQG PUDG IRU EHWD UDGLDWLRQ 7KH 9(17,/$7,21 (;+$867 75($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 WKH WRWDO JDPPD DLU GRVH LQ PUDGV DW WKH VLWH ERXQGDU\ GXH WR QREOH JDVHV
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
UHOHDVHG LQ JDVHRXV HIIOXHQWV ZKLFK FRXOG KDYH D VLJQLILFDQW LPSDFW RQ
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)$175(&(3725
18&/,'( %21( /,9(5 7%2'< 7+<52,' .,'1(< /81* *,//,
+ ( ( ( ( ( ( (
&5 ( ( ( ( ( ( (
01 ( ( ( ( ( ( (
)( ( ( ( ( ( ( (
&2 ( ( ( ( ( ( (
&2 ( ( ( ( ( ( (
=1 ( ( ( ( ( ( (
65 ( ( ( ( ( ( (
65 ( ( ( ( ( ( (
=5 ( ( ( ( ( ( (
6% ( ( ( ( ( ( (
, ( ( ( ( ( ( (
, ( ( ( ( ( ( (
&6 ( ( ( ( ( ( (
&6 ( ( ( ( ( ( (
%$ ( ( ( ( ( ( (
&( ( ( ( ( ( ( (
&( ( ( ( ( ( ( (
2'&05HY
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
;4 5(6,'(1&( E '4 ;4 *$5'(1 E '4 ;4 0,/. E '4
',5(&7,21 6HFP 'LVW0LOHV P 6HFP 'LVW0LOHV P 6HFP 'LVW0LOHV P
1 ( ( ( ( ( D (
11( ( ( ( D ( ( D (
1( ( ( ( ( ( D (
(1( ( ( ( ( ( D (
( ( ( ( D ( ( D (
(6( ( ( ( ( ( (JRDW
6( ( ( ( ( ( D (
66( ( ( ( D ( ( D (
6 ( ( ( ( ( (FRZ
66: ( ( ( D ( ( D (
6: ( ( ( D ( ( D (
- 6: ( ( ( D ( ( D (
- ( D ( ( D ( ( D (
- 1: ( D ( ( D ( ( D (
1: ( ( ( ( ( D (
11: ( ( ( D ( ( D (
D PLOHYDOXHXVHGVLQFHWKHUHLVQRSDWKZD\ORFDWHGZLWKLQWKHVHFWRUXSWRILYHPLOHV
E &RQWUROOLQJORFDWLRQVDUHGLVFXVVHGLQ$SSHQGL[$
5HIHUHQFHV/DQG8VH&HQVXV OHWWHU$130-50/(% 186&RUSRUDWLRQOHWWHUV186$133DQG186$133
2'&05HY
7$%/(
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
;4 5(6,'(1&( E '4 ;4 *$5'(1 E '4 ;4 0,/. E '4
',5(&7,21 6HFP 'LVW0LOHV P 6HFP 'LVW0LOHV P 6HFP 'LVW0LOHV P
1 ( ( ( ( ( D (
11( ( ( ( ( ( D (
1( ( ( ( ( ( D (
(1( ( ( ( ( ( D (
( ( ( ( D ( ( D (
(6( ( ( ( ( ( (JRDW
6( ( ( ( ( ( D (
66( ( ( ( D ( ( D (
6 ( ( ( ( ( (FRZ
66: ( ( ( D ( ( D (
6: ( ( ( D ( ( D (
- 6: ( ( ( D ( ( D (
- ( D ( ( D ( ( D (
- 1: ( D ( ( D ( ( D (
1: ( ( ( ( ( D (
11: ( ( ( ( ( D (
D PLOHYDOXHXVHGVLQFHWKHUHLVQRSDWKZD\ORFDWHGZLWKLQWKHVHFWRUXSWRILYHPLOHV
E &RQWUROOLQJORFDWLRQVDUHGLVFXVVHGLQ$SSHQGL[$
5HIHUHQFHV/DQG8VH&HQVXV OHWWHU$130-50/(% 186&RUSRUDWLRQOHWWHUV186$133DQG186$133
2'&05HY
7$%/(
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
;4 5(6,'(1&( E '4 ;4 *$5'(1 E '4 ;4 0,/. E '4
',5(&7,21 6HFP 'LVW0LOHV P 6HFP 'LVW0LOHV P 6HFP 'LVW0LOHV P
1 ( ( ( ( ( D (
11( ( ( ( ( ( D (
1( ( ( ( ( ( D (
(1( ( ( ( ( ( D (
( ( ( ( ( ( (JRDW
(6( ( ( ( ( ( D (
6( ( D ( ( D ( ( D (
66( ( ( ( D ( ( D (
6 ( ( ( ( ( (FRZ
66: ( ( ( D ( ( D (
6: ( ( ( D ( ( D (
- 6: ( ( ( D ( ( D (
- ( D ( ( D ( ( D (
- 1: ( D ( ( D ( ( D (
1: ( ( ( ( ( D (
11: ( ( ( ( ( D (
D PLOHYDOXHXVHGVLQFHWKHUHLVQRSDWKZD\ORFDWHGZLWKLQWKHVHFWRUXSWRILYHPLOHV
E &RQWUROOLQJORFDWLRQVDUHGLVFXVVHGLQ$SSHQGL[$
5HIHUHQFHV/DQG8VH&HQVXV OHWWHU$130-50/(% 186&RUSRUDWLRQOHWWHUV186$133DQG186$133
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
$FWLRQ
- LWKWKHFDOFXODWHGGRVHIURPWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQOLTXLGHIIOXHQWVH[FHHGLQJDQ\RI
WKH DERYH OLPLWV SUHSDUH DQG VXEPLW WR WKH &RPPLVVLRQ ZLWKLQ GD\V D 6SHFLDO 5HSRUW WKDW
LGHQWLILHV WKH FDXVH V IRU H[FHHGLQJ WKH OLPLW V DQG GHILQHV WKH FRUUHFWLYH DFWLRQV WKDW KDYH EHHQ
WDNHQWRUHGXFHWKHUHOHDVHVDQGWKHSURSRVHGFRUUHFWLYHDFWLRQVWREHWDNHQWRDVVXUHWKDWVXEVHTXHQW
UHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYHOLPLWV
6XUYHLOODQFH5HTXLUHPHQWV
&XPXODWLYH GRVH FRQWULEXWLRQV IURP OLTXLG HIIOXHQWV IRU WKH FXUUHQW FDOHQGDU TXDUWHU DQG WKH
FXUUHQWFDOHQGDU\HDUVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\DQGSDUDPHWHUV
LQWKH2'&0DWOHDVWRQFHSHUGD\V
,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV
7KLV 5HTXLUHPHQW GRHV QRW UHTXLUH LPSOHPHQWDWLRQ JXLGDQFH 7KHUH DUH QR RIIVLWH OLTXLG
HIIOXHQWUHOHDVHV
2'&05HY
727$/'26($1''26(7238%/,&216,7(
5HTXLUHPHQW7RWDO'RVH
7KH DQQXDO FDOHQGDU \HDU GRVH RU GRVH FRPPLWPHQW WR DQ\ 0(0%(5 2) 7+( 38%/,& GXH WR
UHOHDVHV RI UDGLRDFWLYLW\ DQG WR GLUHFW UDGLDWLRQ IURP XUDQLXPIXHO F\FOH VRXUFHV VKDOO EH OLPLWHG WR
OHVV WKDQ RU HTXDO WR PUHPV WR WKH WRWDO ERG\ RU DQ\ RUJDQ H[FHSW WKH WK\URLG ZKLFK VKDOO EH
OLPLWHGWROHVVWKDQRUHTXDOWRPUHPV
$SSOLFDELOLW\$WDOOWLPHV
$FWLRQ
- LWK WKH FDOFXODWHG GRVHV IURP WKH UHOHDVH RI UDGLRDFWLYH PDWHULDOV LQ OLTXLG DQG JDVHRXV HIIOXHQWV
H[FHHGLQJWZLFHWKHOLPLWVRI6HFWLRQDEDEDRUEFDOFXODWLRQVVKDOOEHPDGH
LQFOXGLQJGLUHFWUDGLDWLRQFRQWULEXWLRQVIURPWKHUHDFWRUXQLWV LQFOXGLQJRXWVLGHVWRUDJHWDQNVHWF WR
GHWHUPLQH ZKHWKHU WKH DERYH OLPLWV RI6HFWLRQ KDYH EHHQ H[FHHGHG ,I VXFK LV WKH FDVH SUHSDUH
DQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\VD6SHFLDO5HSRUWWKDWGHILQHVWKHFRUUHFWLYHDFWLRQWR
EH WDNHQ WR UHGXFH VXEVHTXHQW UHOHDVHV WR SUHYHQW UHFXUUHQFH RI H[FHHGLQJ WKH DERYH OLPLWV DQG
LQFOXGHV WKH VFKHGXOH IRU DFKLHYLQJ FRQIRUPDQFH ZLWK WKH DERYH OLPLWV 7KLV 6SHFLDO 5HSRUW DV
GHILQHG LQ &)5 D VKDOO LQFOXGH DQ DQDO\VLV WKDW HVWLPDWHV WKH UDGLDWLRQ H[SRVXUH
GRVH WR D 0(0%(5 2) 7+( 38%/,& IURP XUDQLXP IXHO F\FOH VRXUFHV LQFOXGLQJ DOO HIIOXHQW
SDWKZD\VDQGGLUHFWUDGLDWLRQIRUWKHFDOHQGDU\HDUWKDWLQFOXGHVWKHUHOHDVH V FRYHUHGE\WKLVUHSRUW
,WVKDOODOVRGHVFULEHOHYHOVRIUDGLDWLRQDQGFRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOLQYROYHGDQGWKH
FDXVHRIWKHH[SRVXUHOHYHOVRUFRQFHQWUDWLRQV,IWKHHVWLPDWHGGRVH V H[FHHGVWKHDERYHOLPLWVDQG
LIWKHUHOHDVHFRQGLWLRQUHVXOWLQJLQYLRODWLRQRI&)53DUWKDVQRWDOUHDG\EHHQFRUUHFWHGWKH
6SHFLDO 5HSRUW VKDOO LQFOXGH D UHTXHVW IRU D YDULDQFH LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI &)5
3DUW 6XEPLWWDO RI WKH UHSRUW ZLWKLQ GD\V LV FRQVLGHUHG D WLPHO\ UHTXHVW DQG D YDULDQFH LV
JUDQWHGXQWLOVWDIIDFWLRQRQWKHUHTXHVWLVFRPSOHWH
6XUYHLOODQFH5HTXLUHPHQWV
D &XPXODWLYH GRVH FRQWULEXWLRQV IURP WKH JDVHRXV HIIOXHQWV VKDOO EH GHWHUPLQHG LQ
DFFRUGDQFH ZLWK WKH VXUYHLOODQFH UHTXLUHPHQWV RI 6HFWLRQ DQG DQG LQ
DFFRUGDQFHZLWKWKHPHWKRGRORJ\DQGSDUDPHWHUVFRQWDLQHGLQ6HFWLRQ
E &XPXODWLYH GRVH FRQWULEXWLRQV IURP GLUHFW UDGLDWLRQ IURP WKH UHDFWRU XQLWV DQG IURP
UDGZDVWH VWRUDJHWDQNV VKDOO EH GHWHUPLQHG LQDFFRUGDQFH ZLWKWKH PHWKRGRORJ\ DQG
SDUDPHWHUVLQ6HFWLRQ7KLVUHTXLUHPHQWLVDSSOLFDEOHRQO\XQGHUFRQGLWLRQVVHWIRUWK
LQ6HFWLRQ$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$8UDQLXP)XHO&\FOH6WDQGDUG &)5 3DUW
)HEUXDU\ SURYLGHV D GLVFXVVLRQRQ FRPSOLDQFH ZLWK &)5 3DUW LQ UHODWLRQ
WR WKH 5DGLRORJLFDO (QYLURQPHQWDO 7HFKQLFDO 6SHFLILFDWLRQV IRU VLWHV RI XS WR IRXU QXFOHDU
SRZHUUHDFWRUV7KH185(*FRQFOXGHVWKDWDVORQJDVDQXFOHDUSODQWVLWHRSHUDWHVDWD OHYHO
EHORZWKH&)53DUW$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
7KH DQQXDO ZKROH ERG\ GRVH DFFXPXODWHG E\D 0(0%(52) 7+(38%/,& IRU WKH QREOH
JDVHVUHOHDVHGLQJDVHRXVHIIOXHQWVLVGHWHUPLQHGE\XVLQJWKHIROORZLQJHTXDWLRQ
':% ( 6L > .L ;4 81,7 4L @
- KHUH
.L WKHZKROHERG\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIRUHDFKLGHQWLILHGQREOH
JDVUDGLRQXFOLGHLLQPUHP\USHUP&LP IURP7DEOH
4L WKHLQWHJUDWHGUHOHDVHRIUDGLRQXFOLGHLLQP&LIRUWKHSUHYLRXVFDOHQGDU\HDU
- 4 81,7 WKH KLJKHVW FDOFXODWHG DQQXDO DYHUDJH GLVSHUVLRQ SDUDPHWHU LQVHFP IRU D
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 WKH WRWDO DQQXDO RUJDQ GRVH IURP JDVHRXV HIIOXHQWV WR D 0(0%(5 2) 7+(
38%/,&LQPUHPDWWKHFRQWUROOLQJORFDWLRQ
4L WKHLQWHJUDWHGUHOHDVHRIUDGLRQXFOLGHLLQP&LIRUWKHSUHYLRXVFDOHQGDU\HDU
5LN WKH GRVH IDFWRU IRU HDFK LGHQWLILHG UDGLRQXFOLGH L IRU SDWKZD\ N IRU WKH
LQKDODWLRQSDWKZD\LQPUHP\USHUP&LP DQGIRUWKHIRRGDQGJURXQGSODQH
SDWKZD\VLQPPUHP\USHU P&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%(5 2) 7+( 38%/,& ZRXOG VSHQG PRUH WKDQ HLJKW KRXUV SHU \HDU DW WKLV ORFDWLRQ
+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
PHGLXP DW D VSHFLILHG ORFDWLRQ H[FHHGLQJ WKH UHSRUWLQJ OHYHOV RI 7DEOH ZKHQ DYHUDJHG RYHU
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
0DU
- KHQUDGLRQXFOLGHVRWKHUWKDQWKRVHLQ7DEOHDUHGHWHFWHGDQGDUHWKHUHVXOWRISODQWHIIOXHQWV
WKLVUHSRUWVKDOOEHVXEPLWWHGLIWKHSRWHQWLDODQQXDOGRVH WRD0(0%(52)7+(38%/,&LV
HTXDO WR RU JUHDWHU WKDQ WKH FDOHQGDU \HDU OLPLWV RI 6HFWLRQ DQG 7KLV UHSRUW LV QRW
UHTXLUHG LI WKH PHDVXUHG OHYHO RI UDGLRDFWLYLW\ ZDV QRW WKH UHVXOW RI SODQW HIIOXHQWV KRZHYHU LQ
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
7KH PHWKRGRORJ\ DQG SDUDPHWHUV XVHG WR HVWLPDWH WKH SRWHQWLDO DQQXDO GRVH WR D 0(0%(5 2)
7+(38%/,&VKDOOEHLQGLFDWHGLQWKLVUHSRUW
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
WKH UHVXOWV RI WKH UDGLRORJLFDO HIIOXHQW PRQLWRULQJ SURJUDP E\ YHULI\LQJ WKDW WKH PHDVXUDEOH
FRQFHQWUDWLRQV RI UDGLRDFWLYH PDWHULDOV DQG OHYHOV RI UDGLDWLRQ DUH QRW KLJKHU WKDQ H[SHFWHG
EDVHG RQ WKH HIIOXHQW PHDVXUHPHQWV DQG PRGHOLQJ RI WKH HQYLURQPHQWDO H[SRVXUH SDWKZD\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$0
([SRVXUH3DWKZD\ 1XPEHURI5HSUHVHQWDWLYH6DPSOHV 6DPSOLQJDQG 7\SHDQG)UHTXHQF\
DQGRU6DPSOH DQG6DPSOH/RFDWLRQVD &ROOHFWLRQ)UHTXHQF\D RI$QDO\VLVG
$LUERUQH 6DPSOHVIURPORFDWLRQVVDPSOHV &RQWLQXRXVVDPSOLQJ *URVVEHWDZHHNO\F
DWRUQHDUWKH6,7(%281'$5,(6 FROOHFWHGZHHNO\RU ,ZHHNO\JDPPD
5DGLRLRGLQHDQG $ LQFOXGLQJ PRUHIUHTXHQWO\LI LVRWRSLFDQDO\VLVRI
SDUWLFXODWHV GLIIHUHQWVHFWRUVRIWKHKLJKHVW UHTXLUHGE\GXVW FRPSRVLWH E\
FDOFXODWHGDQQXDODYHUDJHJURXQG ORDGLQJ ORFDWLRQ TXDUWHUO\
OHYHO'4
VDPSOH IURPDUHDVRIVSHFLDO
LQWHUHVWZKLFKLVIURPWKHYLFLQLW\RI
DFRPPXQLW\KDYLQJWKHKLJKHVW
FDOFXODWHGDQQXDODYHUDJH'4
VDPSOH $ IURPDFRQWURO
ORFDWLRQNP PL GLVWDQW
DQGLQWKHOHDVWSUHYDOHQWZLQG
GLUHFWLRQH
'LUHFWUDGLDWLRQE )RUW\ URXWLQHPRQLWRULQJ 4XDUWHUO\ *DPPDGRVH
VWDWLRQV TXDUWHUO\
HLWKHUZLWKWZRRUPRUHGRVLPHWHUVRU
ZLWKRQHLQVWUXPHQWIRUPHDVXULQJ
DQGUHFRUGLQJGRVHUDWHFRQWLQXRXVO\
SODFHGDVIROORZV
$QLQQHUULQJRIVWDWLRQVRQHLQHDFK
PHWHRURORJLFDOVHFWRULQWKHJHQHUDO
DUHDRIWKHVLWHERXQGDU\
ORFDWLRQV
$QRXWHUULQJRIVWDWLRQVRQHLQHDFK
PHWHRURORJLFDOVHFWRULQWKHNP
PL UDQJHIURPWKHVLWH
ORFDWLRQV DQG
7KHEDODQFHRIWKHVWDWLRQV
ORFDWLRQV WREHSODFHGLQVSHFLDO
LQWHUHVWDUHDVVXFKDVSRSXODWLRQ
FHQWHUVQHDUE\UHVLGHQFHVVFKRROV
DQGLQRQHRUWZRDUHDVWRVHUYHDV
FRQWUROVWDWLRQV
'4UHIHUVWRDYHUDJHDQQXDOUHODWLYHJURXQGGHSRVLWLRQUDWH
2'&05HY
7$%/(
5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0
([SRVXUH3DWKZD\ 1XPEHURI5HSUHVHQWDWLYH6DPSOHV 6DPSOLQJDQG 7\SHDQG)UHTXHQF\
DQGRU6DPSOH DQG6DPSOH/RFDWLRQVD &ROOHFWLRQ)UHTXHQF\D RI$QDO\VLVG
:DWHUERUQH
6XUIDFH DFUH:DWHUVWRUDJHUHVHUYRLU 4XDUWHUO\K JUDEVDPSOH 7ULWLXPDQGJDPPD
DFUH:DWHUVWRUDJHUHVHUYRLU LVRWRSLFDQDO\VLV
(YDSRUDWLRQSRQG TXDUWHUO\
(YDSRUDWLRQSRQG
(YDSRUDWLRQSRQG
-XO\ *URXQG RQVLWHZHOOVI $ 4XDUWHUO\JUDEVDPSOH 7ULWLXPDQGJDPPD
LVRWRSLFDQDO\VLV
TXDUWHUO\
'ULQNLQJ ZHOO ZHOOVIURPVXUURXQGLQJUHVLGHQFHV &RPSRVLWHVDPSOHRI ,DQDO\VLVRQHDFK
WKDWZRXOGEH ZHHNO\JUDEVDPSOHV FRPSRVLWHZKHQWKH
DIIHFWHGE\LWVGLVFKDUJH RYHUZHHNSHULRG GRVHFDOFXODWHGIRU
ZKHQ,DQDO\VLVLV WKHFRQVXPSWLRQRI
SHUIRUPHGPRQWKO\ WKHZDWHULVJUHDWHU
FRPSRVLWHRIZHHNO\ WKDQPUHPSHU
JUDEVDPSOHVRWKHUZLVH \HDUJ &RPSRVLWHIRU
JURVVEHWDDQGJDPPD
LVRWRSLFDQDO\VHV
PRQWKO\&RPSRVLWH
IRUWULWLXPDQDO\VLV
TXDUWHUO\
,QJHVWLRQ 6DPSOHVIURPPLONLQJDQLPDOVLQ 6HPLPRQWKO\IRU *DPPDLVRWRSLFDQG
ORFDWLRQVZLWKLQNP PL GLVWDQW DQLPDOVRQSDVWXUH ,DQDO\VLV
0LON KDYLQJWKHKLJKHVWGRVHSRWHQWLDO,I RWKHUZLVHPRQWKO\ VHPLPRQWKO\ZKHQ
WKHUHDUHQRQHVDPSOHIURP DQLPDOVDUHRQSDVWXUH
PLONLQJDQLPDOVLQHDFKRIWKUHH RUPRQWKO\DWRWKHU
DUHDVEHWZHHQDQGNP PL WLPHV
GLVWDQW ZKHUHGRVHVDUH
FDOFXODWHGWREHJUHDWHUWKDQPUHP
SHU\HDUJ
2QHVDPSOHIURPPLONLQJDQLPDOVDW
DFRQWUROORFDWLRQWRNP
PL GLVWDQW DQGLQWKHOHDVW
SUHYDOHQWZLQGGLUHFWLRQH
2'&05HY
7$%/(
5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0
([SRVXUH3DWKZD\ 1XPEHURI5HSUHVHQWDWLYH6DPSOHV 6DPSOLQJDQG 7\SHDQG)UHTXHQF\
DQGRU6DPSOH DQG6DPSOH/RFDWLRQVD &ROOHFWLRQ)UHTXHQF\D RI$QDO\VLVG
)RRG3URGXFWV VDPSOHV RIW\SHVRI 0RQWKO\GXULQJ *DPPDLVRWRSLF
EURDGOHDIYHJHWDWLRQ DVDYDLODEOH JURZLQJVHDVRQ DQDO\VLV
IURPORFDWLRQVLGHQWLILHGSHUWKH
FULWHULDRI6HFWLRQERIWKLV
PDQXDO
FRQWUROVDPSOH RIW\SHVRI 0RQWKO\GXULQJ *DPPDLVRWRSLF
EURDGOHDIYHJHWDWLRQ DVDYDLODEOH JURZLQJVHDVRQ DQDO\VLV
JURZQWRNP PL GLVWDQW
LQWKHOHDVWSUHYDOHQWZLQGGLUHFWLRQH
: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\ *XLGH SURYLGHV JXLGDQFH IRU WKHUPROXPLQHVFHQFH GRVLPHWU\ 7/' V\VWHPV XVHG IRU
HQYLURQPHQWDOPRQLWRULQJ2QHRUPRUHLQVWUXPHQWVVXFKDVDSUHVVXUL]HGLRQFKDPEHUIRUPHDVXULQJ
DQGUHFRUGLQJGRVHUDWHFRQWLQXRXVO\PD\EHXVHGLQSODFHRIRULQDGGLWLRQWRLQWHJUDWLQJGRVLPHWHUV
)RUWKHSXUSRVHVRIWKLVWDEOHDWKHUPROXPLQHVFHQWGRVLPHWHUPD\EHFRQVLGHUHGWREHRQHSKRVSKRUDQG
WZRRUPRUHSKRVSKRUVLQDSDFNHWPD\EHFRQVLGHUHGDVWZRRUPRUHGRVLPHWHUV)LOPEDGJHVVKRXOGQRW
EHXVHGIRUPHDVXULQJGLUHFWUDGLDWLRQ
F 3DUWLFXODWHVDPSOHILOWHUVVKDOOEHDQDO\]HGIRUJURVVEHWDKRXUVRUPRUHDIWHUVDPSOLQJWRDOORZIRU
UDGRQDQGWKRURQGDXJKWHUGHFD\,IJURVVEHWDDFWLYLW\LQDLURUZDWHULVJUHDWHUWKDQWLPHVWKH\HDUO\
PHDQRIFRQWUROVDPSOHVIRUDQ\PHGLXPJDPPDLVRWRSLFDQDO\VLVVKRXOGEHSHUIRUPHGRQWKH LQGLYLGXDO
VDPSOHV
G *DPPD LVRWRSLF DQDO\VLV PHDQV WKH LGHQWLILFDWLRQ DQG TXDQWLILFDWLRQ RI JDPPDHPLWWLQJ UDGLRQXFOLGHV
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
$LUERUQH3DUWLFXODWH )UHVK0LON )RRG3URGXFWV
$QDO\VLV :DWHU S&LO RU*DV S&LP S&LO S&LNJZHW
+
0Q
)H
&R
&R
=Q
=U1E
,
&V
&V
%D/D
)RUGULQNLQJZDWHUVDPSOHV7KLVLVD&)5YDOXH,IQRGULQNLQJZDWHUSDWKZD\H[LVWVDYDOXHRI
S&LOPD\EHXVHG
,IQRGULQNLQJZDWHUSDWKZD\H[LVWVDUHSRUWLQJOHYHORIS&LOPD\EHXVHG
2'&05HY
7$%/(
D
'(7(&7,21&$3$%,/,7,(6)25(19,5210(17$/$1$/<6,6
/RZHU/LPLWRI'HWHFWLRQ //' E
$LUERUQH3DUWLFXODWH )UHVK0LON )RRG3URGXFWV
$QDO\VLV :DWHU S&LO RU*DV S&LP S&LO S&LNJZHW
- URVV%HWD
+
0Q
)H
&R
=Q
=U
1E
,
&V
&V
%D
/D
127(7KLVOLVWGRHVQRWPHDQWKDWRQO\WKHVHQXFOLGHVDUHWREHGHWHFWHGDQGUHSRUWHG2WKHUSHDNVWKDWDUH
PHDVXUDEOHDQGLGHQWLILDEOHWRJHWKHUZLWKWKHDERYHQXFOLGHVVKDOODOVREHLGHQWLILHGDQGUHSRUWHG
,IQRGULQNLQJZDWHUSDWKZD\H[LVWVDYDOXHRIS&LOPD\EHXVHG
,IQRGULQNLQJZDWHUSDWKZD\H[LVWVDYDOXHRIS&LOPD\EHXVHG
2'&05HY
7DEOH &RQWLQXHG
7$%/(127$7,21
D *XLGDQFH IRU GHWHFWLRQ FDSDELOLWLHV IRU WKHUPROXPLQHVFHQW GRVLPHWHUV XVHG IRU HQYLURQPHQWDO
PHDVXUHPHQWVLVJLYHQLQ5HJXODWRU\*XLGH
E 7DEOHLQGLFDWHVDFFHSWDEOHGHWHFWLRQFDSDELOLWLHVIRUUDGLRDFWLYHPDWHULDOVLQHQYLURQPHQWDOVDPSOHV
7KHVHGHWHFWLRQFDSDELOLWLHVDUHWDEXODWHGLQWHUPVRIWKHORZHUOLPLWVRIGHWHFWLRQ //'V 7KH//'LV
GHILQHGIRUSXUSRVHVRIWKLVJXLGHDVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDW
ZLOO\LHOGDQHWFRXQW DERYHV\VWHPEDFNJURXQG WKDWZLOOEHGHWHFWHGZLWKSUREDELOLW\ZLWKRQO\
SUREDELOLW\RIIDOVHO\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVD³UHDO'VLJQDO
)RUDSDUWLFXODUPHDVXUHPHQWV\VWHP ZKLFKPD\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ
0DU
- KHUH
//'LVWKHDSULRULORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVS&LSHUXQLWPDVVRUYROXPH
VE LVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQNVDPSOHDV
DSSURSULDWH DVFRXQWVSHUPLQXWH
(LVWKHFRXQWLQJHIILFLHQF\ DVFRXQWVSHUGLVLQWHJUDWLRQ
9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH
LVWKHQXPEHURIGLVLQWHJUDWLRQVSHUPLQXWHSHUSLFRFXULH
<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\LHOG ZKHQDSSOLFDEOH
OLVWKHUDGLRDFWLYHGHFD\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG
0DU
W IRU HQYLURQPHQWDO VDPSOHV LV WKH HODSVHG WLPH EHWZHHQ VDPSOH FROOHFWLRQ RU HQG RI WKH
V D P S O H FROOHFWLRQSHULRG DQGWLPHRIFRXQWLQJ
,QFDOFXODWLQJWKH//'IRUDUDGLRQXFOLGHGHWHUPLQHGE\JDPPDUD\VSHFWURPHWU\WKHEDFNJURXQGVKRXOG
LQFOXGH WKH W\SLFDO FRQWULEXWLRQV RI RWKHU UDGLRQXFOLGHV QRUPDOO\ SUHVHQW LQ WKH VDPSOHV HJ
0DU
SRWDVVLXPLQPLONVDPSOHV 7\SLFDOYDOXHVRI(9<DQGWVKRXOGEHXVHGLQWKHFDOFXODWLRQ
,W VKRXOG EH UHFRJQL]HG WKDW WKH //' LV GHILQHG DV DQ D SULRUL EHIRUH WKH IDFW OLPLW UHSUHVHQWLQJ WKH
FDSDELOLW\ RI D PHDVXUHPHQW V\VWHP DQG QRW DV DQ D SRVWHULRUL DIWHU WKH IDFW OLPLW IRU D SDUWLFXODU
PHDVXUHPHQW$QDO\VHVVKDOOEHSHUIRUPHGLQVXFKDPDQQHUWKDWWKHVWDWHG//'VZLOOEHDFKLHYHGXQGHU
URXWLQHFRQGLWLRQV2FFDVLRQDOO\EDFNJURXQGIOXFWXDWLRQVXQDYRLGDEOHVPDOOVDPSOHVL]HVWKHSUHVHQFH
RI LQWHUIHULQJ QXFOLGHV RURWKHU XQFRQWUROODEOH FLUFXPVWDQFHVPD\ UHQGHU WKHVH //'V XQDFKLHYDEOH ,Q
VXFK FDVHV WKH FRQWULEXWLQJ IDFWRUV VKDOO EH LGHQWLILHG DQG GHVFULEHG LQ WKH $QQXDO 5DGLRORJLFDO
(QYLURQPHQWDO2SHUDWLQJ5HSRUW
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
FRQWUROVWDWLRQORFDWLRQKDYLQJ WKHORZHVWFDOFXODWHGGRVHRUGRVHFRPPLWPHQW 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\ RU E\ FRQVXOWLQJ ORFDO DJULFXOWXUH DXWKRULWLHV 7KH UHVXOWV RI WKH ODQG XVH FHQVXV
VKDOOEHLQFOXGHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWSXUVXDQWWR
6HFWLRQ
,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV
7KH DERYH 5HTXLUHPHQW LV LPSOHPHQWHG E\ 1XFOHDU $GPLQLVWUDWLYH DQG 7HFKQLFDO 0DQXDO
SURFHGXUHV
%URDG/HDIYHJHWDWLRQVDPSOLQJRIDWOHDVWWKUHHGLIIHUHQWNLQGVRIYHJHWDWLRQPD\EHSHUIRUPHGDW
WKH6,7(%281'$5<LQHDFKRIWZRGLIIHUHQWGLUHFWLRQVHFWRUVZLWKWKHKLJKHVWSUHGLFWHG'4V
LQOLHXRIWKHJDUGHQFHQVXV6SHFLILFDWLRQVIRUEURDGOHDIYHJHWDWLRQVDPSOLQJLQ7DEOHVKDOO
EHIROORZHGLQFOXGLQJDQDO\VLVRIFRQWUROVDPSOHV
2'&05HY
5HTXLUHPHQW,QWHUODERUDWRU\&RPSDULVRQ3URJUDP
$QDO\VHVVKDOOEHSHUIRUPHG RQUDGLRDFWLYHPDWHULDOVVXSSOLHGDVSDUWRIDQ,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 $QQXDO 5DGLRORJLFDO (QYLURQPHQWDO 2SHUDWLQJ 5HSRUW
SXUVXDQWWR6HFWLRQ
,PSOHPHQWDWLRQRIWKH5HTXLUHPHQWV
391*6 ODERUDWRULHV RU FRQWUDFW ODERUDWRULHV ZKLFK SHUIRUP DQDO\VHV IRU WKH 5DGLRORJLFDO
(QYLURQPHQWDO 0RQLWRULQJ 3URJUDP 5(03 SDUWLFLSDWH LQ DQ ,QWHUODERUDWRU\ &RPSDULVRQ
3URJUDP 7KH SDUWLFLSDWLRQ LQFOXGHV DOO RI WKH GHWHUPLQDWLRQV VDPSOH PHGLXPUDGLRQXFOLGH
FRPELQDWLRQV WKDWDUHLQFOXGHGLQWKHPRQLWRULQJSURJUDP
,IGHYLDWLRQIURPVSHFLILHGOLPLWVLVLGHQWLILHGDQLQYHVWLJDWLRQLVPDGHWRGHWHUPLQHWKHUHDVRQ
IRUWKHGHYLDWLRQDQGFRUUHFWLYHDFWLRQVDUHWDNHQDVQHFHVVDU\7KHUHVXOWVRIDOODQDO\VHVPDGH
XQGHUWKLVSURJUDPDUHLQFOXGHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW
2'&05HY
7$%/(
5$',2/2*,&$/(19,5210(17$/021,725,1*6$03/(&2//(&7,21/2&$7,216
/2&$7,21
6$03/( 127( '(6,*1$7,21
6,7( 6$03/(7<3( G 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
/2&$7,21
6$03/( 127( '(6,*1$7,21
6,7( 6$03/(7<3( G 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
/2&$7,21
6$03/( 127( '(6,*1$7,21
6,7( 6$03/(7<3( G D /2&$7,21'(6&5,37,21 F
7/' E &RQWURO (1( (O0LUDJH
683
7UDQVLW
7/' &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
-XO\ *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
-XO\
*URXQG:DWHU E :* RQVLWH :HOODDE
2'&05HY
EKd^ ŽŽhŽŽŽ
E 7KHVHVDPSOHVIXOILOOWKHUHTXLUHPHQWVRIWKH2'&07DEOH
F 5HIHUWR)LJXUHDQG)LJXUHIRUUHODWLYHORFDWLRQVRIVDPSOHVLWHV
G ,5LQQHUULQJ
25RXWHUULQJ
63VFKRRORUSRSXODWLRQFHQWHU
- 6ZDWHUERUQHVXUIDFH
- ZDWHUERUQHJURXQG
- 'ZDWHUERUQHGULQNLQJ
683GHVLJQDWHGVXSSOHPHQWDOVDPSOLQJORFDWLRQ
2'&05HY
)LJXUH
5DGLRORJLFDO(QYLURQPHQWDO
0RQLWRULQJ3URJUDP6DPSOH6LWHV
PLOHV
2'&05HY
)LJXUH
5DGLRORJLFDO(QYLURQPHQWDO
0RQLWRULQJ3URJUDP6DPSOH6LWHV
0LOHV
2'&05HY
)LJXUH
5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP
6DPSOH6LWHV0LOHV
'(/(7('
KDZ
)LJXUH
6LWH([FOXVLRQ$UHD%RXQGDU\
'(/(7('
5HIHUWR8)6$5)LJXUH
KDZ
)LJXUH
- DVHRXV(IIOXHQW
5HOHDVH3RLQWV
2'&05HY
)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 $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUWV VKDOO LQFOXGH WKH IROORZLQJ LQIRUPDWLRQ IRU HDFK
FODVVRIVROLGZDVWH DVGHILQHGE\&)53DUW VKLSSHGRIIVLWHGXULQJWKHUHSRUWSHULRG
D &RQWDLQHUYROXPH
E 7RWDOFXULHTXDQWLW\ VSHFLI\ZKHWKHUGHWHUPLQHGE\PHDVXUHPHQWRUHVWLPDWH
F 3ULQFLSDOUDGLRQXFOLGHV VSHFLI\ZKHWKHUGHWHUPLQHGE\PHDVXUHPHQWRUHVWLPDWH
G 6RXUFH RI ZDVWH DQG SURFHVVLQJHPSOR\HG HJ GHZDWHUHG VSHQWUHVLQ FRPSDFWHGGU\ ZDVWH
HYDSRUDWRUERWWRPV
H 7\SHRIFRQWDLQHU HJ/6$7\SH$7\SH%/DUJH4XDQWLW\ DQG
I 6ROLGLILFDWLRQDJHQWRUDEVRUEHQW HJFHPHQWXUHDIRUPDOGHK\GH
7KH $QQXDO 5DGLRDFWLYH (IIOXHQW 5HOHDVH 5HSRUWV VKDOO LQFOXGH D OLVW DQG GHVFULSWLRQ RI XQSODQQHG
UHOHDVHV IURP WKH VLWH WR 815(675,&7(' $5($6 RI UDGLRDFWLYH PDWHULDOV LQ JDVHRXV DQG OLTXLG
HIIOXHQWVPDGHGXULQJWKHUHSRUWLQJSHULRG
&KDQJHV WR WKH 2'&0 VKDOO EH VXEPLWWHG LQ WKH IRUP RI D FRPSOHWH OHJLEOH FRS\ DV SDUW RI RU
FRQFXUUHQWZLWKWKH$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 $QQXDO 5DGLRORJLFDO (QYLURQPHQWDO 2SHUDWLQJ 5HSRUWV FRYHULQJ WKH RSHUDWLRQ RI WKH XQLWV
GXULQJ WKH SUHYLRXV FDOHQGDU \HDU VKDOO EH VXEPLWWHG E\ 0D\ RI HDFK \HDU LQ DFFRUGDQFH ZLWK
7HFKQLFDO6SHFLILFDWLRQ
7KH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVVKDOOLQFOXGHVXPPDULHVLQWHUSUHWDWLRQV
DQGDQDQDO\VLVRIWUHQGVRIWKHUHVXOWVRIWKHUDGLRORJLFDOHQYLURQPHQWDOVXUYHLOODQFHDFWLYLWLHVIRUWKH
UHSRUW SHULRG LQFOXGLQJD FRPSDULVRQZLWKSUHRSHUDWLRQDO VWXGLHVZLWK RSHUDWLRQDO FRQWUROV DV
DSSURSULDWHDQGZLWKSUHYLRXVHQYLURQPHQWDOVXUYHLOODQFHUHSRUWVDQGDQDVVHVVPHQWRIWKHREVHUYHG
LPSDFWVRIWKHSODQWRSHUDWLRQRQWKHHQYLURQPHQW7KHUHSRUWVVKDOODOVRLQFOXGHWKHUHVXOWVRIODQG
XVHFHQVXVHVUHTXLUHGE\6HFWLRQ
7KH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVVKDOOLQFOXGHWKHUHVXOWVRIDQDO\VLVRIDOO
UDGLRORJLFDO HQYLURQPHQWDO VDPSOHV DQG RI DOO HQYLURQPHQWDO UDGLDWLRQ PHDVXUHPHQWV WDNHQ GXULQJ
WKH SHULRG SXUVXDQW WR WKH ORFDWLRQV VSHFLILHG LQ 7DEOH DQG )LJXUH DQG )LJXUH DV ZHOO DV
VXPPDUL]HGDQGWDEXODWHGUHVXOWVRIWKHVHDQDO\VHVDQGPHDVXUHPHQWVLQWKHIRUPDWRIWKHWDEOHLQWKH
5DGLRORJLFDO $VVHVVPHQW %UDQFK 7HFKQLFDO 3RVLWLRQ 5HYLVLRQ1RYHPEHU ,Q WKH HYHQW WKDW
VRPHLQGLYLGXDOUHVXOWVDUHQRWDYDLODEOHIRULQFOXVLRQZLWKWKHUHSRUWWKHUHSRUWVKDOOEHVXEPLWWHG
QRWLQJDQGH[SODLQLQJWKHUHDVRQVIRUWKHPLVVLQJUHVXOWV7KHPLVVLQJGDWDVKDOOEHVXEPLWWHGDVVRRQ
DVSRVVLEOHLQDVXSSOHPHQWDU\UHSRUW
7KHUHSRUWVVKDOODOVRLQFOXGHWKHIROORZLQJDVXPPDU\GHVFULSWLRQRIWKHUDGLRORJLFDOHQYLURQPHQWDO
PRQLWRULQJ SURJUDP DW OHDVW WZR OHJLEOH PDSV FRYHULQJ DOO VDPSOLQJ ORFDWLRQV NH\HG WR D WDEOH
JLYLQJGLVWDQFHVDQGGLUHFWLRQVIURPWKHFHQWHUOLQHRIRQHUHDFWRUWKHUHVXOWVRIOLFHQVHHSDUWLFLSDWLRQ
LQWKH,QWHUODERUDWRU\&RPSDULVRQ3URJUDPUHTXLUHGE\6HFWLRQGLVFXVVLRQRIDOOGHYLDWLRQVIURP
WKH VDPSOLQJ VFKHGXOH RI 7DEOH DQG GLVFXVVLRQ RI DOO DQDO\VHV LQ ZKLFK WKH //' UHTXLUHG E\
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
7KH LQFRUSRUDWLRQ RI WKHVH SDUDPHWHUV LQWR (TXDWLRQ UHVXOWV LQ WKH UHVSHFWLYH HTXDWLRQV DW WKH FRQWUROOLQJ
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
PHWHRURORJLFDO GDWD EDVH IRU WKH YHJHWDEOH JDUGHQ FRZ PLON DQG JRDW PLON SDWKZD\V DUH VHOHFWHG IRU HDFK
XQLW7KHUHFHSWRURUJDQGRVHVKDYHEHHQFDOFXODWHGDWHDFKRIWKHVHORFDWLRQV%DVHGXSRQWKHVHFDOFXODWLRQVLW
LV GHWHUPLQHG WKDW WKH FRQWUROOLQJ UHFHSWRU SDWKZD\ LV D IXQFWLRQ RI XQLW ORFDWLRQ )RU 8QLW WKH FRQWUROOLQJ
UHFHSWRULVDJDUGHQFKLOGSDWKZD\IRUUHOHDVHVIURP8QLWDQG8QLWWKHFRQWUROOLQJUHFHSWRULVDFRZPLON
LQIDQWSDWKZD\7KHVHGHWHUPLQDWLRQVDUHEDVHGXSRQ7DEOHRUZKLFKLQWXUQLVEDVHGXSRQWKH
/DQG 8VH &HQVXV /RFDWLRQV RI WKH QHDUHVW UHVLGHQFHV JDUGHQV DQG PLON DQLPDOV DV GHWHUPLQHG LQ WKH
/DQG8VH&HQVXVDUHJLYHQLQ7DEOHDQG
KDZ
$33(1',;%
%$6(6)255(48,5(0(176
% 5$',2$&7,9(*$6(286())/8(17021,725,1*,167580(17$7,21
7KHUDGLRDFWLYHJDVHRXVHIIOXHQWLQVWUXPHQWDWLRQLVSURYLGHGWRPRQLWRUDQGFRQWURODVDSSOLFDEOHWKH
UHOHDVHV RI UDGLRDFWLYH PDWHULDOV LQ JDVHRXV HIIOXHQWV GXULQJ DFWXDO RU SRWHQWLDO UHOHDVHV RI JDVHRXV
HIIOXHQWV7KHDODUPWULSVHWSRLQWVIRUWKHVHLQVWUXPHQWVVKDOOEHFDOFXODWHGDQGDGMXVWHGLQDFFRUGDQFH
ZLWK WKH PHWKRGRORJ\ DQG SDUDPHWHUV LQ WKH 2'&0 WR HQVXUH WKDWWKH DODUPWULS ZLOO RFFXU SULRU WR
H[FHHGLQJ WKH OLPLWV RI &)5 3DUW 7KH 23(5$%,/,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
FRQFHQWUDWLRQ RI UDGLRDFWLYLW\ LQ WKH HIIOXHQW EHFRPHV WRR KLJK GXULQJ SRVWDFFLGHQW FRQGLWLRQV 7KH
KLJKUDQJH PRQLWRUVRQO\RSHUDWH ZKHQWKH FRQFHQWUDWLRQRIUDGLRDFWLYLW\LQWKH HIIOXHQWLVDERYHWKH
VHWSRLQWLQWKHORZUDQJHPRQLWRUV
% *$6(286())/8(17'26(5$7(
7KLV UHTXLUHPHQW SURYLGHV UHDVRQDEOH DVVXUDQFH WKDW UDGLRDFWLYH PDWHULDO GLVFKDUJHG LQ JDVHRXV
HIIOXHQWV ZLOO QRW UHVXOW LQ WKH H[SRVXUH RI D 0(0%(5 2) 7+( 38%/,& LQ DQ 815(675,&7('
$5($HLWKHUDWRUEH\RQGWKH6,7(%281'$5<LQH[FHVVRIWKHGHVLJQREMHFWLYHVRI$SSHQGL[,WR
&)5SDUW7KLVUHTXLUHPHQWLVSURYLGHGWRHQVXUHWKDWJDVHRXVHIIOXHQWVIURPDOOXQLWVRQWKHVLWH
ZLOO EH DSSURSULDWHO\ FRQWUROOHG ,W SURYLGHV RSHUDWLRQDO IOH[LELOLW\ IRU UHOHDVLQJ JDVHRXV HIIOXHQWV WR
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
EDFNJURXQG WR D 0(0%(5 2) 7+( 38%/,& DW RU EH\RQG WKH 6,7( %281'$5< WR OHVV WKDQ RU
HTXDO WR PUHPV\HDU WR WKH WRWDO ERG\ RU WR OHVV WKDQ RU HTXDO WR PUHPV\HDU WR WKH VNLQ
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
UHTXLUHPHQW GRHV QRW DIIHFW WKH UHTXLUHPHQW WR FRPSO\ ZLWK WKH DQQXDO OLPLWDWLRQV RI
&)5 D
7KLV UHTXLUHPHQW DSSOLHV WR WKH UHOHDVH RI UDGLRDFWLYH PDWHULDOV LQ JDVHRXV HIIOXHQWV IURP DOO UHDFWRU
XQLWVDWWKHVLWH
7KHUHTXLUHGGHWHFWLRQFDSDELOLWLHVIRUUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHVDPSOHVDUHWDEXODWHGLQ
WHUPVRIWKHORZHUOLPLWVRIGHWHFWLRQ //' 'HWDLOHGGLVFXVVLRQRIWKH//'DQGRWKHUGHWHFWLRQOLPLWV
FDQ EH IRXQG LQ &XUULH / $ ³/RZHU /LPLW RI 'HWHFWLRQ'HILQLWLRQDQG (ODERUDWLRQ RI D 3URSRVHG
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(' $5($ WKH UHVXOWLQJ WRWDO HIIHFWLYH GRVH HTXLYDOHQW WR LQGLYLGXDO PHPEHUV RI WKH
SXEOLFDWWKHQHDUHVWH[FOXVLRQDUHDERXQGDU\ZLOOQRWH[FHHGWKHUHTXLUHPHQWVRI&)53DUW
7KLVUHTXLUHPHQWDSSOLHVWRWKHVHFRQGDU\V\VWHPOLTXLGZDVWHGLVFKDUJHVRIUDGLRDFWLYHPDWHULDOVIURP
DOOUHDFWRUXQLWVWRWKHRQVLWHHYDSRUDWLRQSRQGV
7KHUHTXLUHGGHWHFWLRQFDSDELOLWLHVIRUUDGLRDFWLYHPDWHULDOVLQJDVHRXVZDVWHVDPSOHVDUHWDEXODWHGLQ
WHUPVRIWKHORZHUOLPLWVRIGHWHFWLRQ //' 'HWDLOHGGLVFXVVLRQRIWKH//'DQGRWKHUGHWHFWLRQOLPLWV
FDQ EH IRXQG LQ &XUULH/$ ³/RZHU /LPLW RI 'HWHFWLRQ 'HILQLWLRQ DQG (ODERUDWLRQ RI D 3URSRVHG
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$&7,21
VWDWHPHQWV SURYLGH WKH UHTXLUHG RSHUDWLQJ IOH[LELOLW\ DQG DW WKH VDPH WLPH LPSOHPHQW WKH JXLGHV VHW
IRUWK LQ 6HFWLRQ,9$ 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
ZLWK WKH JXLGHV RI $SSHQGL[, EH VKRZQ E\ FDOFXODWLRQDO SURFHGXUHV EDVHG RQ PRGHOV DQG GDWD VXFK
WKDWWKHDFWXDOH[SRVXUHRID0(0%(52)7+(38%/,&WKURXJKDSSURSULDWHSDWKZD\VLVXQOLNHO\WR
EHVXEVWDQWLDOO\ XQGHUHVWLPDWHG7KHGRVHFDOFXODWLRQ PHWKRGRORJ\ DQG SDUDPHWHUVHVWDEOLVKHG LQ WKH
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
5HOHDVHV IURP /LJKW:DWHU &RROHG 5HDFWRUV' 5HYLVLRQ-XO\ 7KH 2'&0 HTXDWLRQV SURYLGHG
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 $&7,21
VWDWHPHQWV SURYLGH WKH UHTXLUHG RSHUDWLQJ IOH[LELOLW\ DQG DW WKH VDPH WLPH LPSOHPHQW WKH JXLGHVVHW
IRUWK LQ 6HFWLRQ,9$ 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\ DQG SDUDPHWHUV IRU FDOFXODWLQJ WKH GRVHV GXH WR WKH DFWXDO UHOHDVH UDWHV RI WKH VXEMHFW
PDWHULDOV 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
5HOHDVHV IRU /LJKW:DWHU&RROHG 5HDFWRUV' 5HYLVLRQ -XO\ 7KHVH HTXDWLRQV DOVR SURYLGH IRU
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
FDOFXODWLRQV ZHUH LQGLYLGXDO LQKDODWLRQ RI DLUERUQH UDGLRQXFOLGHV GHSRVLWLRQ RI UDGLRQXFOLGHV
RQWR JUHHQ OHDI\ YHJHWDWLRQ ZLWK VXEVHTXHQW FRQVXPSWLRQ E\ PDQ GHSRVLWLRQ RQWR JUDVV\ 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($70(176<67(0HQVXUHVWKDWWKHV\VWHPVZLOOEHDYDLODEOHIRUXVHZKHQHYHUJDVHRXVHIIOXHQWV
UHTXLUHWUHDWPHQWSULRUWRUHOHDVHWRWKHHQYLURQPHQW7KHUHTXLUHPHQWWKDWWKHDSSURSULDWHSRUWLRQVRI
WKHVHV\VWHPVEHXVHGZKHQ VSHFLILHGSURYLGHVUHDVRQDEOHDVVXUDQFHWKDWWKHUHOHDVHVRIUDGLRDFWLYH
PDWHULDOVLQJDVHRXV HIIOXHQWV ZLOO EH NHSW ³DV ORZ DV UHDVRQDEO\ DFKLHYDEOH' 7KLVUHTXLUHPHQW
LPSOHPHQWVWKHUHTXLUHPHQWVRI&)5D*HQHUDO'HVLJQ&ULWHULRQRI$SSHQGL[$WR
&)53DUWDQGWKHGHVLJQREMHFWLYHVJLYHQLQ6HFWLRQ,,'RI$SSHQGL[,WR&)53DUW7KH
VSHFLILHGOLPLWVJRYHUQLQJWKHXVHRI DSSURSULDWHSRUWLRQVRIWKHV\VWHPV ZHUHVSHFLILHG DV DVXLWDEOH
IUDFWLRQRIWKHGRVHGHVLJQREMHFWLYHVVHWIRUWKLQ6HFWLRQV,,%DQG,,&RI$SSHQGL[,&)53DUW
IRUJDVHRXVHIIOXHQWV
7KLVUHTXLUHPHQWDSSOLHVWRWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVIURPHDFKUHDFWRU
XQLWDWWKHVLWH
7KHPLQLPXPDQDO\VLVIUHTXHQF\RI0 LHDWOHDVWWLPHVSHUPRQWKDWLQWHUYDOVQRJUHDWHUWKDQ
GD\V DQGD PLQLPXP RIWLPHV D \HDU LV XVHG IRU FHUWDLQ UDGLRDFWLYHJDVHRXVZDVWH VDPSOLQJ LQ
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 $&7,21 VWDWHPHQWV SURYLGH WKH UHTXLUHGRSHUDWLQJ IOH[LELOLW\ DQGDW WKH VDPH WLPH
LPSOHPHQWWKHJXLGHVVHWIRUWKLQ6HFWLRQ,9$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
UDGLRQXFOLGH FRQFHQWUDWLRQV LQ WKH ILQLVKHG GULQNLQJ ZDWHU WKDW DUH LQ H[FHVV RI WKH UHTXLUHPHQWV RI
&)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&RPSOLDQFH ZLWK &)5 3DUW$SSHQGL[,' 5HYLVLRQ2FWREHU DQG5HJXODWRU\
- 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
6SHFLDO 5HSRUW ZKHQHYHU WKH FDOFXODWHG GRVHV GXH WR UHOHDVHV RI UDGLRDFWLYLW\ DQG WR UDGLDWLRQ IURP
XUDQLXPIXHOF\FOHVRXUFHVH[FHHGPUHPVWRWKHZKROHERG\RUDQ\RUJDQH[FHSWWKHWK\URLGZKLFK
VKDOOEHOLPLWHGWROHVVWKDQRUHTXDOWRPUHPV(YHQLIDVLWHZDVWRFRQWDLQXSWRIRXUUHDFWRUVLWLV
KLJKO\XQOLNHO\WKDWWKHUHVXOWDQWGRVHWRD0(0%(52)7+(38%/,&ZLOOH[FHHGWKHGRVHOLPLWVRI
&)53DUWLIWKHLQGLYLGXDOUHDFWRUVUHPDLQZLWKLQWZLFHWKHGRVHGHVLJQREMHFWLYHVRI $SSHQGL[
, DQG LI GLUHFW UDGLDWLRQ GRVHV IURP WKH UHDFWRU XQLWV LQFOXGLQJ RXWVLGH VWRUDJH WDQNV HWF DUHNHSW
VPDOO7KH6SHFLDO5HSRUWZLOOGHVFULEHDFRXUVHRIDFWLRQWKDWVKRXOGUHVXOWLQWKHOLPLWDWLRQRI WKH
DQQXDO GRVH WR D 0(0%(5 2) 7+( 38%/,& WR ZLWKLQ WKH &)5 3DUW OLPLWV )RU WKH
SXUSRVHV RI WKH 6SHFLDO 5HSRUW LW PD\ EH DVVXPHG WKDW WKH GRVH FRPPLWPHQW WR WKH 0(0%(5 2)
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
WKH UHOHDVH FRQGLWLRQV UHVXOWLQJ LQ YLRODWLRQ RI &)5 3DUW KDYH QRW DOUHDG\ EHHQ FRUUHFWHG LQ
DFFRUGDQFHZLWKWKHSURYLVLRQVRI&)53DUWDQG&)53DUW D LVFRQVLGHUHGWR
EHDWLPHO\UHTXHVWDQGIXOILOOVWKHUHTXLUHPHQWVRI&)53DUWXQWLO15&VWDIIDFWLRQLV FRPSOHWHG
7KHYDULDQFHRQO\UHODWHVWR WKHOLPLWVRI&)53DUW DQGGRHVQRWDSSO\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
IRUWKRVHUDGLRQXFOLGHVWKDWOHDGWR WKHKLJKHVWSRWHQWLDOUDGLDWLRQH[SRVXUHVRI0(0%(562)7+(
38%/,&UHVXOWLQJIURPWKHVWDWLRQRSHUDWLRQ7KLVPRQLWRULQJSURJUDPLPSOHPHQWV6HFWLRQ,9%RI
$SSHQGL[,WR&)53DUWDQGWKHUHE\VXSSOHPHQWVWKHUDGLRORJLFDOHIIOXHQWPRQLWRULQJSURJUDP
E\YHULI\LQJWKDWWKHPHDVXUDEOHFRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOVDQGOHYHOVRIUDGLDWLRQDUHQRW
KLJKHUWKDQH[SHFWHGRQWKHEDVLVRIWKHHIIOXHQWPHDVXUHPHQWVDQGWKHPRGHOLQJRIWKHHQYLURQPHQWDO
H[SRVXUHSDWKZD\V*XLGDQFHIRUWKLVPRQLWRULQJSURJUDPLVSURYLGHGE\WKH5DGLRORJLFDO$VVHVVPHQW
%UDQFK 7HFKQLFDO 3RVLWLRQ RQ (QYLURQPHQWDO 0RQLWRULQJ 7KH LQLWLDOO\ VSHFLILHG PRQLWRULQJ SURJUDP
ZLOOEHHIIHFWLYHIRUDWOHDVWWKHILUVW\HDUVRIFRPPHUFLDORSHUDWLRQ)ROORZLQJWKLVSHULRGSURJUDP
FKDQJHVPD\EHLQLWLDWHGEDVHGRQRSHUDWLRQDOH[SHULHQFH
7KH UHTXLUHG GHWHFWLRQ FDSDELOLWLHV IRU HQYLURQPHQWDO VDPSOH DQDO\VHV DUH WDEXODWHG LQ WHUPV RI WKH
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\ IURP DHULDO VXUYH\ RU IURP FRQVXOWLQJ ZLWK ORFDO DJULFXOWXUDO DXWKRULWLHV VKDOO EH XVHG 7KLV
FHQVXV VDWLVILHV WKH UHTXLUHPHQWV RI 6HFWLRQ,9% RI $SSHQGL[, WR &)5 3DUW5HVWULFWLQJ WKH
FHQVXVWRJDUGHQVRIJUHDWHUWKDQP SURYLGHVDVVXUDQFHWKDWVLJQLILFDQWH[SRVXUHSDWKZD\VYLDOHDI\
YHJHWDEOHV ZLOO EH LGHQWLILHG DQG PRQLWRUHG VLQFH D JDUGHQ RI WKLV VL]H LV WKH PLQLPXP UHTXLUHG WR
SURGXFH WKH TXDQWLW\ NJ\HDU RI OHDI\ YHJHWDEOHV DVVXPHG LQ 5HJXODWRU\ *XLGH IRU
FRQVXPSWLRQ E\ D FKLOG 7R GHWHUPLQH WKLV PLQLPXP JDUGHQ VL]H WKH IROORZLQJ DVVXPSWLRQV ZHUH
PDGH RI WKH JDUGHQ ZDV XVHG IRU JURZLQJ EURDG OHDI YHJHWDWLRQ LH VLPLODU WR OHWWXFH DQG
FDEEDJH DQG DYHJHWDWLRQ\LHOGRINJP
% ,17(5/$%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
6SHFLILFDWLRQV 7KHVH VHOHFWHG GHILQLWLRQV VXSSRUW WKRVH SRUWLRQV RI WKH 7HFKQLFDO 6SHFLILFDWLRQV ZKLFK ZHUH
WUDQVIHUUHGWRWKH2'&0DQGKDYHEHHQLQFRUSRUDWHGLQWRWKH5HTXLUHPHQWVVHFWLRQVRIWKH2'&0
'HILQLWLRQV
7KH GHILQHG WHUPV RI WKLV VHFWLRQ DSSHDU LQ FDSLWDOL]HG W\SH DQG DUH DSSOLFDEOH WKURXJKRXW WKH 5HTXLUHPHQWV
VHFWLRQVRIWKLV2'&0
$&7,21
$&7,21 VKDOO EH WKDW SDUW RI D UHTXLUHPHQW ZKLFK SUHVFULEHV UHPHGLDO PHDVXUHV UHTXLUHG XQGHU GHVLJQDWHG
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 $Q 66& QRW FRQWUROOHG E\ 7VV LV IXQFWLRQDO RU KDV IXQFWLRQDOLW\ ZKHQ LW LV FDSDEOH RI
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
HIIOXHQWV E\ FROOHFWLQJ SULPDU\ FRRODQW V\VWHP RIIJDVHV IURP WKH SULPDU\ V\VWHP DQG SURYLGLQJ IRU GHOD\ RU
KROGXSIRUWKHSXUSRVHRIUHGXFLQJWKHWRWDOUDGLRDFWLYLW\SULRUWRUHOHDVHWRWKHHQYLURQPHQW
KDZ
$33(1',;&
'(),1,7,216 &RQWLQXHG
0(0%(5 6 2)7+(38%/,&
-XO\ 0(0%(5 6 2) 7+( 38%/,& PHDQV DQ\ LQGLYLGXDO H[FHSW ZKHQ WKDW LQGLYLGXDO LV UHFHLYLQJ RFFXSDWLRQDO
GRVH7KLVVKDOOLQFOXGHDOOSHUVRQVZKRDUHQRWRFFXSDWLRQDOO\DVVRFLDWHGZLWKWKHSODQW7KLVFDWHJRU\GRHVQRW
LQFOXGHHPSOR\HHVRIWKHOLFHQVHHLWVFRQWUDFWRUVRUYHQGRUV$OVRH[FOXGHGIURPWKLVFDWHJRU\DUHSHUVRQVZKR
HQWHUWKHVLWHWRVHUYLFHHTXLSPHQWRUWRPDNHGHOLYHULHV7KLVFDWHJRU\GRHVLQFOXGHSHUVRQVZKRXVHSRUWLRQVRI
WKHVLWHIRUUHFUHDWLRQDORFFXSDWLRQDORURWKHUSXUSRVHVQRWDVVRFLDWHGZLWKWKHSODQW
2&&83$7,21$/'26(
-XO\ 2&&83$7,21$/ GRVH PHDQV WKH GRVH UHFHLYHG E\ DQ LQGLYLGXDO LQ WKH FRXUVH RI HPSOR\PHQW LQ ZKLFK WKH
LQGLYLGXDOVDVVLJQHGGXWLHVLQYROYHH[SRVXUHWRUDGLDWLRQRUWRUDGLRDFWLYHPDWHULDOIURPOLFHQVHGDQGXQOLFHQVHG
VRXUFHV RI UDGLDWLRQ ZKHWKHU LQ WKH SRVVHVVLRQ RI WKH OLFHQVHH RU RWKHU SHUVRQ 2FFXSDWLRQDO GRVH GRHV QRW
LQFOXGHGRVHVUHFHLYHGIURPEDFNJURXQGUDGLDWLRQIURPDQ\PHGLFDODGPLQLVWUDWLRQWKHLQGLYLGXDOKDVUHFHLYHG
IURPH[SRVXUHWRLQGLYLGXDOVDGPLQLVWHUHGUDGLRDFWLYHPDWHULDODQGUHOHDVHGXQGHU&)5IURPYROXQWDU\
SDUWLFLSDWLRQLQPHGLFDOUHVHDUFKSURJUDPVRUDVDPHPEHURIWKHSXEOLF
23(5$%/(23(5$%,/,7<
$ V\VWHP VXEV\VWHP WUDLQ FRPSRQHQW RU GHYLFH VKDOO EH 23(5$%/( RU KDYH 23(5$%,/,7< ZKHQ LW LV
FDSDEOH RI SHUIRUPLQJ LWV VSHFLILHG IXQFWLRQ V DQG ZKHQ DOO QHFHVVDU\ DWWHQGDQW LQVWUXPHQWDWLRQ FRQWUROV
HOHFWULFDOSRZHUFRROLQJRUVHDOZDWHUOXEULFDWLRQRURWKHUDX[LOLDU\HTXLSPHQWWKDWDUHUHTXLUHGIRUWKHV\VWHP
VXEV\VWHP WUDLQ FRPSRQHQW RU GHYLFH WR SHUIRUP LWV IXQFWLRQ V DUH DOVR FDSDEOH RI SHUIRUPLQJ WKHLU UHODWHG
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
KDZ
62/,',),&$7,21
62/,',),&$7,21 VKDOO EH WKH FRQYHUVLRQ RI UDGLRDFWLYH ZDVWHV IURP OLTXLG V\VWHPV WR D KRPRJHQHRXV
XQLIRUPO\ GLVWULEXWHG PRQROLWKLF LPPRELOL]HG VROLG ZLWK GHILQLWH YROXPH DQG VKDSH ERXQGHG E\ D VWDEOH
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('$5($
$Q 815(675,&7(' $5($ VKDOO EH DQ\ DUHD DW RU EH\RQG WKH 6,7( %281'$5< DFFHVV WR ZKLFK LV QRW
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
FRQVLGHUHG WR KDYH DQ\ HIIHFW RQ QREOH JDV HIIOXHQWV (QJLQHHUHG 6DIHW\ )HDWXUH (6) DWPRVSKHULF FOHDQXS
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
$WOHDVWWLPHVSHUPRQWKDWLQWHUYDOVQRJUHDWHUWKDQ
0 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 &RGH RI )HGHUDO 5HJXODWLRQV 3DUW (QYLURQPHQWDO 5DGLDWLRQ 3URWHFWLRQ 6WDQGDUGV
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 $WPRVSKHULF 7UDQVSRUW DQG 'LVSHUVLRQ RI
- DVHRXV (IIOXHQWV LQ 5RXWLQH 5HOHDVHV IURP /LJKW:DWHU &RROHG 5HDFWRUV' 5HYLVLRQ -XO\
5HJXODWRU\*XLGH³3URJUDPVIRU0RQLWRULQJ5DGLRDFWLYLW\LQWKH(QYLURQVRI1XFOHDU3RZHU
3ODQWV'5HYLVLRQ$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
KDZ