ML20142A401

From kanterella
Jump to navigation Jump to search
Offsite Dose Calculation Manual, Revision 36
ML20142A401
Person / Time
Site: Davis Besse Cleveland Electric icon.png
Issue date: 02/13/2019
From:
Energy Harbor Nuclear Corp
To:
Office of Nuclear Reactor Regulation
Shared Package
ML20142A392 List:
References
L-20-093
Download: ML20142A401 (171)


Text

DAVIS-BESSE OFFSITE DOSE CALCULATION MANUAL Revision 36 Approval:

LL 5HYLVLRQ

2'&0 2'&05(9  /,672)&+$1*(6 3DJH1R

YLL





  

 

  



LLL 5HYLVLRQ

2'&0 7$%/(2)&217(176



,1752'8&7,21





/,48,'())/8(176





5DGLDWLRQ0RQLWRULQJ,QVWUXPHQWDWLRQDQG &RQWUROV 





5HTXLUHG0RQLWRUV 





1RQ5HTXLUHG0RQLWRUV 





6DPSOLQJDQG$QDO\\VLVRI/LTXLG(IIOXHQWV 





%DWFK5HOHDVHV 





&RQWLQXRXV5HOHDVHV 





&RQGHQVDWH'HPLQHUDOL]HU%DFNZDVK





%RUDWHG:DWHU6WRUDJH7DQN





/LTXLG(IIOXHQW0RQLWRU6HWSRLQWV





&RQFHQWUDWLRQ/LPLWV





%DVLF6HWSRLQW(TXDWLRQ 





/LTXLG5DGZDVWH(IIOXHQW/LQH0RQLWRU6HWSRLQW

&DOFXODWLRQV 5($ %5($ % 





6WRUP6HZHU'UDLQ0RQLWRU 5( 





$ODUP6HWSRLQWVIRUWKH1RQ5HTXLUHG5DGLDWLRQ

0RQLWRUV





$ODUP5HVSRQVH (YDOXDWLQJ$FWXDO5HOHDVH&RQGLWLRQV 





/LTXLG(IIOXHQW'RVH&DOFXODWLRQ &)5





'RVH/LPLWVWR0(0%(562)7+(38%/,&





0(0%(52)7+(38%/,&'26( /LTXLG(IIOXHQWV 





6LPSOLILHG/LTXLG(IIOXHQW'RVH&DOFXODWLRQ





&RQWDPLQDWHG7%666' 6\\VWHP 'RVH&DOFXODWLRQ





/LTXLG(IIOXHQW'RVH3URMHFWLRQV





  • $6(286())/8(176 





5DGLDWLRQ0RQLWRULQJ,QVWUXPHQWDWLRQDQG&RQWUROV 





$ODUPDQG$XWRPDWLF5HOHDVH7HUPLQDWLRQ





$ODUP2QO\\





6DPSOLQJDQG$QDO\\VLVRI*DVHRXV(IIOXHQWV 





%DWFK5HOHDVHV 





&RQWLQXRXV5HOHDVH





5HOHDVHV5HVXOWLQJIURP3ULPDU\\WR6HFRQGDU\\6\\VWHP

/HDNDJH 



LY 5HYLVLRQ

2'&0 7$%/(2)&217(176 &RQWLQXHG



  • $6(286())/8(176 FRQWLQXHG



  • DVHRXV(IIOXHQW0RQLWRU6HWSRLQW'HWHUPLQDWLRQ





7RWDO(IIHFWLYH'RVH(TXLYDOHQW/LPLWV





5HOHDVH5DWH/LPLWV





,QGLYLGXDO5HOHDVH5DGLDWLRQ0RQLWRU6HWSRLQWV





&RQVHUYDWLYH*HQHULF 5DGLDWLRQ0RQLWRU6HWSRLQWV





5HOHDVH)ORZ5DWH(YDOXDWLRQIRU%DWFK5HOHDVHV





8QUHVWULFWHG$UHD%RXQGDU\\'RVH5DWH&DOFXODWLRQ 1REOH*DV 





8QUHVWULFWHG$UHD%RXQGDU\\'RVH5DWH&DOFXODWLRQ 5DGLRLRGLQH

7ULWLXPDQG3DUWLFXODWHV 





'RVH5DWH&DOFXODWLRQ





6LPSOLILHG'RVH5DWH(YDOXDWLRQIRU5DGLRLRGLQH

7ULWLXPDQG3DUWLFXODWHV 





4XDQWLI\\LQJ$FWLYLW\\5HOHDVHG





4XDQWLI\\LQJ1REOH*DV$FWLYLW\\5HOHDVHG8VLQJD

  • UDE6DPSOHRU5(





4XDQWLI\\LQJ1REOH*DV$FWLYLW\\5HOHDVHG:KLOH 5($$DQG%$&KDQQHO& $UH,QRSHUDEOH 



 4XDQWLI\\LQJ5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWH

$FWLYLW\\5HOHDVHG 





4XDQWLI\\LQJ*URXQG/HYHO5HOHDVHV$FWLYLW\\ 





1REOH*DV'RVH&DOFXODWLRQV &)5





815(675,&7('$5($'RVH /LPLWV





'RVH&DOFXODWLRQV 1REOH*DVHV





6LPSOLILHG'RVH&DOFXODWLRQIRU1REOH*DVHV 





5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWH'RVH&DOFXODWLRQV

&)5 





815(675,&7('$5($'RVH/LPLWV 





&ULWLFDO3DWKZD\\





'RVH&DOFXODWLRQV 5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWHV 





6LPSOLILHG'RVH&DOFXODWLRQIRU5DGLRLRGLQH7ULWLXPDQG

3DUWLFXODWHV





  • DVHRXV(IIOXHQW'RVH3URMHFWLRQ





63(&,$/'26($1$/<6(6 





'RVHVWRWKH3XEOLFGXHWRDFWLYLWLHVLQVLGHWKH

815(675,&7('$5($%281'$5< 



Y 5HYLVLRQ

2'&0 7$%/(2)&217(176 &RQWLQXHG



63(&,$/'26($1$/<6(6 FRQWLQXHG



'RVHVWR0(0%(56 2)7+(38%/,& &)5





(IIOXHQW'RVH&DOFXODWLRQV





'LUHFW([SRVXUH'RVH'HWHUPLQDWLRQ 2QVLWH6RXUFHV





'RVH$VVHVVPHQW%DVHGRQ5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ'DWD





8VHRI(QYLURQPHQWDO7/'IRU$VVHVVLQJ'RVHV 'XHWR

1REOH*DV5HOHDVHV





$66(660(172)/$1'86(&(1686'$7$ 





/DQG8VH&HQVXV5HTXLUHPHQWV





'DWD&RPSLODWLRQ 





5HODWLYH'RVH6LJQLILFDQFH 





'DWD(YDOXDWLRQ





/DQG8VH&HQVXVWR6XSSRUW5HDOLVWLF'RVH$VVHVVPHQW 





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





3URJUDP'HVFULSWLRQ 





  • HQHUDO





3URJUDP'HYLDWLRQV 





8QDYDLODELOLW\\RI0LONRU%URDG/HDI9HJHWDWLRQ6DPSOHV 



 6HDVRQDO8QDYDLODELOLW\\(TXLSPHQW0DOIXQFWLRQV

6DIHW\\&RQFHUQV 



 6DPSOH$QDO\\VLV





5HSRUWLQJ/HYHOV 





  • HQHUDO





([FHHGDQFHRI5HSRUWLQJ/HYHOV





,QWHUODERUDWRU\\&RPSDULVRQ 3URJUDP





$'0,1,675$7,9(&21752/6





$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW 





5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW 





/LFHQVHH(YHQW5HSRUWV





0DMRU&KDQJHVWR5DGLRDFWLYH/LTXLGDQG*DVHRXV:DVWH

7UHDWPHQW 6\\VWHPV



YL 5HYLVLRQ

2'&0 7$%/(2)&217(176 &RQWLQXHG



$'0,1,675$7,9(&21752/6 FRQWLQXHG



'HILQLWLRQV





%DWFK5HOHDVH





&RPSRVLWH6DPSOH 





  • DVHRXV5DGZDVWH7UHDWPHQW6\\VWHP





/RZHU/LPLWRI'HWHFWLRQ //'  





0HPEHURIWKH3XEOLF 





3XUJH3XUJLQJ 





8QUHVWULFWHG$UHD%RXQGDU\\





6RXUFH&KHFN  





8QUHVWULFWHG$UHD  



 9HQWLODWLRQ([KDXVW7UHDWPHQW6\\VWHP 



 9HQWLQJ 



$33(1',&(6

$33(1',;$

7HFKQLFDO%DVLVIRU6LPSOLILHG'RVH&DOFXODWLRQV/LTXLG

(IIOXHQW5HOHDVHV 



$33(1',;%

7HFKQLFDO%DVLVIRU(IIHFWLYH'RVH)DFWRUV*DVHRXV(IIOXHQW

5HOHDVHV



$33(1',;&

5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP6DPSOH

/RFDWLRQ0DSV 



$33(1',;'

2'&06XEVHFWLRQV5HODWHGWR6WDWLRQ3URFHGXUHV 



/,672)7$%/(6 7DEOH

5DGLRDFWLYH/LTXLG(IIOXHQW0RQLWRULQJ,QVWUXPHQWDWLRQ 



7DEOH

5DGLRDFWLYH/LTXLG(IIOXHQW0RQLWRULQJ,QVWUXPHQWDWLRQ 9HULILFDWLRQ 5HTXLUHPHQWV



7DEOH

5DGLRDFWLYH/LTXLG:DVWH6DPSOLQJDQG$QDO\\VLV3URJUDP 



7DEOH

/LPLWLQJ5DGLRQXFOLGH&RQFHQWUDWLRQVLQ6HFRQGDU\\6LGH

&OHDQXS5HVLQVIRU$OORZDEOH'LVFKDUJHVWR2QVLWH6HWWOLQJ

%DVLQ 



7DEOH

5DGLRQXFOLGH&RQFHQWUDWLRQ /LPLWVIRUWKH%:67



7DEOH

/LTXLG,QJHVWLRQ'RVH&RPPLWPHQW)DFWRUV



7DEOH

%LRDFFXPXODWLRQ)DFWRUV



YLL 5HYLVLRQ

2'&0 7$%/(2)&217(176 3DJH

/,672)7$%/(6 7DEOH

/LTXLG3DWKZD\\'RVH&RPPLWPHQW)DFWRUVIRU5HOHDVHWR

WKH7UDLQLQJ&HQWHU 3RQG



7DEOH

5DGLRDFWLYH*DVHRXV(IIOXHQW0RQLWRULQJ,QVWUXPHQWDWLRQ



7DEOH

5DGLRDFWLYH*DVHRXV(IIOXHQW0RQLWRULQJ,QVWUXPHQWDWLRQ

9HULILFDWLRQ 5HTXLUHPHQWV



7DEOH

5DGLRDFWLYH*DVHRXV:DVWH6DPSOLQJDQG$QDO\\VLV3URJUDP 



7DEOH

/DQG8VH&HQVXV6XPPDU\\



7DEOH

'RVH)DFWRUVIRU1REOH*DVHV



7DEOH

([SRVXUH3DWKZD\\V&RQWUROOLQJ3DUDPHWHUVDQG$WPRVSKHULF

'LVSHUVLRQIRU'RVH&DOFXODWLRQV 



7DEOH

,QKDODWLRQ3DWKZD\\'RVH)DFWRUVC 



7DEOH

  • UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV 



7DEOH

  • UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV



7DEOH

  • UDVV &RZ  0HDW3DWKZD\\'RVH)DFWRUV 



7DEOH

9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV 



7DEOH

  • URXQG3ODQH3DWKZD\\'RVH)DFWRUV



7DEOH

5HFRPPHQGHG([SRVXUH5DWHVLQ/LHXRI6LWH6SHFLILF'DWD 



7DEOH

5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP



7DEOH

5(03 6DPSOLQJ/RFDWLRQV



7DEOH

/RZHU/LPLWVRI'HWHFWLRQ



7DEOH

5HSRUWLQJ/HYHOVIRU5DGLRDFWLYLW\\&RQFHQWUDWLRQV LQ

(QYLURQPHQWDO6DPSOHV 



7DEOH%

'HIDXOW1REOH*DV5DGLRQXFOLGH'LVWULEXWLRQRI*DVHRXV

(IIOXHQWV



7DEOH%

(IIHFWLYH'RVH)DFWRUV 1REOH*DV(IIOXHQWV



YLLL 5HYLVLRQ

2'&0

/,672)),*85(6

)LJXUH

/LTXLG5DGLRDFWLYH(IIOXHQW0RQLWRULQJDQG3URFHVVLQJ'LDJUDP



)LJXUH

  • DVHRXV5DGLRDFWLYH(IIOXHQW0RQLWRULQJDQG9HQWLODWLRQ

6\\VWHPV'LDJUDP 





5HYLVLRQ

2'&0



,1752'8&7,21 7KH'DYLV%HVVH2IIVLWH'RVH&DOFXODWLRQ0DQXDO 2'&0 GHVFULEHVWKHPHWKRGRORJ\\DQG

SDUDPHWHUVXVHGLQ



GHWHUPLQLQJWKHUDGLRDFWLYHPDWHULDOUHOHDVHUDWHVDQGFXPXODWLYHUHOHDVHV



FDOFXODWLQJWKHUDGLRDFWLYHOLTXLGDQGJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQ

DODUPWULSVHWSRLQWVDQG



FDOFXODWLQJWKHFRUUHVSRQGLQJGRVHUDWHVDQGFXPXODWLYHTXDUWHUO\\DQG\\HDUO\\GRVHV

7KH2'&0DOVRGHVFULEHVDQGSURYLGHVUHTXLUHPHQWVIRUWKH5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP6DPSOLQJORFDWLRQVPHGLDDQGFROOHFWLRQIUHTXHQFLHVDQGDQDO\\WLFDO

UHTXLUHPHQWVDUHVSHFLILHG7KHPHWKRGRORJ\\SURYLGHGLQWKLVPDQXDOLVDFFHSWDEOHIRUXVHLQ

GHPRQVWUDWLQJFRPSOLDQFHZLWKFRQFHQWUDWLRQOLPLWVRI&)5WKHFXPXODWLYHGRVH

FULWHULDRI&)5$SSHQGL[,&)5DQGWKH'DYLV%HVVH7HFKQLFDO

6SHFLILFDWLRQV 76 

7KHH[SRVXUHSDWKZD\\DQGGRVHPRGHOLQJSUHVHQWHGSURYLGHVHVWLPDWHV HJFDOFXODWLRQDO

UHVXOWV WKDWDUHFRQVHUYDWLYH LHKLJKHUWKDQDFWXDOH[SRVXUHVLQWKHHQYLURQPHQW 7KLV

FRQVHUYDWLVPGRHVQRWLQYDOLGDWHWKHPRGHOLQJVLQFHWKHPDLQSXUSRVHRIWKHVHFDOFXODWLRQVLV

IRUGHPRQVWUDWLQJ$V/RZ$VLV5HDVRQDEO\\$FKLHYDEOH $/$5$ IRUUDGLRDFWLYH

HIIOXHQWV,QXVLQJWKHVHPRGHOVIRUHYDOXDWLRQDQGFRQWUROOLQJDFWXDOHIIOXHQWVIXUWKHU

VLPSOLILFDWLRQDQGFRQVHUYDWLVPPD\\EHDSSOLHG)RUSXUSRVHVRIGHPRQVWUDWLQJFRPSOLDQFH

ZLWKWKH(3$HQYLURQPHQWDOGRVHVWDQGDUGIRUWKH8UDQLXP)XHO&\\FOH &)5 PRUH

UHDOLVWLFGRVHDVVHVVPHQWPRGHOLQJPD\\EHXVHG2WKHUDSSURYHGPHWKRGRORJLHV /$'7$3

  • $63$5;24'24 DOVRPD\\EHXVHGWRDVVHVVGRVHIURPUDGLRDFWLYHHIIOXHQWV

7KH2'&0ZLOOEHPDLQWDLQHGIRUXVHDVDUHIHUHQFHJXLGHDQGWUDLQLQJGRFXPHQWRI

DFFHSWHGPHWKRGRORJLHVDQGFDOFXODWLRQV&KDQJHVWRWKH2'&0FDOFXODWLRQDO

PHWKRGRORJLHVDQGSDUDPHWHUVZLOOEHPDGHDVQHFHVVDU\\WRHQVXUHUHDVRQDEOHFRQVHUYDWLVP

LQNHHSLQJZLWKWKHSULQFLSOHVRI &)5 $SSHQGL[,6HFWLRQ,,,DQG,94XHVWLRQVDERXW

WKH2'&0VKRXOGEHGLUHFWHGWRWKH0DQDJHU6LWH&KHPLVWU\\

&KDQJHVWRWKH2'&0VKDOOEHLQDFFRUGDQFHZLWK 76

127( 7KURXJKRXWWKLVGRFXPHQWZRUGVDSSHDULQJDOOFDSLWDOL]HGGHQRWHGHILQLWLRQV

VSHFLILHGLQ6HFWLRQRIWKLVPDQXDORUFRPPRQDFURQ\\PV

6HFWLRQGHVFULEHVHTXLSPHQWIRUPRQLWRULQJDQGFRQWUROOLQJOLTXLGHIIOXHQWVVDPSOLQJ

UHTXLUHPHQWVDQGGRVHHYDOXDWLRQPHWKRGV6HFWLRQSURYLGHVVLPLODULQIRUPDWLRQRQ

JDVHRXVHIIOXHQWFRQWUROVVDPSOLQJDQGGRVHHYDOXDWLRQ6HFWLRQGHVFULEHVVSHFLDOGRVH

DQDO\\VHVUHTXLUHGIRU5HJXODWRU\\*XLGH$QQXDO(IIOXHQW5HSRUWLQJDQG(3$

(QYLURQPHQWDO'RVH6WDQGDUGRI&)56HFWLRQGHVFULEHVWKHUROHRIWKHDQQXDO

ODQGXVHFHQVXVLQLGHQWLI\\LQJWKHFRQWUROOLQJSDWKZD\\VDQGORFDWLRQVRIH[SRVXUHIRU

DVVHVVLQJWKHSRWHQWLDORIIVLWHGRVHV6HFWLRQGHVFULEHVWKH5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP6HFWLRQGHVFULEHVWKHHQYLURQPHQWDOHIIOXHQWDQGUHSRUWLQJ

UHTXLUHPHQWVSURFHGXUDOUHTXLUHPHQWVIRUPDMRUFKDQJHVWROLTXLGDQGJDVHRXVUDGZDVWH

V\\VWHPVDQGGHILQLWLRQV



5HYLVLRQ

2'&0



/,48,'())/8(176



5$',$7,21021,725,1*,167580(17$7,21$1'&21752/6 7KLVVHFWLRQVXPPDUL]HVLQIRUPDWLRQRQWKHOLTXLGHIIOXHQWUDGLDWLRQPRQLWRULQJ

LQVWUXPHQWDWLRQDQGFRQWUROV0RUHGHWDLOHGLQIRUPDWLRQLVSURYLGHGLQWKH'DYLV%HVVH

86$56HFWLRQ/LTXLG:DVWH6\\VWHPVDQGDVVRFLDWHGGHVLJQGUDZLQJVIURPZKLFKWKLV

VXPPDU\\ZDVGHULYHG/RFDWLRQDQGFRQWUROIXQFWLRQRIWKHPRQLWRUVDUHGLVSOD\\HGLQ

)LJXUH 

7KHUDGLRDFWLYHOLTXLGHIIOXHQWLQVWUXPHQWDWLRQLVSURYLGHGWRPRQLWRUDQGFRQWURODV

DSSOLFDEOHUHOHDVHVRIUDGLRDFWLYLW\\LQOLTXLGHIIOXHQWVGXULQJDFWXDORUSRWHQWLDOUHOHDVHV7KH

UDGLRDFWLYHOLTXLGHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHOVOLVWHGLQ7DEOH VKDOOEH

)81&7,21$/ZLWKWKHLUDODUPWULSVHWSRLQWVVHWWRHQVXUH WKHOLPLWVVSHFLILHGLQ6HFWLRQ

DUHQRWH[FHHGHG

(DFKUDGLRDFWLYHOLTXLGHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHOVKDOOEHGHPRQVWUDWHG

)81&7,21$/E\\WKHSHUIRUPDQFHRIWKH&+$11(/&+(&.6285&(&+(&.

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

IUHTXHQFLHVVKRZQLQ7DEOH (DFKRIWKHVHRSHUDWLRQVVKDOOEHSHUIRUPHGZLWKLQWKH

VSHFLILHGWLPHLQWHUYDOZLWKDPD[LPXPDOORZDEOHH[WHQVLRQQRWWRH[FHHG SHUFHQWRIWKH

VSHFLILHGLQWHUYDO

127( 7KHPRQLWRUVLQGLFDWHGLQD E DQGF DUH QRQIXQFWLRQDO LIYHULILFDWLRQV DUHQRW

SHUIRUPHGRUVHWSRLQWVDUHOHVVFRQVHUYDWLYHWKDQUHTXLUHG

LWKDUDGLRDFWLYHOLTXLGHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHODODUPWULSVHWSRLQWOHVV

FRQVHUYDWLYHWKDQUHTXLUHGZLWKRXWGHOD\\VXVSHQGWKHUHOHDVHRIUDGLRDFWLYHOLTXLGHIIOXHQWV

PRQLWRUHGE\\WKHDIIHFWHGFKDQQHORUGHFODUHWKHFKDQQHOQRQIXQFWLRQDORUFKDQJHWKH

VHWSRLQWVRLWLVDFFHSWDEO\\FRQVHUYDWLYH

LWKOHVVWKDQWKHUHTXLUHGQXPEHURIUDGLRDFWLYHOLTXLGHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQ

FKDQQHOV)81&7,21$/WDNHWKHDFWLRQVGHVFULEHGLQ7DEOH([HUWEHVWHIIRUWVWRUHWXUQ

WKHLQVWUXPHQWVWR)81&7,21$/VWDWXVZLWKLQGD\\VDQGLIXQVXFFHVVIXOH[SODLQLQWKH

QH[W5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW 6HFWLRQ ZK\\WKHQRQIXQFWLRQDOLW\\ZDVQRW

FRUUHFWHGLQDWLPHO\\PDQQHU



5HYLVLRQ

2'&0



5HTXLUHG0RQLWRUV 7KLVVHFWLRQGHVFULEHVWKHPRQLWRULQJUHTXLUHGGXULQJOLTXLGUHOHDVHVDQGWKHEDFNXS

VDPSOLQJUHTXLUHGZKHQPRQLWRUVDUHQRQIXQFWLRQDO

D

$ODUP DQG$XWRPDWLF5HOHDVH7HUPLQDWLRQ L

&OHDQ5DGZDVWH(IIOXHQW0RQLWRUV 5($ %

'LVFKDUJHVIURPWKH&OHDQ5DGZDVWH0RQLWRU7DQNV  DUHPRQLWRUHGE\\

UHGXQGDQWUDGLDWLRQPRQLWRULQJV\\VWHPV 5($ % 7KHVHPRQLWRUV

GHWHFWJURVVJDPPDDFWLYLW\\LQWKHHIIOXHQWSULRUWRPL[LQJLQWKH&ROOHFWLRQ

%R[0HDVXUHPHQWVIURPHDFKGHWHFWRUUHDGRXWRQWKH9LFWRUHHQSDQHOLQ

WKH&RQWURO5RRP(DFKPRQLWRULQJV\\VWHPLVFDSDEOHRILQLWLDWLQJDQDODUP

DQGDQDXWRPDWLFWHUPLQDWLRQRIWKHUHOHDVHE\\FORVLQJ&OHDQ/LTXLG

5DGZDVWH'LVFKDUJH)ORZ&RQWUROYDOYH :& 7KHPHWKRGIRU

GHWHUPLQLQJVHWSRLQWVIRUWKHDODUPVLVGLVFXVVHGLQ6HFWLRQ

LL

0LVFHOODQHRXV5DGZDVWH(IIOXHQW0RQLWRUV 5($ % 'LVFKDUJHV

IURPWKH0LVFHOODQHRXV/LTXLG:DVWH0RQLWRU7DQNDQGWKH'HWHUJHQW:DVWH

'UDLQ7DQNDUHPRQLWRUHGE\\UHGXQGDQWUDGLDWLRQPRQLWRULQJV\\VWHPV

5($ % 7KHVHPRQLWRUVGHWHFWJURVVJDPPDDFWLYLW\\LQWKH

HIIOXHQWOLQHSULRUWRPL[LQJLQWKH&ROOHFWLRQ%R[0HDVXUHPHQWVIURPHDFK

GHWHFWRUUHDGRXWRQWKH9LFWRUHHQSDQHOLQWKH&RQWURO5RRP(DFKPRQLWRU

LVVHSDUDWHO\\FDSDEOHRILQLWLDWLQJDQDODUPDQGDXWRPDWLFWHUPLQDWLRQRIWKH

UHOHDVHE\\FORVLQJ0LVFHOODQHRXV:DVWH'LVFKDUJH,VRODWLRQYDOYH

:0 6HWSRLQWGHWHUPLQDWLRQIRUWKHDODUPVLVGLVFXVVHGLQ6HFWLRQ



E

$ODUP RQO\\

L

6WRUP6HZHU'UDLQ/LQH 5(

7KHPRQLWRURQWKH6WRUP6HZHU'UDLQHIIOXHQWOLQHGHWHFWVDEQRUPDO

UDGLRQXFOLGHFRQFHQWUDWLRQVLQWKHVWRUPVHZHUHIIOXHQW7KLVPRQLWRULV

ORFDWHGQHDUWKHHQGRIWKHVWRUPVHZHUGUDLQSLSHXSVWUHDPRIWKHILQDO

GLVFKDUJHSRLQWLQWRWKH7UDLQLQJ&HQWHU3RQG7KHPRVWSUREDEOHVRXUFHRI

DQ\\QRQQDWXUDOO\\RFFXUULQJUDGLRDFWLYHPDWHULDOLQWKHVWRUPVHZHUZRXOGEH

IURPWKHVHFRQGDU\\V\\VWHP

7RHOLPLQDWHWKLVSRWHQWLDOVRXUFHRIUDGLRDFWLYLW\\WKH7XUELQH%XLOGLQJ

6XPSHIIOXHQWLVQRUPDOO\\GLUHFWHGWRWKHRQVLWH6HWWOLQJ%DVLQV,QWKLV

FRQILJXUDWLRQWKHVRXUFHRIUDGLRDFWLYLW\\LQWKH6WRUP6HZHU'UDLQOLQHLV

IURP7XUELQH%XLOGLQJGUDLQVWKDWDUHQRWURXWHGWRWKH7XUELQH%XLOGLQJ

6XPSRUIURP6WRUP6HZHUGUDLQV(YDOXDWLRQRIWKHDODUPVHWSRLQWIRU

5(LVGLVFXVVHGLQ6HFWLRQ 

F

)ORZ5DWH0HDVXULQJ'HYLFHV L

&OHDQ5DGZDVWH(IIOXHQW/LQH

)ORZ,QGLFDWRU ), $ %

)ORZ7RWDOL]HU )4, $ %



5HYLVLRQ

2'&0 LL

0LVFHOODQHRXV5DGZDVWH(IIOXHQW/LQH

)ORZ,QGLFDWRU ), $ %

)ORZ7RWDOL]HU )4, $ %

LLL

'LOXWLRQ)ORZWRWKH&ROOHFWLRQ%R[

&RPSXWHU3RLQW)FRQVLVWVRIIRXUSRLQWV

)&RROLQJ 7RZHU%ORZGRZQ

)6HUYLFH:DWHU2XWIORZ

)&ROOHFWLRQ%R['LOXWLRQ)ORZ

)8QLW'LOXWLRQ3XPS)ORZ



1RQ5HTXLUHG0RQLWRUV

$GGLWLRQDOPRQLWRUVDOWKRXJKQRWUHTXLUHGE\\WKH2'&0KDYHEHHQLQVWDOOHGWRPRQLWRU

UDGLRDFWLYHPDWHULDOLQOLTXLG7KHPRQLWRUVDUH



&RPSRQHQW&RROLQJ:DWHU6\\VWHP &&:6  5(  PRQLWRUVWKH&&:6

UHWXUQOLQHV+LJKDODUPUHGLUHFWVWKHYHQWSDWKWRWKH0LVFHOODQHRXV:DVWH'UDLQ

7DQN



6HUYLFH:DWHU6\\VWHP 6:6  5( RIIOLQHGHWHFWRUPRQLWRUVWKH6:6RXWOHW

SULRUWRGLVFKDUJHWRWKH&ROOHFWLRQ%R[DQG



,QWDNH)RUHED\\ 5( PRQLWRUVWKHVWDWLRQLQWDNHZDWHUIURPLQWDNHIRUHED\\



6$03/,1*$1'$1$/<6,62)/,48,'())/8(176

$VDPLQLPXPUDGLRDFWLYHOLTXLGZDVWHVVKDOOEHVDPSOHGDQGDQDO\\]HGDFFRUGLQJWRWKH

VDPSOLQJDQGDQDO\\VLVSURJUDPRI7DEOH7DEOHLGHQWLILHVWKUHHSRWHQWLDOVRXUFHVRI

OLTXLGUDGLRDFWLYHHIIOXHQWV$IRXUWKSRWHQWLDOUHOHDVHSRLQWIURPWKH7XUELQH%XLOGLQJ6XPS

LVGLVFXVVHGLQ6HFWLRQ 

7KHUHVXOWVRIWKHUDGLRDFWLYLW\\DQDO\\VHVVKDOOEHXVHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\

DQGSDUDPHWHUVRIWKLVVHFWLRQWRHQVXUHWKDWWKHFRQFHQWUDWLRQVDWWKHSRLQWRIUHOHDVHDUH

PDLQWDLQHGZLWKLQWKHOLPLWVRI&)5



5HYLVLRQ

2'&0



%DWFK5HOHDVHV

%$7&+5(/($6(LVGHILQHGDVWKHGLVFKDUJHRIOLTXLGZDVWHRIDGLVFUHWHYROXPH7KH

UHOHDVHVIURPWKH&OHDQ:DVWH0RQLWRU7DQNVDQGWKH0LVFHOODQHRXV/LTXLG:DVWH

0RQLWRU7DQNDQGWKH'HWHUJHQW:DVWH'UDLQ7DQNDUHFODVVLILHGDV%$7&+5(/($6(6

7KHIROORZLQJVDPSOLQJDQGDQDO\\VLVUHTXLUHPHQWVVKDOOEHPHWIRUDOOUHOHDVHVIURPWKHVH

WDQNV



3ULRUWRHDFKUHOHDVHDQDO\\VLVRIDUHSUHVHQWDWLYHJUDEVDPSOHIRUSULQFLSDOJDPPD

HPLWWHUV



2QFHSHUPRQWKDVDPLQLPXPDQDO\\VLVRIRQHVDPSOHIURPD%$7&+5(/($6(

IRUGLVVROYHGDQGHQWUDLQHGJDVHV VHHQRWHEHORZ 



2QFHSHUPRQWKDQDO\\VLVRID&20326,7(6$03/(RIDOOUHOHDVHVWKDWPRQWKIRU

WULWLXPDQGJURVVDOSKDDFWLYLW\\6DPSOHVFRQWULEXWHGWRWKHFRPSRVLWHDUHWREH

SURSRUWLRQDOWRWKHTXDQWLW\\RIOLTXLGGLVFKDUJHG



2QFHSHUTXDUWHUDQDO\\VLVRID&20326,7(6$03/(RIDOOUHOHDVHVWKDWTXDUWHUIRU

6WURQWLXP 6U 6UDQG,URQ )H 

127(,GHQWLILFDWLRQRIQREOHJDVHVWKDWDUHSULQFLSDOJDPPDHPLWWLQJUDGLRQXFOLGHV

DUHLQFOXGHGDVDSDUWRIWKHJDPPDVSHFWUDODQDO\\VLVSHUIRUPHGRQDOOOLTXLG

UDGZDVWHHIIOXHQWV7KHUHIRUHWKH7DEOHUHTXLUHPHQWIRUVDPSOLQJDQG

DQDO\\VLVRIRQHEDWFKSHUPRQWKIRUQREOHJDVHVQHHGQRWEHSHUIRUPHGDVD

VHSDUDWHSURJUDP



&RQWLQXRXV5HOHDVHV 5HOHDVHVIURPWKH7XUELQH%XLOGLQJ6XPS 7%6 DQG6WRUP6HZHU'UDLQV 66' DUH

FODVVLILHGDVFRQWLQXRXVUHOHDVHV

%HFDXVHWKH7XUELQH%XLOGLQJ6XPSGLVFKDUJHVPD\\FRQWDLQPLQXWHFRQFHQWUDWLRQVRI

UDGLRQXFOLGHVGXHWRSULPDU\\WRVHFRQGDU\\V\\VWHPOHDNDJHWKH7XUELQH%XLOGLQJ6XPS

GLVFKDUJHVDUHURXWHGWRWKHRQVLWH6HWWOLQJ%DVLQVLQVWHDGRIWKH66'OLQH6FUHHQZDVKZDWHU

IURPWKH6FUHHQZDVK&DWFK%DVLQLVDOVRURXWHGWRWKH1RUWK6HWWOLQJ%DVLQ2YHUIORZIURP

WKH6HWWOLQJ%DVLQV LVSXPSHGWRWKH&ROOHFWLRQ%R[ZKHUHLWLVPL[HGZLWKGLOXWLRQIORZDQG

UHOHDVHGWR/DNH(ULH5HOHDVHVYLDWKLVSDWKZD\\DUHPRQLWRUHGE\\ZHHNO\\DQDO\\VLVIRU

SULQFLSDOJDPPDHPLWWLQJUDGLRQXFOLGHVDQGWULWLXPDQGE\\TXDUWHUO\\DQDO\\VLVRIFRPSRVLWH

VDPSOHVIRU)H6UDQG6U

'LVFKDUJHVWRWKH6WRUP6HZHU'UDLQVDUHIURP7XUELQH%XLOGLQJGUDLQVWKDWDUHQRWURXWHGWR

WKH7%6DQGIURPVWRUPGUDLQV7KH6WRUP6HZHUGLVFKDUJHVWRWKH7UDLQLQJ&HQWHU3RQG

ZLWKWKHRYHUIORZGLVFKDUJLQJWRWKH7RXVVDLQW5LYHU)RUFRQVHUYDWLVPLWLVDVVXPHGWKDW

UDGLRDFWLYHPDWHULDOUHOHDVHGWRWKH7UDLQLQJ&HQWHU3RQGLVXOWLPDWHO\\GLVFKDUJHGWR/DNH

(ULH XQOHVVDFWLRQVDUHWDNHQWRSUHYHQWWKLVRFFXUUHQFH 



5HYLVLRQ

2'&0

  • UDEVDPSOHVDUHFROOHFWHGZHHNO\\IURPWKH6HWWOLQJ%DVLQVDQGDQDO\\]HGE\\JDPPD

VSHFWURVFRS\\,IDFWLYLW\\LVLGHQWLILHGDGGLWLRQDOFRQWUROVDUHHQDFWHGWRHQVXUHWKDWWKH

UHOHDVHFRQFHQWUDWLRQVDUHPDLQWDLQHGEHORZ(IIOXHQW&RQFHQWUDWLRQ/LPLWVDQGWKDWWKH

FXPXODWLYHUHOHDVHVDUHDVPDOOIUDFWLRQRIWKHGRVHOLPLWVRI6HFWLRQ7KHIROORZLQJ

DFWLRQVZLOOEHFRQVLGHUHGIRUFRQWUROOLQJDQ\\UDGLRDFWLYHPDWHULDOUHOHDVHVYLDWKH7%6DQG

66'



,QFUHDVHWKHVDPSOLQJIUHTXHQF\\RIWKH7%6DQG66'XQWLOWKHVRXUFHRIWKH

FRQWDPLQDWLRQLVLGHQWLILHG



3HUIRUPJDPPDVSHFWUDODQDO\\VLVRQHDFKVDPSOHIRUSULQFLSDOJDPPDHPLWWHUV



&RPSDUHWKHPHDVXUHGUDGLRQXFOLGHFRQFHQWUDWLRQVLQWKHVDPSOHZLWK(IIOXHQW

&RQFHQWUDWLRQ (& HTXDWLRQWRHQVXUHUHOHDVHVDUHZLWKLQWKHOLPLWV



%DVHGRQWKHPHDVXUHGFRQFHQWUDWLRQVDUHHYDOXDWLRQRIWKHDODUPVHWSRLQWIRUWKH

66'PRQLWRU 5( PD\\EHSHUIRUPHGDVVSHFLILHGLQ6HFWLRQ



&RQVLGHUHDFKVDPSOHUHSUHVHQWDWLYHRIWKHUHOHDVHVWKDWKDYHRFFXUUHGVLQFHWKH

SUHYLRXVVDPSOH'HWHUPLQHWKHYROXPHRIOLTXLGUHOHDVHGIURPWKH7XUELQH%XLOGLQJ

6XPSEDVHGRQWKH7XUELQH%XLOGLQJ6XPSSXPSUXQWLPHVDQGIORZUDWHV



'HWHUPLQHWKHWRWDOUDGLRDFWLYHPDWHULDOUHOHDVHGIURPWKHVDPSOHDQDO\\VLVDQGWKH

FDOFXODWHGYROXPHUHOHDVHG'HWHUPLQHFXPXODWLYHGRVHVLQDFFRUGDQFHZLWK

6HFWLRQ 



&RQGHQVDWH'HPLQHUDOL]HU%DFNZDVK

'LVFKDUJHVIURPWKH&RQGHQVDWH'HPLQHUDOL]HU%DFNZDVK5HFHLYLQJ7DQN %57 WRWKH

6RXWK6HWWOLQJ%DVLQDUHVDPSOHGLQDFFRUGDQFHZLWK7DEOH6DPSOHVDUHFROOHFWHGSULRU

WRHDFKUHOHDVHRIWKHUHVLQZDWHUVOXUU\\DQGVHSDUDWHGLQWRWKHOLTXLGSKDVH WUDQVIHUZDWHU 

DQGVROLGSKDVH UHVLQ 7KHVHVDPSOHVDUHVHSDUDWHO\\DQDO\\]HGIRUSULQFLSDOJDPPDHPLWWHUV

)LUVW(QHUJ\\1XFOHDU2SHUDWLQJ&RPSDQ\\ )(12& KDVLPSRVHGJXLGHOLQHVRQFRQFHQWUDWLRQV

RIUDGLRQXFOLGHVWKDWPD\\EHGLVFKDUJHGWRWKHRQVLWHVHWWOLQJEDVLQ7KHVHJXLGHOLQHVDUH

SUHVHQWHGLQ7DEOH

7KHUDGLRDFWLYHPDWHULDOFRQWDPLQDWLRQLQWKHFRQGHQVDWHGHPLQHUDOL]HUEDFNZDVKZLOOEH

FRQWDLQHGRQWKHSRZGHUHGUHVLQVROXEOHRUVXVSHQGHGUDGLRDFWLYHPDWHULDODVVRFLDWHGZLWK

WKHZDWHUSKDVHLVQRWH[SHFWHG7KHUHVLQDQGWKHZDWHUDUHDQDO\\]HGVHSDUDWHO\\WKXV

DOORZLQJIRUDGHWHUPLQDWLRQRIWKHDPRXQWVUHWDLQHGRQVLWHLQWKH6HWWOLQJ%DVLQ WKHUHVLQ 

DQGWKHDPRXQWVUHOHDVHGWR/DNH(ULHDVDQHIIOXHQW WKHGHFDQW 

7KH%57UHFHLYHVWKHVSHQWUHVLQIURPWKH&RQGHQVDWH3ROLVKLQJ6\\VWHP/RZOHYHO

UDGLRDFWLYHPDWHULDOFRQWDPLQDWLRQRIWKHVSHQWUHVLQLVSHULRGLFDOO\\H[SHFWHGGXHWRPLQRU

OHDNVLQWKHVWHDPJHQHUDWRUVDQGWKHOHDFKLQJRIUHVLGXDODFWLYLW\\LQWKHVHFRQGDU\\V\\VWHP

'XULQJSULPDU\\WRVHFRQGDU\\OHDNDJHDFWLYLW\\OHYHOVZLOOEHHOHYDWHGDQGW\\SLFDOO\\DERYHWKH

OLPLWVLPSRVHGIRUDFFHSWDEOHGLVFKDUJHWRWKHEDVLQ8QGHUWKHVHFRQGLWLRQVWKHSRZGHUHG

UHVLQVDUHUHWDLQHGZLWKLQWKHSODQWDQGSURFHVVHGDVVROLGUDGZDVWHIRURIIVLWHWUDQVSRUWDQG

GLVSRVDODWDOLFHQVHGUDGLRDFWLYHZDVWHGLVSRVDOVLWH,IZLWKLQWKHFULWHULDRI7DEOHWKH

%57PD\\EHGLVFKDUJHGWRWKHRQVLWHVHWWOLQJEDVLQZLWKWKHDSSURYDORIWKH0DQDJHU+/- 6LWH

&KHPLVWU\\



5HYLVLRQ

2'&0



%RUDWHG:DWHU6WRUDJH7DQN 7KH%RUDWHG:DWHU6WRUDJH7DQN %:67 LVDQXQSURWHFWHGRXWGRRUOLTXLGVWRUDJHWDQNDQG

WKHUHIRUHLVSDUWWKH([SORVLYH*DVDQG6WRUDJH7DQN5DGLRDFWLYLW\\0RQLWRULQJ3URJUDP 76

E DVLPSOHPHQWHGE\\750 

7KHTXDQWLW\\RIUDGLRDFWLYHPDWHULDOVWRUHGLQWKH%:67VKDOOEHOLPLWHGWRHQVXUHWKDWDQ

XQFRQWUROOHGUHOHDVHRIWKHWDQNFRQWHQWVZRXOGUHVXOWLQFRQFHQWUDWLRQVOHVVWKDQWKHOLPLWVRI

&)5$SSHQGL[%7DEOH&ROXPQDWWKHQHDUHVWSRWDEOHZDWHUVXSSO\\DQGWKH

QHDUHVWVXUIDFHZDWHUVXSSO\\LQDQXQUHVWULFWHGDUHD

7KHFRQFHQWUDWLRQRIUDGLRQXFOLGHVLQWKH%:67VKDOOEHGHWHUPLQHGWREHZLWKLQWKH

DSSOLFDEOHOLPLWVE\\DQDO\\]LQJDUHSUHVHQWDWLYHVDPSOHRIWKHWDQNFRQWHQWVDWOHDVWRQFHSHU

GD\\VZKHQUDGLRDFWLYHPDWHULDOVDUHEHLQJDGGHGWRWKHWDQN

7KHPHWKRGIRUOLPLWLQJWKH%:67UDGLRQXFOLGHFRQFHQWUDWLRQWRPHHWWKHFULWHULDDERYHLV

GHVFULEHGEHORZ



'HWHUPLQHWKHOLPLWLQJIUDFWLRQRIHDFKUDGLRQXFOLGHSUHVHQWLQDOLTXLGVDPSOHIURP

WKHWDQN7KLVLVWKHVDPSOHFRQFHQWUDWLRQ LQ&LPO GLYLGHGE\\WKHOLPLWLQJDFWLYLW\\

IURP7DEOH



6XPWKHOLPLWLQJIUDFWLRQVRIHDFKUDGLRQXFOLGHLQWKHVDPSOH7KLVVXPVKRXOGEH

OHVVWKDQRQH  WRPHHWWKHOLPLWLQJFULWHULDIRURIIVLWHGRVHUDWHVYLDWKHOLTXLG

SDWKZD\\

,IWKHVXPRIWKHOLPLWLQJIUDFWLRQVRIUDGLRQXFOLGHVLQWKH%:67LVHTXDOWRRU

H[FHHGVRQH  WKHQVXVSHQGDOODGGLWLRQVRIUDGLRDFWLYHPDWHULDOWRWKHWDQNUHGXFH

WDQNFRQWHQWVWRZLWKLQWKHOLPLWVDQGGHVFULEHWKHHYHQWVOHDGLQJWRWKLVFRQGLWLRQLQ

WKHQH[W5DGLRDFWLYH(IIOXHQW 5HOHDVH5HSRUW 750UHTXLUHPHQWV

7KHYDOXHVLQ7DEOHZHUHFDOFXODWHGVSHFLILFDOO\\IRUWKH%:67



5HYLVLRQ

2'&0



/,48,'())/8(17021,7256(732,176



&RQFHQWUDWLRQ/LPLWV 7KHFRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOUHOHDVHGLQOLTXLGHIIOXHQWVWR815(675,&7('

$5($6VKDOOEHOLPLWHGWRWKHFRQFHQWUDWLRQVVSHFLILHGLQ&)53DUWIRU

UDGLRQXFOLGHVRWKHUWKDQGLVVROYHGRUHQWUDLQHGQREOHJDVHV)RUGLVVROYHGRUHQWUDLQHGQREOH

JDVHVWKHFRQFHQWUDWLRQVKDOOEHOLPLWHGWR( &LPO,IWKHFRQFHQWUDWLRQRI

UDGLRDFWLYHPDWHULDOUHOHDVHGLQOLTXLGHIIOXHQWVWR815(675,&7('$5($6H[FHHGVWKHVH

OLPLWVWKHQZLWKRXWGHOD\\UHVWRUHWKHFRQFHQWUDWLRQVWRZLWKLQWKHVHOLPLWV

7KLVOLPLWDWLRQSURYLGHVDGGLWLRQDODVVXUDQFHWKDWWKHOHYHOVRIUDGLRDFWLYHPDWHULDOLQERGLHV

RIZDWHURXWVLGHWKHVLWHVKRXOGQRWUHVXOWLQH[SRVXUHVH[FHHGLQJWKH6HFWLRQ,,$GHVLJQ

REMHFWLYHRI$SSHQGL[,&)53DUWWRDQLQGLYLGXDODQGWKHOLPLWVRI &)53DUW

WRWKHSRSXODWLRQ

7KHFRQFHQWUDWLRQOLPLWIRUQREOHJDVHVLVEDVHGXSRQWKHDVVXPSWLRQWKDW;HLVWKH

FRQWUROOLQJUDGLRLVRWRSHDQGLWV(IIOXHQW&RQFHQWUDWLRQ LQDLU VXEPHUVLRQ ZDVFRQYHUWHGWR

DQHTXLYDOHQWFRQFHQWUDWLRQLQZDWHUXVLQJWKHPHWKRGVGHVFULEHGLQ,QWHUQDWLRQDO

&RPPLVVLRQRQ5DGLRORJLFDO3URWHFWLRQ ,&53 3XEOLFDWLRQ



%DVLF6HWSRLQW(TXDWLRQ

'XULQJWKHUHOHDVHRIOLTXLGUDGLRDFWLYHHIIOXHQWVUDGLDWLRQPRQLWRUVHWSRLQWVVKDOOEH

HVWDEOLVKHGWRDODUPDQGWULSSULRUWRH[FHHGLQJWKHOLPLWVVSHFLILHGDERYH7RPHHWWKLV

UHTXLUHPHQWWKHDODUPWULSVHWSRLQWIRUOLTXLGHIIOXHQWPRQLWRUVPHDVXULQJWKHUDGLRDFWLYLW\\

FRQFHQWUDWLRQSULRUWRGLOXWLRQLVGHULYHGLQ6HFWLRQ 



/LTXLG5DGZDVWH(IIOXHQW/LQH0RQLWRU6HWSRLQW&DOFXODWLRQV 5($ %5($ 

%

7KH/LTXLG5DGZDVWH(IIOXHQW/LQH0RQLWRUVSURYLGHDODUPDQGDXWRPDWLFWHUPLQDWLRQRI

UHOHDVHVSULRUWRH[FHHGLQJWKH(IIOXHQW&RQFHQWUDWLRQV (& RI &)5 DWWKH

815(675,&7('$5($$VUHTXLUHGE\\7DEOH DQGDVGLVFXVVHGLQ6HFWLRQ D

VDPSOHRIWKHOLTXLGUDGZDVWHWREHGLVFKDUJHGLVFROOHFWHGDQGDQDO\\]HGE\\JDPPD

VSHFWURVFRS\\WRLGHQWLI\\SULQFLSDOJDPPDHPLWWLQJUDGLRQXFOLGHV$PD[LPXPUHOHDVHUDWH

IURPWKHWDQNLVGHWHUPLQHGIRUWKHUHOHDVHEDVHGRQWKHUDGLRQXFOLGHFRQFHQWUDWLRQVDQGWKH

DYDLODEOHGLOXWLRQIORZUDWH

7KHPD[LPXPUHOHDVHUDWHLVLQYHUVHO\\SURSRUWLRQDOWRWKHUDWLRRIWKHUDGLRQXFOLGH

FRQFHQWUDWLRQVWRWKHLU(&YDOXHV7KLVUDWLRRIPHDVXUHGFRQFHQWUDWLRQWR(&YDOXHVLV

UHIHUUHGWRDVWKH(&IUDFWLRQ (&) DQGLVFDOFXODWHGE\\WKHHTXDWLRQ

(&)

(&

L L

L





5HYLVLRQ

2'&0 ZKHUH

(&)

VXPRIWKHIUDFWLRQVRIWKHXQUHVWULFWHGDUHD(&IRUDPL[WXUHRI

UDGLRQXFOLGHV

&L FRQFHQWUDWLRQRIHDFKUDGLRQXFOLGHLPHDVXUHGLQWDQNSULRUWRUHOHDVH

&LPO DQG

(&L XQUHVWULFWHGDUHD(& &LPO IRUHDFKUDGLRQXFOLGHLIURP &)5

3DUW )RUGLVVROYHGDQGHQWUDLQHGQREOHJDVHVDQ(&YDOXHRI

(&LPOVKDOOEHXVHG

%DVHGRQWKH(&)WKHPLQLPXPGLOXWLRQIDFWRU 0') IRUWKHFRQGXFWRIWKHUHOHDVHLV

HVWDEOLVKHGDWWLPHVODUJHUWKDQDFWXDOO\\UHTXLUHG7KLVVDIHW\\IDFWRU 6) SURYLGHV

FRQVHUYDWLVPDFFRXQWLQJIRUYDULDWLRQVLQPRQLWRUUHVSRQVHDQGIORZUDWHVDQGDOVRIRUWKH

SUHVHQFHRIUDGLRQXFOLGHVWKDWPD\\QRWEHGHWHFWHGE\\WKHPRQLWRUV LHQRQJDPPD

HPLWWHUV 7KHIROORZLQJHTXDWLRQLVXVHGIRUFDOFXODWLQJWKHUHTXLUHGPLQLPXPGLOXWLRQ

IDFWRU

0') (&)6)



ZKHUH

0')

PLQLPXPUHTXLUHGGLOXWLRQIDFWRU

6)

DGPLQLVWUDWLYHVDIHW\\IDFWRU

7KHPD[LPXPUHOHDVHUDWHIURPWKHWDQNLVWKHQFDOFXODWHGE\\GLYLGLQJWKHDYDLODEOHGLOXWLRQ

IORZUDWH $') DWWKH&ROOHFWLRQ%R[E\\WKH0')DVFDOFXODWHGE\\HTXDWLRQ  

0$;55  $')0')



ZKHUH

0$;55 PD[LPXPDOORZDEOHUHOHDVHUDWH JDOPLQ 



DGPLQLVWUDWLYHFRQVHUYDWLVPIDFWRUDQG

$')

DYDLODEOHGLOXWLRQIORZUDWHDWWKH&ROOHFWLRQ%R[DVPHDVXUHGE\\

&RPSXWHU3RLQW) JDOPLQ 

127( (TXDWLRQV  DQG  DUHYDOLGRQO\\IRU(&)!)RU(&)WKHZDVWHWDQN

FRQFHQWUDWLRQLVEHORZWKHOLPLWVRI&)53DUWZLWKRXWGLOXWLRQDQG0$;

55PD\\WDNHRQDQ\\YDOXHZLWKLQGLVFKDUJHSXPSFDSDFLW\\

,I0$;55LVJUHDWHUWKDQWKHPD[LPXPGLVFKDUJHSXPSFDSDFLW\\WKHQWKHSXPSFDSDFLW\\

VKRXOGEHXVHGLQHVWDEOLVKLQJWKHDFWXDOUHOHDVHUDWH 55 IRUWKHUDGZDVWHGLVFKDUJH)RU

UHOHDVHVIURPWKH0LVFHOODQHRXV:DVWH0RQLWRU7DQNDQG'HWHUJHQW:DVWH'UDLQ7DQNWKH

GLVFKDUJHSXPSFDSDFLW\\LVJSPIRUWKH&OHDQ:DVWH0RQLWRU7DQNWKLVYDOXHLV

JSP

6LQFHWKHDFWXDOUHOHDVHUDWHIURPWKHWDQNLVGHULYHGVXFKWKDW&)5OLPLWVZLOOQRW

EHH[FHHGHGJLYHQWKHUDGLRQXFOLGHFRQFHQWUDWLRQLQWKHWDQNDQGWKHDYDLODEOHGLOXWLRQIORZ

VHWSRLQWVPXVWEHHVWDEOLVKHGWRHQVXUH



5HYLVLRQ

2'&0



UDGLRQXFOLGHFRQFHQWUDWLRQUHOHDVHGIURPWKHWDQNGRHVQRWLQFUHDVHDERYHWKH

FRQFHQWUDWLRQGHWHFWHGLQWKHVDPSOH



DYDLODEOHGLOXWLRQIORZGRHVQRWGHFUHDVHDQG



DFWXDOUHOHDVHUDWHIURPWKHWDQNGRHVQRWLQFUHDVHDERYHWKHFDOFXODWHGYDOXH

7KHVHWSRLQWVIRUWKHSUHGLOXWLRQUDGLDWLRQPRQLWRU 5($ %RU5($ % DUH

GHWHUPLQHGDVIROORZV

$OHUW$ODUP63 > 5 

&L 6(1L @%NJ



+LJK$ODUP63 > 5 

&L 6(1L @%NJ



ZKHUH

63 VHWSRLQWRIWKHUDGLDWLRQPRQLWRU FSP 

&L FRQFHQWUDWLRQRIUDGLRQXFOLGHLDVPHDVXUHGE\\JDPPDVSHFWURVFRS\\

&LPO 

6(1L PRQLWRUVHQVLWLYLW\\IRUUDGLRQXFOLGHLEDVHGRQFDOLEUDWLRQFXUYH FSPSHU

&LPO 

%NJ EDFNJURXQGUHDGLQJRIWKHUDGLDWLRQPRQLWRU FSP DQG 5

0$;55DFWXDOUHOHDVHUDWH

7KH&VVHQVLWLYLW\\PD\\EHXVHGLQOLHXRIWKHVHQVLWLYLW\\YDOXHVIRULQGLYLGXDO

UDGLRQXFOLGHV7KH&VVHQVLWLYLW\\SURYLGHVDUHDVRQDEO\\FRQVHUYDWLYHPRQLWRUUHVSRQVH

FRUUHODWLRQIRUUDGLRQXFOLGHVRILQWHUHVWLQUHDFWRUHIIOXHQWV&RXSOHGZLWKWKHVDIHW\\IDFWRU

6)LQHTXDWLRQ  WKLVDVVXPSWLRQVLPSOLILHVWKHHYDOXDWLRQZLWKRXWLQYDOLGDWLQJWKH

RYHUDOOFRQVHUYDWLVPRIWKHVHWSRLQWGHWHUPLQDWLRQ

7KHKLJKIORZVHWSRLQWVKRXOGEHVHWHTXDOWRWKH0$;55FDOFXODWHGLQHTXDWLRQ  RU

GLVFKDUJHSXPSFDSDFLW\\ ZKLFKHYHULVVPDOOHU 7KHORZIORZVHWSRLQWIRUGLOXWLRQIORZUDWH

VKRXOGEHVHWDWWLPHVWKHDYDLODEOHGLOXWLRQIORZUDWH



5HYLVLRQ

2'&0



6WRUP6HZHU'UDLQ0RQLWRU 5(

7KHVHWSRLQWIRUWKH66'UDGLDWLRQPRQLWRU5(VKDOOEHHVWDEOLVKHGWRHQVXUHWKH

FRQFHQWUDWLRQLQWKHHIIOXHQWGRHVQRWH[FHHGWKHOLPLWVRI&)57KH66'LVQRW

QRUPDOO\\UDGLRDFWLYHO\\FRQWDPLQDWHGE\\RWKHUWKDQQDWXUDOO\\RFFXUULQJUDGLRQXFOLGHV

7KHUHIRUHWKHVHWSRLQWIRUWKLVPRQLWRUKDVEHHQHVWDEOLVKHGDWDSUDFWLFDOOHYHOWRSURYLGHDQ

HDUO\\LQGLFDWLRQRIDQ\\DEQRUPDOFRQGLWLRQVZLWKRXWFDXVLQJVSXULRXVDODUPGXHWR

IOXFWXDWLRQVLQEDFNJURXQG

6LQFHGLVFKDUJHLVWRWKH7UDLQLQJ&HQWHU3RQGH[FHHGLQJWKH5(VHWSRLQWGRHVQRW

QHFHVVDULO\\PHDQ6HFWLRQ FRQFHQWUDWLRQOLPLWVKDYH EHHQH[FHHGHGDW815(675,&7('

$5($67KHYHULILFDWLRQRIFRPSOLDQFHZLWKWKHOLPLWVRQFRQFHQWUDWLRQVKRXOGEHEDVHGRQ

DFWXDOVDPSOHVRIWKHHIIOXHQWIURPWKHSRQGWRWKH7RXVVDLQW5LYHU DQG/DNH(ULH 5HIHUWR

6HFWLRQ  



$ODUP6HWSRLQWV IRUWKH1RQ5HTXLUHG5DGLDWLRQ0RQLWRUV D

&RPSRQHQW&RROLQJ:DWHU6\\VWHP &&:6  5( 

7KHPRQLWRUV5(DQGSURYLGHLQGLFDWLRQRIDEUHDFKLQWKH&&:6

LQWHJULW\\WKDWZRXOGDOORZUHDFWRUFRRODQWZDWHUWRHQWHUDQGFRQWDPLQDWHWKHV\\VWHP

7KHUHIRUHWKHDODUPVHWSRLQWLVHVWDEOLVKHGWRSUHYHQWLQFXUULQJDVSXULRXVDODUPGXH

WREDFNJURXQGIOXFWXDWLRQV7KHVHWSRLQWLVFRQWUROOHGLQDFFRUGDQFHZLWKWKH

5DGLDWLRQ0RQLWRU6HWSRLQW0DQXDO

E

6HUYLFH:DWHU6\\VWHP 6:6  5(

1RUDGLRDFWLYHPDWHULDOLVH[SHFWHGWREHFRQWDLQHGZLWKLQWKH6:6GXULQJQRUPDO

RSHUDWLRQV7KHUHIRUHWKHKLJKDODUPVHWSRLQWLVHVWDEOLVKHGWRSUHYHQWLQFXUULQJD

VSXULRXVDODUPGXHWREDFNJURXQGIOXFWXDWLRQV7KHVHWSRLQWLVFRQWUROOHGLQ

DFFRUGDQFHZLWKWKH5DGLDWLRQ0RQLWRU6HWSRLQW0DQXDO

F

,QWDNH)RUHED\\0RQLWRU 5(

7KHKLJKDODUPVHWSRLQWLVHVWDEOLVKHGWRSUHYHQWLQFXUULQJDVSXULRXVDODUPGXHWR

EDFNJURXQGIOXFWXDWLRQV$OWKRXJKKLJKO\\XQOLNHO\\DYHULILHGDODUPIURPWKLVV\\VWHP

ZRXOGLQGLFDWHDSRVVLEOHFRQWDPLQDWLRQRIWKHVWDWLRQLQWDNHZDWHU7KHVHWSRLQWLV

FRQWUROOHGLQDFFRUGDQFHZLWKWKH5DGLDWLRQ0RQLWRU6HWSRLQW0DQXDO



5HYLVLRQ

2'&0



$ODUP5HVSRQVH (YDOXDWLQJ$FWXDO5HOHDVH&RQGLWLRQV

/LTXLGUHOHDVHUDWHVDUHFRQWUROOHGDQGDODUPVHWSRLQWVDUHHVWDEOLVKHGWRHQVXUHWKDWUHOHDVHV

GRQRWH[FHHGWKHFRQFHQWUDWLRQOLPLWVRI6HFWLRQ LH&)5(&VDWWKHGLVFKDUJH

WR/DNH(ULH +RZHYHULIDQ\\RIWKHPRQLWRUV 5($ %5($ %RU

5( DODUPGXULQJDOLTXLGUHOHDVHLWEHFRPHVQHFHVVDU\\WRUHHYDOXDWHWKHUHOHDVH

FRQGLWLRQVWRGHWHUPLQHFRPSOLDQFHZLWKWKHOLPLWV$IWHUDQDODUPWKHIROORZLQJDFWXDO

UHOHDVHFRQGLWLRQVVKRXOGEHGHWHUPLQHG



YHULI\\UDGLDWLRQ PRQLWRUDODUPVHWSRLQWWRHQVXUHFRQVLVWHQF\\ZLWKWKHVHWSRLQW

HYDOXDWLRQIRUWKHUHOHDVH



UHVDPSOHDQGUHDQDO\\]HWKHVRXUFHRIWKHUHOHDVH



UHGHWHUPLQHWKHUHOHDVHUDWHDQGWKHGLOXWLRQZDWHUIORZ

%DVHGRQDYDLODEOHGDWDWKHIROORZLQJHTXDWLRQPD\\EHXVHGIRUHYDOXDWLQJWKHDFWXDOUHOHDVH

FRQGLWLRQV

(&

55

')

55 L

L





ZKHUH

&L PHDVXUHGFRQFHQWUDWLRQRIUDGLRQXFOLGHLLQWKHHIIOXHQWVWUHDPSULRUWR

GLOXWLRQ &LPO 

(&L WKH(IIOXHQW&RQFHQWUDWLRQIRUUDGLRQXFOLGHLIURP$SSHQGL[ %7DEOH,,

&ROXPQRI&)5RU(&LPOIRUGLVVROYHGRUHQWUDLQHGQREOH

JDVHV &LPO 

55 DFWXDOUHOHDVHUDWHRIWKHOLTXLGHIIOXHQWDWWKHWLPHRIWKHDODUP JDOPLQ 

DQG

')

DFWXDOGLOXWLRQZDWHUIORZDWWKHWLPHRIWKHUHOHDVHDODUP JDOPLQ 

,IWKHYDOXHFDOFXODWHGE\\HTXDWLRQLVOHVVWKDQRUHTXDOWRWKHQWKHUHOHDVHGLGQRW

H[FHHGWKHOLPLWVRI&)5



5HYLVLRQ

2'&0



/,48,'())/8(17'26(&$/&8/$7,21 &)5



'RVH/LPLWVWR0(0%(562)7+(38%/,&

7KHOLPLWVIRUGRVHRUGRVHFRPPLWPHQWWR0(0%(562)7+(38%/,&IURPUDGLRDFWLYH

PDWHULDOVLQOLTXLGHIIOXHQWVIURP'DYLV%HVVHDUH



GXULQJDQ\\FDOHQGDUTXDUWHU

 PUHPWRWRWDOERG\\

 PUHPWRDQ\\RUJDQ



GXULQJDQ\\FDOHQGDU\\HDU

 PUHPWRWRWDOERG\\

 PUHPWRDQ\\RUJDQ

LWKWKHFDOFXODWHGGRVHIURPWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQOLTXLGHIIOXHQWV

H[FHHGLQJDQ\\RIWKHDERYHOLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQ GD\\V

SXUVXDQWWR6HFWLRQD /LFHQVHH(YHQW 5HSRUWWKDWLGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKH

OLPLW V DQGGHILQHVWKHFRUUHFWLYHDFWLRQVWKDWKDYHEHHQWDNHQWRUHGXFHWKHUHOHDVHVDQGWKH

SURSRVHGFRUUHFWLYHDFWLRQVWREHWDNHQWRDVVXUHWKDWVXEVHTXHQWUHOHDVHV ZLOOEHLQ

FRPSOLDQFHZLWKWKHDERYHOLPLWV

&XPXODWLYHGRVHFRQWULEXWLRQVIURPOLTXLGHIIOXHQWVIRUWKHFXUUHQWFDOHQGDUTXDUWHUDQGWKH

FXUUHQWFDOHQGDU\\HDUVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQG

SDUDPHWHUVLQWKH2'&0DWOHDVWRQFHSHUGD\\V

7KLVUHTXLUHPHQWLVSURYLGHGWRLPSOHPHQWWKHUHTXLUHPHQWVRI6HFWLRQV,,$,,,$DQG,9$

RI$SSHQGL[,&)53DUW

7KLVDFWLRQSURYLGHVWKHUHTXLUHGRSHUDWLQJIOH[LELOLW\\DQGDWWKHVDPHWLPHLPSOHPHQWVWKH

JXLGHVVHWIRUWKLQ 6HFWLRQ,9$RI$SSHQGL[,&)53DUWWRDVVXUHWKDWWKHUHOHDVHVRI

UDGLRDFWLYHPDWHULDOLQOLTXLGHIIOXHQWVZLOOEHNHSWDVORZDVLVUHDVRQDEO\\DFKLHYDEOH

127( )RUIUHVKZDWHUVLWHVZLWKGULQNLQJZDWHUVXSSOLHVZKLFKFDQEHSRWHQWLDOO\\DIIHFWHG

E\\SODQWRSHUDWLRQVWKHUHLVUHDVRQDEOHDVVXUDQFHWKDWWKHRSHUDWLRQRIWKHIDFLOLW\\

ZLOOQRWUHVXOWLQUDGLRQXFOLGHFRQFHQWUDWLRQVLQWKHILQLVKHGGULQNLQJZDWHUWKDWDUHLQ

H[FHVVRIWKHUHTXLUHPHQWVRI&)57KHGRVHFDOFXODWLRQVLQWKH2'&0 LPSOHPHQWWKHUHTXLUHPHQWVRI6HFWLRQ,,,$RI$SSHQGL[, &)53DUW

&RQIRUPDQFHZLWKWKHJXLGHVRI$SSHQGL[,LVWREHVKRZQE\\FDOFXODWLRQDO

SURFHGXUHVEDVHGRQPRGHOVDQGGDWDVXFKWKDWWKHDFWXDOH[SRVXUHRIDQLQGLYLGXDO

WKURXJKDSSURSULDWHSDWKZD\\VLVXQOLNHO\\WREHVXEVWDQWLDOO\\XQGHUHVWLPDWHG7KH

HTXDWLRQVVSHFLILHGLQWKH2'&0IRUFDOFXODWLQJWKHGRVHVGXHWRWKHDFWXDOUHOHDVH

UDWHVRIUDGLRDFWLYHPDWHULDOVLQOLTXLGHIIOXHQWVDUHFRQVLVWHQWZLWKWKHPHWKRGRORJ\\

SURYLGHGLQ5HJXODWRU\\*XLGH&DOFXODWLRQRI$QQXDO'RVHVWR0DQIURP

5RXWLQH5HOHDVHVRI5HDFWRU(IIOXHQWVIRUWKH3XUSRVHRI(YDOXDWLQJ&RPSOLDQFH

ZLWK&)53DUW$SSHQGL[,5HYLVLRQ2FWREHU



5HYLVLRQ

2'&0



0(0%(52)7+(38%/,&'26( /LTXLG(IIOXHQWV 7KHFDOFXODWLRQRIWKHSRWHQWLDOGRVHVWR0(0%(562)7+(38%/,&LVDIXQFWLRQRIWKH

UDGLRDFWLYHPDWHULDOUHOHDVHVWRWKHODNHWKHVXEVHTXHQWWUDQVSRUWDQGGLOXWLRQLQWKHH[SRVXUH

SDWKZD\\VDQGWKHUHVXOWDQWLQGLYLGXDOXSWDNH$W'DYLV%HVVHWKHFRPELQHGILVK

FRQVXPSWLRQDQGGULQNLQJZDWHUSDWKZD\\KDVEHHQPRGHOHGWRSURYLGHDFRQVHUYDWLYHGRVH

DVVHVVPHQWIRUH[SRVXUHVWR0(0%(562)7+(38%/,&)RUWKHILVKSDWKZD\\LWKDVEHHQ

FRQVHUYDWLYHO\\DVVXPHG WKDWWKHPD[LPXPH[SRVHGLQGLYLGXDOFRQVXPHVNJSHU\\HDURI

ILVKWDNHQLQWKHLPPHGLDWHYLFLQLW\\RIWKH'DYLV%HVVHGLVFKDUJHWRWKHODNH)RUWKH

GULQNLQJZDWHUSDWKZD\\WKHFRQVHUYDWLYHPRGHOLQJLVEDVHGRQDQLQGLYLGXDOGULQNLQJ

OLWHUVSHU\\HDU RIZDWHUIURPWKH&DUUROO7RZQVKLS:DWHU,QWDNHORFDWHGPLOHVWRWKH1:

RIWKHVLWHGLVFKDUJH

7KHHTXDWLRQIRUDVVHVVLQJWKHPD[LPXPSRWHQWLDOGRVHWR0(0%(562)7+(38%/,&

IURPOLTXLGUDGZDVWHUHOHDVHVIURP'DYLV%HVVHLV

(

92/

')

=

R L

LR










ZKHUH

'R GRVHRUGRVHFRPPLWPHQWWRRUJDQRLQFOXGLQJWRWDOERG\\ PUHP 

$LR VLWHVSHFLILFLQJHVWLRQGRVHFRPPLWPHQWIDFWRUWRWKHWRWDOERG\\RUDQ\\RUJDQ

RIRUUDGLRQXFOLGHLJLYHQLQ7DEOH  PUHPKUSHU&LPO 

&L DYHUDJHFRQFHQWUDWLRQRIUDGLRQXFOLGHLLQXQGLOXWHGOLTXLGHIIOXHQW

UHSUHVHQWDWLYHRIWKHYROXPH92/ &LPO 

92/

WRWDOYROXPHRIXQGLOXWHGOLTXLGHIIOXHQWUHOHDVHG JDO 

')

DYHUDJHGLOXWLRQZDWHUIORZUDWHGXULQJUHOHDVHSHULRG JDOPLQ  W\\SLFDOO\\

JSP 

=

 QHDUILHOGGLOXWLRQIDFWRU

(

KUPLQ

1HDUILHOGGLOXWLRQIDFWRUDQGGLOXWLRQWR&DUUROO7RZQVKLS ZDWHULQWDNHLVEDVHGRQ86$5

6HFWLRQ DQGDVWXG\\SHUIRUPHGE\\6WRQH :HEVWHUIRU7ROHGR(GLVRQHQWLWOHG³$TXDWLF

'LOXWLRQ)DFWRUVZLWKLQ0LOHVRIWKH'DYLV%HVVH8QLW1XFOHDU3RZHU3ODQW'-XQH



5HYLVLRQ

2'&0 7KHVLWHVSHFLILFLQJHVWLRQGRVHGRVHFRPPLWPHQWIDFWRUV $LR UHSUHVHQWDFRPSRVLWHGRVH

IDFWRUIRUWKHILVKDQGGULQNLQJZDWHUSDWKZD\\7KHVLWHVSHFLILFGRVHIDFWRU LVEDVHGRQWKH

15&

VJHQHULFPD[LPXPLQGLYLGXDOFRQVXPSWLRQUDWHV9DOXHVRI$LR DUHSUHVHQWHGLQ7DEOH

7KHVHYDOXHVZHUHGHULYHGLQDFFRUGDQFHZLWKWKHJXLGDQFHRI185(*XVLQJWKH

IROORZLQJHTXDWLRQ

$LR

( 8: 'Z 8) %)L ')L



ZKHUH

8)

NJ\\UDGXOWILVKFRQVXPSWLRQ

8:

OLWHUV\\UDGXOWZDWHUFRQVXPSWLRQ

DGGLWLRQDOGLOXWLRQIURPWKHQHDUILHOGWRWKH&DUUROO7RZQVKLSZDWHU

LQWDNH QHWGLOXWLRQRI 

%)L ELRDFFXPXODWLRQIDFWRUIRUUDGLRQXFOLGHLLQILVKIURP7DEOH S&LNJ

SHUS&L 

')L GRVHFRQYHUVLRQIDFWRUIRUQXFOLGHLIRUDGXOWVLQRUJDQ RIURP7DEOH

(RI5HJXODWRU\\*XLGH DQG7DEOHRI185(* PUHPS&L 

DQG

(

 S&L&L   PONJ  KU\\U 

7KHUDGLRQXFOLGHVLQFOXGHGLQWKHSHULRGLFGRVHDVVHVVPHQWUHTXLUHGE\\6HFWLRQDUH

WKRVHLGHQWLILHGE\\JDPPDVSHFWUDODQDO\\VLVRIWKHOLTXLGZDVWHVDPSOHVFROOHFWHGDQG

DQDO\\]HGSHUWKHUHTXLUHPHQWVRI7DEOH,QNHHSLQJZLWKWKH185(*JXLGDQFHWKH

DGXOWDJHJURXSUHSUHVHQWVWKHPD[LPXPH[SRVHGLQGLYLGXDODJHJURXS(YDOXDWLRQRIGRVHV

IRURWKHUDJHJURXSVLVQRWUHTXLUHGIRUGHPRQVWUDWLQJFRPSOLDQFHZLWKWKHGRVHFULWHULDRI

6HFWLRQ7KHGRVHDQDO\\VLVIRUUDGLRQXFOLGHVUHTXLULQJUDGLRFKHPLFDODQDO\\VLVZLOOEH

SHUIRUPHGDIWHUUHFHLSWRIUHVXOWVRIWKHDQDO\\VLVRIWKHFRPSRVLWHVDPSOHV,QNHHSLQJZLWK

WKHUHTXLUHGDQDO\\WLFDOIUHTXHQFLHVRI7DEOHWULWLXPGRVHDQDO\\VHVZLOOEHSHUIRUPHGDW

OHDVWPRQWKO\\6U6UDQG)HGRVHDQDO\\VHVZLOOEHSHUIRUPHGDWOHDVWTXDUWHUO\\



6LPSOLILHG/LTXLG(IIOXHQW'RVH&DOFXODWLRQ

,QOLHXRIWKHLQGLYLGXDOUDGLRQXFOLGHGRVHDVVHVVPHQWSUHVHQWHGLQ6HFWLRQWKH

IROORZLQJVLPSOLILHGGRVHFDOFXODWLRQPD\\EHXVHGIRUGHPRQVWUDWLQJFRPSOLDQFHZLWKWKH

GRVHOLPLWVUHTXLUHGE\\6HFWLRQ5DGLRQXFOLGHVLQFOXGHGLQWKLVGRVHFDOFXODWLRQVKRXOG

EHWKRVHPHDVXUHGLQWKHJUDEVDPSOHRIWKHUHOHDVH SULQFLSDOJDPPDHPLWWHUVPHDVXUHGE\\

JDPPDVSHFWURVFRS\\ +VKRXOGQRWEHLQFOXGHGLQWKLVDQDO\\VLV5HIHUWR$SSHQGL[$IRU

WKHGHULYDWLRQRIWKLVVLPSOLILHGPHWKRG



5HYLVLRQ

2'&0 7RWDO%RG\\

L WE

')

92/



(







L PD[

')

92/



(







ZKHUH

&L DYHUDJHFRQFHQWUDWLRQRIUDGLRQXFOLGHLH[FOXGLQJ+LQXQGLOXWHGOLTXLG

HIIOXHQWUHSUHVHQWDWLYHRIWKHUHOHDVHYROXPH &LPO 

92/

YROXPHRIOLTXLGHIIOXHQWUHOHDVHG JDO 

')

DYHUDJHGLOXWLRQZDWHUIORZUDWHGXULQJUHOHDVHSHULRG JDOPLQ 

'WE FRQVHUYDWLYHO\\HYDOXDWHGWRWDOERG\\ GRVH PUHP 

'PD[

FRQVHUYDWLYHO\\HYDOXDWHGPD[LPXPRUJDQGRVH PUHP 

(

 KUPLQ  ( PUHPKUSHU&LPO&VWRWDOERG\\

GRVHIDFWRUIURP7DEOH  QHDUILHOGGLOXWLRQ DQG

(

 KUPLQ  ( PUHPKUSHU&LPO&VOLYHUGRVH

IDFWRUIURP7DEOH  QHDUILHOGGLOXWLRQ 



&RQWDPLQDWHG7%666'6\\VWHP 'RVH&DOFXODWLRQ

$OOQRQQDWXUDOO\\RFFXUULQJUDGLRDFWLYLW\\UHOHDVHGIURPWKH66'PXVWEHLQFOXGHGLQWKH

HYDOXDWLRQRIWKHFXPXODWLYHGRVHWRD0(0%(52)7+(38%/,&$OWKRXJKWKH

GLVFKDUJHVDUHYLDWKH7UDLQLQJ&HQWHU3RQGWR3RRODQGWKHQWRWKH7RXVVDLQW5LYHU

LQVWHDGRIGLUHFWO\\WR/DNH(ULH WKHPRGHOLQJRIHTXDWLRQ  UHPDLQVUHDVRQDEO\\

FRQVHUYDWLYHIRUGHWHUPLQLQJD K\\SRWKHWLFDOPD[LPXPLQGLYLGXDOGRVH7KHIROORZLQJ

DVVXPSWLRQVVKRXOGEHDSSOLHGIRUWKHGRVHDVVHVVPHQWRIDQ\\UDGLRDFWLYHPDWHULDOUHOHDVHV

IURPWKH66'LQWRWKH7UDLQLQJ&HQWHU3RQGDQGVXEVHTXHQWO\\WRWKH7RXVVDLQW5LYHU



,IQRDGGLWLRQDOFRQWUROVDUHWDNHQWKHQLWVKRXOGEHDVVXPHGWKDWDQ\\UDGLRDFWLYH

PDWHULDOUHOHDVHGWRWKH7UDLQLQJ&HQWHU3RQGZLOOXOWLPDWHO\\EHGLVFKDUJHGWRWKH

ODNHHQYLURQPHQW



,IDFWLRQVDUHWDNHQWROLPLWDQ\\UHOHDVHWKHQWKHDVVHVVPHQWRIGRVHVKRXOGEHPDGH

EDVHGRQDQHYDOXDWLRQRIDFWXDOUHOHDVHVDQG



7KHGLOXWLRQIORZVKRXOGFRQVLGHUDGGLWLRQDOGLOXWLRQRIWKH66'GLVFKDUJHIURP

RWKHUVRXUFHVLQWRWKH7UDLQLQJ&HQWHU3RQGSULRUWRUHOHDVHWRWKHULYHU



5HYLVLRQ

2'&0



/,48,'())/8(17'26(352-(&7,216

&)5DUHTXLUHVOLFHQVHHVWRPDLQWDLQDQGRSHUDWHWKHUDGZDVWHV\\VWHPWRHQVXUH

UHOHDVHVDUHPDLQWDLQHG$/$5$7KLV6HFWLRQLPSOHPHQWVWKHUHTXLUHPHQWVRI&)53DUW

D*HQHUDO'HVLJQ&ULWHULRQRI$SSHQGL[$WR&)53DUWDQGGHVLJQREMHFWLYH

6HFWLRQ,,'RI$SSHQGL[,WR&)53DUW%DVHGRQDFRVWDQDO\\VLVRIWUHDWLQJOLTXLG

UDGZDVWHWKHVSHFLILHGOLPLWVJRYHUQLQJWKHXVHRIDSSURSULDWHSRUWLRQVRIWKHOLTXLGUDGZDVWH

WUHDWPHQWV\\VWHPZHUH VSHFLILHGDVWKHGRVHGHVLJQREMHFWLYHVDVVHWIRUWKLQ6HFWLRQ,,$RI

$SSHQGL[,&)53DUWIRUOLTXLGHIIOXHQWV7KLVUHTXLUHPHQWLVLPSOHPHQWHGWKURXJK

WKLV2'&0

7KHOLTXLGUDGLRDFWLYHZDVWHSURFHVVLQJV\\VWHPVKDOOEHXVHGWRUHGXFHWKHUDGLRDFWLYH

PDWHULDOOHYHOVLQWKHOLTXLGZDVWHSULRUWRUHOHDVHZKHQWKHSURMHFWHGGRVHVLQDQ\\GD\\

SHULRGZRXOGH[FHHG



PUHPWRWKHWRWDOERG\\RU



PUHPWRDQ\\RUJDQ

7KLVGRVHFULWHULDIRUSURFHVVLQJLVHVWDEOLVKHGDWRQHTXDUWHURIWKHGHVLJQREMHFWLYHUDWH LH

RIPUHP\\UWRWDOERG\\DQGPUHP\\UDQ\\RUJDQRYHUDGD\\SURMHFWLRQ 

LWKUDGLRDFWLYHOLTXLGZDVWHEHLQJGLVFKDUJHGZLWKRXWWUHDWPHQWDQGLQH[FHVVRIWKHDERYH

OLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VSXUVXDQWWR6HFWLRQD

/LFHQVHH(YHQW 5HSRUWWKDWLQFOXGHVWKHIROORZLQJLQIRUPDWLRQ



H[SODQDWLRQRIZK\\OLTXLGUDGZDVWHZDVEHLQJGLVFKDUJHGZLWKRXWWUHDWPHQW

LGHQWLILFDWLRQRIDQ\\QRQIXQFWLRQDOHTXLSPHQWRUVXEV\\VWHPVDQGWKHUHDVRQIRUWKH

QRQIXQFWLRQDOLW\\



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



VXPPDU\\GHVFULSWLRQRIDFWLRQ V WDNHQWRSUHYHQWDUHFXUUHQFH

,QDQ\\PRQWKLQZKLFKUDGLRDFWLYHOLTXLGHIIOXHQWLVEHLQJGLVFKDUJHGZLWKRXWWUHDWPHQW

GRVHVGXHWROLTXLGUHOHDVHVWR815(675,&7('$5($6VKDOOEHSURMHFWHGDWOHDVWRQFHSHU

GD\\VLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQWKH2'&0

7KHIROORZLQJHTXDWLRQVPD\\EHXVHGIRUWKHGRVHSURMHFWLRQFDOFXODWLRQ

'WES 'WE G



'PD[S 'PD[ G





5HYLVLRQ

2'&0 ZKHUH

'WES WKHGD\\WRWDOERG\\GRVHSURMHFWLRQ PUHP 

'WE WKHFXPXODWLYHWRWDOERG\\GRVHIRUFXUUHQWFDOHQGDUPRQWKLQFOXGLQJUHOHDVH

XQGHUFRQVLGHUDWLRQDVGHWHUPLQHGE\\HTXDWLRQ  RU   PUHP 

'PD[S WKHGD\\PD[LPXPRUJDQGRVHSURMHFWLRQ PUHP 

'PD[

WKHPD[LPXPRUJDQGRVHIRUFXUUHQWFDOHQGDUPRQWKLQFOXGLQJUHOHDVHXQGHU

FRQVLGHUDWLRQDVGHWHUPLQHGE\\HTXDWLRQ  RU   PUHP 

G WKHQXPEHURIGD\\VLQWRFXUUHQWPRQWKDQG



WKHQXPEHURIGD\\VLQSURMHFWLRQ



5HYLVLRQ

2'&0 7DEOH

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

,167580(17 5(48,5('

&+$11(/6

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

$&7,21



  • URVV5DGLRDFWLYLW\\0RQLWRUV3URYLGLQJ$ODUPVDQG$XWRPDWLF

7HUPLQDWLRQRI5HOHDVH D

/LTXLG5DGZDVWH(IIOXHQW/LQH HLWKHU0LVFHOODQHRXV

5( $% RU&OHDQ 5($% EXWQRWERWK

VLPXOWDQHRXVO\\







)ORZ5DWH0HDVXUHPHQW'HYLFHV D

/LTXLG5DGZDVWH(IIOXHQW/LQH





E

'LOXWLRQ)ORZWR&ROOHFWLRQ%R[





F

)( 6WRUP6HZHU







  • URVV%HWDRU*DPPD5DGLRDFWLYLW\\0RQLWRUV3URYLGLQJ$ODUP%XW

1RW 3URYLGLQJ$XWRPDWLF7HUPLQDWLRQRI5HOHDVH D

6WRUP6HZHU'UDLQ 5(





2QO\\RQHUHOHDVH HLWKHU0:07RU&:07 DWDWLPHFDQEHLQSURJUHVV



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

7$%/(127$7,21



'XULQJUDGLRDFWLYH UHOHDVHVYLDWKLVSDWKZD\\

$&7,21$

LWK OHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/HIIOXHQWUHOHDVHVPD\\

EHUHVXPHGSURYLGHGWKDWSULRUWRLQLWLDWLQJDUHOHDVH



$WOHDVWWZRLQGHSHQGHQWVDPSOHVDUHDQDO\\]HGLQDFFRUGDQFHZLWK7DEOH

IRUDQDO\\VHVSHUIRUPHGZLWKHDFKEDWFK



$WOHDVWWZRLQGHSHQGHQWYHULILFDWLRQRIWKHUHOHDVHUDWHFDOFXODWLRQVDUH

SHUIRUPHG



$WOHDVWWZRLQGHSHQGHQWYHULILFDWLRQVRIWKHGLVFKDUJHYDOYLQJDUHSHUIRUPHG

2WKHUZLVHVXVSHQGUHOHDVHRIUDGLRDFWLYHHIIOXHQWVYLDWKLVSDWKZD\\

$&7,21%

LWK OHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/HIIOXHQWUHOHDVHVYLD

WKLVSDWKZD\\PD\\FRQWLQXHSURYLGHGWKHIORZUDWHLVHVWLPDWHGDWOHDVWRQFHSHU

KRXUVGXULQJDFWXDOUHOHDVHV3XPSFXUYHVPD\\EHXVHGWRHVWLPDWHIORZ

$&7,21&

LWKOHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/RULIKLJKDODUPLV

ORFNHGLQRQ5(HIIOXHQWUHOHDVHVYLDWKLVSDWKZD\\PD\\FRQWLQXHSURYLGHGWKDWGXULQJ

HIIOXHQWUHOHDVHVJUDEVDPSOHVDUHFROOHFWHGDWOHDVWRQFHSHU KRXUVDQGDQDO\\]HG

DWOHDVWRQFHSHUKRXUVIRUJURVVUDGLRDFWLYLW\\ EHWDRUJDPPD DWDORZHUOLPLWRI

GHWHFWLRQQRJUHDWHUWKDQ(&LPORUDJDPPDLVRWRSLFDQDO\\VLVPHHWLQJWKH

//'5HTXLUHPHQWRI7DEOH



5HYLVLRQ

2'&0 7DEOH

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

,167580(17$7,219(5,),&$7,21 5(48,5(0(176

,167580(17

&+$11(/

&+(&.

6285&(

&+(&.

&+$11(/

&$/,%5$7,21

&+$11(/

)81&7,21$/

7(67



  • URVV%HWDRU*DPPD5DGLRDFWLYLW\\0RQLWRUV

3URYLGLQJ$ODUPDQG$XWRPDWLF,VRODWLRQLI

DSSOLFDEOH

D

/LTXLG5DGZDVWH(IIOXHQWV/LQHV

' 

3

( 

4 

E

6WRUP6HZHU'LVFKDUJH/LQH

' 

0

( 

4 



)ORZ5DWH0RQLWRUV D

/LTXLG5DGZDVWH(IIOXHQW/LQHV

' 

1$

(

4 E

'LOXWLRQ)ORZWR&ROOHFWLRQ%R[

' 

1$

(

4 F

6WRUP6HZHU 1$



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

7$%/(127$7,21



'XULQJUHOHDVHVYLDWKLVSDWKZD\\



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

LVRODWLRQRIWKLVSDWKZD\\DQGFRQWUROURRPDODUPDQQXQFLDWLRQRFFXUVLIWKHLQVWUXPHQW

LQGLFDWHVPHDVXUHGOHYHOVDERYHWKHDODUPWULSVHWSRLQW



7KHLQLWLDO&+$11(/&$/,%5$7,21IRUUDGLRDFWLYLW\\PHDVXUHPHQWLQVWUXPHQWDWLRQVKDOO

EHSHUIRUPHGXVLQJRQHRUPRUHRIWKHUHIHUHQFHVWDQGDUGVFHUWLILHGE\\WKH1DWLRQDO,QVWLWXWH

RI6WDQGDUGVDQG7HFKQRORJ\\ 1,67 RUXVLQJVWDQGDUGVWKDWKDYHEHHQREWDLQHGIURP

VXSSOLHUVWKDWSDUWLFLSDWHLQPHDVXUHPHQWDVVXUDQFHDFWLYLWLHVZLWK1,677KHVHVWDQGDUGV

VKRXOGSHUPLWFDOLEUDWLQJWKHV\\VWHPRYHULWVLQWHQGHGUDQJHRIHQHUJ\\DQGUDWHFDSDELOLWLHV

)RUVXEVHTXHQW&+$11(/&$/,%5$7,21VRXUFHVWKDWKDYHEHHQUHODWHGWRWKHLQLWLDO

FDOLEUDWLRQVKRXOGEHXVHGDWLQWHUYDOVRIDWOHDVWRQFHSHUHLJKWHHQPRQWKV)RUKLJKUDQJH

PRQLWRULQJLQVWUXPHQWDWLRQZKHUHFDOLEUDWLRQZLWKDUDGLRDFWLYHVRXUFHLVLPSUDFWLFDODQ

HOHFWURQLFFDOLEUDWLRQPD\\EHVXEVWLWXWHGIRUWKHUDGLDWLRQVRXUFHFDOLEUDWLRQ



&+$11(/&+(&.VKDOOFRQVLVWRIYHULI\\LQJLQGLFDWLRQRIIORZGXULQJSHULRGVRIUHOHDVH

&+$11(/&+(&.VKDOOEHPDGHDWOHDVWRQFHGDLO\\RQDQ\\GD\\RQZKLFKFRQWLQXRXV

SHULRGLFRU%$7&+5(/($6(6DUHPDGH

'

$WOHDVWRQFHSHUKRXUV

0

$WOHDVWRQFHSHUGD\\V

3

3ULRUWRHDFKUHOHDVH

(

$WOHDVWRQFHSHUPRQWK GD\\V 

4

$WOHDVWRQFHSHUGD\\V

5

$WOHDVWRQFHSHUPRQWKV GD\\V



5HYLVLRQ

2'&0 7DEOH

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

/LTXLG5HOHDVH7\\SH 6DPSOLQJ

)UHTXHQF\\

0LQLPXP

$QDO\\VLV

)UHTXHQF\\

7\\SHRI

$FWLYLW\\

$QDO\\VLV

/RZHU/LPLWRI

'HWHFWLRQ //' 

&LPO D

$

%DWFK:DVWH

5HOHDVH7DQNVG 3

(DFK%DWFK 3

(DFK%DWFK 3ULQFLSDO

  • DPPD

(PLWWHUVI

(E

,I

(

3 2QH%DWFK0 0

'LVVROYHG DQG

(QWUDLQHG

  • DVHV

(

3 (DFK%DWFK 0

&RPSRVLWHF

+

(

  • URVV$OSKD

(

3 (DFK%DWFK 4

&RPSRVLWHF 6U6U

(

)H

(

%

6WRUP6HZHU'UDLQ

&RQWLQXRXVO\\

PRQLWRUHG 6H 3ULQFLSDO

  • DPPD

(PLWWHUVI

(E

,I

(

&

&RQGHQVDWH

'HPLQHUDOL]HU

%DFNZDVK 3

(DFK%DWFK

ZKHQ

GLVFKDUJHGWR 3

(DFK%DWFK

ZKHQ

GLVFKDUJHGWR 3ULQFLSDO

  • DPPD

(PLWWHUVI

( E WKHVHWWOLQJ

EDVLQ WKHVHWWOLQJ

EDVLQ

,I

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

7$%/(127$7,21 D

7KH//'LVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOOEHGHWHFWHG

ZLWKSUREDELOLW\\ZLWKSUREDELOLW\\RIIDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQ

UHSUHVHQWVDUHDOVLJQDO

)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHP ZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ 

//'

V

(

9 W

E

 

 





H[S

ZKHUH

//'LVWKHORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVS&LSHUXQLWPDVVRUYROXPH 

6E LVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQN

VDPSOHDVDSSURSULDWH DVFRXQWVSHUPLQXWH 

(LVWKHFRXQWLQJHIILFLHQF\\ DVFRXQWVSHUWUDQVIRUPDWLRQ 

9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH 

LVWKHQXPEHURIWUDQVIRUPDWLRQVSHUPLQXWHSHUSLFRFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOG ZKHQDSSOLFDEOH 

LVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGH

WIRUSODQWHIIOXHQWVLVWKHHODSVHGWLPHEHWZHHQWKHPLGSRLQWRIVDPSOHFROOHFWLRQDQGWLPH

RIFRXQWLQJ

,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHGDVDQD SULRUL EHIRUHWKHIDFW OLPLW

UHSUHVHQWLQJWKHFDSDELOLW\\RIDPHDVXUHPHQWV\\VWHPDQGQRWDVDQD SRVWHULRUL DIWHUWKHIDFW 

OLPLWIRUDSDUWLFXODUPHDVXUHPHQW

E

7KHSULQFLSDOJDPPDHPLWWHUVIRUZKLFKWKH//'VSHFLILFDWLRQZLOODSSO\\DUHH[FOXVLYHO\\WKH

IROORZLQJUDGLRQXFOLGHV0Q)H&R&R=Q0R&V&VDQG

&H)RU&HWKH//'LV(&LPO2WKHUSHDNVZKLFKDUHPHDVXUHGDQG

LGHQWLILHGVKDOODOVREHUHSRUWHG

1XFOLGHVZKLFKDUHEHORZWKH//'IRUWKHDQDO\\VLVVKRXOGQRWEHUHSRUWHGDVEHLQJSUHVHQWDW

WKH//'OHYHO:KHQXQXVXDOFLUFXPVWDQFHVUHVXOWLQ//'VKLJKHUWKDQUHTXLUHGWKHUHDVRQV

VKDOOEHGRFXPHQWHGLQWKH5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW

F

$&20326,7(6$03/(LVRQHLQZKLFKWKHPHWKRGRIVDPSOLQJHPSOR\\HGUHVXOWVLVD

VSHFLPHQZKLFKLVUHSUHVHQWDWLYHRIWKHOLTXLGVUHOHDVHG



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

7$%/(127$7,21 G

$%$7&+5(/($6(LVWKHGLVFKDUJHRIOLTXLGZDVWHVRIDGLVFUHWHYROXPH

H

KHQWKHPRQLWRULVRXWRIVHUYLFHRUPRQLWRULVORFNHGLQKLJKDODUPDJUDEVDPSOHVKDOOEH

WDNHQDQGDQDO\\]HGRQFHHYHU\\KRXUVLIWKHUHLVIORZIURPWKH6WRUP6HZHUOLQH

I

,IDQLVRWRSLFDQDO\\VLVLVXQDYDLODEOHJURVVEHWDRUJDPPDPHDVXUHPHQWRI%$7&+

5(/($6(PD\\EHVXEVWLWXWHGSURYLGHGWKHFRQFHQWUDWLRQUHOHDVHGWRWKH815(675,&7('

$5($GRHVQRWH[FHHG(&LPODQGD&20326,7(6$03/(LVDQDO\\]HGIRU

SULQFLSDOJDPPDHPLWWHUVZKHQLQVWUXPHQWDWLRQLVDYDLODEOH

J

)UHTXHQF\\QRWDWLRQ

3 3ULRUWRHDFKUHOHDVH

0 $WOHDVWRQFHSHUGD\\V

4 $WOHDVWRQFHSHUGD\\V

6 $WOHDVWRQFHSHUKRXUV ZKHQWKHPRQLWRULVQRQIXQFWLRQDORUKLJKDODUPLVORFNHGLQ 



5HYLVLRQ

2'&0 7DEOH

/LPLWLQJ5DGLRQXFOLGH&RQFHQWUDWLRQV ,Q6HFRQGDU\\6LGH

&OHDQ8S5HVLQVIRU$OORZDEOH'LVFKDUJHVWR2QVLWH6HWWOLQJ%DVLQ 5DGLRQXFOLGH

/LPLWLQJ&RQFHQWUDWLRQ

&LFP

&U

(

0Q

(

)H

(

&R

(

&R

(

<

(

=U

(

1E

(

0R

(

5X

(

5X

(

$JP

(

7HP

(

7HP

(

7HP

(

7HP

(

7H

(

,

(

,

(

,

(

&V

(

&V

(

&V

(

%D

(

/D

(

&H

(

&H

(

3U

(

&RQFHQWUDWLRQOLPLWVEDVHGRQWKH VWXG\\'LVSRVDORI/RZ/HYHO5DGLRDFWLYHO\\ &RQWDPLQDWHG

6HFRQGDU\\6LGH&OHDQXS5HVLQVLQWKH2QVLWH6HWWOLQJ%DVLQVDWWKH'DYLV%HVVH1XFOHDU3RZHU

6WDWLRQ-6WHZDUW%ODQG0D\\7KHOLPLWVUHSUHVHQWDK\\SRWKHWLFDOPD[LPXPLQGLYLGXDO

GRVHRIOHVVWKDQPUHPSHU\\HDUGXHWRDQLQDGYHUWHQWUHOHDVHWRWKHRIIVLWHHQYLURQPHQW7KH

DOORZDEOHUHOHDVHOLPLWVDVSUHVHQWHGLQ7DEOHRIWKHDERYHUHIHUHQFHUHSRUWKDYHEHHQUHGXFHG

E\\DIDFWRURIIRUDGGHGFRQVHUYDWLVP UHSUHVHQWLQJDK\\SRWKHWLFDOGRVHRIOHVVWKDQPUHP

:LWKPRUHWKDQRQHUDGLRQXFOLGHLGHQWLILHGLQDUHVLQEDWFKWKHHYDOXDWLRQIRUDFFHSWDEOH

GLVFKDUJHWRWKHRQVLWHVHWWOLQJEDVLQVKDOOEHEDVHGRQWKHVXPRIWKHIUDFWLRQVUXOHDVIROORZV

'HWHUPLQHIRUHDFKLGHQWLILHGUDGLRQXFOLGHWKHUDWLREHWZHHQWKHPHDVXUHGFRQFHQWUDWLRQDQGWKH

OLPLWLQJFRQFHQWUDWLRQWKHVXPRIWKHVHUDWLRVIRUDOOUDGLRQXFOLGHVVKRXOGEHOHVVWKDQRQH  IRU

GLVFKDUJHWRWKHEDVLQ

/LPLWVXSGDWHGGXHWRFKDQJHVLQ&)5$SSHQGL[%7DEOH&ROXPQYDOXHV



5HYLVLRQ

2'&0 7DEOH

5DGLRQXFOLGH&RQFHQWUDWLRQ /LPLWVIRUWKH%:67

,VRWRSH 0D[LPXP3HUPLVVLEOH

&RQFHQWUDWLRQ&LPO

+

(

&U

(

0Q

(

)H

(

&R

(

&R

(

&R

(

=Q

(

5E

(

6U

(

6U

(

6U

(

6U

(

<

(

<

(

<

(

=U

(

=U

(

1E

(

1E

(

0R

(

7FP

(

5X

(

5X

(

$JP

(

6Q

(

7HP

(

6E

(

6E

(

7H

(

,

(

,

(

,

(

,

(

,

(

&V

(

&V

(

&V

(

&V

(

%D

(

%D

(

/D

(

&H

(

&H

(



5HYLVLRQ

2'&0 7DEOH

'DYLV%HVVH6LWH6SHFLILF/LTXLG,QJHVWLRQ'RVH&RPPLWPHQW)DFWRUV$LR

PUHPKUSHU&LPO

1XFOLGH

%RQH

/LYHU

7%RG\\

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

+

(

(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(

(

(

(

(

(

&U

(

(

(

(

(

(

(

0Q

(

(

(

(

(

(

(

0Q

(

(

(

(

(

(

(

)H

(

(

(

(

(

(

(

)H

(

(

(

(

(

(

(

&R

(

(

(

(

(

(

(

&R

(

(

(

(

(

(

(

&R

(

(

(

(

(

(

(

1L

(

(

(

(

(

(

(

1L

(

(

(

(

(

(

(

&X

(

(

(

(

(

(

(

=Q

(

(

(

(

(

(

(

=Q

(

(

(

(

(

(

(

=QP

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

5E

(

(

(

(

(

(

(

5E

(

(

(

(

(

(

(

5E

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

<P

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

=U

(

(

(

(

(

(

(

=U

(

(

(

(

(

(

(

1E

(

(

(

(

(

(

(

1E

(

(

(

(

(

(

(

0R

(

(

(

(

(

(

(

7FP

(

(

(

(

(

(

(

7F

(

(

(

(

(

(

(

5X

(

(

(

(

(

(

(

5X

(

(

(

(

(

(

(



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

'DYLV%HVVH6LWH6SHFLILF/LTXLG,QJHVWLRQ'RVH&RPPLWPHQW)DFWRUV$LR

PUHPKUSHU&LPO

1XFOLGH

%RQH

/LYHU

7%RG\\

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

5X

(

(

(

(

(

(

(

5KP

(

(

(

(

(

(

(

5K

(

(

(

(

(

(

(

$JP

(

(

(

(

(

(

(

6E

(

(

(

(

(

(

(

6E

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

/D

(

(

(

(

(

(

(

/D

(

(

(

(

(

(

(

&H

(

(

(

(

(

(

(

&H

(

(

(

(

(

(

(

&H

(

(

(

(

(

(

(

3U

(

(

(

(

(

(

(

3U

(

(

(

(

(

(

(

1G

(

(

(

(

(

(

(



(

(

(

(

(

(

(

1S

(

(

(

(

(

(

(



5HYLVLRQ

2'&0 7DEOH

%LRDFFXPXODWLRQ)DFWRUV %)L

S&LNJSHUS&LOLWHU

(OHPHQW

)UHVKZDWHU)LVK

+

(

(

1D

(

3

(

&U

(

0Q

(

)H

(

&R

(

1L

(

&X

(

=Q

(

%U

(

5E

(

6U

(

(

=U

(

1E

(

0R

(

7F

(

5X

(

5K

(

$J

(

6E

(

7H

(

(

&V

(

%D

(

/D

(

&H

(

3U

(

1G

(

(

1S

(

9DOXHVLQWKLV7DEOHDUHWDNHQIURP5HJXODWRU\\*XLGHH[FHSWIRUSKRVSKRUXVZKLFKLVDGDSWHG

IURP185(*&5DQGVLOYHUDQGDQWLPRQ\\ZKLFKDUHWDNHQIURP8&5/5HY

2FWREHU



5HYLVLRQ

2'&0 7DEOH

'DYLV%HVVH6LWH6SHFLILF/LTXLG3DWKZD\\'RVH&RPPLWPHQW)DFWRUV$VKRUH,

)RU 5HOHDVHV WR WKH 7UDLQLQJ &HQWHU 3RQG

PUHPKUSHU&LPO

1XFOLGH

%RQH

/LYHU

7%RG\\

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

+

(

(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(

(

(

(

(

(

&U

(

(

(

(

(

(

(

0Q

(

(

(

(

(

(

(

0Q

(

(

(

(

(

(

(

)H

(

(

(

(

(

(

(

)H

(

(

(

(

(

(

(

&R

(

(

(

(

(

(

(

&R

(

(

(

(

(

(

(

&R

(

(

(

(

(

(

(

1L

(

(

(

(

(

(

(

1L

(

(

(

(

(

(

(

&X

(

(

(

(

(

(

(

=Q

(

(

(

(

(

(

(

=Q

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

%U

(

(

(

(

(

(

(

5E

(

(

(

(

(

(

(

5E

(

(

(

(

(

(

(

5E

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

6U

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

<P

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

<

(

(

(

(

(

(

(

=U

(

(

(

(

(

(

(

=U

(

(

(

(

(

(

(

1E

(

(

(

(

(

(

(

1E

(

(

(

(

(

(

(

0R

(

(

(

(

(

(

(

7FP

(

(

(

(

(

(

(

7F

(

(

(

(

(

(

(

5X

(

(

(

(

(

(

(

5X

(

(

(

(

(

(

(

5X

(

(

(

(

(

(

(



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

'DYLV%HVVH6LWH6SHFLILF/LTXLG3DWKZD\\'RVH&RPPLWPHQW)DFWRUV$VKRUH,

)RU5HOHDVHVWRWKH7UDLQLQJ&HQWHU3RQG

PUHPKUSHU&LPO

1XFOLGH

%RQH

/LYHU

7%RG\\

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

5KP

(

(

(

(

(

(

(

5K

(

(

(

(

(

(

(

$JP

(

(

(

(

(

(

(

6E

(

(

(

(

(

(

(

6E

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

,

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

&V

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

%D

(

(

(

(

(

(

(

/D

(

(

(

(

(

(

(

/D

(

(

(

(

(

(

(

&H

(

(

(

(

(

(

(

&H

(

(

(

(

(

(

(

&H

(

(

(

(

(

(

(

3U

(

(

(

(

(

(

(

3U

(

(

(

(

(

(

(

1G

(

(

(

(

(

(

(



(

(

(

(

(

(

(

1S

(

(

(

(

(

(

(



5HYLVLRQ

2'&0

)LJXUH

/LTXLG5DGLRDFWLYH(IIOXHQW0RQLWRULQJDQG3URFHVVLQJ'LDJUDP



5HYLVLRQ

2'&0



  • $6(286())/8(176



5$',$7,21021,725,1*,167580(17$7,21$1'&21752/6 7KLV6HFWLRQVSHFLILHVWKHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQUHTXLUHGDW

'DYLV%HVVHIRUFRQWUROOLQJDQGPRQLWRULQJUDGLRDFWLYHHIIOXHQWV/RFDWLRQDQGFRQWURO

IXQFWLRQRIWKHVHPRQLWRUVDUHGLVSOD\\HGLQ)LJXUH0RUHLQIRUPDWLRQLVSURYLGHGLQWKH

'DYLV%HVVH86$56HFWLRQ*DVHRXV:DVWH6\\VWHP

7KHUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHOVVKRZQLQ7DEOH

VKDOOEH)81&7,21$/ZLWKWKHLUDODUPWULSVHWSRLQWVVHWWRHQVXUHWKDWWKHOLPLWVRI6HFWLRQ

DUHQRWH[FHHGHG7KHDODUPWULSVHWSRLQWVRIWKHVHFKDQQHOVVKDOOEHGHWHUPLQHGDQG

DGMXVWHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQG SDUDPHWHUVLQ6HFWLRQ

LWKDUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHODODUPWULSVHWSRLQW

OHVVFRQVHUYDWLYHWKDQUHTXLUHGZLWKRXWGHOD\\VXVSHQGWKHUHOHDVHRIUDGLRDFWLYHJDVHRXV

HIIOXHQWVPRQLWRUHGE\\WKHDIIHFWHGFKDQQHORUGHFODUHWKHFKDQQHOQRQIXQFWLRQDORUFKDQJH

WKHVHWSRLQWVRLWLVDFFHSWDEO\\FRQVHUYDWLYH

LWKOHVVWKDQWKHUHTXLUHGQXPEHURIUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQ

FKDQQHOV)81&7,21$/WDNHWKHDFWLRQVVKRZQLQ7DEOH([HUWEHVWHIIRUWVWRUHWXUQWKH

LQVWUXPHQWVWR)81&7,21$/ VWDWXVZLWKLQGD\\VDQGLIXQVXFFHVVIXOH[SODLQLQWKHQH[W

5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW 6HFWLRQ ZK\\WKHQRQIXQFWLRQDOLW\\ZDVQRW

FRUUHFWHGLQDWLPHO\\PDQQHU

(DFKUDGLRDFWLYHJDVHRXVHIIOXHQWPRQLWRULQJLQVWUXPHQWDWLRQFKDQQHOVKDOOEHGHPRQVWUDWHG

)81&7,21$/ E\\SHUIRUPDQFHRIWKH&+$11(/&+(&.6285&(&+(&.&+$11(/

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

LQ7DEOH(DFKRIWKHVHRSHUDWLRQVVKDOOEHSHUIRUPHGZLWKLQWKHVSHFLILHGWLPHLQWHUYDO

ZLWKDPD[LPXPDOORZDEOHH[WHQVLRQQRWWRH[FHHGSHUFHQWRIWKHVSHFLILHGLQWHUYDO

127( 7KHPRQLWRUVVSHFLILHGLQ7DEOHDUHQRQIXQFWLRQDOLIYHULILFDWLRQV DUHQRW

SHUIRUPHGRUVHWSRLQWVDUHOHVVFRQVHUYDWLYHWKDQUHTXLUHG

7KHUDGLRDFWLYHJDVHRXVHIIOXHQWLQVWUXPHQWDWLRQLVSURYLGHGWRPRQLWRUDQGFRQWURODV

DSSOLFDEOHWKHUHOHDVHVRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVGXULQJDFWXDORUSRWHQWLDO UHOHDVHV7KHDODUPWULSVHWSRLQWVIRUWKHVHLQVWUXPHQWVVKDOOEHFDOFXODWHGLQDFFRUGDQFHZLWK

PHWKRGVLQ6HFWLRQWRHQVXUHWKDWWKHDODUPWULSZLOORFFXUSULRUWRH[FHHGLQJWKHOLPLWVRI

&)53DUW7KH)81&7,21$/,7<DQGXVHRIWKLVLQVWUXPHQWDWLRQLVFRQVLVWHQWZLWK

WKHUHTXLUHPHQWVRI*HQHUDO'HVLJQ&ULWHULDDQGRI$SSHQGL[$WR&)53DUW



5HYLVLRQ

2'&0



$ODUPDQG$XWRPDWLF5HOHDVH7HUPLQDWLRQ D

DVWH*DV'HFD\\6\\VWHP0RQLWRU 5($ %

7KHUDGLRDFWLYHZDVWHJDVGLVFKDUJHOLQHLVFRQWLQXRXVO\\PRQLWRUHGE\\WZRRIIOLQH

GHWHFWRUVHDFKPHDVXULQJJURVVDFWLYLW\\7KHPRQLWRUV

FRQWUROIXQFWLRQZLOO

WHUPLQDWHWKHZDVWHGLVFKDUJHSULRUWRH[FHHGLQJWKHUHOHDVHUDWHOLPLWVRI6HFWLRQ

7DEOHUHTXLUHVWKDWWKH:DVWH*DV'HFD\\6\\VWHPFRQWDLQDVDPLQLPXPWKH

IROORZLQJLQVWUXPHQWDWLRQ



QREOHJDVDFWLYLW\\PRQLWRU 5($RU% DQG



HIIOXHQWV\\VWHPIORZUDWHPHDVXULQJGHYLFH )7RU$ 

,IERWKQREOHJDVPRQLWRUVDUHGHFODUHGQRQIXQFWLRQDOWKHQWKHFRQWHQWVRIWKHWDQN

PD\\EHUHOHDVHGSURYLGHGWKDWSULRUWRWKHUHOHDVH



DWOHDVWWZRLQGHSHQGHQWJDVVDPSOHVDUHFROOHFWHGDQGDQDO\\]HGE\\JDPPD

VSHFWURVFRS\\IRUSULQFLSDOJDPPDHPLWWHUV QREOHJDVHV 



DWOHDVWWZRLQGHSHQGHQWYHULILFDWLRQVRIWKHUHOHDVHUDWHFDOFXODWLRQVDUH

SHUIRUPHGDQG



DWOHDVWWZRLQGHSHQGHQWYHULILFDWLRQVRIWKHGLVFKDUJHYDOYHOLQHXSDUH

SHUIRUPHG

,IWKHIORZUDWHGHYLFHLVQRQIXQFWLRQDOHIIOXHQWUHOHDVHVPD\\FRQWLQXHSURYLGHGWKDW

WKHIORZUDWHLVHVWLPDWHGDWOHDVWRQFHSHUKRXUV)ORZUDWHVPD\\EHHVWLPDWHG

EDVHGRQIDQFXUYHVRUGLVFKDUJHYDOYHKHDGHUSRVLWLRQLQJ

E

&RQWDLQPHQW3XUJH([KDXVW)LOWHU0RQLWRU 5($% &

7KLVGHWHFWRUPRQLWRUVWKHFRQWDLQPHQWDWPRVSKHUHIRUUDGLRDFWLYLW\\GXULQJ

&RQWDLQPHQW9(17RU385*(7KHQREOHJDVDFWLYLW\\PRQLWRU &KDQQHO& LV

UHTXLUHGE\\7DEOH,WSURYLGHVDQDXWRPDWLFWHUPLQDWLRQRIWKHUHOHDVHSULRUWR

H[FHHGLQJWKHUHOHDVHUDWHOLPLWVRI6HFWLRQ$OWKRXJKQRWUHTXLUHGLQRUGHUWR

FRPSO\\ZLWK7DEOH&KDQQHOV$DQG%SURYLGHLQGLFDWLRQVRILQFUHDVLQJOHYHOVRI

SDUWLFXODWHDQGUDGLRLRGLQHUHOHDVHVDQGWHUPLQDWHWKHUHOHDVHLIWKHLUKLJKDODUP

VHWSRLQWLVH[FHHGHG



5HYLVLRQ

2'&0



$ODUP2QO\\

D

6WDWLRQ9HQW0RQLWRU 5($$%$

7KH6WDWLRQ9HQWLVGHVLJQHGDVWKHILQDOUHOHDVHSRLQWIRUDOOJDVHRXVUDGLRDFWLYH

HIIOXHQWV7KUHHVHSDUDWHFKDQQHOV $%DQG& DUHSURYLGHGIRUHDFKPRQLWRULQJ

V\\VWHP&KDQQHO$LVD6LOLFRQDOSKDEHWDSDUWLFOHPRQLWRU YLHZLQJDIL[HGSDUWLFXODWH

ILOWHU &KDQQHO% LVD6RGLXP,RGLGH GHWHFWRUYLHZLQJDIL[HGFKDUFRDOFDUWULGJH VDPSOHU&KDQQHO& LVD6LOLFRQ GHWHFWRUYLHZLQJDIL[HGDLUYROXPHPHDVXULQJIRU

QREOHJDVHV2QO\\WKH&KDQQHO& UDGLDWLRQGHWHFWRULVUHTXLUHGE\\7DEOH

7KH&KDQQHO$DQG&KDQQHO% GHWHFWRUVSURYLGHLQIRUPDWLRQRQSRWHQWLDOSDUWLFXODWH

DQGUDGLRLRGLQHUHOHDVHVUHVSHFWLYHO\\+RZHYHUWKRVHPRQLWRUVH[SHULHQFHZLGH

YDULDWLRQVLQUHVSRQVHGXHLQSDUWWRWKHPXFKPRUHDEXQGDQWQREOHJDVHVLQWKH

HIIOXHQWVWUHDPUHODWLYHWRWKHSDUWLFXODWHRUUDGLRLRGLQHVEHLQJVDPSOHG7KHUHIRUH

ZKLOH&KDQQHOV$DQG% SURYLGHXVHIXOLQIRUPDWLRQIRULGHQWLI\\LQJSDUWLFXODWHDQG

UDGLRLRGLQHUHOHDVHVWKH\\DUHQRWUHTXLUHGE\\7DEOHIRUTXDQWLI\\LQJWKHUHOHDVH

UDWH5HIHUWR6HFWLRQ

7KHIROORZLQJVDPSOLQJDQGRUPRQLWRULQJLQVWUXPHQWDWLRQRQWKH6WDWLRQ9HQWLV

UHTXLUHGE\\7DEOH



QREOH JDVDFWLYLW\\PRQLWRU &KDQQHO& 



SDUWLFXODWHVDPSOHUILOWHU



LRGLQHVDPSOHUFDUWULGJH



VDPSOHUIORZUDWHPHDVXULQJGHYLFHDQG



XQLWYHQWWRWDO)ORZ,QGLFDWLQJ7UDQVPLWWHU ),7 FRPSXWHUSRLQWV)RU) 

7KHK\\GURJHQSXUJHOLQHVHUYHVDVD&RQWDLQPHQWSUHVVXUHUHOLHIURXWHWRWKH6WDWLRQ

9HQW$VHSDUDWHUDGLDWLRQPRQLWRURQWKLVOLQHLVQRWUHTXLUHG$Q\\UHOHDVHWKURXJK

WKHK\\GURJHQSXUJHOLQHZLOOEHPRQLWRUHGE\\WKH6WDWLRQ9HQWPRQLWRU5(

E

DVWH*DV6\\VWHP2[\\JHQ0RQLWRUV $(DQG

7KH:DVWH*DV6\\VWHPLVSURYLGHGZLWKWZRR[\\JHQPRQLWRUV ZLWKDQDODUP

IXQFWLRQ DVUHTXLUHGE\\7DEOHWRDOHUWRSHUDWRUVLQWKHXQOLNHO\\HYHQWRIR[\\JHQ

OHDNDJHLQWRWKHZDVWHJDVKHDGHU7KHFRQFHQWUDWLRQRIR[\\JHQLVOLPLWHGWROHVVWKDQ

RUHTXDOWRE\\YROXPHZKHQHYHUWKHK\\GURJHQFRQFHQWUDWLRQH[FHHGVE\\

YROXPH$QR[\\JHQFRQFHQWUDWLRQDERYHWKHVSHFLILHGOLPLWZLOODFWXDWH DORFDODQG

FRQWUROURRPDODUP 76D DVLPSOHPHQWHGE\\750 



5HYLVLRQ

2'&0



6$03/,1*$1'$1$/<6,62)*$6(286())/8(176 5DGLRDFWLYHJDVHRXVZDVWHVVKDOOEHVDPSOHGDQGDQDO\\]HGLQDFFRUGDQFHZLWK7DEOH7KLV

VDPSOLQJDQGDQDO\\VLVHQVXUHVWKDWWKHGRVHUDWHVDQGGRVHVIURPJDVHRXVHIIOXHQWVUHPDLQ

EHORZWKHUHOHDVHUDWHOLPLWVRI6HFWLRQDQGWKHGRVHOLPLWVRI6HFWLRQVDQG



%DWFK5HOHDVHV 7DEOHUHTXLUHVWKDWDJUDEJDVVDPSOHEHFROOHFWHGDQGDQDO\\]HGSULRUWRHDFK%$7&+

5(/($6(IURPWKH:DVWH*DV'HFD\\7DQNV :*'7 RUD&RQWDLQPHQW385*(7KH

DQDO\\VLVVKDOOLQFOXGHWKHLGHQWLILFDWLRQRIDOOSULQFLSDOJDPPDHPLWWHUV QREOHJDV DQG

WULWLXP$OWKRXJKQRWUHTXLUHGE\\7DEOH&RQWDLQPHQW3UHVVXUHUHOHDVHV,QWHJUDWHG/HDN

5DWH7HVWVRI&RQWDLQPHQWDQGRWKHUWDQNYHQWLQJRSHUDWLRQVDUHEDWFKUHOHDVHVDQGVKDOOEH

VDPSOHGVLPLODUO\\

7KHUHVXOWVRIWKHVDPSOHDQDO\\VLVDUHXVHGWRHVWDEOLVKWKHDFFHSWDEOHUHOHDVHUDWHLQ

DFFRUGDQFHZLWK6HFWLRQ7KLVHYDOXDWLRQLVQHFHVVDU\\WRHQVXUHFRPSOLDQFHZLWKWKH

OLPLWVRI6HFWLRQ



&RQWLQXRXV5HOHDVH

$OOUHOHDVHVIURPWKH6WDWLRQ9HQWDUHUHTXLUHGWREHFRQWLQXRXVO\\VDPSOHGIRUUDGLRDFWLYLW\\

$VVSHFLILHGLQ7DEOHWKHIROORZLQJPLQLPXPVDPSOHVDQGDQDO\\VHVDUHUHTXLUHG



RQFHSHUZHHNDQDO\\VLVRIDQDEVRUSWLRQPHGLD HJFKDUFRDOFDUWULGJH IRU,



RQFHSHUZHHNDQDO\\VLVRIDILOWHUVDPSOHIRUDOOSULQFLSDOJDPPDHPLWWHUV SDUWLFXODWH

UDGLRDFWLYHPDWHULDO 



RQFHSHUPRQWKDQDO\\VLVRIDJUDEJDVVDPSOHIRUDOOSULQFLSDOJDPPDHPLWWHUV QREOH

JDV DQGWULWLXP



RQFHSHUPRQWKDQDO\\VLVRIDFRPSRVLWHRIWKHSDUWLFXODWHVDPSOHVRIDOOUHOHDVHVIRU

WKDWPRQWKIRUJURVVDOSKDDFWLYLW\\



RQFHSHUTXDUWHUDQDO\\VLVRIDFRPSRVLWHRIWKHSDUWLFXODWHVDPSOHVIRUDOOUHOHDVHVIRU

WKDWTXDUWHUIRU6UDQGDQG



FRQWLQXRXVPRQLWRULQJIRUQREOHJDVHV JURVVEHWDDQGJDPPDDFWLYLW\\ 



5HYLVLRQ

2'&0



5HOHDVHV5HVXOWLQJIURP3ULPDU\\WR6HFRQGDU\\6\\VWHP/HDNDJH

'XHWRVHFRQGDU\\FRRODQWV\\VWHPFRQWDPLQDWLRQWKHUHDUHVHYHUDODGGLWLRQDOJDVHRXVUHOHDVH

SRLQWVWRFRQVLGHU



7KH$WPRVSKHULF9HQW9DOYHV $99V ZHHSDJH FRQWLQXRXVJURXQGOHYHOUHOHDVH



0DLQ6WHDP6\\VWHP5HOLHI9DOYHV 0669V  EDWFKJURXQGOHYHOUHOHDVH



$X[LOLDU\\)HHG3XPS7XUELQHV $)37V  EDWFKJURXQGOHYHOUHOHDVH



$X[LOLDU\\6WHDP6\\VWHP5HOLHI9DOYHV 5HOLHI9DOYHV  EDWFK

JURXQGOHYHOUHOHDVH



$X[LOLDU\\%RLOHU5HOLHI9DOYH EDWFKJURXQGOHYHOUHOHDVH



6WHDP3DFNLQJ([KDXVWHU 63( +/- FRQWLQXRXVJURXQGOHYHOUHOHDVH 6WHDPPD\\EHUHOHDVHGYLDDQ\\RIWKHVHSRLQWVGXHWRLPSURSHUYDOYHVHDWLQJ6WHDPPD\\EH

UHOHDVHGYLDWKH0669VDQG$99VLIWKHSODQWWULSVRUYLDWKH$99VGXULQJDFRQGHQVHU

RXWDJH6WHDPLVUHOHDVHGWKURXJKWKH$)37VGXULQJWKHLURSHUDWLRQ6WHDPPD\\EHUHOHDVHG

GXHWRRYHUSUHVVXUL]DWLRQRIWKH$X[LOLDU\\6WHDP6\\VWHPYLDWKHUHOLHIYDOYHVRQWKHYDULRXV

VWHDPKHDGHUV *ODQG6WHDP IURPWKH+LJKDQG/RZ3UHVVXUH7XUELQHODE\\ULQWKJODQGVHDOV

DQGYDOYHVWHPVWHDPOHDNDJHIURPWKH7XUELQH&RQWURO9DOYHVDQG&RPELQHG,QWHUPHGLDWH

9DOYHV DUH UHOHDVHGGXULQJQRUPDOSODQWRSHUDWLRQIURP WKH6WHDP3DFNLQJ([KDXVWHU

)RUVHFRQGDU\\FRRODQWV\\VWHPUHOHDVHSDWKZD\\VWKHIROORZLQJPLQLPXPVDPSOHVDQGDQDO\\VHV

DUHUHTXLUHG



RQFHSHUZHHNDQDO\\VLVRIDVHFRQGDU\\V\\VWHPRIIJDVVDPSOHIRUSULQFLSDOJDPPD

HPLWWHUV QREOHJDVHV DQGWULWLXP



RQFHSHUZHHNDQDO\\VLVRIFRQGHQVDWHVDPSOHIRUSULQFLSDOJDPPDHPLWWHUV LRGLQHV

DQGSDUWLFXODWHV DQGWULWLXP



RQFHSHUTXDUWHUDQDO\\VLVRIDFRPSRVLWHRIFRQGHQVDWHVDPSOHVIRUVWURQWLXPDQG

VWURQWLXP

7RVXSSOHPHQWWKHDERYHUHTXLUHPHQWVWKHPRLVWXUHVHSDUDWRUGUDLQWDQNOLTXLGPD\\EH

DQDO\\]HGIRUSULQFLSDOJDPPDHPLWWHUV LRGLQHVDQGSDUWLFXODQWV 

/LTXLGVDPSOHVDUHDQDO\\]HGIURP&RQGHQVDWHGXULQJQRUPDORSHUDWLRQVDQGIURPWKH

$X[LOLDU\\%RLOHUGXULQJ0RGHVDQG)RU$X[LOLDU\\6WHDP6\\VWHP5HOLHIOLIWVWKDWRFFXU

ZKHQWKH$X[LOLDU\\%RLOHULVWKHVRXUFHRI$X[LOLDU\\6WHDPOLTXLGVDPSOHVIURPWKH$X[LOLDU\\

%RLOHUDUHDQDO\\]HGIRUSULQFLSDOJDPPDHPLWWHUV LRGLQHVDQGSDUWLFXODWHV DQGWULWLXP

,IRQO\\RQHVWHDPJHQHUDWRUKDVDSULPDU\\WRVHFRQGDU\\OHDNWKHQUDGLRQXFOLGHVRWKHUWKDQ

WULWLXPDUHUHOHDVHGWKURXJKWKHYDOYHVRQWKHOHDNLQJVWHDPJHQHUDWRU VPDLQVWHDPOLQH

'HPLQHUDOL]LQJDQGJDVVWULSSLQJUHPRYHVRPHUDGLRQXFOLGHVIURPWKHFRQGHQVDWHSULRUWRLWV

UHWXUQWRWKHVWHDPJHQHUDWRUDVIHHGZDWHU+RZHYHUWKHVHSURFHVVHVGRQRWUHPRYHWULWLXP



5HYLVLRQ

2'&0



  • $6(286())/8(17021,7256(732,17'(7(50,1$7,21



7RWDO(IIHFWLYH'RVH(TXLYDOHQW/LPLWV

 &)5 OLPLWVWKHWRWDOHIIHFWLYHGRVHHTXLYDOHQW 7('( WRLQGLYLGXDOPHPEHUVRI

WKHSXEOLFIURPDOOOLFHQVHGRSHUDWLRQVWR PUHPLQD\\HDU$W'DYLV%HVVHWKHWRWDO

HIIHFWLYHGRVHHTXLYDOHQWGXHWRUDGLRDFWLYHPDWHULDOVUHOHDVHGLQJDVHRXVHIIOXHQWVDWWKH

ERXQGDU\\RIWKHXQUHVWULFWHGDUHDVKDOOEHOLPLWHGWR PUHPLQD\\HDU



5HOHDVH5DWH/LPLWV

$OOUHOHDVHVRIJDVHRXVUDGLRDFWLYHHIIOXHQWVDUHGHVLJQHGWRRFFXUYLDWKH6WDWLRQ9HQW

6WDWLRQ9HQWDODUPVHWSRLQWVVKDOO EHHVWDEOLVKHGWR HQVXUHWKHUHOHDVHUDWHRIQREOHJDVLRGLQH

DQGSDUWLFXODWH HIIOXHQWGRHVQRWH[FHHGDQ\\&)5OLPLW DWRUEH\\RQGWKHVLWHERXQGDU\\ )RU EDWFKDQGLQWHUPLWWHQWUHOHDVHV HJFRQWDLQPHQWSXUJHV HWF FRPSOLDQFHPD\\EH

GHPRQVWUDWHGE\\HQVXULQJWKDW

1REOHJDV$GRVHUDWHOHVVWKDQRUHTXDOWRPUHP\\HDUWRWKHWRWDOERG\\DQGD

GRVHUDWHOHVVWKDQRUHTXDO WRPUHP\\HDUWRWKHVNLQ

$QG

,RGLQH ,RGLQH7ULWLXP DQGDOOUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWK

KDOIOLYHVJUHDWHUWKDQGD\\V$GRVHUDWHOHVVWKDQRUHTXDOWRPUHP\\HDUWR

DQ\\RUJDQ

6KRXOGGRVHUDWH V H[FHHGWKHDERYHOLPLWVZLWKRXWGHOD\\UHVWRUHWKHUHOHDVHUDWHWRZLWKLQWKH

DERYHOLPLW V 

7KHVHUHTXLUHPHQWVHQVXUHWKDWWKH WRWDOHIIHFWLYHGRVHHTXLYDOHQWDWWKH815(675,&7('

$5($%281'$5<IURPJDVHRXVHIIOXHQWVZLOOEHZLWKLQWKHDQQXDOGRVHOLPLWVRI&)5

3DUWIRULQGLYLGXDOPHPEHUVRIWKHSXEOLF

)RU,1',9,'8$/0(0%(562)7+(38%/,&ZKRPD\\DWWLPHVEHZLWKLQWKH

815(675,&7('$5($%281'$5<WKHRFFXSDQF\\RIWKDW0(0%(52)7+(38%/,&

ZLOOEHVXIILFLHQWO\\ORZWRFRPSHQVDWHIRUDQ\\LQFUHDVHLQWKHDWPRVSKHULFGLIIXVLRQIDFWRU

DERYHWKDWIRUWKH815(675,&7('$5($%281'$5<



5HYLVLRQ

2'&0



,QGLYLGXDO5HOHDVH5DGLDWLRQ0RQLWRU6HWSRLQWV

$OWKRXJKJHQHULFUDGLDWLRQPRQLWRUVHWSRLQWVDUHQRUPDOO\\XVHGDW'DYLV%HVVH VHH6HFWLRQ

 VHWSRLQWVPD\\EHHVWDEOLVKHGIURPDVDPSOHDQDO\\VLVRIWKHDSSOLFDEOHVRXUFH LH

6WDWLRQ9HQW:DVWH*DV'HFD\\7DQNVRU&RQWDLQPHQWDWPRVSKHUH DQGWKHIROORZLQJ

HTXDWLRQV

63 4

9) 7%

L 1*

L L









63 4

9)

/

0 6

L 1*

L L

L













ZKHUH

637%

PRQLWRUVHWSRLQWFRUUHVSRQGLQJWRWKHUHOHDVHUDWHOLPLWIRUWKHWRWDO

ERG\\GRVHUDWHRIPUHPSHU\\HDU &LPO 

636 PRQLWRU VHWSRLQWFRUUHVSRQGLQJWRWKHUHOHDVHUDWHOLPLWIRUWKHVNLQ

GRVHUDWHRIPUHPSHU\\HDU &LPO 



WRWDOERG\\GRVHUDWHOLPLW PUHP\\U 



VNLQGRVHUDWHOLPLW PUHP\\U 

41*

DWPRVSKHULF 4YDOXHIRUGLUHFWH[SRVXUHWRQREOHJDVDWWKH

815(675,&7('$5($%281'$5<JLYHQLQ7DEOH VHFP 

9)

YHQWLODWLRQV\\VWHPIORZUDWHIRUWKHDSSOLFDEOHUHOHDVHSRLQWDQG

PRQLWRU IWPLQXWH 

&L FRQFHQWUDWLRQRIQREOHJDVUDGLRQXFOLGHLDVGHWHUPLQHGE\\JDPPD

VSHFWUDODQDO\\VLVRIJUDEVDPSOH &LPO 

.L WRWDOERG\\GRVHFRQYHUVLRQIDFWRUIRUUDGLRQXFOLGHL PUHP\\USHU

&LP IURP7DEOH

/L EHWDVNLQGRVHFRQYHUVLRQIDFWRUIRUUDGLRQXFOLGHL PUHP\\USHU

&LP IURP7DEOH

0L JDPPDDLUGRVHFRQYHUVLRQIDFWRUIRUUDGLRQXFOLGHL PUDG\\USHU

&LP IURP7DEOH



PUHPVNLQGRVHSHUPUDGJDPPDDLUGRVH PUHPPUDG DQG



 POIW   PLQVHF 

7KHOHVVHUYDOXHRI637% RU636 LVXVHGWRHVWDEOLVKWKHPRQLWRUVHWSRLQW



5HYLVLRQ

2'&0 7KH6WDWLRQ9HQWPRQLWRU 5( HIILFLHQFLHVDQGUHDGRXWVDUHLQ&LPOKRZHYHUWKH

&RQWDLQPHQW3XUJH([KDXVW0RQLWRU 5( DQGWKH:*'7PRQLWRU 5( 

HIILFLHQFLHVDQGUHDGRXWVDUHLQFRXQWVSHUPLQXWH7KHUHIRUHIRU5(DQG5(WKH

VHWSRLQWVLQ&LPOPXVWEHFRUUHFWHGWRDQHTXLYDOHQWPRQLWRUFRXQWVSHUPLQXWH7KH

PRQLWRUFDOLEUDWLRQFXUYHVDUHXVHGIRUGHWHUPLQLQJVSHFLILFUDGLRQXFOLGHHIILFLHQFLHV FSPSHU

&LPO 

1RUPDOO\\WKHPRQLWRUIRU;HHIILFLHQF\\LVXVHGLQOLHXRIWKHHIILFLHQF\\YDOXHVIRUWKH

LQGLYLGXDOUDGLRQXFOLGHV;HLVXVHGEHFDXVHLWLVWKHSUHGRPLQDQWLQHUWJDVIRXQGLQ

VWDWLRQJDVHRXVUHOHDVHV7KHXVHRI;HHIILFLHQF\\SURYLGHVDFRQVHUYDWLYHYDOXHIRU

DODUPVHWSRLQWGHWHUPLQDWLRQ



&RQVHUYDWLYH*HQHULF5DGLDWLRQ0RQLWRU6HWSRLQWV 1RUPDOO\\JHQHULFDODUPVHWSRLQWVDUHHVWDEOLVKHGLQVWHDGRIWKRVHGHWHUPLQHGE\\LQGLYLGXDO

UDGLRQXFOLGHDQDO\\VLV7KLVDSSURDFKHOLPLQDWHVWKHQHHGWRDGMXVWWKHVHWSRLQWSHULRGLFDOO\\WR

UHIOHFWPLQRUFKDQJHVLQUDGLRQXFOLGHGLVWULEXWLRQRUUHOHDVHIORZUDWH7KHUHIRUHWKHPRUH

UHVWULFWLYHVHWSRLQWLVEDVHGRQWKHWRWDOERG\\GRVHUDWHOLPLWDQGPD\\EHFDOFXODWHGXVLQJ

HTXDWLRQ  $JDLQ;HPRQLWRUHIILFLHQF\\LVXVHGIRUFRQVHUYDWLVP;HLVXVHG

EHFDXVHLWLVWKHSUHGRPLQDQWLQHUWJDVLQVWDWLRQJDVHRXVUHOHDVHV7KHDODUPVHWSRLQWVDUH

FRQWUROOHGIRU5(5(DQG5(LQDFFRUGDQFHZLWKWKH5DGLDWLRQ0RQLWRU

6HWSRLQW0DQXDO



5HOHDVH)ORZ5DWH(YDOXDWLRQ)RU%DWFK5HOHDVHV 7RFRPSO\\ZLWKWKHUHOHDVHUDWHOLPLWVRI6HFWLRQHDFKEDWFKUHOHDVHVKDOOEHHYDOXDWHG

IRUPD[LPXPUHOHDVHIORZUDWHSULRUWREHLQJUHOHDVHG%DVHGRQQREOHJDVFRQFHQWUDWLRQDQG

WKHUDGLRLRGLQHSDUWLFXODWHDQGWULWLXPFRQFHQWUDWLRQLQ WKHVDPSOHDVFROOHFWHGLQDFFRUGDQFH

ZLWK7DEOHWKHDOORZDEOHUHOHDVHUDWHLVGHWHUPLQHGEDVHGRQHTXDWLRQV    DQG

 7KHVPDOOHVWYDOXHRI55WE556 RU55,1+ LVXVHGDVWKHPD[LPXPDOORZDEOHUHOHDVH

IORZUDWH

7RGHWHUPLQH55,1+ H[DFWO\\DVHSDUDWH55,1+ PXVWEHFDOFXODWHGIRUHYHU\\RUJDQLQHYHU\\DJH

JURXS YDOXHVRI55,1+ 7KHVPDOOHVWRIWKHVHLVWKH55,1+ ZKLFKLVFRPSDUHGWR55WE DQG55V WRGHWHUPLQHPD[LPXPDOORZDEOHUHOHDVHUDWH$FRQVHUYDWLYHVKRUWFXWLVWRFDOFXODWH

55,1+ RQFHE\\XVLQJWKHODUJHVWLQKDODWLRQGRVHIDFWRU 5LR IURP7DEOH IRUDQ\\RUJDQRI

DQ\\DJHJURXSIRUHDFKQXFOLGHUHOHDVHG7KHODUJHVWGRVHIDFWRUVLQWKHLQKDODWLRQSDWKZD\\

DUHXVXDOO\\IRUWKHWHHQOXQJ

55 4

&1*

WE 1*

L L









55 4

/

0

&1*

6 1*

L L

L













55 4

5

&,1+

')

,1+

,1+

LR L

,3












5HYLVLRQ

2'&0 ZKHUH

55WE DOORZDEOHUHOHDVHIORZUDWHVRDVQRWWRH[FHHGDWRWDOERG\\GRVHUDWH

RIPUHP\\U IWPLQXWH 

55V DOORZDEOHUHOHDVHIORZUDWHVRDVQRWWRH[FHHGDVNLQGRVHUDWHRI

PUHP\\U IWPLQXWH 

55,1+

DOORZDEOHUHOHDVHIORZUDWHVRDVQRWWRH[FHHGDQLQKDODWLRQGRVHUDWH

RIPUHP\\U IWPLQ 



WRWDOERG\\GRVHUDWHOLPLWDWWKH815(675,&7('$5($

%281'$5< PUHP\\U 



VNLQGRVHUDWH OLPLWDWWKH815(675,&7('$5($

%281'$5< PUHP\\U 



LQKDODWLRQGRVHUDWHOLPLWDWWKH815(675,&7('$5($

%281'$5< PUHP\\U 



 POIW   PLQVHF 

41*

DWPRVSKHULF 4YDOXHIRUGLUHFWH[SRVXUHWRQREOHJDVDWWKH

815(675,&7('$5($%281'$5<JLYHQLQ7DEOH VHFP 

4,1+

DWPRVSKHULF 4YDOXHIRULQKDODWLRQDWWKH815(675,&7('$5($

%281'$5<JLYHQLQ7DEOH VHFP 

.L WRWDOERG\\GRVHFRQYHUVLRQIDFWRUIRUUDGLRQXFOLGHL PUHP\\USHU

&LP IURP7DEOH 

/L EHWDVNLQGRVHFRQYHUVLRQIDFWRUIRUUDGLRQXFOLGHL PUHP\\USHU

&LP IURP7DEOH

0L JDPPDDLUGRVHFRQYHUVLRQIDFWRUIRUUDGLRQXFOLGHL PUDG\\USHU

&LP IURP7DEOH

5LR GRVHIDFWRUIRUUDGLRQXFOLGHL WRRUJDQRRIDJHJURXSD JLYHQLQ7DEOH

 PUHP\\USHU&LP 

&1*L FRQFHQWUDWLRQRIQREOHJDVUDGLRQXFOLGHLDQDO\\]HGLQJUDEVDPSOHV

&,1+L FRQFHQWUDWLRQRIWULWLXPUDGLRLRGLQHRUSDUWLFXODWHUDGLRQXFOLGHL

DQDO\\]HGLQJUDEVDPSOHVDQG

'),3

ZKLFKLVDUHPRYDOIDFWRURIIRUUDGLRLRGLQHVDQG

SDUWLFXODWHVZKHQWKHHIIOXHQWLVSURFHVVHGWKURXJKDQDEVROXWHILOWHU

GRQRW XVHIRUWULWLXP 

7KHDFWXDOUHOHDVHUDWHPD\\EHVHWORZHUWKDQWKHPD[LPXPDOORZDEOHUHOHDVHUDWHWR

SURYLGHDQDGGLWLRQDODVVXUDQFHWKDWWKHUHOHDVHUDWHOLPLWVRI6HFWLRQDUHQRW

H[FHHGHG



5HYLVLRQ

2'&0



815(675,&7('$5($%281'$5<'26(5$7(&$/&8/$7,21 12%/(*$6

,IDQHIIOXHQWQREOHJDVPRQLWRUH[FHHGVWKHDODUPVHWSRLQWWKHQDQHYDOXDWLRQRIFRPSOLDQFH

ZLWKWKHUHOHDVHUDWHOLPLWVRI6HFWLRQPXVWEHSHUIRUPHGXVLQJDFWXDOUHOHDVHFRQGLWLRQV

7KLVHYDOXDWLRQUHTXLUHVFROOHFWLQJDVDPSOHRIWKHHIIOXHQWWRHVWDEOLVKDFWXDOUDGLRQXFOLGH

FRQFHQWUDWLRQVDQGPRQLWRUUHVSRQVH

7KHIROORZLQJHTXDWLRQVPD\\EHXVHGIRUHYDOXDWLQJFRPSOLDQFHZLWKWKHUHOHDVHUDWHOLPLWRI

6HFWLRQIRUQREOHJDVHV

4 9)

WE 1*

L L







4 9)

/

0 V

1*

L L

L











ZKHUH

'WE WRWDOERG\\GRVHUDWH PUHP\\U 

'V VNLQGRVHUDWH PUHP\\U 

41*

DWPRVSKHULF 4IRUGLUHFWH[SRVXUHWRQREOHJDVHVDWWKH

815(675,&7('$5($%281'$5<JLYHQLQ7DEOH VHFP 

9)

YHQWLODWLRQV\\VWHPIORZUDWH IWPLQ 

&L FRQFHQWUDWLRQRIUDGLRQXFOLGHLDVPHDVXUHGLQVDPSOH &LPO 

.L WRWDOERG\\GRVHFRQYHUVLRQIDFWRUIRUQREOHJDVUDGLRQXFOLGHL

PUHP\\USHU&LP IURP7DEOH

/L EHWDVNLQGRVHFRQYHUVLRQIDFWRUIRUQREOHJDVUDGLRQXFOLGHL

PUHP\\USHU&LP IURP7DEOH

0L JDPPDDLUGRVHFRQYHUVLRQIDFWRUIRUQREOHJDVUDGLRQXFOLGHL

PUDG\\USHU&LP IURP7DEOH



PUHPVNLQGRVHSHUPUDGJDPPDDLUGRVH PUHPPUDG DQG



 POIW   PLQVHF 



5HYLVLRQ

2'&0



815(675,&7('$5($%281'$5<'26(5$7(&$/&8/$7,21 5$',2,2',1(

75,7,80$1'3$57,&8/$7(6



'RVH5DWH&DOFXODWLRQ 6HFWLRQOLPLWVWKHGRVHUDWHWRPUHP\\UWRDQ\\RUJDQIRUJDVHRXVUHOHDVHVRI,

WULWLXPDQGDOOSDUWLFXODWHVZLWKKDOIOLYHVJUHDWHUWKDQGD\\V7RGHPRQVWUDWHFRPSOLDQFH

ZLWKWKLVOLPLWDQHYDOXDWLRQLVSHUIRUPHGLQDFFRUGDQFHZLWK7DEOH QRPLQDOO\\RQFHSHU

GD\\V 7KHIROORZLQJHTXDWLRQPD\\EHXVHGIRUWKHGRVHUDWHHYDOXDWLRQ

4 5

4 R

,1+

LR L





ZKHUH

'R GRVHUDWHWRRUJDQRRYHUWKHVDPSOLQJWLPHSHULRG PUHP\\U

4,1+

DWPRVSKHULF 4YDOXHIRULQKDODWLRQDWWKH815(675,&7('$5($

%281'$5<JLYHQLQ7DEOH VHFP 

5LR GRVHIDFWRUWRRUJDQR IURP UDGLRQXFOLGHLIRUWKHFRQWUROOLQJDJHJURXSYLD

WKHLQKDODWLRQSDWKZD\\ PUHP\\USHU&LP IURP7DEOHDQG

4L DYHUDJHUHOHDVHUDWHRYHUWKHDSSURSULDWHVDPSOLQJSHULRGDQGDQDO\\VLV

IUHTXHQF\\IRUUDGLRQXFOLGHL &LVHF 



6LPSOLILHG'RVH5DWH(YDOXDWLRQIRU5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWHV

,WLVFRQVHUYDWLYHWRHYDOXDWHGRVHUDWHVE\\DSSO\\LQJWKH,GRVHIDFWRUWRWKHFROOHFWLYH

UHOHDVHVIRUDOOPHDVXUHGUDGLRQXFOLGHV%\\VXEVWLWXWLQJ PUHP\\UIRUWKHGRVHUDWHWR

RUJDQRLQ(TXDWLRQ  DQGVROYLQJIRU4LDQDOORZDEOHUHOHDVHUDWHFDQEHGHWHUPLQHG

%DVHGRQWKHDQQXDODYHUDJHPHWHRURORJLFDOGLVSHUVLRQ VHH7DEOH DQGWKH,GRVH

IDFWRUIRUWKHPRVWOLPLWLQJSRWHQWLDOSDWKZD\\DJHJURXSDQGRUJDQ LQKDODWLRQFKLOGWK\\URLG

 5LR (PUHP\\USHU&LP WKHDOORZDEOHUHOHDVHUDWHLV &LVHF$QDGGHG

FRQVHUYDWLVPIDFWRURIKDVEHHQLQFOXGHGLQWKLVFDOFXODWLRQWRDFFRXQWIRUDQ\\SRWHQWLDO

GRVHFRQWULEXWLRQIURPRWKHUUDGLRDFWLYHSDUWLFXODWHPDWHULDO

)RUDGD\\SHULRGZKLFKLVWKHQRPLQDOVDPSOLQJDQGDQDO\\VLVIUHTXHQF\\WKHFXPXODWLYH

UHOHDVHZRXOGEH &L7KHUHIRUHDVORQJDVWKHWRWDOUDGLRLRGLQHWULWLXPDQGSDUWLFXODWH

UHOHDVHVLQDQ\\GD\\SHULRGGRQRWH[FHHG &LQRDGGLWLRQDODQDO\\VHVDUHQHHGHGWRYHULI\\

FRPSOLDQFHZLWKWKH6HFWLRQOLPLWVRQDOORZDEOHUHOHDVHUDWH



5HYLVLRQ

2'&0



48$17,)<,1*$&7,9,7<5(/($6('

15&5HJXODWRU\\*XLGHUHTXLUHVUHSRUWLQJWKHTXDQWLWLHVRILQGLYLGXDOUDGLRQXFOLGHV

UHOHDVHGLQJDVHRXVHIIOXHQWV7KHUHIRUHWKHVHTXDQWLWLHVVKDOOEHGHWHUPLQHG



4XDQWLI\\LQJ1REOH*DV $FWLYLW\\5HOHDVHG8VLQJD*UDE6DPSOHRU5(

7KHTXDQWLILFDWLRQRIFRQWLQXRXVQREOHJDVHIIOXHQWVLVEDVHGRQVDPSOLQJDQGDQDO\\VLVRIWKH

6WDWLRQ9HQWHIIOXHQW7KHPRQLWRU5(SURYLGHVDPHDVXUHPHQWRIJURVVUDGLRDFWLYH

PDWHULDOFRQFHQWUDWLRQLQWKHHIIOXHQW$VUHTXLUHGE\\7DEOHDJDVVDPSOHLVFROOHFWHGDW

OHDVWPRQWKO\\IURPWKH6WDWLRQ9HQW$QGDVGLVFXVVHGLQ6HFWLRQ WKLVVDPSOHLV

DQDO\\]HGE\\JDPPDVSHFWURVFRS\\WRLGHQWLI\\SULQFLSDOJDPPDHPLWWLQJUDGLRQXFOLGHV QREOH

JDVHV 7KHUHVXOWVRIWKHDQDO\\VLVDUHXVHGWRGHWHUPLQHWKHTXDQWLWLHVRIUDGLRQXFOLGHV

UHOHDVHG7KLVVLPSOLILHGDSSURDFKUHDVRQDEO\\TXDQWLILHVWKHFRQWLQXRXVUHOHDVHSURYLGHGWKDW

QRDW\\SLFDOOHYHOVKDYHEHHQREVHUYHG HJDOHUWVHWSRLQWEHLQJH[FHHGHG 

%DVHGRQWKHDFWXDOJUDEVDPSOHDQDO\\VLVWKHUHOHDVHTXDQWLWLHVDUHGHWHUPLQHGE\\XVLQJWKH

IROORZLQJHTXDWLRQ

4L

 9) 7 &L (



ZKHUH

4L WRWDODFWLYLW\\UHOHDVHGRIUDGLRQXFOLGHL &L 



PLOOLOLWHUVSHUIW

9)

YHQWLODWLRQV\\VWHPIORZUDWH IWPLQ 

7 UHOHDVHGXUDWLRQ PLQ 

(

&LSHU &LDQG

&L FRQFHQWUDWLRQRIUDGLRQXFOLGHLDVPHDVXUHGLQWKHJUDEVDPSOH

&LPO 

$VDQDOWHUQDWLYHPHWKRGWKHDYHUDJHQREOHJDVUHDGLQJIRUWKHUHOHDVHSHULRGFDQEHXVHGWR

TXDQWLW\\LQGLYLGXDOQREOHJDVUDGLRQXFOLGHVUHOHDVHGSURYLGHGDQRUPDOLVRWRSLFPL[WXUHRI

JDVHVLVSUHVHQWE\\XVLQJWKHIROORZLQJHTXDWLRQ

4 9) 7 L

L L

 





ZKHUH

4L WRWDODFWLYLW\\UHOHDVHGRIUDGLRQXFOLGHL &L 



PLOOLOLWHUVSHUIW



5HYLVLRQ

2'&0

$L DFWLYLW\\FRQFHQWUDWLRQRIUDGLRQXFOLGHLIURPWKHJDPPDVSHFWUDO

DQDO\\VLVRIDJUDEVDPSOHIURPWKHUHOHDVHSRLQW &LPO 

DYHUDJHJURVVDFWLYLW\\FRQFHQWUDWLRQRYHUWKHUHOHDVHSHULRGDV

PHDVXUHGE\\WKHQREOHJDVPRQLWRUH[FOXGLQJDQ\\%$7&+

5(/($6(6 &LPO 

9)

YHQWLODWLRQV\\VWHPIORZUDWH IWPLQ DQG 7

UHOHDVHGXUDWLRQ PLQ 



4XDQWLI\\LQJ1REOH*DV$FWLYLW\\5HOHDVHG:KLOH5($$DQG%$&KDQQHO& $UH

,QRSHUDEOH

LWKERWK6WDWLRQ9HQWUDGLDWLRQPRQLWRUVLQRSHUDEOH LH5($$DQG%$&KDQQHO& 

WKHDODUPIXQFWLRQVDUHDOVRQRQIXQFWLRQDO7KHRQFHSHUKRXUVJUDEVDPSOHVSURYLGHIRU

FRQWLQXHGTXDQWLILFDWLRQRIUHOHDVHVLQDFFRUGDQFHZLWK7DEOHUHTXLUHPHQWV$QDO\\VLVRI

JUDEVDPSOHVSURYLGHVWKHUDGLRQXFOLGHFRQFHQWUDWLRQVLQWKHHIIOXHQW7KHIORZPHDVXUHPHQW

GHYLFH RUIORZUDWHHVWLPDWH DQGWKHUHOHDVHGXUDWLRQSURYLGHWKHWRWDOYROXPHUHOHDVHG:LWK

WKHVHWKHWRWDODPRXQWRIUDGLRDFWLYHPDWHULDOUHOHDVHGFDQEHGHWHUPLQHGE\\XVLQJHTXDWLRQ





4XDQWLI\\LQJ5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWH$FWLYLW\\5HOHDVHG

)RUUDGLRLRGLQHDQGSDUWLFXODWHV

4 W

Y

(

O H

V L

L L

W L







 



ZKHUH

4L WRWDODFWLYLW\\UHOHDVHGRIUDGLRQXFOLGHL &L 

$L DFWLYLW\\RIUDGLRQXFOLGHL PHDVXUHGRQILOWHUPHGLD &L 

L GHFD\\FRQVWDQWRIUDGLRQXFOLGHL KU 

W UHOHDVHGXUDWLRQ KU 

Y WRWDOYHQWV\\VWHPIORZIRUVDPSOLQJSHULRG FF 

(

&LSHU&L

V WRWDOIORZWKURXJKVDPSOHU FF DQG



LVRNLQHWLFIORZFRUUHFWLRQIDFWRUIRUQRUPDOUDQJHVWDWLRQYHQWVNLG

5($$RU%$ILOWHUPHGLD



5HYLVLRQ

2'&0

)RU7ULWLXP

4 9

(

6







 



ZKHUH

4 WRWDODFWLYLW\\RIWULWLXPUHOHDVHG &L 

WULWLXPFRQFHQWUDWLRQLQJDVZDVKLQJERWWOH &LPO 

YROXPHRIZDWHUDGGHGWRJDVZDVKLQJERWWOH PO 

9 WRWDOYHQWV\\VWHPIORZIRUUHOHDVHSHULRG FF 

(

&LSHU&L



HIILFLHQF\\IRUFROOHFWLRQRIWULWLXPDQG 6

WRWDOVDPSOHYROXPHWKURXJKJDVZDVKLQJERWWOH FF 



4XDQWLI\\LQJ*URXQG/HYHO5HOHDVHV$FWLYLW\\

7KHJURXQGOHYHOUHOHDVHVOLVWHGLQ6HFWLRQGRQRWH[KDXVWWKURXJK6WDWLRQ9HQWQRUDUH

GLUHFWO\\VDPSOHGIRUDFWLYLW\\7KHFRQGHQVDWHVDPSOHLVXVHGWRFDOFXODWHWKHSRVWXODWHGLRGLQH

DQGSDUWLFXODWHVDFWLYLWLHVDQGDSRUWLRQRIWKHWULWLXPDQGQREOHJDVDFWLYLW\\7KHRIIJDV

VDPSOHVXSSOHPHQWWKHWULWLXPDQGQREOHJDVDFWLYLWLHVUHOHDVHG GXHWRSDUWLWLRQLQJIDFWRUV

RYHURILRGLQHVDQGSDUWLFXODWHVDUHLQWKHFRQGHQVDWHDQGPRLVWXUHVHSDUDWRUGUDLQWDQN

OLTXLG 7KHUHVXOWVRIWKHVDPSOLQJSURJUDPDUHXVHGWRLQGLUHFWO\\TXDQWLI\\WKHDFWLYLW\\

UHOHDVHGDVIROORZV

4 7 0 3

)

0 0 L

LF LP LV F







 

 



ZKHUH

4L WRWDODFWLYLW\\UHOHDVHGRIUDGLRQXFOLGH L &L 

7 GXUDWLRQRIUHOHDVH PLQ 

0 PDVVIORZUDWHRIUHOHDVH OEVKU 

0F PDVVIORZUDWHRIFRQGHQVDWH OEVKU 







KUPLQ  FFOEV 

&LF FRQFHQWUDWLRQRIUDGLRQXFOLGHLQFRQGHQVDWH &LFF 



5HYLVLRQ

2'&0



PDVVIORZUDWHUDWLRRIPRLVWXUHVHSDUDWRUGUDLQWRFRQGHQVDWH

3 IUDFWLRQRIPRLVWXUHVHSDUDWRUGUDLQIORZURXWHGWRIHHGZDWHU

&LP FRQFHQWUDWLRQRIUDGLRQXFOLGHLQ PRLVWXUHVHSDUDWRUGUDLQ &LFF 

)

IORZUDWHRIRIIJDVV\\VWHP IWPLQ 



FFSHUIW

&LV FRQFHQWUDWLRQRIUDGLRQXFOLGHL LQRIIJDVVDPSOH &LFF



5HYLVLRQ

2'&0



12%/(*$6'26(&$/&8/$7,216 &)5



815(675,&7('$5($'RVH /LPLWV

&XPXODWLYHGRVHFRQWULEXWLRQVIRUWKHFXUUHQWFDOHQGDUTXDUWHUDQGFXUUHQWFDOHQGDU\\HDUIRU

QREOHJDVHVVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQWKLV

6HFWLRQRUWKHPHWKRGRORJ\\XVHGLQ*$63$5,, 185(*&5 DWOHDVWRQFHSHUGD\\V

7KLVSHULRGLFDVVHVVPHQWRIUHOHDVHVRIQREOHJDVHVLVWRHYDOXDWHFRPSOLDQFHZLWKWKH

TXDUWHUO\\GRVHOLPLWVDQGFDOHQGDU\\HDUOLPLWV

7KHDLUGRVHGXHWRQREOHJDVHVUHOHDVHGLQJDVHRXVHIIOXHQWVWRDUHDVDWDQGEH\\RQGWKH

815(675,&7('$5($%281'$5<VKDOOEHOLPLWHGWRWKHIROORZLQJ



GXULQJDQ\\FDOHQGDUTXDUWHUOHVVWKDQRUHTXDOWRPUDGIRUJDPPDUDGLDWLRQDQG

OHVVWKDQRUHTXDOWRPUDGIRUEHWDUDGLDWLRQDQG



GXULQJDQ\\FDOHQGDU\\HDUOHVVWKDQRUHTXDOWRPUDGIRUJDPPDUDGLDWLRQDQGOHVV

WKDQRUHTXDOWRPUDGIRUEHWDUDGLDWLRQ

LWKWKHFDOFXODWHGDLUGRVHIURPUDGLRDFWLYHQREOHJDVHVLQJDVHRXVHIIOXHQWVH[FHHGLQJDQ\\

RIWKHDERYHOLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VSXUVXDQWWR6HFWLRQ

D/LFHQVHH(YHQW 5HSRUWWKDWLGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLW V DQGGHILQHV

WKHFRUUHFWLYHDFWLRQVWKDWKDYHEHHQWDNHQWRUHGXFHWKHUHOHDVHVDQGWKHSURSRVHGFRUUHFWLYH

DFWLRQVWREHWDNHQWRDVVXUHWKDWVXEVHTXHQWUHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYH

OLPLWV

7KLVVSHFLILFDWLRQLVSURYLGHGWRLPSOHPHQWWKHUHTXLUHPHQWVRI6HFWLRQ,,%,,,$DQG,9$

RI$SSHQGL[,&)53DUW7KHOLPLWVVSHFLILHGDERYHSURYLGHWKHUHTXLUHGRSHUDWLQJ

IOH[LELOLW\\DQGDWWKHVDPHWLPHLPSOHPHQWWKHJXLGHVVHWIRUWKLQ6HFWLRQ,9$RI$SSHQGL[,

WRDVVXUHWKDWWKHUHOHDVHVRIUDGLRDFWLYHPDWHULDOLQJDVHRXVHIIOXHQWVZLOOEHNHSWDVORZDVLV

UHDVRQDEO\\DFKLHYDEOH7KLV6HFWLRQLPSOHPHQWVWKHUHTXLUHPHQWVRI6HFWLRQ,,,$RI

$SSHQGL[,WKDWFRQIRUPDQFHZLWKWKHJXLGHVRI$SSHQGL[,WREHVKRZQE\\FDOFXODWLRQDO

SURFHGXUHVEDVHGRQPRGHOVDQGGDWDVXFKWKDWWKHDFWXDOH[SRVXUHRIDQLQGLYLGXDOWKURXJK

WKHDSSURSULDWHSDWKZD\\VLVXQOLNHO\\WREHVXEVWDQWLDOO\\XQGHUHVWLPDWHG7KHGRVH FDOFXODWLRQV

HVWDEOLVKHGIRUFDOFXODWLQJWKHGRVHVGXHWRWKHDFWXDOUHOHDVHUDWHVRIUDGLRDFWLYHQREOHJDVHV

LQJDVHRXVHIIOXHQWVDUHFRQVLVWHQWZLWKWKHPHWKRGRORJ\\SURYLGHGLQ5HJXODWRU\\*XLGH

&DOFXODWLRQRI$QQXDO'RVHVWR0DQIURP5RXWLQH5HOHDVHVRI5HDFWRU(IIOXHQWVIRUWKH

3XUSRVHRI(YDOXDWLQJ&RPSOLDQFHZLWK&)53DUW$SSHQGL[,5HYLVLRQ2FWREHU

DQG5HJXODWRU\\*XLGH0HWKRGVIRU(VWLPDWLQJ$WPRVSKHULF7UDQVSRUWDQG

'LVSHUVLRQRI*DVHRXV(IIOXHQWVLQ5RXWLQH5HOHDVHV IURP/LJKW:DWHU&RROHG5HDFWRUV

5HYLVLRQ-XO\\



'RVH&DOFXODWLRQV 1REOH*DVHV 7KHIROORZLQJHTXDWLRQVPD\\EHXVHGWRFDOFXODWHWKHJDPPDDLUDQGEHWDDLUGRVHV

(

4 0

4 1*

L L












(

4 1

4 1*

L L













5HYLVLRQ

2'&0 ZKHUH

DLUGRVHGXHWRJDPPDHPLVVLRQVIRUQREOHJDVUDGLRQXFOLGHV PUDG 

DLUGRVHGXHWREHWDHPLVVLRQVIRUQREOHJDVUDGLRQXFOLGHV PUDG 

41*

DWPRVSKHULF 4YDOXHIRUGLUHFWH[SRVXUHWRQREOHJDVDWWKH

815(675,&7('$5($%281'$5<JLYHQLQ7DEOH VHFP 

4L FXPXODWLYHUHOHDVHRIQREOHJDVUDGLRQXFOLGHLRYHUWKHSHULRGRI

LQWHUHVW &L 

0L DLUGRVHIDFWRUGXHWRJDPPDHPLVVLRQVIURPQREOHJDVUDGLRQXFOLGH

L PUDG\\USHU&LP IURP7DEOH 

1L DLUGRVHIDFWRUGXHWREHWDHPLVVLRQVIURPQREOHJDVUDGLRQXFOLGHL

PUDG\\USHU&LP IURP7DEOH DQG

(

( \\UVHF 



6LPSOLILHG'RVH&DOFXODWLRQIRU1REOH*DVHV

,QOLHXRIWKHLQGLYLGXDOQREOHJDVUDGLRQXFOLGHGRVHDVVHVVPHQWSUHVHQWHGDERYHWKH

IROORZLQJVLPSOLILHGHTXDWLRQVPD\\EHXVHGIRUYHULI\\LQJFRPSOLDQFHZLWKWKHGRVHOLPLWVRI

6HFWLRQ 5HIHUWR$SSHQGL[%IRUWKHGHULYDWLRQDQGMXVWLILFDWLRQRIWKLVVLPSOLILHG

PHWKRG

(

4 0

4 1*

HII L

 





 





DQG

(

4 1

4 1*

HII L

 





 





ZKHUH

0HII

(HIIHFWLYHJDPPDDLUGRVHIDFWRUIURP$SSHQGL[ % PUDG\\U

SHU&LP 

1HII

(HIIHFWLYHEHWDDLUGRVHIDFWRUIURP$SSHQGL[ % PUDG\\USHU

&LP DQG



FRQVHUYDWLVPIDFWRUWRDFFRXQWIRUSRWHQWLDOYDULDELOLW\\LQWKH

UDGLRQXFOLGHGLVWULEXWLRQ



5HYLVLRQ

2'&0



5$',2,2',1(75,7,80$1'3$57,&8/$7('26(&$/&8/$7,216 &)5



815(675,&7('$5($'RVH/LPLWV

$SHULRGLFDVVHVVPHQWLVUHTXLUHGWRHYDOXDWHFRPSOLDQFHZLWKWKHTXDUWHUO\\GRVHOLPLWDQGWKH

FDOHQGDU\\HDUOLPLWWRDQ\\RUJDQ&XPXODWLYHGRVHFRQWULEXWLRQVIRUWKHFXUUHQWFDOHQGDU

TXDUWHUDQGFXUUHQWFDOHQGDU\\HDUIRU,WULWLXPDQGUDGLRQXFOLGHVLQSDUWLFXODWHIRUPZLWK

KDOIOLYHVJUHDWHUWKDQGD\\VVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQG

SDUDPHWHUVLQWKLV6HFWLRQRUWKHPHWKRGRORJ\\XVHGLQ*$63$5,, 15(*&5 DWOHDVW

RQFHSHUGD\\V

7KHGRVHWRD0(0%(52)7+(38%/,&IURP,WULWLXPDQGDOOUDGLRQXFOLGHVLQ

SDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\VLQJDVHRXVHIIOXHQWVUHOHDVHGWRDUHDVDW

DQGEH\\RQGWKH815(675,&7('$5($%281'$5<VKDOOEHOLPLWHGWRWKHIROORZLQJ



'XULQJDQ\\FDOHQGDUTXDUWHUOHVVWKDQRUHTXDOWRPUHPWRDQ\\RUJDQDQG



'XULQJDQ\\FDOHQGDU\\HDUOHVVWKDQRUHTXDOWRPUHPWRDQ\\RUJDQ

LWKWKHFDOFXODWHGGRVHIURPWKHUHOHDVHRILRGLQHWULWLXPDQGUDGLRQXFOLGHVLQ

SDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\VLQJDVHRXVHIIOXHQWVH[FHHGLQJDQ\\RIWKH

DERYHOLPLWVSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQ GD\\VSXUVXDQWWR6HFWLRQD

/LFHQVHH(YHQW5HSRUWWKDWLGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLWDQGGHILQHVWKH

FRUUHFWLYHDFWLRQVWKDWKDYHEHHQWDNHQWRUHGXFHWKHUHOHDVHVDQGWKHSURSRVHGFRUUHFWLYH

DFWLRQVWREHWDNHQWRDVVXUHWKDWVXEVHTXHQWUHOHDVHVZLOOEHLQFRPSOLDQFHZLWKWKHDERYH

OLPLWV

7KLVUHTXLUHPHQWLVSURYLGHGWRLPSOHPHQWWKHUHTXLUHPHQWVRI6HFWLRQ,,&,,,$DQG,9$

RI$SSHQGL[,&)53DUW7KH OLPLWVDUHWKHJXLGHVVHWIRUWKLQ6HFWLRQ,,&RI$SSHQGL[

,7KHDFWLRQVVSHFLILHGSURYLGHWKHUHTXLUHGRSHUDWLQJIOH[LELOLW\\DQGDWWKHVDPHWLPH

LPSOHPHQWWKHJXLGHVVHWIRUWKLQ6HFWLRQ,9$RI$SSHQGL[,WRDVVXUHWKDWWKHUHOHDVHVRI

UDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWVZLOOEHNHSWDVORZDVLVUHDVRQDEO\\DFKLHYDEOH

7KH2'&0FDOFXODWLRQDOPHWKRGVVSHFLILHGLQWKLV6HFWLRQLPSOHPHQWWKHUHTXLUHPHQWVLQ

6HFWLRQ,,,$RI$SSHQGL[,WKDWFRQIRUPDQFHZLWKWKHJXLGHVRI$SSHQGL[,EHVKRZQE\\

FDOFXODWLRQDOSURFHGXUHEDVHGRQPRGHOVDQGGDWDVXFKWKDWWKHDFWXDOH[SRVXUHRIDQ

LQGLYLGXDOWKURXJKDSSURSULDWHSDWKZD\\VLVXQOLNHO\\WREHVXEVWDQWLDOO\\XQGHUHVWLPDWHG7KH

2'&0PHWKRGVIRUFDOFXODWLQJWKHGRVHVGXHWRWKHDFWXDOUHOHDVHUDWHVRIWKHVXEMHFW

PDWHULDOVDUHFRQVLVWHQWZLWKWKHPHWKRGRORJ\\SURYLGHGLQ5HJXODWRU\\*XLGH

&DOFXODWLQJRI$QQXDO'RVHVWR0DQIURP5RXWLQH5HOHDVHVRI5HDFWRU(IIOXHQWVIRUWKH

3XUSRVHRI(YDOXDWLQJ&RPSOLDQFHZLWK&)5$SSHQGL[,5HYLVLRQ2FWREHU

DQG5HJXODWRU\\*XLGH0HWKRGVIRU(VWLPDWLQJ$WPRVSKHULF7UDQVSRUWDQG'LVSHUVLRQ

RI*DVHRXV(IIOXHQWVLQ5RXWLQH5HOHDVHVIURP/LJKW:DWHU&RROHG5HDFWRUV5HYLVLRQ 

-XO\\



5HYLVLRQ

2'&0 7KHUHOHDVHUDWHVSHFLILFDWLRQVIRUUDGLRLRGLQHVDQGUDGLRDFWLYHPDWHULDOLQSDUWLFXODWHIRUPDUH

GHSHQGHQWRQWKHH[LVWLQJUDGLRQXFOLGHSDWKZD\\VWRPDQLQWKH815(675,&7('$5($

7KHSDWKZD\\VZKLFKDUHH[DPLQHGLQWKHGHYHORSPHQWRIWKHVHFDOFXODWLRQVDUH



LQGLYLGXDOLQKDODWLRQRIDLUERUQHUDGLRQXFOLGHV



GHSRVLWLRQRIUDGLRQXFOLGHVLQWRJUHHQOHDI\\YHJHWDWLRQZLWKVXEVHTXHQWFRQVXPSWLRQ

E\\PDQ



GHSRVLWLRQRQWRJUDVV\\DUHDVZKHUHPLONDQLPDOVDQGPHDWSURGXFLQJDQLPDOVJUD]H

ZLWKFRQVXPSWLRQRIWKHPLONDQGPHDWE\\PDQDQG



GHSRVLWLRQRQWKHJURXQGZLWKVXEVHTXHQWH[SRVXUHRIPDQ



&ULWLFDO3DWKZD\\

7KHFULWLFDOSDWKZD\\LVWKDWH[SRVXUHSDWKZD\\DJHJURXSRUJDQDQGUHFHSWRUORFDWLRQIRU

ZKLFKWKHPD[LPXPGRVHLVFDOFXODWHGGXHWRDJLYHQJDVHRXVUHOHDVHRIUDGLRQXFOLGHV

'HWHUPLQDWLRQRIWKHFULWLFDOSDWKZD\\LVPDGHDVSDUWRIWKH$QQXDO/DQG8VH&HQVXV$VSDUW

RIWKLVSURFHVVWKHPD[LPXPH[SRVXUHSDWKZD\\LVGHWHUPLQHGIRUHDFKGLUHFWLRQDOVHFWRULQ

WKHDUHDVXUURXQGLQJ'DYLV%HVVH7KHPD[LPXPH[SRVXUHSDWKZD\\VIRUHDFKVHFWRUDUH

OLVWHGLQ7DEOH7KHFULWLFDOSDWKZD\\LVFKRVHQIURPDPRQJWKHPD[LPXPSDWKZD\\VIRU

HDFKVHFWRUDQGLVOLVWHGLQ7DEOH

2QO\\WKHGRVHYLDWKHFULWLFDOSDWKZD\\LGHQWLILHGLQ7DEOHQHHGEHHYDOXDWHGIRU

FRPSOLDQFHZLWKWKHGRVHOLPLWVRI6HFWLRQ'RVHVKDOOEHFDOFXODWHGWRWKHRUJDQZLWK

WKHKLJKHVWGRVHIDFWRUIRUWKHFRQWUROOLQJDJHJURXSWRGHWHUPLQHWKHPD[LPXPRUJDQGRVH

7KHGRVHIDFWRUVIRURUJDQVRIWKHYDULRXVDJHJURXSVDUHOLVWHGE\\H[SRVXUHSDWKZD\\LQ7DEOHV

WKURXJK7KHPHWHRURORJLFDOGLVSHUVLRQYDOXHVXVHG 7DEOH PD\\EHWKRVH

GHULYHGIURPFXUUHQW/DQG8VH&HQVXVRUWKRVHFUHDWHGE\\;24'24



'RVH&DOFXODWLRQV 5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWHV 7KHIROORZLQJHTXDWLRQPD\\EHXVHGWRHYDOXDWHWKH PD[LPXPRUJDQGRVHGXHWRUHOHDVHVRI

LRGLQHWULWLXPDQGSDUWLFXODWHVZLWKKDOIOLYHVJUHDWHUWKDQGD\\V

(

,&) 6) 5 4

DRS LR L









KHUH

'DRS GRVHRUGRVHFRPPLWPHQWWRRUJDQRYLDFRQWUROOLQJSDWKZD\\ S

DQGDJHJURXSDDVLGHQWLILHGLQ7DEOH  PUHP 

DWPRVSKHULFGLVSHUVLRQIDFWRUWRWKHFRQWUROOLQJORFDWLRQDVLGHQWLILHG

LQ7DEOH

4GLVSHUVLRQIDFWRUIRULQKDODWLRQSDWKZD\\DQG+GRVH

FRQWULEXWLRQYLDDOOSDWKZD\\V VHFP

'4GHSRVLWLRQIDFWRUIRUYHJHWDWLRQPLONDQGJURXQGSODQH

H[SRVXUHSDWKZD\\V P 



5HYLVLRQ

2'&0 5LR GRVHIDFWRUIRUUDGLRQXFOLGHLWRRUJDQRRIDJHJURXS³DYLD

SDWKZD\\SDVLGHQWLILHGLQ7DEOHRU

GHSHQGLQJRQWKHSDWKZD\\VSHFLILHG PUHP\\USHU &LP RU

P  PUHP\\USHU&LVHF 

4L FXPXODWLYHUHOHDVHRYHUWKHSHULRGRILQWHUHVWIRUUDGLRQXFOLGHL

&L 

,&)

HOHPHQWDOLRGLQHFRUUHFWLRQIDFWRUZKLFKPD\\EHXVHGLQFDOFXODWLQJ

GRVHVIURPUDGLRLRGLQHVYLDWKHYHJHWDWLRQPLONDQGJURXQGSODQH

H[SRVXUHSDWKZD\\V 

6)

VHDVRQDOFRUUHFWLRQIDFWRUZKLFKPD\\EHXVHGIRUPLONDQGYHJHWDWLRQ

SDWKZD\\V DQG

(

( \\UVHF 

7KHGRVHIDFWRUVLQ7DEOHVWKURXJKDUHGHULYHGLQDFFRUGDQFHZLWK185(*

7KHHOHPHQWDOLRGLQHFRUUHFWLRQIDFWRULQHTXDWLRQ  LVUHIHUHQFHGLQ5HJXODWRU\\*XLGH





6LPSOLILHG'RVH&DOFXODWLRQIRU5DGLRLRGLQH7ULWLXPDQG3DUWLFXODWHV

,QOLHXRIWKHLQGLYLGXDOUDGLRQXFOLGHGRVHDVVHVVPHQWSUHVHQWHGLQHTXDWLRQ  WKH

IROORZLQJVLPSOLILHGGRVHFDOFXODWLRQPD\\EHXVHGIRUYHULI\\LQJFRPSOLDQFHZLWKWKHGRVH

OLPLWVRI6HFWLRQ

(

,&) 6) 5 4

L PD[











ZKHUH

'PD[

PD[LPXPRUJDQGRVH PUHP 

5,

,GRVHIDFWRUIRUWKHWK\\URLGIRUWKHFRQWUROOLQJSDWKZD\\LGHQWLILHG

LQ7DEOHDQG 4L VXPRIWKHDFWLYLWLHVRIDOOUDGLRLRGLQHVWULWLXPDQGSDUWLFXODWHV &L 

7KHJURXQGSODQHH[SRVXUHDQGLQKDODWLRQSDWKZD\\VQHHGQRWEHFRQVLGHUHGZKHQWKH

VLPSOLILHGPHWKRGLVXVHGEHFDXVHRIWKHQHJOLJLEOHFRQWULEXWLRQRIWKHVHSDWKZD\\VWRWKHWRWDO

WK\\URLGGRVH,WLVUHFRJQL]HGWKDWIRUVRPHSDUWLFXODWHUDGLRQXFOLGHV HJ&RDQG&V 

WKHJURXQGH[SRVXUHSDWKZD\\PD\\UHSUHVHQWDKLJKHUGRVHFRQWULEXWLRQWKDQHLWKHUWKH

YHJHWDWLRQRUPLONSDWKZD\\+RZHYHUXVHRIWKH,WK\\URLGGRVHIDFWRUIRUDOO

UDGLRQXFOLGHVZLOOPD[LPL]HWKHRUJDQGRVHFDOFXODWLRQHVSHFLDOO\\FRQVLGHULQJWKDWQRRWKHU

UDGLRQXFOLGHKDVDKLJKHUGRVHIDFWRUIRUDQ\\RUJDQYLDDQ\\SDWKZD\\WKDQ,IRUWKHWK\\URLG

YLDWKHYHJHWDEOHRUPLONSDWKZD\\



5HYLVLRQ

2'&0



  • $6(286())/8(17'26(352-(&7,21

$VZLWKOLTXLGHIIOXHQWVJDVHRXVHIIOXHQWVUHTXLUHSURFHVVLQJLIWKHSURMHFWHGGRVHH[FHHGV

VSHFLILHGOLPLWV7KLVUHTXLUHPHQWLPSOHPHQWVWKHUHTXLUHPHQWVRI&)5DRQ

PDLQWDLQLQJDQGXVLQJWKHDSSURSULDWHUDGZDVWHSURFHVVLQJHTXLSPHQWWRNHHSUHOHDVHV

$/$5$

7KH*$6(2865$':$67(75($70(176<67(0 LH:DVWH*DV'HFD\\7DQN VKDOO

EHXVHGWRUHGXFHQREOHJDVOHYHOVSULRUWRGLVFKDUJHZKHQWKHSURMHFWHGDLUGRVHGXHWR

JDVHRXVHIIOXHQWUHOHDVHVWRDUHDVDWDQGEH\\RQGWKH815(675,&7('$5($%281'$5<

ZRXOGH[FHHGPUDGIRUJDPPDUDGLDWLRQDQGPUDGIRUEHWDUDGLDWLRQLQDGD\\SHULRG

LHRQHTXDUWHURIWKHGHVLJQREMHFWLYHUDWH 

7KH9(17,/$7,21(;+$86775($70(176<67(0VKDOOEHXVHGWRUHGXFH

UDGLRLRGLQHDQGSDUWLFXODWHHIIOXHQWVSULRUWRWKHLUGLVFKDUJHZKHQWKHSURMHFWHGGRVHGXHWR

JDVHRXVHIIOXHQWVUHOHDVHVWRDUHDVDWRUEH\\RQGWKH815(675,&7('$5($%281'$5<

ZRXOGH[FHHGPUHPWRDQ\\RUJDQLQD GD\\SHULRG)LJXUHSUHVHQWVWKHJDVHRXV

HIIOXHQWUHOHDVHSRLQWVDQGWKH*$6(2865$':$67(DQG9(17,/$7,21(;+$867

75($70(176<67(06DSSOLFDEOHIRUUHGXFLQJHIIOXHQWVSULRUWRUHOHDVH

LWKWKHJDVHRXVZDVWHEHLQJGLVFKDUJHGZLWKRXWWUHDWPHQWDQGLQH[FHVVRIWKHOLPLWVSUHSDUH

DQGVXEPLWWRWKHFRPPLVVLRQZLWKLQGD\\VSXUVXDQWWR6HFWLRQD/LFHQVHH(YHQW5HSRUW WKDWLQFOXGHVWKHIROORZLQJLQIRUPDWLRQ



([SODQDWLRQRIZK\\JDVHRXVUDGZDVWHZDVEHLQJGLVFKDUJHGZLWKRXWWUHDWPHQW

LGHQWLILFDWLRQRIDQ\\QRQIXQFWLRQDO HTXLSPHQWRUVXEV\\VWHPVDQGWKHUHDVRQVIRUWKH

QRQIXQFWLRQDOLW\\



$FWLRQVWDNHQWRUHVWRUHWKHQRQIXQFWLRQDO HTXLSPHQWWR)81&7,21$/VWDWXVDQG



6XPPDU\\GHVFULSWLRQRIDFWLRQ V WDNHQWRSUHYHQWDUHFXUUHQFH

7KHUHTXLUHPHQWVWKDWWKHDSSURSULDWHSRUWLRQVRIWKHVHV\\VWHPVEHXVHGZKHQVSHFLILHG

SURYLGHVUHDVRQDEOHDVVXUDQFHWKDWWKHUHOHDVHVRIUDGLRDFWLYHPDWHULDOVLQJDVHRXVHIIOXHQWV

ZLOOEHNHSWDVORZDVLVUHDVRQDEO\\DFKLHYDEOH7KLVUHTXLUHPHQWLPSOHPHQWVWKH

UHTXLUHPHQWVRI&)53DUWD*HQHUDO'HVLJQ&ULWHULRQRI$SSHQGL[$WR&)5

3DUW7KHVSHFLILHGOLPLWVJRYHUQLQJWKHXVHRIDSSURSULDWHSRUWLRQVRIWKHV\\VWHPVZHUH

VSHFLILHGDVDVXLWDEOHIUDFWLRQRIWKHGRVHGHVLJQREMHFWLYHVVHWIRUWKLQ6HFWLRQV,,%DQG,,&

RI$SSHQGL[,&)53DUW IRUJDVHRXVHIIOXHQWV

,IWKH*$6(2865$':$67(DQG9(17,/$7,21(;+$86775($70(176<67(06

DUHQRWEHLQJXVHGGRVHSURMHFWLRQVVKDOOEHSHUIRUPHGDWOHDVWRQFHSHUGD\\VXVLQJWKH

IROORZLQJHTXDWLRQV

G






S

 

G S








G S

PD[

PD[









5HYLVLRQ

2'&0 ZKHUH

S SURMHFWHGGD\\JDPPDDLUGRVH PUDG 

JDPPDDLUGRVHIRUFXUUHQWFDOHQGDUTXDUWHU PUDG 

S SURMHFWHGGD\\EHWDDLUGRVH PUDG 

EHWDDLUGRVHIRUFXUUHQWFDOHQGDUTXDUWHU PUDG 

'PD[S SURMHFWHGGD\\PD[LPXPRUJDQGRVH PUHP 

'PD[

PD[LPXPRUJDQGRVHIRUFXUUHQWFDOHQGDUTXDUWHUDVGHWHUPLQHGE\\HTXDWLRQ

 RU   PUHP 

G QXPEHURIGD\\VDFFRXQWHGIRUE\\FXUUHQWFDOHQGDUTXDUWHUGRVHDQG



QXPEHURIGD\\VLQSURMHFWLRQ



5HYLVLRQ

2'&0 7DEOH

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

,167580(17 5(48,5('

&+$11(/6

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

3$5$0(7(5

$&7,21



DVWH*DV'HFD\\6\\VWHP SURYLGHVDXWRPDWLF

LVRODWLRQ

D1REOH*DV$FWLYLW\\0RQLWRU 5($

%





5DGLRDFWLYLW\\0HDVXUHPHQW E

(IIOXHQW6\\VWHP)ORZ5DWH0HDVXULQJ

'HYLFH





6\\VWHP)ORZ5DWH

0HDVXUHPHQW



DVWH*DV6\\VWHP SURYLGHVDODUPIXQFWLRQ

D

2[\\JHQ0RQLWRU $($(





2[\\JHQ



&RQWDLQPHQW3XUJH0RQLWRULQJ6\\VWHP

SURYLGHVDXWRPDWLFLVRODWLRQ

D

1REOH*DV$FWLYLW\\0RQLWRU

5(&



 

5DGLRDFWLYLW\\PHDVXUHPHQW



6WDWLRQ9HQW6WDFN SURYLGHVDODUPIXQFWLRQ 

5($$%$

D

1REOH*DV$FWLYLW\\0RQLWRU





5DGLRDFWLYLW\\0HDVXUHPHQW E

,RGLQH6DPSOHU&DUWULGJH





9HULI\\3UHVHQFHRI&DUWULGJH

(

F

3DUWLFXODWH6DPSOHU)LOWHU





9HULI\\3UHVHQFHRI)LOWHU

(

G

(IIOXHQW6\\VWHP)ORZ5DWH0HDVXULQJ

'HYLFH





6\\VWHP)ORZ5DWH

0HDVXUHPHQW H

6DPSOHU)ORZ5DWH0HDVXULQJ'HYLFH





6DPSOHU )ORZ5DWH 0HDVXUHPHQW

7KLVUHTXLUHPHQWLVQRWDSSOLFDEOHIRUURXWLQHUHSODFHPHQWRIVDPSOLQJPHGLDRUURXWLQHWHVW



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21



'XULQJUDGLRDFWLYHZDVWHJDVUHOHDVHVYLDWKLVSDWKZD\\



'XULQJDGGLWLRQVWRWKHZDVWHJDVVXUJHWDQN

$&7,21$

LWKOHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/WKHFRQWHQWVRIWKH

WDQNPD\\EHUHOHDVHGWRWKHHQYLURQPHQWSURYLGHGWKDWSULRUWRLQLWLDWLQJWKHUHOHDVH



$WOHDVWWZRLQGHSHQGHQWVDPSOHVDUHDQDO\\]HGLQDFFRUGDQFHZLWK7DEOH

IRUDQDO\\VHVSHUIRUPHGZLWKHDFKEDWFK



$WOHDVWWZRLQGHSHQGHQWYHULILFDWLRQVRIWKHUHOHDVHUDWHFDOFXODWLRQVDUH

SHUIRUPHG



$WOHDVWWZRLQGHSHQGHQWYHULILFDWLRQVRIWKHGLVFKDUJHYDOYLQJDUHSHUIRUPHG

$&7,21%

LWKOHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/HIIOXHQWUHOHDVHVYLD

WKLVSDWKZD\\PD\\FRQWLQXHSURYLGHGWKHIORZUDWHLVHVWLPDWHGDWOHDVWRQFHSHU

KRXUV

$&7,21&

LWKOHVVWKDQWKHQXPEHU RIUHTXLUHGFKDQQHOV)81&7,21$/ HIIOXHQWUHOHDVHVYLD

WKLVSDWKZD\\PD\\FRQWLQXHSURYLGHGJUDEVDPSOHVDUHWDNHQDWOHDVWRQFHSHUKRXUV

DQGDQDO\\]HGLQDFFRUGDQFHZLWKDSSOLFDEOHSURFHGXUHV

$&7,21'

LWKOHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/DGGLWLRQVWRWKH

ZDVWHJDVVXUJHWDQNPD\\FRQWLQXHSURYLGHGDQRWKHUPHWKRGIRUDVFHUWDLQLQJR[\\JHQ

FRQFHQWUDWLRQVVXFKDVJUDEVDPSOHDQDO\\VLVLVLPSOHPHQWHGWRSURYLGH

PHDVXUHPHQWVDWOHDVWRQFHSHUIRXU  KRXUVGXULQJGHJDVVLQJDQGGDLO\\GXULQJRWKHU

RSHUDWLRQV

$&7,21(

LWKOHVVWKDQWKHQXPEHURIUHTXLUHGFKDQQHOV)81&7,21$/HIIOXHQWUHOHDVHVYLD

WKLVSDWKZD\\PD\\FRQWLQXHSURYLGHGVDPSOHVDUHFRQWLQXRXVO\\FROOHFWHGZLWKDX[LOLDU\\

VDPSOLQJHTXLSPHQWDVUHTXLUHGLQ7DEOH WKLVUHTXLUHPHQWLVQRWDSSOLFDEOHIRU

URXWLQHUHSODFHPHQWRIVDPSOLQJPHGLDRUURXWLQHWHVWLQJ 



5HYLVLRQ

2'&0 7DEOH

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

9(5,),&$7,21 5(48,5(0(176

,167580(17

&+$11(/

&+(&.

6285&(

&+(&.

&+$11(/

&$/,%5$7,21

&+$11(/

)81&7,21$/

7(67



DVWH*DV'HFD\\6\\VWHP D

1REOH*DV$FWLYLW\\0RQLWRU 5($%

3 

3

( 

4 

E

(IIOXHQW6\\VWHP)ORZ5DWH 3 

1$

(

4



&RQWDLQPHQW3XUJH9HQW6\\VWHP D

1REOH*DV$FWLYLW\\0RQLWRU 5( &

' 

3  0 

( 

4 



6WDWLRQ9HQW6WDFN D

1REOH*DV$FWLYLW\\0RQLWRU

5($$%$

' 

0

( 

4 

E

,RGLQH6DPSOHU



1$

1$

1$

F

3DUWLFXODWH6DPSOHU



1$

1$

1$

G

6\\VWHP(IIOXHQW)ORZ5DWH0HDVXUHPHQW

'HYLFH

' 

1$

5 1$

H

6DPSOHU)ORZ5DWH0HDVXUHPHQW'HYLFH



1$

(

1$



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21



'XULQJUDGLRDFWLYHZDVWHJDVUHOHDVHVYLDWKLVSDWKZD\\



'XULQJDGGLWLRQVWRWKHZDVWHJDVVXUJHWDQN



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

SDWKZD\\DQGFRQWUROURRPDODUPDQQXQFLDWLRQRFFXUVLIWKHLQVWUXPHQWLQGLFDWHVPHDVXUHG

OHYHOVDERYHWKHDODUPWULSVHWSRLQW



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

DQQXQFLDWLRQRFFXUVLIWKHLQVWUXPHQWLQGLFDWHVPHDVXUHGOHYHOVDERYHWKHDODUPWULSVHWSRLQW



7KHLQLWLDO&+$11(/&$/,%5$7,21IRUUDGLRDFWLYLW\\PHDVXUHPHQWLQVWUXPHQWDWLRQVKDOO

EHSHUIRUPHGXVLQJRQHRUPRUHUHIHUHQFHVWDQGDUGVFHUWLILHGE\\WKH1DWLRQDO,QVWLWXWHRI

6WDQGDUGVDQG7HFKQRORJ\\RUXVLQJVWDQGDUGVWKDWKDYHEHHQREWDLQHGIURPVXSSOLHUVWKDW

SDUWLFLSDWHLQPHDVXUHPHQWDVVXUDQFHDFWLYLWLHVZLWK1,677KHVHVWDQGDUGVVKRXOGSHUPLW

FDOLEUDWLQJWKHV\\VWHPRYHULWVLQWHQGHGUDQJHRIHQHUJ\\DQGUDWHFDSDELOLWLHV)RUVXEVHTXHQW

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

EHXVHGDWLQWHUYDOVRIDWOHDVWRQFHSHUHLJKWHHQPRQWKV)RUKLJKUDQJHPRQLWRULQJ

LQVWUXPHQWDWLRQZKHUHFDOLEUDWLRQZLWKDUDGLRDFWLYHVRXUFHLVLPSUDFWLFDODQHOHFWURQLF

FDOLEUDWLRQPD\\EHVXEVWLWXWHGIRUWKHUDGLDWLRQVRXUFHFDOLEUDWLRQ



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

QRPLQDO



2QHYROXPHSHUFHQWR[\\JHQEDODQFHQLWURJHQDQG



)RXUYROXPHSHUFHQWR[\\JHQEDODQFHQLWURJHQ



'XULQJFRQWDLQPHQWSXUJHV



KHQXVHGLQDFRQWLQXRXVPRGH

3 3ULRUWRHDFKUHOHDVH

(

$WOHDVWRQFHSHUPRQWKV GD\\V 

4

$WOHDVWRQFHSHU GD\\V

$WOHDVWRQFHSHUKRXUV

0

$WOHDVWRQFHSHUGD\\V

$WOHDVWRQFHSHUGD\\V

5

$WOHDVWRQFHSHUPRQWKV GD\\V



5HYLVLRQ

2'&0 7DEOH

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

  • DVHRXV5HOHDVH7\\SH 6DPSOLQJ

)UHTXHQF\\

0LQLPXP

$QDO\\VLV

)UHTXHQF\\

7\\SHRI

$FWLYLW\\$QDO\\VLV

/RZHU/LPLWRI

'HWHFWLRQ //'

&LPO D 3

(DFK 5HOHDVH 3

(DFK 5HOHDVH 3ULQFLSDO*DPPD(PLWWHUV&

(

DVWH*DV'HFD\\
  • UDE6DPSOH

+

(

&RQWDLQPHQW3XUJH 3

(DFK3XUJH

  • UDE6DPSOH 3

(DFK3XUJH 3ULQFLSDO*DPPD(PLWWHUV&

(

+

(

6WDWLRQ9HQW6WDFN 0

  • UDE6DPSOH 0

3ULQFLSDO*DPPD(PLWWHUV&

(

+

(

&RQWLQXRXVE

&KDUFRDO 6DPSOH

,,

(

&RQWLQXRXVE 3DUWLFXODWH 6DPSOH 3ULQFLSDO*DPPD (PLWWHUV&

(

&RQWLQXRXVE 0

&RPSRVLWH 3DUWLFXODWH 6DPSOH

  • URVV$OSKD

(

&RQWLQXRXVE 4

&RPSRVLWH 3DUWLFXODWH 6DPSOH 6U6U

(

&RQWLQXRXVE 1REOH*DV 0RQLWRU 1REOH*DVHV

  • URVV%HWDRU*DPPD

(



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21 D

7KH//'LVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOOEHGHWHFWHG

ZLWKSUREDELOLW\\ZLWKSUREDELOLW\\RIIDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQ

UHSUHVHQWVDUHDOVLJQDO

)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHP ZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ 

//'

V

(

9 W

E

 

 





H[S ZKHUH

//'LVWKHORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVS&LSHUXQLWPDVVRUYROXPH 

VE LVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRID

EODQNVDPSOHDVDSSURSULDWH DVFRXQWVSHUPLQXWH 

(LVWKHFRXQWLQJHIILFLHQF\\ DVFRXQWVSHUWUDQVIRUPDWLRQ 

9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH 

LVWKHQXPEHURIWUDQVIRUPDWLRQVSHUPLQXWHSHUSLFRFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOG ZKHQDSSOLFDEOH 

LVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGH

WIRUSODQWHIIOXHQWVLVWKHHODSVHGWLPHEHWZHHQWKHPLGSRLQWRIVDPSOHFROOHFWLRQ

DQGWLPHRIFRXQWLQJ

,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHGDVDQD SULRUL EHIRUHWKHIDFW OLPLW

UHSUHVHQWLQJWKHFDSDELOLW\\RIDPHDVXUHPHQWV\\VWHPDQGQRWDVD SRVWHULRUL DIWHUWKHIDFW 

OLPLWIRUDSDUWLFXODUPHDVXUHPHQW

E

7KHUDWLRRIWKHVDPSOHIORZUDWHWRWKHVDPSOHGVWUHDPIORZUDWHVKDOOEHNQRZQIRUWKHWLPH

SHULRGFRYHUHGE\\HDFKGRVHRUGRVHUDWHFDOFXODWLRQPDGHLQDFFRUGDQFHZLWK6HFWLRQV

DQG



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21 F

7KHSULQFLSDOJDPPDHPLWWHUVIRUZKLFKWKH//'VSHFLILFDWLRQZLOODSSO\\DUHH[FOXVLYHO\\WKH

IROORZLQJUDGLRQXFOLGHV.U.U;H;HP;HDQG;HIRUJDVHRXV

HPLVVLRQVDQG0Q)H&R&R=Q0R&V&V&HDQG

&HIRUSDUWLFXODWHHPLVVLRQV7KLVOLVWGRHVQRWPHDQWKDWRQO\\WKHVHQXFOLGHVDUHWREH

GHWHFWHGDQGUHSRUWHG2WKHUSHDNVZKLFKDUHPHDVXUHGDQGLGHQWLILHGWRJHWKHUZLWKWKH

DERYHQXFOLGHVVKDOODOVREHLGHQWLILHGDQGUHSRUWHG1XFOLGHVZKLFKDUHEHORZWKH//'IRU

WKHDQDO\\VHVVKRXOGEHUHSRUWHGDVOHVVWKDQWKHQXFOLGH V//'DQGVKRXOGQRWEHUHSRUWHGDV

EHLQJSUHVHQWDWWKH//'OHYHOIRUWKHQXFOLGH7KHOHVVWKDQYDOXHVVKDOOQRWEHXVHGLQWKH

UHTXLUHGGRVHFDOFXODWLRQV:KHQXQXVXDOFLUFXPVWDQFHVUHVXOWLQ//'VKLJKHUWKDQUHTXLUHG

WKHUHDVRQVVKDOOEHGRFXPHQWHGLQWKH5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW

)UHTXHQF\\QRWDWLRQ

3 3ULRUWRHDFKUHOHDVH

0 $WOHDVWRQFHSHUGD\\V

 $WOHDVWRQFHSHUGD\\V

4 $WOHDVWRQFHSHUGD\\V



5HYLVLRQ

2'&0 7DEOH

/DQG8VH&HQVXV6XPPDU\\

([SRVXUH3DWKZD\\/RFDWLRQVDQG$WPRVSKHULF'LVSHUVLRQ3DUDPHWHUV 6HFWRU

'LVWDQFH

PLOHV

([SRVXUH 3DWKZD\\

&RQWUROOLQJ

$JH*URXS

4

VHFP

'4

P

1



LQKDODWLRQ FKLOG

(

(

11(



LQKDODWLRQ FKLOG

(

(

1(



LQKDODWLRQ FKLOG

(

(

(1(











(











(6(











6(



LQKDODWLRQ FKLOG

(

(

66(



YHJHWDWLRQ FKLOG

(

(

6



YHJHWDWLRQ FKLOG

(

(

66:



YHJHWDWLRQ FKLOG

(

(

6:



YHJHWDWLRQ FKLOG

(

(

6:



YHJHWDWLRQ FKLOG

(

(



YHJHWDWLRQ FKLOG

(

(

1:



LQKDODWLRQ FKLOG

(

(

1:



LQKDODWLRQ FKLOG

(

(

11:



LQKDODWLRQ FKLOG

(

(

6LQFHWKHVHVHFWRUVDUHORFDWHGRYHUPDUVKDUHDVDQG/DNH(ULHZLWKQRUHFHSWRUVQRLQJHVWLRQRU

LQKDODWLRQSDWKZD\\VDUHSUHVHQW

7KLVLVDQHZORFDWLRQLGHQWLILHGGXULQJWKH/DQG8VH&HQVXV

1RWH7KHPHWHRURORJLFDOGLVSHUVLRQIDFWRUVDUHWDNHQIURPWKH&KHVDSHDNH1XFOHDU6HUYLFHVUHSRUW

'DYLV%HVVH1XFOHDU3RZHU6WDWLRQ0HWHRURORJLFDODQG$WPRVSKHULF'LVSHUVLRQ5HSRUW

1RYHPEHU



5HYLVLRQ

2'&0 7DEOH

'RVH)DFWRUVIRU1REOH*DVHV

1XFOLGH 7RWDO%RG\\

  • DPPD'RVH

)DFWRU.L

PUHP\\USHU

&LP

6NLQ

%HWD'RVH

)DFWRU/L

PUHP\\USHU

&LP

  • DPPD$LU

'RVH)DFWRU

0L

PUDG\\U

SHU &LP

%HWD$LU

'RVH)DFWRU

1L

PUDG\\USHU

&LP

.UP

(



(

(

.UP

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

.U

(

(

(

(

HP

(

(

(

(

HP

(

(

(

(

H

(

(

(

(

HP

(

(

(

(

H

(

(

(

(

H

(

(

(

(

H

(

(

(

(

$U

(

(

(

(

'RVHIDFWRUVWDNHQIURP15&5HJXODWRU\\*XLGH



5HYLVLRQ

2'&0 7DEOH

([SRVXUH3DWKZD\\V&RQWUROOLQJ3DUDPHWHUVDQG$WPRVSKHULF'LVSHUVLRQ IRU'RVH&DOFXODWLRQV

$WPRVSKHULF'LVSHUVLRQ

([SRVXUH

3DWKZD\\

5HFHSWRU

/RFDWLRQ

&RQWUROOLQJ

$JH*URXS

4

VHFP

'4

P

8VH QREOHJDVHV

GLUHFW

H[SRVXUH 815(675,&7('

$5($%281'$5<

11(

 (

1$

D

LQKDODWLRQ 815(675,&7('

$5($%281'$5<

11(

FKLOG

 (

1$

D

FULWLFDO

SDWKZD\\ 

JDUGHQ

 PLOHV :

FKLOG

 (

 (

E  F

9DULDEOH

'LVSHUVLRQ

)DFWRUV

 9DULDEOH

 9DULDEOH

F  G

D

7RFDOFXODWHDOORZDEOHUHOHDVHUDWHV 6HFWLRQVWKURXJK

E

7RUHIOHFWUHVXOWVRI/DQG8VH&HQVXV

F

7RVFUHHQLQGLYLGXDOUHOHDVHVIRUGRVHDQGRUFDOFXODWHGD\\GRVH

G

7RFDOFXODWHDQQXDOGRVHDQGRUFDOFXODWHGD\\GRVH 127(6



0HWHRURORJLFDOGLVSHUVLRQYDOXHVKDYHEHHQWDNHQIURPWKH &KHVDSHDNH1XFOHDU6HUYLFHV

UHSRUW'DYLV%HVVH1XFOHDU3RZHU6WDWLRQ0HWHRURORJLFDODQG$WPRVSKHULF'LVSHUVLRQ

5HSRUW1RYHPEHU 



0HWHURORJLFDOGLVSHUVLRQYDOXHVJHQHUDWHGXVLQJ;24'24 185(*&5 IRULQSXWLQWR

  • $63$50HWHURORJLFDOGDWDPD\\EHKLVWRULFRUUHDOWLPH



7KHQREOHJDVGLUHFWH[SRVXUH 4VDUHEDVHGRQWKH GD\\ GHFD\\HGXQGHSOHWHGYDOXHV



7KHLQKDODWLRQSDWKZD\\ 4VDUHEDVHGRQWKHGD\\GHFD\\HGGHSOHWHGYDOXHV



5HYLVLRQ

2'&0 7DEOH

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV $'8/7

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(

(

(

(

0Q



(



(

(

(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

1L

(

(





(

(

(

1L

(

(





(

(

(

&X



(



(

(

(

(

=Q

(

(



(

(

(

(

=Q

(

(



(

(

(

(

%U











(

(

%U











(

(

%U











(

(

%U













(

5E



(







(

(

5E



(







(

(

5E



(









(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

<

(







(

(

(

<P

(







(

(

(

<

(







(

(

(

<

(







(

(

(

<

(







(

(

(

=U

(

(



(

(

(

(

=U

(

(



(

(

(

(

1E

(

(



(

(

(

(

1E

(

(



(

(

(

(

0R



(



(

(

(

(

7FP

(

(



(

(

(

(

7F

(

(



(

(



(



5HYLVLRQ

2'&0 7DEOH

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV $'8/7 &RQWLQXHG

PUHP\\U SHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(

(

(

(

5X

(





(

(

(

(

5X

(





(

(

(

(

5KP















5K















$JP

(

(



(

(

(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(



(

/D

(

(





(

(

(

/D

(

(





(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

3U

(

(



(

(

(

(

3U

(

(



(

(

(

(

1G

(

(



(

(

(

(



(

(





(

(

(

1S

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV 7((1$*(5

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(

(

(

(

0Q



(



(

(

(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

1L

(

(





(

(

(

1L

(

(





(

(

(

&X



(



(

(

(

(

=Q

(

(



(

(

(

(

=Q

(

(



(

(

(

(

%U













(

%U













(

%U













(

%U













(

5E



(







(

(

5E



(







(

(

5E



(







(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

<

(







(

(

(

<P

(







(

(

(

<

(







(

(

(

<

(







(

(

(

<

(







(

(

(

=U

(

(



(

(

(

(

=U

(

(



(

(

(

(

1E

(

(



(

(

(

(

1E

(

(



(

(

(

(

0R



(



(

(

(

(

7FP

(

(



(

(

(

(

7F

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV 7((1$*(5 &RQWLQXHG

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(

(

(

(

5X

(





(

(

(

(

5X

(





(

(

(

(

5KP















5K















$JP

(

(



(

(

(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(



(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(



(

/D

(

(





(

(

(

/D

(

(





(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

3U

(

(



(

(

(

(

3U

(

(



(

(

(

(

1G

(

(



(

(

(

(



(

(





(

(

(

1S

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH

5LR,QKDODWLRQ3DWKZD\\'RVH)DFWRUV &+,/'

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(

(

(

(

0Q



(



(

(

(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

1L

(

(





(

(

(

1L

(

(





(

(

(

&X



(



(

(

(

(

=Q

(

(



(

(

(

(

=Q

(

(



(

(

(

(

%U













(

%U













(

%U













(

%U













(

5E



(







(

(

5E



(







(

(

5E



(







(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

<

(







(

(

(

<P

(







(

(

(

<

(







(

(

(

<

(







(

(

(

<

(







(

(

(

=U

(

(



(

(

(

(

=U

(

(



(

(

(

(

1E

(

(



(

(

(

(

1E

(

(



(

(

(

(

0R



(



(

(

(

(

7FP

(

(



(

(

(

(

7F

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV &+,/' FRQWLQXHG

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(

(

(

(

5X

(





(

(

(

(

5X

(





(

(

(

(

5KP















5K















$JP

(

(



(

(

(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(



(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

/D

(

(





(

(

(

/D

(

(





(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

3U

(

(



(

(

(

(

3U

(

(



(

(

(

(

1G

(

(



(

(

(

(



(

(





(

(

(

1S

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV,1)$17

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(

(

(

(

0Q



(



(

(

(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

&R



(





(

(

(

1L

(

(





(

(

(

1L

(

(





(

(

(

&X



(



(

(

(

(

=Q

(

(



(

(

(

(

=Q

(

(



(

(

(

(

%U













(

%U













(

%U













(

%U













(

5E



(







(

(

5E



(







(

(

5E



(







(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

6U

(







(

(

(

<

(







(

(

(

<P

(







(

(

(

<

(







(

(

(

<

(







(

(

(

<

(







(

(

(

=U

(

(



(

(

(

(

=U

(

(



(

(

(

(

1E

(

(



(

(

(

(

1E

(

(



(

(

(

(

0R



(



(

(

(

(

7FP

(

(



(

(

(

(

7F

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR

,QKDODWLRQ3DWKZD\\'RVH)DFWRUV,1)$17 FRQWLQXHG

PUHP\\USHU&LP

1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(

(

(

(

5X

(





(

(

(

(

5X

(





(

(

(

(

5KP















5K















$JP

(

(



(

(

(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(



(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7HP

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

7H

(

(

(

(

(

(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

/D

(

(





(

(

(

/D

(

(





(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

&H

(

(



(

(

(

(

3U

(

(



(

(

(

(

3U

(

(



(

(

(

(

1G

(

(



(

(

(

(



(

(





(

(

(

1S

(

(



(

(

(

(



5HYLVLRQ

2'&0 7DEOH

5LR

  • UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV $'8/7

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U











(

(

%U











(

(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH

5LR

  • UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV $'8/7 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\U SHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H















7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV 7((1$*(5

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV 7((1$*(5 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H







(



(



7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV &+,/'

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q











(



%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV &+,/' FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H







(



(



7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV,1)$17

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q











(



%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0LON3DWKZD\\'RVH)DFWRUV,1)$17 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(



(

(



(



7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,





(









,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH

5LR

  • UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV $'8/7

PUHP\\USHU&LP IRU+DQG&

P PUHP\\U SHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U











(

(

%U











(

(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP



(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH

5LR

  • UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV $'8/7 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H















7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV 7((1$*(5

PUHP\\U SHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV 7((1$*(5 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H







(



(



7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH  FRQWLQXHG

5LR*UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV &+,/'

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q











(



%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV &+,/' FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H







(



(



7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV,1)$17

PUHP\\USHU&LP IRU+DQG&

P PUHP\\U SHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q











(



%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P















<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E











(



0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV *RDW 0LON3DWKZD\\'RVH)DFWRUV,1)$17 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(



(

(



(



7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,





(









,

(

(

(

(



(

(

&V

(

(



(

(

(



&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(









(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D











(



&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH

5LR*UDVV &RZ 0HDW3DWKZD\\'RVH)DFWRUV $'8/7

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q















)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L















&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U











(

(

%U















%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U











(



6U















<

(









(

(

<P















<

(









(

(

<















<











(



=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E















0R



(



(



(

(

7FP















7F

















5HYLVLRQ

2'&0 7DEOH

5LR*UDVV &RZ 0HDW3DWKZD\\'RVH)DFWRUV $'8/7 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X















5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H







(



(



7HP

(

(

(

(



(

(

7H















7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

,















,















&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D















%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D















&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0HDW3DWKZD\\'RVH)DFWRUV 7((1$*(5

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q















)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L















&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U













(

%U















%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U











(



6U















<

(









(

(

<P















<

(









(

(

<















<











(



=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E















0R



(



(



(

(

7FP















7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0HDW3DWKZD\\'RVH)DFWRUV 7((1$*(5 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X















5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H











(



7HP

(

(

(

(



(

(

7H















7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

,















,















&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D















%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D















&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0HDW3DWKZD\\'RVH)DFWRUV &+,/'

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q















)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L















&X



(



(



(

(

=Q

(

(



(



(

(

=Q















%U













(

%U















%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U











(



6U















<

(









(

(

<P















<

(









(

(

<















<











(



=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E















0R



(



(



(

(

7FP















7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR*UDVV &RZ 0HDW3DWKZD\\'RVH)DFWRUV &+,/' FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X















5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H







(



(



7HP

(

(

(

(



(

(

7H















7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,















,

(

(

(

(



(

(

,















,















&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D















%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D















&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH

5LR9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV $'8/7

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q

(

(



(



(

(

%U











(

(

%U











(

(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P

(









(



<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E

(

(



(



(

(

0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV $'8/7 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D

(

(







(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV 7((1$*(5

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q

(

(



(



(

(

%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P

(









(



<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E

(

(



(



(

(

0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV 7((1$*(5 FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D

(

(







(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR 9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV &+,/'

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

+



(

(

(

(

(

(

&

(

(

(

(

(

(

(

1D

(

(

(

(

(

(

(

3

(

(







(

(

&U





(

(

(

(

(

0Q



(



(



(

(

0Q



(



(



(

(

)H

(

(





(

(

(

)H

(

(





(

(

(

&R



(







(

(

&R



(







(

(

&R



(







(

(

1L

(

(







(

(

1L

(

(







(

(

&X



(



(



(

(

=Q

(

(



(



(

(

=Q

(

(



(



(

(

%U













(

%U













(

%U















%U















5E



(







(

(

5E















5E















6U

(









(

(

6U

(









(

(

6U

(









(

(

6U

(









(

(

<

(









(

(

<P

(









(



<

(









(

(

<

(









(

(

<

(









(

(

=U

(

(



(



(

(

=U

(

(



(



(

(

1E

(

(



(



(

(

1E

(

(



(



(

(

0R



(



(



(

(

7FP

(

(



(

(

(

(

7F

















5HYLVLRQ

2'&0 7DEOH FRQWLQXHG

5LR 9HJHWDWLRQ3DWKZD\\'RVH)DFWRUV &+,/' FRQWLQXHG

PUHP\\USHU&LP IRU+DQG&

P PUHP\\USHU&LVHF IRURWKHUV 1XFOLGH

%RQH

/LYHU

7K\\URLG

.LGQH\\

/XQJ

  • ,//,

7%RG\\

5X

(





(



(

(

5X

(





(



(

(

5X

(





(



(

(

5KP















5K















$JP

(

(



(



(

(

6E

(

(

(



(

(

(

6E

(

(

(



(

(

(

7HP

(

(

(





(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H

(

(

(

(



(

(

7HP

(

(

(

(



(

(

7H















7H

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

,

(

(

(

(



(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V

(

(



(

(

(

(

&V















%D

(

(



(

(

(

(

%D

(

(



(

(

(

(

%D















%D















/D

(

(







(

(

/D

(

(







(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

&H

(

(



(



(

(

3U

(

(



(



(

(

3U















1G

(

(



(



(

(



(

(







(

(

1S

(

(



(



(

(



5HYLVLRQ

2'&0 7DEOH

5LR *URXQG3ODQH3DWKZD\\'RVH)DFWRUV

P PUHP\\USHU&LVHF

1XFOLGH

$Q\\2UJDQ 1XFOLGH

$Q\\2UJDQ



5KP



&



5K



1D

(

$JP

(

3



7HP

(

&U

(

7HP

(

0Q

(

7H

(

0Q

(

7HP

(

)H



7H

(

)H

(

7HP

(

&R

(

7H

(

&R

(

7H

(

1L



,

(

1L

(

,

(

&X

(

,

(

=Q

(

,

(

,

(

=Q



,

(

%U

(

&V

(

%U

(

&V

(

%U



&V

(

5E

(

&V

(

5E

(

%D

(

5E

(

%D

(

6U

(

%D

(

6U



%D

(

6U

(

/D

(

6U

(

/D

(

<

(

&H

(

<P

(

&H

(

<

(

&H

(

<

(

3U



<

(

3U

(

=U

(

1G

(

=U

(



(

1E

(

1S

(

0R

(

7FP

(

7F

(

5X

(

5X

(

5X

(



5HYLVLRQ

2'&0

)LJXUH

  • DVHRXV 5DGLRDFWLYH(IIOXHQW0RQLWRULQJDQG9HQWLODWLRQ6\\VWHPV'LDJUDP



5HYLVLRQ

2'&0



63(&,$/'26($1$/<6(6



'26(6727+(38%/,&'8(72$&7,9,7,(6,16,'(7+(815(675,&7('$5($

%281'$5<

,QDFFRUGDQFHZLWK6HFWLRQWKH5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW VKDOOLQFOXGHDQ

DVVHVVPHQWRIUDGLDWLRQGRVHVIURPUDGLRDFWLYHOLTXLGDQGJDVHRXVHIIOXHQWVWR0(0%(562)

7+(38%/,&GXHWRWKHLUDFWLYLWLHVLQVLGHWKH815(675,&7('$5($%281'$5<

,QVSHFLDOLQVWDQFHV0(0%(562)7+(38%/,&DUHSHUPLWWHGDFFHVVWRWKHUDGLRORJLFDOO\\

UHVWULFWHGDUHDZLWKLQWKH'DYLV%HVVHVWDWLRQ7RXUVIRUWKHSXEOLFDUHFRQGXFWHGZLWKWKH

DVVXUDQFHWKDWQRLQGLYLGXDOZLOOUHFHLYHDQDSSUHFLDEOHGRVH LHVPDOOIUDFWLRQRIWKH

&)5GRVHVWDQGDUGV 

7KH:HOOQHVV&HQWHUORFDWHGLQVLGHWKH'%136&RQWUROOHG$UHDDQGWKHUHIRUHZLWKLQWKH

815(675,&7('$5($%281'$5<LVDOVRDFFHVVLEOHWR0(0%(562)7+(38%/,&

&RQVLGHULQJWKHIUHTXHQF\\DQGGXUDWLRQRIYLVLWVWKHUHVXOWDQWGRVHZRXOGEHDIUDFWLRQRIWKH

FDOFXODWHGPD[LPXP815(675,&7('$5($%281'$5<XQUHVWULFWHGDUHDGRVH7KH

GRVHIURPDLUERUQHHIIOXHQWVDQGWKHGLUHFWVKLQHIURPWKH,QGHSHQGHQW6SHQW)XHO6WRUDJH

,QVWDOODWLRQ ,6)6, DQGWKH2OG6WHDP*HQHUDWRU6WRUDJH)DFLOLW\\ 26*6) DUHFRQVLGHUHG

7KHGLUHFWVKLQHIURPQRUPDO3ODQWRSHUDWLRQ DQGWKH26*6) LVQHJOLJLEOH7KLV

FRPELQDWLRQLVFRQVLGHUHGWKHFRQWUROOLQJIDFWRUZKHQHYDOXDWLQJGRVHVWR0(0%(562)

7+(38%/,&IURPDFWLYLWLHVLQVLGHWKH815(675,&7('$5($%281'$5<

)RUSXUSRVHVRIDVVHVVLQJWKHGRVHWR0(0%(562)7+(38%/,&LQDFFRUGDQFHZLWK

7HFKQLFDO6SHFLILFDWLRQ DQG2'&06HFWLRQWKHIROORZLQJH[SRVXUHDVVXPSWLRQV

PD\\EHXVHG



([SRVXUHWLPHIRUPD[LPXPH[SRVHGYLVLWRUXVHURIWKH:HOOQHVV&HQWHURIKRXUV

KGD\\GD\\ZNZN\\U 



)RUQREOHJDVGLUHFWH[SRVXUHGHIDXOWXVHRIWKHPD[LPXP815(675,&7('$5($

%281'$5<GLVSHUVLRQIURPWDEOH



)RU,QKDODWLRQ3DWKZD\\GHIDXOWXVHRIWKHPD[LPXP815(675,&7('$5($

%281'$5<GLVSHUVLRQIURP7DEOH



)RU'LUHFW6KLQHIURPWKH,6)6,GHIDXOWXVHRIWKHPD[LPXPGRVHUDWHIRUD

FRPSOHWHG IXOO ,6)6,DQGDGLVWDQFHRIIHHW

$GGLWLRQDOORFDWLRQVZLWKLQWKH8QUHVWULFWHG$UHDERXQGDU\\ZLWKSHULRGLFSXEOLFDFFHVV

LQFOXGHWKHSDYLOLRQ DQGDVVRFLDWHGSRQGDUHDDQG WKH7UDLQLQJ &HQWHUSRQG&RQVLGHULQJWKH

DVVXPSWLRQVDERYHIRUWKH:HOOQHVV&HQWHUDQ\\SRWHQWLDOGRVHVWR0HPEHUVRIWKHSXEOLF

IURPDFWLYLWLHVDWWKHSDYLOLRQ DQGDVVRFLDWHG SRQGZLOOEHOHVVWKDQWKRVHDVVHVVHGIRUWKH

HOOQHVV&HQWHU7KHDVVXPHGH[SRVXUHWLPHRIK\\IRUDFWLYLWLHVDWWKHSDYLOLRQDQGRQ

VLWHILVKLQJLVDIUDFWLRQRIWKHK\\DVVXPHGIRUWKH:HOOQHVV&HQWHU7KHSDYLOLRQ DQG

DVVRFLDWHGSRQGDUHD DUH ORFDWHGLQWKHVRXWKZHVWVHFWRUUHODWLYHWRWKHUHDFWRUDQGWKLVLVQRW D

SUHYDLOLQJZLQG GLUHFWLRQ7KHUHIRUHWKHGLVSHUVLRQIDFWRUZLOOEHORZHUIRUWKHSDYLOLRQDUHD

WKDQIRUWKH:HOOQHVV&HQWHU

%DVHGRQDPD[LPXPFRQVHUYDWLYHHVWLPDWH



5HYLVLRQ

2'&0

([WUDSRODWLQJIURPKLVWRULFDOPHWHRURORJLFDOGDWD WKHDQQXDODYHUDJHGLVSHUVLRQ FRQVLGHUHG

JURXQGOHYHO IRUWKH:HOOQHVV&HQWHULVDSSUR[LPDWHO\\( VHFP7KH:HOOQHVV&HQWHU

LVFRQWUROOLQJ DQG SRVHV WKH KLJKHVW SRWHQWLDOGRVHWR0HPEHUVRIWKH3XEOLFIURPDFWLYLWLHV

LQVLGHWKH8QUHVWULFWHG$UHDERXQGDU\\ IURPDGRVHPRGHOLQJVWDQGSRLQW

)RUSXUSRVHVRIHYDOXDWLQJDQ\\GLUHFWH[SRVXUHFRPSRQHQWWKH:HOOQHVV&HQWHULVFORVHUWR

WKH%RUDWHG:DWHU6WRUDJH7DQNDQGWKH,6)6,WKDQDUHWKHSDYLOLRQ DQGDVVRFLDWHGSRQGDUHD RU WKH7UDLQLQJ&HQWHUSRQG7KHHYDOXDWLRQRIWKHGLUHFWH[SRVXUHFRPSRQHQWDWWKH:HOOQHVV

&HQWHUUHPDLQVFRQVHUYDWLYH

7KH3DYLOLRQ DQGDVVRFLDWHGSRQGDUHD DQGWKH7UDLQLQJ

&HQWHU3RQGDUHORFDWHGFORVHUWRWKH26*6)WKDQLVWKH:HOOQHVV&HQWHU KRZHYHUGLUHFW

H[SRVXUHDWWKHVHORFDWLRQVLVVWLOOFRQVLGHUHGQHJOLJLEOH

7KHHTXDWLRQVLQ6HFWLRQPD\\EHXVHGIRUFDOFXODWLQJWKHSRWHQWLDOGRVHWRD0(0%(52)

7+(38%/,&IRUDFWLYLWLHVLQVLGHWKH815(675,&7('$5($%281'$5<%DVHGRQ

WKHVHDVVXPSWLRQVWKLVGRVHZRXOGEHDWOHDVWDIDFWRURIOHVVWKDQWKHPD[LPXP

815(675,&7('$5($%281'$5<DLUGRVHDVFDOFXODWHGLQ6HFWLRQ

3XEOLFDFFHVVLVSHULRGLFDOO\\DOORZHGWRDUHDVRQVLWHIRUWKHSXUSRVHVRIUHFUHDWLRQDODFWLYLWLHV

'XULQJFRPSDQ\\VSRQVRUHGHYHQWV0HPEHUVRIWKH3XEOLFPD\\EHDOORZHGWRILVKDWWKH

7UDLQLQJ&HQWHUSRQG+RZHYHUVLQFHWKHSRQG FRPPXQLFDWHV ZLWKDUHOHDVHSDWKRISRWHQWLDO

OLTXLGHIIOXHQWVIURPWKHSODQWWKHSRWHQWLDOGRVHWRLQGLYLGXDOV GXULQJWKHVHDFWLYLWLHVKDV

EHHQHYDOXDWHG)LVKLQJLVRQO\\DOORZHGXQGHUD³FDWFKDQGUHOHDVH'SURJUDPWKHUHIRUHWKH

ILVKSDWKZD\\LVQRWFRQVLGHUHGDSSOLFDEOH)RUWKH7UDLQLQJ&HQWHUSRQGUHOHDVHVYLDWKH

6WRUP6HZHU'UDLQV FRXOGSRVHDQH[SRVXUHSDWKZD\\IURPVKRUHOLQHGHSRVLWLRQ,QWKHSDVW

UHOHDVHVWRWKHSRQGKDYHEHHQQHJOLJLEOHZLWKUDGLRDFWLYLW\\OHYHOVUDQJLQJIURPQRQ

GHWHFWDEOHWRYHU\\ORZOHYHOVRIWULWLXPDQGFHVLXP7KHUHIRUHEDVHGRQKLVWRULFDO HIIOXHQWVD

VLJQLILFDQWH[SRVXUHSDWKZD\\ GRHVQRWH[LVW,IUHOHDVHVZHUHWRRFFXUWKLVSDWKZD\\ZRXOGEH HYDOXDWHG

&KHVDSHDNH1XFOHDU6HUYLFHVUHSRUW'DYLV%HVVH1XFOHDU3RZHU6WDWLRQ0HWHRURORJLFDODQG

$WPRVSKHULF'LVSHUVLRQ5HSRUW 1RYHPEHU



5HYLVLRQ

2'&0 7KHIROORZLQJHTXDWLRQDGDSWHGIURP5HJXODWRU\\*XLGHSURYLGHVDFRQVHUYDWLYH

HVWLPDWHIRUWKLVFDOFXODWLRQ

L VKRUH

L R

VKRUH

')

92/

(







ZKHUH

'VKRUHR GRVHWRWRWDOERG\\RUDQ\\RUJDQIURPVKRUHOLQHH[SRVXUH PUHP

92/ YROXPHRIXQGLOXWHGOLTXLGHIIOXHQWWRWKHSRQG JDO

') GLOXWLRQIORZDYHUDJHIORZIURPWKH66'WRWKHSRQGGXULQJWKHWLPHSHULRG

RIPHDVXUDEOHOHYHOVEHLQJUHOHDVHGWRWKHSRQG JDOPLQ

&L FRQFHQWUDWLRQRIUDGLRQXFOLGHLLQ66'WRWKHSRQG

$VKRUHL VLWHVSHFLILFVKRUHOLQHGRVHFRQYHUVLRQIDFWRUIRUWKHWRWDOERG\\DQGDQ\\RUJDQ

PUHPKSHU &LPOIURP7DEOH

( FRQYHUVLRQIDFWRU KRXUSHUPLQXWH

7DEOHSURYLGHVWKH$VKRUHL YDOXHVWKDWZHUHFDOFXODWHGXVLQJ5HJXODWRU\\*XLGH PRGHOLQJ



'26(6720(0%(562)7+(38%/,& &)5

$VUHTXLUHGE\\DQG2'&06HFWLRQWKH5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWVKDOODOVR

LQFOXGHDQDVVHVVPHQWRIWKHUDGLDWLRQGRVHWRWKHOLNHO\\PRVWH[SRVHG0(0%(52)7+(

38%/,&IRUUHDFWRUUHOHDVHVDQGRWKHUQHDUE\\XUDQLXPIXHOF\\FOHVRXUFHV LQFOXGLQJGRVH

FRQWULEXWLRQVIURPHIIOXHQWVDQGGLUHFWUDGLDWLRQIURPRQVLWHVRXUFHV )RUWKHOLNHO\\PRVW

H[SRVHG0(0%(52)7+(38%/,&LQWKHYLFLQLW\\RIWKH'DYLV%HVVHVLWHWKHVRXUFHVRI

H[SRVXUHQHHGFRQVLGHURQO\\WKHUDGLRDFWLYHHIIOXHQWVDQGGLUHFWH[SRVXUHFRQWULEXWLRQIURP

'DYLV%HVVH1RRWKHUIXHOF\\FOHIDFLOLWLHVFRQWULEXWHVLJQLILFDQWO\\WRWKHFXPXODWLYHGRVHWRD

0(0%(52)7+(38%/,&LQWKHLPPHGLDWHYLFLQLW\\RIWKHVLWH)HUPLLVWKHFORVHVWIXHO

F\\FOHIDFLOLW\\ORFDWHGDERXWPLOHVWRWKH11:'XHWRHQYLURQPHQWDOGLVSHUVLRQDQ\\

URXWLQHUHOHDVHVIURP)HUPLZRXOGFRQWULEXWHLQVLJQLILFDQWO\\WRWKHSRWHQWLDOGRVHVLQWKH

YLFLQLW\\RI'DYLV%HVVH

7KHFRUUHODWLRQRIPHDVXUHGSODQWHIIOXHQWVZLWKSDWKZD\\PRGHOLQJRIWKLV2'&0SURYLGHWKH

SULPDU\\PHWKRGIRUGHPRQVWUDWLQJHYDOXDWLQJFRPSOLDQFHZLWKWKHOLPLWVVSHFLILHGEHORZ 

&)5 +RZHYHUDVDSSURSULDWHWKHUHVXOWVRIWKHHQYLURQPHQWDOPRQLWRULQJSURJUDP

PD\\EHXVHGWRSURYLGH DGGLWLRQDOGDWDRQDFWXDOPHDVXUHGOHYHOVRIUDGLRDFWLYHPDWHULDOLQWKH

DFWXDOSDWKZD\\VRIH[SRVXUH2'&06HFWLRQGLVFXVVHVWKHPHWKRGRORJ\\IRUFRUUHODWLQJ

PHDVXUHGOHYHOVRIUDGLRDFWLYHPDWHULDOLQHQYLURQPHQWDOSDWKZD\\VDPSOHVZLWKSRWHQWLDO

GRVHV$OVRUHVXOWVRIWKH/DQG8VH&HQVXVPD\\EHXVHGWRGHWHUPLQHDFWXDOH[SRVXUH

SDWKZD\\VDQGORFDWLRQV

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

WRUHOHDVHVRIUDGLRDFWLYLW\\DQGWRUDGLDWLRQIURPXUDQLXPIXHOF\\FOHVRXUFHVVKDOOEHOLPLWHGWR

OHVVWKDQRUHTXDOWRPUHPWRWKHWRWDOERG\\RUDQ\\RUJDQH[FHSWWKHWK\\URLGZKLFKVKDOOEH

OLPLWHGWROHVVWKDQRUHTXDOWRPUHP



5HYLVLRQ

2'&0

LWKWKHFDOFXODWHGGRVHVIURPWKHUHOHDVHVRIUDGLRDFWLYHPDWHULDOVLQOLTXLG RUJDVHRXV

HIIOXHQWVH[FHHGLQJWZLFHWKHOLPLWVRI6HFWLRQVDQGHYDOXDWLRQVVKRXOGEH

PDGHLQFOXGLQJGLUHFWUDGLDWLRQFRQWULEXWLRQVIURPWKHUHDFWRUXQLWIURPWKH2OG6WHDP

  • HQHUDWRU6WRUDJH)DFLOLW\\ 26*6) DQGIURPRXWVLGHVWRUDJHWDQNVWRGHWHUPLQHZKHWKHUWKH

DERYHOLPLWVRIWKLV6HFWLRQKDYHEHHQH[FHHGHG,IVXFKLVWKHFDVHSUHSDUHDQGVXEPLWWRWKH

&RPPLVVLRQZLWKLQGD\\VSXUVXDQWWR6HFWLRQD/LFHQVHH(YHQW 5HSRUWWKDWGHILQHVWKH

FRUUHFWLYHDFWLRQWREHWDNHQWRUHGXFHVXEVHTXHQWUHOHDVHVWRSUHYHQWUHFXUUHQFHRIH[FHHGLQJ

WKHDERYHOLPLWVDQGLQFOXGHVWKHVFKHGXOHIRUDFKLHYLQJFRQIRUPDQFHZLWKWKHDERYHOLPLWV

7KLVUHSRUWDVGHILQHGLQ&)53DUWVKDOOLQFOXGHDQDQDO\\VLVWKDWHVWLPDWHVWKH

UDGLDWLRQH[SRVXUH GRVH WRD0(0%(52)7+(38%/,&IURPXUDQLXPIXHOF\\FOHVRXUFHV

LQFOXGLQJDOOHIIOXHQWSDWKZD\\VDQGGLUHFWUDGLDWLRQIRUWKHFDOHQGDU\\HDUWKDWLQFOXGHVWKH

UHOHDVH V FRYHUHGE\\WKLVUHSRUW,WVKDOODOVRGHVFULEHOHYHOVRIUDGLDWLRQDQGFRQFHQWUDWLRQV

RIUDGLRDFWLYHPDWHULDOLQYROYHGDQGWKHFDXVHRIWKHH[SRVXUHOHYHOVRUFRQFHQWUDWLRQV,IWKH

HVWLPDWHGGRVH V H[FHHGVWKHDERYHOLPLWVDQGLI WKHUHOHDVHFRQGLWLRQUHVXOWLQJLQYLRODWLRQ

RI&)53DUWKDVQRWDOUHDG\\EHHQFRUUHFWHGWKHUHSRUWVKDOOLQFOXGHDUHTXHVWIRUD

YDULDQFHLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI&)53DUW6XEPLWWDORIWKHUHSRUWLV

FRQVLGHUHGDWLPHO\\UHTXHVWDQGDYDULDQFHLVJUDQWHGXQWLOVWDIIDFWLRQRQWKHUHTXHVWLV

FRPSOHWH

7KLVUHTXLUHPHQWLVSURYLGHGWRPHHWWKHGRVHOLPLWDWLRQVRI&)53DUWWKDWKDYHEHHQ

LQFRUSRUDWHGLQWR&)53DUWE\\)57KHUHTXLUHPHQWUHTXLUHVWKHSUHSDUDWLRQ

DQGVXEPLWWDORIDUHSRUWZKHQHYHUWKHFDOFXODWHGGRVHVIURPSODQWJHQHUDWHGUDGLRDFWLYH

HIIOXHQWVDQGGLUHFWUDGLDWLRQH[FHHGPUHPWRWKHWRWDOERG\\RUDQ\\RUJDQH[FHSWWKH

WK\\URLGZKLFKVKDOOEHOLPLWHGWROHVVWKDQRUHTXDOWRPUHP

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

GRVHOLPLWVRI&)53DUWLIWKHUHDFWRUUHPDLQVZLWKLQWZLFHWKHGRVHGHVLJQREMHFWLYHV

RI$SSHQGL[,DQGLIGLUHFWUDGLDWLRQGRVHVIURPWKHUHDFWRUDQGRXWVLGHVWRUDJHWDQNVDUHNHSW

VPDOO7KHUHSRUWZLOOGHVFULEHDFRXUVHRIDFWLRQWKDWVKRXOGUHVXOWLQWKHOLPLWDWLRQRIWKH

DQQXDOGRVHWRD0(0%(52)7+(38%/,&WRZLWKLQWKH&)53DUWOLPLWV)RUWKH

SXUSRVHVRIWKHUHSRUWLWPD\\EHDVVXPHGWKDWWKHGRVHFRPPLWPHQWWRWKH0(0%(52)

7+(38%/,&IURPRWKHUXUDQLXPIXHOF\\FOHVRXUFHVLVQHJOLJLEOHZLWKWKHH[FHSWLRQWKDWWKH

GRVHFRQWULEXWLRQVIURPRWKHUQXFOHDUIXHOF\\FOHIDFLOLWLHVDWWKHVDPHVLWHRUZLWKLQDUDGLXVRI

NPPXVWEHFRQVLGHUHG,IDGRVHWRDQ\\0(0%(52)7+(38%/,&LVHVWLPDWHGWR

H[FHHGWKHUHTXLUHPHQWVRI&)5WKHUHSRUWZLWKDUHTXHVWIRUYDULDQFH SURYLGHGWKH

UHOHDVHFRQGLWLRQVUHVXOWLQJLQYLRODWLRQRI&)53DUWKDYHQRWDOUHDG\\EHHQFRUUHFWHG 

LQDFFRUGDQFHZLWKWKHSURYLVLRQVRI&)53DUWDQG&)53DUWFLV

FRQVLGHUHGWREHDWLPHO\\UHTXHVWDQGIXOILOOVWKHUHTXLUHPHQWVRI&)53DUWXQWLO15&

VWDIIDFWLRQLVFRPSOHWHG7KHYDULDQFHRQO\\UHODWHVWRWKHOLPLWVRI&)53DUWDQGGRHV

QRWDSSO\\LQDQ\\ZD\\WRWKHRWKHUGRVHUHTXLUHPHQWVIRUGRVHOLPLWDWLRQRI&)53DUWDV

DGGUHVVHGLQ6HFWLRQVDQG$QLQGLYLGXDOLVQRWFRQVLGHUHGD0(0%(52)7+(

38%/,&GXULQJDQ\\SHULRGLQZKLFKKHVKHLVHQJDJHGLQFDUU\\LQJRXWDQ\\RSHUDWLRQWKDWLVD

SDUWRIWKHQXFOHDUIXHOF\\FOH



5HYLVLRQ

2'&0



(IIOXHQW'RVH&DOFXODWLRQV

)RUSXUSRVHVRILPSOHPHQWLQJWKHDERYHUHTXLUHPHQWVRIGHWHUPLQLQJWKHFXPXODWLYHGRVH

FRQWULEXWLRQIURPOLTXLGDQGJDVHRXVHIIOXHQWVLQDFFRUGDQFHZLWK6HFWLRQVDQGDQGWKH

UHSRUWLQJUHTXLUHPHQWVRI6HFWLRQGRVHFDOFXODWLRQVIRU'DYLV%HVVHPD\\EHSHUIRUPHG

XVLQJWKHFDOFXODWLRQDOPHWKRGVFRQWDLQHGZLWKLQWKLV2'&0WKHFRQVHUYDWLYHFRQWUROOLQJ

SDWKZD\\VDQGORFDWLRQVRI7DEOHRUWKHDFWXDOSDWKZD\\VDQGORFDWLRQVDVLGHQWLILHGE\\WKH

/DQG8VH&HQVXVPD\\EHXVHG/LTXLGSDWKZD\\GRVHVPD\\EHFDOFXODWHGXVLQJHTXDWLRQVLQ

2'&06HFWLRQ'RVHVGXHWRUHOHDVHVRIUDGLRLRGLQHVWULWLXPDQGSDUWLFXODWHVDUH

FDOFXODWHGEDVHGRQHTXDWLRQVLQ6HFWLRQ

7KHIROORZLQJHTXDWLRQVPD\\EHXVHGIRUFDOFXODWLQJWKHGRVHWR0(0%(562)7+(

38%/,&IURPUHOHDVHVRIQREOHJDVHV

(

8 4

4 WE L

L













DQG

(

8 4

/

0 4

V L

L L















ZKHUH

'WE WRWDOERG\\GRVHGXHWRJDPPDHPLVVLRQVIRUQREOHJDVUDGLRQXFOLGHV PUHP

'V VNLQGRVHGXHWRJDPPDDQGEHWDHPLVVLRQVIRUQREOHJDVUDGLRQXFOLGHV

PUHP

8 GXUDWLRQRIH[SRVXUH KU\\UGHIDXOWYDOXHVLQ7DEOH

4 DWPRVSKHULFGLVSHUVLRQWRWKHRIIVLWHORFDWLRQ VHFP

4L FXPXODWLYHUHOHDVHRIQREOHJDVUDGLRQXFOLGHLRYHUWKHSHULRGRILQWHUHVW &L

.L WRWDOERG\\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIURPQREOHJDVUDGLRQXFOLGHL

IURP7DEOH PUHP\\USHU&LP 

/L VNLQGRVHIDFWRUGXHWREHWDHPLVVLRQVIURPQREOHJDVUDGLRQXFOLGHLIURP

7DEOH PUHP\\USHU&LP 

0L JDPPDDLUGRVHIDFWRUIRUQREOHJDVUDGLRQXFOLGHLIURP7DEOH PUDG\\U

SHU&LP 



KRXUVSHU\\HDU



PUHPVNLQGRVHSHUPUDGJDPPDDLUGRVH PUHPPUDG

(

(\\UVHF

$YHUDJHDQQXDOPHWHRURORJLFDOGLVSHUVLRQSDUDPHWHUVRUPHWHRURORJLFDOFRQGLWLRQVFRQFXUUHQWZLWK

WKHUHOHDVHSHULRGXQGHUHYDOXDWLRQPD\\EHXVHG HJTXDUWHUO\\DYHUDJHVRU\\HDUVSHFLILFDQQXDO

DYHUDJHV 



5HYLVLRQ

2'&0



'LUHFW([SRVXUH'RVH'HWHUPLQDWLRQ 2QVLWH6RXUFHV

$Q\\SRWHQWLDOO\\VLJQLILFDQWGLUHFWH[SRVXUHFRQWULEXWLRQIURPRQVLWHVRXUFHVWRRIIVLWH

LQGLYLGXDOGRVHVPD\\EHHYDOXDWHGEDVHGRQWKHUHVXOWVRIWKHHQYLURQPHQWDOPHDVXUHPHQWV

HJ7/'LRQFKDPEHUPHDVXUHPHQWV RUE\\WKHXVHRIDUDGLDWLRQWUDQVSRUWDQGVKLHOGLQJ

FDOFXODWLRQDOPHWKRG2QO\\GXULQJDW\\SLFDOFRQGLWLRQVZLOOWKHUHH[LVWDQ\\SRWHQWLDOIRU

VLJQLILFDQWRQVLWHVRXUFHVDW'DYLV%HVVHWKDWZRXOG\\LHOGSRWHQWLDOO\\VLJQLILFDQWRIIVLWHGRVHV

WRD0(0%(52)7+(38%/,&+RZHYHUVKRXOGDVLWXDWLRQH[LVW ZKHUHE\\WKHGLUHFW

H[SRVXUHFRQWULEXWLRQLVSRWHQWLDOO\\VLJQLILFDQWRQVLWHPHDVXUHPHQWVRIIVLWHPHDVXUHPHQWV

DQGFDOFXODWLRQDOWHFKQLTXHVZLOOEHXVHGIRUGHWHUPLQDWLRQRIGRVHIRUDVVHVVLQJ&)5

FRPSOLDQFH

7KHIROORZLQJVLPSOLILHGPHWKRGPD\\ EHXVHGIRUHYDOXDWLQJWKHGLUHFWGRVHEDVHGRQRQVLWHRU

VLWHERXQGDU\\PHDVXUHPHQWV

/

/















ZKHUH

'%

GLUHFWUDGLDWLRQGRVHPHDVXUHGDWORFDWLRQ% RQVLWHRUVLWHERXQGDU\\ LQVHFWRU

'/

H[WUDSRODWHGGRVHDWORFDWLRQ/LQVDPHVHFWRU

/

GLVWDQFHWRWKHORFDWLRQ/IURPWKHUDGLDWLRQVRXUFH

%

GLVWDQFHWRORFDWLRQ%IURPWKHUDGLDWLRQVRXUFH



'RVH$VVHVVPHQW%DVHGRQ5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ'DWD 1RUPDOO\\ WKHDVVHVVPHQWRISRWHQWLDOGRVHVWR0(0%(562)7+(38%/,&PXVWEH

FDOFXODWHGEDVHGRQWKHPHDVXUHGUDGLRDFWLYHHIIOXHQWVDWWKHSODQW7KHUHVXOWDQWOHYHOVRI

UDGLRDFWLYHPDWHULDOLQWKHRIIVLWHHQYLURQPHQWDUHVRPLQXWHDVWREHXQGHWHFWDEOH7KH

FDOFXODWLRQDOPHWKRGVDVSUHVHQWHGLQWKLV2'&0DUHXVHGIRUPRGHOLQJWKHWUDQVSRUWLQWKH

HQYLURQPHQWDQGWKHUHVXOWDQWH[SRVXUHWRRIIVLWHLQGLYLGXDOV

7KHUHVXOWVRIWKHUDGLRORJLFDOHQYLURQPHQWDOPRQLWRULQJSURJUDPFDQSURYLGHLQSXWLQWRWKH

RYHUDOODVVHVVPHQWRILPSDFWRISODQWRSHUDWLRQVDQGUDGLRDFWLYHHIIOXHQWV:LWKPHDVXUHG

OHYHOVRISODQWUHODWHGUDGLRDFWLYHPDWHULDOLQSULQFLSDOSDWKZD\\VRIH[SRVXUHDTXDQWLWDWLYH

DVVHVVPHQWRISRWHQWLDOH[SRVXUHVFDQEHSHUIRUPHG:LWKWKHPRQLWRULQJSURJUDPQRW

LGHQWLI\\LQJDQ\\PHDVXUDEOHOHYHOVWKHGDWDSURYLGHVDTXDOLWDWLYHDVVHVVPHQW DFRQILUPDWRU\\

GHPRQVWUDWLRQRIWKHQHJOLJLEOHLPSDFW



5HYLVLRQ

2'&0

'RVHPRGHOLQJFDQEHVLPSOLILHGLQWRWKUHHEDVLFSDUDPHWHUVWKDWFDQEHDSSOLHGLQXVLQJ

HQYLURQPHQWDOPRQLWRULQJGDWDIRUGRVHDVVHVVPHQW

' & 8 ')



ZKHUH

GRVHRUGRVHFRPPLWPHQW FRQFHQWUDWLRQLQWKHH[SRVXUHPHGLDVXFKDVDLUFRQFHQWUDWLRQIRUWKH

LQKDODWLRQSDWKZD\\RUILVKYHJHWDWLRQRUPLONFRQFHQWUDWLRQIRUWKHLQJHVWLRQ

SDWKZD\\

8 LQGLYLGXDOH[SRVXUHWRWKHSDWKZD\\VXFKDVKU\\UIRUGLUHFWH[SRVXUHNJ\\U

IRULQJHVWLRQ SDWKZD\\

')

GRVHFRQYHUVLRQIDFWRUWRFRQYHUWIURPDQH[SRVXUHRUXSWDNHWRDQLQGLYLGXDO

GRVHRUGRVHFRPPLWPHQW

7KHDSSOLFDELOLW\\RIHDFKRIWKHVHEDVLFPRGHOLQJSDUDPHWHUVWRWKHXVHRIHQYLURQPHQWDOPRQLWRULQJ

GDWDIRUGRVHDVVHVVPHQWLVDGGUHVVHGEHORZ

&RQFHQWUDWLRQ &

7KHPDLQYDOXHRIXVLQJHQYLURQPHQWDOVDPSOLQJGDWDWRDVVHVVSRWHQWLDOGRVHVWRLQGLYLGXDOV

LVWKDWWKHGDWDUHSUHVHQWVDFWXDOPHDVXUHGOHYHOVRIUDGLRDFWLYHPDWHULDOLQWKHH[SRVXUH

SDWKZD\\V7KLVHOLPLQDWHVRQHPDLQXQFHUWDLQW\\LQWKHPRGHOLQJ WKHUHOHDVHIURPWKHSODQW

DQGWKHWUDQVSRUWWRWKHHQYLURQPHQWDOH[SRVXUHPHGLXP

(QYLURQPHQWDOVDPSOHVDUHFROOHFWHGRQDURXWLQHIUHTXHQF\\ HJZHHNO\\DLUERUQHSDUWLFXODWH

VDPSOHVPRQWKO\\YHJHWDEOHVDPSOHVDQQXDOILVKVDPSOHV 7RGHWHUPLQHWKHDQQXDODYHUDJH

FRQFHQWUDWLRQLQWKHHQYLURQPHQWDOPHGLXPIRUXVHLQDVVHVVLQJFXPXODWLYHGRVHIRUWKH\\HDU

DQDYHUDJHFRQFHQWUDWLRQVKRXOGEHGHWHUPLQHGEDVHGRQWKHVDPSOLQJIUHTXHQF\\DQG

PHDVXUHGOHYHOV

W L

L

 



ZKHUH

&L DYHUDJHFRQFHQWUDWLRQLQWKHVDPSOLQJPHGLXPIRUWKH\\HDU

&L FRQFHQWUDWLRQRIHDFKUDGLRQXFOLGHLPHDVXUHGLQWKHLQGLYLGXDOVDPSOLQJ

PHGLXP W

SHULRGRIWLPHWKDWWKHPHDVXUHGFRQFHQWUDWLRQLVFRQVLGHUHGUHSUHVHQWDWLYHRI

WKHVDPSOLQJPHGLXP W\\SLFDOO\\HTXDOWRWKHVDPSOLQJIUHTXHQF\\HJGD\\V

IRUZHHNO\\VDPSOHVGD\\VIRUPRQWKO\\VDPSOHV 

,IWKHFRQFHQWUDWLRQLQWKHVDPSOLQJPHGLXPLVEHORZWKHGHWHFWLRQFDSDELOLWLHV LHOHVVWKDQ

ORZHUOLPLWVRIGHWHFWLRQ//' DYDOXH

RI]HUR VKRXOGEHXVHGIRU&L &L  



5HYLVLRQ

2'&0

([SRVXUH 8

'HIDXOWH[SRVXUHYDOXHV 8 DVUHFRPPHQGHGLQ5HJXODWRU\\*XLGHDUHSUHVHQWHGLQ

7DEOH7KHVHYDOXHVVKRXOGEHXVHGRQO\\ZKHQVSHFLILFGDWDDSSOLFDEOHWRWKH

HQYLURQPHQWDOSDWKZD\\EHLQJHYDOXDWHGLVXQDYDLODEOH

$OVRWKHURXWLQHUDGLRORJLFDOHQYLURQPHQWDOPRQLWRULQJSURJUDPLVGHVLJQHGWR

VDPSOHPRQLWRUWKHHQYLURQPHQWDOPHGLDWKDWZRXOGSURYLGHHDUO\\LQGLFDWLRQVRIDQ\\

PHDVXUDEOHOHYHOVLQWKHHQYLURQPHQWEXWQRWQHFHVVDULO\\OHYHOVWRZKLFKDQ\\LQGLYLGXDOLV

H[SRVHG)RUH[DPSOHVHGLPHQWVDPSOHVDUHFROOHFWHGLQWKHDUHDRIWKHOLTXLGGLVFKDUJH

W\\SLFDOO\\QRLQGLYLGXDOVDUHGLUHFWO\\H[SRVHG7RDSSO\\WKHPHDVXUHGOHYHOVRIUDGLRDFWLYLW\\LQ

VDPSOHVWKDWDUHQRWGLUHFWO\\DSSOLFDEOHWRH[SRVXUH WRUHDOLQGLYLGXDOVWKHDSSURDFK

UHFRPPHQGHGLVWRFRUUHODWHWKHORFDWLRQDQGPHDVXUHGOHYHOVWRDFWXDOORFDWLRQVRIH[SRVXUH

+\\GURORJLFDORUDWPRVSKHULFGLOXWLRQIDFWRUVFDQEHXVHGWRSURYLGHUHDVRQDEOHFRUUHODWLRQVRI

FRQFHQWUDWLRQV DQGGRVHV DWRWKHUORFDWLRQV7KHRWKHUDOWHUQDWLYHLVWRFRQVHUYDWLYHO\\

DVVXPHDK\\SRWKHWLFDOLQGLYLGXDODWWKHVDPSOLQJORFDWLRQ'RVHVWKDWDUHFDOFXODWHGLQWKLV

PDQQHUVKRXOGEHSUHVHQWHGDVK\\SRWKHWLFDODQGYHU\\FRQVHUYDWLYHO\\GHWHUPLQHG DFWXDO

H[SRVXUHZRXOGEHPXFKOHVV6DPSOHVFROOHFWHGIURPQHDUE\\ZHOOVRUDFWXDOZDWHUVXSSO\\

LQWDNH HJ3RUW&OLQWRQ VKRXOGEHXVHGIRUHVWLPDWLQJWKHSRWHQWLDOGULQNLQJZDWHUGRVHV

2WKHUZDWHUVDPSOHVFROOHFWHGVXFKDVQHDUILHOGGLOXWLRQDUHDDUHQRWDSSOLFDEOHWRWKLV

SDWKZD\\

'RVH)DFWRUV ')

7KHGRVHIDFWRUVDUHXVHGWRFRQYHUWWKHLQWDNHRIWKHUDGLRDFWLYHPDWHULDOWRDQLQGLYLGXDO

GRVHFRPPLWPHQW9DOXHVRIWKHGRVHIDFWRUVDUHSUHVHQWHGLQ15&5HJXODWRU\\*XLGH

7KHXVHRIWKH5HJXODWRU\\*XLGH YDOXHVDSSOLFDEOHWRWKHH[SRVXUHSDWKZD\\DQG

PD[LPXPH[SRVHGLQGLYLGXDOLVUHIHUHQFHGLQ7DEOH



8VHRI(QYLURQPHQWDO7/'IRU$VVHVVLQJ'RVHV'XHWR1REOH*DV5HOHDVHV 7KHUPROXPLQHVFHQWGRVLPHWHUV 7/' DUHURXWLQHO\\XVHGWRDVVHVVWKHGLUHFW H[SRVXUH

FRPSRQHQWRIUDGLDWLRQGRVHVLQWKHHQYLURQPHQW+RZHYHUEHFDXVHURXWLQHUHOHDVHVRI

UDGLRDFWLYHPDWHULDO QREOHJDVHV DUHVRORZWKHUHVXOWDQWGLUHFWH[SRVXUHGRVHVDUHDOVRYHU\\

ORZ$VWXG\\ SHUIRUPHGIRUWKH15&FRQFOXGHGWKDWLWLVSRVVLEOHWRGHWHUPLQHDSODQW

FRQWULEXWLRQWRWKHQDWXUDOEDFNJURXQGUDGLDWLRQOHYHOV GLUHFWH[SRVXUH RIDURXQGPUHP

SHU\\HDU E\\RSWLPXPPHWKRGVDQGKLJKSUHFLVLRQGDWD 7KHUHIRUHIRUURXWLQHUHOHDVHVIURP

QXFOHDUSRZHUSODQWVWKHXVHRI7/'LVPDLQO\\ FRQILUPDWRU\\ HQVXULQJDFWXDOH[SRVXUHVDUH

ZLWKLQWKHH[SHFWHGQDWXUDOEDFNJURXQGYDULDWLRQ

)RUUHOHDVHVRIQREOHJDVHVHQYLURQPHQWDOPRGHOLQJXVLQJSODQWPHDVXUHGUHOHDVHVDQG

DWPRVSKHULFWUDQVSRUWPRGHOVDVSUHVHQWHGLQWKLV2'&0UHSUHVHQWVWKHEHVWPHWKRGRI

DVVHVVLQJSRWHQWLDOHQYLURQPHQWDOGRVHV+RZHYHUDQ\\REVHUYHGYDULDWLRQVLQ7/'

PHDVXUHPHQWVRXWVLGHWKHQRUPVKRXOGEHHYDOXDWHG

185(*&5(YDOXDWLRQRI0HWKRGVIRUWKH'HWHUPLQDWLRQRI; DQG*DPPD5D\\([SRVXUH

$WWULEXWDEOHWRD1XFOHDU)DFLOLW\\8VLQJ(QYLURQPHQWDO7/'0HDVXUHPHQWV*DLOGH3ODQTXH-XQH

8615&



5HYLVLRQ

2'&0 7DEOH

5HFRPPHQGHG([SRVXUH5DWHVLQ/LHXRI6LWH6SHFLILF'DWD

([SRVXUH3DWKZD\\

0D[LPXP([SRVHG

$JH*URXS

([SRVXUH5DWHV 7DEOH5HIHUHQFH

IRU'RVH)DFWRUV

IURP5*

/LTXLG5HOHDVHV

)LVK

$GXOW

NJ\\

(

'ULQNLQJ:DWHU

$GXOW

O\\

(

%RWWRP6HGLPHQW 7HHQ

K\\

(

$WPRVSKHULF5HOHDVHV

,QKDODWLRQ 7HHQ

P\\

(

'LUHFW([SRVXUH

$OO

K\\

1$

2'&07DEOH

/HDI\\9HJHWDEOHV

&KLOG

NJ\\

(

)UXLWV9HJHWDEOHV *UDLQ 7HHQ

NJ\\

(

0LON

,QIDQW

O\\

(

$GDSWHGIURP5HJXODWRU\\*XLGH7DEOH(

1HWH[SRVXUHRIK\\LVEDVHGRQWKHWRWDOKRXUVSHU\\HDUDGMXVWHGE\\DVKLHOGLQJ

IDFWRUDVUHFRPPHQGHGLQ5HJXODWRU\\*XLGH



5HYLVLRQ

2'&0



$66(660(172)/$1'86(&(1686'$7$

$/DQG8VH&HQVXV /8& LVFRQGXFWHGDQQXDOO\\LQWKHYLFLQLW\\RIWKH'DYLV%HVVHVLWH7KLV

FHQVXVIXOILOOVWZRPDLQSXUSRVHV PHHWUHTXLUHPHQWVRIWKH5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP DVUHTXLUHGE\\&)5$SSHQGL[,6HFWLRQ,9% IRULGHQWLI\\LQJ

FRQWUROOLQJORFDWLRQSDWKZD\\IRUGRVHDVVHVVPHQWRI2'&06HFWLRQDQG SURYLGHGDWD

RQDFWXDOH[SRVXUHSDWKZD\\VIRUDVVHVVLQJUHDOLVWLFGRVHVWR0(0%(562)7+(38%/,&



/$1'86(&(16865(48,5(0(176

$ODQGXVHFHQVXVVKDOOEHFRQGXFWHGGXULQJWKHJURZLQJVHDVRQDWOHDVWRQFHSHUWZHOYH

PRQWKVXVLQJWKDWLQIRUPDWLRQWKDWZLOOSURYLGHWKHEHVWUHVXOWVVXFKDVE\\DGRRUWRGRRU

VXUYH\\DHULDOVXUYH\\RUE\\FRQVXOWLQJORFDODJULFXOWXUDODXWKRULWLHV7KH/DQG8VH&HQVXV

VKDOOLGHQWLI\\ZLWKLQDGLVWDQFHRINP PLOHV WKHORFDWLRQLQHDFKRIWKHPHWHRURORJLFDO

VHFWRUVRIWKHQHDUHVWPLONDQLPDOWKHQHDUHVWUHVLGHQFHDQGWKHQHDUHVWJDUGHQRIJUHDWHUWKDQ

P IW SURGXFLQJEURDGOHDIYHJHWDWLRQ7KLVUHTXLUHPHQWLVSURYLGHGWRHQVXUHWKDW

FKDQJHVLQWKHXVHRI815(675,&7('$5($6DUHLGHQWLILHGDQGWKDWPRGLILFDWLRQVWRWKH

PRQLWRULQJSURJUDPDUHPDGHLIUHTXLUHGE\\WKHUHVXOWVRIWKLVFHQVXV7KLVFHQVXVVDWLVILHV

WKHUHTXLUHPHQWVRI6HFWLRQ,9%RI$SSHQGL[,WR&)53DUW5HVWULFWLQJWKHFHQVXVWR

JDUGHQVRIJUHDWHUWKDQP IW SURYLGHVDVVXUDQFHWKDWVLJQLILFDQWH[SRVXUHSDWKZD\\V

YLDOHDI\\YHJHWDEOHVZLOOEHLGHQWLILHGDQGPRQLWRUHG$JDUGHQRIWKLVVL]HLVWKHPLQLPXP

UHTXLUHGWRSURGXFHWKHTXDQWLW\\ NJ\\HDU RIOHDI\\YHJHWDEOHVDVVXPHGLQ5HJXODWRU\\*XLGH

IRUFRQVXPSWLRQE\\DFKLOG7RGHWHUPLQHWKLVPLQLPXPJDUGHQVL]HWKHIROORZLQJ

DVVXPSWLRQVZHUHPDGH  RIWKHJDUGHQZDVXVHGIRUJURZLQJEURDGOHDIYHJHWDWLRQ

LHVLPLODUWROHWWXFHDQGFDEEDJH DQG  DYHJHWDWLRQ\\LHOGRINJP

7KHGDWDIURPWKH/DQG8VH&HQVXVLVXVHGIRUXSGDWLQJWKHORFDWLRQSDWKZD\\IRU GRVH

DVVHVVPHQWDQGIRUXSGDWLQJWKH5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP7KH

UHVXOWVRIWKH/DQG8VH&HQVXVVKDOOEHLQFOXGHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO

2SHUDWLQJ5HSRUWSXUVXDQWWR6HFWLRQ

LWKD/DQG8VH&HQVXVLGHQWLI\\LQJDORFDWLRQ V WKDW\\LHOGVDFDOFXODWHGGRVHRUGRVH

FRPPLWPHQWJUHDWHUWKDQWKHYDOXHVFXUUHQWO\\EHLQJFDOFXODWHGLQ6HFWLRQVLGHQWLI\\WKH

QHZORFDWLRQV V LQWKHQH[W5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWSXUVXDQWWR6HFWLRQ

LWKD/DQG8VH&HQVXVLGHQWLI\\LQJDORFDWLRQV V WKDW\\LHOGVDFDOFXODWHGGRVHRUGRVH

FRPPLWPHQW YLDWKHVDPHH[SRVXUHSDWKZD\\ SHUFHQWJUHDWHUWKDQWKDWDWDORFDWLRQIURP

ZKLFKVDPSOHVDUHFXUUHQWO\\EHLQJREWDLQHGLQDFFRUGDQFHZLWK6HFWLRQDGGWKHQHZ

ORFDWLRQV V LISUDFWLFDO DQGUHDGLO\\REWDLQDEOH WRWKH5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ

3URJUDPZLWKLQGD\\V7KHVDPSOLQJORFDWLRQV V H[FOXGLQJWKHFRQWUROVWDWLRQORFDWLRQ

KDYLQJDORZHUFDOFXODWHGGRVHRUGRVHFRPPLWPHQW V YLDWKHVDPHH[SRVXUHSDWKZD\\PD\\

EHGHOHWHGIURPWKLVPRQLWRULQJSURJUDP,GHQWLI\\WKHQHZORFDWLRQ V LQWKHQH[W5DGLRDFWLYH

(IIOXHQW5HOHDVH5HSRUWDQGDOVRLQFOXGHLQWKHUHSRUWDUHYLVHGILJXUH V DQGWDEOHIRUWKH

2'&0UHIOHFWLQJWKHQHZORFDWLRQ V 

7KHIROORZLQJJXLGHOLQHVVKDOOEHXVHGIRUDVVHVVLQJWKHUHVXOWVIURPWKH/DQG8VH&HQVXVWR

HQVXUHFRPSOLDQFHZLWKWKLV6HFWLRQ



5HYLVLRQ

2'&0



'DWD&RPSLODWLRQ

$

/RFDWLRQVDQGSDWKZD\\VRIH[SRVXUHDVLGHQWLILHGE\\WKH/DQG8VH&HQVXVZLOOEH

FRPSLOHGIRUFRPSDULVRQZLWKWKHFXUUHQWORFDWLRQVDVSUHVHQWHGLQ7DEOH

%

&KDQJHVIURPWKHSUHYLRXV\\HDU VFHQVXVZLOOEHLGHQWLILHG$OVRDQ\\

ORFDWLRQSDWKZD\\QRWFXUUHQWO\\LQFOXGHGLQWKH5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP 7DEOH ZLOOEHLGHQWLILHG

&

+LVWRULFDODQQXDODYHUDJHPHWHRURORJLFDOGLVSHUVLRQSDUDPHWHUV 4'4 IRUDQ\\

QHZORFDWLRQ LHORFDWLRQQRWSUHYLRXVO\\LGHQWLILHGDQGRUHYDOXDWHG ZLOOEH

GHWHUPLQHG$OOORFDWLRQVVKRXOGEHHYDOXDWHGDJDLQVWWKHVDPHKLVWRULFDO

PHWHRURORJLFDOGDWDVHW



5HODWLYH'RVH6LJQLILFDQFH

$

)RUDOOQHZORFDWLRQVWKHUHODWLYHGRVHVLJQLILFDQFHZLOOEHGHWHUPLQHGE\\DSSOLFDEOH

SDWKZD\\VRIH[SRVXUH

%

5HODWLYHGRVHFDOFXODWLRQVVKRXOGEHEDVHGRQDJHQHULFUDGLRQXFOLGHGLVWULEXWLRQ HJ

'DYLV%HVVH86$5JDVHRXVHIIOXHQWVRXUFHWHUPRUSDVW\\HDUDFWXDOHIIOXHQWV $Q

,VRXUFHWHUPGRVHPD\\EHXVHGIRUDVVHVVPHQWRIWKHPD[LPXPRUJDQLQJHVWLRQ

SDWKZD\\GRVHEHFDXVHRILWVRYHUZKHOPLQJFRQWULEXWLRQWRWKHWRWDOGRVHUHODWLYHWRWKH

RWKHUSDUWLFXODWHV

&

7KHSDWKZD\\GRVHHTXDWLRQVRIWKH2'&0VKRXOGEHXVHG



'DWD(YDOXDWLRQ

$

7KHFRQWUROOLQJORFDWLRQXVHGLQWKH2'&07DEOHZLOOEHYHULILHG,IDQ\\

ORFDWLRQSDWKZD\\ V LVLGHQWLILHGZLWKDKLJKHUUHODWLYHGRVHWKLVORFDWLRQSDWKZD\\ V 

VKRXOGUHSODFHWKHSUHYLRXVO\\LGHQWLILHGFRQWUROOLQJORFDWLRQSDWKZD\\LQ7DEOH ,I

WKHSUHYLRXVO\\LGHQWLILHGFRQWUROOLQJSDWKZD\\LVQRORQJHUSUHVHQWWKHFXUUHQW

FRQWUROOLQJORFDWLRQSDWKZD\\VKRXOGEHGHWHUPLQHG

%

$Q\\FKDQJHVLQHLWKHUWKHFRQWUROOLQJORFDWLRQSDWKZD\\ V RIWKH2'&0GRVH

FDOFXODWLRQV 6HFWLRQDQG7DEOH RUWKH5DGLRORJLFDO(QYLURQPHQWDO

0RQLWRULQJ3URJUDP 2'&06HFWLRQDQG7DEOH VKDOOEHUHSRUWHGWR15&LQ

DFFRUGDQFHZLWK2'&06HFWLRQDQG



5HYLVLRQ

2'&0



/$1'86(&(16867268332575($/,67,&'26($66(660(17 7KH/DQG8VH&HQVXV /8& SURYLGHVGDWDQHHGHGWRVXSSRUWWKHVSHFLDOGRVHDQDO\\VHVRI

6HFWLRQ$FWLYLWLHVLQVLGHWKH815(675,&7('$5($%281'$5<VKRXOGEH

SHULRGLFDOO\\UHYLHZHGIRUGRVHDVVHVVPHQWDVUHTXLUHGE\\6HFWLRQ$VVHVVPHQWRIUHDOLVWLF

GRVHVWR0(0%(562)7+(38%/,&LVUHTXLUHGE\\6HFWLRQIRUGHPRQVWUDWLQJ

FRPSOLDQFHZLWKWKH(3$(QYLURQPHQWDO'RVH6WDQGDUG&)5 6HFWLRQ 

(YHQWKRXJKQRWDSDUWRIWKH/8&WRVXSSRUWWKHVHGRVHDVVHVVPHQWVDUHDVZLWKLQWKH

815(675,&7('$5($%281'$5<WKDWDUHDFFHVVLEOHWRWKHSXEOLFDQG E XVHRI/DNH

(ULHZDWHURQDQGQHDUWKHVLWHDUHHYDOXDWHG7KHVFRSHRIWKHHYDOXDWLRQLQFOXGHVWKH

IROORZLQJ



$VVHVVPHQWRIDUHDVRQVLWHWKDWDUHDFFHVVLEOHWR0(0%(562)7+(38%/,&

3DUWLFXODUDWWHQWLRQVKRXOGEHJLYHQ WRDVVHVVLQJH[SRVXUHWLPHVIRUYLVLWVWRWKH

'DYLV%HVVH$GPLQLVWUDWLRQ%XLOGLQJDQG:HOOQHVV&HQWHU'DWDVKRXOGEHXVHGIRU

XSGDWLQJ7DEOH



'DWDRQ/DNH(ULHXVHVKRXOGEHREWDLQHGIURPORFDODQGVWDWHRIILFLDOV5HDVRQDEOH

HIIRUWVVKDOOEHPDGHWRLGHQWLI\\LQGLYLGXDOLUULJDWLRQDQGSRWDEOHZDWHUXVHUVDQG

LQGXVWULDODQGFRPPHUFLDOZDWHUXVHUVZKRVHVRXUFHLV/DNH(ULH7KLVGDWDLVXVHGWR

YHULI\\WKHSDWKZD\\VRIH[SRVXUHXVHGLQ6HFWLRQ



5HYLVLRQ

2'&0



5$',2/2*,&$/(19,5210(17$/021,725,1*352*5$0 7KH5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP 5(03 SURYLGHVPHDVXUHPHQWVRI

UDGLDWLRQDQGRIUDGLRDFWLYHPDWHULDOVLQWKRVHH[SRVXUHSDWKZD\\VDQGIRUWKRVHUDGLRQXFOLGHV

ZKLFKOHDGWRWKHKLJKHUSRWHQWLDOUDGLDWLRQH[SRVXUHVRILQGLYLGXDOVUHVXOWLQJIURPWKHVWDWLRQ

RSHUDWLRQV7KHVDPSOLQJDQG DQDO\\VLVSURJUDPGHVFULEHGLQWKLV6HFWLRQZDVGHYHORSHGWR

SURYLGHUHSUHVHQWDWLYHPHDVXUHPHQWVRIUDGLDWLRQDQGUDGLRDFWLYHPDWHULDOVUHVXOWLQJIURP

VWDWLRQRSHUDWLRQLQWKHSULQFLSDOSDWKZD\\VRIH[SRVXUHRI0(0%(562)7+(38%/,&

7KLVPRQLWRULQJSURJUDPLPSOHPHQWV6HFWLRQV,9%RI$SSHQGL[,WR&)53DUWDQG

WKHUHE\\VXSSOHPHQWVWKHUDGLRORJLFDOHIIOXHQWFRQWUROVE\\YHULI\\LQJWKDWWKHPHDVXUDEOH

FRQFHQWUDWLRQVRIUDGLRDFWLYHPDWHULDOVDQGOHYHOVRIUDGLDWLRQDUHQRWKLJKHUWKDQH[SHFWHGRQ

WKHEDVLVRIWKHHIIOXHQWPHDVXUHPHQWVDQGWKHPRGHOLQJRIWKHHQYLURQPHQWDOH[SRVXUH

SDWKZD\\V*XLGDQFHIRUWKHGHYHORSPHQWRIWKLVPRQLWRULQJSURJUDPLVSURYLGHGE\\WKH

5DGLRORJLFDO$VVHVVPHQW%UDQFK7HFKQLFDO3RVLWLRQRQ(QYLURQPHQWDO0RQLWRULQJ



352*5$0 '(6&5,37,21



  • HQHUDO 7KH5(03VKDOOEHFRQGXFWHGDVVSHFLILHGLQ7DEOH7KLVWDEOHGHVFULEHVWKHPLQLPXP

HQYLURQPHQWDOPHGLDWREHVDPSOHGWKHVDPSOHFROOHFWLRQIUHTXHQFLHVWKHQXPEHURI

UHSUHVHQWDWLYHVDPSOHVUHTXLUHGWKHFKDUDFWHULVWLFV RIWKHVDPSOLQJORFDWLRQVDQGWKHW\\SHDQG

IUHTXHQF\\RIVDPSOHDQDO\\VLV7DEOHSURYLGHVDGHWDLOHGOLVWLQJRIWKHVDPSOHORFDWLRQVIRU

'DYLV%HVVHZKLFKVDWLVI\\WKHUHTXLUHPHQWVRI7DEOH7KH'DYLV%HVVHSURJUDPLQFOXGHV

UHGXQGDQW VDPSOHORFDWLRQVWRPLQLPL]HWKHRFFXUUHQFHRIPLVVHGVDPSOHV0DSVIRUHDFKVLWH

OLVWHGLQ7DEOHDUHFRQWDLQHGLQ$SSHQGL[&7KHVSHFLILFORFDWLRQVXVHGWRVDWLVI\\WKH

UHTXLUHPHQWVRI7DEOHPD\\EHFKDQJHGDVGHHPHGDSSURSULDWHE\\WKH0DQDJHU +/- 6LWH

&KHPLVWU\\7KHFKDQJHVVKDOOEHUHSRUWHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO

2SHUDWLQJ5HSRUWDQGWKH5DGLRORJLFDO(IIOXHQW5HOHDVH5HSRUWDVUHTXLUHGE\\6HFWLRQV 

DQGUHVSHFWLYHO\\,IWKHFKDQJHVDUHWREHSHUPDQHQW7DEOHDQG$SSHQGL[&VKDOOEH

XSGDWHG

1RWH)RUWKHSXUSRVHRILPSOHPHQWLQJ6HFWLRQVDPSOLQJORFDWLRQVZLOOEHPRGLILHGWR

UHIOHFWWKHILQGLQJVRIWKH/DQG8VH&HQVXVDVGHVFULEHGLQ2'&06HFWLRQ



3URJUDP'HYLDWLRQV

LWKWKHPLQLPXP5(03VDPSOHVQRWFROOHFWHG DQGDQDO\\]HGDVVSHFLILHGLQ7DEOH

SUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ

5HSRUWUHTXLUHGE\\6HFWLRQDGHVFULSWLRQRIWKHUHDVRQVIRUQRWFRQGXFWLQJWKHSURJUDPDV

UHTXLUHGDQGSODQVIRUSUHYHQWLQJDUHFXUUHQFH



8QDYDLODELOLW\\RI0LONRU%URDG/HDI9HJHWDWLRQ6DPSOHV

LWKPLONRUIUHVKOHDI\\YHJHWDEOHVDPSOHVXQDYDLODEOHIURPRQHRUPRUHRIWKHVDPSOH

ORFDWLRQVUHTXLUHGE\\7DEOHLGHQWLI\\ORFDWLRQVIRUREWDLQLQJUHSODFHPHQWVDPSOHVDQGLI

SUDFWLFDODGGWKHPWRWKH5(03ZLWKLQGD\\V7KHORFDWLRQVIURPZKLFKVDPSOHVZHUH

XQDYDLODEOHPD\\WKHQEHGHOHWHGIURPWKHPRQLWRULQJSURJUDP,QOLHXRID/LFHQVHH(YHQW

5HSRUWDQGSXUVXDQWWR6HFWLRQLGHQWLI\\WKHFDXVHRIWKHXQDYDLODELOLW\\RIVDPSOHVDQG

LGHQWLI\\DQGWKHQHZORFDWLRQV V IRUREWDLQLQJUHSODFHPHQWVDPSOHVLQWKHQH[W5DGLRORJLFDO

(IIOXHQW5HOHDVH5HSRUWDQGDOVRLQFOXGHLQWKHUHSRUWDUHYLVHGILJXUH V DQGWDEOHIRUWKH

2'&0UHIOHFWLQJWKHQHZORFDWLRQV V 



5HYLVLRQ

2'&0



6HDVRQDO8QDYDLODELOLW\\(TXLSPHQW0DOIXQFWLRQV6DIHW\\&RQFHUQV

LWKVSHFLPHQVXQREWDLQDEOHGXHWRKD]DUGRXVFRQGLWLRQVVHDVRQDOXQDYDLODELOLW\\

PDOIXQFWLRQRIDXWRPDWLFVDPSOLQJHTXLSPHQWDQGRWKHUOHJLWLPDWHUHDVRQVHYHU\\HIIRUWZLOO

EHPDGHWRFRPSOHWHFRUUHFWLYHDFWLRQSULRUWRWKHHQGRIWKHQH[WVDPSOLQJSHULRG$OO

GHYLDWLRQVIURPWKHVDPSOLQJVFKHGXOHZLOOEHGRFXPHQWHGLQWKH$QQXDO5DGLRORJLFDO

(QYLURQPHQWDO2SHUDWLQJUHSRUWSXUVXDQWWR6HFWLRQ



6DPSOH$QDO\\VLV 5(03VDPSOHVVKDOOEHDQDO\\]HGSXUVXDQWWRWKHUHTXLUHPHQWVRI7DEOHDQGWKHGHWHFWLRQ

FDSDELOLWLHVUHTXLUHGE\\7DEOH&XPXODWLYHSRWHQWLDOGRVHFRQWULEXWLRQVIRUWKHFXUUHQW

FDOHQGDU\\HDUIURPUDGLRQXFOLGHVGHWHFWHGLQHQYLURQPHQWDOVDPSOHVVKDOOEHGHWHUPLQHGLQ

DFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQWKLV2'&0



5(3257,1*/(9(/6



  • HQHUDO 7KHUHSRUWLQJOHYHOVDUHEDVHGRQWKHGHVLJQREMHFWLYHGRVHVRI&)5$SSHQGL[, LH

OHYHOVRIUDGLRDFWLYHPDWHULDOLQWKHVDPSOLQJPHGLDFRUUHVSRQGLQJWRSRWHQWLDODQQXDOGRVHVRI

PUHPWRWDOERG\\RUPUHPPD[LPXPRUJDQIURPOLTXLGSDWKZD\\VRUPUHPWRWDOERG\\

RUPUHPPD[LPXPRUJDQIRUJDVHRXVHIIOXHQWSDWKZD\\V WKHDQQXDOOLPLWVRI6HFWLRQV

DQG 7KHVHSRWHQWLDOGRVHVDUHPRGHOHGRQWKHPD[LPXPH[SRVXUHRU

FRQVXPSWLRQUDWHVRI15&5HJXODWRU\\*XLGH

7KHHYDOXDWLRQRISRWHQWLDOGRVHVVKRXOGEHEDVHGVROHO\\RQUDGLRDFWLYHPDWHULDOUHVXOWLQJIURP

SODQWRSHUDWLRQ



([FHHGDQFHRI5HSRUWLQJ/HYHOV

LWKWKHOHYHORIUDGLRDFWLYLW\\DVWKHUHVXOWRISODQWHIIOXHQWVLQDQHQYLURQPHQWDOVDPSOLQJ

PHGLXPDWDVSHFLILHGORFDWLRQH[FHHGLQJWKHUHSRUWLQJOHYHOVRI7DEOHZKHQDYHUDJHG

RYHUDQ\\FDOHQGDUTXDUWHUSUHSDUHDQGVXEPLWWRWKH&RPPLVVLRQZLWKLQGD\\VSXUVXDQWWR

6HFWLRQD/LFHQVHH(YHQWUHSRUWWKDWLGHQWLILHVWKHFDXVH V IRUH[FHHGLQJWKHOLPLW V DQG

GHILQHVWKHFRUUHFWLYHDFWLRQVWREHWDNHQWRUHGXFHUDGLRDFWLYHHIIOXHQWVVRWKDWWKHSRWHQWLDO

DQQXDOGRVHWR0(0%(52)7+(38%/,&LVOHVVWKDQWKHFDOHQGDU\\HDUOLPLWVRI6HFWLRQV

DQG:KHQPRUHWKDQRQHRIWKHUDGLRQXFOLGHVLQ7DEOHDUHGHWHFWHGLQ

WKHVDPSOLQJPHGLXPWKLVUHSRUWVKDOOEHVXEPLWWHGLI

FRQFHQWUDWLRQ UHSRUWLQJ OHYHO FRQFHQWUDWLRQ UHSRUWLQJ OHYHO

  

 











KHQUDGLRQXFOLGHVRWKHUWKDQWKRVHLQ7DEOHDUHGHWHFWHGDQGDUHWKHUHVXOWRISODQW

HIIOXHQWVWKLVUHSRUWVKDOOEHVXEPLWWHGLIWKHSRWHQWLDODQQXDOGRVHWRD0(0%(52)7+(

38%/,&LVHTXDOWRRUJUHDWHUWKDQWKHFDOHQGDU\\HDUOLPLWVRI6HFWLRQVDQG

7KHPHWKRGGHVFULEHGLQ6HFWLRQPD\\EHXVHGIRUDVVHVVLQJWKHSRWHQWLDOGRVHDQG

UHTXLUHGUHSRUWLQJIRUUDGLRQXFOLGHVRWKHUWKDQWKRVHOLVWHGLQ7DEOH



5HYLVLRQ

2'&0

$/LFHQVHH(YHQW 5HSRUWLVQRWUHTXLUHGLIWKHPHDVXUHGOHYHORIUDGLRDFWLYLW\\ZDVQRWWKH

UHVXOWRISODQWHIIOXHQWVKRZHYHULQVXFKDQHYHQWWKHFRQGLWLRQVKDOOEHUHSRUWHGDQG

GHVFULEHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW



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

$QDO\\VHVVKDOOEHSHUIRUPHGRQUDGLRDFWLYHPDWHULDOVVXSSOLHGDVSDUWRIDQ,QWHUODERUDWRU\\

&RPSDULVRQ3URJUDPWKDWKDVEHHQDSSURYHGE\\WKH&RPPLVVLRQ7KHUHTXLUHPHQWIRU

SDUWLFLSDWLQJLQDQDSSURYHG,QWHUODERUDWRU\\&RPSDULVRQ3URJUDPLVSURYLGHGWRHQVXUHWKDW

LQGHSHQGHQWFKHFNVRQWKHSUHFLVLRQDQGDFFXUDF\\RIWKHPHDVXUHPHQWVRIUDGLRDFWLYHPDWHULDO

LQHQYLURQPHQWDOVDPSOHPDWULFHVDUHSHUIRUPHGDVSDUWRIWKHTXDOLW\\DVVXUDQFHSURJUDPIRU

HQYLURQPHQWDOPRQLWRULQJLQRUGHUWRGHPRQVWUDWHWKDWWKHUHVXOWVDUHUHDVRQDEO\\YDOLGIRUWKH

SXUSRVHVRI6HFWLRQ,9%RI$SSHQGL[,WR&)53DUW

$VXPPDU\\RIWKHUHVXOWVREWDLQHGDVSDUWRIWKHUHTXLUHG,QWHUODERUDWRU\\&RPSDULVRQ3URJUDP

VKDOOEHLQFOXGHGLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWSXUVXDQWWR

6HFWLRQ:LWKDQDO\\VHVQRWEHLQJSHUIRUPHGDVUHTXLUHGUHSRUWWKHFRUUHFWLYHDFWLRQV

WDNHQWRSUHYHQWDUHFXUUHQFHWRWKH&RPPLVVLRQLQWKH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO

2SHUDWLQJ5HSRUWSXUVXDQWWR6HFWLRQ



5HYLVLRQ

2'&0 7DEOH

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

([SRVXUH3DWKZD\\

DQGRU6DPSOH 0LQLPXP1XPEHURI5HSUHVHQWDWLYH

6DPSOHVDQG6DPSOH/RFDWLRQVD

&ROOHFWLRQ

)UHTXHQF\\

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLV



',5(&75$',$7,21E

7/'

URXWLQHPRQLWRULQJVWDWLRQVHLWKHU

ZLWKWZRRUPRUHGRVLPHWHUVRUZLWKRQH

LQVWUXPHQWIRUPHDVXULQJ DQGUHFRUGLQJ

GRVHUDWHFRQWLQXRXVO\\SODFHGDV

IROORZV

4XDUWHUO\\

  • DPPDGRVHTXDUWHUO\\

DQLQQHUULQJRIVWDWLRQVJHQHUDOO\\RQHLQ

HDFKPHWHRURORJLFDOVHFWRULQWKH

JHQHUDODUHDRIWKH815(675,&7('

$5($%281'$5<

DQRXWHUULQJRIVWDWLRQVRQHLQHDFK

PHWHRURORJLFDOVHFWRULQWKHWRNP

UDQJHIURPWKHVLWHH[FOXGLQJWKH

VHFWRUVRYHU/DNH(ULH

WKHEDODQFHRIWKHVWDWLRQVWREHSODFHGLQ

VSHFLDOLQWHUHVWDUHDVVXFKDVSRSXODWLRQ

FHQWHUVQHDUE\\UHVLGHQFHVVFKRROVDQG

LQRU DUHDVWRVHUYHDVFRQWURO

VWDWLRQV



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

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

([SRVXUH3DWKZD\\

DQGRU6DPSOH 0LQLPXP1XPEHURI5HSUHVHQWDWLYH

6DPSOHVDQG6DPSOH/RFDWLRQVD

&ROOHFWLRQ

)UHTXHQF\\

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLV



$,5%251(

5DGLRLRGLQHDQG3DUWLFXODWHV

$,$3

6DPSOHVIURPORFDWLRQVSODFHGDV

IROORZV

VDPSOHVIURPFORVHWRWKH

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

%281'$5<LQGLIIHUHQWVHFWRUV

JHQHUDOO\\IURPDUHDVRIKLJKHUFDOFXODWHG

DQQXDODYHUDJHJURXQGOHYHO'4

&RQWLQXRXVVDPSOHU

RSHUDWLRQZLWKVDPSOH

FROOHFWLRQZHHNO\\RU

PRUHIUHTXHQWLI

UHTXLUHGE\\GXVW

ORDGLQJ

5DGLRLRGLQH&DQLVWHU

,DQDO\\VLVZHHNO\\

3DUWLFXODWH6DPSOHU

  • URVVEHWDUDGLRDFWLYLW\\

DQDO\\VLVIROORZLQJILOWHU

FKDQJHF *DPPDLVRWRSLF

DQDO\\VLVRIFRPSRVLWH E\\

ORFDWLRQ TXDUWHUO\\

VDPSOHIURPWKHYLFLQLW\\RIDQHDUE\\

FRPPXQLW\\JHQHUDOO\\ LQWKHDUHDRI

KLJKHUFDOFXODWHGDQQXDODYHUDJH

JURXQGOHYHO'4

VDPSOHIURPDFRQWUROORFDWLRQ

NPIURPWKHVLWH



$7(5%251(

D

6XUIDFH XQWUHDWHGZDWHU

6:8

VDPSOHV

HHNO\\FRPSRVLWH

VDPSOH ,QGLFDWRU

ORFDWLRQVKRXOGEHD

FRPSRVLWH

7ULWLXPDQGJDPPD

LVRWRSLFG DQDO\\VLVRI

FRPSRVLWHVDPSOH

PRQWKO\\

E

  • URXQG

::

6DPSOHIURPRQHVRXUFHRQO\\LIOLNHO\\WR

EHDIIHFWHGH 4XDUWHUO\\

  • DPPDLVRWRSLFG DQG

WULWLXPDQDO\\VLVTXDUWHUO\\

127(

$QHDUE\\FRPPXQLW\\PD\\EHFRQVLGHUHGDVDODUJHJURXSRIUHVLGHQFHVLQDFORVHSUR[LPLW\\WRWKH3ODQW



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

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

([SRVXUH3DWKZD\\

DQGRU6DPSOH 0LQLPXP1XPEHURI5HSUHVHQWDWLYH

6DPSOHVDQG6DPSOH/RFDWLRQVD

&ROOHFWLRQ

)UHTXHQF\\

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLV F

'ULQNLQJ 7UHDWHG

ZDWHU

6:7

VDPSOHIURPWKHQHDUHVWVRXUFH

VDPSOHIURPDFRQWUROORFDWLRQ

HHNO\\FRPSRVLWH

VDPSOH

  • URVVEHWDRQPRQWKO\\

FRPSRVLWH7ULWLXPDQG

JDPPDLVRWRSLFDQDO\\VLVRQ

TXDUWHUO\\FRPSRVLWH,

DQDO\\VLVRQHDFKFRPSRVLWH

ZKHQWKHGRVHFDOFXODWHG

IRUWKHFRQVXPSWLRQRIWKH

ZDWHULVJUHDWHUWKDQ

 PUHPSHU\\HDU

G

6HGLPHQWIURP

6KRUHOLQH 6('

VDPSOHIURPDUHDZLWKH[LVWLQJRU

SRWHQWLDOUHFUHDWLRQDOYDOXH

6HPLDQQXDOO\\

  • DPPDLVRWRSLFDQDO\\]HG

VHPLDQQXDOO\\



,1*(67,21 D

0LON

0,/

,IDYDLODEOHVDPSOHVIURPDQLPDOVXSWR

ORFDWLRQVZLWKLQNPGLVWDQFHKDYLQJ

WKHKLJKHVWGRVHSRWHQWLDO

6HPLPRQWKO\\ZKHQ

DQLPDOVDUHRQSDVWXUH

PRQWKO\\DWRWKHUWLPHV

  • DPPDLVRWRSLFG DQG,

DQDO\\VLVVHPL PRQWKO\\

ZKHQDQLPDOVDUHRQ

SDVWXUHPRQWKO\\DWRWKHU

WLPHV

VDPSOHIURPPLONLQJDQLPDOVDWD

FRQWUROORFDWLRQNPGLVWDQWDQG

JHQHUDOO\\LQDOHVVSUHYDOHQWZLQG

GLUHFWLRQ

E

)LVK

),6

VDPSOHHDFKRIFRPPHUFLDOO\\DQGRU

UHFUHDWLRQDOO\\LPSRUWDQWVSHFLHVLQ

YLFLQLW\\RIVLWH

VDPSOHLQVHDVRQ

  • DPPDLVRWRSLFDQDO\\VLV

RQHGLEOHSRUWLRQV

VDPSOHRIVDPHVSHFLHVLQDUHDVQRW

LQIOXHQFHGE\\SODQWGLVFKDUJH



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

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

([SRVXUH3DWKZD\\

DQGRU6DPSOH 0LQLPXP1XPEHURI5HSUHVHQWDWLYH

6DPSOHVDQG6DPSOH/RFDWLRQVD

&ROOHFWLRQ

)UHTXHQF\\

7\\SHDQG)UHTXHQF\\

RI$QDO\\VLV F

)RRG3URGXFWV %URDG

OHDIYHJHWDWLRQ

%/9

6DPSOHVRIXSWRGLIIHUHQWNLQGVRI

EURDGOHDIYHJHWDWLRQJURZQLQWZR

GLIIHUHQWRIIVLWHORFDWLRQVRIKLJKHU

SUHGLFWHGDQQXDODYHUDJHJURXQGOHYHO

'4LIPLONVDPSOLQJLVQRWSHUIRUPHG

0RQWKO\\ZKHQ

DYDLODEOH

  • DPPDLVRWRSLFG DQG

,DQDO\\VLV

VDPSOHRIHDFKRIWKHVLPLODUEURDGOHDI

YHJHWDWLRQVJURZQNPGLVWDQWLQD

OHVVSUHYDOHQWZLQGGLUHFWLRQLIPLON

VDPSOLQJLVQRWSHUIRUPHG

0RQWKO\\ZKHQ

DYDLODEOH

  • DPPDLVRWRSLFG DQG

,DQDO\\VLV



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21 D6SHFLILFSDUDPHWHUVRIGLVWDQFHDQGGLUHFWLRQVHFWRUIURPWKHFHQWHUOLQHRIWKHUHDFWRUDQGDGGLWLRQDO

GHVFULSWLRQ ZKHUHSHUWLQHQW DUHSURYLGHGIRUHDFKDQGHYHU\\VDPSOHORFDWLRQLQ7DEOH5HIHUWR

185(*3UHSDUDWLRQRI5DGLRORJLFDO(IIOXHQW7HFKQLFDO6SHFLILFDWLRQVIRU1XFOHDU3RZHU

3ODQWV2FWREHUDQGWR5DGLRORJLFDO$VVHVVPHQW%UDQFK7HFKQLFDO3RVLWLRQ5HYLVLRQ

1RYHPEHU,WLVUHFRJQL]HGWKDWDWWLPHVLWPD\\QRWEHSRVVLEOHRUSUDFWLFDEOHWRFRQWLQXHWR

REWDLQVDPSOHVRIWKHPHGLDRIFKRLFHDWWKHPRVWGHVLUHGORFDWLRQRUWLPH,QWKHVHLQVWDQFHVVXLWDEOH

DOWHUQDWLYHPHGLDDQGORFDWLRQVPD\\EHFKRVHQIRUWKHSDUWLFXODUSDWKZD\\LQTXHVWLRQDQGDSSURSULDWH

VXEVWLWXWLRQVPDGHZLWKLQGD\\VLQWKH5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP,QOLHXRI

D/LFHQVHH(YHQW5HSRUWDQGSXUVXDQWWR7HFKQLFDO6SHFLILFDWLRQ DQG6HFWLRQLGHQWLI\\WKH

FDXVHRIWKHXQDYDLODELOLW\\RIVDPSOHVIRUWKDWSDWKZD\\DQGLGHQWLI\\WKHQHZORFDWLRQV V IRUREWDLQLQJ

UHSODFHPHQWVDPSOHVLQWKHQH[W5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW$OVRLQFOXGHLQWKHUHSRUWD

UHYLVHGILJXUH V DQG WDEOHIRUWKH2'&0UHIOHFWLQJWKHQHZORFDWLRQ V 

E2QHRUPRUHLQVWUXPHQWVVXFKDVDSUHVVXUL]HGLRQFKDPEHUIRUPHDVXULQJDQGUHFRUGLQJGRVHUDWH

FRQWLQXRXVO\\PD\\EHXVHGLQSODFHRIRULQDGGLWLRQWRLQWHJUDWLQJGRVLPHWHUV)RUWKHSXUSRVHVRI

WKLVWDEOHDWKHUPROXPLQHVFHQWGRVLPHWHU 7/' LVFRQVLGHUHGWREHRQHSKRVSKRUWZRRUPRUH

SKRVSKRUVLQDSDFNHWDUHFRQVLGHUHGDVWZRRUPRUHGRVLPHWHUV)LOPEDGJHVVKDOOQRWEHXVHGDV

GRVLPHWHUVIRUPHDVXULQJGLUHFWUDGLDWLRQ7KHQXPEHURIGLUHFWUDGLDWLRQPRQLWRULQJVWDWLRQVPD\\EH

UHGXFHGDFFRUGLQJWRJHRJUDSKLFDOOLPLWDWLRQVHJDWDQRFHDQVLWHVRPHVHFWRUVZLOOEHRYHUZDWHUVR

WKDWWKHQXPEHURIGRVLPHWHUVPD\\EHUHGXFHGDFFRUGLQJO\\7KHIUHTXHQF\\RIDQDO\\VLVRUUHDGRXWIRU

7/'V\\VWHPVZLOOGHSHQGXSRQWKHFKDUDFWHULVWLFVRIWKHVSHFLILFV\\VWHPXVHGDQGVKRXOGEHVHOHFWHG

WRREWDLQRSWLPXPGRVHLQIRUPDWLRQZLWKPLQLPDOIDGLQJ

F$LUERUQHSDUWLFXODWHVDPSOHILOWHUVVKDOOEHDQDO\\]HGIRUJURVVEHWDUDGLRDFWLYLW\\KRXUVRUPRUHDIWHU

VDPSOLQJWRDOORZIRUUDGRQDQGWKRURQGDXJKWHUGHFD\\,IJURVVEHWDDFWLYLW\\LQDLUSDUWLFXODWHVDPSOHV

LVJUHDWHUWKDQWHQWLPHVWKH\\HDUO\\PHDQRIFRQWUROVDPSOHVWKHQJDPPDLVRWRSLFDQDO\\VLVVKDOOEH

SHUIRUPHGRQWKHLQGLYLGXDOVDPSOHV

G*DPPDLVRWRSLFDQDO\\VLVPHDQVWKHLGHQWLILFDWLRQDQGTXDQWLILFDWLRQRIJDPPDHPLWWLQJUDGLRQXFOLGHV

WKDWPD\\EHDWWULEXWDEOHWRWKHHIIOXHQWVIURPWKHIDFLOLW\\

H*URXQGZDWHUVDPSOHVVKDOOEHWDNHQZKHQWKLVVRXUFHLVWDSSHGIRUGULQNLQJRULUULJDWLRQSXUSRVHVLQ

DUHDVZKHUHWKHK\\GUDXOLFJUDGLHQWRUUHFKDUJHSURSHUWLHVDUHVXLWDEOHIRUFRQWDPLQDWLRQ



5HYLVLRQ

2'&0 7DEOH

5(036DPSOLQJ/RFDWLRQV

/RFDWLRQ 6DPSOHV

&ROOHFWHG 

$SSHQGL[&

3DJH5HIHUHQFH 7\\SHRI

/RFDWLRQ

/RFDWLRQ'HVFULSWLRQ 7

$,$3

7/'



,QQHU5LQJ PLOH(1(RI6WDWLRQ 7

$,$3

7/'

 

,QQHU5LQJ PLOH(RI6WDWLRQ 7

$,$3

7/'

6:86('

 



,QQHU5LQJPLOHV(6(RI6WDWLRQQHDU

PRXWKRI7RXVVDLQW5LYHU 7

$,$3

7/'



,QQHU5LQJ PLOH6RI 6WDWLRQ 7

7/'



,QQHU5LQJ PLOH:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH11(RI6WDWLRQ 7

$,$3

7/'

 

,&

&RPPXQLW\\PLOH1:RI6WDWLRQ 7

$,$3

7/'

 

,&

&RPPXQLW\\PLOHV6:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH66:RI6WDWLRQ 7

$,$3

7/'6:7

6:86('

 



$OOVDPSOHVDUHFROOHFWHGDWWKH2WWDZD

&RXQW\\5HJLRQDO:DWHU,QWDNH)DFLOLW\\

 PLOHV6(RI3ODQWH[FHSWIRU7UHDWHG

DWHU6DPSOHZKLFKLVFROOHFWHGDWWKH

2WWDZD&RXQW\\5HJLRQDO:DWHU7UHDWPHQW

3ODQW PLOHV6(RI3ODQW 7

$,$3

7/'

 

7ROHGR:DWHU7UHDWPHQW3ODQWPLOHV

1:RI6WDWLRQ

7

%/9



  • DUGHQPLOHV66(RI6WDWLRQ 7

%/9



  • DUGHQPLOH:RI6WDWLRQ 7

6:76:8

 

&DUUROO7RZQVKLS:DWHU7UHDWPHQW3ODQW

6:8FROOHFWHG PLOHV:RIVWDWLRQDQG

6:7IURP5(03/DE'%$%$QQH[

7

0,/



'DLU\\PLOHV6(RI6WDWLRQ

, ,QGLFDWRUORFDWLRQV& &RQWUROORFDWLRQV 7DQG77/'VDUH&RQWURO/RFDWLRQV



5HYLVLRQ

2'&0 7DEOH

5(03 6DPSOLQJ/RFDWLRQV

/RFDWLRQ 6DPSOHV

&ROOHFWHG 

$SSHQGL[&

3DJH5HIHUHQFH 7\\SHRI

/RFDWLRQ

/RFDWLRQ'HVFULSWLRQ 7

$,$3

7/'::

 



3DUN PLOHV:1:RI6WDWLRQ 7

%/9



)DUPPLOHV:1:RI6WDWLRQ 7

),6



/DNH(ULHZLWKLQDPLOHUDGLXVIURP

6WDWLRQ 7

),6



/DNH(ULHJUHDWHUWKDQDPLOHUDGLXV

IURP6WDWLRQ 7

%/9



)DUPPLOHV6:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH(1(RI6WDWLRQ 7

7/'



,QQHU5LQJ PLOH6(RI6WDWLRQ 7

7/'



,QQHU5LQJ PLOH66(RI6WDWLRQ 7

7/'



,QQHU5LQJ PLOH6:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH6:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH:6:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH:1:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH1:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH1RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH1(RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH1(RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV66(RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV6RI6WDWLRQ 7

7/'



2XWHU 5LQJPLOHV6:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV6RI6WDWLRQ 7

7/'



,QQHU5LQJPLOH 6(RI6WDWLRQ

, ,QGLFDWRUORFDWLRQV& &RQWUROORFDWLRQV



5HYLVLRQ

2'&0 7DEOH

5(03 6DPSOLQJ/RFDWLRQV

/RFDWLRQ 6DPSOHV

&ROOHFWHG 

$SSHQGL[&

3DJH5HIHUHQFH 7\\SHRI

/RFDWLRQ

/RFDWLRQ'HVFULSWLRQ 7

7/'



,QQHU5LQJPLOHV11:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV:1:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV11:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV:6:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV66:RI6WDWLRQ 7

7/'



3RSXODWLRQ&HQWHU PLOHV6RI6WDWLRQ 7

7/'



3RSXODWLRQ&HQWHU PLOHV66:RI

6WDWLRQ 7

7/'



2XWHU5LQJ PLOHV66: RI6WDWLRQ 7

7/'



2XWHU5LQJ PLOHV6RI6WDWLRQ

7

7/'



2XWHU5LQJPLOHV66(RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV6(RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV66(RI6WDWLRQ 7

7/'



5HVLGHQFHPLOHV1:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV6:RI6WDWLRQ 7

7/'



3RSXODWLRQ&HQWHUPLOHV6(RI6WDWLRQ 7

7/'



5HVLGHQFHPLOHV11:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV1RI6WDWLRQ 7

7/'



,QQHU5LQJ PLOHV1:RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV11(RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV(RI6WDWLRQ 7

7/'



,QQHU5LQJPLOHV(6(RI6WDWLRQ

, ,QGLFDWRUORFDWLRQV& &RQWUROORFDWLRQV



5HYLVLRQ

2'&0 7DEOH

5(036DPSOLQJ/RFDWLRQV

/RFDWLRQ 6DPSOHV

&ROOHFWHG 

$SSHQGL[&

3DJH5HIHUHQFH 7\\SHRI

/RFDWLRQ

/RFDWLRQ'HVFULSWLRQ 7

7/'



2XWHU5LQJPLOHV66:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV:6:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV:6:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV:1:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV:1:RI6WDWLRQ 7

7/'



2XWHU5LQJPLOHV6(RI6WDWLRQ 7



,UULJDWLRQPLOHV1:RI6WDWLRQ 7

%/9



  • DUGHQPLOHV66(RI6WDWLRQ

 6HH7DEOHIRU6DPSOHGHVLJQDWLRQV

$3$,7/'6:86:7::6('),6%/9

, ,QGLFDWRUORFDWLRQV& &RQWUROORFDWLRQV



5HYLVLRQ

2'&0 7DEOH 

/2:(5/,0,762)'(7(&7,21 //' D

$LUERUQH3DUWLFXODWH

$QDO\\VLV

DWHU

S&L

RU*DV

S&LP

)LVK

S&LNJZHW

0LON

S&L

)RRG3URGXFWV

S&LNJZHW

6HGLPHQW

S&LNJGU\\

  • URVV%HWD

E

(

+

F

0Q





)H





&R





=Q





=U



,

G

(





&V

 E 

(









%D /D





127( 7KLVOLVWGRHVQRWPHDQWKDWRQO\\WKHVHQXFOLGHVDUHWREHGHWHFWHGDQGUHSRUWHG2WKHUSHDNVZKLFKDUHPHDVXUDEOHDQGLGHQWLILDEOHWRJHWKHUZLWKWKH

DERYHQXFOLGHVVKDOOEHLGHQWLILHGDQGUHSRUWHG

,IQRGULQNLQJZDWHUSDWKZD\\H[LVWVDYDOXHRIS&L/PD\\EHXVHG



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21 D

7KH//'LVWKHVPDOOHVWFRQFHQWUDWLRQRIUDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOOEHGHWHFWHG

ZLWKSUREDELOLW\\ ZLWKSUREDELOLW\\RIIDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQ

UHSUHVHQWVDUHDOVLJQDO 

)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHP ZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ 

//'

VE

(

9 W

 

 





H[S ZKHUH

//'LVWKHORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH S&LSHUXQLWPDVVRUYROXPH 

VE LVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQN

VDPSOHDVDSSURSULDWH FRXQWVSHUPLQXWH 

(LVWKHFRXQWLQJHIILFLHQF\\ FRXQWVSHUWUDQVIRUPDWLRQ 

9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH 

LVWKHQXPEHURIWUDQVIRUPDWLRQVSHUPLQXWHSHUSLFRFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOG ZKHQDSSOLFDEOH 

LVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGH

WLVWKHHODSVHGWLPHEHWZHHQHQGRIWKHVDPSOHFROOHFWLRQSHULRGDQGWLPHRIFRXQWLQJ

7\\SLFDOYDOXHVRI(9<DQG WVKRXOGEHXVHGLQWKHFDOFXODWLRQV

7KH//'LVGHILQHGDVDQD SULRUL EHIRUHWKHIDFW OLPLWUHSUHVHQWLQJWKHFDSDELOLW\\RID

PHDVXUHPHQWV\\VWHPDQGQRWDVD SRVWHULRUL DIWHUWKHIDFW OLPLWIRUDSDUWLFXODUPHDVXUHPHQW

$QDO\\VHVVKDOOEHSHUIRUPHGLQVXFKDPDQQHUWKDWWKHVWDWHG//'VZLOOEHDFKLHYHGXQGHU

URXWLQHFRQGLWLRQV2FFDVLRQDOO\\EDFNJURXQGIOXFWXDWLRQVXQDYRLGDEOHVPDOOVDPSOHVL]HVWKH

SUHVHQFHRILQWHUIHULQJQXFOLGHVRUXQFRQWUROODEOHFLUFXPVWDQFHVPD\\UHQGHUWKHVH//'V

XQDFKLHYDEOH,QVXFKFDVHVWKHFRQWULEXWLQJIDFWRUVZLOOEHLGHQWLILHGDQGGHVFULEHGLQWKH

$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW

)RUPRUHFRPSOHWHGLVFXVVLRQRIWKH//'DQGRWKHUGHWHFWLRQOLPLWVVHHWKHIROORZLQJ



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



&XUULH/$/LPLWVIRU4XDOLWDWLYH'HWHFWLRQDQG4XDQWLWDWLYH

'HWHUPLQDWLRQ $SSOLFDWLRQWR5DGLRFKHPLVWU\\$QDO&KHP  



5HYLVLRQ

2'&0 7DEOH &RQWLQXHG

7$%/(127$7,21



+DUWZHOO-.'HWHFWLRQ/LPLWVIRU5DGLRLVRWRSLF&RXQWLQJ7HFKQLTXHV$WODQWLF

5LFKILHOG+DQIRUG&RPSDQ\\5HSRUW$5+ -XQH 

E

//'IRUGULQNLQJZDWHU

F

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

G

//'RQO\\ZKHQVSHFLILFDQDO\\VLVIRU,UHTXLUHG



5HYLVLRQ

2'&0 7DEOH

5(3257,1*/(9(/6)255$',2$&7,9,7<&21&(175$7,216,1(19,5210(17$/6$03/(6 5HSRUWLQJ/HYHOV

$LUERUQH3DUWLFXODWH

$QDO\\VLV

DWHU

S&L/

C RU*DV

S&LP

)LVK

S&LNJZHW

0LON

S&L

9HJHWDEOHV

S&LNJZHW

+

(

0Q

(

(

)H

(

(

&R

(

(

&R

(

(

=Q

(

(

=U1E

(

,

(

(

(

(

&V

(

(

(

(

(

&V

(

(

(

(

(

%D/D

(

(

)RUGULQNLQJZDWHUVDPSOHVWKLVLVWKH&)5YDOXH,IQRGULQNLQJZDWHUSDWKZD\\H[LVWVDYDOXHRIS&LOLWHUPD\\EHXVHG



5HYLVLRQ

2'&0



$'0,1,675$7,9(&21752/6



$118$/5$',2/2*,&$/(19,5210(17$/23(5$7,1*5(3257 5RXWLQH5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJUHSRUWVFRYHULQJWKHRSHUDWLRQRIWKHXQLW

GXULQJWKHSUHYLRXVFDOHQGDU\\HDUVKDOOEHVXEPLWWHGE\\ 0D\\RIHDFK\\HDU

7KH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVKDOOLQFOXGHVXPPDULHV

LQWHUSUHWDWLRQVDQGDQDQDO\\VLVRIWUHQGVRIWKHUHVXOWVRIWKHUDGLRORJLFDOHQYLURQPHQWDO

YHULILFDWLRQ DFWLYLWLHVIRUWKHUHSRUWSHULRGLQFOXGLQJDFRPSDULVRQZLWKWKHSUHRSHUDWLRQDO

VWXGLHVZLWKRSHUDWLRQDOFRQWUROVDVDSSURSULDWHDQGZLWKSUHYLRXVHQYLURQPHQWDO

VXUYHLOODQFH UHSRUWVDQGDQDVVHVVPHQWRIWKHREVHUYHGLPSDFWVRIWKHSODQWRSHUDWLRQRQWKH

HQYLURQPHQW7KHUHSRUWVVKDOODOVRLQFOXGHWKHUHVXOWVRIODQGXVHFHQVXVHVDVUHTXLUHGLQ

6HFWLRQ

7KH$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUWVVKDOOLQFOXGHWKHVXPPDUL]HGDQG

WDEXODWHGUHVXOWVRIDQDO\\VLVRIUDGLRORJLFDOHQYLURQPHQWDOVDPSOHVDQGRIUDGLDWLRQ

PHDVXUHPHQWVWDNHQGXULQJWKHSHULRGSXUVXDQWWRWKHORFDWLRQVVSHFLILHGLQ6HFWLRQVDQG

$SSHQGL[&RIWKLV2'&0,QWKHHYHQWWKDWVRPHUHVXOWVDUHQRWDYDLODEOHIRULQFOXVLRQZLWK

WKHUHSRUWWKHUHSRUWVKDOOEHVXEPLWWHGQRWLQJDQGH[SODLQLQJWKHUHDVRQVIRUWKHPLVVLQJ

UHVXOWV7KHPLVVLQJGDWD VKDOOEHVXEPLWWHGDVVRRQDVSRVVLEOHLQDVXSSOHPHQWDU\\UHSRUW

7KHUHSRUWVVKDOODOVRLQFOXGHWKHIROORZLQJDVXPPDU\\GHVFULSWLRQRIWKHUDGLRORJLFDO

HQYLURQPHQWDOPRQLWRULQJSURJUDPDWOHDVWWZROHJLEOHPDSVFRYHULQJDOOVDPSOLQJORFDWLRQV

NH\\HGWRDWDEOHJLYLQJGLVWDQFHVDQGGLUHFWLRQVIURPWKHFHQWHUOLQHRIRQHUHDFWRUWKHUHVXOWV

RIOLFHQVHHSDUWLFLSDWLRQLQWKH,QWHUODERUDWRU\\&RPSDULVRQ3URJUDPUHTXLUHGE\\6HFWLRQ

DQGGLVFXVVLRQVRIDOODQDO\\VHVLQZKLFKWKH//'UHTXLUHGE\\7DEOHZDVQRWDFKLHYDEOH



5$',2$&7,9(())/8(175(/($6(5(3257 5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWVFRYHULQJWKHRSHUDWLRQRIWKHXQLWGXULQJWKHSUHYLRXV

FDOHQGDU\\HDU VKDOOEHVXEPLWWHGE\\ 0D\\RIHDFK\\HDU

7KH5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUWV 5(55 VKDOOLQFOXGHDVXPPDU\\RIWKHTXDQWLWLHV

RIUDGLRDFWLYHOLTXLGDQGJDVHRXVHIIOXHQWVDQGVROLGZDVWHUHOHDVHGIURPWKHXQLWDVRXWOLQHG

LQ5HJXODWRU\\*XLGH0HDVXULQJ(YDOXDWLQJDQG5HSRUWLQJ5DGLRDFWLYLW\\LQ6ROLG

DVWHVDQG5HOHDVHVRI5DGLRDFWLYH0DWHULDOVLQ/LTXLGDQG*DVHRXV(IIOXHQWVIURP

/LJKW:DWHU&RROHG1XFOHDU3RZHU3ODQWV5HYLVLRQ-XQHZLWKGDWDVXPPDUL]HGRQ

DTXDUWHUO\\EDVLVIROORZLQJWKHIRUPDWRI$SSHQGL[%WKHUHRI

7KH5(55VKDOOLQFOXGHDQDQQXDOVXPPDU\\RIKRXUO\\PHWHRURORJLFDOGDWDFROOHFWHGRYHUWKH

SUHYLRXV\\HDU7KLVDQQXDOVXPPDU\\PD\\EHHLWKHULQWKHIRUPRIDQKRXUE\\KRXUOLVWLQJRI

ZLQGVSHHGZLQGGLUHFWLRQDWPRVSKHULFVWDELOLW\\DQGSUHFLSLWDWLRQ LIPHDVXUHG RULQWKH

IRUPRIMRLQWIUHTXHQF\\GLVWULEXWLRQVRIZLQGVSHHGZLQGGLUHFWLRQDQGDWPRVSKHULFVWDELOLW\\

7KLVVDPHUHSRUWVKDOOLQFOXGHDQDVVHVVPHQWRIWKHUDGLDWLRQGRVHVGXHWRWKHUDGLRDFWLYH

OLTXLGDQGJDVHRXVHIIOXHQWVUHOHDVHGIURPWKHXQLWRUVWDWLRQGXULQJWKHSUHYLRXVFDOHQGDU

\\HDU7KLVVDPHUHSRUWVKDOODOVRLQFOXGHDQDVVHVVPHQWRIWKHUDGLDWLRQGRVHVIURP

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

DFWLYLWLHVLQVLGHWKH815(675,&7('$5($%281'$5<GXULQJWKHUHSRUWLQJSHULRG$OO

DVVXPSWLRQVXVHGLQPDNLQJWKHVHDVVHVVPHQWVLHVSHFLILFDFWLYLW\\H[SRVXUHWLPHDQG

ORFDWLRQVKDOOEHLQFOXGHGLQWKHVHUHSRUWV7KHDVVHVVPHQWRIUDGLDWLRQGRVHVVKDOOEH

SHUIRUPHGLQDFFRUGDQFHZLWKWKHPHWKRGRORJ\\DQGSDUDPHWHUVLQWKLV2'&0



5HYLVLRQ

2'&0 7KH5(55VKDOODOVRLQFOXGHDQDVVHVVPHQWRIUDGLDWLRQGRVHVWRWKHOLNHO\\PRVWH[SRVHG

0(0%(52)7+(38%/,&IURPUHDFWRUUHOHDVHVDQGRWKHUQHDUE\\XUDQLXPIXHOF\\FOH

VRXUFHVLQFOXGLQJGRVHVIURPSULPDU\\HIIOXHQWSDWKZD\\VDQGGLUHFWUDGLDWLRQIRUWKHSUHYLRXV

FDOHQGDU\\HDUWRVKRZFRQIRUPDQFHZLWK&)53DUW(QYLURQPHQWDO5DGLDWLRQ

3URWHFWLRQ6WDQGDUGVIRU1XFOHDU3RZHU2SHUDWLRQ

7KH5(55VKDOOLQFOXGHWKHIROORZLQJLQIRUPDWLRQIRUHDFKFODVVRIVROLGZDVWH DVGHILQHGE\\

&)53DUW VKLSSHGRIIVLWHGXULQJWKHUHSRUWSHULRG

D

FRQWDLQHUYROXPH

E

WRWDOFXULHTXDQWLW\\ VSHFLI\\ZKHWKHUGHWHUPLQHGE\\PHDVXUHPHQWRUHVWLPDWH 

F

SULQFLSDOUDGLRQXFOLGHV VSHFLI\\ZKHWKHUGHWHUPLQHGE\\PHDVXUHPHQWRUHVWLPDWH 

G

VRXUFHRIZDVWHDQGSURFHVVLQJHPSOR\\HG HJGHZDWHUHGVSHQWUHVLQFRPSUHVVHGGU\\

ZDVWHHYDSRUDWRUERWWRPV 

H

W\\SHRIFRQWDLQHU HJ7\\SH$7\\SH/DUJH4XDQWLW\\ DQG I

VROLGLILFDWLRQDJHQWRUDEVRUEHQW HJFHPHQWXUHDIRUPDOGHK\\GH 

7KH5(55VKDOOLQFOXGHDOLVWDQGGHVFULSWLRQRIXQSODQQHGUHOHDVHVIURPWKHVLWHWR

815(675,&7('$5($6RIUDGLRDFWLYHPDWHULDOVLQJDVHRXVDQGOLTXLGHIIOXHQWVPDGH

GXULQJWKHUHSRUWLQJSHULRG

7KH5(55VKDOOLQFOXGHDQ\\FKDQJHVPDGHGXULQJWKHUHSRUWLQJSHULRGWRWKH352&(66

&21752/352*5$0 3&3 DQGWRWKH2'&0DVZHOODVDOLVWLQJRIQHZORFDWLRQVIRU

GRVHFDOFXODWLRQVDQGSXUVXDQWWR6HFWLRQ

7KH5(55VKDOOLQFOXGHDQ\\UDGLRQXFOLGHDFWLYLW\\OLPLWVIRUWKH%:67ZKLFKKDYHEHHQ

H[FHHGHGGXULQJWKHUHSRUWLQJSHULRGDGHVFULSWLRQRIWKHHYHQWOHDGLQJWRWKHOLPLWEHLQJ

H[FHHGHGDQGDFWLRQWDNHQWRUHWXUQLWWRZLWKLQWKHOLPLWV



/,&(16(((9(175(32576

/LFHQVHH(YHQW5HSRUWVVKDOOEHVXEPLWWHGWRWKH861XFOHDU5HJXODWRU\\&RPPLVVLRQ

15& LQDFFRUGDQFHZLWK&)5ZLWKLQWKHWLPHSHULRGVSHFLILHGIRUHDFKUHSRUW

7KHVHUHSRUWVVKDOOEHVXEPLWWHGFRYHULQJWKHDFWLYLWLHVLGHQWLILHGEHORZSXUVXDQWWRWKH

UHTXLUHPHQWVRIWKHDSSOLFDEOHUHIHUHQFH

D

GRVHRUGRVHFRPPLWPHQWH[FHHGHQFHVWRD0(0%(52)7+(38%/,&IURP

UDGLRDFWLYHPDWHULDOVLQOLTXLGHIIOXHQWVUHOHDVHGWR815(675,&7('$5($6

6HFWLRQ 

E

WKHGLVFKDUJHRIUDGLRDFWLYHOLTXLGZDVWHZLWKRXWWUHDWPHQWDQGLQH[FHVVRIWKHOLPLWV

LQ6HFWLRQ

F

WKHFDOFXODWHGDLUGRVHIURPUDGLRDFWLYHJDVHVH[FHHGLQJWKHOLPLWVLQ6HFWLRQ

G

WKHFDOFXODWHGGRVHIURPWKHUHOHDVHRILRGLQHWULWLXPDQGUDGLRQXFOLGHVLQ

SDUWLFXODWHIRUPZLWKKDOIOLYHVJUHDWHUWKDQGD\\VLQJDVHRXVHIIOXHQWVH[FHHGLQJWKH

OLPLWVRI6HFWLRQ 



5HYLVLRQ

2'&0 H

WKHGLVFKDUJHRIUDGLRDFWLYHJDVHRXVZDVWHZLWKRXWWUHDWPHQWDQGLQH[FHVVRIWKH

OLPLWVLQ6HFWLRQ

I

WKHFDOFXODWHGGRVHVIURPWKHUHOHDVHRIUDGLRDFWLYHPDWHULDOVLQOLTXLGRUJDVHRXV

HIIOXHQWVH[FHHGLQJWKHOLPLWVRI6HFWLRQDQG J

WKHOHYHORIUDGLRDFWLYLW\\DVWKHUHVXOWRISODQWHIIOXHQWVLQDQHQYLURQPHQWDOVDPSOLQJ

PHGLXPH[FHHGLQJWKHUHSRUWLQJOHYHOVRI7DEOH 6HFWLRQ 



0$-25&+$1*(6725$',2$&7,9(/,48,'$1'*$6(286:$67(

75($70(176<67(06

/LFHQVHHLQLWLDWHGPDMRUFKDQJHVWRWKHUDGLRDFWLYHZDVWHV\\VWHPV OLTXLGDQGJDVHRXV 



6KDOOEHUHSRUWHGWRWKH&RPPLVVLRQLQWKHXSGDWHWRWKH6DIHW\\$QDO\\VLV5HSRUW7KH

GLVFXVVLRQRIHDFKFKDQJHVKDOOFRQWDLQ

D

DVXPPDU\\RIWKHHYDOXDWLRQWKDWOHGWRWKHGHWHUPLQDWLRQWKDWWKHFKDQJH

FRXOGEHPDGHLQDFFRUGDQFHZLWK&)53DUW

E

VXIILFLHQWGHWDLOHGLQIRUPDWLRQWRWRWDOO\\VXSSRUWWKHUHDVRQIRUWKHFKDQJH

ZLWKRXWEHQHILWRIDGGLWLRQDORUVXSSOHPHQWDOLQIRUPDWLRQ

F

DGHWDLOHGGHVFULSWLRQRIWKHHTXLSPHQWFRPSRQHQWVDQGSURFHVVHVLQYROYHG

DQGWKHLQWHUIDFHVZLWKRWKHUSODQWV\\VWHPV

G

DQHYDOXDWLRQRIWKHFKDQJHZKLFKVKRZVWKHSUHGLFWHGUHOHDVHVRIUDGLRDFWLYH

PDWHULDOVLQOLTXLGRUJDVHRXVHIIOXHQWVDQGRUTXDQWLW\\RIVROLGZDVWHWKDW

GLIIHUIURPWKRVHSUHYLRXVO\\SUHGLFWHGLQWKHOLFHQVHDSSOLFDWLRQDQG

DPHQGPHQWVWKHUHWR

H

DQHYDOXDWLRQRIWKHFKDQJHZKLFKVKRZVWKHH[SHFWHGPD[LPXPH[SRVXUHVWR

LQGLYLGXDOVLQWKH815(675,&7('$5($DQGWKHJHQHUDOSRSXODWLRQWKDW

GLIIHUIURPWKRVHSUHYLRXVO\\HVWLPDWHGLQWKHOLFHQVHDSSOLFDWLRQDQG

DPHQGPHQWVWKHUHWR

I

DFRPSDULVRQRIWKHSUHGLFWHGUHOHDVHVRIUDGLRDFWLYHPDWHULDOVLQOLTXLGDQG

JDVHRXVHIIOXHQWVWRWKHDFWXDOUHOHDVHVIRUWKHSHULRGSULRUWRZKHQWKH

FKDQJHVDUHWREHPDGH

J

DQHVWLPDWHRIWKHH[SRVXUHWRSODQWRSHUDWLQJSHUVRQQHODVDUHVXOWRIWKH

FKDQJHDQG K

GRFXPHQWDWLRQRIWKHIDFWWKDWWKHFKDQJHZDVUHYLHZHGDQGIRXQGDFFHSWDEOH

E\\WKH3ODQW2SHUDWLRQV5HYLHZ&RPPLWWHH



6KDOOEHFRPHHIIHFWLYHXSRQUHYLHZDQGDFFHSWDQFHE\\WKH3ODQW2SHUDWLRQV5HYLHZ

&RPPLWWHH



5HYLVLRQ

2'&0



'(),1,7,216



%$7&+5(/($6( 7KHGLVFKDUJHRIOLTXLGZDVWHVRIDGLVFUHWHYROXPH



&20326,7(6$03/( $VDPSOHLQZKLFKWKHPHWKRGRIVDPSOLQJHPSOR\\HGUHVXOWVLQD

VSHFLPHQZKLFKLVUHSUHVHQWDWLYHRIWKHOLTXLGVUHOHDVHG



  • $6(2865$':$67(75($70(176<67(0 7KH*$6(2865$':$67(

75($70(176<67(0LVDV\\VWHPWKDWLVGHVLJQHGDQGLQVWDOOHGWRUHGXFHUDGLRDFWLYH

JDVHRXVHIIOXHQWVE\\FROOHFWLQJSULPDU\\FRRODQWV\\VWHPRIIJDVHVDQGSURYLGLQJIRUGHFD\\IRU

WKHSXUSRVHRIUHGXFLQJWKHWRWDOUDGLRDFWLYLW\\SULRUWRUHOHDVHWRWKHHQYLURQPHQW



/2:(5/,0,72)'(7(&7,21 //'  7KH//'LVWKHVPDOOHVWFRQFHQWUDWLRQRI

UDGLRDFWLYHPDWHULDOLQDVDPSOHWKDWZLOOEHGHWHFWHGZLWKSUREDELOLW\\ZLWK

SUREDELOLW\\RIIDOVHO\\FRQFOXGLQJWKDWDEODQNREVHUYDWLRQUHSUHVHQWVDUHDOVLJQDO

)RUDSDUWLFXODUPHDVXUHPHQWV\\VWHP ZKLFKPD\\LQFOXGHUDGLRFKHPLFDOVHSDUDWLRQ 

//'

6E

(

9 W

 

 





H[S ZKHUH

//'LVWKHORZHUOLPLWRIGHWHFWLRQDVGHILQHGDERYH DVS&LSHUXQLWPDVVRUYROXPH 

6ELVWKHVWDQGDUGGHYLDWLRQRIWKHEDFNJURXQGFRXQWLQJUDWHRURIWKHFRXQWLQJUDWHRIDEODQN

VDPSOHDVDSSURSULDWH DVFRXQWVSHUPLQXWH 

(LVWKHFRXQWLQJHIILFLHQF\\ DVFRXQWVSHUWUDQVIRUPDWLRQV 

9LVWKHVDPSOHVL]H LQXQLWVRIPDVVRUYROXPH 

LVWKHQXPEHURIWUDQVIRUPDWLRQVSHUPLQXWHSHUSLFRFXULH

<LVWKHIUDFWLRQDOUDGLRFKHPLFDO\\LHOG ZKHQDSSOLFDEOH 

LVWKHUDGLRDFWLYHGHFD\\FRQVWDQWIRUWKHSDUWLFXODUUDGLRQXFOLGHDQG WIRUSODQWHIIOXHQWVLVWKHHODSVHGWLPHEHWZHHQWKHPLGSRLQWRIVDPSOHFROOHFWLRQDQGWLPH

RIFRXQWLQJ

,WVKRXOGEHUHFRJQL]HGWKDWWKH//'LVGHILQHGDVDQD SULRUL EHIRUHWKHIDFW OLPLW

UHSUHVHQWLQJWKHFDSDELOLW\\RIDPHDVXUHPHQWV\\VWHPDQGQRWDVDQD SRVWHULRUL DIWHUWKHIDFW 

OLPLWIRUDSDUWLFXODUPHDVXUHPHQW



0(0%(52)7+(38%/,& 0(0%(5 6 2)7+(38%/,&VKDOOLQFOXGHDOOSHUVRQVZKR

DUHQRWRFFXSDWLRQDOO\\DVVRFLDWHGZLWKWKHSODQW7KLVFDWHJRU\\GRHVQRWLQFOXGHHPSOR\\HHVRI

WKHXWLOLW\\LWVFRQWUDFWRUVRUYHQGRUV$OVRH[FOXGHGIURPWKLVFDWHJRU\\DUHSHUVRQVZKRHQWHU

WKHVLWH WRVHUYLFHHTXLSPHQWRUWRPDNHGHOLYHULHV7KLVFDWHJRU\\GRHVLQFOXGHSHUVRQVZKR

XVHSRUWLRQVRIWKHVLWHIRUUHFUHDWLRQRFFXSDWLRQDORURWKHUSXUSRVHVQRWDVVRFLDWHGZLWKWKH

SODQW



5HYLVLRQ

2'&0



385*(385*,1* 385*(25385*,1*LVWKHFRQWUROOHGSURFHVVRIGLVFKDUJLQJDLURU

JDVIURPDFRQILQHPHQWWRPDLQWDLQWHPSHUDWXUHSUHVVXUHKXPLGLW\\FRQFHQWUDWLRQRURWKHU

RSHUDWLQJFRQGLWLRQLQVXFKDPDQQHUWKDWUHSODFHPHQWDLURUJDVLVUHTXLUHGWRSXULI\\WKH

FRQILQHPHQW



815(675,&7('$5($%281'$5< 7KH 815(675,&7('$5($%281'$5<VKDOO

EHWKDWOLQHEH\\RQGZKLFKWKHODQGLVQHLWKHURZQHGQRUOHDVHGQRURWKHUZLVHFRQWUROOHGE\\

WKHOLFHQVHH



6285&(&+(&. $6285&(&+(&.VKDOOEHWKHREVHUYDWLRQRIFKDQQHOXSVFDOH

UHVSRQVHZKHQWKHFKDQQHOVHQVRULVH[SRVHGWRDUDGLRDFWLYHRU/('VRXUFH



815(675,&7('$5($ $Q815(675,&7('$5($VKDOOEHDQ\\DUHDDWRUEH\\RQGWKH

815(675,&7('$5($%281'$5<DFFHVVWRZKLFKLVQRWFRQWUROOHGE\\WKHOLFHQVHHIRU

SXUSRVHVRISURWHFWLRQRILQGLYLGXDOVIURPH[SRVXUHWRUDGLDWLRQRUUDGLRDFWLYHPDWHULDOVRU

DQ\\DUHDZLWKLQWKH815(675,&7('$5($%281'$5<XVHGIRUUHVLGHQWLDOTXDUWHUVRU

IRULQGXVWULDOFRPPHUFLDOLQVWLWXWLRQDODQGRUUHFUHDWLRQDOSXUSRVHV7KHGHILQLWLRQRI

815(675,&7('$5($XVHGLQLPSOHPHQWLQJWKH5DGLRORJLFDO(IIOXHQW7HFKQLFDO

6SHFLILFDWLRQVKDVEHHQH[SDQGHG RYHUWKDWLQ&)5 D EXWWKHXQUHVWULFWHGDUHDGRHV

QRWLQFOXGHDUHDVRYHUZDWHUERGLHV7KHFRQFHSWRIXQUHVWULFWHGDUHDVHVWDEOLVKHGDWRU

EH\\RQGWKH815(675,&7('$5($%281'$5<LVXWLOL]HGLQWKH7HFKQLFDO

6SHFLILFDWLRQVDQGWKH2'&0WRNHHS OHYHOVRIUDGLRDFWLYHPDWHULDOVLQOLTXLGDQGJDVHRXV

HIIOXHQWVDVORZDVLVUHDVRQDEO\\DFKLHYDEOHSXUVXDQWWR&)5D

 9(17,/$7,21(;+$86775($70(176<67(0 $9(17,/$7,21(;+$867

75($70(176<67(0LVDV\\VWHPWKDWLVGHVLJQHGDQGLQVWDOOHG WRUHGXFHUDGLRDFWLYH

PDWHULDOLQSDUWLFXODWHIRUPLQHIIOXHQWVE\\SDVVLQJYHQWLODWLRQRUYHQWH[KDXVWJDVHVWKURXJK

+(3$ILOWHUVIRUWKHSXUSRVHRIUHPRYLQJSDUWLFXODWHVIURPWKHJDVHRXVH[KDXVWVWUHDPSULRU

WRUHOHDVHWRWKHHQYLURQPHQW(QJLQHHUHG6DIHW\\)HDWXUH (6) DWPRVSKHULFFOHDQXSV\\VWHPV

DUHQRWFRQVLGHUHGWREH9(17,/$7,21(;+$86775($70(176<67(0FRPSRQHQWV

 9(17,1* 9(17,1*LVWKHFRQWUROOHGSURFHVVRIGLVFKDUJLQJDLURUJDVIURPDFRQILQHPHQW

WRPDLQWDLQWHPSHUDWXUHSUHVVXUHKXPLGLW\\FRQFHQWUDWLRQRURWKHURSHUDWLQJFRQGLWLRQLQ

VXFKDPDQQHUWKDWUHSODFHPHQWDLURUJDVLVQRWSURYLGHGRUUHTXLUHGGXULQJ9(17,1*

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

127(6

7KHIROORZLQJWHUPVDUHGHILQHGLQ6HFWLRQRIWKH7HFKQLFDO6SHFLILFDWLRQV&+$11(/

&$/,%5$7,21&+$11(/&+(&.&+$11(/)81&7,21$/7(6723(5$%/(

23(5$%,/,7<



7KHIROORZLQJWHUPVDUHGHILQHGLQ6HFWLRQRIWKH7HFKQLFDO5HTXLUHPHQWV0DQXDO

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



5HYLVLRQ

2'&0

$33(1',;$

7HFKQLFDO%DVLVIRU6LPSOLILHG'RVH&DOFXODWLRQV

/LTXLG(IIOXHQW5HOHDVHV 2YHUYLHZ 7RVLPSOLI\\WKHGRVHFDOFXODWLRQSURFHVVLWLVFRQVHUYDWLYHWRLGHQWLI\\DFRQWUROOLQJGRVHVLJQLILFDQW

UDGLRQXFOLGHDQGWRXVHLWVGRVHFRQYHUVLRQIDFWRULQWKHGRVHFDOFXODWLRQV8VLQJWKHWRWDOUHOHDVH LH

WKHFXPXODWLYHDFWLYLW\\RIDOOUDGLRQXFOLGHV DQGWKLVVLQJOHGRVHFRQYHUVLRQIDFWRUDVLQSXWVWRD

RQHVWHSGRVHDVVHVVPHQW\\LHOGVDGRVHFDOFXODWLRQPHWKRGZKLFKLVERWKVLPSOHDQGFRQVHUYDWLYH

&VLVWKHFRQWUROOLQJQXFOLGHIRUWKHWRWDOERG\\GRVH,WKDVWKHKLJKHVWWRWDOERG\\GRVHFRQYHUVLRQ

IDFWRUIRUDOOWKHUDGLRQXFOLGHVOLVWHGLQ7DEOH7KHUHIRUHWKHXVHRILWVGRVHFRQYHUVLRQIDFWRULQ

WKHVLPSOLILHGGRVHDVVHVVPHQWPHWKRGIRUHYDOXDWLQJWKHWRWDOERG\\GRVHLVGHPRQVWUDEO\\

FRQVHUYDWLYH

7KHVHOHFWLRQRIWKHPD[LPXPRUJDQGRVHFRQYHUVLRQIDFWRUIRUXVHLQWKHVLPSOLILHGFDOFXODWLRQ

UHTXLUHVFRQVLGHUDWLRQRIWKHSUHYDOHQFHRIWKHUDGLRQXFOLGHVLQWKHHIIOXHQWV$QH[DPLQDWLRQRIWKH

7DEOHIDFWRUZLOOVKRZWKDWWKH1EGRVHIDFWRUIRUWKH*,//,UHSUHVHQWVWKHKLJKHVWYDOXH

(PUHPKUSHU&LPO DQGWKH3ERQHIDFWRU ( LVVLPLODUO\\KLJK+RZHYHU

QHLWKHURIWKHVHWZRUDGLRQXFOLGHVDUHRIVLJQLILFDQFHLQWKH'DYLV%HVVHHIIOXHQWV1ELVQRW

W\\SLFDOO\\PHDVXUHGLQWKHOLTXLGHIIOXHQWVDQG3DQDO\\VHVDUHQRWHYHQSHUIRUPHG 15&KDV

FDWHJRULFDOO\\GHWHUPLQHGWKDW3LVQRWDVLJQLILFDQWUDGLRQXFOLGHLQOLTXLGHIIOXHQWVIURPQXFOHDU

SRZHUSODQWVDQGGRHVQRWUHTXLUHWKHVSHFLDOUDGLRFKHPLFDODQDO\\VHVQHHGHGIRULGHQWLILFDWLRQDQG

TXDQWLILFDWLRQ 7KHQH[WKLJKHVWGRVHFRQYHUVLRQIDFWRULVIRU&VOLYHUZLWKDYDOXHRI(

PUHPKUSHU&LPO&VLVDSUHYDOHQWUDGLRQXFOLGHLQWKHOLTXLGHIIOXHQWVIURP'DYLV%HVVH

7KHUHIRUHLWLVUHFRPPHQGHGWKDWWKH&VOLYHUGRVHFRQYHUVLRQIDFWRUEHXVHGIRUWKHVLPSOLILHG

PD[LPXPRUJDQGRVHDVVHVVPHQW

6LPSOLILHG0HWKRG

)RUHYDOXDWLQJFRPSOLDQFHZLWKWKHGRVHOLPLWVRI6HFWLRQ WKHIROORZLQJVLPSOLILHGHTXDWLRQV

PD\\EHXVHG

7RWDO%RG\\

(

92/

')

=

WE

&V WE L












$



5HYLVLRQ

2'&0 ZKHUH

'WE GRVHWRWKHWRWDOERG\\ PUHP

92/

YROXPHRIOLTXLGHIIOXHQWVUHOHDVHG JDO

')

DYHUDJH&ROOHFWLRQ%R[UHOHDVHIORZ JDOPLQ

=

QHDUILHOGGLOXWLRQ

$ &VWE

(PUHPKUSHU&LPOWKHWRWDOERG\\LQJHVWLRQGRVHIDFWRUIRU&V

&L WRWDOFRQFHQWUDWLRQRIDOOUDGLRQXFOLGHV &LPO

(

KUPLQ 6XEVWLWXWLQJWKHYDOXHVIRU=DQGWKH&VWRWDOERG\\GRVHFRQYHUVLRQIDFWRUWKHHTXDWLRQVLPSOLILHV

WR

L WE

')

92/



(





$

0D[LPXP2UJDQ L

OLYHU





&V


PD[

=

')

92/



(





$

ZKHUH

'PD[

PD[LPXPRUJDQGRVH PUHP

$ &VOLYHU

(PUHPKU SHU&LPOWKHOLYHULQJHVWLRQGRVHIDFWRUIRU&V

6XEVWLWXWLQJWKHYDOXHVIRU=DQGWKH&VOLYHUGRVHFRQYHUVLRQIDFWRUWKHHTXDWLRQVLPSOLILHVWR

L PD[

')

92/



(





$

7ULWLXPVKRXOGQRWEHLQFOXGHGLQWKHVLPSOLILHGDQDO\\VLVGRVHDVVHVVPHQWIRUOLTXLGUHOHDVHV7KH

SRWHQWLDOGRVHUHVXOWLQJIURPQRUPDOUHDFWRUUHOHDVHVRI+LVUHODWLYHO\\QHJOLJLEOH%XWLWVUHODWLYHO\\

KLJKHUDEXQGDQFHZRXOG\\LHOGUHVXOWLQJVLPSOLILHGGRVHVWKDWZRXOGEHRYHUO\\FRQVHUYDWLYHDQG

XQUHDOLVWLF([FOXGLQJWULWLXPKDVHVVHQWLDOO\\QRLPSDFWRQWKHFRQVHUYDWLYHXVHRIWKLVUHFRPPHQGHG

VLPSOLILHGPHWKRG)XUWKHUPRUHWKHUHOHDVHRIWULWLXPLVDIXQFWLRQRIRSHUDWLQJKLVWRU\\DQGLV

HVVHQWLDOO\\XQUHODWHGWRUDGZDVWHV\\VWHPRSHUDWLRQV



5HYLVLRQ

2'&0

$33(1',; %

7HFKQLFDO%DVLVIRU(IIHFWLYH'RVH)DFWRUV

  • DVHRXV5DGZDVWH(IIOXHQWV 2YHUYLHZ

'RVHHYDOXDWLRQVIRUUHOHDVHVRIJDVHRXVUDGLRDFWLYHHIIOXHQWVPD\\EHVLPSOLILHGE\\WKHXVHRIDQ

HIIHFWLYHGRVHIDFWRUUDWKHUWKDQUDGLRQXFOLGHVSHFLILFGRVHIDFWRUV7KHVHHIIHFWLYHGRVHIDFWRUVDUH

DSSOLHGWRWKHWRWDOUDGLRDFWLYHUHOHDVHWRDSSUR[LPDWHWKHYDULRXVGRVHVLQWKHHQYLURQPHQWLHWKH

WRWDOERG\\JDPPDDLUDQGEHWDDLUGRVHV7KHHIIHFWLYHGRVHIDFWRUVDUHEDVHGRQWKHW\\SLFDO

UDGLRQXFOLGHGLVWULEXWLRQLQWKHJDVHRXVUDGLRDFWLYHHIIOXHQWV7KHDSSURDFKSURYLGHVDUHDVRQDEOH

HVWLPDWHRIWKHDFWXDOGRVHVVLQFHXQGHUQRUPDORSHUDWLQJFRQGLWLRQVPLQRUYDULDWLRQVDUHH[SHFWHGLQ

WKHUDGLRQXFOLGHGLVWULEXWLRQ

'HWHUPLQDWLRQRI(IIHFWLYH'RVH)DFWRUV (IIHFWLYHGRVHIDFWRUVDUHFDOFXODWHGE\\HTXDWLRQV % WKURXJK % 

I HII L

L


%

ZKHUH

.HII WKHHIIHFWLYHWRWDOERG\\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIURPDOOQREOH

JDVHVUHOHDVHG PUHP\\USHU&LP 

.L WKHWRWDOERG\\GRVHIDFWRUGXHWRJDPPDHPLVVLRQVIURPHDFKQREOHJDV

UDGLRQXFOLGHL UHOHDVHGIURP7DEOH PUHP\\USHU&LP DQG IL WKHIUDFWLRQDODEXQGDQFHRIQREOHJDVUDGLRQXFOLGHL UHODWLYHWRWKHWRWDOQREOH

JDVDFWLYLW\\

/

0

/

0 I

HII LL L

L









%

ZKHUH

/0 HII WKHHIIHFWLYHVNLQGRVHIDFWRUGXHWREHWDDQGJDPPDHPLVVLRQVIURPDOOQREOH

JDVHVUHOHDVHG PUHP\\USHU&LP DQG

/L0L

WKHVNLQGRVHIDFWRUGXHWREHWDDQGJDPPDHPLVVLRQVIURPHDFKQREOHJDV

UDGLRQXFOLGHL UHOHDVHGIURP7DEOH PUHP\\USHU&LP 

0 0

I HII L

L

%



5HYLVLRQ

2'&0 ZKHUH

0HII WKHHIIHFWLYHDLUGRVHIDFWRUGXHWRJDPPDHPLVVLRQVIURPDOOQREOHJDVHV

UHOHDVHG PUDG\\USHU&LP DQG

0L WKHDLUGRVHIDFWRUGXHWRJDPPDHPLVVLRQVIURPHDFKQREOHJDVUDGLRQXFOLGHL UHOHDVHGIURP7DEOH PUDG\\USHU&LP 

1 1

I HII L

L

%

ZKHUH

1HII WKHHIIHFWLYHDLUGRVHIDFWRUGXHWREHWDHPLVVLRQVIURPDOOQREOHJDVHV

UHOHDVHG PUDG\\USHU&LP DQG 1L WKHDLUGRVHIDFWRUGXHWREHWDHPLVVLRQVIURPHDFKQREOHJDVUDGLRQXFOLGHL UHOHDVHGIURP7DEOH PUDG\\USHU&LP 

1RUPDOO\\SDVWUDGLRDFWLYHHIIOXHQWGDWDZRXOGEHXVHGIRUWKHGHWHUPLQDWLRQRIWKHHIIHFWLYHGRVH

IDFWRUV+RZHYHUWKHUHOHDVHVRIQREOHJDVHVIURP'DYLV%HVVHKDYHEHHQH[FHHGLQJO\\LQVLJQLILFDQW

7KHUHIRUHLQRUGHUWRHQVXUHRYHUDOOFRQVHUYDWLVPLQWKHPRGHOLQJWKH86$5HVWLPDWHRIUDGLRQXFOLGH

FRQFHQWUDWLRQVDWWKH815(675,&7('$5($%281'$5< VXPPDUL]HGLQ7DEOH% KDVEHHQ

XVHGDVWKHLQLWLDOW\\SLFDOGLVWULEXWLRQ7KHHIIHFWLYHGRVHIDFWRUVGHULYHGIURPWKLVGLVWULEXWLRQDUH

SUHVHQWHGLQ7DEOH%

$SSOLFDWLRQ 7RSURYLGHDQDGGLWLRQDOGHJUHHRIFRQVHUYDWLVPDIDFWRURILVLQWURGXFHGLQWRWKHGRVHFDOFXODWLRQ

ZKHQWKHHIIHFWLYHGRVHIDFWRULVXVHG7KLVFRQVHUYDWLVPSURYLGHVDGGLWLRQDODVVXUDQFHWKDWWKH

HYDOXDWLRQRIGRVHVE\\WKHXVHRIDVLQJOHHIIHFWLYHGRVHIDFWRUZLOOQRWVLJQLILFDQWO\\XQGHUHVWLPDWHDQ\\

DFWXDOGRVHVLQWKH HQYLURQPHQW

)RUHYDOXDWLQJFRPSOLDQFHZLWKWKHGRVHOLPLWVRI7HFKQLFDO6SHFLILFDWLRQ

HDQGKWKHIROORZLQJVLPSOLILHGHTXDWLRQVPD\\EHXVHG

(

4 0

4 HII L

 





 



%

DQG

(

4 1

4 HII L

 





 



%

ZKHUH

DLUGRVH GXHWRJDPPDHPLVVLRQVIRUWKHFXPXODWLYHUHOHDVHRIDOOQREOHJDVHV PUDG 

DLUGRVHGXHWREHWDHPLVVLRQVIRUWKHFXPXODWLYHUHOHDVHRIDOOQREOHJDVHV PUDG 

4 DWPRVSKHULFGLVSHUVLRQWRWKHFRQWUROOLQJXQUHVWULFWHGDUHDERXQGDU\\ VHFP 

0HII

(HIIHFWLYHJDPPDDLUGRVHIDFWRU PUDG\\USHU&LP 

1HII

(HIIHFWLYHEHWDDLUGRVHIDFWRU PUDG\\USHU&LP 



5HYLVLRQ

2'&0 4L FXPXODWLYHUHOHDVHIRUDOOQREOHJDVUDGLRQXFOLGHV &L 

(

FRQYHUVLRQIDFWRU \\UVHF DQG



FRQVHUYDWLVPIDFWRUWRDFFRXQWIRUWKHYDULDELOLW\\LQWKHHIIOXHQWGDWD

&RPELQLQJWKHFRQVWDQWVWKHGRVHFDOFXODWLRQHTXDWLRQVVLPSOLI\\WR

(

4 4L









%

DQG

(

4 4L

 







%

7KHHIIHFWLYHGRVHIDFWRUVDUHXVHGIRUWKHSXUSRVHRIIDFLOLWDWLQJWKHWLPHO\\DVVHVVPHQWRIUDGLRDFWLYH

HIIOXHQWUHOHDVHVSDUWLFXODUO\\GXULQJSHULRGVZKHQWKHFRPSXWHURU2'&0VRIWZDUHPD\\EH

XQDYDLODEOHWRSHUIRUPDGHWDLOHGGRVHDVVHVVPHQW



5HYLVLRQ

2'&0 7DEOH%

'HIDXOW1REOH*DV5DGLRQXFOLGH'LVWULEXWLRQ

RI*DVHRXV(IIOXHQWV

)UDFWLRQRI7RWDO

$L

$L

1XFOLGH

&RQWDLQPHQW 9HVVHO3XUJH 6WDWLRQ 9HQW

DVWH*DV

'HFD\\7DQN 7RWDO

$U









.U









HP









HP









H









HP









H









7RWDO









127(

'DWDDGDSWHGIURP'DYLV%HVVH86$56HFWLRQ7DEOHDQG7DEOH.UP

.UP.U.UDQG;HKDYHEHHQH[FOXGHGEHFDXVHRIWKHLUQHJOLJLEOHIUDFWLRQDO

DEXQGDQFH LH 



5HYLVLRQ

2'&0 7DEOH%

(IIHFWLYH'RVH)DFWRUV 1REOH*DV(IIOXHQWV

,VRWRSH

)UDFWLRQDO

$EXQGDQFH 7RWDO%RG\\

'RVH)DFWRU

.HII PUHP\\U

SHU&LP

6NLQ'RVH

)DFWRU

/0HII 

PUHP\\USHU

&LP

  • DPPD$LU

'RVH)DFWRU 0HII PUDG\\U

SHU&LP

%HWD$LU

'RVH)DFWRU 1HII PUDG\\U SHU&LP

$U



(

(

(

(

.U



(

(

(

(

HP



(

(

(

(

HP



(

(

(

(

H



(

(

(

(

HP



(

(

(

(

H



(

(

(

(

727$/



(

(

(

(



5HYLVLRQ

2'&0

$33(1',;&

5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP 6DPSOH/RFDWLRQ0DSV



5HYLVLRQ

2'&0 T*

T-6' w

T --

NW DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM T-206CD,

I NNW T*TI CD SSW CD N T-203 1 I

I I

\\T-<IT CD I

I

\\

\\

I

\\

I I

I I

I I

I I

I I

\\

I

\\

I l

I I

I I

E

\\

\\

\\

INDICATOR STATIONS INNER RING

,,..._ THEAMOLUMINESCENT

'-!.' DOSIMETER ITLDI l T*<II CD SSE ESE SE

,'T-62 CD I

~

I I

I I

I I

I I '"'

,~

T<J10 DB1 01-25-19 DFN*F1/SCHEO/SKZ811.DGN CC-2)



5HYLVLRQ

2'&0 WNW DAVIS -BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM

~

~

w WSW d

0::

c,:

t..)

V>

a:

C

. / 07.**~**iJ 1..3 W W LI j

~ *~

r -t::1r** I ~~

!?1

~ r ******

0 t;;

-~ * * ***

                                                                                                • i.....

~

a:

0

<l.

.J,*.

-4;,_,..

SW -~-

s1ER CARROLL INDICATOR STATIONS OUTER RING THERMOLUM INESCENT DOSI METER ( TLD )

z

..J i!i m

...... **. ~

~

II. II II s ~ '

11 I

I'

-1 1"'7 SSW r----/1 I II I

SE 163 DBI 01*25 - 19 DFN*fl/S0iED/SKZ8 16. DGN (C-3)



5HYLVLRQ

2'&0 DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM M IC H 'r*~. A Oreoon

~

~

~

lmt1 m

~

~

.i........... !

='***

I.

~

                  • =<
    • oo-. & k rn f rn.. i.. n m *****::,:.... **....
        • ~*******:*-**

~ :

~

~-

    • ~T-1 -50 ': :

- -,zOI

~

. *ey:

-~

~

I

\\

  • /: :\\::......... ;

X

i*......

CONTROL STATIONS

<D THERMOLUMINESCENT DOSIMETER ITLDI SSW

~.....

lJ...

~.

~.. **************.. **y**

.--~"'

.--~"

/,t>

SE DB: 01 19 DFN*F:/SCHED/SKZ815.DGN <C - >



5HYLVLRQ

2'&0 NW w

DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM NNW I

I N

I l

I I

I l

I I

I J

I I

I I

I I

I I

I l

I I

I I

I I

E ESE I

I I

INDICATOR STATIONS I,,.,

,~

AIR SAIPLE SSE I

I I,

I I...

SE I

DBI 01-25-19 DFN*FI/SCHED/5¥.Z817. DGN IC-'5)



5HYLVLRQ

2'&0 WNW w

WSW DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM

...J

...J 0

cl a:

u V>

a:.,

Q

~.. *

~-*

t:t.,

f-a:

0

[l_

Creek

.,.~

~.;.

~

~

~

~

~

.~

~

~

~

~..

~

~..

~..

~

~

                                                                                                                                • -L...

I c ii ~ ~-,.. *~

~

A~~~~---.... **... RD.

II

~~ ~,,,I I~\\

INDICATOR STATIONS AIR SAMPLE z

...J UJ m

.. Jt, UJ

...J f-z

        • -~

V>

~

cl a:

          • ~'

~

II. II II 5 le:= '

11 I

I'

-1 1-7 SSW

~

I II I

163 SE DB I 01*25*19 DFN*Fl/5CHED/SKZ816,DGN CC*61



5HYLVLRQ

2'&0 z

0

~

';"l

'-0

~

C.

ci "

'" Q 1;'

~

o*

DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM M I C H °r*G. A Oreoc,n r.-nM ni

.~*..*

~

L'-1

~

-\\........... !

        • ...,(

k & ts rn ! rn ~* n rn ****..,.. *******

.*. *'I,,********:.

.:~***

~

*--~:

~ :

\\

~ :.. *.. -** *.

;J(~::::*:*::: ::: :~:: :::: ::::::: :***.
  • -y-**.

CONTROL STATIONS AIR SAMPLE SSW

~

... ~

~ \\.

~

~

                                        • r**

.. *¢

.--~"

.-*it>

SE OB: 01-25-19 DFN*F : /SCHED/SKZ8l5. 0GN (C-71



5HYLVLRQ

2'&0 NW w

DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM NNW I

I I

I

__JI SSW I

I I

I I

N I

I I

I I

I I

I I

I I

I I

I I

I I

I I

I I

I I

I E

INDICATOR STATIONS i SHORELINE SEDllNTS ii SURFACE WATER TREATED

'9 SURF ACE WATER UNTREATED ESE I

I I

I I

I I,.,,

/...

I I

I I

SSE

---1'..

I SE I

I DBI 01-2!)-19 DFN*Ft/SCHED/SKZ817. DGN (C-IIJ



5HYLVLRQ

2'&0 WNW w

WSW DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM

        • =*****

d 0::

i::

c..,

ti) 0::..

C Creek

.,.~

~.;.

GENZMAN

. T*3..

PE8RY-d a:

~.. ~

~

~

~

~

.~

~

~.. ~

~ *'

~

~..

~

~

                                                                                                                                • L.*.

II jl{

I sw I... "' I ii I

sl ii BIER I

o II

.d CA~OLL

&ii STATIONS

.. FISH W SURFACE WATER UNTREATED z..

...J i:i m

I~---~.

UJ

...J z

        • -~

ti) 0,-

ci 0::

          • ~'

~

ID 11*11 11s11:;:,

11 1

I'

-1 1-""7 SSW r----,1 I ii I

SE DB* 01

  • 25*19 0FN*F1/SCHED/SKZ8l6. DGN CC*9)



5HYLVLRQ

2'&0 DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM M IC H *'r*~ A Oreaon

.. FISH

~

~

u,...

Iii*

./*....

    • .. --.... :.~

.. ~

...-~

..1

.o i SHORELINE SEDIMENTS W SURFACE WATER TREATED

'9 SURFACE WATER UNTREATED SSW

(*******

!.{*:::::*:::....\\........... *****. *\\-........

I

                                • ~.................... j...

~

~*

~

  • ... 1

~ \\

~

~

              • ...... ***** **~...

.. {c,,

.-*~"

.. **,t, SE B: 01-25-19 DFN*F : /SCHED/SKZ815. GN CC-10)



5HYLVLRQ

2'&0 WNW w

DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM

a
a:
1:

.u

  • V)

.,*.. **~:.. :

                              • .. **--=*****

~ ~~,LJ~ ~

ii 1**********~ h l... f ~~

-...J

~\\)

'LL.I

~

':1.

r=*.

-:-+/-¥=-=f


~ a

~

~~ -

r.\\ _;_ __ :-:r~..

{.....

    • ***II........... _

"'II

~

-ii I.I

,r: I'&~

,.- *..I 11;

~

IIT*.

WSW j

0

~ _...

j**

~

0 IL

.,.~ ~-.

ci Q:

I ~!.., **":*

~

'I TI

§I1-H k:*.

II

.d V)

CARI10LL

&fl 0:

,-z cl

~

INDICATOR STATIONS z..

E

...I 15

-~~---~.,

a :;

...I

......... ~,..... ~

W BROAD LEAF VEGETABLE GROUND WATER 0:

II. II II S lb '

11 I

I' t

1""7 SSW

r-----/1 I II I

SE DBI 01

  • 25* 19 DFN*F"I/SCHED/SKZ816.DGN CC*llJ



5HYLVLRQ

2'&0 DAVIS-BESSE NUCLEAR POWER STATION RADIOLOGICAL ENVIRONMENTAL MONITORING PROGRAM M I C H °r*G. A Oregon n"l"'ff!l"I

~

m m"fr-i'

~ ***

LL1..:.lJ

~

UirJ

~

-\\. ********* j 7***********

I


rt; ___ c, ~---fRl/ Ill _.-i / B ~---\\,:; _____________ _

"t
J

.. ~

....-~ W T-30

  • -._... ****~

~

-:-----, ~

-(~------::::\\___________

\\

I JT **-3=.~G;~......

.. *:a --: __ -. ---::)------------------+-----

~

CONTROL STATIONS

,.. MILK BROAD LEAF' VEGETABLE SSW

-.~\\

~

~

.********************r**

...-~"'

_.. *-.e>

SE 8: 01-25-19 DFN*F:/SCI-IEO/SKZ815. DGN CC-12)



5HYLVLRQ

2'&0

$33(1',;'

2'&06XEVHFWLRQV5HODWHGWR6WDWLRQ3URFHGXUHV 29(59,(:

7RHQVXUHUHTXLUHGDOWHUDWLRQFKDQJHVWRWKH2'&0DQGLPSOHPHQWLQJSURFHGXUHVDUHFRPSOHWHGWKH

IROORZLQJ2'&0VXEVHFWLRQVDQGWKHLPSOHPHQWLQJSURFHGXUHVPD\\EHUHIHUHQFHGDVDQDLG



/,48,'())/8(176

DL

&OHDQ5DGZDVWH(IIOXHQW0RQLWRUV 5($ %

'%6& 6KLIW&KDQQHO&KHFNRIWKH5DGLDWLRQ0RQLWRU6\\VWHP

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5($DQGRU5(%&OHDQ

/LTXLG:DVWH6\\VWHP'LVFKDUJH5DGLDWLRQ0RQLWRUV

'%0, &KDQQHO&DOLEUDWLRQRI5($ %5($ %5(

/LTXLG3URFHVVDQG5($ %:DVWH*DV6\\VWHP2XWOHW

5DGLDWLRQ0RQLWRUV 8'5

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH

DLL 0LVFHOODQHRXV5DGZDVWH(IIOXHQW0RQLWRUV 5($ %

'%6& 6KLIW&KDQQHO&KHFNRIWKH5DGLDWLRQ0RQLWRU6\\VWHP

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5($DQGRU5(%

0LVFHOODQHRXV:DVWH6\\VWHP2XWOHW5DGLDWLRQ(OHPHQWV

'%0, &KDQQHO&DOLEUDWLRQRI5($ %5($ %5(

/LTXLG3URFHVVDQG5($ %:DVWH*DV6\\VWHP2XWOHW

5DGLDWLRQ0RQLWRUV 8'5

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH

EL 6WRUP6HZHU'UDLQOLQH 5(

'%6& 6KLIW&KDQQHO&KHFNRIWKH5DGLDWLRQ0RQLWRU6\\VWHP

'%6& 4XDUWHUO\\ )XQFWLRQDO7HVWRI5(7XUELQH%XLOGLQJ6WRUP

6HZHU'LVFKDUJH5DGLDWLRQ0RQLWRU

'%6& 0RQWKO\\&KHFN6RXUFH7HVWRI5(7XUELQH%XLOGLQJ6WRUP

6HZHU'LVFKDUJH5DGLDWLRQ0RQLWRU

'%0, &KDQQHO&DOLEUDWLRQRI5($ %5($ %5(

/LTXLG3URFHVVDQG5($ %:DVWH*DV6\\VWHP2XWOHW

5DGLDWLRQ0RQLWRUV 8'5

FL

)ORZ,QGLFDWRU ), $ %

'%0, &KDQQHO)XQFWLRQDO7HVWRI',6)$&OHDQ:DVWH2XWOHW'

)ORZ

'%0, &KDQQHO&DOLEUDWLRQRI',6)$&OHDQ:DVWH2XWOHW')ORZ

'%0, &KDQQHO)XQFWLRQDO7HVWRI',6)%&OHDQ:DVWH2XWOHW'

)ORZ

'%0, &KDQQHO&DOLEUDWLRQRI',6)%&OHDQ:DVWH2XWOHW')ORZ



5HYLVLRQ

2'&0

)ORZ7RWDOL]HU )4, $ %

'%0, &KDQQHO&DOLEUDWLRQRI',6)$&OHDQ:DVWH2XWOHW')ORZ

'%0, &KDQQHO&DOLEUDWLRQRI',6)%&OHDQ:DVWH2XWOHW')ORZ

FLL

)ORZ,QGLFDWRU ), $ %

'%0, &KDQQHO&DOLEUDWLRQRI&,6)$0LVFHOODQHRXV:DVWH2XWOHW

')ORZ

'%0, &KDQQHO&DOLEUDWLRQRI&,6)%0LVFHOODQHRXV:DVWH2XWOHW

')ORZ

)ORZ7RWDOL]HU )4, $ %

'%0, &KDQQHO&DOLEUDWLRQRI&,6)$0LVFHOODQHRXV:DVWH2XWOHW

')ORZ

'%0, &KDQQHO&DOLEUDWLRQRI&,6)%0LVFHOODQHRXV:DVWH2XWOHW

')ORZ

FLLL

) )7

'%0,+/- &KDQQHO)XQFWLRQDO&DOLEUDWLRQRI&,6)&RROLQJ7RZHU

%ORZGRZQ)ORZ

)6HUYLFH:DWHU2XWIORZ )7

'%0, &KDQQHO)XQFWLRQDO7HVWRI$,6)6HUYLFH:DWHU2XWOHW)ORZ

WR&ROOHFWLRQ%R[

)&ROOHFWLRQ%R['LOXWLRQ)ORZ )7

'%0, &KDQQHO)XQFWLRQDO7HVWRI$,6)&RROLQJ7RZHU0DNHXS

3XPSVWR&ROOHFWLRQ%R[)ORZ

)8QLW'LOXWLRQ3XPS)ORZ )7

'%0,+/- &KDQQHO)XQFWLRQDO7HVWRI$,6)'LOXWLRQ3XPS'LVFKDUJH

)ORZ



5HYLVLRQ

2'&0



1RQ5HTXLUHG0RQLWRUV

&RPSRQHQW&RROLQJ:DWHU6\\VWHP 5( 5( 

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5(&RPSRQHQW&RROLQJ:DWHU

5HWXUQ/LQHWR&&3XPS5DGLDWLRQ0RQLWRU

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5(&RPSRQHQW&RROLQJ:DWHU

5HWXUQ/LQHWR&&3XPS5DGLDWLRQ0RQLWRU

'%6& 'DLO\\&KHFNRIWKH5DGLDWLRQ0RQLWRULQJ6\\VWHP

'%0, &KDQQHO&DOLEUDWLRQRI5(DQG5(3URFHVV5DGLDWLRQ

0RQLWRUV 6HUYLFH:DWHU6\\VWHP 5(

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5(6HUYLFH:DWHU'LVFKDUJH

5DGLDWLRQ0RQLWRU

'%6& 'DLO\\&KHFNRIWKH5DGLDWLRQ0RQLWRULQJ6\\VWHP

'%0, &KDQQHO&DOLEUDWLRQRI5( )DLOHG)XHO 5(DQG5(

3URFHVV5DGLDWLRQ0RQLWRUV 8'5

,QWDNH)RUHED\\ 5(

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5(6WDWLRQ,QWDNH)RUHED\\

5DGLDWLRQ0RQLWRU

'%6& 'DLO\\&KHFNRIWKH5DGLDWLRQ0RQLWRULQJ6\\VWHP

'%0, &KDQQHO&DOLEUDWLRQRI5( )DLOHG)XHO 5(DQG5(

3URFHVV5DGLDWLRQ0RQLWRUV 8'5



6DPSOLQJDQG$QDO\\VLVRI/LTXLG(IIOXHQWV



%DWFK5HOHDVHV 3ULRUWR5HOHDVH *UDEVDPSOHRISULQFLSDO*DPPD(PLWWHUV

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH 2QFH3HU0RQWK 'LVVROYHGDQG(QWUDLQHG*DVHV

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH 2QFH3HUPRQWK &RPSRVLWH6DPSOHRI+DQGDOSKDDFWLYLW\\

'%&1 /LTXLG5HOHDVHV0RQWKO\\0RQLWRULQJ$QDO\\VLV

2QFH3HU4XDUWHU &RPSRVLWHVDPSOHRI6U6UDQG)H

'%&1 /LTXLG5HOHDVHV4XDUWHUO\\0RQLWRULQJ$QDO\\VLV



&RQWLQXRXV5HOHDVHV

1RUWK6HWWOLQJ%DVLQ

'%&1 1RUWK6HWWOLQJ%DVLQ:HHNO\\6DPSOLQJDQG$QDO\\VLV

'%&1 1RUWK6HWWOLQJ%DVLQ4XDUWHUO\\$QDO\\VLV 7XUELQH%XLOGLQJ6XPSDQG6WRUP6HZHU'UDLQ

'%&1 6WRUP6HZHU0RQLWRU 5( ,QRSHUDEOH,Q$ODUP



5HYLVLRQ

2'&0



%RUDWHG:DWHU6WRUDJH7DQN

'%&+ %RUDWHG:DWHU6WRUDJH7DQN$QDO\\VLV



/LTXLG5DGZDVWH(IIOXHQW0RQLWRU6HW3RLQW&DOFXODWLRQ 5($% 5(

$%

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH



6WRUP6HZHU'UDLQ0RQLWRU 5( 6HWSRLQW

'%+3 5DGLDWLRQ0RQLWRU6HWSRLQW&RQWURO



$ODUP6HWSRLQWVIRUWKH1RQ5HTXLUHG5DGLDWLRQ0RQLWRUV

&RPSRQHQW&RROLQJ:DWHU6\\VWHP 5(5(

6HUYLFH:DWHU6\\VWHP 5(

'%+3 5DGLDWLRQ0RQLWRU6HWSRLQW&RQWURO



$ODUP5HVSRQVH (YDOXDWLQJ$FWXDO5HOHDVH&RQGLWLRQV

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH

5(76&RGH



/LTXLG(IIOXHQW'RVH&DOFXODWLRQ+/- &)5 

'%&1 /LTXLGDQG*DVHRXV5DGLRDFWLYH'RVH&RPPLWPHQW

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH

'%&1 $QQXDO/DQG8VH&HQVXV



/LTXLG'RVH3URMHFWLRQV

'%23 5DGLRDFWLYH/LTXLG%DWFK5HOHDVH

'%&1 /LTXLGDQG*DVHRXV5DGLRDFWLYH'RVH&RPPLWPHQW



5HYLVLRQ

2'&0



  • $6(286())/8(176



$ODUPDQG$XWRPDWLF5HOHDVH7HUPLQDWLRQ

DVWH*DV'HFD\\6\\VWHP0RQLWRU 5($ %

'%6& 6KLIW&KDQQHO&KHFNRIWKH5DGLDWLRQ0RQLWRU6\\VWHP

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5($DQGRU5(%:DVWH*DV

6\\VWHP'LVFKDUJHWR6WDWLRQ9HQW5DGLDWLRQ0RQLWRUV

'%0, &KDQQHO&DOLEUDWLRQRI5($ %5($ %5(

/LTXLG3URFHVVDQG5($ %:DVWH*DV6\\VWHP2XWOHW'LJLWDO

5DGLDWLRQ0RQLWRUV

'%23 5DGLRDFWLYH*DVHRXV%DWFK5HOHDVH

&RQWDLQPHQW3XUJH([KDXVW)LOWHU0RQLWRU 5($%DQG&

'%6& 6KLIW&KDQQHO&KHFNRIWKH5DGLDWLRQ0RQLWRU6\\VWHP

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5($%DQG&&7073XUJH

([KDXVW5DGLDWLRQ0RQLWRU

'%6& 0RQWKO\\&KHFN6RXUFH7HVWRI5(&&7073XUJH([KDXVW

5DGLDWLRQ0RQLWRU 1REOH*DV$FWLYLW\\&KDQQHO 

'%0, &KDQQHO&DOLEUDWLRQRI5(&&RQWDLQPHQW3XUJH([KDXVW)DQ

,QOHW'LJLWDO3URFHVV5DGLDWLRQ0RQLWRU

'%0, &KDQQHO&DOLEUDWLRQRI&,6):DVWH*DV6\\VWHP2XWOHW'

)ORZ

'%0, &KDQQHO&DOLEUDWLRQRI5($5($ &5($ &

5($ &DQG5($ &3URFHVV5DGLDWLRQ0RQLWRUV

'%0, &KDQQHO&DOLEUDWLRQRI5(%5(%5(%5(

%DQG5(%3URFHVV5DGLDWLRQ0RQLWRUV

'%5( &KDQQHO&DOLEUDWLRQRI5(%5($5($ &

$QDORJ3URFHVV5DGLDWLRQ0RQLWRUV

'%5( &KDQQHO&DOLEUDWLRQRI5($5(%DQG5(%'LJLWDO

3URFHVV5DGLDWLRQ0RQLWRU

  • DVHRXV)ORZ0HDVXUHPHQW'HYLFHV )7

'%0, &KDQQHO&DOLEUDWLRQRI&,6):DVWH6\\VWHP*DV2XWOHW'

)ORZ

'%63+/- :DVWH*DV6\\VWHP)ORZ7UDQVPLWWHUV4XDUWHUO\\&KDQQHO)XQFWLRQDO

7HVW



$ODUP2QO\\

6WDWLRQ9HQW0RQLWRU 5($$ %$

'%6& 6KLIW&KDQQHO&KHFNRIWKH5DGLDWLRQ0RQLWRU6\\VWHP

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5($$6WDWLRQ 9HQW1RUPDO

5DQJH5DGLDWLRQ0RQLWRU

'%6& 4XDUWHUO\\)XQFWLRQDO7HVWRI5(%$6WDWLRQ9HQW1RUPDO

5DQJH5DGLDWLRQ0RQLWRU

'%6& 0RQWKO\\&KHFN6RXUFH7HVWRI5($$6WDWLRQ9HQW1RUPDO

5DQJH5DGLDWLRQ0RQLWRU 1REOH*DV$FWLYLW\\ &KDQQHO

'%6& 0RQWKO\\&KHFN6RXUFH7HVWRI5(%$6WDWLRQ9HQW1RUPDO

5DQJH5DGLDWLRQ0RQLWRU 1REOH*DV$FWLYLW\\&KDQQHO

'%0, &KDQQHO&DOLEUDWLRQRI5($$DQG5(%$6WDWLRQ9HQW

1RUPDO5DQJH5DGLDWLRQ0RQLWRUV



5HYLVLRQ

2'&0



6DPSOHDQG$QDO\\VLVRI*DVHRXV(IIOXHQWV



%DWFK5HOHDVHV

3ULRUWR%DWFK5HOHDVH

'%23 5DGLRDFWLYH*DVHRXV%DWFK5HOHDVH



&RQWLQXRXV5HOHDVHV 2QFHSHUZHHNDQDO\\VLVRIDQDGVRUSWLRQPHGLDIRU , 

'%&1 6WDWLRQ9HQW5HOHDVHV:HHNO\\5DGLRORJLFDO0RQLWRULQJ6DPSOLQJ DQG$QDO\\VLVRI5($$

'%&1 6WDWLRQ9HQW5HOHDVHV:HHNO\\5DGLRORJLFDO0RQLWRULQJ6DPSOLQJ

DQG$QDO\\VLVRI5(%$

2QFHSHUZHHNDQDO\\VLVIRUSULQFLSDOJDPPDHPLWWHUV 3DUWLFXODWH5DGLRDFWLYH

0DWHULDO 

'%&1 6WDWLRQ9HQW5HOHDVHV:HHNO\\5DGLRORJLFDO0RQLWRULQJ6DPSOLQJ

DQG$QDO\\VLVRI5($$

'%&1 6WDWLRQ9HQW5HOHDVHV:HHNO\\5DGLRORJLFDO0RQLWRULQJ6DPSOLQJ

DQG$QDO\\VLVRI5(%$

2QFHSHUPRQWKJUDEJDVVDPSOHDQDO\\VLVIRU 1REOH*DVDQG7ULWLXP

'%&1 6WDWLRQ9HQW5HOHDVHV:HHNO\\5DGLRORJLFDO0RQLWRULQJ6DPSOLQJ

DQG$QDO\\VLVRI5($$

'%&1 6WDWLRQ9HQW5HOHDVHV:HHNO\\5DGLRORJLFDO0RQLWRULQJ6DPSOLQJ

DQG$QDO\\VLVRI5(%$

2QFHSHUPRQWKFRPSRVLWHDQDO\\VLVIRU *URVV$OSKD$FWLYLW\\

'%&1 6WDWLRQ9HQW5HOHDVHV0RQWKO\\5DGLRORJLFDO0RQLWRULQJ$QDO\\VLV 2QFHSHUTXDUWHUFRPSRVLWHDQDO\\VLVIRUSDUWLFXODWHV6UDQG6U

'%&1 6WDWLRQ9HQW5HOHDVHV4XDUWHUO\\5DGLRORJLFDO0RQLWRULQJ$QDO\\VLV

&RQWLQXRXVPRQLWRULQJIRU1REOH*DV *URVV%HWDDQG*DPPDDFWLYLW\\

'%23 *DVHRXV5DGLRDFWLYH:DVWH6\\VWHP

'%23 3URFHVVDQG$UHD5DGLDWLRQ0RQLWRU



5HOHDVH5HVXOWLQJIURP3ULPDU\\WR6HFRQGDU\\6\\VWHP/HDNDJH 2QFHSHUZHHNDQDO\\VLVRIDVHFRQGDU\\V\\VWHPRII JDVIRUJDPPDHPLWWHUV QREOH

JDVHV DQGWULWLXP

'%&+ :HHNO\\&RQGHQVHU$LU$FWLYLW\\6DPSOLQJDQG$QDO\\VLV 2QFHSHUZHHNDQDO\\VLVRIFRQGHQVDWHVDPSOHIRUSULQFLSOHJDPPDHPLWWHUV ,RGLQHV

DQGSDUWLFXODWHV DQGWULWLXP

'%&+ 5DGLRFKHPLVWU\\7HVW5HTXLUHPHQWV



5HYLVLRQ

2'&0 2QFHSHUTXDUWHUFRPSRVLWHDQDO\\VLVRIFRQGHQVDWHIRUSDUWLFXODWHV6UDQG6U

'%&1 5DGLRDFWLYH6WURQWLXP'HWHUPLQDWLRQLQ&RQGHQVDWH

$X[LOLDU\\6WHDP6\\VWHP5HOLHIOLIWVZKHQ$X[LOLDU\\%RLOHULVWKH6RXUFHRI$X[LOLDU\\

6WHDP

'%&+ 5DGLRFKHPLVWU\\7HVW5HTXLUHPHQWV

'%&1 &DOFXODWLQJ5DGLRDFWLYH5HOHDVH'DWD 5(76&RGH



5HOHDVH5DWH/LPLWV

'%23 5DGLRDFWLYH*DVHRXV%DWFK5HOHDVH



,QGLYLGXDO5HOHDVH5DGLDWLRQ0RQLWRU6HWSRLQWV

'%23 5DGLRDFWLYH*DVHRXV%DWFK5HOHDVH

'%+3 5DGLDWLRQ0RQLWRU6HWSRLQW&RQWURO



4XDQWLI\\LQJ*URXQG/HYHO5HOHDVHV$FWLYLW\\

'%&1 &DOFXODWLQJ5DGLRDFWLYH5HOHDVH'DWD



8QUHVWULFWHG$UHD'RVH/LPLWV

'%&1 /LTXLGDQG*DVHRXV5DGLRDFWLYH5HOHDVH'RVH&RPPLWPHQW

'%&1 6WDWLRQ9HQW5HOHDVHV4XDUWHUO\\5DGLRORJLFDO0RQLWRULQJ$QDO\\VLV



$VVHVVPHQWRI/DQG8VH&HQVXV'DWD

'%&1 $QQXDO/DQG8VH&HQVXV



5DGLRORJLFDO(QYLURQPHQWDO3URJUDP

'%&1 5HYLHZDQG(YDOXDWLRQRI5(036DPSOH$QDO\\VLV5HVXOWV

'%&1 $QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW3UHSDUDWLRQ

DQG6XEPLWWDO

'%&1 5DGLRORJLFDO(QYLURQPHQWDO0RQLWRULQJ3URJUDP

'%&1 5DGLRORJLFDO0RQLWRULQJ4XDUWHUO\\6HPLDQQXDODQG$QQXDO

6DPSOLQJ

'%&1 5DGLRORJLFDO0RQLWRULQJ:HHNO\\6HPLPRQWKO\\DQG0RQWKO\\

6DPSOLQJ

'%+3 3UHSDUDWLRQRI4XDUWHUO\\5HSRUWRI5(036DPSOH$QDO\\VLV5HVXOWV



$QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW

'%&1 3UHSDUDWLRQRI5DGLRDFWLYH(IIOXHQW5HOHDVH5HSRUW

'%&1 $QQXDO5DGLRORJLFDO(QYLURQPHQWDO2SHUDWLQJ5HSRUW3UHSDUDWLRQ

DQG6XEPLWWDO

'%&1 /LTXLGDQG*DVHRXV5DGLRDFWLYH'RVH&RPPLWPHQW

'%&1 4XDUWHUO\\5DGLRDFWLYH5HOHDVH'DWD&DOFXODWLRQV

'%&1 &DOFXODWLQJ5DGLRDFWLYH5HOHDVH'DWD

'%&1 3URFHVVLQJ&KDQJHVWRWKH2'&0



5HYLVLRQ

2'&0