ND-20-1325, Report of CFR 50.59 Changes, Tests and Experiments and 10 CFR 52 Appendix D Departure Report
| ML20346A442 | |
| Person / Time | |
|---|---|
| Site: | Vogtle  |
| Issue date: | 12/11/2020 |
| From: | Chamberlain A Southern Nuclear Operating Co |
| To: | Document Control Desk, Office of Nuclear Reactor Regulation |
| References | |
| ND-20-1325 | |
| Download: ML20346A442 (47) | |
Text
>-
6RXWKHUQ1XFOHDU
Southern Nuclear
2SHUDWLQJ&RPSDQ\,QF
&RORQQDGH3DUNZD\
%LUPLQJKDP$/
'HFHPEHU
'RFNHW1RV 1'
&)5
&)5$SS'
861XFOHDU5HJXODWRU\&RPPLVVLRQ
'RFXPHQW&RQWURO'HVN
- DVKLQJWRQ'&
6RXWKHUQ1XFOHDU2SHUDWLQJ&RPSDQ\
9RJWOH(OHFWULF*HQHUDWLQJ3ODQW8QLWVDQG
5HSRUWRI&)5 &KDQJHV7HVWVDQG([SHULPHQWVDQG
&)5$SSHQGL[''HSDUWXUH5HSRUW
/DGLHVDQG*HQWOHPHQ
7KLV VXEPLVVLRQ LV PDGH ZLWK UHJDUG WR WKH 9RJWOH (OHFWULF *HQHUDWLQJ 3ODQW 9(*3
8QLWVDQG &RPELQHG /LFHQVH &2/ QXPEHUV 13) DQG 13) UHVSHFWLYHO\ LQ
DFFRUGDQFHZLWKWKHUHSRUWLQJUHTXLUHPHQWVRI&)5 G DQG&)5$SSHQGL['
SDUDJUDSKV;%DQG;%E
,QDFFRUGDQFHZLWK9(*3 &2//LFHQVH&RQGLWLRQ' E LQFOXGHGLQWKLVVXEPLVVLRQ
DUHGHSDUWXUHVIURP7LHU LQIRUPDWLRQWKDWZHUHHYDOXDWHGDJDLQVWWKHUHTXLUHPHQWVIRU7LHU
GHSDUWXUHVLQ&)53DUW$SSHQGL['3DUDJUDSK9,,,%DVPRGLILHGE\WKHH[HPSWLRQLQ
/LFHQVH &RQGLWLRQ ' D DQG WKHUHIRUH GLG QRW UHTXLUH SULRU 15& DSSURYDO XQGHU WKH
H[HPSWLRQLQ/LFHQVH&RQGLWLRQ' D
)RU WKH SHULRG RI 0D\ WKURXJK 1RYHPEHU WKHUH ZHUH QR FKDQJHV PDGH
SXUVXDQWWRSDUDJUDSK F RI&)5
(QFORVXUH SURYLGHV WKH UHSRUW FRQWDLQLQJ D EULHI GHVFULSWLRQ RI SODQWVSHFLILF GHSDUWXUHV
LQFOXGLQJ D VXPPDU\ RI WKH HYDOXDWLRQ RI HDFK DV UHTXLUHG E\ &)5 $SSHQGL[ '
SDUDJUDSKV;%DQG;%EIRUWKHSHULRGRI0D\WKURXJK1RYHPEHU
(QFORVXUH SURYLGHV WKH UHSRUW FRQWDLQLQJ D EULHI GHVFULSWLRQ RI WKH GHSDUWXUHV IURP 7LHU
LQIRUPDWLRQ WKDW GLG QRW UHTXLUH SULRU 15& DSSURYDO XQGHU WKH H[HPSWLRQ LQ /LFHQVH &RQGLWLRQ
' D DQG VXPPDULHV RI WKH GHSDUWXUH HYDOXDWLRQV DV UHTXLUHG E\ /LFHQVH &RQGLWLRQ
' E IRUWKHSHULRGRI0D\WKURXJK1RYHPEHU
7KLVOHWWHUPDNHVQRUHJXODWRU\FRPPLWPHQWV7KLVOHWWHUKDVEHHQUHYLHZHGDQGGHWHUPLQHGQRW
WRFRQWDLQVHFXULW\UHODWHGLQIRUPDWLRQ
,I\RXKDYHTXHVWLRQVSOHDVHFRQWDFW0V$P\&KDPEHUODLQDW
U.S. Nuclear Regulatory Commission ND-20-1325 Page 2 of 4 Respectfully submitted, Amy C. Chamberlain Licensing Manager, Regulatory Affairs Southern Nuclear Operating Company Enclosures 1) VEGP Units 3 and 4, Departure Report for the Period of May 12, 2020 through November 11, 2020
- 2) VEGP Units 3 and 4, Tier 2* Departure Evaluation Report for the Period of May 12, 2020 through November 11, 2020
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
3DJHRI
FF
6RXWKHUQ1XFOHDU2SHUDWLQJ&RPSDQ\*HRUJLD3RZHU&RPSDQ\
0U6(.XF]\QVNL ZRHQFORVXUHV
0U336HQD,,, ZRHQFORVXUHV
0U0'0HLHU ZRHQFORVXUHV
0U*&KLFN
0U66WLPDF
0U30DUWLQR
0U'/0F.LQQH\ ZRHQFORVXUHV
0U7:<HOYHUWRQ ZRHQFORVXUHV
0U%+:KLWOH\
0V&$*D\KHDUW
0V05RQQOXQG
0U'/)XOWRQ
0U0-<R[
0U&7'HIQDOO
0U-7XSLN
0V6$JHH
0U0+XPSKUH\
0V$&&KDPEHUODLQ
0U6/HLJKW\
0U1.HOOHQE$1L[HUJHU
0U$1L[
0V.5REHUWV
0U-+DVZHOO
0U'7%O\WKH
0U.:DUUHQ
0U$63DUWRQ
'RFXPHQW6HUYLFHV57<3( 91'/,/
)LOH$5
1XFOHDU5HJXODWRU\&RPPLVVLRQ
0U0.LQJ ZRHQFORVXUHV
0V0%DLOH\ ZRHQFORVXUHV
0U+.1LHK 0U*-.KRXUL 0U*$UPVWURQJ 0U&3DWHO 0U&6DQWRV 0U%.HPNHU 0U-(UJOH 0U&-(YHQ
0U6:DONHU
0V1&&RRYHUW
0U&:HOFK
0U-*DVOHYLF
0U2/RSH]6DQWLDJR
0U0:HEE
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
3DJHRI
15&5HJXODWRU\&RPPLVVLRQ
0U7)UHGHWWH
0U65RVH
0V.0F&XUU\
6WDWHRI*HRUJLD
0U5'XQQ
2JOHWKRUSH3RZHU&RUSRUDWLRQ
0U0:3ULFH
0V$:KDOH\
0XQLFLSDO(OHFWULF$XWKRULW\RI*HRUJLD
0U-()XOOHU
0U60-DFNVRQ
'DOWRQ8WLOLWLHV
0U7%XQGURV
- HVWLQJKRXVH(OHFWULF&RPSDQ\//&
0U/2ULDQL ZRHQFORVXUHV
0U75XEHQVWHLQ ZRHQFORVXUHV
0U0&RUOHWWL
0U'+DZNLQV
0U-&RZDUG
2WKHU
0U6:.OLQH%HFKWHO3RZHU&RUSRUDWLRQ
0V/$0DWLV7HWUD7HFK186,QF
'U:5-DFREV-U3K'*'6$VVRFLDWHV,QF
0U65RHWJHU*HRUJLD3XEOLF6HUYLFH&RPPLVVLRQ
0U5/7URNH\*HRUJLD3XEOLF6HUYLFH&RPPLVVLRQ
0U.&*UHHQH7URXWPDQ6DQGHUV
0U6%ODQWRQ%DOFK%LQJKDP
6RXWKHUQ1XFOHDU2SHUDWLQJ&RPSDQ\
1'
(QFORVXUH
9RJWOH(OHFWULF*HQHUDWLQJ3ODQW 9(*3 8QLWVDQG
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
7KLV(QFORVXUHFRQVLVWVRISDJHVLQFOXGLQJWKLVFRYHUSDJH
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH &KDQJHVLQ8)6$56XEVHFWLRQV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGWKH&$PRGXOHGHVFULSWLRQVLQWKH8)6$5DQGGHOHWHGWKH
GLVFXVVLRQRQWKHHIIHFWLYHOHQJWKIDFWRUIURPWKHGHVLJQIRUYHUWLFDOXSZDUGORDGVVHFWLRQLQWKH
8)6$5
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH /LFHQVLQJ%DVLV9DOXH,QFRQVLVWHQFLHV:LWK3ODQW3DUDPHWHUV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPDGHXSGDWHVWRUHIOHFWDVGHVLJQHGYDOXHVUHODWLQJWRVWHDPJHQHUDWRUQRPLQDO
GHVLJQSDUDPHWHUVDQGEHVWHVWLPDWHUHDFWRUFRUHDQGYHVVHOWKHUPDOK\GUDXOLFSDUDPHWHUV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 1XFOHDU,VODQG'RRU6ZLQJ3DWK'&'7LHU)LJXUH8SGDWHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGGRRUVZLQJGLUHFWLRQVLQ8)6$5 SODQWVSHFLILF'&' )LJXUHVLQ
&KDSWHUV $DQGWRPDWFKWKHGHVLJQGRFXPHQWV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV1R
([HPSWLRQ <HV1R
8QLW$PHQGPHQW1R
8QLW$PHQGPHQW1R
'HSDUWXUH7LWOH 'HVLJQ&KDQJHVWR$GGUHVV+HDWXSRI$X[LOLDU\%XLOGLQJ5RRPV
IROORZLQJ/RVVRI+9$&RU/RVVRIDOO$&3RZHU
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHDGGUHVVHGSRWHQWLDOHIIHFWVZLWKLQ$3$X[LOLDU\%XLOGLQJVSDFHVIROORZLQJD
ORVVRIKHDWLQJYHQWLODWLRQDQGDLUFRQGLWLRQLQJ +9$& RUORVVRIDFSRZHUHYHQWV&KDQJHV
ZHUHPDGHWRKHDWORDGYDOXHVURRPWHPSHUDWXUHVURRPKHDWXSUDWHFKDQJHVDQGORVVRI
+9$&HYHQWGXUDWLRQV)RUORVVRI+9$&HYHQWVRIORQJHUGXUDWLRQFRPSHQVDWRU\DFWLRQVZHUH
DGGHGDQGSDVVLYHKHDWVLQNVZHUHFUHGLWHGWROLPLWWKHWHPSHUDWXUHVWRZLWKLQWKRVHFRQVLGHUHG
IRUHQYLURQPHQWDOTXDOLILFDWLRQRIWKHHTXLSPHQW
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&' 7LHU SODQWVSHFLILF
'&' DQGDVVRFLDWHG&2/$SSHQGL[&,7$$&
6XPPDU\RIWKH(YDOXDWLRQ
3RUWLRQVRIWKLVGHSDUWXUHPDGHFKDQJHVWR7LHULQIRUPDWLRQDQG8)6$57LHULQIRUPDWLRQ
WKDWLQYROYHGDFKDQJHWRRUGHSDUWXUHIURP7LHU DQGDVVRFLDWHG&2/$SSHQGL[& WKHUHIRUH
D/LFHQVH$PHQGPHQWDQG([HPSWLRQ5HTXHVW /$5 ZDVVXEPLWWHGWRWKH15&
7KH15&DSSURYHGWKLV/LFHQVH$PHQGPHQWDQG([HPSWLRQ5HTXHVWDQGLVVXHG/LFHQVH
$PHQGPHQWVDQGWR&2/13) IRU9(*38QLWDQG&2/13) IRU9(*38QLW
UHVSHFWLYHO\
3RUWLRQVRIWKLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORI
DVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDG
QRLPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KHVHSRUWLRQVRIWKLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU
LQIRUPDWLRQRUWKH7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,
VFUHHQLQJVLPSOLILHGHYDOXDWLRQGHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWR
LPSOHPHQWLQJWKLVGHSDUWXUH
3RUWLRQVRIWKLVSODQWVSHFLILFGHSDUWXUHZHUHFRQVHUYDWLYHO\GHWHUPLQHGWRUHVXOWLQD
PRGLILFDWLRQDGGLWLRQWRRUUHPRYDORIDVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWD
GHVLJQIXQFWLRQPD\KDYHEHHQDGYHUVHO\DIIHFWHGDQGVXFKWKDWWKHFKDQJHVPD\UHVXOWLQDQ
DGYHUVHFKDQJHWRDPHWKRGRIHYDOXDWLRQRUXVHRIDQDOWHUQDWHPHWKRGRIHYDOXDWLRQ
7KHVHSRUWLRQVRIWKHSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDGHYLDWLRQIURPSODQWVSHFLILF
'&'GHVLJQLQIRUPDWLRQVXFKWKDWWKHUHLVPRUHWKDQDPLQLPDOLQFUHDVHLQWKHIUHTXHQF\RI 3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
RFFXUUHQFHRIDQDFFLGHQWOLNHOLKRRGRIWKHRFFXUUHQFHRIDPDOIXQFWLRQRIDVWUXFWXUHV\VWHPRU
FRPSRQHQW 66& LPSRUWDQWWRVDIHW\FRQVHTXHQFHVRIDQDFFLGHQWRUPDOIXQFWLRQ FUHDWHWKH
SRVVLELOLW\RIDQDFFLGHQWRIDGLIIHUHQWW\SHRUPDOIXQFWLRQZLWKDGLIIHUHQWUHVXOW UHVXOWLQD
GHVLJQEDVLVOLPLWIRUDILVVLRQSURGXFWEDUULHUEHLQJH[FHHGHGRUDOWHUHG UHVXOWLQDGHSDUWXUH
IURPDPHWKRGRIHYDOXDWLRQ RUDVXEVWDQWLDOLQFUHDVHLQWKHSUREDELOLW\RIDQH[YHVVHOVHYHUH
DFFLGHQWSUHYLRXVO\GHWHUPLQHGWRQRWEHFUHGLWDEOHVXFKWKDWLWZRXOGEHFRPHFUHGLEOH
7KHVHSRUWLRQVRIWKHGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU
LQIRUPDWLRQRUWKH7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,HYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVSRUWLRQRIWKH
GHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 1/QRQ,673URJUDP8SGDWHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPRGLILHG7HFKQLFDO6SHFLILFDWLRQV 76 %DVHVWRFRUUHFWWKH$60(20FRGH
SDUDJUDSKUHIHUHQFHWR,67&DQGWRUHPRYHGHWDLOWKDWLVUHGXQGDQWZLWKWKHUHTXLUHPHQWV
LQWKH&2//LFHQVH&RQGLWLRQ' J E76%DVHVIRU6565DQG65
ZHUHUHYLVHGWRPRUHDFFXUDWHO\GHVFULEHWKHDVVRFLDWHG76651RWH
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH76%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV1R
([HPSWLRQ <HV1R
8QLW$PHQGPHQW1R
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 8QLW$X[LOLDU\%XLOGLQJ:DOO6HLVPLF*DS5HTXLUHPHQWV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPRGLILHGWKHQRUWKVRXWKVHLVPLFJDSUHTXLUHPHQWDERYHJUDGHEHWZHHQWKH
QXFOHDULVODQGDQGWKHDQQH[EXLOGLQJZHVWRI&ROXPQ/LQH,IURP(OHYDWLRQWKURXJK
(OHYDWLRQ
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&' 7LHU SODQWVSHFLILF
'&' DQGDVVRFLDWHG&2/$SSHQGL[&,7$$&
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHPDGHFKDQJHVWR8)6$57LHU LQIRUPDWLRQWKDWTXDOLILHGDVUHTXLULQJSULRU
15&DSSURYDOLQDFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ' D DQG9(*3 7LHU DQG
DVVRFLDWHG&2/$SSHQGL[& LQIRUPDWLRQ WKHUHIRUHD/LFHQVH$PHQGPHQWDQG([HPSWLRQ
5HTXHVW /$5 ZDVVXEPLWWHGWRWKH15&
7KH15&DSSURYHGWKLV/LFHQVH$PHQGPHQWDQG([HPSWLRQ5HTXHVWDQGLVVXHG/LFHQVH
$PHQGPHQWWR&2/13) IRU9(*38QLW
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 3RZHU/RFNRXW&KDQJHVIRU3;63/9$%GXULQJ3RZHU
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHLPSOHPHQWHGSRZHUORFNRXWWRWKHFRUHPDNHXSWDQNEDODQFHOLQHLQOHWPRWRU
RSHUDWHGYDOYHVGXULQJQRUPDORSHUDWLRQ
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJH RI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 0DLQ6WHDP6\VWHP7XUELQH%\SDVV&RQWURO/RJLFWR3URWHFW&RQGHQVHU
,QWHUQDOV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHDGMXVWHGWKHPDLQVWHDPV\VWHPWXUELQHE\SDVVYDOYHDFWXDWRUVWROLPLWWKHIXOO
RSHQYDOYHVWURNH7KH8)6$5WH[WZKLFKPHQWLRQVWKHOLPLWZDVUHYLVHGWRFODULI\WKDWWKH
FDSDFLW\LVXSWRWKLVOLPLW
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R
8QLW$PHQGPHQW1R
'HSDUWXUH7LWOH &RUH0DNHXS7DQN%RURQ&RQFHQWUDWLRQ5HTXLUHPHQWV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHLQFUHDVHGWKHXSSHUOLPLWRIWKH&RUH0DNHXS7DQN &07 ERURQFRQFHQWUDWLRQ
DQGGHFUHDVHGWKHIUHTXHQF\RIWKH7HFKQLFDO6SHFLILFDWLRQV6XUYHLOODQFH5HTXLUHPHQWIRU
YHULI\LQJ&07ERURQFRQFHQWUDWLRQ7KLVGHSDUWXUHDOVRLQFUHDVHGWKHPLQLPXPPDVVRI
WULVRGLXPSKRVSKDWHUHTXLUHG
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&' &2/$SSHQGL[$
7HFKQLFDO6SHFLILFDWLRQV 76 DQG76%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHPDGHFKDQJHVWR8)6$57LHULQIRUPDWLRQWKDWLQYROYHGFKDQJHVWR&2/
$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQV WKHUHIRUHD/LFHQVH$PHQGPHQW5HTXHVW /$5
ZDVVXEPLWWHGWRWKH15&
7KH15&DSSURYHGWKLV/LFHQVH$PHQGPHQW5HTXHVWDQGLVVXHG/LFHQVH$PHQGPHQWV
DQGWR&2/13) IRU9(*38QLWDQG&2/13) IRU9(*38QLWUHVSHFWLYHO\
7KH76%DVHVFKDQJHVFRQIRUPWRFKDQJHVWR&2/$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQWKDW
UHTXLUHGSULRU15&UHYLHZDQGDSSURYDO7KHFKDQJHVGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQ
WRRUUHPRYDORIDVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLV
DGYHUVHO\DIIHFWHGKDGQRLPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUPHWKRGVRIFRQWUROWKDW
DGYHUVHO\DIIHFWVDGHVLJQIXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRI
HYDOXDWLRQGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWVRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQ
EDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KH76%DVHVFKDQJHVGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRU
IXUWKHU76FKDQJHV$&)5$SSHQGL['6HFWLRQ9,,, VFUHHQVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGIRUWKLV76%DVHVFKDQJH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 76%DVHV5HTXLUHG$FWLRQV)DQG)1RWHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KH7HFKQLFDO6SHFLILFDWLRQV 76 %DVHVZHUHUHYLVHGWRSURYLGHDGGLWLRQDOFODULW\RIWKHRSWLRQV
IRUSURYLGLQJUHGXQGDQWPHDQVRIFRROLQJWKHUHDFWRUFRRODQWV\VWHP
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH76%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILF7HFKQLFDO6SHFLILFDWLRQV%DVHVFKDQJHDFWLYLW\GLGQRWUHVXOWLQD
PRGLILFDWLRQDGGLWLRQWRRUUHPRYDORIDVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWD
GHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQRLPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRG
RIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQIXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRD
PHWKRGRIHYDOXDWLRQXVHGLQHVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRW
UHSUHVHQWWHVWVRUH[SHULPHQWVRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRW
DOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVDFWLYLW\GLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH7HFKQLFDO
6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKHVHFKDQJHV
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 750 7508SGDWHVIRU3RVW+RXU)XQFWLRQV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHYLVHG7HFKQLFDO5HTXLUHPHQWV0DQXDO 750 DQG750
$SSOLFDELOLW\WRH[FOXGHWKHSDVVLYHFRQWDLQPHQWFRROLQJZDWHUVWRUDJHWDQNPDNHXSIXQFWLRQ
ZKHQUHDFWRUGHFD\KHDWLVVXIILFLHQWO\ORZ 750RQO\ DQGWRDFFRXQWIRUKDQGOLQJ
LUUDGLDWHGIXHOLQWKHHYHQWWKHUHDFWRULVGHIXHOHG LH³QR02'('
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWR7LHUSRUWLRQVRIWKH7HFKQLFDO5HTXLUHPHQWV0DQXDO
750
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 0LVVHG/LFHQVLQJ%DVLV,PSDFWWRWKH'&'8)6$5
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHDGGHGGLHVHOIXHORLOWDQNVWRWKH9RJWOH VLWH
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R
8QLW$PHQGPHQW1R
'HSDUWXUH7LWOH 0DLQ&RQWURO5RRP(PHUJHQF\+DELWDELOLW\6\VWHP 9(6 3UHVVXUH
5HJXODWLQJ9DOYHDQG6RXUFH5DQJH1HXWURQ)OX['RXEOLQJ6XUYHLOODQFH
&KDQJHVDQG2WKHU0LVFHOODQHRXV7HFKQLFDO6SHFLILFDWLRQ&KDQJHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVDFWLYLW\PDGHDYDULHW\RIFKDQJHVWRWKH7HFKQLFDO6SHFLILFDWLRQV 76 LQFOXGLQJ
x &KDQJHGWKHIUHTXHQF\RI6XUYHLOODQFH5HTXLUHPHQW 65 IRUWKH0DLQ&RQWURO5RRP
(PHUJHQF\+DELWDELOLW\6\VWHP 9(6 RSHUDWLRQWRDVWDJJHUHGEDVLV
x 'HOHWHGWKH65IRUYHULI\LQJWKHVHOIFRQWDLQHGSUHVVXUHUHJXODWLQJYDOYHLQHDFK9(6DLU
GHOLYHU\IORZSDWKLVRSHUDEOHLQDFFRUGDQFHZLWKWKH,QVHUYLFH7HVWLQJ3URJUDP ,67
x ([FOXGHGQHXWURQGHWHFWRUVIURP(QJLQHHUHG6DIHW\)HDWXUH$FWXDWLRQ6\VWHP
,QVWUXPHQWDWLRQ65IRUFKDQQHOFDOLEUDWLRQDQGHQJLQHHUHGVDIHW\IHDWXUHUHVSRQVHWLPH
x 5HSODFHGGHWDLOVRIWKH,QVHUYLFH7HVWLQJ3URJUDP ,67 LQWKH7HFKQLFDO6SHFLILFDWLRQV
ZLWKDUHIHUHQFHWRWKH,673URJUDP
x (GLWRULDOO\UHYLVHG76 IRUFRQVLVWHQF\DQGDSSURSULDWHUHIHUHQFHWRWKHDSSOLFDEOH
8)6$5VHFWLRQDQG
x 5HSODFHGDQLQVWDQFHRIUDWHGWKHUPDOSRZHU 573 LQ76 ZKHUHVLPSO\³WKHUPDO
SRZHU'ZDVLQWHQGHG
7KLVDFWLYLW\UHVXOWHGLQFKDQJHVWR&2/$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQVDQGWKH7HFKQLFDO
6SHFLILFDWLRQV%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHPDGHFKDQJHVWR&2/$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQV WKHUHIRUHD/LFHQVH
$PHQGPHQW5HTXHVW /$5 ZDVVXEPLWWHGWRWKH15&
7KH15&DSSURYHGWKLV/LFHQVH$PHQGPHQW5HTXHVWDQGLVVXHG/LFHQVH$PHQGPHQWV
DQGWR&2/13) IRU9(*38QLWDQG&2/13) IRU9(*38QLWUHVSHFWLYHO\
7KH76%DVHVFKDQJHVFRQIRUPWRFKDQJHVWR&2/$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQVWKDW
UHTXLUHGSULRU15&UHYLHZDQGDSSURYDO7KHFKDQJHVGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQ
WRRUUHPRYDORIDVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLV
DGYHUVHO\DIIHFWHGKDGQRLPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDW
DGYHUVHO\DIIHFWVDGHVLJQIXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRI
HYDOXDWLRQGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWVRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQ
EDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KH76%DVHVFKDQJHVGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRU
IXUWKHU76FKDQJHV$&)5$SSHQGL['6HFWLRQ9,,, VFUHHQVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGIRUWKLV76%DVHVFKDQJH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R
8QLW$PHQGPHQW1R
'HSDUWXUH7LWOH 7HFKQLFDO6SHFLILFDWLRQIRU0DLQ&RQWURO5RRP(PHUJHQF\
+DELWDELOLW\6\VWHP 9(6 ,QVWUXPHQWDWLRQ$SSOLFDELOLW\&KDQJHDQG
,QFOXGH8QGHUYROWDJH$FWXDWLRQ
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHYLVHG8)6$5&KDSWHUWRLGHQWLI\ZKLFKHTXLSPHQWLVGHHQHUJL]HGE\WKH
&ODVV(KRXUEDWWHU\FKDUJHUXQGHUYROWDJHIXQFWLRQFODULI\XQGHUYROWDJHORJLFDQGFUHGLW
WKHGHHQHUJL]DWLRQRIWKHVDPSOHSXPSVZLWKQRWRQO\FRQVHUYLQJEDWWHU\FDSDFLW\EXWDOVR
PDLQWDLQLQJURRPWHPSHUDWXUHEHORZWKHHTXLSPHQWTXDOLILFDWLRQOLPLWVDQGPDLQWDLQLQJWKH
DVVXPHGKHDWORDGIRUPDLQFRQWUROURRP 0&5 KDELWDELOLW\7KHVHFKDQJHVDOVRLQYROYHG
FKDQJHVWRWKH7HFKQLFDO6SHFLILFDWLRQV 76 DQG76%DVHV
$VHSDUDWHFRQVLVWHQF\FKDQJHWRWKH76%DVHVZDVLQFOXGHGLQWKLVGHSDUWXUH7KHFKDQJH
DGGUHVVHGDQLQVWDQFHLQZKLFKWKH76%DVHVUHIHUUHGWRDVSHFLILF7HFKQLFDO6SHFLILFDWLRQE\
WLWOHEXWWKHWLWOHGLGQRWPDWFKWKH76
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&' &2/$SSHQGL[$
7HFKQLFDO6SHFLILFDWLRQVDQG76%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHPDGHFKDQJHVWR8)6$57LHULQIRUPDWLRQWKDWLQYROYHGFKDQJHVWR&2/
$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQV WKHUHIRUHD/LFHQVH$PHQGPHQW5HTXHVW /$5
ZDVVXEPLWWHGWRWKH15&
7KH15&DSSURYHGWKLV/LFHQVH$PHQGPHQW5HTXHVWDQGLVVXHG/LFHQVH$PHQGPHQWV
DQGWR&2/13) IRU9(*38QLWDQG&2/13) IRU9(*38QLWUHVSHFWLYHO\
7KH76%DVHVFKDQJHVFRQIRUPWRFKDQJHVWR&2/$SSHQGL[$7HFKQLFDO6SHFLILFDWLRQWKDW
UHTXLUHGSULRU15&UHYLHZDQGDSSURYDO$VHSDUDWHFRQVLVWHQF\FKDQJHZDVDOVRLQFOXGHGLQ
WKLVDFWLYLW\DQGZDVVXEMHFWHGWRD&)5$SSHQGL['6HFWLRQ9,,,
VFUHHQVLPSOLILHGHYDOXDWLRQ7KHFKDQJHVGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDO
RIDVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHG
KDGQRLPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUPHWKRGVRIFRQWUROWKDWDGYHUVHO\DIIHFWVD
GHVLJQIXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQGLGQRW
UHSUHVHQWWHVWVRUH[SHULPHQWVRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRW
DOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW7KH76%DVHV
FKDQJHVGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUIXUWKHU76
FKDQJHV$&)5$SSHQGL['6HFWLRQ9,,, VFUHHQVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGIRUWKLV76%DVHVFKDQJH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 3ODQW)LUH$ODUP6\VWHP5HPRWH$QQXQFLDWRU3DQHO0RYHGDQG
&RQWDLQPHQW)LUH$ODUP&KDQJHGIURP$XGLEOHWR9LVXDO
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGWKHORFDWLRQRIWKHUHPRWHILUHDODUPDQQXQFLDWRUSDQHOIURPWKHVHFXULW\
FHQWUDODODUPVWDWLRQWRDQXQVSHFLILHGUHPRWHORFDWLRQRXWVLGHRIWKHPDLQFRQWUROURRPDQGWKH
DXGLEOHQRWLILFDWLRQDSSOLDQFHVLQVLGHFRQWDLQPHQWZHUHFKDQJHGWRYLVXDOQRWLILFDWLRQ
DSSOLDQFHV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 8)6$5&KDSWHU (8SGDWH 6DIH6KXWGRZQ7HPSHUDWXUH
(YDOXDWLRQ
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHYLVHGWKHVDIHVKXWGRZQHYDOXDWLRQWRXSGDWHWKHWLPHZKHQWKHSDVVLYH
UHVLGXDOKHDWUHPRYDO 35+5 KHDWWUDQVIHUPDWFKHVGHFD\KHDWWKHWLPHZKHQFROGOHJ
WHPSHUDWXUHLQWKH35+5ORRSLVUHGXFHGWR)DQGWKHWLPHZKHQFRUHDYHUDJH
WHPSHUDWXUHUHDFKHV)
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 306)0($IRU65DQG,51HXWURQ'HWHFWRUV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHYLVHGWKH8)6$5$SSHQGL[%3URWHFWLRQDQG6DIHW\0RQLWRULQJ6\VWHP
306 )DLOXUH0RGHVDQG(IIHFWV$QDO\VLV )0($ WRFKDQJHWKHIDLOXUH'HWHFWDELOLW\FODVVHV
IRUWKH6RXUFH5DQJH 65 DQG,QWHUPHGLDWH5DQJH ,5 FRPSRQHQWV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJH RI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH $GRSW5HJXODWRU\*XLGH 5HY&ULWHULRQIRU8QH[SRVHG
3HQHWUDWLRQ6HDO7HPSHUDWXUH
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHG8)6$57DEOH ³$3)LUH3URWHFWLRQ3URJUDP&RPSOLDQFH
ZLWK%73&0(% '&D E DQGLQFRUSRUDWHGE\UHIHUHQFH ,%5 GRFXPHQW
- &$3³$3$VVHVVPHQW$JDLQVW1)3$'WRDOORZWKHXVHRIDQ$OWHUQDWH
&RPSOLDQFH $& FULWHULRQFRQVLVWHQWZLWK5HJXODWRU\*XLGH 5* 5HYLVLRQ6HFWLRQ
ELLIRUGHWHUPLQLQJWKHDFFHSWDELOLW\RIXQH[SRVHGSHQHWUDWLRQVHDOWHPSHUDWXUHVIRU
TXDOLI\LQJSHQHWUDWLRQV$GGLWLRQDOFKDQJHVZHUHPDGHWR8)6$57DEOHVDQG
$SSHQGL[$DQG6XEVHFWLRQ WRFRQIRUPWRWKHFKDQJHVLQ8)6$57DEOH DQG
- &$3
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 8SGDWHVWR$SSHQGL[ $'XHWR5HFRQFLOLDWLRQRI)LUH3URWHFWLRQ
$QDO\VLV5HSRUW
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHG8)6$5$SSHQGL[ $WRUHVROYHGLVFUHSDQFLHVIURPDSSURYHGGHVLJQ
FKDQJHVDQGFDOFXODWLRQVDQGWRUHIOHFWWKHILQDOL]DWLRQRIWKH)LUH3URWHFWLRQ$QDO\VLV5HSRUW
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 5&6'HVLJQ7UDQVLHQW/RRS7HPSHUDWXUH&KDQJHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPDGHDFKDQJHWRDOORZDQDOWHUQDWLYHFRPELQDWLRQRIUHDFWRUFRRODQWV\VWHP
GHSUHVVXUL]DWLRQWUDQVLHQWVZKHQHYDOXDWLQJFRPSRQHQWIDWLJXHIRUUHDFWRUFRRODQWSUHVVXUH
ERXQGDU\FRPSRQHQWVRWKHUWKDQWKHVWHDPJHQHUDWRUV 6*V 7KHDOWHUQDWLYHGHSUHVVXUL]DWLRQ
WUDQVLHQWFRPELQDWLRQZDVDOUHDG\DOORZHGIRUWKH6*V
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH ([FHSWLRQVWR5HJXODWRU\*XLGHIRUWKH6WHDP*HQHUDWRU
%ORZGRZQ6\VWHP %'6 (OHFWURGHLRQL]DWLRQ (', 3DFNDJHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHLGHQWLILHGH[FHSWLRQVWR5HJXODWRU\*XLGH 5* IRUWKH6WHDP*HQHUDWRU
%ORZGRZQ6\VWHP %'6 LQ8)6$5 SODQWVSHFLILF'&' $SSHQGL[$7KLVDFWLYLW\DOVRUHYLVHG
WKH8)6$5&KDSWHU%'6GHVLJQEDVLVGLVFXVVLRQWRLQGLFDWHFRQIRUPDQFHDQGH[FHSWLRQVWR
5*DUHGLVFXVVHGLQ$SSHQGL[$LQFOXGLQJWKDW%'6GRHVQRWQRUPDOO\FRQWDLQ
UDGLRDFWLYLW\H[FHSWLQWKHLQIUHTXHQWHYHQWRISULPDU\WRVHFRQGDU\WXEHOHDNDJH
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH &KDQJHWR/RDG5HJXODWLRQ5HTXLUHPHQWV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHGXFHGWKHQXPEHURIUHDFWRUFRRODQWV\VWHPFRPSRQHQWF\FOHVUHVXOWLQJIURP
RSHUDWLQJLQORDGUHJXODWLRQPRGHWRUHIOHFWWKDWORDGUHJXODWLRQPRGHZLOOQRWEHLQFRQWLQXRXV
XVH
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH ,PSOHPHQWDWLRQRI$3(OHFWULFDO3HQHWUDWLRQ5HWDLQLQJ5LQJIRU
9RJWOHDQG
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPDGHDFKDQJHWRGHSLFWDQHZ$60(6HFWLRQ,,,'LYLVLRQ6XEVHFWLRQ1(
&ODVV0&UHWDLQLQJULQJDURXQGWKHRXWVLGHRIWKHFRQWDLQPHQWYHVVHOSHQHWUDWLRQWRHOHFWULFDO
SHQHWUDWLRQDVVHPEO\H[WHQVLRQVOHHYHZHOGMRLQW
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 9%6$QFLOODU\)DQ)ORZ3DWK&ODULILFDWLRQV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPDGHFKDQJHVWRWKHIORZSDWKIRUSRVWKRXUFRROLQJIRUWKH0&5DQFLOODU\
IDQLQFOXGLQJWKHRSHQLQJRIGRRUVRSHQLQJRIDFFHVVSDQHOVDQGDVVHPEO\RIIOH[LEOH
GXFWZRUNIRUWKHRSHUDWLQJDQFLOODU\IDQ
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 9%6DQG9)6$60(16XUYHLOODQFH7HVWLQJ&RUUHFWLRQV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHDGGHGDFODULILFDWLRQQRWHLQ8)6$5$SSHQGL[$XQGHU5HJ*XLGH
5HYWR$60(1 UHJDUGLQJWHVWLQJRIWKHQXFOHDULVODQGQRQUDGLRDFWLYHYHQWLODWLRQ
V\VWHPDQGFRQWDLQPHQWDLUILOWUDWLRQV\VWHPILOWUDWLRQXQLWV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 7XUELQH%XLOGLQJ)LUH$UHD'UDZLQJ,QFRQVLVWHQFLHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHLPSOHPHQWHGDQXSJUDGHRIWKHILUHSURWHFWLRQRIWXUELQHEXLOGLQJURRPVDQG
DQQH[EXLOGLQJURRPVWRH[WHQGKRXUDQGKRXUUDWHGILUHSURWHFWLRQZDOOVRIDIIHFWHGURRPV
LQDFFRUGDQFHZLWKWKHDSSOLFDEOHFRGHV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH $36WDQGDUG3ODQW<DUG)LQDOL]DWLRQ
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGVLWHOD\RXWLQIRUPDWLRQWRUHIOHFWWKHILQDOL]HGVLWHOD\RXW&KDQJHV
LQFOXGHGLQFUHDVLQJWKHVL]HRIWKHVHUYLFHZDWHUV\VWHPEDVLQPRYLQJWKHPDLQJHQHUDWRU
H[FLWDWLRQWUDQVIRUPHUIURPLQVLGHWKHWXUELQHEXLOGLQJWRWKH\DUGUHVL]LQJWKHWUDQVIRUPHUV
HQFORVXUHVUHORFDWLQJWKHFRQGHQVDWHVWRUDJHWDQNDQGUHYLVLQJWKHOD\RXWRISODQWURDGV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJH RI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 8)6$5&RUUHFWLRQV3HUWDLQLQJWR5HJXODWRU\*XLGH 5*
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPDGHHGLWRULDODQGDGPLQLVWUDWLYHFKDQJHVZLWKLQWKHOLFHQVLQJEDVLVWRFRUUHFW
WKHWLWOHRI5HJXODWRU\*XLGH 5* 5HYDQGWRFRUUHFWWKH5*UHJXODWRU\SRVLWLRQ
QXPEHUVUHIHUHQFHGLQ8)6$5$SSHQGL[$
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&' DQGWKH7HFKQLFDO
6SHFLILFDWLRQV%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHDQGWKH7HFKQLFDO6SHFLILFDWLRQV%DVHVFKDQJHDFWLYLW\GRQRW
UHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORIDVWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFK
WKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDVQRLPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUD
PHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQIXQFWLRQGRHVQRWUHVXOWLQDUHYLVLRQRU
UHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQHVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\
DQDO\VLVGRHVQRWUHSUHVHQWWHVWVRUH[SHULPHQWVRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQ
EDVLVDQGGRHVQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQW
DVVHVVPHQW
7KLVGHSDUWXUHDQGDFWLYLW\GRQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRU
WKH7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHG
HYDOXDWLRQGHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKHVH
FKDQJHV
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 7RUQDGRDQG+XUULFDQH0LVVLOH$VVHVVPHQWRI6HLVPLF,,6WUXFWXUHV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHYLVHGWKHSURWHFWLRQRIDQFLOODU\GLHVHOJHQHUDWRUIXQFWLRQVIURPKXUULFDQHVLQ
8)6$5&KDSWHU LGHQWLILHGDGGLWLRQDOWRUQDGRPLVVLOHEDUULHUVIRUDX[LOLDU\EXLOGLQJ
FRPSRQHQWVGHVFULEHGLQ8)6$5&KDSWHU DQGUHYLVHGWKHWRUQDGRPLVVLOHEDUULHUPDWHULDOV
GHVFULEHGLQ8)6$5&KDSWHU
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH &$63UHVVXUH,QFUHDVH
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KHGHSDUWXUHUHPRYHGWKHFKHFNYDOYHVIURPWKHRXWOHWRIWKHGU\HUSDFNDJHVRIWKH
FRPSUHVVHGDQGLQVWUXPHQWDLUV\VWHP &$6 UHORFDWHGWKHDXWRGUDLQHUIXQFWLRQIURPWKHDLU
UHFHLYHUVRIWKH&$6WRWKHDLUGU\HUVDQGUHORFDWHGRIWKHVHOIFRQWDLQHGEUHDWKLQJDSSDUDWXV
UHILOOVWDWLRQIURPWKHDQQH[EXLOGLQJWRWKHWXUELQHEXLOGLQJ ZLWKDVVRFLDWHGSLSLQJFKDQJHV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 6SHQW)XHO3RRO:HLU*DWH6HDOV6DIHW\)XQFWLRQ5HTXLUHPHQW
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHYLVHG8)6$57DEOHWRLQFOXGHD1RWHVWDWLQJWKDWWKH(QJLQHHUHG
6DIHW\)HDWXUH (6) IXQFWLRQLVQRWUHTXLUHGXQOHVVLUUDGLDWHGIXHOLVVWRUHGLQWKHVSHQWIXHO
SRRO 6)3 DQGWRIXUWKHUFODULI\WKDWWKH(6)IXQFWLRQRIOHDNDJHSUHYHQWLRQIURPWKH6)3PD\
DOVREHPHWE\PDLQWDLQLQJHTXLYDOHQWZDWHUSUHVVXUH OHYHO RQWKHRSSRVLWHVLGHRIWKHJDWH
VHDO7KH7DEOH1RWHDSSOLHVWRWKH(6)IXQFWLRQRIWKHVSHQWIXHOWUDQVIHUJDWHDQGWKH
VSHQWIXHOFDVNORDGLQJSLWJDWH
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH )LUH'HWHFWLRQ$X[LOLDU\%XLOGLQJDQG$QQXOXV5DGLRORJLFDO$UHD
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHUHPRYHGILUHDQGVPRNHGHWHFWRUVIURPURRPVZKHUHWKH\ZHUHHYDOXDWHGWREH
XQQHFHVVDU\EDVHGRQWKHILUHGHWHFWLRQPHWKRGRORJ\FXUUHQWO\GHVFULEHGLQWKH8)6$5
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 6WDQGE\'LHVHO)XHO2LO6\VWHP '26 /HDNDJH'HWHFWLRQ0RGLILFDWLRQ
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHDGGHGVHQVRUSUREHV LQOLHXRIFRQWLQXRXVK\GURFDUERQVHQVRUV WRORZSRLQW
GUDLQVZLWKLQWKHFRQWDLQPHQWSLSLQJV\VWHPLQWKHEHORZJUDGHGLHVHOIXHORLOV\VWHP '26
SLSLQJWRPHHWWKHRQHKRXUUHVSRQVHWLPHUHTXLUHPHQWRI&)5 D IRUOHDNDJH
GHWHFWLRQ7KLVGHSDUWXUHUHYLVHGDQRWHRQWKH8)6$5)LJXUHVGHSLFWLQJWKHLQYROYHGSLSLQJWR
VWDWHWKDWOHDNGHWHFWLRQVHQVRUVDUHLQVLGHWKHFRQWDLQPHQWSLSHV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
'HSDUWXUH5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH $QQH[$UHD([WHQVLRQ5HGHVLJQ
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHPRGLILHG2IILFH$UHD(DVWDQG2IILFH$UHD:HVWLQWKHDQQH[EXLOGLQJWRLQFOXGH
DGGLWLRQDOURRPVWRVXSSRUWSODQWRSHUDWLRQVDQGPDLQWHQDQFHDFWLYLWLHV
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDGQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGLGQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRI
WKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
6RXWKHUQ1XFOHDU2SHUDWLQJ&RPSDQ\
1'
(QFORVXUH
9RJWOH(OHFWULF*HQHUDWLQJ3ODQW 9(*3 8QLWVDQG
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI
0D\WKURXJK1RYHPEHU
7KLV(QFORVXUHFRQVLVWVRISDJHVLQFOXGLQJWKLVFRYHUSDJH
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 'HOHWLRQRI8)6$5$SSHQGL[$DQG$GGLWLRQRI/DWHVW&KDSWHU,%5
'RFXPHQWVWR8)6$57DEOH
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVDFWLYLW\XSGDWHGWKH8)6$5WRFODULI\LQFRUSRUDWHGE\UHIHUHQFH ,%5 FRQWHQWDQGLQFOXGH
WKHFXUUHQWUHYLVLRQVWR,%5GRFXPHQWVLQ8)6$5&KDSWHU7KLVDFWLYLW\DOVRXSGDWHGWKH
GHVLJQGHVFULSWLRQVLQ,%5UHSRUWVWRFODULI\KRZWKH$3SURWHFWLRQDQGVDIHW\PRQLWRULQJ
V\VWHPLPSOHPHQWVSDVVZRUGDFFHVVXVLQJWKHRSHUDWLQJV\VWHPLQWKH0DLQWHQDQFHDQG7HVW
3DQHODQGWRUHPRYHWKHVWDWHPHQWWKDWWKHVRIWZDUHORDGHQDEOHNH\VZLWFKGLVFRQQHFWVWKH
VDIHW\IODVKGLVN
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&' LQFOXGLQJLQFRUSRUDWHG
E\UHIHUHQFHGRFXPHQWVDQGWKH7HFKQLFDO6SHFLILFDWLRQV%DVHV
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHLQFOXGHGGHSDUWXUHVIURP7LHU LQIRUPDWLRQLQWKH8)6$5 SODQWVSHFLILF'&'
LQFOXGLQJLQFRUSRUDWHGE\UHIHUHQFHGRFXPHQWV7KHVH7LHU FKDQJHVZHUHHYDOXDWHGXVLQJ
WKHTXDOLI\LQJFULWHULDIRU7LHU 'HSDUWXUH(YDOXDWLRQVDQGLWZDVGHWHUPLQHGWKDWWKLVDFWLYLW\
GRHVQRWTXDOLI\DVUHTXLULQJSULRU15&DSSURYDOLQDFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ
' D 7KLVGHSDUWXUHDOVRLQYROYHGDGGLWLRQDO7LHUFKDQJHVWKDWGLGQRWLQYROYH
GHSDUWXUHVIURP7LHU PDWHULDO7KLVSODQWVSHFLILFGHSDUWXUHDQGWKH7HFKQLFDO6SHFLILFDWLRQV
%DVHVFKDQJHDFWLYLW\GLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORIDVWUXFWXUH
V\VWHPRUFRPSRQHQWVXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGGLGQRWLPSDFWSODQW
RSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQIXQFWLRQGLGQRW
UHVXOWLQDQDGYHUVHFKDQJHWRDPHWKRGRIHYDOXDWLRQRUXVHRIDQDOWHUQDWHPHWKRGRI
HYDOXDWLRQGLGQRWUHSUHVHQWDWHVWRUH[SHULPHQWRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQ
EDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHDQGDFWLYLW\GLGQRWLQYROYHDFKDQJHWRSODQWVSHFLILF7LHULQIRUPDWLRQRUWKH
7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJGHWHUPLQHGWKDW15&
DSSURYDOLVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLVGHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R
8QLW$PHQGPHQW1R
'HSDUWXUH7LWOH (QYLURQPHQWDO&RQGLWLRQVIRU,QSXWVWR&LYLO6WUXFWXUDO'HVLJQ /LFHQVLQJ
%DVLV 'LVFUHSDQFLHV%HWZHHQ8)6$56WUXFWXUDO7DEOHVDQG&DOFV
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGWKHQRUPDOWKHUPDOORDGVIRUWKHSDVVLYHFRQWDLQPHQWFRROLQJV\VWHP
3&6 WDQNFKDQJHGWKHDFFLGHQWWKHUPDOORDGVIRUWKHH[WHULRUZDOOVEHORZJUDGHDQGEDVHPDW
LQWKHDX[LOLDU\EXLOGLQJDQGXSGDWHGWKHFULWLFDOVHFWLRQWDEOHVIRUWKHDX[LOLDU\EXLOGLQJ
EDVHPDWFRQFUHWHZDOOVDQGIORRUVWKHVKLHOGEXLOGLQJURRIDQGWKHVSHQWIXHOSRROZHVWZDOO
7KLVGHSDUWXUHDOVRFKDQJHGWKHPDLQVWHDPLVRODWLRQYDOYHURRPDFFLGHQWDLUDQGFRQFUHWH
WHPSHUDWXUHVGXULQJWKHPDLQVWHDPOLQHEUHDNIRUFRQVLVWHQF\ZLWKLQWKH8)6$5DQGWKH
FXUUHQWGHVLJQHYDOXDWLRQV,QDGGLWLRQWKLVDFWLYLW\DOVRPDGHFKDQJHVWRFODULI\WKDWWKH
DFFLGHQWWHPSHUDWXUHVIRUDX[LOLDU\EXLOGLQJLQVXODWHGURRIVDUHVSHFLILFDOO\IRUDUHDVDERYHWKH
IXHOKDQGOLQJDUHDDQGFODULILHGWKHWHPSHUDWXUHVDVVXPHGRQWKHH[WHULRUZDOOVDERYHJURXQG
VXUURXQGHGE\WKHDGMDFHQWEXLOGLQJ)XUWKHUPRUHWKLVDFWLYLW\PDGHFKDQJHVWRWKHDFFLGHQW
WHPSHUDWXUHVRQWKHVKLHOGEXLOGLQJZDOOEHWZHHQWKHXSSHUDQQXOXVDQGDX[LOLDU\EXLOGLQJ
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
3RUWLRQVRIWKLVGHSDUWXUHPDGHFKDQJHVWR8)6$57LHULQIRUPDWLRQWKDWLQYROYHGDFKDQJHWR
RUGHSDUWXUHIURP8)6$57LHU LQIRUPDWLRQWKDWTXDOLILHGDVUHTXLULQJSULRU15&DSSURYDOLQ
DFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ' D WKHUHIRUHD/LFHQVH$PHQGPHQW5HTXHVW
/$5 ZDVVXEPLWWHGWRWKH15&
7KH15&DSSURYHGWKLV/LFHQVH$PHQGPHQW5HTXHVWDQGLVVXHG/LFHQVH$PHQGPHQWV
DQG WR&2/13) IRU9(*38QLWDQG&2/13) IRU9(*38QLWUHVSHFWLYHO\
3RUWLRQVRIWKLVGHSDUWXUHLQFOXGHGGHSDUWXUHVIURP7LHU LQIRUPDWLRQDQGFKDQJHVWR7LHU
LQIRUPDWLRQLQWKH8)6$5 SODQWVSHFLILF'&' WKDWLQYROYHGWKHVH7LHU GHSDUWXUHV7KHVH
7LHU FKDQJHVDQGLQYROYHG7LHUFKDQJHVZHUHHYDOXDWHGXVLQJWKHTXDOLI\LQJFULWHULDIRU
7LHU 'HSDUWXUH(YDOXDWLRQVDQGLWZDVGHWHUPLQHGWKDWWKLVDFWLYLW\GRHVQRWTXDOLI\DV
UHTXLULQJSULRU15&DSSURYDOLQDFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ' D 7KLVGHSDUWXUH
DOVRLQYROYHGDGGLWLRQDO7LHUFKDQJHVWKDWGLGQRWLQYROYHGHSDUWXUHVIURP7LHU PDWHULDO
7KHSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDVQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGRHVQRWUHVXOWLQDQDGYHUVHFKDQJHWRDPHWKRGRIHYDOXDWLRQRUXVHRIDQDOWHUQDWH
PHWKRGRIHYDOXDWLRQGRHVQRWUHSUHVHQWWHVWVRUH[SHULPHQWVRXWVLGHWKHUHIHUHQFHERXQGVRI
WKHGHVLJQEDVLVDQGGRHVQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQW
DVVHVVPHQW
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
7KHVHSRUWLRQVRIWKLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWR7LHULQIRUPDWLRQRUWKH7HFKQLFDO
6SHFLILFDWLRQV$&)5$SSHQGL['6HFWLRQ9,,,VFUHHQLQJVLPSOLILHGHYDOXDWLRQ
GHWHUPLQHGWKDW15&DSSURYDOZDVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKHVHSRUWLRQVRIWKLVWKLV
GHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 0LVVLQJ7LH%DUVLQ 7KLFN6KLHOG%XLOGLQJ5RRIDW9RJWOH8QLW
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGWKHGHVLJQRIFURVVWLHUHLQIRUFHPHQWLQWKHVKLHOGEXLOGLQJURRIDGMDFHQW
WRWKHSDVVLYHFRQWDLQPHQWFRROLQJV\VWHPWDQNH[WHULRUZDOOIRU9RJWOH8QLW
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHLQFOXGHGGHSDUWXUHVIURP7LHU LQIRUPDWLRQLQWKH8)6$5 SODQWVSHFLILF'&'
7KHVH7LHU FKDQJHVZHUHHYDOXDWHGXVLQJWKHTXDOLI\LQJFULWHULDIRU7LHU 'HSDUWXUH
(YDOXDWLRQVDQGLWZDVGHWHUPLQHGWKDWWKLVDFWLYLW\GLGQRWTXDOLI\DVUHTXLULQJSULRU15&
DSSURYDOLQDFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ' D
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQW 66& VXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGKDVQR
LPSDFWRQSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGRHVQRWUHVXOWLQDUHYLVLRQRUUHSODFHPHQWWRDPHWKRGRIHYDOXDWLRQXVHGLQ
HVWDEOLVKLQJGHVLJQEDVHVRULQWKHVDIHW\DQDO\VLVGRHVQRWUHSUHVHQWWHVWVRUH[SHULPHQWV
RXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQEDVLVDQGGRHVQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWV
RIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 0LVVLQJ5HEDULQ:DOO(ODQGDW9RJWOH8QLW
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHFKDQJHGWKHGHVLJQRIKRUL]RQWDOUHLQIRUFHPHQWLQ:DOOEHWZHHQ(OHYDWLRQ
DQG(OHYDWLRQRI9RJWOH8QLW
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHLQFOXGHGGHSDUWXUHVIURP7LHU LQIRUPDWLRQLQWKH8)6$5 SODQWVSHFLILF'&'
7KHVH7LHU FKDQJHVZHUHHYDOXDWHGXVLQJWKHTXDOLI\LQJFULWHULDIRU7LHU 'HSDUWXUH
(YDOXDWLRQVDQGLWZDVGHWHUPLQHGWKDWWKLVDFWLYLW\GRHVQRWTXDOLI\DVUHTXLULQJSULRU15&
DSSURYDOLQDFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ' D
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQWVXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGGLGQRW
LPSDFWSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQWRDPHWKRGRIHYDOXDWLRQRUDUHSODFHPHQWWRDPHWKRGRI
HYDOXDWLRQGLGQRWUHSUHVHQWDWHVWRUH[SHULPHQWRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQ
EDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWRSODQWVSHFLILF7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQ
WKDWUHTXLUHVDOLFHQVHDPHQGPHQWRUWKH7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['
6HFWLRQ9,,,VFUHHQLQJGHWHUPLQHGWKDW15&DSSURYDOLVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLV
GHSDUWXUH
3DJHRI
861XFOHDU5HJXODWRU\&RPPLVVLRQ
1'
(QFORVXUH
7LHU 'HSDUWXUH(YDOXDWLRQ5HSRUWIRUWKH3HULRGRI0D\WKURXJK1RYHPEHU
'HSDUWXUH1XPEHU /'&5 /LFHQVH$PHQGPHQW <HV 1R
([HPSWLRQ <HV 1R
8QLW$PHQGPHQW1R 1$
8QLW$PHQGPHQW1R 1$
'HSDUWXUH7LWOH 86KLHOG%XLOGLQJ5RRI/RZHU&RQFUHWH6WUHQJWK
%ULHI'HVFULSWLRQRIWKH3ODQW6SHFLILF'HSDUWXUH
7KLVGHSDUWXUHLGHQWLILHGWKDWORFDOL]HGDUHDVRIWKH9RJWOH8QLWVKLHOGEXLOGLQJFRQLFDOURRI
PD\KDYHDFRQFUHWHFRPSUHVVLYHVWUHQJWKORZHUWKDQSVLEHWZHHQ$]LPXWK GHJUHHV
DQGGHJUHHVIURP(OHYDWLRQ WR(OHYDWLRQ
7KLVGHSDUWXUHUHVXOWHGLQFKDQJHVWRWKH8)6$5 SODQWVSHFLILF'&'
6XPPDU\RIWKH(YDOXDWLRQ
7KLVGHSDUWXUHLQFOXGHGGHSDUWXUHVIURP7LHU LQIRUPDWLRQLQWKH8)6$5 SODQWVSHFLILF'&'
7KH7LHU FKDQJHZDVHYDOXDWHGXVLQJWKHTXDOLI\LQJFULWHULDIRU7LHU 'HSDUWXUH(YDOXDWLRQV
DQGLWZDVGHWHUPLQHGWKDWWKLVDFWLYLW\GRHVQRWTXDOLI\DVUHTXLULQJSULRU15&DSSURYDOLQ
DFFRUGDQFHZLWK/LFHQVH&RQGLWLRQ' D
7KLVSODQWVSHFLILFGHSDUWXUHGLGQRWUHVXOWLQDPRGLILFDWLRQDGGLWLRQWRRUUHPRYDORID
VWUXFWXUHV\VWHPRUFRPSRQHQWVXFKWKDWDGHVLJQIXQFWLRQLVDGYHUVHO\DIIHFWHGGLGQRW
LPSDFWSODQWRSHUDWLQJSURFHGXUHVRUDPHWKRGRIFRQWUROWKDWDGYHUVHO\DIIHFWVDGHVLJQ
IXQFWLRQGLGQRWUHVXOWLQDUHYLVLRQWRDPHWKRGRIHYDOXDWLRQRUDUHSODFHPHQWWRDPHWKRGRI
HYDOXDWLRQGLGQRWUHSUHVHQWDWHVWRUH[SHULPHQWRXWVLGHWKHUHIHUHQFHERXQGVRIWKHGHVLJQ
EDVLVDQGGLGQRWDOWHUWKHDVVXPSWLRQVRUUHVXOWVRIWKHH[YHVVHOVHYHUHDFFLGHQWDVVHVVPHQW
7KLVGHSDUWXUHGLGQRWLQYROYHDFKDQJHWRSODQWVSHFLILF7LHULQIRUPDWLRQ7LHU LQIRUPDWLRQ
WKDWUHTXLUHVDOLFHQVHDPHQGPHQWRUWKH7HFKQLFDO6SHFLILFDWLRQV$&)5$SSHQGL['
6HFWLRQ9,,,VFUHHQLQJGHWHUPLQHGWKDW15&DSSURYDOLVQRWUHTXLUHGSULRUWRLPSOHPHQWLQJWKLV
GHSDUWXUH
3DJHRI