You are on page 1of 128

5

6HUYLFH

:RUNVKRS0DQXDO
)$%,$ 

(QJLQH)XHOLQMHFWLRQ
(GLWLRQ 
(QJLQHFRGH

$59 $49 $=(

$=) $0( $7= $4:

6HUYLFH'HSDUWPHQW7HFKQLFDO,QIRUPDWLRQ

3ULQWHGLQ&]HFK5HSXEOLF
6

7KH:RUNVKRS0DQXDOLVLQWHQGHGRQO\IRUXVHZLWKLQWKH2UJDQLVDWLRQNRGD
,WLVQRWSHUPLWWHGWRSDVVLWRQWRRWKHUSHUVRQV
.2'$$872DV

6HUYLFH

3ULQWHGLQ&]HFK5HSXEOLF
6

)$%,$  (QJLQH)XHOLQMHFWLRQ

/LVWRI6XSSOHPHQWVWR:RUNVKRS0DQXDO

)$%,$ 
(QJLQH)XHOLQMHFWLRQ
(GLWLRQ 
6XSSOH
PHQW

6XEMHFW

$UWLFOH1XPEHU



%DVLF(GLWLRQ

6



6XSSOHPHQWWR%DVLF(GLWLRQ

6



0RGLILFDWLRQVLQ5HS*UDQG

6

(GLWLRQ
6

(GLWLRQ

/LVWRI6XSSOHPHQWV

)$%,$  (QJLQH)XHOLQMHFWLRQ

/LVWRI6XSSOHPHQWV

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ

7DEOHRI&RQWHQWV
 6HOIGLDJQRVLV
6HOIGLDJQRVLV,  

SDJH

 2SHUDWLRQ  

SDJH

 7HFKQLFDOGDWDRIVHOIGLDJQRVLV  

SDJH

 &RQQHFWLQJYHKLFOHV\VWHPWHVWHU9$* DQGVHOHFWLQJWKHFRQWUROXQLWIRUHQJLQH
HOHFWURQLFV  

SDJH

 ,QWHUURJDWLQJDQGHUDVLQJIDXOWPHPRU\  

SDJH

 3HUIRUPLQJILQDOFRQWUROGLDJQRVLV  

SDJH

6HOIGLDJQRVLV,,  

SDJH

 )DXOWFRGHV  

SDJH

6HOIGLDJQRVLV,,,  

SDJH

 )DXOWFRGHV  

SDJH

6HOIGLDJQRVLV,9  

SDJH

 5HDGLQHVVFRGH  

SDJH

 5HDGLQJ5HDGLQHVVFRGH  

SDJH

 *HQHUDWLQJ5HDGLQHVV&RGH  

SDJH

6HOIGLDJQRVLV9  

SDJH

 5HDGLQJPHDVXUHGYDOXHEORFN  

SDJH

 'LVSOD\JURXSV  

SDJH

)XHO,QMHFWLRQ6\VWHP  

SDJH

 6DIHW\PHDVXUHV  

SDJH

 &OHDQOLQHVVUXOHV  

SDJH

 7HFKQLFDOGDWD  

SDJH

 2YHUYLHZRIILWWLQJORFDWLRQ  

SDJH

 *HQHUDOQRWHVRQWKHLQMHFWLRQV\VWHP  

SDJH

 5HPRYLQJDQGLQVWDOOLQJSDUWVRIWKHLQMHFWLRQV\VWHP  

SDJH

 'LVDVVHPEOLQJDQGDVVHPEOLQJIXHOGLVWULEXWRUZLWKLQMHFWRUV  

SDJH

 'LVDVVHPEOLQJDQGDVVHPEOLQJLQWDNHPDQLIROG  

SDJH

 'LVDVVHPEOLQJDQGDVVHPEOLQJWKHDLUILOWHU  

SDJH

 5HPRYLQJDQGLQVWDOOLQJDLUILOWHU  

SDJH

7HVWLQJFRPSRQHQWV  

SDJH

 7HVWLQJOLQHVDQGFRPSRQHQWVZLWKWHVWER[9$*  

SDJH

 7HVWLQJIXHOSXPSUHOD\-  

SDJH

 7HVWLQJ,QWDNHPDQLIROGSUHVVXUHVHQGHU*  

SDJH

 7HVWLQJ,QWDNHPDQLIROGWHPSHUDWXUHVHQGHU*  

SDJH

 7HVWLQJ&RRODQWWHPSHUDWXUHVHQGHU*  

SDJH

 ,QVSHFWLQJIXHOILOWHUZLWKSUHVVXUHFRQWUROYDOYH  

SDJH

7HVWLQJLQMHFWLRQYDOYHV  

SDJH

 ,QVSHFWLQJWKHYROWDJHVXSSO\FRQWURODQGUHVLVWDQFHVRIWKHLQMHFWRUV  

SDJH

 ,QVSHFWLQJWKHLQMHFWLRQUDWHWLJKWQHVVDQGMHWIRUPDWLRQRIWKHLQMHFWRUV  

SDJH

,QVSHFWLQJIXQFWLRQV  

SDJH

 7HVWLQJLGOLQJVSHHG  

SDJH

 7HVWLQJWKHHQJLQHRSHUDWLQJFRQGLWLRQV  

SDJH

 )XHO)RUPDWLRQ,QMHFWLRQ

(GLWLRQ
6

7DEOHRI&RQWHQWV

)$%,$  (QJLQH)XHOLQMHFWLRQ


 7HVWLQJWKHLQWDNHV\VWHPIRUWLJKWQHVV XQPHWHUHGDLU   

SDJH

/DPEGDFRQWURO  

SDJH

 7HVWLQJODPEGDSUREHDQGODPEGDFRQWURO HQJLQHVFRQIRUPLQJWR(8   

SDJH

 7HVWLQJODPEGDSUREHDQGODPEGDFRQWUROEHIRUHFDWDO\VW HQJLQHVFRQIRUPLQJWR' (8 


(8   

SDJH

 7HVWLQJODPEGDSUREHDQGODPEGDFRQWURODIWHUFDWDO\VW HQJLQHVFRQIRUPLQJWR' (8 


(8   

SDJH

 7HVWLQJFDWDO\VWHIILFLHQF\ HQJLQHVFRQIRUPLQJWR'(8(8  

SDJH

7DQNYHQWLODWLRQ  

SDJH

 ,QVSHFWLQJ$FWLYDWHGFKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH1  

SDJH

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH  

SDJH

 )XQFWLRQRIWKH(OHFWURQLF7KURWWOH6\VWHP  

SDJH

 0HDQLQJRIWKH(3&ZDUQLQJODPS IDXOWODPSIRUHOHFWULFDFFHOHUDWRUFRQWURO. LQWKH


GDVKSDQHOLQVHUW  

SDJH

 ,QVSHFWLQJ7KURWWOHYDOYHFRQWUROXQLW-  

SDJH

 7HVWLQJ$FFHOHUDWRUSHGDOSRVLWLRQVHQGHU  

SDJH

(QJLQHFRQWUROXQLW  

SDJH

 2SHUDWLRQ  

SDJH

 5HSODFLQJHQJLQHFRQWUROXQLW  

SDJH

 &RGLQJHQJLQHFRQWUROXQLW  

SDJH

 7HVWLQJYROWDJHVXSSO\IRUFRQWUROXQLW  

SDJH

 $GDSWLQJWKH$9FRQWUROXQLWWRWKHWKURWWOHYDOYHFRQWUROXQLW-  

SDJH

 $FWLYDWLQJDQGGHDFWLYDWLQJFUXLVHFRQWUROV\VWHP &&  

SDJH

 7HVWLQJFUXLVHFRQWUROV\VWHP  

SDJH

7HVWLQJDX[LOLDU\VLJQDOV  

SDJH

 7HVWLQJWKHVLJQDOVRIWKHDLUFRQGLWLRQLQJV\VWHPDQGVSHHGLQFUHDVH RQO\IRUOWU
HQJLQHV  

SDJH

 7HVWLQJWKHVSHHGVLJQDO  

SDJH

 7HVWEUDNHOLJKWVZLWFK)DQGEUDNHSHGDOVZLWFK)  

SDJH

 7HVWLQJFOXWFKSHGDOVZLWFK)  

SDJH

 &KHFNLQJWKHGDWD%86  

SDJH

,JQLWLRQV\VWHP  

SDJH

 *HQHUDOQRWHVRQWKHLJQLWLRQV\VWHP  

SDJH

 6DIHW\PHDVXUHV  

SDJH

 7HVWGDWDVSDUNSOXJV  

SDJH

 5HPRYLQJDQGLQVWDOOLQJLJQLWLRQV\VWHP  

SDJH

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV  

SDJH

 ,QVSHFWLQJLJQLWLRQWHUPLQDO  

SDJH

 ,QVSHFWLQJWKHFDPVKDIWSRVLWLRQVHQVRU*  

SDJH

 7HVWLQJNQRFNVHQVRU*  

SDJH

 7HVWLQJ(QJLQHVSHHGVHQGHU*  

SDJH

 ,QVSHFWLQJPLVILULQJGHWHFWLRQ RQO\RQHQJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG 
 

SDJH

 ,JQLWLRQ6\VWHP

,,

7DEOHRI&RQWHQWV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

 6HOIGLDJQRVLV


6HOIGLDJQRVLV,

1RWH
7KHVHOIGLDJQRVLVPRQLWRUVRQO\DSDUWRIWKHLQMHFWLRQ
DQGLJQLWLRQV\VWHP

2SHUDWLRQ
7KHHQJLQHFRQWUROXQLWLVHTXLSSHGZLWKDIDXOWPHPRU\
7KHIDXOWPHPRU\LVGHVLJQHGDVDSHUPDQHQWPHPRU\
,IPDOIXQFWLRQVRFFXULQWKHPRQLWRUHGVHQVRUVRUFRPSR
QHQWVWKH\DUHVWRUHGLQWKHIDXOWPHPRU\ZLWKLQGLFDWLRQ
RIWKHIDXOWW\SH
)DXOWVWKDWRQO\RFFXUWHPSRUDULO\ VSRUDGLFDOO\ DUHGLV
SOD\HGZLWKWKHVXIIL[633RVVLEOHFDXVHVRIVSRUDGLF
IDXOWVDUHHJDORRVHFRQWDFWRUDPRPHQWDU\OLQHLQWHU
UXSWLRQ,IDVSRUDGLFIDXOWQRORQJHURFFXUVDIWHUHQ
JLQHVWDUWVLWLVHUDVHGIURPWKHIDXOWPHPRU\
7KHVWRUHGIDXOWVFDQEHUHDGRXWZLWKWKHYHKLFOHV\VWHP
WHVWHU9$* XVLQJSURJUDPPHFDUGDQG
KLJKHUYHUVLRQRUIDXOWUHDGHU9$* XVLQJSUR
JUDPPHFDUGDQGKLJKHUYHUVLRQRUYHKLFOHV\VWHP
WHVWHU 9$6  SDJH 
$IWHUWKHIDXOW V KDV KDYH EHHQUHPRYHGWKHIDXOWPHP
RU\PXVWEHHUDVHG SDJH 
1RWH
7KHIROORZLQJGHVFULSWLRQRQO\UHODWHVWRWKHYHKLFOHV\V
WHPWHVWHU9$* 

7HFKQLFDOGDWDRIVHOIGLDJQRVLV
(TXLSPHQW
(QJLQHFRGHOHWWHUV

$59

$0(

$=(

$7=

$49

$4:

$=)

'LVSODFHPHQW

O

O

O

O

O

O

O

6\VWHPGHQRPLQD
WLRQ

6,0263%

(PLVVLRQOHYHOVLQ
DFFRUGDQFHZLWK

(8 VWDQGDUG

6,0263$
' VWDQG
DUG

(8 
VWDQGDUG

(8 
VWDQGDUG

6HOIGLDJQRVLV

\HV

\HV

(OHFWURQLFWKURWWOH
V\VWHP

\HV

\HV

/DPEGDSUREH

/DPEGDSUREHV

.QRFNFRQWURO

\HV

\HV

([KDXVWJDVUHFLUFX
ODWLRQ

QR

QR

/DPEGDFRQWURO

(GLWLRQ
6

6HOIGLDJQRVLV,

(8 
VWDQGDUG

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

,QWHUURJDWLQJFRQWUROXQLWYHUVLRQ
7KHFRQWUROXQLWYHUVLRQLVGLVSOD\HGZKHQ\RXFRQQHFW
WKHYHKLFOHV\VWHPWHVWHU9$* DQGVHOHFWWKH
FRQWUROXQLWIRUWKHHQJLQHHOHFWURQLFV SDJH 

$YDLODEOHIXQFWLRQVZKHQXVLQJWKHYHKLFOHV\V
WHPWHVWHU9$* 
7KHSUHFRQGLWLRQVIRUVHOHFWLQJWKHGHVLUHGIXQFWLRQVDUH
JLYHQLQWKHIROORZLQJWDEOH
2SHUDWLRQ

3UHFRQGLWLRQ
(QJLQHQRWUXQQLQJ
LJQLWLRQVZLWFKHGRQ

(QJLQHLGOLQJ

1RUPDOGULYLQJ

\HV

\HV

\HV

\HVD

\HV

\HV

\HV

QR

QR

\HVE

\HV

QR



,QWHUURJDWLQJFRQWUROXQLWYHUVLRQ



,QWHUURJDWLQJIDXOWPHPRU\



)LQDOFRQWUROGLDJQRVLV



%DVLFVHWWLQJ



(UDVLQJIDXOWPHPRU\

\HV

\HV

QR



(QGLQJRXWSXW

\HV

\HV

\HV



&RGLQJFRQWUROXQLW

\HV

QR

QR



5HDGLQJPHDVXUHGYDOXHEORFN

\HV

\HV

\HV



/RJLQSURFHGXUH

\HV

QR

QR

2QO\WREHFDUULHGRXWZLWKWKHLJQLWLRQVZLWFKHGRQDQGLIWKHHQJLQHGRHVQRWVWDUW DFWLYDWHVWDUWHUIRUDWOHDVWVHFRQGV 

7REHFDUULHGRXWDIWHUWKHIROORZLQJRSHUDWLRQV5HSODFLQJHQJLQHFRQWUROXQLWWKURWWOHYDOYHFRQWUROXQLWRUHQJLQHRUGLVFRQQHFWLQJEDWWHU\

&RQQHFWLQJYHKLFOHV\VWHPWHVWHU
9$* DQGVHOHFWLQJWKHFRQWURO
XQLWIRUHQJLQHHOHFWURQLFV
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

7HVWFRQGLWLRQV

%DWWHU\YROWDJHDWOHDVW9
(DUWKFRQQHFWLRQWRHQJLQHDQGJHDUER[2.
)XVHVDFFRUGLQJWRFXUUHQWIORZGLDJUDP2.
3URFHGXUH
7KHFRQQHFWRULVORFDWHGEHKLQGWKHVWRUDJHDUHDRQWKH
GULYHU
VVLGH

8QFOLSWKHFRYHUDQGIROGGRZQ
&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* ZLWKWKH
FRUUHVSRQGLQJGLDJQRVWLFFDEOH

8#)
8#)

2QFHWKHYHKLFOHV\VWHPWHVWHUKDVEHHQFRQQHFWHG
5

SDJH

6HOIGLDJQRVLV,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

6ZLWFKRQLJQLWLRQRUVWDUWHQJLQHGHSHQGLQJRQWKH
GHVLUHGIXQFWLRQ SDJH 
1RWH
,IWKHUHDGRXWVDVVKRZQLQWKHZRUNVHTXHQFHDUH

QRWGLVSOD\HG 2SHUDWLQJLQVWUXFWLRQVRIWKHYHKLFOH
V\VWHPWHVWHU

,IEHFDXVHRIDQLQSXWHUURUGDWDWUDQVIHUIDXOWLVGLV

SOD\HGUHPRYHWKHFDEOHIURPWKHYHKLFOHV\VWHP
WHVWHUUHFRQQHFWDQGUHSHDWWKHVWHSV

9HKLFOHV\VWHPWHVW+(/3
(QWHUDGGUHVVZRUG;;

5HDGRXWRQGLVSOD\
1RWH
2SHUDWHWKHYHKLFOHV\VWHPWHVWHUE\IROORZLQJWKHLQGLFD
WLRQRQWKHGLVSOD\

3UHVV  DQG  IRUDGGUHVVZRUGHQJLQHHOHFWURQLFV


DQGFRQILUPZLWK 4 
7KHYHKLFOHV\VWHPWHVWHU9$*  GLVSOD\VWKH
FRQWUROXQLWLGHQWLILFDWLRQVHJ

O6,0263%*+6*!
&RGLQJ:6&;;;;;

 3DUW1RRIWKHFRQWUROXQLW IRUFXUUHQW

FRQWUROXQLWYHUVLRQVHH3DUWV/LVW

OWU HQJLQHGLVSODFHPHQW
6,0263% 6\VWHPGHVLJQDWLRQ
&& &UXLVHFRQWUROV\VWHPDFWLYDWHG RQO\RQYHKL

FOHVZLWKFUXLVHFRQWUROV\VWHP

+6 PDQXDOJHDUER[
* 6RIWZDUHQXPEHU
&RGLQJ &RGLQJRIWKHFRQWUROXQLW
:6&;;;;; :RUNVKRSFRGH

3UHVV 
9HKLFOHV\VWHPWHVW+(/3
6HOHFWIXQFWLRQ;;

5HDGRXWRQGLVSOD\

)XUWKHUSURFHGXUHVHHUHSDLUVHTXHQFHV

,QWHUURJDWLQJDQGHUDVLQJIDXOWPHPRU\
3UHVV  DQG  IRUWKHIXQFWLRQ,QWHUURJDWHIDXOW
PHPRU\DQGFRQILUPWKHHQWU\ZLWK 4 
7KHGLVSOD\VKRZVWKHQXPEHURIIDXOWVVWRUHGLQWKH
PHPRU\RUQRIDXOWGHWHFWHGZLOOEHGLVSOD\HG

;IDXOWVGHWHFWHG


,IRQHRUVHYHUDOIDXOWVDUHVWRUHG
3UHVVNH\ WRGLVSOD\WKHVWRUHGIDXOWVFRQVHFXWLYHO\

5HFWLI\WKHIDXOWVGLVSOD\HGE\UHIHUULQJWRWKHIDXOWWD
EOH &KDS &KDS

(GLWLRQ
6

6HOIGLDJQRVLV,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

1RWH
,IWKHLJQLWLRQLVVZLWFKHGRIIGXULQJ,QWHUURJDWLQJIDXOW
PHPRU\DQG(UDVLQJIDXOWPHPRU\WKHIDXOWPHPRU\LV
QRWHUDVHG

6HOHFWIXQFWLRQ(UDVHIDXOWPHPRU\DQGFRQILUP
ZLWK 4 

9HKLFOHV\VWHPWHVW!
)DXOWPHPRU\HUDVHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKLJQLWLRQRII
2QFHWKHIDXOWKDVEHHQFRUUHFWHGSHUIRUPDWHVW
GULYH

1RWH
&RPSO\ZLWKWKHVDIHW\LQVWUXFWLRQVIRUWHVWGULYHV
&KDS
'XULQJWKHWHVWGULYHWKHIROORZLQJRSHUDWLQJFRQGLWLRQV
PXVWEHIXOILOOHG
7KHFRRODQWWHPSHUDWXUHVKRXOGULVHEH\RQG&
2QFHWKHWHPSHUDWXUHKDVEHHQUHDFKHGWKHIROORZLQJ

RSHUDWLQJFRQGLWLRQVPXVWEHUHDFKHGDQXPEHURI
WLPHV
,GOLQJVSHHG
SDUWLDOORDG
HQULFKPHQW
IXOOORDG
WUDLOLQJWKURWWOH

,QFDVHRIIXOOORDGWKHVSHHGVKRXOGEHLQFUHDVHG

EH\RQGUSP

2QFHDJDLQLQWHUURJDWHWKHIDXOWPHPRU\RIWKHHQJLQH
FRQWUROXQLWDJDLQ SDJH 

*HQHUDWHUHDGLQHVVFRGH &KDS
,IQRIDXOWLVVWRUHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

3HUIRUPLQJILQDOFRQWUROGLDJQRVLV
:LWKWKHDFWXDWRUGLDJQRVLVWKHIROORZLQJSDUWVDUHDFWL
YDWHGLQWKHVHTXHQFHLQGLFDWHG
 )XHOSXPSUHOD\-
 6ROHQRLGYDOYHIRUDFWLYDWHGFKDUFRDOILOWHU1
 6HFRQGDU\DLULQOHWYDOYH1D
 6HFRQGDU\DLUSXPSUHOD\-D
D

'LVUHJDUGGLVSOD\

SDJH

6HOIGLDJQRVLV,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

1RWH
7KHDFWXDWRUGLDJQRVLVFDQRQO\EHFDUULHGRXWZKHQ

WKHHQJLQHLVQRWUXQQLQJDQGWKHLJQLWLRQLVVZLWFKHG
RQ

7KHILQDOFRQWUROGLDJQRVLVLVDERUWHGZKHQWKHHQJLQH

LVVWDUWHGRUZKHQDPRPHQWRIPRPHQWXPLVGHWHFW
HG

7KHDFWXDWRUVDUHWHVWHGDFRXVWLFDOO\RUE\WRXFK
,IWKHILQDOFRQWUROGLDJQRVLVPXVWEHUHSHDWHGZLUWKRXW

WKHHQJLQHEHLQJVWDUWHGLQWKHPHDQWLPHVZLWFKRII
LJQLWLRQIRUDERXWVHFRQGV

7HVWFRQGLWLRQV

)XVHVDFFRUGLQJWRFXUUHQWIORZGLDJUDP2.
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

3URFHGXUH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG

6HOHFWIXQFWLRQILQDOFRQWUROGLDJQRVLV
)LQDOFRQWUROGLDJQRVLV!
)XHOSXPSUHOD\-

5HDGRXWRQGLVSOD\
7KHIXHOSXPSUHOD\ RQWKHUHOD\SODWHUHOD\SRVLWLRQ 
PXVWFOLFNXQWLOWKHQH[WDFWXDWRULVDFWLYDWHGE\SUHVVLQJ

1RWH
'XULQJDFWLYDWLRQRIWKHIXHOSXPSUHOD\WKHIXHOSXPS
VKRXOGDOVREHKHDUGWRUXQDWLQWHUYDOV
,IWKHUHOD\GRHVQRWFOLFN

7HVWWKHIXHOSXPSUHOD\ &KDS
3UHVV 
)LQDOFRQWUROGLDJQRVLV!
6ROYDOYHIRUDFWFKDUILOWHU1

5HDGRXWRQGLVSOD\
7KHVROHQRLGYDOYH OHIWQH[WWRFRRODQWUHVHUYRLU PXVW
FRQWLQXHFOLFNLQJXQWLOWKHQH[WDFWXDWRULVDFWXDWHGE\
SUHVVLQJ 
,IWKHVROHQRLGYDOYHGRHVQRWFOLFN

7HVWLQJVROHQRLGYDOYHIRUDFWLYDWHGFKDUFRDOILOWHU
 1 &KDS

3UHVV 
5HDGRXWRQGLVSOD\

)LQDOFRQWUROGLDJQRVLV!
6HFRQGDU\DLULQOHWYDOYH1

,JQRUHGLVSOD\DQGSUHVV 
(GLWLRQ
6

6HOIGLDJQRVLV,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQGLVSOD\

)LQDOFRQWUROGLDJQRVLV!
6HFRQGDU\DLUSXPSUHOD\-

,JQRUHGLVSOD\DQGSUHVV 
5HDGRXWRQGLVSOD\

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ

)LQDOFRQWUROGLDJQRVLV!
(1'

1RWH
6ZLWFKRIILJQLWLRQDIWHUKDYLQJFRPSOHWHGWKHILQDOFRQWURO
GLDJQRVLV,I\RXGRQRWVZLWFKRIIWKHLJQLWLRQEHIRUH
DJDLQVWDUWLQJWKHHQJLQHWKHHQJLQHZLOOQRWVWDUWDVWKH
LQMHFWRUVDQGWKHLJQLWLRQWUDQVIRUPHUZLOOQRWEHRSHUDWHG

SDJH

6HOIGLDJQRVLV,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



6HOIGLDJQRVLV,,

)DXOWFRGHV
1RWH
7KHIDXOWWDEOHLVRUGHUHGDFFRUGLQJWRWKHGLJLWIDXOWFRGHRQWKHOHIW
7KH6$(FRGHWRWKHULJKWRIWKHIDXOWFRGH HJ3 QHHGQRWEHWDNHQLQWRDFFRXQWDWSUHVHQWDSSOLFDEOHIRU

86$RQO\

([SODQDWLRQVRQIDXOWW\SHV HJLQWHUUXSWLRQVKRUWFLUFXLWWRHDUWK  2SHUDWLQJLQVWUXFWLRQVRIYHKLFOHV\VWHP

WHVWHU

,ISDUWVDUHRXWSXWDVIDXOW\)LUVWFKHFNWKHFDEOHVDQGFRQQHFWRUVWRWKHVHSDUWVDVZHOODVWKHHDUWKOHDGVRIWKH

V\VWHPE\UHIHUULQJWRWKHFXUUHQWGLDJUDP2QO\LIQRIDXOWLVGHWHFWHGKHUHVKRXOGWKHSDUWEHUHSODFHG7KLVDSSOLHV
LQSDUWLFXODUIRUIDXOWVWKDWDUHRXWSXWDVVSRUDGLFDOO\RFFXUUHG 63 IDXOWV

,IWKHGLVSOD\UHDGVYHKLFOHV\VWHPWHVWHU9$* ORRNXSLQIRUPDWLRQLQWKHGRFXPHQWDWLRQWKHUHTXLUHGWH[W

LVWREHIRXQGLQWKHIDXOWWDEOHDFFRUGLQJWRWKHIDXOWFRGH

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW

6LJQDOWRR

VPDOO
,QWDNHDLUWHP
SHUDWXUHVHQGHU
*D

6KRUWFLUFXLWWRHDUWK

(PHUJHQF\UXQQLQJ

5HDGLQJPHDVXUHG

SHUDWXUHVHQGHU
*GHIHFWLYH

6LJQDOWRRKLJK 6KRUWFLUFXLWWRSRVL

WLYHWHUPLQDO
,QWDNHDLUWHP
SHUDWXUHVHQGHU
/LQHLQWHUUXSWLRQ
*D
,QWDNHPDQLIROGWHP
SHUDWXUHVHQGHU
*GHIHFWLYH

(GLWLRQ
6

PRGHHQJLQHFRQWURO
XQLWRSHUDWHVZLWKUH
SODFHPHQWWHPSHUD
WXUHLQIXQFWLRQRIWKH
FRRODQWWHPSHUDWXUH

,QWDNHPDQLIROGWHP

(PHUJHQF\UXQQLQJ

6HOIGLDJQRVLV,,

PRGHHQJLQHFRQWURO
XQLWRSHUDWHVZLWKUH
SODFHPHQWWHPSHUD
WXUHLQIXQFWLRQRIWKH
FRRODQWWHPSHUDWXUH

YDOXHEORFNGLVSOD\
JURXSGLVSOD\
ILHOG &KDS

,QVSHFWLQJ,QWDNH

PDQLIROGWHPSHUD
WXUHVHQGHU*
&KDS

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXSGLVSOD\
ILHOG &KDS

,QVSHFWLQJ,QWDNH

PDQLIROGWHPSHUD
WXUHVHQGHU*
&KDS

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


,PSODXVLEOH
6HQGHUIRUFRRO VLJQDO
DQWWHPSHUDWXUH
*D

6HQGHUIRUFRRODQW

&ROGVWDUWGLIILFXOWLHV

5HDGLQJPHDVXUHG

WHPSHUDWXUH*
VXSSOLHVLPSODXVLEOH
VLJQDOFDXVHGE\
ORRVHFRQWDFWRUFRU
URVLRQGXHWRKXPLGL
W\LQWKHFRQQHFWRU

*GHIHFWLYH
6LJQDOLQSXWLQHQJLQH

DWYHU\ORZWHPSHUD
WXUHV

3RRUGULYHDELOLW\GXU

LQJZDUPXS

,QFUHDVHGIXHOFRQ

VXPSWLRQ

,QFUHDVHGHPLVVLRQ

OHYHOV

FRQWUROXQLWGHIHFWLYH
FRQWUROXQLWGHIHF
WLYH

6LJQDOWRR

6HQGHUIRUFRRO VPDOO
DQWWHPSHUDWXUH
*D

6KRUWFLUFXLWWRHDUWK

&ROGVWDUWGLIILFXOWLHV

DWYHU\ORZWHPSHUD
WXUHV

6HQGHUIRUFRRODQW

WHPSHUDWXUH*
GHIHFWLYH

3RRUGULYHDELOLW\GXU

LQJZDUPXS

,QFUHDVHGIXHOFRQ

VXPSWLRQ

YDOXHEORFNGLVSOD\
JURXSGLVSOD\
ILHOG &KDS

7HVWLQJFRRODQWWHP

SHUDWXUHVHQGHU
* &KDS

5HSODFLQJHQJLQH

FRQWUROXQLW &KDS


5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXSGLVSOD\
ILHOG &KDS

7HVWLQJFRRODQWWHP

SHUDWXUHVHQGHU
* &KDS

,QFUHDVHGHPLVVLRQ

OHYHOV

6LJQDOWRR

6HQGHUIRUFRRO JUHDW
DQWWHPSHUDWXUH
*D

6KRUWFLUFXLWWRSRVL

WLYHWHUPLQDO

/LQHLQWHUUXSWLRQ
6HQGHUIRUFRRODQW

WHPSHUDWXUH*
GHIHFWLYH

&ROGVWDUWGLIILFXOWLHV

DWYHU\ORZWHPSHUD
WXUHV

3RRUGULYHDELOLW\GXU

LQJZDUPXS

,QFUHDVHGIXHOFRQ

VXPSWLRQ

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXSGLVSOD\
ILHOG &KDS

7HVWLQJFRRODQWWHP

SHUDWXUHVHQGHU
* &KDS

,QFUHDVHGHPLVVLRQ

OHYHOV

$VVRRQDVRQHRIWKHIDXOWVLVGHWHFWHGWKHFRQWUROXQLWXVHVDUHSODFHPHQWYDOXHIURPWKHPRGHOVHTXHQFHVWRUHGLQWKHFRQWUROXQLW

SDJH

6HOIGLDJQRVLV,,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


%DQNSUREH

/LQHLQWHUUXSWLRQRU

QRODPEGDFRQWURO

,QVSHFWLQJODPEGD

HOHFWUIDXOWLQ
WKHFLUFXLW

VKRUWFLUFXLWWRHDUWK
RUSRVLWLYH

/DPEGDSUREHIRU

FDWDO\VWGHIHFWLYH

3RRULGOLQJ
(PLVVLRQOHYHOV12.
,QFUHDVHGIXHOFRQ

VXPSWLRQ

FRQWURO &KDS


7HVWLQJODPEGDSUREH
EHIRUHFDWDO\VW
&KDS

5HPRYHVKRUWFLUFXLW

RUOLQHLQWHUUXSWLRQ
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV


%DQNSUREH

9ROWDJHWRR
ORZ

6KRUWFLUFXLWRIWKH

ODPEGDSUREHVLJQDO
OLQHWRHDUWKRUWR
VKLHOGLQJ

6KRUWFLUFXLWRIWKH

QRODPEGDFRQWURO
3RRULGOLQJ
(PLVVLRQOHYHOV12.
,QFUHDVHGIXHOFRQ

VXPSWLRQ

ODPEGDSUREHUHIHU
HQFHHDUWKOLQHWR
HDUWKRUWRVKLHOGLQJ

/DPEGDSUREHIRU

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXS &KDS


5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXS &KDS


,QVSHFWLQJODPEGD

FDWDO\VWGHIHFWLYH

FRQWURO &KDS


7HVWLQJODPEGDSUREH
EHIRUHFDWDO\VW
&KDS

5HPRYHVKRUWFLUFXLW

RUOLQHLQWHUUXSWLRQ
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV


%DQNSUREH

9ROWDJHWRR
KLJK

6KRUWFLUXLWRIVLJQDO

OLQHWRSRVLWLYH

/DPEGDSUREHIRU

FDWDO\VWGHIHFWLYH

/DPEGDFRQWUROJRHV

LQWRRSHUDWLRQ

3RRULGOLQJ

,QVSHFWLQJODPEGD

FRQWURO &KDS


7HVWLQJODPEGDSUREH
EHIRUHFDWDO\VW
&KDS

5HPRYHVKRUWFLUFXLW

RUOLQHLQWHUUXSWLRQ
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV


%DQNSUREH

6LJQDOWRRVORZ /DPEGDSUREHIRU
FDWDO\VWGHIHFWLYH

QRODPEGDFRQWURO
3RRULGOLQJ
(PLVVLRQOHYHOV12.
,QFUHDVHGIXHOFRQ

VXPSWLRQ

,QVSHFWLQJODPEGD

FRQWURO &KDS

7HVWLQJODPEGDSUREH
EHIRUHFDWDO\VW
&KDS

,QVSHFWLQJFDWDO\VWHI
ILFLHQF\ &KDS


(GLWLRQ
6

6HOIGLDJQRVLV,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW


%DQNSUREH

/DPEGDSUREHEHIRUH ,QFUHDVHGIXHOFRQ

1RDFWLYLW\

FDWDO\VWGHIHFWLYH
GLUW\

/LQHLQWHUUXSWLRQEH

WZHHQSUREHKHDWHU
DQGHQJLQHFRQWURO
XQLW

3RVVLEOHHIIHFWV

VXPSWLRQ

(PLVVLRQOHYHOV12.
6RRWLQJRIVSDUN

SOXJV

/DPEGDSUREHKHDWHU

GRHVQRWRSHUDWH

5HFWLI\LQJIDXOW

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXS &KDS


5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXS &KDS


7HVWLQJODPEGDSUREH
KHDWLQJEHIRUHFDWD
O\VW &KDS


%DQNSUREH

9ROWDJHWRR
ORZ

6KRUWFLUFXLWRIWKH

ODPEGDSUREHVLJQDO
OLQHWRHDUWKRUWR
VKLHOGLQJ

6KRUWFLUFXLWRIWKH

QRODPEGDFRQWURO
3RRULGOLQJ
(PLVVLRQOHYHOV12.
,QFUHDVHGIXHOFRQ

VXPSWLRQ

ODPEGDSUREHUHIHU
HQFHHDUWKOLQHWR
HDUWKRUWRVKLHOGLQJ

6KRUWFLUXLWRIVLJQDO

OLQHWRSRVLWLYH

/DPEGDSUREHDIWHU

7HVWLQJODPEGDSUREH
DIWHUFDWDO\VW
&KDS

KHDWLQJDIWHUFDWDO\VW
&KDS

FDWDO\VWGHIHFWLYH

9ROWDJHWRR
KLJK

FRQWURO &KDS


7HVWLQJODPEGDSUREH

/DPEGDSUREHDIWHU


%DQNSUREH

,QVSHFWLQJODPEGD

QRODPEGDFRQWURO
3RRULGOLQJ

FDWDO\VWGHIHFWLYH

,QVSHFWLQJODPEGD

FRQWURO &KDS


7HVWLQJODPEGDSUREH
DIWHUFDWDO\VW
&KDS

7HVWLQJODPEGDSUREH
KHDWLQJDIWHUFDWDO\VW
&KDS


%DQNSUREH

1RDFWLYLW\

/DPEGDSUREHDIWHU

FDWDO\VWGHIHFWLYH

5HVLGXHVLQODPEGD

QRODPEGDFRQWURO
3RRULGOLQJ

SUREH

,QVSHFWLQJODPEGD

FRQWURO &KDS


7HVWLQJODPEGDSUREH
KHDWLQJDIWHUFDWDO\VW
&KDS


%DQNIXHO
PHDVXULQJV\V
WHP

0DOIXQFWLRQ

)XHOV\VWHPGHIHF

WLYH

,QMHFWLRQYDOYHVGH

IHFWLYH

IXHOILOWHUZLWKSUHV

(QJLQHGRHVQRWVWDUW
,QFUHDVHGHPLVVLRQ

OHYHOV

SRRUVWDUWLQJ

VXUHFRQWUROYDOYHGH
IHFWLYH

7HVWLQJLQMHFWLRQ

YDOYHV &KDS

7HVWLQJIXHOSXPS


(QJLQH0HFKDQ
LFV5HS *U 

,QVSHFWLQJIXHOILOWHU

ZLWKSUHVVXUHFRQWURO
YDOYH &KDS

7HVWLQJLQWDNHV\V
WHPIRUWLJKWQHVV
&KDS

,QVSHFWLQJH[KDXVW

V\VWHPIRUWLJKWQHVV

(QJLQH0HFKDQ
LFV5HS *U 

SDJH

6HOIGLDJQRVLV,,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


%DQNIXHO
PHDVXULQJV\V
WHP

)XHOV\VWHPGHIHF

QRODPEGDFRQWURO

5HDGLQJPHDVXUHG

6\VWHPWRR
SRRU

WLYH

3RRULGOLQJ
/DPEGDSUREHGHIHF (PLVVLRQOHYHOV12.

WLYH

,QFUHDVHGIXHOFRQ

VXPSWLRQ

YDOXHEORFNGLVSOD\
JURXS &KDS


5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXS &KDS


,QVSHFWLQJODPEGD

FRQWURO &KDS


,QVSHFWLQJIXHOILOWHU

ZLWKSUHVVXUHFRQWURO
YDOYH &KDS


%DQNIXHO
PHDVXULQJV\V
WHP

6\VWHPWRR
ULFK

)XHOV\VWHPGHIHF

WLYH

/DPEGDSUREHGHIHF

QRODPEGDFRQWURO
3RRULGOLQJ

WLYH

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXS &KDS


,QVSHFWLQJODPEGD

FRQWURO &KDS


,QVSHFWLQJIXHOILOWHU

ZLWKSUHVVXUHFRQWURO
YDOYH &KDS


&RPEXVWLRQ
PLVILULQJGHWHFW
HG

,QMHFWLRQYDOYHVGH

IHFWLYH

,JQLWLRQWHUPLQDOGH

IHFWLYH

3RRUSHUIRUPDQFH
(PLVVLRQOHYHOV12.
,QFUHDVHGIXHOFRQ

VXPSWLRQ

&DWDO\VWRYHUKHDWHG

RUGDPDJHG

7HVWLQJLQMHFWLRQ

YDOYHV &KDS

7HVWLQJLJQLWLRQOHDGV
DQGVSDUNSOXJV
&KDS

,QVSHFWLQJLJQLWLRQ

WHUPLQDO &KDS


,QVSHFWLQJPLVILULQJ
GHWHFWLRQ &KDS



&\OFRPEXV
WLRQPLVILULQJGH
WHFWHG

VHHIDXOWFRGH


&\OFRPEXV
WLRQPLVILULQJV
GHWHFWHG

VHHIDXOWFRGH


&\OFRPEXV
WLRQPLVILULQJV
GHWHFWHG

VHHIDXOWFRGH


&\OFRPEXV
WLRQPLVILULQJV
GHWHFWHG

VHHIDXOWFRGH

(GLWLRQ
6

6HOIGLDJQRVLV,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


(QJLQHVSHHG
VHQGHU*

,PSODXVLEOH
VLJQDO

(QJLQHVSHHGVHQG

(QJLQHPLVILULQJ

,QVSHFWLQJ(QJLQH


(QJLQHVSHHG
VHQGHU*

1RVLJQDO

6LJQDOOLQHLVLQWHU

HU*ORRVH

UXSWHGRUVKRUW
FLUFXLWHGWRHDUWKRU
SRV

VSHHGVHQGHU*
&KDS

(QJLQHGRHVQRWVWDUW
(QJLQHVWDOOV

,QVSHFWLQJ(QJLQH

VSHHGVHQGHU*
&KDS

5HPRYHOLQHLQWHUUXS

(DUWKOHDGLVLQWHU

WLRQRUVKRUWFLUFXLW
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

UXSWHGRUVKRUW
FLUFXLWHGWRSRV

*LVORRVHRUGH

IHFWLYH

5HSODFLQJHQJLQH

/LQHLQWHUUXSWLRQWR

VKLHOGLQJRI*

FRQWUROXQLW &KDS


6LJQDOLQSXWLQHQJLQH

FRQWUROXQLWGHIHFWLYH
FRQWUROXQLWGHIHF
WLYH


.QRFNVHQVRU
*

6LJQDOWRR
VPDOO

.QRFNVHQVRUGHIHF

WLYH

6LJQDOWRR
JUHDW

3RRUSHUIRUPDQFH

.QRFNVHQVRUGHIHF

,QFUHDVHGIXHOFRQ

/LQHVKRUWFLFXLWWR

3RRUSHUIRUPDQFH

WLYH

SRV

SDJH

VXPSWLRQ

/LQHVKRUWFLUFXLWWR

HDUWK


.QRFNVHQVRU
*

,QFUHDVHGIXHOFRQ

VXPSWLRQ

6HOIGLDJQRVLV,,

,QVSHFWLQJNQRFNVHQ
VRU* &KDS


,QVSHFWLQJNQRFNVHQ
VRU* &KDS


(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


(QJLQHVSHHG
VHQGHU*

6LJQDOOLQHLVLQWHU

(QJLQHGRHVQRWVWDUW

,QVSHFWLQJ(QJLQH

0DOIXQFWLRQ

UXSWHGRUVKRUW
FLUFXLWHGWRHDUWKRU
VKRUWFLUFXLWWRSRV

(QJLQHVWDOOV

VSHHGVHQGHU*
&KDS

5HPRYHOLQHLQWHUUXS

(DUWKOHDGLVLQWHU

WLRQRUVKRUWFLUFXLW
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

UXSWHGRUVKRUW
FLUFXLWHGWRSRV

*LVORRVHRUGH

IHFWLYH

5HSODFLQJHQJLQH

/LQHLQWHUUXSWLRQWR

VKLHOGLQJRI*

FRQWUROXQLW &KDS


6LJQDOLQSXWLQHQJLQH

FRQWUROXQLWGHIHFWLYH
FRQWUROXQLWGHIHF
WLYH

,PSODXVLEOH

VLJQDO
&DPVKDIWSRV
VHQVRU !6HQG
HU*D

9ROWDJHVXSSO\RU

HDUWKGLVWULEXWLRQWR
*D GHIHFWLYH

(QJLQHGRHVQRW

UHDFKPD[LPXP
VSHHG

*GHIHFWLYH

3RRUSHUIRUPDQFH

/LQHLQWHUUXSWLRQRU

6WDUWLQJSUREOHPV

VKRUWFLUFXLWWRHDUWK
DQGSRVLWLYHLQWKH
VLJQDOOLQHEHWZHHQ
*DQGWKHHQ
JLQHFRQWUROXQLW

9DOYHFRQWUROQRLV\

UHGXFHGHQJLQHSHU
IRUPDQFH

5HDGPHDVXUHGYDO

XHEORFNGLVSOD\
JURXSFKHFNYDO
XHVLQGLVSOD\ILHOGV
DQG &KDS

,QVSHFWLQJFDPVKDIW
SRVLWLRQVHQVRU
* &KDS


5HPRYHOLQHLQWHUUXS
WLRQRUVKRUWFLUFXLW
DFFRUGLQJWR&XUUHQW
)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

7KHFDPVKDIWSRVLWLRQVHQVRU*DQGWKHFDPVKDIWSRVVHQVRU

(GLWLRQ
6

!VHQGHU*DUHLGHQWLFDOWRWKH+DOOVHQGHU*

6HOIGLDJQRVLV,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


6LJQDOWRR
&DPVKDIWSRV
VPDOO
VHQVRU !6HQG
HU*D

*GHIHFWLYH

(QJLQHGRHVQRW

,QVSHFWLQJFDPVKDIW


%DQNFDWDO\VW
V\VWHP


7DQNYHQWLODWLRQ
V\VWHP

(IILFLHQF\WRR
ORZ

UHDFKPD[LPXP
VSHHG

LPSRUWDQWWUDQVLWLRQ

LPSHGDQFHVLQWKH
SOXJFRQQHFWLRQV
FRUURVLRQ

&DWDO\VWGHIHFWLYH

3RRUSHUIRUPDQFH
6WDUWLQJSUREOHPV

,QVSHFWLQJZLULQJRU

([KDXVWHPLVVLRQV

*HQHUDWLQJUHDGLQHVV

ZDUQLQJODPS.
OLJKWVXS

8QPHWHUHGDLULQH[

KDXVWV\VWHPEH
WZHHQWKHODPEGD
SUREHV

)ORZUDWHLQ
FRUUHFW

FDEOLQJWR*
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV
FRGH &KDS

,QVSHFWLQJH[KDXVW

V\VWHPIRUWLJKWQHVV
RUFKHFNLQJIRUGDP
DJHEHWZHHQERWK
ODPEGDSUREHV 
(Q
JLQH0HFKDQLFV
5HS *U 

1GHIHFWLYH

LUUHJXODULGOLQJ

/LQHLQWHUUXSWLRQRU

6PHOORIIXHO

VKRUWFLUFXLW

SRVLWLRQVHQVRU
* &KDS


,QVSHFWLQJVROHQRLG

YDOYHIRUDFWLYDWHG
FKDUFRDOILOWHUV\VWHP
1 &KDS
DQG 
(QJLQH0H
FKDQLFV5HS *U 

,QVSHFWLQJWKHKRVHV

DQGFRQQHFWLQJWXEHV
IURPWKHIXHOWDQNWR
WKHWKURWWOHYDOYHFRQ
WUROXQLW 
(QJLQH
0HFKDQLFV
5HS *U 

5HPRYHOLQHLQWHUUXS

WLRQRUVKRUWFLUFXLWDF
FRUGLQJWR&XUUHQW
)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV


)XHOJDXJHVLJ
QDO

,PSODXVLEOH
VLJQDO

)XHOJDXJHVHQGHU

*GHIHFWLYH

)XHOJDXJH12.

/LQHLQWHUUXSWLRQRU

VKRUWFLUFXLWEHWZHHQ
IXHOJDXJHVHQGHU
*DQGGDVKSDQHO
LQVHUW

'DWD%86GHIHFWLYH
'DVKSDQHOLQVHUWGH

IHFWLYH

SDJH

6HOIGLDJQRVLV,,

,QVSHFWLQJIXHOJDXJH
VHQGHU*
(OHFWULFDO6\VWHP
5HS *U 

&KHFNLQJGDWD%XV
&KDS 

,QVSHFWLQJGDVKSDQ

HOLQVHUW (OHFWULFDO
6\VWHP5HS *U 

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW


9HKLFOHVSHHG
VLJQDO

6SHHGRPHWHUVHQGHU 6SHHGGLVSOD\12.

,PSODXVLEOH
VLJQDO

*GHIHFWLYH

/LQHLQWHUUXSWLRQRU

3RVVLEOHHIIHFWV

&UXLVHFRQWUROV\VWHP

QRWRSHUDWLRQDO

VKRUWFLUFXLWEHWZHHQ 0DOIXQFWLRQRQV\V
6SHHGRPHWHUVHQGHU
WHPVXVLQJWKHVSHHG
*DQGGDVKSDQHO
VLJQDO
LQVHUW
$LUFRQGLWLRQLQJFXW
'DWD%86GHIHFWLYH
RIIQRWRSHUDWLRQDO
'DVKSDQHOLQVHUWGH
XQGHUIXOOORDG
IHFWLYH

5HFWLI\LQJIDXOW

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXSFKHFNLQJ
YDOXHVLQGLVSOD\ILHOG
 &KDS

7HVWLQJVSHHGVLJQDO
&KDS 

&KHFNLQJGDWD%XV
&KDS 

,QVSHFWLQJGDVKSDQ

HOLQVHUW (OHFWULFDO
6\VWHP5HS *U 


,GOLQJFRQWURO

6SHHGXQGHU
QRPLQDOYDOXH

7KURWWOHYDOYHSRVL

WLRQHUMDPV

$LUILOWHUEORFNHG

3RRUYHKLFOHKDQGOLQJ
,QFUHDVHGIXHOFRQ

VXPSWLRQ

,QVSHFWLQJWKURWWOH

YDOYHFRQWUROXQLW
- &KDS

,QVSHFWLQJDLULQWDNH

V\VWHPIRUWLJKWQHVV
XQPHWHUHGDLU 
&KDS


,GOLQJFRQWURO

6SHHGDERYH
QRPLQDOYDOXH

8QPHWHUHGDLUWR

WKURWWOHYDOYH

6PHOORIIXHO

,QVSHFWLQJWKURWWOH

YDOYHFRQWUROXQLW
- &KDS

,QMHFWLRQYDOYHGHIHF

WLYH

7HVWLQJLQMHFWLRQ

YDOYHV &KDS


%UDNHOLJKW
VZLWFK)

,PSODXVLEOH
VLJQDO

%UDNHOLJKWVZLWFKGH

IHFWLYH

/LQHLQWHUUXSWLRQRU

QREUDNHOLJKW
(QJLQHVSHHGIOXFWX

DWLRQVGXULQJEUDNLQJ

VKRUWFLUFXLWWRSRVL
WLYHRUHDUWKEHWZHHQ
WKHEUDNHOLJKWVZLWFK
DQGWKHHQJLQHFRQ
WUROXQLW


'DWDEXVGULYH

PLVVLQJPHV
VDJH

LQJ

5HPRYHOLQHLQWHUUXS

&KHFNGDWD%86
&KDS 

GDWDEXVFRPSDWLEOH

5HDGRXWIDXOWPHPR

FRQWUROXQLWGHIHFWLYH


&RQWUROXQLWGH
IHFWLYH

$9FRQWUROXQLWGH


&RQWUROXQLWGH
IHFWLYH

$9FRQWUROXQLWGH


&RQWUROXQLWGH
IHFWLYH

$9FRQWUROXQLWGH

(GLWLRQ
6

VZLWFK) &KDS


WLRQRUVKRUWFLUFXLWDF
FRUGLQJWR&XUUHQW
)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

)DXOWLQGDWD%86ZLU 3RRUYHKLFOHKDQGOLQJ

IHFWLYH

U\RIDOOFRQWUROXQLWV

(QJLQHGRHVQRWVWDUW

5HSODFLQJHQJLQH

FRQWUROXQLW &KDS


IHFWLYH

IHFWLYH

,QVSHFWLQJEUDNHOLJKW

(QJLQHGRHVQRWVWDUW

5HSODFLQJHQJLQH

FRQWUROXQLW &KDS


(QJLQHGRHVQRWVWDUW

5HSODFLQJHQJLQH

FRQWUROXQLW &KDS


6HOIGLDJQRVLV,,

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

6HOIGLDJQRVLV,,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



6HOIGLDJQRVLV,,,

)DXOWFRGHV
5HDGRXWRQ9$* 

%DQNSUREH
KHDWLQJFLUFXLW

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

LUUHJXODULGOLQJ
6KRUWFLUFXLWWR /LQHVKRUWFLUFXLWWR
SRVLWLYHLQWKHOLQH
SRVLWLYH
(PLVVLRQOHYHOV12.
IURPWKHHQJLQHFRQ
WUROXQLWWRWKHODPEGD
SUREHEHIRUHWKHFDW
DO\VW
3RZHURXWSXWVWDJH

LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

/DPEGDSUREHIRU

5HFWLI\LQJIDXOW

7HVWLQJODPEGDSUREH
KHDWLQJEHIRUHFDWD
O\VW &KDS

5HPRYHVKRUWFLUFXLW

DFFRUGLQJWR&XUUHQW
)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

5HSODFHHQJLQHFRQ

FDWDO\VWGHIHFWLYH

WUROXQLW &KDS


5HSODFLQJODPEGD

SUREHEHIRUHFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 


%DQNSUREH
KHDWLQJFLUFXLW

2XWSXWWRRORZ

/LQHLQWHUUXSWLRQLQ

WKHOLQHIURPWKHHQ
JLQHFRQWUROXQLWWR
WKHODPEGDSUREH

LUUHJXODULGOLQJ
(PLVVLRQOHYHOV12.

7HVWLQJODPEGDSUREH
KHDWLQJ &KDS


5HPRYHOLQHLQWHUUXS

3RZHURXWSXWVWDJH

WLRQDFFRUGLQJWR&XU
UHQW)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

/DPEGDSUREHIRU

FDWDO\VWGHIHFWLYH

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


5HSODFLQJODPEGD

SUREHEHIRUHFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 


%DQNSUREH
KHDWLQJFLUFXLW

6KRUWFLUFXLWWR 6KRUWFLUFXLWWRSRVL
WLYHLQWKHOLQHIURP
SRVLWLYH
WKHHQJLQHFRQWURO
XQLWWRWKHODPEGD
SUREHDIWHUWKHFDWD
O\VW

LUUHJXODULGOLQJ
(PLVVLRQOHYHOV12.
/DPEGDSUREHKHDW

3RZHURXWSXWVWDJH

LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

/DPEGDSUREHDIWHU

FDWDO\VWGHIHFWLYH

(GLWLRQ
6

6HOIGLDJQRVLV,,,

LQJDIWHUFDWDO\VWQRW
RSHUDWLRQDO

7HVWLQJODPEGDSUREH
KHDWLQJDIWHUFDWDO\VW
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


5HSODFLQJODPEGD

SUREHDIWHUFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

%DQNSUREH
KHDWLQJFLUFXLW

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

6KRUWFLUFXLWWR /LQHVKRUWFLUFXLWWR
LUUHJXODULGOLQJ
HDUWK
HDUWKLQWKHOLQHIURP (PLVVLRQOHYHOV12.
WKHHQJLQHFRQWURO
XQLWWRWKHODPEGD
SUREH
3RZHURXWSXWVWDJH

LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

/LQHLQWHUUXSWLRQLQ

WKHOLQHIURPWKHHQ
JLQHFRQWUROXQLWWR
WKHODPEGDSUREH

KHDWLQJEHIRUHFDWD
O\VW &KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS

SUREHEHIRUHFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 

FDWDO\VWGHIHFWLYH

2SHQFLUFXLW

7HVWLQJODPEGDSUREH

5HSODFLQJODPEGD

/DPEGDSUREHIRU


%DQNSUREH
KHDWLQJFLUFXLW

5HFWLI\LQJIDXOW

LUUHJXODULGOLQJ
(PLVVLRQOHYHOV12.

7HVWLQJODPEGDSUREH
KHDWLQJEHIRUHFDWD
O\VW &KDS

5HPRYHOLQHLQWHUUXS

3RZHURXWSXWVWDJH

WLRQDFFRUGLQJWR&XU
UHQW)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

/DPEGDSUREHIRU

FDWDO\VWGHIHFWLYH

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


5HSODFLQJODPEGD

SUREHEHIRUHFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 


%DQNSUREH
KHDWLQJFLUFXLW

6KRUWFLUFXLWWR 6KRUWFLUFXLWWRHDUWK LUUHJXODULGOLQJ


LQWKHOLQHIURPWKH
HDUWK
(PLVVLRQOHYHOV12.
HQJLQHFRQWUROXQLWWR
WKHODPEGDSUREHDI /DPEGDSUREHKHDW
LQJDIWHUFDWDO\VWQRW
WHUWKHFDWDO\VW
RSHUDWLRQDO
3RZHURXWSXWVWDJH
LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH
/DPEGDSUREHDIWHU

FDWDO\VWGHIHFWLYH


%DQNSUREH
KHDWLQJFLUFXLW

2SHQFLUFXLW

,QWHUUXSWLRQLQWKH

OLQHIURPWKHHQJLQH
FRQWUROXQLWWRWKH
ODPEGDSUREHDIWHU
FDWDO\VW

LUUHJXODULGOLQJ
(PLVVLRQOHYHOV12.
/DPEGDSUREHKHDW

3RZHURXWSXWVWDJH

LQHQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

/DPEGDSUREHDIWHU

FDWDO\VWGHIHFWLYH

SDJH

6HOIGLDJQRVLV,,,

LQJDIWHUFDWDO\VWQRW
RSHUDWLRQDO

7HVWLQJODPEGDSUREH
KHDWLQJDIWHUFDWDO\VW
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


5HSODFLQJODPEGD

SUREHDIWHUFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 

7HVWLQJODPEGDSUREH
KHDWLQJDIWHUFDWDO\VW
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


5HSODFLQJODPEGD

SUREHDIWHUFDWDO\VW

(QJLQH0HFKDQ
LFV5HS *U 

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


/RDGGHWHFWLRQ

,QWDNHV\VWHPQRW

UHGXFHGSHUIRUPDQFH

7HVWLQWDNHV\VWHPIRU

LPSODXVLEOH
YDOXH

WLJKW

WLJKWQHVV XQPHWHUHG
DLU  &KDS

(UDVHWKHIDXOWPHP

RU\DQGFDUU\RXWWHVW
GULYH


6KRUWFLUFXLWWR /LQHKDVVKRUWFLUFXLW ,QFUHDVHGHPLVVLRQ
WRSRVLWLYH
OHYHOV
,QWDNHPDQLIROG SRVLWLYH
SUHVVXUHVHQGHU
*GHIHFWLYH
SRRUWKURWWOHUH
*
VSRQVH
5RXJKORDGDOWHUDWLRQ

/LQHLQWHUUXSWLRQ
,QFUHDVHGHPLVVLRQ

2SHQFLUFXLW
OHYHOV
,QWDNHPDQLIROG 6KRUWFLUFXLWWR /LQHKDVVKRUWFLUFXLW
SUHVVXUHVHQGHU HDUWK
SRRUWKURWWOHUH
WRHDUWK
*
VSRQVH
*GHIHFWLYH
5RXJKORDGDOWHUDWLRQ


,QWDNHPDQLIROG
WHPSVHQGHU
*

6KRUWFLUFXLWWR 6KRUWFLUFXLWWRHDUWK
LQWKHOLQHFRQQHF
HDUWK
WLRQEHWZHHQLQWDNH
PDQLIROGWHPSHUD
WXUHVHQGHU*
DQGWKHHQJLQHFRQ
WUROXQLW

(PHUJHQF\UXQQLQJ

PRGHHQJLQHFRQWURO
XQLWRSHUDWHVZLWKUH
SODFHPHQWWHPSHUD
WXUHLQIXQFWLRQRIWKH
FRRODQWWHPSHUDWXUH

*GHIHFWLYH
6LJQDOLQSXWLQHQJLQH

FRQWUROXQLWGHIHFWLYH
FRQWUROXQLWGHIHF
WLYH


,QWDNHPDQLIROG
WHPSVHQGHU
*

/LQHLQWHUUXSWLRQRU
(PHUJHQF\UXQQLQJ
2SHQFLUFXLW
VKRUWFLUFXLWWRSRVL
PRGHHQJLQHFRQWURO
6KRUWFLUFXLWWR
WLYHWHUPLQWKHOLQH
XQLWRSHUDWHVZLWKUH
SRVLWLYH
FRQQHFWLRQEHWZHHQ
SODFHPHQWWHPSHUD
LQWDNHPDQLIROGWHP
WXUHLQIXQFWLRQRIWKH
SHUDWXUHVHQGHU
FRRODQWWHPSHUDWXUH
*DQGWKHHQJLQH
FRQWUROXQLW
*GHIHFWLYH
(DUWKGLVWULEXWLRQWR

*GHIHFWLYH

6LJQDOLQSXWLQHQJLQH

FRQWUROXQLWGHIHFWLYH
FRQWUROXQLWGHIHF
WLYH

(GLWLRQ
6

6HOIGLDJQRVLV,,,

,QVSHFWLQJ,QWDNH

PDQLIROGSUHVVXUH
VHQGHU*
&KDS

7HVWLQWDNHV\VWHPIRU
WLJKWQHVV XQPHWHUHG
DLU  &KDS

,QVSHFWLQJ,QWDNH

PDQLIROGSUHVVXUH
VHQGHU*
&KDS

7HVWLQWDNHV\VWHPIRU
WLJKWQHVV XQPHWHUHG
DLU  &KDS

5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXSFKHFNLQJ
YDOXHVLQGLVSOD\ILHOG
 &KDS

,QVSHFWLQJ,QWDNH

PDQLIROGWHPSHUDWXUH
VHQGHU*
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


5HDGLQJPHDVXUHG

YDOXHEORFNGLVSOD\
JURXSFKHFNLQJ
YDOXHVLQGLVSOD\ILHOG
 &KDS

,QVSHFWLQJ,QWDNH

PDQLIROGWHPSHUDWXUH
VHQGHU*
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW


79GULYHDQJOH
VHQGHU*

*GHIHFWLYH

,PSODXVLEOH
VLJQDO

3RVVLEOHHIIHFWV

(QJLQHUXQVLQHPHU
ORRVHFRQWDFWLQSOXJ
JHQF\RSHUDWLRQSUR
FRQQHFWLRQIRUWKURW
JUDPPH
WOHYDOYHFRQWUROXQLW UHGXFHGSHUIRUPDQFH
-
LUUHJXODULGOLQJ
6LJQDOLQSXWLQWKH
HQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHFWLYH

5HFWLI\LQJIDXOW

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


LQFRUUHFWSOXJDVVLJQ

PHQW


79GULYHDQJOH
VHQGHU*

6LJQDOWRRORZ

(QJLQHUXQVLQHPHU
VKRUWFLUFXLWWRHDUWK
JHQF\RSHUDWLRQSUR
LQWKHVLJQDOOLQHIURP
JUDPPH
*WRWKHHQJLQH FKDQJHGLGOLQJVSHHG
FRQWUROXQLW

,QVSHFWWKURWWOHYDOYH


79GULYHDQJOH
VHQGHU*

(QJLQHUXQVLQHPHU
6LJQDOWRRKLJK /LQHLQWHUUXSWLRQLQ
WKHHDUWKOLQHIURP
JHQF\RSHUDWLRQSUR
*WRWKHHQJLQH
JUDPPH
FRQWUROXQLW
&ROGVWDUWSUREOHPV

,QVSHFWWKURWWOHYDOYH

/LQHLQWHUUXSWLRQRU

FRQWUROXQLW-
&KDS

FRQWUROXQLW-
&KDS

&ROGLGOLQJSUREOHPV


%DQNODPEGD
FRUUHFWLRQDIWHU
FDWDO\VW

5HJXODWLQJOLP /DPEGDSUREHDIWHU
FDWDO\VWGHIHFWLYH
LWUHDFKHG

(PLVVLRQOHYHOV12.
3RRULGOLQJ
3RRUYHKLFOHKDQGOLQJ

7HVWLQWDNHV\VWHPIRU
WLJKWQHVV XQPHWHUHG
DLU  &KDS

7HVWODPEGDFRQWURO

DQGODPEGDSUREH
GRZQVWUHDPRIFDWD
O\WLFFRQYHUWHU
&KDS

7HVWLQJODPEGDSUREH
KHDWLQJDIWHUFDWDO\VW
&KDS


,QMHFWRUF\O
1

,QFUHDVHGHPLVVLRQ
6KRUWFLUFXLWWR 1GHIHFWLYH
OHYHOV
SRVLWLYH
/LQHKDVVKRUWFLUFXLW
SRRUVWDUWLQJ
WRSRVLWLYH

,QVSHFWLQMHFWRUV
&KDS

3RRUYHKLFOHKDQGOLQJ
SRRUWKURWWOHUH

VSRQVH

LUUHJXODULGOLQJ


,QMHFWRUF\O
1

6KRUWFLUFXLWWR 1GHIHFWLYH
SRVLWLYH
/LQHKDVVKRUWFLUFXLW
WRSRVLWLYH


,QMHFWRUF\O
1

6KRUWFLUFXLWWR 1GHIHFWLYH
SRVLWLYH
/LQHKDVVKRUWFLUFXLW
WRSRVLWLYH


,QMHFWRUF\O
1

6KRUWFLUFXLWWR 1GHIHFWLYH
SRVLWLYH
/LQHKDVVKRUWFLUFXLW
WRSRVLWLYH

SDJH

6HOIGLDJQRVLV,,,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

,QMHFWRUF\O
1

3RVVLEOHFDXVHVRI
IDXOW

6KRUWFLUFXLWWR 1GHIHFWLYH
HDUWK
6KRUWFLUFXLWWRHDUWK

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW

,QFUHDVHGHPLVVLRQ

,QVSHFWLQMHFWRUV

OHYHOV

&KDS

SRRUVWDUWLQJ
3RRUYHKLFOHKDQGOLQJ
SRRUWKURWWOHUH

VSRQVH

LUUHJXODULGOLQJ


,QMHFWRUF\O
1

6KRUWFLUFXLWWR 1GHIHFWLYH
HDUWK
6KRUWFLUFXLWWRHDUWK


,QMHFWRUF\O
1

6KRUWFLUFXLWWR 1GHIHFWLYH
HDUWK
6KRUWFLUFXLWWRHDUWK


,QMHFWRUF\O
1

6KRUWFLUFXLWWR 1GHIHFWLYH
HDUWK
6KRUWFLUFXLWWRHDUWK


,QMHFWRUF\O
1

2SHQFLUFXLW

1GHIHFWLYH
/LQHLQWHUUXSWLRQ

,QFUHDVHGHPLVVLRQ

OHYHOV

,QVSHFWLQMHFWRUV
&KDS

SRRUVWDUWLQJ
3RRUYHKLFOHKDQGOLQJ
SRRUWKURWWOHUH

VSRQVH

LUUHJXODULGOLQJ


,QMHFWRUF\O
1

2SHQFLUFXLW


,QMHFWRUF\O
1

2SHQFLUFXLW


,QMHFWRUF\O
1

2SHQFLUFXLW


)XHOOHYHO

WRRORZ

1GHIHFWLYH
/LQHLQWHUUXSWLRQ
1GHIHFWLYH
/LQHLQWHUUXSWLRQ
1GHIHFWLYH
/LQHLQWHUUXSWLRQ
7DQNHPSW\

)XHOJDXJH12.

)XHOJDXJHVHQGHU

9HKLFOHMHUNVGXULQJ

*GHIHFWLYH

/LQHLQWHUUXSWLRQRU

VKRUWFLUFXLWEHWZHHQ
IXHOJDXJHVHQGHU
*DQGGDVKSDQHO
LQVHUW

GULYLQJ

)LOOXSYHKLFOH
,QVSHFWLQJIXHOJDXJH
VHQGHU*
(OHFWULFDO6\VWHP
5HS *U 

'DWD%86GHIHFWLYH
'DVKSDQHOLQVHUWGH

IHFWLYH

(GLWLRQ
6

6HOIGLDJQRVLV,,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

(QJLQHWRUTXH
PRQLWRULQJ


(QJLQHWRUTXH
PRQLWRULQJ

3RVVLEOHFDXVHVRI
IDXOW

5HJXODWLQJOLP ,QWDNHV\VWHPQRW
WLJKW
LWH[FHHGHG
7KURWWOHYDOYHFRQ

5HFWLI\LQJIDXOW

(QJLQHUXQVLQHPHU

7HVWLQJLQWDNHV\VWHP

JHQF\RSHUDWLRQSUR
JUDPPH

WUROXQLW-GH
IHFWLYHRU
DFFHOHUDWRUSHGDO
SRVLWLRQVHQGHU
**GH
IHFWLYH

FKDQJHGLGOLQJVSHHG

5HJXODWLQJOLP ,QWDNHV\VWHPQRW
WLJKW
LWH[FHHGHG

(QJLQHUXQVLQHPHU

7KURWWOHYDOYHFRQ

WUROXQLW-GH
IHFWLYHRU
DFFHOHUDWRUSHGDO
SRVLWLRQVHQGHU
**GH
IHFWLYH


%DQNFDP
VKDIWSRVVHQ
VRU !*D

3RVVLEOHHIIHFWV

2SHQFLUFXLW
6LJQDOLQSXWLQHQ
6KRUWFLUFXLWWR
JLQHFRQWUROXQLWGH
SRVLWLYH
IHFWLYH FRQWUROXQLW
GHIHFWLYH
*GHIHFWLYH
/RRVHFRQWDFW

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
* *
&KDS

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

JHQF\RSHUDWLRQSUR
JUDPPH

FKDQJHGLGOLQJVSHHG

7HVWLQJLQWDNHV\VWHP

IRUWLJKWQHVV &KDS


,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
* *
&KDS

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

(QJLQHGRHVQRW

UHDFKPD[LPXP
VSHHG

3RRUSHUIRUPDQFH
6WDUWLQJSUREOHPV

/LQHLQWHUUXSWLRQRU

VKRUWFLUFXLWWRSRVL
WLYHRUHDUWKLQWKH
VLJQDOOLQHEHWZHHQ
*DQGWKHHQ
JLQHFRQWUROXQLW

IRUWLJKWQHVV &KDS


,QVSHFWLQJFDPVKDIW

SRVLWLRQVHQVRU*
&KDS

5HPRYHRSHQFLUFXLWLQ
ZLULQJRUVKRUWFLUFXLW
DFFRUGLQJWRFXUUHQW
IORZGLDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV

7KHFDPVKDIWSRVLWLRQVHQVRU *LVLGHQWLFDOWRWKH+DOOVHQGHU*

SDJH

6HOIGLDJQRVLV,,,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW


&DPVKDIWSRVL
WLRQFUDQNVKDIW
SRVLWLRQVHQVRU

6HQVRUVLJQDORXW

,QFRUUHFWDV
VLJQPHQW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW

,QVSHFWLQJFDPVKDIW

VLGHWROHUDQFHILHOG

SRVLWLRQVHQVRU
*  &KDS

,QVSHFWLQJ(QJLQH

VSHHGVHQGHU*
&KDS

7HVWWLPLQJ (QJLQH
0HFKDQLFDO&RPSR
QHQWV5HS *U 


,JQLWLRQFRQWURO
F\O

6KRUWFLUFXLWWR ,JQLWLRQWHUPLQDO LJ


QLWLRQWUDQVIRUPHU
SRVLWLYH
ZLWKSRZHUWUDQV
IRUPHU 1GH
IHFWLYH

(QJLQHVWDOOV
(QJLQHMHUNV

WRSRVLWLYH

6KRUWFLUFXLWWR ,JQLWLRQWHUPLQDO LJ


QLWLRQWUDQVIRUPHU
HDUWK
ZLWKSRZHUWUDQV
IRUPHU 1GH
IHFWLYH

(QJLQHVWDOOV
(QJLQHMHUNV

WRHDUWK

6KRUWFLUFXLWWR ,JQLWLRQWHUPLQDO LJ


QLWLRQWUDQVIRUPHU
SRVLWLYH
ZLWKSRZHUWUDQV
IRUPHU 1GH
IHFWLYH

(QJLQHVWDOOV
(QJLQHMHUNV

WRSRVLWLYH

6KRUWFLUFXLWWR ,JQLWLRQWHUPLQDO LJ


QLWLRQWUDQVIRUPHU
HDUWK
ZLWKSRZHUWUDQV
IRUPHU 1GH
IHFWLYH

(QJLQHVWDOOV
(QJLQHMHUNV

WRHDUWK

(GLWLRQ
6

(QJLQHFRQWUROXQLW

GHIHFWLYH

PLQDO &KDS

5HPRYHRSHQFLUFXLWLQ

,QVSHFWLQJLJQLWLRQWHU
PLQDO &KDS

5HPRYHRSHQFLUFXLWLQ

,QVSHFWLQJLJQLWLRQWHU
PLQDO &KDS

5HPRYHRSHQFLUFXLWLQ
ZLULQJRUVKRUWFLUFXLW
DFFRUGLQJWRFXUUHQW
IORZGLDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV

/LQHKDVVKRUWFLUFXLW


&RQWUROXQLWGH
IHFWLYH

,QVSHFWLQJLJQLWLRQWHU

ZLULQJRUVKRUWFLUFXLW
DFFRUGLQJWRFXUUHQW
IORZGLDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV

/LQHKDVVKRUWFLUFXLW


,JQLWLRQFRQWURO
F\O

5HPRYHRSHQFLUFXLWLQ

ZLULQJRUVKRUWFLUFXLW
DFFRUGLQJWRFXUUHQW
IORZGLDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV

/LQHKDVVKRUWFLUFXLW


,JQLWLRQFRQWURO
F\O

PLQDO &KDS

ZLULQJRUVKRUWFLUFXLW
DFFRUGLQJWRFXUUHQW
IORZGLDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV

/LQHKDVVKRUWFLUFXLW


,JQLWLRQFRQWURO
F\O

,QVSHFWLQJLJQLWLRQWHU

(QJLQHGRHVQRWVWDUW

5HSODFHHQJLQHFRQ

WUROXQLW &KDS

6HOIGLDJQRVLV,,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


&RQWUROXQLWGH
IHFWLYH

(QJLQHFRQWUROXQLW

(QJLQHGRHVQRWVWDUW

5HSODFHHQJLQHFRQ


$GDSWLRQOLPLW
5RWRUIRUHQJLQH UHDFKHG
VSHHG

5RWRU IO\ZKHHO GH

GHIHFWLYH

WUROXQLW &KDS

IHFWLYH

(QJLQHPLVILULQJ

,QVSHFWLQJ(QJLQH

VSHHGVHQGHU*
&KDS

7HVWIO\ZKHHO 

(Q
JLQH0HFKDQLFDO
&RPSRQHQWV
5HS *U 


6KRUWFLUFXLWWR 6KRUWFLUFXLWWRSRVL 9HKLFOHPD\SRVVLEO\
WLYHEHWZHHQDFWLYDW
VPHOORIIXHO
7DQNYHQWYDOYH SRVLWLYH
HGFKDUFRDOILOWHU
1
V\VWHPVROHQRLG
YDOYH1DQGHQ
JLQHFRQWUROXQLW

7HVWDFWLYDWHGFKDUFRDO
ILOWHUV\VWHPVROHQRLG
YDOYH1 &KDS


1GHIHFWLYH


6KRUWFLUFXLWWR 6KRUWFLUFXLWWRHDUWK SRVVLEOHMHUNLQJLQ
EHWZHHQDFWLYDWHG
SDUWLDOORDGUHJLRQ
7DQNYHQWYDOYH HDUWK
FKDUFRDOILOWHUV\V
1
WHPVROHQRLGYDOYH
1DQGHQJLQH
FRQWUROXQLW

7HVWDFWLYDWHGFKDUFRDO
ILOWHUV\VWHPVROHQRLG
YDOYH1 &KDS


1GHIHFWLYH


2SHQFLUFXLW
7DQNYHQWYDOYH
1

2SHQFLUFXLWLQZLULQJ SRVVLEOHMHUNLQJLQ

EHWZHHQDFWLYDWHG
FKDUFRDOILOWHUV\V
WHPVROHQRLGYDOYH
1DQGIXVH

SDUWLDOORDGUHJLRQ

)ORZ'LDJUDPV(OHF
WULFDO)DXOW)LQGLQJDQG
)LWWLQJ/RFDWLRQV

7HVWDFWLYDWHGFKDUFRDO

2SHQFLUFXLWLQZLULQJ

ILOWHUV\VWHPVROHQRLG
YDOYH1 &KDS


EHWZHHQ1DQG
HQJLQHFRQWUROXQLW

)XVHGHIHFWLYH

5HPRYHRSHQFLUFXLWLQ

1GHIHFWLYH

ZLULQJRUVKRUWFLUFXLW
DFFRUGLQJWRFXUUHQW
IORZGLDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV


6KRUWFLUFXLWWR -GHIHFWLYH
)XHOSXPSUHOD\ HDUWK
6KRUWFLUFXLWWRHDUWK
-

(QJLQHGRHVQRWVWDUW


6KRUWFLUFXLWWR -GHIHFWLYH
)XHOSXPSUHOD\ SRVLWLYH
6KRUWFLUFXLWWRSRVL
-
WLYH

(QJLQHGRHVQRWVWDUW

SDJH

7HVWIXVH &XUUHQW

7HVWIXHOSXPSUHOD\
- &KDS

6HOIGLDJQRVLV,,,

7HVWIXHOSXPSUHOD\
- &KDS

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


ERWWRPOLPLW
,GOLQJDLUV\VWHP UHDFKHG
LQLWLDOLVDWLRQYDO
XH

,QWDNHV\VWHPQRW

LUUHJXODULGOLQJ

LQVSHFWLQJLGOLQJVSHHG

WLJKW

7KURWWOHYDOYHFRQ

FKDQJHGLGOLQJVSHHG

WUROXQLW-RUDF
FHOHUDWRUSHGDO
SRVLWLRQVHQGHU
** GH
IHFWLYH

&KDS

,QVSHFWLQJDLULQWDNH

V\VWHPIRUWLJKWQHVV
XQPHWHUHGDLU 
&KDS

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
**
&KDS

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS


WRSOLPLW
,GOLQJDLUV\VWHP UHDFKHG
LQLWLDOLVDWLRQYDO
XH

/LQHLQWHUUXSWLRQ

LUUHJXODULGOLQJ

7KURWWOHYDOYHFRQ

FKDQJHGLGOLQJVSHHG

WUROXQLW-RUDF
FHOHUDWRUSHGDO
SRVLWLRQVHQGHU
** GH
IHFWLYH

LQVSHFWLQJLGOLQJVSHHG
&KDS

,QVSHFWLQJDLULQWDNH

V\VWHPIRUWLJKWQHVV
XQPHWHUHGDLU 
&KDS

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
**
&KDS

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS


79GULYHDQJOH
VHQGHU*

,PSODXVLEOH
VLJQDO

*GHIHFWLYH

(QJLQHUXQVLQHPHU
ORRVHFRQWDFWLQSOXJ
JHQF\RSHUDWLRQSUR
FRQQHFWLRQIRUWKURW
JUDPPH
WOHYDOYHFRQWUROXQLW UHGXFHGSHUIRUPDQFH
-
LUUHJXODULGOLQJ
6LJQDOLQSXWLQWKH
HQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHF
WLYH

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS

LQFRUUHFWSOXJDV

VLJQPHQW

/LQHLQWHUUXSWLRQRU

(QJLQHUXQVLQHPHU
VKRUWFLUFXLWWRHDUWK
JHQF\RSHUDWLRQSUR
LQWKHVLJQDOOLQH
JUDPPH
IURP*WRWKH
FKDQJHGLGOLQJVSHHG
HQJLQHFRQWUROXQLW


79GULYHDQJOH
VHQGHU*

6LJQDOWRRORZ


79GULYHDQJOH
VHQGHU*

(QJLQHUXQVLQHPHU
6LJQDOWRRKLJK /LQHLQWHUUXSWLRQLQ
WKHHDUWKOLQHIURP
JHQF\RSHUDWLRQSUR
*WRWKHHQJLQH
JUDPPH
FRQWUROXQLW
&ROGVWDUWSUREOHPV

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

,QVSHFWLQJWKURWWOH

YDOYHFRQWUROXQLW
- &KDS

&ROGLGOLQJSUREOHPV

(GLWLRQ
6

6HOIGLDJQRVLV,,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW


7KURWWOHYDOYH
FRQWURO

9ROWDJHVXSSO\RU

0DOIXQFWLRQ

3RVVLEOHHIIHFWV

LQFUHDVHGLGOLQJ
HDUWKGLVWULEXWLRQIRU
VSHHG
WKURWWOHYDOYHSRWHQ /RDGDOWHUDWLRQVKRFN
WLRPHWHU*
ZKHQUHOHDVLQJWKH
*DQGWKURWWOH
DFFHOHUDWRU
YDOYHSRVLWLRQHU
(QJLQHUXQVLQHPHU
 *GHIHFWLYH
JHQF\RSHUDWLRQSUR
,QWHUUXSWLRQLQWKH
JUDPPH
VLJQDOOLQHIRU*
*DQG*

5HFWLI\LQJIDXOW

,QVSHFWLQJWKURWWOH

YDOYHFRQWUROXQLW
- &KDS

7KURWWOHYDOYHVWLIIRU

GLUW\


7KURWWOHYDOYH
GULYH*

HOHFIDXOWLQ
WKHFLUFXLW

/LQHLQWHUUXSWLRQRU

VKRUWFLUFXLWWRSRV
WHUP

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPH

,QVSHFWLQJWKURWWOH

YDOYHFRQWUROXQLW
- &KDS

/LQHKDVVKRUWFLUFXLW

WRHDUWK

*GHIHFWLYH


7KURWWOHYDOYH
FRQWUROXQLW
-

,QFRUUHFWED
VLFVHWWLQJ

$GDSWDWLRQRIWKH


7KURWWOHYDOYH
FRQWUROXQLW
-

8QGHUYROWDJH
RQEDVLFVHW
WLQJ

9ROWDJHXQGHU9 (QJLQHUXQVLQHPHU


7KURWWOHYDOYH
FRQWUROXQLW
-

%RWWRPOLPLW
QRWUHDFKHG

7KURWWOHYDOYHMDPV

6WDUWLQJSUREOHPV

7KURWWOHYDOYHSRVL

SRRUWKURWWOHUH

SDJH

WKURWWOHYDOYHFRQWURO
XQLWQRWFDUULHGRXW

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPH

GXULQJEDVLFVHWWLQJ

JHQF\RSHUDWLRQSUR
JUDPPH

WLRQHUMDPVPHFKDQ
VSRQVH
LFDOO\GDPDJHG
6WDUWLQJSUREOHPV

6HOIGLDJQRVLV,,,

3HUIRUPDGDSWDWLRQRI
WKHWKURWWOHYDOYHFRQ
WUROXQLW-
&KDS

,QVSHFWLQJWKURWWOH

YDOYHFRQWUROXQLW
- &KDS

&KHFNWKURWWOHYDOYH
IRUGDPDJHRUGLUW

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


7KURWWOHYDOYH
FRQWUROXQLW
-

0HFKDQLFDO
IDXOW

7KURWWOHYDOYHMDPV

6WDUWLQJSUREOHPV

&KHFNWKURWWOHYDOYH


&UXLVHFRQWURO
V\VWHPVZLWFK
(

,PSODXVLEOH
VLJQDO

7KURWWOHYDOYHSRVL

SRRUWKURWWOHUH
WLRQHUMDPVPHFKDQ
VSRQVH
LFDOO\GDPDJHG
6WDUWLQJSUREOHPV

&&V\VWHPVZLWFK

(GHIHFWLYH

&UXLVHFRQWUROV\V

WHPQRWRSHUDWLRQDO

:LULQJWR&&V\V

WHPVZLWFK(GH
IHFWLYH

IRUGDPDJHRUGLUW

,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

,QVSHFWLQJFUXLVHFRQ
WUROV\VWHP &KDS


,QVSHFWLQJYHKLFOHYROW

DJHFRQWUROXQLW-
(OHFWULFDO6\VWHP
5HS *U 

9HKLFOHYROWDJHFRQ

WUROXQLW-GH
IHFWLYH


(QJLQHFRQWURO
XQLWEORFNHGD

6WDUWDWWHPSWZLWK

XQDXWKRULVHGNH\

(QJLQHVWDUWVDQG

VWRSVLPPHGLDWHO\

$GDSWWKH$9FRQWURO
XQLWWRWKHHOHFWURQLF
LPPRELOLVHU
(OHFWULFDO6\VWHP
5HS *U 

0DQLSXODWLRQDW

WHPSW

6KRUWFLUFXLWLQFRP

PXQLFDWLRQFDEOH

&KHFNHOHFWURQLFLP

LQFRUUHFWFRGLQJ
IDXOWLQWKHLPPREL

PRELOLVHU (OHFWULFDO
6\VWHP5HS *U 

OL]HUV\VWHP

'DVKSDQHOLQVHUW

GHIHFWLYHE

(QJLQHFRQWUROV\V

WHPUHSODFHGDQG
QRWDGDSWHGWRLP
PRELOL]HU

:KHQDWWHPSWLQJWRVWDUWZLWKDQRQDGDSWHGNH\DVWDWLFIDXOWLVVWRUHGLQWKHPHPRU\,IDVXEVHTXHQWVWDUWDWWHPSWRFFXUVZLWKDQDGSDWHGNH\
WKHIDXOWLVFKDQJHGWRDVSRUDGLFIDXOW

7KHLPPRELOL]HUFRQWUROHOHFWURQLFVDUHORFDWHGLQWKHGDVKSDQHOLQVHUWDQGFDQHDVLO\EHUHSODFHGLQGLYLGXDOO\

(GLWLRQ
6

6HOIGLDJQRVLV,,,

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


7KURWWOHYDOYH
FRQWUROXQLW
-

LQFRUUHFWSOXJDV

(QJLQHUXQVLQHPHU

,QVSHFWSOXJDVVLJQ

$GDSWLRQQRW
VWDUWHG

VLJQPHQWRQWKURWWOH
YDOYHFRQWUROXQLW

7KURWWOHYDOYHFRQ

WUROXQLW-GH
IHFWLYH

JHQF\RSHUDWLRQSUR
JUDPPH

LUUHJXODULGOLQJ

6LJQDOLQSXWLQWKH

PHQWRQWKHWKURWWOH
YDOYHFRQWUROXQLW
- &XUUHQW)ORZ
'LDJUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LW
WLQJ/RFDWLRQV

,QVSHFWWKURWWOHYDOYH

HQJLQHFRQWUROXQLW
GHIHFWLYH HQJLQH
FRQWUROXQLWGHIHF
WLYH

FRQWUROXQLW-
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS


9ROWDJHVXSSO\
WPO

9ROWDJHWRRORZ %DWWHU\YROWDJHEH
ORZ9

(QJLQHVWDOOV

&KHFNEDWWHU\FKDUJH

VWDWH (OHFWULFDO6\V
WHP5HS *U 

$&JHQHUDWRUGHIHF

WLYH

7HVWDOWHUQDWRU

(OHFWULFDO6\VWHP
5HS *U 

/LQHLQWHUUXSWLRQ

5HPRYHOLQHLQWHUUXS

WLRQDFFRUGLQJWR&XU
UHQW)ORZ'LDJUDP
&XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/R
FDWLRQV

(QJLQHFRQWUROXQLW


&RQWUROXQLWGH
IHFWLYH

GHIHFWLYH

(QJLQHGRHVQRWVWDUW

WUROXQLW &KDS


(QJLQHFRQWURO
XQLW

,QFRUUHFWO\
FRGHG

LQFRUUHFWFRGLQJ


$FFHOHUDWRUSHG
DOSRVLWLRQVHQG
HU*

6LJQDOWRRORZ

/LQHLQWHUUXSWLRQRU


$FFHOHUDWRUSHG
DOSRVLWLRQVHQG
HU*

6LJQDOWRRKLJK 6KRUWFLUFXLWWRSRVL
WLYH


$FFHOHUDWRUSHG
DOSRVLWLRQVHQG
HU*

6LJQDOWRRORZ


$FFHOHUDWRUSHG
DOSRVLWLRQVHQG
HU*

6LJQDOWRRKLJK 6KRUWFLUFXLWWRSRVL
WLYH


'DWDEXVGULYH

PLVVLQJPHV
VDJHIURP$&
&8

(QJLQHGRHVQRWVWDUW

&RGHHQJLQHFRQWURO
XQLW &KDS

VKRUWFLUFXLWWRHDUWK

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPHDWLQFUHDVHG
LGOLQJVSHHG

*GHIHFWLYH

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPHDWLQFUHDVHG
LGOLQJVSHHG

*GHIHFWLYH
/LQHLQWHUUXSWLRQRU

VKRUWFLUFXLWWRHDUWK

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPHDWLQFUHDVHG
LGOLQJVSHHG

*GHIHFWLYH

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPHDWLQFUHDVHG
LGOLQJVSHHG

*GHIHFWLYH
)DXOWLQGDWDEXVZLU

LQJ

ZURQJRUIDXOW\DLU

3RRUYHKLFOHKDQGOLQJ
$LUFRQGLWLRQLQJV\V

FRQGLWLRQLQJFRQWURO
XQLW-

SDJH

5HSODFHHQJLQHFRQ

6HOIGLDJQRVLV,,,

WHPLQDGHTXDWHRU
GHDG

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
* &KDS

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
* &KDS

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
* &KDS


,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
* &KDS


7HVW&$1GDWDEXV
&KDS 

,QVSHFWDLUFRQGLWLRQ

LQJFRQWUROXQLW-
+HDWLQJ$LU&RQGL
WLRQLQJ5HS *U 

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQ9$* 

3RVVLEOHFDXVHVRI
IDXOW

3RVVLEOHHIIHFWV

5HFWLI\LQJIDXOW


'DWDEXVGULYH

)DXOWLQGDWDEXVZLU

3RRUYHKLFOHKDQGOLQJ

7HVW&$1GDWDEXV

0LVVLQJPHV
VDJHIURPDLU
EDJ&8

LQJ

ZURQJRUGHIHFWLYH

$LUEDJV\VWHPIDXOW\

DLUEDJ&8


'DWDEXVGULYH

PLVVLQJPHV
VDJHIRUP
HOHFWURQ&8

,PSODXVLEOH
VLJQDO

)DXOWLQGDWDEXVZLU

LQJ

3RRUYHKLFOHKDQGOLQJ


'DWDEXVGULYH

/LQHLQWHUUXSWLRQ

,QVSHFWLQJYHKLFOH

YROWDJHFRQWUROXQLW
- (OHFWULFDO
6\VWHP5HS *U 

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPHDWLQFUHDVHG
LGOLQJVSHHG

*DQG*

(QJLQHFRQWUROXQLW

GHIHFWLYH

GHIHFWLYH

7HVW&$1GDWDEXV
&KDS 

:URQJRUIDXOW\YHKL

GHIHFWLYH


&RQWUROXQLWGH
IHFWLYH

7HVWDLUEDJFRQWUROXQLW
%RG\)LWWLQJ:RUN
5HS *U 

FOHYROWDJHFRQWURO
XQLW-


IRUDFFHOHUD
WRUSHGDOSRVL
WLRQVHQGHU
**

&KDS 

(QJLQHGRHVQRWVWDUW

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
**
&KDS

5HSODFHHQJLQHFRQ

WUROXQLW &KDS

)DXOWLQGDWDEXVZLU

LQJ

3RRUYHKLFOHKDQGOLQJ

7HVW&$1GDWDEXV
&KDS 

&RQWUROXQLWVRQGDWD

%86GHIHFWLYH


'DWDEXVGULYH

0LVVLQJPHV
)DXOWLQGDWDEXVZLU
VDJHIURP$%6
LQJWR$%6FRQWURO
&8
XQLW

3RRUYHKLFOHKDQGOLQJ
$%6V\VWHPIDXOW\

LQFRUUHFWRUGHIHF

0LVVLQJPHV
VDJHIURP
FRPELLQVWUX
PHQW


1RQUHVHWDEOH
HPHUJHQF\UXQ
QLQJPRGHDFWLYH

)DXOWLQGDWDEXVZLU

LQJ

ZURQJRUGHIHFWLYH

QRVSHHGLQGLFDWLRQ
3RRUYHKLFOHKDQGOLQJ

GDVKSDQHOLQVHUW

7KURWWOHYDOYHFRQ

WUROXQLW-GH
IHFWLYH

(QJLQHUXQVLQHPHU

JHQF\RSHUDWLRQSUR
JUDPPH

$FFHOHUDWRUSHGDO

,PSODXVLEOH
VLJQDOIURP
HOHFWURQ&8

)DXOWLQ&$1EXVGD 3RRUYHKLFOHKDQGOLQJ

WDOLQH

7HVW&$1GDWDEXV
&KDS 

7HVWGDVKSDQHOLQVHUW
,QVSHFWWKURWWOHYDOYH
FRQWUROXQLW-
&KDS

,QVSHFWDFFHOHUDWRU

SHGDOSRVLWLRQVHQGHU
**
&KDS

7HVW&$1GDWDEXV
&KDS 

:URQJRUIDXOW\YHKL

FOHYROWDJHFRQWURO
XQLW-

(GLWLRQ
6

,QVSHFWLQJ$%6FRQ

(OHFWULFDO6\VWHP
5HS *U 

SRVLWLRQVHQGHU
**GH
IHFWLYH


'DWDEXVGULYH

&KDS 

WUROXQLW-
5XQQLQJ*HDU
5HS *U 

WLYH$%6FRQWUROXQLW


'DWDEXVGULYH

7HVW&$1GDWDEXV

6HOIGLDJQRVLV,,,

,QVSHFWLQJYHKLFOH

YROWDJHFRQWUROXQLW
- (OHFWULFDO
6\VWHP5HS *U 

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

6HOIGLDJQRVLV,,,

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



6HOIGLDJQRVLV,9

5HDGLQHVVFRGH
2SHUDWLRQ
7KH5HDGLQHVVFRGHLVDQGLJLWQXPEHUFRGHLQGLFDWLQJ
WKHVWDWXVRIWKHGLDJQRVHVUHOHYDQWIRUWKHH[KDXVWJDV
,IDV\VWHPGLDJQRVLV HJFDWDO\VWLQVSHFWLRQ KDVEHHQ
SHUIRUPHGZLWKVXFFHVVWKHUHOHYDQWSRVLWLRQLQWKH
QXPEHUFRGHVZLWFKHVIURPWR
'LDJQRVHVDUHSHUIRUPHGDWUHJXODULQWHUYDOVGXULQJQRU
PDOGULYLQJ,IUHSDLUVKDYHEHHQGRQHRQDV\VWHPUHOH
YDQWIRUWKHH[KDXVWJDVLWLVUHFRPPHQGHGWRJHQHUDWH
WKH5HDGLQHVV&RGHDVWKLVJXDUDQWHHVWKDWWKHVHV\V
WHPVRSHUDWHDFFRUGLQJWRWKHVSHFLILFDWLRQV,IDIDXOWLV
GHWHFWHGGXULQJWKHGLDJQRVLVLWLVHQWHUHGLQWKHIDXOW
PHPRU\
7KH5HDGLQHVV&RGHLVHUDVHGZKHQHYHUWKHIDXOWPHP
RU\LVHUDVHGRULIWKHSRZHUVXSSO\LVLQWHUUXSWHG

5HDGLQJ5HDGLQHVVFRGH
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

:RUNVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

3UHVV  DQG  IRUWKHIXQFWLRQ5HDGLQHVVFRGH


DQGFRQILUPWKHHQWU\ZLWK 4 
,IDOOGLDJQRVHVKDYHEHHQSHUIRUPHGVXFFHVVIXOO\WKH
GLVSOD\PXVWLQGLFDWH

5HDGLQHVVFRGH!
7HVWFRPSOHWH

3UHVV 
3UHVV  DQG  IRUWKHIXQFWLRQ(QGRXWSXWDQGFRQ
ILUPWKHHQWU\ZLWK 4 
5HDGLQHVVFRGH!
7HVWQRWFRPSOHWH

5HDGRXWRQGLVSOD\
,IRQHRIWKHIRUHVHHQGLDJQRVHVZDVQRWFRPSOHWHGVXF
FHVVIXOO\

3UHVV 
*HQHUDWHWKH5HDGLQHVVFRGH SDJH 

(GLWLRQ
6

6HOIGLDJQRVLV,9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

0HDQLQJRIWKHGLJLWQXPEHUEORFNIRUWKH5HDGLQHVVFRGH
;

'LDJQRVLVIXQFWLRQ
([KDXVWJDVUHFLUFXODWLRQ QRWDYDLODEOHDOZD\V

/DPEGDSUREHVKHDWLQJ


/DPEGDSUREHV


$LUFRQGLWLRQLQJ FXUUHQWO\QRGLDJQRVLVDOZD\V 


6HFRQGDU\DLULQMHFWLRQV\VWHP QRWDYDLODEOHDOZD\V


$FWLYDWHGFKDUFRDOILOWHUV\VWHP WDQNYHQWLODWLRQV\VWHP


&DWDO\VWKHDWLQJ FXUUHQWO\QRGLDJQRVLVDOZD\V 


&DWDO\WLFFRQYHUWHU

*HQHUDWLQJ5HDGLQHVV&RGH
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

7HVWFRQGLWLRQV

9HKLFOHVWRSSHG
$OOHOHFWULFDOFRQVXPHUVVXFKDVHJOLJKWDQGUHDU
ZLQGRZKHDWHUPXVWEHVZLWFKHGRII

2QYHKLFOHVZLWKDQDXWRPDWLFJHDUER[WKHVHOHFWRUOH
YHUPXVWEHLQSRVLWLRQ3RU1

7KHFRROLQJWHPSHUDWXUHPXVWEHRIDWOHDVW&
GLVSOD\JURXSGLVSOD\ILHOG

,QWDNHDLUWHPSHUDWXUHPXVWEHEHORZ& GLVSOD\
JURXSGLVSOD\ILHOG

:RUNVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

:RUNVWHS,QWHUURJDWLQJIDXOWPHPRU\

3UHVV  DQG  IRUWKHIXQFWLRQ,QWHUURJDWHIDXOW


PHPRU\DQGFRQILUPWKHHQWU\ZLWK 4 
7KHGLVSOD\VKRZVWKHQXPEHURIIDXOWVVWRUHGLQWKH
PHPRU\RUQRIDXOWGHWHFWHG

;IDXOWVGHWHFWHG


,IDIDXOWLVVWRUHGLQWKHPHPRU\

5HIHUWRWKHIDXOWWDEOHWRUHPRYHWKHSULQWHGIDXOWV
&KDS

,IQRIDXOWLVVWRUHGLQWKHPHPRU\

3UHVV 

SDJH

6HOIGLDJQRVLV,9

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

:RUNVWHS(UDVLQJIDXOWPHPRU\

3UHVV  DQG  IRUWKHIXQFWLRQ(UDVHIDXOWPHPRU\


DQGFRQILUPWKHHQWU\ZLWK 4 
1RWH
7KH5HDGLQHVV&RGHLVUHVHWRUHUDVHGZKHQHYHUWKH
IDXOWPHPRU\LVHUDVHG
9HKLFOHV\VWHPWHVW!
)DXOWPHPRU\HUDVHG

5HDGRXWRQGLVSOD\
1RWH
,IWKHLJQLWLRQKDVEHHQVZLWFKHGRIIEHWZHHQLQWHUURJDWH
IDXOWPHPRU\DQGHUDVHIDXOWPHPRU\WKHIDXOWPHPR
U\ZLOOQRWEHHUDVHG

3UHVV 
:RUNVWHS'LDJQRVLVRIODPEGDSUREHEHIRUH
FDWDO\VW DJHLQJWHVW

3UHVV  DQG  IRUWKHIXQFWLRQ,QLWLDWLQJEDVLFVHW


WLQJDQGFRQILUPWKHHQWU\ZLWK 4 
%DVLFVHWWLQJ
(QWHUGLVSOD\JURXSQXPEHU;;;

5HDGRXWRQGLVSOD\

3UHVV    DQG  IRUGLVSOD\JURXSQXPEHUDQG


FRQILUPWKHHQWU\ZLWK 4 
6\VWHPLQEDVLFVHWWLQJ!
PLQ&7HVW2))

5HDGRXWRQGLVSOD\

2SHUDWHEUDNHSHGDO
7KHHQJLQHFRQWUROXQLWUDLVHVWKHHQJLQHVSHHGWRDS
SUR[USP

0DLQWDLQWKLVKLJKHQJLQHVSHHGXQWLOWKHGLVSOD\UHDG

RXWLQGLVSOD\ILHOGVZLWFKHVIURP7HVW2))WR7HVW
217KHFDWWHPSHUDWXUHLQGLVSOD\ILHOGPXVWEH
RIDWOHDVW&
1RWH

7KLVPD\WDNHDIHZPOQXWHV

&RQWLQXHUXQQLQJWKHHQJLQHDWWKLVKLJKVSHHGXQWLO

WKHQRPLQDOYDOXH%62.LVUHDGRXWLQGLVSOD\
ILHOG

,IWKHGLVSOD\GRHVQRWRFFXUDVGHVFULEHG

,QWHUURJDWLQJIDXOWPHPRU\ &KDS
,IWKHGLVSOD\RFFXUVDVGHVFULEHG

3UHVV 
7KHHQJLQHVSHHGGURSVWRLGOLQJVSHHG

3UHVV    DQG  IRUGLVSOD\JURXSQXPEHUDQG


FRQILUPWKHHQWU\ZLWK 4 
5HDGRXWRQGLVSOD\

(GLWLRQ
6

6\VWHPLQEDVLFVHWWLQJ

6HOIGLDJQRVLV,9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWWKHVWDWXVRIWKHODPEGDFRQWUROEHIRUHFDWDO\VW
GLVSOD\ILHOG 

1RPLQDOYDOXH

7HVWWKHVWDWXVRIWKHODPEGDFRQWURODIWHUFDWDO\VW
GLVSOD\ILHOG 

1RPLQDOYDOXH;
,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

,QWHUURJDWHIDXOWPHPRU\ &KDS
,IWKHQRPLQDOYDOXHVDUHUHDFKHG

3UHVV 
:RUNVWHS'LDJQRVLVRIODPEGDSUREHDIWHU
FDWDO\VW DJHLQJWHVW

3UHVV    DQG  IRUWKHIXQFWLRQGLVSOD\JURXS


QXPEHUDQGFRQILUPWKHHQWU\ZLWK 4 
6\VWHPLQEDVLFVHWWLQJ!
PLQ&97HVW2))

5HDGRXWRQGLVSOD\

2SHUDWHEUDNHSHGDO
7KHHQJLQHFRQWUROXQLWUDLVHVWKHHQJLQHVSHHGWRDS
SUR[USP

0DLQWDLQWKLVKLJKHQJLQHVSHHGXQWLOWKHGLVSOD\UHDG

RXWLQGLVSOD\ILHOGVZLWFKHVIURP7HVW2))WR7HVW
217KHFDWWHPSHUDWXUHLQGLVSOD\ILHOGPXVWEH
RIDWOHDVW&

0DLQWDLQWKHVSHHGXQWLOQRPLQDOYDOXH%62.LV
UHDGRXWLQGLVSOD\ILHOG

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

,QWHUURJDWHIDXOWPHPRU\ &KDS
,IWKHQRPLQDOYDOXHVDUHUHDFKHG

3UHVV 
:RUNVWHS'LDJQRVLVRIFDWDO\VWHIILFLHQF\
1RWH
'LDJQRVLVLVRQO\HQGHGDIWHUWKHODPEGDSUREHDJHLQJGL
DJQRVLVKDVEHHQVXFFHVVIXOO\FRPSOHWHG

3UHVV  DQG  IRUWKHIXQFWLRQ,QLWLDWLQJEDVLFVHW


WLQJDQGFRQILUPWKHHQWU\ZLWK 4 
%DVLFVHWWLQJ
(QWHUGLVSOD\JURXSQXPEHU;;;

5HDGRXWRQGLVSOD\

3UHVV    DQG  IRUGLVSOD\JURXSQXPEHUDQG


FRQILUPWKHHQWU\ZLWK 4 
5HDGRXWRQGLVSOD\

6\VWHPLQEDVLFVHWWLQJ!
PLQ&7HVW2))

2SHUDWHEUDNHSHGDO

SDJH

6HOIGLDJQRVLV,9

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


7KHHQJLQHFRQWUROXQLWUDLVHVWKHHQJLQHVSHHGWRDS
SUR[USP

0DLQWDLQWKLVKLJKHQJLQHVSHHGXQWLOWKHGLVSOD\UHDG

RXWLQGLVSOD\ILHOGVZLWFKHVIURP7HVW2))WR7HVW
217KHFDWWHPSHUDWXUHLQGLVSOD\ILHOGPXVWEH
RIDWOHDVW&

&RQWLQXHUXQQLQJWKHHQJLQHDWWKLVKLJKVSHHGXQWLO

WKHQRPLQDOYDOXH&DW%2.LVUHDGRXWLQGLVSOD\
ILHOG
1RWH

7KLVPD\WDNHDIHZPLQXWHV
,IWKHGLVSOD\GRHVQRWRFFXUDVGHVFULEHG

,QWHUURJDWLQJIDXOWPHPRU\ &KDS
,IWKHGLVSOD\RFFXUVDVGHVFULEHG

3UHVV 
7KHHQJLQHVSHHGGURSVWRLGOLQJVSHHG

:RUNVWHS'LDJQRVLVRIDFWLYDWHGFKDUFRDOILO
WHUV\VWHP

3UHVV  DQG  IRUWKHIXQFWLRQ,QLWLDWLQJEDVLFVHW


WLQJDQGFRQILUPWKHHQWU\ZLWK 4 
%DVLFVHWWLQJ
(QWHUGLVSOD\JURXSQXPEHU;;;

5HDGRXWRQGLVSOD\

3UHVV    DQG  IRUGLVSOD\JURXSQXPEHUDQG


FRQILUPWKHHQWU\ZLWK 4 
6\VWHPLQEDVLFVHWWLQJ!
7HVW2))

5HDGRXWRQGLVSOD\
1RWH
'XULQJWKLVGLDJQRVLVQRHQJLQHORDGPXVWEHJHQHUDWHG
DVRWKHUZLVHWKHGLDJQRVLVZLOOEHDERUWHGGLDJQRVLVFDQ
RQO\EHLQLWLDWHGDJDLQDIWHUDQDFFHOHUDWLRQ
,IWKHGLDJQRVLVLVLQLWLDWHGE\WKHHQJLQHFRQWUROXQLWWKH
GLVSOD\LQGLVSOD\ILHOGZLOOVZLWFKIURP7HVW2))WR
7HVW21

5XQWKHHQJLQHLQLGOHXQWLOWKHQRPLQDOYDOXH7(9
2.LVGLVSOD\HGLQGLVSOD\ILHOG

,IWKHGLVSOD\GRHVQRWRFFXUDVGHVFULEHG

,QWHUURJDWLQJIDXOWPHPRU\ &KDS
,IWKHGLVSOD\RFFXUVDVGHVFULEHG

3UHVV 
5HDGRXW5HDGLQHVVFRGH SDJH 

(GLWLRQ
6

6HOIGLDJQRVLV,9

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

6HOIGLDJQRVLV,9

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ





6HOIGLDJQRVLV9

5HDGLQJPHDVXUHGYDOXHEORFN
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

7HVWFRQGLWLRQV

7KHFRRODQWWHPSHUDWXUHPXVWEHDWOHDVW&
$OOHOHFWULFDOFRQVXPHUVVXFKDVHJUHDUZLQGRZ
KHDWHUPXVWEHVZLWFKHGRII

:RUNVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS
9HKLFOHV\VWHPWHVW+(/3
6HOHFWIXQFWLRQ;;

5HDGRXWRQGLVSOD\

3UHVV  DQG  IRUWKHIXQFWLRQ5HDGLQJPHDVXUHG


YDOXHEORFNDQGFRQILUPWKHHQWU\ZLWK 4 
5HDGRXWRQGLVSOD\

5HDGLQJPHDVXUHGYDOXHEORFN
(QWHUGLVSOD\JURXSQXPEHU;;;

(QWHUGLVSOD\JURXS SDJH 

(GLWLRQ
6

6HOIGLDJQRVLV9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSV
'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXHEORFN

5HDGRXWRQGLVSOD\

[
 'LVSOD\ILHOGV
,QLWLDOLVDWLRQYDOXH
RIWKHIXHOSUHSDUD
WLRQXQGHUSDUWLDO
ORDG
,QLWLDOLVDWLRQYDOXHRI
WKHIXHOSUHSDUDWLRQLQ
LGOH

&RQWUROYDOXHRIWKHIXHO
SUHSDUDWLRQ
,QLWLDOLVDWLRQYDOXHLGOHVWDELOL]HU
,GOLQJUHJXODWRU

1RPLQDOYDOXH

FRUUHVSRQGVWR



 



 PV



 



 



 









9




USP
USP







&

7KURWWOHYDOYHDQJOH
OWUHQJLQH
OWUHQJLQH
9HKLFOHYROWDJH
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH
'LVUHJDUGGLVSOD\
&RRODQWWHPSHUDWXUH

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG&RRODQWWHPSHUDWXUH
'LVSOD\
9$* 
OHVVWKDQ

3RVVLEOHFDXVHRIIDXOW
(QJLQHWRRFROG
6HQGHUIRUFRRODQWWHPSHUDWXUH*RU

:LULQJWRHQJLQHFRQWUROXQLWGHIHFWLYH

DERYH

LIQHFHVVDU\SHUIRUPWHVWGULYH
,QVSHFWLQJFRRODQWWHPSHUDWXUHVHQGHU

5DGLDWRUIDQQRWRSHUDWLRQDO

&RRODQWUHJXODWRU WKHUPRVWDW GHIHFWLYH

6HQGHUIRUFRRODQWWHPSHUDWXUH*RU

:LULQJWRHQJLQHFRQWUROXQLWGHIHFWLYH

* &KDS

5DGLDWRUGLUW\

&OHDQUDGLDWRU

7HVWLQJIXQFWLRQRIWKHUDGLDWRUIDQ

SDJH

5HFWLI\LQJIDXOW

6HOIGLDJQRVLV9

,QVSHFWFRRODQWUHJXODWRU WKHUPRVWDW
,QVSHFWLQJ&RRODQWWHPSHUDWXUHVHQGHU
* &KDS

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG(QJLQHVSHHG LGOLQJVSHHG
'LVSOD\
9$* 
EHORZRU
DERYHRU

3RVVLEOHFDXVHRIIDXOW

5HFWLI\LQJIDXOW

7KURWWOHYDOYHFRQWUROXQLW-EORFNVRU

,QVSHFWLQJWKURWWOHYDOYHFRQWUROXQLW-

LVGHIHFWLYH

&KDS

7KURWWOHYDOYHFRQWUROXQLW-EORFNVRU

LVGHIHFWLYH

,QVSHFWLQJWKURWWOHYDOYHFRQWUROXQLW
- &KDS

ODUJHXQPHWHUHGDLUYROXPH FDQQRWEH

FRPSHQVDWHG HTXDOLVHG E\LGOHVWDELOL]


HU

7HVWLQJLQWDNHV\VWHPIRUWLJKWQHVV
&KDS

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG9HKLFOHYROWDJH
'LVSOD\
9$* 
OHVVWKDQ

3RVVLEOHFDXVHRIIDXOW
$&JHQHUDWRUGHIHFWLYHEDWWHU\KHDYLO\

GLVFKDUJHG

&KHFNYROWDJHFKDUJHEDWWHU\

(OHFWULFDO6\VWHP5HS *U 

%DWWHU\KHDYLO\ORDGHGMXVWDIWHUVWDUWE\D

KLJKFKDUJHFXUUHQWRUE\DX[LOLDU\HTXLS
PHQW

7UDQVLWLRQUHVLVWDQFHLQWKHSRZHUVXSSO\

RUHDUWKFRQQHFWLRQIRUHQJLQHFRQWUROXQLW

DERYH

5HFWLI\LQJIDXOW

,QFUHDVHVSHHGIRUDIHZPLQXWHVDQGGLV
FRQQHFWDX[LOLDU\FRQVXPHUV

,QVSHFWLQJWKHHQJLQHFRQWUROXQLWSRZHU
VXSSO\ &KDS

&XUUHQWFRQVXPSWLRQZLWKLJQLWLRQRII

(OLPLQDWHFXUUHQWFRQVXPSWLRQ

9ROWDJHUHJXODWRURQ$&JHQHUDWRUGHIHF

,QVSHFWLQJ$&JHQHUDWRU (OHFWULFDO6\V

WLYH

WHP5HS *U 

2YHUYROWDJHGXHWRVWDUWLQJDLGRUTXLFN

FKDUJHU

,QWHUURJDWLQJIDXOWPHPRU\ &KDS

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG7KURWWOHYDOYHDQJOH
'LVSOD\
9$* 
EHORZRU

3RVVLEOHFDXVHRIIDXOW
7KURWWOHYDOYHSRWHQWLRPHWHURUWKURWWOH

YDOYHFRQWUROXQLW-GHIHFWLYHRULQ
FRUUHFWO\VHW

8QPHWHUHGDLUEHWZHHQWKHLQWDNHPDQL

IROGDQGWKHDLUILOWHU UHVXOWVLQKLJKHU
LGOLQJVSHHGDVWKHWKURWWOHYDOYHFRQWURO
XQLWDWWHPSWVWRUHGXFHWKHLQFUHDVHG
LGOLQJVSHHGWRWKHQRPLQDOLGOLQJVSHHG

DERYHRU

$GDSWDWLRQRIWKHWKURWWOHYDOYHFRQWUROXQLW

-QRWFDUULHGRXW

5HFWLI\LQJIDXOW

,QVSHFWLQJWKURWWOHYDOYHFRQWUROXQLW
- &KDS

7HVWLQJLQWDNHV\VWHPIRUWLJKWQHVV
&KDS

3HUIRUPDGDSWDWLRQRIWKHWKURWWOHYDOYH
FRQWUROXQLW- &KDS

7KURWWOHYDOYHSRWHQWLRPHWHURUWKURWWOH

YDOYHFRQWUROXQLW-GHIHFWLYHRULQ
FRUUHFWO\VHW

,QVSHFWLQJWKURWWOHYDOYHFRQWUROXQLW
- &KDS

7KURWWOHYDOYHEORFNHG

(GLWLRQ
6

6HOIGLDJQRVLV9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG,GOLQJUHJXODWRU
'LVSOD\
9$* 

3RVVLEOHFDXVHRIIDXOW

EHORZ
DERYH

7KURWWOHYDOYHSRWHQWLRPHWHURUWKURWWOHYDOYH
FRQWUROXQLW-GHIHFWLYHRULQFRUUHFWO\VHW

5HFWLI\LQJIDXOW

,QVSHFWLQJWKURWWOHYDOYHFRQWUROXQLW
- &KDS

3HUIRUPDGDSWDWLRQRIWKHWKURWWOHYDOYH
FRQWUROXQLW-

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

5HDGRXWRQGLVSOD\

[[[
USP

[[[[
&

[[[


[[[[[[[[

'LVSOD\ILHOGV

1RPLQDOYDOXH

$QDO\VLV

[

SDJH 

 

SDJH 

&



6HWWLQJFRQGLWLRQIRUEDVLFVHW
WLQJ
/DPEGDFRQWUROEHIRUHFDWDO\VW
&RRODQWWHPSHUDWXUH
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

USP
USP



$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG/DPEGDFRQWUROEHIRUHFDWDO\VW
'LVSOD\
9$* 
RXWVLGHWKHWROHU
DQFHUDQJH

3RVVLEOHFDXVHRIIDXOW

5HFWLI\LQJIDXOW

0LQLPXPUDQJH$LUIXHOPL[WXUHWRRULFKWKH
ODPEGDFRQWUROOHDQVWKHPL[WXUH
3OXVUDQJH$LUIXHOPL[WXUHWRROHDQODPEGD
FRQWUROHQULFKHV

ZDLWVHFRQGVXQWLOWKHGLVSOD\KDVVWDEL

8QPHWHUHGDLU

7HVWLQJLQWDNHV\VWHPIRUWLJKWQHVV

OLVHG

&KDS

,QVSHFWLQJLQMHFWLRQYDOYHV &KDS

,QMHFWLRQYDOYHGHIHFWLYH

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG6HWWLQJFRQGLWLRQIRUEDVLFVHWWLQJ
0HDQLQJLIGLVSOD\SRVLWLRQV 
;

2SHUDWLQJSRVLWLRQ
1RIDXOWGHWHFWHGLQVHOIGLDJQRVLV

'LVUHJDUGGLVSOD\


$LUFRQGLWLRQLQJFRPSUHVVRURII


,GOLQJVZLWFKFORVHG


/DPEGDFRQWURO2.


7KURWWOHYDOYHVKXW


6SHHGEHORZUSP


SDJH

&RRODQWWHPSHUDWXUHPLQLPXP&

6HOIGLDJQRVLV9

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

[[[[


[[
PV

[[[
PEDU

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
'LVUHJDUGGLVSOD\

DYHUDJHLQMHFWLRQSHULRG
'LVUHJDUGGLVSOD\
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

1RPLQDOYDOXH

$QDO\VLV





 PV

SDJH 






USP
USP

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG,QMHFWLRQSHULRG
'LVSOD\
9$* 
OHVVWKDQPV

3RVVLEOHFDXVHRIIDXOW
KLJKIXHOYROXPHIURPWKHDFWLYDWHGFKDU

FRDOILOWHUV\VWHP

7HVWLQJDFWLYDWHGFKDUFRDOILOWHUV\VWHP
VROHQRLGYDOYH1 &KDS

,QFRUUHFWLQMHFWLRQYDOYHZLWKWRRJUHDW

7HVWLQJLQMHFWLRQYDOYHV &KDS

LQFUHDVHGHQJLQHORDGGXHWRHOHFWULFDO

HOLPLQDWHLQFUHDVHGORDG DLUFRQGLWLRQLQJ

IORZUDWHILWWHG

DERYHPV

5HFWLI\LQJIDXOW

FRQVXPHUV DLUFRQGLWLRQLQJV\VWHPIRJ
OLJKWVHWF

IRJOLJKWVHWF

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDO
XHEORFN

[[[
USP

[[[
PEDU

[[


[[[ 
E
7'&

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV

1RPLQDOYDOXH

$QDO\VLV

,JQLWLRQDQJOH DFWXDOYDO
XH

 D 7'&
 E7'&



7KURWWOHYDOYHDQJOH
OWUHQJLQH
OWUHQJLQH

 
 

,QWDNHPDQLIROGSUHVVXUH
OOWUHQJLQH
OWUHQJLQH

 PEDU
 PEDU

(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

(GLWLRQ
6

USP
USP

6HOIGLDJQRVLV9







SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXHEORFN


[[[
USP

[[[
9

[[[[
&

[[[[
&

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV

1RPLQDOYDOXH

$QDO\VLV

,QWDNHPDQLIROGWHPSHUDWXUH

&



&



9



&RRODQWWHPSHUDWXUH
6XSSO\YROWDJHRIWKHHQJLQHFRQWUROXQLW
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

USP
USP



'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

[[[[


[[[
NPK

7H[W

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
2SHUDWLQJFRQGLWLRQ LGOLQJ
HQULFKPHQWSDUWLDOORDGIXOO
ORDGWUDLOLQJWKURWWOH 

9HKLFOHVSHHG
'LVUHJDUGGLVSOD\
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

1RPLQDOYDOXH

$QDO\VLV

,GOLQJ



NPK







USP
USP



'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

[[[[
&

[[[[
&

[[[ 
E
7'&

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV

1RPLQDOYDOXH

$QDO\VLV

,JQLWLRQDQJOH DFWXDOYDOXH

 D 7'&
 E7'&



&



&



,QWDNHPDQLIROGWHPSHUDWXUH
&RRODQWWHPSHUDWXUH
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

SDJH

USP
USP

6HOIGLDJQRVLV9



(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

[[[


[[

[[

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV

1RPLQDOYDOXH

$QDO\VLV

1RRIWKHFUDQNVKDIW
JHDUIRUFDPVKDIW
SUHVVXUHFKDQJHKLJK
ORZD





1RRIWKHFUDQNVKDIWJHDUIRU
FDPVKDIWSUHVVXUHFKDQJHORZ
KLJKD









'LVUHJDUGGLVSOD\
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH
D



USP
USP

,IWKHYDOXHLVRXWVLGHWKHWROHUDQFHDQGLIIDXOWRUKDVEHHQVWRUHGLQWKHIDXOWPHPRU\WKHYROWDJHRIWKHWLPLQJFKDLQPXVWEH
FKHFNHG RQHQJLQHVZLWKKLJKPLOHDJH 

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[ 

E7'&

[[[ 

E7'&

[[[ 
E7'&

[[[ 

E7'&

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
,JQLWLRQDQJOHUHOLHIF\O

,JQLWLRQDQJOHUHOLHIF\O
,JQLWLRQDQJOHUHOLHIF\O
,JQLWLRQDQJOHUHOLHIF\O

1RPLQDOYDOXH

$QDO\VLV

 E7'&

SDJH 

 E7'&

SDJH 

 E7'&

SDJH 

 E7'&

SDJH 

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOGVWKURXJK,JQLWLRQDQJOHUHOLHI
'LVSOD\
9$* 

3RVVLEOHFDXVHRIIDXOW

DOOF\OLQGHUVDERYH .QRFNVHQVRU*GHIHFWLYH
E7'&
3OXJFRQQHFWLRQDWNQRFNVHQVRU*

FRUURGHG

5HFWLI\LQJIDXOW

,QVSHFWLQJNQRFNVHQVRU* &KDS


5HOHDVHNQRFNVHQVRU*DQGWLJKWHQ
WR1P

&RPSRQHQWSDUWVRQHQJLQHORRVH
SRRUIXHOTXDOLW\

RQHF\OLQGHUFOHDU 3OXJFRQQHFWLRQDWNQRFNVHQVRU*
FRUURGHG
O\GHYLDWHVIURPWKH
RWKHUV
(QJLQHGDPDJH

$WWDFKFRPSRQHQWSDUWV
&KDQJHIXHOW\SH
,QVSHFWLQJNQRFNVHQVRU* &KDS


7HVWLQJFRPSUHVVLRQSUHVVXUH 
(QJLQH0HFKDQLFV
5HS *U 

&RPSRQHQWSDUWVRQHQJLQHORRVH

(GLWLRQ
6

6HOIGLDJQRVLV9

$WWDFKFRPSRQHQWSDUWV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[[
9

[[[[
9

[[[[
9

[[[[
9

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
.QRFNVHQVRUYROWDJHVLJ
QDOF\O

.QRFNVHQVRUYROWDJHVLJQDOF\O
.QRFNVHQVRUYROWDJHVLJQDOF\O
.QRFNVHQVRUYROWDJHVLJQDOF\O

1RPLQDOYDOXH

$QDO\VLV

9



9



9



9



'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

[[[


[[[[
&

7H[W

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
5HVXOWNQRFNFRQWURO 7HVW
217HVW2))6\VW2.
6\VW12.

&RRODQWWHPSHUDWXUH
'LVUHJDUGGLVSOD\
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

1RPLQDOYDOXH

$QDO\VLV

6\VW2.



&







USP
USP



'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN
[[[

[[[

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
QRGLVSOD\

QRGLVSOD\
6WDWXVRIODPEGDSUREHDIWHUFDWDO\VW

6WDWXVODPEGDSUREHEHIRUHFDWDO\VW
D

1RPLQDOYDOXH

$QDO\VLV









;

SDJH 



SDJH 

RQO\RQHQJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG
6WDWXVRIODPEGDSUREHEHIRUHFDWDO\VW
0HDQLQJLIGLVSOD\SRVLWLRQV 
;

2SHUDWLQJSRVLWLRQ
6WDWXVRIWKHODPEGDSUREHKHDWHU

2SHUDWLRQRIWKHODPEGDSUREH


SDJH

/DPEGDFRQWURODFWLYH
6HOIGLDJQRVLV9

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG
6WDWXVRIODPEGDSUREHDIWHUFDWDO\VW
0HDQLQJLIGLVSOD\SRVLWLRQV 
;

2SHUDWLQJSRVLWLRQ

6WDWXVRIWKHODPEGDSUREHKHDWHU


2SHUDWLRQRIWKHODPEGDSUREH


'LVUHJDUGGLVSOD\

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
(QJLQHVFRPSO\LQJZLWK(8VWDQGDUG
5HDGLQJPHDVXUHGYDOXH
EORFN
[[[
9

[[[
9

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
QRGLVSOD\

QRGLVSOD\

1RPLQDOYDOXH

$QDO\VLV









'LVUHJDUGGLVSOD\





/DPEGDSUREHYROWDJHEHIRUHFDWDO\VW

9

SDJH 

(GLWLRQ
6

6HOIGLDJQRVLV9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

$QDO\VLVRIGLVSOD\JURXSGLVSOD\ILHOG/DPEGDSUREHYROWDJHEHIRUHFDWDO\VW
'LVSOD\ILHOG 3RVVLEOHFDXVHRIIDXOW

5HFWLI\LQJIDXOW

FRQVWDQW
 9
RU FRQVWDQW
 9

,QVSHFWLQJLQWDNHV\VWHPIRUWLJKWQHVV XQ

ODUJHYROXPHRIXQPHWHUHGDLU

PHWHUHGDLU  &KDS

6SDUNSOXJGHIHFWLYH
,QMHFWLRQYDOYHGHIHFWLYH
6HQGHUIRUFRRODQWWHPSHUDWXUH*GH

IHFWLYH



$FWLYDWHGFKDUFRDOILOWHUVROHQRLGYDOYHGH

IHFWLYH

/DPEGDSUREHKHDWHUEHIRUHFDWDO\VWQRW

RSHUDWLRQDO

/DPEGDSUREHEHIRUHFDWDO\VWGHIHFWLYH

GLUW\

FRQVWDQW
9

,QVSHFWLQJVSDUNSOXJV
,QVSHFWLQJFUXLVHFRQWUROV\VWHP &KDS
7HVWLQJFRRODQWWHPSHUDWXUHVHQGHU*
&KDS

,QVSHFWLQJWDQNYHQWLODWLRQ &KDS
7HVWLQJODPEGDSUREHVLJQDOEHIRUHFDWDO\VW
&KDS

6KRUWFLUFXLWWRSRVLWLYHWHUPLQDOLQ
/DPEGDSUREHEHIRUHFDWDO\VW
/DPEGDSUREHZLUH

/DPEGDSUREHVLJQDOEHIRUHFDWDO\VW
&KDS

(DUWKOHDG
(QJLQHFRQWUROXQLW

EHWZHHQ
9

/DPEGDSUREHVLJQDOEHIRUHFDWDO\VW

/LQHLQWHUUXSWLRQLQ
/DPEGDSUREHEHIRUHFDWDO\VW

&KDS

/DPEGDSUREHZLUH
(DUWKOHDG
(QJLQHFRQWUROXQLW

FRQVWDQW
9

/DPEGDSUREHVLJQDOEHIRUHFDWDO\VW

6KRUWFLUFXLWWRHDUWKLQ
/DPEGDSUREHEHIRUHFDWDO\VW

&KDS

/DPEGDSUREHZLUH
(QJLQHFRQWUROXQLW

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
(QJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG
5HDGLQJPHDVXUHGYDOXH
EORFN
[[[[[

[[[[[

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
QRGLVSOD\

QRGLVSOD\
/DPEGDQRPLQDOYDOXH%DQN
/DPEGDDFWXDOYDOXH%DQN

SDJH

6HOIGLDJQRVLV9

1RPLQDOYDOXH

$QDO\VLV

















(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN
[[[


[[[[
9

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
QRGLVSOD\

QRGLVSOD\
'LVUHJDUGGLVSOD\
/DPEGDFRQWUROEHIRUHFDWDO\VW

1RPLQDOYDOXH

$QDO\VLV













 

SDJH 

1RPLQDOYDOXH

$QDO\VLV

%62.





PLQ&



'LVSOD\JURXSGLDJQRVLVRIODPEGDSUREH
EHIRUHFDWDO\VW DJHLQJWHVW
(QJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG
0RGHEDVLFVHWWLQJ
$FWXDWHEUDNHSHGDOHQJLQHUXQQLQJDWKLJKLGOLQJ
VSHHG
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[[
USP

[[[[
&

[[[[

7H[W

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
5HVXOWRIDJHLQJWHVWRIWKH
ODPEGDSUREHEHIRUHFDWDO\VW
7HVW2))7HVW21%6
2.%612.

'LVUHJDUGGLVSOD\
&DWDO\VWWHPSHUDWXUH
(QJLQHVSHHG
OWUHQJLQH
OWUHQJLQH

USP



'LVSOD\JURXSGLDJQRVLVRIODPEGDSUREHDI
WHUFDWDO\VW DJHLQJWHVW
(QJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG
0RGHEDVLFVHWWLQJ
$FWXDWHEUDNHSHGDOHQJLQHUXQQLQJDWKLJKLGOLQJ
VSHHG

(GLWLRQ
6

6HOIGLDJQRVLV9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HDGLQJPHDVXUHGYDOXH
EORFN

[[[[
USP

[[[[
&

[[[
9

7H[W

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
5HVXOWRIDJHLQJWHVWRIWKH
ODPEGDSUREHDIWHUFDWDO\VW
7HVW2))7HVW21%6
2.%612.

/DPEGDSUREHYROWDJHODPEGDSUREH
DIWHUFDWDO\VW
&DWDO\VWWHPSHUDWXUH
(QJLQHVSHHG
OWUHQJLQH
OWUHQJLQH

1RPLQDOYDOXH

$QDO\VLV

%62.



9



PLQ&



USP



'LVSOD\JURXSGLDJQRVLVRIFDWDO\VWHIILFLHQ
F\
(QJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG
0RGHEDVLFVHWWLQJ
$FWXDWHEUDNHSHGDOHQJLQHUXQQLQJDWKLJKLGOLQJ
VSHHG
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[[
USP

[[[[
&

[[[

7H[W

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
5HVXOWRIFDWDO\VWLQVSHFWLRQ
7(672))7(6721&DW
%2.&DW%12.

&DWDO\VWHIILFLHQF\
&DWDO\VWWHPSHUDWXUH
(QJLQHVSHHG
OWUHQJLQH
OWUHQJLQH

SDJH

1RPLQDOYDOXH

$QDO\VLV

&DW%2.







PLQ&



USP

6HOIGLDJQRVLV9



(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

[[[
USP

7H[W

7H[W

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
$LUFRQGLWLRQLQJFRPSUHVVRU
RQRII

'LVUHJDUGGLVSOD\
(QJLQHVSHHG LGOLQJVSHHGQRPLQDOYDOXH 
OWUHQJLQH
OWUHQJLQH
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

1RPLQDOYDOXH

$QDO\VLV

&RPSU2))








 USP
 USP



USP
USP

'LVSOD\JURXSLQLGOH HQJLQHZDUPFRRODQWWHPSHUDWXUHQRWEHORZ&
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
USP

7H[W

[[[


[[


5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
'LVUHJDUGGLVSOD\

6HQGHUIRUDFFHOHUDWRUSHGDOSRVLWLRQ
2SHUDWLQJFRQGLWLRQ LGOLQJHQULFKPHQWSDUWLDO
ORDGIXOOORDGRYHUUXQIXHOFXWRII 
(QJLQHVSHHG LGOLQJVSHHG 
OWUHQJLQH
OWUHQJLQH

1RPLQDOYDOXH

$QDO\VLV





 



,GOLQJ




USP
USP

'LVSOD\JURXSFUXLVHFRQWUROV\VWHP RQO\RQYHKLFOHVZLWKFUXLVHFRQWUROV\VWHP
5HDGLQJPHDVXUHGYDOXH
EORFN

[[[
NPK

[[[[

[[[
NPK

[[[[

5HDGRXWRQGLVSOD\

'LVSOD\ILHOGV
6ZLWFKSRVLWLRQRIWKH&&6
FRQWUROVZLWFKD

'ULYLQJVSHHG QRPLQDO ODVWYDOXH


VWRUHGE\WKH&&6
6ZLWFKSRVLWLRQRIEUDNHFOXWFKDQG&&6
'ULYLQJVSHHG DFWXDO
D

1RPLQDOYDOXH

$QDO\VLV








SDJH 

[[[NPK



QRGLDJQRVLVSRVVLEOHDV\HW

(GLWLRQ
6

6HOIGLDJQRVLV9

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

$QDO\VLV'LVSOD\JURXSGLVSOD\ILHOG
6ZLWFKIRUEUDNHFOXWFKDQG&&6
;

0HDQLQJLIGLVSOD\SRVLWLRQV 
&UXLVHFRQWUROV\VWHPGHDFWLYDWHG

&OXWFKSUHVVHG RQDXWRPJHDU
ER[%UDNHSUHVVHG


%UDNHSUHVVHG EUDNHSHGDOVZLWFK


%UDNHSUHVVHG EUDNHOLJKWVZLWFK

,QVSHFWLQJFOXWFKSHGDOVZLWFK &KDS
7HVWLQJEUDNHOLJKWVZLWFKDQGEUDNHSHGDOVZLWFK
&KDS
,QVSHFWLQJFUXLVHFRQWUROV\VWHP &KDS

SDJH

6HOIGLDJQRVLV9

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ



 )XHOSUHSDUDWLRQLQMHFWLRQ


)XHO,QMHFWLRQ6\VWHP

6DIHW\PHDVXUHV
:DUQLQJ
7KHIXHOV\VWHPLVXQGHUSUHVVXUH3ODFHDFORWK
DURXQGWKHFRQQHFWLQJSRLQWEHIRUHUHOHDVLQJKRVH
FRQQHFWLRQVRUZKHQRSHQLQJWKHV\VWHP7KHQUH
GXFHWKHSUHVVXUHE\FDUHIXOO\UHPRYLQJWKHKRVH
RUFDS
2EVHUYHWKHIROORZLQJSRLQWVWRSUHYHQWLQMXU\WRSHUVRQV
DQGRUGDPDJHWRWKHLQMHFWLRQDQGLJQLWLRQV\VWHP
'RQRWWRXFKRUUHPRYHLJQLWLRQOHDGVZLWKWKHHQJLQH

UXQQLQJRUDWVWDUWVSHHG

'RQRWGLVFRQQHFWDQGFRQQHFWZLUHVRIWKHLQMHFWLRQ

DQGLJQLWLRQV\VWHPDQGPHDVXULQJGHYLFHZLUHVXQ
OHVVWKHLJQLWLRQLVVZLWFKHGRII

7RRSHUDWHWKHHQJLQHDWVWDUWVSHHGZLWKRXWWKHHQ

JLQHVWDUWLQJ HJWHVWLQJFRPSUHVVLRQSUHVVXUH XQ


SOXJFRQQHFWRUVIURPWKHLJQLWLRQXQLWDQGFRQQHFWRUV
IURPWKHLQMHFWRUV$IWHUSHUIRUPLQJWKHZRUNLQWHUUR
JDWHIDXOWPHPRU\DQGHUDVH

'RQRWFDUU\RXWHQJLQHZDVKXQOHVVWKHLJQLWLRQLV

VZLWFKHGRII

6ZLWFKRIIWKHLJQLWLRQEHIRUHGLVFRQQHFWLQJDQGFRQ

QHFWLQJWKHEDWWHU\DVWKLVPD\GDPDJHWKH$9FRQ
WUROXQLW

,IWHVWDQGPHDVXULQJGHYLFHVDUHUHTXLUHGGXULQJWHVW
GULYHVREVHUYHWKHIROORZLQJ
$OZD\VVHFXUHWKHWHVWDQGPHDVXULQJGHYLFHVRQWKH

UHDUVHDWDQGKDYHDVHFRQGSHUVRQRSHUDWHWKHP
WKHUH,IWKHWHVWDQGPHDVXULQJGHYLFHVDUHRSHUDWHG
IURPWKHSDVVHQJHUVHDWWKHSDVVHQJHUFRXOGEHLQ
MXUHGE\WKHUHOHDVHRIWKHSDVVHQJHUDLUEDJLQWKH
HYHQWRIDQDFFLGHQW

&OHDQOLQHVVUXOHV
&DUHIXOO\REVHUYHWKHIROORZLQJUXOHVIRUFOHDQOLQHVVZKHQ
ZRUNLQJRQWKHIXHOVXSSO\LQMHFWLRQV\VWHP
7KRURXJKO\FOHDQWKHFRQQHFWLRQSRLQWVDQGWKHLUVXU

URXQGLQJVEHIRUHUHOHDVLQJ

3ODFHUHPRYHGSDUWVRQDFOHDQVXUIDFHDQGFRYHU'R

QRWXVHIX]]\FORWKV

&DUHIXOO\FRYHURUFORVHRSHQHGFRPSRQHQWVLIWKHUH

SDLULVQRWFRPSOHWHGLPPHGLDWHO\

(GLWLRQ
6

)XHO,QMHFWLRQ6\VWHP

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

2QO\LQVWDOOFOHDQSDUWV5HPRYHVSDUHSDUWVIURP

WKHLUZUDSSLQJLPPHGLDWHO\EHIRUHILWWLQJ'RQRWXVH
SDUWVZKLFKKDYHEHHQVWRUHGXQZUDSSHG HJLQWRRO
ER[HVDQGWKHOLNH 

:KHQWKHV\VWHPLVRSHQ$YRLGXVLQJFRPSUHVVHG

DLU$YRLGPRYLQJWKHYHKLFOH

(OHFWULFDOSOXJFRQQHFWLRQVZKLFKKDYHEHHQVHSDUDW

HG3URWHFWIURPGLUWDQGPRLVWXUH3OXJWRJHWKHURQO\
LIGU\

7HFKQLFDOGDWD
(QJLQHLGHQWLILFDWLRQFKDUDFWHUV

$59$49

$0($7=$4:$=($=)

'LVSODFHPHQW

O

O

,GOLQJVSHHGD

USP

USP

6SHHGOLPLWHU
E\GLVFRQQHFWLQJWKHLQMHFWRUV

DSSUR[USP

DSSUR[USP

)XHOSUHVVXUHDWLGOLQJVSHHG

DSSUR[03D EDU

DSSUR[03D EDU

HTXDOIRUDOOYDOYHV

HTXDOIRUDOOYDOYHV

 W

 W

,QMHFWLRQMHW
,QMHFWLRQYDOYH

5HVLVWDQFH DPELHQWWHP
SHUDWXUH E

6SHHGQRWDGMXVWDEOH

,IWKHHQJLQHLVZDUPWKHUHVLVWDQFHRIWKHLQMHFWLRQYDOYHVLQFUHDVHVE\DSSUR[

SDJH

)XHO,QMHFWLRQ6\VWHP

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

2YHUYLHZRIILWWLQJORFDWLRQ
  3OXJFRQQHFWLRQ
q IRUODPEGDSUREH*DQG
KHDWLQJIRUODPEGDSUREH
=EHIRUHFDWDO\VW
q SLQRQHQJLQHVFRPSO\LQJ
ZLWK(8VWDQGDUG
q SLQRQHQJLQHVFRPSO\LQJ
ZLWK'VWDQGDUG(8
VWDQGDUG
  ,QWDNHPDQLIROGSUHVVXUH
VHQGHU*ZLWKLQWDNH
PDQLIROGWHPSHUDWXUHVHQGHU
*
q XQGHUWKURWWOHYDOYH
  7KURWWOHYDOYHFRQWUROXQLW
-
q ZLWKWKURWWOHYDOYHGULYH
*WKURWWOHYDOYHGULYH
DQJOHVHQGHU*DQG
WKURWWOHYDOYHGULYHDQJOH
VHQGHU*
  .QRFNVHQVRU*
q LQF\OLQGHUEORFNRQOHIWEH
ORZH[KDXVWPDQLIROG
  6HQGHUIRUFRRODQWWHPSHUD
WXUH*
  (QJLQHFRQWUROXQLW-
q DWEXONKHDGSOHQXPFKDPEHU
  (QJLQHVSHHGVHQGHU*

q LQJHDUER[KRXVLQJ
  ,JQLWLRQWHUPLQDO1 LJQL
WLRQWUDQVIRUPHUZLWKSRZHU
DPSOLILHU
  &DPVKDIWSRVLWLRQVHQVRU*
q LQF\OLQGHUSDG
  ,QMHFWLRQYDOYH11
  $FWLYDWHGFKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH1

)LJ 



2YHUYLHZRIILWWLQJORFDWLRQRISHGDODVVHP
EO\

  &OXWFKSHGDOVZLWFK)
  %UDNHOLJKWVZLWFK)DQG%UDNHSHGDOVZLWFK)
  $FFHOHUDWRUSHGDOSRVLWLRQVHQGHU*DQGDFFHO
HUDWRUSHGDOSRVLWLRQVHQGHU*

5





5

(GLWLRQ
6

)XHO,QMHFWLRQ6\VWHP

SDJH


)LJ 

)$%,$  (QJLQH)XHOLQMHFWLRQ


)LWWLQJORFDWLRQRI(3&ZDUQLQJODPSDUURZ
IDXOWODPSIRUHOHFWURQLFSRZHUFRQWURO
.

5

)LJ 

)LWWLQJORFDWLRQSLQSOXJFRQQHFWLRQIRU
ODPEGDSUREHDQGODPEGDSUREHKHDWLQJDI
WHUFDWDO\VW RQO\RQHQJLQHVFRPSO\LQJZLWK
'VWDQGDUG(8VWDQGDUG

7KHSLQSOXJFRQQHFWLRQIRUODPEGDSUREHDIWHUFDWDO\VW
*DQGKHDWHUIRUODPEGDSUREH=FDQEH
UHDFKHGE\XQVFUHZLQJWKHSURWHFWLYHFRYHUDUURZV

*HQHUDOQRWHVRQWKHLQMHFWLRQV\VWHP
5HSDLULQJWKHLJQLWLRQ 5HS *U 
7KH$9FRQWUROXQLWLVHTXLSSHGZLWKDVHOIGLDJQRVLV
%HIRUHUHSDLUVDVZHOODVIRUIDXOWILQGLQJILUVWLQWHUURJDWH
WKHIDXOWPHPRU\$OVRFKHFNWKHYDFXXPKRVHVDQG
FRQQHFWLRQV XQPHWHUHGDLU 

5

&RPSRQHQWVPDUNHGZLWKDQ DUHFKHFNHGE\VHOIGLDJ
QRVLV &KDS
&RPSRQHQWVPDUNHGZLWK FDQEHFKHFNHGZLWKWKHILQDO
FRQWUROGLDJQRVLV &KDS
$PLQLPXPYROWDJHRI9LVUHTXLUHGIRUWKHSHUIHFW
IXQFWLRQLQJRIWKHHOHFWULFFRPSRQHQWV
,IDIWHUIDXOWILQGLQJUHSDLURULQVSHFWLRQRIFRPSRQHQWV
WKHHQJLQHVWDUWVEULHIO\DQGWKHQVWRSVLWLVSRVVLEOHWKDW
WKHLPPRELOLVHUEORFNVWKH$9FRQWUROXQLW7KHQLQWHUUR
JDWHWKHIDXOWPHPRU\DQGLIQHFHVVDU\DGDSWWKHFRQWURO
XQLW
&HUWDLQLQVSHFWLRQVPD\FDXVHWKHFRQWUROXQLWWRGHWHFW
DQGVWRUHDIDXOW,WLVWKHUHIRUHQHFHVVDU\WRLQWHUURJDWH
WKHIDXOWPHPRU\DIWHUKDYLQJFRPSOHWHGDOOLQVSHFWLRQV
DQGUHSDLUVDQGLIQHFHVVDU\HUDVH &KDS
6DIHW\PHDVXUHV SDJH 
&OHDQOLQHVVUXOHV SDJH 
7HFKQLFDOGDWD SDJH 
7HVWGDWDVSDUNSOXJV &KDS

SDJH

)XHO,QMHFWLRQ6\VWHP

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ



5HPRYLQJDQGLQVWDOOLQJSDUWVRIWKHLQMHFWLRQV\VWHP
  $9&RQWUROXQLW-
q )LWWLQJORFDWLRQ%XONKHDG




SOHQXPFKDPEHU
q FOLSSHGLQWRKROGHU
q UHSODFLQJ &KDS
  &RQQHFWRUSLQV
q ,QVHUWRUUHPRYHSOXJZKHQ
WKHLJQLWLRQLVVZLWFKHGRII

q XQORFNWRUHPRYH
  &RQQHFWRUSLQV
q ,QVHUWRUUHPRYHSOXJZKHQ
WKHLJQLWLRQLVVZLWFKHGRII


q XQORFNWRUHPRYH

  $LUILOWHU
q GLVDVVHPEOLQJDQGDVVHP
EOLQJ SDJH 
q UHPRYLQJDQGLQVWDOOLQJ

SDJH 

  $LULQWDNHSLSHZLWKFRQWURO
IODS

  +RWDLULQWDNHKRVH

  6FUHZFODPSV1P



  &RQQHFWRU

q IRUFRRODQWWHPSHUDWXUH
VHQGHU*
  FRRODQWWHPSHUDWXUHVHQGHU
*
q EHIRUHUHPRYLQJLIQHFHV


VDU\UHGXFHSUHVVXUHLQFRRO
LQJV\VWHP


5
q LQVSHFWLQJ &KDS
  /DPEGDSUREH* 1P
q )LWWLQJORFDWLRQH[KDXVWWXEHIURQW
q 2QO\JUHDVHWKHWKUHDGZLWK*   $ *   $ PXVWQRWFRPHLQWRFRQWDFWZLWKWKHVORWVRIWKH
SUREHERG\
q XVHULQJVSDQQHU HJ IRUUHPRYLQJDQGLQVWDOOLQJ
q ,QVSHFWLQJODPEGDFRQWURO &KDS
  &RQQHFWRU
q IRUODPEGDSUREHDQGODPEGDSUREHKHDWLQJEHIRUHFDWDO\VW
q SLQRQHQJLQHVFRPSO\LQJZLWK(8VWDQGDUG
q SLQRQHQJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG
  &RQQHFWRUSLQ
q IRUODPEGDSUREHDQGODPEGDSUREHKHDWLQJDIWHUFDWDO\VW RQO\RQHQJLQHVFRPSO\LQJZLWK'VWDQGDUG(8
VWDQGDUG
  /DPEGDSUREH* 1P
RQO\RQHQJLQHVFRPSO\LQJZLWK'VWDQGDUG(8VWDQGDUG 
q )LWWLQJORFDWLRQLQH[KDXVWSLSHDIWHUFDWDO\VW
q 2QO\JUHDVHWKHWKUHDGZLWK*   $ *   $ PXVWQRWFRPHLQWRFRQWDFWZLWKWKHVORWVRIWKH
SUREHERG\
q XVHULQJVSDQQHUIRUUHPRYLQJDQGLQVWDOOLQJ
q 7HVWLQJODPEGDSUREHDIWHUFDWDO\VW &KDS
  ,QWDNHPDQLIROG
q GLVDVVHPEOLQJDQGDVVHPEOLQJ SDJH 

(GLWLRQ
6

)XHO,QMHFWLRQ6\VWHP

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

  )XHOLQWDNHKRVH
q ZKLWHPDUNLQJ
q VHFXUHRQIXHOUDLOZLWKVSULQJVWUDSFODPSV
  IURPFUDQNFDVHYHQWLODWLRQ
  $LULQWDNHSLSH
q YLDWKHWKURWWOHYDOYHFRQWUROXQLW
  1P
  $LULQWDNHKRVH
  6SULQJVWUDSFOLS
q GLVDVVHPEOHDQGDVVHPEOHZLWKSOLHUVIRUVSULQJVWUDSFODPSV

'LVDVVHPEOLQJDQGDVVHPEOLQJIXHOGLVWULEXWRUZLWKLQMHFWRUV
  )XHOGLVWULEXWRU
  2ULQJ
q UHSODFHLIGDPDJHG
  ,QMHFWLRQYDOYH11
q LQVSHFWLQJ &KDS
q 5HVLVWRUW
  5HWDLQLQJFOLS
q FKHFNWLJKWQHVVRQLQMHFWRU
DQGIXHOGLVWULEXWRU
  (GJHFRQQHFWRU
q IRULQMHFWLRQYDOYHVWKURWWOH
YDOYHFRQWUROXQLWDQGLQWDNH
PDQLIROGSUHVVXUHDQGWHP
SHUDWXUHVHQGHU

  

5

SDJH

)XHO,QMHFWLRQ6\VWHP

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVDVVHPEOLQJDQGDVVHPEOLQJLQWDNHPDQLIROG
  )XHOGLVWULEXWRU
q GLVDVVHPEOLQJDQGDVVHP
EOLQJ SDJH 
  1P
  7KURWWOHYDOYHFRQWUROXQLW
- 
q LQVSHFWLQJ &KDS
q ZLWKWKURWWOHYDOYHGULYH
*WKURWWOHYDOYHGULYH
DQJOHVHQGHU*DQG
WKURWWOHYDOYHGULYHDQJOH
VHQGHU*
  *DVNHW
q UHSODFH
  ,QWDNHPDQLIROG
  *DVNHW
q UHSODFH
  1P
  ,QWDNHPDQLIROGSUHVVXUH
VHQGHU* ZLWKLQWDNH
PDQLIROGWHPSHUDWXUHVHQGHU
*
  1P
  IRUFUDQNFDVHYHQWLODWLRQ
  IRU$FWLYDWHGFKDUFRDOILOWHU
V\VWHPVROHQRLGYDOYH1
q $FWLYDWHGFKDUFRDOILOWHUV\V
WHP 
(QJLQH0HFKDQLFV
5HS *U 
  1P

(GLWLRQ
6














5

)XHO,QMHFWLRQ6\VWHP

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

'LVDVVHPEOLQJDQGDVVHPEOLQJWKHDLUILOWHU









 
 
 
 

$LULQWDNHSLSH
6SULQJVWUDSFOLS
$LULQWDNHKRVH
$LUILOWHUWRSSDUW
1P
)LOWHULQVHUW
1P
$LUILOWHUERWWRPSDUW
$LULQWDNHSLSHZLWKFRQWURO
IODS
+RWDLULQWDNHKRVH
6FUHZFODPSV1P
IRUFUDQNFDVHYHQWLODWLRQ
1P
























5

5HPRYLQJDQGLQVWDOOLQJDLUILOWHU
5HPRYLQJ

5HOHDVHWKHVSULQJVWUDSFODPSIURPWKHLQWDNH
KRVHDQGUHPRYHIURPDLUILOWHU

5HPRYHWKHDLULQWDNHSLSHZLWKFRQWUROIODSIURP
WKHDLUILOWHU

8QVFUHZWKHIL[LQJVFUHZIURPWKHDLUILOWHU WLJKWHQ
LQJWRUTXH1P 

&DUHIXOO\UHPRYHDLUILOWHUIURPWKHWRS
,QVWDOOLQJ
1RWH
3D\DWWHQWLRQWRWKHFRUUHFWSRVLWLRQLQJRIWKHPRXQWLQJ
EXIIHURQWKHERWWRPSDUWRIWKHDLUILOWHU IURQWDQGUHDU
VLGH 

SDJH

)XHO,QMHFWLRQ6\VWHP

5

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ



,QVWDOODWLRQRIWKHDLUILOWHURFFXUVLQUHYHUVHRUGHU

(GLWLRQ
6

)XHO,QMHFWLRQ6\VWHP

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

)XHO,QMHFWLRQ6\VWHP

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



7HVWLQJFRPSRQHQWV

7HVWLQJOLQHVDQGFRPSRQHQWVZLWKWHVW
ER[9$* 
7KHWHVWER[9$* LVGHVLJQHGLQVXFKDZD\
WKDWLWFDQEHVLPXOWDQHRXVO\FRQQHFWHGWRWKHZLULQJ
ORRPRIWKHHQJLQHFRQWUROXQLWDQGWRWKHDFWXDOHQJLQH
FRQWUROXQLW
7KHDGYDQWDJHEHLQJWKDWWKHHOHFWURQLFHQJLQHFRQWURO
UHPDLQVIXOO\RSHUDWLRQDOZLWKWKHWHVWER[FRQQHFWHG HJ
PHDVXULQJVLJQDOVZKLOHWKHHQJLQHLVUXQQLQJ 
:KHWKHURUQRWWKHHQJLQHFRQWUROXQLWPXVWDOVREHFRQ
QHFWHGWRWKHWHVWER[LVGHVFULEHGLQWKHUHOHYDQWWHVWVH
TXHQFHV
7RFRQQHFWWKHPHDVXULQJWRROV HJKDQGKHOGPXOWLPH
WHU9$*  $HWF DOZD\VXVHPHDVXULQJWRROVHW
9$*  $
7KHFRQWDFWQXPEHUVRIWKHFRQQHFWRUVDQGWKHEXVK
QXPEHUVRIWKHWHVWER[9$* FRUUHVSRQG
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG

V.A.G 1598/31

7HVWER[9$* 

&DXWLRQ
7RDYRLGGDPDJLQJWKHHOHFWURQLFFRPSRQHQWV
VZLWFKRQWKHUHOHYDQWPHDVXULQJUDQJHEHIRUH
FRQQHFWLQJWKHPHDVXULQJFDEOHVDQGFRPSO\ZLWK
WKHWHVWFRQGLWLRQV

6ZLWFKRIIWKHLJQLWLRQ
5HPRYHWKHDLUILOWHU &KDS
5HOHDVHWKHSOXJODWFKHVDQGUHPRYHWKHFRQWUROXQLW

31

W00-0943

SOXJVIURPWKHHQJLQHFRQWUROXQLW

&RQQHFWWKHWHVWER[9$* WRERWKFRQQHF
WRUVRIWKHZLULQJORRP7KHHDUWKFOLSDUURZRIWKH
WHVWER[PXVWEHFRQQHFWHGWRWKHQHJDWLYHEDWWHU\
WHUPLQDO

:KHWKHURUQRWWKHHQJLQHFRQWUROXQLWPXVWDOVREH
FRQQHFWHGWRWKHWHVWER[LVGHVFULEHGLQWKHUHOHYDQW
WHVWVHTXHQFHV

3HUIRUPWHVWDVGHVFULEHGLQWKHUHOHYDQWUHSDLUVH
TXHQFHV

8#)

1RWH
$IWHUUHFRQQHFWLQJWKHHQJLQHFRQWUROXQLWLQWHUURJDWH
DQGLIQHFHVVDU\HUDVHIDXOWPHPRU\ &KDS

(GLWLRQ
6

7HVWLQJFRPSRQHQWV

5

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJIXHOSXPSUHOD\-
7KHSRZHUVXSSO\RIWKHIXHOSXPSDQGVRPHFRPSR
QHQWVRIWKHLQMHFWLRQV\VWHPRFFXUVYLDIXHOSXPSUHOD\
-
)LWWLQJORFDWLRQ
7KHIXHOSXPSUHOD\-LVORFDWHGRQWKHUHOD\FDUULHU
RQWKHOHIWLQWKHGULYHU
VIRRWZHOO
SOXJORFDWLRQ

3OXJORFDWLRQ
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %
























+DQGPXOWLPHWHU HJ9$*  $ 


$GDSWHUFDEOHVHW HJ9$*  $ 

5

7HVWER[9$* 

7HVWFRQGLWLRQ

%DWWHU\YROWDJHDWOHDVW9
,QVSHFWSURSHURSHUDWLRQ

5HPRYHWKHERWWRPSDUWRIWKHGDVKSDQHORQWKHGULY
HU
VVLGH %RG\:RUN5HS *U 

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

,QLWLDWHILQDOFRQWUROGLDJQRVLV &KDSDQGFRQ
WUROWKHIXHOSXPSUHOD\-

7KHIXHOSXPSUHOD\PXVWEHDFWLYDWHGDQGWKHIXHOSXPS
PXVWUXQ
,IWKHUHOD\LVQRWDFWLYDWHG

7HVWFRQWURORIIXHOSXPSUHOD\- SDJH 
,IWKHIXHOSXPSGRHVQRWUXQ

&KHFNSRZHUVXSSO\RIIXHOSXPSDQGFRQQHFWHG

FRPSRQHQWV YLDWKHIXHOSXPSUHOD\  SDJH 

7HVWLQJIXHOSXPS (QJLQH
0HFKDQLFV5HS *U 

7HVWFRQWURO

6ZLWFKRIIWKHLJQLWLRQ
&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW SDJH 

8VLQJDQDGSDWHUFDEOHIURP9$*  $LQWHUFRQ


QHFWEXVKDQGEXVKRIWKHWHVWER[

6ZLWFKRQWKHLJQLWLRQ

SDJH

7HVWLQJFRPSRQHQWV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


7KHIXHOSXPSUHOD\PXVWEHDFWLYDWHG
,IWKHUHOD\LVQRZDFWLYDWHGEXWGLGQRWRSHQGXULQJWKH
ILQDOFRQWUROGLDJQRVLV

5HSODFHWKHPRWURQLFFRQWUROXQLW &KDS
,IWKHUHOD\LVQRWDFWLYDWHG

6ZLWFKRIIWKHLJQLWLRQ
5HPRYHWKHIXHOSXPSUHOD\IURPWKHUHOD\EDVH
5HOD\EDVH

5HOD\EDVH

&RQQHFWWKHPXOWLPHWHUIRUYROWDJHPHDVXUHPHQWFRQ

VHFXWLYHO\WRFRQWDFW  RUFRQWDFW


 DQGHDUWKDVZHOODVFRQWDFW  RU
FRQWDFW  DQGWKHHDUWKRIWKHUHOD\FDUULHU

6ZLWFKRQWKHLJQLWLRQ
1RPLQDOYDOXHDSSUR[EDWWHU\YROWDJH

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

&KHFNWKHZLULQJ &XUUHQW)ORZ'LDJUDPV(OHFWULFDO

)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV




,IWKHQRPLQDOYDOXHVDUHUHDFKHG

6ZLWFKRIIWKHLJQLWLRQ
&KHFNWKHIROORZLQJZLULQJIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH

5HOD\FDUULHULQOHIWGULYHU
V
IRRWZHOO
UHOD\EDVHFRQWDFW

WHVWER[
9$* 
FRQWDFW












LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
,IWKHZLULQJLV2.UHSODFHWKHIXHOSXPSUHOD\-

5




5

,QVSHFWLQJYROWDJHVXSSO\RQIXHOSXPSDQG
FRPSRQHQWV

3XOORXWIXVHV1RDQGIURPWKHIXVHKROG
HU

,QLWLDWHILQDOFRQWUROGLDJQRVLV &KDSDQGFRQ
WUROWKHIXHOSXPSUHOD\-

&RQQHFWWKHPXOWLPHWHUIRUYROWDJHPHDVXUHPHQWWR

HDUWKDQGWRDFRQWDFWRIWKHIROORZLQJIXVHVLQWKHIXVH
KROGHU

1
2
3
4
5

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

41

51

61

42

52

62

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

(GLWLRQ
6

7HVWLQJFRPSRQHQWV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HWDLQLQJFOLS

1RPLQDOYDOXHRQRQHRIWKH
FRQWDFWV

DSSUR[EDWWHU\YROWDJH



DSSUR[EDWWHU\YROWDJH



DSSUR[EDWWHU\YROWDJH



DSSUR[EDWWHU\YROWDJH

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

5HSHDWWHVWRQWKHRWKHUFRQWDFWRIWKHIXVHEDVH
,IWKHQRPLQDOYDOXHVDUHDJDLQQRWUHDFKHG

&KHFNWKHZLULQJ &XUUHQW)ORZ'LDJUDPV(OHFWULFDO
)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV

,IWKHZLULQJLV2.UHSODFHWKHIXHOSXPSUHOD\-
5HLQVHUWWKHIXVHV

7HVWLQJ,QWDNHPDQLIROGSUHVVXUHVHQGHU
*
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

+DQGPXOWLPHWHU HJ9$*  $ 


$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
PLQPEDUE7'&

5HDGRXWRQGLVSOD\

5HDGRIILQWDNHPDQLIROGSUHVVXUHLQGLVSOD\ILHOG
1RPLQDOYDOXH
OWUHQJLQHWR PEDU
 OWUHQJLQHWR PEDU
,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK


4

6ZLWFKRIIWKHLJQLWLRQ
5HPRYHSOXJIURPWKHLQWDNHPDQLIROGSUHVVXUH

VHQGHU*ZLWKLQWDNHPDQLIROGWHPSHUDWXUHVHQGHU
*

6ZLWFKRQWKHLJQLWLRQ

SDJH


5

7HVWLQJFRPSRQHQWV

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ



&RQQHFWWKHPXOWLPHWHUIRUYROWDJHPHDVXUHPHQWDV
IROORZV

SLQSOXJRQZLULQJ
ORRPFRQWDFW

1RPLQDOYDOXH



DSSUR[9

HDUWK

DSSUR[9

,IWKHQRPLQDOYDOXHVDUHUHDFKHG

&KHFNWKHZLULQJIRUVKRUWFLUFXLWWRSRVWHUP
,IQRVKRUWFLUFXLWLVIRXQG

5HSODFHWKHLQWDNHPDQLIROGSUHVVXUHVHQGHU*
ZLWKWKHLQWDNHPDQLIROGWHPSHUDWXUHVHQGHU*
&KDS

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

6ZLWFKRIIWKHLJQLWLRQ
&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW SDJH 

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH
SLQSOXJRQZLULQJ
ORRPFRQWDFW

WHVWER[9$* 
EXVK





$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV
LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\

5HSODFHWKHPRWURQLFFRQWUROXQLW &KDS

7HVWLQJ,QWDNHPDQLIROGWHPSHUDWXUH
VHQGHU*
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

+DQGPXOWLPHWHU HJ9$*  $ 


$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 
5HIULJHUDQWVSUD\ FRPPHUFLDOO\DYDLODEOH

7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

(GLWLRQ
6

7HVWLQJFRPSRQHQWV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
PLQ9&&

5HDGRXWRQGLVSOD\

5HDGRIILQWDNHPDQLIROGWHPSHUDWXUHLQGLVSOD\ILHOG


1RPLQDOYDOXHDSSUR[DPELHQWWHPSHUDWXUH

5HPRYHWKHLQWDNHPDQLIROGWHPSHUDWXUHVHQGHU

*ZLWKWKHLQWDNHPDQLIROGSUHVVXUHVHQGHU*
SOXJUHPDLQVLQSRVLWLRQ 

1RWHGRZQWKHLQWDNHPDQLIROGWHPSHUDWXUHYDOXHLQ
GLVSOD\ILHOG

6SUD\WKHVHQGHUZLWKDFRPPHUFLDOO\DYDLODEOHUHIULJ
HUDQWVSUD\DQGZKLOHGRLQJVRREVHUYHWKHWHPSHUD
WXUHYDOXH

7KHWHPSHUDWXUHYDOXHPXVWGURS
,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK

4

5HPRYHSOXJIURPWKHLQWDNHPDQLIROGWHPSHUDWXUH
VHQGHU*ZLWKLQWDNHPDQLIROGSUHVVXUHVHQGHU
*


5

&RQQHFWWKHPXOWLPHWHUWRPHDVXUHWKHUHVLVWDQFHRQ
FRQWDFWVDQGRIWKHVHQGHU

1RPLQDOYDOXHVHHGLDJUDP
5DQJH$LQGLFDWHVWKHUHVLVWDQFHYDOXHVIRUWKHWHPSHU
DWXUHUDQJH&
5DQJH%LQGLFDWHVWKHUHVLVWDQFHYDOXHVIRUWKHWHPSHU
DWXUHUDQJH&
5HDGRXWH[DPSOHV
&FRUUHVSRQGVWRDUHVLVWDQFHRIW
&FRUUHVSRQGVWRDUHVLVWDQFHRIW

,IWKHQRPLQDOYDOXHLVQRWUHDFKHG











5HSODFHWKHLQWDNHPDQLIROGWHPSHUDWXUHVHQGHU

*ZLWKWKHLQWDNHPDQLIROGSUHVVXUHVHQGHU*
&KDS

$










          u%
0

,IWKHQRPLQDOYDOXHLVUHDFKHG

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW SDJH 

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH
SLQSOXJRQZLULQJ
ORRPFRQWDFW

WHVWER[9$* 
EXVK





$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV

SDJH

7HVWLQJFRPSRQHQWV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
,IQRIDXOWLVIRXQG

5HSODFHWKHPRWURQLFFRQWUROXQLW &KDS

7HVWLQJ&RRODQWWHPSHUDWXUHVHQGHU
*
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

+DQGPXOWLPHWHU HJ9$*  $ 


$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
PLQ9&&

5HDGRXWRQGLVSOD\

5HDGRIIFRRODQWWHPSHUDWXUHLQGLVSOD\ILHOG
1RPLQDOYDOXHWKHWHPSHUDWXUHUHDGLQJPXVWULVH
HYHQO\
1RWH
,IWKHGLVSOD\RQWKHYHKLFOHV\VWHPWHVWHULVDURXQG

&WKLVLVGHSHQGHQWRQWKHFRQWUROXQLWDQG
GRHVQRWLQGLFDWHDGHIHFWLYHVHQGHU

,IGHIHFWVLQWKHHQJLQHUXQQLQJDUHIRXQGLQFHUWDLQ

WHPSHUDWXUHUDQJHVDQGLIWKHWHPSHUDWXUHYDOXHGRHV
QRWULVHZLWKRXWLQWHUUXSWLRQWKHWHPSHUDWXUHVLJQDOLV
WHPSRUDULO\LQWHUUXSWHGDQGWKHVHQGHUPXVWEHUH
SODFHG

,QWKHHYHQWRIDIDXOWDSSUR[&RU&LVGLV
SOD\HGLQVWHDG
,IQRUHDOLVWLFYDOXHLVGLVSOD\HGLQGLVSOD\ILHOGRULIDS
SUR[&RU&LVGLVSOD\HGLQVWHDG

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

6ZLWFKRIIWKHLJQLWLRQ
'LVFRQQHFWSOXJIURP&RRODQWWHPSHUDWXUHVHQGHU
*

&RQQHFWWKHPXOWLPHWHUWRPHDVXUHWKHUHVLVWDQFHRQ
ERWKFRQWDFWVRIWKH&RRODQWWHPSHUDWXUHVHQGHU
*







5

(GLWLRQ
6

7HVWLQJFRPSRQHQWV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

1RPLQDOYDOXHVHHGLDJUDP

5DQJH$LQGLFDWHVWKHUHVLVWDQFHYDOXHVIRUWKHWHPSHU
DWXUHUDQJH&UDQJH%LQGLFDWHVWKHYDOXHVIRU
WHPSHUDWXUHUDQJH&

$























5HSODFHWKH&RRODQWWHPSHUDWXUHVHQGHU*





,IWKHQRPLQDOYDOXHLVUHDFKHG





5HDGRXWH[DPSOHV
&FRUUHVSRQGVWRDUHVLVWDQFHRIW
&FRUUHVSRQGVWRDUHVLVWDQFHRIW

,IWKHQRPLQDOYDOXHLVQRWUHDFKHG

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ



  

   

 u%
0

ORRPRQWKHHQJLQHFRQWUROXQLW SDJH 

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH
SLQSOXJRQZLULQJ
ORRPFRQWDFW

7HVWER[9$* 
EXVK





$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV
LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
,IQRIDXOWLVIRXQG

5HSODFHWKHPRWURQLFFRQWUROXQLW &KDS

,QVSHFWLQJIXHOILOWHUZLWKSUHVVXUHFRQ
WUROYDOYH
7KHIXHOILOWHUDQGWKHSUHVVXUHFRQWUROYDOYHDUHLQWHJUDW
HGLQDFRPSRQHQW
)LWWLQJORFDWLRQ
7KHIXHOILOWHUZLWKSUHVVXUHFRQWUROYDOYHDUURZLVORFDW
HGRQWKHULJKWRIWKHIXHOWDQN
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
3UHVVXUHJDXJHDSSOLDQFH HJ9$*  
$GDSWHU HJ9$*  
$GDSWHU HJ9$*  
$GDSWHU HJ9$*  

7HVWFRQGLWLRQV

)XHOSXPSUHOD\2.LQVSHFWLQJ &KDS
7HVWLQJIORZUDWHRIWKHIXHOSXPS2. 

5

(QJLQH0HFKDQLFV5HS *U 

/LQHFRQQHFWLRQVRUIXHOOLQHVIURPWKHIXHOILOWHUZLWK
SUHVVXUHFRQWUROYDOYHWRIXHOUDLO2.

SDJH

7HVWLQJFRPSRQHQWV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWVHTXHQFH
:DUQLQJ
7KHIXHOV\VWHPLVXQGHUSUHVVXUH3ODFHDFORWK
DURXQGWKHFRQQHFWLQJSRLQWEHIRUHUHOHDVLQJKRVH
FRQQHFWLRQVRUZKHQRSHQLQJWKHV\VWHP7KHQUH
GXFHWKHSUHVVXUHE\FDUHIXOO\UHPRYLQJWKHKRVH
RUFDS

5HPRYHIXHOIHHGOLQHIURPWKHFRQQHFWLRQWRWKH

IXHOUDLODQGFRQQHFWWRSUHVVXUHJDXJHDSSOLDQFH
9$* PLW$GDSWHU9$* XQG
9$* 

&RQQHFWWKHSUHVVXUHJDXJHDSSOLDQFH9$* 

WRWKHIXHOUDLOZLWK$GDSWHU9$* 2SHQ
WKHVKXWRIIFRFNRIWKHSUHVVXUHJDXJHDSSOLDQFH OH
YHULQIORZGLUFHWLRQDUURZ 

8#)

8#)




6WDUWHQJLQHDQGUXQLQLGOH
0HDVXUHIXHOSUHVVXUH
1RPLQDOYDOXHEDUEDU 03D
03D

8#)
8#)
5

,IWKHQRPLQDOYDOXHLVQRWUHDFKHG

7HVWLQJIXHOSXPS (QJLQH
0HFKDQLFV5HS *U 

,IWKHIXHOSXPSLV2.

5HSODFHIXHOILOWHUZLWKSUHVVXUHFRQWUROYDOYH 
(QJLQH0HFKDQLFV5HS *U 
1RWH
%HIRUHUHPRYLQJWKHSUHVVXUHJDXJHDSSOLDQFHUHGXFH
IXHOSUHVVXUHE\RSHQLQJWKHVKXWRIIFRFN:KLOHGRLQJVR
JULSYHVVHOEHIRUHWKHFRQQHFWLRQ

(GLWLRQ
6

7HVWLQJFRPSRQHQWV

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJFRPSRQHQWV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



7HVWLQJLQMHFWLRQYDOYHV

,QVSHFWLQJWKHYROWDJHVXSSO\FRQWURO
DQGUHVLVWDQFHVRIWKHLQMHFWRUV

1
2
3
4
5

6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
+DQGPXOWLPHWHU HJ9$*  $ 
'LRGHWHVWODPS HJ9$*  % 
$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

7HVWFRQGLWLRQV

)XVH1R2.
(DUWKFRQQHFWLRQVEHWZHHQWKHHQJLQH RQFOXWFK
KRXVLQJ DQGERG\ XQGHUEDWWHU\ PXVWEH2.

%DWWHU\YROWDJHDWOHDVW9
,QVSHFWLQJ(QJLQHVSHHGVHQGHU2. &KDS
)XHOSXPSUHOD\2.LQVSHFWLQJ &KDS

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

41

51

61

42

52

62

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094





7HVWVHTXHQFH

5HPRYHHQJLQHFRYHUDVIROORZV
5HOHDVHORJRDQGFDS
5HOHDVHQXWV 1P 
3XOORXWRLOGLSVWLFN
5HPRYHHQJLQHFRYHUWRZDUGVWKHWRS GRQRWXQ

5

VFUHZFDS 

8QSOXJFRQQHFWRUIURPWKHLQMHFWRUV
&RQQHFWWKHGLRGHWHVWODPSZLWKWKHDGDSWHUFDEOHV

RI9$*  $WRWKHFRQWDFWVRIWKHSOXJFRQQHF


WLRQRIF\OLQGHU

$FWLYDWHWKHVWDUWHU




7KHGLRGHWHVWODPSPXVWIOLFNHU

5HSHDWWKHWHVWRQWKHSOXJFRQQHFWLRQVRIWKHLQMHF
WLRQYDOYHVRQF\OLQGHU

,IWKHGLRGHWHVWODPSGRHVQRWIOLFNHU

5

(GLWLRQ
6

7HVWLQJLQMHFWLRQYDOYHV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

&RQQHFWWKHGLRGHWHVWODPSWRWKHSOXJRIWKHLQMHFWLRQ
YDOYHWREHWHVWHGFRQWDFWDQGHDUWK

$FWLYDWHWKHVWDUWHU
7KHGLRGHWHVWODPSPXVWOLJKWXS

,IWKHGLRGHWHVWODPSGRHVQRWOLJKWXS

,QVSHFWOLQHFRQQHFWLRQEHWZHHQFRQWDFWDQGIXVH
1RIRULQWHUUXSWLRQ &XUUHQW)ORZ'LDJUDPV
(OHFWULFDO)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV

LIQHFHVVDU\HOLPLQDWHRSHQFLUFXLW
,IQRIDXOWZDVGHWHFWHG

6ZLWFKRIIWKHLJQLWLRQ
&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ

5

ORRPRQWKHHQJLQHFRQWUROXQLW &KDS

7HVWWKHZLULQJEHWZHHQWKHWHVWER[DQGWKHSOXJFRQ
QHFWLRQVRIWKHLQMHFWLRQYDOYHVIRULQWHUUXSWLRQDFFRUG
LQJWRWKH&XUUHQW)ORZ'LDJUDP

3OXJFRQQHF
WLRQRQF\OLQGHU

&RQWDFW

%XVK









$OVRDGGLWLRQDOO\WHVWWKHZLUHVIRUVKRUWFLUFXLWVUHOD
WLYHO\WRRQHDQRWKHUDQGWRSRVWHUP

5

,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\

7HVWWKHUHVLVWDQFHRIWKHLQMHFWLRQYDOYHVEHWZHHQWKH
FRQWDFWV

1RPLQDOYDOXH W
,IWKHQRPLQDOYDOXHLVQRWUHDFKHG

5HSODFHWKHLQMHFWLRQYDOYH V 

,QVSHFWLQJWKHLQMHFWLRQUDWHWLJKWQHVV
DQGMHWIRUPDWLRQRIWKHLQMHFWRUV
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
#

5HPRWHFRQWURO9$* $
$GDSWHUFDEOH9$* 
,QMHFWLRQUDWHWHVWHU HJ9$* 
$GDSWHUFDEOHVHW HJ9$*  $ 

SDJH

7HVWLQJLQMHFWLRQYDOYHV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWFRQGLWLRQ

)XHOILOWHUZLWKSUHVVXUHFRQWUROYDOYH2.LQVSHFWLQJ
&KDS

)XHOSXPSUHOD\2.LQVSHFWLQJ &KDS
&KHFNWLJKWQHVV

5HPRYHWKHIXHOUDLOZLWKLQFRUSRUDWHGLQMHFWRUVIURP

WKHLQWDNHPDQLIROG &KDS7KHIXHOKRVHVUH
PDLQFRQQHFWHG

+ROGWKHLQHMFWRUVLQWKHLQMHFWLRQUDWHWHVWHU
,QLWLDWHILQDOFRQWUROGLDJQRVLVDQGFRQWUROWKHIXHO
SXPSUHOD\- &KDS

7HVWLQJWKHWLJKWQHVVRIWKHLQMHFWRUV YLVXDOLQVSHF
WLRQ 

:LWKWKHIXHOSXPSUXQQLQJSHUYDOYHRQO\GURSV
PD\HVFDSHSHUPLQXWH
,IWKHIXHOORVVLVJUHDWHU

$GMXVWIXHOSXPS WHUPLQDWHILQDOFRQWUROGLDJQRVLV 

8#)

DQGUHSODFHGHIHFWLYHLQMHFWRU &KDS

5

7HVWLQJLQMHFWLRQUDWH

3ODFHWKHLQMHFWRUWREHWHVWHGLQDJUDGXDWHGPHDVXU
LQJJODVVRIWKHLQMHFWLRQUDWHWHVWHU

&RQQHFWRQHFRQWDFWRIWKHLQMHFWRUZLWKWKHWHVWFDEOH
DQGDOOLJDWRUFOLSIURP HJ9$*  $  WRWKHHQ
JLQHPDVV

8#)

&RQQHFWKHVHFRQGFRQWDFWRIWKHLQMHFWRUZLWKUHPRWH
FRQWURO9$* $ DGDSWHUFDEOH9$* 
 DQGDX[LOLDU\FDEOHWRSRVWHUP

,QLWLDWHILQDOFRQWUROGLDJQRVLV &KDSDQGFRQ
WUROWKHIXHOSXPSUHOD\-

7KHIXHOSXPSPXVWUXQ

$FWLYDWHUHPRWHFRQWURO9$* $ IRUVHF


RQGV

3HUIRUPWKHPHDVXUHPHQWRQDOOLQMHFWRUV
2QFHDOOIRXULQMHFWRUVKDYHEHHQGULYHQSRVLWLRQWKH

8#)#

#

JUDGXDWHGPHDVXULQJJODVVHVRQDQHYHQEDVH
1RPLQDOYDOXHSHULQMHFWLRQYDOYHPO

,IWKHPHDVXUHGYDOXHRIRQHRUPRUHLQMHFWRUVLVRXW

VLGHWKHWROHUDQFHYDOXHGLVFRQQHFWWKHIXHOSXPS
WHUPLQDWHILQDOFRQWUROGLDJQRVLV DQGUHSODFHWKHGH
IHFWLYHLQMHFWRU &KDS
1RWH

:KHQWHVWLQJWKHLQMHFWLRQUDWHDOVRFKHFNWKHMHWIRUPD
WLRQ7KHMHWPXVWEHWKHVDPHIRUDOOYDOYHV

5HPRYHWKHLQMHFWRUVZLWKWKHIXHOUDLO &KDS

(GLWLRQ
6

7HVWLQJLQMHFWLRQYDOYHV

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJLQMHFWLRQYDOYHV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



,QVSHFWLQJIXQFWLRQV

7HVWLQJLGOLQJVSHHG
1RWH
7KHLGOLQJVSHHGFDQQRWEHDGMXVWHG
7KHLGOLQJVSHHGLVFKHFNHGGXULQJWKHEDVLFVHWWLQJRI

WKHHQJLQH

'XULQJWKHEDVLFVHWWLQJWKHDFWLYDWHGFKDUFRDOILOWHU

V\VWHPVROGHQRLGYDOYH1LVFORVHGDQGWKHDLU
FRQGLWLRQLQJFRPSUHVVRULVGHDFWLYDWHG

6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

7HVWFRQGLWLRQV

([KDXVWV\VWHPVKXW
&RRODQWWHPSHUDWXUHPLQLPXP&
(OHFWULFDOFRQVXPHUVPXVWEHGLVFRQQHFWHG WKHUDGL
DWRUFRROLQJIDQPXVWEHRIIGXULQJWKLVWHVW

7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

,QWHUURJDWHIDXOWPHPRU\ &KDS1RIDXOWPXVW
KDYHEHHQVWRUHGLIQHFHVVDU\HOLPLQDWHIDXOWHUDVH
IDXOWPHPRU\DGMXVWHQJLQHDQGVWDUWDJDLQSHUIRUP
DWHVWGULYHDQGFRQWUROE\DJDLQLQWHUURJDWLQJWKHIDXOW
PHPRU\

$OORZHQJLQHWRUXQ
6HOHFWIXQFWLRQEDVLFVHWWLQJDQGGLVSOD\JURXS
QXPEHU

6\VWHPLQEDVLFVHWWLQJ!
PLQPLQ

5HDGRXWRQGLVSOD\

&KHFNZKHWKHUWKHDFWXDOLGOLQJVSHHGLQGLVSOD\ILHOG

 DFWXDOVSHHG FRUUHVSRQGVZLWKWKHYDOXHLQGLVSOD\
ILHOG QRPLQDOVSHHG 
7ROHUDQFHUSP
1RWH

7KHVSHHGLQGLVSOD\ILHOG DFWXDOVSHHG LVLQGHHG

WKHDFWXDOHQJLQHVSHHG

7KHVSHHGLQGLVSOD\ILHOG QRPLQDOVSHHG LVWKHWKH

RUHWLFDOVSHHGFDOFXODWHGE\WKHHQJLQHFRQWUROXQLW

,QLGOHWKHHQJLQHFRQWUROXQLWDOZD\VDWWHPSWVWRDGDSW

WKH DFWXDO VSHHGWRWKHVSHFLILHGVSHHG QRPLQDO 

(GLWLRQ
6

,QVSHFWLQJIXQFWLRQV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7KLVPHDQVWKDWLQLGOHWKHVSHHG DFWXDO PXVWDOZD\V

DSSUR[LPDWHO\FRUUHVSRQGWRWKHVSHHG QRPLQDO 

'LVSOD\ILHOGVDQGVHUYHDVLQIRUPDWLRQDQGDUHQRW

UHOHYDQWIRUWKHLQVSHFWLRQRIWKHLGOLQJVSHHG

,IWKHQRPLQDOYDOXHLVUHDFKHG

3UHVV 
9HKLFOHV\VWHPWHVW+(/3
6HOHFWIXQFWLRQ;;

5HDGRXWRQGLVSOD\
,IWKHQRPLQDOYDOXHLVQRWUHDFKHG

,QWHUURJDWHIDXOWPHPRU\DJDLQ &KDS
,IWKHLGOLQJVSHHGLVWRRKLJKRUWRRORZDQGLIWKHUH
LVQRIDXOWLQWKHIDXOWPHPRU\SHUIRUPWKHIROORZLQJ
LQVSHFWLRQV
7HVWXQPHWHUHGDLULQWKHLQWDNHV\VWHP 

SDJH 

,QVSHFWLQJWKURWWOHYDOYHFRQWUROXQLW &KDS
7HVWLQJDFWLYDWHGFKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH

1 &KDS

3HUIRUPDGDSWDWLRQRIWKHWKURWWOHYDOYHFRQWUROXQLW

&KDS

7HVWLQJWKHHQJLQHRSHUDWLQJFRQGLWLRQV 

SDJH 

7HVWLQJWKHHQJLQHRSHUDWLQJFRQGLWLRQV
7KHLQVSHFWLRQIRFXVHVRQZKHWKHUWKHHQJLQHFRQWURO
XQLW-UHFRJQLVHVWKHHQJLQHRSHUDWLQJFRQGLWLRQV
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

7HVWFRQGLWLRQ

&RRODQWWHPSHUDWXUHPLQLPXP&
7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
PLQ&

5HDGRXWRQGLVSOD\

,QGLVSOD\ILHOGFKHFNZKHWKHUWKHFRRODQWWHPSHUD
WXUHLVDERYH&

6ZLWFKLQGLVSOD\JURXSDVIROORZV
3UHVV & 

SDJH

,QVSHFWLQJIXQFWLRQV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

3UHVV    DQG  IRUGLVSOD\JURXSQXPEHU


DQGFRQILUPZLWK 4 
5HDGLQJPHDVXUHGYDOXHEORFN!
PLQNPK,GOLQJ

5HDGRXWRQGLVSOD\
(QJLQHRSHUDWLQJFRQGLWLRQ GLVSOD\JURXS 
,GOLQJ

,QLGOHRSHUDWLRQGLVSOD\ILHOG PXVWGLVSOD\LGOH
3DUWLDOORDG

$FFHOHUDWHFRQVWDQWO\
'LVSOD\ILHOGPXVWGLVSOD\SDUWLDOORDG
7UDLOLQJWKURWWOH

,QFUHDVHWKHVSHHGWRDERYHUSP
6XGGHQO\UHOHDVHWKHDFFHOHUDWRUSHGDO
'LVSOD\ILHOGPXVWGLVSOD\WUDLOLQJWKURWWOH
1RWH
%HORZUSPLGOLQJLVDJDLQUHFRJQL]HG
(QULFKPHQWDQGIXOOORDG

%ULHIO\DSSO\IXOOWKURWWOH
'LVSOD\ILHOGPXVWEULHIO\GLVSOD\HQULFKDQGVXE
VHTXHQWO\IXOOORDG
1RWH
7RREWDLQGLVSOD\IXOOORDGLWPD\EHQHFHVVDU\WR

SHUIRUPDWHVWGULYH

$VHFRQGPHFKDQLFLVUHTXLUHGIRUWKHWHVWGULYH
&RPSO\ZLWKWKHDSSOLFDEOHVDIHW\LQVWUXFWLRQVIRUWHVW

GULYHV &KDS
:DUQLQJ

6HFXUHWKHYHKLFOHV\VWHPWHVWHUWRWKHUHDUVHDW
DQGRSHUDWHIURPWKDWSRVLWLRQ

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

,QWHUURJDWHIDXOWPHPRU\FRUUHFWIDXOWLIDSSOLFDEOH
DQGWKHQHUDVHWKHIDXOWPHPRU\ &KDS

,QVSHFWWKHDFFHOHUDWRUSHGDOSRVLWLRQVHQGHU*
&KDS

,QVSHFWWKHWKURWWOHYDOYHFRQWUROXQLW- &KDS


(GLWLRQ
6

,QVSHFWLQJIXQFWLRQV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJWKHLQWDNHV\VWHPIRUWLJKWQHVV
XQPHWHUHGDLU 
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

(QJLQHOHDNVHDUFKVSUD\*   $

7HVWFRQGLWLRQ

&RRODQWWHPSHUDWXUHPLQLPXP&
7HVWVHTXHQFH
1RWH
%HFDXVHRIWKHYDFXXPLQWKHLQWDNHV\VWHPWKHOHDN

VHDUFKVSUD\LVVXFNHGLQZLWKWKHXQPHWHUHGDLU7KH
OHDNVHDUFKVSUD\UHGXFHVWKHLJQLWLRQSHUIRUPDQFHRI
WKHPL[WXUH7KLVUHVXOWVLQDGURSLQHQJLQHVSHHGDQG
DFKDQJHLQWKHODPEGDFRQWUROYDOXH

<RXPXVWFRPSO\ZLWKWKHVDIHW\LQVWUXFWLRQVRQWKH

ER[

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
PLQ&

5HDGRXWRQGLVSOD\

2EVHUYHDQGWDNHGRZQWKHGLVSOD\YDOXHVLQGLVSOD\

ILHOG HQJLQHVSHHG DQGGLVSOD\ILHOG ODPEGDFRQ


WUROEHIRUHFDWDO\VW 

6\VWHPDWLFDOO\VSUD\SDUWVRIWKHLQWDNHV\VWHPZLWK
HQJLQHOHDNVHDUFKVSUD\

,IWKHHQJLQHVSHHGGURSVRULIWKHODPEGDFRQWUROFKDQJ
HV

&KHFNWKHVSUD\HGSDUWRIWKHLQWDNHV\VWHPIRUOHDN
DJHDQGHOLPLQDWHOHDN

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

SDJH

,QVSHFWLQJIXQFWLRQV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



/DPEGDFRQWURO

7KHODPEGDSUREHFRPSDUHVWKHR[\JHQFRQWHQWRIWKH
DLUZLWKWKHUHVLGXDOR[\JHQLQWKHH[KDXVWJDVDQGVXS
SOLHVDYROWDJHVLJQDOWRWKHFRQWUROXQLW
2WKHULQIRUPDWLRQ

6HOI6WXG\3URJUDPPH O 9 N:3HW


URO(QJLQHV

6HOI6WXG\3URJUDPPH(2%'IRU3HWURO(QJLQHV

7HVWLQJODPEGDSUREHDQGODPEGDFRQ
WURO HQJLQHVFRQIRUPLQJWR(8 
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % QHER &
+DQGPXOWLPHWHU HJ9$*  $
0HDVXULQJWRROVHW HJ9$*  $

7HVWFRQGLWLRQV

)XHOSXPSUHOD\RNLQVSHFWLQJ &KDS
)XVHRN
&RRODQWWHPSHUDWXUHPLQLPXP&
1ROHDNVLQH[KDXVWV\VWHPEHWZHHQFDWDO\WLFFRQYHUW
HUDQGF\OLQGHUKHDG

1
2
3
4
5

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

,QVSHFWSURSHURSHUDWLRQ

39

49

59

40

50

60

&KHFNGLVSOD\JURXSVDQG &KDS

41

51

61

42

52

62



,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

3HUIRUPDWHVWGULYHWRFOHDUWKHODPEGDSUREHRISRV
VLEOHUHVLGXDOYDOXHVDQGUHSHDWWKHWHVW

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

,IWKHVSHFLILFDWLRQLVDOVRQRWVKRZQLQWKHGLVSOD\ILHOGDI
WHUDWHVWGULYH

7HVWLQJKHDWHU

'LVFRQQHFWWKHSLQSOXJFRQQHFWRUIURPWKHODPEGD
SUREH*

3HUIRUPDQHOHFWULFDOFRQWLQXLW\WHVW UHVLVWDQFHPHDV

XUHPHQW XVLQJWKHKDQGKHOGPXOWLPHWHUEHWZHHQFRQ
WDFWVDQGRIWKHFRQQHFWRU

1RWH
$WDPELHQWWHPSHUDWXUH DSSUR[& WKHKHDWLQJHOH
PHQWUHVLVWDQFHLVRIDSSUR[WR W7KHUHVLVWDQFHLQ
FUHDVHVFRQVLGHUDEO\HYHQLIWKHWHPSHUDWXUHULVHVRQO\
VOLJKWO\

(GLWLRQ
6

/DPEGDFRQWURO


5

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

,IWKHUHLVDQRSHQFLUFXLWUHSODFHWKHODPEGDSUREH
*

,IWKHKHDWLQJHOHPHQWKDVFRQWLQXLW\WHVWYROWDJHVXSSO\
IRUODPEGDSUREHKHDWHU= &XUUHQW)ORZ'LDJUDPV
)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV

7HVWEDVLFYROWDJH

'LVFRQQHFWWKHSLQSOXJFRQQHFWRUIURPWKHODPEGD
SUREH

&RQQHFWKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDVXUH
PHQWWRFRQWDFWV

6ZLWFKRQLJQLWLRQ

6SHFLILHGYDOXHWR9

6ZLWFKRIILJQLWLRQ
,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

7HVWFDEOHRIODPEGDSUREHEHIRUHFDWDO\WLFFRQYHUWHU
&XUUHQW)ORZ'LDJUDPV)DXOW)LQGLQJDQG)LWWLQJ
/RFDWLRQV

5

,IWKHVSHFLILHGYDOXHLVUHDFKHG

5HSODFHODPEGDSUREH (Q
JLQH0HFKDQLFDO&RPSRQHQWV5HS *U 

7HVWLQJODPEGDSUREHDQGODPEGDFRQ
WUROEHIRUHFDWDO\VW HQJLQHVFRQIRUPLQJ
WR' (8 (8 
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &
+DQGPXOWLPHWHU HJ9$*  $
0HDVXULQJWRROVHW HJ9$*  $

7HVWFRQGLWLRQV

)XHOSXPSUHOD\RNLQVSHFWLQJ &KDS
)XVHRN
&RRODQWWHPSHUDWXUHPLQLPXP&
1ROHDNVLQH[KDXVWV\VWHPEHWZHHQFDWDO\WLFFRQYHUW
HUDQGF\OLQGHUKHDG

1
2
3
4
5

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

,QVSHFWSURSHURSHUDWLRQ

39

49

59

40

50

60

&KHFNGLVSOD\JURXSVDQG &KDS

41

51

61

42

52

62

,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

3HUIRUPDWHVWGULYHWRFOHDUWKHODPEGDSUREHRISRV
VLEOHUHVLGXDOYDOXHVDQGUHSHDWWKHWHVW

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

SDJH

/DPEGDFRQWURO

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


,IWKHVSHFLILFDWLRQLVDOVRQRWVKRZQLQWKHGLVSOD\ILHOGDI
WHUDWHVWGULYH

7HVWLQJKHDWHU

6HSDUDWHSLQSOXJFRQQHFWLRQWRODPEGDSUREH
*

3HUIRUPDQHOHFWULFDOFRQWLQXLW\WHVW UHVLVWDQFHPHDV

XUHPHQW XVLQJWKHKDQGKHOGPXOWLPHWHUEHWZHHQFRQ
WDFWVDQGRIWKHFRQQHFWRU









1RWH
$WURRPWHPSHUDWXUH DSSUR[ & WKHUHVLVWDQFHRI
WKHKHDWLQJHOHPHQWLVDSSUR[WR W7KHUHVLVWDQFH
LQFUHDVHVFRQVLGHUDEO\HYHQLIWKHWHPSHUDWXUHULVHVRQO\
VOLJKWO\

,IWKHUHLVDQRSHQFLUFXLWUHSODFHWKHODPEGDSUREH




*

,IWKHKHDWLQJHOHPHQWKDVFRQWLQXLW\WHVWYROWDJHVXSSO\
IRUODPEGDSUREHKHDWHU= &XUUHQW)ORZ'LDJUDPV
)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV

5

7HVWEDVLFYROWDJH

6HSDUDWHSLQSOXJFRQQHFWLRQWRODPEGDSUREH
*









&RQQHFWKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDVXUH
PHQWWRFRQWDFWVRIFRQQHFWRU

/HDYHHQJLQHRQDQGPHDVXUHWKHVXSSO\YROWDJH
6SHFLILHGYDOXHWR9

6ZLWFKRIILJQLWLRQ
,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG




7HVWFDEOHRIODPEGDSUREHEHIRUHFDWDO\WLFFRQYHUWHU
&XUUHQW)ORZ'LDJUDPV)DXOW)LQGLQJDQG)LWWLQJ
/RFDWLRQV

5

,IWKHVSHFLILHGYDOXHLVUHDFKHG

5HSODFHODPEGDSUREH* 
(QJLQH0HFKDQLFDO&RPSRQHQWV5HS *U 

7HVWLQJODPEGDSUREHDQGODPEGDFRQ
WURODIWHUFDWDO\VW HQJLQHVFRQIRUPLQJWR
' (8 (8 
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &
+DQGPXOWLPHWHU HJ9$*  $
0HDVXULQJWRROVHW HJ9$*  $

(GLWLRQ
6

/DPEGDFRQWURO

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWFRQGLWLRQV

)XHOSXPSUHOD\RNLQVSHFWLQJ &KDS
)XVHRN
&RRODQWWHPSHUDWXUHPLQLPXP&

1
2
3
4
5

1ROHDNVLQH[KDXVWV\VWHPEHWZHHQFDWDO\WLFFRQYHUW
HUDQGF\OLQGHUKHDG

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

,QVSHFWSURSHURSHUDWLRQ

39

49

59

40

50

60

&KHFNGLVSOD\JURXSVDQG &KDS

41

51

61

42

52

62

43

,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

53

63

44

54

64

3HUIRUPDWHVWGULYHWRFOHDUWKHODPEGDSUREHRISRV

45

55

65

46

56

66

VLEOHUHVLGXDOYDOXHVDQGUHSHDWWKHWHVW

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

,IWKHVSHFLILFDWLRQLVDOVRQRWVKRZQLQWKHGLVSOD\ILHOGDI
WHUDWHVWGULYH

7HVWLQJKHDWHU

6HSDUDWHSLQSOXJFRQQHFWLRQWRODPEGDSUREH
*DIWHUFDWDO\VW

3HUIRUPDQHOHFWULFDOFRQWLQXLW\WHVW UHVLVWDQFHPHDV

XUHPHQW XVLQJWKHKDQGKHOGPXOWLPHWHUEHWZHHQFRQ
WDFWVDQGRIWKHFRQQHFWRU

1RWH

$WDPELHQWWHPSHUDWXUH DSSUR[& WKHKHDWLQJHOH


PHQWUHVLVWDQFHLVRIDSSUR[WR W7KHUHVLVWDQFHLQ
FUHDVHVFRQVLGHUDEO\HYHQLIWKHWHPSHUDWXUHULVHVRQO\
VOLJKWO\

,IWKHUHLVDQRSHQFLUFXLWUHSODFHWKHODPEGDSUREH
*

,IWKHKHDWLQJHOHPHQWKDVFRQWLQXLW\WHVWYROWDJHVXSSO\
IRUODPEGDSUREHKHDWHU= &XUUHQW)ORZ'LDJUDPV
)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV




5

7HVWEDVLFYROWDJH

6HSDUDWHSLQSOXJFRQQHFWLRQWRODPEGDSUREH
*DIWHUFDWDO\VW

&RQQHFWKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDVXUH
PHQWWRFRQWDFWVRIFRQQHFWRU

/HDYHHQJLQHRQDQGPHDVXUHWKHVXSSO\YROWDJH

6SHFLILHGYDOXHWR9

6ZLWFKRIILJQLWLRQ
,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

7HVWFDEOHRIODPEGDSUREHDIWHUFDWDO\WLFFRQYHUWHU

&XUUHQW)ORZ'LDJUDPV)DXOW)LQGLQJDQG)LWWLQJ
/RFDWLRQV

,IWKHVSHFLILHGYDOXHLVUHDFKHG

SDJH




5

/DPEGDFRQWURO

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HSODFHODPEGDSUREH*DIWHUFDWDO\VW 

(QJLQH0HFKDQLFDO&RPSRQHQWV
5HS *U 

7HVWLQJFDWDO\VWHIILFLHQF\ HQJLQHVFRQ
IRUPLQJWR'(8(8
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

7HVWFRQGLWLRQV

)XHOSXPSUHOD\RNLQVSHFWLQJ &KDS
)XVHRN
&RRODQWWHPSHUDWXUHPLQLPXP&
1ROHDNVLQH[KDXVWV\VWHPEHWZHHQFDWDO\WLFFRQYHUW
HUDQGF\OLQGHUKHDG

1
2
3
4
5

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

,QVSHFWSURSHURSHUDWLRQ

39

49

59

40

50

60

&KHFNGLVSOD\JURXS &KDS

41

51

61

42

52

62

43

,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

53

63

44

54

64

,QWHUURJDWHIDXOWPHPRU\ &KDS
5HDGRXWUHDGLQHVVFRGH &KDS
,IWKHIDXOWPHPRU\ZDVHUDVHGRULIWKHFRQWLQXRXV

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

YROWDJHVXSSO\RIWKHHQJLQHFRQWUROXQLWZDVLQWHUUXSW
HGLWLVWKHQQHFHVVDU\WRUHJHQHUDWHWKHUHDGLQHVV
FRGH &KDS
1RWH

7KLVWHVWLVLQWHQGHGIRUYHKLFOHVZLWKHOHFWULFDOV\VWHP

FRQWUROXQLW,WSURYLGHVLQIRUPDWLRQRQSRVVLEOHGDP
DJHWRWKHFDWDO\WLFFRQYHUWHU

,I&DW5QRNLVVKRZQLQGLVSOD\ILHOGLWLVQRWDO

ZD\VQHFHVVDU\WRUHSODFHWKHFDWDO\WLFFRQYHUWHU

5HSODFHFDWDO\WLFFRQYHUWHULILWGRHVQRWPHHWHPLV

VLRQOLPLWVRULIWKHUHLVYLVLEOHGDPDJH

,IWKHFDWDO\WLFFRQYHUWHUGRHVQRWPHHWWKHHPLVVLRQOLP
LWVRULIWKHFDWDO\WLFFRQYHUWHUKDVYLVLEOHGDPDJH

5HSODFHFDWDO\WLFFRQYHUWHU 
(QJLQH0HFKDQLFDO&RPSRQHQWV5HS *U 

,I&DW5RNLVGLVSOD\HG

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ

(GLWLRQ
6

/DPEGDFRQWURO

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

/DPEGDFRQWURO

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



7DQNYHQWLODWLRQ

,QVSHFWLQJ$FWLYDWHGFKDUFRDOILOWHUV\V
WHPVROHQRLGYDOYH1
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

+DQGPXOWLPHWHU HJ9$*  $ 


'LRGHWHVWODPS HJ9$*  % 
$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

,QVSHFWLQJIXQFWLRQRIWKHDFWLYDWHGFKDUFRDOILO
WHUV\VWHPVROHQRLGYDOYH1
7KHIXQFWLRQDOWHVWRIWKHDFWLYDWHGFKDUFRDOILOWHUV\VWHP
VROHQRLGYDOYH1RFFXUVLQWKHILQDOFRQWUROGLDJQR
VLV &KDS

7HVWLQJWKHRSHUDWLRQRIWKHDFWLYDWHGFKDUFRDO
ILOWHUV\VWHP
7KHRSHUDWLRQRIWKHDFWLYDWHGFKDUFRDOILOWHUV\VWHP WDQN
YHQWLODWLRQV\VWHP LVWHVWHGLQWKHEDVLFVHWWLQJGLVSOD\
JURXS

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQEDVLFVHWWLQJDQGGLVSOD\JURXS
QXPEHU

6\VWHPLQEDVLFVHWWLQJ!
7HVW2))

5HDGRXWRQGLVSOD\
1RWH
'XULQJWKLVGLDJQRVLVQRHQJLQHORDGPXVWEHJHQHUDWHG
DVRWKHUZLVHWKHGLDJQRVLVZLOOEHDERUWHGGLDJQRVLVFDQ
RQO\EHLQLWLDWHGDJDLQDIWHUDQDFFHOHUDWLRQ
,IWKHGLDJQRVLVLVLQLWLDWHGE\WKHHQJLQHFRQWUROXQLWWKH
GLVSOD\LQGLVSOD\ILHOGZLOOVZLWFKIURP7HVW2))WR
7HVW21

5XQWKHHQJLQHLQLGOHXQWLOWKHQRPLQDOYDOXH7(9
2.LVGLVSOD\HGLQGLVSOD\ILHOG

,IWKHGLVSOD\GRHVQRWRFFXUDVGHVFULEHG

,QWHUURJDWHIDXOWPHPRU\ &KDS
,IWKHGLVSOD\RFFXUVDVGHVFULEHG

3UHVV
6ZLWFKRIIWKHLJQLWLRQ

(GLWLRQ
6

7DQNYHQWLODWLRQ

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJWLJKWQHVV
,QGHDGFRQGLWLRQWKHVROHQRLGYDOYHLVFORVHG

5HPRYHWKHKRVHIURPWKHDFWLYDWHGFKDUFRDOILOWHU
V\VWHPVROHQRLGYDOYH1

&RQQHFWDVXLWDEOHPDQRPHWHUDQGDFRPSUHVVHGDLU
GHYLFH DLUSXPS WRWKHVROHQRLGYDOYH

*HQHUDWHDYLVLEOHDLUSUHVVXUH
,QLWLDWHILQDOFRQWUROGLDJQRVLVDQGVHOHFWWKHDFWLYDWHG

FKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH1 &KDS


:KHQWKHVROHQRLGYDOYHLVRSHQHGWKHGLVSOD\HGDLU

SUHVVXUHPXVWGURSDQGZKHQLWLVFORVHGLWPXVWFOHDU
O\ULVHDJDLQLIQRWUHSODFHWKHVROHQRLGYDOYH

7HVWLQJUHVLVWDQFH

5HPRYHWKHSOXJIURPWKHDFWLYDWHGFKDUFRDOILOWHU
V\VWHPVROHQRLGYDOYH1

3HUIRUPDUHVLVWDQFHPHDVXUHPHQWZLWKWKHKDQGKHOG
PXOWLPHWHUEHWZHHQWKHYDOYHFRQWDFWV
1RPLQDOYDOXH W

,IWKHQRPLQDOYDOXHLVQRWUHDFKHGUHSODFHWKHDFWL
YDWHGFKDUFRDOILOWHUVROHQRLGYDOYH1

1
2
3
4
5

&KHFNLQJYROWDJHVXSSO\
1RWH
7KHDFWLYDWHGFKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH
1LVVXSSOLHGYLDWKHIXHOSXPSUHOD\

7HVWFRQGLWLRQV

)XVH1R2.
)XHOSXPSUHOD\2.LQVSHFWLQJ &KDS

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

41

51

61

42

52

62

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

7HVWVHTXHQFH

5HPRYHWKHSOXJIURPWKHDFWLYDWHGFKDUFRDOILOWHU
V\VWHPVROHQRLGYDOYH1

&RQQHFWWKHGLRGHWHVWODPSEHWZHHQFRQWDFWRIWKH

SOXJDQGWKHHQJLQHPDVV

$FWLYDWHWKHVWDUWHU

7KHGLRGHWHVWODPSPXVWOLJKWXS
,IWKHGLRGHWHVWODPSGRHVQRWOLJKWXS

&KHFNWKHFRQWLQXLW\RIWKHZLULQJIURPFRQWDFWWR

IXVH1RLIQHFHVVDU\UHSDLU &XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV
5

SDJH

7DQNYHQWLODWLRQ

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWFRQWURO

&RQQHFWWKHGLRGHWHVWODPSEHWZHHQFRQWDFW HDUWK
FRQWURORIWKHHQJLQHFRQWUROXQLW DQGFRQWDFW SRV
WHUPRIWKHIXHOSXPSUHOD\ RIWKHSOXJ

,QLWLDWHILQDOFRQWUROGLDJQRVLVDQGVHOHFWWKHDFWLYDWHG

FKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH1 &KDS


7KHGLRGHWHVWODPSPXVWIODVK
,IWKHGLRGHQWHVWODPSGRHVQRWIODVKRULILWUHPDLQVOLW

6ZLWFKRIIWKHLJQLWLRQ
&RQQHFWWKHWHVWER[9$* RQWKHZLULQJ
ORRPWRWKHHQJLQHFRQWUROXQLW &KDS

7HVWWKHZLUHIURPFRQWDFWRIWKHSOXJRQWKHDFWLYDW

5

HGFKDUFRDOILOWHUV\VWHPVROHQRLGYDOYH1WR
EXVKRIWKHWHVWER[IRUFRQWLQXLW\DVZHOODVVKRUW
FLUFXLWWRHDUWKRUSRVWHUP

,IWKHUHLVQHLWKHUDOLQHLQWHUUXSWLRQQRUDVKRUWFLUFXLW

5HSODFHWKHPRWURQLFFRQWUROXQLW &KDS

(GLWLRQ
6

7DQNYHQWLODWLRQ

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

7DQNYHQWLODWLRQ

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



(OHFWURQLF3RZHU&RQWURO
(OHFWURQLFWKURWWOH

)XQFWLRQRIWKH(OHFWURQLF7KURWWOH6\V
WHP
2QWKHHOHFWURQLFWKURWWOHV\VWHPWKHWKURWWOHYDOYHLVQRW
RSHUDWHGE\DFRQWUROFDEOHFRQQHFWHGWRWKHDFFHOHUDWRU
SHGDO7KHUHLVQRPHFKDQLFDOFRQQHFWLRQEHWZHHQWKH
DFFHOHUDWRUSHGDODQGWKHWKURWWOHYDOYH
7KHSRVLWLRQRIWKHDFFHOHUDWRUSHGDOLVVLJQDOOHGE\WKH
HQJLQHFRQWUROXQLWYLDWZRDFFHOHUDWRUSHGDOSRVLWLRQ
VHQGHUV YDULDEOHUHVLVWRUVORFDWHGLQDKRXVLQJ ZKLFK
DUHFRQQHFWHGWRWKHDFFHOHUDWRUSHGDO
7KHDFFHOHUDWRUSHGDOSRVLWLRQ GULYHU
VLQVWUXFWLRQ LVD
PDLQLQSXWGLPHQVLRQIRUWKHHQJLQHFRQWUROXQLW
7KHWKURWWOHYDOYHLVDFWLYDWHGE\DQHOHFWULFPRWRU WKURW
WOHYDOYHSRVLWLRQHU LQWKHWKURWWOHYDOYHFRQWUROXQLW
-RYHUWKHIXOOVSHHGDQGORDGUDQJH7KHWKURWWOH
YDOYHLVDFWLYDWHGE\WKHWKURWWOHYDOYHSRVLWLRQHUDFFRUG
LQJWRWKHLQVWUXFWLRQVRIWKHHQJLQHFRQWUROXQLW
:LWKWKHHQJLQHVWRSSHGDQGWKHLJQLWLRQRQWKHHQJLQH
FRQWUROXQLWFRQWUROVWKHWKURWWOHYDOYHSRVLWLRQHUDFFXUDWH
O\DFFRUGLQJWRWKHLQVWUXFWLRQVRIWKHDFFHOHUDWRUSHGDO
SRVLWLRQVHQGHU7KLVPHDQVWKDWLIWKHDFFHOHUDWRUSHGDO
LVKDOISUHVVHGWKHWKURWWOHYDOYHSRVLWLRQHURSHQVWKH
WKURWWOHYDOYHWRWKHVDPHH[WHQWWKHWKURWWOHYDOYHZLOO
WKXVEHDSSUR[LPDWHO\KDOIRSHQ
:LWKWKHHQJLQHUXQQLQJ XQGHUORDG WKHHQJLQHFRQWURO
XQLWPD\RSHQDQGFORVHWKHWKURWWOHYDOYHLQGHSHQGHQWO\
RIWKHDFFHOHUDWRUSHGDOSRVLWLRQVHQGHU
7KXVHJWKHWKURWWOHYDOYHPD\DOUHDG\EHIXOO\RSHQ
HYHQWKRXJKWKHDFFHOHUDWRUSHGDOLVRQO\KDOISUHVVHG
7KLVRIIHUVWKHDGYDQWDJHWKDWWKURWWOHORVVHVRQWKHWKURW
WOHYDOYHFDQEHDYRLGHG0RUHRYHUXQGHUFHUWDLQORDG
FRQGLWLRQVWKLVPD\UHVXOWLQFOHDUO\LPSURYHGYDOXHVDV
FRQFHUQVH[KDXVWJDVHPLVVLRQDQGIXHOFRQVXPSWLRQ
7KHUHTXLUHGHQJLQHWRUTXHFDQEHJHQHUDWHGE\WKHHQ
JLQHFRQWUROXQLWYLDWKHRSWLPXPFRPELQDWLRQRIWKURWWOH
YDOYHVHFWLRQDQGORDGSUHVVXUH
,WZRXOGEHZURQJWRDVVXPHWKDWWKH(OHFWURQLFWKURWWOH
V\VWHPRQO\FRQVLVWVRIRQHRUWZRFRPSRQHQWV7KH
(OHFWURQLF7KURWWOHLVDV\VWHPWKDWLQFOXGHVDOOWKHFRP
SRQHQWVZKLFKFRQWULEXWHWRGHWHUPLQLQJFRQWUROOLQJDQG
PRQLWRULQJWKHSRVLWLRQRIWKHWKURWWOHYDOYH HJWKHDF
FHOHUDWRUSHGDOSRVLWLRQVHQGHUWKHWKURWWOHYDOYHFRQWURO
XQLWWKH(3&ZDUQLQJODPSWKHHQJLQHFRQWUROXQLW 

0HDQLQJRIWKH(3&ZDUQLQJODPS IDXOW
ODPSIRUHOHFWULFDFFHOHUDWRUFRQWURO
. LQWKHGDVKSDQHOLQVHUW
(3&LVWKHDEEUHYLDWLRQRI(OHFWURQLF3RZHU&RQWURO
)LWWLQJORFDWLRQRIWKH(3&ZDUQLQJODPSDUURZ

(GLWLRQ
6

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

5

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

,IGXULQJHQJLQHRSHUDWLRQIDXOWVDUHGHWHFWHGLQWKH(OHF
WURQLFWKURWWOHV\VWHPWKHHQJLQHFRQWUROXQLWVZLWFKHVRQ
WKH(3&ODPSDQGVWRUHVWKLVIDXOWLQWKHIDXOWPHPRU\,Q
WKHHYHQWRIDOLQHLQWHUUXSWLRQRUDIDXOWLQWKH(OHFWURQLF
WKURWWOHV\VWHPWKHHQJLQHVZLWFKHVWRHPHUJHQF\RSHUD
WLRQ,QHPHUJHQF\RSHUDWLRQWKHHQJLQHUXQVDWLQ
FUHDVHGVSHHGVRWKDWWKHFXVWRPHULVDEOHWRUHDFKWKH
QH[WZRUNVKRS+RZHYHUWKHDFFHOHUDWRUSHGDOSRVLWLRQ
VHQGHUVQRORQJHURSHUDWH

)XQFWLRQDOWHVWRIWKHZDUQLQJODPS

6ZLWFKRQWKHLJQLWLRQ
7KHHOHFWURQLFSRZHUFRQWUROIDXOWODPS.PXVWOLJKW
XS
,IWKHHOHFWURQLFSRZHUFRQWUROIDXOWODPS.GRHVQRW
OLJKWXSZLWKWKHLJQLWLRQVZLWFKHGRQ

,QVSHFWWKHGDVKSDQHOLQVHUWDQGWKHHOHFWURQLFSRZHU
FRQWUROIDXOWODPS. (OHFWULFDO6\VWHP
5HS *U 

6WDUWHQJLQHDQGUXQLQLGOH
7KHHOHFWURQLFSRZHUFRQWUROIDXOWODPS.PXVWJR
RXWDIWHUDIHZVHFRQGV
,IWKHHOHFWURQLFSRZHUFRQWUROIDXOWODPS.GRHVQRW
JRRXW

,QWHUURJDWHWKHIDXOWPHPRU\RIWKHHQJLQHFRQWUROXQLW

&KDSDQGLIQHFHVVDU\HOLPLQDWHWKHGHWHFWHG
IDXOWV

7KHQHUDVHWKHIDXOWPHPRU\ &KDS
,IQRIDXOWLVVWRUHGLQWKHPHPRU\

7HVWWKHGDWD%86 &KDS (OHFWULFDO6\V


WHP5HS *U 

,QVSHFWLQJ7KURWWOHYDOYHFRQWUROXQLW
-
7KHKRXVLQJRIWKHWKURWWOHYDOYHFRQWUROXQLW-FRQ
WDLQVWKHIROORZLQJFRPSRQHQWV
7KURWWOHYDOYHGULYH*7KHHOHFWULFPRWRUGULYHQ

E\WKHHQJLQHFRQWUROXQLW7KLVHOHFWULFPRWRURSHQV
WKHWKURWWOHYDOYHDJDLQVWDVSULQJIRUFH

$QJOHVHQGHUIRUWKURWWOHYDOYHGULYH*
$QJOHVHQGHUIRUWKURWWOHYDOYHGULYH*

SDJH

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

1RWH
7KHKRXVLQJRIWKHWKURWWOHYDOYHFRQWUROXQLW-

PXVWQRWEHRSHQHG

7KHDQJOHVHQGHUVDUHGHVLJQHGDSRWHQWLRPHWHUV

YDULDEOHUHVLVWRUV 7KH\LQGLFDWHWKHSRVLWLRQRIWKH
WKURWWOHYDOYHWRWKHHQJLQHFRQWUROXQLWIXOO\LQGHSHQG
HQWO\IURPRQHDQRWKHU

7KHSRWHQWLRPHWHUVFDQQRWEHPHFKDQLFDOO\DGMXVWHG

7KHVHWWLQJVRFFXULQWKHEDVLFVHWWLQJ IXQFWLRQ 
ZLWKWKHYHKLFOHV\VWHPWHVWHU9$* 

6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

+DQGPXOWLPHWHU HJ9$*  $ 


$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

7HVWFRQGLWLRQV

7KHWKURWWOHYDOYHPXVWQHLWKHUEHGDPDJHGQRUGLUW\
&RRODQWWHPSHUDWXUHPLQLPXP&
7HVWLQJDQJOHVHQGHUIRUWKURWWOHYDOYHGULYH
7KHWKURWWOHYDOYHGULYHDQJOHVHQGHUV*DQG*
LQIRUPWKHHQJLQHFRQWUROXQLWRIWKHSRVLWLRQRIWKHWKURWWOH
YDOYH%RWKDQJOHVHQGHUVDUHORFDWHGLQWKHWKURWWOHYDOYH
FRQWUROXQLW-

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!


5HDGRXWRQGLVSOD\

7HVWWKHYDOXHVIRUWKHHOHFWURQLFWKURWWOHSRWHQWLRPH
WHUYROWDJHV
1RWH
7KHHQJLQHFRQWUROXQLWWUDQVODWHVWKHYROWDJHYDOXHVRI
WKHDQJOHVHQGHULQWRDSHUFHQWDJHDSSOLHGWR9ROWVDQG
LQGLFDWHVWKHVHSHUFHQWDJHYDOXHV 9ROWVSRZHUVXSSO\
FRUUHVSRQGWR 

2EVHUYHGLVSOD\ILHOGVDQG
6ORZO\SUHVVWKHDFFHOHUDWRUSHGDOIXOO\GRZQ
7KHSHUFHQWDJHLQGLFDWLRQLQGLVSOD\ILHOGPXVWULVH
JUDGXDOO\7KHWROHUDQFHUDQJHLVQRWIXOO\XVHG
XS

(GLWLRQ
6

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7KHSHUFHQWDJHLQGLFDWLRQLQGLVSOD\ILHOGPXVWGURS
JUDGXDOO\7KHWROHUDQFHUDQJHLVQRWIXOO\XVHG
XS
1RWH
7KHUHDVRQZK\WKHGLVSOD\LQGLVSOD\ILHOGULVHVDQG

WKHGLVSOD\LQGLVSOD\ILHOGGURSVOLHVLQWKHRSSRVL
WLRQRIWKHSRWHQWLRPHWHU DQJOHVHQGHU LQWKHWKURWWOH
YDOYHFRQWUROXQLW-

7KLVPHDQVWKDWWKHYROWDJHWDSSLQJRIDQJOHVHQGHU

UXQVWRZDUGVWKH9ROWV WKHIXUWKHUWKHWKURWWOHYDOYH
LVRSHQHGWKHJUHDWHUWKHYROWDJHWKHSHUFHQWDJHLQ
GLFDWLRQULVHV 




7KHYROWDJHWDSSLQJRIDQJOHVHQGHUUXQVDZD\IURP

WKH9ROWVWRZDUGV9ROW WKHIXUWKHUWKHWKURWWOHYDOYH
LVRSHQHGWKHORZHUWKHYROWDJHWKHSHUFHQWDJHLQGL
FDWLRQGURSV 




,IWKHGLVSOD\VGRQRWRFFXUDVGHVFULEHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

6ZLWFKRIIWKHLJQLWLRQ
5HPRYHHQJLQHFRYHUDVIROORZV
5

5HOHDVHORJRDQGFDS
5HOHDVHQXWV 1P 
3XOORXWRLOGLSVWLFN
5HPRYHHQJLQHFRYHUWRZDUGVWKHWRS GRQRWXQ

VFUHZFDS 

5HPRYHSOXJRIWKHWKURWWOHYDOYHFRQWUROXQLW-
0HDVXUHWKHWKURWWOHYDOYHGULYHUHVLVWDQFHRQWKH
WKURWWOHYDOYHFRQWUROXQLW-EHWZHHQFRQWDFWV










1RPLQDOYDOXH W
,IWKHQRPLQDOYDOXHLVQRWUHDFKHG

5HSODFHWKHWKURWWOHYDOYHFRQWUROXQLW-
,IWKHQRPLQDOYDOXHLVUHDFKHG

5

7HVWWKHYROWDJHVXSSO\DQGWKHZLULQJRIWKHWKURWWOH

YDOYHFRQWUROXQLW- SDJH 3D\VSHFLDO


DWWHQWLRQWRWKHSOXJFRQQHFWLRQVWKDWPD\EHORRVHRU
FRUURGHG

,QVSHFWWKHDFFHOHUDWRUSHGDOSRVLWLRQVHQGHU 
SDJH 

7HVWLQJWKHYROWDJHVXSSO\RIWKHWKURWWOHYDOYH
FRQWUROXQLW-









5HPRYHSOXJRIWKHWKURWWOHYDOYHFRQWUROXQLW-
6ZLWFKRQWKHLJQLWLRQ
&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDV
XUHPHQWDVIROORZV

5

SDJH

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


SLQSOXJRQZLULQJ
ORRPFRQWDFW

1RPLQDOYDOXH

HDUWK

DSSUR[9



DSSUR[9

,IWKHQRPLQDOYDOXHVDUHUHDFKHG

$OVRWHVWWKHZLULQJIURPWKHHQJLQHFRQWUROXQLWWRWKH
WKURWWOHYDOYHFRQWUROXQLW- SDJH 

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

7HVWWKHZLULQJIURPWKHHQJLQHFRQWUROXQLWWRWKH
WKURWWOHYDOYHFRQWUROXQLW- SDJH 

7HVWLQJWKHZLULQJ

5HPRYHSOXJRIWKHWKURWWOHYDOYHFRQWUROXQLW-
&RQQHFWWKHWHVWER[9$* RQWKHZLULQJ
ORRPWRWKHHQJLQHFRQWUROXQLW &KDS

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH
SLQSOXJRQZLULQJ
ORRPFRQWDFW

7HVWER[9$* 
EXVK













$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV
LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW

#

,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\

7HVWWKHSRZHUVXSSO\RIWKHHQJLQHFRQWUROXQLW
&KDS

7HVWLQJ$FFHOHUDWRUSHGDOSRVLWLRQVHQG
HU
7KHWZRDFFHOHUDWRUSHGDOSRVLWLRQVHQGHUV*DQG
*DUHORFDWHGDWWKHDFFHOHUDWRUSHGDODQGWUDQVPLW
WKHGULYHU
VLQVWUXFWLRQWRWKHHQJLQHFRQWUROXQLWIXOO\LQGH
SHQGHQWO\RIRQHDQRWKHU%RWKVHQGHUVDUHORFDWHGLQD
KRXVLQJ
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

+DQGPXOWLPHWHU HJ9$*  $ 

(GLWLRQ
6

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

$GDSWHUFDEOHVHW HJ9$*  $ 


7HVWER[9$* 

,QVSHFWSURSHURSHUDWLRQ

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!


5HDGRXWRQGLVSOD\

7HVWWKHQRPLQDOYDOXHVIRUWKHHOHFWURQLFWKURWWOHSR
WHQWLRPHWHUYROWDJHV
1RWH
7KHHQJLQHFRQWUROXQLWWUDQVODWHVWKHYROWDJHYDOXHVRI
WKHVHQGHULQWRDSHUFHQWDJHDSSOLHGWR9ROWVDQGLQGL
FDWHVWKHVHSHUFHQWDJHYDOXHV 9ROWVSRZHUVXSSO\FRU
UHVSRQGWR 

2EVHUYHGLVSOD\ILHOGVDQG
6ORZO\SUHVVWKHDFFHOHUDWRUSHGDOIXOO\GRZQ
7KHSHUFHQWDJHLQGLFDWLRQLQGLVSOD\ILHOGPXVWULVH
JUDGXDOO\7KHWROHUDQFHUDQJHLVQRWIXOO\XVHG
XS
7KHSHUFHQWDJHLQGLFDWLRQLQGLVSOD\ILHOGPXVWULVH
JUDGXDOO\7KHWROHUDQFHUDQJHLVQRWIXOO\XVHG
XS
1RWH
7KHYDOXHGLVSOD\HGLQGLVSOD\ILHOGPXVWDOZD\VEHDS
SUR[LPDWHO\GRXEOHWKHYDOXHLQGLVSOD\ILHOG
,IWKHGLVSOD\VGRQRWRFFXUDVGHVFULEHG

7HVWWKHYROWDJHVXSSO\DQGWKHZLULQJRIWKHDFFHOHU
DWRUSHGDOSRVLWLRQVHQGHU SDJH 

7HVWLQJWKHSRZHUVXSSO\RIWKH$FFHOHUDWRU
SHGDOSRVLWLRQVHQGHU

5HPRYHWKHERWWRPSDUWRIWKHGDVKSDQHORQWKHGULY
HU
VVLGH %RG\:RUN5HS *U 

'LVFRQQHFWWKHSOXJFRQQHFWLRQRIWKHDFFHOHUDWRU
SHGDOSRVLWLRQVHQGHU

6ZLWFKRQWKHLJQLWLRQ
&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDV
XUHPHQWDVIROORZV

     
/

SDJH

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ


SLQSOXJRQZLULQJ
ORRPFRQWDFW

1RPLQDOYDOXH

HDUWK

DSSUR[9



DSSUR[9

HDUWK

DSSUR[9



DSSUR[9



,IWKHQRPLQDOYDOXHVDUHUHDFKHG

$OVRWHVWWKHZLULQJIURPWKHHQJLQHFRQWUROXQLWWRWKH
DFFHOHUDWRUSHGDOSRVLWLRQVHQGHUV SDJH 

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

7HVWWKHZLULQJIURPWKHHQJLQHFRQWUROXQLWWRWKHDF
FHOHUDWRUSHGDOSRVLWLRQVHQGHUV SDJH 

7HVWLQJWKHZLULQJ

&RQQHFWWKHWHVWER[9$* RQWKHZLULQJ
ORRPWRWKHHQJLQHFRQWUROXQLW &KDS

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH
SLQSOXJRQZLULQJ
ORRPFRQWDFW

7HVWER[9$* 
EXVK













$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV
LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\

5HSODFHWKHDFFHOHUDWRUSHGDOSRVLWLRQVHQGHU

(GLWLRQ
6

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

(OHFWURQLF3RZHU&RQWURO (OHFWURQLFWKURWWOH

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



(QJLQHFRQWUROXQLW

2SHUDWLRQ
$IWHUDQDO\VLQJWKHLQSXWVLJQDOVWKHHQJLQHFRQWUROXQLW
FRQWUROVWKH
LQMHFWLRQ
/DPEGDFRQWURO
,JQLWLRQ
7DQNYHQWLODWLRQ
&UXLVHFRQWUROV\VWHP
(OHFWURQLFSRZHUFRQWURO
6HOIGLDJQRVLV

5HSODFLQJHQJLQHFRQWUROXQLW
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

3URFHGXUH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 7KHQ

VZLWFKWKHLJQLWLRQRQDQGVHOHFWDGGUHVVZRUG(Q
JLQHHOHFWURQLFV &KDS

7KHYHKLFOHV\VWHPWHVWHU9$*  GLVSOD\VWKH


FRQWUROXQLWLGHQWLILFDWLRQHJ

O6,0263%+6*!
&RGLQJ:6&;;;;;

7DNHGRZQWKHFRQWUROXQLWLGHQWLILFDWLRQ
6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ
5HPRYHWKHDLUILOWHU &KDS
3UHVVWKHFOLSVDUURZVRXWZDUGVDQGSXOOWKHHQJLQH
FRQWUROXQLWRXWVLGHZD\V

5HOHDVHWKHFDWFKHVDQGXQSOXJWKHFRQWUROXQLWFRQ
QHFWRUVIURPWKHHQJLQHFRQWUROXQLW

,QVHUWWKHQHZHQJLQHFRQWUROXQLW
$IWHULQVWDOOLQJWKH$9FRQWUROXQLWWKHIROORZLQJZRUN
VWHSVPXVWEHSHUIRUPHG

&RGHWKHHQJLQHFRQWUROXQLW SDJH 
$GDSWWKHHQJLQHFRQWUROXQLWWRWKHLPPRELOL]HUFRQ
WUROXQLW (OHFWULFDO6\VWHP5HS *U 

3HUIRUPDGDSWDWLRQRIWKHWKURWWOHYDOYHFRQWUROXQLW
-  SDJH 

5

LQVSHFWLQJLGOLQJVSHHG &KDS
)RUYHKLFOHVZLWKFUXLVHFRQWUROV\VWHP$FWLYDWHWKH
FUXLVHFRQWURO SDJH 

,QWHUURJDWHWKHIDXOWPHPRU\RIWKHQHZHQJLQHFRQWURO
XQLWDQGLIQHFHVVDU\HUDVHWKHIDXOWPHPRU\ &KDS


(GLWLRQ
6

(QJLQHFRQWUROXQLW

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

3HUIRUPDWHVWGULYH
1RWH
&RPSO\ZLWKWKHDSSOLFDEOHVDIHW\LQVWUXFWLRQVIRUWHVW
GULYHV &KDS
'XULQJWKHWHVWGULYHWKHIROORZLQJRSHUDWLQJFRQGLWLRQV
PXVWEHIXOILOOHG
7KHFRRODQWWHPSHUDWXUHVKRXOGULVHEH\RQG&
2QFHWKHWHPSHUDWXUHKDVEHHQUHDFKHGWKHIROORZLQJ

RSHUDWLQJFRQGLWLRQVPXVWEHUHDFKHGDQXPEHURI
WLPHV
,GOLQJVSHHG
SDUWLDOORDG
HQULFKPHQW
IXOOORDG
WUDLOLQJWKURWWOH

,QFDVHRIIXOOORDGWKHVSHHGVKRXOGEHLQFUHDVHG

EH\RQGUSP

2QFHDJDLQLQWHUURJDWHWKHIDXOWPHPRU\RIWKHHQJLQH
FRQWUROXQLW &KDS

&RGLQJHQJLQHFRQWUROXQLW
,IWKHVSHFLILFYHKLFOHFRGLQJLVQRWGLVSOD\HGRULIWKHFRQ
WUROXQLWZDVUHSODFHGWKHFRQWUROXQLWPXVWEHFRGHGDV
IROORZV
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

3URFHGXUH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQFRGLQJFRQWUROXQLW
&RGLQJFRQWUROXQLW
(QWHUFRGHQXPEHU[[[[[  

5HDGRXWRQGLVSOD\

(QWHUFRGHQXPEHUDVVWDWHGLQWKHWDEOHRIFRGHVDQG
FRQILUPWKHHQWU\ZLWK 4 

SDJH

(QJLQHFRQWUROXQLW

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


7DEOHRIFRGHV


0DQXDOJHDUER[



*HDUER[$%6



*HDUER[DLUEDJ



*HDUER[$%6DLUEDJ



*HDUER[DLUFRQGLWLRQLQJ



*HDUER[DLUFRQGLWLRQLQJ$%6



*HDUER[DLUFRQGLWLRQLQJDLUEDJ



*HDUER[DLUFRQGLWLRQLQJ$%6DLUEDJ

7KHYHKLFOHV\VWHPWHVWHU9$*  GLVSOD\VWKH


FRQWUROXQLWLGHQWLILFDWLRQHJ

3UHVVNH\ 
6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ

O6,0263%+6*!
&RGLQJ:6&;;;;;

1RWH
7KHHQJLQHFRQWUROXQLWVWRUHVWKHHQWHUHGDQGGLV

SOD\HGFRGLQJRQO\DIWHUWKHLJQLWLRQKDVEHHQ
VZLWFKHGRIIIRUDWOHDVWVHFRQGV,QFRUUHFWFRGLQJ
UHVXOWVLQ

SRRUGULYHDELOLW\ MHUNLQJZKHQFKDQJLQJJHDUVORDG

DOWHUDWLRQVKRFNHWF

,QFUHDVHLQIXHOFRQVXPSWLRQ
,QFUHDVHLQSROOXWLRQ
6WRUDJHRIQRQH[LVWHQWIDXOWVLQIDXOWPHPRU\
QRQH[HFXWLRQRIIXQFWLRQV ODPEGDFRQWURODFWLYDWHG

FKDUFRDOILOWHUV\VWHPDFWXDWLRQHWF

7HVWLQJYROWDJHVXSSO\IRUFRQWUROXQLW
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &
+DQGPXOWLPHWHU HJ9$*  $
$GDSWHUFDEOHVHW HJ9$*  $
7HVWER[9$* 

1
2
3
4
5

7HVWFRQGLWLRQV

%DWWHU\YROWDJHDWOHDVW9
$&JHQHUDWRU2.
)XVHV1RVDQG2.

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

41

51

61

42

52

62

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

(GLWLRQ
6

(QJLQHFRQWUROXQLW

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 6ZLWFK

RQWKHLJQLWLRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQ5HDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
USP9&&

5HDGRIIYDOXHGLVSOD\HGLQGLVSOD\ILHOG
6SHFLILHGYDOXHDSSUR[EDWWHU\YROWDJHFRQVWDQW

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

,IWKHYDOXHGLVSOD\HGIOXFWXDWHVRULIWKHEDWWHU\YROWDJHLV
QRWUHDFKHG

6ZLWFKRIIWKHLJQLWLRQ
&RQQHFWWKHWHVWER[9$* RQWKHZLULQJ
ORRPWRWKHHQJLQHFRQWUROXQLW &KDS

8VHKDQGKHOGPXOWLPHWHUDQGDGDSWHUFDEOHVWR

PHDVXUHWKHYROWDJHEHWZHHQVRFNHWV  DWWKH
WHVWER[
6SHFLILHGYDOXHDSSUR[EDWWHU\YROWDJHFRQVWDQW

6ZLWFKRQWKHLJQLWLRQ
8VHKDQGKHOGPXOWLPHWHUDQGDGDSWHUFDEOHVWR

PHDVXUHWKHYROWDJHEHWZHHQVRFNHWV  DWWKHWHVW
ER[
6SHFLILHGYDOXHDSSUR[EDWWHU\YROWDJHFRQVWDQW

5HSHDWWKHPHDVXUHPHQWVDWVRFNHWV  DQG
VRFNHWV  

,IWKHVSHFLILHGYDOXHVDUHQRWUHDFKHG

7HVWWKHZLULQJDFFRUGLQJWRWKHFXUUHQWIORZGLDJUDP
&XUUHQW)ORZ'LDJUDPV(OHFWULFDO)DXOW)LQGLQJ
DQG)LWWLQJ/RFDWLRQV

$GDSWLQJWKH$9FRQWUROXQLWWRWKH
WKURWWOHYDOYHFRQWUROXQLW-
7KLVDGDSWDWLRQWHDFKHVWKHHQJLQHFRQWUROXQLWWKHYDUL
RXVSRVLWLRQVRIWKHWKURWWOHYDOYHZLWKWKHLJQLWLRQRQDQG
WKHHQJLQHVWRSSHG7KHVHSRVLWLRQVDUHVWRUHGLQWKH
FRQWUROXQLW7KHDFNQRZOHGJHPHQWRIWKHWKURWWOHYDOYH
SRVLWLRQRFFXUVYLDWKHWZRWKURWWOHYDOYHGULYHDQJOH
VHQGHUV
$OZD\VSHUIRUPDQDGDSWDWLRQLIWKHWKURWWOHYDOYHFRQWURO
XQLW-RUWKHHQJLQHFRQWUROXQLWLVUHPRYHGDQGLQ
VWDOOHGRULILWLVUHSODFHGRULIWKHYROWDJHVXSSO\RIWKHHQ
JLQHFRQWUROXQLWLVLQWHUUXSWHG
7KHOHDUQLQJSURFHVV DGDSWDWLRQ LVSHUIRUPHG

SDJH

(QJLQHFRQWUROXQLW

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


E\LQLWLDWLQJEDVLFVHWWLQJ IXQFWLRQ GLVSOD\JURXS

ZLWKWKHLJQLWLRQRQ

DXWRPDWLFDOO\ZKHQWKHLJQLWLRQLVVZLWFKHGRQIRUDW

OHDVWVHFRQGVZLWKRXWDFWLYDWLQJWKHVWDUWHUDQGDF
FHOHUDWRUSHGDODQGWKHHQJLQHFRQWUROXQLWGHWHFWVDQ
LQLWLDOLVDWLRQQHHG WKLVGRHVQRWVKRZKRZHYHU
ZKHWKHUWKHDGDSWDWLRQZDVVXFFHVVIXORUQRW $QLQ
LWLDOLVDWLRQQHHGLVGHWHFWHGLIWKHVWRUHGDQJOHVHQGHU
YROWDJHYDOXHVGRQRWFRUUHVSRQGZLWKWKHDFWXDOO\
PHDVXUHGYROWDJHYDOXHVLQDJLYHQWROHUDQFHUDQJH
1RWH

7KHHQJLQHGRHVQRWVWDUWGXULQJWKHDXWRPDWLFDGDSWD
WLRQ
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

7HVWFRQGLWLRQV

1RIDXOWLQIDXOWPHPRU\LQWHUURJDWLQJIDXOWPHPRU\
&KDS

$OOHOHFWULFDOFRQVXPHUVVXFKDVOLJKWVDQGUHDUZLQ
GRZKHDWHUPXVWEHVZLWFKHGRII

7KHWKURWWOHYDOYHPXVWEHLQLGOLQJSRVLWLRQ
$FFHOHUDWRUSHGDOQRWSUHVVHG
&RRODQWWHPSHUDWXUHDERYH&EXWEHORZ&
,QWDNHDLUWHPSHUDWXUHEHORZ&
%DWWHU\YROWDJHDWOHDVW9
)RUYHKLFOHVZLWKFUXLVHFRQWUROV\VWHP
&KHFNZKHWKHUWKHIXQFWLRQLVDFWLYDWHG &KDS
,I*GRHVQRWDSSHDULQWKHFRQWUROXQLWLGHQWLILFD
WLRQWKHFUXLVHFRQWUROV\VWHPVKRXOGEHDFWLYDWHG
SDJH 

3URFHGXUH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 7KHQ

VZLWFKWKHLJQLWLRQRQDQGVHOHFWDGGUHVVZRUG(Q
JLQHHOHFWURQLFV &KDS

6HOHFWIXQFWLRQ%DVLFVHWWLQJDQGGLVSOD\JURXS
QXPEHU

6\VWHPLQEDVLFVHWWLQJ
$'3UXQV

$IWHUSUHVVLQJ 4 WKHWKURWWOHYDOYHSRVLWLRQHULVVZLWFKHG
GHDG
,QWKLVFRQGLWLRQWKHWKURWWOHYDOYHLVGUDZQLQWRHPHUJHQ
F\RSHUDWLRQSRVLWLRQE\DPHFKDQLFDOVSULQJORFDWHGLQ
WKHWKURWWOHYDOYHFRQWUROXQLW-7KHYDOXHVJHQHUDW
HGE\WKHWZRDQJOHVHQGHUVLQWKLVHPHUJHQF\SRVLWLRQ
DUHVWRUHGE\WKHHQJLQHFRQWUROXQLW
6XEVHTXHQWO\WKHWKURWWOHYDOYHLVRSHQHGDWDJLYHQYDO
XH,IWKLVYDOXHLVUHDFKHGWKHWKURWWOHYDOYHSRVLWLRQHULV

(GLWLRQ
6

(QJLQHFRQWUROXQLW

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

DJDLQVZLWFKHGGHDG1RZWKHPHFKDQLFDOVSULQJPXVW
FORVHWKHWKURWWOHYDOYHZLWKLQDJLYHQSHULRGLQWKHSUHYL
RXVO\LQLWLDOLVHGHPHUJHQF\SRVLWLRQ VSULQJWHVW 
7KHWKURWWOHYDOYHLVVXEVHTXHQWO\FORVHGE\WKHWKURWWOH
YDOYHSRVLWLRQHUWKHYDOXHVVHQWE\WKHDQJOHVHQGHUWR
WKHWKURWWOHYDOYHFRQWUROXQLW-DUHVWRUHGLQWKHHQ
JLQHFRQWUROXQLW
,IWKHHQJLQHFRQWUROXQLWGRHVQRWVZLWFKWKHWKURWWOHYDOYH
SRVLWLRQHUGHDGZKHQGULYLQJWKLVLVLQGLFDWHGE\DIDVW
LGOLQJVSHHG7KHHQJLQHDFFHOHUDWHVZLWKDFRQVLGHUDEOH
GHOD\

&KHFNWKHQRPLQDOYDOXHIRUWKHWKURWWOHYDOYHFRQWURO
XQLW-LQGLVSOD\ILHOG

6\VWHPLQEDVLFVHWWLQJ
$'3UXQV

6\VWHPLQEDVLFVHWWLQJ
$'3RN

6SHFLILHGYDOXHGLVSOD\ILHOG
$'3UXQV
$'32.
1RWH
7KHDEEUHYLDWLRQ$'3LQGLVSOD\ILHOGVWDQGVIRU
$GDSWLRQZKLFKLQIDFWPHDQVDGDSWDWLRQ
,IWKHDGDSWDWLRQLVDERUWHGE\WKHFRQWUROXQLWWKLVPD\
EHGXHWRWKHIROORZLQJUHDVRQV
7KHWKURWWOHYDOYHFDQQRWEHIXOO\FORVHG HJGLUW 
7KHEDWWHU\YROWDJHLVWRRORZ
7KHHQJLQHLVVWDUWHGGXULQJWKHDGDSWDWLRQRUWKHDF

FHOHUDWRUSHGDOLVSUHVVHG

:DUSLQJRIWKHWKURWWOHYDOYHKRXVLQJ FKHFNVFUHZHG

FRQQHFWLRQ 

$IWHUWKHDERUWLRQWKHWHVWHUGLVSOD\VIXQFWLRQXQ

NQRZQRUFDQQRWEHSHUIRUPHG:KHQWKHLJQLWLRQLV
VZLWFKHGRQDJDLQ DIHZVHFRQGV WKHDGDSWDWLRQLV
DXWRPDWLFDOO\SHUIRUPHGDJDLQ

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ

$FWLYDWLQJDQGGHDFWLYDWLQJFUXLVHFRQ
WUROV\VWHP &&
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

7HVWFRQGLWLRQ

1RIDXOWLQIDXOWPHPRU\LQWHUURJDWLQJIDXOWPHPRU\
&KDS

3URFHGXUH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 7KHQ

VZLWFKWKHLJQLWLRQRQDQGVHOHFWDGGUHVVZRUG(Q
JLQHHOHFWURQLFV &KDS

SDJH

(QJLQHFRQWUROXQLW

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


5HDGRXWRQGLVSOD\
,I*+6LVGLVSOD\HGWKHFUXLVHFRQWUROV\VWHPLVDFWL
YDWHG

O6,0263%*+6*!
&RGLQJ:6&;;;;;
O6,0263%+6*!
&RGLQJ:6&;;;;;

5HDGRXWRQGLVSOD\
,I+6LVGLVSOD\HGWKHFUXLVHFRQWUROV\VWHPLVQRWDF
WLYDWHG

3UHVV 
9HKLFOHV\VWHPWHVW+(/3
6HOHFWIXQFWLRQ;;

5HDGRXWRQGLVSOD\

3UHVV  WZLFHIRUWKHIXQFWLRQ/RJLQSURFHGXUHDQG
FRQILUPWKHHQWU\ZLWK 4 
/RJLQSURFHGXUH
(QWHUFRGHQXPEHU;;;;;

5HDGRXWRQGLVSOD\

(QWHUFRGHQXPEHUDFFRUGLQJWRWKHIROORZLQJWDEOH


&UXLVHFRQWUROV\VWHPDFWLYDWHG



&UXLVHFRQWUROV\VWHPGHDFWLYDWHG

&RQILUPHQWU\ZLWK

4

6HOHFW    IRUWKHIXQFWLRQ(QGRXWSXWDQGVZLWFK
WKHLJQLWLRQRII

$IWHUDFWLYDWLQJWKHFUXLVHFRQWUROV\VWHPSHUIRUPDWHVW
GULYHDVDIXQFWLRQDOWHVW

7HVWLQJFUXLVHFRQWUROV\VWHP
$SDUWIURPWKHFRQWUROVZLWFKRQWKHVWHHULQJFROXPQ
VZLWFKWKHFUXLVHFRQWUROV\VWHP &&6 KDVQRRWKHUFRP
SRQHQWV$OOIXQFWLRQVDUHFDUULHGRXWE\WKHHQJLQHFRQ
WUROXQLW7KHGDWDIURPWKHRSHUDWLQJVZLWFKWRWKHHQJLQH
FRQWUROXQLWDUHWUDQVIHUUHGRYHUWKHGDWDEXVE\WKHHOHF
WULFDOV\VWHPFRQWUROXQLW-7KH&&6LVDFWLYDWHG
IURPDYHKLFOHVSHHGRINPK
1RWH
$WSUHVHQWLWLVQRW\HWSRVVLEOHWRLQVSHFWWKH&&VZLWFK
ZLWKWKHYHKLFOHV\VWHPWHVWHU9$* 
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &
+DQGPXOWLPHWHU HJ9$*  $
$GDSWHUFDEOHVHW HJ9$*  $
7HVWER[9$* 

7HVWFRQGLWLRQV

)XVH2.
&UXLVHFRQWURODFWLYDWHG
$FWXDWHFUXLVHFRQWUROV\VWHP SDJH 
(GLWLRQ
6

(QJLQHFRQWUROXQLW

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

,QVSHFWSURSHURSHUDWLRQ

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* /HDYH


WKHHQJLQHRQDQGVHOHFWDGGUHVVZRUG(QJLQH
HOHFWURQLFV &KDS

6HOHFWIXQFWLRQ5HDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXS

5HDGLQJPHDVXUHGYDOXHEORFN!
NPKNPK

2EVHUYHUHDGRXWLQGLVSOD\ILHOG
6SHFLILHGYDOXH
;;; &&LVQRWGHDFWLYDWHG

,IWKHGLVSOD\GRHVQRWRFFXUDVGHVFULEHG
6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

6ZLWFKRIIWKHLJQLWLRQ
5HPRYHWKHWULPVRIWKHVWHHULQJFROXPQVZLWFK
%RG\:RUN5HS *U 

,QVSHFWWKH&&VZLWFKZLWKWKHKDQGPXOWLPHWHU UH

VLVWDQFHPHDVXUHPHQW DFFRUGLQJWRWKHIROORZLQJWD
EOH

&&6VZLWFK

SLQSOXJ
RQ&&VZLWFK
FRQWDFW

6SHFLILFD
WLRQ

6ZLWFK%RQ21




PD[ W

6ZLWFK%RQ5(6





PD[ W

6ZLWFK$SUHVVHG



PD[ W

6ZLWFK%VZLWFKHGWR
2))




PD[ W
W

6ZLWFK%VZLWFKHGWR
2))





N23-0199

7HVWWKHZLUHVRIWKH&&6VZLWFKWRWKHYHKLFOHYROWDJH
FRQWUROXQLW-DFFRUGLQJWRWKHFXUUHQWIORZGLD
JUDP

7HVWWKHZLUHIURPWKH&&6VZLWFKWRIXVHIRULQWHU
UXSWLRQRUVKRUWFLUFXLW

&RQQHFWWKHWHVWER[9$* RQWKHZLULQJ
ORRPWRWKHHQJLQHFRQWUROXQLW &KDS

&KHFNWKHIROORZLQJZLULQJIRURSHQFLUFXLWRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH

SLQ&&SOXJFRQWDFW

7HVWER[9$* 
EXVK





,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\

SDJH

1
2
3
4
5

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

41

51

61

42

52

62

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

(QJLQHFRQWUROXQLW

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ



3HUIRUPVHOIGLDJQRVLVRIWKHYHKLFOHYROWDJHFRQWURO
XQLW- (OHFWULFDO6\VWHP5HS *U 

&KHFNGDWD%86 &KDS 

(GLWLRQ
6

(QJLQHFRQWUROXQLW

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

(QJLQHFRQWUROXQLW

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



7HVWLQJDX[LOLDU\VLJQDOV

7HVWLQJWKHVLJQDOVRIWKHDLUFRQGLWLRQ
LQJV\VWHPDQGVSHHGLQFUHDVH RQO\IRU
OWUHQJLQHV
7KHDLUFRQGLWLRQLQJV\VWHPLVFRQQHFWHGWRWKHHQJLQH
FRQWUROXQLWYLDWKHGDWD%86$OOVLJQDOVRIWKHDLUFRQGL
WLRQLQJV\VWHPWRRUIURPWKHHQJLQHFRQWUROXQLWWRWKHDLU
FRQGLWLRQLQJV\VWHPDUHWUDQVPLWWHGYLDWKHGDWD%86
7HVWLQJRFFXUVYLDWKHPHDVXUHGYDOXHEORFNVRIWKHDLU
FRQGLWLRQLQJV\VWHPDQGHQJLQHFRQWUROXQLW
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

7HVWFRQGLWLRQ

1RGDWDEXVHUURU SDJH 
7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQ5HDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
;;;USPUSP&RPSU2))

2EVHUYHGDWDILHOGDQG
6SHFLILHGYDOXHPLQ
6SHFLILHGYDOXH&RPSU2))

6ZLWFKRQWKHDLUFRQGLWLRQLQJV\VWHP
2EVHUYHGDWDILHOGDQG
6SHFLILHGYDOXHPLQ
6SHFLILHGYDOXH&RPSU21

,IWKHUHDGRXWLQWKHGLVSOD\LVQRWDVGHVFULEHG
7HVWWKHDLUFRQGLWLRQLQJV\VWHP +HDWLQJ$LU&RQ
GLWLRQLQJ5HS *U 

7HVWWKH&$1GDWDEXVOLQHV SDJH 

7HVWLQJWKHVSHHGVLJQDO
7KHVSHHGVLJQDOLVJHQHUDWHGE\WKHVSHHGRPHWHUVHQG
HU*DQGLVSURGXFHGLQWKHGDVKSDQHOLQVHUW
7KHSURFHVVHGVLJQDOSDVVHVWRFRQWDFWRIWKHHQJLQH
FRQWUROXQLWDQGLVXVHGIRULGOLQJVSHHGVWDELOLVDWLRQDQG
IRUGDPSLQJORDGFKDQJHMROWVGXULQJJHDUVKLIWV

(GLWLRQ
6

7HVWLQJDX[LOLDU\VLJQDOV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &
'LRGHWHVWODPS HJ9$*  %
$GDSWHUFDEOHVHW HJ9$*  $
7HVWER[9$* 

7HVWFRQGLWLRQ

2SHUDWLRQDQGLQGLFDWLRQRIVSHHGRPHWHURNWHVWLQJ
(OHFWULFDO6\VWHP5HS *U 

7HVWVHTXHQFH
1RWH
7KHYHKLFOHPXVWEHGULYHQLQRUGHUWRWHVWWKHVSHHG

VLJQDO7KHDVVLVWDQFHRIDVHFRQGSHUVRQLVUHTXLUHG

&RPSO\ZLWKWKHDSSOLFDEOHVDIHW\LQVWUXFWLRQVIRUWHVW

GULYHV &KDS

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* /HDYH


WKHHQJLQHRQDQGVHOHFWDGGUHVVZRUG(QJLQH
HOHFWURQLFV &KDS

6HOHFWIXQFWLRQ5HDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGLQJPHDVXUHGYDOXHEORFN!
PLQNPK,GOLQJ

'HWHUPLQHE\PHDQVRIDWHVWGULYHZKHWKHUWKHGULY
LQJVSHHGLVGLVSOD\HGLQGLVSOD\ILHOG

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ
,IWKHGULYLQJVSHHGLVQRWGLVSOD\HG

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW &KDS

&RQQHFWWKHGLRGHWHVWODPSEHWZHHQEXVK SRV 

DQGEXVK VSHHGVLJQDO RIWKHWHVWER[9$* 




5DLVHYHKLFOHXQWLOWKHIURQWOHIWZKHHOLVIUHH
6ZLWFKRQWKHLJQLWLRQ
7XUQWKHOHIWIURQWZKHHO
7KHGLRGHWHVWODPSPXVWIODVK YHU\VKRUWVLJQDO 
,IWKHGLRGHWHVWODPSGRHVQRWIODVK

7HVWWKHFDEOHIRURSHQFLUFXLWDQGVKRUWFLUFXLWWRHDUWK
RUSRVLWLYH &XUUHQW)ORZ'LDJUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/RFDWLRQV

SDJH

7HVWLQJDX[LOLDU\VLJQDOV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWEUDNHOLJKWVZLWFK)DQGEUDNH
SHGDOVZLWFK)
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

1
2
3
4
5

+DQGPXOWLPHWHU HJ9$*  $


$GDSWHUFDEOHVHW HJ9$*  $
7HVWER[9$* 

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

7HVWFRQGLWLRQ

41

51

61

42

52

62

)XVHV1RVDQG2.

43

53

63

44

54

64

,QVSHFWSURSHURSHUDWLRQ

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 7KHQ

VZLWFKWKHLJQLWLRQRQDQGVHOHFWDGGUHVVZRUG(Q
JLQHHOHFWURQLFV &KDS

6HOHFWIXQFWLRQ5HDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

5HDGLQJPHDVXUHGYDOXHEORFN!
NPKNPK

7HVWWKHEUDNHOLJKWEUDNHSHGDOVZLWFKLQGLVSOD\ILHOG


6SHFLILHGYDOXH
;; LIEUDNHSHGDOQRWSUHVVHG
;; LIEUDNHSHGDOSUHVVHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ
,IWKHGLVSOD\GRHVQRWRFFXUDVGHVFULEHG
7HVWLQJVZLWFK

5HPRYHWKHERWWRPSDUWRIWKHGDVKSDQHORQWKHGULY
HU
VVLGH %RG\:RUN5HS *U 

5HPRYHWKHOHIWIRRWZHOOEORZHU
8QSOXJWKHFRQQHFWRUDWWKHEUDNHOLJKWEUDNHSHGDO
VZLWFK

&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDV
XUHPHQWEHWZHHQFRQWDFWDQG
6SHFLILHGYDOXHW

2SHUDWHEUDNHSHGDO
6SHFLILHGYDOXHPD[ W

5

(GLWLRQ
6

7HVWLQJDX[LOLDU\VLJQDOV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDV
XUHPHQWEHWZHHQFRQWDFWDQG
6SHFLILHGYDOXHPD[ W

2SHUDWHEUDNHSHGDO
6SHFLILHGYDOXHW QRFRQWLQXLW\

,IWKHVSHFLILHGYDOXHVDUHQRWUHDFKHG

5HSODFHWKHEUDNHOLJKWEUDNHSHGDOVZLWFK
,IWKHVSHFLILHGYDOXHVDUHUHDFKHG

7HVWWKHFDEOHIRURSHQFLUFXLWDQGVKRUWFLUFXLWWRHDUWK
RUSRVLWLYH &XUUHQW)ORZ'LDJUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/RFDWLRQV

5

7HVWLQJFOXWFKSHGDOVZLWFK)
7KLVVLJQDOLVXVHGIRUDYRLGLQJHQJLQHRYHUUHYYLQJDQG
ORDGFKDQJHMROWVZKHQWKHFOXWFKLVUHOHDVHG
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$*  $ % RGHU &

1
2
3
4
5

+DQGPXOWLPHWHU HJ9$*  $


$GDSWHUFDEOHVHW HJ9$*  $
7HVWER[9$* 

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

7HVWFRQGLWLRQ

41

51

61

42

52

62

)XVHRN

43

53

63

44

54

64

,QVSHFWSURSHURSHUDWLRQ

&RQQHFWYHKLFOHV\VWHPWHVWHU 9$* 7KHQ

VZLWFKWKHLJQLWLRQRQDQGVHOHFWDGGUHVVZRUG(Q
JLQHHOHFWURQLFV &KDS

6HOHFWIXQFWLRQ5HDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

5HDGLQJPHDVXUHGYDOXHEORFN!
NPKNPK

7HVWWKHFOXWFKSHGDOVZLWFKLQGLVSOD\ILHOG
6SHFLILHGYDOXH
;;; LIFOXWFKSHGDOQRWSUHVVHG
;;; LIFOXWFKSHGDOSUHVVHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGVZLWFKRIILJQLWLRQ
,IWKHUHDGRXWLQWKHGLVSOD\LVQRWDVGHVFULEHG
7HVWLQJVZLWFK

5HPRYHWKHERWWRPSDUWRIWKHGDVKSDQHORQGULYHU
VLGH %RG\)LWWLQJ:RUN5HS *U 

8QSOXJWKHFRQQHFWRUDWWKHFOXWFKSHGDOVZLWFK

SDJH

7HVWLQJDX[LOLDU\VLJQDOV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDV
XUHPHQWEHWZHHQFRQWDFWDQG

6SHFLILHGYDOXHPD[ W

2SHUDWHFOXWFKSHGDO
6SHFLILHGYDOXHW QRFRQWLQXLW\
,IWKHVSHFLILHGYDOXHLVQRWUHDFKHG

5HSODFHWKHFOXWFKSHGDOVZLWFK
,IWKHVSHFLILHGYDOXHVDUHUHDFKHG

7HVWWKHFDEOHIRURSHQFLUFXLWDQGVKRUWFLUFXLWWRHDUWK
RUSRVLWLYH &XUUHQW)ORZ'LDJUDPV(OHFWULFDO)DXOW
)LQGLQJDQG)LWWLQJ/RFDWLRQV

5

&KHFNLQJWKHGDWD%86
2SHUDWLRQ
7ZRGDWD%86FLUFXLWVZLWKDGLIIHUHQWSULRULW\DUHLQWHJUDW
HGLQWKHHOHFWULFDOV\VWHPRIWKHYHKLFOH
'ULYHGDWDEXV
'DWD%86&RPIRUWYHUVLRQ

,QGLFDWLRQRIZKLFKFRQWUROXQLWLVFRQQHFWHGWRWKHGDWD
%86GULYHRUGDWD%86&RPIRUW &XUUHQW)ORZ'LD
JUDPV(OHFWULFDO)DXOW)LQGLQJDQG)LWWLQJ/RFDWLRQV
(OHFWULFDO6\VWHP5HS *U 
7KHFRQWUROXQLWVDUHFRQQHFWHGYLDWZRWZLVWHGGDWD%86
FDEOHV &$1B+LJKDQG&$1B/RZ DQGH[FKDQJHLQIRU
PDWLRQ PHVVDJHV %RWKWKHHQJLQHFRQWUROXQLWDQGWKH
RWKHUFRQWUROXQLWVGHWHFWPLVVLQJLQIRUPDWLRQRQWKHGDWD
%86DVIDXOWV
2WKHULQIRUPDWLRQ 6HOIVWXG\3URJUDPPH1R 7KH
&$1GDWDEXV
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
+DQGPXOWLPHWHU HJ9$*  $
$GDSWHUFDEOHVHW HJ9$*  $
7HVWER[9$* 

7HVWFRQGLWLRQV

$GDWD%86IDXOWZDVGHWHFWHGE\WKHHQJLQHFRQWURO
XQLW

&RGLQJRIDOOFRQWUROXQLWV2.
7HVWVHTXHQFH

6ZLWFKRIIWKHLJQLWLRQ
8QORFNWKHFRQQHFWRURIWKHHQJLQHFRQWUROXQLWDQG
XQSOXJLW

(GLWLRQ
6

7HVWLQJDX[LOLDU\VLJQDOV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

&RQQHFWWKHWHVWER[9$* WRWKHHQJLQH
FRQWUROXQLW &KDS7KHFRQWUROXQLWZLULQJ
ORRPLVQRWFRQQHFWHG

7HVWWKHFHQWUDOWHUPLQDWLQJUHVLVWRULQWKHHQJLQHFRQ
WUROXQLW

&RQGXFWDUHVLVWDQFHPHDVXUHPHQWIRUWKLVSXUSRVH
EHWZHHQWHVWER[VRFNHWV  
6SHFLILHGYDOXH W
,IWKHUHVLVWDQFHLVQRWZLWKLQWKHVSHFLILHGUDQJH

5HSODFHWKHPRWURQLFFRQWUROXQLW &KDS
,IWKHUHVLVWDQFHLVZLWKLQWKHQRPLQDOYDOXHUDQJH

7HVWGDWDEXVFDEOHV (OHFWULFDO6\VWHP
5HS *U 

SDJH

7HVWLQJDX[LOLDU\VLJQDOV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

 ,JQLWLRQV\VWHP


,JQLWLRQV\VWHP

*HQHUDOQRWHVRQWKHLJQLWLRQV\VWHP
7KH$9FRQWUROXQLWLVHTXLSSHGZLWKDVHOIGLDJQRVLV
$PLQLPXPYROWDJHRI9LVUHTXLUHGIRUWKHSHUIHFW

IXQFWLRQLQJRIWKHHOHFWULFFRPSRQHQWV

&HUWDLQLQVSHFWLRQVPD\FDXVHWKHFRQWUROXQLWWRGH

WHFWDQGVWRUHDIDXOW,WLVWKHUHIRUHQHFHVVDU\WRLQ
WHUURJDWHWKHIDXOWPHPRU\DIWHUKDYLQJFRPSOHWHGDOO
LQVSHFWLRQVDQGUHSDLUVDQGLIQHFHVVDU\GHOHWH

,IDIWHUIDXOWILQGLQJUHSDLURULQVSHFWLRQRIFRPSR

QHQWVWKHHQJLQHVWDUWVEULHIO\DQGWKHQVWRSVLWLVSRV
VLEOHWKDWWKHLPPRELOLVHUEORFNVWKH$9FRQWUROXQLW
7KHQLQWHUURJDWHWKHIDXOWPHPRU\DQGLIQHFHVVDU\
DGDSWWKHFRQWUROXQLW

6DIHW\PHDVXUHV
2EVHUYHWKHIROORZLQJSRLQWVWRSUHYHQWLQMXU\WRSHUVRQV
DQGRUGDPDJHWRWKHLQMHFWLRQDQGLJQLWLRQV\VWHP
'RQRWWRXFKRUUHPRYHLJQLWLRQOHDGVZLWKWKHHQJLQH

UXQQLQJRUDWVWDUWVSHHG

2QO\GLVFRQQHFWDQGFRQQHFWZLUHVRIWKHLQMHFWLRQ

DQGLJQLWLRQV\VWHPDQGKLJKYROWDJHDQGPHDVXULQJ
GHYLFHZLUHVZKHQWKHLJQLWLRQLVVZLWFKHGRII

7RRSHUDWHWKHHQJLQHDWVWDUWVSHHGZLWKRXWWKHHQ

JLQHVWDUWLQJ HJWHVWLQJFRPSUHVVLRQSUHVVXUH XQ


SOXJFRQQHFWRUVIURPWKHLJQLWLRQXQLWDQGFRQQHFWRUV
IURPWKHLQMHFWRUV$IWHUSHUIRUPLQJWKHZRUNLQWHUUR
JDWHIDXOWPHPRU\DQGHUDVH

'RQRWFDUU\RXWHQJLQHZDVKXQOHVVWKHLJQLWLRQLV

VZLWFKHGRII

6ZLWFKRIIWKHLJQLWLRQEHIRUHGLVFRQQHFWLQJDQGFRQ

QHFWLQJWKHEDWWHU\DVWKLVPD\GDPDJHWKH$9FRQ
WUROXQLW

7HVWGDWDVSDUNSOXJV
(QJLQHLGHQWLILFDWLRQFKDUDFWHUV

$59$49

$0($7=$4:$=($=)

,GOLQJVSHHG

USP

USP

6SHHGOLPLWHU

DSSUR[USP

DSSUR[USP





)LULQJRUGHU
3DUWQXPEHU

$$

$&

$$

0DQXIDFWXUHUFRGH

1*. %.5 (7$

&KDPSLRQ5&
3<&

%ULVN'57&

(OHFWURGHVSDFLQJ

PP

PP

PP

6SDUNSOXJV
7RUTXH

(GLWLRQ
6

 1P

,JQLWLRQV\VWHP

 1P

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

5HPRYLQJDQGLQVWDOOLQJLJQLWLRQV\VWHP
  ,JQLWLRQWHUPLQDO
q ZLWKLJQLWLRQWUDQVIRUPHUZLWK
SRZHUDPSOLILHU1
q ,QVSHFWLQJLJQLWLRQWHUPLQDO
&KDS
  6SDUNSOXJ1P
q SD\DWWHQWLRQWRWHDUVWUDFHV
RIOHDNDJHFXUUHQWV
q &KHFNZHDURIFRQWDFWV
q FOHDQEHIRUHLQVWDOOLQJ
q XVHVSDUNSOXJZUHQFK HJ
 % IRUUHPRYLQJDQG
LQVWDOOLQJ
  &RQQHFWRU
q EODFNSLQV
q IRULJQLWLRQWHUPLQDO
  1P
  6KLHOG
  1P
q 7KHWLJKWHQLQJWRUTXHLQIOX
HQFHVWKHNQRFNVHQVRUIXQF
WLRQ
  .QRFNVHQVRU*
q &RQWDFWVRIFRQQHFWLQJSOXJ
JLOGHG
q LQVSHFWLQJ &KDS
  1P
  &RQQHFWRU
q EODFNSLQV
q IRUNQRFNVHQVRU*
  (QJLQHVSHHGVHQGHU*
q LQVSHFWLQJ &KDS
  &RQQHFWRU
q EODFNSLQV
q IRUHQJLQHVSHHGVHQGHU*
  1P

SDJH













5

,JQLWLRQV\VWHP

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ



7HVWLQJFRPSRQHQWVDQG
IXQFWLRQV

,QVSHFWLQJLJQLWLRQWHUPLQDO
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
+DQGPXOWLPHWHU HJ9$*  $ 
'LRGHWHVWODPS HJ9$*  % 
$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

1
2
3
4
5

7HVWFRQGLWLRQV

%DWWHU\YROWDJHPXVWEHRIDWOHDVW9
7HVWLQJHQJLQHVSHHGVHQGHU2. SDJH 
)XVH1R2.
1RWH
,JQLWLRQFRLOVDQGSRZHUDPSOLILHUDUHDFRPPRQFRPSR
QHQW LJQLWLRQWHUPLQDO DQGFDQQRWEHUHSODFHGLQGLYLGX
DOO\

11
12
13
14
15
16

6
7
8
9
10

17
18
19
20
21
22

39

49

59

40

50

60

41

51

61

42

52

62

43

53

63

44

54

64

45

55

65

46

56

66

47

57

67

48

58

68

23
24
25
26
27
28
29
30

31
32
33
34
35
36
37
38

S01-0094

&KHFNLQJYROWDJHVXSSO\

5HPRYHSLQSOXJIURPWKHLJQLWLRQWHUPLQDO
0HDVXUHWKHSRZHUVXSSO\ZLWKWKHKDQGPXOWLPHWHU
DQGDGDSWHUFDEOHVIURP9$*  $EHWZHHQ
FRQWDFWVRIWKHUHPRYHGSOXJ

6ZLWFKRQWKHLJQLWLRQ




1RPLQDOYDOXHDSSUR[EDWWHU\YROWDJH

6ZLWFKRIIWKHLJQLWLRQ

,IQRYROWDJHLVSUHVHQW

&KHFNWKHFDEOHEHWZHHQSLQSOXJFRQWDFWDQG

HDUWKIRULQWHUUXSWLRQDFFRUGLQJWRWKH&XUUHQW)ORZ'L
DJUDP

5

&KHFNWKHFDEOHEHWZHHQSLQSOXJFRQWDFWDQG

IXVHIRULQWHUUXSWLRQDFFRUGLQJWRWKH&XUUHQW)ORZ
'LDJUDP

7HVWFRQWURO


&DXWLRQ
'XULQJWKHIROORZLQJWHVWGRQRWWRXFKWKHFRQQHFW
LQJSDUWVRIWKHLJQLWLRQFRLOVRUWKHWHVWFDEOHV





5HPRYHWKHSOXJFRQQHFWRUVIURPWKHLQMHFWRUV
5HPRYHSLQSOXJIURPWKHLJQLWLRQWHUPLQDO

(GLWLRQ
6

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

5

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

&RQQHFWWKHGLRGHWHVWODPSZLWKDGDSWHUFDEOHVIURP
9$*  $WR

FRQWDFWV LJQLWLRQRXWOHW 
FRQWDFWV LJQLWLRQRXWOHW 
RIWKHUHPRYHSOXJ

$FWLYDWHWKHVWDUWHUDQGFKHFNWKHLJQLWLRQVLJQDORIWKH
HQJLQHFRQWUROXQLW

7KH/('PXVWIOLFNHU

6ZLWFKRIIWKHLJQLWLRQ
,IWKH/('GRHVQRWIODVK

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW &KDS

7HVWWKHZLULQJEHWZHHQWKHWHVWER[DQGWKHSLQ

SOXJFRQQHFWLRQIRULQWHUUXSWLRQDFFRUGLQJWRWKH&XU
UHQW)ORZ'LDJUDP
SLQSOXJRQZLULQJ
ORRPFRQWDFW

7HVWER[9$* 
EXVK








$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV

1RPLQDOYDOXH W
,IQRIDXOWLVGHWHFWHGLQWKHZLULQJDQGLIWKHUHLVDYROWDJH
EHWZHHQFRQWDFW

5

5HSODFHWKHHQJLQHFRQWUROXQLW &KDS
,IWKHZLULQJDQGWKHFRQWURODUH2.DQGWKHUHLVDYROW
DJHEHWZHHQFRQWDFW

5HSODFHWKHLJQLWLRQWHUPLQDO &KDS

,QVSHFWLQJWKHFDPVKDIWSRVLWLRQVHQVRU
*
7KHFDPVKDIWSRVLWLRQVHQVRU*LQGLFDWHVWKHLJQL
WLRQSRVLWLRQIRUF\OLQGHU
,ILWIDLOVWKHNQRFNFRQWUROLVGHDFWLYDWHGDQGWKHLJQLWLRQ
DQJOHLVVOLJKWO\UHGXFHGDVDF\OLQGHUDVVLJQPHQWLVQR
ORQJHUSRVVLEOH
:LWKRXWVHQVRUVLJQDOWKHHQJLQHUXQVRQDQGFDQEH
VWDUWHGDJDLQ
,QWKHHYHQWRIDIDXOWGHWHFWLRQWKHHQJLQHFRQWUROXQLW

JHQHUDWHVDQLJQLWLRQVSDUNSHUF\OLQGHUIRUHDFK
FUDQNVKDIWURWDWLRQ

7KHUHLVQRQRWLFHDEOHHIIHFWRQWKHLQMHFWLRQLIWKHUHLV

DGLVSODFHPHQWRIDQHQJLQHUHYROXWLRQ,QVWHDGRIRF
FXUULQJZLWKWKHLQMHFWLRQYDOYHRSHQWKHLQMHFWLRQRF
FXUVSUHHQJDJHG EHIRUHWKHFORVHGLQMHFWLRQYDOYH 
7KLVRQO\KDVDYHU\VOLJKWLQIOXHQFHRQWKHTXDOLW\RI
WKHPL[WXUHIRUPDWLRQ

SDJH

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ

1RWH
7KHFDPVKDIWSRVLWLRQVHQVRU*LVLGHQWLFDOWR

WKH+DOOVHQGHU*

7KHFRUUHFWVHWWLQJRIWKHWLPLQJFDQEHFKHFNHGLQ

PHDVXUHGYDOXHEORFN &KDS

6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
+DQGPXOWLPHWHU HJ9$*  $ 
$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

7HVWVHTXHQFH

'LVFRQQHFWWKHSOXJIURPWKHFDPVKDIWSRVLWLRQVHQ
VRU*

6ZLWFKRQWKHLJQLWLRQ
&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUYROWDJHPHDV
XUHPHQWDVIROORZV

SLQSOXJRQZLULQJ
ORRPFRQWDFW

1RPLQDOYDOXH

HDUWK

DSSUR[9

HDUWK

DSSUR[9

EDWWHU\SRVWHUP

DSSUR[EDWWHU\YROWDJH

5

,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG
6ZLWFKRIIWKHLJQLWLRQ

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW &KDS

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQ
SLQSOXJRQZLULQJ
ORRPFRQWDFW

7HVWER[9$* 
EXVK







$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV
LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\DQGLIWKHUHZDVD
YROWDJH

5HSODFHWKHFDPVKDIWSRVLWLRQVHQVRU*
,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\DQGLIWKHUHZDVQR
YROWDJH

5HSODFHWKHHQJLQHFRQWUROXQLW &KDS

(GLWLRQ
6

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJNQRFNVHQVRU*
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
+DQGPXOWLPHWHU HJ9$*  $ 
$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

1RWH
7KHDFWXDONQRFNVHQVRU*FDQQRWEHHOHFWULFDOO\

WHVWHG

2QO\XVHGJLOGHGFRQWDFWVWRUHSDLUWKHFDEOHSOXJIRU

WKHNQRFNVHQVRU

7KHSHUIHFWIXQFWLRQLQJRIWKHNQRFNVHQVRUUHTXLUHV

DQH[DFWWLJKWHQLQJWRUTXHRI1P

7HVWFRQGLWLRQ

)DXOWRQNQRFNVHQVRUGHWHFWHGE\VHOIGLDJQRVLV
,QVSHFWSURSHURSHUDWLRQ

7KHIXQFWLRQDOWHVWRIWKHNQRFNVHQVRU*DQGWKH

NQRFNFRQWUROFDQEHWHVWHGZLWKWKHIXQFWLRQUHDGLQJ
PHDVXUHGYDOXHEORFNGLVSOD\JURXSVDQG
 &KDS

&KHFNLQJZLUHV

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW &KDS

&KHFNWKHZLULQJRIWKHNQRFNVHQVRUIRUVKRUWFLUFXLWV

%XVKHV




1RPLQDOYDOXH W
,IQRVKRUWFLUFXLWLVIRXQG

'LVFRQQHFWWKHSOXJFRQQHFWLRQDUURZRIWKHNQRFN
VHQVRU*

5

7HVWWKHZLULQJEHWZHHQWKHWHVWER[DQGWKHSOXJFRQ
QHFWLRQIRULQWHUUXSWLRQDFFRUGLQJWRWKH&XUUHQW
)ORZ'LDJUDP

SLQSOXJRQZLULQJ
ORRPFRQWDFW

7HVWER[9$* 
EXVK










$OVRWHVWWKHZLUHVIRUVKRUWFLUFXLWV
0HDVXUHWKHUHVLVWDQFHEHWZHHQFRQWDFWV
DQGRQSOXJ
1RPLQDOYDOXHW

SDJH

5

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

(GLWLRQ
6



)$%,$  (QJLQH)XHOLQMHFWLRQ


,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\

5HOHDVHWKHNQRFNVHQVRUDQGWLJKWHQDJDLQWR1P
3HUIRUPDWHVWGULYH
1RWH
&RPSO\ZLWKWKHDSSOLFDEOHVDIHW\LQVWUXFWLRQVIRUWHVW
GULYHV &KDS
'XULQJWKHWHVWGULYHWKHIROORZLQJRSHUDWLQJFRQGLWLRQV
PXVWEHIXOILOOHG
7KHFRRODQWWHPSHUDWXUHVKRXOGULVHEH\RQG&
2QFHWKHWHPSHUDWXUHKDVEHHQUHDFKHGWKHIROORZLQJ

RSHUDWLQJFRQGLWLRQVPXVWEHUHDFKHGDQXPEHURI
WLPHV
,GOLQJVSHHG
SDUWLDOORDG
HQULFKPHQW
IXOOORDG
WUDLOLQJWKURWWOH

,QFDVHRIIXOOORDGWKHVSHHGVKRXOGEHLQFUHDVHG

EH\RQGUSP

$JDLQLQWHUURJDWHWKHIDXOWPHPRU\
,IWKHFRPSODLQWVWLOOH[LVWV

5HSODFHWKHNQRFNVHQVRU* &KDS

7HVWLQJ(QJLQHVSHHGVHQGHU*
,IWKHVLJQDORIWKH*IDLOVZKLOHWKHHQJLQHLVUXQQLQJ
WKHHQJLQHZLOOVWRSLPPHGLDWHO\7KHHQJLQHFRQWUROXQLW
UHSODFHVWKHVLJQDORIWKHHQJLQHVSHHGVHQGHU*
ZLWKWKHVLJQDORIWKHFDPVKDIWSRVLWLRQVHQVRU*
7KHHQJLQHFDQEHVWDUWHGDJDLQDQGUXQVLQHPHUJHQF\
SURJUDPPHDWLQFUHDVHGLGOLQJVSHHG
1RWH
7KHFRUUHFWVHWWLQJRIWKHWLPLQJFDQEHFKHFNHGLQPHDV
XUHGYDOXHEORFN &KDS
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
+DQGPXOWLPHWHU HJ9$*  $ 
$GDSWHUFDEOHVHW HJ9$*  $ 
7HVWER[9$* 

7HVWVHTXHQFH

%HIRUHWHVWLQJFKHFNWKHVHQGHUIRUFRUUHFWLQVWDOODWLRQ
DQGWLJKWILW

'LVFRQQHFWWKHSLQSOXJIURPWKHHQJLQHVSHHG
VHQGHU


(GLWLRQ
6

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV



5

SDJH



)$%,$  (QJLQH)XHOLQMHFWLRQ

&RQQHFWWKHKDQGKHOGPXOWLPHWHUIRUUHVLVWDQFH

PHDVXUHPHQWEHWZHHQFRQWDFWDQGWRWKHVHQGHU

1RPLQDOYDOXH W
1RWH

7KHUHVLVWDQFHYDOXHRIWKHHQJLQHVSHHGVHQGHU*
DSSOLHVIRUDWHPSHUDWXUHRI&7KHUHVLVWDQFHLQ
FUHDVHVDVWKHWHPSHUDWXUHULVHV
,IWKHQRPLQDOYDOXHLVQRWUHDFKHG

5HSODFHWKHHQJLQHVSHHGVHQGHU
,IWKHQRPLQDOYDOXHLVUHDFKHG

&RQQHFWWKHWHVWER[9$* WRWKHZLULQJ
ORRPRQWKHHQJLQHFRQWUROXQLW &KDS

&KHFNWKHIROORZLQJZLUHVIRULQWHUUXSWLRQRUVKRUWFLU
FXLWWRHDUWKRUSRVLWLYH

SLQSOXJRQZLULQJ 7HVWER[9$* 


ORRPFRQWDFW
EXVK






LIQHFHVVDU\HOLPLQDWHZLUHLQWHUUXSWLRQRUVKRUWFLUFXLW
$OVRFKHFNFRQWDFWVDQGRQEXVK VKLHOGLQJ IRU
VKRUWFLUFXLW

,IWKHZLUHVDUHQRWIRXQGWREHIDXOW\



5

5HPRYHWKHVHQGHUDQGFKHFNIO\ZKHHOIRUWLJKWILW
GDPDJHDQGFRQFHQWULFLW\

,IQRIDXOWFDQEHIRXQGRQWKHIO\ZKHHO

5HSODFHWKHHQJLQHFRQWUROXQLW &KDS

,QVSHFWLQJPLVILULQJGHWHFWLRQ RQO\RQ
HQJLQHVFRPSO\LQJZLWK'VWDQGDUG(8
VWDQGDUG 
6SHFLDOWRROVWHVWDQGPHDVXULQJHTXLSPHQWDQG
DX[LOLDU\LWHPVUHTXLUHG
9HKLFOHV\VWHPWHVWHU9$* 
'LDJQRVWLFFDEOH9$* RU9$* $

RU9$* %

7HVWVHTXHQFH

&RQQHFWYHKLFOHV\VWHPWHVWHU9$* /HDYH

WKHHQJLQHRQDQGVHOHFWWKHHQJLQHFRQWUROXQLWZLWK
$GGUHVVZRUG &KDS

6HOHFWIXQFWLRQUHDGPHDVXUHGYDOXHEORFNDQG
GLVSOD\JURXSQXPEHU

5HDGRXWRQGLVSOD\

SDJH

5HDGLQJPHDVXUHGYDOXHEORFN!
USPDFWLYDWHG
7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

(GLWLRQ
6

)$%,$  (QJLQH)XHOLQMHFWLRQ



&KHFNWKHVXPRIDOOPLVILULQJVVLQFHHQJLQHVWDUWLQ
GLVSOD\ILHOG

1RPLQDOYDOXH DSSOLHVIRUPD[ PLQDIWHUHQJLQH


VWDUW

&KHFNWKHVWDWXVRIPLVILULQJGHWHFWLRQLQGLVSOD\ILHOG


1RPLQDOYDOXHDFWLYDWHG
,IWKHQRPLQDOYDOXHVDUHUHDFKHG

6HOHFWIXQFWLRQ(QGRXWSXWDQGFRQILUPHQWU\ZLWK
4

6ZLWFKRIIWKHLJQLWLRQ
,IWKHQRPLQDOYDOXHVDUHQRWUHDFKHG

&KHFNWKHVSDUNSOXJVDQGLJQLWLRQOHDGV &KDS


,QVSHFWWKHLQMHFWRUYDOYHV 

(GLWLRQ
6

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

SDJH



SDJH

)$%,$  (QJLQH)XHOLQMHFWLRQ

7HVWLQJFRPSRQHQWVDQGIXQFWLRQV

(GLWLRQ
6

You might also like