ML21070A116
ML21070A116 | |
Person / Time | |
---|---|
Site: | Monticello ![]() |
Issue date: | 02/11/2021 |
From: | Xcel Energy, Northern States Power Company, Minnesota |
To: | Office of Nuclear Reactor Regulation |
Shared Package | |
ML21070A105 | List:
|
References | |
L-MT-21-004 | |
Download: ML21070A116 (78) | |
Text
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7$%/(2)&217(176
6HFWLRQ 3DJH
I.1 (YDOXDWLRQ&ULWHULD
, 'HILQLWLRQRI7HUPV
, $VVXPSWLRQV
7DEOH, 9ROXPH'HVFULSWLRQVIRU+(/%VLQWKH5HDFWRU%XLOGLQJ
7DEOH, 9ROXPH'HVFULSWLRQVIRU+(/%VLQWKH7XUELQH%XLOGLQJ
I.2 +LJK(QHUJ\6\VWHPVDQG3LSLQJ
, +LJK(QHUJ\/LQHDQG6\VWHP'HVFULSWLRQV
, 0DLQ6WHDP6\VWHP
, )HHGZDWHU6\VWHP
, &RQGHQVDWH6\VWHP
, +3&, 6WHDP 6\VWHP
, 5&,& 6WHDP 6\VWHP
, 5HDFWRU:DWHU&OHDQXS 5:&8 6\VWHP
, ,QVWUXPHQWDQG6DPSOH/LQHV
, &RUH6SUD\6\VWHP
, 5HVLGXDO+HDW5HPRYDO 5+5 6\VWHP
, +3&, :DWHU 6\VWHP
, 5&,& :DWHU 6\VWHP
, 6WDQGE\/LTXLG&RQWURO
, 2IIJDV6\VWHP
, &RQWURO5RG'ULYH6\VWHP
, =LQF2[LGH,QMHFWLRQ6\VWHP *(=,3
, +LJK(QHUJ\/LQH'HVLJQDWLRQ/LVW
7DEOH, +LJK(QHUJ\3LSLQJ/LVW
I.3 %UHDN$QDO\VLV
, 6HOHFWLRQRI%UHDN/RFDWLRQV
, &ODVV, /LQHVIRUZKLFKSLSLQJDQDO\VHVWKDWLQFOXGHVVHLVPLFKDVEHHQ
SHUIRUPHG
, &ODVV,, /LQHVIRUZKLFKQRVHLVPLFDQDO\VHVKDVEHHQSHUIRUPHG
, %UHDNVLQ0RGHUDWH(QHUJ\DQGRU1RQ+LJK(QHUJ\/LQHV
, %UHDN7\SHV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, +(/%,QWHUDFWLRQV
, 3LSH:KLS(IIHFWV
, -HW,PSLQJHPHQW(IIHFWV
, )ORRGLQJ(IIHFWV
, (QYLURQPHQWDO(IIHFWVDQG&RPSDUWPHQW3UHVVXUL]DWLRQ
, 6\VWHP%UHDN/RFDWLRQV
I.4 6DIH6KXWGRZQ5HTXLUHPHQWV5HIHUHQFHDQG
, 6DIH6KXWGRZQ6\VWHPV
, 6FUDPDQG,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG
, 3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ&RQWDLQPHQW&RROLQJDQG'HFD\
+HDW5HPRYDO3HULRGV
, 'HVFULSWLRQRI6DIH6KXWGRZQ3DWKV
, 6DIH6KXWGRZQ6\VWHP&RPSRQHQW/RFDWLRQV
, 5HDFWRU3URWHFWLRQ6\VWHP
, &RQWURO5RG'ULYH6\VWHP
, +LJK3UHVVXUH&RRODQW,QMHFWLRQ +3&, 6\VWHP
, 5HDFWRU3UHVVXUH5HOLHI6\VWHP
, 5HVLGXDO+HDW5HPRYDO 5+5 6\VWHP
, &RUH6SUD\ &6 6\VWHP
, 5+56HUYLFH:DWHU6\VWHP
, 5HDFWRU&RUH,VRODWLRQ&RROLQJ 5&,& 6\VWHP
, 6KXWGRZQ,QVWUXPHQWDWLRQ
, (PHUJHQF\6HUYLFH:DWHU6\VWHPV
, (PHUJHQF\'LHVHO*HQHUDWRU(PHUJHQF\6HUYLFH:DWHU6\VWHP
, (PHUJHQF\)LOWUDWLRQ7UDLQ(PHUJHQF\6HUYLFH:DWHU6\VWHP
, (PHUJHQF\'LHVHO*HQHUDWRUVDQG$X[LOLDULHV
, $X[LOLDU\3RZHU'LVWULEXWLRQ6\VWHPV
, '&3RZHU6\VWHPV
, +9$&6\VWHPV
7DEOH, 6DIH6KXWGRZQ&RPSRQHQWV$YDLODEOH
I.5 +(/%DQG6DIH6KXWGRZQ(YDOXDWLRQ
, &RPSOLDQFH(YDOXDWLRQ 5HIHUHQFHDQG
, ,GHQWLILFDWLRQRI3RWHQWLDO7DUJHWV
, 6LQJOH$FWLYH)DLOXUH(YDOXDWLRQ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, +(/%(YDOXDWLRQVE\6\VWHP
, 0DLQ6WHDP6\VWHP
, 0DLQ6WHDP&KDVH 9ROXPH
, 6-$(5RRP 9ROXPH
, &RQGHQVHU$UHD 9ROXPH
, 7XUELQH2SHUDWLQJ)ORRU 9ROXPH
, )HHGZDWHU6\VWHP
, 5HDFWRU)HHGZDWHU3XPS$UHD9ROXPHVDQG
, 7XUELQH%XLOGLQJ3LSH&KDVH 9ROXPH
, 7XUELQH2SHUDWLQJ)ORRU 9ROXPH
, 0DLQ6WHDP&KDVH 9ROXPH
, &RQGHQVHU$UHD 9ROXPH
, &RQGHQVDWH6\VWHP
, &RQGHQVHU$UHD 9ROXPH
, 7XUELQH%XLOGLQJ3LSH&KDVH 9ROXPH
, 5HDFWRU)HHGZDWHU3XPS$UHD 9ROXPHVDQG
, +LJK3UHVVXUH&RRODQW,QMHFWLRQ 6WHDP 6\VWHP
, 0DLQ6WHDP&KDVH 9ROXPH
, 7RUXV$UHD 9ROXPHVDQG
, 5&,& 6WHDP 6\VWHP
, 0DLQ6WHDP&KDVH 9ROXPH
, 7RUXV$UHD 9ROXPH
, 5&,&&RPSDUWPHQW 9ROXPH
, 5HDFWRU:DWHU&OHDQ8S 5:&8 6\VWHP
, 5:&8$UHD 9ROXPH
, 0*6HW5RRP 9ROXPH
, 5HDFWRU%XLOGLQJ)RRW(OHYDWLRQ1RUWKZHVW$UHD 9ROXPH
, 5HDFWRU%XLOGLQJ2SHQ$UHD)RRW(OHYDWLRQ:HVW6LGH 9ROXPH
, 0DLQ6WHDP&KDVH 9ROXPH
, &RUH6SUD\6\VWHP
, 5HVLGXDO+HDW5HPRYDO6\VWHP
, +3&, :DWHU 6\VWHP
, 5&,& :DWHU 6\VWHP
, 6WDQGE\/LTXLG&RQWURO
, 2II*DV6\VWHP
, =LQF2[LGH,QMHFWLRQ6\VWHP *(=,3
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 7DEOHRI6\VWHP(IIHFWV
7DEOH, /RFDWLRQRI+LJK(QHUJ\6\VWHPVDQG6DIH6KXWGRZQ(TXLSPHQWE\
9ROXPH
7DEOH, 7DEOHRI6\VWHP(IIHFWV
I.6 5HIHUHQFHV
),*85(6
)LJXUH, 5HDFWRU%OGJ(O #
)LJXUH, 5HDFWRU%OGJ $SSUR[ #
)LJXUH, 5HDFWRU%OGJ(O #
)LJXUH, 5HDFWRU%OGJ(O#
)LJXUH, 5HDFWRU%OGJ ':9HVVHO #
)LJXUH, 5HDFWRU%OGJ #
)LJXUH, 5HDFWRU%OGJ #
)LJXUH, 7XUELQH%OGJ(O#
)LJXUH, 7XUELQH%OGJ(O #
)LJXUH, 7XUELQH%OGJ(O#
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
I.1 (YDOXDWLRQ&ULWHULD
5HJXODWRU\$SSURYHG$QDO\VHVRIWKH&RQVHTXHQFHVRI+LJK(QHUJ\3LSLQJ)DLOXUH
2XWVLGH&RQWDLQPHQW/LFHQVLQJ%DVLV
6WDQGDUG5HYLHZ3ODQW5HIHUHQFH$WWDFKPHQW%UDQFK7HFKQLFDO3RVLWLRQ
$6%3URWHFWLRQ$JDLQVW3RVWXODWHG3LSLQJ)DLOXUHV,Q)OXLG6\VWHPV2XWVLGH
&RQWDLQPHQW6HFWLRQ%G,PSOHPHQWDWLRQ'HVLJQVRISODQWVIRUZKLFKRSHUDWLQJ
OLFHQVHVDUHLVVXHGEHIRUH-XO\DUHFRQVLGHUHGDFFHSWDEOHZLWKUHJDUGWRHIIHFWRI
SLSLQJIDLOXUHVRXWVLGHFRQWDLQPHQWRQWKHEDVLVRIWKHDQDO\VHVPDGHDQGPHDVXUHVWDNHQ
E\DSSOLFDQWVDQGOLFHQVHHVLQUHVSRQVHWRWKH'HFHPEHUOHWWHUIURP$*LDPEXVVR
DQGWKHVWDIIUHYLHZDQGDFFHSWDQFHRIWKHVHDQDO\VHVDQGPHDVXUHV0RQWLFHOOR
RSHUDWLQJOLFHQVHZDVLVVXHGRQ-XQH
7KHUHIRUHWKHOLFHQVLQJEDVLVRIWKH0RQWLFHOOR1XFOHDU*HQHUDWLQJ3ODQW+(/%
3URJUDPLV
x 7KH*LDPEXVVROHWWHUGDWHG'HFHPEHUZLWK(UUDWDGDWHG-DQXDU\
5HIHUHQFH
x 01*3DQDO\VHVDQGPHDVXUHWDNHQLQUHVSRQVHWRWKH*LDPEXVVROHWWHUGDWHG
6HSWHPEHU5HIHUHQFH
x $(&UHYLHZDQGDFFHSWDQFH6DIHW\(YDOXDWLRQGDWHG-XO\5HIHUHQFH
$QDGGLWLRQDO01*3+(/%/LFHQVH%DVHVLVWKHHOLPLQDWLRQRIUDQGRPEUHDNVDQGFUDFNV
LQGLFDWHGLQWKHDERYHOLFHQVHGRFXPHQWV5HYLVLRQWR0RQWLFHOOR/LFHQVH$PHQGPHQW
5HTXHVWIRU3RZHU5H5DWHOHWWHUGDWHG'HFHPEHU5HIHUHQFH([KLELW(
SDUDJUDSKVWDWHV6HYHUDOSUHYLRXVO\SRVWXODWHGEUHDNORFDWLRQVZHUHHOLPLQDWHG
WKURXJKWKHDSSOLFDWLRQRIFULWHULDHVWDEOLVKHGLQ6WDQGDUG5HYLHZ3ODQDQG*HQHULF
/HWWHU([KLELW(3DUDJUDSKJLYHVWKHYHUVLRQRI*/XVHGDV-XQH
5HIHUHQFH7KLVYHUVLRQRI*/FRQWDLQHGWKHYHUVLRQRI%UDQFK7HFKQLFDO
3RVLWLRQ0(%RI653XVHG7KLV/$5SURYLVLRQZDVDSSURYHGE\WKH15&LQ6(5
IRUSRZHUUHUDWH$PHQGPHQWGDWHG6HSWHPEHU5HIHUHQFH7KH6(5 V
DSSURYDOZDVE\UHIHUHQFHWKH6(5 V5HIHUHQFH
'HVLJQ%DVH&RUUHVSRQGHQFHZLWK15&
,QDGGLWLRQWRWKHDQDO\VLVWKDWVXSSRUWVWKH/LFHQVLQJ%DVHVWKHIROORZLQJVXEVHTXHQW
FRUUHVSRQGHQFHFRQFHUQLQJWKH/LFHQVLQJ%DVHVKDYHRFFXUUHGDQGVXSSRUWVWKH
DGHTXDF\RIWKHSUHYLRXVGRFXPHQWHG/LFHQVLQJ%DVHVDGHTXDF\ZKLFKJRYHUQVEXWGRHV
QRWFKDQJHWKH/LFHQVLQJ%DVHV7KLVFRUUHVSRQGHQFHLVFRQVLGHUHGSDUWRIWKH+(/%
'HVLJQ%DVHV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7KH+(/%LVVXHZDVLQLWLDWHGE\WKH*LDPEXVVROHWWHU 5HIHUHQFH ZLWKLWVHQFORVXUH
³*HQHUDO,QIRUPDWLRQ5HTXLUHGIRU&RQVLGHUDWLRQRIWKH(IIHFWVRID3LSLQJ6\VWHP%UHDN
2XWVLGH&RQWDLQPHQW'7KHOHWWHULVD³UHTXHVW'RI1RUWKHUQ6WDWHV3RZHU 163 WRSURYLGH
³DQDO\VHVDQGRWKHUUHOHYDQWLQIRUPDWLRQQHHGHGWRGHWHUPLQHWKHFRQVHTXHQFHVRIVXFK
DQHYHQWXVLQJWKHJXLGDQFHSURYLGHGLQWKHHQFORVHGJHQHUDOLQIRUPDWLRQUHTXHVW<<<RX
VKRXOGGHWHUPLQHWKHDSSOLFDELOLW\IRUWKH0RQWLFHOORIDFLOLW\RIWKHLWHPVOLVWHGLQWKH
HQFORVXUH'
7KH5HIHUHQFHHQFORVXUH¶VLQWURGXFWRU\SDUDJUDSKVWDWHV³DSSOLFDQWVDQGOLFHQVHHV
VKRXOGGHWHUPLQHRQDQLQGLYLGXDOEDVLVWKHDSSOLFDELOLW\RIHDFKRIWKHIROORZLQJLWHPVIRU
LQFOXVLRQLQWKHLUVXEPLWWDOV
7KHV\VWHPV RUSRUWLRQVRIV\VWHPV IRUZKLFKSURWHFWLRQDJDLQVWSLSHZKLSLV
UHTXLUHGVKRXOGEHLGHQWLILHG3URWHFWLRQIURPSLSHZKLSQHHGQRWEHSURYLGHGLIDQ\RI
WKHIROORZLQJFRQGLWLRQVZLOOH[LVW
D %RWKRIWKHIROORZLQJSLSLQJV\VWHPFRQGLWLRQVDUHPHW
WKHVHUYLFHWHPSHUDWXUHLVOHVVWKDQ)DQG
WKHGHVLJQSUHVVXUHLVSVLJRUOHVV'
7KHIRUPDO163UHVSRQVH 5HIHUHQFH WRWKH*LDPEXVVROHWWHUVXEPLWWHGWKH0RQWLFHOOR
+(/%DQDO\VLVUHSRUW GDWHG$XJXVW 3RVWXODWHG3LSH)DLOXUHV2XWVLGH&RQWDLQPHQW
DVSDUWRIWKH0RQWLFHOOROLFHQVLQJEDVLV7KH0RQWLFHOOR$XJXVW+(/%UHSRUWWDNHV
H[FHSWLRQWRWKH*LDPEXVVROHWWHU¶V+(/%VHOHFWLRQFULWHULDDV6HFWLRQVSHFLILFDOO\
VWDWHV
³7KHDQDO\VLVKDVEHHQFRQGXFWHGXVLQJWKHIROORZLQJJHQHUDOSURFHGXUHV
7KHKLJKHQHUJ\SLSLQJV\VWHPVZHUHLGHQWLILHGXVLQJWKHFULWHULDWKDWWKHVHUYLFH
WHPSHUDWXUHLVJUHDWHUWKDQ)DQGWKHGHVLJQSUHVVXUHLVJUHDWHUWKDQ
SVLJ'
$IWHUWKH$(&UHYLHZVZHUHFRPSOHWHGWKH$(&WUDQVPLWWHGWKHLUIRUPDODSSURYDOZLWK
UHODWHG6DIHW\(YDOXDWLRQ 6( RIWKH0RQWLFHOOR+(/%DQDO\VLVLQ5HIHUHQFH
5HIHUHQFHVSHFLILFDOO\DGGUHVVHVWKH$(&DFFHSWDQFHRI163¶VOHWWHUGDWHG
6HSWHPEHUDQGLWV³VXEPLWWHGUHSRUWRQ3RVWXODWHG3LSH)DLOXUHV2XWVLGH
&RQWDLQPHQWGDWHG$XJXVW'7KH$(&6(VWDWHV³3URWHFWLRQ<<VKRXOGEH
SURYLGHG<<IURPUXSWXUHVLQSLSHVFDUU\LQJKLJKHQHUJ\IOXLGZKHUHWKHWHPSHUDWXUHDQG
SUHVVXUHFRQGLWLRQVRIWKHIOXLGH[FHHG)DQGSVLJUHVSHFWLYHO\'7KHDSSURYHG
RULJLQDOOLFHQVLQJEDVLVIRU0RQWLFHOOR¶V+(/%VHOHFWLRQFULWHULDDOORZVIRUDQH[FHSWLRQWR
WKHJXLGDQFHLQWKH*LDPEXVVROHWWHU
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7KH*LDPEXVVROHWWHUZDVZULWWHQWRKDYH163DGGUHVV&)5$SSHQGL[$*HQHUDO
'HVLJQ&ULWHULRQ(QYLURQPHQWDODQGG\QDPLFHIIHFWVGHVLJQEDVHVZLWKUHVSHFWWR+(/%
RXWVLGHFRQWDLQPHQW0RQWLFHOORZDVGHVLJQHGDQGEXLOWEHIRUHWKH*HQHUDO'HVLJQ&ULWHULD
- '& ZHUHLVVXHG7KHUHIRUH0RQWLFHOORZDVQRWGHVLJQHGDVD*'&FRPSOLDQWSODQW
15&1552IILFH,QVWUXFWLRQ/,&&RQWURORI/LFHQVLQJ%DVHVIRU2SHUDWLQJ5HDFWRUV
5HIHUHQFH SURYLGHVJXLGDQFHRQKRZWRLQWHUSUHWWKHOLFHQVLQJEDVHVRIROGHUSODQWV
OLNH0RQWLFHOORZLWKUHVSHFWWRPHHWLQJWKH*'&/,&6XEVHFWLRQ$SSHQGL[$
³*HQHUDO'HVLJQ&ULWHULD'VWDWHV
³7KH*HQHUDO'HVLJQ&ULWHULDDUHQRWDSSOLFDEOHWRSODQWVZLWKFRQVWUXFWLRQSHUPLWV
LVVXHGSULRUWR0D\$WWKHWLPHRIWKHSURPXOJDWLRQRI$SSHQGL[$WKH
&RPPLVVLRQVWUHVVHGWKDWWKH*'&ZHUHQRWQHZUHTXLUHPHQWVDQGZHUHSURPXOJDWHG
WRPRUHFOHDUO\DUWLFXODWHWKHOLFHQVLQJUHTXLUHPHQWVDQGSUDFWLFHLQHIIHFWDWWKDWWLPH
- KLOHFRPSOLDQFHZLWKWKHLQWHQWRIWKH*'&LVLPSRUWDQWHDFKSODQWOLFHQVHGEHIRUHWKH
- '&ZHUHIRUPDOO\DGRSWHGZDVHYDOXDWHGRQDSODQWVSHFLILFEDVHVGHWHUPLQHGWREH
VDIHDQGOLFHQVHGE\WKH&RPPLVVLRQ)XUWKHUPRUHFXUUHQWUHJXODWRU\SURFHVVHVDUH
VXIILFLHQWWRHQVXUHWKDWSODQWVFRQWLQXHWREHVDIHDQGFRPSO\ZLWKWKHLQWHQWRIWKH
- '&'
7KH15&6(DFFHSWDQFHOHWWHU 5HIHUHQFH VWDWHPHQW³%DVHGRQRXUUHYLHZRIWKH
LQIRUPDWLRQ\RXKDYHVXEPLWWHGRQWKH0RQWLFHOOR1XFOHDU*HQHUDWLQJ3ODQWZHKDYH
GHWHUPLQHGWKDWDIWHUFRPSOHWLRQRIWKHSURSRVHGPRGLILFDWLRQVWKHSODQWZRXOGZLWKVWDQG
WKHFRQVHTXHQFHVRISRVWXODWHGUXSWXUHVLQKLJKHQHUJ\IOXLGSLSLQJRXWVLGHWKH
FRQWDLQPHQWZLWKRXWORVVRIWKHFDSDELOLW\WRLQLWLDWHDQGPDLQWDLQWKHSODQWLQDVDIH
VKXWGRZQFRQGLWLRQ'GHPRQVWUDWHVWKDW0RQWLFHOORFRPSOLHGZLWKWKHLQWHQWRI*'&
7KHFXUUHQWOLFHQVLQJEDVLV &/% UHTXLUHPHQWLVIRU0RQWLFHOORWRFRPSO\ZLWKWKHLQWHQWRI
- '&DVGHVFULEHGLQWKH+(/%DQDO\VLV
5HIHUHQFHUHSRUWHGWKHGLVFRYHU\RIDQDSSOLFDEOHDUHDRIWKHWXUELQHEXLOGLQJWKDWPD\
KDYHQRWEHHQLQFOXGHGLQWKH+(/%DQDO\VLV$VSDUWRIUHVROXWLRQRIWKDWGLVFRYHUHG
FRQGLWLRQ163WKRURXJKO\UHYLHZHGWKHRULJLQDODQDO\VLV7KHUHVXOWVRIWKDWDQDO\VLV
DUHGRFXPHQWHGLQWKH5HIHUHQFH187(&+(QJLQHHULQJUHSRUWDQGWKDWUHSRUWZDV
VXEPLWWHGWRWKH15&LQWKH5HIHUHQFH
6HFWLRQRIWKH187(&+UHSRUWGHILQHVWKHHYDOXDWLRQDSSURDFKDQGKRZWKH6WDQGDUG
5HYLHZ3ODQ 653 DQG$16,$16ZHUHXVHGWRFODULI\DQDO\WLFDODVVXPSWLRQV
7KHVHKHOSHGWREHWWHUGHILQHWKHDVVXPSWLRQVIRURSHUDWLQJFRQGLWLRQVDYDLODELOLW\RI
RIIVLWHSRZHUFRQVLGHUDWLRQRIVLPXOWDQHRXVHYHQWVVLQJOHDFWLYHIDLOXUHEUHDNORFDWLRQV
SLSHZKLSHIIHFWVMHWLPSLQJHPHQWHIIHFWVDQGIORRGLQJHIIHFWV
5HTXHVWIRU$GGLWLRQDO,QIRUPDWLRQ 5$, IURP5HIHUHQFHUHIHUVWRWKH+(/%VHOHFWLRQ
FULWHULDLQ6HFWLRQRIWKH187(&+UHSRUWDQGVWDWHV³7KHVHOHFWLRQFULWHULDDUHOHVV
FRQVHUYDWLYHWKDQWKH*LDPEXVVRFULWHULD VHUYLFHZDWHUWHPSHUDWXUHH[FHHGV)RU
GHVLJQSUHVVXUHH[FHHGVSVLJ DVZHOODVWKH653FULWHULD PD[LPXPRSHUDWLQJ
WHPSHUDWXUHH[FHHGV)DQGPD[LPXPRSHUDWLQJSUHVVXUHH[FHHGVSVLJ -XVWLI\
WKHGHYLDWLRQDQGSURYLGHDOLVWRIWKHSLSLQJV\VWHPVWKDWZRXOGEHLQFOXGHGLQWKH
0RQWLFHOOR+(/%DQDO\VLVLIWKH*LDPEXVVRFULWHULDZHUHXVHGDQGDOLVWLIWKH653
FULWHULDZHUHXVHG'
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
5HIHUHQFHVXEPLWWHGWKHILQDO163UHVSRQVHWRWKH+(/%VHOHFWLRQFULWHULDLVVXHLQ
5$,7KHUHVSRQVHVWDWHV
µ:LWKRQHH[FHSWLRQWKHFULWHULDXVHGIRUWKHVHOHFWLRQRIKLJKHQHUJ\OLQHVZDV
³RSHUDWLQJWHPSHUDWXUHJUHDWHUWKDQ)DQGGHVLJQSUHVVXUHJUHDWHUWKDQSVLJ'
7KLVFULWHULDLVFRQVLVWHQWZLWKWKHFULWHULDXVHGLQWKHRULJLQDO0RQWLFHOOR+LJK
(QHUJ\/LQH%UHDNDQDO\VLV6HFWLRQ,RI$SSHQGL[,ZLOOEHUHYLVHGWRUHIOHFWWKLV
VHOHFWLRQFULWHULDDVSDUWRIWKHQH[WDQQXDOXSGDWHWRWKH0RQWLFHOOR86$5¶
86$5$SSHQGL[,KDVEHHQXSGDWHGWRVSHFLILFDOO\LQFOXGHWKH+(/%VHOHFWLRQFULWHULD
FRQVLVWHQWZLWKWKHFULWHULDXVHGLQDQGDQDO\VHV
$OWKRXJKWKH15&GLGQRWLVVXHDIRUPDO6(WKH15& LQ5HIHUHQFH GRHVDFNQRZOHGJH
³$GGLWLRQDOLQIRUPDWLRQZDVSURYLGHG-XQH'HFHPEHU6HSWHPEHU
'HFHPEHU 5HIHUHQFHKHUHLQ -DQXDU\DQG)HEUXDU\
'5HIHUHQFHFRQFOXGHVWKDWWKH³RULJLQDOQRQFRQIRUPLQJ+(/%FRQGLWLRQVKDYH
EHHQFRUUHFWHG'
)XUWKHUUHYLHZRIWKH+(/%FULWHULDRFFXUUHGZLWKDQH[WHQGHGSRZHUXSUDWH (38 5$,
UHVSRQVH 5HIHUHQFH ZLWK15&UHYLHZGRFXPHQWHGLQ5HIHUHQFH
, 'HILQLWLRQRI7HUPV
&LUFXPIHUHQWLDO%UHDN$SLSHEUHDNSHUSHQGLFXODUWRWKHSLSHD[LVZLWKDEUHDNDUHD
HTXLYDOHQWWRWKHLQWHUQDOFURVVVHFWLRQDODUHDRIWKHUXSWXUHGSLSH
&RPSDUWPHQW7KHFROOHFWLYHWHUPXVHGWRGHVFULEHURRPVED\VKDOOZD\VHWFWKDW
PDNHXSDQHQFORVXUHLQZKLFKDKLJKHQHUJ\SLSHLVURXWHGRUSLSHEUHDNPD\WDNH
SODFH
&RPSDUWPHQWDO3UHVVXUL]DWLRQ7KHFRQGLWLRQRISUHVVXUL]DWLRQRIDFRPSDUWPHQW
DERYHLWVQRUPDOSUHVVXUHGXHWRDKLJKHQHUJ\OLQHEUHDNZLWKLQWKHFRPSDUWPHQW
&ULWLFDO&UDFN7KHVLQJOHSRVWXODWHGFUDFNRQDKLJKHQHUJ\OLQHWKDWSURGXFHVWKH
PRVWDGYHUVHHIIHFWRQVDIHVKXWGRZQHTXLSPHQWZLWKLQDFRPSDUWPHQW'LPHQVLRQDOO\
WKHFULWLFDOFUDFNVL]HLVSRVWXODWHGWREHRQHKDOIWKHSLSHLQVLGHGLDPHWHULQOHQJWKE\
RQHKDOIWKHSLSHWKLFNQHVVLQZLGWK
(TXLSPHQW4XDOLILFDWLRQ7KHWHUPXVHGWRGHVFULEHWKHDELOLW\RIHTXLSPHQWWRUHPDLQ
IXQFWLRQDOLQWKHDEQRUPDOWHPSHUDWXUHSUHVVXUHKXPLGLW\DQGUDGLDWLRQHQYLURQPHQWV
JHQHUDWHGE\DSRVWXODWHG+(/%ZLWKLQDFRPSDUWPHQW
)ORRGLQJ7KHFRQGLWLRQHQFRXQWHUHGZLWKLQDFRPSDUWPHQWRUDGMRLQLQJFRPSDUWPHQWV
ZKHQOLTXLGZDWHURUFRQGHQVLQJVWHDPHVFDSHVIURPDUXSWXUHGKLJKHQHUJ\OLQHRU
RWKHUFRPSRQHQWDWDIDVWHUUDWHWKDQWKHIOXLGFDQEHGUDLQHGDZD\
+LJK(QHUJ\)OXLG$IOXLGZLWKDQRUPDORSHUDWLQJSUHVVXUHJUHDWHUWKDQSVLJDQG
DQRUPDORSHUDWLQJWHPSHUDWXUHJUHDWHUWKDQ) 5HIHUHQFHDQG
+LJK(QHUJ\6\VWHP$Q\PHFKDQLFDOV\VWHPZLWKSLSLQJFRQWDLQLQJKLJKHQHUJ\IOXLG
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
+LJK(QHUJ\/LQH$Q\SLSHZKLFKFDUULHVIOXLGZLWKDQRUPDORSHUDWLQJSUHVVXUH
JUHDWHUWKDQSVLJDQGDQRUPDORSHUDWLQJWHPSHUDWXUHJUHDWHUWKDQ)
5HIHUHQFHDQG
-HW,PSLQJHPHQW7KHIRUFHVH[HUWHGRQWDUJHWVE\KLJKSUHVVXUHIOXLGH[LWLQJDEUHDN
LQWKHSLSH
/RQJLWXGLQDO%UHDN$SLSHEUHDNSDUDOOHOWRWKHSLSHD[LVDQGRULHQWHGDWDQ\SRLQW
DURXQGWKHSLSHFLUFXPIHUHQFHZLWKDEUHDNDUHDHTXDOWRWKHHIIHFWLYHFURVVVHFWLRQDO
IORZDUHDLPPHGLDWHO\XSVWUHDPRIWKHEUHDNORFDWLRQ
1RUPDO2SHUDWLQJ&RQGLWLRQV3ODQWRSHUDWLQJFRQGLWLRQVGXULQJUHDFWRUVWDUWXS
RSHUDWLRQDWSRZHUKRWVWDQGE\RUUHDFWRUFRROGRZQWRWKHFROGVKXWGRZQFRQGLWLRQ
3LSH:KLS7KHPHFKDQLFDOUHDFWLRQFDXVHGE\KLJKHQHUJ\IOXLGH[LWLQJDUXSWXUHG
SLSH
5HDFWRU3ODQW3URWHFWLYH$FWXDWLRQ$+(/%WKDWFDXVHVD7HFKQLFDO6SHFLILFDWLRQ
VSHFLILHGWULS)RU+(/%WKLVLVD&RQWDLQPHQW*URXS,VRODWLRQDQGRUVFUDP
5HIHUHQFH(UUDWD
6DIH6KXWGRZQ6KXWGRZQRIWKHXQLWIURPSRZHUWRVXEFULWLFDOFRQGLWLRQZLWK
WHPSHUDWXUHLQWKHUHDFWRURIOHVVWKDQRUHTXDOWR)QRUHVXOWLQJIXHOGDPDJHDQG
QRVWUXFWXUDOIDLOXUHRISULPDU\RUVHFRQGDU\FRQWDLQPHQW
6DIH6KXWGRZQ6\VWHP&RPSRQHQW6\VWHPVDQGFRPSRQHQWVUHTXLUHGWRVDIHO\
VKXWGRZQWKHUHDFWRUDQGPLWLJDWHWKHFRQVHTXHQFHVRIDKLJKHQHUJ\OLQHEUHDNZLWKRXW
RIIVLWHSRZHU
6LQJOH$FWLYH)DLOXUH7KHPDOIXQFWLRQRUORVVRIIXQFWLRQRIDQHOHFWULFDORUIOXLG
V\VWHPFRPSRQHQWH[FOXGLQJSDVVLYHIDLOXUHVZKLFKUHO\RQPHFKDQLFDOPRYHPHQWWR
FRPSOHWHLWVLQWHQGHGIXQFWLRQXSRQGHPDQG
7HUPLQDO(QG([WUHPLWLHVRISLSLQJUXQVWKDWFRQQHFWWRVWUXFWXUHVFRPSRQHQWV HJ
YHVVHOVSXPSVYDOYHV RUSLSHDQFKRUVWKDWDFWDVULJLGFRQVWUDLQWVWRSLSLQJPRWLRQ
DQGWKHUPDOH[SDQVLRQ$EUDQFKFRQQHFWLRQWRDPDLQSLSLQJUXQLVDWHUPLQDOHQGRIWKH
EUDQFKUXQH[FHSWZKHUHWKHEUDQFKUXQLVFODVVLILHGDVSDUWRIDPDLQUXQLQWKHVWUHVV
DQDO\VLVDQGLVVKRZQWRKDYHDVLJQLILFDQWHIIHFWRQWKHPDLQUXQEHKDYLRU,QSLSLQJ
UXQVZKLFKDUHPDLQWDLQHGSUHVVXUL]HGGXULQJQRUPDOSODQWFRQGLWLRQVIRURQO\DSRUWLRQ
RIWKHUXQ LHXSWRWKHILUVWQRUPDOO\FORVHGYDOYH DWHUPLQDOHQGRIVXFKUXQVLVWKH
SLSLQJFRQQHFWLRQWRWKLVFORVHGYDOYH 0(%)RRWQRWH+/-5HIHUHQFH $QRUPDOO\
FORVHGYDOYHLVQRWFRQVLGHUHGDWHUPLQDOHQGLIWKHYDOYHLVSDUWRIWKHSLSHVWUHVV
DQDO\VLV ZKLFKLQFOXGHVVHLVPLF DQGWKHYDOYHLVQRWVXSSRUWHGDVDQDQFKRU
5HIHUHQFH
9ROXPHV7KHVXEGLYLVLRQRIWKHSODQW¶VEXLOGLQJVFKRVHQWRSURYLGHFRQVLVWHQW
LGHQWLILFDWLRQRIWKHFRPSDUWPHQWVHYDOXDWHGLQWKLVUHSRUW$VLPLODUEXWVHSDUDWHVHWRI
YROXPHQXPEHUVLVXVHGIRUWKH5HDFWRU%XLOGLQJDQG7XUELQH%XLOGLQJ6HH)LJXUH,
WKURXJK)LJXUH,
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, $VVXPSWLRQV
7KHIROORZLQJDVVXPSWLRQVZHUHXVHGGXULQJWKH+(/%HYDOXDWLRQLQDFFRUGDQFHZLWK
WKHHYDOXDWLRQFULWHULDDERYH
, $SRVWXODWHGEUHDNLVDVVXPHGWRRFFXUGXULQJ1RUPDO2SHUDWLQJ&RQGLWLRQV
, ,I5HDFWRU3ODQW3URWHFWLYH$FWXDWLRQKDVRFFXUUHGWKHQXQWLOLQLWLDOYHVVHOOHYHOKDV
VWDELOL]HGZKLFKHVWDEOLVKHVDGHTXDWHFRUHFRROLQJORVVRIRIIVLWHSRZHUFRQFXUUHQW
ZLWKWKHOLQHEUHDNLVDVVXPHG$IWHUZDUGVRIIVLWHSRZHULVDVVXPHGDQGVKXWGRZQ
LVDVGLUHFWHGE\&(PHUJHQF\2SHUDWLQJ3URFHGXUHV
, 1RILUHVRURWKHUVLPXOWDQHRXVOLQHEUHDNVRUDFFLGHQWVZHUHFRQVLGHUHG
, ,I5HDFWRU3ODQW3URWHFWLRQ$FWXDWLRQKDVRFFXUUHGWKHQXQWLOLQLWLDOYHVVHOOHYHOKDV
VWDELOL]HGZKLFKHVWDEOLVKHVDGHTXDWHFRUHFRROLQJDVLQJOHDFWLYHFRPSRQHQW
IDLOXUHZDVDVVXPHG$IWHUZDUGVVLQJOHDFWLYHIDLOXUHLVQRWDVVXPHGDQGVKXWGRZQ
LVDVGLUHFWHGE\&(PHUJHQF\2SHUDWLQJ3URFHGXUHV
, &LUFXPIHUHQWLDOEUHDNVZHUHDVVXPHGWRUHVXOWLQFRPSOHWHSLSHVHYHUDQFHZLWKIXOO
VHSDUDWLRQRIWKHWZRVHYHUHGSLSHHQGV LHJXLOORWLQH 7KHEUHDNZDVDVVXPHGWR
EHSHUSHQGLFXODUWRWKHORQJLWXGLQDOD[LVRIWKHSLSH&LUFXPIHUHQWLDOEUHDNV
SRVWXODWHGDWILWWLQJVZHUHDVVXPHGWREHDWWKHILWWLQJWRSLSHZHOG V
, /RQJLWXGLQDOEUHDNVZHUHDVVXPHGWREHRULHQWHGSDUDOOHOWRWKHORQJLWXGLQDOD[LVRI
WKHSLSHRULHQWHGDWDQ\SRLQWDURXQGWKHSLSHFLUFXPIHUHQFHZLWKDEUHDNDUHDHTXDO
WRWKHHIIHFWLYHFURVVVHFWLRQDOIORZDUHDLPPHGLDWHO\XSVWUHDPRIWKHEUHDNORFDWLRQ
/RQJLWXGLQDOEUHDNVSRVWXODWHGDWILWWLQJVZHUHDVVXPHGWREHDWWKHFHQWHURIWKH
ILWWLQJ
, &ODVV,6\VWHPVIRUZKLFKVWUHVVGDWDZDVQRWDYDLODEOHWRGHWHUPLQHEUHDN
ORFDWLRQVZHUHWUHDWHGDV&ODVV,,6\VWHPV
, $QRUPDOO\FORVHGFKHFNYDOYHLQDSLSLQJOLQHXWLOL]HGDVDQLQERDUGFRQWDLQPHQW
LVRODWLRQYDOYHZDVDVVXPHGWROHDN7KHOHDNDJHZDVDVVXPHGWRUHVXOWLQ
SUHVVXUL]DWLRQRIWKDWVHFWLRQRISLSHRXWWRWKHILUVWQRUPDOO\FORVHGYDOYHRXWVLGHWKH
3ULPDU\&RQWDLQPHQW
, $QRUPDOO\FORVHGFKHFNYDOYHZDVDVVXPHGWRUHPDLQFORVHGLQWKHHYHQWRID
SRVWXODWHGOLQHEUHDNEHWZHHQWKHFKHFNYDOYHDQGWKHILUVWQRUPDOO\FORVHGYDOYH
RXWVLGHWKHSULPDU\FRQWDLQPHQW)RUWKLVFRQGLWLRQWKHFKHFNYDOYHZDVDVVXPHGWR
EHDSDVVLYHFRPSRQHQW
, %UHDNVGRQRWQHHGWREHSRVWXODWHGLQVHFWLRQVRISLSLQJIURPFRQWDLQPHQWXSWRWKH
RXWERDUGLVRODWLRQYDOYHSURYLGHGWKDWWKHUHTXLUHPHQWVRI%UDQFK7HFKQLFDO3RVLWLRQ
0(%DVLGHQWLILHGLQ6WDQGDUG5HYLHZ3ODQ185(*KDYHEHHQPHW
, %UHDNORFDWLRQVZHUHSRVWXODWHGIRUDOOKLJKHQHUJ\SLSLQJZLWKDQRPLQDOGLDPHWHU
JUHDWHUWKDQLQFKDQGDQRUPDORSHUDWLRQWLPHH[FHHGLQJIRUWKHWRWDOXQLW
RSHUDWLRQWLPH 5HIHUHQFH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH, 9ROXPH'HVFULSWLRQVIRU+(/%VLQWKH5HDFWRU%XLOGLQJ
92/80( 92/80('(6&5,37,21
5+5DQG&RUH6SUD\3XPS5RRP'LYLVLRQ,
5+5DQG&RUH6SUD\3XPS5RRP'LYLVLRQ,6WDLUZD\
5+5DQG&RUH6SUD\3XPS5RRP'LYLVLRQ,,
5+5DQG&RUH6SUD\3XPS5RRP'LYLVLRQ,,6WDLUZD\
5&,&5RRP
5HDFWRU%OGJ(OHYDWLRQ(TXLSPHQWDQG)ORRU'UDLQ7DQN
&5'3XPS5RRP
+3&,5RRP
6XSSUHVVLRQ3RRO$UHD1RUWKHDVW
6XSSUHVVLRQ3RRO$UHD6RXWKHDVW
6XSSUHVVLRQ3RRO$UHD6RXWKZHVW
6XSSUHVVLRQ3RRO$UHD1RUWKZHVW
(DVW6KXWGRZQ&RROLQJ5RRP
&5'+\GUDXOLF&RQWURO8QLW$UHD(DVW(OHYDWLRQ
7,35RRP
6WHDP&KDVH
7,3'ULYH5RRP
&5'+\GUDXOLF&RQWURO8QLW$UHDDQG+9$&$UHDV1:(O
&5'+\GUDXOLF&RQWURO8QLW$UHDDQG+9$&$UHDV6:(O
:HVW6KXWGRZQ&RROLQJ5RRP
3,3(&KDVH
0&&DQG6WDQGE\/LTXLG&RQWURO6\VWHP$UHD(DVW(O
&RQWDPLQDWHG7RRO6WRUDJH(DVW(O
5HFLUF0*6HW$LUORFN
1RUWKRI5HDFWRU6KLHOG:DOO
5HDFWRU5HFLUFXODWLRQ3XPSV0*6HW5RRP
&RROLQJ:DWHU3XPSDQG&KLOOHU$UHD:HVW(O
5:&83XPS5RRP%DQG+DOOZD\
5:&83XPS5RRP$
5:&8+HDW([FKDQJHU$UHD
5:&8$UHD%HKLQG+[([FKDQJHU
5:&8,VRODWLRQ9DOYH5RRP
0&&DQG,QVWUXPHQW5DFN&$UHD
&*&6$5HFRPELQHU$UHD
&RROLQJ:DWHU+HDW([FKDQJHUDQG&*&6%5HFRPELQHU$UHD
6WDQGE\*DV7UHDWPHQW6\VWHP%7UDLQ5RRP
6WDQGE\*DV7UHDWPHQW6\VWHP)DQ5RRP
6WDQGE\*DV7UHDWPHQW6\VWHP$LUORFN
6WDQGE\*DV7UHDWPHQW6\VWHP$7UDLQ$UHD
5HDFWRU3OHQXP5RRP
5HDFWRU5HFLUFXODWLRQ0*6HW)DQ5RRP
&RUULGRU2XWVLGH0DLQ([KDXVW3OHQXP
6NLPPHU6XUJH7DQNDQG)XHO3RRO3XPSV$UHD
6QXEEHU5HEXLOGDQG'HFRQWDPLQDWLRQ$UHD
1RUWKHDVW6WDLUZD\(O
&RQWDPLQDWHG(TXLSPHQW6WRUDJH$UHD
1RUWKZHVW6WDLUZD\(O
5HIXHOLQJ)ORRU(O
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH, 9ROXPH'HVFULSWLRQVIRU+(/%VLQWKH7XUELQH%XLOGLQJ
92/80( 92/80('(6&5,37,21
0RWRU&RQWURO&HQWHU%$ %DQG%
7XUELQH%XLOGLQJVRXWKHDVW&RUQHUQHDU0&&%
/XEH2LO5HVHUYRLUDQG5HDFWRU)HHG3XPS$UHD
/XEH2LO6WRUDJH7DQN5RRP
7XUELQH%XLOGLQJ&RUULGRU1RUWKHDVW(O
:DWHU%R[6FDYDJLQJ6\VWHP$UHD
7XUELQH%XLOGLQJ6XPSDQG0&&%$UHD
.9DQG/RDG&HQWHU'LYLVLRQ$
+DOOZD\RXWVLGH$LU(MHFWRU5RRP(QWUDQFH'RRU
+\GURJHQ6HDO2LO8QLWDQG&RQGHQVDWH3XPS$UHD1RUWK
+\GURJHQ6HDO2LO8QLWDQG&RQGHQVDWH3XPS$UHD6RXWK
0HFKDQLFDO9DFXXP3XPS$UHD
&RQGHQVDWH%DFNZDVK5HFHLYLQJ7DQN$UHD
$LU(MHFWRU5RRP
7XUELQH%DVHPHQW&RQGHQVHU$UHD
3LSH7XQQHOWR,QWDNH
,QWDNH(QWU\$UHD
,QWDNH6WUXFWXUH3XPS5RRP
&LUF:DWHU3XPS$UHD
7XUELQH%XLOGLQJ(O(DVW
7XUELQH%XLOGLQJ(O9HQW&KDVH
7XUELQH%XLOGLQJ&RUULGRU1RUWKZHVWDQG+DOOZD\WR1R'*
(QWU\(O
7XUELQH%XLOGLQJ1RUWKZHVW6WDLUZD\IURPWR(O
9DOYH2SHUDWLQJ*DOOHU\DQG&RQGHQVDWH'HPLQ3DQHOV$UHD
):3LSHDQG&DEOH7UD\3HQHWUDWLRQ5RRP
$X[LOLDU\%RLOHU5RRP
(DVW(OHFWULFDO(TXLSPHQW5RRPDQG('*
N96ZLWFKJHDU5RRPV
7XUELQH%XLOGLQJ&RUULGRU6RXWKHDVW&RUQHU(O
&DEOH&KDVH(O
1R'LHVHO*HQHUDWRU5RRP
1R'LHVHO*HQHUDWRU5RRP(QWU\$UHD
1R'LHVHO*HQHUDWRU5RRP
6WDWRU:DWHU&RROLQJ$UHD
.9DQG/RDG&HQWHU'LYLVLRQ%
5HDFWRU%XLOGLQJ3OHQXP5RRP
7XUELQH%XLOGLQJ5DLOURDG&DU6KHOWHU
5HDFWRU%XLOGLQJ6WHDP&KDVH
7XUELQH'HFNWR(O
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
I.2 +LJK(QHUJ\6\VWHPVDQG3LSLQJ
+LJKHQHUJ\SLSLQJZDVDVVXPHGWREHDOOSLSLQJZLWKDQRUPDORSHUDWLQJWHPSHUDWXUH
H[FHHGLQJ)DQGDGHVLJQSUHVVXUHH[FHHGLQJSVLJ 5HIHUHQFHDQG ,IWKH
DFWXDORSHUDWLQJWHPSHUDWXUHZDVQRWNQRZQWKHGHVLJQWHPSHUDWXUHZDVFRQVHUYDWLYHO\
VXEVWLWXWHG$OOV\VWHPVKDYLQJSLSLQJFRQWDLQLQJKLJKHQHUJ\IOXLGVDUHFODVVLILHGDVKLJK
HQHUJ\V\VWHPVDQGWKRVHSRUWLRQVRIWKHSLSLQJFRQWDLQLQJWKHKLJKHQHUJ\IOXLGDUH
LGHQWLILHGDVKLJKHQHUJ\OLQHV
D 0DLQ6WHDP
E )HHGZDWHU
F &RQGHQVDWH
G +3&, VWHDP
H 5&,& VWHDP
I 5:&8 5HDFWRU:DWHU&OHDQXS
J ,QVWUXPHQWDQGVDPSOHOLQHV LGHQWLILHGZLWKDVVRFLDWHGV\VWHPVLQ7DEOH,
K &RUH6SUD\
L 5HVLGXDO+HDW5HPRYDO
M +3&, LQMHFWLRQ
N 5&,& LQMHFWLRQ
O 6WDQGE\/LTXLG&RQWURO
P 2IIJDV
Q &RQWURO5RG'ULYH
R *(=,3 =LQF2[LGH,QMHFWLRQ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, +LJK(QHUJ\/LQHDQG6\VWHP'HVFULSWLRQV
7KHSULPDU\KLJKHQHUJ\OLQHVDUHGHVFULEHGE\V\VWHPLQWKHIROORZLQJSDUDJUDSKV
7KHVHGHVFULSWLRQVLGHQWLI\WKHSLSLQJFRQWDLQLQJWKHKLJKHQHUJ\IOXLGVWKH
FRPSDUWPHQWVFRQWDLQLQJWKHKLJKHQHUJ\OLQHVWKHERXQGDULHVRIWKHKLJKHQHUJ\
SRUWLRQVRIWKHSLSLQJDQGWKHMXVWLILFDWLRQVIRUH[FOXGLQJDQ\RIWKHSLSLQJIURPIXUWKHU
+(/%FRQVLGHUDWLRQ
)RUFRQYHQLHQFHWKHLGHQWLILFDWLRQRIVSHFLILFSODQWDUHDVFRPSDUWPHQWVDQGURRPV
ZDVDFFRPSOLVKHGE\VXEGLYLGLQJWKHPDMRUEXLOGLQJVRIWKHSODQWLQWRGLVFUHWHYROXPHV
IRUXVHLQWKH+(/%DQDO\VLV$OLVWRIYROXPHVLVSURYLGHGLQ7DEOHV,DQG,
, 0DLQ6WHDP6\VWHP
7KHKLJKHQHUJ\OLQHVIRUWKH0DLQ6WHDP6\VWHPDUHORFDWHGLQFRPSDUWPHQWVWKH
PDLQVWHDPFKDVH 9ROXPH LQWKH5HDFWRU%XLOGLQJWKHFRQGHQVHUDUHD
9ROXPH WKHVWHDPMHWDLUHMHFWRU 6-$( URRP 9ROXPH DQGWKHWXUELQH
RSHUDWLRQIORRU 9ROXPH LQWKH7XUELQH%XLOGLQJ
7KHKLJKHQHUJ\OLQHVRQWKH0DLQ6WHDP6\VWHPLQFOXGHWKHIRXUPDLQVWHDPOLQHV
WKHHTXDOL]DWLRQOLQHVWKHWXUELQHE\SDVVOLQHVWRWKHFRQGHQVHU0DLQ6WHDPWR6-$(
OLQHPDLQVWHDPWRVWHDPVHDOV\VWHPDQGWKHPDLQVWHDPGUDLQOLQHV
7KHPDLQVWHDPOLQHERXQGDU\SRLQWVDUHFRQWDLQPHQWSHQHWUDWLRQV;$;%;&
DQG;'DQGWKHIRXUQR))OHVWRWKHKLJKSUHVVXUHWXUELQH3LSLQJEHWZHHQWKH
FRQWDLQPHQWSHQHWUDWLRQVDQGWKHPDLQVWHDPRXWERDUGLVRODWLRQYDOYHVKDVEHHQ
HYDOXDWHGSHUWKHFULWHULDGHILQHGLQ, E 7KHUHDUHDOVRWHUPLQDOSRLQWVDWWKH
LQOHWDQGRXWOHWWRWKHWXUELQHVWRSDQGFRQWUROYDOYHVIRUWKHIRXUPDLQVWHDPOLQHV
7KHHTXDOL]DWLRQOLQHVDUHFRQVLGHUHGEUDQFKOLQHVIURPWKHIRXUPDLQVWHDPOLQHV
7KHUHIRUHWKHLUERXQGDULHVDUHDWWKHWHHVWRWKHPDLQVWHDPOLQHV7KHWXUELQH
E\SDVVOLQHERXQGDULHVDUHDWWKHWHHVLQWRWKHPDLQVWHDPOLQHVWKHSHQHWUDWLRQVDW
WKHFRQGHQVHUDQGWHUPLQDOSRLQWVDWWKHE\SDVVFRQWUROYDOYHV7KHPDLQVWHDPWR
WKH6-$(¶VOLQHKDVERXQGDULHVDWWKHWHHVWRWKHPDLQVWHDPOLQHVDQGDWWKH6-$(
SUHVVXUHUHGXFLQJVWDWLRQLQWKH6-$(URRP7KHVWHDPVHDOUHJXODWRUOLQHVKDYH
ERXQGDULHVRQWKHVWHDPE\SDVVOLQHDQGVWHDPVHDOUHJXODWRU7KHPDLQVWHDPGUDLQ
OLQHVKDYHERXQGDULHVDWWKHRXWERDUG3ULPDU\&RQWDLQPHQWLVRODWLRQYDOYH
02DQGDWWKHLQFKUHGXFHUMXVWGRZQVWUHDPRIYDOYH02
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, )HHGZDWHU6\VWHP
7KHKLJKHQHUJ\)HHGZDWHU6\VWHPSLSLQJ ):$('DQG):%(' EHJLQ
LQWKHIHHGZDWHUSXPSDUHD 9ROXPH DWWKHGLVFKDUJHQR))OHVRIIHHGSXPSV3$
DQG3%7KHWZRPDLQIHHGZDWHUOLQHV):$DQG):%SDVVWKURXJK
VRXWKHDVWFRUQHURIWKH7XUELQH%XLOGLQJ 9ROXPH XSLQWRWKH7XUELQH%XLOGLQJSLSH
FKDVHDUHD 9ROXPH DQGWKHQLQWRWKHFRQGHQVHUDUHD 9ROXPH %HIRUH
HQWHULQJWKH5HDFWRU%XLOGLQJVWHDPFKDVH 9ROXPH DQGWHUPLQDWLQJDW
FRQWDLQPHQWSHQHWUDWLRQV;$DQG;%HDFKIHHGZDWHUOLQHLVFRQQHFWHGWRWKH
UHVSHFWLYHKLJKSUHVVXUHIHHGZDWHUKHDWHUV ($ %DQG($ % RQWKH
WXUELQHRSHUDWLQJIORRU 9ROXPH 3LSLQJEHWZHHQWKHFRQWDLQPHQWSHQHWUDWLRQV
DQGWKHSULPDU\FRQWDLQPHQWLVRODWLRQYDOYHV):DQG):KDVEHHQ
HYDOXDWHGSHUWKHFULWHULDGHILQHGLQ, E 7KHIHHGZDWHUUHJXODWLQJVWDWLRQ
SLSLQJ):'(DQG):'(LVWHUPLQDWHGDWERWKRIWKHPDLQIHHGZDWHU
SLSLQJOLQHVDQGLVORFDWHGLQ9ROXPHVDQG7KHIHHGZDWHUSXPSVUHFLUFXODWLRQ
OLQHVWRWKHFRQGHQVHU):'(DQG):'(DUHURXWHGIURPWKHGLVFKDUJHRI
HDFKIHHGZDWHUSXPSWRWKHFRQGHQVHULQOHWQR))OHV7KHLUKLJKHQHUJ\ERXQGDULHV
DUHWKHIHHGZDWHUOLQHVDQGWKHFRQGHQVHU7KHVHOLQHVDUHURXWHGIURP9ROXPH
WKURXJKWKHZDOOLQWRWKHFRQGHQVHUDUHD 9ROXPH WRWKHFRQGHQVHU7KHRWKHU
IHHGZDWHUSLSLQJ):'(DQG):('DUHORFDWHGLQWKHFRQGHQVHUDUHD
9ROXPH 7KHLUERXQGDULHVDUHWKHPDLQIHHGZDWHUOLQHVDQGYDOYH):
, &RQGHQVDWH6\VWHP
7KHKLJKHQHUJ\&RQGHQVDWH6\VWHPOLQHVDUHORFDWHGLQWKHFRQGHQVHUDUHD
9ROXPH 7XUELQH%XLOGLQJSLSHFKDVHDUHD 9ROXPH DQGUHDFWRUIHHGZDWHU
SXPSDUHD 9ROXPHVDQG 7KHKLJKHQHUJ\&RQGHQVDWH6\VWHPSLSLQJLQFOXGHV
WKHPDLQFRQGHQVDWHV\VWHPSLSLQJ &$*%DQG&%*% DQGWKH
FRQGHQVDWHFURVVWLH &*% 7KHERXQGDULHVRIWKHFRQGHQVDWHOLQHVDUHWKH
RXWOHWQR))OHVRIWKHVHFRQGVWDJHLQWHUPHGLDWHKHDWHUV($ (%DQGWKH
VXFWLRQQR))OHVRIWKHIHHGZDWHUSXPSV3$DQG3%7KHQRUPDORSHUDWLQJ
SUHVVXUHRIWKHFRQGHQVDWHOLQHVLVSVLJDQGLVWKHUHIRUHQRWKLJKHQHUJ\7KH
SLSLQJGRZQVWUHDPRIWKH(KHDWHUVLVFRQVHUYDWLYHO\FODVVLILHGDVKLJKHQHUJ\
, +3&, 6WHDP 6\VWHP
7KHKLJKHQHUJ\SLSLQJRQWKH+3&,V\VWHPLVWKHVWHDPVXSSO\OLQH 36('
7KH+3&,VWHDPVXSSO\OLQHLVURXWHGIURPFRQWDLQPHQWSHQHWUDWLRQ;WRWKH+3&,
VWHDPVXSSO\YDOYH02ORFDWHGQHDUWKH+3&,WXUELQH3LSLQJEHWZHHQ
FRQWDLQPHQWSHQHWUDWLRQ;DQGWKHRXWERDUGSULPDU\FRQWDLQPHQWLVRODWLRQYDOYH
02KDVEHHQHYDOXDWHGSHUWKHFULWHULDGHILQHGLQ, E 7KHUHPDLQLQJ
SRUWLRQVRIWKLVOLQHIURPWKH02WRWKH+3&,WXUELQHUHTXLUHQRIXUWKHU+(/%
HYDOXDWLRQEHFDXVHWKLVSRUWLRQRIWKHOLQHLVSUHVVXUL]HGOHVVWKDQRIWKHWLPH
7KH+3&,VWHDPVXSSO\OLQHEHJLQVLQWKHPDLQVWHDPFKDVH 9ROXPH LVURXWHG
WKURXJKWKHWRUXVDUHD 9ROXPH DQGWHUPLQDWHVLQWKH+3&,FRPSDUWPHQW
9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 5&,& 6WHDP 6\VWHP
7KHRQO\KLJKHQHUJ\OLQHIRUWKH5&,& 6WHDP 6\VWHPLVWKHVWHDPVXSSO\OLQH
36('7KLVOLQHLVURXWHGIURPWKHFRQWDLQPHQWSHQHWUDWLRQ;WRWKHWXUELQH
VWHDPVXSSO\YDOYH023LSLQJEHWZHHQFRQWDLQPHQWSHQHWUDWLRQ;DQGWKH
RXWERDUGSULPDU\FRQWDLQPHQWLVRODWLRQYDOYH02KDVEHHQHYDOXDWHGSHUWKH
FULWHULDGHILQHGLQ, E 7KHUHPDLQLQJSRUWLRQRIWKLVOLQHIURP02WR
WKH5&,&WXUELQHUHTXLUHQRIXUWKHU+(/%HYDOXDWLRQEHFDXVHWKLVSRUWLRQRIWKHOLQHLV
SUHVVXUL]HGOHVVWKDQRIWKHWLPH
7KH5&,&VWHDPVXSSO\OLQHEHJLQVLQWKHPDLQVWHDPFKDVH 9ROXPH LVURXWHG
WKURXJKWKHWRUXVDUHD 9ROXPH DQGWHUPLQDWHVLQWKH5&,&FRPSDUWPHQW
9ROXPH
, 5HDFWRU:DWHU&OHDQXS 5:&8 6\VWHP
7KHKLJKHQHUJ\SLSLQJ5:&86\VWHPFRQVLVWVRIWKH5:&8VXSSO\OLQHIURPWKH
SULPDU\FRQWDLQPHQWSHQHWUDWLRQ;WKURXJKWKHKHDWH[FKDQJHUV
5(:'%''&''% WKHE\SDVVSLSLQJDURXQGWKHUHJHQHUDWLYHKHDW
H[FKDQJHU 5(:'%' WKHFURVVWLHIURPWKHVXSSO\OLQHWRYDOYH5&
5(:'%' DQGWKHUHWXUQOLQHIURPWKHUHJHQHUDWLYHKHDWH[FKDQJHUWRWKH
+3&,DQG5&,&LQMHFWLRQOLQHV 5(:'%''&(' 7KHSLSLQJLVURXWHGIURPWKH
SULPDU\FRQWDLQPHQWSHQHWUDWLRQLQWKH5:&8DUHD 9ROXPH WKURXJKWKHKHDW
H[FKDQJHUVLQWKH5:&8DUHD 9ROXPHDQG WKURXJKWKH5HDFWRU
%XLOGLQJDWIRRWHOHYDWLRQ 9ROXPH DQGWKH0*VHWURRP 9ROXPH WKURXJK
WKHZHVWVLGHRIWKH5HDFWRU%XLOGLQJDWWKHIRRWHOHYDWLRQ 9ROXPH DQG
WHUPLQDWHVEDFNLQWKHPDLQVWHDPFKDVH 9ROXPH 3LSLQJEHWZHHQFRQWDLQPHQW
SHQHWUDWLRQ;DQGWKHRXWERDUGSULPDU\FRQWDLQPHQWLVRODWLRQYDOYH02KDV
EHHQHYDOXDWHGSHUWKHFULWHULDGHILQHGLQ, E
, ,QVWUXPHQWDQG6DPSOH/LQHV
7KHLQVWUXPHQWVHQVLQJOLQHVIURPWKHSULPDU\FRROLQJV\VWHPDQGUHDFWRUYHVVHOWR
WKHLQVWUXPHQWDWLRQUHSUHVHQWKLJKHQHUJ\OLQHVIRUWKHSRUWLRQRIWKHURXWLQJRXWVLGH
RIWKH3ULPDU\&RQWDLQPHQW6LQFHDOORIWKHVHOLQHVDUHLQFKRUVPDOOHULQQRPLQDO
VL]HQHLWKHUFLUFXPIHUHQWLDOEUHDNVQRUORQJLWXGLQDOEUHDNVDUHUHTXLUHGWREH
SRVWXODWHG,QDGGLWLRQDOOOLQHVDUHHTXLSSHGZLWKH[FHVVIORZFKHFNYDOYHVZKLFK
ZRXOGPLWLJDWHDQ\EUHDNZLWKLQDIHZVHFRQGVRIWKHEUHDNRFFXUULQJ
$OOLQVWUXPHQWDQGVDPSOHOLQHVZKLFKWHHIURPRWKHUKLJKHQHUJ\OLQHVDUHLGHQWLILHG
DQGHYDOXDWHGZLWKWKHVSHFLILFV\VWHP
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, &RUH6SUD\6\VWHP
- LWKLQWKH&RUH6SUD\ &6 6\VWHPRQO\DVPDOOSRUWLRQRIHDFKLQMHFWLRQOLQH
7:('DQG7:(' ZDVGHWHUPLQHGWREHKLJKHQHUJ\SLSLQJ7KHSRUWLRQ
RIWKHLQMHFWLRQOLQHVLGHQWLILHGDVKLJKHQHUJ\UXQVIURPWKHFRQWDLQPHQWSHQHWUDWLRQ
RXWWRWKHLQERDUGFRQWDLQPHQWLVRODWLRQYDOYHV02DQG02UHVSHFWLYHO\
/LQH7:('IURPSULPDU\FRQWDLQPHQWSHQHWUDWLRQ;$WRYDOYH02LV
ORFDWHGHQWLUHO\ZLWKLQWKHUHDFWRUZDWHUFOHDQXSFRPSDUWPHQW 9ROXPH 7KH
UHPDLQLQJ&RUH6SUD\OLQH7:('IURPSULPDU\FRQWDLQPHQWSHQHWUDWLRQ;%
WRYDOYH02LVORFDWHGZLWKLQDEORFNZDOOFRPSDUWPHQW 9ROXPH DERYHWKH
5HDFWRU%XLOGLQJOHYHO%RWKOLQHVKDYHEHHQHYDOXDWHGWRPHHWWKHFULWHULD
GHILQHGLQ, E 7KHUHPDLQLQJSRUWLRQVRIWKHVHOLQHVIURPWKHLQERDUG
FRQWDLQPHQWLVRODWLRQYDOYHVWRWKH&RUH6SUD\SXPSGLVFKDUJHQR))OHVZHUH
GHWHUPLQHGWRUHTXLUHQRIXUWKHU+(/%HYDOXDWLRQEHFDXVHWKHVHOLQHVDUHQRW
SUHVVXUL]HGPRUHWKDQRIWKHWLPH3RUWLRQVRIFRUHVSUD\SLSLQJKDYHGHVLJQ
WHPSHUDWXUHVWKDWKDYHLQFUHDVHGIURP)WR)DVDUHVXOWRI(387KXV
WKHVHOLQHVDUHQRZFODVVLILHGDV+(/%OLQHVEXWUHTXLUHQRIXUWKHU+(/%HYDOXDWLRQ
EHFDXVHWKHVHOLQHVDUHQRWSUHVVXUL]HGPRUHWKDQRIWKHWLPH
, 5HVLGXDO+HDW5HPRYDO 5+5 6\VWHP
7KHRQO\SRUWLRQVRIWKH5+56\VWHPFRQVLGHUHGKLJKHQHUJ\SLSLQJDUHRQWKH/3&,
LQMHFWLRQOLQHV 7:'%DQG7:'% IURPWKHSULPDU\FRQWDLQPHQW
SHQHWUDWLRQVWRWKHLQERDUGFRQWDLQPHQWLVRODWLRQYDOYHV02DQG02
UHVSHFWLYHO\DQGWKHVKXWGRZQFRROLQJVXFWLRQOLQH5(:'%IURPWKH
FRQWDLQPHQWSHQHWUDWLRQWRWKHRXWERDUGFRQWDLQPHQWLVRODWLRQYDOYH02/LQH
7:'%LVORFDWHGLQWKHZHVWVKXWGRZQFRROLQJURRP 9ROXPH DQG
WHUPLQDWHVDWSHQHWUDWLRQ;$DQGYDOYH02/LQH7:'%LVORFDWHGLQ
WKHHDVWVKXWGRZQFRROLQJURRP 9ROXPH DQGWHUPLQDWHVDWSHQHWUDWLRQ;%
DQGYDOYH02/LQH5(:'%LVORFDWHGLQ9ROXPHDQGWHUPLQDWHVDW
SHQHWUDWLRQ;DQGYDOYH02$OORIWKHVHOLQHVKDYHEHHQHYDOXDWHGSHUWKH
FULWHULDGHILQHGLQ, E 7KHUHPDLQLQJSRUWLRQVRIWKHVHOLQHVIURPWKH
LQERDUGFRQWDLQPHQWLVRODWLRQYDOYHVWRWKH5+5SXPSGLVFKDUJHQR))OHUHTXLUHQR
IXUWKHU+(/%HYDOXDWLRQEHFDXVHWKHVHOLQHVDUHSUHVVXUL]HGOHVVWKDQRIWKH
WLPH
7KHUHPDLQLQJ5+56\VWHPOLQHVZHUHGHWHUPLQHGWRQRWUHTXLUHIXUWKHU+(/%
HYDOXDWLRQ$OORIWKHSLSLQJFRPSULVLQJWKHVKXWGRZQFRROLQJPRGHRI5+5ZHUH
LGHQWLILHGDVH[HPSWIURP+(/%HYDOXDWLRQVEHFDXVHLWLVSUHVVXUL]HGOHVVWKDQRI
WKHWLPH 5HIHUHQFH 3RUWLRQVRIFRUHVSUD\SLSLQJKDYHGHVLJQWHPSHUDWXUHVWKDW
KDYHLQFUHDVHGIURP)WR)DVDUHVXOWRI(387KXVWKHVHOLQHVDUHQRZ
FODVVLILHGDV+(/%OLQHVEXWUHTXLUHQRIXUWKHU+(/%HYDOXDWLRQEHFDXVHWKHVHOLQHV
DUHQRWSUHVVXUL]HGPRUHWKDQRIWKHWLPH
, +3&, :DWHU 6\VWHP
7KHKLJKHQHUJ\SRUWLRQFRQVLVWVRIWKH+3&,LQMHFWLRQOLQH7:('IURPWKH
+3&,LQMHFWLRQOLQHYDOYH 02 WRWKHIHHGZDWHUOLQH7KLVSRUWLRQRIWKHOLQHLV
ORFDWHGLQWKHVWHDPFKDVHDUHD 9ROXPH $OORWKHUSRUWLRQVRIWKH+3&,LQMHFWLRQ
OLQHDUHSUHVVXUL]HGOHVVWKDQRIWKHWLPHVRWKH\GRQRWUHTXLUHIXUWKHUHYDOXDWLRQ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 5&,& :DWHU 6\VWHP
7KHKLJKHQHUJ\SRUWLRQFRQVLVWVRIWKH5&,&LQMHFWLRQOLQH):('IURPWKH
QRUPDOO\FORVHG5&,&LQMHFWLRQYDOYH 02 WRWKH)HHGZDWHUOLQH7KLVSRUWLRQRI
WKHOLQHLVORFDWHGLQWKHVWHDPFKDVHDUHD 9ROXPH $OORWKHUSRUWLRQVRIWKH5&,&
LQMHFWLRQOLQHDQGIXOOIORZWHVWOLQHDUHSUHVVXUL]HGOHVVWKDQRIWKHWLPHVRWKH\GR
QRWUHTXLUHIXUWKHUHYDOXDWLRQ
, 6WDQGE\/LTXLG&RQWURO
/LQH&+'&IURPFRQWDLQPHQWSHQHWUDWLRQ;WRFKHFNYDOYH;3LVWKH
RQO\KLJKHQHUJ\SRUWLRQRIWKLVV\VWHP,WLVORFDWHGLQWKHHDVWVKXWGRZQFRROLQJ
URRP 9ROXPH $WHUPLQDOHQGEUHDNDWWKHFRQWDLQPHQWSHQHWUDWLRQ;KDV
EHHQHYDOXDWHGSHUWKHFULWHULDGHILQHGLQ, D
, 2IIJDV6\VWHP
)RUWKH2IIJDV6\VWHPWKHQRUPDORSHUDWLQJWHPSHUDWXUHVDQGSUHVVXUHVZHUHXVHG
WRGHWHUPLQHWKHKLJKHQHUJ\OLQHVRQWKHV\VWHP+RZHYHUQROLQHVRIWKH2IIJDV
6\VWHPZHUHH[FOXGHGIURPWKHOLVWRIKLJKHQHUJ\SLSLQJEDVHGXSRQDQRSHUDWLQJ
SUHVVXUHOHVVWKDQSVLJ
- LWKWKHH[FHSWLRQRIOLQHV6+3DQG*2/(DOORIWKHKLJKHQHUJ\OLQHV
LQWKH2IIJDV6\VWHPDUHORFDWHGLQWKH2IIJDV6WRUDJHDQG&RPSUHVVRU%XLOGLQJ
7KHVWHDPVXSSO\OLQH6+3LVURXWHGIURPWKHFRQGHQVHUDUHD 9ROXPH
WKURXJKWKH6-$(5RRP 9ROXPH 2QHERXQGDU\IRUWKLVOLQHLVWKHWHHWROLQH
36('DQGWKHRWKHULVLQWKH2IIJDV6WRUDJHDQG&RPSUHVVRU%XLOGLQJ7KLVOLQH
LVWKHGLVFKDUJHOLQHIRUVDIHW\YDOYH369%DQGKHQFHWKLVOLQHZRXOGRQO\EH
SUHVVXUL]HGLIWKH369OLIWHG/LQH*2/(ZDVH[FOXGHGIURPFRQVLGHUDWLRQ
XQGHUWKHFULWHULRQ
, &RQWURO5RG'ULYH6\VWHP
- LWKLQWKH&5'V\VWHPRQO\DVPDOOSRUWLRQRIWKH&5'UHWXUQOLQH &5''(
EHWZHHQFKHFNYDOYH&5'DQGWKHWHHFRQQHFWLRQWRWKH5:&8UHWXUQOLQH
5(:'& LVGHWHUPLQHGWREHKLJKHQHUJ\SLSLQJ7KLVOLQHLVORFDWHGLQWKH
5HDFWRU%XLOGLQJIRRWIORRU 9ROXPH 7KHUHPDLQLQJ6FUDP'LVFKDUJH9ROXPH
DQGDVVRFLDWHGSLSLQJDUHSUHVVXUL]HGDERYHSVLJRQO\DIWHUVFUDPLQLWLDWLRQ
7KHUHIRUHWKHVHOLQHVDUHH[FOXGHGEDVHGRQWKHXVDJHFULWHULD 5HIHUHQFHV
DQG
, =LQF2[LGH,QMHFWLRQ6\VWHP *(=,3
7KHV\VWHPFRQVLVWVRIWKUHHLQFKOLQHVZLWKRQHRQWKHVXFWLRQSLSHRIHDFK
IHHGZDWHUSXPSDQGWKHWKLUGRQIHHGZDWHUSXPS3%GLVFKDUJHOLQH7KHHQWLUH
- (=,3LVFRQVLGHUHGKLJKHQHUJ\SLSLQJORFDWHGLQWKHIHHGZDWHUSXPSDUHD
9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, +LJK(QHUJ\/LQH'HVLJQDWLRQ/LVW
7DEOH,SURYLGHVDOLVWRIDOOKLJKHQHUJ\OLQHVFRQVLGHUHGLQWKLVHYDOXDWLRQ,Q
DGGLWLRQWRLGHQWLI\LQJWKHKLJKHQHUJ\OLQHVIRUHDFKV\VWHPFRQVLGHUHGLQIRUPDWLRQLV
SURYLGHGIRUHDFKOLQH¶VORFDWLRQWHUPLQDOSRLQWVQRUPDORSHUDWLQJRUGHVLJQFRQGLWLRQV
,QIRUPDWLRQIRUHDFK+(OLQHZLWKLQDFRPSDUWPHQWZDVFRPSLOHGE\VLWHLQVSHFWLRQDQG
UHFRUGHGLQVXUYH\ERRNV 5HIHUHQFHVDQG
7KHIROORZLQJGHVFULSWLRQVLGHQWLI\WKHLQIRUPDWLRQSURYLGHGLQHDFKFROXPQRI
7DEOH,
&ROXPQ 6\VWHP,GHQWLILHVWKHQDPHRIWKHSODQWV\VWHPFRQWDLQLQJ+(
OLQH
&ROXPQ 3 ,',GHQWLILHVWKH³0'QXPEHURUGUDZLQJQXPEHUIRUWKH3 ,'
FRQWDLQLQJWKHOLQH
&ROXPQ 9ROXPH,GHQWLILHVWKHYROXPHLQWKH5HDFWRU%XLOGLQJ 5% RU
7XUELQH%XLOGLQJ 7% ZKHUHWKH+(OLQHLVORFDWHG9ROXPHVIRU
SLSLQJH[FOXGHGIURP+(/%HYDOXDWLRQEDVHGWKHFULWHULD
PD\QRWEHVKRZQ
&ROXPQ /LQH'HVLJQDWLRQ,GHQWLILHVSODQWOLQHQXPEHURI+(OLQH
&ROXPQV )URP7R,GHQWLILHVWKHVHJPHQWRIWKH+(OLQHE\RIILFLDOSODQW
QXPEHU7KH)URP7RSRLQWVPD\EHDSXPSKHDWH[FKDQJHU
DQRWKHUSLSHWDQNHWF
&ROXPQV 'HVLJQRU1RUPDO&RQGLWLRQV,GHQWLILHVWKHGHVLJQSUHVVXUHDQG
QRUPDORSHUDWLQJWHPSHUDWXUHDJDLQVWZKLFKWKHOLQHZDV
LGHQWLILHGDVD+(OLQH,IQRUPDORSHUDWLQJWHPSHUDWXUHLVQRW
NQRZQWKHGHVLJQWHPSHUDWXUHZDVFRQVHUYDWLYHO\XVHG7KH
WDEOHLVFRQVHUYDWLYHO\EDVHGRQGHVLJQSUHVVXUHUDWKHUWKDQ
RSHUDWLQJSUHVVXUH
&ROXPQV +(/%EUHDNVDQGFUDFNVSRVWXODWHGLQ6HFWLRQ,DUHQRW
SRVWXODWHGLQ+(OLQHVWKDWKDYHWKHIROORZLQJH[FOXVLRQV
7KHH[FOXVLRQVLQFOXGHGSLSLQJZLWKRSHUDWLQJSUHVVXUHDERYH
SVLJRULWVRSHUDWLQJWHPSHUDWXUHDERYH)IRUOHVVWKDQ
RIQRUPDORSHUDWLQJWLPH 5HIHUHQFH0(%%H
0RGHUDWHHQHUJ\OLQHVDUHQRWSRVWXODWHGSHUVHFWLRQ,
5HIHUHQFH ([FHSWLRQWRWKHUXOHLVQRWHGLQWKHWDEOH
ZKHUHXVHG
³63' VXSHUSLSH ZDVXVHGWRGHVLJQDWHWKDWEUHDNVZHUHQRW
UHTXLUHGWREHSRVWXODWHGSHUVHFWLRQ,7KLVSRUWLRQRI
SLSLQJKDVEHHQHYDOXDWHGSHUWKHFULWHULDGHILQHGLQ6HFWLRQ
, E
6PDOOGLDPHWHUSLSLQJLQFKDQGOHVVLVQRWLQFOXGHGLQWKLV
WDEOH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH, +LJK(QHUJ\3LSLQJ/LVW
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
0DLQ6WHDP 0 5% 36(' ;$ $2$ ;
0DLQ6WHDP 0 5% 7% 36(' $2$ 69
0DLQ6WHDP 0 5% 36(' ;% $2% ;
0DLQ6WHDP 0 5% 7% 36(' $2% 69
0DLQ6WHDP 0 5% 36(' ;& $2& ;
0DLQ6WHDP 0 5% 7% 36(' $2& 69
0DLQ6WHDP 0 5% 36(' ;' $2' ;
0DLQ6WHDP 0 5% 7% 36(' $2' 69
0DLQ6WHDP 0 7% 7% 36 &9 +37XUELQH*
0DLQ6WHDP 0 7% 36 &9 +37XUELQH*
0DLQ6WHDP 0 7% 36 &9 +37XUELQH*
0DLQ6WHDP 0 7% 7% 36 &9 +37XUELQH*
0DLQ6WHDP 0 5% 36(' 36(' &DS
0DLQ6WHDP 0 5% 36(' 36(' &DS
0DLQ6WHDP 0 5% 36(' 36(' &DS
0DLQ6WHDP 0 5% 36(' 36(' &DS
0DLQ6WHDP 0 7% 36(' %3&9 ($
0DLQ6WHDP 0 7% 36(' %3&9 ($
0DLQ6WHDP 0 7% 36(' 36(' &DS
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 7% 36(' 36(' 36
0DLQ6WHDP 0 7% 36(' 36(' %3&9
0DLQ6WHDP 0 7% 36(' 36(' %3&9
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 7% 36(' 36(' 06
0DLQ6WHDP 0 7% 36(' 36(' 06
0DLQ6WHDP 0 7% 36(' 36(' 06
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
0DLQ6WHDP 0 7% 36(' 36(' 06
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 7% 36(' 36(' 36('
0DLQ6WHDP 0 5% 36(' ; 02 ;
0DLQ6WHDP 0 5% 36(% 02 6XSSRUW65
0DLQ6WHDP 0 5% 36(% 6XSSRUW65 02
0DLQ6WHDP 0 5% 36() 02 [5HG(OERZ
0DLQ6WHDP 0 5%7% '()(% [5HG(OERZ &RQGHQVHU($
0DLQ6WHDP 0 7% 36(' 36(' 52
0DLQ6WHDP 0 7% 36(%' 36(' 36('
0DLQ6WHDP 0 7% 36(%' 36(' 36('
0DLQ6WHDP 0 7% 36(%' 36(' 36('
0DLQ6WHDP 0 7% 36(%' 36(%' &DS
0DLQ6WHDP 0 7% 06%UDQFK 36(%' 06
0DLQ6WHDP 0 5% '(' 36(' '('
0DLQ6WHDP 0 5% '(' 36(' '('
0DLQ6WHDP 0 5% '(' 36(' '('
0DLQ6WHDP 0 5% '(' 36(' '('
0DLQ6WHDP 0 5% '(' &DS 02
0DLQ6WHDP 0 5% '(% 02 36(%
0DLQ6WHDP 0 7% '(% '(% 02
0DLQ6WHDP 0 7% '(%' 36(%' 02
0DLQ6WHDP 0 7% '() 02 '()
0DLQ6WHDP 0 7% '(%' 36(%' 52
0DLQ6WHDP 0 7% '() 52 '()
0DLQ6WHDP 0 7% 36 36(' 02
0DLQ6WHDP 0 7% 36 36 02
0DLQ6WHDP 0 7% 36 02 6WHDP6HDO
5HJXODWRU
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
&RQGHQVDWH 0 7%µ &$*% +HDWHU($ +HDWHU($
&RQGHQVDWH 0 7% &$*% +HDWHU($ 3$
&RQGHQVDWH 0 7% &$'( &$*% ):
&RQGHQVDWH 0 7% &%*% +HDWHU(% +HDWHU(%
&RQGHQVDWH 0 7% &%*% +HDWHU(% 3%
&RQGHQVDWH 0 7% &%'( &%*% ):
&RQGHQVDWH 0 7% &*% &$*% &%*%
)HHGZDWHU 0 7% ):'( ):$'( ):%'(
)HHGZDWHU 0 7% ):'( ):'( ):$'(
)HHGZDWHU 0 7% ):'( ):'( ):%'(
)HHGZDWHU 0 7% ):$'( 3$ ($
)HHGZDWHU 0 7% ):$'( ($ ($
)HHGZDWHU 0 7% ):$'( ($ 02
)HHGZDWHU 0 7% 5% ):$(' 02 ):
)HHGZDWHU 0 5% ):$(' ): ): ;
)HHGZDWHU 0 5% ):$(' ): ;% ;
)HHGZDWHU 0 7% 9%'( ):%'( ):
)HHGZDWHU 0 7% ):%'( (% (%
)HHGZDWHU 0 7% ):%'( (% 02
)HHGZDWHU 0 7% 5% ):%(' 02 ):
)HHGZDWHU 0 5% ):%(' ): ): ;
)HHGZDWHU 0 5% ):%(' ): ;$ ;
)HHGZDWHU 0 7% ):'( ):$'( &9 ;
)HHGZDWHU 0 7% ):'( ):%'( &9 ;
)HHGZDWHU 0 7% ):'( ):$%'( ):
)HHGZDWHU 0 7% ):'( ): ):
)HHGZDWHU 0 7% ):(' ):$(' ):%('
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
)HHGZDWHU 0 7% ):$'( ):$'( 3$
)HHGZDWHU 0 7% ):%UDQFK ):$'( ):
)HHGZDWHU 0 7% ):%'( ):%'( 3%
)HHGZDWHU 0 7% ):%UDQFK ):%'( ):
&5' 0 5% &5''( 5(:'& µZHVW&5'+
&5' 0 &5''& &5''& &5'$'& ;
&5' 0 &5''& &5''& &5'%'& ;
&5' 0 &5''& &5''& &5'&'& ;
&5' 0 &5''& &5''& &5'''& ;
&5' 0 &5''& &5''& 5HGXFHU ;
&5' 0 &5'$'% &5'$&&' &5'$&&' ;
&5' 0 &5'%'% &5'%&&' &5'%&&' ;
&5' 0 &5'$'% &5'$&&' &5'$&&' ;
&5' 0 &5'%'% &5'%&&' &5'%&&' ;
&5' 0 &5'$'% &5'$&&' &5'$&&' ;
&5' 0 &5'%'% &5'%&&' &5'%&&' ;
&5' 0 &5'$&&' &5'$&&' %OLQG)ODQJH ;
&5' 0 &5'$&&' &5'$&&' &5'$&&' ;
&5' 0 &5'$&&' &5'$&&' &9& ;
&5' 0 &5'%&&' &5'%&&' %OLQG)ODQJH ;
&5' 0 &5'%&&' &5'%&&' &5'%&&' ;
&5' 0 &5'%&&' &5'%&&' &9' ;
5+5 0 7:*( 7:*( 3% ;
5+5 0 7:*( 7:*( 3' ;
5+5 0 7:*( 7:*( (% ;
5+5 0 7:*( 7:*( 3$ ;
5+5 0 7:*( 7:*( 3& ;
5+5 0 7:*( 7:*( ($ ;
5+5 0 7:*( (% 7:*( ;
5+5 0 7:*( (% 7:*( ;
5+5 0 3$6%UDQFK 7:*( 3$6 ;
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
5+5 0 7:*( 7:*( 02 ;
5+5 0 5+5%UDQFK 7:*( 5+5 ;
5+5 0 7:'% 02 02 ;
5+5 0 5% 7:'% 02 ;$ ;
5+5 0 7:*( 7:*( 52 ;
5+5 0 7:*( 7:*( 52 ;
5+5 0 7:*( 7:*( 7:*( ;
5+5 0 7:*( 7:*( 7:+ ;
5+5 0 7:*( 7:+ 7:*( ;
5+5 0 7:*( 7:*( 7:*( ;
5+5 0 7:*( ($ 7:*( ;
5+5 0 5+5%UDQFK 7:*( 5+5 ;
5+5 0 7:*( ($ 7:*( ;
5+5 0 3$6%UDQFK 7:*( 3$6 ;
5+5 0 7:*( 7:*( 02 ;
5+5 0 7:'% 02 02 ;
5+5 0 5% 7:'% 02 ;% ;
5+5 0 7:*( 7:*( 52 ;
5+5 0 7:*( 7:*( 52 ;
5+5 0 7:*( 7:*( &DSSHG(QG ;
5+5 0 7:*( 7:*( 02 ;
5+5 0 5% 5(:(' ; 02 ;
5+5 0 )3:*( 7:*( 3& ;
5+5 0 6:*( 7:*( 6:*) ;
5+5 0 '*( 7:*( 5+5 ;
5+5 0 '*( 7:*( 5+5 ;
5+5 0 '*( 7:*( 5+5 ;
5+5 0 59*( 7:*( 59 ;
5+5 0 59*( 7:*( 59 ;
5+5 0 6&*& &67 %UDQFKHV ;
5+5 0 6&$*& 6&*& 6&$*( ;
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
5+5 0 6&$*( 6&$*& 7:*( ;
5+5 0 6&%*& 6&*& 6&%*( ;
5+5 0 6&%*( 6&%*& 5(:+( ;
5+5 0 6&&*& 6&*& 6&&*( ;
5+5 0 6&&*( 6&&*& 7:*( ;
5+5 0 6&'*& 6&*& 6&'*( ;
5+5 0 6&'*( 6&'*& 7:*( ;
5+5 0 6&*& &67 %UDQFKHV ;
5+5 0 6&*& 6&*& 6&*( ;
5+5 0 6&*( 6&*& 7:*( ;
5+5 0 6&%*& 6&*& 6&%*( ;
5+5 0 6&%*( 6&%*& 7:*( ;
5+5 0 7:*( 7: 02 ;
5+5 0 7:*( 02 ;$ ;
5+5 0 7:*( 7: 02 ;
5+5 0 7:*( 02 02 ;
5+5 0 7:*( 7: 02 ;
5+5 0 7:*( 7: 02 ;
5+5 0 7:*( 02 02 ;
5+5 0 7:*( 7: 02 ;
&RUH6SUD\ 0 7:*( 3$ 02 ;
&RUH6SUD\ 0 7:*( 7: 52 ;
&RUH6SUD\ 0 7:+( 7: 52 ;
&RUH6SUD\ 0 6&*( 7: &67 ;
&RUH6SUD\ 0 7:*( 3% 02 ;
&RUH6SUD\ 0 7:*( 7: 52 ;
&RUH6SUD\ 0 7:+( 7: 52 ;
&RUH6SUD\ 0 6&*( 6&*( 7:*( ;
&RUH6SUD\ 0 5% 7:(' ;$ 02 ;
&RUH6SUD\ 0 7:(' 02 02 ;
&RUH6SUD\ 0 5% 7:(' ;% 02 ;
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
&RUH6SUD\ 0 7:(' 02 02 ;
+3&, 6WHDP 0 5% 36(' ; 02 ;
+3&, 6WHDP 0 5% 36(' 02 02
+3&, 6WHDP 0 5% 36(' 02 +2 ;
+3&, 6WHDP 0 5% +HDWLQJ6WHDP&RQQ 36(' &DS
+3&, :DWHU 0 5% 7:(' ):%(' 02
+3&, :DWHU 0 5% 7:(' 02 65
5&,& :DWHU 0 5% ):(' ):$(' $2
5&,& :DWHU 0 5% ):(' $2 02
5&,& :DWHU 0 5% ):(' 02 02
5&,& :DWHU 0 5% ):(' 02 02
5&,& 6WHDP 0 5% 36(' ; 02 ;
5&,& 6WHDP 0 5% 36(' 02 65
5&,& 6WHDP 0 5% +HDWLQJ6WHDP&RQQ 36(' &DS
5&,& 6WHDP 0 5% 36(' 65 02
5&,& 6WHDP 0 5% 36(' 02 02 ;
6/& 0 5% &+'& ; ;3
6/& 0 5% &+'& ;3 ;3$ ;
6/& 0 5% &+'& ;3 ;3% ;
6/& 0 5% ;3%UDQFK &+'& ;3 ;
5:&8 0 5% 5(:(' ; 02 ;
5:&8 0 5% 5(:'%' 02 5&
5:&8 0 5% 7(%UDQFK 5(:'%' 7(
5:&8 0 5% 5(:'%' 02 5&
5:&8 0 5% 5(:'%' 02 (
5:&8 0 5% 5(:'%' ( (
5:&8 0 5% 5(:'%' ( (
5:&8 0 5% 5(:'%' 5& (
5:&8 0 5% 5(:'%' ( (
5:&8 0 5% 7(%UDQFK 5(:'% 7(
5:&8 0 5% 5(:'%' ( 02
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,+LJK(QHUJ\3LSLQJ/LVW &RQW¶G
+,*+(1(5*</,1('(6,*1$7,21/,67
6\VWHP 3 ,' V 9ROXPH V /LQH )URP 7R 3UHVV 7HPS ([FOXVLRQ V
'HVLJQDWLRQ SVLJ ) 63
5:&8 0 5% 7(%UDQFK 5(:'%' 7(
5:&8 0 5% 5(:'& 02 &5'7HH
5:&8 0 5% 5(:'& &5'7HH 65
5:&8 0 5% 5(:'& 65 ):7HH
5:&8 0 5% 5(:'% ):7HH 5&
5:&8 0 5% 5(:(' 5& 7:('
5:&8 0 5% 5(:'% ):7HH ):('
2II*DV 1+ 2IIJDV%XLOGLQJ &1(1& ($ 9$
2II*DV 1+ 2IIJDV%XLOGLQJ &1(1& (% 9%
2II*DV 1+ 2IIJDV%XLOGLQJ *2/(+1& 369% (% ;
2II*DV 1+ 2IIJDV%XLOGLQJ *2/(+1& 369$ *2/(+1&
2II*DV 1+ 7% 6+3+1& 36(' 7%:DOO
2II*DV 1+ 2IIJDV%XLOGLQJ 6+3+1& 7%:DOO 3&9$
2II*DV 1+ 2IIJDV%XLOGLQJ 6+3(1& 3&9$ -$
2II*DV 1+ 2IIJDV%XLOGLQJ 6+3+1& 6+3+1& 3&9%
2II*DV 1+ 2IIJDV%XLOGLQJ 603(1& 603((1& ($
2II*DV 1+ 2IIJDV%XLOGLQJ 603(1& 603((1& (%
2II*DV 1+ 2IIJDV%XLOGLQJ 603((1& -$ 06
2II*DV 1+ 2IIJDV%XLOGLQJ 603(+1& 06 -$
2II*DV 1+ 2IIJDV%XLOGLQJ 603((1& -% 06
2II*DV 1+ 2IIJDV%XLOGLQJ 603(+1& 06 -%
2II*DV 1+ 2IIJDV%XLOGLQJ 603(1& 6+3(1& 369$
2II*DV 1+ 2IIJDV%XLOGLQJ 603(1& 6+3(1& 369%
1RWH1RUPDORSHUDWLQJSUHVVXUHLVSVLJDQGWKHUHIRUHWKLVVHJPHQWLVQRWKLJKHQHUJ\
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
I.3 %UHDN$QDO\VLV
7KHSRVWXODWHGEUHDNORFDWLRQVIRUHDFKKLJKHQHUJ\OLQHDUHEDVHGRQWKHFULWHULD
HVWDEOLVKHGLQWKH*LDPEXVVROHWWHU 5HIHUHQFH 653 5HIHUHQFH DQG*HQHULF
/HWWHU 5HIHUHQFH 7KHV\VWHPVHYDOXDWHGZHUHWKH0DLQ6WHDP+3&,5&,&
)HHGZDWHU&RQGHQVDWH5:&8DQGPLVFHOODQHRXVVHQVLQJDQGVDPSOHOLQHV
&DOFXODWLRQVZHUHSHUIRUPHGLQDFFRUGDQFHZLWKWKH³+(/%'(YDOXDWLRQ&ULWHULD
5HIHUHQFH WRGHWHUPLQHZKHUHWKHEUHDNORFDWLRQVZRXOGEHSRVWXODWHGIRUKLJKHQHUJ\
SLSLQJ 5HIHUHQFH )RUHDFKV\VWHPWKHFDOFXODWLRQUHVXOWVDUHOLVWHGEHORZ7KHEUHDN
ORFDWLRQVIRUKLJKHQHUJ\OLQHVDUHVKRZQRQWKHGUDZLQJVSURYLGHGLQWKHILJXUHVVHFWLRQRI
WKLVDSSHQGL[
, 6HOHFWLRQRI%UHDN/RFDWLRQV
%UHDNORFDWLRQVZHUHSRVWXODWHGIRUDOOKLJKHQHUJ\OLQHVVSHFLILHGLQ7DEOH,ZLWKRXW
DQH[FOXVLRQLQDFFRUGDQFHZLWKWKHIROORZLQJFULWHULD
, &ODVV, /LQHVIRUZKLFKSLSLQJDQDO\VHVWKDWLQFOXGHVVHLVPLFKDVEHHQSHUIRUPHG
%UHDNVZHUHSRVWXODWHGIRUHDFK&ODVV,KLJKHQHUJ\OLQHDVIROORZV
$WWHUPLQDOHQGV 0(%%F 5HIHUHQFH
$WDQ\LQWHUPHGLDWHORFDWLRQZKHUHQRUPDORSHUDWLQJDQGVHLVPLFVWUHVVHV
H[FHHGV 6K6$ RU 6$ 0(%%F 5HIHUHQFH
$WWKHWHUPLQDOHQGVRIWKHKLJKHQHUJ\SLSLQJWKDWSHQHWUDWHVWKH3ULPDU\
&RQWDLQPHQWERXQGDU\7KHSRVWXODWHG+(/%VKDOOEHHLWKHU
D $WWKHSULPDU\FRQWDLQPHQWSHQHWUDWLRQ7KLVSRLQWLVLGHQWLILHGDVWKH
ZHOGEHWZHHQWKHFRQWDLQPHQWSHQHWUDWLRQDQGWKHSLSLQJ
(YDOXDWLRQVZHUHSHUIRUPHGWRGHPRQVWUDWHWKDWWKHFRQWDLQPHQW
LQWHJULW\LVPDLQWDLQHGZLWKD+(/%DWWKHFRQWDLQPHQWSHQHWUDWLRQ
RU
E $WWKHZHOGEHWZHHQWKHRXWERDUGFRQWDLQPHQWLVRODWLRQYDOYHDQG
WKHSLSLQJQRWZLWKLQWKH3ULPDU\&RQWDLQPHQW3LSLQJEHWZHHQWKH
FRQWDLQPHQWSHQHWUDWLRQVDQGWKHRXWERDUGFRQWDLQPHQWLVRODWLRQ
YDOYHVKDVEHHQHYDOXDWHGWRPHHWWKHFULWHULDIRXQGLQ5HIHUHQFHV
DQG7KLVFULWHULDGRHVQRWUHTXLUHEUHDNVWREHSRVWXODWHGLQWKHVH
VHJPHQWV
,QDFFRUGDQFHZLWK*HQHULF/HWWHU 5HIHUHQFH VHLVPLFDOO\DQDO\]HG
DQGVXSSRUWHGKLJKHQHUJ\OLQHVDUHQRWUHTXLUHGWRKDYHSRVWXODWHG
LQWHUPHGLDWH+(/%RUFULWLFDOFUDFNORFDWLRQVSURYLGHGWKDWWKHVWUHVVOHYHODW
HDFKSRWHQWLDOLQWHUPHGLDWHEUHDNORFDWLRQLVOHVVWKDQWKHYDOXHVLGHQWLILHGLQ
6HFWLRQ, DERYH 5HIHUHQFH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
&ULWLFDOFUDFNVZHUHSRVWXODWHGZKHUHQRUPDORSHUDWLQJDQGVHLVPLFVWUHVVHVH[FHHG
6K6$ &ULWLFDOFUDFNVDUHQRWUHTXLUHGWREHSRVWXODWHGLQSRUWLRQVRISLSLQJ
IURPWKHFRQWDLQPHQWZDOOWRDQGLQFOXGLQJWKHLQERDUGDQGRXWERDUGLVRODWLRQYDOYHV
0(%%H +/-5HIHUHQFH
, &ODVV,, /LQHVIRUZKLFKQRVHLVPLFDQDO\VHVKDVEHHQSHUIRUPHG
%UHDNORFDWLRQVSRVWXODWHGIRUHDFK&ODVV,,KLJKHQHUJ\OLQHZHUHVHOHFWHGDV
IROORZV
$WWHUPLQDOHQGV
$WHDFKLQWHUPHGLDWHORFDWLRQRISRWHQWLDOKLJKVWUHVVRUIDWLJXHVXFKDVSLSH
ILWWLQJVYDOYHVIODQJHVDQGZHOGHGRQDWWDFKPHQWV
&ULWLFDOFUDFNVZHUHSRVWXODWHGDWORFDWLRQVWKDWUHVXOWLQWKHPRVWVHYHUH
HQYLURQPHQWDOFRQVHTXHQFHV 0(%%H +/-5HIHUHQFH
,QWKRVHFDVHVZKHUHD&ODVV,,KLJKHQHUJ\OLQHLVDQDO\]HGWR&ODVV,SLSLQJVHLVPLF
UHTXLUHPHQWVEUHDNORFDWLRQVZHUHVHOHFWHGXVLQJWKHFULWHULDLQ6HFWLRQ,
, %UHDNVLQ0RGHUDWH(QHUJ\DQGRU1RQ+LJK(QHUJ\/LQHV
01*3GRHVQRWVSHFLI\0RGHUDWH(QHUJ\OLQHVGHVFULEHGLQ*HQHULF/HWWHU
5HIHUHQFH +LJKHQHUJ\OLQHEUHDNUXOHVRUKLJKHQHUJ\OLQHFUDFNUXOHVGRQRW
VSHFLI\WRSRVWXODWHKLJKHQHUJ\OLQHEUHDNVRUKLJKHQHUJ\OLQHFUDFNVLQQRQKLJK
HQHUJ\OLQHV 5HIHUHQFHVDQG
, %UHDN7\SHV
&LUFXPIHUHQWLDOEUHDNVZHUHSRVWXODWHGDQGHYDOXDWHGDWWHUPLQDOHQGV,QDGGLWLRQ
FLUFXPIHUHQWLDOEUHDNVZHUHSRVWXODWHGDWLQWHUPHGLDWHEUHDNORFDWLRQVRQKLJKHQHUJ\
SLSLQJZLWKDQRPLQDOGLDPHWHUH[FHHGLQJLQFK/RQJLWXGLQDOEUHDNVZHUHSRVWXODWHGDW
DOOLQWHUPHGLDWHORFDWLRQVRQKLJKHQHUJ\SLSLQJZLWKDQRPLQDOGLDPHWHUHTXDOWRRU
H[FHHGLQJLQFKHV/RQJLWXGLQDOEUHDNVZHUHSRVWXODWHGZLWKDQRULHQWDWLRQRIDQ\SRLQW
DURXQGWKHSLSHFLUFXPIHUHQFHDQGDEUHDNDUHDHTXDOWRWKHHIIHFWLYHFURVVVHFWLRQDO
IORZDUHDLPPHGLDWHO\XSVWUHDPRIWKHEUHDNORFDWLRQ &ULWHULRQ5HIHUHQFH
&ULWLFDOFUDFNVZHUHSRVWXODWHGWRRFFXULQSLSLQJFDUU\LQJKLJKHQHUJ\IOXLGV7KHFULWLFDO
FUDFNVL]HZDVWDNHQWREHWKHSLSHGLDPHWHULQOHQJWKDQGWKHZDOOWKLFNQHVVLQ
ZLGWK &ULWHULRQ5HIHUHQFH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, +(/%,QWHUDFWLRQV
7KHHIIHFWVRQ6DIH6KXWGRZQ(TXLSPHQWIURPKLJKHQHUJ\OLQHVFDQEHGLYLGHGLQWRILYH
VHSDUDWHW\SHVRILQWHUDFWLRQV7KHVHLQWHUDFWLRQVLQFOXGH
3LSH:KLS
-HW,PSLQJHPHQW
)ORRGLQJ
(QYLURQPHQWDO(IIHFWV
&RPSDUWPHQW3UHVVXUL]DWLRQ
7KHHYDOXDWLRQFULWHULDIRUHDFKRIWKHVHLQWHUDFWLRQVZDVSHUIRUPHGE\DSSO\LQJWKH
IROORZLQJFULWHULD
, 3LSH:KLS(IIHFWV
3LSHZKLSLVGHILQHGDVWKHPHFKDQLFDOUHDFWLRQFDXVHGE\KLJKHQHUJ\IOXLGH[LWLQJD
UXSWXUHGSLSH)RUHDFKSRVWXODWHGEUHDNWKHHIIHFWVRISLSHZKLSZHUHHYDOXDWHG
3LSHZKLSPRYHPHQWZDVDVVXPHGWRRFFXUDERXWDSODVWLFKLQJHORFDWHGDWDSRLQWRU
SRLQWVVHOHFWHGXVLQJWKHIROORZLQJJXLGHOLQHV 5HIHUHQFH
7KHSLSHUXQWHUPLQDOSRLQW
7KHQHDUHVWSLSHILWWLQJZKLFKZLOOH[SHULHQFHKLJKEHQGLQJPRPHQW*HQHUDOO\
WKLVZLOORFFXUDWWKHVHFRQGHOERZIURPWKHEUHDNSRLQW
$SLSHZKLSUHVWUDLQW
$Q\VWUXFWXUHRUHTXLSPHQWZKLFKFDQUHDVRQDEO\EHH[SHFWHGWRUHVWUDLQWKH
PRYHPHQWRIWKHSLSH HJFRQFUHWHZDOORUSUHVVXUHYHVVHO
2UGLQDU\SLSHVXSSRUWVZHUHFRQVLGHUHGLQHIIHFWLYHUHVWUDLQWVGXULQJZKLS
&LUFXPIHUHQWLDOEUHDNVZHUHDVVXPHGWRFDXVHSLSHZKLSDERXWWKHSODVWLFKLQJHLQD
SODQHGHILQHGE\WKHSLSHJHRPHWU\DQGLQWKHGLUHFWLRQRIMHWUHDFWLRQ &ULWHULRQ
%D5HIHUHQFH /RQJLWXGLQDOEUHDNVZHUHDVVXPHGWRFDXVHSLSHZKLS
PRYHPHQWLQWKHGLUHFWLRQRSSRVLWHRIWKHIOXLGIORZQRUPDOWRWKHD[LVRIWKHSLSHDW
WKHSRLQWRIWKHEUHDN )RRWQRWHWR&ULWHULRQ5HIHUHQFH $GGLWLRQDOO\LWZDV
DVVXPHGWKDWWKHJHRPHWU\RIWKHSLSHVHJPHQWEHWZHHQWKHVHOHFWHGKLQJHV
UHPDLQHGXQFKDQJHGWKURXJKRXWWKHSLSHZKLSSDWK
7KHDUHDRILQIOXHQFHRISLSHZKLSZDVFRQVLGHUHGWREHWKHZRUVWFDVHDUHD
GHWHUPLQHGDSSO\LQJWKHFULWHULDLGHQWLILHGDERYH,QJHQHUDOFLUFXPIHUHQWLDOEUHDNV
FDXVHWKHZRUVWFDVHSLSHZKLSFRQGLWLRQV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
,QHYDOXDWLQJWKHHIIHFWRISLSHZKLSRQVDIHVKXWGRZQFRPSRQHQWVDQGVWUXFWXUHV
WKHIROORZLQJFULWHULDZHUHXVHG
7KHHQHUJ\OHYHOLQDZKLSSLQJSLSHZDVFRQVLGHUHGWREHLQVXIILFLHQWWRUXSWXUH
DQLPSDFWHGSLSHRI
D (TXDORUJUHDWHUQRPLQDOSLSHVL]HDQG
E (TXDORUKHDYLHUZDOOWKLFNQHVV )RRWQRWHWR&ULWHULRQG
5HIHUHQFH
,PSDFWHGSLSHRIOHVVHUQRPLQDOSLSHVL]HRUWKLQQHUZDOOWKLFNQHVVZDV
DVVXPHGWRUXSWXUHRUUHTXLUHIXUWKHUHYDOXDWLRQ )RRWQRWHWR&ULWHULRQG
5HIHUHQFH
$OOHOHFWULFDOFDEOHVLQFDEOHWUD\VFRQGXLWVRURWKHUUDFHZD\VLPSDFWHGE\D
ZKLSSLQJSLSHZHUHDVVXPHGWREHVHYHUHGRUUHTXLUHIXUWKHUHYDOXDWLRQ2WKHU
HOHFWULFDODQGLQVWUXPHQWDQGFRQWURO , & FRPSRQHQWVZHUHDVVXPHGWRIDLO
RUUHTXLUHIXUWKHUHYDOXDWLRQ 5HIHUHQFH
6WUXFWXUDOFRPSRQHQWVLPSDFWHGE\DZKLSSLQJSLSHZHUHDVVXPHGWRIDLORU
UHTXLUHIXUWKHUHYDOXDWLRQ 5HIHUHQFH
, -HW,PSLQJHPHQW(IIHFWV
)RUHDFKSRVWXODWHGEUHDNWKHHIIHFWVRIMHWLPSLQJHPHQWZHUHHYDOXDWHG7KHFULWHULD
XVHGWRHYDOXDWHWKHVHHIIHFWVZHUHDVIROORZV
$OOMHWVZHUHDVVXPHGWREHLQIOXHQFHGE\JUDYLW\ 6HFWLRQ5HIHUHQFH
+RZHYHUEHFDXVHRIWKHMHWIOXLGYHORFLWLHVDQGWKHUHODWLYHSUR[LPLW\RIWKH
WDUJHWVVWUDLJKWOLQHMHWWUDYHOZDVDVVXPHG
-HWVIURPDFLUFXPIHUHQWLDOEUHDNZHUHDVVXPHGWRVZHHSWKHDUFWUDYHOHG
GXULQJWKHZKLS 6HFWLRQ5HIHUHQFH
$ORQJLWXGLQDOEUHDNZDVDVVXPHGWRRFFXUDWDQ\D]LPXWKORFDWLRQRQWKHSLSH
FLUFXPIHUHQFHZLWKDEUHDNDUHDHTXDOWRWKHHIIHFWLYHFURVVVHFWLRQDOIORZDUHD
LPPHGLDWHO\XSVWUHDPRIWKHEUHDNORFDWLRQ )RRWQRWHWR&ULWHULRQ
5HIHUHQFH
$MHWGLVFKDUJLQJVDWXUDWHGVWHDPRUDPL[WXUHRIVWHDPDQGZDWHUZLWKDIOXLG
WHPSHUDWXUHJUHDWHUWKDQWKHVDWXUDWLRQWHPSHUDWXUHDWWKHVXUURXQGLQJ
HQYLURQPHQWDOSUHVVXUHZDVDVVXPHGWRH[SDQGLQDKDOIDQJOHFRQH
6HFWLRQ5HIHUHQFHDQGSDJH5HIHUHQFH 1RWH7KLVFULWHULRQ
LVFRQVLVWHQWZLWKWKHSUHYLRXV0RQWLFHOOR+(/%HYDOXDWLRQ5HIHUHQFHVDQG
%HFDXVHRIWKHXQFHUWDLQWLHVDVVRFLDWHGZLWKEUHDNRULHQWDWLRQDQGMHWJHRPHWU\DQDGGLWLRQDOGHJUHHRI
FRQVHUYDWLVPZDVHVWDEOLVKHGWRLQFOXGHSRWHQWLDOWDUJHWVEH\RQGWKHKDOIDQJOHFRQH,QVRPHFDVHVWDUJHWV
XSWRRIIWKHD[LVRIWKHMHWZHUHFRQVLGHUHGKLWDQGLQFDSDEOHRISHUIRUPLQJWKHLUVDIHVKXWGRZQIXQFWLRQ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
$MHWGLVFKDUJLQJVDWXUDWHGOLTXLGZDWHURUVXEFRROHGZDWHUZDVFKDUDFWHUL]HG
E\DFRQVWDQWGLDPHWHUMHWIRUSXUSRVHVRIGHWHUPLQLQJWKHMHWIRUFHRQWDUJHWV
)RUWKHSXUSRVHRIGHWHUPLQLQJSRWHQWLDOWDUJHWVVDWXUDWHGOLTXLGZDWHURU
VXEFRROHGZDWHUMHWVZHUHDVVXPHGWRH[SDQGDWOHDVWDWDKDOIDQJOHFRQH
6HFWLRQ5HIHUHQFHDQGSDJH5HIHUHQFH 1RWH7KLVFULWHULRQ
LVPRUHFRQVHUYDWLYHWKDQWKDWXVHGLQWKHSUHYLRXV0RQWLFHOOR+(/%HYDOXDWLRQ
5HIHUHQFHVDQG
7KHPDJQLWXGHRIMHWIRUFHZDVGHWHUPLQHGXVLQJWKHFULWHULDRI,WHP& RQ
3DJHRI653 5HIHUHQFH 7KHFULWHULDIRUWDNLQJLQWRDFFRXQW
WKHJHRPHWULFFRQVLGHUDWLRQVRIDIOXLGMHWZHUHSURYLGHGLQ$SSHQGL['RI
5HIHUHQFH
$SRVWXODWHGMHWZDVFRQVLGHUHGHIIHFWLYHXQWLOLWVWUXFNDVROLGEDUULHUXSRQ
ZKLFKWKHMHWPRPHQWXPLVUHGXFHGWR]HUR$OOVDIHVKXWGRZQFRPSRQHQWV
SLSHVDQGVWUXFWXUHVLPSDFWHGE\WKHMHWZHUHFRQVLGHUHGLQFDSDEOHRI
SHUIRUPLQJWKHLUVDIHVKXWGRZQIXQFWLRQRUUHTXLUHGIXUWKHUHYDOXDWLRQ
6HFWLRQ5HIHUHQFH
:KHUHWKHMHWPXVWWUDYHODVLJQLILFDQWGLVWDQFHWRLPSDFWVDIHVKXWGRZQ
FRPSRQHQWVRUVWUXFWXUHVVLPSOLILHGFDOFXODWLRQVZHUHXVHGWRGHPRQVWUDWH
WKDWWKHMHWLPSLQJHPHQWIRUFHVZHUHQHJOLJLEOH
, )ORRGLQJ(IIHFWV
,QHDFKDUHDRUFRPSDUWPHQWZKHUHEUHDNVZHUHSRVWXODWHGWKHSRWHQWLDODGYHUVH
HIIHFWVIURPIORRGLQJZHUHLGHQWLILHGXVLQJWKHIROORZLQJFULWHULD 6HFWLRQ
5HIHUHQFH
D 9XOQHUDELOLW\RIVDIHVKXWGRZQHTXLSPHQWGXHWRIORRGLQJEHFDXVHRIORFDWLRQ
DQGFRQILJXUDWLRQ
E 3RWHQWLDOUXSWXUHVL]HVDQGWKHDYDLODEOHTXDQWLW\RIZDWHU
F $EVHQFHRIIORRUGUDLQVRUGRRUZD\VZKLFKFRXOGSURYLGHGUDLQDJH
G ([LVWHQFHRIIORRGSURWHFWLRQLQWKHIRUPRIGDPVRUVXPSVZLWKSXPSV
(QYLURQPHQWDOHIIHFWVDUHHYDOXDWHGLQWKH01*3(QYLURQPHQWDO4XDOLILFDWLRQ (4
SURJUDPEDVHGRQWKHEUHDNFDVHVFRQVLGHUHGLQWKH+(/%DQDO\VLV%RXQGLQJ
SURILOHVIRUHQYLURQPHQWDOFRQGLWLRQVDUHLGHQWLILHGDQGIORRGLQJHIIHFWVDUHHYDOXDWHG
EDVHGRQWKHVHFRQGLWLRQV
, (QYLURQPHQWDO(IIHFWVDQG&RPSDUWPHQW3UHVVXUL]DWLRQ
$UHYLHZZDVFRQGXFWHGWRGHWHUPLQHLIWKHVDIHVKXWGRZQFRPSRQHQWVLQ
FRPSDUWPHQWVRUDUHDVLQZKLFKEUHDNVKDYHEHHQSRVWXODWHGDUHTXDOLILHGIRUZRUVW
FDVHHQYLURQPHQWDOFRQGLWLRQVLQFOXGLQJWKHHIIHFWVRIFRPSDUWPHQWSUHVVXUL]DWLRQ
$WWHQWLRQZDVIRFXVHGRQFORVHGFRPSDUWPHQWVZKLFKFRQWDLQHGKLJKHQHUJ\OLQHV
(QYLURQPHQWDOHIIHFWVDUHHYDOXDWHGLQWKH01*3(QYLURQPHQWDO4XDOLILFDWLRQ (4
SURJUDPEDVHGRQWKHEUHDNFDVHVFRQVLGHUHGIRUWKH+(/%HYDOXDWLRQV%RXQGLQJ
SURILOHVIRUHQYLURQPHQWDOFRQGLWLRQVDUHLGHQWLILHGLQFOXGLQJFRPSDUWPHQW
SUHVVXUL]DWLRQKHDWXSDQGIORRGLQJHIIHFWV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 6\VWHP%UHDN/RFDWLRQV
6\VWHPEUHDNDQGFULWLFDOFUDFNORFDWLRQVDUHLGHQWLILHGLQ5HIHUHQFHVWKURXJK
I.4 6DIH6KXWGRZQ5HTXLUHPHQWV5HIHUHQFHDQG
7KHV\VWHPVUHTXLUHGIRUVDIHVKXWGRZQRIWKHUHDFWRUIRUWKHSRVWXODWHGSLSHIDLOXUHRI
HDFKRIWKHKLJKHQHUJ\V\VWHPVZHUHLGHQWLILHGEDVHGRQWKHDQDO\VHVSUHVHQWHGLQ
86$56HFWLRQ3ODQW(QJLQHHUHG6DIHJXDUGVIRU/2&$DQGWKHRULJLQDO+(/%
$QDO\VHVRI5HIHUHQFH%\YHULI\LQJWKDWWKHVHV\VWHPVUHPDLQRSHUDWLRQDOLQWKH
HYHQWRIWKHSRVWXODWHGIDLOXUHRIWKHSLSLQJV\VWHPVLWLVDVVXUHGWKDWWKHSODQWFDQEH
VDIHO\VKXWGRZQDQGPDLQWDLQHGLQDVDIHVKXWGRZQFRQGLWLRQ
, 6DIH6KXWGRZQ6\VWHPV
6DIHVKXWGRZQV\VWHPVDUHVHSDUDWHGLQWRWZRFDWHJRULHVRQHWKRVHQHHGHGIRU
6FUDPPLQJDQG,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQWRGHPRQVWUDWHDGHTXDWHFRUHFRROLQJ
DQGWZRWKRVHQHHGHGIRU3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQIRU&RQWDLQPHQW
&RROLQJDQG'HFD\+HDW5HPRYDO
, 6FUDPDQG,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG
7KHIROORZLQJOLVWLGHQWLILHV(PHUJHQF\&RUH&RROLQJ6\VWHPV(&&6FUHGLWHGIRU
FRUHFRROLQJ3HU(UUDWDRI5HIHUHQFHZKHUH5HDFWRU3URWHFWLYH$FWXDWLRQKDV
RFFXUUHG VFUDPDQGRUFRQWDLQPHQWJURXSLVRODWLRQ WKHQFRQFXUUHQWZLWKWKH
SRVWXODWHGDFFLGHQWVLQJOHDFWLYHIDLOXUHDQGORVVRIRIIVLWHSRZHULVDVVXPHG
2WKHUZLVHVLQJOHIDLOXUHDQGORVVRIRIIVLWHSRZHULVQRWDVVXPHG
5HDFWRU3URWHFWLRQ6\VWHP 536 &RQWURO5RG'ULYH6\VWHP &5' DQG
&RQWURO5RGV
+LJK3UHVVXUH&RRODQW,QMHFWLRQ +3&,
5HDFWRU3UHVVXUH5HOLHI6DIHW\5HOLHI9DOYHV 659V
/RZ3UHVVXUH&RRODQW,QMHFWLRQ /3&, 0RGH
&RUH6SUD\ &6
6KXWGRZQ,QVWUXPHQWDWLRQ 6HH,WHP
$X[LOLDU\6XSSRUW
D 2QVLWH3RZHUDQG'LVWULEXWLRQ6\VWHP
E (PHUJHQF\6HUYLFH:DWHU (6:
F (PHUJHQF\'LHVHO*HQHUDWRU$X[LOLDU\6\VWHPV
G '&3RZHU6\VWHPV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
H +HDWLQJ9HQWLODWLRQDQG$LU&RQGLWLRQLQJ +9$& 6\VWHPV
6KXWGRZQ,QVWUXPHQWDWLRQ
7KHPLQLPXPUHTXLUHGSURFHVVLQVWUXPHQWDWLRQWRDVVXUHVDIHVKXWGRZQLVDV
IROORZV
D 5HDFWRU9HVVHO/HYHO,QGLFDWLRQ
E 5HDFWRU3UHVVXUH,QGLFDWLRQ
F 6XSSUHVVLRQ3RRO7HPSHUDWXUH,QGLFDWLRQ
G 6XSSUHVVLRQ3RRO/HYHO,QGLFDWLRQ
, 3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ&RQWDLQPHQW&RROLQJDQG'HFD\+HDW
5HPRYDO3HULRGV
7KHIROORZLQJOLVWLGHQWLILHVWKRVHV\VWHPVIRUPLWLJDWLRQDIWHUYHVVHOLVVWDELOL]HG
6LQJOHDFWLYHIDLOXUHLVQRWDVVXPHG/RVVRIRIIVLWHSRZHULVQRWDVVXPHG
5+56KXWGRZQ&RROLQJ 6'& 0RGH
5+56XSSUHVVLRQ3RRO&RROLQJ 63& 0RGH
5+56HUYLFH:DWHU
(&&6
$OWHUQDWH,QMHFWLRQ6\VWHPVVXFKDVWKRVHVXJJHVWHGE\(PHUJHQF\
2SHUDWLQJ3URFHGXUH&539&RQWURO
$OODYDLODEOHWRUXVFRROLQJDVVXJJHVWHGE\(PHUJHQF\2SHUDWLQJ3URFHGXUH
&3ULPDU\&RQWDLQPHQW&RQWURO
, 'HVFULSWLRQRI6DIH6KXWGRZQ3DWKV
6DIHVKXWGRZQFDQEHGHVFULEHGDVVFUDPPLQJDQGLQLWLDOYHVVHOOHYHOVWDELOL]DWLRQ
IROORZHGE\UHGXFLQJ539SUHVVXUHDQGWHPSHUDWXUHIURPWKHQRUPDORSHUDWLQJ
FRQGLWLRQVRIDSSUR[LPDWHO\SVLDDQG)WRD539FRRODQWWHPSHUDWXUHRIOHVV
WKDQ)DQGWKH539YHQWHGZLWKWKHUHDFWRULQDVXEFULWLFDOFRQGLWLRQDQGQRIXHO
GDPDJHRUEUHDFKRI3ULPDU\&RQWDLQPHQW7KHPLQLPXPHTXLSPHQWQHFHVVDU\IRU
DFKLHYLQJDQGPDLQWDLQLQJVDIHVKXWGRZQLQFOXGHVWKHIROORZLQJ
7KH5HDFWRU3URWHFWLRQ6\VWHPDQG&RQWURO5RG'ULYH6\VWHP QHJDWLYH
UHDFWLYLW\IXQFWLRQ
659V 539RYHUSUHVVXUHSURWHFWLRQDQGGHFD\KHDWUHPRYDOIXQFWLRQV
5+5SXPS /3&,0RGH RU&RUH6SUD\SXPSDQG5+5SXPSLQ63&
0RGH UHDFWRUYHVVHOOHYHOPDLQWHQDQFHDQGGHFD\KHDWUHPRYDOIXQFWLRQV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
5+56HUYLFH:DWHUSXPS GHFD\KHDWUHPRYDOIXQFWLRQ
(PHUJHQF\'LHVHO*HQHUDWRU ('* ('*DX[LOLDULHV('*(PHUJHQF\
6HUYLFH:DWHUSXPS(PHUJHQF\6HUYLFH:DWHUSXPSDQG'LYLVLRQRI
VDIHW\UHODWHGSRZHUGLVWULEXWLRQ IRUDOOIXQFWLRQVH[FHSWQHJDWLYHUHDFWLYLW\
6KXWGRZQ,QVWUXPHQWDWLRQ IURP5HIHUHQFH
D 5HDFWRU9HVVHO/HYHO
E 5HDFWRU3UHVVXUH
F 6XSSUHVVLRQ3RRO7HPSHUDWXUH
G 6XSSUHVVLRQ3RRO/HYHO
2IIVLWHSRZHUDQGQRQ(&&6HTXLSPHQWPD\EHXVHGDVGLUHFWHGE\WKH
(PHUJHQF\2SHUDWLQJ3URFHGXUHV&VHULHV
(YDOXDWLRQVSHUIRUPHGWRGHWHUPLQHDFFHSWDEOHSDWKVWRVDIHVKXWGRZQXWLOL]HGWKH
DERYHGHVFULEHGPLQLPXPQHFHVVDU\HTXLSPHQW
$GGLWLRQDOVDIHVKXWGRZQSDWKVFDQEHGHVFULEHGGHSHQGLQJRQWKHORFDWLRQRIWKH
SRVWXODWHG+(/%DQGWKHVLQJOHDFWLYHIDLOXUHWDNHQ7KH+3&,V\VWHPFDQEHXVHGWR
PDLQWDLQ539ZDWHUOHYHODQGGHSUHVVXUL]HWKH539VRWKDWWKHORZSUHVVXUHKLJKIORZ
SXPSV 5+5RU&6 FDQEHXVHG7DEOH,LGHQWLILHVWKHV\VWHPVDYDLODEOHWRVXSSRUW
HDFKVKXWGRZQSHUIRUPDQFHJRDO
)RUDQ\SRVWXODWHG+(/%ZLWK+3&,DYDLODEOH5&,&LVQRWUHTXLUHGVLQFH+3&,FRXOG
SHUIRUPWKHVDPHIXQFWLRQ)RUDQ\SRVWXODWHG+(/%ZLWK+3&,QRWDYDLODEOHGXHWRD
VLQJOHDFWLYHIDLOXUHRU+(/%UHODWHGGDPDJHWKHXQLWLVVKXWGRZQXVLQJWKH659V
539GHSUHVVXUL]DWLRQ &RUH6SUD\ 539ZDWHUOHYHOPDLQWHQDQFH DQG5+5 GHFD\
KHDWUHPRYDODQG539ZDWHUOHYHOPDLQWHQDQFH 1RVLQJOHDFWLYHIDLOXUHFRXOGDIIHFW
PRUHWKDQ659&6GLYLVLRQRU5+5GLYLVLRQ
7KH5&,&6\VWHPLVQRWUHTXLUHGIRUDQ\SRVWXODWHG+(/%LQDQ\RIWKHLGHQWLILHG
FRPSDUWPHQWV+RZHYHUIRUPRVWSRVWXODWHG+(/%V5&,&LVDYDLODEOHWRVXSSRUWVDIH
VKXWGRZQ
)RUDQ\SRVWXODWHG+(/%DWOHDVWRQHGLYLVLRQRI(6:LVDYDLODEOHWRSURYLGHFRROLQJWR
RQHGLYLVLRQRI5+5DQG&6V\VWHPV+HQFHVDIHVKXWGRZQFDQEHDFFRPSOLVKHGIRU
DQ\SRVWXODWHG+(/%ZLWKRXWUHTXLULQJWKH5&,&6\VWHPWRVXSSRUWWKHVDIHVKXWGRZQ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 6DIH6KXWGRZQ6\VWHP&RPSRQHQW/RFDWLRQV
)RUHDFKRIWKHV\VWHPVLGHQWLILHGLQ6HFWLRQ,RIWKLVUHSRUWWKHORFDWLRQVRIWKH
PDMRUFRPSRQHQWVPDLQSLSHURXWLQJVDQGSRZHUDQGFRQWUROFDEOHURXWLQJVDUHOLVWHG
LQWKLVVHFWLRQ7KHLQIRUPDWLRQLVSURYLGHGE\V\VWHPDQG+(/%DQDO\VLVYROXPHIRU
UHIHUHQFH
, 5HDFWRU3URWHFWLRQ6\VWHP
7KH5HDFWRU3URWHFWLRQ6\VWHP 536 FRQVLVWVRIWKHPRWRUJHQHUDWRUVHWSRZHU
VXSSOLHVWKH536SRZHUGLVWULEXWLRQSDQHOVVHQVRUVDQGFDEOLQJ7KHWZR
PRWRUJHQHUDWRUVHWVDUHORFDWHGLQWKH5HDFWRU%XLOGLQJRQWKHIRRWHOHYDWLRQLQ
9ROXPHVDQG7KH536SRZHUGLVWULEXWLRQSDQHOVDUHORFDWHGLQWKH&DEOH
6SUHDGLQJ5RRP7KHUHDUHVHQVRUV LHKLJKUHDFWRUSUHVVXUHHWF LQFOXGHGLQWKH
SURWHFWLRQV\VWHPWKDWDUHORFDWHGLQDYDULHW\RIVLWHVWKURXJKRXWWKHSODQW
, &RQWURO5RG'ULYH6\VWHP
7KH&RQWURO5RG'ULYH6\VWHPFRQVLVWVRIWKHFRQWUROURGVDQGWKHDVVRFLDWHGFRQWURO
URGGULYHK\GUDXOLFXQLWV7KHHOHFWULFDOVLJQDOVWRWKHVFUDPYDOYHVRQWKHFRQWUROURG
GULYHK\GUDXOLFXQLWVDUHSURYLGHGE\WKH5367KHFRQWUROURGVDQG&RQWURO5RG
'ULYHVDUHORFDWHGLQVLGHRIWKH3ULPDU\&RQWDLQPHQW7KHFRQWUROURGGULYHK\GUDXOLF
XQLWVDUHORFDWHGLQWZRVHSDUDWHEDQNVRQHLWKHUVLGHRIWKH3ULPDU\&RQWDLQPHQWRQ
WKHIRRWHOHYDWLRQRIWKH5HDFWRU%XLOGLQJLQ9ROXPHVDQG
, +LJK3UHVVXUH&RRODQW,QMHFWLRQ +3&, 6\VWHP
7KH+3&,6\VWHPFRQVLVWVRIDSXPSZLWKDVWHDPGULYHQWXUELQHDQGDVVRFLDWHG
YDOYLQJ,WLVORFDWHGSULPDULO\LQWKH+3&,URRP 9ROXPH 7KH+3&,VWHDPVXSSO\
OLQHDQGWKH+3&,LQMHFWLRQOLQH 36('DQG7:('UHVSHFWLYHO\ DUH
URXWHGIURPPDLQWKHVWHDPFKDVH 9ROXPH WRWKH+3&,URRP 9ROXPH 7KH
YDOYLQJIRUWKH+3&,6\VWHPLVORFDWHGLQWKHDERYHLGHQWLILHGFRPSDUWPHQWV3RZHU
FDEOLQJIRUWKH+3&,6\VWHPLVURXWHGIURPWKHEDWWHULHVLQWKH()7%XLOGLQJLQWRWKH
7XUELQH%XLOGLQJLQWKHHDVWFRUULGRURQWKHIRRWHOHYDWLRQ 9ROXPH 7KH
FDEOHVDUHWKHQURXWHGLQWRWKHFRQGHQVHUED\ 9ROXPH IURPWKHUHLQWRWKH&5'
SXPSURRP 9ROXPH GRZQWRHTXLSPHQWDQGIORRUGUDLQWDQNDUHD 9ROXPH DQG
ILQDOO\LQWRWKH+3&,5RRP 9ROXPH
, 5HDFWRU3UHVVXUH5HOLHI6\VWHP
7KHHLJKW659VDQGDVVRFLDWHGSLSLQJDUHORFDWHGLQVLGHRIWKH3ULPDU\&RQWDLQPHQW
RQWKHPDLQVWHDPOLQHV7KHUHDUHIRXUFRQWUROSDQHOVDQGWZRLQVWUXPHQWUDFNV
DVVRFLDWHGZLWKWKH659V7KH659FRQWUROSDQHOLVORFDWHGLQWKH&DEOH6SUHDGLQJ
5RRP7KH659/RZ/RZ6HWFRQWUROSDQHO³$'LVORFDWHGLQWKHFDEOHVSUHDGLQJ
DUHD7KH³%'FRQWUROSDQHOVDUHORFDWHGLQWKHPDLQFRQWUROURRPDQGRQWKHWKLUGIORRU
RIWKH()7%XLOGLQJ7KH659ORZORZVHWLQVWUXPHQWUDFN³$'LVORFDWHGLQWKH
QRUWKHDVWFRUQHURIWKHWRUXVDUHD 9ROXPH DQGWKH³%'UDFNLVORFDWHGRQWKH
IRRWHOHYDWLRQRIWKH5HDFWRU%XLOGLQJQHDUWKHZHVWVLGH&5'K\GUDXOLFXQLWV
9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 5HVLGXDO+HDW5HPRYDO 5+5 6\VWHP
7KH5+56\VWHPLVDWZRGLYLVLRQDOV\VWHPZLWKWZRPRWRUGULYHQSXPSVLQHDFK
GLYLVLRQ7KHYDOYLQJIRUWKHV\VWHPFRQVLVWVRIDVHULHVRIVXFWLRQDQGGLVFKDUJH
YDOYHVZKLFKDOORZWKH5+56\VWHPWREHRSHUDWHGLQYDULRXVPRGHV7ZRRIWKH
5+5SXPSVDUHORFDWHGLQWKHVRXWKHDVWFRUQHUURRPRIWKH5HDFWRU%XLOGLQJ
9ROXPH DQGWKHRWKHUWZRLQWKHVRXWKZHVWFRUQHUURRPRIWKH5HDFWRU%XLOGLQJ
9ROXPH 7KHVXFWLRQYDOYLQJLVORFDWHGLQWKUHHVHSDUDWHFRPSDUWPHQWV0RVWRI
WKH5+5SXPSGLVFKDUJHYDOYHVDUHDOVRORFDWHGLQWKHFRUQHUURRPVZLWKWKH
IROORZLQJH[FHSWLRQV
'LYLVLRQ,VXSSUHVVLRQSRROFRROLQJ 63& YDOYHV 02DQG02 DQG
WKH'LYLVLRQ,,63&YDOYH 02 DUHORFDWHGLQWKHWRUXVDUHD 9ROXPH
'LYLVLRQ,,63&PRGHRXWERDUGYDOYH 02 LVORFDWHGRQWKHZHVWVLGHRI
5HDFWRU%XLOGLQJDWWKHIRRWHOHYDWLRQLQ9ROXPH
7KH'LYLVLRQ,/3&,LQMHFWLRQDQG6'&FRQWDLQPHQWLVRODWLRQYDOYHV 02
DQG02 DQGWKHVKXWGRZQFRROLQJOLQHRXWERDUGLVRODWLRQYDOYH
02 DUHORFDWHGLQ9ROXPHRQWKHIRRWHOHYDWLRQRIWKH5HDFWRU
%XLOGLQJ
7KH'LYLVLRQ,,/3&,,QMHFWLRQDQG6'&FRQWDLQPHQWLVRODWLRQYDOYHV 02
DQG02 DUHORFDWHGLQ9ROXPHRQWKHIRRWHOHYDWLRQRIWKH
5HDFWRU%XLOGLQJ
7KH'LYLVLRQ,FRQWDLQPHQWVSUD\LVRODWLRQYDOYHV 02DQG02 DUH
ORFDWHGLQ9ROXPHRQWKHIRRWHOHYDWLRQRIWKH5HDFWRU%XLOGLQJDQGWKH
'LYLVLRQ,,YDOYHV 02DQG02 DUHORFDWHGRQWKHIRRWLQFK
HOHYDWLRQLQ9ROXPHVDQG
7KHSRZHUFDEOLQJIRUWKH5+53XPSVLVURXWHGIURPWKHUHVSHFWLYHVDIHW\UHODWHG
VZLWFKJHDUURRPLQWKH7XUELQH%XLOGLQJ9ROXPH 'LYLVLRQ, DQG9ROXPH
'LYLVLRQ,, XQGHUJURXQGWRWKH5HDFWRU%XLOGLQJ'LYLVLRQ,FDEOHVDUHWKHQURXWHGWR
5&,&URRP 9ROXPH DQGFRQWLQXHXQGHUJURXQGWRWKHVRXWKHDVWFRUQHUURRP
9ROXPH 7KH'LYLVLRQ,,FDEOHVDUHURXWHGXQGHUJURXQGWRWKH5HDFWRU%XLOGLQJ
GUDLQWDQNURRP 9ROXPH DQGWKHQFRQWLQXHXQGHUJURXQGWRWKHVRXWKZHVWFRUQHU
URRP 9ROXPH 7KHSRZHUFDEOHVWRWKHYDOYHVDUHURXWHGIURPWKHUHVSHFWLYH
0&&VLQWKH7XUELQH%XLOGLQJ9ROXPH 'LYLVLRQ, DQG9ROXPH 'LYLVLRQ,, WRWKH
&DEOH6SUHDGLQJ5RRPDQGLQWRWKH5HDFWRU%XLOGLQJYLD9ROXPH 'LYLVLRQ, DQG
9ROXPH 'LYLVLRQ,, )URPWKHUHWKHFDEOHVDUHURXWHGWRWKHUHVSHFWLYHYDOYHV
7KHFRQWUROFDEOHVIROORZWKHURXWLQJRIWKHYDOYHV¶SRZHUFDEOHV7KHSRZHUDQG
FRQWUROFDEOHVIRU'LYLVLRQ,,5+5YDOYHV0202DQG02DUH
URXWHGIURP0&&V 9ROXPH WRWKHWKLUGIORRU()7%XLOGLQJ7KH\WKHQJR
XQGHUJURXQGDURXQGWKHVRXWKVLGHRIWKH5HDFWRU%XLOGLQJWRWKHIRRWHOHYDWLRQ
9ROXPH RIWKH5HDFWRU%XLOGLQJDQGWKHQWRWKHUHVSHFWLYHYDOYHV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, &RUH6SUD\ &6 6\VWHP
7KH&RUH6SUD\6\VWHPLVDWZRGLYLVLRQDOV\VWHPFDSDEOHRIWDNLQJVXSSUHVVLRQSRRO
ZDWHUDQGVSUD\LQJLWRYHUWKHWRSRIWKHUHDFWRUFRUH(DFKGLYLVLRQKDVDFRUHVSUD\
SXPSDYDOYHRQWKHVXFWLRQOLQHWRWKHVXSSUHVVLRQFKDPEHUDQGLQERDUGDQG
RXWERDUGLQMHFWLRQYDOYHV
7KH'LYLVLRQ,SXPS 3$ LVORFDWHGLQWKHVRXWKHDVWFRUQHUURRPRIWKH5HDFWRU
%XLOGLQJ 9ROXPH LQWKHVDPHURRPZLWKWKH'LYLVLRQ,5+5SXPSV,WVVXFWLRQOLQH
7:+( LVURXWHGIURPWKHVXSSUHVVLRQFKDPEHUDUHD 9ROXPH WRWKH&6
SXPS7KHSRROVXFWLRQYDOYH 02 LVORFDWHGLQWKHVRXWKHDVWFRUQHUURRP
9ROXPH ZLWKWKH&6SXPS7KHGLVFKDUJHSLSLQJLVURXWHGIURPWKHVRXWKHDVW
FRUQHUURRPXSWKURXJKWKHHDVWVLGHRIWKHIRRWHOHYDWLRQRIWKH5HDFWRU
%XLOGLQJ 9ROXPH DQGILQDOO\XSWRWKHIRRWLQFKHOHYDWLRQRIWKH5HDFWRU
%XLOGLQJRQWKHHDVWVLGH 9ROXPH 7KHLQERDUGDQGRXWERDUGLQMHFWLRQYDOYHV
02DQG02UHVSHFWLYHO\ DUHORFDWHGLQWKLVDUHD 9ROXPH
7KH'LYLVLRQ,,&RUH6SUD\6\VWHPLVORFDWHGRQWKHZHVWVLGHRIWKH5HDFWRU%XLOGLQJ
7KH'LYLVLRQ,,FRUHVSUD\SXPS 3% DQGWKHSRROVXFWLRQYDOYH 02 DUH
ORFDWHGLQWKHVRXWKZHVWFRUQHUURRP 9ROXPH 7KH&6SXPSVXFWLRQSLSLQJLV
URXWHGIURPWKHVXSSUHVVLRQFKDPEHUDUHD 9ROXPH WRWKHVRXWKZHVWFRUQHU
URRP7KHSXPSGLVFKDUJHSLSLQJLVURXWHGIURPWKHVRXWKZHVWFRUQHUURRPXS
WKURXJKWKHIRRWHOHYDWLRQRIWKH5HDFWRU%XLOGLQJ 9ROXPH DQGXSWRWKH
IRRWLQFKHOHYDWLRQRIWKH5HDFWRU%XLOGLQJ 9ROXPH 7KHLQERDUGDQG
RXWERDUGLQMHFWLRQYDOYHV 02DQG02UHVSHFWLYHO\ DUHORFDWHGRQWKH
ZHVWVLGHRIWKH5HDFWRU%XLOGLQJDWWKHIRRWLQFKHOHYDWLRQLQ9ROXPH
7KHFDEOLQJIRUHDFKGLYLVLRQRIWKH&RUH6SUD\6\VWHPIROORZVWKHVDPHURXWLQJDV
WKHFRUUHVSRQGLQJGLYLVLRQRI5+5
, 5+56HUYLFH:DWHU6\VWHP
7KH5+56HUYLFH:DWHU 5+56: 6\VWHPVXSSOLHVZDWHUIURPWKHXOWLPDWHKHDWVLQN
ULYHU WRWKHWXEHVLGHRIWKH5+5KHDWH[FKDQJHUVDQGEDFNWRWKHULYHU7KHV\VWHP
KDVSXPSVZLWKGHGLFDWHGWRHDFKGLYLVLRQ7KHSXPSVIRUERWKGLYLVLRQVDUH
ORFDWHGLQWKH,QWDNH6WUXFWXUHSXPSURRP 9ROXPH 7KHGLVFKDUJHSLSLQJLV
URXWHGIURPWKH,QWDNH6WUXFWXUH 9ROXPH WKURXJKWKHDFFHVVWXQQHO 9ROXPH
LQWRWKH7XUELQH%XLOGLQJQRUWKFRUULGRU 9ROXPH )URPWKH7XUELQH%XLOGLQJQRUWK
FRUULGRUWKH\DUHURXWHGDERYHWKHIRRWHOHYDWLRQRIWKH7XUELQH%XLOGLQJWKURXJK
9ROXPHVDQGDQGLQWRWKHFRQGHQVHUED\DUHD 9ROXPH 7KHOLQHVH[LWWKH
7XUELQH%XLOGLQJIURPWKHFRQGHQVHUED\DQGSHQHWUDWHWKH5HDFWRU%XLOGLQJLQWKH
7,3GULYHURRP9ROXPH)URPWKH7,3GULYHURRPWKHOLQHVDUHURXWHGWRWKHWRUXV
DUHD 9ROXPHV DQGWKHQWRWKHUHVSHFWLYHFRUQHUURRPV
$X[LOLDU\DLUFRPSUHVVRUVDUHORFDWHGRQWKHIRRWHOHYDWLRQRIWKH5HDFWRU
%XLOGLQJ'LYLVLRQ,LQ9ROXPHDQG'LYLVLRQ,,LQ9ROXPH(DFKGLYLVLRQV¶KHDW
H[FKDQJHUGLVFKDUJHSUHVVXUHFRQWUROYDOYHV &9DQG&9 DUHDOVR
ORFDWHGLQWKHUHVSHFWLYHFRUQHUURRPV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
&DEOLQJIRUWKHV\VWHPLVURXWHGHQWLUHO\ZLWKLQWKH7XUELQH%XLOGLQJ7KHSRZHU
FDEOLQJIRUWKHSXPSVLVURXWHGIURPWKHUHVSHFWLYHVZLWFKJHDUDUHDV 9ROXPHVDQG
WRWKH,QWDNH6WUXFWXUH 9ROXPH &RQWUROFDEOLQJLVURXWHGWRWKH&RQWURO5RRP
YLDWKHUHVSHFWLYHGLYLVLRQDOURXWLQJLQWKH7XUELQH%XLOGLQJ)RU'LYLVLRQ,WKLVZRXOG
EHIURPWKHFDEOHVSUHDGLQJURRPWR9ROXPHVDQG)RU'LYLVLRQ,,WKLV
ZRXOGEHIURPWKHFDEOHVSUHDGLQJURRPWR9ROXPHDQGWKHQLQWRWKHVZLWFKJHDU
DUHD
, 5HDFWRU&RUH,VRODWLRQ&RROLQJ 5&,& 6\VWHP
- KLOHQRWUHTXLUHGIRUVDIHVKXWGRZQWKH5&,&6\VWHPPD\EHXVHGLIDYDLODEOH$
GHVFULSWLRQLVLQFOXGHGLQWKLVVHFWLRQIRUFRPSOHWHQHVV
7KH5&,&6\VWHPOLNHWKH+3&,6\VWHPFRQVLVWVRIDVWHDPGULYHQWXUELQHSXPS
DVVHPEO\DQGDVVRFLDWHGYDOYLQJ7KHWXUELQHSXPSDQGPRVWRIWKHDVVRFLDWHG
YDOYHVDUHORFDWHGLQ5&,&URRP 9ROXPH 7KHVWHDPVXSSO\OLQH 36('
DQGWKH5&,&LQMHFWLRQOLQH ):(' DUHURXWHGIURPWKH5&,&URRPWKURXJKWKH
WRUXVDUHD 9ROXPH DQGXSLQWRPDLQVWHDPFKDVH 9ROXPH 7KHYDOYLQJIRUWKH
5&,&6\VWHPLVORFDWHGLQHLWKHUWKH5&,&URRPRUPDLQVWHDPFKDVH7KH5&,&
SRZHUFDEOHVDUHURXWHGIURPWKHEDWWHULHVLQWKH3ODQW$GPLQLVWUDWLRQ%XLOGLQJ
WKURXJKWKH&DEOH6SUHDGLQJ5RRPLQWR7,3GULYHURRP 9ROXPH LQWKH5HDFWRU
%XLOGLQJDQGGRZQWRWKH5&,&URRP 9ROXPH
, 6KXWGRZQ,QVWUXPHQWDWLRQ
7KH6KXWGRZQ,QVWUXPHQWDWLRQOLNHWKHRWKHUVDIHW\UHODWHGHTXLSPHQWLV
GLYLVLRQDOL]HG7KHORFDWLRQVIRUWKHFRPSRQHQWVIRUHDFKGLYLVLRQDUHJLYHQEHORZ
3DUDPHWHU (TXLSPHQW
'LYLVLRQ 0HDVXUHG 'HVLJQDWLRQ &RPSDUWPHQW
, 5HDFWRU:DWHU/HYHO /7$ (DVWVLGHRI5HDFWRU
%OGJ(OHYIRRW
, 6XSSUHVVLRQ3RRO/HYHO /7$ 7RUXV$UHD
, 5HDFWRU3UHVVXUH 37$ (DVWVLGHRI5HDFWRU
%OGJ(OHYIRRW
LQFK
, 6XSSUHVVLRQ3RRO 7($WR$ 7RUXV$UHD
7HPSHUDWXUH
,, 5HDFWRU:DWHU/HYHO /7% :HVWVLGHRI5HDFWRU
%OGJ(OHYIRRW
,, 6XSSUHVVLRQ3RRO/HYHO /7% 7RUXV$UHD
,, 5HDFWRU3UHVVXUH 37% :HVWVLGHRI5HDFWRU
%OGJ(OHYIRRW
LQFK
,, 6XSSUHVVLRQ3RRO 7(%WR% 7RUXV$UHD
7HPSHUDWXUH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7KHFDEOLQJIURPWKHVHLQVWUXPHQWVLVURXWHGWKURXJKWKHVDPHURXWLQJVFKHPHVEDFN
WRWKHFDEOHVSUHDGLQJDUHDDVDUHWKHRWKHUVDIHW\UHODWHGGLYLVLRQDOVHSDUDWHG
FDEOHV7KHRQO\H[FHSWLRQVDUHWKH'LYLVLRQ,,VXSSUHVVLRQSRROWHPSHUDWXUHFDEOHV
DQG$OWHUQDWH6KXWGRZQ6\VWHP $6'6 LQVWUXPHQWV)URPWKHWRUXVDUHDWKH\DUH
URXWHGLQWRWKHFRQGHQVHUED\ 9ROXPH DQGWKURXJK9ROXPHRQWKHIRRW
HOHYDWLRQRIWKH7XUELQH%XLOGLQJDQGLQWRWKH(PHUJHQF\)LOWUDWLRQ%XLOGLQJIURP
WKHUH$6'6LQVWUXPHQWVWKDWKDYHEHHQUHURXWHGDUHUHDFWRUZDWHUOHYHO
/7%DQGVXSSUHVVLRQSRROOHYHO/7%7KHURXWLQJLVXQGHUJURXQG
DURXQGWKHVRXWKVLGHRIWKH5HDFWRU%XLOGLQJWRWKHWKLUGIORRU()7
, (PHUJHQF\6HUYLFH:DWHU6\VWHPV
7KHWZRHPHUJHQF\VHUYLFHZDWHUV\VWHPVFRQVLVWLQJRIWKH(PHUJHQF\'LHVHO
- HQHUDWRU(PHUJHQF\6HUYLFH:DWHU ('*(6: 6\VWHPDQGWKH(PHUJHQF\
)LOWUDWLRQ7UDLQ(PHUJHQF\6HUYLFH:DWHU ()7(6: 6\VWHPDUHERWKWZR
GLYLVLRQDOV\VWHPVZKLFKFROOHFWLYHO\VXSSO\FRROLQJZDWHUWRWKHHPHUJHQF\GLHVHO
JHQHUDWRUVWKH(&&6SXPSURRPFRROHUVWKH5+5 &RUH6SUD\SXPSVDQGWKH
()76\VWHP7KHV\VWHPVZKHQFRPELQHGFRQVLVWRISXPSV3$%& '
ORFDWHGLQWKH,QWDNH6WUXFWXUH 9ROXPH 3XPSV3$DQG3&DUHERWK
'LYLVLRQ,FRPSRQHQWVDQGSXPSV3%DQG3'DUHERWK'LYLVLRQ,,
FRPSRQHQWV
, (PHUJHQF\'LHVHO*HQHUDWRU(PHUJHQF\6HUYLFH:DWHU6\VWHP
3XPS3$DQG3%DUHXVHGWRVXSSO\FRROLQJZDWHUWRWKH'LYLVLRQ,DQG
'LYLVLRQ,,HPHUJHQF\GLHVHOJHQHUDWRUUHVSHFWLYHO\7KHGLVFKDUJHSLSLQJIURP
HDFK('*(6:SXPSWHHVLQWKHLQWDNHVWUXFWXUHZLWKVHSDUDWHLQFKOLQHVURXWHG
XQGHUJURXQGWRWKHUHVSHFWLYH('*7KHRWKHUEUDQFKRIWKHWHHRQHDFKOLQHKDVD
FORVHGPDQXDOYDOYHLQWKH,QWDNH6WUXFWXUH (6:DQG(6: 7KH
FRROLQJZDWHUOLQHVWRWKH('*VDUHFURVVWLHGLQWKH,QWDNH6WUXFWXUH7KLVDOORZV
FRROLQJRIHLWKHU('*IURPSXPS3$RU3%
7KHSRZHUFDEOHIRU'LYLVLRQ,(6:SXPS3$LVURXWHGIURP0&&LQWKH
()7%XLOGLQJLQWRWKHPDLQIHHGSXPSDUHD 9ROXPH DORQJWKHHDVWFRUULGRUDW
WKHIRRWHOHYDWLRQ 9ROXPH DORQJWKHQRUWK7XUELQH%XLOGLQJFRUULGRU
9ROXPH WKURXJKWKHDFFHVVWXQQHO 9ROXPH DQGLQWRWKHLQWDNHVWUXFWXUH$
FRQWUROFDEOHIRU3$LVURXWHGIURPWKH&RQWURO5RRPWKURXJKWKH&DEOH
6SUHDGLQJ5RRPWKURXJK9ROXPHLQWRWKHPDLQIHHGSXPSDUHD 9ROXPH
DQGLQWRWKH()7%XLOGLQJ$QRWKHUFRQWUROFDEOHIRU3$LVURXWHGIURP&LQ
WKH&RQWURO5RRPWKURXJKWKH&DEOH6SUHDGLQJ5RRPWKURXJK9ROXPHLQWR
WKHPDLQIHHGSXPSDUHD 9ROXPH DORQJWKHHDVWFRUULGRUDWWKHIRRW
HOHYDWLRQDORQJWKHQRUWK7XUELQH%XLOGLQJFRUULGRU 9ROXPH DQGLQWRWKH
'LYLVLRQ,HVVHQWLDOVZLWFKJHDUDUHD 9ROXPH EHIRUHHQWHULQJWKH'LYLVLRQ,('*
FRPSDUWPHQW 9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7KHSRZHUFDEOHIRU'LYLVLRQ,,(6:SXPS3%LVURXWHGIURP0&&
ORFDWHGLQWKHVRXWKHDVWFRUQHURIWKH7XUELQH%XLOGLQJRQHOHYDWLRQIRRW
9ROXPH DORQJWKHHDVWFRUULGRURIWKH7XUELQH%XLOGLQJ 9ROXPH DORQJWKH
QRUWK7XUELQH%XLOGLQJFRUULGRU 9ROXPH DQGLQWRWKH'LYLVLRQ,,HVVHQWLDO
VZLWFKJHDUDUHD 9ROXPH EHIRUHHQWHULQJWKH,QWDNH6WUXFWXUHWKURXJKDQ
XQGHUJURXQGGXFWEDQN7KHFRQWUROFDEOHVIRU3%RULJLQDWHLQWKH()7
%XLOGLQJDQGDUHURXWHGLQWRWKH7XUELQH%XLOGLQJVRXWKHDVWFRUQHUDWHOHYDWLRQ
IRRW)URPWKHUHRQHRIWKHFRQWUROFDEOHVLVURXWHGGLUHFWO\LQWRWKH&RQWURO
5RRPRQHLVURXWHGWR0&& ZKLFKLVORFDWHGLQ9ROXPH DQGRQHLV
URXWHGDORQJWKHHDVW7XUELQH%XLOGLQJFRUULGRUDWWKHIRRWHOHYDWLRQ
9ROXPH DORQJWKHQRUWK7XUELQH%XLOGLQJFRUULGRU 9ROXPH DQGLQWRWKH
'LYLVLRQ,,HVVHQWLDOVZLWFKJHDUDUHD 9ROXPH EHIRUHHQWHULQJWKH'LYLVLRQ,,
(PHUJHQF\'LHVHO*HQHUDWRUFRPSDUWPHQW 9ROXPH
, (PHUJHQF\)LOWUDWLRQ7UDLQ(PHUJHQF\6HUYLFH:DWHU6\VWHP
3XPSV3& 'VXSSO\FRROLQJZDWHUWRWKHUHVSHFWLYH'LYLVLRQ,DQG,,(&&6
SXPSURRPFRROHUVWKH5+5DQG&RUH6SUD\SXPSVDQGWKH()76\VWHP7KH
'LYLVLRQ,(6:/LQHWR(&&6URRPFRROHUVDQG'LYLVLRQ,5+5DQG&RUH6SUD\
3XPSV (6:+) LVURXWHGIURPWKH,QWDNH6WUXFWXUHWKURXJKWKHDFFHVV
WXQQHO 9ROXPH LQWRWKH7XUELQH%XLOGLQJQRUWKFRUULGRURQWKHIRRW
HOHYDWLRQ 9ROXPH )URPWKHUHLWLVURXWHGLQWKHQRUWKFRUULGRURYHULQWRWKH
UHDFWRUIHHGSXPSDUHD 9ROXPH :LWKLQWKLVFRPSDUWPHQWWKHOLQHVWHHDJDLQ
5HIHUHQFH ZLWKWKHSLSLQJOLQH(6:+%'URXWHGLQWRWKH(PHUJHQF\
)LOWUDWLRQ%XLOGLQJ7KHOLQHWRWKH(&&6SXPSURRPFRROHUVDQG5+5DQG&RUH
6SUD\3XPSV6:$+)LVURXWHGIURPWKHPDLQIHHGSXPSDUHDLQWRWKH
FRQGHQVHUED\DUHD 9ROXPH RQWKHIRRWHOHYDWLRQ7KHSLSHLVURXWHG
DORQJWKHHDVWZDOORYHUWRWKHVRXWKZDOORIWKHURRP7KHSLSLQJOLQHH[LWVWKH
FRQGHQVHUED\WKURXJKWKHVRXWKZDOODQGLQWRWKH5HDFWRU%XLOGLQJ7KLVOLQH
HQWHUVWKH5HDFWRU%XLOGLQJLQWKH7,3GULYHURRP 9ROXPH DQGLVURXWHGIURP
WKHUHLQWRWKHWRUXVDUHD 9ROXPH 2QFHLQWKHWRUXVDUHDWKHOLQHWHHVDJDLQZLWK
SDUWRIWKHIORZURXWHGWRWKHVRXWKHDVWFRUQHUURRP 9ROXPH DQGWKHUHPDLQGHU
WRWKH+3&,URRP 9ROXPH IRUWKH'LYLVLRQ,+3&,URRPFRROHU
7KH'LYLVLRQ,,(6:/LQHWRWKH(&&6URRPFRROHUV (6:+) IROORZVD
SDUDOOHOURXWHWRLWV'LYLVLRQ,FRXQWHUSDUWWRWKHQRUWKWXUELQHFRUULGRUDWWKH
IRRWHOHYDWLRQ 9ROXPH )URPWKHUHLWLVURXWHGWR9ROXPHRQWKHIRRW
HOHYDWLRQRIWKH7XUELQH%XLOGLQJ,Q9ROXPHWKHOLQHWHHV 5HIHUHQFH ZLWK
OLQH6:%+)URXWHGLQWR9ROXPHDQGWKHQLQWRWKHFRQGHQVHUED\
9ROXPH )URPWKHFRQGHQVHUED\WKHOLQHHQWHUVWKH5HDFWRU%XLOGLQJLQWKH
PDLQVWHDPFKDVH 9ROXPH DQGIURPWKHUHLVURXWHGLQWRWKHWRUXVDUHD
9ROXPH $IWHUHQWHULQJWKHWRUXVDUHDWKHOLQHWHHVDJDLQZLWKSDUWRIWKHIORZ
JRLQJWRWKHVRXWKZHVWFRUQHUURRP 9ROXPH DQGWKHUHPDLQGHUWRWKH'LYLVLRQ,,
+3&,URRPFRROHULQWKH+3&,URRP 9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7KHFDEOHIRUWKHRWKHUWZR(6:SXPSV 3&DQG3' EHJLQVLQWKH()7
%XLOGLQJ7KHSRZHUFDEOHWR3&LVURXWHGIURP0&&LQWKH()7%XLOGLQJ
LQWRWKHPDLQIHHGSXPSDUHD9ROXPHDORQJWKHHDVWFRUULGRUDWWKHIRRW
HOHYDWLRQDQGWKHQDORQJWKHQRUWK7XUELQH%XLOGLQJFRUULGRU9ROXPHLQWRWKH
DFFHVVWXQQHO2QHFRQWUROFDEOHLVORFDWHGHQWLUHO\LQWKH()7%XLOGLQJ7KHRWKHU
HQWHUVWKH7XUELQH%XLOGLQJLQWKHPDLQIHHGSXPSDUHDWKHQLVURXWHGLQWR
9ROXPHDQGLQWRWKH&DEOH6SUHDGLQJ5RRPEHIRUHHQWHULQJWKH&RQWURO
5RRP)RUSXPS3'WKHSRZHUFDEOHLVURXWHGIURP0&&LQWKH()7
%XLOGLQJLQWRWKH7XUELQH%XLOGLQJVRXWKHDVWFRUQHURQWKHIRRWHOHYDWLRQ,WLV
WKHQURXWHGDORQJWKHHDVWFRUULGRUDWWKDWHOHYDWLRQLQWRWKH'LYLVLRQ,,FDEOHZD\
9ROXPH DQGHQGLQJLQ'LYLVLRQ,,HVVHQWLDOVZLWFKJHDUDUHD9ROXPH)URP
WKHUHWKHFDEOHLVURXWHGRXWVLGHXQGHUJURXQGWRWKH,QWDNH6WUXFWXUH7KUHH
FRQWUROFDEOHVIRUWKLVSXPSDUHORFDWHGHQWLUHO\ZLWKLQWKH()7%XLOGLQJDQGWKH
RWKHUHQWHUVWKH7XUELQH%XLOGLQJDWWKHIRRWHOHYDWLRQLQ9ROXPH)URP
WKHUHLWLVURXWHGXSWRWKHWXUELQHRSHUDWLQJIORRUEHIRUHHQWHULQJWKH&RQWURO5RRP
, (PHUJHQF\'LHVHO*HQHUDWRUVDQG$X[LOLDULHV
7KHUHLVRQH(PHUJHQF\'LHVHO*HQHUDWRU ('* IRUHDFKHVVHQWLDOGLYLVLRQDW
0RQWLFHOOR7KH('*VDUHORFDWHGLQDGMDFHQWFRPSDUWPHQWVZLWK('*ORFDWHGLQ
9ROXPHDQG('*ORFDWHGLQ9ROXPH7KHORFDOFRQWUROSDQHOVDQGDLUVWDUW
V\VWHPVDUHDOVRORFDWHGLQWKHUHVSHFWLYHFRPSDUWPHQWZLWKWKH('*7KHRLOGD\
WDQNVDUHORFDWHGQH[WWR9ROXPHLQVHSDUDWHGD\WDQNURRPV&DEOLQJIRUSRZHUWR
WKHORFDOFRQWURODQGHOHFWULFDOFDELQHWVLVURXWHGLQWKHVDPHPDQQHUDVWKHFRQWURO
FDEOHVIRU5+56:SXPSV7KH('*SRZHUFDEOLQJLVURXWHGWRWKHUHVSHFWLYH
HVVHQWLDOVZLWFKJHDUZKLFKDUHLQDGMDFHQWFRPSDUWPHQWVLQWKH7XUELQH%XLOGLQJ
, $X[LOLDU\3RZHU'LVWULEXWLRQ6\VWHPV
7KH$X[LOLDU\3RZHU'LVWULEXWLRQ6\VWHPFRQVLVWVRIWKH.9VZLWFKJHDUWKH9DF
ORDGFHQWHUPRWRUFRQWUROFHQWHUVDQGWKHWUDQVIRUPHUVEHWZHHQWKHP7KHV\VWHPLV
FDSDEOHRIGLVWULEXWLQJWKHHOHFWULFDOSRZHUJHQHUDWHGE\WKH('*VXQGHUDORVVRI
RIIVLWHSRZHUFRQGLWLRQ)RU'LYLVLRQ,ERWKWKH.9VZLWFKJHDUDQG9DF
GLVWULEXWLRQHTXLSPHQWDUHORFDWHGLQ9ROXPHRQWKHIRRWHOHYDWLRQRIWKH
7XUELQH%XLOGLQJLQWKHQRUWKZHVWFRUQHU7KH'LYLVLRQ,,ORDGFHQWHUVDUHORFDWHG
GLUHFWO\DERYHWKH'LYLVLRQ,ORDGFHQWHUVRQWKHQH[WIORRU IRRWHOHYDWLRQ LQ
9ROXPH(VVHQWLDO0&&V$$DQG$DUHORFDWHGLQWKHVRXWKHDVW
FRUQHURIWKH7XUELQH%XLOGLQJZLWK'LYLVLRQ,0&&$ORFDWHGRQWKHIRRW
HOHYDWLRQLQ9ROXPHDQG'LYLVLRQ,,0&&V$DQG$ORFDWHGRQWKHIRRW
HOHYDWLRQLQ9ROXPH(VVHQWLDO0&&VDQGDUHORFDWHGLQWKH()77KH
()7LVQRWDVVLJQHGDYROXPHQXPEHUEHFDXVHWKHUHDUHQRKLJKHQHUJ\OLQHVZLWKLQ
WKHEXLOGLQJ
&DEOLQJIURPORDGFHQWHUVWRWKH0&&VLVURXWHGLQVHSDUDWHFRPSDUWPHQWV&DEOHV
IURP'LYLVLRQ,ORDGFHQWHUVDUHURXWHGIURP9ROXPHWKURXJK9ROXPHVDQG
WHUPLQDWLQJLQ9ROXPH2WKHU'LYLVLRQ,FDEOHVQRWWHUPLQDWLQJDWWKH0&&DUH
URXWHGXSLQWR9ROXPHDQGLQWRWKHFDEOHVSUHDGLQJDUHD7KH'LYLVLRQ,,FDEOHV
DUHURXWHGIURPWKHORDGFHQWHUV9ROXPHWKURXJK9ROXPHVDQGDQG
WHUPLQDWLQJLQ9ROXPH&DEOHVJRLQJWRWKHFDEOHVSUHDGLQJDUHDDUHURXWHG
WKURXJK9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, '&3RZHU6\VWHPV
- LWKWKHH[FHSWLRQRIWKH9GFGLVWULEXWLRQSDQHOVORFDWHGLQWKH.9VZLWFKJHDU
URRPVWKHPDMRU'&SRZHUFRPSRQHQWVUHTXLUHGIRUVDIHVKXWGRZQDUHORFDWHGLQ
WKHEDWWHU\URRPVRIWKH$GPLQLVWUDWLRQRU(PHUJHQF\)LOWUDWLRQ%XLOGLQJV7KH
FDEOLQJLVURXWHGIURP&DEOH6SUHDGLQJ5RRPWRWKHUHVSHFWLYHFRPSRQHQWVDORQJ
WKHGLYLVLRQDOURXWLQJVGHVFULEHGSUHYLRXVO\7KHRQO\H[FHSWLRQLVWKH+3&,SRZHU
FDEOHVZKLFKDUHURXWHGLQDVLPLODUURXWHWRWKH'LYLVLRQ,,6327026FDEOHV
+RZHYHURQFHURXWHGLQWRWKH5HDFWRU%XLOGLQJWKH+3&,FDEOHVDUHWKHQURXWHGWR
WKH+3&,DUHD 9ROXPH
, +9$&6\VWHPV
7KHRQO\+9$&(TXLSPHQWUHTXLUHGIRUVDIHVKXWGRZQDUHWKH(&&65RRP&RROHUV
9$& 'LYLVLRQ, DQG9$& 'LYLVLRQ,, ORFDWHGLQUHVSHFWLYH5HDFWRU%XLOGLQJ
FRUQHUURRPVRQWKHIRRWHOHYDWLRQDQGWKH('*VXSSO\IDQ96)IRU('*1R
DQG96)IRU('*1R7KHFRROLQJZDWHUIRUWKH(&&6URRPFRROHUVLV
VXSSOLHGIURPWKHUHVSHFWLYH(PHUJHQF\6HUYLFH:DWHU6\VWHPSXPSZLWK9$&
VXSSOLHGE\3&DQG9$&E\3'3RZHUFDEOLQJIRUWKH9$&DQG
9$&LVURXWHGLQWRWKH5HDFWRU%XLOGLQJIURPWKHFDEOHVSUHDGLQJDUHDLQWKHVDPH
PDQQHUDVWKHRWKHUGLYLVLRQDOFDEOHV
7KHSRZHUDQGFRQWUROFDEOHVIRU'LYLVLRQ,('*VXSSO\IDQ 96) DUHURXWHGIURP
0&&LQWKH()7%XLOGLQJLQWRWKHPDLQIHHGSXPSDUHD 9ROXPH DORQJWKH
HDVWFRUULGRUDWWKHIRRWHOHYDWLRQ 9ROXPH DORQJWKHQRUWK7XUELQH%XLOGLQJ
FRUULGRU 9ROXPH DQGLQWR'LYLVLRQ,VZLWFKJHDUDUHD 9ROXPH EHIRUHHQWHULQJ
WKH'LYLVLRQ,('*FRPSDUWPHQW 9ROXPH
7KHSRZHUDQGFRQWUROFDEOHVIRU'LYLVLRQ,,('*VXSSO\IDQ 96) DUHURXWHGIURP
0&&ORFDWHGLQWKHVRXWKHDVWFRUQHURIWKH7XUELQH%XLOGLQJDWWKHIRRW
HOHYDWLRQDORQJWKHHDVWFRUULGRURIWKH7XUELQH%XLOGLQJDWWKHIRRWHOHYDWLRQ
DORQJWKHQRUWK7XUELQH%XLOGLQJFRUULGRUDQGLQWRWKH'LYLVLRQ,,HVVHQWLDOVZLWFKJHDU
DUHD 9ROXPH EHIRUHHQWHULQJWKH'LYLVLRQ,,('*FRPSDUWPHQW 9ROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH, 6DIH6KXWGRZQ&RPSRQHQWV$YDLODEOH
6$)(6+87'2:1&20321(176$9$,/$%/()25($&+3(5)250$1&(*2$/
(TXLSPHQW5HTXLUHGWR
$FKLHYHDQG0DLQWDLQ (TXLSPHQW5HTXLUHGWR (TXLSPHQW5HTXLUHGIRU (TXLSPHQW5HTXLUHGWR5HPRYH'HFD\
'LYLVLRQ 6XEFULWLFDOLW\ 0DLQWDLQ539,QYHQWRU\ 539'HSUHVVXUL]DWLRQ +HDWDQGFRQWDLQPHQWVSUD\FRROLQJ
, 5HDFWRU3URWHFWLRQ6\VWHPDQG &63XPSDQG5+53XPSV 659V$YDLODEOH 659V5+53XPSV&63XPS5+5
&RQWURO5RGVDQG&RQWURO5RG $YDLODEOH x 659V1HHGHGIRU/3&, +HDW([FKDQJHUDQG5+56:3XPSV
'ULYHV 539,QYHQWRU\5HFRYHU\RU $YDLODEOH
x &63XPSRU5+53XPS
/3&,0RGH x 659V1HHGHGIRU&63XPS x 5+53XPS 6'&0RGH 5+5+HDW
539,QYHQWRU\5HFRYHU\ ([FKDQJHUDQG5+56:3XPS1HHGHG
RU
x &63XPS6595+53XPS 63&
0RGH 5+5+HDW([FKDQJHUDQG
5+56:3XPS1HHGHGRU
x 5+53XPS /3&,0RGH 5+5+HDW
([FKDQJHU659DQG5+56:3XPS
1HHGHG
,, 5HDFWRU3URWHFWLRQ6\VWHPDQG +3&,&63XPSDQG5+5 +3&,DQG659V$YDLODEOH 659V5+53XPS&63XPS5+5
&RQWURO5RGVDQG&RQWURO5RG 3XPSV$YDLODEOH x +3&,DQG6591HHGHG +HDW([FKDQJHUDQG5+56:3XPSV
'ULYHV x +3&,&63XPSRU5+5 RU $YDLODEOH
3XPS /3&,0RGH 1HHGHG x 659V1HHGHGIRU/3&, x 5+53XPS 6'&0RGH 5+5+HDW
RU 539,QYHQWRU\5HFRYHU\RU ([FKDQJHUDQG5+56:3XPS1HHGHG
RU
x &63XPSRU5+53XPS x 659V1HHGHGIRU&63XPS
/3&,0RGH 539,QYHQWRU\5HFRYHU\ x &63XPS6595+53XPS 63&
0RGH 5+5+HDW([FKDQJHUDQG
5+56:3XPS1HHGHGRU
x 5+53XPS /3&,0RGH 6595+5
+HDW([FKDQJHUDQG5+56:3XPS
1HHGHG
5HTXLUHG$X[LOLDU\6XSSRUW6\VWHPV LH('*('*$X[LOLDULHV(VVHQWLDO3RZHU'LVW6\V(6:6\VWHP6KXWGRZQ,QVWUXPHQWDWLRQ DOZD\VUHTXLUHG
)ROORZLQJ539GHSUHVVXUL]DWLRQE\659VDQG5&,&QRWDYDLODEOH
)ROORZLQJ539GHSUHVVXUL]DWLRQE\659VDQG+3&,QRWDYDLODEOH
5+5SXPSXVHGIRU539,QYHQWRU\&RQWUROFDQQRWEHVDPH5+5SXPSXVHGIRU'HFD\+HDW5HPRYDOH[FHSWIRUWKHILQDOSDWKGHVFULEHGIRUHLWKHUGLYLVLRQXQGHU
GHFD\KHDWUHPRYDORIWKLVWDEOH
7KRXJKQRWUHTXLUHGVDIHVKXWGRZQHTXLSPHQW5&,&LIDYDLODEOHFRXOGEHXVHG
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
I.5 +(/%DQG6DIH6KXWGRZQ(YDOXDWLRQ
, &RPSOLDQFH(YDOXDWLRQ 5HIHUHQFHDQG
7KHREMHFWLYHRIWKHFRPSOLDQFHHYDOXDWLRQZDVWRHVWDEOLVKWKDWIRUDQ\SRVWXODWHG
+(/%LQDQ\FRPSDUWPHQWDSDWKWRVDIHVKXWGRZQH[LVWHGXVLQJWKHPLWLJDWLQJV\VWHPV
LGHQWLILHGLQ6HFWLRQ,7KHPHWKRGRORJ\IRUVKRZLQJWKLVFRPSOLDQFHZDVGLYLGHGLQWR
IRXUVWHSV
(OLPLQDWHDOOFRPSDUWPHQWVZKLFKGLGQRWFRQWDLQERWKSRVWXODWHG+(/%VDQG
66'HTXLSPHQWRUDOOFRPSDUWPHQWVFRQWDLQLQJSRVWXODWHG+(/%VZKLFK
ZRXOGQRWDGYHUVHO\DIIHFW66'LQDGMDFHQWFRPSDUWPHQWV
(YDOXDWHWKHORVVRIDOO66'HTXLSPHQWIURPDSRVWXODWHG+(/%LQDVSHFLILF
FRPSDUWPHQW,IDSDWKWRVDIHVKXWGRZQH[LVWVWKHHYDOXDWLRQRIWKH
FRPSDUWPHQWLVFRPSOHWHDQGGRFXPHQWHGDFFRUGLQJO\
(YDOXDWHWKHORVVRIWKH66'HTXLSPHQWDIIHFWHGE\VSHFLILF+(/%VLQD
FRPSDUWPHQWWRGHPRQVWUDWHFRPSOLDQFH
3URYLGHUHFRPPHQGDWLRQVIRUSURSRVHGPRGLILFDWLRQVWRDFKLHYHFRPSOLDQFH
IRUVSHFLILFSRVWXODWHG+(/%V
6WHSZDVSHUIRUPHGXVLQJWKHGDWDREWDLQHGIURPWKHILHOGVXUYH\V 5HIHUHQFHV
DQG DQGWKH+(/%ORFDWLRQVZHUHLGHQWLILHG$UHYLHZRIDOOFRPSDUWPHQWVZDVPDGH
WRGHWHUPLQHWKRVHFRPSDUWPHQWVLQZKLFKRQO\66'HTXLSPHQWRUKLJKHQHUJ\OLQHV
ZHUHORFDWHG7KHVHFRPSDUWPHQWVZHUHLGHQWLILHGDVEHLQJLQFRPSOLDQFH,QDGGLWLRQ
IRUWKHFRPSDUWPHQWVFRQWDLQLQJRQO\KLJKHQHUJ\OLQHVDUHYLHZZDVSHUIRUPHGWR
GHWHUPLQHLIDQ\SRVWXODWHG+(/%VFRXOGFDXVHDGYHUVHHIIHFWVRQ66'HTXLSPHQWLQ
DGMRLQLQJFRPSDUWPHQWV,IDQLQWHUDFWLRQGXHWRWKHHIIHFWVRID+(/%FRXOGEH
LGHQWLILHGDQHYDOXDWLRQXVLQJWKHPHWKRGVRI6WHSZDVSHUIRUPHG
6WHSLQWKHFRPSOLDQFHHYDOXDWLRQZDVWRHYDOXDWHWKHORVVRIDOO66'HTXLSPHQWLQD
JLYHQFRPSDUWPHQWDVDUHVXOWRID+(/%DQGHYDOXDWHZKHWKHUDSDWKWRVDIHVKXWGRZQ
H[LVWHG7KLVVDIHVKXWGRZQSDWKZDVWKHQDSSOLHGWRDOOSRVWXODWHG+(/%VLQWKH
FRPSDUWPHQW
)RUDQ\FRPSDUWPHQWLQZKLFKFRPSOLDQFHFRXOGQRWEHGHPRQVWUDWHGDQHYDOXDWLRQRI
VSHFLILF+(/%VZDVFRQGXFWHG 6WHS WRGHWHUPLQHWKH66'HTXLSPHQWDGYHUVHO\
DIIHFWHGE\DEUHDNDQGSRWHQWLDOSDWKZD\VWRVDIHVKXWGRZQ$JDLQFRPSOLDQFHFRXOG
EHGHPRQVWUDWHGE\HVWDEOLVKLQJDVDIHVKXWGRZQSDWK$Q\XQDFFHSWDEOHLQWHUDFWLRQV
UHPDLQLQJZHUHLGHQWLILHGDQGFKDQJHVWRSODQWFRQILJXUDWLRQDQGRSHUDWLQJ
UHTXLUHPHQWVZHUHPDGHWRUHPRYHWKHVHLQWHUDFWLRQV
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, ,GHQWLILFDWLRQRI3RWHQWLDO7DUJHWV
7KHWDUJHWVRIWKHSRVWXODWHG+(/%VZHUHVHOHFWHGDVWKRVHV\VWHPVFRPSRQHQWV
DQGVWUXFWXUHVUHTXLUHGWRPLWLJDWHWKHFRQVHTXHQFHVRISRVWXODWHG+(/%VDQG
DFFRPSOLVKDQGPDLQWDLQDFROGVKXWGRZQFRQGLWLRQZLWKRXWIXHOGDPDJHRUEUHDNRI
SULPDU\FRQWDLQPHQWDVLGHQWLILHGLQWKH86$5WKH6DIH6KXWGRZQ$QDO\VLVDQGWKH
RULJLQDO+(/%5HSRUW 5HIHUHQFH
7DUJHWVLQFOXGHIORRUVZDOOVFRPSDUWPHQWERXQGDULHVDQGRWKHUV\VWHPVZKHUH
IDLOXUHVRIWKHERXQGDU\RUV\VWHPLQDSRVWXODWHG+(/%FRXOGFDXVHGDPDJHRU
FUHDWHDGYHUVHFRQGLWLRQVIRUSULPDU\VDIHVKXWGRZQHTXLSPHQW
7KHSULPDU\DQGVHFRQGDU\FRQWDLQPHQWERXQGDULHVDQGWKH&RQWURO5RRPDUHDOVR
FRQVLGHUHGWREHWDUJHWVRISRVWXODWHG+(/%V
, 6LQJOH$FWLYH)DLOXUH(YDOXDWLRQ
+(/%%UHDNVLQWKH0DLQVWHDPOLQH)HHGZDWHUOLQHDQG5:&8OLQHDUH
DXWRPDWLFDOO\FRQWDLQHGZLWKLQWKHILUVWPLQXWHVE\+3&,VWDELOL]LQJYHVVHOOHYHO
DIWHUVFUDPPLQJ,QWKLVWLPHIUDPHRQO\(&&6FRPSRQHQWVDUHDVVXPHGWRPLWLJDWH
WKH+(/%ZLWKDVLQJOHDFWLYHIDLOXUHLQWKH(&&6FRPSRQHQWVSOXVDQDVVXPHGORVV
RIRIIVLWHSRZHU)RUHQYLURQPHQWDOIORRGLQJSXUSRVHVRIIVLWHSRZHUIRUWKH):
EUHDNZDVDVVXPHGEXWVKXWGRZQLVFRQVHUYDWLYHO\VKRZQZLWKRXWRIIVLWHSRZHU,I
+3&,LVWKHVLQJOHIDLOXUHWKHQDGLYLVLRQRIORZSUHVVXUHLQMHFWLRQV\VWHPV&6DQGRU
5+5DUHDXWRPDWLFDOO\DYDLODEOHIRUYHVVHOOHYHOVWDELOL]DWLRQDIWHUGHSUHVVXUL]DWLRQ
DWZKLFKWLPHWKH+(/%DFFLGHQWLVFRQWDLQHG
$IWHULQLWLDOYHVVHOOHYHOVWDELOL]DWLRQWKHQRIIVLWHSRZHULVDVVXPHGDQGVLQJOHDFWLYH
(&&6IDLOXUHLVQRWSRVWXODWHG6'&DQG63&QRQ(&&60RGHVRI5+5DQG(&&6
HTXLSPHQWPD\EHXVHGIRUFRQWDLQPHQWFRROLQJYHVVHOOHYHOFRQWURODQGGHFD\KHDW
UHPRYDO$OWHUQDWH,QMHFWLRQV\VWHPVSHU&DQG$OO$YDLODEOH7RUXV&RROLQJ
SHU&DUHDOVRDYDLODEOH
)RUHDFKFRPSDUWPHQWFRQWDLQLQJKLJKHQHUJ\OLQHVZKHUHVDIHVKXWGRZQHTXLSPHQW
ZDVDGYHUVHO\DIIHFWHGDVLQJOHDFWLYHIDLOXUHUHYLHZZDVFRQGXFWHGWRGHWHUPLQHWKH
VLQJOHDFWLYHIDLOXUHVWKDWFRXOGLQKLELWVDIHVKXWGRZQRIWKHXQLW$VLQJOHDFWLYHIDLOXUH
LVGHILQHGDVWKHPDOIXQFWLRQRUORVVRIIXQFWLRQRIDQHOHFWULFDORUIOXLGV\VWHP
FRPSRQHQWH[FOXGLQJSDVVLYHIDLOXUHVZKLFKUHO\RQPHFKDQLFDOPRYHPHQWWR
FRPSOHWHLWVLQWHQGHGIXQFWLRQXSRQGHPDQG
7KHGHWHUPLQDWLRQRISRVWXODWHGWDUJHWVDQGGLVDEOHGV\VWHPVUHYHDOHGWKDWIRUDOO
+(/%VZLWKLQWKHSODQWWKH659VDQGWKH536HTXLSPHQWZRXOGQRWEHDGYHUVHO\
DIIHFWHG$OVRWKHUHDUHQRVLQJOHDFWLYHIDLOXUHVZLWKLQWKHVHV\VWHPVFRLQFLGHQWZLWK
ORVVRIRIIVLWHSRZHUZKLFKFRXOGSUHYHQWWKHVHV\VWHPVIURPSHUIRUPLQJWKHLU
LQWHQGHGVDIHVKXWGRZQIXQFWLRQ7KHUHIRUHWKHUHDFWLYLW\FRQWURODQGUHDFWRUYHVVHO
GHSUHVVXUL]DWLRQIXQFWLRQFRXOGDOZD\VEHDFKLHYHG
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
- KLOH5&,&LVQRWDQ(&&6V\VWHPLWVXVHLVFUHGLWHGLQ5HIHUHQFH7DEOH7KH
UHDFWRUYHVVHOOHYHOFRQWUROIXQFWLRQLVDFKLHYHGE\XVLQJHLWKHUWKH+3&,RU5&,&
V\VWHPVEHIRUH539GHSUHVVXUL]DWLRQDQGE\XVLQJRQHGLYLVLRQRIWKH&RUH6SUD\RU
WKH/3&,PRGHRI5+5DIWHU539GHSUHVVXUL]DWLRQ,IQHLWKHU+3&,QRU5&,&LV
DIIHFWHGE\D+(/%WKHQHLWKHUV\VWHPFDQDFKLHYHWKHOHYHOFRQWUROIXQFWLRQ
DVVXPLQJDVLQJOHDFWLYHIDLOXUHLQHLWKHUV\VWHP,IERWK+3&,DQG5&,&DUHORVW
WKURXJKD+(/%RU+(/%DQGVLQJOHDFWLYHIDLOXUHWKH539FDQEHGHSUHVVXUL]HG
ZLWKWKH659VDQGHLWKHUWKH/3&,PRGHRI5+5RU&6FDQEHXVHGWRUHVWRUHDQG
PDLQWDLQ539OHYHO7KH/3&,DQG&6DUHUHGXQGDQWWRHDFKRWKHUDQGHDFK
HVVHQWLDOGLYLVLRQKDVD&6DQG/3&,6\VWHP7KHUHDUHQRVLQJOHDFWLYHIDLOXUHVLQ
WKH&6+3&,5&,&DQG/3&,0RGHRI5+5ZKLFKSUHYHQWVWKHUHDFWRUYHVVHOOHYHO
IXQFWLRQIURPEHLQJDFKLHYHG
)RUWKHSRVWXODWHG+(/%VLWFDQEHFRQFOXGHGKHUHWKDWWKHUHDUHQRFRLQFLGHQW
VLQJOHDFWLYHIDLOXUHVZKLFKZRXOGSUHYHQWVDIHVKXWGRZQRIWKHXQLW
, +(/%(YDOXDWLRQVE\6\VWHP
7DEOH,LGHQWLILHVE\FRPSDUWPHQWDQGV\VWHPWKHORFDWLRQVRIKLJKHQHUJ\SLSLQJ
VXEMHFWWRSRVVLEOHSLSHUXSWXUH%\UHDGLQJDQ\URZDGHWHUPLQDWLRQFDQEHPDGHRIDOO
FRPSDUWPHQWVLQZKLFKSLSHUXSWXUHVRIDVSHFLILFV\VWHPDUHSRVWXODWHG$OVRE\
H[DPLQLQJDQ\FROXPQDGHWHUPLQDWLRQFDQEHPDGHLIDQ\SRVWXODWHGKLJKHQHUJ\OLQH
EUHDNVDUHORFDWHGZLWKLQDVSHFLILFFRPSDUWPHQW7KHODVWOLQHRIWKHWDEOHLGHQWLILHV
WKRVHFRPSDUWPHQWVZKLFKFRQWDLQVDIHVKXWGRZQHTXLSPHQW
7KHIROORZLQJVHFWLRQHYDOXDWHVWKHHIIHFWVRIDSRVWXODWHG+(/%RQVDIHVKXWGRZQLQ
HDFKFRPSDUWPHQWLGHQWLILHGLQ7DEOH,WKDWKDVDSRVWXODWHGEUHDNORFDWLRQRUKDV
KLJKHQHUJ\SLSLQJWUDYHUVLQJWKHFRPSDUWPHQW7KHUHDUHQRKLJKHQHUJ\OLQHVLQWKH
()7EXLOGLQJ7KHHYDOXDWLRQVDUHFRQGXFWHGRQDV\VWHPEDVLVIRUHDFKFRPSDUWPHQW
(YDOXDWLRQVDUHSURYLGHGIRUHDFKKLJKHQHUJ\V\VWHPZLWKKLJKHQHUJ\SLSLQJWKDWFRXOG
QRWEHH[FOXGHGIURPIXUWKHUHYDOXDWLRQE\7DEOH,)RUHDFKV\VWHPDQHYDOXDWLRQLV
SURYLGHGIRUHDFKFRPSDUWPHQWLQZKLFK+(/%VDUHSRVWXODWHG7KHHYDOXDWLRQV
GHVFULEHWKHHIIHFWVRISLSHZKLSMHWLPSLQJHPHQWFRPSDUWPHQWSUHVVXUL]DWLRQ
IORRGLQJDQGHQYLURQPHQWDOHIIHFWV,QIRUPDWLRQRQSDWKVWRVDIHVKXWGRZQLVJLYHQLI
WKHSRVWXODWHG+(/%VGDPDJH66'HTXLSPHQW
, 0DLQ6WHDP6\VWHP
7KHKLJKHQHUJ\OLQHVIRUWKH0DLQ6WHDP6\VWHPDUHORFDWHGLQIRXUFRPSDUWPHQWV
WKHPDLQVWHDPFKDVH 9ROXPH LQWKH5HDFWRU%XLOGLQJWKHFRQGHQVHUDUHD
9ROXPH WKHVWHDPMHWDLUHMHFWRU 6-$( URRP 9ROXPH DQGWKHWXUELQH
RSHUDWLQJIORRU 9ROXPH LQWKH7XUELQH%XLOGLQJ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 0DLQ6WHDP&KDVH 9ROXPH
7KHPDLQVWHDPFKDVHFRQWDLQVWKHIRXUPDLQVWHDPOLQHVDQGWKHDVVRFLDWHGGUDLQ
SLSLQJ3LSHZKLSIURPWKHPDLQVWHDPOLQHVLVQRWFRQVLGHUHGDSUREOHPVLQFH
WKHVHOLQHVDUHUHVWUDLQHGDWVHYHUDOORFDWLRQVLQWKLVFRPSDUWPHQWDQGSLSHZKLS
UHDFWLRQVDUHQRWWRZDUGDQ\66'HTXLSPHQW6LQFHWKHRQO\SRVWXODWHGEUHDN
ORFDWLRQVDUHDWWKHRXWERDUGFRQWDLQPHQWLVRODWLRQYDOYHVDQGWKHSHQHWUDWLRQDFWV
DVDQDQFKRUSRLQWRQO\FLUFXPIHUHQWLDOEUHDNVDUHUHTXLUHGWREHSRVWXODWHG7KH
UHVXOWDQWMHWVIURPWKHFLUFXPIHUHQWLDOEUHDNVGRQRWLPSDFWDQ\66'HTXLSPHQW
H[FHSWIRUDVPDOOSRUWLRQRIWKHMHWZKLFKZRXOGKLWWKHFRPSDUWPHQWFHLOLQJ
,PEHGGHGLQWKHFHLOLQJDUH'LYLVLRQ,,FDEOHVRI66'HTXLSPHQWEXWWKHVHFDEOHV
ZRXOGEHXQDIIHFWHGEHFDXVHRIWKHFRQFUHWHFHLOLQJUHLQIRUFHPHQWEHORZWKH
FRQGXLWV+3&,DQG5&,&ZRXOGERWKEHDYDLODEOHWRVXSSRUWVDIHVKXWGRZQVLQFH
WKHVWHDPOLQHLVRODWLRQYDOYHVDQGLQMHFWLRQYDOYHVDUHTXDOLILHGIRUWKHDQWLFLSDWHG
VWHDPHQYLURQPHQW,QDGGLWLRQDOORWKHU66'V\VWHPVRIERWKGLYLVLRQVZRXOGEH
DYDLODEOH'HSUHVVXUL]DWLRQLVDFFRPSOLVKHGE\WKH+3&,RUWKH659VDQG/3&,
DQG&6FDQEHXVHGIRUGHFD\KHDWUHPRYDODQG539OHYHOPDLQWHQDQFH
7KHUHIRUHVDIHVKXWGRZQFDQEHDFFRPSOLVKHG
7KHSRVWXODWHGPDLQVWHDPOLQHEUHDNZRXOGUXSWXUHWKHEORZRXWSDQHOVWRWKH
WXUELQHRSHUDWLQJIORRU 9ROXPH DQGIDLORSHQWKHUDLOZD\GRRUWRWKHVRXWKVLGH
RIWKH5HDFWRU%XLOGLQJDWHOHYDWLRQIRRW7KHHIIHFWVRIWKHSUHVVXUL]DWLRQ
ZRXOGEHIURPWKHVDPHFLUFXPIHUHQWLDOEUHDNDQGWKHLGHQWLFDO66'HTXLSPHQW
ZRXOGEHDIIHFWHG1RDGGLWLRQDO66'HTXLSPHQWZRXOGEHDGYHUVHO\DIIHFWHGDVD
UHVXOWRIWKHSUHVVXUL]DWLRQ7KHUHIRUHVDIHVKXWGRZQFRXOGEHDFFRPSOLVKHGLQ
WKHVDPHPDQQHUDVGHVFULEHGDERYH
7KHFRQVHTXHQFHVRIFRPSDUWPHQWIORRGLQJZDVHYDOXDWHGDQGQRDGGLWLRQDO66'
HTXLSPHQWZRXOGEHDIIHFWHG7KH+3&,DQG5&,&LQMHFWLRQYDOYHVZRXOGUHPDLQ
DYDLODEOHGXHWRWKHKHLJKWRIWKHRSHUDWRUVDERYHWKHIORRU aIW :DWHUZRXOG
QRWOHDYHWKHDUHDVLQFHWKHERWWRPRIWKHGRRURSHQLQJLVIHHWDERYHWKH
FRPSDUWPHQWIORRUHOHYDWLRQ
7KHHIIHFWVRIWKHPDLQVWHDPOLQHEUHDNLQWKLVFRPSDUWPHQWZHUHXVHGIRU
HQYLURQPHQWDOTXDOLILFDWLRQSXUSRVHV7KHUHIRUHQRDGGLWLRQDO66'HTXLSPHQWZLOO
EHDGYHUVHO\DIIHFWHGDQGWKHSUHYLRXVO\LGHQWLILHGSDWKWRVDIHVKXWGRZQFDQEH
XWLOL]HG
%UHDNVRQWKHPDLQVWHDPGUDLQOLQH 36(% ZHUHHYDOXDWHGDQGIRXQGWR
EHERXQGHGE\WKHRWKHUPDLQVWHDPOLQHEUHDNHYDOXDWLRQV
,WLVWKHUHIRUHFRQFOXGHGWKDWDSDWKWRVDIHVKXWGRZQH[LVWVIRUDQ\SRVWXODWHG
PDLQVWHDPEUHDNLQWKHPDLQVWHDPFKDVH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 6-$(5RRP 9ROXPH
7KHPDLQVWHDPSLSLQJOLQH 36(' LVURXWHGWRWKH6-$(5RRPIURPWKH
&RQGHQVHUDUHD1RFRQFHUQH[LVWVZLWKUHVSHFWWRSLSHZKLSDQGMHWLPSLQJHPHQW
VLQFHWKHUHLVQR66'HTXLSPHQWLQWKHDUHD7KHFRQVHTXHQFHVRIFRPSDUWPHQW
IORRGLQJZDVHYDOXDWHG6LQFHWKHUHLVQR66'HTXLSPHQWLQWKHURRPWKHUHZDV
QRQHJDWLYHHIIHFW$OVRWKHGUDLQVLQWKHURRPFDQGUDLQWKHHQWLUHYROXPHWRWKH
VXPSDUHD,QDGGLWLRQWKHGRRUWRWKH6-$(URRPLVEDUUHGDQGDLUWLJKW$Q\
OHDNDJHDVDUHVXOWRIWKHIORRGLQJZRXOGEHQHJOLJLEOH
&RPSDUWPHQWSUHVVXUL]DWLRQDQGHQYLURQPHQWDOHIIHFWVIURPWKLVVWHDPOLQHEUHDN
ZRXOGQRWDGYHUVHO\DIIHFWDQ\66'HTXLSPHQW7KH6-$(KDWFKSOXJKDVEHHQ
PRGLILHGDQGWKH6-$(KDVDGHTXDWHYHQWDUHDVWRWKH&RQGHQVHUED\
9ROXPH DQGWRWKHIRRWHOHYDWLRQRIWKH7XUELQH%XLOGLQJ7KHGRRUWRWKH
6-$(5RRPKDVDOVREHHQPRGLILHGWRZLWKVWDQGWKHSUHVVXUL]DWLRQ7KLVEUHDN
GRHVQRWFDXVH5HDFWRU3URWHFWLYHLQLWLDWLRQVLQFHWKHEUHDNIORZLVOHVVWKDQWKH
- URXSIORZWULSSRLQW 5HIHUHQFH(UUDWD 7KHUHIRUHVLQJOHIDLOXUHDQGORVVRI
RIIVLWHSRZHUFRQVLGHUDWLRQVDUHQRWDSSOLFDEOH
66'HTXLSPHQWDGYHUVHO\DIIHFWHGDUH'LYLVLRQ,0&&$DQG0&&%GXH
WRKLJKWHPSHUDWXUH'LYLVLRQ,,HTXLSPHQWZLWK+3&,DUHDYDLODEOHIRUYHVVHO
LQYHQWRU\ZLWKVXEVHTXHQWVDIHVKXWGRZQ'LYLVLRQ,,&6LVDXWRPDWLFDOO\DYDLODEOH
IRU9HVVHO,QYHQWRU\PDNHXSDIWHU659GHSUHVVXUL]DWLRQDQG5+56XSSUHVVLRQ
3RROFRROLQJLVDYDLODEOHIRUFRQWDLQPHQWDQGGHFD\KHDWUHPRYDO$OWHUQDWH
,QMHFWLRQV\VWHPVSHU&DQG$OO$YDLODEOH7RUXV&RROLQJSHU&DUH
DOVRDYDLODEOH
, &RQGHQVHU$UHD 9ROXPH
,QFK6WHDP/LQHV
7KLVEUHDNFDXVHV5HDFWRU3URWHFWLYHLQLWLDWLRQEHFDXVH06,9 VFORVHRQD
- URXS,GXHWRIORZ7KHUHIRUHVLQJOHIDLOXUHZLWKORVVRIRIIVLWHSRZHULV
DSSOLFDEOHGXULQJWKHLQLWLDOYHVVHOOHYHOVWDELOL]DWLRQSHULRG
66'HTXLSPHQWDGYHUVHO\DIIHFWHGLV'LYLVLRQ,0&&$DQG0&&%
GXHWRKLJKWHPSHUDWXUHDQGEHLQJIORRGHGDQG',9,5+56:/LQH
6:*)GXHWRSLSHZKLS,WLVDVVXPHG'LYLVLRQ,,/3&,LQMHFWLRQLVQRW
DYDLODEOHVLQFHWKHSRZHUIRUWKH/3&,LQMHFWLRQYDOYHVLQ'LY,,0&&%KDYH
EHHQKDUGZLUHGWR'LY,0&&%IRU/3&,ORRSVHOHFWORJLFGXULQJD/2&$
,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG6LQJOHIDLOXUHZLWKORVVRIRIIVLWHSRZHU
x +3&,LIVLQJOHIDLOXUHWKHQ
x 659ZLWK'LYLVLRQ,,&6
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG1RVLQJOHIDLOXUHQRORVVRIRIIVLWH
SRZHU
x 9HVVHO/HYHO
+3&,RU
659ZLWK'LYLVLRQ,,&6RU
$OWHUQDWH,QMHFWLRQV\VWHPVSHU&
x &RQWDLQPHQW&RROLQJDQG'HFD\+HDW5HPRYDO
'LY,,&6659'LY,,5+5 63& 'LY,,5+5+HDW([FKDQJHU'LY,,5+56:
3XPSDQGRU$OWHUQDWH,QMHFWLRQV\VWHPVSHU&$OO$YDLODEOH7RUXV
&RROLQJSHU&
,QFK6WHDP/LQH%\SDVV36('
7KLVEUHDNE\LWVHOIGRHVQRWFDXVH5HDFWRU3URWHFWLYHLQLWLDWLRQ 5HIHUHQFH
(UUDWD 7KHUHIRUHVLQJOHIDLOXUHDQGORVVRIRIIVLWHSRZHUFRQVLGHUDWLRQVDUH
QRWDSSOLFDEOH
66'HTXLSPHQWDGYHUVHO\DIIHFWHGLV+3&,SRZHUFDEOHVDQGRQHGLYLVLRQRI
6327026WRUXVWHPSHUDWXUHLQVWUXPHQWFDEOHGXHWRSLSHZKLSDQG'LYLVLRQ,
0&&$DQG0&&%GXHWRKLJKWHPSHUDWXUH'LYLVLRQ,,&6LV
DXWRPDWLFDOO\DYDLODEOHIRU9HVVHO,QYHQWRU\PDNHXSDIWHU659
GHSUHVVXUL]DWLRQDQG'LYLVLRQ,,5+56XSSUHVVLRQ3RROFRROLQJLVDYDLODEOHIRU
FRQWDLQPHQWDQGGHFD\KHDWUHPRYDO$OWHUQDWH,QMHFWLRQV\VWHPVSHU
&DQG$OO$YDLODEOH7RUXV&RROLQJSHU&DUHDOVRDYDLODEOH
, 7XUELQH2SHUDWLQJ)ORRU 9ROXPH
7KHRQO\SRVWXODWHG+(/%VLQWKLVFRPSDUWPHQWIURPWKHPDLQVWHDPV\VWHPDUH
EUHDNVDWWKHLQOHWWRWKH+LJK3UHVVXUH7XUELQH$EUHDNDWWKLVORFDWLRQZRXOGQRW
H[SRVHDQ\66'HTXLSPHQWWRHLWKHUSLSHZKLSRUMHWLPSLQJHPHQWDVWKHUHLVQR
66'HTXLSPHQWLQWKLVDUHD(QYLURQPHQWDOHIIHFWVDUHHYDOXDWHGLQWKH01*3
(QYLURQPHQWDO4XDOLILFDWLRQ (4 SURJUDPEDVHGRQWKHEUHDNFDVHVLGHQWLILHGLQ
WKLV$SSHQGL[%RXQGLQJSURILOHVIRUHQYLURQPHQWDOFRQGLWLRQVDUHLGHQWLILHG7KH
HQYLURQPHQWDOFRQGLWLRQVLQFOXGHFRPSDUWPHQWSUHVVXUL]DWLRQKHDWXSDQG
IORRGLQJHIIHFWV$Q\ZDWHUFRQGHQVLQJZRXOGGUDLQHLWKHUWRWKH&RQGHQVHUED\RU
ORZHUHOHYDWLRQVRIWKH7XUELQH%XLOGLQJWRDUHDVZKHUHWKHZDWHUFRXOGEHGUDLQHG
7KH66'HTXLSPHQWLQWKHVHDUHDVZRXOGQRWEHDGYHUVHO\DIIHFWHGE\WKHZDWHU
SURGXFHG+(/%EDUULHUVKDYHEHHQLQVWDOOHGWRSUHYHQWHQYLURQPHQWDOHIIHFWV
IURPEUHDNVRQWKHWXUELQHRSHUDWLQJIORRUIURPDIIHFWLQJ66'HTXLSPHQWLQWKH'LY
,,.9DQG'LY,,(VVHQWLDO0&&DUHDV 9ROXPHVDQG
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, )HHGZDWHU6\VWHP
7KHKLJKHQHUJ\OLQHVIRUWKH)HHGZDWHU6\VWHPDUHORFDWHGLQWKHIHHGZDWHUSXPS
DUHD 9ROXPHVDQG 7XUELQH%XLOGLQJSLSHFKDVH 9ROXPH WXUELQHRSHUDWLQJ
IORRU 9ROXPH FRQGHQVHUDUHD 9ROXPH LQWKH7XUELQH%XLOGLQJDQGWKHPDLQ
VWHDPFKDVH 9ROXPH LQWKH5HDFWRU%XLOGLQJ
7KHWZRIHHGZDWHUOLQHVDQGWKHIHHGZDWHUUHJXODWLQJVWDWLRQSLSLQJZHUHVHLVPLFDOO\
DQDO\]HG%UHDNORFDWLRQVZHUHVHOHFWHGEDVHGXSRQWKHVHLVPLFDQDO\VLVRIWKH
SLSLQJDQGWKHEUHDNORFDWLRQFULWHULDHVWDEOLVKHGIRUVHLVPLF&ODVV,SLSLQJ7KHUH
ZHUHQREUHDNORFDWLRQVLQWKH7XUELQH%XLOGLQJSLSHFKDVH 9ROXPH
, 5HDFWRU)HHGZDWHU3XPS$UHD9ROXPHVDQG
7KLVEUHDNFDXVHV5HDFWRU3URWHFWLYHLQLWLDWLRQEHFDXVHDORVVRI)HHGZDWHU
FDXVHVYHVVHOORZZDWHUOHYHOWKDWFDXVHVDVFUDP7KHUHIRUHVLQJOHIDLOXUHZLWK
ORVVRIRIIVLWHSRZHULVDSSOLFDEOHGXULQJWKHLQLWLDOYHVVHOOHYHOVWDELOL]DWLRQSHULRG
66'HTXLSPHQWDGYHUVHO\DIIHFWHGLV'LYLVLRQ,0&&$DQG0&&%GXHWR
KLJKWHPSHUDWXUHDQGEHLQJIORRGHG,WLVDVVXPHG'LYLVLRQ,,/3&,LQMHFWLRQLVQRW
DYDLODEOHVLQFHWKHSRZHUIRUWKH/3&,LQMHFWLRQYDOYHVLQ'LY,,0&&%KDYH
EHHQKDUGZLUHGWR'LY,0&&%IRU/3&,ORRSVHOHFWORJLFGXULQJD/2&$3LSH
ZKLSUHVWUDLQWVKDYHEHHQLQVWDOOHGQHDUWKHSLSHWHUPLQDOHQGVDWWKH):SXPSVWR
SUHYHQWGDPDJHWRWKHFHLOLQJDERYHWKDWSURYLGHVIORRUVXSSRUWWRWKH'LY,,
0&& V
,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG6LQJOHIDLOXUHZLWKORVVRIRIIVLWHSRZHU
x +3&,LIVLQJOHIDLOXUHWKHQ
x 659ZLWK'LYLVLRQ,,&6
3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG1RVLQJOHIDLOXUHQRORVVRIRIIVLWH
SRZHU
x 9HVVHO/HYHO
+3&,RU
659ZLWK'LYLVLRQ,,&6RU
$OWHUQDWH,QMHFWLRQV\VWHPVSHU&
x &RQWDLQPHQW&RROLQJDQG'HFD\+HDW5HPRYDO
'LY,,&6659'LY,,5+5 63& 'LY,,5+5+HDW([FKDQJHU'LY,,5+56:
3XPSDQGRU$OWHUQDWH,QMHFWLRQV\VWHPVSHU&$OO$YDLODEOH7RUXV
&RROLQJSHU&
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 7XUELQH%XLOGLQJ3LSH&KDVH 9ROXPH
7KHUHDUHQRSRVWXODWHGIHHGZDWHUOLQHEUHDNVZLWKLQWKLVFRPSDUWPHQW7KXVSLSH
ZKLSMHWLPSLQJHPHQWIORRGLQJDQGFRPSDUWPHQWSUHVVXUL]DWLRQHIIHFWVUHVXOW
IURPEUHDNVLQRWKHUDUHDV 9ROXPHVDQG 6LQFHWKHUHDUHQREUHDNVLQWKLV
9ROXPHRQO\WHPSHUDWXUHDQGFRPSDUWPHQWSUHVVXUL]DWLRQFUHDWHHQYLURQPHQWDO
FRQFHUQVLQ9ROXPH(QYLURQPHQWDOHIIHFWVDUHHYDOXDWHGLQWKH01*3
(QYLURQPHQWDO4XDOLILFDWLRQ (4 SURJUDPEDVHGRQWKHEUHDNFDVHVLGHQWLILHGLQ
WKLV$SSHQGL[%RXQGLQJSURILOHVIRUHQYLURQPHQWDOFRQGLWLRQVDUHLGHQWLILHG7KH
HQYLURQPHQWDOFRQGLWLRQVLQFOXGHFRPSDUWPHQWSUHVVXUL]DWLRQKHDWXSDQG
IORRGLQJHIIHFWV
, 7XUELQH2SHUDWLQJ)ORRU 9ROXPH
7KLVEUHDNFDXVHV5HDFWRU3URWHFWLYHLQLWLDWLRQEHFDXVHDORVVRI)HHGZDWHU
FDXVHVYHVVHOORZZDWHUOHYHOWKDWFDXVHVDVFUDP7KHUHIRUHVLQJOHIDLOXUHZLWK
ORVVRIRIIVLWHSRZHULVDSSOLFDEOHGXULQJWKHLQLWLDOYHVVHOOHYHOVWDELOL]DWLRQSHULRG
66'HTXLSPHQWDGYHUVHO\DIIHFWHGLV'LYLVLRQ,0&&$DQG0&&%GXHWR
KLJKWHPSHUDWXUHDQGEHLQJIORRGHG,WLVDVVXPHG'LYLVLRQ,,/3&,LQMHFWLRQLVQRW
DYDLODEOHVLQFHWKHSRZHUIRUWKH/3&,LQMHFWLRQYDOYHVLQ'LY,,0&&%KDYH
EHHQKDUGZLUHGWR'LY,0&&%IRU/3&,ORRSVHOHFWORJLFGXULQJD/2&$
,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG6LQJOHIDLOXUHZLWKORVVRIRIIVLWHSRZHU
x +3&,LIVLQJOHIDLOXUHWKHQ
x 659ZLWK'LYLVLRQ,,&6
3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG1RVLQJOHIDLOXUHQRORVVRIRIIVLWH
SRZHU
x 9HVVHO/HYHO
+3&,RU
659ZLWK'LYLVLRQ,,&6RU
$OWHUQDWH,QMHFWLRQV\VWHPVSHU&
x &RQWDLQPHQW&RROLQJDQG'HFD\+HDW5HPRYDO
'LY,,&6659'LY,,5+5 63& 'LY,,5+5+HDW([FKDQJHU'LY,,5+56:
3XPSDQGRU$OWHUQDWH,QMHFWLRQV\VWHPVSHU&$OO$YDLODEOH7RUXV
&RROLQJSHU&
7KHUHVXOWDQWIORRGLQJZRXOGGUDLQEDFNWRWKH&RQGHQVHUDUHD 9ROXPH 7KH
FDVFDGLQJZDWHUZRXOGQRWDGYHUVHO\DIIHFWDQ\66'HTXLSPHQW
1RVDIHVKXWGRZQHTXLSPHQWLVORFDWHGRQWKHWXUELQHRSHUDWLQJIORRU
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 0DLQ6WHDP&KDVH 9ROXPH
7KHRQO\SRVWXODWHGEUHDNORFDWLRQVLQWKLVDUHDFRQVLVWRIWKHWHUPLQDOHQGDWHDFK
RXWERDUGFRQWDLQPHQWLVRODWLRQYDOYH ): )RUDEUHDNDWWKHWHUPLQDO
SRLQWRQOLQH):$('DWWKH):RXWERDUGZHOG5&,&IORZZRXOGEHORVW
EHFDXVHWKH5&,&LQMHFWLRQOLQH ):(' FRQQHFWVXSVWUHDPRIWKHSRVWXODWHG
EUHDN)RUIHHGZDWHUOLQH):%('DEUHDNDWWKHWHUPLQDOHQGDWWKH
):RXWERDUGZHOGZRXOGFDXVHWKHORVVRIWKH+3&,6\VWHPEHFDXVHWKH
+3&,LQMHFWLRQSRLQWLVXSVWUHDPRIWKHEUHDN1RVDIHVKXWGRZQHTXLSPHQWFDQEH
DGYHUVHO\DIIHFWHGE\SLSHZKLSRUGLUHFWMHWLPSLQJHPHQWIURPDQ\SLSHEUHDNRI
WKH)HHGZDWHU6\VWHPLQWKH5HDFWRU%XLOGLQJVWHDPFKDVH+RZHYHUIRU
FRQVHUYDWLVPERWK+3&,DQG5&,&DUHDVVXPHGORVWGXHWRIORRGLQJ GHVFULEHG
EHORZ DQGSRVVLEOHMHWLPSLQJHPHQWGXHWRFRPSDUWPHQWJHRPHWU\
)ORRGLQJLQWKH5HDFWRU%XLOGLQJVWHDPFKDVHDVDUHVXOWRIDIHHGZDWHUOLQHEUHDN
ZRXOGFDXVHWKHORVVRIERWK+3&,DQG5&,&VLQFHWKHLQMHFWLRQYDOYHVIRUWKHVH
V\VWHPV 02DQG02 ZRXOGEHVXEPHUJHGDERYHWKHPRWRU
RSHUDWRUVDWWKHSHDN+(/%IORRGOHYHO:DWHUH[LWLQJWKHVWHDPFKDVHZRXOGIORZ
DORQJWKHIORRURIWKH5HDFWRU%XLOGLQJIRRWHOHYDWLRQ6RPHRIWKHZDWHUZRXOG
DOVRIORZGRZQWRWKH&RQWURO5RG'ULYHSXPSURRP 9ROXPH DQGLQWRWKH(OHY
IRRWWDQNDQG+3&,SXPSURRPV$GGLWLRQDOVDIHVKXWGRZQHTXLSPHQWZRXOG
QRWEHDIIHFWHGE\WKHZDWHUH[LWLQJWKHVWHDPFKDVHEHFDXVHQR66'HTXLSPHQW
UHTXLUHGWRPLWLJDWHWKLVEUHDNLVORFDWHGLQWKHDIIHFWHGDUHDV7KHUHIRUHWKH
IORRGLQJIURPWKHSRVWXODWHGIHHGZDWHUOLQHEUHDNRIHLWKHUIHHGZDWHUOLQHZRXOG
DGYHUVHO\DIIHFWRQO\+3&,DQG5&,&7KHSDWKWRVDIHVKXWGRZQZRXOGEHWKH
VDPHDVWKDWGHVFULEHGLQ6HFWLRQ,ZLWKWKHH[FHSWLRQWKDWDQ5+5RU&6
SXPSZRXOGEHUHTXLUHGWRPDLQWDLQ539OHYHO
7KHPDLQVWHDPOLQHEUHDNSURYLGHVWKHERXQGLQJFDVHLQWKHVWHDPFKDVHIRU
WHPSHUDWXUHDQGFRPSDUWPHQWSUHVVXUL]DWLRQ)ORRGLQJHIIHFWVIURPWKHIHHGZDWHU
EUHDNUHPRYH5&,&+3&,IURPWKHDYDLODEOHVDIHVKXWGRZQHTXLSPHQWKRZHYHUD
VDIHVKXWGRZQSDWKH[LVWVIRUERWKEUHDNFDVHV
,QVXPPDU\D)HHGZDWHU/LQHEUHDNLQWKHPDLQVWHDPFKDVH 9ROXPH FRXOG
DGYHUVHO\DIIHFW+3&,DQG5&,&7KHHPHUJHQF\VHUYLFHZDWHUOLQH
6:%+)ZRXOGQRWEHDGYHUVHO\DIIHFWHGIURPDIHHGZDWHUOLQHEUHDN3DWKV
WRVDIHVKXWGRZQZRXOGLQFOXGHXVLQJWKH659VWRGHSUHVVXUL]HWKH539XVLQJ
&6IRU539OHYHOPDLQWHQDQFHDQG5+5IRUGHFD\KHDWUHPRYDO1RSRVWXODWHG
VLQJOHDFWLYHIDLOXUHSUHYHQWVWKHRWKHUGLYLVLRQIURPDFKLHYLQJVDIHVKXWGRZQ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, &RQGHQVHU$UHD 9ROXPH
7KLVEUHDNFDXVHV5HDFWRU3URWHFWLYHLQLWLDWLRQEHFDXVHDORVVRI)HHGZDWHU
FDXVHVYHVVHOORZZDWHUOHYHOWKDWFDXVHVDVFUDP7KHUHIRUHVLQJOHIDLOXUHZLWK
ORVVRIRIIVLWHSRZHULVDSSOLFDEOHGXULQJWKHLQLWLDOYHVVHOOHYHOVWDELOL]DWLRQSHULRG
66'HTXLSPHQWDGYHUVHO\DIIHFWHGLV'LYLVLRQ,0&&$DQG0&&%GXHWR
KLJKWHPSHUDWXUHDQGEHLQJIORRGHG,WLVDVVXPHG'LYLVLRQ,,/3&,LQMHFWLRQLVQRW
DYDLODEOHVLQFHWKHSRZHUIRUWKH/3&,LQMHFWLRQYDOYHVLQ'LY,,0&&%KDYH
EHHQKDUGZLUHGWR'LY,0&&%IRU/3&,ORRSVHOHFWORJLFGXULQJD/2&$
,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG6LQJOHIDLOXUHZLWKORVVRIRIIVLWHSRZHU
x +3&,LIVLQJOHIDLOXUHWKHQ
x 659ZLWK'LYLVLRQ,,&6
3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG1RVLQJOHIDLOXUHQRORVVRIRIIVLWH
SRZHU
x 9HVVHO/HYHO
+3&,RU
659ZLWK'LYLVLRQ,,&6RU
$OWHUQDWH,QMHFWLRQV\VWHPVSHU&
x &RQWDLQPHQW&RROLQJDQG'HFD\+HDW5HPRYDO
'LY,,&6659'LY,,5+5 63& 'LY,,5+5+HDW([FKDQJHU'LY,,5+56:
3XPSDQGRU$OWHUQDWH,QMHFWLRQV\VWHPVSHU&$OO$YDLODEOH7RUXV
&RROLQJSHU&
, &RQGHQVDWH6\VWHP
7KHKLJKHQHUJ\&RQGHQVDWH6\VWHPOLQHVDUHORFDWHGLQWKHFRQGHQVHUDUHD
9ROXPH 7XUELQH%XLOGLQJSLSHFKDVHDUHD 9ROXPH DQGIHHGZDWHUSXPS
DUHD 9ROXPHVDQG LQWKH7XUELQH%XLOGLQJ
%UHDNORFDWLRQVIRUSRUWLRQVRIWKHFRQGHQVDWHV\VWHPSLSLQJZHUHVHOHFWHGEDVHG
XSRQDVHLVPLFDQDO\VLVRIWKHSLSLQJDQGEUHDNORFDWLRQFULWHULDHVWDEOLVKHGIRU
&ODVV,SLSLQJ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, &RQGHQVHU$UHD 9ROXPH
7KLVEUHDNFDXVHV5HDFWRU3URWHFWLYHLQLWLDWLRQEHFDXVHDORVVRI)HHGZDWHU
FDXVHVYHVVHOORZZDWHUOHYHOWKDWFDXVHVDVFUDP7KHUHIRUHVLQJOHIDLOXUHZLWK
ORVVRIRIIVLWHSRZHULVDSSOLFDEOHGXULQJWKHLQLWLDOYHVVHOOHYHOVWDELOL]DWLRQSHULRG
66'HTXLSPHQWDGYHUVHO\DIIHFWHGLV'LYLVLRQ,0&&$DQG0&&%GXHWR
KLJKWHPSHUDWXUHDQGEHLQJIORRGHG,WLVDVVXPHG'LYLVLRQ,,/3&,LQMHFWLRQLVQRW
DYDLODEOHVLQFHWKHSRZHUIRUWKH/3&,LQMHFWLRQYDOYHVLQ'LY,,0&&%KDYH
EHHQKDUGZLUHGWR'LY,0&&%IRU/3&,ORRSVHOHFWORJLFGXULQJD/2&$
,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG6LQJOHIDLOXUHZLWKORVVRIRIIVLWHSRZHU
x +3&,LIVLQJOHIDLOXUHWKHQ
x 659ZLWK'LYLVLRQ,,&6
3RVW,QLWLDO9HVVHO/HYHO6WDELOL]DWLRQ3HULRG1RVLQJOHIDLOXUHQRORVVRIRIIVLWH
SRZHU
x 9HVVHO/HYHO
+3&,RU
659ZLWK'LYLVLRQ,,&6RU
$OWHUQDWH,QMHFWLRQV\VWHPVSHU&
x &RQWDLQPHQW&RROLQJDQG'HFD\+HDW5HPRYDO
'LY,,&6659'LY,,5+5 63& 'LY,,5+5+HDW([FKDQJHU'LY,,5+56:
3XPSDQGRU$OWHUQDWH,QMHFWLRQV\VWHPVSHU&$OO$YDLODEOH7RUXV
&RROLQJSHU&
, 7XUELQH%XLOGLQJ3LSH&KDVH 9ROXPH
7KHUHDUHQRSRVWXODWHGFRQGHQVDWHOLQH+(/%VZLWKLQWKLVFRPSDUWPHQW
, 5HDFWRU)HHGZDWHU3XPS$UHD 9ROXPHVDQG
7KHSRVWXODWHGFRQGHQVDWHOLQH+(/%VLQWKHVHFRPSDUWPHQWVZRXOGQRWDIIHFW
DQ\DGGLWLRQDO66'HTXLSPHQWRWKHUWKDQWKH66'HTXLSPHQWGHVFULEHGIRUD
IHHGZDWHUOLQHEUHDNLQWKHVDPHFRPSDUWPHQW7KHHIIHFWVRISLSHZKLSMHW
LPSLQJHPHQWIORRGLQJFRPSDUWPHQWSUHVVXUL]DWLRQDQGHQYLURQPHQWDOHIIHFWV
DUHOHVVDGYHUVHWKDQIRUWKHIHHGZDWHUOLQHEUHDN7KHUHIRUHWKHVDPH
HYDOXDWLRQVDVSURYLGHGLQ6HFWLRQ,RIWKLVUHSRUWDSSO\DQGWKHVDPH
SDWKVWRVDIHVKXWGRZQFDQEHXVHG
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, +LJK3UHVVXUH&RRODQW,QMHFWLRQ 6WHDP 6\VWHP
7KHVWHDPVXSSO\OLQH 36(' WRWKH+3&,7XUELQHLVORFDWHGLQWKHVWHDP
FKDVH 9ROXPH 7KHWRUXVDUHD 9ROXPHVDQG DQG+3&,FRPSDUWPHQWDUHD
9ROXPH
, 0DLQ6WHDP&KDVH 9ROXPH
3RVVLEOHSLSHZKLSWDUJHWVLQFOXGHWKHIHHGZDWHUDQGPDLQVWHDPOLQHVZKLFKDUH
DVVXPHGWREHXQDIIHFWHGEHFDXVHWKH\DUHODUJHUDQGWKLFNHUZDOOHGWKDQWKH
+3&,VWHDPOLQH1RRWKHU66'HTXLSPHQWLVDIIHFWHGE\D+3&,VWHDPOLQHSLSH
ZKLS
-HWLPSLQJHPHQWWDUJHWVLQFOXGHWKHFHLOLQJWKURXJKZKLFK'LYLVLRQ,,HPEHGGHG
FRQGXLWVDUHURXWHG7KHHIIHFWVRIMHWLPSLQJHPHQWRQWKHFHLOLQJLVGLVFXVVHGLQ
6HFWLRQ,+RZHYHUWKHHQYLURQPHQWDOHIIHFWVIURPD+3&,VWHDPOLQH
EUHDNDUHOHVVVHYHUHWKDQDEUHDNRIRQHRIWKHPDLQVWHDPOLQHV
)RUWKLVSRVWXODWHG+(/%WKHSDWKWRVDIHVKXWGRZQZRXOGFRQVLVWRIXVLQJWKH
659VIRU539GHSUHVVXUL]DWLRQDQG'LYLVLRQ,&6WRPDLQWDLQUHDFWRUZDWHUOHYHO
DQG'LYLVLRQ,5+5WRUHPRYHGHFD\KHDW1RVLQJOHDFWLYHIDLOXUHFDQSUHYHQWWKH
XVHRIHLWKHUHVVHQWLDOGLYLVLRQWRVDIHO\VKXWGRZQWKHXQLW
&RPSDUWPHQWIORRGLQJZRXOGQRWDIIHFWDQ\66'HTXLSPHQW7KH+3&,VWHDPOLQH
EUHDNLVERXQGHGE\WKHPDLQVWHDPOLQHEUHDNWKHUHIRUHDQ\HQYLURQPHQWDO
HIIHFWVZLOOEHOHVVVHYHUH7KXVDSDWKWRVDIHVKXWGRZQKDVEHHQGHPRQVWUDWHG
,VRODWLRQRIWKH+3&,VWHDPOLQH36('LVDVVXUHGVLQFHWKHWHUPLQDOHQG
EUHDNFDQQRWWDUJHWWKHRXWERDUGFRQWDLQPHQWLVRODWLRQYDOYH02RUWKH
FDEOLQJWRWKHYDOYH7KHUHIRUHHYHQZLWKDVLQJOHDFWLYHIDLOXUHWRHLWKHU
FRQWDLQPHQWLVRODWLRQYDOYHRQOLQH36('LVRODWLRQRIWKHEUHDNLV
DFFRPSOLVKHGZLWKWKHUHPDLQLQJFRQWDLQPHQWLVRODWLRQYDOYH
, 7RUXV$UHD 9ROXPHVDQG
1RLQWHUPHGLDWHEUHDNORFDWLRQVZHUHSRVWXODWHGRQWKH+3&,6WHDPOLQHLQWKLV
FRPSDUWPHQW
, 5&,& 6WHDP 6\VWHP
7KHKLJKHQHUJ\SLSLQJIRUWKH5&,&6\VWHPLVORFDWHGLQWKHVWHDPFKDVH
9ROXPH WKHWRUXVDUHD 9ROXPH DQG5&,&FRPSDUWPHQW 9ROXPH LQWKH
5HDFWRU%XLOGLQJ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 0DLQ6WHDP&KDVH 9ROXPH
)RUDSRVWXODWHG+(/%RQWKH5&,&VWHDPOLQHWKHRQO\66'HTXLSPHQWDIIHFWHG
E\HLWKHUSLSHZKLSRUMHWLPSLQJHPHQWZRXOGEHWKHFHLOLQJWRWKHFRPSDUWPHQWLQ
ZKLFK'LYLVLRQ,,FRQWURODQGSRZHUFDEOHVDUHORFDWHGDQGWKH+3&,VWHDPOLQH
36(' 7KHHIIHFWVRQWKHFHLOLQJDUHERXQGHGE\HIIHFWVIURPDSRVWXODWHG
PDLQVWHDPOLQHEUHDNDQGVRKDYHQRLPSDFWRQVDIHVKXWGRZQ'XHWRWKH
SRWHQWLDOMHWRULHQWDWLRQWKHORVVRIWKH+3&,VWHDPOLQHDQGKHQFHWKH+3&,
6\VWHPZDVDVVXPHG)RUWKLVSRVWXODWHG+(/%WKHSDWKWRVDIHVKXWGRZQZRXOG
FRQVLVWRIXVLQJWKH659VIRU539GHSUHVVXUL]DWLRQDQG'LYLVLRQ,&6WRPDLQWDLQ
UHDFWRUZDWHUOHYHODQG'LYLVLRQ,5+5WRUHPRYHGHFD\KHDW1RVLQJOHDFWLYH
IDLOXUHFDQSUHYHQWWKHXVHRIHLWKHUHVVHQWLDOGLYLVLRQWRVDIHO\VKXWGRZQWKHXQLW
)ORRGLQJIURPWKH5&,&VWHDPOLQHEUHDNLQWKHPDLQVWHDPFKDVHDVVXPLQJDOO
VWHDPFRQGHQVHVDQGUHPDLQVLQWKHFRPSDUWPHQWZRXOGEHERXQGHGE\WKHPDLQ
VWHDPOLQHEUHDN7KHHQYLURQPHQWDOFRQGLWLRQVJHQHUDWHGERWKLQWKHPDLQVWHDP
FKDVHDQGLQDGMRLQLQJFRPSDUWPHQWVZRXOGEHERXQGHGE\WKHHIIHFWVRID
SRVWXODWHGPDLQVWHDPOLQHEUHDN7KHUHIRUHQRQHZDGYHUVHFRQGLWLRQVKDYH
EHHQSURGXFHGDQGSDWKVWRVDIHVKXWGRZQGHVFULEHGIRUWKHSRVWXODWHGPDLQ
VWHDPOLQHEUHDNDUHDSSOLFDEOHKHUH
,VRODWLRQRIWKH5&,&VWHDPOLQH36('LVDVVXUHGVLQFHWKHWHUPLQDOHQG
EUHDNFDQQRWWDUJHWWKHRXWERDUGFRQWDLQPHQWLVRODWLRQYDOYH02RUWKH
FDEOLQJWRWKHYDOYH7KHUHIRUHHYHQZLWKDVLQJOHDFWLYHIDLOXUHWRHLWKHU
FRQWDLQPHQWLVRODWLRQYDOYHRQOLQH36('LVRODWLRQRIWKHEUHDNLV
DFFRPSOLVKHGZLWKWKHUHPDLQLQJFRQWDLQPHQWLVRODWLRQYDOYH
, 7RUXV$UHD 9ROXPH
1RLQWHUPHGLDWHEUHDNORFDWLRQVZHUHSRVWXODWHGRQWKH5&,&6WHDPOLQHLQWKLV
FRPSDUWPHQW
, 5&,&&RPSDUWPHQW 9ROXPH
7KHRQO\66'FRPSRQHQWVLQWKLVFRPSDUWPHQWDUHWKH5&,&HTXLSPHQWZLWKWKH
H[FHSWLRQRIWKH'LYLVLRQ,5+5DQG&RUH6SUD\SXPSV¶.9SRZHUFDEOHV7KHUH
DUHQREUHDNVRUFULWLFDOFUDFNVLQWKH5&,&FRPSDUWPHQW
, 5HDFWRU:DWHU&OHDQ8S 5:&8 6\VWHP
7KH5HDFWRU:DWHU&OHDQXSKLJKHQHUJ\OLQHVDUHORFDWHGLQWKH5:&8FRPSDUWPHQW
9ROXPHV WKHVWHDPFKDVH 9ROXPH WKH0*VHWURRP 9ROXPH WKH
QRUWKZHVWVLGHRIHOHYDWLRQIRRW 9ROXPH DQGWKHQRUWKZHVWVLGHRIHOHYDWLRQ
IRRWRIWKH5HDFWRU%XLOGLQJ 9ROXPH
7KH5:&8VXSSO\5(:('DQGWKHUHWXUQOLQH5(:('ZHUHVHLVPLFDOO\
DQDO\]HG%UHDNORFDWLRQVZHUHVHOHFWHGEDVHGXSRQWKHVHLVPLFDQDO\VLVRIWKH
SLSLQJ
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 5:&8$UHD 9ROXPH
7KHSRVVLEOH5:&8VXSSO\OLQHSLSHZKLSRUMHWLPSLQJHPHQWWDUJHWVFRQVLVWRI
FRQGXLWVZKLFKVXSSO\SRZHUWRWKH'LYLVLRQ,,UHDFWRUVDPSOHRXWERDUG
FRQWDLQPHQWYDOYHERWK'LYLVLRQ,,&RUH6SUD\FRQWDLQPHQWLVRODWLRQYDOYHVDQG
ERWK3ULPDU\&RQWDLQPHQW$WPRVSKHULF&RQWURO 3&$& YDOYH¶VDLUQLWURJHQ
VXSSO\OLQHV
7KH3ULPDU\&RQWDLQPHQW$WPRVSKHULF&RQWURO 3&$& YDOYHDQGRQH&RUH6SUD\
LVRODWLRQYDOYHDUHQRUPDOO\FORVHG/RVVRISRZHUWRWKHVHYDOYHVZRXOGFDXVHQR
FKDQJHRIVWDWHDQGFUHDWHQRDGYHUVHFRQFHUQV,QDGGLWLRQWKH'LYLVLRQ,,&RUH
6SUD\6\VWHPKDVDFKHFNYDOYHORFDWHGLQVLGHSULPDU\FRQWDLQPHQWXQDIIHFWHGE\
WKH+(/%
-HWLPSLQJHPHQWLQWKH5:&8FRPSDUWPHQWFDQFRQVHUYDWLYHO\WDUJHWDQ\RIWKH
DERYHYDOYHV7KH5:&8RXWERDUGFRQWDLQPHQWLVRODWLRQYDOYHLVQRWDMHW
LPSLQJHPHQWWDUJHWEHFDXVHRISLSHJHRPHWU\,VRODWLRQRIWKH5:&8VXSSO\OLQH
5(:('LVDVVXUHGVLQFHWKHWHUPLQDOHQGEUHDNFDQQRWWDUJHWWKHRXWERDUG
FRQWDLQPHQWLVRODWLRQYDOYH02RUWKHFDEOLQJWRWKHYDOYH7KHUHIRUHHYHQ
ZLWKDVLQJOHDFWLYHIDLOXUHWRHLWKHUFRQWDLQPHQWLVRODWLRQYDOYHRQOLQH5(:
('LVRODWLRQRIWKHEUHDNLVDFFRPSOLVKHGZLWKWKHUHPDLQLQJFRQWDLQPHQW
LVRODWLRQYDOYH
5HGXQGDQWYDOYHVLQVLGHWKH3ULPDU\&RQWDLQPHQWRUORFDWHGRXWVLGHWKLV
FRPSDUWPHQWPLWLJDWHDQ\FRQFHUQVRQORVVRIWKHDERYHFRPSRQHQWV7KHDLU
VXSSO\WRWKH3&$&LVRODWLRQYDOYHV$2DQG$2ZDVXSJUDGHGDQG
KDUGHQHGDJDLQVWSRVWXODWHGFULWLFDOFUDFNV)RUWKHDIIHFWHGYDOYHVVDIH
VKXWGRZQFDQEHDFFRPSOLVKHGXVLQJWKH'LYLVLRQ,HTXLSPHQWDQGWKH+3&,
6\VWHP6XIILFLHQWUHGXQGDQF\H[LVWVWREHDEOHWRVKXWGRZQWKHXQLWDVVXPLQJD
VLQJOHDFWLYHIDLOXUH
&RPSDUWPHQWIORRGLQJZRXOGQRWEHDSUREOHPVLQFHQRRWKHU66'HTXLSPHQW
ZRXOGEHDGYHUVHO\DIIHFWHGE\IORRGLQJRWKHUWKDQWKH66'HTXLSPHQWGLUHFWO\
DIIHFWHGE\SLSHZKLSRUMHWLPSLQJHPHQW(QYLURQPHQWDOHIIHFWVDUHHYDOXDWHGLQ
WKH01*3(QYLURQPHQWDO4XDOLILFDWLRQ (4 SURJUDPEDVHGRQWKHEUHDNFDVHV
LGHQWLILHGLQWKLV$SSHQGL[%RXQGLQJSURILOHVIRUHQYLURQPHQWDOFRQGLWLRQVDUH
LGHQWLILHG7KHHQYLURQPHQWDOFRQGLWLRQVLQFOXGHFRPSDUWPHQWSUHVVXUL]DWLRQ
KHDWXSDQGIORRGLQJHIIHFWV
, 0*6HW5RRP 9ROXPH
7KHUHDUHQRSRVWXODWHGEUHDNVRUFUDFNVLQWKLVDUHD7KH5:&8UHWXUQSLSLQJ
RXWVLGHWKH5:&8FRPSDUWPHQWLVVHLVPLFDOO\DQDO\]HGLQDFFRUGDQFHZLWKWKH
FULWHULDGHILQHGLQ6HFWLRQ, 7KHUHDUHQRSRVWXODWHGLQWHUPHGLDWH5:&8
+(/%VRUFULWLFDOFUDFNVRXWVLGHWKH5:&8FRPSDUWPHQW
, 5HDFWRU%XLOGLQJ)RRW(OHYDWLRQ1RUWKZHVW$UHD 9ROXPH
7KHUHDUHQRSRVWXODWHGEUHDNVRUFUDFNVLQWKLVDUHD7KHUHDUHQRSRVWXODWHG
LQWHUPHGLDWH5:&8+(/%VRUFUDFNVRXWVLGHWKH5:&8FRPSDUWPHQWDV
LGHQWLILHGLQ,
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 5HDFWRU%XLOGLQJ2SHQ$UHD)RRW(OHYDWLRQ:HVW6LGH 9ROXPH
7KHUHDUHQRSRVWXODWHGSLSHEUHDNVRUFUDFNVLQWKLVDUHD7KHUHDUHQRSRVWXODWHG
LQWHUPHGLDWH5:&8+(/%VRUFUDFNVRXWVLGHWKH5:&8FRPSDUWPHQWDV
LGHQWLILHGLQ,
, 0DLQ6WHDP&KDVH 9ROXPH
7KHUHDUHQRSLSHZKLSWDUJHWVIRU66'LQWKLVDUHD$Q\RWKHUFRQFHUQVLQWKLVDUHD
DUHERXQGHGE\RWKHUODUJHUSLSHVGLVFXVVHGLQ6HFWLRQV,,DQG
,
6DIHVKXWGRZQZRXOGEHDFFRPSOLVKHGLQWKHPDQQHUGHVFULEHGLQ6HFWLRQ
,ZLWKSRWHQWLDOO\HLWKHU+3&,RU5&,&QRWDYDLODEOH
, &RUH6SUD\6\VWHP
$VLQGLFDWHGLQ,WKHUHDUHQRSRVWXODWHGEUHDNORFDWLRQVIRUWKLVV\VWHP
, 5HVLGXDO+HDW5HPRYDO6\VWHP
$VLQGLFDWHGLQ,WKHUHDUHQRSRVWXODWHGEUHDNORFDWLRQVIRUWKLVV\VWHP
, +3&, :DWHU 6\VWHP
7KHKLJKHQHUJ\SRUWLRQRIWKLVV\VWHPLVORFDWHGHQWLUHO\ZLWKLQWKHPDLQVWHDPFKDVH
9ROXPH 7KHHQYLURQPHQWDOHIIHFWVRIWKLVSRVWXODWHG+(/%DUHERXQGHGE\WKH
)HHGZDWHUOLQHEUHDNLQWKHVWHDPFKDVH
, 5&,& :DWHU 6\VWHP
7KHKLJKHQHUJ\SRUWLRQRIWKLVV\VWHPLVORFDWHGHQWLUHO\ZLWKLQWKHPDLQVWHDPFKDVH
9ROXPH 7KHHQYLURQPHQWDOHIIHFWVRIWKLVSRVWXODWHG+(/%DUHERXQGHGE\WKH
)HHGZDWHUOLQHEUHDNLQWKHVWHDPFKDVH
, 6WDQGE\/LTXLG&RQWURO
/LQH&+'&IURPFRQWDLQPHQWSHQHWUDWLRQ;WRFKHFNYDOYH;3LVQRW
URXWHGLQWKHYLFLQLW\RIDQ\VDIHVKXWGRZQFRPSRQHQWV$QLQERDUGFKHFNYDOYHZLOO
OLPLWDQ\HQHUJ\UHOHDVHDQGEHFDXVHRIWKHVPDOOYROXPHRIZDWHUFRQWDLQHG
EHWZHHQWKHLQERDUGFRQWDLQPHQWFKHFNYDOYHDQGYDOYH;3FRPSDUWPHQW
9ROXPH SUHVVXUL]DWLRQDQGIORRGLQJDUHQRWDFRQFHUQEHFDXVHRIDQH[WHQVLYH
GUDLQV\VWHPDQGDODUJHIUHHYROXPH
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
, 2II*DV6\VWHP
7KHVWHDPVXSSO\OLQH6+3LVORFDWHGLQWKHFRQGHQVHUED\DUHD 9ROXPH
DQGWKH6-$(URRP 9ROXPH LQWKH7XUELQH%XLOGLQJ7KHHIIHFWVRISRVWXODWHG
EUHDNVRQWKLVOLQHLQWKHFRQGHQVHUDUHDDUHERXQGHGE\WKHSRVWXODWHGEUHDNVRQ
RWKHUOLQHVVXFKDV)HHGZDWHUDQG0DLQ6WHDP VHH6HFWLRQV,DQG,
7KHUHLVQR66'HTXLSPHQWLQWKH6-$(5RRPWREHDIIHFWHGE\DSLSHZKLSRUMHW
LPSLQJHPHQW3RVWXODWHGEUHDNVRQOLQH6+3DUHERXQGHGE\RWKHUSRVWXODWHG
+(/%VIRUZKLFKSDWKVWRVDIHVKXWGRZQKDYHEHHQGHPRQVWUDWHG VHH6HFWLRQV
,DQG, $OORWKHUKLJKHQHUJ\OLQHVLQWKH2IIJDV6\VWHPDUHORFDWHGLQWKH
2IIJDV6WRUDJHDQG&RPSUHVVRU%XLOGLQJLQZKLFKQRVDIHVKXWGRZQHTXLSPHQWLV
ORFDWHG6LQFHWKHRFFXUUHQFHRID+(/%LQWKLVDUHDFDQKDYHQRLPSDFWRQV\VWHPV
UHTXLUHGWRPLWLJDWHDFFLGHQWVQRIXUWKHUHYDOXDWLRQVQHHGWREHPDGH
, =LQF2[LGH,QMHFWLRQ6\VWHP *(=,3
7KHSRUWLRQVRIWKH*(=,3V\VWHPZLWKSRVWXODWHG+(/%VDUHWKHSRUWLRQVQHDU
WKH)HHGZDWHUDQG&RQGHQVDWHOLQHV 9ROXPH LQWKH7XUELQH%XLOGLQJ+RZHYHU
GXHWRWKHSUR[LPLW\WRWKHSRVWXODWHG)HHGZDWHUDQG&RQGHQVDWH6\VWHPV+(/%V
DQ\DGYHUVHHIIHFWVIURPD*(=,3+(/%ZRXOGEHHQYHORSHGE\DSRVWXODWHG+(/%
RQRQHRIWKH)HHGZDWHURU&RQGHQVDWHOLQHV6LQFHSDWKZD\VWRVDIHVKXWGRZQKDYH
EHHQGHPRQVWUDWHGIRUWKH)HHGZDWHUDQG&RQGHQVDWHSRVWXODWHG+(/%VWKHVH
VDPHSDWKZD\VZRXOGH[LVWIRUDPXFKVPDOOHU*(=,3+(/%
, 7DEOHRI6\VWHP(IIHFWV
7DEOH,VKRZVWKHHIIHFWRIVSHFLILFKLJKHQHUJ\OLQHEUHDNVE\YROXPHDQGV\VWHP
7KLVWDEOHLQFOXGHVWKHUHTXLUHGDX[LOLDU\V\VWHPVZKLFKDUHFRQVLGHUHGSRWHQWLDO+(/%
WDUJHWV$Q\V\VWHPQRWDIIHFWHGE\DSRVWXODWHG+(/%LVWREHFRQVLGHUHGDYDLODEOHWR
VXSSRUWVDIHVKXWGRZQ7KHPHDQLQJRIWKHOHWWHUFRGHVXVHGLQWKHWDEOHDUHDVIROORZV
) 3ULPDU\IDLOXUHDVDGLUHFWUHVXOWRIDOLQHEUHDN
$ 6\VWHPLVXQDIIHFWHGE\DOLQHEUHDNDQGLVDYDLODEOHWRVXSSRUW
VDIHVKXWGRZQ
8 7KHV\VWHPLVXQDYDLODEOHGXHWRWKHIDLOXUHRIDUHTXLUHGIXQFWLRQ
RUFRPSRQHQWDVVRFLDWHGZLWKDQRWKHUV\VWHP
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH, /RFDWLRQRI+LJK(QHUJ\6\VWHPVDQG6DIH6KXWGRZQ(TXLSPHQWE\9ROXPH
/2&$7,212)+,*+(1(5*<6<67(06$1'6$)(6+87'2:1(48,30(17%<92/80( 5($&725%8,/',1*
3$*(2)
92/80( 6((3$*()25$,7,21$/92/80(6
+,*+(1(5*<6<67(0
0$,167($0 ² ² ² ² ² ² ² ² ² ² +(%& ² ² ² ² ² ² ²
)((':$7(5 ² ² ² ² ² ² ² ² ² ² +(%& ² ² ² ² ² ² ²
&21'(16$7( ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²
+3&, 67($0 ² ² ² ² ² ² ² ² ² ² +(%& ² ² ² ² ² +(& ²
5&,& 67($0 ² ² ² ² ² ² ² ² ² ² +(%& ² ² ² ² ² +(& ²
5($&725:$7(5&/($183 ² ² ² ² ² ² ² ² ² +( +(%& ² ² +(%& ² ² ² +(
&25(635$< ² ² ² ² +( ² ² ² ² ² ² ² ² +( ² ² ² ²
5(6,'8$/+($75(029$/ ² ² ² +( ² ² ² ² ² ² ² +( ² ² ² ² ² ²
+3&, ,1-(&7,21 ² ² ² ² ² ² ² ² ² ² +(%& ² ² ² ² ² ² ²
5&,& ,1-(&7,21 ² ² ² ² ² ² ² ² ² ² +(%& ² ² ² ² ² ² ²
67$1'%</,48,'&21752/ ² ² ² +(% ² ² ² ² ² ² ² ² ² ² ² ² ² ²
2))*$6 ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²
&5'6<67(0 ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²
- (=,3 ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²
,167580(17$1'6$03/(/,1(6 ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²
'2(692/80(&217$,16$)(
<(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6 <(6
6+87'2:1(48,30(17"
6((6(&7,21,
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH,/RFDWLRQRI+LJK(QHUJ\6\VWHPVDQG6DIH6KXWGRZQ(TXLSPHQWE\9ROXPH
/2&$7,212)+,*+(1(5*<6<67(06$1'6$)(6+87'2:1(48,30(17%<
92/80( 785%,1(%8,/',1*
3$*(2)
92/80(
+,*+(1(5*<6<67(0
0$,167($0 ² ² ² +(%& +(% +(%&
)((':$7(5 +(% +(& +( +(%& ² +(%&
&21'(16$7( +(% +( +( +(%& ² ²
+3&, 67($0 ² ² ² ² ² ²
5&,& 67($0 ² ² ² ² ² ²
5($&725:$7(5&/($183 ² ² ² ² ² ²
&25(635$< ² ² ² ² ² ²
5(6,'8$/+($75(029$/ ² ² ² ² ² ²
+3&, ,1-(&7,21 ² ² ² ² ² ²
5&,& ,1-(&7,21 ² ² ² ² ² ²
67$1'%</,48,'&21752/ ² ² ² ² ² ²
2))*$6 ² ² ² +(% +(% ²
&5'6<67(0 ² ² ² ² ² ²
- (=,3 +(% ² ² ² ² ²
,167580(17$1'6$03/(/,1(6 ² ² ² ² ² ²
'2(692/80(&217$,16$)(
<(6 <(6 <(6 <(6 12 12
6+87'2:1(48,30(17"
.(< ² +,*+(1(5*<3,3,1*2)7+,66<67(0,6127/2&$7(',17+,6&203$570(1725$//+,*+(1(5*<
3,3,1*2)7+,66<67(0+$6%((1(;&/8'('%<&5,7(5,21,6'120,1$/3,3(6,=(2560$//(525
%5($.6$5(1275(48,5('72%($6680('
+( &217$,16+,*+(1(5*<3,3,1*2)7+,66<67(0 127(;&/8'('%<&5,7(5,21$1',6/$5*(57+$1
120,1$/3,3(6,=(
+(% &217$,16%5($./2&$7,216)257+(+,*+(1(5*<3,3,1*2)7+,66<67(0
+(& &217$,16&5,7,&$/&5$&./2&$7,216)257+(+,*+(1(5*<3,3,1*2)7+,66<67(0
+(%& &217$,16%5($.$1'&5,7,&$/&5$&./2&$7,216)257+(+,*+(1(5*<3,3,1*2)7+,66<67(0
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
7DEOH, 7DEOHRI6\VWHP(IIHFWV
.(<
785%,1(%/'* ) 35,0$5<)$,/85($6$
67($0&+$6( &21'(16(5$5($ 5:&8 785%,1( ',5(&75(68/72)$/,1(
6-$( )(('3803$5($ 5($&725
%5($.
$ 6<67(0,681$))(&7('%<$
5220 &203 %/'* %/'*
/,1(%5($.$1',6
$9$,/$%/(726833257
6$)(6+87'2:1
8 7+(6<67(0,681$9$,/$%/(
0$,167($0 &21'(16$7( &21'(16$7( 0$,167($0 0$,167($0 &21'(16$7( &21'(16$7( )((':$7(5 )((':$7(5 0$,167($0 '8(727+()$,/85(2)$
67($0 5(48,5(')81&7,2125
+3&, 5&,& 5:&8 %<3$66 5(: 6%/& &20321(17$662&,$7('
36
)HHG:DWHU :,7+$127+(56<67(0
36 36
)((':$7(5
5(: &$ &%
)((':$7(5
36 36 36 &% &$ ):$ ):% 5(: &+ 36
6<67(0
6$)(6+87'2:16<67(0
+3&, $ ) ) ) 8 $ $ $ ) $ $ $ $ $ $ $ $ $ $
5&,&
$ $ ) ) 8 $ $ $ $ $ $ 8 8 8 8 $ $ $ $
² 5($&7,9,7<&21752/
6596 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
² 5(6725($1'
5+5/3&,',9 8 8 8 8 8 8 8 8 8 8 8 0$,17$,1539:$7(5
$ $ $ $ $ $ $ $
/(9(/
5+5/3&,',9 $ $ $ $ $ 8 8 8 8 8 8 8 8 8 8 $ $ $ 8
² 539
5+563&',9 $ $ $ $ $ 8 8 8 8 8 8 8 8 8 8 $ $ $ 8 '(35(6685,=$7,21
5+563&',9 ² '(&$<+($75(029$/
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ &217$,10(17
&22/,1*
5+56'&',9 $ $ $ $ $ 8 8 8 8 8 8 8 8 8 8 $ $ $ 8
8 ² $8;,/,$5<6833257
5+56'&',9 $ $ $ $ $ 8 8 8 8 8
8 8 8 8 )
$ $
8
5+56(59,&(:$7(5',9
127(6
$ $ $ $ $ 8 8 8 8 )
8 8 8 8 8 $ $ $ 8
'(/(7('
5+56(59,&(:$7(5',9 '(/(7('
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
$33/,(6723621/<
&25(635$<',9 $ $ $ $ $ 8 8 8 8 8 8 8 8 8 8 $ $ $ 8 0&&$%
',9&217$,10(17635$<
&25(635$<',9 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ) $ $ $ 21/<
7+(5($5(1266'7$5*(76
(0(5*(1&<6(59,&( ,17+($5($
- $7(5',9 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
7+(6596$5(5(63216,%/(
)2553929(535(6685(
(0(5*(1&<6(59,&( $ $ $ $ $ $ $ $ $ $ $ 3527(&7,21
- $7(5',9 $ $ $ $ $ $ $ $
'(/(7('
'(/(7('
(0(5*(1&<32:(5',9 $ $ $ $ $ ) ) ) ) ) ) ) ) ) ) $ $ $ )
'(/(7('
(0(5*(1&<32:(5',9 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 81$9$,/$%/(817,/,62/$7('
)5200&&%
536&21752/52'9$/9(6 $ $ $ $ $ $ $ $ $ $ $ 7KRXJKQRWUHTXLUHGVDIH
&21752/52'6 $ $ $ $ $ $ $ $ VKXWGRZQHTXLSPHQW5&,&LI
DYDLODEOHFRXOGEHXVHG
+9$& ',9 $ $ $ $ $ ) ) ) ) ) ) ) ) ) ) $ $ $ )
(&&65220 ',9 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
I.6 5HIHUHQFHV
1RWXVHG
/HWWHUIURP$*LDPEXVVR'HSXW\'LUHFWRUIRU5HDFWRU3URMHFWV$(&WR1RUWKHUQ
6WDWHV3RZHU&RPSDQ\6XEMHFW+LJK(QHUJ\%UHDNV2XWVLGHRIWKH&RQWDLQPHQW
'HFHPEHUSOXV(UUDWDGDWHG-DQXDU\5ROO%OLS
6WDQGDUG5HYLHZ3ODQ3ODQW'HVLJQIRU3URWHFWLRQ$JDLQVW3RVWXODWHG3LSLQJ
)DLOXUHVLQ)OXLG6\VWHPV2XWVLGH&RQWDLQPHQW5HY-XO\
6WDQGDUG5HYLHZ3ODQ'HWHUPLQDWLRQRI5XSWXUH/RFDWLRQVDQG'\QDPLF
(IIHFWV$VVRFLDWHGZLWKWKH3RVWXODWHG5XSWXUHRI3LSLQJ5HY-XO\
1RWXVHG
8QLWHG6WDWHV$WRPLF(QHUJ\&RPPLVVLRQ6DIHW\(YDOXDWLRQE\WKH'LUHFWRUDWHRI
/LFHQVLQJ'RFNHW1R0RQWLFHOOR1XFOHDU*HQHUDWLQJ3ODQW³$QDO\VLVRIWKH
&RQVHTXHQFHVRI+LJK(QHUJ\3LSLQJ)DLOXUHV2XWVLGH&RQWDLQPHQW'-XO\
5ROO*2%OLS
$16,$16$PHULFDQ1DWLRQDO6WDQGDUG'HVLJQ%DVLVIRU3URWHFWLRQRI
/LJKW:DWHU1XFOHDU3RZHU3ODQWV$JDLQVW(IIHFWVRI3RVWXODWHG3LSH5XSWXUH
'HFHPEHU
163 (&:DUG OHWWHUWR$(& $*LDPEXVVR ³0RQWLFHOOR1XFOHDU*HQHUDWLQJ3ODQW
(3RVWXODWHG3LSH)DLOXUHV2XWVLGH&RQWDLQPHQW''RFNHW1RGDWHG
6HSWHPEHUZLWKDWWDFKPHQW³3RVWXODWHG3LSH)DLOXUHV2XWVLGH
&RQWDLQPHQW'$XJXVW5ROO*2%OLS5ROO%OLS
15&1552IILFH,QVWUXFWLRQ³&RQWURORI/LFHQVLQJ%DVHVIRU2SHUDWLQJ5HDFWRUV'
/,&5HYLVLRQ-DQXDU\
163 '00XVROI OHWWHUWR15&³)DLOXUHWR3URYLGH+LJK(QHUJ\/LQH%UHDN
3URWHFWLRQIRUWKH7XUELQH%XLOGLQJ3LSH&KDVH'GDWHG$SULO
187(&+(QJLQHHULQJ5HSRUW1635HYLVLRQ³5HYLHZRI+LJK(QHUJ\/LQH
$QDO\VLVIRUWKH0RQWLFHOOR1XFOHDU*HQHUDWLQJ6WDWLRQ'-XQH
163OHWWHUWR7HUU\0D[H\6XEMHFW(YDOXDWLRQRI5+53UHVVXUHDQG7HPSHUDWXUH
,QFUHDVHIRU(QYLURQPHQWDO4XDOLILFDWLRQ,PSDFW-XQH
15& 50%HUQHUR *HQHULF/HWWHU³6DIHW\&RQFHUQV$VVRFLDWHGZLWK3LSH
%UHDNVLQWKH%:56FUDP6\VWHP'-DQXDU\
6FUDP'LVFKDUJH9ROXPH'HVLJQ&KDQJH5HFRPPHQGDWLRQV6,/1R2FWREHU
6XUYH\%RRN+LJK(QHUJ\/LQHVLQ6\VWHPVFRQVLGHUHGLQ+(/%$QDO\VLV0D\
&DOFXODWLRQ5ROO%OLS$5061XPEHU&
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
6XUYH\6KHHWVDQG6XUYH\1RWHVIRU,GHQWLILHG1RQ%HFKWHO+LJK(QHUJ\/LQHV-XQH
&DOFXODWLRQ5ROO%OLS$5061XPEHU&
1XWHFK&DOFXODWLRQ163³'HWHUPLQDWLRQRI+LJK(QHUJ\3LSH/RFDWLRQV
IRUWKH6\VWHPV%HFKWHO/RRNHGDWLQ'
'UDZLQJ1'(6:()7(6:³$''LYLVLRQ&URVVWLH3LSLQJ,625HYLVLRQ
'UDZLQJ1'(6:()7(6:³%''LYLVLRQ&URVVWLH3LSLQJ,625HYLVLRQ
'HOHWHG
15& )-0LUDJOLD *HQHULF/HWWHU³5HOD[DWLRQLQ$UELWUDU\,QWHUPHGLDWH3LSH
5XSWXUH5HTXLUHPHQWV'-XQH
'HOHWHG
1XWHFK&DOFXODWLRQ3DFNDJH163'HWHUPLQDWLRQRI³+LJK(QHUJ\3LSH
%UHDN'/RFDWLRQV-XQH
/HWWHUIURP'DYLG0XVROI 163 WR'LUHFWRU2IILFHRI1XFOHDU5HDFWRU5HJXODWLRQ
³$GGLWLRQDO,QIRUPDWLRQ5HODWHGWR+LJK(QHUJ\/LQH%UHDNV$QDO\VLV''HFHPEHU
/HWWHUIURP'DYLG0XVROI 163 WR'LUHFWRU2IILFHRI1XFOHDU5HDFWRU5HJXODWLRQ
³5HVROXWLRQRI'HILFLHQFLHVLQ+LJK(QHUJ\/LQH%UHDN3URWHFWLRQIRUWKH0RQWLFHOOR
3ODQW'-XQH
1'3ULPDU\6WHDP6\VWHP%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
36(' 36('%
1'$GGLWLRQDO3ULPDU\6WHDP%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
36
1'$GGLWLRQDO3ULPDU\6WHDP%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
36(%
1'+3&,6\VWHP6WHDP/LQH%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
36('
1'3ULPDU\6WHDP'UDLQ%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
'(' '('
1'$GGLWLRQDO3ULPDU\6WHDP%UHDN/RFDWLRQV 36('
1'$GGLWLRQDO3ULPDU\6WHDP%UHDN/RFDWLRQV$LUHMHFWRU($
36('
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
1'$GGLWLRQDO3ULPDU\6WHDP%UHDN/RFDWLRQV$LU(MHFWRU(%
36('
1'0DLQ6WHDP'UDLQ%UHDN/RFDWLRQV '(%
1'0DLQ6WHDP(TXDOL]LQJ'UDLQWR&RQGHQVHU%UHDN/RFDWLRQV
'('%
1'&RQGHQVDWH6\VWHP%UHDN/RFDWLRQV &$*%
1'&RQGHQVDWH6\VWHP &RQWLQXHG %UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
&%*%
1'&RQGHQVDWH6\VWHP &RQWLQXHG %UHDN/RFDWLRQV &$(%
1'&RQGHQVDWH6\VWHP &RQWLQXHG %UHDN/RFDWLRQV &%(%
1')HHGZDWHU6\VWHP%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
):$'((' ):'(
1')HHGZDWHU6\VWHP &RQWLQXHG %UHDN/RFDWLRQV ):%'(
('
1'6WDQGE\/LTXLG&RQWURO6\VWHP%UHDN/RFDWLRQV &+'&
1')HHGZDWHU6\VWHP &RQWLQXHG %UHDN/RFDWLRQV)HHGZDWHU+HDWHU
($ ):'( ):$'(
1')HHGZDWHU6\VWHP &RQWLQXHG %UHDN/RFDWLRQV)HHGZDWHU+HDWHU
(% ):'( ):%'(
1')HHGZDWHU6\VWHP &RQWLQXHG %UHDN/RFDWLRQV)HHGZDWHU
5HFLUFXODWLRQOLQHV ):'(
1'5HDFWRU)HHG3XPSV3$ 3% ):$'(
):%'(
1'&RQWURO5RG'ULYH%UHDN/RFDWLRQV &5''(
1'+3&,,QMHFWLRQ/LQH%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
7:('
1'5&,&,QMHFWLRQ/LQH%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV ):('
1'5&,&6\VWHP6WHDP/LQH%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
36('
1'5HDFWRU:DWHU&OHDQXS6\VWHP%UHDNDQG&ULWLFDO&UDFN/RFDWLRQV
5(:'&''%'
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
1'5HDFWRU:DWHU&OHDQXS5HWXUQ/LQH%UHDN/RFDWLRQV
5(:'%'
1'5HDFWRU:DWHU&OHDQXS6\VWHP &RQWLQXHG %UHDNDQG&ULWLFDO
&UDFN/RFDWLRQV 5(:'&'%(' 5(:'% 5(:'%
1'2II*DV6\VWHP%UHDN/RFDWLRQV 6+3+1&
1'2II*DV6\VWHP &RQWLQXHG %UHDN/RFDWLRQV 6+3+1&
1'2II*DV6\VWHP%UHDN/RFDWLRQV 6+3+1&
1'6WHDP6HDO5HJXODWRU3LSLQJ%UHDN/RFDWLRQV 36 36
1'*(=,3 287 6\VWHP+(/%%UHDN &ULWLFDO&UDFN/RFDWLRQV
- =3
15& '&'L,DQQL OHWWHUWR163 '00XVROI ³5HTXHVW)RU$GGLWLRQDO,QIRUPDWLRQ
5HODWHGWR+LJK(QHUJ\/LQH%UHDNV'GDWHG6HSWHPEHUZLWK5$,HQFORVXUH
163 '00XVROI OHWWHUWR15&³$GGLWLRQDO,QIRUPDWLRQ5HODWHGWR8SGDWHG+LJK
(QHUJ\/LQH%UHDN$QDO\VLV'GDWHG'HFHPEHU
15& :2/RQJ OHWWHUWR163 703DUNHU ³0RQWLFHOOR+LJK(QHUJ\/LQH%UHDN
$QDO\VLV 7$&1R 'GDWHG-XQH
1630OHWWHU/07 7-2 &RQQRU WR15&GDWHG$XJXVW³0RQWLFHOOR
([WHQGHG3RZHU8SUDWH5HVSRQVHWR15&0HFKDQLFDODQG&LYLO(QJLQHHULQJ
5HYLHZ%UDQFK (0&% 5HTXHVWVIRU$GGLWLRQDO,QIRUPDWLRQV 5$,V GDWHG0DUFK
7$&1R0' 'GDWHG$XJXVW
15& 7$%HOW] OHWWHUWR1630 .')LOL 0RQWLFHOOR1XFOHDU*HQHUDWLQJ3ODQW
,VVXDQFHRI$PHQGPHQW1RWR5HQHZHG)DFLOLW\2SHUDWLQJ/LFHQVH5HJDUGLQJ
([WHQGHG3RZHU8SUDWH 7$&120' GDWHG'HFHPEHU
(&&DOFXODWLRQ5HY7HPSHUDWXUHDQG$VEXLOW$QDO\VHVRI&5'
DQG5:&83LSLQJ7HUPLQDO(QG'HILQLWLRQV
&KDQJH5HTXHVW86$5$SSHQGL[,+(/%5HYLVLRQ
15&6(5IRU3RZHU5HUDWH$PHQGPHQWGDWHG6HSWHPEHU5ROO
%OLS
01*3/LFHQVH$PHQGPHQW5HTXHVWIRU5HUDWH5HYLVLRQGDWHG'HFHPEHU
5ROO%OLS
0217,&(//283'$7('6$)(7<$1$/<6,65(3257 86$5,
5HYLVLRQ
$33(1',;, (9$/8$7,212)+,*+(1(5*</,1(%5($.6 3DJHRI
2876,'(&217$,10(17
FIGURES
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ
- LWKKHOG6HFXULW\5HODWHG,QIRUPDWLRQ